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Electric Railway
s e c t i o n
OF THE
C ommercial & f iM m SF^ HRomcilI
Copyrighted in 1924, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. 0.
Vol. 118.
hj.rt.TRiL
NEW YORK, APRIL 26, 1924.
R ai l way
S kim i o n
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CHICAGO OFFICE.— 19 South La Salle Street.
LONDON OFFICE.— Edwards & Smith, 1 Drapers’ Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
EXPLANATIONS OF TERMS AND ABBREVIA
TIONS USED.
The following is an explanation of the terms and
abbreviations used on succeeding pages in the pre
sentation of the statements of the different com
panies:
“ STOCK AND BOND S.” — Under these words are shown:
“ Stock.” — The amount of stock authorized immediately fol
lows the word “ stock,” and against this is the par value of
single shares. For example, “ Stock, $500,000 ($100),” means
stock, total issue authorized by charter or by Act of Legis
lature, $500,000, divided into shares of $100 each; “ f. p .” fol
lowing the amount given as outstanding means “ full paid.”
“ Pref.” means “ preferred stock.” “ Pref. 6 % cum.” means
preferred stock entitled to dividends of 6 % per annum, such
dividends if not paid accumulating, all dividends due and
unpaid to be paid in full for each and every year before the
oommon stock receives anything. “ Pref. 6 % non-cum.”
means simply that the stock is entitled to 6 % per annum if
earned, but that if unearned in any year the dividend for that
year will not be paid subsequently. “ D iv.” means dividend.
The last dividend paid is shown under the column headed
“ Maturity.”
“ Bonds.” — “ M ort.,” “ mtge.” or “ M .” means mortgage.
“ Consol.” or “ con. M .” means consolidated mortgage.
“ Gen. M .” means general mortgage. “ Ref. M .” means re
funding mortgage. “ Coll, tr.” means collateral trust. The
amount next following is the total authorized amount that
oan be issued under the mortgage. The denominations in
which the bonds are issued usually follow in parenthesis.
The word “ gold” is usually spelled out, but in some instances
Is contracted to “ g .r” while “ cur.” means currency.
“ Conv.” means convertible into stock. “ S. f .” means
sinking fund, “ o.” means coupon; “ c*” means coupon but
may be registered as to principal; “ r” means fully registered
(no coupons); “ r*” means registered, convertible into coupon
bonds; “ o*&r*” means registerable in either form and con
vertible from registered to coupon or the reverse; and “ o*&r”
No. 3070.
means that registered certificates without coupons as well as
coupon bonds are outstanding. The letters “ p .m .” mean
per mile, thus $15,000 p.m. means that the issue of bonds li
restricted to $15,000 for each mile of track. “ Guar.” means
guaranteed, and “ guar. p. & i. (end.)” means guaranteed as
to principal and interest, the guaranty being endorsed on
each bond. “ R ed.” means redeemable. “ Trus.” or “ tr.”
means trustee of the mortgage.
T A X E X E M P T IO N .— Where there is a provision in bond
or mortgage which would seem to make the interest free from
the Federal income tax, we indicate the fact in black-faced
letters— tf meaning tax-free. The Revenue Act of 1918
(approved Feb. 24 1919) provides, however, that only one
normal 2 % income tax shall be deducted at the source and
that all further Federal income taxes shall be met by the
recipient of the income. See terms of Act in V . 107, p .
518, 619. Where there is no tax covenant we insert the
letters n tf, meaning not tax-free, tff means free from
normal Federal income tax up to 4 % . Where we have no
knowledge other than that the company has assumed or is
paying the tax, we insert the letters cp t, which means that
company pays tax, at least for the present. Only very general
differentiations like this are possible. Tax exemption
features of mortgages are so varied and diverse that more
definite information is out of the question.
“ D A T E .” — The date of issue on the face of the bonds is
indicated under the w;ord “ Date.”
“ IN T E R E S T .” — Under this heading is given the rate per
cent yearly of the interest payable on the bonds or (if guaran
teed) of the dividend payable on the stock; also the months
when the interest or dividend is payable; thus “ 6 J-J” means
6 % per annum payable January and July; correspondingly,
“ F -A ” is used to mean February and August; “ M-S” means
March and September, and so on; while “ Q-J” means quar
terly beginning in January, and “ Q-F” quarterly beginning
in February. (The day when the interest payment is due
oan generally be determined by noticing when the loans
mature, the day of the month there given being in most oases
the same as for one of the interest dates.) “ S.-a.” means
semi-annual.
“ R O A D .” — The word “ track” means in street railway
parlance all tracks, whether main line, siding, switch or
second track. “ Rails are 80-lb. girder” means that eaoh
rail weighs 80 pounds to the yard, “ k .w .” means kilo
watts, and “ h .p .” means horsepower, “ k .v .a .” means
kilo-volt-amperes. “ P-A-Y-E oars” means pay-as-you-enter
or prepayment oars.
“ Exts., add’ns and impts.” means extensions, additions
and improvements. “ Auth.” means authority or author
ized. “ Oth. ino.” means other inoome. “ Cal. year.*'
means calendar year.
REFERENCES TO “ C H R O N IC L E .” — This supplement
is expressly intended for use in connection with the invest
ment news and official reports published from week to week
in the “ Chronicle.” Frequent reference is therefore made
to the volume and page of the “ Chronicle” as (V. 118, p.
000), where fuller information may be found. Following
also eaoh statement is given a reference to the latest news
item in the “ Chronicle” respecting the company. As every
such item contains a reference to the last preceding item,
the reader oan run back at pleasure. Annual reports aw
in black-faced figures.
E l e c t r ic R ailw ays .
SECURITIES AND REPORTS
This is one of our six Sections or Supplements. In using the series it is to be remembered that they are inter-dependent
publications, complete only as a whole. If utilized together, and with the fresh items of news the “ Chronicle” contains from
week to week, the investor will have all the information he needs in seeking a safe and remunerative lodgment for his money.
A full Index showing where each company will be found is given in the closing pages of the book.
AKRON, OHIO
NORTHERN OHIO ELECTRIC CORPORATION .— A holding co.
Incorp. in New York on Oct. 18 1916 and owns over 99% o f the common
stock of the Northern Ohio Trac. Co. In March 1924 purchased the
bankrupt property of the Cleveland Alliance & Mahoning Valley RK.,
an interurban electric line connecting Alliance, Ravenna and Warren, Ohio.
These lines to be operated under lease by the Northern Ohio Trac. & Light
Co., are being rehabilitated and will be used principally as a freight feeder
for the lessor co. They will also provide passenger connection from Cleve
land, Canton, Akron, New Philadelphia, Niles, Warren and Youngstown.
V. 118, p. 1268.
CA PITA LIZA TIO N .— 75,000 shares of common stock (no par value)
58.000,000 6 % cum. pref. stock (par $100); pref. as to assets and dlvs.;
callable at 105 and dlvs.; dlvs. payable Q.-M . Dividends on pref. stock,
were begun Mar. 1 1917. and paid regularly to and Inrl. Dec. 1919. None
CANTON-AKRON CONSOLIDATED R A ILW A Y.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
'onsol M $2,500 000. gold.) 1906 5 « J-J
$772,000 Jan 11933
guar p & I by North Ohio) lnt. at Union Trust C o., Cleveland
Trac & Light ($1.000) c * .t f i Trustee, or First Nat. Bank. New York.
Bonds.— Of the $2,500,000 consolidated bonds, $1,438,000 are pledged
under N O T & L. 1st & ref mtge.. and $290,000 are reserved for extens.
and impt. at 85% of cost. Wm. Baldwin, Boston, is also trustee. V. 91,
p. 1628, 1765. Certain of the Canton-Akron Consol. 5s are red. at 1024*
and int. on 4 weeks’ notice and others at par and int.
Dividends.— Preferred stock was issued in 1911 and dividends o f 14*%
quarterly have been regularly paid. In 1921 a 7% cum. pref. stock was
created (see above) and divs. on this issue are being regularly paid.
Dividends on common were begun in 1906 by the declaration of 2% ,
payable in quarterly installments o f H % from June 15 1906. V. 82,
p. 1213. In 1907 2% was again declared, payable in quarterly install
ments from June 15 1907. In 1908, June, 4*%; Sept., 4*%; Dec., 4*%In 1909, 1*4%
In 1910. 2 4 %. In 1911. 31*%
In 1912, 41*% . In
1913 to 1916, 5% per annum. In 1917, March, 11*%; M ay. 11*%; Aug.,
11*%: N ov., 11* %
Practically all of the common stock being owned by
the Northern Ohio Electric Corp.; dividends are no longer reported.
PLA N T.— Electric ry. line extends from Cleveland through Akron,
Canton, Massillon and New Philadelphia to Uhrichsville in Tuscarawas
County with branches to Ravenna (via Kent), to Wadsworth (via Barber
ton) and to East Greenville from Massillon. Operates a fast freight service
having operating agreements with various other electric lines and steam
roads. On Dec. 31 1923 operated 245.04 miles of track, and operated
5 miles under trackage rights affording an entrance into Cleveland. Owns
Lakeside Park in Akron and Meyers Lake Park in Canton. Also owns
1,011 acres of coal land in Noble County. Rails, 70 to 114-lb., standard
gauge. Has 498 interurban and city railway cars, incl. 25 passenger
trailers, 38 freight cars and 37 service cars, also 45 passenger motor buses
(see also V. 118. p. 1774). Does the exclusive commercial light and power
business in Akron and supplies energy, directly or indirectly to 18 other
communities. New Cleveland-Akron transmission line now under con
struction. 2 generating stations with an aggregate installed capacity of
69,175 k.w.: 37 sub-stations. A 4-story office building and passenger
terminal in Akron was opened M ay 1 1918.
REPORT.— For calendar years:
Calendar
Gross
Net aft.Taxes
Fixed
Preferred
Balance,
Year—
Earnings
& Maint.
Charges. Dividends. Survlus.
$616,635
1923________ $10,105,175 $2,339,529 $1,310,534 $412,360
1922
_ 9,263,152 2,426,621
1,356.239
374,592
695,790
-Rev. Passengers CarriedCalendar
Elec. Sales.
Electric
City
Interurban
Years—
K . W.H.
Customers.
Systems.
Systems.
1923
_____ 157,468,263
48,328
54,112,423
16,658,235
45,496
50,632,248
17,117,064
1922___________ 135,397,186
1921___________ 102,681,834
40,103
47,799,437
16,820,442
38,438
68,903,885
20,876,115
1920___________ 148,081,253
1919___________ 138,679,216
32,007
61.289,852
17,755,171
OFFICERS.— Pres., B. C. Cobb. N. Y .; V .-P ., T . A. Kenney, N . Y .;
V .-P ., J. C. Weadock; V.-P. & Gen. M gr., A. C. Blinn; Sec., Chas. H.
Lahr; Treas., James Sweeney; Asst. Sec. & Asst. Treas.. E. E . Nelson
and C. Wigand; Gen. Aud., H. G. Kessler; Comp., G. B. Dobbin.— V. 114,
p. 198, 522, 948, 1064, 1180, 1891, 2116; V. 115, P- 74, 183, 760, 1100,
1429. 1838. 2794; V. 110, p. 410, 1050. 1650, 2389; V. 117, p . 1556, 1886;
V. 118, p. 203, 311, 664, 1013. 1136. 1521. 1774, 1912.
Hodenpyl. Hardy & C o., Inc., N . Y ., and E. W. Clark & C o.. Phila.,
under whose direct supervision and management the properties are oper
ated, brought out the $6,000,000 pref. stock in Oct. 1916 on the basis o
10 shares of pref. and 5 shares common stock for $1,000. The co. in 1916
obtained a loan of $4,000,000 for one year, and pledged as security therefor
approximately $9,000,000 com. stock o f the Northern Ohio Traction & Light
Oo. Owing to unfavorable financial conditions attributable to the war
this loan has been renewed from year to year and payments made from
time to time on the principal had reduced the loan to $2,680,000 as
of Feb. 1 1924, at which time the maturity was extended for another year
to Feb. 1 1925. The company has agreed to defer the 6 % dividend on
the pref. stock until such time as financial conditions will permit of the sale
o f securities to meet payment o f the loan. Compare V. 110, p. 1188.
E A R N IN G S.— Of constituent companies for calendar years:
JjJL ,, x X U .
E U VUU
Year—
Gross.
& Taxes.
Net.
Charges.
Surplus.
1923______$10,113,951 $7,737,409 $2,376,541 $1,915,522
$461,019
1922______ 9,410,452 6,953,260
2,457.191
1,974,646
482,545
— V .T lY , p. 2770; V. 118, p. 552, 1268, 1390
N orthern O h io T raction & Light Co.
Over 99% of the com. stock is owned by the Northern Ohio Electric Corp
ORGANIZATION.— Incorp. in Ohio in Dec 1902 as successor to the
Northern Ohio Traction C o., having exchanged Its securities for the com
mon and pref. stock of the latter per terms in V 75. p. 733. In 1906
acquired control of the Canton-Akron Consol. Ry., and guarantees that
sompany’s $2,500,000 consol. 5s, prin. and int. V. 83, p. 435, 849. Also
owns entire capital stock of Akron Wadsworth & Western Trac. Co. and
guarantees its bonds prin. and lnt. Common stock listed on N. Y. Stock
Exchange in March 1909.
Franchises.— The electric light and power properties are operated under
rights without specified limit as to duration. City railway franchises expire
as follows: Akron, 1925; Canton, 1928; Massillon, 1932. 55% of the interorban trackage is on private right-of-way or subject to franchises without
time limit: franchises for remaining interurban mileage expire from 1922 to
1944.
See V. 114, p. 1064.
New street railway franchise in Akron
proposed by co. See V. 116, p. 1050.
Fares.—-In Jan. 1924 the Ohio P. X . Comm. auth. the co. to raise fares
T
to 7 cents cash, with 4 tickets for 25 cents, effective Feb. 1 1924, on which
date the franchise providing for a 5-cent fare expired. The City Council,
however, ordered a continuation o f the 5-cent fare for a further period of
two months. The co. therefore suspended operation on Feb. 1 1924 and
did not resume until Feb. 28 1924, when an agreement was reached pro
viding for fare of 5 cents with 1 cent for transfers, elimination of all jitnev
ALBANY, N. Y.
competition within a period o f 60 days and if new franchise is not agreed
UNITED TRACTION COMPANY.
upon by Dec. 4 1924 (election to be held N ov. 4 1924), rate of fare auto
Entire stock (except 4 shares) is owned by The Delaware & Hudson Oo
matically goes to 6 cents, transfers free, until May 1 1925. V. 118, p. 1013,
V . 81. P- 1552; V. 82. p. 160. The D. & H. also owns the entire stock of the
1136. Compare V. 118, p. 203, 311, 664.
Troy & New England R R . and the Plattsburg Traction Oo. and a half
STOCK AN D BONDS—
Date.
interest. Outstanding
Maturity.
Interest In the Schenectady R y.. the New York State Rys. owning other half.
Stock com, $10.000,000($100>____
______
See text
See text
O R GAN IZATION .—Chartered Dec. 30 1899 as a consolidation of the
Pref 6 % $5,451,800 cum------- -------6%
4,837,100
See text
Albany Ry. (chartered In 1850). the Watervllet Turnpike & R R . (chartered
Pref 7% $4,548,200 cum __________
7%
2,142,500
See text
lit lien St ref. mtge, g, ($100, ( 1916 5 g F-A
5,253,500 Aug l 1956 In 1862) and the Troy City Ry. (chartered in 1850). See V. 69, p. 1147.
1390; V. 70. p. 77. Operates under leases to the constituent companies,
$500, $1,000. &c.)_c*&r*. | Int payaole In N. Y or Cleveland.
Northern Ohio Traction &f 1903 4A 5gJ-J
3,219.000 Jan 1 1933 the Trnv & Cohoes R R ., Lanslngburgh & Cohoes R R .. Waterford & Oqhoee
Light 1st consol ($1.000),(Int. at Union Tr. C o., Cleve., Trustee, R R ., Cohoes Ry. and the Capitol Ry. Owns 97% of the stock of the
Hudson Valley R y., 71% of the Waterford & Cohoes R R ., 80% of the
gold *7,500,000-- -C * .tf( or at First Nat. Bank. New York.
Nor Ohio Trac & Lt Ser “ A ") 1922 6 g M-S
11,224,000 Mar 1 1947 Forest Park Ry. and all the capital stock of the Capitol R y ., Cohoes R y.
gen&ref M($500&$1.000 c* ;(ln t. at National City Bank. N. Y ., trustee. and Great Western Turnpike Road.
The Cohoes City Ry. was sold at foreclosure In 1904 and reorganised as
$1,000,$5.000 & $10,000 r * ) I
Cohoes Ry. Oo. with $120,000 stock and $84,000 bonds; all of the stock
gold --------------- ---------- -tf)
aud bonds are deposited with the Central Trust C o. of New York as security
N O T & Lt secured notes-----750,000 Dec 1 1928
74* %
See text July l iHUil for bonds of the Albany Ry.
6g
,k Wads at West oi rtgage.i 1906
Acquisition of Hudson Valley.— In Dec. 1906 acquired a majority of the
$500,OOo guar ($1.0001 -tf
secured 6 % bonds see text). 1919 6 g J-D 1 1,856 0)0 June 1 1926 stock and bonds of the Hudson Valley Ry. Co. and increased Its own stock
from $5,000,000 to $12,500,000 to finance the purchase. V. 84. p. 52.
($ 100, $500 & $1 .000) gc* tf ( Bankers Trust Co.. N. Y., Trustee.
Franchises perpetual except that of the Capitol R y. (a short line on the
Stock.— The preferred stock is redeemable, all or part, at 110 and div. on outskirts of Albany), which expires in 1951.
any div. date. Is pref. as to div. and assets and has full voting power.
Traffic Agreements.— Has traffic agreements with the Albany Southern
V. 92, p. 956; V. 95, p. 48; V. 97, p. 1116; V. 112, p. 1741, 2191; V. 113, R R ., Schenectady Ry. and Hudson Valley Ry. by which cars of the firstp. 629.
named road are run Into Albany from Rensselaer, cars of the Schenectady
Bonds.— Additional 1st lieu and ref. bonds may be issued la) par for par. Ry. Into Albany, Troy and Watervllet, and cars of Che Hudson Valley Ry.
tor refunding or acquiring the $3 991.000 underlying bonds; (b) for 85% Into Troy from Waterford.
Electric power Is furnished under contract by Adirondack EL Pow. Oorp.
jf cost of new construction, additions, betterments and extensions and
c) for 85% of cost or replacement, value of additional properties, under
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
conservative restrictions
The bonds are secured by mortgage on entire Stock (par $100). $12,500,000..........
.......
S12.500.u00
See text
property, subject to underlying liens, and by deposit of $4,000 of 5s and Debentures, $1,250,000, goldf 1901
4 4 8 M-N
456.000 M ay 1 191*
$4,277,000 of 4s of Nor Ohio Trac & Lt bonds of 1933. $1,438,000 Canton($1.000)____________ r .n t fjln c . at National Commercial Bank. Albany
Akron con. 5s of 1933, $200,000 Akron Wadsworth & Western 5s, $855,000 Cons mtge. $6,500,000. gold! 1904
44* g J-D
2.620.000 June 1 2001
Canton Akron Ry. 1st 5s, due 1922, $2,320,000 are pledged as security
($1.000)_____________ c * tf/I n t . at Centra.' Trust C o., N. Y ., Trustee.
for the $1,856,000 7-year 6 % bonds, and $11,819,500 under the gen. & ref. Albany Ry cons M ($500.000 J 1890
5 g J-J
428.000 Jan 11930
mtge. 6s, series “ A .” Red. as a whole or in part on any int. date at 105
gold ($1,000)______c*_ntf\Int. at Central Trust Oo., N. Y .. trustee
and int. The mtge. provides for a maintenance and depreciation fund of Albany Ry gen M $750.000J 1897
5 g J-D
496.000 June 1 1947
2 0 % of gross earnings for maint. and replacements, or for add’ns and better
gold___________________ tf\lnt. at Central Trust C o., N. Y .. trustee
ments, against which no bonds may be issued; also provides for an insurance Watervllet Turnpike & RR— 1 1889
6 M-N
350.000 May 1 1919
reserve for damage claims, &c., o f 4% of gross earnings until $100,000 is
1st M guar__________ ntf/B oston Safe Dep. St Tr. C o., Trustee
reached, at which figure the fund is to be maintained. Trustees are N. Y.
2d M. p & lnt guar____n tf) 1890
6 M-N
150,000 M ay 1 191*
Trust Co., N. Y ., and Union Trust Co., Cleveland. V. 103, p. 1210. Of
(Metropolitan Trust Oo., N. Y ., Trustee.
the Northern Ohio l'rac .v Lt consols $996.0U0 are 5». an outstanding
Troy City 1st con M gold.) 1892
5 g A-O
2,000,000 Oct 1 1942
the rest 4s The Northern Ohio Trac. & Light gen. & ref. mtge. 6s are
$2 000.000__________ c ’ & rllnt. Dald by Trustee. Central Trust C o.,N Y
Issuable in different series at various rates o f interest, maturities, &c.,
Bonds.— Of the consol, mtge. of 1904. $3,880,000 Is reserved to retire prior
under certain restrictions. Series “ A ” are secured by a pledge of $11,819.500
Hens
No sk. fd. and bonds are not subj. to call. Directors may fix rate of
first lien & ref. mtge 5s which amount o f pledged bonds is to be increased
lnt on unissued bonds but not exceeding 6 %; present Issue Is at 4 4* %• This
by $2,320,000 upon retirement o f the secured 6 % bonds, due June 1 1926
debs, may be called on any lnt. date on 3 mos. notice at “ a 5% int. rate for
A sinking fund of 4* % semi-annually o f total gen & ref. mtge. bonds out
standing began Dec. 1 1922. $168,000 cancelled by sink. fd. up to Apr. 1 the unexplred term as calculated In standard lnt. tables." V. 73, p . 1113.
The Albany R y. general mortgage of 1897 was for $750,000. of which
1924. A general reserve fund for maintenance and replacement of the
property is provided for. Series “ A ” are redeemable on any int. date on $254,000 was reserved, but consolidation made reservation Inoperative.
The Troy City leased roads Include Troy & Cohoes, stock $50,000. dlvs.
30 days’ notice at 110 on or before March 1 1932; at 107 4* thereafter to
c
and including March 1 1942; and at 102 4 thereafter, but prior to maturity. under lease. 7% ; Laosingburg S Cohoes, stock, $15,000; dlvs. under lease,
Four mills tax in Penna. refunded. V. 114, p. 1180. Listed on N. Y. 7% . The Waterford & Cohoes R R . $25,000 stock receives 7% yearly
Stock Exchange. V. 115, p. 74. The 7-year 6 % bonds are secured by a under lease
pledge of $2,320,000 1st lien & ref. 5s. Additional 7-year bonds may be
D IVIDEN DS.— First quar. div., 14*%. was paid M ay 1 1900; same rate
issued from time to time under certain conditions upon the deposit of cash Mntinued up to and Incl Nov. 1905. For year 1906 6 4*% was paid. On
or the pledge of first lien & ref. 5s in the ratio of 125%. V. 108, p. 2433.
Dec. 31 1906 stock was Increased from $5,000,000 to $12,500,000 and dlvs.
On Jan. 24 1914 stockholders approved action of directors In providing
made semi-annual (3.-3.) and 4% was paid in 1907, 2% Jan. 1 1908 and
or payment o f Federal income tax upon the various issues of the c o .'s bonds
2% each six months thereafter to and incl. 1913. In 1914,2% . Nonesince.
A pril, i924.]
3
ELECTRIC RAILW AYS
ROAD.— Operates 62.581 miles o f first main line track and operates in
*11 111.882 miles of track, of which 93.798 m. owned, connecting Albany.
Troy, Cohoes, Rensselaer, Watervliet, Lansingburg, Green Island, Water
ford. &c
Rails. 25 to 141-lb. Girder and T. Standard gauge. Has 494
cars; 432 owned and 62 leased.
E A R N IN G S.— For cal. years:
Net.
Other Tnc. Choi A Tax.
Deficit.
year—
Gross.
*394,212 $276,249 $972,323
def.$301,862
1923____$3,234,149
507,066
275,920
960,492
def. 177,506
1922____ 3,085,291
def.1,579,887 275.416 903,938
def.2.208.409
1921____ 1.199,783
OFFICERS.— Pres., L. F. Loree, N . Y .; V .-P ., W . H. Williams, N. Y .;
V .-P ., H. B. Weatherwax, Albany; V.-P. & Asst, to Pres., F. W . Leamy;
Sec. F. M . Olyphant; Aud., W. A. Biasing; Treas., C. A. Hoag, Albany;
Comp-.W- E. Eppler, N. Y .; Gen. M gr., Ernest Murphy.
Principal
office, Albany.— V. 113, p. 1362. 2407, 2722; V. 114, p. 411.2117; V. 115,
p. 184, 2380; V. 116, p. 2390.
il) Hudson Valley Railway.
In Dec. 1906 the United Traction Co. of Albany acquired control through
purchase of a majority of the capital stock.
ORGAN IZATION .— Incorp. Aug. 14 1901 as a consolidation of the
Glens Falls Sandy Hill& Fort Edward Street R y., Warren County Elec. Ry..
Atll! water & Mechanlcville Street Ry.. Greenwich S Schuylerville Street
c
Ry., Saratoga Traction Co and Saratoga Northern Ry., the capital stock
of these roads being exchanged for stock in the new company. V. 73. p.391
Owns entire capital stock of Warren County Elec. Lt. Ht. & Pow. Co. and
*11 the stock ($200,000) and all the bonds ($200,000) o f the North River
Ry.. a road operated In Saratoga by this co. Franchises perpetual.
Financial Readjustment.— A readjustment of the company's finances was
iffected in 1906 without foreclosure as per plan In V. 82, p. 100, 1040. In
March 1906 $2,500,000 5% non-cum. pref. stock was created to provide for
the convertible features of the debenture “ B " bonds, V. 82, p. 751.
Traffic Agreements.— Has traffic agreements with the United Trac Co.,
and Greenwich <s Johnson ville Ry., by which cars of the Hudson Valley
S
Ry Co. are run over the lines of the United Trac Co from Waterford
to T roy, and cars o f this company are run over the Greenwich & Johnsonville at Thomson, N . Y ,
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common. $3,000,000, par $ 1 0 0 ...........................
$2,978,300
Preferred ($2,500,000 (seel ___
_______
See text
text), 5 % non-cumuiative. f
»irst consolidated mortgage/
1901 5 g J-J
2,222,000 July 1 1951
$4.O0O,OOO (denomination{Interest at Manufacturers' Nat Bk., Troy.
$1,000 gold)_________ c*tf(M ay be called at 110 & int. on any lnt. date
Oeb “ A " Income. $700,000— 1906
5 g J-J
474.000 Jan 1 1951
Deb “ B " Income. $2,500,000- 1906
2 g J-J
2,500.000 Jan 1 1951
ALBIA, IOWA.
ALBIA LIG H T & RAILW AY CO.
O R G A N IZA TIO N .— Incorp in Dataware June 1.916 as a reorganization
of the Southern Iowa R. S Light Oo. as per plan in V 103, p. 939. Does
c
the light, heat, power, railway and gas business of Albia, Hocking. Hiteman and community, serving a population of 15,000. Also supplies power
for the operation of 12 miles of the Centrevllle S Albia R y. Co. New power
c
units and 22 miles of transmission lines were placed In operation March 15
1918, with contracts to furnish power for 4 large coal mines and the mining
communities located at these mines. Franchises expire In 1942.
STOCK AND BONDS—
Date
Interest
Outstanding
Maturity,
Com stock $400,000 ($100i .. ___
- . $400 000
.................
Pf 8 % non-cum* 100.000 ($10)
. .
Q— F
100.000
See text
1 st M $500,000 gold ($1,000/ 1916
5 g J-J
400.000
1941
and *100)________ c & r .c p tlln t. at Empire Trust Co . N. Y. trustee.
Bonds. —Of the bonds reported outstanding ,$100,000 were Issued to cover
lew extensions. Remaining bonds are for extensions and additions. No
sinking fund and not subject to call.
Dividends.— Quarterly divs. of 1 Vi % on pref. stock were paid from Au*
1 1917 to and tncl. May 1918. None since.
EA R N ING S.— Years ending Dec. 31;
Cal. Year—
Gross.
Net,aft.Tax Bond lnt
Surplus
1920______ _________________ $160 363
$45,212
$17,500
$27,712
*1919.........................................- 133.900
37 811
17.500
20,311
♦Earnings were adversely affected by the coal strike during Nov. and
Dec. 1919. It Is estimated that net earnings would have been $3,500 more
had not this strike occurred.
ROAD.— Operates 12 miles of street and lnterurban railway in Albia and
connecting the towns of Hocking and Hiteman with Albia. 60 and 70-lb.
T rail; standard gauge.
OFFICERS.— Pres., Albert L. Fowle; V.-P . Merle R Walker Sec
M A. Day, all of 61 Broadway, N. Y. City; Treas S Gen M gr,. Ralph
c
W. Boyer. Albia.— V. 103. p. 939; V. 105. p. 490
ALLENTOWN, PA
LEHIGH POWER SECURITIES CORPORATION .
ORGANIZATION.— Incorp. July 19 1917 in Del. and then acquiree);
(a) All the stock of the Lehigh Navigation Electric Oo. (formerly con
trolled by the Lehigh Coal & Navigation C o., which see In V. 105, p. 720),
and through such acquisition control of the Harwood Electric Oo. and other
subsidiaries; (ft) a substantial majority of both classes of stock of the Lehigh
Valley Transit C o., and through such acquisition control of the Lehigb
Valley Light & Power Co.; (c) approximately all the pref. and com. stocks
of companies formerly controlled by the Northern Central Co. In June
1920, however, the Penna. P. S. Comm, approved the joint agreement of
consolidation and merger of eight electric and gas companies (seven of which
Underlying Liens—
were controlled by the Lehigh Power Securities Corp.) into the (new) Penn
4 P 8 H S F K 1st M (no opt) l 1891
6 J-J
100,000
Pastdue
sylvania Power & Light C o ., which see below. The Lehigh Power Securities
($500 and $1,000) gold -_c/Central Trust Co.. New York. Trustee,
Corp. controls the Pennsylvania Power & Light Co through ownership o f
do
2d M ($500) gold-cl
1893
6 J-J
50,000
past due
all its common stock, except directors’ shares, and all its nou-cum pref.
lin t, at Merchants' Nat. Bank, Glens Falls
stock. The controlled companies supply service to 193 communities,incl.
do
3d M ($150.000)n tff 1901
6 A-O
82,000
Past due. electric light and power to 172 communities; gas service to 18 cities and
\May be called at 100.
towns; 55 communities are served by interurban railways. Franchises
4*111 * Mech first mortgage — / 1893 6 A-O
47,500
past due
generally, in the opinion of counsel, are free from burdensome restrictions,
lBankers Trust C o., New York, Trustee
and a very substantial part of them is perpetual. For full description of
do
do
consol mtge— 1 1898
6 A-O
202,500
past due
properties, &c., see V. 105, p. 498, and Lehigh Valley Terminal Co. below.
$250.000_________________ /Glens Falls Trust C o., Glens Falls. Trustee.
See also V. l65, p. 290 and 818.
STOCK AND BONDS — Date
Interest. Outstanding.
Maturity.
Bonds.— Of the $4,000,000 M . of 1901, $482,000 are set aside for prior liens Stock 605,000 shs (no par v a l ) . ------------------- 309,945 shs --------- __
«nd $1,290,000 have been deposited as coll, for temporary loans. The deb. Secured gold notes, $50,000,-1 1917
6 g F-A
$11,856,200 Aug 1 1937
‘B " bonds were conv. into pref. stock at par to March 1 1917. Int. on
000(5100,$500&$1,000)c*tf flnt. in N. Y. Guar. f r . C o., N. Y ., trustee.
•he deb. “ A " and “ B " bonds Is neither cumulative nor obligatory. No lnt.
baa been paid on either class. The G. F. 8 . H. & F. E. 1st M. fell due
Lehigh Valley Transit Group—See Lehigh Valley Transit Oo. below.
July 1 1911. but was extended and Is now past due; 2d M . fell due July 1
Voting Trustees for Slock.— Irvine W Bonbright Bonbright & Oo.. Inc.:
1913 and the 3d M . April 1 1921. Both issues o f Stillwater & MechanicGeorge II. Frazier, Phila.; S. Z. Mitchell, Pres. Elec. Bond & Share Co.;
vllle bonds fell due Aoril 1 1913.
Lewis E. Pierson, Chairman of Board Irving Bank-Columbia Trust Co.;
EARNINGS—
Operating
Net
Other
Charges A Balance. S. D. Warriner, Pres. Lehigh Coal & Nav. Co.; G. M . Dahl, Hayden,
Year endina—
Revenues. Earninos.
Tncome.
Taxes.
Deficit.
Stone & Co.; Thomas Newhall, Phila.: F. N. B. Close, V.-P. Bankers
Dec. 31 1923______ $962,772 $57,778
$75,337 $460,822df.$327,707 Trust C o., N. Y ., and William West, West & C o., Phila.
Dec. 31 1922_______ 1,245,843 180,003
39,263 469,463
250,197
Notes.—Over $18,000,000 notes were subscribed for $6,554,500 have
been called for payment and retired. The Electric Bond S Share Co. deliv
c
ROAD.— Main line extends from Waterford northward along the Hudson ered to each subscriber 4 hares of the Securities Corp. stock with each
through the villages and towns o f Waterford, Mechanicville, Stillwater, $1,000 of notes. The stock may be deposited in a voting trust.
Schuylerville, Thomson, Fort Edward, Glens Falls and Lake George to
The collateral for the notes includes all non-cum. pref. and com. stock
Warrensburg. The Saratoga Division, which branches off the main line and certain notes payable of the Pennsylvania Power & Light Co. and a
at Mechanicville provides a line from Waterford to Round Lake, Ballston substantial majority of both classes of stock of the Lehigh Valley Transit
Spa and Saratoga. Glen Falls division provides a line from Saratoga Springs Co. It is expected that the corporation from time to time will sell part of
to Glens Falls, which was completed in June 1903. There is also a branch the securities deposited under such trust agreement, the proceeds to be used
line from Saratoga Springs to Kaydeross Park, on Saratoga Lake, and an for the purchase, redemption and cancellation o f the notes, by purchase at
other from Thomson to Greenwich. Total first track, 121-27 miles; second the lowest price, or at 101 % and lnt., by lot. Notes are red., all or part,
track, 18.33 m.; sidings, 8.74 m.; making a total o f 148.34 miles of track, on any lnt. date at 101 and int. Pennsylvania 4-mills tax refunded. V.
of which 122.90 miles are owned. Rails. T . girder and grooved, 48 to 141 105. p .818 . 498.
lbs. Standard gauge; 70% on private right of way. Operates 123 cars,
EARNINGS.— Of combined properties for 12 mos. ended Dec. 31 1923
Including 3 freight, 16 exp. and 26 service cars. Company owns Kaydeross
(Inter-group charges eliminated): Gross from operation, $10 873.430, other
Park, at Saratoga Lake, and Ondawa Park, bet. Greenwich and Thomson
Income, $462,963; total, $20,336,393; operating expenses, $11,601,030; net,
OFFICERS.— Same as for United Traction Co.— V. 89, p. 286: V. 108, $8,272,400; interest and discount, $2,622,236; deprec., $2,039,054; balance.
$4,074,073. Proportion of earnings, including int , accruing to Lehigh
1274; V. 113. p. 730. 1772.
_____
Power Securities Corp. on the basis of securities owned, $2,871,810.
Property. A c.— Generating plants haveapresent capacity of 199,397k. wALBANY SOUTHERN R R ,— Third rail, except in cities.
693 miles high-voltage transmission lines (over 11,0 0 0 volts); gasholder
ORGANIZATION.— Incorporated In New York Sept. 14 1909 and Is a capacity 3,474,000 cu. ft.; 279 miles gas mains; 239 miles street and inter•eorganlzation of the Albany & Hudson RR. Co. sold under foreclosure on urban railway lines
Sept. 8 1909 (per plan V. 89, p. 223). On Sept. 18 1909 merged Albany &
Management.— The operations of controlled companies are under the
Oreenbush Bridge Co. V. 89, p. 720. Franchises are perpetual. Does a management of the Electric Bond & Share Co.
jaasenger, freight and exoress business and supplies light and power
along route and gas in cities o f Rensselaer and Hudson.
OFFICERS.— Pres., E. K. Hall: V.-Ps., W m. Darbee, P. B. Sawyer
and E. W. Hill; Treas., A. C. Ray; Sec., B. P. Summerson.— V. 110, p.
261, 1973, 2487; V. 114, p. 854, 2469; V. 115, p. 1837; V. 118, p. 431.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,375,000 ($100)........................ ........
$1,375,000 __________
(1) Lehigh Valley Transit Co.
Pref $2,100,000 5% n-c ($ 1 0 0 )____
F-A
2,029,000 Aug ' l l , %
Control.— In July 1917 the Lehigh Power Securities Corp., which sea
above, acquired a substantial majority of both classes of this com parv’a
virst mortgage $1,500.0001 1909
5 g M-9
1.3 3 2 000 8ept 1 1939
itock on the basis of $28 per share of com. and $48 per share o f pref. stock.
gold ($1,000)________ c* tffBankers Trust Co.. New York. Trustee.
Pirst Ref Mtge $3,000,0001 1918
6 g M-S
See text
Mar 1 1948 V. 105. p. 606.
gold ($1,000)____________ /Empire Trust C o.. New York, Trustee.
ORGANIZATION.— Incorp. In Pa. on Nov. 3 1905 and Is a reorganiza
tion
of the
Notes.— The 3-year 7% notes which originally matured Mar. 1 1921, phia under foreclosure TractionLehigh Valley Traction Oo., the Philadel
S
c
Valley
Allentown c
but were extended for one year to Mar. 1 1922, were canceled on that date Ooplay Lehigh S Ironton Street C o., the per plan InS Slatlngton and the
R y.. as
V. 79. p 733. 1463.
and the $700,000 1st Ref. 6s pledged thereunder were returned to the in Oct. Egypt c
1911 purchased the Montgomery Trac. Co. (V. 93. p. 940), all of
company’s treasury.
srhese bonds and stock are deposited under the Lehigh Valley Transit ref. S
t
DIVIDEN DS.— Initial semi-annual dlv. on pref.. 14<% paid Feb 1 Imr. mtge. of 1910; reconstruction of Mont. Trac. completed Dec. 12 1912,
jutting down running time between Allentown and Philadelphia (City Hall)
i911. Aug.,
none since.
from 4t$ to 2H hours. An 3-mile cut-off on this division was completed Is
1914 and the running time between Allentown and 69th St. Terminal
REPO RT.— For year ending Dec. 31:
Philadelphia. Is now 1 hour and 58 minutes.
Fiscal
Gross
Net (aft. Tax, Interest,
Balance.
In April 1913 purchased controlling Interest in stock of Easton Consoli
Year—
Earnings. Deprec. A Rents).
Ac.
Surplus. dated Electric Oo (V 96. p. 1022). On June 20 1913 shareholders author
1923 ----------------- $1,100,485
$172,522
$72,965
$99,557
ised an Issue of collateral notes to pay for the purchase. V. 96. p. 1489.
1922 ----------------998,828
173,838
78,680
95,159
1772. Also has half Interest In Norristown Transit Oo. Franchises perrret.
On Dec. 31 1915 purchased the franchises and property of the QuakerR OAD.— Operated by third-rail system from Albany via Rensselaer to sown Trac. Oo. (formerly leased) for the sum of $ 1 and the cancellation 0/
Hudson. Operates local cars in city o f Hudson by overhead trolley.
!ts Indebtedness, all of which was owned by the Lehigh Vail. Transit Oo.
Total, 61 miles of track. In Feb. 1900 made contract giving it privilege
Under agreement made In July 1907 the Lehigh Valley Transit has Its
to enter Albany over the tracks o f the United Traction o f Albany. DoublePhiladelphia terminal In the Philadelphia Rapid Transit station at Ohestnut
tracking of road between Rensselaer and Kinderhook Lake completed inv Hill. V. 85. p. 99. Late in 1912 made a contract for express service with
1910. Operates 17 passenger cars, 5 freight box cars, 6 freight flat cars Adams Express Oo. In 1918, however, upon the taking over o f the express
and 2 express cars, 2 express trailers and 2 electric locomotives convertible companies by the Federal G ovt., this express service was discontinued.
Into snow plows. Rails, 80-lb. steel; standard gauge.
V 108, p . 375. Conducts through freight service between Allentown and
Philadelphia. V. 97, p. 521. Also has numerous municipal street-lighting
OFFICERS.— Pres., William Loeb, Jr.; V .-P., Richard Sutro: Sec.
contracts. Franchises. with one minor exception, are perpetual.
William A. Ross; Treas., Irvin W. Day; V.-P. and Gen. M gr., James E
In Mar. 1922 the Easton Transit Co., controlled by the Easton OonaoMH a w e s.-V . 111. 0 . 1750: V. 112, p. 468, 1517, 1739, 1976; V. 113, p. 847; dated Electric Co., leased its property to the Lehigh Valley Transit Oo. fop
V. 114, p. 1061; V. 118, p. 1266.
99 years. Compare V. 114, p. 1286.
4
Con. Stock.
Owns, among others, the following stocks:
Owned. Tot. issue
Name of Company—
Allentown Bridgei Coo d _________________________________ $292,100 $292,100
Blttersville Hotel Oo______ ______________ _____ _______ 100.000 100.000
Easton Consolidated Electric Oo. (50% paid)_______ _ 750,000 750,000
24,000
Morristown Transit Oo_______________________________ 12,000
Miscellaneous stocks______ ________ _______ ___________ 74.000
74.000
Leases Beth. A Nazar. Pass. R y. for 999 years at 5% on stock and bonds.
Also leases Easton Transit Co. for 99 years.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common, $3,000,000, par $50______
$2,997,350
" q-p"
See tex t
Pref, $5,000,000, par $50— 1 ____
4.979.687
5 % . cum after ] fo v 3 1910.,
First mortgage.. $5,000.0001 1905
_________ ,
4-5 g M-S 4.994,000 Dec 1 1935
„ „
gold ($l,ft06)_________ ctf/Guaranty Trust C o.. New York, Trustee.
Consol, mtge. $7,500,000.1
1905 4 -5 g J -D
353,000 Dec 1 1935
gold ($1,000)__________ t f ICommercial Trust C o., Phtla., Trustee.
B ef & Imp mtge $15,000,0001 1910
5 g J-D
5.115,000 June 1 1960
gold ($1,000)------------ c*tf/Lehigh Valley Trust C o., Allentown. Trustee
_______
150,000 5% guar
Beth. & Nazar St Ry Stock________
Bonds ($150.000)............. t f
1899 5 M -N
150.000 M ay 1 1929
Norristown Transit Co. 1st M._ 1912 5 P-A
189,000 Peb 11942
Allentown Bridge 1st M ($500/ 1912 5 J-J
218,000 July 11942
& $1,000) call at 105 any/Guar. p. A i. by Lehigh Valley Transit Co.
tat. date__________ c»*_tf (Int. at cots office or Brown Bros.A Co.,Phila.
■quip trust “ Ser B"_
5 J-D
25,000
See text
■quip trust “ Ser O” .
5 J-D
70,000
See text
Bonds.— Of the $5,000,000 first mtge., $2,770,000 bear 4% interest and
are all out, and $2,224,000 are 5s. Int. at the Guaranty Trust Co. o f N. Y
The 1st M . bonds are redeemable on any int. date, the 4s at 105 and the 5s
At 110. Of the consols. $2,500,000 4s were outstanding, but $2,146,000
faave been pledged for ref. & impt. bonds. Int. on consol, bonds is payable
at Commercial Trust C o., Phila. These bonds are not subject to call.
O f the $15,000,000 ref. & impt. bonds $5,000 000 are reserved to retire
1st M . bonds and $2,500,000 to retire equal amount o f consol, mtge. bonds,
$2,264,000 in addition to amount reported outstanding. Bonds are
redeemable at 110 and interest. V. 92, p. 187: V. 94, p. 698, 982; V. 95,
p. 750. Int. is payable at office o f company or Brown Bros. & C o., Phila
delphia. Bonds are listed on the Philadelphia Stock Exchange.
Equip, trust “ Series B ” fall due $5,000 semi-ann. and “ Series O” $10,000
semi-ann.
Dividends.— Initial div. on pref., 1% . paid Nov 10 1911. In 1912,
1913 and 1914, 2% . In 1915, 3 )* % . In 1916 and 1917, 5% . In 1918,
Peb., 1 X % . None since. V. 106, p. 2123; V. 108, p. 268; V. 110, p. 261.
Total accumulated dividends, 44 )£% .
EARN IN G S.— Of consolidated cos. for years ending Dec. 31:
Cal.
Operating Net after Other Int.,Amort. Preferred
Balance,
Year— Revenues. Taxes, &c. Income. Disc..&c. Dividends. Surplus.
_
______ $499,069
1923_ $5,268,507 $1,577,327 $125,932 $1,204,190
1922— - 5.331,305 1,669,581 122,220 1,245,111
______ 446,689
ROAD.— Operates 216 miles o f railway. The road connects Allentown
Bethlehem. South Bethlehem, Hellertown, Nazareth. Northamp on,
Coplay, Catasauqua, Egypt, Emaus, Macungie, Slatington, Quakertown, Perkasie, Lansdale, Norristown Ambler and Phila. 80, 95 and 105-lb.
Ttnd 96 and 116-lb. girder rails. Owns a large amusement park about mid
way between Allentown and Betbelehem. Owns 268 pass, cars and 65 freight
and service cars. A 2,650-ft bridge between Allentown and So. Allentown,
was built by the controlled Allentown Bridge Co. (auth. stock $300,0001 and
was formally opened N ov. 14 1913. See V. 97, p. 1426, 1428; V. 98, p. 154
OFFICERS.— Pres., P. B . Sawyer; V.-Ps., E. M . Young, C. E. Groesbeck; V .-P . & Gen. M gr., H. H. Patterson; Sec. & Treas., Chas. N. Wagner;
And., W . L. Davis — V. 108, p. 268, 375; V. 109. p. 2263; V. 110. p. 261,
465. 2387; V. 112, p. 372, 1230; V. 113, p. 1053; V. 114, p. 1286, 1765;
V. 116, p. 516; V. 117, p. 86. 1392.
(a) Easton C onsolidated E lectric.
In April 1913 the Leiigb Valley Transit Co. acquired a controlling in
terest in the stock and has since acquired all stock except (24) directors
(hares. V. 96. p. 1021.
Dividend payments were: July 1900, 3)4% on $10 paid in; Sept. 1901
and March and Sept. 1902, 3% on $15 paid in; March 1903 (paid in July)
and Sept. 1903. 4% on $15 paid In. In Dec. 1905 declared a dividend of
$2 50 and at same time called an assessment o f $5 per share on the stock;
the dividend was credited on the assessment, making the stock 50% paid in
V. 81, p. 1791. Cash dividends resumed in Oct. 1906 with the payment of
2 K % . V. 83, p .687: 2)4% again paid April 1 1907 and 2)4 % Oct. 1 1907,
then dividends were passed until N ov. 1911. when 2% was paid. In 1912
a n d l9 1 3 ,4 % ; in 1914, M ay, 2 % . Beginning with June 1914 began paying
1-8 Of 1% monthly (V. 99. p. 300). Dividends no longer reported, a*
entire stock is owned by Lehigh Valley Transit Co.
ORGAN IZATION .— Consolidation by stock ownership of the Easton
Transit C o., the Edison Illuminating Oo. o f Easton, and the Phllllpsbur*
(N . J.) Horse Oar R R . Oo. (name changed to Phillipsburg Transit Oo.)
Incorporated in New Jersey March 11 1899. Also owns all the stock of
the Penn. M otor Co.
Lease.— In Mar. 1922 leased to the Lehigh Valley Transit Co. the property
e f the Easton Transit C o., a subsidiary, for 99 years. Compare V .114,p .1286
Consolidation of Subsidiaries.— On Jan. 3 1908 the (old) Easton Transit
O o., the tSaston & Bethlehem Transit C o., the Easton Palm er & Bethlehem
Street Ry. and the Northampton Central Street Ry. were merged into the
(new) Easton Transit Co. (V. 85, p. 1461) and in 1909 the Easton & South
Bethlehem Trans. Co. was also merged into the (new) Easton Transit Co
'Stock, $2,150,000; all owned by Easton Consolidated Elec,
For decision o f the Northampton County Court at Easton, Pa., on Dec.
28 1914 favorable to the Edison Illuminating Oo. (a subsidiary), see Lehigh
Valley Transit Oo. in V . 100, p. 140.
STOCK AN D B O N D S — The collateral trust 5s were in Jan. 1900 listed
on the Philadelphia Stock Exchange.
Date.
Interest. Outstanding. Maturity.
Stock $1,500,000 (par $50)—Stock (50% paid ln)all owned b y L .V .T .O o
Collateral trust $1,300,000 gf 1899
5 g M -N $1,108,500 M ay 1 1948
($1,000 and $500)___ c*tf (Interest at Girard Trust Oo.. Phila., trustee
Pennsylvania M otor Oo lstl 1891 6 A-O
60.000 Apr 1 1941
mort. (cannot be called) t f (Lack. Tr. A Safe Dep. O o.. Scranton, trustee
Has Palmer & Beth 1st m tge/ 1898 6 J-J
200.000 Jan 1 1939
gold $200.000__________ tf(U . 8 . M tg. & T r. C o., N . V .. trustee.
E m &So Beth Tr 1st M $500.-/ 1906
5 g J-J
395,000 July 1 1936
000 guar gold ($1,000) c*tf!G irard Trust O o.. Philadelphia, trustee.
Bonds.— The coll. bonds have no s. f. and are not subject to call. O f the
total of $1,300,000, $60,000 Is reserved to retire the Penn. M otor bonds,
2 000 In treas. and $1,000 reserved for small amt. of outstanding scrip of
Id. 111. C o. Issue Is secured by pledge of $2,150,000 stock (entire Issue) of
(new) Easton Transit C o.. 12.317 shares (entire Issue) of Edison Ilium
stock and 2,400 shares (the entire issue) o f Penn. M otor stock. Int. on
Baston & So. Beth. Transit bonds is payable at office o f Edw. B. Smith A
O o. Phiia., or at company's office. They are guar. p. A i. by endorsement
by the Easton Consol. Elec. A sinking fund o f 15,000 D. a. commenced
June 11908; $81,000 have been retired. Bonds are subject to call at 105 and
int. V . 83. p . 323; V. 104, p. 2553.
OFFICERS.— Pres., P. B. Sawyer; V.-Pres., S. H. Hackett; Sec. &
Treas., C. N . Wagner.— V. 97, p. 53, 301, 311; V. 98, p. 838; V. 99, p. 1300.
t
(2) Pennsylvania Power & L ight Co.—
Lehigh Power Securities Oorp. owns all the common stock, exoept
directors’ shares, and all the non-cum. pref. stock.
ORGANIZATION.— Incorp. June 4 1920 as a consolidation and merger
o f the following companies: The Le’iigh Valley Light A Power C o., the
Northern Central Gas C o., the Columbia A Montour Electric C o., the
Northumberland County Gas A Electric C o., the Harwood Electric Go.,
the Schuylkill Gas & Electric C o., the Pennsylvania Power A Light Co. (old
company) and the Pennsylvania Lighting Oo. into the (new) Pennsylvania
Power A Light Co. All of the companies (except the Pennsylvania Lighting
Oo.) entering into the merger were controlled by the Lehigh Power Securi
ties Oorp. (compare V. 110, p. 1973).
Suit by Minority Holders of Harwood Elec. Pref. Stock.— See V. 118,
p. 1780, for details.
[V ol. 118.
ELECTRIC RAILW AYS
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common__________________ _____
_________ 345.819 sh
___________
Pref. cumulative__________ _____
$7
195,025 sh A pr.’24, $1 75
Pref. non-cumulative______ _____
$7
35.000 sh A pr.'24. $1 75
Bonds of Pennsylvania Power & Light Co. and Controlled Companies In
Hands of Public as of Dec. 31 1922—
Penna Pow A Lt Oo 1st A ref)
Series “ A " ....................... — 1921
7 g F-A
$8,000,000 Feb. 1 1951
Series " B ” ...........................I 1922
5 g A-O
7,000.000 Oct. 11952
Series “ C ” __________ ____ I 1923
6 M-S
4,000,000 Sept 1 1953
($500 A $1,000 c*. $1,000| Guaranty Trust O o., New York,
A $5,000 r*)___________ tf J Trustee.
Northumb. C o. Gas A El. O o.—
1st M . s. f. bds., call. 1051 1911
5 g M -S
$1,115,000 8 ept 1 1946
any Int. date__________ / Int. at office of West A C o., Phila.
Nor Cent Gas Co 1st A Ref 1912 5 g F-A
776,000 Aug 1 1962
$4,000,000. call at 105 any f Int. at office of El.Bond A Sh. O o.. N . Y . O.
int. date_________________ I
Williamsport Gas Oo 1st M —/ 1899 5 g F-A
400.000 Feb 119.19
(Interest at Fidelity Trust C o., Phila.
Columbia A Montour El. Oo.—
1st M call 105 any Int date/ 1913 5 g F-A
577.206 Feb 11943
2d M call 105 any int d a te./ 1913 5 g F-A
567.500 Feb 1 1943
lin t, at office of El. Bond ASh. O o.. N . Y . O
5%
1.262.000 __________
Pennsylvania Ltg Co 1st m tg e _ ____
So Beth E L Oo 1st M call at f 1899
5%
15.009 Oct 1 1929
105 at any int date________\
Leh N El Co ($10,000,000) 1st M :
“ A ” call 107)4 any int date. 1913 6 J-J
2,946.000 July 11943
“ B” call at 100 any Int date. 1913 5 J-J
766.000 July 11943
Harwood Electric C o.—
1st M call 107)4 any lnt( 1909 5 J-J
670,230 July 1 1939
d a t e __________________ /Interest at Girard Trust C o., Philadelphia.
1st A Ref M ($10,000,000)1 1912 6 M-S
1,952.000 Mar 1 ;942
callable at 107)4_______ /Interest at Girard Trust Oo., Philadelphia.
Lehigh Val L & P mortgage/ 1913 5 g A-O
604,500 April 1 1943
$2,000,000 ($1,000, $500 A/Lehigh Valley Trust C o.. Allentown, trustee.
$100) gold___________ c*tf (Int. at c o .’s office or Brown Bros. A Co..Phil.
Schuylkill Gas A El 1st M ___ 1913
6 A-O
101.000 April 1 1943
Wilkes-Barre 1st & ref_______ _____
5%
1,986,300 ___________
Wilkes-Barre G & E con m t g e . ____
5%
3,000,000 ___________
Stock.— The cum. pref. stock is red. at $110, while non-cum. pref. is
red. at $10 0 .
Bonds.— For description of 1st A ref. mtge. bonds of the Pennsylvania
Power & Light Co. see V. 114, p. 659, 751. for Series A ” ; V. 116.
p. 1542, for Series “ B ,” and V. 117, p. 1672, for Series “ C .”
Lehigh Valley Lt. & Power bonds are subject to call on any int. date
at 105 and int. V. 97. p. 365.
Property.— Owns electric generating stations with an Installed capacity
of 157,135 k. w. Gas properties owned include 8 plants with an aggregate
daily generating capacity of 8,595,000 cu. ft.— V. 118, p. 1021, 1784, 1923.
ALLENTOWN & READiNCl TR AC TIO N CO.— A trolley road.
ORGANIZATION.— Incorporated April 25 1898 and leased ehe Allen
town & Reading,Electric Street R y. for 290 years from June 4 1898. O b
Feb. 6 1902 leased for 290 years the Kutztown A Fleetwood Street R y.
Controls the Kutztowo Light, Heat A Power Oo. Connects with United
Traction Oo. tracks from Reading, thus forming a through line from Allen
town to Reading.
STOCK AND BONDS.
Date.
Interest. Outstanding.
Maturity
Stock. 4750.000 (par $50) ......... —
..................
$250,000 ...................
Allent A Kutz 1st M $250,000( 1900 5 g J-J
250,000 July 1 193#
g. $100.$500 A $1.000-cptflnterest a ; Fidelity Trust C o.. Phila., trustee
First M Kutztown A Fleetw 4( 1902
5 g J-J
200,000 Jan 11933
#200.000, guar p A i— c o t.
First consol mtge, $750,000) 1902
5 g J-J
300,000 July l 1933
g ($500 A $1,000) c A r _ cp t/ln t. at Integ. Tit. Ins. A Tr. C o., Phila.,trus.
Second consol mtge $300.000( 1907
5 M -N
163.000 May 1 1937
($500 A $1,000)____cA r.tf/B erks County Trust C o.. Reading, trustee.
Bonds.— Of the $750,000 of new consols, $450,000 are reserved to retire
prior liens. They are subject to call at par since July 1 1917; no sinklnf
fund. The first mortgage bonds are redeemable at par.
EARNINGS.— For year ending June 30 1916, gross, $183,825; He#.
$86,401; other Income. $14,463; int., rentals. A c., $77,682; surp., $23,183.
ROAD.— Operates 39.60 miles main line, 7.50 miles sidings— total
47.10 miles; 43 cars.
OFFICERS.— Pres.. H. E. Ahrens, Reading: V .-P .. W. D. Mohn; S ec.,
9. K . Hoffman, Hamburg; Treas.. Geo. B Shaffer. Reading; Supt . W . J.
Bear. Kutztown.— V. 81, p. 1492: V. 82. p. 216; V . 109, p. 675.
ALLIANCE, OHIO.
S TAR K ELECTRIC R R .— An electric railroad.
Control.— On April 8 1922 control passed in to the hands of a local syndi
cate through the purchase of a majority of the stock. V 114, p 18Q2.
ORGANIZATION.— Incorporated In Ohio and is a consolidation In D ec.
1902 of the Alliance Electric Ry. and the Stark Electric Ry.
STOCK AND BONDS.
Date.
Interest. Outstanding.
Maturity.
Stock, #1,500,000 ($100)............. — _
Q-J
*1,250.000
See text
First mtge. $1,000,000. g old/ 1903
5 g J-J
750.000 Jan. 1 1928
($1,000) sinking fund, call-/Citizens’ Sav. A T r. O o., Cleveland, trustee.
able at 105___ _______ c t f lin t, at United Bank A Sav. C o .. Cleveland.
Bonds.— Sinking fund 2% per ann. $250,000 have been retired.
Dividends.— First d iv.. J4 % . paid July 1908; H % paid quar. to and Ind.
.
Jan. 1916. In April 1916, 1%; same rate quar. to and lncl. Apr. 1917: none
to Oct. 1919, when a div. of 1% was paid. Same rate has been paid regu
larly quarterly since to and incl. July 1922. Oct. div. passed. In Jan.
1923 1% was paid; none paid since. In April 1910 also a stock dividend of
25% . V. 90, p. 448, 700. In Jan. 1921 an extra div. of )4 of 1% was paid.
EARNINGS.— For years ending Dec. 31:
Year—
Gross. Net aft Depr. Fixed Chgs.
Divs.
Balance.
1923__________ $571,948
$105,328
$75,662
______
$29,665
1922___________ 542.541
84,022
77.546
37.500 def.31,025
ROAD.— Operates 34 miles of track from Canton to Salem, Including
Alliance City lines. Standard gauge. 67 and 70-lb. T rails and 70 and
90-lb. girder rails. Total mileage, including double track, 36 miles.
OFFICERS.— Pres., M . S. Milbourne; V .-P ., A. L. Atkinson; Sec.,
William E. Davis; Treas., S. L. Sturgeon.— V. 106, .p 2561; V. 107, p. 83.
403; V. 114, p. 1892, 2117; V . 115, p. 437: V . 118, p. 432.
A M S T E R D A M , N. Y,
FOND* JOHNSTOWN St OLOVERSVILLE R A ILR O A D C O .—
Steam aad electric road. See statement in “ Railway A Industrial Sec.”
ANDERSON, IND.
UNION TRACTION CO. OF INDIANA.— A trolley road.
ORGANIZATION.— Incorp. on M ay 13 1912 as a consolidation o f the
jJd Union Traction Oo. o f Indiana (incorp. M ay 28 1903) and the Indiana
Union Trac. Oo. (incorp. June 9 1903), per plan in V. 94, p. 1119, 1185: V.
95, p. 819; and as a result of which capital was materially reduced. The
legality of the consolidation was upheld in a decision by the Supreme
Court of Indiana in the fall of 1915. The Indiana Union Traction Oo.
had previously acquired the Indiana Northern Traction Oo. (V. 81, p .
1848), Muncie A Union City Traction Oo. (V. 83, p. 96) and Muncie
Hartf. A Ft. W . R y. (V. 82, p. 805, 869. 1041). The latter company was
leased to the Indiana Union Trac. at a rental (in addition to operating
•xp.. int. on bonds. A c.), equivalent t o 5% on M un. Hartf. A Ft. W . R y.
$500,000 cum. pref. stock; V . 83. p. 96. The old Union Trac. C o. o f Indiana
was a consolidation of the Union Trac. Oo. of Indiana (Incorp. in June 1899).
tnd the Indianapolis Northern Trac. C o. (incorp. in April 1902). Leases
the Broad Ripple Natatorium Co.
Also owns the $100,000 1st M tge. 6s outstanding and the $50,000
stock of the Traction Light A Power Oo. and a one-fourth interest in the
United Tractions Coal C o., which owns and leases valuable coal lands to
Insure the co. an adequate coal supply. (See Shirley Realty Oo. of Ind
In V. 104, p. 1805.)
A pril, 1924.]
The Indianapolis Northern Traction assumed payment of the prln. and
Int. o f half ($200,000) o f the bonds o f tbe Broad Ripple Traction Oo. (see
under Indianapolis).
Leases Indianapolis Newcastle & Bast.Trac.Oo. for 999 years from Oct. 25
1912. Lease modified on Aug. 21 1914 and com. & pref. stocks o f the
Ind. New. 8c E. Trac. Co. formerly held were transferred in satisfaction
o f obligations Incurred In leasing that company and acquiring that stock,
and in building the Muncle-Newcastle line, and in consideration of further
advances for Improving power facilities for that line, a total of about
$521,000 (V. 100, p. 975). Lease again modified as o f June 30 1916 In
connection with the lease o f the Muncle & Portland Traction Co. to the
Ind. Newc. 8c Eastern Trac. C o ., which see below.
Fares.— Effective July 1 1920 the co. was autb. to increase interurban
passenger fares to 3 cents per mile. See V . I l l , p. 75. Effective Jan. 1
1921, cash fares between Indianapolis and Broad Ripple (suburban) were
raised from 5 to 10 cents. V. 112, p. 63.
Rates.— Freight and express rates were advanced in Aug., Oct. and
N ov. 1920, but on July 1 1922 freight rates were reduced to conform to
steam railroad reductions.
Refinancing.— In June 1919 the Ind. P. S. Comm, approved the extension
o f $4,623,000 1st gen. M . 5s due July 1 1919 to July 1 1922 at 6 % (compare
y . 108, p. 2434) and of $1,200,000 Ind. New Castle & Eastern Trac. Co.
6 % 1st M . bonds due June 1 1919 to June 1 1922 at 6 % . Both these issues
were again extended for a period o f 10 years. V. 114. p. 2580; V. 115, p.
810. The Comm, also approved the extension of $328,000 Marion City R y.
6s, due M ay 1 1919 to M ay 1 1924 at 6 % . Y. 108, p. 2630.
The co. also issued $150,000 3-yr. promissory notes dated July 1 1922 to
replace a similar issue due on that date. The new notes are secured by
$150,000 1st gen mtge. Union Trac. Co. o f Ind. 6s, $40,000 par value of the
United Tractions Coal Co. stock, $18,017 com. stock o f Shirley Realty
Qo. and $25,000 1st Mtge. 6s of 1928 of Traction, Light & Power Co.
Compare V. 108, p. 2630.
STOCK A N D BONDS.
Date.
Interest. Outstanding.
Maturity.
Common. $5.000.000.,
.......................................$5,000,000 ......................
1st pref, $1,000,000, 5% cum...........
A-O
1.000,000
See text
Id pref, $3,000,000 (see text)...........
J-J 10
3,000,000
See text
Ind Un Traction 1st M *5,-1 1903 6 g A-O
1,620.000 July 1 1933
000,000 ($1,000) gold_tf [Interest at Girard Trust C o., Phila.. trustee
Onion Tr Oo o f Ind 1st genMI 1899
6 g J-J
4,623 000 July 11932
$5,000,OOOg(*l,000)cAr*tf (Equitable Tr. C o., New York, trustee
Oollat. trust notes Ser “ A ” ,
«%
200.000 July 1 1925
Collat. trust notes Ser “ B” _ ____
7%
150,000 ___________
Oar trust notes____________ _____ _________
102,120 __________
Citizens’ St Ry (Mun) 1st M\ 1897 6 g J-D
36,000 Dee 1 1927
$250,000a f sub to call 105, JInterest at Guar. Trust & Safe Deposit Oo
($500 and $1,000)______ c*f Philadelphia, trustee.
Marion City 1st M $400.0001 1895 6 g M -N
328,000 M ay 1 1924
gold ($1,000)_________ c t f [Equitable Trust C o., New York, trustee.
Indiana polls North Trac lstf 1902 5 g J-J
5,000.000 July 1 1932
mtge $5,000,000 g ($l,000)(Equitable Trust Oo,, New York, trustee,
guar p & i by Un Trace* tf 1
'ndiana North Trac 1st megef 1803 5 g A-O
500,000 Oct
1 1933
$500,000 gold ($100. $500-j Interest at Trenton (N. J.) Trust & Safe
and $1,000) guar_____e * tf ( Depoj.lt C o., trustee.
M H & Ft W pref stock c u m . . ____
5%
500,000 See text
do
do
first mtge $1,- 1 1905 5 g J-J
916,000 Jan
1 1935
000.000 gold (* l,0 0 0 ).c* tfj Int. at Guard. Sav. & Tr. C o.. Clev., trustee
iduncle & Un O M $925,0001 1906 5 g J-J
925,000 July 1 1936
guar gold ($1,000)
[Int. at Fidelity Trust O o., Phila., trustee.
5 M-S
31,000 Mar 1 1931
S roadRippleN atatorium lstM l____
Gu3r. by U n.Tr.C o.of Ind.J Int. at Security Tr. C o., Indianap., trustee.
Stock.— Dlvs. on 2d pref. stock are cum. from 1% semi-annually In
1*15). scaling upward to 3% semi-annually in July 1918 and thereafter
Bonds.— Of the Indiana Union Traction bonds of 1903. $3,380,000
were reserved for extensions and Improvements, but under terms of con
solidation agreement of 1912 these bonds have been canceled. $494,000
are held alive in the sinking fund (included in amount outstanding).
Sinking fund, 1 \i% per annum of outstanding bonds, became operative
on July 1 1904
Fund Is to be Invested in tbe bonds at not above 105 and
int., and bonds may be drawn at 105 and Int. on any int. date. $173,000
Union Trac. Oo. of Ind. Gen. M . bonds are in treasury, including $150,000
pledged to secure the collateral trust notes: remaining bonds are reserved
for underlying bonds. See V. 71, p. 1013. They originally bore interest
at 5% and matured July 1 1919, but were extended to July 1 1922 at 6 %,
and again to July 1 1932 at the same rate of int. The extended bonds are
red. at any time after 3 years on 60 days’ notice at a 5% premium in the
4th and 5th years and 1% less for each subsequent year, and par during
the last year of the extension, together with accrueji int. V. 115, p. 310.
Bonds are listed on the Philadelphia Stock Exchange. The Indiana
Northern Traction bonds are subject to call at 105 and interest on six
weeks' notice. They are guaranteed, principal and interest, by Indiana
Union Traction Oo. V. 82, p. 805. The Muncie Hartford & Fort Wayne
bonds can be called Jan. 1 1925, or after, at par. A sinking fund on those
bonds o f 2)4 % of gross earnings per annum began July 1 1905. See V. 80.
p. 1059. $84,000 have been retired. The Muncie & Union City bonds
are subject to call at 105 and guar., prin. and int., by Indiana Union Trac
tion. The Marion City first mtge. bonds originally matured M ay 1 1915,
but were extended to M ay 1 1919, and again to M ay 1 1924.
Dividends.— 5% was paid on first pref. stock to April 1914. None since.
DIvs. on second pref. stock have not been paid since July 1912.
R EPO RT.— For cal. year, incl. Muncie-Portland line:
Calendar
Gross
Net (after Other
Bond
Sinking
Balance,
Year— Earnings.
Taxes).
Inc.
Int.
Fund.
Surplus.
$986,157 $30,999 $943,820 ______
$73,336
1923..........$3,890,690
1922........... 3,835,747 1.112,003 15,337 917,176 ______ sur.210,164
Passengers carried in 1923, 16,659,343, against 16,620,917 in 1922.
R O A D .— Owns the following lines; Muncle-Anderson-Indlanapoils,
86)4 miles; Anderson-Marlon-Wabash, 53)4 miles: Alexandria-Elwood,
Tipton, 20 miles; Indlanapolis-Kokomo-Logansport, 80 miles; KokomoPeru, 1914 miles; Muncle-Union City, 33 miles; Anderson-MlddletowD,
9)4 miles; also 10 miles o f city lines In Anderson: 14 V miles in Marion4
16 miles In Muncie, and 4 miles In Elwood; total, 272 miles of Interurban
and 44)4 miles of city lines. Also leases Muncie-Hartford Clty-Bluffton
line. 42 miles; Indianapolis-Newcastle-Muncie line. 62 !4 miles, and MunciePortland line, 32 miles: grand total. 453 miles. Through cars are run be
tween Indianapolis and Fort Wayne in conjunction with tho Indiana Service
Oorp. Provides package freight sevvice between Indianapolis and Muncie
and Indianapolis and Logansport and Peru, am. to all other points on the
system. Operates through freight service between Indianapolis and Fort
Wayne. By contract until Nov. 1923 cars are run over tracks o f Indianapo
lis Street R y. in Indianapolis. A large central power station at Anderson,
operated on a three-phase system, with 19 sub-stations, operates entire
system.
EQUIPMENT.— 95 city cars, 53 suburban, 93 interurban. 51 freight
and 89 service cars; total, 381.
OFFICERS.— Pres., A. W. Brady, Anderson; V .-P ., Philip Matter,
Marion: Sec. & Treas., Walter Shroyer: Gen. Mgr., H. A. Nicholl. General
offices. Anderson. Ind.— V. 113. p 732: V. 114. n. 1288 2242. 2580:
V. 115, p. 310. 989, 1211, 1533; V. 116, p. 1277; V. 118, p. 1269.
(1) Indianapolis N ewcastle & Eastern T ra ction C o.
Leased to Union Traction Co. o f Indiana on Oct. 25 1912 for 999 years
The lease provides for the payment of all taxes, interest on bonds, a sum
equivalent to 5% on the pref. stock, and a definite annual payment of
$1,050 on the com. stock. A further amount, up to $10,420 a year. Is
payable under certain conditions. Compare V. 100, p. 975.
Leases the Muncie 8c Portland Traction Co. for 999 years from June 30
1916; see terms below.
ORGAN IZATION .— Incorp. in Indiana on June 10 1912 as successor to
tbe Indianapolis Newcastle 8c Toledo Elec. R y.. sold at foreclosure. Has
private right-of-way minimum width 66 ft., except in corporate limits,
where shortest franchise expires Apr. 7 1933. Under favorable contract
with Ind. Trac. 8 Term. Oo. extending to 1933, operates through city Into
c
Indianapolis interurban terminal.
Bond Extension.— See under Union Traction Co. above and V .l 14. p. 2580.
5
ELECTRIC RAILW AYS
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
________
$500,000 See text.
Common $500,000 ($100)_________
Pref $500,000 5% cum ($100).................................
500,000 See text.
First mtge $1,500,000 gold? 1912 6 g J-D
1,200,000 June 1 193$
$1.000_______________c * t f Jlnt. at Fidelity Trust C o., Phila.. Trustee
Bonds.— Remaining 1st M . bonds may be issued upon fulfilment
certain covenants for 75% of cost of extensions, impts., betterments or acuisition of unencumbered properties. Y. 94, p. 1695. No sink. fund.
riginally matured June 1 1919, but were extended to June 1 1922 and again
to June 1 1932 at 8 % . The extended bonds are red. at 105 after June 1
1925 to and incl. June 1 1927, and thereafter at 1% less for each subse
quent year, and par during the last year of extension, together with int.
V. 114, p. 2580.
ROAD.— Included in Union Traction Co. of Indiana.— V. 94, p. 1695;
V. 96, p. 135; V. 100, p. 982; V. 102, p. 2341; V. 108, p. 2629; V. 114.
p. 2580.
(a)
T he M uncie & Portland T ra ction .— A trolley roadORGANIZATION.— incorporated July 1905 in Indiana. Franchises In
cities and towns 50 years; in counties perpetual.
Lease.— Was leased as of June 30 1916 for 999 years to the Indianapolis
Newcastle & Eastern Trac. Co. In connection therewith the co. s capital
ization was changed from $1,000,000 stock, all of one class, to $500,000
preferred and $500,000 common. The lease provides for the payment of
all taxes, a sum equal to 5% on the pref. stock, a definite annual payment
at $4,530 and the payment of a farther amount up to $17,370 a year con
tingent upon certain conditions.
OFFICERS.— Pres.. E. B. Ball; V.-P.. W O. Ball: Sec.. G. A. Ball;
Treas., F. O. Ball, all of Muncie, Ind.— V. 82, p. 1438; V 102, p. 2342;
V. 106, p. 1037, 1901.
_________
S
ANNISTON, ALA.
ANNISTON ELECTRIC & GAS CO.
Merged in March 1915 with the Alabama Power C o., a subsidiary of tha
Alabama Trac.. Lt. & Pow. C o., for statement of which see our " R y . 8»
Industrial Section.”
ASBURY PARK, N. J.
EASTERN NEW JERSEY POWER CO.
ORGANIZATION.— Organized early in 1924'and is a result of a complete
rearrangement of the properties of: (a) Atlantic Cost Electric R y. and'its
owned and operated companies, the Seacoast Traction Co., West End &
Long Branch R y., Seashore Elec. R y. and Asbury Park & Sea Girt R y.;
(6) Atlantic Coast Electric Light Co.; and (c) New Jersey Water & Light
Co. For history of Atlantic Coast Electric R y. up to time of change, see
“ Electric Railway” Supplement of Oct. 27 1923. Under these arrange
ments the Eastern New Jersey Power Co. acquired all the electric light and
power properties. The railway properties were conveyed to the Coast
Cities Ry. (see below), all the stock and bonds of which are owned by the
company and are pledged under its 1st Mtge. bonds. The water properties
are also to be similarly conveyed to a new subsidiary and all the securities
of the water company will likewise be owned and pledged under the 1 st
Mtge. bonds of the Eastern New Jersey Power Co.
■ » -i
*
Company owns and operates electric light and power properties serving
Asbury Park, Bradley Beach, Belmar, Avon, Deal, Allenhurst, and adjoin
ing communities. Supplies power to and operates through subsidiaries, an
electric railway line of about 16 miles, and the water distributing system in
Deal.
'"d
The properties of the company include an electric generating station in
Allenhurst with an installed capacity of 12,500 k. w., and a system of over
head and underground transmission lines in all the communities served.
STOCK AND BONDS—- Date.
Interest. Outstanding.
Maturity.
Common (no par)___________ _____
_______
10,000 shs. ---------------Preferred 7% cumulative__________
7%
$1,250,000 A p r ’ 24, 1 )£
1st M Ser 1949 ($100, $500
1924
6 g J-J
3,250,000 Jan 1 1949
$1,000 c*, & $1,000, $500 &( American Exchange Nat. Bank, N. Y ., trus.
$10,000 r*) g ___________ tf L
Bonds.— First Mtge. 6s are further secured by pledge of all the outstanding
bonds and capital stock (except directors’ qualifying shares) of the Coast
Cities Ry. (see below) and the water company subsidiary above referred to.
Are redeemable, all or in part, after 60 days’ notice, on any int. date at 105
up to and incl. Jan. 1 1945; at 104 thereafter up to and incl. Jan. 1 1946; at
103 thereafter up to and incl. Jan. 1 1947; at 102 thereafter up to and incl.
Jan. 1 1948; and at 101 on July 1 1948: plus interest in each case. Company
agrees to refund Penn, and Conn, personal property taxes not exceeding4
mills per annum, the Maryland security tax not exceeding 4)4 mills per
annum, and the Mass, income tax not exceeding 6 % per annum, on income
derived from the bonds. Free of personal property taxes in New Jersey.
Int. payable at office or agency of company in New York and Chicago.
V. 118, p. 1017.
Management.— The operation of the properties is under the supervision of
the Utilities Power & Light Corp.
O F F IC E R S— Pres., H. L. Clarke.— V. 118, p. 798, 913, 1017, 1142.
(1) Coast Cities Railway.
ORGANIZATION.— Organized early in 1924 to take over and operate
all the electric railway properties formerly operated by the Atlantic Coast
Electric Ry. (for history, see “ Electric Railway” Supplement of Oct. 27
1923). All the bonds of that company (V. 118, p. 1909) and its various
underlying issues were retired and the power and light properties were
transferred to the Eastern New Jersey Power Co. and its traction properties
were conveyed to the Coast Cities Railway. Franchise in Belmar expires in
1947; in Asbury Park in 1937; in Long Branch, some expire in 1945 and
others are perpetual; in Ocean Township, perpetual; in Sea Girt, expire in
1926 and 1956.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock________________All owned by Eastern New Jersey Power Co.
First Mtge. bonds, $850,000--All owned by Eastern New Jersey Power Co.
RE PO RT.—-Of Atlantic Coast Electric R y. and sub. cos. for years
ending Dec. 31:
12 mos. ended
Nov. 30 ’23.
1922.
1921.
1920.
1919.
Gross in com e-..$1,123,296 $1,106,217 $1,057,083
$863,269
$697,582
Oper. exp., maint.
& taxes_______
680,499
677,666 712,550
705,955 494,950
Net income_ _ $442,797 $428,551
_
$344,533 $157,314
$202,632
R OAD.— Belt line in Asbory Park, 5.85 miles; Asbury Park to Pleasure
Bay and North Long Branch, 14.60 miles; Asbury Park to Manasquan,
14.16 miles; total track, 36.08 miles. Connects at Pleasure Bay with the
Long Branch Steamboat Co.
ASHTABULA, OHIO,
ASHTABULA RAPID TR AN SIT CO.
City Purchase — The city of Ashtabula purchased the property tor $150,000, taking possession of same Aug. 1 1922, and the bonds were retired.
For history of company see “ Electric Railway” Supp. of Oct. 28 1922
PENNSYLVANIA & OHIO TRACTION CO.— A tro'ley road.
Receiver.— In Jan. 1924 it was reported that the company was in the
hands of a receiver. V. 118, p. 312.
Sale.— The property was offered at receiver’s sale Jan. 28 1924, but no
bids were made. Was to have been again put up for sale April 7 1924.
V. 118, p. 1521. No further information.
ORGANIZATION.— Organized on Dec. 1 1919, as successor to the
Pennsylvania & Ohio R y. Co. which was sold at receiver's sale Sept. 8 1919
to the bondholders’ committee. V. 109, p. 776, 1367. For history of
Ry. Co. see “ Electric Railway” Supplement o f April 24 1920.
In Feb. 1924 the company was authorized by the Ohio P. U. Comm, to
abandon service between Conneaut, Ashtabula and Jefferson, Ohio. Opera
tions ceased Feb. 29 1924. V. 118, p. 1013. Compare V. 118, pi 312.
Capital stock $400,000, 1st mtge bonds $100,000 authorized.
EARNING S.— For calendar year 1922, gross, $119,913; net., def.,
$12,517. In 1921, gross, $141,537; net, sur., $2,785.
ROAD.— Owns and operate ■from Conneaut, Ohio, to Jefferson, Ohio.
Total trackage, 23.5 miles.
OFFICERS.— Pres., Thos. M cGovern: Gen. M gr., Sec. & Treas.,
Palmer Wardman.— V . I l l , p. 1662’ V, 118, p. 312, 1013, 1521.
ATLANTA, GA.
GEORGIA RAILW AY & POWER CO.— (.See Map, page 7.)
ORGAN IZATION .— Incorp. in Georgia on Oct. 16 1911 to take over
the following properties (V. 93, p. 1191, 1725):
Atlanta Hydro-Elec. Power Co.
|
Inter-State Power Co.
Atlanta Water & Elec. Power C o.
|Savannah River Power Co.
Georgia Power Co.
(South Carolina Power Co.
In June 1916 purchased the Gainesville Ry. & Power Co. (see p. 45 oi
El. Ry. Section” for M ay 1916) for about $180,000 V. 103, p. 144
In Jan. 1917 the company acquired all the interests of the Franklin Light &
">
ow C o.. Broad Riv. Pow. Oo. and the J. B. McCrary Co. at Hartwell. G».
As o f Jan. 1 1924 acquired the property o f the W offord Shoals Light &
Power Co. Y. 118, p. 794.
Also leases the Georgia Railway & Electric Co. (see below).
Bates & Fares.— See “ Electric Railway” Supplement o f Oct. 28 1922.
Compare V. 116, p. 2636, 2766: V. 117, p. 893. In Dec. 1923 applied to
the Atlanta City Council for authority to increase fares from 7 cents to
10 cents, with a 2-cent charge for transfer. V. 117, p. 2889.
Valuation.— See V. 113. p. 1772: V. 114, p. 1765: V. 115. p. 73
Early in 1924 the co. sold its railway properties in Gainesville, Ga., to
the Gainesville Ry. V. 118, p. 1519.
In Aug 1922 the stockholders voted to create an issue of 8 % cum. 1 st
pref. stock. Series 1922, and holders o f the $2,000,000 outstanding 6 % 1st
pref. stock were offered in exchange, share for share, the new 1 st Dref. 8 %
stock. $500,000 additional of the new 8 % stock was brought out to reim
burse th® company for acquisitions, extensions, &c. V. 115. n. 73. 988,
1320, 1631, 2905. On Dec. 28 1923 the stockholders auth. the issuance of
$1,400,000 additional 8 % 1st pref. (series o f 1924). This stock has since
been sold. Y. 117, p. 2432.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Common *15.000.000 ($100).............................. *15.000.000 Mar 24, 1%
8 Q-J
3.900.000 Apr ’24, 2%
l«tpf*3,900,0008% cum (*100)____
2d pf*10,000.000 4%n-c($100)
.................—
10.000.000 See text
li t & ref mtge $30,000,000 gl 1914 5 g A-O
24,114,000 See text
See text sinking fu nd-. c * fln t at Fidelity Tr. Co . Phlla.. Trustee
^len mtge series of 1921]
1921 7 g M -N
4,000,000 N ov 11941
Series o f 1922____________
1922
6 g A-O
3,500,000 Apr 1 1947
Series o f 1923 ...........
J 1923 6 g M-S
3,000,000 Mar 11948
($500 & $1,000)_____ c * tfjln t . at Bankers Trust C o., N. Y ., Trustee.
Atlan Wat & El P 1st M 1 1903 5 J-J
1,400.000 Jan 1 1943
(closed) g ($1,0 0 0 )-.c* cp t/In t. at Columbia Trust C o.. N. Y .. Trustee
Equip trust notes Series “ A " ..
1919 _________
55.000
See text
Equip trust notes Series “ B " _ 1920 _________
166.000
See text
Equip trust notes Series “ C ” _ 1922 _________
162,000
See text
Equip trust certifs Series “ D ” . ___
_________
195,000
See text
Stock.—-The 1st pref. 6 % stock was retired as o f Oct. 1 1922. First pref8 % stock is redeemable after Jan. 1 1938 at 115 and div. V. 117, p. 2432After the 2d pref. and common stocks have both received 4% per annum
for three successive years the 2 d pref. stock becomes common stock.
Bonds.— Of the $30,000,000 First & Ref. Mtge. bonds, $1,367,000 are
reserved to retire prior liens. $10,500,000 are pledged as security for the
Gen. Mtge. bonds, $1,278,000 are held in treasury, and balance is for future
additions, & c., under protective restrictions. Subject to call at 105 and int.
after 56 days’ notice. Bonds are callable for sinking fund at same rates and
dates. Annual sinking fund payments are as follows: 1919 to 1924. $75,000:
1925 to 1928. $100,000: 1929 to 1953, $125,000: $625,000 held in sink. fd.
(incl. in amount outstdg.) Oct. 1 1923. Coupon bonds $1,000 or £205
15s. 3d. and $500 or £102 17s. 7d. The gen. mtge. bonds in addition to
being a gen. mtge. on the entire property, incl. the lease and power contract
with the Georgia Ry. & Elec. Co. are further secured by deposit of an
equal amount o f 1st & ref. 5s, due April 1 1954. Add’l gen. mtge. bonds
may be issued under certain restrictions provided same are secured by a
like amount o f 1st & ref. 5s. Series of 1921 7s are redeemable all or in
part on the 1st day o f any month on four weeks’ notice, at 10734 S int. to
c
and Incl. N ov. 1 1924; thereafter to and incl. N ov. 1 1931 at 105 & int.;
and thereafter at J4 o f 1% less premium each year to maturity. Series of
1922 6s are redeemable, all or part, on first day o f any month on four weeks’
notice at 107)4 and int. to and incl. April 1 1932, thereafter at 105 and int.
to and incl. April 1 1937: thereafter at )4 o f 1 % less premium each year to
and Incl. April 1 1945, and thereafter at a premium o f )4 o f 1% prior to
maturity. Series o f 1923 6s are red. all or in part on any int. date on
4 weeks’ notice at 10734 and int. to and incl. March 1 1933: thereafter at
105 and int. to and incl. March 1 1938; thereafter at 34 of 1 % less premium,
each year to and incl. March 1 1946, and thereafter at a premium of 34 of
1% prior to maturity. Pennsylvania 4 mills tax refunded, &c. V. 113,
p. 1772; V. 114, p. 1765: V. 116, p. 1177. The Atlanta Water & Elec.
Power bonds are subject to call at 105. The issue was originally for $1,500.000, but has been closed at $1,400,000. Sinking fund Jan. 1 1908 to
Jan. 1 1917. incl., $5,000 per annum; thereafter until maturity $10,000
per annum. See V. 102, p. 1540. $178,000 in sinking fund.
Equip, trust notes Ser. ’ A ’ ’ are due 10% annually. Ser. “ B ” mature
14,000 semi-ann. each Oct. and April 1 to April 1929 and $13,000 Oct. I
929 and April 1 1930. Ser. “ C ” mature' $10,000 April 30 and Oct. 31
to Oct. 31 1924, thereafter $10,000 on each Oct. 31 and $9,000 on each
April 30 to April 30 1932. Series “ D ” mature $11,000 Jan. 31 and July 31
to Julv 31 1926, and thereafter $10,000 each Jan. 31 and July 31 to July
31 1933.
Dividends.— An initial dividend of 4% was declared on the 2d pref. stock
In Feb. 1923. payable in quarterly installments of 1% each beginning March
1 1923. V. 116, p. 515. In 1924, M ar., 1% . On March 1 1923 an initial
dividend o f 1% was paid on the common stock. Divs. at the same rate
have been paid regularly since to and including March 1924.
R E PO RT.— Of combined properties:
Calendar
Gross
Net (after
Other Int., Rentals.
Balance
Year—
Earnings.
Taxes).
Income 8k Fds eke.
Survlus
1923________ $16,006,929 y$4,820,065 $553,107 x$2.936.933 $2,436,238
1922_________ 14,449,497 4,366,964
417,190 x2,867,110
1,917,044
1921............... 14,080.904 4,687.343
350.921
3,060,133
1,978,132
f
x Excluding sinking fund deductions, y After deduction of gas depre
ciation not heretofore included in operating expenses.
Passengers carried in 1923, 97,608,690, against 94,208,490 in 1922.
PR O PE R T Y .— On Dec. 31 1923 the total mileage o f street railway tracks
(on a single-track basis) owned or leased and controlled by the c o ., exclusive
o f the street railway mileage in Gainesville, Ga., was 244 miles. Standard
gauge, 70, 80 and 90-lb. rails. Owns water power sites in northeastern
Georgia capable of an ultimate development of 512,700 h.p. Present devel
oped water or hydro-electric power. 227,700 h.p. Transmission and dis
tributing lines aggregate 798.25 miles. Has power line connections and
interchange power c infracts or agreements with Central Georgia Power Co.
at Atlanta, Tennessee Elec. Power Co. at Tennessee-Georgia State Line,
Southern Power Co. at Tallulah Fa is, Columbus Power Co. at Newnan
and Alabama Power Co. at Georgia-Alabama State Line. The hydroe ectric plant at Tallulah Falls was placed in operation (one unit) in Sent.
1913; in Nov. 1914 all o f the first five units were ready for operation. The
sixth atid last unit o f 12,090 k.w. was put in operation in March 1920.
The first unit of the Tugalo generating station was placed in operation
under load Oct. 29 1923, and the second unit was placed in operation under
load Nov. 12 1923. It is expected that the other two units will go in opera
tion during the month o f April 1924.
OFFICERS.— Chairman of board, H. M . Atkinson: Pres., P. S. Ark
wright; V .-P ., G. W. Brine; V .-P ., C. D. Adsit; V.-P. & Oper. M gr., F. L.
Butler: V.-P. ft Gen. M gr., W. H. Taylor: Sec., W. H. Wright; Trsas.,
I. S. Mitchel Jr.: Aud., F. A. Brine, all of Atlanta.— V. 116. n. 2636. 2766:
V. 117, p. 781,893, 2432, 2889; V. 118, p. 201,794, 1259, 1284, 1519, 1772.
(1) Georgia Railway & Electric Co,
Lease.— On Jan. 30 1912 the stockholders of the Georgia R y . ft Elec Oo
approved the 999-vear lease from Jan 1 1912 to the Georgia R.v. & Powei
C o., which provides that the latter company guarantee all the fixed charge>
and dlvs. on oref stock and divs of 8 % on com. stock the holder of eact
$100 com . having received as additional consideration for the lease, $3.12)4
In 1 st pref and *125 in 2d pref stock of Georgia Ry ft Power Co , V. 91
p. 982. 1119. The shares of the Atlanta Gas Light Co. and of the Atlanta
Northern R y. are not Included in the premises demised under the lease
but the lessor assigned and transferred to the lessee, for and during the ternr
o f the lease, the income arising from any and all o f the said shares.
[V ol. 118,
ELECTRIC RAILWAYS
6
ORGAN IZATION .— Incorp. in Georgia on Jan. 28 1902, and on April 1
1902 took over the Atlanta Ry. & Power C o., the Atlanta Rap. Tran C o.,
the Georgia Electric Light Co. and the Atlanta Steam C o. Franchise
for the greater part perpetual; others 50 years from August 1899. Com
prises the street railway, electric-light, gas, power and steam-heating
interests of Atlanta and Fulton County. By terms of the ordinance per
mitting consolidation, the company paid the city of Atlanta *50.000 in
:ash and agreed to pay a tax on gross receipts of 1 % for first 3 years, 2%
for the next 20 years and 3% thereafter. V. 74. p. 397, 727. In Oct. 1902
both pref. and com . stock were listed on Boston Stock Exch. V. 75, p. 849
They are also listed on the Louisville Exchange.
In June 1903 acquired the entire capital stock ($600,000 6 % pref. and
$1,014,625 com.) or the Atlanta Gas Light C o., comprising the gas business
of Atlanta and vicinity, by exchange of stock, $ for $. V. 76, p. 1406
The gas company, however, maintains a separate organization. Also owns
entire capital stock of the Atlanta Northern Ry.
Maturity
Date,.
STOCK AND BONDS—
Interest. Outstanding.
See text
Q-F
*8.514,600
Jommon ($100) ____________
See text
2.400.000
deferred 5% non-cumulativei __
6 Q-J
$2,400,000 (par $100)_____f
7J016,000 Jan 1 1949
Sef & imp mtge $20,000,0001 1909
5 g J-J
gold ($1 .000) __________ c« Int. at Amer. Trust Co Boston, Trustee,
first cons mtge *11,000.0001 1902
5 g J-J
5,460,000 Jan 1 1933
gold sink fund (S1.000)--C*|Int. at Old Colony Trust C o., Boston. Trus.
Atlanta Street Railroad first] 1890
6 g J-J
225.000 July 1 1930
mortgage gold (par $1.000){lnt. payable in N . Y . at Fourth Nat. Bank.
I
Central Trust C o.. N Y .. Trustee.
Ul Cons St Ry 1st consM*2. f 1899 5 g J-J
1,750.000 Jan 1 1939
500,000
g($1.0(J0each) -_c*-{Int. payable in N . Y. at, N . Y . Trust Oo. and
l at Merc. Tr. & Dep Co of Balt.. Trustee
leorgla Elec Light Oo 1st M 1900
5 g J-J
1,495.000 July 1 1930
$2,000,000. gold, subject to( Interest at Old Colony Trust C o., Boston
call at 105_____________ c* [ Trustee
itlanta Gas-Light Co. 1st M f 1897
5 g J-D
1.150,000 June 1 1947
$1,150,000. g ($1.000).-C* (Interest at New York Trust C o.. Trustee, or
___
(Bank of Scotland, London. Eng.
Atlanta Gas Lt ref. & impt.,\ 1920
6 A-O
1,192,000
1970
$5,000,000 call, at 106 & int jln t. at Girard Trust C o., Phila.
Bunas.— Of tne *11,000,000 Georgia Railway ft Electric Company bonds
(closed mtge ) of 1902, *3.850,000 are reserved to retire underlying liens;
balance has been retired Red on any int. date at 110 and int. A
sinking fund became operative in 1907 which retires $10,000 of bond*
each year from 1907 to 1911, inclusive; $25,000 per annum from 1912 to
1916, Inclusive, and *50.000 per annum thereafter. See V. 74, p. 629, 727
A sinking fund of $6 60 per $1 )00 bond on the Atlanta Gas Lt. Co. 1st
Mtge. 5s is operative; $391,000 bonds in fund. $61 000 Atlanta Gas Lt.
ref. & impt. 6s held in sinking fund. Atl. Consol. St. Ry. bonds are red.
as a whole at 10714. but $25,000 in Jan. of each year for sinking fund at
at 105- Of the ref. ft impt. mtge. bonds, $11,230,000 are reserved to retire
prior liens (includ ng the $400,000 Atlanta & Northern bonds and $1,150,000 Atlanta Gas Light Co. 1st Mtge. bonds), and remainder for ex
tensions and improvements up to 75% of actual cost. Bonds are subject
to call on 50 days notice at 105 and int.; a sinking fund of 1% of bonds
out began in 1919. $2,045,000 were held in treasury of Ga. R y. & Power
Co. Dec. 31 1923. $577,000 retired by sinking fund.
Dividends.— Dividends are now paid under lease (see above). For record
o f dividends paid prior to lease, see this section for January 1917.
EARNINGS.— Included in report, of Georgia Ry. & Power Oo. above
ROAD.— Owns 217 miles of track (single-track basis). 70, 80 and 90lb. rails. 407 passenger and 15 other cars. 2 power stations
OFFICERS.— Pres., Thos. K. Glenn; V .-P ., J. C. Hallman; Sec. &
Treas., W . H. Wright.— V. 109, p.981: V. 110. p 970, 1289: V. 112, p. 2083.
(a)
A tlanta N orthern Railway C o.— A trolley road.
ORGANIZATION.— Entire stock Is owned by the Georgia Railway &
Electric C o., which guarantees the bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$100,000 - .................
Stock. *100.000.......................................................
First mortgage *400,000 guar 1 1904
5 g J-J
400.000 July 1 1954
($500 and $1,000) gold--C *(Int. at Old Colony Tr. C o.. Boston. Trustee
Bonds.— Are guar., p. St 1., by end., by the Ga. Ry. S Elec. Oo. Are subc
lect to call on any int. date at 110 and int. A sink, fund of $5,000 per ann
qegan in 1909; $111,500 bonds are held alive in sink. fund. V. 79. p. 680.
E A R N IN G S.— For years ending Dec. 31:
Year—
Gross
Net.
Tates Int., A c.
Balance.
1923___________________ $245,783 $41,479
$7,895 $27,731 sur.$5,853
1922____________
244,511
44,235
7,890
26,750 sur.9,595
1921___________________ 255,714
53,173
6,592
26 766 sur.19,815
ROAD.— Operates 18 miles of track from Atlanta to Marietta, 15.2 miles,
which are owned and mostly on private right of way. Has arrangements
with Ga. Ry. S El. Go. for terminals and trackage rights into the city o f
c
Atlanta. Standard gauge; 8 cars, 5 trailers. Commenced operation
July 17 1905.— V. 79, p. 680.
ATLANTIC CITY, N J.
ATLANTIC C IT Y & SHORE CO.
O R G A N IZA TIO N .— Incorporated In 1909 in Delaware. Owns 2.995 oi
cbe 3,000 shares of the Atlantic S Suburban Ry. Oo. stock and a majority
c
of the stocks of the Central Passenger Ry. Oo. ($40,000 bonds) and Atlantic
Oity & Shore RR. Oo. Also owns all of the $591,100 outstanding 1st mtge
bonds of Atlantic S Suburban Ry.
c
STOCK AND BONDS— Date.
Interest
Outstanding. Maturity
_______
$710,800 __________
Common stock_______________ ___
Preferred stock_____________ _____
_______
254,700 __________
Coil trust. *591,100............ tf 1910
4%
591.100
See text
The collateral trust 4s are secured by *591,100 Atl. S Sub. 1st mtge
c
bonds and 2,995 out of 3.000 shares of stock of that company. They fall
due Feb. 1 1928 or Feb. 1 1940
OFFICERS.—•Pres.. Harry E. Kohn: Sec.. L R Isenthal: Treas.
A. W. From.
(1) Atlantic City St Shore R R .— An electric road.
Receiver Discharged.— In June 1921 A. J. Purinton was discharged as
receiver for the co. by Judge Rellstab in the U. S. Dist. Court. The
receivership (begun Nov. 26 1915) was caused by losses due to the operation
of jitney buses. Subsequently the city ruled the jitneys off the main
thoroughfare and with the 7-cent fare in effect the co. was able to operate
successfully. V. 113, p. 291.
ORGAN IZATION .— Incorporated in New Jersey Oct. 21 1905 with a
perpetual charter
Leases Atlantic Oity ft Ocean City R R .—see terms
below—and owns *218,500 of the common stock of the Atlantic Oity A
Ocean City Company, which holds all the stock and bonds of the Atlantic
City & Ocean City RR. V. 85, p. 158. Operates over the Central Pass
Ry. Co. tracks under traffic agreement
Contract with West Jersey A Sea Shore RR.— An agreement has been
entered into with tbe West Jersey & Sea Shore RR. by which the
Atlantic Ave. line of the latter road, running from Atlantic City to Longport, 8)4 miles. Is operated b.v this company.
STOCK AND BONDS—
Date.
Interest
Outstanding
Maturity
Stock, *1,000.006 (* 100) . _______ _
_______
*1 .000.000 ...................
1st mtge & coll Crust deed) 1905
5 g J-D
950.000 Dec 1 194ft
*1.000.000 <*i,000) g .c^ tf.fln t. at Girard Trust C o.. Phlla.. Trustee.
Bonds. — No sinking fund, but can be called at any time at 110 and Int.
ROAD.— Operates 47.45 miles of track In and around Atlantic City, in
cluding a road through Pleasantvllle. Llnwood and Somers Point, to Ocean
City, the latter two points being connected by 2 miles o f trestle and bridge
owned hv the Atlantic City ft Ocean City RR
EARNINGS.— For years ending Dec. 31:
FglenAar Year—
Gross
Net
Rents, &c.
Balance.
1923________________$1,354,015
$336,969
$271,233
sur.$65,736
1922_______________ 1,227,160
296,618
252,668
sur. 43,950
OFFICERS.— Pres. I H. Silverman: V.-P., A. J. Purinton; Sec., J. M .
Campbell; Treas , A. W. From; Gen. Supt., A. J. Purinton.—V . 107, p. 179.
801. 1836: V. 109, p. 981; V. 110. p. 2386; V. I l l , p. 188; V. 113, p. 291.
(a) A tlantic C ity & Ocean City Com pany.
The Atlantic City & Ocean City Company was organized In Delaware
*nd owns the entire ($180,000) stock and all the ($180,000; bonds of the
Atlantic City ft Ocean City R R ., and has pledged them as security for the
collateral trust bonds below. Of the common stock of the Atlantic City A
Ocean City Company, $218,500 is owned by the Atl. City & Shore R R . The
latter leases the Atl. City ft Ocean City R R . for 999 years, the rental be
ing $19,500 per annum, and an additional contingent sum equal to 33 1-3%
of the net surplus, but not to exceed $25,000 per annum.
A pril, 1924.]
ELECTRIC RAILW AYS
7
8
ELECTRIC RAILW AYS
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common, $350,000__________ _____
_______
$220,000 __________
Pref 5% non-cum $250,000________
_______
175,000 ___________
Collateral trust gold $500,-1 1907
5 M-S
350,000 Mar 1 1947
000 redeemable 110 & inttflG irard Trust Co., Philadelphia. Trustee.
Stock.— The pref. stock Is redeemable at par.
ROA D .— The Atlantic City & Ocean City R R . owns 2.01 miles o f roaa
(Tom Somers Point, across Qreat Egg Harbor Bay, on bridge and trestles
to Ocean City. Ralls, 85 lbs. V. 85, p. 158; V. 87, p. 165.
OFFICERS.— Pres., L. R . Isenthal; Sec., J. M . Campbell; Treas.,
A . W . From.
(S) A tla n tic & S uburban R y.
ORGAN IZATION .— Incorporated In New Jersey Dec. 7 1908 as a re
organization of the Atlantic City & Suburban Traction C o., sold under fore
closure of 1st mtge. V. 87. p. 1237, 1532.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock. $750,000 ($50)................... ..
.............
$150,000 ...................
First mortgage, $650,0001 1909
4 g F-A
591,100 Aug 1 1929
($1,000)------------------- c * t f Jlnt. at Cambridge Tr. C o., Chester, Pa., Tr.
Prior lien M , $100,000, g u a r i ____
5%
100.000 Feb 1 1925
p & 1, by A O A S C o
tf J
Bonds.— Bonds have no sinking fund. V. 87. p. 1237.
EARN ING S.— For cal. year 1923, gross (all sources), $110,625; net, after
oper. exp. & fixed charges, def., $57,125. In 1922, gross (all sources),
$136,062; net, after oper. exp. & fixed charges, def. $32,627.
ROAD.— Operates 16.13 miles of track from Atlantic City to Pleasantville, Somers Point and Absecon. Standard gauge, 80-lb. T rail.
OFFICERS.— Pres., L. R . Isenthal; Sec., J. M . Campbell; Treas., A . W
From.— V. 88. p. 881; V. 90, p. 1424: V. 110, p. 1288; V. 113, p. 2078.
AUGUSTA, GA.
AUGUSTA-AIKEN R Y . & ELEC. CORPO R ATIO N .
ORGAN IZATION .— Chartered In March 1906 under laws of Soutl
Carolina as Augusta & Columbia R y. C o.; name changed to above In April
1911 and Is a consolidation of the following companies;
Augusta-Alken R y. & Elec. Co.
| Augusta Ry. & Elec. Co.
Augusta & Aiken R y. Co.
| North Augusta Elec. & Impt. Co
Owns and operates entire railway systems of Augusta, Ga.. and North
Augusta, S. C ., and a line from Augusta to Aiken, S. C. Also furnishes
entire electric light and power service In Augusta and Its suburbs and own.'
valuable real estate In central part of Augusta. Railway franchise Id
Augusta expires 1939; electric-lighting franchise runs until 1939 or longer.
Interurban division Is on private right of way. V. 92. p. 1177. Also owns
the $500,000 com. stock of Georgia-Carolina Pow. C o., incorp. In So. Caro,
to construct the hydro-elec. plaDt on Savannah River, which was placed Id
operation Feb. 6 1914 with an Initial Installation o f 14.000 h. p., ultimate
capacity about 28,000 h. p. Operation of this plant was taken over by the
Augusta-Alken Ry. & El. Corp. on July 1 1914. The company guarantees
rin, and int. and sink, fund on the Ga.-Carolina Pow. Co. 1st M.5s
larly In the fall o f 1916 disposed o f Its holdings in the North Augusta Hotel
Co. and North Augusta Land Co.
On June 23 1915 the stockholders authorized an Increase In the 0% cum
pref. stock from $1,500,000 to $2,250,000, the new stock being Issued Id
exchange for the $750,000 pref. stock of the Georgia-Carolina Invest. Co
(a holding co. formerly controlling the Ga.-Caro. Power C o.), which has
been dissolved. V. 100, p. 1830; V. 101, p. 283.
Jitney Regulation.— In March 1922 the co. withdrew its cars from service
In Augusta as a result o f a controversy with the City Council over the
regulation o f jitneys. Service was resumed April 15 1922, however, under
an ordinance forbidding jitneys to parallel lines of street car traffic. V . 114,
p. 1889. Compare V. 114, p. 1285.
Co.’s Suit Against Ga. P. U. Comm. Settled.— See V.118. p. 662.
Holders of Co.'s 1st M . 5s To Forego Interest.— In M ay 1919 the
eo. proposed to holders o f the 5% Sink. Fd. bonds, due 1935, in order to
secure necessary funds for construction, replacements and floating debt,
that they defer the interest on this issue for three years by funding their
Coupons Into a 5-year Interest-bearing note at 5% and until such notes
mature on June 1 1924, to waive the operation of the sinking fund. This
ian was declared operative in August 1919. In 1922 holders o f these
ends accepted a plan similar to the previous one, providing for the funding
o f coupons due in 1922 and 1923 into notes maturing June 1 1924. Pro
vision is made in the deposit agreement that until the 5% Coupon Gold
notes have been paid off, no dividends shall be declared by the company
on either class o f stock. V. 109, p. 1079.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
Common $2,250,000 ($ 100)......................... ........
$2,250,000
________
P ref«% cum $2,250,000 ($ 1 0 0 )____
Q-M
2.250.000
See text.
Sink fd bds $7,500,000 gold! 1910 5 g J-D
2.891,000 Dec 11935
($ 1 .0 0 0 )------------- c*&r'|
,tf/C en t. Union Tr. C o.. New York, Trustee.
fi-year coupon notes_____ 1919
5%
433,650 June 1 1924
2-year coupon notes___ 1922
5 J-D
289,100 June 1 1924
Augusta Ry S Elec 1st M gl 1900 5 g J-D
c
802.000 June 1 1940
$1,000,000 ($1,000) -c * n tf!In t. at Mer. Tr. & Dep. C o., Balt.. Trustee
Ga-Caro Pow 1st M $5,000,-1
000 g ($500 and $ 1 ,0 0 0 )--.} 1912 5 J-J
2,576.000 July 1 1952
g u a r ________________c*tfJ Cent. Union Trust C o.. New York. Trustee.
Bonds.— Of the $7,500,000 sink. fd. bonds, $426 000 are in treasury,
$411,000 are deposited with the trustees for the bondholders and $129,000
In sinking fund (not included in amount reported outstanding)— (see text
above regarding suspension o f sinking fund operations); $870,000 are re
served to retire Augusta R y. & Electric bonds, and balance is for additions,
See. Subject to call as a whole (or in part for sinking fund) at 105 and
Int. on any Int. day on 30 days’ notice. Interest is payable at Redmond
S C o., New York. Sinking fund began in 1918, providing for payment of
c
$25,000 per ann. 1st 5 years. Increasing to $40,000, $50,000 and $65,000
for each successive period o f 5 years until maturity of bonds.
V. 92. p.
1177 [but see above— Ed.]. Augusta R y . & Elec, bonds can be called in 10,
20 or 30 years from date at 105 and int. on 6 months’ notice; sinking fund of
)4 o f 1% began June 1 1905 for 15 years, 1% for next 10 years and 2% or
remaining 10 years. $194,000 (not incl. in amount outstanding) was held
In sinking fund Apr. 1 1924.
The Ga.-Caro. Pow. bonds are subject to call as a whole, or In part, for
nking fund at 105 and int. $227,000 have been retired by sink. fund.
Sinking fund began In 1918 and will be sufficient to retire all the bonds at
maturity. They are guar., p.,1. & s. f., by Augusta-Aiken R y. & Elec.
Oorp. V. 95, p. 179.
Dividends.— Initial dividend on preferred— 1)4% — paid Dec. 30 1911.
im e rate quarterly to and lncl. June 1914. None since.
R E PO RT.— For years ending Dec. 31.
Int. on
Calendar
Gross (All Net after Int. on Co.Sub.Co.Bds. Other Balance.
Year—
Sources). Taxes.
Bonds.
Ac.
Int.,& c. Surplus.
1923______ $1,227,625 $495,969 y$36,138 $209,596 $1,860 $248,376
1922--------- 1,114,333
435,808
1/30,115
210,567
4,338 190,789
yJThis represents int. on the co.'s 5% notes which were issued in connec
tion with the plan under which the holders of the c o .’s 1 st M . bonds have
agreed to forego the int. due thereon for a definite period— see above.
ROAD.— Owns and operates 55.5 miles o f track, o f which 30.0 miles
are city lines and 25.5 miles interurban between Augusta and Aiken, 60
to 100-lb. T rails. Standard gauge. Owns Lake View Park on Lake
Olmstead.
OFFICERS.— Pres., F. Q. Brown; V .-P ., J. H. Pardee; Sec. and Treas.
D . H. Thomas; Mgrs., J. G. White M gt. Corp.— V. 110, p. 2191, 2487
V. I l l , p. 293, 686; V. 112, p. 1398, 2641; V. 114, p. 1285, 1889, 2715
V . 115, p. 1099; V. 116, p. 1531; V. 118, p. 662, 1134, 1391.
g
S
AUSTIN, TEX.
AUSTIN STREET R Y .— A trolley road.
Receivership Terminated.— Early in 1921 W m. J. Jones, President, was
appointed receiver for the co. by Federal Judge Duval West (V. 112, p.
1517), but receivership was terminated In April 1923.
ORGAN IZATION .— Incorporated In Texas on Jan. 3 1911 as successor
to the Austin Electric R y. Franchise expires In 1942.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Common $750,000 ($ 100)-._______ ________
$560,000 See text.
Pref $500,000 ($100) 6 % n-c.................................
250,000 See text.
First S ref mtg $1,500.0001 1911 5 g J-J
c
598,000 Jan 1 1936
gold ($1.000)________c * t f fln t. at Equitable Trust C o.. N . Y .. trustee
Bonds.— $714,000 1st S ref. bonds are reserved for additions, Ac. They
c
are rabject to call on any int. date at 102)4. Annual sinking fund o f 2%
[V ol. 118.
of bonds out began in 1915. V. 92, p. 185; V. 93, p. 1461. $188,000 (no
Included in amount reported outstanding) in sinking fund Apr. 1 1924.
Dividends.— On pref. 3% in 1915. 6 % in 1916, 4% in 1917. None elnce.
On common, 1% in 1915, 1916 and 1917. None since.
EAR N ING S.— For year ending Dec. 31 1923, gross, $328,926; net.
$97,454; taxes, $16,927: bond int., deprec., &c., $85,267; sink, fund,
$15,720; bal., def., $20,460. In 1922, gross, $350,309; net, after taxes,
$94,028.
R OAD.— Operates 23 miles of track. 55 and 72-lb. rails: 52 cars.
OFFICERS.— Pres., J. F. Springfield; V .-P ., Guy P. Gannett; Sec.,
D. A. Bush, Austin, Tex.; Asst. Sec. & Treas., G. E . Macomber, Augusta.
M e.— V. 93, p. 526, 1461, 1531; V. 110, p. 2487; V. 112, p. 1517; V. 115,
p. 1099.
_______
___________
AYER, MASS.
LOWELL & FITCH BURG STREET R Y — A trolley road.
In 1913 W . W . Sargent, President of the Fitchburg S Leominster Street
c
Ry., and associates acauired control.
ORGA N IZA TIO N .— Incorporated In Massachusetts In 1903.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
Stock $275,000 ($100)....... ....................................
$275,000 In 1920, 4%
First mtge (see text) gold/ 1906
5 g J-J
275,000 Jan 1 1926
($1,000) no sinking fu n d [S u b je c t to call at 105 and Interest.
Bonds.— First mtge. was originally for $1,000,000, but has been closed
at $275,000.
Dividends.— In 1916, 2% ; 1917, 6 % ; 1918, 6 % ; 1919, 3% : 1920, 4 % .
EARN INGS.— For year ending Dec. 31 1921, gross, $78,208; net, after
taxes, $2,510; in 1920, gross, $91,977; net after taxes, $9,979.
ROAD.— Operates 14 miles between North Chelmsford, a suburb ol
Lowell, and the village of Ayer, with a spur running from North Ohelmsford to Brookside; connects at North Chelmsford with Bay State St. Ry.
and at Ayer with Fitchburg & Leominster St. R y. Has 11 passenger
cars, 1 snow plow and 2 other cars.
OFFICERS.— Pres., W. W. Sargent: V .-P ., C. F Baker; Sec. S Treas..
c
R. N. Wallis, all of Fitchburg. Mass.
BALTIMORE, MB.
Street railways of Baltimore pay a park taxoffrom 1% U 9% of gross receipts
>
from lines within City Limits, except on turnpikes and private rights of wav. antf
are required to pave between tracks and two feet on each side.
UNITED RAILW AYS & ELECTRIC CO. OF BALTIMORE.— Trolley,
ORGANIZATION.— Incorporated at Annapolis March 4 1899; com
prises through consolidations the following passenger railways in Balti
more City and Baltimore, Anne Arundel and Howard counties, Maryland:
Baltimore Catonsville & Ellicotts Central Railway Co.
Mills Passenger RR.
Gwynn's Falls Railway of Baltimore
Baltimore City Passenger Ry. Co.
City.
Baltimore Consolidated Ry. Co.
Maryland Traction.
Pimlico & Pikes ville R R .
Baltimore & Curtis Bay Ry.
Balt. Gardensville & Belair Elec. Ry. Shore Line Electric Ry.
Baltimore & Northern Elec R y. Co Walbrook Gwynn-Oak & Powhatan,
Acquisition & Lease of Maryland Electric Railways.— Early in 1924 the co.
acquired all the common stock of the Maryland Electric Rys. (stock so
acquired is to be pledged under the mtge. of the United Rys. & Elec. Co.)
which had recently consolidated with the Baltimore Halethorpe & Elkridge
Ry. and Baltimore Sparrows Point & Chesapeake R y., which had formerly
been leased to the United Rys. & Elec. Co. The co. thereupon entered
into a lease of the properties of the consolidated co. for a term o f 999 years.
Under the terms of the lease the United Rys. & Elec. Co. will pay an un
conditional annual rental sufficient to cover maintenance, insurance, taxes,
interest, and other charges, and a sum of not less than 2 % per annum o f
outstanding Series “ A ” bonds of the Maryland Elec. Rys. to cover sinking
fund and a fund for improvements, depreciation and obsolescence. For
further details see description of the Maryland Electric Rys. below.
Power Contract.— In Feb. 1911 entered into a 15-year contract with Pennlylvania Water S Power Co. for supplying power in conjunction with
c
United Railways Co. for operation o f cars. V. 92, p. 467. Also see below.
Sale of Power House— Contract, A c.— On Jan. 12 1921 entered into a per
petual power contract with the Consol. Gas, Elec. Lt. & Power Co. of Balto.
The transaction involved the sale of the Railways, Pratt St. cower house
to the Gas Co. for $4,000,000. (Transferred on May 24 1921.) V. 112.
p. 37.3.
Favorable Tax Decision.— On June 29 1909 the Court of Appeals of Mary
land held that the park tax of 9% on gross earnings of lines within city
limits was Intended to be In lieu of all other taxes, and that no further tax
on the intangible property can be levied without express legislative author
ity. The easements In 14 miles of turnpikes In annexed districts were held
to be taxable. V. 89. p. 44.
In April 1913 Judge Bond in the City Court at Baltimore decided that th«
comoany must pay cost of repaving streets between tracks and 2 ft. or
either side. See V. 96, p. 1090. On Aug. 5 1913, the Court of Appeals of
Maryland reversed the ruling and unanimously held that company’s obli
gation with respect to the track area was to repair and not to re-pave. I f
Feb. 1916 the same court again held that co. is required merely to keep
Its tracks In repair.
In June 1914 the Maryland Court o f Appeals, reversing tbe lower Court,
held that the State Roads Commission cannot recover from the electrls
railway companies the cost of changing and re-locating tracks In building
the system of State highways. V. 98. o. 1995.
Bus Operations of Sub. Co.— See V. 117, p. 1463.
Fares.— In Aug. 1918 the co. announced that, effective Oct. 1 1918,
fares In Baltimore and suburbs would be Increased from 5 cents to 6 cents.
V. 107, p. 907, 1386. Compare V. 107, p. 403. In Jan. 1919 the 6-cent
fare was approved by the Maryland P. 8 . Comm. Half-fares for children
were Increased from 3 cents to 4 cents. V. 108, p. 172. On M ay 22 1919
the co. applied to the M d. P. S. Comm, for auth. to Increase fares to 7 cents
cash or 4 tickets for 25 cents. V. 108, p. 2242. On June 5 1919 this
petition was denied by the P. S. Comm. V. 108, p. 2434. Effective Oct. 1
1919, however, fares were increased to 6)4 cents, 4 tickets being sold for
26 cents. V. 109, p. 1274. On Jan. 1 1920 the co. was auth. by the
M d. P. 8 . Comm, to Increase fares to 7 cents. V. 110, p. 79. See alee
V. 110, p. 360; V. 112, p. 63; V. 113, p. 2615; V. 115, p. 2906; V. 116, p. 2995.
In April 1922 brought out $6,000,000 1st cons. mtge. bonds bearing 6 %
int., proceeds being used to retire $3,000,000 City & Suburban R y. 1st
mtge. 5s due June 1 1922, $1,500,000 United Rys. S Elec. 10-year 7)4%
c
sec. notes due Jan. 15 1931, and to pay in part $4,528,000 unsecured notes
maturing Aug. 15 1922. V. 114, p. 1653. The remainder o f the unsecured
notes due Aug. 15 1922 were paid o ff with part o f the proceeds o f $2,500,000
5-year 6 % notes sold in July 1922. V. 115, p. 437. In M ay 1922 holders
o f the 1st & cons. mtge. 4% bonds were offered the privilege o f exchanging
the 4 % coupon sheets on a limited portion o f their holdings for 6 % coupon
sheets, upon the payment o f $250 per $1,000 bond. Up to Apr. 1 1924
$2,684,000 bonds had taken advantage o f this offer. V. 114. p. 2361.
2580; V. 115. p. 184.
STOCK AND BONDS—
Date.
Interest. Outstanding. Div.or Mat.
Common, $35,000,000 ($50)----------- 4 Q-J 15 $20,461,200 M a y ’24 1%
Inc mtge. g. $14,000,000, f 1899
4 g J-D
14,000,000
1949
cum, Maryland Tr Co,/Payable at option of co. after March 1 1949.
Trus ($1,000)______ c *n tf[In t. at Alex. Brown Sc Sons, Baltimore.
1st con mtge, g, $38,000,000) 1899 4-6 g M-S 32,450,000 Mar 1 1949
($1,000); Continental Tr /Interest at Alex. Brown & Sons, Baltimore.
Co. Baltimore, T ru s-.c*tf)
Income fdg bonds ($100, $500/ 1906
5 g J-D
3,920,000 Jane 1 1936
& $1,000). $3,920.000.-ctf)M aryland Trust C o., Trustee.
5-year notes
($500 and/ 1922 6 g F-A
2,500,000 Aug. 1 1927
$1,000)_______________c*tf [Safe Deposit C o. o f Baltimore, trustee.
U N D E R LY IN G SECURITIES.
Baltimore Tract— 1st m tge;/ 1889
5 M -N
1,500,000 N ov 1 1929
($500,000) Trustee Mercan/Interest at Merchants’-Mechanics’ First
tile Tr S Deposit O o .c n t f [ Nat. Bank, Baltimore.
c
N B Div 1st ($1,000) 5s, g ;/ 1892
5 g J-D
1,750,000 June 1 1942
TrusM erTr&DepCo.cntf lint, at M erch.-M ech. First Nat. Bk. Balt.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity
6 g M -8
1.000,000 Sept I 1942
Lake Roland Elevated— 1st 1892
c
consol
mortgage,
gold Interest at Alex. Brown S Sons, Baltimore.
Baltimore Trust C o., Trustee.
(* 1 ,000) ............. ......c*&r tf
5 g M -N
700.000 M ay 1 1932
Central Ry— Consol mortgage 1892
$700,000, gold ($1,000) n t f/ Int. at M erch.-M ecb. First Nat. B k., Balt.
Mercantile Tr. S Dep. Co. o f B alt., Trustee.
c
5 g M -S
600.000 Mar 1 1932
Ext and Imp 1st mtge, 1897
$600,000, g ($ l, 000) .n t f Baltimore Trust C o., Baltimore, Trustee.
Int. at M erch.-M ech.First N at. B k „ Balt
Stock.— There was originally an Issue o f 114,000,000 4% pref. stock
eutstanding but in Sept. 1920 the last o f this issue was converted Into In
come bonds. Authorized amount of common stock was increased from
$24,000,000 to $35,000,000 In Sept. 1917 to provide for conversion feature
o f notes o f 1917. Common stock listed on Baltimore and Philadelphia
Stock Exchanges. V. 96, p. 1631: V. 97, p. 667.
Bonds.— Of the $38,000,000 of 1st consol, bonds, $5,550,000 set aside to
retire underlying securities. Of the $32,450,000 outstanding 1st Mtge.
$23,766,000 bear 4% int. under the 1st cons, mtge., while $8,684,000
issued under a supplemental indenture bear the company’s promise to pay
add’l int. at the rate of 2% per ann., making the rate 6 % . V. 114, p. 1653,
2361, 2580; V. 115, p. 184. Bonds are not callable. Income funding bonds
are redeemable on any int. date at par and accrued interest. $18,820 are
held by trustees. All bonds are listed on Baltimore Stock Exchange and
the 1st Consol. 4s and $14,000,000 Income 4s are listed on the Phila. Stock
Exch. $6,000 Central Ry 1st cons. 5s and $2,000 ext. & impt. 5s are in
United Railways & Electric C o.’s treasury.
Notes.— The 5-yr. 6 % notes are red. at any time on 30-days’ notice at
100 & int. plus a premium of A % for each year or fraction thereof from
date o f redemption to date of maturity, int. payable at Alex. Brown &
Sons, Baltimore. V. 115, P- 437.
D IVIDEN DS.— Dividends of A uf 1 % were paid In June 1899 and214%
in Dec. 1899, and 2% eaeh six months after that to and including Dec. 1903.
on both the income ooads and the oref. stock, the payment on the stock
(but not on ths bonds) being subject to a deduction of 14 of l % for taxes.
None thereafter until .June 1911, coupons being funded. On June 1 191".
paid 2 % on both income non Is and prif. stock and 2 % has been paid each
fix months since. (The last of the pref. stock was converted into income
bonds in Sept. 1920)
On com 1 st d i v — 114%—paid May 1912: Nov.,
144%. In 1913 and to and inci Jan. 1919 at the rate o f 4% pe- annum.
April 1919 dividend postponed (V. 108, n 1391). None to Aug. 1922, when
1% was paid. In Nov. 1922, 1 %: in 1923, Feb., 1% ; M ay, 1% : Aug., 1 % .
N ov., 1% . In 1924, Feb., l % ;M a y , 1%.
R O A D .— Miles o f track, 413; serviceable cars, 1,927; gauge, 5 ft. 41$ in
Rails, 60-lb. to 129-lb. T and girder. Capacity of (2) generating stations,
2794, 2906; V. 116, p. 1651, 1762, 2995; V. 117, p. 209, 327, 1463.
REPORT for the year ending Dec. 31 1923, in V. 118, p. 1775.
1921.
1922.
1921.
1920.
Oar miles run___________ $35,873,841 34,984,036 35,708,863 37,162.202
Revenue passengers____ 2,38 658,380 233,732,146 238,090,980 253,934,179
Transfers______________ 92,838,315 90,808,955 92,259,537 93,883,660
Operating re venues______$16,461,799 $16,122,592 $16,332,865 $17,313,599
Operating expense*_____
9,799.312
9,622,992
9,965,331 10,465,161
Depreciation___________
823,090
806,130
816,643
865,680
Taxes, licenses, A c_____
1,800,335
1,740,512
1,710,109 1,839,421
Net operating Income- $4,039,062
Other income__________
160,029
$3,952,957
156,246
$3,840,782
104,179
$4,143,336
120,741
Total net Income_____$4,199,091
$4,109,203
Int. on bonds, rents, A c- $2,663,744 $2,750,854
Int. on income bds. (4%)
559,080
559,080
Preferred divs. (4 % )_
_
None
None
Common dividend*----- (4%)818,448(2%)409,224
$3,944,961
$2,750,650
559,080
None
______
$4,264,077
$2,661,321
559,157
383
______
Surplus--------------------$157,818
$390,045
$635,231 $1,043,216
OFFICERS.— Chairman of the Board, Thoma® A. Cross; Pres., O. D.
Emmons; V .-P ., J. Pembroke Thom; V.-P. & Gen. M gr., L. H. Palmer;
Sec., William Early; Treas., J. T. Straub; Aud., N. E. Stubbs.— V. 115. p.
2906; V. 116, p. 1651, 1762, 2995; V. 117, p. 209, 327, 1463, 2324, 2544;
V. 118, p. 312, 552, 1269.
(1) T he Maryland E lectric Railways Co.
ORGAN IZATION .— A consolidation in 1924 o f the Baltimore Sparrows
Point & Chesapeake Ry. and the Baltimore Halethorpe & Elkridge Ry.
with the Maryland Electric Rys. Co. (1906). The consolidated properties
are to be leased to the United Rys. & Elec. Co. of Balt, (see above) for 999
years, renewable forever, for an unconditional annual rental sufficient to
cover maint., in*ur., taxes, int., and other charges, and a sum of not less
than 2% per annum o f outstanding Series A bonds, to cover sink. fd. and a
fund for impts., deprec. and obsolescence.
Franchises.— The tracks o f the co. are either on private rights-of-way or
are operated under franchises which are perpetual with the exception of
those covering about 8 miles o f track, which are on the basis of 25 years,
renewable for 25 more.
STOCK AND BONDS.—• Date.
Interest. Outstanding.
Maturity.
Stock—-All owned by United Rys & Electric Co of Baltimore.
1st mtge(closed)gold ($1,000)1 1906 5 g A-O
$3,505,000 Oct 11931
sinking fund_________ c*tf/M ercantile Tr. & Dep. C o., Balt., trustee.
1st & ref mtge ser “ A ” ($5001 1924 6 A S J-J
4,000,000 Jan 1 1957
& $1,000) guar gold__c*tf/Safe Deposit & Trust Co. of Balt., trustee.
Balt Spar Pt & Ches Bay lstf 1903
4!$ g F-A 2,000,000 Feb 1 1953
mtge $2,000,000 g ($1,000) {Fidelity Trust Co., Baltimore, trustee.
guar prin & interest_ c*tf [Interest at Alex. Brown & Sons, Baltimore.
_
Stock.— All owned by the United Rys. & Elec. Co. of Balt.
Bonds.— A sinking fund of 1A % on Maryland Elec. Ry. 1st mtge. bonds
out began Mar. 30 1910. $1,441,000 (not incl. in amount outstanding)
held in gen. sink, fund Jan. 24 1924. Bonds are redeemable at 110 and int.
on any int. date upon 90 days’ notice. Int. payable at office of Alex.
Brown & Sons. See V. 83, p. 818, 970. The total issue of 1st & ref. mtge.
bonds is limited to $25,OO0,OOO, incl. bonds for refunding purposes, unless
there shall have been a consolidation or merger of the United co. and the
Maryland co., in which event additional bonds may be issued for refunding
United securities and for capital impts. to the extent of 80% of cost, as set
forth in the mortgage. In addition to the Series “ A ” bonds outstanding,
$3,800,000 1st & Ref. Mtge. bonds, Series “ B ,” will be set aside and such
amount thereof as may be required will be exchanged for, or used to redeem,
$3,505,000 outstanding Maryland Electric Ry. 1st Mtge. 5s, Oct. 1 1931,
and $2,000,000 1st & Ref. Mtge. bonds will be reserved to redeem $2,OOO,OO0
Baltimore Sparrows Point & Chesapeake Ry. 1st Mtge. 4 ^ s , Feb. 1 1953.
Series “ A ” 6 'A % bonds are guaranteed prin. and int. by endorsement of
United Rys. & Elec. Co. An annual sinking fund o f 1% o f all 1st & ref.
mtge. bonds. Series “ A ,” from time to time outstanding, first payment to
be made not later than Jan. 1 1925, to be used for purchase or call and re
tirement of bonds o f this issue is provided for. This is in addition to a fund
of not less than 1 % per annum of such bonds outstanding for impts., deprec.
and obsolescence. Series “ A ” bonds are red. all or in part on any int. date
upon 60 days’ notice at 105 and int. on or before July 1 1936, and thereafter
at 100 and int. plus a premium of 1% for each 5 years or portion thereof
from date of redemption to date of maturity; the bonds, however, to be
red. Jan. 1 1958 and thereafter at 100 and int. Int. payable at office of
Alex. Brown & Sons, Baltimore, or the agency o f the co. in New York.
V. 118, p. 551.
ROAD, Ac.—-Upon completion of plans now in progress, the c o .’s prop
erties will embrace about 57 miles of track, incl. the “ St. Paul Street Boule
vard Line,” the Guilford and Halethorpe lines, the Stadium extension,
and the “ Sparrows Point Line,” extending from Baltimore to Sparrows
Point, at which are located plants o f the Bethlehem Steel Co.; 170 cars and
an equity in 132 additional cars; 10 car houses; 7 sub-stations having a total
capacity of 36,625 k. w.; Bay Shore Park, a salt water bathing beach near
Baltimore.— V. 112, p. 849; V. 118, p. 551, 1268.
BANGOR, ME.
BANGOR RA ILW A Y & ELECTRIC CO.
ORGAN IZATION .— Incorp. Feb. 16 1905 in Maine and is a consollda
tlon o f the Bangor Orono ft Old Town R y., Bangor Hampden & Winter
port R y ., Public Works C o., Old Town Electric C o., Brewer Water Co
and Penobscot Water & Power C o. On Feb. 1 1907 purchased the Bangor
ft Northern R R . V. 82, p. 333. Owns the entire capital stock of the
Bangor Power C o., the Orono Water Co. and (with the exception of one
share) o f the Bar Harbor & Union River Power Co. It was reported In May
1921 that the co. had purchased the Lincoln Light & Power. C o., subject to
the approval of the Maine P. U. Comm. V. 112. p. 2304. In Aug. 1922
the co. purchased, subject to confirmation by the courts, the property of
the Washington County Lt. & Pow. Co. V. 115, p. 1099. Owns and oper
ates the electric railway lines in Bangor and Brewer and the lines connecting
Bangor, with Brewer, Hampden, Old Town, Charleston and inter
mediate towns. Also the entire electric lighting and power business of
Bangor, Old Town, M ilford, Bradley, East Corinth, Orono, Brewer.
9
ELECTRIC RAILW AYS
A pril, 1924.]
Hampden, Veazie, Kenduskeag, Eddington and Orrlngton, with the excep
tion o f the municipal lighting in Bangor, and turnisbes the water supply to
Veazie, Old Town, Stillwater, Milford and Brewer. In addition to the
above the company, through Its controlled companies, does the entire elec
tric lighting and power business in Ellsworth, Bluehlll, Bar Harbor, Seal
Harbor, &e. Population served est. at 70,000 (including controlled cos).
Franchises.— Franchise for about 8 miles of track In Bangor expires In
1937; franchise covering operation o f 2 miles of track In the city o f Brewer
expires in 1940. All others are perpetual.
Merger Proposed.— In June 1922 it was reported that it was proposed to
merge the Bangor R y. & Elec. Co. with its subsidiaries.
115, p. 77.
STOCK A N D BONDS— Date.
Interest. Outstanding.
Maturity.
Common, $2,000,000 ($100).............
Q-F
$2,000,000
See text
Pref $1,500,000 7% cu m ($ 1 0 0 )____
7 Q-J
1,500,000 Apr '24,1J*
Pref Class “ B” $2,000,000,1
7% cum ($100)__________ | ____
7 Q-J
965,900 __________
1st cons M, gold, $2,000,000,1
1905 5 g J-J
2,000.000 July 1 1936
($500, $1.000)_______ c* tf/Guaranty Trust C o.. New York. Trustee.
Convertible notes $300,0001 1920
8 g M-S 1
262,000 Sept 1 1930
($500 and $1,000) gold__ c/First National Bank, Bangor, trustee.
Pub Wks Co. 1st.gold $600.-1 1899
5 g A-O
599,000 April 1 1929
000 ($500. $1,000) - c*n tf (Int. at Old Colony Trust C o., Boston, Trus.
Bar Harft Un R Pow Co 1st ft 1 1907 5 M -S
1,341,000 Sept 1 1935
ref,$2.090,000<$1.000>c*tf (Commercial Trust Co Phila.. Trustee.
Bangor Power Co. 1st mtge,I 1911
See text
1,361
Sept 1 1931
$2,500,000 ($1,000)__ c*tf/Oentral Union Trust C o., N. Y ., trustee.
)rono Water Co, first mort f
1905 41$ J-J
60,000 July 1 1925
gage, $60,000 gold, not-) lot. at Portland (M e.) Nat Bank. Union
subject to call f$500 _cn tf[ Safe Dep.ft Tr. C o.. Portland. Me Trua.
Oar trust certifs., $52.776____1919
6%
See text
See text
Stock.— Class “ B” oref. stock is equal to pref. stock with respect to as
sets and divs.. but has no voting power. N ot subj ect to call. V. 115.p .72.
Bonds.— The first consol, bonds are secured by deposit of all the stock*
(except 1 share of pref.) and $56,000 1st ft ref. mtge. bonds of the Bar
Harbor ft Union River Power Co. They are subject to call on 60 day*’
notice at 1071$ and interest on any interest date. Interest at office of
trustee, New York, or Eastern Trust ft Banking C o., Bangor. See
particulars, bonds, property, &c., V. 87, p. 1009. The Public Works Co.
bonds are not subject, to call: V 80. o 2516
$1.000 retired
Of the Bar
Harbor & Union River Power Co. bonds $332,000 are pledged to secure the
8 % conv. notes of the Bangor Ry. & Elec. Co. Remainder are for exten’s,
&c., at 85% of cost of same. They are guar., p. & i., by Bangor Ry. ft
El. Co. and are subject to call at 107H & int. on any int. date on 60 days’
notice. Int. at trustee or Merrill Trust C o.; Bangor; also at J. & W.
Seligman & Co., New York. Of Bangor Power Co. 1st mtge. bonds,
$750,000 Series A (all out), bore int. at 4% to Sep. 1 1916: 4J$% to Sept. 1
1921 and 5% since. Ser. B. $1,750,000 auth. (int., 5% ) $611,000 issued and
outstanding, and $1,139,000 reserved for extens., betterments, &c., at 85%
of cost of same. Int. payable at office of trustee and at office in Bangor.
Subject to call at 105 and int. on any int. date on 60 days’ notice. No
sinking fund. Both series assumed by Bangor R y. ft Electric Co.
Notes.— The 8 % convertible notes are secured by $349,000 Bar Harbor
& Union River Power Co. 1st & ref. 5s. Red. at 101 and int. on any int.
date on four weeks’ notice.
Dividends.— 5% per annum paid on the old stock (all of one class) from
Oct. 1 1905 to Oct. 1909, when 1 !$% (quar.) was paid, which rate was eontinned to Oct. 1910. In 1911, 7% . In 1911 stock was increased and new
pref. stock was created, on which 1*4% has been paid quar. from Jan 1912
to and incl. Apr. 1924. On common Initial dividend of A % was Paid May^1
1914 and 14% quar. to and incl. Aug 1918: Nov 1918 div. omitted (v
107, p.1048). None to May 1922, when
of 1% was paid. In Aug. 1922
H of 1 % was paid. N ov. 1922, 3 of 1% . In 1923, Feb., 1% ; M ay, 1% :
4
Aug., 1% ; N ov., 1% . In 1924, Feb., 1% ; M ay, 1% .
R E PO RT.— For 12 months ending Dec. 31:
Oross
Net (after
Interest, Pref. Div.
Balance.
Cal. Year—
Earnings. Devr.ATax).
Ac.
(7 % ).
Surplus.
1923______________ $1,535,212 $662,329 $285,727 $165,358 $211,244
1922______________ 1,488,936 610,652
284,733
127,367
198,552
ROA D .— Operates 67-69 miles of single-track equivalent. Rails, 48
to 90-lb. girder and T standard gauge. 48 pass, and 15 freight cars, 3 gravel
cars. 6 snow-plows, 1 sprinkler and 7 misc. 3 hydro-electric plants with
17,350 k.w.
OFFICERS.— Pres., E. M . Graham; V .-P., H. L. Clark: Clerk ft Treas.,
Howard Corning; Aud., C. A. Pearson, Jr. Under management of E. W .
Clark ft C o.— V. 106 p. 1460; V. 107, p. 801, 1747, 2287: V. 108. p. 2628;
V. I l l , p. 1471: V. 112. p. 468, 848, 2304: V. 115, p. 72. 1699; V. 116j
p . 74, 1274; V. 118, p. 309.
BARRE, VT.
MONTPELIER & BARRE L IG H T & POW ER CO.
ORGAN IZATION .— Incorp. In Mass, on N ov. 12 1912 and owns 91%
of the stock of the Barre ft Montpelier Trac. & Power Co. Also owns
all the stock of the Consolidated Lighting C o.. Vermont Power & Ltg. C e.,
Molly's Falls Elec. Lt. ft Pow, C o., and Waterbury Lt. & Pow. C o.; also
assets of Corry-Deavir.t-Krosc Elec. Co. Supplies electric light heat and
power in Barre and Montpelier and in practically all of Washington County,
v t. Franchises are perpetual.
Sub. Co. Receivership, &c.— See under Barre & Montpelier Trac. Co. In
V. I l l , p. 2227; V. 112, p. 61.
Rate Increase.— Effective April 1 1923 the co. was auth. by the Vermont
P. S. Comm, to Increase power rates. V. 117, p. 96.
In Nov. 1923 was auth. to issue $450,000 in bonds, proceeds to be used for
additions and improvements. V. 117, p. 441.
STOCK AND BONDS.
Date.
Interest. Outstanding.
Maturity.
Common 51,000,000 ($100) ....................................... $1 ,000,000 ......................
Pref $3,810,000 ($100) cum ...............
6%
1.337.^00 July’21. 1H
1st refund mtge $2,500,000/ 1914 5 K A-O
905,200 Oct. 1 1944
($100 & $1,000)_ c*ftr*tflln t. at Amer. Trust C o., Boston, Trustee.
_
10-year notes $750,000 g o ld ../ 1920
3 g M-S15
500,000 Sept 15 1930
(Prin. ft <nt. payable at American Trust Co.
Consolidated Lighting C o_________ 5 J-J
700.000 Jan 1 1926
Vermont Power ft Ltg C o ___ _____ 5 M-S
400,000 Mar 1 1927
Corry-Deavitt-Frost El C o_ _____ 6 M-S
_
115,000 Mar 1 1930
Waterbury Light & Power C o . ____
5 M -N
56.000
See text
Stock.— $2,472,200 pref. stock is reserved for conversion of 1st ref.
mortgage bonds. Tax-free in Massachusetts.
Bonds.— The above bonds of light and power companies are assumed
by the Montpelier & Barre Light & Power Co. $250,000 of the 1st ref.
bonds became convertible at holders’ option Into pref. stock at par on Mar. 1
1918. As of Apr. 1 1924, $27,800 had been so converted. $361,000 addi
tional bonds became convertible into pref. stock at par on Mar. 1 1921.
Red. as a whole at 105 and Int. on any Int. date on 4 weeks’ notloe. $1,125.000 bonds are reserved to retire underlying bonds and $752,000 for
addns. & impts. at 75% of cost. $377,000 Consol. Ltg. Co. bonds and
$177,000 Vermont Pr. & Ltg. Co. bonds are held in sink, funds (Incl. in
amounts reported outstanding). The Waterbury Lt. & Pr. Co. bonds
matured $6,000 yearly to N ov. 1 1921; since $7,000 yearly to Nov. 1 1931.
$69,000 had been redeemed up to April 1 1924.
Dividends.— A div. o f $2 50 was paid on the pref. stock Apr. 1 1913,
covering the 5 months from date of organization on N ov. 12 1912 to April 12
1913; $1 50 paid July 15 1913 and $150 quar. to and incl. Jan. 1921.
In July 1921 V 4 % was paid. None since.
EARNINGS.— For years ending Dec. 31:
Dec. 31 Yrs.— Oross Earns.
Tot. Net Inc.
1923......................... .$724,987
$236,559
1922.......................... 495,576
H69.710
1921.......................... 529,530
205,915
Int., Rents. A c. Bal.forDiv.
$157,256
$79,303
154,878
14,832
148,091
67,224
PR O PE R T Y .— Power plants have an aggregate capacity of about 16,783
h.p., and 4,000 h.p. In addition is available by contract; 7,550 h.p. is
water power. The steam plants under normal conditions are held largely
as a reserve; 130 miles o f transmission linss: undeveloped water power of
about 3 000 h. p. capacity. The Barre & Montpelier Trac. & Power Oe.
owns 9.75 miles o f track between Barre & Montpelier. 58-lb. T rail.
Oauge 4 ft. Syi in.
OFFICERS.— Ch. of Bd. o f Directors, C . H. Tenney; Pres H. T. Sands
1st V .-P ., A. B. Tenney; 2d V .-P ., D . Edgar Manson; Clerk, H. P. Wood;
Treas., E. A. Bradley; Asst. Treas., R. C . Tenney; Aud., I. S. Hall. Under
management of Charles H. Tenney & J3o., Boston.— Y. 105, p. 1999;
V. 117, p. 96, 2441. „
BATON ROUGE, LA.
BATON ROUGE ELECTRIC CO.
ORGAN IZATION . &c.— Organized in Louisiana; does entire electric
railway, electric-lighting, power and gas business in Baton Rouge. Rail
way franchise expires 1940; gas 1942. electric-lighting and power. 1988
V. 88. p.881.
STOCK AN D BONDS.
Date.
Interest. Outstanding.
Maturity.
Common, $800,000 ($100)___ ..................
$586,309 Dec’ 23,5%
Pref, $250,000 ($100) 6 % ____ -----J-D
200,000 Dec'23.3%
Ut mortgage, $750,000, gold) 1909 5 F-A
470,500 Feb 1 1939
($500 and $ 1 .0 0 0 )...c * . t f / Int. at Old Colony Trust C o .. Boston .trustee
Oar trust certfs_____________ -------------- ----------20,400
......... ..
Stock.— D iv. on pref. Is cumulative from June 1912. Redeemable at 110
Bonds.— $225,000 bonds, not incl. in amount outstanding, are in treasury
•f company and may be issued at not to exceed 8 % o f cost o f additions and
Improvements. M ay be called, in whole (or in part for sinking fund) at
105 and int. on any int. day. Sinking fund o f 1 % per annum of bonds out
began Feb. 1 1914. $54,500 canceled.
Dividends.— On pref. 3% s.-a from Dec. 1911 to and incl. Dec. 1923.
Ini^aMI^v. of 2% on com. paid Dec. 1915. In 1916, 7% . In 1917, 8 %.
In 1918. 8 %. In 1919, 8 % . In 1920. 8 % . In 1921. 9% . In 1922, 10%.
In 1923, 10% .
EARN INGS.— For 12 months ending Dec. 31:
Year—
Gross. Net. aft. Taxes. Int..&c.
Sink. Fund.
Surolus.
1923________ $634,003
$213,079
$30,055
________
$183,024
206.901
43,970
________
162.931
1922________ 585,104
ROAD.— Operates 6 37 miles o f track in form of a single belt through
Baton Rouge; 15 cars; standard gauge. Power station capacity, 3,000 k.w.
OFFICERS.— Pres . Harry H. Hunt; V.-Ps., Edw. Godhaux, Samuel
Weis; Sec., Victor D . Vickery; Treas., Henry B. Sawyer; Gen. Mgrs., Stone
& Webster M gt. Assn.; M gr., P. I. Robinson.— V. 101, p. 1806; V. 104. p
1488; V. 110, p. 76; V. 113, p. 2404; V. 116, p. 74.
BEAUMONT, TEX.
EASTERN T E XA S ELECTRIC CO.
ORGAN IZATION .— Incorp. In Texas in July 1918 as a consolidation of
(he Jefferson County Traction C o., Beaumont Elec. Light & Power Co.,
Port Arthur Light & Power Co. and Beaumont Traction Co., all of whose
itocks had been owned by the Eastern Texas Electric Co. (of M e.), a hold
ing company. V. 107, p. 695. Does the entire electric light and power busi
ness in Beaumont and Port Arthur, the entire electric railway business in
Beamont and operates an interurban electric railway between Beaumont
and Port Arthur, a distance o f 20 miles. Light and power franchises in
Beaumont expire in 1963; in Port Arthur in 1943; railway franchise in
Beaumont expires in 1961; Interurban railway almost entirely on private
right o f way.
STOCKS AN D BONDS.— Date. Interest. Outstanding.
Maturity.
Common, $1,400,000 ($100)______ ______
$1,553,700 Apr’24, 214%
Pref cum $1,450,600 ($100)________ 6 J-J
1,400.000
Jan ’24,3%
1st mortgage gold ($500 and/ 1912 5 g M-K
1,395,500 Nov 1 1912
$1,000)-------------- c*&r*tf_\Int. at State St Tr. Co., Boston, trustee.
Oonv notes. $2,000.000 ($100,\ 1920 7 g M -N
1^346,300
May 1 1925
$500 & $1,000)---------- c * tf/ Guaranty Trust Co., N. Y ., Trustee.
Beaumont Traction 1st M tge/ 1903 5 g A-O
200.000
April 1 1943
$600,000 (call at 105)— tf (Int. at Interstate Tr. & Bank. C o., Trustee.
Stock.— Pref. stock is callable at 110. $50,000 held in trust for benefit
•f company (in addition to amount shown above).
Bonds.— Authorized amount o f bonds not limited. Additional bonds may
be issued for 75% of cost o f acquisitions, impts., add’ns, &c., under certain
restrictions. Callable as a whole (or in part for sk. fd.) at 105 and int.
Coupon bonds in denomination of $1,000 and $500 and registered bonds of
$5,000 and multiples. V .9 5 ,p . 1745. $100,000 in sinking fund canceled
and $200,000 are reserved to retire the Beaumont Trac. 1st M . 5s. Sinking
fund of 1% o f bonds out, payable Nov. 1. $400,000 Beau. Trac. 1st M . bonds
are held by Eastern Texas Elec. Co. Red., all or in part, at 105 and int.
Notes.— Are conv., par for par, at any time on or before maturity into
fully paid com. stock with a cash payment by the noteholder of $4 per share
and an adjustment o f int. on the notes and of div. on the stock at the rate
last declared wicmn the 6 mos. next preceding. $153,700 had been retired
by conversion into com. stockmp to Dec. 31 1923. If called, conversion
may be made up to and incl. redemption date, the noteholder to receiver
any premium payable on account of redemption. Are red., all or in part,
any time upon 45 days’ notice as follows with int.: April 30 1924 at 101 and
thereafter to im tori’"'••at 100. V. 110,tp. 1972.
Dividends.— 6 % is being paid on prer. stock. Initial div.— 2 % — on old
Maine corp. was paid in July 1916. In 1917 and 1918, 5% ; in 1919, 5% ; in
1920. Jan., 4% ; April, 2% ; July, 2% : Oct.. 2% . In 1921, 8 %; 1922, 8 %.
In 1923, 8 y2% . In 1924, Jan., 2 K % ; April, 2>/£%.
E A R N IN G S .— For 12 m onths ending D ec. 31:
Year—
Gross
Netfaft.Tax.) Oth.Inc. interest. Sink.Fund. Surolus.
1923_____$2,067,155 $778,986 $22,400 $221,280 •
_________ $580,106
1922____ 1,789,685
633,295 22,400
223,381 i i __________
432,314
PROPERTY AND PLANTS.— Combined capacity or power stations
at Beaumont and Port Arthur, 13,300 k. w.; power is also supplied to Port
Arthur Traction Co. Capacity o f ice plant at Port Arthur, 75 tons per
day. Miles of equivalent single track, 31.86; trackage, 1.92, standard
gauge; 49 pass., 4 trailers and 5 otner cars. Tne 20-mile electric railway
between Beaumont and Port Arthur was formally opened on Dec. 15 1913.
V. 97, p. 1822.
OFFICERS.— Pres., Chas. F. W . Wetterer; V.-P., Walter H. Burke;
Sec., W m. T . Crawford; Treas., H. B. Sawyer; Gen. Mgrs., Stone &
Webster M gt. Assn.; M gr., A. F. Townsend.— V. 107, p. 2476; V. 109, p.
1079, 2262; V . 110, p. 1972; V . 116, p. 2766; V . 117, p. 1347, 2109.
BENTON HARBOR, MICH.
BENTON H ARBOR-ST. JOE RAILW AY & LIGH T CO.
ORGAN IZATION .— Incorporated in Michigan In Jan. 1906 and is a con
solidation of the Benton Harbor & St. Joseph Electric R y. & Light Co.
and the St. Joseph River Traction Co.
New Control.— In June 1922 it was reported that the company had been
sold to F. A. Bryan and a group o f associates of the Indiana & Michigan
Electric Co. of Sou’ h Bend for $1,000,000. V 114. p. 2822.
The $114,000 B. H. St. J. Elec. R y. & Lt. 1st Mtge. 5s due Sept. 1 1920
were paid off at maturity, the co. found it necessary however to borrow
$50,000 to meet this maturity. This loan was still outstanding as of Apr. 1
1922.
STOCK AND BONDS.
Date.
Interest
Outstanding. Maturity
Common ($100) ____________ _____
_______
$800,000
Preferred, $400,000 ($100)________
6 F-A
400,000
See text
Refund mtge *2,500.000 gold/ 1909
5 g M-N
499,500 Nov 1 1939
($500 and $1,000)_______ cllnterest at Columbia Tr. C o., Louisv.,trust
1st cons M , $1,000,000, gold/ 1906
5 g M-N
825,000 Nov 11935
($500 and $1,000)_______ c\lnt. at Columbia T r. C o., Louisv. trustee
Bonds.— The 1st consolidated bonds are subject to call on any int day at
195. Of the ref. bonds, $1,000,000 are reserved for prior liens.
Dividends.— Pref. divs. at rate of 6 % per annum are Delng paid
EARN ING S.— For years ending June 30:
June 30
Oper.
Net (.after Other Interest, Pf.Divs. Balance
Year—
Revenues.
Taxes). Income.
&c.
(6 % ). Surplus
1920-21_______$753,218 $143,595 $21,669 $94,206 $24,000 $47,058
1919-20............... 685.956
171,973
14,980
85,234
24,000
77,719
[V ol. 118.
ELECTKIC RAILW AYS
10
R O A D .— Operates 10.36 miles of single track in St. Joseph and Benton
Harbor, with extensions of 25 miles through Eau Claire to Dowagiac and
14.33 miles to Watervliet; also operates 5 miles second track, 5-7 mile#
sidings &c.. 60.39 miles. 60, 70 and 73-lb. girder and T rails. 44 passen
ger and 34 other cars.
OFFICERS.— Pres., Chas. Minary, Benton Harbor, M ich.; V .-P ., F. A.
Bryan; Sec., O. B Calvert; Treas., Lee Mason.— V. 109. p. 1079; V. 114
p. 2822.
BIODEFORD. ME.
BIDDEFORD St SACO R R .— A trolley road.
ORGANIZATION
Incorporated Feb. 19 1887.
STOCK AND BONDS
Date.
Interest. Outstanding. Maturity.
Stock ($50) $100,000...................A-O
$100,000 Oct.’ 23 .4%
1st mort $300,000 ($1,000) f 1900
t g J-D
150,000 June 1 1940
gold c*. No s f but can bei Interest at Fidelity Trust C o., Portland,
called in 1920__________ tf l M e., trustee.
Dividends.— During years end. June 30: 1906, 4% ; 1907-09, 5% ; 1910,
714% (changed to s.-a.); 1911 and 1912, 5% : 1913 and 1914. 6 % ; 1915, 8 %;
1916; 10% and special div. of 20% on Aug. 1 1916. In 1917. 10%. In
1918, 10%. In 1919. 10%. In 1920, 10%. In 1921, 10%. In 1922,
April, 5% ; Oct., 4 % . In 1923, April, 4 % : Oct., 4% .
EARNING S.— For calendar years:
Year—
Gross.
Net.
Int., <% Dividends.
c.
Balance
1923 ___________ $117,506
$22,121
$6,000 w,- $8,000 i ~ sur.$8,121
1922___________ $119,171
$16,443
$6,000
$9,000 * sur.$1,442
ROAD.— Operates 8 miles of track between Saco. Biddeford and Old
Orchard Reach.
OFFICERS.— President, H. P. Garland; V .-P ., C. F. Berry; Secretary
and Treasurer, J. Burton Stride.— V. 70, p. 1048; V. 73, p. 494.
BINGHAMTON, N. Y.
SCRANTON & BINGHAMTON RA ILW A Y.
ORGANIZATION.— Incorp. in Delaware Oct. 15 1910. Owns entire
stock of the Scranton Montrose & Binghamton R R . (see below).
Has capital of $6,009,000 stock authorized and issued. No funded debt.
— V 110 p 2388: V. 112, p. 1742
(1) S cranton Montrose & B ingham ton R R .— Controlled by Scranton
& Bingham’ on Ry.
ORGANIZATION.— Successor to Scranton & Binghamton R R . Owns
the entire stock of Scranton & Binghamton Traction C o., a controlling
interest in the Northern Electric R y., which owns entire stock o f the
Northern Electric Street Ry. The Northern Electric Street Ry. is leased
for 990 years from July 1 1910 to the Scranton & Binghamton Traction C o.,
which has assumed the former’s bonded debt.
Maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding.
_______
Stock $3,000,000__________________
$3,000,000 __________
5.500.000 Oct. 1 1949
1st Mtge sink fund $10,000,000 1919
6 A-O
6 % income bonds___________ 1919
_______
400,000 Oct 1 1949
Northern Elec S’ Ry $1,200,-1 1907
5 J-D
______
_
.
1.200.000 June 1 1957
000 ($500 and $1,000)--C*/Int. at Anthracite 3. B k ., Wilkes-Barre.trus.
Bonds.— Northern Electric Street Ry. brnds are redeemable at 105 and
interest. Sinking fund of $10,000 per annum began Dec. 1 1912.
ROAD.— 46 miles in operation between Scranton and Montrose, with a
branch to Lake AVinola. The r.'ad as projected will extend to Binghamton.
N. Y. 22 passenger cars, 5 freight and 3 service cars. Gauge 4 ft. 814 in.
OFFICERS.— Pres.. H. S. Fleming: V. P ., R. W. Day: Sec.. A. Widdowfield; Treas., F. A. Wollerton; Aud.. Jas. J. M offitt.— V. 115, p. 645.
(a) B ingham ton Railway C o.— A trolley road.
The Scranton & Binghamton RR. (n w Scranton Montrose & Binghamton
R R .) owns over 90% of the stock.
Receiver Discharged.— The receivership (in effect since Oct. 8 1918) was
lifted Feb. 23 1924 by order of the Court and the receiver discharged.
New Refinancing Plan.— In Feb. 1924 applied to the N. Y . P. S. Comm,
for auth. to issue $700,000 5-year 6 % bonds for refunding J;he debts of the
co. and refinancing the entire co. V. 118, p. 793, 905.
Committee for First Cons. 5s.— Chairman, Thos. B. Lockwood; Frank B.
Newell, Harry T. Ramsdell, John T. Steele; Sec., Perry E. Wurst, 291
Elm St., Buffalo. Depositary, Fidelity Trust C o., Buffalo, and People*
Trust C o., Binghamton. V. 110, p. 2386.
O R GAN IZATION .— Is a consolidation Sept. 30 1901 of the Binghamton
RR. Co. (chartered Aug. 11 1892 as a consolidation of all street railways in
city) and the Bing. Lestershire & Union RR. Principal franchises granted
by special Acts of Legislature, and are perpetual and practically exclusive.
Fare Increase.— In March 1920 was auth. by the Binghamton Common
Council to increase fares to 6 cents, this rate to continue in effect until
Jan. 15 1923, but authority was granted by the Council to continue the
6-cent fare until Jan. 15 1924, but has been further extended by the Council
to Jan. 15 1925. V. 118, p.549. Compare V. 116, p. 514; V. 110, p. 1288,
2386.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
Stock, $1,150,000 ($100)..................
4 F-A
$978,995
See text
-Hug Lest & Un 1st M $250,-f 1895
5 g J-D
147,000 June 1 1925
000 gold, principal and-jInterest at Metropolitan Trust, New York
interest guar__________ tf I Binghamton Trust C o., Trustee.
Bing Ry 1st consol mtge. $2,-1 1901
5 g M-N
1,833,000 N ov 1 1931
500.000 gold ($1,000) c* tf(In t. at Fidelity Trust C o., Buffalo, Trustee,
( or Seaboard National Bank. New York.
Equip trust certif Ser A _____ 1915
6 F-A
18,000
See text
Equip trust certifs ser “ B ” _ _____
_
6%
31,500
________
Bonds.— Of the Binghamton R y. 1st consol, m tge., enough are reserved
to retire underlying bonds and the remainder for acquisitions, extens.,&c.,
under certain restrictions. They are subject to call at llO a n d in t. Exempt
from N. Y . State, county and municipal personal property taxes. See V.
73, p. 1312: V . 78, p. 701; V. 88, p. 748. The equip, trust certifs. Ser. A o f
1915 mature $5,000 semi-annually. They are secured by 20 double-truck
cars, costing $118,503.
Dividends.— 2% was paid Jan. 31 1902; 2% Mar. 3 1903; 2% April 11
1904 and 2% April 10 1905. A scrip dividend of 20% was paid April 18
1905- In 1906 to 1910 incl.. 214% yearly. In 1911. Sept., 3 % . In 1912
«,nd 1913. 4%
In 1914, Feb , 2 % . None since.
R O A D .— Operates 50.25 miles of track. Connects Binghamton with
Jphnson City, Hooper, Endicott, Union and Port Dickinson. Standard
gauge. 60-lb. to 103-lb. T and girder rail; 81 motor cars.
EARNINGS.— For year ending Dec. 31:
Year—
Gross.
Net.
Int. & Taxes. Bal., Sum.
1923 __________________ $1,073,723
$325,733
$217,107
$108,626
1922
1,027,057
316,628
211,294
106,334
1921___________________
987,130
285,036
198,593
86,443
OFFICERS.— Pres., F. L. Fuller; V .-P .. R. W. Day; Sec., W. H. Hecox;
Treas., E. M . White. Office, Binghamton, N . Y .— V. 110, p. 2386, 2567;
V. I l l , p. 1660: V. 113. p. 1469: V. 114, p 1532; V . 116, p. 514; V .
117, p. 1128; V. 118, p. 549, 793, 905, 1770.
BIRMINGHAM, ALA.
BIRMINGHAM R Y . LIG H T & POWER.
National Power & Light Co. (see under “ New Orleans” ) acquired the
interest in the co. formerly held by the American Cities Co.
Receiver.— On Jan. 23 1919 Judge Grubb of the Federal Court appointed
Lee C Bradley receiver for this company and the Birmingham Tide
water Co. upon petition of the American Cities Co., which formerly con
trolled these properties. V. 108, p. 377. J. S. Peaver was later appointed
co-receiver. V. 115. p. 2476.
Sale.— The property was sold at receiver’s sale on Mar. 31 1924 to the
National Power & Light Co. A new company, to be known as the Birming
ham Electric Co., has been organized to take over the property. It is re
ported that the $781,000 1st Mtge. 5% bonds of the Birmingham R y. &
Elec. C o., which matured July 1 1924, will be paid, principal and accrued
interest. V. 118, p. 1663. Further information not available at time o f
going to press.
Interest Payments.— On Oct. 30 1923 the Court ordered the receivers
not to pay the int. coupons due Nov. 1 1923 on the ref. & ext. mtge. 6 %
bonds. The protective committee for holders of these bonds, however,
made arrangements to pay coupons on deposited bonds. See below and
V. 118, p. 1883, 2108.
Reorganization Plan.— See under “ National Power & Light C o .” on a
subsequent page and V. 114, p. 76.
ORGANIZATION.— Consolidation on June 13 1901 of the Birmingham
Gas Co., the Consolidated Electric Light Co. and the Birmingham R y.,
Light & Power Co. Owns and operates the entire street railway, gas,
A pril, 1924.]
ELECTRIC RAILW AYS
11
electric-power and light and steam heat business of Birmingham and all the
BLUPFTON, IND.
principal near-by cities and towns, including Brighton, Bessemer, Boyles,
/HARION & BLUFFTON TRACTION CO.— A trolley road.
Fairfield, Tarrant City, Inglenook, Edgewood and Irondale; an interurban
ORGANIZATION.— Incorp. in Indiana June 1914 as a reorganization
line, about 31.235 m. of which is in operation, from East Lake to Ensley
and Pratt City; does the city lighting in Birmingham, Bessemer. Fair- of the old Marion Bluffton & Eastern Trac. C o., sold under foreclosure In
field and Brighton. Franchises covering gas, electric power and light Feb. 1914. The old company was placed in receivership as a result of
business and street railway lines are, with some unimportant exceptions, a head-on collision on July 7 1912 In which four persons were killed and 60
stated to be perpetual. Has a contract with the Alabama Power Co. by or more injured (V. 95, p. 297). Early in 1924 aquired the property of the
which the latter furnishes electricity for operating the railways and also for Linn Grove Light & Power Co. V . 118, p. 1520.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
light and power service in Birmingham. Under this contract the company’s
Stock $216,000 ($100)_____________
_______
$216,000 .................
■team station is held as a reserve plant
V 98, p. 1691.
5 g J-J
504,000 July 1 1934
In April 1917 acquired the stock of the Birmingham-Tidewater R y. and 1st M gold $504,000 ($1,000)/ 1914
Sink. fd. 1 % per annum. 1Int. at Fletcher Sav.& Tr. C o ., Tndianap..Tr
in this connection agreed to the guaranty of that company’s bond issue,
EARN ING S.— For year ending Dec. 31 1923, gross, $141,840; net, after
principal and interest. V. 104, p. 1590.
taxes, $29,309; other income, $2,271; bond int., $25,200; surplus, $6,379.
Controls Bessemer Gas Co. through ownership o f capital stock.
Fares.— M ay 1923 the City Com’n o f Birmingham adopted an ordinance In 1922, gross, $134,384; net, after taxes, $41,981; other income, $1,897;
eliminating jitney competition and calling for the reduction of cash fares bond int., $25,200; surplus, $3,480.
R OAD.— Operates 32 miles of track between Marion, where connection
from 8 to 7 cents. This ordinance went into effect on Sept. 15 1923. For
is made with Union Trac. Co. o f Indiana lines and Northern Indiana Power
further details see V. 116, p. 2387.
Suit to Revoke Co.’s Charter.— In Feb. 1923 the city o f Birmingham filed Co. and Bluffton, Ind., connecting there with Indiana Service Corp. and
suit against the co. to revoke the c o .’s charter, which fixed the fare to Union Trac. Co. of Indiana. Standard gauge. 70-lb. T . rail.
OFFICERS.—-Pres., W m. A. Kunkel Jr.; V .-P ., Abram Simmons; Sec.
be charged at 5 cents. The city contends that the rates fixed by the
charter should still hold regardless of the fact that a P. S. Commission has & Gen. M gr., James S. Clark; Treas., J. S. Gilliland.— V. 117, p. 2542;
been created by the State since, with power to fix the rates of all public V. 118, p. 1520.
utilities corporations. V. 115, p. 2476.
Note Extension.— In May 1920 the noteholders' committee named below
BOISE CITY, IDAHO.
announced that arrangements had been made for the extension of the 6 %
BOISE VALLEY TRACTION CO.
notes due April 1 1919 to April 1 1921 at 7% . Bank interest, together with
Controlled through stock ownership by the Idaho Power Co. (V. 104. p .
interest on the overdue coupons up to May 10 1920 at the rate of 6 % was
1148), all of whose common stock except directors’ shares is in turn owned by
paid. V 110. p. 2191. 2657.
Plan for Sale o f Notes Deposited With Committee.— In 1921 it was proposed the Power Securities Corporation. The Idaho Power Co. also owns all
to exchange the 7% notes par for par for new gen. & ref. mtge. 20-year the $750,000 10-yr. 5% notes of the co. The Traction Company owns in fee
8 % bonds, but this plan has evidently been abandoned. In March 1923 all the railway propercy of the old Idaho Railway Lt. & Power Co. except
the protective committee named below announced a plan for the sale of all the Boise R R Co . Ltd. (now the Boise Street Car C o., V. 113, p. 959):
the notes deposited with the committee for a price to net each noteholder There remains outstanding agst. the property the following issue o f bonds.
BONDS—
Date.
Interest. Outstanding
Maturity.
assenting to the plan $1,065 in cash for each $1,000 note deposited. For
Boise & Int 1st M $5,000,0001 1906
5 g A-O
$964,000
1946
full particulars regarding this offer see V. 116, p. 1274.
Committee for 6 % Notes.— Chairman, Thos. J. Walsh; Morris K. Parker, v ($1.000)s f&sub to call.c&rf Int. at Colonial Trust Co Pittsb.. Trustee.
5 F-A 24
750,000 Aug 24 1925
K. W Rollins, Harris Stetson, Geo. Taylor; Sec.. Mias D. Earl, 43 Exchange 10-year mortgage notes_______ 1915
ROAD.— 72 miles single track equivalent of interurban lines and 11 mU»«
Place, N. Y. City. Depositary, Equitable Trust C o.. N\ Y
Deposits
of city lines; total, 83 miles.— Y. 114, p. 1650; V. 115, p. 2476; V. 116,p .1759
have been called for. V. 108, p. 1059. See also V. 116, p. 1274.
Offer to Holders of Ref. A Ext. Mlge. 6s.— The committee named below
has called for the deposit o f bonds. As o f Oct. 30 1923 over 84% of the
BOSTON, MASS.
bonds had been deposited. The committee has contracted to sell the de
BOSTON ELEVATED R A ILW A Y.
posited bonds and coupons if the principal of the bonds be due by declaration
ORGANIZATION.— Charter granted In 1897 provides for an extensive
or otherwise at a price sufficient to yield to the depositors of the bonds (with system of free transfers.
any payment theretofore made by or upon the direction o f the committee)
On Apr. 29 1903 leased from the Old Colony St. R y. (subsequently merged
the principal of their bonds and int. at 6 % from M ay 1 1923 to the date
o f payment, provided that the purchasers are not required to purchase in the Bay State St. Ry.) [now Eastern Mass. St. Ry.], all that company’s
the city of Boston, amounting to 23.753 miles. The lease is for
less than 60% o f the bonds outstanding and payment for and delivery of tracks in and provides that besides paying taxes the Elevated Co. will pay
the bonds need not be made before M ay 1 1924 unless the property of the 99 years
of replacement value (appraised at $353,979, less the rental o f certain
co. has been sooner vested in a new co. free from the lien of the mortgage 614 % pieces of track appraised at $13,866) of the property leased as of date
securing said bonds. The deposit agreement provides for the distribution short 16 1903. and 4% on the cost of all additions ana betterments.
o f the proceeds o f any such sale to the depositors without delay. These Feb.
Consolidation with West End Street Rg.— In July 1911 Massachusetts
parties also agree upon demand of the committee to purchase the coupons
from deposited bonds which will mature on Nov. 1 1923 or to lend to the Legislature passed an Act (signed by the Governor on July 21 1911) super
1908 (V.
917, 1342), permitting
committee or the depositors the face amount of such coupons, and it will seding that approved May 28 and West 86, p.St. Ry. at the expirationthe
consolidation of Boston Elev.
End
of
be the purpose o f the committee to see that depositors receive cash for their the lease, on June 10 1922. The consolidation was carried out in accordance
Nov. 1 1923 coupons. V. 117, p. 1883. Depositing bondholders were
holders of West End pref. stock
notified to present their certificates of deposit for payment on or after with terms of the Act, shares thereof one share of Boston($50 par) receiving
March 20 1924, as they had been called for payment on that date. V. in exchange for each 2 and holders of West End common Elevated 1st prer.
8 % stock ($100 par),
receiving for each
118, p. 1519.
2 shares ($50 par) one share
stock
Committee for Ref. A Ext. Mtge. 6s.—-Chairman. L. Carroll Root; B. B. As a result the affairs of the Boston Elevated 2d pref. 7% wound ($100 par).
West End St. Ry. have been
Veech, J. P. Butler, Arthur V. Morton, Oscar Wells; Sec., H. L. Falk, co. dissolved. For full particulars of the consolidation Act end up and the
212 Carondelet St., New Orleans, La. Depositary, Central Union Trust West End St. Ry see “ Electric Railway” Supplement of Apr. 29 history of
1922.
C o., New York; sub-depositaries: First National Bank, Birmingham, Ala.,
Suowags.— in
Street Ky
one
us©
Canal-Commercial Trust & Savings Bank, New Orleans, United States Che Tremont St. Dec 1896 tfte West End terms underleased Endrlgnt to R y.
subway In Boston
See
West
Street
Trust C o., Louisville, and Pennsylvania Co for Ins. on Lives & Granting
On Dec. 24 1904 the East Boston tunnel (under Boston Harbor) was
Annuities, Philadelphia. V. 117, p. 1662, 1883.
leased by the Boston Elevated Ry. until June 10 1922 for a rental of H o f 1%
STOCK AND BONDS—
Date.
interest. Outstanding
Maturity.
of earnings of all Hues owned, leased or operated. The company also col
Common ($100). $ 3 ,9 0 0 .0 0 0 -.___
____
$3,909,000
See text
lected a toll of lc . per person, which went to the city, but tolls were ab ol
Pref($100),$3,500,000 6 % c u m ___
____
3,500.000 D e c ’ 17. 3%
ished Feb 8 1916 by an Act permitting the city to assume them each year
Birmingham Ry & El 1st M gf 1891
-----787,000 July 2 1924 by act of the Olty Oouncil appropriating sum sufficient to cover iut. and
$1,250,000 ($1,000)____c * jln t. at Central Trust Co., N. Y
Birmingskg. fd. requirements for the year. The tunnel was opened Dec. 30 1904.
Not subject to call
l ham T r. & Sav. Co., Birmingham, Ala.
It extends from the main land to East Boston. 1.4 miles, and cos' $3,500,000.
Gen. M. ref
$10,000,000.1 1904
4H g A-O 8,720.000 A p ril! 1954
On June 28 1902 Wasnington Street Subway Dill became a law. The city
gold ($1,000)__________ c* lln t. at Canal-Commercial Tr. & Sav. Bk.,
constructed a tunnel for elevated trains and leased same to the Boston
{ New Orl., Trus., or at N Y .Tr.C o . N Y .
Elevated Ry. for 25 years at an anuual rental of 414 % of total cost of con
Ref & exten M *25,000,OOOf 1907
6 g M-N
4,601.000 May 1 195,
struction. which was $7,901,700 net. V. 88, p. 98 Proposition was ratified
($1,000) gold sink. fund-c*( Interest at Old Colony Trust C o.. Boston
by voters at Dec 1902 election. V. 75. p. 28. 496. 1315: V 7 7 . p, 2097;
Not subject to call.
[ Trustee, and N Y. agency of company
v 82. p. 217
The Washington Street tunnel began operation Nov. 30
Notes $2,000,000 ($1,000) -C* 1917
7 4.-0
1 .200,000 Apr 1 1921
1908. V. 87. p 1477.
Bonds.— Of the $9,559,000 ref. & ext. 6 % bonds, $9,507,000 are reserved
In June 1906 the Mass. Legislature passed a law permitting the Boston
for prior liens, $1 ,200,000 for the cost of new power house if first lien on Elev. to construct two subways in Cambridge, and to Issue stock or bonds to
same, and $9,559,000 for 80% of the cost of additions if the net earnings are meet the cost. At the end of 20 years the city of Cambridge is to have the
114 times the int. on all bonds outstanding, incl. those to be issued, and pro right to purchase these subways by payiug their cost plus 7% <nt.. less dlvivided 1 0 % of gross earnings have been expended for maint. within previous leuds
V. 83, p. 93. On Jan 4 1912 the first through train was run in the
12 months. The directors may make the rate of int on succeeding Install
new subway; it was opened for public travel Mar. 23 1912. V. 94. p. 1185.
ments not to exceed 6% . Sinking fund of
of 1 % of bonds out began
New Construction of Subwags and Old Contracts Extended.— In July 1911
Sept. 1 1918. On Feb. 28 1923 $133,000 was held by trustees for sinking Mass. Legislature passed an Act (accepted by the city and Boston Elev.
fund. Bonds purchased to be held alive and interest thereon reinvested
in Sept. 1911) providing for the construction by the city of three addition*’
For details of Ponds, property. &c.. see V. 87. p. 1603. Of the gen M of subways, viz., Dorchester Tunnel, Boyiston St. Subway and East Boston
1904, no more bonds can be issued. Sinking fund of *4 of 1% of bonds out
Tunnel extensions, and the extension of all existing contracts until July 1
begins Aug. 1 1924. The bonds are sub. to call at 105 & int. on any int.
1936. the dace to which contracts for new lines are to run. Auuual rental
day on 60 days' notice. For 1st 5s of 1894 $12,500 per ann is pay. into after expiration of old contracts to be as follows: Tremont St. Subway
a sinking fund: $463,000 have been canceled. The notes originally matured (see under West End). 4 14 % on net cost; East Boston tunnel (now expiring
April 1 1919 and bore 6 % int., but were ext ended for two years at 7% . V. lune 10 1922). 0 4 % on net cost (provision for tolls from passengers using
110, p. 2191. 2657. See above
the tunnel eliminated for extension period'; Washington St tunnel (now
Dividends.— First div. on pref. stock, o f 3% , paid in Jan 1902, and 3%
expiring Nov. 30 1933), 414% on net cost
Annual rental for new lines:
•.-a. thereafter to and incl. Dec. 1914'. In June 1915, none; Doc , 3% . In Cambridge connection. for first 20 years. 4 7 % in net cost: thereafter 4 H %
4
June 1916, 3% and 1% on acct of arrears; Dec., 3% ; June 1917, 3% and on net cost; Dorchester and Boyiston tunnels and East Boston tunnel ex
1% on account of arrears: Dec., 3% : none since. On com. stock in 1903
tension. 4)4% on net cost. The Act also provides that all contracts are to
114%; in 1904, 514%: in 1905. 4% ; in 1906, 5%; in 1907 and 1908, none; continue after July 1 1936 until terminated by a two-years' notice by either
1909, 2% : 1910, 5% ; 1911. 7% : 1912, 8 %: 1913 and 1914. 6 %; none since.
oart.v
The various new leases and extensions of old leases were signed by
RE PO RT.—
Gross
Net. after
Interest ana
Surp.for the parties thereto on Dec. 7 1911. V. 93, p. 1785. For proposed exten
Year—
Earns.
Taxes.
Olh. deductions, renew. ,&c. sion to the Dorchester tunnel see V. 118, p. 309.
1920...........................$5,669,237
$1,476,093 $1,394,394
$82,299
Public Management and Operation— Service at Cost.— On June 3 1918 the
1,179.544
1.304.286 def. 124,742
1919______________ 4,577.356
shareholders of the company and the West End Street Ry. accepted
ROAD.— Operates over 154.23 miles of single track in cities of Birming the Act providing for public operation with service at cost and a fixed
ham, Bessemer and in Jefferson County. Standard gauge. All but 6 miles rate of return on the company’s common stock (compare V. 102. p. 2076:
70 to 100-lb. T and girder rails. Owns 293 passenger, 47 freight and 31 V 104. p. 2450). A certificate accepting the Act and evidence that
miscellaneous cars. Total, 371. Installed electric generating capacity, $3,000,000 new preferred stock had been subscribed for by the stock
11,700 k. w. Has 540 miles o f distribution lines and 106 miles of trans holders as provided therein were filed with the State Secretary later in
mission lines.
the month. V. 106, p. 2227, 2344, 2755. The Act went into effect
OFFICERS.— Pres. & Gen. M gr., J. S. Pevear, Birmingham; V.-P., July 1 1918 and provides substantially as follows: (1) Road to be managed
L. L. Newman; Sec. & Treas., J. P. Ross; Asst. Sec. & Asst. Treas.. N. II. by five trustees, appointed by the Governor; (2) Period of public operation,
Hawkins.— V. 115. p. 1099, 2476; V. 116, p. 175, 294, 1274, 2387; Y. 117, 10 years or longer, at option of Commonwealth: (3) Trustees have power to
p. 1128, 1662, 1883, 2108; V. 118, p. 1011, 1266, 1599, 1663.
regulate fares and transfer privileges, and determine character and extent
of service; (4) Company to raise $3,090,000 by sale of pref. stock at not
Birm ingham -Tidewater Railway Co
less than par, $1,000,000 to be used as a reserve fund and $2,000,000 for
Receiver Appointed.— See Birmingham Ry., Lt. & Power Co. above.
Sale.— The property was offered for sale Alar. 31 1924, but as there were add’ ns & irnpts.: (5) Fares must be sufficient to meet cost of service, pref.
iivs. at 7% and com. divs. at rate of $5 a share for first 2 years. $5 50 for
no bidders, sale was postponed to April 14 1924. No further information
□ext 2 years and $6 during balance of period of public operation; the first
Y. 118, p. 1663.
ORGAN IZATION .— A reorganization in 1917 o f the Birmingham Ensley payment is to be made 6 mos. after commencement of public operation; (6)
& Bessemer RR. as per plan No. 1 in V. 101, p. 1013. The company’s Trustees shall adopt a schedule of 8 different grades of fares, of which 4 shall
$325,000 stock acquired by the Birmingham R y., Lt. & Power Co., which b 3 below and 4 above rate of fare first established: schedule shall be increased
whenever fare is changed, so that there shall always be not less than 4 grades
guaranteed the payment of prin. and int. of this company’s bonds.
above and 4 below the existing fare (see “ Fares” below). (7) Whenever in
Committee for 1st Mtge. os.— Charles H Zehnder, J. 1) Kirxpatrick
Howard R. Taylor, and Sec., Joseph Diehl Fackenthal, 165 B'way, N Y
come is insufficient to meet cost of service, the reserve fund shall be drawn
Depositaries: Empire Trust C o.. N. Y . Old Colony Trust C o.. Boston, and upon: if more than sufficient, excess shall be transferred to the reserve fund;
‘ (8 ) The trustees are permitted on certain dates not more than 12 mis.
the Fidelity Trust Co.. Baltimore. Deposits have been called for.
apart, as from time no time mav lie fixed by them to consider a "hange of
Fare Increase.— See Birmingham Ry Lt. & Power Co. above
Offer to Bondholders.— The bondholders committee named above in Jan. the rates of fare in force if the reserve fund exceeds bv 30% or more original
1923 announced that it had received an offer for the purchase of the bonds amount, and income during preceding 3 mos. exceeded cost of service, next,
deposited with it (for terms of offer, see V 116, p. 294). In Feb. 1923 the lower grade of fare shall be adopted: if reserve fund is less than 70% of origin
committee announced that over 75% of the bonds deposited having auth. al amt., and during preceding 3 mos. inc. was less than cost of service, next
high grade of fare shall be adopted Fare shall continue to be decreased or
the sale, said sale would be declared effective. V. 116, d . 294, 615.
increased if reserve fund is above or below sa'd limits- (9) Tf reserve fund is>
BONDS—
Date.
interest. Outstanding. Maturity
insufficient to meet deficiency in cost of service. State shall make up the
First mtge $4,000,000 gold i 1916 5 g J-J
$1,500,000 Jan 1 1943
deficit and assess same upon cities and towns in which the co. operates;
($500 and $1,000)______c ’ flnt. at Empire Trust C o., N. Y., trustee
(10) Vt end of period of public management and operation, road reverts toThe bonds are red. on any int. date at 101 and int. They are guar,
board of directors, who may continue to operate same on service-at-cost
p. & i.. by the Birm Ry.. Lt. & Power Co. V. 104, p. 1700ROAD.— Owns and operates 32 miles. 70-lb. steel rails: standard gauge. plan, and pay $6 a share com. divs.: (11) State has option of taking over the
Has 25 P-A-Y-E steel coaches and 3 misc. cars.— V. 104. d . 1700: V. l09, road bv assuming liabilities, and paying in cash an amount equal to that,
paid in by the stockholders: also State may take over West End St. R y. if
p. 981; V. 116, p. 294, 615; V. 117, p. 207 :V. 118, p. 1266.
12
ELECTRIC RAILW AYS
latter has already been merged Into Boston Elevated, the West End pur
chase price to be an amount In cash equal to amount paid In by com. stock
holders o f West End plus par value o f the pref. stock.
Status at End of Public Control —V . 113, p . 1573.
Operation of Hyde Park Lines.— See V. 110, p. 2487, V. I l l , p. 72.
Trustees.— The following have been appointed trustees under the
“ Public Operation A ct” : Ohairman, James P. Jackson, Samuel L. Powers,
Winthrop Coffin, J. Prank O’ Hare and Stanley R. Miller (Sec.). V . 106,
p. 2755; V. 107, p. 80,1836, 2374; V. 108, p. 76, 377,479; Y. 117, p. 1555,
Recommendations of Trustees to Legislature.— V. 113, p. 2503.
* Control Act” Upheld.— On April 3 1919 the Mass. Supreme Court In an
•
opinion submitted to the State Senate held that the Act above described
la constitutional. The Senate requested the opinion in order to obtain
• decision from the court as to the constitutionality o f two bills then pend
ing, both o f which provided for a rate o f fare less than the cost of furnishing
service, the deficit to be made up by direct taxation. The court held that
It is within the constitutional power o f the Legislature to pass such legis
lation. On Dec. 4 1922 the U. S. Supreme Court handed down a decision
upholding the ruling of the Mass. Supreme Court. V. 115, p. 2579. Com
pare V. 113, p. 291. See also V. 113, p. 2718, 2817; V. 114, p. 737.
Deficit of Co. for 1918-19 Assessed upon Municipalities.— The total deficl*
o f the system for the year ending June 30 1919 amounted to $3,980,152;
lus $59,622 int. on the bonds o f the Commonwealth, making a total o '
4,039.774 to be assessed upon cities and towns. Of this amount the tax
payers o f Boston were obliged to pay $2,905,931, or over 71% of the total
deficit. V. 109, p. 774. A bill in equity was filed in the Supreme Court
Boston, seeking to have the above assessment upon that city declared illegal
but on March 3 1921. the Mass. Supreme Court dismissed the bill. V. 112.
p . 1023. Compare V. 109, p. 774. On Dec. 4 1922 this action was upheld
by the U. S. Supreme Court. V. 115, p. 2579. For refund to cities and
towns on account of deficit see V . 116, p. 511; also V. 117, p. 438. Balance
remaining due in July 1923 was $2,348,397. See V. 117, p. 438, for details
Investment in Property 1911-1916.— See V . 104, p. 862.
Fare Increases.— In July 1918 a fare Increase from 5 cents to 7 cents, effec"
Give Aug. 1 1918, was announced. V. 107, p. 180, 290, 400, 500. On
Dec. 1 1918 it again became necessary to raise the fares and an 8-cent rate
was therefore put into effect. V. 107, p. 2097, 2288, 2374. On July 10,
1919 fares were raised to 10 cents. V. 109, p. 67, 170. On Mar. 26 1921,
a new system of fares was established in the cities of Malden and Everett.
See V . 112, p. 1282. for details. In M ay and June 1921 the co. announced
several fare reductions, and has since established 5-cent fare districts from
time to time. V. 112. p. 2082. 2304, 2535. See also V. 113, p. 530, 847,
1052; V. 114, p. 197; V. 115, p. 2045.
Operation of Jitneys.— In April 1921 the co. was auth. to operate jitneys
V . 112, p. 1616. Compare V. 112, p. 1517.
Sale of Cambridge Subway.— On M ay 1 1920, the State gave to the co$7,868,000 In payment for the Cambridge subway. We understand that the
subway is rented to the company at a rate equivalent to M of 1 % more
than the int. on the bonds issued by the State on account of the purchase of
Che property. See also Y. 110, p. 1414. The extra M% to be used to retire
the bonds serially; the co. is to pay rental at rate of AM % annually on the
amount retired.
► In Feb. 1924 sold $2,098,000 10-yr. 6 % bonds, proceeds being used to
retire $1,500,000 6 % bonds, due March 1 1924, and the balance being used
for new shops in Everett. V. 118, p. 1134.
STOCK AN D BONDS— Date. Interest.
Outstanding.
Maturity.
Stock. $23,950,000 ($10 0 1.................
Quar
$23,879,400
See text.
8 J-J
6.400,000 Jan '24, 4%
1st pref 8 % cum ($100)___________
2dpref 7% cum ($100)_______ _____
7 M-S
13,957,700 Apr 24.3H%
Pref stock, 7% cum ($100)________
_______
3,000.000 Ja n ’24, 3M
Debentures, gold____ c& r.n tfi 1905 4 g M -N
8,500.000 May 1 1936
IOld Colony Trust C o., Boston. Registrar.
Debentures,gold______c& r.n tf 1907 AM A-O
4,800.000 Oct 1 1937
5,000.000 Nov 1 1941
Debentures,gold___ c*& r*_ntf 1911 AM M-N
Debentures,gold___ c*&r*_ntf 1912 5 J-D
8.286.000 Dec 11943
10-yr bonds gold ($1.000) ,c*&r 1923 6 g J-D
3.000,000 June 1 1933
10-yr bonds gold ($l,000)c&r*. 1924
6 g M-S
2,098,000 Mar 1 1934
Securities of West End St. Ry.—
5% bonds of 1914_____________ 1914 5 M-S
2,600,000 Mar 1 1914
Bonds ($1,000)_________ c * .n t f l 9 0 2
4 F-A
5,709,000 Aug 11932
Bond': ($1,000)_______ c&r_ntf 1910 AM J-J
1.601,000 July 1 1930
B on d s____________________ n tf 1912 5 M -N
600,000 Nov 1 1932
B on d s_____________
1916 5 M -N
815,000 M ay l 1936
B onds______________________ 1917 7 M-S
570.000 Sapt 1 1917
Bonds ($1,000)_________ c*&r_ 1918 7 F-A
1.581.000 Aug 11924
B on d s---------------------------------- 1922 6 M%
2,700,000 Feb 11927
B onds---------------------------------- 1922 6 %
1,956,000 M ay 1 1927
Stock.— The pref. stock outstanding is subject to the 1st and 2d pref.
tock, issued In exchange for the pref. and com. stock of the West
End St. R y., upon consolidation in 1922. It Is proposed that stock shall
be subject to retirement at 105 and divs. and in liquidation receive 105 and
divs. V. 106. p. 2344. Listed on Boston Stock Exch. Y. 107, p. 400.
In Dec. 1908 the Massachusetts Railroad Commission sanctioned
$6,650,000 additional stock (raising stock to $19,950,000) at $110 per share,
Go defray the cost o f the Cambridge subway and for the construction of the
East Cambridge and West End elevated lines. V. 87, p. 1662; Y. 8 8 , p.
1372. In Dec. 1912 increased Its stock from $19,959,(100 to $23,950,000
and Offered stockholders the right to subscribe for u jw stock at $105 per
•hare
V. 95. p. 1272: V. 96. p. 61.
Bonds.— The Boston Elevated debentures are coupon bonds, are in denom.
o f $1,000 and registered bonds of all issues are in denominations of $1 ,000,
$5,000, $10,000 and $50,000. Interest on all West End St. R y. issues is
payable at American Trust Co., Boston, except on the 6-year bonds of 1918,
which is payable at Old Colony Trust C o., Boston.
Dividends.— First div., 2 )4 % , was paid Aug. 15 1898. In 1899. 5)4%
In 1900 . 4M % ; in 1901. 5 )4 % : in 1902 to 1913 inclusive. 6 % yearly; in
1914 rate was reduced and in Feb. 2% was paid. In July 1914 it was de
elded to pay dividends quarterly (V. 99. p. 341) and in Aug. 1 M % was paid
N ov., 1 )4 % . In 1915, 5 )4 % . In 1916, 5 % . In 1917, Feb.. 1 M%: May
M % : Aug.. 1)4% ; Nov. div. passed (V. 105, p. 1897). Under public con
trol an Initial div. of $2 04 1-16 on pref. was paid in Jan. 1919. In July
1919 $3 50 was paid and same amount paid semi-annually since. In July
1922 a semi-annual div of 4% was paid on the 1 st pref. stock issued in
exchange for the old West End St. R y .lC o .p re f. stock. In 1923, 8 %.
In 1924, Jan., 4% . In Oct. 1922 3)4% was paid on the 2d pref. stock,
issued in exchange for West End St. Ry. Co. com. stock. In 1923, 7 % .
In 1924, Apr., 3 )4 % . On com. an initial div. of $2 50 was paid in Jan.
1919. In April $ 1 25 was paid and same amount paid regularly to and incl.
July 1920. On Oct. 1 1920, $1 37)4 was paid. Same amount paid reg.
quar. to and incl. April 1922. In Oct. 1922 $1 50 was paid. In 1923, $6.
In 1924, Jan., $1 50; Apr., $1 50. See under “ Public Management and
Operation” above.
F RE PO RT.— Report of Boston Elevated R y. for years ending Dec. 31:
cr Years Ending—
Dec. 31'’23. Dec. 31 ’22. Dec. 31 ’21. Dec. 31 ’ 20.
Revenue miles run_____x54.049.665 x50,575.088 x49,706,697 51,359,855
Revenue pass. carried-.382,149,697 356,593,942 337,252,080 335,526,561
Earnings—
Passenger_____________ $33,282,042 $31,817,072 $32,237,396 $33,096,764
Mails, rents, adv., &c_.
664,971
615,657
654,097
635,761
t
Total________________ $33,947,013 $32,452,833 $32,853,053 $33,750,862
Net earnings------------------$9,816,759 $10,364,375 $10,009,996 $7,981,740
423,972
280,773
Miscell. interest, &c_______________ 149,801
246,343
Total_________________ $9,966,560 $10,610,718 $10,433,968
Deductions—
Taxes on railway oper’ns $1,688,140 $1,587,187 $1,546,758
Rent for leased roads_
_
52,512
2,862,207
1,314,745
Miscellaneous rents___
2,026,937
1,927,151
1.781,225
Net loss on miscellaneous
physical property___
______
8,732
6,960
Int. on funded debt___
2,289,215
1,831,394
1,292,800
Int. on unfunded d ebt-.
26,812
201,458
59,921
Amortization o f discount
on funded debt______
51,121
31,468
31,468
Miscellaneous debits_
_
19,127
16,280
24,816
Total deductions_____$6,153,864
$6,785,415
$7,739,157
$8,262,513
$1,142,987
2,816,248
1,612,746
9,326
1,307,019
207,945
34,860
14,881
$7,146,013
[V ol. 118.
Years ending—
Dec. 31 ’23. Dec. 31 ’ 22. Dec. 31 ’ 21. Dec. 31 ’20.
_
Balance, sur. or def_ sur$3,812,698sur3,825,304sur2,694,812surl,116,501
1st Pref. divs-------------- (8%)512,000
(4)256,000
----------------2d Pref. divs-------------- (7%)978,302(3)4)491.046
Preferred divs. (7 % )_
_
210,000
210,000
210,000
210,000
Common divs-----------(6 %) 1,432,764(5M) 1456069 (5)4) 1313367 (5 M) 1253668
Balance, surplus_____
$679,631 $1,412,189 $1,171,445 def$347,167
[Note.— The reports for 1923 and 1922 designate the dividends as “ Boston
Elevated R y. Co. dividend rental” but have been separated by us for com
parative purposes. The amounts given in the reports are $3,133,065 for
1923 and $2,413,115 for 1922— Ed.]
x Passenger revenue miles (incl. for 1923 motor bus mileage 465,382).
Report.— Covering the 4 years (ending June 30 1923), operation under
public control will be found in V. 117, p. 669.
Road Dec. 31 1921 (“ B” Stands for Rapid Transit Track.)
Miles.
Miles.
Main 1st track (16.804 “ R ” ) 248.162 Formerly West End St. R s..426.480
Main 2d track (16.366 “ R ” ) 213.715 Leases,trkge..&c.(43.161“ R " ) .108.879
Sidings. &c. (9.991 “ R ” ) . _ . 73 482
Total (Incl. 43.161 “ R ’’) _ . 535.359
Total (incl. 43.161 ” R ”) ..535-359
Weight of girder rails is 70 to 150 lbs. Total no. passenger ears, 2,091.
OFFICERS.— Gen. M gr., Edw. Dana: Treas., Henry L. Wilson; Gen.
Aud., J. H. Moran.— V. 115, p. 2158, 2378, 2789, 2904; V. 116, p. 511,
514, 1409, 1646. 2255, 2387, 2515, 2992; V. 117, p. 438, 669, 892,1555,1774.
1883, 1991, 2768; V. 118, p. 309, 430, 549, 901, 905, 1134.
SUBURBAN ELECTRIC SECURITIES CO.— A voluntary association
ORGANIZATION.— This co. is a voluntary association formed in Jan.
1921 as a reorganization to succeed the Boston Suburban Electric Companies:
also a voluntary association (for history see “ Electric Railway Supplement"
of Oct. 30 1920) as per plan outlined in V . 112, p. 164. Under the plan
holders of common shares of the Boston Suburban had the option to pay
an assessment of 25c. a share and receive new 1st pref. stock for an amount
equal at its face value to the cash assessment paid, and in addition as many
shares o f new com. as owned of old com.; or without paying any assessment
to receive new com. shares equal to 2 0 % of their holdings of old com. shares.
Holders of pref. stock upon payment of an assessment of $6 25 received new
1 st pref. stock to an amount equal at its face value to the cash assessment
paid, and in addition as many shares o f new 2d pref. as they owned of old
pref., or without paying any assessment they received an amount of 2d
pref. stock equal to 20% of their holdings of pref. stock. Holders of the
outstanding notes received 80% of their holdings in new 8 % notes, 2 0 %
in cash, and were paid interest on their old notes to date of new notes. Con
trols through stock ownership the Middlesex & Boston Street R y. (into
which the Natick & Cochituate St. R y., the Westboro & Hopkin St. R y.,
the Newton & Boston St. R y., the Newton St. Ry. and the Lex. & Boston
St. Ry. have been merged). Owns all cap. stk. of Norumbega Park Co.
STOCK AND BONDS— Date. Interest. Outstanding.
Maturity.
Common stock____________________
_________ 50,296 sh. ---------------1 st pref 6 % cum___________________
6%
2,076 sh. F eb’24,6 %
2d pref stock $4 per share__________
_________ 31,203 sh.
See text
10 -yr coll tr bonds call at 105( 1921
8%
$831,000
1931
and Interest______________(Boston Safe Deposit & Trust C o., trustee.
STOCK.— Shares have no par value, but In case o f liquidation the 1st pre
ferred shareholders will be entitled to $10 0 per share, with accrued diva.,
prior to all other shares, the 2 d pref. has a like priority over the com. shares.
Bonds.— Are secured by $950,000 notes and $150,000 of the mtge.
bonds of the Middlesex & Boston St. R y., with provision for the substitu
tion of other collateral and for a release of a proportionate part as bonds are
retired. Annual sink, fund 5 % of amount of Issue, to gradually retire same.
ROAD.— Companies owned and controlled operate In the aggregate about
115 miles of track from Needham on the south to Lowell on the north, and
connecting at five points with the tracks of the Boston Elevated R y.
R E PO RT.— Of Electric Co. for years ending Dec. 31:
Period—
Inc. from Sec. Exp. & Int.
Dividends.
Surplus.
Year end. Dec. 31 19 23-.$109,019
$86,624
$12,456
$9,939
Year end. Dec. 31 1922.. 169,571
92.196
12.456
64,919
OFFICERS.— Pres., Adams D. Claflin; Treas., Ohas. W. Smith; Sec.,
John O. Carr; Asst. Treas., Frank E. Frykstrand. V. 112, p. 1618. 1743.
(1) Middlesex & B oston Street R y.— Trolley.
ORGAN IZATION .— Organized in 1907 and took over the South Middlelex Street R y., sold at receivers’ said July 1 1907. and has since acquired
*nd merged the Westborough & Hopkinton St. R y., the Natick & Cochitu
ate St. Ry. (V . 87. p. 1420), the Newton St. Ry. (into which Waltham St.
Ry. had been merged, and which had acquired Commonwealth Ave. St. R y.
»nd Wellesley & Boston St. R y.), V. 89. p. 778. and the Newton & Boston
St. Ry. (V. 89. p. 993). On M ay 9 1912 Mass. R R . Commission granted
permission to absorb by consolidation the Lexington S Boston St. R y. and
c
Issue $525,000 stock In exchange $ for $ for stock of absorbed company;
V. 94. o 1317
In M ay 1923 the co. applied to the Mass. Dept, of P. U. for authority
to issue $175,000 7% cum. pref. stock and $475,000 7% 10-year coupon
notes, proceeds to be applied to the payment of $950,000 8 % demand notes
V. 116. p. 2256. Not issued up to April 1 1924.
In Dec. 1923 the co. was auth. by the Mass. Dept, of P. U. to operate
buses over certain routes. V. 117, p. 2653. iM M j .-J
itit A
A
STOCK AND BONDS—
Date. Interest.
Outstanding
Maturity,
Stock. $1.937.000_________ .
________
$1,987,000 D ec.’22, 2%
First and ref M . $5,000,000? 1912 AM g J-J
1.983,000 Jan 1 1932
gold ($1.000)___________ Clint, at Boston Safe Dep. & Tr. C o., trustee.
Bonds.— Remaining first and refunding bonds are reserved for additions,
extensions and improvements. Callable on any interest date on 30 days’
nKlee as follows: Jan. I 1917 to July l 1921. inclusive, at 107M a n djn t.
Jan. 1 1922 to July 1 1926. inclusive, at 105 and int. ; Jan. 1 1927 t®
July 1 1931. inclusive, at 102M and Int. V. 94, p. 351.
EARNING S.— For years ending Dec. 31;
Cal. Year—
Cross.
Net.aft.Taxes. Int..A c.
Balance.
1923________________S I,265,978
$103,902
$172,277
def.$68,375
1922________________ 1:304,955
239,872
174,503
sur. 65,368
R OAD.— Owns 92.704 miles of track in Newton, Waltham, WatertownNatick, Wellesley, Framingham, Hopkinton, Needham, Sherburn.WaylandBelmont and Ashland, connecting with the Boston Elevated Ry. (at 4
points), &c. Also owns 27.776 miles o f track, leases 0.745 mile; total,
28.511 miles, extending from Arlington Heights (terminus of Boston
Elevated system) through Lexington and Bedford to Billerica, where
cars connect with Eastern Mass. St. Ry. lines for Lowell and also at Arling
ton Heights where cars connect with Boston Elevated R y. for Cambridge
subway to Boston, with branches to Waltham and to Concord. Total
track owned, 120.470 miles; 264 passenger cars and 21 work cars; 26 snow
plows. 60 to 75-lb. T and 95-lb. girder rails.— V. 112. p. 653; V. 113, p.
1156; V. 114, p. 1766; V. 116, p. 2256: V. 117, p. 2653; V. 118, p. 551.
EASTERN MASSACHUSETTS STREET RA ILW A Y COM PANY.
ORGANIZATION, See.— Incorporated early in 1919 in Mass, pursuant
to terms of the “ Special A ct” respecting the Bay State Street R y. [aa
described below] and has acquired substantially all the assets o f that
company, including the leases of the Boston & Chelsea R R . C o., the Boston
S Revere Electric St. Ry. C o., the East Middlesex St. R y. C o., the Winc
nisimmet R R . C o., which see under separate headings below. The stocks
and bonds of these companies remained undisturbed. Various underlying
liens were extended at higher interest rates andJihese appear below . - i
" Sale.— On April 21 1919 the property of the’Bay State Street" Ry. (except
the Rhode Island and New Hampshire lines) was sold at foreclosure
to Arthur I. Glidden, in behalf of the reorganization managers for $3,600,000
preparatory to reorganization as the Eastern Massachusetts St. Ry. Sale
was confirmed April 26 1919. V. 108, p. 1721, 1822. On M ay 31 1919 the
property was conveyed to the Eastern Massachusetts Street Railway Co.
Trustees in Control.— On June 1 1919 the five public trustees appointed
by the Governor took executive control. V. 108, p. 2122.
Bus Operation by Co.— In March 1923 was auth. by the Mass. Dept, of
P. U. to own and operate in certain localities motor vehicles not running
on rails or tracks. See V . 116, p. 1117, 2766; V . 117, p. 670.
A pril, 1924.]
ELECTRIC RAILW AYS
Special A ct.— (1) Provides that the company shall be managed for
10 years by 5 trustees to be appointed by the Governor o f Massachusetts
The trustees appointed for the first 5 years are: Arthur G. Wadleigh, Chair
man; xGeorge M . Byrne, Fred. J. Crowley, Isaac Sprague, Earle P. Charl
ton.
x Successor to the late ex-Gov. Samuel W . McCall.
(2) Gives to the trustees absolute power to fix rates and fares (free from
the jurisdiction o f the P. S. Commission or any other authority) so as to
produce income sufficient to pay all costs of operation (Including taxes,
maintenance and depreciation) and a return on the investment sufficient
to cover all interest requirements, the stated dividends on the preferred
stocks and 6 % per annum on the common stock o f the new company.
Fares increased by trustees from 7 to 10 cents on July 1 1919. V. 109, p. 72.
On Sept. 15 1920 15-cent fares were put Into effect in a few places.
V. I l l , p. 1182. In connection with a reduction in wages effective May 2
1921, it was announced that a general reduction in fares would also take
effect. V. 112, p. 932; see also V. 112, p. 1740, 1977, 2190. Cash fares,
we understand, are unchanged at 10 cents, but in some Instances the
number of rides sold for $ 1 has been increased.
Based upon the P. 8 . Commission's appraisal o f $40,282,340 as o f Aug. 31
1916, plus subsequent additions, the property valuation will be about
$46,000,000, 6 % on which, or $2,760,000, is approximately the permitted
Initial annual return on the investment.
(3) Pledges the credit o f the State for payment o f principal o f not ex
ceeding $4,000,000 new Serial Mtge. bonds maturing within 10 years
ftom date; $2,500,000 o f these had to be and were sold immediately so as
to produce $2,500,000 cash, viz., (a) $2,000,000 reserved for future additions
and Improvements; (ft) $500,000 as a reserve fund.
An additional $1,000,000 cash had to be realized from sale of other new
securities for rehabilitation, &c. This made a total o f $3,500,000 new cash
as a prerequisite
In the March 29 1919 issue o f this publication the reader will find history
o f the Massachusetts Electric Companies and the Bay State Street Railway,
the predecessors, and the plan of reorganization in condensed form. An
extended outline of the plan appeared in the March 8 , March 15 and March
29 1919 numbers o f the “ Chronicle.” Modification in V. 108, p. 1390.
It was found necessary to modify in soma raspacts the original reorgan
ization plan and these modifications were embraced in a readjustment plan
announced in Nov. 1921 and consummated Sept. 30 1922. Under the
plan $889,623 face value o f coupons were redeemed and $667,222 Series
‘C” bonds issued. $3,124,000 sink, fund stock was converted into 1st
pref. stock and $841,800 Series “ C ” , $699,950 Series “ D ” and $500,000
Series “ E” bonds were extended to Jan. 1 1948.
Full details o f readjustment plan will be found in V. 113. p. 1983, 2079.
2405, 2504; V. 114. p. 197. See also V. 115, p. 307. 645: V . 116, p. 410. 1649.
In April 1922 the stockholders voted to issue $1,302,500 com. stock for the
purpose o f settling accounts with the reorganization managers. V. 114,
p. 1890. Compare V. 114, p. 1765.
Payment of Divs. on Com. and Arrears on Ad . Stock Sought.— On Aug 1
1923 a bill in equity and a petition for a writ o f mandamus were filed in the
Mass. Supreme Court at Boston by L. Sherman Adams, against the co.
and its trustees, seeking to compel them to pay certain divs. on the com.
and adjustment stocks. V. 117, p. 522. Answer was filed by the company
and its trustees in Oct. 1923. For details see V. 117, p. 1662. No further
developments up to April 1 1924.
Interest. '^Outstanding. Maturity.
STOCK A N D BONDS.
Date.
Common (see text) par $ 1 0 0 - - ____
________ _ $8,488,014 __________
1 st pref cum ($100) __________ _____
F-A 15
4,121.400 Feb '24. 3%
6 F-A 15
40,200 Feb '24. 3%
8k fd stk $3,239,000 cu m ($ 1 0 0 )____
Pref B stock cum ($100)______ _____
F-A 1
2,997,800 Feb '24, 3%
Adjus stock cum ($100)______ _____
5%
8,711,200 Dee’23,$2.50
6 % Serial Ref M bonds $5,-f 1919
6%
1.500,000
See text
000.000 ($1,000) Scr“ S A ” c*101d Colony Trust C o.. Boston Trustee
8eries “ SC” ------------------552,500
See text
6%
414 % Ref M bonds____________1919
1919
444 J-J 1 14,956,000 Jan 1 1948
5% Ref M bonds______________ 1919
5 J-J 1
2,832,547 Jan 1 1948
6 % Ref M bonds Ser “ C ” ______ 1918
6 M-S
[107,400 Sept 15 '27
1864.600 Jan 1 1948
6% Ref M bonds Ser “ D ” -_
6 A -0
1919
[ 18.400 Apr 1 1925
1713.100 Jan 1 1948
6% Ref M bonds Ser “ E ” ____1919
6 M-N
1919
500,000 Jan 1 1948
Bay State St R y equip notes.. 1917
6 g F-A
See text
522,000
Lynn & Boston 1st mtge, g,\ 1894
5 g J-D
3,723,000 yDec 1 1929
$5,379,000 ($1,000) c * .n t f/ln t . at Old Colony Tr. C o., Boston. Trustee.
H G & D 1st mtge_______ n tf 1899
6%
35,000xSept 1 1929
Mystic Valley St Ry g------------------6%
60,000xJan 1 1928
People’s St Ry, West New-1 1898
5 J-J
64,000 Jan 1 1928
bury 1st M , assum ed-.ntfj Interest at State Street Trust C o., Boston
•Brockton (Consol) St Ry 1st! 1894
5 g A-O
689,000 Oct 1 1924
mort, $750,000, gold— n tf /in t. at State Tr. C o., callable at 105 S int
c
Boston Milton S Brockton) 1899
c
6 J-J
93,OOOxJan 1 1929
1st mtge, $100,000____n tf/In t. at Internat. Tr. C o., Boston, Trustee
N Bedford M ’dleboro & Brock) 1900
5 g J-J
x331,000 Jan 11929
1st M , $325,000 ($1,000),jln t. at American Tr. C o., Boston, Trustee
g old __________________ ntf)
Prov S Taunton St Ry 1st gl 1898
c
6 g M-S
150,000xSept 1 1928
($1,000),auth,$200,000.ntf/Am erican Trust C o., Boston, Trustee.
So Shore S Bos St Ry 1st M l 1899
c
6 F-A
331,000xFeb 1 1929
($1,000), g, $l,0 00,0 00.n tf/ln t. at American Trust C o., Boston, Trustee,
* The company has the option of extending this issue for five years from
date o f maturity at 6 % . These bonds if extended will be redeemable as
gold bonds on any interest date at 103 and int. up to and incl. int. date two
years prior to new maturity date, and thereafter at 101 and int. The trus
tees state, however, that this issue will be taken up at maturity.
x These issues have been extended to the dates here given in accordance
with plan. The extended issues, which in all cases formerly bore 5% int.,
now bear 6 % with the exception of the New Bedford Middleboro & Brock
ton St. R y. 1st 5s which continued at the old int. rate. These issues with
the exception of the last mentioned are call, at 103, and during the 5 years
preceding maturity at 101 and int. The N. B. M ’dleboro & Brockton 1st
5s are callable at par.
y Originally matured Dec. 1 1924. but company exercised option provided
in reorganization plan, and extended this issue for five years to Dec. 1 1929.
The extended bonds are redeemable on any int. date at 103 and int. up to
and incl. int. date two years prior to maturity, and thereafter at 10 1 and
int. V. 117. p. 2 5 4 2 .y !.<iUiil>
M
"Stock.— All classes of stock have hill voting rights, except that the com.
stock had no voting rights until Jan. 1 1921, nor ha- it thereafter at any time
when $5 o f divs. upon the Adjust. Stk. are in default. Common stock is
Issuable under the plan to the amount permitted by the Special Act as
determined by Reorganization Manager and for any further amounts
found necessary by the Reorg. Managers for other purposes. The 1st
pref. stock and the sink. fd. stock are cum., ranking equally and pro rata
for divs. and in liquidation, and preferred as to dividends, and also as to
par and accrued dividends in liquidation, over the Pref. B stock, the
Adjust, stock and the com. stock. Issue o f 1st pref. stock is not limited
and may be called all or in part (when drawn by lot.) on any div. date at
120 and divs. Any subsequent issue o f this stock shall be entitled to such
divs. as shall be fixed at time of issue thereof. Stock of this issue in addition
to the amount shown as outstanding may be issued (a) in exchange, $ for $.
for Bay State R y. bank loans and coupon notes whose holders may choose
1st pref. in preference to sink, fund stock; (b) $ for $ for Bay State claims
not otherwise provided for; (c) compensation o f committees, &c. The
sinking fund 6 % stock is callable all or in part on dividend day at par and
Int. in order of series, numbers 1 to 2 1 , inclusive, by a sinking fund to which
the company is to pay each year an amount equal to the series dur Feb. 15
o f such year, before declaring any dividends on or making any purchase
o f any Preferred B stock, Adjustment stock o f common stock. The shares
to be redeemed shall be determined by lot in case funds are not available
for the payment o f any series in its entirety. Of the sink. fd. stock $1,425,000, including all o f the first six series and part each o f series 7 to 15,
were allocated to bank loans and divided among the bank creditors in pro
portion to their claims. Series 1 to 14 are for $150,000 each. The remain
ing $1,814,000 of this stock being the remainder o f Series 7 to 15, and all
o f series 16 to 2 1 . were allocated to the coupon notes in the order of the
maturity o f the notes, beginning with $57,000 o f the 7th series for the 1918
maturity, and Increasing gradually to $202,000, being the whole of the
13
21st series, for the 1932 maturity. As a matter of convenience these figures
were prepared on the assumption that the option to take 1 st pref. stock in
lieu of sinking fund stock would not be exercised. Pref. 3 stock ranks ahead
of the Adjustment stock and the com. stock. Dividends on this Pref. B
are payable in cash or in com. stock. Call, all or in part (when drawn by
lot) on any div. day at 110 and int. The rate of the dividends on this stock
which in any year are paid in com. stock (1 ) shall not exceed the rate of
the divs. on the Adjust, stk. which in such year are paid in com. stock;
unless all the divs. on the Adjust, stock in such year, if any, are paid In
com. stock, and (2 ) shall be less by at least 2 % than the rate of the divs.
on the com. stock which in such year are paid in com. stock, unless all the
divs. on the com. stock in such year. If any, are paid in com. stock. The
5% Adjust, stock Is preferred over the com. stock. Call, all or in part at
par and int. on any div. date. The rate of the divs. which in any year are
paid In com. stock shall be less by at least 2% than the rate of the divs.
on the com. stock which in such year are paid in com. stock, unless all
ttivs. on the com. stock in such year, if any. are paid in com. stock. Stock
of this issue, in addition to the amount shown above as outstanding. could
be issued in exchange, par for par, for claims against Massachusetts Electric
Companies participating in the plan other than claims in respect of securi
ties expressly provided for.
Bonds.— The serial ref. mtge. 6s, Ser. “ SA,” mature $50,000 each Jan. 1
1920 and 1921 and $300,000 1922-1929, inclusive, $1,000,000 have been re
tired. Ser. “ SC” mature Feb. 1 of each year 1925 to 1928 incl. and Jan. 1
1929. These bonds are issued under c o .’s ref. M tge., which will cover sub
stantially all of the properties subject to less than $1 0 ,000,000underlying
bonds and undisturbed securities. The interest on the Serial 6s is a charge
ahead of the interest on approximately $18,90,0000 Refunding M ort
gage bonds issued under the same mortgage. Callable at 105 on any
interest date on 60 days' notice. The 4 )4 % refdg. mtge. bonds are red.
at 105 and Int. on any int. day up to and incl. July 1 1943, at 104 and int.
in 1944. at 103 and int. in 1945. at 102 in 1946. at 101 in 1947. The 5%
ref. mtge. bonds are red. at 1 1 0 and int. on any int. day up to and incl,
July 1 1938. at 109 and int. in 1939. at 108 in 1940, 107 in 1941, 106 in
1942, 105 in 1943. 104 in 1944, 103 in 1945. 102 in 1946. 101 in 1947. The
6 % ref. mtge. bonds are red. at 103 and int. on any int. date up to and incl.
Sept. 15 1928 and at 100 and int. on March 15 1927.
Additional ref. mtge. bonds other than the ref. mtge. Serial bonds,
and the other bonds issuable under the plan, may be issued to an amount
not exceeding at par value 60% of the cost of future adds, and impts., but
only when the annual net earnings available for the payment of interest
on the ref. mtge. bonds are at least 13i times the interest charges on all
ref. mtge. bonds outstanding and applied for and on all prior lien issues.
This net earnings provision may, by the firm of Lee, Higginson S Co.
c
»s now or hereafter constituted, Harris, Forbes & C o., Inc., or Its suc
cessor, and the firm of William A . Read & Oo., as now or hereafter con
stituted. be waived in respect of any issue made before Jan. 1 1929. In
the discretion of the Reorg. Mgrs. the ref. mtge. may provide that it shall
not be foreclosed for a period of 10 years, and in such event a General Mtge.
shall be created subject to the ref. mtge. and covering the same properties
and securing prin. and int. of all ref. mtge. bonds other than ref. mtge.
Serial bonds, and in the discretion of the Reorg. Mgrs. the int. or prin. or
both of the ref. mtge. Serial bonds. Interest on the ref. mtge. Serial
bonds so far as secured by this General Mtge. may be accorded priority
thereunder over any other obligation secured thereby, but subject to this
exception all obligations secured by said General Mtge. shall be equally
secured thereby. The said General M tge. shall be subject to foreclosure
at any time in case of default.
The Bay State St. R y. equip, notes were issued to provide. In part, for
the payment of 200 now seml-conv. P-A-Y-E cars, costing $1,631,000.
Notes are due $131,000 annually Aug. 1 1918 to 1926, incl., and $129,000
lu g . 1 1927, but callable on any Int. date at 100 and int. on 6 weeks' notice.
The $131,000 which fell due on Aug. 1 1918 were purchased by the receiver,
interest at Old Colony Trust C o., trustee. V. 105, p. 908. The $131,000
due each Aug. 1 in subsequent years, being retired when due.
EARNINGS.— Condensed income statement for cal. years;
Total Rev.
Net after Taxes. Int. & Rentals.
Bal., Surv.
1923
$10,712,706
$2,276,686
$1,398,152
$878,534
1922
10,712,663
2,557,749
1,497,955
1,059,792
ROAD, &c.— Operates 701 miles of line. Power capacity 49 engines,
43,775 h. p., and 52 generators, 29,755 k. w.; 1 1 turbines, 22,500 h. p .
and 15,100 k.
Directors.— Chairman of Board, Roger W . Babson; Walter L. Haehnlen,
E. Elmer Foye, W . Eugene McGregor, J. Howard Leman, Bernard W
Trafford and E. Sohier Welch. V. 112, p. 2083.
OFFICERS.— V.-P. & Gen. M gr., R . B. Stearns; Asst. Gen. Mgr.,'
Howard F. Fritch; Compt., Caleb S. Jackson; Asst. Treas.. H. 8 . Nowell:
Attorney, Philip G. Carleton.— V. 117, p. 522, 670, 1662, 2109, 2211, 2323,
2542, 2889; Y. 118, p. 310, 663, 793, 1133.
(a) Boston S Chelsea R R .— Owns 4.37 miles of main track. Leased
c
co Lynn & Boston Street Ry. Co. (subsequently the Bay State St. R y. and
now the Eastern Mass. St. R y.) at $7,260 per annum, equal to 6 % on $121.000 stock, payable A . S O.
c
(6) B oston S Revere Electric Street Ry.
c
ORGANIZATION.— Incorp. June 24 1889. Owns 3.78 miles o f main
track. Leased from July 1 1895 for 99 years to Lynn S Boston (subse
c
quently the Bay State Street R y. and now the Eastern Mass. St. R y .);
which guarantees interest on the $50,000 mtge. of 1908 and dividends on
$50,000 stock from July 1 1898 at 5% per annum.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity,
Stock (par $100)------------------- -------5 J-J
$50,000 See text
Boston S Revere Elec St R yl 1908
c
5 g M-S
50.000 Sept 1 1928
$50,000 gold ($1,000)— c*/In t. at American Trust C o.. Boston, Trustee.
Bonis.— No sinking fund, but bonds ma called ony be any Interest data
m six weeks' notice.
(c) East Middlesex S treet R y.
O RGAN IZATION .— Owns 19.35 miles o f main track. Leased M ay I
1893 to Lynn S Boston (subsequently the Bay State St. R y. and now the
c
Eastern Mass. St. R y.) for 99 years at a rental til) M ay 1 1896 of $18,000
yearly in addition to fixed charges; then till M ay 1 1901 $24,000 yearly
and for remainder of lease $30,000 yearly. Eight per cent divs. had been
paid, but on M ay 1 1901 were increased to 10%, but were again reduced to
8 % in 1923. The $100,000 4s due Jan. 1 1922 were retired at maturity.
STOCK AND BONDS—
Date.
Interest
Outstanding. Maturity.
Stock ($100),$300,000-.....................
8%
$297,700 See text
(d) W lnnlsltnmet (Street) R R .
ORGAN IZATION .— Owns 2.08 miles of main track. Leased to the
Lynn & Boston (subsequently the Bay State St. R y., now the Eastern Mass.
St. R y.) for 999 years from 1880 at $3 000 per annum. Capital stock
Is $50,000; par $50.
_____
NEWPORT ELECTRIC CORP.
Under the management o f Sanderson & Porter.
ORGANIZATION.— Incorp. In R. I. on Feb. 23 1898 as the Newport *
Fall River St. R y. Co. In 1920 name was changed to Newport Blectrls
Corp. The new corporation was auth. to increase the amount of its capital
stock to $3,000,000 and its bonds to $2,000,000 and was auth. to make a
new lease of its property and modify the existing lease. The property was
leased July 1 1901 for a term o f 99 years to the old Colony St. R y. Ob.
(now Eastern Massachusetts St. R y. Co.) at a rental of 6 % on stock and
int. on bonds. The reorganization managers o f the Eastern Massachusetts
St. Ry. Co. elected not to take over the lease made to the Old Colony St,
R y. Co., and the receiver for the former Bay State St. R y. Co. then took
over the operation of the property. On Oct. 1 1921 the lease was oancelled
and the property turned over to the stockholders. V. 113, p. 1675. Com
pare V. I l l , p. 1661.
Does all the electric light and power business In Newport, Jamestown,
Middletown and Portsmouth and operates street railway in N e w p «t and
the interurban between Newport and Fall River.
The co’s $240,000 1st mtge. 5% bonds which matured on Aug. 1 1918
were purchased for the account of the receiver o f Bay State Street R y ,
but this issue was paid off as per settlement plan outlined in V . 113. p. 1875,
Offer Made to Purchase Company's Stock.— For offer made to stockholders
in March 1924 to purchase their holdings, see V.118, p. 1268.
14
ELECTKIC RAILWAYS
STOCK, BONDS, ETC — Date
Interest. Outstanding. Maturity
Com stk $3,050,000 par $100______
J-J
$1,191,000 See text
Preferred 7% cumulative__________
7%
83,600 D ec.’23,15i
Consol mortgage. $2.000.000.1 1904 4K J-J
690,000 July 1 1954
gold ($1,000)______c* A rtffln t. at Am. Trust C o., Boston, Trustee
Newport Illuminating Co 2 d j ____
0g
03,500 Oct 1 1925
mortgage, g o l d ________tfjOentral Trust C o., New York, Trustee.
Newp E lec Corp sec notes___ _____
7
120,000 See text
Newp Elec Corp deb notes! ___
8%
103,000 Oct 1 1927
call at 120________________(Newport Trust C o.. Trustee.
Bonds.— $240,000 cons. 41$s are pledged as security for the $120,000 7%
notes. Remaining consol, mtge. bonds are reserved to retire prior liens
N ot redeemable. The 7% notes mature $20,000 Oct. 1 1924 and $100,000
Oct. 1 1925.
Dividends.— On pref., 1% % quar. from Sept. 1 1922 to and incl. Dec
1923.
A div. of 1% on com. was paid Oct. 1 1922. Same rate paid quar.
since to and incl. July 1923. None paid in Oct. 1923.
RE PO RT.— For cal. year 1923, gross, $618,160; net, after taxes. $157.517; int.. Ac.. $52,954: bal.. sur.. $104,564.
ROA D .— Miles o f track owned: Main line, 18.92 m.; sd track. 2.52 m.;
sidings, &c., .95 m.; total, 22.39 m.
53 motor pass, cars, 3 motor service
cars, 6 other motor cars.
OFFICERS.— Pres., Frank D . Lisle; V .-P ., F. W. Lawrence; Sec. A
Treas., Wm. P. Sheffield Jr.; Asst. Treas., A. C. Hall.—-V. 118, p. 1268.
BOSTON & WORCESTER ELECTRIC COMPANIES.
O R GAN IZATION .— This is a voluntary association organized under •
trust agreement dated Dec. 29 1902. Its property consists of the en
tire common stock, $60,000 preferred stock, $181,200 First Mortgag>
bonds and $247,000 “ notes payable" of the Boston A Worcester 8 tree)
B y . It has issued 33,936 4% cumulative pref. shares and 34.614 common
shares, no par value. In case o f liquidation pref. shares receive $100 each
before the participation o f common. In Jan. 1905 was listed on Boston
Stock Exchange. Stock was increased to present amount by the issue in
July 1906 o f 6,000 shares common and 6,000 pref., which was offered to
shareholders at $105 for a block o f one pref. plus odo common share.
Refinancing.— See Boston & Worcester Street Ry. below.
R E PO RT.— For years ending Dec. 31
Cal.
Dies, on
Other
Total
Preferred
Expenses Surplus
Year— B.&W.Stk. Income. Income
Dividends. A Taxes, or Deficit
1923____ None
$25,365 $25,365
None
$12,394 sur$12,971
1922____ None
25,206 25,206
None
11,218 sur.13.988
D IV ID E N D S.— First div. on pref. stock. $2. paid July 1 1904; 1905 t
1908. Incl.. $4; In 1909, $2; in 1910, Jan.. $1; 1911. none; 1912. to 1915
ncl., $2. In 1916. $2 50. In 1917. $2. In 1918. Jan . $1. None since
OFFICERS.— Pres., William M. Butler; V .-P., A. E. Childs; Sec . J F
Bacon; Treas.. A. E. Stone.— (V. 105. p. 1305. 1308; V. 107. p. 1579. 1865
B oston & W orcester Street R y.— Trolley
OR G A N IZA TIO N .— Incorporated in Massachusetts on Nov. 15 1901 •
Franchise perpetual.
Owns the Framingham Union Street R y., Fram
ingham Southborough A Marlborough Street Ry. and the Marlborougi
A Framingham St. Ry. In March 1907 Mass. RR. Commission granted
right to do an express and freight business over entire line.
On Feb. 21 1911 Mass. R R . Comm. auth. an issue of $397,200 0% cum
($100) pref. stock (auth by stockholders Feb. 2 1911). of which $297,001
was used to retire like amount o f common Issued in 1910 (V. 90. p 6251 an'
remainder to fund floating debt. V 92. p. 394. 525. 659. 724
In N ov. 1912 made a contract with the Boston Elevated Ry. for choperation o f express cars over that company's tracks to the freight expre*
terminal on Harrison Ave.
Rates.— Effective Dec. 17 1920, cash fares were raised from 7 to 10 cents,
Ac. See V. I l l , p. 2519.
Refinancing Plan.— In July 1923 the directors and stock holders of the
Boston A Worcester St. Ry. and the trustees and stockholders of the Bos
ton A Worcester Elec. Cos. approved a plan (outlined in V. 116, p. 2992;
V. 117, p. 438) for refinancing the 1st Mftge. bonds maturing Aug. 1 1923,
which provides in brief:
(1) 1st Mtge. 4J^% bonds to the amount of $2,260,000 and 1st Mtge.
Extended bonds of the Fram. Southb. A Marlb. St. Ry. to amount of $37,000, which matured Aug. 1 1923, are to be exchanged par for par for new
1st Mtge. 10-yr. 6 % bonds dated Aug. 1 1923.
(2) In consideration o f the exchange o f bonds by the bondholders, the
Boston A Worcester Electric Cos. will subscribe at par to $934,000 addi
tional common stock o f the Street Ry. Co. and the $934,000 so received
by the Railway Co. will be applied as follows:
(а) To pay the notes of the Street Railway Co. held by the public $115,000
65,000
(б) T o pay the notes of Street Ry. Co. held by Electric Cos____
(c) To retire an equal amount of 4 H % bonds held by Elec. Cos_ _ 200,000
(d) To retire an equal amount o f F. S. A M . Ry. Co. bonds held
(e) For improvements to the road and new cars________________
581,000
(3) The pref. shareholders o f the Electric Cos. will be offered the right
to purchase for each pref. share held 87-100 o f a share o f common stock of
the Street R y. Co. for $24, which is equivalent to $27 58 a whole common
share. Such an amount o f the common stock o f the Railway Co. as is not
thus purchased by the pref. shareholders of the Electric Co. will be offered,
pro rata, to the common shareholders o f the Electric Cos. at the same price,
namely $27 58 for each whole share o f the Street Ry. common stock.
(4) Through the sale of this stock, the Electric Cos. will raise $814,450
cash, which will be applied as follows: $168,450 to pay the outstanding notes
o f the Electric Cos.; $646,000 to apply to the purchase of the common
stock o f the Street Railway Co. as shown above, the balance tof $288,000
due the Railway Co. for its stock being paid in its own bonds and notes
held by the Electric Cos.
(5) Notes o f the Street Railway Co. to the amount o f $182,000 held by
the Electric Cos. are to be canceled and no securities issued therefor, and
the assets of the Electric Cos. after payment o f int. and other liabilities are
to be turned over to the Street Railway Co.
(6) Accrued and unpaid dividends o f 27% , as of Mar. 1 1923, on the pref
stock o f the Street Ry. Co. will be waived by the pref. stockholders.
The committee in charge of the carrying out of the plan consists of;
W m. M . Butler, Charles Hayden and Arthur E. Childs. Depositary,
American Trust C o., Boston, Mass. In Nov. 1923 it was reported that
$2,058,000 1st Mtge. 4J^% bonds out o f $2,297,000 outstanding in hands
o f the public and 4,024 shares of the pref. stock out of 4,572 shares out
standing had been deposited under the plan. V. 117, p. 2108. Compare
For further details see V. 117, p. 438. Compare V. 116, p. 2992.
STOCK A N D BON D 8—
Date. Interest.
Outstanding
Maturity
$2,025,000 Dec' 17, IU
Stock, com ($100)...................................- ...........
Pref, $457,200 ($100) 6 % cum..........
M-S
457.200 Sept’ 18. 3%
Bost A Wor 1st mortgage, $2.-1 1903
414 g F-A
2.480,000 Aug 11921500,060, gold ($1.000)c*tf (Interest at AmericaQ Trust C o., Bos , Trus
7%
60,000 Aug 1 1923
f
Fram So A Marl 1st mtg _ tf / i ____
(Interest at American Trust C o.. Bos., Trus
Notes payable Jan. 1 1924*362,000
• Of which $247,000 Is held by B. A W. Electric Companies.
Bonds.— The Fram. So A Marl. 1st mtge. 7s were originally 5s and m*
tured on Jan. 1 1919, but were extended for 3 years at 7% , and again to
Aug. 1 1923 at the same rate of int. V. 113, p. 2817.
Dividends.— On pref. 3% semi-ann. from date o f issue to and Incl. Sepi
1918. None since. On com. paid 3% July 1904; also 3% seml-ann. untl
Dec. 1908. when 114% was paid. In 1909, J u n e ^ ll4 % ; in 1910, Jan
|% ; in 1911. Dec 1%: In 1912. June, 114%; Dec., 114%. In 1913
In 1915. 214%. In 1916, 354%
in 1917, June
%• In 1914, 3%
:% ; Dec., 114%. None since.
REPO RT.— For years ending Dec. 31:
Calendar
Total
Net
Int. & Pref. Divs. Common Balance,
Years— Revenue.
Revenue.
Taxes.
(6 % ).
Dividends. Surplus.
1923___ $1,164,5.56 $195,647 $177,150
None
None $18,497
1922___ 1,105,497
245,557
181,250
None
None 64,307
ROA D .— Owns and operates 83.619 miles of track, a considerable portion
over private right of way, between Boston and Worcester, incl. an extension
to Natick. Rails, 75-lbs.
Has 91 cars.— V. 107, p. 290; V.108,, p. 468,
682; V. I l l , p. 2519; V. 113, p. 2404, 2612, 2817; V. 115, p. 1209, 2045;
V. 116, p. 1410, 2992; V. 117, p. 438, 781, 1991, 2108.
[V ol. 118.
BROOKLYN, N. Y.
BROOKLYN-MANHATTAN T R AN SIT CO R P.— A holding company.
N ote.— T he data here given are in a measure on ly tentative and
are su b ject to such changes and readjustm ents as may be fou n d
necessary with the final carrying ou t of all th e details of the re
organization.
ORGAN IZATION .— Organized in New York in 1923, as per plan
outlined in “ Electric Railway Supplement" of April 28 1923, to succeed
the Brooklyn Rapid Transit C o., sold at foreclosure. For history of
Brooklyn Rapid Transit Co. see “ Electric Railway Supplement” of April
28 1923. Stockholders of the old B. R. T . were assessed $35 a share
under the plan and received upon payment of such assessment $21,875
new 6 % bonds, $13,125 new 6 % pref. stock and also 1 share of new no
par value stock of the B .-M .-T . The receivership of the Brooklyn Queens
County A Suburban R R . (in effect since July 14 1919) was terminated
Dec. 2 1923. V. 117, p. 2888; V. 118, p. 1011.
ASSETS.— The old B. R. T. owned or controlled the following stocks
and bonds but under the reorganization plan various changes will be made
in the holdings transferred to the B .-M . T . Corp., and these we explain
wherever necessary, so far as is possible from the information at hand, in
the accompanying footnotes:
Stocks:
a Entire capital stock Brooklyn Heights R R . Co. (par)_______
$ 200,000
Entire capital stock Bkln. Q’ns Co. A Suburban R R . Co. (par)- 2 . 000,000
Entirecom. stocks of the Nassau Electric R R . C o., par________ 8,500,000
63,947.75 shares out of 65,000 shares of the 4% cumulative pref.
stock of the Nassau Elec. R R . C o., par___________________
6.394,775
Entire stock of Coney Island A Gravesend R y. C o., par______
350.000
c 648.406 shares of Brooklyn Rapid Transit C o., par_________
64.841
Entire capital stock of South Brooklyn R y., par______________
500.000
69,800 shares out of 10,000 of the American Railway Traffic Co.
500 shares of the Bridge Operating C o., par________________
50.000
d 2.000 shares of N. Y. Municipal Corp., par________________
200.000
e 1,000 shares out of 1,000 shares of N. Y. A Coney Isl. R R . C o.
100,000
e 500 shares out of 500 shares Pros. Park A So. Bklyn. R R . Co_
50.000
26,865 shares out of 29,839 shares Con. Isl. A Bklyn. R R _____ 2,686,500
506 shares Bklyn. A North River R R . C o ___________________
50.000
100 shares De Kalb Ave. A No. Bklyn. R R . C o ______________
10.000
25 shares Coney Island A Brooklyn Terminal C o_____________
2,500
100 shares B ’way Subway A Home Bor. Oar Adv. C o________
10,000
e 27 shares Prospect Park A Coney Island R R . C o___________
2,700
B onds.
$40,368,132
•1st M . 5% bonds Bklyn. Queens Co. A Sub. R R . (par)______ $2,000,000
/1 s t con. M . Bklyn. Q’ns Co. A Sub. (owned by Bklyn. H ’ts Co.)
50.000
•1st mortgage 5% bonds Brooklyn C ity R R . (par)__________
1,627,000
•Refunding gold mortgage 4 % , Brooklyn City R R __________
925,000
0*Gold 5% bonds Brooklyn Rapid Transit___________________
30,000
g Ref. mtge. 4% bonds Brooklyn Rapid Transit C o__________
22.421
g Ref. motge. 4% bonds B. R. T . (owned by Nassau El. R R .). 1,761,000
Consol, mtge. 4% bonds Nassau Elec. R R ___________________
1,161.000
Jamaica A Brooklyn mtge. bonds, 5 % _______________________
8,000
h N. Y . Municipal Ry. Corp. 5 % ____________________________ 57,775,000
Coney Island A Brooklyn 1st consol, mortgage 4 % ___________
13,000
Coney Island A Brooklyn consol, mortgage 4 % ______________
732,000
Brooklyn City A Newtown mortgage 5 % ____________________
7,000
* The $2,000,000 of B. Q. C. A Sub. R R . 1st 5s and $1,627,000 Brooklyn
City R R . 1st 5s; also $125,000 out of the $925,000 B. C. R R . ref. 4s held,
and $25,000 out of the $30,000 B. R. T . gold 5s and $250,000 B. R. T . ref.
mtge. 4s held, composed guaranty fund for performance o f Brooklyn City
R R . C o.’s lease. Owing to the failure of the Brooklyn Heights R R . to
pay the rental due the Brooklyn City R R . (see that company) on Oct. 1
1919, this lease was abrogated. The disposition of this fund was contested
and carried to the courts, but on Nov. 19 1923 a compromise was effected,
for details of which see caption “ Guaranty Fund” under statement of
Brooklyn City RR. above.
a This co., which formerly leased the lines o f Brooklyn City R R . for the
B. R . T ., is being liquidated (see Bklyn. City R R . under separate heading
above).
b Being liquidated.
c T o be exchanged for new 6 % bonds, pref. stock and com. stock as per
plan.
d Merged into the N. Y . Consolidated R R . (now the N . Y . Rapid Transit
C orp.).
e Merged into the South Brooklyn R y. (V. 117, p. 1348).
/B rook lyn Heights Co. is being liquidated, these bonds will probabl
be acquired by B .-M . T. Corp.
g To be exchanged for new 6 % bonds, new 6 % pref. stock and new com.
stock.
h Each $1,030 to be exchanged for $1,150 in new Rapid Transit ref.
mtge. 5s (ser. “ A” ) and $50 in cash.
New Subways and Extensions.— An agreement was reached in M ay 1912
as to how the routes of the new dual sybway system in lower Manhattan
should be apportioned between the Interborough and Bklyn. Rapid Transit,
and the Court of Appeals at Albany having on June 30 1912 affirmed the
decision of Justice Blackmar (V. 94, p. 1057) holding to be constitutional
the terms of the proposed contracts with the Interborough and B. R. T .,
formal contracts were drawn up by the P. S. Comm, and were signed on
Mar. 19 1913. V. 96, p. 862. See caption “ Rapid Transit in New York
C ity" in V. 94, p. 1384, 1449, 1566: V. 95, p. 48, 111, 237, 1040; V. 96,
p. 63, 136, 488, 716, 864. For description of new subway lines, built and
to be built jointly by the Brooklyn Rapid Transit (now B .-M . T .) and the
city, see “ Electric Railway Supplement” o f Oct. 28 1922 under B. R. T .
Suit Against Bklyn. City BE.— The receiver for the old B. R. T . brought
suit against the Bklyn. City R R . to recover $10,000,000 advanced to that
company prior to the designation of the receivership. V. 113, p. 2012.
This case is still pending.
Suit Against City.— In Dec. 1918 the N . Y . Municipal Ry. Corp. and the
N. Y. Consolidated Ry. Co. brought suit against the city o f New York and
the P. S. Comm, to compel completion of the city transit system in accord
ance with the contract of March 19 1913. The plaintiffs alleged that, not
withstanding the elapse of 6 years since the execution of the dual contracts
there remained unfinished and still to be constructed or completed 47 miles
of track out of a total of 115, and 19 milas of road out of a total of 41 of the
lines which the city assumed to construct by Jan. 1 1917 and which the
company agreed to equip and operate. For further details see V. 107, p.
2288. In April 1922 the receiver for the N. Y . Municipal Ry. Corp. and
the N. Y . Cons. Ry. Co. filed a bill of complaint in the U. S. Dist. Court
to compel the carrying out of these contracts and to recover alleged damages
incurred as a result of the city's alleged failure to perform its contract
obligation. V. 114, p. 1764. The city has filed an answer asking the dis
missal of the suit. For details see V. 114, p. 2358. In July 1923 the
B .-M . T. took over the handling of the suit from tbe counsel for the re
ceiver. See V. 117, p. 322. On Jan. 3 1924 Judge Mayer granted a
motion of the New York Rapid Transit Corp. to intervene in this suit.
V. 118, p. 85. The city and the Transit Commission have appealed to tbe
U. S. Supreme Court from the order granted by Judge Mayer permitting
the Rapid Transit Corp. to intervene. V. 118, p. 1268.
Plan of Transit Commission for Merger of New York City Street Railways.—
The N. Y. Transit Commission on Sept. 29 1921 made public a plan for the
readjustment and merger of street railways and rapid transit lines of Greater
New York with eventual city ownership. For extended outline of plan
see V. 113, p. 1431. See also V. 117, p. 670 under caption “ Rapid Transit
in New York C ity.”
Advertising Contract.— On Feb. 28 1924 the Transit Commission approved
a contract between the corporation and Barron G. Collier, Inc., for the
advertising and vending privileges of the subway and elevated lines of the
system, under terms of which the latter agrees to pay a minimum of $15,000,000 for 15 years as follows: $900,000 a year for the first 5 years, $1,000,000 a year for the second 5 years, and $1,100,000 a year for the third 5
years. V. 118, p. 1267.
Valuation.— See V. 117, p. 2006, under caption “ B. R. T .”
Payment of Tort Claims.— See V. 117, p. 1346.
Upon completion of reorganization the capitalization will be approximately
as follows:
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com. 850,000 shares (no p a r ) . ____
...........
*766,530 s h s .__________
Pref., 350,000 shares—
Series “ A ” $6 cum. after
July 1 1 9 2 6 ---.............................
$6
x.$23,955,407May’24$l .50
Rapid Transit Security 6 %
6%
92.697.207 July 1 1968
s. f. bonds gold— Series A 1923
15
ELECTEIC EAILW AYS
A pril, 1924.]
im v m v r n
B
ROOKLYN
T,
IVMANHATTAN
M
A RANSIT
CORPORATION
Underlying Bonds
Bought
Sold
Quoted
Atlantic Avenue R.R. General Consol. 5 s................................
1931
Brooklyn, Bath & W est End R.R. General 5 s ........................ 1933
Brooklyn City & Newtown R.R. Consol. 1st 5s......................* 1939
Brooklyn, Queens County & Suburban R.R. 1st 5s.............
1941
Brooklyn, Queens County & Suburban R.R. 1stConsol. 5s. 1941
Brooklyn Union Elevated R.R. 1st 5 s.........................................
1950
Coney Island & Brooklyn R.R. 1st Consol. 4 s .......................... 1948
Coney Island & Brooklyn R.R. Consol. 4 s................................
1955
Jamaica & Brooklyn Road Company 1st 5 s..............................
1930
Kings County Elevated R.R. 1st 4 s...........................................
1949
Nassau Electric Railroad 1st 5 s.................................................... 1944
Nassau Electric R.R. 1st Consol. 4 s ...........................................
1951
also
A L L F O R M E R B. R. T. ISSU ES
B. M. T. ST O C K A N D B O N D SCRIP
As a Specialist in the New York City Public Utility Issues, I am
prepared to furnish actual markets or reliable information on the
securities of the various Gas, Electric Light, and Traction
Companies.
INQUIRIES INVITED
w s Carnegie Ewen
Specialist in New York City Public Utilities
2 Wall Street
Telephone Rector 3273
New York City
w u .
Atlantic Avenue R.R. Improvement 5s..................................... 1934
16
ELECTRIC RAILW AYS
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
1,497,000 July 11941
Brooklyn Queens Co. & Sub. 1894
5 g J-J
first M . $3,500,000-ntf IGuar. Trust C o., New York, trustee.
First consol M , guar p & if 189
5 g M -N
2,803,000 July 1 1941
(end), $4,500,000— ntf(Central Trust Co., New York, trustee.
Jamaica & Brook RR first/ 1889
5 g J-J
231,000 Jan 1 1930
mortgage. $240,000_ tf (Central Trust Co., New York, trustee.
_
Brooklyn Union Elev 1st M .f 1899 5 g F-A
15,956,000 Feb 1 1950
guar. $16,000,000_______ t flln t . at Central Tr. C o., N. Y ., trustee.
Kings Co Elev first m tge,/ 1899 4 g F.A
6,980,000 Aug 1 1949
$7,000,000($l,000),g(gu)ntf\lnt. at Central Trust C o., N. Y ., trustee.
JS
4 g j-j
10,337,000 Jan 1 1951
Nassau El _ _ Co cons M lg98
RR _
bonds ($1 ,000), $15,-{Guaranty Trust Co., N. Y ., trustee. Bonds
c*&rtf (guar, by end. by Bklyn. Heights RR.
000,000
First mtge bonds (closed) t fj 1894 5 A-O
660,000 Apr 1 1944
(Hamilton Trust Co., N. Y ., trustee.
Atlantic Ave gen mortgage/ 1891 5 g A-O
2,421,000 Apr 1 1931
gold (closed)_______ n tf (Brooklyn Trust Co., trustee
Atlantic Ave improvement, ( 1894 5 g J-J
215,000 Jan 11934
gold (closed)_________ tf/Central Trust C o., New York, triustee.
B B & W E general gold,/ 1893 5 g A-O
18,000 Oct 1 1933
$121,000 ____________ t f (Franklin Trust C o., N . Y ., trustee.
Coney Isl & Bklyn 1st consol/ 1898
4 g J-J
1,986,000 July 11948
M $2,000,000 gold____ n tf (Mercantile Trust Co., New York, trustee.
1,500,000 Jan 1 1955
Consol mortgage $10,000,-/ 1904
4 g J-J
000 gold ($1,000)__ c* tf (Mercantile Trust C o., New York, trustee.
Bklyn City & Newtown/ 1889
5 J-J
1,988,000 July 1 1939
1st M $2,000,000
n tf (Mercantile Trust Co., New York, trustee.
* To bf further increased by issuance of add’l shares in exchange for N. Y.
Consol. R R . stock, x To be further increased to take care of unsecured
claims.
Stock.— Pref. is issuable in series, each series (subsequent to ser. “ A ")
to carry divs. at such rate and cumul. from such date, and to be red. on
such terms, as directors may determine at the time o f the creation thereof.
Pref. as to assets on distribution to the amount of $100 per share and divs.
Pref. stock shall have the same voting rights as holders of common stock
(one vote for each share held). Ser. “ A ” entitled to divs. at the rate of
$6, per share per ann., but no more, cumul. without int. from and after
July 1 1926 and red., all or part, at $100 and divs.
Voting Trust.— Has been formed to provide for representation of public
authorities on board o f directors. Voting trustees are Albert H. Wiggin,
G. M . Dahl and Frederick Strauss.
Bonds.— The Ranid Transit Security sink. fa. 6 % bonds are to be secured
by pledge o f $93,352,000 face amount of N. Y . Rapid Transit Corp. ref.
mtge. 5% bonds (see that co. below ); $17,885,600 face amount of Williamsburgh Power Plant Corp. gen. mtge. 5% bonds ser. “ A ,” 188,138 shares
(no par) of the capital stock of N . Y . Rapid Transit Corp., and 10,000
shares (no pan of the capital stock o f the Williamsburgh Power Plant Corp.
The Rapid Transit Security sinking fund 6 % bonds, series “ A ,” are re
deemable at 105 and interest. A cumulative sinking fund of 2-3% per
annum on the maximum amount of bonds at any time outstanding, pay
able semi-annually, first payment to be made Jan. 1 1927, to be applied to
the purchase or redemption (at above redemption price) o f the bonds of this
series, the co. to have the right to tender bonds for purchase by the sik. fd.
at current market prices. If any div. be paid on the pref. or com. stock
o f the co. prior to Jan. 1 1927, then the sink, fund payments shall commence
not later than the date o f the payment of such dividend.
Interest on Bonds, Where Payable.—-Interest on the Bklyn. Union Elev.
1st 5s and on the Kings Co. Elev. 1st 4s is payable at Central Union Trust
C o.; on Nassau Electric bonds, incl. Atlantic Ave. and West End issue, at
the Chase National Bank, New York; on the Brooklyn Queens County &
Suburban mortgages and the Jamaica & Brooklyn first mortgage at the
Brooklyn Trust C o., Brooklyn. Int. on all Coney Isl. & Bklyn. bonds
is payable at Central Union Trust Co., N . Y .
The total authorized issue o f 1st consol, mtge. gold 5s of the Bklyn.
Queens Co. & Suburban RR is $4,500,000, o f which $1,616,000 are reserved
for extensions, on which they will be a first lien. Both B. Q. C. & S.
loans are subject to call from 1916.
The Nassau El. 1st consol. M . bonds, besides covering the mileage
directly owned, are a lien by a supplemental agreement upon the stock of
the Coney Island & Gravesend Ry. and will become a direct lien on thi
line should it become merged in the Nassau Electric. Of the total of
$15,000,000 bonds authorized, the unissued remainder ($3,242,000) is for
prior liens. See listing application in V. 72, p. 342.
Coney Island A Brooklyn Bonds.— Of the $10,000,000 bonds auth. by
mtge., $4,000,000 are reserved for prior liens and $3,768,000 are reserved
for ext. and imps. No sinking fund, and bonds cannot be called.
Dividends.— A div. of $1 50 per share was declared on the pref. stock,
payable M ay 15 1924.
ROAD, &c.-—We have no recent figures of mileage, &c., since the
reorganization and in fact the only figures available are those for the olt
B. R. T . System as it was operated prior to the appointment of a receiver.
These are given below:
Second Sidings,
Total
M ILE A G E .— The system includes: First
Track.
Ac.
Miles.
Name—
Track.
0.198
1.851
5.205
Brooklyn Heights R R _______________ 3.156
24.332 231.918
xBrooklyn City R R _________________ 106.387 101.655
30.521
3.189
64.956
Bklyn. Queens Co. & Suburban R R _ . 31.246
68.083
8.655 146.409
Nassau Electric R R _________________ 69.671
3.307
.234
7.697
Coney Island & Gravesend R y _______ 4.156
3.301
.459
4.219
South Brooklyn Railway----------------.459
8.399
8.327
26.007
Prospect Park & Coney Island R R ---- 9.281
22.40
6.948
52.616
Coney Island & Blyn. R R ____________22.178
New York Consolidated R R . and
53.173
New York Municipal R y. Corp____ 53,204
49.655 156.032
Trackage on N. Y . & Brooklyn Bridge—1.762
.231
3.755
Rapid transit lines________________ 1.762
1.707
—
3.509
Surface lines_____________________
1.802
Trackage on Williamsburgh Bridge—
1.741
.218
3.700
Surface lines_____________________
1.741
26.693
23.002
76.549
N . Y . Mun. R y.— Lessee City o f N . Z . 26.854
321.841 128.290 783.028
x Brooklyn City R R . no longer part o f system, lease having been abro
gated on Oct. 18 1919.
EQU IPM EN T Dec. 31 1919.— 5,280 cars. Closed cars, 1.279; open cars,
1,171; convertible, 667; serai-convertible, 1,059; subway, 580; miscellaneous,
524. No later figures furnished.
Latest Earnings.— For 6 mos. end. Dec. 31 1923 (B.-M . T .), gross, $19,576,898; net, after taxes, $5,241,093; other income, $476,391; fixed charges,
&c., $3,880,772; bal., surp., $1,836,712.
x 12 Ados, ended June 30—
1922-23.
1921-22.
1920-21.
Gross_______________________________$36,899,295 $34,544,093 $30,972,085
Net after taxes______________________ 10,460,912 10,296,972
2,657,174
Total income_______________________ 12,416,091 11,953,041
4,317,764
Surplus after charges_______________ 3,587,7533,087,416def4,880,934
x Includes B .-M . T . System and affiliated companies for last 16 days of
June 1923 and B. R . T. system for balance o f 1922-23 and 1921-22 and
1920-21.
OFFICERS.— Chairman, G. M . Dahl; Chairman o f Finance Committee,
A. H. Wiggin; Pres., Wm. S. Menden; V.-P, & Gen. Counsel, Geo. D.
Yeomans; Sec.-Treas., Frederick C. Marston; Compt., Howard Abel;
Asst. Sec., Otis Everett.— V. 117, p. 1235, 1346, 1555, 1883, 2888; V. 118,
p. 430, 549, 1011, 1267, 1391.
COM PANIES CONTROLLED B Y BROO K LYN -M A N H A TTA N
TR AN SIT CORP.
(1) New Y ork Rapid Transit C orporation .
ORGANIZATION.— Organized in New York on June 9 1923 as a con
solidation o f the New York Consolidated R R . and the New York Municipal
R y. Corp., succeeding those companies as per B. R . T . reorganization plan,
for details o f which see “ Electric Railway” Supplement o f April 28 1923.
For history o f N. Y . Consol. R R . and the N . Y . Municipal R y. Corp. up to
time o f reorganization also see “ Electric Railway” Supplement of April 28
1923. The co. as now constituted owns and operates the rapid transit
lines o f the B. R . T . system (now B .-M . T . Corp. For digest o f readjust
ment plan and particulars regarding exchange o f securities under plan see
V . 116,p.2130.
Leases for 999 years from 1915 the Nassau Electric R R .’s terminal at
Coney Island. See “ Electric Railway" Supp.ement o f April 28 1923 for
terms o f lease.
Division o f Earnings with City.— As the Corp. now holds all the rights
originally acquired by the New York Municipal R y. Corp. in the latter’s
contracts with the city, all the earnings accrue to it. The division of
earnings is on the following basis:
[V ol. 118,
1. To the company, $3,500,000, as representing the net earnings of the
previously existing railroads which went to form part of the new rapid
transit system. Out of this reservation the company pays interest charges
on capital investments prior to Mar. 19 1913 in the then existing railroads.
2. To the company, 6 % on its new investment in construction and equip
ment prior to the beginning of permanent operation and thereafter interest
and 1 % sinking fund.
3. To the city, interest and 1 % sinking fund on its investment in cost of
construction.
4. Any surplus remaining, after making provision for a moderate contin
gent reserve fund, is to be divided equally between the company and the
city. The company’s preferential payments are to be cumulative.
Suit Against City.— See under B .-M . T . above.
Upon completion o f readjustment and reorganization the co. will be
capitalized approximately as follows:
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock 189,000 shares (no p a r ) . ____
_________ 189,000 s h . __________
1st & ref mtge $50,000,000_________
_________
(0)
__________
Ref mortgage Series “ A ” _____ 1922 __________ $93,508,500
x 1968
Bklyn Un El 1st M , $15,967,-f 1899 5 g F-A
15,967,000 Feb 1 1950
000, gold, 4% till 1905, {Interest at Central Trust C o., New York,
since 5% ($1,000)---------tfl Trustee.
Kings County El 1st M , g old,/ 1899
4 g F-A
7,000,000 Aug 11949
$7,000,000 ($ l,0 0 0 )-.c * n tf(ln t. at Central Trust C o., N. Y ., Trustee,
x All pledged under B .-M . T . Corp. Rapid Transit security 6 % sinking
fund bonds Series “ A " (see that co. above).
Bonds.— The 1st & ref. mtge. bonds will constitute a lien (ahead of the
ref. mtge. and subject only to the existing underlying elevated railroad
bonds on certain of the properties) on the rights existing under Contract
No. 4 and allied certificates and on all the other properties of the N . Y .
Rapid Transit Corp. The bonds are to be issued only for the purpose of
providing (after the exhaustion c f the moneys— $5,000,000 improvement
fund for future improvements already deposited— pro vided in the reorganiza
tion for such purpose) for the cost of additional equipment and additions and
betterments for the rapid transit lines or power house properties, provided
after July 1 1923 under Contract No. 4 and the allied certificates, and also
for the purpose of refunding any bonds previously issued and outstanding
under this mortgage and any of the existing underlying elevated railroad
bonds. None of these bonds will be issued in reorganization. Pending
the consummation o f the proposed inclusion of the power plant properties
under Contract N o. 4 and (or) the allied certificates and the transfer of
those properties accordingly, the reorganization committee may authorize
the creation of a power plant 1 st mtge. of substantially the same character
as the N. Y . Rapid Transit Corp. 1st & ref. mtge. Such mortgage may be
created and the bonds thereunder issued either by the new co. itself, if the
title to the power plant is permitted to remain therein, or by a subsidiary
co., if title to the power plants be vested in a subsidiary. None of these
bonds will be issued in reorganization.
Bonds of the Brooklyn Union and Kings County Elevated R R . are listed
on New York Stock Exchange.
ROAD.— Embraces 232.581 miles of rapid transit track, o f which 76.549
miles are leased. The New York & Brooklyn Bridge has 3.755 miles of
track in addition. When all the lines embraced in contract with the city
have been completed, will consist of approximately 285 miles of track, in
cluding trackage rights over the Astoria and Corona (Queens County) lines
enjoyed mutually with the Interborough Rapid Transit Co.— V. 117, p.
1347, 1556, 1664, 2323, 2543; V. 118, p. 85, 1268.
(2) Nassau Electric Railroad — A trolley road
In accordance with B .R .T . reorganization plan (see “ Electric Railway”
Supplement of April 28 1923 under B .R .T .), the co. was taken over by the
Brooklyn-Manhattan Transit Corp. (successor to B .R .T .) on July 13 1923.
See Y. 117. p. 322, under caption “ Brooklyn-Manhattan Transit Corp.”
Receivership Terminated.— In April 1924 we were informed that the
receivership of the Nassau Elec. R R . had been terminated.
ORGANIZATION.— Chartered Mar. 13 1893 under the laws of New
York. Opened in July 1895 and in April 1896 leased the Atlantic Avenue
R R ., &c. As stated above, the B .-M . T . Corp. owns or controls all
of the $8,500,000 common stock of the Nassau Electric and $6,394,775
out of the $6,500,000 preferred stock.
Was formerly leased for 999 years from April 1 1900 to Brooklyn Heights
Railroad, but, coincidently with a decision compelling the issuance of
transfers from one leased line to another (V. 79, p. 102), the lease was ter
minated on June 30 1904.
Leases Coney Island terminal to the N. Y . Rapid Transit Corp., formerly
the N Y. Consol. R R . (see N. Y . Rapid Transit above).
STOCK AND BONDS— Date. Interest. Outstanding.
Maturity.
Common stock, $8,500,000_ _____
_
_________ $8,500,000 ____________
Preferred 4% cum, $6,500,000 ____
M -N
6,500,000
see text
Bonds.— For details see B .-M . T . statement above.
ROAD.— Embraces 146.409 miles of single track.
Atlantic Avenue R R . (now part of Nassau Electric) owned the double
track steam road (since converted to electricity) from Jamaica to Flatbush
Avenue Atation in Brooklyn, 9 /4 miles (19 miles of track), which is leased
for 99 years from June 1 1877 to Long Island R R . C o., affording that
company entrance into the city of Brooklyn—rental, formerly a percentage
of receipts, was changed in 1895 to $60,000 yearly. V. 61, p. 828. Liti
gation has arisen with Long Island R R . regarding the use of Atlantic
Avenue. See V. 74, p. 1139. In Oct. 1910 N. Y . Court of Appeals decided
that the city had the right to tear up rails, but city has taken no action
looking to the exercise of the right.
D IV ID E N D .— First div. on pref. under lease was paid Dec. 31 1900, 4 % .
1901 to 1907 incl., 4% per annum; in 1908, N ov., 2% ; in 1909, N ov., 2 % .
in 1910 and 1911, 4% : in 1912, M ay, 2% ; N ov. 2% reg. and 4% on account
of arrears. In 1913, M ay, 2% ; N ov., 4% ; 1914 to 1917 incl., 4% ; none since.
— V. 112, p. 744; V. 114, p. 306, 1286. 1534: V. 116, p . 721, 1649.
(3) Coney Island & Gravesend Ry.
ORGANIZATION.— Incorp. in N. Y . in 1893. Owns $2,637,000 stock
of the Coney Island & Bklyn. R R . (see below).
STOCK AND BONDS—
Date.
Interest. Outstanding. Divid ends.
Stock $350,000 ($100)_______ All owned by the B-M . T.
B on d s______________________ No funded debt.
R O A D .— Operates approximately 7 34 miles of track. Standard gauge.
(a) C oney Island & B rooklyn R R .
Under terms of B. R . T . reorganization, the co. will be taken over as
part of the system by the Brooklyn-Manhattan Transit Corp.
Reorganization Plan.— See Brooklyn-Manhattan Transit Corp., above.
Receiver Discharged.— The receivership of the co. was terminated at mid
night March 31 1924. V. 118, p. 1664.
In Dec. 1913 the Coney Island & Gravesend Ry. (see above) received
permission from the P. S. Comm, to acquire 26,370 shares of the stock
of this company. Coney Island & Gravesend Ry. owns $2,637,000 and
the B .-M . T . Corp. $49,500 of the c o .’s stock. B .-M . T. Corp. owns
$625,000 consol, mtge. bonds of 1904.
ORGANIZATION.— Chartered Dec. 10 1860. Cars commenced run
ning over the Brooklyn Bridge Feb. 15 1898. See V. 66, p. 383.
Brooklyn City & Newtown was leased in N ov. 1897 for 999 years. In
1900 acquired all the stock of that company, but legal proceedings com
pleting merger with Coney Island & Brooklyn were not effected until 1910.
STOCK AND BONDS.— Date. Interest. Outstanding. Last div. &c.
6 Q-M
$2,983,900 June ’ 18 1/4
Stock, $3,500,000 (par $100)_______
Bonds.— See B .-M . T . above.
ROAD.— First track, 23.178 miles; 2d track, 22.490 mils; misc. track.
6.948 miles; total oper., 52,616 miles. 460 passenger and 26 service cars.
DIV ID E N D S.— In 1895, 6 %; in 1896, 5% ; in 1897, 6 %; in 1898, 8 /4 % :
V. 67, p. 955. In 1899 and 1900, 10%; in 1901, 13/4% ; in 1902, 1903, and
1904, 16%; in 1905, 10%; in 1906, 8 % ; in 1907, Feb., 2 % . None there
after to Jan. 1914, when 6 % was paid. In 1915, Jan., 6 % ; June, 1 /4 % :
Dec., 3 % . In 1916 and 1917, 6 % . In 1918, M ar., 1 /4 % ; June, 1/4 % .
None since.
OFFICERS.— Sec., J. H. Bennington; Comp., Howard Abel.— V . 109,
p. 72, 278. 887; V. 110, p. 969; V. 112, p. 743; V. 113, p. 2818; V. 114, p.
1286, 1650; V. 116, p. 721, 1648; V. 117, p. 552; V. 118, p. 1664.
(4) Brooklyn Queens C oun t- & S uburban R R .—
ORGANIZATION.— Incorporated in 1893.
Receiver Discharged.— On July 14 1919 Lindley M . Garrison was appointed
receiver for the co., but on Dec. 2 1923 the receivership was terminated
and the receiver discharged.
STOCK AND BONDS—■ Date.
Interest. Outstanding. Maturity.
Stock $15,000,000 ($100)__________
_________ x$2,000,000 - ......... ........
Bonds.— See B .-M . T . above.
x All owned by B .-M . T .
R OAD.— Has about 65 miles of track (incl. 2d track, sidings, &c.).
Standard gauge.
A pril, 1924.]
17
ELECTKIC RAILW AYS
'5) Prospect Park & Coney Island RR.
Merger.— In Sept. 1923 the Transit Commission approved the ap
plication o f the South Brooklyn Ry. for authority to purchase the out
standing capital stock o f the Prospect Park & South Brooklyn R R . and
the N . Y . & Coney Island R R ., and to merge those cos. and the Prospect
Park & Coney Island RR. into itself. See V. 117, p. 1347. This merger,
we learn, has been consummated.
ORGAN IZATION .— In Oct. 1915 the P. S. Comm. auth. the South
Brooklyn Ry. (controlled by B .-M . T .; to purchase at $200 per share the
1,768/4 shares owned by the L. I. R R . and the minority holdings from time
to time as offered. V. 101, p. 1464. Road had been operated under lease at
an annual rental o f $45,000. All the outstanding bonds were paid off
during 1920. V. 113, p. 534.
STOCK AN D BONDS.— Date. Interest. Outstanding.
Maturity
Stock, $100__________________ ___
_______ $250,000 ---------------ROAD.—-Embraces 9.281 miles o f first track, 8.399 m. second track,
8.327 m. sidings, &c., total, 26.007 miles.
EARN ING S.— Now included in those o f B. R . T .— V. 113, p. 534.
(6) W illiam sburgh Power Plant Corp.
ORGANIZATION.— Organized in accordance with reorganization plan
as the power plant subsidiary of the B .-M . T. Auth. capital, $50,000.
No further information available at this time.
$200,000, all issued; par, $10. Bonds, $75,000 1st mtge. authorized;
$31,000 out. Track, 2.32 miles, changed to electricity in 1898. 6 pass,
cars. Earnings for year ending June 30 1922, gross, $66,461; net after
taxes, $748; other income, $974; int., &c., $2,137; bal., def., $415.
OFFICERS.— Pres., John F. Murphy; V .-P ., D. W. Sullivan; Sec. and
Treas., Wyllys Terry. Office, 264 Van Brunt St., Brooklyn, N . Y .—
V. 108, p. 2331; V. 109, p. 677; V. I l l , p. 390.
BRATTLEBORO, VT.
TWIN STATE (IAS fie ELECTRIC CO.
ORGAN IZATION .— Incorporated In Connecticut on Aug. 26 1906 and
acquired the Brattleboro Street R y.. the Brattleboro Gas Light C o., the
Dover Gas Light Oo.(V. 83, p. 582). the Bennington Electric C o. and the
Hoosick Falls Illuminating Co. In Oct. 1913 acquired the St. Johnsbury
Electric Co. and in April 1914 the Cascade Lt. < Power Co. and the Berlin
fc
Elec. Co. Furnishes gas, electric light and power to Dover, N. H., and
Bennington and Brattleboro, Vt.; also electric light and power to Rochester.
Salmon Falls, Rollinsford, Somersworth, Berlin, Milan, Gorham and Hins
dale, N. H.; St. Johnsbury, St. Johnsbury Center, Passumpslc, Danville.
West Danville, North Bennington. Bennington Centre, West Brattleboro
and Newfane, Vt.; Berwick, North Berwick, South Berwick and Lebanon.
Me., and Hoosick Falls, N. Y ., and operates the Brattleboro St. Ry.
BROOKLYN C ITY R R . CO.
In June 1920 the co. acquired the property of the Cloutman Gas & Elec
ORGANIZATION.— Incorporated in N Y. in 1853. Was leased on Co. at Farmington, N. H. V. 110, p. 2658. Pres., Samuel Insull, in a letter
Feb. 14 1893 to the Brooklyn Haights RR. Co for 999 years, the lease dated Mar. 25 1916, said: “ All the principal franchises were granted by the
guaranteeing all fixed charges, organization expenses, taxes and 1 0 % divi State Legislature and have been construed by counsel as perpetual. ” Control
dend [Oct. 1919 and subsequent dividends not paid— see B. R. T. belowj on is held by the National Lt., Ht. & Power Co., control of which was in turn
$12,000,000 of stock (oar $10). The lease was nominally to the Brooklyn acquired by the Middle West Utilities Co. in Oct. 1912. V. 95, p. 1750.
Heights R R . C o., but the Bklyn. Rapid Transit Co. (now B .-M . T .) owned
To Operate Buses.— In Sept. 1923 it was announced that the co. had sub
entire capital stock of the Brooklyn Heights Co. The Brooklyn Heights stituted motor buses for trolley cars in Brattleboro and would tear up the
R R . Co. was placed in the hands of a receiver July 14 1919. and in accord car tracks. V. 117, p. 1237. Compare V. 116, p. 2994.
ance with the decree of U. S. Dist. Court, dated Oct. 16 1919. disaffirmed
Stockholders of record June 14 1922 were given the right f o subscribe to
the lease and returned the property to the Brooklyn City RR, Co. Oct. $2,000,000 7% prior lien stock at par $(100). V. 114, p. 2826. In Dec.
19 1919. In Oct. 1923 we were informed that the Brooklyn Heights Co. 1923 the co. was auth. to issue $83,200 7% prior lien stock at not less than
was being liquidated. No further information.
par. V. 117, p. 2891.
<
luararuy Fund. —Under the terms of one lease it was provided that a
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
fund of $4,000,000 should be deposited with certain trustees by the Brook
lyn Heights RR. Co. as a guarantee of the performance o f the terms of the Common, $2,500,000. ($100).................................. $1,531,500 See text
5 Q-M
1,552 500 Mar 23 1/4 %
lease. It was further provided that in the event o f the termination of the Pref(5%cum)$2.500.000 ($100)____
7 Q-J
1,317.500 M ar'23 1/4%
lease by reason of any breach, default or omission, the “ said guaranty Prior lien (7% cum) $3,000,000 ____
o g A -O
2.878,300 Oct 1 1953
fund o f $4,000,000. . . shall at once become the sole and absolute 1st & ref M $10,000,000 gold I 1913
($1,000, $500 & $100)c+cpt\Guaranty Trust Go . N. Y., Trustee.
property o f the lessor.” This guaranty fund consisted o f the following:
779,000 Oct 1 1926
$2,000,000 Brooklyn Queens County & Suburban First Mtge 5% bonds; 1st ref M, $1,500,000 g ($5001 1906 414 A-O
& $1,000)___________ c*tf fln t. at Columbia Trust C o.. N. Y .. Trustee
$1,627,000 Brooklyn City RR. First 5s; $125,000 Brooklyn City RR. Re
6%
204,500 M ay 1 1953
funding 4s: $25,000 B. R. T . First 5s; $250,000 B. R. T . First Refund 4s. General mortgage $2,500,000 - ______
8%
150,000 ____
By agreement dated N ov. 19 1923, the Guaranty Fund controversy was Debentures_______________________
770,700 Mar 1 1931
adjusted as follows: $275,000 Brooklyn City RR. Ref. 4s held by the B .M .T . Bond secured notes $1,000,000 1921 8 g M-S
($100, $500 & $1,000) gc*tf\Central Union Trust C o., N. Y ., Trustee.
were substituted for the $250,000 B. R. T. Ref. 4s and $25,000 B. R . T.
5
41,000 Sept 1 1925
1st 5s. All the Brooklyn City RR. bonds, consisting o f $1,627,000 5s and Dover Gas Light con mort-1 1905
gage, $500,000 ________ tf [Union Safe Dep & Trust C o., Trustee
$400,000 4s were delivered free and clear to the Brooklyn City R R . Co.
________
71,000
1935
$2,000,000 Brooklyn Queens County & Suburban 1st M . 5s were delivered Hoosick Falls Illumlnat’g Col ____
$150.000---------------------- tf'C olum bia TrustCo., N. Y ., Trustee.
to tne B. M . T. under a stipulation that the Brooklyn City R R . should
65,000
1930
receive a $2 ,000,000 offset against any recovery on the so-called $1 0 ,000,000 Hoosick Falls Electric Col ____ ________
$75,000------------------------ tf/O ld Colony Trust C o., Boston. Trustee.
construction suit. It was further provided that if there should be no re
76,500
1935
covery on the construction suit, then Brooklyn Queens County & Suburban Bennington Elect Co $ 1 7 5 ,-1 ....... ...............
000
tffColum bla Trust C o.. N. Y ., Trustee.
bonds should be returned to the Brooklyn City R R . Co. or the pro rata
St Johnsbury El Co 1st M ._ tf‘ 1909 5 M-S
80.000 Mar 1 1929
amount o f the recovery, should it be less than $2 ,000,000.
_
_______
26,000 April 1 1925
The company has no power houses o f its owu but has a contract with the Cascade Light fit Power C o _ 1905
Receiver for the B R. T . by which it is supplied with power. The com
Slock.— The prior lien 7% stock Is red, all or in part since July 1
pany makes weekly payments o f the amounts which is estimated will be 1923 at 10114 and divs. Has equal voting power with.both pref. and com.
found due for power. The amounts are not fixed and vary from time to time stock if any div. remains unpaid for one year. Is prior in lien both as to
The company has a claim against the B. R. T. for the demolition of the assets and earnings to the5% pref. stock and the com. stock. V. 109. p.79.
Brooklyn City power house.
Bonds.— $1,062,000 1st & ref. 5s are reserved to retire underlying bonds.
Suit.— The receiver for the B. R. T. brought suit against the co. to Additional bonds may be issued for impts. and acquisitions at 80% of cost,
recover $10,000,000, alleged to have been expended by Che Brooklyn provided net earns, are at least 1 14 times the int. charges on all bonds out
Heights Co. under its lease. The co. in its answer denies any liability. standing, incl. those to be certified. 1st & ref. 5s are red. since Oct. 1 1923
V. 113, p. 2612.
at 105 and int. A depreciation reserve fund of 5% o f gross earns, began
Objections to Valuation of Transit Commission.— V. 114, p 1285.
Dec. 31 1918. V. 102, p. 1988.
B.
R. T. Reorganization.— Co. to Remain Independent.— Plan provided Notes.— The notes of 1921 are secured by pledge of 1st & Ref. M tge. 5a
for possible acquisition of the Brooklyn City RR. C o., but in July 1923 and gen. mtge. 6s in the ratio of 133 1-3%. Red., all or in part, at any
It was stated that the co. had determined that, in the interest of stock time on 30 days’ notice at 104 during year ending Feb. 28 1925; 103/4 during
holders, it would remain independent o f the reorganized Brooklyn-Man- year ending Feb. 28 1926; 103 during year ending P'eb. 28 1927; 102/4 during
hattan Transit C oro., which see on following pages.
Stock Dividend.— On Feb. 6 1924 the stockholders increased the authorized year ending Feb. 29 1928; 102 during year ending Feb. 28 1929; 101Z4 during
capital stock from $12,000,000 to $16,000,000 (par $10). The company year ending Feb. 28 1930, and 101 during year ending Feb. 28 1931.
V. 112, p. 1868.
has applied to the New York Transit Comm, for authority to issue $4,000,Dividends.— 5% yearly has been paid regularly on prof, stock since 1907.
000 capital stock as a 33-1-3% stock div. V. 118, p. 430, 662, 793.
Divs. are being reg. paid on the 7% prior pref. In Oct. 1921
of 1%
STOCKS AND BONDS— Date.
Interest Outstanding.
Maturity. was naid on com.; same rate regularly quarterly since to and incl. Oct. 1922.
In Dec. 1922 a stock dividend of 5% was paid.
________ $12,000,000
See text
Capital stk. $12,000,000 ($10)______
Refunding mtge. $6,925,000/ 1906 4 g F-A
*525,000 Aug 1 1956
EARNINGS.— For calendar years.
($1 .000) ___ _______ n t f .- l 1891 5 J-J
y4,373,000 July 1 1941
Cal. Years—
Balance.
Cross.
1st consol M , $6,000,000-ntf\Int. at Brooklyn Trust C o., Brooklyn, trust. 1923 ________________ --$1,486,706 Net aft. Tax. Bond Int., Ac
$619,007
$346,448
$272,559
x $400,000 owned by company and held alive (see “ Guaranty Fund” 1922 — ...................... -- 1,333,042
492,377
238,880
253,497
above), y $1,627,000 owned by the company and held alive (see “ Guar
ROAD, &e.— Operates 5 miles of track in Brattleboro
Ovns hydro
anty Fund” above).
electric plants at Gorham, Brattleboro, Bennington, St. Johnsbury, Hoosick
bonds.— Mortgage of 1891 is for $6,000,000 and is a first lien on the old
Brooklyn City road and a consolidated lien on the lines acquired bv con Falls and Milton, N. H ., and a steam turbine plant at Dover and St.
solidation in 1890. The bonds are not subject to call. Interest payable Johnsbury, Vt.
at Brooklyn Trust Co.
OFFICERS.— Pres., Samuel Insull; V.-Pres., W. A. Buttrick; Sec., H. L .
Stockholders of the Brooklyn City R R . July 10 1906 authorized a new Harris; Treas., C. A . Forrest. Gen. offices, Boston, Mass.— V. 112, p.
mortgage for $6,925,000 to provide for refunding. V. 82, p. 1437. The 1868; V. 114, p. 2126, 2826; V. 115, p. 2687; V. 116, p. 2131, 2994; V. 117,
bonds are subject to cal' at 1 1 0 and interest.
p. 1237, 2891.
Dividends.— Following the termination of the lease (see above) In Oct.
1919, no divs. were paid until Dec. 15 1922, when a div. of 20c. per share
BRISTOL, CONN.
was paid. V. 115, p. 2158. In 1923: March, 20c.; June, 20c.; Sept., 25c;
Dec., 25c. In 1924, March, 25c. (See also under “ Stock Dividend”
THE BRISTOL & PLAINVILLE ELECTRIC CO.
above.)
ORGANIZATION.— Incorp. Sept. 21 1893 in Conn, as the Bristol &
EARN INGS.— Report for years ended June 30:
12 M os.— Oper. Rev. Net after Tax. Other Inc. Deductions. Bal., Surp. Plainville Tramway C o., name changed to present title M ay 16 1921.
X1922-23— $11,986,253 $2,625,612
$210,942
$581,338 $2,255,215 Franchises peroetual. Road first opened Aug. 12 1895; merged with Bristol
1921-22___ 11,687,751
2,306,008
160.951
701.431
1,765,528 Elec. Lt. Co. Mar. 31 1897; steam heating plant Installed In 1902; Terryvile
branch opened In 1903. Woodland St. branch opened in 1906; gas plant
x Inc. in 1922-23 earnings of the Brooklyn City Development Corp.
Latest Earnings.— For cal. year 1923. gross, $12,029,026; net, after taxes, Installed in 1906; underground system Installed In 1916. In addition to
railway service, furnishes electric light and power in Bristol, Forestville
$2,659,915. In 1922, gross, $11,879,788; net, after taxes, $2,541,137.
ROAD, &c.— Own 211 miles of track and operates approximately 219 and Terryville; gas In Bristol, Forestville and Plainville, and steam heat
miles. Has approximately 1,013 motor passenger cars and 145 motor In Bristol.
In August 1908 a stock dividend of 50% was declared, increasing outservice cars. Power is purchased from B. R. T
OFFICERS.— Pres., Frank Lyman; V.-Pres., H. Hobart Porter; 2d V.-P. itandlng amount to $375,000. V. 87, p. 96. 414.
& Gen. M gr., Clinton E. Morgan; Sec., S. B. Olney; Treas., G. W. Jones
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
Aud., E. H. R eed — V. 117, p. 781, 1012, 2108; V. 118, p. 430, 662, 793.
Q-F
$990,000 Feb ’24, 2/4
Stock, $5,000,000 ($ 1 0 0 )---------------1st mortgage $600,000. gold/ 1905 4/4 g M -N
540,000 Nov 1 1945
MANHATTAN BRIDGE THREE-CENT LINE.
($500 & $1,000)-----------n tf { Interest at Bristol National Bank, Bristol"
ORGAN IZATION .— Incorp. in New York. Began operat’gin Sept. ’ 12.
Subject to call at par--------- [Treasurer of State of Connecticut, Trustee.
Franchise to operate from Flatbush Ave. (Brooklyn) to Manhattan ap
Dividends.—
1899 to 1909, incl., 6 % per
1911 to
proved by the P. S. Comm, on Aug. 14 1912. V. 94, p. 912; V. 95, p. 420. 1919, 8 % p. a.In In 1920, 1921 and 1922, 10% . annum; 1910, 7% ; In 1924,
In 1923, 11% .
See also V . 114, p . 2823. See decision regarding franchise in V . 116, p . 296. Feb., 2/4 % .
For two decisions handed down by the Appellate Division of the Supreme
EARNINGS.— For cal. years.
Court favorable to the co., see V. 97, p. 1733. See also V. 106, p. 1797;
Railway Railway Miscell.
Interest
Divi- Oth. Surp.
SurV. 114, p. 2823.
Year. Cross.
Net.
Net.
& Taxes, dends. Deduc'ns.
plus.
STOCK.— Authorized, $1,000,000; outstanding, $450,000.
$4,734 $50,230
Dividends.— Initial quar. dividend o f 1 34 % paid Mar. 1914 (Y. 98, p. 523); 1923 .$186,320 $24,407 $203,090 $81,782 $90,750
19,003
189,441
same rate quar. to and incl. March 1916. None to June 1918, when 1 /£ % 1922. 164,485
71,642 82,500
29,911
24,391
was paid. Same rate paid regularly quar. to and incl. March 1923.
ROAD, &c.— Operates 12.9 miles of track laid with 56,60 and 72-lb.
None since.
T-rall connecting Bristol with Forestville, Plainville, Lake Compounce and
ROA D .— Operates 4.02 miles of track from Cana St. and Bowery, Terryville. Standard gauge, 37 cars, 3 snow plows and 1 work car.
N . Y ., over Manhattan Bridge, through Flatbush Ave. Extension to Ful
OFFICERS.— Chairman of board, Chas. H. Tenney; Pres., A. B. Tenton Stree„, Droociyn, 16 cars.
08y; V.-P., D. E. Mansoo; Sec.-Treas., Morris L. Tiffany, Bristol, Conn.,
Year end. Cross.
Net
Other Taxes, Tents,
DiviBalance,
Asst. Treas., E. A. Bradley. General Managers, Chas. H. Tenney & C o ;
June30— E ■*
<ninos. Earnings. Income. Amort,Ac.
dends.
Sur. or Def.
Boston, Mass.;
1922-23--G ' 14,898 $42,6l'0 $5,115 $39,795(3^ %)$16,875 def.$8,945 359: V. 112, p. Local M gr., G. E. Cockings.— V. 103, p. 1687; V. 110, p.
256.
1921-22-. 285.059 62.474
4,192 41,832
(5%)22,500 sur. 2,334
1920-21-. 292.705 64,727
3,914 42,462
(5%)22,500 sur’ 3,679
Total surplus June 30 1923, $10,759. Passengers carried during 1922-23,
BUFFALO, N. Y.
11,247,763; in 1921-22, 11,251,873 were carried, against 11,560,501 in
BUFFALO & LAKE ERIE T R AC TIO N CO.— A trolley road.
1920-21.
Receivership.— On application of the New York Trust C o., mortgage
OFFICERS.— Pres., Fred'k W . Rowe; V.-Pres., Frederick D. Mackay trustee, Justice Brown in the Supreme Court at Buffalo on July 7 1915,
and Chas. .1. Edwards; Sec., Walter Hammitt; Treas., Ed. T. Horwill.— appointed Geo. Bullock receiver. V . 101, p. 129.
V. 98, p. 523; V. 106, p. 1797; V. 114, p. 2823; V. 116, p. 296, 2767.
Sale, &c.— On Julv 1 1920 Justice Wheeler in Supreme Court at Buffalo
handed down a decision allowing the company to discontinue its lines within
VAN BRUNT STREET & ERIE BASIN RR.— A trolley road.
the State of New York, effective Sept. 15 1920. The Court, however, has
ORGANIZATION, &c.— Chartered Feb. 15 1861. In August 1919 and authorized the receiver to continue operation until further instructions are
again in July 1920, the P. S. Comm, denied the co .’s application for auth. issued. The request of the company that it be allowed to dismantle the
to increase fares from 3 to 4 cents. V. 109. p. 677: V. I l l , p. 390. Stock, road was denied. The Court directed the receiver to advertise for bids
18
ELECTRIC RAILWAYS
for the property in full or in part. In Oct. 1920 all bids received wer
rejected. V. I l l , p. I960. The line between Fredonia and Dunkirk lexcepted from the order. The Court believes this section can be operated
successfully. V. I l l , p. 293; see also V. I l l , p. 791; V. 112. p. 743: V. 115
p . 1836.
In 1923 the Dunkirk St. R y., by agreement with the city, assigned to the
receiver the franchises over which the interurban line traverses, the balance
o f the property being turned over in settlement to the city of Dunkirk.
V. 118, p. 1770.
Default.— The company having defaulted on'the int. due N ov. 1 1912 on
the first and ref. M . 5% bonds (subsequent coupons also defaulted),
a protective committee (Alvin W. Krech, Chairman) requested the bond
holders to deposit their bonds with Equitable Trust C o., 37 Wall St., N. Y .,
as depositary, or the Girard Trust Co. o f Philadelphia, as sub-depositary.
Reorganization Plan.— The aforesaid committee also drew up a plan of
reorganization (see V. 97, p. 297), but in Dec. 1913 the plan was abandoned.
In April 1924, however, the committee announced a new plan which pro
vides for the incorp. of two new cos., one o f which, for convenience, is desig
nated the ‘Erie Company” and the other the “ Interurban Railway.” It
is proposed that the committee shall acquire at foreclosure sale all the prop
erty o f the Buffalo & Lake Erie Trac. Co. in both N. Y . and Penna., and
shall transfer to the Erie Co. all the property located in the city o f Erie
and to the Interurban Co. the interurban division extending from Si t Mile
Creek in Penna. to a point on the Hamburg Turnpike, at the westerly city
line o f the city o f Buffalo. N. Y . In exchange for these properties the com
mittee will receive from the respective successor cos. $1,050,750 (or 10,507.5
snares) of 7% Cum. Pref. stock of the Erie Co. and $700,500 (or 7.005
shares) o f the 5% pref. stock of the Interurban Co. and 21,015 shares of
common stock or the Erie Co. witnout par value, and $700,500 in cash, out
o f whicn cash will be paid the expences and obligations.
First & Refunding Mtge. Bondholders Will Receive.—On the basis that all
bondholders assent to the plan and there remains after deduction of all ex
penses the estimated ($218,900) balance of cash, the holder of a $1,000,
Buffalo & Lake Erie Traction Co. bond will receive: (a) 15% of his holdings
in 7% cum. pref. stock of Erie Co., or $150 par value; (b) 10% of his hold
ings m 5% non-cum. pref. stock o f Interurban Co., or $100 par value;
(c) three shares o f common stock of Erie Co., no par value, estimated (by
committee) book value $16 47 per share (approx, value), $49 41, and
(d) distributive share of cash on basis of $218,900 available, approx, (subject
to adjustment), $30; total in stock and cash, $329 41.
^
Capitalization of New Companies.
(a) The Erie Co. will have a capitalization as follows:
6 % 1st & ref. M . S. F. 30-yr. gold bonds___$1)!oOo!oOO '
$1,000!000
7 % cumulative preferred stock___________ 1,500,000
1,050,750
Common stock (no par value)------------------60,000 shs.
60,000 shs.
Out o f the proceeds o f $1,000,000 o f 6 % 1 st & ref. mtge. sinking fund
30-year gold bonds above mentioned, and other moneys, the syndicate
proposes to retire receiver’s certificates now a lien on the property of the
Erie Co. and to make available the $700,500 of cash to be received by the
committee. (Assenting Buffalo & Lake Erie bondholders are given the
right to subscribe for new 1st & ref. mtge. bonds at 90 and int., and will
receive with each $1,000 bond subscribed for 10 shares of no par value
common stock o f the Erie Co.)
-4
The prope.-ty will also be subject to the following mortgages and other
Erie Elec. M otor Co. 1st & ref. mtge. (of which $340,000 in sk.fd.)$l ,250,000
Erie & Suburban Ry. Co. mortgage____________________________
927,800
Purchase money mortgages____________________________________
15,000
Car trust certificates-------------------------------------------------------------108,000
(b) The Interurban Co. will have the following capitalization:
Authorized.
Issued
1st & ref. M . 644 % 30-year sink, fund bonds $1,500,000
$800,000
5 % non-cumulative preferred stock------------ 1,500,000
700,500
No par value common stock---------------------30,000 shs.
30,000 shs.
Amd the property would be subject also to $300,000 receiver’s certificates,
which the Interurban Co. would provide funds to retire out of proceeds of
bonds, and also subject to a small issue ($39,000) o f Dunkirk & Fredonia
R y. bonds.
*
The Interurban Co. will acquire the interurban property, subject, how
ever, to certain litigation and claims of holders of bonds of the Hamburg Ry.
involving the right to certain trackage along the Hamburg Turnpike. For
further details of plan and report of the receiver apply to Alvin W. Krech,
Chairman bondholders’ committee, see V. 118, p. 1770.
Sub Co.— Receivership.— Int due M ay 1 1920 on the Hamburg Ry 1st 5s,
having been defaulted. John F Burke was appointed receiver for that co.
In Sept. 1920 Compare V. I l l , p 1082.
ORGAN IZATION .— incorporated In New York and Pennsylvania In
Dec. 1906 and is a consolidation o f the Hamburg Ry., the Dunkirk & Fre
donla R R ., the Buffalo Dunkirk & Western RR., the Lake Erie Electrli
Traction Co. and the Erie Rapid Transit Co. Leases the Erie Electric
Motor Oo. for 999 years, which company leases the Erie City Passenger Ry
for 999 years from Oct. 1 1888 and the Erie Reed Park & Lakeside Street
R y. for 999 years from March 1 1901. In 1909 leased the Buffalo A
Lack. Trac. Co. for 999 years (V. 88 . o 1001), but this lease was cance'ed
in 1919. However, a new operating agreement with this co. has been madr
providing for operation of Interurban and freight cars into Buffalo
Also owns all the outstanding stock of this co., and guarantees the bonds.
On July 17 1919 applied to N. Y . P. S. Comm, for auth. to sell to the
Niagara Lockport & Ontario Power Oo. 480 shares of the Niagara & Erie
Power Oo.'s stock and to transfer to the Niagara & Erie Power Co a right of
way for an electric transmission line from Athol Springs to Dunkirk, a dis
fcance o f 34 miles, &c V. 109, p 887. Transfer was completed April 1
1920. See also V. 112, p. 2419, under caption “ Niagara & Erie Power Oo "
Extension to Erie, Pa., proposed. See V. 116, p. 514.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Common, $5,000,000_______ ..................................... $5,000,000
.................
Pref. 5 % . $2,500,000. cum j ............................... 2,500,000 ....................
from July 1909__________
1 st and ref mtge, $ 12 ,000,- / 1906
5 g M-N
7,066,000 Nov 1 1936
000, gold ($ 1 .000) ___ c * tf 'Interest at New York Trust C o., Trustee
Erie El M 1st ref sink fund, 1901 5 g A-O
1.250,000 Apr 1194)
$1,250,000. gold ($1,000). Interest at New York Trust C o., Trustee.
Cannot be called_____c* tf
New York City.
Hamburg Ry 1st M , $750,- 1906 4 g M-N
745,000 N ov 1 1926
000, gold ($ 1 ,000) ______ tf Int. at Equitable Trust C o., N . Y ., Trustee
Dun A Fred ref M , $100,000, f 1902 5 g J-J
39.000 July 1 1953
gold ($100, $500 A $1,000) (Fidelity Trust C o., Buffalo, Trustee.
Receiver's certificates_______
.............................................. 760.000 .........
Bonds.— Of the $12,000,000 new bonds, $2,034,000 are reserved to take
up a like amt. o f underlying liens. These new bonds are subj. to call on any
interest date at 110 and interest. The Erie Elec. M otor ref. bonds are
secured by deposit of entire stocks o f the Erie City Pass. R y. and the Erie
Reed Park & Lakeside St. Ry. A sinking fund of 1% annually on these
bonds began April 1 1906 and was increased to 144% in 1916. $340,000
have been acquired by sinking fund. The Hamburg R y. bonds are no
longer subject to call. The Dunkirk & Fredonia refunding mortgage bonds
are subject to call on any interest date at 103.
EARN ING S.— For year end. June 30 1923 gross earnings. $1,981,439
net, after taxes, $23!),623; deficit, after deducting all Interest charges (in
cluding int. on Buff. A L. E. Trac. 5% bonds). Ac. $285,772.
Receiver's Report.— For 12 mos. ended Dec. 31 1923 was given in V. 118,
p. 1770.
ROA D .— Buffalo, N . Y ., to Erie, Pa.; mileage in N. Y ., 97.14 m.; in
Penna., 75.51 m.; total mileage, 172.65 m ., of which 105.13 m. owned and
67.52 m. leased.
OFFICERS.— Receiver, Geo Bullock: Pres. P. O. Schutrum; Gen. Mgr
A. R . Myers; Treas. & Asst. Sec., A. F. Tideswell.—-V. I l l , p. 293, 791,
1082, 1277. 1660; V. 112, p. 468, 743, 2747; V. 114, p. 1532; V. 115, p. 1209,
1836; V. 116, p. 514, 2388; V. 117, p. 552; Y. 118, p. 1770.
(1) B uffalo & Lackawanna T ra ction Co.
Receivership.— In Dec. 1918, upon application o f the City Trust Co. of
Buffalo, Harry Evers was appointed receiver for the co.; this action being
the result o f a petition of the Buffalo & Lake Erie Traction Co. for auth. to
abandon its lease o f the c o .’s line. V. 107, p. 2475.
[V ol. 118,
Default.— On Dec. 1 1918 the Buffalo A Lake Erie Traction Co. defaulted
in the payment of int. on the c o .’s $1,160,000 5% bonds. V. 107, p. 2475.
is of Oct. 1 1922 this int. was still in default (subsequent coupons also in
default).
ORGANIZATION.— Incorporated in New York in June 1906 to furnish
»n entrance into Buffalo for Buffalo A Lake Erie Trac. Co. In April 1909
was leased to Buffalo A Lake Erie Trac., for 999 yuars, but this lease was
canceled in 1919, the company now operating under a new agreement
providing for the operation of interurban and freight cars into Buffalo
■Stock, $100,000 authorized, of which $55,000 is outstanding and owned by
Buff. A Lake Erie Trac. Co. Has universal transfers throughout the city
*f Buffalo through contract with Inter. R y. Co. (but see “ Fares"below).
Fares.— In July 1921 the company was auth. by the P. S. Comm, to
charge a 10-cent fare without transfers. V. 113. p. 530.
BONDS—
Date. Interest. Outstanding.
Maturity.
■t mtge, $1,500,000, gold/ 1908 5 g J-D
$1,160,000 Dee 11928
($1,000), guaranteed-.ctf (Interest at New York Trust C o.. TrusteeBonds are subject to call at 110 and int. They have no sink. funa. Renaining bonds are reserved for betterments and extensions at 85% o f cost.
Bonds guar. prin. and int. by Buffalo A Lake Erie Trac. Oo
V .90, p. 235.
ROAD.— 3.90 miles owned and .52 miles leased and used jointly with
nt. Rys. Oo.; total. 4.42 miles. Began operating Dec. 22 1909.
OFFICERS.— Pres.. M . D. Evans; V .-P ., P. C. Schutrum: Sec. & Treas.,
F. Geo. Robinson; Gen. M gr., Nelson H. Brown.— V. 107, p. 2475; V.
113. p. 530, 1673.
_____
DEPEW & LANCASTER RAILW AY C O R P O R A T IO N .
ORGANIZATION.— Organized in 1921 to take over the line of the
Buffalo & Depew R y., which was bid In by John J. Lenahan A Son, Buffalo,
for $6,250, plus taxes due to various towns and villages, aggregating about
$40,000. It was reported that the villages and towns along the line had
igreed to waive the back taxes in return for an agreement from the new
company to operate the railway for a period o f at least three years. V. 1 1 2 .
The new company is said to be capitalized at $200,000. For further
details see V. 112, p. 2642. For history of predecessor company see this
section for April 30 1921.
OFFICERS.— Gen. M gr., Nelson H. Brown.— V. 113, p. 2642: V. 113,
0. 1674.
_____
ERIE COUNTY TRACTION C O R PO R ATIO N .— A trolley road.
ORGANIZATION.— Incorp. In N. Y . on N ov. 24 1919 to take over the
property of the Buffalo Southern Ry. (for history, see "Electric Railway"
Supplement of Nov. 15 1919/. The new company assumed control Jan. I
1920. Tne holders of the *600.000 Buffaio Southern Ry. 1st M . 5s received
for each $1.000 bond $250 par vaiue of income bonds and $750 stock of the
new company. Fianchisct perpetual.
STOCK AND BONDS— Dat-.
Interest. Outstanding. Maturity.
Stock, $450.000.......................................................
$450,000 ........... ........
First mortgage, $100,000_____ 1920
6%
100.000 Jan 1 1970
Income bonds, $150.000______ 1920 (when earned) 150.000 Jan 1 1950
EA R N ING S.— For cal. year 1923, gross, $128,018; net, def., $5,744. In
1922, gross, $120,597; net, $18. In 1921, gross, $131,695; net, $13,925.
ROAD.— Operates from Buffalo to Hamburg, East Hamburg and Orchard
Park, 154$ miles; also has a line from Buffaio through Gardenville and
Ebenezer to Lien’s Park, 544 miles. An extension to East Aurora, 15
miles is under construction, 544 miles completed. 60-lb. T and 80-lb.
girder rail. V 109 p. 2439: V. 110 p. 969: V. 113 p.2079.
BUFFALO & WILLI AMS VILLE ELECTRIC R Y .
ORGANIZATION.— Incorporated in New York July 1 1891. In M ay
1904 auth. capital was increased from $75,000 to $3,500,000. and In July
1904 new mtge. for $3,500,000 was made to provide extension to Rochester.
In May 1914 Batavia Traction Oo. purchased the tracks, rolling stock,
oroperty. Ac., of this company in Batava. V. 99. p. 269
Fare Increase.— Effective Jan. 29 1920 the company began charging a
7-cent fare from Buffalo to WilliarnsvlUe, by establishing zones. V. 110, p.
358.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($3,500,000 authorized) ___
_________
$75,000 ___________
1st mtge. $3,500,000. gold] 1904
5 g J-J
168.500 July 11944
($500 and $1.000)._c*A r*(Int. at City Trust C o.. Buffalo, Trustee.
Bonds.— Are subject to call on anv interest date at 105.
EARNINGS.— For cal. year 1923, gross, $48,110; net income, $8,158.
In 1922, gross, $44,512; net income, $7,150.
ROAD.— 6.65 miles of track. Buffalo to WilliarnsvlUe. Ralls 85-Ib T
Gauge 4 ft. 844 Inches.
OFFICERS.— President. L. L. Lewis Jr.: Sec. & Gen. M gr., Godfrey
Morgan; Treas., L. K. Warnick.— V. 99, p. 269; V. 110, p. 658.
INTERNATIONAL R A ILW A Y CO
ORGANIZATION.— Incorp. in N. Y. on Feb. 20 1902 with $10,120,500
-tock, and in Aug. 1902 this wis inc-eised to $17,000,000, ind in August
1920 furtrmr increasad to $17,500,000. of which $16,707,500 has been
i-fsued (ill of whi:h was owned by the International Tr iction Oo. up to
1920—See V. I l l p. 1752), as a cons didation of ’ he following companies,
whose shares had previously been held by rhe TractionOo. V. 74 n 427.
Buffalo Railway Co. (after Buffalo Traction and Buffalo Bellevue &
Lancaster had first been merged in the same)
Buffalo & Niagara Falls Electric Railway.
Buffalo & Lockport Railway (after Elmwood Ave. and Tonawanda Elec
tric Railway had been merged).
Buffalo Tonawanda & Niagara Falls Electric R R . Co.
Lockport & Olcott Railway.
Niagara Falls & Suspension Bridge Railway (after the Niagara Falls
Whirlpool & Northern R y. had been merged in it).
Niagara Falls Suspension Bridge Co.
On July 1 1902 the International R y. Co. acquired by purchase the
Niagara Falls Park & River R y., the Clifton Suspension Bridge C o., the
Lewiston Connect. Bridge Co. and Queenston Heights Bridge Co. and In
Dec. 1912 merged the Electric City R y. In April 1913 the Crosstown
St. Ry. was also merged.
For history of International Traction Co. which formerly held all the co.'e
stock, see “ Electric Railway” Supplement of Apr. 30 1921.
New Line.— The P. 8 . Comm, has auth. the sale of $3,870,000 Interna
tional Ry. ref. and impt. 5% bonds, of which $3,642,000 have been issued
to provide for the construction and equip, of the high-speed Interurban line
from Buffalo through Tonawanda ana North Tonawanda to Niagara Falls.
16 miles, over private right o f way. V. 103, p. 1032: see also V. 107, p. 696.
V. 113. d . 1772.
Franchises.— Nearly four-fifths of the mileage in Buffalo, including all the
most important lines, is maintained, it is stated, under franchises in per
petuity or upon property directly owned, only 47 miles of minor trackage
being operated under franchises having less than 25 years [from 1916] to
run. The franchises of the lines outside of Buffalo are either for various
long-term periods or are without time limit
Fares.— On April 18 1920 the company put into effect, with the P. 8 .
Commission’s approval, a 7-cent fare, tickets being sold at 6 44 cents.
V. 109, p. 1986; see also V. 109, p. 2172; V. I l l , p. 188, 493, 895; V. 115, p.
2046. Compare “ Electric Railway” Section or N ov. 15 1919, page 17,
under caption “ Fares and Wages.” In M ay 1923 applied to the P. S. Com.
for auth. to increase fares in Buffalo to 8 cents cash or 4 tickets for 25 cents.
V. 116, p. 2129. See also V. 117, p. 1884. Effective M ay 1 1921, the co.
UDder a joint tariff covering passenger traffic with the Niagara Gorge R y.
put into effect increased rates. See V. 112, p. 2537.
Judgment Reversed.—See V. 118, p. 794.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stocks $17,500,000 (v. t. c . ) . . ...............................$16,707,500
________
internat Ry ref A imp mtge! 1912
5 g M -N
15,898,200 Nov 1 1962
$60,000,000. g old ___ c*Ar/Bankers Trust C o., New York. Trustee
Internat Ry 5-yr coll tr b d s ... 1920 7%
226,000 July 1 1925
Buffalo Ry 1st con mtgef
1891 5 g F-A
4.784.000 Feb 1 1931
($1,000) $5,000,000 ,g, c*Ar( Int. at C o.’s office. Buff., E.W . Clark & Co.,
[ Phila., or Bankers Tr. C o., N . Y ., Trustee.
sTonawanda St RR 1st M .l
1892 6 J-J
60.000 Jan 1 *926
(closed)--------------------------- /Interest at company's office, Buffalo.
aTonawanda Electric RR 1stt 1895 6 A-O
40,000 April 1 1927
m tge____________________ /interest at company’s office, Buffalo.
aOrosstown St Ry 1st mtge, g ( 1892
5 g M -N
2,533,000 M ay 1 1933
(closed) gu p & 1-----------c*JInt. at Metropolitan Tr. C o., N . Y .. Trustee.
19
ELECTRIC RAILWAYS
A pril, 1924.]
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Buffalo Traction 1st mtge, l 1898 5 g J-D
873,000 Dec 1 194*
(closed)_________________ lint, at Metropolitan Tr. C o.. N .Y ., Trustee
Buffalo Bellevue & Lancaster! 1897 5 J-D
199,000 June 1 1927
mtge (redeemable at par) _J Int. at Buffalo Trust Co Buffalo.
Buff & Nlag Falls Elec Ry— 1 1895 5 g J J
635,000 July 1 1936
1st M . $750,000. gold___ c/Interest at Bankers Trust C o.. New York
Buffalo & Lockport 1 st mtge, 1 1898 5 g J-J
500,000 July 1 193s
gold, $500.000___________ /Equitable Trust Co . New York, Trustee
Niagara Falls Suspension! 1897 5 g J-J
109,000 Jan 1 192S
Bridge, Clifton Suspension/Toronto General Trusts Corp., Trustee.
B rid g e __________________ lint, at American Excb. Nat. Bank. N. Y
Lewiston Connecting Bridge! 1898 5 g A-O
125,000 Oct 1 192S
C o, Queenston Heights/Toronto General Trusts Corp., Trustee.
BrldgeOo______________-lin t, at American Exch. Nat. Bank. N. Y
aNiag Falls S Susp Bridge R y. 1893 0 J-J
c
518.000 Jan 1 1926
aNiag Falls Whirlpool S No Ry 1894 6 J-J
c
22.500 Jan 1 1926
Real estate mortgages________ _____
6-7%
283.082 1923-26
Bonds.— Of the International Ry. refunding and improvement bonds.
$10,075,500 are reserved to retire prior lien bonds and $339,000 are
pledged as security for the 5-year 7% coll, trust bonds; remaining bonds
may be issued only for additions, improvements, &c., with consent of the
P. 8 . Comm. Coup, bonds In denom. of $1,000 and reg. bonds of $1,000
and multiples. Red. on any int. date at 110 and int. Int. payable at
office or agency o f the eompany in New York. Exempt from N. Y. State,
county and municipal taxes. Sk. fd. began in 1912 and will provide by
July 1 1949 sufficient funds to retire all except $610,500 of the outstanding
underlying bonds to a total par value of $12,651,500. $1,695,800 have been
acquired by sinking fund. The bonds are secured by a 1st M . on about
43 miles o f track (incl. 15)4 m. in Buffalo) and by a mtge. on remaining
property, subj. to divisional bonds. They will also be a 1st M . on the
new line between Buffalo and Niagara Falls. V. 96, p. 62; V. 103, p. 1032.
The Internal. Ry. 5-year 7% coll. tr. bonds are secured by $339,000 In
ternal. Ry. ref. S impt. 5s. The Tonawanda Elec. RR. 1st 4s, due origi
c
nally on Apr. 1 1907, were extended as 4s to Apr. 1 1917. and in 1917
again extended to Apr. 1 1927 at 6 %. The Tonawanda Street RR. 1st 6s,
originally due July 1 1922, were extended to Jan. 1 1926 at 6 % . The
Niagara F dls & Su-pension Bridge Ry. bonds of 1893 and Niagara Falls S
c
Whirlpool Northern bonds of 1894 given in the table above matured in 1903.
These were extended, maturity to July 1 1923 at 6 % and again to Jan. 1
1926 at that rate.
R E PO RT.— Of International R y. for years ending Dec. 31;
Years Ending—
xDec. 31 ’23. xDec. 31 ’22. Dec. 31 ’21.
Total in co m e .-____________________ $9,839,907
$7,398,767 $10,900,982
Operating expenses-------------------------- 1 9,293,906 79,460,265
8,583,472
Taxes_____________ ______ _________ }
\ 584,389
718,443
Gross income____________________
Interest, rents, &c__________________
$546,001def$2645,887
1,573,240
1,525,959
$1,599,067
1,499,956
Balance over charges----------------def.$l,027,238def$4171,846
$99,111
x Loss o f revenue in these years attributed to strike.
ROAD, &c.—Total miles of crack, incl. second track, crossovers, sidings
See., 422.823 miles. Gauge, 4 ft. 8)4 in. Ball (steel), 45 to 145 lbs. 1 062
cars of all classes. Including 894 passenger cars. Greater part oi electrical
nergy used is purchased from the Niagara Fills Power Oo. and its allied
o . . the Buffalo General Electric Oo
OFFICERS.— Pres.. H. G. TuUey: V .-P .. R . H. Horton: V .-P ., H. L.
M ack; Sec. & Treas.. C. A. Weber; Aud., Charles A. Chavel.— V. 115, p
868, 1837, 2056, 2267; V. 116, p. 515, 935, 2129, 2388; V. 117, p. 86, 208,
1017, 1884, 2109, 2432, 2542; V. 118, p. 84, 794.
BUTTE, MONT.
BUTTE ELECTRIC R A ILW A Y.— Trolley,
This company was Incorporated In West Virginia In December 1899 as
successor o f the Butte Consolidated R y.. sold at foreclosure.
interest due on Mar. 1 1915 was paid Sept. 1 1915 and subsequent cou
pons due March 1 and Sept. 1 1915 and March 1 1916 were paid 6 months
»ft,er they became due. Subsequent coupons paid when due up to and Incl.
Sept. 1918. Mar. 1 1919 int. was not paid when due (V. 108. p. 1822)
and no int. has been paid since.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity,
M-N
xll.000,000 Oct '06. 2%
Jtock, $1,000,000 (par $100)...........
1st M , $900,000. gold, $1,000? 1900
5 g M-S
900.000 Mar 1 1925
each.
___________ c * c o tl Interest at W. A. Clark S Bro., Butte.
c
x All owned by W . A. Clark.
Bonds.—May oe called for payment on Mar. 1 1915, or on any Interest
lay thereafter
Sinking fund of 10% par value of bonds began Mar. 1 1916.
Dividends.— In 1905. 4% ; In 1906. M ay, 2% ; Oct.. 2% ; none since.
EARNINGS.— For cal. year 1919 and years ending June 30:
Year—
Gross. Net (aft. Taxes). Depr'n.
Interest.
Balance.
$17,979
$60,784
$45,000
1919............. $700,321
def .$87.805
1917-18_____ 700.866
132.523
53.758
44.667
sur.34,097
1916-17 ......... 722,357
106.097
51,435
42,687
sur.11,974
Passengers carried in 1919, 13,486,733.
ROAD.— Operates 39.0857 miles o f track. 56-60-80-85-90-lb. T rails.
61 passenger and 4 work cars.
OFFICERS.— Pres., W. A. Clark, Butte; V.-P. W. A. Clark, Jr.; Sec. S
c
Treas., J. H. Anderson, 20 Exchange Place, N. Y . — V. 108, 1822; V . 109.
9- 676: V. 110. p. 2657: V. I l l , p. 73; V. 113, p. 530.
CALAIS, ME.
CALAIS STREET R A ILW A Y .— A trolley road.
ORGA N IZA TIO N .—Stock. $50,000 com. and $50,000 pref.; first
uortgage. 1910 (n tf). 5s. J-J. $100,000 due July 1 1930.
R E PO RT.—-Gross earnings for cal. year 1923, $42,460; in 1922, $45,445:
in 1921, $57,968; in 1920, $55,697; in 1919, $50,882.
ROAD.—Calais Street R y., lower wharf to upper bridge, Calais. 4 miles,
it. Stephen Electric R y.. MUltown. N. B.. to St. Stephen. N. B., 3 miles;
total. 7 miles. The St. Stephen Electric Street Ry. Is a separate corpora
tion, but Is owned entirely by the Calais company. 9 cars.
OFFICERS.— Pres., George A Curran; Sec.. Treas. S Gen M gr.
c
Benjamin Y . Curran; Supt.. O. F. Pray; all of Calais. Me.
CANTON, MASS.
BLUE HILL STREET RA ILW A Y.
The co. suspended operations in March 1920 and the road Is reported to
have been sold for junk. For history see “ Electric Railway Supplement’ *
of Oct. 28 1922.
CEDAR RAPIDS, IOWA.
IOWA RAILW AY & LIG H T CO.
ORGANIZATION.— Is a re-lncorp. in 1912 of the Cedar Rapids S Iowa
c
City Ry. S Lt. Co. and has acauired the properties formerly owned by the
c
following companies:
Belle Plalne Elec. Co.
|Marshalltown Lt.. Power S R y. Co
c
Boone Electric Co.
Nevada (Iowa) Electric Oo.
Cedar Rap. & Iow aO y. Ry. S Lt.Co.lPerry Elec. Lt.. Pow. & Heat Oo.
c
Marion Light, Heat & Power Co.
ISpringville (la.) Electric Co.
BURLINGTON, IOWA.
|Tama & Toledo Electric Power Go
UNITED U TILITIES C O R PORATION .
Owns and operates entire electric light and power properties In Cedar
O RGAN IZATION .— Incorp. in 1912 in Delaware as the Burlington Ry. Rapids, Marshalltown, Boone, Marlon, Perry, Belle Plalne, Blalrstown.
S Light Oo., and acquired the People’s Gas & Electric Co. and old Burling Chelsea. Tama, Toledo and Nevada, and supplies more than 50 towns
c
ton R y. S Light Co. Name changed to present title in Oct. 1921. Does through its high-tension lines; Interurban road between Cedar Rapids and
c
entire municipal and commercial electric lighting and power business in Bur Iowa City and Cedar Rapids, Lisbon and Mount Vernon; the local street
lington, Delta, Martinsburg, Fremont, Mediapolis, Wapello, What Oheer, railways in Marshalltown and Boone; the gas plant in Marshalltown and
West Burlington, Sigourney. Hedrick, Thornburg. Winfield, Milton and the heating properties In Cedar Rapids, Boone, Marlon and Perry. Inter
Morning Sun, all in Iowa. Also owns steam-heating and gas plants. urban road is on private right of way. Also does a freight business, ex
Railway franchises are perpetual, except for two suburban extensions of changing freight with steam roads.
minor Importance. Lighting franchises In Burlington expire In 1927.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
STOCKS AND BONDS— Date
Interest. Outstanding
Maturity. Common $3.000.000-------------- -----------------$1,700,000
See text.
$1,500,000 ...................
Common, $3,000,000.............................................
Pret, $5,000,000. 7% cum -------------Q-M
4,451.422 D ec.'23, 1H
Preferred $2,000,000 6 % c u m . ____
6 J-J
1,000,000 _____ _____
1 st & ref mtge $10,000,000 gf 1912
5-7-8 M-S 8,072,000 Sept. 1 1932
First mortgage, $7,500,000. gl 1912
5 M-S
1.680.000 Mar 1 1932
($500 and $1,000)____ c*tf lHarris Tr. & Sav. Bank. Chicago, trustee.
($1,000) sinking fd _ c * t f/ Int. at Equit. Tr. C o., N. Y .. Trustee.
_
Bonds.— $500,000 1st S ref. bonds bear int. at 7% and $1,000,000 bear
c
Bonds.— Remaining bonds are for additions, betterments or extensions
int. at 8 % . The remainder are 5s. The original indenture provided for
under certain restrictions, at 80% of cost. Callable at 105 and Int. on any int. at 5% . The extra int. coupons are secured by a gen. mtge. on the
int. day on 3 months' notice. Sinking fund of 5% of gross earnings began property subject to the 1st & ref. and underlying mtges. The bonds wlt$
July 1914. V. 95, p. 678.
the 2 % extra Interest coupons are redeemable on any Int. date up to
March 1 1928 at 108, and decreasing 1 % each year thereafter to March 1
EARNINGS.— For years ending Dec. 31:
1932. V. 112, p. 849. Of the remaining 1st S refunding bonds, $188,000
c
1917
1916
1915
1914
1913
Gross revenue.......... $431,580 $427,285 $405,352 $400,818 $366,614 are reserved for prior lien and remainder are for extensions and additions at
80% of cost for acquisitions, &c., under certain restrictions
Subject to
Net (after taxes)___ 176.124
186,703 182,508
182,373 177.349
ROAD.— Owns and operates about 23 miles of track in Burlington call on any interest date at 103 and interest. Sinking fund 1% per annum
of bonds out, Mar. 1 1916 to 1921, 1922 to 1926. 2% : 1927 to 1931, 3% .
and Its suburbs. 66 to 85-lb. T rail. 62 passenger cars
OFFICERS.— Pres.. E. C. Walsh; V .-P .. M . A . Walsh: Sec. S Treas., Sinking fund is used for redemption of bonds or for extensions and better
c
ments. V. 95. p 750; V 112, p 849: V. 113, p. 71.
J. W . Walsh; Gen. M gr., C. H. Walsh.— V. 108, p. 2240; V. 113, p. 1676;
Dividends.— 7% Is being paid on pref. stock. On common. In 1911 to
V. 118, p. 430.
_
1914, 2% per annum. In 1915. 4% : in 1916 and 1917 at the rate of 6 %
per annum. In 1921, 1 11-12%. In 1922, Jan., 5-12%; Feb.. 5-12%;
BURLINGTON, VT.
March, 5-12%; April, )4 % , and 'A % monthly to and including Dec. 1922.
BURLINGTON TRACTION CO.
In 1923, 4 1-3%.
In Aug. 1921 the company increased the capital stock from $200,000 to
EARNING S.—-Of combined properties years ending Dec. 31:
$400,000.
Cal. Years—Gross.
Net.aft.tax. Interest. Pref.Div. Bal.,Sur
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. 1923____________ $3,539,238 $1,267,287 $461,340 $303,850 $502,09v
1922____________ 3,282,406
1,094,233
441,883
289,375
362,97s
Stock, $400,000 (par $100)...............
Q-F
$200,000 D e c ’23,1)4 %
30-year bonds, $ 5 0 0 ,0 0 0 ...tf 1912
5%
350.000
1942
ROA D .— Operates an interurban road 44)4 miles long on private right
Bonds.— The remaining $150,000 bonds can only be Issued with permls- of-way substantially 100 ft. wide between Cedar Rapids, Iowa City and
•lon o f Public Service Commission.
Lisbon: also local street railways in Marshalltown. Boone and Cedar Rapids
Diviaends.— Previous to 1903, 4% yearly. From 1903 to 1912. 6 % 26 passenger cars, 28 freight; miscellaneous, 9; total, 63 cars. Capacity of
yearly. In 1912, 1913 and 1914. 8% .
In 1915. Feb.. 2 % : M ay. 2t4% ; power plants, 45,500 h. p. (to be increased to 63,500 h. p .). In the fall of
and same rate quar. to and incl. N ov. 1921. In Aug. 1922 1 M % was paid. 1917 completed the installation of a 2,000 k. w. automatically cohtrolled
N ov. 1922, 1)4% . Same rate paid regularly quar. since to and incl. hydro-electric plant at Cedar Rapids, the first of its kind to be put in opera
D ec. 1 1923.
tion. The company completed in 1921 the installation of a 12,500 k.v.a.
12 Mos. ending—
Gross.
Net.
Charges.
Dies.
Sur. or DefQ steam turbo-generator at Cedar Rapids.
OFFICERS.—Pres., William G. Dows; V.-P. & Treas., Isaac B. Smith
Dec. 31 1923_________$219,956 $41,810 $17,500 $24,000 sur. $31n
V.-P. John A. Reed; Sec. & Asst. Treas. C. S. Woodward; Gen. M gr.
Dec. 31 1922_________ 206,007 41,200
17,500
21,000 sur. 2,70”
ROAD.— Owns 12 miles o f track in city of Burlington. Rails 60, 7° S. C. Dows, all of Cedar Rapids.— V. 105, p. 716, 818; V. 106, p. 602; V .
and 75-lb. T . Owns 15 closed cars, 17 open cars, 2 convertible cars, 2 snow 109; p. 776; V. 110, p. 2568; V. I l l , p. 896: V. 112. p. 849; V. 113, p. 71,
533; V. 114, p. 1179; V. 115, p. 308; V. 117, p. 1884, 2212.
plows. 1 8weeper.
OFFICERS.— Pres. & Treas., Jno. J. Flynn; V .-P . & Sec., C . W
Brownell.— V. 94. p. 1185; V. 109, p. 676, 981; V. 112, p 161.
CEDARBURG. WIS.
BUTLER, PA.
BUTLER R A ILW AYS CO.
ORGAN IZATION .— Incorp. July 1 1917 in Penn, as successor to
Ihe Butler Passenger R y., the City Division of the Pittsburgh S Butler
c
Ry. (the Interurban Division of which was sold under foreclosure May 9
c
1917— see Pitts. Mars S Butler R y ., successor co., under Pittsburgh).
The property of the Butler Pass. R y. was taken over by the holders of
$500,000 1st mtge. 5% bonds due 1936 and reorganized.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity
Stock $300,000 ( $ 5 0 ) - - - - - - - - - - - -------$250,000
5 g J-J
250,000 Jan 1 1948
First mortgage $300,000 gold 1918
($500 S $1,000)— -c*& r.tf Int. payable at Butler Co. Trust Co., trustee
c
Butler, Pa.
Bonds.— Not subject to call and no sink. fd.
EARN ING S.— For cal. year 1921, gross, $106,072; net (before taxes).
$23,822; int. & taxes, $15,709; bal., sur., $8,114. In 1920, gross, $152,054;
net, after taxes and deprec., $2,696. In 1919, gross, $126,286; net, after
taxes and deprec., def., $9,829.
R OAD.— Operates 13.28 miles o f track in Butler. Rail (girder, except
3)4 miles T ). 65-lbs. Gauge, 5 ft. 2 in.
OFFICERS.— Pres..____________ ; V .-P ., J. V. Ritts; Sec.-Treas. and
Gen. M gr., R . E . Sprenkle.— V. 110, p. 1748.
MILWAUKEE NORTHERN R Y .— An electric road.
Control.— Controlled by the Milwaukee Electric Ry. & Light Co. Com
pare V. 115, p. 436.
ORGANIZATION.— Incorporated In Wisconsin In 1905. Operates lniierurban system entirely on private right-of-way. All franchises were
superseded by perpetual rights under Indeterminate permits In 1919 and the
rates of fare are now solely within ihe jurisdiction of the Wisconsin R . R .
Commission. Enters Sheboygan over tracks of Sheboygan Electric Oe.
under perpetual contract.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock, common, $ 1 .0 0 0 ,0 0 0 ..____
_______
$ 1, 000,000 ..........................
1st pref., $400,000, 6 % c u m . . ____
_______
400.000 Apr '23, 3%
2d pref, $600,000, 6 % non-cum____
M -8
600.000 Oct '22, 3%
1st mtge $4,000,000 gold! 1911
5 A-O
_____________
1.737,000 Apr ______
1 1931
($500 and $1 000)_____c t f lint, at First Sav. S Tr. C o., M llw.. Trustee.
c
Bonds.— Remaining bonds may be issued only when net earnings are
twice Int. charges, incl. bonds to be issued, at not exceeding 7 5 % o f cost
of extensions, additions, &c. Subject to call at 105 and Int. V .9 2 .D .7 2 5 .
Dividends.— Dividends of 3% paid s.-a. on 1st pref. from Sept. 1911 to
Mar. 1914 (Incl.). None to Jan. 1916, when 1 )4 % was paid. In M ay 1916
A % and A % each month thereafter to Oct. 1916. In Dec. 1916 paid
3 % . In April 1917,3% . In 1918. 6 % . In April 1919 paid off all accumu
lated divs. up to April 1 1919. In Oct. 1919, 3 % . In 1920, 6 % . In
1921,6% . In 1922, 6 % . In 1923, April, 3 % . On 2d pref. paid 3% s.-a.
20
ELECTEIC RAILW AYS
from Sept. 1911 to March 1913, incl. None to April 1919. when 3% was
paid, in Oct. 1919, 3% . In 1920, 6 % . In 1921, 6 % . In 1922, 6 %.
In 1923, 6 %.
EARN ING S.— For calendar years:
Year—
Gross. Exp. & Tax. Net.
Interest.
Dies.
Surplus.
1923................ $614,738 $423,440 $191,298 $90,112 $60,000 $41,186
1922............... 599,226
386,998
212,228
93,619 60,000
58,609
ROAD.— Will be 120 miles long, running north from Milwaukee to Cedarburg, where It forks, one branch extending to Sheboygan via Port Washing
ton and the other to Fond du Lac. Operates 65 miles of track. Including
OH miles In Milwaukee, between Milwaukee, Cedarburg and Sheboygan
Is double-tracking the line between Milwaukee & Cedarburg. 10 miles
completed. Owns 23 cars. Gauge, 4 ft. 8 H In. 70-lb. T rail.
OFFICERS.— Pros., John I. Beggs; V.-Ps., H. A. Mullett and S. B.
Way; Sec. & Treas., F. J. Boehm.— V. 115, p- 436, 1532.
CENTERVILLE, IOWA.
IOWA SOUTHERN UTILITIES CO.
Change in Control.— In N ov. 1923 George M . Bechtel purchased the con
trolling interest in the co. formerly held by David G. Fisher. V. 117, p.
2440. Compare V. 108, p. 1940, 2245.
ORGANIZATION.— Organized in Delaware in 1923. Co. at that time
owned and operated the electric light property at Creston, Cromwell,
Lorimor, Talmage and Thayer, and wholesaled current to Orient, Prescott,
Tingley, Ellston and Arispe; and in March 1923 the co. purchased all of
the physical assets of the Iowa Southern Utilities Co., a corporation organ
ized in Maine in 1905 under the name of the Centerville Light & Traction
C o., which owned and operated the public utility properties serving the
city o f Centerville, la ., and a street railway serving the city and extending
to the town of M ystic. The co. later acquired all of the properties of the
Centerville Albia & Southern R y., which operated a passenger and freight
electric railroad between Centerville and Albia, la.
The Delaware co. since Dec. 31 1923 acquired the physical properties
o f the Southern Iowa Electric Co. In connection with this acquisition the
co. issued $800,000 preferred stock. The estimated population served is
over 75,000. The majority o f the franchises run beyond the life of the
bonds and contain no burdensome restrictions.
Outstanding. Maturity.
STOCK AN D BONDS— Date.
Interest.
Common stock 50.000 s h a r e s -.____
________
5,800 shs. ---------------Pref stock 7% $5,000,000------- ------------------- $1,380,000 __________
1,765,000 Oct 1 1933
1st M (Maine co) $2,500,000/ 1916
6 g A-O
sk fd gold ($100, $500 and) Int. in N . Y . or Chicago. Central Trust Co.
$ 1 ,0 0 0 )_____________ c*tf(. of Illinois, trustee.
redeemable at 105 and int f
1st & ref mtge (Delaware co [ 1923
6 g F-A
1,563.000 Feb 1 1943
Series o f 1923 ($100, $500-1 The Northern Trust C o., Chic., 111., trustee,
and $1 ,000) gold---------c*tf !
Southern Iowa Elec 1st m tg e.. ____
6%
342,700 ---------------Bonds.— A direct first mtge. upon the properties, &e., now owned and
hereafter acquired. Additional bonds may be issued up to 80% of cost of
permanent extens., &c., when net earnings are twice int. charges on all
bonds outstanding, including those proposed. A minimum maint. charge
for railway properties of 17% of gross earnings from railway operations, is
provided. Sinking fund began March 1 1919, of 10% of net earnings
for the previous year, but not less than 1 H % of the average amount of
1 st M . bonds outstanding during the year to retire bonds or for permanent
improvements. V. 104, p. 73. The 1st & ref. mtge. 6 % ser. 1923 are
red. on any int. date at 107H and int. to Jan. 1 1928; 105 to July 1 1933,
and 102H thereafter. Int. payable in N . Y . or Chicago. V. 116, p. 1768.
EARN ING S.— For years ending Dec. 31:
Cal. Yr. Gross.
Net. after Taxes. Bond.Ac., Int.'*Dividends. Bit ,sur.
1923--S1,009,486
$409,254
$155,242
$75,352
$178,660
1922 ...$844,405
284,318 3
148,697 f
66,274
69.347
"P R O P E R T IE S .— Steam plants at Centerville andTCreston with 410 miles
o f high-tension transmission line; steam plant at Creston with 75 miles of
transmission line; steam heating system at Centerville; a gas generating and
distribution system at Centerville; a short street railway in Centerville, also
electric railroads on private right-of-way connecting Centerville with Albia
and Mystic, which do a freight and express business and are connected
with transcontinental railway lines. 31.94 miles o f elec. ry. Serves 62
communities.
OFFICERS.— Pres., Geo. M . Bechtel; V.-P., J. Ross Lees; V .-P., Frank
S. Payne; Sec., II. R. Bechtel; Treas. & Gen. M gr., E. F. Bulmahn; Aud.,
E. L. Shutts.— V. 116, p. 1768; -V. 117, p. 332, 1894, 2440, 2889; V. 118,
p. 800, 1919.
CHAMBERSBURG, PA.
CHAMBERSBURG & GETTYSBU RG ELECTRIC R Y .
ORGAN IZATION .— Incorporated in Pennsylvania Dec. 4 1900.
• STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity
Stock *225.000 ($50)...........................................
$225,000 _________
Ut mtge. *225,000 (*1,000),/ 1903
5 M-N
225,000 M ay 1 1933
not red., no sink fu n d ._c*lin t, at Northampton Tr. C o.. Easton, Trust
EAR N IN G S.— For calendar years:
Year—
Gross.
Net.
Oth.Inc. Int. & Tax.
Balance.
1922_______________$48,713
$4,445
$325
$11,959
def.$7,188
1921........................... 53,015
8,189
513
12,119
def. 3,417
1920........................ 59,067
19,537
251
13,512
sur. 6,276
R OAD.— Operates 12.93 miles o f all track between Chambersburg, Stofferstown, Fayetteyille, Greenwood and Caledonia. 60-girder rails.
Gauge 5 ft. 2J4 in.
OFFICERS.— Pres. M . O. Kennedy; V .-P., T . B. Kennedy; Sec. and
Treas., W. L. Ritchey; Aud., F. J. Fell, Jr.; Supt.. D . B. Fratz.— V. 105,
p. 2271.
CHAMPAIGN, ILL.
ILLINOIS TRACTION CO.—
The old Illinois Traction Co. continues in existence as a holding co. for
the Illinois Power S Light Corp. (see below).
c
Exchange Offer Made to Stockholders.—-On June 15 1923 holders of both
Illinois Traction Co. pref. and com. stocks were offered in exchange 7%
cum. pref. and 6 % cum. partic. pref. stocks, respectively, of the Illinois
Power & Light Corp. For full details see V. 117, p. 86.
ILLINOIS POWER & LIGHT CORPORATION .
ORGAN IZATION .— Organized early in 1923 and is a consolidation
and merger o f the following companies:
Plan was approved by the Illinois Commerce Comm, in M ay 1923.
V . 116, p. 2388.
Group (1), Illinois— Companies Consolidated and Merged into Illinois
Power & Light Corp.
St. Louis Elec. Bdge. Co.(V.98,p.74) Kerens-Donnewald Coal Co.
Bloomington S Normal Ry. & Lt. Co. Madison County Light & Power Co.
c
V. 109, p. 886).
(V. 104, p. 668).
Citizens Lighting Co. (V. 75, p. 292) Monticello Electric Light Co.
Citizens Pure Ice Co.
Mound City Light & Water Co.
Canton Gas & Electric Co.
Northern Illinois Light S Traction
c
Consumers W . & Lt. Co. of Marseilles Co. (V. 97, p. 729)
Danville Consumers Coal Co.
♦Peoples Trac. Co. (V. 108 p. 480)
Danv. St. R y. & L t.C o .(V .lll p.588) Peoria R y. (V. 112, p. 470)
Danv. & East. 111. R y. (V. 98, p. 235) Quincy Ry. (V. 94, p. 1628)
Danville & Northern R R .
Urbana Champaign R y., Gas & Elec.
Danville & South Eastern Ry.
Co. (V. 113, p. 2820)
Decatur R y. & Lt. Co. (V .112,p.652) Urbana Light, Heat & Power Co. (V.
Galesburg R y., Ltg. & Power Co. (V.
105, p. 2462)
115, p. 1320)
Utility Gas Coal Co.
Galva Electric Light Co.
Southern Illinois Light & Power Co.
Jacksonv. R y .& L t. Co. (V.99,p.1748) (V. 114, p. 2587)
♦Peoples Traction Co. properties taken over by Galesburg R y.,
Lighting & Power Co.
Companies Whose Entire Stocks are Owned by the III. Pow. & Lght Corp.
Group (2), Interurbans.— (1) Illinois Traction, Inc., into which have been
consolidated Bloomington Decatur & Champaign R R . (V. 102, p. 65);
Danville Urbana & Champaign R y. (V. 106, p. 85); Illinois Central Traction
[V ol. 118.
C o. (V. 108, p. 268); St. Louis Springfield S Peoria Ry. (V. l i4 , p. 522),
c
Chicago Ottawa & Peoria R y ., and (2) St. Louis Electric Terminal R y. Co.
Group (3) Missouri.— (1) Jefferson City Light, Heat S Power C o., which
c
owns substantially entire capital stock of Jefferson City Br. S Trans. Co.,
c
and (2) North Missouri Light & Power Co. Early in 1924 these properties
were sold and have been conveyed to the Missouri Power S Light Co,
c
V. 118, p. 1401.
Group (4), Cairo Properties.— Cairo R y. S Light C o., which owns entire
c
capital stock of Cairo City Gas C o., Cairo Electric & Traction C o., and
Cairo & St. Louis R y. Co.
Group (5). Nebraska.— Omaha & Lincoln R y. Sc Light Co.
Group (6), Kansas.— (1) Topeka Ry. & Light C o., which owns entire
capital stock of Topeka Edison Co., Topeka Ry. C o.; (2) Wichita R y. &
Light C o., and (3) Atchison R y., Light & Pr. Co. In Apr. 1924 the Topeka
R y. & Lt. Co., the Atchison R y., Lt. & Pr. Co. and the Wichita R y. & Lt.
Co. were merged into the Kansas Public Service Co., which owns all the stock
of the Topeka Edison Co. and the Topeka R y. Co. and has acquired all
the com. stock of the Kansas Pr. & Lt. Co. See V. 118, p. 1772, for further
details.
Group (7), Iowa.—Des Moines & Central Iowa Electiic Co. (which will
hold stock of the following underlying companies pending ultimate merger:
Colfax Electric Light Co.; Des Moines Electric Co. [V. 114, p. 20191; Mills
County Power Co.; Montezuma Elec. Light, Power & Heating Co.; New
Valley Junction Watei & Light Co.; Oskaloosa & Buxton Elec. R y. Co. [V.
83. p. 1471]; Oskaloosa Light & Fuel Co. [holding company does not own all
stock]; and Oskaloosa Traction & Light Co. [V. 98, p. 839].)
Practically all of the above companies formerly constituted the Illinois
Traction System, for history of which see “ Electric Railway” Supplement of
Oct. 28 1922. Directly owns and operates or controls electric power and
light, gas, heat and city railway properties in a large number of municipali
ties in north central, central and southern Illinois. In Sept. 1923 purchased
the Missouri Utilities Co. of Mexico, M o., name since changed to Missouri
Power & Light Co. V. 118. p. 1401. In Nov. 1923 acquired the M on
mouth Public Service Co. V. 117, p. 2432. Also acquired in Nov. 1923
the Armour holdings of stock (reported at approx. 30% of total outstanding)
in the Kansas City Power Securities C o., which co. owns all the com. stock
of the Kansas City Power & Light Co. (see on a subsequent page). V.
117, p. 2323. Most of the principal lighting franchises are unlimited as to
time. The electric railroad, except in municipalities, is almost entirely
on private right-of-way.
Exchange of Pref. Stocks for Stocks of Constituent Cos.— For offers made to
stockholders of Illinois Traction Co. and the Bloomington A Normal Ry.
& Lt. Co., Western Rys. & Lt. Co. and Southern Illinois Lt. & Power Corp.,
see under separate captions in “ Chronicle” of July 7 1923, page 86.
New Power Project.— In Dec. 1923 the co. announced plans for the
building of a steam generating electric power station near Des Moines, with
an ultimate capacity of over 200,000 h. p. and to cost more than $16,000,000. V. 117, p. 2769.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
Common (no par)___________ _____
400.000 sh. Apr ‘24, 25c
Partic preferred 6 % cum ($ 5 0 ) ____
_______
$1,875,300 A p r ‘24,1H
1 st pref 7% cum $25,000,000
( $ 1 0 0 ) __________
_______________
________
21,350 800 Apr ‘24, 1
30-yr sk fd deb (closed) gold/ 1923
7 g A-O
9,949 800 April 1 1953
($100, $500 S $1,000 c* and/Central Trust Co. of Illinois, Chicago,
c
$1,000. $5,000& $10 M )r*tf ( trustee.
1st & ref mtge Series “ A ” ($100, [1923
6 g A -O
40,200,000 Apr 1 1953
$500 & $1,000 c*, and $1,-| Harris Trust & Sav. Bank, Chicago, trustee.
000, $5,000 & $10,000 r*)gtf I
Bloomington & Normal Ry. & Lt.—
1st and gen mtge, $3,500,000\ 1911
5 J-J
1,093,000 Jan 1 1928
gold ($1.090)---------c*&r.tf/Illinois Trust & Sav. Bk., Chicago, trustee.
B & N R E & H 1st mtge.f 19u2
5 g J-D
353,000 June 1 1927
$600,000 ($1,000) g s f_c*tf / Int. at 111. Trust S Sav. Bk., Chic., trustee.
c
Bond secured notes__________ 1921 7H %
167,200 Jan 1 1928
Citizens Lighting Co.—
First mortgage 6 % ---------------- 1922 6 %
350,000 Feb 1 1926
Clinton Gas & Electric Co.—
FLst mortgage 6 % ------------ 1907 6 %
139, jO N ov 30 1937
O
Consumers Water & Light—
First mortgage 5 % ________ 1905 5%
30,000 Dec. 1925
Galesburg Ry., Ltg. & Pow. Co.—
Consol ref mtge $5,000,00/1 j.916
5 g J-D
848,500 Oct 1 1934
($1,000) red at 105_ c*&r/Int. at Merchants’ Bank of Canada, N . Y.
_
Bond sec notes guar $750,000- 1921
7 M -N
300,000 N ov 1 1926
Galesburg R y & Lt 1st cons_ 1904 5%
_
781,000 July 11934
Madison County Lt. & Pow. Co.—
1st mtge $1,000,090 ($1,000)/ 1903
5 g J-D
601,000 Dec 1 1936
gold-------------------------- c*tf/In t. at agcy. Merch. Bank of Canada, N . Y .;
I Central Tr. Co. of Illinois, Chic., trustee.
Bond secured notes $300,000-. 1921
7 M -N
51,700 N ov 1 1926
Peoria Railway—
First & ref mtge $3,60J,00/\ 1906
5 g F-A
1.884,015 Sec text.
gold ($i, j 00)------------ c*tf/Interest payable in New York.
Quincy Railway—
First rer $-.500,000-----------tt i912
5%
582,000 Feb 1 1932
Jacksonville Ry. & Light—
Jack R y & L t 1st cons M . $1,-1 1906 5 g J-J
595,000 Jan 1 1931
000,000 gu g ($1,000)-c*.tfjC entral Trust C o., Chicago, trustee.
Jacksonv Gas Light & C o k e t ____
5 J-J
70,000 Jan 1 1931
Co first mortgage------- n tf/In t. at Merchants’ Loan & Tr. C o., Chicago.
Southern Illinois Light A Power—
First mortgage 6s______________ 1913
6%
2,162.800 Jan. 1 1931
Firstref Mtge Series “ A " 7s_ 1921
_
3,623,600 Dec. 1 1941
7%
Series “ B " ________________ 1921
6%
423,000 Aug. 1 1942
Secured notes________________ 1923
7%
300,000 __________
Un G & E Litchfield 5s________ 1907
5%
43,000 N ov. 1 1937
Saline Elec Mtge 6s____________1916
6%
560,600 Sept. 1 1926
City of M t Vernon serial 6s_ 1900
_
6%
17,500
T o 1930
Centralia Gas & Elec Co 5s___1904
250,000 M ay 1 1924
5%
St Clair Co Gas & Elec 5s_ _____
_
5%
1,233,000 Mar. 1 1959
Bonds.— The first & ref. mtge. Series “ A ” 6 % bonds are redeemable on
any interest date at 105 and int. to and incl. Oct. 1 1943. and thereafter at
par and int. plus a premium of H % for each year or portion of a year of
unexpired term. Improvement fund provided for in mortgage. Int. pay
able in Chicago or New York. Penna. 4 mills and Maryland 4H mills
taxes and Conn, and Dist. of Columbia personal property taxes not exceed
ing 4 mills per $1 per annum, and Mass, income tax on int. not exceeding
6 % of such interest per annum, refunded. M . H. MacLean is co-trustee.
V. 116, p. 1532. The 30-year 7% debentures are red. on any int. date on
60 days’ notice at 105 and int. The trust indenture provides for the pay
ment to the trustee of $400,000 each 6 mos. during the life o f this issue, the
balance thereof remaining after the payment of int. to be used for the re
tirement of these debenture bonds by purchase or by call. It is estimated
that this sinking fund will retire more than 93 % of the entire issue or at
before maturity.— Int. payable in N . Y . or Chicago. Co. agrees to reim
burse holders for the Penna. 4-mills and the Maryland 4 /4-mills taxes, and
for the Conn, and Dist. of Columbia personal property tax not exceeding
4-mills per $1 per annum, and for the Mass, income tax on int. not exceed
ing 6 % of such int. per annum. V. 116, p. 2015.
Bloomington A Normal Ry. A Light.— Of the $1,583,000 first and gen.
mtge. bonds, $209,000 are pledged as collateral for $167,200 of notes,
Int. in New York or Chicago. Callable as a whole or in part for sinking
fund at 102J4 and interest on any interest date. Sinking fund of 2% of
bonds out annually. $281,000 not incl. in amt. reported outstanding are
in sinking fund. V. 93, p. 665. The Railway Elec. & Heating Co. bonds
are subject to call at 110 and int. Sinking fund, $10,000 annually, began
June 1908; $246,000 not incl. in amt. reported outstanding are in sink. fund.
Galesburg Ry., Ltg. A Power Co.— Sufficient consol, ref. mtge. bonds Me
reserved for prior liens and remainder for additions, &c. Sinking fund
retired 1H % of bonds outstanding April 1 each year and 1H % of all under
lying bonds not pledged under the consol, ref. mtge. Up to Apr. 1 1924.
$269,000 had been retired. The Old Colony Trust C o., Boston, is trustee.
Bond secured 7% notes are guar., prin. S int., by Illinois Trac. Co.
c
secured by deposit of $400,000 consol, ref. 5s, due 1934. Central Trust Ob.
of Illinois, Chicago, trustee. V. 108, p. 268; V. I l l , p. 588; V. 112, p. 460:
V. 114, p. 2579; V. 115, p. 1320.
A pril,, 1924.]
ELECTEIC RAILW AYS
Madison County Light & Power.— Sinking fund o f 1H % of bonds pre
viously certified began Oct. 1 1916; bonds retired to be canceled. Can be
called on four weeks’ notice on any int. day at 105.
The $51,700 bondsecured 7% notes are secured by $69,000 1st mtge. bonds.
Peoria Ry.— Of $3,600,000 1st & ref. bds. $1,245,000 have been retired.
The trustee is the Illinois Trust & Savings Bank, Chicago, 111. Remaining
bonds mature on Feb. 1 as follows: $130,000 in 1925 and the remaining
$1,754,000 in 1926. They are subject to call on any int. date at 105 and
int. See V. 83, p. 436; V. 89, p. 42; V. 90. p. 560.
Jacksonville Ry. & Light.— The 1st consols, are guar., prin. & int., by
Illinois Trac. Co. Are subject to call on any int. date at 105. Int. at
Merchants’ Bank o f Canada, New York. $105,000 Jack. Gas Light &
Coke retired.
R E PO R T .—
Earnings Statement for Twelve Months ending Dec. 31 1923.
[Since operation under new plan.l
Gross earnings, $27,930,855; operating, maintenance & taxes,
$18,811,807; net earnings__________________
$9,119,048
Deduct interest_______________________________________________ $4,135,583
Bond discount________________________________________________
220,714
Dividends— Pref. dirs.(incl. sub. cos.)_________________________ 1,358,330
Depreciation_________________________________________________ 2,000,000
21
(5) T opeka R ailway &rL igh t Co.
Merger, &c.— In April 1924 the Topeka R y. & Lt. Co., the Atchison R y .,
Lt. & Pr. Co. and the Wichita R y. & Lt. Co. were merged into the Kansas
Public Service Co., which will own the stock of the Topeka Edison Co. and
the Topeka R y. C o., and will acquire all the com. stock of the Kansas
Pr. & Lt. Co. See V. 118, p. 1775, for details.
ORGANIZATION.— Incorp. in Maine and owns the Topeka Edison Co.
(V. 92, p. 730) and Topeka R y. Co.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Capital stock— All owned by Illinois Power & Light Corp.
1st lien & ref M $7,500,000 g\ 1916 5 g F-A
1,255,700 Feb 11933
($100,$500,$1.000,&c)c*&r*jlnt. in N . Y ., New York Trust C o., Trustee
Topeka Edison Co mortgage/ 1905 5 J-J
655,000 Sept 1 1930
$1,250,000 ____________ t f jln t. at Cont.&Comm.Tr.&S.B., Chic., Trua
Bonds.— The 1st lien and ref. bonds are secured by pledge of the entire
capital stocks and, excepting $1,831,000 underlying issues, all the bonds
of the subsidiary cos. $1,528,000 are reserved to acquire or retire under
lying bonds, and remaining $4,152,000 may be issued to the extent o f 80%
of cost of additions and impts. to the properties of the sub. cos., but only
when annual net earnings are 1 % times the annual int. charges, incl. the
bonds proposed and all underlying bonds held by public. Are red. ,all or
part, on any int. date at 105 and int. Sinking fund began Aug. 1 1917 of
1H % per ann. to and incl. 1929 and 1% thereafter of the total amount of
bonds outstanding (incl. underlying bonds), less amounts paid on account
Balance, surplus___________________________________________ $1,404,421
of sink, fund requirements of underlying mtges. (It is estimated 32%
PR O PE R TY, &c.— The power and light properties o f the corporation of the $3,250,000 outstanding bonds will thus be retired Feb. 1 1933.)
comprise electric generating stations with an aggregate capacity of 256,000 $180,300 in sinking fund April 1 1924. $121,000 bonds in fund are held
h.p. installed or in process o f installation, and distributing systems furnish alive. The Topeka Edison Co. bonds have a sink, fund of $15,000 per ann.,
ing electricity without competition to over 190,788 customers.
payable Dec. 15, $225,000 have been retired and $60,000 are held alive in
The gas properties have an installed daily generating capacity of over sink. fund. Beginning with the 2-year period ending M ay 31 1918, and
18,500,000 cu. ft. of artificial gas and distributing systems serving over during each 2-year period thereafter, there must be set aside for maintenance
70,667 customers.
and depreciation an amount averaging 1 2 % of the combined annual gross
The city railway properties, comprising over 241 miles of track, serve the earnings of the subsidiary cos. V. 104, p. 74.
cities o f Danville, Champaign, Urbana, Decatur, Peoria (76.121), Cafrp,
EARNING S.— Year ending Dec. 31 1923, gross, $1,515,637; net, $457,Quincy (35,978), Bloomington. Galesburg, Ottawa, Illinois; Atchison.
180; int., $149,746. In 1922, gross, $1,462,412; net, $405,277; int., $152,Topeka and Wichita (72,217), Kansas; Jefferson City, M o., and Oskaloosa
796.
Iowa.
PROPERTIES.— 39 miles of electric street railway, largely 70 to 79-lb.
The electric, trunk line railroad, comprising over 556 miles of main line,
modern, standard-gauge railroad. Is equipped with automatic block signal T rails; 51 double and single-truck motor cars, 28 trailers; power plant,
systems, repair shops, car barns and 1,223 freight and passenger cars. generating capacity, 5,893 h.p.; 255 miles of power and light-distributing
This system connects the cities of Peoria, Springfield, Bloomington, Dan lines and 15,000 meters; exhaust steam system for heating purposes; mis
ville, Urbana, Champaign and Decatur with Edwardsville, Granite City, cellaneous real estate.— V. 104, p. 74; V. 118, p. 1775.
Madison, Venice and St. Louis, entering St. Louis over a steel toll bridge
owned by the corporation in fee, into its own terminal in the heart of
(a) T opeka Railway Co. (Subsidiary o f T opeka Ry. & Lt. C o.).—
St. Louis. Another trunk line connects the cities o f Joliet, Ottawa, Mar
Merger.—-See Topeka R y. & Lt. Co. above.
seilles, Peru and Princeton.
ORGANIZATION.— Incorp. under general railway laws of Kansas In
OFFICERS.— Chairman of Board. Wm. B. McKinley: Pres., Clement 1892: in 1903 absorbed the Vinewood Park R y., and made a new mtge. for
Studebaker Jr.; V.-Ps., W . A . Baehr and H. L. Hanley; V .-P . & Sec., $1,250,000. On June 4 1903 obtained a new 30-year franchise, running from
Scott Brown; V.-P. & Treas., Geo. M . Mattis.— V. 117, p. 8 6, 894, 1017, that date, with the provision that $400,000 be expended within 3 years on
1129, 1461, 1663, 1774, 2109, 2323, 2432, 2769; V. 118, p. 201, 664, 1664, the system. Also has secured franchises in perpetuity on county roads
1772.
now occupied, with privilege of hauling freight. City agrees never to reduce
where company
than 10% on
The city is to
PROPERTIES CONTROLLED BY THE ILLINOIS POWER & LT. CO. rates to 10% of earningswill earn lessafter 10% has stock. earned. Upon
receive
remaining
been
(1) Illinois T ra ction , Inc.
expiration of franchise city has the right to acquire the property, but not
ORGAN IZATION .— A merger in 1923 of Bloomington Decatur & Cham. before. V. 76, p. 866, 1302. On June 26 1916 authorized capital stock
R R ., Danville Urbana & Cham. R y., Illinois Central Trac. C o., St. Louis was increased from $1,250,000 to $2,250,000. V. 103, p. 62.
Springfield & Peoria R y., and Chicago Ottawa & Peoria Ry.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
futurity.
Stock all owned by Topeka R y. & Light Co.
STOCK AND BONDS—• Date.
Interest. Outstanding. Maturity.
First mtge, $1,250,000, gold! 1904
5 g J-J
873,000 Jan 1 1930
Stock.— All owned by Illinois Power & Light Corp.
($1,000)____________ c f t flln t .at Cont.&Comm.Tr.&S.B.,Chic.,Trus.
Underlying Bonds—
Bonds.— Remaining bonds are reserved for 80% of cost of new power
Bloomington Decatur & Champaign—
Ist& refm tge, $15,000,000, g f 1910
5 g M -N
1.496,000 Nov 1 1940 house and for betterments and additions. Subject to call at 105and int.
($1,000 coup & $1,000 or! Interest at Illinois Trust & Savings Bank, $240,000 have been retired. A sinking fund began Jan. 1 1910, which is
multip reg.) gu p&i.c*&r*tf [ Chic., Trustee, or Chase Nat. Bank, N. Y. sufficient to retire $15,000 per annum at 105 ana interest.
Chic Bloom & Decatur 1 st M _ ____
5%
4,000 Oct 1 1936
EARNING S.— Included in Topeka R y. & Lt. Co.
Illinois Central Traction—
ROAD.— Included in Topeka R y. & Lt. Co. above.— V. 118, p. 1775.
1st mtge, $2,000,000 ($1,000)1
1903 5 g J-D
1,075,000 Dec 11933
gold, guar----------------- c* tf /Int. at Old Colony Tr. C o., Boston, trustee.
(6) W ichita R ailroad & L igh t.— Trolley.
St. Louis Springfield & Peoria RR.—
1st & ref mtge $15,000,000 g f
1909 5 J-D
5,045,000 Dec 1 1939
Merger.— See Topeka R y. & Lt. Co. above.
($1,000 coup & $1,000 or-!Illinois Trust & Sav Bk. Chicago, trustee.
ORGANIZATION.— Chartered May 1 1900 for 30 years. Street rail
multiples reg.)----- c*&r*tf [Interest in New York, Chicago or London.
way franchise expires 1933. In 1910 entered into a 20-year contract for
St Louis & Springfield 1st MV 1303 5 g J-D
103.000 Dec 1 1933 purchase of power from Kansas Gas & Elec. Co.
($1,000) s f gold guar c*_tfJlnt at Old C )lony Tr Co, Boston, trustee.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Springfield & Northeastern!
1906 5 g J-D
145,000 Dec 1 1936
Traction 1st mtge $1,500,-tin t, at agency Merch. Bank of Can., N. Y. Stock— Owned bv Illinois Power & Light Corp.
Ref.& cons.M .,$1,500,OOOg.tf 1907 5 g A-O
$1,191,000 Oct 11932
000 ($1,000) gold--------- c*l Central Trust Co. of Illinois, Trustee.
Peoria Bloomington & Cham ( 1906
5 g M -N
280,000 Nov 1 1936
Bonds.— 1st M . bonds are subject to call at 105 on 6 months’ notice.
Trac 1st M $3,000,000 gold! Int. at agency Merch. Bk. o f Canada, N. Y.
ROAD.— Owns 37 miles of trolley track in Wichita, Kan., including
($1,000)------------------- c* tf L Central Trust Co., Chicago, Trustee.
double-track bridge over the Arkansas River and extensions to Wonderland
Chicago Ottawa & Peoria Ry. Co.—
Park and Fair Grounds; 107 cars.— V. 118, p. 1270, 1776.
First cons & ref mtge, guar/ 1907
5 g J-D ■
170,000 Dec 1 1937
$5,000,000 ($1,000)_____tflCentral Trust Co of Illinois, Trustee.
(7) A tchison Railway, L ight & Power Co.
Illinois Val 1st M $1,500,0001 1905
5 g M-S
795,500 Sept 1 1935
Merger.— See Topeka R y. & Lt. Co. above.
g ($500 & $1,000) gu c.tf\Int. at Irving Nat. Bank, N. Y . City.
ORGANIZATION.— Successor in 1895 of the Atchison Ry. Elec. L. & P.
Bonds.— The Bloomington Decatur & Champaign ‘ 1st & ref.” bonds Co. Controls electric railway, lighting and gas properties of Atchison.
are redeemable at 105 on any int. date. V. 92. p. 259.
STOCK AND BONDS—■ Date. Interest.
Outstanding.
laturity.
Illinois Central Traction.— Are subject to call on any interest date on Stock— Owned by Illinois Power &
60 days’ notice at 1 0 7 and int. A sinking fund of 10% of net earnings First mtge $1.500,000-.........t f 1910 Light Corp.
5%
$650,000 Nov
1935
became operative Dec. 1 1908, but not to be less than 1% of bonds out
Bonds.—-Sinking fund, $10,000 per annum, payable Nov. 1; $100,000
standing. $394,000 held in sinking fund.
St. Louis Springfield & Peoria RR.— Are red. at 105 on any int. date. (not incl. in amount outstanding) held alive in fund April 1 1924.
V. 90, p. 304; V. 95, p. 177. Are listed on Chicago Stock Exchange. St.
ROAD.— Operates 9.00 miles of track. 26 cars. Supplies city with
Louis & Springfield 1st mtge. bonds are subject to call on any int. date on 99 arc lights and 109 incandescent lamps: also 8 arC f0r commercial lighting;
S
60 days’ notice at 107'/ and int. $348,000 (not incl. in outstanding 3,053 electric and 2,427 gas meters in use.— V. 113, p. 2184; V. 118, p. 1770.
i
amount) held in sinking fund. Peoria Bloom. & Cham. Tr. 1st mtge.
bonds are subject to call on any i n t e r s late at 105 on 30 days’ notice.
(8) Des Moines & Central Iowa Electric Co.
Chicago Ottawa < Peoria.—-The 1st cons. & ref. mtge. 5s are subject to call
&
ORGANIZATION.— Controls the Iowa
on any int. day on 30 days’ notice at 105. Int. at Merchants’ Bank of Illinois Power & Light Corp., which includesubsidiary properties of the
the electric light
Canada in N. Y. City. Illinois Valley bonds have a sinking fund of 1 bj % companies, serving Des Moines, Oskaloosa, Colfax. New ValleyaDd power
Junction.
per annum of amount out; mtge. was originally $2 ,000,000, but on merger New Sharon, Prairie City and Montezuma and the street railways in
with Chic Ot-t- & Peoria the $500,000 unissued was canceled; $704,500 Oskaloosa. Controls the Des Moines Electric.Co. and the Oskaloosa Trac.
(not incl. in amount outstanding) held in sinking fund. Are subject to & Light Co. The bonds of this co are secured by pledge of $1,346 000 gen.
call at 105.
mtge. 6 % bonds of the Des Moines Elec. Co. (total out) and all the com.
(2) St. Louis Electric Terminal Co.
and pref. stock of the same co. Also $207,000 gen mtge. bonds and all
the stock of the Oskaloosa Trac & Light Co. and bonds of various other
STOCK.—-All owned by Illinois Power & Light Corp.
cos. in an aggregate amount of $90,009; total of bonds pledged, $1,643,000
BONDS.— All owned by Illinois Power & Light Corp.
STOCK AND BONDS—
Date.
Outstanding. Maturity.
PR O PE R TY, &e.— Operates St. Louis terminal for interurban lines of Com stk, $1,000,000 ($100)--A11 ownedInterest.
& Lt. Corp
Illinois Traction Co., Inc., and operates street railway from Madison, S kfd gold bonds, $10,000.000[ 1913 5&6or controlled bv Til. Pr.Sept 11937
g M-S
$1,208,000
Granite City and Venice, 111., across electric bridge into St. Louis.
($500 & $1,000) red at 105! Interest at First National Bank. New York.
I or the Central Trust Co. of 111., Trustee.
(3) Cairo Railway & Light Co.
5
3,773.000 Nov 1 1938
ORGAN IZATION .— Incorp. on Oct. 5 1908 in Maine and purchased Des Moines Elec 1st fM $5,-/ 1908 at M -N
000.000 ($1,000) s ___ tf*Interest
American Trust Co., Boston.
all stock of the Cairo Elec. & Trac. Co., the Cairo City Gas Co. and the
Bonds.— Additional sinking fund gold bonds can only be issued for 80%
Cairo & St. Louis Ry. Co. The Cairo Elec. & Trac. was a consolidation
of the cost of improvements. & c., to the sub. cos , and certain other restric
of the Egypt Electric Co. and the Cairo Electric Light & Power Co.
tions. Annual sinking fund of 1>S% of bonds out began Sept. 1914.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
$44,500 are 5s and $1,163,500 6s. Des Moines Elec. Co. 1st M . bonds are
Stock, com., $1,000,000 ($100) All owned by Illinois Power & Light Corp. subject to call after N ov. 1 1914 at 105. Sinking fund 1% of bonds N ov. 1
Cairo R y& LtM $1.000.000 gntfl908 5 g J-D
406,000 Dec 11938 1914-21; 1)4% 1926-31; 2% 1931-37. $344,000 retired by sinking fund.
Preferred stock $366,000—-All owned by Illinois Power & Light Corp.
EARN ING S.— Of sub. cos. of the Des M . & C. I. E. Co. for 12 mos.
Bonds.—-Have betterment and sinking fund of 1 M % annually of issued
and outstanding bonds, $25,000 (not incl. in amount outstanding) held end. Dec. 31, 1923, gross, $2,768,647; net, $1,227,047.
in sinking fund.
ROA D .— Operates 9 miles of track in Cairo, together with the electric
CHARLESTON, S. C.
lighting and power plant. 22 cars. Furnishes city with 341 incandescent
lights; also supplies 40 commercial arcs.— V. 88, p. 293, 374.
CHARLESTON CONSOLIDATED RAILW AY & LIGH TIN G C O .
ORGANIZATION.— Incorporated In South Carolina on April 19 1910.
(4) Omaha & Lincoln Railway & Light Co.
peases for a period of 99 years from Jan 1 1910 the Charleston Cons. Ry.,
Controlled by the Illinois Power & Light Corp.
Gas & Elec. Co. Lease guar. 6 % on pref. and 4% to July 1 1911, 5% to
ORGANIZATION.— Incorporated in Nebraska in July 1913 as successor Jan. 1 1913 and 6 % thereafter on com. stock: also Int. on outstanding
to the Nebraska Trac. & Pr. Co. All the outstanding stock is owned by bonds of the Char. Cons. R y., Gas & Elec. Co. and Charleston C ity Ry.
the Illinois Power & Light Corp.
Co.
BONDS—
Date. Interest.
Outstanding. Maturity.
STOCK—
Par. Authorized. Outstanding. Dividends
1st mtge $2,250,000 ($1,000) f 1913 5 g A-O
$50,000 Oct 11938
Common_________
$50 $3,000,000 $1,500,000
None
no sinking fund________c*\Int. at, Central Tr. Co. o f 111.,Chic..Trustee.
Preferred____________________
50
1,500.000
500,000
None
Bonds.— Subject to call on any interest date at 105 and interest.
OFFICERS.— Pres., P. H. Gadsden; V .-P ., Stuart Cooper; V .-P ., Lewis
^ E A R N IN G S .— For calendar year 1923, gross, $217,782; net, $53,416. Lillie; V .-P ., Jas. T. Hutchings; V.-P., T. W. Passailaigue; Sec., G. W.
In 1922, gross, $205,730; net, $60,543.
Curran; Treas.. I. W. Morris.— V. 106. p. 2227; V. 108, p. 877; V. 109.
ROAD.— Operates from South Omaha to Papillon, 12.5 miles.
p. 2355; V. 110, p. 1642; V. 113, p. 530: V. 115, p. 987.
ELECTRIC RAILWAYS
22
(1) C harleston C onsolidated R y., Qas & E lectric Co.
ORGAN IZATION .— Organized Feb. 21 1899 as a consolidation of the
Charleston City Ry. and Charleston & Seashore R R . under Special Act of
8o. Car. Legislature, granting perpetual charter and gas A elec, light powers
In Oct. 1912 sold to James Sottile the Seashore division, incl. wharf prop
erties, ferryboats, the railroad line from M t. Pleasant to the Isle of Palms
with its equipment, and the power house on Sullivan Island. Sale was autb
by an Act of the Legislature approved Feb. 12 1913 and formal transfer
was made Mar. 15 1913. V. 96. p. 862. See Charleston-Isle of Palms
Traction Co. below.
Franchises are perpetual. Also owns the capital stock of the Charlesto
Gas Light Co. ($698,150) and the Charleston-Edison Light & Power Co
($ 100,000), and thus controls the whole field of light and transportattor
In Charleston. V. 92. p. 880.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock, com. $5,000,000 ($50)...........
Q-J
$4,877,800 See text.
Q-J
500,000 See text
Pref 6 % cum, $500,000 ( $ 5 0 ) . ___
Charleston City first mtge) 1898
6 g J-J
680,000 Jan 1 1938
($1,000), $850,000 g oldctf (Int. at M erc. Tr. & S. D. Co.,Balt.
Consol mtge, gold, $2,500,-1 1899
5 g M-S
1.734,000 Mar 1 1999
000, coupon ($1.000)..*tf/In terest at Baltimore Trust C o., Truste .
Holders can also collect coupons at Carolina Savings Bank and People'
National Bank. Charleston, if presented before the 10th of the month
Bonds.— Of the consolidated 5s, $680,000 are reserved to retire a like
amount of City Ry. 1st 5s Charleston City 1st Mtge. bonds were originally
5s and matured Jan. 1 1923, but were extended to Jan. 1 1938 at 6 %. The
extended bonds have a sinking fund of $7,350 per annum, which began
Jan. 1 1924 for the purchase or redemption of said bonds at 105 and int
Are callable as a whole or for sinking fund purposes at any interest period
on 4 weeks’ notice at 105 and int., and ar exchangeable at holders’ option
at any time up to Jan. 1 1938, par for par, with int. adjustment for Charles
ton Consol. Ry. Gas A Elec. 5s. due March 1 1999. V. 115, p. 2266.
Dividends.— See dlvldeuds guaranteed under lease above.
R O A D ,A c.— Owns 39 91 miles of electric road tnCharleston. The com
pany has consolidated its two power stations; both railway and light am*
power divisions are being operated from same station.
OFFICERS.— Pres., Philip H. Gadsden, Phila., Pa.; V .-P ., Theo. W
Passailaigue Sec. & Treas., Ohas. J. Bendt; Asst. Sec.-Treas., M C. O
Tessier, Charleston. Offices, No. 141 Meeting St., Charleston — V. 112, p
371, 848; V. 115, p. 2266.
CHARLESTON-ISLE OP PALMS TRACTION CO
O RGAN IZATION .— Incorp. In 3. O. Jan. 9 1913 with auth. capital o'
$1 ,000,000, to build railroads, steam or electric, street railways, Ac.
operate steamboats, and to take over what was formerly the Seashor<
division of the Charleston Consol. R y.. Gas A El. Co. Also does electric
lighting business.
R OAD, Ac.— Owns 10 miles from Mt. Pleasant (connecting by ferry wlti
Charleston) to Sullivan's Island and Isle of Palms, a pleasure resort oi
the Atlantic Coast, incl. land at Isle of Palms, ferry, power house or
Sullivan's Island and sub-station at Mount Pleasant, Ac. Owns aad opeiates 19 pass, and 3 freight cars and 2 ferry boats.
OFFICERS. — Pres., James Sottile: V.-P. A Gen. Mgr., t. Blank
V. 96. p. 201, 862; V. 111. p 692. 1082
CHARLESTON, WEST V IRG IN IA .
[V ol. 118,
hydro-electric station. The newly constructed Mountain-island plant has
been leased to the Southern Power Co. V. 117, p. 2544.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $7,500,000 ($100)............................... .......... $10,827,590 ...................
1st A ref M $30,000,000 gold 1 1913 5 g J-J
8,487,000 July 1 1943
($l,000,$5,000.Ac.)c*Ar*.tf JInt. at Farmers’ L. A Tr. C o.. N Y ., Trustee
Underlying Bonds—
thar Elec Ry, L A P 1st M l
1899 5 g J-J
293,000 July 1 1928
$500,000g ($1,000) sfc*n tf lint, at Merc. Tr. A Dep C o., Balt., Trustee
thar Elec Ry. L A P ref A ext l 1906
5 A-O
427.000 April 1 1936
M $2,000,000g ;$l,000)c*tff Int. at Merc. Tr. A Dep. Co., Balt .Trustee.
Fries Mfg A P 1st M gold!
1900 5 g J-J
437,000 Jan 1 1940
($1,000) optional at 110_ [Int. at Equitable Tr. C o.. N. V.. trustee
_
Ylnston-Salem Power C o_________
_______
46,000 Jan 1 1936
Bonds of Controlled, <Ac., Cos.—
Ireenv-Oaro Power 1st M gl
1905 5 g M-N
238.000 May 1 193ft
$ 1 .0 0 0 )_______________tffln t. at Old Colony Tr. C o.. Boston, trustee
Bonds.—Of the 1st and ref. bonds. $1,567,500 are reserved for prior liens
•emainder Issuable for 70% of cost of extensions and acquisition of other
properties. Redeemable in whole or in part at 105 and interest. The
Jharlotte Electric Ry.. Light A Power 1st M. bonds have a sinking fund.
operative July 1 1900. of 1% of bonds out; to be invested in bonds drawD
oy lot at 107**3 and int., if not obtainable at lower figure in open market:
$77,000 have been canceled. The ref. and ext. mtge. bonds have a sinking
'and operative April 1907 of 1% of bonds issued, for purchase of bonds at
(07/3 and int.. If obtainable; otherwise, such investments as trustee deema
proper. V. 88, p. 1252. $58,000 have been retired. A sinking fund of
!% on th« Greenviile-Carolina Power Co. bonds began May 1 1910.
EARNINGS.— For years ending Dec. 31:
Year—
O**)?!
Net aft Tare*. D enror
Bond Tnt
Bat.. Sur.
1923 _______ $4,548,009 $1,510,556
$317,829
$307,416
$885,312
1922_______ 4,083,925 1.339,982
240,000
297,560
802,422
P R O PE R TY.— Operates 70 miles of street railway; 60. 70 and 90-lb. T
and girder rails; gauge, 4 ft. 8/3 in. Power and light primary lines aggre
gating 1,644 miles and serving 16 communities; 2 gas plants, serving Char
lotte and Greenville with 87.5 miles of mains; water plant serving Anderson
with 26 miles of mains. Leases Savannah Power C o.’s plant near Anderson;
lapacity. 3.000 h.o. Total capaeitv of olants operated 94.000 h.p.. of
which 19,000 h.p. is hydro-electric generation. In Dec. 1923 a new hydro
electric plant situated at Mountain Island, with an installed capacity of
80,000 h.p., was purchased. Also has favorable contract with Southern
Power Co. for the purchase of additional power.
OFFICERS.— Pres.. E. O. Marshall; V.-P., A. V. Harrill; Sec., W . C .
Parker: Asst. Sec.. L. H. Adams; Treas.. D. G. Calder' Asst Treas.. R E
L. Graham.— V. 114, p. 1072, 1892; V. 117, p. 1348, 2544: V. 118, p. 1775.
PIEDMONT S NORTHERN RY.
c
ORGANIZATION.— Incorp. on Feb. 24 1911 in South Carolina, and on
or about July 1 1914 took over the properties of the Piedmont Traction Co.
and the Greenville Spartanburg A Anderson Ry. Co.
Government Control.— This property came under Government control
under the President’s proclamation of Dec. 28 1917, but reverted to private
control on March 1 1920. $6,286 900 1st M . 5% notes due July 1 1919 were
exchanged for 1st M 5% bonds due July 1 1954.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $15,000,000 ($ 100).. ___
_________ $8,584,600
---------------First mortgage $50,000,000/ 1914
5 g J-J
6,282,900 July 1 1954
($1,000) gold _____ c* n t f ’ tut. at Farmers’ Loan A Tr. C o.. N. Y ., trus.
Stock.— $1,415,400 additional stock Is held In treasury.
Bonds.— Of the remaining bonds $3,573,400 are held unpledged and
$151,000 are pledged as collateral. Redeemable at option of company, in
whole or part on any interest date since July 1 1914 at 105 and interest.
EARNING S.— For calendar years:
Cal. Yr.
Gross.
Net.aft.Tax.
Other Inc.
Deduction.
Bal., Sur.
1923_____ $2,446,119
$827,014
$96,274
$327,225
$596,073
1922_____ 1,989,818
646,175
70,876
331,205
385,846
ROAD.— Owns and operates 2i'-3 miles from Charlotte co Gastonia;
39.90 miles Spartanburg to Greenwood, S. O., with branches from Belton
to Anderson, 11.30 miles, and from Belmont Jet. to Belmont, 3.19 miles
(opened March 1 1916), total mileage o f track operated, incl. spurs and sid
ings and 11 75 miles operated under contract, 207.55. Equipment consists
of 32 passenger cars, 118 freight cars, 25 b illast cars, 2 express cars, 10
caboose cars, 4 misc. cars, 16 dectric locomotives.
OFFICERS.— Pres., W. S. Lee; V.-P., J. B. Duke; V.-P. A Gea. M gr..
E. Thomason; Sec. A Treas., N. A. Cocke; Aud., E. B. Hardin, all of Char
lotte.— V. 103. p. 2453- V. 107, p. 78. 502, 1837; V. 110, p. 872. 2076;
V. 112, p. 1867.
CHARI FSTON INTERURBAN RR
ORGANIZATION. — Incorp In 1909 with $100,000 capital stock wnt'
was Increased on Nov 10 1914 to $1,500,000 in part Tor the purchase ->
f
the Charleston Traction Co., a line from St. Albans to South Charleston
taken over as o f that date, and in part as a stock dividend, ail earnings sine*
incorporation having gone into extensions and betterments
In Aug. 1923 purchased the entire outstanding stock o f the Kanawha
Valley Traction Co. from the Ohio Valley Electric R y., from which company
the Charleston Interurban R R . had leased the property for 99 years from
Jan. 1 1910 at an annual rental beginning with $10,000 the first year and
increasing to $20,000 in 1916 and thereafter, and has assumed that com
pany’s first mtge. bonds. V. 117, p. 893. The company also owns entire
capital stock o f the Charleston A Dunbar Traction C o., which company it
had formerly leased. V. 114, p. 197.
t'ranihisr of the Traction Co. in the city of Charleston expires In 195’ :
Interurban lines are operated almost entirely on private rights of wav
In Feb. 1922 the co. brought out $750,000 15-year 7% 1st M . coll, bonds
proceeds being used to retire $450,000 3-year sec. 6 % notes due Mar. 15
1922 and the balance to pay bank loans incurred for ext. and impts
V. 114 p. 946
In N ov. 1923 the stockholders increased the auth. capital stock from
$1,500,000 (all common) to $3,000,000, par $100, by creating an issue of
CHARLOTTESVILLE, VA.
$1,500,000 pref. stock. The new stock is to be used in part in carrying out
CHARLOTTESVILLE A ALBEMARLE RV.
an exchange for the stock of the Kanawha Vallet Trac. Co. and the CharlesIn 1923 entire property was purchased b y the Virginia-Western Power C o.,
ton-Dunbar Trac. Co. The latter co. was at that time operated under Clifton Forge, Va. The railway property was later conveyed back to the
lease. See V. 118, p. 201, 1770, and compare above and V. 114, p. 197.
Charlottesville A Albemarle R y. Co., which now operates it subject to
1st mtge. of Virginia Western Power Co.
A
STOCK AND BONDS—
Dale
Interest Outstanaing. Matunti
ORGANIZATION.— Organized in Virginia and formed by an agreement
Com. SI ,500 000 ($1001_________ _
______ $1,500,000 See text.
jf consolidation dated Nov. 24 1913 between the Redland Powe Corpora
Preferred $1,500,000 ($100)________
Q— J
500,000
________
tion and the Charlottesville A Albemarle R y.
1st M (closed) collateral bonds) 1922 7 g M-S
700,000 Mar 1 1937
All the $417,000 outstanding first mtge. 6s due April 1 1943, were called
($500 and $1,000)_____c*tf lint, at Safe Deposit A Tr. C o., Balt., Trus
Kan Va! Tr 1st M. $2,000.0001 1906
5 g J-J
1.009,000 Jan 1 194* for redemption Oct. 1 1923 at 105 and interest (V. 117, p. 781) and have
therefore been eliminated from the table below.
($1 000) gnld " _________ tffln t at Fidplitv Trust Co Phila Tr'i*s*«STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Charleston-Dunbar Tr 1st m.l 1913 6 g J-D
286,000 June 1 1933
See text
$500,000 ($500) gold-_c.tf[C entral Tr. Co., Charleston Tr. Co., Common stock $500,000 ($ 1 0 0 )________ _________ *$500,000
Pref stk 7% cum$2(K>.000($ 1 0 0 )___
Q-M
147,600
See text
J
Charleston, W. Va.
* All owned by Virginia Western Power Co.
_
_ i
Bonds.— Payment of prin. and int. of the Kanawha Val. Tr ie. Co. bonds
Dividends .— Dividends at the rate of 7% per annum are being paid on
has been assumed by the Charleston Interurban R R ., $1,000,000 of the
bonds have been deposited as security for the 1st M . coll. 7% bonds of the pref. stock. On common first dividend of 2% and 1% extra paid in June
1916. In Dec. 1916 paid 2 /3 % . In 1917, June, 2 /3 % ; Dec., 2 % . In
Charleston Interurban RR. The Charleston Interurban Ry. 1st coll
bonds are secured by deposit o f $1,000,000 1st M . 5s due 1946 (assumed) 1918, Dec., 1% . In 1919, 5% . None to Dec. 1920, when 3% was paid.
of the Kanawha Valley Trac. Co. Are red. during the first 10 years, all In 1921, June, 3% ; Dec.. 4% . In 1922, June. 4% ; Dec.. 5% and 1% extra.
or in part, at 107/3 and int.. on any int. date on 60 days’ notice; after V. 116. p. 175. In 1923, March, 2 /3 % , and same rate paid regularly
Mar. 1 1932 are red. at 105 and int.. the premium decreasing 1 % per an mini quarterly since.
EARNINGS.—For years ending Dec. 31:
each year thereafter to maturity. $50,000 retired by sink. fd. up to Mar. 3
Gross
Net
Other Inc.
Chgs
pref. Div. Surplus.
1924. Maryland and Pennsylvania taxes refunded. V. 114, p. 946. Int. Year—
$77,403
$11,510
$38,713
$10,937
$39,263
on Charleston-Dunbar Trac. Co. 1st 6s is payable at Kanawha National xl923--$180,217
19 22--. 259,955
134.639
3,065
36,012
8,589
93,104
Bank, W . Va.
117.395
1.426
37.634
8.589
72,598
Dividends.— On common paid 2% in 1920. In 1921, 2% ; in 1922, 2% ; 1921-.- 236.557
i n 1 f)0 0
Q 07
T »-» 1 0 0 /1
A
1 07
x For period from July 1 1923 to Dec. 31 1923, railway revenue only
in iy ^ o , o / o ah l y z /r , i i p n i , ± /c •
EARNINGS—
Gross
Interest,
Balance, is included.
ROAD.— Miles of track, 3.45; standard gauge. Rails, 83 and 97-lb.
Cal. Year—
Earnings.
Net.
&c.
Surplus.
1923____________________ $975,628
$322,820
$131,666
$191,153 girder and 50-lb. T. 9 cars. 1 sub-station.
OFFICERS.— Pres., A . H. Grimsley; Treas., A. C. Ford; Sec., H. C.
1922____________________ 952,352
304,778
127,171
177,608
Bradshaw.— V. 103, p. 2428; V. 106, p. 606,11688, 2289; V. 116. P- 175,
R O A D .— Operates 43 mil&s of track between St. Albans and Oaoii
Creek. Line Is to be extended to Montgomery, about 1ft miles further on. 720, 2515; V. 117, p. 438, 781.
70, 80 and 100-lb T. and 122-lb. grooved rail. Standard gauge. 70 passen
ger cars, 3 freight cars and 4 work cars. Power is obtained from the
CHICAGO, ILL.
Virginian Power Co. under long-term contract.
CHICAGO AURORA & ELGIN C O RPORATION .— A holding co.
OFFICERS.— Chairman of Board, W . A. MacOorkle; Pres., F. M .
Staunton; Sec. A Treas., A. M . Hill; V.-P. A Gen. M gr.. I. N. Smith.—■
ORGANIZATION.— Incorp. in Delaware June 12 1922 to take title
V. I l l , p. 791; V. 113, p. 291; V. 114, p. 197, 946; V. 117, p. 893, 2211; under tne reorganization (see olan in V. 114, p. 736, 1177) of the old Aurora
V. 118, p. 201.
_______
Elgin A Chicago RR. (for history see "Elactric Railway” Supplement of
April 29 1922) to certain small interests and stocks which cannot properly
ba held by the Chicago Aurora A Elgin R R ., the operating company.
CHARLOTTE, N. C,
Owns the entire $9,500,000 (par $100) common stock o f the Chicago Aurora
SOUTHERN PUBLIC UTILITIES CO
A Elgin R R ., which see below.
Allied with the Southern Power C o., which see in our ’ ’ Railway and i*
STOCKS AND BONDS—
Date.
Interest.
Outstanding. Maturity
dustriai" Section
Common (no par) 27,500 shs. _ ___
______
27.500 shs
----- ------ORGANIZATION — Incorp. in July 1913 in Maine as a consolidatio
Debenture bonds $6,000,000-- 1922
See text
$6,U O U April 1 1972
O ,OU
of the Charlotte Electr.c R y.. Charlotte Gas A Electric Co. and Chariots
Stock.—-Common stock is to be held in a voting trust for three years.
Power Co. (these three forming prior to .Tan 1 1911 . the Charlotte Electrfi
Bonds.— Int on the deben’ ure bonds accrues at 6 % per annum after
Ry., Light A Power Co., which company issued the bonds shown in th
table.— See ’ ’Electric R y.” Sec. for May 1915); Greenville (S. C.) Gas J June 1924 and is payable out of the net profits of the corp. %If the net
per ann..
income in any year is not
pay int at the
Electric Light A Power Co.; Greenville Traction C o.; Greenville Carolina such int. remaining unpaid sufficient to aud the accrued rate of 6 is payable
is
deficiency
Power Co.; Fries Mfg. A Power C o.. Winston-Salem, N. C.; Winston-Salem before any div. may be paid to accrue,
on the common diock, but failure to pay int
Power C o.; Anderson (S. C.) Water, Light A Power C o., Chester (S. C.) shall not constitute a default. Red. at 102H and int. V. 114, p. 736.
Power C o., Thomasvilie (N. C .) Power C o., Greer (S. C .) Light A Power
C o., Thornton Light A Power C o., (Hickory, N. O.) and City of Reidsvilh 1177, 2716; V. 115, p. 1837.
Light A Power Plant. Reidsville, N . C. The Charlotte Elec. Ry. in May
(1) C hicago Aurora & Elgin RR.
All the common stock of the co. is held by the Chicago Aurora A Elgin
1915, through an amendment to its charter, reduced its capital stock from
Corp.. which ,;oe above.
$1,250,000 to $1,000.
ORGANIZATION.— Incorp. Mar. 23 1922 in Illinois to take title in
Franchises with one minor exception are either unlimited in time or rurreorganization (see plan in V. 114, p. 736, 1177) to most of the properties
beyond July 1943.
In Dec. 1923 issued $4,000,000 additional 1st A ref. mtge. 5s of 1913, and franchi-es of the so-called Third Rail Division of the old Aurora Elgin
proceeds being used to reimburse the co. in part for capital expenditures A Chicago RR. (for history see ‘ ‘Electric R y.” Supplement of Apr. 29 1922)
already incurred, incl. the cost o f the new $0,000 h.p. Mountain-Island In Nov. 1922 was auth. to issue $470,000 equip, trust ctfs. V. 115, p. 2158.
A pril, 1924.]
ELECTRIC RAILW AYS
STOCK AND BONDS—
Dale.
Interest.
Outstanding. MaturityComstock $9,500,000 ($100).. All owned by Ohio. Aurora & Elgin O orp.
R ef& im ptser “ A ” $50,000,000 1922
7%
$1,050,000 April 1 1947
Series “ B ” _________________ 1923
6%
260,000 June 1 1947
A E & C Ry first mortgage! 1901 5 g A-O 15 2,263,000 Apr 15 1941
$3,000.00(1 ($1,000), goldj Cont. & Comm. Tr. & Sav. B k., C hic., Trus
cannot be called___ . . -t f [Interest payable in Chicago and New York
Car trust certificates, serial_ 1922
_
6 M-S
400,000 See text.
Bonds.— The ref. & impt. 7% ser. “ A ” bonds are red. at 101 and int. on
any int. date. On the Aurora Elgin & Chicago Ry. bonds a sinking fund
o f $50,000 per annum began on April 15 1911. See V. 74, p. 726. $737,000
have been retired.
Equipment trusts mature $23,000 each March 1 and $24,000 each Sept. 1
to 1932. Girard Trust C o., Philadelphia, trustee.
PR O PE R T Y, &c.— Consists of a railroad, operated by electricity, with
over 102 miles o f track, serving and connecting Chicago, M aywood, Bellwood, Villa Park, Ardmore, Elmhurst, West Elmhurst, Lombard, GleD
Ellyn, Wheaton, Aurora, Elgin, Batavia, West Chicago, St. Charles and
Geneva, all in Illinois. Also owns a steam electric generating station at
Batavia with an installed generating capacity o f 16,000 k.v.a. Owns 75
passenger and 95 freight cars, 2 electric locomotives.
EARN INGS.— For calendar years:
Cal. Years—
Cross.
Net.aft.Tax. Oth.Inc.
Int.,&c.
Bal..Sur
1923_________ $2,502,325
x$566,960
$8,704
$176,224
$339,440
448,454
281
126,631
322,104
1922.................. 2,252,996
x Excluding Federal income tax.
,
OFFICERS.— Pres., Thomas Ccnway Jr.;V .-P., Edwin C. Faber; V.-P.
6 Gen. M gr., J. H. McClure; Treas., Gordon B. Anderson; Sec.. W . D
Turner.— V. 115, p. 1320, 1837, 2 158; V. 116, p. 2766; V. 118, p. 1664.
23
Participation Certificates.— Preferred participation shares have no par
ralue but are entitled to preferential cum. divs. aggregating $4.50; also,
after com. partic. shares shall have received $4 in any year, the remaining
surplus, not exceeding in any year $1 ,000,000. shall be paid ratably, H to
pref. and % to com., but In no case will the pref. certfs. be entitled to more
chan $7 each per annum; also have preference upon distribution of trust
fund to the amount of $100 each and accumulated dividends. Listed on
Chicago Stock Exchange. In July 1918 the div. due on the pref. partic.
certs, was deferred. Not paid to Oct 1 1923
Bonds.— Coupon bonds in denom. of $1,000; registered bonds $1,000 or
nultiples. A sink, fund of $105,000 of bonds p. a. began Mar. 1 l9 l5 .
Bonds are redeem, for the s. f., or as a whole, at 105 and int. $1,174,000
redeemed as of Apr. 1 1924. In case of purchase of property of the Chicago
City Ry. by City of Chicago, or termination of trust agreement of Jan. 1
1910, then bonds are redeemable at par and accrued int. See V. 90, p. 558,
625. Bonds are listed on N. Y . and Chicago stock exchanges. V .94,p .1118
Stocks and Bonds Deposited to Secure the Coll. Tr. Bonds.
Stocks (par).
a Bonds (par)
None
Chic. City R y _______________________ $16,971,900
Calumet & South Chicago R y ________ *10,000,000
------------Southern Street R y ___________________ *2,400,000
________
Hammond Whiting & East Chic. R y .. *1,000,000
*1,000,000 1st
Chicago & Western___________________
*72,000
________
T o t a l........................................... ........$30,443,900
$1,000,000
* Entire issue.
a Under provisions of the trust mortgage these respective Issue of bonds
jach as an entirety may be converted into capital stock of the respective
companies to an equal amount.
Dividends.— On pref. part. ctfs. $2.25 per share was paid semi-an.
AURORA ELGIN & FOX RIVER ELECTRIC CO.
to m June 1910 to and incl. July 1914. In 1915, $2 50. In 1916, $1 75.
ORGANIZATION, &C.—Wa- reported to have been incomora’ ed in in 1917, Jan., $2 25 (V. 104, p. 72); July, $1 50. In 1918. Jan.. $1 50.
Dec. 1921 for the purpose of taking over and operating the Fox River Vallej
None since; V. 106, p. 2755; V. 108, p. 77. On common participating ctfs,
and the Aurora and Elgin city lines of the ol i Aurora Elgin & Chicago RR
$1 per share was paid semi-annually from June 1910 to and including
(for history see “ Electric Railway” Supplement of April 29 1922). These July 1912. None since.
properties were sold at foreclosure on Sept. 11 1923, the property being bid
REPORT.— For calendar year 1923 (V. 118, p. 427):
in on behalf of the holders of $1,546,000 Elgin Aurora & Southern Trac. Co.
Bond
Other Divs. on Surp.
bonds for $1,700,000. For further details see V. 117, p. 1554. It was C a l . -------------- Income-------------------- Bond
Divs.
Other.
Gross.
Interest. Redemp Ded. Part.Shs. Inc.
stated in June 1923 that the sale was expected to result in a refinancing of Yr.
$
&
S
S
%
S
&
3
6
the lines, which had just been granted new 20-year franchises in Aurora and
Elgin. V. 116, p. 2635. It was reported that as of Jan. 1 1924 the Western 1923.1.139.514 112,746 1,252,260 1,046,550 105,000 56,666 None 44,043
United Corp. would take over the co. V. 117, p. 2888. No further in 1922.1.215.514 76,840 1.292,354 1,051,800 105.000 42.353 None 93,201
formation. The properties referred to were known as the “ Fox River Di 1921_1.290.514 128.474 1,418,988 1.057,050 105.000 48,983 None 207.954
Committee.— Chairman, B. E. Sunny, S. M . Felton, James B. Forgan
vision” o f the old Aurora Elgin & Chicago R R . Earnings for cal. year
1923, gross, $1,265,656; net, after taxes, d ef., $4,601. In 1922, gross, John J. Mitchell, Samuel Insull, John A. Spoor, Edward N. Hurley, Frank
$1,264,261; net, after taxes, $75,647. The so-called “ Third Rail Division” O. Wetmore and L. A. Busby. V. 110, p. 167; V. 112, p. 253.
OFFICERS.— Sec. & Treas., H. J. Tansley.— V. 108. p. 1164: V. 109,
(see Chicago Aurora & Elgin Corp. above) was reorganized as per plan
outlined in V. 114, p. 736, 1177.— V. 115, p. 2476; V. 116, p. 2635; V. 117, p. 1079; V. 110, p. 167. 359. 560: V 112 p 253 371, 1230: V 113. p. 580,
V. 114, p. 304, 408, 624; V. 116, p. 513, 2388; V. 118, p. 427.
p. 2888.
(1) C hicago C ity R ailw ay.— An electric road
CHICAGO SURFACE LINES.
Unified Operation of Surface Lines.— See “ Chicago Surface Lines” for
Under the title of Caicago Surface Lines the properties of the Chicago
details of unification ordinance under which the lines of this company
Railways Co. and the Chicago City Railway Co. are now being operated
as a siugle system under the control of a joint board of operation in accord *re operated Jointly with those of the Chicago Railways Co. as a single sys
ance with an agreement between the two companies and the unification tem under the control of a joint Board of Operation. For plan to unite the
ordinance which became effective Feb. 1 1914
While under the terms of surface and elevated lines see “ Chicago Elevated R ys.”
this ordinance and the agreement the ownership of the properties remains
ORGANIZATION.— Incorporated in Feb. 1859. and has extensive sur*
entirely separate and distinct, the combined earnings are divided upon an face road privileges in the south division of Chicago. Has a contract ex*
agreed basis. For the two years ending Jan. 31 1916 the Chicago Railways piring Jan. 31 1927 with the Commonwealth-Edison C o., for the supply o '
Co. received as Its share 59% of the income remaining after the pay
its entire power requirements. The railway has abandoned its producing
ment of all operating expenses, including taxes and maintenance, the other plants but retains its distributing plants.
41% of the income going to the Chicago City Ry. Co., including th<
Sew Ordinances and Franchises.— On Feb. 4 1907 the City Council passed
Calumet & South Chicago Ry. and the Southern Street R y., and, begin
ordinances providing for a settlement of the franchise question. These
ning with Feb. 1 1916 and until the expiration of its franchise in 1927, the ordinances were approved at the city election on April 2 1907 and formally
Chicago Railways Co. will receive 60% of the so-called “ residue receipts.’ accepted by the company’s board of directors on April 15 1907. Suit to
and the Chicago City Ry. (including the Calumet & South Chicago and set aside franchise was dismissed in April 1912. V. 94, p. 1118. An ex
the Southern Street R y.), 40% . The plan provided for a 5-cent fare tended outline of these ordinances, one to the Chicago City Railway C o.,
throughout the city on surface lines, also through pouting of cars from one and covering the lines operated by that company, and the other to the Chidivision of the city to another. See details of the ordinance and the 2ago Rys. C o., and covering the lines of the former Chicago Union Traction
agreement for unified operations under date of Dec. 1 1913 in V. 98, p
Co. (now the Chicago Railways C o.), was given in V. 84, p. 1123. The value
1693. An order permitting the State Attorney to file quo warranto pro of the tangible and intangible property of the Chicago City R y. at date of
ceedings to question the legality of unification ordinance was denied in the ordinances was fixed at $21,000,000. The city or any company au
March 1915. V. 100. p. 1078.
thorized by it is given the right on Feb. 1 or Aug. 1 of any year, on six
months’ notice, to purchase the entire property of the two systems, or either
Statement Showing Shrinkage in Market Value of Securities.— See V. 108
p. 1822.
of them, at their value at date of ordinance, plus "the cost of rehabilitation
Ordinance to Unite Surface and Elevated Lines.— See remarks under and extensions. Including fair allowances for construction, profit and
Chicago Elevated Railways.
brokerage” . But if the properties are acquired for operation by a pri
Proposed Subway System.—-See V. 112, p. 61; V. 114, p. 304, 1406. 1532; vate corporation, for its own profit', the purchase price is to be increased
V. 115. p. 1631
20% — barring the case of a private company which might be willing to
turn over to the city all profits above 5% on the cost of the investment.
Application to Carry Freight.— See under “ Chicago Elevated R ys.”
Decision.— On April 19 1917 the 111. Supreme Court upheld the right of The companies are limited during their operation to an interest return
the State Public Utilities Comm, to regulate street car service in Chicago of 5% upon the agreed value plus the cost of rehabilitation and exten
regardless of the provisions of the contract ordinances of 1907 between the sions. All net profits above this are to be divided on the basis of 55%
Chicago City Council and the surface lines. Pursuant to this opinion a to the city and 45% to the companies, but a deficit in any year Is to be
decree was entered by the Circuit Court of Cook County in favor, of the made good out of the profits of subsequent years. After April 15 1910 the
Oomm., which was affirmed by the 111. Supreme Court. An appeal was companies are required to set aside 6 % of the gross receipts for maintenance
taken to the U. S. Supreme Court which held that the decision of the IllinoL and repairs and an additional 8 % of the gross receipts to cover renewals
and depreciation. Whatever portion of the two funds Is not used remains
Supreme Court was conclusive. See also V. 113, p. 2311.
Fares.— Effective Dec. 27 1919 the Illinois P.U. Comm, ordered thecom- In the funds and passes to the city or its licensee upon purchase. But If
panies put on a straight 6-cent cash fare basis. Effective July 1 1920 the the two funds are not sufficient for the purposes named, the companies
companies were auth. by the Comm, tocharge an S-cent fare. V. I l l p.73. are obligated to supply additional funds. The franchises granted by the
On Nov. 8 1920 the P. U. Comm., made this order permanent and fixed the ordinances run until Feb. 1 1927. On Feb. 4 1921 the City Council voted
valuation of the lines as of April 30 1920 at $159,113.114. The Commission to cancel these franchises. See V. 112. p. 743. Purchase price of the prop
also found that the companies were entitled to earn a return of approximately erty Jan. 31 1924, S55.485.101.
On Jan. 29 1912 City Council passed an ordinance providing for the ac
7 5% on the value of the properties; for detaiis see V. 111. p. 1949. 2040
See also V. 113. p. 291. 2311. On Jan. 9 1922 the U. S. Dist. Court at quisition by Chicago City Ry. of city lines of the Chicago & Southeru Trac.
Chicago entered on interlocutory injunction restraining the 111. Commerce Co. V. 94. p. 349, 629. The latter was sold at foreclosure in Feb. 1912.
Comm, from enforcing a 5-cent fare. V. 114, p. 197. 304. 625, 1285. The lines outside the city were taken over by the Chic. & Interurban R y.
The 111. Commerce Oomm., however, ordered a reduction in fare* to cos.
Decision as to Regulation.— See "Chicago Surface Lines.”
effective May 1 1922. V. 114, p. 1650, 1764. A temporary injunction
STOCK AND BONDS— Date.
Interest. Outstanding. LastDiv.,&c'
against the 6-cent rate was issued by Federal Judges Evans, Geiger and Page.
V. 114, p. 2011. The injunction was conditioned upon the company re Stock, $18,000,000 ($100)___ _____ Text,Q-M30 $]x.000,000 M a r’24, 1 ^
5 g F-A
33,926.000 Feb 1 1927
ducing its fares, not later than June 15 1922. from 8 to 7 cents cash or 1st mtge ($1,000) g ..c * & r * t ff 1907
1First Trust & Sav. Bk.. Chicago. Trustee.
3 tickets for 20 cents V 114. p. 2468
1.208,475 __________
Suit Dismissed.— On Oct. 19 1923 Circuit Judge Friend at Chicago dis Notes payable April 1 1924 _ _ ____ ________
missed Mayor Thompson’s suit against the lines, on motion of the Corpora
Bonds.— There is no limit to the amount of bonds that may be Issued
tion Counsel. The suit was instituted in N ov. 1919. V. 117, p. 1883, under the above mortgage. Under the Chicago city ordinance, in case of
1992. Compare Y. 109, p. 1891: V. 112, p. 1739: V. 113, p. 70.
purchase by the city or its licensee, and only in such case, the bonds may be
Municipal Ownership Proposed.— See V. 117, p. 85.
called as a whole, for payment at par and int., on any int. date before ma
R EPO RT.— Of enure system for years ending Jan. 31:
turity. V. 84, p. 1488. 1550. Bonds are listed on Chicago Stock Exchange
Year ending
Gross
Operating
Residue
-------- Of Which to-----(Y 98. p. 386)
Jan. 31— Earnings.
Expenses
Receipts. Chic. C Ry.. Chic. Rvs.
DIVIDENDS.— In 1893, 24% ; 1894-1900, 12%; In 1901, 10H % : in
1923-24_____ $57,655,170 $44,839,753 $12,815,417 $5,126,167 $7,689,250 1902-09, 9% ; in 1910, 16%; in 1911. 11 H %: in 1912, 1 1 % ; in 1913. 1014%.
1922-23_____ 56,103.062 44,416,070 11,686,992 4,674,797 7,012,195 In 1914, 9% ; in 1915, 8 %; in 1916. 9M %; in 1917. 8 % and % % extra in
1921— 22^
60.343,733 46.516.150 13.827,583 5.531.033 8,296.550 D ec. In 1918, 5 % . In 1919. 5 % . Tn 1920. 6 % . In 1921, 6 % . In
Board of Operation.— Chairman, Henry A. Blair, Leonard A. Busby, 19 22,6 % . In 1923, 6 % . In 1924, March, 114%•
F. H. Rawson, Wallace Heckman, B. E. Sunny, John M . Roach, Frank O.
KOAU, &c. (lncl. Southern St. R y .).— Company owns 349.72 miles of
Wetmore.
single track, all now operated by electricity. System covers the South Side
Executive Committee.— Chairman, Henry A . Blair; Leonard A. Busby and of Chicago, extending from the centre of the business district south to 79th
Wallace Heckman.
Street and between the South Branch of the Chicago River and the Lake
OFFICERS.— Pres., H. A. Blair; V.-Pres., G. A. Richardson; Sec., F
REPO RT.— For 12 mos. end. Jan. 31 1924. see V. 118, p. 1386.
L . kHu pp ; Treas.. M. B. Orde; Gen. Aud., Jno. J. Duck.— V. 114, p. 519,
The combined results of the “ Chicago Surface Lines” under the Unifica
62 . 1285, 1532, 1650, 1764. 2011.2468: V. 115. p. 307, 644, 759, 988, 1631 tion Ordinance, which went into effect Feb. 1 1914, were: Gross, $57,655,170: operating expenses, $44,839,753; residue receipts, $12,815,417.
V. 116, p. 720; V. 117, p. 85, 439, 1883, 1992.
Income Account Chicago City Raihcay.
CHICAGO CITY St CONNECi li>U R Y S .—A collateral trust.
1923-24.
1922-23.
1921-22.
Ordinance to Unite Surface and Elevated Lines.— See “ Chicago Elevated
_ _ *$5,126,167 *$4,674,797 *$5,531,023
K
;
R ys.” below.
Joint acct. exp. int. on capital invest,
Formed In 1910 under a trust agreement, to take over the stock of tin
and South St. Ry. net earnings__
3,615,846
3,852,916
3,693,308
Chicago City Ry., together with the securities of the Calumet & South
Chicago R y., the Southern Street Railway, the Hammond Whiting & East
Net earnings_____________________ $1,273,250
$1,273,250
$981,489 $1,915,187
Chicago Ry. and the Chicago & Western. These properties comprise ap C ity’s proportion (5 5% )____
553,518
1,080,085
700,288
Droximately 512 miles of street railway In southern division of Chicago
835,102
proportion (45%)
541,450
427,970
and vicinity. See outline of plan in V. 90. p. 558. 625. Trustee, Chicago Company’s capital-x________________ 2,764,337
Interest on
2,751,588
2,750,965
Title & Trust Co.
On April 19 1913 the 111. Supreme Court affirmed the decision of tht
Income from operation_____________$3,305,786 $3,178,935 $3,586,690
$3,305,786
Superior Court of Cook County fn the suit brought by Clarence H. Venner
Cr.83,198
Cr.54,397
Dr.2,744
which held valid the agreement dated Jan. 1 1910, creating the Chicago Other income______________________
City and Connecting Rys. Collateral Trust (V. 96, p. 1364, 1627). A d
Net income------------------------------------ $3,388,984 $3,233,332 $3,583,946
appeal was taken to the U. S. Supreme Court, but in N ov. 1914 suit wa< Interest on bonds___________________ $1,761,519 $1,775,085 $1,824,018
dismissed. See “ Chic. City R y .” in V. 99, p. 1527.
1,080,000
Dividends (6 % )____________________
1,080,000
1,080,000
STOCK AND BONDS— Date. Interest.
Outstanding.
Maturity.
Com part certs 150,000 s h a r e s .____
s-a
150,000 shs.
See text.
Balance__________________________
$679,928
$378,247
$547,465
Pref part certs 250,000 s h a r e s .____
s-a
250.000 shs.
See text
* Representing 40% of residue receipts,
Coll trust, mtge $22,000,000) 1910 5 A-O
$20,826,000
Jan 1 1927
x The “ interest on capital Investment” is that certified by board of
gold sinking fund c*& r*tf Jlnt. at 1st Tr.&S.B.Chic.. Trus., or InN. Y. supervising engineers, as provided by the ordinance of Feb. 11 1907.
24
ELECTEIC RAILWAYS
OFFICERS.— Chairman Ex. Com ., and Pres. L. A. Busby; VlcePres., H. B. Fleming; Sec. A Treas., F. D. Hoffmann; Aud.. John
J. Duck.— V . 110, p. 1186; V. 112, p. 372, 1143, 1810; V. 114, p. 1178. 1281.
V . 116, p. 1409, 2388; V. 118, p. 1386, 1391.
(2) Calumet & S ou th C hicago R y.— Electric.
Unified Operation of Surface Lines.— See “ Chicago Surface Lines’ ’ fo>
details or Unification Ordinance o f 1914, under which the lines of this com
pany are operated jointly with those o f the Chicago Railways Co. as a sin
gle system under the control o f a joint board o f operation.
Ordinance Embodying Unified Operation of Surface and Elevated Lines.—
See Chicago Elevated Rys. on a subsequent page.
ORGAN IZATION .— Is a consolidation formed In 1908 of the Calumet
Electric Street Ry. and South Chicago City Ry. in accordance with the
terms of ordinance passed by the City Council Mar. 30 1908. Lines
are located in the south division o f the City of Chicago. The ordinance
*£*Pts franchises until Feb. 1 1927 and provides that the city is to receive
§o% o f net receipts after allowing for operating expenses, taxes and de
predation and 5% on present value, together with amounts expended for
Improvements and extensions. Unification ordinance o f 1914 establishes
a 5-cent fare and universal transfers. City may purchase property on
Feb. l or Aug. 1 o f any year upon six months' notice for present value
which 's fixed at $5,000,000, plus amounts expended for improvements
additions and extensions, but only for municipal operation, where purchase
is made prior to Feb. 1 1927. With an addition o f 20% in price, city may
also purchase for the purpose of turning property over to other parties (if
purchased for Chicago City Ry. only 12% additional need be paid), bu'
this additional sum need not be paid where these other parties agree to pay
over to the city all of the profits above 5% on the purchase price. V. 86
p. 1293. On Jan. 31 1924 certified value of property and additions thereto
was $11,467,542.
I. aTOCK AND BONDS— Date.
s
Interest. Outstanding. Maturity
_______ $10,000,000 ...................
Stock. $10,000,000 ($100)______ _
First mortgage rehabilitationf 1908
5 g F-A
5.393.000 Fe’o 11927
($1,000) gold, no s fc*& rtf lin t, at First Tr. & Sav. Bk.. Chic.. Trustee.
Notes payable. Jan. 31 1 9 2 4 . . ____
_______
424,071 __________
Bonds.— The Issue o f 1st mtge. bonds is Indeterminate, amount to be
limited to amount o f new work done on property. They are subject to
call at any int. date before July 1 1912 at 105 and int.; thereafter only In
case city shall purchase property at par and int. on any Int. date. No s. fd.
EARN ING S.— For years ending Jan. 31:
Year ending *Int. on Other
Total
Bond
Dies.
Balance.
Jan. 31— Capital. Income.
Tncome.
Interest.
Surplus
Paid.
1923-24 -..$572,579 cr. $196 $572,775 $302,120
$270,655
1922-23 . . . 571,558 def.2,042
569,516
307,409 $ 100,000
162,107
* Representing company’s proportion o f 40% of Chicago Surface Lines’
residue receipts pursuant to unification ordinance effective Feb. 1 1914.
ROAD.— Owns and operates 125.57 miles of track reaching South Chi
cago, Pullman, West Pullman, Auburn Park, Burnside, Hegewisch and
Manhattan Beach. Also extends from Jackson Park to 106th St. and the
Indiana State Line along Lake Shore and both sides of Calumet River
70. 75. 83 and 85-lb. rails.
) -OFFICERS.— Pres., L. A. Busby; V .-P .. H. B. Fleming; Sec. A Treas.,
F. D . Hoffman; Aud., John J. Duck.— V. 116, p. 1274; V. 118, p. 1519.
($) S outhern Street Railway C o.— A trolley road.
Unified Operation of Surface Lines.— See “ Chicago Surface Linas" fo<
details of Unification Ordinance o f 1914, under which the lines of this eompany ar» operated jointly with those o f the Chicago Railways Co. as a sia
gle system under the control of a joint board of operation
Ordinance Embodying Unified Operation of Surface and Elevated Lines.—
8ee Chicago Elevated Rys. on subsequent page.
ORGAN IZATION .— Incorporated in Illinois as a reorganization of the
Chicago General R y., which was bid in at foreclsoure sale on Sept. 30 1997
by the Southern Street Railway Co
V 85, p 863.
Stock outstanding (par $100) $2,400,000. Bonds issued under 1st mtge.
of 1909 were from time to time canceled and stock Issued In exchange. No
bonds now out.
EARNINGS.— Included in statement o f Chicago City Ry.
ROAD.— Included in Chicago City R y.
OFFICERS.— Pres., L. A. Busby; V -P., H. B Fleming; Sec. A Treas.,
F.5D. Hoffman; Aud., John J. Duck.— V. 91, p. 1631, 1712; V. 107, p. 1288.
(4) Hammond W hiting & East C hicago Railway C o.— A trolley road.
All securities are owned by the Chicago City & Connecting Rys.
ORGAN IZATION .— Incorporated in Indiana In Jan. 1910 as successor
to Hammond Whiting A East Chicago Electric Ry. Franchise expires Is
1954. Power Is furnl bed by the Calumet A South Chicago Ry.
Fares.— See V 113. p . 530, under caption “ Chicago City A Connect
ing R ys.”
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
$ 1 ,000,000 __________
Stock $ 1 .000.000 ($ 100)______ __________ _____
First mtge. $5,000,000. gold f 1910
5 g F-A
1.000.000 Feb 11930
($1.000) __________ c A r t f 1 1nt. at First Trust A Sav. Bank. Chic.,Trust.
Bonds.— Subject to call at 105 and Int. E. K. Boisot is also trustee.
ROAD.— Owns 34.20 miles of track, extending from State line between
Illinois and Indiana at 108tb St.. Chicago, to Whiting, East Chicago and
Hammond in Indiana, and operates in connection with Calumet A South
Chicago Ry. to 63d St. and Madison Aye., in Chicago. Standard gauge
80-lb. T rail.
OFFICERS.— Pres., W . A. Busby; V .-P ., W W . Hill; Sec A Treas.,
F. D . Hoffmann.— V . 79, p. 103.
CHICAGO * INTFRURRAN T RACTION CO.
Change in Management.— See V. 110, p. 1972.
Receiver Appointed.— Following default in int., due July 1 1922, on 1st
Mtge. 5s, W . W. Crawford was appointed receiver for the co. V. 115, p.
2045
Default.— Int. due July 1 1922 on the 1st Mtge. bonds is in default and
bondholders have brought proceedings to foreclose mortgage. V. 115, p.
1729. No further information.
ORGAN IZATION .— Incorp. In Illinois Feb. 14 1912 to take over the
property of the Chicago & Southern Trac. Co. (sold at foreclosure) outside
the city limits, the lines within the city having been acquired by Chic. City
Ry
V. 94, p. 697.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, $1,000,000 ($100)._______ _
_______
$1,000,000 __________
First mtge. gold ($100, $500, f 1912
5 g J-J
1,816,000 Jan 1 1932
$1.000).n o s f ________ c*tf\Int. at First Tr. A Sav. Bk.. Chic.. Trustee
Bonds.— The auth. amount of 1st M . bonds Is not limited. Bonds are
■abject to call In whole or In part, beginning with lowest number, at 102
on anv interest day. $80,000 additional bonds have been issued and are
pledged to secure notes.
EARN ING S.— For years ending Dec. 31:
Year—
Cross.
F,menses.
Net. xTnt.&Tnxes.
Balance
1923____________ $425,692 $382,837
$42,855 $130,116 def. $87,261
1922— ................. 381.825 371.024
10,801
140,043
defl29,243
x Int. accrued but unpaid.
R OAD.— Consists of 50 miles of line between 119th St. and Vincennes
Road. Chicago, to Kankakee, 111. Standard gauge. 70-lb. T rails.
OFFICERS.— Receiver, W . W . Crawford; Chairman o f Board, Samuel
Insull; Pres., Britton T. Budd; V .-P ., E. J. Blair: Sec. & Treas., W . W.
Crawford: Aud., W. W. O’Toole.— V. 110, p. 1972; V. 114, p. 1285; V.
115, p. 1729, 2045; V. 116, p. 1759.
CHICAGO NORTH SHORE & MILWAUKEE R R .— {See map on p. 25.)
ORGAN IZATION .— Organized in Illinois in 1923 in connection with re
capitalization plan o f predecessor co. bearing same name, which had on
July 26 1916 acquired the properties o f the Chicago A Milwaukee Electric
R R .. sold at foreclosure M ay 1 1916 (V. 102, p. 1718, 2077). V. 103. p. 664,
1687. Under terms o f plan referred to participation shareholders of the old
Chicago North Shore & Milwaukee R R . received securities of the new co.
in exchange for their participation shares in accordance with the terms of
the trust agreement under which the participation shares were issued in
the following proportion:
[V ol. 118.
----------- Received in Exchange----------Holdings Participation Shares
6% Pref. Com. Stock
Five-Year
in Old Company {No Par)—
(Par$100). (ParSlOO).
Notes.
25,000
25,000 $1,250,000
1st preferred (Illinois ctfs.) 50,000____
2d preferred (Wisconsin ctfs.) 58,000._
20,000
20,000
1,434,208
Common 62,000._____
5,000
5,000
____
The plan also calls for the creation of a 1st A ref. mtge. For full details
of plan see V. 116, p. 615, 1274; also V. 117, p. 893.
Franchises.— Owns right of way In Wisconsin as far as the city limits of
Milwaukee; franchise in Milwaukee expires Dec. 31 1934. Owns right of
way in Illinois outside of corporate limits and to a considerable extent within
corporate limits; the remainder is covered by municipal franchises, several
being perpetual.
Valuation.— In Nov. 1917 the Illinois P U. Comm, determined the fair
value of the co.'s physical property in Illinois to be not less than $5,100,000.
The original cost of the property in both Illinois and Wisconsin as shown by
the books was $13,918,862, but the original cost of the Illino's section alone
could not be accurately acertained. V. 105. p 1897
See als* V 111.
p. 73.
STOCK AND RONDS—
Date.
Interest. Outstanding.
Maturity
Common $5,000,000 ($100)________
___________$5,000,000
_________
Priorlien7% $10,000,000($100)____
___________ 1,590,000 A p r ’24,134
I>
r3f6%n-cum$5,000.000($100)___
__________
5.000.000 A p r ’24,1)4
first M $10,000,000 g ($1.-1 1916
5 g J-J
4-OrtO.issi JuU 1 1936
000, $5p0 A $100)___ c*tf(Interest payable in N. Y or Chicago.
lon’l M $1,500,000 gold.........1916
5%
460.000 Aug 1 1930
Equipment notes gold ($1,-/ 1917 6 g J-J
51,000 Sec text
000 and $500)_________ c*\Int. at Chicago Northern Tr Co.. Trustee.
Equip notes $500,000 ($500 A j 1919 6 g F- A 1
305.000
See text
$1,000) _____________ c*tf INorthern Trust C o.. Chicago Trustee.
Equip tr ctfs Ser O-l $500,0001 1922 6 g J-J
450,000 See text
($100, $500 A $1,000) g._tf/N orth ern Trust C o., Chicago, Trustee.
Equip tr ctfs Ssr 0 -2 _________ 1922
6%
80 090 See text
Equip tr ctfs ser D ___________ 1923
_________
464,000
to 1933
Secured sk fd. notes Ser. ’ ’A " ( 1920 7 g J-D
1,301,800 June 1 1930
see text ($100. $500
A/Oentral Trust Co. of 111., Chicago, Trustee.
$1.000)........................ _c*tfl
Series " B ” ________________ 1921
7 g J-D
453,100 June 15 ’36
Series “ C " ________________ 1923
6)4 g A-O
960.500 Apr 1 1926
Non-interest bearing 5% notes 1923
_________
2,700.000
1928
Bonds.— The 1st M. bonds are secured by a first lien on all the property
owned and by pledge as additional security of the entire capital stock of the
Chicago A Milwaukee Electric Ry. of Wisconsin, which owns the ter
minal facilities in Milwaukee.
Are pledged as security for the
7% secured note issues, remaining bonds may be issued at par for not
exceeding 85% of the cash cost of betterments. Ac. The mortgage pro
vides for a maintenance, replacement A depreciation fund of 12% of annual
gross income for first five years, 14% for second 5 years, 16% for third
5 years and 18% for the last 5 years, to be expended for maintenance,
fcc., or for retirement of 1st mortgage bonds. The 1st mortgage bonds
are callable as a whole or part on any Interest date at 105 and interest.
Continental A Commercial Trust A Savings Bank. Chicago, is trus
tee. V 103, p. 1031. $240,000 Gen. M . bonds have been canceled and
$480,000 are in treasury. The equip, notes o f 1917 mature $8,500 s.-a.
July 1 1917 to Jan. 1 1927; secured by 15 steel passenger cars costing $200.000. Redeemable all or In part at 10014 and int. on any Int. date on 30
day’s notice. The equip, notes of 1919 mature $25,000 each Feb. 1 and
Aug. 1 to Aug. 1 1929. Red. all or In part at any time on 30 days’ notice,
at 101 and int. for all notes haring over 5 years to run. and at 100)4 and
Int. for notes having less than 5 years to run. Secured by equip, at the
fate of $100 of equip for not in excess of $70 of notes issued
Int. in New
York or Chicago. V. 109, p. 887. The equip, tr. ctfs. of 1922, Ser. “ O -l,”
mature $50,000 July 1 1923 to 1932. Red., all or part, on 30 davs’ notice at
101 and div. for ctfs. having more than 5 years to run from date of redemp
tion and at 10014 and div. for ctfs. having 5 years or less to run. Penna.
4 mills tax refundable
Divs. payable In N. Y. or Chicago. V. 115, p. 868Equip, tr. ctfs.. Ser. “ C-2',” mature annually over 5 years and are a second
ary lien on equipment securing Ser. “ C -l.”
The secured 7% notes (both series) are secured by 1st M . 5s In the ratio
of not less than $142,857 par value, or 1st M . 6s In the ratio of not lest than
$127,033 par value of bonds for each $100 of notes outstanding. Auth
orized issue limited by restrictions of the trust deed
A sinking fund of
2% of the notes of each series outstanding payable semi-ann L provided
for, to be used in the purchase and cancellation of the pro-rata amount of
notes of each series at a price not to exceed the redemption price. $198,200
Ser. " A . ” $46,900 Ser. “ B ” and $39,500 Ser. “ C ” have been purchased
and canceled. Ser. “ A ” are red., all or in part, at 101 and int. on 30 days’
notice. Series ‘ ‘ B " are red., all or in part, upon 30 days’ notice at 105 and
int. until June 15 1926; thereafter at a premium of >4 o f 1% for each full
year of unexpired life. Series“ C ” red. all or part at any time on 30 days’
notice at the following prices and int. On and after April 1 1924 to April 1
1925 at 100)4; and on and after April 1 1925 at 100. V. 116, p. 1274.
Int. payable in N. Y. or Chicago. V. 111. p. 73;'V. 113. p. 416.
Dividends.— On prior lien stock in 1924. Jan., 154%; April, 154%- An
initial div. of 1J4 % was paid on the 6% non-cum. pref. stock in Oct. 1923.
Same rate paid reg. quar. since.
EARNINGS (incl. Chicago A Milw. Elec. Ry.-M ilw. C ity Lines):
12 Months
Gross
Net, after
Fixed
Balance,
ending Dec. 31—
Earnings.
Taxes.
Charges.
Surplus.
1923______ ___________$5,956,716
$1,239,473
$552,608
$686,865
1922_________________ 5,016,682
1,004,713
486,784
517,927
ROAD. A c.— Owns ana operates the electric railroad connecting Evansson. 111., and Milwaukee, Wis.. with a branch line extending from Lake
Bluff 111., to Area. III., embracing 84.54 miles of road and 169.57 miles
single track equivalent. In Aug. 1922 a line connecting Chicago A Mil
waukee with Lake Geneva by way of Kenosha was put into service. From
Kenosha to Lake Geneva a motor coach service is operated by c o .V . 115,
p. 868. A feeder motor coach line is also operated from Waukegan, 111 , to
Kenosha, Wis., 16 miles. V. 116, p. 515. The principal communities
served are Evanston, Wilmette, Winnetka, Glencoe, Highland Park, Lake
Forest, North Cnicago, Waukegan and Zion City, 111., and Kenosha, Racine
and Milwaukee, Wis.; also Fort Sheridan and Great Lakes Naval Training
Station. Has operating agreement with Chicago Elev. whereby trains are
run over the elevated tracks to 63d St. and Dorchester Ave. in Chicago.
201 motor, combination, buffet, trailer, baggage and exDress cars, and
109 freight cars. 157 maint. of way and misc. cars, 4 electric locomotives
and 1 work motor.
OFFICERS.— Chairman of the Board. Samuel rnsull: Pres.. Britton I.
Budd: Vice-President R Fiovd Clinch: Sec.-Treas. W V. Griffin —
V. 115, p. 868, 1320, 2904; V. 116, p. 515, 615. 933. 1048, 1274, 1410, 2881;
V. 117, p. 781, 893, 1662, 1992; V. 118, p. 1134, 1267.
CHICAGO RAILW AYS CO.
Unified Operation of Surface Lines.— See "Chicago Surface Lines” for
letails of Unification Ordinance of 1914. under which the lines of this
•ompany are operated jointly with chose of the Chicago City Ry. as a
tingle system under the control of a joint board of operation. As to plan
for unification of surface and elevated lines, see “ Chicago Elevated R y s."
Ordinance Embodying Unified Operation of Surface and Elevated Lines.—
See Chicago Elevated Rys. on a subsequent page.
ORGANIZATION.— Incorp. in Illinois In Oct. 1903 and on Jan. 25 1908
»cquired at foreclosure sale the property of the old Chicago Union Traction.
;omprislng the lines of the North and West Chicago Street RR. The pur
chase was made under a modified plan of reorganization and readjustment
iated Oct. 15 1907 and outlined in V. 85. p. 1269; see also p. 1576.
In Dec. 1912 purchased 6 miles of the Suburban R R. Inside the city limits
V 95. p 1402) and Issued $22,554 bonds to cover cost.
Franchises.— On Feb. 5 1907 the City Council passed ordinances providing
for a settlement of the relations between the city and the street railway
companies. V. 84, p. 338, 390. The franchises granted by the ordiaanpe
expire Feb. 11 1927 and were approved at the popular election held April 2
1907. On Oct. 10 1910 supplemental ordinance was passed expiring Feb.
1927. covering lines of Chicago Consol. Trac. properties. V. 91, p. 1025.
In the remarks concerning the Chicago City R y . on a preceding page of this
publication will be found a brief summary of the main terms, requirements
and conditions of these ordinances. A very extended outline of the same
was printed in the “ Chronicle” of M ay 11 1907, pages 1123. 1124 and 1125.
to which the reader Is referred for detailed Information.
The ordinance for the Chicago Rys. C o. provides that the valuation of the
properties acquired shall be deemed and considered to be $29,000,000 (the
value fixed by a board of expert engineers acting for the city) plus $1.779.875
for expenditures from the date of the valuation on June 30 1906 to Feb. 1
A pril, 1924.]
ELECTRIC RAILW AYS
25
26
ELECTRIC RAILW AYS
1907, making total valuation of properties as recognized by ordinance
$30,779,875 as of Feb. 1 1907. With the expenditures already made, the
valuation of road, equipment and franchises on Feb. 1 1924 was com
puted at 893,485,088.
All expenditures for reconstruction and extensions are being made under
the direct supervision of a board of supervising engineers headed by Mr
Blon J. Arnold, and the company Is required, under conservative restric
tions. to advance moneys for the construction of subways by the city
The expenditures for reconstruction and extensions. Including any contri
buttons for subways, after Feb. 1 1907 are to be added to the value of thf
properties recognized by the ordinance, together with 5% of such expend!
tures for brokerage. As compensation for Its services In construction
the company will receive an additional 15% of all expenditures for recoLr
struction and extensions, exclusive of amounts contributed for subways
The company agreed to lower and reconstruct the tunnels under tb«
Chicago River at Washington. La Salle and Van Buren streets
Right to Purchase by City.— Onder the terms of the franchise, the compan>
agreed to waive all rights under previous grants, and gave the city aD
option to purchase all of Its property for municipal operation at any time
rlor to the expiration of the 20-year franchise granted the company
y the ordinance. The price to be paid by the city to be $30,779,875
the valuation of tae properties February 1 1907, as above mentioned
plus all expenditures after that date for reconstruction. extensions and add!
tlons to the properties. Including any amounts advanced to the city foi
the construction of subways In the downtown business district. In cast
the property shall not be purchased, as above stated, prior to 1927. thf
expiration of the franchise, the city covenants that It will not then grant
a franchise to any other corporation for the operation of a competing system
in the company's territory unless such other corporation shall purchase
the property of the company at said price. The city also has the optloc
of requiring the company to sell Its property to any other licensee corpora
tlon of the city, or of purchasing the property Itself for municipal ownership
(with no requirement as to municipal operation). at any time during th>
life of the franchise; but in case of such purchase by the city or a licensee
the price to be paid shall be 20% more than the price above mentioned,
but the licensee shall not be required to pay the additional 20% if It shall
agree to pay over to the city all profits in excess of 5 % on the investment
In any event, (1 ) the purchase price must be paid in cash and the first
mortgage bonds of the company will attach to such cash as a first lien Id
the event of such purchase; or (2) such purchase (if made within said 2f
years), must be consummated expressly subject to the lien of the 1 st mtge
bonds, but if made at the expiration o f said 20 years, the amount thereof
must also be paid In cash.
Compensation to City.— Provision Is made for special compensattoL.
to the City of Chicago, but this compensation is payable only out o'
the surplus earnings of the company after paying or providing for all op
■rating expenses. Including the charges for maintenance and depreciation
prescribed In the ordinance and 5 % upon the valuation of the company's
property at which It may be purchased by the city for municipal operation,
as above stated. Of the surplus earnings so remaining, the City of Chicago
receives 55% and the company 45% . (See V. 99. p. 1831 for dispute wit!
d ty as to certain accounts).
Control by Trustees.— The trust indenture securing the participation
certificates provides that until Aug. 1 1912 and to the full extent thereafter
which may be permitted by law until all o f the consolidated mortgage bonds
o f the company shall be fully paid and discharged, the directors of thf
company shall be elected by trustees, now consisting o f Messrs. Harrison
B. Riley, William O. Niblack, Abel Davis, Frank G. Gardner and Henry
J. Tansley, and provision is made in the trust deed securing the 1st M
bonds for the appointment o f a permanent finance committee, now com
posed o f Messrs. Henry A. Blair and B. A. Eckhart. Chicago.
Aciutsttion of Chicago Consolidated Traction Properties.— On Dec. 27 1910
Judge Grosscup confirmed the sale of the Chic. Consol. Trac. Co. and Its
eight underlying companies on N ov. 30 1910 to Andrew Cooke and thf
■ale by the latter of all properties within the city limits to the Chicago Rail
ways Co. (V. 91, p. 945, 1253, 1511). pursuant to an ordinance passed
Oct. 10 1910 (placing valuation at $4,021,982), like in tenor, amendatory
and supplemental to ordinance of Feb. 11 1907 (V. 91, p. 1025. 1159
See reorganization plan, V. 90. p. 1613; V. 91, p. 37. The lines outside the
dty were acquired by the County Traction Co. (now the Chicago & Wes'
Towns R y .), which has no connection with the Chicago Railways Co
On N ov. 1 1910 a deposit agreement was entered Into by the holders of thf
securities ot the Chicago Consolidated Traction and its subsidiaries, pro
riding for the exchange of the said securities for Chicago Rys. C o . Purchasf
Money 4% to 5% bonds and Adjustment Income 4% bonds, both dated
Jan. 1 1911 and maturing Feb. 1 1927. For description of bonds and term?
of exchange, see V 91. p. 1384. and compare V 90, p. 1613: V 91. p. 214
Settlement of Yerkes Suit.— In April 1914 the company arranged a settle
ment o f the suit brought by the Yerkes estate on the guaranty of the bond*
of the Chic. Consol. Trac. Co. by the Union Trac. Co. V. 98. o 1155
Committee Formed— Seeks Payment of Back Dies.— Holders of Series 1
partic. ctfs. on March 26 1923 elected a protective committee in an effort to
obtain unpaid divs. on the certifs. (see below). The committee consists of:
Jackson S. Stone, W . F. Prindel, Harry C. Edmonds, Robt. J. Dunham
and Orville E. Babcock. See V. 116, p. 1410. Compare V. 116, p. 1275.
Suit Seeking Payment of Divs. Dismissed.— In June 1923 holders of Series I
certifs. filed suit against the co. in the U. S. Dist. Court at Chicago seeking
payment o f divs. at the annual rate o f $8 a share with accruals on that
basis from Aug. 1 1917. The city o f Chicago and Martin J. O’Brien, City
Comptroller, were made parties to the suit because the latter failed, it is
alleged, to certify to bonds to which the co. was entitled for extensions of
its street-car system as required by ordinances. V. 116, p. 2515; V. 117,
p.2211. On March 22 1924 this suit was dismissed in the U. S. Dist. Court
V. 118. p. 1664.
Fares.— See “ Chicago Surface Lines.”
STOCK AND BONDS—
Date. Interest.
Outstanding.
Maturity
Stock,$100,000___________________
_______
See text. See text.
Pint mortgage (see text),
f 1907 5 F-A
$59,926,000 Feb 1 1921
($1,000) gold_____ c& rtf {in t. at Harris Trust & Sav. Bk., Chic., Trus
I or at Harris, Forbes & C o., New York.
Consol mtge, gold
_
____tf 1907
5%
See text. Feb 11927
Bonds Covering City Lines of Former Chicago Consol. Traction.
Purch-money M $6,000,000 gj 1910
5 J-J
4.073,000 Feb 11927
($500 and $1,000)___ c * tf (Illinois Tr. & Sav. Bank, Chic., Trustee.
Adjust Inc M $2,500,000 gold) 1910 4 g May
2.500,000 Feb 11927
($100A;$500)(non-cum)c*tf 1 Central Trust Co. of 111.. Chicago. Trustee
Stock.— The capital stock of the company, which Is issued in the nomina
amount of $ 100 ,000, has been made the subject of a trust agreement, dated
Aug. 1 1907 and executed Jan. 25 1908. by and between the Chicago Rail
ways Co. and Messrs. Adolphus O. Bartlett, Chauncey Keep, Charles H
Hulburd, Albert A. Sprague and Charles G.Dawes, as depositaries, and
Central Trust Co. of New York as custodian. Under this agreement
the stock serves as a basis for the issue of the participation certificates
representing in all 265,100 equal parts. Series 1 consists of 30,800 parts
Series 2 of 124.300 parts, Series 3 of 60,000 parts and Series 4 of 50,000 parts
Series 1, 2 and 3 are entitled, in the order of priority named, to cumulativt
dividends of $8 for each part, beginning with year ending Aug. 1 1908. and in
the distribution of capital to $100 for each said part. Series 4 is entitled
to any remaining profits or capital distributed. V. 85. p. 1269.
Dividends on participation certificates Ser. 2 are limited to $4 oneachcer
tlflcate so long as more than 50% of Series C bonds remain outstanding
and thereafter to $5 per certificate until the remainder of Series C bonds
have been redeemed. Series 2, however, is entitled to unpaid accumulation
on account of its $8 per certificate (beginning with the year ending Aug. 1
1908), but only when earned, and after payment of all accumulations of
(Inking fund and of dividends on Series 1.
Bonds.— First mtge. bonds are Issued only to provide funds for rehabill
tation, extensions, &c. They may be redeemed at par and accrued interest
on any Interest day. The bonds have a first lien on the entire property
rights and franchises of the company. The authorized issue is limited tc
the aggregate of the amounts approved from time to time by the board of
«upervi8ing engineers. $1,459,000 are held in treasury and $2,812,000
are pledged as collateral for bank loans. See full particulars of bonds
property,&c.. in V. 86 , p. 545; V. 88 , p. 1436; 1619; V. 90, o. 302; V. 93
p.162. Bonds are listed on N . Y . Stock Exch.
V. 103, p .238 .
The consolidated mortgage bonds consist of the following: Series A,
(■sued. $17,403,800, of which $1,006,000 are In the treasury and can bf
Issued only for acquisition of additional property; and Series B. $17,164,475.
The last of Ser. O bonds were called for payment Aug. 1 1921, being retired
through operation of sink. fd. V. 113, p. 627. $1,196,000 Series A bonds
have been retired. See particulars, Y. 86, p. 1223; V. 93, p. 1724. Of the
remaining Series B bonds, $228,000 are in treasury. Bonds of three series
bore Interest at 4% up to Feb. 1 1912; since, 5%Purchase Money Mtge. bonds bore int. at 4% per ann. during first 5 yr*.
bow 6 % per ann.
They are red. at par and int. on any int. date.
g
[V ol. 118.
Adjustment Income Mtge. bonds are red at par and int. on any int.date,
interest Is payable only If earned and is not cumulative. Payments of
4% each were made on M ay 1 in 1913 to 1918. inclusive. No action taken
•o May 1 1919 and 1920 interest. V. 108, p. 1390: V. 110, p . 1642. Ia
May 1921, however, int. was again paid.
V.
112, p. 1656. Int.
Inc. bonds for the year end. Jan. 31 1922 was
paid M ay 1 1922.
p. 1650. Int. for year end. Jan. 31 1923 was
paid M ay 1 1923.
p. 1892. We are informed that int. dueJan. 31 1924 will be paid M ay
1 1924.
interest on both purchase-money mortgage and adjustment income
nortgages payable at company’s office or at agency of company in Chicago.
D IV ID E N D .— An initial dividend of $4 was paid Nov 15 1908 on
Series 1 participation certificates. On Sept. 1 1909 $8 was paid on Series 1
eertificates. None to Oct. 1912. when $6 was paid. In Feb. 1913. $ 6 ;
>Iay,$ 8 ; July, $6: Aug., $4. In 1914, F eb .. $4: Aug., $8 . being full paynent of all arrears. Feb. 1915 div. of $4 was paid June 5 (V. 100, p. 1671).
The Aug. 1915 div. of $4 was paid Sept. 1 1915. In 1916, Aug., $8 . In
1917, Aug., $ 8 . None since.
In Feb. 1914 initial div. of $2 per share
vas paid on Series 2. In l9 l5 , June $2. In Feb. 1917, $2. None since.
R O A D .—Comprises 587.98 miles of track (Including 128 miles of the
ormer Chicago Consolidated Traction Lines).
EQUIPM ENT.—-Operates 2,030 passenger cars.
REPORT.— The annual report for year ending Jan. 31 1924 will be found
m V 1L8, p. 1770. The combined results of the “ Chicago Surface
Lines” for the year end. Jan. 31 1924 were: Gross, $57,655,170: operating
ixpenses, $44,839,753: residue receipts, $12,815,417.
Income Account for Years ending Jan. 31.
*Adjust- Int., 5 % . Balance,------ Of which to-----Share of
ments.
on Inv.
Divisible. City ,55% Co 45%,
Res. Rects.
’23-’24-$7,689,250 $455,000 $4,653,654 $2,580,596 $1,419,328 $1,161,268
360.000 4,630,943 2,021,253 1,111,689
909,564
22-'23_ 7,012,195
290.000 4,615,862 3,390,688 1,864,878 1,525,809
21-’22 _ 8,296,550
• Applicable to previous yea s
Income Statement (Non-Partnership Account) for Years ending Jan 31
1924.
1923.
1922.
1921.
Chicago Railways, 4 5 % . $1,161,268
$909,563 $1,525,809 $1,147,816
4,615,862
4,580,658
5% on investment______ 4,653,654 4,630,943
Miscellaneous interest-267,239
249,956
195,453
145,653
Gross income_________ $6,082,161 $5,790,462 $6,337,124 $5,874,127
Deduct—
Total interest on bonds! $4,790,899 $4,811,465 $4,848,619 $4,868,430
Interest on loans______J
Sink. fd. reserve accrued
174,036
250,000
250,000
250,000
Loss on securities______
______
______
______
107,347
Fed.inc.tax on int.coups
107,000
42,000
42,000
42,000
Corp. exp. & adjustm’ts,
140,794
131,712
131,100
142,761
Net inc. for int., &c_.
$869,432
$555,285 $1,065,405
$463,587
OFFICERS.— Chairman of board of directors and Pres., Henry A. Blair;
Vice-Presidents, John M . Roach and J. E. Wilkie; Sec., F. L. Hupp;
Treas., M . B. Orde.— V. I l l , p. 389, 1851; V. 112, p. 1282, 1510, 1656;
V. 113, p. 531, 627, 2184: V. 114, p. 1280, 1528, 1650: V. 116, p. 1275, 1410,
1648, 1892, 2515; V. 117, p. 1883, 2211; V. 118, p. 1664, 1770.
CHICAGO & WEST TOW NS RAILW AY CO.
ORGA N IZA TIO N .— Incorp. in Illinois in 1913 as a consolidation of the
Oounty Traction Co. and the Suburban RR. Serves the communities of
Oak Park, River Forest, Maywood, Cicero. Berwyn, Forest Park, Lyons,
Riverside, Brookfield, La Grange and others, having an estimated populaston of over 135,000. Franchises contain no burdensome restrictions and
sxtend beyond 1920. About 10.5 miles of track on private right-of-way.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date
$1 ,000,000
Common, $1,000,000 ($100).............
1 .000.000
6%
lstPref(cum ),$l, 000,000($ 100) ____
210,000 See text.
2d pref______________________ _____
8%
1,150,000 July 1 1932
1st mortgage ($100, $500,/ 1922
7%
and $1.000) g o ld _______ c* 1 Harris Trust & Sav. Bank. Chicago, trustee.
Dividends.— On both 1st and 2d pref. stocks being paid regularly.
EARN ING S.— For years ending Dec. 31:
Calendar Years—
Gross.
Net after Taxes. Int.. Ac. Bal., Surv.
$91,689
$182,343
$274,032
1923___________________ $1,208,218
85,496
158,105
1922___________________
1,132,427
243,601
Road.— Owns 72.13 miles o f track, of which about 5 miles leased for
operation by Chicago Rys. C o., and operates an additional 0.95 mile under
long-term lease.
OFFICERS.— Pres.. Willard M . McEwen; Sec. & Treas.. Charles N
Hebner.— V. 106, p. 1230; V. 107, p. 1384. V. I l l , p. 588
EVANSTON RA ILW A Y CO.
ORGANIZATION.— Incorp. Sept. 20 1913 In Illinois to take over th«
tines in Evanston. III., formerly owned by the Oounty Traction Co. (now th*
Chicago & West Towns Ry.) Owns 98% o f the stock o f the Evanston
West Side R y., organized in Jan. 1922 to connect the west side with the
centre of Evanston. V. 114, p. 197.
Franchise.— The company was granted a new 20-year franchise.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity
$500.000J’ne’2 3 ,2 H %
4tock. $500,000 ($100)................. - ..................
First mtge bonds, gold___ c */ 1913
6 g F-A
206,800
1933
Redeem at 103 and int____fln t. at Merch. Loan & Tr. C o..C hic.. Tru*
General mortgage bonds--------- -----------------153.300 ---------------Bonds.— Sinking fund of 2% of outstanding bonds began 1917.
EARNINGS.— For years end.Dec. 31:
Inter- Balance
Year ending
Gross
Exp., Taxes. Net
est.
Surplus
Dec. 31—
Earnings. Depr.,Ac. Earns.
$28,294 $59,812
1923 ___________________$276,426 $188,319 $88,107
27,029
59,031
1922 ______ ______ ______ 266,177 180,117
86,060
ROA D .— Length o f single track, 10.34 miles. 73 and 85-lb. rail. Gauge.
4 ft. 8)4 in.
OFFICERS.— Pres., Clement O. Smith, Milwaukee; V .-P ., J. P.
Pulliam. Milw.; Vice-Pres., & Gen. M gr., Charles F. Speed, Evanston;
Sec. and Treas., H. C. Mackay, Milwaukee; Asst. Sec., Oscar A. Ross.
Chicago; Asst. Treas., Wm. M . Chester, Milwaukee.— V. 113, p. 2818:
_____
V. 114, p. 197.
CHICAGO RAPID T R AN SIT CO.
ORGANIZATION.— Incorp. Jan. 9 1924 under general railroad laws of
Illinois for a term of 50 years. Was formed as per plan for the reorgani
zation of the Chicago Elevated Railways (outlined in “ Electric R y .” Sup
plement of Oct. 27 1923) by consolidation of the Metropolitan West Side
Elevated Ry. Co., Northwestern Elevated R R . Co. and South Side Ele
vated R R . Co. on Jan. 9 1924, and on Jan. 31 1924 it acquired title to the
properties of the Chicago & Oak Park Elevated R R . Co. through purchase
at foreclosure sale. The original elevated lines began operation as follows:
The South Side El. in 1892, the Oak Park El. in 1893, the Metropolitan
West Side El. in 1895 and the Northwestern El. in 1900. For separate
statements o f these cos. prior to consolidation see “ Electric R y .” Supple
ment of Oct. 27 1923.
Following the sale on Jan. 5 1924 o f collateral pledged under the secured
gold notes of Chicago Elevated Railways, the plan of reorganization (dated
July 14 1923) was declared operative on Feb. 18 1924, approx. 97% o f the
secured gold notes and over 90% o f the 10-year 6 % debentures having
been deposited under the plan.
Under the plan depositing note holders received for each $1,000 o f notes
extended to July 1 1919, the following securities of the Chicago R . T . Co.:
(a) 1st lien & ref. mtge. gold bonds, Ser. A, 6 % , due July 1 1953____$100
(b) Adjustment debenture bonds, due July 1 1963----------------------------- 1,170
(c) Trust certificates for common stock_____________________________ 350
While depositing note holders received for each $1,000 of notes not so ex
tended the following securities of the Chicago Rapid Transit Co.: Depositing
holders of Chicago Elevated Rys. 10-year 6 % debentures receive for each $100
o f debentures $70 in trust certifs. for com. stock of the Chicago R. T . Co.
Consolidation.— See V. 114, p. 2358, for plan for consolidation of the
elevated cos. approved in Sept. 1922 by Illinois Commerce Commission.
The consolidated cos. provide rapid transit facilities for the city o f Chi
cago and the villages o f Evanston, Wilmette, Oak Park, Cicero, River
on adj.
V.114,
V. 116,
ELECTRIC RAILW AYS
A pril, 1924.]
Forest, Forest Park and Berwyn, which have a total population of approx.
3,000.000. Two interurban lines, the Chicago Aurora & Elgin RR. reach
ing Aurora and Elgin from the west and Chicago North Shore & Milwaukee
R R . reaching Milwaukee from the n >rth, operate their trains over the
tracks o f the co. on a rental basis.
(a
Revenue passenger traffic for 1923, exclusive o f interurban trafficjmentioned above, was 203,953,574, an increase o f 1246% over 1922.
Mileage is largely on its own private right o f way except where streets
are crossed. Franchises expire between 1938 and 1957, excepting the Lake
Street franchise, which runs to 1930 and 1944.
On April 19 1917 the 111. Supreme Court upheld the right o f the State
Public Utilities Comm, to regulate street car service in Chicago, regardless
o f the provisions o f the contract ordinances o f 1907 between the Chicago
City Council and the surface lines.
At midnight, N ov. 2 1913, began through-routing north and south ele
vated trains, using the Loop for that purpose and established free transfer
stations between said trains and trains o f Metropolitan and Oak Park Cos.
Decision.— On April 24 1914 the Supreme Court affirmed the decision of
Judge Scanlon o f the Circuit Court (V .97, p.1425) and dismissed the suit of
State Attorney Hoyne against the Metropolitan West Side, Softth Side
and Union Elevated RR.cos., alleging that they violated their State charter
by issuing watered stock.
Fares.— The following table shows the various changes in rates o f fare
and dates these changes became effective:
Date When Fare
CityFare A West of City Limits. North of City Limits.
Change Became Effective. Cash.
Local. Thr.Ticket Rate.
Ticket.
Nov. 22 1918
6c. 1 1 c.
6c.
Aug. 8 1919
8c.
6c. 14c.
Feb. 1 1920
2 tickets 15c.
6c. 1 2 c.
8c.
Aug. 4 1920
10 c.
4 tickets 35c.
7c. 13c.
Sept. 18 1922
10 c.
3 tickets 25c.
7c. 13c.; 2 for 25c,
Weekly pass
$2 00
$1 25
School book o f 50 rides
4 00
2 50
Children, 7 to 12 years
3c.
3c.
purposes o f operating properties as o f June 30 1919______$86,250,000
A dd’ns & betterments to Dec. 31 1923 (less retirements)_____ 2,266,359
Total valuation (operating property)_______________________$88,516,359
Miscellaneous physical property (non-operating)______________ 1,983,397
Total valuation___________________________________________ $90,499,756
Upon completion of reorganization capitalization will be approx, as follows
STOCK AN D BONDS—
Date. Interest.Outstanding. Maturity.
Common---------------------------------------------------- $20,329,500 ___________
1st lien & ref. mortgage b o n d s .___
6%
1,600,000
1953
_________ 18,563,000 __________
Adjustment debentime b o n d s . . ____
(Int. 6 %, pay. only if earned and cum. from July 1 1924 at 4% .)
M et W S El 1st mtge, $10,-/ 1898 4 g F-A
10,000,000 Aug. 1 1938
000,000 ($1,000) gold. _c*tfj Cent. Trust Co., N. Y ., and G. Sherman,Tr.
lint, at Cent. Trust C o., N. Y .. and Chicago.
M et W S El ext mtge, $5,000,- 1901 4 g J-J
4,433,000 July 11938
000 ($1,000), gold, red atjNorthern Trust Co., Chicago, Trustee.
105 on any interest day on (Interest at company’s office in Chicago, or
4 week’s notice-----------c*tf ! Central Trust C o., New York.
Union Consol El series “ A ” / 1896
5 g M -N
407,000 Nov 1 1936
1st mortgage gold_____cpt\G. Sherman, V.-P. Cen. Tr. Co., N. Y ., Tr.
N W E I 1st M $25,000,000red [ 1911
5 g M-S xl 1,679,000 Sept. 1 1941
as a whole at 102 & int on: 111. Tr. & Sav. Bk., trustee, under mortgage.
30 days’ notice ($l,000)c*tf [Central Tr. Co., N. Y ., trustee und. sup. M .
Union El 1st M $5,000,0001 1895 5 g A-O
4,429,000 Oct. 1 1945
gold ($1,000)-------------- cpU Int. at ChaseNational Bank, N. Y ., and
I 111. Trust & Sav. Bank, Chicago.
So Side El 1st mtge, $8,000,-1 1904 4 ^ g J-J
8,000,000 July 1 1924
000, gold ($1,000)------c * tffln t. at 111. Tr. & Sav. Bank, Chic., Trustee.
Lake St El 1st M , $5,000,000/ 1893 5 J-J
4,993,000 July 1 1928
guar by N W E l-----------tfjC on t. & Comm. Trust & Sav. Bank, Chic.,
[ and Central Tr. Co. o f Illinois, Chic., Tr.
5% equip trust certificates— ____
5%
778,0001924'*to 1929
6 % equip trust certificates___ _____
6%
1,842,000 1924 to 1932
x Exclusive o f bonds in sinking funds or in escrow.
REPO RT.— Consolidated income account o f the Metropolitan West Side
Kiev. Ry. Co., Northwestern Elev. R R . C o ., South Side Elev. R r . C o . and
Chicago & Oak Park Elev. R R . Co.:
Period Years Ending—
Dec. 31 ’22. June 30 ’21. June 30 ’20.
.$17,267,757 $17,788,986 $15,097,812
. 13,124,036 13,872,726 11,339,765
. $4,143,721
Taxes, city compen. & other item s._ 1,327,874
.
$3,916,260
1,056,124
$3,758,047
917,655
. $2,815,847
136,929
$2,860,136
112,457
$2,840,392
89,870
. $2,952,776
. 2,937,901
$2,972,593
2,870,577
$2,930,262
2,832,444
Non-operating income.
Net income_________________
$14,875
$102,016
$97,818
ROAD.— The co. operates 207 miles o f single-track, o f which 168 miles
are owned and 39 miles are under lease or contract. Equipment includes
1,106 motor, 659 coach and 42 other cars: total, 1,807.
OFFICERS.— Chairman of Board, Samuel Insull; Pres., Britton I. Budd:
V ,-Pres.,R. Floyd Clinch: V.-P., E.C. Noe; V.-P. &Gen. M gr., B.J. Fallon:
Sec & Treas., W. V. Griffin: Compt., Edward A. Brion; Aud., T. B. MacRae: Asst. Sec., Miss F. M . O’Donnell; Asst. Treas., L. C. Torrey.—
V. 118, p. 310, 549, 906.
______
CHICAGO JUNCTION RR.
^ O R G A N IZA T IO N .—-Organized in the interest of the South Side Elevated
R R . (since consolidated with Chicago Rap. Tran. Co.) to build lines to
connect that company’s track with the Stock Yards. Only a nominal
amount o f stock has been issued ($50,000), which is held in trust for the
South Side Elevated (now consolidated with Chicago Rap. Tran. Co.) in
case that company should at any time wish to absorb it. Is leased to the
South Side Elevated (now Chicago Rapid Tran. Co.) for 50 years (with
right to purcnase at cost within 20 years), rental being Interest on bonds
taxes. See. Franchises are without limit.
STOCK AND BONDS—
Date. Interest
Outstanding.
Maturity
S to c k ______________________ ___ __
See text.
______ _
1st mtge, $2,327,000, gold! 1905 4 g M-S
$2,327,000 Mch 1 194t
($1,000). guar p & I____c* f First Trust & Saw Bank Chicago. Trustee
Bonds.— Are subject to call at 105 and Int tn event of consolidation wltt
South Side Elevated (now Chicago Rapid Tran. Co.) this issue of bonds is
to be retired. V. 80, p.871. Bonds are guar., p. & i ., by Chicago Junction
Rys. & Union Stock Yards Co. See V. 82, p. 568.
ROAD.— Consists of an elevated road (from junction with South Sld<
“ L at 40th Street) to the Stock Yards, and a loop around the same. 3-61
miles. Was completed In May 1908.
OFFICERS.— Pres.. A. E Rawson V -P. H. E Poronto; Sec Thom
hillJBroome; Treas. & Asst. Sec., J. W. Austin; Asst. Sec., J. C. Erickson;
Aud., C. C. Chace.— V. 87, p. 346.
CALIFORNIA.
PACIFIC ELECTRIC RAILW AY.
All the stock except directors’ shares is controlled by Southern Pacific Co.
ORGANIZATION.— Incorp. in California on Sept. 1 1911 as a merger:
The following subsidiaries o f the Southern Pacific Co. (V. 93, p. 667):
Pacific Electric Ry. ^ 4 , j
San Bernardino Valley Traction Co.
Los Angeles Interurban Ry.
Redlands Central Ry. -*4
d ,-M
Los Angeles & Redondo Ry.
San Bernardino Interurban Ry.
Riverside & Arlington Ry.
Los Angeles Pacific Co. ~4
'■
During 1912 acquired the right o f way and all rail lines and equipment
o f the Pacific Electric Land Co. and purchased the property of the Ontario
& San Antonio Heights R R .
4 1*
i Operates under agreement over the Riverside Rialto & Pacific R R .—
passenger service only. ,g j
j «f
4
i
4
u
a
Subway Franchise.— See V. 116, p. 2389.
S ‘A ^ w 1
The Los Angeles Motor Bus Co. was organized by the Pacific Electric
Ry. and the Los Angeles Ry. in Feb. 1923. V. 116, p. 936.
27
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $100,000,000 ($100)..................................... *34,000,000
First ref mtge *100,000,0001 1911
5 M-S
31,950,000 Sept 1 1961
gold see text________ c * -t f/I n t . a tU . S. Mtge. S Tr. C o., N . Y ., Trustee
c
Pac El Ry 1st mtge $10,000,-1 1902 5 g J-J
8,374,000 Jan 1 1942
000 gold ($1,000)____C -ntf lint, at Union Trust C o., San Fran., Trustee.
Los Ang & Pas El Ry M $1,1898 5 g J-J
950,000 Jan 1 1928
000,000 g guar ($1,000) c*(Int. at 111. Tr. S Sav. Bk., Chic., Trustee.
c
Can be called at 105_ ntf l or at Chase Nat. Bank, New York.
_
Ont & San Ant Heights 1st M l
1910 6 F-A
223.000 Feb 1 1935
$1.000.000 ($1,000) s f ntf (Int. at Southern Tr. C o., Los Ang., Trustee,
fas & Mt L 1st M $500,000 f 1900
4 g J-D
480.000 June 1 1930
gold ($1.000),._____c*-ntf-|lnt. at Union Trust C o.. San Fran.. Trustee.
la! Pacific Ry 1st mtge gold 1 1901
5 g J-J
480,000 July 1 1941
($1.000) guar_______ C -ntf (Int. at C o.’s office in N. Y . & Chase Nat.Bk.
Los Angeles-Pacific RR first! 1898
5 J-D
10.000 Junel01928
mort gold $1.000 000c* ntf flnt atOItiz. Tr. & S. Bk., Los Ang..Trustee.
Los Ang-Pac RR 1st con mtge!
1901 5 A-O
1,465,000 Apr 1 1931
$1.500.000 g ($1.000) . . n t f flnt at Crocker Nat. Bank. San Francisco.
Los Ang Her B & Red 1st M l
1902 5 g M -N
74,000 May 1 1942
$500,000 gold ($1,000) -n tf /Title Ins. & Tr. C o., Los A ng., Trustee.
Los Angeles-Pacific RR first/ 1903
5 g M-S
3.104,000 Sept 1 1943
and ref mtge $5.000.000(Int. at Los Angelas Tr. & Sav.Bk.. T r., or at
gold ($1.000) s f ____c * _ n tfl U S Mtge. & Trust Co.. N. Y ., Co-Trus.
Los Angeles Pacific Co gen f 1906
5 g J-J
1,096,000 Jan 2 1946
consol mtge $12,500,OOOlInt. at Union Trust C o.. San Fran., Trustee,
gold ($1,000) sinking fund ( or at Farmers’ & March. Nat. Bank, Los.
c * .n t f l Angeles, or Chase Nat. Bank, New York.
Los Ang-Pac Co 1st ref mtge! 1910
4 g J-J
8.298,000 Jan 1 1950
$20,000,000 g ($1,000) c*tf (Union Trust Co. of San Fran., Trustee. ■
Los Ang & Redondo 1st mtgef 1902
5 g J-J
410,000 Jan 15 1932
*500.000 g ($1,000) .c * - n tf (In t. at Union Trust C o.. San Fran.. Trustee.
land RR. co’s office, N . Y . City.
4an Bernard Vail Trac 1st M l 1901
5 A-O
44,000 Oct 1 1931
gold *250,000_____c * .n tf/T itle Ins. & Tr. C o.. Los Ang., Trustee
San Bernardino Valley Tr 1st] 1903 5 g M-S
750,000 Sept 1 1933
& ref mtge $1,000,000 gold (Int-. at Los Ang. Tr. * S. Bk. of Cal.,Trustee
sink fund (*1 .000)c*&r.ntf)
Redlands St Ry 1st M g *50.-1 1899
6 F-A
50,000 Aug 1 1919
000 ($1,000. S
cc) redeem!Title Ins. S Tr. C o., Los Ang., Trus
c
at par; no sink fund - n tfl Int. at First Nat. Bank. Redlands Cal
Redlands St Ry 1st M gold) 1901
5 M-S
27.000 Sept 1 1931
*150.000____
n tf/T itle Ins. & Tr. C o.. Los A n g ., Trustee.
] Int. at First Nat. Bank, Redlands, Oal.
Redlands Central Ry 1st M l 1907 5 J-J
44,000 July 1 1937
gold $500,000 ($ l,000 )_n tffln t. at Los Ang. Tr.&S.B. o f Cal., Trustee
BONDS.— Pacific Elec. Ry. ls« ref. mtge. are to provide funds to retire
.underlying bonds: also for acquisitions and for corporate purposes. Bonds to
bear interest at such rate or rates as may be fixed at time of issue by direc
tors. not exceeding, however. 5% per annum
The bonds are Issued In
wndes. Series “ A” being the only series Issued. Denom. Series “ A ” *1,000
-other series, $1,000, $500 and *100. Sinking fund $10,000 per year.
Series “ A ” Is subject to call from Sept. 1 1916 at 110 and Int. Other series
•ubject to call since Sept. 1 1916 at price to be fixed by board of directors.
Pacific Elec. Ry. 1st Mtge.— A sufficient amount Is reserved to retire
prior issues. Sinking fund is *5,000 per annum, commencing Jan. 1
1907, for 5 years; then *10,000 per annum to Jan. 1 1917; *15.000 per
tnnum to Jan. 1 1922; *20,000 per annum to Jan. 1 1927; $25,000 per
tnnum to Jan. 1 1932; $30,000 per annum to Jan. 1 1937 and $35,000 annu
ally thereafter, said sinking fund to be used in purchase of the bonds, but
fund may be Invested In other securities if bonds cannot be obtained at par.
Los Angeles A Pasadena 1st Mtge.— Bonds bear the guaranty of the Los
\ngeles Ry. by end. Sink, fund of $10,500 per year out of net earns, from
r)eo. 1 1908 to and lncl. 1926: callable at 105 on any int. date.
Pasadena & Mt. Lowe bonds are guar. p. & 1. by both Los Angeles R y.
tnd Los Angeles S Pasadena Elec. Ry. A sinking fund for those bonds be
c
gan 10 years from date of bonds of $5,000 per ann. for first 5 years. $7,500
per ann. for second 5 years, *10,000 per ann. for next 5 years and $12,500
per annum for remaining 5 years. Red. at 104 and interest
California Pacific Ry. 1st Mtge. is for no stated authorized amount, but
Is limited to $20,000 per mile of completed track. No sinking funds and
bonds cannot be called. Guar. p. S 1. by Los Ang. Trac. Co.: see V. 75. p.76.
c
Title Insurance S Trust Go.. Los Angeles. Trustee.
c
Los Angeles-Pacific RR. 1st Mtge.— Red. on any int date at 105 and int.
Unking fund began June 10 1908 until June 10 1926. $10,500 per year out
if net Income only. Int. also payable at Illinois Tr. S Sav. Bank. Ohic..
c
tnd Chase Nat. Bank. N. Y .
Los Angeles-Pacific RR. 1 st Cons. Mtge.— Not callable. Sinking fund
began April 1 1911 and retires $10,500 annually (out of net earns, only) to
and lncl. April 1 1929. Citizens’ Trust & Sav. Bank, Los Angeles, trustee.
Los Angeles Bermosa Beach A Red Ry. 1st ttge.— Int. payable at Crocker
Nat Bank. San Fran. Sink, fund began May 1 1913 and retires *10.500
ser ann (out of net Income only) to and lncl. M ay 1 1942 Not callable.
Los Angeles-Pacific RR. 1st A Ref. Mtge.— Sufficient bonds are reserved to
retire prior liens. A sinking fund began in 1908, to which *50,000 per ann.
Is payable first 5 years, *60,000 per ann. next 5 years, *70,000 per ann.
next 5 years. *80,000 yearly following 5 years, *90,000 per ann. next 5 years.
1100,000 yearly following 5 years and *150,000 per ann. thereafter. Not
subject to call.
Los Angeles Pacific Co. Oen. Consol, bonds have a sink, fund, 1911 to 1915,
$10,000 per ann.; 1916 to 1920. *15,000 per ann.: 1921 to 1925, *40,000
ann.; 1926 to 1930, $75,O0o per ann.; 1931 to 1944, $80,OO0 ann., and 1945
to 1946, *90,000 per ann. Of the *12.500,000 auth.. *5,000.000 are re
served for prior liens
Bonds are not callable.
Los Angeles Pacific Co. 1st Ref. Mtge.— Subject to call as a whole or In
part on and after Jan. 1 1915 on any Int. date at 105 and int. on 3 months’
notice
Interest payable at company’s office or agency in New York.
Sinking fund of $5,000 per annum began in 1910. Guar., p. S i.. by South
c
ern Pacific Co.
Riverside A Arlington Ry. 1st Mtge.— Not callable. Sink, fund began
lept. 5 1900 as follows; After payment of exps. and int. the entire net in
come and entire net proceeds from sale of property applicable under trust
deed to be set aside each year to and incl. 1904; in 1905 and thereafter until
all bonds are paid, 75% of net income and proceeds from sale of property.
Redlands St. Ry. 1st Mtge. 5% Bonds.— $50,000 are reserved for the
previous issue of 6 % bonds
No sinking funds and bonds are not callable.
Redlands Central Ry. 1st Mtge.— Sinking fund began July 1 1912 and retiree
$1,000 per annum to July 1 1917, $2,000 next 5 years, *3,000 per annum fol
lowing 5 years. $4,000 next 5 years and $5,000 following 5 yrs. Not callable.
Los Angeles A Redondo 1st Mtge.— Sinking fund retires $10,000 per annum
jut of surplus and net earnings. Bonds are not redeemable.
San Bernardino Valley Traction 1st Mtge. bonds are subject to call at 105.
Int. payable at First Nat. Bank. Redlands, and at First Nat. Bank.
Los Angelea.
San Bemadino Valley Trac. 1st A ref Mtge. bonds are red. at 105. Sink,
fund retires at 105 and int. 12 bonds during 1913-15 (incl.) during 1916 pays
iff 13 bonds; during 1917 14 bonds; during 1918-27 pays off 25 bonds yrly.;
during 1928-30 37 bonds yrly.; 1931 and 1932 38 bonds each year
Ontario J San Ant. Heights 1st Mtge. bonds are red. at 101 and int. Sink,
fc
fund 1914 and following 4 years 1 % of outstanding bonds. 2% thereafter
EARNING S.— For years ending Dec. 31:
Calendar
Gross
Net (after
Other
Interest,
Balance,
Year—
Earnings.
Taxes).
Income. Rents, Ac.
Deficit.
xl922_______$18,307,733 $3,542,207 $98,215 $4,216,411 def$575,989
1921________ 17,096,117
3,192,423
104.382
4,096,439 def 799,634
x 1923 figures not available until issuance of Southern Pacific ann’l report.
ROAD.— Operates an Interurban electric railway system centering at
los Angeles extending into the counties of Los Angeles. San Bernardino
Riverside and Orange and serves the cities of Pasadena. San Bernardino
Riverside, Colton, Redlands, Pomona, Ontario, Santa Ana, Long Beach, C o.
rona, Venice, Ocean Park, Santa Monica, Redondo, San Fernando. Owensmouth and Lankershim. Total miles operated, single track, 1,092.221, of
which 617.616 miles main track, 318.491 miles second and other main track
and 156.114 miles of sidings and turnouts. Standard gauge. Owns 46
electric locomotives, 2 gas electric locomotives, 603 passenger and combina
tion cars, 31 express cars, 889 freight cars and 97 service and miscellaneous
cars; 1 power station, 44 sub-stations and 4 portable sub-stations
Power
purchased from Southern California Edison Co.
OFFICERS.— Pres., Paul Shoup. San Francisco: V.-P. & Gen. Mgr..
D. W. Pontius; V .-P ., Frank Karr; Sec. & Aud., L. A. Lovell, Los An
geles; Treas.. M . S. Wade. General offices. Pacific Electric Bldg., Los
Angeles.— V. I l l , p. 190, 693, 793, 1084, 1370, 1950; V. 113, p. 850, 1364.
1675, 1888, 2080; V. 114, p. 79, 855; V. 115, p. 988, 1100, 1321, 1533, 1838,
2581; V. 116, p. 936, 2389, 2884; V. 117, p. 554, 1018, 1664.
m
ELECTRIC RAILW AYS
CINCINNATI, OHIO.
CINCINNATI GEORGETOWN & PORTSMOUTH RR.
ORGAN IZATION .— Formerly a narrow-gauge steam road, but now
operated by electricity. Under Ohio law remains a steam road. Has no
franchise limitations and is located on private right-of-way. In Sept. 1911
ehtered into a management agreement with the Felicity & Bethel R R .
apd^the Ohio River & Columbus R R . (a steam road). V. 93, p. 796. On
Jan. 1 1914, however, management changed and the Ohio River & Columbus
was again divorced from the other two roads. Supplies electric current for
distributing systems o f Georgetown, Bethel, Batavia, Williamsburg,
Amelia, New Richmond, Forrestville, Hamersville, Russellville, Felicity
and Feesburg.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity
Stock. *1,500,000_________ _______
_______
*1.500,000 ........... .......
1st mtge, *1,000.000, gold/ 1902
6 g J-J
1.000,000 Jan 1 1932
(*1 .000 )_______________c*lin t.a t Union Sav. Bk.&Tr.,CIn.,Tr..&lnN.Y
-----~ ' “
-------------Pel & Beth 1st M *100.000, g 1905
,
.
5 g A-O
100,000" Oct 1 1935
(*1,000). not callable
c*(In t. at Union Sav. Bk. & Tr.. Cin.. Trustee
Equip trust certifs Series " A ” . 1922
7%
33,600 See text.
Equipment trust certife. Series “ A” are due *4,200 semi-annually, com
mencing M ay 15 1923. V. 115, p. 2648.
^
•
""EARN IN GS?— For calendar y e a r s ? ' -....."
Cal. Year—
Gross.
Net.
Taxes. Int.,Rent.&c. Balance.
1923----------------------------*296,605 $76,593 *14,593 $65,690 def.$3,690
1922--------------------------- 318,218 71,335
16,219
62,175 def. 7,059
ROAD.— Operates 53.7 miles from Cincinnati southeasterly to Russelville. including branches o f 3.5 m. to Batavia and 1.5 m. to Coney Island,
The Felicity < Bethel has 8.5 m of track between the points named in iti
fe
title.
OFFICERS.— Pres. & Treas., L. G? Van Ness; V.-Pres., Thos. Elliott;
Sec., Chas. T. DeHore; Gen. M gr., F. A. Nichols.— V. 115, p. 2648.
" CINCINNATI LAWRENCEBURG & AURORA ELECTRIC STREET
R R .— A trolley road.
Receivership.— The company having suffered damage from the 1913 flood
Judge Warner at Cincinnati on June 23 1913 appointed F. B. Shutts, ol
Florida, receiver on application o f Pres. J. C. Hooven, who, it is stated
loaned the company $125,000. V. 96, p. 1839. On Dec. 28 1914 C. E
Hooven was appointed receiver upon the resignation o f F. B. Shutts.
Subsequently Edgar Stark was appointed co-receiver.
Plan To Lift Receivership.— See V. 114, p. 2115.
ORGANIZATION.— Incorporated in N ov. 1898.
New Company To Operate Extension.— In M ay 1922, the West End
Terminal & R y. Co. was incorp. in Ohio with a capital o f $10,000 to operate
the proposed extension from Anderson’s Ferry to the Dixie Terminal, 6 )f
miles. The cost has been estimated at approximately $750,000. V. 114 p
2240. Compare V. 113, p. 2504 - See also V. 116, p. 2515.
Fares.— Effective July 9 1920 the co. was auth. by the Ind. P. S. Comm, to
increase its city fare from 5 cts. to 7 cts. and to sell tickets for 50 cts. A uth.
was also granted to increase fares from Lawrencehura to Aurora from 10
cents to 12 cents. V. I l l , p. 294. In M ay 1923 the Ohio State Senate
passed the Lipp bill giving city councils power to fix rates of fare on ele
vated railroads in excess o f 5 cents. V. 116, p. 2515.
The $750,000 1st mtge. 5s, due July 1 1919, had not been paid up to
Oct. 1 1923. No plan of reorganization had been formulated to that date
but see V. 114, p. 2115. No further information.
[V ol. 118.
OHIO TRACTION CO.
ORGANIZATION.— Incorporated in Ohio on M ay 22 1905 and owns
practically the entire capital stock of the Cincinnati Traction Co. and
Cincinnati Car Co. On July 6 1905 lease o f the Cin. & Hamilton Trac. Co.
was assigned to this co. by the Cin. Interurban Co. and the latter company
placed in liquidation. This company also acquired tne property or the
Traction Building C o., which went into liquidation.
The 3-year 7% notes originally due Jan. 1 1923 but extended to Oct. 1
923 were refunded by the issuance of *2,648,000 gen. & ref. 6)4% conv.
bonds in exchange par for par. See V. 117, p. 553, for further details.
Decision Placing All Lines in Cincinnati under Service-at-Cost.— V. 1 1 1 . p
1567.
STOCK—
Date.
Interest.
Outstanding. Last Die.
Common, *10,000,000 ( * 1 0 0 ) .____
Q-J
*8,655,000 See text.
Pref, *10,000,000, 5% cum...............
Q-F
8.500.000 See text.
First mtge, *2,500.000, gold,/ 1911
5g
2.500.000
1936
sinking fund (*1,000)_____lin t, at Fidelity Trust C o.. Phila.. Trustee.
Gen. & ref. conv. bonds gold___ 1920
6)4%
2,648,000 Jan 1 1945.
Stock.— Further Issues of stock can only be made for acquirement of
other properties and additions to the present properties.
Bonds.— First mtge. covers holdings of stock of the Cincinnati Traction
Oo. and Cincinnati Oar Co. owned and controlled by Ohio Trac. and all
other property and franchises. Bonds are redeemable as a whole or in part
for sinking fund on any int. date at 103 and int. Sinking fund provides for
retirement of bonds at maturity. V. 92. o. 726. Amount in sinking fund
Jan. 15 1924, *988,000. Gen. & ref. conv. 6>2 % bonds are secured by pledge
of 19,989 shares of Cincinnati Traction C o.’s capital stock, 14,995 shares of
Cincinnati Car C o.’s capital stock and the Traction Bldg., all subject to
1st mtge. 5s. The gen. & ref. 6)4s have a sinking fund of *53,520 per ann.,
payable semi-ann., to be invested in said bonds at 10 1 or lowest offering
price, payments began Jan. 1 1924. *26.760 in sinking fund April 1 1924.
Dividends.— First dlv. on pref. stock— 1 )4 % — was paid Aug. 1 1905
and same rate paid quar. to and incl. Nov. 1915. The Feb. 1916 dlv. was
deferred. 8ee Pres. Schoepf’s letter in V. 102. p. 437. On Com ., first
dlv.— 1 % — paid Nov. 1 1909. In 1910. Oct., 1 % . In 1911. July. 1% ;
Oct., 1% . In 1912, 4 % . In 1913, Jan., 1% ; April, 1% . None since.
EARNINGS.—
Gross
Net
Fixed
Balance,
Calendar Years—
Income.
Income.
Charges.
Surplus.
1923------------------------- $1,149,312
$993,152
$316,933
$676,219
1922_________________ 1,194,324
1,040,482
327,942
712,540
OFFICERS.— Pres., W. Kesley Schoepf; 1st V .-P ., Walter A. Draper
2d V.-P. & Chief Eng.. T. H. Schoepf; 3d V.-P. & Treas., H. L. Sanders;
Sec., J. W . Nicholson; Asst. Sec., C. Hein; Gen. M gr.. A. Benham.
— V. 104, p. 1593; V. 107, p. 803; V. 108, p. 873, 2630; V. 109, p. 776; V.
110, p. 562; V. I l l , p. 1279; 1370, 1567; V. 112. p. 1742, 1867; V. 114, p.
1891; V. 116, p. 410; V. 117, p. 440, 553; V. 118, p. 311, 1013.
(1) The C incinn ati T raction Co.
ORGANIZATION.— Incorporated in Ohio on Feb. 19 1901 with an auth.
capital stock of $2 ,000,000 (which, all except 1 1 shares, is owned by the
Ohio Trac. C o.), to take over under lease the Cincinnati street Rv Oo
See V. 72, p. 391. In Feb. 1924 it was reported that a settlement had been
effected whereby the company would surrender its lease of the Cincinnati
Street R y. Co. For terms of reported settlement see V. 118, p. 1011.
Has 20-year contract, effective Sept. 1 1921, with Cincinnati Gas & Elec.
Co., which supplies one-half the co. s electrical requirements. V .113.p .531.
Franchise Ordinance.— On Aug. 23 1918 the Cincinnati City Council
passed a revised franchise, which went into effect upou Sept. 23 1918. The
franchise was signed by the Mayor, and thereby became a law. It having
been decided that the revised franchise would not be submitted to a referen
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
dum vote. V. 107. p. 1191. The ordinance modifies the company’s 50Common, $750.000__________ _____
_______
$750,000
year franchise granted in 1896 as permitted at the end of 20 and 35-year
Pref. 6 % cum, *250,000____ _______
Q-J
58.900 _ _
periods and contains the following main features: (a) City control over ser
5 g J-J
750,000 July 1 1916
First mortgage, $750.000----- j 1899
vice. extensions and all features of operation. (5) A sliding scale of fares
(*1,000), gold----------------- [Interest at Un. Sav. Bk. & Tr. C o.. Cin.. Tr
based on the cost of service with 5 cents as the initial fare with universal
transfers, (c) Company is to establish a reserve fund of *400,000 through
STOCK.— Pref. stock was issued for money assessed on capita) stock
surplus earnings. When the reserve fund reaches *650,000 an automatic
No interest has been paid.
reduction of )4 cent in the rate of fare will take place. On the other hand.
EARN IN G S.— For calendar years:
If the reserve fund should be reduced to *250.000 the rate will automatically
increase )4 cent, (d) A fixed return to the company on its investment,
"ear—
Gross.
Net,aft.Tax Bond Int.
Balance.
(e) When the rate of fare is 5 cents or less the company may retain 45%
1922------------------------------ $187,630
$39,749
*37,678
sur. *2,071
of the surplus, the remaining 55% going to the reserve fund; when the
1921------------------------------ 180.975
31,214
39,296
def. 8,08*!
rate is increased to 5 )4 cents the company’s share of surplus will be reduced
R O A D .— Operates 31.97 miles of track from Anderson’s Ferry, at Cin
to 30% , and when 6 cents is reached the company may retain only 20% ;
clnnatl. co Aurora. Harrison and Lawrenceburg.
when the rate of fare exceeds 6 cents the entire surplus is to go to the
reserve. (/) Franchise tax of $350,000 per annum to be paid to the city.
OFFICERS.— Receivers, C. E. Hooven and Edgar Stark; Gen. Mgr. for (g)
have right to
receivers, L. G. Van Ness.— V. 110, p. 1415; V. I l l , p. 73, 294, 1277; the City to St. Ry. either purchase the property of the Cine. Trac. Co. and
Cine.
by condemnation or at agreed valuation. For
W.113, p. 959, 2504; V. 114, p. 2115. 2240; V. 115, p. 182; V. 116, p. 2515.
further details see V. 107, p. 802, 1003, 1287; V. 110, p. 561.
Fares.— On Jan. 1 1919 the original 5-cent fare provided for under the
above ordinance being found inadequate, the rate was increased to 5)4
^C IN C IN N A T I MILFORD & BLANCHESTER TR AC TIO N CO.
O RGAN IZATION .— Incorp. in Ohio on Oct. 24 1918 as successor to cents, and on April 1 1919 the rate was increased to 6 cents, being the next
higher scale under the above franchise ordinance. V. 108, p 1274. On
the Cincinnati Milford & Loveland Traction (sold to the bondholders for
*136,000; for history see this publication for M ay 1918). The new company July 1 1919 the 6 >4-cent scale went into effect and on Oct. 1 1919 the fares
has an auth. capital stock of $400,000. Earnings for cal. year 1923 gross. were increased to 7 cents. V. 109. p. 370, 1179. A further increase In
*137,926; net, after taxes, $20,469; misc. income, $5,247; bond int., $20,000 fares on Jan. 1 1920 was prevented by the adoption of the refinancing plan
given under Ohio Trac. Co. above. V . 110, p. 77. On June 1 1920 fare
balance, surplus, *5,716.
~
was raised to 7)4 cents ticket and 8 cents cash. On Sept. 1 1920, how
^ S O A D .‘— Track owned, 32.58
”
ever, fares were raised to 8 cents. V. I l l , p. 1082. On Dec. 1 1920
OFFICERS.— Pres., I. W . Pettingill; Sec. & Treas., Henry Kroger.— fares were raised to 8)4 cents. V. I l l , p. 1919. The co. announced a
further advance to 9 cents, effective Mar. 1 1921, but was enjoined from
V. 107. p. 1836; V. 109, p. 1986; V. 110, p. 167; V. 113, p. 1771.
putting the increased rate into effect by a temporary injunction obtained
by the city. V. 112, p. 932,1865. Subsequently the City Council passed an
INTERURBAN R Y . & TERMINAL CO.— A trolley road.
ordinance modifying the co.’s franchise and as a result fares were reduced
Receivership.— On Oct. 1 1914. on application of the Westlnghouse Elec- half a cent to 8 cents on Aug. 1 1921. The Superior Court ruled against
flt M fg. C o., a creditor for *2,500, Charles S. Thrasher of Cleveland and petition for a referendum on the amended franchise ordinance. V. 112,
p. 2747; V. 113. p. 531, 959, 1573. Compare V. 113, p. 416. Effective
Charles M . Leslie o f Cincinnati were appointed receivers. The Westing
Nov. 1 1921, fares were further reduced from 8 to 7)4 cts. V . il3 , p. 1887.
house Co. charged that the company had defaulted in the payment of in
Effective Oct. 1 1923, however, fares were again raised to 8 cents. V. 117,
terest on its bonds and is insolvent. The company joined In the applica
p. 1236. On Jan. 1 1924 fares were raised to 9 cents cash, tickets to be sold
tion. See V. 99, p. 969. and 1052.
in strips at 6 for 51 cents. V. 117, p. 2768. Effective April 1 1924, fares
Service Discontinued— To Be Dismantled.— Service on the interurban be were raised to 9 cents cash; tickets to be sold in strips at 6 for 54 cents.
tween Cincinnati and New Richmond was discontinued March 25 1922. In V. 118, p. 1391. On Jan. 13 1922 the City Council passed another amended
M ay 1922 Judge John A. Caldwell o f the Hamilton County Common Pleas franchise ordinance similar to the previous one except that the 6 months’
Court auth. the receiver to dismantle the properties and sell same for junk. period during which the franchise tax was not to be considered a factor in
The proceeds are to be used to apply to the claim o f the bondholders. rate-making is extended to one year. V. 114, p. 305. On Jan. 10 1923
V. 114, p. 2241. In Jan. 1923 it was stated that the work of dismantling City Council passed another ordinance deferring for 6 months payment of
the line had been already started. Compare V. 115, p. 2159; V. 116, p. 76. the $350,000 franchise tax. V. 116, p. 515. In July 1923 payment was
ORGAN IZATION .— Incorporated In Ohio on Nov. 3 1902 and Is a con deferred until Jan. 1924. V. 117, p. 85. No further information.
Ordinance Upheld.— On April 3 1919 Judge Frank R. Gusweiler In the
solidation of the Cincinnati S Eastern Electric Ry . the Rapid Railway Co.
c
the Suburban Traction Co. and the Interurban Term. Co. In July 1907 Superior Court at Cincinnati upheld the city franchise ordinance. V. 108.
obtained authority to issue $1 ,000,000 pref. stock, o f which $900,000 was in p. 1511.
exchange for an equal amount o f 1st mtge. bonds dated 1903. V. 85, p.
Taxpayers' Suit. A c.— On Mar 29 1921,a taxpayers’ suit seeking the for
221. 469. The 1903 bond issue was canceled. In 1908 a new mortgage feiture of the co.’s franchise was filed in the Common Pleas Court. V . 112.
made, as below.
p . 1616
Settlement with Interurban Ry. & Term. Co.— See V. 112, p. 2189.
Decision.— On N ov. 26 1917 the Court o f Appeals at Cincinnati, reversing
the order of the Court of Common Pleas, held that the receivers have
Refinancing— Possible Reorganization.— See V. 112, p. 1616.
do auth. to abandon the franchise between Cincinnati and Bethel as pro
NOTES—
Date.
Interest. Outstanding. Maturity.
posed. See V. 105, p. 2272.
6%
See text
1945
Settlement with Cincinnati Trac. Co.— See under that co. In V. 112, p. 2189 Debentures $2.250.000_______ 1920
Equipment notes Series “ F ” / 1917
5 g F-A
193,000 See texi
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
$550,000 gold_ -_________ (Fidelity Trust C o., Philadelphia, trustee.
Common, *2,500,000 ($100).................................
*2.500.000 ................... Equip notes Series " G - l ” * l ,- f 1919
6 g A-O
590,000
See text
Pref *1,000.000 ($100) 5 % ...................................
1.000,000 ...................
006,000 ($1,000) gold_ c*\Union Trust Co., Cincinnati, O., trustee.
_
First mortgage. *1,650,000,/ 1908
5 J-J
See text
1928 Eq. notes ser. “ H -I” $725,0001 1922
6 g J-J
580,000
Seetext
gold __________________ t flln t. at Citizens’ Sav. 8c Tr. C o.. Glev.. Trust
($100, $500 & $1,000)_ tf/N orthern Trust C o., Chicago, trustee.
_
6%
193,600
Seetext
Bonds.— Only *122.500 o f bonds were actually Issued, the remainder Equip, notes series “ H-2” ____ 1922
being used as collateral for loans.
Series “ F” covers 100 double-truck cars and matures semi-ann. $27,000
Earnings.— For the year ending Dec. 31 1920, gross. *230,445; net. after on Jan. 31 and $28,000 on July 31. Series “ G -l" are a first mtge. on 105
taxes, def., *22,394. In 1919. gross, *212,653; net, after taxes, def., double-truck cars and mature $50,000 semi-ann. (A. 8c O.) to April 1 1929.
Series “ H -l” mature $72,500 annually July 1 1923 to 1932, both inclusive.
*16,053.
Red. all or part on
101 and div.
ROA D .— Extends from Cincinnati to New Richmond, 22 miles, and from more than five years30 days’ notice atof redemption, for certificates having
to run from date
100)4 and div.
Cincinnati to Lebanon, 33 miles. Owned trackage, incl. second, main, for certificates having five years or less to run. Penn. and at tax refundable.
mill
ridings, &c., 52 miles. Operated trackage, Incl. traffic arrangement In Divs. payable in New York or Chicago. V. 115, p.4 759. Series “ H-2”
Cincinnati, 74 miles. Gauge, 5 ft. 2)4 in. Cars enter Cincinnati over the mature $48,400 annually. Northern Trust C o., Chicago, trustee.
tracks o f the Cincinnati Traction C o. 70-lb. and 97-lb. T rail.
R E PO RT.— For years ending Dec. 31:
OFFICERS.— Receiver. O. M . Leslie; Pres., Geo. H. Worthington: Years—
Gross.
Net after Tax. Rentals.
Interest. Bal.Surp.
F .-P ..J . M . Hutton: Sec. and Treas.. J. F. Egolf, Aud.. O. W . Peck.— 1923 .................. $8,390,762 $2,117,703 $1,234,937 $569,536 $313,229
V. 107, p. 1101; V. 114, p. 79, 2241; V. 115, p. 2159; V. 116. p. 76.
1922 __________ 8,189,045
2.545.503
1,234,937 551,263
759.303
A pril, 1924.]
ELEOTEIO RAILW AYS
29
R OAD.— The Olncin. St. B y. comprises 242.20 miles o f track In the city 20c., lc . for transfer, no rebate: (J) 4c. cash fare, 7 tickets for 25c., lc . fbr
of Cincinnati, Ohio, extending also to adjoining suburbs. Gauge, 5 ft. transfer, no rebate; (g) 4c. cash fare, 7 tickets for 25c., lc . for transfer,
lc. rebate; (h) 4c. cash fare, 3 tickets for 10c., lc. for transfer, no rebath;
2H in.
OFFICERS.— Chairman Executive Comm, and Pres., W . Kesley (i) 4c. cash fare, 3 tickets for 10c., lc. for transfer, lc. rebate; (J) 3c. cash
c)
Schoepf; V .-P ., Walter A. Draper; V.-P. & Chief Eng., T . H. Schoepf; fare, lc . for transfer, no rebate; O 3c. cash fare, lc . for transfer, lc .
V .-P . & Treas., H. L. Sanders; Sec., J. W . Nicholson; Asst. Sec., O. Hein; rebate; (i) 3c. cash fare, 2 tickets ror 5c., l.c for transfer, no rebate; (tt/i)
Gen. M gr., A. Benham.— V. 113, p. 416, 530. 959, 1573, 1887, 1982, 2078, 3c. cash fare, 2 tickets for 5c., lc . for transfer, lc . rebate; (n) 2c. cash
2184, 2818; V. 114, p. 305. 409, 1650. 2716: V. 115, p. 435, 759; V. 116, p. fare, lc. for tranfer, no rebate; (o) 2 c. cash fare, lc . for transfer, lc . rebate.
The following shows the various schedules In effect since 1910:
515, 1275; V. 117, p. 85, 781, 1236, 1346, 2768; V. 118, p. 1011, 1391.
Beginning March 1 1910, rate j.
Beginning July 6 1919, rate e.
(a) Cincinnati Street Railway.— Electric.
Beginning Dec. 16 1919, rate d.
Beginning June 1 1911, rate It.
Beginning M ay 12 1920, rate b.
Was leased on Feb. 21 1901 to the Cincinnati Traction C o. for the unex Beginning Sept. 1 1914, rate j.
Beginning Nov. 14 1920, rate a.
pired term of the franchise granted by the City o f Cincinnati on Aug. 13 Beginning Dec. 15 1917, rate t.
Beginning Aug. 1 1922, rate 5.
1896, and all successive renewals and extensions of the same. The rental Is Beginning Dec. 26 1917, rate h.
Beginning March 1 1923, rate c.
Intended to provide dividends of 5
for the first year, 5 14% for the sec Beginning April 3 1918, rate g.
Beginning April 10 1918, rate f.
Beginning Sept. 1 1923, rate 5.
ond, 5H % ror the third and 6 % for the fourth year and thereafter. V. 72
Beginning Dec. 1 1923, rate a.
p. 136. In Feb. 1924 it was reported that a settlement had been arrived at Beginning Aug. 4 1918, rate b.
whereby the Cincinnati Traction Co. would surrender its lease of the com
Fare Decision.— For decision upholding 6-cent fare, see V. 113, p. 1771.
pany’s properties. For terms o f reported settlement see V. 118, p. 1011.
but compare V. 115, p. 435, 1099.
Franchises, it is claimed by company, mature April 22 1946.
On Dec. 14 1912 the Council of Cleveland passed an ordinance giving tbe
Favorable Tax Decision.— In June 1915 the U. 8 . Circuit Court o f Appeals ximpany the right to transport freight within the elty limits in Interurban
at Cincinnati, reversing the lower court, held that the Government was cars and to charge the tnterurban companies 25c. per car mile.
obliged to return to the Cincinnati Street R y., Dayton & Western Trac. Co.,
ORGAN IZATION .— In 1908 changed name from the Cleveland Elec
Columbus Newark & Zanesville Elec. R y., Ft. Wayne Van Wert & Lima
Trac. Co. and Indiana Columbus S Eastern Trac. Co. about $100,000 trie Railway Co. (which had In 1903 taken over the Cleveland City Ry.)
c
to Cleveland Railway C o., and authorized new stock to the amount of $3 5 ,collected from these companies under the old Federal corporation tax law
The question at Issue was whether these companies carried on business 300.000. The old stock of Cleveland Electric Ry. was given a valuation
within the meaning o f the law, having leased their properties to other cor of $55 per share, or $12,870,000 (having formerly been $23,400,000) and
porations, and the only business done by them being to collect and pay out was paid for In new stock Issued by Cleveland Railway at par ($160
valuation. The Forest City R y. (which had first absorbed the Low Fare
the rentals under the leases. The Court held that they transacted business
Ry.) was purchased for $1,805,699 stock of Cleveland R y., the shares o f tbe
only Incidentally to that of the lessor companies. V. 1 0 1 . p. 2 1 2 .
Forest City Ry. being accepted at their par ($100) value.
Valuation.— See Cincinnati Trac. Co. above and In V. 103. p. 578.
On Jan. 2 1917 a board of arbitrators authorized the co. to enter Into an
Lease of "Loop.” — See Cincinnati Traction Co. above.
18-year contract with the Cleveland Electric Illuminating Oo. for tbe
O RGAN IZATION .— Incorporated June 21 1880 and In 1896 purchased purchase of power, which was accordingly done.
M t. Adams S Eden Park and M t. Auburn roads.
c
Increased Interest on Capital Stock Voted Down.— The Cleveland City
STOCK AND BONDS— Par.
Interest. Outstanding. Last div.,A c . Council on Dec. 29 1919 formally granted an increase in the company’s in
Stock. $20,000,000__________ $50
6 Q-J
$18,738,950 See text.
terest rate from 6 to 7 % in accordance with the recommendations (V. 338
Dividends.— To and Including April 1901, 5% per annum; July 1 and p. 2262; V. 110, p. 261) of the three arbiters who conducted an inquiry Into
Oct. 1 1901 and Jan. 1 and April 1 1902, 1.3125% each; July 1 1902, Oct. 1 this question. On Aug. 10 1920, however, this question was submitted tp a
1902, Jan. 1 1903 and April 1 1903, 1.375% each; July 1 and Oct. 1 1903 referendum vote and defeated. V. I l l , p. 692, 1565. Compare V. 110.
and Jan. 1 and April 1 1904. each 1.4375%; July 1904, 1 H%; Oct. 1904, p. 2387: V. I l l , p. 389.
I X %■ Dividends since have been at the rate of 6 % per annum and will
The company on April 1 1920 paid 1% % , but subsequent int. payments
•o continue to the end of lease and Its renewals.
are being paid at the old rate of 1 >4 %quarterly. The city has brought
OFFICERS.— Pres., B. L. Kilgour; V.-Ps., Geo. W . Lewis and Samuel suit to compel the company to pay back into the Interest fund the $72,000
Assur; Sec. & Treas., A. J. Becht.— V. 108, p. 1511; V. 112, p. 1282; V. 113, paid out In int. over the regular rate on April 1 1920. V. I l l , p. 1182.
1277. 1565. In April 1924 the case was pending.
p. 416; V. 118, p. 1011, 1519.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
(3) C in cin n ati & Hamilton T ra ctio n .— A trolley road.
Q-J
$29,046,500
See text
Stock *35.000.000 ($100)---------------ORGAN IZATION .— This company was organized In Aug. 1902 as a First mortgage $35,000,000 g / 1911
5 M-S
5,495,000 M ch 1 1931
consolidation of the Mill Creek Valley Street Ry. and the HamiltonGlendale
($1,000)-------------------- c * tf (interest in New York C ity or Cleveland.
S Cincinnati Traction. V. 75, p. 497. On Sept. 30 1902 was leased to the
c
Bonds.— Of the first mortgage of 1911, $15,000,000 auth. may be Issued for
Cincinnati Interurban Co. (V. 75, p. 906), but on July 6 1905 lease was
assigned to the Ohio Traction Co. and the Cincinnati Tnterurban Co. placed 85% of cash cost of extensiuui, betterments, &c., and remaining bonds for
In liquidation. Rental, year end. Sept. 30 1903. $55,000. Increasing to 50% of such cash cost, wuea net earnings for previous 12 mos. shall have
equaled at least twice one int. charge, including bonds proposed to be Issued
$100,000 for 1915-16 and thereafter.
On July 9 1914 Judge Sater in the U. S. Dlst. Court at Columbus held Bonds are red. on any int. date at 105 and tnt. on 90 days’ notice. The
Union Trust Co.
Invalid the ordinance passed by the City Council on Apr. 27 1914, providing Trust Co.. N . Y . (formerly Citizens Sav. & T r.), Cleveland, and Bankers
trustees
for a 5-cent Instead of a 10-cent fare from Cincinnati to Carthage and Hart
Interest on Capital Stock.— First payment— 1 34 %— under new franchise
well (see V. 98. p. 1392). and granted an Injunction against Its enforcement.
ordinance of Dec. 1909 paid April 1910 and 134 % quar. since to and includ
V .9 J .P .196.
ing January 1920. On April 1 1920 134% was paid. V. 110, p. 2487.
STOCK.— Auth. and outstanding, common, $1,100,000; 5% cumulative Subsequent payments are being made at the old rate of 1 V % quar. (see
4
pref., $1,100,000. Par o f shares. $100. D1 vs. payable Q.-J.
above).
Dividends.— 5% per annum Is oeing paid on the pref. stock. The first
RE PO RT.— For calendar year:
dlv. on the com. of X % was paid Jan. 1 1904 and X % was again paid on
Cross
Net
Other Int., Taxes A
Balance.
April 1, July 1 and Oct. 1 1904. In 1905, 1%; In 1906. 114%; in 1907,21%; Calendar
Year—
Earnings.
Earnings
Income. 6 % 'dividend Sum. or del.
In 1908. 2% ; in 1909. 214%; In 1910. 214%; in 1911 and 1912, 3% ; since,
1923------------$16,342,104 $2,018,380 $152,208 $3,100,606 def$930,018
1 % quarterly.
1922------------ 16,893.034 4,810,624
189,360
3.398,829 s i r l .601,154
ROAD.— Owns and operates 36.74 miles o f track from the " Z o o ” in Cin
From the balance as above there was deducted $217,141 in 1923, against
cinnati to Hamilton, incl. branch Hartwell to Lockland. Gauge, 5 ft. 2>4 $466,496 in 1922 for obsolete equipment written off, leaving deficit of
In. Operates over tracks of Cincinnati Traction Co. from " Z o o ” to Foun $1,147,159 for 1923 and a surplus of $1,134,658 for 1922.
tain Square in Cincinnati.
ROAD.— Operates 425.7114 miles of single track, of which 377.3296
OFFICERS.— Pres., B. L. Kilgour; V .-P ., Geo. W . Lewis; Sec. & Treas., miles are owned. M ostly 80, 05, 100, 103 and 141-lb. standard rails; 1,540
passenger cars; 2 other revenue cars and 208 service cars
A. J. Becht, all o f Cincinnati.— V. 106, p. 924; V. 118, p. 549.
OFFICERS.— Pres., J. J. Stanley; V.-P., J. H. Alexander; Gen. M gr.,
R. W . Emerson; Sec., Paul E. Wilson; Treas., W . J. Mead; Asst. Treas.,
Paul S. Schreiner; Aud., Thos. P. Kilfoyle.— V. 113, p. 531, 847, 2818; V.
CLEVELAND, OHIO.
114. p. 197, 1062. 2115. 2359, 2716: V. 115. n. 182. 435. 1099. 2045; V. 116.
CLEVELAND R A ILW A Y CO,
p. 822, 1048, 2006; V. 117, p. 1016, 2432; V. 118, p. 1770.
The receivers of the Municipal Traction Co. having been discharged and
ihe debts o f that company provided for, the Cleveland R y. Co. on Mar. 1
CLEVELAND SOUTHWESTERN & COLUMBUS RY
1910 resumed possession of its lines under ordinance (see below) o f Dec. 1909
Receivership.— On Jan. 20 1922 Federal Judge Westenhaver, appointed
V. 90, p. 626. The lease to Municipal Traction Co. was canceled of record.
Franchise Ordinance.— A new franchise ordinance (V. 89, p. 1667) was F. H. Wilson (Pres.) receiver for the co., on a petition filed by the General
p. 409.
passed In Dec. 1909 by the City Council, and accepted by the railway co., Electric Oo. V. 114, c.— In a notice dated Jan. 23 1922 Hayden, Miller
A
based upon the valuation of the co ’s property as fixed by Judge Tayler. The & Interest Payments,reorganization managers (see below), announced that
Cleveland,
ordinance grants franchises to operate on existing roads to May 1 1934. sub theCo., would be unable to meet taxes and bond int., due Jan. 1 and Feb. 1
co.
ject to the right o f the city to purchase the property. In May 1919 the Ufe
•f the ordinance was extended for 10 years, from May 1 1934 to M ajf 1 1922. V. 114, p. 625. order for the foreclosure sale of the property has
Foreclosure Sale.— An
1944. V. 108, p. 2122. In case o f purchase the city must pay the capital
value o f said property, as fixed by Section 16 plus at the same time 10% been entered by Federal Judge D. C. Westenhaver on application of bond
creditors.
were
ef so much o f the capital value as is represented by capital stock, assum holders andin behalf o f Sale was held Mar. 14 1924 and the properties 1909.
ing and agreeing to pay, in addition thereto, all the obligations, indebted purchasedV. 118, p. 906.the reorganization committee. V. 118, p.
ness and liabilities o f the company, and all liens other than bonded 4 ebt Compare
Reorganization Plan.— A plan of reorganization dated June 1 19 22wa»
apon its property then existing, which bonded debt the city shall provide
by Harden,
Co., Cleveland, Ohio, reorganization
for by assumption, by payment or by taking the property subject thereto, announced which providesMiller &formation of (a) an operating co. to be
managers,
for the
as may be provided by law at the time. On and after Jan. 1 1918 the known as Cleveland Southwestern Ry. A Light Co. (in April 1924 this company
city may designate a purchaser or licensee in place of the city on pay applied to the Ohio P. U. Comm, for authority to issue $4,500,000 bonds
ment o f same amount. On Feb. 17 1910 at a referendum election the
purpose o f consummating
electors ratified the ordinance (V. 89, p. 1667; V. 90, p. 167, 502). On and $4,000,000 com. stock for theother appropriate name, to the reorgani
zation— V. 118, p. 1909) or
take title in
July 10 1911 the City Council passed an ordinance amending that of Dec. reorganization to all o f the some
property
franchises of the
1909 providing, among other things, for additions to capital as required and pany; and (6) a holding company to and called Cleveland & present com
be
Southwestern
particularly for the Immediate expenditure o f $2,500,000 for lmpts., extens. Co. or some other
stock of the oper
and equipt. The ordinance also provided that the right o f the city to pro ating co. All theappropriate name to own entire commonco. may be placed
pref. and common stock of the holding
pose exten., betterm'ts or lmpts. shall terminate whenever the unexplred In a voting
period of
The
term or any renewal thereof Is less than 15 years, and also that during such extension oftrust for a of existingyears. for 30plan further provides for the
a number
issues
years at 6 % and for the ex
period the company may operate at the maximum rate of fare and fix the
issues
the two new cos. The common and
schedules subject to the police power of the city. Provision Is also made for change of otherthe old for securities of no value, as no provision is made in
pref. stocks of
co. would have
the use o f surplus earnings during this 15-yr. period, either in the payment of the plan for the holders of these securities. The following table shows the
floating debt or the creation o f a s. f. to purchase securities and reduce basis upon which the securities of the old co. will be exchanged for securities
sapital value. At a referendum election on N ov. 7 1911, tbe electors ratified in the two new companies:
the ordinance amending that o f Dec. 1909.
Terms of exchange of Old for Neto Securities.
Has franchise In Lakewood, expiring M ay 1 1944, which provides for a
---- Will Receive in Operating Company—
5-cent fare within city limits and a 5-cent fare to Cleveland, and gives tbe
Existing
First A
Cash for Scrip for
City o f Lakewood tbe right to purchase the company's lines within the
Sec. Ext.
Consol.
Accrued Accrued
city, subject, however, to the option o f the city or Cleveland to purchase
30 Yrt. Mtge. 5s.
Int. to Int. t»
the entire property of the company.
Existing Securities—
Outstanding.
at 6%.
Aug. 1 March 1
Valuation.— Judge Tayler placed the value o f the physical property of the
1922.
1923.
Cleveland Elec. R y. Co. at $17,511,856 and the franchise value at $3,615,- Cleveland & Elyria Ry__ ___$200,000
$200,000
_____ $9,500
___ _
•44; total, $21,127,700; agreed value o f property purchased from Forest
1.000
47 50
City R y. C o., $1,805.'300; total valuation. $22,933,300. To this is added Each $1,000........................ 100,000
100.000
4,500
f l . 158,300 Interest or rental accrued, making the entire “ capital value” Elyria & Oberlin Ry____ ___
Each $1,000......................
1.000
45
$24,091,600. The bonded debt o f $8,128,000 and floating indebtedness Clev. Berea Elyria & Oberlin. 127,000
127.000
8,255 00 ..........
as o f Jan. 1 1908. $1,288,000, or $9,416,000 In all. Is deducted, leavlog
Each $1,000____________
1.000
65
$14,675,600. The valuation Is to be increased for the purpose of fixing the Cleveland Elyria & Western.1,073,000 1,073,000
69,745
..........
price at which the city or its nominee may purchase the property by the
Each $1,000____________
1.000
65
amount o f future requirements, including cost of new pay-as-you-enter Cars Elyria Grafton & Southern.. 100,000
_____
100,000
8,333
and 75% o f the cost o f remodeling old cars as pay-as-you-enter cars.
Each $1,000_____ _____ _
1.000
83.33
Fares.— Fare to East Cleveland, beginning June 1 1923, is to be 6c. cash
_____
110,000
8,159
fare, 9 tickets for 50c., lc . for transfer, no rebate. Franchise in East Norwalk Gas & Electric C o.. 110,000
Each $1,000____________
1.000
74.17
Cleveland as to rate of fare is subject to revision every 5 years. At no time Cleveland & So. West. Trac. 1,400,000
_____
1,400,000
110,838
shall the fare to East Cleveland be lower than that charged in the city of
Each $1,000.................. .
1.000
79.17
Cleveland. Fares in other suburbs, 5 and 6 cents, according to contracts. Ohio Central Traction (1899) 95,000
_____
95,000
8,471
The company’s schedules and routes are subject to the supervision of the
Each $1,000____________
1.000
89.17
city and the rates of fare to be fixed so as to net a return of interest as stated Ohio Central Traction (1903) 305,000
_____
305,000
22,875
above on the capital value of the property and permit of the maintenance at
Each $1,000....................
1.000
75.00
all times of a so-called interest fund o f at least $500,000. V. 89, p. 1967.
— Will Receive in Holding Co.—
When this amount falls to $300,000 this shall be prima facie evidence at the
Existing Securities—
Outstanding.
Pref. Shares.
Com. Shs.
necessity of raising the fare to the next higher rate. The following sgJjqdgteB
3,666 shs.
Pro rata.
are provided for: (a) 6c. cash fare, 9 tickets for 50c., lc . for transfers n ore- Cleveland Southwestern & Columbus 5s.$3,666,000
Each $1,000__ ____________________
10 shs.
Prorata.
bate; (5) 5c. cash fare, 5 tickets for 25c., lc . for transfer, no rebate; (c) 0$.
cash fare, 11 tickets for 50c., lc . for transfer, no rebate; (d) 5c. cash fare, B
For description of new securities to be issued by the successor companies
tickets for 25c., l.c for transfer, no rebate; (e) 4c. cash fare, 5 tickets for and a detailed outline of the plan o f reorganization, see V. 114, p. 2578.
30
ELECTRIC RAILWAYS
Deposits have been called for under the above plan. Depositary, Cleve
land Trust C o., Cleveland; sub-depositaries, Girard Trust C o., Phila., and
Old Colony Trust C o., Boston. V. 114, p. 2578.
O RGAN IZATION .— Incorporated in Ohio on March 4 1907 and is •
consolidation of the Cleveland & Southwestern Traction C o., the Cleveland
Ashland & Mansfield Traction Co. and the Ohio Central Traction Co. Foi
terms of exchange see V, 83. p. 1590. Also owns the Norwalk Gas 4
Electric Co.
in Jan. 1913 the Elyria Grafton & Southern Ry. reduced Its capital stock
from 1100.000 to *1.000. and the Norwalk Gas & Elec. Co. from $125,000
to $1,250. In March 1913 the Cleveland Southw. & Col. reduced thauthorized amount of common stock from $7,500,000 to $4,230,000
In Jan. 1917 accepted a 25-year franchise from the Git.v of Elyria pro
viding for 20-minute city seivice and 6 tickers for 25c. In N ov. 1922 the
company obtained a 25-year franchise in Crawford County. V. 115, p .2158.
The Ohio P. S. Comm, has from time to time auth. the co. to Issue
$548,678 1st consol. M. 5s at not less than 85 to reimburse the co. for ex
pendltures for impts., &c.. and to hypothecate them pending sale.
Abandonment of Branch Line.— In Aug. 1923 it was announced that the
co. would abandon and sell as junk the Norwalk-Oberlin branch (about
24.4 miles o f track). V. 117, p. 893, 1662.
In Peb. 1919 the co. announced that as it was practically Impossible to
refund the $127,000 Clev. Ber. Elyr. & Oberlin cons. M . 5s, due Mar 1
1919, it had arranged to extend same to Aug. 1 1920 at 5% . A cash pay
ment of $28.33 on each $1,000 bond so extended was made, thus netting the
holders a return of 7% during the period of extension. V. 108, p. 1060
These were further extended to Feb. 1 1923 at 7% .
The $95,000 1st M . 5s o f the Ohio Central Traction Co., due June 1 1919
were taken care of in a similar manner; the company arranging to extend thf
maturity of same to Aug. 1 1920 at 5% . A cash payment o f $23.33 war
made, thus netting the holders a return of 7% during the period of extension
V. 108, p. 2241. These were further extended to Feb. 1 1923 at 7%
The $110,000 Norwalk Gas & Elec. 1st 6s, due April 1 1920, were extendeo
to FeD. 1 1923 at 6 %. A cash payment of $14 17 on each $500 of bonds
was made, thus netting the holder a little over 7% during the period of
extension. V. 110, p. 1186.
The $200,000 Cleveland & Elyria Elec. Ry. 6s and the $1,073,000
Cleveland, Elyria & West. Ry. 5s, both due Aug. 1 1920 were extended i.»
Feb. 1 1923. Int. on both issues was increased to 7% per annum and the
b inds made callable at par and int. on any int. date. V. I l l , p. 389.
STOCK AND BONDS—
Date. Interest
Outstanding.
Maturity.
Common $7,500,000 ($ 1 0 0 ).................................
$4,236,000 ..................
Pref $2.500.000 5% cum ($ 1 0 0 )................... ........
2.412.000 ________
First general consol mortgage) 1907 5 A-O
945.OO0 April 1 1927
$10,000,000($1.000)gc*&rcptl Int. at Cleveland Tr. Co. Cleve.. Trustee
Cleveland A Elyria first mort- f 1895 7 Q-F
200 000 Feb 1 1923
gage on 18 miles ($500)-(Interest at Citizens' Savings & Trust Co
Subject to call_________c p tl Cleveland. Trustee
Elyria A Oberlin first mort-f 1897 6 F-A
100,000 Aug 1 1922
gage on 9 miles ($500) gold] Interest, at Cleveland Trust C o.. Trustee.
Subject to call------------ c p tl
Clev Ber Elyr & Oberlin cons f 1899 7 g M -8
127,000 Feb. 1 1923
M $500,000 g ($1,000 each)I Interest at Cleveland Trust C o., Trustee
Subject to call____ .. c p t l
Cleveland Elyria & Western | 1900 7 g F-A
1,073,000 Feb 1 1923
first mortgage $1,500.OOOiInt. at Cleve. Tr. C o., Cleve., Trustee, or at
($1,000) gold______ cArcpt I Nat. Bank of Commerce In N Y
Slyrla Grafton & Southernf 1902 5 g J-J
100,000 Jan. 1 1922
Ry first mortgage guar-(Interest at Cleveland Trust C o.. Cleveland
anteed by O E S W ($100,-1 Trustee, and Equitable Trust C o.. N. Y
c
000 ($ 1,000) gold___ c* cp tl Can be called at par.
Norwalk Gas & Electric first) 1900
0 A-O
110,000 Feb 1 1923
mtge, $110,000 ($500), g .jln t. at Guardian S. & Tr. C o., Cleveland
Subject to ca ll_______ c p t l Trustee, or Chase National Bank. N. Y.
Cleveland S Southwestern) 1903 5 g F-A
c
1,400,000 Feb 1 1923
first and consol mortgage) Int. at Guardian Sav. & Tr. C o., Cleveland
$3,000,000($l,000)gc&rcptl Trustee, or Equitable Trust C o.. N. Y.
Ohio O Trac first mortgage) 1899 7 g J-D
95,000 Feb. 1 1923
closed ($1,000), goldc*ntfl Int. N. Haven Tr. C o.. N . Hav., Conn.. Tr
Ohio Central Traction consol-1 1903
5 g M-S
305.000 Mar 1 1923
Idated mortgage
closed 1Int. at Cleve. Tr. C o., Cleveland, Trustee, or
($500). g o l d _______c * cp tf at National Bank o f Commerce. N. Y.
Bonds.— Of the $10,000,000 new bonds. $3,510,000 are reserved for prlo
liens and $5,545,000 are for extensions, improvements, &c. They are
■object to call after 10 years at 105 and accrued int. The Cleveland S
c
Southwestern bonds o f 1903 are subject to call at 105 and int. $1,600,000
•f this Issue are reserved to retire certain underlying bonds.
The Cleveland S Elyria 1st M . 6s o f 1895 fell due May l 1915. but were
c
extended to Aug. 1 1920 at the same rate o f int. and again to Feb. 1 1923
at 7 % .
Of the Cleveland Berea Elyria S Oberlin 5s dated March 1 1899. $300,000
c
remain in reserve for the retirement at or before maturity of the divisional
8s to a like amount. These originally fell due on Mar. 1 1919 but were
extended to Aug. 1 1920 and again to Feb. 1 1923 at 7% . The extended
bonds are red. at par and int. on any int. date. Of the $1,500.000 Cleve
land Elyria & Western new 5s, $427,000 are reserved to retire prior liens
This issue originally matured Aug. 1 1920, but was extended to Feb. 1 1923
at 7% . The Ohio Cent. Trac. Co. 1st 5s originally matured on June 1 1919
but were extended to Aug. 1 1920 and again to Aug. 1 1923 at 7% . The
Ohio Central Traction Company consol, bonds may be called upon 30 days'
QOtice at 105 and int. The Elyria & Oberlin 6s o f 1897 fell due Aug. 1
1917 but were extended to Aug. 1 1922. The Norwalk Gas & Elec. 1st 6s
originally matured April 1 1920, but were extended to Feb. 1 1923. The
extended bonds are red. all or in part at par and int. on any int. date
V. 110, p. 1186. See above under “ Reorganization Plan."
E A R N IN G S .— F or calendar years;
Gross. Net,after Taxps. Int., c%c.
Balance
X1922 __________________ $1,810,288
$321,318
1921_______
1,942,434
281,642
$380,805 def. $99,163
365.881 sur. 15,129
1920
2,177.829
381,010
367.139 sur. 90,217
1919____________________ 1,870,404
457,356
x No further statement issued since receivership.
ROAD.— Operates 209 miles of track (of which 177 miles are on private
right of way) in and from Cleveland to Berea, Elyria, Oberlin, Norwalk,
Medina. Grafton, Wellington North Amherst. Lorain, Creston, Chippewa.
Lake, Seville, Wooster, Linndale, Puritas Springs, Gallon, Bucyrus, Crest
line, Mansfield, Ashland, Nankin, Polk, West Salem, Lodi and Le Roy
60. 70 and 100-lb. rails. Standard gauge. Also does freight and express
business. Operates 66 passenger and 35 other cars; total, 101. Company
owns Puritas Springs and Seccaium Park and reaches Chippewa Lake
Also owns and operates electric-lighting plant In Norwalk.
OFFICERS.— Pres., F. T. Pomeroy; V .-P ., L. M . Coe; Sec. & Treas.,
J. O. Wilson; Gen. M gr., F. H. Wilson; Aud., C. J. Mayers. General
office, National City Bldg., Cleveland.— V. 105, p. 180, 389, 1309, 1617,
2455; V. 106. p. 607; V. 107, p. 82, 401; Y. 108, p. 2241; Y. 109. p. 1186
V. I l l , p. 389: V. 112, p. 652, 1865. 2747; V. 114, p. 409. 625. 2578: V.
115, p. 1099, 2158; V. 116, p. 2006, 2388; V. 117, p. 893, 1662; Y. 118,
p. 906, 1664, 1909.
______
CLEVELAND PAINESVILLE & EASTERN RR.
ORGANIZATION, &c.— Incorporated in Ohio on April 25 1895- Road
completed In July 1908. Franchises expire from 1920 to 1935. In June
1906 acquired control of the Clev. Painesv. & Ash. RR. Y.82, p.1322, 1379
In 1913 purchased the United Light & Power Co. (stock. $100,000:
bonds. $ 100 ,000).
New Franchise Proposed.— See V. 114, p. 2240Bond Extension.— On Sept. 16 1918 the company announced that be
cause o f abnormal financial conditions it would be practically impossible
to refund at that time the $500,000 1st mtge. bonds and the $1,131 ,000 1st consol, mtge 5s due Oct. I 1918. The co., therefore, arranged for
an extension of the maturing issues to Oct. 1 1923 at 7% , and at the latter
maturity these issues were further extended to Oct. 1 1933, but the int. rate
for the period of further extension was reduced to 6 % . Extended bonds
are red. all or in part at 100 and interest on any interest date. V. 117, p.
1461. Compare V. 108, p. 1274.
Exchange of Ref. cfe Ext. Mtge. 5s for Pref. Stock Proposed.— In Sept. 1923
holders o f the ref. & ext. mtge. 5s were asked to exchange their bonds with
accrued int. for pref. stock o f the co. See V. 117, p. 1461.
[V ol. 118.
STOCK A N D BONDS—
Dale.
Interest. Outstanding.
Maturity.
Stock, $3,500,000 (par $ 1 0 0 ) . . ___
_______
$2,500,000 __________
First mortgage. $500,000, f 1898
6 g A-O
500.000 Oct 1 1933
gold ($1,000 ea ch i.c’ .cptilnterest at Morton Trust C o.. N. Y ., or
l Cleveland Trust C o., Clev., Trustee,
onsol mort iclosed $ l,-f 1898
6 A-O
1,131,000 Oct 1 1933
831.000
($1,000). gold-cp t] Int. at Citizens' Sav. & Tr. C o., Cleve.,
I Trustee, or Trust Co. of America, N. Y.
■ief and extension mtge, $5,-1 1908
5 g M-N
926,000 May 1 1948
000,000,gold($1.000)c*cpt) Int. at Clevel Trust C o.. Cleveland, Trustee,
l or company’s agency in New York.
Bonds.— $500,000 consols are reserved to retire underlying liens. The
mtge.. originally for $2,000,000. was closed at $1,631,000 and the balance
canceled. The consols, originally matured Oct. 1 1918 and bore int. at
5% but were extended to Oct. 1 1923 at 7 % , and again to Oct. 1 1933, but
this time at 6 % . V. 117, p. 1461. Of the refunding and extension
bunds, $1,631,000 are reserved to retire prior liens, and $2,415,000 are
reserved for future extensions and impts., to be issued only when net
earnings for preceding 12 months have been not less than 25% in excess of
interest charges on outstanding bonds, including those to be issued. $28.900 are in the treasury. Subject to call M ay 1 1938 or on any interest
date thereafter at par and interest on 30 days’ notice. The 1st mtge.
bonds originally fell due April 1 1916 but were extended to Oct. 1 1918,
»nd again to Oct, 1 1923: in the latter case the int. rate was raised from
5% to 7% . On Oct. 1 1923 these bonds were once more extended, this time
to Oct. i 1933, but the int. rate was reduced to 6 % . V. 117, p. 1461.
R E P O R T — For years ending Dec 31 (excl United Light S Power Co.)
c
Calendar
Gross
Net after
Other
Interest
Balance
Year—
Earnings
Taxes
Income
efec.
Surplus
1923___________ $631,346
$126,435
$1,733
$156,242 def.$28,074
1922.................... 663,344
168,293
2,092
166,844
3,542
1921-..........
701,026
163.893
2,948
166.262
578k
The results of the United Light & Power Co. for 1923 were: Gross, $77,948;net, after taxes, $33,722. In 1922, gross, $63,135; net, after taxes, $27,972.
ROAD.— Owns road from Euclid, Ohio, to Painesville and Fairport (line from Painesville to Fairport abandoned M ay 3 1923), 24.02miles (“ Main Line” ), and uses Cleveland Electric R y. from Euclid
to Public Square, Cleveland, 10 miles; also owns “ Shore Line,” extending
from Willoughby to Cleveland (St Clair Ave. & 110 th St.). 14.89 miles,
and uses the Cleveland Electric Ry. Co.'s track from that point to the
Public Square. Cleveland, 5 miles
Total track operated (including 414
naile« of double), 4614 miles. With the Cleve. Painesv. & Ashtabula forms
a continuous line from Cleveland to Ashtabula. 46 motor cars and 8 other
-ars.
Power-house Is at Painesville.
Car-houses at Willoughby and
Nottingham
OFFICERS.— Pres., E. W . Moore; V .-P . & Gen. M gr., W . H. Douglas;
Treas., Chas. Currie; Sec., Fred S. Borton: Asst. Sec. & Asst. Treas., J. A.
Currie, Willoughby, O .— V. 102, p. 885, 1811; V. 104, p. 1489; V. 106, p.
2010; V. 107. p. 82, 401, 1191; V. 108, p. 1274; V. 109, p. 676; V. 112, p.
2747; V. 114, p. 2240; V. 116, p. 2255, 2992; V. 117, p. 1461.
(1) Cleveland Painesville S A shtabula R R .— A trolley road. En
c
tirely over private right of way, except through some of the villages, where.
ranchises expire in 1927.
Default— Committee.— Jan. 1 1917 and subsequent interest as well
principal due Julv 1 1922 is in default on 1st Mtge. 5s. The followingcommittee has called for deposits of bonds with the Cleveland Trust Co-:
A. G Tame, H. D. Messick and J. A House, all of Cleveland. V. 104, P
256; V. 115, p. 182. Up to Oct. 1 1923 no plan of reorganization had been,
announced.
ORGA N IZA TIO N .— Incorporated in Ohio in 1902.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity_______
$ 1 ,000,000 __________
Stock. $ 1 ,000,000 ($ 100) _____ ___
First mortgage $1,000.0001 1902
5 g J-J
1,000,000 July 1 1922gold ($1,000)__------c * .c p t /I n t . at Cleveland Trust C o., Cleve., Trustee.'
Bonds.— No sinking fund -and bonds cannot be called. See V 75. p. 549,
REPORT.— For years ending Dec 31:
Years—
Gross
Net(aft.tax) Oth. Inc. Int. &c.
Deficit.
1923--------------------- $153,287 def.$7,297
$505
$75,588
$82,380
1922.......................... 161.115
4.489
392
74,283
69,402
1921----------------------- 162,876 def 6,610
248
72,706
79 068
ROAD — Operates 30 miles track between Painesville and Ashtabula.
Put In full operation on July 30 1904. 70-lb. T and girder rail used. Track
itandard gauge. Connects at Painesville with the Cleveland Painesville 8c
Eastern RR. and at Ashtabula with the Pennsylvania & Ohio R y.
OFFICERS.— Same as Cleveland Painesv. & East, above.— V. 98. p. 386, V . 104, p. 163. 256; V. 106, p. 2010; V. 107, p. 401; V. 115, p- 182.
CLEVELAND & EASTERN TRACTION CO .— A trolley road
O RGAN IZATION .— Incorporated in Ohio on M ay 18 1910 to succeed
the Cleveland & Eastern division (Y. 90. p. 1613) of the Eastern Ohio Trac
tion Co per plan In V. 89. p. 1541, 1596.
On May 3 1915 stockholders voted to amend the charter so as to permit
company to engage In electric light and power business. V. 100, p. 1509.
Asks Auth. to Abandon Service.— In Jan. 1924 the co. applied to the Ohio
P. U. Comm, for auth. to abandon operations. V. 118, p. 549.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Common stock ($ 1 0 0 )_______ _____
_______
$381,600
________
Pref stock, 5% n-c ($ 1 0 0 ).....................................
465.865 Feb '21 1%
First mortgage. $763,200,1 1910
5 g J-J
763,200 July 11932
gold ($1,000)__________ c* l lot. at Guardian Sav. < Tr. O o .. O le v .. T n u
&
Bonds.— Bonds subject to call, any or all, on any int. day, at 103 and
nt.; began to draw int. Jan. 1 1912. V. 91. p. 336.
Dividends.— The first dlv. on the preferred stock— 44 % — was paid in
Nov. 1915. In 1916 and 1917. 3% each. In 1918. Jan. 1%- April. 1% ;
noneto Jan. 1920, when 1% was paid. In 1921, Feb., 1 %. None since.
EARN ING S.— For calendar years:
Year—
Gross. Net taft. Taxes).
Int.
Dividends. Surplus.
1923
$222,857
def.$6,937
$38,160
None def.$45,097
1922
270,833
36.033
38,160
None def. 2,127
ROAD.— Operates 40 miles of track from Cleveland to Ohardon. Burton
and Middlefield. Ohio. Standard gauge. 60-lb. T rails.
OFFICERS.— Pres.. H. P. McIntosh: v .-p Horatio Ford: Sec. and
Gen. M gr., Robt. D. Beatty; Treas., C. A. Taylor. Office, 708 Finance
Bldg., Cleveland O.— Y. 100, p. 1509; V. 101 p 1627: v 102. D. 437
V. 106, p. 924; V. 107, p. 401; V. 109, p. 676; V. 118, p. 549.
C L E V E L A N D & C H A G R I N F A L L S R Y . CO.
ORGANIZATION.— Incorporated in Ohio on Feb. 18 1910 to take over
the Clev. & Chag. Div. of the East. Ohio Trac., sold Feb. 5 1910.
Receiver.— In Jan. 1918, the receiver, who had been in charge o f the pro
perty since July 1917, was discharged.
In Jan. 1918 capital stock was reduced from $300,000 (par $100) to
30.000 (par; 10)
Asks Auth. to Abandon Operations.—-The co. in Jan. 1924 applied to the
Ohio P. U. Coinm. for auth. to abandon service. V. 118, p. 549.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
.............
$25,000 _________
Stock. $30,000 ($10)....................... ....
Olev k Ch Falls 1st M$300.-f 1910
6 g J-J
251.900 Jan
. 1930
000 g ($100 & $ 5 0 0 )___cV In t. at Guardian Sav. & Tr. C o.. Clev.. Trus.
Bonds.— SubJ. to call any or all on any int. date at 102 44 and Int. $48,100
are in treasury.
EA R N ING S.— For calendar years:
Year—
Gross. Net (aft. Taxes). Int.
Divs.
Sur. or Def
1923__________$69,772 def.$3,795
$15,114
def.$18,909
1922................... 86,038
732
15,114
def. 14,382
ROAD.— Operates 10.1 miles of line between Cleveland and Lynnfield
W yo. Standard gauge. 60 and 70-lb. T rail.
OFFICERS.— Gen. M gr., Robert D. Beatty; Pres., H. P. McIntosh;
V .-P.. Horatio Ford: Sec. & Treas., O. A. Taylor.— V. 99, p. 1909; V. 105,
p. 715; V. 109, p. 676; V. 118, p. 549.
LAKE SHORE ELECTRIC R Y.
ORGAN IZATION .— The Lake Shore Electric Ry was Incorporated o»
Sept. 25 1901 under laws of Ohio as a consolidation of the Lorain & Cleve
land R y., the Sandusky & Interurban Ry. ne Sandusky Norwaik & South
era Ry. and the Toledo Fremont & Norwalk RR. V. 73. p 784. About
half the road is built on private right of way. In Nov. 1917 the city oi
Lorain granted a new franchise to the co. and its subsidiary, the Lorait
St. P.R., which was rejected on the ground that the fare rate of six ticket'
for 25 cents was Insufficient for profitable operation. On Mar. 22 1918 th<
Lorain St. RR. obtained a new 25-year franchise which provides for a
straight 5-cent fare, and on Mar. 27 1918 a 25-year franchise was granted
to the Lake Shore Elec. Ry. In Jan. 1920 the Norwalk City <touncl'
granted the co. a new 25-year franchise. V. 110, p. 167. On Nov. 13
1923 the Sandusky County Commissioners granted the co. a new 25-year
franchise. V. 117 p. 2542.
Controls the Lorain street RR and the Sandusky Fremont & Southeri
Ry. which see below. Also controls the People's Light & Power Co. and
the Bellevue Illuminating & Power Co. On Aug. 1 1918 purchased 50%
of the capital stock of the Ohio State Power Co. (The other 50% Is owned
by the Amer. Gas & Elec. Co. of N. Y.) In 1907 made contract to supplj
power to the Toledo Findlay & Fostoria and several other roads V .85,p .1646.
In 1910 charter was amended so as to transform the Chen existing 5%
cum. pref. stock of $3.000,090 Into $1,000,000 6 % cum 1st pref. and $2.
000,000 5% non cum. 2d pref. stock; V 90. p. 698. At the same timi
accumulated dividends on the old pref. stock (part of which had beei
Issued later than the rest) were adjusted. V. 90, p. 1170, 1296; V. 91. p.79C
In Jan. 1915 the articles of incorporation were amended to enable the com
any to sell and distribute electricity for light, heat and other purpose!
i certain localities.
The Ohio Utilities Comm, has from time co time authorized the compaoj
to sell additional gen mtge. bonds, aggregating $428,000, which havt
been issued and are held in treasury.
Fare Increase.— In July 1918 was authorized by the Ohio P. U. Comm, tc
Increase the mileage charge, effective Aug. 1 1918 V. 107, p 402. On Aug. S
1920 the Sandusky City Comm. auth. the co. to increase fares to 6 cents,
tickets to be sold at 5 for 25 cents. The co. had applied for a 7-cent fare.
V. I l l , p 792.
The Toledo Fremont & Norwalk R R . 1st M . 5s due Jan. 1 1920 wert
extended to Jan. 1 1925 at 6 >4 % , the extended bonds being red. at par and
int. on any int. date on 60 days’ notice. Originally there were $1,500,000
bonds of this issue outstanding but $385,000 were held in the sinking fund
as of Jan. 1 1920 and these, under the extension agreement, were canceled
leaving $1 115.000 to be extended
V. 109. p. 2263.
$1,600,000 first cons. mtge. 5s fell due Jan. 1 1923, but were extended for
ten years at 6 % .
On M ay 14 1923 the stockholders authorized the creation of $2,000,000
7 % cum. prior pref. stock to be sold from time to time to reduce floating
debt, retire bonds, and for improvements, &c. The reduction of the auth.
amount of first pref. 6 % stock from $1,500,000 to $1,000,000 was also
approved. V. 116, p. 2255. Compare V. 116, p. 2129, 2007.
Interest. Oulstanatno.
Maturity
STOCK AND BONDS—
Date.
Common $4,500,000 tpar $10 0 ) ___
$4,500,000
Prior pref $2,000,000 ($100 7%
Q-J
See text
cumulative________________ _____
1,000.000
1 st p f$ l.000.000'$ 100)6 % c u m ___
2 ,000.000 No div. yet
2d pf $2,000,000(1100)5% n-c. ___
1,600.000 Tan 1 1933
6 g TJ
First cons mtge $4.000.000' 1903
($1,000) gold________c* .tf 1 1nt. at Union Trust C o., Cleveland, trustee
l or Trust Co. o f America, N . Y .
General mtge
$7 .000.0 0 0 1 |903
5 t f-A
2,255 000 Feb 11933
($l,000)lgold________ e*.tfiIn t. at Union Trust Co., Cleveland, trustee,
( or company’s agency in New York.
Lorain & Cleveland 1st. gold f 1897
6 g .l-J
750.000 iuly 1 1927
($1,000) $1,000,000_____t filn t . at Cleveland Trust Co., Cleveland, or
[ company’s agency in New York.
T F & N 1st M $1,500,000 gl 1900
1,115.000 Jan 1 1925
guar ($500. $1,000) -_ c * t flln t . at Union Trust C o.. Detroit, Trustee
Oar
trust
ce rtifica te s, ' 1917 6 J-J
70.400
See text
$176,000_________________ (Guardian Savings & Trust Co Clev., trust
17,440 __________
Oar trusts____________________ 1920 7%
Bonds.— Of the $4,000,000 first consols, $2,250,000 are reserved to retir
prior liens; $150.000 have been cance'ed; $4,000,000 of the general mortgage
5 per cents are reserved to retire the first consols and $745,000 (of whici
$428,000 have been certified by the trustee and are in treasury! for extersions and improvements at 80% o f cost. Neither issue is subject to call.
The first consols were originally 5s and matured Jan. 1 1923, but were
extended to Jan. 1 1933 at 6 % . The L. & O. bonds are callable since
July 1 1917 at par and interest. The car trust certificates o f 1917 mature
$17,600 each July 1.
Lien.— The T. F. & N. bonds are a first lien on the division betweei
Toledo and Norwalk; the L. S O. bonds are a first lien on the road betweer
c
Cleveland and Lorain; and the 1st consol, bonds a first lien on all othei
lines and alsoa2nd mtge.on the divisions noted above.
Dividends.— Initial dlv. on 1st pref., 114%. paid Oct. 1 1910; samt
amount quarterly to and including April 1915. July 1915 dividend omitted
(V. 101. P- 47). None since.
R E PO RT.— For years ending Dec. 31, excluding Lorain St. R R ., San
dusky Fremont & Southern R y. and light and power companies:
Year—
Gross.
NeU.aft.Tax). Other Income
Interest.
Surplus.
1923______$2,235,663
$525,773
________
$340,999
$184,774
1922______ 2,064,609
516,078
________
327,944
188,134
Passengers carriediin 1923, 6,967,058; in 1922, 6,963,861.
Earnings for 1923 of the People’s Light & Power Go. were: Gross, $71,800;
net, after taxes, $26,147; and o f the Bellevue Ilium. & Power C o., gross,
$70,274; net, after taxes, $20,590.
ROA D .— Operates 180 miles, extending from Cleveland to Toledo and
Sandusky, and from Sandusky to Norwalk; also city lines in Sandusky;
standard gauge; 70 to 100-lb. rails. Through line from Cleveland to Toledo
was opened for business about Aug. 26 1902. In addition owns the San
dusky Fremont & Southern. 20 miles, and the Lorain Street R R ., 24.77
miles, making a total o f 216.77 miles. 114 passenger, 40 express and other,
52 work and freight cars. Total, 206.
OFFICERS.— Pres., E. W . Moore, Cleveland; V .-P ., A. Lewenthal,
Cleveland; V .-P., Sec.-Treas. & Gen. M gr., F. W. Coen, Sanduskv, Ohio.—
V. 110, p. 167, 261, 2192; V. I l l , p 792: V. 112, p. 1740: V. 114, p. 2823;
V. 116, p. 822, 2007, 2129, 2255, 2637; V. 117, p. 208, 2542.
(1) L ora in Street R a ilro a d C o .— A trolley road.
ORGANIZATION. — Incorporated in Ohio on Aug. 3 1906 and is a con
solidation of the Lorain St. Railway and the Avon Beach & Southern RR.
Entire stock owned by the Lake Shore Elec. Ry. Operates on private
right-of-way except three miles in Lorain and Elyria, on which franchise.«
run until March 1943.
STO C K A N D B O N D S —
Dale
Interest Outstanding.
Maturity.
9'ock $2 ,000,000 ($10 0 ) ___ _
...
_______
$2 ,000,000 ............
Lorain St Rg 1st M $750.0001 1899 5 g VI-N
550.000 Nov 1 1949
gold ($1.000)____
c * .tff Int. at Guaranty Trust Co N Y ., Trustee
Fir-st fnnsnl mtgp S2 .000.01)0 f 1000
i s J-l
Sex1 text Tipy 1 193P
gold guar ($1,000)____c * .tfjln t. at Union Trust Co., Cleveland, trustee,
[ or agency in New Y ork.
Bonds.— Of the $2,000,000 cons, oonds $750,000 are reserved for prior
liens and $750,000 for extensions, <fec. They are guar., prin. and Int.. b*
endorsement by the Lake Shore Electric Ry.
R E PO RT.— For calendar years.
B
Gal. Y rs. G m ss Trie
E rn .
Tax. N et Earns.
I n t . Paid.
Balance.
1923_______$281,947
$263,570
$18,377
$51,819
def.$33,441
1922_______ 223,311
204,124
19,187
53,146
def.33,959
Passengers carried in 1922, 2,899,331, against 3,834,399 in 1921.
ROAD.— Operates 26.9 miles of track between Elyria. LoraiD and
Beach Park. Standard gauge. 24 cars. V. 105, p. 2543: V. 109, p. 2357.
(2) The Sandusky Fremont & Southern Ry.
ORGAN IZATION .— Incorporated In Ohio In April 1906. Is operated
as part of main line of Lake Shore Electric Ry. between Cleveland and
Toledo. Lake Shore Elec. Ry. owns eutire stock. Private right of way
STOCK AND BONDS—
Date.
Interest Outstanding
Maturity
Stock, $2,000.000___________ — Owned by the Lake Shore Electric R y.—
First mortgage $2,000,000 f 1906
5 g T-J
$645,000 July 1 1936
gold ($1,000) guar___ c * .tf (Int. at Union Trust Co., Cleveland, trustee,
I or at agency in New York.
Bonds.— Are guaranteed, prin. and Int., oy endorsement, by the Lake
Shore Elec. Ry.; not subject to call. See V. 83, p. 1099.
31
ELECTRIC RAILW AYS
A pril, 1924.]
REPO RT.— For calendar years;
Calendar
Gross
Expenses and
Net
Interest
Year—
Income.
Taxes.
Earnings
Paid.
$108,156
$6,641
$32,250
1923 _______ $114,797
1922 ________ 111,692
98,779
12,912
32.250
1921________ 120.034
107,736
12,298
32,250
ROAD.— Operates a line from Sandusky to Fremont. 20 miles.
- V . 83. p. 97. 1099.
Balance.
Deficit.
$25,609
19,337
19,951
14 cars.
CLINTON, IOWA
CLINTON STREET R Y.
O RGAN IZATION .— Incorp. In Iowa Feb. 4 1891. Under its charter
the co. is auth. to conduct a street railway, light, power and heating busi
ness. Franchise covering main street of the city is perpetual; others
expire 1935 and 1938.
Fare Increase.— In Dec. 1920 was auth. to increase fares from 5 to 6
cents, with 9 tickets for 50 cents. V. I l l , p. 2323. Compare V. I l l , p.
1660
Effective Feb. 20 1921, raised fares from 6 cents to 7 cents, with
tickets at 4 for 25 cents. V. 112, p. 1024.
STOCK AND BONDS—
Date.
Interest
Outstanding.
laturity.
Stock $1,000,000 ($ 1 0 0 )...................................
$596,600 See text.
First mortgage $400,000 gold! 1906 5 g A-O
400,000 Mar 31 1926
($ 1.000)_______________c*(In t. at Illinois Tr. & Sav. Bk.. Chic , Trustee
Bonds.— Callable at 105 and Int. on any int. date on 90 days' notice. A
•upplemental mortgage provides that beginning April 1 1918 a fund of 2%
of the bonds outstanding or retired by this fund be established to be used
for renewals, betterments, &c.. or for the purchase of bonds up to 105
and Interest. V. 104. p 862.
Dividends.— Paid 6 % dividends from 1907 to 1913, tncl. (except 5% In
1912). In 1913 the stockholders advanced & substantial sum for construc
tion, &c.. and waived dividends while this sum was being paid out of earn
ings: $41,400 was so paid In 1916
EARNING S.— For year ending Dec. 31 1923, gross, $221,582: net, after
taxes, $72,532. In 1922, gross, $226,101; net, after taxes, $68,878.
ROAD, &c.— About 16 miles of single track equivalent and 32 single truck
cars. Current is purchased from the Clinton Gas & Electric Co. Interorban cars from Davenport enter to centre of city over the company's
tracks under traffic agreement.
OFFICERS.— Pres., R. C. Langan; V .-P ., Geo. T . Baker; Sec., A. LSchuyler; Treas., C. C. Ooan; Gen. M gr.. Bernard Bohnson.— V .112,p.l024
COFFEYVILLE, KAN.
THE UNION TRACTION CO.
Merger.—-In Feb. 1924 it was reported that the co. would be absorbed
by the United Power & Light Corp. o f Kansas.
ORGANIZATION. — Incorporated Sepi. 25 1906 In Kausas. In D ec.
1916 was granted a permit to do business In Oklahoma. Franchises expire
1957. Road is on private right o f way except in Coffeyvllle. Independence.
Cherry vale and Parsons.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Itock, $500.000.........- .......................... .............
$500,000 See text.
First mtge. $1,000,000. gold! 1907
5 J-J
941.000 Jan 1 1937
($1,000). sinking fu n d ., tf I Warren (Pa.) Trust C o.. Trustee.
Bonds.— 1 st M. bonds are red. ann. by lot at 105 and Interest since Jan.
;912, through s. f.; $59,000 have been retired. S. f. of 10% of net earning*
annually began in 1911. Int. at Nat. City Bk., N. Y.; Commercial Nat.
Bank. Chic., and Tradesmen’s Nat. Bank. Phtla
See V. 8 8 . p 1003
Dividends.— A dlv. of 6 % was paid during the fiscal year end. June 30 ’ 13
EARNINGS.— For year ending Dec. 31 1920, gross, $561,055; net, after
taxes, $9,892; interest on bonds, &c., $64,757; deficit, $54,865.
R O A D .— Operates 67 miles of rpad, of which 9 X m. In Ooffeyvllie. 7
miles in Independence and 50J4 miles of interurban road between O offeyville. Independence, Oherryvale and Parsons. 70-lb. T rails. Purchase*
power from the Kansas Gas & Elec. Co.
OFFICERS.— Pres., D , H Sigglns, Warren, Pa.; Sec., H. A . Sigglns;
Treas., Sam Q. Smith.— V . 109, p. 2264: V. I l l , p. 2424; V. 113, p. 1773.
COLORADO SPRINGS, COLO.
COLORADO SPRINGS & INTERURBAN R Y.
ORGANIZATION.— Incorp. in Aug. 1902 as a consolidation o f the Colon
rado Springs Rapid Transit Ry. and the Colorado Springs & Suburban R y.
Effective June 8 1919. was auth. by the Colo. P. U. Comm, to increase fare*
from 5 to 6c. V. 108, p. 2433. In Jan. 1921 the co. was auth. to raise fare*
to 7c. cash or 8 tickets for 50c. In March 1924 the company announced
that it would not apply for a renewal o f its franchise. Purchase by the city
was suggested. V. 118, p. 1134. The company has applied to the Colo.
P. U. Comm, for authority to cease operating its line from Colorado Springs
to Roswell, about 3 miles. V. 118, p. 1267. The consolidated company
has issued $1,500,000 stock, o f which $500,000 5% pref.; bonds ($1,000 5%
M . S., due Sept. 1932, Central Trust Co., N. Y ., trustee) auth. and issued.
$1,500,000.
EARNING S.— For cal. year 1923, gross, $476,381; net, after taxes, $910.
In 1922, gross, $505,943; net, after taxes, def. $2,305.
R O A D .— Owns 41H miles o f track. In 1919 added 35 one-man cars t«
Its equipment.
OFFICERS.— Pres., D. P. Strickler; V .-P ., W. Lennox; Sec. and Treas.;
Wm. Lloyd; Asst. Sec. & Asst. Treas.. H. L. Stubbs.—-V. 110, p. 2387,
V. I l l , p. 188, 492, 1566; V. 114, p. 2468; V. 118, p. 1134, 1267.
COLUMBIA, S. C.
COLUMBIA RAILW AY. OAS & ELECTRIC CO.
O R G A N IZA TIO N .— Does Che entire street railway, electric lighting,
/» » e r and gas business in Columbia, S. C .— Name changed from Columbia
Electric Street Rv., Light & Power to Che above oq May 15 1911. V. 92.
p 1374
Is a consolidation on July l 1905 of the Columbia Electric St. R y ..
LC. & Pow . Go and the C olum bia Water Pow C o. The first-mentioned
was organized in So. Caro. Jan. 6 1892 and was a consolidation of the Colum
bia Elec. & Suburban Ry. Co. and the Congaree Gas k Electric Co. Ac
quired the Columbia & Eau Claire Electric Ry. Owns all the stock and
bonds of the Columbia Gas Light C o., which is also leased. Operates under
fights granted by State of So. Caro, (which owns the city streets), expiring
Dec. 16 1911. Gas franchises granted by State and city franchises covering
*11 departments are without limit of time.
In June 1912 acquired Parr Shoals Power Co. (stock $2,000,000 com ., all
owned, and $300,000 pref.), which on May 30 1914 placed in operation its
new hydro-electric station (present capacity 18,000 h.p.; ultimate capacity
30.000 h.p.) on the Broad River, near Alston, S. O ., 27(4 miles northwest
of Columbia, supplying the requirements of the controlling co. (V. 95. d .
1122: V 98 p. 154. 1844.)
The $100,000 Col. Canal Co. 6 % bonds originally matured .Tan. 1 1919
but were extended for two years to Jan. 1 1921 and again to 1923, and have
since been extended from year to year at the same rate o f interest.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity•
Common. $2,000,000 ($100).______
_______
$2,000,000 J u l y ' 19 . 14 %
Pref.. $1,000,000, 6 % c u m . l ____
Q-J
895,300 Apr ’24, 1J4
($100) ................... ..............J
First mortgage. $7,500,000.1 1911
5 J-J
____________ _______ __
3,043.000 July 1 1936
gold ($1 ,000) . . .
c* tfjIn t. at c o .’s office or at N at’l Park Bank.
(N Y. Columbia Trust Co.. N Y ., Trustee.
Parr Shoals P pfd stk $300,000 ___
7%
300,000
Parr Shoals P 1st mtge, $3,-/ 1912 5 g A-O
3,000.000 Apr I 1952
000.000 ($1,000). goldc*tf'C olu m bia Trust C o.. Trustee.
Col Canal Co mtg, $200.000tf ___
6%
100.000 Jan. 1 1925
Bonds.— Of the outstanding first mtge. bonds of 1911, $60,000 are deposit
zed to guar int. on Cana'C o 6s. Of unissued bonds. $200,900 are reserved
to retire Canal Co. holds, and $4,497,000 for improvements, additions, ac
quisitions, &c., under certain restrictions. Bonds are subject to call on any
int. date at 105 and int. Since July 1 1912 an amount equal to 1 % of bonds
out must be expended for lmpts., &c., against which no bonds may there
after be issued, and since Dec 15 1915 a further 1% for retirement of
bonds. See V. 93, p. 229. Parr Shoals Power bonds are guaranteed
n & I.. by end., by the Columbia Ry., Gas S Elec. Co. Sinking fund of
t
of 1% semi-annually of bonds out from 1918 to Jan. 1 1952, incl. They
are subj. to call at 105 & int. on 60 days’ notice. Int. payable In N . Y .
32
Dividends.— First div. on pref.— 3% — paid July 1 1906: Jan. 1907. 3%
None to July 1911, when accrued diva, were paid up In full; IM % paid
quar. since to and Including Apr. 1924. Initial div. on common— % —
aid Oct. 1917. In 1918. Jan.. H % ; July. K % ; Oct.. H % . In 1919
an., H % : July, /$ % . None since.
EARN ING S.— For calendar years:
Year—
Gross.
*Net.
Interest. Pref.Dies. Com.Dits. Surplus
1923.............$1,261,368 $564,558 $252,569 $53,718
........... $258,270
1922............. 1,115,492
398,732 257,661
53,718
...........
87,353
* After deducting operating expenses, taxes, lnt. on Parr Shoals bonds
and divs. on Parr Shoals pref. stock.
R O A D .— Operates 32 miles of track; 30 cars. Owns 2 power plant
with a total capacity o f about 18,000 h. p.
OFFICERS.— Chairman o f Bd. & Treas., E. W . Robertson: Pres.,
F. H. Knox; 1st V .-P .. Henry Parsons; Sec., L. F. Pearce.— V. 109, p.
477, 1272. 2356; V. 110, p. 561, 969: V. 114, p. 1406.
S
COLUMBUS, QA.
COLUMBUS ELECTRIC & POWER CO.
ORGAN IZATION .— A consolidation in 1922 o f the former subsidiary
companies of the Columbus Electric Co., viz.: Columbus R R ., Columbus
Power C o., and the Gas Light Co. of Columbus, Ga.. as per plan outlined
In V. 114, p. 1406. The Columbus Electric Co. is kept alive but will go
out of existence when the bonds o f the Columbus Power Co. (guar. prin.
lnt. & siuk. fund by Columbus Elec. Co.) have been paid in full. For
history of Columbus Electric Co. up to time of this consolidation, see “ Elec
tric Railway” Supplement o f April 29 1922. Does the entire electric rail
way and lighting, gas and power business o f Columbus and vicinity and the
adjoining towns of Phoenix City and Girard, and a wholesale power business
In Columbus, Newnan, Hogansville, Lagrange, Lanette, Trimble, Grantville, Moreland and West Point. Principal franchises perpetual. The
freight lines are leased to the Seaboard Air Line Ry. for 50 years from
Oct.*17 1901 at a rental of $7,500 per annum.
In Jan. 1924 it was announced that the company contemplated construc
tion o f a dam at Bartlett’s Ferry, about 16 miles above Columbus, Ga.
The cost, based on preliminary estimates covering initial installation (two
15,000 k. v. a. units) will be about $5,000,000. V . 118, p. 549.
STOCK AND BONDS—
Date.
Interest. Outstandino.
Maturity
_______
$2,572,800 See text.
Common ($100)_____________ ____
1st pref Ser A cum 7% ($100)- ____ 7%
927,200 A p r ’2 4 ,1?4
1,428.700 Apr ’24, 1 %
2d pref 7 % cum ($100)----------- ____ 7%
1,470,800 June 1 194?
1st & ref M 6 % Ser “ A” ($1001 1922 6 g J-D
$500and $1,000) gold-C*.tf( Int. at Old Colony Trust Go., Boston, tru-t.
Columbus Power first mtge) 1906 5 g A-O
3.584.000 April 1 1936
$4,000,000 gold guar_c*.tf| Int. at Commonw. Trust C o., Boston, trust.
STOCK.— First pref. conv. into com ., share for share, at any time.
Redeemable at 120. V. 115. p. 72Bonds.— Callable, all or part, on any interest date after June 1 1932 up to
and including June 1 1937, at 105, and thereafter decreasing /£ of 1% each
year to 101 for year ending June 1 1945, and at 100 thereafter (plus int.).
A sinking fund o f 2% per annum o f the total amount of Series “ A” bonds
Issued commenced Nov. 1 1923. V. 114, p. 2823. $29,200 canceled by
sink, fund up to Dec. 31 1923.
The Columbus Power Co. bonds are callable as a whole (or in part for
sinking fund) at 110 and int. on any int. day. A sinking fund of 1% of
bonds out began April 1 1912 $416,000 purchased for sinking fund and
canceled.
Dividends.— Dividends on 1st pref. and 2d pref. are being paid regularly.
An initial dividend of $2 per share was paid on common stock in October
1922. V. 115, p. 1428. In 1923, Jan., 2% ; April, 2% ; July, 2% ; Oct.,
2 % . In 1924, Jan., 2 /4 % ; A pr., 2 /4 % .
PR O PE R T Y.— 25-5 miles o f equivalent single track, o f which 5 miles
leased to Seaboard Air Line until 1952. 5‘i cars; 2 steam locomotives
(leased to S. A. L. R y.). Standard gauge. Controls hydro-electric plants
with a capacity o f 32.500 k. w.. and a steam plant of 12,000 k. w. capacity.
EARNINGS.— For 12 months ending Dec. 31:
Dec. 31
Gross
Net after
Interest,
Sinking &
Balance,
Year—
Earnings.
Taxes.
Charges,&c. Impt. Fds.
Surplus.
1923_______$2,240,190 $1,144,454
$271,772
________
$872,682
1922_______ 1,975,423
963,276
----------------------------OFFICERS.— Pres., H. G. Bradlee: V.-Ps., R. M . Harding, Chas. F. W .
Wetterer and Harry H. Hunt; Sec., Wm. T . Crawford; Treas., Henry B.
Sawyer; Gen. Mgrs., Stone & Webster M gt. Assn., Boston.— V. 115, p.
1941, 2158; Y. 116, p. 1759; V. 117, p. 2108; Y. 118, p. 549.
COLUMBUS, IND.
INDIANAPOLIS COLUMBUS & SOUTHERN TR AC T IO N CO.
Lease.— In Dec. 1912 was leased for 999 years to the Inter-State Public
Service C o., a subsidiary of the Middle West Utilities C o., at a rental o f 6 %
on the capital stock, or $92,000 a year above all taxes. V .9 5 ,p .6 8 0 . See
Inter-State Public Service Co. on a subsequent page.
ORGAN IZATION .— Formerly the Indianapolis Greenwood S Franklin
c
R R ., which company was incorporated In Indiana In 1895. Name changed
as above in Jan. 1903. In Sent. 1912 Increased its auth. stock to *1,840.000
$932,000 1st Mtge. 5s due Feb. 1 1923 were refunded through the Issuance
o f $973,000 lot Mtge. 6s, dated Feb. 1 1923 and due Feb. 1 1948. V. 116,
p. 176, 295.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
Stock. $1,840.000_________________
_______
$1,840,000 8 ee text
1 st mtge bonds ($500 and/ 1923
6 g F-A
973,000 Feb 1 1948
$1,000) gold__________ tfc*\Fletcher-Amer. Nat. Bk.. Ind.. Trustee.
W Bonds.— Are call, on any int. date upon 60 days’ notice at 105 & int. on
or before Feb. 1 1928; thereafter to Feb. 1 1933 at 104 & int.; thereafter
to Feb. 1 1938 at 103 & int.; thereafter to Aug. 1 1946 at 102 & int.; and
thereafter at par and int. Int. payable at office o f trustee, Indianapolis,
or Illinois Trust & Savings Bank. Chicago.
EARN INGS.— For cal. year 1922, gross, $748,450; net, after taxes,
$244,257. In 1921, gross. $728,09S; net, after taxes, $236,870.
R O A D .— Operates 62.38 miles o f track between Indianapolis, Franklin
and Columbus and Seymour, of which 3.86 miles belong to Ind. Trac. & Ter.
C o. Standard gauge. 60-lb. T rail. Mostly private right-of-way. II
connects with Indianapolis S Louisville Elec. R y., thus forming a through
c
line from Indianapolis to Louisville.
OFFICERS.— Pres.. Wm. G. Irwin: V .-P .. L. I. Sweeney; Sec. & Treas.
Hugh Miller, all of Columbus, Ind.— V. 115, p. 2905; V. 116, p. 176, 295.
COLUMBUS, OHIO.
COLUMBUS R A ILW A Y, POWER & L IG H T CO.
New Management.— In Jan. 1919 Messrs. E . W . Clark S C o., Phila.,
c
withdrew from the management o f the co. in favor o f Columbus Interests.
ORGAN IZATION .— Incorp. In Ohio N ov. 1913 to succeed m e Colum
bus Traction Co. (incorp. Dec. 26 1906 as successor to the Central Market
St. R y ., sold under creditor’s bill in Feb. 1906, subject to the $500,000
bonds) and took over the Columbus R y. Co. and the Columbus Edison Co.
as per plan in V. 96, p. 1839. The leases between these two cos. and the
c
Columbus Ry. S Lt. Co. were then canceled. The Columbus Lt., Ht. & P.
Co. was acquired in Jan. 1915. See “ Elec. R y. Section” for Jan. 1915.
Owns and operates the city street railway system o f Columbus and sub
urban lines to Marble Cliff, Westerville, Gahana and Worthington, and the
commercial electric light and power systems o f the city and vicinity. Fran
chises for 20.50 miles of railway are perpetual; others expire in 1926. The
franchises provide for 6 cents cash fare or 5 tickets for 25 cents, and univer
sal transfers. Two o f the light and power franchises are perpetual; others
expire in 1926 and 1928.
In June 1917 a new franchise for 25 years was granted on the Wester
ville line, providing for a zone system with a sliding scale o f fares ranging
from 2/4 to 6c. per zone. (In July 1919 fares were increased from 5 /4 to 6c.
er zone. V. 109, p. 270.) The company is to be allowed to earn 6 % on
> then existing investment (fixed at $300,000), and 8 % on future capital
s
Invested. The public may purchase the Westerville line at an increase of
10 % over the actual value at time o f purchase
R
[V ol. 118.
ELECTRIC RAILW AYS
Suit— Judgment, &c.— On Dec. 8 1920 the present management filed suit
In the Common Pleas Court at Columbus against the former managers,
charging them with illegal expenditures, &c., o f the company’s funds and
asking for an accounting. V. 112, p. 256. See also V. 113, p. 1573. On
Jan. 21 1922 Judge E. B. Kinkead in the Court o f Common Pleas, Colum
bus awarded a judgment for $1,079,727 against Clarence M . Clark and E.W .
Clark & Co., Philadelphia. For further details and statement by attorney
for Clark interests see V. 114, p. 409. A motion to make former directors
jointly responsible was denied. V. 114, p. 1178. Compare V. 116, p. 613.
Taken up to Court of Appeals, Franklin County: judgment o f Common
Pleas Court reduced to $799,017. Carried to Ohio Supreme Court but
hearing denied. V. 118, p. 1770. In April 1924 U. S. Supreme Court
denied petition for review. V. 118, p. 1910.
Valuation.— See V. 106, p. 1344, 2345.
Fares.— In Mar. 1921 the City Council passed an ordinance providing for
(1) 6-cent cash fare with 5 tickets for 25 cents during the remainder or the
company’s franchise; (2 ) lO-cent fare on owl cars; (3) free universal transfers.
For further details see V. 110, p. 561, 658, 1526.
In Sept. 1921 the company acquired stock control o f the Columbus New
Albany & Johnstown Traction Co. and purchase of property effected Janu
ary 1924. V. 118, p. 663. In March 1922 the company acquired 6 miles
of track from the Columbus Delaware & Marion Elec. Co. Y. 114, p. 519,
1062.
The stockholders on Feb. 21 1922 voted to amend the articles of incorpora
tion so that the capital stock shall be $15,145,000, to be divided as follows:
$1,913,800 4% prior preference stock; $2,112,500 pref. stock. Series “ A ” ;
$5,038,700 pref. stock Series “ B ” ; and $6,080,000 Com. stock. V. 114, p.
853.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Oommon, $6.080.000_______ ____
_______
$6,041,230
See text
2.027,293 Jan. '24, 1/4
‘ A " pref. $2.112.500.............................
6%
•B" pref. $5,038,700..............................
5%
5,028,745 Feb. '24,2 /4
Prior preference $1,913,800. _______
4%
1st ref S ext sink fd M $25.-( 1915
c
5 g A-O
47682,000 O c t 'Y "1940
000,000 g ($1.000)_ c*tfj Int. at E. W . Clark S C o., Phila., or office of
_
c
co. at Columbus. Girard Trust C o..
Trustee
Ref M ser 6s due 1941 ($500&\ 1921 " 6 g.J-D ‘
6,766,000 Dec 1 1941
$1,000 c* & $1,000 r*) g -t f) Harris Trust & Sav. Bans, Cnicago, trustee.
Ool St Ry 1st. $3,000,000, f 1892
5 g J-J
3.000,000 July 1 1932
gold ($1,000)______ c*.ntf-{ lnt.atco.'s office& E .W . Clark S C o.. Phila.
c
(Columbia-Knick. Trust C o., N. Y ., Trustee
Orosstown 1st mtge. gold,/ 1893
5 g J-D
572 000 June 1 1933
($1,000) $572,000 -.c * _ n tf (Columbia-Knick. Trust C o., N. Y , Trustee.
Ool Ry 1st consol mtge, $7.-1 1899
4 Q-J
3.132,000 Oct 1 1939
000.000 ($1,000), g. c * .n tf( Interest at Union Savings Bank S Trust Co.
c
Bonds are redeemable since] of Cincinnati, Trustee, at E. W. Clark &
Oct 1 1914 at 105 and tot.] C o.. Philadelphia, or at company’s office.
Bonds.— Of the First Refunding and Extension sinking fund bonds,
$6,704,000 are reserved for underlying liens, $6,000,000 are pledged as
security for the $5,000,000 ref. mtge. 6s series due 1941, and the balance is
reserved for improvements, extensions, &c., at 85% of cash cost or fair
valuation, whichever is less, under certain restrictions. Callable at 105 and
lnt. on any int. date on 60 days’ notice. Penn. State tax refunded on 60
days’ notice. Sinking fund of 1 % per annum of bonds outstanding began
Oct. 1 1920. The ref. mtge. 6 % bonds series due 1941 are secured by pledge
of 36,000,000 1st & ref. ext. 5s due 1940. Additional ref. mtge. 6s may he
issued to refund the $4,682,000 1st ref. & ext. bonds outstanding in the
hands of the public and to reimburse the company for extensions and addi
tions under certain restrictions. Callable after Dec. 1 1926 on any int. date
on 60 days’ notice at 110 and int. to and incl. June 1 1931: thereafter at
105 and int. to and incl. June 1 1937; and thereafter at a premium of 1%
for each year of unexpired life to maturity. Penna. 4-mill tax refunded to
holders resident in Pennsylvania. V. 113, p. 2719. The Crosstown Street
Ry. mtge. was for $2,000,000, but was closed at $572,000. Interest
payable at Columbus and E. W . Claris S Co., Philadelphia. Columbus Ry.
c
Co. mtge. has been closed. $3,428,000 bonds were issued thereunder, Of
which $296,000 were canceled. Are callable at 105 and int. on any lnt. date.
Dividends.— An initial div. of 1 /4 % was paid on the Series “ A” pref.
stock April 1 1914; same rate quar. to and incl. April 1913; none to July
1922, when cash divs. were resumed and back divs. paid up in Series “ A
pref. stock. V. 114, p. 1406. Cash divs. of 1/4% paid regularly since to
and incl. Jan. 1924. On Series “ J3” initial div. of 1/4 % paid in M ay 1914
and same rate quar. since to and incl. Feb. 1918. None to M ay 1922,
when cash divs. were resumed and back divs. paid up in Series “ B ” pref.
stock. V. 114, p. 1406. A div. of 2/4 % was declared on “ B ” stock, paya
ble Nov. 1 1923. In 1924, Feb., l/4 % - On com., initial div. of 1/4%
was paid in M ay 1914 and same rate quar. to and incl. Nov. 1917. Feb.
1918 div. passed (V. 106, p. 498). None to Jan. 1923, when a special div.
of 2 /3 % was paid. V. 116, p. 175. In 1923 cash divs. amounting to 6 %
were paid on common. In 1924, M ar., 1 /4 % .
R E PO RT.— For years ending Dec. 31:
Years end. Dec. 31—
1923.
1922.
1921.
1920.
Revenue passengers___ 70,177,236 68,495,083 68,921,646 75,112,652
Transfer passengers____ 17,342,632 17,093,730 16,524,837 16,647,663
Total passengers_____ 87,619,808 85,588,813
Kilowatt hours sold_____149,471,052 114,664,813
Number of customers
57,123
50,346
Rpnpwitpv—
®
®
R ailw ay_______________ 3,702,222
3,611,590
Power, light and heat___ 4,749,234
3,880,440
Non-operating__________
11,269
7,312
85,446,483 91,760,315
97,231,398 101,434,834
44,273
38,807
<
#
®
3,581,555 3,523,768
3,386,611 3,200,608
8,875
3,744
Total gross__________
8,462,724
Oper. expenses & taxes-- z5,794,988
7,499,343
4,497,289
6,977,041
4,366,757
Gross income________
Int. on funded debt___
Int. on unfunded d ebt-Other deductions______
Sinking fund__________
Pref. divs. (in stock)____
Pref. divs. (in cash)____
Common dividends_____
Depreciation__________
2,667,735
806,733
13,355
62,042
233,650
______
422,635
360,354
z
3,002,054
818,554
12,342
77,627
245,846
x l ,227,996
y279,242
______
972,000
2,610,284
738,719
4,375
130,162
______
______
______
______
528,000
Bal., surp. for y e a r --.
768,966
def631,554
1,209,029
6.728,120
4,672,292
2,055,828
713,288
3,187
72,894
______
______
______
______
528,000
738,459
x Includes $392,376 paid in 6 % Series “ A ” pref. stock and $835,620 In
5% Series “ B” pref. stock on account of accumulations on these stocks
(V. 114, p. 853, 1406). y Includes $91,227 paid in cash on the 6 % Series
" A ” pref. stock and $188,015 on the 5% Series “ B ” pref. stock, z Depre
ciation included in operating expenses.
ROAD, &c.— 149.22 miles single track, 14.49 miles operated under con
tract. 257 passenger, 4 freight and 54 other cars. 4 steam-electric power
stations with 84,000 k. w. capacity.
OFFICERS.— Pres., Chas. L. Kurtz; V .-P . S Treas., Norman M cD .
c
Crawford; V .-P., Wm. A. Gill; Sec. & Aud., P. V. Burington; Asst. Sec. S
c
Asst. Aud., Herbert M . Burington; Asst. Aud., Lyle Babbitt; Gen. M gr.,
C. C. Slater.— V. 112, p. 2413; V. 113, p. 182, 1573, 1771, 2613, 2719; V.114,
p. 78, 409, 519, 853, 1062, 1178, 1406; V. 115, p. 988, 1837; V. 116, p. 175,
613, 1531, 1759, 2388; V. 117, p. 1774; V . 118, p. 663, 1770, 1910OHIO ELECTRIC R A ILW A Y CO.
Sale.— The company, including the holdings in Lima, O-, was sold at
public auction Aug. 15 1922 for $2,000,000 to Thomas Newhall, Philadel
phia, representing the bondholders. The holdings include the street car
system in Lima, the power and electric light plants of that city and the
interurban line operating between Toledo and Lima. V. 115, p. 869, 1942.
The street car system in Lima was transferred to the Lima City Street Ry. Co.
(see under “ Lima, O .” ), incorp. in Ohio in Aug. 1922. The capitalization
of the new street railway co. will consist of $350,000 bonds and $380,000
stock. The interurban line from Lima to Toledo is to be taken over by the
Lima'Toledo RR. Co. (see under “ Lima, O .” ). The power and electric light
plants in Lima were sold to the Ohio Power C o., which paid $250,000 cash
for the property and which in addition is to assume $1,250,000 bonds and
$200,000 in prior liens. Gross earnings for cal. year 1923, $572,137; net,
after taxes, $62,342. In 1922, gross, $500,707; net, after taxes, $79,047.
For further details see V. 115, p. 2047, 2686. For history of Ohio Electric
R y. Co. see “ Electric Railway” Supplement of April 28 1923.
A pril, 1924.]
ELECTRIC RAILW AYS
33
INDIANA COLUMBUS & EASTERN TRACTION C O — A trolley fer to the reorganization managers (Geo. K. Johnson, Livingston E. Jones
and Claude A. Sampler), and deliver to the general depositary, the Penn
road.
Was leased to the Ohio Electric R y. Aug. 31 1907. and that company sylvania Company for Insurances on Lives A Granting Annuities, Phila
guaranteed interest on bonds and 5% divs. on pref. stock (the dividend due delphia, the bonds now or hereafter deposited, of such holders as shall
The committee for the Zanesv. R y.. Lt. A Pow. 1st
Dec. 31 1915 and subsequent unpaid), but on Aug. 5 1921 lease was abro assent to the plan.
gated and property has since been operated separately. See V. 113, p. const, mtge. 5s (see above) has also approved the plan and entere into and
agreement with the reorganization managers. V. 116, p. 409.1
848, for details.
The plan provides that the property is to be bid in at foreclosure sale by
Receivership.— In Jan. 1921 J. Harvey McClure was appointed receiver
the reorganization managers and if the bid of the managers is accepted the
for the company.
Sale of Lima-Defiance Branch.— The Lima-Defiance branch was sold on properties so acquired are to be transferred to the Columbus & Zanesvill
Jan. 31 1923 to C. G. Taylor, Norwalk, O., at the upset price o f $125,000. Power & Railway (a new co. to be incorp. in Ohio) and such other new cor
(Sale confirmed in M ay 1923— V. 116, p .2388.) The Lima & Defiance RR. porations as the managers may determine. Owing to the detail of the plan
has been formed to take over the line and proposes to issue $175,000 1st we are unable to give a complete summary of same in this Supplement, but
M tge. bonds and $75,000 pref. stock. Control passed to the new co. on the following table will show the approximate basis of exchange of old for
June 1 1923. V. 117, p. 86. George Bayly has been elected Pres, of the new securities and a detailed resume of the whole plan will be found in
V. 116, p. 294.
new co. V. 116, p. 934, 1411, 1760, 2388.
Approximate Table of Exchange of Old for New Securities fCompiled by Editor].
O RGAN IZATION .— Incorporated In Onlo on April 14 1906 and has ac
------------------ Will Receive--------------------quired the Dayton Springfield & Urbana Elec. B y., the Columbus London
Existing Securities Outstanding—
Mtge. Bds. Pref. Stock. Com. Stock
& Springfield Ry.. the Columbus Grove City & Southwestern B y., the
$310,750
$310,750 $1,180,850
Urbana Bellefontalne & Northern R y., the Springfield & Western R y., the Buckeye 5s, $1,243,000____________
x Each $1,000 paying $252 50____
950
250
250
Dayton & Northern Traction Co. and about 12 miles o f the Dayton *
y Each $1,000 paying $20________
600
M unch Traction C o., extending from Greenville to Union City on the
312,500
1,187,500
312,500
Indlana-Ohlo State line. Has also acquired the Columbus A Lake Michigan First mortgage 5s, $1.250,000_______
x Each $1,000 paying $252 50____
950
250
250
R R ., a steam road operating between Lima and Defiance, which has been
y Each $1,000 paying $20________
600
converted into electricity. Entire common stock owned by Ohio Elec. Ry.
605,500
302,750
302,750
Leased the Columbus Newark & Zanesville Elec. R y., which company General mortgage 5s, $1,211,000____
x Each $1.000 paying $252 50____
500
250
250
had previously absorbed the Columbus Buckeye Lake & Newark Traction
y Each $1,000 paying $20________
100
Co. and the Zanesville R y., Light & Power C o., but this lease was assigned
125,000
125,000
125,000
to the Ohio Elec. Ry. Aug. 31 1907, and was abrogated by order o f Federal Preferred stock, $500,000__________
z Each $100 paying $25 25_______
25
25
25
Court In Aug. 1921. V. 113, p. 848.
The general and refunding mortgage bonds were listed on the Phila
x Each subscriber paying 2% assessment and subscribing to new bonds
delphia Stock Exchange In February 1907. V. 84. p. 339. See description at 93 for each $1,000 bond will pay $252 50 and receive securities as stated,
of bonds, property. A c.. In V. 83, p. 37.
y Each $1,000 bond paying 2% assessment but not subscribing for new bonds
Favorable Tax Decision.—See remarks under Cincinnati Street Ry.
will only receive com. stock, z Each pref. stockholder who pays $2 per
Interest in Default.— Interest due Nov. 1 1919 and subsequent Interest share for right to subscribe to new bonds at 93 for each $100 of stock will
on the company’s gen. & ref mtge 5s is in default.
pay $25 25 and receive securities as stated.
Sale of Collateral.— It was announced in March 1924 that the $1,000,000
Non-Assenting Bondholders, Stockholders and Creditors.— No provision is
Columbus London & Springfield 20-Year 5% bonds pledged as security for made in the plan for any holder of any of the above bonds who does not
the gen. & ref. mtge. 5s of the Ind. Col. & East. Trac. Co. are to be sold at deposit under the respective deposit agreements, and assent to the plan and
public auction. V. 118, p. 1520.
pay his assessment: nor is any provision made for any com. or pref. stock
Int. being in defauL on the Dayton Springfield & Urbana E. Ry. 1st holder of Columbus Buckeye Lake A Newark Traction Co. or Columbus
Mtge. 5s, the following prot ective committee was formed and has called for Newark A Zanesville Electric R y., except such pref. stockholders of the
deposits. (Coupons due Nov. 1 1921 were paid Oct. 1 1922 V 115, latter co. as may purchase the right to subscribe to the securities of the new
p. 1532. M ay 1 1922 coupons were paid with int. in Jan. 1923. V. co. The plan contemplates the payment of the general creditors of the
116, p. 515. N ov. 1 1922 coupons were paid with int. on M ay 1 1923. Columbus Newark A Zanesville Electric R y. Co. in full. Complete outline
V . 116, p. 1893. M ay 1 1923 coupons were paid with int. on N ov. 1 1923. of plan in V. 116, p. 294. 409, 933.
V. 117, p. 1992.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Committee for Dayton Spring. & Urb. ls< Mtge. 5s.— Chairman, Valentine Common. $1,525,000 ($100)______ ________
$1,525,000 ...................
Winters; ffm . R. Craven. Chas. W. Slagle, Richard S. Wilcock, John O. Pf. 6% cum. $500,000 ($100)........... 6 Q-J
500.000 See text.
Haswell and Costello C. Converse. Depositary: New York Trust C o., 1st mtge. $2,000,000, goldl 1904 5 g M-S
1,250,000 Mch 1 1924
N. Y
V. 113. p. 2720
„
_
($1,000)------------------- c * tf/In t. at Columbia T r. C o., N. Y .. trustee.
Committee for Ind. Col. & East. Gen. A Ref. Mtge. 5s.— Chairman, C. S. W. Gen A rer mtge, gold, $6.-1 1906 5 g M-N
1,211,000 May 1 1926
Packard; Wm. P. Gest, Sidney F. Tyler, Chas. S. Patton, R . B. Young.
250.000 ($1,000)____ c*tf|Int. at Girard Trust C o., Phila., Trustee.
Depositary, I’enna. Co. for Ins. on Lives & Gr. Annuities, Phila., Pa. O B L A N 1st mtge. $1,500,-1 1901 5 g M-N
1,243,000 N ov 1 1921
Deposit agreement amended. See V. 114, p. 1407.
000, gold ($1.000)____c * tf/ln t . at Columbia T r. C o., N. Y .. trustee.
The $500,000 Col. Lon. & Spg. 1st M . 5s. due Oct. 1 1920, had not yet Zanesville Ry. Lt A Pow lstf 1902 5 g M-S
750.000 Mar 1 1924
been taken up as of Oct. 1 1923. Int. now accrues on this issue at 6% .
cons mortgage. $1,000,0001 Int. at Cent. Tr. A S. D. C o.. Cine., Trustee.
STOCK AN D BONDS—
Date. Interest. Outstanding
Maturity
($500, $1,000). g o ld -.c * tfl or Trust Co. of America, New York.
Common. $3,025,000 ($100)............................... 250.000 Feb 1 1924
$3,025,000 ................... Zanesv Elec 1st mtge, $300,-[ 1899 7 g F-A
000, gold, subject to cali( Interest at International Trust C o., Boston,
Preferred. $1,000,000 ($100).............
5%
1.000.000 See text.
after 1903. $1,000 eacbcntfl Trustee.
Gen and ref mtge (see text) ( 1906 5 g M -N
6.650,000 M ay 1 1926
Bonds.— Of the $6,250,000 gen. A ref. bonds, $3,493,000 are reserved to
gold ($1,000)_______ c*tf j Int. at Pa.Oo.fur Ins.on L.&G.A.,Phlla.,Trus,
Ool Lon & Spg 1st mtge. $1.-1 1900 5 g A-O
500.000 Oct 1 1920 retire prior Hens and $1,546,000 for betterments and extensions. They are
500,000,
gold($1.000)c*ntf j Int. at N. Y. Trust C o.. New York, Trusteesubject to call after 5 years at 105 and int. Under terms of this m tge., none
Day Spg A Urb 1st m tge.l 1898 5 g M-N
750.000 Nov 1 1928 af the $750,000 1st mtge. bonds unissued can.now be Issued. The entire
Issue of Ool. New. A Zanesv. 1st 5s can be called at 110 and Int. on any Int.
$750,000. gold ($1.000) ntf I Interest at N .Y. Trust C o.. N. Y .. Trustee
date. V. 80, p. 1234. The Ool. Buck. L. A New. bonds are subject to
Bonds.—The gen.'and ref. mtge. was originally for $12,000,000 but auth
amount has been reduced to $10,000,000. Of the remaining bonds $250 • sail on any Int. date at 110 and Int. on 3 months' notice. Zanesville R y.,
000 are treas. heads deposited with trustee and are available for extens. & Lt. A Power bonds fell due Oct. 1 1912 but were extended to Mar. I 1924.
Impts. when net earns, are equal to 1 ^ times Int. charges on bonds ou< $250,000 reserved to retire underlying bonds. The Zanesv. Elec. 1st 7«
and to be Issued; $1,250,000 are held to retire the underlying Hens given were originally 4s and fell due Feb. 1 1919, but were extended to Feb. 1
In table above. The remaining $2,100,000 are reserved for future better 1924 at 7 % . V. 108, p. 1165.
Income Account.— For cal. year 1922: Gross, $1,178,588; net. $116,815
ments, improvements and extensions, and can only be Issued as follows,
$1,100,000 when net Income Is equal to 1 >4 times Int. charges on all bonds. other income. $6,476: taxes, $45,231; bal., $78,060.
ROAD.— Operates 95.85 miles of track from Columbus to Zanesville,
Including those to be issued, and $1.009.000 when net is equal to twice Int
charges, incl. int. on bonds to be issued. Are further secured by pledge of Including the city lines in Zanesville and Newark and a branch to Buckeye
$1,000,000 Col. Lon. A Spg. 1st mtge. 5s. (See above under “ Sale of Lake. Operates lighting and power plants in Zanesville. Standard gauge
Collateral.” ) These bonds are subject to call in whole, but not in part, 60 and 70-lb. T rail and 90-lb. girder. Also owns amusement park on
6 sub
at 105 and int. The Columbus London & Springfield bonds may be called Buckeye Lake. Owns and operates its Hebron power plant.
at 110 and int. $1,000,000 are pledged under the Ind. Col. A East. gen. stations. 70 cars.
OFFICERS.— Pres., Chas. Day; V .-P ., John S. Bleecker; Sec. and Treas.,
A ref. mtge. 5s (see above under “ Sale of Collateral” ) . A sink, fund on these
bonds of 5% of gross earns, began with year end. Sept. 30 1906. See V. 71, F. A. Healy. V. 112, p. 561, 1143. 2536; V. 113, p. 627; V. 115, p. 1837;
______
p. 963. $210,000 In sink, fund Oct. 31 1923. The Day. Springfield & Ur V. 116, p. 294. 409, 933, 1411.
bans bonds are sub), to call at 110 and Int. A sink, fund of 5% of gross
FORT WAYNE VAN W ERT & LIMA T RACTION CO.— A trolley
earnings began In 1903. $229,000 in sinking fund Oct. 1 1923.
R OAD.— Columbus to Orient, Columbus through Springfield to Day- road.
Receivership.— In Jan. 1921 Henry O. Paul was appointed ancillary re
ton, Dayton to Union City; Springfield to Lima, through Lima to Defiance
O. Total miles of track (electric) owned, 217.2, standard gauge. 17 sub ceiver for the company.
stations. 135 cars.
ORGANIZATION.— On Mar. 1 1906 was leased, until expiration of fran
OFFICERS.— Receiver, J. H. McClure; Pres., John E. Zimmerman chises and renewals thereof, to Lima A Toledo Traction C o., which guaran
V. -P ., John S. Bleecker; Sec. and Treas., F. A. Healy. The road is now teed the interest. V. 82. p. 691. Lease was assigned to Ohio Electric Ry.
operated by Day A Zimmermann.— V. 115, p. 2477; V. 116, p. 76, 515, Aug. 31 1907. In 1916 a ne.v lease was entered into (see “ Electric R y ."
Supp. of April 30 1921 for details), but on Aug. 5 1921 lease was abrogated
934, 1411, 1760, 1893, 2388; V. 117, p. 86, 1017, 1992; V. 118, p. 1520.
by order of Federal Court and property has since been operated separately.
COLUMBUS NEWARK & ZANESVILLE ELECTRIC R Y . CO.— A V. 113, p. 848. The Ohio Elec. R y. Co. owns all the common stock.
Incorporated in Indiana and Ohio. Road is entirely on private right-oftrolley road.
Receivership Terminated.— In Oct. 1922 it was stated that the receivership way except in towns, where it has 25 or 50-year franchises.
Favorable Tax Decision — See remarks under Cincinnati Street R y.
had been terminated and that the property was being operated for the
Interest in Default.— The co. having failed to pay the int. due Jan. 1
bondholders by Day A Zimmerman. Patrick A. Berry, Columbus, O.,
had been appointed receiver for the company on June 4 1921 on application 1920 on its 1st M . 5s (subsequent int. also in default), the following com
mittee was formed and has called for deposits:
o f the Girard Trust C o., Phila. V. 112, p. 2536.
Committee for 1st M . 5s.— Chairman, J. C. Neff; George K. Johnson,
ORGA N IZA TIO N .— Incorporated in Onio on July 2 1902, and In April
1904 absorbed the Newark A Granville Street Ry. In June 1906 acqul ed George deB. Greene, Thomas J. Walsh, A. C . Robinson, T. H. Atherton,
Depositaries: Fidelity Trust C o..
the Columbus Buckeye Lake A Newark Traction C o., the preferred shares Secretary, 325 Chestnut St., Phila
holders being given $500,000 in pref. stock for their holdings. Also took Phila., and Peoples Savs. A Trust C o., Pittsburgh, Pa.
over the Zanesv. Ry. Light A Power Co. and was then leased on June 23
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity,
1906 to the Indiana Colurn. A East. Trac. Co. for length of franchise and Common, $500,000 ($ 1 0 0 )________
_______
$500,000 ___________
renewals thereof. This lease was assigned to the Ohio Electric R y. in 1907 Pref, $500,000,5% n-c ($ 1 0 0 )____
. . . ___
500.000 _____ _____
but was abrogated by order of the Federal Court on Aug. 5 1921 and First mtge, $2,000,000, gold] 1905
5 g J-J
1,470,000 July 1 1930
property has since been operated separately. Rental was interest on bonds
guaranteed ($1,000)----- e*)Int. at Fidelity Trust C o.. Phila.. Trustee.
an amount equal to 6% on the preferred stock (none paid subsequent to
Binds.—'Of the $2,000,000 bonds, $530,000 are reserved for extensions
Sept. 1 1919) and $500 for organization expenses. V. 83, p. 625. Private and imnrovements
V. 82. p. 691. Are not sublect to cal'.
right of way from Newark to Zanesville; franchises on other lines exp.
E A R N IN G S.— For cal. year 1923, gross, $452,411; net, after taxes A
1925 to 1928. Entire common stock is owned by the Indiana Columbus A deprec., def., $37,800. In 1922, gross, $392,184; net, after tax, def.,
Eastern Traction Co.
$78,081.
Favorable Tax Decision — See remarks under Cincinnati Street R y.
ROAD.— 61.63 miles of electric track from Ft. Wayne via New Haven.
Interest Payments.— The Int. due N ov. 1 1919 on the co ’s. gen. A ref. Monroeville, Conway, Van Wert, Middlepoint, Delphos and Elida to Lima
mtge. was not paid until Feb. 1920. V. 110, p. 561. Compare V. 109. Commenced complete operation N ov. 15 1905. Connects at Ft. Wayne
p. 1986; V. 110, p. 167. May 1 1920 int. was paid when due. None paid with the Indiana Service Corp. and at Lima with the Lima A Toledo R R .,
since. Int. due Nov. 1 1920 on the $1,243,000 C . B . L . 4 N . Trac. 1st Mtg
the Western Ohio Ry. and the Indiana Columbus A Eastern Trac. Co.,
6s was not paid when due; V. l l l . p. 2010. In a notice sent to bondholders and forms part o f through line from Ft. Wayne to Toledo, Dayton and
In Mar. 1921 the committee for the C. B. L. A N . Trac. 1st 5s stated that Columbus. Standard gauge, 70-lb. T rails.
default had occurred “ in connection with the int. on all of the bonds cover
OFFICERS.— Pres., Frank H. Cutshall; Sec. A Treas., Harry E,
ing the various divisions o f the C. N. A Z. Elec. R y .” V. 112, p. 1143.
Committee for Zanesv. Ry., Lt. & Pow. 1st Consol. Mtge. 5s.— Chairman, Vordermark; Asst. Sec. A Asst. Treas., F. A . Healy.— V. 110, p. 164.
Arthur V. Morton; John O. Platt, Arthur E. Newbold Jr.; Sec., R. U. V. 112. p. 469, 2190; V. 113, p. 848.
Frey, 517 Chestnut St., Phila., Pa. Depositary, Philadelphia Trust Co.
CINCINNATI & DAYTON TR AC TIO N CO.
Committee for C. B. L. & N. Trac. lsf 5s.— Chairman, Geo. K. Johnson;
Receivership.—
1920 Geo. P. Sohngen was
W . P . Goodale, Robt. D. Kemp: Sec., L. W. Steeble, 530 Walnut St., the company by In Dec.Clarence Murphy. V. I l l , appointed receiver for
Judge
p. 2423. For rulings
Phila., Pa. Depositary, Phila. Trust C o., Phila., Pa. Deposits have of court as to rights under various liens see below under “ Foreclosure
been called for; V. I l l , p. 2040; V. 112, p. 561. Up to Mar. 1921 $820,000 Proceedings.”
o f the bonds had been deposited. V. 112, p. 1143.
Organization.— Incorp. April 26 1918 with $1,250,000 auth. capital stock,
Committee for lsf \Itge. 5s.— Chairman, Livingston E. Jones W m. A.
the Cincinnati
whose
Law .A. A .Montgomery ;Sec., J. M Johnston. Depositary, Girard Trust as successor to sold at foreclosureDayton A Toledo Traction C o., for the
properties were
on June 30 1917 to the committee
Co ..Phila. ,Pa . Deposits have been called for. V. I l l , p. 2139.
O. D. A T 1st cons.
subject to
Committee for Gen & Ref. Mtge. 5’s.— Chairman, R . M . Stinson; Alba $2,700,000 mortgages. . Holders of 5s for $400,000, undeposited $2,300,000
about $250,000
bonds will
B . Johnson and Claude A. Simpler. Depositary: The Land Title A Trust underlying
about $148 for each $1,000 bond in settlement.
C o ., Phila., Pa. Deposits have been called for. V. 109, p. 1986; V. receive been auth. to Issue $4,500,000 20-year 5% bonds to cover present
Has
110, p. 167. In June 1921 it was stated that over 84% ($1,026,000) of and future needs andprovide for retirement of underlying bonds. V. 106.
this Issue had been deposited. V. 112, p. 2536.
p. 2122. Compare V. 106, p. 1461. None issued up to Oct. 1 1921.
Reorganization Plan.— The committees representing the Columbus Buck
Committee for C. D. & T. 1st Cons. 5s.— Leo J. Van Lahr, James M .
eye Lake A Newark Traction Co. 1st mtge. 5s and the Columbus Newark Hutton, Claude Ashbrook, Edgar Friedlander and Otto Armleder. De
& Zanesville Electric Ry. 1st mtge. 5s and gen. mtge. 5s (see above) have positary, Provident Sav. Bank A Trust C o., Cincinnati. For statement by
adopted a reorganization plan dated Dec. 30 1922 and will assign and trans committee, see V. 102, p. 436. See also V. 102, p. 800.
34
[V ol. 118.
ELECTRIC RAILW AYS
Committee for Cine. A Ham. Elec. 1st 6s.— W. 8. Hayden and E. V. Hale,
with Gardner A bbott, Sec., 1215 Williamson Bldg., Cleveland. Deposi
tary, Citizens' Sav. & Tr. C o., Cleveland. Committee arranged to ad
vance as a loan to depositing bondholders the amount o f the unpaid coupons.
Committee for S. O. T. Co. 1st Cons. 5s.— Chairman, R . M . Stinson.
Livingston E . Jones, G. M . Cummings, and Edward E. Newman, Sec
Depositaries: Cleveland Trust C o. and Girard Trust C o. The M ay 1
1919 Interest had not been paid to N ov. 1 1919, at which time the period
o f grace provided for In the indenture expired and as a result of this default
the committee requested the trustee to apply for a receiver and to file a
bill o f foreclosure. For details see V. 109, P- 1986.
Foreclosure Proceedings.— The Cine. & Ham. Elec. 1st mtge. 6s being in
default o f prin. and int. from July 1 1918, the trustee has brought suit Id
foreclosure jointly with the trustee of the overlapping mtge. securing the
Southern Ohio Trac. 1st cons. 5s upon which the M ay 1 1919 int. is in de
fault. On Sept. 28 1920 a decision was rendered in effect that neither
Southern Ohio Traction mortgage nor underlying issues cover (1) the power
house, (2) the terminal from College Hill into Cincinnati: but only main
line from Dayton to College Hill. Neither do the mortgages cover equip
ment. Mortgagors can, if they elect, have a receiver appointed for the
property covered by mortgage. This leaves the co. in complete possession
o f power house, terminal and rolling stock. A rehearing on error was
asked. V. I l l , p. 1565. In Dec. 1920 the court ruled that transmission
lines are a part of the power house and are not covered by mortgage. For
further rulings o f the Court regarding liens, &c., see V. I l l , p. 2423. In
M ay 1921, however, the Court o f Appeals at Cincinnati, it was reported,
handed down a decision holding that the underlying bondholders are entitled
to have their rights restored to the condition they were in when the system
was operated as the Cine. Dayton & Toledo Trac. C o., or to have such
an interest in the new power house as would equal the cost o f such restora
tion. V. 112, p. 1977. A final appeal was taken to the Supreme Court.
See also V. 113, p. 2078. For statement regarding fina idecree see V. 113.
p, 2613.
Defaults.— As of Oct. 1 1921 the company was in default o f principal and
Interest on the Southern Ohio Trac. 1st cons. 5s. the Cine. & Hamilton
Elec. 1st 6s and the Dayton Trac. C o. 1st 5s. Regarding the $250,000 5%
bonds o f the Hamilton & Lindenwald Elec. Trans., due July 1 1922, W . E.
Hutton & Co. in July 1922 stated: “ These bonds are 1st mtge. on Hamilton,
O., city lines, on which the Southern Ohio Trac. C o. bonds are 2d mtge.
and Cin. & Dayton Trac. C o. are 3d mtge. The entire matter now tied up
in court, nothing can be done until court hands down decision.” V . 115.
p . 307.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Stock, $1,250,000___________ _____
— ........... $1,250,000 .....................
1st & Ref. Cons. M tg e .......... 19185%
(?)
1938
Underlying Issues—
Southern Ohio Trac 1st consf 1900
5 g M -N
1,350,000 May 1 1920
$2,000,(100 ($1,000), goldc*( Int. at Cleveland Trust C o.. Trustee, or at
[ Standard Trust C o., New York.
Cin & Ham Elec 1st g ($500) f 1898
6 g J-J
400,000 July 1 1918
$500,000, not subj to c a ll., lin t, atCit. Sav. & Tr. C o., Cleve., Trustee.
Dayton Traction 1st M , g f 1896
5 g J-J
250,000 M ay 1 1920
($1,000). Int guar______ c*\Int. at Finance Co of Penn., Phlla., Trustee.
Ham & Lindenwald Ei Tran) 1901
5 g J-D
250,000 July 1 1922
1st M s f $250,000. g ($1,-1 Interest at Cleveland Trust C o.. Trustee.
000). Int guar_________ c*J
Bonds.— None of the underlying issues is subject to call.
Of the $2,000,000 South. Ohio Traction bonds. $650,000 are reserved to
retire Cin. & Ham. Electric bonds and Dayton Traction bonds. Issue
listed on Philadelphia Stock Exchange. The Dayton Traction 5s matured
originally on July 1 1916. but were extended to M ay 1 1920, but have not
yet (Oct 1 1923) been paid. The Cin. & Ham. Elec. 1st 6s due July 1 1918
had not been paid up to Oct. 1 1923 (see above.)
The Ham. & Lind. Elec. Tran, bonds originally fell due Dec. 1 1911, but
arrangements were made at that time to extend them to July 1 1922. V. 93
p.1386,1387. N ot paid at maturity. (See above.) Annual sinking fund
o f 5% on Ham. & Lind, bonds began Dec. 1 1906, increasing 1% each
year up to 1911. $67,000 in sinking fund Oct. 1 1923.
ROAD.— Owns 91.07 miles of electric track, connecting Cincinnati with
Dayton, including M t. Healthy and College Hill branches and the Hamilton
city lines. Carries passengers, freight and express. Standard gauge, 60,
70 and 73-lb. T and girder rails.
OFFICERS.— Pres., J. M . Hutton: V .-P ., O. Armleder; Sec., Claud?
Ashbrook; Treas., Lea J Van Lahr; Gen. M gr., M . Ackerman: Aud., L. P
Longon.— V . 112, p. 1977, 2642: V. 113, p. 70. 2078, 2613; V. 115, p. 307.
SCIOTO VALLEY R Y . & POW ER CO.— Third rail.
ORGANIZATION.— Incorporated in Ohio with a perpetual charter in
1904. Was formerly known as the Scioto Valley Traction C o., but name
was changed to present title June 8 1923. V. 116, p. 2768. Built on private
right of way. Franchises extend beyond maturity of 1st mtge. bonds. In
1908 canceled $2,000,000 mtge. of 1903 and made new mtge. for $4,000,000,
which see below. Stockholders voted Sept. 22 1908 authorizing $500,000
new 5% first preferred stock, which ranks ahead of old preferred stock.
(V. 87, p. 481 and 615.)
In Apr. 1916 the Ohio P. U. Comm. auth. the issuance of the remaining
$200,000 5% 1st pref. stock to acquire the entire stock of the Columbus
Depot C o., which was Incorporated in 1912 in the interest of the company
to build a terminal in Columbus. V. 102. p. 1626.
In Jan 1917 the co. leased from the State of Ohio for 25 years at an annn&l
rental of $6,000 the bed of the old canal feeder from Lockbourne to
Main St., about 11 miles, for a new entrance into Columbus.
Leases the Ohio Southern Interurban & Terminal Depot C o. property for
99 years. $1,426,000 1st mtge. 5s due Sept. 1 1923 were retired at maturity,
connection therewith.
$1,400,000 20-year 1st mtge. 6s being issued
V. 116, p. 2994.
Maturity
STOCK AND BONDS—
Date.
Interest. Outstanding.
See text
Common, $1,800,000 ( $ 1 0 0 ) - - ____
_______
$1,800,000
1st pref, $500,000. 5% c u m . . . ____
Q-J
489.300 A pr.’24. 1 H
Pref. $1,200,000. 5% c u m l ____
Q-J
1.200.000 A pr.'24. 1H
($100)_____________________ f
1.400.000 June 1 1943
20-year 1st mortgage $2,500,-f 1923
6 g J-D
000 ($500 and $1,000) sink-{Int. at Huntington Nat. Bank, Columbus.
ing fund g ___________ c * tf( trustee, or at First Nat. Bank, N . Y .
Bonds.— Remaining 1st mtge. bonds may be issued for 75% o f the cash
cost of additions and capital impts. under certain restrictions. An annual
sinking fund commencing N ov. 15 1925 and sufficient to retire $400,000
bonds between 1925 and 1942 is provided for. The sinking fund will be
used to purchase bonds In the market up to and incl. 102. If unobtainable
at this figure bonds will be called by lot at 102. A sinking fund of 1 A %
will be applied towards any additional bonds issued in accordance with the
provisions of the mtge. Are call., all or in part, on any date on 30 days’
notice at 105 or by lot for sinking fund purposes at 102. Penna. and Conn.
4-mill tax refunded. V. 116, p. 2994.
Dividends.— Dividends on old issue of pref. stock were to accrue from
Oct. 1 1905, but amounts due Jan. 1 1906 and April 1 1906 were relinquished
by shareholders, and 1st dlv. ( l l f % ) was paid July 1906 and 1 A % Oct.
1906 (V. 82, p. 1440): in 1907 and since, 5% per annum. On Oct. 15 1918
and again on Apr. 15 1919 divs. of 1% (payable in U. S. Liberty Loan 4 A %
bonds) were paid on the common stock.
E A R N IN G S.— For 12 months ending Dec. 31:
Year—
Gross.
Net.
Int..tax..Ac. Pref. Divs. Surplus
$257,338
$157,038
1923 _________ $723,922
$84,465
$15,836
1922 --------------- 716.262
242,272
140,015
84.465
17.792
Paid passengers carried in 1923, 1,134,657, against 1,116,357 in 1922.
R OAD.— Operates 77.9 miles of track from Columbus to Lancaster and
from Columbus to Ohillicothe. Is operated by third-rail system. Standard
gauge, 70-lb. T rail. Within city limits of Columbus, company operates
aver tracks o f Columbus Ry. Pow & Lt. Co under oper. agreement.
OFFICERS.— Pres, and M gr., Frank A . Davis: V.-Pres. and Treas.'
Edwin R. Sharp; Sec., A. C. Moorhaus; Supt., P. F. Thompson.— V. 102.
p. 1437, 1626: V. 107, p. 83: V. 113, p. 850: V. 116, p. 2258, 2768, 2994.
CONCORD, N. H.
CONCORD STREET R A ILW A Y .— A trolley road extending from the
aentral wards of Concord to Penacook. Comprised 12.71 miles of track.
In June 1901 control passed to the Boston & Maine R R ., and In 1903 the
New Hampshire Legislature authorized the Concord & Montreal S B .,
which Is leased to the Boston & Maine. *o nurchase the property and to
’•sue stock and bonds to pay therefor.
COOPERSTOWN, N. Y.
SOUTHERN NEW Y O R K POWER & RAILW AY C O R P O R A T IO N .
ORGANIZATION.— Incorp. In New York in July 1909 as the Otsego 3c
Herkimer R R ., succeeding the Oneonta & Mohawk Valley R R . (V. 89.
p. 411). Name changed to above in July 1916. In 1917 acquired control
of the Colliers Light. Heat & Power C o., Deposit Electric C o., Hartwick
Power Co. and Southern New York Power Co.
In addition to operating an electric interurban railroad the co. serves
electric light, heat and power in 24 cities and towns with a population in
excess of 50,000. The railroad franchise Is perpetual and others are per
petual or extend beyond the maturity of the bonds.
In M ay 1918 was auth. by the N. Y . P. S. Comm, to execute a mtge.
(THE) COLUMBUS DELAWARE & MARION ELECTRIC CO.
to the Equitable Trust C o., N. Y ., as trustee, to secure $5,000,000 6%
ORGA N IZA TIO N .— Incorp. In Ohio June 12 1917 to take over the 10-year 1st M . bonds and has issued thereunder $952,000 bonds which were
properties o f the Columbus Delaware & Marion R y., sold under foreclosure exchanged for $1,085,000 outstanding bonds of the old issue. Subse
on June 11 1917, subject to underlying mortgages aggregating $1,533,000 quently $48,000 additional were issued upon the acquisition of a like amount
(which, however, were not assumed by the C. D. & M . Elec. C o., the rights of capital stock of the Southern New York Power Co. Proceeds received by
of such bondholders being neither enlarged nor diminished). All of these the latter were used in the acquisition o f bonds of the Deposit Electric Co.
bonds have since been paid or the mortgages satisfied. Owns and operates Subsequently $500,000 o f bonds were sold to the Associated Gas & Elec.
the central station electric light and power business in Marion and supplies Co. to pay bills payable and current liabilities. V. 115, p. 2159; V . 116,
several villages with electrical energy, the street railways in Marion and p . 617. Remaining bonds are to be issued from time to time for acquisitions
Delaware, and the interurban railroad between Columbus, Delaware and and extensions. V. 106, p. 1578. 2230.
Exchange offer Made to Bondholders.— On M ay 25 1923 holders of the c o .’s
Marion. Also furnishes electricity to the villages o f ProSDect. Waldo
Powell, Radnor, Greencamp, Caledonia, Meeker, Stratford, Essex and 1st mtge. 6% bonds were offered in exchange for their bonds, par for par,
Richwood. Over 76% o f the interurban track is on pr vate right-of-way. of the 1st mtge. 5 A s of the New York State Gas & Elec. Corp. and|or
Has entrance to centre o f Columbus over tracks o f the Col. R y., P. & L. the pref. stock o f the Associated Gas & Elec. Co. on the basis of 20 shares
of stock for each $1,000 bond. For further particulars see V. 117, p. 88,
Co.. 4 09 m.les.
209. 1129.
Franchises contain no burdensome restrictions.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
In Mar. 1922 sold to the Columbus R y. Pow. & Lt. Co. 6 miles of track. Common $774,900 ($100)_________
_______
$774,900 __________
V. 114. p. 519. 1062.
Pref cam $500,000 ($100)_________
7 Q-J
500.000 Apr '22. 1H
In Sept. 1922 the co. issued $1,374,000 1st & ref. mtge. stamped 6% First Mortgage $ 5 .0 0 0 ,0 0 0 /____
6%
1,500.000 __________
bonds, a portion o f which was used to retire an issue o f gen. & consol, series
($100, $500 & $1,000)-c * tf lin t, at Equitable Trust Co.. N . Y ., Trustee
“ A ” 8% bonds dated Feb. 1 1921 (called for payment Aug. 1 1922 at
Stock.— Pref. stock is free of normal Federal Income tax and Is tax-exempt
104A and in t.). V. 115, p. 307, 1531.1729. Compare V. 115, p. 72. $203,- in N Y . State. V. 106, p. 822.
000 Col. No. R y . power & equip. 1st 5s due Sept. 1 1934 and $3(1,000 Marion
Bonds.— Call, at 105 on any int. date. Tax-exempt in N . Y ., tax re
R y., Lt. & Power 1st 5s due July 1 1924 were also retired and canceled.
funded in Pa., and normal Federal income tax of 4% paid by co. V
198 p 2123.
STOCK AN D BONDS— Date. Interest. Outstanding. Maturity
EARNINGS.— For years end. Dec. 31:
Common $3,000,000 ($100).............- _______ $1,200,000 _______
Calendar
•
Gross
Net (.after
Bond
Other
Balance.
Pref 7% cum $3,000,000 ($ 1 0 0 )___
7Q-J
1,000,000 Oct.’23,15^%
Years—
Earnings.
Taxes).
Interest. Interest,Ac.
Surplus
First & Refunding Mortgage) 1917 5%
1,787,000 July 1 193
1922 ----------------$539,150
$107,848
$64,500
$26,741
$16608
Stamped to bear 6 % ______ 11917
6%
1,750.000 July 1 1937
1921
517.156
121,903
60.000
18,937
42,966
$7,500,000 ($ 1,00 0)_____cjCleveland Trust C o.. Trustee.
Latest Earnings.— For 12 mos. ended M ay 31 1923 and 1922 see V. 117.
Pref. stock is non-taxable in Oaio, N . Y ., N . H. and Conn. Red. all oi p. 327.
ROAD.— Operates 62.04 miles main and 4.63 miles second track, 50 miles
part, at $115 and divs
Additional pref. stock cannot be issued without
ahe consent of the majority o f the pref. stock, unless the net earnings avail being on private right of way, between Oneonta, Cooperstown, Richfield
nble for divs. thereon are double the requirements on the pref. stock issued Springs and Mohawk, from which point it operates over the N. Y. State
as%proposed. No stock having priority can be auth. except with consent Rys. to Utica, 15 10 miles, and to Herkimer, 1.40 miles. Total operated,
83 17 miles. Rails 60 to 80 lbs.; 17 passenger and 5 motor freight cars;
of 75% o f pref. stock
1 electric locomotive: 4 snow plows; 1
Bonds.— $1,787,000 1st & ref. mtge. bonds bear 5% int., while $1,550,000 Has a 2,500 k w. hydro-electric power sweeper; 3 service, and 25 other cars.
are stamped to bear 6 % .
The additional int. o f 1% per annum is to be plant as auxiliary, connected with aplant, with a 2,000 k. w. steam power
high-voltage transmission line; 750
secured by any gen. mtge. which the c o . may execute in the future. V . 115, k. w. steam plant and 500 k. w. combined steam and hydro-electric plant
p. 1531. $540,000 o f the first & ref. mtge. bonds are reserved to retire connected by transmission line. Owns 90 miles of transmission lines.
underlying bonds. Additional bonds made be issued for 80% o f the actual
OFFICERS.— Pres., J. J. Mange; V.-P.s, S. J. Magee and C. A.
cost o f additional properties and permanent extensions, additions, improve idge; Treas., S. H. Cheney; Sec. & Asst. Treas., B. E. Michel; Gen. GreenM gr.,
ments or betterments, but only under certain conditions
Sinking fund of A. J. Stratton. Under the mgt. of the J. G. White Management Corp.—
1% o f outstanding bonds annually began Jan. 1 1920. The 5% bonds are V. 107, p. 83. 1921:
red. at 102 and int. on any int. date upon 30 days’ notice. The 6% stamped p. 74, 2159; V. 116,V. 108. p. 270. 1512. 2123: V. 112. p 163, 2749; V. 115,
p. 617; V. 117, p. 88, 209, 327. 1129.
bonds are red. all or in part on any int. date on 30 days’ notice at 107 A and
int. mn or before Jan. 1 1927 and thereafter at 100 plus a premium o f 5%
less A o f 1 % for each full year o f expired life after July 1 1927. V. 115, p.
CORNING, N. Y.
1531. Int. is also payable at Bankers Trust C o., N . Y . City.
CORNING & PAINTED POST STREET R Y .— A trolley road.
EARNINGS Operating xOperating
— Ann. require, for— Bal.forOep.
ORGANIZATION.— Incorporated Dec. 11. 1894. Commenced operaYear ending—
Revenue.
Income. Bd. ,Ac..Int. Pref. Div. Com.Stk.,A' don Nov. 1 1895. Control changed hands In 1904. V. 80. p. 162.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
1923_______ $1,194,102
$355,243
$264,182
$69,895
$21,166
1922________ 1,081.896
340,787
246,894
69,969
23.924
Stock, $100,000 ($100)----------------------------$100,000 1905-06.4%
x After taxes and depreciation.
l«t mortgage. $100,000--------- 1896
5 J-J
100,000 Jan 1 1936
The bonds fell due originally In 1916 but were extended for 20 years.
Latest Earnings.— See report for year ended April 30 1923 in V .117,p .1235.
EARNINGS.— For cal. years:
ROAD, &c.— 59 miles of single track equivalent: 23 city and 12 interurban
Gross
Net (after
Other
Interest,
Balance
passenger cars, 3 freight and express cars, 11 freight box car trailers, 18
Year—
Earnings.
Taxes).
Income. Rents, Ac. Surv or def.
flat, dump and work cars, and 2 motor snow plows. Has a complete 1922
..$66,511
$7,647
$1,781
$5,900 sur$3,527
electric distribution system in Marion and 3 steam power stations having 1921
64.247
737
1.623
____
________
6,050
def.3,690
an aggregate capacity of 12,050 k. v. a.
ROAD.— Owns 5.9 miles of track from Corning to Painted Post; 24 cars.
OFFICERS.— Pres. & Gen. M gr., A. F. Van Deinse; Sec., Treas. & Aud.,
OFFICERS.— Pres., F. D. Underwood; V.-P. & Sec., G. H. Minor;
C. C. Martindill.— V . I l l , p. 79l, 1471: V . 112, p. 2747: V. 114, p. 519, Asst. Sec., J. E. Packer; Treas., W . J. M oody; Com p., O. P. Crawford.
—V. 80. p. 62.
1062: V. 115, p. 72. 307, 1531, 1729: V. 117, p. 1235; V. 118, p. 1910.
ELECTRIC RAILW AYS
A pril, 1924.]
CORTLAND, N. Y.
THE CORTLAND COUNTY TR AC T IO N .— Trolley, light and power.
ORGANIZATION.— Ia a reorganization on June 22 1901 of the Cortland
S Homer Traction, Bold at foreclosure on Apr. 23 1901. In June 1905 ab
c
sorbed the Cortland & Homer Electric C o., previously controlled. Fur
nishes light to the cities o f Homer and Cortland and to the public. Carries
•oal ana freight as well as passengers.
The 1st Mtge. 4s, which matured April 1 1921, were, we understand,
purchased by interests connected with the co. and are being carried along
at 7% int.
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity.
-.
$320,000
----Stock, com. 3320,000 ($100)---f 1901
4g A O
180,000 April 1 1921
First mtge, $180,000 ($500). ICounty Sav. Bk. S Tr. Co.. Scranton, Pa..
c
gold___________________ c*( Trustee. Int. at co.'s office. No sink. fd.
I Can be called on 6 months’ notice.
New mortgage, $500,000. g f 1905
5 g F-A
320.000 Aug 11938
($500 and $1,000)_______ cl Interest at Empire T r. C o., N . Y .. Trustee.
1st S ref mtge, $2.000,000___/ 1907
c
5 J-D
105,000 June 1 1957
lin t, at Equitable Tr. C o., N. Y ., Trustee
Bonds.— Of the $500,000 Issue of 1905, $180,000 are reserved to retire
prior liens. They are subject to call at 105.
R O A D .— Operates 16.18 miles of track (not Including sidings and turn
outs) between Cortland, Homer, Little York and Preble, and between
Cortland and McGrawvllle. Has 33 cars.
E A R N IN G S — For fiscal year ending Dec. 31 1923, gross, $370,497; net,
after taxes, $37,690. In 1922, net, from operation, $74,651; other income,
$2,363; bond. Sec., int., taxes, $35,962; surplus, $41,052.
OFFICERS.— Pres., Edwin Duffey; V .-P., E. H. Brewer; Treas. &
Gen. M gr., G. H. Garrison.— V. 81, p. 507.
COVINGTON, KY.
CINCINNATI NEWPORT & COVINGTON LIG H T St TRACTION
CO.— A trolley road.
ORGAN IZATION .— Incorporated under the laws o f New Jersey on
March 11 1902 and purchased all the stock of the Union Light, Heat &
Power Co. of Covington and of the Cincinnati Newport & Covington Bait
way. V. 74, p. 576. The latter was organized In 1892 to buy up and con
■olldate all the roads on the Kentucky side of the river opposite Cincinnati
Prior to July 1 1922 the South Covington & Cincinnati St. Ry. Co., a
Ky. corp. (formerly one of the constituent cos. of the Cine. Newport & Cov.
Ry. C o., an Ohio corp.) acquired direct ownership of ail the street railway
properties formerly owned by the Cine. Newport S Cov. Ry. Co. and its
c
subsidiaries (except the Cine. Cov. & Ros-edale Ry. Co. and the Cine.
Cov. & Erlanger Ry. C o., whose stock it acquired) and changed its name to
the Cincinnati Newport & Covington Ry. Co.
Lease.— The Union Lt., Ht. & Power Co. and the Cine. Newp. S C ot
c
Ry . (both controlled through stock ownership by the Cine. Newp. & Cov.
Lt. S Tr.) were leased from Apr. 1 1907 to Columbia Gas S Electric Co.
c
c
(Incorporated In Ohio) for 45 years. The lessee guarantees interest on
bonds and 4)4% per annum on preferred stock. On common, dividends are
to be 3 % for first year, increasing 34 % each year until 6 % Is reached, which
Is to be the rate thereafter. See V. 84, p. 449, 930; also terms In V. 84, p
1489, under Columbia Gas & Electric. Under agreement ratified in July
1915 the exts. and add’ns to Union L t., Ht. S P. C o.'s property are to be
c
paid for by the issue o f new 50-year 5% bonds (see below) instead of by
sale of stock o f the CInriBnatl company as provided under the old agree
ment. V. 101, p. 694. The co. leases jointly with the Western Union
Telegraph Co. for a peric Jolfr >m 20 to 30 years, the Dixie Terminal Bldgs.,
which opened for service n Of t. 22, 1921.
The controlled Cincinnati Ouvlngton S Erlanger St. R y ., which was In
c
corp. Sept. 1899 with $260,000 stock (shares $50). to build an extension to
Erlanger, 7)4 miles (about 3 miles completed) has been leased to the
Columbia Gas S Electric.
c
The Fort Mitchell Erlanger & Elsmere Trac. Co., which is to build a
line from Mitchell to Erlanger, about 3)4 miles, will, it is stated, be leased
to the South Covington & Cincinnati St. Ry. (now Cine. Newp. & Cov.
R y .). V. 115, p .988.
Franchise Decisions.— See “ Elec. R y. Supplement” of Oct. 28 1922.
In July 1922 $3,709,000 Cine. Newp. & Cov. Ry. 1st S ref. mtge. 6%
c
bonds were brought out, proceeds being used to refund $2,850,000 1st mtge.
5s and $859,000 2d mtge. 5s due at that time and for impts., exts. and
add’ns. V. 115, p. 182.
Modification of Agreement with Col. Oas & Elec. Co. Proposed.— See V.
114, p. 737.
8TOOK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Common, $5 000,000 ($100).............
Q-J
$5,000,000 Apr '24,1)4
Pref. 4)4% non-cum, $5.-1
000,000 ($100).................... / -----4)4 Q-J
4.500.000 A p r '24.1)4
Underlying Bonds—
So Oov&Cln cons M $500,000/ 1892
6 g J-J
150.000 Jan 11932
gold ($500, $1,000)_______ (Covington Sav Bank S Tr. C o.. Trustee.
c
Cincinnati Newport A Covington By—
1st S ref mtge $7,500,0001 1922
c
6 g J-J
3,969,500 July 1 1947
($500 and $1,000)_ c*tf)In t. at Central Trust C o., Cine., Trustee.
_
Union Light. Heat & Power Co.—
First mortgage $5,000,0001 1920 7 g F-A 15 1,999,900 Feb. 151925
($100, $500 and $1,000)■{Int. at Union Savings Bank S Trust Co.,
c
gold c*&r*______________tf l Cine., Trus., or at Bankers Tr. C o., N . Y.
Guaranteed Bonds—
Licking River Br Co 1st M l 1914
5 M-S
142,300
1939
$185,000 guar (see text) s f I
Bonds.— The C. N. S C. Ry. 1st & ref. 6% bonds are call, during first 5
c
years ending with July 1927 at 107)4, and during each 5-year interval
thereafter at 1)4% less until July 1 1947. During second 5 years end.
Juiy 1932, 106. During third 5 years end. July 1937, 104)4- During
fourth 5 years end. July 1942, 103. During fifth 5 years end. July 1947,
101)4- V. 115, n. 182. The Union Light, Heat & Power Co. 1st M . 7%
bonds are a 1st lien on the co.'s property. Additional bonds of this Issue
may be Issued for 85% o f the cost of additions and impts. under certain
restrictions. Call, ail or in part on any int. date on 30 days' notice at
102 and int. to and incl. Feb. 15 1923, since at 100 and int. The
Columbia Gas & Elec. Co. guar., p. & i., the 1st M . bonds of the Union
Lt., Ht. & Pow. Co. V. 110, p. 368. Licking River bonds are guaranteed
by Columbia Gas & Elec. Co. and the South Covington S Cin. St. Ry.
c
D IV ID E N D S.— On pref. 4)4% is being paid (1 )<% quar.). On com
mon stock first div. of % % was paid July 15 1907 and )4 % Oct. 15 1907. In
1908. 3)4% ; in 1909, 3?4% : in 1910, 4 )4 % ; in 1911, 4 )4 % : in 1912. 5)4%
In 1913. 5 )4 % ; in 1914 and since, 6% per annum.
ROAD.— Connects Cincinnati, Covington, Newport, Bellevue, Dayton
Clifton, Southgate, Fort Thomas, Fort Mitchell. West Covington and
Ludlow. Total in operation. 69 miles; laid with 80-lb. Johnston girder
and 72 and 80-lb. T and 97 and 103-lb. groove rails.
OFFICERS.— Pres., James M . Hutton; V.-P., Louis J. Hauck; Sec. &
Treas., George M . Abbott.— V. 110, p. 871; V. I l l , p. 1660; V. 112, p. 1616,
2189; V. 114, p. 737, 2716; V. 115, p. 182, 98S, 1099.
DALLAS, TEXAS.
DALLAS RAILW AY CO.
ORGANIZATION.— Incorp. In Texas on Sept. 22 1917 to take over and
operate the electric railway properties formerly owned by the Dallas Elec.
Lt. Sc Pow. Co. (see Dallas Electric Co. in this Section for Sept. 1917) under
the “ service-at-cost” franchise approved by the citizens o f Dallas at an
election held April 3 1917. Formal acceptance o f the franchise was filed
Sept. 27 1917. V. 105, p. 1419. The lighting properties of the Dallas
Electric Lt. & Pow. Co. were taken over by the Dallas Power S Light Co.,
c
which see below.
The company leases with the right to purchase for $2,000,000, the Oak
Cliff lines of the Northern Texas Traction Co. at an annual rental increasing
from $115,000 for the first three years to $150,000 the seventh year and
thereafter.
On Sept. 30 1917 purchased the Dallas Interurban Terminal Assod*
tion, which has a modern fireproof eight-story passenger terminal and
office building In the business district of Dallas, and assumed its notes.
The terminal facilities have been leased for 20 years to the three interurban
lines entering Dallas. The terminal was opened for service Sept. 1 1916.
35
On Dec. 1 1920 took over the Standard Traction C o., which had been
operating the Mount Auburn and Park View additions to the city. V . 112',
p. 161. The company discontinued operations M ay 1 1921, the date of the
expiration of the lea.se agreement. The Standard Traction Co. was ordered
sold on M ay 3 1921 to satisfy a judgment of $5,000 (V. 112, p. 1740), but
an order was signed early in May 1921 appointing Geo. P. Dunlap, receiver,
and restraining the proposed sale. V. 112, p. 19/7. In July 1921 the com
pany resumed operation of the Standard Trac. C o.’s line. V. 113, p. 70.
Franchise.— For terms of franchise under which it operates see “ Electric
Railway Supplement” of Oct. 28 1922.
The $1,000,000 7% notes due June 15 1920 were extended at the same
rate to “ on or before Dec. 1 1927.” V. l l l . p . 1082.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common, $2,250,000 ($100)..................................... $2,250,000
.........- - Preferred $500,000 7% ($100)...................................
500,000 M ar’24,hi%
Secured notes Series “ A ” $1 ,-\ 1918
7%
1,000,000
See text
100,000 gold____________ /Equitable Trust C o., New York, trustee.
Unsecured notes_____________1917
6%
2,529.869
See text
Dallas Elec Co Term Mtge 5-\ 1916 7 J-J 1
750,000 Jan 1 1921
year notes $1,000,000____c/Interest at State Street Trust C o., trustee.
Stock.— Pref. stock Is entitled to 7% non-cum. divs. up to Sept. 30 1920.
and to 7% cum. divs. thereafter. Red. at 110 and divs. on 60 day notice.
Notes.— The secured 7% notes, Series “ A ,” originally matured June 15>
1920, but have been extended to “ on or before Dec. 1 1927.” Redeemable
at par and interest. The Dallas Electric Terminal notes which matured
Jan. 1 1921 bore 6% interest, but have been extended at 7% .
EARN ING S.— For calendar year 1923, gross, $3,335,764; net, $595,800'.
In 1922, gross, $3,272,787; net, $633,513.
ROAD.— Operates 105 miles of track in the city of Dallas and suburbs,
Including the Teased Oak Cliff lines.
OFFICERS.— Chairman of Board, O. W . Hobson; Pres., W. M . Holland;
V.-Ps., J. O. Duke, E. W . Hill, A. S. Grenier and C. B. Humphrey; V.-P. &
Gen. M gr., Richard Merriwether; Sec.-Treas., J. B. Walker.— V. 113, p.
1359. 2613; V. 115, p. 73, 1531, 2158, 2477; V. 116, p. 1411; V. 117, p.85.
DALLAS POWER & LIG H T CO.
ORGANIZATION.— Incorp. In Texas on Sept. 22 1917 to take over and
operate the power and light properties of the Dallas Electric Light S Power
c
Co. formerly controlled by Dallas Electric Co. (See this section for Sept.
1917) under the franchise approved by the citizens of Dallas at an election
held April 3 1917 and formally accepted on Sept. 27 1917. The railway
properties of the Dallas Elec. L. & P. Co. W8re taken over by the Dallas
Ry C o., which see above. V. 105, p 1423 In Aug. 1922 the co. was
auth. to build an addition to its generating plant, estimated to cost $2,180,000. V. 115, p. 992.
Does substantially all the electric power and light business In Dallas,
serving a population of about 195,000.
Franchise.— For terms of franchise under which the company operates
see “ Electric Railway Supplement” of Oct. 28 1922.
In Sept. 1923 the stockholders increased the authorized amount of pref.
stock from $1,500,000 to $2,500,000, and changed the par value o f common
from $100 to $20 per share, five new shares of common (par $20) being ex
changed for each old share of common outstanding. V. 117, p. 1466.
STOCK AND BONDS—
Date.
Interest. Outstanding.
MaturityCom stock $2,000,000 ($20)— ..................... ........ $2,000,000 ------- -------Pref.stk.$2 500.000 c u m ($ l0 0 )____
7%
2,150.000 May '24,1 %
1st M ($500 & $1,000) g *r*tfl 1919 6 g J-J 1
6,000,000 July I 1949
Ser “ A " ............
- - ) 1919 7)4 g J-J
1,100,000 July 1 1949
Series “ B” ____________________ |1922 5 g A-O
1,000,000 July 1 1952
Series “ O” _________________ JOld Colony Trust C o.. Boston, Trustee.
5)4 g J-J
1,000,000 Ian 11951
Series “ D ” _________________ | 1924
Stock.— Pref. stock is red. at 110 and accrued int.
Bonds.— Are issuable in series maturing not earlier than July 1 1949.
nor later than July 1 1962, and bearing such rates of int. and red. upon such
terms as may be determined by the board of directors. Additional bonds
may be Issued to the extent or 80% of the cost of exts., betterments and
impts. under certain conditions. Otherwise the authorized issue is not.
limited as to amount. The series " A ” bonds are red. all or In part on 30
days’ notice at 107)4 and Int. up to and incl. July 1 1924; 106)4 and int.
through July 1 1929; 105)4 and int. through July 1 1934; 104)4 and Int.
through July 1 1939; 103 and int. through July 1 1948; 101 and int. there
after. Series “ B ” are callable all or in part on and after July 1 1930 or
30 days’ notice at 107)4 and int. to and incl. Jan. 1 1935; 106 and int. toand incl. Jan. 1 1940; 104 and int. to and incl. Jan. 1 1945; 103 and int.
to and incl. Jan. 1 1947; 102 and int. to and incl. Jan. 1 1948; 101 and int.
thereafter. Series “ O” are callable, all or in part, on any int. date on four
weeks’ notice, at 105 and int. on or before Oct. 1 1927; thereafter through
Oct. 1 1932 at 104 and int.; through Oct. 1 1937 at 103 and int., through
Oct. 1 1942, at 102 and int.; through Oct. 1 1947 at 101 and Int.; and there
after, but prior to maturity, at 100)4 and int. V. 115, p. 1843. Series “ D ”
are callable, all or in part, on four weeks’ notice at 104 and int. up to and
incl. Jan. 1 1929; 103 and int. through Jan. 1 1934; 102 and int. through
Jan. 1 1939; 101 and int. through Jan. 1 1944; and 100)4 and int. thereafter.
Annual sinking and improvement fund beginning 1924, of 1 )4 % of the total
amount of bonds issued. Interest is payable in Boston and New York.
Dividends.— 1)4% has been paid on the pref. stock regularly quarterly
from date o f issuance to and incl. M ay 1924.
EARNING S.— For 12 months ending Dec. 31:
Twelve
Gross
Net, after
Other
Interest,
Balance.
Months— Earnings.
Taxes.
Income.
&c.
Surplus.
1923---------$3,078,961
$1,183,780
$17,416
$453,488
$747,708
1922.......... 2,770,051
1.026,330 18,548
400,017
644,861
OFFICERS.—Chairman, W. B. Head; Pres., C. E. Oalder; V.-Ps.,
H. L. Seay, A. S. Grenier and E. W . Hill; Y.-P. & Gen. M gr., O. W. Davis’
Sec. S Treas.. J. B. Walker.
c
Management.— Operations are supervised by Electric Bond & Share Co-.
— V. 114, p. 83; V. 115, p. 992, 1843; V. 117, p. 898, 1466.
TEXAS ELECTRIC R A ILW A Y.
ORGAN IZATION .— Incorp. In Texas July 5 1916 and Is a consolidat
io n of the Texas Traction Co. and Southern Traction Co. (see V. 104, p .
132. 560). comprising a modern, high-speed electric Interurban railway sys
tem serving a number of cities and towns in Texas, in and adjacent to the
“ Black Waxy Belt.” including Dallas, W aco, Denison, Sherman, Corsi
cana, Warahachie and McKinney. Also owns and operates the local
itreet railway systems in all of these cities except Dallas. Present estimated
copulation connected and served, 410,000. Leases for 20 years from Dec.
17 1915 the terminal facilities o f the Dallas R y. Interurban lines are
located on private right-of-way; city franchises are satisfactory, and, in the
opinion of counsel, with two unimportant exceptions, extend well beyond
1947. Enters Dallas over tracks of the Dallas Railway Co. under long-term
contract.
In Sept. 1921 the company filed an amendment to its charter Increasing
Its capital stock from $10,500,000 to $12,660,000, to provide for the issuance
of $2,160 000 additional first pref. stock, into which the 6% debentures be
came convertible after Jan. 1 1922. V. 113. p. 1157.
Fare Increase.— Effective Feb. 15 1924 the City Commission auth. the co.
to increase fares in Sherman, Texas, to 7 cents cash with tokens at 6)4
cents. V. 118, p. 665.
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity
Com stock $6,000,000 ($ 1 0 0 ) .____
_________ $6,000,000
See text
Q-J
1,476,000 A p r '24, 1)4
1st pf 7% cum $3,660,000($100)____
2d pref stock $3.000,000($100)____
Q-F 3,000,000 M a y ’24, 1)4
1st S ref Mtge gold ($500 S (
c
c
1917 5 g J-J
5,571,000 Jan 1 194/
$1,000)____________ c*ntffH arrls Trust Sc Sav. Bank, Chicago, Trus.
Conv debentures $3,000,0001 1917 0 g J-J
1,484,000 Jan 1 1942
($1,000 and $500)____c*& r/Int. at St. Louis Un. Tr. C o., trus., or N . Y .
Texas Traction 1st M sink fdl
1907 5 g J-J
1,250,000 Jan 11937
$3,000,000 ($l,000)gc*&rtf (Int. at Old Colony Trust C o., Boston, Trus.
Den & Sher first mortgage,/ 1902
5 J-J
57,000 July 1 1927
$350,000 ($1,000)____c * tf (Int. at Illinois Tr. S Sav. Bk.. Chic.. Trus.
c
Preferred Stock.— $700,000 1st pref. stock is held in treasury. Red. on
»ny dlv. date after Jan. 1 1922 at 107 )4 and div. on 30 days’ notice. The 2d
pref. stock is callable on any div. date on 3 , days’ notice at 107)4 ,nd div.
Bonds.— Additional 1st & ref. bonds may be Issued for only 75% of the
cost of extensions. See., provided net earnings are twice the total annual
interest charge; including bonds applied for. In addition to ordinary re
serves for personal Injuries and damages, $75,000 bonds are provided usable
for this sole purpose. Provision is also made for refunding underlying bonds
A special trust fund for maint. and renewals is provided out of gross earn
ings as follows; 1917. 11%; 1918, 12%: 1919, 13%; 1920, 14%; 1921 and
thereafter, 15%. Any part not so used may be expended for exts., &c..
or for the redemption of any outstanding bonds. Yearly since April 1 1921,
cash equal to 1% o f the first and refunding 5s and underlying bonds out-
36
standing on the previous Dec. 31, less amount of payments to underlying
sinking funds during preceding year, to be deposited, usable for exten
sions, &c., against which no first & ref. 5s shall be issued, or for the retire
ment of 1st S ref. or underlying bonds. The 1st S ref. 5s are red. on an?
c
c
int. date up to and tncl. Jan. 1 1942 at 105 and int.: thereafter at 102 H and
Int. Of the amount reported outstanding $52,000 are held in treasury
Interest is payable in Chicago and New York. See offering in V. 106, p
397. The debs, are callable on any int. date since Jan. 1 1922 on 30 d lys
notice at 102 H and int.; convertible since Jan. 1 1922 into 7% cum. 1st pref
stock, par for par, with adjustment o f int. and divs. See also V. 113,
p. 1157; V. 114, p. 199.
The Texas Traction 1st 6s can be called at 110 & accrued interest
on any int. date upon 30 days’ notice. $203,000 (not incl. in amoum
reported outstanding) are deposited under 1st & ref. mtge. of the Texa*
Electric ltailway Co. A sinking fund of 5% of gross earnings began
July 1 1912, to be used in the purchase or bonds; $713,009 held ic
sink, fund not incl. In amount outstanding above. Den & Sher. 1st M
bonds are subject to call since July 1 1917 at 105 and interest, on four
weeks’ notice. A sinking fund began July 1 1905 of 2% per annum oi
bonds out until 1913, when amount payable became 3% per annum until
1917; from 1918 to 1922, incl., 4% per annum; 1923 to 1926, incl., 5% pet
annum; $192,000 in sinking fund not incl. in amount outstanding above
$3,000 canceled.
Dividends.— Divs. on the first pref. stock were begun Oct. 1 1917
Dividends of 194% quarterly on the 2d pref. stock were begun Nov. 1 1917
On com. 3^ of 1% was paid in M ar., June, Sept., and Dec. 1920. In
1921, Mar., l% ;J u n e ., l% ;S e p t., 1%: Dec.. 1%. In 1922. Mar.. 1%.
June, 1%; Sept., 1%; Dec., 1% . In 1923, March, 1% ; June, 1% ; Sept.,
1% ; Dec., 1% . In 1924, March, 1% ; June, 1%.
EARNINGS for years ending Dec. 31:
Year—
Gross.
Net (aft. taxes).
Int.(net) Bal. surplus
1923___________ $2,982,105
$1,234,604
$441,651
$792,953
1922..................... 2.709,392
1,057,865
460,857
597,008
R O A D .—Owns and operates interurbau lines between Dallas and Deni
son, 80.16 m.; Dallas and Waco, 98.01 in.; Dallas and Corsicana. 59.98 m
incl. 2d main track, sidings and turnouts, 18.53 ra.); local lines in Sherman
lenison, McKinney. Waco, Corsicana and Waxahachie. Tex., incl. sidings
&C..33 54 m .;total, 271.69 m. (incl. 9.98 m. of track, being entrance into
Dallas, leased). Gauge 4 ft. 84$ in. 70-80-lb. “ T ’ rail. 61 interurbau pas
senger, 67 city passenger, 21 express and baggage and 43 work. &e., cars
total, 191; 13 sub-stations. Leases generating plant to Tex. Pow. & Lt. Co.
from which it purchases power under contract, expiring at same time as lease.
OFFICERS.—Chairman of the board. N . A. M cM illan: Pres.. Jack
Beall; V .-P. & Gen. M gr., Burr Martin; V.-P. & Treas., H. I. Gahagan;
V .-P ., Jas. P. Griffin; Sec., C. L. Cox; Aud., J. A. Wright.—-V. 112, p. 563,
2644; V. 113, p. 184, 844, 1157; V. 114, p. 199, 855, 1767; V. 117, p. 555;
V . 118, p. 665.
___ _
i
DANBURY, CONN.
DANBURY & BETHEL STREET R Y .
Control.— In Sept. 1917 Stephen Orute, New York, and associate*
acquired control. V 105, p, 1208.
Receiver.— On Oct 30 1917 Judge James E. Walsh, o f Greenwich, wai
appointed receiver of the company on application of A. H Flint, holder of
a $1,000 note, overdue. V. 105, p. 1801. Judge Walsh was superseded by
Atty. J. Moss Ives, of Danbury, in Dec. 1917. V. 105, p, 2272.
Committee for isf
Ref. 5s.— Chairman John McCarthy. Danbury
Conn- Chas. E. Graham, New Haven, Conn., and P. Le Roy Harwood
New London. Conn.— V. 106, p. 498.
Foreclosure Proceedings Started.— In Dec. 1919 a petition, on behalf of the
2d Mtge. bondholders, was filed in the Superior Court in Bridgeport, Conn,
asking permission to Institute proceedings to foreclose the property. In
terest on the 2d mtge. bonds had not been paid for 2 years. V. 109, p. 2171.
Int. due Nov. 1 1921 on 1st Mtge. bonds was paid May 1 1922. V. 114,
p . 1890. Int. due M ay 1 1922 was paid N ov. 1 1922.
O R GAN ISATION .— Incorp. May 7 1886 uoder the laws of Connecticut.
Has a perpetual special charter, the only street car company serving the
city of Danbury and town of Bethel. Its lines also extend to the Danbury
Fair Grounds and the pleasure resort of Lake Kenosta.
STOCK AND BONDS—
Date. Interest. Outstanding. Last Div..Ac
J-J
$320,000 Jan T 2, 2%
Stock. $823,000 (par $25)................. —
First S ref mtge $690.0001
c
1913 5 g M -N
339.500 May 1 1943
($500 and ’ 1 000) n * l._ ^ * /In t. at American Trust Co. Bos.. Truttee
Consol mtge, $300,000, goldj 1906
5 g M-N
100.000 May 1 1936
($500 and $! ,000)________ lint, at American Trust Co., Boston, Trustee
Debenture bonds, $75,000)
1908 6 M-S
63,000 Mar 1 1918
($1,000 and S500)_______ c lln t. at City National Bank of Danbury.
Debenture bonds. $150.000
1911
8 J-J
80.000 Jan 1 1921
Receivers’ ctfs $60.000_______ _____
7%
55.000 ___________
Bonds.— The 1908 debs, are red at 105 on any int. date after due notice
Up to April 1921 neither the $63,000 debentures due Mar. 1 1918 nor the
$86,000 due Jan. 1 1921 had been retired. Of the 5s o f 1913, $100,000 are
reserved to retire a like amount o f consol. 5s and $150,000 for retirement
o f the two debenture issues.
Dividends— la 1898-97, 4% ; In 1897-98, 4% ; In 1898-99, 2% ; In 1899
1900. 154%; In 1900-01, 154%: In 1901-02, 3% ; In 1902-03. 3% ; In
1903-04, 154%; 1907 to 1911, 4% ann.; In 1912, Jan., 2% ; none since
R O A D .— Trolley road In Danbury, and from Danbury to Bethel, and tt
Lake Kenosta, 15.031 miles in all; sidings. See., 1.044 miles; total. 16.07J
mites. 42 passenger and 7 other cars. Standard gauge.
RE PO RT.— For calendar years:
Cal. Years—
Gross.
Net.
Int. & Tax.
Balance.
1923____________________ $190,397
$27,631
$30,952
def. $3,321
1922____________________ 182,025
24,708
31,275
def. 6,567
OFFICERS'.— Pres. & Gen Man , Stepaen Crute. New Yorn; See. a
Treas., Geo. H. Klinzing, Danbury.— V. 113, p. 1155: V. 114, p 1890.
DAYTON, OHIO.
C IT Y RA ILW A Y CO.— A trolley road.
ORGA N IZA TIO N .— Chartered May 12 1893. Is a consolidation of the
Dayton Street RR ., the Dayton & Soldiers' Home R R ., the Fifth Street
B R . Franchises run for 50 years from Feb. 8 1892 and Apr" 19 1893.
Fare Increase.— On July 6 1920 was auth. to charge a 7-cent fare. V. 111.
p. 294. On Aug. 27 1921, however, the co. returned to a 5-cent fare, with
a 1-cent charge for transfers. V. 113, p. 1052.
STOCK.— $2,400,000 ($100) com. auth.an 1 issued and $600,000 ($100;
6% pref. auth. aud issued. Bond issues have been paid o f.
Dividends.—6% per annum Is being paid on pref. On common. In 1900
to 1903, Incl., 6% ; also 16 2-3% ($250,000 in new stock at par or in cash),
declared Nov. 1903, paid Jan. 1 1904; In 1904. 6% ; In 1905. 654 %; 1906 tc
1910. Inclusive, 7% per ann.; In Feb. 1907 paid a special div. of 5%
(V. 83. p. 1590); In 1911. 7 % , and In April 1911 a special div. of $9 09 l - l l
(V . 92. p. 1178); in 1912, Jan., 1*4%. In March 1912 began paying divs
.-M . Instead of Q.-J., and on March 31 paid 1 H % : June. 2% ; Sept., 2%
ec., 2 % . In 191.3. 8% . In 1914. 754%. In 1915, 6 % . In 1916
654% . In 1917. 7% . In 1918, 6% . In 1919. 6% . In 1920. 6% .
In 1921, 6% . In 1922, 354%. In 1923, 3 % . In 1924, M ar., H of 1% .
EAR N IN G S.— For year ending Dec. 31 1923, gross, $99,362; net, after
taxes, $115,288. In 1922, gross, $962,987; net, after taxes, $133,582.
R OAD.— Controls and operates in all 38.7003 miles of single track,
namely: Third Street Line, Fifth Street Line, Green Line and Kammer Ave
Line. Gauge 4 ft. 854 in.; rails 70 and 80-lb. T. and 70 and 90-ib. girder
operating 124 pass, cars, 3 sprinklers, 3 snow cars, 2 sand cars, and 2 work
cars.
OFICERS.— Pres., Valentine Winters; 1st V .-P , G. G. Shaw; 2d V .-P.,
H. P. Clegg; 3d V .-P., G. H. Gorman; Sec., T A. Ferneding; Asst. Sec.,
J. S. McMahon; Gen. M gr., T. E. Howell; Asst. Gen. M gr., E. H. Hart
man. Main office, Winters Bank Bldg., Dayton.— V .111, p. 294; V. 113,
p . 292, 627, 1052.
______
S
DAYTON COVINGTON & PIQUA T R A C T IO N .— A trolley road.
Receivership.— In Mar. 1922 T Russell Robinson. V.-P & Gen. Mgr.,
Boston, and W. Kessler, West M ilton, Ohio, were appointed receivers for
th e co . V. 114, p. 1178.
ORGAN IZATION .— This was formerly known as the Dayton & T roj
Traction, but name changed to the above in Aug. 1901. The D. S T.
c
Traction was Incorporated In Ohio In Jan. 1900 to build a street railway
from Dayton to Troy, but route was changed, and road constructed from
[V ol. 118.
ELECTKIC RAILW AYS
Dayton to Covington and Plqua, about 38 miles. Company acquire*) r.hf
right to use the tracks of the People’s Ry. in entering city of Dayton.
The $60,000 2d mtge. 6s due Sept. 1 1919 were we understand, extended
to April 1 1922 at the same rate o f int Neither the 1st nor 2d mtge. bonds
had been paid o ff up to Oct. 1 1922.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock auth. $600,000 ($100)_______
_______
$600,000 .....................
Pref, 5% n-c. $550,000 ($ 1 0 0 )____
_____________________ 550,000
..
First mortgage, $550,000, g / 1902
____________________
5 g A-O
490.000 April 1 1922
($1.000)___________ c * .n t f lin t, at Old Colony T r. C o.. Boston. Trustee.
Second mortgage, $60,000. n t f ____
6 g M-S
60,000 April 1 1J22
Bonds.— $60,000 1st mtge. bonds are reserved for extensions and im
provements; 2d mtge. bonds originally matured Sept.. 1 1919 but were, we
understand, extended to April 1 1922. N ot paid off up to October 1922.
EARNINGS.— For years ending June 30;
Year—
Interest.
Surplus.
Gross.
Net, aft. Taxes.
1920-21...........................$236,788
$16,164
$29,697 def.$13,533
1919-20_____________ . . 241,184
51,056
29,706
21,350
1918-19........................ . 215,691
31,124
17,959
49,083
ROAD.— Total track 38 miles. Standard gauge. 70-lb. T . 80 and 90lb. girder rails. 11 passenger cars, 2 express cars and 7 other cars.
OFFICERS.— Pres., W. Kessler; V .-P ., F. L. Chapin; Gen. M gr., T .
Russell Robinson; Supt., T . J. Brennan.— V. 77, p. 146; V. 114. p. 1178.
DAYTON & T R O Y ELECTRIC R Y .— A trolley road.
ORGA N IZA TIO N .— Incorp. 1900. Is built on both public and private
bght of way. Completed in Dec. 1901. •In Dec. 1915 received a 20-year
extension of its franchise in Piriua. Rails, 70-lb. T . Had power nouse at
Tippecanoe City, Ohio, but this was dismantled and ail power is purchased
from the Dayton Power & Light Co. Stock, $500,000 ($100) com. auth.
and issued and $800,000 ($100) 5% cum. pref. auth.; $647,800 issued. No
bonds contemplated. In May 1902 took over Miami Valley Ry. under
99-year lease at a rental of $9,600 per annum, which is applicable to stock
of $300,000, mortgage having been canceled.
Fare Increase.— In Aug. 1922 was auth. by the Piqua City Council to
Increase fares from 5 to 6 cents
V 115, p. 988
On N ov. 7 1922 it was
voted to continue the 6-cent fare. V . 115, p. 2477.
Dividends.— On the pref. stock 5% per annum paid to Dec. 31 1919,
In 1920, Mar., 154%, None since. On com., Jan. 1 1904, 2% :in 1905;
5%; in 1906, 6% ; in 1907, 2% ; in 1908, none; in 1909, 5% ; in 1910. 6 % .
In 1911. 5% ; in 1912, Mar., 154%. in 1913, Sept.. 154%; Dec.. 154%;
In 1914, June, 154%; In 1915, D ec., 154%; in 1916 and 1917, 5% each.
None since
E A R N IN G S.— For years ending Dec. 31:
Year—
Gross.
Net.
Deduct'ns
Dividends.
Surplus.
$89,781
______
______
______
1922 _______ $403,440
1921_______ 391.513
99.267
61.316
______
37.950
1920 ----------- 417,674
90,611
48,245
8.098
34,268
ROAD.— Owns equivalent of 32.68 miles of single track between Dayton
»nd Troy
Leases 14.25 miles between Trov and Piqua (incl. 3.31 m. focal
lines in Piqua); total operated, 46.93 m. Has a freight station in Dayton,
which is used jointly with the Dayton & Western Traction.
OFFICERS.— Pres., H. P. Clegg: V.-P. & Gen. M gr., R. A . Crume;
Sec. & Treas . L. C. Clegg: Aud., -T F Keller. Genera' Office, Dayton,
Onio.— V. 102, p. 15 ; V. 114, p. 305: V. 115, p. 988, 2477.
DAYTON SPRINGFIELD & XENIA SOUTHERN R Y .— Trolley.
Receiver Appointed.— In Oct. 1923 Judge Smith Hickenlooper, in the
U. S. Dist. Court at Cincinnati, O., appointed R oot. R. Landis of Dayton,
O., receiver for the co. on application of the Wisconsin Trust C o., M il
waukee, Wis. The co. defaulted Oct. 1 1923 on the orin. and int. due at
that time on the 1st Mtge. 5% bonds. V. 117, p. 1883. Compare V . 117,
p. 1883.
ORGAN IZATION .— Incorporated In 1909 as successor to the Dayton S
c
Xenia Transit C o ., sold at foreclosure. On July 6 1920 was auth. to charge
a 7-ceut fare. Stock, auth. and outstanding, $200,000 com.and $300,000
pref
Par $100. 1st M . auth. and issued, $500,000.
(Prin. and int.
in default— V. 117, p. 1662.) Earnings for year ending Dec. 31 1919,
gross, $267,589; net, after taxes, $43,940. In 1918, gross, $221,484; net,
after taxes, $40,154.
ROAD.— Owns and operates about 24 miles of track from Dayton to
Xeula and from Dayton to Beaverton. On Dec. 1 1917 operations between
Beaverton and Spring Valley, 115$ miles, having proven unprofitable,
were discontinued and that portion of the line was subsequent!v dis
mantled. Pres. O. J. Ferneding; V .-P., T . A. Ferneding; Sec., H . L .
Ferneding: Treas., Edw. Canbv. ail of Davton.— V. 89, p. 285; V. 105.
p. 2272; V. 113, p. 70, V. 117, p. 1652, 1833.
DAYTON & WESTERN T R AC TIO N .— Trolley road.
ORGANIZATION.— Incorporated on June 26 1893. Was leased on
June 15 1908 to Ind. Colum & East., but lease was abrogated and the pro
perty turned back to the co. for operation on April 25 1920.
STOCK—
Dtv. Period. Outsland'g. Last Dividend.
Common, $900,000 ($100)___________
Q-J
$572,500
See text.
Pref. $350,000 ($100) 5% cum---------Q-M
859.000
See text.
Dividends.— Were paid under the terms of the lease up to March 1920.
None since. For terms o f lease see “ Electric Railway” Section for April
1920.
EARNING S.— For 12 mos. ended Dec. 31 1922, gross, $264,524; net,
after taxes, $57,150. In 1921, gross, $275,253; net, after taxes, def., $4,946.
ROAD.— Dayton, O., to Richmond. Ind. At Richmond connection is
made with Terre Haute, Ind. & East. Trac., making possible the operation
of through cars from Indianapolis, via Dayton, to Columbus, a distance of
194 miles. Operates 3 fast cars between Dayton and Indianapolis with
out change. Has a freight station in Dayton which is used jointly with
the Dayton & Troy Elec. Ry. Has spur track to plant of the Greenville
Gravel Co. Purchases power from the Dayton Power & Light Co. Has
3 automatic sub-stations.
OFFTCERS.— Pres, and Treas., Valentine Winters; Sec., J. H. Winters;
Gen. M gr., Henry Gebhart; Aud., P. A. Hommel.— V. 82, p. 1437; V. 83,
D. 36, 94, 379; V. 110, p. 2192.
OAKW OOD STREET RAILW AY CO.— A trolley road.
ORGANIZATION.— Incorporated July 22 1870 in Ohio. Franchise ex
pires 1941. In Oct. 1909 the Ohio Supreme Court held the franchise valid
over the objections of the City Solicitor. On July 6 1920 was auth. to
charge a 7-ceut fare, but on Aug. 27 1921 returned to a 5-cent fare with a
1-cent charge for transfers. Stock auth. and outstanding, $500,000 (par
$100). No bonds. Operates 8 miles of track in Dayton and suburbs and
leases (from Jan. 1 1916) the Oakwood R R .’s line in Oakwood village;
total miles operated, 10.5. Standard gauge. Pres. & Treas., H. P . Clegg;
Y.-P. & Gen. M gr., Henry Gebhart; V .-P ., J. H. Winters; Sec., Harry O.
Weingartner. all of Dayton.— V. 100 p. 1438: V. 113. p. 72.
DECATUR, INDIANA.
FORT WAYNE & DECATUR T RACTION CO.
ORGANIZATION.— Incorp. on June 11916 to succeed the FortWayne &
Springfield R y., bought in at receiver’s sale on Dec. 2 1915 (see V. 101, p.
1144). On June 23 1916 the Indiana P. S. Comm, approved the purchase.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
Stock $150,000 ($100)............................. ..........
$150,000 ...................
First mortgage $200,000 gold! 1916
6%
156,000 June 1 1926
($1.000)_________________ /In t. at Tri-State L . & Tr.Oo.,Ft.W ayne,trus
EARNINGS.— For years ending Dec. 31:
Cal. Years—
Gross.
Net. aft. Taxes. Interest.
Balance
1923 — --------$87,922
$11,552
$7,531
sur.$4.021
1922____________________ 83,573
8,073
9,125
def.1.051
1921------------------------------ 83,173
1.572
9,360
def.7,788
ROAD.— Operates 21.6 miles between Decatur and Ft. Wayne. Total
track, 22.2 miles. 70-lb. T rail; gauge, 4 ft. 8>S in.— V. 108, p. 480.
A pril, 1924.]
ELECTRIC RAILW AYS
DENVER, COL.
THE DENVER TRAM W AY SYSTEM.
(1)
D en ver & N o rth w e s te rn R y .— A holding com pany.
37
and again to April 1 1927 at 6% ) as additional security for the [$6,000,000^
1st & Coll, bonds of the Denv. & Northw. Co., the payment of which
Northwestern bonds the Denv. Tramway Co. has assumed. Denver City
Tr. Co. 1st & Ref. bonds are red. at 105 & int. after 1913 up to Nov. 1 1923;
thereafter at 102)4 & int. on 60 days’ notice. Sinking fund of 1% of bonds
out began N ov. 1 1914 until and incl. N ov. 1 1923; thereafter 2% of bonds
out; $1,109,500 retired through sink. fund. The Denver Tramway Power
Co. 1st Impt. Mtge. bonds originally matured April 1 1923 and bore int.
at 5 % , but were extended for 1 year to April 1 1924 at 6% . V. 116, p. 1176.
This issue was again extended this time for 3 years, to April 1 1927, at 6 % .
V. 118, p. 1267. Compare V. 118, p. 1135. Sinking fund of $50,000 per
annum, to retire bonds at 105 and int., commenced in 1908, and $759,000
have been retired. Int. payable in N. Y . and Denver. The remaining
Denver Tram. Term. Co. bonds are for imots. They mature $60,000
annually Sent. 1 1916 to 1940. Red. as a whole on any int. day at 105
and int. on 30 days’ notice. V. 98. p. 1156. $420,000 retired.
R E PO RT.— Of Denver Tramway Co. since beginning of receivership:
7 mos. end. Accumulative Dec.24’20 to
Period—
July 31 ’23. July 31 '23. Dec. 31 ’22.
Total operating revenue____________ $2,813,270 $12,641,640 $9,828,367
Operating expenses_________________ 1,883,121
8,448.558 6,565,437
ORGAN IZATION . &c.— In Mar. 1913 a syndicate headed by Boettcher.
Porter & Co. of Denver acquired a controlling Interest through purchase of
the stock (about $1,600,000) held by Marsden J. Perry of Providence,
this purchase making Its total holdings about a 75% int. V. 96. p- 863.
This company, since the plan In V.98. p. 1156. went Into effect,. Is simply
a holding company, practically Its only asset being the $9,791,700 common
stock of the Denver Tramway C o., which Is pledged as security for the $6.000.000 1st & Coll, bonds of this co.. and its only liability being $6,000,000
o f its capital stock outstaudiug in the hands of the public, the payment of
Its bonds having been assume I by the Denver Tramwav Co.
Stockholders Committee.— See Denver Tramway Co. below.
STOCK AND BONDS.— Date. Interest. Outstanding.
Maturity.
Stock $6,000,000 ($100).....................
Q-J 10
$6,000,000
See text
First and collateral mtge (assumed by Denv. Tram. C o.— see below).
Stock.— $900 is in the treasury
Dividends.— Prior to July 1909 dividends were at rate of 0% per annum
In July 1909 quar. dlv. was Increased to 2% and same amount paid quar
terly to July 1913. In Oct. 1913 rate was reduced and 1% was paid
(V. 97. p. 1115). Same rate quar. to and Incl. April 1915. In July
Net operating revenue___________
$930,149 $4,193,082 $3,262,930
1915 rate was further reduced to Vi of 1% . Oct. 1915 dividend omitted
Miscellaneous income_______________
7.36l
31,041
23,679
V . 101 p. 1188. 1370- None since.
Gross income____________________
$937,510
$4,224,123 $3,286,609
R E PO RT.—Of Denver Tramway System for fiscal year ending Dec. 31
Deductions— Taxes_________________
$224,819
$981,983
$757,166
(Inter-co. transactions eliminated). Report for 1918 in V. 109, p. 1887.
Franchise payments ...............
35.000
156.210
121,210
Fiscal
Gross
Net (after
Other
DeducBalance
Interest on debts_________________
560,340
2,520,543 1,960,204
Year— Earnings.
Taxes, A c.).
Income.
tiirns.
Surplus
1918_____$3,597,999
$822,097
$17,078
$958,055 def.$l 18.880
Net income_______________________
$117,351
$565,387
$448,029
1917_____ 3.419.468
1.150.352
19.818
968.617
201.553
OFFICERS.— V.-P., S. M. Perry: Sec., H. S. Robertson: Treas., H. J.
ROAD AND EQUIPM ENT.— Including the Denver & Inter-Mountyin
Alexander: Aud., W . A. Doty. V. 106, p. 2345: V. 116, p. 720.
R R .. owns 250.51 miles of electric track, of which there are 210.87 miles of
elty lines and 39.64 miles of lnterurbao lines; gauge. 3 ft 6 In. and 4 ft.
(8 ) Denver Tramway C o.— Operating Company.
in. 263 motor passenger cars. 122 trailers. 152 freight and 98 misc.
The Denver & Northwestern Ry. owns $9,791,700 o f the common stock
Receivership.— On Dec. 24 1920 Ernest Stenger, Pres. & Gen. Mgr., was ;ars; total, 635 cars. Ail freight equipment leased to Denver & Interappointed receiver for the company on application o f the Westinghouse Mountain RR. Co. Capacity of central generating plant, 19.200 k. w.
5 sub-stations, 2 of 1.500 k. w. each, 2 of 1,000 k. w. and 1 of 900 k. w.
Elec. & Mfg Co. V 112. n 61
Foreclosure Proceedings.— In April 1923 a petition was filed in the Federal
OFFICERS.— Chairman of Board, C. Boettcher: Pres., Ernest Stenger,
Court at Denver by the Bankers Trust Co., N. Y ., trustee of the 1st & Y -P .. 8. M. Perrv: S ec.. H S. Robertson: Treas. H. .T Alexander; And.;
.
ref. bonds, to foreclose the mortgage. V. 116, p. 1760.
Wm. A. Doty.— Y. 114, p. 78, 1890; V. 11.5, p. 1099; V. 116, p. 720. 1049,
ORGA N IZA TIO N .— Incorp. March 30 1914 In Colorado as successor 1176, 1760, 2128; V. 117, p. 1235; V. 118, p. 1135. 1267, 1910.
to the Denver City Tramway C o., which had previously absorbed the Den
(3) Denver S Inter-M ountain R R .— Operating Company.
c
ver Tramway Power Co. and the Denver Tramway Terminals Co. Owns
The Consolidated Securities < Invest. Co. owns all the stock and notes.
&
entire $500,000 stock of the Consolidated Securities & Investing Co. (In
corp. on the same date to succeed the Denver Realty C o., Boulevard Real
ORGAN IZATION .— Incorporated In Colorado about Oct. 29 1907 as
Estate Co. and Denver Excursion C o .), which In turn owns all the outstand
ater-Mountain Ry., but on April 2 1909 changed name to present title.
Ing stock and bonds of the Denver & Inter-Mountain RR. See plan of re Private right of way. Franchises In Denver and Golden are perpetual.
organization under “ Denver & Northwestern R y.” in V. 98. p. 1156.
Has freight traffic agreements with Denver Tramway Co. and arrange
Franchises.— Operates within the city o f Denver under a general franchise ments for Interchange of transfers on Denver City lines; also contract for
granted Feb. 5 1885. Also under a 20-yr. grant voted by tax-paying electors use of Tramway Co.'s tracks In entering Denver.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity„
o f the city In May 1906. which authorizes It to maintain three-rail tracks,
gauges 3 ft. 0 in. and 4 ft. 814 In., over all Its present lines within the city Stock. $1,000,000 ($100).................,
„
$1,000,000 ................. ..
and permits the construction of certain viaducts and extensions. See de 1st mtge notes.------- ------------- ------S%
500.000
1938
cision In V. 84. p- 220. Under decision of the U. S. Circuit Court of Ap
The notes were issued in lieu ol $50o.000 1st M . 5s due 1938, which
peals on Nov. 11 1912 the franchise of 1885 was held valid, the Court de were canceled and cremated N ov. 1 1917.
ciding that In view of the franchise of 1906 it was unnecessary to pass upon
ROAD, &C-— Incl. in Denver Tram. C o.— V. 107, p. 82; V. lll.p .1 8 5 2 .
the duration of the older franchise at that time
The company claims that
Its franchise Is perpetual. See decision In V. 95. p. 1472.
Valuation.— In connection with fare hearings the eo.f In Nov. 1918,
DERRY PA
laced the reproduction cost o f its properties at $26,772,888. as of Dec. 31
WESTMORELAND COUNTY RA ILW A Y CO.
917. The P. U. Comm.'s valuation of the same properties (in this case
ORGANIZATION.— Incorporated In Pennsylvania on Dec. 27 1904. Is
“ going value" and items for gravel beds and water rights Included in the
c
Co.’s figure were not taken into account) fixed the reproduction cost at a consolidation of the Bradenvllle S Derry Street Ry. and the Blairevllle &
Derry Street Ry.
$19,495,374. Compare annual report for 1918 in V. 109. p. 1887.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Fares.— See "Electric Railway” Supplement o f Oct. 28 1922.
$500 000 __________
In March 1919 the company announced its inability, caused by abnormal Stock. $500,000 ($50)............... ...........................
5 g M-S
179.900 Mar 1 1935
conditions, to take ud or refund the $2,000,000 1st M . 5s of the Denver First mortgage. $250,000, g / 1905
($100)-------------------------- c*|Int. at East End Sav. & Tr. C o., Pitts.. Trus.
City Tramway Co. due April 1 1919. The co. therefore arranged for an
extension of these bonds at 6% to April 1 1924. This issue was further
Bonds.— No sinking fund and bonds are not subject to call.
extended for 3 years to April 1 1927 at 6% . V. 118, p. 1135, 1267.
EARNINGS.— For years ending Dec. 31:
The $2,500,000 conv. 6% bonds of the co. due April l 1919 were ex Cal Yr. Crass
Net.
Oth. Tnr
Interest.
Tares. A c.
Surv.
changed for an issue o f 3-year 7% coll, trust notes due April 1 1922. These 1923.--$63,087 $12,009
$404
.$9,102
$2,085
$1,226
were not retired at maturity but are still outstanding. V. 114, p. 1890.
1922— 59.714 14,159
6,489
9,732
1,140
9,770
Interest Payments.— In March 1921 Federal Judge Lewis ordered the re 1921
67.357
25.661
______
10,601
14.295
765
w n a n — Operates 7 irdlns of track
ceiver to pay the int. on the following bond issues: (a) the April 1 1921 int.
on (1) $2,000,000 Denver City Tram, purch. money ext 6s- (2) $1,167,000
OFFICERS.— Pres., John E. Potter; V .-P ., F. W m. Rudell; Sec. &
Denver Consol. Tram. Cons. Mtge .5s; (3) $884,000 Denver Tram. Power Treas., H. S. Calvert, all of Pittsburgh; Supt., S. F. Schwerdt, Derry.
1st Impt. Mtge. 5s; (6) the March 1 1921 int. on the $1,033,000 Denver — V. 82, p. 50.
Tram. T erm in a ls 1st mtge 5s
V 112. p 1399
As of April 1 1922 we were advised that int. was in default on the Denver
DES MOINES. IOWA.
& Northwestern Ry. Co. 1st & coll. mtge. 5% bonds., the Denver City
Tramway 1st & ref. mtge. 5% bonds and the Denver Tramway Co. 7%
DES MOINES C IT Y RAILW AY CO.— A trolley road.
Receivers Discharged.— On April 1 1922 the property, which had been
coll, trust notes. V. 114, p. 1890.
Holders of Denver Tramway Power Co. 1st Impt. Mtge. 5% bonds, due operated since Dec. 1918 by receivers appointed by the U. S. Dist. Court,
Apr. 1 1923. were asked to extend same for 1 year to Anr. t 1924 at 6% p a. was turned back to the company. V. 114. p. 1532.
Service Resumed, New Franchise, A c.— Following the seizure of certain
Y . 116, P. 1176. This issue was further extended for 3 years to April 1
power house equipment in satsifaction for claims against it. and after the co.
1927 at 6% . V. 118, p. 1135, 1267.
had demonstrated its inability to operate under a 5-cent fare without jitney
T he following committees have caned for deposits: 1
Committee for Denver City Tramway Is/ A Ref. 5s.— C. K. Boettcher, competition and under an 8-cent fare with unrestricted jitney competition.
H. Martin Brown, Jas C. Burger, C. M . Clark, Donald C. Geddes, J. C. Federal Judge Wade ordered the co. to discontinue operations on Aug. 3
For further particulars see "Elec. R y ." Supp. of Oct. 30 1921.
Mitchell, C. C. Parks; Sec., B. W. Jones, 16 Wall St., N. Y. City. 1921
Depositaries: Bankers Trust C o., N. Y . City: International Trust Co., Service was resumed on Oct. 24 1921 with the passage of a new service-atcost franchise ordinance by the City Council. V. 113, p. 1887. At a special
Denver. Colo.. Industrial Trust Co.. Providence. R. I. V. 112 p. 1616
Committee for Coll. Tr. 7% Notes.— Chairman, Geo. C. Clark, Jr.: E. W. election held Nov. 28 1921 the voters approved the new franchise by a vote
Clark, J. Cunliffe Bullock and C. M . Clark. Depositaries: Bank of of over two to one. V. 113, p. 2405. The franchise provides among other
things, for the purchase by the city at any time on 6 mos. notice, paving
America. N. Y .. and the Denver National Bank. V. 116, p. 720.
between tracks. &c.. to be done at expense of city, profits are to be figured
Stockholders' Committee for Denver A Northwestern Ry. and Denver Tram on a capitalization basis of approx. $8,000,000, basic fare of 8 cents in the
way Co.—Chiirman, S. M. Perry; W. N. W. Blayney, Hume Lewis, C. R. sliding schedule effective immediately, no cbv. on com. until cash fare is
Martin and Henry W. Bull; Sec., Robt. M . Perry. P. O. Box 838, Denver, reduced to 7 cents (effective Dec. 27 1923, fares were reduced from 8 to 7
Colo. Depositaries: International Trust Co.. Denver; Illinois Trust & cents, V. 118, p. 201], jitneys restricted from streets used by the co., &c.
8avs. Bank. Chicago, and the Industrial Trust Co., Providence, R. I. For full details see V. 113, p. 1771, 1887, 2405; V. 114, p. 1764.
V. 116, p. 720.
State Supreme Court Holds Franchise Valid.—-In July 1922 Judge James C.
Interest. Outstanding. Maturity. Hume of the Polk County Dist. Court, handed down a decision holding in
STOCK AND BONDS— Date.
valid the above service-a(-cost franchise. The co. appealed from this de
_
__________ $ 10,000,000 ....................
Common stock $10.000.000_ _____
cision to the State Supreme Court, which on Dec. 15 1922 reversed Judge
_________
See text
__________
Pref stk $3,000,000 (7% cu m )_____
Hume's decision, and held the franchise valid and binding in all its pro
Coll trust notes gold_________ 1919
7%
2.500.000 Apr.
11922
Denv & N W Ry 1st & coll M f 1902
visions. V. 116. p.176. Compare V. 115. p. 182. See also V. 116, p . 1275.
5 g M-N
496.100 May
11932
g $6,000,000 ($500 arid! Int. at Bankers Trust C o., New York.
In March 1911 N. W. Harris of Chicago acquired practically all the
dock not previously owned by him of the Des Moines City Ry Co. and
$1,000 (assumed)______ c* [ trustee; also office of co. In Denver.
of its allied corpoiatlon, the Inter-Urban R y. Co. V. 92. p. 794. See
Red. at 105 and int. on 90 days' notice.
Den City Tr Co 1st & ref M f 1908
5 g M-N
11.306,400 Nov 1 1933 liso V. 113. p. 847.
$25,000,000 g ($500 and! Int. at Bankers Trust C o.. New York.
ORGANIZATION.— A consolidation in 1893 of the Des Moines St. R R .
$1,000) sinking fu ud_.c*tf! trustee, aud in Denver.
Co. and the Des Moines Suburban Ry. Co. Is authorized to carry freight.
Denv City Tram purchase!
1899 6 g A-D
2,000.000 Apr 1 1927
Franchise.— A new 25-year franchise was granted at an election on Nov.
money mtge g $2,000,000! Int. at Central Trust C o.. N. Y ., trustee.
28 1921, providing for service-at-cost, &c. For full details see V. 114,
($500 and $1.000)____c * tfl and In Denver (see text above).
p. 1764.
Denv Cons Tram cons mtge/
1893 5 g A-O
1,167,000 Oct 1 1933
New Preferred Stock.— On M ay 15 1918 stockholders voted to Increase
... ntf lin t.a t B krsT r.C o..N .Y..trusteed in Denver
$4,000,000 gold___
she auth. capital stock from $3,000,000 common and $250,000 6%
Denv Tr Pow 1st impt mtgef
1903 6 g A-O
741.000 Apr 1 1927 oon-cum. pref. stock to $3,000,000 common and $1,500,000 7% cum., pref.
$1,500,000 g ($1,000) guar-j Int. at Internat. Tr. C o.. Denver, trustee. stock. The new pref. stock carries the same voting powers as the common
principal and Interest_ tf ( or Guaranty Trust C o.. New York.
_
stock aud is cum. from M ay 1 1918 and callable, ail or in part, on any dlv.
Denv Tr Term 1st mtge $1,-1
1910 5 g M-3
913,000
See text date at 107Vi aud divs. V. 106. p. 2010.
500.000 g ($100 & $1,000)! Interest at Bankers Trust C o., N . Y .. trusValuation.— See V. 111. p. 2140.
guar prln & Int_______ c*tf [ tee, and in Denver.
Committee for Gen. A Ref. Itge. 5s.— Chairman, D. Mark Cummings;
Stock.— $9,791,700 common owned by Denver & Northwestern R y. of Stanley Field, C. W. Beall, W. E. McGregor and Chester Corey, Sec.,
which $750,000 is held for conversion of Denv. Tramway conv. bonds, the 115 W. Monroe St., Chicago, 111. Depositary: Harris Trust & Savings
remaining $250,000 being set aside for expenses of organizing Denver Tr. Co. Bank. Chicago. 111. V. 113. p. 182. 628. 847.
Bonds.— Of the bonds reported outstanding as above, $1,427,550 Denver
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
City Tramway 1st & ref. 5s and $18,000 Denver Tramway Terminals 1st Common. $3,000,000 ($100)______
_______
$1,055,000 __________
1.564.200
See text
5s are owned by the Denver Tramvvay Company. Of the Denver & Pref., 7% cum., $1.500.000...................................
5 J-J
5.471,000 Jan 1 1936
Northwestern first and collateral mortgage bonds, $5,503,000 have been ues Moines City Ky Gen & f 1916
Ref M . $15,000,000. gold] Harris Tr & Savs. Bk Chicago. Trustee
exchanged for Denver City Tramway first and refunding 5s, and $900
7 A-O
353,000 Apr 1 1927
are in treasury of Denver Tramway Co. (not included in amount re 5-year debentures___________ 1922
Bonds.—Remaining bonds may only be issued for 80% of expend, for
ported outstanding). Of the Denver Consolidated Tramway first consoli
dated 5s. $163,000 have been canceled and $2,670,000 have been exchanged perm, exts., enlargements and addns. under conservative restrictions.
for Denver City Tramway 1st & Ref. 5s. The Denver City Tramway Bonds are red. on any int. date at 105 and int. Mtge. provides for an
d o ., prior to the sale o f Its properties, executed a mtge. upon all its physical annual expenditure, beginning with 1919, of 20% of gross earnings for
properties (other than those formerly belonging to the Denver S North maint., repairs and renewals for exts. and addns. for which no bonds may
c
western Ry. Co.) junior to the lien of its First & Ref. 8. F. Mtge. (originally be issued, or for the purchase or retirement of outstanding bonds. V . 102,
matured Apr. 1 1919 and bore int. at 5% . but were extended to Apr. 1 1924 p. 975. Debentures are red. at 100 and int.
?
38
ELECTRIC RAILW AYS
Dividends.— Pref. divs. are being paid regularly.
R E PO RT.— For 12 months ended Feb. 29 1924, gross, S2,463.685; net,
after taxes, (available for int., deprec., amortiz., &c.), $714,716; bond
int., &c., $310,090; bal., sur., $404,627.
R OAD.— Operates 97 70 miles o f track. 35 to 129-lb. rails. 156
passenger, 36 service cars.
OFFICERS.— Pres., F. C. Chambers; Vice-Pres., M . H. MacLean and
W . H. McHenry; Sec.. O. H. Bernd: Treas.. F. M . Harris; Asst. Treas .
E . B. Bighler.— V. 113, p. 1470, 1771, 1887, 2405; V. 114, p. 78, 1532,
1764; V. 115, p. 182; V. 116, p. 176, 1275; V. 117, p. 207; V. 118 -. 201.
[V ol. 118,
D etroit Electric.
Date.
Interest. Outstanding.
Maturity.
Detroit Ry 1st M . g ($1,000)1 1895
5 g J-D x$l,250,000
1923-1924
on 56.34 miles_______ c*&r\lnterest at Cleveland Tr. C o., Trustee.
x Allocated to the City System” and are to be paid out of the proceeds of
the sale of same to the City of Detroit. V. 116, p. 610.
Bonds.— First mortgage bonds of the Detroit R y. numbered 1 to 600 ma
ture in order of numbers at $50,000 per annum, beginning Dec. 1 1912;
-umbers 601 and above mature Doc. i 1924; $550,000 have been retired.
$3,000 are held in treasury and $103,000 deposited as collateral to loans
Detroit Fort W ayne S Belle Isle.
c
1st mtge, gold. $l,200,000f 1898
5 g A-O x$1.200.009 April 1 1927
DES MOINES & CENTRAL IOWA R R .— An electric freight and
$1.000)____________ c*&r(New York Trust C o., Trustee. Subject to
passenger railway.
1 call at 105 and Int. on 60 days’ notice.
Agents, Bank of Montreal, New York.
ORGAN IZATION .— Incorporated in Iowa to construct a system of
x Allocated to the “ City System” and are to be paid out of the proceeds of the
Interurban roads connecting with Des Moines. Was known as the Interurban Railway Co. up to Feb. 1922. when name was changed to present sale of same to the City o f Detroit. V.116, p. 610. $300,000 are deposited as
collateral to loans.
title. V . 114, p. 738.
Financing Plan.— In April 1921 the I.-S. C. Comm, approved a loan to
Detroit S N orthwestern R y.
c
■the co. o f $633,500 at 6% for 10 years to aid the co. in meeting the $1,267,000
Date.
Interest. Outstanding
Maturity.
1st M tge. 5s due Apr. 1 1921. The holders of the 1st M . 5s were paid
1st mtge, $1,000,000,. goldf 1901 7% g M -N $855,000
Jan. 1 1932
$500 in cash (obtained from Govt, loan) and $500 in new 1st Mtge. 10-year
($100. $1,000)_________ c*llnterest at Union Trust C o., Detroit, Trust.
714% bonds. $795,000 additional 10-year 714% 1st M . bonds are pledged
Bonds.— Are guar., p. & L, by Detroit United R y. by endorsement.
as security for the Govt, loan mentioned above. For further details see
See V. 73, p. 494. Were taken up at maturity (May 1 1921), but are
V. 112, p. 1617. Plan declared effective May 27 1921. See V. 112, p. 2537
The $250,000 6% debentures which fell due Jan. 1 1923 were not retired pledged as extended bonds with lien unimpaired under the Detroit United
at maturity but are being carried along pending an extension of the loan. Ry. 1st mtge. coll. 8% bonds. See V. 113, p. 532.
The Secretary states that “ these debentures are very closely held and are
Detroit & P ontiac Ry.
in friendly hands. It is anticipated that the holders will co-operate with
lit con mtge. gold ($1,000),/ 1901
4V* g J-D
600,000 June 1 1926
the co. In its endeavor to work the situation out.” V. 116, p. 295.
$1,100,000 _________ c*&r\lnt. at Washington Tr. Co . N . Y ., Trustee.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Bonds.— $500,000 consolidated mtge. 4)4 % bonds were reserved to retire
Stock, $1,200,000 ($100)__________
_________ $1,160,000 ___________
like amount of 1st mtge. bonds; the latter were paid off at maturity Feb. 1
1st Mtge bonds $2,500,0001 1921
7)4 A-O
562.500 April 1 1931
1922. $3,000 are held in treasury and $14,000 deposited as collateral to
Red at 102)4 and interest../Harris Trust & Sav. Bank, Chicago. Trustee loans. Bonds are subject to call at 105 and interest on 60 days’ notice after
Debentures. $350,000 ($1,0001 1913
6 J-J
250,000 Jan. 1 1923
June 1 1911. Principal and interest o f both issues guaranteed by Detroit
and $500)____________ n tf /in t. at Harris Tr. & Sav. Bk., Chic., Trustee
United by endorsement.
Bonds.— In addition to the $562,500 1st Mtge. 7 Ms reported outstanding.
D etroit S Flint R ailw ay.
c
$795,000 are pledged as security for a Government loan (see text above)
and $71,000 additional are deposited as collateral for another loan; addi
The Detroit & Flint Ry. was organized to acquire the Detroit Rochester
tional bonds to the amount of $100,000 may bo issued for full cost of exten Romeo & Lake Orion, together with the Nor. Det. Elec. Ry. and the Det.
sions, additions and betterments under certain restrictions, and remainder Utica & Romeo R y. The consol. M . is a 1st lien on these last two prop'tles.
may be issued for 75% of such cost. Are redeemable at 102)4 and int. on
Date.
Interest. Outstanding.
Maturity.
any int. date. Compare V. 112, p. 1617, 2531. Debentures are redeem
Detroit & Flint 1st consol M ,/ 1901
6 g F-A
$1,400,000 Jan. 1 1932
able on any int. date at 101 and int.
g, $3,000,000 ($1,000)--C*llnt. at T r. Co. of America, N. Y ., Trustee.
D R R & L O Ry 1st mtge.f 1901
7 g J-D
$1,095,000 See text,
EARN ING S.— For 12 months ended Feb. 29 1924, gross, $690,267; net,
sinkingfund, gold ($1,000),(In t. at Cont. & Comm. Tr & Sav. Bank,
after taxes (available for int., deprec., amortiz., &c.), $114,368; bond int.
$1,500,000; unissued bonds
Chicago, Trustee; also Guaranty Trust Co.
and int. on Govt, loan, $80,197; balance, surplus, $34,171.
have been canceled_____c * l New York.
Bonds.— Both the Detroit & Flint consol, mtge. 5s and the D . R. R. &
R OAD.— Operates 100.77 miles of track (incl. sidings), connecting Des
Moines and Colfax, Des Moines and Perry, with branch to Woodward. L. O. Ry. 1st mtge. 5s are guaranteed by the Detroit United R y.; see form
Standard gauge; 60 and 70-lb. T rail. 12 pass, motor cars, 1 passenger of guaranty in V. 76, p. 1300; as “ additional collateral security” on the
Flint bonds 1st consol. 4)4% bonds of the Detroit United are deposited.
coaches, 7 locomotives and 219 misc. freight and work cars.
$ for $, with the Guaranty Trust Co. of N. Y ., and would be available In
OFFICERS.— Pres., F. O. Chambers; Y.-Pres., M . H. MacLean and the event of default on the Detroit & Flint bonds. The D. & F. cons. 5»
W. H . McHenry; Sec.O. H. Bernd; Treas., Frank M . Harris; Asst. Treas.. matured Aug. 1 1921, while the D. R. R. & L. O. R y. 1st M . 5s fell due
E. B. Beighler; Gen. M gr.. C. M. Cheney.— Y. 114, p. 738; V. 116, p. 295. June 1 1920. Both these issues were taken up at maturity, but are pledged
as extended bonds with liens unimpaired under the Detroit United Ry. 1st
M . coll. 8% bonds. See V. 113, p. 532.
R E PO RT.— Annual report for 1922 was in V . 116, p. 610:
DETROIT, MICH.
Detroit United R y., Rapid R y. Sys.. *S andw .W lnd. S Am herstb. R y.
c
D E TROIT UNITED R A ILW A Y .— Trolley.
Det. M onroe & T ol. Sh. Line R y. and Det. Jack. & C b ic.
Municipal Purchase— On March 11 1922 the stockholders ratified
ai923
a 1922
1921
1920.
the contract entered into by the directors for the sale o f the c o .’s city lines
to the city of Detroit for $19,850,000- A special election was held April 17 Revenue passengers____ 53,671,il4 146,059,466 336,579,071 425,582,985
1922 and the people voted in favor o f the proposed agreement and the ap Transfer passengers____ 3,895,242 35,410,287 103,760,082 128,152,432
propriation o f $4,000,000 for the first payment on the contract for the pur Gross earnings__________ $8,863,600 $13,184,771 $23,329,068 $28,986,228
chase of materials, and other expenses incidental to the taking over or the Operating expenses_____ 7,243,271 10,098,489 19,428,779 25,025,165
lines by the city. V. 114, p. 1764. For full details and summary of
Net earns, from oper.
$3,086,282
agreement between city and company, see V. 114, p. 1178; V. 116, p. 610; Inc. from other sources. $1,620,329 $1,064,574 $3,900,289 $3,961,063
$873,583
$716,224
$676,118
V. 117, p. 2889. Compare V. 114, p. 854 , 947.
Inc. from all sources___
2,483,911
4,150,856
4,616,513 4,637,181
On M ay 15 1922 the transfer o f the D. U. lty. city lines to the City o f De
2,222,981
3,351,068 3,330,606
troit was effected. The co. will operate the short lines outside the city Interest and taxes______bl,630,265
limits. The lines taken over and those already constructed by the city will Dividends______ ______ (6%)921,356(1 J4)230,276(2%)300,000 (8)1,200,000
_
______
______
______
200,000
be operated by the Dept, o f Street Rys. Preliminary to the transfer of Deprec’n charged o ff_
for taxes______
______
126,188
150,000
150,000
the lines to the city, the city paid $3,177,000 to the co. Of this amount Reserve for contingenc’s
______
250,000
250,000
50,000
$2,770,000 was to take care o f the first payment on the purchase contract Reserve
o f $19,850,000. V. 114, p. 2240.
Total deductions.........$2,551,621 $2,829,445 $4,051,068 $4,603,606
In Oct. 1921 a board o f arbitration fixed $2,297,700 as the price the city
Surplus income...........def$67,710 $1,321,411
$ 565,445
$33,575
would have to pay the co. for 29)4 miles o f line, including equipment.
* In opeiation up toM a.ch 31 1920.
V. 113, p. 1674. These lines were formally taken over by the city on Dec.
a The Detroit City Lines were sold to the city M ay 14 1922 and the re
22 1921.
sults for 1922 and 1923 are exclusive o f the City Lines after that date.
ORGAN IZATION .— Incorporated In Michigan Dec. 31 1900 and took
b After deducting $732,787, being proportion of int. received with respect
■over franchises au c properties of the Detroit Citizens’ Street R y., the De to balance owing by City of Detroit, credited upon the books of the company
troit Electric R y ., the Detroit Ft. Wayne & Belle Isle and the Detroit Sub to interest on funded debt.
urban. V . 72. p. 44, 183. Embraces all the street railway lines in Detroit.
D IV ID E N D S.— First dividend of 1% on Detroit United stock was paid
Later absorbed by purchase the Detroit & Northwestern R y., which li March 1 1901 and 1% quarterly thereafter until Aug. 1 1905. when rate
known as the Orchard Lake division, the Detroit & Pontiac R y., known
was raised to 1)4% quarterly. On Nov. 1 1905 1 )4 % . In 1906 5% . In
as the Pontiac division, the Wyandotte & Detroit River R y., known as thf
1907. Feb., 1)4% : M ay. 1)4% : Aug., 1)4% . None to Mar. 1911. when
Wyandotte division, and the Detroit & Flint, formerly the Detroit Roches
Wi.% was paid; same amount quar. to and incl. Dec. 1912. In March
ter Romeo & Lake Orion R y., and known as the Flint division.
1913 to and incl. March 1916, 1)4% quar. In June 1916 to and incl
Owns entire capital stock of the Detroit & Port Huron Shore Line (Rapid Mar. 1917,\M %. In June 1917 to and incl. Mar. 1921, 2 % . In June 1921
Railway System); Detroit Monroe & Toledo Short Line Ry. (acquired in a stock div. of 2)4% was paid. V. 112, p. 1865. The co. also declared
Feb. 1906) and the Detroit Jackson & Chicago Ry. The last-named is a re stock divs. of 2)4% each, payable Sept, and Dec. 1 1921, but the P. U.
organization of the Detroit Ypsilanti Ann Arbor & Jackson R y., the Jacfc- Comm, refused to grant the co. authority to issue the stock and in Oct.
1922 the directors rescinded these divs. The divs. had not been distributed.
•on Ann Arbor & Detroit Ry. and the Detroit Plymouth & Northville Ry
which were acquired in Jan. 1907. Also owns the entire capital stock of Compare V. 113, p. 1155, 1359. 1887, 2079, 2405. A cash dividend of
m 1923,
the Detroit Almout & Northern R R ., which it leases for 50 years from 1915, 1)4% was declared payable Dec. 1 1922 V. 115. p. 1730
and guarantees and assumes its bonds as a direct obligation, by endorsem’t. March, 1)4% ; June, 1)4% ; Sept., 1)4% ; Dec., 1 )4 % . In 1924, March,
In Aug. 1901 purchased 180 shares (all) of the stock of the City Electric 1)4% ; June, 1)4% .
R y . and the People's Electric Light plant of Windsor. Ont
ROAD.— On Dec. 31 1923 operated 603,7906 miles of track, as follows:
Detroit United, including Wyandotte & Detroit River R y., Detroit S
c
Decision.— For decision affecting allocation o f bonds see V. 118, p . 1519.
& Pontiac, Detroit & Flint,
Almont &
Bus Service to Supplement Interurban Lines Proposed.— See V. 115. p 759. Northwestern, Detroit& Royal Oak R R ., 264.3645Detroit Detroit & Nor.
R R ., Highland Park
miles
Port
Motor Truck Freight Line Proposed.—-In July 1923 the company applied Huron Shore Line, 142.8816 miles; Detroit Monroe & Toledo Short Line,
for authority to do a general freight hauling business with motor trucks and 84.8458 miles; Detroit Jackson & Chicago R y., 111.6987 miles. Rails, 77,
trailers. It is understood, if the application is approved, that the Detroit 85 and 98-lb. steel. Does an express service. Has 485 passenger cars.
United Railways Trucking Co. will be organized with a capital of $500,000. 217 freight and construction cars, 123 express cars, 3 locomotives, 31 snow
V. 117, p. 85.
plows, 1,806 motors and 1,826 trucks. There are 3 power houses, with a
Interurban Fares.— Effective Jan. 10 1924, the Mich. P. U. Comm. auth. combined capacity of 13,250 k. w., and 14 substations.
the company to increase the rate o f fare on its interurban lines approximately
OFFICERS.— Pres., E. G. Stevenson; V .-P ., Chas. Laurendeau; V.-P. &
25 % . V. 118, p .201 . Compare V. 117, p. 2323. See also V. 118, p. 906. Gen. M gr., E. J. Burdick; Sec., A. E. Peters, Detroit; Treas., A. A. Gingras;
Aud., R. G. Skeman. General offices, Traction Bldg., Highland Park,
Valuation.— See V. 115, p. 1837; V. 117, p. 85; V . 118, p. 201.
M ich.— V. 113, p. 1887, 2079, 2311, 2405, 2504, 1719, 2818; V. 114, p. 78,
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity
626, 848, 854, 947, 1178, 1532, 2011, 2240, 2579; V. 115, p. 182, 645, 759,
Stock $15,375,000 ($100).................
Q-M
$15.37',,n00
See text 1099, 1730, 1837, 1941, 2158, 2477; V. 116, p. 610, 720; V. 117, p. 85, 781,
1st consol mtge. $25,000.000,( 1902
4 )4 g J-J x 12,150.000 Jan. 11932 1016, 1347, 1883, 2323, 2889; V. 118, p. 201, 906, 1392, 1519.
gold ($1.000)_______ c*cp ti Guaranty Trust C o., N Y ., Trustee. Int
I at Agency Bank of Montreal
(1) Detroit & Port H uron Shore Line Ry.— A trolley road.
1st Mtge coll bonds $5,000,-/ 1921
8 g F-A
3,609,000
See text
Entire outstanding capital stock is now owned by the Detroit United Ky.
000 ($1,000)_________ c*tf\Int. at Cent. Un. Trust Co. of N. Y ., Trustee
ORGANIZATION.— Incorporated in May 1900. Is a consolidation of
x Allocated to the “ City System” and are to be paid out of the proceeds of the Rapid Railway C o., the Detroit M l. Clemens & Marine City R y. (the
purchaser of the properties of the M t. Clemens & Lakeside Traction Co. and
the sale of same to the City of Detroit. V. 116, p. 610.
the Detroit & River St. Clair R y .), the Port Huron St. Clair & Marine City
Stock listed on the N . Y.. Montreal. Detroit and Cleve. Stock Exchanges
Ry., the Connors Creek S Clinton River Plank Road Co. and the City
c
Bonds.— Of the $25,000,000 first consolidated mortgage bonds authorized
Electric Ry. of Port Huron. The new company owns the capital stock of
$7,005,000 are reserved to ^retire underlying liens and $1,000 are he’ d each road. The consolidated company operates all the tracks in M t Clem
in treasury, and $1,844,000 are deposited as collateral for loans. Callable ens and Port Huron, and the through route from Detroit to Port Huron
at 105 and interest on any interest date on 60 days’ notice. See V. 73, p. running through M t. Clemens, New Baltimore. Algonac, Marine City and
1111; V. 103, p. 320. Listed on New York Stock Exchange. O f the St. Clair. Also owns the capital stock ($25.0001 of the Detroit & Lake
$4,000,000 1st Mtge. 8% coll, bonds $508,000 were retired Aug. 1 1922 St. Clair Ry.
and the remainder mature Aug. 1 1941; $305,000 are held in treasury. Are
STOCK AND BONDS— Date.
Interest Outstanding.
Maturity
secured by pledge of $4,155,000 underlying bonds, for description of
_______
$2,000,000 ...................
which see V. 113, p. 532. Of the remaining $1,000,000 bonds authorized, Stock. $2,500,009 ($100)__________
1st mtge. $2,500,000 ($1,000) f 1900
5 g J-J
2,500.000 Jan 1 1950
$500,000 are issuable against the pledge o f $600,000 Detroit & Pontiac
cannot be called, gold-C*&rl Union Trust C o.. Detroit, Trustee.
consolidated mortgage bonds due June 1 1926, when extended under closed
lint, at American Exch. Nat. Bank, N . Y.
mortgages. A sinking fund o f 5% per annum of the 20-year bonds issued
ROAD.— Total Det. S Port Huron System, 138.2268 miles.
c
will purchase bonds of that maturity up to 107>4 and int. Are callable
EARNINGS.— Now Included in report of Detroit United Ry.— V. 77. p.
as a whole at 197)4 and int. on 30 days' notice. Pennsylvania 4-mill tax
34; V. 84. p. 338.
refunded. V. 113, p. 532.
39
ELECTRIC RAILW AYS
A pril, 1924.]
(2) D etroit M onroe & T oledo S hort Line Ry.
ORGAN IZATION .— Incorporated In Michigan on D oc 11 1902
In Feb. 1906 entire stock was acquired by Det. Unit. Ry V. 82, p . 392.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Stock. $3,000.000_________________
_______
$2,681,000 ________
1st mortgage, $3 000.000,1 1903
6 g J-J
3,000.000 Jan 1 1933
gold ($1.000)__________ c*/Union Trust C o., Detroit, Trustee.
Bonds.— Interest Is payable In New York. No sinking fund and bonds
are not subject to call.
ROA D .— Operates 50 miles of road from Toledo to Detroit and 4 miles of
road from Monroe to Lake Brie; completed Nov. 5 1904. At Toledo con
nection Is made with the Lake Shore Electric R y. for Cleveland. Is of
steam road construction, on private right of way; standard gauge, laid with
70-lb. T rails. Total track. 84.8458 miles. V. 107, p. 82; V. 108, p. 480
<3) Detroit Jackson & C hicago Ry.
ORGAN IZATION .— A holding co. organized In Mich. In 1907 by Detroit
United interests to take over the Det. Ypsil. Ann Arbor & Jack. R y ., the
Jack. Ann Arbor & Det. Ry. and the Det. Plym. & Northville R y., paying
therefor $1,230,000. Entire stock owned by Detroit United R y.
Fares.— On Mar. 21 1919 Judge Hosmer in the Circuit Court at Detroit
ordered fares on the c o .’s lines between Detroit and Jackson reduced to the
pre-war basis of about 1 ]4 cents per mile. V. 108, p. 1274. The $60,000
Ypsilanti S Saline 1st M . 6s which matured July 1 1919 were retired on
c
that date, $60,000 of the co .’s 1st consol, mtge. 5s being issued in connection
therewith.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($100)......... ....................... ..........................
$614,000 __________
First consol mtge, $4,000,0001
1907 5 g F-A
2,060,000 Feb 11937
($1,000). gold_________ c*\lnt. at Security Trust C o., Detroit. Trustee.
1st cons M Det Y A Ar&Jackl
1901 5 g F-A
1,610,000 Feb 11920
$2,600.000($500,$l,000)gc*llnt. at Detroit Trust C o., Detroit, Trustee.
Det Yps A Ann Ar cons 1st Ml
1899 6 g F-A
330,000 Feb 11924
$1,000,000, g ($500 & $1,-/Int. at Union Trust C o., Detroit, Trustee
000) sinking fund annually f
The Det. Yps. & Ann Arbor & Jackson first consols cannot be called.
Of the amount reported outstanding, $62,500 were in the Detroit United
Treasury on Dec. 31 1923.
Bonds.— Bonds of Det. Jack. & Chic, are subject to call on any Interest
day at 105 and int. Guar., p. S L, by the Detroit United Rys.; enough
c
bonds are reserved to retire bonded debt o f the Det. Yps. Ann Arbor S Jack.
c
R y. Y . 85, p. 345. Of the amount reported outstanding, $1,179,000 were
Dec. 31 1923 in the Detroit United treasury.
ROAD.— Completed and in operation from Detroit (through Wayne and
Ypsilanti) to Ann Arbor and to Jackson; making mileage 100 miles, of which
40 miles over private right o f way. Total track, 111.6987 miles. Ralls
70 and 75-lb. T girder. Does a freight business.— V. 108. p. 1274.
(4) Detroit Alm ont & N orthern R R .
ORGAN IZATION .— Organized under the General Railroad Laws of
Michigan. Ts leased for 50 years from 1915 to the Detroit United R y..
which owns its entire capital stock.
BONDS—
Date.
Interest. Outstanding. Maturity
First mtge, gold. $2,500,000/ 1915
6 g F-A
$400,000 Feb 1 1940
($1,000 & $500)_____c* tf\Int. at Union Tr. C o.. Detroit, Trus., & N.Y
The bonds are guar, and assumed as a direct obligation, by endorsement
by the Detroit United Ry.. which, in the event of any new issue of refund
lng or general mortgage bonds being placed on the Det. Un. Ry. or its sub
■idiaries. will reserve sufficient new bonds for the retirement of the above
Issue at maturity. Red. on and after Feb. 1 1925 at 103 and int. Re
maining bonds to bear rate of interest as fixed by the directors when issued
but not to exceed 6%
ROAD.— Extends from Romeo, through Almont to Imlay City, about
20 miles; built on private right of way; 70-Ib. rails.— V. 101. p. 130
D I X O N , IL L .
Stock.— The pref. stock is non-cum., without voting power, subject to
redemption at any time. The common stock has exclusive voting power.
The plan recommended that the common stock be placed in a voting trust
for five years.
Bonds.— Additional bonds may only be issued for exts., impts., &c. Int.
payable free of Penna. State tax. V. 114, p. 80.
EARNING S.— For year ending Dec. 31 1923, gross, $110,898; net,
$6,604. In 1922, gross, $143,637; net, $20,029. In 1921, gross, $167,797;
net, $34,988.
Operates 32 miles of road between Doylestown and Easton; “ T ” rail;
gauge, 5 ft. 214 in.; 8 cars.
OFFICERS.— Pres. & Gen. M gr., A. H. Sickler; V .-P., John O. Swartley;
Sec., W. S. Chambers; Treas., Godrey Schmidheiser.— V . 114, p. 80.
D U B O IS , P A .
DU BOIS ELECTRIC & TR AC TIO N CO.
Control.— Controlled by Pennsylvania Electric Corp. V. 118, p. 1772.
O RGAN IZATION .— Incorp.in New Jersey on Nov. 18 1901 as the Amer
ican Town Light Co. and name changed later as above. Owns all of the
stock of the Du Bois Elec. Co. and the Du Bois Trac. Co. V. 76, p. 972.
Franchises for both street railway and electric-lighting are perpetual and
axclusive.
STOCK AND BONDS— Date.
Interest. O'/tsianding. Maturity.
_______
$292,500 ......... ..........
Stock, $300,000 ($100)___________
Collat trust mtge, $300,000/ 1902
5 g M-N
280,500 M ay 1 1932
($500), gold________ c*ntf\lnt. at Columbia Trust C o., N. Y ., Trustee.
Bonds.— No sinking fund, but subject to call at any time at 105 and Int.
EARNINGS.— Combined earnings for years ending Dec. 31:
Cal. Years— Gross.
Exp. & Taxes. Net.
Interest.
Balance.
$177,816
$59,418
$14,025
$45,393
1921...................$237,234
1920__________ $244,339
$203,730
$40,609
$14,025
$26,584
O F F IC E R S— Pres., E. M . Harrington; V .-P ., E. T . Hartigan; Sec. &
Treas., John Marsman.— V. 89, p. 1667; V. 103, p. 2340; V . 118, p. 1772.
D U B U Q U E , IO W A .
DUBUQUE ELECTRIC CO.
Control.— Entire capital stock owned by Consolidated Utilities Co.
ORGANIZATION.— Organized in Delaware June 3 1916 and acquired
the Union Electric Co. o f Dubuque (see “ Elec. R y .” Section for M ay 1916).
Does the entire electric lighting, power and street railway business in Du
buque and vicinity. Franchises extend to 1947. Owns East Dubuque
Elec. Co., serving East Dubuque, 111. Also sells power to the Eastern Iowa
Electric Co. (controlled through stock ownership), serving 8 communities
within easy transmission distance of Dubuque.
In June 1923 brought out $3,000,000 1st Mtge. 6% bonds, proceeds being,
used to discharge all the then outstanding funded debt and for other cor
porate purposes. V. 116, p. 2636.
Outstanding. Maturity.
STOCK AND BONDS— Date.
Interest.
Com stock $2,000,000 ( $ 1 0 0 ) .____
_________
$682,000 ............... .
Pref 6% cum $2,000.000($100)___
Q-M
«00.900
See text
1st Mtge. $30,000,000 Ser o ff 1923
6 g A-O
3,200,000 April ____
________
_
1 1942
April 1923 ($100 & $500){International Trust C o., Boston, trustee.
g o l d _________________ c * tfl
Stock.— Pref. stock is callable at HOanddivs.and has equal voting power
with common. V. 103. p 410.
Bonds.— Additional 1st M tge. bonds may be issued for additions and
acquisitions under certain restrictions. The co. covenants to expend or
set aside for maintenance, renewals or replacements 8% of the gross oper
ating revenue. Call., all or part, by lot at 107f$ and int. during 1924;
with reduction of premiums ^ of 1 % each year thereafter through 1935;
thereafter on any date prior to maturity at 101 and int. Int. payable in
N . Y . or Boston. Mass, and New Hampshire income taxes in effect at
time of issuance and Penna. and Conn. 4-mills property taxes refunded.
V. 116, p. 2636.
Dividends on pref. stock have been paid regularly from date of organizat’n
Earns. Years End.—
Dec. 31 ’23. Dec. 31 ’22. Dec. 31 ’21. Dec. 31 ’20Gross __________________ $1,185,315
$1,067,171
$997,075
$874,977
Net, after taxes..................
400,148
355,332
301,831
212,210
P R O PE R TY.— Power station with 12,675 h. p. generating capacity
about 220 miles of transmission and distributing lines; 20.7 miles o f track
in city and suburbs, substantially all 70-Ib, rail: 85 cars.
OFFICERS.— Pres., Albert Emanuel, New York; V .-P ., G. A. Baker;
Sec.. Floyd E. Harper; Treas., C. B. Ziegler.— V. 113. p. 1674; V. 114, p.
1062; V. 116, p. 822, 1275, 2128, 2516, 2636; V. 117, p. 85; V. 118, p. 1012.
ILLINOIS NORTHERN UTILITIES CO.
Controlled by the Middle West Utilities Co., which see In our “ Railway
S Industrial Section."
c
ORGAN IZATION .— Organized under the laws o f Illinois July 31 1910
as a consolidation of the Illinois Northern Utilities Co. (incorp. in Apr!)
1912), Tri-County Light S Power Co. (V. 97, p. 669), and the Freeport
c
Railway & Light Co. (see this SectioD for May 1916). V. 103. p. 496
In Nov. 1923 purchased the properties o f the Northern Counties Power Co.
V. 118, p. 1012. Operates gas and electric properties in the western half
o f the northern part o f Illinois adjoining the territory served by the Public
Service Corp. o f Northern Illinois. Also operates street railways in Sterling
and Dixon and an interurban line between the two cities, total 1st track,
D U L U T H , M IN N .
18.51 miles, and 9 miles o f track in Freeport. Has traffic arrangement for
DULUTH-SUPERIOR T R A C T IO N .— Trolley.
50 years with the Rockford & Interurban Ry. Co., allowing cars o f that
company to enter Freeport.
ORGANIZATION.— Incorporated in Connecticut in 1897. Owns entire
itock of the Duluth 8treet Ry., the Lakeside Street Ry. and the Superior
To issue pref. shares o f no par value. See Y. 118, p. 1267.
Rapid Transit. The corporate existence of the Duluth Street Ry. is main
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity
tained,
Common stock___________________
_______
$4,635,000
See tezt is held but all of its stock ($2,000,000 authorized, $1,800,000 outstanding)
by the Duluth-Superior Traction. This latter company has no
First pref stock 6% cum__________
Q-F
3,414,800 M a y 2 4 ,m
bonded debt. The
Ry. was organized under Act of
Second preferred stock_______ _____
...................................... 250.000Jan ’24,1J^ approved N ov. Duluth Streetpossesses “ an exclusive franchise"Minne
sota
17 1881 and
which
5 g A-O
6 .000.00(1 Apr 1 1957
First and ref M gold______ tf 1912
See decision with regard to franchises in Superior
General mortgage___________ _____
6%
140,000
.. runs until 1931.
in V. 80, p. 1911. On Dec. 18 1918 the company surrendered its franchise
Underlying Bonds—
to operate in Superior and in 1921 its Duluth franchise; the system now
De Kalb County Gas............... 1902
5%
199.500 Jan 1 1927
being operated on the indeterminate permit basis under which the State, in
Sterling Gas & Electric______ 1902
5%
2-19,500 Junel 1927
stead of city officials, has jurisdiction over the co. V. 107, p. 2476. See
Tri Co Lt & Pr 1st & ref mtge. 1912
6%
40,000 _________
also V. 112, p. 2082. On Sept. 1 1917 the Duluth St. R y. acquired the S i
Freep Ry & Lt mtge $2,000,-/ 1910
5 M-N
140,000 Nov 1 1935 mile line of the Park Point Trac. Co. of Duluth, M inn. V. 105, p. l80.
000 g ($100. *500 & $1,000)'In t. at Cone. < Comm. Tr. A 8 R Ob..trus
fe
The Duluth-Superior Bridge between Duluth, M inn., and Superior, Wis., is
Stock.— In addition to amounts reported outstanding, $181,000 1st pref. used by the railway but is a separate corporation, and has issued 1st M .
and $365,000 common held in treasury.
bonds for $650,000 and 2d M . bonds for $300.000.— see bridge items. V.
Bonds.— The 1st S ref. M . bonds of 1912 are red. at 105. Additional 63. p. 310. 504.
c
Valuation— S e e V . 110, p . 1748; V . 115, p . 435; V . 117, p . 1461. Valua
amounts may be Issued (a) $769,000 to refund underlying bonds, (&) in
exchange, par for par, for mortgage debt existing at time o f acquisition of tion o f operating property in Superior, W is., given in V . 116, p . 2993.
properties acquired in the future; (c) for expenditures made in acquiring
Fares.— On July 13 1922 the R R . & W arehouse C om m , o f M inn, filed
future property to extent o f 75% o f cost thereof. V. 94. p. 1383: V . 95. an order effective Aug. 1 1922. fixing the valuation o f the property o f the
p. 1123.
c o ., com prising the D uluth, M in n ., D iv ., and fixing a rate o f fare o f 6 cents
Dividends.— On pref. (now 1st pref.), \]4% quar. paid N ov. 1912 to and cash, 5 tickets to be sold for 25 cents. The co. appealed from this order to
incl. M ay 1924. On 2d pref., 1}4% quar. was paid in 1923. On common the U. S. D ist. C ourt, which C ourt issued an order restraining the C om m ,
3% was paid in 1923.
and the city o f D uluth from interfering with the co. collecting a straight
EARN IN G S.— Of Illinois Northern Utilities Co. and Sterling, Dixon & 6-cent fare after Aug. 1 1922, until final determ ination o f the appeal. Later
Eastern Electric R y. for 12 mos. ending Dec. 31:
the city o f Duluth applied to the C ourt for a m odification o f its order, and
the form er order was amended to provide that after Sept. 7 1922 the cash
Net, after Interest, Preferred Balance for
fare should be 6 cents, but the co. was required to sell 5 tickets for .30 cents,
Cal. Years—
Gross.
Taxes. Bents, & c. Dividends. Common, Ac
1923 __________ $2,344,643 $855,020 $407,057 $214,703 sur.$233,260 with a 5-cent rebate coupon attached, pending final decree o f the Court.
V . 115, p. 1209; V . 117, p . 1461. On Sept. 1 1921 the W ise. R R . C om m ,
1922
..
2,129,276
707,685 406,848
189,363 sur.111,474
OFFICERS — Pres., Samuel Insull: V.-P , B. D . Alexander; Sec. A ordered a 6-cent cash fare with 6 tickets for 35 cents in the city o f Superior.
Treas., John H. Gulick; Asst. Sec. & Asst. Treas., J. A. O’Connell; Asst. E ffective O ct. 1 1923 fares in Superior, W ise., were further raised to 10
Treas., L. E. Jacobson; Asst. Sec., E. J. Knight: Aud., J. P. Plummer.— cents cash and 5 tickets for 30 cents. V . 117, p . 1347, 1883.
ST O C K A N D BON O S —
Date.
Interest. Outstanding.
Maturity.
V . 106, p. 2757; V. 114, p. 2011; V. 115, p. 2386; V. 116, p. 943; V. 118,
Q-J
$3,500,000
See text
Common. $3,500,000 ($100).............
p. 1012, 1267.
Pref 4% cum.S 1,500,000($100)____
Q-J
1,500.000
See text
Duluth St Ry M , $2,500,000,/ 1900
5 g M&N
2,500.000 May 1 1930
D O Y L E STO W N , PA.
gold ($1,000)----------------c * lln t. at Cent. Trust Co.. N. Y ., Trustee.
Dul St Ry gen M $2,500,000./ 1910
5 M -N
1.150,000 May 1 1930
PHILADELPHIA & EASTON TRAN SIT CO.— A trolley road.
gold ($1,000) sk fd _____c*\lnt. at Central Tr. C o., N. Y ., Trustee.
ORGANIZATION.— Incorp. July 30 1921 in Penna. as successor by
Stock.— Both com. and pref. are listed on N. Y . Stock Exch. V. 90, p. 848.
reorganization (see plan in V. 114, p. 80) to Philadelphia & Easton Electric
R y., for history of which see “ Electric Railway” Supplement of Oct. 22 1921
Bonds.—The mtge. of 1900 covers all the mileage of the Duluth Street Ry.
Under the plan outlined in V. 114, p. 80, the holders of 1st Mtge. 5% bonds the property of the Lakeside St. R y. and of the Superior Rapid Transit
in the old co. received 40% in new 1st Mtge. 5% bonds, 30%, in Pref. and having first been conveyed to the Duluth St. Ry. The gen. mtge. bonds are
30% in Com. stock of the new co. in exchange for same. The Com. and subj. to call on any int. day at 105 and int. $181,000 are held in treasury and
Pref. stocks of the predecessor co. were without value under the terms of the $291,000 have been canceled. Remaining ponds may be Issued for addi
reorganization, no consideration being given them.
tions, extensions, &c., under conservative restrictions. They are guar.,
The protective committee for the Phila. & Easton Elec. Ry. 1st Mtge
3. & 1., by Duluth-Superior Trac. Co. Sinking fund of 2 \4 % per annum or
5s consisted of William Pearson, Chairman, Harrisburg. Pa.; L. B. Hillard
sonds out began M ay 1913. Exempt from personal tax in Minnesota.
■Wilkes-Barre, Pa.; A. C. Patterson, Philadelphia, Pa.; nenry G. Rush
V. 90, p. 1296; V. 91, p. 276; V. 92. p. 186; V. 104. p. 1044.
Lancaster, Pa. Depositary: Northern Trust & Savings C o ., Lancaster, Pa
Dividends.— On the preferred stock 4% per annum from Jan. 1901 to and
STOCK AND BONDS—
Date.
Interest.
Outsandiag. Maturity
inci. April 1921. N one to O ct. 2 1922, when 2 % was paid, being 1% each
Common, $390,000 ($50)__________
_______
$273,390 __________
for ’ he quarters ending June 30 1921 and S o w . 30 1921 V. 115 n 1210.
Pref 6% non-cum $300,000 ( $ 5 0 ) ___
_______
273.300 _................
In Jan. 1923 three dlvs. of 1 % each were paid for the quarters ending Dec. 31
1st Mtge $500,000 ($100, $50011921
5 A-O
364,400 Oct 1 194C 1921, March 31 1922 and June 30 1922. V. 115, p. 2378. In April 1923
and $1,000)__________ tf.c * /ln t. at Northern Tr. & Sav. Co., Trustee
two divs. of 1% each for quarters ending Sept. 30 and Dec. 31 1922 were
40
ELECTRIC RAILW AYS
[V ol. 118.
paid. V. 116, p. 1049. In July 1923 two divs. o f 1% each were paid for
quarters ending Mar. 31 1923 and June 30 1923. V. 116, p. 2636. In
Oct. 1923, 1% was paid. In 1924, Jan., 1%; Apr., 1% . On com., first
div.— 1% — Oct. 1909. Same amount quar. to and incl. July 1910: in
Oct. 1910, 1)4% . Same amount quar. to and incl. April 1913. In July
1913 reduced to 1% (V. 96, p. 1772); same amount quar. to and incl. Jan.
1915, April div. omitted (V. 100, p. 900): payments changed to semi-annual
basis and a div. o f 1% paid July 1915 (V. 100, p. 1437). None to Oct. 1
1917, when 1 % was paid. Same rate quar. to and incl. Oct. 1 1918. None
to Jan. 1924, when 1% was paid. V. 117, p. 2432.
F RE PO RT.— For calendar years
Calendar
Oper. Netfafter Deduc- Pref. Divs. O'h r
Balance,
Years. Revenue.
Taxes), tions.
(4% ).
Income.
S u r.orD ef.
1923
$1,904,607 $268,627 $28,731 $174,247 (6%)$90,000 su r.$33,lll
1922------ 1,784,774 262,919 26,973 175,278 (5%) 75,000 sur. 39,614
In 1923 carried 31,343,815 revenue passengers and 5,354,872 transfer
passengers, against 32,036,900 revenue passengers and 5,366,154 transfer
passengers in 1922.
R O A D .— The system embraces about 107.64 miles o f track and includes
all the lines in Duluth and Superior. 145 passenger and 21 other cars.
OFFICERS.— Chairman of the Board, A. E. Ames: Pres.. A. M Robert
son; V.-P. & Gen. M gr., Herbert Warren; Sec. & Treas , S. L Reichert;
Aud., W. P. Dwyer.— V. 115, p. 435, 543, 759, 1210, 2378; V. 116, p. 822,
1049, 2007, 2636; V. 117, p. 1128, 1992, 2432; V. 118, p. 793.
Outstanding.
Maturity.
STOCK AND BONDS—
Date. Interest.
Common, $10,000,000 ($100)................................ $5,000,000
..............First pref, 6% cum _________ ____ _
See text
__________
Preferred $6,000,000 ($ 1 0 0 )1 ...........................
6.000.000 F eb '18. id %
5% cum _________________ (
1.864,499 Jan. I 1926
Convertible bonds $2,500,000/ 1921
8 J-J
($100, $500 & $1,00 0).c*tflP a. C o. for Ins. on L. & G. A., Phil.,trustee.
Collateral trust mortgage $8.-( 1902
5 g A-O
8,000,000 April 1 1932
000,000 gold ($1.000)-c* tf ( Interest at St. Louis Union Tr. C o.. Trustee,
I or at E. W. Clark A C o.. Philadelphia.
A G & St Louis Trac Co 1st [1904
5 g F-A
2,495,000 Aug 1 1944
consol M , $3,000,000 gold/ Int. at Illinois State Tr. Co , East St. Louis,
($1,00 0)____________ c * t f l Trustee, or at National City Bank, N . Y .
Alt G & St L 10-yr notes____1917
5 J-D
100,000 June 1 1927
Alton Ry & Ilium first mtge) 1895 5 g A-O
250,000 Oct. 1 1939
$250,000 g ($1,000) _c*tffln t. at Bankers Tr. C o., N. y trustee
Alton Ry Gas & Electric Oof 1899
5 g A-O
250.000 Oct 1 1939
mtge $500,000 ($1,000)/Int. at Equitable Tr. C o.. N. Y ., trustee.
gold (closed )_______ c * n tf( No sinking fund; bonds cannot be called.
East St L Lt A Pow 1st M f 1910 5 g J-D
1,172,000 June 1 1940
g, guar p 3c 1 ($1,000) c*tff Int at Mercant ile Tr Co.. St, i.ouls Trustee,
l OhaseNat. Bk.. N. Y .. and at c o .’s office.
Stock.— The 5% cum. pref. may be exchanged at any time f > 50% ol
6% cum. pref. and 50% com. stock. The 6% pref. takes preced Mice both
as to dividends and assets over the 5% pref and thn common st i k. V.
97. p. 1822; V. 98, p. 304, 155. Remaining $4,000,000 common a.t.ck re
served for conversion of 5% pref. stock and convertible bonds.
EAST LIVERPOOL, OHIO.
Bonds.— Coll trust bonds are redeemaoie on any Int day at 105 and
STEUBENVILLE EAST LIVERPOOL & BEAVER VALLEY T R A C int. on four weeks' notice. See V. 76, p. 382. The conv. 8s are convertible
TION CO.
Into an equal amount of 6% cum. pref. stock and in addition 33 1-3% In
ORGAN IZATION .— Incorp. in Ohio and Penna. on N ov. 1 1917 as a com. stock. A semi-annual sinking fund of $50,000 began Aug. 1 1921 for
merger of the East Liverpool Trac. A Lt. C o., the Steubenville A East the purchase of bonds al not exceeding 102H in 1921, 102 in 1922. 10114
Liverpool Ry. & Lt. Co. and the Ohio River Passenger R y. For history in 1923, 101 in 1924, 10014 In 1925. $300,000 retired. Red all or la
part at anytime at prices named. V. 112, p. 561. $500,000 o f the Alton
Of merged companies see this Section for January 1918.
Fare Increase.— In Jan 1919 the I.-S. C. Comm. auth. a single-trip fare Granite & St. Louis Traction 1st consols are reserved for prior liens.
o f 10 cents and a commutation fare of 14 rides for $1 between East Liver They are also a lien on property of Alton Gas & Electric C o .. which waa
S
pool, O., and Chester, W. Va., and dismissed a complaint against these owned by the Alton Granite t c St. Louis Traction Co., when the mtge.
rates. V. 108. p. 481. In April 1922 the Feeler il Di t. Courr handed was made. $566,000 of the bonds have been assumed by the Alton Gas
down a decision auth. the co. to return to the 5-cent fare on local lines in A Electric Co. No sinking funds, but bonds are subject to call on any
stead o f the three-fare zone system. V. 114, p. 1892. An ordinance auth. Int. date at 110 a id Int. upon 90 days' notice. The Alton R.v & ilium. 1st
the co. to charge a 7-cent city fare, a 10-cent inter-city fare and 1-cent for M. 5s originally matured Oct. 1 1915, but were extended to October 1
transfers was voted down Feb. 27 1923. V. 116, p. 1051. On Apr. 16 1939. East St. Louis Light & Power bonds are guaranteed, princi
1923, however, the City Council o f East Liverpool enacted an ordinance pal and Interest, by end. by East St Louis A Sub Co : callable at 105 and
granting the co. a 7-cent city fare, with a 1-cent transfer, and a 5-year int. on any Int. date on 30 days’ notice. Auth. issue unlimited, but addi
tional bonds are issuable only for 80% of the cost of add ns and imp'ts. and
exemption from street paving assessments. V. 116, p. 2390.
then only when net earnings are at least 1)4 times Int. charge on bonds
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity
out as well as those to be issued.
Common, $2,000,000 ($100).................................... $2,000,000 ............... ..
EARNINGS of operating companies for 12 months ending D ec. 31
Pref 5% cum $2,600,000 ($100)
......................... 2,600.000 ..................
First mtge $3,000,000, gold/ 1917
5 g M -N
1.600.000 Nov 1 1947 (excluding Alton Cos.);
Balance for
($1.000)------------------------ c lln t. at Comm'l Trust C o.. Phila.. Trustee
Dcpr., Divs.
Operating
Net
Interest
Bonds.— Redeemable at 105 and int. since Nov. 1 1922. $117,000 of Year ending
Dec. 31—
Gross.
Expenses.
Income.
Charges.
<£ Surplus.
the bonds reported outstanding are held in the treasury.
1923_______
$642,657
$539,025
EARN IN G S.— For year ending Dec. 31 1921. gross, $928,575: net, after 1922_______ $4,411,317 $3,229,635 $1,181,682
487,671
3.912.871
2,790,777 1.122,094
634.423
taxes, def., $17,378. In 1920, gross. $919,171; net, after taxes, $15,902
1921----------- 3,818,302
2,646,510 1,171,792
654.385
517,407
In 1919, gross. $840,600; net, after taxes, $72,636.
ROAD, Ac.— Operates 127 miles of single track, o f which 4 miles operated
ROAD.— Owns and operates 100.69 miles of track between Vanport. Pa.
under lease. Owns 121 passenger cars, 818 freight cars, 22 service and ex
Mid Steubenville, O., and in Steubenville, East Liverpool and Weilsville
O.. and Chester. W. Va. Also operates In intervening towns, and operator press cars, 2 electric and 2 steam locomotives. Passengers carried in 1923,
revenue, 21.O ^ .039: transfer and others, 6.119,663. Has two power sta
a through line between Steubenville and Beaver, Pa. 80 cars.
with
k. w. capacity. Has
transmis
OFFICERS.— Pres.. C. A. Smith, Chester. W. Va.: Gen. M gr.. R . J. tionslines. 14.850has contracts for power 95 miles of high-tensionPower Co.
sion
Also
McElravy, East Liverpool, O.; Sec. A Treas.. Geo. H. Faulk, East Liver and Union Electric Light A Power Co. with Mississippi River
pool.— V. 115, p. 545. 2478: V. 116. p. 78 722, 1051, 2390.
OFFICERS.— Pres., F. L. Dame; V .-P ., Edwin Gruhl: V .-P ., Louis H.
Egan: S°c., J. F. Foga^tv; Tr^as.. Robt. Soalv: \sst. Sec.. F. H. Piske;
Asst. Treas., C. D. Burdick.— V. 113, p. 1052, 2613: V. 114, p. 1407, 1650;
EASTON, PA.
V. 115, p. 1210, 1320, 1837, 2477; V. 117, p. 1555; V. 118, p. 1772.
THE NORTHAMPTON TRAN SIT CO.
ORGAN IZATION .— A reorganization in 1921 o f the Northampton
Traction Co. (for iiistory see “ Electric Railway" Supplement of April 29
1922) sold at foreclosure June 1 1921. Holders of 1st Mtge. 5% bonds of
the old co. received a like amount of new Northampton Transit Co. 1st
Mtge. 6% bonds, as per plan in V. 115, p. 760.
STOCK AND BONDS—
Date. Interest. Outstanding.
daturity.
3,000 shs. _______ __
Common 3,000 shares (no p a r ) _________ __ __
1st Mtge $400,000 red at 1051 1921
6 J-J
400,000 July 1 1941
& interest------------------------(Northampton Tr. C o., Easton. Pa., Trustee
2d Mtge $250,000 red at 1051 1921
6 J-J
150.000 July 1 1941
& Interest------------------------/Northampton Trust C o., Easton, Pa., Trust.
Bonds.— $100,000 2d mtge. 6s held in treasury.
ROAD.— Owns and operates road extending from Easton, Pa., to
Tatamy, Nazareth and Bangor, Pa.
OFFICERS.— Pres., Chester Snyder.— V. 115, p. 760.
EAST ST. LOUIS, ILL.
ELMIRA, N. Y.
ELMIRA W ATER, LIQHT & RAILROAD C O — Controlled by the
United Gas A Elec. Or rp — See United Gas A Elec Corporation under N .Y .
ORGANIZATION. — Incorp. In New York May 26 1900 as a consolida
tion of all the water, lighting, power and street railway properties In Elmira.
Own entire cap. stock of Rorlck's Glen Park Assn, and majority of stock o f
West Water St. RR. The latter co. operated under 999-yr . leases In April
1913 It was stated that all franchises have at least 72 years to run, while
jome of them are perpetual. In Feb. 1910 was auth to acquire all stock
o f Montour Falls Electric Light Co. In SeDt. 1914 absorbed the West Side
R R ., all of whose stock was owned. V. 99, p 815.
STOCK AND BONDS—
Date. Interest. Outstanding
Maturity.
Common $1,000,000 ($100).............
............. $1.000 060
See text
1st pf. $3,000,000 (7% cum ).............
7 Q-M
1 692 100 Mar '24. 1 H %
2d pref 5% cum *1.200.000...............
5Q M
1.200.000 M a r '24.
%
1st con mortgage $5.000.000( 1906
5 g M S 4.741 000 Sept 1 1956
($1.000)___________ g c*tf (Interest at New York Trust C o.. Trustee,
Slock.— First pref. is red. at option of co. at 115 and div
Dividends.— On 1st pref., 1 H% quarterly Is being paid. On 2d pref..
2)4% paid seml-ann. from Sept. 1907 to and Incl Mar. 1914. On July 1
1914 1 2-3% was paid, covering four mouths. aDd In Oct. 1914 div. of 1 J4 %
was paid, the annual rate being 5% . payable quar instead of seml-annl.
(V. 99. p. 608). Same rate quar. since to Mar 1924. On com.. 1st div.—
1%— paid Oct. 1910. In 1911, 1912 A 1913, 4% . In 1914 Oct,.. 2 % . In
1915, Jan. ,2 % : April. 1%: July. 1 % . Tn June 1916 paid 2% for 6 mos. end.
Dec. 31 1915 (declared In Dec 19151 and 2% for 6 mos. end June 30 1916.
In Sept. 1916 naid 1%: Dec. 1916, 2% : Sent. 1917, 1% : none to June
1923, when 1)4% was paid; In Sept., 1)4% ; Dec., 1% .
In 1924, March,
114%.
ROAD, A c.— Comprises 53.8 m. of single track in Elmira, Elmira
Heights, Horseheads and from Horseheads to Watkins (via Pine Valley,
Millport and Montour Falls). In Oct. 1923 was auth. by the P. S. Comm,
to abandon a portion of this latter line. V. 117, p. 1774. Has 94 pas
senger and 22 other cars. 56 to 122-lb. T and girder rails. Owns Rorick’s
Glen Park and Maple Ave. Driving Park.
T h e EAST ST. LOUIS & SUBURBAN CO.
Incorporated in Delaware Jan. 7 1914. A holding company, having
acquired title to all the properties o f East St. Louis A Suburban Co. (in
corporated under the laws of N. J. Sept. 12 1901). Through the exchange
o f stock, the control of the co. was acquired by The North American Co.,
Which owns more than 99% o f the com. and pref. stock.
The co. owns all o f the outstanding capital stock (with the exception of
directors’ shares) and bonds, as stated, of the following companies. The
amounts pledged with the St. Louis Union Trust Co. as collateral for the
East St. Louis & Suburban Co. coll, trust bonds are also shown:
-Stocks-BondsOwned.
Pledged.
Owned.
Pledged.
East St. L. A Suburban R y . . $3.850,000 $3,824,300 $4,000,000 $3,834,000
East St. Louis R y. C o ______ 1,940.000 1,805,500 1,910,000 1,799.000
St. L. A East St. L. El. Ry__
500.000
499,500
500.000
500.000
St. L .& Belleville El. R y ___
750.000
750.000
750.000
East St. L. Light & Power Co. 1,200,000
733,000
Alton Granite & St. Louis
G a s D e p t. — Has 80.7 miles o f natural gas mains.
486.000
Traction C o______________ 3,189,000
Electrical Dent.— Two 5.250 k.w.. one 5,000 k.w.. one 2,250 k.w. and one
do 10-yr. 5% gold notes.
______
100.000
2.000 k.w. turbines and 7 h.p. boilers. Serves Elmira, Elmira Heights,
Alton Gas A Elec. Co.—
Horseheads, Millport, Montour Falls, Odessa, Chemung. Wellsburg and
5% preferred stock_______
*24,000
Big Flats; sells power to Corning Lt. A Pr. Corp. and the Elmira Corning
Common stock__________
575,000
A Waverly R y. Co.
10-year 6% gold notes___
______
90.000
EARNINGS.—
Gross
Net (after
Fixed
Surplus for
* Balance o f $76,000 owned by Alton Granite A St. L. Traction Co.
Gal Year—
Earnings.
Taresi
Charges. Renew ,<%c.
These companies own and operate all electric railway lines In East St
1923 ____
$2,211,604
$789,797
$300,850
$488,947
Louis and Alton and Interurban lines to Belleville. Edwardsvllle. Collins 1922 __________________ 1,839.323
674,338
283.184
391,154
ville, Caseyville, O'Fallon, Maryville, Lebanon, Brooklyn, Venice. Madl
564,645
286.608
278,037
■on. Granite City and Alton, and the only electric line across the Eads 1921___________________ 1,679,247
OFFICERS.— Pras., E. G. Oonnette; V .-P ., Geo. Bullock: 2d V.-P. &
Bridge, connecting East St. Louis with St. Louis. Cars are operated over
this bridge under a 50-year exclusive contract expiring in 1952. Through Gen. Mgr.. F H. Hill- Sec. A Treas . Harry B. Cleveland Asst. Sec.,
arrangement with Illinois Traction Co. the interurban cars from Alton are J. A. McKenna: Asst. Treas., A. L. Linn, Jr.— V. 112, p. 1024; V. 116,
run into their terminal in St. Louis. Also do entire gas. electric lighting and p. 1649; V. 117, p. 1016, 1774.
power business in East St. Louis and the electric lighting and power business
in Alton.
Franchises in East. St. Louis. Edwardsvllle, Collinsville and Belleville
EL PASO, TEXAS.
expire in 1947, 1948 and 1952. The Alton railway, electric light and power
EL PASO ELECTRIC CO.— Incorporated in New Jersey and owns the
franchises expire in 1948; the Alton gas and steam-heating franchises are per securities of the F,l Paso Elec. R y. C o.. El Paso A Juarez Trac Co. and Rio
petual; Granite City and Madison franchises expire in 1925, Brooklyn in Grande Valley Traction Co. (in March 1923 auth. was asked to merge
1921.
The Interurban line to Alton, outside of city limits, is nearly all on the two latter companies into the El Paso Electric Ry.— V. 116. p 1411)
private right o f way. County franchises covering remaining suburban which do the entire electric railway, electric lighting and power business
lines expire from 1921 to 1948. Electric light and power franchises in East in El Paso, Tex., and Juarez, M ex., and operate an electric railway
St. Louis expire 2007.
between El Paso and Ysleta. Franchises in El Paso expire in 1951 and
Sub Company Receivership.— In Sept. 1920 Fred E. Allen, St. Louis, 1952. Railway franchise in Juarez expires in 1988
Interurban almost
and W. H. Sawyer were appointed temporary receivers (made permanent entirely on private right-of-way. In 1909 increased pref. from $500,000
in Feb. 1921— V. 112, p. 744) for the Alton Granite A St. Louis Traction to $1,000,000. V. 90, p. 109. In March 1914 increased authorized
Co. on petition o f the bondholders, alleging default in int. V. 111. p. 1083; amount of com. stock from $2,000,000 to $3,000,000. V. 98. p. 839.
V . 112, p. 744. The Alton properties are now being operated by the ■ $525,000 com stock is owned by Pub. Service Investment Co.
receivers.
In June 1920 the co. issued $800,000 7% notes, proceeds being used to
Fares, cfee.— See “ Electric Railway” Supplement of Oct. 28 1922.
retire $300,000 6% notes due Aug. 1 1920 and for 1920 construction re
Jitneys Restricted.— On Aug. 17 1921 Federal Judge English granted the quirements. V. I l l , p. 73. In Sept. 1921 issued an additional $750,000 of
A . G. & St. L. Trac. Co. a permanent injunction against jitney bus opera these notes, proceeds being used for new construction, the principal item
being a new 7.500 k.w turbine unit in the power station. V 113, p 1250.
tors In Alton. 111. V. 113, p. 1052.
Fare Increase.— Tn Dec. 1920 the co. was auth. by the El Paso City Coun
Interest Payments.— The interest due Feb. 1 1919 on the A. G. A St. L
Trac. C o. 1st consol 5s was paid in Aug. 1919. The interest due Aug. 1 cil to increase fares on its city lines from 5 to 6 cents. V. I l l , p. 2324.
1919 was paid Feb. 1 1920. None paid since. V. I l l , p. 1751; V. 113, On March 15 1923 the co. increased fares between Juarez and El Paso from
p. 414. (See under "Sub-company Receivership” above.)
5 cents to 6 cents. V. 116, p. 1411.
A pril, 1924.]
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common. *3.000.000 ($100)............
Q-M
$2,914,100 Mar ’24, 24S
6 J-J
1.000,000 J a n ’24. 3%
Pref $1,000 000 6% n-c ($ 1 0 0 )____
Coll tr M (closed) $1,000,0001 1902
5 g J-J
1.000.000 Dec 1 1932
($1,0001 g old _________ctf flnt. at State St. Trust C o.. Boston, trustee
6-year gold notes, $3,000,000/ 1920
7 g J-J 1
1,550,000 July 1, 1925
($100, $500 & $1.000-c*tf( Guaranty Trust C o., N . Y ., Trustee.
Oar trust certificates_________ _____
_________
18,762
______
Stock.— $216,300 of the pref. stock reported as outstanding, is In treasury
Bonds.— Collateral trust bonds cannot be called and have no sinking fund.
The notes are callable as a whole at 100 and int. on any int. day on 30 days’
notice. They were issued to provide for additions and improvements.
Notes.— Are to be secured by pledge of all the bonds, notes and stocks of
subsidiary operating companies subject to the lien of the closed $1,000,000
collat. trust bond issue maturing Jan. 1 1932. Additional notes issuable
only under certain restrictions. Are red. all or In part at any time on 45
days’ notice at 101 & int. since July 1 1923 to June 30 1924; 100 July 1 1924
to maturity. Penna. 4 mills tax refunded. V. I l l , p. 73; V. 113, p. 1250.
Dividends.— First dlv., 3 % , on prer. stock, was paid Jan. 12 1903. and
3% paid s.-an. since. On com., 1st dlv., 2 % . Mar. 1910; Sept.. 2; in 1911
5 % ; in 1912. Mar., 3% ; Sept., 3 3-4%: in 1913, M ar., 31*%; In June 1913
began to pay quar. dlvs. and paid 2% ; also Sept., 2% ; Dec., 2% : Mar. 1914
to Sept. 1915. 234 % quar.; Dec. 1915 to Mar. 1924, 234% quarterly.
EARN ING S.— Of combined companies for 12 months ending Dec. 31;
Year—
Gross
Net aft Tax.
Int . Ac. Sink■Fund.
Surplus
1923_____ $2,407,468
$887,191
$204,971
______
$682,219
851.832
209,108
______
642,724
1922-------- 2,290,841
R O A D .—53.28 miles of equivalent single track; standard gauge. 92 pass
cars, 6 trailers and 5 other cars. Power station has capacity of 18.200 k.w
OFFICRRS.— Pres.. C. F. W. Wetterer; V.-P., Joseph Remick; V .-P.,
Jason C. Leighton; Treas., Henry B. Sawyer; Sec., Wm, T . Crawford;
Gen. Mgrs., Stone & Webster M gt. Assn.— V. i l l , p. 73, 2321; V. 113, p.
1250, 1360; V. 116, p. 1411, 2388.
ERIE, PA.
NORTHWESTERN ELECTRIC SERVICE CO. OF PENNSYLVANIA
Control.— In 1924 the Pennsylvania Electric Corp. acquired control o f
the company. V. 118, p. 1774.
ORGAN IZATION .— Incorp. Feb. 29 1916 in Penn, for the purpose of
developing the light and power business adjacent to the Northwestern
Penn. Ry. C o.'s lines. In Feb. 1923 the following cos. were consolidated
with and into the Northwestern Electric Service Co. of Penna. (as per plan
outlined in V. 115, p. 1731): the Northwestern Pennsylvania Ry. (for
history see “ Electric Railway” Supplement of April 28 1923), the North
western Connecting R y., the Crawford County Rys. (for history see “ Elec
tric Railway” Supplement of April 28 1923) and the People's Incandescent
Light Co. (formerly leased) Securities of the various cos. consolidating
were exchanged for new securities in the consolidated co. on the following
basis:
Securities Outstanding
--------------------- Received--------------------Prior to Consolidation—
Pref. Slock. Com. Slock. 1st M . Bds.
N . Pa. Ry. 1st & Ref. 6 s ..$400,000
$424,000
.............................. ..
do Common stock____ 100,000
_______
$100,000
_______
do N otes____________
40,000
_______
_______
$40,000
N . W. Conn. Ry. cap. stk. 70.000
_______
_______
70,000
_______
150,000
_______
CrawfordCo. Rys.cap.stk_ 100,000
N. W. El. Serv. Co. pf. stk- 300,000
_______
75,000
350,000
do Common stock____ 42,500
42,500
21,300
_______
Securities Remaining Undisturbed—
Erie Traction Co. 1st Mtge. 5s, due March 1 1929__________
$500,000
370,000
Crawford County Rys. 1st Mtge. 6s, due July 1 1961_______
People’s Incandescent Light Co. 1st Mtge. 7s, due Dec. 1 1926.
150,000
Upon completion of merger and consolidation the capitalization of the
consolidated co. will be approximately as follows:
STOCK AND BONDS—■ Date.
Interest.
Outstanding.
Maturity.
Common $1,090,000 ( $ 1 0 0 ) - - - ____
_______
$346,300 .............. ..
Pref 7% cum $1,090,000 ($ 1 0 0 )____
7%
466,500 ___________
1st Mtge. bonds $ 2 ,0 0 0 ,0 0 0 .--____
6%
460.000 ___________
Erie Trac 1st Mtge. $500,000/ 1907 5 g J-J
500,000 July 1 1929
g o l d --------------------------c*tf\Int. at Secur. Sav. & Tr. C o., Erie, Trustee
Crawf Co Rys 1st M $370,0001 1921
6 g J-J
370,000 July 1 1941
($500 & $1,000) gold___ c*/Colum bia Trust C o., N. Y ., Trustee.
People’s Incandescent Light) 1900 7%
150.000 Dec 1 1925
Co 1st mtge------------------- tf/D ela. Co. Tr. SafeDep. & Title Ins. C o., Trus.
Bonds.— Of the c o .’s 1st mtge. 6s, $1,020,000 are held in treasury to
retire underlying bonds. The Erie Traction bonds have a sinking fund of
$20 for every $1,000 first mtge. bonds, which began July 1 1917 (denom.
$1,000. $5,000 and $10,000).
The Crawford County Rys. 1st mtge. 6s are tax-exempt in Pennsylvania.
Subj. to call on any int. date at par.
EARN ING S.— For years ending Dec. 31:
Year—
Gross.
Net.
Int., tax..Ac. Bal., Surp.
1922 x_________________
$483,196
$128,694
$70,972
$57,722
1921----------------- -------- 366,333
99,737
50,588
49,149
x Figures for 1922 include 3 mos. operation o f properties recently merged
(see above).
P R O PE R TY, &c.— Consists o f 50 miles of 33,000 volt transmission line
between Erie and Harmonsburg, Pa., with a branch between Erie and
Kearsarge, Pa. Distribution lines in East Springfield, West Springfield,
Plateau, Cambridge Springs, Edinboro, McKean. Fairview, North Girard,
Linesville and Harmonsburg. all in Erie and Crawford counties. Pa. Owns
and operates 43.7 miles between Meadville and Erie: 15.7 miles between
Meadville and Linesville (incl. a 2-mile extension to Conneaut Lake); and
8.3 miles of track in Meadville. 60, 70, 85-lb. T and girder rail. Standard
gauge.
OFFICERS.— Pres.. F. F. Curtze; V.-P. & Gen M gr., C. M . Hatch;
Sec., A . O. Chapin; Treas., A . A. Culbertson.— V. 118, p. 1774.
ESCANABA, MICH.
E S C A N A B A T R A C T I O N CO.
Reorganization.— We understand that the co. has been reorganized as the
Escanaba Power & Traction Co. V l l l , p 188. Further information lacking
O RGAN IZATION .— Reorganization In Aug. 1909 of Escanaba Electric
St. Ry. and Escanaba Power Co. Controls the Escanaba Pulp & Paper
Oo. Does electric light and power business in Escanaba, Gladstone and
Wells, Mich. Is allowed to carry freight.
STOCK AND RONDS—
Date.
Interest. Outstanding. Maturity
Common stock $200.000______ _____
_________
$200,000 __________
Pref stock $500.000.............................
.................
500.000 ...................
1st St ref mtge $600,000 gold! 1909______ 5 J-J
540.000
See text
($ 1 ,0 0 0 )----- ------- c * _ cp tfln t. at First Sav. St Trust C o.. Milwaukee.
Second mtge. $200,000 gold/ 1909
5 g A-O
200.000 Jan. 1 1934
($100 & $1.000)-c*& r-cpt{M ichigan Trust C o., Grand Rapids, Trustee.
Red. at 103 and interest_ lin t, at First Trust C o.. Milwaukee.
_
Bonds.— 1st St ref. bonds mature $10,000 annually from 1914 to 1933.
Incl., remainder In 1934. $70,000 have been retired. They are subject to
Call at 103 and int. on any int. date. Michigan Trust Oo., Grand Rapids,
rustee. V. 92. p. 1564; V. 103, p. 406.
EARNINGS,,— For years ending Dec . 31:
Year—
Gross.
Net.
*Oth. Ine.
Interest.
Surplus
$29,929
1918................. --$174,421
$56,518
$10,000
$36,589
98,631
1917................. .. . 183,251
5.000
38,097
65.534
1916__________ - - 142,141
77,023
18,614
38,857
56.779
*EarnIngs from Escanaba Pulp St Paper Co.
R O A D .— Owns and operates street railway In Escanaba and an lnterarLan road to Gladstone, which was placed in operation in July 1910. Power
lant capacity, 7,900 h.p. A new dam on Escanaba River, providing
,400 additional h.p., w m completed Jan. 1 1916.
OFFICERS.— Pres., J. B. Moran; V .-P ., J. C. Kirkpatrick; Sec. St Gen
M gr., P. L . Utley; Treas., M.N.Smith, all of Escanaba.— V . l l l , p. 2228.
S
41
ELECTRIC RAILW AYS
EVANSVILLE, IND.
EVANSVILLE & OHIO VALLEY R A ILW A Y C O — Incorp. In Indiana
In Dec. 1918 and acquired on Feb. 20 1919 the properties of the Evansville
Railways Co. (for history see this publication for Sept. 1918), in accordance
with the plan of reorganization set forth in detail in V. 107. p. 2289; with
the exception that the plan as revised by the Ind. P. S. Comm, provided
for the issuance of only $300,000 com. stock and $200,000 pref. stock, in
stead of $1,000,000 com. and $500,000 pref. as originally planned. The
co. has acquired the stocks of the Henderson Traction Co. and the Owenboro City R R . C o., both of which had been owned by the Evansville Rye.
C o., and has also acquired in fee the Evansville Henderson & Owensboro
Ry. C o., which operates a line between Evansville, Ind., and Henderson,
Ky.
STOCK AND B ONDS.— Date.
Interest. Outstanding. Maturity.
Common $1,000,000 ($100)....................... ................
$300,000 ............. ..
Pref. $500,000 n-cum ($100).............
6%
200,000 ......... ..........
1st M $200,000 sk fd gold____/ 1919
6 J-J
See text Jan 1 1949
\Cont. St Comm. Tr. St S. Bk., Chic., trustee.
717.200 Jan 1 1949
1st & Ref $1,200,000 callable/ 1919
5 J-J
at 102 44 on any int. d a t e ../A m . Tr. & Sav. B k., Evansville, trustee.
General Mtge Income bonds] 1919
see text
746.800 Jan 1 1949
$750,000________________ rl Mercantile Comm’I Bk., Evansv.. trustee.
52.900 Dec 1 1929
Collat trust notes $300,000/ 1918
6 J-D
callable at par___________ IMercantile-Comm’l Bank, Evansv.. trustee.
Bonds.— $65,000 of the 1st Mtge. bonds had been issued to April 1 1922.
Sink, fund of $2,500 per annum starts in 1929 and continues for 10 years,
and thereafter the sk. fd. retires $5,000 per annum. Callable at 103 during
the 1st 10 years: 102 during the 2(1 10 years, and 101 during the 3d 10 years.
Should no 1st Mtsre. bonds be issued, (lien the slnklnc fund provided for
their retirement will be applied to the 1st & Ref. bonds. The gen. mtge.
income bonds draw int. at not to exceed 5% per annum and only when
earned. Int. not cumulative.
Notes.— In addition to the amount reported outstanding. $97,100 have
been issued and are held in the treasury.
E A R N IN G S — Of Evansville & Ohio Valley R y Co for cal. year 1921
(not incl. Hend. Trac and Owensboro City R R .), gross. $449,291; net, after
taxes. $112,194- In 1920. gross, $462,797: net, after taxes. $118,293.
ROAD.— Operates between M t. Vernon. Evansville, Henderson, Rich
land and Grandview
Operates 70.68 miles of track, of which 56 miles
are owned in fee, 7.22 miles are leased, 7.46 miles trackage rights. Has
4.32 miles of sidings; total mileage 75 miles. 70-lb. T-rail. Gauge 4 ft.
SH inches.
OFFICERS.— Chairman. A. F. Harges: Pres.. W H. McCurdy: V .-P .,
W A. Koch: V.-P., W. A. Carson; Sec. & Treas.. C. H. Battin: Gen. M gr..
G. R. Millican; Auditor. R . Vote.— V. 106, p. 378; V. 110, p. 2487.
(1) H enderson T ra ctio n .— Street railway.
Acquired by Evansville Rys. (succeeded in 1919 by Evansville St Ohio
Valley Ry. Co ) in April 1913. V. 96. p. 1468.
Operations— Sale.— On July 15 1923 the co. ceased operation. It was
reported in Nov. 1923 that the property of the co. was bought in at receiver
ship sale by Wm. H. McCurdy and others of Evansville, Ind., for $5,800.
V. 117, p. 2323.
Interest in Default.— Int. due April 1923 on the 1st Mtge. 5s was de
faulted. V. 117, p. 1883.
O R G A N IZA TIO N .— Incorp. In Kentucky Feb. 22 1907 as a successor
to the Henderson City R y., sold at foreclosure on Feb. l6 1907. Franchise
originally extended to 1936. In 1918, however, a new 20-year franchise
was granted the co. which provides for a 7-cent cash fare or 4 tickets for
25 cents.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$149,800 — - .............
Stock. $150,000 ($100)...............................................
First mortgage. * $150,000/ 1907
5 g A-O
105,000 A pr.15 1927
($1.000. $500. $100) gold tf IInt. at Ohio Bkg. S Trust C o ., Henderson.Tr
c
B o n d s — $133,000 bonds issued but $28,000 held In treasury
Remaining
$17,000 are reserved for extensions and Im provem ents. N o sinking fund.
EARNING S.— For calendar year 1921. gross, $43,537; net, $1,658; in
1920. gross, $48,002; net, $1,592.
ROAD.— Operates 6 miles of street railway. V. 107, p. 2289; V. 117,
p. 1883, 2323.
(2) O w ensboro C ity R ailroad .— Street railway.
Acquired by Evansville Rys. (succeeded in 1919 by Evansville St Ohio
Valley Ry. Co.) in April 1913. V. 96, p. 1488.
Receivership.— In O n . 1923 W. A. Carson was anpoint.ed receiver for
the company on petition of the American Trust V Sav. Co., Evansville,
ind., trustee for the gen. mtge. 6% bonds. V. 117, p. 1886.
ORGA N IZA TIO N .— Chartered In 1886. Franonise ruus till 1936 and
gives exclusive rights to operate street railway In said city.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
$75.000r.p..................
Common, $75,000 (par $50)-_ . . . ..........................
5 g J-J
200.000 Jan. 1 1932
1st mtge., $206,000, gold! 1902
($1,000), c&r, not. red -, tf) Interest at Louisville Trust C o., Trustee.
6 M N
200.000 May 1 1933
General mortgage.$200,000tf/ 1910
Amer. Tr. & Sav. Co., Evansv., ind.. Trustee
EARNINGS for cal. year 1921, gross, $85,727; net, $9,382; in 1920,
gross, $108,910; net, $12,732.
ROAD.— Owns 12 V miles of street railway in Owensboro and suburbs;
*
56 and 70-lb. rail: 30 motor cars, double West., 68 G. E. 258 and 54; 7
trailers and 6 25-ton coal cars. Power house 600 k. w capacity. V . 90,
p. 1304; V. 105, p. 2273; V. 112, p. 470: V. 117, p. 1886.
EV AN SVILLE SU B URB A N & NEW BURGH R Y .
OR GA N IZA TION .— Incorporated in Indiana In Dec. 1888, with a per
petual charter. Pass, business hauled by electricity and freight by steam.
Does a car-lot freight and express business. Has private right-of-way.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $500,000 ($100)____________
_________
*307.400 ...................
1st mortgage. $500,000. gold/ 1904
5 g J-J
465.500 July 1 1930
($500 and $1,000)___ c * tf/In t. at Citizens Tr. & Sav Bk., Evansville.
I Trustee, or Nat Bank of Ho nmerce. N . Y .
Bonds.— A sinking fund of $2,500 per annum commenced July 1 1910.
which will retire bonds at 105. All or any part of bonds redeemable
after 15 years at. 105 $35,000 have been retired. V. 96 p 1365.
EARNINGS.—-For year 1923, gross, $245,117: net, after taxes, $27,107.
In 1922, gross, $247,135; net, after taxes, $42,975.
R O A D .— Operates 25 miles of track from Evansville to Newburgh, with
a branch off the main line through Stevens Station and Chandler to Boonvtlle: has also 5 miles of slde-traek: total. 30 miles. 70-lb T rails.
OFFICERS.— Pres. & Gen. M gr., Gus Muhulhausen; V.-P. St Treas.,
Chas. W . Cook; Sec., Jas. E. Cox.— V. 83. p. 271; V. 96, p. 1365.
FAIRMONT, W. VA.
MONONGAHELA W EST PENN PUBLIC SERVICE CO.
Control.— In June 1922 the West Penn Co. (formerly the West Penn
Trac. & Water Power Co.) acquired a substantial controlling interest.
V. 114, p. 2116, 2718, 2823.
ORGANIZATION.— Organized in W . Va. on M ay 18 1912 as the Monongahela Valley Traction C o., name changed IV. 112, p. 2083) to Monongahela Power & Ry. on M ay 11 1921, but early in 1923 name was changed
once more to present title. V. 116, p. 61o. Is a consolidation of Fairmont
& Clarksburg Trac. C o., Fairmont & Northern Trac. Co. and Clarksburg St
Weston Elec. R y. On Dec. 1 1915 acquited the Fairmont Gas Co. V. 101,
p. 1465. On April 1191/ absorbed by merher the Fairmont & Mannington
Trac. C o., formerly controlled, that company’s $600,000 5%[ pref. m’ ge.
bonds da ed Jan. 1 1906 (all owned by Monongahela Co.) being canceled.
On June 30 1917 acquired control of the Kanawha Trac. & Elec. Co. (now
known as the Parkersbuig-Marietta Division) which see under “ Parkers
burg, W . V a.,” through ownership of approximately 96% of its stock. V .
105, p. 290. The company has since acquired all the outstanding common
and pref. stock of that company. Owns all the stock of Fairmont ByProducts Corp., incorpoiated in W . Va. in May 1918 to build a $5,500,000
coke oven plant and an industrial city to cost $750,000. V. 106, p. 2450.
In N ov. 1921 the company disposed of its holdings in the Consolidation
Coal Co. V . 113, p. 2185.
42
[V ol. n s ;
ELECTKIC RAILW AYS
Owns and operates a system o f electric railways In W . Va. and Ohio
exceeding 180 miles o f track; also electric lighting and gas plants and coal
mining properties. Franchises In Fairmont are perpetual. In o tb «'
cities and towns extend for 50 years, the shortest expiring in 1952. Interurban lines on private right o f way. Franchises over county roads and
bridges in Marlon and Harrison counties are perpetual.
On July 31 1923 stockholders increased the authorized com. stock from
$12,000,000 to $15,000,000 (par $25) and also authorized the creation of
an issue 7% cum. pref. (par $25) having an auth. amount o f $15,000,000;
holders o f the $4,303,075 6% cum. pref. stock then outstanding being
offered the right to exchange their stock for the new 7% pref. stock. Y . 117,
p. 554, 1462.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $15,000,000 ($25)_ _____
$8,279,651 Oct’ 18, I X
Q-J
_
4,860,396
See text
Pref.7% cum.$15,000,000($25)____
&
M on Vail Trac 1st A ref mtge f 1912
3,74/,000 June 1 1942
57J J
$15,000,000 gold ($500 and) Fidelity Trust Co.. Baltimore, trustee. In$1,000)_________ c*&i *.tf l terest payable in New York.
1st lien & ref conv Ser “ A ” I 1923
6 g F-A
8,270,000 Feb 1 1928
($100, $500 and $1,000 c*;( Interest payable In New York and Chicago.
$1,000;& multiples r*) g .tf (
.
Series ‘ B ” ________________ 1912
5)4 %
See text
Feb 1 1953
Fairrn & Clarksb 1st M . $2.-1 1903 5 g A-O
2,500,000 Oct 1 19i>>
500.000. g ($1,000)._ c* n tf/In t. at Guaranty Trust C o.. N Y . Trustee
Both the com. and pref. stocks are listed on the N . Y . Stock Exchange.
Bonds.— Of the M on. Valley Trac. 1st (& ref.) bonds, $2,500,000 are
reserved to retire piior liens, $6,478,500 are deposited under the first lien
and ref. 6% bonds, and remainder are for additions and extensions under
certain restrictions. Red. at 105 and int. on any int. date on or after
June 1 1922. Tax refund, in Pennsylvania. See V. 102, p. 1346: V. 94,
p. 1508. The first lien and ref. 6s, Series “ A ,” are secured by pledge of
$6,478,500 M on. Valley Trac. 1st & ref. 5s; $377,300 first & ref. mtge.
bonds and the entire pref. and com. capital stock o f the Kanawha Trac. &
Elec. Co. Are conv. after Aug. 1 1923 into a like amount of Series “ B ”
5)4s, dated Feb. 1 1923 ana aue 1 eb. 1 1953, to be issued under the same
trust deed as Series “ A ” ; the Series “ A ” bonds, for the purpose of such
exchange, to be computed at par and int. The first $2,000,000 of Series “ A ”
bonds to be presented for conversion may be converted on a 6% income
basis; the next $1,500,000 on a 5.90% income basis, and the remainder on a
5.75% income basis, the difference duo on the conversions to be paid by the
company in cash, and adjustment of int. to be made at time of conversion.
Red., all or part, by lot at any time on 45 days’ notice, at the following
prices and interest; at 102)4 to and incl. Feb. 1 1924, less 34 % for each
year thereafter to and incl. Feb. 1 1927, and thereafter at par. Penn, and
Conn. 4 mills, Maryland 4 )4 mills and Mass, income tax on int. not exceed
ing 6% pei annum refunded. V. 116, p. 616. Fairmont & Clarksburg 1st
mtge. bonds subject to call a 105 and in . Listed on Phila. Stock Exch.
Dividends.— Initial div. o f 43 X cents was paid on 7% pref. stock on
Oct. 1 1923. Same rate paid regularly quar. since to and incl. April 1924.
Initial dividend on common— 2% — paid Jan. 1913; July 1913, 1)4% ; Oct.,
1 )4 % . In 1914, March, 1 )4 % ; July, 1 y2% . In 1915, none. In 1916,
4 % . In Jan. 1917 paid 1% cash and an extra dividend o f 6% in common
stock; April, 1M % ; July, 1M % regular, and in Aug. an extra dividend
o f 1 X % Oct., 1 M % . In 1918, 5 % . None since.
EARN INGS.— For year ending Dec. 31:
Year—
Gross.
Exp.,Taxes,&c
Net.
Fixed Chgs. Bal.,Sur.
1923_________ $5,236,495 $3,364,242 $1,872,253 $1,060,344 $811,910
1922-------------- 4,475,371
2,943,171
1,532,199 1,060,347
471,851
ROAD.— Operates (exclusive o f Kanawha Traction S Electric Co.*
c
which see under “ Parkersburg, W . V a.“ ) street railways In FairmontW. Va., and In Clarksburg W . Va., and an interurban line of 25 m!l6,
connecting the two with various small branch lines; also lines from Fair’
mont to Fairview, 14 m.; Clarksburg to Bridgeport, 7.6m.; Fairmont to
Manniogton, 17 miles, and Clarksburg to Weston, 24 m.; total track Id
operation, 116.57 miles. An extension from O’Neil to W olf Summit,
2*4. miles, was placed in operation on July 12 1917. Standard gauge.
80 and 85-lb. T rail. The co’s. electric properties comprise 3 stations with
an aggregate capacity o f 42,000 h. p ., which is to be further increased by
an additional 27,000 h. p. unit now being installed.
OFFICERS.— Chairman o f Board. Jas. O. Watson; Pres.. G. M . Alex
ander; V .-P ., Smith Hood; Sec., S. E. Miller; Treas., R . B. Keating; Gen.
M gr., E. B. Moore; Aud., O. F. Lough.— V. 116, p. 935; V. 117, p. 87, 440,
554, 1236, 1462; V. 118, p. 551.
FORT DODGE, IOWA.
FORT DODGE DES MOINES & SOUTHERN R R .— See "Railroad and
industrial’ ’ section.
FORT SMITH. ARK.
FORT SMITH L IG H T & T R AC TIO N CO.
Standard Gas & Electric C o., a holding company under the control of
H. M . Byllesby S C o., Chicago, 111., owns $950,000 com ., $881,500 pref
c
stock, $760,000 1st M . bonds, and all the $1,106,000 2d M . 8s of the co.
As of Dec. 31 1923 the company had outstanding $353,360 promissory
notes, of which $250,000 were held by the Standard Gas S Electric Co.
c
ORGANIZATION.— Incorp. in Arkansas on April 13 1903 as a consoli
dation of the Ft. Smith-Van Buren Light & Transit Co. and the Ft. Smith
Traction, Light & Power Co. Owns all physical property, contracts, rights
and franchises of Van Buren Fuel & Light Co. (now dissolved). Guaran
tees, principal, interest and sinking fund, $400,060 Mississippi ValleyPower
Co. first mtge. 6% bonds. Series “ A .” V. 114, p. 2359. Owns and operates
the electric-light, gas and street railway properties in the city, and the
electric-light and gas business of Van Buren; operates an interurban line
between Ft. Smith and Van Buren. In 1917 contracted to supply elec
tricity to two public service corporations which supply towns, villages and
coal mines to the south and east of Fort Smith. Operates under indeter
minate permit, having surrendered all franchises in 1919.
Fare Increase.— Effective M ay 29 1922, the company was authorized by
the Arkansas Railroad Commission to increase fares from 6 to 7 cents each
V. 114. p. 2468. Also sells weekly pass for $1 25.
In N ov. 1923 was authorized b y the Arkansas R R . Comm, to issue
$107,000 bonds, proceeds to be used for extensions, &c. V. 117, p. 2212.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common ($100)___________ _______________ ____
$950,000 ................. .
Pret. ($100) 7% cum ---------------------Q-J 15
1.410.000
See texl
First mortgage $6,000,000 gf 1911
5 g M-S
3,271,500 Mar I 1936
s f ($500 and $1,000).___c*| Int. at Illinois Trust & Sayings Bank, Chic.,
I Trustee, or at agency of co. in N .Y . or Bos,
Second mtge, $2.500,000— . t f 1921
8 M-S
1,100,000 Sept. 1 1931
Stock and Bonds.— Pref. stock is red. at any time after 3 years from lssus
at 110 and accrued div. Remaining 1st M . bonds can only be Issued for
75% of cost of additions, improvements and extensions under certain re
strictions. See V. 92. D- 956. Subj. to call a3 a whole or in part on any
int. day on 30 days’ notice at 105 and int. Cash sink fd . o f 1 % yearly
1914 and 1915, 114 % yearly 1916 to 1918, 2% yearly 1919 to 1923 and such
ratable amounts thereafter as by July 1 1935 will make total sk fd. 40%
of bonds certified. V. 92, p. 956. $622,500 have been retired. 2d Mtge.
8s were call, at 105 and int. on or before Sept. 1 1922; X % less (int.) each
year since. Contin’l. & Comm’l. Trust & Savs. Bank, Trustee
Dividends.— Pref. is cum. from Jan. 1 1912. 1st div. on pref.— I X % —
paid April 15 1910; July. 1 X % : O c t ..lJ i% and I X % quar.to and lncluti
ing April 1913; none since.
EARNINGS.— For years ending Dec. 31:
Calendar Year—
Gross.
Net. aft. Tax. Int.Chgs.(Net) Balance.
1923________ _______ $1,279,420
$337,371
$303,209
sur.$34,161
1922_______ ________ 1,158,245
308,409
286,365
sur.22,044
R OAD.— Owns and operates 33 miles of track on 12 streets in Fort
8mith and suburbs. Standard gauge, 60-lb. and 80-lb. T rail. 48 cars.
Also gas works for distributing natural and artificial gas (artificial gas plant
Is held In reserve) with 193 m. of mains, and electric power and lighting
plant— generating capacity, 8.643 horse-power and pole line o f about 198
miles.
OFFICERS.— Pres., A. S. Huey; V.-Ps., H. M . Byllesby; V .-P. & M gr.,
Robt. C. Coffy; Sec., Aud. & Treas., R . D . Beard; Gen. Mgrs., Byllesby
Eng. & M gt. Corp., Chicago.— V. 112, p. 257; V. 113, p. 730, 1155; V. 114
p. 2359, 2468; V . 117, p. 1347, 2212.
FORT WAYNE, IND.
INDIANA SERVICE CORP.
ORGANIZATION.— Incorp. in Indiana on Jan. 16 1920 to take over the
Ft. Wayne & Northern Indiana Trac. Co. as per plan outlined in this Section
of April 24 1920. Formal transfer of the property was made on April 28
1920. V. 110, p. 2192. The Ft. Wayne & Northern Indiana Trac. Co. (for
history see “ Electric Railway" Supplement of April 24 1920) was successor
FARGO, NORTH DAKOTA.
to the Ft. Wayne & Wabash Valley Traction C o., which had previously
NORTHERN STATES POWER CO.— FAROO-M OORHEAD D I acquired through consolidation or purchase the following companies:
Ft. Wayne Marion S Bluffton Tr.Oo. Logansport Railway Co.
c
VISION (STREET R A ILW A Y).
c
Logans. Roch. S Nor. Trac. C o.
c
ORGAN IZATION .— Fargo & Moorhead Street Ry. was Incorporated Ft. Wayne Et. Lt. S Power Co.
Wabash-Logansport Traction Co.
July 19 1902 in North Dakota. In April 1916 Northern States Power Ft. Wayne & Southw. Trac. Co.
Ft. Wayne Traction Co.
Wabash River Traction Co.
Co. acquired all of the physical property. See V. 102, p. 1441, 1543. In
June 1912 new 25-year franchises were granted in Fargo. Moorhead and Lafayette & Logansport Trac. Co.
Also owns Fort Wayne Power Co. and Wabash Valley Utility Co.
Dilworth. Gross earnings for cal. year 1923, $126,071. Operates In
Fargo, N . D ., and Moorhead. M inn., and an interurban to Dilworth. Owns a one-fourth interest in the United Tractions Coal C o., which owns
Minn., a total of 16 miles. Standard gauge. 70-lb. T rail. General and leases valuable coal lands to insure the company an adequate supply of
Managers, Byllesby Eng. S M gt. Corp., Chicago. HI.— V. 107, p. 604. coal (see Shirley Realty Co. of Indiana in V. 104, p. 1805).
c
Operates under an indeterminate nermit from tne Ind. P. S. Comm.
In N ov. 1923 issued $500,000 1st & ref. mtge. 5s, proceeds to be used
for new construction during 1924. V. 117, p. 2432. See also V. 118, p. 84.
FISHKILL-ON-THE-HUDSON, N. Y.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
F1SHKILL ELECTRIC RA ILW A Y CO.— A trolley road.
_________ $1,831,900 ____________
Common $3,740,200_________ _____
Leases the Citizens’ Railroad, Light & Power Co.
Pref $2,159,800 (non-cum).............
7%
2,149,700 ...................
Prior preference___________________
_______
None
__________
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
5%
6,109,000 Jan. 11950
Stock, $50,000.......... ................... ..........................
$50,000 ................... 1st & ref M bonds.................... 1920
See text
4,797,500
2020
First mortgage. $50.000------- 1895
6 J-J
50,000
iuly 1925 Adjustment mortgage bonds) 1920
(non-cum) $6,O0O,OOO_____/
EARN ING S.— For year ending Dec. 31 1923, gross, $78,706. In 1922.
W
5g
400,000 July 1 1935
gross, $79,045. In 1921, gross, $79,774. In 1920, gross. $73,881; net, FtgoldM & B 1st M $400,000) n1905 Guar.J-J S S. D. C o., Phila., trustee
($1,000) guar p & i.t f/I t . at
Tr. c
after taxes, $6,454; interest, rentals, &c., $12,000; deficit, $5,526.
Ft Wayne Power Co mort-1 1907
5 M -N
14,o0o N ov. 1 1937
OFFICERS.— Pres. & Gen. M gr., W. E. Conklin; V .-P ., Jas. G. Meyer;
gage___________________ tf lint, at Guar. Tr. S S. D. Co., Phila., trustee
c
Sec. S Treas., B. L. Smith.— V. 107, p. 501.
c
[nd. Serv. car tr. “ A ” ($ 1 ,0 0 0 )____
6%
80,000
See text
Ind Serv car trust ser B ” _________
J-J
137,500
See text
Stock.— $327,900 com. and $10,100 pref. stock in addition to amounts
reported outstanding, is held by company. The pref. stock is preferred as
FITCHBURG, MASS.
to assets and dividends, but is non-cumulative.
FITCH BU RG & LEOMINSTER STREET RY.
Bonds.— In addition to the 1st & ref. M . 5s reported outstanding, $400,000
In April 1905 absorbed the Leominster Shirley & Ayer Street R y . through
exchange of stock, share for share. V. 80, p 1478. In Sept. 1907 Mass. are reserved to retire a like amount of underlying Hens and $405,700 are
R R . Commission sanctioned Increase in stock from $450,000 to $700,000, held in the treasury. Red. all or part on any int. date on 60 days’ notice
new stock to be Issued at 110. Company then petitioned Commission tc at 102X and int. The int. on the adjust, mtge. bonds is payable semiallow stock to be issued at 100 (V. 85, p. 722) but In Sept. 1908 Oomrnls
ann if earned (non-cum.), and no int. shall be paid unless earned in excess
of proper prior charges. The maximum interest rate was fixed as follows:
■ion denied application. V. 87, p. 812.
In May 1920, was auth. to issue $225,000 o f new 7% cum. pref. stock for 1920, 3% per annum; for 1921, 3% : 1922, 4% : 1923, 5% ; 1924 and each
(par $100), proceeds to be applied to the payment and cancellation of a like year thereafter, 6% . An initial payment of 3% was made Oct. 1 1921.
amount o f outstanding notes (V. 110, p. 1748, 2387), but in Aug. 1923, V. 113, p. 1471. The holders will be entitled to representation on the
this order was modified so that the div. rate authorized be not to exceed board after 1923 if the int. is not earned and paid for a period of two years.
8% , the co. having been unable to market the stock bearing the 7% div. Redeemable, all or in part, at par and int. on any int. date.
Ind. Service car trusts Ser. “ A ” mature $5,000 quarterly. Tri-State Loan
rate. V. 117, p.893.
Fares.— In Jan. 1924 the company applied to the Mass. Dept, of P. U. & Trust Co. Ser. " B ” mature $12,500 June 1 and Dec. 1. Int. at First
for authority to abolish the sale of tickets and to establish a straight 10-cent National Bank, Fort Wayne.
fare. V. 118, p. 550.
ROA D .— Operates 196.5 miles of track, connecting Fort Wayne, Hunt
ington, Wabash, Peru, Logansport, Delphi, La Fayette and Bluffton; also
8TO C K , BONDS, &c.—
Date.
Interest. Outstanding. Maturity
local lines in Fort Wayne, Wabash, Peru and Logansport. A t Logansport,
Stock $700,000 ($100)..............................................
$450,000
See text
Fitch & Leo con mtge, $350.-1 1901
7 F-A
300,000 Feb 11926 Peru, Wabash and Bluffton connection is made for Indianapolis over
the tracks of Indiana Union Traction Co. In M ay 1906 began through
000 ($1,000)______________lint, at Boston Safe Dep. & Tr. C o., Trustee
h S & A 1st mtge, $100.0001 1905
7 g F-A
100,000 Feb 1 1926 service between Fort Wayne and Indianapolis over tracks of Union Traction
Oo. of Indiana. See V. 82. p. 1101. Rails. 60. 70. 72, 80 and 90-lb. Owns
gold ($1,000)__________ c * jln t. at Boston Safe Dep. & Tr. C o., Trustee
t power house. Owns 163 passenger cars and 63 other cars.
(Guar. p. & 1. by Fitch. & Leom. Street Ry
Dividends.— For many years up to and incl. 1900-01. 8% : since, 6% p. a
RE PO RT.— Present company began operations In Jan. 1920. Figures
R OAD.— Owns 41.51 miles of track. Road extends to Leominster, for previous periods are results of predecessor company:
Lunenburg, Shirley and Ayer. 31 closed passenger cars, 24 open passenger Calendar
Gross
Expenses
Net
Balance,
ears. 3 express cars and 5 snow plows.
Year—
Revenues.
and Taxes. Revenues. Interest. Sur. or Def
EARN INGS,— For year ending Dec. 31 1920, gross, $542,997; net, after 1922.................$3,099,214 $2,346,412 $752,803 $531,946 sur .$220,857
taxes, $96,890; other income, $22; int., &c., $72,747; dlvs., $22,500; sur 1921--------------- 2,882,341
2,269,9 5
612,426
451,782 sur.160,644
plus. $1,665.
1920
2.968,067
2,436.064
532,003
485,134
sur.46,869
OFFICERS.— Pres., Supt. and Purch. Agent, W. W. Sargent; V.-P.
OFFICERS.— Pres., Robert M . Feustel; V .-P . & Gen. M gr., S. W .
H. I. Wallace: Clerk and Counsel, C. F. Baker; Treas., R. N Wallis all nt Greenland; Sec. & Treas., H. E. Vordermark, Fort Wayne.— V. 115, p.
Fitchburg.— V. I l l , p. 2423; V. 112, p. 469; V. 117, p. 893; V. 118, p. 550. 2471; V . 116, p. 176, 934; V . 117, p. 2432; V . 118, p. 84.
A pril, 1924.]
ELECTRIC RAILW AYS
43
Interest. Outstanding. Maturilu.
STOCK AND BONDS—
Date.
FORT WORTH, TEXAS.
$ 11,000,000
Common $50,000,000 ( $ 1 0 0 ) - .____
NORTHERN TEXAS ELECTRIC CO.— A holding company.
Pref ser “ A ” $6,500,0001____
Q-M 15
6,500,000 See text
($100) 6% cum__________ /
Of the common stock. 5500.000 Is owned by Pub. Service Invest. Co
Pref ser “ B ” ($100) 7% c u m . ____
________
750,000
See text
ORGANIZATION.— Incorporated In Maine N ov. 16 1905 and owns the
$75,000,000 7 % c m
Q-M 15
7,694,900 M ar’24, l H
entire stock and participating bonds of the Northern Texas Traction G o., Prior pref mtge $25,000,000 ugl .____
1910
5-6
22,228,000 Aug
which does all the electric-railway business In Port Worth and operates an 1st A ref sink fund.c*Ar*tf(E quit. Tr. CF-A N. Y .. trus ; int. in 1 1950
($1,000)
o.,
N. Y
(nterurban line between that city and Dallas, 35 miles, and the capital Unify A ref mtge $150,000,-1
1921
M-S
See text
stock of the Tarrant County Traction Co. (name changed from Ft. Worth 000 ($500 A $l,000).c*A r*tf[E quitable 7 Trust 1 C o.,7,800,000 trustee.
N. Y .,
Southern Traction Oo. In 1914). which operates a line between Port Worth Series “ B” __________________ 1922
6 g M-S
9,633,000 Mar 11952
and Cleburne. T ez.. 31 miles. It Is proposed to extend the line from San Joaquin L A P Co 1st M l
1905
5 J-D
2,341,000 June 1 1945
Cleburne to Denton, the rights of the Port Worth-Denton Interurban Oo.
$3,000,000sf ($1.000)c*ntf/Redeemable at 110 and interest.
laving been acquired. V. 99. p. 121. 122. Also owns the capital stock of
Bonds.— Of the 1st A ref.
outstanding, $1,500,000
ihe Arlington Light A Power C o., which does the electric light and power. ($1,197,000 held by public, bonds of 1910 reportedby the co. and $240,000
$63,000 repurchased
Ice and water business in Arlington. Tex. Enters Dallas over Its own held alive in sink, fund) are Series A 6s; $799,000 are Series B. bearing 5% .
tracks See V. 89. p. a l l . Has leased for 20 years from Dec. 17 1915 the and $2,125,000 are Ser. B, bearing 6% , and $17,804 000 are Ser. C. 6s. $2.terminal facilities o f the Dallas Interurban Terminal Assn, which see under 772,000 1st A Ref. M . bonds are reserved to retire prior liens (incl. $244,000
Dallas Railway Co. on a preceding page. In 1917 leased (with the right held in or
$7,612,000 are
A ref.
to purchase for $2,000,000) the Oak Cliff line to the Dallas Ry. at an annual mtge. ser. for sinking funds), “ B ” 6% bonds.pledged “under the unif. 102 H „
“ A 7% and ser.
Ser. A ” callable at
rental of $115,000 for first 3 years. $120,000 for fourth year. $125,000 for others at 105. ” Tax exempt in California. First A ref. m tge. contains sink
fifth year, $135,000 for sixth year and $150.000 thereafter.
franchises of Northern Texas Trac. Co. in Port Worth expire in 1973: In ing fund provisions calling for payments of $145,000 annually (to be used
for
additions
of bonds.
Dallas in 1937; others about 1950: has private right-of-way outside of partly “ A ”betterments and preference and partly for redemption 1915-1919;
Series
bonds
cities. Tarrant County Traction Company in Port Worth and Cleburne $150,000 annually having 1920-1924 over other series) from from 2 '4 %
from
expire In 1936: between these cities has private right-of-way except in annually of bonds out from August and ranging thereafter % annually
1925-1929, incl., to H
towns Ac.. In which cases Its rights expire in 1961. V. 92, p. 1243. Road from August 1945-1949, inclusive. V. 91, p. 1332. By a 4supplementary
was completed In Aug. 1912 and began operation in Sept. 1912. Franchise mortgage, holders of Series “ B ” 5s were permitted to exchange them for
In Arlington expires in 1949.
Series " B ” 6s upon payment of $100 per bond up to May 31 1917. Of the
STOCK AND BONDS— Date.
Interest. Outstanding.LastDiv.Ac
$7,800,000 outstanding Series’ *A” 7% unify. A ref. mtge. bonds, $800,000
Common $5,000,000 ($100).............
Q-M
$3,150,000 M a r ’24, 2% mature serially $400,000 each Mar. 1 1925 to 1926, incl., while the remaining
n e t 6% n-c $5,000,000 ($ 1 0 0 )____
M AS
4.000,000 Mar ’24, 3%
$7,000,000 are due Mar. 1 1951. Additional bonds are issuable under
Coll trust M $10,000,000 goldl 1910 5 g J-J
3,309,000 Jan 1 1940
certain restrictions for 75% of cost of new construction, Ac. Sinking
sink fund (see text)c*A r*tf lint, at Commonwealth Tr. C o., Bost., Trust
fund commences Mar. 1 1927 o f 2% of the largest amount of bonds then
5-yr Notes $750,000 ($100,1 1923
7 g M-S
500,000 Mar 11928 outstanding, plus any which may subsequently be issued, incl. all underlying
$500 & $1,000) gold c _____Jlnt. at Farmers & Mech. Bk., Ft. Worth, Tr.
and divisional bonds. The bonds due 1951 are red. on any int. date on
No Tex Trac 1st M $2,500,0001 1903 5 g J-J
2,500,000 Jan 1 1933
30 days’ notice at 10746 and int. to and incl. Mar. 1 1931 and at 105 and
($1,000) gold— no sinking! Int. at The Union Trust C o., Olev.. Trustee int. thereafter. The unif. A rsf. mtge. bonds Series “ B ” are not subject
fu n d ________________ c * tf l or at Chase Nat. Bank. New York.
to call. V. 114, p. 1652. Int. payable at office of trustee, N. Y .; Union
Oar trust certificates_________ _____
_________
138,085 ________
Trust C o., San Francisco, nnd Union Bank A Trust C o., Los Anveles.
Stock.— The pref. stock Is redeemable at 110. V. 94, p. 1449. Both V. 112, p. 1025.
Of the $2,345,000 San Joaquin L t.A Pow. Co. 1st 5s, $11,000 are held
classes o f stock are listed on the Boston Stock Exchange.
co. for sink. fd.
sink. fd.
Bonds.— Of the coll, trust bonds, $2,500,000 are reserved to retire North byDividends.— Paid purposes and $50,000 alive inin 1913, 6% : in 1914. 3 % ;
stock in 1912;
ern Texas Traction 1st M . bonds: $451,000 have been retired. Coupon none to June 1917,4>6 % on pref. was paid; 146% quar. since. In M ar.
when 146%
bonds are In denom. o f $1,000; registered bonds, $1,000, $5,000 and 1924, 146% in addition was paid on acct. of accumulations. Initial div.
$10,000. Callable as a whole or in part, for sink. fd. only, at 105 and int. on
146% paid
stock
any int. date. Sinking fund o f 1% of bonds out began N ov. 1 1911. Bonds of REF’ ORT.—on prior pref. years: in Dec. 1920, same rate quar. sinceFor calendar
are secured by deposit of all the stock of the North. Texas Trac. Co. V. 90, Calendar
Gross
Net
Int. Charges
Balance.
p. 373, 1239. The Northern Texas Traction Oo. bonds are subject to call
Year—
Earnings.
after Taxes.
& Deprec.
Surplus.
as a whole on any Interest day at 105 and interest.
_______ $7,037,651
$4,082,107
$2,630,778
$1,451,311
Notes.—-The 5-year 7% notes are call, as a whole at any time prior to 1923
6,561,126
3,769,226
2,548,311
1,220.913
Mar. 1 1925 at 101 & int., thereafter to Mar. 1 1927 at 100J6 & int., and 1922 O P E R T Y .— The co. owns power plants with 187,533 h. p.; operates
PR
thereafter to maturity at 100 & int.
5,500 miles of transmission and distribution lines, 42 substations. Reser
DIV ID E N D S.— First div. on pref. (1% ) paid March I 1906 and 2% voir capacity, 51,000 acre feet, 166 miles of gas mains. Operates 1046
Sept. 1 1906: since. 6% per annum. First dividend on common stock, miles street railway track in Bakersfield, supplemented by automobile bus
2% , paid Sept. 1 1909: in 1910, 5 H % : in 1911 and 1912, 6% : in 1913 lines in outlying territory.
6 H % : in 1914, 7% : in 1915. 4 H % : in 1916 and 1917, 4 % . Tn 1918.
OFFICERS.— Pres., W . G. Kerckhoff; V .-Ps., A. C. Balch and Ben R .
6% : in 1919, 4% : in 1920, 8% ; in 1921, 8% : in 1922, 8 % . In 1923, 8 % . Meyer; V.-P. A Managing Director, A. G. Wishon; Gen. M gr., A. Emory
In 1924, M ar., 2% .
Wishon; V.-P. A Sec., L. M . Farnham; Treas. A Comp., A. E. Peat.—V. 112, p. 2538; V. 113, p. 1675; V. 114, p. 307, 411, 739, 855, 1892; V. 116,
EARN INGS.— Of combined companies for 12 months ending Dec. 31:
Year—
Gross. Neti.aft.Tax.). Oth. Inc. Interest. Skg.Fds. Surplus. p. 78, 823, 1893, 2768, 2885; V. 118, p. 312, 432, 795, 908, 1774.
1923----$2,901,132 $838,638 $138,750 $321,329
________ $656,059
FRESNO TR AC TIO N CO.— A trohey road.
1922--- 3,609,517 906,431
127,500 299,611
-----------734,320
In 1910 Southern Pacific assumed control and owns all the stock except
ROAD.— Subsidiary companies operate 172.04 miles o f track, standard directors’ shares.
gauge: 277 passenger, 31 trail and 11 other cars. In July 1916 completed
ORGANIZATION.— Incorp. In Cal. Sept. 22 1903. Leases the Fresno
an 1,800 ft. viaduct over the steam roads entering Union Depot in Dallas
City Ry. Purchases power from San Joaquin Light A Power Co. In Jan.
Power station has capacity o f 10,800 k. w.; also purchases power from the 1922 the company was granted a 50-year franchise by the Fresno City Coun
Dallas Power & Light Co.
cil. The ordinance gives the city the right to purchase the road at ten-year
OFFICERS.— Pres., O. F. W . Wetterer; Sec., W m. T . Crawford; Treas., intervals, payment to be based on value of the property at time the option
Henry B. Sawyer: Gen. Mgrs., Stone & Webster M gt. Assn.. Boston.— is exercised. V. 114, p. 78, 2115: V. 115, p. 73.
In Dec. 1916 the Cal. R R . Comm. auth. the co. to sell $49,597 bonds for
V. I l l , p. 1852: V. 112, p. 745: V. 116, p. 722; V. 117, p. 2110.
exts. (not incl. in amounts reported outstanding).
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ $5,000,000 ......................
Stock $5.000,000-.(S100)............. —
FOSTORIA, OHIO.
First mortgage, $5,000.0001 1904
5 J-J
699,000 July 1 1944
($1,000). gold_ ___c.n tf fln t. at Union Trust C o.. San Fran. Trustee.
_
FOSTORIA & FREMONT RAILW AY CO.
Bonds.— Fresno Trac. 1st M . bonds have a sinking fund commencing in
ORGANIZATION.— Incorp. in Ohio in 1909. Ownership Is largely
1909 of
5 years and increasing $2,500 per annum
represented by interests identified with the Lake Shore Electric Ry. Oo. for each$2,500 per annum for firstto $17,500 per annum from 1939 to 1943.
5-year period thereafter
and Western Ohio Ry. Co. Besides passenger business, does a freight and
COM BINED EARNING S.— Incl. Fresno City Ry.:
express business and handlas coal for use by Ohio State Power Co. at
Cal.
Gross
Net (after
Other
Interest,
Balance,
Fremont.
Years—
Earnings.
Taxes).
Income.
Rentals. &c.
Deficit.
STOCK AND BONDS—
Date.
Interest• Outstanding. Maturity
x l9 2 2 ________$428,386
$88,828
$10,093
$126,537 def.$27.617
Com stock. $200,000 ($100)______
_______
$200,000 ------------ ...
1921_________ 403.865
54,937
11,224
121,986
n ■f.55.825
Pref stock $200,000 ($100)...................................
200.000
See text
x 1923 figures not available until issuance of Southern Pacific annual
First mtge $250,000 ($1,000) \ 1910
5 A-O
85.000 Oct 1 1930 report.
gold___________________ c* jln t. at Cleveland (O.) Trust C o., trustee
ROAD.— Mileage operated (incl. 8.14 miles leased from Fresno City R y .),
aonds.— Normal Federal income tax paid at source.
15.013 miles. Also owns 8,51 miles of single-track operated oy Southern
Dividends.— Paid a dividend of 3% on pref. stock in Jan. 1913. In 1917. Pacific Co. Standard-gauge, 75-lb. “ T ” rail. 31 electric motor passenger.
Dec., 6% . In 1918. Dec . 3%
Tn 1919, Dec . 3% . Tn 1920, Dec., 6%
3 work cars; 2 trailers, and 1 electric locomotive.
In 1921, Dec., 6% . In 1922, Dec., 3% . In 1923, Dec., 3% .
OFFICERS.— Pres., W. F. Herrin, San Francisco: V .-P .. Paul Shoxip,
Sec. A Aud., H. A. Ouiloden, Los Angeles; Gen. M gr.. F. W Webster:
EARNTNGS.— For years ending Dec. 31:
12 Months—
Gross.
Net.aft.Taxes. Int. Depr.Res.
Surplus. Presno: Treas., M . S. Wade, Los Angeles; Asst. Sec., G. L King. SaD
1923 _____________ $87,509
$13,883
$6,770
$1,909
$5,154 Francisco.— V. 107, p. 1192; V. 114, p. 78, 2115; V. 115, p. 73; V. 116,p 2388
1922 _____________ 91,448
15,289
6,248
1,450
7,591
ROAD, AO.— 21.38 miles of electric interurban railway on private rightGALVESTON, TEXAS
of-way. connecting Fostoria and Fremont. Forms the connecting link
dALVESTON-HOUSTON ELECTRIC C O .— A holdimr company.
between the Western Ohio Ry., Toledo Fostoria A Findlay Ry. and Lake
ORGAN IZATION .— Incorp. in Maine on May 8 1907. Controls
Shore Electric Ry., all of which use the line under traffic contracts.
through ownership of stock the Galveston Electric C o. and the Houston
OFFICERS.— Pres.. F. D . Carpenter. Lima, Ohio.— V. 107. p. 82. 40
®Iec. C o., which companies do the entire electric railway and part of the
dectric lighting and power business in Galveston and the entire electric
railway business in Houston. Also owns stock ol Galv.-Hous. Elec R y..
FRESNO, CAL.
an Interurban road between Galveston and Houston. 50 miles, and guar
antees its bonds, p.. i. and s. f. Franchises expire in Galveston in 19.50 In
SAN JOAQUIN LIGH T & POWER CORP.
Houston. 1951. The Interurban is on private right-of-way. $500,000
ORGAN IZATION .— Incorporated In California on July 19, 1910 as a con
oli tatlon of the San Joaquin Light A Power Co., the Power Transit A Light eom. stock is owneda by Public Service Investment Oo. for the Houston
On Oct. 4
proposed service-at-cost franchise
Co. (Bakersfield) and the Merced Falls Gas A Electric Co. Absorbed the Electric C o., 1921
a subsidiary, was defeated. V. 113, p. 1674. Compare
Selma Water Works, Madera Water Works, Madera Lt. A Pow. Oo., Lem
292. In Nov. 1921,
ordinance effective Jan. 1
more Lt. A Power Corp. and Bakersfield Gas A Elec. Lt. Oo. controls V. 113, p.passed by the Houstonhowever, a newproviding for a 7-cent cash
1922 was
City Council,
through stock ownership the Tuie River Co., having plants on the Tule fare with 20 tickets for $1, over a tri ll period. V. 113, P- 2311. 2405. See
River. Cal. The Midland Counties Public Service Corporation (V. 98, also V. 114. p. 1179. In Sept. 1922 the Houston Electric Co. applied to the
p. 1849). controlled in same interest, purchases all of its power from the Houston Citv Council for authority to increase fares from 7 to 9 cents.
San Joaquin Light A Power Corporation. In Feb. 1919 it was reported V. 115,
City o f
reduce
that the Midland Counties Public Service Corp. would consolidate with the number p. 1631. In N ov. 1922 the city (V. Houston agreed to on M aythe
of jitneys operating in that
115, p. 2477), and
16
San Joaquin Light A Power Corporation in the near future. V. 108, p
1923 the
to abolish all
lines operating in Houston,
SS0. In Feb. 1920, however, the Midland Counties Pub. Serv. Corp. with effective City Council voted116, p. 2516. jitneyalso V. 118, p. 431.
July 1 1923. V.
See
drew its petition for auth to carry out this consolidation. V. 110, p
Fare Decision.— On April 10 1922
562. Franchises in cities are perpetual: outside o f cities, with two excep reduction of fares in Galveston from 6the U. S. Supreme Court upheld the
cents to
cents. V.
tions, extend beyond 1950. About one-half the total length of transmis 2011. Effective Oct. 28 1922, however, the City5 Commission 114. p. 1651,
of Galveston
sion lines is on private right o f way. Supplies electricity for lighting, granted the company a 6-cent fare. V. 115, p. 2267.
power and pumping purposes throughout the San Joaquin Valley, including
Valuation.— See V. I l l , p. 2140: also V. 112, p. 849.
the cities of Merced, Madera, Fresno, Selma, Hanford, Bakersfield
In Jan. 1922 issued $1,700,000
for the
Sanger, Dinuba and about 50 towns and small cities; population served, retirementof $1,500,000 3-yr. 7% 7% secured notes ser. A ,'to provideprovide
about 500,000. Distributes gas in Bakersfield, Kern, Merced and Selma, working capital. V. 114, p. 305. sec. notes due Mar. 1 1922, and to
operates a street railway system in Bakersfield and Kern and furnishes
STOCK AND BONDS—
Date. Interest. Outstanding. Last Div.Ac.
water for domestic purposes in Selma and Madera.
M-S 15 $3,988,000
See text
In March 1922 issued $3,500,000 unif. A ref. mtge. 6% bonds. Series " B ,” Common, $5,000,000 ($100).............
Prei$4.000,0006% cum ($ 1 0 0 )____
M-S 15
3,000.000M a r ’24, 3%
to provide in part for the redemption of $2,625,000 Series “ D ” 8% conv
fig M-N 1,166.000
May 1 1940
bonds and for additions and improvements. V. 114, p. 1652, 1892. In Oalv Electric 1st M $2.500.-f 1905
000 gold ($1.000)____c * tf( Int. at Old Colony Trust C o., Boston, TrusJune 1923 issued $2,500,000 unif. A ref. mtge. 6% bonds, ser. “ B ,” pro
1 tee.or at company's agency InNewYork.
ceeds to be used for new construction work, and for other corporate pur
2,681,500
O ct. 1 1954
poses. V. 116, p. 2885. In Jan. 1924, sold $2,500,000 additional unif. Galv-Hous El Ry 1st M $5,-1 1909 6 g A-O
000,000 g guar_____c*A rtf Jlnt. at Old Colony Tr. C o., B ost., Trustee.
A ref. mtge. 6s, ser. “ B ,” proceeds being used for exts., addns., Ac. V. 118,
Hous Elec Oo 1st M $2,500.-1 1900 5 g F-A
1,319,000
Aug. 1 1925
p. 432.
000 g ($1,000) sk ftJL.c’ tf (Int. at Internat. Trust C o.. Bost.. Trustee.
In Feb. 1924 the co. was auth. to amend its articles of incorporation, to
7%
See text Aug 1 1925
provide for $18,500,000 of series “ B” 7% cum. pref. stock and $6,500,000 Gen mtge b o n d s _____________ 1922
o f series “ A ” 6% pref. stock, and to issue not exceeding $6,500,000 of Sec. notes ser. “ A ” & “ B ” l
$3,500,000 ($500 A $1,000)) 1922
7 g F-A
2,200,000 Aug. 1 1925
ser. “ B ” 7% pref. stock in exchange for a like amount of ser. “ A ” 6%
gold__________________ tfc*JCommonwealth Trust Co..Boston, Trustee.
pref. It was reported that holders of the present outstanding $6,500,000
8 g F-A
250.000 Feb. 1 1926
6% cum. pref., on which there is an accumulation o f $17 50, are to receive Oaupon notes ($100, $500 an d/ 1921
$1,000) gold________ c * .tf. (Guardian Trust C o., trustee.
in addition to the privilege of exchange for ser. “ B ” stock, a cash div. of
Oar trust certificates_________ _____
_______
312,732 ---------------$4 50. V. 118, p. 795, 908. Compare V. 118, p. 312.
4
ELECTKIC RAILW AYS
[V ol. 118.
Stock.— Pref. is callable at 120 and accumulated div. Both pref. and p. 409. All the above securities were issued under auth. of Ind. P. S. Comm,
in payment for the property.
com . are listed on Boston Stock Exchange.
Galve ton Electric Co.— Of the bonds, $1,026,000 reserved for additions
EARNING S.— For year ending Dec. 31 1923, gross, $99,744; net, after
and improvements at 80% o f cost and $308,000 have been canceled. A taxes, def., $3,207. In 1922, gross, $104,993; net, after taxes, $3,327.
sinking fund of 1 Vi % of bonds certified began July 1 1906. Callable as a
ROAD.— Extends from
Junction to Val
■whole or in part for sinking fund on any int. date at 110 and int. on 30 paraiso, 12 miles (owned), Chesterton through Woodvilleto Gary, 16 miles
and from Woodville Junction
days’ notice. See V. 81, p. 975.
(leased— see above). Total mileage operated, 28 miles.
Galveston-Houston Electric Ry.— Of the remaining bonds, $26,000 are
OFFICERS.— Pres., Chas. W . Chase; V .-P ., W . J. Henry; Sec.. R . M .
held in trust for benefit o f company and $2 ,000,000 are reserved for
acquisitions and improvements; $292,500 have been canceled.
Denom. Scheidt; Treas., F. M . Kemp.— V. 112, p. 257. 1977; V. 114, p. 409.
coupon, $500 and $1,000; registered, $1,000 and $5,000. Subject to call
on any Interest day in whole, or in part for sinking fund, at 105 and int.
Sinking fund of 1% of bonds to 1944; thereafter 1>4%- First five pay
GENEVA, N. Y.
ments waivable. Bonds are guar., prin.. int. and sinking fund, by Galv.GENEVA SENECA FALLS & AUBURN R A ILR O A D C O .. INC.
Hous. Elec. Co. See V. 90. p. 697.
Houston Electric Co.— Entire issue, but not any part, can be called on
ORGANIZATION.— Incorp. M ay 28 1913 as successor of the Geneva A
any Int. date at 107 and int. Sinking fund of 1 % of bonds outstand Auburn Ry. sold at foreclosure Mar. 14 1913. V. 97, p. 298.
ing, payable on Aug. 1 each year. See V. 74. p. 680. $1,181,000 of bonds
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
not outstanding was held by this fund on Dec. 31 1924.
$157,100
...............
Gen. Mtge. bonds.— Are a lien on all the property o f the three operating Stock.$200.000.......................................................
Bonds, $524.000— ................... 1913
5%
504.000 July 1 1943
cos., subj. to underlying 1 st mtge. bonds, $2,040,000: the entire outstand
EARNING S.— For years ending Dec. 31:
ing amount are pledged under the secured 7% notes, Ser. “ A ."
Calendar Years—
Gross.
Net,aft.Taxes. Deduc.
Bal.,Def.
Notes.— The secured 7% notes are a direct obligation o f company and
_____
$48,194
$13,426
are secured by pledge of $2,040,000 Gen. Mtge. 7% bonds of the three 1921______________ ________ .8104,508
45.256
47,799
2.543
operating companies. No additional underlying first mtge. bonds may be 1920......................................... 127,288
issued, while any of these notes are outstanding. Additional notes may be
ROAD.— Extends from Geneva to Cayuga Lake Park through Waterloo
issued only if each $1,000 note is secured by $1,200 of Gen. Mtge. bonds. and Seneca Falls. Length of main tracks 16-31 miles; sidings, .819 mile;
Red. as a whole, any time, on 30 days’ notice at 101 and int. prior to Aug. 1 miscellaneous. .36 mile; total, 17.489 miles. Rails. 70. 80. 90 and 100-lb.
1923; at 100H and int. thereafter to Feb. 1 1925; and at 100 and int. there T; track standard gauge.
after to maturity. Int. payable at office o f trustee and at the offices of Lee,
OFFICERS.— Pres.,
Pa.; Sec.. L. G. Hoskins,
Higginson & Co. in N. Y. and Chicago. V. 114. p. 305. The 8 % coupon Geneva, N Y .; Sunt., R. R. Quay. Pittsburgh, W A. Shirley. Waterloo
Treas. & Porch. Agt..
notes are callable in amounts o f not less than $50,000 on any int. date, at
N. Y .— V. 96, p. 1629; V. 97. p. 298; V. I l l , p. 1278.
100l before Feb. 1 1925 and at 100 thereafter. V. 112, p. 1143. $27,600
A
are held in treasury.
D IV ID E N D S .— On common, 1 A % semi-ann. from Sept. 1909 to and
Incl. Mar. 1912. amount then increased and paid 2% in Sept. 1912. In
GIRARD, PA.
Mar. 1913 increased to 2 A % . in Sept, to 3% and In Mar. 1914 to 3 A %,
CLEVELAND & ERIE RAILW AY CO.
S ep t..314%. In 1915. M ar.. 3HI % . Sept. 1915 div. omitted. (V. 101.p.8»
Receivership.— On Sept. 20 1920 A. O. Chapin, Erie, Pa., was appointed
EA R N IN G S.— Of the combined companies for 12 mos. ending Dec. 31;
receiver Tor the co. V. I l l , p. 1277.
Year—
Gross.
Net.aft.Taxes. Int.,A c.
Sink.Funds.
Surnius.
Rc.ccirer’s Certificates.— In May 1922 the receiver applied for auth. to
1923---------$3,317,846
$681,508
$493,711
______
$187,797
1922--------- 3,317,581
677.873
464,194
______
213.B79 issue not exceeding $11,000 receiver’s certificates, proceeds to be used to
INROAD.— Operates 174.77, miles single track; trackage, 3.92; standard purchase power from the Northwestern Electiic Co. V. 114, p. 2115.
gauge; 303 passenger, 13 trailers and 16 other cars. Power stations have
Operations Discontinued— Sale.— We are officially advised that the co.
capacity o f 6,582 k.w.
discontinued operations on Sept. 16 1922. In N ov. 1922 it was reported
OFFICERS.— Pres., C. F. W . Wetterer; V .-P ., Harry H. Hunt: Sec., that the road had been sold at receiver’s sale and was being dismantled.
Wm. T . Crawford; Treas., Henry B. Sawyer; Gen. Mgrs., Stone & Webster V. 115, p. 2476. No recent information.
M gt. Assn.— V. 109. p 172. 1079: V. I l l . o. 188. 2140: V l 1 2, p. 161, 744.
ORGANIZATION.— Incorporated In June 1909. Is successor to Oon849, 1143; V. 114, p. 305, 1651. 2011, 2823; V . 115, p. 2267.
aeaut & Erie Traction C o., sold at foreclosure. Owns all the stock and
bonds and leases the Conneaut & Erie Traction O c. of Ohio, which owns
I. 99 miles of track. Franchises are for 999 years.
GARY, IND.
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
G A R Y STREET RAILW AY C O RPORATION .
Stock. $300.000................................................. —
$300,000 ---------------ORGAN IZATION .— Incorp. in Feb. 1918 in Va.. per reorganization plan
(first mtge. $800,000. gold) 1909
5 J-J
500.000 July 1 1929
in V. 106. p. 1230. Owns the entire $365,500 common stock of the Gary
($250 and $500)________ c jln t. at Fidelity Trust C o.. Phlla., trustee.
St. Ry. Co. (incorp. in Indiana, Sept. 26 1917), the ooerating company, suc income bonds $500,000 ($2501 1909
5 July
500.000 July 1 1929
cessor to the Gary & Interurban Ry. and East Chicago R y. C o., sold at fore
and $500)________________ [Int. at Fidelity Trust C o.. Phlla.. trustee.
closure Sept. 18 1917. V. 105, p. 1309.
Bonds.— Remaining first
are reserved
Contract with Calumet Electric Co.— Guaranty.— A contract dated Sept. 6 betterments, Ac. They aremortgagetobonds at 105 and Int.for extensions
subject
call
on 3 months'
1917, as amended, provides that in consideration of $50,000 in cash, and
bonds
only
its guaranty of the int. on the 20-year debentures for a period of five years aotlce. Int. on Incomeat par. IsBonds payab’ ) if earned, and Is non-cum*
They are subject to call
have no sinking fund. No interest
from Oct. 1 1917—extended to O c(. 1 1927— (which guaranty is secured
by deposit o f $125,000 first mtge. bonds of the Calumet Electric C o., being has been paid on incomes.
E A R N IN G S.— For years ending Dec. 31:
one-half of the present outstanding issue), the Calumet Electric Co. shall
Gross
Net
Other In t.,Taxes Depr. A Balance.
have an option for five years [extended to Oct. 1 1927] to redeem or pay
Year—
Earnings. Earnings. Income. A Rentals. Replace.
Deficit.
at par and interest all o f said debentures and thereupon to receive all
$9,690
$1,548
$8,425
$2,814
o f the common stock of the Corporation. The Electric Co. is further 1921_______ $153,047
1.640
29.909
53,132
1 o have a renewal for five years o f its contract for the furnishing of power 1920_______ 151.776 df24.862
Pass, carried during year end. Dec. 31 1921, 529:006; In 1920. 559.146.
to the properties, and. in the meantime, will control the management
through a voting trust agreement under which all of the common stock
R OAD.— Owns 31.29 miles of track. Operates between Conneaut and
o f the Corporation is to be deposited with three voting trustees, of whom
Srle. Standard gauge: 65-lb. rati; 8 passenger and 6 other cars.
one shall be a representative of the old Gary & Interurban Railway bond
OFFICERS.— Receiver, A. O. Chapin, Erie. Pa.; Mgr. for Receiver.
holders and the other two o f the Calumet Electric Co. In case the
Electric Co. shall not redeem all of the debentures on or before Oct. 1 1927. J. M . Smith. Girard, Pa.— V. 11 , p. 2115; V. 115, p. 1428, 2476.
or in case it shall default on its guaranty of the payment of int. thereon,
then the common stock of the Corporation shall be distributed ratably
among the holders of the debentures.
GIRARDVILLE, PA.
[The Calumet Electric Co. is an Indiana corp. and secures all its elec
SCHUYLKILL RA ILW A Y CO.
tric power from the Public Service Co. of Northern Illinois, selling and
Reorganization Plan.— On June 10 1918 the following plan of reorganiza.
distributing the same in the Hammond, East Chicago and Gary districts
In July 1922 the Ind. P. S. Comm, authorized the company to issue Cion was presented to the holders of the $610,000 1 st Consol. 5s by PresPowell Evans, Pbila., who is the owner and holder personally of a substan
$110,000 20-year 5% First Mtge. bonds at not less than 75%. V. 115, p
645, 1321.
tlal majority of the Consol. 5% bonds and of various amounts of the other
Issues included in the plan. The plan is subject to the decision of the court
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity
In the co.'s pending litigation concerning its obligation to pay Schuylkill
Gary Street Ry. Corp.—
Co. 1st M. 5s and the effect
For de
$800,000 ________ __ Trac. outline of the plan see V. 107,of an adverse decision therein.as follows:
Common $800,000 ($100)_____
tailed
p. 1920. The provisions are
Pref 6 % non-cum $72,500($100)____
72,500 __________
(a) The lease of the Schuylkill County Ry. to remain in effect.
Gary Street Ry. Co.—
(5)
The Schuylkill Ry. Co. to purchase from me the entire issue of
Pref 6 % non-cu $365.000($100)____
365.000 __________
Schuylkill County Ry. Co. stock (which I ow n), subject only to the primary
First Mtge bonds $2,500,0001 1917
5 g A-O
550 000 Oct 1 1937
of the
bonds.
below.)
($100, $500 and $ 1 . 0 0 0 ) . Cent. Trust Co. o f 111. and Askel K. Bodholdt pledgeHolders stock as security for the income to return(Seethe c o .’s treasury
(c)
of $610,000 Consol. 5% bonds
to
1 trustees.
(waiving their rights therein until this is done) 25% of their par value, to
Debentures $800,000 gold l 1917 5 g A-O
800.000 Oct 11937
gether with all unpaid interest, &c., said one-fourth of said bonds, amount
($100. $500 and $1 000)__ (New York Trust Co., Trustee.
ing to $160,000, to be held in the treasury to provide for future betterments
Stock.— Preferred stock o f both cos. Is limited to the auth. amounts and (or) extensions
mentioned above. Both issues are red. as a whole at par on 30 days’ no
(d) The Schuylkill Ry. Co. to pay out of net operating income current
tice. Dividends on the common stock of the Gary Street Ry. Co. of Ind
Interest and obligations equally (except as temporarily under (e)) on:
are limited during the life o f the voting trust to $ 10,000 per annum.
Principal.
Existing Bonds (Consols Reduced as Aforesaid)—
Interest.
Voting Trust.— All the common stcck of Gary Street Ry. Corp. (except
$760,000 underlying 1st & 2d M. bonds on system proper______ $36,025
directors’ shares) was held under a voting trust agreement for five vears to
375.000 Schuylkill County Ry. Co. 1st M . bonds______________18,750
Oct. 1 1922, but agreement has been extended to Oct. 1 1927. Trustees
480.000 75% of outstanding $640,000 5% Consol, bonds______ 24,000
are Mortimer N. Buckner and Charles W. Chase.
Bonds.— Remaining 1st M. bonds may be issued for additions, ext'ns and t l ,615,000 Total bonds secured by Mtge.
Total Interest, $78,775
impts. for not over 85% of cash cost of same, and for repaving and track
$32,000 Existing Car Trust Certificates, principal (with interest)
renewals necessitated by public orders, for not more than 90% of the cash
due in installments ($4,000 semi-ann.)
cost of same under certain restrictions. Callable at 105.
Also interest on any expenditures on new capital supplied for betterments
Debentures.— Int. on debs. Is guar, during life of voting trust agreement
operation of
entire railway system.
by endorsement by the Calumet Electric Co., said guaranty being secured required for the proper any payment the Income bonds an amount at least
Also annually before
on
by pledge of $125,000 of that co .’s 1st M. bonds. Red. at par and int
equal to 2% of all outstanding Schuylkill County Ry. Co. bonds as a sinking
on 30 days’ notice. The co. covenants, among other things not to permit
fund, but annually not less than__________________________________ $5,000
any lien upon the property ahead of the debentures except the First Mtge
(e) The Schuylkill Ry. Co. to issue $600,000 New Income bonds, viz.:
and to expend or set aside annually for maintenance and to offset deprecia
150.000 to retire Income bonds of like amount now outstanding;
tion 14% of gross earnings:
160.000 to replace the scaling of Schuylkill Ry. Co 5% Consols.
------------- Years end. Dec. 31------------- 6mos.end.
275.000 for purchase of entire capital stock of Schuylkill Co. Ry. Co.
E A R N S.— (Cal. Years.) 1922.
1921.
1920.
1919.
1918.
15,000 to pay pro rata the past due unpaid dividends on 2,400 shares of
Gross earnings___________ .$745,278 $755,188 $878,588 $526,574 $385,579
the preferred stock of Lakeside Railway Co.
N et, after taxes__________ . 179,793 153,165 195,925
93,589 83,715
—it being understood that all the said Schuylkill County R y. Co. stock as
R O A D .— Operates 25 miles in Gary and between Gary and Hammond, ourchased shall be held primarily as collateral for said Income bonds.
Ind., and a 10-mile line between Gary and Indiana Harbor, Ind.
(/) All distributable net Income above that needed to pay minimum fixed
OFFICERS.— Of Gary St. Ry. Corp.— Pres., Britton I. Budd, Chicago, charges enumerated in clause d herein, except as to $480,000 5% Consols,
V .-P ., Chas. W. Chase, Gary, Ind.; Sec., R . M . Scheldt, Gary, Ind.
on which 50% of interest is to be paid currently for surrendered coupons
Treas., F. M . Kemp, Gary, Ind.
from the time this agreement takes effect, to be employed to carry out the
OFFIC E R S.— Qf Gary St. Ry. Co. (Operating Co.).— Pres., C. W . Chase. reduction of bank loans, current bills payable and accounts payable (thereby
V .-P ., T . G. Hamilton; Treas., F. M . Kemp; Sec., R. M . Scheidt, all of releasing the $78,000 of Consols now serving as collateral) until not more
Gary, Ind — V. I l l , p. 493; V. 113, p. 1052; V. 114, p.2579; V. 115, p. 645 5han $10,000 remain unpaid, whereupon all current interest on $480,000
if Consols shall be paid to the full extent of said net income.
l o Z l • £0. t ( •
(g) The $78,000 of Consols released under clause / above to be sold new
G A R Y & VALPARAISO RAILW AY CO.
00 me (at 75 as above) for all my said claims against the company, and to
be subject to reduction as provided in clause c hereof.
ORGA N IZA TIO N .— Incorporated in Indiana on N ov. 19 1917 with
authorized capital stock of $10,000 to operate the lines of the Gary Connect(h) Any net profits distributable after taxes, interest charges and other
ing RR. and the Valparaiso & Northern R y .t which were sold under fore,harges stated in clauses d and / above, maintenance, &c., have been paid,
’
closure Sept. 18 1917. See also V. 112, p. 1977. Operates the former 5o be distributed to holders of Income bonds on an equal percentage basis
property under a 20-year lease and owns and operates the latter.
until they have received 6 % (without any arrears being due or cumulative)
Committee for Valparaiso & Nor. 1st M . 5s.— Chairman Stacy C. Mosser;
brior to any net profits being distributed to stockholders.
Walter J. Cummings. William J. Henry, W m. T. Abbott; Sec. & Counsel
(i) Provisions hereunder to apply to various securities named herein
Chas. W . Chase. 18 Security Bldg., Gary, Ind. V. 114, p. 409.
jther than 1st and 2d M . prior liens and Car Trust Certificates from dates
On Jan. 31 1922 ihe above comm t ee scld at auction the following of their last interest or dividend periods prior to Jan. 1 1918. respectively.
securities o f the Gary & Valparaiso R y.: (a) $47,000 20-yr. 6 % 1st M . bonds
(j) Upon consummation o f all the provisions I and all parties hereto are
dated Jan. 1 1922 [total issued $67,000; [total auth.. $1,000,0001. (6) $62,- to release to the company all other interest held by me and them personally
400 20-yr. 6 % Adjust, income M . bonds dated Jan. 1 1922 (total auth
and in every other capacity— leaving the company, on the basis above
described, with only nominal current obligations, with the above minimum
$78,000], (c) $56,000 6 % n n-cum. pref. stock [total auth. & outstdg.
$70,000], (d) $56,000 com. s ock [total auth. & outstdg, $70,000], V. 114. fixed charges and provision for distribution o f its net income.
A pril, 1924.]
ELECTRIC RAILW AYS
It was the intent o f this offer that either the said plan was to be initiated or
the proceedings for said reorganization by foreclosure begun within one year
from Sept. 30 1918. In April 1924 we were informed that the plan had noi
yet been consummated.
All assenting Consols, together with all stock (If any) held by the deposi
tors o f Consols, to be deposited with the Commons eaith Title Insurance S
c
Trust Co. o f Philadelphia, as depositary. V. 107, p. 1920.
O RGAN IZATION .— Incorporated in Pennsylvania on July 20 1903 and
purchased the property o f the Schuylkill Traction Co. and the Lakesde
B y. Co. V. 80,p. 1729. Leases the Schuylkill County R y. Co.
Sale Proposed.— See V. 109, p. 1462.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock, $400,000 ($50)......... ..............................
$400,000 .................
First consol mtge. $1,450,000.1 1905
5 g A-O
640.000 April 1 1935
gold ($500 and $1.000)-.c*)In t. at Fidelity Trust C o.. Phila.. Trustee
Income bonds_______________1913
5 J-J
150.000 Jan. 1 1944
________
16,500 ---------------Series B ___________________ _____
Bonds.— Of the remaining first consol, bonds, $760,000 are reserved to
retire the underlying liens In statement below and $50,000 are in treasury.
Are subject to call at par and interest.
*
EARN IN G S.— For year ending Dec. 31 1923, gross, $494,525: net, after
taxes, $100,083. In 1922, gross, $450,542: net, after taxes, $7,640. In
1921, gross, $581,828; net, after taxes, $13,983.
OFFICERS.— Pres., Powell Evans, Phila.; V.-Ps., Jas.D . Evans and
Thos. Evans., Phila.; Sec. & Treas., C. E. Hanna, Phila.; Gen. M gr.,
O. Sims Bailey. Oirardville: And.. .1. Scott Pardoe.— V. 109, p. 1700;
V . I l l , p. 1950; V. 117, p. 1665, 2654.
(1) Schuylkill Traction Co.— A trolley road.
ORGANIZATION.— Chartered Sept. 26 1892. In perpetuity, under the
Motor Traction Act of March 22 1887. Road opened June 1 1893. On
Jan. 6 1893 leased for 999 years the Mahanoy City Shenandoah Oirardville
9c Ashland Street Ry. On Oct. 5 1893 leased for 999 years the Ashland
Locustdale & Centralia Elec. Ry. Owns all the stock of these two roads,
which is pledged under the first mortgage. On April 27 1900 leased for 999
years the Lakeside Ry., which connects the two ends of the company's
routes from Mahanoy City to Shenandoah and purchased 2.600 of the 5.000
■hares of the capital stock. On Jan. 24 1901 leased the Shenandoah A
Pottsville Street Ry. (13 miles) for 999 years (incorporated Aug. 1 1900).
and bought all of Its capital stock. The Lakeside Shenandoah & Potts
ville stock is pledged under consol, mtge.
Plan of Reorganization.— See Schuylkill Ry. Co. above.
D efa u lt—
See Srhuvlkill R v C o . above.
$150,000 Lakeside R y. 1st Mtge. 4s matured N ov. 1 1923 but the prin
cipal was defaulted. Int. due N ov. 1 1923, however, was paid. V. 117,
p. 2654.
Committee for Lakeside Ry. 1st Mtge. 4s.— Chairman, Brandon Barringer;
G. W . Davis and Francis Ralston Welsh. V. 117, p. 2654.
STOCK S BONDS— Miles. Date.
l
Interest. Outstanding. Maturity
l i t M , $500,000. g.$500122)4 1893
5 g A-O
$500,000 April 1 1943
& $1 .0 0 0 ... _______ /In t. at Gont.-Eqult. T . 4 T .O o ., Trustee, Phila
U t M . Lakeside Ry. g.f 614 1893
4 g M-N
150.000 Nov 1 1923
$150,000 guar’d by (Int. at Oont.-Eqult. T . 9c T. C o.. Philadelphia,
Schuylkill Traction. _ ( Trustee.
1901 434 8 J-J
105.000 July 1 1951
New consul mtge. seef----text ($1,000). g __ c*/Interest at Fidelity Trust C o.. Phila.. Trustee.
Power-house mortgage______ _____
_______
5,000 __________
Bonds.—The 1st M. bonds of 1893 may be purchased for sink, fund at
105. Sinking fund of $10,000 per annum began April 1 1898. In June
1916 the trustee brought suit for an accounting of net profits from operation
Of the properties under the mtge. and asked for the payment of $10,000 ot
■rich part thereof as can be determined to be due. with Interest, for each
year from April 12 1905 In which net profits were earned. In accordance
with the sink, fund provisions. Auth. amount of consol, mtge. was $2,000,000. but mtge. has been closed with $105,000 out. Of the outstanding
bonds $.36,000 are held In the treasury. Subject to call at 105 and interest,
Sinkina fund of 1% of bonds out became operative Aug. 1 1907.
R OAD.— Schuylkill Traction Division. 22 V miles of track, beginning at
4
Locustdale. thence through Ashland. Holmesvllle to Oirardville, forming
there a Y. one branch running through Lost Creek to Shenandoah and the
Other branch to Malzeville. Gllberton and Mahanoy City. Lakeside Divi
sion. 614 miles. Total. 28 miles. 60 and 70-lb. T rail. Extensions of 43
miles proposed and charters obtained. Operates 51 motor cars, 4 work
ears and 2 snow sweepers.— V. 80. p. 1729.
GLOVERSVILLE, N. Y.
FONDA JOHNSTOWN & GLOVERSVILLE R R . C O — Steam and
electric road.— See statement in Railway & Industrials” Section.
GRAND RAPIDS. MICH.
45
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stk 90,000 shs (no par) ____
_________ 89,521/4 shs. ________
Obligations of Commonwealth Pow., Ry. & Lt. Cn. assumed—
S crip ___________________________
6%
$166,873 Feb 1 1925
S crip ___________________________
6%
131,102 Feb 11926
6%
36,736 Feb 1 1927
S crip ________ _____ _____________
Sec serial notes $2,000,0001 1919
7 g M -N 1
930,000 M ay 1 1924
($100, $500&$1,000) g c*/D etroit Trust C o., Detroit, M ich., trustee.
Sec serial notes $750,0001 1919
6 g J-D
329,000 June 1 1924
($100, $500&$1,000) g c*jBrooklyn Trust C o., New York, trustee.
Mtge pay Saginaw Car S h o p s .____
_________
65,000 June 1 1924
Commonwealth Notes Assumed.— The secured serial 6% notes are secured
by pledge o f $666,700 gen. mtge. 5-yr. 6% bonds o f the Grand Rapids R y.
C o., due June 1 1924. Red. all or in part any time upon 30 days’ notice
at 101 and int. Interest payable in N. Y. Tax refundable in Penn.
V. 108, p. 2433. The $930,000 secured serial 7% notes mature on May 1
1924. Secured by pledge o f $4,000,000 Michigan R R . gen. mtge. 6s due
M ay 1 1924. Red. at 101 and int. on 30 days’ notice. Interest payable
in New York.
P R O PE R TY, &c.— See separate statements o f controlled cos. below.
OFFICERS.— Pres., Geo. E. Hardy; V.-Ps., B. C. Cobb; Jacob Hekma
and A. L. Loomis; Comp., H. G. Kessler; Sec., G. H. Bourne; Treas., Geo.
Sprague, Jr.; Asst. Sec. & Asst. Treas., C. A. Pearson, Jr.— V. 118, p. 310,
550, 663, 1772.
(1) Union R ailwav, Gas & Electric Co.
Practically all the common and pref. stock is owned by the Electric Rail
way Securities Co.
ORGANIZATION.— Incorporated in New Jersey June 29 1909.
In May 1922 all the electric light, power and gas properties controlled
by the Union R y., Gas & Elec. Co. were acquired by the Commonwealth
Power Corp. (see “ R R . & Industrial” Supplement, M ay 1924). The co.
owns practically all the capital stocks o f the Rockford & Interurban Ry.
Co. and the Janesville Traction Co. Holders o f Union R y., Gas & Elec,
coll, trust 5% bonds due July 1 1939 on June 30 1922 were offered in ex
change gen. lien & ref. bonds o f the Commonwealth Power Corp. as per
offer in V. 115, p. 184, 546.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_
_________ $6,000,000
See text
Common $6,000,000 ($100)_ _____
Pref $12,000,000 cum ( $ 1 0 0 ) - .____
6 Q-J
5,250,000 __________
Collateral trust mortgage gold) 1909
5 J-J
521,500 July 1 1939
($500 and $1,000)____c*tf/Comm ercial Trust C o., Phila., trustee.
Springfield Ry & Lt coll tr M l 1903
5 g J-D
404,000 June 1 1933
$5,000,000 g ($1,000) _c*tf/Fidelity &, Columbia Tr. C o., Louisv., trus.
Bonds.— Int. on Union R y., Gas & Elec. Bonds is payable at Hodenpyl,
Hardy & Co., N. Y ., and E. W. Clark & C o., Phila. Are red. at par and
int. on 60 days’ notice. The Springfield R y. & Lt. bonds are call, on 60
days’ notice at 10734 and int. Interest is payable at. Columbia Trust C o.,
Louisville, and at Hodenpyl, Hardy & C o., Inc., N. Y ., and E. W . Clark
& C o., Phila.
P R O PE R TY, &c.— See various controlled cos. listed separately below.
OFFICERS.— Pres., G. E. Hardy; V.-Ps., C. M . Clark, B. C.Cobb,
J. C. Weadock and Jacob Hekma; Sec., G. H. Bourne, New York; Treas.,
Geo. Sprague Jr. V: 108, p. 1391: V. 110, p. 2488; V. I l l , p. 2141; V. 113,
p. 2508; V. 114, p. 523; V. 115, p. 184, 546.
(a) R ockford & Interurban Railway Co.
Union R y., Gas & Elec. Co. owns all the com. and pref. stock.
O RGAN IZATION .— Incorp. in Illinois in 1899. Owns entire ($2,000,000) capital stock o f the Rockford City Traction Co. Owns and operates
interurban electric railway lines extending from Rockford to Belvidere,
111.: from Rockford through Beloit to Janesville, Wise., and from Rockford
to Freeport, Til., and through its subsidiary, the Rockford City Traction
Co., the city lines in Rockford, 111.
The Rockford & Interurban Ry. 1st mtge. 5s, due Oct. 1 1922, were
extended to Oct. 1 1930. V. 115, p. 1429. The $490,000 Rockford & Free
port Elec. Ry. 1st mtge. 5s, which fell due M ay 1 1923, were also extended
to Oct. 1 1930. V. 116, p. 1893. See also V. 117, p. 670, for certain addi
tional restrictions imposed in the form of a supplemental mortgage attached
to the extension agreements.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock_______________ _____
x$2,000.000
Preferred stock_______________ _____
_________ x2.000.000
Rockford & Interurban Ry. Co.—
Rockford & Inter-Urban lst.[ 1902
5
gA-O a l .685.500 Oct 1 1930
mtge gold ($500 & $1,000) (Int. at First Nat. Bk., N. Y .. or at Continen.
$3,OoO,000 -------------- c * n t f1 & Comm’l Tr. & Sav. Bk., Chic., trustee.
Rockford & Freeport 1st mtge [ 1903
5
gM -N
6490,000 Oct 11930
$750,000 gold guar p & i-jlnt. at Cont. & Com. Tr. & Sav. Bank, Chi($1,000 & $500)------- c*n tf I cago, trustee.
Rockford Bel & Janesville 1st f 1905
5
gA-O
914,000 Oct 11930
mtge g ($1,000) s f--C * -tf/In t. at Cont. & Com. Tr. & Sav. Bk., Chic.,
[ trustee, or First Nat. Bank, New York.
x All owned by Union R y., Gas & Electric Co.
a Includes $85,000 bonds which have not been extended,
$43,000 bonds which have not been extended.
b Includes
Bonds.— $11,000 1st M tge. 5s of the co. are owned by the Union R y..
COMMON WEAL TH P O W E R . R A I L W A Y & L I G H T CO.
Gas & Electric Co.
The company having disposed o f its electric light, power and gas proper
EARNINGS.— For year ended Dec. 31 1923 (incl. Rockford City Tram
ties to the Commonwealth Power Corp. (see ‘ ‘ Electric Railway” Supp. of
Oct. 27 1923 and forthcoming M ay 1924 issue o f our " R R . & Indus.” C o.), gross, $1,017,588; net, after taxes, $158,359.
Supp.) and its electric railway properties and remaining assets to the
PR OPERTY, &c.— Co.
78
Electric Railway Securities Co. (see below) and having received in ex Has 21 motor pass, cars, 8 owns and6 operatescars miles4of interurban lines.
trailers,
and service cars. The
change for these properties common stock of the Commonwealth Power Rockford City Traction Co. operates freight
36
Rockford, 111., 55 motor
Corp. and capital stock of the Electric Railway Securities Co. has taken pass, cars, 12 trailers, 5 service cars and miles in buses.
6 motor
action to distribute these shares to its own common stockholders. Accord
ingly the co. is now distributing pro rata to its com. stockholders 1 share
(6) Janesville T ra ction Co.
Commonwealth Power Corp. com. stock and 34 share Electric Railway
Securities Co. capital stock for each share o f com. stock o f the Common
ORGANIZATION.— Incorporated in Wisconsin in October 1910.
wealth Power, R y. & Lt. Co. surrendered for cancellation. Its own obli
gations having been satisfied or assumed, the co. upon completion o f this
distribution will be dissolved. For history o f Commonwealth Power, R y . & 000. All owned by Union R y., Gas & Elec. Co. Bonds, 1st Mtge. 5% ,
Lt. Co. see “ Electric Railway” Supp. o f Oct. 27 1923. See also V. 118, due 1941; auth., $50,000; outstanding, $50,000. All owned by Union R y.,
Gas & Elec. Co.
p. 310, 549.
_______
EARNINGS.— For cal. year 1923, gross, $53,868; net, after taxes, $4,704.
ELECTRIC RAILW AY SECURITIES COMPANY.
ROAD.— Owns and operates 5 miles o f street railway in Janesville, Wise.,
ORGANIZATION.— Organized in Maine early in 1924 and acquired from
13 motor pass, cars, 2 service cars.
the Commonwealth Power, R y. & Light Co., which had conveyed to the
Commonwealth Power Corp. (see statement in Oct. 27 1923 edition of our
(c) M ichigan R ailroad.
“ Electric R y .” Supp. and in forthcoming May 1924 issue o f our "Railroad
& Industrial” Supplement) all securities representing its electric light,
Entire capital stock and the $4,000,000 gen. mtge. 6% bonds are owned
power and gas properties, all o f the Commonwealth Power, R y. & Lt. C o.’s by the Union R y., Gas & Elec. Co. The gen. mtge. bonds are pledged
remaining assets, consisting for the most part o f properties engaged solely as security for an issue of Commonwealth Power, R y. & Light Co. serial
In the electric railway business. In exchange therefor the Securities Co. notes (see Electric Railway Securities Co. above.)
issued 89,52134 shares o f capital stock (no par value), which, together with
the com. stock o f the Commonwealth Power Corp., given to the Common
O R G A N IZA riO N .— Incorp. April 17 1919 in Michigan and acquired tbe
wealth Power R y. & Light Co. in exchange for its electric light, power & railway properties formerly owned by the Michigan Railway (for history, see
gas properties, is being distributed pro rata among the common stock “ Electric Railway” Section of March 29 1919).
holders o f that co. upon surrender o f their stock for cancellation. Upon
Jitney Legislation.— See V. 113, p. 2819. under caption“ Michigan United
completion o f this distribution, the Commonwealth Power, R y. & Lt.
C o. is to be dissolved. (See Commonwealth Power, R y. & Lt. Co. on a Railways.” Compare V. 116, p. 935, under same caption.
previous page.)
Plan.—-For plan for extension or conversion of the first mtge. 6s due
The Electric Railway Securities Co. has assumed certain obligations o f the
Commonwealth Power, R y. & Lt. Co., but as against these obligations holds M ay 1 1924, see V. 118, p. 1773.
a $1,800,700 “ Contract Receivable, Commonwealth Power C orp.,” which
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
contract is pledged to secure the payment of the obligations assumed. The
Securities Co. owns either directly or through the Union Railway, Gas & Common stock $5,000,000_________
_______
$4,000,000
Electric Co. (of which it owns practically all o f the pref. and com. stock) 1st M bds $10,000,000 ($100, 11919
6 g M -N
4,050,000 M a y T l9 2 4
securities and other assets as follows:
$500 and $1,000) gold-c*.tf/E quitable Tr Co, N . Y ., & Mich. Tr. Co. tr
General mtge $4,000,000 gold. 1919
6%
4,000,000 M ay 1 1924
$485,000 secured contracts receivable.
$992,000 U. S. Liberty Loan Fourth 4 3 i% bonds.
Bonds.— The first mtge. bonds have an authorized total o f $10,000,000.
$355,684 U. S. Government securities and cash.
which may be issued in series bearing different rates of interest, but not to
Stocks, bonds and other obligations of railway companies amounting exceed 6% per annum. In addition to the $4,500,000 originally outstand
to over $24,422,603, also real estate in Grand Rapids adjoining Michigan ing, $500,000 may be issued under certain conditions; the remaining $5,000,R R . Terminal property and lease o f water front property in Milwaukee.
000 may be issued for not to exceed 75% o f actual and reasonable expend!*
46
ELECTRIC RAILW AYS
tures made after M ay 1 1919 for additions, extensions, &c., under certain
restrictions. Sinking fund •will retire semi-annually $50,000 of bonds of this
Issue, either by purchase in the open market or by redemption at 101 and
int. $450,000retired by sink. fd. up to Jan. 31 1924. A gen. reserve fund
•is also provided under which the company must either expend annually or
•deposit in cash with the New York trustee an amount equal to not less
than 20% o f its gross earnings, to be expended for maintenance, repairs,
■replacements and renewals, for the purchase or retirement of bonds of
■this issue, or for extensions, enlargements and additions. Such expendi
tures for extensions, enlargements and additions shall not be used as a
basis for the issuance o f bonds, except as the general reserve fund is reim
bursed to the extent o f moneys used or withdrawn therefrom for such ex
penditures. This fund is distinct from and has no connection with the
sinking fund. Callable at 101 and int. at any time on 45 days’ notice
Int. is payable in N . Y . Tax-exempt in Michigan. The gen. mtge. Is
junior in lien in every respect to the first mtge. V. 108. p. 2022. The
S4.000.000 bonds of this issue shown as outstanding are pledged under the
Commonwealth Power, Ry. & Lt. C o.’s serial notes of 1919, which have
been assumed by the Electric Railway Securities Co.
EA R N IN G S.— For cal. year 1923, gross, $1,455,313; net, after taxes,
$308,355.
R O A D .— Owns and operates an interurban electric railway 48.52 mile*
long, extending from Flint through Saginaw to Bay City, with branch to
Frankenmuth; one from Allegan to Battle Creek, 51-83 miles, and a high
speed interurban line, 58.56 miles, extending from Grand Rapids to Kala
mazoo. 36 motor pass, cars, 8 trailers, 2 service cars and 66 freight cars.
Leases the Grand Rapids Holland & Chicago R y., 76.40 miles.
OFFICERS.—Pres., B. C. Cobb; V .-P ., J. F. Collins; Sec., Niel M .
Viergever; Treas., O. H. Degener. Office, Jackson, Mich.— Y. 107, p. 1004;
Y . 108, p. 1721, 1823, 2022; V. 110, p. 1849, 2568; V. I l l , p. 1370, 1661,
2140; V. 112, p. 2537; V. 113, p. 533, 1471; V. 118, p. 1520, 1773.
<d) Grand Rapids H olland & C hicago Ry
Union R y. Gas & Elec. Co. owns all the pref., all except $1,600 com.
stock, and $25,000 o f $1,500,000 1st mtge. 7% bonds.
ORGAN IZATION .— Incorporated in Michigan in July 1904 and is a re
organization on Aug. 1 1904 o f the Grand Rapids Holland & Lake Michigan
Rapid R y. See V. 79, p. 627. Franchises in city o f Holland and village
streets expire in 1928 to 1930; remainder on private rights of way.
Default in Int.— The co. being unable to pay the coupons due Feb. 1 1924
on the 1st Mtge. 7% bonds, the following committee was formed:
Committee for Gr. Rap. Hoi. & L. Mich. 1st Mtge. 7s.—-Chairman, Stewart
Henley; John P. Crozer, Chas. P. Lineaweaver, Sidney T . Miller, A. C.
Stellwagon; Sec., Ezra Lockwood, 1603 Dime Sav. Bank Bldg., Detroit,
M ich. Depositaries, Detroit Trust Co., Detroit, M ich., and Bank of
North America & Trust Co., Phila., Pa. Deposits have been called for.
V . 118, p. 663.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
Common, $500,000__________ _____
_________
$487,900 __________
Pref, $850,000. 6 % .....................................................
836,800 ...................
1st mtge. Grand Rapids H ol.f 1900
7 g F-A
1,475.000 Aug 1 1924
& Lake Mich, $1,500,000-jInt. at Oont. & Oomml. Tr. & Sav. Bk., Chic
gold ($500 and $1,000).n tf l Trustee, or at Guaranty Trust Co, N . Y
Bonds.— A sinking fund is provided o f $5,000 per annum for first 5 years
$10,000 per annum for second 5 years, $15,000 yearly for third 5 years and
$25,000 per annum for fourth 5 years. In addition to amount reported as
outstanding, $25,000 are owned by the Union R y. Gas & Elec. Co. Bonds
are not subject to call. They were originally 5s and matured Aug. 1 1920
but have been extended to Aug. 1 1924 at 7% . V. I l l , p. 389.
R OAD.— Operates 76.40 miles o f track from Grand Rapids through
Zeeland and Holland to Macatawa and Ottawa Beach, on Lake Michigan,
where steamer connection for Chicago is made. 18 motor pass, cars, 2
trailers, 13 freight and 3 service cars.— V. 100, p. 140; V. I l l , p. 389;
V . 112, p. 2537; V. 118, p .663.
(e) M ichigan Electric Railway C o.— A third rail and trolley system
Union R y. Gas & Elec. Co. owns 97,228 shs. com. stock, 444,600 pref.
■ A ” and 400,000 pref. “ B ” stock and 1,216,550 1st & ref. mtge., ser. “ A ,”
“
5% bonds.
ORGAN IZATION .— Organized in M ich, in 1923 and acquired as per
plan as amended (see “ Electric Railway” Supplement o f April 28 1923 for
outline o f plan and “ Chronicle” V . 117, p. 553, for amendments), for the
reorganization o f the Michigan United Railways, sold at foreclosure June 30
1923. For history o f Michigan United Rys. see “ Electric Railway” Sup
plement o f April 28 1923.
In Sept. 1923 was auth. by the M ich. P. U. Comm, to issue securities as
called for in the amended plan. V. 117, p. 1462.
Upon completion o f reorganization the co. will be capitalized approxi
mately as follows;
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
. 100,000shs
•Common 100,000shares (n o p a r)____
Pref Class “ A ” 5% cum______ _____
$6,228,600
Pref Class “ B ” 5% n o n -c u m ..____
400,000
. 1,203,800
Pref Class “ C ” 5% n o n -c u m ..____
7,190.500
1948
1st & ref mtge 5% bonds_____1923
’5 % "'
Jackson Consol Trac 1st mtge f 1904
790,000 M ay 1 1934
5 g M -N
$1,000,000 gold ($100, $500{Interest at Empire Trust C o., New York
and $1,000)_________ c* t f l Trustee.
Stock.— Class “ B ” pref. is subordinate to Class “ A ” and Class " C ” is
subordinate to Class “ A ” pref. and also to Class “ B” pref. The Jackson
Consol. Trac. Co. bonds are subject to call on any int. date at 105.
REPO RT.— Earnings for cal. year 1923, gross, $2,734,182; net, after
taxes, $458,953.
ROAD.— Operates all city lines in Jackson, Battle Creek, Kalamazoo
and Lansing and interurban lines between Jackson, Battle Creek and Kala
mazoo, and between Jackson, Lansing and St. Johns, Lansing and Owosso,
and Corunna, and from Jackson to Grass Lake and W olf Lake; total oper
ated, 258 miles. Operates through service to Detroit over Detroit United
R y. lines under traffic agreement connection from Jackson. 223 pass,
motor cars, 3 trailers, 27 service and 27 freight cars and 19 passenger motor
buses.— V. 117, p. 894, 1129, 1462, 2323, 2433, 2542, 2653.
(f) G rand Rapids Ry.
All the common and $500,000 pref. stock; the $1,200,000 gen. & refmtge. 6% bonds, and $106,590 of the 1st mtge. 6% bonds, are owned by
the Union R y. Gas & Elec. Co.
ORGAN IZATION , &C.— Incorp. in Michigan in April 1900 as a suc
cessor company to the Consolidated St. Ry. Owns and operates the entire
street railway system in Grand Rapids and vicinity. On June 12 1922 the
City Commission o f Grand Rapids, Mich., approved an ordinance granting
the co. a 30-year franchise, which permits a 10-cent fare with 7 tickets for
50 cents at least for 3 months from the adoption of the franchise. The rate
will then be increased or decreased in fixed steps. See V. 115, p. 183, for de
tails. Franchise has been approved by vote o f the people. V. 115, p. 1428.
On Feb. 1 1924 ticket fares were raised to 6 for 50 cents. V. 118, p. 1519.
Valuation.— In Jan. 1922 the company and the City Commission reached
an agreement, placing a valuation o f $5,500,000 on the properties o f the
company. The Commission agreed to grant the company a 30-year fran
chise, allowing an initial return of 8% on the new valuation, plus the cost
o f subsequent additions and extensions to the property. After 5 years a
revaluation may be made but the 8% return remains in effect. The people
have voted in favor of the new franchise. V. 115, p- 1428. Compare
V. 114, p. 197.
Interest. Outstanding. Maturity.
STOCK AN D BONDS—
Date.
_______
$2,000,000
See text
Stock com $2,000,000 $ 1 0 0 ) - - ____
Q-F
2,000,000 N ov’18, 1H
Pref $2,000,000 cum 5 % ($ 1 0 0 )-----6 g J-D
2,500,000 June 1 1924
First mortgage $4,500,000 (_ 1919
$500 and $1,000) g______ c*-j Michigan Trust C o., Grand Rapids, and
( Bankers Trust C o., N . Y ., Trustee
en. & Ref. Mtge $1,200,0001 1919 g 6 J-D
1,200,000 June 1 1924
g_________________________(Int. at Brooklyn Trust C o., Trustee.
Bonds.— Of the remaining 1st mtge. bonds $1,200,000 may be issued
against the present property under certain conditions and $800,000 may
be issued for 75% of the cost of permanent extensions, &c., under certain
restrictions. Red. as a whole at 101 and int. on 4 weeks’ notice. Int.
payable in N . Y . City or Grand Rapids, M ich. Tax-exempt in Michigan
V . 108, p. 2122.
$666,700 o f the gen. mtge. bonds are pledged as security for the secured
rial 6% notes of the Commonwealth Pow., R y. & Lt. C o., assumed by
8 Electric Railway Securities Co. V . 108, p. 2433.
[V ol. 118.
Dividends.— 5% was regularly paid on pref. stock to and Inc). N ov. 1918.
None since.
R E PO R T .— For years ending Dec. 31:
Bat. for.
Year—
Gross. Net aft.Tax. Charges. Pref.Div Dep.,&c.
1923-----------------------$1,817,607 $560,457 $324,086 ________
$236,371
1922......................... 1,861,476 513,551
330,836
...........
182,715
ROAD, &C.— 26.64 miles double and|9.86 miles single track: total single,
track equivalent, 69.15 miles. 161 motor passenger cars, 23 service cars
and 6 motor busses. Has 2 pleasure parks, &c.
OFFICERS.— Pres., B. C. Cobb.; V.-Pres., & Gen. M gr., L. J. De
Lamarter; Comp., H. G. Kessler; Sec. & Treas., W . E . Livingston. Office
Grand Rapids. Mich.— V. 109, p. 887; V. 110, p. 2387; V. I l l , p. 1661, 2324
V . 112, p. 932, 2083: V. 113. p. 1471: V. 114. p. 197: V. 115, p. 183. 1428
V . 116, p. 1177; V . 117, p. 1017; 4. 118, p. 1519.
(5) Saginaw T ransit Co.
Union R y. Gas & Elec. Co. owns 18,863 shares com. stock, $498,000
pref. stock and $620,000 1st mtge. 5% bonds.
ORGANIZATION.— Incorp. Sept. 11 1923 in Michigan and acquired
the property in Saginaw, M ich., of the Saginaw-Bay City R y. Co. (for
history see “ Electric Railway” Supplement of April 28 1923), which had
discontinued operations Aug. 10 1921. For this property the co. issued
$584,000 1st mtge. bonds, Series “ A ,” 5 % , due Jan. 1 1949; $1,479,000
of 5% cum. pref. stock and 18,750 shares of com. stock of no par value
(as per reorganization plan in V. 117, p. 326).
The co. owns and operates street railway system, supplemented by motor
buses, in the city of Saginaw and interurban line from there to Carrollton
and Zilwaukee, Mich. The franchise (V. 117, p. 326) runs to June 25 1938,
and the city of Saginaw has agreed that it will prohibit and prevent the oper
ation of “ jitneys” and other motor vehicles in competition with the co.
Upon completion of reorganization the co. will be capitalized approxi
mately as follows:
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 20,000 shs (no p a r ) , . ____
_________
20,000shs.__________
Pref 5% $1,479,000 cum ($ 1 0 0 )____
Q— J
$1,479,000 ___________
1st mortgage series “ A ” ($5001 1924
5 g J-J
1,184,000 Jan. 11949
and $1,000) gold_____c * t f) Callable at 102 and int. on 30 days’ notice.
Stock.— Pref. stock has equal voting power per share with common.
Redeemable at $100 and accrued dividends.
Bonds.— Int. is payable at Harris Trust & Savings Bank, Chicago.
ROAD.— Owns and operates 26 miles in Saginaw, M ich., and suburbs!
52 motor passenger cars, 4 service cars and 25 motor busses.
OFFICERS.— Pres., Treas. & Gen. M gr., C .S . Kressler; V.-Ps., Otto
Schupp and H. V. Sinnett; Sec., L. F. Swartout; Asst. Sec. & Asst. Treas.,
R. E. Smith.— V. 117, p. 1778, 1993.
UNITED LIGH T & POWER CO. (OF M ARYLAND).— (See M ap,
page 47.)
ORGANIZATION.— Incorp. in Maryland early in 1924 and acquired
all the assets of the United Light & RailwaysjCo. (Incorp. in Maine in
July 1910, per plan in V. 91, p. 96), subject to all mortgage liens, indebted
ness, &c., in exchange for its own securities (consisting o f Class A pref.
stock, Class B pref. stock, Class A com. stock and Class B com. stock)
which were delivered to the United Light & Railways Co. in payment for its
assets. The United Light & Power Co. has the following authorized capi
talization:
Class
Class
Class
Class
A
B
A
B
'
O H U I VS .
Pref. Stock, no par value— authorized___________________
500,000
Pref. Stock, no par value— authorized___________________
500,000
250,000
Com. Stock, non-voting, no par value—authorized___
Com. Stock, sole voting, no par value— authorized____
250,000
Total_______________________ _______________________________ 1,500,000
Class A Pref. Stock.— Class A pref. stock holders shall be entitled to
receive a div. at the rate of $6 50 per share per annum, payable Q.-J. Div.
shall be cum., and the stock is to have preference in liquidation and in divs.
over all other classes o f stock. Callable at $105 per share, and the holders
are entitled to receive $100 per share and divs. in event of liquidation.
Class B Pref. Slock.— Class B pref. stock holders shall be entitled to re
ceive a div. at the rate of $3 50 per share per annum, payable Q.-J. D iv.
shall be cum., and in addition the stock shall participate to the extent of
50 cents per share per annum whenever the common stock is paying divs. at
the rate of more than $1 40 per share per annum. Stock is to have prefer
ence in liquidation and divs. over all classes of common stock. Callable at
$60 per share, and holders shall be entitled to receive $50 per share and divs.
jn event of liquidation.
Common Stock.— There shall be two classes, viz.: Class A Com. stock and
Class B Com. Class A com. shall be in all respects similar to Class B com.,
except that it shall have no voting power. Class B Com. shall be in all
respects similar to Class A Com. except that it shall have the voting
power. Both classes of common stock shall receive like dividends.
Purchase Warrants.— There will be authorized upon the consummation of
the plan the issuance of optional purchase warrants entitling the holder
thereof to buy Class A common stock at a fixed price of $35 per share, on
or at any time before Dec. 31 1925.
The securities received by the United Light & Rys. Co. are to be dis
tributed to its own stockholders pro rata as per footnotes to capitalization
table below. V. 117, p. 2655, 2771; V. 118, p. 86, 665, 1137.
Owns 99% of the common stocks, over 58% of the pref. stocks and over
69% of bonds and notes of the following companies:
Cadillac (Mich.) Gas Light Co.
La Porte (Ind.) Gas & Elec. C o.
Chattanooga (Tenn.) Gas Co.
Mason City & Clear Lake d a .) R R .
Cedar Rapids (la.) Gas Co.
Northwestern M fg. C o.,Ft.D odge,la.
Cedar Rapids & Marion City R y . Co. Ottumwa (la.) Gas Co.
Fort Dodge (la .) Gas & Electric Co. People’s Gas & Elec. C o., Mason O ’y.
Grand Rapids Grand Haven & Mus Tri-City Railway & Light Co.
kegon (Mich.) R y. Co.
The Grand Rapids-Grand Haven & Muskegon Ry. was acquired in Jan.
1912; V. 94, p. 209. The Tri-City R y. & Light Co. was taken over in June
1912; V. 94, p. 769. The Cedar Rapids & Marion City R y. C o. was
acquired in July 1912.
In Feb. 1913 purchased the People’s Gas & Electric Co. and the Mason
City & Clear Lake R R . In 1913 also acquired the Iowa & Illinois R y.
and the Iowa & 111. R y. Term. C o., but in Jan. 1916 these two cos. were
consolidated with the Davenport & Muscatine Ry. (forming the Clinton
Davenport & Muscatine Ry.) under the management of the Tri-City R y.
& Light Co.
On Sept. 8 1920 The United Light & Rys. C o. was incorp. in Delaware
with a total authorized capital o f $50,000,000. Of the total auth. stock,
$25,000,000 is com. and $25,000,000 prior pref. 7% cum. stock. All the
com. stock, except directors’ shares, is owned by the United Light & Power
Co. of Maryland. The 7 % prior pref. stock is being sold to the public in the
communities served by the subsidiary cos., and as of Dec. 31 1§23, approx.
$3,041,600 of this stock was outstanding in the hands o f the public.
OPERATIONS.— Does entire gas business in Davenport, Cedar Rapids
(supplying also suburbs of Marion and Kenwood Park and intervening
territory), Fort Dodge, Iowa City, Mason City, Ottumwa and Muscatine,
Iowa; Cadillac, Mich.; La Porte, Ind.; Rock Island, Moline, East Moline
and Silvis, 111.; Chattanooga. Tenn.; entire electric light and power business
in Davenport. Fort Dodge, Iowa City, Mason City and Muscatine, Iowa;
Rock Island, Moline and East Moline, 111., and La Porte, Ind., and subur
ban towns contiguous. Has hot water and steam-heating systems in
Davenport and Mason City, Iowa, and La Porte, Ind. Operates street
railways in Cedar Rapids, Marion, Mason City, Muscatine and Davenport,
la., and Rock Island, Moline and East Moline, 111.; interurban railways
are operated between Cedar Rapids and Marion, la.; Mason City and
Clear Lake, la.; Davenport and Clinton, la ; Davenport and Muscatine,
la.; Davenport, la ., and Rock Island, Moline and East Moline, 111., Grand
Rapid*. Grand Haven and Muskegon. M ich. In all. 97 communities, with
a population estimated at over 600,000 are served. Franchises expire from
1924 to 1960; approximately 73% are indeterminate or extend beyond
1932.
Exchange Offer to Holders of Tri-City Ry. & Lt. Pref. See under that co.
further below.
Transfer Agencies.— Stock transfer agencies are maintained In New York.
In Chicago and in Grand Rapids. See V. 97. p. 1358.
A pril, 1924.]
ELECTRIC RAILW AYS
47
48
STOCK A N D BONDS.—
Date.
Interest
Outstanding. Maturity.
Common *12.500.000 ($100)_______
Q-J c $4,500,000
See text
1st pref $12,500,000 ($100)1
6% cum .......................... .. . f ____
Q-J al0,133,100 A p r ’ 24. 1 ^
Partic. p f. $20,000,000 ($100)...........
7%
63.408.700
See text
First & ref mtge gold ($100.1 1912
5 g J-D
11,000,000 June 1 *932
$500 & $ 1 .000) ___ c*Ar tflN ew York Trust C o.. N. Y. Trustee.
1st lienAcons Mser“ A ” ($100,\ 1922
6 g A-O
11,081.500 April 1 1952
$500 A $1,000c* A $1,000 r*jln t. at New York Trust Co.. N. Y ., trustee.
Cons debentures gold ($100.1 1916 6 g M-N
1,988.000 Nov 1 1926
$500. $1,000 A c ). _c*Ar*tf I Int. at New York Tr. Oo. N Y .. trustee.
Debenture bonds Series " A ” f 1923 6 g J-J
2,750.000 Jan 1 1973
($100, $500 & $1,000 c* A-jNew York Trust Co, New York, Trustee.
$1,000 & multiples r*) g .t f l
Chattanooga Gao first mtgef 1907 5 J-J
427.000 Jan 1 1927
$1,500,000 g ($1.000)_c*tfi Int. at Con. & Com. Tr. & Sav. Bk., Chic.
( Trustee, or First Nat. Bank. New York
People’s Gas & El Gen M tge/ 1906 6 A-O
370,000 April 1 1931
$500,000_______________t fl Int. at Central Tr. C o., Chicago, Trustee
For securities covering railway properties see separate companies below.
(a) The first pref. stock-holders of the Railways Oo. will be entitled to
receive one share of Class A pref. stock for each share o f 1st pref. stock
exchanged. (6) Partic. pref. stock holders of the Railways Co. will be
entitled to elect to receive, for each share o f such stock exchanged, either 2
shares o f Class B pref. stock or 1.1 shares of Class A pref. stock, (c) The
common stock holders o f the Railways Co. will be entitled to receive, for
each share of such stock exchanged, the following: 3 shares of Class A com.
stock, and 2 shares of Class B com. stock, and optional purchase warrant
entitling the holder to purchase an additional 1 share of Class A com. stock
at $35 per share, on or at any time before Dec. 31 1925. These optional
■warrants will be assignable and can be transferred— bought or sold.
Stock.— First pref. stock is redeemable at 105 and accrued divs. The
2d pref. stock was conv. into 1st pref. or com. stock, share for share, in 1915
Com. is only stock with voting power. V. 91. p. 96. 519: V. 92. p. 1110; V
95. p. 421. In July 1922 one-half the outstanding com. stock was made
convertible into partic. 7% pref. The partic. 7% pref. is cum. and a
further div. to the extent o f 1% additional shall be declared on the partic.
pref. whenever in any year 7% or more is paid on the com. stok. V. 114,
p. 2850; V. 115, p. 184. Red. all or in part on any div. date at 120 and
divs. V. 114, p. 2580.
Bonds.— lo t on ftrst and ref. mtg. bonds is payable at office of trustee
or Continental A Commercial Trust A Savings Bank. Chicago
Mortimer
N. Buckner is co-trustee. $14,353,600 bonds (not included in amount
outstanding above) are deposited as security for first lien and consol
idated mortgage bonds. Additional bonds may be issued for refunding
underlying bonds and for 75% of par value of preferred stocks of underlying
companies redeemed or purchased. 75% of cost of betterments, improve
ments and additions, and for 75% o f cost of additional property, under
certain restrictions. Redeemable as a whole or in part on any interest day
at 102)3 and interest on 60 days’ notice. A depreciation fund of 2% on
all bonds out became operative in 1917. See description of bonds in
V. 102, p.,1898. The first lien and consolidated mortgage 6s Ser.“ A” are
secured by pledge of $14,553,600 first and refunding mortgage 5s.
Additional bonds may be issued under certain restrictions. Series
“ A ” are red. all or in part at any time on 30 days’ notice on or after
April 1 1947 up to April 1 1948 at 103 and interest. Pennsylvania State
tax and Conn. State tax o f 4 mills refunded. V. 114, p. 1536. Chat.t. Gas
"Co. bonds have a sinking fund o f $15,000 per annum from 1912 to 1926, inch
on first $500 000 h rids and 2% additional on anv further bonds issued
Subject to call at 105 and int. V. 84, p. 805. $11,000 of bonds, not in
cluded in amount, reported outstanding owned by United Light & Power Co.
Debentures.— The convertible debentures due Nov. 1 1926 are a direct
obligation of the company. No mortgage may be created junior to the
first and refunding mortgage without equally securing the debs. At no
time shall there be outstanding debs. In excess of 75% of the total of6%
pref. stock outstanding. No further debs, may be issued unless earns
available for Interest charges are 3 times the requirements on the deb
then outstanding inch those applied for as well as the int. upon any un
secured debt. They are callable, all or part, upon 4 weeks' notice to Nov 1
1921 at 102 and int. and thereafter at 101 and interest. Were convertible
up to N ov. 1 1923 into 6% pref. stock at the rate of $1,125 par value for
each $1,000 par value debenture. Penn. State tax refunded. V. 103,
p. 2079. The deb. bonds Ser. " A ” 6s due Jan. 1 1973 are red. all or part on
60 days’ notice at 110 during first 15 years (ending Jan. 1 1938); thereafter
at 1% less during each succeed ng 5-year period to and inch the 45th year;
thereafter at 1 % less during each succeeding year to and inch the 48th year,
and thereafter at 100 and int. Int. payable at agency of co. in N. Y.
Penna. and Conn. 4-mills tax refunded. V. 116, p. 177.
Maintenance and Depreciation Fund.— The co. must set aside yearly not
less than 12)4% of its gross earnings, any part of which not actually ex
pended In any calendar year for maint., A c., to be used for extensions, ad
ditions. A c., against which no additional bonds may be issued.
Dividends of 114% have been paid quar. on 1st pref. since Oct. 1910 to
and inch Apr. 1924. An initial div. o f 1 % % on the partic. pref. stock was
paid Oct. 2 1922. Divs. at same rate paid regularly quar. to and inch
April 1924. An extra dividend of
of 1 % was also paid on the latter
date. In July and Oct. 1923 and Jan. 1924 1H % and M of 1 % extra was
paid. In April 1924, 2% . The 2d pref. received 3 % quar. from Oct.
A
1910 to July 1915. Was then converted into first pref. and common stock.
As to stock div. on common, see V. 94, p. 1250. Divs. of 1 % on com. were
paid quar. from April 1913 up to and including July 1914. None to Oct.
1916, when 1% was paid, same rate quar. to and including Oct. 1919.
Jan. 1920 div. deferred (V. 109, p. 2357). None to Jan. 1923, when 1 )£ %
Was paid, together with an extra div. o f M o f 1% . In April 1923 an extra
div. o f 5% in common stock was paid in addition to the quar. div. of 1 )£ %
and an extra cash div. of 34 of 1% . Y . 116, p. 1051. In Aug. and Nov.
1923. 1M % and an extra cash div. o f M o f 1 % was paid. In 1924, Feb.,
1 14% and % o f 1% extra; M ay, 2 % . A stock div. of 1% . payable in
common stock, was paid April 1 1914 in addition to the regular dividend
o f 1% paid on the same date. V . 98, p. 525.
See also V. 118, p. 1912.
RE PO RT.—
Consolidated Profit and Loss Account United Light & Railways Co. and
Subsidiary Companies— Years Ended Dec. 31.
1923.
1922.
1921.
1920
Gross earns, o f sub. cos.$12,140,423 $11,638,900 $11,250,093 $11,799,486
Oper. exp., inch maint.,
gen’l & income taxes._ 8.255,144
8,002,742
7,991,505
8,681,265
$3,885,278
$3,647,395
$3,247,351
$3,118,221
593,682
825,477
867,707
883,157
Net profit of sub. cos.
due Un. L. & Rys.Co>.$3,291,596
Int. & divs. receivable. _
22,514
Misc. earnings_________
832,747
$2,821,918
16,376
587,954
$2,379,643
8.474
468,248
$2,235,064
5,042
491,676
$3,426,248
$2,856,366
$2,731,783
416,587
352,000
339,689
571,424
478,804
455,434
120,000
120,000
120,000
148,691
160,000
14,990
56,288
104,729
105.000
128,954
102,396
Int. on bonds, notes and
divs. on pref. stock, &
profit due minority
stockholders_________
Total gross earns., Un.
Light & Rys. C o_ $4,146,857
_
Less gen. exp., incl. taxes
United Lt. A Rys. C o.
426,543
Int. on 1st & Ref. 5%
bonds (1932)________
550,056
Int. on 1st Lien & Cons.
Mtge. 6% bonds(1952)
Series “ A ” __________
493,712
Int. on 6% Conv. Debs.
(1926)_______________
119,538
Int. on 6% Deb. Bonds,
Series “ A ” (1973)-----138,750
Int. on 8% 10-year bondsecured notes (1930)
(retired Feb. 1923)_
_
15,751
Int. on 7% 5-year bondsecured notes, Ser. “ B”
Int. on 7 % bond-secured
notes, Series o f 1920-.
Int. on 7% bond-secured
notes, Series “ C ” ____
[V ol. 118.
ELECTEIC E AIL W AYS
85,567
96,122
Int. on 6% 2)4-year notes.
Series “ A ” __________
Int. on commercial loans
1923.
______
42,880
1922.
______
27,262
1921.
______
39.898
1920.
27.252
47.112
Total expenditures... $1,787,233 $1,425,822 $1,381,387 $1,307,997
B alan ce---------------------- $2,359,624 $2,000,425 $1,471,979 $1,423,786
Operating Statistics 12 Mos. end.— Dec. 31 ’23. Dec. 31 ’22. Dec. 31 '21.
2,049.487
2.162,490
1,000 cu. ft. of gas sold___________ 2,255,529
K. w. h. of electric energy sold____ 213,219,912 181.457.340 142.849.213
Rev. pass, carried— City rys________ 28,512,533 28,225,428 288,38,118
Rev. pass, carried— Interurban r y s._ 2,116,365
2,041.133
2,356.430
No. of gas meters in service_________
69,366
67,491
65.493
No. of electric meters in service_____
57,122
53,915
49,589
PROPS R T Y.— The physical properties include 10 electric central sta tions
with a total generating capacity of 175,000 h.p., of which approx. 7,000 h.p.
is water power; 659 miles of high-tension transmission lines; 3,745 miles of
distributing lines with sub-stations; 11 gas plants, 9 of which are equipped
with coal gas & water apparatus permitting operation of which is more
advantageous under prevailing conditions. The gas plants have an annual
output of over 2,250,000.000 cu. ft. The distributing mains are 981 miles
in length. The companies combined have 69.366 gas and 57,122 electric
customers. The street railway properties include 147 miles of track, are
equipped with modern rolling stock. The high-speed interurban lines which
have a trackage totaling 123 miles, are located on private right-of-way.
OFFICERS.— Pres., Frank T . Hulswit, Chicago; V.-Ps., Richard
Schaddelee. Grand Rapids; B. J. Deninan, Davenport: Wm. Chamberlain
Cedar Rapids, and T. J. Weber, Grand Rapids: Sec. A Treas., L. H.
Heinke, Grand Rapids; Asst. Sec. A Asst. Treas., F. F. Kelley and M . E.
Armstrong; Gen. M gr., Richard Schadelee. General office. Portland. M e.;
executive office. Chicago; operating headquarters. Grand Rapids; operating
headquarters for Iowa district, Davenport, Iowa.— V. 118, p. 86, 665.
1269, 1393, 1912.
q m iid Rapids Grand Haven & M uskegon R y.— Electric road.
Third-rail system. Entire stock owned by United Light A Pow Co.
ORGANIZATION.— Incorporated in Michigan on March 6 1899. Own*
and operates an electric road on fenced right of way. connecting the three
cities named In the title, a distance of 41 miles. Franchises in all towns
through which It passes extend to 1929; otherwise private right of way.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, $1,200,000 ($100)...............
.................$1,200,000 ......................
1st mtge. $1,500,000 ($1,000)1 1901
5 g J-J
1.500.000 July 11926
g old _________________ c * tffln t. at Guaranty Trust C o.. N. Y .. Trustee
Stock.— Entire stock, except directors' Bhares. deposited under United
Light A Rys Co. 1st and ref. mtge
Bonds.— The interest on outstanding bonds was guaranteed for 6 years
oy the Security Investment Co. of Pittsburgh. See V. 76 p 479
$6,000
of outstanding bonds held by United Light A Railways Power Co.
ROAD.— Extends from Grand Rapids In a n rthwesterly direction to
Muskegon, with a branch to Spring Lake and Grand Haven. Connects at
Grand Haven with Goodrich Line of steamers for Chicago and Crosby Line
of steamers for Milwaukee, which are in operation all the year round. Total
track, 49 67 miles, of which 4.74 m. In Grand Rapids and 3.43 m In Mus
kegon are operated under trackage agreement with the Grand Rapids Ry.
and the Muskegon Trac. A Ltg. Co. (see V. 113, p. 1674). 70-lb T rail.
Operates 23 passenger, 15 express and 7 work cars. Also does a freight
business.— V. 100. p. 901, 1672; V. 107, p. 82. 291; V. 108. p. 2022; V. 113,
p. 1674, 2613; V. 115, p. 543.
(2) The Trl-Clty Railway & Light C o.
In June 1912 control was acquired by the United Light A P ow . Co
Trl-Clty Ry. A Lt com. stockholders received In exchange for their shares
$31 16 2-3 cash, $16 66 2-3 United Rys. (now United Lt. A Pow.) 6%
1st pref. and $12 50 2d pref. 3% stock.— V. 94, p. 768. The Uni ed
Lt. A Pow. Co. owns $8,916,400 common and $3S1,500 preferred stock.
ORGAN IZATION .— Incorporated In Connecticut March 3 1906 and
owns all the stock, except directors' shares, of the following companies
Moline-Rock Island M fg. Co.
Trl-Clty Railway Co. of Iowa.
People’s Light Co.
Trl-Clty Ry. Co. of Illinois.
People's Power Co.
C. D. A M . Ry. Co. [but see below
Muscatine Lighting Co.
Iowa City Light A Power Co.
Controls ail gas plants, electric-lighting companies and street railway
tines In the cities of Davenport. Iowa City, Muscatine, Bettendorf and
Rockingham. Ia., and Rock Island, Moline, East Moline and other smaller
towns in Illinois, and an interurban connecting Muscatine, Davenport and
Clinton. Population served, approximately 205.000. Railway franchises
extend to 1930, 1935 and 1951; electric franchises to 1935 and 1943. and
gas franchises to 1929. 1933 and 1943.
In Jan. 1916 the properties of the Iowa A Illinois Ry. and Iowa A Illinois
Terminal Ry. companies (formerly owned by the United Light A Rys. Co.)
were acquired and merged with the Davenport A Muscatine Ry., forming
the Clinton Davenport A Muscatine Ry. All of the $1,063,000 1st M .
bonds of the Iowa A Illinois Ry. outstanding have been acquired by the
Tri-City Railway A Light Co. In Sept. 1920 the United Light A Power
Co. and the VVatchtower A Campbell's Island Park Co. which had been
owned by the Tri-City Ry. A Light Co. were dissolved. V. I l l , p. 1084.
Sub Cos. Consolidate.— The Tri City Ry. of 111.. In June 1920, was autb. by
the 111. P. U. Comm, to purchase the tracks and equip, of the Moline Rock
Island A Eastern Trac. Co. The former co. Issued $195,000 bonds in
connection with the consolidation. V. 110, p. 2488. Compare V. 110,
p. 972.
Tri-City Ry. May Abandon.— See letter of President regarding financial
status of c o ., Ac., in V. 117, p. 1349.
Offer to Holders of Tri-City Ry. & Lt. Pref. Stock.— The 6% 1st pref. stock
holders of the Tri-City R y. A Lt. Co. have received an offer from the
United Lt. A Rys. Co (now United Lt. A Pow. Co.) to exchange their pref.
stock for United Lt. A Rys. (now United Lt. A Pow. Co.) 6% pref. on the
following basis: Each 10 shares (par $100) of the 6% pref. of the Tri-City
may be exchanged for 11 shares (par $100) of the United Lt. A Rys. 6%
pref. V. 117, p. 1665. $1,064,800 has been so exchanged.
Fare Increases.— On July 20 1920, fares on the Rock Island, Moline,
East Moline and Silvis lines were raised from 7 to 8 cents. Shortly after
thau these rates were increased to 10 cents cash, but monthly tickets are
sold at 50 cents each, entitling holders to a 5-cent fare during month for
which issued. V. I l l , p. 589, but see V. 112, p. 373. In Sept. 1920 the
company began charging a 9-cent fare in Davenport. In April 1922 a
10-cent fare was in effect.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $9,000,000
See text
Common $9,000,000 ($100)________
Pref $3,000.000 6% cum ($ 1 0 0 )____
6 Q-J
3.000.000 A p r .’24.1)4
1st A ref mtge $20,000,000 g\ 1910 5 g J-J
19,303,000 July 1 1930
$500A$1.000c*A$1.000r*tf JInt. at Cent. Union Tr. C o., N. Y ., Trustee.
Iowa City Light A Power 1912 5 M-S
400,000 Sept 11932
refunding mortgage ($1,-1 Interest at Continental A Comm'l Trust A
000,000 ($1.000)_____ c*tfl Sav. Bank, Chicago. Trustee.
Iowa City Gas A Electric lstf 1909
6 M -N
196.500
See text
mortgage $400,000_____ tf lin t, at Chic. Tr. A Sav. Bank, Trustee.
Stock.— Pref. stock Is redeemable at 120 and accum. divs. See V. 82 71
p. 1213. Listed on Montreal, Toronto and Louisville Stock Exchanges.
Bonds.— Of the 1st A ref. bonds, sufficient are reserved for prior liens,
and remainder for 85% of cost of additions and improvements. Subject
to call at 105 and int. on any int. date. Sinking fund of 1 )3 % o f bonds
out begins Feb. 1 1924. Penna. 4-mill tax refunded on $1,000,000 of these
bonds. V. 93, p. 1465; V. 114, p. 855, 949. $15,102,000 of outstanding
1st A ref. bonds are owned by Un. Lt. A Pow. Co.
All the outstanding Iowa City Light A Power Co. 1st mtge. bonds are
owned by Tri-City Ry. A Light Co. The Iowa City Gas A Elec. Co.
bonds mature serially $4,000 to $9,000 annually from M ay 1 1912 to M ay 1
1927 and $135,000 in 1928. Subject to call at 105 and int. on any int. date.
Additional bonds may be issued for 80% of cost of extensions and better
ments. $3,500 owned by United Light A Pow. Co.
Dividends.— First div. on pref.. 1 )4 % . paid July 1906, and 1)4% quar.
since to and including Apr. 1924. A dividend of 1% was paid on the com
mon stock Jan. 1 1915 (practically all of this stock Is owned by United Light
A Pow. Oo. and previous disbursements were not made public), and quar.
to and incl. Apr. 1918. In 1919, 5% . In 1920, Oct., 1% . In 1921, 4 % ;
in 1922, 5% .
ROAD.— Operates over 170 miles o f standard-gauge track, connecting the
eltles of Clinton and Davenport, Iowa, and Rock Island, Moline and East
Moline, 111.; Including an extension to Muscatine placed in operation n
1912 and city lines In Muscatine. 80-lb. girder ana 60 to 75-lb. T rail.
A pril, 1924.]
ELECTRIC RAILW AYS
49
EARNINGS.
Gross
ExNet
Note Pref.Div. Balance,
Year ending—
Income. penses. Income.
Interest. (5 K % ). Deficit.
Dec. 31 1920___ $14,663 $2,896 $11,766
$23,186 None
$11,419
Dec. 31 1919___ 11.625
2,570
9,055
20,808 None
11.753
Dec. 31 1918___ 11,359
2.896
8.794
22,244 None
13.450
Combined Earnings of Subsidiary Companies.
Year ending—
Gross.
Net. Inl.&Taxes.Pf.Div Com.Div.
Balance.
def.$98.884
Dec. 31 1920____$647,921 $34,055 $132,938
Dec. 31 1919___ 642.718 143,826 134.021
sur.9.804
Dec. 31 1918___ 526.805 37.925 132.577
def.94.652
OFFICERS.— Sec. & Treas., D. P. Abercrombie Jr.; Greenfield. Mass.—
V. 100. p. 1168. 1671; V. 104, p. 1702; V. 108, p. 2011; V. 115, p. 1321.
(1)
C on n ecticu t Valley Street R y.— Trolley. The Mass. C on sol.
Rys. owns 4.996 shares of the common stock.
Receiver.— D. P. Abercrombie has been appointed receiver for the com
pany. Compare V. 113. p. 2719.
Sale.— In M ar. 1924 it was announced that the receiver would receive
bids on or before Mar. 28 1924 for the sale of the entire property. V. 118,
p. 1392. See also V. 118, p. 1772.
ORGANIZATION.— Incorporated in 1899. Commenced Jan. 22 1900.
Is a consolidation on April 1 1905 of the Northampton & Amherst Street
Ry., the Greenfield & Turner’s Palls Street Ry. and the Greenfield Deerfield
k Northampton Street R y., as per plan in V. 80, p. 1111.
In May 1915 the Governor of Mass, signed a bill authorizing the Northern
Mass. St. Ry. to absorb the company by consolidation or purchase!
V. 106, p. 1833.
Authority to Operate Motor Vehicles Granted.— On June 19 1919 was auth.
by the Mass. P. S. Comm, to acquire and operate passenger motor vehicles
between Greenfield and Montague. V. 108, p. 2528. See also V. 115, p.
1320.
Branch Line Sold.— In N ov. 1922 the c o .’s Millers’ Falls division (9K
miles) was sold as junk to Michael Blasberg. V. 115. p. 2477. Compare
V. 111. p. 492.
Auth. to Discontinue Operation.— In N ov. 1923 the receiver was auth.
by the Mass. Supreme Court to discontinue the operation of the whole
of the oroperty. Mar. 1 1924, or any portion or portions thereof. V. 117,
p. 2323. No further information.
STOCK AND B O N D S — Date.
Interest. Outstanding. Maturity.
GREEN B A ? WIS
$500,000 Dec 16. 1%
Stock, com. $500,000 ($100)....................... ............
Pref.$120,000(6% cum) ($ 1 0 0 )____
M-S
120.000
See text.
WISCONSIN PUBLIC SERVICE CORPORATION (Controlled by
Connecticut Valley St Ry 1st/ 1900
5 g M-S
120.000 Ju y 1 1923
Wisconsin Securities Co.— See under “ Milwaukee.")
mort gold ($1,000)..c*..ntf 1Int. at Old Colony Trust C o., Boston. Trust.
ORGAN IZATION .— Incorp. in Wisconsin in 1922 as a consolidation of
5 g M-S
180.000 Ju y 1 1923
Wisconsin Public Service Co. (for history see “ Electric Railway” Supple Northern & Amh 1st m tge./ 1900
$180,000 g ($1.000)..c .n tf] Int. at Old Colony Trust C o., Boston. Trust.
ment of April 29 1922), Oshkosh Gas Light Co.. Sheboygan Gas Light Co.,
5 g J-J
150.000 July 1 1923
Calumet Service C o., Peninsular Service Co.. Manitowoc & Northern Greenfield Deerfield & North/ 1903
first mort, $150,000. goldi Int. at Mercantile Trust C o.. Boston. Trust.
Traction Co. and certain other connected properties. Owns al! the bonds
$1,000 and $500). .c* .n tf I No sinking fund and bonds cannot be called
and over 99% of he capital stock of the Menominee & Marinette Light &
5 g J-D
130.000 June 1 1923
Traction Co. Controls the Green Bay Park Ry., which has acquired the Green&Turn''allsconsm$ 130,-/1903
Bay Shore (Wis.) St. Ry. V. 116, p. 937. Physical property includes 6
000 g ($500. $1,000) c*.n tf |Interest at Beacon Trust C o., Boston, Trus.
_______
363,588 _________ _
electric generating plants, aggregate installed normal capacity of 33.500 Notes payable Aug. 1 1921 _______
Bonds.— The Northampton & Amherst bonds are subject to call at 105
k.w., o f which 17.000 k.w. is hydro-electric; 29 substations with transformer
capacity of over 86.014 k.w.; 276 miles of 3-phase high tension transmission on 4 weeks’ notice, as are the bonds of the Connecticut Valley Street R y .
lines, also distribution lines. Gas properties include four gas manufacturing Both issues originally matured Sept. 1 1920 but were extended to July I 1923.
plants, combined daily capacity 7,070.000 cu. ft. Furnishes electric light The $120,000 Connecticut Valley bonds were Issued under the first mtge. of
and power to Oshkosh, Green Bay, Marinette, Menominee (Mich ), the Northamp. & Amh. St. Ry., which was originally drawn for $300,000.
Chilton. Rrillion. Sells electric power in lots of 40 h.p.. or over in Manito
Dividends — On pref., 3% semi-ann. since Sept. 1910 to and Incl. March
woc and Two Rivers, and 25 h. p. or over in Kewaunee. Algoma and Stur 1918 (paid May 1 1918). None since. On com., in 1906 (year end. Sept.
geon Bay. Sells electric power to municipal plants at Two Rivers, Kewau 30). 2% ; in 1907, 2% ; in 1912, 1%; in 1913, 2K %; in 1914. S% . In 1915.
nee, Algoma. Sturgeon Bay. New Holstein and Kaukauna. Furnishes gas Feb . *-4%: May.
%: Aug. %%■ In Dec 1916. 1 % .
to Sheboygan, Kohler, Sheboygan Fails. Oshkosh. Green Bay, DePero,
EARN ING S.— For calendar year 1922, gross, $245,398; net, $34,046;
Marinette and Menominee (M ich.). Owns hydro-eiectric plants at High receivers’ exp. and taxes, $9,800; bal., sur., $24,246.
Falls on the Peshtigo River and Ingalls on Menominee River: steam plants
R OAD.— Owns and operates 17 .064 miles of track between Miller’s Falls
at Manitowoc, Oshkosh and Green Bay. Furnishes city street railway ser
vice in Green Bay, Manitowoc. Marinette and Menominee (M ich.). Inter furmer’s Falls, Greenfield, Northampton and Amherst. 41 passenger
urban lines connecting Green Bay with Kaukauna and connecting Mani ;ars. ‘2 snow-plows 5 other cars and 134 electric motors.
OFFICERS.— Pres., C. W. Hazleton; V.-P. A Gen. M gr., D. P. Aber
towoc and Two Rivers.
Jitney ttesiriction.— See V. 114, p. 2719.
crombie Jr.; Treas., F. A. Persons; Supt. J. A. Taggart.— V. 113, p. 2729;
V. 115, p. 1320, 2158, 2477; V. 117, p. 2323; V. 118, p. 1392, 1772.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2.500.000_________ _____
_______
$2,100,000 ____ _____
(2)
Northern M assachusetts Street Ry.— The Massachusetts Consol.
Preferred 7% cum. $2 ,500.000.____
7%
2.100.000S ep t'23.114
Rys. owns all the common stock ($350,900).
1st lien & ref M Ser " 4 ” $15,1 1922 6 g A-O
6,195.000 Oct 1 1952
Receiver
The co. is in the hands of a receiver. V. 113, p. 2721. See
000.000 ($100. $.500 andilnt. in New York, Chicago and Milwaukee. also V. 116, p. 516, 1637.
$1,000) gold.................c*.tfl
Sale, Successor Co., &c.— In Nov. 1923 Judge Chas. De Courcy of the
Wise Pub Serv Co 1st M & refi 1912 5 g J-J
2,438,000 Jan 1 1942 Mass. Supreme Court at Boston, Mass., auth. the receiver to discontinue
$15,000,000 g ($1.000)c* t fjln t. at Wisconsin Tr. Co., Milwaukee, trust operations on or before Dec. 31 1923. The Court also auth. the sale of the
Green Bay G & E 1st & ref M I 1905 5 g M-N
417,000 May 1 1935
auction. V. 117, p. 2323.
$750,000 "old '*1 000)__c*/lnt. at Wisconsin Tr. Co.. Milwaukee, trust property at public Gardner-Templelon St. Ry. was formed and has acquired
In Jan. 1924 the
Sheboygan Gas Light C o__________
5%
250.000 __________
that portion of the c o .’s property extending from South Gardner to Temple
Peninsular Service C o________ _____
6%
300.000 __________
ton, Mass., which was sold at receiver’s sale. The Mass. Dept, of P. U.
Manitowoc & Nor Trac C o_________
5%
140,000 __________
on Jan. 29 1924
Bonds.— l’he first lien & ref. mtge. “ Series A” 6s, in addition to being a was appraised atauth. the new co. to issue $90,000 of stock. The property
$143,871.
first lien on part of the company's properties, are secured by pledge of all
Officers of the new co. are as
Charles Mulhado, Pres.; Edgar A.
the outstanding bonds and 99% of the capital stock of the Menominee & Shepardson, V .-P., and Ralph follows:Sec. & Treas.
Kelly,
Marine'te Light & Trac. Co., and $1,308,000 Wise. Pub. Serv. Co. 1st
The voters of
Mass., on Feb. 4
the
Mtge. 5s. Maintenance, depreciation and improvement fund provided purchase of the Athol, & Orange section 1924 ratified Thisplan for municipal
of the co.
section of road is
for. Are redeemable, all or part, any time on 60 days’ notice at 107K and 6.76 miles long. Athol
Approval of the sale of a parcel of the railway with equip
int. on or before Sept. 30 1932; at 105 and interest Oct. 1 1932 to and incl. ment for $18,484 to the town of Athol was given recently by Justice Braley
Sept. 30 1942; and thereafter at 105 less >4 of 1 % during each year to ma of the Massachusetts Supreme Court; also of 500 tons of rails to Henry
turity. Pennsylvania and Connecticut personal 4 mills tax and Mass Lewis & C o., Phila., for $10,000, and 110,000 ibs. of copper wire to the
chusetts income tax on the interest not exceeding 6% refunded. V. 115, p. Snyder Corp.,Rochester, N. Y ., for $30,000. V. 118, p. 1520.
1634. Wise. Pub. Serv. Co. 1st & ref. 5s are subject to call on any interest
Receivers Certifs.— See V. 117, p. 2323.
day at 105 and int. Remaining bonds are for acquisitions and to retire
ORGAN IZATION .— Incorp. in Mass, on July 1 1894 as the Athol 8t
underlying bonds under certain restrictions. See V. 94. p. 1697. $1,308,
Orange Street Ry. Name changed to above on May I 1913. In Jan. 1913
000 are pledged undei the Wise. Pub. Serv. Corp. first den & ref. mtge. 6s,
Series “ A.” Sinking fund of 2% on bonds outstanding began in 1917. purchased the property and franchises of the Templeton Street Ry. and on
The Green Bay Gas & Electric bonds are subject to call at 105 until 1924; Mar. 1 1913 absorbed the Gardner Westminster & Fitchburg Street Ry.
As a result of these acquisitions, stock was increased from $74,500, all of
thereafter at par; $105,000 canceled. $228,000 are pledged as additional
one class, to $500,000, of which $150,000 is 6% cum. pref. stock.
security under the Wise. P. S. Co. 1st M . & ref. bonds.
The Governor of
a bill authorizing
EARN ING S.—-Of Wisconsin Public Service Corp. for 12 months ending pany to absorb the Mass, in May 1915 signedy. by consolidationthe com
Connecticut Valley St. R
or pur
Dec. 31 1923; Gross, $3,278,002; net, before deprec., $1,139,222.
chase. V. ion. p. 1833.
ROAD, &c.— Owns and operates all lines in the city of Green Bay; also
In Aug. 1922 the
auth. by the Mass.
P. U.
a line from Green Bay to East De Pere, and branch to Duck Creek and a operate jitney busesco. was town o f Athol. V. Dept, o f1100. to own and
in the
115, p.
See also V .
line from Green Bay to West De Pere, Little Rapids, Wrightstown and 115, p. 1321.
Kaukauna; total. 53.833 miles of track. 70 and 85-1b. “ T " and girder rail;
The
due Feb. 1
on the $185,000 Gard. Westmln &
Owns 37 cars and 13 service cars, including plows and sweepers. Menom 1st M . int.was paid, but1920 prin. also due on that date had not Fitchburg
5s
pail
inee & Marinette Light & Traction Co. owns and operates all lines in and up to Sept. 28 1921 andthe definite agreement as to extension been been
had
between cities of Menominee, Mich., and Marinette, Wis. Owns 22 cars. made. Int. on this issue, no understand, now accrues at 6 % . V. 110, p.
we
13 trailers and additional service equipment.
1849.
O F F IC E R S— Pres., Clement C. Smith, Milwaukee; V.-Ps., O. R.
STOCKS AND BONDS— Date.
Interest.
Outstanding. Maturity.
Phenicle, Green Bay, J. P. Pulliam, Milwaukee, and Howard Greene,
_______
$350,000 In’ 14-’ 15.2K
Milwaukee; Sec., Wm. M . Chester; Treas., H. C. Mackay; Gen. M gr., Common $350,000__________ _____
Q-F
150.000
See text
J. P. Pulliam. Milwaukee.— V. 114, p. 2719; V. 115. p. 75, 1322, 1534. 1634: Pref 6% cum $150.000.....................
1st & ref M $500,000 ($1,000 / 1913
5 g M -N
315.000 M ay 1 1943
V . 116, p. 517, 937; V. 117, p. 1994; V. 118, p. 1013.
red’lo n 4 K % int bas _c*tf lin t, at American Trust C o., Boston, Trustee.
Gard Westm & Fitchburg 1st I 1900
5 F-A
185,000 Feb 1 1920
mtge ($1,000) g old._c*n tf lin t, at Old Colony Tr. C o., Boston. Trustee.
GREENFIELD, MASS.
_________
360,710 __________
Notes payable Aug. 1 1921________
MASSACHUSETTS CONSOLIDATED RA ILW A YS.
Bonds.— Of the $500,000 1st & ref. bonds, $185,000 are reserved to
ORGANIZATION.— Organized In Boston on N ov. 16 1911 as the Massa retire an equivalent amount of underlying bonds. No sinking fund.
chusetts Northern Rys. In M ay 1913 name was changed to the Massa
Dividends.— The Aug. 1917 div. of 1 K % on the pref. stock was deferred.
chusetts Consolidated Railways. I b a voluntary association managed by
None since.
a board of seven trustees. V. 93, p. 1402. 1599. 1787. Controls through
EARNINGS.— For cal. year 1922, gross, $211,033; net, def., $9,304;
stock ownership the following companies:
Concord Maynard & Hudson St. R y . IMillers River Street R y. (proposed). receivers’ exp. & tax, $8,191; bal., def., $17,495.
ROAD.— 47.7 miles of track.— V. 116, p. 2994; V. 117, p. 2323; V. 118,
Connecticut Valley Street R y.
INorthern Massachusetts Street R y.
The system comprises 114 miles of road, serving 20 cities and towns In p. 1520.
Central and Northern Massachusetts. Both passenger and express service
(3)
C oncord Maynard & H udson Street R y.— A trolley road. The
are provided. Rights of way have been partly secured on the proposed line Mass. Consol. Rys. owns 2,319 shares of the stock.
from Orange to Millers Falls.
Receivership.— On Dec. 20 1921 D . P. Abercrombie was appointed re
Shares—
Outstanding. Last Die.
ceiver for the co. V. 115, p. 72.
Common $1,040,300 ($100)_____________________ $1,619,900
See text
To Suspend Operations.— In Feb. 1923 the receiver was auth. by the
Pref $1,100,000 ($100) cum (see text) Q-F...............
704.600
See text.
STOCK.— Additional pref. shares only to be Issued when net earnings for U. S. Supreme Court to suspend operation of the road. V. 116, p. 933.
ORGANIZATION.— Organized in Massachusetts Mar. 27 1901. Ac
12 mas. ending not more than 180 days prior to date o f issue shall have beea
I K times amount necessary to pay div. on shares out and applied for.
quired Concord & Clinton St. R y. Feb. 1 1902. On Aug. 25 1911 acquired
Lowell Acton & Maynard St. R y. V. 93, p. 1786. Franchises perpetual.
Divs. on pref. are 5% to N ov. 1 1914. incl.; 5 K % to N ov. 1 1917.. incl..
and 0 thereafter. In case of liquidation pref. is entitled to $110 per share
Default— Protective Committee.— The co. defaulted on the payment o f both
o p to fov. 11914. $115 to Nov. 1 1917 and $120 thereafter. V. 93, p. 1599.
prin. and
$230,000 1st M tge. 5s
protective
Dividends.— On pref., 1912 to 1914, 5% per annum. In 1915 and 1910. committeeint. on the formed and has calleddue July 1 1922. A committee
has been
for deposits. The
5 K % . Feb. 1917 div. passed. None since. On com ., a div. o f H,% Is headed by A . F . Drummond, Treas. Waterville (M e.) Saving Banks.
was paid Oct. 15 1913. None since.
V. 115, p. 72.
OFFICERS.— Pres., B. J. Denman, Davenport; V.-Ps., Richard
Schaddelee, Grand Rapids; H. E. Weeks. F. T. Hulswit and H. R. Tobey;
Treas., Frank T . Hulswit; Sec., H. E. Littig.— V. 114, p. 855, 949, 2826;
V . 116, p. 78. 411, 1276, 1761; V . 117, p. 555, 1349, 1665.
(3) Cedar Rapids & Marlon C ity Ry.
ORGANIZATION.— Incorp. May 1891 In Iowa. Franchise In Cedar
Rapids expires 1941 and Indeterminate on interurban. The United Lt.
tv Bow. Co. owns $584,801 stock and $793,000 bonds.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
_________
$650,000 ...................
Stock $1,000,000 ($100)__________
1st mortgage series " A ” _____1 1920
7 J-D
793.000 June 1 1930
(New York Trust C o., trustee.
Bonds.— All the outstanding bonds are owned by United Lt. & Pow.
These bonds were issued in 1920 at which time an issue of $184,000 1st
Mtge. 5s due in 1931 were retired.
R OAD.— Owns and operates road 21.94 miles in length, extending from
Cedar Rapids. Iowa, to Marion, Iowa, incl. branch lines in city of Cedar
Rapids; second track, 5.36; sidings, 2.73; total of all, 30.03 miles. Rails,
45, 60 and 80 lb. T.
(4) Mason City Sc Clear Lake Railroad Co.— A trolley road.
In Feb. 1923 the United Light & Rys. Co. (now United Lt. & Pow.
Co.) acquired control.
O R G A N IZ A T IO N . ETC.— A trolley road. Operated since July 1897
Owns right of way 33 feet wide from Mason City to Clear Lake. 9 miles
Length of line within and between the two cities, 18-6 m. Handles all
freight coming over Minn. & St. Louis, Chic. R. I. & Pac., Chicago & North
West, and Chic. Great West, railways between Mason City and Clear Lake
Franchises run until Oct. 31 1935.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $1.000.000.................................
.............. ..
$400,000 ........... .......
General mortgage $2,500,0001 1912
0 g J-D
310.000 June 1 1932
gold ($1.000)________ c*tf lint, at First Tr. S Sav. Bk.. Chic.. Trustee
v
Bonds.— Kemaining bonds are for extensions and betterments at 76% of
cost, providing annual net earnings are 1 x i times int. charge (incl. bond'
/
to be Issued). Red. at 105 and int. on any Int. day. Sinking fund of 2%
per annum began June 1 1913 to provide for additions and betterment'
or for purchase of bonds. $10,700 of outstanding bonds and all of the
gtock owned by United Lt. & Pow. Co. V. 94, p. 1764.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $235,000 ($100)................ - ...........................
$235,000 See earnings
1st mortgage $250,000 g o ld ..? 1902
5 g J-J
230,000 July 1 1922
($1,000) ...................c&rntf\lnt. at Amer. Trust C o.. Boston, Trustee.
Notes payable Aug. 1 1921-- --------------------109.736 ---------------B O A D .— Owns 19 miles o f track between Concord, Maynard, Acton,
Stow and Hudson. At Concord connects with Lexington & Boston, and
at Hudson with Worcester Consol, and Boston & Worcester.
* E A R N IN G S — For cal. year 1922, gross, $59,708; net., def., $4,023;
receivers’ exp. & taxes, $3,414; bal., def., $7,438.— V. 115, p. 72; V. 116,
p. 933.
(4) Millers River Street Ry.
Rights o f way have been partly secured on this company’s proposed line
between Millers Falls and Orange.
GREENSBORO, N. C.
NORTH CAROLINA PUBLIC SERVICE CO.. INC.
Control.— In Feb. 1924 the General Gas & Electric Co. acquired contro1
o f the co. V. 118, p. 664.
ORGAN IZATION .— Incorp. in 1924 in North Carolina toa cquire all the
roper ties, rights, franchises and other assets of the North Carolina Public
ervice Co. Chartered in North Carolina in 1909. The predecessor co.
purchased the Greensboro Elec. Co. and Greensboro Gas C o., the electric
light plant o f the High Point Elec. Pr. Co. and the street ry. system in High
Point. In 1913 built gas plant and distributing system In High Point.
In 1911 acquired majority o f the stock o f Salisbury & Spencer R y. Co.,
which company It also leases for 50 years. V . 9 3 ,p. 1324. Does entire gas.
electrlc-llght and power and street railway business o f Greensboro (and Its
suburbs o f Proximity, Revolution, White Oak and Pomona). Salisbury,
Spencer, East Spencer and High Point and street railway business of
Concord. In 1910 franchises had the following number o f years to run:
Greensboro, 28 years; High Point, 59 years; Salisbury, Spencer, East Spen
cer and Concord, 60 years; also has a 30-year franchise in Guilford County
and township.
Decision.— For decision holding that the Southern Power Co. could not
refuse to sell electric current to the co. for re-sale, see V. 115, p. 309. See
also V. 115, p. 2390, under caption “ Southern Power C o.”
Rate Increases.— Has been authorized by the Commissioners in the City of
Greensboro to abolish all reduced-rate tickets and establish a straight 5-cent
fare. The N . O. Corp. Comm. auth. the co. to increase fares to 7 cents
with 4 tickets for 25 cents, effective Dec. 1918, and to Increase its charge
for gas in Greensboro 25c. per 1.000 cu. ft. V 108, p . 269. In N ov. 1920
the co. was auth. by the Concord (N. C.) Board o f Aldermen to charge an
8-cent cash fare in Concord, tickets being sold at 4 for 30 cents. V . I l l ,
. 1950. On July 11 1921 cash fares in that city were raised to 10 cents.
ompare V. 113, p. 533; V. 112, p. 2749. In February 1923, however the
co. reduced fares in Concord. N o. Caro., from 10c. to 7c. V. 116, p. 1412.
All the outstanding Greensboro Elec. Co. 1st Mtge. 5s, dated April 1 1902,
were called for redemption April 14 1924 at 105 & int. V . 118, p. 795.
We have therefore eliminated this issue from the table below.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity
Com 100,000 shs (no par)------------------------- 30,000 shs. ---------------Pref 100,000 shs (no par) c u m . ____$72 M
15,000 shs ---------------First&ref.m .$3,500,000(100./ 1909 5 A-O
$2,371,500 Apr 11934
$500 and $1,000). c*&r* tf) Int. at Equitable Trust C o.. N . Y .. trustee
1st lien & ref m ser “ A ” ($1001 1924 6)4 g F-A
880,000 Feb 1 1944
$500 & $1,000) gold._-C*tfJSeaboard National Bank, N . Y ., Trustee.
8allsb & Spen Ry 1st M gold! 1905
5 g M-N
831,000 May 1 1946
$1,000,000 ($1,000)_c * tf( Int. at Mich. Trust C o., Grand Rapids
1 trustee, or Equitable Trust C o.. N . Y .
Stock.— Pref. stock is call, as a whole (but not in part) any div. dated
on 30 days notice at $110 per share & divs. Whenever any 4 quar.
divs. on the pref. shall be in default, pref. stockholders shall be entitled
tojvote. V. 118, p. 1136.
Bonds.— Of the 1st & ref. mtge., $651,500 are reserved for future impts.
and acquisitions under proper limitations. V. 88, p. 1128; V. 104, p. 2343;
$60,000 cancelled for account o f sinking fund, $217,000 held in treasury.
Subj. to call on any int. date at 105 and int. Sink, fund o f 1 % per annum
of gross income July 1915 to 1919; 1)4% July 1920-1924. and 2% 1925 to
maturity. The 1st lien & ref. mtge. 634s ser “ A ” are securd by deposit,
of $880,000 1st & ref. mtge. 5s, due 1934 (or cash), and over 92% of the
entire capital stock o f the Salisbury & Spencer Ry. Co. and the lease under
which that co. operates. A Sink. & impt. fd. is provided which calls for
payment to the trustee on Feb. 1 1927, and on each Feb. 1 thereafter up to
and incl. Feb. 1 1932, an amount equivalent to 1% of the principal amount
o f the ser. “ A ” bonds then outstanding; on Feb. 1 1933, and on each Feb. 1
thereafter up to and incl. Feb. 1 1938, an amount equivalent to 1 34% of
the principal amount o f the ser. “ A ” bonds then outstanding, and on Feb. 1
1939, and on each Feb. 1 thereafter to and incl. Feb. 1 1943, an amount
equivalent to 2% of the principal amount o f the ser. “ A ” bonds then
outstanding, to be applied to the purchase o f ser. “ A ” bonds or expended in
additions or betterments to the mortgaged property, against which no
additional 1st lien & ref. mtge. bonds may be issued. Are red. all or in
part on 30 days’ notice on any int. date to and incl. Feb. 1 1929 at 107)4
& int.; the premium decreasing )4 % on each Aug. 1 thereafter to maturity.
Int. payable at office of trustee, New York, or in Chicago. Penna. 4 mil
tax. Conn. 4 mill tax, M d. securities tax and Mass. 6% income tax refund
able. V. 118, p. 1278. The remaining $108,000 Salisbury & Spencer Ry.
bonds are reserved for future extensions and impts. $61,000 are held in
treasury. Are guar., p. & i., by the North Carolina Public Service Co.
Redeemable at 105 and int. on 6 months’ notice.
Dividends.— D iv. o f 2% paid on pref. stock Jan. 1918; July 1918. 2% ;
Jan. 1919. 2 )4 % ; July 1919, 2 )4 % ; Jan. 1920. 3% : July 1920'. 3% ; Jan.
1921,3% ; July 1921,3% ; Jan. 1922,3% ; July 1922,3% . In 1923, Jan. 3%
EARN IN G S.— For years ending Dec. 31:
Cal. Years—
Gross.
Net, aft.Taxes.
Interest.
Bal.,Sur.
1923 ___________ $1,419,148
$451,294
$200,140
$251,154
1922 ___________ 1,233,987
351,634
189,886
161,749
R OAD.—-With the Salisbury & Spencer R y. has over 30 miles of track.
60 and 70-lb. T and 90-lb. girder rails. Standard gauge. 39 cars, 15 new
“ Safety One M an” cars were installed in 1917. Connecting extensions
between the various cities are proposed. Electric plants capacity 2,800 h.p.
(also purchases power from Southern Power C o.); 280 miles of pole lines,
carrying 1,667 miles of distributing wires. Gas plants capacity 860,000
,cu. ft. per day. 89 miles of mains; electric light customers, 5,232; power,
453; gas, 5,211.
OFFICERS.— Pres., C. B. Hole; V .-P ., Wescott Roberson; V.-P. & Gen.
M gr., R . J. Hole; Sec. & Treas.. L. H. Hole Jr.— V. 115, p. 309; V. 116.
p . 1412, 2993; V. 118, p. 319, 664, 795, 1012, 1136, 1278.
§
8
GULFPORT, MISS.
GU LFPORT & MISSISSIPPI COAST TRACTION CO.
ORGAN IZATION .— Incorp. in Mississippi in 1905. Consolidation of
the Biloxi Electric R y. & Power Co. and the Gulfport Development Co
In 1907 Increased auth. stock from $1,000,000 to $2,000,000.
Fare Increases.— In Aug. 1920 the municipal authorities of Biloxi, Gulf
port and Pass Christian, Miss. auth. the co. to increase fares in these cities
from 6 cents to 7 cents per zone. V. I l l , p. 588.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $2,000,000 ($100)___________
_______
$1,949,300 __________
1st mort $1,000,000 gold f 1905
6 e A -0
1,000,000 Sept 30 1935
($ 1.00 0)_______________t flin t, at Hibernia Bk & Tr. Co . N . Orl., True
Bll. El. Ry. & P. 1st mtge.,g.f 1903
6 g J-J
116,400 Jan 11924
(#100. $500 & #1.000)_ t f'I n t. at Hibernia Bk. & Tr C o .. New Orleans
_
1st int coupon debentures_ / ____
_
6 A-O
146.190 April 1 1927
lint, at First Nat. Bank. Gulfport.
2d interest coupon debentures \ ___
6 A-O
107,040 Oct. 1 1929
lint, at First National Bank. Gulfport.
Miscel. long-term debt_______ _____
_________
39,334 __________
Bonds.— The bonds of 1905 are subject to call on Oct. 1 in any year at
105; no sinking fund. The Biloxi Electric Railway & Power bonds are
subject to call at 106 and interest.
EARNINGS.— For years ending Dec. 31:
Gross.
Net.
Taxes.
Interest. Bal..Def
1922—.............................— .$524,675 $55,801 $17,707 $85,285 $47,191
1921...................................... 507,428 85.887
18,066
86,056
18,235
[V ol. 118.
ELECTRIC RAILW AYS
50
ROAD.— Oper. 13 m . of track from Gulfport to Biloxi and 13.20 m. 'rom
Gulfport to Pass Christian; also 6.63 m. of track In Biloxi; total. 32.83 m .
OFFICERS.— Pres., W . T . Stewart; V .-P ., B. E . Eaton; Sec. & Treas.,
Hubert H. Tippin; Com p., J. E. Gordon: Gen. M gr., W . A. Sullivan, all
o f Gulfport.— V. 83. p. 95; V. 105, p. 290; V. 111. p. 588.
HAGERSTOWN, MD.
POTOMAC EDISON CO.
Control.— Entire com. stock is owned by American Water Works & Elec.
C o., Inc.
ORGANIZATION.— Organized Dec. 31 1923 under the laws o f Maryland
as a consolidation o f the Potomac Edison Co. and the Potomac Public
Service Co. (formerly the Hagerstown & Frederick R y. C o.). For history
o f Potomac Pub. Service Co. up to time o f consolidation see “ Electric
Railway Supplement” o f Oct. 27 1923. The consolidated co. through its
subsidiaries— Northern Virginia Power C o., Potomac Light & Power Co.,
the Chambersburg Greencastle & Waynesboro St. R y. Co. (see statement
below) and Waynesboro Electric Co.— owns and operates a power and light
system in northern Virginia, the northeastern portion o f West Virginia and
the adjacent section o f Penna., serving an aggregate population of about
300,000. Co. also does a gas business in Frederick, M d., and operates and
controls street and interurban railways in western Maryland and a portion
o f Pennsylvania.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
_________ 75,000 shs. __________
Common (no par value)______ _____
Preferred stock___________________
_________ $1,985,400 ____________
1st mtge (& ref) Ser “ A " ($500f 1923 6)4 g M -N 3,900,000 M ay 1 1948
& $1,000) gold________ c * tf{1923 634 g M -N 2,000,000 M ay 1 1948
Series “ B ” ________________ [United States M tge. & Trust Co., N. Y ., Tr
Pot Pub Serv 1st & ref mtgef 1914
6-7 g A-O 4,934,700 April 1 1944
closed ($100, $500 & $1,000-1 Fidelity Trust C o., Baltimore, Trustee.
gold sinking fund____c - c y t [ Interest payable in Baltimore & N . Y .
H ager* Myers Ry closed ___ 1904
5%
120,000 July 1 1924
Hagers & Nor RR 1st mtgef
1908 5 g F-A
200,000 Mar 1 1927
$200,000 gold ($1,000. $500(Int. at Maryland 8. & T r. C o., Hagerstown.
and $1001______________c*l Trustee. W m . Jennings.
Fred & Middletown 1st mtge/ 1905 5 g J-J
126,000 Dec 11935
closed gold ($1.000)_____ cl Fidelity Trust C o.. Baltimore, Trustee.
Fred Gas St Elec 1st M closed [ 1904 5 J-J
179.000 July 11929
g ($500 * $1,000) g, p & ijlnterest at West End Trust C o., Philadelby Fred RR; not sub to call I phia. Trustee.
Monocacy Valley Ry first
1908
5%
30,000
1925
m ortgage________________ -jSteiper Schley & Leonard Waesche of FredI erick, M d ., Trustees.
Frostburg III & M fg 1st M f 1899
5 J-J
50.000 July 1 1929
30-year bonds----------------- lin t, at First Nat. Bank, FrostDurg, M d.
Pot Pub Serv coll gold notes
260,000 Sept 1 1932.
$300,000 _________________ c 1917 5 M -S
Pot Pub Serv notes, gold coupon 1917
6%
1,000,000
1927
Stock.— Entire com. stock owned by American Water Wks. & Elec. Co.
Bonds.— Additional 1st mtge. (& ref.) bonds may be issued par for par
for refunding o f the underlying and divisional bonds, for impts., add’ns and
extensions under certain restrictions and for the acquisition o f new prop
erties or subsidiaries under certain conditions. Series “ A ” & Series “ B ”
bonds are red. on any int. date at 105 and int. to M ay 1 1938; thereafter at
102)4 and int. to M ay 1 1943; thereafter at par and int. to maturity. Int.
payable in N. Y . or Chicago. Co. agrees to reimburse holders o f these
bonds if requested within 60 days after payment for the Penna. 4 mills tax,
the Maryland Security tax not exceeding 4)4 mills, the District o f Columbia
personal property taxes not exceeding 5 mills per $1 per annum and for the
Mass, income tax on the int. not exceeding 6% o f such int. per annum.
V. 118, p. 441. Of the $4,934,700 Potomac Pub. Serv. 1st & ref. mtge.
bonds outstanding $2,720,200 are 6% bonds and $2,214,500 (issued under
supplemental indenture in 1922) bear int. at 7% . V. 114, p. 1767. Sink, fund
from Oct. 1 1919, payable semi-annually; till Oct. 1 1926,1 % o f 1st & ref. 6s
and prior liens; 1927-1934, 2% ; 1935-1944, 3 % . Red. at 105 and int. on
any int. date. Tax refund in Penn, and Conn. Hagerstown & Norf. R R .
bonds are subject to call after 1917. Fred. & Midd. bonds are red. at 105
on any int. date. Fred. Gas & Elec, bonds are guar., p. & L, by Frederick
RR.
Notes.— The Potomac Pub. Serv. coll, trust notes o f 1917 are secured
by pledge o f stock of the Chambersburg Greencastle & Waynesboro St. R y.
C o., which said notes were issued to purchase. Sinking fund provides for
retirement o f $10,000 annually.
EARN ING S.— Of Pot. Edison Co. and subs, for years end. Dec. 31:
Total
Net, after Int.Sub.Co. DepreBalance,
Year—
Revenue.
Taxes. Pf.Div.&Amor ciation. Surplus.
1923____________ $3,630,199 $1,652,780 $802,571 $349,011 $501,199
1922 ---------------- 3,172,566
1,357,702 717,051
334,139 306,512
ROAD.— Has electric generating plants with a total installed capacity
o f 64,000 h.p., incl. 4 hydro-electric plants with capacity o f over 6,500 h.p.
Has steam station at Williamsport designed for ultimate capacity o f 240,000
h.p. Has 500 miles o f high tension transmission lines and 26 sub-stations.
Operates street railways in cities o f Hagerstown and Frederick, M d., and
an interurban railway extending from Frederick to Hagerstown, with
extensions from Frederick to Thurmont, M d., also from Hagerstown to
Shady Grove, Pa., and with branch lines to Boonsboro and co Jefferson. M d.
Mileage operated aggregates 87.5 miles. The controlled Chambersburg
Greencasl.e & Waynesboro Street Ry. operate? 31 miles of track from Blue
Ridge Summit to Chambersburg. The extension from Chambersburg to
Red Bridge Park was leased to the Chambersburg & Shippenburg R y . of
Chambersburg, Pa.
OFFICERS.— Chairman of Board, Emory L . Coblentz, Frederick, M d ;
Pres., M . F. Riley; V.-Ps., C. M . Harris, Henry Holzapfel Jr., and W . S.
Finlay Jr.; Sec., Chas. C. Waters; Treas. & Asst. Sec., R. E. Town; Gen.
M gr., R. Paul Smith.— V. 118, p. 212, 441, 917, 1402.
(a) Cham bersburg Greencastle & W avnesboro Street Rv.
Controlled by Potomac Edison Co.
ORGANIZATION.— Incorporated in Pennsylvania on June 17 1901,
Owns the Waynesboro Electric Co. Capital, $50,000.
STOCK AND BONDS— Date.
Interest.
Outstanding.
Maturity.
Common $300,000__________ _____
_______
$300,000 __________
Preferred $300,000 noa-cum
____
_______
300.000 __________
First mortgage $300,000 gold I 1903
5 g J-J
300.000 July 1 1933
($100 and $500)______ c*tf (Interest at Chambersburg Trust C o., Trustee
Second mortgage $300,000/ 1907 5 g A-O
299.500 Oct 1 1937
($100 and $500) g old..c*tf\ Int. at Chambersburg Trust C o., Trustee.
1st ref mtge $1,000,000 ($100/ 1910 5 A-O
193.900 Apr 1 1940
and $500)______________t fl Int. at Chambersburg Trust C o., Trustee.
Bonds.— First mtge. bonds nave no sink. fd. and are not subj. to call.
2d mtge. bonds are subj. to call on any Int. period at 105. No sink. fund.
Remaining 1st ref. bonds are reserved to take up underlying bonds and for
extensions and improvements.
E A R N IN G S.— Years ending Dec. 31:
Year—
Gross.
Net aft. Tax. Deductions.
Surplus.
1923 _________ ______ -$332,101
$91,016
$69,884
$21,132
1 9 2 2 -- ._____________ 299,129
85,069
72,870
12,199
ROA D .— See Potomac Edison Co. above.
OFFICERS.— Chairman o f board, Emery L. Coblentz; Pres., M . F.
Riley; V.-Ps., W . L. Minick and C. M . Harris; Sec., D. N. Benedict;
Treas., Jay F. Shank; Gen. M gr., R. Paul Smith; Gen. Aud. & Asst. Treas.,
R . E. Town.— V. 90, p. 236; V. 92, p. 186; V. 105, p. 388.
HAMPTON, VA.
NEWPORT NEWS & HAMPTON RAILW AY. GAS & ELECTRIC
CO.
ORGANIZATION.— This company was organized In 1914 as the consoli
dation of the Newp. News & Old Pt. Ry. & Elec. C o., Citizens’ Ry. Light
Jt Power C o., Hampton Roads Traction C o., Newport News Gas Co. and
the Hampton Phoebus & Fort Monroe Gas Corporation and provides rail
way. gas and electric light and power facilities for the Virginia Peninsula. In
1919 acquired the property and plant of the Phoebus Coal & Ice C o., and
Issued in connection therewith $67,000 7% pref. stock. V. I l l , p. 687.
Franchises.— For electric light and power, perpetual; for street railways,
practically none expires before 1944. Gas franchises in Newport News are
perpetual, subject to right of purchase of property by city (for 6 months in
1927): In Hampton, gas franchise expires In 1936. Interurban lines largely
on private right of way.
A pril, 1924.]
The Hampton & Langley Field R y. was lncorp. In Virginia In Feb. 1917
with $25,000 capital (increased in Oct. 1917 to $100,000), to build a line
3.1 miles long between the points named. The co. owns a one-third interest
In this line.
In Aug. 1922 the outstanding shares o f com. and pref. stock were ex
changed for new certifs. o f com. and pref. stock, respectively. In addition
the co. offered stockholders o f record June 27 1922 the right to subscribe
at $50 per share to 15,250 shares o f new com. stock, equal to 57% of their
holdings. The entire offering was underwritten. Proceeds from sale of
the add’l shares of com. stock were used to retire $643,000 3-year 7% notes,
due June 15 1922, and for the payment o f floating indebtedness and for
working capital. V. 114, p. 2824.
Fares.— In Nov. 1922 the co. was auth. by the Virginia State Corp.
Comm, to reduce its cash fares in all established zones from 7 to 5 cents and
to abolish labor and school tickets. V. 115. p. 2478.
STOCK AND BONDS— Date
Interest. Outstandino. Maturity
Common $4,000,000 ($100)_ _____
_
_______ $2,800,000
See text
P f 7 % cum on$4,000,000 ($ 1 0 0 )____
7 Q-J
1,500,000 Apr 24, I X
1st & ref M $7,500,000 g($l001 1914 5 g J -J
3,743,500 Jan l 1944
$500 S $1,000)______c*.tf'M aryland Trust Co. o f Baltimore. Trustee
c
Newport News A Old Pt. Ry. A El.—
First mortgage $900,000 gold[ 1898
5 g M -N
900,000 Nov 1 1938
($1,000 each)________ c* tf \Interest at Alex. Brown & Sons, Balt., Md.
■General mtge $4,000,000 gold/ 1901
5 g M-S
39,000 Mar 1 1 94'
c
($1,000 each)__________ c* Int. at Alex. Brown S Sons, Baltimore, M d
or at company s agency In New York.
First mtge Citizens’ Ry L& P 1900
5 g M -N
52,000 M ay 1 1940
Maryland Trust C o., Baltimore, Trustee
$800,000 ($1,000) gold__c*
Guaranteed prin S lnt_____ Interest at Alex. Brown S Sons, Baltimore.
c
c
Hampton Roads Trac 1st M _ 1905 4W J-J
46,500 Jan 1 1930
Stock.— The pref. stock is red. all or part after 3 years from issuance on
any div. date on 30 days’ notice at 110 and divs. V. 114, p. 2824. Is
listed on N. Y . Stock Exchange. V. 115, p. 2159. Com. is also listed on
N . Y . Stock Exchange. V. 116, p. 936.
Bonds.— Of the first and ref. bonds, $1,037,500 are reserved for prior
liens as above, $1,030,500 are in treasury and the remainder are for impts.
•and extensions. Bonds subject to call at 105 and int. on any int. day upon
one month’s notice. Int. payable at Alexander Brown & Sons, Baltimore,
or company’s agency in N. Y . The Maryland Tr. C o., Balt., is trustee of
both the first and general mortgages o f the Newport News S Old Point R y . &
c
Electric. The Newport News & Old Point bonds of 1898 are subject to
call at 110 on any Interest day at 60 days notice. The Citizens’ Railway
Light S Power Co. bonds are subject to call at 110 on any Interest dayoD
c
60 days’ notice. Remaining Newport News S Old Point R y. & El. gen
c
M . 5s. Citizens’ Ry. L. S P. 1st M . 5s and Hampton Roads Trac. 1st M
c
iH a are deposited under the Newport News & Hampton R y ., Gas & Elec
1st S ref. M .
c
Dividends.— Divs. on the 6% pref. stock were paid regularly from organ
ization of co. to July 1917, when the pref. stock was made 7% cum. and
divs. at that rate have been paid regularly since. A div. of 3% on the com.
stock was paid July 1 1916; in 1917, M ay, 5% ; in 1918, M ay, 5% : in 1919,
M ay. 5% ; in 1920, 5% ; in 1922, N ov., 134%: in 1923, Feb., 1 j£ % : May.
\M%\ Aug., 1M % ; N ov., 1H % - in 1924, Feb., 134%; M ay, 1M %EARN ING S.— For year ending Dec. 31:
Calendar
Gross
Net (after
Other
Interest,
Balance for
Year—
Earnings.
Taxes).
Income.
Rents. &c. Deprec., Ac.
1923______ $2,100,048
$555,205
$3,199
$254,188
$304,216
1922---------- 2,086,228
667,461
15,757
294,057
389,161
P R O PE R TY.— 51 miles o f track. 126 cars. Power plant with 15,000
■k.w. capacity; 2 gas plants; electric-lighting system.
OFFICERS.— Pres., J. N . Shannahan; V.-Pres. S Gen. M gr., O. D.
c
Porter; V .-P ., C. D . Porter; Sec. & Treas., Richard M . Booker; Asst. Sec.
S Asst. Treas., Wm. Stewart, all o f Hampton. Peck-Shanahan-Cherry,
c
Inc., operate the road.— V. 107, p. 1101, 1837; V. 108, p. 1512; V. 110, p .
2192, 2488; V. I l l , p. 687, 1084, 2084, 2528; V. 113. p. 1360; V. 114, p.
2116, 2824; V. 115. p. 1100, 2159, 2267, 2478, 2906; V. 116, p. 936.
HANOVER, PA.
HANOVER & McSHERR YSTOWN STREET RAILW AY CO.
All the outstanding stock is owned by the Hanover Power Co.
ORGANIZATION.— lncorp. in Pennsylvania Sept. 30 1892. Its charter
•runs for 999 years.
Fares.— In September 1918 increased fares to 6 cents.
In June 1922 the Hanover Power C o., which owns all the c o .’ s stock.
Issued $630,000 1st mtge. 6% bonds, proceeds being used to retire $400,000
Hanover & McSherrystown St. Ry. 1st mtge. 5s, due June 1 1928, and to
pay for additions, &c. V. 115, p. 307.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $200,000 ($50).........................
_ ...........
$135,000 • 1918, 10%
1st M demand bds $100,000______
...............
30,000 ....................
Dividends.— In July 1894, 234%: In 1895, Jan., 234; 1897-1902 record*
lost. 1903 and 1904 none. In 1905. Jan., 6 % . In 1906 and 1907. none
Jan. 1908 to Jan. 1913. incl., 6% per annum. In July 1913 50% stock
div. paid; Jan. 1914 (reg.). 4% : July. 2% . In 1915. Jan., 3 % . In Dec
1917. 9% ; in 1918, 10%; 1919, 10%; 1920, 11%.
EARNINGS.— For calendar years:
Year—
Gross.
Net.aft.Tax. Bond.Int.,Ac.
Balance.
1921............................$78,210
$26,625
$21,143
sur.$5,482
1920............................ 88,412
38,439
21,142
sur.17,297
ROAD.— Owns 11.9 miles of track in and between Hanover, McSherrys
town, Littlestown and Oonewago Chapel. Standard gauge. 65-lb. T and
girder rails.
OFFICERS.— Pres., E. H. Ramsbothan; V .-P ., F. Heinbokel: Sec. S
c
Treas., G. L . Bascome.— V. 100, p. 1257; V. 103, p. 2340; V. 115, p. 307.
HARRISBURG, PA.
HARRISBU RG RAILW AYS.
ORGANIZATION.— lncorp. in Penn, on Nov. 29 1912 and merged th*
Central Pennsylvania Traction Co. (see “ Electric Railway” Section o f Sept.
1912) and its subsidiaries. V. 96, p. 202.
STOCK AND BONDS—
Date.
Interest. Outstanding,
Maturity
Common $3.000,000________
----------$3,000,000 ......... .........
Pref 6% cum $2,100,000—
See text
2.100,000
See text
First & ref. mtge $10,000.0001 ____
_ __________ „ 1912
5 J-J
3.169.900
1963
($1,000 and $500)-------tf/Harrisburg Trust C o.. Trustee.
Citizens’ Passenger first mtge [ 1894
6 g M -N
75.000 May 1 1924
$75,000 g o ld ____________ lin t, at Com’w’th Tr. C o.. Harrisburg
STOCK.— Pref. stock was cum. at 5% until Jan. 1 1915; since, 6% .
Dividends.— 334% was paid on pref. stock In 1913. In 1914, 5 % . In
1915. A pril.234%: Oct.. 1% . In 1916. April. 134 % In 1917. April .1 J4 %;
Oct.. 1% . In 1921, April, 3 % . In 1922, April, 3% ; October, 3 % . In
1923, April, 4% ; Oct., 4 % . In 1924, April, 4% .
EARN INGS.— For calendar years;
Gross
Net, after
Other Fixed Chgs , Balance
Cal. Year—
Earnings.
Taxes
Income.
Ac.
Surplus
1923------------------------$1,747,586 $513,676 $50,176 $318,176 $245,676
1922------------------------ 1,668,186
501,025
39,311
318,103
222,233
ROAD.— Owns 12.47 miles and leases 61.05 miles of line. Total op
erated. 73.52 miles.
OFFICERS.— Pres. & Gen. M gr., F. B. Musser. Harrisburg; Sec. &
Treas., John O’Connell. Office, Harrisburg.— V. 98, p. 155; V. 101, p.
1013, 1272; V. 104, p. 1591; V. 107, p. 1192; V. 110, p. 970; V. 116, p. 2516.
VALLEY RAILW AYS.
ORGANIZATION.— Incorporated In Pennsylvania In July 1912 and In
Sept. 1912, after increasing Its stock from $10,000 to $2,500,000 (of which
$500,000 is 6% cum. pref.), purchased control of the Valley Traction Co.,
which in turn controlled the Harrisburg S Mechanlcsburg Elec. R y ., White
c
Hill S Mechanlcsburg Pass. R y ., Carlisle S Mechanlcsburg St. R y .. West
c
c
Fairview Sc Marysville Elec. St. Rys., Harrisburg & Riverton St. R y..
Fair view S Riverton R y. and the United Electric Co.
c
' Valuation.— See V. 109. p. 1181.
51
ELECTRIC RAILW AYS
STOCK AND BONDS—
Date.
Interest. Outstandino. Maturity.
$2 ,000,000 .........................
Common $2,000,000 ($100)______
_______
500.000 ...................
Pref cum $500,000 ($100).................
6%
1.000,000 Aug 3 1952
Collateral trust $1,700,000 - t f 1912
5%
700.000 Oct 1 1933
Valley Trac 1st M $700.0001 1903
5 g A-O
gold ($100 S $500) __c*ntf (Int. at Farmers' T r. C o.. Carlisle, Pa.. Trus.
c
Bonds.— Remaining coll, trust bonds ($700,000) are reserved to retire
prior liens. Valley Traction bonds are subject to call at 110. A sinking
fund of $5,000 per annum commenced Oct. 1 1908.
E A R N IN G S.— For year ending Dec. 31 1923, gross, $473,596; net, after
taxes, $93,229. In 1922, gross, $489,394; net, after taxes, $85,351.
ROAD.— Operates 44 miles of road from Harrisburg to Marysville and
to Carlisle.
OFFICERS.— Pres. Sc Gen. M gr., O. H. Bishop, Lemoyne. Pa.; Sec S
c
Treas.. O. M . Davidson. General offices, Lemoyne.— V. 112, p. 2085
HAVERHILL, MASS.
NEW HAMPSHIRE ELECTRIC RYS.
ORGA N IZA TIO N .— A voluntary association organized as successor to
New Hampshire Trac. Co. on Aug. 24 1905. The company owns $143,000
bonds and all o f the com. capital stock o f the following companies: Mass.
N. E ., Dover Somersworth & Rochester St. R y., the Portsmouth Power Co.,
Kittery Elec. Lt. C o., the Lamprey River Impt. Co. and the Granite
State Land Co.
STOCK—
Date.
Interest. Outstanding. Last Div.
Common $4,000,000 ($100)______ _____________
$3,900,200 ............. ..
P ref4% n -c, $4.000,000 ($ 1 0 0 )____
J-J
3.399.500 J u ly ’ 17.1 %
D IV ID E N D S.— Company paid 1% each 6 mos. on pref. from July 190S
to and Incl. Jan. 1910.; July 1910 to Jan. 1912, 1)4% s.-a.; July 1912 to
July 1915, 2% s.-a. In July 1916. 2 % . In 1917. 3 % . None since.
OFFICERS.— Pres., D . A. Belden, Haverhill; V .-P ., Sidney W . Noyes,
New York; Sec. & Treas., F. J. Horne, New York.— V. 118, p. 1392.
(1) Massachusetts Northeastern Street Ry.
All the stock of this company Is owned by the New Hampshire Elec. Rys.
ORGAN IZATION .— A Mass, corporation. Owns and operates a local
vnd lnterurban railway In Northeastern Mass, and Southeastern N. H.
Maintains a through service between Haverhill, Lawrence, Amesbury and
Newburyport. Power is purchased from the Portsmouth Power Co. under
a contract extending beyond July 1 1934.
Line Abandoned.— In Jan. 1921 service on the Plum Island division was
suspended. V. 112, p. 162. It was reported that effective Jan. 10 1924
the co. would abandon the line from Nashua to Pelham, N. H ., about 14
miles. V. 118, p. 85. Compare V. 117, p. 2542, 2890.
In March 1924 the N. H. P. S. Comm. auth. the Nashua St. Ry. to
operate under a temporary lease the c o .’s lines between Hudson Bridge
and Hudson Centre connecting with the Nashua company’s lines. V.
118, p. 1392.
In June 1921 the Mass. Dept, of P. U. approved an extension to June 1
1922 at 8% of $230,000 Citizens’ Elec. St. Ry. 1st Mtge. 5s originally due
Dec. 1 1920. Compare V. I l l , p. 2135, 2140. The company has further
extended this Issue to June 1 1924 at 7 % . Compare V. 114, p. 2241.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Oommon stock ($100)-------------------------------- $1,500,000 ____________
Pref 6% cum ($100)....................... —
6%
665,000 ...................
First and ref M $2,000,000/ 1914
5 g J-J
919.000 July 1 1934
($1,000) gold__________ c* lln t. at Amer. Tr. C o., Boston, Trustee.
dtlzens' Elec St Ry 1st M J 1900
7 g J-D
230,000 June 1 1924
$230,000 gold___________ \Beacon Trust C o., Boston. Trustee.
7%
30.000 Ser to 1924
n ar frust notes______________ 1921
Car trust notes----------------------- 1924 6%
50,000 Ser. to 1928
Bonds.— The 1st S ref. 5s of 1914 are red. at 110 and lnt. on any lnt. date
c
m 43 days' notice. Of the remainder of these bonds auth.. $230,000 are
reserved for prior liens and $851,000 reserved for cost of additions and
impts. under certain restrictions (V. 100, p. 55). The $230,000 Citizens’
El. St. Ry. 1st Mtge. bonds were originally 5s and matured Dec. 1 1920.
but were extended to June 1 1922 at 8 % . V. 112, p. 2414. Have been
fuithei extended to June 1 1924 at 1%.
EARN ING S.— For year ending Dec. 31 1923, gross, $904,755; net, after
taxes, $68,816. In 1922, gross, $939,521; net, after taxes, $117,636.
ROAD, See.— Owns and operates about 88 miles o f single track (65 mi.es
m Mass, and 23 in New Hampshire), extending east and west from Haver
hill. Mass., entering on the east Newburyport, Merrimac, Salisbury and
Amesbury, Mass., and Plalstow and Newton. N. H ., and on the west
Lawrence and Methuen, Mass., and Salem, N . H. Owns and operates
local lines in Newburyport and Amesbury. Connects with the East Mass.
St. Ry. and the Exeter Hampton & Amesbury St. R y. Also owns a large
amusement park on Canobie Lake in Salem, N . H. 61 open and 60 closed
cars, 6 Birney (one-man) and 30 work cars and snow plows.
OFFICERS.— Pres.. D . A. Belden; V.-P. Sc Treas., F. E. Webster: V.-P.
& Gen. M gr., Ralph D . H ood.— V. 114, p. 2241; V. 115, p. 1942; V. 117,
p. 1775, 2542, 2890; V. 118, p. 85, 1392.
(S) Dover Somersworth & Rochester St. Ry.
All the stock and $143,000 bonds owned by New Hampshire Elec. Rys.
ORGANIZATION.— Chartered under the laws of New Hampshire. Is
a consolidation of the Union Elec. Ry. and the Rochester St Ry
Status.— For statement bearing on condition of co. in March 1924 see
V. 118, p. 1392, under caption “ New Hampshire Elec. R ys.’’
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $300,000 ($100)___________ _____________
$300,000 ...................
1st Mtge bonds. Series “ A ”
1921 6%
128,oOo July 1 1931
1st Mtge inc bonds, Ser “ B ” . . 1921 6%
79,000 July 11931
Bonds.— Series “ A ” , call at par and int. on any int. date on 60 days
notice since July 1 1922. Series “ B ” call on 60 days’ notice any Jan. 1
■ r July 1 since July 1 1922 at par plus any declared and unpaid int. to the
>
June 30 of the calendar year next preceding the date o f redemption, plus
lnt. at the rate of 6% per annum after such June 30 to date o f redemption.
EARNINGS.—-For calendar year 1923, gross, $100,308; deficit, after
taxes, $310. In 1922, gross, $101,017; surplus, after taxes, $9,153.
ROAD.— Owns and operates about 21 miles of line.
OFFICERS.— Same as for Massachusetts Northeastern St. Ry.
HAZLETON, PA.
W ILKES-BARRE & HAZLETON RR.
ORGAN IZATION .— Incorporated in New Jersey May 1901 and acquired
she entire ($1,500,000) capital stock and ($1,500,000) bonds of the WilkesBarre & Hazleton Railway Co. (Pennsylvania incorporation) and deposited
the same, together with $140,000 (entire issue) of the Lehigh Traction C o.'s
5% certificates of Indebtedness and $926,200 of the $1,000,000 stock of
the Lehigh Traction Co. as security for the Wilkes-Barre & Hazleton Rail
road Co. issue of first collateral trust mortgage 5% gold bonds. V. 72.
p. 1281. Franchises are 999 years in and around Hazleton and perpetual
from Hazleton to Wilkes-Barre
In Oct. 1923 the C o. notified holders o f the coll. tr. 5s (due 1951) that it
w ould be impossible to pay the M a y 15 1915 to N o v . 15 1916, incl.. coupons
and offered in paym ent 6% non-cum . pref. stock o f the co. T o M arch 29
1924, $1,415,000 out o f an outstanding issue o f $1,900,000 had accepted
the c o .’s plan b y exchanging their unpaid coupons for pref. stock.
Holders o f the coll. tr. terminal 5s (due 1945) were also notified in Oct.
1922 that it would be impossible to pay the Oct. 1 1915 to A pril 1 1917,
incl., coupons and were offered in paym ent 6% non-cum . pref. stock o f the
co. T o M arch 29 1924, $1,200,000 out o f an outstanding issue o f $1,227,000
had accepted the c o .’s plan b y exchanging their unpaid coupons for pref. stk.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Oommon $2,500,000 ($100)_______
_______
$2,500,000 ......... ..........
Pref 6% non-cum $700,000_________
________
442.240
_____
__
Collateral trust mortgage $2.-1 1901 5 g M-N 15 1.900.000 M ay 151951
500.000 gold ($1,000)— c*/In t. at Guaranty Trust C o .. N. Y ., Trustee
Collateral trust mortgage $1,-1 1905 5 g A-O
1.227.000 Oct 1 1945
600.000 gold ($1.000)----- c lint, at Guaranty Trust C o.. N Y .. Trustee.
Bonds and Slock.— Or the authorized issue of $2,500,000 coll, trust bonds o f
1901. $600,000 are reserved to retire all bouds of the Lehigh Traction Co. A
•Inking fund of $20,000 per annum, which began June 1 1908. Is to be In
vested In the collateral trust bouds or in bonds purchasable by savings
i banks In New York State. See V. 72. p. 1281: V. 78. p . 289. The collateral
52
[V ol. 118.
ELECTRIC RAILW AYS
trust bonds of 1905 have a sinking fund o f S10.000 por annum, whlcb began
in 1910. Bonds can be called at 110. Preferred stock can. at option of
company be changed at any time Into the bonds of the company, at par
■aid bonds to bear not less than 5 % . or may be red. at par In cash.
E A R N IN G S.— Por cal. years (Incl. allied companies):
year— Gross.
Net.
Taxes.
Int.
Res. & Depr. Deficit
1923_____ $899,180 $317,358 $16,034 $189,000 $130,460
$18,137
1922.......... 774,290
277,152 19,576
182,532
128.104
53,060
OPPTOERS.— Pres., A. Markle: V.-P. S Gen. M gr.. O. B. Houck;
c
Sec., N. O. Yost; Asst. Sec., A. Markle Jr.: Treas., Geo. W . Hodges.—
V . 83. p. 1292; V. 87, p. 679; V. 98. p. 1539; V. 116, p. 2258.
(1) Lehigh Traction Co.— A trolley road.
ORGAN IZATION .— Chartered N ov. 7 1892. Franchise perpetual
Owns, controls and leases for 999 years at an annual rental of $1 each the
Hazleton & Suburban Electric R y.. capital $30,000; Hazleton & South
Side Electric Ry.. capital $75,000; Hazleton & North Side Electric R y..
capital $75,000. The $140,000 certificates of Indebtedness and $926,200
of Lehigh Traction stock are deposited as security for the Wilkes-Barre A
Hazleton RR bonds of 1901.
In Feb. 1923 the co. announced a plan for the extension of the 1st mtge.
6s due June 1 1923, for 10 years. V. 116, p. 1649; V. 117, p. 781.
STOCK ANO BONDS—
Date.
Interest. Outstanding. Maturity
Stock $1,000,000 ($100)__________
_______
$1,000,000 ........... ..
First mortgage $500,000 gold 1 1893
6 g J-D
500.000 June 1 1933
($100. $500. $1,000)___ c*JMarkle Bkg. & T r. C o., Hazleton, Trustee
Certificates of Indebtedness
____
_______
140.000 __________
Hazle Park bonds. $60.000___ 1895 5 g A-O
60,000
1925
Equip trust ctfs. Series A ____1915
5 F-A
12.000
1925
The equipment trust certificates cover 10 steel cars and mature $3,000
■eml-ann. Penna. Co. for Ins. on Lives A Granting Annuities, Phlla.. Pa.,
la trustee.
ROA D .— Operates 20 miles of track, new 90-Ib. steel T rails, oak ties, well
ballasted. Road extends from Hazleton to West Hazleton, to Yorktowo
(connecting with Pennsylvania RR. and Lehigh Valley R R .), to McAdoo
(south) and Mllnesvllle. Latimer Mines and Freeland (north).
OFFICERS.— Pres., A. Markle; V .-P .. O. B. Houck; Sec. and Treas.
N . C . Yost; Gen. M gr., C. B. Houck.— V. 116, p. 1649; V. 117, p. 670, 781
(2) W ilkes-Barre & H azleton R y.— A trolley,steam and third-rail road
ORGAN IZATION .— Chartered Dec. 13 1899 under General Railroad
Law Act of April 4 1868, State of Pennsylvania. The Wilkes-Barre &
Hazleton RR. owns the entire stock and bonds.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $1,500,000 full paid.................
.............
$1,500,000 __________
First mortgage
$1.500.000T 1901 5 g M -N
1.500.000 May 1 1951
gold_(Interest at Guaranty Trust C o.. N . Y .. Trus..
Equip trust ctfs. Series A
1915
F-A
12.000
1925
The equipment trust certificates cover 10 new steel cars and mature
$4,000 seml-ann. Penaa. Co. for Ins. on Lives S Granting Annuities.
c
Phlla., Pa.. Is trustee.
R OAD.— Owns 27 miles of road from Hazleton to Wilkes-Barre, and uses
for terminals 1 mile Lehigh Traction Co. track at Hazleton and 3 miles
Wilkes-Barre Terminal RR. Co. track at Wilkes-Barre; total. 31 miles.
Entire road placed In operation May 1 1903. Ralls. 95 lbs.
OFFICERS.— Pres.,Alvan Markle; V .-P.and Gen. M g r.. O. B . Houck
Sec. and Treas.. N . O. Yost.
8TOOK—
Date.
Interest. Outstanding. Maturity. A c.
R ock ($100).......................................
J-J
$1,342,000 Jan. ’24. 3%
First mortgage. $2,500,000.1 1915
5 A-O
850.000 April 1 1935
gold ($1.000)__________ c* jln t. at Springf. Safe Dep. & Tr. Co. Trustee
6%
85.000 April 1 1935
Series M ............................. 1920
B”
Series‘ •O'’ ........................................
6%
265.000 Apr 1 1935
Leased line rental M t Tom RR
_
0
100 000
. _______
stock 6 % _ __ . . . __________
Bonds.— Remaining first mtge. bonds Issuable for additions and Improve
ments under certain restrictions. Redeemable at 107 and int. V. 100,
p. 9X2
Dividends.— From 1892 to 1915. Incl.. 8% yearly. In 1910. 6 % . In
fan. 1917. 3% ; July. 1)4% . In 1918. Jan. 1)4% ; July div. omitted
(V. 107. p. 291). None to .Tan. 1920. when 3% was paid. July 1920. 3 % .
In 1921, Jan. 3% : July. 3 % . In 1922. Jan., 3% ; July, 3 % . In 1923.
Jan., 3 % ; July, 3 % . In 1924, Jan., 3% .
ROAD.— Has 72.31 miles of track. Including M t. Tom (incline) R R .
1.900 feet long, and connecting with theSpdngfield Street Ry. to Westfield,
Mass.; with Springfield St. Ry. to Springfield, Mass., and with Northamp
ton St. R y . to Northampton. Mass..and direct to Chicopee.Chicopee Falla.
South Hadley. Amherst and Sunderland. Passenger cars. 141: other ser
vice cars. 27: snow-plows. 13: other vehicles. 7; electric motors. 269.
EARNING S.— For years end. Dec. 31:
Cal. Year—
Gross.
Net. lnf.,Tnx. .A c. Dirs. Bal. Snrp.
1923______________ $1,121,749 $208,764 $121,590
$89,520
$6,654
1922................... ........ 1,122,317
197,152
111,614
80.520
5,018
OFFICERS.— Pres. S Gen. M gr., Louis D . Pellisler; Sec. S Treas.,
c
c
S D. Nevln: Asst. Gen. M gr.. Geo. E Pellisler: Aud G. F Dlnneeo.
all of Holyoke.— V. 116, p. 410, 1177, 1416; V. 118, p. 1267, 1392. 1772.
(a) Wilkes-Barre Terminal RR.
Entire stock and bonds owned by W. B. S Hazleton R R .
c
ORGAN IZATION .— Incorporated on Oct. 9 1903. Stock authorized
and outstanding, $35,000 (par $50). Bonds authorized. $600,000 (c&r);
Date 1905; due Oct. 1 1945. Int. (5 g. A-O) payable in New York.
ROA D .— 3.80 miles, between W. B. Ter. R R . June, and Wilkes-Barre
Rails. 95-lb. T; gauge, 4 ft. 8)4 In. Pres.. C . J. Kirschner; Sec.-Treas.
N . O. Yost.
Stock and Bonds.— Pref. stock Is redeemable at 110. $24 500 consol,
mtge bonds are in treas.; $656.010 for future additions at 80% of cost;
$110.000 owned by company; tbev are sublect to call as a whole or In pari
at any time for sinking fund at 105 and int. Sinking fund 1)4% of out
standing bonds. $149,509 have been canceled.
Dividends.— On pref . 3% s.-a. from Oct. 1908 to Apr. 1919 Incl. None
since. On common. 2% Oct. 1999. In 1919. April, 2)4% and same
amount s -a to and Including April 1914. None since.
EARNINGS.— For 12 months ending June 39:
Year—
Gross. Net .aft.Tax. Int.
Sink.Fd. Spec.Res
S ur.orD e.
x 1920-21___ $298,855 $23,141 $53,562
______
______ def.$30,421
191.1-20_____ 309,531
69,995 48,712
............................... sur. 21,283
HELENA, MONT.
THE HELENA LIGHT & R A ILW A Y CO.— Trolley, electric light and
power, gas light and fuel.
ORGAN IZATION .— Incorporated In Connecticut In Sept. 1905 as suc
cessor to the Helena Light & Traction Co. V. 81. p. 1043. Controls the
Helena Gas Light & Coke Co.; comprises the city's entire street railway
and gas and electric light plants. Railway franchise is perpetual; others
expire April 4 1926.
Decision.— The Montana Sup. Court In Feb 1913 held that city could
not enforce an ordinance which required the company to light Its tracks
within the city limits without expense to the city— see V. 96. p. 1422
Fares — Effective July 1 1920. the co was auth. by the Montana P 8
Comm, to charge a 7-cent cash fare with 4 tickets for 25 cents Increased
lighting rates were also authorized. V. 110, p. 2657. Effective May 12
1921 the co. was auth. to increase fares to 8 cents cash for a temporary
period. V. 112, p. 2305. In Nov. 1921 the rate was further increased
from 8 to 10 cents cash, with tickets at 6K cents. V. 113, p. 2311To Abandon Service on Certain Lines.— In Jan. 1923 the company applied
to the Mont. P. S. Comm, for authority to abandon service on its Kenwood
and State St. trolley lines. V.116, p.515. Authority granted July 25 1923.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $900.000__________ _____
____
$900,000 Feb '18 1%
Preferred $600,000 5% cum.............
5 Q-F
600.000 Nov'18 1H
First mortgage $1,500,0001 1905
5 g M-S
878,000 Sept 1 1925
gold ($1,000)__________ c*/In t. at Irving-Bank-Col. Tr C o., N.Y.,trus.
Stock.-—Of the amounts reported outstanding $339,000 com. and $226,000
pref. are held by a trustee for benefit of the co.
Bonds.— The I s tM . bonds are subj. to call at 105 and int.; $141,000 are
reserved for extens. and lmpts., at 85% of cost. A sinking fund of 1H % per
ann. of bonds out commenced June 1 1908 and was increased to 2)4%
per annum June 1 1918; said fund to be used In retirement of bonds at not
higher than 105 and int. See V .81. p.1550. $428,000 have been retired;
$53,000 held in treasury.
Dividends.— 5% per annum in quarterly installments was paid on pref
stock to and inci. Sept. 1918. None since. First div. on com ., 1% , paid
Oct. 31 1906. In 1907, 3 % . In 1909, 3 % . In 1910, 4 % . In 1911 and
1912, 5 % . In 1913. 2 )4 % . In 1916, 1% . In 1917, 2%
In Feb.
1% 1918. None since.
EARN S.—
Net
Interest
Replacement
Cal. Year—
Gross.
after Taxes.
on Bonds. Renew.Reserve. Surplus.
1923 _______ $395,430
$108,455
$44,917
$33,975
$29,563
1922 - .........- 408,312
126,372
46,835
33,075
46,462
R OAD.— Operates 19.46 miles o f track; 27 pass, cars, 2 misc. cars.
OFFICERS.— Pres., P. G. Gossler; V.-Ps., J. H. Pardee, A. Coppell
R. B. Marchanc; Sec. & Treas., T . W . Moffat; Asst. Sec. & Asst. Treas.,
A. B. Sibley; Gen. M gr., A. T. Schultz. Operated under the general
management of J. G. White Mgt. Corp., N . Y . City.— V. 107, p. 181;
V. 110, p. 2657; V. 112, p. 2305; V. 113, p. 2311; V. 116, p. 515; V. 117,
p . 86, 893; V. 118, p. 550.
HOUGHTON, MICH.
HOUGHTON COUNTY T RACTION CO.— Trolley road.
Receive'ship.— On Nov. 29 1921 Samuel B. Tuell was appointed receiver
for the company. High operating costs, jitney competition and decreasing
tr ,ffic. arising from a closing of mineQ were given as the reasons for the
,
company’s difficulties. V. 113, p. 2405.
ORGANIZATION.— Organized in 1908 and took over Houghton County
Street R y., which latter company was Incorporated In 1899. Does an elec
tric railway business in Houghton and Keweenaw counties. Mich., connect
ing the cities and towns of Houghton. Hancock, Laurium. Red Jacket,
Lake Linden and Hubbell. and the mining locations of Quincy, Osceola,
Wolverine. Allouez, Ahmeek and Mohawk. Franchises on public street*
expire in 1929. 1930. 1932. 1933 and 1938. Largely on private right of way.
$100,000 common stock owned by Public Service Investment Co.
Default.— Holders of thp 1st consol, mtge. 5% bonds having been notified
that the receiver would be unable to pay the interest due Jan. 1 1923.
[Int. due Jan. 1 1923 was paid Dec. 15 1923. together with int. at 5%
on overdue int. V. 117, p. 2652.] The following protective committee
was formed and has called for deposits. V. 115, p. 2905.
Co ” mittce for First Consol. Mtge. 5s.— Chairman, Thos. N. Perkins,
Frank B. Bemis, Ernest B. Dane: Xec., V. D. Vickery, 117 Milk St., Boston.
Mass. Depositary, Old Colony Trust C o., Boston, Mass. V. 115, p. 2905.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $750,000 ($100)_ _____ _
_
____
$750,000
See text.
Pref 6% cum $500,000 ($100)______
A-O
207 200 Apr '19, 3%
1st consol mtge $ 1.600.000\ 1908
5 g J-J
669,000 Jan 1 1937
».nr1 ** 1 OOfL irnlri
O U U <1
0
f n IU n v I 1 U3 ,
R n sf.n n 1 I UOV«
. f r ffln t . . o u O lrl Vl/U l n U J T r u s tv V U . , U U dU U U , T 'rn a f;.
i l I IU U A.t,
x No later figures available.
R O A D . — Miles of single track equivalent, 32.15: 39 cars. Standard
gauge. Power station capacity, 1,000 k.w. Also purchases power from
Houghton County Electric Light Co.
OFFICERS.— Pres., Harry T. Edgar. Boston: V.-Ps.. F. J. Bawden,
Houghton, and David D ily , Keokuk: Sec., Victor D. Vickery, Boston;
Treas., Henry B. Sawyer, Boston: M gr., Samuel B Tueil: Gen. M gr..
Stone & Webster M gt. Assn., Boston.— V. 115, p. 2905; V. 117, p . 2652.
INDIANAPOLIS, IND,
TERRE HAUTE INDIANAPOLIS & EASTERN T R A C T IO N .
ORGANIZATION.— Incorporated In Indiana on March l 1907 and
acquired by purchase (1) Indianapolis S Eastern R y.; (2) Indianapolis
c
Goal Traction; (3) Indianapolis Sc Western Traction, and (4) Richmond
9treet & Interurban Ry.
On March 25 1907 leased the Terre Haute Traction S Light C o. for 999
c
years (see terms under that company below), and In April 1907 leased for
999 years the Indianapolis & Northwestern Traction and the Indianapolis &
Martinsville Rapid Transit (see terms under respective companies).
The company owns $1,000,000 par of the common stock of the Indianap
olis St. Ry. Co. (Incorporated 1919). Owns a one-half interest In the
United Traction Coal Co., insuring the company an adequate coal supply.
See Shirley Realty Co. o f Indiana In V. 104, p. 1805.
On Mav 1 1912 leased for 999 years the Indianapolis Orawfordsvllle <
fe
Danville Elec. R y. (see terms under latter company below). V . 94. p. 1507.
Franchises.— The company and the Indianapolis & Northwestern Traction
Co. filed notices of the surrender of all franchises from cities, counties and
municipalities with the Ind. P. S. Comm, and received in lieu thereof an in
determinate permit, as provided in the Public Service Commission Act.
In Sept. 1921 the company and the Indianapolis & Northwestern Trac.
Co. filed notice of the surrender of 8 franchises from counties and munici
palities with the Indiana P. S. Comm. The companies will operate under
an Indeterminate permit from the Comm. The franchises were from the
following cities and counties: Frankfort, Zionville, Boone. Clinton. Crawfordsville, Montgomery, Englewood and Lebanon. V. 113, p. 1252.
On May 1 1918 purchased the stock of the West Indiana Utilities C o.,
which operates lighting plants at West Terre Haute and Brazil. Ind.
Decision.-— July 1923 Judge Fred. C. Gause, in the Superior Court at
In
Indianapolis, refused to grant an injunction against the action of the
Indiana P. S. Comm., which had authorized the company to enter the com
petitive field in Indianapolis for supplying electric light and power. V. 117.
p. 89.
Fares.— On July 1 1920 the co. was auth. by the Ind. P. S. Com m .to
charge 3c. per mile to all points in Indiana. V. I l l , p. 74. The same rate
Is also charged to inter-state points. A straight 5c. fare is charged in
Terre Haute and Richmond. Effective July 1 1922, the Ind. P. S. Comm,
auth. the company to establish a 10-cent fare for city passengers. V . 115.
p. 759. Compare V. 114, p. 1890.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
HOLTOKE, MASS.
Common $12,500,000 ($100)...........
............
$9,100,000 __________
HOLYOKE STREET R A IL W A Y — Trolley.
Preferred $12,500,000 ($100)______
_______
9,100,000
See text
lst& re f mortgage $8,000,0001 1910
5 A-O
6.500.000 April 1 1945
ORGANIZATION.— Incorp. in Mass. June 11 1884. Leases the M t.
gold ($1,000) s f ______ c*tf Jlnt. at Fidelity Trust C o., Phlla., Trustee.
Tom (incline) R R . until June 1 1937 at 6% per annum on the $100,000 stock.
Indianapolis & Eastern ls tf 1902
5 g J-J
See text July 1 1927
In 1907 purchased the Hampshire Street R y. (previously leased). V. 85, p.
Cons M $1,000,000 gold-jlnt. at Mercantile Trust C o., N . Y ., or at
40. In Aug. 1907 purchased the Amherst & Sunderland Street R y. (V. 85,
($1,000) sinking fu n d .c*tf l Farmers Trust Co., Indianapolis, Trustee
294), giving a through connection from Holyoke to Amherst and SunderStock.— Pref. stock Is 5% cum. after July 1 1910. Should com. at any
time pay 6 % , pref. will pay the same. V . 90. p. 1555.
Operation of Buses by Company Authorized.— In M ay 1921 the company
was auth. by the Dept, of P. U. to operate buses. V. 112. p. 2190. Com
Bonds.— Remaining 1st S ref. bonds are reserved for additions and im
c
pare V. 112. p- 2083.
A provements, under careful restrictions. Callable as a whole from April 1
In March 1923 the Mass. Dept, o f P. U. authorized an issue of $265,000 1915 at 105 and int., or In part, for sinking fund only at 102)4 and Int.
1st Mtge. 6s, Series " C ,” due April 1 1935, proceeds to be used to refund a on any Int. date. $1,107,000 held In sinking fund Apr. 1 1924.
like amount of 5% debentures due April 1 1923. V. 110, p. 1177, 1416.
S. f. $55,000 p. a. first 5 years and $106,675 p. a. thereafter; bonds
Compare V. 116, p. 410. In March 1924 applied to the Mass. Dept, of acquired for s. f. to be alive and int. added to s. f. V. 90. p. 1491. (The
P. U. for auth. to issue $200,000 1st mtge. bonds to reimburse co. for payments due Feb. 1 1919, 1920, 1921, 1922, 1923 and 1924 had not been
expenditures made for addns. and betterments. Y. 118, p. 1267,1392,1772. paid to April 1 1924.
ELECTRIC RAILW AYS
A pril, 1924.]
Of the $1,000,000 Ind. & Bast, consols auth., $139,000 have been can
celed by sinking fund. Of the remaining $561,000 out, $512,000 are owned
by Terre Haute Ind. & Eas Trac. A sinking fund, 1% of bonds out. began
July 1 1908. Fund is to be invested in the company’s bonds if they can be
bought at not more than 105 and int. Bonds cannot be called. See V . 75.
p. 342.
Dividends.— Initial div., 1 H % . on pref. paid Oct. 1910; same amount
quar. to and lncl. Jan. 1914. None paid since. See V. 98, p. 914.
Report.— For calendar years (excl. Ind. Street R y .l:
1921.
1923.
1922.
$5,291,328
Gross earnings_____________________ $5,499,428 $5,404,575
4,068.777
Operating expenses and taxes_______ 4,178,203
4.047,183
Net earnings_____________________ $1,321,225
$628,279
Rentals and other deductions_______
Sinking funds on leased lines________
45.970
$1,357,392
$641,329
45,272
$1,222,551
$640,400
44,734
$646,976
$271,490
160,175
$670,791
$274,580
157,095
$537,417
$278,999
152,677
$215,312
$239,116
$105,741
Interest on T . H. i . & E. T. bonds _
Sink, fund on T. H. I. & E. T . bonds
Balance---------------------------------------
R OAD.— Operates a modern high-speed electric railway over lines
which comprise a continuous route from and Including the city of Paris in
Illinois through the city of Terre Haute and towns of Brazil, Greencastle
Amo. Clayton and Plainfield, to the city of Indianapolis, and thence, through
the towns of Greenfield, FCnlghtstown, New Castle and Cambridge City, to
the city of Richmond In Indiana; also a line running south from Indianapolis
to Martinsville, Ind.; a line running west from Indianapolis to Danville.
Ind.; a line running northwest from Indianapolis to Lafayette, with a
branch to Crawfordsville; a line running northwest from Indianapolis direct
to Crawfordsville and from Terre Haute a line north to Clinton, ind.. and a
line south to Sullivan, Ind. Also operates the city lines in Terre Haute and
Richmond. Total miles in single track: city lines. Terre Haute, 31.56; and
Richmond, 13-68; total, 45.24; interurban lines, total, 386.69. Grand total,
entire system, 431.93 miles.
O F F IC E R S — Pres., Robt. I. Todd; V .-P., John J. Appel: Sec A Treas..
Jos. A. McGowan
D IR E C TO RS.— Robt. I. Todd, Randal Morgan, W . Kelsey Schoepf,
James W . Lilly, Leroy T . Hixson. J. J. Appel and Jos. A. McGowan.—
V . 112. p. 850; V. 113, p. 732, 1252; V. 114, p. 739. 2117; V. 115, p. 760;
V . 116, p. 516, 823, 936, 2994; V. 117, p. 89, 440; V. 118, p. 908.
(1) Terre H aute T ra ction & L ight Co.
Leased.— In March 1907 was leased to the Terre Haute Indianapolis A
Eastern Trac. Co. for 999 years. The latter company guarantees 6% on
the outstanding pref. stock and 2% on common for 1 tS years. 3% for
1 year. 4% for 1 year, and 5% thereafter, and $1,000 per year for organ!
sat.on expenses. V. 84, p. 750.
The Terre Haute Ind. & East. Trac. owns all the common stock except
directors' shares.
ORGAN IZATION .— Is a consolidation in 1904 o f the Terre Haute Elec
tric Co. and the Terre Haute Electric Trac. Co. In accordance with the
privilege granted by the Indiana State Legislature in its session of 1921. the
company surrendered its franchises and the Ind .P. S. Comm, has issued in
lieu of same an indeterminate permit.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,000,000 (S100)______
M-S
$2,000,000
See text
Pref. $1,000,000 ($1006% cu.) ____
M -S
1.000.000 Mar 24.3%
First cons mtge $5,000.0001 1904
5 g M -N
2 930 .000 May 1 1944
gold___________________ tf/Interest at State Street Trust C o., Boston
Terre Haute Electric 1st mtgl 1899
5 g J-J
1,500.000 July 1 1923
$1,500,000 gold ($1,000) c ’ fln t. at Boston S a fe D e p .* T r. C o., Boston.
Car Trust Equip Co pref stock ifl]8 6 Q-J
76.500 See text
Car Trust Equip Co pref stock 1919 6 Q-J
66.000 See text.
Bonds.— The Union Trust Co. of Indianapolis and the Boston Safe Deposit
& Trust Co. are joint trustees o f the Terre Haute Electric mtge. Of the
$5,000,000 consols. $1,500,000 are reserved to retire prior liens. The new
bonds are callable as a whole at 110 and Int. on any int. date. A sinking
fund of 1% of outstanding bonds commenced May 1 1906. $570,000 was
held by this fund Apr. 1 1924 The United States Trust Co. of Terre Haute
and the State Street Trust Co. of Boston are trustees o f this mortgage.
See V. 78 n 2013.
The Car Trust Equipment Co. pref. stock o f 1918 is a first charge against
30 cars. The stock matures $8,500 semi-ann. V. 107. p. 182. The stock
of 1919 is a first charge against 25 cars and matures $5,500 semi-ann. to
Oct. 1 1929. V. 109, p. 1367.
EARNINGS — For calendar vears:
Year—
Gross.
Net.
Deductions.
Sink. Fd.
Balances.
1923______ $2,680,722
$787,035
$282,719
$29,413
$474,903
1922______ 2,483,253
665,584
286,385
29.757
349.442
R OAD.— Embraces 104.17 m. of track in Terre Haute. Including lines
from Terre Haute to West Terre Haute. Clinton. Brazil, Sullivan and San
ford, Ind. Rails, 60 to 80 lbs. Owns 141 city passenger and 14 inter
urban passenger cars. 6 freight and 20 service cars.
OFFICERS. — Pres., Demas Demlng- V .-P., Robt T. Todd- Sec. A Treas.
Joseph A. McGowan.— V. 107, p. 182; V. 109, p. 1387; V. 116, p. 2007.
(a) Terre Haute & W estern R ailw ay C o.— An electric road.
Leased to Terre Haute Traction & Light Co. for 999 years from N o v .190’
O RGAN IZATION .— Incorporated In 1907 In Illinois. Road extends
fTom the Indiana State line near Sanford, Ind., to Paris. 111., 10.68 miles.
Began operation Oct. 25 1907. Is entirely on private right-of-way. Entire
com. and pref. stock owned by Terre Haute Ind. & Eastern Trac. Co.
STOCK AND BONDS— Date.
Interest.Outstanding.
Maturity
Stock common $200,000_____ ____ _
_______
$200,000 M ar’24, 2'■$
Preferred $150.000___________ ______
________
150.000 M a r ’24. 3 %
First mortgage $250,000 gold) 1907
5 g M -N
250,000 Nov 1 1937
guar p & 1 ($1.000)___c* tf)In t. at New England Tr. C o.. Boston, Trus
Bonds.— Are guar. p. A i. by endorsement by Terre Haute Tr. & Lt. Co
E A R N IN G S — For calendar years.
Dec. 31 Years—
Gross. Net,aft.Tax.
Ded's.
Balance.
1923 ______________________ $55,661
$7,876
$12,500
def*4,624
1922 ---------------------------------- 54,702
9,351
12,500
def3 149
OFFICERS.— Pres., F. T . O’ Hair; V .-P ., G. O. Nicolae;Sec., John T.
Beasley; Treas., J. A. McGowan.— V. 90, p. 1555.
(2) Indianapolis & N orthw estern T raction C o.— An electric road.
Lease.— In April 1907 was leased to the Terre Haute Indianapolis &
Eastern Traction for 999 years. The latter company will pay the interest
on the bonds; also 1!4% quar. or 5% per annum on the $450,000 pref.
■tock and $500 per year for organization. V. 84. p. 869.
Entire issue of common stock, except directors’ shares, is owned by the
Terre Haute Indianapolis & Eastern Traction.
ORGAN IZATION .— Organized in 1902 in Indiana. Operates a modern
high-speed interurban railroad, standard-gauge, located upon private right
of way outside of the city corporate limits. Extends northwesterly from
the city of Indianapolis through the cities of Lebanon and Frankfort to thf
city of Lafayette, with a branch from Lebanon to Crawfordsville. each of
which cities is the county seat of its respective county. Has trackage
rights to the business centres o f Indianapolis and Lafayette.
In Sept 1921 the company surrendered its franchises and now operates
under an indeterminate permit.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $2,550,000_________ _____
_______
$2,550,000 __________
Pref ($1,000,000) 5% cum________
Q-J
450,000
See text
First mtge $3,000,000 gold) 1903
5 g M-S
2,470,000 Mar 1 1933
($1,000)____________ c* tf/In t. at Columbia Tr. C o., N . Y .. Trus.
Bonds.— Originally matured March 1 1923 but were extended for 10 years
to March 1 1933. The remaining $530,000 for improvements, &c., at
50% and 75% of cost. No s. f., but extended bonds are red. on 60 days'
notice at 104 during the first 3 years after July 1 1923, 103 during the next
2 years thereafter, 102 during the next 10 years and at 101 thereafter.
E A R N IN G S.— For years ending Dec. 31:
Cal. Years—
Gross
Net,aft.Tax.
Deductions.
Balance.
1923____________ $660,273
$157,693
$124,000
sur.$33,693
1 9 2 2 -.-................. 649.461
171,566
124,000
sur.47,566
53
ROAD.— Embraces 87.01 miles of track between Indianapolis, Zlonsville, Lebanon, Frankfort and Lafayette, including a branch from Lebanon
to Crawfordsville. Standard gauge; 70-lb. T rail. Owns 20 passenger,
6 freight and 5 service cars.
Power house and car bam are at Lebanon.
V. 88, p. 295; V. 92. p. 59.
OFFICERS.— Pres. Robert I. Todd; V .-P . John J. Appel; Sec. A Treas.,
Jos. A. McGowan.— V. 116, p. 934.
(3) Indianapolis & M artinsville Rapid T ransit C o.— An electric road
Leased.— In April 1907 was leased to the Terre Haute Indianapolis A
East. Trac. for 999 years. The latter co. will pay the int. on the bonds; also
$500 per year for organization. V. 84, p. 749. The Terre Haute Ind. &
Eastern owns entire issue of stock except directors’ shares.
ORGANIZATION.— Incorporated in Indiana on April 24 1901. Oper
ates on private right of way except In incorporated towns.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $750,000 ($100)............. ..........
.............
$750,000 _____ _____
First mtge, $750,000 ($1,000)1 1902
5 g J-J
750.000 Jan 1 1932
gold____________ c*&r n tfi Union Trust Co. and Security T r. C o. of lnIdianapolis, Trus. Int. at Sec. T r. C o., Ind.
Bonds.— No sinking fund, but bonds are subject to call after 10 years at
105 and Interest. See V. 78, p. 1223.
E ARNINGS.— For calendar years:
Dec. 31 Year— Gross.
Net,aft.Tax.
Deductions.
Balance.
1923_____________$222,080
$39,874
$38,000
sur.$1,874
1922_____________ 234,261
54,065
38,000
sur.16,065
ROAD.— Embraces 29.07 miles of track from Indianapolis to Martins
ville, completed in M ay 1903. 70-lb. rails; standard gauge.
OFFICERS.— Pres., Robt. I. Todd; V.-Ps.. Harry S. New, Chas. M ur
dock and John J. Appel; Sec. & Treas., Jos. A. McGowan. V. 84, p . 749
(4) Indianapolis Craw fordsville & Danville Electric Ry.
Lease.— On May 1 1912 was leased to the Terre Haute Indianapolis as
Eastern Trac. for 999 years. Under the lease the latter company guaran
tees p. A I. of 1st M . bonds, 5% divs. on $200,000 pref. stock and semi
annual divs. on com., viz.:
% from N ov. 30 1912 to May 31 1914, 1%
Nov. 1914 to May 1916, 114% N ov. 1916 to May 1918and 2% thereafter.
ORGANIZATION.— Incorp. in Indiana on April 20 1912 as successor to
the Indianapolis Crawforsdville & West. Trac.. sold at foreclosure. Built
entirely on private right-of-way. In accordance with the privilege granted
by the Indiana State Legislature in Its session of 1921, the co. surrendered
its franchise and the Ind. P. S. Comm, has issued in lieu of same an inde
terminate permit.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $400,000 (1100)_________
M -N
$400,000 See text
Pref $400.000 5% cum ($100)...........
J-D
200.000 See text
First mtge $2,500,000 gold) 1912 5 g M-N
822,000 May 1 1952
($1,000) guar p& l__c&r tf (Interest at Girard Trust C o.. Phila.. Trustee.
Bonds.— Of remaining first mtge. bonds, $1,000,000 are for extensions
and $500,000 to be issued only under certain conditions. Subj. to call as
a whole but not in part at 102 and int. on any int. day. Sinking fund of
$9,000 per annum on initial $1,000,000 bonds out commenced March 1 1913
When add'l bonds are issued fund shall be Increased by such amount as will
retire 2-3 of such add’l bonds issued. $178,000 held alive In sinking fund
April 1 1924E \ RN1NGS.—-For calendar years:
Year—
Year.
Net aft. Tax. Deduc.
Sink.Fund.
Balance.
$59,629
$42,943
$16,557
sur.
$129
1923________ $408,188
1922________ 388,470
47,878
43,985
15.515
def. 11,621
KUAL).— operates 48.23 miles of road between InUiauapoiis a n d orawfordsville. Standard gauge. 70 and 85-ib. T rails. An extension from
Crawfordsville to western boundary of Indiana east of City of Danville,
Ind.. Is proposed.
OFFICERS.— Pres., John J. Appel; V .-P ., Robert I. Todd: Sec. A Treas.
los. A. McGowan; Gen. M gr., R obt. I. T odd. V. 94, p. 1449, 1565. 1695.
INDIANAPOLIS STREET RAILW AY CO.
The Terre Haute Indianapolis & Eastern Traction Oo. owns the $1,000,000 com. stock
ORGANIZATION.— Incorp. in Indiana on June 30 1919. Is consolida
tion of the old Indianapolis Street Ry. Oo. and the Indianapolis Traction A
Terminal Co. (For separate history of each of these cos. up to time of
consolidation see the “ Electric Railway Supplement” of March 29 1919.)
The consolidation was effected as per plan in V. 108. p. 2329 subject to
conditions stipulated by the Ind. P. S. Comm, as outlined In V. 109,
p. 172. On Aug. 29 1919 the Federal Court approved this consolidation
and dismissed the suit brought by certain minority stockholders against
same. V. 109. p. 982.
Interurban railways enter the city under agreements by which they pay
3 cents per passenger for all passengers carried in the city limits and an
additional 1 cent for those us ng the terminal station. V. 81. p- 264. In
1921 the co. surrendered its franchise to the city of Indianapolis and now
operates under an indeterminate permit. V. 112, P- 2748.
Guarantees the ($400,000) bonds of Broad Ripple Traction Co., and owns
75% of its stock.
Tar Decision on Sink. Fund Bonds.— See V. I l l , p. 692.
Valuation.— See V. 112. p. 161.
Fares.— On June 1 1921 a straight 5-cent fare with a charge o f 2 cents for
transfers was put in effect. V. 112, p. 2537. See also V. 113, p. 848. In
Oct. 1922 applied to Indiana P. S. Comm, for authority to increase fares
on “ owl” cars from 5 to 10 cents. V. 115, p. 1837. This application was
granted on M ay 28 1923. In March 1924 applied for authority to increase
fares to 7 cents cash. 4 tickets for 25 cents, and a reduction in the transfer
charge to 1 cent. V. 118, p. 1392.
Jitney Restrictions.— An ordinance regulating jitney competition and ex
cluding jitneys from streets on which there are car tracks went into effect
Nov. 25 1921.
STOCK AND BONDS—
Date.
Interest. Outstanding. Mat’v, Ac.
Common ($50)___________________ _
_______ _ $1,000,000 -------------- Pref $5,000,000 ($100) cum ...............
6 Q-M
5,000,000 oept’23, I X
Consolidated mtge__________ _____
________
See text
---------------Ind Tr A Ter Oo 1st M $5,-1 1903 5 g A-O
3,699,003 Jan 1 1933
000.000 g ($1,000) s f_c*tf (Int. at Guaranty Tr. & S D Oo.. Phila., Tr.
Indianapolis Street Ry gen) 1899 4 g J-J
4.882,000 Jan 1 1933
mortgage $6,000,000 gold (Interest at Guar.Trust & Safe Deposit Oo.,
($1,000) guar_______ c*n tf
Philadelphia, Trustee.
Citizens’ Street Ry 1st M\ 1893 5 g M -N
4,000,000 M ay 1 1933
$4,000,000 g ($1.000)-C*tf [Central Trust C o., New York, Trustee.
Equip certificates Series “ E ” l 1916 5 J-D
38,000
See text
$125,000 ($1,000)________ (Pa. Co. for Ins. on L. A G. Ann.. Phil..trust.
ind Car Equip Oo 1st pref stk. 1919
6 Q-J
120,000 See text.
Interest on Citizens’ consols at Fourth Street Nat. Bank Philadelphia
Stock.— Preferred stock is pref. as to assets and divs. It is stated that
the common stock will be allowed no voting power unless the pref. divs.
are paid in full.
Bonds.— The cons. mtge. bonds are limited to an auth. issue of $15,000,000 up to April 7 1933, after which, the auth. amount may be increased to
$25,000,000. incl. the divisional bonds, if any, then outstanding, and
such excess of $10,000,000 bonds may bear such rate of interest, not ex
ceeding 6% p. a., and be used for any proper corporate objects and pur
poses of the consolidated co. The $15,000,000 now authorized will Dear
Int. at not exceeding 6% and shall be issued only for addns. and better
ments to and exts., acquisitions and replacements of lines of street railroad
which become a part of the street railroad system of the consolidated com
pany in Indianapolis and its vicinity. Bonds shall only be issued to the
amount of par value of bonds of the three divisional issues which have been
or shall be taken up and canceled by sinking fund payments, so that at no
time while any of divisional bonds are outstanding (unless their present
dates of maturity shall be extended), shall the aggregate amount of [new
and old] bonds secured by mortgages on the property exceed $15,000,000.
But notwithstanding the foregoing, provision may be made in the mortgage
for the issuance of bonds to refund the existing mortgage indebtedness, or
any part thereof [at maturity]. All bonds issued for refunding shall be
subject to be taken up and canceled by the sinking fund provisions which
were applicable to the refunded bonds in their original form, and when so
taken up and canceled, original bonds may be Issued in substitution there
for, which, or the proceeds thereof, shall be used only for permanent impts.
and betterments. Provision may be made in said mortgage that the ma
turity of any outstanding bonds which become due on or before April 7
1933 may be extended to such date as may be determined by the Board at
not exceeding 6% interest if permitted by law.
The lien of the several underlying mortgages is confined to the property
and interests upon which each was a lien prior to consolidation and does
not extend to any other property o f the consolidated company, except as
“ general debts,’ without priority .after satisfying of the mtge. liens thereon.
54
[V ol. 118.
ELECTRIC RAILW AYS
The Ind. Trac. & Term, bonds have a sinking fund which provides for
the payment annually o f 1 1-5% of bonds outstanding. See V. 76, p. 1085.
Bonds may be drawn for sinking fund at 102 )4 ana lnt. and are subj. to
call at that price. See V. 81, p. 264. $1.301,000 in sinking fund canceled.
The Ind. St. Ry. bonds have a sinking fund sufficient to redeem at maturity
the greater part o f the entire issue. $1,118,000 in sinking fund canceled.
The divisional bonds in the sinking funds at the time of consolida
tion were canceled so that they could no longer draw interest and payments
to the sinking funds suspended until 1923. All future sinking fund pay
ments are to be applied to the cancellation of bonds. Equipment certifi
cates. Series “ E ” mature $6,000 or $7,000 on June 1 and Dec. 1 each year.
They cover 25 cars. $87,000 have been retired. The Ind. Car Equip.
Co. 1st pref. stock was used to purchase 25 cars. The stock matures
$10,000 semi-annually. V. 109, p. 1700. Bonds are listed on Phila. Stock
Exchange. V. 69, p. 851.
Dividends.— Divs. o f 6% (1)4% quar.) were paid on pref. stock to and
incl. Mar. 1921. None to Sept. 1 1922, when 1)4% was paid. Divs. of
1)4% quar. paid regularly since.
EARNINGS.— For years ending Dec. 31
Cal. Years—
Gross.
Net After Tax. Fixed Chgs.,&c. Bal.. Surp.
$434,116
1923__________$5,527,131
$1,072,903
$638,787
1922__________ 5,545,164
1,073,447
647,343
426,105
ROAD.— Operates 168.58 miles o f track and owns 9-story office and
terminal building, train-sheds and 3 freight depots centrally located Id
Indianapolis; also real estate on which same are constructed. This ter
minal is used by all interurban roads (13 in number) entering Indianapolis.
A new freight terminal is to be erected. Owns electrical and steam equip
ment of 7,000 k.w. capacity. Owns 376 double trucks, 175 single truck
passenger and 123 service cars.
OFFICERS.— Chairman o f the Board, Henry Jameson; Pres. ft Gen
Mgr.. Robt. I. Todd; V .-Ps., Henry C. Thomson and John J. Appel; Sec
ft Treas., Joseph A. McGowan: Asst. Sec. & Treas.. Wm. F. Milholland
— V. I l l , p. 692, 1656, 2041; V. 112, p. 161, 849, 1740, 2305, 2537, 2637,
2748: Y. 113, p. 71, 532, 730, 848; V. 114, p. 306, 626, 1062, 1286; V. 115,
p. 303, 1837; V . 116, p. 822; V. 117, p. 84; V. 118, p. 907, 1392.
Series B bonds i f requested within 60 days after payment for the Penna.
4 mills and Maryland 4)4 mills taxes and for the Conn, and District o f
Columbia personal property taxes not exceeding 4 mills per $1 per annum,
and for the Mass, income tax on the interest not exceeding 6% o f such int.
perannum. V . 118,p . 431. New Albany St. R y. bonds are subj. to call on
any int. date at 105 ft int. Unissued Louisv. ft N o. R y. & Ltg. 1st M . bonds
can only be issued for 80% of cost of property built or acquired. Are subject
to call at 105 and int. V. 82, p. 868. Of the Ind. & Louisv. Trac. Ry.
1st mtge. 5s reported as outstanding, $150,600 are held in treasury. Of
remaining bonds. $650,200 are for impts. and extensions at 80% of cost.
Subject to call on any int. date at 105 and int. Sink, fund of 2% per
annum began Oct. 1 1917, increased 1% each year to and incl. Apr. 1 1921,
then reduced to 1% per annum thereafter. $750,000 United Gas & El. Co.
1st consols, are reserved to retire a like amount of United Gas S Elec. Co.
c
1st 5s, and all except $141,000 have been retired. Both issues mature
serially from 1907 to 1942, but the bonds o f 1902 may be called at 105 and
int.; the new consols, are callable after July 1 1924 at 105 and int. See
V. 79, p. 2458. Sufficient Central Indiana Ltg. Co. 1st ft ref. 5s are
reserved to retire the People’s Gas, Elec. & Htg. Co. 1st 5s. Of the Shelby
Co. Water, Gas & Elec. Co. 1st M . 5s outstanding, $11,000 are held in
treasury. Callable on any interest date at 102)4 and interest.
EARNINGS.— For calendar years:
Balance,
Interest,
Calendar
Gross, Including
Net, After
Rents, &c.
Surplus.
Year—
Other Income.
Taxes.
$910,762
$685,656
1923__________ $6,421,595
$1,596,417
402,844
1922__________ 4,424,747
1,118,921
716.076
R O A D .— Operates a through line from Louisville to Indianapolis. Also
operates a line between New Albany and Jeffersonville and the Columbus,
New Albany and Jeffersonville city lines. Also owns and operates electric,
gas, heat and water properties in a number of communities.
OFFICERS.— Pres., Harry Reid, Indianapolis, Ind.; V .-P ., E. Van
Arsdel; Sec. ft Treas., Ira E. Guthrie; Ry. Supt., L. M . Brown.— V. 116,
p. 1760, 2637; Y. 117, p. 553, 1017, 1555, 1784, 1884; V. 118, p. 85, 311,
431, 550, 1267, 1665.
BROAD RIPPLE T R A C T IO N .— A trolley road
ORGANIZATION.— Organized as successor to the Indianapolis 3c Broad
Ripple Transit Co., sold at foreclosure July 1899. The property o f the co.
Is operated by Indianapolis St. Ry. Co. in connection with street railway
property o f latter company.
Indianapolis St. R y. Co. (Inc. 1919) receives all income and pays all
expenses incl. taxes on the property and int. on $200,000 o f bonds o f Broad
Ripple Traction Co. The prin. on the remaining $200,000 of bonds is
assumed by Union Traction Co. o f Indiana, which co. pays the int. thereon,
as consideration for that part o f the property of Broad Ripple Traction Co.
transferred to it.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
_________
$100,000 ............... ..
Stock $100,000 (par $100)_________
Mtg $400,000 g ($1,000) c* n tf./1 8 9 9 -......... 5 g J-J
400,000 July 1 1933
\Int. at Guar. Tr. ft S .D .C o.(P h ila.), Trust
Bonds.— Are guar. p. & i. by Ind. St. Ry.
No s. f. and bonds cannot
be called. The Ind. Nor. Trac. Co. (subsequently consolidated with the
Union T r. Co. o f Ind.) guarantees p. ft 1. of half ($200,000) of the bonds
R O A D .—74$ miles o f track from Tndianaooils to Broad Ripple Park
OFFICERS.— Pres., Robert I. Todd; V .-P ., John T. Burnett; Sec. &
;
Treas., Jos. A . McGowan.— V. 69, p. 180; V. 73, p. 137, 18 ; V. 78, p. 1167.
INDIANAPOLIS & CINCINNATI T R A C T IO N CO.
ORGANIZATION.— Incorporated in Indiana on Nov. 17 1910 as suc
cessor to the old Indianapolis & Cincinnati Trac. C o., sold at foreclosure
Nov. 10 1910. V. 91. p. 13S5. 1025.
In 1911 acquired the Indianapolis & Southeastern Trac. Co. (all of whose
com. and $30,000 1st M . bonds the old Indianapolis & Cincinnati Trac. Co.
had owned and to which company the Ind. ft Southeastern was leased) and
canceled Its com. stock. V .9 2 .P 881.956. Private right o f way except In
cities and towns. County franchises perpetual. Franchises in cities and
towns are for 50 years (the oldest being dated 1904), except in Indianapolis,
which is for 34 years from 1900. Has contract with Indianapolis Traction
ft Terminal Co. for 31 yearn allowing Its cars to enter Indianapolis.
In Nov. 1912 the l. & O. Light ft Power Co. was incorporated with
nominal ($900) capital stock In the Interest of the Traction Co. to furnish
light and power to the communities along the company's route.
In Feb. 1913 the I. & O. Electric RR. was incorp. with $10,000 capital
stock. to extend the Traction C o.’s lines from Rushville to Cincinnati by way
of Brookville, Ind., and Harrison, O. It may later be merged with the
Cincinnati Harrison ft Indianapolis Traction Co.
In April 1913 acquired control of the Cincinnati ft Westwood RR a
aarrow-gauge road extending from Westwood, on the boundary line of
Cincinnati, to Brighton, witbin the city. 5 1-3 miles
V. 96. p. 1297.
On Jan. 19 1918 was auth. by the Indiana P. 8. Comm, to increase
passenger fares from 2 to 2)4 cents per mile, and, effective Jan. 10 1919,
to increase rates to 2
cents per mile. Effective July 1 1920 rates were
raised to 3 cents per mile with auth. of the Ind. P. S. Comm
Y l l l . p 74
Effective July 1 1922, the Ind. P. S. Comm. auth. a 10-cent fare for city
passengers. V. 115, p. 759.
Payments in Scrip.— On Oct. 1 1918 $15,000 of divs. on Ind. ft Southeast
ern pref. stock being unpaid, the co. issued in lieu thereof a like amount
6% ctfs. of indebtedness, due two years after the close o f the war. Divs.
due Apr. 1 and Oct. 1 1919, also Apr, 1 1921, were paid in the same way.
Subsequent divs. have been paid in cash. On Jan. 1 1919 $60,000 addi
tional 6% ctfs. of indebtedness were issued to pay the $60,000 o f bond
interest due on that date. Int. due July 1 1919 was paid in a like manner.
These ctfs. were to mature on Jan. 1 1921. but had not been paid up to
Oct. 1923. They have not been renewed but are being carried along by
“ mutual understanding.” V. 114, p. 1890. Compare Y. 108, p. 784.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
_______
$2,000,000 __________
Common $2,000,000_________ _____
Pref $1,000,000 (see text)...............
J-J
1,000.000 In 1912, 1 %
First mtge $4,850,000 ($1.-1 1910 5 J-J
1,400,000 July 1 1940
000) gold (see text)_____ c*jlnterest at Central Trust C o., N . Y ., Trus.
& S E pfstk $600,000 ($ 1 0 0 )____
A-O
600,000 In 1917, 5%
Ind ft S E 1st M $1,000.0001 1905 5 g J-J
586.000 July l 1935
gold ($1,000)_____________/In t. at Farmers’ Loan & Tr. C o.,N .Y .,T ru s.
Ind Shelbyv & Southeast lst( 1902
5 g J-J
414.000 Jan 1 1932
M $500,000 g ($1,000) s f__ [Int. at O. ft C. Tr. ft; Sav.Bk., Chicago, trus.
Certificates of in d e b te d n e ss..____
6%
165,000 See text
Stock.— Ind. ft Cin. Trac. pref. Is entitled to non-cura. divs. of 2% until
July 1 1911. then Increasing 1% yearly to July 1 1913; thereafter 5% per
annum. Ind. ft S. E. pref. is redeemable at 105 and accrued div. on any
dividend date. See V. 81, p. 1375.
Bonds.— Ind. ft Cin. Trac. 1st M . Is divided into three classes. A, B and O.
Class A, $1,300,000, all out; Class B, $200,000. none issued; and Class O.
$3,350,000 (of which $100,000 outst'g). reserved for extens., tmprovem’ts,
Ac. Entire series of bonds of each class is subject to call on or after July 1
1913 at 105 and lnt. As to priority of different series, see V. 92, p. 956.
Of the $1,000,000 Ind. & S. E. bonds, $414,000 is reserved for prior liens
They are subject to call on any Int. date at 105 and int. Of the Ind. Shelby,
ft S. E. bonds, the entire issue may be called on any lnt. date at 110. A
linking fund on these bonds of $10,000 per annum began Jan. 1 1908. for
which bonds can be called at 105. beginning with lowest number. $86,000
have been retired.
Dividends.— On pref. paid In 1911, IM%'. In 1912, 1% .
EARNINGS.— For year ending Dec. 31 1922, gross, $627,439; net, after
deprec. (but before taxes), $43,132; taxes, $33,643. In 1921, gross, $688,987: net, after deprec. (but before taxes), $137,122; taxes, $33,758.
ROAD.— Operates 58 miles of track from Indianapolis via Rushville o f
Connersvllle and 49 miles of track from Indianapolis via Shelbyville to
Greensburg. Total. 105 miles of track. An extension from Rushville
via Harrison, O., to Cincinnati is proposed. 60 and 70-lb. T rails. 22
motor passenger cars and 5 freight box cars, 7 stock cars, 4 flat cars and
3 ballast cars.
O F F IC E R S — Pres., Chas. L. Henry, Indianapolis; V .-P ., W . Durbin,
Anderson; Sec., John J. Appel. Indianapolis; Treas., J, F. Wild, Indian
apolis. Office, Indianapolis.— V. 112, p. 1740; V. 114, p. 1890; V . 115, p.
INTERSTATE PUBLIC SERVICE CO.
Controlled by Middle West Utilities Co.
ORGAN IZATION .— Incorp. in Indiana in 1912 and leased for 999 years
the Indianapolis Columbus & Southern Traction Co. at a rental of 5% on
the capital stock, or $92,000 a year above all taxes. See that co. on a pre
vious page. Has also acquired the Franklin Water, Light & Power Co..
Citizens’ Elec. Lt. & Pow. C o., Indiana Service Co., Northern Public Ser
vice Co. of Indiana, Seymour Public Service Co., Bedford Light, Heat
& Power C o., the Northern Indiana Utilities Co. and the New Castle Light.
Heat ft Power Co. V. 114, p. 198. Has also acquired the Jefferson Water
Light & Heat Co. V. 116, p. 2637. The co. jointly with the Central
Illinois Public Service Co. guarantees unconditionally by endorsement (auth.
$5,000,000, outstanding $1,250,000) 1st M . 7 % bonds o f the Indiana HydroElectr.c Power Co. as to prin., int. and sink. fund. V. 114, p. 306. For
merly controlled through stock ownership the Louisville & Southern Indiana
Traction Co., Louisville ft Northern Ry. & Lighting C o., New Albany
Water Works C o., Central Indiana Lighting Co. and United Gas & Elec
tric C o., but early in 1921 these cos. were merged with the Interstate Pub
lic Service Co., as per plan in V. 112. p. 563, 1283. Separate statements
o f the Louisville & Northern R y. & Ltg. C o., the United Gas & Elec. Co.
and the Louisville & Southern Indiana Trac. Co., giving history up to time
o f merger, will be found in “ Elec. R y. Supp." of Oct. 30 1920. As of
Jan. 1 1923 the co. acquired all property and business of the Indianapolis
& Louisville Traction R y., Southern Indiana Power Co., the Hydro-Elec
tric Light & Power Co., Hawks Electric Co., Winona Electric Light &
Water Co., Middlebury Electric Co. and Electric Transmission Co. of
Northern Indiana. The co. proposes to issue $7,192,000 6% 25-year 1st
& ref. mtge. bonds to b9 used in retiring certain bonds o f the co. and under
lying issues on properties bought by the co. See V. 115, p. 2478, 2684:
V. 116, p. 515, 1411, for details. Separate statement showing history of
Indianapolis & Louisville Trac. Ry. up to time of merger will be found in
“ Elec. Ry. Supp.” o f Oct. 28 1922.
In Oct. 1923 purchased the Jeffersonville (Ind.) Water, Light ft Power
Co. V. 117, p. 1884. Compare V. 117, p. 1663.
Fares.— In April 1921 was auth. to increase passenger fares from 2H
cents to 3 cents a mile. V. 112, p. 1740. In July 1922 a 10-cent fare for
city passengers was approved by the Ind. P. S. Comm. V. 115, p. 759.
In Jan. 1924 brought out $2,750,000 1st mtge. & ref. 6 )4 % bonds, Series
" B , ” proceeds to be used for refunding and other corporate purposes.
V. 118, p .431 .
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity
Common stock $7,500,000___
$6,335,000 __________
Preferred stock $7,500,000___
6% cum.
5.230.000 ...................
7% cum
Prior lien stock $5,000,000___
4,270.500 Apr'24 1H %
2.750.000 Jan 1 1949
1924
0V2 g J-J
. 1923
_ .
8.181,000 Feb 1 1948
6 g F-A
($100, $500& $1,000) g_c*tf (Union Trust C o., Indianapolis, Trustee.
New Albany St R y $250.0001 1902 5 F-A
250,000 Aug 1 1927
$1.000)__________________ lint, at U. S. Trust C o., Louisville, trustees
Louisv & Nor R y & Ltg 1st M l 1905 5 g J-D
500,000 Dec 1 1925
$2,500,000 gold ($500 and}Int. at Cont. & Com. Tr. & S. B ., Chicago
$1 ,0 0 0 ).......................— c* j trustee, or at Eliot Nat. Bank, Boston.
Louisv & Nor Ry & Ltg d ebs-.
422,000
6%
Ind ft Louisv Trac Ry 1st M , 1912
f ___
___
995,100 Apr. 1 1942
5 g A-O
$1,500,000 g ($100, $500 _& {Int. at Colonial Trust C o., Pttsburgh,
■
$1,000) _____________ Ctf*l Trustee.
United Gas & El Co 1st mtge) 1902 5 g J-J
543,000
See text
$750,000 ($1,000) gold _.c*}ln t. at Cont. ft Com. Tr. & S. B ., Chicago
I trustee, and at Eliot Nat. Bank, Boston.
United Gas & El Co 1st consol) 1904 5 g J-J
141,000
See text
mtge $1,500,000 gold ($500}lnt. at Cont. ft Com. Tr. ft S. B ., Chicago
and $1,000)____________ c*j trustee, or at Eliot Nat. Bank, Boston.
Central Indiana Ltg 1st & ref) 1907 5 M -l 1
831,000 M ay 1 1927
$2,500,000($500&$l,000)c*/Int. at Columbia Trust C o., trustee.
Peoples Gas Elec & Htg 1st M l ____
5 J-D 1
94,000 June 1 1931
(Int. at Con.ftCom .T.&S.Bk.,Chic., trustee
Shelby County Water, Gas ft] 1910
5 M -S 1
211.800 Mar 11930
Elec 1st M $500,000 ($100,}ln t. at Cont’l-Eqult. Title & Trust Co.,
$500 and $1,000)_______ c*| Phila., trustee; A. D . Ogborn, New Castle
J Ind., co-trustee.
5%
129,000 __________
Franklin Wat Lt & Pow 1st M _ ____
Indiana Public Serv Co 1st M _ ____
5%
100,000 ___________
Bonds.— The 1st Mtge. & ref. 6% bonds, ser A, are red. all or in part at
any time after Jan. 31 1928 on 30 days’ notice at the following prices and
accrued int. On and from Feb. 1 1928 to Feb. 1 1933 at 105; on and from
Feb. 1 1933 to Feb. 1 1938 at 104; on and from Feb. 1 1938 to Feb. 1 1943
at 103; on and from Feb. 1 1943 to Feb. 1 1945 at 102; on and from Feb. 1
1945 to Feb. 1 1947 at 101; on and after Feb. 1 1947 at par. Series “ B ”
are red., all or in part, at any time subsequent to Dec. 31 1933, upon 30
days’ notice, at the following prices and interest: 107)4 if redeemed during
the five years end. Dec. 31 1938; 105 if redeemed during the five years end.
Dec. 31 1943, and if redeemed subsequent to Dec. 31 1943, but on or before
Dec. 31 1947, at 1023^ less )4 o f l % for each year or part thereof elapsed
after Dec. 31 1944, and if redeemed after|Dec. 31 1947 at par. The com
pany agrees to reimburse the holders o f the 1st mtge. & ref. Series A and
IRONWOOD, MICH.
IRONWOOD & BESSEMER RA ILW A Y & L IG H T CO.
As of June 1 1922 all the property and business of the co. was acquired
by the Lake Superior Dist. Power Co., which is controlled by the Middle
West Utilities Co. (see “ Railway & Industrial” Supplement). Practically
all the bonds c f the Ironwood & Bessemer Ry. & Light Co. were retired at
time of acquisition by the Power Co. For history of Ironwood & Bessemer
Ry; & Lt. Co. up to time of merger see “ Electric Railway” Supplement of
Oct. 28 1922.
ISHPEMING, MICH.
MICHIGAN GAS & ELECTRIC CO.— Controlled by the Middle
West Utilities Co.
ORGANIZATION.— Incorporated in Maine on N ov. 19 1906 a*
the Houghton County Gas & Coke Co. Name changed to the
above Feb. 14 1917. The company acquired, effective Jan. 1 1917, the
Constantine Hydraulic C o.. Three Rivers Light & Power C o., Three Rivers
Gas C o., Milling & Power C o., and the Marquette County Gas ft Elec. Co.
excluding the street railway, which see below).
All the outstanding 1st mtge. 5% bonds of the Three Rivers Gas Co. were
called for payment Apri 11 1924 and have therefore been eliminated from the
table below. V. 118, p. 802.
55
ELECTRIC RAILWAYS
A pril, 1924.]
Outstanding. Maturity
$775,000
...............
6%
400.000 Apr 24,1 H %
251,500 Apr 24,1 % %
7%
713,600
Jau 1 1932
,1 1917
5 g J-J
(Central Trust Co. i ’ Illinois. Chicago, trustee.
372.000
Jan 1 1930
1
6 g J-J
M Co G & El 1st M $1,000,-■ 1910
000 ($1,000) gold____c*.tf/F irst Trust & Say. Bank, Chicago, trustee
56.000
See text.
Hough Co Gas & Coke Col 1906
5 g F-A
$350,000 ($1,000) g -.c*.tfjC en tral Trust Co. of Illinois, Chic., trustee.
228,000
Apr 1 1925
Constantine Hydraulic Col 1905
5 g A-O
$250,000 ($1,000) gold.c.tf/C entral Trust Co. of Illinois, Chic., trustee.
Bonds.— The 1st & ref. 5s are secured, in addition to their lien on the
property, by pledge of entire capital stock (with exception of directors'
shares) of the Marquette County Elec. By. Co. Sufficient are reserved to
retire prior liens and the balance for corporate purposes. Are callable at
102>6 & Int. on or before Jan. 1 1927 and at 101 < Int. from Jan. 1 1927 to
fc
Jan. 1 1931 on three weeks’ notice. Of the $365,000 Marquette County
Gas & Elec. Co. 1st 6s reported outstanding, $139,000 have been assumed
by the Marquette County Elec. R y. Co. (see below), which has acquired
and owns a part of the property upon which the mortgage is a lien. Sinking
fund o f 1% from 1913 to 1915 and 2% thereafter. Are callable at 105 on
any Int. date. The Houghton County Gas & Coke Co. 1st 5s are due seri
ally on Feb. 1 as follows: 1925-29. $6,000 per annum; in 1930, $10,000, and
in 1931 the remainder. The 1st M . 5s o f the Constantine Hydraulic Co.
are subject to call at 105.
OFFICERS.— Pres., L. E. Myers; V.-Ps., G. W . Hamilton. Paul B.
Simons and Rov Campbell: Sec . R E McKee: Asst. Sec.. B. A Waindl;
Treas., O. E. McCormick. Chicago. 111. Chief operating office. 72 West
Adams St., Chicago, 111. General office, Ishpeming, M ich.—-V. 118, p. 802.
(a) T he M arquette C ounty Electric R y. Co.— Organized with $25,000
capital stock (all o f which, with the exception of directors’ shares. Is owned
by the Michigan Gas & Elec. Co.) Property leased to the Michigan Gas &
Elec. Co. under general contract which provides for payment of bond in
terest, operating expenses and upkeep. The company has assumed $139,1
000 of the 1st M . bonds of the Marquette County Gas S El. Co.
c
Date.
STOCK AND BONDS—
Interest.
-
Pref cum $400,000 ($100).
Prlor lien stock $750,000
ITHACA, N. Y.
IT H A C A T R A C T I O N C O R P O R A T I O N .
In Jan. 1918 Ford, Bacon & Davis, N . Y . City, acquired a substantial
Interest in the Central N. Y . Southern R R . Corp., which controls the
Ithaca Traction Corp. (but see V. 116, p. 615).
ORGAN IZATION .— Incorp. in N. Y. Mar. 30 1914 as successor of the
Ithaca Street R y. sold at foreclosure under bondholders’ reorganization plan.
The new co. is controlled by the Central N. Y. Southern RR. Corp., an al
lied steam road, by ownershipof all the ($400,000) outstanding stock and all
($488,000) outstanding 1st fe ref. bonds. The Central N. Y. Southern RR
Corp. Is a reorganization of the New York Auburn & Lansing R R . and is
capitalized as follow s: Common stock, auth.. $1,275,000; outstanding
$375,000. Pref. stock, auth. and outstanding. $725,000;and 1st and coll
trust 5s due 1964. Auth. $4,000,000: out.. $1,000,000. (V. 99, p. 538.)
Default, &c.— The company having defaulted in the payment of princiDa'
o f (1) $175,000 Ithaca Street R y. 1st Mtge. 6% gold bonds due July 1 1922
(2) $75,000 Ithaca Street R y. 2d Mtge. 6% gold bonds due July 1 1922;
(3) $25,000 Cayuga Lake Electric R y. 1st Mtge. 6% gold bonds due June 1
1922, and the interest on the $488,000 Ithaca Traction Corp. 1st Refg.
Mtge. 50-Year 5% gold bonds due April 1 1964, the following protective
committee was formed and has called for deposits:
Bondholders' Committee.— Chairman Mynderse Van Gleff, Fredk. J
Platt. Sec., Chas. D . Bostwick. Depositary, Ithaca (N. Y .) Trust Co.
V. 115. p. 1837.
Reorganization Plan.— A plan for the reorganization o f the co. dated
N ov. 1 1923 provides for the exchange and payment o f present outstanding
securities on the following basis:
Table of Exchange of Old for New Securities and Cash.
-------- Will Receive------Existing Securities—
Outstanding.
Cash.
New 1st 6s.
Ithaca St. R y. 1st 6 s ........................ 175,000
$138,000
37,000
Ithaca St. Ry. 2d 6s_______________
75,000
_______
75,000
25,000
_______
25,000
Cayuga Lake Elec. Ry. 1st 6s_____
The $138,000 cash paid to the holders of Itahca St. Ry. 1st mortgage
bonds (remaining $37,000 owned by Cornell University) is tojbe realized
as follows: $52,500 from the sale to Cornell University o f the Apartment
House, the water power rights, old pipe lines, &c., located in the gorge ad
joining the Apartment House property; $85,500 from the sale of new 1st
mtge. Ithaca Traction Corp. bonds at par.
Holders o f the $488,000 1st & ref. 5s (which are all owned by Central
New York Southern R R . Corp.) will accept some form of stock in exchange
for those bonds and the mortgage will be discharged.
The reorganized co. shall have capital stock in such amount and shall be
divided into pref. and com. stock as the co. shall determine, subject to the
approval of the P. S. Comm. For further details and description of new
securities to be issued under the plan see V. 117, p. 2889.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock. $1,000,000............................ ........
*$400,000
...........—
lst&ref M $2,000,000, g, redf 1914
5 A-O
*488,000 Apr 1 1964
any int date at par&intc*tf f Columbia Trust C o., N . Y ., trustee.
Ithaca Street Railway 1st M l 1892
6 J-J
175.000 July 1 1922
$175,000 ______________t f j Int. at Farmers Loan & Tr C o., N. Y.
2nd M $75,000................ _ t f . . 1894
6 J-J
75.000 July 11922
Cayuga Lake El Ry 1st M .t f 1894
6 J-D
25.000 June 1 1922
* All owned by the Central N . Y . Southern R R . Corp.
Bonds.— Of the 1st S ref. mtge. 5s, $488,000 are Issued and are all owned
c
by the Cent. N . Y . So. Remaining bonds are reserved for future require
ments, including the retirement o f the three underlying prior lien as above
EARN ING S.— For year ending Dec. 31 1921: Gross, $245,318; net, after
taxes, $10,521. In 1920, gross, $299,666; net. after taxes. $19,420.
ROAD.— Owns and operates 11.47 miles o f track. Owns 29 motor cars
and 3 other cars. Rails. 80-lb. “ T .”
OFFICERS.— Pres., R. B. Williams, Ithaca, N. Y .; 1st V .-P ., & Gen
Ooun., Chas. E. Hotchkiss, 34 Nassau St.. N Y .: 2d V.-P. & Gen. M gr..
J. O. Nelson, Syracuse; Sec. & Treas., S. O. Stivers. New York.— V. 115,
p. 73, 1837; V. 116, p. 615; V. 117, p. 553, 2769, 2889.
JACKSON, MISS.
JACKSON PUBLIC SERVICE CO.
New Control.— The Arkansas Light & Power C o., Pine Bluff, Ark.
acquired control of the co. on March 12 1923.
Merger.—-In N ov. 1923 it was reported that the co. would be merged
into the Mississippi Power & Light Co.
ORGANIZATION.— Incorp. in Miss, in 1920 and took over the
property of the Jackson Light & Traction Co. (for history see “ Electric
Railway” Supplement o f Oct. 30 1920) as per plan in V. 110, p. 1973.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Capital stock, $600,000 ($100) ..........................
$600,000
__________
1st Mtge. Serial bonds $3.-) 1919
See text 1,304,000
Oct. 11934
000,000 $100, $500 & $1.000)c\Chicago Trust C o., Chicago. Trustee.
BONDS.— The 1st M tge. bonds bore int. at the rate o f 5% up to April 1
1922; since, at 6% . Of the remaining bonds $1,696,000 are reserved
for extensions under certain restrictions. A sink, fund o f an amount equal to
4 H % o f outstanding bonds is provided for beginning July 1 1924 to be
applied to the purchase or redemption o f these bonds at not over 102 and
int. are callable at 102 and int. on any int. date on 40 days’ notice. Int.
payable in New York and Chicago.
PRO PE R TY.— Owns and operates the street railway system in Jackson,
Miss., comprising about 14 miles of track. Also does the gas business and
supplies electricity for light, heat and power. Has city contract for street
lighting.
In Jan. 1924 the co. was auth. to issue $55,000 5% bonds, proceeds to be
used to pay for new equipment, &c. V. 118, p. 202.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $450,000 ($100)_________
_____ —
*450,000 ....................
Preferred 6% cum__________ _____
Q-F
250,000 - — - - - - - First mtge $600,000 ($1,000) T 1906
5 g J-J
494.000 Jan 1 1937
N o s f. Redeem at 1 0 5 „c f Fidelity S Columbia Tr. C o., Louisville, T r.
c
Bonds.— $106,000 bonds are held in treasury.
E A R N IN G S — For calendar year 1922, gross, $249,055: net, after taxes.
$64,547. In 1921, gross, $238,197; net, after taxes, $54,860.
ROAD.— Operates 7J4 miles of track. 72 T rails.
OFFICERS.— Pres., L. W . Botts; V.-P. & Gen. M gr., S. S. Bush’.
Sec., Geo. W. Lewis; Treas.. Fidelity & Columbia Trust C o., all of Louis
ville, K y.— V. 83, p. 95; V. 118, p. 202.
JACKSONVILLE, FLA.
JACKSONVILLE T RACTION CO.— Trolley.
Receivership.— On Oct. 30 1919 E. J. Triay was appointed receiver for the
company, following the refusal o f the public, through referendum vote, to
permit the company to increase fares from 5 cents. V. 109, p . 1700.
Receiver’s Certificates.— In Aug. 1920 the receiver was auth. by the
U. S. Dist. Court to issue $143,690 of receiver’s certifs., proceeds to be used
to pay State and county taxes and to meet the cost of street paving. V.
I l l , p. 692.
ORGANIZATION.— Is a re-incorporation In Mass. In March 1911 (V.92,
p. 881) of the Jacksonville Elec. C o., which was a consolidation of the Jack'
sonville St. R y. C o., the Main St. r R . C o . and the Jacksonville Elec. Lt.CoStock of old company was exchanged, share for share, for stock of new com*
pany. Railway franchise, expires in 1932. Does entire electric railway bus
iness In Jacksonville. $350,000 com. stock is held by Pub. Serv. Invest. C o.
The co. being unable to refinance the $750,000 6% notes due M ar. 1 1919,
the following protective committee was formed and has issued a call
for the deposit of Ihese notes. A sufficient majority of the noteholders
have assented to the deposit agreement to Insure the success of this measure.
V. 108. p. 1275. In April 1920 we were Informed that over 95% of the
notes had been deposited.
Committee for 2-Year 6% Notes.— Allan Forbes, Stedman Buttrick
Orrin G. W ood, Edwin S. Webster. Depositary, State Street Trust C o .1
Boston, Mass. V. 108, p. 1275.
Fare Increase.— In Jan. 1921 the co. was auth. by the Fla. R R . Commis
sion to charge a 7-cent fare. V. 112. p 372. A petition for an injunction
restraining the co. from collecting the 7 cent fare was denied. Vol. 112
p. 932.
Fare Decision.— In N ov. 1922 the Supreme Court upheld an increase of
passenger rates from 5 to 7 cents between Jacksonville and Ortega, Fla.
V. 115, p. 2267.
Valuation.— See V. 111. p. 2140.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common $1,500,000 ($100)_______
$1,000,000
Seetext
Pref 6% cum S1.000,000(5100)____
6 Q-F
500,000
Seetext
First consol mtge $5,000,0001 1911 5 M-S
826,500 Mar 1 1931
($500 and $1.000)___ c*tf j Int. at State Street Trust C o., Boston, Trus.
Jacksonv Elec 1st M (as-\ 1902
5 g M-N
1,245,000 M ay 1 1927
sumed) gold($l,000)c*_ntf (Int. at American Trust C o., Boston, Trustee.
2-year coupon notes $1,000,-1 1917
6 M-S
750,000 Mar 1 1919
000 g ($500 & $1.000) _ - C * flnt. at State St. Trust C o.. Boston, Trustee.
Stock.— $100,000 common stock not reported outstanding held in treasury.
Non-taxable in Massachusetts.
Bonds.— Of the 1st consol, bonds, $1,245,000 are reserved to retire Jack
sonville Elec. 1st M . and $2,667,000 are for additions and improve
ments at 80% of cost. Subject to call on any int. date as a whole or in part
for sinking fund at 105 and int. Future issues of these bonds may Dear
interest at a lower rate than 5% if so determined by the directors. Sinking
fund, 1 % per annum of bonds out began Mar. 1 1917. V. 92, p. 1564.
$92,500 in sinking fund canceled and $169,000 in treasury. Jacksonville
Elec. Co. bonds are subject to call as a whole at 105 and interest on any
Interest date. A sinking fund of 1% annually of bonds out commenced
May 1 1907, which may be used for extensions and improvements or in
purchase of bonds. $5,000 bonds have been canceled. The coupon notes
are callable as a whole at 100 and interest on 30 days’ notice.
Dividends.— Paid 1 M % quar. on pref. to M ay 1915: in Aug. ’ 15 paid
%
and same rate quar. to and incl. N ov. 1916. Feb. 1917 div. passed. (V. 104,
p. 361). None since. On old Electric Co. com. 6% ann. from Aug. 1 1905 to
Aug. 1 1910, when rate was increased to 7% and same amount paid to
Feb. 1911. On new Traction Co. com. initial div.— \M% — paid in May
1911; same rate auar. to and including Nov. 1914. None since.
EARNING S.— For 12 months ending June 30 (no later published):
Year—
Cross. Net (aft. Tax.)
Interest. Sk.,& c.,Fds. Surplus.
$152,265
$177,139
........... def. $24,874
1919............... $1,025,601
1918...............
781,551
241,029
170,427
...........
70,602
R O A D .— Operates 65.12 miles of equivalent single track. Has 126 cars.
Gauge 5 feet. Power plant capacity, 2,400 k. w.
OFFICERS.— Pres.. Geo. J. Baldwin, N .Y .; V.-Ps., Chas.F.W.WettererHarry H. Hunt and Victor D. Vickery; Treas., Henry B. Sawyer; Clerk,
Wm. T . Crawford; M gr., Hardy Croom, Jacksonville, Fla.; Gen. Mgrs.;
Stone & Webster M gt. Assn., Boston.— V. 112, p. 372, 932; V. 113, p. 628,
V. 115, p. 2267.
________________
JAMESTOWN, N. Y.
JA/WESTOWN STREET R A IL W A Y — Trolley.
ORGANIZATION.— Incoroorated Oct. 18 1883. Franchise runs till 1982We are advised that the $300,000 1st mtge. 6% bonds, which matured
Jan. 2 1923, were being retired through local banks. Int. at the rate of
6% per annum is being paid on any bonds still outstanding.
STO C K A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
CHAUTAUQUA T RACTION CO.— A trolley road.
ORGANIZATION.— Incorporated In New York on March 7 1903. Ie
controlled by the same Interests as the Jamestown Street R y .
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($100)...........................................
$500,000 ...................
First mtge, $600,000. gold! 1904
5 g A-O
600,000 April 1 1934
($1,000)________________ Clint at Title Guar. & Tr. C o., N . Y ., Trustee
Current liabilities Dec. 31 1923 ____
_______
919,266 _________ Bonds.— No sinking fund and are not subject to call.
EARNING S.— For year ending D ec. 31:
Year—
Gross.
Net.
Oth.Inc. Chgs.ATax.
Deficit.
1923_______$151,682
def.$46,542
_____
$91,083 $137,626
1922............ 180,361
def. 7,340
______
85,659
92,999
ROAD.— Operates 26.73 miles of track from Lakewood, where connec
tion is made with the Jamestown St. R y., to Mayville, there connecting
with the Pennsylvania R R ., and to Westfield, N . Y..connecting there with
the Lake Shore & Mich. South, and the N . Y . Chicago & St. Louis Ry.
Standard gauge; 80-lb. T rails.
OFFICERS.— Pres., A . N . Broadhead; V .-P ., W m. Broadhead; Treas..
8. B. Broadhead; Sec.. W . R . Reynolds; M gr., Geo. E . M altby.
JACKSON, TENN.
JACKSON RAILW AY & LIGHT CO.
ORGANIZATION.— Incorp. in Tennessee in June 18 1906, and Is suc
cessor to the Jackson S Suburban Street Railroad Co. Franchises expire
c
In 1963. Does lighting and power business in addition to street railway.
M a tu r ity .
Stock $250,000 (par $50).....................................
$250,000
First mortgage $300,000 gold t 1893
6 g J-J
300.000 Jan 2 1923
($1,000)_______________c * /In t. at Guaranty Trust C o., N . Y ., Trustee.
Current liabilities Dec 311923 ____
_______
2,483,907
EARN ING S.— For years ending Dec. 31:
Year—
Cross.
Net.
Oth.Inc. Chgs.ATaxes.
Balance.
1923— .......... $399,923
$49,477
$69,407
$126,135
def. $7,252
1922 ______ 408.487
42,313
85,902
132,512
def. 4.297
1921
417.540
29,568
97,165
154,681
def. 27,948
ROAD.— Owns 26.545 miles of track. 61 cars, 2 sweepers.
OFFICERS.— Pres., A . N . Broadhead; Sec. Sc Treas., S. B. Broadhead; Gen. M gr.. G. E. M altby, all of Jamestown.
JERSEY CITY, N. J.
PUBLIC SERVICE CORPO R ATIO N .
See statement and map under "Newark. N . J.”
56
ELECTRIC RAILW AYS
JOHNSTOWN, PA.
JOHNSTOWN TR AC TIO N C O — A trolley road.
ORGAN IZATION .— Incorp. In Pennsylvania on Feb. 24 1910. Was
Incorporated originally to take a lease for 18 years from Jan. 5 1910 of the
Johnstown Pass. Ry. from the American Rys. (Phila.). In Jan. 1914 the
Johnstown Pass. Ry. and the Johnstown Trac. Co. were merged under the
title of the Johnstown Traction C o., the American Rys. Co. having sold its
interests. Franchises perpetual. Through its subsidiary, the Traction
Bus Co., operates bus lines as feeders. V. 116, p. 515, 1411.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common 11,000,000 par S50.................................
$875,000 ...................
P f $1,000,000 7% cum ($100)...............................
1.000,000 .................
First & ref M $5,000,000 s ft 1913
5 g J-J
2,000.000 July 1 1943
($500, $1,000) g o ld ..c*n tf(L oga n Trust C o., Philadelphia. Trustee.
JohnsPassRy conM ,$800,0001 1899
4 g J-D
399,000 Dec 1 1929
g($ 1.000) red any intday c » t f ) Int. at Guaranty Tr. C o., N . Y ., Trustee.
Johns Pass Ry ref M $2,000,-1 1901
4 g J-D
1,601.000 Dec 1 1931
000 gold ($1,000)___c*ntf/Interest at Johnstown Trust C o.. Trustee.
Bonds.— Of the first & ref. mtge. $2,000,000 are reserved to retire Johns
town Pass. Ry. 4s; the remainder ($1,000,000) reserved for future exten
sions, &c. Red. at 102 and int. Sinking fund of 1% annually began Oct. 1
1917. Of the Johnstown Pass. mtge. of 1901, entire issue may be called
at any time at 105 upon six weeks' notice.
EARN IN G S.— For years ending Dec. 31:
Gross.
Net .aft.Tax. Bond Int. Bal. .Surv.
1922 .................................. $1,194,573
$270,059
$185,166
$84,893
1921
............................... 1,253,777
280,953
188.600
92,353
ROAD, &C.— Owns and operates under perpetual charter and franchise
the entire street railway system of Johnstown, Pa., and vicinity. Total
trackage, 43 miles.
OFFICERS.— Pres., E. M . du Pont.— V. 115, p. 543; V. 116, p. 515, 1411.
JOLIET, ILL.
AURORA PLAINFIELD & JOLIET RR.
This Is the division of the former Joliet & Southern Traction, extending
from Joliet to Aurora. 20 miles, and 2 miles of track in Joliet, purchased by
the bondholders' committee at foreclosure sale in Feb. 1914. Was known
as the Aurora Plainfield & Joliet Ry. up to Oct. 1 1920. when the property
was purchased by the present co
V. i l l , p. 1565. Capital stock, com..
$266,"i00. pref. $266,000. 1st Mtge bonds. $225,000. Total revenues for
the year ended Dec. 31 1922. $128,016; net, after taxes & deprec., $19,946;
In 1921, total revenues, $148,404; net, after taxes & deprec.. $23,149.
For the division of the old Joliet & Southern Trac. C o., extending from
Juliet to Chicago Heights, see Joliet & Eastern Traction Co. above. Pres.,
F. K . Shrader, Chicago; Gen. M gr., R. A. M oore.— V. I l l , p. 1565.
BLOOMINGTON PONTIAC & JOLIET ELEC. R Y .— A trolley road
ORGAN IZATIO N .— Incorporated in 1903. Private right of way except
In cities, where franchises run 50 years.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $2,500,000 ($100)......... - .........................
$95,500 __________
First mortgage $2,500,000 g\ 1905 5 g M-S
300,300 Sep 1 1935
($100, $500 and $1,000)__ (Int. at Cont. & Comm. Tr & S. B., Chic.,Tr.
Int on bonds Is guar, from Mar. 1 1916 by the Pub. Serv. Co. of Nor. 111.
E A R N IN G S.— For year ending Dec.31 1922, gross, $28,743; net, (after
taxes of $3,120), loss $25,941.
OFFICERS.— Pres., J. L. Hecht; V .-P ., H. P. Sedwick; Treas., J. H.
Gulick; Sec., Geo. R . Jones.— V. 85, p 1004; Y. 90, p. 235; V. 96, p. 651.
KANSAS CITY, MO.
KANSAS C IT Y RA ILW A YS.
Receivership.— On Sept. 9 1920 Judge Stone in the U. S. Dist. Court for
the Western Division of the Western District of Mo. at Kansas City. M o.,
appointed Frank Co. Niles temporary receiver for the co. on application of
the Kansas City Refining Co. V. I l l , p. 1083, 1278, 1472, 1566. On Oct
26 1920 Judge Stone of the U. S. Circuit Court of Appeals appointed Fred W
Fleming and Francis M . Wilson perm, receivers for the co. V. 111, p. 1752.
OR G A N IZA TIO N .— Organized under Missouri laws June 6 1914 and
on Feb. 15 1916 took over the properties of the Metropolitan Street Ry.
Kansas City Elevated Ry. and Kansas City & Westport Belt Ry. in ac
cordance with the plan of reorganization of the Kansas City Ry. & Lighi
Co. in V. 101. p 614. 689. 1628. Owns and operates entire street rail
way system serving Kansas City and Independence. M o., Kansas City and
Rosedale, Kan.. and Jackson County M o.: population served, over 450,000
Franchise Ordinance, d-c.— For summary of franchise under which com
pany operates see “ Electric Railway” Supplement of Oct. 28 1922. See
franchise ordinance in detail in V. 99, p. 196, and also V. 99, p. 119. The
company’s franchise in Kansas City, Kan., expired by limitation on Dec. 15
1922. but service has been continued without interruption. V . 116,p. 1889.
Freight Service.— Operates an express and freight service between Kansas
C ity and Independence, M o., and Dodson, M o, See also V. 107, p. 905.
Valuation.— See V. 112, p. 652.
Fares. <% On June 2 1918 was auth. by the Mo. P. S. Comm, to
c.—
Increase fares from 5 cents to 6 cents, effective July 15 1918 for one yearOn Sept. 7 1918 Chief Justice Bond in the Missouri Supreme Court over
ruled the action of Circuit Judge John G. Slate (who refused to permit the
co. to file a supersedeas bond in the 6-eent fare case, thus giving the city a
6-cent fare.) and auth. the co. to continue charging a 6-cent fare, pending
final decision by the State Supreme Court. V l07, p. 1192. This decision
was handed down on Dec. 31 1918 and upheld the ruling of the Mo. P. S
Comm. V. 108. p. 171. The city appealed to the U. S. Supreme Court,
but on Nov. 10 1919. that court upheld the ruling of the lower court
V. 109, p. 1891. On July 11 1919 the Mo. P. S. Comm. auth. the co. to
Continue the 6-cent fare, pending investigation by the Comm, of the cos
application for auth. to charge a 10-cent fare with tickets at 2 for 15 cents
V. 109. p. 270. On Aug. 20 1919 the co. was auth by the Mo. P S Comm
to increase fares from 6 to 7 cents On Dec 14 1919 the Mo P. S. Comm
auth. the co. to increase fares from 7 to 8 cents, tickets to be sold at 2 for
15 cents and 5 for 35 cents. See also V. I l l , p. 2520: V. 113. p. 2080
Effective May 18 1922„ the 8-cent fare in Kansas Citv was extended for
eix months by the Missouri P. S. Comm. V. 114. p. 2580. In Nov. 1922
was again extended by the Commission for an additional six months' period.
V . 115, p. 2478. In M ay 1923 was further extended for a period of four
months. Y. 116. p. 2255. In Sept. 1923 was again extended for 6 months
from Sept. 18 1923. V. 117. p. 1663. Effective Jan. 2 1920, Federal Judge
John C. Pollock auth. an increase in fares in Kansas City, Kan., from 6 to 8
cents. The order restrains the Kansas P. U. Comm, from enforcing its
6-cent fare order and enjoins interference with the collection of 8-cent fare-.
V. 110, p. 167. The Kansas P. U. Comm, has appealed to the U. S.
Supreme Court.
In April 1920 the M o. P.S.Com m .denied theco’s. application for auth.
to increase fares from 5 to 8 cents in Independence. Auth. to Increase
fares to 10 cents between Kansas City and Independence was granted,
effective April 1 1920. V. 110, p. 1526.
Jitney Regulation.— V. 112, p. 1399; V. 113, p. 848.
In Feb. 1918 the M o. P. S. Comm. auth. the co. to Issue $1,151,830 addi
tional capital stock, representing improvements made since M ay 1 1915
Up to Oct, 11 1922 this had not been issued
On Aug. 27 1919, Eastern bankers loaned the co. $1,000,000 on the
personal endorsement o f J. Ogden Armour.
► The $1,000,000 6% ser. “ A ” coll, notes due Dec. 1 1919 were not paid
when due. nor has any Int. been paid on same since June 1 1919. V. I l l ,
p . 1278, 1752.
The $7,750,000 7% coll, notes due M ay 15 1921 were not paid at maurity. V. 112, p. 2083.
Interest Payments.— The July 1 1919 int. on the co’s. 1st and 2nd mtge
bonds was paid Aug. 28 1919. V. 109, p. 982. Compare Y. 109, p. 173
Subsequent int. not paid when due. The int. due Nov. 15 1919 on the
co.'s 3-yr. 7% notes having been defaulted and in view of the fact that
further defaults were impending, a committee was formed to protect the
interests of holders o f all the co .’s bonds and notes. V. 109, p. 1986. On
M ay 1 1922, however, the general protective committee ceased to serve as
[V ol. 118.
such in connection with the 3-yr. 7% coll, notes, 2-yr. 6% coll, notes ana
2d mtge. bonds, so as to confine its representation to the 1st mtge. bonds of
the co. The committee for the 1st mtge. 5s as at present constituted con
sists of:
Committee for First Mtge. 5s.— Chairman, Melvin A. Traylor; J. K . New
man, Willits Pollock, John W . Stedman, J. F. Downing, Geo. K. Johnson;
Sec., Jas. J. Fitzgerald, First Trust & Savings Bank, Chicago. Compare
V . 110, p. 2568. See also statement by committee in V. 116, p. 1889.
Depository for ls( M . Bonds.— First Trust & Savs. Bk., Chicago, 111.;
Chase Nat. Bank, N. Y .; Penna. Co. for Insur. o f L. & Gr. Annuities,
Phila., Pa.; Old Colony Trust C o., Boston, Mass.; First Nat. Bank, Kansas
City, M o.; First Wisconsin Trust C o., Milwaukee, Wis.; St. Louis Union
Trust Co., St. Louis, M o.
A separate committee composed partly o f the members of the original
general committee has been formed to represent the holders of the co.’s
3-yr. 7% coll, notes, Series “ A ,” & “ B ,” and 2-yr. 6% coll, notes. Series “ A ”
only; such committee consisting of;
Committee for 3-Yr. & 2-Yr. Coll. Notes.— Chairman, Gerhard M . Dahl;
Frederick H. Ecker, Henry C. Olcott, H. L. Stuart, Harry A. Wheeler;
Stanley Clarke, Sec.. 61 Broadway. N. Y . City.
Depositories for 3-Yr. and 2-Yr. Coll. Notes.— Conti. & Comml. Trust
& Sav. Bank, Chicago, 111.; Chase Nat. Bank, N. Y .; Penna. Co. for Insur.
of Lives & Granting Annuities, Phila., Pa.; Old Colony Trust C o., Boston,
Mass.; New England Nat’l Bank, Kansas City, M o.; First Wisconsin Trust
C o., Milwaukee, Wise.; St. Louis Union Trust C o., St. Louis, M o.
In 1923 a reorganization committee was formed through action taken by
the committee for the 1st mtge. bonds and by the committee representing
the coll, notes.
Reorganization Committee.— Chairman, M elvin A. Traylor; H. L. Stuart,
J. K. Newman, J. F. Downing, P. W . Goebel. See preliminary report of
reorganization committee in V. 117. p. 2652.
Committee for 2d Mtge. Bonds, Ser. A and Ser. B.—Chairman, Eugene
V. R. Thayer; Fredk. J. Horne, H. P. Wright; Sec., Boyd G. Curts, 100
B'way, N. Y. City. Depositaries: New York Trust C o., N. Y .; Nat.
Shawmut Bank, Boston; Illinois Merchants Trust C o., Chicago, and
Commerce Trust C o., Kansas City. Deposits have been called for. For
statement by committee -see V. 117, p. 2542. Committee to oppose
proposed reorganization plan. See V. 118, p. 550.
Stock solders' Protective Committee.— Chairman, James E . Gibson; O. DParker, Robt. M . Goodlet, Henry Florsheim. Edw. J. Corrigan. V. I ll*
p. 2228.
Validity of 1st & 2d Mtge. Bonds Questioned.— See V . 112 p. 652.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
A-O
See text,
See text.
Capital stock____________ ________
5 g J-J
$15,917,400 July 7 1944
1st mtge goid______c*&r*cpt 1915
6 J-J
3.924.000 July 7 1944
Id M ($4,291,000) Series A __f 1915
5 J-J
1,000,000 July 7 1944
__ ______________________ _ 1915
do ($1,000,000) Series B -.-l ____
Redeemable at 103 and Int. (New York Trust C o., N. Y .. trustee.
Coll gold notes Ser “ A " ($100,\ 1917
6 g J-D
1,000.000 Dec 11919
May 15 21
$500 and $1.000)____c* .tf( 19187 g M-N15 7,750,000
[Continental Tr. & S. Bk.. Chicago, trustee.
Deferred injury & dam’ge ctfs_ 1915
See text
126.297 July 1 1944
Mtged notes on purch’d p ro p .. 1918
5 & 6%
15,000 -----------------Stock.— The capital stock, fully paid up, Is in the nominal sum of $100,000
and is represented by 62,716.7 preferred and 63,620-5 common parts of no
par value. Trustees for the stock are Robert J. Dunham, Charles W .
Armour aDd Charles N. Black. It is provided that whenever a corporation
can be lawfully formed with pref. and com. shares of no specified par value,
with authority to take over the stock of another corporation as Its assets,
the trustees shall cause one to be organized and shall turn over to it the stock
In their custody, the beneficial certificates to be canceled and replaced by
pref. and com. shares.
Notes.— The 3-year notes are secured by $10,651,000 1st M . bonds, of
which $8,076,000 were originally issued as 5% bonds, but upon which the
co. pays an additional 1%; the remaining $2,575,000 were issued as 6s.
The former are pledged at 75% and the latter at $2% . Additional notes
may be issued only upon pledge of additional 1st M . 6% s in these ratios,
or at the co.'s option, upon pledge of 1st M . 5s at 70% . Red. all or in
part upon 3 0 days' notice.at 100 & int. Tax refund in Penn. The 2-year coll
notes outstanding are secured by $1,219,600 6% 1st M . bonds. -Red., all or
part, upon 30 days' notice at 100 & int. Int. on both payable in N . Y . or
Chicago without deduction of normal Federal income tax of 2 % . V. 105.
p. 2543; V. 107. p. 181.
First Mortgage Bonds.— Of the $15,917,400 1st Mtge. bonds now out
standing $10,150,200 were issued under plan of reorganiz ition in retirement
of securPies of predecessor companies, the remaining $5,767,200 being issued
for the retirement of receivers’ certificates, cash requirements of reorgani
zation and $500,000 for capital improvements to be made in the immediate
future. In addition to the $15,917,400 of bonds outstanding, $10,141,000
are pledged as security for the 3-Year 7% coll, notes, $1,219,600 as security
for the 2-Year 6% coll, notes, $510,000 as security for an issue of $418,000
3-Year 7% coll, notes, $230,000 as security for Judgments in damage suits,
and $55,000 are held in the treasury, making a total of $28,073,000 issued.
$8,076,000 of pledged 1st mtge. bonds originally issued bearing interest at
5% . have been modified by agreement to bear 6% and the remainder are 6%
bonds. Additional bonds may be issued for new construction, additions,
extensions, &c. (in Missouri only on certificate of Board of Control), in
the ratio of $1,000 of bonds for each $1,100 expended. Denominations:
c* $1,000, $500. $100: r* $1,000, $5,000 and $10,000. Interest payable
in New York, Chicago or Kansas City. Callable as a whole or in part at
103 and int. on any int. date on 60 days' notice. Trustee, Continental &
Commercial Trust & Savings Bank, Chicago. See V. 102, p. 2254.
Second Mortgage Bonds.— A sinking fund of $105,820 per annurn, which
began Jan. 1 1916, is expected to retire issue by maturity. $366,400 In
sinking fund and $600 in treasury (not included in amount reported outitandlng) as of June 30 1920.
Deferred Injury and Damage Certificates.— Issued at par In exchange for
ill approved claims inferior to old bonds but superior to the stock, for
which no other provision was made in plan. Callable at par. Bear 6%
nterest, cumulative, payable only out of net earnings. Not a lien on physi
cal property, but status, as against owners of the stock, is substantially
ilmilar to that of a preferred stock.
Dividends.— An Initial dividend of $2 50 on the pref. beneficial certificates
was paid Oct. 1 1916. In 1917. April, $2 50; Oct., $2 50. April 1918
dividend omitted. V. 106, p. 1577. None since.
R E PO RT.— For years ending Dec. 31 1922 and 1921:
1921.
Years ending Dec. 31—
1922.
Revenue passengers carried_____________________136.076,541 130,843,482
63,880,843
Transfer passengers____________________________ 68,191,873
Total operating revenue________________________ $10,661,754 $10,474,048
$1,786,284
Net operating revenue___________________________ $1,910,711
$1,307,661
Net, after taxes_________________________________$1,377,118
$16,598
$14,134
Miscellaneous income__________________________
Gross income_________________________________$1,391,252
City's share____________________________________
________
$1,324,259
Company’s share_____________________________ $1,391,252
Miscellaneous non-operating Income— C o----------99,274
$1,324,259
45.753
Gross income— Company____________________ $1,490,526
Total deductions______________________________
1,909,031
$1,370,013
1.961,605
Net income__________________________________def$418,505 def$591,592
The total profit and loss deficit-, June 30 1920. after certain deductions,
was $6,631,996.
P R O PE R TY.— Over 214 5 miles of single-track equivalent, about 75%
paved; remainder on bridges r private right-of-way 1 power houses,
capacity 60,000 k w., and 13 sub-stations; 757 motor cars and trail
ers in addition to work cars.
DIRECTORS AND OFFICERS.— Representing the company: Chas.
W. Armour (Pres.); George S. Hovey, John G. Forrest, Herman P. Harbison
Edward P. Moriarty, and P. W . Goebel, all o f Kansas City, M o. Repre
senting the city: William T. Kemper, Frank C. Niles (V.-Pres.), Davis M .
Pinkerton, John W . Wagner and John H. Wiles. -H of Kansas Citv, M o.
I
J. A . Harder is Sec. & Treas., and Fred G. Buffe, Gen. M gr.— V. I l l ,
p. 1752, 1949, 2228, 2324, 2515. 2520; V. 112, p. 62, 652, 1399. 2083, 2190;
V. 113, p. 848, 1471, 2080, 2819; Y. 114, p. 2580; V. 115, p. 2478; V. 116,
p. 1889, 2255; V. 117, p. 1663, 2542, 2652; V. 118, p. 550.
KANSAS C ITY POWER SECURITIES CORE.
C on trol. — In Jan. 1924 the Continental Gas A Elec.^Corp. acquired
control o f the co. Y. 118, p. 550. Compare V. 117, p. 2323.
ORGANIZATION — Incorp. in Illinois on March 8 1921. Owns all the
com. stock of Kansas City Power & Lt Oo. See that company below.
CAPITAL STOCK.— Auth.. 50.000 shares common and 50 000 shares
pref. (no par value). Outstanding. 40,000 com. shares and 40,000 pref.
shares The pref. shares carry a preference of 85 per share per annum,
cum., payable quar. and in case of dissolution or liquidation of the company,
to the er e 1' of 81 n nor ^haro and all unpaid, corned and accruing divi
dends thereon
$2,730,000 7% secured notes outstanding.
D iv id en d s. — On pref., $1 £ 5 per share was paid April 1 1921 and same
amount has been paid regularly quar. since. A div. of $2 per share was
paid on the com. stock in Dec. 1922. In 1923, M ar., $2: June. $2: Sept.. $2.
D ec., $2. In Jan. 1924 an extra of $2 per share was paid. V. 118, p . 1260.
In April 1924 $2 was paid.
OFFICERS.— Pres., Joseph F. Porter- V.-Pres., R . J. Dunham; Sec. &
Treas., Chester C. Smith.— V. 117, p. 2323; V. 118, p. 202, 550, 1260.
KANSAS C ITY POWFR & LIGH T CO.
All the com. stock owned by Kansas City Power Securities Corp., in turn
controlled by the Continental Gas & Electric Corp.
ORGAN IZATION .— Organized in Missouri July 29 1922 as a consolida
tion of the old Kansas City Power & Light Co. (for history see “ Electric
Railway” Supplement of April 29 1922) and Carroll County Electric Co.
V. 115. d . 413.
Electric lighting and power fra n ch ises in Missouri and in Kansas are, with
minor exceptions, perpetual. Steam heating franchises in Missouri run
for a period of 30 years from 1905. The company owns the entire capital
stock of the E lison Electric Lt. A Pow. C o., the Standard Elec. Lt. Co.,
the Kansas City Electrical Wire Subway Co., Kansas City Heating Co.,
Kansas City Power A Light Appliance Co., Kansas City Light A Power
C o., Kan.sas City Electric Ry. Co., Kansas City Electric Light Co.,
the Southwest Cities Investment Co., and the Electric Truck Co. Controls
the electric lighting and power business in Kansas City, M o., and furnishes
electrical energy in Wyandotte and Johnson Counties, Kan., and Jackson
Platte and Clay counties. M o., and furnishes steam heat to Kansas City,M o
Also operates an electric light and power business in Carroll, Chariton and
Howard counties. M o., and has coal rights in about 7.494 acres of valuable
coal lands. In Aug. 1923 was auth. to purchase the Sweet Springs (M o.)
electric light plant. V. 117, p. 787.
All the outstanding bonds of the old Kansas City Power & Light Co. and
the Carroll County Electric Co. (assumed by Kansas City Power & Light
Co. on the consolidation of the two companies) were retired from the pro
ceeds of rhe 821 .090.000 vi-ct Mtge. Series “ A” 5s and the «-'la 0f 25 000
shares first pref. and 50.000 shares com. stock. V . 115, p. 1328. In Feb.
1924 the co. issued $2 000.000 add’l 1st mtge. ser. “ A ” 5s, proceeds being
used to cover cash add’ns made to the property since Aug. 1922. V. 118,
p. 801. The co. has also been auth. to issue 10,000 add’l shares of 1st pref.
stock. V. 118. p. 801. Compare V. 117, p. 2548.
V a lu a tion . — See V. 115, p. 443; V . 117, p. 1468.
In terest.
O utstanding.
M a tu r ity ’
STOCK AND BONDS—
D a te.
_______
250,000 shs. Aug’23,81
Com 350,000 shares (no par)______
_______
None
________
Partic pref 100,000 shs (no p a r ) ____
1st pref Ser” A ” 250,000 shares
(no par)___________________ _____
87 Q-J 100.000 shs. Apr’24$1.75
First mortgages Series " A ” i 1922
5 g M-S $23,000,000 Sept. 1 1952
(see text) gold__________ t f fCont’ l , : Comm. Tr. Y S. R k.. Ohio.. trustee.
Stock. — First pref. stock is entitled to cum. divs. o f $7 per share per annum.
Preferred as t j assets (to extent o f $100 per share) and divs. Redeemable,
all or part, at $115 and div., upon 60 days' notice. V. 116, p. 443. Listed
on N. Y. Stock Exchange. V. 116. p. 418, 1185.
B on d s. — The lsi mtge. bond* are issuable in series under certain restric
tions for 75% of the cost of permanent impts.. Ac An annual maintenance
and depreciation fund of \2\4% of gross earnings is provided for. An annual
improvement fund of 1% of the amount of this issue outstanding beginning
Apr. 1 1927 is also provided for th:s fund to be applied to permanent impts..
additions. Ac., or to the retirement o f outstanding bonds of this issue
8eries “ A ” are issued in the following denoms. c*$100. $500 A $1.0 0
r $1,000, $5,000. $10,000 and $25,000; redeemable, all or in part, on 60 days'
notice, on or before Sept. 1 1946, at 105 and int.; thereafter on or before
8ept. 1 1950 at 1 0 2 and int.. and the’' H
.after at 100 and int. Penn. 4 mills
tax refunded. Int. payable in New York or Chicago. V. 115, p. 1328.
Listed on N. Y . Stock Exchange and Chicago Stock Exchange.
D ivid en d s. — An initial dividend o f $1 75 was paid on first pref. stock
Series A ” in Oct. 1922. Same rate paid reg, quar. since to and incl.
Apr. 1924. Divs. at the rate o f $4 per share per ann. are being paid on the
common stock.
EARNINGS.— For calendar years:
Cal. Y r .
Gross.
N et a ft.T a x
Oth. Tnc.
I n t ., A c .
D f.v r..A c.
Bal.. Sur.
1923___ $8,739,633 $4,230,162 $122,352 $1,110,38881,118,951 $2,123,176
1922___ 7,768,488 3,564,428 118,840 1,202,826 865,006 1,615,435
PR OPERTY.— Owns 4 electric generating stations, aggregate installed
normal capacity of 114.159 k. w, and 43 substations with transformer
capacity of over 126.598 k. v. a. Has 376 miles of high tension transmission
lines, 358 miles of underground cable and 1,478 miles of low tension dis
tributing lines. Of the installed capacity 90.000 k. w. is located at North
east Power plant, completed in Oct. 1920. This plant is now being increased
to 120,000 k.w. and has an ultimate capacity o f 240,000 k.w.
OFFICERS.— Pres., Joseph F. Porter; V.-P. & Sec. C. C. Smith; Treas.,
R . J. Clark; Aud., H. C. Davis.— V. 112, p. 25 42; V. 113, P. 2509; V. 114,
p. 1760, 1791; V. 115, p. 314, 443, 767, 1216, 1328, 1539, 1638. 1949;
V. 116, p. 418, 522, 1045, 1074, 1185; V. 117. p. 787, 1468, 2548; V. 118,
p. 558, 801, 1267, 1286.
KANSAS CITY CLAY COUNTY & ST. JOSEPH RAILW AY CO.
On July 5 1915 the Interstate Ry. Co. was awarded a verdict for $1.500.000 against the company and the estate of George Townsend by a jury Id
the Circuit Court in Its suit alleging that the defendant company had
built Its line between Kansas City and St. Joseph on a part of the right-ofway obtained by the plaintiff (V. 100. p. 130. 288). Case reversed under
stipulated agreement of settlement.
ORGAN IZATION .— Incorp. In Missouri In 1911 under a 200-year char
ter. In Jan. 1913 the line from Kansas City to Excelsior Springs. M o., was
opened, and on May 5 1913 opened for operation its line between Kansas
City and St. Joseph, 52\ miles. V. 96. p. 1423. Also handles freight.
4
In Dec. 1914 terminal service was begun to Kansas City for the Quincy
Omaha A Kan. City RR (C B A Q. system). See details In V. 99. p 1910
Valuation.— On Oct. 24 1917 filed a request with the Mo. P. S. Comm
for an addition of about $3,000,000 to Its valuation of $3,900,000 fixed
3 years previous by the Commission. The co. asked that a proper amount
be fixed for going value and for an additional amount for working capital.
Ac. V. 105. p. 1898. On Jan. 15 1920 the P. S. Commission fixed the
value of all the property as of July 31 1917 at $4,800,000. V. 110.p.562.
Freight Terminal.— The Kan. City Interurban Freight Term. Co. was In
corp. in Feb. 1917 to provide facilities in the city for handling tnterurbaD
freight and express matter. Stock auth. and issued. $100,000; bonds auth.
$100,000. of which $75,000 outstanding. The stock of the co. is owned by.
Interests associated with the Kansas City Clay County A St. Joseph Rv,
and the Kansas City Kaw Valley & Western R y. The terminal was opened
Oct. 10 1917. Robt. P. Woods is Pres.; J. F . Holman, V.-Pres.; E. S. Bige
low, Sec. & Treas.
STOCK AND BONDS—
Date.
Interest. O utstand ing. M a tu rity
Com $4.000.000 rsino,............... ......................
$2,450,000
See text
Pref 7% cum $6,000,000...................
7%
1.550.000 Apr. '24.114
3 .2 2 9 .0 0 0 s e p t 1 1 9 4 )
1st mtge $10,000,000 ($ l,-f 1911
5 g M-S
000 gold s f red at 105 after( Equitable Tr. Co., N . Y ., and J. F. Down
Sept. 1 1915________c*tf I Ing, Kan. City. Trus Int. payable N . Y,
Bonds.— Unissued bonds can only be issued for 80% o f the cost of per
manent additions and extensions, under conservative restrictions. Sinking
fund o f l± i% of bonds certified, began Sept. 1 1917.
Dividends.— On 7% pref. I H % , paid regularly quar. On common: In
1914, 214% paid; 1915. June, \ % % . In 1916, 4 H % . In 1917, 2 14%.
In 1918, 2*4% . In 1919, 2 H % . In 1920, 214%. In 1921, 3 3-16%.
1922, 1 H % .
EAR N IN G S.— For years ending Dec. 31:
S u rvlns
Cal. Yr.—
Gross.
Net. aft. Tax. Interest. A c., D ividends.
1923............. $1,235,041
$371,904
$163,493
$108,500
$107,950
1922............. 1,212.292
371,274
163,309
109.250
98,715
1921............. 1,186,707
324,565
155,872
127,500
41,192
57
ELECTRIC RAILW AYS
A pril, 1924.]
R O A D — Operates 51.9 miles between Kansas City and St. Joseph,
M o., and 27.7 miles between Kansas City and Excelsior Springs, M o .,
total 77.61 miles. 70 and 80-lb. T-rail; standard gauge. Passenger
equipment, 24 cars, 5 exp. motorcars, 20 express trailers, 10 other cars and
1 American electric ditcher. 1 electric locomotive.
OFFICERS.—Chairman o f Board & Pres., Allen G. Hoyt; V.-P. & Gen.
M gr., R. P. Woods; Sec. & Treas., W. S. Tuley.— V. 105. p. 2184, V. 160.
p. 607; V. 110. p. 562. 1849; V. 111. p. 1566; V. 112, p. 469. 2190.
KANSAS C IT Y . KAW VALLEY & WESTERN R A ILW A Y .
ORGAN IZATION .— Incorp. In Kansas July 28 1909. The line between
Kansas City and Bonner Springs was placed in operation July 20 1914. and
from Bonner Springs to Lawrence, Kan., on June 1 1916: total miles track
operated, 42.314. Gauge, 4 ft. SH In.; 70-Ib. T rail. 10 passenger cars;
2 electric locomotives; 3 express and baggage, 8 box and 14 dump cars.
The road as projected will extend to Topeka, 26 miles beyond Lawrence.
Connection Is made with the street railway system of Kansas City. Direct
freight connection at Kansas City with C. R. I. & P. Ry., K. O.-S. Ry.
xnd K O. Terminal Ry. At Bonner Springs with U. p . R R . and A. T.
& S. F. R R . Track connection at Lawrence with U. P. R R . With the
Kansas City Southern Ry. owns and controls the Kansas & Missouri Ry. &
Terminal Co. V. 118, p. 1910. Compare V. 117, p. 2109. F ran ch ise in
Lawrence extends to 1946.
4
K a n sa s City In teru rban Freight T erm in a l. — See Kan. City Clay County
3c St. Joseph Ry. above.
Interest. Outstanding.
Maturity.
STOCK AND BONDS— Date.
...........................
$7 40,500
............. Stock, $1,500,000 ($100)...................
___
6 g F-A 1,070.000
Aug 11924
lit M $2,500,000 gold _______ f 1914
($100) ____
$500 and $1.000)_ c * tflln t at First Tr. & Sav. Bk., Chicago. Trust.
_
General mtge, $812,500 gold/ 1914
6 g F-A
528.500 Aug 1 1924
(Int. at Com Tr. C o.. Kan. City, M o., Trus.
Bonds.— The issuance of first mtge. bonds for the construction of the
road Is limited to $20,000 per mile: additional bonds may only be Issued
for 90% of cost, of improvements. betterments, additions and extensions,
under conservative restrictions. Red., all or part, at 101 and int. on any
Int. date on 60 days' notice. $224,000 1st Mtge. bonds (included in amount
outstanding) are held in treasury. The gen. mtge. bonds are limited to
$12,500 per mile; callable at 101 and int. V. 102, p. 1625; V. 104, p. 452.
EARN ING S.— For calendar years:
In terest
S u rp lu s .
Year—
Gross.
Exp.
Taxes
Net.
$90,590
$57,006
$311,506
$147,596
1922.............. ..$459,102
86,790
66.651
19*1 - ................. 469.719
316.278
153.441
OFFICERS.— Pres.. K. D. Klemm, Kansas City. M o.; V.-P. A Gen.
M gr., W . R . Taylor; Sec. A Treas.. W . E. Barnhart; Aud., E. J. O’ Brien.
Office, 511 New Jersey Ave.. Kansas City. Kan.— V. 106, n. 2649; V. 107,
p. 1192; V. 110, p. 561, 1289; V. 112, p. 744 ;V. 118. p. 1910.
KANSAS C IT Y LEAVENWORTH & WESTERN RA ILW A Y CO.—
An electric road
ORGANIZATION.— Formerly Kansas City-Western Railway C o., for
history of which see “ Electric Railway” Supplement of April 30 1921.
Freight terminals In Kansas City. Kan., and Leavenworth. Kan.
STOCK AND BONDS—
D a te . In terest.
O utstanding.
d a tu rity.
Stock, $1.250,000_________________
_______
$1,015,800 ---------------Bonds. First Mortgage, $1.-1 1920
5%
925 600 July 1 1940
260 000 ___ ___________ iTnt.. at Cleveland Trust Co Cleveland O
R E PO RT.— For cal. year 1923, gross, $417,845; net, after taxes, $87,527;
int. on bonds. $46,580; bal., sur., $40,947. In 1922, gross, $448,515; net,
after taxes, $86,880; int. on bonds, $46,880; bal., sur., $40,000.
ROAD.— Owns aud operates 43.75 miles of road, of which about 18 miles
are within the city of Leavenworth and 2514 miles between Leavenworth
and Kansas City, Kan. Enters Kansas City, M o., over tracks of the
Kansas Citv Railways Co.
OFFICERS.— Pres. A Gen. M gr., C. F. Holmes; V .-P ., W . H. Holmes;
Treas. A Gen. Counsel, McCabe Moore; Sec. & Aud., E . V. Henderson.
General office, Kansas City, Kan.
MISSOURI & KANSAS INTERURB. R Y .— Known as “ Strang Line.”
ORGANIZATION.— Incorporated In Kansas under Gen. RR law. In
1909 receiver appointed the previous year was discharged, and old company
resumed control. V. 86. p. 1467; V. 89. p. 1281. Motive power changed
from Strang gasoline cars to electricity in 1908. V .8 7 .P .6 1 4 . Has private
right of way about 80 feet wide from Kansas City to Olathe.
STOCK AND BONDS—
D a te .
I n terest.
O utstand ing.
M a t u r it y ,
Stock $1,000,000 ($100)................. ..
.............
$1,000,000 ........... ........
First mtge gold ($1,000)____ c 1919 6 J-J
500.000
1934
Second mortgage $300,000( 1919 6 J-J
155.000 July 1 1934
($ 1 .0 0 0 )_________________ lin t, at Fidelity National Bank A Trust C o.,
I
Kansas C itv. M o.
Trustee.
EAR N ING S.— For calendar year 1923, gross, $159,480; net. $45,219.
In 1922, gross, $162,377; net, $44,309.
ROAD.— Operates 20 miles of road from Kansas City through Southridge, Morrison Ridge, Milburn Place. Overland Park and Lenexa to Olathe.
Enters Kansas City over tracks of the Kansas City Rys. 70-lb. rails.
Has 13 cars including passenger and freight.
OFFICERS.— Pres.. Henry O. Flower; V.-P.. Lester W. Hall: V.-P. St
Gen. M gr.. Thos. Riley; Sec. A Treas., H. B. Leavens; Aud.. E. H. Stair.
General offices, Overland Park. Kan.— V 87. p. 614; V. 89, p. 1281; V. 109.
p. 477.
___________
K E N N E B U N & , M E.
Y O R K UTILITIES CO.
ORGAN IZATION .— Organized early in 1923 in Maine, and on Feb. 1
1923 took over the property of the Atlantic Shore R y. (for history see
“ Electric Railway” Supplement of Oct. 28 1922) as per plan outlined in
V. 1 1 6 , p. 615. No provision was made for the stock or non-assenting
bond Holders of the predecessor co
It was reported that the company on Mar. 31 1924 would discontinue
railway service between Kennebunk and York Beach, Me. V. 118, p. 1667.
No further information.
STOCK AND BONDS—
D a te .
I n terest. O utstanding. M a t w i l y .
*481 775 "
5% cum
179.100 June 23,1 2-3
Preferred 5% cum________
469.200
1st mtge ser “ A ” . $1,000,000-. 1923
5%
192.3
344.900
5%
Calendar
Y ea r —
N et
Gi oss
O perating
E a rn in g s . E rnp nw s E a rn in g s.
1923________ -.-$227,808
236,837
1922...............
1921________
224.651
1920________
223.3S3
$214,405
180,806
203.217
19S.522
$13,403
56,031
21.404
24,861
A ll I n 'er e s io n B alan ce,
Taxes .Ponds, , 4 c .
Oefict.
$8,309 x$41,605
7,662 $81,795
6.907
80.89.5
5,867
80,895
$36,511
33.427
66.453
61,901
x Incl. $900 “ other deductions.”
R O A D . — Operates 37 miles of track, connecting Springvaie, Sanford,
West Kennebunk, Kennebunk. Kennebunkport and Cape Porpoise with
Bidrieford and Saco; thence over connecting lines to Old Orchard and Port
land. See V. 81, p. 1549. A link from York Beach to Kennebunk, 16
miles, was put in operation July 21 1907. Total 53 miles. Owns 2
water power plants and 1 steam plant with generating capacity of 3,000
k.w. Has 22 passenger cars, 3 express cars and 3 electric locomotives.
60 and 70-lb. rail.
OFFICERS.— Pres.. F. O. Conant: V .-P ., Constant Southworth: Treas.,
Geo. S. Hobbs; Gen. M gr., S. T . Dow.— V. 116, p.. 937; V. 118, p. 1667.
PORTSMOUTH DOVER & Y O R K STREET RY.
R eceivership. — On May 1 1917 W. G. Meloon, Portsmouth, N. H ., was
appointed receiver and manager of this company. The property comprises
42 miles of track connecting Portsmouth and Kittery with Dover and
South Berwick, including a line to Yolk Beach.
ORGANIZATION.— Was part of the Atlantic Shore R y ., which was
reorganized in Jan. 1923 as the York Utilities Oo. (which see above).
To D iscon tin u e O pera tion s. — In March 1323 the receiver was authorized
to discontinue operations. No recent information.
Ri'orannization P rop osed . — See V. 116, p- 1276.
BONDS—
D a te.
In terest.
O utstanding. M a tu r ity .
P D A Y 1st M $650,000/ 1903
414 J-D
450.00 j June
1923
gold ($1,000)____________ (State Street Trust C o., Boston, trustee.
P D A Y 2d M and ext/ 1905
5 g J-D
57.000 April 1 1925
$100.000_________________ 'In t. at Augusta, M e., Trust C o., trustee
P K A Y St Ry 1st M $200,-/ 1897
6 g M-S
200.000 Mar 1 1917
000 g ($500 and $ l,0 0 0 )--(In t. at Waterville, M e., Tr. C o., trustee.
Bon ds. — The bonds of 1903 can be called at 105 and int. The 2d 5s
can be called at par on any int. date. The 6s of 1897 were callable at 105.
— V. 116, p. 1276.
58
KENNETT, PA.
WEST CHESTER KENNETT & WILMINGTON ELECTRIC R Y .
ORGAN IZATION .— Incorporated In Pennsylvania on M ay 24 1905.
and is a reorganization o f a company of the same name sold under foreclosure
In April 1905. On Feb. 26 1908 absorbed the formerly controlled Oxford
West Grove & Avondale St. R y
See V. 86, p. 670.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $925.000________________
_______
*525.000 ...................
Pref ($75,000) 6 % n o n -c u m ,.____
_______
75,000 __________
First mtge $1,000,000 gold) 1905
5 g J-D
420,000 June 1 1935
($500 and $1,000)___ c .t f jln t . at Integrity Trust C o., Phila., trustee
EARNINGS.— For year ending Dec. 31 1921, gross, $62,257; net, after
taxes, def., $10,665. In 1920, gross, $80,518: net, after taxes, def., $2,316.
ROAD.— About 20 miles o f track between West Grove, Avondale, Kennett Square and Wilmington, connecting at Kennett for West Chester
The extension from Avondale to Oxford, 12)4 miles, has been completed as
far as West Grove and is in operation to that point. Gauge, 5 ft. 2 M in.
60 and 70-lb. T and girder rail.
OFFICERS.— Pres . Geo. Kessler, Phila.; V .-P., Clarence L. Harper
Phila.. Sec. <e Treas., Philip E. Guckes, Phila.; Gen. Mgr.. B. F. Wicker
t
sham Kennett. Square Pa.— V. 9 4, p. 831: V. 95, p. 177.
KEOKUK, IA.
CENTRAL MISSISSIPPI VALLEY ELECTRIC PROPERTIES.
O RGAN IZATION .— Formed In Uliuuis uy a trust agreement dated
Dec. 12 1913. under which there are deposited with trustees all the common
stock of the Keokuk Electric Co. (see below 1 and all the capital stocks ol
Fort Madison Elec. Co. and Dallas City Light Co. These companies do
the entire electric railway, electric lighting, power and gas business in
Keokuk, la ., the entire electric lighting and power business in Fort
Madison, la., and Dallas City, 111., the entire electric railway and
lighting business in Hamilton and Warsaw, III., and operate an Interurban electric railway between Keokuk, Hamilton and Warsaw (largely
on leased lines).
Franchises.— The electric railway and elec, lighting franchises In Keokuk
expire in 1936, the gas franchise In 1928. The electric lighting franchise
In Hamilton expires In 1936; the Important railway franchise In 1931.
The electric lighting franchises In Fort Madison and Dallas City expire
In 1938.
Stock, auth. and outstanding; Common, 7.500 shares (no par value)
6% cum. pref. stock (par $100— red. at 110). $750,000. No bonds.
E A R N IN G S.— For years ending Dec. 31 (combined companies):
Year—
Gross. Net.aft.Taxes. Int.. Ac. Sink.Fund. Surplus
1923 ___________ $574,115
$159,451
$39,720
______ x$119,732
1922 ___________ 547,933
150,929
43,852
______ xl07,077
x $68,257 o f the earnings o f 1923 and $60,741 o f the earnings o f 1922 are
from Keokuk Electric C o., and are subject to 6% dividend for current year
on $250,000 pref. stock o f Keokuk Electric Co.
Dividends.— An initial dividend of 1)4% was paid on the pref. stock In
Mar. 1914; same rate quar. to and incl. Sept. 1917. In 1922, M ar.. 1 14 %
Sept., 1)4% ; Dec., 1 )4 % . In 1923, March, 1)4% ; June, 1)4% ; Sept.,
1)4% ; D ec., 1 y2% . In 1924, March, 1 )4 % .
R O A D .— Miles o f equivalent single track, 7.99; trackage, 6.14; standard
cuage; cars, 16 passenger and 1 other. All power Is purchased from the
Mississippi River Power Co.
OFFICERS.— Pres., Geo. Hlgginson. Jr.; V .-P ., Harry T . Edgar; Sec.,
Robt. H. Van Devsen, Chicago, 111.; Treas., H. B. Sawyer; Asst. Sec.,
Victor D . Vickery. Gen. Mgrs., Stone & Webster M gt. Assn.— V. 98,
p. 72. 610.
(1) K eokuk E lectric Co.
O R G A N IZA TIO N .— Iocorp. In 111. on Dec. 5 1911 as successor to the
Keokuk Elec. R y. & Pow. C o.; Keokuk Gas & Elec. Co.; Hamilton L i
ft Power C o. and Keokuk & Western Elec. C o., control of which w as
purchased In 1911 by Stone ft Webster Mgt. Assn. Does the entire electric
railway, electric lighting, power and gas business In Keokuk, la.; the entire
electric railway and electric lighting business in Hamilton and Warsaw, III.and operates an interurban electric railway between Keokuk, Hamilton and
Warsaw (largely on leased lines).
Franchises.— See Cent Miss Valley Elec. Properties above.
In Jan. 1923 issued $400,000 2J4-year 6% mtge. notes to retire $388,000
6% 1st ft ref. mtge. bonds, which fell due Jan. 15 1923. V. 116. o. 76.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Q-F
$650,000 N o v ’ 17. 1)4
Common $650,000 ($100)............ ..
Pref *250,000 (*100) 6% cum______
Q-F
250,000
See text
Keokuk El R y ft Pow 1st M\ 1900
5 J-J
131,000
See text
*250,000 (closed m tg e).n tf /Cent. Trust Co. and H E. Ambler. Trustees
2 J4-year mtge notes closed! 1923
6 J-J
400,000 July 1 1925
($l60, $500 & $ l,0 0 0 ).c* tf )Int. at First Trust & Sav. Bk., Chic., trustee
Stock.— Common stock Is all owned by Cent. Miss. Vail. Elec. Properties.
Pref. stock in red. at 110- Both classes of stock are non-taxable In Illinois.
Bonds.— The Keokuk Elec. R y. & Power 1st mtge. 5s are due serially
1920 to 1925. Red. any int. day at 105 and int.; $119,000 canceled.
Notes.— The 2)4-year 6% mtge. notes are red. as a whole on 30 days’
notice at 102 prior to Jan. 1 1924; 101 Jan. 1924 to Dec. 31 1924; 100
Jan. 1 1925 to maturity. V . 116, p. 76.
Dividends.— Dlvs. on pref. have been paid since organization. Initial
diy.oncom .— 2% — paid In Feb. 1914; M ay. IH %: Aug.. 2% (V.99.P.467),
N ov,, 2 % . In 1915 and 1916. 6% . In 1917, 5% . N onesince.
EARN ING S.— For 12 months ending Dec. 31:
Year—
Gross.
Net (aft.Tax). Int., &c. Sink.Fund.
Surplus
1923 .................. $413,175
$108,008
$39,751
...........
$68,257
1922 __________ 388,421
104,496
43,755
______
60,741
ROAD, &c.— See Central Miss Valley Electric Properties above.
OFFICERS.— Pres., Harry T . Edgar; V.-P., David Daly; Sec., Victor
D. Vickery: Treas.. Henry D. Sawyer; Gen. Mgrs., Stone & Webster M gt.
Assn.— V. 98. p. 73; V. 99, p. 467; V. 106, p. 396; V. 116, p. 76.
KEWANEE, ILL.
QALESBURO & KEWANEE ELECTRIC R V .
Receivership.— In Aug. 1923 Gen. M gr. R . H. Hayward was appointed
receiver for the co. by Circuit Court Judge C. J. Searle at Cambridge, 111.
V . 117, p. 1016.
Sale.— It was reported that Dave Wine, o f Kewanee, 111., had purchased
the property o f the company at receivership sale on Oct. 20 1923, for
$50,000. V. 118, p. 311. Compare V. 117, p. 1662.
Operations.— On Oct. 20 1923 operations were suspended.
ORGA N IZA TIO N . — Incorporated May 1902. Is a reorganization of
the Galesburg ft Oneida Elec. R y. Co.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common $200,000 ($100)_________
_____
$200,000 ...................
Pref $400,000 ($100) 6% cum,
......................
110,800 _____ _____
First mtge $400,000 ($500 ft! 1906
5 g J-J
400.000 July 2 1920
$1,000) gold_________ c&rfInt atO orit.& O om .T r.& 8av.B k..C h lc.,T r.
Bonds.— Are red on any int dav at oar and Int. No s. f.
EARN IN G S.— For 12 mos. ending Dec. 31:
Year—
Gross.
Net.
Deprec'n. Int.&Taxes. Deficit.
1922_____ _______ $85,270
$12,764
$12,000
$27,221
$27,986
1921...........- ............ 86.944
20.000
12.000
28,077
36,136
R O A D .— Has city line in Kewauee and Wethersfield and lnternrbaD
between Kewanee and Galva. Total track operated 14 miles. 70-80-lb
Y and girder rails. Gauge 4 ft- 8)4 In
OFFICERS.— Pres.. W. H. Lyman: V .-P ., F. M . Lay: Sec.. W. T.
Lamb; Treas., J. H. Baetbke; Gen. M gr., R. H. Hayward.— V. 118, p . 311.
KEYPORT, N. J.
JERSEY CENTRAL TRACTION CO.— Trolley
Con trol .— The American E lectric Power C o ., which see under Philadel
phia, P a ., owns all the com m on stock
Operation Discontinued, &c.— In July 1923/the N ew'Jersey P . U. C om m .,
having found that conditions, including com petition o f jitneys, did not
justify continued operation o f the road, authorized the com pany to abandon
its lines and surrender its franchises. V . 117, p. 325. U nofficial reports
state that the first m tge. 5s will n ot be affected b y the discontinuance o f
operations, as interest and principal will be paid b y American E lectric Power
C o rp ., which guarantees these bonds. In April 1924 we were inform ed that
th ejeom p a n y was not operating and was in process o f liquidation.
[V ol. 118,
ELECTEIC RAILW AYS
ORGANIZATION.— A consolidation In May 1917 of the old Jersey
Central Traction Co. (see “ Electric R y ." Sec. for May 1917) and the
Central Jersey Traction Co. (incorp. Feb. 1 1917 to lease the property and
franchises of the Jersey Central Traction C o .). At the same time the
Middlesex & Monmouth Electric Light, Heat ft Power C o., which was
controlled by the Traction C o. through ownership of 442 of the 500 shares
of capital stock, was merged with and into the Monmouth Lighting C o.,
whose entire *305,000 outstanding common stock is owned by the American
Railways Co. The Lighting Co. purchased the power house, transmission
lines and substations formerly owned and operated by the Traction Co. and
sells power to the latter under contract.
STOCK AND BONDS— D a te.
I n terest. O utstanding.
Maturity.
Common $5,000,000 ($100)________
_______
$531,400 __________
Pref 6% cum $600,000 ($100)______
6%
600.000 __________
First mtge gold $5,000,000! 1917
5 g M-S
800.000 Mar 1 1947
^$1.000)_______________ t ffln t . at Com'I Trust C o.. Phila.. trustee.
Stock. — Preferred stock is redeemable at 105 three years after issue.
Bonds.— Guaranteed, p. & 1., by the American Rys. Co. Callable In
whole or part since March 1 1922 at 102Vi. Additional bonds may be
Issued for additions, extensions. &c.
R E PO RT.— For calendar year 1922, gross, $293,510; net, after taxes,
def., $27,992; interest, &c., $65,584; deficit, $93,575. In 1921, gross. *311.695; net, after taxes, def., $24,298; interest, &c., $61,82o, deficit, $86,126.
ROA D .— Owns and operates 34.03 miles of road from South Amboy.
Keyport and Belford to Red Bank; Belford through Atlantic Highlands to
Highland Beach; Freneau through Mata wan to Keyport. N . J. Standard
auge 60-lb. T and 70-lb. girder rails. Nearly all over private right of way.
2 passenger cars, 29 freight cars and 1 snow-plow. An extension from
South Amboy through Mechanlcsviile and over the Raritan River Bridge
to Perth Amboy was completed in 1910.
OFFICERS.— Pres., Van Horn Ely; V.-Pres., C. L. S. Tingley; Gen.
M gr, & V.-Pres., H. J. Crowley; Sec. & Treas., Walter W . Perkins; Asst.
Sec., Asst. Treas. & Comp., Frank J. Pryor, Jr.— V . I l l , -p 188, 1083;
V . 112, p. 2083; V . 114, p. 1890; V . 116, p. 176, 2766; V. 117, p. 325.
f
KEY WEST, FLA.
KEY W EST ELECTRIC CO.— A trolley road.
O RGAN IZATION .— Incorporated in New Jersey in 1898 and does entire
alectric railway and electric-light and power business of the city; also owns
franchises for manufacture of gas. F ran ch ise expires 1997.
In June 1906
was acquired by Stone & Webster of Boston and re-oapitallzed as below.
V. 82, p. 1496. Public Service Investment C o. owns $374,100 common
itock and $287,800 preferred stock.
STOCK AND BONDS —
Date.
Interest. O utstan d in g. Maturity
Common *500,000 ($100)........................ ............
*500.000 ............. ..
Pref *350.000 (S100) 6% cum______
Q-M
350.000 __________
First mortgage *1,000,0001 1906
5 g F-A
572,000 Aug 1 1956
g old ----------------------------- tffln t. at State Street Trust C o.. Boston. Tr.
Pref. Stock.— Redeemable at 110.
Bonds.— Are subj. to call as a whole or In part Tor s. t. at 105 and Int. at
any time. A sink, fund of 1% of bonds out began Dec. 1 1907, If earned:
on Dec. 1 1912 became obligatory. $81,000 canceled.
EARNING S.— For 12 months ending Dec. 31:
Year—
Gross. NetCaft.Tax.)
Interest. Sink. Fund. Surplus.
1923 ................ $245,125
$95,138
$30,625
...........
$64,513
1922 __________ 248,696
90,343
31,116
______
59,227
ROAD.— Operates 5.41 miles of track; 10 cars. Gauge 5 ft. 2)4 In.
Power station capacity, 1,670 k.w.
OFFICERS.— Pres., Harry H. Hunt, Boston; V.-P, O. F. W . Wetterer;
Sec., Victor D. Vickery; Treas., Henry B. Sawyer; M gr., Bascom L. Grooms,
Key West, Fla.; Gen. Mgrs., Stone & Webster M gt. Assn., Boston.—
V 82. p. 1496: V. 94, p. 1508-
KINGSTON, N. Y.
K1NQSTON CONSOLIDATED R R .
ORGA N IZA TIO N .— This is a consolidation on Dec. 111901 o f the Kings
ton City R R . and the Colonial City Traction.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Common *200,000 ($100)....................................
*200,000 ................. .
Preferred 4% cum * 2 0 0 ,0 0 0 --__
_________
200.000 Oct '22, 3%
First consolidated mortgage! 1901
5 g J-J
532.000 Oct 9 1951
*700,000 (*1,000) gold c*tf Jlnt.at Bankers Trust C o., N . Y .. Trustee.
6% Notes----------------------------- 1923
6%
80,000 See text.
Bonds.— $120,000 of the $700,000 consolidated mortgage bonds are
pledged as security for the 6% notes.
Notes.— The 6% notes are secured by first consol, mtge. 5s In the ratio
of 150%. Notes mature $10,000 annually.
Dividends.— 4% was paid yearly on pref. stock from consolidation up to
1908. when 2% was paid Aug. 1. None to Jan. 1 1911, when 4% was paid.
None up to Sept. ) 1914, when 3% was paid. In 1915, April, 3 % ; Aug..
6% . In 1916. Aug., 3% . In 1917, April, 3%;: Aug., 3 % . In 1921,
N ov., 3 % . In 1922, April, 3% ; Oct., 3 % . Nonesince.
ROAD.— Embraces 8 miles of track. Ralls, 70, 80 and 90-lb. 41 cars,
2 snow plows.
REPO RT.— Fo years ending Dec. 31:
C al. Y ear —
G ross.
N et.
T a xes.
In terest
Balance.
1923......................$221,530
$53,745
$14,645
$31,687
$7,413
1922 ...................... 228,920
$57,869
13,965
32,428
11,476
1921...................... 237,722
71,224
11.464
...........
...........
OFFICERS.— Pres., Fred. T . Ley. Springfield, Mass.; V .-P ., Henry C.
Page, W orcester. Mass.; Sec., G . B . te B ow . K ingston; T reas.. A bm .
Hasbrouck. New York.— V. 90, p. 303; V. 108, p. 2528; V. 112, p. 372.
KNOXVILLE, TENN.
KNOXVILLE POWER & L IG H T CO.
Controlled by National Power & Light Co., formsrly the American Cities
Co. (see under New Orleans), which owns aU the com. stock except directors’
shares.
Reorganization Plan.— See under “ American Cities C o.” (now National
Power & Light Co.) on a subsequent page and V. 114, p. 79.
ORGANIZATION.— Incorporated in Tennessee on Aug. 7 1905 as a con
solidation of the Knoxville Traction Co. and the Knoxvilie Electric Light ft
Power Co. Formerly known as Knoxville Ry. & Lt. C o., but name
changed to present title during 1922. Does all the street railway and all
municipal and commercial electric power and light business In Knoxville
and serves various nearby communities. Also owns two amusement parks.
Franchises are perpetual, except as to 1)4 miles of street railway, which
atter run until Nov. 28 1946.
Has favorable long-term contract with Tennessee Power Co. for the
purchase of electric power.
Valuation.— For details of valuation filed with the P. U. Comm. In
Jan. 1921 see V. 112, p. 258.
In Feb. 1922 the Tenn. P. U. Comm. auth. the co. to issue $195,000
bonds, the proceeds to be used for impts. V. 114. p. 627, 1063.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity •
_____
$2,200,000 ________ __
Common $5,000,000 ($100)________
Preferred $5,000,000 ($ 100)--...........
7%
300,000 F e b .’24,$1.75
Ref & ext mtge $10,000,0001 1911 5 J-D
3,278.000 June 1 1946
($500 and $1,000)_ c*cp t(In t. at Guaranty Trust C o.. N. Y .. Trustee
_
Knoxville Trac 1st M $850,-1 1893 5 g A-O
780,000 April 1 1938
000 g tax-free ($ 1 .0 0 0 )-.c*lln t. at Baltimore Trust C o.. B alt.. TrusteeBonds.— Of the ref. & ext. mtge. $780,000 are reserved for Knoxville
Traction 1st 5s and $5,297,000 are reserved for 80% of cost of extens.
add'ns, impts., &c.. under conservative restrictions. Bonds are red as •
whole, but not In part, at 105 and Int. on 60 days’ notice, or may be pur
chased In open market at a price to net not less tha.n 4)4% • Annual sink
ing fund began Oct. 1 1915. equal to 54 of 1% o f total amount of bonds out
$166,000 held alive in sinking fund and $479,000 in treasury Feb. 29 1924.
Penn. State tax refunded. The Knoxville Traction Co. first mortgage
bonds are not subject to call. $70,000 have been canceled.
Dividends.— An initial div. of 1 % % was paid on pref. stock in Dec. 1922.
In 1923, Feb., 154%, and at the same rate regularly quar. since. All the
com. stock except directors’ shares being owned by National Power & Light
Co. Divs. are not made public.
A pril, 1924.]
59
ELECTRIC RAILWAYS
EA R N IN G S.—
Gross
Net (after
Interest, Surplus for
Cal. Year—
Earnings.
Taxes).
&c.
Renew.,&c.
$695,549
$236,747
$458,802
1923 _________________ $2,219,243
1922
2,022,258
579,653
235,341
344,312
ROA D .— On Dec. 31 1923 owned 54.8 m. o f track, incl. 13.7 miles of
double track; standard gauge; 70-lb. and over T and girder rail. Has 27
open cars, 95 closed and 10 work cars; total, 121. Power station (held in
reserve) has 6,800 k.w. capacity.
OFFICERS.— Pres., O. H. Harvey; V.-Ps., W . S. Shields, R. H. Smith
and E. W . Hill; Sec., C. H. Briggs; Treas.. A. C. Ray.— V. 108, p. 78; V.
110, p. 2387; V. 112, p. 258; V. 113, p. 292; V. 114, p. 79, 627, 1063.
KOKOMO, IND.
INDIANA RAILW AYS & LIGH T CO.
Control.— In Dec. 1922 the Northern Indiana Power Co. acquired the
property of the company subject to the outstanding bonds. Compare
V. 115, p. 2159, 2267.
ORGAN IZATION .— Incorp. in Indiana on Dec. 7 1912 as a consolida
tion of the Kokomo Marion A Western Trac. C o., Kokomo Frankfort A
Western Traction Co. and Kokomo Public Utility Co. Acquired the Gal
veston Light & Power Co. as of May 31 1916 and Issued $19,000 pref. stock
to pay for same. In Feb. 1917 purchased the Converse Light & Power Co.
ana issued $100,000 1st M . bonds and $55,000 pref. stock to pay for same
and for extensive additions and impts. to equipment In the power plant
at Kokomo. Carries on an interurban and street railway business and
furnishes electric light and power in Kokomo and 22 smaller towns and
villages; also steam heat In Kokomo. All franchises held by the co. were
surrendered in 1917. Is now operating under indeterminate permit of
the Ind. P. S. Comm.
Rates and Fares.— See “ Electric Railway” Supplement o f Oct. 28 1922.
Valuation.— In Nov. 1921 the Ind. P. U. Comm, placed a valuation of
$4,346,653 for rate-making purposes on the co .’s property (excl. $172,585
o f non-utility property owned). V . 113, p. 2185. (Seealso V. 115,p. 1210.)
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity
Common $2,000,000 ($100).............
Q-F
$2,000,000 A ug’ 22, 1%
Pref cum $1,000,000 ($100)............
6 Q-M
492,800 Sept’22, 1)4
1st & ref M sk fd $5,000,0001 1912
5 g J-J
1,254.000 Jan 1 1943
($500 and $1,000) g c * -t f (Union Trust Co. of Indianapolis, Trustee
Coll trust notes $250,000/ 1921
8%
135,000
See text
($500 & $1,000)_______ c*\Int. at Fletcher Amer. Nat. Bk., Ind’s.,trus.
Stock.— Preferred stock Is non-voting. In addition to the amount re
ported outstanding $22,200 is held in treasury. Subject to call at 105Bonds.— Of the first & ref. bonds, $500,000 are pledged as collateral for
the 8% collateral trust notes and $2,596,000 are for additions, betterments,
A c., under certain restrictions. Red. on any int. date at 105. Sinking
fund, 1% , began Jan. 1 1917. In lieu o f retirement o f bonds, company
may at its option set aside annually for permanent additions, improvements
and extensions, at not exceeding 80% o f cost thereof, a sum equivalent to
1/4% o f total amount o f refunding bonds out. Int. payable at Spencer
Trask & C o., New York. V. 95, p. 1684.
Notes.— The $250,000 coll. 8% notes are secured by deposit of $500,000
1st & ref. 5s as of Dec. 31 1921, $90,000 of the notes were held in treasury
unsold. $25,000 have been retired. Remainder mature $50,000 each
July 1 from 1925 to and incl. July 1 1927 and $25,000 July 1 1928. Red. on
any int. date prior to July 1 1925, at 105 and int., thereafter at 110 and int.
Dividends.— 6% is being paid on the pref. stock. On common. 1% s.-a
to Aug. 1915. when 1/4 % was paid. In Feb. 1916. 1 /4 % ; Aug., 2% ;
Nov.. 1% . In 1917. 4 % . In 1918. 2 /4 % . In 1919. 4 % . In 1920.
5% . In 1921, 4 % . In 1922, Feb., 1 /4 % ; M ay, 1% ; Aug., 1% .
EARNINGS.— Years ending Dec. 31:
1921.
1920.
1919.
Gross earnings_______________________$1,058,940 $1,088,916
$867,239
$471,516
$416,744
$381,950
Netearnings_______________________
Other income______________________
15,193
17,629
12.408
Int., taxes, deprec’n, pref. divs., A c .
377,002
352,290
259,826
Balance, surplus_________________
*109.707
$82,083
$134,532
R OAD.— Operates 53 miles o f Interurban electric railroad from Marion
through Kokomo to Frankfort and 9 miles o f street railway in Kokomo
Is connecting link between the Terre Haute Ind. & East. Trac. C o. and the
Union Traction Co. of Indiana. Standard gauge, 70-lb. T rail. On Dec.
31 1921 had 11,479 light and power and 191 heat consumers.
OFFICERS.— Pres., Geo. J. Marott; V .-P ., L. J. Kirkpatrick; Treas..
A. R. Holliday; Sec., L. B. Hodgin: Aud. & A.sst. Sec., Karl A. George;
Gen. Mgr. & Asst.Treas.. P. H. Palmer.— Y. 115, p. 2159, 2267.
LACONIA, N. H.
LACONIA STREET R A ILW A Y.
ORGANIZATION.— Formerly the Laconia S Lakeport Street R y .. but
c
same changed to above in 1894.
Early in Sept. 1919 we were informed that the bonds, due M ay 1 1919,
“ were not taken up but are held subject to readjustment o f securities which
is under way.”
No further information.
STOCK, Ac.—
Date.
Interest. Outstanding. Maturity.
Common $100,000 (par $ 5 0 ) - - ____
_______
$100,000 __________
Pref 6% cum $40,000 ($100).................................
40,000 ............... ..
First mortgage $91,000 ($1.-1 1899
5 M -N
91.000 M ay 1 1919
0 0 0 ) ____________________ (Interest at American Trust C o., Boston.
Second mortgage $40,000\ 1904
5 M -N
40.000 May 1 1919
($1,000)_________________ /Interest at People’s National Bank, Laconia.
Dividends.— In 1893-94 paid 5% ; in 1894-95 paid 4 % ; none since.
EARNINGS.— For year ending Dec. 31 1922, gross, $40,073; net, after
taxes, int., Ac., $2,265.
ROAD.— Owns 8.87 miles o f track from Laconia to Weirs. Standard
gauge. 11 passenger and 2 other ra
»ny property acquired, not exceeding, however, at par, the reasonable
ralue of such property; and (5) for not exceeding 75% of cost of any addi
tional property, with certain restrictions. Bonds red. on any int. date at
105 and int. Sinking fund, 2% per annum, began in 1918. Int. payable
tt office of trustee, or at office o f company or at its New York agency
Bal., for
EARNING S.— For years ending Dec. 31:
Interest.
Dcprec., &c.
12 Months—
Gross. Net. after Taxes.
$141,419
$136,681
1923______________ $785,251
$278,100
108,704
1922______________ 755,319
250,573
141,869
111,993
261,874
1921______________ 751.557
149,881
ROAD.— 24 miles of track.
OFFICERS.— Pres., Clement C. Smith; V .-P ., Sec. A Gen. M gr., J. P .
Pulliam; V.-Ps., R . M . Howard, Howard Greene; Treas., H. C. Mackay;
Operations are directed from President’s office in Milwaukee in connection
with operations o f the Wisconsin Public Service Corp. and other public
utility properties.— V. 109, p. 70; V. I l l , p. 1754; V. 112, p. 746; V. 116, p.
W ISCONSIN MINNESOTA L IG H T & POWER CO. (to be known as
N orthern States Power Co. o f W isconsin— see below).
In July 1923, control of the company, formerly held by the American
Public Utilities C o., was acquired by H. M . Byllesby A Co. V. 117, p. 327.
ORGANIZATION.— Incorp. In Wisconsin. Dec. 2 1901 a9 the La Crosse
Gas A Elec. Co. (successor to the La Crosse Gas Light C o., the LaCrosse
Brush El. Lt. A Pow. Co. and the Edison Lt. A Pow. Co.) On June 24
1914 changed name to Wisconsin Minnesota Light A Power Co. and in
creased its auth. stock from $900,000 to $10,000,000 and merged the
Chippewa Valley Ry. Lt. A Power Co. (incorp. in Wis. in 1898) and the
Chippewa Valley Construction Co
In 1914 acquired the property of the
Winona Gas Light A Coke C o., Red Wing Gas Light A Power C o., Minne
sota-Wisconsin Power C o., Eau Claire Gas Light Co. and Neillsville Elec
tric Co. V. 99, p. 1758. In July 1917 purchased the property of the
Bloomer (Wis.) Elec. Light A Power Co. V. 105, p. 296. Owns and oper
ates electric light and power, street and Interurban railway, gas, domestic
water, and hot water heating properties in Eau Claire, La Crosse, Chippewa
Menominee, Sparta, Tomah and Viroqua, W is., and Winona, Wabasha,
Lake City, Twin Cities and Red Wing, Minn. Operates under an indeter
minate permit granted by the Wisconsin R R . Comm, and is protected
against competition by any other public utility doing a similar business.
Has contract with Northern States Power Co. to supply lt with electric
energy for 30 years which began in 1917. In June 1922 leased the property
of the Chippewa Power Co. for a period of 30 years. For terms of lease
see under caption “ Chippewa Power C o.” in V. 114, p. 2721.
On April 2 1924 stockholders voted to change the name of the company
to Northern States Power Co. of Wisconsin, and to change the location of the
company’s headquarters from La Crosse to Eau Claire, Wis. V. 118, p.
1776. Compare V. 118, p. 1522.
Rate Decision.— See V. 115, p. 870, 2160.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
________ $2,500,000
________
Common, $5,000,000________ _____
P ref..$5,000,000 (7% cum .).............
Q-M 1
5,000,000 Mar ’24,15*
1st A ref M , $20,000,000 gold 1 1914 5-8 g M -N 10,549,000 M ay 1 1944
($500A$l,000)c*($l,000)r*/ Int. payable in N . Y . or Chicago,
red aft May l'19@ 105A lntl Harris Trust A Sav. Bank, Chicago; Trustee.
/ Albert W . Harris C o., Trustee.
Gen A ref mtge Ser “ A” \ 1922 5-7 g J-J
3,546,000 Jan 11947
($100. $500 A $1,000)_c*tf (Int. in N . Y . or Chicago.
Ohipp V R y L A Pow 1st M l 1907 5 g J-J
506.000 July 1 1924
(ciosed)$2,000,000($l,000)g/Int. at Harris Tr. A Savs. Bk., Chic., Trustee
Eau Claire Gas Light C o__________
_______
220,500 _________ Winona Gas Light A Coke C o . ____
_______
289,000 __________
Red Wing Gas Light A P. C o . ____
_______
250,000 ______ . . .
Stock.— Pref. stock is pref. as to assets and dividends. Additional pref.
stock may be issued only under conservative restrictions. The pref. stock
may elect a majority of the directors whenever four consecutive quarterly
dividends remain unpaid or the property is shown to be inefficiently man
aged or depleted. See V. 99, p. 54: V. 106. p. 1797.
Bonds.— Of the 1st A ref. bonds of 1914, $1,111,000 carry, in addition to
theregular 5% int., additional 3% int. coupons. V. 113, p. 1889. $506,000
of the 1st A ref. bonds are reserved to retire the Chippewa Valley R y ., Lt.
A Pow. bonds. Escrow bonds can be issued to retire prior liens and for
75% of cost of ext. and add’ns (provided $250,000 is expended for ext.,
A c., without the issue of bonds), but only as regards the first $2,750,000
bonds, in case the annual net earnings are 1)4 times the total int. charge,
incl. bonds applied for; balance may be issued when net is 1 J4 times int.
charge. V. 98, p. 1995. Sinking fund payable on the basis of the following
percentages of the bonds outstanding, including underlying bonds: 1%
yearly to 1928, 1)4% 1929 to 1938. and 2% 1939 to 1943, either to retire
bonds or for extensions and additions.
Additional gen. A ref. mtge. ser. “ A ” bonds and bonds of other series
and bearing such rates of int. as may be determined by the board of directors
are issuable under certain restrictions. Sinking fund provides for payments
amounting to J4 of 1% of ser. “ A ” bonds outstanding, from Jan. 1 1927 to
Jan. 1 1937; 54 of 1% from Jan. 1 1937 to Jan. 1 1942, and 1% each year
thereafter to maturity. Are red. all or part on 30 days’ notice on any int.
date on and after Jan. 1 1932, at 110 during that year and at 1% less per
cal. year during each year to and incl. 1937, and at 104)4 on Jan. 1 1938,
and !4 % less per cal. year during each year thereafter, add on July 1 1946,
at 100, plus int. in each case. Tax refund in Penna., Mass, and Conn.
V. 114, p. 412.
Dividends.— Initial div. on pref. stock o f 154% paid Sept. 1 1914: same
rate quar. since to and incl. March 1924.
EARNING S.— For cal. years
1923.
1922.
1921.
1920.
G ross.....................$3,362,018
$2,931,401
$2,878,701
$2,478,990
N et______________ 1,496,035
1,408,138
1,263,977
850,246
ROAD, P R O PE R TY, AO.— Owns and operates 24 miles of electric
railway, incl. interurban line on private right-of-way between Eau Claire
and Chippewa Falls and local lines in those cities. Present rated capacity of
company's hydro-electric and steam plants approximates 78,000 h. p.
Ultimate development, 150,000 h. p. Owns over 819 miles of high-tension
transmission lines. Also owns and operates gas properties in La Crosse.
OFFICERS.—Pres., H. M . Byllesby; V.-Ps., R . F. Pack and Halford
Erickson.— V. 114, p. 412, 1536, 2719; V. 115, p. 87, 2160; V. 116, p. 296,
1413, 2132; V. 117, p. 90, 327, 783, 1779; V. 118, p. 1522, 1776.
LA CROSSE, WIS.
WISCONSIN RA ILW A Y. L IG H T & POWER CO.
ORGANIZATION.— Incorp. in Wisconsin on Jan. t 1913 and has ac
quired and now owns in fee all the property formerly belonging to the La
Crosse Water Power C o., the La Crosse City Ry. and the Winona (Minn.)
R y. A Lt. Co. Does electric-light and power business in Winona, M inn.,
and Onalaska. Wis., and operates street railways In Winona and La Crosse.
Owns hydro-electric plant at Hatfield, Wis., with transmission lines to La
Crosse and Winona, at which cities it also has reserve Dlanta.
Fare Decision.— On June 25 1919 the Wisconsin State Supreme Court,
ruling against the city of La Crosse, held that an emergency existed when
the RR. Comm. auth. the co. to increase its fares from 5 to 6 cents. V. 109.
p. 73. In Feb. 1921 the Comm. auth. the co. to raise fares in La Crosse
from 6 cents to 7 cents. V. 112, p. 746.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1,230,000...................................................$1,219,900 ____________
First A ref M $10,000,000/ 1913 5 F-A
2,225,000 Feb 1 1933
($1,000) gold________ c*tf)First Trust C o., M ilw., Trustee.
La Crosse City Ry 1st M 1909 5 g J-J
220.000 July 1 1929
(closed mtge) ($1,000)___c\Int. at Wisconsin Tr. C o.. M ilw.. Trustee.
Bonds.— The mtge. provides that $2,225,000 may be issued at
par for corporate purposes o f the company. Bonds in addition to the
$2,225,000 may be issued as follows: $220,000 to retire La Crosse City
bonds and $75,000 to retire a like amount o f bonds which may be issued for
certain additional property; remaining bonds are issuable at par (a) to
redeem at par any underlying bonds or any mtge. debt existing against
LAKE CHARLES, LA.
LAKE CHARLES R A ILW A Y. LIG H T & W ATER W ORKS CO.
ORGANIZATION.— Incorporated in Louisiana in 1909. In June 1909
the company acquired the Lake Charles Street R y. C o., operating an electric
railway In Lake Charles and Lake Charles Ice, Light A Water Works C o.,
which operates an ice plant, electric-light and power department and
water system.
Franchises expire; street-railway, 1941; electric light and power, 1926:
water-works, 1921, self-renewing every 5 years thereafter unless city buys
plant.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $200,000_______ ______ _____
_______
$200,000 ........... ........
First mortgage $500,000 gold/ 1909
6 g F-A
None
See text.
($500 and $1,000)______ c*jInter-State Tr. A Bkg. C o.. New Orl., Trua.
Bonds.— Remaining bonds are for Improvements and extensions on basis
of $1 in bonds for each $1 33 of Improvements, A c. Bonds matured $15,000
«emi-ann. from Aug. 1 1912 to Feb. 1 1922, both incl.; redeemable on any
Int. day on 30 days’ notice. Int. is payable at office of trustee or at Chicago
Savings Bank A Trust C o., Chicago. $300,000 has been retired.
EAR N ING S.— For calendar year 1923, gross, $307,018; net, after taxes,
$68,541. In 1922, gross, $397,923; net, after taxes, $106,922.
R O A D .— Consists of 9 miles of track. 60-lb. rails.
OFFICERS.— Pres., J. A . Landry; Sec., P. O. Moss.— V. 107. p. 1747.
60
LANCASTER, PA.
LANCASTER COUNTY RAILW AY & LIGHT.
Controlled by The United Gas & Elec. Oorp.— See under New York
ORGAN IZATION .— Incorporated on June 15 1901 In New Jersey. Owns
and controls the following railway, gas and electric properties, whose stocks
are placed under the mortgage o f 1901:
Conestoga Traction C o.,
IEdison Electric Co.
Lane. Gas Light & Fuel Co.
Also controls the Lancaster Elec. Lt. Ht. & Pow. C o. The Lancaster
Gas Lt. & Fuel Co. controls the Columbia Gas Co.
Franchises are perpetual. Does all the gas and electric lighting in cities
of Lancaster and Columbia, and practically all In Lancaster County.
In Dec. 1917 increased auth. capital stock from $2,500,000 (of which
$1,000,000 5% cum. pref.) to $3,750,000 (of which $1,750,000 5% cum.pref.)
STOCK AND BONDS—
Date.
In terest. O utstanding.
M atu rity.
Stock, com., 100,000 shares________
Q-M
64,710 shs. See text.
Pref. $1,248,100 ($50) 5% c u m ____
Q-M
1.218.100 M ar’24, 1 4
Mtge $1,000 000 gold ($500f 1901
5 g J-J
1.000,000 July 1 1951
and $1.OO i
O
r*n tf
1Interest at Lancaster Trust n o .Trustee.
10-year notes $2,500,000 ($50,1 1922
6 Q-J
1,009,500 July 1 1932
$100, $500 and $1,000)____/Int. at Lancaster Trust C o., trustee.
Securities u) L in es Controlled —
Conest Trac 1st M $2,000,000/
1900 4 J-J
1,652,500 Jan 11950
($100, $500&$ 1,000). _c*tf lin t, at Prov. Life & Tr. Co.. Phila., Trustee
Lancas Trac 1st M ($100,(
1893 5 A-O
225,000 Apr 1 1923
$500 and $1,000)_____ c*tf\Int. at Lancaster Trust C o., Lane., Trustee
Conestoga Realty Co 1st M 1908
5 M -N ____
222.000 May 1 1958
$500,000 sink fund g c . . t f I Int. at Lancaster Trust C o.. Lane., Trustee
LancG L& F 1st M $300,000/
1895 5 J-J
300.000 Jan 1 192f
($1,000)_____________c n tfl Int. at Lancaster Trust C o., Lane., Trustee
Second mortgage $400,000/
1906 5 J-J
100.000 Jan 1 1938
($ 1 .0 0 0 )__________ c*tf\lnt. at Lancaster Trust C o., Lane., Trustee
Third mtge $100,000 gold/
1911 J-J
100.000 Jan 1 1936
($ 1 .0 0 0 )__________ c*tf\Int. at Lancaster Trust C o., Lane., trustee
Columbia Gas Co 1st m tge/
1911 5 J-J
75,000 Jan 1 1941
$200,000 ($ 1,00 0)..c * t f' nt. at Farmers’ Tr. C o.. Lancaster, Trustee
Edison Elec Co 1st & ref M / 1913
5 F-A
1,862.500 Feb 1 19 48
$5,000,000 ____________ tflLancaster Trust C o., Lancaster, Trustee.
Edison Elec Ilium Co 1stf 1895
5 J-J
290,800 July 1 192f
M $300,000 ($100, $500/Interest at Lancaster Trust C o., Lancaster
& $1,000) _______ c& rtfl Trustee.
Col El L H & P 1st M gold/ 1905
5 M -N
125,000 M ay 1 1935
$125,000 ($1,0001 .c&rtfl Int. at Peonle’s Trust r 'o. Lancaster. Trust
Bonds.— Of Conestoga Trac. 1st M . bonds, $112,500 reserved to be
used for the reduction of rentals and remainder are reserved to retire prior
liens or are pledged as collateral for bank loans. Of Lane. Gas Lt. & Fuel
30-yr M . $300,000 are reserved to retire 1st M . bonds. Lane. Gas Lt. & Fuel
3d M . bonds are red. at 105 and int. on any int. date on 3 months' notice.
Col. Gas Co. bonds are red. on any int. date at 105 & int. on 90 days’ notice .
$125,000 reserved for future improvements at 85% of cost thereof. Of
Edison El. Co. 1st and ref. bonds, $425,000 reserved to retire underlying
bonds; remainder held in treasury for improvements, extensions, &c., at
85% of cost thereof; red. as a whole, but not part, at 105 and int. on any Int
date; Columbia Elec. Light, Heat & Power bonds are red. at 110 and int
on any int. date. The bonds are guar, by the Lane. County Ry. & Lt. Co
Conestoga Realty Co. bonds are red. at par and int. on any int. date upon
3 months' notice. Sinking fund an amount set up monthly sufficient tc
retire bonds at maturity.
Dividends.— The first dividend on the preferred stock (3% ) was paid od
July 1 1904 and 3% was again paid on Oct. 1 1904. In 1905, Jan., 3%
(see V. 79, p. 2796); July, 3% ; Dec., 41S%. In 1906,61*% . In 1907. 7% '
In 1908 and since. 5% . On common, in 1908 to 1912, lncl.. 10%; in 1913.
12% ; in 1914, 1114%; In 1915. 1444%; in 1916. 15%: in 1917. 17?*% in
1918. 1344%: in 1919 15%: in 1920. 15%: in 1921. 15%. In 10»2. fune.
97c. pe>- share was paid on com shares of no par value: Sent., 97c.; Dec..
96c. In 1923, March, $1 40; June, $1 70; Sept., $1 70; Dec., $1 50. In
1924, March, $1.
R E PO RT.— For year ending Dec. 31 1921, earnings (less expenses and
proportion of surplus of sub. cos.), $572,264; bond interest, $50,000; pref.
dlv.. $62,405; balance, $459,859.
Combined Results of Subsidiary Companies— Calendar Years.
Year—
Cross.
Net (aft. Tat).
Charges.
Balance.
1921..............................$3,501,769
$1,345,492
$503,650
$811,842
1,301,761
500,858
800.903
1920._______ ________ 3.511.722
R O A D — The Conestoga Traction Co. (the operating company! leases
133.91 miles of track, includmg the Lancaster & Coiumb'a. 9.16 m'les;
Lancaster & L:titz, 9.19 miles: Lancaster & Mechan'csburg & New Holland.
20.80 m'les; the New Holland Blue Ball & Terre H 1 Street Ry., 4.99 m.;
1
the Rohrerstown Land sv lie & M t. Joy R y., 13.87 m.; the Lancaster &
Eastern R y., 17.74 m.; the Lancaster & Quarryv lie Ry., 8.44 m.: the
Elizabethtown & Florin Street Rv., 6.40 ra.; the Christiana & Coatesville
Street Ry., 11.01 ra.; Lancaster Willow Street Lampeter & Strasburg Ry.,
11.23 m.: the Lancaster Petersburg & Manheim Ry., 8.45 ra.; the Epbrata
& Adams town, 7.99 m.; the Lancaster & Rocky Springs, 4.61 m.: Denver
& Ephrata Ry.: Lancaster & New Holland Turnpike, and the Lancaster
Sc Marietta Turnpike.
Stock.
RentaH(%). Miles
20.80
.3300.000
8
13.87
, 440.000
6
7.99
6
. 225.000
461
6
, 200.000
4 99
. 129.000
5
17.74
6
431.000
6
8.41
. 225.000
6
6 40
. 220.000
11 01
6
. 400.000
8.45
. 175.000
6
Lane. Willow St. Lampeter & Strasburg___ . 225.000
11.23
6
Lancaster & nniumhia . _________________ . 37.500
9.16
20
9.19
Lancaster & Lititz Turnpike_______________
Denver & Ephrata R v_____________________ . 10,000
—
6
Lancaster & New Holland Turnpike________
Lancaster & Mariette Turnpike____________
OFFICERS — Pres W. W Griest; Y.-P.'s, George Bullock and E G.
Connette; Treas., A. L. Linn Jr.; Sec. and Asst. Treas., J. A. McKenna;
Asst. Sec.-Treas., Anna E. Ranck.— V. 105. p. 2543: V. 105 p. 396 602;
V . 109, p. 371; V. 112, p. 2414; V. 114, p. 308; V. 116, p. 410.
Name o f Company—
LANCASTER St Y ORK FURNACE STREET R Y .— A trolley road.
O R G A N IZA TIO N .— Incorp. May 17 1916 in Pennsylvania as successor
to old Lancaster & York Furnace Street Ry. (Incorp. July 22 1901). bought
In by the bondholders on Apr. 15 1916 for $125, subject to the mortgage for
$150,000 (V 101. p. 212; V. 102, p. 1540). Operations, which had been
discontinued in Jan. 1916, were resumed May 19 1916.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $100,000 ($ 5 0 )......................................... ........
$100,000 ...................
1st M gold $150,000 ($100/ 1908
5 g J-J
150.000 Jan 1 1928
$500 & $1,00)_ c&rritfl Int. at Northern Tr. & Sav. C o., Lane..trust
_
Bonds.— Are not subject to call and have no sinking fund.
R O A D .— Operates 1244 miles of track between Millersvilie and York
Furnace. 60-lb. T rail. Gauge 5 ft. 2 44 In.
OFFICERS.— Pres. & Treas., E. H. Myers: V.-P. & Sec., John H. Myers;
Gen. M gr., H. M . Stauffer.— V. 92, p. 187; V. 101, p. 212. 2145; V. 102,
P. 153, 1249, 1540, 1625, 2077.
LAUREL, MISS.
LAUREL L IG H T St RA ILW A Y CO.
O R G A N IZA TIO N .— Incorp. in Miss. Owns and operates the lighting,
power and street railway system in the cities o f Laurel and Elllsville. Miss.,
and an electric interurban railway between the two cities. The lines out
ride the cities and 2 miles in Laurel are on privat° right of way. Franchises
In Laurel extend to 1943; In Elllsville to Mar. 1937.
STOCK A N D BONDS—
Date
Interest.
Outstanding. Maturity.
Common stock_______________
$425,000 __________
Preferred stock, 6 % ___________
75,000 __________
First mortgage $500,000 gold! 1911
6 g J-J
430,000 July 1 1936
($1,000)______________c* tf)In t. at Fidelity Trust C o., N. Y ., Trustee.
Laurel El P & Lt Co mtge_________
*70.000 __________
Bonds.— Remaining $70,000 1st M . bonds are reserved to retire under
lying bonds. Not subject to call.
[V ol. 118.
ELECTRIC RAILW AYS
--------------------Years ending Dec. 31-----------------------Earnings—
1922.
1921.
1920.
1919.
1918.
Gross________________$229,364 $213,222 $204,976 $188,024 $143,719
N et_________________ 104,409
97.252
81,070
63,068
55,709
ROAD, &c.— Comprises 644 nr las in Laurel and 944 miles between
Laurel and Etlisville; total, 16 miles. Owns a pleasure park between
Laurel and Ellisville.
OFFICERS.— Pres., M . R. Walker; V .-P ., A. L. Fowle; Treas. & Supt.
R . M . Walker.— V. 104, p. 452; V. 105, p. 1802; V. 107, p. 501.
LAWRENCE, KANSAS.
KANSAS ELECTRIC POWER CO.
ORGANIZATION.— Organized in 1922 as successor to the Kansas
Electric Utilities Co. (for history see “ Elec. R y .” Supplement of April 29
1922), the 1st Mtge. bonds of which were called for redemption Oct. 1 1922
at 10244 and int. V. 115, p. 1100. The properties of the Leavenworth
Lt., Ht. & Pow. Co. and the Bonner Springs Electric & Mfg Co. were then
merged with the co. Also owns entire capital stock (except directors’
shares) of Miami Valley Electric C o., Union City Electric Co. and the
Unired Lighting Co. of Albion, Pa. Does entire electric light and power
business in Leavenworth, Emporia, Lawrence, Parsons and 11 other com
munities in Kansas. Also supplies gas to Leavenworth. Through subsidaries furnishes electric light and power to communities in Indiana,
Pennsylvania and Ohin
To Operate Busses.— V. 118, p. 1019.
In Sept. 1923 the co. issued $1,000,000 1st mtge. 6% series of 1943 bonds,
proceeds being used to pay for exts., addns. and impts. V. 117, p. 1468.
STOCK AND BONDS—
Dale.
Interest.
Outstanding. Maturity.
Common $3,334,090___ ___________
_______
$1.200.090 ___________
Pref 7% $5 099 099-nm (« 1 0 9 )____
1.000.009
See text
7%
1st M . $25,009,000 ($100,
$500 & $1,000)g-C*&r*tf
3.000.
009 June 1 1935
Series A __________________ f 1922
6 g J-D
1,009.000 June 1 1943
6 g J-D
Series of 1943____________ / 1923
(int. at Amer. Exch. Nat. Bk., N. Y ., trustee.
Slock.— Pref. stock is red., all or part, upou 30 days' notice at 115 and
divs. V. 115, p. 1539.
Bonds.— Ser. " A " bonds limited to $3,000,000; all other series may only be
issued for not more than 80% of the cost price nr fair value of new property,
addi'ions, &c., under certain restrictions. 8% of gross operating revenue
to bp pxnended cf sal a'dde annually for m ain'on inoo or for r'*o°wals and
replacements to the properties. Are not subject to call. 1st mtge. bonds,
series of 1943, are red., all or in part, on any int. date on 3 weeks' notice at
105 and int. Penna. and Conn. 4-mills tax refunded. V. 117, p. 1468.
Dividends.— An initial div. of 1% % was paid on the pref. stock in Jan.,
1923 and divs. at same rate have been paid reg. quar. since to and incl.
Oct. 1923. On com. divs. of 1/4 % paid regularly quar. from organization
to and incl. N ov. 1923.
EARNINGS.— Kansas Electric Power and controlled cos. for cal. year
1922, gross, $1,576,270: net, after taxes, $497,179. In 1923, gross, $1,857,510; net, after taxes, $596,095.
Hu.vD.— Own- ana operate* io miles of street railway in Lawrence and
4.8 miles in Emporia; total, 14-8 miles. 60-70 lb. T rail. 30 motor cars,
7 trail cars and 1 combination work and snow car.
OFFICERS.— Pres.. Albe^ Emanuel, N. Y C P y 1st V .-P.. Victor
Emanuel, N . Y. City; 2d V .-P ., D . O. Vaughn, Kansas City, M o.: 3d V .-P .,
W . R. Sullivan. Kansas City, M o.; Sec’y, R. F. Rice, Lawrence, Kan.;
Treas.. C. B. Zeigter, N. Y . City.— V. 114. d . 2830; V. 115, p . 1329, 1539,
2053, 2800; V . 117, p. 1468; V . 118, p. 438, 1019
LEETONIA, OHIO.
YOUNGSTOW N & OHIO RIVER R R . - A trolley and steam road.
Freight service operated by steam; passenger service by electricity.
ORGAN IZATION .— Incorporated In Ohio on Dec. 8 1905. In 1906
eased for 99 years Salem RR. from Pittsburgh Lisboa & Western RR. C o.
for $6,000 per aaaum: the former runs between Salem add Wasningtonvllle.
7m
In 1910 road was re-oapitallzed and new securities Issued as below.
Federal Control.— The road for a time was operated under Federal control,
oelng classified as a short line steam railroad, but in Sept. 1919 we were
informed that the road was out of Federal control.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock common $1,000.000_________
_______ $1,000,000
See text
Preferred *1.000.000 5% c u m ............................
1,000.000 Mar'24.1 44%
First mortgage *2,500.000( 1910
5 A-O
1.200.000 Apr 1 1935
gold ($1.000)__________ c*/In t. at Citizens’ Sav. & Tr. C o.. Cleveland,
( Trustee, or First National Bank. N. Y .
Stock and Bonds.— Pref. stock div. Is cumulative from July 1 1913.
Bonds subject to call on any int. date at 105 and int. Remaining bonds
are reserved for acquisition and extension under certain restrictions.
Dividends. — Dividends on pref. began in 1910 and in that year 1 44 % was
Dtld
In 1911. 3 44 %; In 1912. 444%: in 1913 and 1 0 1 4 . 3 ?*% : In 1915.
4 14 %. In 1916. 5% and 3% extra, paying up all accumulations
In 1917,
5%
In 1 9 1 8 , 5% . Tn 1 9 1 9 . 3 54%. In 1 9 2 0 , March \ 4 % : June,
1 44%: in 1921, 5% . In 1922, 5 % . In 1923. 5% . In 1924, M ar.. 154%•
Initial div. on com. of 1 % paid in Dec. 1916. None to Sept. 1920, when
1% was paid. In Dec., 1% . In 1921. 4 % . In 1922, 1% . In 1923, 1% ,
EARNINGS.— For years ending Dec. 31:
Year ending
Gross
Exp . Taxes
Net
Bond
Balance,
O'c. 31— Earri'nos
<k Rentals.
S
Earninas
In'ems 1
for nirs.
1923 _________ $537,826
$413,791
$124,035
$60,000
$64,034
1922 ................. 478.401
356,790
121,611
60.000
61,611
R O A D — Operates from the terminus of the Stark Electric R y., in
Salem, Ohio, through the city of Salem to a connection withthe Salem R R .,
and over the Salem RR. from Salem through Washingtonville, Leetonia.
Lisbon and West Point to East Liverpool, Ohio, a distance of 36 miles.
At Leetonia. O.. connection Is made with the Youngstown & Southern R y.,
Owns 29.19 miles of track and leases 6.81 miles. Standard gauge, mostly
70-Ib. T rail. Pass, equip., 7 cars; freight, 3 locomotives. 15 cars.
OFFICERS.— Pres., Ohas. S. Thrasher; V.-P. & Gen. M gr., J. D ,
Dewees; Sec. & Treas., Warren Bicknell; Aud. & Asst. Treas., R F. Miller.
Operating Mgrs.. Warren Bicknell Co. General office. L«efonia. O.;
executive offices. 2021 B. F. Keith Bldg., Cleveland, O.—-V. 112. p. 1145:
V. 113, p. 419, 629; V. 114, p. 1409; V. 116, p. 2132; V. 117, p. 555, 796.
LEWISTOWN, PA.
LEWISTOWN & REEDSVILLE ELECTRIC R Y.
Controlled by the Penn Central Light & Power Co. of N. J. (V. 96. p. 493,
and operated in connection with the Penn Central Light & Power Co.
(Penna.). All of the stock and some of the bonds are subject to the lien
of the mortgages of the Penn Central Lt. & Power Co.
ORGAN IZATION .— Incorporated in Pennsylvania on March 24 1892.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $150 000 ($50)............... ...........................
$150,000 ’07-’03, 5%
1st M g ($500 and $1,000)/ 1899
6 g J-J
150,000 Julv 1 1929
$150,000 notcallable.c&rtf (Int. at Merchants Union Tr. C o., Phila.. Tr.
Second mortgage $125,000_ I 1902
_
5%
125,000 May 1 1949
(Commonwealth Tr. C o., Harrsiburg, Pa., Tr
Ref Mtge $500.000................. / 1917
5 A-O
68,000 Oct 11949
\Phila. Trust C o., Phila., Trustee.
The 1st mtge. bonds originally bore int. at the rate of 5% and matured
July 1 1919 but were extended for 10 years at 6% . V. 109, p. 1179.
Second Mtge. 5s originally fell due May 11917, but were extended to
May 1 1949. They are owned or controlled by Penn Central Light S
c
Power Co. All the outstanding ref. mtge. bonds are owned by the Penn.
Central L. & P. Co. They were issued for exts., Impts., &c’
Dividends.— 1902 to 1908, incl., 5% per annum. None since.
EARNINGS.— For 12 months ending Dec 31:
Cal. Year—
Gross.
Net, after Taxes. Fixed Charges.
Balance.
$30,806
$30,806
None
1922__________ $165,969
1921__________ 143,673
,
29,495
29,495
. None
ROAD.— Operates 10.24 miles of track from Lewistown to Reedsville and
Lewistown Junction, with a branch to Burnham. 67 and 85-lb. T rail.
Has 17 closed cars and 1 snow plow.
OFFICERS.— Pres. & Mgr.. J. I. Quigley, Lewistown; V .-P., Chas.
Day. Phila.; Sec. & Treas., John E. Zimmermann. Phila.; Asst. Sec., O. A.
McClure, Phila: Asst. Treas., Milward Oliver, Phila; Supt., C. E. Gossard
Lewistown.— V. 88. p. 1128; V. 89. p. 919; V. 96, p. 487; V. 109, p. 1179.
A pril, 1924.]
LEXINGTON, KY.
KENTUCKY SECURITIES C O RPORATION .— A holding company
OR G A N IZA TIO N .— incorporated In Virginia on Jan. 23 1911 (V. 92, p.
822) as successor to the Lexington & Interurban Rys. Oo. per plan in
V. 92, p. 461. Owns the entire stock of the Kentucky Traction A Term*
;
nal C o., Lexington Utilities Co. and Lexington Ice Co. In 1923 was re
ported to have acquired the plant and business of the Middleboro Ice &
Storage Co. V. 116, p. 1533.
STOCK AND BONDS— Date.
I n te re s t. Outstanding.
Maturity
Common $2.500,000($100)________
_______
$2,052,287
See text
Pref $2,500,000 ($100) 6%\
cum -------------------------------- ( ____
Q— J15
2,289,198
See text
Stock.— Both com. and pref. are listed on Phila. and Louisville stock
exchanges. Pref. is also listed on Cincinnati Stock Exchange. Pref
stock is redeemable at par and accum. div. In July 1917 holders of both
common and pref. stock were given the right to subscribe pro rata on or
before Aug. 15 1917 for the remaining pref. stock at 82)4 and accrued divs
from July 1 1917. V. 105, p. 389. As of Jan. 4 1922, $320,380 of the pref
stock remained unsold and the stockholders voted to sell the stock or
exchange same for the outstanding pref. div. scrip certifs. The holders of
pref. and com. stock were given the privilege of subscribing for $169,280 6%
cum . pref. stock to the amount of 4% of their holdings of pref. and com.
stock as of record Peb. 4, at $70 per share. Stockholders exercising right of
subscription were given right to deliver in full or partial payment of same
pref. stock div. scrip certfs. at 80% of their face value (all outstanding
scrip was cdled for payment Oct. 2 1922). Y. 114, p. 409.
As of Oct. 1
1923. $210,802 remained unsold.
Dividends.— Initial div. on pref., 1 )4 % . paid July 15 1913: same rate
quar. to and incl. July 1916; in Oct. 1916 paid 1)4% and )4 of 1% extra
acct. o f accumulations. In Jan. 1917. 1 ^ % and 1% extra, paying up all
accumulations; April 1917, 1)4% , and same rate quar. to and incl. July
1918; none to Oct. 1919, when 1)4% was paid (V. 109, p. 1273). In 1920,
Jan., 1)4% ; April, 1 )4 %; July, 1)4% : Oct., 1)4% . In April 1920 a scrip
div. of 6% was also paid, clearing no all hack d'vidends. V. 110 p. 1526
in 1921, 6% . In 1922, 6% . In 1923, 6% . In 1924, Jan., 1 %; Apr.,
1 H % - An initial div. of 1% was paid on com. on Oct. 2 1922. Same
rate paid regularly quar. since to and incl. April 1924.
EARN IN G S.— Of combined properties (Ken. Trac. & Term. Co. and
Lex. Ut.il. Oo.) for years end. June 30 (1923 report in V. 117, p. 1661':
J u n e 30.
Gross
N et
Other S in k .F u n d ,
Bond
Balance
Y ear—
E a rn in gs. E a rn in g s. In com e. T a xes, rfec. In terest.
S u rplus.
$432,455--- $371,977
1922-23_____$1,551,715 $707,842 $96,589
1921-22____ 1,457,818
676,774
91,424
430,186-338,013
1920-21____ 1,479,906
545,440
82,609
390,167-237,882
Passengers carried in 1920-21, 6.584,502, against 6,673,649 in 19i9-20.
OPERATIONS.— Constituent companies operate 91 33 miles of track
They do the electric-light and power, gas, street railway and ice business of
Lexington. Also operate city lines In Frankfort and lines radiating from
Lexington to Georgetown, Paris, Nlcholasville, Versailles and from Frank
fort to Versailles.
OFFICERS.— Pros.. P. M . Chandler; V.-P-. F. W. Bacon; S9C., H. D.
Brown Jr.; Treas., H. Williams Jr.—-V. 114, p. 409; V. 115, p. 1321, 1429,
1830, 1630, 2684; V. 116, p. 935, 1533, 1649, 2779; V. 117, p. 1681.
(1) K entucky T raction & Terminal Co.
ORGANIZATION .— Incorporated in Kentucky on M ay 18 1911 as a con
solidation of the Lexington R y., Bluegrass Trac. Co. and Central Kentucky
Traction Co. V. 92, p. 1436. The entire stock is owned by Kentucky
Securities Corp. F ranchises perpetual.
Sendee Discontinued.— On June 6 1923 the co. discontinued street car
service in Frankfort, K y., the franchise held by the co. having expired
June 5 1923 and not having been renewed by the co., owing to the failure
o f the City Council to grant certain privileges asked by theco. V. 116,p.2766.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
.............
$2,223,400 __________
Stock $2,500,000 (S100)................ - .
1st & ref mtge $7,500 000 gf 1911 5 g F-A
2,234,000 Feb 1 1951
($1,000) guar p & l___ c * tflin t, at Commercial Trust Co Phila.. Trust
Lex Ry first mtge $1,500,000 f 1899
5 g J-D
971,000 June 1 1946
gold ($1,000)________ c*tf lin t, at Continental Tr. Co Baltimore, True
Blue Grass 1st mtge $700,0001 1904 5 g M-S
203.500 Mar 11934
g ($500and $1,000)..c & rtflln t. at Cleveland Tr. Co , <’ leveiand T ’-*i«
■Car trust notes---------------------- -------7%
57,306 Feb 20 1927
Equip trust certifs Series " A ” l 1923 6 g A-O
144,000 See text.
$500 and $1,000) gold_____(Security Trust Co., Lexington,K y., trustee.
bonds.— Of the 1st S ref. bouda. $1,307,000 are reserved to retire prior
c
liens and remainder for extensions, improvements, &c., at not exceeding
90% of cost under certain restrictions. They ire redeemable as a whole
on February 1 1914 or any interest day thereafter, or in part for sinking
fund on any interest day after November 1 1921 at 105 and Interest
Bonds are guaranteed prin. & lnt. by end. by the Kentucky Secur.Oorp
S in kin g F und )4 % per annum o f bonds out.. 1921 to 1930: 1% 1931 to
1950. V. 92, p. 1564. As of Dec. 1 1923 $602,000 had been retired and
canceled by operation o f the sinking fund. V. 111, p. 1083. $375,000 are
deposited with the trustee of the Lexington Utilities Co. indenture. The
bonds are listed on Phila. Stock Exchange. V. 94, p. 1119. Sinking fu n d
retires 1% of Lexington Ry. bonds annually: $351,000 were held in s. f
Dec. 1 1923. The equipment trust ccrbfs. Series “ A ” are due $8,000 semi
annually Oct. 1 and April 1 to and incl. April 1 1933. Divs. are payable
in Lexington, K y., or New York City. Kentucky 4 mills tax refunded.
V . 116, p. 1649.
R O A D .— Operates 91.33 miles o f track, comprising all street railways in
and about Lexington, 16 02 miles; Frankfort, 7.64 miles: interurban lines
radiating from Lexington to Versailles, Georgetown, Paris Frankfort and
Nicholasville, 65.87 miles: sidings and spurs, 1.8 miles. 50 to 801b. rails.
Standard gauge. Owns 49 closed and 8 op9n cars. iiclii ling 42 passen
ger city cars and 15 interurban passenger cars. 17 freight & service cars.
OFFICERS.— Pres., Percy M . Chandler, Phila.; V .-P., F. W. Bacon.
Phila.; Sec., L. F. Rye, Lexington: Treas., J. Will Stoll, Lexington; Asst.
Treas., Jerry W. McMeekin, Lexington; Gen. M gr., J. P. Pope.— V. 109,
p. 72,1793; V. 110. p. 360; V. 111. p. 29 4. 1083, 1183. 1566; V. I1 3 ,p . 1983.
2311; V. 114, p. 79; V. 116, p. 1649, 2766; V . 117, p. 670, 1683.
(2) Lexington Utilities Co.
ORGANIZATION, &c.— Incorporated in Ky. on June 5 1909. Does ice
and electric-light and power and gas business in Lexington. Owns a sub
stantial interest in the Southwestern Utilities Corp., a holding company
owning all the issued securities o f the Gas Pipe Line Corp. and the Sachem
Oil C o., and 70% o f the issued securities o f the Southwestern Gas Co.
Has assumed the payment of prin. and int. o f $861,000 Kentucky Trac.
< Term. Co. 1st & ref. 5s and $750,000 Lexington Ry. Oo. 1st M 5s.
&
V. 109, p. 1370. Light and power fra nchises expire in 1936. Gas and ice
fra nchises are perpetual. Power plant has rated capacity o f 10,500 k.w.
Daily capacity of ice-manufacturing plant, 235 tons.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $100.000_______________— All owned by Kentucky Securities Corp.—
First lien & ref bonds ser “ A ” , f 1919
6 g A-O )
(April 1 1929
6 g A-O
$1,825,200 April 1 1936
Series “ B” __________ ____ 1921
Series “ C ” _______________( 1921
6 g A-O J
[Oct 1 1946
Unl’td $50, $100, $500, $1,0001
g o ld _________________ c*tf [Commercial Trust C o., Phila., Pa.. Trustee.
Bonds.— Are secured by a mtge. on all the co.’s property. For further
security back of this issue see V. 109, p. 1370; V. 113, p. 966. Amount of
bonds outstanding at any one time is indeterminate. Bonds of other series
may be issued under certain restrictions as defined in the indenture at not
exceeding 6% and shall stand on a parity with Ser.“ A ,” “ B " & “ O .” Ser. “ A ”
red. all or in part on any int. date on 60 days’ notice at 101 and int. Ser.
“ B ” call, all or part on any int. date on 60 days’ notice at 102)4 and int.
Ser. “ B ” bonds have sink, fund equal to 2% of amount outstanding to be
used for permanent add’ns, exts.. &c., or for purchase of bonds at not ex
ceeding 102)4 & int. Ser. “ C ” red. all or in part on any int. date on 60
days’ notice at 102 )4 & int. Ser. “ C ” have annual sink, fund of 1 )4 % of
full amount of Ser. “ C ” bonds outstanding from Oct. 1 1926 to Oct. 1 1935
and thereafter to maturity of 2% per annum. State taxes not exceeding
the present rates of 6% on income in Mass., $.0045 in M d., $.004 in Ky.
and $.004 in Penn., will be refunded. Int. payable at trustee in Phila.
or agency o f co. in New York. V. 109, p. 1370; V. 113. p. 855, 966, 1983;
V . 115, p. 2386; V. 117, p. 1671.
(3) Lexington Ice Co.
ORGAN IZATION , & c — Incorp. M ay 1 1917. Stock authorized. $100,000; outstanding. $100,000' $25,000 owned by Kentucky Securities Corp.
and $75,000 by Lexington Utilities Co. Made a 50-year lease o f plant and
business o f Consumers Ice & Cold Storage Co. o f Lexington. Has entered
oto contract with Lexington Utilities Co. for sale o f that c o .’s Ice output.
61
ELECTKIC RAILW AYS
LIMA, OHIO.
WESTERN OHIO R R .— A holding company.
ORGANIZATION.— Incorporated in Ohio on June 7 1910 to take over
mder lease the Western Ohio Ry. but lease was canceled by vote of stock
holders on June 28 1915 and the company’s electric light and power plant
»t Sidney sold to the Standard Power & Equipment Co. and all Its other
property and assets to the Western Ohio Railway Co. except the stock of
that company owned. Holders of com. stock of Western Ohio Ry. had
eight to exchange before Jan. 1 1911 their stock for stock of Western Ohio
RR. on basis of 3 shares of Ry. for one share of RR. V . 9 0 .p . 1556. 29,702
shares were so exchanged. Stock auth.. $1,000,000; issued, $990,900.
(1) W estern O h io Ry.— A trolley road.
Foreclosure Suit.— The Union Trust C o., Cleveland, has filed a formal bill
of foreclosure in the State Court at Lima, Ohio. V. 114, p. 739.
O RGAN IZATION .— Incorporated in Ohio on Oct. 11 1900. This Is one
of the Mandelbaum roads and forms a link in the through car service from
Cleveland to Lima. Outside of municipalities has private right-of-way.
Franchises in towns are for 25 years. Owns entire common and pref. stock
of the Lima Findlay & Toledo Ry. V. 83, p. 97. 157. 381
Has contract
«o furnish power until April 30 1923 to Lima & Toledo Traction. Ft. Wayne
Van Wert & Lima Traction and Indiana Columbus & Eastern Traction.
Was leased to the Western Ohio RR., by which It is controlled through
itock ownership, but lease was canceled In 1915
See remarks above.
Stockholders on June 28 1915 voted to make the 1st pref. stock redeema
ble at 107 )4 to put the company In position to retire the stock when the
$2,500,000 1st M . bonds mature on Nov. 1 1921 and arrange a compre
hensive financiil olan—but see below under “ Temporary Extension.”
On Feb. 27 1918 was auth. by the Ohio P. U. Comm, to sell at 80 $50,000
9% Gen. Mtge. bonds, proceeds to be used for add'ns. exts., and impta.
V. 106.p 1128.
Bond Interest Deferred— Default, &c.— Due to severe weather conditions
during the winter of 1917 and the resulting increased cost o f operation, the co.
Found Itself unable to meet the bond int. due May 1 1918 on Its 1st M .
bonds. Payment of same was made on Sept. 1 1918. V. 107, p. 1288.
Compare V. 106, p. 1797. The N ov. 1 1918 int. on these bonds was paid
April 30 1919. M ay 1 1919 Interest was not paid when due. but has since
been paid
Nov. 1 1919 int was paid about April 30 1920
The May 1920
coupon was paid N ov. 1 1920. The coupon due N ov. 1 1920 was not paid
when due but has since been paid. Int. for 6 mos. ended Oct. 31 1922 was
paid Nov. 1 1922, while int. for 6 mos. end. Aoril 30 1923 was paid May 1
1923, while coupon No. 39, due April 30 1921, was paid Dec. 31 1923,
leaving unpaid coupon N o. 40, due Oct. 31 1921, and 6 mos. int. due
April 30 1922. V. 116, p. 2132. In Sept. 1921 two committees (since
consolidated) were formed to protect the interests of the holders of the
1st mtge. 5% bonds, owing to the company’s inability to pay same at
maturity, N ov. 1 1921 (see below).
Committee for 1st Mtge. 5s.— Chairman, J. P. Harris; A. M . Chambers,
I. F. Freiberger, E. J. B. Huntoon, L. J. Wolf: Secretary, Thos. H. Jones.
Depositary, Union Trust C o., Cleveland; Sub-depositanes. Fidelity Trust
Co., Baltimore: State Street Trust C o., Boston: Marine Trust C o., Buffalo;
Empire Trust Co.. N. Y. City. In Feb. 1922 the committee announced
that $1,800,000 of the $2,500,000 had been deposited. V. 114, p. 739.
For two protective committees as originally constituted, which were merged
Into the above, see this Section for Oct. 22 1921.
Temporary Extension.— The committee named above in a circular an
nounced a temporary extension program under which the 1st mtge. 5s are
allowed to run as past due for the present at 5% interest.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
........... ..
$30,000 ...................
Common $30,000 ($1)_______ .......
1st pf $500,000 ($100) 7% cum .......
.............
476.000 Apr’ 17.1 H%
2d pf $500,000 ($100) 6% cum ____
_______
450.000 Jly'14,1 K %
5 g M -N
2,500.000 Nov 1 1921
1st M $3,000,000 g ($1.000)f 1901
$26,500 per m_____ c*&rtf j Int. at Clt. Say. & Trust C o., Cleveland,
Trustee, or First National Bank, N. Y .
Collateral trust mortgage | PU0
6%
24.000 July 1 1930
$500.000...........................tfl Cleveland Trust C o., Trustee.
5 g J-J
324.000 July 1 1925
b F 8c T 1st mtge $600,000 f 1905
gold ($1.000)................ c tfj Int. at Citizens' Sav. & Trust C o ., Cleve
land, Trustee, or In New York.
General M $500.000_________ 1918
6%
See text ___________
Bonds.— The West Ohio 1st M . bonds have no sink. fd. and bonds are not
tubject to call. $476,000 have been canceled. See V. 76. p. 160, for agree
ment among bondholders. Coll. tr. bonds are convertible Into 1st pref.
•tock and are secured by deposit of $24,000 1st 5s. $476,000 have been
converted. No sink, fd.; red. on Nov. 1 1921 at 110. As bonds are con
verted, proportionate amounts of the 1st 5s which are collateral will be
The Lima Findlay S Tol. bonds have a sinking fund of $10,500 per an n .,
c
▼hlcb began In 1911. Are subject to call at 105. $76,000 have been re
ared
V. 80. p. 2344.
Dividends.— On 1st pref. quar. divs. were paid regularly to and Incl.
tpr. 1917. None since. On 2d pref. first div., 1 )4 % . paid Oct. 1910,
,nd same amount quar. to and incl. July 1914. None since.
EARNING S.— For year ending Dec. 31:
Gross
Net (after
Preferred
Balance,
Year—
Earnings
Taros).
Interest.
Dividends. Surplus.
1923________ $1,052,415
$283,243
$166,250
$116,993
1922------------950.643
216,733
160.595
56,138
1921................ 1.005,488
239,686
163,884
75.803
1920............... 1.158,808
191.226
163,868
27,358
ROAD.— Operates from Lima through Wapakoneta and St M arys to
Oeiina; from St. Marys to Minster, and from Wapakoneta to Piqua; a total
of 82.01 m.; also Lima to Findlay, 31.97 m.; thus completing a through line
to Toledo. Total, 113.98 m ., single track. Standard gauge. Owns 18
pass, motor cars, 7 freight motor cars and 66 freight and express trail cars.
OFFICERS.— Pres., F. D. Carpenter. Lima; V .-P .. A. Born, Cleve.;
Sec. S Treas.. H. O. Lang.— V. 106, p. 1797, 1902: V. 107. p. 83. 403, 1288.
c
1748; V. 113, p. 1252, 1362, 1676, 2186, 2506; V. 114, p. 739; V. 116, p. 2132.
LIMA C IT Y STREET R A ILW A Y CO.
ORGAN IZATION .— Incorp. in Ohio on Aug. 12 1922 and acquired the
street car system in Lima, O., in Nov. 1922. formerly controlled by Ohio
Electric Ry. Co. The interurban line from Lima to Toledo was taken over
by the Lima-Toledo R R . Co. (see that company below).
Capitalization.— Stock, $380,000; bonds, $350,000.— V. 116, p. 2388;
V. 117, p. 1017, 1555.
LIMA=TOLEDO R AILROAD CO.
ORGANIZATION.— Organized in 1922 and took over the interurban
line from Lima to Toledo, formerly controlled by the Ohio Electric Ry.
Capitalization.— Information lacking, but see V. 116, p. 1049.— V. 115,
p. 2046; V. 116, p. 1049.
LINCOLN, NEB.
THE LINCOLN TRACTION CO.
ORGANIZATION.— Incorporated in Nebraska in 1909. Is a consoli
dation of the old Lincoln Traction and the Citizens' Ry. Co. V. 88, p. 506.
Holders of the old Lincoln pref. stock ($700,000) received 110 in the new
bonds. Holders of the old Lincoln com. ($330,000) received, for every share
of old, two shares of new pref. and four shares of new common. Holders
of Citizens’ Ry. stock i'$415.000) received 100% In new Dref. and 80% In
new common. Owns Lincoln Heat, Light & Power C o., which sells electric
light and power and steam heat.
Valuation.— See V. 117, p. 2769.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$1,652,000 Dec ’ 16, 1%
Common $2,000,000 ($100).............................. ___
Pref $1,500,000 ($100) 6% cu...........
Q-F
1.578.000 Aug ’23.1 )4
1st mortgage $1,500,000 goldf 1909
5 g J-J
1,333.000 Mar 11939
($1,000) ___________ c&rtf (Interest at New York Trust C o., trustee.
Notes........................................... 1920 ............... —
100.000 __________
Bonds.— Remaining bonds are reserved for prior liens. Subj. to call at
110.
Dividends.— 1 )4% paid quar. on pref. from M ay 1 1909 to N ov. 1 1917,
incl. Feb. 1918 div. passed. Divs. on pref. resumed in Feb. 1923 (at which
time a stock div. o f 30% was paid for back divs.), and paid regularly since
to and incl. Aug. 1923. On common, 2% paid Sept. 1912, 1 % paid March 15
1914 and 1% paid Sept. 1 1914. In 1915, 3% ; in 1916, 5 % .
62
ELECTKIC KAILW AYS
EARN ING S.— For cal. years:
Year—
Gross.
Net.
lnt.&Taxes.
Balance.
$169,102
$144,338
1922
$1,119,316
$313,440
177,587
108.939
286,526
1921 ................................... 1.157,659
1920
1,196.680
211.303
178,534
32.769
R OAD.— Owns 49.46 miles o f track.
OFFICERS.— Pres.. W. E. Sham: Treas., S. H. Burnham: Sec. & Gen.
M gr., O. J. Shaw.— V. 110. p. 465, 1642; V. 113, p. 628; V. 117, p. 2769.
OMAHA LINCOLN & BEATRICE R Y .
Is to construct 56 miles between Lincoln and Omaha, of which 7 miles
from Lincoln to Bethany Heights Is completed and In operation. Of the
7 miles just mentioned, *4 of a mile Is an extension into the main business
centre o f University Place. Standard gauge. 70-Ib. T rail. Franchises.
99 years and perpetual. Stock auth., $2,250,000 ($100): outstanding,
$200,000. In Dec. 1916 the Nebraska R R . Comm. auth. the company to
Issue $2,000,000 common and $500,000 pref. stock and $2,5OO,OO0 bonds
for the completion of the line from Omaha to Lincoln, but not Including the
extension to Beatrice.
EARN INGS.— For 12 mos. ending Dec. 31 1923, gross, $42,051; net,
after taxes, loss, $3,540.
OFFICERS.— Pres., Harvey Musser; Sec., J. C. Musser: Treas. & Gen.
M gr., J. M . Bramlette; Aud., Carl Weil. Office, 231 North 14th St.,
Lincoln.— V. 103, p. 844; V. 104. p . 73: V. 108. p. 1275.
LITTLE ROCK, ARK.
[Y ol. 118.
Service Suspended.— In M ar. 1924 the co. suspended service from Brooklyn
city line at Grant Ave. to Lynbrook, L . I. V . 118, p. 1520.
ORGANIZATION.— This was formerly the Mineola Hempstead Sc Free
port Traction (incorp. Feb. 27 1899), but name changed as above Sept. 22
1902, and stock increased from $125,000 to $1,000,000.
Fare Decision.— On June 15 1912 P. S. Comm., 2d Dist , decided that
company is not obliged under its franchise to limit Itself to a 5-cent fere
between Hempstead and Belmont Park. V . 94, p. 1696.
On Jan. 8 1918 the Court of Appeals sustained the decision of the Ap
pellate Division reversing that of County Judge James P. Nieman on June 22
1914, which held that the company, under its franchise, could not charge
more than 10 cents for a 10-mile ride. (V. 99. p. 407.)
STOCK A N D BONDS—
Date.
Interest. Outstanding. Last Div.
Common, $750,000 ($50)_________
_______
$750,000 __________
Pref 5% cum $250,000 ($50)_______
_______
250.000 No div. yet
First mtge $1,000,000 gold/ 1902
44i g M -N 1,000,000 N ov 1 1942
($1.000)_________ c&r_ntf{Interest paid by Treasurer, New York.
(Citizens’ Sav. S Tr. C o.. Cleveland, O..Trus.
c
Bonds.— Are subiect to call at 107 on 30 days' notice, but no sinking fund.
EARNING S.— For years ending Dec. 31:
Year—
Gross. Net(aft.Tax.) Oth. Inc. Int..Rent. &c Deficit.
1922---------------------- $566,411 def$79,451
$1,107
$93,131def$171,475
ROAD.— Operates an electric line connecting Mineola, Hempstead and
Freeport, 7.84 miles. Also operates line from Hempstead west 5.58
miles to Queens, where connection is made with the tracks of the Long
Island Electric R y. C o. Also a line 17.01 miles long from Freeport westerly
via Rockville Centre, Lynbrook and Valley Stream, to a connection with the
Kings County Elevated R y. at Brooklyn. Also a line from Queens to
Mineola via Jericho Turnpike, 5.86 miles. Total, 36.29 miles. Total.
Including second track, 41.31 miles. 36 passenger and 8 other cars.
OFFICERS.— Pres., C. L. Addison, Penn. Sta.. N. Y .; Gen. M gr.,
Gen. Lincoln C. Andrews; Sec. & Treas., Frank E. Haff.— V. I l l , p. 1084
V. 116, p. 616; V. 117, p. 554, 2890; V. 118, 1520.
ARKANSAS CENTRAL POWER CO.
Controlled by National Power & Light Co. (see under “ New Orleans” ;
formerly the American Cities C o., through ownership of all the com. stock
except directors’ shares.
ORGAN IZATION .— Incorp. April 20 1923 to take over the physical
property formerly owned and operated by the Little Rock R y. & Elec. Co.
(for history o f which see "E lectric Railway” Supplement o f Oct. 28 1922).
NEW Y O R K & QUEENS COUNTY R Y .
Does the entire commercial electric power and light and street railway
32,048 shares out of total issue of 32,350 is
the Interborough
business in Little Rock; also providing all electricity commercially distrib Rapid Transit C o ., which also owns one-half of owned byof the Long Island
the stock
uted, directly and indirectly, in North Little Rock. Railway franchise ex Electric Ry. and the New York & Long Island Traction.
tends to Sept. 28 1951; lighting franchise unlimited in time.
Receivership.— Following the announcement that the Interborough Rapid
Fare Increase.— Effective June 3 1920 the co. was auth. by the Ark. Corp.
no longer advance funds to the
meet deficits, &c.,
Comm, to charge a 6-cent fare. On May 17 1920 the city council adopted Transit Co. wouldAndrews was appointed receiverco. tothe co. on Jan. 18
Lincoln C.
for
an ordinance amending the contract o f the co. with the city so as to permit Gen. by Justice James C. Van Siclen in the Supreme Court, Long Island
1923
the co. to charge a 6-cent fare. V. 110, p. 2657. Effective Mar. 3 1922, City, on petition of the Bankers Trust C o., trustee for the outstanding
however, fares were reduced from 6 cents to 5 cents. V. 114, p. 1063.
bonds. This receivership does not include the so-called Steinway lines (see
Valuation.— See V. 112, p . 162.
below under caption “ Receivership of Steinway R y .” ). V . 116, p. 296.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Receivership of Steinway Ry.— On Apr. 27 1922 Justice Callaghan in the
Com 150,000 shs (no par)__________
_______ *150,000 shs. ____________ Queens County Supreme Court appointed S. W . Huff and R . C. Lee receiv
Pref 20,000 shs (no par) $7 c u m ____
$7 cum
10,000 shs. Apr’24,$1.75 ers for Steinway R y. upon applicaticn of Guaranty Trust C o., trustee under
1st lien & ref M 6% series due f 1923 6 g A-O
$2,500,000 Apr 1 1948 1st Mtge. of the Steinway R y., int. on which was defaulted. The order
1948 g ($500 & $1,000 c* &■(Bankers Trust Co, New York, trustee.
provided that the receiver take over only the property which originally
$1,000 & $5,000_____ r* tfl
belonged to the Steinway Co. (V. 114, p. 1891). The receivers put into
Little Rock R y & Electric f 1903
5 g A-O
1,082,000 April 1 1933 effect a separate 5-cent fare on that part of the system against the orders
1st mtge (closed) gold! Interest at Canal-Commercial Trust & of the Transit Commission, but the action of the receivers was sustained by
($1,000) _______________c*l Savings Bank,
New Orleans, trustee.
the Court. V. 114, p. 2116, 2360.
Little Rock R y & Electric [ 1908 6 g A-O
1,018,500 April 1 1938
Creditors’ Claims, &c.— See V. 117, p. 1556.
refdg & extension m tgejlnt. at Bank of Commerce & Trust Co.,
ORGANIZATION.— Incorporated
29 1896
reorganized on
(closed) ($500 and $1,-1 Memphis, Trustee, or Guaranty Trust June 30 1899. Purchased the various June of railroad andLong Island City
lines
in
000) gold_______________c * l C o., N. Y .
known as the Newtown R y. C o., the Riker Ave. & Sanfords Point R R ., the
Steinway R y.,
Island City
R y. and the Flushing Sc
♦All com. stock outstanding, except directors’ shares, owned by National College Point Rthe Long ay 1902 the & Newtown was consolidated with It,
y. In M
Queens Ry.
Power & Light Co.
and thereupon increased Its stock from $2,500,000 to
The
Stock.— Pref. stock is red., all or in part, on any int. date on 30 days’ Queens R y. succeeded to the property sold at foreclosure $5,000,000. York
of the New
notice at $110 and accrued divs. Pref. has equal voting power with S North Shore R y ., comprising a line of 6 miles from Flushing to Jamaica,
c
common stock.
Bonds.— The first lien & ref. mtge. 6% bonds are secured by a gen. mtge. with franchises for lines between Flushing and College Point, Flushing and
Manhasset.
on the entire property subject to the Little Rock R y. & Elec. 1st M tge. and Bayside and Queensboro V . 74, p. 1197.
The
Island was opened in
ref. & ext. mtge. bonds, due 1933 and 1938, respectively, o f which issues 1909. new Sept. 19 1909Bridge across Blackwell’smunicipal trolley across
On
the City o f New York’s
$2,500,000 are pledged as additional security for the 1st lien & ref. ttge
the bridge began operation. On Dec. 16 1909 New York S Queens County
bonds
The issuance of additional 1st lien & ref. mtge. bonds is limited Ry. was granted a permanent franchise to run cars over the cbridge. Opera
by restrictions of the mtge.
Are redeemable, all or part, on any interest tion began on Feb. 15 1910. V. 90,
Through
date on four weeks’ notice, on or before Oct. 1 1928, at 105 and int.; there carried across the bridge and no extrap. 373. charged. passengers only are
fare is
after at premiums decreasing M o f a point during each year until maturity.
In view o f
in the payment o f the int. due
Penna. 4 mills tax refunded. Interest payable in N . Y
V. 116, p. 2005. Steinway Ry.the default and the then impending default Jan. 1 1922 on the
1st M . 6s
of prin. Sc int. due
Little Rock Ry. cfe Elec. Co. 1st Mtge. bonds are subject to call on 60 days’
formed to protect interests of holders of
notice on any interest period at 107 H- Sinking fund o f H o f 1% of out July 1 1922, two committees wereheaded by H. B. Thome (V. 113. p. 2819)
these bonds. One committee was
standing bonds, 1908 to 1917; 1 % thereafter. 3304,000 held in sinking fund and the other by Geo. W . Davison (V. 114, p. 80). The first named com
and $614,000 pledged. The Little Rock Ry.
Elec. ref. & ext. bonds cannot mittee arranged to pay the Jan. 1
114, p. 80. Later the
be called. A sinking fund o f H o f 1 % on outstanding bonds, which began two committees were consolidated.1922 coupon. V. resulting from the con
The committee
Aug. 1 1913, is to be invested in these bonds at not higher than a 4)3% solidation is composed of:
basis, bonds to be kept alive in fund. $122,500 held in sinking fund and
Committee for Steinway Ry. 1st Mtge. 6s.— Geo. W . Davison, Roswell
$1,859,000 pledged. V. 87, p. 414.
Frew, Harold B. Thorne and
Dividends.— An initial div. o f $1 75 per share was paid on pref. stock in Eldridge, Walter E. Union Trust C o., N. Y . City. Wm. Carnegie Ewen.
Depositary, Central
V. 114, p. 307.
July 1923. Same amount paid regularly quarterly since.
Int. due Apr. I 1922 on the N. Y . & Queens County 1st cons. mtge. 4s
EARNINGS.— For calendar years:
having been defaulted (V. 114, p. 1766), the following committee was
Net, after
Other
Balance, formed:
Cal. Yrs.—
Gross.
Taxes.
Income.
Int., &c.
Surplus.
Committee for N . Y. & Queens Co. 1st Cons. Mtge. 4s.— Chairman, Fredk.
1923________ $2,057,458
$724,714
$7,502
$276,658
$455,558 Osborne; O. Stevenson Newhall and James H. Perkins. Depositaries:
1922________ 1,951,643
69 ,983
21,334
261,127
453,190 Farmers Loan S Trust C o., N. Y ., and Penna. Co. for Insur. on Lives S
c
c
ROAD.— Operates 41 miles f electric railway. Electric property in G. Ann., Phila. V. 114, p. 1766.
cludes steam electric generating capacity installed of 19,900 k. w., 25 miles
Int. due Dec. 1 1921 and June 1 1922 on the $50,000 Flushing S College
c
of transmission lines and 144 miles of distribution system. Rails, 70 lb. and Point 1st Mtge. 5s and on the $150,000 Newtown R y. 1st Mtge. 5s was not
over. 20 open, 82 closed and 7 work cars; total, 110. Operates Forest paid when due. V. 114, p. 2580.
Park, located about 6 miles from tne centre of the city.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
OFFICERS.— Pres., D . H. Cantrell; V.-P. & Treas., A. Brizzolara: Sec.
$3,235,000
& Asst. Treas., W . J Tharp. Under supervision o f the Electric Bond Stock $5,000,000 ($100)____
50,000
......... 192$
Flushing S College Point 1st 1895
c
5 g J-D
& Share Co.— V. 116, p. 2005.
mortgage $50,000 gold____/New York Trust C o., Trustee.
150.000 D ec 1 1924
Newtown R y first mortgage) 1894
6 g J-D
$150,000 g o ld ___________ /New York Trust C o., Trustee.
Steinway R y first mortgage) 1892
6 g J-J
1,500,000 July 1 1922
LONG ISLAND CITY, N. Y.
$1,500,000 ($1,000) g___c * /ln t . at Guaranty T r. O o .,N . Y . C ity. Trus.
THE LONQ ISLAND CONSOLIDATED ELECTRICAL COS.
1896
1,300.000 June 29 1940
ORGANIZATION .— Entire stock is owned by the Long Island R R . In New York Sc Queens County f Bankers 4 g A-O o., New York, Trustee,
first consol mtg $3,000,000-j
Trust C
corporated in New York. Owns one-half the stock (the Interborough Rapid
gold
Interest at office of company. New York.
Transit Co. owning the other half) and bonds of N. Y. & L. I. Trac. and First & $1,000 each_________ ( 1906
refunding mtge, $10,-(
4 g M -N
See text N ov 1 1930
Long Island Elec. Ry.
000,000 gold ($1,000)_ c*(W indsor Trust C o., New Y ork. Trustee.
_
Stock $25,000 ($100)________ All owned by Long Island R R .
*6,818,539 ...............—
OFFICERS.— Pres., Ralph Peters; V .-P ., O. L. Addison; Sec., Frank E. Current liabilities Dec. 311922 ................... ........
* Includes $6,788,316 bills and accounts owing associated companies
Haff; Treas., J. F. Fahnestock.— V. 83. p. 890.
Of the new $10,000,000 m tge.. $2,080,827 are deposited as collateral for
(1) Long Island Electric R y.— A trolley road.
loans from Interborough Rapid Transit and $3,000,000 are reserved for
In Jan. 1906 control passed to the Interborough Rapid Transit Co. and
the Long Island Consolidated Electrical Companies, each owning one-half prior Hens. No sinking fund and bonds are not subject to call. Under the
N. Y .Sc Queens Co. 1st cons. M . there were originally $2,500,000 bonds out
the stock and bonds.
ORGAN IZATION .—Chartered March 13 1897 as New York & North standing, but the company having defaulted in payment o f int., reorganiza
Shore R y. On Oct. 11 1899 was consolidated with the fo rm er Long Island tion was made, under which the holders surrendered $1,200,000, interest
Electric R y ., new company having $2,100,000 capital stock and $2,100,000 was reduced to 4% . The said bonds are redeemable at 105 and Int. V.
bonds. On M ay 7 1902 the lines north of Jamaica were sold under fore 09. p. 609.
ROAD.— The system, with the Queens Railway, embraces main line,
closure to the Queens Ry. C o., which company was then merged in the
New York & Queens County R y. On Aug. 28 1903 old name of “ Long 23.59 miles; second track, 19.03 miles; sidings, 1.51; total, 44.13 miles.
Island Electric R y ." was resumed. In Aug. 1909 stock was reduced from Rails, 70 to 116 lbs., standard gauge. 96 pass, cars, 32 others.
$2,100,000 to $600,000 by cancellation o f $1,500,000 stock originally Issued
RE PO RT.— For cal. year 1923 and fsical years ending June 30:
Net.
Other Inc. Int.. Taxes, &c. Deficit.
to represent the piece of road which subsequently became the Queens Ry.
Year—
Gross.
and now forms part of the N . Y . Sc Queens County R y. V. 89. p. 42. 593. xCal. yr.’23 $661,951
$70,967
$1,191
$349,486
$277,328
R eorgan ization P lann ed . — In M ay 1923 the Transit Commission an 1921-22.-- 1,261,201
def 44.045
10,228
349,184
455,609
def 272,513
8,489
371,831
635,855
nounced that plans were being formulated for the reorganization and re 1920-21— . 1,256,198
ae/121,151
6,136
358,699
473,715
adjustment of the company. V . 116, p. 2388.
1919-20--- 1,166,990
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity
x Evidently exclusive of operations of Steinway Rys.
Stock $600,000 (3 1 0 0 )........................................
$600,000 ............... ..
OFFICERS.— Receiver, Lincoln C. Andrews; Gen. M gr. to Receiver,
L I Elec 1st M $600,000 f 1895
5 g J-D
600,000 June 1 1925
($1,000)_________ c& r.ntf(H am ilton Trust C o., Brooklyn, Trustee.
E. A. Roberts; V .-P. & Treas., W. L. Pepperman; Sec., H. M . Fisher.
[ Interest paid by Treasurer, New York.
— V. 113, p. 2819; V. 114, p. 1766, 1891, 2116, 2360, 2580, 2825; V. 115,
EARN INGS.— For years ending Dec. 31:
p. 183; V. 116, p. 296, 516; V. 117, p. 208, 1556.
Cal. Year— Gross.
Net (aft. Tax.)
Oth. Inc. Int..Rents, &c. Balance
1922_______ $385,093
$48,543
$342
$52,716
def.$3,832
MANHATTAN AND QUEENS T RACTION CORPO R ATIO N .
ROAD.— Comprises 25.23 miles of track on ltt.30 miles of road from
Receivership.— On N ov. i5 1917 Arthur O. Hume and William R . Begg
Crescent Avenue, Brooklyn (at the terminus o f the Kings County Elevated),
to Jamaica, Hollis and Queens, and from Jamaica to Far Rockaway. 36 were appointed receivers by Judge Chatfield In the U. S. Dist. Court for the
Eastern Dist. o f N . Y . In N ov. 1917 a judgment against this company for
passenger cars and 8 others. V. 109, p. 888, 2263; V. 116, p 2388.
c
$1,158,522 was awarded the Gas S Elec. Securities C o. on account of unpaid
(2) New York & Long Island T ra ction .— A trolley road.
On June 20 1905 control was purchased jointly by the Interborough promissory notes.
ORGANIZATION.— Incorp. in N . Y . on N ov. 4 1912 to take over the
Rapid Transit Co. and the Long Island Consol Elec. Cos. V. 80, n. 2622.
R eceivership. — On Dec. 21 1923 Justice Van Siclen in the Queens Supreme rights and property of the South Shore Trac. Co. in New York City (see
Court appointed Chas. L. Addison of Hempstead, receiver for the co. For under Patchogue, and also under Manhattan Sc Jamaica R y. in V. 95. p.
1207, 420; V. 94. p. 1090.)
further details see V. 117, p. 2890.
A pril, 1924.]
Asked Public Service Comm, for permission to Issue $1,500,000 stock add
$1,500,000 1st M . 5% bonds, but on March 10 1914 the P. S. Comm, auth
ortzed only $765,000 capital stock and recommended the issue of $807,000
bonds at 85. No stock outstanding; only $20,000 subscription stock
Action on the bond issue was deferred until the company should have filed
its proposed mtge. for an auth. amount of $10,000,000, of which the co.
proposed presently to issue said $1,500,000 with the permission of the
P S. Comm. V. 96. p. 790; V. 98, p. 523.
F ra n ch ises , L itig a tio n , & c . — See V. 116, p. 2129; V. 117, p. 325.
F a res. — See “ Electric Railway” Supplement of Oct. 28 1922.
EARN ING S.— For years ending June 30:
12 M o s .—
Gross. N et aft. Tax. Oth. I n c .
Rents.
In terest. Sur. or D e f.
1922-23 — .$400,174 $101,082
$2,328 $35,792 $92,928 def$25,310
1921-22 — . 361,155
63,468 2,170
33,692
92,928 def. 60,439
ROAD.— Has a franchise in the City o f New York to operate a street
surface railroad over the Queensboro Bridge from the Manhattan terminal
thereof, along Thomson Ave., Hoffman Boulevard, and other streets and
avenues In the Borough o f Queens to the boundary line between the City
of New York and the County of Nassau, together with the right to operate
upon the Queensboro Bridge. The line has been completed and cars are iD
operation to the intersection of Sutphin Road and Lambertville Ave. in
Queens. An additional 3.3 miles of road from this point to Central Ave
and Springfield Road was to have been completed by Aug. 23 1917, but
owing to war conditions, an extension o f time was granted by the Board
of Estimate of N. Y . City. In June 1918 Judge Chatfield in the U. S.
Dist. Court for the Eastern Dist. granted a permanent injunction restrainng the city from forfeiting the contract of the co. for failure to complete
his line. V. 106, p. 2450. On Feb. 27 1920 the U. S. Circuit Court of
Appeals reversed this decision. V. 110, p. 970. The extension from the
L. I. R R . station at Jamaica to Lambertville Ave. was completed April 2f
1919. Total miles single track equivalent, 21.
OFFICERS.— Gen. M gr., B. Walter Duncan; V.-Ps., R. F. Carbutt and
H. B. Weaver; Sec. S Treas., Lindley G. Coleman; Asst. Sec. & Asst
c
Treas., F. H. Adler.— V. 116, p. 2129; V. 117, p. 325, 1992.
LOS ANGELES, CAL.
PACIFIC ELECTRIC RA ILW A Y.
All the stock except directors' shares is controlled by Southern Pacific Co
ORGAN IZATION .— Incorp. In California on Sept. 1 1911 as a merger
The following subsidiaries o f the Southern Pacific Co. (V. 93, p. 667):
Pacific Electric R y.
|San Bernardino Valley Traction Co
Los Angeles Interurban R y.
IRedlands Central R y.
Los Angeles & Redondo R y.
|San Bernardino Interurban Ry.
Riverside & Arlington R y.
|Los Angeles Pacific Co.
During 1912 acquired the right o f way and all rail lines and equipment of
the Pacific Electric Land Co. and purchased the property of the Ontario
< San Antonio Heights R R .
fc
Operates under agreement over the Riverside Rialto & Pacific R R .—
passenger service only.
Subway F ra n ch ise. — In Sept. 1922 the co. obtained a 40-year franchise
to construct a rapid transit subway for serving Glendale, Hollywood and
San Fernando Valley points, and on April 20 1923 applied to the City
Council o f Los Angeles for a 40-year franchise for the construction of a
rapid transit subway for its interurban trains. V. 116, p. 2389.
The Los Angeles M otor Bus Co. was organized by the Pacific Electric
R y. and the Los Angeles R y. in Feb. 1923. V. 116, p. 936.
In Aug. 1920 was auth. to issue $200,000 bonds to refund a like amount of
Riverside & Arlington R y. 4s which matured Aug. 14 1919. The bonds
were owned by the Southern Pacific Co. which was willing to accept Pacific
Elec. R y. bonds in payment therefor. V. I l l , p. 693.
For full particulars regarding this company see under “ California” on a
previous page (page 27).
LOS ANGELES RAILW AY C O R PORATION .
The entire $20,000,000 stock, except directors’ qualifying shares,
owned by M r. H. E. Huntington, and, along with certain amounts of differ
ent bond Issues o f this company and the Pacific Electric R y . (see above). Is
pledged as security for the Huntington Land S Improvement collateral
c
trust Issue— see V. 98. p. 527.
The Los Angeles R y. Company was organized Dec. 2 1913 to merge the
Los Angeles Ry. Corporation and its subsidiary, the City R y. Co. of Loe
Angeles (V. 97, p. 1733). but on March 5 1915 the Cal. R R . Comm, denied
Its application to Issue $20,000,000 stock in exchange for the $20,000,000
stock o f the R y. Corp. and the $5,000,000 stock o f the City R y. and to
execute a mtge. under which $23,544,000 bonds were to be issued in ex
change for outstanding bonds o f the two companies or bonds assumed by
them. V. 100, p. 901, 982. The Los Angeles Railway Corporation
was Incorporated in California on November 7 1910 as successor to Los
Angeles Railway Co. and acquired all the city narrow-gauge lines owned
by Pacific Electric Railway and Los Angeles Interurban Railway, and
those portions o f Los Angeles S Redondo R y. and Califor nla-Padflc
c
R y. Co. lying north o f an east-and-west line running through Hawthorne
and Athens, thus comprising all the street railway business o f Los Angeles.
V. 91, p. 1386. More than 85 miles o f track is on private right o f way. Alt
main line and practically all down-town line franchises extend beyond 1940.
Owns entire $5,000,000 stock o f the City R y . of Los Angeles, incorporated
In Dec. 1910 to build new lines for the corporation. V. 91, p. 1766.
The Los Angeles Motor Bus Co. was organized in February 1923 by the
Los Angeles Ry. and the Pacific Electrict R y. V. 116, p. 935.
Favorable Fare Decisions.— In a decision handed down April 6 1915 the
District Court of Appeals in Los Angeles sustained the right of the company
to charge 10-cent fares from the city to Eagle Rock, Glassel and other
points in that district. See V. 100, p. 1438. For decision upholding action
o f Calif. R R . Comm, in establishing a zone street railway fare of 6 cents
and a suburban rate of 2.75 cents a mile, see V. 117, p. 1461.
Valuation.— V. 110, p. 167.
Franchise Recommendations, &c., by Calif. RR. Comm.— See V. 112, p.2537.
STOCK AN D BON DS—
Date.
Interest. Outstanding. Maturity
Stock $20.000.000___________ _____
_______ $20,000,000 __________
Los Angeles Ry Corp 1st & refl 1910 5 g J-D
14,880,000 Dec 1 1940
M $20,000,000 g ($1,000) } Los Angeles Trust & Savings Bank, Trustee,
•
sinking fund___________ c*|
Los Ang Co. Ry M $5,000.-1
1899 5 g A-O
4.722,000 Oct 1 1938
000 gold ($1,000 each) _c*/Int. at Uuion Trust C o., San Fran., Cal., Tr.
Los Angeles Trac 1st cons M 1 1898 5 g J-D
250,000 Dec 1 1938
gold $250,000 ($1,000)____jSt. Louis Union Tr C o., St. Louis, Trustee.
City Ry of Los Angeles 1st M l 1911 5 F-A
5,000,000 Feb 1 1941
$5,000,000 ($1,000) gold.c*/Int. at Los Ang. Tr. & S. Bk.. Los A .. Trus
Bonds.— Int. on 1st & ref. M . bonds la payable at office of trustee
Bankers Trust C o., New York, and by arrangement at Anglo Sc London
Paris Nat. Bk.. San Fran. Bonds are not subj. to call. Bonds have sk. fd
of $10,000 per month (incl. s. f. on underlying bonds) to be invested in
first and ref. bonds at 105 and interest, or in approved securities; first
S ref. bonds purchased for s. f. to be kept alive, $1,863,000 bonds are held
c
In sink. fund. V. 92. p. 262; V. 94, p. 1383; V. 95, p. 1273. On 30 days’
notice int. may be made payable at the National City Bank, N. Y
Int
on the Los Angeles Trac. issue paid at Chase Nat Bank, N Y . $376,000
Los Angeles R y. Co. mtge. bonds in sinking fund and $278,000 canceled.
City R y. Co. o f Los Angeles 1st mtge. bonds have a sinking fund of 2% per
annum o f principal amount of bonds outstanding, which began Jan. 1 1916:
$814,000 bonds in sinking fund Dec. 31 1923.
EARN IN G S.— For years ending Dec. 31:
Fiscal Year— Gross.
*Expenses.
Net.
Int. & Taxes. Surplus
x l9 2 3 __________ $12,698,978 $7,763,228 $4,935,750 $2,547,079 $2,388,671
1922----------------- 11,249,737 6,646,205
4,603,532 2,478,532 2,125,001
1921___________ 10,241,011 7,316.897
2,924,114 2,023,021
901,093
* Excluding depreciation, x Excluding buses.
PR O PE R T Y.—-Comprises 395.95 miles of track; 60, 72, 87 and 116-lb.
rails. Owns and controls 1,065 passenger cars, of which 811 are of P-A-Y-E
type, 183 centre, 70 Birney Safety and 84 work cars, &c.; total, 1,149 cars.
Has favorable power contract with the Southern California Edison Co.;
the current being distributed through the corporation’s own transmission
system. Has 16 sub-stations.
OFFICERS.— Pres., H. E. Huntington: V .-P ., W . E . Dunn: V.-P. and
Gen. M gr., G. J. Kuhrts; Sec. & Treas., C. A. Henderson.— V. 103, p. 320;
V. 108, p. 683: V. 109, p. 577, 776, 1179; V. 110, p. 167, 1415; V. I l l , p.
792, 1949; V . 112, p. 2537; V. 113, p. 1675; V. 114, p. 2717; V . 115, p.
543, 2793; V. 116, p. 935, 2129, 2388, 2884; V. 117, p. 1461.
63
ELECTEIC BAIL W AYS
LOUISVILLE, KY.
LOUISVILLE R A ILW A Y CO.
ORGAN IZATION .— Incorp. In Kentucky on Jan. 22 1867 and owns all
the street railways in the City of Louisville and its suburbs. In Sept. 1922
ttre co. commenced operating under an “ adjusted franchise” for which it
exchanged its equity in long-term fra n ch ises with the City of Louisville.
The “ adjusted franchise” containing variable-rate and sliding-scale-ofdividend provisions, runs for 20 years. The rights of the bondholders in
the long-term franchises are said not to be affected by the present operat
ing arrangement.
On Oct. 20 1917 the company filed amended articles of incorporation In
creasing its auth. pref. stock from $2,500,000 to $3,500,000 and its com.
stock from $5,500,000 to $8,500,000, in connection with the dissolution of
the Louisville Traction Co.
The Louisville & Interurban R R . has been organized in the interest of
the Louisville R y . to construct a system of urban and interurban lines. No
securities have been issued except $4,000,000 stock (increased to that
amount in February 1913) to Louisville R y. Co. In Jan. 1911 Louis
ville S Interurban R R . acquired the Louisville S Eastern R R . (all of whose
c
c
bonds, construction notes, receivers’ certificates, <Scc.. and about all the
stock, was owned by Louisville S Interurban), sold at foreclosure on Jan. 3
c
1911. V. 92, p. 59, 262.
D issolu tion o f H old in g C o . — On Nov. 22 1917 the Louisville T raction C o.,
which owned all the stock of the R ailw ay company, was dissolved in order
to reduce Federal and State taxes. Preferred stockholders exchanged their
stock for Louisville Ry. pref. stock on a share-for-share basis; holders of
common stock received seven-tenths of Railway common for each share of
Traction common.
F a res, & c . — On July 1 1918 the Louisville & Interurban R R . increased
fares on all suburban lines to about 2J* cents per mile. V. 107,p . 402. On
Oct. 7 1920 these rates were further increased to 3 cents per mile. V. I l l ,
p. 1661. In Jan. 1921 the Louisville General Council denied the co.
auth. to increase fares from 5 cents to 7 cents. V . 112, p. 162. The co.
however, obtained a temporary injunction enjoining the city from inter
fering with the collection of higher fares. The co. thereupon raised fares
from 5 to 7 cents effective Feb. 21 1921. V. 112. p. 849, 933.
N ew O rd inance. — On Aug. 25 1922 the M ayor signed, and on Sept. 11
1922 the stockholders approved, an ordinance providing for a 7-cent cash
fare and a 6-cent ticket fare. V. 115, p. 1210, 1532.
Bus O peration by Sub. C o . — In July 1923 the Kentucky Carriers, Inc., a
subsidiary, capitalized at $200,000, commenced the operation o f buses.
V. 117, p. 86.
V a lua tion. — See V. 112, p. 849.
Interest. Outstanding. Maturity*
STOCK AND BONDS—
Date.
____
$8,323,600
See tex.
Common $8,500,000_________ _____
Pref 5% cum $3,500.000............... —
A&O
3.500,000
See tex*
Louisville Ry gen mtge gold) 1910
5 g F-A
4,035.000 Feb 1 1950
$20,000,000 ($1,000)-_c*tf/Interest payable in Louisville.
Louisville Ry cons M gold/ 1890
5 g J-J
6,000,000 July 1 1930
$6,000,000 (llstN Y )_c * tf/ Int. at National Bank of Commerce, N . Y .;
I Fidelity-Col. T r. C o., Louisville, Trustee.
Louisville Ry 2d mtge, $2,-\ 1900 4 A g M-S
2,000.000 Mar 1 1940
000,000 gold ($1,000)___tf/Interest payable in Louisville.
Q°Z.
3-year notes_________________ 1921
250.000
1924
N o t e s _______________________ 1923
1,000.000 June 1 1926
'6 %
Car trust ctfs ser “ A ” ____ t f 1 1923
6 F-A
297,000
See text
/Fidelity & Col. Tr. C o., Louisville, trustee.
Car trust certificates Series) 1924
6%
230,000
See text
" B ” ($1,000) gold________ /Fidelity & Col. Tr. Co., Louisville, trusteeBonds.— $8,000,000 of the gen. mtge. bonds of 1910 are reserved to retire
prior liens; the remainder is for extensions and improvements. Bonds are
not subject to call. Fidelity-Col. Trust C o., Louisville, trustee.
Car trust certificates Ser. “ A ” are due $33,000 each Feb. 1 to and incl.
Feb. 1 1933. Car trust certificates Series “ B ” are due semi-ann. to Jan. 1
1934. V. 118, p. 85.
D ivid en d s. — 5% was paid on pref. stock to and incl. Oct. 1918
None
to April 1923, when 2 A % was paid. In July 1923, 2 A % : Oct. 1923, 2 A % ;
Dec. 1923, 2J4%. In Feb. 1924, 5% was paid, representing a regular div.
o f 1 \i% and 3M % on account of back divs. In April 1924, 2 A % , leaving
accumulations on these shares of 8M %• V. 118, p. 1773. 4% was paid
on the old T raction common stock up to time of dissolution. Divs. of 1 A %
each were paid on Railw ay common in Jan., April and July 1918. October
div. omitted (V. 107, p. 1385). None since. V . 108, p. 878.
ROA D .— The Louisville R y. Co. owns 172.76 miles o f track on 80
miles of streets and 9.86 miles in yards, &c.; 3.52 miles are outside city limits:
all is electric. Affords entrance into Louisville for the Interstate Public
Service Co. The Louisville & Interurban owns 105.57 miles of track in
Jefferson County, incl. extensions to La Grange and to Shelbyville, in Old
ham and Shelby counties.
R E PO R T .— For fiscal years ending Dec. 31:
C a lenda r
Y ea r —
G ross
R evenue
N et
E a rn in g s.
Other
In c o m e.
In terest A
T a xes.
Balan ce,
S u rp lus.
1923 ___________$4,445,866 $1,367,344 $165,072 $1,042,874 $489,542
1922 ----------------- 4,542,818 1,352,585
163,795
1,011,401
504,979
1921 ----------------- 4,469,502 1,195,779
96,762
1,001,948
290,593
OFFICERS.— Chairman of the Board. T . J. Minary; Pres., James P .
Barnes: V .-Ps., Sami. Riddle and F. H. Miller; Sec. & Treas., Samuel G.
Boyle; Gen. Aud., F. E. Belleville.— V. 113, p. 533, 848, 1773, 1888, 2185,
2720; V. 114, p. 306, 1063, 2116; V. 115, p. 183, 436, 1210, 1532, 2793;
V. 116. p. 822, 1275; V. 117, p. 86; V. 118, p. 85, 1268.
INDIANAPOLIS & LOUISVILLE TRACTION R Y .— A trolley road
M erg er. — As of Jan. 1 1923 was merged into the Interstate Public Service
Co. (see on a previous page). For history of co. up to time of merger see
“ Electric Railway” Supplement of Oct. 28 1922.
McALESTER, OELA.
CHOCTAW POWER & LIG H T CO
C ontrol. — In Feb. 1924 Albert Emanuel C o., Inc., acquired control of
the company. V. 118, p. 1011.
OR G A N IZA TIO N .— Incorp. In Delaware on June 27 1916 to take over
the light and power business of the Choctaw Ry & Lighting Co. sold at
foreclosure (V. 102. p. 1539) and owns all the $271,000 1st M . bonds and
the entire $600,000 capital stock of the Pittsburgh County Iiy.. Incorp. in
Oklahoma June 24 1918. to take over the street railway properties.
F a re In c r ea se . — On July 15 1919 the Pittsburgh County R y. was auth to
increase fares in McAiester from 5 to 7 cents. V. 109, p. 677. Effective
Feb. 15 1921 was auth. to increase fares in McAiester to 10 cents. Interurban fares and express rates were also raised. V. 112, p. 850. 932.
STOCK A N D BONDS— D a te.
In te re s t. O utstand ing.
M a tu r ity .
_________ $1,000,000
See text
Common $1,000,000_________ _____
Pref 7% cum $275,000— ...................
M -8
275,000 Feb’2 4 .1 ^ %
First mtge gold ($1,000 and) 1916
5 g M -S
1,228,000 Sept 1 194*
$500)-------------------------c*tfjTnt. at Guaranty Tr. Co. of N . Y ., trustee.
B on ds. — Open Issue authorized. Impt. fund o f 1% per annum from
1921-1925: l /£ % 1926-1929; 1 A % 1930-1933:1M % 1934-1937:2% 1938-41.
D ividends. — Paid 3 A % on pref. in March and Sept. 1918. In 1919,
Feb., 3 A % . In 1921, March, 3 A % : July. 31*%: Sept.. 31*% ; Oct.,
3 A % : N o v ., 5 A % - In 1922, 7% . In 1923, 7% . In 1924, Feb., 1M % .
O n com. initial div. of 1% % paid in Feb. 1922. None to Nov. 1922, when
2M % was paid. In 1923, 4 A % . In 1924, 3% was paid.
EARNINGS.— Combined earnings o f the Choctaw Power & Light Co.
and the Pittsburg County R y. Co. for year ending Dec. 31 1923. gross.
$518,327; net, $192,633; deprec., $70,000: charges, $65,323; surp., $57,310.
ROAD.— The Pittsburg County Ry. operates In cities of McAiester.
Haileyville and Hartshorne, and an interurban line, over private right o f
way, between these three cities. 23.26 in. o f track. Standard gauge; rail,
56 . 70&80-lb. T . 12 passenger cars, 11 other cars, 2 electric locomotive.
OFFICERS.—-Pres., Albert Emanuel; V .-P ., Victor Emanuel; Sec.,
F. E. Harper; Treas., C . B. Zeigler. N. Y . office, 61 Broadway.— V. I l l ,
p. 1279; V. 112, p. 932; V . 118, p. 1011.
MACON, GA.
GEORGIA LIGH T, POWER & RAILW AYS AND SUB. COS.— See
M ay 1924 edition of “ Railroad & Industrial” Supplement.
64
ELECTRIC RAILW AYS
MADISON, WIS.
MADISON RAILW AYS COMPANY.
ORGA N IZA TIO N .— Successor In May 1910 to the Southern Wisconsin
R y.. for statement of which see this Section for M ay 1910. Franchise
expire in 1932. 1938 and 1944.
In Feb. 1923 was auth. to issue $44,000 of notes to pay for equip., im pts..
&c. V. 116, p. 1411. In March 1924 was authorized to issue $54,000
1st Mtge. 5% bonds at not less than 75 and interest, proceeds to be used to
reimburse the treasury. V. 118, p. 1268.
STOCK AND B O N D S —
Date.
Interest. Outstanding. Maturity.
Com stock $600,000 ($100)..... ..........
............
$350,000 ________
Pref stock $350,000 -------------- -------F-A
144.000
See text
1st mtge $1,500,000 g ($500/ 1910
5 g M-N
86S.500 May 1 I93t
and $1,000)________ o* t flln t . at Wisconsin Tr. Co , Mllw.. trustee.
Coll trust serial debs ($500 & 1 1924
7 g M-S
100.000 See text.
$1,000) gold_________ c* .tf JTnt. at Cent. Wis. Tr. C o., Madison, trustee.
Bonds.— Additional 1st mtge. bonds may be issued for extensions, addi
tions, &c., for 80% o f cost under conservative restrictions. $150,000 are
pledged as security for the coll, trust serial 7% debentures. Red. at 102 34
and int. on any int. date on 60 days’ notice. A sinking and improvement
fund o f 1 34% per annum o f bonds outstanding began M ay 1 1919 for re
demption of bonds or improvements, &c. The 7% coll, trust serial deben
tures are secured by deposit o f $150,000 1st mtge. 5s. Are red.,a 1 or in
1
part, on any int. date on 30 days’ notice, at a premium o f 34 of 1 % for each
year or fraction of a year between redemption date and maturity. Mature
$5,000 Sept. 1 1924 and $10,000 each Mar. 1 and Sept. 1 thereafter and
$15,000 on March 1 1929.
E A R N IN G S .— For year ending Dec. 31 1923, gross, $417,602; net,after
taxes, $120,879. In 1922, gross, $419,463; net after taxes, $115,996.
Dividends.— Were paid on pref. stock Aug. 1 1922 and Feb. 1 1924. In
Feb. 1924 a bonus of 1% was paid on the pref. stock. V. 118, p. 431.
ROAD.— Owns 19 miles of standard-gauge track, including lines in
Madison, and extension to Fair Oaks, Eimside, Lake Park Cemetery and
South Madison.
OFFICERS.— Pres.. F. W. M ontgomery V -P .. Dudlev Montgomery
Treas., Warren Montgomery; Sec., Hugh Montgomery; Supt.. D. M ont
gomery.— V. 116, p. 1411 V. 117, p. 1017; V. 118, p. 431, 1268.
MANCHESTER, N. H.
MANCHESTER T R AC TIO N , LIGH T & POWER CO.
ORGAN IZATION .— Incorporated in 1901 in New Hampshire and com
prises the several light, power and street railway properties in and around
Manchester and the light, power and gas property in Nashua. The com
pany owns the stock of the Manchester St. Ry., Manchester & Nashua St.
Ry. (name changed from Goffs Falls Litchfield & Hudson St. Ry. in Feb
1907) and Manchester & Derry St. Ry. In Jan. 1918 purchased the watei
Tights of the U. S. Bobbin A Shuttle Co.
Franchises perpetual. Interurban roads and main transmission lines
on private right of way, except through cities and towns
STOCK—
Date.
Interest. Outstanding.
Maturity
Stock $5,000,000 ($100).....................
Q-J 15
$4,958,300 A p r .’24
Manchester A Nashua 1st) 1900
5 g J-D
200,000 Juae 1 1926
M gold $300,000 ($ l,000 )tf' Int. at American Tr. C o., Boston. Trustee
Man & Derry St Ry 1st mtge f 1907
5 J-D
125.000 Dec 1 1927
$500,000 ($1,000) g u a r ..tflln t. at American Tr. C o.. Boston. Trustee.
First Ref M Sink Fund g $15.-1 1917
see text
4,615,000 Aug 1 1952
000.000 ($500 & $1,000 c*;(In t. at American Trust C o., Boston, trustee
$5,000.r _____________ t fl
Bonds.— The Manchester & Nashua St. R y. and the Manchester & Derry
8t. Ry. bonds are guaranteed, prin. A int., by Man. Trac., Lt. & Pow. Co
Both mortgages are closed.
The first refunding bonds are (since Apr. 1 1921) a first mortgage on all
property owned. Of the amount reported as outstanding, $3.701,000 are
5s and $914,000 are 7s. Additional bonds may be issued for refunding and
for acquisitions under certain restrictions, but not in excess of twice the par
value o f outstanding stock. Sinking fund o f 1% o f bonds outstanding on
each Aug. 1 began 1919 and is applied to purchase o f bonds at not to exceed
105 and int. $197,000 5s (incl. in amount outstanding) held in sinking fund
Apr. 1 1924. Bonds purchased are to be held alive. Callable at 105 and
Int. V. 105, p. 909; V. 112, p. 562.
Dividends.— First dividend of 3% on July 15 1901; paid 6% per annum
to and Including 1905; 7% in 1906; since 8% per annum. 5% mtra
dividend in 1912.
R E PO RT.— Of the Manchester Trac., L t. & Power Co. and subsidiary
companies for years ending Dec. 31:
Year end.
Gross
Net
Interest
Balance for
Dec. 31.
Earnings.
Earnings.
A c.
Divs. Ac
1923
$2,560,842
$949,247
$259,450
$689,797
1922
...............$2,297,871
$798,679
$296,467
$502,212
19 21__________________ 2 429.865
782.808
312.160
470.648
PROPE R TIE S.— The different roads controlled comprise 65.515 miles
o f track, as follows: Manchester Street Railway, 42.812 miles; Man
chester A Nashua Street Ry., 14.335 miles; Manchester A Derry St. Ry.
8.368 miles. 121 passenger and 17 misc. cars. 4 hydro-electric plants
present capacity approx. 9.400 k.w.; a steam reserve station at Man
chester with a combined capacity of approx. 12,500 k.w. and 1 steam reserve
Station at Nashua with capacity of anprox. 1.500 k. w. Also owns w a t e r
rights along the Merrimac River. For proposed impts. to power plants
see V. 118, p. 1773.
OFFICERS.— Pres. E. O. Foster; V .-P. Walter F. Norton; V.-P. &Gen. Mgr. J. Brodie Smith; Treas., Geo. S. West; Asst. Treas., A. Cun
ningham and Robt. Haydock; Clerk, Allan Wilson.— V. 112, p. 470, 562;
V . 114, p. 1890, 2359, 2717; V. 116, p. 1275; V. 117, p. 670; V. 118, p. 1773.
MARION, ILL.
COAL BELT ELECTRIC RY.
In 1904 passed into control of the St. Louis Iron M tn. A Sou. R y . Co,
Stock authorized and outstanding, $300,000; par o f shares, $100.
E A R N IN G S.— For year ending Dec. 31 1923, gross, $141,984; net, after
taxes, def., $19,582; other income. Dr., $987; bal., def., $20,569. In 1922,
gross, $141,982; net, after taxes, def., $5,531; other income, $18,002; bal.,
but ., $12,471.
ROA D .— Operates 15.30 miles of track from Marion to Carterville and
Herrin. Standard gauge. 52 to 70-lb. T rail.
OFFICERS.— Pres., L. W . Baldwin; Sec., F. W . Irland; Treas., F. M .
Hickman.
MARION, OHIO.
COLUMBUS MARION & BUCYRUS R Y.
O R GAN IZATION .— Incorporated in Ohio Mar. 25 1914 as a reorganlza*
Mon of the Columbus Marlon & Bucyrus RR., sold under foreclosure per
plan V. 90. p. 1488. 1839.
Maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Stock. $3 50,000-.-................... ... ..........................
$350,000
First mtge. $100.000______ t f 1914
0% g
47,000
1934
G en A R efM . $350,000. goldtf 1914 5%
250.000
1944
Bonds.— The 1st M . 6s are red at 102M and int. on any int. day. Re
i
maining $48,000 is held by trustees; $5,000 are held in treasury. $100,000
gen. & ref. mtge. bonds are reserved to retire 1st mtge. bonds. V. 96,
p. 1488, 1839.
EARN ING S.— For calendar year 1923, gross, $54,975; net, after taxes,
$13,495. In 1922, gross, $60,154; net, after taxes, $14,990.
OFFICERS.— Pres. & Gen. M gr., Geo. VVhysall; V .-P., Jas. H. Caldwell,
Troy, N . Y .; Sec. & Treas., H. B. Hane; Aud. & Asst. Treas., John J. Hane.
— V. 101, p. 1013, 1713; V. 110, p. 764, 2657.
MATTOON, ILL.
CENTRAL ILLINOIS PUBLIC SERVICE CO.
Controlled by Middle West Utilities C o., which see in our “ Railway A
Industrial” Section
ORGAN IZATION .— Incorp. in Illinois as a consolidation of the former
-company o f the same name (incorp. 1902) and the Middle West Power Co.,
as per plan given in “ Electric Railway" Supplement o f Oct. 27 1923, and
[V ol. 118.
“ Chronicle,” V. 117, p. 669, 1016. Controls the Central Illinois Power
Co. and has assumed as to principal, interest and sinking fund that com
pany’s first mortgage 7% bonds. V. 114, p. 1178. The company also
guarantees jointly with the Interstate Public Service Co. $1,250,000
Indiana Hydro-Electric Power Co. first mortgage 7% bonds as to principal,
interest and sinking fund. V. 114, p. 304. During 1922 the company
purchased the municipal electric lighting plant at Vermont. HI., and as of
Jan. 1 1923 the co. purchased the electric utility properties of the Abbott
Light A Power Co., Petersburg, 111. V. 116, p. 940, 1048. In May 1923
the co. purchased the municipal electric light plant at Grand Tower, 111.
(V. 116, p. 2135), and in July 1923 acquired the Canton Gas A Elec. Co.
and the Lewistown (111.) Elec. Co. V. 117, p. 85. In July 1923 also
acquired the Fasig Ice Co., of Centralia, 111., and the properties of the
Striffler Ice A Coal Co. at Springfield and the Striffler Bros. Ice A Cold
Storage Co. at Lincoln, 111. V. 117, p. 207. Does an electric light, power,
water, gas, heat, ice, street railway and interurban business, supplying
electrical energy to 215 communities in central and southern Illinois. These
communities have an estimated population of 440.000. In addition to the
supplying of electrical energy to these communities, 9 are served with gas,
12 with water, 15 with ice, 5 with heating and 5 with street railway service,
an interurban line being operated between M attoon and Charleston, 111.,
and one from Eldorado to Carrier Mills. The company in 1922 was awarded
a contract by the Old Ben Coal Corp. to supply the coal company’s entire
power requirements for a period of 10 years. V. 115, p. 2904.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity•
Com. stock 200,000 sh (no p a r ) ____
----------104.580 sh ...................
Pref stock $6 cum 100,000 s h s l ____
_______
99,169 shs __________
(no par)__________________ J
First A ref mtge (former co.)\ 1912
5 F-A
$8,190,000 Aug 1 1952
company) gold ($l,000)c*tf [Interest payable in Chicago.
1st A ref mtge (consol corp)—
Series “ A ” ________________ _____
6H %
3,850,000 M ay 1 1943
Series “ B” ________________ _____
5%
7,172.000 Jan
1 1948
Series “ C ” ________________ 1924
6 g J-J
2,000.000 Jan
1 1944
Underlying divisional b o n d s . . ____
_______
4,422.000 1927 to 1942
Stock.— Entire com. stock outstanding is owned by the Middle West
Utilities Co. Pref. stock red. at $110 and accrued divs.
Bonds.— The 1st A ref. bonds (due 1952) are red. at 105 on any int. date.
Additional bonds may be issued under certain restrictions. See V. 95, p.
1744. For security of bonds, see V. 103, p. 1887. Cont. A Comm. Trust
A Sav. Bank, Chicago, trustee. All the $7,172,000 1st A ref. mtge. 5s,
Ser. “ B” (due 1948) are owned by the Middle West Utilities Co.
Dividends.— $1 50 quar. is being paid on preferred stock.
EARNINGS.— For calendar years:
Years end.
Gross
Net after
Other
Interest Pref Divs. Balance
firr 3 1 . Earnings
T a rs
r-nmrne Ac Chns
(6 % '
Surplus.
X1923----------$8,057,238 $2,578,971$133,115 $1,314,013 $469,925 $928,148
1922 .............. 6.342,905 1,846,021 12,137 1,221.380 265,874 370.904
1921 ............. 5,878.680 1 642.515 15 470 1.173.921 258.966 225 799
x Represent earnings and expenses o f the former Central Illinois Public
Service Co. and its sub. cos. for the first 8 mos. of 1923 and of the consoli
dated corporation and its subsidiaries for the last 4 months of 1923.
PROPERTY, A C .—The company operates over 1,700 miles o f high,
tension transmission lines, 4 central stations, holds 11 stations in reserve:
and has contracts for power from 5 other central stations. Total available.
:apicity, 90.000 h. p.
OFFICERS.— Chairman of the Board, Samuel Insull; Pres., Marshall E.
-tqm'wtdl V.-Ps . I. Paul Clavton and Geo. W. Hamilton- Sec. P. A.
Erlach; Treas., C . E . Cripe; Aud., R. A. Crews.— V. 116, n. 940,1048, 2135.
V. 117, p. 85, 207, 669, 1016, 2668; V. 118, p. 662, 1011.
MAUCH CHUNK, PA.
MAUCH CHUNK & LEHIGHTON TRANSIT CO.— A trolley road.
ORGANIZATION.— Organized In 1919 as successor to the Carbon
Transit Co. (for history see “ Electric Railway Supplement” of Mar. 29
1919) sold at foreclosure on Jan. 20 1919. V. 108, p. 377.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common $150,000___________ _____ _________
$150,000 ___________
? referred $50,000- —.....................—
7%
35,150
............... 40-yr bonds $150,000________ 1919
6% M-S
70.300
1959
arbon Transit Co 1st mtgef 1908 5 g F-A
150.000 Aug. 1 1933
$l50.000($100A$500)g-.c*tf\Int. at Mauch Chunk Trust C o., Trustee.
Bonds.— 1st 5s of the Carbon Transit Co. are call at 105 and Int. on any
ot date
Earnings.— For cal. year 1923. gross, $63,612; net, after taxes, $21. In
1922, gross, $62,917; net, after taxes, def., $3,957.
c W\ D. —
12^4 miles ot iracn, 10 oara. Owns about 425 acres
if roril ost.it.c, incl 75 acres on “ Plaorstatf Reiehts.”
OFFICERS.— Pres., Verne M . Wolff; V.-P. A Gen. M gr., H . T . Ely;
Treas., Geo. H. Mayer; Sec., H. L. Pobst.— V. 115, p . 436; V. 118, p. 1520.
MEMPHIS, TENN.
MEMPHIS STREET RAILW AY CO.
Control formerly held by the American Cities Co. was acquired in 1922
by the Memphis Power A Light C o., which is in turn controlled by the
National Power A Light C o., successor to the American Cities Co.
R eceivership L ifted . — On April 11 1923 the receivership (in effect since
Jan. 20 1919— V. 108, p. 378) was lifted and the property turned back to
its owners by order of Federal Judge Ross. V. 116, p. 2637.
ORGANIZATION.— Chartered in Tennessee on March 28 1895 and con
solidated with the Citizens' St., East End St., City A Suburban and Mem
phis A Raleigh Springs lines; fra n ch ises run until Nov. 1945. Owns and
operates the entire street railway business of the city, incl. suburbs of Bing
hamton, Raleigh Springs and South Memphis, and a line to Lake View,Miss.
Sale of Power Plant.— In June 1923 the co. sold its power plant to the Mem
phis Power A Light Co.
STOCK AND BONDS—■ Date.
Interest. Outstanding. Maturity.
Common $2,500,000 ($100)________
_________ x 52.500.000
See text
Preferred $2,500,000 5% cum/
($100) red at 110 A accr d i v s / ____ ___________x 2.500.000
See text
Cons mortgage $10,000,000/ 1905
5 g J-J
8.558.000 July 11948
gold (see text) closed_c*Arlint at Central Trust C
<> *r V Trustee.
344,000 Dec 1 1924
Equipment trust___________ / 1923 ________
/.Guaranty Tr. Co., N. Y ., Trus. to Dec. 1 ’33
x All pref. and com. stock except directors’ shares, owned by Memphis
Power A Light Co.
Bonds.— rue consol. M . bonds are in denom. of $1,000 coupon and $10,000 registered. Are not subject to call. Sinking fund $25,000 per annum,
1910-14; $30,000. 1915-19: $35,000. 1920-24: *40,000, 1925-29. and $50,000
1930-45. See V. 82, p. 628, 1496. $653,000 held alive In sinking fund.
Mtge. closed.
Dividends.— On pref. stock 5% was paid from issuance up to and Including
Dec. 1914. In 1915. none. In 1916. Dec.. 244%. In 1917. June. 254 %.
None thereafter until Nov. 1923, when 4% was paid. None thereafter
until April 1924 when 134% was paid. On common, first d iv.— 1%— paid
June 1912. In 1913, March, 1% ; D ec., 1% . In 1914, June, 34%; D ec.,
234 %; none since.
REPORT.— For year ending Dec. 31:
Year.
Gross Earns. Net aft Tares.Ac. Int.Oth .Deduc,
Surplus.
$974,634
$510,249
$464,385
1923 ___________$3,164,004
1922 ___________ 3,153,196
1,112,047
635,624
476,423
ROAD.— Owns 139 miles of track
Rails, 60 to 80-lb. T , 60 to 109-lb.
girder. 326 passenger and 30 miscellaneous cars.
OFFICERS.— Pres., Thos. H. Tutwiler; Sec. A Treas., L. LeM ay.—
V. 113, p. 417. 1053, 2311, 2405; V. 114. p. 79. 948, 1179. 2360; V. 115. p.
988, 1210,1631; V . 116, p. 1649, 2516, 2637; V.117, p.553; V.118, p. 85, 202.
MICHIGAN CITY, IND.
CHICAGO LAKE SHORE & SOUTH BEND R Y .
ORGANIZATION.— Organized in Indiana December 1901.
N o securities in hands o f public. All owned by syndicate, which used
them as collateral for a note o f $1,820,000 payable to the order o f the
Cleveland Trust Co. The note, together with accrued int. thereon,
amounted to $3,955,248 on July 7 1922, and being due and unpaid, all the
stock and bonds o f the co. pledged as collateral were to have been sold at
public auction on that date (V. 114, p. 2716). N o further information.
ELECTEIC BAIL W AYS
A pril, 1924.]
STOCK AN D BONDS— Date.
Interest. Outstanding
Maturity.
Common $5,000,000 ($100)....................................... $5,000,000 ....................
Pref $1,000,000 ($100) 6% n - c .......
................. 1,000.000 ...............
1st mtge $6,000,000 ($1,000)/ 1907
5 P-A 15
4,357.000 Aug 15 1947
gold____________________ tflInterest at Cleveland Trust C o., Trustee.
Equipment bonds, gold ($1,-/ 1908
6 M -N
50.000 Past due
000)____________________ c /ln t . at Cleveland Trust C o., Trustee.
Bonds.— Remaining bonds are reserved for future extensions and !m
provements. They are subject to call at 102/4 at any Int. period. Sink,
fund o f $50,000 per annum began Aug. 15 1917 for 10 years, then 2% of
bonds outstanding until maturity.
EAR N IN G S.— For year ending Dec. 31 1923, gross, $1,044,105; net,
after taxes, $107,468. In 1922, gross, $960,736; net, after taxes, $124,612.
R O A D .— Operates a total o f 70.86 miles between South Bend and Ham
mond. 6.3 miles Hammond to Kensington owned by Illinois Central R R .,
is leased to Chicago Lake Shore & South Bend. 70-lb. T rail.
OFFICERS.— Chairman o f Bd., I. F. Freiberger; Pres. & Gen. Mgr.
____________ ; Vice-Pres., Chas. Currie; Sec. & Treas., R . R . Alexander.—
V . 86. p. 1528; V. 98, p. 386; V. 106, p. 2755; V. 114, p. 2716.
MIDDLETOWN, N. Y.
W ALLKILL TRAN SIT CO.
ORGANIZATION.— Incorporated in New York on March 30 1905 as
successor, under foreclosure, to the Middletown-Goshen Electric R y and
the Mtddletown-Bloomsburg Elec. R y. See V. 80, p. 1059, 1425. Com
pany was placed in hands of receiver Oct. 1908 on account o f a judgment for
Injuries obtained by a motorman, but all indebtedness having been paid ott.
receiver was discharged April 23 1909.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Stock 8350.000 ($ 5 0 )..-_______ _
_________
$350,000 __________
1st mtge $350,000 gold ($100,7 1905
5 g M-N
300,000 M ay 1 193!
$500 and $1,000)_____ c*tfH nt. at Com ’w'lthTr.Co.,Harrisburg, Trust
Bonds.— $50,000 reserved for future Improvements. Are subject to cal
after 10 years at 105.
EARN ING S.— For year ending Dec. 31 1922, gross, $907,086; gross
income, $124,613. In 1921, gross, $89,677; net, before taxes, $8,534.
ROAD.— Operates 12.84 miles of track extending from Middletown.
N . Y ., to Midway Park. Goshen, Including switches, turnouts, &c. Rails
65-Ib. T and 80 and 90-lb. girder. Standard gauge.
OFFICERS.— President, _________________ ; Secretary, J. F. Weiss
Harrisburg, Pa.; Treas., W . M . Oglesby, Harrisburg, Pa.; Gen. MgrC
W. M . Gould; Aud., Miss M . L. Robinson.— V. 80. p. 998, 1059, 1425, 234
M IL F O B D , MASS.
MILFORD & U XBRIDGE STREET R Y .— Trolley.
ORGAN IZATION .— Incorporated in Masaacnusetts in 1901. On July
10 1902 consolidated by purchase of entire capital stock with the M l’fo r i
Holllston & Framingham St. Ry.
Operates the Grafton & Upton R R .
(V. 104, p. 73, 163) from Hopedale to North Grafton, 13.427 miles. See V.
112, p. 2083.
Line Discontinued.— The company on N ov. 21 1920 discontinued service
between Franklin and Medway. Mass., about 4 miles. V. I l l , p. 2520.
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity.
Stock com $440,000 ($100)...............
A-O
$440,000
See text
Preferred $100,000 ($100).________
J-J
100,000
See text.
M . Hell. & Fram. 1st mtge.l 1898 7 g J-J
165,000 Jan 1 1921
$165,000 ($1,000) g _ .c * n tfiIn t. at Amer. Trust C o., Boston, Trustee
Milford & Uxb gold bonds/ 1902 7 g W
335,000 Jan 1 192!
C$1,000) gold_______ c * n t f'ln t. at Amer. Trust C o.. Boston. Trustee
The above bonds were originally 5s and fell due Jan. 1 1918, but were
extended to Jan. 1 1923 at 7 % , and again to Jan. 1 1928 at the same rate
o f int. V. 115, p. 2267.
Dividends.— On pref., in 1910, J4 % : in 1911, 5% : In 1912 and to and inci
1918. 6 % per ann. None since. On com., in 1901 to 1903, 6% ; 1904
1 /4 % ; 1907, 3% ; 1908, 1% ; 1909, 3% ; 1910 and 1911, 4% ; 1912. 5/4%
thereafter to Oct. 1916, 5% per annum. None since.
EARN ING S.— For fiscal years:
Year
Gross
Net (after Deduo- Pf.Div. Com.Div. Baiann
ending—
Earnings. Taxes).
tions.
(6 % ).
(5 % ).
Survlut
Dec. 31 1923____ $323,578 $45,457 $35,901
$9,556
Dec. 31 1922------ 341,554
52,775
43,381
9,3947,327
45,869
1,45!
Dec. 31 1921____ 355,280
ROAD.— Owns 36 miles of track, from So. Framingham to Uxbridge anr
from Milford to Medway and Honklnton. Also operates the Grafton f
Upton R R . from Hopedale to North Grafton, 13.427 miles. 48 pass, cars,
8 snow plows and 4 miscellaneous; 180 electric motors.
OFFICERS.— Pres., D. E. Manson, Boston, Mass.; V .-P ., & Sec
Wendell Williams. Milford. Mass.; Treas.. J. E. Walker. Milford: Supt.
W. L. Adams, Milford, Mass.—V. 112, p. 2083; V. 115, p. 2159, 2267.
MILLVILLE, N. J.
MILLVILLE TR AC T IO N .— A trolley road.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $175,000__________ ______ _____________
$175,000 _________
1st mortgage $400,000 gold] 1894
5 g F-A
208,000 Aug 1 191'
($1,000 each)__________ c*flnfc. at Land Title & Trust C o., Phila., Trui
Bonds.— N ot subject to call.
EARNINGS.— For cal. year 1922, gross, $69,507; def. from operation
(after taxes, $19,808. In 1921, gross, $68,811; def. from operation (after
taxes), $32,954.
R O A D .— Operates 5.20 miles o f track In Millville, 0.530 miles In VineianC
and 5.541 miles In Township o f Landis; total. 11.277 miles.
OFFICERS.— Pres., George W ood; V.-Pres., R . D . W ood; Sec., Hartl*
8. Haines; Treas., Daniel O. Lewis.
MILTON, PA.
LEWISBURQ MILTON & W ATSONTOWN PASS. RY — Trolley
ORGANIZATION.— Chartered Sept. 3 1897. In 1910 Whittaker a
Diehl of Harrisburg purchased control from the Railways Company General
Under contract with Penn. R R ., the Lewlsb. Mil. & Watsont. Pass. Ry
agreed to Install storage-battery cars on some 11 miles of track be twees
Montand on and Miffllnburg. and to operate a line In conjunction wltl
steam use of that section of road, connecting with present trolley tine *1
East Lewisburg.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $150,000________ _____ _____
_______
$150,000 __________
First mortgage $300,000 gotdl 1910
5 g F-A
175.000 Feb 1 1941
($500)_________________c* /In t. at Land Title & Tr. C o., Phila., Trustee
Bonds.— Remaining bonds can only be issued for Improvements and ex
tensions at 80% of cost. Sub. to call as a whole on any int date at par
EARN ING S.— For 12 mos. ending Dec. 31 1922, gross, $56,584; net.
after taxes, $9,633. In 1921, gross, $59,063; net, after taxes, $3,437.
ROAD.— 10 miles o f track between points named in title. 12 overhead
operation cars, 2 storage battery cars run from Montandon to M iff Unborn
OFFICERS.— Pres., John F. Whittaker; V .-P ., L. G. Brown; Sec. A
Treas., D . L. Diehl; Asst. Sec, < Treas.. W. B. Rankin.— V. 90. p. 1363
fc
MILWAUKEE, WIS.
NORTH AMERICAN EDISON CO.
ORGANIZATION.— Incorp. March 25 1922 under the laws of Delaware.
In April 1922 the co. acquired from the North American Co. the entire
outstanding com. stock o f Union Electric Lt. & Pow. Co. of St. Louis.
It also acquired from other interests approximately 77% o f the com. stock
o f the Cleveland Elec. Ilium. Co. On Oct. 1 1923 it acquired the interests
in all the companies formerly controlled by the Wisconsin Edison Co.,
Inc. (now in the process of liquidation— for history see “ Electric Railway”
Supplement o f Oct. 27 1923), and also acquired from the North American
Co. its interest in Wisconsin Traction, Light, Heat & Power Co. and
Wisconsin Electric Power Co.
65
STOCK AND BONDS.— Date. Interest.
Outstanding.
Maturity.
385,000 shs. __________
Stock 400,000 shares (no p a r ) . ____ _______
Secured sink fd bonds ($500/
& $1,000) gold_________ -{Central Union Trust C o., N . Y ., Trustee.
Series A __________________ 1922 6 g M-S 15 $13,580,000 Mar 15 1952
Series B __________________ ( 1922 6/4 g M-S 1
8,000,000 Sept 1 1948
Bonds.— The secured sink. fd. bonds Ser “ A ” & “ B ” are secured by
pledge with trustee of:
$10,940,100 (72.7% of total outstanding) of the common stock of Cleveland
Electric Illuminating Co.
558,843 shs. (no par value) (86% of total outstanding) of the com. stock o f
Union Electric Light & Power Co. of St. Louis.
$7,500,000 (66 2-3% of total outstanding) of the com. stock o f Milwaukee
Electric Railway & Light Co.
1,666,700 (66 2-3% of total outstanding) of the capital stock of Wis
consin Electric Power Co.
1,333,400 (66 2-3% of total outstanding) of the common stock of Wis
consin Gas & Electric Co.
466,300 (66 2-3% of total outstanding) of the capital stock of Wis
consin Traction, Light, Heat & Power Co.
Both Series “ A ” and Series “ B ” bonds have a semi-annual sink, fund for
the retirement of 2% yearly. $420,000 Ser. “ A ” retired through sink. fund.
Ser. “ A ” are call, all or in part on any int. date at 107/4 and int. on Sept. 15
1922 with the call price reduced H of 1% each year thereafter.
Ser. “ B ” are call, all or in part by lot on any int. date to and incl. Sept. 1
1924 at 106 and int. with call price reduced M of 1 % each year thereafter.
R E PO RT.—
xl923.
yl922.
Gross earnings_________________________________ $42,222,401 $21,055,772
Operating expenses and taxes___________________ 24,609,709 12,352,706
Net income from operation___________________ $17,612,692 $8,703,066
Interest charges________________________________
5,021,053 3,073,907
Balance_______________________________________ $12,591,639 $5,629,159
Preferred dividend of subsidiary companies---------- 1,182,174
597,053
Minority interest________________________________
961,072
428,296
Miscellaneous charges____________________________
6,195
2,146
Balance for depreciation, dividends and surplus.$10,442,198
$4,601,664
x Properties acquired in Oct. 1923 included for three months only,
y Nine months only.
OFFICERS.— Chairman of Board, Frank L. Dame; Pres., Edwin Gruhl;
V.-P. & Sec., J. F. Fogarty; Treas., Robt. Sealy.
(1) The Milwaukee Electric R ailway & Light C o.
ORGANIZATION.— Successor of Milwaukee St. Ry. Co. Jan. 30 1896
per plan in V. 60, p. 1009. On Feb. 11 1919 acquired the property, &c. of
the Milwaukee Lignt, Heat & Traction Co. (for history see “ Electric
Railway Supplement" of Mar. 29 1919) subject to that co's. $5,000,000 1st
M . 5s due 1929 and $4,500,000 gen. mtge. bonds due Nov. 1 1958. V. 109,
p. 72. Compare V. 106, p. 919; V. 108. p. 171. Embraces practically all
the street railway lines in Milwaukee. The company besides Its street rail
way system, owns and operates an electric-light and power system and a
central-station, steam-heat system in Milwaukee serving a population now
estimated at ,850,000. Does an extensive street and interurban railway and
electric light and power business, serving South Milwaukee. Cuday, Racine,
Kenosha, Wauwatosa, North Milwaukee. Whitefish Bay, Fox Point, West
Allis, Waukesha, Pewaukee, Hartland, Ooonomowoc, Watertown, St.
Martins. Muskego Lakes, Mukwonago. East Troy. Waterford, Rochester
and Burlington. Entire com. stock is owned by the North American
Edison Co. or affiliated cos. In April 1917 acquired the electric utility o f
the Commonwealth Power Co. and the heating utility o f the Continental
Realty Co. and issued $1,450,000 serial 5% notes in connection therewith.
V. 106, p. 919. In 1921 the company acquired the property of the North
Milwaukee Light & Power Co., and arranged to operate the property o f
the Wells Power Co. under lease. In 1922 acquired control o f Milwaukee
Northern R y. and early in 1923 acquired the plant and holdings o f the
Dousman (Wis.) Electric Light & Power Co. V. 116, p. 1050. In Sept.
1923 acquired the electric lighting and power interests of the Honey Creek
Electric Light Co. V. 117, p. 1236.
Leases the plant o f the Wisconsin Electric Power Co. and guarantees pay
ment o f principal and interest on that company’s 1st mtge. bonds. V. I l l ,
p. 1566; V. 118, p. 664. In Aug. 1920 the Milwaukee Power Co. was
incorporated to finance the company’s new power plant at St. Francis.
The Power Co. has a nominal capital o f $2,000,000 and was organized so
that bonds could be issued with the St. Francis plant as security. V. I l l ,
p . 1083. On Oct. 6 1920 name o f power company was changed to Wisconsin
Electric Power Co.
Bus Operation.— On M ay 10 1923 the co., through its subsidiary, tne
Wisconsin Motor Bus Lines, commenced the operation of buses, built by
the Fifth Avenue Coach Co. A 10-cent fare is charged. V . 116, p.2388
The railway franchises and the electric-light and power franchises are
unlimited in time.
Valuation.— In Sept. 1917 the Wise. R R . Camm. submitted its report
on the valuation of the physical properties of the Milwaukee Elec. Ry.
k Lt. Co. and Milwaukee Lt., Ht. & Trac. C o., showing a reproduction
cost for both properties as of Jan. 1 1914 of $37,319,297. V. 105, p. 1309.
On the basis of the valuation of Jan. 1 1914, plus subsequent capital expen
ditures, the estimated reproduction cost of the companies as of Dec. 31
1923 was $65,862,588 (exclusive of $3,125,735 of materials and supplies op
hand). V. 112, p. 2083.
Fares.— See “ Electric Railway” Section of Oct. 28, 1922.
Service-at-Cost. — On Apr. 4 1921 the Milwaukee City Council approved a
bill to be introduced in the State Legislature, authorizing the city to enter
Into a service-at-cost argeement with the co. V. 112, p. 1741. The bill
was passed and has been signed by the Governor. V. 113, p. 533, 848.
A joint committee has been formed to negotiate a service-at-cost franchise
with the city.
In May 1921 the stockholders auth. the creation of $15,500,000 pref.
itock. “ Issue of 1921” and made the outstanding 6% non-cum. pref. stock
cumulative. V. 112, p. 2414. Compare < . 112, p. 1978. $3,000,000 o f
7
the new pref. stock of 8% series was >ffeted to stockholders of record
June 15 1921 at par. V. 112, p. 2537; V. 113, p. 417. In April 1922 was
authorized by the Wisconsin R R . C om m ., o sell $3,000,000 7% pref. stock
for extensions, &c. V. 114. p. 1766.
In Oct. 1922 issued $12,500,000 5% ref. & first mtge. Series “ B ” bonds,
proceeds being applied to the redemption o f $7,822,000 outstanding funded
debt (including $4,950,000 Series “ A " ref. k first mtge. 7 /4s, called for
payment Dec. 1 1922 at 102/4 and int., and $2,000,000 3-year notas, due
May 1 1923. which have been retired, and eliminated from table below),
and the reduction of floating debt and for additions, &c. V. 115, p. 1631.
In Aug. 1923 issued $10,000,000 6% ref. & 1st mtge. bonds, Ser. “ O ,” pro
ceeds being used to retire $3,600,000 7% secured notes due N ov. 1 1923
(eliminated from table below) and for additions and imp ts. V. 117, p. 1017,
1556.
In March 1923 the Wise. R R . Comm. auth. the co. to issue $3,000,000
7% pref. stock, proceeds to be used for exts. & impts.
In Feb. 1924 the Wisconsin Electric Power Co. issued $9,000,000 1st
mtge. 5 % bonds, ser. “ A ’ ’ (guar. prin. & int. by M ilw. Elec. R y . & L t. C o.),
proceeds being used to redeem $4,550,000 outstanding Wis. Elec. Pr. 1st
mtge. 7/4s (called for payment April 15 1924 at 110 & int. and therefore
been eliminated from the table below), to partly reimburse cost of plant,,
additions, and to provide funds for further additions to plant and equipment
V. 118, p. 664.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common stock $20,000,000
(par $100)------- ------------- ----------.........
$11,250,000
...............
Preferred stock $4,500,000
6% cum (par $100)------------------4,500,000 Apr’24, 1/4
6%
See text
Pref. stock (Issue of 1921)_ I ____
_
2,983,300
8 Q-M
$3,000,000 cum (par $100) 1
See text
4,382,300
Preferred stock (issue of 1921) 1 ____
7%
$6,000,000 curmilative____J
The Milwaukee Elec R y & f 1896
0,500,000 Feb 1 1920
5 g F-A
Light Co cons, mtge $8,-(Central Trust Co. N . Y ., Trustee. Int. pay000,000 gold ($1,000)___c * [ able at co's office, 60 Broadway. N . Y .
The Milw Elec Ry & Light/ 1906
4/4 g J-J
6,728,000 Jan 1 1931
Co ref & ext M _ . $20.000,-/Trust Co. of America, New Y ork. Trustee.
000 gold ($l,000)closed c * l Int. at co.’s office, 60 Broadway. N V
Gen & ref mtge $90,000,0001 1911
6 J-D
5.819,000 Dec311931
gold ($1,000) Ser “ A ” .c* tf/In t. at N . Y . Bankers Tr. C o.. N . X .. Trns,
66
ELECTRIC RAILW AYS
[V ol. 118,
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
WISCONSIN SECURITIES CO.— A financing, underwriting and
Milw Elec R y & Lt Co ref S
c
holding company.
1st M ($500 & $1,000) gc*tf
ORGANIZATION.— Incorp. in Wise. Aug. 4 1911 as First Wis. Securi
Series “ B ” ____________
1921 5 g J-D
12,375,000 June 1 1961
ties Co. with capital of $1,000. Name changed to Wisconsin Securities
Series “ C ” ____________
1921 6 g M-S
10,000,000 Sept 1 1953
(Central Union Trust C o., N . Y ., Trustee. Co. Nov. 22 1911, at which time capital stock was increased to $1,000,000.
Capital stock increased Dec. 30 1916 to $2,000,000. Through ownership
10-yr
notes ser “ D ” \
$1,000,000 ________________ 1923 6 ^ g P-A
122,500 Aug 11933 of about 38% of Pref. and Com. stock of Marine Securities C o., owns about
38% of the Com. and Pref. stock of the Baltimore Dry Docks S Ship
c
Notes, $1,450,000 ($ 1 ,0 0 0 )...
1916 5%
400,000 See text.
Milw Lt H & Tr Co 1st M gJ
1899 5 g M -N
5,000.000 May 1 192V Building Co. of Baltimore, M d. Owns all the stock and bonds o f the
gu $5,000,000 ($1,000) g.c*\Int. at Equitable Trust C o., N . Y .. trustee Northeastern Power Co. Y. 118, p. 1394. Controls Wisconsin Public
Milw Lt H & Tr Co gen Mjf 1918
6%
_______ N ov 1 1953 Service Corp. (see on a preceding page), a consolidation in Oct. 1922 of
Wisconsin Public Service Co. o f Green Bay, and Manitowoc, Wis.; She
gold-------------------------------- (After N ov. 1 1923 bear int. at rate of 5%
Wis El Pr Co 1st M ser “ A ” \ 1924 5 g P-A
9,000,000 Feb 1 1954 boygan Gas Light Co., Sheboygan, Wis.; Manitowoc & Northern Trac. C o.,
($500&$1,000) gup&i_c*tf]Central Union Trust Co., N . Y ., Trustee. Manitowoc and Two Rivers, Wis.; Calumet Service Co. o f Chilton and
Brillion, Wis.; Oshkosh Gas Light Co., Oshkosh, Wis.; Menominee and
Marinette Light & Trac. Co. o f Menominee, M ich., and Marinette, Wis.,
•Issued and Issuable.
Service
V. 115, p.
Owns large interest in
STOCK.— The 6% pref. stock is listed on the N. Y . Stock Exch. Has and Peninsular Lt. & Pr. Co. at La Crosse, 1534. (see under that city) and
R y.,
Co.
full-voting rights. Was originally non-cuxn. but was made cum in 1921 WisconsinMinn.; owns stocks and bonds oWis.
f various corporations; owns
(Y. 112, p. 2414. The 8% and 7% pref. stock are also cumulative but Winona,
Seymour
have no voting rights except in default o f dividends
Redeemable at 103 water power at Bay, Wis. Rapids near High Falls, and large tract o f real
estate in Green
and dividends. V. 112, p. 1978. 2414.
STOCK AND BONDS—
Date.
Interest
Outstanding.
Maturity.
Bonds.— 1st cons. mtge. is closed. Of the ref. and extension bonds, $6.- Stock,
_________ $2,000,000Mar’24,l Vi %
500,000 are reserved for prior liens and $6,772,000 are deposited as collateral Coll tr $2,000,000_________________
notes ($100, $500
1924
6 M-S
1,000,000 Mar 1 1929
to gen. S ref. mtge. bonds. Bonds are subject to call since Jan. 1 1916 at
c
$1,000) ______________c*tf jln t. at First Wis. Tr. Co., M ilw., W is., Tr.
108 and interest. No sink. fd. See V. 81, p. 1724. 1792; V 84. p. 508
Notes.— The 5-year 6% coll, trust notes are secured
Gen. & ref. mtge. falls due Dec. 1 1931, except that in certain events the 000 1st mtge. 6% bonds o f the Northeastern Power by deposit of $1,200,Are red. all
maturity date will be 1951. Bonds o f series “ A ” are redeemable on any in part on 60 days’ notice at par & int., plus a prem.Co. 3% until Mar.or
of
1
interest date since Dec. 1 1916 at 105 & int., on 6 weeks notice. $13,228,000 1925; 2%
Mar.
thereafter to Mar.
1927; 1%
are reserved for prior liens; $13,243,000 pledged under ref. & 1st mtge., thereafter thereafter to 1928, 1 1926; 1 % % prem. thereafter to1 maturity.
to Mar. 1
and without
and $480,000 are pledged under the 5% notes o f 1916. Additional bonds V. 118, p. 1394.
issued under this mtge. must be pledged under ref. & 1st mtge. No sink,
OFFICERS.— Pres., Clement O. Smith; V.-Ps., Howard Greene, Geo.
fund. See V. 93, p. 1787. Bonds listed on New York Stock Exchange.
$6,772,000 ref. & ext. bonds pledged as collateral for the gen. & ref. bonds. P. Miller, and Ludington Patton; Sec. & Asst. Treas., W m. M . Chester;
The ref. & 1st mtge. bonds will be a first lien on the entire property Treas., H. C. M ackay.— V. 100. p. 1924; V. 104, p. 75; V. 107, p. 503;
by Dec. 1 1931. For full description o f security, &c., o f this issue see V. 115, p. 184, 438,1534; V. 117, p. 209, V. 118, p. 1394.
V. 112, p. 2083; V. 115, p. 1631. Co. has covenanted to make this a 1st
W ISC O N SIN T R A C T IO N , L IG H T . H EA T & PO W ER CO
mtge. by Dec. 1 1931. Additional bonds may be issued only at par to
North American Edison Co. owns 19,027 shares o f the capital stock.
refund a like amount o f underlying bonds or bonds o f this issue and for
ORGANIZATION.— This company was incorporated an Milwaukee in
80% o f the cost o f additions and improvements under certain restrictions.
A sinking fund retires 1 % per annum, if obtainable at or under par and int. Mar. 1900 with a nominal capital of $10,000 (since increased to $1,000 bf)0),
Series “ B ” are red. all or part by lot on any int. date to and incl. June 1 lor the purpose of uniting certain properties in the Fox River Valley.
1923 at 105 and int., with the redemption price reduced fi of 1% during Secured control of the Fox River Valley Electric Ry. and the Appleton
each 2-year period thereafter. Series “ C ” are red. all or in part by lot on Electric Light & Power C o., and has consolidated them. In Sept. 1904
any int. date to and incl. Sept. 1 1924 at 105 and int., with successive re purchased entire capital stock of the Fox River Valley Gas & Electric Co.
ductions in redemption price o f
o f 1% during each 18-months’ period See V. 79, p. 787, 1267.
In M ar. 1914 the Wisconsin Supreme Court sustained the State R R .
thereafter. Penna. 4-mill tax refunded. V. 115. p. 1631; V. 117, p. 1017.
Compare V. 112, p. 2083. Series “ B ” and series“ C ” listed on N . Y . Stock Comm, in holding, in company’s suit against the city of Menasha, that the
city cannot do a commercial lighting business in connection with its own
Exchange. V. 115, p. 2379; V. 116, p. 721; V. 117, p. 1017, 2212.
The Milw. Lt. & Tr. Co. 1st M . bonds may be called at 110 on any Int. street-lighting service without the necessary authority from the Commission
date. They are guar., prin. and Int., by endorsement, by the Milwaukee V. 98. p. 764.
In April 1924 the company took over the motor bus business of the
Elec. Ry. & Light Co. (V. 86, p. 1042). Income tax withheld at the source
Inter-City Transportation C o., Inc. V. 118, p. 1776.
at the rate o f 4% when owned b y ’ a foreign corporation.
The Wisconsin Electric Power Co. 1st mtge. 5% bonds ser. “ A ” are
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
guaranteed principal and int. by the Milwaukee Elec. R y. & Lt. Co. A Stock $2,000,000 ($100)__________
Q-J
$2,000,000
See text
purchase fund to retire 2% per annum o f all ser. “ A ” bonds, if obtainable First mtge ($3,000,000) $1,-T 1901 5Sc7H J-J
3.000,000 July 1 1931
at or below par & int. is provided for. Are red. all or in part by lot on 30
000 gold no sink fund — c*Jlnt. at First Wise. Tr. C o., M ilw ., Trustee.
days’ notice on any int. date to and incl. Feb. 1 1925 and 105 & int., with
Bonds.—
interest
the redemption price reduced K o f 1% during each 3 year period therafter. date at 110 Entire issue of 1st Mtge. bonds may be called on any bore int.
and int. $1,500,000 of this Issue originally outstanding
Penna. 4 mill tax refunded. V. 118, p. 664.
in 1921 an additional $1,500,000 was issued
Notes.— The balance ($400,000) o f the 5% notes of 1916 are secured by at 5% , butproviding for additional Interest coupons at under a supplemental
the rate o f 214 % per
$480,000 gen. and ref. bonds. They mature $150 000 on each July 1 to indenture
these
in
July 1 1926. $1,050,000 have been paid off. The 10-year notes, ser “ D ,” annum. The indenture provides thaton the coupons shall share equally of
placed
property. A
are call, prior to Aug. 1 1931 at 101 & int., and thereafter at par, on 4 any future lien which may be 30 1922, and provides for the sinking fund of
$33,000 annually, began June
redemption
weeks notice.
Dividends.— Regular quarterly dividends o f 116% have been paid on the these bonds. V. 113, p. 1055.
Dividends.— In 1914 and to and Incl. Jan. 1918, at the rate of 5% per
6% pref. since 1900. Regular quar. divs. on the 8% and 7% pref. have
annum. None since.
been paid since issue.
EAR N ING S.— For years ending Dec. 31:
R E PO RT.— Fiscal year ending Dec. 31:
Year—
Gross. Net(aft.Tax) Oth.Inc. Interest. Amort.Res. Balance.
1923.
1922.
1923.
1922.
$189,763
Gross_______ $22,206,801$19,370,425 Gross income $6,378,943 $5,688,081 1 9 2 3 .. .$1,602,036 $382,853 $14,510 $192,600 $15,000
11,018
200,321 15,000
185,846
Expenses . . . 14,534,908 12,478,061 Interest_____ 2,342,509 2,376,397 1 9 2 2 .. . 1,467,837 390,149
T a x e s______ 1,567,092 1,326,870 Pref. d i v s ...
674,581
482,110
ROA D .— Operates 15.92 miles of track, connecting Neenah, Menasha,
_
______
___
Com. divs_
Appleton and Kaukauna, 3.56 miles locally in the city of Appleton and 1.84
miles sidings and turnouts; total, 21.32 miles. 17 motor cars, 1 snow plow.
N e t ...........$6,104,801 $5,565,494 B al.fordepr.
Also furnishes electric light and power to 33 communities and gas to AppleOther income
$274,142 $122,587
& c _______ $3,361,853 $2,829,574
ton, Neenah and Menasha.
Revenue passengers carried in 1923, 153,626,868, against 144,238,122
OFFICERS.— President, John I. Beggs; V.-Pres., S. B. W ay, Milwau
in 1922. Transfer passengers, 54,238,201, against 54,198,925.
kee; Gen. M gr., Sec. & Treas., A. K. Ellis.— V. 101, p. 1093; V. 108, p. 1391;
ROAD.— Total track owned 413.14 and 1.56 miles leased. Steam power V. 113, p. 419, 962, 1055; V. 116, p. 2390: V. 118, p. 1776.
plants have an aggregate capacity o f 206,700 k. w., including leased plant
o f Wisconsin Electric Power C o., hydro-elec, capacity, 15,000 k.w. (pur
chased power). 850 passenger cars.
MINNEAPOLIS, MINN.
OFFICERS.— Pres., John I. Beggs; V .-P. and Gen. M gr.. S. B. Way;
TWIN C IT Y RAPID T R A N SIT .— A holding company.
V .-P ., Edwin Gruhl; V .-P ., Charles Pfister; V .-P ., F. W . Doolittle; V .-P.,
ORGANIZATION.— Organized under the laws of the State of New Jersey
W m. A . Jackson; Treas., Robt. Sealy; Sec. & Asst. Treas., J. F. Fogarty.
— V. 115, p. 645, 1429, 1631, 2379, 2581; V. 116, p. 77, 616, 721, 935, 1050, June 3 1891 and by virtue of its stock ownership of the underlying com
2256, 2388; V. 117, p. 554, 1017, 1236, 1556, 2212, 2433; V. 118, p. 85, panies (to wit, Minneapolis St. R y. C o., The St. Paul City R y. C o., the
431, 664, 1665.
Minneapolis Lyndale S Minnetonka Railway Co. and The Minneapolis
c
S St. Paul Suburban R R . Co.) controls the entire street railway system
c
(2) W isconsin Gas & Electric Co.
of Minneapolis, St. Paul, Stillwater, and lines to Excelsior. Tonka Bay and
ORGAN IZATION .— Succeeded in 1912 the Racine Gas Light Co. In Deephaven at Lake Minnetonka. In 1906 absorbed the North Side Street
corp. in Feb. 1867, and acquired the Kenosha Gas & Electric Co. and Ke Ry. (Robblnsdale line) and the St. Louis Park line; V. 83, p. 1472. In
nosha Electric R y. Does entire gas business in Racine, Kenosha, South 1905 articles of incorporation were amended so as to make the charter
Milwaukee, Cudahy and Watertown; the entire electric lighting, power and perpetual. V. 80, p. 1914.
street railway business in Kenosha, and the electric light and power busi
Settlement with City of St. Paul.— For decision as to right to build new
ness in Watertown, Burlington, Lyons, Springfield, Johnson’s Creek, Jef lines in St. Paul, see V. 79, p. 271, 2087, and for settlement with City o f St.
ferson Junction, Menominee Falls, Lannon, Corliss, Clyman, Palmyra, Paul by which the city relinquishes its right of appeal from this decision and
Eagle, Union Grove and Thiensville, and wholesales power for supply to the company agrees to pay into the city treasury real and personal property
Fort Atkinson, Lake Mills, Whitewater, Lake Geneva, Delavan, Wilmot taxes, equal to at least 6% of gross earnings; see V. 80, p. 1175.
and Elkhorn. Electric light and power business in Kenosha is done under
On Oct. 23 1914 the Minnesota Supreme Court sustained the validity
indeterminate permit. Franchise for street railway is indeterminate. The of an ordinance passed by the City Council in May 1910 ordering the St.
company has the right to conduct its gas business either under an in Paul City Ry to construct a car line on St. Clair Ave., branching from
determinate permit or under the special (perpetual and exclusive) franchises West Seventh St. V. 99, p. 1301.
originally granted.
New Subsidiaries.— Because of a decision of the Supreme Court holding
In July 1915 increased auth. common stock from $1,000,000 to $1,750,000 that suburban lines, as railways, are amenable to the Minnesota 5% gross
and issued $657,500 o f the new stock to acquire the Watertown Gas & Elec
earnings tax, it was decided in Mar. 1910 to incorporate The Minneapolis
Oo. and the Burlington Elec. Lt. & Pow. Co. (both controlled by the Wis
fc St. Paul Suburban R R . ($1,000,000 stock, increased to $3,000,000 in
consin Edison Co.) and to discharge $162,000 floating debt incurred in mak
Ian. 1911; debt limit was also increased to $10,000,000: V. 92. D . 187).
ing additions and betterments. On April 30 1923 acquired the properties The Minnetonka S White Bear Navigation Co. ($250,000 stock) and The
c
o f the Waukesha Gas & Elec. Co.
Rapid Transit Real EstateCorp., $15,000 stock, and to re-arrange matters
In Feb. 1922 auth. com. stock was increased from $1,750,000 to $2,500,
so that the suburban lines, the steamer lines and the hotels, parks, & c., of
000.
the company might be handled separately for taxation and accounting pur
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity. pose*. V. 90. p. 850.
Franchises.— In 1921 the companies surrendered the existing franchises
Com stock $2,500,000 ($100)______
_______
$2,500,000
and now operate under indeterminate permits. V. 112, p. 1979, 2191, 2538.
Pref cum $2,500,000 ($100)_______
7%
2.500.000
Valuation of Minneapolis Street Ry.— For reports on valuation ot property
First mortgage gold ($1,000, f 1912
5 g J-D
3.386.000 June 1 1952
$500 & $100___________ c*(Int. payable at office of co. in N. Y . Harris in connection with franchise matters, see V. 105, p. 1523, 2185; V. 106
l Trust & Savings Bank. Chicago. Trustee, p. 716; V. 108, p. 380, 683; V. 114, p. 1892.
Valuation of St. Paul City Ry.— For detailed valuation o f this property,
Convertible notes___________ _____
7%
1,000.000
1925-30
Conv notes $100,000 ser “ A ” __ 1923
6%
86,800 July 1 1933 see V. 112, p. 258.
Debt Limit of Minneapolis Street Ry. Removed.— See V. 112, p. 1866.
Promissory coupon notes_____ 1923 6%
375,000 See text
Cost of Service Franchise— Fares, cfee.— After various proposals and
Waukesha Gas & Elec. 1st M _ . 1909 5%
600,000 Jan 1 1959
counter-proposals had been made, the Minneapolis Street R y. Co. on June 7
Bonds.'—Additional Wis. Gas & Elec. 1st M . bonds may be issued only 1919 accepted the offer o f the City Council of a 25-year cost-of-service fran
for 80% o f cash cost o f permanent impts., &c., when the annual net earnings chise based on a valuation of $24,000,000. However, the franchise, which
are 1 H times the int. charge, incl. bonds to be issued. Bonds red. at 105 provided for a return of 7% on the above valuation, was defeated by the
and int. since June 1 1917. The 5-year secured notes are secured by a voters at a special election held Dec. 9 1919. V. 109, p. 2254. Compare
collateral deposit o f 1st mtge. bonds. Promissory coupon notes are due V. 108, p. 2242, 2331, 2529; V. 109, p. 477, 1081, 1274, 1527, 2172.
$75,000 Jan. 2 1925, $100,000 Jan. 2 1926, $100,000 Jan. 2 1927 and
On Maj; 4 1920, the people of St. Paul voted in favor of a sliding scale
$100,000 Jan. 2 1928.
of fares with a maximum rate of 7 cents per passenger. The rate fixing
power is vested in the City Council, but fares were not to be raised above
EARN IN G S.— For year ending D ec. 31:
the old 5-cent rate until the co. furnished the service provided for in the
Other
Interest,
Net (after
Bal. for
ordinance. V. 110, p. 2193. This the co. could not do. But on Sept.
&c.
Depr., &c
Year—
Gross.
Taxes).
Income.
1920 a new
became effective providing for
$280,662
$96,017
$823,439
$638,794 13 I l l , p. 897. ordinance Sept. 1 1921, the Minnesota R R . a&6-cent fare.
1923............ $4,229,234
V.
Effective
Warehouse
51,262
216.504
723.602
558,360 Comm. auth. the companies to raise cash fares in Minneapolis and St. Paul
1922............. 3,346,583
1921 ............ 3,136,241
712,244
30,006
229,499
512,751 from 6 to 7 cents, with 4 tickets for 25 cents, but these increases were sus
PROPERTIES.— Miles o f single track, 7.85; miles o f gas mains, 291.17. pended Sept. 3 1921 by court order pending final determination. V. 113.
p. 536, 1054, 1157, 2081; V. 114, p. 199, 523. Valuation of both Min
OFFICERS.— Pres., S. B. W ay; Vice-Pres., J. I. Beggs, Edwin Gruhl; neapolis and St. Paul cos. was before the Minn. R R . & Warehouse Comm,
Sec .-Treas., F. J. Boehn; Gen. M gr., D. E. Callender; Aud., E. Jorgensen. in April 1924.
In Jan. 1921 the company raised fares on its Stillwater lines from 5 cents
— V . 106, p. 2458; V. 107, p. 1389: V . I l l , p. 991, 2042; V . 112, p. 654,
to 6Jcents. V. 112, p. 470.
1172; V . 115, p. 184.
April, 1924.]
Fare Decision.— For decision upholding Act providing for regulation of
rates based on valuation see V. 114, p. 1892.
Merger of St. Paul and Minneapolis Street Car Systems Proposed.— See
V. 115, p. 2794.
The $5,000,000 1st cons. mtge. 5% bonds of the Minneapolis St. Ry Co
originally due Jan. 15 1919, were extended for three years to Jan. 15 1922
at 7% and again to Jan. 15 1925 at the same rate o f int., but in the latter
case, a payment o f $10 for each bond extended was made. V. 113, p. 1983
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Twin City Rapid Transit—
Com $22,000,000 ($100)________
8 Q-J
$22,000,000
See text.
Prefcum $3,000,000 ($100). 1895
7 Q-J
3.000.000 A pr.'24, 1H
Minneapolis Street Railway Co.—
7 g J-J 15 5.000.000 Jan 15 1925
lstco n M g$5,000,000.c*cot 1889
10-yr gold notes, $5,900,000— All owned by Twin City Rapid Transit Co.
St Paul City Railway Co—
First mtge on real estate and 1 1882
6 g A-O
224,000 April 1 1934
horse-car franchise._cpt (Exchangeable at 105 for first consolidated
First consol mtge gold . .cp t 1884
8 g A-O
456,000 Oct 1 1934
Cable con gold(see text) cot 1887
5 g J-J 15 3.708.000 Jan 15 1937
10-yr gold notes $1 .700.000— All owned by T w Id City Rapid Transit, Cu.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Minneapolis & St Paul Suburban Ry—
1st M g $500,000 guar by[ 1899
5 g M-S
$500,000 Sept 1 1924
TwCy R T&StP Cy c*cpt f Interest at Central Trust C o .. N Y .. Trustee
10-yr gold notes, $2.250,000—-All owned by Twin City Rapid Transit Co.
Minn Street & St Paul City Ry—
Joint con mtge $10.000,0001 1903
5 g A-O
10,000,000 Oct 1 1928
($1,000) gu p & 1 c * c o t 'Centra) Trust Co. o f New York. Trustee.
All bonds are for $1,000 each, and, with the exception o f the Minneapolis
& St. Paul Suburban Ry. and the joint Issue of 1903. Interest is payable
at Farmers’ Loan & Trust Co., New York.
Stock.— Listed on New York Stock Exchange.
Bonds.— The Minneapolis Street Railway Co. Jointly and severally with
the Minneapolis Lyndale & Minnetonka Railway C o., issued $5,000,000
5% 30-year first mtge. and first consol mtge gold bonds, due originally
Jan 15 1919. Were extended to Jan. 15 1922 at 7% and again to Jan. 15
1925 a t7 % (with payment of $10 for each bond extended. V. 113, p. 1983).
They are secured by the same mtge. as the old 5s and are unconditionally
guaranteed, prin. and int., by the Twin City Rapid Transit Co. See state
ment to New York Stock Exchange in June 1895. V. 60, p. 1149.
The St. Paul City Railway Co. has Issued $3,708,000 5% 50-yr cable con
solidated bonds, and may issue $680,000 now held by the Farmers' Loan &
Trust C o., trustee, to redeem the $680,000 prior lien bonds; limit fixed by
this mtge. is $4,388,000, and no further underlying bonds can be put out
V. 77, p. 2281. Part of these cable consols ($1,138,000) is guar. (p. & 1.)
by end. of Twin City Rapid Transit Co. See statement to N. Y . Stock
Exch. in June 1895, V 60. p. 1150. Of the 1st consols, mtge. of the St
Paul City, $224,000 are held by the Farmers’ Loan & T r. Co. to be ex
changed for the $224,000 first mtge bonds
The Minneapolis Street Ry. A St. Paul City Ry. consolidated mortgage o
1903 Is a joint Issue of the Minneapolis Street Ry. and the St. Paul City Ry
Guaranteed, prin. and int., by endorsement, by Twin City Rapid Transit
Oo. see V. 77, p. 2281 and 2340).
Dividends.— On preferred Is paying 7% per annum, First dividend of
1% was paid on the common stock in Aug. 1899: in 1900. 3% ; in ?901 4%
1902 to 1908 incl., 5% per ann.; 1909, 5)£% ; 1910 to 1917 incl., 6% per
annum. In 1918, 2% ; 1919, 2 )4 % ; 1920, 3% ; 1921, 2% ; 1922, 4% ; 1923,
6%.
ROAD.— On Dec. 31 1923 comprised 491.34 miles single-track equivalent.
Including four interurban lines connecting the business centres of Minne
apolis and St. Paul, an Interurban line of 22 miles connecting St. Paul and
Stillwater, and lines to Lake Minnetonka. Standard gauge. On the prin
cipal streets o f the cities 90-lb. T rail with welded joints.
Power.— The company leases water-power at St. Anthony
Balls (ca
pacity 22,000 h. p .), which power is now used In conjunction with power
generated at new steam power plant to run the entire railway system In
both cities. See V. 64. p- 704.
ANNUAL R E PO RT.— Report for calendar years:
l923
1922
1921
1920.
Revenue pass, carried-.221,542,298 226.543,924 227,727,748 238,388.782
Transfer pass, carried .-. 80,477,866 81.331,285 80,169,491 77.531,776
Rec’ts fromtransporta’n $13,351,233 $13,659,955 $13,734,117 $12,879,281
Rects. from oth. sources
228,814
181,934
187,197
191,457
Total receipts_______ $13,580,047 $13,841,889 $13,921,314 $13,070,738
Operating expenses_____ 9,537,841
9,914,324 10,990,535
9,794,834
Net earnings_________ $4,042,206
Interest, taxes. &c_____$2,463,694
Miscellaneous debits_
_
8,444
Divs. on pref. stock (7% )
210,000
Divs. on com. stock ._(6% )1,320,000
$3,927,565 $3,930,779 $3,275,904
$2,346,180 $2,215,866 $2,245,190
16,183
17,608
31,614
210,000
210,000
210,000
(4)880,000 (2)440,000 (3)660,000
Balance, surplus_____
$40,067
$475,201
$47,305
$129,100
OFFICERS.— Pres., Horace Lowry: V.-Ps., E. W . Decker and T . J.
M cCJl: 3d V.-P. & Sec., A. M . Robprtson; Com p.. D . J. Strouse; Treas.,
E. A. Crosby.— V. 114, p. 523, 1892, 2238, 2719; V. 115, p. 437, 546, 2794;
V. 116, p. 411. 1757, 2638; V. 117, p. 1993; Y . 118, p. 432, 1390.
MINNEAPOLIS NORTHFIELD & SOUTHERN R Y .— Incorp. in
South Dakota in July 1918 to take over the property o f the Minneapolis
St. Paul Rochester & Dubuque Elec. Trac. Co. (“ Dan Patch” line) sold
at auction July 29 1918. Auth. capital stock, $1,000,000 com and $500,000
pref.; par value of shares, $100. See “ Electric R y .” Section for May
1918, and V. 106, p. 2649. On Aug. 7 1918 was licensed for business in
Minnesota. V. 107, p. 1004. On N ov. 19 1918 the co. resumed operation
of the cutoff from Auto Junction to Luce Line Junction and thence to
Minneapolis. Compare V. 107, p. 1192.
ROAD.— Has 70 miles of line in operation.
EARNINGS.— For cal. year 1923, gross, $690,875; net, after taxes,
$93,524. In 1922, gross, $505,194; net, after taxes, $19,383.
OFFICERS.— Pres., H. E. Pence; V .-P ., A. D. Walker; V .-P ., J. H.
Ellison; Treas., W . O. Winston; Sec., W . R. Stephens.— V. 107, p. 697,
1004, 1192.
MOBILE, ALA.
MOBILE LIOHT & R A ILR O A D .— Trolley.
ORGAN IZATION .— A consolidation on Sept. 1 1901 o f the Mobile Light
A Railroad and the Mobile Street R R .; the franchises o f both companies
were exteuUau on Sept. 12 1901 to March 12 1955. See V. 73. p. 616.
in Juij i>#in the Mobile Illuminating Co. purchased the electric-light
plant of the company and under contract of purchase pays to the Mobile
Lt. & RR 70 n- ui-annual payments of $11,464.
Fare Inert as .— On Oct. 1 1922 the Ala. P. S. Comm. auth. the co. to
increase cash f ires from 7 cents to 8 cents; tickets from 6 cents to 7 cents,
and to make a charge of 2 cents for transfers. Compare V. 115, p. 183.
In Dec 1922 the Comm, ordered the co. to reduce its transfer charge from
2 cents to 1 cent, except to and from the Michigan Ave. line. V. 115,p.2794.
In Feb. 1924 the co. applied to the Ala. P. S. Comm, for auth. to remove
portions o f certain street car lines in Mobile, Ala. V. 118, p. 664.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,250,000 (par $100).................................
$2,250,000
See text
First mtge gold ($ l,0 0 0 ).n tf( 1897
5 g J-D
287,000 July 1 1937
lin t, at Farmers' Loan & Trust C o., N. Y.
Mobile Street RR first mtge) 1893
6 g M -N
245,000 May 1 1950
gold $300,000_______ c*ntf)Farm ers’ Loan & Trust C o., N . Y . t Trustee.
I Interest at National City Bank. New York.
Consolidated mortgage, gold! 1901
5 g M-S
1,060,000 Sept 1 1941
($1,000) $2.250.000_ c*tf/Interest at New York Trust C o., N. Y ., Tru»
_
Bonds.— Of the $2,250,000 mtge., $700,000 are reserved for prior liens:
$1,000 are in treasury, $423,000 are in trust fund and $79,000 have been
retired; $103,000 1st mtge. M . Lt. & R R . Co. bonds have been retired and
$10,000 are in treasury; entire $245,000 M . S. R R . bonds reported outstand
ing are held in treasury. This issue originally matured M ay 1 1923, but
was extended at the same rate o f interest (6%) to M ay 1 1950. V. 116,
p . 2129.
67
ELECTRIC RAILWAYS
EARNINGS.—
Oross
Net (after
Fixed
Balance,
Calendar Years—
Earnings.
Taxes).
Charges.
Surplus.
1923__________________ $808,933
$86,351
$74,762
$11,589
1922____________
820,014 36,923
82,584
def .45.661
Dividends.— Initial dividend— H % — Aug. 1 1909; In 1910, 14 % ; In 1911.
2)4% ; In 1912, 1)4% ; in 1913, 2 % ; In 1914, 3 % ; In 1915. 2% ; In 1916. 3 % :
In 1917. 2% .
In 1918, April, 1%; June, 1% ; Aug.. 3 % . In 1919
Sept., 1% . In 1920. Sept., 1% . In 1921, 2 % . In 1922. 1% .
ROAD, &c.—-Owns 60.86 miles of track in M obile and extensions to
Magazine Point, Spring Hill and Whistler;
OFFICERS.— Pres., J. H. Wilson: V.-P. A Gen. M gr., F. F. RossmanSec. & Aud., Aimer G. Fay.— V. 113, p. 1675; V. 114, p. 306; V. 115, p183, 1632, 2794; Y. 116, p. 2129; V. 118, p. 664.
MONMOUTH, ILL.
GALESBURG & WESTERN RR.
Was formerly known as the Rock Island Southern R . R .. but name was
changed to present title in 1919.
Receiver Discharged.— In 1922, by agreement o f aK parties, the co.. which
was ahead of the receivership operated by the Rock Island Southern Ry.
Co , receiver was dismissed. The road is to be operated as part of the
Rock Island Southern Ry. System, under the old lease (see below) and under
its same terms, the same as if no receivership had taken place. It is ex
pected that by 1924 the co. will be merged into the Rock isl. Southern Ry.
ORGANIZATION.— Incorp. in 1906 UDder Steam Railroad Act of Illin
ois. Operated by electricity for passengers and steam for freight. Fran
chises in Monmouth are for 20 years. Was leased to the Rock Island South
ern Railway (now Mississippi Valley Ry. & Power Co. from Feb. 1 1913 10
Dec. 31 1913, on which date lease was canceled (but see above).
Bondholders’ Committee.— W. S. Hammons, Frank 8 . Wingate and M . O.
Williamson
Deposits of bonds with the Fidelity Trust C o.. Portland. M e.,
and People’s Trust & Savings Bank, Galesburg, 111., have been called for.
See V. 102. p. 886. Also V. 110. p. 872.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($100)-.....................
- ...........
$500,000 __________
First mortgage $2,500,000 g l ____
5 g J-J
521,000 Jan 1 1947
($1,000) red at 105______ c/In t. at Con. & Com. Tr. & S. Bk., Chic., Tr.
ROAD.— 16 miles between Galesburg and Monmouth. 75-lb. rail.
Standard gauge.
OFFICERS.— Pres.. L. F. Sutton; V .-P., Will Halsted Clark, Chicago;
Sec. & Treas., J. W. Walsh; Gen. M gr., Geo. W . Quackenbush, Rock
island. 111.— V. 102, p. 886; V. 109. p. 271; V. 110, p. 872, 1643.
MONTGOMERY, ALA.
MONTGOMERY LIOH T & T RACTION CO.— A trolley road.
Control.— In Jan. 1923 the Alabama Power Co. acquired control of
the company. V. 116, p. 176, 935
Receivership Terminated.—-In Jan. 1919 Judge Henry D. Clayton in the
U. S. Circuit Court of Alabama appointed Ray Rushton [succeeded by S. B.
Ireland in Aug. 1921] receiver for the co., upon application of the Commercial
Trust & Savings Bank of New Orleans, it being alleged that certain secured
notes were overdue. V. 108, p. 269: V. 113, p. 731. Compare V. 107, p. 2290.
The co. was taken out of receivership immediately following its purchase
by the Alabama Power Co. (V. 116, p. 935), and in July 1923 the stock
holders filed a certificate in the Probate Court at Montgomery, Ala., de
creasing the capital stock from $2,000,000 to $2,000. V. 117, p. 554.
ORGANIZATION, &c. Montgomery Trac. Oo. was chartered In 1893.
On Dec. 29 1911, having acquired the lighting property owned by Richard
Tillis, name was changed from Montgomery Trac. Co. to above title (V. 94,
p. 207). and In June 1912 stock was Increased from $1,000,000 to $2,000,000.
to pay for new property. V. 94, p. 1764. Stock had previously been de
creased from $2,000,000 to $1,000,000 In 1909. V. 88. p. 375.
Does the electric railway business in Montgomery and operates a line
extending to Capitol Heights, Cloverdale and Pickett Springs; also does
an electric lighting and power business in Montgomery, Capitol Heights
and Pickett Springs, Ala. Street railway franchises that are not perpetual
expire between 1932 and 1942. Electric iio'ht
power franchise runs
till 1940.
Power Contract Decision.— See V. 103. p. 1593.
The $1,000,000 7% secured notes, due Feb. 1 1923, were paid off at
maturity (V. 116, p. 935), as were $350,000 Montgomery Street Ry. 1st
mortgage 6s due Aug. 1 1923. V. 117, p. 894.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ $2,000,000 ____________
Stock $2,000,000 ($100)___________
1st & ref M $5,000,000 sk f d - . 1912
5%
1,080,000 April 1 1942
Bonds.— First & Ref. bonds have sinking fund equal to 1 % of all bonds
authenticated annually, which began April 1 1915. V. 95, p. 47.
EAR N ING S.— Ofcombined properties for cal. year 1921, gross, $739,481.
In 1920, gross, $806,623. In 1919, gross, $556,521.
R O A D .— Operates 34.66 miles of track; 57 cars. Standard gauge;
70-lb. T and 95-lb. girder rail. Power-house capacity, 5,000 k. w.
OFFICERS.— Receiver, S. B. Ireland.— V. 109, p. 1080; V. 112, p. 744.
1866; V. 113, p. 628, 731; V, 116, p. 176, 935; V- 117, p . 554, 894.
MONTOURSVILLE, PA.
MONTOURSVILLE PASSENGER R A ILW A Y .— A trolley road.
ORGANIZATION.— Chartered In Pennsylvania June 28 1897. Com
menced operations Dec. 16 1897. Owns all the stock of the Montoursvllle
Electric Light Co. Stock auth. and Issued, $75,000. Funded debt auth.
and issued, $112,000 5% 30-year gold bonds (tf) dated May 1 1908. int.
M. & N. Operates 5)4 m. of track from Williamsport to Montoursvllle. Pa.
EARN ING S.— 12 months ended Dec. 31 1922 (railway department only):
Gross, $29,624; net, after taxes, $146. In gross, $33,952; net, after taxes,
def., $567.
OFFICERS.—-Pres., C. L. Peaslee, Williamsport; V .-P ., F. C . Leonard,
Coudersport; Sec. & Treas., W . P. Beeber, Williamsport; Gen. M gr.,
B. A. Harris, Montoursville.— V. 94, p. 207, 1764; V. 95, p. 47.
MORRISTOWN, N. J.
MORRIS COUNTY T R A C T IO N .— An electric road.
Receivership.— On July 24 1923 Joseph K. Chrati and Joseph P. Tumulty
were appointed receivers for the company.
ORGANIZATION.— Incorporated in New Jersey in 1899. Charter
gives company right of eminent domain. Built mostly on private right of
way. Franchises through towns are perpetual or for 35 years.
On Feb. 211913 the N .J . Pub.Utility Comm, approved the plan to issue
$300,000 cap. stock to retire the $3,000,000 existing stock (one new share
for ten old), and $4,179,000 bonds of an auth. $5,000,000. to be secured by
a mtge. to the Safe Dep. & Tr. Co. of Pittsburgh, as trustee; $3,000,000 for
refunding existing bonds and $1,179,000 for other indebtedness. V. 95. p.
1746. 680; V. 96. p. 653.
Power.— The co. in Aug. 1920 sold its power house at Chatham, N . J.,
for $18,000 and is now receiving its power from the New Jersey Power &
Light Co. and Morris & Somerset Electric Light Co. (the latter co. has been
taken over by the Central Jersey Power & Lt. C o.). V. I l l , p. 588.
Readjustment Plan.— See “ Electric Rahway Supplement’ ’ o f Oct. 28 1922.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$300,000 _________ _
Stock common (see text)__________
First mortgage $3,000,000( 1905 5 g J-D 15 3,000,000 June 15 '35
($1,000) gold callable at (In t. at People’s Sav. & Trust C o., Pitts110 and Interest_ c*& r.tf 1 burgh. Trustee.
_
Income debenture bonds/ 1917 5 g J-D
1,179,000 June 1 6 ,’ 48
($100)___________________ lin t, at Peoples Sav. & Tr. C o.. Pitts., trustee
E A R N IN G S.— For calendar year 1923, gross, $507,291; net, after taxes,
$17,441. In 1922, gross, $537,397; net, after taxes, $66,522.
R O A D .— Owns 44.01 miles road, 58.33 miles o f track. Road is In oper.
ation from Maplewood to Danforth Road, Madison, 10.89 miles; M orris,
town to Lake Hopatcong, 21.81 miles. Branch lines, Springfield to Elisa,
beth. 5.34 miles; Denville to Boonton, 4.90 miles; Dover to Wharton, 1.0
miles. The 2.69 miles o f road between Danforth Road and Morristow
68
ELECTRIC RAILW AYS
are owned by the Morris R R . and are operated under lease; also operate*
underlease branch line Morris Plains to State Hospital, 1.36 miles. Total
road operated, 48.68 miles. Gauge, 4 f t . 8)4 in. 70-lb. T rail in country
80-lb. girder in cities.
OFFICERS.— Pres., Joseph K . Choate, New York; V.-Ps., Geo. R.
Hann, Pittsburgh, Pa., and H. O. Rea; Sec., Treas. & Gen. M gr., O. G.
Schulz, Morristown; Supt., Chas. Fields.— V. 109, p. 2357; V. 110, p. 261,
1415; Y . I l l , p. 588; V. 115, p. 74; Y. 116, p. 516.
MOUNT HOLLY, N. J.
BURLINGTON COUNTY T R AN SIT CO.— Trolley.
ORGAN IZATION .— Incorporated In New Jersey on July 1 1910. as
successor to the Burlington County R y. Co. V. 90, p 1612. 8tock auth.
and Issued, $120,000 ($50). N o bonds.
EAR N IN G S.—-For year ending Dec. 31 1922, gross, $78,388; net, after
taxes, def., $6,247. In 1921, gross, $83,872; net, after taxes, sur., $7,432.
ROAD.— About 14 miles o f track from Burlington through Mount Holly
and Hainesport to Moorestown. 60-lb. T rail. Gauge. 5 ft.
OFFICERS.— Pres.. Albert Haines; Y.-P., John D. Johnson Jr.; Sec.Treas., Armitt H. Coate; Gen. M gr.. Maurice B. Comfort.
MUSKEGON, MICH.
MUSKEGON TRACTION & LIGH TIN G CO.
In Jan. 1906 almost the entire stock was acquired by the American Light
ft Traction Co. V. 82, p. 49.
ORGAN IZATION .— Incorporated in Michigan on March 1 1901, and is
a consolidation of the street railway, electric-light and gas companies o f the
city. Franchises expire; gas, 1925; railway, indeterminate.
Buses Ousted.— On Dec. 14 1921 the citizens voted to retain the street
car system rather than jitney bus service. V. 113, p. 2721. Compare
V. 113, p. 2406.
New Franchise Proposals.— See V. 113, p. 2819.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $600,000 ($100)......... ................................
$600,000 __________
Preferred $100,000 6% c u m . . ____
8
63.000
See text
First mortgage $600,000 gold f 1901
5 g M-S
600,000 Mar 1 1931
($1,000)----------------------- tfi Interest at Wyoming Valley Trust C o..
Callable at 105____- _____ 1 Wilkes-Barre, Pa., Trustee.
Dividends.— On preferred stock 6% cumulative.
R OAD.— Owns 15 miles of road and serves as a terminal for the Grand
Rapids Grand Haven & Muskegon R y.. which operates 40 miles of track
between points indicated in the title. (See V. 113, p. 1675.)
OFFICERS.— Pres., Geo. Steinwedell; V .-P ., Marion McMellin; 2d. V.-P
A . P. Lathrop; Sec. & Treas., E. J. Hammer; Asts. Sec. & Asst. Treas.,
James Lawrence; Aud., T. M . Leahy.— V. 109, p. 1700; V. 110, p. 1290;
V. I l l , p. 2041; V . 112, p. 1399: V. 113, p. 1675, 2406, 2721, 2819.
MUSKOGEE, OKLA.
MUSKOGEE ELECTRIC TRACTION CO.— A trolley road.
O R G A N IZA TIO N .— Incorporated in 1904 In Indian Territory. In Oct.
1912 acquired the People's Electric R y.. which was merged Into this prop
erty, and issued $600,000 new 1st M . bonds to refund an earlier issue of
$450,000 and in part payment for the People’s Elec. R y. $200,000 addi
tional bonds will be issued in final payment when annual net earnings are
twice the Interest charges on bonds out. Including these $200,000. Fran
chises are unlimited as to time.
Right of Purchase by City.— The city has the right to purchase all the com
pany's property within city limits in 1934 and at the end o f every 15-year
period thereafter, at a price determinable by arbitration, but in case of
such purchase the bonds must be either paid off or assumed by the city,
and In the latter event the company must be allowed to operate Its cars
from suburban or lnterurban points to the centre of the city on . a rental
basis. See V. 95. p. 1331.
Has long-time power contract with the Muskogee Gas ft El. Go,
Fare Increase.— Effective Sept. 9 1920, fares were increased to 8 cents
tickets to be sold at 2 for 15 cents. V. I l l , p. 1183. In Jan. 1923 applied
for auth. to sell tickets in blocks o f 5 for 35 cents instead o f 2 for 15 cents.
V. 116, p. 77.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Q-M
$500,000
See text
Stock $500,000 ($100).......................
First mtge $5,000,000 sinking 1 1912
5 g M-N
600,000 M ay 1 1934
fund gold ($1,000)_____c*IInt. at Equitable Tr. C o.. N . Y ., Trustee.
Remaining bonds may be Issued for additions and betterments at 80%
of cost, with certain restrictions. Subject to call as a whole, or in part, at
105 and Int. on any lnt. day on 3 weeks" notice. Semi-annual sinking fund
began Jan. 1 1914 of )4 o f 1% of all bonds outstanding. V. 95, p. 1331.
Dividends.— 1908. 5% ; 1909. 6% ; 1910 to 1912, Inclusive, 8% .
EARN IN G S.— For year ending Dec. 31 1922, gross, $222,007; net,
$40,792; bond interest and taxes, $38,007; bal., sur., $2,785.
R OAD.— Operates city lines, 16.13 miles, and lnterurban and suburban
15.13; total, 31.26. Standard gauge, 70 and 60-lb. T rail. 28 passenger
cars, 2 miscellaneous cars and 2 electric locomotives. Also owns an amuse
ment park on Arkansas River about 5 miles from Muskogee.
OFFICERS.— Pres., Louis K . Hyde; V .-P ., R . D. Benson; Sec. & Treas.,
D. Q. Brown; Gen. M gr., J. G. Phillips.— V. 116, p. 77; V. 118, p. 311.
NASHUA, N. H.
NASHUA STREET R A ILW A Y.— Trolley.
ORGAN IZATION .— Incorp. Aug. 14 1885. Owns and operates 16.14
miles of main track. On July 1 1900 was leased to the Lowell & Suburban
for 99 years (succeeded by Bay State Street R y .). The receiver appointed
In Dec. 1917 for the Bay State St. R y. terminated the lease and turned
the property back to the stockholders. In April 1920 we were informed
that a settlement o f the company’s claim against the Bay State Street Ry.
for damages was pending. No further information.
Temporary Lease.—In March 1924 the company was auth. by the N. H.
P. S. Comm, to operate under a temporary lease the lines of the Mass.
Northeastern St. R y., between Hudson Bridge and Hudson Centre, con
necting with the c o .’s lines. The co. was also auth. to purchase the prop
erty o f the Northeastern co. later if thought desirable. V. 118, p. 1392.
In Oct. 1919 the stockholders authorized an issue o f $65,000 7% pref
■inking fund stock.
STOCK, BONDS, ftO.—
Date.
Interest. Outstanding. Div. A Mat.
Stock, $325,000 (par $ 1 0 0 )... ...........................
$325,000 See text
First mortgage, $150,000,1 1901
4 g A-O
150,000 Oct 1 1931
($1,000), gold-----------c * tf/I n t . at Old Colony Tr. C o.. Boston. Trustee.
Bonds.— Entire Issue may be called at 105 and accrued interest.
Dividends.— Under the lease to the Bay State St. Ry. dividends of 6%
p. a. were being paid, but payment due Jan. 1 1918 was defaulted— see
remarks above.
EARN INGS.— For cal. year 1919, gross, $131,691. For last 11 months
o f 1918, gross, $110,240.
OFFICERS.— Pres.. George A. Fernald, Boston; Treas.. J. E. Tni a,
Nashua, N . H.— V. 106, p. 86, 607, 1036: V. 110, p. 1973; V. 118, p. 1392.
NASHVILLE, TENN.
TENNESSEE RA ILW A Y, L IG H T & POWER CO.
In June 1922 all the assets o f the co. were sold to the Tennessee Electric
Power Co. (see below) in consideration o f the payment or assumption of all
the co .’s debts and obligations. V. 114, p. 2117. For history of Term.
R y., Lt. & Pow. Co. see “ Electric R y .” Supplement o f April 29 192.2.
V. 114, p . 1892, 2117, 2242, 2360, 2580.
TENNESSEE ELECTRIC POW ER CO.— (See Map, page 69.)
ORGAN IZATION .— Incoro. in Maryland M ay 27 1922, and in accord
ance with plan outlined in V. 114, p. 1653, 2117, has acquired all the
assets of the Tennessee R y., Lt. ft Power Co. (for history see “ Electric R y .”
Supplement of April 29 1922) and now controls:
(a) Through direct ownership, property and rights o f Chattanooga ft
Tennessee River Power Co., embracing the Hales Bar hydro-electite
itation, with an installed capacity o f 50,000 h. p. on the Tennessee River,
and duplicate high tension steel tower transmission lines to Chattanooga.
[V ol. 118,
(6) Through direct ownership, all the property and rights of the Ten
nessee Power Co., incl. 3 hydro-electric stations with an aggregate installed
capacity o f 58,000 h. p ., a steam station of 20,000 h. p. capacity, and an
extensive system of transmission lines.
(c) Through direct ownership, all the property and rights of the Chat
tanooga R y. & Lt. C o., incl. an electric light and power distribution system
together with the city railway lines in Chattanooga.
(d) Over 99% of the entire issued and outstanding common stock, over
41 % o f the outstanding pref. stock (which proportion it is expected will be
increased substantially), and $1,861,000 bonds of Nashville R y. & Light Co.,
which owns and operates without competition an electric light and power
distribution system and electric railways in and around Nashville.
In addition the co. owns and has pledged under its 1st ref. mtge. the
following bonds of the above cos.:
Owned and
Outstanding. Pledged.
Tennessee Power Co. 1st 5s, 1962_________________$12,261,000 $10,045,000
Chattanooga R y. & Lt. 1st & ref. 5s, 1956________ 4,307,000 3,675,000
Chattanooga Rys. 1st cons. 5s, 1956_____________ 2,165,000
130,000
Lookout Mountain Ry. 1st 6s, 1956______________
389,000
389,000
Nashville R y. & Lt. ref. & ext. 5s, 1958__________ 4,694,500
1,879,000
$16,168,000
Total owned and pledged.
The controlled properties serve practically the entire central and eastern
portions of Tennessee, extending nearly 200 miles from east to west and 100
miles from north to south, with an estimated population o f over 450.000.
The consummation of the plan for the consolidation of these properties
permitted the payment of $3,561,000 of maturing obligations o f the Tenn.
R y., Lt. & Pow. Co. and approx. $2,515,907 o f maturing obligations of the
subsidiary properties.
Franchise.— See V. 118, p. 1912.
Merger Upheld.— On Feb. 14 1924 Chancellor James B. Newman of Part
II, Davison County (Tenn.) Chancery Court, handed down a decision in
favor of the co. in suits brought against it, alleging that the recent consoli
dation was in violation of the State’s Anti-Trust Law. V. 118, p. 908.
Compare V. 115, p. 309, 989.
In 1923 brought out $1,000,000 10-yr. 6 >4 % debenture bonds, proceeds
being used to finance additional property expenditures and to increase the
c o .’s working capital. V. 117, p. 211 i . In Feb. 1924 sold $3,000,000
additional 1st & ref. mtge. 6% bonds, Ser. “ A ,” proceeds to be used for
additions to the properties. V. 118, p. 1013.
Interest.
Outstanding. Maturity.
STOCK A N D BONDS—
Date.
_______ 156.000 shs.
__________
Com 200,000 shares (no par)______
1st D ref 7% cum ($100)______ _____
7 Q-J
$1,761,400 Apr’24 1 M %
1st pref 6% cum ($100)______ _____
6%
x 3 ,446,900 Apr’24 1 )4 %
First pref 7.20% cum________ _____
7.20%
1,000.000 ___________
_______
50,000 shs. __________
2d p f $6 per yr n-cum (no par)______
1st & ref mtge ser “ A ” ($5001 1922
6 g J-D 22.191,000 June 1 1947
& $1,000) gold_ c*&r*tf Jlnt. at National City Bank, N. Y ., Trustee
_
10-year debentures ($500 andl 1923
6J4 A-O
1,000,000 Oct 1 1933
$1,000)______________ c * .tfjln t. at National City Bank. N. Y ., trustee,
x Not including $407,400 reserved for exchange in the future for a like
amount of Nashv. R y. & Lt. 5% pref. stock outstanding in hands of public.
Stock.— The 1st pref. 7% stock is red. as a whole but not in part on any
div. date on 60 days’ notice at 110 and divs. Both classes of 1st pref. stock
are of equal rank and divs. are cum. 2d pref. is non-cum. and is entitled
to divs. not exceeding $6 per annum as declared.
Bonds.— The 1st & ref. mtge. 6s, ser. “ A ,” are secured by pledge o f $10,045,000 Tennessee Pow. Co. 1st 5s; $3,675,000 Chatt. R y. & Lt. 1st & ref.
5s; $180,000 Chattanooga Rys. 1st cons. 5s; $389,000 Lookout M t. Ry. 1st
6s, and $1,879,000 Nash. Ry. & Lt. ref. & ext. 5s. Are red., all or part,
on any int. date upon 30 days’ notice at 107)4 on or before June 1 1932; at
105 from Dec. 1 1932 to June 1 1942, incl., and thereafter at par, plus a
premium of 1 % for each whole year bewteen date of redemption and
maturity. Sinking fund began March 1 1923. Penna. 4 mills tax re
funded. V. 114. p. 2471. Listed bn N. Y . Stock Exchange. V. 115.
p. 2687. The 10-year 6)4 % deb. bonds are red., all or in part, on the first
day of any month on 30 days’ notice at 100 and int. Sinking fund provides
for the payment in cash to the trustee of $50,000 in each of the first three
years; $75,000 in each of the next 3 years, and $100,000 in each of the last
4 years of the life of this issue, to be used to purchase debenture bonds at or
below the redemption price. Company will reimburse to owners resident
in the respective States, upon proper application, the following taxes: The
4 mills tax in Penna., any personal property taxes in Maryland not exceeding
414 mills on each $1 of assessed value in any year, and any personal property
or exemption tax in Conn, not exceeding 4-10% of principal in any year.
V. 117, p. 2111.
Dividends.— An initial div. of X%% was paid Oct. 1922 on 7% pref.
stock. Same rate paid regularly quar. since. An initial div. of 1 )4 %
was paid Oct. 1922 on 6% preferred. Same rate paid regularly quar. since.
RE PO RT.—-For 12 mos. ending Dec. 31 1923: Gross earnings, $9,121,250
oper. exp. & taxes, $4,942,862; gross income, $4,178,388; interest. &c., and
divs. on Nashville Ry. & Lt. Co. pref. stock not owned by co., $1,763,588;
divs. on 1st pref. stock, $677,327; deprec., $827,146; bal., sur., $910,327.
PR O PE R T Y.— The electric generating stations of the system have an
installed capacity equal to 174,000 h. p., of which 120,000 h. p. is in water
power plants, the most important being the Hales Bar station with a capa
city of 50,000 h. p. For expansion program announced in Jan. 1924. see
V. 118, p. 204.
OFFICERS.— Chairman of board, C. M . Clark; Pres., W . M . Flook
V .-P ., Geo. E. Hardy; V.-P. & Gen. M gr., B. C. Edgar; Sec. & Treas..
G. L. Estabrook.— V. 116, p. 722, 2131, 2994: V. 117, p. 555, 1348, 1463,
1665. 2111, 2891; V. 118, p. 204, 552, 908, 1013, 1393, 1912.
(1) Nashville Railway & Light C o.— Street railway and lighting system.
Over 99% of the com. and over 19,446 shares of the pref. stock is owned
by Tennessee Electric Power Co. $2,923,500 ref. & ext. 5s are also held
by Tennessee Electric Power Co.
ORGANIZATION.— Incorporated in Tennessee on June 26 1903. Is a
reorganization of the Nashville Railway C o., sold under foreclosure of the
latter’s first consol, mtge. The Nashville R y. was a consolidation in 1900
of the Nashville Street Railway, the Nashville & Suburban and the Citi
zens’ Rapid Transit. The Nashville R y. & Light Co. has absorbed the
Cumberland Electric Light & Power. Does practical’ / all the street rail
way and commercial lighting and power business in Nashville. Franchises
perpetual; those covering the principal railway lines contain a provision
giving the city the right to purchase after 1923.
Valuation— Rate of Return, A c.— In Jan. 1921 the Penna. P. U. Comm,
fixed the valuation of the co.’s property at $13,200,000 and agreed to allow
the co. a minimum return of 6)4% and a maximum of 744% upon this
valuation. For further details see V. 112,p . 162. Compare V . I l l , p . 1852.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $4,000,000__ ($100) -----------------------$4,000,000
See text
Pref 5% cum $2,500,000($100) -----IQ-J
2,500,000 See text
McG & M t V Horse RR 1st M \ 1886
6 J-J
65,000 July 1 1926
($100, $500 & $ l,0 0 0 )-cn tf ’ Nashville Tr. C o., Nashville, Tenn., Trustee
Second series ($1,000) .c n t f 1887
6J-J
485.000 July 1 1937
Nashville Tr. C o., Nashville, Tenn., Trust.
Nashville St Ry 1st mortgage) 1895
5 g J-J
907,000 Jan 11925
(closed) g ($1,000)--C*ntfJ Nashville Trust C o., Nashville, Tenn., Trus.
Nashv R y & Lt consol M gj 1903
5 g J-J
3,696,000 July 1 1953
(closed) ($1,000)____ c * tf' Interest at Guaranty Trust C o., N . Y ., Trus.
Nash Ry & Lt ref & ext mtge 1908
5 g J-J
2,748,500 July 1 1958
$15,000,000 ($500
and Int. at Guaranty Trust C o., N . Y ., Trustee,
$1,000) gold_________c*tf
or at Nashville Trust C o., Nashville.
Bonds.— lnt. on both series of McGavock & M t. Vernon Horse R R . bonds
is payable at Fourth & First Nat. Bank, Nashville, and N. Y . fiscal agent.
The Nashville R y. & Lt. consols of 1903 are subj. to call on any int. date on
30 days’ notice at 107)4 and int. Sinking fund $30,000 per annum com
menced June 30 1913, but only if company has a surplus above charges and
div. on pref. stock; bonds to be kept alive in sinking fund. $414,000 not
incl. in amount outstanding held in sink. fund. Nashville St. Ry. bonds of
1895 payable at Mechanics’ Nat. Bank, N . Y . Of the ref. & ext. bonds,
$5,255,000 are reserved for prior liens and remainder may be issued at rate
of $1,000 for each $1,250 expended for future impts. & equipts., not over
$700,000 to be issued in any calendar year and subject to certain other
conditions. Bonds can not be called. $2,923,500 are owned by the
Tennessee Electric Power Co. and pledged under that co.’s 1st & ref. mtge.
ser. “ A ” 6% bonds. $175,500 not incl. in amount reported outstand
ing are held alive in sink, fund and $124,500 in the treasury. Sink, fund of
)4 of 1 % of outstanding bonds began July 1 1918, bonds in sink, fund being
I kept alive. See particulars of bonds, property, &c., in V . 87, p. 272. ■
a
A pril, 1924.]
ELECTEIC KAILW AYS
so
70
ELECTRIC RAILW AYS
Dividends.— The first div. on pref. stock— 2 H % — was paid Jan. 1 1906.
then 2 H % semi-annually to July 1910. In Oct. 1910 changed to quarterly
and paid 1J£%, and same amount quar. to and incl. Jan. 1920. None to
Sept. 1922. when 13H % was paid, clearing up all back divs. V. 115, p.
1533. Quar. divs. o f 1 % % paid regularly since. Com. stock Is all owned
by Tennessee Electric Power Co.
EARN IN G S.— Years ending Dec. 31:
Gross
Net (after Interest,
Pref.Div. Balance,
Year—
Earnings.
Taxes).
&c.
5% .
Surplus.
1922____________ $4,134,630 $1,313,810 $474,033 $125,000 $714,777
1921____________ 3,857,852 1,067,448
471,082
125,000
471,366
34,037,380 pass, carried in cal. year 1922, against 34,221.445 in 1921.
P R O PE R T Y .— Operates 102 miles o f single track. Has 208 passenger
and 15 work cars. Hydro-electric power is obtained from the Tennessee
Power Co., which operates this company’s steam plants of 20,000 h. p.
capacity as reserve.
OFFICERS.— Pres., C. M . Clark; V .-P . & Gen. M gr., B. C. Edgar;
Sec. & Treas., G. L. Estabrook.— V. I l l , p. 1852; V. 112, p. 162, 2537;
V. 113, p. 293; V. 114, p. 1180,1534,1654; V. 115, p. 1533; Y . 116, p. 1893.
(2 )
C h a t t a n o o g a R a ilw a y & L ig h t C o .
[V ol. 118,
U N IO N T R A C T I O N C O .
ORGAN IZATION .— Incorp. In Tennessee on Oct. 12 1917 as successoi
to the Nashville-Gallatin Interurban R y., sold at foreclosure Sept. 25 1917.
STOCK A N D BONDS.— Date.
Interest. Outstanding.
Maturity.
Stock $300,000 ($100)..............................................
$300,000 ...................
First M ($300,000) gold / 1917
6g J-D
300,000 Dec 1 1947
($500)----------------c*&r.cpt\Nashville Trust C o., Trustee.
Bonds.— Are callable on any interest date at 105.
EARNINGS.— For 12 months ending Dec. 31:
Net, after
Interest, Balance for
Gross.
Taxes.
&c.
Depr., &c.
1923-_ _______$193,290
1922___________ .................... 180,616
1921..................... .................... 173,616
1920_______________________ 180.661
x Taxes included in interest in 1922.
$47,580
x.35,191
36,563
32,182
X24.497
18,971
19,315
10,682
17,592
10,682
ROAD.— Operates 27.05 miles of track between Nashville and Gallatin,
entering Nashville over tracks of Nashville R y. & Light Co. (4.4 miles).
70-lb. T rails. Standard gauge.
OFFICERS.— Pres., John A. Bell; Sec., A. J. Anderson; Treas., Harry
Berry; Gen. M gr., A. J. Anderson.—-V. 105. p. 1618, 1709.
Tennessee Electric Power Co. owns all o f the $3,000,000 common and
$2,000,000 pref. stock, and $3,680,000 Ohatt. Ry. & Lt. 1st & ref. 5s,
N A S H V IL L E T R A C T IO N C O .
1956 and $180,000 Ohatt. Rys. 1st cons. 5s, 1956.
This company late in 1914 increased its authorized capital from $500,000
Receivership Terminated.— See V. 115, p. 72.
so $1,000,000 and is constructing a trolley line In Nashville. 4H miles
ORGAN IZATION .— Incorporated in Tennessee on July 29 1909 as a built. 2
In
consolidation of the Chattanooga Railways Co. and Chattanooga Electric reportedmiles theoperation. 3 leased cars in service. In April 1915 lt wa»
that
Detroit Interests had sold their control. V. 100. p. 1349.
Co., per plan V. 88. p. 1497. V. 89, p. 285. Own - entire capital stock ol
OFFICERS.— Pres., Walter O. Palmer. Nashville; V .-P ., W. H. Saw
Lookout Mountain Ry. Co. Does practically all the street railway, elec
yer (E. W . Clark Mgt. Corp.), Columbus. O.; Gen. M gr., G. B. Howard.
tric light and power business in Chattanooga and vicinity, incl. the electric
lines up and on top of Lookout Mountain. Suburban lines run to Mission- Nashville.— V. 99, p. 1366: V. 100. p. 1349.
ary Ridge, Chickamauga Park and Lookout Mountain. Franchises, with
minor exceptions, without limit o f time, and believed to be perpetual (but
see V. 110, p. 658).
NATCHEZ, MISS.
In M ay 1922 was auth. by Tenn. P. U. Comm, to issue $682,000 bonds.
SO U TH E R N R A IL W A Y & L IO H T CO
V. 114, p. 2467.
This co. having abandoned street railway service In Natchez on April 6
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
1920, we have eliminated the statement from this section. For last state
Common $3,000,000 ($100)_______ __________$3,000,000
.............
ment published see “ Electric Railway” Supplement of April 24 1920.
Pref $2,000,000 5% cum '$ 1 0 0 )____
Q-J
2.000.000 _______
First and refunding mortgage I 1909
5 g M-N
627,000 May 1 1956
$15,000,000 g ($1,000' c* tflln t. at Fidelity Trust Co., Phila., Trustee
Ohatt Rys 1st cons mtge, seel 1906
5 g M-N
1,959,000 M ay 1 1956
NEW ARK, N. J.
text ($500 & $1,000) g .c * tf JInt. at Commercial Tr. Co. Phila..Trust
PUBLIC SERVICE CORPORATION OF NEW JER SE Y.— Street
Stock.— Pref. shares equally with com. after com. has received 5% .
railway, gas and electric.— (.See map on pages 72 and 73.) •
Bonds.— The $3,000,000 Chattanooga Rys. mtge. has been closed; call
ORGANIZATION.— Incorporated in
6 1903 and
able any int. date at 107 and int. on 3 mos.’ notice. $180,000 (not incl. controls, through ownership of stock. New Jersey on May C o., Public
Public Service
in amt. outstanding) are owned by Tennessee Electric Power Co. and Service Gas C o., Public Service Elec. C o., Orange & PassaicRy.
Valley R y. Co.
are pledged under that c o .’s 1st & ref. mtge. ser. “ A ” 6s and $25,500 have *nd United Elec. Co. of N. J. The stockholders of the two cos. last named
been canceled by sinking fund. Of the 1st and refunding bonds, $3,- ■nd also the stockholders of certain of the cos. out o f which Public Servlc*
680,000 are owned by Tennessee Electric Power Co. and pledged Ry. Co. was subsequently formed (namely North Jersey Street Ry. C o..
by that co. under its 1st & ref mtge. 6% bonds, series " A . ” No sinking, Jersey
Elizabeth Plainfield A
fund; callable at 105 and int. on any int. date on 60 days’ notice. Int. CentralCity HobokenC& Paterson St. Ry. Co. anddescribed below In exch.
o.) were given certificates
payable at Hodenpyl, Hardy & Co. and at office of trustee. V. 89, p. 846. for their Jersey Ry. nlan In V. 76, p. 865 and also d . 1249. The Fidelity
stock. See
ROA D .— Including Lookout Mountain R y ., operates 80 miles of Union Trust Co. of Newark financed the transaction.
■ingle track. Gauge, 4 ft. 8H in. T and girder rails. 84 motor, 12
Controls practically the entire street railway business of Northern New
trailers, 2 incline cable and 8 work cars. Power is obtained from the Ten Jersey and the gas and lighting interests o f the greater part o f New Jersey.
nessee Power C o., which operates this company’s steam power stations Also owns entire capital stock of Middlesex Electric Light & Power Co.,
of 5.000 k.w. capacity as a reserve station.
Morristown Gas Light Co. (V . 91. p. 95). Nichols Elec. Light & Power Co. o f
OFFICERS.— Pres., C . M . Clark; V.-Ps., H. L. Clark and B. O. Edgar; Nutley, N. J.; Citizens’ Elec. Light, Heat & Power Co. (Perth AmboySec. & Treas., G. L. Estabrook: Asst. Sec. & Asst. Treas., C. Wrighr and N. J.), Burlington Elec. Light & Power Co., Public Service RR. and WeeW. L. Lamont — Y. I l l , p. 1277, 1565, 1851; V. 112, p. 2413, 2536; V. ha wken Contracting Co.: a majority o f stock o f Princeton Light, Heat &
Power Co. and Shore Lighting Co. and practically all o f the common stock
114, p- 1062, 1532, 1650, 2467, 2578; V. 115, p. 72.
of New Jersey & Hudson River Ry. & Ferry Co.
Merger of Subsidiaries.— In 1907 North Jersey Street Ry. C o., Jersey
(a ) L o o k o u t M o u n t a i n R a i l w a y C o .
City Hoboken & Paterson Street Ry. Co. and United Street Ry. Co. of
ORGAN IZATION .— Owns electric line on top o f Lookout Mountain Central Jersey were consolidated under the name of Public Service Ry. C o.,
and, through stock ownership, controls the Lookout Incline Co. (whost which see below. V. 85. p. 406 and 470. To Public Service Ry. Co. also
stock and bonds are deposited under the company's mortgage). Stock have been transferred the leases of various railways formerly held by Public
all owned by the Chattanooga Railway & Light Co. Private right-of-waj Service Corporation. On Dec. 28 1915 the merger of the Public Service
except short piece of track on which franchise expires in 1926.
Ry. and the P. S. Newark Terminal Ry. was ratified.
In Oct. 1909 all leasehold interest in gas properties and all rights under
STOCK AND BONDS— Dale.
Interest. Outstanding. Maturity
operating agreement with Plainfield Gas Light Co. were assigned to the
$500,000 ---------Stock ($500.000).........................................- ..........
Co. which see below: also V. 89.
847.
1st mtge $2,000,000 ($1,000)1 1913’ 6 g M -N
389,000 M ay 1 1956 Public Service Gas leasehold interest in electric light p. 594, 721.properties
In July 1910 all
and power
g o ld _________________c*tf(Philadelphia Trust C o., Phila., Trustee.
were assigned to the Public Service Electric Co. V. 90, p. 1614.
Newark Terminal.— See Public Service Ry. below.
Bonds.— Lookout M tn. R y. bonds are red. at 105 and int. on any int
In Feb. 1922 the Public Service Production Co. was organized. The
date on 60 days’ notice. $1,611,000 reserved for impts., A c., at. 85% o*
cost of same. Bonds outstanding are owned by Tennessee Electric Power Public Service Corp. owns all the outstanding com. stock. V. 114, p. 627.
Fare Increases, .tc.— See Public Service Railway below.
Co. and are pledged under that c o .’s 1st & ref. mtge. ser. “ A ” 6s. Interest
Proposed Consolidation Plan.— In M arch 1924 a plan for the consolidation
payable at offices of E. W. Clark & C o., Phila. and Hodenpyl, Hardy &
o f certain o f the c o s .’ properties was form ulated and has been presented
C o., New York.
to the N ew Jersey P . U . C om m , for approval. V . 118, p . 1912.
EARN INGS.— Included In Chattanooga R y . & Light C o. earntngB.
Brief Outline of Proposed Plan.
(1) Consolidation of Electric and Gas Companies.— T he consolidation o f
ROAD.— Operates a cable road of 5,000 feet and has 9.8 miles of electric
P u b lic Service E lec. C o ., P ub. Service Gas C o ., United E lec. C o. o f N . J.
road around and on top o f mountain.
and several smaller cos., practically all o f whose stocks are now owned b y
P ublic Service C orp ., into a new co . to be known as Public Service Electric &
OFFICERS.— Pres., C. M . Clark; V .-P ., M . S. Hopkins; Sec. & Treas.
G. L. Estabrook; Gen. M gr.. F. W. Hoover.— V . 83, p. 323; V. 87. p. 226 Gas Co., all o f whose com m on stock will be owned b y Public Service Corp.
(2) Provision for Perpetual Interest-Bearing Certificates.— T he exchange o f
(S) T ennessee Power Co.
$19,736,800 com . stock (limited to 5 % d ivs.) o f United E lec. C o ., now held
b y the trustees as part security for the P ublic Service perpetual int.-bearing
Stock all owned by Tennessee Electric Power Co.
&
ORGAN IZATION .— Incorp. In Tennessee on April 24 1912 as a consoli ctfs., for $19,736,800 6 % pref. stock o f P ub. Serv. E lec. intGas C o . as auth.
m
.-bearing ctfs.
dation o f the Eastern Tennessee Power Co. and Great Falls Power Co. in (3)tge. and agreement o f pledge securing perpetual Bonds.— A n offer to
Exchange of Gen. Mtge. 5% Bonds for New 5 f & %
has also acquired the property formerly belonging to Sweetwater Elec. Lt
of
Serv.
Co..Cleveland (Tenn.) El. Lt. C o., Sparta Elec. Light & Power C o., and A. the holders to exchange the $31,978,000 gen. m tge. 5 % bonds1st P ublic m tge.
orp.
$31,978,000
&
S T . Power Co. Franchises.— The co.'s power plants are owned in fee C A % outstanding in the hands o f the pu blic for a m gte. to be made ref. P ublic
c
5l
bonds, series due 1959, to be issued under
by
and Its transmission lines are on private right o f way and therefore not Service Elec. & Gas C o ., which w ill have a direct lien on the c o .’s owned
subject to franchise limitations.
Franchises of distribution companies property and leasehold estates, and will be in m odified form , w ith a p p ro
are favorable
refunding provisions and
In M ay 1922 the Tenn. P. IT. Comm. auth. the co. to issue $701,000 priate for acquisitions, additionswith restrictions covering the issuance o f
bonds. V. 114, p. 2479. In Aug. 1922 the Tenn. R R . & P. U. Comm, bonds Redemption of 2 0 - Year 7% and betterm ents. T he redem ption o f the
(4)
Secured Bonds.—
auth. the co. to issue $250,000 bonds to cover part o f the purchase1
price outstanding $9,500,000 20-year 7% secured bonds o f P ublic Service C orp .
of a transmission line, 21 miles long, from Maryville to Knoxville, Tenn. due D ec. 1 1941, in order that the $14,000,000 gen. m tge. 5 % bonds o f
V. 115, p. 1108.
P ublic Service Corp. pledged thereunder m ay be released and canceled.
Rqte Decision.— See V. 115, p. 317.
Funds for this redem ption to be p rovided b y Public Service C o rp .
(5) Further Consolidations —-An offer to
STOCK A N D BONDS— Date.
Interest. Outstanding.
Maturity. gas and electric cos. leased .to corporationthe stockholders o f ce r.a in other
o f the opportunity
Stock $20,000,000 ($100)____ — All owned by Tenn. Elec. Power C o.— their stocks for other securities, so that, eventually, these cos. to exchange
also m ay be
First mtge. $50,000,000 goldl 1912
5 g M -N $2,256,000 M ay 1 1962 consolidated with P ublic Service E lec. & Gas C o. These consolidations are
guar. p. & i. ($l,000)_c*ntf/Int. at Bankers Trust Co., N. Y .. Trustee. not an essential part o f the plan, how ever, as the leases in question extend
Bonds.— Of the remaining bonds, $10,045,000 are owned by the Tennessee in practically all cases for terms upwards o f 900 years. F or further details
Electric Power Co. and are pledged under that co.’s 1st & ref. mtge. 6s, see V . 118, p. 1268.
ser. “ A .” Sinking fund, 1% per ann. o f bonds out, began M ay 1 1917; to
Financing.— On Jan. 27 1919 the directors auth. the creation of an issue
be used for extraordinary renewals, replacements or additions, enlargements of 8% cum. pref. stock to the authorized amount of $50,000,000.
and extensions; also for cancellation of bonds. $36,000 in sinking fund.
In Dec. 1921 the company brought out $10,000,000 20-year secured 7%
Red. in whole or in part at 107H and int. on 12 weeks’ notice. See.,V._95, bonds, proceeds, together with cash from treasury, being used to pay off
p, 549. F. N. B. Close, N . Y ., is also trustee.
$12,500,000 7% 3-year notes due March 1 1922. V. 113, p. 2506.
Stockholders of record on April 21 1922 were offered the right to subscribe
P R O PE R T Y , &C.— Owns water-power sites on the Ocoee River near at $100 a share for 8% cum. pref. stock to the extent o f 20% o f their hold
P&rksvllle, Tenn.. with an ultimate capacity o f 80,000 h. p. Option has ings. V. 114, p. 1652. In June 1922 $4,000,000 additional 8% preferred
been secured on sites for the development o f 50,000 h. p. additional, and at stock was brought out. V. 114. p. 2718.
Great Falls, Tenn., owns a site capable o f developing 80,000 h. p. Of the
In Dec. 1922 the stockholders voted to divide the 500,000 authorized
development in operation, Ocoee N o. 1, 18,750 k. w., was put in operation shares o f 8% cum. pref. stocK (par $100) into two series— 250,000 shares
Jan. 1912 and N o. 2. 15,000 k. w ., in complete operation April 1 1914. to be 8% cum. pref. stock and 250,000 shares to ba 7% cum. pref. stock—
A 15.000 k.w. steam plant at Parkesville was placed in operation in July and to eliminate the option o f the corp. to call the pref. stock at 110.
and N ov. 1916, and a 10,000 k. w. hydro-electric plant at Great Falls placed V. 115, d . 2380, 2478, 2794. Holders of record Jan. 3 1923 of the 8%
In oper. Jan. 15 1917; also owns a 300 k. w. hydro-elec, plant at Sparta; total pref. and com .'stock were given the right to subscribe to the new 7%
capacity, 59,050 k. w. Power is also purchased from Chattanooga & pref. stock at par ($100) to the extent of 3 shares for every 20 shares of
Tennessee River Power Co. Also owns 495 miles and leases 16 miles high- stock held. V. 115, p. 2794; V . 116, p. 1051. Holders of record N ov. 17
tension transmission lines. Supplies practically all electric current used in 1923 o f 8% pref., 7% pref. and com. stock were given the right to sub
Nashville, Chattanooga, Knoxville, Murfreesboro, Cleveland, Athens, scribe to 7% pref. at $100 and divs. to the extent o f one share for each eight
Etowah, Sweetwater, Lenoir City, Loudon, Franklin and Sparta, Tenn., shares held. V. 117, p. 2111, 2213. Stockholders o f record Mar. 21 1924
and Rome and Dalton, Ga. Has contract for large block of power with the were given the right to subscribe to an issue o f 100,000 shares o f com. stock
Aluminum Co. o f America at Marysville; also has contract with the Ameri at $44 a share on the basis o f 1 share for each 9 shares o f either com. or pref.
can Zinc Co. at Mascot. K. W . hours generated in 1921, 342,948,926 (all stock held. For each share subscribed for the subscriber was given the
water power), against 428,649,835 (of which 98.4% water power and 1.6% option of taking on the same basis an additional share o f another issue o f
steam) in 1920.
100,000 shares o f com. to be brought out later on. V . 118, p. 1268.
The stockholders on Apr. 2 1923 increased the auth. pref. stock from
OFFICERS.— Pres., C. M . Clark; V .-Ps., G. E . Hardy and B. O. Edgar;
Sec. & Treas., G. L. Estabrook. Under management o f E . W . Clark & Co. $50,000,000 to $100,000,000, par $100, and changed the auth. com. stock
Management Corp., Phila.— V. 108. p. 1941; V. 110. p. 2199; V . 112, from 500,000 shares, par $100, to 2,000,000 shares o f no par value. V. 116,
p. 1276, 1533, 1650, 1761.
p . 2544: V. 114, p. 1543, 1661, 2479; V. 115, p. 317, 1108, 1642.
A pril, 1924.]
ELECTRIC RAILW AYS
Interest. (Hitstanding. Maturity.
STOCK AN D BONDS—
Date.
Stock com 2,000,000 shs (no
700,000 shs. see text
p a r )______________________ _____ Q-M 30
Pref 8 % cum $25,000,000 ($100)-----8 Q-M $21,503,600 M ar'24,2%
6.934,000 M ar’24,1
Pref 7% cum $50,00Q.000($100-----7 Q-M
None __________
Preferred 6% $25,000,000---------------------Trust certificates $20,200,0001 1903
6 M-N *2 L I 09,060 _Perpetual
ntf/Fidelity Union Trust O o.. Newark,Trustee.
General mortgage$50,000,000 f 1909
6 g A-O 50,000.000
Oct 1 1959
gold ($1,000) s f ______ c* tf(In t. at Fidelity Union T rO o ., Newark,Trust,
l or at office of J. P. Morgan & Co.
20-year sec bonds $10,000,0001 1921
7 g J-D
9,598,000 Dec 1 1941
($100, $500 & $1,000 c* and [Fidelity Trust C o., Philadelphia, trustee.
$1,000, $5,000 & $10,000r*) I
gold___________________ tfl
♦O f which $888,995 owned by the Corporation. V. 114, p. 1064.
Stock.— Both the pref. and com. stocks are listed on New York Stock
Exchange. Pref. stock has full voting powers and is pref. as to assets and
dividends. Pref. stock consisted originally o f 500,000 auth. shares (par
$100 o f 8% cum. pref., but in Dec. 1922 was divided into two series—
250,000 shares 8% cum. pref. and 250,000 shares 7% cum. pref. V. 115,
p. 2380. 2478, 2794. On Apr. 11 1923 was divided into 3 series— 8% cum.
pref., $25,000,000; 7% cum. pref., $50,000,000; 6% cum. pref., $25,000,000,
all pref. being in shares o f $100 par.
bonds.— The trust certlfs. Pore 2% int. (dating from June 1 1903) the firsi
two years, 2>S% the third year, and increased by U % each following year
until 6% was reached in the tenth year, which Is the rate now paid. Set
V. 80. p. 164. The following shows the terms upon which the stocks of tht
constituent companies were exchanged for the trust certificates. Tht
•tocks acquired are pledged as security for the trust certificates.
New Total Ctfs.
Total
Total
Certifi- I f All Stoci
Stock.
Deposited, cates. Exchanged
•North Jersey Street R y_____$15,000,000 $14,994,400 40% $6,000,001
•Jersey Oity Hoboken & Pat
7.000.001
erson Street R y___________ 20.009,000 19.984,800 35%
•Elizabeth Plainfield & Cen
3.000.000 30%
900.001
tral Jersey Ry. C o________ 3,000.090
______ & Passaic Val. R y. C o. 1.000.000
_
985,500 30%
300.001
Orange_______
6.000,001
United Electric C o__________ 20.000.000 19,735,800 30% __________
T ota l........................... - ..................................................................*20.200.000
» Now merged in Public Service Railway C o., which sse below.
The trust deed provides that the stocks pledged shall not be used so as ti
increase the capital stock of any of the companies nor to create any new
liens upon the respective companies except to take up existing debt of an>
tuch company or of underlying or subsidiary companies.
$50,000,000 Mortgage.— Of the $50,000,000 bonds reported outstanding,
$4,022,000 have been purchased by the sinking fund, $14,000,000 are de
posited as collateral to the 20-year secured bonds due Dec. 1 1941. For
security of general mortgage bonds see V. 89, p. 1348: V. 90, p. 698. Re
deemable as a whole (but not in part) on any interest date since Oct. 1
1919 at 105 and interest. Commencing Aug. 1 1913, an annual sinking
fund payment of $209,500 draws bonds at 105 and int. Bonds are listed
on New York and Philadelphia Stock Exchanges. V. 91, p. 717; V. 92, p.
1179: V. 93. p 1191; Y. 109. p. 982, 1700; V. 113, p. 1575; Y. 114. p. 2360.
V . 117; p. 1887.
Notes.— The 20-year secured bonds o f 1921 are secured by a pledge of
$14,000,000 Public Service Corp. Gen. Mtge. 5% bonds and $5,000,000
capital stock o f the Public Service Electric Co. Red. on any int. date, all
or in part, on 60 days’ notice, at 10713 on or before Dec. 1 1926, and there
after at V % premium for "ach year, or any part thereof, o f unexpired life,
s
in each case with interest. Red. for siuking fund purposes at the same
dates and prices. Sinking fund o f $200 000 per annum payable in semi
annual installments, began June 1 1922. Up to D e c.31 1923 $402,000 bonds
had been retired and cancelled by sink. fund. Int. payable in New York
and Philadelphia. Pennsylvania 4-mill tax refunded. V . 113, p. 2506.
Dividends.— An initial monthly div. of 2-3 of 1 % was paid on the 8% pref.
stock on March 31 1919. In June 1919 2% was paid and same rate has been
paid regularly quarterly since to and incl. Mar. 1924. An initial div. of
1% % was paid on the preferred stock in March 1923. Same rate paid
regularly quarterly since, to and including Mar. 1924. On com., first
div. o f 1% was paid June 29. 1907; 1% was paid Sept. 30 1907 and 1%
Dec. 31 1907. In 1908, 4 % . In 1909, 4 )3 % . In 1910, 5% . In 1911
to 1914, 6% . In 1915, 6 M % . In 1916, 7>A%. In 1917, 8% . In 1918.
6% . V. 107. p. 1385, 2377. In 1919. March, 1)3 % ; June, I X %; Sept.
1)3% . Dec. 1919 div. passed. (See V. 109, p. 2357.) In 1920, 4% .
In 1921, 4% . In 1922, March. 1)3% ; June. 1)3% ; Sept., 114%: Dec.
2% . In 1923, March 2% . In April 1923 the com. was changed from
shares of $100 par to shares o f no par value, and two shares o f no par stock
were given in exchange for each share of $100 par outstanding. In June
1923 $1 was paid on the no par shares. Divs. o f Sljper share have been
paid regularly quar. since.
REPORT.— For calendar year 1923, report in V. 118, p. 1517, 1541:
Gross Earnings—
1923.
1922.
1921.
1920.
Railway company_______$23,225,312 $27,671,697 $27,518,250 $27,990,696
Gas company___________ 24,856.748 23,214,053 23,560,675 20,908,069
Electric company______ 31,318,288 27,785,970 24,470,842 23,660,578
71
lamps, 6,069, and street incandescent lamps, 47,743. K. w. hours sold in
1923, 666,838,087. Total connected load in k. w. Dec. 31 1923, 790,780.
For improvements made or to be made during 1922, 1923 and 1924 see
V. 114, p. 1898; V . 116, p. 187.
OFFICERS.— Pres., Thos. N . McCarter; V.-Ps., Edmund W . Wakelee
Dudley Farrand, John L. O’Toole and Percy S. Young; V .-P. & Gen. M gr.,
Farley Osgood; Treas., T . W . Van Middlesworth; Sec., Chas. M . Breder;
Comp., W m. S. B arker— V. 107, p. 807; V. 110, p. 2663; V. I l l , p. 596;
V . 114, p. 205, 1898; V. 115, p . 82, 2278; V . 116, p. 187, 1770, 2018; V. 117,
p. 336; V . 118, p. 1280, 1531.
P ublic Service Electric Power Co.
Organized In April 1923 and is to construct a steam electric power plant
near Newark, N. J., with an initial installed capacity of 200,000 h.p. The
new plant will be leased to the Public Service Electric Co. for 999 years.
CAPITALIZATION— Stock.— Common, auth., 1,000,000 shares; out
standing, 300,000 shares. Pref. 7% cum., auth., $20,000,000; outstanding,
$6,000,000. Bonds.— 1st Mtge. 6% , dated April 1 1923, due April 1 1948;
auth., $15,000,000; outstanding, $14,000,000. Complete description or
these issues will be found in V. 116, p. 1659, 1770; V. 117, p. 97, 1463,1564.
V . 118, p. 804, 1531.
United E lectric Co. o f New Jersey.
ORGA N IZA TIO N .— Organized March 4 1899.
Lease.— Leased July 1 1907 for 999 years to Public Service Corporation.
In July 1910 lease assigned to Public Service Electric Co. Under the
lease the $400,000 surplus cash assets of company were divided and a
special dividend of 5% was paid June 29 1907 (V. 85, p. 44). Rental is
3% for two years, 4% for next two years and 5% thereafter. V. 85. p. 44.
Public Service Corporation owns $19,960,800 of this company’s stock and
$683,000 of its first mortgage bonds.
Proposed Merger.—-See under Public Service Corp o f N. J. and V. 118,
p. 1281.
STOCK AND BONDS—■ Date.
Interest. Outstanding.
MaturityStock *20.000,000________ ______ J-J
*20.000.000
See text
First mtge $20,000,000 gold! 1899
4 g J-D
18.617.500 June 1 1949
($500 and $1,000) _-C*.ntf JInt. at N. J. Title Gu. & Tr. C o.. J. O ., Trut.
Oon Lt Heat & Pow $1,000.-1 1898
5 g J-D
308.000 June 1 1938
000 ($500) gold________ tf/In t. at N. J. Title Gu. A Tr. C o.. J. O ., Trus.
Nor Hudson Lt Heat & Pow ( 1898
5 g A-O
367.000 Oct 1 1938
$2,000,000 ($1.000)___ t f /Int. at N . J. Title Gu. & Tr. C o.. J. O ., Trus.
Bonds.— In addition to the above there are $115,000 Oon. L t.. Ht. & Pow.
bonds in hands of trustee. Int. on 1st mtge. Is guaranteed by Pub. Serv.
Corp., which also agrees to provide for payment of prin. by extension, re
funding or otherwise. V. 90, p. 114. First mtge. bonds are reserved to re
tire Oon. L t.. Ht. & Pow. and North Hudson L t.. Ht. & Power Bonds.—
V. 90, p. 1106; V. 93, p. 414; V . 94, p. 987; V. 114, p. 418; V . 118, p. 1281.
Middlesex Electric Light & Power Co.
ORGAN IZATION .— Is a consolidation of Carteret Electric Light &
Power Oo. and Middlesex Lighting Co. Was leased May 1 1908 for 999
years to Public Service Corp. for an annual rental of 5% on stock and int,
on bonds. Lease assigned to Public Service Electric Oo. in July 1910.
Stock all owned (except directors’ shares) by Public Service Corporation,
which also owns $21,000 of the first mortgage bonds.
STOCK AND BONDS— Date.
Interest. Outstanding. MaturityStock ($200.000)_______________ ____________ $175,000 .................................
First mortgage ($200,000)1 1905
5 g J-J
181,000 Jan 1 1955
gold___________________ tf/F idelity Union Trust C o., Newark, Trustee.
Bonds.— Of the bonds, $19,000 are reserved for improvements.
N ichols E lectric L ight & Power C o. of N utley, N. J.
ORGANIZATION.— Incorp. In N. J. Jan.3 1896. Stock $25,000 ($50);
ill owned by Public Service Corp except directors' shares
No bonds. Was
leased May 1 1908 for 999 years to Public Service Corp. (lease assigned to
Public Serv. Elec. C o. In July 1910) for an annual rental of 10% on stock.
W eehawken C on tra ctin g Co.
ORGANIZATION.— Incorp. in N. J. M ay 9 1904. Was leased on
Jan. 1 1910 for 999 years to Public Service Corp for bond Int and 6% on
pref stock
Lease assigned in July 1910 to Public Service Electric Oo.
Common and prof, stock all owned by Public Service Corp., except direc
tors' shares.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock com $70,000 ($50)____ ■ -------------- -----------$70,000 ............... .
Pref $41,050 ($50)__________ . - ................... ..........
41,050 _____ _____
First mortgage $30,000 gold] 1908
6 g F-A 20
30.000 Feb 20 1928
($ 2 5 0 )____________ -- c * t f Interest at Weehawken Trust C o., trustee.
C itizens’ E lectric L igh t, H eat & Power Co.
Leased to Public Service Corp. June 15 1910 for 999 years, and in July
1910 lease assigned to Public Service Electric C o.; rental equivalent to
10% on capital stock.
ORGANIZATION.— Incorp. in New Jersey on Mar. 1 1905. Stock
*uth., $125,000 ($25); outstanding, $41,400 (n tf), all owned by Public
Service Corp, except $225 in hands of public, incl. directors’ shares.
B urlington Electric L ight & Power Co.
ORGANIZATION.— Incorporated Oct. 6 1888 in New Jersey. Public
Service Corp. owns entire issue of stock, except directors’ shares. Stock
.$79,400,348 $78,671,720 $75,549,767 $72,559,343 auth., $25,000 ($50) outstanding, $17,550. No bonds. Leased for 900
Oper. expenses & taxes. .$53,037,094 $52,581,870 $51,769,628 $52,360,894 years from M ay 11911 to Public Serv. El. Oo. at a rental of $2,250 per ann
5,425,292
4,893,957
3,237,529
Am ortization ch arges.. . 5,949,666
Cinnlm lnson Elec. L igh t, Power & H eating C o. of R iverton, N. J.
.$58,986,760 $58,007,162 $56,663,584 $55,598,423
ORGANIZATION.— Incorp. N ov. 28 1892 and leased to Public Service
.$20,413,588 $20,664,559 $18,886,181 $16,960,920 ffilec. Oo. April 1 1914 for 46 years at a rental consisting of the amount
P. S. Corp. o f N . J ., incl.
aecessary to maintain the corporate organization of the lessor, the interest
from securities pledgedi
o f lessor,
1,957,326
1,859,057
1,859,106 cm bonded Indebtednessauthorizedand $100 per ann., payable each Apr. 1.
and from misc. sourcess 1,953,115
All stock ($50,000
and $20,000 outstanding) and bonds
(140,000) owned by Riverside Traction Co.
T otal incom e_________$22,366,703 $22,621,885 $20,745,238 $18,820,026
B orden tow n E lectric C o.
Deduct—
Int. & rentals o f leased &
ORGANIZATION.— Incorp. M ay 28 1912, and Is leased to Public Serv.
controlled com p a n ies.$12,838,264 $12,914,110 $12,856,151 $12,324,889 Elec. Co. April 1 1914 for 46 years for $100 per annum and amount neces
Fixed chgs. P . S. C o r p .. 4,182,564
4,137,535
4,294,458
4,276,729 sary to maintain corporate organization of the lessor. All the $50,000 auth.
Other deductions ______ Cr.321,460 Dr. 282,775 Dr. 107,986
Cr.18,657 »nd outstanding stock of this company is owned by the Riverside Tractio**
D ividen ds P . S. C orp.
Oo. No bonds.
Com m on stock ______
2,400,000(6)3)1950000 (4)1999,984 (4)1,199,984 Paterson & Passaic Gas & Electric C o ________ 1
D iv s.P .S .C orp .pref. stk. 1,930,156
1,317,479 (8)852,968 (8)804,679 Somerset Un. & Middlesex Ltg. C o -----------------South Jersey Gas, Elec. & T ra ction C o-----------[See below under Publls
Balance, surplus_____ $1,337,179 $2,019,986
$633,691
$232,402 □as & Electric Co. o f Bergen C ou n ty _________ I
Service Gas Co.
O F F IC E R S .— Pres., T hos. N . M cCarter; Y .-P s., D u d ley Farrand, John Shore L ighting C o------------------------------------------- 1
L . O ’T oole, Percy S. Y ou ng, E . W . W akelee; Sec., Chas. M . Breder; Treas., P rin ceton L igh t, H eat & Power C o------------------J
T . W . Van M iddlesw orth; C om p ., W m . S. Barker.— V . 116, p . 296, 411,
516, 616, 956, 1051, 1276, 1405, 1425, 1533, 1650, 1761, 2007,2638; V . 117,
PUBLIC SERVICE GAS CO.
p . 554, 670, 1129, 1347, 1887, 2111, 2213, 2324, 2891; V . 118, p . 432, 1268,
Controlled by Public Service Corporation by ownership of entire capital
1517, 1541, 1774, 1912.
nock except directors’ shares.
Proposed Merger.— See under P u b lic Service C orp . o f N . J. and V. 118
PUBLIC SERVICE ELECTRIC CO.
Controlled by Public Service Corp. by ownership of entire capital stock p. 1280.
ORGANIZATION.— Incorporated in New Jersey and was created by
except directors’ shares.
Proposed Merger.— See under P u b lic Service C orp . o f N . J. and V . 118, changing the name of the old Oxy-Hydrogen Co. of the United Staten
(Incorporated in New Jersey in 1873). This latter is said to have had a
p. 1280.
perpetual charter under legislative grant conveying the right to m a n u fa c tu r e
ORGANIZATION.— Incorporated In New Jersey on June 14 1910.
Leases.— In July 1910 Public Service Corp. assigned to Public Service ana distribute gas throughout the State.
Leases.— On Oct. 11909 Public Serv. Corp. assigned to Public Service Gan
Electric Oo. the leases of United Elec. Co. of N . J ., Middlesex Elec. Light &
Power Oo., Weehawken Contracting C o ., Nichols Elec. L t. & Power Co. of Oo. the leases of Essex & Hudson Gas C o., Newark Consolidated Gas C o.,
Nutley, N. J., and Citizens’ Elec. Light, Heat & Power Co. and the electric The East Newark Gas Light Co. and Hudson County Gas C o.,and, in so far
properties o f South Jersey Gas, Elec. & Trac. C o., The Paterson & Passaic as they relate to the manufacture and distribution of gas, the leases o f South
Gas & Elec. C o.. Somerset Union & Middlesex Lighting Oo. and The Ga» Jersey Gas, Elec. & Trac. C o., the Paterson & Passaic Gas A Elec. C o..
& Electric Oo. o f Bergen County. Also leases Burlington El. Lt. & Pow.Oo. Somerset Union A Middlesex Lighting Co. and The Gas A Elec. Co. of Ber
OInnaminson Elec. Lt., Pow. A Heating Oo. and Bordentown Elec. Co., gen County. V 89 . p. 594. 721. Operating agreement between Plainfield
and electric properties o f Princeton Light, Heat & Power Oo. and Shore Gas Light Oo. and Public Service Corp. was also assigned to the Public
Lighting Co. In addition leases and operates the power stations owned by Service Gas Co. Also leases the Ridgewood Gas Co. and Morristown Gas
Light C o., and the gas proDerties o f Princeton Light, Heat A Power Oo.
Public Service R y. Co.
STOCK.— Auth., com., $100,000,000; outstanding, $42,250,000, all and Shore Lighting Oo.
Stock, $30,000,000; $20,660,000 outstanding all owned by Pub.Ser.OorD,
owned (except directors’ shares) by Public Service Corp.; pref. 6% cum., except directors’ shares.
auth., $100,000,000. See V. 116, p. 1770, 2018. $1,090,000 car equipment
Stock will
(V.
p. 594) from time to time at par to Publls
bonds and equip, tr. ctfs. noted below. Real estate mtges., $1,014,158. Service Corp.be issued cash 89, for improvements at actual cost thereof.
only for
or
EQUIP. TRUST CERTFS.— Bear int. at 8 % . $910,000 outstanding June 1923 was auth. to issue at par $6,000,000 add’l capital stock, procee
1,000) tf. Are secured on equipment costing approx. $1,734,000. Due to be used for extensions, &c. V . 116, p . 2891.
each Feb. and Aug. 1 since Feb. 1 1931. Philadelphia Trust Co., Notes, $632,000. 8% ; dated April 11 1921, due $36,000 per month
$6 5,000
trustee. V. I l l , p. 596.
since Feb. 1 1922 to June 1 1925, inclusive, and $20,000 July 1 1925.
P R O PE R T Y , &c.— On Dec. 31 1923 had 14 generating stations with a $416,000 6% ; dated 1923, due $18,000 per month since Sept. 1 1923 to Aug.
capacity of 361,500 k.v.a.,rand 70 sub-stations, 1,029 miles of transmission 1 1926, incl., and $20,000 Sept. 1 1926. V. 118, p. 212. Int. F.-A. at
line and 177 miles o f conduit. Meters, 426,606. Number of street arc Union Trust Co., Pittsburgh, Pa. Real estate mortgages, $283,167.
MUNICIPALITIES SERVED
P O P U L A T IO N
M U N IC IP A L IT IE S
SERVED.
(1 920 CENSUS)
ELECTRIC
207
2,510,525
GAS
168
2,301,882
RAILWAY
147
2,421,742
TOTAL NUMBER
231
2,597,777
ELECTRIC RAILW AYS
[ V ol . 118.
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Controlled by
PUBLIC SERVICE CORPORATION
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ELECTRIC RAILW AYS
Electric Railway Lines
LEGEND
------------------ P U B L I C S E R V I C E
R A ILW A Y CO . L IN E S
------------------ P U B L I C S E R V I C E
R A ILR O A D CO . L IN E S
C O N N EC TIN G
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ELECTEIC EAILW AYS
Rates.— Effective April 1 1922 the company was ordered by the New Jer
sey P. U. Comm, to reduce the price o f gas to all its consumers from $1 40
to $1 25 per 1,000 cu. ft. V. 114, p. 1071.
Important Oas Decision.— See V. I l l , p. 995.
Dividends.— Initial div.— 2 % — paid Dec. 31 1909. In 1910, 2 )4 % . In
1911 and 1912, 8 % . In 1913, 6 % . In 1914, June, 4 % ; D ec., 4%
Practically all o f stock is owned by the Public Service Corp. and dividends
are no longer reported.
OPERATIONS. &C.— Sold 19,558,279 M cu. ft. o f gas during 1923; on
Dec. 31 1923 had 3,467 miles of mains and 609,140 meters in service.
OFFICERS.— Same as for Public Service Electric Co. except that H. D
Whitcomb is the V .-P. & Gen. M gr.— V. I l l , p. 799, 995; V. 114, p. 2125;
Y . 115, p. 2278; V. 116, p. 1286, 2891; V . 118, p. 212, 1280, 1531.
Essex S H udson Qas Com pany.
c
ORGAN IZATION .— Incorporated in N ov. 1898 in New Jersey and on
Dec. 1 1898 assumed the lease o f Newark Consol. Gas Co. to United Gas
Improvement Co. for 999 years from Dec. 1 1898. Essex & Hudson Gas
Co. was leased to Pub. Service Corp. for 900 years from June 1 1903 and
lease assigned Oct. 1 1909 to Public Service Gas Co. Under lease, div. rate
is now 8% per annum. Stock auth. and outstanding, $6,500,000. V. 67, p.
1002, 1160; V. 107, p. 406.
Newark C on solid ated Qas Com pany.
ORGAN IZATION .— Incorporated N ov. 30 1898 in New Jersey. Con
solidation of Newark Gas C o., Montclair Gas & Water C o., Summit Gas
Light C o ., People's Gas Co. o f Irvington and Clinton Gas Co. Owns entire
capital stock or Orange Gas Light Co. and practically all the stock of The
East Newark Gas Light C o. Leased all its property to United Gas Imrovement Co. o f Phila., Pa., for 999 years from Dec. 1 1898, and on same
ate lease was assigned to Essex & Hudson Gas Co. and by last-named
company to Public Service Gas Co. Oct. 1 1909. Lease provides for pay
ment of all fixed charges and divs. on stock commencing J4 % July 1 1900
and increasing
% yearly until 5% was reached in 1910; since, 5% per an
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $6,000,000 ($100)--------- ---------------------$6,000,000
See text
Newark Cons Gas cons mtge/ 1898
5 g J-D
6,000.000 Dec 1 1948
$10.000,000g ($1,000) c * n tflln t. at Fidelity Union Tr. C o., Newark, true.
Newark Gas IstM $4,000.000f 1895
6 Q-J
3.999,700 April 1 1944
($100, $500 & $l,000)-C*tf\Int. at Fidelity Union Tr. C o.. Newark.
Bonds.— Of the $10,000,000 Newark Cons. Gas bonds. $4,000,000 are re
served to retire bonds o f Newark Gas Co.
T he East Newark Gas Light Co.
This company was leased to Public Service Corporation for 999 years from
Sept. 1 1909 for annual rental of 6% on stock, and lease assigned Oct. 1 1909
to Public Service Gas Co.
O RGAN IZATION .— Incorporated in New Jersey. Stock $60,000 ($25).
all out- no bonds. All of the stock (except directors’ shares) is owned by
Essex & Hudson Gas Co. and Newark Consolidated Gas Co. Operates
n Harrison. Kearney, Arlington, North Arlington and East Newark.
H udson C oun ty Gas Co.
This company was leased to Public Service Corporation for 900 years
from June 1 1903. Oct. 1 1909 lease was assigned to Public Service Gas Co
Under lease, dividend rate is now 8% per annum.
O RGAN IZATION .— Incorporated in New Jersey In October 1899, and
Is a consolidation of the various gas plants In Jersey City and Hoboken.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
-------------- $10,500,000 ---------------Stock $10,500,000 ($100)------- -------First mortgage $10,500,000! 1899
5 g M -N
10.500,000 N ov 1 194S
g o ld l. . . . . . . . . . ______ n tflN . J. Title Gu. & Tr. C o., Jersey C ity, trust
PLA N T.__Controls all gas plants in Jersey City, Hoboken and Bayonne
— V. 78, p. 770: V. 84, p. 1555; V. 107, p. 407.
R idgew ood Gas Com pany.
ORGAN IZATION .— Incorporated April 24 1900. Is leased to Publb
Service Gas Co for 999 years from July 1 1910 at rental of $2,000 per ann.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $100.000___________________
_________
$100,000 ---------------First mortgage $100,000 n t f( 1900
5 J-D
100,000 June 1 192*
tint, at Equitable Tr. C o., N. Y ., trustee.
8econd mtge $100,000.. . n t f f 1905
5 A-O
85,000 April 1 192f
[in t. at Fidelity Union Tr. C o .. Newark. Trus
M orristown Gas Light Co.
O R G A N IZ A T IO N . — Incorporated In N ew Jersey on Feb. 19 1855.
Leased to Public Service Gas Co. for 999 years from July 1 1910. Renta!
aqual to 5% per ann. on outstanding capital stock. Stock out., $367,500
($100), ali owned by Public Service Corporation, except directors' shares
§
No bond...
Paterson & Passaic Gas & E lectric Co.
This company was leased to Public Service Corporation for 900 year*
from June 1 1903. Under lease, div. rate was gradually increased and !»
now 5% per annum. In Oct. 1909 gas part of lease assigned to Public
Service Gas Co. and in July 1910 electric part of lease assigned to Public
Service Electric Co.
O R G A N IZ A T IO N . — Inc. Feb. 28 1899. Is a consolidation of the vari
ous gas and lighting properties of Patffl-son and Passaic.
Public Service Corporation owns $269,700 of the stock.
S T O C K AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $5,000,000 ($100) — - - - - r- _ J-D _
$5 000,000
5 g M-S
4.099,000 M ch 1 1944
Oons mtge $5 ,000,006 gold/ 1899
_c*n tf{In t. at First Nat. Bank, Paterson, or First
($ 1 ,000) ...........
National Bank, New York.
5 g J-J
585.000 July 1 192f
Edison Electric 111 1st mtgef 1895
«cnn 000 _____________ n tflP a terson National Bank, .Trustee.
Passaic Lighting Co cons ratg ( 1895
5 g M -N
316.000 M ay 1 1925
$450 000 _________ tflGuaranty Trust C o., trustee.
Bond's.__Of the new $5,000,000 mtge. of 1899. $901-000 Is reserved for
uniierlving liens. The bonds are not subject to call.
N ational Bank is trustee.— V . 107, p . 403.
T he Paterson
Somerset U nion & Middlerex L igh tin g Co.
ORGAN IZATION .— Incorporated in New Jersey on Dec. 1 1903 In the
Interest of Public Service Corporation, as a consolidation o f Somerset Light
ing Co of Somerville, N . J.; Plainfield Gas & Electric Light Co. of Plainfield N J and Citizens’ Electric Co. o f North Plainfield (V. 78. p. 107)
On Oec 30 1903 Central Elec. Co. was also merged in the same. Public
Service Corp. owns $422,400 of the stock, $573,700 Som. Un. & M id. Ltg.
Co bonds, $21,000 Somerset Ltg. Co. 1st 5s and $20,700 Cent. El. Co. 5s
LEASE.__The co. was leased to Pub. Serv. Corp. for 900 years from
Dec 31 1903 on the following terms, viz.: All interest, expenses and
taxes to be paid by Public Service Corporation,and, as rental, a dividend
on the stock accruing as follows: From Dec. 1 1905, 1% ;Dec. 1 1906
l K % ? D ecT l 1907. 2% ; Dec. 1 1908, 214%; Dec. 1 1909. 3% : Dec. 1 1910
3V<%* Dec. 1 1911 and thereafter, 4 % . So much of lease as relates to
manufacture and distribution of gas has been assigned to Pub. Serv. GasOo.;
remainder of lease applying to electric properties has been assigned tc
Public Service Electric Co.
S T O C K AN D BONDS—
Date. Interest. Outstanding. Maturity.
3tock $1 050 000 ($ 1 0 0 )_____ _____
J-D
$1,050,000
See text.
Somerset Un & Mid Lt Go M f 1903
4 g J-D
1 974 809 Dec. 1 194S
$2,750,000($1,000)g -c*n tf l In t. at Fidelity Union Tr. C o.. Newark, Tr.
Underlying bonds assumed— ____
5 A-O
500.000 April 1 1940
Plainfield Gas & Elec Lt gen f 1900
[Guaranty Trust C o., New York, Trustee.
mtge $500,000_________ tflGuara]
Somerset "Lighting Co "r s t j 1
first) J899 5 F-A
150,000. Feb 11939
Bonds__$1 128,809 o f the 1903 bonds have been issued in exchange for
the stocks o f the companies consolidated and $846,000 for extensions and
improvements; $66 is reserved for Central Electric stock not yet acquired
(the company having previously obtained the remainder o f the $750,000
total stock o f that company), $775,000 to retire the underlying bonds and
$125 for future additions and Improvements. No sinking fund, and bond*
cannot be called. Central Electric bonds are subject to call at 110 and int
V. 78, p. 107; V. 107, p. 84.
S ou th Jersey Gas, E lectric & T ra ction Co.
This company was leased to Public Service Corp. for 900 years from
June 1 1903 (at a graded rate o f dividend, the maximum o f 8% per annum
having been reached in the eighth year), and on Oct. 1 1909 so much of the
lease as relates to the manufacture and distribution of gas was assigned to
[V ol. 118.
the Public Service Gas Co. Its traction business is leased to the Publlo
Service R y. Co. and its electric business is leased to Public Service Electric
Co. Public Service Corp. owns $3,507,000 o f South Jersey Gas. Electric
Je Traction first mortgage 5s.
ORGAN IZATION .— Incorporated Aug. 31 1900 to bring under one con
trol the gas, electric light and trolley Interests in Southern New Jersey.
Also owns the entire capital stock ($600,000) o f the Camden Gloucester
A Woodbury R y ., which has been leased to Public Service R y. Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $6,000,000 ($100)___________
J-D
$6,000,000
Seetext1st mtge $15,000,000 gold/ 1903 5 g M-S
12.994,000 M ch 1 1953
($1,000)___________ c*n tf lin t, at Fidelity Union Tr. C o.. Newark .Trus.
Trenton G&E1 1st M $2,000.-/ 1899 5 g M -S
1,998,000 M ch 1 1949
000 gold ($1,000)_______ t fl Int. at Equitable Trust C o., N . Y ., Trustee,
Bonds.— Of the new $15,006,000 Issue, $2,066,000 are reserved to retire
prior liens. No linking fund and bonds cannot be called.— V. 76, p. 332.
1144, 1250; V. 78, p. 1449; V. 86, p. 1530; V. 95, p. 1685; V. 105, p. 1314.
New Brunsw ick L igh t, H eat S Power Co.
c
ORGAN IZATION .— Incorporated in New Jersey on Dec. 7 1899. Owns
all the stock of The Gas Light Co. of New Brunswick, except directors'
shares. Int. on bonds is paid by Public Service Gas Co. through lease of
The Gas Light Co. of New Brunswick. See latter company below.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $500,000 ($100)____________
J-J
$400,000
See text.
First mtge $500,000 gold/ 1899
4 g J-D 15
500,000 Dec 15 1939
($500 and $1,000)_ c*ntf\Int. at Fidelity Union T r. Co..N ew ark, trus.
_
(a)
T he Gas L ight Co. o f th e C ity of New B runsw ick.
O RGAN IZATION .— Incorporated on Mar. 18 1851. Stock authorized
and outstanding, $400,000, all owned by New Brunswick L t., Ht. & Power
Co. except directors’ shares. Was leased to the Public Service Corp. for
900 years from Jan. 1 1905 (June 1 1906 lease assigned to South Jersey
Gas. Elec. & Trac. C o.), rental being payment of int. on bonds of New
Brunswick Lt., Ht. & Pow. Co. and divs. on stock of Gas Lt. Co. of City of
New Brunswick, as follows: 2% in each of the years 1905 and 1906. 2 34%
in 1907 and 1908, 3% in 1909 and 1910. 314% in 1911. 4% in 1912, 4)4%
in 1913 and 5% in 1914 and thereafter. The company Is now controlled
by Public Service Gas Go. by reason of assignment of lease of gas properties
of South Jersey Gas, Electric & Traction Co.
Gas & Electric Co. o f Bergen C ou n ty.
LEASE.— Was leased to the Public Service Corp. for 999 years from
Jan. 1 1905. Dividends are 2% for first two years, 234% for the next
year, 3% for the aext two years, 4% for the next four years and 5% there
after. Oct. 1 1909 so much of lease as relates to manufacture and dis
tribution of gas was made over to Public Service Gas Co. and In July 1910
lease of electric properties was assigned to Public Service Electric Co.
ORGAN IZATION .— Incorp. M ay 31 1899. Is a consolidation of several
small gas and electric-light companies. Public Service Corp. owns $1,655,000 of general mortgage No. 2 bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding.
daturityStock $2,000,000 ($100)_________ _______________ $2,000,000
See text.
Gen mtge N o. 1 $5,000,000/ 1904
5 g M -N
38,000 Nov 1 1954
gold ($1,000)__________ t f [ Equitable Trust C o., N. Y ., trustee.
Gen mtge N o. 2 $5,000,000 tf J 1904
5 M -N
3,271,000 Nov 11954
{Fidelity Union Trust Co., Newark, Trustee.
Consolidated mortgage $1,-1
1899 5 g J-D
1,443,000 June 1 1949
500,000 gold_________ ntf/F idelity Union Trust C o., Newark, Trustee.
Englew G & E 1st m tg e ..n tf.
1899 5 J-J
23,000 Jan 1 1939
Hack Gas & El gen m tge-n tf1895 5 J-J
10,000 July 11935
Hack G L 1st M ($1,000) en tf
1894 5 J-J
24.000 July 1 1934
Bonds.— Of the general mortgage for $5,000,000, $1,538,000 is reserved
co retire prior liens and $191,000 for additions and improvements. The
gen. mort., of which the Equitable Trust Co. is trustee was superseded
by the similar mtge. of which the Fidelity Union Tr. Co. is trustee. V.
106, p. 1130.
Shore L igh tin g Co.
ORGANIZATION.— Incorporated March 21 1911 In New Jersey and Is a
tonsolldation of Shore Elec. C o.. Sea Bright Elec. Lt. Co. and Citizens'
Lt. & Fuel Co. of South Amboy. $104,900 of stock owned by P. S. Corp.
The electric properties have been leased to Pub. Serv. Elec. Co. and the
gas properties to Pub. Serv. Gas Co.; the leases are for 900 years from M ay 1
1911 and provide for payment of interest on bonds and amount equivalent
to 5% per annum on the authorized stock.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $112,000 ($100).......................
- ...............
$112,000 ___________
First mortgage $400,600 gold/ 1911
5 g A-O
400,000 April 1 1951
($ 5 0 0 )_________________ tf {Int. at Fidelity Un. Tr. C o., Newark, Trust.
Bonds.— $341,500 bonds were issued to take up $341,500 Shore Electric
Oo. bonds and $58,500 to take up $46,800 Olt. Lt. & Fuel Co. bonds; are
tuar., prln. & Int., by Public Service Corp.— V . 92. p. 1640.
P rin ceton L igh t. Heat S Power Co.
c
In 1910 Public Service Corp. acquired control. V. 91. p. 399. Publls
■'ervice Corp. owns $115,850 stock.
ORGAN IZATION .— Incorporated in New Jersey on July 31 1905 as a
jonsolidation of Princeton Electric Works. Princeton Gas Light C o . and
Hopewell Elec. L t., Heat & Pow. Co. Electric properties have been leased
to Pub. Serv. Elec. Oo. and gas properties to Pub. Serv. Gas C o., the leased
being for 900 years from May 1 1911. and providing for payment of interest
on bonds and amount equivalent to 2% per ann. on outstanding stock.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Itock $250,000 ($50)______________
_________
$122,500 __________
1st ref mtge $250,000 gold s ff 1909
5 g F-A
141.500 Feb 11939
($100, $1,000 or frac).c*tf\Int. at Equitable Trust C o.. N . Y ., trustee.
Bonds.— Bonds are guar., p . & 1., by Pub. Serv. Corp. Red. on any
int. day at 105 and int. Sinking fund 4% of gross earnings o f company be
gan In 1910.— V. 91, p. 3 9 9 . _______
PUBLIC SERVICE R A ILW A Y CO .— {See map on pages 72 and 73.)
Controlled by Public Service Corporation through ownership of all but
26 shares of stock. No lease
Receivership Denied.— On Oct. 2 1923 Vice-Chancellor Backes in the
Chancery Court at Newark refused to appoint a receiver for the company
on petition of a stockholder. Y. 117, p. 1557. Compare V. 117, p. 1129.
ORGANIZATION.— Organized Aug. 20 1907 as a consolidation o f the
North Jersey Street Ry. C o.. Jersey City Hoboken & Paterson St. R y. Oo.
and United St. R y. Co. of Central Jersey. V. 85, p. 406. For basis o f ex3hange of stocks of these companies for stock of new company, see this Sec
tion for Sept. 1915. North Jersey St. R y. in Jan. 1898 absorbed the Newark
& So. Orange. The Jersey City Hobok. & Paterson was a consolidation in
Nov. 1899 of the following: Jersey City Hoboken & Rutherford Elec. R y.
Co., Palisades R R . C o., Paterson Central Elec. R y. C o.. Paterson Horse
RR. C o., Paterson Passaic & Rutherford Elec. R y. C o., Saddle River Trac.
C o., White Line Trac. C o., formerly the New Jersey Elec. R y . Co. In
1901 it absorbed Paterson R y. Co. and North Hudson Oo. R y. Oo.
United Street Ry. Co. of Central Jersey was a consolidation in July 1907 of
Elizabeth Plainfield & Central Jersey R y. Co. (which was chartered in 1906
as a consolidation of Plainfield St. R y. Co. and other companies) and Eliza
beth & Raritan River Street R y. Co. (which was a consolidation on April 30
1904 of Middlesex & Somerset Traction Co. and East Jersey Street Ry. C o.
which latter company had previously absorbed Raritan Traction C o..
Perth Amboy R R . Co. and East Jersey Traction Co.)
Newark Terminal.— On Dec. 28 1915 stockholders ratified the
merger (approved by the Board of P.U.Oomm.) of the Public Service R y.
and the Public Service Newark Terminal R y. under the name o f the former
through an exchange of stock, share for share, effective Jan. 1916. The
Terminal Ry. Co. was incorporated in April 1913 to construct an office and
terminal building and approaches in the heart of the business section of
Newark. (For description of property see V. 100, p. 2011.) The entire
roperty is leased for 50 years from date of occupancy to the Public Service
iy. Co. (with which the co. was subsequently merged). Public Service Gas
Co. and Public Service Elec. Co. for a rental not less than a sum sufficient
to pay the taxes, water rates, maintenance and interest and sinking fund
requirements on the 1st M . bonds. The terminal was opened for street
railway operation on April 30 1916: offices occupied in July 1916.
Sale of Newark Terminal Proposed.—-In Dec. 1923 the co. applied to the
N. J. P. U. Comm, for auth. to sell the co.’s Newark terminal to the Public
Service Corp.. a purchase price of $2,500,000 and the assumption of a
$5,000,000 mortgage having been fixed. V . 117, p. 2891.
S
A pril, 1924.]
ELECTRIC RAILW AYS
In addition to above. Public Service Ry. leases Consolidated Traction Oo.
South Orange & Maplewood Traction C o., Bergen Turnpike C o., Orange A
Passaic Valley Ry. C o.. Camden & Suburban Ry. C o., Camden Gloucester
A Woodbury Ry. C o., New Jersey & Hudson River Ry. & Perry Oo. and
Riverside Traction C o., which companies see below. Also owns all stock
of People’s Elevating Co.
Completed In 1912 a terminal station at Sip Ave., Jersey City, connect
lng with the Penn. RR. station and also with the tunnel station there.
A terminal station at Hoboken connecting with the D. L. & W. RR.
station and also with tunnels terminating there was completed In May 1910
Sale of Bergen Turnvike.— See Bergen Turnpike Co. below.
Fares.— For details of fare changes up to that time see “ Electric Railway”
Supplement o f Oct. 28 1922; also V. 116, p. 516, 2767.
Suits Against Buses— See V. 110, p 2488; V 112, p. 745. See also
V. 113, p. 961, 2506, 2722; V 114, p. 307.
In Gee. 1917 the N. J. P. U. Comm. auth. the co. to issue $1,250,000
stock at par, proceeds to be used for developments. &c. Up to Apr. 1
1923. this had not been Issued.
The company has been auth. by the New Jersey P. U. Comm, to issue
$490,000 6% equip, trust certifs. dated M ay 1 1923. V. 117. p. 554.
Valuation.— Forsummary of valuation by Kurd, Bacon S Davis, engineers,
c
N . Y ., fixing reproduction cost as o f Jan. 1 1921 at $125,000,000. see
V. 112, p. 1742. Compare V. 112, p. 1867: V. 113. p. 293, 418- Compare
appraisal o f $170,000,000 by Prof. Henry C. Anderson in V. 114, p. 1409.
See report of Special Master to Court in V. 116, p. 2767; also V. 117, p. 88.
Strike, Fares, cfee.— Effective July 31 1923, the trolleymen went on strike
following the company’s refusal to meet their demands for increased wages
(V. 117, p. 554), but strike was officially declared off Sept. 21 1923, the men
being granted an increase o f 20% in wages and the company accepting for a
trial period new fare rates as proposed by the P. U. Comm. For further
details see V. 117, p. 1347, 1463; V. 118, p. 1269. References to the strike
will also be found in V. 117, p. 782, 895, 1018, 1129, 1236.
Bus Operation by Company.—-See V. 118, p. 1269, 1521.
In April 1924 the company applied to the New Jersey P. U. Comm, for
auth. to change the par value of the stock from $100 to no par. V. 118, p.
1912.
STOCK AND BONDS— Date.
Rate.
Outstanding.
Maturity
Stock $50.000,000 ($100). — ...................................a$48,750,000 _____ _____
P. S.Newark Term .Ry. 1st M / 1915
5 g J-D
5,000.000 June 1 1955
$5.000.000g ($l,000)--C*tf\Int. at Fidelity Un. Tr. Co., Newark, Trust.
Oar trust certificates.Ser“ D ” f 1917 5 M -N
308,000
See text
\lnt. at Philadelphia Trust C o.. Phlla..trustee
Car trust certfs. Ser. “ E ” _ \ 1920
_
7 (4 F-A
840,000
________
(Bankers Trust Co., trustee.
Car trust certifs, Ser “ F ” ____1 1923 6 M -N
380,000
See text
/Fidelity Union Tr. C o., Newark, N. J., Trus.
-------------309,435
________
Real estate mortgages------------------a lncl. $18,400 reserved to retire outstanding stock of consolidated cos.
Bonds.— The P. S. Newark Term. Ry. bonds are unconditionally guar, as to
prin., Int. and sinking fund by endorsement, jointly and severally, by the
Public Service Ry. Co. and Public Service Corp. of New Jersey.
Sinking
fund of $30,000 annually began April 15 1920. Red. as a whole on or
after June 1 1920 at 105 and int. on six weeks’ notice ; also callable for skg.
fund on June 1 each year, since 1920, at 10214 (V. 100, p. 2011).
Car Trust Certificates.— Series “ D ” certifs. are secured on 150 cars and
mature $44,000 s.-a. M ay 31 and N ov. 30. Ser. “ E ” are secured on equip,
costing $2,434,000 and are guar. prin. & int. by the Public Service Corp. of
N . J. They mature $140,000 semi-ann. since Feb. 1 1922 to Aug. 1 1925
and $42,000 semi-ann. thereafter to Aug. 1 1930. V. 113, p. 1361. Series
“ F ” are secured on 50 double truck, double end passenger cars and are
payable $20,000 M ay 1 and Nov. 1 each year with premium of 2(4 % to
and incl. M ay 1 1928; premium reduced (4% from M ay 2 1928 and (4%
each M ay 2 thereafter. Are guar. prin. and int. by P. S. Corp. of N . J.
SECURITIES OF NORTH JERSEY STREET R * .
Date
Interest. Outstanding. Maturity
First mortgage $15.000.000( 1898
4 g M-N $15,000,000 May 1 1948
gold ($1,000 each)______tf! Bankers' Trust Co., New York, Trustee.
lint, at Fidelity Union Tr. C o., Newark, N.J
Of the 1st mtge. bonds. $7,230,000 are owned by Public Service Corp
SECURITIES OF JERSEY C IT Y HOBOKEN & PATERSON ST. R Y .
Date.
Interest. Outstanding. Maturity.
Jer City Hoboken & Pater-f 1899
4 g M-N $14,061,000 Nov 1 1949
son 1st mtge gold $2 0,-/Interest at New Jersey Title Guarantee &
000,000 ($1,000)___ c ’ ntf l Trust C o., Jersey C ity, Trustee.
Bonds of Constituent Cos.—
North Hudson County Ry) 1888
5 J-J
2,998,000 July 1 1928
consol (now 1st) mortgage/Int. at First Nat. Bank, Hoboken. S. B.
$3,000,000_________c* n tf 1 Dod, trustee.
Nor Hud Co Ry impt m tge/ 1894
5 M -N
1,291,000 M ay 1 1924
$1,292,000 ($1.000)____ tf )Int. at Fidelity Union Tr. Co , Newark, Trus.
Weehawken Extension M ort-/ 1895
5 F-A
100,000 Feb 1 1945
gage $100,000________ ntflFidelity Union Trust C o., Newark, Trustee.
Paterson Ry Con M (now lst)f 1891
6 g J-D
1,250,000 June 1 1931
g $1,250,000 ($1,000)--C.tf \Irving Bank-Columbia Tr. C o., N. Y.,trus.
Paterson Ry 2nd gen mortl 1894
5 A-O
300,000 Oct l iv*44
$300,000 red at any time/Fidelity Union Tr. C o., Newark, Trustee.
($500 and $1,000)____en tf /
Bonds.— $5,939,000 J. O. H. & P. first 4s are reserved for prior liens.
Of the J. O. H. & P. bonds outstanding, $1,498,000 are owned by Pub. Serv.
Corp. The 2nd 5s of the North Hudson County Ry. expired May 1 1904,
but were extended until May 1 1924- See V. 78, p. 1392. These bonds
are redeemable at 110 and int. on any Int. date. V . 78, p. 1392. See also
V. 97, p. 1664. 1899- The Weehawken Extension mtge. bonds were due
Feb. 1 1915 but were extended for 30 years. V. 100. p.399. The Paterson
R y . 2d gen. M . 6% bonds fell due Oct. 1 1914 but were extended for 30 years
at 5% . V. 98, p. 1993: V. 99, p. 1053. Red. April 1 1931 and on the first
day of any succeeding Oct. or April by Public Serv. R y. Oo. In manner
provided In mortgage
SECURITIES OF UNITED ST. R Y . OO. OF C E N TR A L JERSEY
Bonds of Constituent Cos.— Date.
Interest. Outstanding. Maturity.
Eliz Plain & Cent Jer mtgef 1900
5 g J-D
$2,400,000 Dec 1 1950
$2,500,000 ($1,000) g -C * n t f/ Int. at Fidelity Union Trust C o., Newark,
No s f & cannot be called I Trustee.
Plainfield Street Ry first mtg j 1892
6% J-J
100,000 July 11942
($1,000) Call in 1904_c*ntf \Int. at Fidelity Union Tr. Co., Newark, Trus.
Elizabeth & Raritan Rlv S t/ 1904
5 g M -N
1.500,000 M ay 1 1954
Ry gen M $3,500,000----tf/Fidelity Union Trust C o., Newark, Trustee.
Brunswick Trac M g ($1,000)/ 1896
5 g J-J
500,000 July 11926
Cannot be called_ c*n tf (Fidelity Union Trust C o., Newark, Trustee.
_
Middlesex & Somerset Trac g / 1900
5 g J-J
1,000,000 Jan 11950
M $l,500,000($l,000)c*ntf)Int. at Fidelity Un. Tr. C o., Newark, Trus.
East Jersey 1st mtge $500.-/ 1904
5 g M -N
500,000 M ay 1 1944
000 gold guar p & l______ tflP erth Amboy Tr. C o.. Perth Amboy, Trust.
Bonds.— Of the total Issue o f Eliz. Plain. & Cent. Jer. R y. Co. bonds dated
1900, $100,000 Is held to provide for like amount o f Plainfield Street R y. Oo
bonds. See V. 71, p. 1310. The $100,000 Plainfield St. R y. 1st Mtge
5% bonds originally fell due July 1 1922, extended to July 1 1942 at 6%
V. 115, p. 74. Annual sinking fund $2,920. Of Eliz. & Raritan River St.
Ry. Co. gen. mtge. of 1904, $2,OOO,OO0 arereserved to retire prior liens.
Pub. Serv. Corp. owns $154,000 Eliz. PI. & Cent. Jers. 5s and $274,000
Eliz. & Rar. River St. R y. bonds.
Dividends.— First dlv.— 2-3% — paid Dec. 31 '08; in '09, D ec., 2% : in '10
2 % : in ’ l l , D ec., 1 (4 % ; in '12. Dec,, 1(4% ; In ’ 13 D ec., 1(4% ; in ’ 14.
D e c., 1H % . Practically entire stock owned by Public Service Corporation
and dividends no longer reported.
ROA D , See.— Owns (including Public Service Railroad) 534.612 milt*
first main track, 299.704 miles 2d main track and turnouts and 59.642 mile8
of connections, loops, yard track, Ac. Total, 843.958 miles of track
502 open and 1,918 closed cars.
Passengers carried in 1923, 354,194,933, o f which 300,319,928 (excl.
passengers paying for transfers) were revenue and 53,875,005 transfers and
passes. In 1922, 410,212,814, o f which 325.265,180 (excl. passengers pay
ing for transfers) were revenue and 84,947,634 transfers and passes.
OFFICERS.— Same as for Public Service Elec. C o., except that M . R .
Boylan is Acting Gen. M gr.— V. 117, p. 1557, 2433, 2891; V. 118, p. 1269,
1521.
(1) C onsolidated T ra ction Com pany.
Incorporated Mar. 15 1893. On June 1 1898 leased to North Jersey
Street R y. for 999 years, and lease has now passed to Public Serv. R y . Oo.
V. 66. p. 1141. Validity of lease was affirmed in Feb. 1902 (V. 74, p. 380)
and again in Feb. 1903. V . 76, p. 382.
Dividends under lease are now 4% per annum.
75
STOCK A N D BONDS—
DaU.
Interest. Outstanding. Maturity.
Stock all paid in ($100)......... - ____
J-J 15
$15,000,000
See text.
Underlying bonds— see b e l o w .____
_________
7,308,000 __________
First mortgage gold $15,000,-/ 1893
5 g J-D
15.000.000 June 1 1933
000 ($1,000)___________ tf (Interest at Bankers Tr. C o., N . Y .. Trustee.
The gold bonds of 1893 are secured not only by mortgage, but also by
deposit of $1.000,d00 stock of J. O. & Bergen R R ., $161,625 stock of
Newark Plank Road C o.. $6,000,000 stock Newark Passenger R y. and $99.100 stock of Jersey City Harrison & Kearney Ry. Oo.
ROAD.— Operates about 190 miles of track. Including the N . J. Traction
Oo., Newark Passenger R y ., J. O. S Bergen R R ., Passaic S Newark Elec.
c
c
Trac. C o., J. C. Har. & K . R R . and Newark Plank Road, all o f whose
•tocks are owned.
Stock, debts and mileage of the leased and controlled lines:
Miles.
Stock.
Funded debt.
New Jersey Traction Oo_______________None
$500,000
________
Newark Passenger R y _________________83
6.000,000
$6,000,000
Rapid Transit Street R y ______________ 12
504,000
500.000
Jersey City & Bergen R R _____________ 41)4
1,000,000
x258.000
Jersey City Harrison & Kearney R y ____10
*100,000
________
Newark Plank Road__________________ 4 4-5
162.000
________
Passaic & Newark Electric Traction____10(4
1,000,000
550,000
Port Richmond & Bergen Point F e r r y . . __
40.000 shares
________
* On this $18,000 has been paid in. x Owned by P. S. Corp. of N. J.
(a) Jersey C ity & Bergen R ailroad.
ROAD.— Owns from Jersey City to Bergen Point, Sec., total track, 41(4
miles. Controlled by Consolidated Traction C o., all the stock being de
posited as part security for the Traction Co. 1st mortgage.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
S to c k ____________________ ______________ ______ $1,000,000 f.-p. _______
Bonds.—-The $258,000 4 (4 % bonds due Jan. 1 lt)23 (originally 7s, due
Jan. 1 1903) were purchased by tj.e Puolic Service Corp. of N . J. at
maturity and are still a lien against the property. V. 115, p. 2905
(b) Newark Passenger R ailw ay.— Electric.
ORGANIZATION.— Incorporated June 16 1890. On July 29 1893
leased to New Jersey Traction for 999 years, and so controlled by tne Con
solidated Traction Co. of New Jersey, N. J. Traction C o. having been leased
to Cons. Trac. Co. Jan. 2 1894 for 999 years. Charter said to be perpetual
LEASE AND R E N TA L .— Rental under the lease. $105,000 yearly.
STOCK AND BONDS—
Par.
Interest. Outstanding.
Maturity.
S t o c k . . . ____________________ $100
Text
$6,000,000 Own.byO.Tr
Newark Pass Ry 1st cons M / 1,000 5 g J-J
6,000.000 July 1 1930
1890 $6,000,000 gold_c*tf(N . J. Title Guar. S Trust C o., Trustee.
c
The $6,0OO,OOO stock Is all deposited as security for the Consolidated
fraction Oo. first mortgage.
Interest on consol. 5s is payable at First National Bank, Jersey City.
The consols are guar. p. & 1. by Consol. Trac. Oo. and In Feb. 1895 the
guaranty was stamped bn bonds. V. 59, p. 969; V. 81, p. 900.
R OAD.— Embraces about 83 miles of track.— V. 81. p. 900.
(c) Rapid T ransit Street R ailway Co. of the City of Newark.
ORGANIZATION.— June 1 1893 leased to Newark Passenger R y. for
999 years, and included with It in lease to New Jersey Traction, and so
forms part of Consolidated Traction system.
The 1st Mtge. bonds were originally 5s and matured April 1 1921, but
were extended for 20 years at 8 % . V. 112, p. 1399.
STOCK. BONDS, E T C .— Par.
Interest. Outstanding. Last div.,Ac
S to c k ___________ ________________
11(4 J-D30
$504,000
See text
First mtge $500,000 g -.c*n tf/$ 1 .0 0 0
8 g A-O
500,000 April 1 1941
Red. through sk fd at 105_\Int. at Fidelity Union Trust C o., Newark.
Trust.
Dividends of 11*4% yearly are guaranteed by the Newark Passenger and
New Jersey Traction companies upon the stoex.
(d) Passaic & Newark E lectric T ra ction C o.
ORGANIZATION.— Incorporated April 30 1895 and acquired all the
$1,000,000 stock of Passaic S Newark Electric Ry. Consolidated Trac
c
tion Co. owns all the stock and guarantees the bonds.
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
Stock $1,000,000 ($100)...............—
................. $1,000,000 ________
1st M $1,000,000 guar p & i( 1897
5 g J-D
550,000 June 1 1937
by Consol Trac of N J _ t f lin t, at N. J. Title Gu.&Tr. jersey City .Trus.
_
(2) S outh Orange & M aplewood T ra ction Co.
This company was leased on Oct. 1 1903 to North Jersey St. R y . Co. (now
merged in Public Service Ry. C o.) In perpetuity, the rental being $2,000
in the preferred stock for first year and Increasing $500 yearly until Qlntb
year, when $6,000 is paid, which amount is to be paid thereafter. Rental is
juaranteed by Public Service Corporation of New Jersey. V. 77. p. 824.
ORGANIZATION.— Consolidation In July 1901 of South Orau*e A
Maplewood Tr. Oo. and South Orange & Maplewood St. Ry. Co. Stock
auth. and out., common. $75,000: preferred. $150,000. No bonds.
(3) Bergen T urnpike Co.
Leased to Public Service R y. Oo. Jan. 1 1908.
ORGANIZATION.— Originally chartered on Oct. 27 1802 with $51,990
capital ($10 shares). Jersey City Hoboken & Paterson (now merged in the
Public Service Ry. Co.) owned a majority of the stock and guaranteed its
$1,000,000 5% bonds, dated 1901, due July 1 1951; interest J-J (tf); prin.
and int. payable New Jersey Title Guar. & Trust C o.. Jersey City, trustee.
In Dec. 1915 the turnpike between Hackensack and the Hudson County
line, south of Falrvlew, over which an electric road was constructed In 1902
was turned over to the Bergen County Board of Freeholders for the sum of
SI, the P. S. Corp. giving a bond assuring the Daymen! of the $1,000,000
5% bonds due 1951. V. 101. p. 1974. In July 1921 the turnpike in Hudson
County was deeded over to the county in consideration of $1.
(4) Orange & Passaic Valley Ry. Co.
Leased for 900 years from Nov. 1 1903 to Public Service Corporation for
interest on the trust certificates Issued in exchange for stock. Lease was
assigned to North Jersey Street R y. Oo. July 23 1907 and now held by
Public Service Ry. Co. $925,500 o f the stock owned by Pub. Serv. Corp.
O R GAN IZATION .— Incorporated In 1898 as successor of Suburban
Traction C o., sold In foreclosure July 6 1898.
BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$1,000,000 _________ 1
3 * o c k ________ ______ _____________
1st mtge $1,000.000........... t f / 1898
5 J-D
833.000 Dec 11938
IN. J. Tit. Gu. & Tr. Oo. of Jersey City, Trus.
$83,000 of outstanding bonds are owned by Public Service Corporation.
(5) Camden & Suburban Railw ay Co.
Was leased on May 1 1904 to Public Service Corporation for 999 years
rental being (in addition to fixed charges) $30,000 for first year (1905).
$36,000 the second year, $42,000 the third year, $48,000 the fourth year.
$54,000 the fifth year, $72,000 the sixth year, $84,000 the seventh year,
$96,000 the eighth year, $108,000 the ninth year and $120,000 the tenth
year and thereafter. V . 78. p. 2383. Lease was assigned to Public
Service Railway Co. Sept. 24 1907.
ORGANIZATION.— Formed in 1896. Controls Camden Horse R R .
(which is leased) and West Jersey Traction Co. (stock $60,000).
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $3,000,000 ($25)_______ _____
Q-F
See text.
See text
1st mortgage $3,000,000 gold/ 1896
5 J-J
$1,940,000 July 11946
$1,000)_______________ c .tf/In t. at First Nat. State Bk. of Camden, trus.
Stock.— The stock Is all outstanding; 20% paid In.
Bonds.— Of the 1st mtge. bonds, $1,000,000 are reserved to retire stock of
Oamden Horse R R . and $60,000 are for extensions. V. 94, p. 1185.
ROAD.— Operates 91.3 miles of track. Connection through to Trenton
!s made over Riverside Traction (now leased by P. S. R y .). V . 78, p. 1781.
2383; V . 88, p . 1126; V. 89. d . 154; V. 94. D. 1117. 1185.
(a) Camden Horse R ailroad Co.
ORGANIZATION.— Incorp. March 23 1866. Stock, $250,000 ($25).
Leased to Oamden & Suburban Ry. from Apr. 1 1896 for 999 years. Rental
4 c ., received, $60,000 per annum, from which is paid 24% on stock. All
bonds have been canceled.
ROAD.— Has 30.11 miles of track.
(6) Camden G lou cester & W oodbu ry Railw ay C o.
Leased to Public Service R y. Co.
ORGANIZATION.— Entire $600,000 stock Is owned by South Jersey
las. Electric S Traction Oo. All bonds have been canceled.
c
R O A D .— Comprises 25 miles of road.
(7) P eople’s Elevating C o.
ORGA N IZA TIO N .— Incorporated in New Jersey M ay 31 1899. Stock
is all owned by Public Service R y. Oo.
76
[V ol. 118.
ELECTRIC RAILW AYS
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. 1250.000 (*100)............. — ...........................
$250,000 __________
First mortgage, $250,000.1 1899 6 g A-O
175.000 Oct 1 1939
gold ($1.000)________ c* tfl Int. at N .J.TltleG uar.& Tr.O o.J.O ., Trusts.
(8) New Jersey & H udson River R y. & Ferry Co.
Public Service Corporation has acquired $2,446,350 o f the $2,500,000
eommon and $4,633 o f the $750,000 pref. stock. V. 91, p. 95. Is leased
to Public Service B y. for 900 years from May 1 1911 for Interest on bonds
and 6% on both common and pref. stocks.
P ORGAN IZATION .— Incorporated on Feb. 25 1910 as a consolidation
o f New Jersey & Hudson River R y. & Ferry Co. and Hudson River Trac
tion Co. This company owns the entire capital stock and bonds of The
Riverside & Fort Lee Ferry C o., owner of the West 130th St. Ferry. These
securities are all deposited under the $5,000,000 mortgage. Franchises
perpetual except one for 50 years and one for 99 years. Chiefly private
right of way.
STOCK AND BONDS—
Date.
Interest. Outstanding. Dividends.
Ito ck , com . $5,250,000 ($ 1 0 0 )...........................
$2,500,000 See text
Stock, pref. $750,000 6% c u m ____
6 F-A
750.000 See text
N J & H R R Y 9c F Co 1st M
1900 4 g M-8
4.011.000 Mar. 1 1950
$5,000,000 g ($1.000)-c * tf lin t, at U. S. M tge.&Tr.Oo.. N .Y .. Trustee.
B u d R iv T ra c 1stM . $1,000.-1 1902 5 g M-8
631.000 Mar. 1 1950
000 g ($1,000)_________ t f/I n t . at U. S. Mtge. * Tr. C o., N .Y ., Trustee
Stock.— Pref. stock is redeemable at 115 and accrued dividends. $1,500
pref. stock In treasury.
Bonds.— N . J. 9c Hud. River R y. 9c Ferry Co. bonds can be called on any
Int. day at 105 and lnt. upon six weeks’ notice. V. 80. p. 998. Hudson
River Traction bonds are subject to call on any lnt. date at 110. $67,000
are owned by N . J. 9c H. R . R y. 9c Ferry Co.
RE PO RT.— Included in Public Service Ry.
W R O A D .— Owns and operates 31.33 miles o f track from Edgewater, N . J.
(terminal o f W. 130th St. ferry, N . Y . C ity), to Englewood, Hackensack
and Paterson: also 17.11 miles o f track from Hackensack to Hasbrouck
Heights, Woodridge, Rutherford to Arlington and a branch line from Has
brouck Heights to Lodi. The cars o f this company operate to the business
eentres o f Newark, Passaic and Paterson.— V. 92. p. 462; V. 99. p. 407.
(9) Riverside T raction C o.— Trolley.
Lease.— Company is leased for 999 years from April 1 1912 to Public
Service R y. The lease provides for lnt. on bonds 5% dlvs. on outstanding
pref. stock and a dlv. on com. amounting to $14,193 the first year. In
creasing annually until seventh year, when the maximum of $20,169 will
have been reached. V . 94. p. 699.
O RGAN IZATION .— Incorp. In New Jersey June 20 1910 as successor to
Camden 9c Trenton R y ., sold at foreclosure. See plan, V. 88. p. 1126.
Owns 392 out o f 400 shares (par $50) o f the capital stock of the Clnna
minson Elec. L t., Pow. & Htg. Co. o f Riverton. N. J.. which supplies the
towns o f Beverly. Delanco. Riverside. Riverton and Palmyra, with light.
Also owns $49,600 o f the $50,000 capital stock o f the Borden town Electric
C o., which supplies light to Bordentown and vicinity.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common, $1,100,000 ($50)...................................
$747,150 ...................
Preferred, $400,000 ($50).................
5%
266.500 ............... ..
First M $1,500,000 g ($100,\ 1910
5 g J-D
1.500.000 June 1 1960
$5009c $1,000) call at 110 tf lin t, at West End Trust C o.. Phila.. Trustee.
Bonds.— Subject to call, all or any, on any interest day at 110 and lnt
Interest Is guaranteed by Public Service Ry. V. 94, p. 280. 352.
R O A D .— Comprises 32.96 miles of track between Trenton and Riverton
(where connection is made with Camden & Suburban Ry. Tracks). By a
contract between this company and the Camden & Suburban. the Riverside
Traction cars run direct to Philadelphia Ferry at Market and Federal streets
Camden.— V. 93, p. 408: V. 94. p. 280. 352. 699.
(10) Paterson & S tate Line T raction Co.
Stock all owned by the Public Service Railway Co.
ORGAN IZATION .— Incorp. In New Jersey N ov. 15 1901. Stock
authorized, $300,000 (Increased In July 1913 from $100,000: V. 97. p. 522):
outstanding, $150,000.
BONDS.—
Date.
Interest. Outstanding. Maturity
1st mtge $300,000 g o ld ........... 1914
5 J-D
$150,000 June 1 1964
Fidelity.Union Trust C o ., Newark trustee.
UNION STREET R A ILW A Y .— A trolley road.
O RGAN IZATION .— Incorporated In Massachusetts on March 18 1887
as a consolidation of Acushnet St. Ry. and New Bedford 9c Falrhaven St.
Ry. On N ov. 1 1910 consolidated with Dartmouth 9c Westport St. R y.
V. 91. p. 465, 619. 718, 1096.
In 1921 the company purchased from the Eastern Mass. St. R y., its
controlled line in New Bedford running from Lunds’ Corner to the city line.
STOCK AND BONDS—
Date.
Interest. Outstanding. Last dit.Ae.
Stock.$2,437,500 (par $100).............
Q-F
$2,437,500 Feb ’24, 2%
First M $2,000,000 ($1,000).} 1914 4 g J-J
250.000 Jan. 1 1934
gold, no sinking fu n d ._n tf lin t. atO l d Colony Trust C o., Boston, Trust.
Bonds.— Redeemable since Jan. 1 1919 at 110. Issued to retire consol,
mtge. o f 1894. due Jan. 1 1914. V. 97, p. 1584. 1664.
Dividends.— In 1896-97,10%; in 1897-98, 6% ; in 1899, 8% and same rate
on and incl. Feb. 1919. In M ay, 1>£%; Aug., 1 H % : N ov., 1 H % . 1h
1920, Feb., 2 % ; M ay, 2% ; Aug., 2 % . In 1921, 8% . In 1922, 8% .
In 1923, 8 % . In 1924, Feb., 2 % .
ROAD, &c.— Owns and operates 60.57 miles in New Bedford andsadjacent towns, and connects New Bedford and Fall River. 191 passenger
cars; 10 miscellaneous cars and 17 snow plows.
EARNING S.— For years ending Dec. 31:
Cal. Year— Gross
Net.
Int. A Taxes. Dins. (8 % ).
Surplus.
$405,213
$133,313
$195,000
$976,901
1923---------- $1,629,020
1922............. 1,611,924
438.786
149.659
195.000
94.126
Rev. passengers carried in 1923, $30,225,114, against 29,495,529 in 1922.
OFFICERS.— Pres., H. H. Crapo; V .-P ., E. S. Wilde; Sec., E. T .
Pierce; Treas., E. F. Nicholson; Supt., E. S. Wilde, all of New Bedford.—
V . I l l , p. 74, 991,1853; V. 112, p. 258,2750; V. 116, p. 1651, 2131.
NEW HAVEN, CONN.
NEW Y ORK NEW HAVEN & H ARTPO RD R Y . (T rolley lines.)
The New York New Haven 9c Hartford's Interests In trolley lines have
been very extensive, but under an agreement reached with the U S. Govt.
In 1914 the company has pledged Itself to dispose of the same
♦The investments in the trolley companies held by the N . Y . N. H. & H.,
which are to be disposed of under the decree of the Federal Court (date by
which New Haven is to dispose of these holdings has been extended from
year to year, latest extension being to April 1 1925), are as follows:
Berkshire Street B y.
The Vermont Co.
Connecticut Co.
Westchester Street RR.
New York 9c Stamford R y.
Shore Line Electric RR. of N . Y.
The Hooslck Falls RR. Co.
* The Rhode Island Co. was originally Included in this list, but the stock
of that co. was sold on Sept. 3 1920 at public auction— see that company
on subsequent page.
The N . Y . N. H. & H. also owns $4,984,938 of the $5,005,250 stock of the
N. \ . Westchester 9c Boston R y., an electric road, which It is under no obli
gation to d'sp'ise of and which will be developed as part of the New Raven
system.— V . 99. p. 270. 604, 1125, 1210; V. 100, p. 642; V. 104, p 2010.
CONNECTICUT COMPANY.
Control Passes to Trustees.— On Oct. 27 1914 the $40,000,000 capital stock
of this co. held by New England Navigation Co. was transferred to five
trustees, pursuant to the requirements of the U. S. Dept, of Justice. V. 99,
p 1451. The New Haven Co. has bound Itself to sell the stock, and the
trustees were to use their best endeavor to complete the sale before July 1
1919, but in March 1919 Judge Julius M . Mayer granted an extension
of time until July 1 1921. V. 108, p. 1275
In April 1921 the time was
again extended, by order of the Federal Court, to July 1 1922. V. 112,
p. 1616. In March 1922 the court further extended the time to April 1
1923. Since extended to April 1 1924 and again to April 1 1925. The
trustees are: Judge Walter C. Noyes of Old Lyme, Leonard M . Daggett of
New Haven, Charles Cheney o f South Manchester, Morgan B. Brainard
of Hartford and Chas. G. Sanford of Bridgeport. See remarks under
N . Y . N. H. & H. R R . Co. above and V. 98, p. 1000, 1245.
This is the company which operates the trolley lines in Connecticut
controlled by the N Y . N. H. & H . and which formerly were comprised in
the Consolidated Railway Co.
Return of Line to N. Y. N . H. & H. R. RR. Suggested.— See V. 112, p. 1977;
compare V. 116, p. 720.
PUBLIC SERVICE R A ILR O A D .
ORGANIZATION.— Incorp. in Connecticut. Entire $40,000,000 stock
^ O R G A N IZA T IO N .— A consolidation (under agreement dated June 30 and $1,000,000 debentures owned by New Haven Co. June 1 1907
1913) o f the Elizabeth New Brunswick 9c Trenton R R . and the Trenton began operating the lines comprising the Consolidated Railway (merged
Terminal R R . Capital stock authorized, $500,000; outstanding, $285,000. in 1907 In the New York New Haven & Hartford); February 28 1910
all owned by Public Service Corp. o f New Jersey except directors' shares. qurchased substantially all the various street railway properties o f the
Regular trolley service between Newark and Trenton July 1 1913, and N . Y. New Haven 9c Hartford In Connecticut
service between Newark and Perth Amboy inaugurated about July 1 1914
On March 1 1910 all the gas, water and electric-light properties formerly
V . 97. p. 522. The branch line to Roosevelt Borough was placed In opera operated by the Connecticut C o., but owned or leased by N . Y . N. H.
tion Dec. 8 1915.
& H. R R . C o., were transferred to the Housatonic Power C o., which com
pany increased its stock from $1,000,000 to $3,000,000. to pay for the
(1) E lizabeth & T ren ton R R .
On
Lease.— Leased to Trenton Terminal R R . (subsequently merged In acquisitions. PowerJan. 1 1912, however, the gas-distribution lines o f the
Housatonic
Co. and also the
the
Public Service R R . Co.) for 999 years from April 1 1912. Rental 5% on power plants) in Waterbury, New lines supplying electricity (not and
Britain, Greenwich,
outstanding pref. stock, and. beginning with the yjar ending April 1 1915. Naugatuck were taken over under a sub-lease for 994 yearsNorwalk
dated Oct.
1% on outstanding com ., with additional 1% annually until 4% Is paid. 1911 by the United Elec. Lt. & Water Co. V. 94. p. 71; V. 93, p. 1669. 1
V. 94. p. 697.
Lease.— The Connecticut Co. owns and had leased to the Shore Line ElecORGAN IZATION .— Incorporated In New Jersey on M ay 19 1910 as R y .,89.92 miles of track in New London, Willimantic, Danielson and Put
successor to the Trenton 9c New Brunswick RR. and the New Jersey Short nam. But this lease was annulled by order of the court in Jan. 1920.
Line R R ., both sold at foreclosure. See plan in V. 89. p. 1282. 1349.
V. 110, p. 167. The Shore Line Electric Ry. however continued to operate
these lines until April 1920 when the Connecticut Co. took over the operation
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Common $900,000 ($50)...................
A-O
$811,360 ................... of the lines. See “ Chronicle” of April 24 1920. In Jan. 1924 the Con
Pref $300,000 5% cum ($50).............
A-O
180.300 ..................... necticut Co. leased to the N . Y . & Stamford R y. trackage in Stamford,
First mtge $1,200,000 gold) 1912
5 g A-O
990,000 Apr 1 1962 Conn., extending to the New York State line. The lease is for 5 years at
($1,000)____________ c * .tf/I n t . at Fidelity Trust C o., Phila., Trustee. $10,000 a year. V. 118, p. 310.
Fares.— On
15 1920 the
Bonds.— First mtge. bonds are subject to call as a whole on any lnt. day New London Oct. lines. V. I co. placed a 10-cent cash3fare in effect on the
city
l l p.
1920, the Commt
at 110 and int. Prin. and int. are guar, under terms of lease by the denied the petition of the city of, New1471. On Dec.
London for
Trenton Terminal R R ., whose obligations are guar, in turn by the Public 2323. On Nov. 1 1920 the co. was auth. by the lower fares. U.V. I l l , p
Comm. P.
Conn, to
Service R R . and the Public Service Corporation.
charge a flat 10-cent cash fare with fare limits based upon the original 5-cent
R OAD.— Owns 49.644 miles equivalent single track; standard-gauge
fare areas with free transfers. For further details see V. I l l , p. 1751.
V. 90. p. 1362: V. 94. p. 697.
The city of Hartford asked for a reduction in these rates but this was denied
by the Commission on Dec. 3 1920. V. I l l , p. 2323. This schedule super
sedes a zone system for details of which, see this section o f Oct. 30 1920.
Fares in Bridgeport and Norwalk, in Nov. 1921 were reduced to 5 cents with
NEW BEDFORD, MASS.
no transfers within city limits. Outside city and throughout rest of State,
NEW BEDFORD & ONSET STREET R Y .— A trolley road.
10-cent cash fare or three "tokens” for 25 cents. V. 113, p. 1982, 2311;
V. 115, p. 542; V. 114, p. 305. Effective April 1 1923, the company volun
ORGAN IZATION .— Incorporated in Massachusetts in 1901. This com
pany is owned in the same Interest as the Union St. Ry. C o. In June 1906 tarily voted a 10% fare reduction, "tokens” which had previously sold at
Issued $50,000 new stock in exchange for the $150,000 stock of the Taunton 3 for 25 cents being reduced to 2 for 15 cents (V. 116, p. 409, but see V. 116
9c Buzzard’s Bay St. R y ., which was a reorganization o f the Mlddlebore p. 1531). On Feb. 10 1924, however, the company put into effect a fare of
8 1-3 cents in New Haven, Hartford, Waterbury, Meriden, Stamford and
Wareham & Buzzard’s Bay St. R y. V. 82, p. 1438.
To Operate Buses.— In Dec. 1923 the co. was auth. by the Mass. D ept.of New Britain. The various municipalities affected have filed a petition for a
reduction from this rate. In March 1924 the company applied for authority
P . U. to operate motor buses in a number o f towns. V. 117, p. 2770.
raise fares in Bridgeport
V.
1134.
Date.
Interest, Outstanding. Maturity. to Jitneys Restricted.— See V.to l8 ,1-3 cents. 1277, 118, p. 1566, 2040; V. 112,
STOCK AN D BONDS—
I l p. 1082.
1369,
Stock, $550.000 ($100)----------- ................................
$550,000 F e b ’23 ,2%p. 2(47; V. 113, p. 531, 729, 1052, 1250.
6 g J-J
340,000 Jan. 1 1927
First mortgage, $500,000, [ 1902
Company Authorized to Run Buses.— See Y. 112, p. 1642; V. 113, p. 416.
gold ($1,000).............c* n tf j Int. at International Tr. C o., Boston, Trus. 531.
N o sinking fund and not subject to call.
Government Loan.— In Sept. 1918 obtained a loan through the United
150.000 Oct. 1 1926 States Housing Corp. of approximately $1,350,000 to provide funds for
M W 9c B B 1st mortgage,} 1901 6% g A-O
$150,000 ($1,000) g --c n t fl Int. at Federal Trust C o ., Boston, Trustee. construction tracks and purchase of rolling stock to provide transportation
Bonds.— The Mlddleboro Wareham & Buzzard's Bay bonds have no of munition workers in Bridgeport. V. 107, p. 1099. As of Apr. 1 1924 we
sinking fund. See V. 73, p . 1313. Interest was formerly 5% , but on were advised that this loan had been reduced to about $1,126,747.
consolidation with New Bedford & Onset was reduced to 4 % . Originally
Special Report to Legislature by P. U. Comm.— On Jan. 5 1921 the Conn.
matured Oct. 1 1921, but were extended for five years at 6 % . The New P. U. Comm, sent to the General Assembly a report of its inquiry into
Bedford & Onset Street R y . first mtge. bonds were originally 5s and matured electric railway conditions under an act of the 1919 session. The report
suggests the termination of control of the Connecticut Co. by Federal
Jan. 1 1922, but were extended for five years at 6 % . V . 113, p. 2819.
trustees and the return of the capital stock, property and corporate control
Dividends.— 2% paid in Feb. 1922. In 1923, Feb., 2% ; none since.
to the owner or owners thereof. For detailed outline of the Commission’s
ROA D .— Owns 39.98 miles o f track between Falrhaven and Onset and principal recommendations see V. 112, p. 256.
lM iddleboro and to Buzzard’s Bay. 27 passenger cars, 4 snow plows,
Favorable Legislation Enacted at 1921 Session of General Assembly.— See
miscellaneous and 81 electric motors.
V. 112, p. 2747.
Bill Requiring Half of Annual Net Income to be Applied to Delinquent
EARN INGS.— For years ending Dec. 31:
Cal. Year—
Gross.
Net.
Int. A Taxes. Bah, Surp. State Taxes.— See V. 112, p. 2189, for details. Compare V. 115, p. 542.
923___________ _____ $304,409
$29,979
$23,478
$6,500
Supreme Court Decision.— Decision o f State Supreme Court holding that
1922............................... 277,358
40,899
24,094
16,805
the co. must protect holders of the Consolidated Railway C o.’s debentures
In 1923 carried 1,438,680 revenue passengers against 1,527,158 in 1922. will be found in V. 109, p. 581
See also V. 109, p. 1527, and V. 111. p.
r OFFICERS."—Pres., H. H. Orapo; V .-P. E. S. Wilde; Sec., E . T . Pierce; 990, under caption "N . Y . N . H. & H. R R .”
$150,000 5% 1st Mtge. bonds of the New London St. R y ., due Oct.2
Tress., E. F. Nicholson: Supt., Geo. P. Dole.— V. 107. p. 501. 697. 906.
923, were retired at maturity. j V . 117,tp. 1461.
£376; V. 108, p. 379; V. 113, p. 2185, 2819; V. 116, p. 1649; V . 117, p. 2770
A pril, 1924.]
ELECTRIC RAILW AYS
The following companies have been absorbed or are leased or controlled
Branford Lighting & Water Co. V. Middletown Street R y. V. 79, p.268
•Montvllle Street R y. V. 79, p. 268
81. p. 155. 210.
Connecticut Railway & Lighting Co. New Haven St. R y. V. 79, p. 989
New Haven & Centreville Street Ry
V. 83, p. 1624.
Danielson S Norwich Street R y.
c
V. 78, p. 989.
New Hav. S W. Haven Horse R R
c
V. 79. p. 268.
EL Hartford & Glastonbury St. Ry. ♦New London St. R y. V. 79. p. 268
Fair Hav. S W estv.RR. V.78.P-989. ♦Norwich Street Ry. V. 79, p. 268
c
c
Farmington Street Ry. V. 69, p. ♦Putnam S Thompson Street Ry.
Stafford Springs Street Ry.
283; V. 89. p. 593, 1542.
Greenwich Tram. Co. V. 80, p. 118. Stamford Street Ry.
Hart.Man.&Rockv.T.Oo. V.82.P.280. Torrlng. & Win. St. R y. V.85.P.1463
Hartford S Middletown Street Ry. Wallingford Tramway Co.
c
Hartford Street Ry.
Waterbury S Pomperaug Val. St.Ry
c
Meriden Electric Ry. V. 79, p. 268. West Shore Ry. Co. V. 78, p. 989.
Meriden Horse R R . V. 79, p. 268. ♦WilllmanticTrac. Co. V .81, p.1176
c
Meriden Southington S Oompounce Winchester Ave. R R . V. 78. p. 989
Tramway Co. V. 83. p. 1524.
♦ These roads were leased in 1912 to Shore Line Electric R y ., which see
under Norwich. This lease was annulled by order of the Court in Jan
1920, and properties were taken over for operation by the Connecticut C o .
in April 1920.
The N. Y . N .H .& H .R R . offered to exchange $100 o f Its stock for $20P
of certain Issues of the Consol. Ry. C o.'s debentures. See V. 82. p. 803
and V. 83. p. 1037. S17.347.000 of debentures have been so exchanged for
8,673,500 N . Y . N. H. & H. R R . stock. The following shows the
etails for each issue of debentures:
Debentures of The Consolidated Railway Company— All tax free.
Ex. for Stk. or
Issue—
Authorised.
Issued. Pur. Ac Cancel. Still Out.
July l ’04 .50-yr..4 gJ -J $5,000,000 $5,000,000
$745,000 a$4,255.000
Jan. 2 '0 5 . 50-yr.. 4g J-J 4.000.000 4.000.000 1,691.000
a2.309.000
Apr. 1 '05. 50-yr.. 4g A-O 3.500.000 *3.500.000 2.160 000
a 1.340.000
Jan. 1 '06. 50-yr.. 4g J-J 10.000.000♦10.000.000 7,989 000
o2.011.000
M ar.l '07. 10-yr.. 5% con. 15.000.000 5.000.000
5,000 000
___ ■
Total exchangeable..$37,500.000 $27,500,000 $17,685,000 $9,915,000
t> Feb. 1 1905. 25-year,
___
now 4 g F-A (see text) 1,000,000
1,000.000
28 000
972.000
Total of a ll................$38,500,000 $28,600,000 $17,613,000 $10,887,000
♦Guaranteed, principal and interest, b y N . Y . N . H . & H . RR. a These
amounts cannot be Increased, as remainder of Issues has been canceled
ft Not exchangeable for stock.
The debentures are in coupon form of $1,000 each and fully registered
debentures of $10,000 each, which are non-interchangeable.
f
futurity
Date.
Interest. Outstanding.
BONDS—
$36,000 .
Equipment notes Series”
1920
6 J-J
32,500 .
Equipment notes Series” D ”
1920
6 M-N
145.000 .
Equipment notes Series “ E” __
5 A-O
See text
6%
437.500
Equipment notes Series “ F ” _f 1922
19
\XJ. S. Security Tr. Co., Hartford, Conn., Tr.
N H S Oenterv 1st M . g,(
c
1893 5 g M -8
283.000 Sept. 1 1933
assum'd byN Y N H & H .ntf l
New Haven Street RR.—
Hartford Street R y,
now!1900 4 g M-S
2.500,000 Sept. 1 1930
1st mortga e, $2,500,000] Conn. Tr. & Safe Dep. C o., Hartford.
($1,000) g __________ c* n tfl Trustee.
Int. at Hartford or Boston.
Hartford St Ky deben “ M 'n t f
1900 4 J-J 15
165.000 Jan 1 1930
Hart Man v Rock first mtge
$300,000 f$ 1,000) g o ld .n tf 1894 5 A-O
200.000 Oct 1 1924
Mer South S Comp 1st M gf 1898 5 g J-J
c
175.000 July 1 1928
$200,000 ($1,000) c* n tfi
Optional at 110 and interest,
callable at 110 since 1903.. (Int. at Equitable Trust C o., New York.
Greenwich Tramway
firstf 1901 5 g J-J
320,600 July 1 1931
mtge $400,000 ($1.000)(Interest at New York Trust C o., New York
gold_______________c * . n t f ‘ State Treasurer of Connecticut, Trustee
Stafford Spgs St Ry 1st M g t # ____
5 J-J
400,000 July 1 1956
Provisional debentures_______ 1916
5%
1.000.006
______
Securities of Lines formerly leased to Shore Line Elec. Ry.—
Wore & Conn East 1st M s f g 1902
4H g J-J
1,564,000 Jan 1 1943
_
$3,100,000 ($1,000)_ c*tf (Interest at New York Trust C o., Trustee.
Bonds.— The Consolidated Ry. debentures are not subject to call. All
•he debentures have printed on their face the statement that if a mortgage
la made on any or all of the company's property which was owned on Jan. 1
1905. except to renew existing mortgages, the debentures shall participate
In the security of such mortgage. The debentures are at present secured
under the terms and lien of the 1st & ref. mtge. o f the N. Y. N. H. & H.
RR. C o., dated Dec. 9 1920, but they are entitled to such security only
while and so long as they are not secured by a mortgage as recited on the
face o f each debenture. The debentures due in 1930 bore 3% interest
from Feb. 1 1905 for the first 5 years and 3 H % for next 5 years. From
Feb. 1 1915 to maturity bear 4 % . They were Issued to pay for acquiring
tbe Berkshire St. Ry. (V. 80, p. 471), which co. was subsequently acquired
by the New Engl. Inv. & Security C o., then in turn re-acquired by the N . Y.
N . H. S H. The $3,500,000 debentures due April 1 1955 were issued to ac
c
quire the Hartford Street R y. The $10,000,000 debentures of Jan. 1906
were Issued to the N. Y . N. H. S Hartford for advances.
c
Of the Worcester S Connecticut Eastern bonds, no more will be issued
c
A sinking fund on these bonds commenced In 1908 o f not to exceed 1% of
bonds outstanding. Bonds cannot be called, but may be bought on a 3%
basis or better, and kept alive for sink. fd. See V. 75, p. 1204.; 420,090
in sink. fd. not incl. in amount reported outstanding. $26,000 held in
treasury.
Equip, notes Series “ F ” are due $50,000 semi-ann. Jan. 1 1924 to Jan. 1
1928, and $37,500 July 1 1928. V. 116, p. 2992.
EARN INGS.— Of Connecticut Co. for year ending Dec. 31:
Dec. 31
Operating Net (after
Other
Interest,
Balance,
Year.
Revenue.
Taxes).
Income. Rentals ,&c. Surplus.
1923________ $14,717,233
1922............... 14,477,611
$2,467,107
2,741,210
$62,618
44,831
$1,504,478
1,475,625
$1,025,247
1.310,415
R OAD.— Connecticut Company operates 834,340 miles of line (of
which 505,748 miles are owned, 318,325 miles leased and 10.267 miles
operated under trackage rights), serving the following cities and towns:
Cities o f New Haven, Hartford, Bridgeport. Waterbury, New Britain.
Meriden, Middletown, Stamford, Norwalk, Rockville, Derby, Shelton,
Ansonia, New London, Norwich, Willimantic, Putnam and the towns of
East Haven, Brantford, North Haven, Wallingford, Hamden, Orange,
Southington, Plainville, Farmington, Portland. Middiefield, Cromwell,
Rocky Hill, Wethersfield, West Hartford, Bloomfield, Windsor, Stafford.
East Hartford, East Windsor, South Windsor, Manchester, Vernon, Glas
tonbury, Greenwich, Stratford, Milford, Huntington, Fairfield, Westport,
Norwalk, Darien, Naugatuck, Watertown, Middlebury, Thomaston, Torrington, Winchester, Beacon Falls, Seymour, Cheshire, Newington, Water
ford, Montville, Unicasville, Thamesville, Taft, Jewett City, Plainfield,
Wauregan, Danielson, Killingly, Dayville, Elliott, South Coventry, South
Windham, Greenville, Baltic, Central Village, and Berlin, Connecticut.
Standard gauge. Cars operated Mar. 31 1924, 1,438 passenger and 302
freight. &c., cars; total, 1,740.
OFFICERS.— Pres., Lucius S. Storrs; V.-P. & Gen. M gr., J. K. Punderford: Sec.. Victor S. Curtis; Treas., E. T. Chapman; Compt.. I: A. M ay all
o f New Haven.— V. 114, p. 2717, 2823; V. 115, p. 542; V.116, p. 409, 720,
1531, 2881, 2992; V. 117, p. 1461; V. 118, p. 310, 1134, 1772.
(1) C o n n e cticu t Railway & L igh tin g Co.
Lease.— Leased for 999 years from Aug. 1 1908 to the Consolidated Ry
C o., which latter has since been merged In the N. Y . N . H. S H. R R . Co
c
Rental amounted to $975,000 for the year 1906-07 and Increased gradually
until It reached $1,400,000 in 1915. The common shareholders paid the
Colonial Trust Co., trustee, $10 per share on their stock, which, with
the surplus rental received under the lease, provides a fund which, it is
announced, is sufficient to pay 4% per annum on both com. and pref.
•hares. All the stock assented to this arrangement. Preferred share
holders agreed to accept 4% dividends during the term o f the lease, instead
of 5 % . V. 84, p. 507. On Aug. 15 1917 rate was increased to 43-4% pel
annum on both pref. and com. stocks
Pref. stock was issued in satisaction o f unpaid accumulations o f dividends on pref. shares to Aug. 1 190«.
77
ORGA N IZA TIO N .— Originally chartered in Connecticut July 2 1895 as
the Gas Supply Co. Charter amended and name changed March 2 1899 to
Connecticut Lighting S Power C o., for the purpose of uniting various street
c
railway and light and power properties in Connecticut. Name changed as
at present on Jan. 10 1901. V. 71, p. 1269; V. 72, p. 44. It is a consolida
tion of the following companies:
Bridgeport Traction Co.
Norwalk & So. Norwalk El. L t. C o.
Norwalk Street Railway Co.
Central R y. S El. Co. of New Brit.
c
Cheshire Street Railway Co.
Norwalk Tramway Co.
Derby Street Railway Co.
Shelton Street Railway Co.
Greenwich Gas & Electric Ltg. Co. Southingt’n S Plantsv. Tramway C o.
c
Milford Street Railway Co.
Thomaston& WatertownElec. R y .C o.
Naugatuck Electric Light Co.
Waterbury Traction Co.
c
Naugatuck Valley Electric R y. Co. Westport S Saugatuck Street R y . Co.
Norwalk Gas Light Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock ($100)_______ _____
$8,977,200
See text.
Pref 5% cum after Jan 1 1904]
($100) (reduced to 4% u n - f ____
8,142,900
See text.
Q-F 15
der lease to New Haven Co I
but inc. to 4
In 1917_j
1st & ref $15,000,000 gold! 1901
4J4 g J-J 13,257,000 Jan 1 1951
($1,000) sinking fu n d .c * tf) Int. at Equitable Trust C o., N. Y ., Trustee.
Connecticut Ltg. S P o w .-n tf 1899
c
5 J-J
209,000 Jan 1 1939
Bonds— Of the 1st and refunding mortgage bonds, $209,000 reserved to
retire the prior bonds. The remainder was reserved for extensions or
betterments, but under lease to the New Haven road cannot be issued for
any purpose without consent of lessee. V. 84, p. 507. Statement to New
York Stock Exchange In V. 73, p. 852: also V. 79, p. 2745; also V. 85. p. 921.
Bonds were formerly not subject to call, but on June 23 1904 a supple
mental mortgage was made giving the right to call bonds on any interest
date at 105 and Interest and establishing a sinking fund of H of 1% per an
num on bonds outstanding; bonds acquired by the sinking fund are to be
kept alive and bear interest.
$2,079,000 bonds in sinking fund.
Bondholders assenting to the supplemental mortgage had their Interest
guaranteed by the United Gas Improvement Co. by endorsement. See
V. 79. p. 026, for form of guaranty. Offer expired Oct. 1 1904 and was
•ceepted by $11,448,000 of outstanding bonds. See V 83. p. 969.
R EPO RT.— For calendar years:
Year—
Rentals &
Int. on General
Sink.
DiviBalance.
dends.Surp.&def.
Ending— Int. Rec'd.
Bonds.
Exps.
Funds.
Dec. 31 1921-$1,455,867 $610,545 $10,748 $62,755 $770,404 sr.$1,415
770,404 df. 1,505
Dec. 31 1920. 1,448,332
610,545
6,133
62,755
ROAD.— Owns 170.982 miles main, 80. 427 miles second and 9.0)3 milei
i!de tracks; total. 260-502 miles, reaching Milford, Bridgeport, Stratford,
Southport, Shelton, Derby. Ansonia. Seymour. Westport. Saugatuck,
Norwalk, South Norwalk. New Britain. Darien and Stamford: aiso lines in
Naugatuck. Waterbury. &c. System connects with the Fair Haven S
c
Westvllle R R . Into New Haven from Bridgeport and Derby, and company
also has traffic contract with the Hartford Street. Ry. for reaching Hart
ford. Gauge. 4 feet 814 Inches. 35 to 95-lb rails.
EQUIPM ENT.— Total cars, 474; closed passenger. 199; open passenger
201: miscellaneous, 74. Car barns. 20; also 4 complete electric-light plants
also owns gas plant at Norwalk.
OFFICERS.— Pres.. R. A. O Smith; V.-P , Walton Ciark: 9ec., G. W,
Jurran; V.-P. S Treas., Lewis Lillie. Office New Haven. Conn-—
c
V. 84. p. 1366; V. 85. p. 921, V. 86. p 228; V. 106. p. 601; V. 107, p. 401.
(2 )
SHoro (^ftliwsy
ORGANIZATION.— Organized Dec 15 1893
Leased on Dec. 14 1895
so Winchester Ave. RR. for 99 yrs for Int. on bonds and 5% div. on stock
Lease assumed Feb. 28 1910 by the Connecticut Company, which operates
she property.
STOCK AND B O N D S—
Date.
Interest. Outstanding. Maturity.
_______
$80,000 See text
Stock. $200,000 ($25) ____________
ROAD.— Owns 7.42 miles of track Standard gauge.— V. 107. p. 503.
BERKSHIRE STREET R A ILW A Y.
Proposed Sale of Stock — The entire capital stock of the Berkshire St. Ry*
and 6,500 shares of stock of the Vermont Co. (see below) owned b y ; he
New Haven C o., were to be sold before July 1 1919, provided sale was
authorized by the State of Massachusetts or the Court, but in March 1919
Judge Julius M . Mayer granted an extension of rime until Jiily 1 1921.
A further extension to April 1 1923 was granted. Since further extended to
April 1 1924, then to April 1 1925.
On Dec. 31 1923 N. Y . N. II. & H. owned all the stock, the entire ($200,000) issue o f debentures and $3,392,500 notes.
Receivership Discharged.— On Aug. 29 1919 Judge Lawton in the Mass.
Superior Court appointed C .Q . Richmond (Gen. M gr.) receiver for the co
V. 109, p. 886. 981. On Sept. 9, 1919 Judge Hammond of the Superior
Court ordered the discharge o f the receiver. V. 109, p. 1079. See also
V. 109, p. 1271.
Statement of V.-P. Storrs as to Status of Co.— See V. 112. p. 1398.
ORGANIZATION.— Incorp. in Mass, on June 11 1901. Franchise per
petual. In 1906 absorbed the Hoosac Valley St. R y. through exchange of
stock. In M ay 1910 took over the Pittsfield Elec. St. R y ., issuing $300,000
stock In exchange for stock of that company. V . 90. p. 1295.
In March 1912 Mass. R R . Commission approved the 99-year lease of the
Vermont Co. to the Berkshire Street R y., but this lease was canceled on
Dec. 31 1922.
Interest Unpaid.— Int. on the Hoosac Valley ref. 414s due Sept. 1 1919
was paid Sept 23 1919. Int. due June 1 1920 on the co’s. 1st mtge 5s of
1922 was paid when due. V. 110, p. 2487. Subsequent coupons are being
paid when due.
STOCK AND BONDS—
Date.
Interest
Outstanding.
Maturity.
Stock $5,398,100 ($100)___________
_______
$5,398,100 ................. First mortgage $800,000 gold] 1902
7 g J-D
800.000 June 1 1927
($1,000)___________c*_n tf fGlrard Trust C o.. Philadelphia, Trustee.
Berkshire Street Ry d e b .-t f- 1905 5 g M-S
200,000 Mar 1 1925
Hoosac Valley ref mtge $400,-1 1904 4 g M-S
300,000 Sept 1 1924
000 gold ($1,000)_____n tf/I n t. at Berkshire L. S Tr. C o., Plttsf., Trus.
c
Pittsfield Elec St Ry 1st mtgei 1904
7 g J-J
255,000 July 1 1928
g $300,000 ($1,000) .c * -n tf I Int. at Berkshire L. S Tr. C o., Pittsf.. Mass.
c
DueN Y N H & H R R D e c . 31 1923................... — 3,392,500 ...................
Bonds.— The $800,000 1st mtge. bonds originally bore int. at 5% and ma
tured June 1 1922, but were extended for 5 years to'June 1 1927 at 7% .
V. 114, p. 2358, 2467, 2716. The Berkshire St. R y. 1st M . are not subj.
to call. Int. payable and bonds may be registered at office of N. W . Har
ris & C o., Boston. The Berkshire St. R y. debs, are guar, by Consolidated
R y. Co. The Pittsfield Elec. St. R y. 1st M tge. bonds were originally 4s
and matured July 1 1923, but have been extended for 5 years to July 1 1928
at 7% .
EARNING S.— For years ending Dec. 31:
Dec. 31
Operating
Net (.after
Other
Interest,
Balance,
Year—
Revenue.
Taxes).
Income. Rentals. Ace.
Deficit.
xl923..............-$1,084,257
$59,522
$3,535
$340,973
$277,916
1922...........
1,046,774 182,354
1,849
332,791
148,587
1921________ 1,098.355
187,781
2.206
319.975
129,989
x Operations o f Vermont Co. included for comparative purposes, al
though operated independently from Jan. 1 1923.
ROAD.— Owns and operates 87.32 miles, serving the cities of Pittsfield
and North Adams and the towns o f Williamstown, Clarksburg, Adams,
Cheshire, Lanesboro, Dalton, Lenox, Hinsdale, Lee, Stockbridge, Great
Barrington, Egremont and Sheffield, Mass. 125 passenger and 35 other
cars.
OFFICERS.— Pres., E. G. Buckland; V .-P ., L. S. Storrs; Clerk & M gr.,
C. Q. Richmond: Treas., A. S. May; Aud., I. A. M ay.—V . 113, p. 1887;
V. 114, p. 2358, 2467, 2716; V. 115, p. 1836; V. 117, p. 552; V. 118, p. 1770.
VERMONT COMPANY.
Was leased to the Berkshire St. R y. for 99 years from Feb. 1 1911, but
lease was canceled on Dec. 31 1922. Operates 19.55 miles of line (serving
Bennington and Pownal), being that part of the former Bennington &
North Adams St. R y. lying within the State of Vermont. Also owns the
stock o f the Hoosick Falls Ry. Earnings for 12 mos. end. Dec. 31 1923,
gross, $99,113; net, after taxes, $1,671; other income, $271; deductions,
$42,300; bal., def., $40,358. On Dec. 31 1923 the N. Y . N. H. & H.
owned 6,500 shares o f stock and $846,000 1st mtge. bonds (tf).
(1) H oosick Palls R ailroad.
Incorp. In 1910 to acquire that portion of the former Bennington S North
c
Adams St. R v. lying J" New York State. On Feb. 1 1913 was leased to
78
ELECTRIC RAILWAYS
[V ol. 118.
the Vermont Co. for 99 years. All the stock is owned by Vermont Co. !
ROAD.— Total miles of road operated. 23.07 miles. Line commences at
Operates 7.11 miles o f line serving towns of Walloomsic, North Hoosick j Harlem River Station of the N. Y . N. H. A H. in N. Y ., extending to
and Hoosick Falls, N . Y .
174th St. Junction, where the N. Y . W . A B. Ry. diverges from the New
Haven and on its own four tracks extending northerly to line of N . Y . City,
NEW Y O R K & STAMFORD RAILW AY CO.
then through M t. Vernon to Columbus Ave. June., at which point the line
The New Haven Co. was to sell on or before July 1 1919, pursuant to the diverges into two double-track lines, one extending through M r. Vernon.
decree o f the U. S. Govt., 5,000 shares o f the stock and $678,000 bonds, but Pelham and New Rochelle to Larchmont; the other line extends from Col
In March 1919 Judge Julius M . Mayer granted an extension of time until umbus Ave. June, to White Plains, passing through M t. Vernon, EastJuly 1 1921. A further extension to April 1 1923 was granted. Since fur chester, New Rochelle, Scarsdale and White Plains. See also V . 93,
p. 346: V. 79, p. 501; V. 97, p. 1824; V . 106, p. 1689.
ther extended to April 1 1924 and then to April 1 1925.
The New Haven company intends merging this company with the West
OFFICERS.— Pres., Leverett S. Miller, N. Y .; V .-P ., E . J. Pearson
chester Street R R . and the Shore Line Electric R R . and will dispose o' Treas., A. S. Mav; Sec., A. E. Clark: Aud.. C. L. Nagle.—V. 112, p. 563;
all the securities whenever a reasonable price may be realized.
V. 113, p. 2819; V. 114, p. 2013; V. 115, p. 309, 1210; V. 118, p. 1774.
Lease.— In Jan. 1924 leased from the Connecticut Co. for 5 years, at
$10,000 a year, trackage in Stamford, Conn., extending to the New York
State line. V. 118, p. 311.
On Dec. 31 1923 N . Y . N. H. A H. owned entire capital stock and the
NEW ORLEANS, LA.
$309,890 notes.
NEW ORLEANS PUBLIC SERVICE INC.
ORGAN IZATION .— Chartered in New York on Aug. 3 1901 as a con
ORGANIZATION.— Came into existence Sept. 27 1922 as a merger of
•olldation of Port Chester Street R y. and Larchmont Horse Ry.
the New Orleans Public Service, Inc., the New Orleans Ry. A Lt. Co.,
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
the New Orleans & Carrollton R R ., Lt. & Pr. C o., the New Orleans &
Stock $500,000________ ________
$500,000 In’ 11-12 3K Pontchartrain R R . Co. and the Orleans RR. Co. New Orleans Public
First mtge $450,000 ($1,000) (_ 1901
5 g A-O
426.000 Oct 1 1931 Service Inc., was incorporated Aug. 18 1922 under the laws of Louisiana
gold-----------------------c * .n t f /Int. at New York Trust C o., N. Y ., Trustee. as per plan of reorganization outlined in this Section of Oct. 28 1922.
First & ref mtge $2,000,0001 1908
4%
925,000 Nov 1958
Note.— The only change in the name of the new New Orleans Public
gold----------------------------- tf/G u ar.. p. & 1,. by N. Y . N H. & Hartford
Service, Inc., is the dropping of tne comma between the words Service
7%
Equip, trust notes___________ 1920
6,000 .....
and Inc.
N Y & Stamford Ry notes-. .. 1921
_______
218,432 __
New Orleans Public Service Inc. controls the following companies:
Town o f Greenwich,Conn,notes___
_________
3,290/ serially to
Owned by
\Nov
1931'
Amount N . O. P. S.
EARN IN G S.— For year ending Dec. 31:
STOCKS—
Isued.
Dec. 31
Operating
Net (after Other
Interest. Bal.,Stirp.
N. O. City R R .C o., preferred________
$2,500,000 $2,473,900
nr Dei.
Year—
Revenue.
Taxes).
Income. Rentals Ac.
“
“
“
com m on_____________________ 6,000.000 4,869,600
$76,594
$532
1923 ------------------ $525,613
$100,278 def.$23,152
$9o3.300
952,200
1922........... ........... 541,999
81,147
1,395
101,o22 def.13,979 St. Charles Street R R . C o..........................
Railways Realty C o_______________________________
3.000
2.500
ROAD.— Operates 37.009 miles of line (of which 23.634 milesareowned
aNew Orleans Gas Light C o______________________ 5,250.000 5,211,300
7.563 leased and 5.812 operated under trackage rights), serving cities of Jefferson & Lake Pontchartrain Ry. C o___________
100,000
99.306
Stamford, Conn., and New Rochelle, N . Y .. and towns of Greenwich,
a The N. O. Gas Light Co. owns all the $10,000 issued and outstanding
Conn., and Rye, Port Chester, Harrison and Mamaroneck, N . Y . 68 pass
stock of the N. O. Lighting Co.
and 7 other cars and 3 snow-plows.
Merger of Sub. Cos.— In Dec. 1923 it was reported that the St. Charles St.
OFFICERS.— Pres., L. S. Miller; V.-P. L. S. Storrs; Treas.. A. S. R y., the New Orleans Gas Light C o., and the New Orleans & Carrollton
May; Sec., A. E. Clark. And C. L. Nagle.— V. 109, p. 270; V. 110, p. R y. Co. would be merged into the parent co. V. 117, p. 2213.
270; V . 110, p. 1188, 2193; V. 118, p. 311, 1773.
The New Orleans City RR. is leased until Dec. 31 1955 to the New Orieans
Public Service Inc. for 5% on the pref. stock and H % until Jan. 1 1908
and 1% semi-annually thereafter on the common stock.
WESTCHESTER STREET RAILROAD.
The co. operates all the plants now generating electric energy for com
Receivership.— On Feb. 29 1920 Supreme Court Justice Morschauser
appointed Leverett S. Miller receiver for the co., on complaint of the mercial power and light in the city of New Orleans, the entire gas manufac
turing and distributing properties, and the street railway system o f 223 m.
Farmers' Loan A Trust Co., N. Y ., which is seeking to foreclose the mtge
Agreement with City.— In 1921 a settlement was effected with the city of
V. 110, p. 972. See also V. I l l , p. 590.
Under the decree of the Federal Court the N. Y . N. H. & H. was to sell New Orleans, by which a definite basis was agreed upon between the
the 7,000 shares of stock and $222,000 bonds owned by it on or befor* company and the city governing their mutual relations.
Under this settlement a sum of $44,700,000 was agreed upon as the value
July 1 1919, but in March 1919 Judge Julius M . Mayer granted an extension
o f time until July 1 1921. A further extension, however, to April 1 1023 of the properties in the system for purposes of the settlement as of Dec. 31
1920, to be increased by future investments in the property. The city
granted. Since further extended to April 1 1924 and again to April 1 1925.
The New Haven Co. intends co merge this company witn the N. V. & agreed, effective Oct. 1 1922, to permit such rates for the various public
services as would enable the company to earn 7 /4 % return on values as
Stamford R y. and Shore Line Elec. R R . and to dispose of all the securities
determined from time to time, after operating expenses, taxes and reserve
ORGAN IZATION .— Incorporated In New York on Dec. 1 1909 as suc for renewals and replacements. The agreed rate base is now in excess of
cessor to the Tarrytown White Plains A Mamaroneck Ry. sold at fore $53,000,000 after allowance for earnings invested in the property since
closure (V . 89, p. 1282) in three sections, two of which form the road of this
31 1920.
company. V. 89, p. 1484. 1.466 miles in village o f Mamaroneck. (Not Dec. addition to the allowed return on the rate base, the settlement provides
In
in operation.) Standard gauge; 70-lb. and 125-lb. rails. See also Shore for indeterminate permits; for the approval by the Commission Council of
Line Electric R R . below.
the City of the issue of securities; for an option to the city to purchase any
In Aug. 1920 the receiver applied for authority to abandon certain lines
or all o f the three departments of the co. at the current rate base valuations.
See V. I l l p. 897. In March 1921 the Court auth. the company to aban
Rates.— The agreement fixes a 7-cent street railway fare, a gas rate of
don operations between Mamaroneck and Larchmont, 1/4 miles, despite a $1 30 per 1,000 cu. ft., and a maximum electric light base rate of 9 cents per
previous order of the P. S. Comm, directing the receiver to run the road- k.w. hour for a test period of 12 mos. from Oct. 1 1922, with a readjustment
V. 112, p. 954. Compare V, 112, p. 373, 471.
of rates after that period as operating remits may make necessary, either
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
to give the company the allowed 7/4 % on the agreed rate base or to reduce
Stock $700.000--------- -------- All owned by the N. Y . N . H. A H. R R . Co
the return to that basis.
On Jan. 29 1924 the N. O. Commission Council auth. the co. to issue
First mtge $2,000,000 goldl 1914
5 g M-S
$168,000 Sept 11 944
$7,500,000 add’l com. stock and to increase its div. rate from 8% to 9% .
($1.000)-------------- _------ c*JInt. at Farmers’ L. A Tr. C o., N. Y .. Trus
Receivers certificates________
____
6%
17.400
____ V. 118, p. 794.
Receiver’s certificates________
____
7/4
5,000 __________
To Operate Buses.— See V. 118, p. 1911.
Bonds.— Subject to call at 102 from Sept. 1 1915 on 60 days' notice.
STOCK AND BONDS—
Dale.
Interest.
Outstanding. Maturity
Remaining $1,614,000 Issuable only to reimburse the company for cost of Common stock ($100)________ _____
________ $8,756,0o0
See text.
future additions, improvements. &c.
Pref stock 7% cum ($100)_________
7%
4.273,800 Oct '23, I K
EARN ING S.— For year ending Dec. 31:
1st & ref M ser “ A'* ($500 &T 1922 5 g A-O
12,000,000 Oct 1 1952
Dec. 31
Operating
Net (.after
Other
Interest,
Balance,
$l,000c* & $1,000 & $10,-/Chase National Bank, N . Y ., Trustee.
000r*) g________ _______ t fl
Year—
Revenue.
Taxes).
Income. Rentals.Ac
Deficit.
4 /4 %
13,876,500 July 1 1935
1923................. $223,002
def. $6,206
$1,232
$32,762 def,37,736 Gen lien 4 /4 % bonds_______ f
(New York Trust C o., N. Y ., Trustee.
1922................... 230,833
16,633
1,452
33,522 def.15,437
4,721,100 N ov 11949
ROAD.— Operates 19.516 miles o f line serving towns of Tarrytown, Income bonds 6% cum ser " A '' 1922 6%
fr60,557 N ov 11949
Elmsford, Greenburg. White Plains, Harrison, Scarsdale and Mamaro Income bonds 6% cum ser “ B ” 1922 6%
N O & Car 1st M $2,000,000/ 1899
5 F-A
1,446,500 Feb 1 1933
neck, N . Y . Has 22 passenger cars and 4 others.
($500 A $1,000)_______ ntfllnterest at office of company.
OFFICERS.— Pres., E. G. Buckland; V .-P ., E . J. Pearson; Treas., A . S. Canal A Olaib RR cons M gf 1896 6 g M -N
704,060 M ay 1 1946
May; Sec., A. E. Clark; Aud., C. L. Nagle.— V. 110, p. 972, 2193; V. I l l ,
$800,000 ($500 & $1,000)-. (Interest at office of company.
p. 590, 897; V. 112, p. 373, 471, 934, 2307; V. 113, p. 1889; V. 118, p. 1775. Edison Elec of N O 1st M f 1899 5 J-J
2,102,000 Jan 2 1929
($1,000) s f $2,500,000 c*tf\lnt. at American Trust Co., Boston, Trustee.
SHORE LINE ELECTRIC R R .
Merch El Lt & Pr Co 1st m tge/ 1899 5 g J-J
300,000 July 11929
$500,060 gold ($500) - -C*tf (Int. at Illinois Merch. Trust C o ., Chic. ,Trus.
Merger, Ac.— For reference to merger with Westchester Street R R . and
6%
20,000
1924
N. Y . < Stamford Ry. and disposition of securities, see latter co. above. Equipment trust c e r t ific a t e s ..____
&
7%
906,606 Ser. to 1925
In Aug. 1920 the co. was ordered to show cause before Supreme Court Car trust notes____________________
3,200,000 June 1 1943
Justice Morchauser why it should not be dissolved. V. I l l , p. 589. N O City gen mtg $3,250,000 ( 1899 4-5 g J-J
gold ($1,000)_________ c*tf(In t. at Interstate Tr. & Bkg. C o., New Orl.
In Apr. 1924 we were informed that dissolution was still pending Court order.
Fidelity Trust
Louisville, Trustee.
ORGAN IZATION .— Incorp. in New York on Dec. 18 1909 to take over New Orieans City & Lake lst(I 1893 5 g J-J C o., 2,265,000 Jan 1 1943
the section of the Tarrytown White Plains & Mamaroneck R y. (sold at
mtge for $5,600,000 gold/ Subject to call for sinking fund at 110.
foreclosure) between Mamaroneck and Larchmont, a distance of 1.46 miles
($560 and $1,000)____c*tf IFidelity Trust C o., Louisville, Trustee.
Leased to Westchester Street R R . from July 1 1913. Stock auth., $300,lin t, at
Bkg. C
Orl.
000. In Aug. 1913 the New York P. S. Comm, authorized the N. Y . N. H N O Power-house 1st mtgef 1901 Interstate Tr. A 200,000 o., New 1943
5 g J-J
July 1
A H. R R . to acquire all the capital stock of the company to be authorized
gold $200,060 ($ l,0 0 0 ).ctf j Fidelity Trust C o., Louisville, Trustee.
by the Commission.— V. 97. p. 597; V. 107, p. 803; V. 111. p. 589.
(Int. at Interstate T r. A Bkg. C o., New Orl.
St Charles St 1st M $600,000/ 1902 4 g J-J
375,000 Jan 1 1952
NEW YORK WESTCHESTER & BOSTON R Y .— An electric road
($1,000) gold________ cntf\ lnt. at Whitney-Cent. Nat. B k., New Orl.
On Dec. 31 1923 the N. Y. N . H. A H. owned $4,984,938 stock.
Rys Realty Co 1st mtge $400,-/ 1916 6 Q-M
151,000 Mar 11931
ORG ANIZATION.— Incorp. June 8 1915 as a consolidation of the West
000______________________ /Hibernia Bank A Trust C o., Trustee.
chester Northern RR. and the old N . Y . W . & B. Ry. (See this Section
Stock.— The 7% pref. is non-voting stock.
for Sept. 1915.) The franchise to operate in N . Y . City was signed by
Bonds.— The 1st A ref. mtge. 5s are red. all or part on 6 weeks’ notice
Mayor McClellan on Aug. 2 1904. V. 79, p. 628. Lines from 180th St..
New York, to New Rochelle and from Mount Vernon to White Plains put in at 105 and int. on or before Oct. 1 1927; at 104 and int. in the next 5 years;
operation on May 29 and July 1 1912, respectively, and from Harlem River at 103 and int. in the next 5; at 102 and int. in the next 5: at 101 and int.
to 180th St., New York, on Aug. 3 1912. V . 94, p. 1508. 1627; V. 95 in next 5, and at 100/4 and int. thereafter prior to maturity. The 6%
cum income bonds, maturing Nov. 1 1949, are designated respectively
p. 48, 298.
Ser. A and Ser. B (Ser. A to be payable in U. S. dollars and Ser. B payable,
On July 26 1911 Pub. Serv. Comm., 2d Dist., auth. $20,100,000 1st M
bonds (total auth. issue, $60,000,000), o f which $17,200,000 were issued prin. and int., in French francs). The Irving Bank-Columbia Trust C o.,
forthwith. V. 93. d . 286. The remaining $2,900,000 bonds under thii N. Y ., is coupon paying agent. On the New Orleans A Carrollton con
authorization were issued from time to time for the construction of tht solidated bonds $30,000 per annum is payable to a sinking fund. A sinking
White Plains Branch. On April 2 1913 the P. S. Comm, granted permlssior fund of $30,000 per annum is provided for the redemption of the N . O.
City A Lake R R . bonds. The Merchants’ Elec. Co. bonds are stibj. to
to issue $6,044,000 additional 4 /4 % bonds, proceeds to be used for con
■traction of main line double track from New Rochelle to Port Chester and call at 102 and int. at any time. The St. Charles St. R R . bonds are not
sub. to call, but a proportionate amount will be retired yearly by purchase
for completion of White Plains Branch. V. 96, p. 1089. Of these bonds
$744,000 have been issued for construction of main line and $546,000 for in the open market. Edison Elec. Co. o f N. O. bonds have sinking fund
of 1% per ann. of bonds out.
White Plains Branch.
A sinking fund of $15,006 annually, since Jan. 1 1921, is provided for
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
the redemption of Canal A Calib. 6% bonds.
Stock $6,000,000 ($100)................ ..
.............
$5,005,250 ..................
Dividends.— In Dec. 1923 a div. o f 8% was declared on the com. stock
First mtge $60,000,000 gold! 1911
4/4 J-J
21,390,000 July 1 1946 for the year ending Sept. 30 1923, payable in com. V. 117, p. 2770.
Series 1 (see text)--------- tf/I n t. on $ bds. in N . Y .; on £ bds. in London
R E PO R T .— For calendar years:
D u eN Y N H A H RR Dec. 31 1923
________ 24,341,313
________
Net, after
Other
Balance,
Bonds.— Remaining bonds are reserved for construction. Par. c*
Gross.
Taxes.
Income.
Int., Ac.
Surplus.
$1,000, or £200 and £100; r*, $1,000 and multiples. Bonds o f £200 or Cal. Year—
1923_________ $14,407,601 $4,603,485 $152,094 $2,204,056 $2,551,523
multiples convertible into $ coupon bonds at $4 85 per £, with adjustment
4,888,114
75,302
-----------------------of Interest at current exchange rates. Any series or not less than $5,000,- 1922________ 14,595,194
000 o f one or more series, redeemable on any int. date at 110. Guaranty
P R O PE R TY, &c.— Includes (1) electric generating stations, aggregate
Trust C o., N . Y ., trustee. Bonds are unconditionally guar., p. A 1., by installed capacity of 72,900 k.w. and 1,426 miles of electric distributing
endorsement by N . Y . N . H. & Hartford R R . See V. 93. p. 346. Bondi system; (2) gas works with a manufacturing capacity of 16,124,000 cu. ft.
are listed on N . Y . Stock Exchange. V . 94, p. 768.
per day, holder capacity of 7,580,000 cu. ft., and 497 miles of mains;
(3) and 225 miles of street railway track and 740 cars, including 217 double■ E A R N IN G S .— For year end. Dec. 31:
truck cars of modern design.
Si Cal.
Operating
Net (after
Other
Interest,
Balance,
Year—
Revenue.
Taxes).
Income. Rentals. Ac.
Deficit.
OFFICERS.— Pres., H. B. Flowers; V .-P . A Gen. M gr., A . L. Kempster;
1923................ $1,452,943
$282,830
$5,931 $1,905,475 $1,616,715 Sec., J. H. De Grange; Gen. Aud., A . B. McCoard; Treas., H. A. Ferrandout
'
1922 ------------ 1.354.009 _j _ a94.134
y6.299
1.847.425
1,746,992 — V. 117, p. 1017. 1462, 1664. 2213. 2770: V. 118. p. 202. 311. 794. 1911.
A pril, 1924.]
ELECTKIC RAILW AYS
79
ORGANIZATION.— Chartered April 25 1831. Owns also a steam road
NATIONAL POWER & L IG H T CO.
ORGAN IZATION .— Organized in N . J. in 1921 and acquired from the leased to New York Central, its securities, which cover the electric roads as
committee for the American Cities Co. 5-6% coll. tr. bonds (as per re well as the steam line, being described under the title New York & Harlem
organization plan outlined in “ Electric Railway” Supplement of Oct. 28 among steam railroads in our “ Railway and Industrial” Section.
1922), the securities pledged under that issue together witn certain securities
The electric (formerly horse) lines (18.95 m. of track) were leased to the
acquired by the committee from the Chase National Bank in exchange for Metropolitan St. R y ., now New York R ys., for 999 years from June 11 1896
certain securities o f N . O. Ry. & Lt. Co. (reorganized as New Orleans but the rental due Dec. 26 1918 having been defaulted. Judge Mayer or
Public Service, Inc.— see on preceding page) held by the committee. Thus dered the New York Rys. Co. to terminate this lease and return the line to
the following securities were transferred to the company:
the company effective Jan. 31 1920. V. 110, p. 360. Dividends from rent
(a) 20,000 shares capital stock o f Houston Lighting & Power C o., 1905. als o f street railway lines discontinued since Oct. 1918 due to non-payment
) 6,015 shares 6% cum. pref. stock and (c) 16,175 shares com. stock Little of rentals in question.
Objections to Valuation of Transit Commission.— V. 114, p. 1287
ock R y. & Elec. Co. (a) 20,500 shares capital stock o f Knoxville R y. &
Light Co. (e) Sucn rignts as may pertain in dissolution to the 22,303 shares
EARNING S.—-For cal. year 1923, gross, $1,489,113; net, after taxes,
o f the pref. stock and tne 21,760 shares of the com. stock o f Mempnis Street $82,588. In 1922, gross, $1,554,312; net, after taxes, $179,949. Line
R y. (/) Such rights as may pertain in dissolution to the 27,774 shares of oper. electrically from Mar. 1898 from City Hall to 135th St.— V. 106, p.499;
ref. stock and 34,954 shares o f the com. stock o f Birmingnam R y., Light V. 108, p. 79; V. 109, p . 1273; V. 110, p. 360; V. 114, p. 410, 854, 1287.
: Power Co. (g) All indebtedness o f and claims against any and all of
said companies and American Cities Co. owned by the committee or to
NEW Y O R K R A ILW A YS CO .— Underground trolley.
whicn it Is entitled, (h) All tne 5-6% coll. tr. gold bonds o f American Cities
Receivership.—
Mayer in the U. S. District
Co. deposited witn the committee stamped to show the payments thereon. Court appointed On March 20 1919 Judgereceiver for the company, upon
Job E. Hedges temporary
The co. also controls the Memphis Power & Light Co. (formerly Memphis application by the American Brake Shoe C o., holder of an overdue claim
Gas & Elec. C o.). For history of American Cities Co. see “ Electric R y .” for $36,806. On March 31 1919 the receivership was made permanent.
Supplement of Oct. 28 1922.
V. 108,/?. 1391. Compare V. 108, p. 1165. On April 21 1919 Judge Mayer
Separate statem ents o f the controlled B irm ingham Ry. Lt. A P r. Co. (being In the U. S District Court denied the applications of the Eighth and Ninth
reorganized as B irm ingham E lectric C o .), the A rka n sas Central Pow er C o .,
Ave. R R . Cos. for an order directing the receiver to turn back the properties
the K n o x v ille Pow er & Lt. Co. and the M e m p h is Street R y ., w ill be fo u n d to the lessor companies. Judge Mayer also refused to order the receiver to
u n d er the respective cities in w hich they operate, w hile the statem ent o f the pay the rentals due the complaining companies. V. 108, p. 1721. On
H ou ston Ltg. A Pow er C o. is given below.
however. Judge Mayer issued a formal order separating the
For the purpose of carrying through the plan of reorganization (V. 114, July 15 1919, R from the receivership of the New
Eighth Ave. R
The
p. 76), incl. the acquisition of the Memphis Power & Light Co. (formerly order Instructed. the receiver and the Eighth Ave. RYork Railways Co. agree
R . Co. to make an
Memphis Gas & Elec. C o.), and other corporate purposes, the following ment that, as long as Commissioner Nixon’s two-cent transfer order (see
securities have been issued:
below) exists, fares shall be the same as if the separation had not been made.
STOCK AND BONDS—
D a te.
In terest.
O utstanding.
M a tu rity .
If, however, the order is contested, the Eighth Ave. line is to be considered
Com 375,000 shares (no p a r ) . . ____
________ 122,953shs.__________
absolutely independent and no transfers will be given. V. 109 p. 270.
Pref 125,000 shares (no p a r ) . . ____
________ 39,560shs. See text
[This order was modified on Sept. 26 1919, and, effective Oct. 1 l9 l9 , all
50-yr 7% inc bonds $2,000,000/1922
J-J
$8,589,710 Jan. 11972 transfers between the Eighth Ave. R R . and the New York Rys. Co. were
($100, $500, $1,000& $10,000r (Central Union Trust Co., N. Y ., Trustee. discontinued.— Ed.] Compare V. 109, p. 1079. On Sept. 11 1919 Judge
Stock. — IYef. stock entitled to divs. of $7 per share in preference to com. Mayer resolved to return the Ninth Ave. R R . to its owners. V. 109. p.
and to $100 per share preference in liquidation, and is red. at $110&accr.divs. 1080. Effective Jan. 31 1920, Judge Julius M . Mayer ordered the Fourth &
Bonds.— Income bonds entitled to 7% int. if earned; 3>£% paid July 1 Madison Ave. Line, which had been leased to the company, returned to its
1922 and 3 )4 % paid regularly since to and incl. July 1 1923. Call, any time parent company, the New York & Harlem R R . V. 110, p. 360. The 1st
on 4 weeks’ notice at 105 and int.
real estate and refunding bondholders have asked the receiver to surrender
Sinking fu n d 1 % per annum.
four more leases, viz., B ’way & 7th Ave., Sixth Ave., Christopher & 10th
Dividends.— An initial div. o f $1 75 per share was paid on the pref. stock St. and Bleecker St. & Fulton Ferry. In Jan. 1924 the receiver was ordered
in April 1923, and same amount paid regularly quar. since to and incl. by Federal Judge Mayer not to adopt the lease of the B-way & 7th Ave.
April 1924.
R R . The receiver, however, is to continue to operate the road and will
EA R N IN G S.— Of all the operating cos. in which the N at’l Pow. & Lt. render a separate accounting to the Court. Y. 118, p. 432.
Co. is interested for 12 months ended Dec. 31:
Tentative R eorganization P la n . — A tentative reorganization plan was com
Y ea rs ended D ec . 31—
1923.
1922.
pleted in Oct. 1923 by a committee (Chairman, Bronson Winthrop; Joseph
Gross earnings_________________________________ $20,908,761 $18,889,550 P. Cotton. Charles P. Howland, Henry V. Poor and Frank D. Pavey
Net earnings___________________________________
6,994,783
6,025,027 [Mr. Pavey dissented from the basic features of the plan and therefore did
S u pervision. — Under supervision of Electric Bond & Share Co., N . Y . not join in the report of the committee]), for details of plan see “ Electric
— V. 115, p. 2485: V. 116, p. 1284, 2644.
Railway” Supplement of Oct. 27 1923 and V. 117, p. 1775.
Frank D. Pavey, who dissented from the plan, filed a minority report
(a) H ouston L ighting & Power Co.— Controlled by the National
and proposed a plan of readjustment, a digest of which was given in V. 117,
Power & Light Co. (see above).
Many other objections were raised to
majority plan
ORGAN IZATION .— Incorp. in Texas Jan. 8 1906 and took over the p. 1885.bondholders committees and others, and itthe understood thatby
various
is
a
business of the (old) Houston Lighting & Power Co. Owns and operates revised plan of reorganization has been drafted and has received the approval
the entire municipal and commercial electric power and light facilities
important
In Houston, Magnolia Park, Harrisburg, West Houston and all suburbs. of severalmade. For committees although no official announcement has
yet been
unofficial report regarding details of new plan, see
Fran ch ises are perpetual or run to 1972.
In Mar. 1924 sold $2,000,000 1st lien & ref. mtge., ser “ C ,” 514% bonds, V. 118, p. 794.A
Maintenance
Oct. 1919 Judge Mayer,
proceeds to be used to reimburse co. for extensions, &c., and for other U. S. Dist. CourtDepreciation Reserve.— Inset aside 38% of the gross in the
ordered the receiver to
trans
corporate purposes. V. 118, p. 1527.
portation revenue as a maintenance and depreciation reserve, following
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
the report (V. 110, p. 75) of Stone & Webster which stated that, under
________ $2,500,000 ................... existing conditions it would take 37.4% o f the revenue to go as far in the
Common $2,500,000 ($100)________
Preferred $2,000,000________ _____
_______
2,000,000 Feb ’24,$1.75 way of maintenance work as was done with 20% in 1914, the old figure
First mortgage $5,000,000/ 1911
5 g A-O
_________ Apr _____
2,403,000
1 1931 V. 109, p. 1610.
($1,000) gold----------------c*(W hitney Cent.Tr &S.Bk.,New Orl..Trustee.
Foreclosure Proceedings.— On June 6 1919 Judge Mayer in the U. S. Dist.
1st lien & ref mtge ($100. $500 '
Court auth. the Farmers’ Loan & Trust C o., as trustee, to bring suit to
& $1,000 c* & $1,000 r*)
foreclose the adjustment mtge. of Jan. 1 1912. V. 108, p. 2433. See also
g ------------------------------- t f
V 111, p. 74. In Sept. 1919 the Guaranty Trust Co of N Y ., as trustee,
Series “ A ” _______________ 1923
5 g M-S
2,000,000 Mar 1 1953 filed a bill to foreclose the 1st real estate & ref. mtge. V. 109, p. 1273.
Series “ B” _______________ 1923
6 g A-O
2.000,000 Oct 1 1953 See also V. 110, p. 1643. In Aug 1920 Judge Mayer adjourned until
Series “ C ’
5)4 g M-S 2,000,000 Mar 1 1954 Nov. 9 1920 the proposed sale under the proceedings brought by the
1924
[Guaranty Trust C o., N. Y ., Trustee.
Guaranty Trust Co. V. I l l , p. 793
Since then the sale has been post
Bonds.— The 1st mtge. 5s are red. at 105 and int. at any int. period on poned from time to time.
30 days’ notice; callable by lot. Sinking fund o f 1% o f bonds outstanding
Mortgage Opinion.— For opinion of Federal Judge Mayer in Nov. 1921
began July 1 1915. $497,000 have been retired. $2,100,000 are pledged as as to what property is covered by the 1st M ., see Y. 113, p. 2406.
security for the 1st lien & ref. mtge.
D ec is io n on L ien o f Col. A 9th A v e. RR. o s . —-See V. 116, p. 2007. Com
The 1st lien & ref. mtge. 5s are secured by pledge o f $2,100,000 1st mtge.
116, p. 2006, under caption “ Columbus & Ninth Ave. R
5sdue April 11931. Ser. “ A ” are red. all or part on 4 weeks’ notice at pare V.of Real Estate.—-Various parcels of real estate have been R .” from
Sale
105 and int. on or before March 1 1928 and at 1 % less for each 5-year period time to time at public auction, and the following references give sold
complete
thereafter to and incl. March 1 1948; at 100 l and int. thereafter to and details of the various sales:
A
ll,
incl. March 1 1950, and thereafter at par. Ser. “ B ” red. all or in part at p. 2256; V. 117, p. 208, 895; V. I118, p. 1851; V. 114, p. 738, 1063; V. 116,
Y.
p. 85.
any time on 4 weeks’ notice at the following prices, together with accrued
int. on or before Oct. 1 1928 at 106; thereafter at 1% less for each 5-year p. Special Franchises and Real Estate Sold to Satisfy Tax Liens.— V. 109«
1366.
period to and incl. Oct. 1 1948; thereafter to and incl. Ajtril 1 1952 at 101;
Purchase of Franchise T a r i.ien$ by city.— See V. 112, p. 2414.
thereafter to and incl. Oct. 1 1952 at 100 J^; and thereafter at the principal
Central Crosstown Ry. 1st Itge. 6s Not Paid.— The receiver having been
amount. Series “ C ” red. all or in part on 4 weeks’ notice at any time at ordered by tne Court not to pay the prin. and int. on the Central Crosstown
the following prices, together with int. On or before Feb. 28 1929, at 105; Ry. 1st Mtge. 6s, due Nov. 1 1922, and the trustee under the Mtge. securing
thereafter at 1% less for each 5-year period to and incl. Feb. 28 1949; the bonds having gone out of existence, the following committee was formed
thereafter to and incl. Feb. 28 1951 at 100 4 . and thereafter at the principal
2047);
amount. Penna. 4 mill tax refundable. Listed on Boston Stock Exchange. and has called for deposits (V. 115, p. lsf vltge. 6s.— Chairman, Henry W .
Committee for Central Crosstown Ry.
V. 117, p. 2000.
George; John W. Platten, Wm. Carnegie Ewen, Sec., Robt. P. Brown,
EARN ING S.— For 12 months ending Dec. 31:
Depositary, United States Mtge. & Trust C o.,
Gross.
Net.
Bond Int. Oth.Int.& Ded. Bal., Sur. 55 Cedar St., N. Y . City.2045.
Y . City.— V. 115, p.
$940,927
3204,483
$44,180
$692,264 N.Committee for Adjustment lortgage Income 5s.— John Candler Cobb.
1923______$2,603,155
1922--------- 2,097,420
713,964
120,150
37,970
555.844 Chairman; Oscar Cooper, Haley Fiske. Frank L. Hall, Duncan A. Holmes,
OFFICERS.— Pres., Edwin B. Parker; V.-P. & Gen. M gr., S. R. Ernest Stauffen Jr. and Richard H. Swartwout, with B. W. Jones as
Bertron Jr.; V.-P., A. S. Grenier; V.-P., E. W. Hill; Sec. & Treas.. R. S. Secretary, 16 Wall St. Depositary: Bankers Trust C o., N. Y . Agents.
Daunoy.— V. 117, p. 899, 1783, 1893, 2000; V. 118, p. 1527, 1671.
Old Colony Trust C o.. Boston and Comm. Tr. C o., Phila. V. 108, p. 1061:
Deposits have been called for. V. 108, p. 1275. 1512, 2023Committee for First Real Estate A Ref. M . 4s.— Harry Bronner, Chairman;
NEW Y O R K C IT Y . N. Y.
William A. Day, Caspar W. Morris, Charles A. Peabody, W. H. Remick,
EIGHTH AVENUE RR.— Underground trolley road.
Frederick H. Shipman and H arold S ta n le y , with G e o . L. Burr as Secretary.
N ot Includedin Tentative Reorg. Plan of New York Rys. Go.— V. 117,p .1774. 140 Bway., N. Y. City. Depositary, Guaranty Trust C o., N Y. V. 1Q8,
ORGAN IZATION .—Chartered Jan. 10 1855. Road was leased to Ale.
p. 1061. Deposits were called for arid up to Oct. 1919 “ a large majority
St. R y ., now N. Y. R ys., for 99 yrs. from Nov. 23 1895 at rental of $215,000 had been deposited with the committee
V. 109. p. 1610. Compare
per annum, which provided for interest on the scrip and 16% dividends on V. 108, p. 2023; Y. 109, p. 1273
stock, besides all taxes. This lease was terminated, however, by an order
Committee for Lexington Ave A Paconia Ferry 1st 5s.— F J. Fuller, N. Y .;
of Judge Mayer in the U. S. Dist. Court as of Aug. 1 1919, separating the co
A. R. Horr, Reginald Foster; Sec., Chas E Sigler, 80 B’way, N. Y . City.
from the receivership of the N. Y. Railways. The co. is now operated by Depositary: Central Union Trust C o., New York
V. 110, p. 2658;
its stockholders. Transfers are neither given nor accepted. V. 109, p
Y 111. p. 294.
1271; V. 109, p. 172. See also V. 109, p. 270. Underground electric trac
Committee for Columbus A Ninth Ave. RR. 1st 5s.— O. Robert Adame.
tion system used between 158th St. and Cortland St. V. 67, p. 178, 956. Frank Coenen, G. E. Warren; Sec., Arthur N. Hazeltine. Depositary,
Suit.— On Aug. 23 1921, the co. brought suit against the 6th Ave. RR ., Columbia Trust Co., N. Y . V. I l l , p. 74; V. 114, p. 1286. For statement
the N. Y. Rys.. and others to obtain judgment for an immediate partition by committee, see V. 116, p. 2006.
and distribution of the property known as “ Church Farm.” V. 113, p. 960.
Tort Creditors' Committee.—Chairman, Samuel Seabury, John V. Bouvier
On N ov. 28 1913 the P. S. Comm, authorized the Issuance of $750,001; Jr.. Robt. H. Ernst, Charles Steckler. V. 108, p. 2241.
8% 5-year certificates, dated Feb. 1 1914, replacing the same amount of
Valuation by Stone A Webster.— V. 110, p. 562.
ceitifieates issued in 1884 and due Feb. 1 1914. The $750,000 scrip of
ORGAN IZATION .— Incorporated on Dec. 29 1911, and at midnight on
1914 originally fell due in Feb. 1919 but has been extended to Feb. 1929.
Dec. 31 1911 took over the lines
old Metropolitan
sold at
In March 1922 the co. obtained a mortgage loan from the Farmers' Loan foreclosure (V. 93, p. 1787) on of the 29 1911. per plan Street R y. p.1533
Dec.
in V. 93,
& Trust Co. on certain real estate. V. 114, p. 1179.
(formally approved by Public Service Commission on Jan. 24 1912).
STOCK AND BONDS—
Par.
Interest. Outstanding. Maturity
See V. 94, p. 977. The sale did not include the leases of the Central
Quar.
$1,000,000
See text
S to c k ______________________ $100
Park North & East River R R ., 28th & 29th Sts., the Second Ave. R R . and
Scrip of 1914............................. 100 6 F-A
750,000 Feb 1929
Fulton St. RR. The latter road was abandoned in 1908 (V. 90, p. 1675).
Scrip of 1914 replaces same amount o f scrip o f 1884 which fell due Feb. 1
In 1913-14 acquired a half-interest in the Bridge Operating Oo., which,
1914. Again, in 1919, extended to Feb. 1929. Red. any int. day.
ander an agreement with the city dated M ay 21 1904. operates local cars
over the Williamsburgh Bridge. With the Third Avenue Railway and the
EARN ING S.—-For cal. years;
Cal. Year— Gross.
Net.
Taxes.
Int.Deduc.
Bal.,Def. Brooklyn Rapid Transit Co. controls the Brooklyn & North River R R .,
1923_____ $1,266,960
$11,547
$99,620
$133,892
$221,964 operating over Manhattan Bridge. (This line ceased operating on Oct. 4
1922_____ 1,291,369
120,259
91,932
115,703
87,376 1919).
On July
P. S. Commission’s approval, the
ROA D .— Total track owned and operated. 20.389 miles.— V. 109, p. property of 24 1918 purchased, with the(incl. lease of the old Christopher A
the Central Crosstown RR.
1272; V. 112, p. 2413, 2747; V. 113, p. 960, 2719; V. 114, p. 1179.
Tenth St. R R .) at foreclosure for $2,114,000. V. 107, p. 402, 501, 906.
On Nov. 30 1914 the Public Service Comm, authorized the company
INTERBOROUOH RAPID TR AN SIT CO.— MANHATTAN R AIL to purchase the $600,000 capital stock of the 23d Street R y. at $350 per
W AY .— See “ Railway and Industrial" Supplement.
share and to issue first real estate & ref. 4s to pay for same. $507,500 of
the stock has been so purchased. The authority was given on condition
NEW Y O R K & HARLEM RAILROAD.— Underground electric railroad; that the company shall provide for an amortization of 20% of the face value
Not Included in Tentative Reorg. Plan of New York Rys. Co.— See V. 117, of the bonds, representing the discount on the bonds. Has acquired 8,536
p. 1775.
•hares of the stock of the Bleecker St. & Fulton Ferry R R . at $28 50 per sh.
g
S
80
ELECTRIC RAILW AYS
Franchises.— M ost o f the franchises are perpetual. In Oct. 1917 the co
rejected a franchise drawn by the city permitting the operation o f a line
In W . 86th St. V. 105. p. 1618.
Suit under Adjustment Mtge.— The suit brought by the N . Y . Life Ins.
Oo. to recover unpaid Interest on the bonds since Jan. 1 1912 (approx. $50
for each $1,000 bond. incl. coupon due April 1 1915) was dismissed in
1915, but O. B. Leighton o f Boston, representing the bondholders’ com
mittee. Intervened (V. 100, p. 1349, 1918; V. 101, p. 1973). In N ov. 1915
the Appellate D iv. o f the Supreme Court, reversing a lower court, rendered
a decision giving M r. Leighton the full standing that the N . Y . Life Ins.
Co. previously had in the case.
Guaranty Decision.— In M ay 1917 the U . S. Supreme Court affirmed the
decision o f U. S. District Judge Hough, o f New York, dismissing the action
brought by the bondholders’ committee o f the old 28th & 29th Streets B B .
(property foreclosed and now known as Mid-Crosstown B y.) against the
New York Bys. C o. on the ground that the Federal Courts had no jurisdic
tion. On N ov. 14 1918 a settlement agreement was made with the bond
holders’ committee and the litigation (case had been carried into the State
Court) terminated.
STOCK AND BONDS— Date
Interest. Outstanding. Maturity.
Stock $17,500,000 ($100)......... ..........
.................$17,495,060 .................
1st real est A ref mtge gold ( 1912 4 J-J
18,061.290 Jan 1 1943
(see text)_________ c*Ar*tf\Guaranty Trust C o., New York, Trustee.
onvertible scrip ___________ _____
4%
2,250 __________
I djust inc M $33,000,000 g 7 1912 5 A-O
30,609,487 Jan 1 1942
non-cum (see text)c*Ar*tf(Farmers’ Loan A Trust C o., N . Y ., Trustee.
First real estate A ref. and adjustment income coupon bonds are in denom.
of $1,000; registered bonds are for $1,000. $5,000 or $10,000. Int. on both
issues payable at office of company or its agency in New York City.
aLexlngton Ave A Pavonia/ 1893 5 g M-S
5,000,000 Sept 1 1993
Ferry 1st M g o ld ..c* A r n tf) Interest at office of company in New York.
aColumbus & Ninth Avenue) 1893 5 g M-S
3.000.000 Sept 1 1993
first mortgage gold.c& rntfj Columbia Tr. Co., N . Y . City, Sub. Trustee.
oSo Fy 1st gu $350,000($1,000) 1889
5 A-O
350.000 April 1 1919
Broadway Surf BB first m t g e . ___
1.500.000 July 1 1924
5 J-J
aCentral Crosstown first mtge 1882
250.000 Nov 1 1922
6 M -N
Bills payable June 30 1918_________
400.000 ...................
Company separately operated—
a34tb St. Crosstown first mtge 1896
5 A-O
1.000,000 April 1 1995
Lessor Companies—
Broadway & 7th Ave con mtge 1893
5 g J-D
x$S,150,000 Dec 1 1943
Bleecker St A Ful Fy first mtge 1876
4 J-J
700,000 Jan 11950
Christopher A 10th Sts 1st M . 1898
4 A-O
210.000 Oct 1 1923
•Eighth Ave certs of indebt___1914
6 F-A
750.000 Feb 1 1929
Twenty-third St B B mtge____1912
5%
1,500,000 Jan 1 19S6
a Int. on these bonds paid at office o f company, 165 Broadway, N . Y . O
• Interest on the $750,000 certificates o f indebtedness of the Eighth Ave
B B . is paid out o f the $215,000 rental which the New York Bys. pays the
Eighth Ave. B B . (but see under separate heading above), x There are also
outstanding $1,500,000 B ’way A 7th Ave. B B . 1st M . 5s which fell due in
1904 and are all held by New York Bailways.
First real estate and refunding mtge. Is not limited as to amount of auth
Issue, but further bonds may be issued to refund or acquire underlying
bonds, subsidiary bonds and other bonds, any obligations secured upon
mortgaged or leased properties; to acquire securities o f other companies to
be pledged under mtge. and for add’ns, exten's and lmpts. See purposes
for further issue in full in V. 94, p. 977. Bed. on any Int. date on 12 weeks'
notice, at 105 and Int. See V. 94, p. 977. Bonds are listed on N. Y . Stock
Exch. V. 94, p. 827, 977; V. 101, p. 2145.
Div. on Income Bonds.— Initial div. o f $7 71 (0.771%) paid Oct. 1 1912
Y . 95, p. 644). In 1913. April, $22 50 (2 H % ); Oct., $16 36 (1.63%)
In 1914, April. $23 46 (2.34% ); Oct.. $12 88 (1.288%). In 1915, April
$17 69 (1.769%); Oct., $13 70 (1.37% ). In 1916. April. $31 94 (3.194%)
Oct., $19 81 (1.981%). None since. See V. 106, p. 929.
Lexington Ave. A Pavonia Ferry 5s and Columbus A Ninth Ave. 5s were
tally described in V. 60, p. 1146. Both were guar, and later assumed by
the Metropolitan Street B y. Oo. (now New York Bailways).
Christopher A 10th St. 1st M 4s.— Originally fell due Oct. 1 1918, but were
extended for 5 years to O ct. 1 1923.
Amortisation Fund.— On Dec. 10 1912 P. S. Commission modified Its
order o f Feb. 27 1912 (see V. 94, p. 698) by striking out the provisions
requiring the setting aside each year o f a specified amount as an amortiza
tion fund, as it found it did not have power to make such requirement. It
re-affirmed, however. Its order requiring the setting aside each month,
beginning Jan. 1 1912, for maintenance and depreciation of a sum at least
equal to 20% o f gross operating revenue for such month. V. 95, p. 1608
V. 94, p. 698. On Jan. 18 1918 the Appellate Division of the Supreme
Court dismissed the writ of certiorari granted by Supreme Court Justice
Platzek on April 17 1913 to review the order. V. 106, p. 396. In M ay 1918
the N . Y . State Court o f Appeals reversed the decision o f the Appellate
Division. V. 106, p. 2560. An application for a modification of the order
■o that it should provide for the setting aside of 20% o f the gross passenger
revenue only Instead of 20% o f the gross operating revenue was denied
by the P. 8. Comm, on July 27 1915. V. 101, p. 370.
Adjustment Income Mortgages are redeemable on any Jan. 1 or July 1 in
whole but not in part at par and int. Holders o f adjust, mtge. bonds
■hall have the power, by vote o f a majority thereof, to elect one less than a
majority o f the members of the board of directors until the full 5% per ann.
■hall have been paid to holders annually for 3 successive years, and again
thereafter, during a like period, whenever a failure to pay such annuallnt.
■hall occur. During such periods, also, the holders o f said bonds shall have
tall power in respect of all other questions, upon which stockholders may
vote, to cast one vote for each $100 o f the principal o f the bonds held by them.
V. 94. D. 977. Bonds are listed on N . Y . Stock Exch. V .9 4 . d -827. 977.
BE PO BT.— For year ending June 30 1922, total revenue, $9,415,289; net,
after taxes, $903,697; int., rents, A c., $2,933,066; net corp. deficit, $2,029,370. For year end. June 30 1921, total revenue, $9,391,115; net, after
taxes, $205,641; int., rents, A c., $2,825,131; net corp. deficit, $2,619,490.
Latest Earnings.— For calendar year 1923, gross, $9,095,420; net, after
taxes, surplus, $189,008. In 1922, gross, $9,403,578; net, after taxes,
surplus, $882,953.
For results of operations under receivership, see reports appearing In
V . l l l . p. 1746; V. 112, p. 1024, 1137; V . 114, p. 849.
BOAD.— On June 30 1918 (no later information available) owned 42.756
miles o f track o f which 29.580 miles were underground electric and 13.176
miles storage electric; leased 96.646 miles (92.788 underground electric and
3.858 storage electric); operates under agreement 11.615 miles (11.138 un
derground electric and 0.477 storage electric); total track, 151.017 (133.506
underground electric and 17.511 storage electric). As of June 30 1920 the
receiver stated that of this mileage only 95 miles remained in his possession,
and o f this only 80 miles were veing operated. V. I l l , p. 1746. Owned
and controlled, 1,977 passenger (1,861 electric and 116 storage battery)
and 141 service (130 electric and 11 horse); total, all cars, 2,118.
lain
power station equipped with 11 3,500 k. w. generating units and 5 sub-sta
tions and distributing systems, including 1,615 miles of single-power trans
mission ducts.
OFFICEBS.— Beceiver, Job E. Hedges; Gen. Mgr. for receiver, Frank
Hedley; Sec. for Beceiver, F. T . W ood; Treas., J. H. Campbell; Gen. Atty.
for Beceiver, J. L. Quackenbush. General offices, 165 Broadway, N . Y .—
V. 115, p. 2794; V. 116, p. 410, 1050, 1893; 2007, 2256, 2389; V. 117, p.
208, 895, 1775, 1885, 1993, 2542; V. 118, p. 85, 432, 664, 794.
Companies C ontrolled by New York Railways.
(1) Bleecker Street & F ulton Ferry R R .— Horse and electric.
The New York Railways owns 8,536 shares of the company's stock.
ORGAN IZATION .— Chartered Dec. 12 1864- Leased to 23d Street
Ballway Co. Jan. 10 1876 for 99 years; lease assigned to Metropolitan Street
By. (now New York B ys.). Rental is interest on $700,000 bonds, 1 ^ %
per annum on stock, taxes and corporate expenses o f $600.
STOCK AN D BONDS—
Par. Interest.
Outstanding. Maturity.
1H % J-J
$900,000
See text.
S to c k ....................................... .$ 1 0 0
1st M gold, were formerly 7s,7 1,000 4 g J-J
700,000 Jan 11950
extended In 1900 as 4 s.n tf IGuaranty Trust C o., New York, Trustee.
Of the $900,000 stock outstanding, $853,600 Is owned by the N . Y
Railways Co.
R OAD.— Owns 5.25 miles o f track.— V. 90, p. 913; V . 104, p. 1700,
1898, 2450; V. 105. p. 72 . 496, 1522. 2364.
[V ol. 118.
(2) Broadway & SeventhJAvenue.— Change to underground electric
occurred in Aug. 1901.
^tecnvership.— In Oct. 1919 Job E . Hedges was made receiver for the co.
for the purposes of the foreclosure suit noted below. V. 109. p. 1366.
Lease to Be Surrendered.— In Jan. 1924 Federal Judge Mayer directed the
receiver for the N. Y . Bys. Co. not to adopt the lease of the co. The re
ceiver, however, is to continue to operate the road and will render a separate
accounting to the Court.
ORGANIZATION .— Chartered M ay 26 1864. Leased M ay 13 1890 for
unexpired term of charter,and for any extensions of the same, to Houston
West St. A Pavonia Ferry, now New York Railways. Franchises perpetual.
“ Re n t a l .— Interest on bonds and 10% on $2,100,000 stock, of which
New York Rys. owns $1,400,200, besides taxes and corp. expenses.
The following committee has been formed to protect the interests of the
minority stockholders:
Stockholders’ Committee.—C . R obt. Adams, Joseph Wallker, Jr., Harrison
K. Bird, Harry M . Curtis and Geo. C . Warren. Depositary: Columbia
Trust C o., 60 B ’way, N . Y . C ity. Deposits have been called for. V.
110, p. 464; V . 109, p. 2355.
Committee for South Ferry 1st M . 5s.— C. W . Beall, P. C. Krauthoff;
Sec., Fredk. S. Burroughs, 56 William St., N . Y . City. Depositary, Cen
tral Union Trust C o.. N. Y . City. V. 108, p. 1166.
Committee for B’way A 7th Ave. 1st Cons. Mtge. 5s.— Chairman, Harold B.
Thorne; O. W . Benson, Frank Coenen, R obt. Kelly Prentice, Joseph P.
Bradshaw, Roger H. Williams: Sec., .jas. F. McNamara, 60 Wail St.,
N. Y . City. Depositary, Metropo.itan Trust C o., N . Y . Deposits have
been called for. V. 112, p. 2747; V. 113, p. 70, 847. See also V. 116, p.
2881.
Committee for Broadway Surface RR. ls( Mtge. 5s.— Chairman, Louis V.
Bright, Edwin C. Jameson, Henry L. Finch; Sec., Robert Smyth, 160
Broadway, N. Y . City. Depositary: Lawyers’ Title A Trust C o., 160
Broadway, N. Y . City. V. 113, p. 2310. Deposits have been called for.
For report of committee on situation in regard to reorganization, Ac., see
V. 118, p. 662.
Foreclosure.— The proposition of Receiver Hedges to extend the $350,000
South Ferry 1st 5s, due April 1 1919, for one year (with Interest) was
declined. On Sept. 30 1919 the Guaranty Trust C o., N . Y ., brought suit
In the U. S. Dist. Court to foreclose a mortgage for $1,500,006 made in
1883 by the B ’way A 7th Ave. R R . C o., of which it is now successor trustee.
The bonds secured by this mortgage fell due June 1 1904 and were then
taken up without cancellation and later, in 1912, when the N. Y . Rys. Co.
made its 4% 1st Real Est. A Ref. M tge. they were pledged as part security
thereunder as shown in V. 94, p. 978. See V. 109, p. 1366; V. 113, p. 1154.
Compare V. 109, p. 1273. In M ay 1923 Judge Mayer in the U. S. Dist.
Court handed down a decision upholding the validity of the B ’way A 7th
Ave. 1st Mtge. 5s (as to the principal and interest from Sept. 1919), which
the co. had contended should be considered as having been retired, but
•which under the decision referred to are held by the Court to be enforceable.
See under “ N. Y . R ys.” in V. 116, p. 2389. The protective committee for
this issue has appealed (int. from 1904 to 1919 having been disallowed).
See V. 118, p. 662.
Outstanding.
Maturity.
STOCK AND BONDS—
Par. Interest.
$2,100,000
See text.
9tock $2,100,000 ($100)______$100 10 Q-J
1.500.000
1904
1st M (ail held by N Y R ys)______
5%
1.500.000 July 1 1924
Broadway Surface first guar_1,000
5 J-J
350,000 Apr 1 1919
3outh Ferry first g u a r a n t e e d 1,000
5 A-O
8.150.000 Dec 1 1943
___________________ _________
5 g J-D
________
Bway A 7th Ave cons mtgef 1,000
of 1893 for $12.500,000-ntf lin t, at Guaranty Trust C o.. N. Y .. Trustee.
Of the consolidated mortgage of 1893 for $12,500,000. $3,350,000 is re
reserved to retire at maturity the other bonds in the table. The Broadway
Surface 2d mtge. bonds, due In 1905 (all held by the New York Rys. Oo.)
were canceled In 1914. The consols were guaranteed, principal and Inter
est under the terms of the mtge. by Metrop. Street By. C o., since fore
closed. They cover the road owned In fee and also the right to use the
tracks on Broadway from 15th St. to the Battery; they are also a direct lien
on the cable (since changed to electricity). Ac. Closed issue except for
refunding purposes.
The Bway. A 7th Ave. assumed the Broadway Surface 1st M . bonds for
$1,500,000 and payment of int. on the 2d M . bonds for $1,000,000 (now
retired) for use of tracks between 15th St. and the ferry. South Ferry 5s
assumed under lease.
R O A D .—-Comprises 10.31 miles of track. V. 112, p. 2747; V. 113, p»
70, 847, 1154, 1250, 2310; V. 116, p. 2881; V. 117, p. 207; V. 118, p. 662.
(3) C hristoph er & T en th Streets R R .— Electric.
ORGANIZATION.— Chartered April 25 1873. Leased to Central Crosstown (purchased July 24 1918 by New York Railways at foreclosure)
April 26 1890 for unexpired term of its charter at 8% on stock, interest on
bonds, taxes. Ac., and not more than $1,500 per ann. for organization exp.
The Central Orosstown R R . was purchased by the N. Y . Rys. Co. on July
24 1918. The company’s $210,000 1st mtge. bonds are all owned by the
N . Y . Railways Co. The bonds originally matured on Oct. 1 1918, but
were extended to Oct. 1 1923. See annual report of "N . Y . Rys. C o .."
In Y. 107, p. 1745, and V. 107. p. 1836.
STOCK AND BONDS—
Par.
Interest. Outstanding. Maturity.
Stock ($100)________________ $100 8 Q-J
$650,000
See text.
First mortgage extended Inf 1.000 4 A-O
210,000 Oct 1 1923
1898 (V. 67. p. 370)___ntf/G uaranty Trust C o., New York, Trustee.
ROAD.— Track owned Is 4.15 miles.— V. 107, p. 905, 1836.
(4) Fort G eorge & Eleventh Ave. R R .— Underground-trolley.
ORGANIZATION.— Incorporated N ov. 19 1898 in the Interest of the
Met. St. By. (now N. Y . Bys.) to build a line from 130th St. and 11th Ave.
along 11th Ave to 175th St. and another from 145th St. and 11th Ave.
easterly through 145th St. to the Harlem River.
Has constructed 2-06 m .
rejected on
145th St.
E Ave. Broadway and is operating 1.69 m. of track on all ownedbetween
enox
and Broadway. Stock auth., $3,000,000,
by the
New York Rys. V. 67, p. 1109. Franchise granted Dec. 1889 for 25 yrs.,
with privilege of renewal for another 25 years. 4% gross receipts to be paid
the first 5 years, 6% the second 5 years, 8% the third 5 years and 10% the
remaining years o f operation. The road to become the property o f the city
at the termination or franchise (whether original or renewed) upon payment
for the same in accordance with definitely prescribed rules.
(5) Forty-Second St. & G rand St. Ferry RR.— Horse and electric
ORGANIZATION.— Chartered Feb. 16 1863. Leased to M et. St. By.
C o., now N. Y. R ys., from April 6 1893 for duration of charter and renewals
thereof, at 18% on stock, all taxes and corporate expenses. Stock, $748,000
($100). of which $400,000 Is owned by N. Y. Rys. 1st M . 6% bonds (due
1909) o f 42d St. A Grand St. Ferry R R .. formerly deposited under M et. St.
By. ref. mtge., have been canceled.
ROAD.— Owns 5.77 miles of track.— V. 89. p. 993; V. 106. p. 499.
(6) Sixth Avenue R R .— Underground trolley.
Receivership.— On M ay 12 1922 Federal Judge Mayer appointed Job E.
Hedges receiver for the company by extending the original order designating
a receiver for the New York Railways. See that company above. V . 114.
p. 2117: Y. 115, p. 309.
Rentals Unpaid.— In Sept. 1919 Judge Mayer stated that the Sixth Ave.
line “ has continued to be operated without a single dollar of rental being
paid.”
Stockholders' Protective Committee.— Chairman, James B. Mabon; J. Y . G
Walker, Adrian H. Larkin; Sec., Daniel A. Hohman, 80 B ’way, N . Y . City.
Depositary, Central Union Trust C o., N . Y. City. Deposits have been
called for. V. 117, p. 670. On Oct. 22 1923 the committee announced
that a majority of the stock had been deposited. V. 117, p. 1887.
On Mar. 5 1923 the stockholders auth. the abandonment of the franchises
and tracks of the co. on Lenox Ave. from 110th to 116th Sts. V. 116, p.
1051.
ORGANIZATION.— Leased to M et. St. R y., now New York Bys.,
Feb. 1 1892 for 800 years. Rental $145,000 per ann. .which is 7 % on stock
besides all taxes. Stock, $2,000,000; par $100. An extra dividend of 38%
was paid in Aug. 1901 out of proceeds of sale of stable property at Sixth
Ave. and 43d St. Road, including Lenox Ave. branch (track operated).
12.14 miles. In Feb. 1899 began operating underground trolley all the
way to Battery Place.— V. 116, p. 1051; Y. 117, p. 670, 1887.
(7) T hirty-F ou rth Street Crosstow n R y.— Underground electric.
ORGANIZATION.— Chartered March 18 1896, being a consolidation of
the 34th Street Railroad Co. and the 34th Street Ferry A Eleventh Avenue
Railroad Company. Entire stock of the 34th Street Orosstown Railway
Oo. Is owned by the New York Rys. Operated under agreement dated
Dec. 21 1896. guaranteeing principal and Interest of the bonds.
A pril, 1924.]
81
ELECTRIC RAILW AYS
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock ($ 1 0 0 )............................................................... $1,000,000 .....................
First mortgage ($1,000) guarf 1896
5 A-O
1.000.000 April 1 1996
prin S lnt by N Y R y s.n tfl Central Trust C o., New York. Trustee.
c
R O A D .— Track owned 1s 1.66 miles. V . 71. p. 135; V . 111. p . 794.
(8)
T w enty-T hird Street R y.— Underground trolley.
ORGAN IZATION .— Chartered June 29 1872. Leased from Apr. 25 1893
to the M et. St. R y. Co. (now N . Y . Rys.) for the unexpired term o f the
charter and for any extensions of the same. Rental is 18% on stock (in
default since M ay 1 1919), all taxes, assessments, water rents and charges.
The New York Railways owns all of the debentures due 1906, all of the 1st
M . bonds due 1909 and $507,500 of the $600,000 stock, for which it gave
$350 o f its own 1st real est. & ref. 4s due July 1 1942 for each $100 of stock.
Interest.— The int. due July 1 1920 on the co’s. impt. & ref. mtge. 5s
was not paid until Aug. 1920. V. I l l , p. 897. No further Information.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity
Stock ($ 100)................. - ................—
18 Q-F
$600,000 18% per an
First mortgage $250.000_____ 1896
6 J-J
250,000 Jan 11909
Debentures ($1.000). — ........... 1886
5 J-J
150.000 Jan 11906
Impt & ref. mtge $1,500,000) 1912
5 g J-J
1.500.000 Jan 1 1962
($1,000) gold guar______ c*)Bankers’ Trust C o.. N . Y .. Trustee.
Bonds.— The impt. S. ref. mtge. bonds are guar. p. & I. by N. V . Rys. Co
c
and are red. In whole or in part at the option of the company or for the sink
fund on any lnt. date at 107 and lnt. on 4 weeks’ notice. Sinking fund of
$1,102.85, payable semi-annually, with accretions; when $400,000 bonds
shall have been acquired they shall be canceled. Tax-exempt In N. Y.
R O A D .— Including 14th St., Bleecker St. and Canal St. branches, track
owned, 4.21 miles. Ralls, 47 to 113 lbs., standard gauge.— V. 100, p. 2011.
2168; V . 106. p. 500; V. 111. p. 74. 295, 794, 897, 2521.
THE NINTH AVENUE R R . CO.— A subsurface contact electric road
Not Included in Tentative Beorg. Plan of New York Rys. Co.— See V . 117,
p. 1778.
ORGAN IZATION .— Chartered July 29 1859. The road was leased to
the Houston West St. & Pavonia Perry R R ., now New York Railways, for
99 years from March 12 1892, but on Sept. 26 1919 Federal Judge Mayer
ordered the receiver o f the New York Railways to return the Une to its
owners for independent operation beginning Oct. 1 1919. Transfers are
now exchanged with the Sixth Avenue R R . and the Columbus & Ninth
Ave. R R . See V. 113, p. 293. Compare V. 109, p. 1273; V. 116, p. 1050.
Suit to Recover Rentals.— In July 1921 the company brought suit in the
Supreme Court against the 42d St. Manhattanville & St. Nicholas Ave. R y .
ana the Third Avenue Ry. to recover $42,000, representing rentals for the
nse o f certain trackage said to have accrued from Oct. 3 1919 to July 11921.
See V. 113, p. 293, for details.
Stock, $800,000, par $100; dividends Q.-J.
EARN IN G S.— For cal. years:
Cal. Yrs.
Gross.
Net.
Taxes.
Int.Deduc. Bal.,Def.
def$48,191
$58,531
$18,143
$124,865
1923________ $508,298
1922________ 514,878
def 30,078
53,800
17,700
101,578
R O A D .— Cortlandt St. to 126th St., total track owned and operated
16.883 miles.— V. 113, p. 293; V. 114, p. 739. 1064; V. 116, p. 1050.
SECOND AVENUE R R .— Underground electric.
Receivership.— In Sept. 1908 Justice Bischoff In Supreme Court appointed
George W . Linch separate receiver In suit by Guaranty Trust Co. to fore
close consolidated mortgage.
At midnight on N ov. 12 1908 receiver
took possession o f the property. Charles E. Chalmers is now receiver.
Dlv. on stock due June 1908 was defaulted. Default of lnt. on
bonds occurred as follows: 1st (gen.) M tge., N ov. 1 1908 (subse
quently retired; V. 91, p. 1255); first consols, Aug. 1 1908; debentures,
July 1 1908. A committee was formed to protect the interests of the
first consol. 5% bds. V. 87, p. 347, 1238- On Oct. 1 1910 Justice Amend
In Supreme Court authorized receiver to Issue $2,500,000 receiver’s certfs.
to be used to retire $1,280,000 gen. consol. 5s and $500,000 receiver’s ctfs.
due Oct. 1 1910. and for franchise taxes. Improvements and equipment.
V. 91, p. 946. In Jan. 1911 $500,000 additional certfs. were authorized for
Improvements and equipment. V. 92, p.264. As these matured, various
other Issues were made from time to time. In Oct. 1913 $3,200,000 1-year
6 @ receivers' certifs. were authorized to retire $3,140,000 falling due Oct. 1
1913, which have been extended from year to year. V. 105, p. 1310; V.
107, p. 1386. The interest due April 1 1918 on these certfs. was deferred
until May 1 1918 (V. 106, p. 1578). October 1918 interest was paid when
due. V. 107, p. 1386. The Oct. 1 1919 lnt. was not paid when due.
V. 109, p. 1462.
Anticipating the default in the payment o f the Oct. 1 1919 lnt. on the
$3,140,000 6% receiver’s certificates, the following committee was formed.
In July 1919, to protect the interests o f the holders. V. 109, p. 1462, 2357.
Committee for 6% Receiver’s Certificates.— Chairman. George E. Warren;
A. A . Jackson, Geo. E. Barstow, Jr., Herman D . Kountze, J. F. B.
Mitchell; Sec’y ., Arthur W . Hutchins, 60 Bway., N . Y . City. Deposi
taries: Columbia Trust C o., N . Y ., and the Girard Trust C o., Phtla. In
Dec. 1919 $2,787,000 (about 90%) o f these certifs. had been deposited with
the committee. V. 109. p. 2357
Foreclosure Suit.— On Dec. 16. 1919 a summons and complaint In a suit
for the foreclosure o f receiver’s certificates were filed on behalf of the pro
tective committee (see above). For details see V . 109, p . 2357. The N . Y .
Supreme Court ordered the sale o f the property under this suit on Sept. 1
1921, but sale has been postponed
V. 113, p. 732, 1054.
8ale of Real Estate Under Foreclosure.— As a result o f foreclosure pro
ceedings against the co., the southwest corner o f 2d Ave. and 127th St., a
vacant plot, was sold at auction in 1921. Compare V . 112, p. 163.
Settlement.— On Dec. 21 1915 Supreme Court Justice Whitaker auth
the receiver to settle with the New York City Railways Co., the suit against
it and its predecessor, the Metrop. St. R y ., on payment to the Court of
$548,352 for breaking the lease, amount due on Inter-receivership account.
tec. See V. 101. p. 2146.
ORGANIZATION.— Chartered Jan. 21 1853. Was formerly leased to
M et. St. R y. V. 66. p. 185.
SECURITIES—
Par.
Interest. Outstanding. Maturity.
9 Q-M
$1,862,000
See text
Stock $2,500,000 ($100)______ $100
Receiver's certfs_______c n t ff
1,000 6 A-O
3,140,000
See text.
tCallable at 100 and Interest.
Debentures o f 1889______ n tf
1.000 5 J-J
89.000 Jan 1 1909
First cons M gold $7,000,000?
1.000 5 g F-A
5,631.000 Feb 1 1948
1898 guar p & i end-_c*tf(Guaranty Trust C o., New York. Trustee.
Of the new first consolidated 5s, $1,369,000 were reserved to retire securi
ties o f earlier date. V. 66, p. 900. For mistake o f trustees in exchanging
some 5s of 1909 for consolidated 5s o f 1948. see V. 76. p. 654.
EARN ING S.— For fiscal year ending June 30:
June 30
Total
Net (after
Surplus or
Year— Receints.
Taxes).
Interest.
Rents.
Deficit.
1921-22 _______ $1,013,703 def.$42,937 $192,899 $1,268 def.$237,105
1920-21 _______
961,026 def.100,981 188,400
1,271
def.290,652
For calendar year 1922, gross, $1,001,942; net after taxes, $39,228. In
1921, gross, $986,664; net after taxes, def. $91,835.
ROA D .— Track operated, 23.90 miles.— V. 109, p. 1462, 2357; V. 110,
D. 563; V. 112, p. 163: V. 113, p. 732, 1054; V. 114, p. 1288; V. 116, p. 78.
On Jan. 7 1914 the company applied to the P. S. Comm, for authority to
issue $6,650,000 bonds on account of the cost of acquiring control of the
Belt Line R y. Oorp. (V. 96, p. 946. 1020, 1295). the N. Y . City Interbor
ough R y. Co. and the Mid-Crosstown R R ., and to pay for certain construc
tion work. See V. 98, p. 74. A preliminary order was procured in M ar. 1914.
*uth. the issue of $4,000,000 of these bonds against the purchase by the
3d Ave. R y. of certain securities of the N . Y . City Interborough and the
Belt Line R y. Corp. (see annual report of 3d Ave. in V. 99, p. 1447). The
issuance of a further $2,020,500 of bonds was authorized Oct. 8 1915, which
were issued and purchased by the company as an investment for the
depreciation fund.
Valuation.— For appraisal of system in 1918 see V. 106, p. 1462.
Transfers.— On N ov. 1 1912 began transferring to the Second Ave. R R .
by way of the Belt Line R y. Corp.’s 59th St. line. The last-named com
pany is now part of the Third Ave. R y. system. Issuance of transfers dis
continued Jan. 30 1921. On M ay 25 1917 applied to P. S. Comm, for per
mission to charge 2c. for transfers without further charge for a re-transfer.
In May 1918 the P. S. Comm, adjourned the hearings on this petition
following the decision in the Rochester Fare Case (V. 106, p. 1461), In
which it was held that the Comm, was without power to grant increases in
fares where the cos. were bound by franchises to a maximum fare. See
V. 106. p. 2650.
On Jan. 25 1921 Federal Judge Hough signed an order restraining the
city and State officials from seeking to prevent the 59th St. Crosstown
line from discontinuing the exchange of transfers with other lines. V. 112,
p. 470. The co. has, therefore, discontinued the issuance o f transfers.
V. 112, p. 746.
Objections to Valuation of Transit Commission. V . 114, p. 1288.
Merger Plan, &c.— For plan of Transit Commission announced Sept. 30
1921,see V. 113, p. 1472.
Bus Franchise Asked.— In July 1920 the co., on behalf of its subsidiary
the Dyckman St. Transportation C o., applied for auth. to run a bus line on
Dyckman St., Nagel Ave. and 10th Ave. at a 5-cent fare with a 3-cent
transfer charge to the Third Ave. line. V. I l l , p. 390.
Statement by President Regarding Outlook.— See V . 114, p. 7167.
STOCK AND BONDS—
Date. Interest.
Outstanding.
Maturity.
_______ $16,590,000
See text
Stock $16,590,000 ($100)__________
3d Av RR 1st M g ($l,000)_tf jl8 8 7 5 g J-J
5,000,000 July 1 1937
lin t, at Farmers’ Loan S Tr. C o., N . Y .
c
First refund M $40,000,0001
1911 4 J-J
21.990,500 Jan 11960
gold (see text)___ c*&r*tf lin t, at Central Tr. C o., New York, Trustee.
Adjust inc mtge $22,536,000/
1911 5 A-O
22,536.000 Jan 11960
gold (see text)____c*&r*tf (Int. at U. S. Mtge. & Tr. C o., N . Y .. Tru«.
Stock and bonds all listed on N . Y . Stock Exchange.
Bonds.— Coupon bonds of both Issues are In denom. $500 and $1,000.
registered bonds are for $500 and $1,000 or multiples of $1,000. Of the
1st ref. bonds, $10,071,500 are reserved for underlying bonds and re
mainder for future extensions and improvements, under proper restrictions.
Of the bonds reported outstanding, $2,520,500 are In the depreciation and
contingency fund at the disposal of the company. Redeemable on any
tnl. date at 105 and int. on 3 mos.’ notice. See V. 94, p. 706. Int. on
income bonds is cum. after Dec. 31 1912. Inc. bonds are red. at a whole
but not in part on 1st day of any month on 3 mos.' notice at par and lnt.
$320,000 have been purchased by the company. V. 102, p. 887. Adjust,
tnc. mtge. holders to have full voting powers until full int., including
accum.. shall have been paid for five successive years. See V. 94, p. 706.
Also V . 117, p. 1778.
Dividends on Income Bonds.— An Initial dividend of \M% on the adjuat.
Inc. bonds was paid April 1 1913 for the 6 mos. end. Dec. 31 1912. V. 96.
p. 136. Regular semi-annual dlvs. of 244% each were paid to and Incl.
.
Apr. 1917. In Oct. 1917 paid 1 M % . Apr. 1918 int. passed. V. 106. p. 930.
None to April 1922, when I H % was paid. V. 114. p. 948. Oct. 1 1022.
paid 3 M %• In 1923, April, 3% ; Oct., 3 % . In 1924, April, 2M % ; V - 118,
p. 1013.
Dividends on Stock.— Initial quar. div. of 1% was paid Jan. 1 1916.
April. 1% ; July, 1% ; Oct., 1% . The Jan. 1917 dlv. was omitted on ac
count of the strike In 1916. V. 103, p. 2079. None since.
ROAD— Operated.
Miles.
Miles.
Third Ave. R y. C o_________ 36.534 Bronx Traction C o________ 24.042
Kingsbridge Ry. Co________ 7 341 N. Y . City Interboro. R y. Co 39.541
42d St. M . & St. N. Ave R y . 18.638 Southern Boulevard R R ____10.205
Dry Dock E. B. & B.R R „ _ 18.145 Westchester Elec. R R ______ 39.399
Belt Line Ry. Corp_________ 3.801 Yonkers R R _______________ 42.826
•Mid-Orosstown R y. C o_
_ 5.635 N. Y. West. S Conn. Trac_5.973
c
Union R y. Co. of N. Y . City.107.780 •Pelham Park & City Isl. B y 3.283
Hastings R y ________________ 2.479
------Total......... ............................365.622
• Ceased operating Aug. 8 1919. x Suspended operations Aug. 31 1919
OARS — Owns 1.133; controls 510; total, 1,643 cars.
REPO RT.— Years end. June 30:
1922-23.
1922-23.
1921-22.
1921-22.
$
$
287,349
Total oper.rev 14,406,785 14,141,412 Interest r e v ..
Totaloper.exp 10,726,984 10,555,026 Gross revenue 2,999,105
Interest, rents,
Net op. rev. 3,679,800 3,586,386
& c ________ 2,697,829
______
T a xes_______
968,044
964,970 Dividends____
261,537
2,882,953
2,675,479
Oper. inc._ 2,711,756 2,621,416
Balance____sur301,276 sur207,474
LATEST EARNINGS.— Six months ended Dec. 31:
6 Mos. ended
Total Oper. Net After
Other
Int. Chges., Balance,
Dec. 31—
Revenue.
Taxes. Income.
&c. Surplus.
1923 ____________$7,272,545 $1,268,626 $140,265 $1,343,732 $65,159
1922 ____________ 7,257,161
1,386,382 143,329
1,346,184 183,526
OFFICERS.— Pres., S. W . Huff; V .-P ., Leslie Sutherland; Sec., Garrow
T. Geer; Treas., A . D . Sage; Auditor, W . Farrington.
DIRECTO RS.— Adrian Iselin.
A. R. Horr. George W . Davison,
H. Palagano. W. Emlen Roosevelt. John W . Platten, S. W. Huff, Joseph H.
Seaman, E. A. Manice, J. N . Jarvie, Lionel F. Straus, Harry Bronner and
Alexander S. W ebb.—-V. 115, p. 646, 1101. 1938, 1943, 2159; V. 116, p. 936;
V. 117, p. 89, 1665, 1778, 1881, 2544; V.118, p. 552, 1013.
(1) Dry D ock East Broadway & Battery R R .
Receivership Terminated.— On N ov. 23 1917 the receivership begun on
Feb. 1 1908 was terminated by a decree of the U. S. Dist. Court for the
Southern District of N . Y . V. 106. p. 715.
ORGANIZATION.— Incorporated Dec. 8 1863. Third Ave. R y. owns
$1,198,000 of the stock. In Jan. 1906 began operating Grand St. line by
electricity. On Oct. 1 1911 changed from horse cars to storage-battery
cars on Avenue B and Canal St. lines. V . 93, p. 1105. On Oct. 25 1912
received permission from P. S. Commission to electrify road on Canal St.
V. 95. p. 1206.
Refunding Plan.— The plan dated July 9 1917 (V. 105, p. 497) for refund
ing the entire debt of the company, except the general mtge. bonds, was
declared operative in Feb. 1918. Holders of deposit receipts for certfs. of
Indebtedness received upon presentation thereof to the Union Trust Co.
of New York series O registered refunding bonds (convertible Into coupon
bonds) In the ratio of $59 10 series O bonds for each $100 par value
of certfs. of indebtedness. V. 106, p. 715. All the series “ B ” bonds and
T H IR D AVENUE R Y .— Underground trolley.
ORGAN IZATION .— Incorporated in New York on Apr. 20 1910 and on $650,839 of the series “ O” bonds are owned by the Third Ave. Railway
Jan. 1 1912 (Court of Appeals having affirmed the decision of the Appellate Co. V. 107, p. 2004.
STOCK AND BONDS—
Par. Interest. Outstanding.
Maturity.
Division o f Supreme Court, which reversed the order of the Public Serv.
C om m ., refusing to approve reorganization plan; subsequently approved by Stock $1,200,000- — ............. . .$ 1 0 0
6 Q-F
$1,200,000
See text
the Comm, on Jan. 17 1912. V. 94. p. 209; V. 93. p. 1464; V. 92, p. 1637. General mtge gold 1892—n t f/ 1.000 5 g J-D
950,000 Dec 1 1932
/Farmers’ Loan & Trust C o., Trustee.
1567; V. 91, p. 338) took over the property o f the old Third Avenue R R ..
■old at foreclosure on Mar. 1 1910. V. 93, p. 1535.
Gen refund mtge series B _________
4 J-J
528,000 Jan. 1 I960
Owns all or practically all of the stock of the following: Union R y .. Dry Gen refund mtge ser O _ c&r$100&c
_
Text
1,300,200 Jan. 1 1960
Dock East B ’way & Battery, 42d St. Manhattanville & St. Nicholas Ave..
Bonds.— Of the general ref. mtge. bonds, $1,500,000 are ser A 5% bonds,
Yonkers R R ., Westchester Electric, Southern Boulevard, Klngsbrldge R y., of which $950,000 are reserved to retire the general M . 5s, due 1932, and
New York City Interborough. New York Westchester & Connecticut $550,000 may be issued to acquire additional property and for betterments,
Traction Co., Mid-Orosstown R y. C o., Inc., Belt Line R y. Corporation
but only upon the joint consent of the holders of at least 75% of the aggre
Pelham Park S City Island R y., Bronx Traction C o., Third Ave. Bridge gate par value of series B and series O bonds then outstanding, or after
c
C o., Hastings R y. C o., Inc., also the $1,487,000 outstanding 2d M . Inc. due notice and failure of holders of more than 25% of series B and O to
bonds o f 42d St. Man. & St. Nich. Ave. R y., the $2,164,000 bonds of the object thereto. Series A bonds are a prior lien and preferred as to prin. S
c
N . Y . C ity Interborough Ry. and the $1,750,000 5% bonds of the Belt Line lnt. Series B bonds are a prior lien over, and preferred both as to prin. S
c
B y . Corporation. With the N. Y . Rys., the Coney Island & Bklyn. RR. lnt. over, series C bonds. Series C bonds to bear int. to and incl. July 1
and the Bklyn. Rap. Trans. Co. controls the Bklyn. & North River R R ., 1925 at such non-cumlative rate not exceeding 6% per ann. as earnings per
operating over Manhattan Bridge. (This company ceased operating on mit. On and after Jan. 1 1926 are to bear int. at the fixed rate of 4%
Oct. 4 1919. V. 109. p. 1461.)
with an additional 2% if earned. V . 105, p. 497; V. 106, p. 715.
82
ELECTRIC RAILW AYS
R O A D .— 18-145 miles o f track.
R E PO RT.— See above.
IN D E X .— V. 103. p. 239; V. 105. p. 497. 1522; V. 106. p. 715. V. 107
p. 1192.
(2) F orty-Second Street M anhattanvllle & St. N icholas Avenue
R y.— A horse road, but N ov. 11 1900 changed to electricity. Operates the
Third Avenue Bridge Oo.
On Sept. 11 1912 Judge Lacombe signed an order discharging the receiver.
V. 95, p. 679. Nothing Is being paid on 2d mtge. 6s— all of which are
held by Third Avenue Ry.
In Dec. 1910 Pub. Serv. Oomm. granted authority to operate 110th St.
line permanently by storage-battery power. V. 91. p. 1766.
ORGAN IZATION .—Chartered Aug. 29 1878. In N ov. 1895 control
was purchased by the Third Avenue R R . See V. 61, p. 926.
In Dec. 1899 began to use underground electric system from Fort Lee
Ferry to Boulevard, then to Fifty-ninth Street.
$2,471,300 stock and all the $1,487,000 outstanding 2d mtge. incomes are
owned by Third Ave. R y.; the remaining $113,000 2d mtge. bonds have
been retired.
On June 21 1912 Pub. Serv. Comm, granted auth. to extend for 30 years
to Mar. 1 1940 at 5% the 1st M . 6s matured Mar. 1 1910. V. 94. p. 1695
STOCK AND BONDS—
Par.
Interest. Outstanding.
Maturity
_______
$2,500,000 •
__________
Stock authorized S2.500.000_. $100
First mortgage gold 1880. _t#7 1.000 5 M-S
1,200.000 Mar 1 1940
Red at 110 any int date. 1Interest at Cent. Trust C o., N. Y . City,True
Second mtge Income 6a 18851 1.000 6% as earned See text Jan 1 1911
$1,600,000-------------------- tflC en t. Trust C o., N. Y ., Trustee.
ROA D .— 18.638 miles o f track.
RE PO RT.— See above.— V. 94, p. 1695; V. 95. p. 679; V. 107. p. 1192
(3) Union Railway Co. o f New Y ork C ity.— A trolley road
ORGAN IZATION .— Operates from 129th St. and Third Ave. through
the Borough of the Bronx, and with subsidiary lines continuing thence tc
and through M t. Vernon.
Owns $58,100 (all the outstanding stock) o f the Bronx Traction Oo.
New Franchises.— On July 2 1914 the Board of Estimate and Apportion
ment granted the company a franchise to cross the Willis Ave. bridge ovei
the Harlem River to 125th St., and along 125th St. to the Fort Lee Ferry
The P. S. Comm. In approving the franchise exempted the company from
exchanging transfers with the Third Ave. and 42d St. M . & St. N. Ave
companies at intersecting points in said franchise. V. 99, p. 50.
STOCK AND BONDS.
Par.
Interest. Outstanding. Last div.,&c
Stock ($100) all owned by 3d Ave.
$2,000,000 _________
Firstm ortgagel892gold__tf.j 1.000
5 g F-A
2,000,000 Aug 1 1942
)Int. payable at Central Tr. C o.. N . Y . City
Guaranteed Loans—
Westchester 1st M gu p & 1)$1,000 5 g J-J
500.000 July 1943
gold 1893____________ n tfj Int. at Bankers Tr. C o.. New York. Trus.
Southern Boulevard RR 1st\ -----5 g J-J
250.000 July 1 1946
gold 1895______________tf/Central Trust C o.. New York. Trustee.
Yonkers R R first mortgage— ____
_______
See below _________
R OAD.— Operates 107,780 miles of track.
R E PO R T .— See above. V. 99, p. 50, 1971; V. 113. p. 1252.
(а) Bronx T ra ction Co.— A trolley road.
O RGAN IZATION .— Incorporated on M ay 12 1904. and Is a consolida
tion o f several small companies. See V . 78. p. 2333. Entire stock owneo
by Union Ry.
8TOOK AN D BONDS— Date.
Interest.
Outstanding.
Maturity.
$58,100
Stock $585,100 ($100)...................................... .
ROAD.— Owns 24.042 miles o f track, operated by Union R y ., from Bronx
River by West Farms Road to Westchester Village; from Bronx River by
Southern Westchester Turnpike to Westchester Village; from Main St.,
Westchester Village, to Eastern Boulevard, and from West Farms Road to
Bleecker St. Standard gauge; 109-lb. rails.
(4) Y onkers R ailroad.— A trolley road.
In July 1912 Supreme Court of Westchester County made an order dis
charging the receiver. V. 95, p. 112.
Operating Agreement with Union Ry.— On May 25 1911 Pub. Serv. Comm
approved the terms o f an agreement whereby cars of the Yonkers RR
would run over certain tracks o f the Union R y. to the terminals of the New
York City subway and elevated lines. This reduced from 15 to 10 cents the
fare from Yonkers to lower Manhattan, restoring the old rate as before the
breaking up of the Metropolitan Street Ry. system. V. 92. p. 1245. 1438
Fares.— In March 1919 the Yonkers Board of Aldermen allowed the co
to increase fares by 5 cents outside the city limits o f Yonkers. On May 26
919 Judge Morschauser in the N. Y . Supreme Court at White Plains. N .Y .,
dismissed the suit o f a taxpayer for a mandatory injunction to restrain the
company from collecting a 10-cent fare. V. 108, d . 1276, 1938. 2242.
ORGAN IZATION .— The Union Ry. guarantees the $1,000,000 bonds
p, & 1. V. 67, p. 635. $992,500 stock owned by Third Ave. System.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Stock $1,000,000 ($100)________ ______________
$1,000,000 ........... .......
First mtge gold $1.000.000\ 1896
5 A-O
1,000.000 April 1 1946
guaranteed___________ n tf l Bankers Trust C o.. New York. Trustee.
ROAD.— Owns 42.826 miles o f track.— V. 107. p. 1103. 2009.
(5) K ingsbrldge Railway.
ORGAN IZATION .— Incorp. Jan. 25 1898. The franchise, the terms ol
which are 4% of gross receipts for the first 5 years, 6% for the second. 8%
for the third and 10% thereafter. Is for 25 years, with privilege of renewal
under certain conditions for another 25 years. At the end of the term the
city acquires the property, paying for It In accordance with definitely
prescribed rules for fixing its value. V. 69. p. 1248. Work on this line
was begun in July 1901 and completed In 1902- Runs from Amsterdam
Ave. and 162d St. to Broadway and 225th St., making 7.15 miles addi
tional. Entire $3,600 stock owned by the Third Avenue R y.. which com
pany also operates the property.
(б) New York City Interborough R y.— A trolley road.
The Third Ave. Ry. owns $4,647,900 stock and $2,164,000 1st M . bonds
O RGAN IZATION .— Incorporated in New York on March 24 1902. Id
the Interest o f the Interborough Rapid Transit C o., to build an extensive
system of feeders for the subway and elevated lines In the Bronx, and to
xfford street railway connections across the Harlem River bridges.
Application for Authority to Eliminate Transfers.— V. 109. p. 1368.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $5,000,000 ($100)__________
_______
$5,000,000 _____ _____
First mortgage, $5,000,000,1 1905
4 g M-N
2,164,000 M ay 1 1928
sinking fund, gold_____tf IU. S. M ort. & Trust C o., N . Y ., trustee.
Bonds.— Of remaining 1st M . Donds, $87,000 are In sinking fund and
$836,000 are In treasury.
ROAD.— 39.541 miles o f track.— V. 93, p. 1191; V. 94, p. 279; V. 95, p.
544, 1274; V. 109, p. 1366.
(7)
Belt Line Railway C orporation .— Storage-battery and electric.
ORGAN IZATION .— Incorp. at Albany on Dec. 24 1912 to take over
the Central Park North & East River R R ., sold at foreclosure on Nov. 14
1912 to Edward Cornell (V. 95. p. 1331. 1402; V. 104, p 1701). In March
1913 was taken over by Third Ave. R y. V. 96, p. 864, 948.
In Mar. 1913 P. S. Comm. auth. the making o f a mtge. for $4,000,000
1st M . 5s and the Issuance of $1,750,000 bonds theruunderat not less than
95. Entire stock and bonds owned by Third Ave. Ry.
On N ov. 7 1913 the P. S. Comm, granted the joint application of this co.
and the Third Ave. Ry. to Increase the auth. stock from $600,000 to $750,000 and for the Issuance of $253,000 stock to the Third Ave. Ry. in payment
of advances for the purchase of storage-battery cars. V. 97, p. 1356.
Bus Decision.— See V. 114, p. 2467.
Abandonment.— On April 17 1919 the company was auth. by the P. S
Comm, to abandon the portion of its East Side line from 15th St. to the
Battery. V. 107, p. 2474. In March 1921 was auth. by the P. S. Comm
to abandon the West Side line south o f 42d St., in 10th Ave., West St., and
other streets to South Ferry. The rails are to be removed and the streets
repaved. V. 112. p. 1398. Compare V. 112, p. 1028.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $750.000.......................................................
$734,000 ...................
1st mtge $4,000,000 gold redl 1913
5%
See text Jan. 1 1943
as a whole at 105_______ tf/Central Trust C o., N . Y ., trustee.
Bonds are guaranteed by Third Avenue R y.
[V ol. 118,
ROAD.— Owns road on 59th St., East and West. All elec, on 59th St.
Owns 26 cars. V . 107, p . 2474; V. 112, p . 1028, 1398; V . 114, p. 2467.
(8) M ld-Crosstown Railw ay C o.— Storage-battery cars.
Acquired by the Third Ave. R y. late In 1913.
Discontinued.— On Aug. 8 1919 the co. discontinued the running of carsdue to Its inability “ to borrow any more m oney.” V. 109, p. 578.
Judgments.— In N ov. 1919 judgments against the company, aggregating
$231,188, had been entered in the Supreme Court by the Third Avenue R y.
and certain of its subsidiaries. V. 109, p. 1793.
ORGANIZATION.— Incorp. In New York on Feb. 14 1912, In the inter
est of the reorganization committee, as successor to the 28th & 29th Sts.
Orosstown R R ., sold at foreclosure on Jan. 4 1912 (V. 94, p. 69; V . 104, p.
1703, 2119. See plan of reorganization in V. 93, p. 1790.
In Feb. 1914 the P. S Comm, authorized the Third Ave. R y. to acquire
and hold the $150,000 stock of the Mid-Crosstown R y. C o., Inc., and in
April 1914, In payment therefor, the Third Ave. R y. Co. Issued $180,000 of
bonds, and gave Its 4% promissory note for $250,000, payable In three equal
annual installments, and canceled claims amounting to $34,442 against the
Mld-Crosstown Co. (V. 99, p 1447).
Stock, authorized and outstanding, $150,000 ($100).
ROAD.— Track, 5.635 miles.— V. 109, p. 578, 677, 1793.
(9) Pelham Park & City Island R y, C o „ Inc.
Operation Suspended.— On Aug. 8 1919 the co. suspended operations.
V. 109, p. 677.
ORGANIZATION, &c.— Incorp. M ay 10 1913 In N. Y . and on July 9
1914 the Third Ave. Ry. acquired control. Auth. common stock, $125,000;
jutstanding, $45,000. Length of road, 3.283 miles, from Belden Point,
Oity Island, to Eastern Boulevard, or New Rochelle Road. Operation by
storage battery was begun Aug. 18 1914.— V. 99, p. 610; V. 109, p. 677.
FE D E RA L L IG H T & T R A C T IO N C O .
ORGANIZATION.— incorporated in 1910 In New York. Holds a con
trolling Interest in the following companies operating gas. electric lighting
•team heat. Ice and traction properties located in cities mentioned In titles
Albuquerque (N. M .) Gas & El. Oo. New Brunswick (St. John. N . B.)
Power Co.
Central Arkansas Ry. & L t. Corp.,
Hot Springs, Ark.
Rawlins (W yo.) Elec. Lt. < Fuel Co.
&
Hot Springs Street Ry. Co.
Sheridan (W yo.) County Elec. Oo.
Springfield (M o.) R y. & Light Oo.
Hot Springs Water Co.
Citizens’ Electric Co.
Springfield (M o.) Gas & Elec. Oo.
Consumers’ Gas Co.
Springfield (M o.) Traction Co.
Deming (N. M .) Ice & Elec. Oo.
Trinidad (Col.)El.Transm.,Ry.&Gas
Grays Harbor R y. & Lt. C o., Aber Tucson (Arlz.) Gas, Elec. Light &
Power Co.
deen, Wash. (V. 86, p. 420).
Tucson (Ariz.) Rapid Transit Oo.
Hobart (Okla.) Electric Co.
Las Vegas (N . M .) Lt. & Power Co. Willapa Elec. Co. (Raymond, Wash.)
Las Vegas (N . M .) TransP ° o .
The entire capital stock and all the underlying bonds of all of the above
21 companies, except the $1,259,500 pref. stock and $1,714,000 1st lien
oonds of the Central Arkansas Ry. & Lt. Corp.; $922,600 preferred stock
and $2,196,500 bonds of the Springfield Ry. & Lt. Co. and $100 par value
of bonds and $86,050 stock of Tucson Rapid Transit, See description
and properties in V. 90, p. 1490.
Tucson Rapid Transit Co.— See “ New Franchise" In V. 99, p. 1912.
In the early part of 1913 sold the Montrose (Colo.) Elec. Lt.& Pow er Oo.
Financial Readjustment Plan.— On Jan. 11 1922 the stockholders approved
the plan of recapitalization outlined in Y. 113, p. 2719. See also V. 114,
p. 197, 305, 947.
In Jan. 1922 the company issued $2,590,000 stamped 30-year 1st lien
bonds of 1912 bearing int. at 6% , to retire $1,500,000 6% debentures due
March 1 1922, to fund current debt, and to increase working capital.
V. 114. p. 197. 305.
In March 1923 issued $2,500,000 30-year com. deb., Series “ A ” 7% bonds,
roceeds to be used: (1) to retire $1,361,300 outstanding 10-year notes due
»ec. 1 1923 [eliminated from table below]; (2) to reimburse the treasury for
$300,700 of notes which company has from time to time purchased; (3) to
retire $483,000 1st mtge. bonds of Willapa Electric Co. due July 1 1923; and
(4) to reimburse treasury for moneys expended for additions to the proper
ties. V. 116, p . 1177, 1532.
Maturity ‘
STOCK AND BONDS—
Date.
Interest. Outstanding.
_______
54,500 shs.
See text
Common 85,000 shares_______ _____
1st pref $10,000,000 ($100 c u m )____
8%
Pref $5,500,000 6% cum ($ 1 0 0 )____
6 Q-M
$3,693,283 See text
3,738,500 Mar 1 1942
First lien s f M $50,000,0001 1912
5 M-S
gold $500 & $1,000)____c*JColumbia Trust C o., N. Y .. trustee.
Stamped 6s______ _____ ____ 1912
6 M-S
3,482,000 Mar 1 1942
30-year conv. deb. Series “ A” f 1923 7 g M -S
2,000,000 M a rl 1953
($500 and $l,000c* and Int. at New York Trust C o., N . Y ., trustee.
$l,000r*).......................—tf l
See text
General m ortgage___________
Bonds.— Of the first lien sinking fund mtge. $3,738,500 outstanding are 5s
and $3,482,000 stamped 6s. The stamped 6s are all or in part payable on
any int. date on 30 days’ notice at 105 up to and incl. March 1 1932; at
104 thereafter to and incl. March 1 1935, and thereafter at 102. V. 114.
p. 197, 305. The remaining first lien sinking fund bonds are issuable for
improvements, betterments and acquisitions under certain restrictions.
$1,072,000 retired by sinking fund. Red. as a whole but not in part at 102
and int. Annual sinking fund of 1 A % of bonds out March I 1913 to
M a rch 1 1923; 2 % , 1923 to 1933; 2 H % , 1933 to maturity. Payments for
redemption of bonds if purchasable at or below 102 and int., otherwise to
be invested in new property subject to the mortgage. See Y. 94, p. 910,
559 Funds may also be used for improvements
See V. 114, p. 305; V. 96.
p. 284. The Series A ” debentures will be convertible at any time during
the period from Dec. 1 1923 up to Jan. 1 1929 into common stock on the
following basis: The first $500,000 of debentures to be presented for con
version will be converted on the basis of 14 shares of stock for each $1,000
bond, the next $500,000 of debentures on the basis ef 13 shares, the next
$500,000 of debentures on the basis of 12 shares, the next $500,0QQ of deben
tures on the basis of 11 shares, and the next $500,000 of debentures on the
basis of 10 shares. Are call, on any int. date on 60 days’ notice at 110 up
to and incl. March 1 1929, thereafter at 107 A up to and incl. March 1 1943,
and thereafter at 100 plus H of 1% for each full year prior to maturity.
Penna. and Conn. State tax of 4 mills refunded. V. 116, p. 1177.
Dividends.— On pref.— l l % — paid quarterly from Sept. 1910 to and
A
including Sept. 1914. None to Dec. 1921, when 42% was paid in 6% pref.
stock and 1 A % in cash, clearing up all accumulations. V. 114, p. 947.
Quar. divs. of 1 A % paid regularly since to and incl. Mar. 1924. On com.
initial divs. of 75c. a share in cash and 75c. a share in 6% cum. pref. stock
were paid in April 1923. Like divs. were paid in July and Oct. 1923 and
Jan. 1924. In April 1924 $1 was paid in cash and 75c. in 6% cum. pref.
V. 118. p. 663.
EARNING S.— Of controlled companies after elimination of Inter-com
pany earnings (excludingdepreciation).
Calendar Gross
Net Int. & Cent.Ark.Ry. Spr.Ry.
Balance,
Years
Earnings. Earnings. Disc’t. & Lt.Pf.Div.
Div.
Surplus.
1923____ $5,510,877 $2,084,941 $802,413 (7%)$87,343 $63,695 $1,131,490
1922____ 5,012,490 1,728,340 681,039 (7%) 85,522
54,113
907,666
R OAD.— Controlled properties operate about 60 miles of track.
OFFICERS.— Pres., Edwin N. Sanderson; V.-Ps., Francis Blossom and
Craig Colgate; V.-P. & Gen. M gr., C. H. Nichols; Treas. & Sec., J. Dunhill;
Asst. Sec. & Asst. Treas., Richmond Talbot.— V. 116, p. 3000; V. 117, p.
670, 893, 1129, 2542; V. 118, p. 663, 1012, 1135, 1392.
B
(1) C entral Arkansas Railway & L ight C orporation .
On March 1 1913 was taken over by Federal Light & Traction C o.,
which owns entire common stock.
ORGANIZATION.— Incorp. Feb. 19 1913 in Virginia, taking over the
Hot Springs St. R y. and other properties. Through its constituent com
panies does entire water, street railway, gas, electric light and power busi
ness in Hot Springs, Ark., and vicinity. Has contract with city of Hot
8prings for street lighting.
A pril, 1924.]
ELECTRIC RAILW AYS
83
Franchises.— Street railway expires In 1954. and exclusive as to streets C o . will also construct substations at the new plant and near Y ou ngstow n,
occupied until that date. Water, exclusive and expires Nov. 1931. Elec 0 . N ew plant, transmission line and substations leased to Pennsyl
tric light and power, expires 1933. Artificial gas, unlimited as to time. vania-Ohio P ow . & L t. C o. for a term o f 999 years, at a net and unconditional
Also has natural gas franchise, expiring In 1931. Should supply ol annual rental which, after deducting all charges, will leave a balance for
dividends on the stock pledged under this issue. V . 117, p . 2111.
natural gas fall, company will revert to artificial gas franchise.
Salem Lighting Co. supplies Salem, O ., with electric light and pow er.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Population served, 10,000.
Common $2.500,000.______ _______
_________ $2,500,000 __________
Pittsburgh D istrict E lectric C o. controls, through ownership o f all ou t
Pref cum $1,500.000.......... ................
7 Q -M
1.500,000 M ar’2 4 ,l 3
4
com panies
to
First lien $7,000,000 ($1,000./ 1913
5 g M-S
1,714,000 Mar 1 1928 standing securities, an, O ., andfurnishing electricity for light and pow er es
the cities o f Kinsm
Greenville, M ercer, Shenango and Jam
$500 and $100) gold____c* lln t. at Columbia Trust C o.. N. Y ., trustee.
tow n, Pa. P opulation served, 30,000.
Preferred stock Is redeemable at 110 and accrued div
Dividends are guar
S T O C K A N D B O N D S .—
D a te. In terest. O utstanding. Maturity.
by Federal Lt. & Trac. C o., by endorsement. Additional pref. stock may
C om . 300,000 shs. (no p a r)_________
________ 248,240shs. ___________
be Issued under conservative restrictions. V. 96, p. 715.
P ref. $7,500,000 6 % c u m . . . ....
6%
$6,359,500 ___________
Bonds.— Additional bonds may be Issued for 80% of cost of additions
1923 6i</%
6,000,000
1953
extens. and Impts. when net earnings are double the Int. charges on bonds 30-yr deb bonds $ 6 ,0 0 0 ,0 0 0 --33^-yr sec notes $3,250,000]
1923 6/^ g J-J
3,250,000 Jan 1 1927
out, incl. those proposed to bo issued. Sink. fund, which began Jan. 1915
($100, $500 & $1,000 c* and In t. at Central U nion T r. C o ., N . Y ., trustee
will retire at least 20% of entire issue by maturity. $846,000 in sinking
$1,000, $5,000 & $10,000r*)
fund
Ail bonds subject to call on any interest date at 102.
- --------------------- -------- - g t f .
Dividends.— First div. on pref.— 1X % — paid June 2 1913; I X % has been
N o te s . — W ill be secured b y pledge o f the entire issues o f com . stock
paid quar. since to and incl. Mar. 1924.
(except directors’ qualifying shares) o f Pennsylvania-O hio E lec. C o ., Ohio
EARN ING S. — Com bined earnings o f constituent cos. for cal. years:
River Edison C o ., Salem Lighting C o ., Pittsburgh D ist. E lec. C o. (except
Cal. Years—
Gross.
Net.
Int. Chgs.
Balance.
13 shares) and, subject to the lien o f the 1st & coll, trust m tge. o f Pennsyl
1923_____________ $887,019
$291,954
$87,781
$204,173
vania-Ohio E lec. C o ., Pennsylvania-O hio P ow . & L t. C o . Further secured
1922_____________ 856,311
302,077
90,809
211,268
b y pledge o f all outstanding bonds o f Salem Lighting C o ., which bonds
R O A D .— Operates 13 miles o f track; 60-ib. rails. 39 passenger cars.
constitute a first lien on that prop erty, and b y pledge o f over 8 6% o f the
pref. stock o f Pittsburgh D ist. E lec. C o. A re red. all or in part on any
OFFICERS.— Pres.. E. N . Sanderson; Y .-P. & Treas.. .i Dunhill; Sec.
int. date on 30 d ays’ notice at a prem . o f 3 % on or before Jan. 1 1924, and
H y. G. Townsend.— V. 113, p. 2718; V. 116, p. 175; V. 118, p. 201.
thereafter at H % prem . for each 6 m onths o f unexpired life, in each case
(2) Springfield (Mo.) Railway & L igh t Co.
with accrued int. C o. has agreed to reimburse noteholders resident in
As o f Mar. 1 1911 entire stock was acquired by Fed. Light & Trac. Co.
Penna. for the 4-mills tax assessed in that State, and to refund the State
tax in C onn, up to 4 mills annually, and the M ass, incom e tax n ot exceeding
ORGAN IZATION .— Incorp. In Maine In N ov. 1905. Owns entln
6 % per annum on incom e derived from the notes.
capital stocks of the Springfield Traction Oo. and the Springfield Gas & Elec
P ro p erties. —-The physical properties o f the controlled com panies are of
trie C o. The Kickapoo Transit Co. is also part of system. Electric light
franchise perpetual; gas franchise expires in 1929; street railway franchise m odern and substantial construction and have been m aintained in high
operating efficiency. A t the present time the total aggregate generating
in 1944 and steam heating franchise in 1936. Does entire traction, gas
electric light and power business of city. Also does steam heating. In capacity is 105,540 h. p. and there are 315 miles o f high-tension transmission
lines and 1,096 miles o f distributing lines. This is exclusive o f the new
1915 entered into a new 5-year street-lighting contract with city.
88,000 h. p . station to be built at T oron to and the 39 miles o f transmission
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity
lines therefrom . A gas plant serves the city o f Y oungstow n, O ., through
Common stock $1,600,000_________
________
$1,100,000 ________
28 miles o f distributing mains. T he railways division has a total o f 178
Preferred $2,000,000 cu m ................
7 Q-J
1,001.200 Apr '24. I X
f track, 75 miles
103 miles
1st lien mtge $7,000,000 gold/ 1911
5 g M -N
2,196,500 May 11926 miles oare city trackage. o fEwhich are interurban trackage and freight carsof
which
quipm ent includes 284 cars (incl. 8
).
($500 & $1,000) sink fd-.c*lG uaranty Trust C o., o f N. Y ., trustee.
There is in addition a valuable auxiliary bus system totaling 30 buses.
Preferred stock Is red. at 115 ana*ccrued dividend.
O F F IC E R S .— Pres., James D . Andrews.— V . 117, p . 440, 1236, 2111.
Bonds.— $4,656,000 1st lien bonds are reserved for additions and impts
at 80% o f cost under certain restrictions. Annual cumulative sinking fund
(a) Pennsylvania-O hio Electric C o.— Controlled by Penn-Ohio Edisonbegan M m . 1 1913 and provides for 25% of ail bonds issued. $911,000 in Co.
sink. fd. Sub. to call as a whole or for sink, fund at 102 and int. on any
ORGANIZATION.— Incorp. In Ohio on Aug. 20 1917. Was known as
int. day. Int. Is pay. in New York, Boston or Chicago. V. 92. p. 1568. the Mahoning & Shenango Railway & Light C o., but name changed to
Dividends.— Initial d iv.— I H % —on pref. stock paid April I 1915
present title early in 1920. Has ownership or control of the following
came rate quar. since.
properties'
The New Castle Electric Co.
New Castle Traction Co.
EARN ING S.— For 12 months ending Dec. 31:
New Castle Electric St. R y. Co.
Penna. & Mahoning Valley R y. C o.
Calendar Years—
Gross.
Net, aft Tax.
Int., &c. Bal., Surp.
The New Castle & Lowell R y. Oo.
West End Traction Co.
1923__________________ $1,315,730
$469,489
$130,040
$339,449
East End Traction Co.
1922__________________ 1,223,914
325,639
105,775
219,864 New Castle & Lowell Realty Oo.
Youngstown Municipal R y. Co,
ROAD.— Operates 23 miles o f track; 49 pass, cars and 11 work cars, 60. New Castle & Mahon. St. R y. Oo.
Also controls the Idora Park Amusement Co.
70 and 80-lb. T rails. Power station capacity. 8.250 k. w
Also has con
Merger of Subsidiaries.— During 1914 steps were taken to consolidate aa
tract with Ozark Power & Water Co. for purchase o f 2,875 k.w.— V. 115,
many of the properties as possible to reduce expenses, facilitate operation
p. 1840; V. 116, p. 1051, 1178; V. 117, p. 1348; V. 118, p. 1269.
and improve conditions for refinancing. The co. then known as the M a
(3) Trinidad (Colo.) Electric Transm ission, Ry. & Gas Co.
honing & Shenango Ry. & Lt. Co. absorbed the Sharon & New Castle
Federal Light & Traction Co. owns all the outstanding stocks and bonds. Railways C o., Youngston-Sbaron Ry. & Lt. C o., Sharon & Wheatland St
Ry.. Valley St. Ry. and Wheatland St. R y. The Youngston & Sharon
ORGAN IZATION .— Incorp. In Colorado on Aug. 7 1911 as successor
St. Ry. absorbed the Youngstown Consol. Gas & El. Co. In 1915- I
to the Colo. R y.. Lt. <c Pow. C o., sold at foreclosure Aug. 2 1911. V 93
S
properties of the Republic Construe. C o. were transferred to the co. In
p. 409. Supplies electricity to mines and cities of Las Animas and Huer
1917 acquired the Mahoning County Light C o .. oper. a steam-heating plant
fano counties, Colo. Controls the entire gas. electric light and street rail
way business o f Trinidad, Colo., and operates (but see further below) an in Youngstown. In Aug. 1917 co. absorbed the Mah. Valley R y ., the M ah.
interurban railway connecting Trinidad with Thomasville, Cokedale, Val. So. East R y., the Poland St. R y.. the Youngstown Park & Falls St.
Jerryville, Piedmont, Jansen, Starkville and Sopris. Gas and electric Ry. and the Youngstown & Sharon St. R y. V. 104, p. 2118. The Sharosville Elec. Lt. Co. was merged with the Shenango Valley Elec. Light Co.
franchises run from 16 years to perpetuity. Street railway franchises
and a number of other borough companies around Sharon. In 1918 th®
run for 50 years from 1903.
Power Contract.— Has a contract to supply the St. Louis Rocky M tn. & Youngstown & Niles Ry. Co. was absorbed. Some of these properties
Pacific Coal Co. with power. V. 99, p. 1912. Also has a contract with the have since been acquired by the Penn-Ohio Pow. & Lt. Co. which see below.
Colorado Fuel & Iron Co.
Franchises.— Practically all the Pennsylvania franchises are perpetual.
Effective March 12 1922. the company was authorized to abandon service
Railway franchises In Youngstown expire 1943. The most Important interon certain lines (V. 114, p. 1065), and, effective Sept. 15 1923, co. was irban franchises in Ohio expire from 1945 to 1950 and Ohio lighting and
auth. to abandon all local and interurban railway service. V. 117, p. 1237. power franchises In 1937 and 1942.
Compare Y. 116, p. 2517.
Sale of Youngstown Interurbans.— In 1923 disposed o f certain Interurban
PR O PE R T Y.— Owns 19.4 miles. Power plant capacity, 16,250 k.v.a. lines. The line from Gerard through Warren and Niles, Leavittsburg and
Rail, 60-lb. T; standard gauge.— V. 116, p. 2517; V. 117, p. 1237.
Mineral Ridge, together with branches, was transferred to the West End
Traction Co. (see below) and the lines from East Youngstown to the State
REPUBLIC RAILW AY & L IG H T CO.— A holding company.
line at Lowellville, with branches, were acquired by the East End Traction
Co. (see below). V. 117, p. 1236.
O R G A N IZ A T IO N .— Incorp . in N ew Jersey on June 27 1911. This
Operation of Buses by Co.— See V. 118. p. 1268.
com pany owns all o f the com m on stock o f the Penn-Ohio Edison C o ., which
acquired the interest form erly held in the Pennsylvania-Ohio Electric C o .
Operation at Cost.— See Electric Railway Supplement" of Oct. 28 1922.
b y the R epublic R y . & L t. C o.
In March 1922 issued $1,950,000 1st mtge. & coll. cr. 6 X % bonds ser.
STOCK AND B O N D S —
Date.
Interest. Outstanding. Maturity. “ A ” proceeds being used to retire $1,507,000 Pa. & M . V. 1st & ref. 5s, duo
Common $7,500,000 ($100)....................... ..........
$6,206,000
See text M ay 1 1922, and for the payment of floating debt incurred for additions.
V. 114, p. 1535, 2013.
Pf 6% cum $10,000,000 ($ 1 0 0 )___
Q-J 15
5,191,400 Apr ’20, I X
Stock.— C om m on stock is held in voting trust.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Dividends.— On pref. 1 X % quar. was paid from organization to and incl. Common $11,000,000 ($100)____________ _______ $10,628,300
Pref 7% cum *10.000.000 ($100)____
Q-M
4,241,700
April 1920. N o action was taken on the June 1920 dividend. V . 110, p.
t mtge & coll tr sk fd ($100, f
2568. N one since. Quarterly dividends on com m on o f 1 % , paid from
6 M g M -S 2,922,000 Sept 1 1932
$500 & $1,000) gold_ c*tf 1922
_
Jan. 1917 to and incl July 1918. O ct. 1918 dividend om itted. V . 107,
Series “ A ” _______________( 1923
6 H g M -S
250,000 Sept 1 1938
p. 1193. N one since.
Series “ B ” _______________[Bankers Trust C o., N. Y ., Trustee.
R E P O R T .— Consolidated incom e account o f subsidiary cos. (inter-co.
New Castle Traction 1st mtge/ 1897
5 g M-N
5G0.000 M ay 1 1927
Items eliminated).
$500,000 gold ($1.000) .c*tf lin t, at Union Trust C o., Pittsburgh, trustee.
Calendar
Gross
Net, after
Deduc- Divs. on Sub. Balance,
N O Elec Oo 1st M $200,000/ 1897
5 g M-S
200.000 Mar 1 1927
Year—
Income.
Taxes.
tions.
Co. Pf. Stks. Surplus.
g o ld ___________________ tf lin t, at Union Trust C o.. Pittsburgh, trustee.
$608,557
$697,947
1 9 2 3 ____________ $9,935,925 $3,280,372 $1,973,868
Y-S Ry & Lt 1st M $2,500.-/ 1900
5 g J-J
1,649.000 Jan l 1931
1 9 2 2 -------------------- 8 .4 0 5 ,8 8 2 2 ,6 7 9 ,7 8 0 1 ,6 3 1 ,5 2 9
4 9 0 ,8 8 9
557 ,3 6 2
000 ($1,000 gold s f - -c * .t f l Int at New York Trust C o.. N . Y ., trustee.
Passengers carried in 1922, 46,542,961, against 41,097,871 in 1921.
Poland St Ry 1st M $200,000 / 1913
5 J-D
170.000 June 1923
($1,000) guar n & I____n tfl Union Trust Oo. o f Pittsburgh. trustee.
P R O P E R T Y , & c.— See Penn-Ohio Edison C o. below .
Stock.— The entire com. stock is owned by the Penn-Ohio Edison Co.
E X E C U T IV E C O M M IT T E E .— Herbert L . D illon. John T . H arrington,
The pref. stock has full voting power. Free o f Penn, and Ohio State tax.
R . P . Stevens, Henry L . B ogert Jr. and W alter H . Nash.
Callable as a whole at 110 & divs. In addition to amount shown as out
O F F IC E R S .— Pres., R . P . Stevens; V .-P ’s ., John T . Harrington and standing $106,200 has been subscribed for but not yet issued.
H enry L . Bogert Jr.; Sec., F. P . Smith; T reas., T . C . E astm an.— V . 109,
Bonds.— 1st mtge. & coll. tr. <dX% bonds are secured by (1) a
p. 578, 1180: V . 110, p. 168, 262, 1743, 2568: V . I l l , p . 693,; 1084, 1950
1st mtge. on Youngstown City Lines (not incl. “ Park & Falls Line” ),
V . 112, p. 470, 1519; V . 113, p . 1983, 2506, 2819; V . 114, p . 739; V . 115.
subject to $237,000 closed 1st mtge. underlying bonds; (2) pledge o f all the
p . 2380; V . 116, p. 1533, 1650; V . 118, p . 1912.
bonds and all of the capital stock o f New Castle Electric Co. (excepting
(1) P en n = O h io E d ison C o .— C ontrolled b y R epublic R y . & Light C o . $200,000 1st mtge. 5% bonds of 1927); (3) pledge of entire outstanding
$6 000.000 com. stock of Pennsylvania-Ohio Power & Light Co. An annual
O R G A N IZ A T IO N .— Organized in 1923. Owns p ractically all o f the sink. fd. equal to 2% o f the total amount o f ser. “ A ” and ser. “ B ” bonds
com . stock o f the Pennsylvania-Ohio E lec. C o ., form erly the M ahoning & issued is provided for . $78,000 ser. “ A ” retired by sink. fd. Ser. “ A " are
Shenango R y . & Light C o ., and through it supplies electric light, power and red. all or part on any int. date on 4 weeks’ notice at 110 and int. on or
gas to Youngstow n and other com m unities in the M ahoning and Shenango before Mar. 1 1932, and thereafter at 110 and int., less 1H % for each full
R iver Valleys, in eastern Ohio and western Pennsylvania, m idw ay between year elapsed after Mar. 1 1932. Ser. “ B ” are red. all or in part on any int.
P ittsburgh and Cleveland. T he Pennsylvania-Ohio Electric C o . also owns date on 4 weeks’ notice at 105 on or before Sept. 1 1934, the premium de
urban and interurban railway lines in the same locality. Has also acquired creasing at the rate o f 1% each Mar. 1 thereafter. Penna. 4 mill tax re
practically all o f the com . stocks o f the Ohio River Edison C o ., Pittsburgh funded. Int. payable in New York and Chicago. V. 114, p. 1535; V. 117,
D istrict E lectric C o. and Salem Lighting C o. Also owns over 86% o f the p. 2213. The Youngstown-Sharon 1st mtge. bonds can be called at 115
p ref. stocks o f the Pittsburgh D istrict E lec. C o. and all the outstanding and int. on any int. date; $851,000 have been acquired by sink. fd. For
bonds o f the Salem Lighting C o.
lien covered by these bonds, see “ Street Railway” Section o f June 24 1905.
Franchises.— Practically all Pennsylvania franchises are in force for 99 The Poland St. Ry. bonds are guar., prin. and int., by the Penn .-Ohio
years or are w ithout limit as to tim e. The principal pow er and lighting ■ Edison Co. Red. at 100 and int. on 30 days’ notice.
franchises in Ohio extend beyond 1940. T he m ost im portant railway
EARNINGS.— See Republic Railway & Light C o. above.
franchises in Ohio extend until 1943, that in the city o f Youngstow n being
on a “ service-at-cost” plan perm itting the co. to earn a return based on !
P R O PE R TY. &c.— Supplies, through its subsidiaries, electric light,
the valuation o f the property. All franchises are said to be free from j and power to Newcastle and vicinity in western Pennsylvania, and with its
j subsidiaries owns 116.39 miles of urban and interurban railway lines in and
objectionable and burdensome conditions.
A b rief description o f the properties not described under separate headings between Youngstown, Girard, Niles and Warren, Ohio, and Newcastle,
further below follows;
Pa. Purchases electric power from Penn.-Ohio Power & Light Co. Has
Ohio River Edison Co. will construct a m odern, steam electric power plant j artificial gas plant in Youngstown; 3 gas holders.
on the Ohio R iver near T oron to, O ., with an initial installed capacity o f j
OFFICERS.— Pres., C. S. MacCalla: V.-Ps., Henry L. Bogert Jr.,
88,000 h . p . Output will be distributed b y Pennsylvania-Ohio P ow . & L t. Randall Montgomery and H. A . Clarke; Treas. & Asst. Sec., E . G. Dunlap;
!
C o . and the new plant will be connected with the transmission lines o f Aud., F. E. Wilkin; Asst. Treas., A. R. Hughes ; Asst. Sec., E. W . Free
Pennsylvania-O hio Pow . & L t. C o ., near Boardm an. O ., b y a high-voltage * man.— V. 113, p. 2186; V. 114, p. 307, 1535, 2013, 2718, 2825; V . 115,
steel-tower transmission line o f approxim ately 39 miles, to be constructed j p. 74, 1100, 1732; V. 116, p. 2638, 2994; V. 117, p. 88, 326, 1018, 1236,
and owned b y a subsidiary o f Ohio R iver E dison C o. Ohio R iver Edison ' 2213; V. 118, p. 1268.
84
ELECTRIC RAILW AYS
(а) W est End T ra ction C o.— Controlled by Pennsylvania-Ohio Elec.
Co.
ORGA N IZA TIO N .— Incorp. in Ohio Jan. 11 1923 and purchased the
Interurban properties o f the Pennsylvania-Ohio Elec. Co. (see above)
running from Girard through Warren and Niles, Leavittsburg and Mineral
Ridge, together with branches.
In Oct. 1923 the c o . applied to the Ohio P. U. Comm, for auth. to abandon
service. V. 117, p. 1888. Subsequently, however, the co. was granted
new franchises providing for higher fares and operation has continued.
For details o f new franchises and fare increases see V. 118, p. 204, 552.
STOCK AN D BONDS.— Date. Interest. Outstanding. Maturity.
Stock $380,000 ($100)____________
_________
$369,500 __________
1st M . $2,000,000 g ($10,0001 1923
7 g J-J
948,000 July 1 2023
[Lawrence Sav. & Tr. C o., New Castle, trust.
OFFICERS.— Pres., J. D . Andrew; V .-P ., C. S. MacCalla; V .-P ., J. T.
Harrington; Treas., E. G. Dunlap; Sec., F. E. Wilkin.— V. 117, p. 1888;
V. 118, p. 204, 552.
(б) East End T raction Co.— Controlled by Pennsylvania-Ohio Elec.
Co.
O RGAN IZATION .— Incorp. in Ohio Jan. 11 1923 and purchased the
Interurban properties o f the Pennsylvania-Ohio Elec. Co. (see above)
running from East Youngstown to the State line |at Lowellville, with
branches.
STOCK AN D BONDS.— Date.
Interest. Outstanding. Maturity.
_________
$114,900 __________
Stock $125,000 ($100)____________
1st M . $1,000,000 g ($10,000)1 1923
7 g J-J
278,000 July 1 2023
[Lawrence Sav. & Tr. C o., New Castle, trust.
OFFICERS.— Same as for West End Trac. Co. above.— V. 117, p. 1347.
<b) Pennsylvania-O hio Power & L ight Co.— All the common stock
Is owned by the Penn-Ohio Edison Co.
ORGANIZATION.— Incorp. in Ohio on or about Oct. 14 1920 and pur
chased from the Pennsylvania-Ohio Electric Co.— see above lin accordance
with the plan outlined in V. I l l , p. 1661)— all the electric light and power
property and business in Ohio formerly owned by the Penna.-Ohio Elec. C o..
Including the power stations at Lowellville and North Ave., Youngstown,
all transmission lines in the State of Ohio, the electric railway lines running
from Youngstown, O., to the Pennsylvania-Ohio State Line near Sharon,
and also the stocks and bonds owned by that co. in the following companies
Shenango Valley Traction Co.
|Sharon & New Castle St. R y. (Pa.)
Shenango Valley Electric Light Co. (Pennsylvania Power Co.
Sharon & New Castle R y. Co. (Ohio). (Mahoning County Light Co.
Lease.— The new plant, transmission line and substations of the Ohio
River Edison Co. are to be leased by the co. for 999 years. V. 117. p. 1236The principal franchises in Ohio extend beyond 1940 and practically ail
those in Pa. are without limit of time.
On April 22 1922 the company signed a ten-year street lighting contract
With the city o f Struthers. V. 114, p. 2116.
STOCK AN D BONDS.— Date.
Interest. Outstanding.
fatvcrity.
Common stock_______________ _____
_______ *$6,000,000 __________
Pref 8%cum $15,000.000($100)____
8 Q-F
2,764,500 ---------------Preferred 7% cumuiative__________
7%
1,250,000 ---------------1st & ref M sk fd $75,000,000\ 1920
7 A g M -N 12,806,000 N ov 1 1940
($100, 500, $1,000 c* and( Guarantee Trust C o., N . Y ., trustee
$1,000 r * )__________ — t f 1
3-yr secured notes ($500 Al 1923
6 g J&D 2,000,000 June 1 1926
$1,000) g _____________c*tfjU nion Trust Co., Pittsburgh, Trustee.
Secured notes ($100, $500 and( 1920 8 g M-N
2,798,900 N ov 1 1930
$1,000) gold_________ c*tf/C entral Union Trust C o., N . Y ., Trustee
See text N ov 1 1930
General mortgage bonds______ 1920 _______
Underly'g bonds (closed m tg e s )____ _________
1,775,000 ---------------* Entire $6,000,000 com. stk. is owned by the Penn-Ohio Edison Co.
Stock.— Both classes of pref. stock are call, at 115 and accrued divs.
Bonds.— $1,929,000 1st & ref. mtge. 7 H % bonds are reserved to retire a
like amount of underlying bonds and $2,000,000 are pledged as security for
the $2,000,000 3-yr. 6% sec. notes. Additional bonds may be issued for
not exceeding 75% o f the cost o f additions, &c., under certain restrictions.
Sinking fund since N ov. 1 1921, payable semi-annually, 1% per annum
to N ov. 1 1930 and I A % per annum thereafter to retire these bonds.
Call., all or part, at any time on 60 days’ notice at 110 on or before N ov. 1
1930; at 107 A during the next 3 years, and at 101 during the last year before
maturity; plus accrued int. Penna. 4 mills tax refunded. $4,093,000
gen. mtge. bonds are pledged as security for the $2,798,900 secured notes.
Notes.— The 10-yr. 8% notes secured by deposit o f $4,093,000 gen. mtge.
bonds, were call, all or part at any time on 30 days’ notice at 110 up to
N ov. 1 1921, and since at 1 point less each year until maturity, plus int.
In each case. Sinking fund o f 3% of the total amount issued, since N ov. 1
1920 to be used for purchase or call and retirement of notes at not exceeding
the respective redemption prices. Tax refund in Penna. The 3-yr. 6%
notes are secured by pledge o f $2,000,000 1st A ref. mtge. 7 A % bonds.
Were call, all or in part at any time on 30 days’ notice at 102 A int. prior to
Dec. 1 1923, the premium thereafter decreasing \i% each 6 mos. to 100
A Int. in the last 6 mos. prior to maturity. Int. payable in New York,
Boston and Chicago. Conn, and Penna. 4-mills tax refunded. V. 116,
p. 2389.
P R O PE R TY.— With subsidiaries owns and operates a modem electric
light and power system with 3 power plants of a total 97,666 h. p. present
Installed generating capacity; transmission lines and distribution systems.
Electric railway lines comprise 61.94 miles. Of this mileage 49.35
Balles is interurban, of which about 40 miles Is on private right-of-way
There are 236 miles of high voltage electric power transmission lines,
and extensive distribution lines in Youngstown, Girard and Struthers, O.
Sharpsville, Farrell, Ellwood City and Sharon, Pa., and vicinity.— V. 116,
p. 296, 411, 624, 722, 2007, 2389; V. 117, p. 326, 1236, 2119, 2433.
(THE) UNITED QAS AND ELECTRIC C O R PORATION .
O RGAN IZATION .— Incorp. in Connecticut on July 20 1923 as a consoli
dation o f The Berkshire Corp. and United Gas A Elec. Corp. (as per plan
outlined in V. 116, p. 1761). Owns entire common stocks of the following
companies (V. 94, p. 1388, 1696. Compare also V. 97, p^726.)^
Gretna (La.) Lt. A Pow. C o., Inc.,
United Gas A Electric Co. o f N. J.
United Gas A Elec. Eng. Corp.(and
Lancaster (Pa.) Co. Ry. & Lt. Co.
through it the Central River Coal
Consumers Electric Light A Power
A Supply Co. and the Union Gas A
C o., New Orleans. *
Elec. Co. o f Bloomington. 111.)
Harrisburg (Pa.) Light & Power Co.
Berkshire El.Co.,Sinking Spring,Pa.
Houston (Tex.) Gas A Fuel Co.
Delta Elec. Pow. C o., Delta, Pa.
Sale of Oil Properties.— In Feb. 1922 sold the United Central Oil Corp.
to the White Oil Corp. for:
(1) 8% cum. conv. pref. stock o f the White Oil Corp., par val.
$10, call, on any div. date at 115 on 60 days’ notice. Conv.
into White Oil Corp. com. stock at $20 per share__________ $1,500,000
(2) White Oil Corp. com. stock (no par value)_______________170,000 shs.
(3) Option for 1 year on 100,000 shares White Oil Corp. com.
stock at $15 per share_____________________________________$1,500,000
For further details see V. 114, p. 861, 1065.
Also controls the Elmira Water, Light A R R . C o., which see under
“ Elmira. N. Y .”
United Oas & Electric Engineering Corp.— This co. was organized In 1913
for the purpose of acting as consulting, contracting and operating engineer*
and as purchasing agents for the U. G. & E. Corp.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common (no p a r )__________ _____
________ 310,463.6 s h r s .________
Pref. ($ 1 0 0 )_____________ ______ —
Q-J
$ 9 ,0 7 8 ,4 0 0
See tex»
Collateral trust sink fd goldf 1915
6 g A-O
9,135,400 Apr 1 1945
bonds Ser “ A ” $15,000,0001 Int. at Guaranty Tr. C o.. N . Y ., Trustee
($1,000 and $100)_ c * .t f I and Penn. Co. for Ins.on L A Gr.An.,Ph,
_
Stock.— The pref. Is to bear cum. divs. at the rate of 5% per annum to
July 1 1925; 6% thereafter to July 1 1927 and 7% thereafter.
Bonds.— $57,600 coll, trust bonds reacquired for sink, fund purposes,
and $533,000 (not incl. in amt. outstanding) are held in sink, fund: $331,000 have been cancelled and retired; remaining $5,000,000 may be issued
for 75% o f the cost o f acquisitions under certain restrictions, $378,000 of
bonds reported outstanding owned by a subsidiary. The coll, trust bonds
are secured by com. and pref. stocks o f the subsidiary cos. Red. as a whole
or in part at 102 A and int. on 4 weeks’ notice. A cumulative sinking fund
which began July 1 1918 will retire over 70% o f the bonds at maturity.
V . 100, p. 2091. Tax refund in Pa.
Dividends on Pref.— An initial div. on pref. at rate o f 5% per ann. (for
period July 20 1923 to Oct. 1 1923) was paid Oct. 1 1923. See also V. 118,
p . 1137. Divs. at same rate paid regularly quar. since.
[V ol. 118.
R E PO RT.— Calendar years:
Profits from
Calendar nlncome for Dealings in Int., &c..
Preferred
Balance,
Year.
Year.
Securities, &c. Charges. Dividends.
Surplus.
1923______ $1,711,862
______
$649,819
$144,431
$917,612
1922______ 1,586,622
______
674,841
______
911,781
a This includes the equity in the net earnings from subsidiary corpora
tions, whether actually received in the form of divs. or not. The amount
added at the end of 1923 to surplus account o f sub. cos. not declared aa
divs. was $545,136 from the last-named amt. and the previous accumula
tions of surplus of sub. cos., there were charged during the year various
amts, on acct. of extraordinary expenditures not directly applicable to the
operations for the year, of which the proportion corresponding to the hold
ings of this corporation is $6,747. There was also added to surplus ac
cumulations the sum of $510,160, being the increase in the book value of
fiscal assets of one of the subsidiary cos.
EARN ING S.— For 12 mos. ended Dec. 31 1923: Balance o f earns, of
sub. cos., after deducting fixed chgs., $3,026,293; deduct reserve for re
newals and replacements, $959,979. and earns, applicable to stock of sub.
cos. owned by public, $429,324; bal., $1,636,991; oth. Inc., $96,589; total
$1,733,579; int. on U. G. A E. Corp. bonds, $580,140; int. on U. G. & E.
Corp. ctfs. o f indebt., (retired Dec. 1923) $45,341; amort, o f debt disc.,
$55,119; bal., $1,052,980.
Subsidiary Com panies.
Calendar
Gross
Net (.after
Fixed
Bal. for
Year—
Earnings.
faint., & c.). Taxes.
Charges. Renew., Ac.
1923________$13,482,411 $5,644,087 $830,266 $1,754,410 $3,059,411
1922________ 12,030,956 5,192.113
778,599
1,740,245
2,673,269
OFFICERS.— Chairman o f Bd., Geo. T . Bishop; Pres., E . G. Connette;
V .-P ., Francis T . Homer; V .-P . & Treas., A. L. Linn Jr.; Sec., J. A. M c
Kenna; Asst. Treas. A Asst. Sec., H. P. Van Iderstine.— V. I l l , p. 598,
1662, 1860; V. 112, p. 569, 1618; V. 114, p. 861, 1065, 2014; V. 116, p. 1412,
1761, 2258, 2638, 2648, 2994; V . 117, p . 440, 670, 1463, 1557, 2900; V. 118,
p. 86, 1137, 1393.
(1) U nited Gas & E lectric C o.
O R GAN IZATION .— Incorp. In Dec. 1901 In New Jersey. A11 the com
mon stock was acquired by the Susquehanna R y. L t. & Pow. C o., which
on June 6 1912 was consolidated with United Gas & Electric Corp. and which
on July 20 1923 was consolidated with the Berkshire Corp. Owns and
controls the following gas and electric properties;
Cit. Gas & Fuel C o., Terre H ’te.Ind. ILockport (N .Y .) L ., H. & Pow. C o.,
Colo. Spgs (Col.) L., H. & Pow. C o.,
and through it the Internat. Power
and through it the Citizens L t., Ht.
& Transm. C o., Lockport, N. Y.
& Power C o., Colo. Springs, Colo. Richmond (Ind.) L ., H. & Power Co.
Empire W. & P. C o., Col. Spr., Colo.
In July 1915 disposed or its holdings of common stock in the Hartford
(Conn.) City Gas Light Co. V. 101, p. 50. During 1915 the electric
department of the Richmond Lt., Ht. & Pow. Co. was sold to the city of
Richmond, Ind. The stock investment In the Altoona Gas Lt. & Fuel Co.
was written off. the company having failed to meet Its Interest charges In
1915, due to natural gas competition. In Sept. 1921 disposed of the Wilkes
Barre (Pa.) Co. In M ay 1922 disposed of Leavenworth (Kan.) L t., Ht. A
Power Co
In March 1919 holders o f the Col. Springs L t., Ht. & Power 1st & Ref.
M . 5s due Aug 1 1920. approved an extension for 1 year o f the $300,000
1st M . 5s due April 1 1919 at 7% . V. 108. p. 1277.
Owing to the uncertainty regarding the co.’s franchise and the fact that
the co.’s entire bonded debt matured in 1920, the following committee was
formed to protect the interests o f the holders of securities o f the Colorado
Springs Lt. & Pr. Co. (in Apr. 1924 we were informed that the co. was
operating under a revocable permit granted by the city of Colorado Springs).
General Protective Committee.— Chairman, Geo. K. Reilly; Francis T .
Homer, John H. Mason, Geo. P. Bissell, E. G. Connette, E. C. Delafield,
A. L Linn Jr., John H. Mason, Arthur V. Morton, Jonathan O. Neff;
Sec., L. H. Cubberley, 1607 Walnut St., Phila., Pa. Depositories: (a) 1st
mtge. 5% 20-yr. bonds o f Colorado Springs Lt. & Pr. C o., as extended at
7% at Bank o f America, N. Y . City. (6) 1st mtge. 5% 20-yr. bonds o f
Colorado Springs Electric Co., at Pennsylvania Co. for Ins. on L. & Grant.
Ann., Phila. (c) 1st & ref. mtge. 10-yr. 5% bonds of Colorado Springs
Lt., Heat & Pr. Co. at Bank o f North America & Trust C o., Philadelphia.
(d) and (e) non-cum. 6% pref. stock and the com. stock o f Colorado Springs
L t., Ht. & Pr. Co. at N. Y . Trust C o., N. Y . City. Deposits have been
called for. For circular of committee see V. 110, p. 1418. For statement
o f committee dated Oct. 31 1923 regarding status o f Colorado Springs
property at that time see V. 117, p. 2114.
All of the $350,000 Lockport Gas & Electric 1st M . 5s due Feb. 1 1920,
were bought in through the medium of bank loans.
In 1920 the Lockport Lt., Ht. & Pow. Co. issued $350,000 8% cum. pref.
•tock, proceeds being applied to the retirement of a like amount of gen
mtge. 7s due Jan. 16 1920.
Neither the Col. Spgs. L., H. & P. 1st M . 5s due Aug. 1 1920, the Col.
Spgs. Elec. Co. 1st M . 5s due Apr. 20 1920, nor the Col. Spgs. L t. & Pow.
1st M . 7s due Apr. 1 1920. had been retired up to time of going to press.
Int. at the rate o f 7% , however, is being paid on all three issues and a sink,
fund o f $10,000 semi-ann. began Dec. 1 1923 on Colorado Springs Elec. Co.
1st mtge. 5s, bonds purchased by sink, fund to be cancelled. V 117, p. 2114.
The stockholders on Mar. 27 1922 voted to change the com. stock from
shares o f $100 par value to shares o f no par value. V. 114, p. 1418.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ 36,210 shs.
See text
Stock common 40,000 shares______
Stock preferred $1,500,000
____
J-J
$1,195,800 J a n ’24,23^
Securities of controlled gas and electric companies—
Citizens G & F 1st ref M $2,-f 1910
5 J-J
594.500 Jan 11960
000.000 ($100 ,$600A$ 1,000) {in t. at New York Trust C o .. New York,
red as a whole@105Alnt_tfl Trustee.
Col Spgs El Co IstM ($ 1,000,-J 1900
7 A-O
1.000,000 Apr 20 1920
000) red at 110 & Int_c*tf\New York Trust C o., New York, Trustee.
Ool Spgs Lt A Pow 1st mtge/ 1899
7 A-O
300,000 AprU 1 1920
$300.000 ($500A$ 1,000) c tflln t. at New York Trust C o., N . Y ., Trustee.
Ool Springs L H & Power lstf 1910
7 g F-A
1,284,000 Aug 1 1920
& ref mtge $3,500,000 gold{Interest at New York Trust C o., Trustee.
($100, $500 A 81,000).c*tf I M . N . Buckner Is also Trustee.
Lock L H A P 1st ref $750,-/ 1908
5 J-J
750.000 Jan
1 1938
000 ($500 A $1.000)__c*tf(int. at New York Tr. C o.. N . Y .. Trustee.
Rich L H A P 1st M $3,000,-1 1914
5 M-S
400.000 Mar 11939
000($100,$500A$l,000)cArtf}Int. at New York Trust C o., N . Y ., Trustee.
red @ 105 A int__________ / Demas Doming Is also Trustee.
Bonds.— Of Citizens’ Gas A Fuel 1st A refunding mtge. bonds, $284,000
are held in treasury and $1,121,500 are for acquisitions, extensions, impts..
Ac., and can only be issued for 85% of cost of same. Paul N. Bogart is also
trustee. $1,300,000 of Colo. Spgs L ..H .& P . Co. 1st A ref. bonds reserved
to retire underlying bonds and $916,000 are for additions, extensions, A c.,
at 85% of cost thereof. Redeemable at 105 and int. on Feb. 1 1917 and at
102H and int. on any Int. day thereafter.
V. 91, p. 466, 1097. Lockport Lt., Ht. A Pow. 1st ref. bonds are redeemable on any int. date at par
and int.
Dividends.— On pref. 5% has been regularly paid since Incorp. On com ..
In 1906 and 1907, 2% : 1908 4% ; 2% : (1910, 4% : 1911, 4% : 1912,
4% ; 1913, 4M % ; 1914, 4 H % ; 1915. 4% ; 1916. 7 H % ; 1917, 4% ; In 1918.
2H %■ In 1919, 1 ^ % . In 1920, I X %. In 1921 none paid. In 1922
common stock was changed from $100 par to shares of no par value. In
1922. 60c. per share was paid on the new stock. In 1923, $2 50. In 1924,
March, 50c.
EARNINGS.— Year end. Dec. 31 1923, earnings (less expenses), $307,484; pref. div., $59,790; surplus, $247,694.— V. 93, p. 1783; V . 101, p. 48,
V. 107, p. 1288; V. 108, p. 487, 789; V. 114, p. 1418.
(2) Harrisburg L igh t & Power C o.
ORGANIZATION.— Incorp. July 22 1912 to take over the Harrisburg
Light, Ht. A Pow. Co. and Paxtang Elec. C o., whose franchises are per
petual. In Feb. 1913 the Harrisburg Lt. A Pow. Co. purchased the Har
risburg Steam, Heat A Pow. Co. In Aug. 1913 acquired Steelton L t., Ht.
A Power Co. V. 97, p. 179. Serves with light and power the city of Har
risburg and the adjacent communities of Steelton, Dauphin, Penbrook,
Paxtang and Riverside; also serves the main business section of Harrisburg
with steam heat. Stock outstanding, $2,000,000 common, and $1,250,000
8% cum. pref. stock. All the com owned by The United Gas A Elec.Corp.
In March 1924 issued $1,000,000 1st A ref. mtge. 5s, dated 1912, proceeds
being used to retire an issue of 1st mtge. 5s due July 1 1924 (eliminated from
table below) and for other corporate purposes. V. 118, p. 1526.
A pril, 1924.]
BONDS—
Date.
Interest. Outstanding. Maturity.
Harrisburg L & P 1st & ref M l 1912
5 g P-A
$5,173,000 Aug 11953
$10,000,000 $ ($100 and/FIdellty Trust O o.. Philadelphia. Trustee.
$1.000).........................*tfcl
Bonds.— Remaining Harrisburg Light & Power 1st & ref. bonds are re
served for improvements, extensions, &c., under certain restrictions. Red.
at 105 and int. on any int. day.
EARN ING S.— Year ending Feb. 29 1924: Gross, $1,880,657; net, after
taxes, $757,057; charges, $356,251; surplus, $400,806.— V. 118, p. 1526.
(8) Consum ers’ E lectric Light St Power Co.
Operates an electric light and power system In New Orleans.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,000,000_________ All owned by United Gas & Elec. Corp.
Q-M
$500,000 Mar '24, \ H
Preferred $500,000 (7% cum )______
Pirst mtge $2,500,000 gold/ 1911 5 g J-J
1.885,000 Jan 1 1936
($100, $500 and $l,000)-C*\Int. at Columbia Tr. C o., N . Y ., Trustee.
Stock.— Preferred stock 7% cum. from April 1 1913.
Bonds.— Remaining bonds are for extens., impt. and betterments. Subj.
to call at 105 and int. No sinking fund.
EARN IN G S.— Year ending Feb. 29 1924. gross, $838,025; net, after
taxes, $294,709; charges, $104,418; surplus, $190,291.
(4) H ou ston Qas & Fuel Co.
Entire com. stock is owned by United Gas & Elec. Corp. Does entire
gas business o f Houston and vicinity. Has acquired Houston Gas Co.
Franchise runs until July 1 1940 and fixes the prices for gas at $1.19 per
1,000 cubic feet.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,500,000________ — All owned by United Gas & Elec. Corp.—
Preferred (7% cum) $550,000...........
7 Q-J
550,000 Mar *24 1 %
R ef & lmpt M $6,000,000____1912
5 M-S
2,470,000 Sept 1 1932
STOCK.— Preferred stockls callable at 110 and dividends.
BONDS.— Additional bonds can be Issued only for 80% of cost of extens
and lmpts. when annual net earnings are double the Interest on bonds
Including those to be Issued.
EARN ING S.— 12 mos. ending Feb. 29 1924: Gross, $1,400,736: net, after
taxes, $545,806: charges, $155,807; surplus, $389,999.— V. 106, p. 818;
V. 110. p . 974: V. 115, p. 551.
(B) U nion Q a i & Electric Co.
ORGAN IZATION .— Incorp. July 6 1899 under the laws of Illinois for
99 years. Acquired physical property, franchises and capital stock o f the
Bloomington Gas Light S Coke Oo. and the Citizens' Gas Light S HeatinS
c
c
Co. Practically all common and all pref. stock owned by United Qas &
Elec Eng. Corp.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $1,000.000_ _____
_
_________
$750,000 Dec ’23,1%
Pref stock (7% ) $1,000,000 .............
7%
386,100 Mar ’24,1 %
1st mtge $750,000 ($1,000)— / 1905
5%
515,000 Sept 1 1935
lin t, at First Tr. S Sav. B k.. Chic., Trustee.
c
Bonds.— The $93,000 add’l bonds can be issued for 75% of cost o f exten>e
S lmpts. when net earnings are twice int. on bonds, incl. those to be issued.
c
Red. at 105 and int. on any Int. date. Ann. sink, fund of 5% of gross,
receipts on and after Oct. 1912. Up to Mar. 1 1924, $142,000 retired.
EARN ING S.— For year ending Feb. 29 1924, gross, $321,684; net, after
taxes, $97,841; charges, $27,207; balance, $70,634.
CITIES SERVICE COMPANY.— A holding company.
ORGAN IZATION .— Incorporated in Delaware Sept. 2 1910 as a hold
ing company, per plan in V. 91, p. 656, and acquired control of Denver Gas
& Elec. Light Co. (see that company) and the Empire Dist. Elec. Co. Or
ganized and managed by H. L. Doherty & C o., New York. V. 102, p.
2077. Under a re-arrangement o f properties made in March 1913 acquired
control o f the St. Joseph (M o.) R y., Lt., Ht. & Power C o., Empire District
Gas Co. (subsequently dissolved) and Danbury & Bethel (Conn.) Gas &
Electric Light Co. V. 96, p. 656, 718. In Nov. 1913 the company also
acquired the properties (consisting o f securities) o f Consolidated Cities Light
Pow.& Trac. Co. (subj. to $10,000,0001st lien. 5s due N ov. 1962) and Utilities
Improvement Co. For terms of acquisition see this section of Nov. 15
1919 under “ Cities Service C o.” See full particulars regarding the C on
solidated and Utilities companies in the issue o f this section for Sept. 27 1913
On Dec. 31 1922 the co. controlled 60 gas, electric light, heat and power
electric railway and water, and 43 oil producing and refining properties,
operating in 19 States o f the United States, and in the Dominion of Canada.
Through associated cos. and subsidiaries properties are being developed in
Mexico. In South America the Barco Concession in Colombia, comprising
more than 800,000 acres, is controlled. The public utility properties serve
over 600 communities with a population o f more than 3,500,000.
Below will be found tables giving a complete list o f the subsidiary com
panies with the outstanding capital stock and bonded debt of each and the
amounts thereof owned or contracted for by the Cities Service Co. The
holdings of the Consolidated and Utilities companies are included in these
tables, having been taken over by the Cities Service Co. as of Nov. 1 1913.
CAPITALIZATION OF SUBSIDIARY COM PANIES.— The following
table shows the securities o f the subsidiary companies owned or controlled
by the Cities Service Co. as of Dec. 31 1923 [par o f shares: a $100, 6 $50,
c $25, d $20, e $5 25, / $1, g no par value, h $5, i $10.]
----------Bonded Debt---------- ----------- Stock----------Bonds
Cities Service Amount Cities SerOutstanding. Company. Outstanding, vice Co.
%
Adrian Street R y. C o______
a30,000
75,000
75,000
American Eagle Oil C o____
c32,000
Arkansas Valley Gas C o_
_
O150.000
Athens Gas Lt. S Fuel C o .
c
125,000
245,500
204,000
Athens R y. & Elec. C o____
a750,000
892,900
Preferred s t o c k ______
a300,000
Atlas Chemical C o________
a2,000,000
Bartlesville Gas & Elec. C oC443.550
667.000
♦Bristol Gas & Electric C o .
a300,000
425.000
Brush Electric C o_________
1,265,000
367,000 (12,000,000
Carson Petroleum C o_____
c l ,942,950
Carson Pet. Co. (Texas).
C5.000
Cities Service Export Oil
Co___________________
c5,000
Petrol. Impt. & Exp. C o .
c l ,700,000
a2, 500,000
♦Cent. Ohio Gas & Elec. Co.
99.916
Chesebrough Bldg. C o___
a l , 200.000
3,500,000
99.942
Cities Fuel & Power C o ___
alO ,000,000
99.99
American Pipe Line C o ..
a50,000
Franklin Co. Pipe L. C o .
/ 1 00,000
Ohio & Northern Gas C o . ‘5,625,000
alO.OOO,000
Central Ohio Gas C o .. 2,975,000
a 7 ,000,000
Mfrs.Nat.GasCo.,Ltd.
a200,000
Northw. N. Y . Gas Co.
ffl99,600
Republic Lt., Ht. &
Power C o________
a3,374,600
404,000
Sentinel Oil & Gas C o_
_
/66 ,7 5 5
So. Ontario Gas Co., Ltd.
Empire Pipe Line Co. of
625.000
M exico_______________
6850.000
Gulf Coast Corporation. .
Holden Evans SS. C o_
_
a l,000,000
85,000
a600,000
Lagunita Oil C o________
Preferred____________
100.000
a20,000
Tampascas Oil C o____
National Petroleum Corp.
1595.000
Southern Fuel & Ref. C o.
1695.000
Cities Service Oil Co.. L td.
a.5,000 100.00
a625,000 100.00
455,000
Cities Service Oil Co. (Ohio)
267,500
Cities Service Oil Stor. C o .
g\ 10,750 100.00
Cities Service Refining C o. 2,5b(f,666
57.848
fill ,797,975
Preferred_______________
13.37
2,385,000
Cities Service Transp. C o._
al.OOO 100.00
99.93
♦City Light & Traction C o 1,395,000
5,000 a l,000,000
m ity Light & Water C o_
_
99.85
a l,000,000
460,000
50.00
alOO.OOO
Preferred stock_________
Colombian Petroleum C o_.
a5,000,000
74.51
Compania Colombiana
a200,000
Del Petroleo_________
Compania de Gas y Com
6100,000
99.7
bustible “ Imperio” S. A .
Compania Emmex de Pe
troleo y Gas___________
e5,250 100.00
Compania Terminal “ Im
perio” S. A ____________
67,250
99.793
Cia de Terrenos Petrolferous “ Imperio” S. A _
_
65,000 100.00
85
ELECTRIC RAILW AYS
-Stock-Bonded DebtBonds
Cities Service Amount Cities SerOutstanding. Company. Outstanding. vice Co.
$
Crew Levick C o__________
3,569,000
Preferred stock_________
______
Sub. co. securities______
♦Cumb. & West. El. R y. Co.
655.000
D anb.& B eth.G .& E .Lt.C o.
756.000
Preferred stock_________
Dohertly Club, Inc_______
120,000
♦Dominion Gas C o________ 4,915,000
So. Ontario Gas C o., Ltd.
Brantford Gas C o _______
85,000
Dom in.N at.GasCo.,Ltd.
Ingersoll Gas Light C o ..
30',000
United Gas Cos., L td___
Woodstock Gas Lt. Co__
6,000
Durham Pub. Service C o._ 1,039,400
Preferred stock_________
Electric,Bond Deposit C o_.
Preferred stock .________
Ozark Pr. & Water Co__ 2,000,000
Preferred_____________
Empire Dist. Electric C o._ 5,742", 566
Preferred stock_________
Sub. co. securities______
262', 500
Preferred stock_______
Empire G. & F. Co. (Colo.)
Empire G. & F. Co. (D el.). 55,944,700
Preferred stock_________
Securities of sub. cos____ 3,634,000
Pref. stocks o f sub. cos.
Empire Gas & Fuel C o.,
Inc. (K y .)______________
Empire G. & F. Co. (Ohio).
Empire Leas. & Drilling Co.
Empire Oil & Gas C o., In c.
Empire Refining Co. (111.).
Empire Refining Co. (M e .).
Empire Tank Line C o_____
Fremont Gas, El. Lt. & P ._
41,000
H. L. D. Realty Corp_____
500.000
Knoxville Gas C o_________
440.000
Preferred stock_________
Lakeside Construction C o ..
Lebanon Gas & Fuel C o___
311.000
Lenawee Co. Gas & El. C o.
386.000
♦Meridian Light & R y. C o. 2,605.494
554.000
Hattiesburg Trac. C o_
_
Ohio Public Service C o____ 17,603,075
Preferred_______________
______
Oil Warehouse, Inc_______
______
Public Service Co. of C o lo .. 26,636,800
Preferred_______________
______
Cheyenne Light Fuel &
Power C o____________
175,000
Pueblo Gas & Fuel C o_____
643,900
Preferred_______________
______
St.JosephRy.,Lt.,Ht.&P.Co. 5,695,000
Preferred stock_________
950’,000
Salina Lt., Pow. & Gas C o.
Preferred_______________
South. Ont. Gas C o., L t d .. 3,984’ 6o6
350,000
Southw. Okla. Gas & F. Co.
Spokane Gas & Fuel C o____ 1,414,000
Preferred stock_________
333,66b
Summit County Power C o .
Texas Distributing C o_____
Toledo Beach C o _________
Toledo Casino C o_________
450,000
Tol. OttawaBch.&Nor. R y.
Toledo & Western R R _____ 2,000,000
Toledo Trac., Lt. & P. C o . 7,470,300
Preferred stock_________
______
Securities held for exch_.
______
Anchor Realty C o______
Toledo Edison C o_______ 18,093,400
Preferred stock_______
Toledo Suburban El. C o. 1 , 100,000
Citizens Lt. & Pr. Co__
Preferred__________
United W a t., Gas & El. C o . 1,805,600
Preferred stock_________
Watauga Power C o_______
abb’,666
Western Distributing C o_
_
ibo'666
Western Okla. Gas & F. Co.
Consol. Cities Lt., P. & Tr.
HOI
Co. bds. secur. by pledge
of com. stk.in cos.'marked *10,000,000
i
_____
_____
.........
_____
_____
_____
_____
9,000
$
a3,001,500
2,500,000
263,500
6625,000
C600.000
400 000
alOO.OOO
a3,000,000
2.000
dl21,820
______ a l ,250,000
...........
(Z40.000
______
a3O0,OO0
______
d86,120
______
a300,000
...........
a300,000
______ a l,500,000
______ a l,500,000
______ a l ,500,000
______
500,000
13,449 a3,000,000
______
1,467,600
4.000
a400,000
...........
alOO.OOO
al,700
1,480,000 a75,000,000
25,357,331
_____ 46,723,608
_____
a400,000
_____
_____
_____
_____
_____
_____
_____
_____
_____
2.000
_____
____
30,000
1,240,194
6,000
alOO.OOO
a2,000,000
a l,000,000
a3,000,000
a500,000.
a500,000
al ,000,000
al37,300
al ,000,000
a300,000
alOO.OOO
alO.OOO
a500,000
ilOO.OOO
a2,000,000
a500,000
a5,000,000
4.500.000
a2,500
15,000,000
3.500.000
%
99.96
100.00
______
93.888
99.954
16.25
100.00
99.983
99.766
100.00
99.4
99.95
100.00
99.996
84.824
100.00
99.9
100.00
100.00
99.86
99.82
99.9
70.866
100.00
86.233
165766 '
25.36
99.97
99.965
997974
156766'
99.99
______
262,900
...........
______
______
______
______
92,000
350,000
508,100
1,500,000
99.867
a300,000
402,300 100.00
95.117
a3,500,000
19.23
al ,560,000
99.90
a500,000
298,400
80.196
a4,987,800
99.9
a500,000
a2,000,000
99.935
90.33
300.000
a500,000
72.74
alOO.OOO
99.1
98.00
c5,000
87.50
a4,000
99.96
450.000 a l,500,000
99.95
500.000 a2,000,000
96.332
07,966,250
96.66
______
6,720,325
______
117,157
______
alO.OOO
______ al3,875,000
______ a4.486.300
______
<7500,000
______
a75,000
______
25,000
99.90
______
a700,000
______
a361,400
997833
...........
a300,000
99.60
______
al75,000
99.50
100,000
alOO.OOO
20,000
a250,000
100.00
T otal__________________ 201,669,769
5,488,143 325,074,277
--------♦The stock owned in these companies is largely pledged to secure the
$10,000,600 bonds of the Consolidated Lt., Pow. & Trac. C o. ___<
Summary of Capital Stock and Funded Debt Sub.'Cos. as of Dec. 31 1923.
Common
Preferred
Bonds and
Stock.
Stock. Funded Notes.
Owned directly by Cities Serv. C o .$169,637,812 $33,136,714
$5,488,143
Securities owned by sub-hold’g cos. 90,483,320
1,356,500
11,300,200
Bond and funds in sinking fund____
________
________
4,406,983
Outstanding in hands of public____
7,289,489 23,170,442 180,474,443
T otal__________________________ $267,410,621 $57,663,656 $201,669,769
Merger of Subsidiary Companies.— As of M ay 1 1916 the Empire Gas &
Fuel Co. took over the Quapaw Gas C o., Wichita Natural Gas C o., Wichita
Pipe Line C o., increased its capital stock from $7,560,000 to $12,500,000
and Issued $14,000,060 1st M . and coll. tr. sk. fd. 6% bonds due M ay 1
1926. See V. 102, p. 1542; V. 103, p. 1034, The entire stock of the en
larged co., except directors’ shares, is owned by the Cities Service Co.
Proceeds of the bonds were used to retire the $7,000,000 Cities Service
Co. 7% conv. notes (called for payment on or before July 12 1916). and
underlying bonds and provide for extensions, &c. In Feb. 1921 the Empire
Gas S Fuel Co. brought out $5,000,000 bond-secured notes, and the Empire
c
Oil Purchasing Co. issued $10,000.0b0 7% partic. notes.
V. 112 p. 037.
In July 1918 acquired the Crew Levick Co. of Phila. V. 103, p. 406.760.1034.
In August 1916 acquired over 75% of the outstanding common and
preferred stocks of the Toledo Trac. L t. S Pow. Oo. In exchange for 35%
c
Cities Serv. pref. and 7% com. stock for each share of Toledo common,
and share for share for preferred. V. 103, p. 1119.
In N ov. 1916 contracted to acquire the Kansas Natural Gas Oo. and its
subsidiaries through the Empire Gas Sc Pipe Line C o. V. 103, p. 2078.
For offer to exchange Cities Service 7% debentures Ser “ D ” for stock and
2nd mtge bonds of Kansas Natural Gas Co. See V. I l l , p. 1186.
In April 1917 the Empire Gas & Fuel Co. was Incorporated in Colorado
with $1,700 outstanding common capital stock, all owned by Cities Service
Co., and owns gas, oil and mineral leases In Arkansas, Colorado. New
Mexico and Wyoming.
In Dec. 1917 purchased the Standard Asphalt & Refining Oo. at Indepen
dence, Kan., from the Armour interests; also acquired control in 1917 of the
Atlas Chemical C o., which sells coke oven gas to the Toledo Rys. & Lt. Oo.
In Dec. 1918 the co acquired control of the Western Light & Power Go
In 1921 a new subsidiary, the Cities Service Oil Co., Ltd., was incorporated
In Canada. V. 112, p. 1402. In the same year the Cities Service Co. of
Texas (V. 113, p. 1057) and the Cities Service Oil Co. of Colorado were
formed. V. 112, p. 2309.
In Aug. 1923 the co. purchased the Citizens Lt- & Pow. Co. and the
Lenawee Gas & Elec. Co. o f Adrian, Mich. V. 117, p. 673.
***
In Oct. 1916 purchased the capital stock of the Orew-Levick C o., Ponca
(Okla.) Refining C o., Ponca Lubricating C o., Cushing (Okla.) Refining
Oo. and the Producers' Refining C o.. Gainesville. Tex. V . 103. p.
1412, 1301.
In Oct. 1921 a new subsidiary, the Ohio Public Service C o., was incorp,'
In Ohio as a consolidation of the Alliance Gas & Power C o., the Lorain
County Elec. C o., the Massillon Gas S Elec. Co. and the Trumbull Public
c
Service Co. Ashland Gas & Elec. Lt. Co. and the Richland Pub. Serv.
86
ELECTRIC RAILW AYS
C o. were acquired Feb. 14 1922. V. 113, p. 1775; V. 114. p. 1070; V. 115,
p. 187, 1541; V . 116, p. 1285- In Sept. 1922 the Cities Service Oil C o., a
new subsidiary, was formed. V. 115, p. 1325.
In Aug. 1923 a new subsidiary, the Public Service Co. o f Colorado, was
formed to take over the Denver Gas & Elec. Light C o., the Western Lt. &
Pow. Corp. o f Boulder, Colo., and the new power plant development at
Valmont, Colo. For full particulars see V. 117, p. 897, 1564.
In March 1924 acquired the Consumers Lt., Ht. & Pow. Co. of Topeka,
Kan. (now operated under the name of the Capital Gas & Elec. Co.) and
the Union Public Service Co. V. 118, p. 1273.
In Feb. 1919 300,000 (par $10) "Bankers shares” were disposed of
200,000 being subscribed for at $35 each and 100,000 at $37 50 each
V. 108, p. 881, 1062. See also V. 109, p. 1702.
In M ay 1914 shareholders ratified an Increase in the stock from $50,000,000 ($30,000,000 pref. and $20,000,000 common) to $65,000,000 ($40,000.000 pref. and $25,000,000 common). On June 29 1916 authorized stock
was further increased to $100,000,000 ($60,000,000 pref. and $40,000,000
common). On Apr. 3 1917 shareholders ratified a further increase in au
thorized stoek to $150,000,000 ($100,000 000 pref. and $50,000,000 com.)
On April 8 1919 stockholders voted to increase the authorized amount of
pref. stock from $100,000,000 to $150,000,000. On N ov. 17 1919 the
stockholders voted to further increase the auth. capital stock from $200.000,000 to $300,000,000 by creating $60,000,000 o f 6% Preference BB
stock and $40,000,000 o f 6% Preference B stock. $3,000,000 of the new
Preference B stock was issued immediately, being offered to the stockholders
at $7.50 per share, and was largely oversubscribed
V. 109. p. 1702, 1990
► On July 31 1922 holders o f pref. and pref. “ B ” div. scrip were offered
the privilege o f exchanging same for 8% conv. debentures “ E .” V.
115. p. 649.
The'Stockholders on Dec. 28 1922 increased the auth. com. stock from
$100,000,000 to $400,000,000. V. 115, p. 2909. Compare V. 115, p. 2585.
Stock, A c., Outstanding Dsc. 31 1923.
STOCK, E T C .—
Date.
Interest. Outstanding. Divs.AMat.
Com . stock ($100) $50,000,000 ____ Monthly $46,155,494 See text.
Pref stock 6% cum ($100)
$150,000,000 ............... ....................
Monthly 80.112,611 See text.
P f B B s t k 6% cum $60,000,000 ____
Monthly
282,900
.... ....
P f 'B stk 6% cum $40,000,000
Monthly
3,586,740 See text
(par $10)........... ...............................
C onv 5% debs Ser “ A " _______ _____
_______
22,630 __________
C ony 7% debs Series “ B ” J 1918 See text
1,426,330 Jan 1 1966
closed gold------------ c* r..tf (Bankers Trust C o., New York, trustee
C onv 7% debs Ser “ C ” $17,-1 1919
See text
12.553,970 Jan 1 1966
500,000 gold----- c*& r_tf. 1Bankers Trust C o.. New York, trustee
Conv 7% deb Ser “ D " $30,-/ 1919
See text
10 154.558 Jan 1 I960
000,000 gold------- c* & r.tf.(N e w York Trust C o.. New York, trustee
Conv 8% debser“ E ” g_c*&rtf 1922 See text
1,709,840 Jan 1 1966
•Bankers'shares” (par $1 0).r . ____
See text
x
See text.
Dividend scrip------------------------------- See text below
x Included in common stock outstanding.
Stock.— On N ov. 17 1919 an amendment was made to the charter which
provides that the company shall have the right to redeem its first pref
stock, all or in part, at 112. Preference B and Preference BB stock are
redeemable, all or in part, at 106. V. 109, p. 1990.
Dividend Scrip— The div. scrip is non-int. bearing and at time of issuance
no maturity was fixed. The board o f directors, however, may at any time
fix dates o f maturities for the scrip to be issued and may do this without
awaiting the time when the co. may be in position to resume cash dividends
AH scrip representing cash div. will call for redemption in cash, while
scrip representing com. stock divs. will be red. in Com. stock at par, V
112, p. 2646.
Dividend Scrip Purchasing Fund.— F_.r details see V. 113, p. 421.
Dividends.— Divs. on the pref. stock commenced with the date of or
ganization Sept. 2 1910 and were paid monthly at the rate o f 6 % per annum
until Aug. 1 1914. Bivs. at the same rate were resumed on Jan. 1 1916
and the accrued accumulated divs. were paid in convertible debentures,
(radically all o f which have since been converted. Cash divs. paid leguarly to and incl. June 1 1921. Divs. were then paid in non-interest bearing
scrip up to Sept. 1 1922, when cash divs. wore resumed. The scrip was
redeemed either through payment in cash or conversion into 8% conv
debentures “ E .” V. 115. p. 649. Subsequent divs. of M of 1% monthly
have been paid regularly in cash. An initial div. of
of 1% was paid
Jan. 1 1920 on the 6% Preference B stock. Same rate paid regularly to
and incl. June 1921. Divs. were then paid in non-interest-bearing scrip
up to Oct. 1 1922, when cash divs. were resumed. The scrip was redeemed
either through payment in cash or conversion into 8% conv. debentures
“ E .” V. 114, p. 649, 873. Subsequent divs. of
of 1% monthly have
been paid regularly in cash. Cash divs. on com. stock began with the date
o f Organization, Sept. 2 1910, and were paid monthly up to Aug. 1 1914 at the
following rates per annum: 3% . 1910; 3 % , 1911; 4 % , 1912; 5% , 1913; 6%
1914, and were then suspended until Jan. 1 1916. at which time a distribu
tion o f 6% of convertible debentures was made, and on July 1 1916 a further
distribution o f 3% o f convertible debentures. Since that time to and
including June 1 1921, cash dividends were paid on the common stock at the
rate o f 6% per annum. Subsequent dividends paid in non-interest bearing
scrip. For details see under “ Dividend Scrip” above and V. 112,
p. _2646. On Sept. 1_ 1916 a dividend o f 2% in common stock was
paid and on Dec. 1 a dividend o f 4% in common stock was paid. During
1917 the co. declared a div. o f 6% payable in com. stock; in 1918, 9% in
com . stock, and in 1919. 12% in com. stock. The company paid a div. of
1)4% In com. stock on Feb. 1 1920, placing the div. at an annual rate of
15 % . Stock divs. at this rate were paid regularly to and incl. June 1 1921,
Subsequent divs. paid in non-int.-bearing scrip. See under “ Dividend
Scrip” above and V. 112, p. 2646.
Divs. (cash.) on “ Bankers’ Shares” ; In 1919, $4.11; In 1920, Jan., 46.1c.,
Feb., 55.9c.; March, 54.7c.; April. 50.2c.; May. 53.8c.; June, 49c.; July
46.2c.; Aug., 45.6c.; Sept., 42c.; Oct., 40.75c.; N ov., 41.5c.; Dec., 43.5c.:
In 1921, Jan., 39c.; Feb., 34c.; March, 36J4c.; April, 35c.; M ay, 35c.
June. 35.5c.; July 1 1921 and since to date in scrip.
“ Bankers’ Shares.’ ’— The company deposited with the Bankers Trust Co.
N . Y ., 30.000 shares (par $100) of common stock of the co., against
which were issued 300,000 non-voting certificates known as “ Bankers
•hares, each share representing l-10th o f a share of said common stock
Holders of the Bankers’ shares have the right to surrender their holdings
and receive therefor 1 share of com. stock ($100) for each 10 shares of
Bankers' shares deposited prior to July 1 1921. The stock divs. accruing
to the com. stock deposited were sold each month and the proceeds, to
gether with the cash divs. on such stock, paid the holders of these Bankers'
shares each month. Beginning July 1 1921 all divs. were paid in scrip
Additional shares may be issued at the option o f the company or H. L.
Doherty & Co., its fiscal agents. V. 108, p. 881.
Convertible 7% Debentures, Series “ B.” — Denom. (1) coup, (c*) bonds
$500&$1,000, int. J .& J .; (2) reg. bonds, $5,000, $1,000, $500 or $100; int.
payable by check, at buyer's option, either monthly, Q.-J., J. & J., or annu
ally Jan. 1; (3) registered bonds, $10 rr multiples thereof, less than $100, int.
payable annually Jan. 1. Each $100 of principal amount is convertible,
at the option o f holder since Jan. 1 1920, on the first day of any month.
Into $80 par value o f preferred stock, and $20 par value o f common stock,
together with an amount o f cash and stock equal to the dividends paid
on an equal amount of common stock from Jan. 1 1918 to the date of con
version, $43,600 are owned by company not incl. in amount outstanding.
Callable, all or in part, by lot or by distinctive numbers at 102 and int. ou
4 weeks notice. If called for redemption, the right to convert is secured for a:
least 30 days prior to redemption date. Interest payable without deduction
o f normal Federal income tax. V. 106. p. 1126: V. 107. p. 607, 699. Thin
Issue has been closed. Up to Apr. 1 1924 93.271 shares o f com. stock had
been deposited against which $932,710 Bankers’ shares have been issued.
Convertible 7% Debentures, Series “ C.” — Denom. coupon bonds, $500
Sc $1,000, Int. J. & J.; registered bonds, $5,000, $1,000, $500, $100, $10
and multiples of $10, int. payable by check, monthly, quarterly,
semi-annually, or annually, at option o f holder; except that on bonds of
less than $100 principal amount, interest is payable annually on Jan. 1
only. Each $1,000 principal amount of these debentures Is convertible (at
option o f holder) into 9 shares o f Cities Service pref. stock and 1 share of
Cities Service com. stock, together with the accumulated cash and stock
divs. on the latter amount o f com stock from Jan. 1 1919 to time of con
version. $329,500 owned by the company not incl. in amount outstand
ing. Bedeemable, all or in part, at any time at 102 and interest. If
called for redemption, the right to convert is secured for at least thirty
days prior to redemption date. Interest payable at office o f H. L. Doherty
& C o., N . Y ., or office o f Cities Service Co. in London, without deduction
of normal Federal income tax. Y . 108, p. 82.
J
[V ol. 118.
Convertible 7% Debentures, Series “ D .” — Denom. (c*) $1,000 and $500.
Int. J. & D .; (r) $5,000, $1,000, $500, $100, $10 and multiples o f $10; int.
payable by check monthly except that on bonds of less than $100 principal
amount, Int. is payable annually on Dec. 1 only. Each $1,000 principal
amount is convertible since Jan. 1 1922 Into $925 par value of either
6% cum. Preference B stock or 6% cum. Preference BB stock and $75 par
value com. stock, together with the amount of accumulated cash and stock
div. on $75 par value com. stock after Dec. 1 1919 up to time of conversion.
$9 553,600 owned by co. not incl. in amount outstanding. Additional
debs, of this issue may be auth. under certain restrictions. $3,000,000 are
deposited with the Bankers Trust Co. for the conversion of the Toledo Trac.
Lt. & Pow. Oo. conv. 7% debentures. Through operation of an investment
fund there is available for purchase in the open market at a price not exceed
ing 105 and int. for account and benefit of holders of these debentures, a
sum each month equal to the cash dividends paid on the amount of com
mon stock into which these debentures are convertible. Callable, all or
In part, at 102 and int.; when called the right of holders to exercise their
privileges of conversion is secured to them either on the redemption date or
a date a reasonable time prior to such redemption date, which must be fixed
by published notice. Int. payable at offices of H. L . Doherty & C o.,
N. Y ., or company’s offices in London, Eng. V. 109, p. 2174.
C o n v e r tib le 8% D e b e n t u r e s , S e r ie s “ E . " — Denom. (c*) $1,000, $500 and
$100. Int. M . & S.; (r) $1,000, $500, $100, $10 and multiples of $1,000.
interest payable by check monthly, except that on bonds of $10 denom.
int. is payable annually. Are conv. at any time, at option of holder;
as follows: Each $100 bond may be exchanged for $85 of Cities Service
preference stock and $15 par value com. stock,, together with all divs. paid
on com. stock from date of issue of the debentures up to time of conversion.
Red. at 115 during first year of life and at a premium diminishing 1% each
six months down to par, at which price these debentures may be called for
redemption after 7 J 4 years. V. 115, p. 649.
Bonds of Consol. Cities Light, Power & Traction Co.— These bonds remain
out as a lien on the securities pledged therefor (see * in the foregoing table).
The bonds are subj. to call at 105 on any int. day and are guar., p. & 1..
by the Cities Service Co. On or before Jan. 1 the company will in each
year either (1) pay to s.f. 1 % of bonds out or (2) deliver to trustees bondsof
the present series equivalent at 105 and int. to the above payment. All
cash In sinking fund will be applied either (1) for purchase of these bonds
at or under 105, or call at that figure; or (2) in purchasing bonds of com
panies whose stocks form part of security for present series. All bonds so
purchased will be kept alive for sinking fund. $572,500 bonds in sinking
fund. Maryland and Pennsylvania State tax refunded. See also V. 95.
p. 679. 110; V. 103, p. 1983.
First lien mtge gold (see text) f 1912
5 g J-J z$10,000,000 July 1 1962
($100, $500 and $1,000, or) Int. at office of H. L. Doherty & C o., N. Y ..
£ equivalent) $10,000,000
or Lloyd’s Bank, Ltd., London.
authorized__________ c* .tf (Bankers Trust C o., New York, trustee.
z $40,000 of this amount is owned by Cities Service C o., and $1,500,000 pledged under mtge. of Cities Fuel & Power Co.
EARNINGS OF CITIES SERVICE CO.— For the 12 months ending
Dec. 31 1923 (annual report for 1923 in “ Chronicle” of April 26 1924).
The “ earnings" as here snown Include both tne dividends and interest
received and the company's proportion in the undivided surplus earnings
of the subsidiary companies for the periods In question, based on Its holdings
in 3aid companies.
----- M o n t h o f D e c e m b e r ---------12 M o s . end. D e c . 31—
1923
1922
1923.
1922.
Gross earnings_________ $1,298,656 $1,287,671 $16,602,562 $14,658,971
Expenses______________
37,178
46,000
508,946
453.296
$1,242,471 $16,093,616 $14,205,674
Net earnings_________ $1,261,478
Interest on debentures..
$221,323 $215,388 $2,624,856 $2,358,555
Preferred dividends____
417.670
411,589
4,987,977 4,917,517
Net to common stock.
$622,485
Combined Income Account of
Calendar
Gross
Net (after
Year—
Earnings. Taxes. A c.)
1923 ____ $109,982,i57 $30,613,226
1922_______ 99,194,394 27,589,481
1921............ 85,128.432 23,704,543
$615,494 $8,480,783 $6,929,602
Subsidiary Companies.
Surp. for
Interest Preferred
Com. Stock.
Charges.
Divs.
$15,629,215 $6,162,210 $8,821,801
7,302,414
14,490,575
5,796,492
6,306,311
11,906,508 5.491,724
OPERATIONS, &c.— As of Dec. 31 1923, Cities Service Co. subsidiaries
owned 372 miles of track, 822 cars, 1,776 miles of artificial gas mains (on
3-inch basis); 5,678 miles of natural gas mains; 2,158 gas wells, and 3,$58
oil wells. During 1923 carried 97,199,484 passengers, sold 6,908,051 M .
cu. ft. of artificial gas, 40,491,897 M . cu. ft. of natural gas and 993,913,613
k.w. hours and produced 11,286,253 bbls. of oil.
OFFICERS.— Pres., H. L. Doherty; V.-Ps., Thomas I. Carter and E. H.
Johnston; Sec.. Paul R . Jones; Treas., Louis F. Musil
N . Y . Office,
60 Wall S t — V. 116, p. 1182, 1280, 1755, 1765, 1791, 2012, 2261, 2888,
2998; Y. 117, p. 329, 673, 785. 897, 1352, 1559, 1890, 2438, 2775; V. 118,
p. 206, 314, 668, 911, 1273, 1396, 1524, 1915.
(1) A drian (M ich.) St. Ry. Co.
O RGAN IZATION .— Incorp. in Mich, on Feb. 13 1900 as a reorganiza
tion of the Adrian St. R y. Co. Cities Service Co. owns 98-333% capital
stock outstanding and all of the $75,000 1st M . 5% bonds.
Franchise.— Expires in 1935.
Road, A c.— Does the entire electric railway business in Adrian, Mich.
3.89 miles of track and 6 passenger and 1 other motor car. 50-70-lb. T
and girder rails; standard gauge.
Officers.— Pres. & Gen. M gr., Frank R. Coates; V .-P ., M orton C. Seeley
Sec., Henry T. Ledbetter; Treas.. A . O. Van Driesen.— V. 110, p. 2567: V.
p. 561.
■ Athens (Ga.) Railway & Electric C o.— A 'trolley road.
:2)
ORGANIZATION.— Incorporated In Georgia on April 1 1910. Pur
chased Athens Elec. Ry. Oo. Leased for 99 years from M ay l 1911 the
James White Power plant. V. 90, p. 1101, 1423. Hydro-electric stations
at Mitchell’s Bridge, Tallassee Shoals and Barnett Shoals (James White
power plant); steam station in Athens. Owns and operates entire street
railway, electric light and power systems in Athens. Wholesales energy at
Jefferson, Ga. Population served, over 20,000. Franchise unlimited in
time.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, com $750,000 ($100)............................. .
$750,000
.............
Stock, pref (5% , cum) $300,Q-J
300.000 Oct ’23 ,1)
000 ($100).......................................
1st & ref M $2,000,000 gold! 1910
5 g J-J
344.000 July _1 195
•inkingfund ($l,000)c* c p tjln t. at Farmers’ Loan & Tr. C o., N- Y ., Tr.
Gen. mtge. & coll. tr. Ser.“ A ” / 1921
8%
160,900 June 1 1936
$3,500,000____________ tf{Colonial Trust C o., Phila., Trustee.
Athens Electric Ry 1st mtge | 1901
6 g A-O
388,000 Oct 1 1931
$400,000
($1,000) gold) Interest at Title Guar. & Trust C o., Atlanta,
c*cp t( Trustee, or Old Colony Trust C o., Boston.
Stock.— Preferred stock is redeemable at 105.
Bonds.— Of the 1st & ref. bonds, $388,000 are reserved to retire under
lying bonds, $179,000 are pledged to secure the gen. mtge. & coll, trust
Series “ A " 8s and $996,000 for acquisitions and improvements at 75% of
cost, but only when net earnings are l/$ times int. on all bonds out and
those to be issued. $50,000 are in treasury. $43,000 have been retired.
Sinking fund of 1% began in 1915. Bonds are subject to call at 110.
Y. 93, p. 665. The Gen. Mtge. & Coll. tr. 8% bonds ser “ A ” have a
sinking fund which will retire 90% of these bonds by maturity. Are call,
on a 6% basis. Tax refund in Penna., Maryland and Dist. of Columbia.
V. 113, p. 70.
Of the Athens Elec. R y. 1st M ., entire Issue, but no lesser part, may
oe called at 106 and Int. See V. 73. D. 1311.
Dividends.— On pref., 6% per annum in 1904 and 1905. 5 H % In 1906.
6% 1907 to 1910, 5% in 1911 and to and incl. Apr. 1923. Divs. on com.
stock are no longer reported as Cities Service C o. owns over 99% of same.
R OAD.— Owns 8.93 miles of track. Standard gauge 60-lb. A . S. O. E .,
70-lb. T . rail, 15 motor pass, and 3 motor work cars; 2 other cars 4 power
plants, 7,850 k.w. capacity.
OFFICERS.— Pres., C. D . Flanigen; V .-P ., Dale B. Carson and B.
Phinizy; Sec. & Treas., J. M . Billings. Office, Athens, Ga.— V. 107, p.
1191; V. 108, p. 169; V. 113, p. 70, 1052
A pril, 1924.]
ELECTEIC BAIL W AYS
87
(3)
Bartlesville Qas & Elec. Co.— Entire stock (except directors shares) ROAD.— 6.965 miles o f track. Standard gauge, 70-lbs. and over
owned by Cities Service Co. This co. was formerly known as the Bartles A . S. O. E .— T rail. 13 motor and 3 other cars. Power house capacity;
ville Interurban Ry. Co. Name was changed to present title on Oct. 1 2,100 k. v . a .; 36.34 miles distribution lines. Has 15.92 miles o f gas mains.
1920, and property o f Bartlesville Gas & Oil Co. was acquired. As of same
OFFICERS.— Pres., H.
Y ..
date, co. transferred its railway property to the Bartlesville Interurban Co. and R. B. Burger, N . Y .; L. Doherty. N . Y .; V .-P ., M . R. Bump, N . gr.,
Sec.
M cDavid; Gen. M
Railway (service discontinued July 15 1920. See V. 110, p. 1860.) As the D. E. Byerley.— V. 93, p. 7 31 ; V. & Treas., Howard p. 802; V. 114. p. 198.
95, p. 679; V. 107,
c o .’s operations are now confined solely to gas and electric business we have
eliminated the co ’s statement from this supplement. V. 110, p. 1088, 1186.
(8) R ichlan d P u blic Service Co.
For history o f Bartlesville Interurban R y. see “ Electric Railway" Supple
In 1922 was merged into the Ohio P ublic Service C o. F or history up to
ment o f Nov. 15 1919.
tim e o f merger, see “ E lectric R y .” Supplem ent o f A p r. 29, 1922.
(4) C ity L ight St T raction Co.
(9) St. Joseph R ailw ay, L igh t, Heat & Power Co.
ORGAN IZATION .— Incorp. In July 1912 In Missouri as successor to the
On Jan. 1
Service
and now
Sedalia Lt. & Trac. C o., sold at foreclosure. V .9 5 ,p .4 1 9 . See plan under over 95% of 1913 the Cities stock. Co. acquired control guaranteesown*
the common
Cities Service Co.
the
Sedalia Lt. & Trac. in V. 94, p. 1058. Purchased Sedalia Ice, Lt. & Fuel Co.
Does entire artificial gas, electric light and power, and electric railway 5 % div. on the outstanding pref. stock. V. 96. p. 136. See also V. 97, p.366.
O R G A N IZA TIO N .— Incorp. In Missouri on N ov. 8 1895 as a con»
business in the city o f Sedalia; also manufactures and sells ice. Population
solidation of the St. Joseph Traction & Lighting C o., People’s R y ., Light
served over 25,000.
& Power C
R C
Co.
Franchises.— Gas expires in 1926; electric in 1940; and railway in 1940. and W y a tt o., Citizens’ o . y. In o., Union R y. C o., St. Josep h * Lake Ry. rop
Park R y . C
Jan. 1923 was auth. to purchase all the p
STOCK AN D BONDS— Date.
Interest
Outstanding. Maturity
erty o f the Savannah (M o .) E lectric Light & P ow er C o . V . 116, p . 78.
----------$1,000,000 ................
Common 11,000,000 ($100)---------Controls the entire electric light and pow er and central heating busi
First mortgage $2,500,000/ 1912
5 J-D
1,395,000 June 1 1952 ness, and owns and operates the street railway system in St. Joseph,
old sink fd ($100. $250, jln t. at office o f co. or H. L. Doherty & Co., M o ., and an interurban line between St. Joseph and Savannah, M o .,
500, $1,000)...........c* cp tf N. Y . New York Trust C o., N Y „ & Sells energy at wholesale for distribution in follow ing com m unities:
1 Sedalia Trust Co., Sedalia. M o., Trustees
Savannah, D e K a lb , W ashena (K a n .), A m azonia, C urzon, Forest C ity ,
Sinking fund of 1% of bonds out began June 1 1922; red. at 105 and int. Bigelow and Oregon. Principal railway fr a n c h i s e s are perpetual; others
on 4 weeks' notice. Additional bonds may be i ssued for 85% of impts. expire from 1935 to 1958. F r a n c h is e for electric service unlim ited in point
Divs. on pref. were paid for the year 1913 at the rate of 1 % , and increase*) o f tim e. F r a n c h is e for heating service expires in 1944.
During 1912 a contract was made with the Kansas City Clay County *
by 1% each year until 1917, when 5% was reached. Divs. are payable
June and December. Divs. are guar, by Gas Securities Co. Pref. stock St. Joseph R y. (see under “ Kansas C ity” ) , under which that company’s
cars from Kansas City are operated over the tracks of this company.
is convertible Into bonds, $ for $, under certain restrictions.
F a r e s . — See “ Electric R ailw ay” Supplem ent o f O ct. 28 1922.
R OAD.— Owns and operates 8.6 miles of track. 27 motor pass, cars and
6 trailers; 2 other cars. Standard gauge, 50 and 70-lb. rails. Has steam
Valuation.— Early In 1920 the M o. P. S. Comm, fixed the value o f the
power plant with 4,000 k. w. capacity. 50 miles distribution lines. Has c o .’s holdings for rate making purposes at $5,800,000, while the co. hold*
28.12 miles o f gas mains.
that $11,521,639 is the fair valuation. V. 110, p. 872 The co. has ap
OFFICERS.— Pres., H. L. Doherty; V . P ., T. I. Carter; V .-P ., Gen. pealed.
Mgr. & Treas., H. C. Feuers; Sec., Allen O’ Bannon.— V. 107, p. 1384;
8TOOK AND BONDS—
Date. Interest. Outstanding.
Maturity ‘
V. 109, p. 1891; Y. 110, p. 167; V. 113, p. 627; V. 114, p. 853. 1650.
Com stock $3,500,000 ($100)- ____
____
$3,500,000
See text
5 Q-J
1,560,000 O c t ’2 3 , l H
(8) Cum berland & W esternport Electric Ry. C o.— A trolley road. Pref stock 5% cumulative) ____
$2,500,000 ($100).............../
ORGAN IZATION .— Organized in Maryland on April 11 1902 by special First mtge $5,000,000 gold) 1902
5 g M -N
5.000.000 Nov 1 1937
Act o f the Legislature, as successor to the Frostburg Eckhart & Cumberland
R y. Has absorbed the Lonaconing Midland & Frostburg Ry. and the lit($ 1 ,0 0 0 )--------------- c * .c o t JInterest payable in New York, July 1 1946
& ref mtge ($15,000,000)1 1916
5 g J-J
695.000
Westernport & Lonaconing. Population served over 51,500.
gold ($100. $500, & $1,000) [Interest payable in New York.
Valuation.— In Dec. 1920 valuation was placed at $1,888,(504. V. 111.
c * .tfj
p. 2520.
Bonds.— The 1st & ref. mtge. bonds are a first lien on the interurban
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity. line between St. Joseph and Savannah, M o., and a general lien on remaining
Stock $1,000,000 ($50)___________
_____
$625,000 _____ _____
property, shbject to $5,000,000 1st M 5s, for retirement of which an equal
West’p 't & Lonac’g, $225,0001 1903
5 J-J 15
225,000 Jan. 15 1928 amount of 1st & ref. 5s is reserved. Additional bonds may be issued only
($500 & $1,000)______c * p tjln t. at Real Estate Trust Co.,Phila., Trus.
for 85% of cost of add’ns, exts., &c., under conservative restrictions, or for
FrostEck&Cum 1stM $250,-1 1901
5 g J-D 15
230,000 JunelS 1920 85% of 1st M . bonds retired through the supplemental sinking fund.
OOOg ($500&$1.000)_c*cpt)Int. at Real Estate Trust C o., Phila., Trust. Sinking fund, 1% of bonds out, for purchase or red. of bonds of this issue
Lonac Mid & Frost first mtgel 1901 5 g J-D 15
200,000 JunelS 1920 at \02A. or of 1st M . bonds at 105; or, at option of co.. 2% for construc
$200,000g ($l,000)._c*cptJInt. at Real Estate Trust C o., Phila., trust. tion, acquisitions, add’ns or impts. While any 1st M . bonds are out
The above bond issues are callable at 105 and int.
standing, the co. must pay, as a supplemental sinking fund, an additional
ROA D .— Operates 27.40 miles (2.50 operated under trackage rights) of 1% of the amount of bonds of that issue outstanding, to be applied as above
track between Cumberland, Eckhart, Frostburg, Lonaconing and Western- «et forth, or may expend in construction 1% of the amount of the bond*
port, passing through other communities; 60, 75 and 92-lb. T and girder outstanding. 1st & ref. M . bonds canceled in sk. fd. but 1st M . kept alive
rail; standard gauge. 20 motor cars (15 pass.) and 6 miscellaneous cars.
until all bonds have been deposited with the trustee. First & ref. bonds are
OFFICERS.— Pres., H. L. Doherty; Sec.-Treas., Hugo Scott V .-P. & red. on any int. date at X02A and int. Trustees are Bankers Trust C o.,
N. Y ., and Mississippi Valley Trust C o., St. Louis. Legal investment for
M gr., D . D. Price.— V. 104, p. 2451; Y. I l l , p. 2520.
Maine savings banks. V. 103, p. 1302. Trustees for the 1st M . bonds are
Equitable Trust C o., N . Y ., and Missouri Valley Trust C o., St. Joseph.
(6) Durham P ublic Service Co.
ORGA N IZA TIO N .— Incorp. in N. O. Jan. 29 1901 as Durham Traction Bonds cannot be called. V. 75, p. 1032. The 1st M . bonds are listed on
Co. (name changed to present title early in 1921). Cities Service Co. the Phila. and Louisville stock exchanges.
Dividends.— 5% per ann. has been regularly paid on pref. stock since Oct.
owns all the com. stock. Company owns and operates all the street
railway lines and does an electric light, power and artificial ice business in 1902. First div. on com. stock paid Dec. 1908. 1% ; in 1909, 2% ; 1910, 2% ;
the City of Durham, N . C . Population served, 33,500.
in 1911, 2% . In 1912, M ar., A%\ June, A % ; Sept., A % ; Dec., A % - A
dividend at the rate of 2% per ann. was paid Feb. 1 1913 for the 2 months
STOCK AND BONDS—
Date. Interest.
Outstanding
Maturity.
succeeding the regular payment in Dec. 1912; dividends were paid quarterly
300,000 __________
Common, $300,000 ($100)____ ____ _________
Co Sept. 1919. None since
Preferred $300,000 ($100)____ ____
6-J.
300,000 __________
LATEST EARNINGS.— For 12 months ending Dec. 31:
Gen mtge ser “ A ” $650,000/ 1921
8 A-O 1
642,600 April 1 1936
G ross
O p e r a tin g
N et
Bond
($100, $500 & $1,000) gold! West End Trust Co. and Ernest H. Johnston
Call at 102 & int. on 60
Trustees.
12 Months— Earnings.
Expenses. Earnings. Interest.
Balance.
days’ notice___________ c*l
1922__________ $2,430,816 $1,932,428 $498,387 $284,750
$213,637
Durham Trac Co 1st M .,f
1921__________ 2,243,924
1,940,857 303,066
284,750
sur.18,316
$400,000 cum.
(closed)/ 1901
5 g M -A 1
400,000 Mar. 1 1941
P ROPERTY.— 59.02 miles of track. Standard gauge; 50-70-lb. T and
($1,000) gold_______ c* tf. I
Maryland Trust C o., Balt., Trustee.
girder rails; 114 motor and 98 other cars. Generating plant capacity
EARN INGS.— Year ended Dec. 31 1922, gross, $670,794; net, $239,155. 22,600 k.w.; 23.40 miles of primary and 292.24 miles distributing lines .
In 1921, gross, $610,120; net, $146,487.
OFFICERS.— President, H. L. Doherty; Vice-Pres. & Gen. Mgr
ROAD.— 10.19 miles o f track; 25 passenger motor cars, 1 motor service S. B. Irelan; Sec. & Treas., .1. R. Abercrombie, St. Joseph.— V. 107, p. 2098;
car and 2 other cars. Standard gauge.
60-lb. T and 80-lb. girder rail. V. 108, p. 270;'V. 109, p. 2440; V. 110, p. 872, 2568; V. I l l , p. 494, 2230,
Overhead trolley.
2325; V. 112, p. 1867; V. 116, p. 78, 516, 2885.
OFFICERS.— Pres., H. L. Doherty; V .-P . & Gen. M gr., R. L. Lindsey;
(10) T oled o. O ttaw a Beach & N orthern R y. Co.
V .-P ., T . I. Carter; Sec. & Treas., A. W . Grady. Office, Durham, N . C.
— V. 113, p. 2405.
ORGA N IZA TIO N .— Incorp. in Ohio on Oct. 27 1906 as a consolidation
(7) Meridian Light & R ailway Co.
of the Toledo & Point Place R y. Co. and Ottawa Beach & Southern R y.
ORGANIZATION.— Incorp. in Mississippi in Feb. 1901 as a reorganiza Co. Franchise expires in 1929. Cities Service Co. owns over 99% of the
tion of the Meridian St. R y. & Power Co. Does entire street railway, co.’s $1,500,000 (auth. and outstdg.) capital stock and all of the outstand
artificial gas and electric business in Meridian. Owns all the stock of the ing $450,000 1st M . 5% bonds ($1,500,000 auth.).
Hattiesburg Trac. Co. Franchises are for 50 years from Oct. 4 1895 for
R O A D , &c.— Operates an electric railway between Toledo and Toledo
street railway and from Dec., 1900 for gas and electricity. Contract for Beach, M ich.; also operates a branch line connecting Toeldo with Point
lighting streets. Population served, 27,.000.
Place. O. Supplies energy for light and power service along right o f way.
26.99 miles of track (9.84 operated under trackage rights); standard gauge
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
60 and 70-lb. .T-rail; cars leased from Community Traction Co.
Common $2,000,000 ($100)________
_________ $2,000,000 ............. .......
l i t mtge $750,000 gold ($500 \ 1904
5 g M-S
750,000 Mar 1 1944
OFFICERS.— President, Frank R . Coates; Vice-Pres. & General M gr..
and $1,000____________ c*/In t. at First Nat. Bank of Mobile, trustee
B C. Adams; Sec., H. T . Ledbetter; Treas., A . C . FVan Driesen.— V . 114,
Gen mtge s f $5,000,000) 1910
5 M-S
1.166.000 Mar 11945 p.. 1653.
($1,00 0)________ gc*cpt/F irst Nat. Bank o f M obile. Trustee.
(11)
T oledo T ra ction , L ight & Power C o.— A holding company.
Bonds.— A sinking fund o f 1% o f 1st M . bonds became operative Sept. 1
1906. $223,000 of outstanding bonds are held in sink. fund. Bonds are
Cities Service Co. has acquired over 95% of the outstanding common and
subject to call on 3 weeks’ notice at 105. V. 92, p. 1311. $750,000 of gen. over 97% of the preferred stock. V . 103, p. 1119.
mtge. bonds are reserved to retire 1st mtge. bonds and $3,026,000 may be
drawn for 85% of impts.. &c. Sinking fund of 1 % of gen. mtge. bonds
ORGANIZATION.— Incorp. in Maine on Jan. 30 1913 to acquire the
out is operative provided that the earnings are sufficient after the payment stock and bonds of the Toledo Rys. & Lt. Co. (now Toledo Edison Co.)
o f semi-annual int. on both the 1st Mtge. bonds and Gen. Mtge. bonds. In connection with the re-organization of that company as per plan in V. 95,
Red. at 105 on 4 weeks’ notice. Int. at office of trustee or office or agency p. 1040; V. 96, p. 361.
In June 1916 minority shareholders were given further opportunity for a
o f company in New York.
ROAD.— 10.239 miles o f track, standard gauge, 70-lb. T rail and 73 limited time to exchange stock on original basis. V. 102, p. 2344. Over
to 98-lb. girder and groove. 12 motor and 2 other cars. Power station 96% of the stock has been acquired.
The Toledo Traction, Light & Power Co. owns (a) $13,368,200
capacity 5,220 k. w ., 83.4 miles distribution line. Has 29.33 miles of
(over 96%) Toledo Edison Co. com. stock; (6) $231,500 Toledo
gas mains.
Edison Co. Preference stock 7% cum. Ser. A: (c) $7,453 000 Com
OFFICERS.— Pres., C. W . Soule; V .-P ., S. B. Irelan and Louis Three- munity Traction Co. 1st Mtge. 6% bonds; (d) all Community Traction Co.
foot; Gen. M gr., Sec. & Treas.; W . R . Phipps.— V. 91, p. 336; V. 92, p. 8% cum. pref. stock; (e) 4,990 shares com. stock (no par) and $1,100,000
1113; V . 107, p. 603; V. 110, p. 248; V. 112, p. 2537; V. 115, p. 2580.
6 A % bonds of the Toledo Suburban Electric Co.; (/) $10,000 com. stock of
the Anchor Realty Co.
(a) Hattiesburg T ra ction Co.
In Sept. 1923 issued $1,100,000 2-yr. C)A% secured notes, proceeds be
Meridian Lt. & R y. Co. owns all the stock.
ing applied toward the payment of the purchase price of the electric power
ORGAN IZATION .— Organized in 1905 as Hattiesburg Traction, Light and light properties serving the city of Adrian, Mich. In this connection
& Fuel Co. Name changed to above in N ov. 1906. Sept. 2 1907 purchased the Toledo Suburban Electric Co. was formed, all the securities of which
Hattiesburg Gas Co. and Hattiesburg Light & Power C o., giving company are owned by the Toledo Trac., Lt. & Power C o., to take over these prop
control of artificial gas, street railway and electric-light and power business erties. V. 117, p. 1349.
o f city. Electricity and street railway franchise 25 years from 1906: ga*
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Franchise expires in 1930. Has contract for lighting city streets. Pop
Common $9,200,000 ($100)...........—
-------------- $7,966,250
...............
served, 20,000.
Pref $8.000,000 ($100) 6% c u m ____
See text
6,720,325
________
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
3-yr. secured notes $7,500,0001 1922
6 g F-A
6,271,500 Aug. 1 1925
8tock$500,000 ($100).............................................
$500,000 - .................
($500 and
gold__ctf (Harris
& Sav.
1st mtge $300,000 ($1,000)11908
6 J-J
216,000 Jan 11928 2-yr secured $1,000)$2,000,000\ 1923 Trust g F-A Bank, Chicago, trustee.
notes
6M
1,100,000 Aug 11925
gold____________ r& c*cptflnt. at Guaranty Trust C o., N . Y ., Trustee
($500 & $1,000) gold _ . c * t f {Harris Tr. & Sav. Bk., Chicago, trustee.
Gen lien mtge $2,500,000 gold/ 1912
6 J-J
333,000 July 1 1952
Notes.— The 3-yr. 6% notes are secured by pledge o f $7,303,000 1st
($1,000)___________ c* cp t/In t. at office or agency o f Co. N . Y ., or at
mtge. 6% bonds o f the Community Trac. C o. and $13,000,000 com. stock
[First Nat. Bk., M obile, trustee.
Bonds.— Skg. fd. retires 1st mtge. by purchase $5,000 bonds annually, be o f Toledo Edison Co. Sinking fund o f over $200,000 per annum is provided
ginning Jan. 1 1909, at a premium up to a 5% basis, bonds cannot be called. for. $228,500 retired by sink. fund. Call, on 1st day of any month on
V. 87, p. 97; $84,000 have been retired. Of gen. lien bonds,|$300,000 are 30 days’ notice at 101A and int., during first year, at 101 and int. during
reserved to retire 1st mtge. bonds. Add’l bonds may be drawn for 85% of second year, and at 100A and int. during third year. Penna. & Conn.
4-mills tax refunded. V . 115, p .646. The 2-yr. 6 A % notes are secured by
impts. Bonds are callable at 105 & int. on any int. date on 4 weeks’ notice
pledge of $1,100,000 1st mtge. & coll. 6 A % bonds and all the outstanding
Sinking fund, 1% , began July 1 1916.
f
88
[V ol. 118,
ELECTRIC RAILW AYS
capital stock (except directors’ shares) o f the Toledo Suburban Electric C o.,
and are further secured by a charge on the $7,303,000 1st mtge. 6% bonds
o f the Community Traction Co. and the $13,000,000 com. stock of the Tol
edo Edison C o., subject only to the pledge thereof as security for the 3-yr.
6% notes. Are call, on the 1st day o f any month on 30 days’ notice at
101X & int. prior to Aug. 1 1924, and at 101 & int. thereafter to maturity
Int. payable in N . Y. City or Chicago. Co. agrees to refund Penna. and
Conn. 4-mills taxes. V. 117, p. 1349.
OFFICERS.— Pres., H. L. Doherty; V.-Ps., Frank R. Coates and Dale
B . Carson; Sec., Edgar E. McWhiney; Treas., Louis F. Musil.— V. 110, p.
1613; Y. 113, p . 1361; V . 115, p. 646, 1322; V. 116, p. 617; V. 117, p. 440,
(a) T oledo Edison Co.— Controlled by Toledo Trac.. Lt. & Pow. Co.
ORGANIZATION.— Incorp. July 1 1901. Name changed from Toledo
Rys. & Light Co. to present title in Oct. 1921, at which time the new
generating station and other property o f the Acme Power Co. was acquired
The company supplies without competition, electric light and power in
Toledo and suburbs, operates a central station heating plant and distributes
by-product gas. Population served, approximately 285,000. Franchises
are all unlimited as to time and contain no burdensome restrictions. On
Feb. 1 1921 the company’s street car lines in Toledo were taken over for
operation by the Community Traction Co. under the terms of a 25-year
service-at-cost franchise. Toledo Edison Co. is supplying at wholesale
under a long-term contract all power required by Community Traction Co
See below. Power station capacity, 125,080 k. w.
Service-at-Cost— Community Traction Co.—:The Community Traction Co.
was organized Aug. 22 1919 and as o f Feb. 1 1921 took over the operation of
the street car lines in Toledo o f the Toledo Railways & Light Co. under the
Milner service-at-cost 25-year franchise, which was approved by the voters
on N ov. 2 1920 (V. I l l , p . 2042). The new co. is capitalized as follows:
Com. stock, $10,000,000: 8% pref. stock, $1,043,140; first mtge. 6% 25year bonds, $8.000.000.
Under the terms o f the franchise the $8,000,000 bonds were delivered to
the Toledo Rys. & Light Co. in exchange for the street railway properties
and the $2,000,000 of 8% pref stock is to be sold by the company to pro
vide $100,000 working capital, a $400,000 stabilizing fund (which latter
two amounts have been successfully raised), $1,000,000 to be used for re
routing and re-arranging the street railway system and $500,000 for renewals
and replacement on the property o f the co.
The rate o f return to which the c o . is entitled will be an amount sufficient
to pay 6% upon its bonds and 8% upon its pref. stock outstanding. The
entire issue o f com. stock is held by the City o f Toledo Sinking Fund Trustees
Further details o f new franchise and Community Traction Co. will be
found in V. I l l , p. 2042; V. 112, p. 652, 654, 1399; V. 117, p. 1774.
On Oct. 10 1921 stockholders voted in favor o f increasing the capkal
from $15,000,000 (all common) to $25,000,000, the $10,000,000 new ;took
to be all preferred. V. 113, p. 1683.
In Sept. 1921 the company Drought out $13,500,000 1st Mtge. 7% bonds,
together with $2,500,000 prior pref. and $l,50O,0OO preference stock, pro
ceeds being used to retire $10,400,000 first lien 7s of the Toledo Trac., Lt. &
Pow. Co., due Dec. 1 1921, certain o f that company’s 3-year deb. 7s due
Dec. 1 1922, and for funding floating debt. V. 113, p. 1368.
Exchange Offer.— In Feb. 1922 holders o f Toledo Rys. & L t. Co. stock
were offered in exchange for each share ($100 par) one share of Cities Service
Co. 6% cum. pref. B stock (par $10). V . 114, p. 523.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $15,000,000________ _____
___
$13,875,000 Sept’23,2%
Preference $4,000,000 7% cum
Series A ($100)__________ ______
7%
2,133,800 Oct’23, 1M
Prior Pref $6,000,000 8% cum
2,377,500 Apr’24, 2%
Series A ($100)_________________
8% Q-J
1st M (see text) gold $500 and) 1921
7 g M-S 1 13,500,000 Sept 1 1941
2,718,000 Mar. 1 1947
1st mtge. “ series due 1947” . . 1 1921
5 g M-S
$1,000 c* and $1,000 r*--tfJBankers Trust Co., N . Y ., trustee.
1,875,400 Oct 1 1931
Toledo Gas Elec & Heat Co] 1905
5 A-O
mtge $2,500,000 ($1,000. (Interest at Ohio Savings Bank & Trust Oo.
$500 and $100) not redeem.) Toledo, trus., or N at. Bk. o f C om m .,N .Y .
Stock.— Prior pref. stock, Series “ A ,” red., all or part, on a.ny div. date
on 30 days' notice at 115 and divs. Company is required to retire on each
div. date, since April 1 1922, at least 1% o f the largest amount o f Series A
Prior Pref. stock at any one time outstanding, if stock is tendered up to
$105 a share. $122,500 has been retired. The 7% preference stock, Series
“ A ,’ ’ is red., all or part, on any div. date on 30 days’ notice at 110 & divs.
V . 116, p. 1907. $13,638,200 common stock is owned by Toledo Trac.,
L t. & Power Co.
Bonds.— 1st Mtge. bonds may be issued in different series, having such in
terest rates, &c., as directors shall determine. A dd’l bonds may be issued
for 75% o f cost o f permanent additions, &c., under certain restrictions.
Bonds may also be issued to refund an equal amount o f any other series as a
whole or to refund divisional bonds. A sinking fund o f 1% p. a. o f the
outstanding 1st mtge. bonds, payable s.-a., began Sept. 1 1922, to be
used to retire 1st Mtge. bonds if purchasable at or below 103 and int. If
not so purchasable, such funds must be used to acquire property which
might otherwise be made the basis for the issuance of bonds. The inden
ture further provides that, initially, amounts totaling 12% of the gross oper.
revenue from the electric dept., 10% o f that from the gas dept., and 25%
o f that from the heating dept, shall be either expended or appropriated from
each year’s earnings for maintenance and replacements. The 7 % bonds due
1941 are callable at 110 and int. on any int. date on 4 weeks’ notice, to and
incl. Sept. 1 1926; thereafter at 107H and int. to and incl. Sept. 1 1931;
thereafter at 105 and int. to an incl. Sept. 1 1937: and thereafter at a
premium o f 1% for each year, or fraction thereof, o f unexpired life. The
5% bonds “ series due 1947” are call, since Sept. 1 1922 on any int. date on
4 weeks’ notice at prices which, except for redemption, would equal a 4>£ %
yield basis if bonds were held to maturity, plus int. Penna. 4-mills tax
refunded. V. 113, p. 1368; V. 114, p. 2833.
The Toledo Gas, Electric & Heating Co. bonds are guaranteed by endorse
ment by the Toledo Edison Co. $137,600 retired. They are not subject
to call.
EARN ING S.— Of the Toledo Edison Co.
Calendar Years—
1923.
1922.
1921.
Kilowatt hours sold___________ 234,878,220
182,358,5301
Not
Cubic feet gas sold____________ 1,812,573,000 1,615,672,0001 available.
NEWBURGH, N. T.
ORANGE COUNTY TRACTION CO.
Foreclosure Sale.— In Oct. 1923 the road was sold'at foreclosure under the
1st & ref. mtge. and was bid in by B JB .lO dellifor[$10, 0 0 0 . For further
details see V. 117, p. 1993.
ORGANIZATION.— Organized Oct. 16 1901 and acquired th«TNewDurgn
Electric Ry. Co., sold under foreclosure. The Newburgh Electric 1st
mortgage bondholders and the Walden S Orange Lake RR. and the New
c
burgh S Orange Lake RR. agreed to a reduction In their Interest from 6%
c
to 5 % . See V. 73. p. 138.
Bus Operations.— In Feb. 1923 it was reported that the co. was preparing
to get rid of its electric railway system and to supplant the entire line with
buses. Y . 116, p. 936.
STOCK, AND7BOND3—
Date.
Interest Outstanding. Maturity
Stock $150,000 ($25)............................................... $150,000 ...................
Pf $175,000 6% n-cum ($25)......................................
175.000 ...................
First and refunding mortgage) 1910
5 J-J
264.000 July 1 I960
$750,000_______________ tf(Union Trust Oo.. Albany, trustee.
Newb Elec 1st M ($250,000)./ 1894
5 g M -N
250.000 May 1 1944
gold ($500) not red_____tflln t. at Columbia Tr. Oo., Trus.. N .Y . City.
Walden S Orange Lake first/ 1895
c
6 g J-D
100,000 June 1 1945
mtge gold guar p S 1____tflln t. at Hamilton Trust Co., Brooklyn.
c
Newb S Orange Lake 1st M l 1894
c
5 g J-J
75,000 July 1 1944
g ($500) p S 1 g u a r..c * tflin t, at Columbia T r. C o.. Trus.. N .Y . City.
c
Bonds.— $425,000 1st & ref. bonds are reserved to retire prior Hens and
remainder for improvements, &c. V. 90, p. 1425; V. 92, p. 1566. Int. on
all above bonds is also payable at Quassaick Nat. Bank, Newburgh, N . Y
EARNING S.— For year end. Dec. 31 1922, gross, $218,120: net, after
taxes, $20,238. In 1921, gross, $251,762; net, after taxes, $42,689.
ROAD.— Owns 20.606 miles of track; 45 passenger and 10 other cars.
OFFICERS.— Pres.. B. B. Odell; V .-P ., A. L. .1. Miller; Treas.. H. B
Odell; Sec., B. Bryant Odell; Gen. M gr., Frederick S. Berry.— V. lO , P
O
1511; V. I l l , p. 2141; V . 112, p . 1618; V. 116, p. 936; V. 117, p. 1993.
NEWPORT, R. I.
NEWPORT & PROVIDENCE R Y . CO.
O RGAN IZATION .— Incorporated In 1892.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $300,000 ($100)..........................................
$300,000 ....................
Pref $150,000 ($100) n on -cu m ................................
E
150,000 ..................
5 g J-J
300,000 July 11933
1st mtge $300.000 ($500)____f 1912
subject to call at par.c c p t lln t . at Augusta (Me.)ITrust C o ., truste
EARNINGS.— For years ending Dec. 31:
Year ending—
Cross.
Net.
Taxes. Int.&Depr. Sur.orDef
Dec. 31 1922--$106,157
$15,284
$3,222
$29,160
def.$17,098
Dec. 31 1921-- 127,054
29,963
3,599
29,160
def. 2,795
ROAD.— Operates about 15M miles of track from Newport to Bristol
Ferry, where connection Is made by ferry to Providence; 70 and 90-lb. T
and girder rail. 19 cars.
OFFICERS.— Pres., Edward A . Brown. Newport; Sec., Clark Burdick;
Treas., Geo. E. Macomber. Augusta. M e. Supt.. Geo. M . Towle. Newport.
—Y .9 5 . p. 1403.
_____
NEWTOWN, PA.
PENNSYLVANIA-NEW JERSEY R A ILW A Y CO.
Controlled by the Bucks County Syndicate.
ORGAN IZATION .— This was formerly the Bucks County Interurban
Ry.. but corporate title changed under date o f May 15 1917 to Pennsyl
vania-New Jersey Ry. Oo. The Bucks County Interurban was incorpor
ated M ay 13 1913 in Penna. as a consolidation of the Bucks County Electric
R y., Trenton New Hope S Lambertville St. R y ., Yardley Morrisville S
c
i
Trenton St. R y. and Newtown S Yardley St. R y. V . 96, p. 1555.
c
Acquisitions.— On M ay 15 1917 acquired $500,000 o f the $1,000,000
of the N . J. S Pennsylv. Trac. C o. (which see under “ Trenton, N . J .” ).
c
the remaining $500,000 being canceled, and the stock of the Trenton City
Bridge C o., and the Pennsylvania New Jersey Pow. S Lt. C o. (now
c
Bucks County Electric C o.), all controlled by the Bucks County Syndicate.
Service Abandoned.— On Oct. 31 1923 the co. abandoned service in the
territory between Bristol and Doylestown, Pa. Compare V . 117, p . 1664;
V. 117, p. 1347.
To Operate Buses.— In Oct. 1923 applied for auth. to establish a bus line
between Trenton, N. J., and Morrisville, Pa., to operate in co-operation
with the present electric railway service. V. 117, p. 1993.
Date.
Interest. Outstanding.
Maturity.
STOCK AND BONDS—
_______
$99,450 ...................
Common $500,000 ($50)____ ______
Pref 6% cum $500,000 ($50) ______
6%
500,000 ............. —
1st mtge bonds $500,000------ - ( 1924
6%
200,000 Jan 1 1954
/Northern Trust C o., Phila., trustee.
EARNINGS.—-For 12 mos. ending Dec. 31 1923, gross, $209,788; net
after taxes, $23,158. In 1922, gross, $229,451; net, after taxes, def., $9,602
ROAD.— Operates 23.82 miles extending from terminal in Trenton
through Morrisville and Yardley, Pa. , to New Hope, Pa., and Lambertville
N . J., from Yardley to Newtown. Has trackage rights over Trenton C ity
bridge and tracks of Trenton-Princeton Traction Co. in Trenton to Terminal
at Warren and Hanover. Gauge, 5 ft. 234. inches.
OFFICERS.— Pres., Sydney L . Wright; V .-P. S Gen. M gr.. Gaylord
c
Thompson- Sec. & Treas., John M . Morrissey. Phila. office. 133 S. 5th St.
— V. 112, p. 1978; V. 113, p. 293; V. 117, p. 1347, 1664, 1993.
NIAGARA FALLS, N. 7 .
NIAGARA GORGE R Y .
ORGANIZATION.— Incorporated in New York June 3 1899 as successor
§0 the Niagara Falls S Lewiston, sold at receiver's sale M ay 23 1899. E x
c
tends from Onondaga St., Lewiston, along the bank of the Niagara River
to the City of Niagara Falls. Was formally opened July 1 1899. Also con
Gross earnings________________
$7,491,890
$6,585,960
$6,410,403 trols the franchises o f the Buttery Whirlpool Rapids C o., the Niagara
Operating expenses and maint_
4,331,270
3,869,150
3,959,507 Rapids View Co. and the Niagara Whirlpool Rapids Elevator C o. Has
Federal taxes_________________
160,487
128,322
63,695 agreement with the Niagara Falls Park & River R y. Co. allowing cars o f the
Gorge road to run over that company’s lines across the arch and Suspension
Net operating income_______
$3,020,134
$2,588,488
$2,427,201 bridges to Table Rock and Dufferin’s Island. Leases the Lewiston &
Other income_________________
63,308
81,198
412,557 Youngstown Frontier R R . and owns all o f its stocks and bonds.
STOCK AND BONDS—
Date
Interest. Outstanding. Maturity •
Total income_______________
$3,083,442
$2,669,686
$2,839,758
Interest________________
1,220,174
1,137,630
1,363,650 Stock, $1,000,000 ($100)__________
__________ $1,000,000 .................
Reserve for replacements______
730,294
686,738
824,578 First mortgage $1,000,000( 1907
5 g J-D
949,000 June 1 1927
Preferred dividends___________
($1,000) gold_________ c& r/Int. at Commonwealth Tr. C o., Buffalo, T r .
307,271
302,500
50,834
Common dividends___________
277,500
69,375
-------Bonds.— $51,000 bonds are in treasury.
ROA D .— Owns 15.8 miles of track from Niagara Falls to Lewiston and
Surplus____________________
$548,203
$473,443
$600,696
leases Lewiston & Youngstown Frontier R y ., 7.5 miles; total operated,
PRO PE R TY, &C.— Operates 4 electric generating stations in Toledo, 23.3 miles. Also has trackage rights over 1 mile o f double track of Inter
with total installed generating capacity of 125,080 k.w., including a recently national R y . in Niagara. 53 passenger cars, 17 service cars and 1 snow plow .
installed 20,000 k. w. unit at the new Acme power plant. The Acme power
Latest Earnings.— For calendar year 1923, gross, $181,992; net, before
plant, with a present installed capacity o f 40,000 k. w., is designated for an
ultimate generating capacity o f from 200,000 k. w. to 300,000 k . w . and Is taxes, $27,505. In 1922, gross, $141,559; net, before taxes, $1,548.
planned to be eventually the main source o f supply o f electric power for
OFFICERS.— Pres., Mrs. Joseph T . Jones: V .-P . & Gen. M gr., Bert L .
Toledo and vicinity. Company now serves over 62,610 electric customers Jones; Sec. & Treas., S. Q. Corliss, all of Buffalo; Aud., E . J. Bowen,
having a total connected load o f over 150,785 k. w. Gas is distributed to Niagara Falls. General offices, Niagara Falls, N . Y .— V. 84, p . 868.
over 8,939 customers and the heating plants supplies over 794 customers.
(1) Lew iston & Y oungstow n F rontier R y.
OFFICERS.— President, F. R . Coates; Vice-Presidents, Dale B. CarO RGAN IZATION .— Chartered Aug. 1895. Owns from Lewiston to
son, Rathbun Fuller and F. J. Derge; V .-P . & Gen. M gr., B. C. Adams;
Youngstown and Ft. Niagara, 7.5 m.; sidings and switches, 2 m .; total, 7.7m.
Sec., H. T . Ledbetter; Treas., A. C. Van Driesen.— V. 116, p. 306, 626,
Is leased by the Niagara Gorge R R ., which also owns all o f its stock
1907, 3008; V. 117, p. 1024, 1565. 2553; V. 118, p. 562, 678, 918.
and bonds.
(12) W estern Light & Power Co. "
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$134,000 .................
In 1923 was merged with the Denver Gas & Elec. Lt. Co. into the Public Stock, $150,000 ($100)_____________
mortgage
$150,000( 1896
6 g J-D
150,000 June 1,1916
Service Co. o f Colorado. See V. 117, p. 902, 1516, 1897. For history up First
($1,000) g o ld __________ c*/In t. at Buffalo, L. T . S S. D . O o., B uff., T r
c
to time o f merger, see “ Electric R y .” Supplement of Oct. 27 1923.
A pril, 1924.]
ELECTRIC RAILW AYS
NORTHAMPTON, MASS.
NORTHAMPTON STREET R A ILW A Y .— A trolley road.
O R GAN IZATION .— Chartered Feb. 26 1873. On Jan. 7 1911 Mass.
R R . Comm. auth. company to Issue $300,000 additional stock, of which
$200,000 was used to pay o ff $200,000 bonds that matured June 1 1910.
V. 92, p. 322. On June 24 1913 the Mass. R R . Comm. auth. $150,000
additional stock. V. 96, p. 554.
STOCK, &c.—
Interest. Outstanding. Divs.,&c.
Stock $850,000 (par $100)............ ............... ............
$850,000
See text
Notes payable Jan. 1 1924 _______
__________
40.000 __________
Dividends.— 1901, 8% ; in 1902 , 8% ; in 1903 , 8% : In 1904, 6% ; in 1905,
8% ; on Dec 27 1905. 3 )4 % ; in 1906 . 3 )4 % : In 1907, 7% ; In 1908 6 % ; in
1909, Jan., 2bH%; in 1910, Oct., 2% ; In 1911 and 1912, 5% . In 1913,
& H%. In 1914 to and incl. Oct. 1917 at the rate o f 5% per annum. None
to 1920. when 3% was paid. In 1921. July. 3% : Dec., 3 % . In 1922,
July, 3% ; Dec., 3% . In 1923, July, 3% . In 1924, Jan., 3% .
R O A D .— Owns 27.490 miles of track, including extension to Holyoke
and extension from M t. Tom Junction to Easthampton. Operates 53
passenger cars, 3 snow plows and 150 electric motors.
EA R N IN G S.— For year ending Dec. 31:
Year—
Gross.
Net. Int.. Taxes, &c. Balance.
$74,810
$22,124
sur.$52,686
1923____________________ $333,948
1922..................................... 336,532
75.979
20,165
sur.55.814
OFFICERS.— Pres., H. M . Tyler: T r e a s .,_____________; Gen. M gr.,
Ei. D . Pellissier, all o f Northampton.— V. 92, p. 322: V . 96. p . 554, 1840:
V. 99. p. 675: V. 107. p . 83. 604; V. 108, p . 172.
NORWALK. OHIO.
SANDUSKY, NORWALK & MANSFIELD ELEC. R Y .— A trolley road
The receiver’s creditors were pa d in full, the receiver discharged and a
2)4% div. paid on the bonds. A new co. (Norwalk & Shelby R y. )was
formed and commenced operation of the Norwalk & Shelby line with gasoline
cars. In 1923, however, a receiver was appointed for the new co., and in
Feb. 1924 Judge Irving Carpenter, at Norwalk. O., granted a decree of fore
closure against the new co. in favor of the Wilkoff Syndicate, of Youngs
town, O., holders o f a mortgage against the property. V. 118, p. 664. In
April 1924 Judge Irving Carpenter authorized the sale o f the road. V. 118,
p. 1774.
The new company has issued $100,000 8% first mtge. bonds (auth.
$150,000) and $100,000 capital stock (auth. $125,000), the stock being
given as a bonus with the bonds. Y. 115, p. 1839. The officers o f the new
company are: Pres. & Gen. M gr., J. L. Baugh; V .-P ., O. E. Heath; Sec ,
A. D . Sanders; Treas., O. R . Irwin.— Y . 118, p. 664.
For history o f Sandusky Norwalk & Mansfield Elec. R y. see “ Electric
Railway” Supplement o f Oct. 28 1922.
NORWICH, CONN.
THE SHORE LINE ELECTRIC R Y . CO. (C o n n e cticu t).
Receivership.— On Oct. 1 1919 Pres. R. W. Perkins was appointed re
ceiver for the co. by Judge J. H. Reed o f the Superior Court, on application
e f the estate o f the late Morton F. Plant. V. 109, p. 1367.
Foreclosure Proceedings.— In Jan. 1920 It was reported that the Old Ooleny Trust C o., Boston, had made application to foreclose the $2,725,000
1st M . bonds of the co. V. 110, p . 168. R . W . Perkins has been appointed
receiver in this action also.
ORGA N IZA TIO N .— A merger, effective N ov. 1 1916, o f the Shore Line
Electric R y ., Norwich & Westerly Traction C o., Groton & Stonington
Street R y ., Ashaway & Westerly Ry. and the New London & East Lyme
Street R y. (See this Section for Sept. 1916 for separate statements of those
companies.) V. 103, p. 494, 1033. Had a lease for 99 years from 1913
•n that portion o f the Connecticut Co. known as the New London Division,
104 miles, but this lease was annulled by order o f the court in Jan. 1920:
the co. continued to operate these lines until April 18 1920 at which time the
Connecticut Co. took over same for operation. See V. 110, p. 1749.
An Act o f the Conn. Legislature, approved M ay 16 1917, authorized the
company to Increase its capital stock to not exceeding $8,000,000 and to
exchange such stock par for par for its notes or its A and B debentures,
subject to the approval o f the P. U. Comm. N o stock shall be issued at
less than par. The company was also authorized to generate and sell elec
tricity to any electric light, heat or power company except in the towns of
Windham and Coventry, Conn., ana any town where a company Is already
In operation except with the consent o f that company; also to acquire stocks,
bonds, &c., o f any Connecticut electrical company. V. 104, p. 2344.
Dismantlement of Certain Lines.— See “ Electric Railway” Section for
April 30 1921.
Appraisal.— For details o f appraisal filed with the Superior Court In
July 1920, fixing valuation (mostly on scrap basis), at $1,907,766. See
V. I l l , p. 295. See also receiver’s report in V. 112, p. 1867.
New Haven to Saybrook.— See statement o f New Haven Shore Line Ry.
below.
Groton & Stonington Division.— See separate statement o f Groton & Ston
ington Traction Co. below.
Rhode Island Lines— Westerly to Weekapaug.— A bill before the Rhode
Island Legislature in March 1923 proposed that the part o f the line which
Is in Rhode Island be put under the control of a new corp. to be known as
the Westerly & Atlantic Traction Co. The lines to be acquired by the new
co. would be those runningout o f Westerly to Hopkinton, to Watch Hill,
to Pleasant Valley and to Weekapaug, R. I., or something over 20 miles
The incorporators o f the co. are given as Robert W . Perkins of Norwich,
Conn., Edward M . Day o f Hartford, Charles B.Whittlesey o f New London
and Herbert W . Rathburn o f Westerly, R . I. The capital stock is fixed
at $100,000, with the right to Increase o f $500,000. V. 116, p. 1051.
Westerly to New London.— In M ay 1923 it was reported that the work of
dismantling the line o f the Norwich & Westerly Traction C o., running
from Westerly, R. I., to New London, Conn., had been commenced. See
V. 116. p. 2516; V. 118, p. 795, for details.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
_______
$700,000 ---------------Common / See\ ($100)_______ _____
Preferred (text ( ($100)_______ _____
._______
300,000 ---------------First mortgage bonds________ _____
____ :___
2,725,000 ---------------Groton & Stonington 1st M .J 1904
5 g J-J
475,000 July 1 1924
gold (assumed) ($l,000)-_cllnterest at International Trust C o., Boston
Debenture “ A ” bonds________ _____
______ _
1,000,000 ---------------Debenture “ B ” bonds________ _____
_______
2,500.000 ---------------Bonds.— Groton & Stonington bonds have no sink, fd ., but are subj. ta
call at any time at 120 ana Int. Trustee is Treasurer o f State of Conn.
EARNINGS.— For year ending Dec. 31 1922, gross, $271,062; net, after
taxes, $7,624. In 1921, gross, $293,893; net, def., after taxes, $4,485.
R O A D .— Receiver In Oct. 1923 was operating about 42 miles of track
all owned by receivership estate. Gauge 4 ft. 8)4 inches. Private right
o f way except through towns.
OFFICERS.— Pres., R. W . Perkins; V .-P ., F. deC. Sullivan; Sec. &
Treas., A. E. Sherman— V. 112, p. 1284, 1867; V. 113, p. 1157, 2186.
2313, 2615, 2722; V. 116, p. 616, 823, 1051, 2516; V. 117, p. 895, 1665;
V. 118, p. 795.
NEW HAVEN SHORE LINE RAILW AY.
ORGANIZATION.—-Incorp. in Conn, in 1923 and acquired that part
o f the Shore Line Electric Ry. Co. (see above) from Saybrook, Conn., to
New Haven, Conn., and rehabilitated and commenced operation (July 17
1923) on that part of the line between New Haven and Guilford.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock $500,000 ($100)______
_______
$500,000 ---------------First mtge bonds $500,0001 1923
6 J-J
400,000 July 1 1938
($100, $500 & $1,000)_____(Int. at Union New Haven Tr. C o., New
1 Haven, trustee.
Bonds.— Callable since Jan. 1 1924 on any int. date at 105 and int.—
V. 117, p. 1664, 1884.
GROTON & STONINGTON TRACTION CO.
ORGAN IZATION .— Organized early in 1923 and took over from the
Shore Line Electric Ry. Co. (see above) what was known as the Groton &
Stonington Division and owns in fee the track from the ferry landing in
89
Groton to the'junction with the Connecticut Co. property in New London
and owns in equity.ithe trackage from the ferry in Groton through to the
Rhode Island State line in Stonington. V. 116, p. 616.
Default.— The co. having failed to pay the int. due Jan. 1 1924 on its
1st mtge. 5% bonds, the following protective committee was formed:
Committee for First Mtge. 5s.—-Clarence E. Thompson, C. R oyce Boss
and P. Le Roy Harwood. Depositaries: National Tradesmen’s Bank &
Trust Co., New Haven, Conn., and Winthrop Trust C o., New London,
Conn. V. 118, p . 311.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Capital stock________________ No information.
First mtge gold ($1,000)____c\ 1904
5 g J-J
475,000 July 1 1924
* .i *
-« '»! (Interest at International Trust C o., Boston.
Bonds.— Have'no sinking fund fbut are subject to call at any time at 120
and interest.— V. 116, p. 616; V. 118, p. 311.
OAKLAND, CAL.
SAN FRANCISCO-OAKLAND TERMINAL R Y .
ORGANIZATION.— Incorp. in California on March 21 1912. Ha*
consolidated the following (V. 94, p. 912):
Oakland Traction Co.
I
East Shore & Suburban R y . O*.
San Fran. Oak. & S. J. Cons. R y. | California Railway.
The San Fran.-Oak. Term. Rys. assumed the total bonded debt of the
merged companies.
. . _
Operates the street railway lines o f and connects Oakland, Berkley,
Alameda, Richmond, Emeryville, Piedmont, Albany, San Lorenzo, San
Leandro and Hayward. Also connects Oakland, Berkley, Emeryville, Pied
mont and Albany with San Fran, by electric train and ferry service.
Interest Payments.— All coupons maturing prior to Nov. 18 1919 have
been paid Coupons maturing Nov. 18 1919 and subsequent thereto will
be funded under reorganization plan, which see below
Foreclosure Suits.— The Anglo-Califomia Trust Co. o f San Fran., as mort
gage trustee, has brought suit against the United Properties C o., Dennis
Searles and stockholders o f the Oakland Rys. for recovery on the $2,500,000
note Issue of the Oakland Rys. (see table below) in order to protect the
noteholders in the event that the proposed reorganization o f the San Francisco-Oakland Terminal Rys. Is not carried through. V. 101, p. 615.
Reorganization, cfee., Committee.— This committee represents the In
terests o f the different bondholders: Chairman, John S. Drum; J. F. Carston, W . W . Garthwaite, P. E. Bowles, George Tourny, Gavin M cNab.
B. H. Diblee, A. Crawford Greene, Herbert Fleischhacker and Paul A.
Sinsheimer, Secy. Depositaries: Mercantile Tr. C o., Savings Union
Branch Mercantile Trust Co. and the Anglo-California Trust Co. o f San
Francisco; Oakland Bank, Central National Bank of Oakland and the
First National Bank of Oakland, Calif. V. 109, p. 1180, 1274: V. 113,
p. 535. Deposits have been called for. V. 110, p. 79. For statement by
committee see V. 110, p. 1416. In Sept. 1923 it was stated that owners of
97% of the bonds had deposited their securities under the plan. V. 117,
p. 1348.
Reorganization Plan.— A plan o f reorganization, dated July 20 1921, was
proposed by the committee named above. For details see V. 113, p. 535
An amended plan (V. 115, p. 544), embracing several modifications or the
original plan, was adopted by the reorganization committee on July 7
1922 and was declared operative August 20 1922. V. 115, p. 1839The amended plan provides that the present company be reorganized and
Include the “ Key Division” and “ Traction Division” in one corporation
(except for one or more subsidiary corporations to take care o f the out
standing bonds in Group 1-A (below) and note issues of present subsidi
aries) which shall be the owner o f all operating and non-operating properties
now held by the consolidated company. The plan eliminates in its entirety
the $15,125,000 common stock o f the present company and places the stock
control of the operating company in the holders of the prior preferred and
preferred stock. The plan contemplates paying in cash all coupons on
outstanding bonds maturing prior to N ov. 19 1919, and funding all cou
pons due from that date up to the time of distribution of new securities,
with the exception o f coupons on bonds in Group 1-A (below), all of
which are to be paid in cash. It is estimated that the amount o f coupons
to be so funded will be 3)4 years int. on the various bond issues. Should
there be more than 3)4 years’ int. coupons to be funded at the time of
the consummation o f the plan, the amount o f new bonds and preferred
stock to be distributed will be increased by the amount o f such excess.
In accordance with terms of plan, properties of the co. were sold at foreclos
ure on July 17 1923 at an upset price of $10,000,000, and the plan has been
submitted to the Calif. R R . Comm, for approval (approved m Dec. 1923,
V. 117, p. 2891] and permission to transfer the properties and issue new
securities. Authority has also been asked to organize four corporations
with a total capitalization of $28,237,500, as follows:
Key Route System Transit Co. (the holding company)------------ $17,750,000
Key System Securities C o----------------------------------------------------- 2,600,000
Oakland-Hayward Railway C o---------------------------------------------250,000
East Oakland Railway C o__________________ _____ ___________
250,000
The holding c o . will own, directly or indirectly, and will operate the prop
erties of the present San Francisco-Oakland Terminal R ys., consisting of
the interurban east bay railway and the ferries. This holding corporation
is planned to own all the stock, except the qualifying directors shares,
of the three subsidiary companies, and will lease and operate the properties
of the Oakland & Hayward Ry. and the East Oakland R y. See V. 117,
p. 327, 1348.
Under the plan the following exchange of securities is to be effected.
Exchange of Old Bond Issues, Note & S tock Issues fo r New Securities.
w ith ou t Regard to Overdue and Unpaid C oupons.
Outstanding
Secur.
Old
to Be Issued
Securities
Exch ge.
Group I-A — To Be Exch. for New 1st M . 6s, 1938. of
New Subsidiary Companies, Respectively—
$236,000 Oak. San Lean. & Haywards El. R y. 1st 6s. 1922..
$236,000
229.000 23rd Avenue Electric R y. 1st M . 6s, 1923 - - - - - - 229,000
Group I-B— To Be Exch. for Gen. & Ref. Mtge. 6%
and 5% Bonds of, New Operating Company—
$1,121,000 Oakland Transit Co. 1st Consol. 6s 1918-............. 1,121,000
1.595.000 Oakland Transit 1st Consol. 5s, 1931------- - - -------- 1.595,000
1.202.000 Oakland Transit Consol. 1st Consol. 5s, 1 9 3 2 ----- 1,202,000
3,000,000 San Fran. Oakl. & San Jose R y. 1st M . 5s, 1933— 3,000.000
620.000 East Shore & Suburban R y. 1st M . 5s, 1 9 4 0 -- --- 620,000
Group I I .— To Be Exch. for Stock of Operating Co.—
i$2,134,000 Oakland Traction Consol. Gen. Consol. 5s, 1933—
75% in 7% Cum. Prior Pref. stock------------------- 1,600,500
25% in 7% Preferred s to c k .-------- ----------- 533,500
xl .500,000 San Fran. Oakland & San Jose R y . 2d M . 5s, 1933—
75% in Cum. Prior Pref. stock----------- ------------- 1,125.000
25% in Preferred stock___________________ ____
375,000
Group I I I .— To Be Exch. for Stock of New Oper.Co.—
y$3,177,000 Oakland Trac. Co. Gen. Consol. 5% bonds. 1935—
50 % in 7% Cum. Prior Pref. stock................. — 1,588,500
50% in 7% Preferred stock------------------ - - ------ - 1.588,500
y1.587,000 San Fran. Oak. & San Jose Cons. R y . Gen. Con. 5s
50% in 7% Cum. Prior Pref. stock.......................
793,500
50% in 7% Preferred s t o c k - - - - - - - - - - - - - - - - - 793,500
Oakland Rys. 6% Notes To Be Exchanged for 6% Notes of 1933.
2.500.000 Oakland Rys. Coll. Trust 6% Gold notes, 1913 - 2,500,000
Exchange of Pref. Stock for Common Stock of New Operating Co.
zl2,050,000 San Fran.-Oakland Term. Rys. A Pref. stock------1 a3,262,500
z l,000,000 San Fran.-Oakland Term. Rys. B Pref. stock — J
$15,125,000 San Fran.-Oakland Term. Rys. Common stock ..-W iped Out
x Bonds and past due coupons in this group are to be exchanged for pref.
stock on basis of 75% cum. prior pref and 25% of 7% pref.
y Bonds and past due coupons in this group are to be exchanged for pref.
stock on basis of 50 % of each class of pref. stock
x This stock is to be exchanged on basis of 4 shares of old pref. stock for
1 share new common.
.
.
a Operating company common stock— being entire amount outstanding.
Note.— In addition to the $4,764,000 bonds in Group III which are outtanding in the hands of the public, $1,843,000 Oakland Traction Co. gen.
consol. 5s. 1935, and $1,413,000 San. Fran. Oakland & San Jose consol.
Ry. gen consol. 5s, 1938, or a total of $3,256,000 of this group, are pledged
as collateral for the $2,500,000 Oakland Railways 6% notes.
Financial Structure of Combined Companies.— On completion of the reor
ganization, the financial structure of the operating company and its sub
sidiaries will be as follows:
90
ELECTRIC RAILW AYS
[V ol . 118,
Stock.— (a) Common, $3,012,500; pref., 7% , $3,290,500; prior
EARNING S.— For years ending Dec. 31:
Gross
Net {after
Other
Interest,
Balance,
pref., 7% cum., $5,107,500_____
$11,410,500 Calendar
Year—
Earninas.
Taxes).
Income.
&c. (Net). Sur.orD ef.
Notes.— Oakland Railways 6 % _______________________________
2,500,000
Bonds.— Gen. & ref. mtge. bonds: (a) 6% , $1,121,000; (b) 5% ,
$23,322 $1,054,617 sur.$405,893
1922_________ $7,385,719 $1,437,188
21,743 x l.726.049
sur.49,297
$6,417,000________________________________________________ 7.53S.000 1921_________ 6,994,473 x l,753,604
125,969
1,128,264 def. 66,563
First mortgage_____________________________________________ 2.500,000 1920-------------- 6,704,001
935,731
Divisional mortgage 6 % _____________________________________ 465,000 1919_________ 5,793,501
103,303
1,122,109 def .312,471
706,335
78,539
1,102,626 def.219,701
804,386
Voting Trust.— A voting trust o f the stock o f the new co. which shall be 1918_________ 5,100,030
operative for 7 yrs., will be created, and shall be accepted by all stockholders.
x Depreciation included in interest, &c., in 1921, while in other years
For full details o f above plan and description of securities to be issued it is included in operating expenses.
thereunder, see V. 115, p. 544.
ROAD.— Operates 264.74 miles (all tracks) of electric railways. Has 454
Plan Approved. &c.— In Dec. 1923 the plan was approved by the Calif. pass, cars, 1 combination car, 3 electric locomotives, 14 freight cars, 72
R R . Comm. V. 117, p. 2891. Officers o f the Key System Transit Co. (the service cars, 3 wrecking cars, 1 pil8 driver and 4 ferryboats.
new holding co.) are to be: Pres., C. O. G. Miller; V.-P. & Gen. M gr.,
OFFICERS.— Pres., O. O. G. Miller: V .-P. & Gen. M gr., W . R. Al
W . R . Alberger; V .-P., W . W . Garthwaite. The executive committee will berger; Sec. St Treas., F. W . Frost: Compt., C. C. Vargas: Aud., B. W .
consist of John S. Drum (Chairman). P. E. Bowles (Vice-Chairman), Fernald.— V. 114, p. 2014. 2242: V. 115, p. 74, 544. 1100, 1839; V. 116, p.
W . W. Garthwaite, Warren Olney and W . I. Brobeck. V. 118, p. 550. The 516, 1650, 2257, 2768, 2885; V. 117, p. 327, 1348, 2891.
Calif. R R . Comm, has auth. the issuance of $2,500,000 Key System Transit
Co. 6% bonds. See V. 118, p. 1012, 1135, 1772.
SAN FRANCISCO-SACRAMENTO R A ILR O A D CO.
The following committees were appointed, representing the holders of
the various classes o f securities, to work with the central reorganization
ORGANIZATION.— Incorp. in Cal. late In 1919 as successor to the
committee in furthering the reorganization
Oakland Antioch & Eastern R R ., sold at foreclosure on Jan. 26 1920 as
Oakland Transit 1st Cons. 6s.— Benno Hart, Chairman; Bruce L Sharp, per plan of reorganization outlined in the “ Electric Railway’ Supplement
of Nov. 15 1919, in which issue the history of the predecessor co. will also
Walter Loewy and J. J. Mack.
be found. For changes in reorganization plan see V. 110, p. 78. Controls
Oakland Transit 1st Cons. 5s.— Frank Stringham, Chairman; Louis O. through stock ownership Oakland & Antioch R y. (34.12 miles between the
Green and Albert Baruch.
points named) and San Ramon Valley R R . (11.7 miles between Saranap
Oakland Transit Consolidated 1st Cons. 5s.— Percy Towne.SChairman; and Diablo, Contra Costa County. Has a traffic agreement with the
Atchison Topeka & Santa Fe R y. under which the latter reaches Sacra
James Otis and George Whittell.
Oakland Traction Consolidated.— Louis Monteagle, Chairman; George H. mento and points beyond.
Franchises.— Practically the entire mileage of the road is located on private
Lent and Nathaniel Blaisdell.
Oakland Traction.— Samuel Knight, Chairman; H. E . Bothin, L. A. right of way. We understand that where franchises are required, they con
tain no burdensome restrictions, and extend from 1946 to 1964, the shortest,
Redman and Wm. J. Beddig.
covering only about 5 miles, expiring in 1941.
San Francisco Oakland & San Jose.— S. W . Coleman, Chairman; De Witt
Branch Line to Be Abandoned.— In Feb. 1924 the co. was auth. by the
O. Treat and Thomas A. Gardiner.
Calif. R R . Comm, to discontinue operation of its line between Saranap and
San Francisco Oakland & San Jose Ry. 2d Mtge.— Grayson Dutton
Diablo, Calif., 11.7 miles. V. 118, p. 665.
Chairman; A. Dalton Harrison and Louis Abrahams.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturitys
San Francisco Oakland & San Jose Consolidated.— Warren Olney. Jr.
Common $6,550,000 ($100)...................................... $6,242,055 ......................
Chairman; J. S. Allard, L. P. Behrens and Charles W. Fay. V. 113, p. 732
Pref $1,500,000 cum. ($100)_______
7%
1.242,711
See text
In June 1922 was auth. by the Calif. R R . Comm, to issue $600,000 10-jr
1st mtge serial $3,000,0001 1920
6 g J-J 1
S72.000
See text
7% serial equip trust notes at not less than 99 and int. V. 115, p. 74.
($1,000) gold____i ___c*tfjU nion Trust C o., San Francisco, Trustee.
Stock.— Pref. stock is callable any time at 110.
Div. Period. Outstanding
STOCK—
Bonds.— Are secured by a 1st mtge. on the entire property. Escrow bonds
__............... $15,125,00b
Common ($100)____________
($2,160,000) can only be issued for 75% of the actual and reasonable cash ex
Q .-M .21
12,050,000
Class A pref. ($100) 6% cum
__________
1,000.000 penditures for Dermanent exts. and add’ns to the property, under certain
Class B pref. ($ 1 0 0 )________
conditions. I f any of the escrow bonds are issued, the bonds so issued shall
BONDS—
Date.
Interest. Outstanding. Maturity
mature not later than Jan. 1 1940, and not earlier than the last maturity
San Ft an.-Oak. Term. Rys.—
of the present issue outstanding. The $872,000 now outstanding mature
6 M -N
$50,000
See text $42,000 annually to Jan. 1 1940. C all, all or in part b y lot (last maturities
Equip notes ($1,000)________ 1916
first) at 102 and int. on any int. date. In t. payable in C hicago or San
Oakland Traction Co.—
Oakland Trac Co gen con] 1907
5 g J-J18
3,177,000 Jan 18 1935 Francisco. T ax exem pt in California. V . 110, p . 466.
Dividends .— An initial d iv. o f $3.50 was paid on the pref. stock on July 15
mtge, g, $12,000,000, sink-1 Union Tr. C o., San Fran.. Trustee.
1920. V . 110, p . 2658. In O ct. 1920 $1.75 was paid. Same am ount has
lngfund ($1,000)_______ c*j
been paid reg. quar. since to and incl. July 1923. O ct. 1923 d iv . deferred.
General consolidated mtge.j 1905
5 g J-J
2,134,000 Jan 2 1933
V . 117, p . 1557.
Oakland Trac Consol, $7,-1 Union T r. C o.. San Fr., Trustee.
_
000,000, gold ($1,000)_ cj
EARNINGS.— Of predecessor company for years ending Dec. 31:
5 g J-J
1,202.000 July 11932 Calendar
1st mtge (see text) Oakland/ 1902
Gross
Net (after Other
Lease Interest & Balance,
Transit cons g , s f ($1 ,Q00)c*l Union Trust C o.. San Francisco, Trustee.
Year—
Earnings.
Taxes). Income.
Rentals.
Miscel. Surp.ordef
5 g J-J
1,595,000 July 11931 1 92 3 ________ $1,032,952 $83,722
1st con s f M Oak Tran, $ 3 ,-/ 1901
$8,193
$55,700 $36,215
000,000 ($1,000), g_____c*\ Mercantile Trust C o.. San Fran., Trustee
1922________ 1,103,877
151,302
9,327
49,077 111,552
1st mtge Oakland Transit Co, 1898
6 g J-J
1,121,000 July 7 1918 1921_______ 1,169,684 148,268
17,251
56,336109,183
$1,400,000, gold, s. f.. not Union Trust C o.. San Francisco, Trustee.
1920_______ 1,309.621 253,945
25,715
81,525198,135
subject to call_________ c*
R O A D , & c.—-Total, 97.69 miles m ain line in operation. Owns 6 sub*
Oak San Lean & H 1st M ' 1892
6 g M-S
236,000 Mar. 1 1922
stations, warehouses, shops, storehouses, office buildings, freight stations,
g, $250,000 ($1.000)______
23d Ave El Ry 1st mortgage, 1893
6 g M-S16
229.000 Mar. 15 ’23 ticket stations, &c. E quipm ent consists o f 38 passenger coaches, o f which
20 are m otor equipped, 6 steel locom otives, 74 freight cars. 3 cabooses and
gold ($1,000), $ 2 5 0 ,0 0 0 .../
14 construction and work cars. Pow er is furnished b y the Great W estern
San Fran Oak & San Jose Cons Ry—
Power C o. under con tract.
General consolidated mort-[ 1908
5 g M-N19 1,587,000 M ay 19 1933
O F F IC E R S .—-Pres., W alter Arnstein; V .-P . & Gen. M g r ., H. A . M itch
gage, $7,500,000 ($1,000) ,i Union Trust C o., San Francisco, Trustee. ell; Sec. & A u d ., H. J. Sutherland; T reas., S. P . W estington.—-V. 110, p .
gold___________________ c* i Interest at office of co., Oakland, or Wells 2658; V . 112. p . 163; V . 114, p. 2014; V . 115, p . 1430, 1633; V . 117, p . 1557;
l
Fargo-Nevada Nat. Bank, San Fran
V . 118, p. 665, 1666.
_________
I 1903 5 g J-J
3,000,000 Jan 2 1933
San Fran O St 8 J Ry 1st)Int. at Wells-Fargo-Nevada Nat. Bank in
OIL CITY, PA.
mortgage, $3,000,000 ($1,--) San Francisco and their correspondent in
000), ■ f. gold__________ c*| N. Y . Union Trust C o., San Francisco
CITIZENS’ TRACTION CO.— A trolley road.
I Trustee.
In Mar. 1917 control was purchased by the Municipal Service O o..
f 1906 5 g J-J
1.500.001 Jan 2 1933
a Maine holding corporation, which see under Philadelphia, Pa.
San Fran O St S J Ry 2d mtge lint, at Wells-Fargo-Nevada Nat. Bank
ORGANIZATION.— Incorporated in Pennsylvania N ov. 10 1899. Owns
$1,500,000 g ($1,000) ■ f.c * / San Francisco, or at company'8 office
and operates the Citizens’ Light & Power Co., the Monarch Park Hotel Oo.
I UnioD Trust Oo. San Francisco. Trustee
(an amusement park with 60 acres o f ground), the Big Rock Bridge Oo.
East Shore & Suburban Ry.Co.—
1st mtge $750,000 gold s ft 1905
5 g Q -l
620-000 July 1 1940 the Reno Bridge Co. and the Citizens Transit Co.
($1,000) sub to call IlO&int/Int. at Merc. Tr. 0> San Fran.. Trustee.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Jommon $1,000,090 ($50)________
_______
$1,000,000
See text
Notes of Subsidiary Cos.—
Preferred $1,000,000 ($50)_________
Q-J
*1.000.000
See text
Oakl Rys coll tr notes $2,500,-f 1912
6%
2.600.t.00
See text
First mtge $2,500,000 gold! 1912
5 A-O
1,308,000 Apr 1 1942
900 ($25,000) red at 100{Int. at Anglo-Oalifornla Tr Co.. San Fran.f
($1,000) sinking fu n d .c*tf/P a Co. for Ins. on L. S G. A ., Phila., Trus.
o
and int__________________ l Trustee, or National City Bank. N. Y .
Refunding mortgage $2,500,-1 1917
6 M -N
818,000 M ay 1 1942
San Francisco-Oakland Terminal Rys.— The equip, notes of 1916 are se
000 __________________ r.tf/P a . Co. for Ins. on L. St G. A., Phila., Trus.
* Of the $1,000,000 outstanding $400,000 are In the treasury.
cured by 32 steel cars costing $234,000. They mature $10,000 s.-a. from
Bonds.— 1st M . closed. Red. at 105 and int. in whole on or after Apr. 1
May 1 1917 to N ov. 1 1925. lncl. Callable at 100>* and Int. on 60 days’
notlco.
1917, or in part for sk. fd. on or after July 1 1918. Sinking fund of 1% per
ann. became operative July 1 1918. An improvement fund of A of 1%
Oakland Trac. Co.— Of the $12,000,000 bonds of 1907. $6,980,000 are rt
Jan.
See V. 94,
served for prior liens and $1,843,600 are deposited under the Oakland per annum became operative onref. M1 1923. reserved to p. 1118, 697.. Int.
. bonds
retire 1st M Re
Ry. coll, notes. A sinking fund began in 1907 which provides for the re at office of trustee. $1,308,000
tirement of about $7,000,000 bonds by 1932. Of the $7,000,000 Oakland maining bonds to be issued for add’ns & extensions under certain restrictions
Dividends.— First div. on pref.— 2 A % — was paid Jan. 2 1913; July 1913,
Trac. consolidated mortgage, $4,826,000 are reserved to retire prior liens
1% . In 1914, Jan., 2% ; July, 21*% . In 1915, Jan., 3% ; in April paid a
$20,000 have been canceled and $20,000 exchanged for Oak Trac. Oo. issue
A sinking fund began in 1906 which provides for the retirement of 56.000.00C quar. div. of 1A % and same rate quar. to and inch Oct. 1918. In Apr. 1919,
bonds by July 1 1928. See V. 81, p. 668. The auth. amount of 1st consol
%: July. 1 A % ■ and same rate quarterly since to and incl Dec. 1920.
mtge. of 1902 of Oakland Transit Consol, was originally $6,500,000, but In 1921, Jan., 3% ; April, 11*%; July, 11*%; Oct., 11*%. In 1922, 6% ;
shareholders voted on June 17 1904 to cancel $1,654,000 previously re in 1923, 6 % . Initial div. on com., 1% , paid Nov. 1915. In 1916, 1 M % ;
served for extensions and improvements. V. 78, p. 2385. Of the remain
in 1917, 11*%; in 1918, April, 1% ; July, !* % in 1919, July, M % ; Oct.,
Ing bonds auth. $3,495,000 are reserved for prior liens and $149,000 hati A %; in 1920, Jan., A %\ April, 21*% ; July, 1 %; in 1921, Jan., 1 % ; April,
been canceled by sink. fd. A sinking fund for these bonds commenced it 1M % ; July, 1% ; in 1922, April. 1% ; July, 2% ; in 1923, Jan., 4 % ; April,
1903 and ranges from $10,000 to $250,000 per year, which provides for tht 3% ; July, 3% ; Oct., 3% .
retirement at maturity of $4,000,000 bonds. Bonds not subject to call, bu:
EARN ING S.— For 12 mos. ending Dec. 31 (incl. subsidiaries):
may be purchased for sinking fund in open market. See V. 76, p. 135
O!
drct<z<z .
Rn.Jnnr.e.
u ru s s
iATt.t u jf t . T ujg . r i xir e u d n n ? . , o i c .
\ t>L n l i n r W e d ^ h y s
n tu u r ic v .
the $3,000,000 first consols Oakland Transit. $1,400,000 are reserved t< 1922____________________ $817,343
$336,231
$118,222
$218,009
retire underlying liens. $5,000 have been exchanged for Oak. Transit Cons
1921__________ __________ 772.048
291,979
115.398
176,581
A sinking fund commenced on these bonds In 1912, which provides for thi
Latest Earnings.— For 12 mos. end. Jan. 31 1924, gross, $979,632; net,
retirement of $2,000,000 of the bonds on or before maturity.
after tax., $438,835. In 1923-24, gross, $834,900; net, aft. tax., $344,614.
Both the Oakland San Leandro & Hay. Elec. B y. and the 23d Ave Elec
ROAD.— Operates 33.11 miles of track in Oil City, Franklin Rousevllle,
R y. mortgages have sinking fund commencing ten years after date anr
Slverly and Reno, and connecting routes on both sides of the Allegheny
Increasing from 2% yearly (of total bonds outstanding) for the first fiv
River. 65-lb. and 70-lb. T rail and 85-lb. girder rail. Has 53 passenger
years to 8% for last 5 years. The bonds are not subj. to call before maturity
■ars, 1 express car, 3 work cars, 1 snow-plow and 2 snow sweepers. The
Interest on Oakland Traction Co. and underlying bonds, except when
controlled Citizens’ Light & Power Co. furnished electric light and power
otherwise indicated, is payable at Wells Fargo Nev. National Bank. Sai
for Oil City, Franklin and vicinity.
Francisco, or its correspondent in New York.
OFFICERS.— Pres., John E. Zimmermann; V .-P ., Chas. Day; Sec.,
San Francisco Oakland A San Jose Consolidated By.— $4,500,000 consol
C. A. McClure Treas., L. B. Harvey; Asst. Treas., J. W . Swain. Oper.
mortgage bonds rre reserved to retire prior Hens and $1,413,000 are de
Mgrs., Day & Zimmermann Inc., Philadelphia, Pa.— V. 101, p. 1806;
osited under the Oakland R y. coll, notes. A sinking fund on these V. 104, p. 1387; V. 106, p. 818; V. 112, p. 2413; V. 115, p. 614; V. 116, p.
onds began 1915, installments totaling $4,345,000. A sinking fund on the
San Fran. Oakland & San Jose Railway 1st 5s is provided as follows: In 1911 2388.
and 1916. $25,000 each year; In 1917 and 1918, $35,090; Id 1919 and 1921
50,000; in 1921 and 1922, $75,000; in 1923, $90,000; In 1924 and 1925
OKLAHOMA CITY, OKLA.
100.000; in 1926, $115,000; in 1927 and 1928, $125,000; in 1629. 1930. 193
OKLAHOMA RAILW AY CO.
and 1932, $150,000. These bonds cannot be called. See V. 76, p. 655
The following amounts are payable annually to a sinking fund on the Sai
ORGANIZATION.—Incorporated in Oklahoma on June 15 1904 under
Francisco Oakland & San Jose Railway 2d mtge. bonds: 1915, $10,000
the name of Oklahoma City Ry. Co. On Sept. 21 1907 name changed to
1916, $15,000; 1917. $20,000; 1918 $25,000: 1919, $30,000; 1920. $35,000
Oklahoma Ry. Co., increasing charter powers so as to constitute both an
1921. $40,000; 1922, $45,000; 1923 to 1925. Inclusive, $50,000; 1926 and urban and interurban road with all the powers of a steam railroad corpora1927, $60,000; 1928 to 1932. Inclusive, $75,000- These bonds are no'
;lon and o f a lighting and power co., and Increased stock from $1,000,000 to
subject to call.
13,000,000. On Apr. 1 1911 purchased Oklahoma City & Suburban Ry.
East Shore St Sub. mtge. Is a closed mtge. Sinking fund, 1H % yearly or and on Aug. 1 1911 purchased the El Reno Interurban R y . and the city lines
all bonds outstanding, expected to retire entire issue. V. 94, p. 123
tnd franchises in El Reno. The Oklahoma Ry. also owns the Guthrie City
$130,000 in sinking fund Dec. 31 1922.
Ry.and the No. Canadian Valley Ry. In 1911 increased stock from $2,000.Notes.— The Oakland Rys. coll, notes fell dm Aug. 20 1913. Interest 100 com. and $1,000,000 pref. to $10,000,000 com. and $5,000,000 pref.
About two-thirds of road on private right-of-way (incl. 28 miles of track
at rate of 6% per annum being paid.
E
i
A pril, 1924.]
ELECTRIC RAILW AYS
91
within city); Oklahoma City franchise perpetual, subject to right of city
OFFICERS.— Pres., W . A . SmithjfV.-P., J. A . Munroe; V .-P . & Gen.
to purchase property on Jan. 31 1932 or at end o f any 15-year period M gr., R . A. Leussler; Sec. & Aud., W . G . Nicholson; Treas., A. S. W idenor;
thereafter. El Reno franchise expires 1933: other franchises perpetual.
Asst. Gen. M gr., F. S. W elty.— V. 108, p. 2122; V. 109. p. 371, 677, 1987;
The Guthrie-Edmond Electric B y. was Incorp. in Dec. 1915 with $500,000 V. 110, p. 360, 1643; V. I l l , p. 1084, 1279; V . 112, p. 1144; V. 113, p . 1361.
capital to build the extension from Edmond to Guthrie. 15 miles, placed in 1675.
operation July 20 1916.
(1) Omaha & C oun cil B luffs Railway & Bridge.
Fares.— In Oct. 1923 applied to the Oklahoma Corp. Comm, for auth.
ORGANIZATION.— Incorp. In Iowa in 1902. An electric road. Is
to increase fares to 8 cents. V . 117, p. 1993. ’
leased to
o
Date.
Interest.
Outstanding.
Maturitv. statementthe Omaha S Council Bluffs Street R y. For terms of lease, see
STOCK AND BONDS—
of the latter above. Owns entire capital stock of the Omaha
Common $10,000,000 ($100)_______
............................. $3,800,000 — .................. Bluffs S Suburban R y. and the Lake Manawa Sc Manhattan Beach
Council
o
Pref $5,000.000($100)5% cum . . . .
..............................1,795,900 Jan’ 12,1 Ry. Lake Manawa & Manhattan Beach has no funded debt. Fran
%
First and refunding mtge', 1908 5 g J-J
_
347.000 Jan 11938
chises run until 1946. On N ov. 6 1911 the U. S. Supreme Court suspended,
$3,000,000 ($1,000) gold c*/In t. at Safe Dep. S Tr. Co., Pittsb., Trustee
c
pending appeal, the order of the Inter-State Commerce Comm. (V. 89. p .
First & ref mtge $12,000,000) 1911 5 g J-J
4,253.000 Jan 1 1941
1597), reducing the fare from Council Bluffs to Omaha from 15 to 10 cents.
gold ($1,000)__________ c*)Int. at Mississippi Valley Tr. C o., St. Louis
V. 93, p. 1387, 940. On June 9 1913 the U. 8. Supreme Court held that
j Trustee, or Harris Tr. & Sav. Bk.. Chic
Junior M g bonds ($1,000)-c f 1916
6 J-J
305,000
See text the Commission had no authority to make the reduction. V. 96, p 1702.
STOCK AND BONDS—
Date.
Interest. Outstanding,
Bed at 101K and interest)Int. at Miss. Vail. Tr. C o.. St. Louis.. Tr
Maturitv.
Common $1,500,000 ($100)______
Bond-secured notes $825.0001 1921 8 g J-J 1
825,000 Jan 1 1928
________ , $1,500,000
Pref 4% cum from Feb 1 1 9 0 7 1 ____
F-A
($100, $500 & $1,000) call.[Interest at Mississippi Valley Trust Co.,
1.500.000 July’ 22, 2%
at 103 and interest.
.J
St. Louis, Trustee.
$1,500,000 ($100)........... l.J
1st consol mtge $2,000,0001 1902
5 J-J
_________ ___ 1 1928
1.808.000 Jan._______
Bonds.— Of the 1st & refunding bonds o f 1911, $347,000 are reserved to
($1,000) gold_______ _c*tf [Interest at Central Trust C o., N . Y .. Truste®
retire underlying bonds: remaining bonds can be issued at not exceeding
Bonds.— Of the new 1st consolidated mtge. for $2,000,000, $192,000 are
80% o f cost o f extensions, enlargements and additions under certain re
strictions. Subject to call at 105 and interest on any interest date since reserved for Improvements. V. 89, p. 1234, 1281: V. 94, p. 1119.
Dividends.— Dividends have been regularly paid on pref. stock since 1902.
Jan. 1 1921. V. 92, p. 1110. $680,000 are pledged as security for the
8% notes due Jan. 1 1928. No sinking fund, but bonds have a renewal
ROAD.— Comprises
track, including the trackage of the
fund of 2% per annum on bonds out. The first and refunding mort Omaha Council Bluffs S 33-15 miles of and the Lake Manawa S Manhattan
o Suburban Ry.
c
gage of 1908 is limited under the terms of the 1st & refunding mortgage
3each R y., embracing the entire street railways of Council Bluffs. Also
o f 1911 to $2,500,000, of which $2,153,000 are deposited as additional
security for 1st & ref. 5s of 1911 and $347,000 are out. Mtge. bonds of owns bridge between Omaha and Council Bluffs over the Missouri Rirer.
1908 can be called on 90 days’ notice at 110 and interest. No sinking
OFFICERS.— Pres.. Geo. S. Wright; V .-P .. E. W . Hart; Sec., O. T ,
fund. The junior mtge. bonds mature $15,000 s.-a. from Jan. 1 1918 Stewart; Treas., E. A . Wickham.— V. 96, p. 1702; V. 102, p. 1060.
to July 1 1925 and $260,000 on Jan. 1 1926. They are secured by a lien
on the entire property subject to $4,000,000 underlying bonds, and also
cover the extension from Edmond to Guthrie, subject to a construction
lien of $450,000. Exempt from all general taxes in Olsla. V. 102, p. 1987.
OSSINING, N. Y.
The secured 8% notes, due Jan. 1 1928 are secured by (a) $680,000 1st
HUDSON RIVER & EASTERN T RACTION CO.
& ref. 5s of the company; (b) $120,000 Guthrie R y. 1st Mtge. 5s; (c) $500,000 Guthrie-Edmond Elec. Ry. 1st Mtge. 5s. The notes are conv. at any
O RGAN IZATION .— Incorporated in New York on Feb. 14 1908. On
time before maturity or call into 1st & ref. bonds at the rate of 80, against
May 23 1911 Pub. Serv. Comm, granted permission to build an extension
100 for the note. V. 112, p. 373, 563.
from Ossining through Briarcllff Manor, Pleasantville and Sherman Park
Dividends.— On pref. 1st div.— 5% — paid Jan. 1909 and \\i% quar
50 White Plains, 17 miles. 3 miles in Ossining are in operation. On Dec.
to and incl. Jan. 1912. None since
27 1911 Pub. Serv. Comm. auth. $806,000 additional bonds to complete
sxtension to White Plains (V. 94, p. 68), of which $55,000 have been issued.
EARN IN G S.— For 12 months ending Dec. 31:
Gross
Net (after Other
Interest. Balance, Passengers
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity..
Year—
Earnings
Taxes). Income. Disc’t.& c. S u r v .
Carried.
Stock $400,000________________ ________ _______
$84,000 ___________
1922________ $1,978,827 $622,588 $6,437 $354,823 $274,202 22,750,696
5 g F-A
130,000 Feb 11957
1921------------ 2,114,571 665,940 6,934 358,882 313,992 23,417,650 1st mortgage $1,000,000 gold/ 1907 Equitable Trust C o., N. Y .. Trustee.
($ 1,06 0)----------------- c& rtfjln t. at
ROAD, &c.— Operates about 139 miles of track comprising the street
Bonds.— Are subject to call on any int. day at 105 and int.
railway systems in Guthrie (5.5 m.) and Oklahoma City (64 m.) and the
EARNINGS.— For year ending Dec. 31 1923, gross, $29,480; net, after
lnterurban lines to El Reno (placed in operation D6C. 3 1911), Norman
(placed in operation N ov. 15 1913) and Edmond (placed in operation May taxes, $825; int., &c.. $9,887; bal., def., $9,062. In 1922, gross, $31,508;
net, after taxes, $4,930; int., &c., $9,783; bal., def., $4,853.
28 1911). The extension to Guthrie was placed in operation Ju!y 20 1916
Standard gauge, 65, 70 and 100-lb. rails. 110 pass, and 32 freight and other
OFFICERS.— Pres., O. G. Bennett, Ossining; V .-P Winfield Post,
cars; 2 electric and 1 steam locomotive. Power plant, has 12,100 k. w. Ossining; Sec., Henry D. Swain, Ossining; Gen. M gr.,., W . L. Strattoncapacity. Also owns valuable terminal station in Oklahoma City.
Treas., C. E. Hallett.— V. 110, p. 561; V. 112, p. 1740.
OFFICERS.— Pres., J. "V . Shartel; V .-P .. R . J. Edwards: Sec. & Asst.
V
Oper. M gr., Chas. Hoopes; Treas., E. J. Richart; Aud., W . C. Jones. Gen
eral offices, Oklahoma City.— V. 108, p. 379. 683; V. 110, p. 78: V. I l l ,
p. 693, 1183 V. 112, p. 373, 563 V. 116, p. 1178 V. 117, p. 1993.
OTTUMW A, IO W A.
(THE) OTTUMWA RAILW AY & LIG H T CO.
All the common stock owned by Northern States Power Co. (M inn.).
CLEAN, N. Y.
S a le o f C o m p a n y 's P r o p e r t i e s . — The co.’s electric and steam heating prop
erties are being taken over for operation by the N o r t h e r n S la te s P o w e r C o .
OLEAN BRADFORD & SALAMANCA R Y.
o f N . J . and the O ttu m w a T r a c tio n C o , was incorp. in Delaware Jan. 7 1924
O r g a n i z a t i o n . — In accordance with plan (V. 113, p. 1252) for reorganiza
to take over the street railway properties. V. 118, p. 1136.
tion o f Western N. Y . & Pennsylvania Trac. Co. (for history see“ Elec. R y .”
ORGANIZATION.— Incorporated in Delaware on Dec. 11 1905 as suc
Supp. o f Oct. 22 1921) that c o .’s property in N. Y. was sold on June 4 1921
and in Penna. on June 15 1921. Companies were organized in both States cessor to the Ottumwa Traction & Light Co. The latter’s franchises for
to take over the properties and were merged into the present Olean Bradford street railway, electric lighting and steam-heating plants were extended
& Salamanca Ry. which was incorp. in N. Y . on or about Oct. 8 1921. by municipal election on July 8 1901 for 25 years. In 1917 secured a
Under the plan unsecured creditors and the stockholders in the Western 10-year contract for the supply of wholesale electric power and light to
Batavia for distribution in various surrounding communities.
N . Y . & Penna. Trac. Co. received no share in the new corp.
Fares— See V. 117, p. 1664.
E x c h a n g e O ffe r . — Holders of the co.’s 7% pref. stock, in Feb. 1923, were
offered in exchange for their holdings par for par of Northern States Power
C a p i t a l i z a t i o n , & c . — The co. has issued $224,000 1st & ref. M . (total
auth. $5,000,000), $1,120,000 7% non-cum. pref. stock, $2,688,000 of com. Co. 7% pref. V. 116, p. 616.
stock, in accordance with plan in V. 113, p. 1252.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
L a te st E a r n i n g s . — For 12 mos. end. Dec. 31 1923, gross, $481,473; net,
Common ($100)__________________
________
$650,000
See text
after taxes, int. & rents, $8,644. In 1922, gross. $534,934 net, after
B o n d s . — The first & ref. mtge. 5s, due Jan. 1 1924, were retired at ma
taxes, int. and rentals, def., $26,671. In 1921, gross, $562,266 net, after
turity.
taxes, def. $131,431.
EARNING S.— For years ending Dec. 31:
ROAD.— Operates between the cities o f Olean, N. Y ., Salamanca, N . Y . ,
N e t a fte r
Int. C h a r g e s
Bal. after
and Bradford, Pa., with branches from Salamanca, N . Y ., to Little Valley, C a le n d a r
Year—
G ro ss.
T a xes.
(N et).
Int. C h g e s .
N . Y ., from Bradford, Pa., to Lewis Run, Pa., from Olean, N . Y ., to Boli
$159,077
$137,488
$21,589
var, N . Y ., and to Shinglehouse, Pa.; total, 100.8 miles o f road. Does a 1922_______________ $638,273
1921_______ _____ — 605,447
141,931
118.665
23.266
general passenger, heavy freight, mail, express and baggage business.
Main lines, 70-lb. rails. 5 electric locomotives, 27 passenger cars, 25 freight
ROA D .— Operates 13 miles of trolley road in city of Ottumwa, Iowa.
cars and 10 service cars.
Weight of rails, 60-lb. T . Standard gauge. 34 cars. Also does municipal
OFFICERS.— Pres., C. N . Mason; V.-P. & Gen. M gr., C. A. Graves
commercial and residence electric-1'ghting; 83 miles of distribution lines
V .-P ., J. P. Quigley: Sec. & Treas., L. W. Osborne.— V. 113, p. 2407
and 19.5 miles of transmission lines; supplies electric power for stationary
V. 114, p. 79, 948: V . 117, p. 1664.
motors. &c., and operates a system of steam heating, with 3 miles of mains.
Present generating capacity, 7,035 h. p
A 33,000-volt transmission line
from Ottumwa to Batavia, 14 miles, was completed early in 1918 Further
extension of 5K miles of transmission line connecting the city of Eldon with
OMAHA, NEB.
the Ottumwa-Batavia line has been made.
OMAHA & COUNCIL BLUFFS STREET R Y .— A trolley road,
OFFICERS.— Pres., Arthur S. Huey; V.-Ps., H. M . Byllesby and R . F.
ORGAN IZATION .— Incorporated in Nebraska. Owns lines formerly op
Pack; V.-P. & Gen. M gr., C. E. Fahrney; Sec., R. J. Graf; Treas., J. J.
erated by Omaha St.Ry.Co.; leases the Omaha & Council Biuffs Rv.& Bridge O’Brien; Aud., J. F. Winn; Gen. Mgrs., Byllesby Eng. & M gt. Corp.,
Co. in Council Bluffs, la ., until 1947, together-with its bridge over Missouri Chicago, 111.— V. 115, p. 437; V. 116, p. 616; V . 117, p. 2770; V. 118, p.1136.
River, rental being $60,000 per annum, in addition to all fixed charges.
Litigation.— An amended petition seeking a court decree ordering thr
company to turn over to the city its entire street railway property in
PADUCAH, K Y .
Omaha was filed In Jan. 1918 by Corporation Counsel Lambert. A judg
ment for the company's earnings since Jan. 1917 was also asked.
Tht
PADUCAH ELECTRIC CO.— Incorp. in Kentucky on Sept. 23 1919 as
action was based on the provision of the franchise granted the Omah* successor by reorganization (see plan in V. 108, p. 1165, 1275) to the
Horse Car Co. (this company’s predecessor), by which its property was to Paducah Traction & Light Co. (for history see “ Electric Railway” Supple
revert to the city on Jan. 1 1917. V. 106, p. 86. A ruling has been ment o f Nov. 15 1919). Owns and operates the electric light, power, gaa
handed down by the court which holds that the right of reversion does not and steam heating systems in Paducah, K y., and through ownership of all
extend to any part of the present Dronertv of the Omaha & Council Bluffs Rv
the stock (except directors' shares), of Paducah Railway Co . controls and
Fares.— See ‘‘Electric Rail ty ” Supplement o f Oct. 28 1922.
also operates the street railway system, serving a population esti
mated at 27,500.
Also owns all (except directors’ shares) the stock of
STOCK AND BONDS—
Date.
Maturitv
Interest . Outstanding.
______
$5,000,000
See text the Paducah Realty Co.
See text
4.000.000
—
5 Q-J
F a r e D e c i s i o n . — See V. 116, p 1637.
$5,000,000 ($100).
^
In May 1923 the co. issued $1,006,000 1st mtge. ser. “ A” 6% bonds to
First cons M $10,000,000 g\ 1902
9.619.000 J as 1 192? retire $923,000 1st mtge. 5% and 6% bonds then outstanding [called for
5 g J-J
($1,000) no sink fund.c*.tf IInterest at Guaranty Trust C o.. New York
payment June 1 1923 at par & int.— V. 116, p. 2516.] V. 116, p. 2007.
Stork and Bonds.— %
5,000.000 com. and $1,000,000 pref. stock are set
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
•side for ad i’ns & imp'ts. Of the first consols, $381.000 owned and In treas
Common $605,000 ($25). — ...........—
_______
$583,500 __________
Dividends.— First dividend on pref. stock. IM .%, was paid April 1 1904
Preferred $595,000 cum ___________
7%
None ____________
and same amount quar. to and lncl. July 1918. None to Oct. 1919 when 1st M Ser “ A ” $10,000,000 s f l 1923
6 g J-J
1,281,000 Jan. 1 1938
2K % was paid. In Dec. 1919, 2 M % . In 1920, April, 2K %; July, 1 M %:
($100, $.500 & $1,000) g c*tf jln t. at State Street Trust Co., Boston, Trus.
Oct.. 1 H%; Dec., 11*%. In 1921, April, 1 1£%; Dec.. \\i% . In 1922
Oonv debentures $578.000_r / 1919
6%
554 400 M ay 1 1939
April, 2 « % ; July, I K % Oct., 2 M%; Dec., 2'A % . In 1923, April, 1M % ;
\Int. at State Street Trust C o., Boston, trua.
July, 1M % : Oct., 1M%: Dec., 134%- In 1924, April, \M%. On com
mon, first div., 2% , paid July 1907. In 1908 to 1911, 4% per annum. In
Stock.— The 7% pref. stock is reserved for the conversion o f the 6%
1912, 1913 and 1914, 5% . In 1915, 4 K % . In 1916 and 1917, 4 % . debentures since Jan. 1 1924. $21,500 com. stock is held in treasury and
In 1918, Jan., 1% . None since.
subject to exchange.
R E PO RT.— For calendar years;
B o n d s . — Additional 1st mtge. bonds may be issued to pay for 75% o f the
Calendar Gross Net (after Other Rentals, Pref. Common
Balance,
cost of exts., add’ns or betterments under certain restrictions. An annual
Year.
Earnings. Taxes). Inc. Int.,&c. Divs.
Dies.
Surplus.
s in k in g fu n d beginning Jan. 1 1928 provides for the purchase of 2% o f
S
$
S
S
S
s
ser. “ A bonds certified at not to exceed the redemption price, such bonds
1923_____4,498,411 934,890 36,441 637,490 a200,000 --------133,820 to be canceled when purchased. Are red. as a whole (or in part for sinking
1922_____4,568.521 880,313 42,140 637,480 5350,000 ........... def. 10,574
fund) on 30 days’ notice at 107K prior to Jan. 1 1928, 105 prior to Jan. 1
a 5% .
b 8H%.
1933, 102K prior to July 1 1937 and at par thereafter. Pennsylvania
ROAD.— Operates 162.98 miles of track, embracing all the street rail 4-mills tax refunded. V. 116, p. 2007. The 6% debentures are convertible
ways in Omaha, Neb., and in Council Bluffs, la ., including the Omaha at option o f holders into 7% cum. pref. stock since Jan. 1 1924. $21,600
and Council Bluffs bridge.
are held in treasury.
93
ELECTEIC RAILW AYS
Latest Earnings.— For 12 months ending Dec. 31:
Year—
Gross.
Net.aft.Tax.
Int..&c. Bal..Surp.
1923------------------------------- $610,772
$201,504
$106,826
$94,679
1922------------------------------- 561,187
201,821
101,394
100,427
R O A D , &C.— Owns and controls 18.25 miles street railway track;standard
gauge; 30 passenger and 2 other cars. Power station capacity 3,675 k. w.
0*8 plant has a daily generating capacity o f 490,000 cu. ft.
OFFICERS.— Pres., Harry T . Edgar; V .-P ., David Daly; Sec., Victor
D . Vickery; Treas., Henry B. Sawyer. Gen. Mgrs., Stone & Webster M gt.
Assn.. Boston. Mass.— V. 109. p . 1987: V. 116. p. 1637. 2007. 2516.
[V ol. 118.
Trust C o., New York, trustee. Subject to call at 105 and lnt. Earn
ings for year ending Dec. 31 1922, gross, $13,288; net, after taxes, $1,330;
fixed charges, $3,596; def., $2,266. In 1921, gross, $12,394; net, after
taxes, $1,111.
Road 4 miles from Peekskill to Oregon, Putnam County. Pres., Geo.E.
M cCoy; V .-P ., Frank M . Data: Treas., Alfred J. Mason; Sec., H . D . Swain.
Asst. Treas. & Asst. Sec.. Chas. Le Clair.— V. 106, p . 190; V . 108, p. 2529.
PEN ARGYL, PA.
SLATE BELT TRANSIT C O — A trolley road.
Receivership.— In Feb. 1922 O. J. Mutchler was appointed receiver for
the co. on application of First Nat. Bank of Bangor. V. 114, p. 948, 1288.
PARKERSBURG, W. VA.
In Aug. 1922 the receiver was auth. to issue $21,000 receiver’s ctfs. V. 115.
p. 870.
KANAWHA TRACTION & ELECTRIC CO.
Reorganization Proposed.— See V. 115, p. 870.
Control.— On July 1 1917 control was acauired by the Monongahela
O R GAN IZATION .— Incorp. in Penna. on Feb. 14 1899. Name changed
Valley Traction C o., now the Monongahela West Penn Public Service Co.
(see under Fairmont, W . Va.). Under an operating agreement effective to present title in 1921. Was formerly leased to Lehigh Valley Trac. C o.,
July 1 1917 for 5 years or until terminated by either party on 6 months’ but lease canceled on M ay 10 1904, owing to default in payment o f rental.
notice, the Monongahela Co. manages all this co.’s properties, takes all For changes in directorate and officers in Feb. 1917, see V . 104, p. 765.
Committee for 2d I . 4s.— George K. Mosser, Allentown, Pa.; Alan O.
revenues, guarantees debts and renders an account at the close of each
Dodson, Bethlehem, Pa.; W . W. Doughten, Brown Bros. Bldg., Philadel
year ending June 30.
phia, Pa.; Thomas A. Keck, Falmouth, Mass.; Frank M . Horn, CatasauO RGAN IZATION .— Incorp. in April 1915 and on June 7 1915 absorbed qua. Pa.; Hubert E. Rogers, Sec. & Counsel, 60 Wall St., N . Y . C ity.
by consolidation the Parkersburg, Marietta & Interurban R y., which was Depositary: New York Trust C o., N . Y . See V. 103, p. 2156.
Incorp. in 1902 in W. Va., and purchased the properties o f the Parkersburg
STOCK AND BONDS—
Date.
Interest. Outstanding. MaturityGas, Electric Light & Street R y., Parkersburg Interurban R y. and Marietta
_______
$360,000 ........... ........
Electric C o., and on July 1 1911 the properties o f the Muskingum Traction Stock $360,000 ($50)______________
5 g J-J
130,000
1942
Co. Franchises perpetual or for long periods. The co. guarantees the First mtge. $130,000 gold/ 1912
($500 & $1,000)_____ c * tf lin t, at the E. P. Wilbur Tr. C o.,So.B eth.,T r.
mortgage bonds o f the Parkersburg & South Side Bridge Co. ■
4 g J-J
270,000
1942
Decision.— In Feb. 1920 the Supreme Court o f Appeals upheld the right Second mtge. $270,000 gold/ 1912
($100, $500 & $1,000)-c * t f lin t, at E. P. Wilbur Tr. C o., So.Beth., Tr.
® f the city o f Parkersburg to collect a certain percentage of the c o .’s gross
Bonds.— 1st mtge. bonds are callable at 102 on any int. date. 2d mtge.
revenues under the franchise agreement. V. 110, p. 561.
bonds are subject to call at par on any interest date. Int. on 2d M . bond*
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
is in default.
Common stock $1,500,000_________
_______
$1,100,000 __________
E A R N IN G S.— Year ending Dec. 31 1922, gross, $103,417; net, after
Prof stk $1,500,000 6% c u m - . ____
Q-J
1,078.500
See text
taxes, $5,574. In 1921, gross, $122,660; net, after taxes, $21,535.
1st & ref M $5,000,000 gold/ 1916
5 g F-A
1,700,000 Aug 1 1936
R OAD.— Operates 18 miles of track from Nazareth to Bangor. 67-Ib.
($100, $500 & $l,0 00).c*tf\ ln t. at Fidelity Trust C o., Baltimore, M d.
6 miscellaneous cars.
I s tM gold Parkersburg lines.. 1898
5
150,000
1938. rails. 10 cars. Pres., A. H. McAdams, Phila., V .-P .. Dr. J. O. Keller;
OFFICERS.—
Consol mtge all lines_________ 1902
5
550,000
1942. Sec., G. A. Schneebeli; Treas., Thomas J. Ryan; Gen. M gr., J. T . Hamil
Stock.— Preferred stock Is cumulative from July 1 1916. All of the out ton.— V. 103, p. 2156; V. 104, p. 765; V . 114, p. 948,1288; V. 115, p. 870.
standing com. and pref. stock is owned by the Monongahela West Penn
Public Service Co.
Bonds.— The First & Refunding bonds are issuable in series as the com
PENNSGROVE, N. J.
pany’ s needs require. The present series, Series “ A ,” is in the authorized
SALEM & PENNSQROVE TRACTION CO.
amount o f $2,000,000, of which $1,700,000 were issued In April 1917 to
ORGA N
Incorp. in New
1915. Completed
retire the $1,100,000 2-year 5% notes due June 15 1917, and $150,000 a line from IZA TIO N .—to Salem, N . J.,Jersey Sept. 14 o f which 3 H miles
Pennsgrove
14 miles
Marietta Electric Company bonds paid April 1 1917, and for extensions, between Pennsgrove and Deep Water Point has long, in operation since
been
&c. Provision Is also made for refunding other underlying bonds at or Aug. 15, 1916, and the whole line to Salem (14 miles) since Jan. 22 1917.
before maturity. The bonds are subject to call on any lnt. date at 105. 70-lb. T rail; gauge, 4 ft. 8)4 in. 19 pass, cars, 1 combination snow plow
Fidelity Trust Co. and Van Lear Black o f Baltimore are trustees. 1st and work car.
JMtge. bonds on Parkersburg lines are subject to call.
Voting Trust.— The stock has been placed in a voting trust for five years,
JOisidends.— Divs. o f 1J4 % quar. on pref. stock were begun Oct. 1 1915
under which dividends are restricted to 6% per annum until at least half
E A R N IN G S .— See above under “ Control”
of the 2d mtge. bonds and all o f the 1st M . bonds outstanding in excess
iPROPERTY.— Has system o f street railways In the cities of Parkers of $225,000 have been retired.
burg, W . Va., and Marietta, Ohio, and an interurban railway from Parkers,
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
burg. W . Va., to Marietta, and from Marietta through Lowell, Ohio, to
Stock $850,000 ($100)_____________
_______
$187,500 ---------------Beverly, Ohio, aggregating 60.84 miles. Uses bridges of Marietta Parkers 1st mtge $750,000 gold ($100,\ 1915
6 g J-D
398,700 Dec 1 1935
burg Bridge Go., one crossing the Ohio River at Marietta, O., and Williams$500 and $1,000)_____c*tf/In t.a t Pa. Co. forlns.on Lives,&c.,Phila.,tr.
town, W . Va., the other crossing the Little Kanawha River at Parkers Second mortgage $100,0001 1915
6 g J-D
93,000 Dec I 1935
burg, W . Va., in which it owns the entire stock. Supplies all electricity
gold ($1.000)_________ c * tf/In t. at Wilmington (Del.) Trust C o., trustee.
for light and power in its territory except street lighting in Marietta. In
Bonds.— Remaining first mtge. bonds are issuable for additional equip
January 1916 completed a new modern electric generating station in Park ment, power plant and other property. The mortgages provide that the
ersburg with a total capacity o f 12,500 k. v. a., o f which 6,250 k. v. a. is company’s net income be applied— 80% to the 1st M . and 20% to the 2d M .
Installed, and owns 1 steam electric station, 1,600 h. p. for reserve and bonds— to the purchase o f bonds at not over par and interest, or to their
call at that price, the bonds to be canceled. This sinking fund, however,
emergency purposes.
OFFICERS.— Pres., G. M . Alexander; V .-P ., Thos. Logan; Sec. & is not to exceed $50,000 in any one year and Is to be reduced to 2% o f
Treas., O. F. Lough; Asst. Sec. & Asst. Treas., S. E. Miller.— V. 104, p . bonds outstanding when half the 2d M . bonds and all 1st M . bonds out
standing In excess of $225,000 have been retired. The fund became opera
1145,1702; V. 105, p. 1522; V. 110, p. 561.
tive July 1 1917. $33,700 1st M . and $7,000 2d M . bonds have been
retired. Both issues are redeemable, all or part, at par and int. on any int.
date on four weeks’ notice. The 2d M . bonds are all owned by E . I.
PATCHOGUE, LONG ISLAND, N. Y.
du Pont de Nemours & Oo.
EARN ING S.—
Gross
Net after
Bond
Balance.
SUFFOLK TRACTION CO.
Period Covered—
Earnings. Tax.,Depr.,&c. Int.
Surplus.
On Oct. 10 1919 the co. ceased operating owing to the refusal o f the
Year ending Dec. 31 1922-—$107,010 def.$22,984
$29,457 def.$62,441
Patchogue Electric Light Co. to furnish it with any more power unless the
31 19
oo. paid its bills. V. 109, p. 1527. For last statement o f this company Year ending Dec.Pres., 21--. 86.392 def.39,634 . W . 29,502 def.69,136
OFFICERS.—
O. N. Martin; V .-P ., W
Hepburn; Sec. &
published see the “ Electric Railway” Section o f Sept. 29, 1918.
Treas., W. E. E rvin — V. 102, p. 886; V. 104, p. 765; V. 110, p. 1090, 1527
PATTON, PA.
NORTHERN CAMBRIA RY. CO.
ORGAN IZATION .— Organized as successor to the Northern Cambria
Street R y. C o., sold under foreclosure Mar. 31 1918. V. 106, p. 2229.
Fares.— In June 1920, cash fares were raised to 10 cents.
EARN ING S.— For calendar year 1922, gross, $63,210; net, $1,082. In
1921, gross, $85,450; net, $12,527.
ROAD.— Operates 13 miles between Patton, Carrolltown, Spangler,
St. Benedict and Barnesboro. Standard gauge, 70-lb. T and girder rails.
OFFICERS.— Pres., Jas. H. Allport; V .-P ., O. O. Adams; Sec., O. L.
Oalahan; Treas., O. A . Sharbaugh.— V. 106, p. 2229, 2450.
PENSACOLA, FLA.
PENSACOLA ELECTRIC CO.
Receivership.— On Jan. 261920 Federal Judge Sheppard appointed James G .
Holtzclaw, receiver for the company, on complaint of the Old Colony Trust
Oo., Boston, the company being unable to operate at a profit on a 5-cent
fare. V. 110, p. 465.
Fare Increase.— In Jan. 1921 the co. was auth. to increase fares to 8 cents
Cash with tickets at 7)4 cents. V. 112, p. 373.
ORGAN IZATION .— Incorporated in Maine on July 6 1906, and is suc
cessor to the Pensacola Electric Terminal Co. Owns the securities o f the
Escambia County Electric Light S Power Oo. Does all the street railway
c
and (through the Escambia County Elec. Lt. Sc Pow. Co.) the entire electric
lighting and power business of Pensacola. Railway franchise expires In
1933; lighting franchise perpetual.
Up to April 1921 no provision had been made for the payment o f the
PEEKSKILL, N. Y.
$281,900 7% notes due Jan. 1 1921. Compare V. 112. p. 653.
PEEKSKILL LIGHTING & RAILROAD.
Increase.— Effective Feb. 1 1924,
R Comm.
In 1909 Westchester Lighting C o ., controlled by Consol. Gas Oo. o f N . Y ., co.Fareraise fares from 8 cents cash and the Florida R15. cents, toauth. the
to
tokens
10 cents
purchased the entire common stock and a block of pref. o f the Peekskill cash and 6 tokens for 45 cents. V. 118,2p. 552. for
Lighting & R R . See Westchester Lighting C o., V. 89, p. 108.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
ORGAN IZATION .— Incorporated as the Peekskill Lighting Oo. on July
$800,000 ___________
----------12 1900; subsequently purchased the Peekskill Gas Light Co. and Peekskill Common $1,050,000 ($100)— -----300,000
See text
6% cum--------J-D 1
Electric Light & Power Co. Name changed as above upon purchase of tb e Pref $500,000 ($100) gold__tf\ 1906
1,129,000 Aug 1 1931
5 g F-A
________
Peekskill Traction on Aug. 31 1900. Comprises all the gas, electric light, 1st mtge $1,500,000
;
Colony Tr. O o ., Boston, Trustee.
power and street railway interests o f Peekskill. Franchises of electric- Ooupon notes $500,000 gold/ Int. at Old g J-J
1919
7
281,900 Jan. 1 1921
lighting plants and railways are perpetual. Gas franchises liberal.
($100, $500 S $ l,0 0 0 )-c1 f/ln t . at Old Colony Tr. C o,, Boston, Trustee.
c
(,t
Fares.— In Dec. 1922 the co. was auth. to increase fares from 7 to 10
Stock.— The preferred stock is redeemable at 115.
Cents. V . 115, p. 2906. See also V . 116, p. 1412.
Bonds.— $159,000 are reserved for additions and improvements at 80%
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity of cost. A sinking fund of 1 >4 % per annum o f bonds outstanding began
Common $500,000 ($100).........................................
$500,000
1910. 4%
Dec. 1 1907, first rive payments were waivable, but became a fixed charge
Preferred $150,000 6% cum
____
6 J-D
130,500 D e c ’ 17, 3%
on Dec. 1 1912. Bonds subject to call as a whole at any time at 105 and
1st mtge $750,000 ($1,000)1 1900
5 g A-O
646,000 Oct 11930 lnt., and in part for sinking fund only. V. 83, p. 156; $212,000 have Deen
gold sinking fund____ ’ __c*jlnterest at N . Y . Trust C o., N. Y .. Trustee. canceled. Ooupon notes are callable as a whole at 101 and int. on 30 days*
notice. $218,100 are in treasury.
Stock.— $19,500 par value pref. stock has been reacquired by the co.
Dividends.— First div., of 3 % , was paid on pref. June 1 1907 and 3% was
Bonds.— Whole issue (but no fractional part) can be redeemed on any
Interest date at 110 and interest. Sinking fund is provided at the rate of paid Dec. 2 1907. In 1908 June dividend passed because of strike on com
$10.80 per bond outstanding, beginning Oct. 1903. The remaining bonds pany's lines. None to Dec. 1909, when 3% regular and 3% extra on
March 1910 paid another 3% on
can only be issued for extensions, &c., at 75% o f actual cost, and only when account of accumulation were paid.
net earnings o f the previous 12 months are equal to at least twice the inter account of accumulations; June 1910 3% regular and 3% extra, paying up
est on the outstanding bonds and the proposed issue. See V. 71, p. 913. all accumulations; Dec., 3 % . In 1911, 1912 and 1913, 6 % . In 1914,
June, 3% . None to June 1916, when 3% was paid. In Dec. 1916 3%
$14,000 are in treasury.
and 1)4% extra account of accumulations. In 1917, 6 % . In 1918, 6 % .
Dividends.— 6% per annum paid on pref. stock up to Dec. 1917. None
Dividends In arrears, 16)4% since. On common, in 1906, 1% ; in 1907, 3 /4 % ; In 1908, 4% ; In 1909.
EARNINGS.— For 12 months ending Dec. 31:
4 % : in 1910, 4% . None since.
Year—
Gross. Net (after Tax.) Interest. Sink.Funds. Surplus.
EARN INGS.— For years ending Dec. 31:
x 1919.................. $543,592
$102,274
$100,485
...........
$1,789
Cal. Yrs.—
Gross.
Net aft. Tax. Other Inc. Fixed Chges.&c. Balance.
1918___________ 506,050
145.668
87,067
...........
58,601
1922_______$419,169
$60,744
$914
$63,031
def.$l,373
x No later figures available.
1921_______ 378,954
60,810
805
60,030
sur. 1,585
ROAD.— Operates 24.49 miles of track, 0.62 miles trackage; standard
R O A D .— Owns and operates 10.71 miles o f track in Peekskill and to Lake gauge; 30 motor and 11 trail passenger cars and 10 other cars. Power sta
Mohegan and Verplanck’s Point, with branch to State Camp.
tion has 2,800 k. w. capacity.
OFFICERS.— Pres., F. A . Stratton, M t. Vernon; V .-P ., S Gen. Mgr.
c
OFFICERS.— Pres., Geo. J. Baldwin, N . Y .; V .-P ., Chas. F. W. WetW . C. Fisher, Ossining; Sec., Dr. B. W. Stillwell; Treas.. R. A. Carter: terer; Sec.. Geo. A. Peirce; Treas., Henry B. Sawyer; Managers, Stone S
c
Asst. Treas., H. D . Swain, Ossining. General office, Peekskill, N. Y .— Webster M gt. Assn., Boston, Mass.— V. 112, p. 373, 653; V. 115, p. 2581;
V . 106, p. 190; V. 108, p. 2529; V . 113, p. 2080; V. 115, p. 2906; V . 116. V. 117, p. 2654; V. 118, p. 552.
p . 1412.
______
PUTNAM & WESTCHESTER TRACTION CO.
PEORIA, ILL.
OR GA N IZA TION .— Incorporated in New York in July 1906. Stock
PEORIA RAILW AY TERMINAL CO.— For statement of thi* company
authorized and issued, $75,000; par, $100. First mtge., auth., $200,000;
outstanding, $71,000 gold (c*tf) 5% J-J due July 1 1937; int. at Columbia see our “ Railway and Industrial" Section.
A pril, 1924.]
PETALUMA, CAL.
PETALUMA & SANTA ROSA R R .
ORGAN IZATION .— Incorporated In California on Aug. 23 1918 as suc
cessor to the Petaluma & Santa Rosa By. In accordance with reorganization
plan outlined in this publication o f Sept. 29 1918.
STOCK AN D BONDS—
Date
Interest. Outstanding. Maturity.
Com stock *1.000,000 ($100)......................... ........
$770,700 ...................
Pref cum $250,000 ($100).................
6%
142,800 ............. ..
1st mtg 25-yr $750,000 ($1001 1918
g M -8
616,800 Sept. 1 1943
& $1,000) g ___________ c&r/First Federal Trust C o., San Francisco, Tr.
Stock.— The common stock Is deposited with the First Federal Trust Co.
for 7 years under proxy agreement; pref. stockholders have the right to
elect a majority o f directors in case of non-payment o f their dividends.
Preferred stock Is redeemable at par.
Bonds.— Callable at 105 for sinking fund. $13,000 retired and $68,600 re
acquired and held alive. The mtge. provides that earnings ordinarily appli
cable to com. divs. shall be apportioned as follows:
(1) If earnings justify and conditions permit, a div. o f 2H % shall be paid
on com. stock. (2) Any amount remaining after such payment shall be
distributed 50% to common stockholders, 25% to a trust fund to retire
1st M . bonds and 25% to retire preferred shares.
Remaining unissued,
bonds are reserved for construction. Int. payable inNewYork& San Fran.
Dividends.— On pref. stock are being paid regularly.
1% was paid on
the com. stock in 1919 I n l 9 2 0 ,l %
I n l 9 2 1 ,l % . In 1922, M ay, 1 % ;
N ov., 1% . In 1923, 3M % .
EARNINGS.— For years ending Dec. 31:
Y ea r—
G ross.
N et.
O th er I n c . C h g s .& T a x e s . B a l . , S u r .
1923
$601,502
$160,617
$10,496
$72,898
$98,215
1922 . . ........ 559,705
139,406
14,192
66,866
86,732
455,961 railway passengers carried in 1923, against 491,672 in 1922.
262,519 tons freight in 1923, against 204,024 in 1922.
ROAD.— Operates 44.64 m .o f track from Petaluma through Sebastopol
to Santa Rosa, with branches Sebastopol to Forestviile and Liberty to
Two Rocks. Connects at Petaluma with steamers for San Francisco.
Owns steamers “ Gold” and “ Petaluma.” Standard gauge. 70-lb. T rails.
OFFICERS.— Pres., Thomas Maclay, Petaluma. Cal.; V.-P. & Gen.
M gr.. E. H. Maggard: Treas., Geo. P. McNear; Sec., R . W . Wise: Aud.,
H. W. von Emster.— V. 107. p. 697. 906. 1193, 1580. 1670.
PHILADELPHIA, PA.
UNITED NATIONAL UTILITIES CO.— For history see “ Electric
Railway Supplement” o f Oct. 22 1921.
NATIONAL PROPERTIES CO.
For history see “ Electric Railway” Supplement o f Oct. 22 1921.
AMERICAN ELECTRIC POWER CO.— (See Map page 94.)
Practically all the common stock of this company (then known as the
American Railways Co.) was formerly owned by the National Properties
Co. (controlled by« United Natl. Utilities Co.) but the stock was pledged
under an Issue o f Natl. Properties Co. 4-6% collateral trust bonds and de
fault having occurred, the stock was sold at public auction on N ov. 8 1920.
O R GAN IZATION .— The American Rys. Co. was incorp. under law* o f
N . J. In 1900 as a consolidation of the former American Rys. Co. and the
United States Electric Ry. & Light C o., which latter had only $1,000 o f
outstanding stock. Name changed from the American Railways Co. to
present title on Feb. 13 1923. V . 116, p. 615.
In Dec. 1905 purchased a controlling Interest In the Scranton R y. C o.,
paying par ($50) for both common and pref. stock. V . 81. p. 1847; V. 82.
p. 1375: V. 104. p. 71.
The Peakland Corporation was formed during 1909-10 with $50,000
■tock (all owned by American R ys.), to acquire and own real estate in
vicinity of Lynchburg.
On March 1 1917 acquired the National Gas, Elec. Light & Power Co.
(V. 101, p. 135.) In May 1917 acquired the Jersey Central Traction Co.
(which see under "K eyport, N . J.” ) and the Monmouth Ltg. Co.
The American Railways Oo.-Natl. Gas. coll. tr. 5% bonds due Mar. 1
1922 were extended for 5 years at 6% . V. 114, p. 1405.
Refinancing Plan.— On Feb. 1 1923 the stockholders approved a re
financing plan under provisions o f which the Consolidated Light, Heat &
Power Co. (now Consolidated Power & Light Co.) acquired from the co. all
the com. stock equity held in the following subsidiaries:
(1) Ohio Valley Electric R y.; (2) Ironton Elec. Co.; (3) Boyd County Elec.
Co.; (4) Lynchburg Trac. & Light Co.; (5) Roanoke Trac. & Light Co.
The entire com. stock of the Consolidated Light, Heat & Power Co.
(now known as Consolidated Power & Light Co.) is held by the co., which
received cash payment for its equities in the stock of the subsidiaries so
transferred. With the funds so received the co. retired $2,916,000 3-yr.
734% notes due Feb. 1 1925, $2,000,000 Amer. Rys.-Ohio Valley Elec,
coll. tr. 5% bonds due Jan. 1 1961, $987,500 Amer. Rys.-Lynchburg &
Roanoke coll. tr. 5% bonds due Jan. 1 1930 (coll. tr. notes to the tota
amount of $6,000,000 are to be retired in accordance with terms of plan)l
canceled $1,100,000 5-yr. 8% notes, leaving $2,400,000 of these notes;
outstanding. $2,305,000 Wilmington & Chester Trac. coll. tr. 6s due
April 1 1923 were extended for 10 years to April 1 1933. The $4,000,000
2d pref. stock auth. (none issued) was canceled and the auth. amount of
1st pref. stock was increased from $4,000,000 to $8,000,000, and $1,076,800
o f this increase was issued as a 19)4 % div. on the pref. stock, clearing up all
accumulated divs. on that issue. The plan also provided for a change in
name from the American Rys. Co. to the American Electric Power Co.
The plan was underwritten and bankers purchased a bond issue of $7,000,000
and $1,500,000 o f 7% pref. stock o f the Consolidated Power & Light Co.
of Huntington, W . Va. (which co. see on a subsequent page). For full
details of plan see V. 116, p. 293, 514, 615.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $17,000,000 ($50) — ...........
J-D 15
$9,460,000
See text
1st pref 7% cum $8,000,0001
($ 1 0 0 ).................................. / ____
7 Q-F
4,936,593
See text
5-year 8% notes_________________
8%
1,409,500
1925
Coll trust $1,750,000 gold____1917
6 M-S
1,750,000 Mar 1 1927
Oollat Trust $2,500,000 goldl 1911
5 F-A
2,500,000 Aug 1 1931
conv ($500 & $1,000)-c * t f j Int. at Merchants’ Un. Tr. C o., Phila., Trua.
7%
1,143.250
1940
Income bonds (see text)______ _____
Nat Gas coll trust $1,000,0001 1917
6 M-S
750,080 Mar 1 1927
($100, $500, $l,0 0 0 ).c*_tf Jlnt. at Commercial Tr. C o., Phila., trustee.
Jersey Central Tract coll trl 1917
6 g M-S
570,000 Mar 1 1947
$570,000 gold ($1,000) c*tf JInt. at Commercial Tr. C o., Phila., trustee.
Oar trust certifsser“ A ” ______ 1923
6 J-J
350,000 __________
Car trust ctfs Series “ B ” l 1914 6 F-A
37,000
See text
($ 1,00 0).............. — c * n tfj
Car trust certificates Ser “ C ” l 1916
5 F-A
60,000
See text
($ 1 ,0 0 0 )________________c/Logan Trust Co. o f Philadelphia, trustee.
Oar tr cert Ser D ($1.000)-c * t f 1917 6 A-O
86,000
See text
Stock.— Pref. stock Is red. at any time at 110. Pref. & com. stock are
listed on Philadelphia Stock Exch. The pref. stock was auth. by share
holders on Oct. 17 1912 (V. 95, p. 889, 1038, 1206) and the auth. amount of
common stock was reduced from $25,000,000 to $21,000,000.
Notes.— 8% 5-yr. notes are secured by deposit o f $3,380,000 bonds of
subsidiary companies.
93
ELECTRIC RAILW AYS
Bonds.— The collateral for the bonds o f 1917 consists of $1,475,000 stock
of Altoona & Logan Val. Elec. R y. and $1,975,000 stock of Scran. R y . Co.
Coll, trust bonds of 1911 have no sinking fund but bonds are subject to
call on any Int. date at 102. The collateral for the bonds consists o f $2,250,000 stock (out of $2,500,000 issued) of the People's R y. of Dayton and
$1,600,000 first consol. 5s of the Chicago & Joliet Elect R y.
The Jersey Central Trac. coll, trust 6s are secured by $531,400 com. stock
o f the Jersey Central Trac. Co. and $305,000 com. stock o f the Monmouth
Lighting Co. Redeemable at 10234 and int. on any int. date. The National
Gas coll. tr. bonds were originally 5s and matured Mar. 1 1922, but were
extended for 5 years to Mar. 1 1927 at 6 % . V. 114, p. 1061, 1405.
C a r T r u s t C e r tific a te s . — Of Series “ A ,” $35,000 mature July 1 each year.
Series “ B ,” 11 certificates mature Aug. 1 1915 to 1925 inclusive: 15 mature
Aug. 1 1926. Series “ C ” certificates mature $12,000 yearly Aug. 1
to 1928. They were issued by the Logan Trust Co. and unconditionally
guar., p. & i. (end.), by the American Rys. Co. V. 103, p. 1031.
Series " D ” certificates mature $21,000 each July 1 from 1918 to 1926 and
$23,000 July 1 1927.
CONTROLLED.— The following is a list of the securities owned by
the American Railways Co. as of Dec. 31 1923:
Owned by
Book
Owned by
Book
Stocks—
A.R .C o.
Value.
A m .Rys.ofD el.com .
$1,000
$1,000
Altoona & Logan Val.
Electric R y..........1,500,000 403,750
Chic. & Joliet El. Ry.:
Preferred............... 1,350,000 1,350,000
Com m on________ 2,300,000
813,995
Dellwood Park____ 150,000
150,000
Electric Securities:
Preferred________ 125,000
125,000
Com m on________ 300,000
59,503
Electric Co. of N. J.:
Common .............. 592,700
534,101
Franklin Real Estate
10,000
10,000
Monmouth Lighting 367,000 367,000
Nat.Gas,L.&P..com.1,382,900 969,387
Peoples Railway___ 2,500,000 2,734,228
Peakland Corp.........
50,000
50,000
Scranton Ry., co m ..1,999,350 2,005,200
Springfield Railway:
Preferred________ 500,000 500,000
Com m on________ 994,400
39,959
Wilmington & Phila
delphia Trac., com .4,060,000 4,060,580
Altoona & Logan Val.
El. Ry. i 'A s ......... 703,000 567,568
Ch. & Jol. El. Ry.
1st 6 s ___________ 1,600,000 1,280,000
wilm. & Phila. Trac.
1st & coll. tr. 53.2,476,000 1,733,200
Wilmington L.&P. 5s 127,000
05,250
L ynchburg W ater
6,000
5.690
Power 1st 5s____
Niles Gas Lt. 1st 6s.
33,000
26,400
Rome Gas. Elec. Lt.
& Power 1st 5s_
_ 106,000
84,800
Scranton R y. 1st &
ref. 5 s................... 522,000 403.350
Springfield Ry. 1st 53 356,000 280,050
Logan Valley Bus
Co. common____
30,000
30,000
R E PO RT.— For fiscal period:
Y e a r s e n d in g D e c . 31—
1923.
Gross income, all sources $2,826,167
Interest, taxes, &c_____ 1,117,809
Stocks—
A.R .C o.
Value.
Jersey Central Tr. 5s 617,000
Chic. & Joliet Transportation Co. com .
15,000
Am. Rys. of N. J.:
Preferred________
7,200
C om m on________
750
Am. Rys. Co.:
Jersey Central coll.
trust 6 s _______
28,000
Gold notes 7 % _
_ 243,000
Nat. Gas, El. Lt.
& Power 5s___
74,880
Chester County Lt.
& Power 1st 5s_
_ 125,000
Logan Lt. & Power.
5,000
Chic. Rys. par. ctfs.
Chicago City R y _
_
...........
Johnstown Traction:
Preferred________ 504,400
C om m on________
8,000
Scranton Bus Co.
common. _______
5,000
Monmouth Ltg. Co.
1st 5s___________
70,000
Union Traction of
Philadelphia stock
12,500
Wllm. Southern Tr.
1st 5s___________ 148,000
American Rys.:
Income bonds 7 s..
26,350
Nat. Gas, El. L t.*
72.800
Pr. coll. tr. 6s_.
Jersey Cent. Tr. 6s 28,000
Johnstown Traction
4% Income bonds. 158,880
Southern Pa. Bus_
_
5,000
Nat. Gas, Elec. Lt.
& Power Co. pref.
7,700
Consol. Pow. & Lt.
Co. com. (no par) .100,000 shs.
1Q91
399,242
15,000
6,895
450
15,281
242,850
47,267
106,250
1
94,166
21,070
504,000
6.146
5,000
56,000
15,106
111,000
21,960
45,207
15,281
79,440
5,000
4,130
865,500
1Q9H
1922.
$2,475,897
1,341,377
$1,964,499
1,400,416
$1,719,347
1,244,494-
Net income_________ $1,708,358 $1,134,520
Common dividends_____
______
______
Preferred dividend (7%)
a287,052
______
$564,083
______
______
$484,853
______
xl05,00©
Surplus______________$1,421,306 $1,134,520
$564,083
1369,853
a In Feb. 1923 paid 19)4% in pref. stock, clearing up all accumulations
on that issue. In M ay, June and Aug. 1923 divs. o f \% % (payable in
pref. stock) were paid. In Nov. 1923 a cash div. o f X%% was paid,
x Dividend paid to M ay 15 1920.
COM BINED EARNINGS OF CONTROLLED COM PANIES.
1923.
1922.
1921.
Operating revenues_________________$20,803,892 $19,342,698 $18,829,88®
Operating expenses & depreciation
$13,802,395 $13,302,912 $13,293,818
Taxes______________________________ 1,024,373
973,789
904,463
C a le n d a r Y e a r s —
Operating in c o m e ________ ______ $5,977,124
Non-operating income ______ ______
80,876
$5,065,997
92,512
$4,631,607
106,660
______ $6,058,000
Interest, rentals, & c . _______ ______ $2,986,712
Sinking fund_________________ ______
232,937
$5,158,509
$2,663,643
68,613
$4,738,268
$2,681,032"
60,668
Net income________ _______ ______ $2,838,350
$2,426,253
$1,996,567
D IV ID E N D S.— Quarterly divs. of 1 )4 % each on pref. stock were begun
in Feb. 1913 and paid regularly to and incl. M ay 1920. Aug. 1920 div.
deferred. None to Feb. 1923, when 19)4 % (payable in pref. stock) was paid,
clearing up all accumulations. In M ay, June and Aug. 1923 divs. o f 1J4 %
(pay. in pref. stock) were paid. In N ov. 1923 cash divs. o f 1J£% were
resumed. In 1924, Feb., 1 % % was paid. First div. on com. stock— 1%—
Dec. 1900. In 1901 paid 1% each in M ar., June and Sept.; in Dec. paid
134%. In 1902 paid 1)4% each in M ar., June & Sept.; in Dec. 1902 dir.
was increased to 134 % , which rate was continued up to and incl. Sept. 1914.
In Dec. 1914 rate was reduced to 134 % (V. 99, p. 1450). In 1915 March.
1)4 %; June, 134%; in Sept. 1915 rate was further reduced to 1% (V. 101.
p. 526); D ec., 1% . In Jan. 1916 dividend periods were changed to June
*nd Dec. 1915. V. 102, p. 436. In 1916 and 1917. 4 % . June 1918 divi
dend passed. V. 106, p. 2227, 2343. None to June 1919, when 1 J4S
was paid. In Dec. 1919, 134% • None since. V . 110, p. 2386.
R OAD.— Total track about 419.5 miles; about 776 cars. See also W il
mington & Phila. Trac. Co. below. Also owns land for parks in Altoona,
and Joliet.
OFFICERS of The American Electric Power C o.: Pres., Van Horn Ely;
V.-Ps., John Gribbel, C. L. S. Tingley; Sec. & Treas., Walter W . Perkins;
Asst. Sec., Asst. Treas. & Comp., Frank J. Pryor Jr.; Asst. Treas. & Asst.
Comp., H. D. Anderson; Asst. Treas., H. P. Carr; Gen. Counsel, H. B .
Gill; Gen. M gr., H. J. Crowley. General offices, Witherspoon Bldg.,
1321 Walnut St., Philadelphia.— V. 116, p. 1531, 2005, 2133, 2765, 2981;
V. 117, p. 322, 552,1346, 1774, 2108, 2768; V. 118, p. 905, 1259, 1282, 1663.
(1) B ridgeton Electric C o.— Acquired in 1899 by American Railways
Oo. Merged into Electric Co. o f New Jersey In 1919. For history, see
“ Electric Railway” Supplement o f Oct. 22 1922.
(2) C hicago & Desplaines Valley Electric Ry.
Property of the company was purchased by the Chicago & Joliet Electrie
R y. Co. June 30 1921, and has been merged into that co.
(3) C hicago & J oliet E lectric R y.— Trolley.
O R G A N IZA TIO N .— Incorporated as a consolidation of the Chicago A
Joliet Rapid Transit C o., the Joliet Street R y. and the Joliet R R . Is oper
ated by power purchased from the Public Service C o. of Northern Illinois.
The American Railways owns $1,600,000 bonds and the entire $2,300,000
com. and $1,350,000 pref. stock. In N ov. 1905 the American Railways
purchased 63 acres of land near Joliet, which was converted into a park.
This park is owned by the Dellwood Park Oo., all o f whose stock Is held b y
the American Railways Oo.
E L E C T R IC
RAILWAYS
[V ol. 118
A pril, 1924.]
ELECTRIC RAILW AYS
95
STOCK AND BONDS—
Dale.
interest. Outstanding. Maturity.
Stock ($50)........... - ..........- ........................................$2,000,000 ______ _____
Scranton R y lst& refM $15,-7 1917
5 F-A
2.800,000 Feb 11947
000.000 g ($1,000) —c * rtflin t, at Merch. Un. Tr. C o., Phila., trustee.
Scran Trac 1st M $1,000,000/ 1892
6 g M -N
1,000,000 N ov 1 1932
($1,000) gold no op t_.c*tf lint, at Merchants’ Union Trust C o.. Phila.
Scranton Ry 1st cons mtgef 1897
5 g J-J
1,100,000 N ov 1 1932
$2,500,000 g ($1,000)-C*tf\New York Trust Co., N . Y . City, Trustee.
Scranton Ry gen mtge $1,-) 1910
7 M -N
1,000,000 Nov 1 1925
000,000 gold ($1,000)_ t flln t . at Equitable Trust C o., Phila., Trustee
_
Scranton & Garb’d 1st mtgef 1893
6 g J-J
150.000 Jan 1 1943
$1,000,000 g ($ l,000 )-c*tf jln t. at Lack. T . & S. D. Co., Scranton,
Free o f State tax.
[ Trustee.
1st M , Carbondale Traction I 1892
6 g J-J
150,000 July 1 1942
Oo, c*&r, $150,000, gold)Interest at Central Trust C o., New Y ork,
($500 and $1,000)________ 1 Trustee.
Carbondale Ry gen mtge gold/ 1910
5 J-J
800,000 Jan. 11933
$800,000 guar p & i _ ctf/Provident Life & Trust C o., Phila., Trustee.
_
Bonds.— Of the $3,500,000 Scranton R y. mortgage 5s of 1897, $1.400,000
are reserved to retire prior bonds at maturity. Scranton R y. gen. M . bonds
of 1910 are subject to call at any int. period at 102 and int. Originally
matured Nov. 1 1920 and bore int. at 5% but were extended for 5 years
at 7% . V. I l l , p. 1662.
First mortgage o f Carbondale Traction has a sinking fund o f $2,500 per
annum after July 1 1895, but bonds cannot be called. The bonds
originally matured July 1 1922 but were extended for 20 years. V. 115,
p. 74. Carbondale R y. mtge. for 1910 is unconditionally guar., p. & i.,
by Scranton R y. Subj. to call on any int. date at 105 & int. V. 93. p.1785.
Scranton & Carbondale 1st mtge. 6s originally matured Jan. 1 1923, but
were extended for 20 years to Jan. 1 1943.
The 1st & ref. 5s of 1917 are callable since 1922 at 102J4 and int. Guar.,
p. & i., by endorsement, by American Elec. Power Co. $4,600,500 are re
served for underlying bonds and $7,604,000 for impts. under certain restric
(4) P eople’s Railway (D ayton ).— A trolley road.
Acquired in 1899 by the American Railways Co. (now American Elec tions. V. 104, p. 1703.
tric Power C o.).
ROAD.— Owns and operates all the street roads In and around city of
ORGAN IZATION .— Incorp. in Ohio June 18 1896. Comprises 32.3 Scranton. Owns 91.8 and operates 102.8 miles. Operates 176 cars.
miles o f track in Dayton, Ohio; operates 124 cars. The American Railway!
EARNINGS.— For year ending Dec. 31 1923, gross, $2,439,796: net,
Oo. owns entire capital stock. In June 1908 authorized amount of stock after taxes, $624,674; int., deprec., &c., $543,121; bal., sur., $81,553.
was increased from $1,100,000 to $2,500,000.
OFFICERS.— Pres., Van Horn Ely; V.-Ps., Henry J. Crowley and O. L.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
S. Tingley; Sec. & Treas.. Walter W . Perkins: Asst. Sec.-Treas. & Compt.;
Stock. $2,500,000 ($100)......................................
$2,500,000 ........... .......
Frank J. Pryor Jr.; Gen. M gr., Jilson J. Coleman.— V. 113, p. 629; V. 115,
First mtge “ White Line,” / 1895 5 g A-O
300,000 Oct 1 192/
p. 74; V. 116, p. 1761; V. 117, p. 209, 1018, 1463; V. 118, p. 86, 1269.
$300,000 ($500) gold, red) Interest at Union Savings Bank & Trust Oo.
Oct 1 1900 at 110______ n tf 1 Cincinnati, Trustee.
(8) Consolidated Power & L ight C o.—
First mtge “ People’s R y ” | 1897 5 g J-J
200,000 Jan 1 192"
Entire com. stock owned by American Electric Power Co.
$200,000 ($500). gold, red) Interest at Union Savings Bank & Trust Co.
ORGANIZATION.— Incorp. in Feb. 1923 as successor to Consolidated
at 110________________ n tf I Cincinnati, Trustee.
Light Heat & Power Co. (V. 104, p. 75). Acquired all the com. stock
EARN ING S.— Year ending Dec. 31 1923, gross. $734,886; net, after equity held by the American Rys. (now Amer. Elec. Pr. Co.) in the follow
taxes, $180,673; int., deprec., &c., $62,731; bal., sur., $127,942.
ing cos.: Ohio Valley Electric R y., Ironton Elec. Co., Boyd County Elec.
OFFICERS-— Pres.. John A. McMahon, Dayton; V.-Ps., H. J. Orowlej C o., Lynchburg Trac. & Lt. C o., Roanoke Trac. & Lt. Co. Oo. and
subsidiaries own and operate the entire electric power and light business in
and O. L. 8 Tingley, Phlla.: Sec. & Treas., Walter W. Perkins, Phila
Asst. Sec.-Treas. & Compt., Frank J. Pryor Jr.; Gen. M gr., W . E. Boileau. Huntington, W . Va., and Lynchburg, Va., and all the electric power and
light business in Roanoke, Va., as well as the gas and electric power and
— V. 86, p. 1530; V. 97, p. 176.
railway business in Lynchburg. Cos. own and operate the electric railway
business in Roanoke, the electric railway business in Huntington and sur
(5) Springfield (Ohio) R ailway.— Trolley.
rounding communities, and the entire electric light and power and railway
ORGAN IZATION .— Incorporated in Ohio Oct. 20 1892; 9,944 shares of business in Ironton, Ohio, Ashland and Catlettsburg, K y.. and the inter
the common stock and 5.000 shares o f the pref- stock have been acquired mediate territory. Population served is in excess of 220,000.
by the American Elec. Pow. Co. For details o f franchise under which co.
Capitalization of the New Company Upon Completion of the New Financing.
operates see this publication o f April 24 1920.
100,000 shsCommon stock (no par value)____________________________
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Preferred stock___________________________________________$2,650,000
Common (par $100)_______________
_______
$1,000,000 __________
First Mtge. & Ref. Lien 6 f i % bonds_____________________ 8,039,500
Preferred $500,000-— ............. ..........
6%
500.000 ................. .
EARNING S.—-For year ending Dec. 31 1923, gross, $4,303,093; net,
First mtge $5,000,000 ($100,7 1914
5 g M-S
1,462,800 See text
$500 & $1,000) g s f —c* n tf lint, at Real Est. T . & I. Tr. Co.. Phila.. Tr
after taxes, $1,620,275; other income, $303,238; bond int., $657,515; other
Bonds.— $400,000 o f the above outstanding bonds provided for by serial int., deprec., &c., $438,998; pref. divs., $66,051; bal., sur., $760,948.
maturity, i. e., $12,500 due Sept. 1 1914 to 1923 incl., $25,000 due Sept. 1 — V. 116, p. 2766; V. 117, p. 1235, 1774; V. 118, p. 906, 1012, 1664.
1924 to 1934, the remaining bonds ($4,600,000) due Sept. 1 1935.
(a) L ynchburg, T ra ction & Light Co.— Trolley, electric and gas.
Sinking Fund.— When more than $1,250,000 bonds outstanding, sinklni
In 1910
(now Amer.
fund o f 1 % to 1923 and 2 % thereafter o f bonds outstanding over and above control, but American Railways Lt. Co. above.Elec. Pow. Co.) acquired
see Consol. Pow. &
the $1,250,000 of original issue. The escrow bonds ($3,756,000) reserved
for extensions, betterments, &c., at 80% o f cost. Redeemable any Interest
ORGANIZATION.— Incorporated in Virginia, and is a consolidation on
date at 102 and interest. V. 98, p. 1609.
May 1 1901 of the Lynchburg Electric Railway & Light, the Lynchburg &
Rivermont Street Railway (franchise perpetual) and the Lynchburg Gas
ROAD.— Owns 40.7 miles of track. Operates 80 passenger cars.
Oo., and comprises all the street railways, gas works and electric-light
EARNINGS.— For year ending Dec. 31 1923. gross, $599,761; net, after plants of Lynchburg and hydraulic power development at Reusens, Va.;
also owns all the stock o f the Lynchburg Water Power C o., and has assumed
taxes, $134,771; int., deprec., &c., $135,894; bal., def., $1,213.
the $500,000 1st mtge. 5% bonds of that company.
Consolidated Power & Light Co. owns entire capital stock and $1,223,000
OFFICERS.— Pres., Paul O. Martin; V.-Ps.. H. J. Crowley and O. L. 8.
Tingley; Sec. & Treas., W . W . Perkins; Asst. Treas. & Comp., H. D. An o f Lynchburg Trac. & Light consol, mtge. bonds.
derson; Gen. M gr., P. E. O’Brien.— V. 115, p. 1839; V. 117, p. 1993.
Valuation.— For details of valuation by A. L. Drum & C o., engineers,
Chicago, placing reproduction cost at $4,252,876 as of Feb. 1 1921, see
(6) A ltoon a & Logan Valley Electric Railw ay.— Trolley.
V. 112, p. 2191.
ORGAN IZATION .— Incorporated In Pennsylvania Aug. 5 1903. Own*
Decision Regarding Valuation.— See V. 113, p. 1773.
the entire $65,000 stock o f the Lakemont Park C o., also $58,000 of thf
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
$59,000 stock of the Home Electric Light & Steam Heating Co. of Tyronf
(into which the Blair Electric Oo. incorporated In 1908 to do a lighting bus!
J-D
$750,000
See text
Rock, $1,000,000 ($50)___________
ness, having perpetual franchise and 10-year contract to light town of Bell
first mtge $1,000,000 sink fd / 1901
5 g M -N
699,000 M ay 1 1931
wood, was merged In 1910-11) and leases that company for 99 years fron:
($1,000) gold_______ c*n tf (Real Estate Trust C o., Philadelphia, Trustee
July 1 1903; $54,000 of this stock is deposited as additional security foi Lynchb Trac & Lt con mtgef 1911
5%
1.223.000
1931
the consolidated mortgage. In Aug. 1903 absorbed by consolidation the
$1,750,000___________ ntflR eal Est. Title Ins. & Tr. C o., Phila., Trust.
City Passenger Ry. and the Tyrone Electric Ry. (previously owned) and Lynchburg Gas Co first m art-/ 1900 5 M-S
111,000
1930
Increased Its capital sotck from $500,000 to $1,500,000. V. 77, p. 1745
gage $250,000----------------tf lin t, at Real Estate Trust C o., Phila., Trust.
In 1912 acquired the Logan Light & Pow. Co. of Tyrone, and operates same Lynchburg Water Power first] 1902
5
403,000 July 11932
In conjunction with the Home Elec. Lt. & Steam Htg. Co. V. 94. p. 696
mortgage $500,000____ntflR eal Estate Trust C o., Philadelphia, Trustee
The American Elec. Pow. Co. owns entire stock Altoona & Logan Valley
Electric R y. and $454,000 consolidated mortgage bonds.
Bonds.— Of the 1st mtge. bonds, $111,000 are reserved to retire bonds of
Ike amount of Lynchburg Gas Oo. due 1930, and of which no more are to be
STOCK A N D B O N D S —
Date.
Interest. Outstanding. Last die.. At
Issued. Sinking fund of 1% per annum became operative in 1906, which
_______
$1,500,000 See text
Stock $1,600,000 ($50)______ _____
Consol mtge $4,000,000 gold? 1903 4 X g F-A15 4,000.000 Aug 15 193? was increased in 1916 to l / i % . Entire issue can be called at any time.
($500 and $1,000) guar by) Interest at Equitable Trust C o., Philade)
EA R N ING S.— For year end. Dec. 31 1923, gross, $1,077,963: net, after
Amer Elec Pr C o_ c& r.tfl phia, Trustee.
_
taxes, $612,437; int., deprec., &c., $280,531; bal., sur., $331,906.
Logan Lt & Pr 1st mtge______ 1907
5 A-O
43,000 Oct 11937
The bonds are guaranteed, p. & i., by endorsement by American Elec.
ROAD.— Owns and operates 19.8 miles of track in city and suburbs,
Power Co. No sinking fund and not subject to call.
60 to 100-lb. T and girder rails. Standard gauge. Operates 39 pass, cars
3 other; 1 sweeper. Owns Rivermont Park.
EARNINGS.— For year ending Dec. 31 1923, gross, $1.431,959; net, after
taxes, $517,426; int., deprec., &c., $249,160; bal., sur., $266,266.
OFFICERS.— Pres., Van Horn Ely; V.-Ps., C. L. S. Tingley and H J .
Crowley; Sec. & Treas., W. W. Perkins; Asst. Sec.-Treas. & Compt..
ROA D .— Operates 57.6 miles o f track, connecting Altoona, Bellwood
Frank J. Pryor Jr.— V. 114, p. 1063, 2359; V. 117, p. 1555.
Hollidaysburg and Tyrone. Uauge, 5 ft. 3 In. Operates 124 cars.
OFFICERS.— Pres. Van Horn Ely; V.-Ps.. H. J. Crowley and C. L. S.
(b) R oan oke T ra ction & L igh t C o.— A holding company.
Tingley; Sec. & Treas., Walter W. Perkins; Asst. Sec.-Treas. & Compt.,
Frank J. Pryor Jr.; Gen. M gr., S. S. Crane.—-V. 80, p. 2619; V. 82, p. 333,
ORGAN IZATION .— Incorporated In Virginia July 28 1908. Owns the
Roanoke Water Power C o., the Bedford Power C o., the James River Water
391, 803; V. 94, p. 699; V. 112, p. 1976; V. 117, p. 1016; V. 118, p. 1134.
Power Co. and the Roanoke Heat, Light & Power Co., and controls, through
awnership of all the capital stock, the Roanoke Railway & Electric Oo. The
(7) S cranton Railway.— A trolley road.
Roanoke Water Power Co. had $350,000 bonds which were bought in and
American Electric Power Co. owns practically all o f the stock.
mortgage satisfied. The Roanoke Heat. Light & Power Co. had issued
ORGANIZATION.— On Jan. 1 1897 assumed all the assets and llabilltie* 1250.000 bonds, all of which have been retired (V. 87. p. 1089. 1160).
of the Scranton Traction C o., &c. V. 63, p. 1064; V. 64, p. 85. As al
The Consol. Pr, & Lt. Co. owns $975,000 o f the $1,000,000 stock.
present constituted. Is a merger o f 21 companies. Operates, practically
STOCK AND BONDS— Date.
Interest. Outstanding. Maturit
without competition, In the Lackawanna Valley from Forest City, in Sui
Stock, $2,000,000 ($100)_________ ____________
quehanna County, to Pittston, in Luzerne County, serving, among other*
$1,000,000 ...................
5 g F-A
2,169,000 Aug 1 195S
the cities of Scranton, Pittston and Carbondale, and the boroughs of Arch- First mortgage and collateralf 1908
trust $3,000,000 ($ l,000 ))ln t. at Bioren & C o., Phila., or Baltimore
bold, Blakely, Dickson City, Dunmore, Jermyn, Mayfield, M oosic, Old
gold________________ c*n tfl Trust C o., Baltimore, Trust.
Forge, Taylor, Throop, Vandling, Avoca, Duryea, Forest City.
Franchises perpetual.
Bonds.— $750,000 bonds are reserved to retire a like amount of bonds of
Valuation.— See V. I l l , p. 1662; also V. 112, p. 1867; V . 113, p. 629; the Roanoke Ry. & Elec. Co. Bonds are subject to call on any int. day at
V. 116, p. 1761.
105 and int. Sinking fund of 1% of outstanding bonds, payable Feb. 1
To Abandon Line.— In March 1924 was auth. by the Penna. P. S. Comm, 1919 to 1928; 1 A % thereafter.— V. 115, p. 309; V . 117, p. 88.
to abandon the Moosic-Pittston line, 6 miles long. V. 118, p. 1269. Com
pare V. 117, p. 1018.
(1) R oan oke Railway & Electric Co*
The $1,000,000 gen. mtge. 5s, due N ov. 1 1920, were extended for 5 yean
at 7% and in addition holders were paid $50 in cash per $1,000 bond, thus
ORGAN IZATION .— The Roanoke Street R y. and the Roanoke Electric
netting the holder approximately 8% for the period of extension. V. I l l
Light & Power were both sold at foreclosure Aug. 1 1899. The present
p. 1662.
company was incorporated In Virginia. Franchises expire in 1935 and some
$295,500 Scranton & Pittston Trac. Co. 6% bonds due Oct. 1 1923 were oerpetual. Does all lighting and railway business in and about Roanoke,
paid at maturity. V. 117, p. 1463.
Salem and Vinton. Owns 250 shares o f Roanoke Trac. & Light Co. stock.
Franchise.— In 1922 the company was granted a 20-year franchise by he
Town Highway Commission. V. 114, p. 1062.
In Jan. 1921 the company was authorized by the Illinois P. TJ. Comm, to
Issue $1,350,000 pref. stock and $5,000,000 bonds and to purchase the Chi
cago & Des Plaines Valley Elec. R y. V . 112, p. 161. The property of that
company was acquired as o f June 30 1921 and has been merged into the co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
_______
$2,300,000
Com stock $2,300,000 ($100)_______
Preferred stock___________________
_______
1,350,000
Chicago & Joliet~Electric"Ryf 1901
6 g M -N
1,600,000 May 1 1931
g. $5,000,000 ($1,000) c*tf lint, at Illinois Tr. & Sav. Bk., C hic., Trustee
Joliet RR general mtge, gold) 1898
6 A g M-N
400,000 M ay 1 ’33
$400,000 ($1,000 each) __tf IFidelity Trust Co.. Portland (M e.), Trustee
Bonds.— Of the new $5,000,000 mortgage, $400,000 are reserved to retire
underlying liens. $2,200,000 of the outstanding capital stock of the Chi*ago & Joliet Electric R y., $1,000,000 of the $1,100,000 stock and $1,000,000 (entire issue) bonds of the Chicago & Desplaines Valley Electric R y . are
deposited under this mortgage as collateral security. Entire issue of the
$2,000,000 gold 5s may be called at 105 and int. The $400,000 Joliet RR
gen. mtge. 5s originally fell due In 1918. but were extended for 5 years
at the same rate o f int., and again to M ay 1 1933, but this time the int. rate
was raised to 6'A % . The extended bonds are red. on any int. date on 60
days’ notice at 101. V. 116, p. 2129.
EARN IN G S.— For year ending Dec. 31 1923. gross, $934,242; net. after
taxes, $175,805; fixed charges, deprec., &c., $173,748; bal., sur., $2,057.
R O A D .— Extends from Joliet to the Chicago city limits, with a branch to
Lyons. Has 83.6 miles o f track. Line between Joliet and Chicago was
formally opened Sept. 25 1901. 66 passenger and 18 other cars.— V. 112,
p. 161; V. 113, p . 70, 2503; V. 114, p. 1062; V. 116, p. 2128.
96
ELECTEIC EAILW AYS
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
Stock, $500,000 ($100).......................
J-D
$500,000
See text
First consolidated mortgage,/ 1903
5 g F-A
631,000 Feb. 1 1953
$750,000 ($1,000) g s f.c * t f lin t, at Real Estate Trust C o.. Phila., Trustee
Bonds.— Sinking fund was 1% o f outstanding bonds annually payable
Feb. 1 to 1920; now, lJ-6%.
EARN IN G S.— For year ending Dec. 31 1923, gross, $1,660,359; net,
after taxes, $760,355; int., deprec., &c., $227,940; bal., sur., $532,415.
R O A D .— Operates in Roanoke; also extensions to Salem and Vinton, Va.;
total, 33.2 miles of track. About 53 passenger cars, 4 other cars. 50, 60
and 72-lb. rail.— V. 90, p. 168.
Cc) O h io Valley Electric Railway C o.— A trolley road.
In 1911 acquired by the American Railways (now Amer. Elec. Pow. Co.)
but see Cons. Pow. & Lt. Co. above. V. 92, p. 1437; V. 93, p. 470.
OR G A N IZA TIO N .— Incorporated in West Virginia In 1899. Franchises
run until 1957 is W . Va.; in K y. and Ohio in Dec. 1916 ran for nearly the
full term allowed by statute, 20 and 25 years, respectively. In Feb
ruary 1908 name was changed from Camden Inter-8tate Railway to the
Ohio Valley Electric Railway. Owned entire stocks o f Consolidated
Light, Heat & Power C o., Ashland Elec. Lt. & Pow. Co. (now Boyd
County Electric Co.) and Ironton Elec. C o., but at time o f acquisition
by Amer. Rys. these were turned over to latter company. On M ay 1 1908
acquired the $500,000 stock o f Kanawha Valley Traction C o., which was
leased to the Charleston (W . Va.) Interurban RR. (see on a previous page)
for 99 years, but in Aug. 1923 the co. sold the stock of the Kanawha Co. to
the Charleston Interurban R R . See V. 117, p. 895. Co. owns entire
stocks of the Ashland & Catlettsburg St. R y. and Ashland Interurban R y .
Ordinance Restricting Operation of Jitneys.— V. 108, p. 2123.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $2,000,000 ($ 100) - ..................................... $2,000,000
See text
Pref 6% cum $400,000 ($100)______
J-J
345,800
See text
1st M $2,200,000 gold guar/ 1916
5 g J-D
1,891,000 Dec 1 1940
($ 1 ,0 0 0 )_____________c * tf\Penn. Co. for Ins. on L. & Q. A .. Phil..trust.
Bonds.— The outstanding bonds were issued to take up $1,350,000 Cam
den Inter-State R y. 5s due Mar. 1 1921; $175,000 Hunt. & Charleston 5s
due 1936; $100,000 Cons. Lt. & Rys. 6s due 1922, and $50,000 Ashland &
Catlettsburg 6s due 1919. Remaining $309,000 are for exts. and better
ments under restrictions. Red. since Dec. 1 1921 at 102)4 and lnt. Penn.
State tax refunded. Guar., p. & i., by end. by Am. Rys. Co. V. 103. p
2342.
EARN IN G S.— For year ending Dec. 31 1923, gross, $905,070; net, after
taxes, $286,466; int., deprec., &c., $149,143; bal., sur., $137,323.
R O A D .— Operates 49-5 miles o f track in and between Huntington and
Kenova. W. Va., Catlettsburg and Ashland, K y ., and Ironton. Ohio.
Operates 74 pass, cars, 15 other cars.— V. I l l , p. 1950: V. 117, p. 895.
[V ol. 118.
Fare Increase.— In June 1918 was auth. by the Del. P. U. Comm, to
charge a 7-cent fare in Wilmington, 4 tickets to be sold for 25 cents.
STOCK AND BONDS—
Date.
Interest. Outstanding.
daturtty.
Stock $2,000,000 ($50) full p d . Listed on Phila. Ex $2,000,000 Dec’ 12,60cts
Coll trust gold $4,000,0001 1898
6 g A-O
2,305.000April 1 1933
($500 and $1,000 each)___c* tf Provident Trust C o., Phila., Trustee
Collateral trust gold $5,-\ 1912
6%
536,625 April 1 1953
500.000 guar__________ tf/W ilm ington Trust C o., Wilmington, Trustee
Securities of Subsidiary Lines—
Wilm City 1st M $600,0001 1911
600,000 Sept 1 1951
5 M-S
____________________c * -n tf /ln t. at E q. Guar. & T r. Co.. Wilm., trustee.
($ 1 ,000)
Chester Traction 1st mtgel 1894
5 g M -N
250,000 M ay 1 1944
gold $250,000_______ c*tf Jlnt. at Guar. T r. Sc Safe Dep. C o., Phila.
old
Wilmi ng & Edgemoor 1st M _ 1906
____ „ _____ „ ____________ l
5 g J-D
400,000 June 1 1945
$400,000 ($1,000) g _ c*tf jln t. at Real Est. Title Ins. Sc Tr..Phila., Tr.
_
Leased to Chester Traction—
Union Ry Co 1st mtge g .c .t f 1913
5 g J-J
200,000 Jan 1 1943
Chester St Ry stock ($50)_ t f ____ 10 J-J
_
150,000 rental 10%
Chester & Media El Ry gold tf 1913
5 g J-J
100.000 July 1 “
Chester Darby & Phila. gold tf 1913
5 g J-J
125,000 July 1
The Wilmington & Edgemoor bonds are guar, as to both principal and
interest by the Wilmington City R y.
Interest on Union R y., Chester Street R y ., Chester & Media payable
at Delaware County Trust Co., Chester, Pa., on Chester Darby & Phila.
R y. C o., payable at Continental-Equitable Title S Trust C o., and Interest
c
upon ail the latter guaranteed by Chester Traction Co.
Bonds.— $1,695,000 coll. tr. 5s of 1898 reserved to retire underlying securi
ties and guar, stock. They matured originally in April 1918 and bore int.
at 5% , but were extended for 5 years at 6% and again for 10 years to Apr. 1
1933 at the same rate of int. Are guar. prin. & int. by the Wilm. & Phila.
Trac. Co. Red. at 101 and int. on any int. date. Are listed on the Phila.
Stock Exchange. V. 106, p. 1902, 2012; V. 116, p. 824, 1052 ; V. 118, p. 86.
Of the coll, trust of 1912, $4,000,000 are reserved for like amount of coll,
trust of 1898. Wilmington City bonds are subject to call at 105 and int.
V. 93, p. 667.
The Chester Traction bonds were extended in 1914 for 30 years. V. 106,
p. 1902, 2012, 2451; V. 116, p. 296, 824, 1052, 1533; V. 118, p. 86.
(2) W ilm ington C ity E lectric Co.
Lease.— Was leased on July 1 1910 for 990 yrs. to the Wilm. & Phila.
Trac. Co., the latter assuming all int. & fixed chgs. o f Wilm. City Elec. Co.
ORGANIZATION.— Incorp. in Delaware in 1895. Franchise perpetual.
Does an electric light and power business in Wilmington.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
daturity.
Stock ______________________ _____
_________
$255,000 __________
First mtge $1,000,000 goldT 1911
5 M -N
1,000,000 M ay 1 1951
($1,000) guar p & I____c*tf Jlnt. at U. S. M tge. & Tr. C o., N . Y ., Trus.
Bonds have been redeemable since M ay 1 1921. Guar., p . & L, by W il. A
(9 ) E lectric C o. o f New Jersey.
ORGA N IZA TIO N .— A merger July 5 1910 o f a number o f electric light Phila. Trac.— V. 92, p. 1441; V. 94, p. 567.
cos. In Gloucester, Salem and Cumberland counties, N . J., along the Dela
(3) S outhern Pennsylvania T ra ction C o.
ware River opposite Wilmington, Del., and Chester, Pa. Supplies electric
O RGAN IZATION .— Incorporated in Penn, in June 1910 with $10,000
current for electric light and power in municipalities o f Salem, Pennsgrove,
stock, all owned by Wilm. S Phila. Trac. Co. Leases for 990 years from
c
Woodstown, Mullica Hill, Pitman, Glassboro, Williamstown, Paulsboro
CJlementon, Laurel Springs, Berlin, Elmer, Clayton, Quinton, Swedesboro, July 1 1§10 Chester Trac. C o., Delaware County & Phila. Elec. R y. and
Pedricktown, Pennsville, Harr Isonville, Mlckleton, Clarkesboro, We- Media Glen Riddle & Rockd. E. St. R y. Co. at a minimum annual rental
nonah, Bridgeton, Port Norris and many other smaller places. On M ay 1 of $71,990 to a maximum of $106,990 in 15 years. V. 98, p. 1073,1158.
1919 the Bridgeton Electric Co. was merged into the Electric Co. of New
(a) Delaware C oun ty & P hiladelphia E lectric R y.
Jersey, which assumed the $250,000 1st Mtge. 5% bonds o f the former com
Lease.— On July 1 1910 leased for 990 years to Southern Pennsylvania
pany. The American Elec. Power Co. owns the entire outstanding stock
Traction Co. at a rental of $40,000 per annum.
and bonds.
Bonds offered in exchange for 1st M tge. 5s of Bridgeton & Millville
ORGANIZATION.— Incorporated M ay 11 1892. Completed from
Trac. C o., see under that co. in V. 114, p. 1405.
Media, Pa., to Baltimore Ave., Clifton H ’ts, in Jan. 1895; connects with
the Chestnut S Walnut Street cars of the Union Trac. system. In M ay the
c
STOCK A N D BONDS— Date.
Interest. Outstanding. MaturityUnited Power & Transportation Co. acquired the road, paying $166.66 per
_______
$592,700 __________
Common stock $475,000__________
share for the stock in its 4% trust certificates secured by a deposit of stock.
Preferred____________________ _____
_______
200,000 __________
First mtge $5,000,000 gold! 1917
5 g M-S
1,229,000 Mar 1 1947
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
($1,000)__________ c*& r.tf/In t. at Comm’l Trust C o., Phila., trustee.
___
_________
$300,000
See text
Stock $500,000 authorized..
EAR N IN G S.—For cal. year 1923, gross, $854,138; net, $248,808; int., First mortgage $84,000-.ntf/_1913
„ ___
5 J-J
64,000 July 1 1943
deprec., &c., $104,452; bal., sur., $144,356.— V. 103, p. 937; V. 104, p. 1390,
Jlnt. at Cont.-Equit. Title & Tr. C o., Phila.
1493.
1st M . bonds matured July 1 1913, but were extended for 30 years at 5 % .
D IV ID E N D S.— Paid in dividends in 1899-1900, $30,000; in 1900-01.
WILMINGTON & PHILADELPHIA TRACTION CO.— Controlled
$27,000; 1901 to 1908 incl.. $21,000 per ann.; in 1909 and 1910, none;Jn
by ,the American Railways Co.
1911, $21,000; in 1912, July, $15,000; none since.
O RGAN IZATION .— Incorp. In Dela. June 27 1910. Owns all stock of
ROAD.— Owns 12 miles of track. Rails, 80-lb. T and girder.
Southern Penn. Trac. C o., Chester S Eddystone St. Ry. and Wilm. Lt &
c
Pow. Co. On June 1 1915 acquired control o f People’s R y. of Wilmington.
FAIRMOUNT PA RK TR AN SIT CO.
Del. (stock, $1,500,000), and in Oct. 1915 purchased the Wilmington
ORGANIZATION.— Incorp. in Delaware in Sept. 1916 as successor to
Southern Trac. Co. and the Wilm. New Castle & Delaware City R y.. and
consolidated them under the name o f the latter. (Stock, $600,000). the Fairmount Park Transportation Co. in accordance with plan of reor
Leases for 990 years from July 1 1910 the Wilm. City R y ., Wilm. & Edge- ganization outlined In this publication of Sept. 29, 1918. The assets of the
old co. (for history see “ Elec. R y. Section” for Sept. 1918) were purchased
moor Elec. R y., Gordon Heights R y., Front & Union St. R y. and Wilm.
City Elec, and New Castle County Elec. Co. at a minimum annual rental subject to $750,000 1st M . 5s (see below).
of $79,010. to a maximum of $120,610 In 15 years.
STOCKS AND BONDS—
Date.
Interest. Outstanding. Maturity.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity
_______
$400,000 ___________
Stock common ($10)_________ _____
Common stock___________________
_________ $4,000,000
_______
Stock preferred ($10)________ _____
7%
79.686
See text
Preferred stock___________________
_________
500.000 __________
First mortgage $750,000 goldl 1912
5 A-O
750.000 April 1 1937
Wil. & Phila. Trac. 1st m t g e l ____
F-A
4,164,000 __________
($ 1 ,0 0 0 )___________ c*ntf/Girard Trust C o.. Philadelphia, Trustee.
& coll trust $25,000,000_ /Equitable Trust C o., N . V ., trustee.
_
Bonds.— 1st mtge. bonds are callable at 105 and Int. on any int. day on
People’s Ry 1st M $3,000,000/ 1915 5 g J-D 1,650,000 June 1 1965
00 days’ notice. Cum. sinking fund, $13,000 per annum, began Oct.
gold ($1,000) guar______ c* lln t. at Fidelity Trust C o., Phila., Trustee
1918, bonds to draw interest for the fund. V. 95. p. 480.
Wilm. So. Trac. 1st M gold/ 1915
5 g A-O
231,000 Oct 1 1966
Dividends.— In July 1923 35c. per share was paid on pref. and In addition
$300,000 ($1,000) guar___ lin t, at Wilmington (Del.) Trust C o., trustee $1 40 per share was paid on amount of accumulations.
W N O * D O 1st M $2,000-/ 1915
5 g J-J
None
Jan 11960
REPORT.— For 12 mos. ending Dec. $1:
000 g ($L000) g u a r._c*tflin t, at Fairm. Sav. Tr. C o.. Phila., trustee
Year—
Cross.
Net.
Charges. &c.
Balance.
Chester S Eddystone 1st M j 1916 5 g M -8
c
53,000 Sept 1 1946
1922.................................$364,056
$149,440
$46,730
sur.$102,710
gold $100,000 ($1,000) g u lln t. at Phila. Trust C o., Phila., trustee.
1921__________________ 235,075
93,654
44,831
sur. 48,823
Wil. Lt. & Power 1st m t g e l ____
5 A-O
1,900,000 _____
ROAD, &c.— Operates an electric line in Fairmount Park, Philadelphia,
$2,000,000 _______________/Wilmington (Del.) Trust C o., trustee.
together with the Woodside Real Estate Co. (capital stock $100,000), which
Bonds.— All four Issues are guar. p. & I. by the Wilm. & Phila. Trac. Co. owns Woodside Park. The license from the Park Commission expires
Remaining People’s R y. and Wilm. So. Trac. bonds reserved for lmpts. at July 24 1939. Operation from N ov. 30 to M ay 1 Is optional. Miles of
8 5 % o f cost. People’s R y. bonds are red. on any int. date at 105. $300,- track operated, 8.83. Gauge, 5 ft. 2)4 in. Rails, 90-lb. T . Oars, 9 closed,
000 Wilm. N . O. & O. D. bonds are reserved for the Wilm. So. Trac. oonds; 60 open.
remainder may be issued for exts. and impts. at 85% o f cost. Red. at 102
OFFICERS.— Pres., N . S. Alexander; Sec. & Treas., Clayton E . Platt.
on any int. day.
V. 107, p. 1670.
______
R OAD, &c.— Comprises street railway lines in Wilmington, New Castle
PHILADELPHIA & W EST CHESTER T RACTION CO.
and Delawaie City. Del., and Chester and Media. Pa., and interurban lines
ORGAN IZATION .— Cnartered in Pennsylvania on April 24 1895. M u
connecting these places with each other and with Philadelphia, a total of
140 miles o f track, Also does electric light and power business in Wil nicipal franchises are perpetual. In Jan. 1902 leased the Ardmore & Llanerch St. R y., a line between the points named, 3 M miles; it has no bonds or
mington, New Castle, Delaware City, Newark ana vicinity in Delaware
the southeastern part o f Delaware County, Pa., and Elkton, Chesapeak* other debt. Rental is 5% on the outstanding stock ($400,000 auth., $383,350 outstanding) and payment of taxes and organization expenses. Leases
City and vicinity, in Maryland.
the Philadelphia & Garrettford St. R y. (which It also controls) at 5% on
EARN IN G S.— Including Southern Pennsylvania Traction Co.:
funded debt and $500 per annum for salaries and organization expenses
Calendar Years— Gross Earns.
Net Earns. Chgs. A Tax.
Balance.
In Oct. 1923 the co. was auth. by the Penna. P. S. Comm, to acquire the
19 21................. - ......... — $3,683,562 $1,582,277 $1,112,241 sur.$470,030 capital stock of the Aronimink Transportation Co. V. 117, p. 1993.
1 8 2 0 ....... .......................... 3,212,369
829,945
854,037 def.24,092
Fare Increase.— See V. 118, p. 1013.
OFFICERS.— Pres., Van Horn Ely, Phila* Vlce-Pres. & Gen. M gr.,
STOCK AND BONDS—
Date. Interest.
Outstanding. Last die..Ac
T . W . Wilson, Wilmington; Sec. & Treas., H. D . Anderson, Phila.; Aud., Stock $1,400,000 (par $50)...............
A-O
$1,303,700 O c t '23. 3%
O. E . Yost, Wilmington.— V. I l l , p. 897, 1185, 1371
Mtge bonds $1,000,000 gold! 1904 4 g J-J
534,000 Jan 1 1954
($1,000) ____________ c*tf Jlnt. at West End Trust C o., Phila., Trustee.
(1) W ilm ington & Chester T ra ction .
Phila & Gar 1st M $3,000,0001 1905 5 g F-A
2,920,000 Aug 1 1955
United Power & Trans. Co. owns 39.995 out o f 40,000 shares of stock.
gold ($1,000)__________ ctf Jlnt. at West End Trust C o., Phila., Trustee.
Lease.— Part o f this company’s lines are leased to the Wilmington &
Bonds.— Can be called at any time at 105 and lnt.; no sink fd . The re
Phila. Trac. Co. and part to the Southern Pennsylvania Trac. Those Id maining Phila. & Gar. bonds are reserved for future requirements; red.
D elaware, vi*.. Wilm. City R y., Gordon Heights R y., Front & Union St
at 105 and lnt. on any int. day.
R y . and Wilm. & Edgem. El. R y. are leased to Wilm. & Phila. Trac. (see
R E PO RT.— Year ending Dec. 31:
above); those In Penn., viz., Chester Trac. Co. and its subsidiaries are leased
Other
Interest,
Surplus
Dec. 31.
Gross
Net
to Southern Penn. Trac. Co. (see below).
Income. Rentals, A c. for Year.
Year—
Earnings.
Earnings.
ORGAN IZATION .— Incorporated March 1898. Has acquired all 1923 _________ $983,363
$12,801
$231,750
$109,615
$328,565
the stock o f the Wilmington City R y. ($519,930), the Gordon Heights
12,169
229,186
113,387
1922 ................. 929,089
330,404
R y . ($51,500), the Front & Union Street Ry. ($299,930) and the Chester
ROAD.— Operates
from 63d
Traction Co. ($500,000). all of which are deposited under the collateral Philadelphia, to West 52,504 miles of trackLlanerch to and Market streets,
Chester, 26.685 m.;
Ardmore, 6.263 m.
trust mortgages of the Wilmington & Chester Traction Co. Owns $50,000
stock of the Chester & Delaware Street R y.; also owns $150,000 debenture 89th St., Upper Darby, Pa., to Sharon Hill and Media, 19.556 m ., oi
in.; 58, 60. 70 and 80-lb.
bonds o f Front & Union St. R y.and $45,000 1st M . bonds of Gordon Heigt which 25.819 m. are leased. Gauge, 5 ft. 2
Railway. The Chester Traction Company holds all the stock of the T rail. 53 cars.
OFFICERS.— Pres., A . Merritt Taylor, Phila.: V .-P .. H. H . Aikeos;
c
Union Railway Company, $100,000; Chester S Media stock, $35,000; Ches
ter Darby S Phila. stock, $65,000; total, $200,000. The Chester Trac. pay* Treas., C. L. Rihl. Office, Upper Darby, Del. C o., Pa.— V. 98, p. 237;
c
as rental (besides int. on bonds) 6% on the $100,000 stock o f the Chester A V. 106, p. 397; V. 107, p. 1193; V. 108, p. 80; V. 113, p. 2313; V. 117, p.
Media and on the $100,000 stock o f the Chester Darby & Philadelphia.
1993; V. 118, p. 1013.
A pril, 1924.]
ELECTRIC RAILW AYS
PHILADELPHIA RAPID TR A N SIT .
Incorporated In Pennsylvania on M ay 1 1902 to take over under lease the
Union Traction Oo. for 999 years from July 1 1902, and to acquire and hold
shares o f other corporations. (For terms of lease, see Union Traction be
low.) The Rapid Transit Oo. acquired numerous franchises for new roads
obtained by the Mack-Foerderer syndicate In 1901. In June 1903 the Mar
ket Street Elevated Pass. R y., with $5,600,000 authorized capital stock was
formed to absorb a number o f these franchises. V. 76, p. 1301. In June
1903 the Rapid Transit Oo. obtained ftom the Philadelphia City Councils
other valuable franchises for new lines. In April 1906, however, an agree
ment was entered into with the city relinquishing nearly all the rights to the
franchises of 1901 and 1903 and the whole matter o f the company’s fran
chise rights was readjusted on a new basis. See V. 82, p. 693, 870.
Subway has been built in Market St. from 23d St. to Delaware Ave.,
elevated structure on Market St. west o f the Schuylkill River, and on Dela
ware Ave. from Market St. to South St. V. 74, p. 528, 989; V. 76, p. 1301;
V. 81, p. 265. In March 1907 began operating on that portion of the d e
rated from the Schuylkill River west to the Upper Darby terminal station,
a distance o f about 4 miles. V. 84, p. 571. On Aug. 3 1908 the entire
■ubway from 2d St. to 23d and Market St. was placed in operation, thus
completing line through to 69th St. V. 87, p. 347. On Oct. 6 1908 ele
vated lines on Delaware Ave. to South St. Station was placed In operation,
completing entire line. V. 87, p. 936.
In July 1902 acquired all the stock o f the Doylestown S Willow Grove
c
B y. Oo. Also owns entire stock ($10,000) o f the M otor Real Estate Oo.,
which owns property costing $4,000,000.
On July 1 1906 the Phila. Morton & Swarthmore R y. and the Media M id
dletown Aston & Chester Elec. R y. were consolidated, forming the Darby
Media & Chester R y. The new company, embracing 25 miles of track, was
thereupon leased to the Phila. Rapid Transit Co. for 999 years, rental being
$8,500 for first year, $17,000 for second and third years. $25,500 for fourth
year, $34,000 for fifth year and $42,500 for sixth year and thereafter.
Early In 1921 acquired through the Willow Grove Park, the Burd Home
Park, another amusement centre. Y. 113, p. 417.
Adjustment of Relations With City.— On Feb. 18 1907 the board of direc
tors accepted the plan submitted Jan. 1907 by the Retail Merchants’ Asso
ciation or Philadelphia for a readjustment of the relations between the city
and company. The plan confers upon the city the right to purchase at any
time after June 30 1957 all leases, franchises and property of the company
at the company’s actually paid-in capital, $30,000,000. The city has
the right to assign or sell this option. Furthermore a sinking fund is to be
established, to be taken out or the gross receipts o f the company, which,
calculated at 4 % , will amount to at least $30,000,000 at the expiration of
50 years, to enable the city to acquire the property at that time. Another
feature in the arrangement is that, beginning with Jan 1 1907, the city
shares equally in the net profits after stockholders have received lawful
interest on the capital invested by them. All franchises for further surface,
elevated or underground railroads within the city are to be first offered the
Phlla. Rapid Transit Go. under terms of this contract. The city is also to
have three members on the board o f directors. The present rate of fare is
not to be changed except with the consent of both parties. As part of the
arrangement, the Rapid Transit Oo. agreed to call the $12,000,000 then still
due on Its stock at the rate of $3,000,000 every six months, the money to be
used to give Increased and Improved service. For further detabs of plan,
■ee V. 84, p. 451, 1552. An ordinance embodying the above features was
passed by the Phila. City Council on June 20 1907 (V. 84, p. 1488) and rati
fied by the company July 18 1907. On Feb. 27 1911 State Supreme Court
affirmed the decision (V. 89, p. 847) o f the Common Pleas Court sustaining
the company's demurrer in a suit brought to test the validity of the fore
going ordinance. V. 92. p. 596. On July 29 1907 directors called for pay
ment o f the final assessment o f $15 a share of stock, payable in two install
ments— $7 50 Sept. 9 1907 and $7 50 Sept. 7 1908. V. 85, p. 284, 1402.
On Feb. 28 1911 shareholders of both the Phila. Rap. Trans. Oo. and the
Union Trac. Oo. approved a plan (V. 92. p. 4631 in accordance with the views
o f M r. E . T . StotesDury, who consented on such conditions to enter the
Phlla. Rap. Trans, board, calling for the issue of $10,000,000 s. f. bonds
running for life of city contract, guar. p. & i. by the Union Trac. Co. and
secured by pledge of equity In Market St. Elev. Pass. R y. (V. 91, p. 1629)
over and above present $10,000,000 mtge. on said property. V. 92, p. 596.
On Feb. 29 1912 directors o f both the Phila. Rap. Trans, and Union Trac.
Oo. authorized the mtge. V. 94, p. 631. As part of the plan, certain
equity owned by Phila. Rapid Trans. Co. was surrendered to Union Trac.
Co. See V. 91, p. 1161, 1386, 1574, 1630,1711. The City Council assented
to the arrangement In M ay 1911. V. 92, p. 1375, 1500.
Subway and Elevated Lines to Be Built by the City and Operated by the Com
pany.— At an election held April 29 1915 the electors voted m favor of
a $6,000,000 loan for a Broad Street subway and a Frankford elevated
line (V. 100, p. 1511), and on July 1 1915 the ordinances making equal
appropriations for both projects were signed by Mayor Blankenburg.
Construction was begun September 11 1915. V. 101. p. 132, 774, 1371.
At the election on May 16 1916 it was voted to issue $57,106,000 bonds
for additional subway and elevated lines, in accordance with the pro
gram of former City Director of Transit A. Merritt Taylor, as outlined
in V. 102, p. 2342. See, however, V. 117, p. 1463. The Stern bill, ren
dering valid the election o f M ay 10 1916, was passed by the Pennsyl
vania House o f Representatives in April 1917. V. 104, p. 1703. On
July 7 1917 the taxpayers’ suit to restrain the city from proceeding with
the construction o f the new high-speed lines was dismissed by Common
Pleas Court No. 4. On July 23 1917 the Pennsylvania Public Service
Comm, granted the Philadelphia city authorities permission to construct
all o f the lines contemplated in said program. In June 1918 Govern
ment sanction to proceed with the construction o f the Frankford elevated
system was given with the understanding that the work in connection with
the Broad St. subway (with certain exceptions) be stopped as promptly
as possible. V. 106, p. 2451.
Broad St. Subway.— “ City-Company Plan.” — See V. 116, p. 1050.
Lease.— In M ay 1922 the ordinance embodying the lease between the city
and the co. for the operation o f the Frankford elevated line and Bustleton
surface line by the co. was approved by the City Council and the Penna.
P . S. Comm, and was signed by the M ayor and the co. officials. These
lines are leased beginning N ov. 5 1922 for a period o f five years.
The co.
pays rental o f 1% during 1923 on construction cost o f Frankford Elevated:
rental to be Increased 1% annually until a maximujm o f 5% is reached.
This contract may be extended by the city so as to terminate in 1957 with
the 1907 city agreement. A summary o f the principal features o f the lease
will be found in V. 114, p. 2241.
Leases Approved.— In Oct. 1923 the P. S. Comm, approved the lease of
the Champlost St. Connecting R y., Tioga & Frankford St. R y., Pelham &
Frankford St. R y., Wayne Junction Connecting R y. and Frankford ConnextingRy. V. 117, p. 1664.
Power Contract.— In March 1912 entered into a 10-year contract with the
Phila. Electric Co. for additional power. V. 94, p. 768. A new agree
ment was entered into Dec. 12 1920 for a period o f 3 years from Nov. 15 1922
New Line.— In Sept. 1911 the Snyder Ave. St. R y. was chartered in the
Interest of the Phlla. Rap. Tran., with $140,000 stock, to operate 7.66 miles
o f line on Snyder Ave. Line was placed In operation Jan. 1912.
Hoa Islana Extension.— On Aug. 4 191S, in accordance with a contract with
the Emergency Fleet Corp., the co. placed In operation an extension from
Eastwick Ave. to the Hog Island Shipyard. The Fleet Corporation
advanced the funds to the company to cover the cost o f the new construc
tion and equipment [100 cars]. On Aug. 24 1922 this property was pur
chased by P .R .T . Co. in accordance with the contract at an appraised
valuation.
Excise Tax.— On Aug. 2 1915 Judge Dickinson in the U. 8. Dist. Court
held that the company’s subsidiaries operated under lease were not carrying
on business within the meaning of the excise tax law o f 1909 and therefore
were not liable to the tax. On Oct. 22 1917 the Market Street Elevated
Pass. R y., the Union Traction Co. and the Philadelphia Traction Oo. ap
pealed to the U. S. Dist. Court for restitution o f $73,768 and Interest col
lected from them in the years 1911 and 1912.
Income Tax Litigation.— On July 15 1918 the various leased line cos.filedsuits against the Phila. Rap. Tran. Co. to recover income and excessprofite
taxes paid by them under protest. V. 107. p. 402. Compare V. 106.
p. 2451. On Nov. 20 1918 a ruling was handed down by Common Pleas
Court N o. 3 (and In Feb. 1919 affirmed by the Pennsylvania Supreme
Court) under which the Phlla. Rapid Transit Co. is held responsible under
the terms of the several leases for the payment to the Govt, of the Incomeexcess profits taxes of the following leased line corporations: Philadelphia
Trac. C o., Germantown Pass. R y. Co., 13th & 15th Streets Pass. R y. Co..
Philadelphia City Pass. R y. C o., Union Trac. Co., Ridge Ave. Pass. Ry.
C o., Frankford S Soutnwark Philadelphia City Pass. R y., Fairmount Park
c
S Haddington Pass. R y. C o., Citizens' Pass. R y. Co. and the HestonvUle
c
Mantua & Fairmount Pass. R R . Co. On the other hand, however. It
was ruled that the following companies must assume liability for theli
97
Federal taxes: Continental Pass. R y. C o., Philadelphia & Darby R R . Oo.
and Green & Coates Streets Phila. Pass. R y . Co. V. 107, p. 2009; V .
108. p. 785.
Validity of Rentals Upheld.— In Dec. 1920 the Superior Court o f Penna.
handed down a decision denying the order of the P. S. Comm, requiring
the underlying companies to file answers to averments made by the city
and two local business men’s associations with regard to rentals of the
underlying companies. V. I l l , p. 2521; V. 112, p. 163. The city, the
P. S. Comm, and business associations appealed, and on July 1 1921 the
Penna. Supreme Court reversed the decision o f the Superior Court but only
on a technicality. The Supreme Court held that the case should not have
gone to the Superior Court; but maintained that the P. S. Comm, had no
right to attack rental payments. For details see V. 113, p. 183, 293.
Split in Directorate.— See V. I l l , p. 389; also V. 114, p. 522, 627, 739,1181.
Fares.— On Oct. 4 1920 applied to the Penna. P. S. Comm, for auth. to
charge a flat 5-cent fare and to abolish all free transfers and 3-cent exchange
tickets. V. I l l , p. 1472. Compare V. 110, p. 2488; V. I l l , p. 74. 1183.
This petition was rejected by the Comm, but effective Nov. 1 1920 the co.
was auth. to raise fares to 7 cents cash, with 4 tickets at 25 cents. No
change was made In transfer or exchange rates. V. I l l , p. 1662. See also
V. 112, p. 1978; V. 113, p. 1773. President Mitten in a letter to the Mayor
in March 1921 on the subject o f operation o f the Frankford ” L ’’ proposed a
basic 7-cent fare with 5 tickets for 35 cents for the entire system, instead o f
4 tickets for 25 cents as then effective. V. 112, p. 1399. See also V. 114,
p. 1652. Compare V . 116, p. 2994.
Properly Valuation.— In M ay 1923 we were informed that proceedings
before the P. S. Comm, of Penna. for the purpose o f determining the value
of the property operated by the co. were still in progress. Experts em
ployed by the co. have estimated the value of the property at prices as of
June 30 1919 to be $290,729,742. V . 114, p. 2470, also V. 116, p. 2884.
Government Loan.— In Sept. 1918 the Penn. P. S. Comm, approved a
contract under which the Government loaned the co. $1,748,000 to extend
transit facilities for workers in industrial war plants. V. 107. p. 1101.
In Oct. 1922 negotiations were pending with the Government for the pur
chase of the property covered by this loan. N o further developments up
to Dec. 31 1922.
Proposed Plan of Consolidation.— In Aug. 1920, Pres. Mitten made public
the following proposed plan of consolidation, after having resigned from the
directorate of the Union Traction Co. on account of opposition on the part
o f members of the board to this plan. The plan provides for the consolida
tion of the five lease-holding companies— Philadelphia Rapid Transit C o..
Union Trac. Co., Phila. Trac. C o., Electric Trac. C o., Peoples Trac. Oo.,
into one operating co.; transmuting the stocks and other securities of
these cos. into the stock of the new co., so as to maintain present preference
as to assets and dividends of the respective cos. An assessment of $10 per
share on Union Traction Co. stock is provided for under the plan. The
following table is designed to show the basis upon which exchange of securties of present cos. for stock of new co. would be made.
Holders of Pres. Secur.— Amount Outstanding. Would Rec. New Stock.
Phila. Trac. 8% stock .. ($20,000,000
8% 1st Pref.. $20,000,000
/Par $50, full paid
(100%)
Peoples T rac.l4% Trust $29,730,114
8% 1st Pref., $14,865,057
____________
Electric Trac / Certif.
(Secured by stock)
(50%)
Total new 8% 1st Preferred stock________________________$34,865,057
Union Tr. Co. 6% stock! 6O .O O shares, par $50 7% 2d Pref., $30,000,000
6 O
I f pay assess., $10 p. si (paid in $17.50 p. sh.)
(100%)
Philadel. Rapid Transit! $600,000 shares
Com. stk. 600,000 shares
Oo. capital stock____J Par $50, full paid
(No par value) (100%)
Note.— Capital paid in and surplus are now as follows: (a) Phila. Traction
Oo. stock full paid, $20,000,000; surplus, $486,220; total, $20,486,220.
(b) The “ Peoples Electric Traction 4% Trust Certificates” are secured by
$6,000,000 full-paid stock of Peoples Traction C o., and also Electric Trac
tion Co. stock on waich $8,297,920 has been paid In viz., 152,396 shares of
$50 each full paid and 22,604 shares $30 paid, (c) Union Traction Co. paid
in on stock $10,500,000, surplus $3,753,141 and proposed assessment $6,000,000. (d) Phila. R. T . Co. stock, $30,000,000 full paid and surplus
$4,482,120. Grand total paid-in capital and surplus $89,519,401. For
full details of above plan see Y . 111, p . 793, 896.
For details of consolidation plan proposed by Joseph Gilfillan, a director
of the Union Traction Co., see V. 117, p. 2770.
In July 1922 issued $2,150,000 6% equip, trust ctfs. ser. “ F .” Y. 115, p .
760, 869. All outstanding equip, trust ctfs. ser. “ G” were to have been
retired on N ov. 1 1922, and we have therefore eliminated that issue from
the table below. Y. 115. p. 1429.
The stockholders on March 19 1924 voted to increase the company’s In
debtedness from $15,000,000 to $25,000,000. V. 118, p. 1666. Compare
V. 118, p. 312, 1264.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $30,000,000 ($50).....................
J-J
(600.000 sh!
See
\ Full paid/
text
Coll trust mtge $5,000.000f 1908
5 g F-A
$4,354,000 Feb 1 1957
($1,000) gold_______ c*cp t{In t. at Penn. Co. for Ins. on Lives S Granting
c
l Annuities, Philadelphia, Trustee.
Sink, fund mtge. $10,000,0001 1912
5 g M-S
5,013,000 Mar 1 1962
g ($1,000) guarp & i_c*cp tfln t. at Comm'l Trust C o.. Phila., Trustee.
2-yr. sec. notes $3,500,0001 1923
6 g J-D
3,500,000 Dec 1 1925
($1,000) gold_________ c*tf/B ank of N . A . & Tr. Co., Phila., trustee
Market St El 1st mtge $10,-\ 1905
4 g M -N
10,000,000 M ay 1 1955
000,000 gu g ($1.000) c* cp t/In t. at Land Title S Trust C o., Phlla., Trus.
c
Darby Media & Ohes 1st M l 1906
414 g J-J
991,000 July 1 1938
$1,500,000 ($1,000) g c c p t/In t. at Land Title Sc Trust C o., Phila., Trus.
Oar trust certfk., $4,200.0001 1913
5 M-S
525,000 Mar 1 1925
Series “ B " ___________ cptJFIdelity Trust C o.. Phila.. Trustee
Oar trust certificates Series! 1919
F-A
45,000
1929
“ D”
t.f. (Fidelity Trust C o., Phila., Trustee.
Car trust certificates Series] 1919
______
174,000
1929
“ E ” _________________ t.f. (Fidelity Trust C o., Phila., Trustee
Car trust efts. Ser. “ F ” $3,-1 1922
6 F-A
2,700,000
1923-32
000,000 ($500 & $l,0 00)_c*(ln t. at Fidelity Trust C o., Phila., Trustee.
Equip, tr. ctfs. Ser. “ G” $4,-\ 1923
5J4 F -A
4,750,000 See text
750.000 ($500 & $l,0 0 0 ).c*/D ivs. at Commercial Tr. C o., Phila., trustee.
Real estate mortgage________ _____
________
150,000
________
Real est. 1st mtge. $3,500,000\ 1924
6 J-J
2,500,000 Jan. 11944
($500 & $1,000)______c*tf flnt. at Penna. Co. for Ins. on Lives & Grant1
ing Annuities, Philadelphia, Trustee.
Funded debt of underlying companies Dec. 31 1922, $56,603,447.
Stock was listed on the Phila. Stock Exchange in July 1902 and Feb.
1905 on h . Y . Stock Exchange. See also V. 110, p 872.
Bonds.— Collateral trust bonds are secured by deposit with trustee of
lecurlties owned by Phlla. Rapid Transit and also securities of Union Trac.
Oo. and Phila. Trac. C o.; entire issue subject to call at 105 on 6 w eeks'pub
lished notice on and after Feb. 1 1912. A sinking fund, which will re
tire all bonds by Feb. 1 1957, began to operate Feb. 1 1912. The Market
Street Elevated R y. bonds cover the subway and the elevated road on
Market St. See V. 80, p. 652. They are guaranteed, principal and
Interest, by endorsement by the Phila. Rapid Transit C o. Are subject
to call on any Int. date at 10214 and lnt. V. 84, p. 749; V. 86. p. 547.
The Darby Media Sc Chester Street R y. bonds are guar., p. Sc 1., by endorsem’t by Phlla. Rap. Tr. Oo. Can be called at 10214 S Int.
c
Both the collateral trust bonds and Market Street Elevated bonds were
listed on the Philadelphia Stock Exchange in April 1909. V. 88, p. 945.
The sinking fund mortgage bonds of 1912 are callable on any March 1
as a whole or for sinking fund at 105 and Interest. Cumulative sinking
fund of $35,000 per annum began Jan. 15 1917. Of the $10,000,000
authorized $5,013,000 are reported as outstanding, and in addition $4,667,000 are pledged as security for the $3,500,000 2-year 6% secured notes and
$320,000 have been retired. Bonds are guaranteed, p. & i., by Union Trac.
C o — V. 94, p. 827, 699.
The real estate 1st mtge. 6s are secured b y first mortgage on three car
terminals (see V. 118, p. 203 for details) and are guar. prin. & int. by the
Phila. Rap. Tran. Co. A sinking fund sufficient to retire $75,000 bonds
per annum is provided for, payable on Jan. 1 of each year, beginning
Jan. 1 1927, to be applied to the purchase of bonds in the open market,
at or below the current redemption price, or if not so obtainable, to call
by lot at that price. Are red. all or in part on any int. date on 30 days’
notice, beginning Jan. 1 1927 until Jan. 1 1937 incl. at 105 & int. thereafter
on any int. date at 10214 and int. Penna. 4 mills tax assumed by company.
Notes.— The 2-year secured 6% notes are secured by pledge of $4,667,000
50-year sinking fund 5% bonds. Red. all or in part by lot on any int.
date on 30 days’ notice at par and int. plus a premium of M % for each
six-months’ period unexpired. Int. payable at office of trustee in Phila.
or at Dillon, Read & Co., N. Y . City. Co. assumes payment of the
4-mill tax Pennsylvania personal property tax. V . 117, p. 2770.
98
ELECTRIC RAILW AYS
Car Trusts.—The Ser “ B” car trusts mature $175,000 s.-a. beg. Sept. 1
1913 and ending Mar. 1 1925. Red. at 102)4 and int. Series “ D ” mature
$8,000 Feb. 28 in 1920 and 1921 and $9,000 each Feb. 28 thereafter to 1929.
Red. at 102>4 and int. Series “ E ” mature $28,000 Oct. 14 1920 and 1921
and $29,000 each Oct. 14 thereafter to 1929. Red. at 10244 and int.
Series “ F ” mature in equal semi-ann. installments, Feb. 15 1923 to Aug.
15 1932 incl. V. 115, p. 760. Equip, trust ctfs. Ser. “ G” mature in equal
semi-ann. installments Feb. 1 1924 to Aug. 1 1933 incl., and are non-call,
prior to maturity. V. 116. p. 411.
Dividenas.— An Initial div. o f $1 per share was paid In Oct. 1916. In
1917. $2 50 per share. In 1918, $2 50 per share. In 1919, $2 50 per share.
In 1920. Jan., $1.25 per share. July 1920 div. deferred. V. 111. p. 389.
494. None to July 1922, when $1 50 per share was paid, viz.: Quar. div.
N o. 1 for period Jan.-Mar. 1922, 75c.; N o. 2, for April-June, 75c. V. 1J1,
p. 2825. Quar. div. No. 3 was paid in Oct. 1922. In 1923 Jan., 75c.;
April, 75c.; July, 75c.: Oct., 75c. In 1924, Jan., 75c.; April, 75c.
R OAD.— Total trackage Dec. 31 1922, including all lines leased and
operated, 695.113 miles. Owns about 3,222 cars o f all kinds.
ANNUAL REPO RT.— For year ended Dec. 31 1923 was given in Y . 118,
p . 1264.
1923.
1922. |
1923.
1922.
Pass, earns_ 44,249,361 41,758,763 Taxes________ 2,695,708 2,586,001
_
Other receipts.
681,130
770,780!
----------------------- - — -------------------------------- Total e x p ..33,735,661 31,553,518
T otal______ 44,930,491 42,529,543 Other income.
621,540
706,429
Expenses—
(Net earnings..11,816,369 11,682,455
Maint.&renew 8,560,400 8,560,400 Interest______ 1,161,637 1,020,090
Oper.pow.pl’t . 4.416,307 3,475,307iRentals______ a8,854,732 08,833,087
Oper. o f cars..14,003,087 13,383,431
-------------------------------General______ 4,060,159 3,548,3791 Surplus____ 1,800,000 1,829,278
a Includes $180,000 sink I'd. (city contract), b Includes $150,000 sk. fd.
OFFICERS.— Chairman of the Board, T . E. Mitten; Pres., W . C . Dun
bar; V.-Ps., Leon Jewell, R. T . Senter and W. K. Myers; Sec., F. B. Ellis;
Treas., G. W . Davis: Aud., W . D. W itt.— V. 116, p. 823, 1050, 1276, 1634,
1760, 2516, 2767, 2884, 2994; V. 117, p. 208, 326, 1129, 1463, 1556, 1664,
2213, 2324, 2654, 2770; V. 118, p. 203, 312, 432, 1264. 1666.
(1) D oylestow n & W illow d ro v e Ry. C o.— A trolley road.
In July 1902 was acquired by the Philadelphia Rapid Transit through
purchase of the entire capital stock ($500,000) for $20,000. The Rapid
Transit C o. guarantees interest on the bonds. See V. 79, p. 1331.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($50)............ .................................
$500,000 ...................
First mtge $500,000 ($1,000)1 1900
4 g J-D
500.000 June 1 1930
gold guaranteed_ c*.cp tfL an d Title S Trust C o., Phila., Trustee.
_
c
R O A D .— Trackage, 13 589 miles, from Doylestown to Willow Grove,
running over the old turnpike between those places, which is leased for 999
years.
EAR N IN G S.— Included In Phil*. Rapid Transit C o.— V. 79. p. 1331
(S) T w enty-S econd Street S A llegheny Avenue Passenger Ry.
m
OR GA N IZA TION .— Chartered 1890. On Dec. 9 1903 the following
cos. were merged with the 22d St. & Allegheny Pass. Ry. C o.. Fisher’s
Lane R y. C o., Lindley Ave. Ry. Co., Chelten Ave. Pass. Ry. Co., German
town & Fairmount Park Ry. Co. and the Phila. & Trenton Rapid Transit
St. R y. Co. Is leased to the Phila. Rapid Transit Co. for 6% per annum
on paid-in capital.
STOCK.— Auth. amount, $1,302,000 ($50); 22,456 shares outstanding
j25 paid In. “ Amount due other companies” Dec. 31 1922. $880,802.
R OAD.— Trackage 66.758 miles.
(3) Darby & Y eadon Street Railway.
ORGAN IZATION .— Entire stock ($5,000) is owned by the Phitadelpgia
Rapid Transit Co.
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity.
Stock all owned by Philadelphia Rapid Transit Co.
First mortgage $200,000 gold! 1904
4)4 g J-D
$200,000 Dec 1 1934
guar ($1,000)______ c * .c p t lln t . at Land Title & Tr. C o., Phila., Trustee.
Bonds.— Are guaranteed, prln. & int., by endorsement by the Phila. Rap.
Transit Co. Are subject to call on any Interest date at 105 and Interest.
R O A D .— From the Philadelphia County line to Darby, 2.486 miles.
' (4) Chester S t Philadelphia Railway (Chester Short L ine).
Is operated by Phila. R. T . under 30-year agreement dated Feb. 14 1911.
ORGAN IZATION .— Incorp in Penn, on June 29 1910 as successor tc
the Phila. & Chester R y.,sold at foreclosure (V. 92, p. 1243). In considera
tion o f an agreement to operate the line the Phila. Rapid Transit received
51% o f Cheater S Phila. stock. The Chester & Phlia. receives 35% and
c
Rapid Transit 65% o f gross earnings, f r which the Rapid Transit assumes
all costs o f operation. The 35% to be applied to int. on bonds and diys.
o n stock. Franchises are unlimited as to time.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $485,000 ($50).............................................
$485,000 ........... ..
1st M $600,000 gold (5100.- 1910
5 g J-J
600,000 July 1 1940
$500 and $1.000)____c * .tf)I n t . at Real Est. Tit. Ins.&Tr.Co.,Phila.,Tr
Bonds.— Red. on any int. date at 105 and int. on four weeks’ notice
Free from Penn. State tax. Sinking fund of one-half the surplus earnings
over 4% on the stock shall either purchase and retire bonds or be used foi
new construction. V .104, p. 763. Listed on Philadelphia Stock Exeh
EAR N IN G S.— For years ending Dec. 31:
Calendar
Gross
Rental
Other
Total
Interest, Balance
Year—
Earnings. (35% ).
Rerts. Receipts. Taxes.-tc. Surplus
1922__________ $342,654 $119,859 $8,349 $128,208 $51,397 $76,810
1921........... ........ 434,038
151,913 6.965
158,879
54,519 104,360
R O A D .— 16.861 m. of track, including main line from Chester to Phila.
and branches from Essington to Moore Station and Essington to Phila.—
V. 92. p. 1310; V. 1C4, p. 763. ______
UNION TRACTION.— A trolley road.
Lease.— The Union Traction Co. has been leased for 999 years from July 1
1902 to the Philadelphia Rapid Transit Co. Lease rental (payable In
gold) Is $900 ,000 per annum (equal to 3% on the face value of the $30,000
000 stock) for the first two years, $1,200,000 per annum (equal to 4% on
stock) for the next two years, $1,500,000 per annum (equal to 5% on stock)
for the next two years and $1,800,000 per annum (equal to 6% on stock)
thereafter. The stockholders of the Union Traction Co. were given the
right to purchase 150,000 shares of the new Rapid Transit Co. stock. V,
74. p . 989. Included at the time ail the leading street passenger railway
lines within the city of Philadelphia.
ORGAN IZATION .— Chartered Sept. 6 1895, and acquired on or about
Oct. 11895 all the shares of the Electric Traction and People’s Traction com
panies, in place of which were issued collateral trust certificates secured by
the shares placed In trust. In 1896 leased these properties for 998 years and
8 months from July 1 1896. On Oct. 1 1895 leased for 999 years the Philadelphia Traction at 8% on its capital stock. V. 61, p. 663. Leases (from
Jan. 1 1898) Hestonville Mantua & Fairmount Passenger R y. for 999 year*
at 6 % o n pref. and 4% on com. stock. See V. 66. p. 236. The Lehigh Ave.
R y. Co. ($1,000,000 stock) was leased for 995 years from July 1 1899.
See terms of consolidation, &c., In statements for the constituent companies
and V. 61, p. 152, 197, 283, 663. For change in terms o f lease see V. 89.
p. 594. The Philadelphia Rapid Transit now operates the road.
Also owns entire stock o f the Philadelphia Sc Willow Grove R y. Co.
Union Traction shareholders In Oct. 1908 gave their assent to the use of
certain securities owned by the Union Trac. Co. to be pledged as collateral
for the $5,000,000 loan of the Phila. Rapid Transit Co. V. 87. p. 1110.
The shareholders voted June 20 1910 (formally ratified Sept. 21 1913;
V. 91, p. 337) to purchase the equipment o f the Phila. Rapid Transit, and
lease same to that company on terms as stated under Phila. Rapid Transit,
and make the equipment the basis o f an issue o f $1,500,000 car trusts. On
Feb. 26 1913 they voted to purchase additional equipment and lease it to
the Philadelphia Rapid Transit Co. and to issue $4,200,000 car trust certifs
(Series B) as a result o f the transaction. In M ay 1913 a further Issue of
$1,944,000 car trusts (Series O) was put out. 8ee under Phila. Rapid
Transit and V. 96, p. 555, and V. 97, p. 803.
On Feb. 28 1911 shareholders voted to guarantee new Phila. Rapid Transit
$10,000,000 mtge. See under that company and V. 91. p. 1575; V. 92.
p. 524. 463. 596.
Income Tax Decision.— See under Phila. Rapid Transit Co. above.
Proposed Plan of Consolidation.— See under “ Phila. Rapid Transit C o.’ ’
[ V ol . 118.
STOCK AND BONDS—
Date.
Stock $30,000,000 (par $5 0)-/ ____
Interest. Outstanding.
Maturity.
J-J
{600,000 shs. I Jan’24, 3%
l$17.50 pd.ln/
Trust Co certificates, gold, ' 1895 4 g A-O $29,730,114 Red. after
guar., p. & 1 by Union'
Oct 1 1945
Trust C o____________ cp t Int. at Pa. Co. for ins. on Lives & Granting
Annuities, Trustee.
Collateral trust first mortgage 1902
4 g J-J
1.177,000 July 1 1952
$1,500,000 gold_______ c p t I Land Title S Trust C o., Philadelphia, Trus
c
Trust Certificates.— The trust certificates are not the direct obligations
of the Union Traction C o., but were issued by the Pa. Co. for Ins. on Lives
& Granting Annuities, to pay for the shares of the Electric and People’s Trac
tion companies purchased and are secured by a deposit with the Trust C o.
of all the shares of the stock of the Electric Traction Co. and the People’ s
Traction Co. thus acquired. See description of certificates in V. 64. p. 135.
They are guar., prin. and int., by the Union Traction C o., and are redeem
able at the option of that company on and after Oct. 1 1945.
Collateral Trust Bonds.— The collateral trust bonds were issued to fund
the floating debt and are secured by the deposit of the 35,000 shares of tht
common stock of the Hestonville Mantua & Fairmount Pass. R R . Subject
to call at 105 and accrued Int.; $323,000 has been retired by sinking fund.
OFFICERS.— Pres., Jeremiah J. Sullivan; 1st V .-P ., Chas. A . McManus;
Sec. & Treas., T . M . C leary— Y . 114, p. 80; V. 117, p. 2771, 2891.
LINES CONTROLLED BY UNION TRACTION CO.
[For detailed statements o f these different companies see the previous
number o f this publication (the issue o f Oct. 27 1923), pages 98 and 99.]
INTER-STATE RAILWAYS.
Financial Plan.— Int. due Feb. and Aug. 1909 was paid after some
lelay. V. 88, p. 1127, 1197; V. 89, p. 348, 1141. On N ov. 25 1910 sharelolders ratified the readjustment plan (V. 91. p. 1385, 1512) calling for the
ssue of $1,000,000 6% cum. pref. stock, shareholders to take $500,000 as
par for cash (payable in 5 Installments of 20% each at Intervals of 30 days,
peglnuing with 2 payments Jan. 2 and ending April 1 1911), and bondholders
;o take $500,000 at par In lieu of 1910 and 1911 coupons on bonds. V. 91,
3.1711; V. 92, p. 59. Entire issue was subscribed and taken. V. 92, p. 1032,
Leases of Controlled Properties.— The leasing of the underlying companies
vas consummated in 1910 upon satisfactory terms. The subsidiaries are
n four groups. Wilkes-Barre, Reading. Trenton and Wilmington. The
Wilkes-Barre Rys. C o., the Reading Trans. Co. (succeeded by Read. Trans,
fc Light Co. in Mar. 1913, control of which was acquired by Eastern Power
fc Light C orp.), the Trenton & Mercer County Traction Corn., the Southern
Pennsylvania Traction and the Wilmington & Philadelphia Traction Co.
vere formed to take over the various properties. V. 91, p. 1512; V. 92, p.
!61. Statements for these companies will be found respectively under
Yllkes-Barre, Reading, Trenton and Philadelphia.
The aggregate annual income under the above leases is as follows (bu®
■ee remarks below);
1924 _________ ____________ $818,54211926 and thereafter annu1925 ________ -1 ___________ 826,043| a lly ____________________ $830,000
Fixed Charges to Be Paid Out of Above Rental Plus Any Other Income.
T lt O )
Y
T
Tnrpe
Total
$3,145
$277,785
Inter-State Railways_______________ x$274,640
United Power & Transportation_____
x229,860
3,297
233,157
T otal____________________________
$504,500
$6,442
$510,942
Note.— The above figures do not include the Federal income tax, whica
nust be added thereto, x Includes int. on 4s held in treasury as invest
ments.
Default in Rental— Dividend Passed.— Failure of the Trenton & Mercer
Oountv Trac. Co. to pay its rentals, due to increased operating expenses,
resulted in the omission of the 1918 and subsequent diys. on the pref.
stock. See V. 106, p. 189.
O R G A N IZA T IO N .—Incorporated in New Jersey on Dec. 4 1902 with
very broad powers. Is empowered to purchase, acquire, develop and con
struct street railways, electric light and power, water and gas companies.
In Dec 1902 obtained control of the United Power & Transportation Co.
through purchase of the outstanding ($3,593,750) capital stock, on a basin
of $75 for each $25 share, payable in collateral trust bonds. $3,592,200 of
this stock was exchanged for bonds on this basis.
On April 23 1915 stockholders approved the Issuance of new, irredeemable
preferred stock in exchange for the old pref. stock. Y. 100, p. 1592.
Under a supplemental agreement dated July 26 1917 between the Inter
state Rys. Co., United Power S Transportation Co. and Real Estate Title
c
insurance & Trust Go., the outstanding amounts of United Railways and
Delaware County Ry. gold trust certificates (see United Power & Trans
portation Co. below) were reduced and some of the collateral pledged
sherefor withdrawn. Compare V. 103, p. 2238: V. 105, p. 716. The cash
•eceived by the Interstate Rys. Co. from the sale of some o f the withdrawn
collateral has been invested. V. 106. p. 86.
Interest.
Outstanding. • Maturity.
STOCK AND BONDS—
Dale.
.............
$2,291,200 f. p. .............
Oom $9,000,000 ($100)___________
J-J
1.000.000
See text.
Pref $1,000,000 ($10) 6% c u m -----4 g F-A
9,970,000 Feb 1 1943
Oollaterai trust gold $10,-1 1903
781,250-.......................... c* {ln t. at Real Est. Title Ins. & T r., Phila., Tr.
Stock.— Com. stock was listed on the Philadelphia Stock Excnauge n
April 1903. V. 92. p. 1243: V. 93, p. 164. $992,240 of the old preferred
stock had been exchanged for the new up to Apr. 1 1924.
Bonds are dated Feb. 1 1903 and are secured Dy deposit of United Power
& Transportation stock. They bear 3% interest the first year, 3 )4 % the
second and 4% the third and subsequent years. Denominations $100,
$500 and $1,000. Are subject to call at 105 and Int. on 30 days’ notice.
Dividends.— Initial div. on pref.— 3 % — paid July 1911: same rate semi
annually to and Incl. July 1917. Jan. 1918 div. passed (see V. 106, p. 189).
None since.
R E PO RT.— Year ending Jan. 31:
E tp. St
Preferred
Balance
Fiscal
Total
Interest
Taxes.
Dividends. Surplus
Year—
Receipts.
Coll. Trust.
$13,577
$27,777
1923-24________ $325,994
$284,640
12,913
17,718
1922-23________ 337,271
306,640
OFFICERS.— Pres. John A. Rigg; V .-P., Walter A. Rigg; Treas., T .W ,
Grooket, Jr.; Sec. & Asst. Treas.. J. W. Goodwin. Office 411 Market
St., Camden, N . J.— V. 116, p. 2007; V. 117, p. 1992, 2432, 2652.
UNITED POWER & TR AN SPO R TA TIO N CO.— Electric roads.
Incorporated April 20 1899 under New Jersey laws to cohstruct, develop
wid own street railways, power companies, &c., and do a general business
(V. 68, p. 929). In Dec. 1902 stock was acquired by Inter-State R ys. Co.
which see immediately above.
On Apr. 1 1924 owned the following stocks and bonds. We show also
the total amounts outstanding of each Issue.
'
Owned. Tot. Stk.
Stocks—
Shares. Shares.
6,000
Delaware County & Philadelphia Electric R y _____- ___ _ 5,993
r ebauon Valley Street Ry C o___________________________ 9,992 10,000
Mercer County Traction C o_____________________________
975
1,000
Media Glen Riddle * Rockdale Electric Street R y _______ 1.632
1,640
Reading & Southwestern R y ____________________________
113
2,600
Roxboro Chestnut Hill & Norristown R y. C o___________
4,951
4,968
Schuylkill Valley Traction C o .................
9.995
10,000
Trenton Hamilton & Ewing Traction C o------------ :--------1,975
2,000
Trenton Pennington & Hopewell Street R y. C o----------------- 4,993
5,000
Trenton Street R y______________________________________ 19,969 20.000
Wilkes-Barre S Wyoming Valley Traction_______________ 49,992 ,50,000
c
Wilmington & Chester Traction_________________________ 39,995 40,000
Wilmington City Electric_______________________________
5,095
5.100
Wilmington S Great Valley Turnpike C o________________
c
978
1,040
Wilmington & Philadelphia Turnpike___________________ 1.035
1,200
Wilmington S Christiana Turnpike C o--------------------------c
644
680
STOCK S BONDS.— Stock auth., $3,593,750; shares $25, full paid. In
c
Mar. 1902 outstanding stock was increased from $3,125,000 to $3,593,750
(V. 74, p. 682). the additional shares being sold to stockholders at $35 per
$25 share. Bonds, 4% coll, trust certificates, are in two series, which we
have marked (a) and (6) below. [Stock and bonds listed on Philadelphia
Stock Exchange.]
A pril, 1924.]
ELECTRIC RAILWAYS
(а) Under a trust agreement between the United Power & Transports
Mon Oo. and the New York Trust Oo., trustee, dated M ay 1 1899. and a
supplemental agreement dated July 26 1917 there are Issued $4,927,900
United Railways gold trust certificates secured by deposit of 19,953 shares
Trenton St. R y. Oo., 39,993 shares Wilmington & Chester Traction Oo.,
5,089 shares the Wilmington City Electric Oo. and 49,911 shares the WilkesBarre & Wyoming Valley Traction Oo. Pursuant to the supplemental
trust agreement dated July 26 1917. the amount of outstanding certificates
was reduced from $7,918,000 to $4,927,900 by acquisition by the co. and
subsequent cancellation o f $2,545,200 thereof through the sale of certain
assets pledged as security therefor as follows: 79,991 shares of the United
Traction Oo. of Reading and 35,800 shares o f the Edison Elec. Ilium. Oo.
o f Lebanon, Pa., which, together with the remaining shares of said cos
In the treasury, were sold for a considertaion of $1,250,000 par value United
Railways gold trust certificates and $2,760,000 cash; 1,125 shares of Read
tag & Southwestern St. R y., 4.925 shares of Roxborough Chestnut Hill 5
Norristown R y., 9,975 shares of Schuylkill Valley Traction Oo., 1,001
shares Media, Glen Riddle and Rockdale Electric St. Ry. Co., and 14,995
shares o f Holmesburg Tacony & Frankford Electric Ry. (sold under fore
closure in 1910 and reorganized with no realization on its capital stock!
see Frankford Tacony & Holmesburg R y. below) were also withdrawn from
collateral for the trust certificates and are held in company’s treasury.
The cash received by the company was invested in United Railways and
Delaware County, R y. gold trust certificates. V. 106, p. 87.
(б) $818,600 Delaware County Ry. gold trust certificates under a trust
agreement between the United Power & Transportation Oo. and the Real
Estate Title Insurance & Trust Oo. of Phila., dated M ay 1 1899, and sup
plemental agreement dated July 26 1917. under which the United Power &
Transportation Co. has deposited with the said trust company, as trustee
5.993 shares Delaware County & Philadelphia Elec. R y. Oo. Under suplemental agreement dated July 26 1917 the amount outstanding was re
uced from $998,950 to $930,750 and 1,125 shares of Reading & South
western St. Ry. stock. 4,925 shares o f Roxborough Chestnut Hill A
Norristown Ry. stock, 9,775 shares of Schuylkill Valley Traction Co. stock
and 1,600 shares Media, Glen Riddle and Rockdale Electric St. R y. Co
stock, were withdrawn from collateral. V. 106, p. 87.
The principal o f both series (which are in $100. $500 and $1,000 pieces)
Is due at option of holder on July 1 1949 and thereafter on any Jan. 1 or
July 1 at the option of the United Power & Transporatlon Co. For both
series, also, the semi-annual Interest (J. S J.) and the principal are payable
c
In gold coin, free o f tax, at the office o f the Real Estate Title Insurance ft
Trust Co. o f Philadelphia, trustee.
D IV ID E N D S .— On Jan. 20 1900 a dividend of 50c. per share was paid,
also same amount July 16 1900; in 1901. Jan. 21, $1; July 10. $1: in 1902
Jan. 20. $1; July 10. $1; In 1903. Jan. 20, $1; in 1904. Jan. 16. $2 66; in
1905, Jan. 24. $2 39; in 1906. Jan. 26. $3 10; In 1907. Jan. 24. $3 20; in
1908, Jan. 30. $3 31; none to July 1911, when $1 10 was paid; in 1912, Jan
30, $1 40; July 29, $1 41: In 1913. Jan.. $1 79; July. $1 26. In 1914.
Jan., $1 52; July, $1 40. In 1915, Jan.. $1 54; July. $1 34. In 1916.
Jan.. $1 55; July. $1 43. In 1917, Jan., $1 55; July. $1 23. In 1918
Jan.. $1 32; July. $1 20. In 1919. Jan.. 50c. In 1920. Jan.. $1 95
In 1921, Jan., $1 60. In 1922, Jan., $1 85. In 1923, Jan., $1 94. In
1924, Jan., $2 26.
RE PO RT.—
From
Interest.
Taxes,
Die.
Sur.aft
Calendar Year— Investments.
on 4s.
cfee.
Paid.
Dies
1923 ____________ $589,606
$232,120
$32,252
$324,875
$359
1922 ....................... 560,189
247,656
33,202
278,875
456
OFFICERS.— Pres., John A. Rigg: V .-P ., Walter A. Rigg: Treas.. T . W
Grooket Jr.; Sec. & Asst. Treas., J. W. Goodwin; Counsel, John M . Frame.
General offices, 411 Market St., Camden, N . J.— V. I l l , p. 75; V. 112, p.
471, 563; V. 114, p. 411, 628; V. 116, p. 517, 722, 2132; V. 117, p. 2111.
S
MUNICIPAL SERVICE CO.
ORGA N IZA TIO N .— Incorp. in Maine on Feb. 14 1912 as a holding co.
In March 1917 acquired control o f the Citizens Traction Co. (which see
under “ Oil City, P a.” ). In July 1917 acquired the Youngstown & Sub
urban R y. Co. (which see under “ Youngstown, Ohio” ) by exchange of
stock and bonds, as per offer in V. 104, p. 2235.
Also controls through stock ownership the Chester Valley Electric Co.,
Coatesville (Pa.), Alexandria Co. (Va.) Light & Power Co., Valdosta (Ga.)
Lighting Co., and York Railways Co. (Pa.). In Dec. 1924 the co. pur
chased all the outstanding stock of the Titusville Light & Power Co. V.
117, p. 2770. In Feb. 1924 it was reported that the co. had acquired the
Ware County Light & Power Co. of Waycross, Ga., and the Bainbridge
(Ga.) Ice Co. V. 118, p. 907. The properties are operated by Day &
Zimmermann, Inc., Philadelphia.
Offer to Holders of York Railways Co. Com. Stock.— See V. 115, p. 2581.
Valuation.— The valuation of the c o .’s various properties (not tael. York
Railways Co.) was placed at $7,100,000 by Day & Zimmermann in July
1920. V. I l l , p. 294.
STOCK AND BONDS.
Date.
Interest. Outstanding. Maturity
Common 100,000 shs (no p a r ) . ____
Q-J
50.000 shs.
See text
2,897.508 M ay’24 114
P refcum 6% $2,000,0 0 0($1 00)____
Q-F
678,000 Dec 1 1928
10-yr.deb bonds $1,500.000/_1918
6%
($500 & $1,000) g _____c tff IRed. at 101 on any int. date.
First Lien Coll Trust M tgef 1917 5 M-S 1
4,026,500 Mar 1 1942
$20,000,000 ($500 and $1,--! Interest payable in Boston and Philadelphia
000)_______________c* cptlPhiladelphia Trust C o., Trustee.
Bonds.— The 1st lien & coll, trust bonds are secured by $3,708,000 mtge.
bonds, $1,275,000 pref. stock and $1,941,600 common stock of subsidiary
companies and also cash on deposit with trustee, $987,743. Additional
bonds may be issued only for acquiring and placing under the mortgage
at least an equal amount o f mortgage bonds of subsidiaries now outstand
ing, or, further, at the rate of 85% for those to be issued by subsidiaries
for construction, but under certain earnings requirements. Sinking
fund of 6% of net earnings of subsidiary companies after payment of operat
ing expenses, taxes and renewal reserves, less sinking fund payments on
present sub. co’s. mtges. from Mar. 1 1918 to Mar. 1 1925. and 5% there
after. Subject to call in whole or part on any int. date at 103 and int.
Additional debentures may be issued only under certain restrictions. Tax
refund in Penna. and Mass, to amount not in excess o f laws in effect at
time o f issuance. V. 108, p. 171.
Notes.— Are redeemable since July 1 1922 at par. Tax-free in Penna. and
Mass. V. I l l , p. 294.
Dividends.— 6% is being paid on pref. stock. Of the $2,897,508 pref.
stock outstanding, $586,500 is entitled to extra divs. o f 2)4% per year.
Initial dividend of 1% on common stock paid in April 1914; in 1915, 3% ;
1916 and 1917, 4% . None to 1922, when $1 was paid. In 1923, Jan., 25c.;
April, 25c.; July', 40c.; Oct., 40c. In 1924, Jan., 40c.; Apr., 40c. In
Oct. 1923 a stock div. o f 19-81 of a share o f common was also paid.
EARN ING S.— Combined earnings o f subsidiary companies (tad. Oiti
zens Trac. Co. and Youngstown & Suburban Ry. Co.) for years end Dec 31.
12 Mos.
Cross.
Net aft. Taxes. Fixed Chgs. Other Deduc.
Bal., Sur.
$1,327,271
$594,271
$365,558
$367,442
1922_____$3,656,481
1921____ 2,496,643
807,954
388,842
206,692
212,420
1920____ 2,551,105
613,239
346.458
182,085
84,696
Latest Earnings.— For 12 mos. end. Jan. 31:
------------------------1923-24 -$4,833,628
$1,838,058
1922-23 . 3,890,359
1,462,054
------------------------OFFICERS.— President, Geo. B. Baker V.-Pres., Charles Day Sec.,
John E. Zimmermann; Treas., L . B. Harvey; Asst. Sec., C . A . McClure:
Asst. Treas., Jos. W. Swain Jr. General office, Land Title Bldg., Phila
— V. 116, p. 935; V. 117, p. 1884, 2770; V. 118, p. 907, 1392.
FRANKFORD TACONY & HOLMESBURG R Y .— A trolley road
O RGAN IZATION .— Incorp. in Pennsylvania on July 11 1910 as a re
organization of the Holmesburg Tacony & Frankford Elec. R y., sold at
foreclosure June 1 1910. For terms o f exchange o f bonds of old company
for new company bonds, see V. 91. p. 276. Franchise perpetual.
Fare Increase.— In Aug. 1918 filed with the Penn. P. S. Comm, a new
tariff increasing fares from 5 to 6 cents
V. 107, p. 696. On Sept. 15 1920,
two zones were established with a 6-cent fare In each. In Sept. 1921 was
auth. to charge an 8-cent cash fare with 8 tickets for 50 cents. V. 113,
p. 1250. In March 1922 was auth. to establish two zones and to charge
those rates in each. V. 114, p. 1407.
Valuation.— In Oct. 1920 the co. filed with the Penn. P. S. Comm, a
valuation o f $1,403,709 for its entire property. V. 111. p. 1752.
Int. Payment.— In Jan. 1924 it was announced that the co. had made no
provision for the payment of coupons due Jan. 1 1924 on its 1st mtge. 5%
bonds. V. 118. p. 84.
99
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($50)............... ... .............................. *500.000
...................
First mortgage *500.000 gold! 1910
5 g J-J
400,000 July 11940
($500 and $1,000)____c H flln t. at Tacony Trust C o., Phila., trustee.
Bonds.— Remaining $100,000 bonds are reserved for extensions and bet
terments. Bonds are not subject to call. They are listed on Fbila. Stock
Exchange. V 93. p. 105.
Earnings
Gross
Net. after
Bond
Balance,
Revenue
Cal. Yrs.— Earns.
T a xes. A c .
In terest.
Surplus.
Passengers.
1923 ______$204,452
$21,386
$ 20,000
sur.$1,386
$3,191,173
1922 ______ 196,375
19,676
20,000
def.
323
3,083,899
R O A D .—Operates 17.29 miles of track between Philadelphia, Frankford,
Bridesburg, Tacony. Holmesburg and Torresdale. of which 1 mile (in Phila.)
Is leased. 60-lb. T and 80 & 105-lb. girder rails. Gauge 5 ft. 2)4 In.
24 'Mo^nr cars, and 7 miscellaneous cars.
OFFICERS.—Pres., W m. Milnes; V .-P., James M . Castle; Sec. &
Treas., Jacob M . Vogdes.—V . 98, p. 453; V. 107, p. 696; V. 108, p. 2122;
V. I l l , p. 1752; V. 113, p. 1250; V . 114, p. 1407; V. 118, p. 84.
TRENTON BRISTOL & PHILADELPHIA STREET R Y .
ORGAN IZATION . — Incorporated in Pennsylvania as successor to the
i3hlla Bristol & Trentoa, gold at foreclosure on Aug. 2 1909 to a bondhold
ers committee. V. 89. p. 349. 780. For distribution of securities of new
company by said committee to holders of certificates of deposit of predeces
sor company in Dec. 1915. see V. 101, p. 1975.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
........... ........
Stock, ($50)..................................... - .......................... $410,800
1st mtge $750,000 ($1,000,[ 1913
5 g M-S
413.800 Mar. 11943
$500 and $100) g ____c*tf\Unlon Trust Oo. of M d., Balt., Trustee
Remaining bonds are reserved for corporate purposes. Subject to call
»s a whole on any int. date at 105 and int. No sinking fund.
EARNING S.— For years ending D ec. 31:
Year—
Gross.
Net.
Taxes. Interest. Deprec.
Surplus.
1922__________ $90,516
$22,104 $3,600 $24,365 x$l,670
def.$7,531
1921.......... ........ 106,159
33,415
5,270
24,996
5,280
def.2,131
1920__________ 124,785
19,822
3.600
22,9104,775 def. 11,463
x Discount on 1st mtge. bonds.
ROA D.-Owns and operates 17 miles of track from Torresdale to Morrlsrille. Ralls, 60 and 90-lb. girder and 72-Ib. T ; gauge 5 ft. 214 Inches
11 passenger cars, 1 freight car, 2 work cars, 2 snow plows, 1 engine and
1 generator. 400 k.w. capacity.
OFFICERS.— Pres.. Carl N. Martin; V .-P .. John Redwood: Sec. S
c
Treas., W. E. Ervin; Gen. M gr., M . J. Hill, Bristol, Pa.— V. 100, p.
1594; V. 101, p. 1975; V. 104. p. 766; V. 110, p. 466; V. 112, p. 1284.
PHILADELPHIA R A ILW A YS CO.— A trolley road.
Receiver Discharged.— This road, which had been operated by the U. S.
Shipping Board Emergency Fleet Corp. since Dec. 10 1918 under title
“ Southwestern Line,” was returned to the co. on June 1 1922. at about
which time the receivership (in force from March 11 1919) was terminated.
O RGAN IZATION .— Incorporated In Pennsylvania on May 13 1 9 1 1 as
mccessor to the Southwestern Street R y. sold at foreclosure Apr. 21 1911.
I . 92. p. 1375.
STOCK AND BONDS—
Date,
Interest. Outstanding. Maturity.
........... ........
Stock $400,000 ($ 5 0 )-.-........................................... $400,000
1st mtge $400,000 gold ($500/ 1911
5 g M -N 15 400,000 May 15 1941
and $1,000)_________ c*tf\In t.at Real Est. T it. Ins & T r.. Phila.,Trus.
Bonds are red. on any int. date at 105 and int.
EARNINGS.—
Cross
Net
Interest A Depre- Surplus or
Cal. Year—
Income. Income.
Taxes, ciation.
Deficit.
*1918................................ $205,420
$645 $25,992 $6,458 def.$31,805
1917_______
137.073
28.776
24.024
6.000 def. 1,248
30.866
1016............................. — 122.431
23,646
7,000 sur.
22o
x N o later published.
ROAD.— Owns and operates 16 miles of track within limits of
-'hila'lelphla. Also operates branch of Chester & Phila. Rys. Co. from Bow
Creek to Essington, 3)4 miles. Gauge. 5 ft. 2 M in.
OFFICERS.— Pres., I. H. Siverman; Sec., Alvin W . From; Treas.,
Chas. F. Wagner, Jr.— V. 92, p. 1375; V. 100, p. 475; V. 106, p. 2560.
PHILADELPHIA & WESTERN R Y . CO.
ORGANIZATION, &c.— Incorpor. June 6 1907 in Pa. as successor to
ihe Phila. & Western RR .Co. In 1910 control was acquired by a syn
dicate headed by Edw. B. Smith & C o., of Philadelphia and New York.
Owns one-half of the capital stock o f the Norristown Transit C o., which
road connects the Lehigh Valley Transit Co. with the Philadelphia & West
ern (see “ ROAD” below), and the entire capital stock o f the Philadelphia
& Western Home Owners’ Association, the Interborough Electric Light &
Power Co. and the Main Line Transfer Co.
For proposed line from Phila. to Valley Forge, Pottstown, &c., o f which
;he Phila. & Western R y. is to form the terminal trunk line, but take no
sart in financing the plan, see V. 101. p. 924.
In 1918 entered into a 10-year contract with the Counties Gas & Elec.
Oo. (a subsidiary of the United Gas Impt. Co.) under which the latter
cupplies the company with all its power.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
lommon $4.000,000 ($50).........................................$4,000,000 .............
-’ ref $2,000,000 5% cum from)
Ian 1 1916 ($50)...............- J -----Q-J
2,000,000 A D r’24
'‘irst mortgage $4,000,000/ 1910
5 g J-J
2,630,000 July 1
gold ($1.000)________ c * tf/In t. at Phila. Tr. C o., Phila., trustee, or at
( Edw. B. Smith O o.. Philadelphia.
The com. & pref. stocks were listed on the Phila. Stk. Exch. in M ay 1917.
Bonds.— Of remaining bonds $370,000 are in treasury. Subject to call
»t 102)4 and interest on any interest date on 60 days’ notice.
Dividends.— First div. on pref. stock— 1 )4 % — paid April 15 1916
i*me rate quarterly since.
EARNING S.— For years ending Dec. 3D
C a le n d a r
Year—
G ross
E a rn s.
N e t (a fte r M i s c .
T a x es).
D educ.
1923 ________ $870,853 $340,000
In te re st
C h a rg es.
P ref.
D iv s.
B a la n c e ,
S u r. or D e f.
$2,508 $131,500 $100,000 sur.$105,992
1922 ________ 825,459 334,688
1,673 131,500 100,000 sur. 101,516
Passengers carried during year ending Dec. 31 1923, 4,620,817, against
4,402,259 in 1922.
R OAD.— Operates a high-speed double-track road 17.33mileslong between
fhlladelphla, Norristown and Strafford, entirely on private right-of-way
*nd connecting with Phila. Rapid Transit C o .’s subway-elevated system at
59th & Market Streets, Philadelphia, and with Penn. R R . main line at
Strafford Sta. An extension from Villa Nova into Norristown was placed
In operation on Aug. 26 1912. I n Dec. 1912 connection was made with the
Lehigh Valley Transit C o.’s lines at Norristown via Norristown Transit C o.
*nd a through service established between Allentown and Philadelphia.
Total tracks, 38.19 miles; gauge, 4 ft. 8)4 in. 85-lb. rail; 25 passenger cars,
2 express and 3 flat cars, 1 snow plow; total, 31.
OFFICERS.— Pres. & Gen. M gr., J. L. Adams: Sec. & Treas., W . J.
Curry; Gen. Supt. & Aud., O. S. Mountz. Offices, Norristown, Pa.
—V. 109, p. 578, 981, 2357; V. I l l , p. 693; V. 112, p . 1978, 2084; V. 114,
p. 1652; V7 116, p. 1276; V. 118, p. 908.
P H I L L I P S B U R G , N . J.
NEW JERSEY INTERURBAN CO.
ORGANIZATION.— Organized in N. J. in 1923 to take over the proper
ties of the Northampton Easton & Washington Traction Co. (for history
see “ Electric Railway” Supplement of April 23 1923) sold at foreclosure in
N ov. 1922 as per plan outlined in V. 114, p. 1651.
The co. has been auth. to issue $100,000 com. stock, $480,000 income
mtge. bonds and $100,000 1st mtge. bonds. For terms o f exchange of these
securities for obligations of predecessor co. see V. 114, p. 1651. Upon com
pletion of re-organization the co. will be capitalized approximately as follows:
STOCK A N D BONDS.— Date.
Interest. Outstanding. Maturity.
C om m on________________) — ------------------$100,000 __________
1st mtge $1,000,000------------ 1 1922
7 J-J
100,000 Jan 11953
[Coal & Iron Nat. Bk., N. Y . City, trustee.
Income bds $500,000 (int. at\ 1922
--------- - - .
480,000 April 1 1953
rate of 5% p a, payable be-( Coal & Iron National Bank, New York City,
ginning Apr 1 1924 if earned [ trustee.
100
ELECTRIC RAILW AYS
Stock.— All o f the com. is held under a 5-year trust agreement. Trustees:
Warner Marhsall, R . A. Pritchard and L. M . Symmes.
Latest Earnings.— Of Northampton-Easton A Wash. Trac. Co. for cal.
year 1922, gross. $80,078; net, after taxes, Ac., def., $6,516. In 1921,
gross, $90,057: net, after taxes, $8,944.
R O A D .— 17 miles o f track from Phillipsburg, N . J., through Washington,
N . J., to Port Colden, N. J.
OFFICERS.— Pres., Warner Marshall; V .-P. & Counsel, R. A. Pritchard;
V .-P ., E . Hawley Van W yck: Sec.-Treas., L. M . Symmes; Gen. M gr. A
Asst. Treas., W. L. Doyle.— V. 117, p. 1462.
PINE BLUFF, ARKANSAS.
THE PINE BLUFF CO.
Controlled by the Arkansas Light A Power Co. V. 108, p. 1512.
OR GA N IZA TION .— Incorp. Mar. 13 1912 in Ark. and owns and oper
ates the electric light and power, street railway and water supply properties
In Pine Bluff. Franchises Tor street railway and electric-light system
extend to 1951; water franchise to 1947, subject to the city’s right to pur
chase at 5-year Intervals.
STOCK A N D BONDS— Date. Interest. Outstanding.
Maturity.
Com stock. $1,000,000 ($ 1 0 0 )................. ..........
$954,000
Apr’ 19, 1%
Pref7% cum $l,000,000($100)-----Q-M
953,800
Anr ’24.1
First mtge $2,000,000 gold! 1912 6 g J - J
1,857,000
Jan 1 1942
$1.000)_________ c*A r*_tf/In t. in N . Y . New York Trust C o., trustee.
Preferred Stock.— Pref. as to prin. and div.; red. at 115 on 60 days
notice. A sum equal to 15% o f gross earnings must be applied to maint.,
renewals, A c., before paying com. stock dlvs. and a depreciation reserve is
to be built from this charge up to $125,000. Pref. stockholders have full
voting power. See V. 103, p. 1119, 1413.
Bonds.— $1,157,000 of outstanding bonds bear 6% int.; rest 5% . Farther
bonds may be issued only up to 85% o f cash cost of impts., add ns or exts.,
bnder restrictions. Callable at 105 and int. on any int. date. Sinking
fund of 1% annually o f bonds out Jan. 1 1915 to 1924; 1)4% 1925 to 1934
and 2% thereafter. $560,000 o f the outstanding bonds are registered as
tax-exempt in N. Y . State under the Secured Debt Tax Law. Y. 102, p.976.
Dividends.— Quarterly div. o f 1% % on pref. stock were paid from March
1917 to and incl. Jan. 1918. In 1918, April, 1)4% ; July. 1 )4 % . lu
1919, Jan., 1)4% : and since atsame rate to and incl. Apr. 1924. Initial
div. o f 1% paid on common in April 1919. None since.
EARN ING S.— For 12 months ending Dec. 31:
12 Mos.—
Gross.
Net.
Fixed Chgs.
Bal.. Sur
$355,190
$109,255
$245,935
1923____________________ $876,028
1922____________________ 832,441
329,706
107,729
221,976
P R O PE R T Y .— Generating station o f 8,250 k. w. capacity, 60 miles
transmission lines; water pumping station with 2 triple-expansion service
pumps o f 4,000,000 gallons capacity each, and two 1,500 g. p. m. motor
driven centrifugal sewer pumps; 4 wells, said to be over 800 feet deep;
2 concrete reservoirs of over 3,000,000 gallons capacity; 52 miles of pole
lines, incl. the street railway distributing system, and 5,065 meters.
47 miles of water mains, serving 4,270 customers' water meters, and 349 fire
hydrants; street railway with 10J4 miles of equivalent single-track of 70-lb.
T-rail;21 “ pay-enter” cars.— V. 105, p. 1709; V. 106, p. 397; V. 108, p. 1512;
V. I l l , p. 1567, 1956, 2229; V. 114, p. 1535; V. 117, p. 2213; V. 118, p. 203.
PITTSBURG, KANSAS.
J O P L I N & P I T T S B U R G H R A I L W A Y . — A trolley road.
Receivership.— It is reported that the company was placed in the hands of
a receiver Feb. 29 1924. V. 118, p. 1267.
ORGAN IZATION .— Incorporated June 10 1907 in Missouri. Took
over the Pittsburg Railway & Light Co. and the Joplin & Pittsburg Street
R R . V . 85. p .4 6 9 . The Pittsburg R y. & Light Co. was incorporated in
Kansas in 1905 as a consolidation o f the Pittsburg R R . and the Pittsburg
Light & Power Co. In 1910 absorbed the Pittsburg & Kansas City R y.
(which company had acquired the Girard Goal Belt Electric R y .), and all
bonds o f that company were retired. Franchises in towns through which
road runs vary from 30 to 50 years and some are perpetual. Private right
o f way outside of cities and towns.
The $1,050,000 6% gen. mtge. bonds maturing April 1 1920 were ex
tended for 3 years at 7% , and again for 7 years to M ar. 1 1930 at 7% .
V . 116, p. 1411.
Date.
Interest. Outstanding. Maturity,
STOCK AN D BONDS—
$3,300,000
Stock common $5.000,000____
Pref. rights $2,000,000 6%
„„„„„„
cum. from April l 1916--------------------------800,000 -------------First mortgage $5,000,0001 1910
5 g M-S
1,750,000 M ch 1 1936
($600 A $1,000)___ g c * _ t fi Harris Trust A Sav, B k.O h ic., A St. L.
I
Un. Tr. Co., trustees.
General mortgage$l,050,0001 1913
7 A-O
1,050,000 Mar. 1 1930
($500 A $1,000)_____c*-tflO entral Tr. Oo. o f Illinois. Chicago, Trusiee.
Stock.— Pref. rights are 6% cumulative from April 11916 and also share in
earnings after common has received 6 % . $95,600 have been retired.
Bonds.— Remaining first mtge. bonds are reserved for extensions and
additions at 80% o f cost, but only when previous year’s net earnings are
twice interest on bonds out and to be issued. $278,500 held in treasury.
No sinking fund. Interest is payaDle at Harris Trust & Savings Bank, Chi
cago, Harris, Forbes & C o., N . Y ., or any of the offices of E. H. Rollins &
Sons V. 90, p. 914. General mtge. bonds were Issued in exchange for de
bentures o f 1910. They-originally Dore int. at 6% and matured April 1 1920,
but have oeen extended for 3 years at 7% and again for 7 years to Mar. 1
1930 at 7% . Extended bonds are call, at 100 & int. on any int. date.
V. 116, p. 1411.
EA R N IN G S.— For calendar years:
Year—
Gross. Net (aft. Taxes). Bond Int.
Balance.
1922 __________________ $708,169
$193,881
$161,000 sur.$32,881
1921 __________________ 781.345
169,848
161,000
sur. 8,848
R O A D .— Owns and operates 105,48 miles o f track, embracing some
local street railway lines in Joplin, M o ., and all in Pittsburg, Kan. and
Interurbanlines connecting the two cities, and also Pittsburg with Frontei ac,
Dunkirk, Radley, Franklin, Anna, Croweburg, Mulberry and Girard and
Cherokee, Mineral, Weir City, Scammon and Columbus. Also has line
extending into the Lawton-Waco zinc fields, 1)4 miles. 70-lb. rails.
OFFICERS.— Pres., Joseph J. Heim; V .-P ., John A. Prescott: V.-P. A
Gen. M gr., Bruce Cameron; Sec. A Treas., O. C . Snider; Asst. Sec.-Treas.,
E . S. Bigelow; Aud., Tracey P. Eyestone. General office, 918 Baltimore
Ave., Kansas City, M o. Operating headquarters, Pittsburg, Kan.—
V. 109, p. 2357; V. 110, p. 1289; V. I l l , p. 1183; V. 116, p. 1411; V. 117,
p . 670; V. 118, p. 1267.
PITTSBURGH, PA.
PHILADELPHIA COMPANY.
ORGA N IZA TIO N .— Organized on M ay 24 1884, and was originally a
natural gas company. Operates under special Act o f the Legislature oi
Pennsylvania (conferring many valuable rights and privileges) granted tc
its predecessor, the Empire C o., In March 1871. Franchises of the com
pany and its subsidiaries, with a few minor exceptions, are perpetual or
for 999 years. Its business may be classed under the following heads:
(1) Natural Gas and Oil.— Philadelphia C o., through its own lines anc
those of a number o f cos. controlled by it, supplies nearly all the natural gai
consumed In the city of Pittsburgh and the manufacturing towns lying
along the Monongahela and Allegheny rivers. Company controls bj
lease 349,389 acres of gas and oil lands in West Virginia and West
ern Pennsylvania. In 1913 the Pittsb. A West Virginia Gas Oo. pur
chased the Monongahela Natural Gas C o. by the issue of $1,500,000 coll
trust notes. The principal natural gas companies controlled are:
The Philadelphia Oo. of W . Va. JPittsburgh A West Virginia Gas Oo.
Equitable Gas Company.
[Monongahela Natural Gas Oo.
During the 12 mos. ending Dec. 31 1923 company sold 32,725,951
cu. ft. of natural gas and produced 117,410 barrels or oil. On Dec. 31 1923
owned or controlled 1,759 gas wells and 3,747 miles o f pipe. Also owned
or controlled 171 oil wells.
[V ol. 118.
(2) Electric Light & Power.— The Philadelphia Co. controls through stock
ownership the Duquesne Light Oo. which forms the electric light and
power division. See statement on a subsequent page.
(3) Street Railways.— These comprise about 650.16 m .of track .all operated
;as a matter of convenience and economy) by the Pittsburgh Railways Oo.
(except thb Clairton St. R y ., Oo., the Beaver Valley Traction C o. and ths
Pittsburgh & Beaver St. R y. C o., which are operated separately).
In Feb. 1902 acquired the elevated railroad franchises which were
granted to Messrs. Bigelow, Oliver, Quay and others. Y. 74, p. 478.
In Feb. 1906 the United Rys. Investment Oo. of San Francisco acquired
control through purchase of $21,000,000 o f the common stock, paying for
the stock acquired partly in its own stock and partly in an issue of its coll,
trust bonds. In April 1907 acquired $3,200,000 more o f the stock by an
other issue o f coll, trust bonds; now owns $24,555,000 of the com. stock.
See statement o f United Rys. Investment Oo. under San Francisco and also
7. 82, p. 393, 988.
In 1912 the company made an adjustment o f its accounts and relationswith the Pittsburgh Railways Oo. It sold to the Pittsburgh Rys. certain
•tocks of street railway and traction cos. Included in the Pittsb. Rys. Oo.
lystem (book value, $8,265,000). and also turned over to the Railways Oo.
the bills payable of that co. and of certain underlying cos. (book value, $10,649,052) held by the Phila. Oo. In return it received $10,000,000 par value
5% debentures of the Railways Oo.; interest on these debentures is payable
only if earned and is non-cumulative. See report for year end. M ar. 31
1913 in “ Chronicle" of M ay 24 1913, page 1499.
Default and Subsequent Payment of Interest on Subsidiary Co.’s Bonds.—
See Pittsburgh Rys. below. Also Consolidated Gas Co. of Pittsburgh.
On July 1 1918 the bondholders of the United Trac. Oo. filed a petition lnthe U. S. District Court at Pittsburgh asking that the Phila. Oo. and the
Pittsburgh Rys. Oo. be Jointly held responsible for payments due on
United Trac. Oo. 5% bonds. V. 107, p. 83. In Mar. 1920 the U. S.
Circuit Court of Appeals refused to hold the co. liable for int. on these
bonds. V. HO, p. 1290.
Suit Dismissed.— On Feb. 14 1918 a test suit In equity was instituted by
bondholders of the United Traction Oo. to compel the company to recognise
liability for the principal and int. o f all bonds issued by subsidiaries In the
street railways system. V. 108, p. 879. On April 10 1919 Judge Ohas. P .
Orr in the U. S. Dist. Court at Pittsburgh dismissed this suit. V. 108, p.
1611. The bondholders’ committee appealed, but the decision o f the lower
court was sustained.
Decision.— On M ay 25 1920 Judge Woolley in the U. S. Circuit Court o f
Appeals at Phila. reversed the decision of the Federal Court at Pittsburgh,
which granted the co. an order for the payment of $495,l45 from the re
ceivers of the Pittsburgh Street R y. for money loaned to its subsidiaries.
Judge Woolley held that the co. had no right to seek the return o f money
loaned to a co. in which it held all the stock. V. 110, p. 2488Equity Proceedings.— On Feb. 13 1918 the Equitable Trust Oo., o f W il
mington, Del., filed a bill in equity in the U. 8. District Court at Pittsburgh
against the Philadelphia Company and its subsidiaries, asking the Court
to restrain the defendants from limiting the supply of artificial gas in Pitts
burgh. and bring about the payment of all matured and unpaid interest on
the outstanding bonds of the Consolidated Gas Oo. V 106, p. 822. This
«ult has been withdrawn and all except $9,000 bonds o f the Consol. Gas
Oo. have been acquired by the Phila. Oo. in exchange for the latter’s pref.
itock. See Consol. Gas Oo. of Pitts, on subsequent page.
In Oct. 1921 the co. sold $16,000,000 1st ref. & coll. tr. 6% bonds ser.
“ A ” to retire $9,794,000 5% conv. debs, due M ay 1 1922 (eliminated from
table below) and to fund obligations incurred in part for capital expenditures
and in part for retiring other funded debt. V. 113, p. 1888, 2080.
In March 1923 issued $10,000,000 15-yr. 5)4% conv. deb. bonds, pro
ceeds being used to constitute further investment in the Duquesne Light C o.,
the entire com. stock of which is owned by the co. V . 116, p. 936.
Proposed Reorganization Plan.— See under Pittsburgh Railways Oo. on a
subsequent page.
♦SCHEDULE OF C A PITA L STOCK OF OTHER CORPORATION®
OW NED AND POSSESSED ON A P R IL . 1 1924.
Shares.
Total Issue.
Consolidated Gas C o. o f the City o f Pittsburghfowns stock of Allegh. Illg C o.)_ *80,000 Common out o f 80,000
Consol. Gas Oo. of O. of Pitts______
4,162
Preferred
“
40,000
(Equitable Gas Oo. of Pittsburgh_______
39,927 Common
“
39,927
Equitable Gas G o. o f Pittsburgh______ _
5,975 Preferred
“
5,975
Pittsburgh A W . Va. Gas C o.............. 37,500
“
“
37,500
do
do
22,500 Preferred
“
22,500
Consolidated Traction_____________ t/233,117
Preferred
“ 240,000
Consolidated Traction_____________ t/286.880
Common
“ 286,980
(Jnlted Traction Oo. of Pittsburgh______
67 Preferred
“
60.000
Harwick Coal & Coke C o__________
2,750
Common
“
2,750
Pittsburgh Railways C o____________ 50,000
Preferred
"
50,000
Pittsburgh Railways Oo_______ 56,000 Common
“
30,000
Duquesne Light C o_____________ — _ 182.260
do
do
100,000 Partic. pref. “
100,000
Philadelphia Oil O o___________________
40,020
Seventeenth St. Incline Plane Oo_______
5,000
Pittsburgh A Beaver Street R y ________ _
4,700
Equitable Sales C o____________________
4,653
Equitable Auto C o____________________
1,650
Equitable Real Estate Oo_____________
100
Equitable Towing A Transportation C o_
2,250
vlornlngside Electric Street R y. O o_____
480
The Philadelphia Co. o f West Virginia.. *20,000
(leaver Valley Traction Oo_____________ 21,500
Five miscellaneous companies-------------852
All of the above shares marked thus, *, are in the hands of the M ary
land Trust C o., trustee under the first mortgage, and collateral trust
dated March 1 1899. Those marked y (with the exception o f 39,646
■hares Consol. Tract, common and 157 shares Consol. Trac. pref. held in
treasury of Philadelphia C o.), are held as security for the collateral trust
bonds o f 1901. and these latter bonds are also a second lien on the shares
marked *.
* On Dec. 31 1923 the value o f securities of other companies owned
was $68,954,481.
♦SECURITIES OU TSTAN DIN G (AS OF A P R . 1 1924).
STOCK AND BONDS—
Date.
Interest. Outstanding. Lastdiv.,Ac.
Stock com $48,650,000 ($50)______
_____
$46,443,000
See text
Pref stock $25,000,000 ($ 5 0 )1 ____
6 M -N
14.557,000 M a y ’24, 3%.
6% cum_________________ I
Pref stk, 5% non-cum ($50) ____
5 M -8
1.442,450 Mar ’ 2 4 ,2H
1st Ref A Coll Tr M $100,00013,963,700 Feb 1 1944
000 ($100, $500 A $1,000 c* ■ 1919 6 g F-A
and $l,0OO r*) g tf ser. “ A ” Guaranty Trust C o., N. Y .. Trustee.
Phil Oo 1st A Col Tr M $6,- 1899
5 g M-S
2,391,000 M ch 1 1949
500,000 g ($1,000) c * - .t f Maryland Trust C o.. Baltimore, Trustee.
Phil Oo con M A col tr $22,- , 1901 5 g M -N
___
13,220,000 N ov 1 1961
000.000 g ($1,000)___ c*tfl Continental Trust C o., Baltimore, Trustee.
15-yr conv deb bds $10,000,-1
000 ($100, $500 A $1,000 c*,} 1923 5)4 g M -S 10,000,000 M a rl 1938
$1,000 A m ult.r*)_____gtfj Chase National Bank, N. Y ., trustee.
Bnion Gas C o., McKeesport] 1899
5g
160,000 Oct I 1929
1st mtge guar p A 1 g s f _(Union Trust C o., Pittsburgh. Trustee.
_____
JInterest at Mellon Nat. Bank, Pittsburgh.
• This table does not cover such proper# ?s as are separately reported
further on.
Stock.— Stock authorized was Increased In February 1899 from $7,500,000
to $21,000,000, of which $6,000,000 was 5% non-cumulative preferred.
The increase was made to acquire the stock of the Allegheny Oo. Light Co.
(acquired by Duquesne L t. C o .), Ohartiers Val. Gas Oo. and the com. stock
jf tne Consolidated Gas C o.; also by exchange the United Trac. stock. On
Dec. 4 1901 stockholders auth. an increase to $36,000,000 through the issue
rf $15.000,000 additional com . stock. The Increase was mainly for the pur
pose of acquiring the shares o f the Consolidated Trac. Co. and the Southern
Traction Oo. V . 73, p . 1112. In Aug. 1906 authorized common stock
was further increased to $36,000,000, mainly to provide for the purchase o f
the Beaver Valley Traction Oo. and Washington A Oanonsburg R y . V. 82.
p. 1323. July 22 1909 $5,000,000 additional common stock was auth. to
provide for the convertible reature of convertible debentures auth. at the
<ame time, but any shares not so used to be available for the general pur
poses of the company. V . 88, p . 1314; V. 89, p. 225. On Dec. 28 1916
authorized amount o f com . stock was Increased from $42,400,000 to $44.-
A pril, 1924.]
ELECTRIC RAILW AYS
900,000, the new stock being Issued to nay o ff floating debt. V. 101
p. 1465; V. 102, p. 68. In Aug. 1919 the auth. amount o f com. stock was
raised from $44,900,000 to $48,650,000. Listed on N . Y . and Philadelphia
Stock Exchanges. V. 116, p. 1412.
On April 29 1912 shareholders voted to authorize $25,000,000 ($50) 6%
cum. pref. stock. Of the new stock $6,000,000 was for exchange of existing
pref. stock (upon basis o f share for share and a cash payment to the co. of
$2 50 per share) and $10,000,000 for conversion of convertible debentures.
The remainder is reserved for future requirements. See financial plan in
V. 94, p. 417, 488; also Y . 94, p. 560. Listed on the New York Stock
Exchange. On Dec. 16 1918 the directors decided to issue $7,000,000
6 % cum. pref. stock, $6,506,000 ($6,475,950 issued up to Oct. 1 1922)
o f which is to be Issued in exchange for: (a) Outstanding stock (other
than that already owned by the Philadelphia Go.) o f the Allegheny Heat
ing Oo. on the basis o f 18 shares ($50 par) o f the company’s pref. stock
for each share o f the Allegheny C o .’s stock; and (6) First mtge. 5s of the
Consolidated Gas Co. o f Pittsburgh on the basis o f 18>£ shares o f the
company’s 6% pref. stock for each $1,000 bond. Under this plan the
maximum prin. amount o f the Allegheny Heating C o .’s stock which can
be exchanged is 2,090 shares (par $100), and the maximum prin. amount
of Consolidated Gas Co. bonds which can be exchanged is $5,000,000.
Up to Apr. 1 1923 the company had acquired all o f the stock and all but
$14,000 par value o f bonds. All o f the $7,000,000 6% cumulative pre
ferred stock not issued or used for this purpose is to be used for the gen
eral purposes of the company as the directors specify. V. 108, p. 683.
As o f March 31 1914. when the original offer for exchange of 5% pre
ferred stock for 6% preferred stock expired. $3,966,600 had been ex
changed, leaving $2,033,400 of the old preferred stock outstanding. In
M ay 1916 further opportunity for exchange of stock to and including
July 15 1916 was given (V. 102, p. 1897) and holders o f $590,950 stock took
advantage o f the offer, leaving $1,442,450 old pref. stock outstanding.
The Philadelphia Company stock has been listed on the New York Stock
Exchange since October 1886, and is also listed on the Phila. Exchange
See application to the N. Y . Stock Exchange in V. 70, p. 1198. and also lx
>
"Chronicle” o f Feb. 22 1902. In March 1911 stock was listed on the Park
Bourse. V. 92, p. 726.
The Phila.Co.in Jan.1908 offered to guarantee 4% per an. from Aug. 1
1907 on the $2,000,000 pref. stock of Consol. Gas Co. (entitled to 6% cum.),
provided additional earnings be divided equally between the two classes of
atock, but pref. not to receive more than 6% In any event. Holders of 75%
o f the $2,000,000 pref. stock having agreed to the proposition, the plan wai
adopted. V. 86, p. 54,605.
Bonds.— The bonds o f 1899 are listed on the Phila. and Pittsburgh Stock
Exchanges. Of the $22,000,000 bonds o f 1901, $6,500,000 are reserved
to take up th e $6,500.000 1st coll, trust bonds and $352,000 to acquirf
pref. stock of Consol. Traction Co. In 1918 the Brunot Island property
which was under the lien of this Mtge. was sold to the Duquesne Light Co
and the proceeds ($4,000,000) deposited with the trustee of this issue
$500,000 was used for additions to the property, and out of the bal
ance $3,434,000 bonds o f this issue had been acquired and retired up to
Oct. 1 1923. They are free o f Pennsylvania State tax. For security for
the bonds see V. 162, p. 801. Listed on Phila. Stock Exchange.
Under a plan dated Feb. 27 1917 (see V. 104, p. 953) sinking funds were
established beginning Mar. 1 and M ay 1 1918. respectively, to retire and
cancel bonds by purchase or call, by applying thereto each year a sum equal
to 2% o f the principal amount o f such of the $6,500,000 outstanding 1st M
and Coll. Trust 5s due Mar. 1 1949 and o f the $15,148,000 Consol. M . A
Coll. Trust 5s due N ov. 1 1951 as agreed to the plan. Assenting bonds
are stamped as subject to call as a whole or when drawn by lot for the sink
ing fund at 107M and int. for the 1st M . and 1021-4 and lnt. for the consols
$5,684,000 1st M . and coll. tr. 5s and $14,092,000 consoi. M . and coll, tr
5% bonds were so stamped, but $675,000 1st M . and coll, trust 5s and
$1,928,000 consol. M . and coll. tr. 5s have been canceled through operation
o f the sinking funds, leaving $5,009,000 and $12,164,000, respectively.
Stamped bonds have been listed on the Phila. Stock Exchange. In case the
bonds are called as a whole, they may be canceled or kept alive, as the co
may elect. For security for the 1st & Ref. Coll. Tr. M . bonds, see V . 108.
p. 683. Of the $100,000,000 auth. amount sufficient bonds are reserved to
refund, par for par, all underlying securities. Additional bonds may be
issued for 70% and 75% o f the cost o f additions, improvements, &c. under
certain restrictions. Ser. “ A ” limited to an issue of $25,000,000 6% bonds,
incl. the $16,000,000 outstanding and $9,000,000 add’l issuable against the
present properties. Ann. sink, fund o f 3 cents per 1,000 cu. ft. o f gas sold,
minimum 3% p. a. o f total 1st ref. & coll. tr. mtge. bonds issued, to be used
for purchase or call and retirement o f the bonds. Are call, all or in part at
105 and int. during the 5 years end. Feb. 1 1927; 1033-4 during next 5 years;
102 J4 during next 5 years; 101 during next 6 years; and 100 3 during last
-4
year prior to maturity, plus int. in each case. Int. payable in N. Y .,
Boston, Chicago and Pittsburgh. Free from Penna state tax. V. 113, p.
1888. Listed on N. Y . Stock Exchange. V. 114, p. 1891.
The 15-year 53-4% deb. bonds are conv. since March 1 1924 into
non-callable 6% cum. pref. stock, par for par. The debs, are call, all or
part at any time on and after March 1 1924 on 30 days’ notice, at 1023-4
and int. during the 9 years to March 1 1933 and thereafter at 34 % less
premium each year to maturity. Int. payable in New York, Boston,
Chicago and Pittsburgh. Free o f Penna. State Tax. V . 116, p. 936.
DIVS.—
J ’95. ’ 96. ’97. ’98. ’99. 00. ’01. ’02-’09. ’ 10. ’ l l . 12. 13
P ercent........... \ 5 None
4 4 X 5 bM 6% y ’ly 7
7 634 7
The foregoing divs. are for the com. stock. The old 5% non-cum. pref.
was created in 1899, and first seml-ann. paym’t o f 234 % was made In Seyi
1899 and have been regularly continued since then. 1st div. on new 0%
cum. pref.— 3% — paid M ay 1 1913; same amount semi-ann. since to and
Incl. M ay 1924. On com. in 1914, Feb.. 134 %; M ay, 1M % ;Aug., 1J4%.
The N ov. div. was paid in scrip bearing int. at 7 % . The Feb. 15 191i
div. was also paid in scrip (V. 100, p . 141). Both series o f scrip were called
for payment on Feb. 1 1916 at par and lnt. V. 102, p. 345. In M ay 1915
\ cash div. o f 134% was paid; Aug., 134%: N ov.. 134%. In 1916. 6 K %
In 1917, 7 % . In 1918, 6 % . In 1919, 6 % . In 1920, 6 % . In 1921
6 % . In 1922, 6% . In 1923, Jan., 134%; April, 134%; July, 2 % ; Oct.,
2 % . In 1924, Jan., 2% ; April, 2% .
Linear Tax Decision.— For decision o f Supreme Court o f Pennsylavni*
declaring the linear tax ordinance invalid, see V. 80, p. 1729.
Application Denied.— Attorney-General Todd o f Pennsylvania on Oct,
94 1907 denied the application o f city authorities o f Pittsburgh for permlailon to bring quo warranto proceedings to forfeit the company’s charter
lee V . 8 5 , p . 1083.
REPORT.— The report for 1923 is the first report o f the Philadelphia
C o. as a holding company, prior to 1923 the company was a combined
holding and operating company. Comparison of 1923 report with previous
years is, therefore, out of the question. Report for 12 months ending
Dec. 31 1923 in Y. 118, p. 1660, 1686.
Income Account Year Ended Dec. 31 1923 (Philadelphia Company Only.)
[Being a statement o f dividends, interest and rentals received during the
year from subsidiary companies, and miscellaneous income, together with
expenses, depreciation on property, taxes and income charges.]
Divs. & int. from investments: (a) Natural gas companies,
$2,320,050; (6) oil company, $260,100; (c) electric light and
power company, $2,145,956; (d) street railway companies,
$35,051; (e) miscellaneous companies, $192,463; total--------- $4,893,621
Interest from other sources, $298,441; rents from lease o f gas
properties, $3,819,008; rents from lease of other properties
(net), $1,304; miscellaneous, $521__________________________ 4,119,274
T o ta l.._________________________________________ _____ $9,012,895
Expenses: General administrative, $147,371; other general,
$61,696: depreciation, $1,187,856; taxes, $67,899; total------$1,464,821
Income Charges: Rent for lease o f gas properties, $877; int. on
funded debt, $2,120,358; int. on unfunded debt, $155,247;
guaranteed div. on Consol. Gas Co. pref. stock, $71,708;
amortization of debt disc. & expenses, $184,847; total--------- 2,533,046
Net income for the year---------------------- --------------------------$5,015,027
Surplus Jan. 1 1923_________________________________________ 12,659,084
Additions to surplus: Discount on bonds purchased and retired
through sinking funds (net), $18,045; collection on temporary
loan to affiliated company, previously written down, $100,000; miscellaneous, $42,638; total--------------------------------------160,684
Gross surplus___________________________________________ $17,834,795
Deductions from surplus: Divs. on pref. stocks, $946,658; divs.
on common stock (7% ), $3,166,718------------------------------------- 4,113,376
Amortization of debt discountand expense____________________
105,721
Miscellaneous ______________________________________________
9,200
SurplusJDec. 31 1923.......................... ....................- ................$13,606,498
101
Philadelphia Co. and Affiliated Operating Companies (Excl. Pittsburgh Bys. Co.
Summary of Consolidated Income for the Year Ended Dec. 31 1923 (with
Inter-Company Jtems Eliminated.)
Gross earnings fromToperations______________________________ $37,122,622
Operating (expenses, maintenance, depreciation and taxes______ 24,427,588
Netjearnings______________________________________________ $12,695,034
Other income i(net)__________________________________________ 1,353,297
4
-------------------
Gross income______________________________________________ $14,048,331
Income Charges—
Rent for lease of properties___________________________ $271,117
Interest on funded debt_____________________________ 4,568,914
Interest on unfunded debt__________________________
74,554
Guar. div. on Consolidated Gas Co. of the city of
71,707
Pittsburgh preferred capital stock________________
Amortization of debt discount andexpense___________ 314,481
Miscellaneous______________________________________
1,429
Total___________________________________________________
$5,302,203
Net income for theyear______________________________________ $8,746,127
Appropriated for dividends:
Duquesne Light Co.— Preferred capital stock____ $862,497
Philadelphia Co.— Preferred capital stocks_______
946.658
Philadelphia Co.— Common capital stock________ 3,166,718
----------------- 4,975,874
Balance available for corporate purposes_____________________ $3,770,253
^ L A T E S T EARN ING S.— For 12 months ending Dec. 3 1 :3 !
------------- Gross-------------- - ---------------Net--------------Department—
1923.
1922.
1923.
1922.]
Duquesne Lt. Co. & sub.
elec. lt. & pow. cos.a-$19,383,622 $16,895,609
$6,790,479 $6,544,838
xBeaver Val. Trac. Co.a
700,944
642,710 ' 136,841
152,360
Seventeenth St. Incline
Plane C o .a .................
38,707
38,167
797
1,198
Philadelphia Co. & sub.
natural gas c o s .a ____ 14,568,800
13,662,351 4,967,886 5,180,190
Philadelphia Oil C o .a .. __ 391,742______ 912,391
147,562
629,143
3&Note.— The above earnings do not'inclu'de income from investments, and
are before providing for int. on debt and other income deductions.
a Net earnings here given are after thejdeduction f taxes, x Incl.
Pitts. & Beaver St. R y.
OFFICERS.— .Tames D. Gallery. Chairman of the Board; A. W. Thomp
son, Pres.; James H. Reed, V .-P.; A. W . Robertson, V .-P.; C. S. Mitchell,
V .-P . & Comp.; C. J. Braun Jr., Treas.; W . B. Carson, Sec.; Alfred Hurlburt, Gen. Mgr. Office, 435 Sixth Ave., Pittsburgh, Pa.— V. 116, p. 177,
296, 616, 936, 1050, 1178. 1276, 1407, 1412, 2007, 2131. 2389, 2767; V. 117,
p. 208, 326, 554, 1993;.V. 118, p. 203, 1013, 1136, 1521, 1080,-1686.
STREET RAILW AYS.
1. P ittsburgh Railways Co.— A trolley road.
R eceivership Term inated. — On Jan. 30 1924 Federal Judge Thompson at
Pittsburgh signed a decree ordering a return of the properties of the com
pany to the owners and lifting the receivership, which had been in effect
since April 23 1918, at midnight Jan. 31 1924. V. 118, p. 552. Compare
V. 118, p. 432; V. 117, p. 2139.
__
Proposed Reorganization Plan.— A plan for the reorganization of the
system embodied in an agreement proposed to be executed by the City of
Pittsburgh, the Philadelphia Oo. and the Pittsburgh Rys. Co., was pre
sented to the Pittsburgh City Council July 25 1921. The plan contemplates
the reorganization of the co. or the formation of a new co. to take over all
its assets. The new co. would be limited to $62,500,000 in the issuance of
securities in substitution of securities now outstanding amounting to
1156.000,000. An annual return of 6% for 10 years is allowed on the new
capitalization, which is the value o f the railways properties as fixed by the
P. S. Comm, (see below under “ Valuation” ). The city is given a voice in
the control of the co. The proposed plan was printed and copies distributed
by the Municipal Law Dept, of the City of Pittsburgh. For full details of
plan see V. 113, p. 533, 731. Nineteen boards of trade, chiefly outlying
districts entered into a joint protest against the proposed plan, but it is un
derstood that no appeal will be made to the Superior Court. V. 114, p.1288.
V. 113, p. -1252. The above plan was approved by the Pittsburgh City
Council, with certain amendments (see V. 113, p. 2721), and signed by the
Mayor and A. W. Thompson, Pres, of the co., in Dec. 1921 (V. 113, p.
2721). On Feb. 14 1922 the Penna. P. S. Comm, approved the plan.
V. 114, p. 855. No details as to the actual basis of the proposed financial
readjustment are as yet available. V. 114,p. 1288. Seealso V. 115,p.870,
2268, 2378, 2686; V. 116, p. 1412, 2516; V. 117, p. 1018, 1664, 1778; V.
118, p. 1666.
Default— Subsequent Payments.— The company failed to pay the Jan. 1
1918 interest on the bonds of a number of subsidiaries and the directors of
the Philadelphia C o., which was already a creditor o f the Railways Co. for
» large amount, refused to make it further loans. All the Jan. 1 1918
coupons, except on the United Traction 5s, were paid in March 1918.
V. 106, p. 930, 1232. Coupons on the United Trac. 5s have since been paid
from time to time. V . 113, p. 2722; V . 114, p. 80.
Holders of $343,000 Pittsburgh & West End Passenger R y. 1st Mtge.
5s due July 1 1922 were asked to convert their holdings into West End
Traction gen. mtge. 5s, due Jan. 1 1938. For details see V. 115, p. 183.
Up to Jan. 1 1924 $29,000 had been so converted, balance of $314,000 being
paid int. at the rate of 6% . Compare V. 117, p. 1993.
The company as o f April 1 1924 was in default in the payment of the
following and subsequent rentals due subsidiary companies:
I
Due April 1 1919.
Due Nov. 1 1920.
IMorningside Elec. St. R y.
Consolidated Traction Co.
Claims for Rentals.— See V . 115, p. 760.
Bondholders' Protective Committee.— See United Traction Co. of Pittsburgh
below. See also V. 116, p. 2389.
&
H
Valuation.— In March 1918 the Public Service Commission appointed
a committee to ascertain the physical valuation of the c o .’s properties and
to recommend fare rates which will yield it a fair return on its investment.
In Aug. 1918, under orders from the P. S. Comm., the receivers ap
pointed a board of three (A. J. Kelly, Henry P. Haas and J. W . Cree) to
make the valuation. V. 107, p. 697. According to the report to the P. S.
Oomm. in Aug. 1919, physical value of the co. in the opinion of engineers
for the city is $48,066,000, and in the opinion of engineers for the co. either
$60,889,804 or $70,120,804. V. 109, p. 776. 1367. In March 1920 the
P. 8. Oomm. fixed $62,506,000 as the value o f the co.’s property, this being
a compromise between the above mentioned valuations. V. Il6 , p. 1290.
The city, however, carried an appeal to the Superior Court of Penna., but
this was withdrawn by agreement.
This was formerly the Southern Traction C o., but in accordance with the
Authority vested in lt by the terms of its charter, the directors of the Southsrn Traction Co. on Dec. 30 1901 voted to change the name of the company
to the Pittsburgh Railways Co. The Philadelphia Company had previously
Acquired all the stock, common and pref., of the Southern Traction, in
Accordance with the terms in V. 73, p. 1112.
The Southern Traction Co. was chartered in 1900 to take over, extend
tnd operate the West End Traction lines, which werepurchased In Aug. 1900
'or $4,500,000.
•
'
Leases the Pittsburgh & Castle Shannon R R . for 99 years, rental being
S15.000 per annum. See V. 81. p . 778.
The following stocks (being in each case the entire issue) are owned:
50.000 shares common stock of the West End Traction Co.
“
preferred stock of the West End Traction Oo.
50.000
•
• common stock of United Traction Co. of Pittsburgh.
*40,000
“
preferred stock of United Traction Oo. of Pittsburgh.
68,999
"
common stock of Allegheny Bellevue & Perrysville R y. Oo.
5.000
Allenport & Roscoe Electric St. R y. Co.
300
Ambridge Dlxmont & Emsworth St.Ry.Oo.
120
Ben Avon & Emsworth 8t. R y. Co.
3.000
Cedar Avenue St. R y. Co.
80
Clairton Street R y. Oo.
600
East McKeesport 8treet R y. Co.
6.000
M t. Washington Street R y. Oo.
80.000
Pittsburgh Canonsburg & Wash. R y. Co.
1,590
Pittsburgh Express Oo.
1.400
Pittsburgh & Charleroi St. Ry. Co.
50.000
1U/5
ELECTKIC EAILW AYS
[V ol. 118.
200 shares common stock of Rosslyn Street R y. Oo.
Bonds.— On 1st mtge. bds. a sinking fund of $5,000 per annum became
Superior Ave. S Shady Ave. St. R y. Oo
c
operative after 5 years; $82,000 have been canceled, $125,000 of the new
80
•
bonds are reserved to retire the bonds of the Washington Electric Street Ry
24
Tustin Street R y. Oo.
The 2d mtge. bonds outstanding are owned by Pittsburgh Rys. Co,
20.000
Washington & Oanonsburg R y. Oo.
480
Washington & Claysville Street R y. Oo.
ROAD.— Operates 16.64 miles in and between Washington, Tyierdale
500
West Shore Electric Street Ry. Oo.
‘ *nd Canonsburg.— V. 87, p. 348; V. 88, p. 626; V. 106, p. 88; V . 116, p. 411*
120
Virginia Avenue Street R y. Co.
400
McKees Rocks & Ingram St. R y. Oo.
(c) P ittsbu rgh C an onsbu rg & W ashin gton Ry.
300
McKees Rocks S Neville Isl. St. R y. Oo
c
Default and Subsequent Payment.— See Pittsburgh Railways above.
Grafton & Ohartiers Valley Tract. Co.
120
O RGAN IZATION .— In 1907 was leased for 30 years to the Washington
Pitts. Banksvilie & M t. Lebanon S. R . Oo
400
fc Canonsburg R y.. which guarantees bonds, principal and Interest.
Carnegie Bridge Co.
100
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
West Liberty & Suburban St. R y. Oo.
120
■Stock (1,590 shares, all owned by Pittsburgh R ys.).
160
McKees Rocks S Allegheny Street Ry.
c
( 1907
5 J-J
$750,000 July 1 1937
174
Bon-Air Street Ry.
1st M . $750,000 ($1,000) gold! Safe Deposit Trust C o., Pitts., trustee. Ins
Clairton S Blair Street R y. Co.
c
120
tf l at company's office, Pittsburgh.
168
Pine Run Street R y. Co.
Second mtg $500,000 ($ l,-( 1913
5 J-D
89,000 Dec. 11943
Also owns 100 shares pref. stock o f the Consolidated Traction Oo.
000); red at 102 & Int o n iln t. at office of co., Pittsb., or Safe Deposit
By the terms or an operating contract, effective Jan. 1 1902, the Pitta
10 weeks notice_______ t fl & Trust C o., Pittsb., Trustee.
burgh Rys. On. assumed control of all the properties of the Consolidated
Bonds.— 1st mtge. bds. are redeemable at 105 and int. on any int. date ;
Trac. C o., the United Trac. Co. o f Pitts, and their underlying companies.
cuar., p. & I., by Washington & Oanonsburg R y. and Pittsburgh R y » Street Car Subway Loop.— On July 8 1919 voters of Pittsburgh authorized
Second mortgage bonds outstanding are owned by Pittsburgh Rys. Co.
a $6,000,000 bond issue for the construction of a down-town subway loop
R O A D .— Operates 12.02 miles of track between Canonsburg an®
V. 109, p. 371. Compare V. 108, p. 2330.
Castle Shannon. 80-lb. rails.— V. 106. p. 87. 1231; V. 108, p. 2630.
Over-crowding Ordinance.— On Feb. 7 1911 Common Pleas Court N o. ]
(d) O ther C ontrolled P roperties.— Bonded debt.
rendered a decision restraining city from entering or prosecuting any suit
Under date Dec. 1 1913 the following named companies controlled by the
upon so-called over-crowding ordinance, enacted July 30 1910. V.92, p. 463
Pittsburgh R y. Oo., as shown above filed mortgages to secure issues of
Decision.—For decision by Pa. Supreme Court, holding that city cannot
1st M . 5% gold bonds (int. J. & D .c*tf) due Dec. 1 1943 (par $1,000) but
collect tolls for use of Point and Smithfield St. bridges, see V. 98 d . 1090
all or part,
102 and Int. on 10 weeks’ notice.
Fare Decision.— In July 1918 the Penna. P. S. Comm, held that the callable, In each case at owned by the Pittsburgh Rys. Oo. The outstanding
*mount
Is
State constitution does not auth. municipalities, through contracts with
Name of Company—
Total Auth.
Trustee.
railway cos., to take away from the people the right to regulate fares. Thie Cedar Avenue St. R y .O o ________ $40,000 Total Issued. Tr. Oo., Pittsb.
Col.
decision was handed down in the case of the Borough of Wilkensburg against Bon Air Street R y. O o__________ 100,000 $39,000 Col. Tr. C o., Pittsb.
45,000
the co. based on its notice o f proposed increases in rates. V. 107, p. 402
West Shore Elec. St. Ry. O o_____100,000
85,000 Col. Tr. O o., Pittsb.
See also V. 109, p. 477; V. I l l , p. 1370=
Superior Ave.& Shady Ava.3t.Ry . 65,000
65,000 Col. Tr. C o., Pittsb
Injury Judgments.— See V. 114, p. 1767.
Mlenport & Roscoe Elec. St. R y ..500,000 127,000 Union T r. Co..Pitts
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity
(2) United T ra ction C o. o f P ittsbu rg h .
Com. stock, $2 ,500 ,000 ..($5 0)............................ $2,500,000 ...............
Pref. 6 % ,cum, $2,500,0 0 0 ($ 5 0 )..................... .......
2,500,000
......... .
Default— Bondholders' Protective Committee.— In view of the default by
Gen mtge. $20,000,000, redl 1913
5 A-O
2,539,000
1953 the Pittsburgh Railways in payment of the Jan. 1 1918 interest on the
at 105 & Intguar p & i tfJ Guaranty Trust C o., N. Y ., trustee.
United Traction Co. 5% bonds due in 1997 (subsequently all back int. on
................. 10,000,000 - ................. this issue was paid) and on the bonds of various other subsidiary com
Income debs, $10.000,000— t f 1913
f 1913
6 M-S
62,000 See text
panies (all back int. on latter also subsequently paid), a committee was
Oar trusts $450,000 ($1,000)-{In t. at co’s office. Fidelity Title & Trust Co., formed to protect the several bond issues affected. In Feb. 1919 the scope
tf l Pittsburgh, Trustee.
of this committee was widened so as to include all the bonds issued by cor
Oar trusts $110,000 ($1,000).1 1916
5 A-O
22,000
8eete>t porations included in the system. V. 108, p. 684. In M ay 1923, however,
/Colonial Trust C o., Pitts., Pa., trustee.
the committee announced that having accomplished the main objects in
Bonds.— Of the gen. mtge. bonds, $4,000,000 are to retire Southern Trsc. tended bonds deposited with the committee might be withdrawn by the
bonds and $13,481,000 (of which $3,401,000 in treasury) are for extens., holders. For statement by committee see V. 116, p. 2389. The committee
betterm ents and im provem ents. V . 97. p . 444, 666. $1,968,000 are guar was composed of the following:
Chairman, Thos. S. Gates; Geo. H. Frazier, J. Rutherford McAllister,
anteed, prin. & in t., b y Philadelphia C o . Philadelphia O o. owns $10,000,000 incom e debentures. Car trusts o f 1913 mature M a rch 1 1914 to Sept. 1 B. Howell Griswold Jr., John H. Mason, A. A. Jackson, O. S. W . Packard
»nd A. O. Robinson; Sec., J. O. Wallace, 415 Chestnut St., Phila. Deposi
1925, incl. $388,000 have been retired. Car trusts o f 1916 mature
taries: Philadelphia Trust C o., Phila.; People’s Savs. & Tr. C o. of Pittsb.
$11,000 annually April 1 1917 to 1926. $88,000 have been retired.
*nd Safe Deposit & Trust Co. of Baltimore. V. 106, p. 1232; V. 108, p. 684;
Guaranteed Bonds—
Date.
Interest. Outstanding.
Maturity.
West Liberty & Sub. St. 1st) 1908 5 g J-J
$250,000 Jan 1 1938 V. 116, p. 2389.
OR G A N IZA TIO N .— Incorporated on July 27 1896, and in June 1897
M $250,000 ($1,000) g —tf / Int. at Colonial Tr. C o., Plttsb., trustee.
purchased all the property and franchises of the Second Ave. and North
Debt of Old Southern Trac. Co.—
So Trac 1st M , coll tr. g, $4.-f 1900 5 g A-O
4,000,000 Oct 1 1950 side traction companies, and secured control of the Pittsburgh Allegheny &
Manchester through a lease for 950 years and the purchase of Its stock.
000,000 ($1,000)____c * .t f iln t . at Union Tr. C o.. Pittsburgh. Trustee
West End Traction gen M ,f 1898 5 J-J
1,010,000 Jan 1 1938 V. 65. p. 27. The Federal St. & Pleasant Valley Passenger R y. is controlled
through its lease for 950 years to the North Side Traction. In 1902 leased
51.500.000____________ tf l Int. at Union Tr. Oo., Pittsburgh, Trustee
the Pittsburgh S Birmingham Traction C o., East McKeesport Street R y .
c
Underlying loans of West End Traction—
c
Pittsburgh Grafton & Mans-f 1894 5 J-J
176,000 July 1 1924 »nd the Pittsburgh S Charleroi Street Ry.
field 1st M ____________ tft Int- at
PittsburghTrust C o., Pittsburgh.Lu March 1899 the Philadelphia Co. offered to give $6,375,000 of Its comnon stock In exchange for the $17,000,000 common stock of the United
Pitts & West End 1st M _ t f 1892 6 J-J
_
314,000 See text
Traction. See V. 68, p. 479
In Oct. 1899 exchange of stock under this
Bonds.— The Southern Traction mortgage cannot be called before plan was begun and all shares have been acquired and are now owned by
maturity. Philadelphia Company owns $126,000. The Farmers’ De
Pittsburgh Railways.
posit National Bank o f Pittsburgh offered the bonds for sale
On Jan. 1 1902 the Pittsburgh Railways Co. took over this property,
In Oct. 1900. See V. 71, p. 864. Of the portion of the 5s of 1898 of *nd, under the terms of the operating contract, agrees to pay current divithe West End Traction still unissued. $490,000 are reserved to retire under lends of 5% on the pref. stock. The agreement was until Jan. 1 1907 and
lying Donrts. Bonds of the West Liberty & Sub. St are guaranteed by hereafter until terminated by three months’ notice from either party.
Pittsburgh & West End 1st mtge. 5s matured July 1 1922 but holders were
The Jan. 1915 and subsequent divs. on the pref. stock were passed. In
asked to convert same into West End Trac. gen. mtge. 5s due Jan. 1 1938. Feb. 1917 the management offered to each pref. shareholder of the United
Up to Jan. 1 1924 $29,000 had been converted and co. is paying int. on the Traction Oo. 66 2-3% of his holdings In a 5% mortgage bond of the Pitts
remaining $314,000 at the rate o f 6% .
burgh Rys. C o., to be guar., p. & I., by the Philadelphia C o.; or, as an
alternate proposition, $25 in cash for each share of stock (par $50). V . 104*
Receiver's Report.— For calendar years;
o. 665. 1389. 59,066 shares were acquired.
Calendar Years—
1923.
1922.
1921.
Passengers carried__________________ 331,685,387 311,235,894 311,863,881
STOCK AND BONDS—
Date.
Interest. Outstanding. Div.or M at.
Operating revenue__________________ $22,758,094 $21,370,527 $21,541,312 lom stock. $17,000,000 ($50)...........
J-J
*$17,000,000 July’ 12,
Operating expenses and taxes_______ 18,550,409 17,724,174 17,661,992 Pref, cum, $3,000,000 ($50)___ 5 J-J
3.000,000 See text
United Trac gen m. gotd.f 1807
5 g J-J
4,797,000 July 11997
Operating income________________$4,207,685 $3,646,353 $3,879,320
$10,000,000 ($1,000)-_c*tf {Maryland Trust Oo., Baltimore, Trustee.
Non-operating income______________
220,691
209,938
190,631
. Interest Is payable In New York City.
Pitts Alleg & M a n c h e s te r -.tf____
5
1,489.000 Oct 1 1930
Gross income____________________ $4,428,376 $3,856,291 $4,069,951
Second Ave Trac mtge, gold/ 1894
5 g J-D
2,020.600 Dec 1 1934
Fixed charges______________________
3,462,562 3,526,962
3,720,463
($ 1 ,0 0 0 )___________ c*_tfl Maryland Trust C o., Balto., M d ., Trustee.
Interest at Brown Bros. & C o., N. Y ., or A. Brown & Sons. Baltimore.
Receiver’s net income, surplus_____
$965,815
$329,329
$349,488
Id Ave Traction Oo m tg e-. _tf 1893
6 J-J
392,000 July 1 1933
Less verdicts, settlements, pre-receiv
Loans payabie Dec 31 1923 . . ___
________
1,585.671 ___________
ership damage claims____________
______
______
186,498
* All owned bv Pittsburgh Rys. Co.
The United Traction receives the entire earnings of the North Side
Net income______________________
$965,815
$329,329
$162,990
Pitts. A. & M . and Second Ave. traction companies, subject only to annual
LATEST EA R N IN G S.— See Philadelphia Company above.
fharges of $259,800
Dividends.—On preferred divs. at the rate of 5% annually were paid to
ROAD.— The Pittsburgh Railways Co. operates 593.32 miles of track in
1915 div. passed. V. 100, p. 55. None since. See
Pittsburgh and outlying boroughs. Equipment consists of 1,478 closed July 1914- Jan. On common.
July 2 1903 and Vi %
remarks above.
cars, 112 open cars and 294 miscellaneous cars. Has long-time contract months to and including Jan. 1912. paid July 1912, Vi%- None each six
In
since.
with Duquesne Light Co. for supply of light and power.
Bonds.— The new United Traction mortgage is limited to $10,000,000
OFFICERS.— Chairman of Board, J. D . Gallery; Pres., Arthur W
bond)? cannot be redeemed before maturity; Maryland Trust Oo. of BaltThompson; V .-P., J. H. Reed; Gen. M gr., T . Fitzgerald; Sec., W . B. Car- more Is trustee. Of these bonds. $5,196,000 are reservea to retire the divi
son; Treas., C. J. Braun Jr.; Comptroller, C. S. Mitchell.— V. 117, p. 1018, sional bonds above mentioned. Bonds are listed on the Philadelphia andl
1463, 1778, 1993, 2213, 2772; V. 118, p. 312, 432, 552, 1666.
Baltimore Stock Exchanges.
R OAD.— Controls 236.83 miles of track In all.
(a )
M ount W ashington Street R y.— A trolley road.
R E PO RT.— Not now an operating company
ORGAN IZATION .— Incorporated in Pennsylvania on Oct. 8 1901 and
OFFICERS.— Pres., A . W . Thompson; V .-P ., J. H. Reed; Sec., W . B.
later absorbed the Sycamore Street Ry. Also owns the entire ($500,000)
Oarson; Treas., O. J. Braun Jr.; Comptroller, O. S. Mitchell. Office, Pitts
capital stock of the Mount Washington Tunnel Oo. Stock of the Mount
Washington Street Ry. is owned by the Pittsburgh Rys. The road is burgh, Pa. Financial agents, Alexander Brown & Sons. Baltimore, M d ,—
leased to the Pittsburgh Railways Oo. for 995 years from April 1 1903 for V. I l l , p. 2141; V. 113, p. 2722; V. 114, p. 80, 1288, 1892.
all charges, including bond interest.
LINES CONTROLLED BY U N ITED TR AC TIO N CO. OF P ITT S.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
(a) Federal Street & Pleasant Valley R y.— Trolley.
Stock, $1,500,000 ($50).............................................$1,500,000 — ...............
Default and Subsequent Payment.— See Pittsburgh Railways above.
l it mortgage and col tr,( 1903
5 g A-O
1,500.000 April 1 1933
O RGAN IZATION .— Incorporated Feb. 20 1868, and has since consoli$1,500,000, gold ($1,000),(Penn. Oo. for Insurances on Lives S Grant
c
iated Its various subsidiary companies. The franchise is perpetual.
guar, prin and int__ c*_tf l ing Annuities, Philadelphia, Trustee.
The North Side Traction Co. on July 20 1896 leased the Federal Street &
Bonds are guaranteed, principal and interest, by endorsement, by tht
Peasant Valley for 960 years,
debt,
pay as
Philadelphia Co. Interest payable in New York, Pittsburgh and Phila -entai all taxes, rentals, &c., andassuming its yearly and agreeing to Jan. 15
in
delphia. No sinking fund and bonds cannot be called. The stock of tht *nd July 15. equal to 5% on thealso $70,000 stock, oi' cash, payable $750.$1,400,000
which it owns
Tunnel Co has been pledged as collateral under this mortgage. Se< 100. V. 63 o. 31. 76. 189.
V .7 0 .p . 1143.
The $88,000 5% bonds of the Federal Street & Pleasant Valley, due July 1
ROAD.— Operates 12.765 mile* of track from Pittsburgh to Mount 1919, were extended for 2 years at 6 % , but had not been taken up as of
Lebanon. Gauge, 5 ft. 2V6 inc.— V. 80, p. 222; V. 108, p. 379.
Apr. 1 1924, but interest was being paid at the rate of 6% .
As of Apr. 1 1924 no arrangements had been made for the retirement or
(b )
W ashington & C anonsburg R y.— A trolley road.
extension of the 4 issues of underlying bonds maturing N ov. 1 1920.
Default and Subsequent Payment.— See Pittsburgh Railways above.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock all owned by Pittsburgh Rys.
ftock (par $25), full paid__________
5 J-J
$1,400,000
See text
ORGANIZATION.— Incorporated in Pennsylvania on June 2 1902
''nnsol mtge, $1,250,000. g. I 1892
5 g J-J
1.082.000 M ay 1 1942
Successor on June 2 1902 to the Washington Electric Street Ry. In Jan
($1,000), on 23 m iles._c*tf\Int. at Fidelity Title & T r. C o., Pittsburgh.
1909 Pitts. Rys. began operating the property. Franchises perpetual
Underlying mortgages— «
Leased in 1907 the Pitts. Oanonsburg & Wash. St. Ry.
Fed St & PI Vai mtge.......... tf 1889
6 J-J
88.000 July 1 1921
STOCK AND BONDS—
Date. Interest Outstanding.
Maturity
Allegheny & Bell 1st m tg e .-tf 1890
5 J-J
15.000 Nov 1 1920
Stock $1,000,000 ($50)............ ..........
............... $ 1 ,0 0 0 ,0 0 0 ......... - - - - Allegheny St 1st mort____,t( 1890
5
27.000 Nov 1 1920
1,000 Nov 1 1920
Wash Elec St Ry 1st M ___ . .
1897 5 g
125,000 Feb 11927 Perry St 1st mortgage_____ tf 1890
5 J-J
5 J-J
37.000 Nov i 1920
First
mortgage
$650,000 ( 1902 5 g J-J
443,000 July 11935 Troy Hlli 1st mortgage_____ tf 1890
gold_______________c&r t flln t . at Colonial Tr. Co., Pittsburgh, Trustee
Bonds.— The consolidated mortgage of 1942 Is for $1,250,000, of which
Second mortgage $500,0001
1913 5 J-D
185,000 Dec. 1 1943 <he balance unissued Is In the hands of trustee to retire all the other Issues;
mortgage trustee Is the Fidelity Title S Trust C o., Pittsburgh. All the
c
($1,000); red at 102 & inti Int. at office of co. or Colonial Trust Co.
on 10 weeks’ notice_____t f I Pittsburgh, Trustee.
•bove Issues are guar., p. & 1,, by United Traction Co.
A pril, 1924.]
ELECTRIC RAILW AYS
103
R O A D .— Embraces 34.39 miles of track (including sidings) on about 17 All arrears of divs. were paid up In Jan. 1903. V. 76, p. 48. First dlv. of
1% on common paid Jan. 2 1903; then 1% July 1903; 1904 to 1911, Inch.
miles o f street.— V. 106, p. 85. 929, 1230.
2% per annum. In 1912, Jan.. 1% ; July, 1% .
(b) P ittsbu rgh & Birmingham T ra ctio n .—A trolley road.
Bonds.— The equipment trust certificates Series “ B " mature $25,000
On Jan. 1 1902 leased for 999 years to the United Traction Oo., which hai
agreed to pay all interest, taxes, &c., and also SI50.000 annually as rental
semi-annually from April 1 1915 to October 1 1924: $475,000 have been
Lease is guaranteed by the Philadelphia Co.
retired; they are secured by 100 cars costing $581,945. The Series “ O”
OR G A N IZA TIO N .— Incorporated Aug. 15 1889; N ov. 19 1889 leased car trust bonds mature in ten annual installments of $20,000 each from
P. & B. Passenger R y., Including South Side Pass. R y. Oo. Also leased April 1 1917 to April 1 1926, inclusive. $160,000 have been retired. They
and operated from Dec. 1891 Pittsburgh Incline Plane Oo. and M t. Oliver are secured by 50 cars costing $221,000. Free from Penna. State tax.
V. 102, p. 608. The Series “ D ” car trust bonds mature $40,000 each
Incline Plane Oo.; operated also Birm. Knoxville & Allentown Traction Oo
In Aug. 1900 purchased the $400,000 capital stock of the West Liberty 6 mos. from April 1 1917 to Oct. 1 1926 inclusive. $600,000 have been re
tired. They are secured by 175 cars costing $900,000. The Series “ E ,’
Street R y. and constructed a line to M t. Lebanon. V. 71, p. 343.
car trust bonds are to be secured by 50 cars costing $225,000. They mature
STOCK AND BONDS—
Dale.
Interest. Outstanding.
Maturity. In 11 annual payments commencing Nov. 1 1918. $99,000 retired.
Stock ($50)______________________
Text
$3,000,000
See text
The Fort Pitt Tract, bonds are secured by the deposit of the shares of the
l it M guar p & I by United I 1889
5 g M -N
1,500,000 Nov 1 1929 constituent companies out of which the Fort Pitt Co. was formed, namely.
Tr Oo ($1,000)______ c*tf (Fidelity Trust Oo. of Philadelphia, Trustee. $300,000 Fort Pitt Pass. R y. stock. $100,000 Gross St. Ry. stock, $100,000
The So Side Pass Ry 1st M f 1913
5 A-O
10.000 Oct. 1 1953 Highland Park St. R y. stock, $100,000 Negley St. R y. stock.
($1,000) not sub to c a ll--tflIn t. at Colonial Trust C o., Pitts.. Trustee
ROAD.— Controls 224.21 miles of track in all.
Guaranteed Bonds—
OFFICERS.— Pres., A. W. Thompson; V .-P ., J. H. Reed; Sec., W . B .
Birin Knox & A 1st mtge.f 1891
6 g M-S
500,000 Sept 1 193i
Carson; Treas., C. J. Braun Jr.; Comp., C. S. Mitchell.— V. 113, p. 847.
gold, interest guaranteed- . (Fidelity Trust Oo., Philadelphia, Trustee.
Brownsville Ave St Ry 1st M . 1896 5 F-A
300,000 Aug 11926
(a) Ardmore Street R y.
ORGANIZATION.— Incorporated In Pennsylvania on Oct. 31 1907.
West Liberty St Ry 1st m tge.//1900
5 g J-J
400,000 July 11936
1 Pittsburgh Trust Oo., Trustee.
Road mostly on private right of way. Franchises In boroughs are r potual
R OAD.— Operates 30.44 miles of track, laid with 90-lb. rails.
Consolidated Traction owns all the stock and guarantees the bonds, prin
cipal and interest. V. 88, p. 881. Philadelphia Co. owns $26,000 bonds.
ANNUAL R EPO RT.— Not now an operating company.— V. 72, p. 776
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Lines Leased to Pittsburgh & Birmingham Traction Co.
Stock $14,000 ($50)_________ _____
_________
See text __________
Mt. Oliver incline R y.— Owned, leased and operated by Pittsburgh & First mtge $1,250,000 gold? 1908
5 g A-O
$1,032,000 April 1 1958
Birmingham Traction Oo. Stock, $100,000. Bonds, 1st M . 6s. (cpt) M . &
($ 1 .0 0 0 )____________ c*tf(In t, at Colonial Trust C o., Pittsb., trustee.
W.,' due May 1 1954. $41,500. Red. at 105 and lnt. Colonial Trust Oo.
Bonds.— Remaining bonds are reserved for extensions and betterments.
Pittsburgh, trustee.
No sinking fund, but subject to call at 105 and Interest.
Default and Subsequent Payment.— See Pittsburgh Railways above.
R O A D .— Operates 8.22 miles of track between Wiikinsburg and East
Pittsburgh in clin e Plane.—Leased for 999 years to Pittsburgh & Birm Pittsburgh.— V . 88. p. 881.
ingham Traction Oo., at rental equal to Interest on bonds and 10% o d
Lines Controlled by Consolidated Traction Co.
$150,000 stock, free of tax; dividends were 9% yearly for some time, balance
(a) A llegheny T ra ction .
being carried to surplus, but were increased some time prior to Jan. 1 1902
O RGAN IZATION .— Incorporated July 23 1890. April 1 1890 this
to 10%. The $150,000 1st M . 6s due July 1 1919 and the $100,000 2d M.
sompany was leased to the Fort Pitt Traction Company for 950 years at a
6s have been purchased by the Philadelphia Co.
•ental of $25,000 per annum. Lease assumed by Consol. Traction Co.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
STOCK AND BONDS—
Date.
Interest. Outstanding.
Last die:
Stock (par $100) full paid___ _____
Q-F
$150,000
See text
Stock, $500,000 (par $50)_________
5%
$500,000
See tex*
1st mtge ($1,000 each )-_.c*tf 1889
6 J-J
150.000 July 1 1919
Guaranteed Bonds—
6%
100,000 ___________
Second mortgage__________________
Vllllvale Etna & Sharpsburgf 1893
5 g M -N
741,000 N ov 1 1923
R O A D .— Road extends from Forty Hill. Pittsburgh, on Bradford Street,
1st M $750,000____g _tf(In t. at Pittsb. Tr. C o., Pittsburgh, Trustee.
to Washington Avenue, on top of hill.— V. 106, p. 87; V. 108, p. 2529
Dividends.— The semi-annual dividend of 2 /4 % due June 1 1901 was
oassed, the proceeds being used to pay off the floating debt. In 1902.
(c) P ittsburgh & Charleroi Street R y .— A trolley road.
Stock owned by Pittsburgh Rys.
4 /4 % : 1903 to 1920, incl.. 5% per annum.
ROAD.— Including Millvale Etna & 3harpsburg, 21.755 miles of road.
ORGAN IZATION .— Incorporated April 19 1902 and took over the Oh arlaroi & West Side Ry.; is leased to the United Traction Oo. for 900 year?
(b) C entral T ra ction .— Trolley
from May 15 1902. Rental is $1,000 per year. Bonds are guaranteed
Default and Subsequent Payment.—See Pittsburgh Railways above.
principal and interest, by the United Traction Oo. and the Philadelphia Oo
LE ASE .—Incorporated Dec. 21 1888. Leased from April 2 1896 to
The $55,000 1st M . 5s o f the Charleroi & West Side R y.. due Sept. 1 she Consolidated Traction for 950 years at 3% per annum on par value
1919, were extended for 2 years at 6% , and again to Sept. 1 1922, but had >f $1,500,000 stock (see V . 61, p. 1154); and In M ay 1896 stockholder*
not yet been taken up as o f Apr. 1 1924, although int. at the rate of 6% per vere offered privilege of exchanging their stock for receipts, which were
annum was being paid regularly.
redeemed at $30 per share on Oct. 1 1896 in Consolidated Traction Co.
STOCK AND BONDS—■ Date.
Interest. Outstanding.
Maturity
preferred stock at par. 29,173 shares of Cent. Trac. stock (out of 30,000)
have been so exchanged. V. 62, p. 1087.
Stock $2,500,000 ($50)____________ ________ _____ $2,500,000 ... .................
Charleroi & West Side 1st M . t f ___
6%
55,000 Sept 1 1922
STOCK AND BONDS.
D a te.
In terest.
O u t s ta n d in g .
Maturity
Pitts & Charleroi 1st M $2,-f 1902
5 g M-N
2.445,000 M ay 1 1932
See
Stock ($50) see t e x t _________ _____ 3% A-O f.30,000 shs. 1
500,000 gold ($1,000)_c*tflin t, at Union Tr. Oo., Pittsburgh, Trustee
(30 paid up J
text
Pitts & Charleroi 2d M f l . - f 1913
5 J-D
522,000 Dec 1 1943
st M $350,000 cable line,/ 1889
5 J-J
$375,000 July 11929
000,090 ($1,000) red at 102-( Int. at company’s office or Union Trust Oo
$500_________________ n tfl Interest at Union Trust C o., Pittsburgh.
& int. on 10 weeks' noticetf l Pittsburgh, Trustee.
B o n d s o f C e n t r a l P a s s e n g e r R y . c o n tr o lle d .
6 A-O
125,000 Oct 11924
Bonds.— Of the Pittsb. & Charleroi 1st M . bonds. $55,000 Is reserved tc 1st M $250,000 ($1,000)-ntf| 1894
(Interest at Union Trust C o., Pittsburgh.
retire a like amount of Charleroi & West Side bonds. See V. 74, p. 1039.
Second mtge. bonds outstanding are owned by Pittsburgh Rys. Oo.
D i v i d e n d s .—-Feb. 1 1892, $2 50 in stock in 1896, Feb., 2% in cash in
ROAD.— Operates a road between Pittsburgh and Allenport, by way of L898, N ov., 1/4% in cash in 1899 and since 3% per year.
ROAD.— 9.27 mites of road, of which it controlled by ownership of capital
Oastie Shannon, Finlewllle, Mouoagahela City and Charleroi, a distance of
50.268 miles. Completed in Sept. 1903.— V. 74, p. 1039,1090; V. 76, p.752 itock Central Passenger R y., 3/4 miles.— V. 62, p. 948, 1087.
(c) C itizens’ T ra ction .— A trolley road.
(d) Allegheny Bellevue & Perrysvllle Ry.
ORGANIZATION.— Incorporated July 6 1887. On Sept. 1 1887, pur
O RGAN IZATION .— Incorporated in Pennsylvania on Feb. 8 1900. En
tire stock Is owned by the Pittsburgh Rys. Is leased to the United TractioD chased the entire capital stock ($200,000) of the Citizens’ Passenger R y.
which it now holds. Also owns stock of Aspinwall Street R y.
Oo. for 995 years from March 1 1905 at a rental o f 10% on the stock.
LEASE.— Leased from N ov. 1 1895, to Fort Pitt Traction Co. (now
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Stock $250,000 ($50).........................
10%
$250,000
See text Oousol. Traction) for 950 years at 6% per annum on $3,000,000 capital
■ito'-k. In addition the lessee agreed to pay a floating debt of $175,000,
1st mtge $500,000 gold guar/ 1905
5 g A-O
500,000 April 1 193/
and at maturity mortgage debt. V. 61, p. 661.
($ 1 ,0 0 0 )______________ctf(Penn. Co. for Ins. on L. & G. A..Phil..Trust
The
R y. 1st M . 5s due June 1 1922
Bonds.— Are guaranteed, prin. & lnt., by Phila. Co. Interest Is payable retired $250,000 Penn. St. Pass. been retired up to Apr. 1 1924. were not
at maturity and bad not
at company’s office or by .Brown Bros. A Co.. N. Y . and Phila. No sink
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
ing fund and bonds are not subject to call.
6 M -N
$3,000,000 f.p. See text
Stock ($50) fully p a id _______ _____
ROAD.— Operates 16.688 mile3 of track from Allegheny, via Westview.
1st mtge. ($1,000) not subject/ 1887
5 A-O
686.000 Oct 1 1927
to Bellevue. Gauge, 5 ft. 2/4 in.
to c a l l ________________ tf t Fid. Title & Tr. C o., Pittsburgh, Trustee.
subject to call__________ tf(F id . Title & Tr. C o., Pittsburgh Trustee.
(e) Ben Avon & Erasworth Street Ry.
Bonds of lines whose stocks are owned—
,
ORGANIZATION.— Incorporated in Pennsylvania on June 17 1963.
3enn. St. Pass. Ry. 1st M ____ 1892
5 J-D
250,000 June 1 1922
Entire stock is owned by the Pittsburgh Rys. Is leased to the United Trac
Interest and dividends payable at Union Nat. Bank, Pittsburgh, Pa
tion Oo. of Pittsburgh for 995 years from April 1 1906 at 5% on stock.
ROAD.— Owns 37.8 miles o f track on 15 miles of street.— V. 106, p. 818*
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Stock $100,000 ($50)______ _______
A-O
$100,000
See text
(d) D uquesne T ra ctio n .— A trolley road.
1st mortgage $300,000 gold f 1906
5g
300.000 April 1 193C
Default and Subsequent Payment.— See Pittsburgh Railways above.
guar __________________ tfi Fidelity Title & Trust C o., Pittsb., Trustee
LEASE.— Incorporated Jan. 25 1890. Leased from April 2 1896 to
(Interest at C o’s, office.
she
at 4% on the $3,000,000 stock,
2d M $100,000 ($1,000) sub ( 1913
5 J-D
79,000 Dec 1 1943 out Consolidated Traction for 950 years withheld for payment
year
were
to call at 102 and int on 10/Int. at eo's office or Fidelity Title & Trust debtdividends for a In Mand a halfstockholders were allowed too f floating
of $180,000.
ay, 1896
exchange
weeks’ n o tice __________ tfl C o., Pittsburgh. Pa., Trustee.
$37 per share
Bonds.— 1st M. bonds are guaranteed, prin. and int., by the Philadelphia their stock for receipts, redeemed Oct. 1 1896 atat par. 52.635In 6% pre
ferred stock of Consolidated Traction Company
shares out
Oo. 2d M bonds outstanding are owned by Pittsburgh Rys.
>f 60.000 have been so exchanged. See V. 62. p. 1087.
R O A D .—Operates 5.3332 m. of track from Avalon to Dixmont. Gauge
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
6 ft. 2/4 in.
Stock ($50) fully paid-----------/ -----Text
$3,000,000
See text
(f) East M cKeesport Street Railway.
(D iv. payable at Fidel. T it. & Tr. C o., Pitts.
First m ortgage__________ c * t f / 1890
5 J-J
1,368,000 July
1930
Entire stock is owned by Pittsburgh Railways.
(Fidelity Title & Trust C o., Pitts., trustee.
O RGAN IZATION .—Incorp. in Penna. on June 26 1899. Is leased to
Dividends were 5 % , J J, but in 1893 and 1894 none paid; In 1895, 4% :
United Traction Co. of Pittsburgh for 900 years from Jan. 1 1902.
n 1896. none; in 1898, 3% ; in 1899 and since. 4% yearly.
Stock. *250.000 ($50); 1st M. 5% gold bonds. $250,000 (tf) ($1,000
ROAD.— At time of lease in 1896 controlled 11 companies, having a
Dated Dec. 1 1899. Due Dec. 1 1929. Int. J. & D. at Fidelity Title &
..resent 37.1995 miles of road.— V. 62, p. 948. 1087; V. 106. p. 85. 1230.
Trust Oo.. Pittsburgh, trustee. Miles, 8.27.
(e) Fort P itt T ra ction .— See "Consol. Traction C o ."
(3) C onsolidated T ra ctio n .— Trolley road.
ff) M onongahela S treet Railway.
ORGANIZATION.— Chartered July 15 1895. The company absorbed
the Fort Pitt Traction Co. (a consolidation of Fort Pitt Pass. R y., Gross
O RGAN IZATION .— On May 20 1898. absorbed by consolidation the
Street R y., Highland Park Street Ry. and Negley Street R y.), and assumed
'chenley Park & Highland, Homestead & Highlands. Braddock & Homeits leases of the Citizens' and the Allegheny Traction companies, and has itead and the Braddock & Duquesne.
acquired the control of the Pittsburgh, the Duquesne and the Central Trac
In Dec. 1901 the Monongahela Street R y., the Wiikinsburg & East
tion companies. In 1902 leased the Monongahela St. Ry. and the Subur
Pittsburgh Street R y., the Wiikinsburg & Verona Street Ry. and the
ban Rapid Transit Street Ry. Owns all stock of the Ardmore Street Ry
Pitcairn & Wllmerding Street Ry. (construction of latter two roads comand guarantees its bonds, principal and interest. V. 88. p. 882.
Meted during the year 1903-04), were merged In the Mononghela Street R y .
On Dec. 4 1901 the stockholders of Philadelphia Company approved
w d stock was Increased from $1,000,000 to $7,000,000. See V. 73.
plan for absorbing the shares of the Consolidated Traction. See term* j 1112. On Jan. 1 1902 the Monongahela Street Ry. was leased for 999
in V. 73. p. 1112. 286,880 shares common and 233.117 shares preferred fears to the Consolidated Traction Co. for Interest, taxes, &c., and an
have been so exchanged
tnaua) rental beginning with $165,000 the first year and Increasing $18,750
Interest Decision.— See V. 113, p. 847.
» c h year until $315,000 is reached. Lease is guaranteed by Philadelphia
)o
First dividend under lease (2% ) was paid In July 1904. See V. 79,
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
?. 269. In 1905, Jan., 1 /4 % ; July, 1 3-5% ; in 1900, 3.26% ; in 19 07.3 /4% ;
Common stock ($50)............................
J-J $15,000,000 July ’ 12, IV,
n 1908. 3.86% ; in 1969, 4.12% : in 1910. 4.37% : In 1911 and since, 4/4 % .
Pref stock 6% cum ($50).
6 M -N
12.000,000 N ov '13, 3?5
Equipment trust certificates/
1914 5 A-O
25,000
Seetext Default and Subsequent Payment on Pitcairn A Wilmerding 5s.— See Pitts*
ourgh Rys. and United Traction Oo. above.
$500,000 Series “ B " ______(Union Trust Co., Pittsburgh, trustee.
Oar trust bonds $200,000 gold/
1916 5 g A-O
40,000
Seetex- STOCK & BONDS—
Miles.Date. Interest. Outstanding.
Maturity.
($1,000) Series “ C ” _.c*tf(Colonial Trust C o., Pittsburgh, Trustee.
itock. $7,000,000__________ __
____ See text $7,000,000 See text.
Oar trust bonds $800,000 gold/ 1916
5 g A-O
200,000
See text
Hon. St. Ry. 1st mtge......... J 17 1898 5 g J-D
998,000 June 1 1928
($1,000) Series “ D ” _____tfl Union Trust Oo., Pittsburgh, trustee.
$1,000,000 gold_______ Union Trust C o., Pittsburgh, Trsutee.
Oar trust bonds $200,000 gold/ 1917 5 M -N
101.000
SeetexiVUk. & E. P. M ..............._1
($1,000) Series “ E” ______ (Fidelity Title & Tr. C o., Pitts.. Pa., trustee
*2,000,000 g ($1.000)------ /
1899 5 g M -8
1.992,000 Sept 1 1929
guar._____________c&r _tf J
Fort Pitt Trac mtge $1,000.-1 1895
5 g J-D
1,000,000 Dec 2 1938
000 ($1,000) if not red c* t flln t . at Pittsburgh Tr. C o., Pittsb., trustee
Vflk. & Ver. M ., $700.0001 — 1901 5 g J-D
620,000 June 1 1931
g. ($1,000) ..c & r ___ t f f
_
_________
1,516,057 ________ Notes payable Dec. 31 1923_ _____
Stock.— The pref. stock carries cum. divs. of 0% per annum and has the *t. & Wil. M .. $700,000. g.\ „
1901 5 g J-J
588.000 July 1 1931
right to participate equally with the com. stock when that has received 6% .
($1,000) c & r .-t f............... i
104
ELECTRIC RAILW AYS
Bonds.— The Union Trust Oo. o f Pittsburgh Is trustee o f all mortgages
and Interest Is payable at Mellon National Bank. The Wilks. A Ver. bonds
are guaranteed, prln. & Int., by Wllk. A E . Pitts. St. B y. Go., Monongahela
8t. B y. G o., Oonsol. Traction Oo. and Phila. Oo. Oo. o f Pittsburgh.
B O A D .— Owns 70-4 miles o f track. Including branches; 90-lb. rails.
B E PO B T .— Not now an operating company.
OPPIOEBS.— Pres.. W . L . Mellon; V .-P ., A. W . Mellon; Treas., W .8 .
Mitchell.— V . 72, p. 776; V. 79. p. 269. 627. 735.
(g) P ittsbu rg h T ra ctio n .— A trolley road.
OBGA N IZA TIO N .— Incorporated April 30 1887.
LEASE.— Leased from April 2 1896 to the Consolidated Traction for 950
years at 7% on the $2,500,000 stock (see V . 61, p. 1154) but 1M years
dividends were used to pay floating debt o f $250,000. The full 7% Is now
being paid. In M ay 1896 stockholders were offered receipts for their stock,
which were redeemed at $70 per share on Oct. 1 1896 in preferred stock of
Oonsol. Traction Co.; 49,300 shares out of 50,000 have been so exchanged.
See V . 62, p. 948. Pittsburgh Traction owns the $250,000 capital stock
Of Bloomfield Street B y. and guarantees the bonds.
The $250,000 Bloomington St. B y. 1st M tge. 5s due Aug. 1 1923 had not
been retired up to Apr. 1 1924.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
7 A-O 31 $38 per sh .pd .in .See text
Stock $2,500.000 ($50)____________
1st mtge 5s .................c * .t f / 1887 5 A-O
$750,000 Oct 1 1927
1 Fidelity Title & Trust C o., Pitta., Trustee.
Guaranteed Bonds—
Bloomfield Street By Istf 1893 5 P-A
250.000 Aug 1 1923
cur_________________c*_tf (Interest at Pittsburgh Trust C o., Trustee.
Stock.— Issued 50,000 shares, on which $38 each has been paid.
D IV ID E N D S .— At company’s office, Pittsburgh. Dividends in 1895
0 % :ln 1896,none— see above; in 1898, 5 H % ;in 1899 and since. 7% .
B O A D .— Owns 18.51 miles o f track.
(h) Suburban Rapid T ra n sit S treet Ry.
O RGAN IZATION .— Was leased on Jan. 1 1902 to Consolidated Traction
C o . for 900 years at an annual rental o f $56,000. as well as paying all charges.
Including interest and taxes.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock$1 ,400 ,000 -.-................. ..........
J-J
$1,400,000
See tex’.
First mortgage, $200,000, g f 1913
6 g M-S
200,000 Sept 1 1953
($1,000)______________ c.tf-llnt. at Farmers’ Dep Nat Bank, Pittsburgh
( Colonial Trust Co., Pittsburgh, Trustee.
Dividends.— In 19 03.4 % ;In 1904,Jan., 2% ; July.l /£ % ;sln ce4 % Derann.
Road.— Operates 11.88 miles o f track on 6 miles o f street.
(1) JHorningside E lectric S treet R y.
O R G A N IZA TIO N .— Incorporated in Pennsylvania on July 14 1904.
Entire stock is owned by Philadelphia Co. Is leased to the Consolidated
Traction Co. for 995 years from Sept. 30 1905 at a rental o f 5% on stock
and interest on bonds.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
5 A-O
$24,000 See text.
Stock, $24,000 ($ 5 0 )--............. ..........
1st mtge $200,000 gold? 1905
5 g A-O
200,000 Oct 1 1935
($1,000) guar prin and-!Int. at office o f Brown Bros. & C o., Phila.
Int by Phila Oo____ c * -t f (Penn.Co.for Ins.onLives & G.A.,Phila.Trus
BOAD.— Operates3.31 miles o f track. Gauge 5ft. 214 in.— V.lC7,p.2188.
(4 ) Seventeenth S treet In clin e Plane Co.
O R GAN IZATION .— Is a reorganization on Dec. 28 1904 o f the Penn. In
cline Plane Co. Entire stock is owned by the Philadelphia Co. Was
operated by the Pittsburgh Rys. Oo. up to Jan. 16 1918. since when It haa
been separately operated.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
_________
$250,000 ------------Stock $250,000 ($50)______________
1st mtge $125,000 ($1,000)/ 1905
5 cur M-S
125,000 M ch 1 1938
guar________________ c * - t f lIn t. at Colonial T r . C o ., Pittsburgh, Trustee
Bonds.— No sinking fund, and bonds are not subject to call. Are guaran
teed, prin. & int., by the Philadelphia Co.
EARNINGS.— For year end. Dec. 31 1923, gross, $43,668; net. after
taxes, $5,753; other income, $1,824; int., &c., $7,406; bal., simp., $171.
OFFICERS.— Pres., A. W . Thompson; V.-Ps., J. H. Reed and W . B
Carson; Sec., E. W . Washabaugh; Treas., O. J. Braun Jr.; Comptroller,
O S. Mitchell.
(5) Beaver Valley T ra ctio n .— A trolley road.
In July 1905 entire stock was acquired by the Philadelphia Oo. of Pitts
burgh. V. 81, p .506.
ORGAN IZATION .— Incorporated In Penn. In perpetuity June 29 1891
and owns entire stock o f Beaver Valley St. Ry. and o f Central Electric St. Ry
Co., purchased Aug. 8 1891, operating them as one road under 999-year
lease. Charter and franchise perpetual.
In 1900 stock was Increased from $300,000 to $1,000,000 and then pur
chased the stock and property o f the People’s Electric Street R y. of Roches
ter, the College & Grandview Electric Street R y ., the Rochester A Monacs
Electric St. R y. and the Beaver & Vanport Electric St. R y.; also owns en
tire capital stock o f Rivervlew Electric St. R y. C o., the Freedom & Conway
Electric St. R y. Co. and the Vanport Electric St. R y. C o., none of which
bas any separate bond Issue. In Jan. 1902 authority was given to In
crease stock from $1,000,000 to $1,500,000.
Consolidation.— The Penna. P. S. Comm, in March 1922 approved the
sale of the corporate powers, franchises and property o f the following street
railway companies to the Beaver Valley Traction Oo. under a consolidation
o f traction interests: People’s Electric, General Electric, Beaver Valley St
R y ., Rochester & Monaca Electric, Freedom & Conway Electric, Riverview
Electric, College & Grandview Electric, Beaver & Vanport Electric and
Vanport Electric St. R y. We are officially informed that the consolidation
Into Beaver Valley Trac. Co. of a number o f subsidiary street railway eos
is merely legal consummation o f a step which has been in practical effect
for a considerable time. It entails no change in operating methods or
accounting. V. 114, p. 1285.
Bus Line.— In Aug. 1923 it was stated that the co. was operating a bus
line between Beaver and Vanport, Pa. V . 117, p. 552.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,500,000 (par $50)...........— _________ $1,075,000 -----------------First con mortgage (closed) f 1900
5 g A-O
675,000 Oct 1 1950
g o l d _________________ c*tf <Int. at Pa. Co. for Ins. on Lives & Granting
| Annuities, Philadelphia, trustee.
General mortgage $3,000,000( 1903
5 g M -N
957,000 N ov 1 1953
($1,000) gold________ c* tf/In t. at Northern Trust C o., Phila., trustee.
Car trust bonds gold $72,000/ 1917
5 J-J
30,000
See text
($ 1 ,0 0 0 ).............................../Fidelity Title & T r.C o ., Pittsburgh, trustee.
Bonds.— Of the gen. mtge. bonds, $675,000 are reserved tor prior liens
and the remainder for extens. and improvements at 75% o f cost. See V. 77,
p. 2158. $232,000 owned by Phila. Co. Both issues redeemable at 110
and interest.
The car trust bonds mature $6,000 each Jan. 1 to 1929 and are secured
by 12 motor cars. $42,000 retired.
R OAD.— Owns and operates 50.56 m. o f track, connecting the various
towns and boroughs in the Beaver Valley from Morado Park southerly, via
Beaver Falls, to Beaver and Vanport, and to Rochester and Conway. Laid
with 90-lb. and 73-lb. girder rails. Owns 41 passenger cars and 12 miscel
laneous cars.
.
E A R N IN G S — For year ending Dec. 31 1923, gross, $683,016: net. after
taxes, $136,842; oth. income, $1,088; interest, rents, &c., $157,192; discount
on securities sold, $1,304; deficit for year, $20,567.
OFFICERS.— Pres., A. W . Thompson; V.-Ps., W . B. Carson and E. E.
Hamilton; Sec., E. W. Washabaugh; Treas., O. J. Braun Jr.,; Compt., C. S.
M itchell— V . 87, p. 345: V. 106. p. 295; V. 109. p. 675: V. 112, p. 1143.
1616, 2413; V . 114, p. 1285, 2239; V . 116, p. 2992; V . 117, p. 552.
(6) P ittsbu rgh & Beaver S treet R ailway C o.— A trolley road.
ORGAN IZATION .— Incorporated In Pennsylvania Jan. 23 1908.
Franchises perpetual. Capital stock $235,000 ($50 par), all owned by
[V ol. 118,
Philadelphia C o. Bonds authorized, first mortgage gold, $1,500,000
Issued, $750,000, all owned by the Philadelphia C o.; dated July 1 1908.
due July 1 1958 (tf). Int. 5 % , payable Jan. & July at company’s office
Pitts. Union Tr. Co. of Pitts., trustee. Are guar. p. & 1. by Phila. Oo.
R O A D .— Operates 14.98 miles In and between Baden, B°aver County,
nd Leetsdale, Allegheny County, Pa.— V. 117, p . 1018, 1664.
(7) C lalrton Street R ailway C o.— A trolley road.
O RGAN IZATION .— Incorp. in Penna. M ay 5 1904. Capital stock
$30,000 ($50) all owned by Pittsburgh Railways Co.
R O A D .— Operates one mile o f track In the Borough o f Clalrton, Al
legheny County.
E LEC TR IC LIG H T A N D POW ER.
D uquesne L ight C o.— Entire com. and partic. pref. stocks are owned
by the Philadelphia Co.
Incorp. on Aug. 25 1903 under the laws of Pennsylvania.
In Feb. 1912 the Duquesne Light Co. was purchased in the interest of
Phila Co. (V. 94, p. 560). and In N ov. 1912 it was merged with the M onon
gahela L t.C o.a n d Oakmont & Verona Lt., Ht. & P. Co. In Dec. 1913
It increased Its stock from $3,000,000 to $25,000,000 preparatory to acquir
ing control of the electric-lighting properties owned by the Phila. Oo.
Merger effective Jan. 1 1913.
Owns the entire stock and bonds of the Allegheny County Light C o., the
entire stock and bonds of the Southern Heat, Light A Power Co., the Al
legheny County Steam Heating Co. and $500,000 bonds (entire issue)
of the East End Electric Light Co. On Dec. 31 1912 leased for 50 years
the Allegheny County Light Co., which in turn leases the Southern Heat,
Light & Power Co. and Monongahela Light & Power Co. for 900 years from
Jan. 1 1902.
On July 27 1921 purchased all the property and franchises o f the Equitable
Coal & Coke C o., which co. has been dissolved (for history see “ Electric
Railway” Supplement of April 30 1921.)
Franchise is perpetual. Has contract extending to 1963 to supply all
electricity used by the Pittsburgh Rys. Also has contract with the city Of
Pittsburgh for street and other municipal lighting and power purposes.
City Lighting Contract.— On N ov. 19 1917 the Pittsburgh City Council
adopted an ordinance to authorize a contract with the company to furnish
light to 20 wards of the city for ten years, the contract being based on nor
mal prices for labor and supplies; contract has since been signed. See also
V. 114, p. 1185.
On Jan. 1 1921 the co. acquired from the City o f Pittsburgh the North
Side light plant at the price of $378,652. V. I l l , p. 2141.
In March 1923 the co. issued $15,000,000 1st pref. 7% stock, Series “ A ,"
and $10,000,000 partic. (2d) pref. 8% stock, proceeds being used for the
retirement of previously outstanding senior securities of the co. and for
add’ns, impts., exts. and acquisition of add’l property. V. 116, p. 1056,
1537. Compare V. 116, p. 2642. All the outstanding “ old" 7% pref.
stock has been called for payment M a y l 1 9 2 3 a tll5 & divs. V . 116, p . 941.
Interest. Outstanding. Maturity
STOCK AND BONDS—
Date.
Monthly $18,226,000 See text
Common $25,000,000 ( $ 1 0 0 ) - - ____
1st pref $150,000,000 Ser “ A”
7 % cumulative____________ _____
7 Q-M
15,000,000 Mar ’24, IH
Partic (2d) pref $125,000,000
Ser “ A ” 8% cumulative_________
8%
10,000,000 F e b ’24, 2%
1st M A coll tr Ser “ A ”
6 g J-J 1 31,718,500 July 1 1949
$100,000,000 ______________1919
Series “ B ” ________________ _____
5 M g J -J 10,000,000 July 1 1949
($500 & $1,000) g-c*& r*.tf /Bankers T r C o ., N . Y ., trus. Int. in N . Y.
Bonds of leased Cos.—
Monongahela Lt & P 1st M ( 1899
5 g J-D
$1,700,000 June 1 1949
$1,700,000 ($1,000) g _ t filn t . at Mellon Nat. Bank, Pittsburgh.
_
(Union Trust Co. of Pittsburgh, trustee.
Stock.— The 1st pref. 7% stock, Ser. “ A ,” is call, all or in part at $115
and divs. Exempt from Penna. 4-mills tax. V . 116, p. 1056. Listed on
N . Y . Stock Exchange. V. 117, p. 898. Listed on Pittsburgh Stock
Exchange. V. Il8 , p. 316.
Bonds.— The 1st mtge. A coll, trust bonds are secured by a first mtge. on
all property owned in fee and by a first lien on the c o .’s leasehold interests
and on certain bonds and virtually all the stocks of its subsidiaries.
Remaining bonds may be issued under certain conditions for purposes
enumerated in V. 109, p. 176. The mtge. provides for a maintenance
and depreciation fund of not less than 15% of the gross operating revenues
of the system. Registered bonds in the $1,000 denom. only. Both Ser. “ A ”
and Ser. “ B ” are red. on any int. date at 105 and int. Free Penn. 4-mills
tax. V. 109, p. 176; V. I l l , p. 298; V. 118, p. 1525. Listed on the N. Y .
Stock Exchange. V. 112, p. 474.
Dividends.— First div. on 7% pref. stock. 1 % % . paid M ay 1915 same rate
quar. since. First quar. div. on com ., 1 % % , paid Mar. 3i 1913; June 1913,
1M %; Sept., 1 % % . From Oct. 1913 to and incl. August 1922 divs. o f
7-12 of 1% were paid each month; Sept, to Dec. 1922 at the rate of 5-6 of
1% ; Jan. 1923 and thereafter to and incl. Sept. 1923 at the rate of 2-3 of
1% monthly.
R EPO RT.— For years ending D ec. 31 (Duquesne Light C o., Penna. Lt.
A Power C o., Cheswick Power C o., Beaver County Light C o., Midland
Electric Light & Pow. C o.). Transactions between companies eliminated
1923
1922
1923.
1922.
Gross earns-. 19,805,383 16,928,746 Impts. A bet’ts
written o ff.
______
______
Net, aft. taxes 7,212,240 6,599,227
______
488
Other income.
374,715
323,133 Misc. losses..
D epreciation -
______
______
Total net inc. 7,586,955 6,922,360 Preferred divs. 1,362,498
373,882
Int.,rents,& c. 2,578,911 2,532,792 Common divs. 1,640,340 1,640,340
Disc.,taxes,&c.,
on sale of sec
128,319
156,345 Surp. for year. 1,876,886 2,218,512
LATEST EARNING S.— See Philadelphia Company.
PR O PE R T Y, &c.— As of Dec. 31 1923 had a power station generating
capacity of 267,150 k.w.; 11.893.5 m. of distributing lines; 959 miles of
transmission lines, and 93 of underground conduit. 185,364 customers;
total contracted load, approx. 496.362 k.w.; supplies 24,347 street lamps.
Output for 12 months ending Dec. 31 1923, 905,485,234 k.w.h.
OFFICERS.— Chairman of the Board, James D . Callery: Pres., A. W .
Thompson; V .-P ., J. H. Reed; V .-P ., C. S. Cook; Sec., W . B. Carson;
Treas., C. J. Braun Jr.; Compt., C. S. Mitchell.— V. 114, p. 202, 1185,
1288; V. 115, p. 181, 650, 764, 2586: V. 116, p. 182, 941. 1056, 1407. 1537,
2519, 2642; V. 117, p. 330, 673, 898; V. 118, p. 316, 1017, 1397, 1525.
•
A R TIF IC IA L GAS.
(1) C onsolidated Qas C o. o f P ittsbu rgh .
All the common stock and $208,100 of the pref. stock owned by Phila
delphia Co. $3,031,000 of the outstanding bonds are owned by the Equita
ble Real Estate C o., a subsidiary of the Philadelphia C o., and $5,000 by
Philadelphia Co.
The Consolidated Gas Co. operates under a perpetual charter and with
she Allegheny Illuminating Co. and the South Side Gas Co. constitutes the
only gas-manufacturing companies in the city of Pittsburgh and the exclu
sive right to manufacture illuminating gas is vested in them. These com
panies discontinued operations in June 1919.
Owns entire $2,000,000 stock and $1,682,928 bonds of the Allegheny
Illuminating Oo. and pledges them under its first mortgage.
Default.— Int. due Feb. 1 1918 on the 1st M . 5s was defaulted. Deposit
of bonds has been called for by the following committee: O. S. W . Packard,
Chairman; A. O. Robinson, Thomas S. Gates, B. Howell Gris
wold Jr., D . H. Hostetter and T . G. Daub; Sec., E . L. Brantlgam, 617
Chestnut St., Phila. Depositaries, Penn. Oo. for Ins. on Lives A Granting
Ann., Phila., and Safe Deposit A Trust C o.. Plttsb. V. 102, p. 525.1980.
In Dec. 1918 holders of the 1st mtge. bonds were offered in exchange for
•aid bonds $925 of Philadelphia Oo. 6% pref. stock for each $1,000 bond
the exchange becoming effective upon the acceptance of this offer by holders
of at least 80% of the bonds and the withdrawal of the suit instituted as a
result o f the default on these bonds noted above. V. 107, p. 122. 92. This
plan has been carried out, suit having been withdrawn, and all but $9,000
par value of bonds having been exchanged up to Oct. 1 1923.
A pril , 1924.]
ELECTEIO RAILW AYS
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common *4.000,000 ($50)________ _
_________ *4.000.000 .....................
Prof 4% cum *2.500,000 ( * 5 0 ) ____
4 F-A
2,000.000 Feb ’24, 2%
First mortgage *1,062.000/ 1898
5 g F -A
See text Feb 1 1948
(*1,000) gold__________ t f (Maryland Trust Oo., Baltimore, Trustee.
Int. on bonds Is payable at Brown Bros. S Oo.. N . Y .. and Alex. Brown
c
ft Sons, Baltimore.
THE WEST PENN CO — The M ay 1924 edition o f our “ Railway &
Industrial” Supplement will carry a map showing the location, &c., of the
various properties controlled by the American Water Works & Elec. Co.
(among them the West Penn C o. and subsidiaries)
ORGAN IZATION .— Controlled by American Water Works & Electric
C o., Inc. Incorp. in W . Va. July 11 1911, as Black River Water & Power
Co. The name was changed to West Penn Traction & Water Power Co.
April 20 1912 and to the West Penn Co. June 21 1922. Owns all of the
outstanding com. capital stock ($10,000,000) o f the West Penn Rys. C o.,
and all of the outstanding pref. stock ($2,369,000 par value) and as of
Dec. 31 1923 (987,000) of the $1,000,000 outstanding com. shares without
nominal or par value o f the West Penn Monongahela C o.; (in July 1923 the
co. had offered to purchase the remaining outstanding stk of the West PennMonongahela Co. at $5 per share, payable $1 25 in cash and 25% on July 15
1924, July 15 1925 and July 15 1926. V. 117, p. 441); also all of the out
standing capital stock o f the West Penn Realty C o., and o f the Tri-State
Improvement Co.
On July 9 1923 the stockholders approved and ratified a plan which
enlarged the corporate powers and purposes of the co. and increased its
auth. capital to $50,000,000 of pref. stock (par $100) and 500,000 shares
o f common stock, no par value. The pref. will consist of 419,453 shares
($100 par) new 7% cum. pref. and 80.547 shares o f 6% cum. pref. now
outstanding. Holders o f the outstanding 6% cum. pref. were given the
right to exchange their stock par for par for the new 7 % cum. pref. Holders
o f old common were asked to exchange their stock share for share for new
common stock o f no par value. V. 117, p. 209. Early in 1924 all but 139
shares of pref. stock had accepted this exchange. In Sept. 1923 the co.
offered holders of the 6% cum. pref. stock of the West Penn Rys. Co. its
own 7% cum. pref. stock in exchange therefor, share for share. V. 117,
p. 1237, 2111. Up to the close of the year 62,048 shares had been issued
in exchange for West Penn Rys. 6% preferred.
STOCK—
Date. Div. Paid.
Outstanding. Last Div.
_______
*225,000shs See text
Common 500,000 shs (no p a r ) . ____
Pref7% cum $50,000,000 ($ 1 0 0 )____
7%
x$22.124,700
See text
3-year debentures $2,500,0001 1922
6 g J-D 15 2,439,500 June 151925
($500 & $1,000) gold._c*tf/E quitable Trust C o., N . Y ., Trustee.
* After exchange of $22,500,000 o f $100 par value com. stock outstanding
for new com. stock without par value, share for share.
x After exchange o f the outstanding 6% cumul. pref. stock for the new
7% cumul. pref. stock, share for share, of the West Penn C o., and the
exchange o f the outstanding 6% cumul. pref. stock o f West Penn Rys. C o.,
including that being paid for on the deferred payment plan.
Stock.— The pref. is classified into 80,547 shares o f 6% cumul. pref. and
419,453 shares o f 7% cumul. pref., the holders o f the 6% cumul. pref.
stock having the right on and after Aug. 15 1923, and prior to N ov. 2 1923,
to convert their holdings, share for share, into 7% cumul. pref. stock.
The 6% cumul. pref. stock so acquired by the West Penn Co. upon exchange
shall not be extinguished but shall be converted into 7% cumul. pref. stock,
and as such held, sold or re-issued. The new 7% cumul. pref. is subject
to redemption in whole or in part upon 30 days’ notice at $115 per share
plus accrued divs., and in the event of liquidation is entitled to par and
accrued divs. in preference to com. stock. It has not voting power except
that in case four quar. divs. are in default it shall have equal voting power
share for share with the com. stock until the defaulted divs. have been paid.
Both com. and pref. shares are listed on N . Y . Stock Exchange. V. 117,
D. 441.
Debentures.— The 3-year debs, were red. all or in part on 30 days’ notice
at 103 and int. to June 15 1923, less 1 % for each year ending June 15 there
after to maturity. Sinking fund to retire $100,000 of debentures annually
if purchasable at or below par, provided for. Debentures so purchased
to be canceled. Int. on debs, is payable at the office or agency of the co.
in New York or at the agency o f the co. in Chicago. Penna. 4 mills tax
refunded.
Dividends — Divs. at the rate of 6% per annum, on the pref. stock have
been paid in cash in quar. installments from date o f organization to and
tael. Feb. 1924, except for the period from Jan. 1 1914 to Sept. 30 1916,
in which period 16 A % accumulated. This accumulation was paid 7 A %
in cash in quar. installments o f 1M % each, on M ay, Aug. and Nov. 15
1921; Feb., May and Aug. 15 1922, and the remaining 9% on Aug. 15 1922,
in interest-bearing warrants payable in three equal installments on Feb.
and Aug. 15 1923 and Feb. 15 1924. The two installments of prin. and
int. due on these warrants on Feb. and Aug. 15 1923 have been paid. In
Oct. 1923 an initial div. o f 1 % % was declared on the new 7% cum. pref.
V. 117, p. 1779. Same rate paid regularly quar. since to and incl. M ay 1924.
An initial div. o f A of 1 % was paid on com. in March 1923. In June 1923,
A o f 1% . In Sept. 1923, 50c.; Dec., 50c. In 1924, March, $1.
EARN ING S.—-Preliminary report o f West Penn Co. for years ending
Dec. 31 (including subsidiaries):
12 Months
Gross Earns.
Net after
Miscel. Fixed Charges,
Balance,
to Dec. 31. (all sources)
Taxes.
Income.Divs.(.Sub.Cos.) Surplus.
1923________ $23,230,740 $7,286,481 $1,094,666 $5,408,189 $2,972,958
X1922----------- 17,323,089
5,465,045
638,216
4,360,174
1,743,087
x Monongahela West Penn Public Service Co. included from July 1 1922.
OFFICERS.— Pres., A ."M . Lynn; V .-P., C. P. Billings; V.-P. & Sec.,
R. B. Keating; Treas. & Asst. Sec., C. C. McBride; Asst. Sec., W. K.
Dunbar and G. E. Murrie; Asst. Treas., O. F. Kalp and R .C . Lightcap;
Gen. Aud., M . W. Glover, Pittsburgh.— V. 117, p. 209, 441, 1018, 1237,
1799. 1994, 2111, 2214, 2324; V. 118, p. 86, 204, 312, 1775.
WEST PENN R AILW AYS CO.
All of outstanding com. stock is owned by the West Penn. Co.
ORGAN IZATION .— A consolidation on M ay 23 1917 of the old Wes*
Penn Railways Co. with the Brownsville Street R y. C o.. Greensburg &
Southern Electric St. R y. C o., Latrobe St. R y. C o., Lntrobe Hecla St. Ry
C o., Masontown-Morgantown St. Ry. C o.. Pittsburgh McKeesport *
Gonnellsville R y. C o., Uniontown Radial St. R y. Oo. and West Pen'’
Interurban R y .C o . (all o f the capital stock o f which corporations had been
owned by the West Penn R ys.). and with the West Penn Traction Co ,
McKeesport & Irwin Ry. C o., Pittsburg McKeesport & Greensburg Ry
Co. and White Electric Traction Co. (Tor terms o f consolidation see V
104, p. 1704). Owns all of the outstanding capital stock of the Allegheny
Valley St. Ry. Co.. Pittsburgh & Allegheny Valley Trac. Co., Oakdale &
McDonald St. R y. C o., Kittanning & Leechburg Rys. Co., Pan Handle
Trac. Co., Steubenville Wellsburg & Weirton R y. Co., The Steubenville
R y. Co., Wheeling Trac. Co., The Brooke Electric C o., West Virginia &
Maryland Power Co., and West Virginia Power & Transmission Co.; also
all o f the outstanding com. stock o f West Penn Power Co. In addition, the
West Penn Rys. Co. controls indirectly through subsidiaries, Allegheny
Valley Light Co., Allegheny Pittsburgh Coal Co., The West Maryland
Power Co., The Wheeling & Western R y. C o., The Bellaire-Southwestern
Traction Co., The Steubenville & Wheeling Trac. Co., The SteubenvilleMingo & Ohio Valley Trac. Co., Wheeling Bridge Co. and The Steuben
ville Bridge Co.
Of the companies listed above, Pittsburgh & Allegheny Valley Trac. C o.,
Oakdale & McDonald St. R y. Co. and Kittanning & Leechburg Rys. Co.
are leased to and operated in the name of the West Penn Rys. Co.; and
Pan Handle Trac. Co., Steubenville Wellsburg & Weirton R y. C o., the
Steubenville & Wheeling Trac. Co. and the Steubenville R y. Co. are
leased to and operated by the Wheeling Trac. Co.
In 1917 the rights and properties theretofore owned and controlled by
Hydro-Electric Co. o f W . Va., incl. the partially developed water power
project at State Line on the Cheat River, were taken over and are now
owned by the West Virg.ma Power & Transmission Co. The properties of
the Transmission Co. have been maintained and cared for and considerable
progress has been made in the acquisition and consolidation of necessary
flowage rights and rights o f way preliminary to resumption of construction
work when this shall be determined upon.
Franchises are almost all perpetual. Practically all track and tra n r
mission lines outside o f municipalities are on private right-of-way.
105
Exchange Offer to Holders of Pref. Stock.— In Sept. 1923 the West Penn
Co. offered holders o f the c o .’s 6% cum. pref. stock the privilege of exchang
ing same share for share for West Penn Co. 7% cum. pref. V. 117, p. 1018.
2111. Up to Dec. 31 1923 $6,204,800 had been so exchanged.
In April 1924 issued $3,500,000 3-yr. 6AVo debentures, proceeds being
used to reimburse co. for add’ns, inpts., &c., and for other corp. purposes.
V. 118, p. 1775.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common $20,000,000 ($100)_______
_______ $10,600,000 __________
Pref 6% cum $10,000,000($100)____
Q— M 15x9,648,500 M ar.’24, 1 A
3-yr. deb. $3,500,000 ($100,1 1924 6 M g A - 0
3,500,000 Apr 11927
$500 & $1,000) gold_ c *tfjIn t. payable in N . Y ., Chicago & Pittsburgh.
_
W P Tract 1st M $25,000,0001 1910
5 g J-D
5,251,500 June 1 1960
gold ($1,000 & $ 5 0 0 )..c*tf /In t. at Equitable Trust C o., N. Y ., Trustee.
Old W P R ys 1st M $6,000,0001 1905 5 g A-O
5,667,000 Jan 1 1931
($500 & $1,000)______ c* tf lin t, at Equitable T r. C o., N . Y .. Trustee.
P M cK & O 1st con m tgef 1901 5 J-J
2,912.000 Jan 11931
$3,500,000 ($1,000) gold ..{in terest at Colonial Trust C o., Pittsburgh.
Cannot be called______c t f l
Pitts M cK & Greensburg 1st) 19018 S' g J-J 1
_
373,000 July 1 1931
Mtge $1,500,000 ($1,000)/
($1,000)/Interest at Harrisburg Trust C o., Harris
g o l d ---------------------------c tf J
burg, P a , Trustee.
Con Sub St R y mtge ($175,
1902 _ 5 g J-J
.175,000 Jan__l 1933
000guar p. & i _______ c tf lInt. at Colonial Trust O o.,P ittsb ., Trustee.
27,500 Dec 1 1928
Kitt& Ford O 1st M $50,0001 1898
6 J-D
gold ($500,000)_________ c\Pittsburgh Trust C o., Pittsburgh. Trustee
Alleg Vail St 1st Mtge $2.- 1906 5 g F-A
1,680,000 Feb 11938
000,000 g not redeemable/Interest at Union Trust C o.. Pittsburgh.
($1,000)--------------------- c * tfl Trustee.
Versailles Traction Oo first) 1897 0 g M-S
88,000 Sept. 1 1927
mortgage gold_______ c n tf/In t. at Pittsburgh Trust Co.,Pittsburgh, true.
Oakdale S M cD St R y 1st M s/ 1906 5 J-J
c
60.000 Jan 1 1937
g gu p&i by W P R ys-c*tf\In t. at Colonial T r. C o., Pittsburgh, trustee.
Steub. Bridge Co. 1st m tge.f 1904 5 g A-O
181,000 Apr 1 1924
Callable at 105________ c t f JInt. at Pittsburgh Trust C o., trustee.
Pan H Trac 1st M $500,000 gl 1902 5 g A-O
500,000 Oct 1 1932
($1,000 and $500)_ c * n tf/ln t. at Columbia Tr. C o., N. Y ., trustee.
_
Equip, trust notes_________ 1919
6 A-O
60,000
See text
Steubenville W & W R y first 1 1911 5 A-O
700,000 April 1 1951
mortgage$700,000_____c t f jln t . at Wash. Tr. C o., Wash’ton, Pa., trus.
First equipment trust certit's-- 1921
8%
150,000 See text.
x Incl. $6,204,800 owned by West Penn Co.
Preferred. Stock.— After 1918 no div. can be paid on the com. stock unless
in addition to payment of the pref. stock divs. in full, there has been re
served annually an amount equal to 3% on the then outstanding pref
stock. N o additional pref. stock can be issued at any time unless the
earnings applicable to pref. divs. are twice the annual requirements there
for, including the proposed issue. Stock is preferred as to assets and divs
and is callable at 105. Pref. stock is listed on the Louisville and Pittsburgh
exchanges.
Debentures.— The 3-year 6 A % debentures are red. all or in part on 30
days’ notice at 101 & int. to April I 1925, at 100A & int. to Oct. 1 1925,
and thereafter at par & int. Int. payable at office of Halsey, Stuart & Co.,
Inc., in Chicago, at the Union Trust Co. of Pittsburgh, and at the agency
of the co. in N. Y . City. Co. agrees to reimburse holders if requested
within 60 days after payment for Conn, personal property tax not exceeding
4 mills, the Maryland securities tax not exceeding 4 A mills, the District of
Columbia personal property tax not exceeding 5 mills per dollar per annum,
and for the Massachusetts income tax on int. not exceeding 6% of such
int. per annum. Are also free of Pennsylvania 4-mills tax. V. 11$, p. 1775.
Bonds.— Of the West Penn. Traction Co. 1st M . bonds, $9,175,000 are
reserved to retire the bonds o f constituent companies and balance for exten«ions and betterments at 90% of cost. As additional security all the outitandlng coll, trust bonds o f 1910 o f West Penn R ys. and other securities
owned are deposited under the mtge. Through this deposit these bonds are
lecured on the properties o f the subsidiary cos., subject to the outstanding
underlying issues. $591,500 are held in treasury and $6,620,000 re-depos
(ted under the mortgage at 80% o f face value. The bonds are not subject te
call. Tax-exempt in Pennsylvania. See description of bonds and prop
arty in V. 92, p. 597. The West Penn Railways Co. 1st mortgage bonds
of 1905 are not subject to call. They are tax-free in Pennsylvania.
Listed on Philadelphia, Louisville, Pittsburgh and Baltimore Stock Ex
changes. Pitts. McKeesport & Greensburg 1st 5s not subject to call.
Total outstanding $1,500,000, o f which $1,127,000 owned by West Penn
Rys. $500,000 P. M cK . & C. 1st consols, are reserved for extensions and
improvements, and $88,000 to retire Versailles Trac. Co. bonds. The
Connellsville Sub. bonds were guaranteed principal and interest by the (old)
West Penn Rys. C o., and are callable at 105 and int. on 30 days’ notice.
Tax-free in Penna. All the W. P. Rys. coll, trust bonds are owned by co.
and are on deposit as part security for W. P. Trac. Co. 1st mtge. bonds.
$90,000 Oakdale & M cDonald bonds owned by West Penn Rys. C o., in
addition to amount reported outstanding. Interest is payable at agency
of co. in N. Y . City. Tax-exempt in Penna. $10,000 Alleg. Valley St.
R y. 1st M . bonds (not included in amt. outstanding) are held in treasury
of Allegheny Valley St. R y ., are secured by a pledge of entire capital stock
of Alleg. Valley Light Co. $12,000 Versailles Trac. 1st 6s are owned by
W . P. Rys. Panhandle Trac. 1st mtge. bonds are subj. to call on any
int. date at par and int. on 30 days’ notice. The equip, notes of 1919 are
due serially $10,000 par annum each Oct. 1 to 1929. Are secured by 9 pass,
cars. $40,000 have been retired. The 8% equip, trust certfs. are due
$10,000 semi-annually. $50,000 have been retired.
Dividends.— Divs. on pref. stock are cum. Initial div. paid Sept. 15 1917.
Paid regularly quar. since to and incl. M ar. 1924.
EARN ING S.— See under West Penn Oo. above.
OPERATIONS, &c.— The physical property owned by the West Penn
Rys. Co. and subsidiaries (exclusive of the West Penn Power Co.) includes
339.69 miles o f track (measured as single track), 5 ft. 2 A in. and 4 ft. 8)4
in. gauge. 302 motor passenger cars, 25 work cars, 10 express and freight
cars 9 sweeper and 35 other cars. Power station at Connellsville (leased
to West Penn Pow. C o.), and Wheeling, W . Va. (leased to the Brooke Elec.
C o.), and 4 small stations with a capacity of 1,485 k.w., 93.15 miles of
25,660 volt transmission lines (of which 7.60 miles are leased to the West
Penn Power C o.), 3-31 miles of 33,000 volt lines and 38.52 miles of 66.000
volt transmission lines, exclusive of low tension distribution lines in cities
and towns; and 10 sub-stations having a transformer capacity of 29,750 k.w.
OFFICERS.— Pres., A. M . Lynn: V .-P. S Sec., R . B. Keating: V .-P .,
c
H. L. Mitchell; Comp., J. W . Glendening; Treas. & Asst. Sec., C. C. M c
Bride; Asst. Treas., C. F. Kalp; Asst. Sec., G. E. Murrie and W . K. Dun
bar; Gen. Aud., M . W . Glover.— V. 113, p. 2407; V. 114, p . 1181, 1409;
V. 115, p. 2048; V. 116, p. 723; V. 117, p. 1018, 2111; V. 118, p. 1775.
(a) W heeling T raction Co.
On Oct. 1 1912 control was acquired by the West Penn Traction Oo.
(now West Penn Railways), which now owns all of the outstanding stock.
ORANIZATION.— Incorp. Oct. 1900 in W. Va.
Owns entire capital
stock of and operates the Bellaire Southwestern Trac.Co.and The Wheeling
& West. Ry. Co. Owns entire capital stock of and operates under lease
The Steubenville & Wheeling Trac. Co.; also operates under lease Steuben
ville Wellsburgh & Weirton Ry. Co. and The Steubenville R y. Co. and
Panhandle Traction Co. Controls Wheeling Bricfge Co.
STOCK AND BONDS— Date. Interest. Outstanding. Last div.,& c.
Itock $2,500,000 ($100)................................... ..........$2,336,300 See text
Wheeling Traction 1st mtgef
1901 5 g J-J
2,500,006 Jan 1 1931
$2,500,000 ($1,000, $500Mlnt. at Cleveland Trust C o., Cleveland, trus.
g o ld __________________ c tf l and at Nat. Bk. of Commerce. N. Y.
SO-Year gold 5s $10,000,000/ 1913 5 J-J
170.000 Jan 11943
c&r\Int. at Colonial Trust C o., Pittsburgh, trus.
Wheeling Bridge Co $200,000/ 1921
7 g J-J 1
200,000 Jan 1 1931
1st M callable at 10 5 -.c*tf tint, at Dollar Sav. & Tr. Co., Wheeling, trus.
Wheeling Bridge coll notes/
1921 8% F-A
90,000 Feb 1 1926
8% call at 101______ c t flln t . at Dollar Sav. & Tr. C o., Wheel’s, Trus.
Wheeling & Western R y C o f 1906
5 g M -N
182,000 May 1 1926
1st M 5s $500,000 ($ l,0 0 0 )jln t. at Dollar Sav.&Tr. C o.. Wheel’g.Trus.
Red at 102______ c*_n tf I Guar., p. & i., by Wheeling Traction Co.
Sellaire Sw Trus& Co 1st M f 1906
5 g M -N
50.000 Nov 1 1926
$500,000 ($1.000)____r& c*{Int. at Dollar S a v .& T r. C o.. Wheel’s, Trus.
Red. at 162 and int.
'Guar p. & i. bv Wheeling Traction Co.
Steub & Wheel Trac 1st mtge) 1905
5 g M -N
496,000 M ay 1 1935
$650,000 gu g($l ,000)c*ntf/In t. at Dollar Sav. & Tr.Co..Wheeling,trust.
Msub Mingo ft Ohio V a llstM l
1900 6 g ,T I
117,000 Jan 1 1925
$150,O O g ($ 1,00 0)_ ctf/Tnt. at Equitab'e Trust C o., N. Y ., trustee.
O
_
106
[V ol. 118.
ELECTRIC RAILW AYS
Bonds.— First mtge. bonds are red. on any int. day at 105 and interest
upon 30 days' notice. V. 95, p. 619. The 30-yr.gold 5% bonds are for re
tiring 1st M . bonds of Wheeling Trac. C o., Bellaire Sw. Trac. Co., Wheel
ing & Western Ry, Co., Panhandle Trac. C o., Steub. & Wheeling Trac. Co.,
and for extensions and betterments. Red. at 105 and accrued int. at any
int. period. V. 96, p. 1491. The $170,000 outstanding are all owned by
the West Penn Rys. Co. The Wheeling Bridge 8% coll, notes are secured
$1,000 Wheeling Bridge bonds in treasury and $lO,000 held in sink. fund.
$53,000 of Wheeling & Western bonds and $15,000 of Bellaire Southwestern
bonds owned by Wheeling Traction Co. (not incl. in amount reported out
standing). Of the $350,000 Steuo. & Wheel. Trac. 1st Mtge. bonds,
$117,000 are reserved for prior liens, $37,000 (not incl. in amount outstand
ing) owned Dy Wheeling Traction Co. Are subject to call at 102 and int.
Tney are guar., prin. & int., by Wheeling Trac. Co. Entire issue of Steu
benville Mingo & Ohio Valley bonds is subject to call at par and int. on 3
months’ notice. Originally matured Jan. 1 1920 and bore 5% int., but were
extended for 5 years at 6% .
ROA D .— Owns or controls and operates (incl. leased lines) 102.80 miles
o f track in Wheeling and suburbs, extending to Barton, Shadyside, Rayland and Wellsburg, Moundsville, Bellaire and Martin’s Ferry. Also has
a line from Steubenville to Brilliant. Gauge, standard and 5 ft. 23^ in.
Power station at Wheeling leased to The Brooke Electric Co.— V. 113,
p . 2407; V . 114, p. 199; V. 115, p. 2018. 2795.
W EST PENN POWER CO.
All the com. stock is owned by the West Penn Rys.
ORGAN IZATION .— Incorp. M ar. 1 1916, in Penna., as a merger of
63 electric light and power companies. The company was organized for
the purpose o f consolidating under single fee ownership the principal electric
light and powar properties within the State of Penna. formerly controlled by
The company’s chartered territory in western Pennsylvania exceeds 5,000
square miles. 383 cities and towns are served, the population being esti
mated in excess of 500,000.
The franchises under which company operates, with exception of those
in a few smaller towns from which the company derives less than 3% of
gross earnings, are unlimited as to duration.
Government Advance for Power Plant.— For particulars see this publication
o f Oct. 30 1920.
Interest. Outstanding. Maturity.
STOCK AN D BONDS—
Date.
Common $20,000,000 ($100) _______
------------$ 1 1 , 1 0 0 ,0 0 0 ........ .............
P f 7% cum $10,000,000 ($ 1 0 0 )____
Q-F 1
7,932,100 M ay’24.1M
First mtge gold series “ A ” _ f 1916
_
5 M-S
8,500,000 Mar 1 1946
First mtge gold series “ C ” _ I 1916
_
6 g J-D
5,593,000 June 1 1958
First mtge gold series “ D ” _
_
1916
7 g F-A
6,000,000 Mar 1 1946
First mtge gold series “ E ” _ -( 1916
_
5%
6,000,000 Mar 1 1963
_ __1916
First mtge gold series “ F ” _ |
5H g A-O 7,500,000 Oct. 1 1953
(Series " A " & “ O” , $1,000; [Equitable Trust Co., New York, trustee.
Series “ D ”
‘ F ,” $100,]
$500 & $1,000)_-. c*&r*tf l
5-year conv debs $2,500,000/ 1919
6 g J-D
2.207,000 Dec. 1 1924
($1,000) gold_________ c* tf [Chase National Bank. N . Y ., trustee.
Contractual obligation to the ( 1918
5 & 6%
1,054,500
Serially
U S Govt (5% per annum to] Due $150,000 per annum Mar. 31 1923 to
& incl Mar 31 1928, there1929 incl., and bal. ($154,500) Mar. 31
after 6 % _________________ l 1930
First Equip Trust, o f 1920_ _tf 1920 _______
87.000
Serially
Stock.— Pref. stock Is red. as a whole or in part at 115 and accrued dl*
on any dividend date upon six months’ notice. See V. 102. p. 2082.
Bonds.— The bonds are a first mortgage on all the physical property,
rights and franchises now owned or hereafter acquired. Additional bonds
may be issued at par for 75% o f the actual cost o f permanent improve
ments, additions or extensions under certain restrictions. Series “ A ”
bonds are redeemable as a whole or in part since M ar. 1 1921 at 105
& int. on 4 weeks’ notice. Int. on Ser. “ A ,” “ C” and “ D ” payable at Equi
table Trust Co., N . Y ., or Cont. & Comm. Tr. & Sav. Bank, Chicago. Tax
exempt in Penna. The series “ C " 6s are red. all or in part beginning June 1
1923 on the 1st day o f M ar., June, Sept, or Dec. upon 4 weeks’ notice
at 106 and int. V. 107, p. 403. Series “ D ” 7s are red. all or part on 4
weeks’ notice to and incl. Feb. 28 1931 at 105; thereafter to and incl. Feb. 29
1936 at 104; thereafter to and incl. Feb. 28 1941 at 102M; and thereafter to
maturity at 101. V. I l l , p. 390; V. 113, p. 739. Series “ F ” 5 ^ s are red.,
all or in part, upon 4 weeks’ notice at the following prices and int.: On or
before Oct. 1 1928 at 107 H ; thereafter to and incl. Oct. 1 1938 at 105; there
after to and incl. Oct. 1 1948 at 102Vi, and thereafter to maturity at par.
V. 118, p. 2772. The mortgage provides for an annual expenditure for
maintenance as follows: 1916-20, 1H % of bonds out; 1921-25, 2% ; 1926-46,
2 ; also for a depreciation fund of 2% of bonds out beginning with 1916
for additions, improvements, &c., against which no first mortgage bonds
may be issued. V. 102, p. 891. All series arelisted on N . Y . Stock Exchange.
Compare V. 108, p. 1827; V. 117, p. 2772.
The 5-yr. 6% debentures are convertible at holder’s option into 7% cum
pref. stock o f the co. at any time between Dec. 1 1920 and Dec. 1 1924, in
the ratio o f 10 shares o f stock for each debenture. Are red. all or in part
on 30 days’ notice at 101 and int. to and incl. Dec. 1 1921; at 100IS and int
thereafter to and incl. Dec. 1 1923, and at 100 and int. thereafter to mat
urity. Int. payable in N . Y . or Chicago. Tax-exempt in Pennsylvania
V . 109, p. 2446.
The car trust notes o f 1920 mature serially to June 15 1930.
Dividends.— Divs. on pref. stock nave been paid since organization
EARN ING S.— For years ending Dec. 31:
Net after
Fixed
Preferred
Common
Balance.
Calendar Gross.
Taxes.
Charges. Dividends. Dividends. Surplus.
Vrnr
©
©
©
©
©
©
________
2,660,990
1923 ...12,950,751 4,65i,135 1,990,145 ________
1922...10,266,651 3,662,880 1,862,202
...............................x l,800,678
x Balance available for dividends, &c.
PR O PE R T Y .— The physical property owned by the West Penn Power
Co. includes six electric generating stations with an aggregate installed
capacity of 133,930 k. w. (name plate rating), 155 substations having a
transformer capacity of 202.932 k. »v., and 708.55 mpole iles of high-tension
transmission lines (60.97 miles 132,000 v ., 647.58 miles 25,000 v . ) , exclusive
of low-tension distribution lines in cities and towns. In addition to the fore
going, the company leases the power plant of the West Penn Rys. C o., lo
cated at Connellsville, Pa., which has an installed generating capacity of
56,500 k. w. (name plate rating). The company also leases 7.60 miles
25,000-volt transmission lines. Construction is under way on an extension
to its Springdale station which will contain two units o f approximately
35,000 k. w. each.
OFFICERS.— Pres., A. M . Lynn: V.-P. & Sec., R. B. Keating: V.-Ps ,
G. M . Gadsby and J. S. Jenks; Compt., J. W . Glendening: Treas. & Asst.
Sec., C. C . McBride, Pittsburgh; Asst. Sec., G. E, Murrie and W . K.
Dunbar; Asst. Treas., C. F. Kalp and R. C. Lightcap; Gen. Aud., M . W
Glover.— V. 113, p. 739, 1584; V. 115, p. 1954; V. 116, p. 1179, 1894, 2768;
V. 117, p. 89, 209, 441, 1557, 1665, 2214, 2434, 2772; V. 118, p. 1521.
(1) P it ts b u r g h Mars & B u t le r R y .
ORGAN IZATION .— Successor to the Pittsburgh & Butler St. R y ., the
interurban division of the Pittsburgh & Butler R y., which was sold at fore
closure M ay 9 1917 (V. 104, p. 1900). On Sept. 5 1917 made a mortgage
to the Dollar Savings & Trust C o., Pittsburgh, securing an issue o f $1.250,000 bonds to provide for improvements, &c. Pittsburgh Butler A
Harmony Consol. R y. & Pow. Co. owns all the $1,000,000 stock o f the co.
EARNINGS.— For calendar year 1922, gross, $388,893; net, after
taxes and int., $41,674. In 1921, gross, $412,497; net, after taxes and
int., $21,591.
OFFICERS.— Same as Pitts. Butler & Harmony Consol. R y. & Pow. Oa.
above.— V. 105, p. 998; V. 106, p. 1578, 2346.
(2) P it ts b u r g h H a rm o n y B u t le r & New C a s t le R y . C o .
OR GA N IZA TION .— Is a consolidation in 1906 of several small com
panies. Owns all the cap. stock of the Harmony Elec. Oo. and the ElwoodKoppel Bridge Co. In Feb. 1910 authorized stock was Increased from
$3,000,000 to $3,500,000. Pitts. Butler & Harmony Consol. R y. & Pow.
Co. owns $2,745,000 o f the cap. stock.
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity.
Stock $3,500,000............................- ......................
$3,000,000
.............
1st mtge $3,500,000 gold/ 1906
5 g J-D
2,900.000 June 1 1936
($ 1 .0 0 0 )____________ c * tflln t. at Union Trust C o., Pittsburgh, Trustee
Bonds.—The $600,000 unissued are reserved ror future extensions.
EARNINGS.— For 12 months ended Dec. 31 1922, gross, $1,040,063;
net, after interest and taxes, $142,548. In 1921, gross, $1,153,477; net.
after interest and taxes, $129,243.
ROAD.— Operates 68.5 miles of track from Pittsburgh, via W exford.
Evans City, Harmony and Eliwood City, to New Castle, with a branch from
Evans City to Butler. Enters Pittsburgh over the tracks of the Pittsburgh
Kys. Co. On Dec. 3 1913 placed In operation an extension from Eliwood
City to Beaver Falls, 6!4 miles.
OFFICERS.— Same as Pitts. Butler & Harmony Consol. R y. & Pow. Oo.
above.— V. 107, p. 2377; V. 108, p. 2529; V. 109, p. 1274; V. 112, p. 2306.
P LA TTSB U R G , N. Y.
PLATTSBURO TRACTION C O .— A trolley road
The Delaware & Hudson Co. owns entire stock and bonds.
ORGANIZATION, &c.— Chartered M ay 27 1896. Franchise 50 years
from Nov. 20 1895. Capital stock. $100,000 (par $100;. First mtge. 6%
gold bonds of 1896, due 1926; int. J. & J. (tf) ar, New York Trust C o..
N. Y ., trustee; authorized, $100,000; issued, $80,000.
Dividends.— Annual div. in (Jan.) 1910. 4% ; in 1911, 5% ; in 1912, 6% ;
in 1913. 5% ; in 1914, 4% ; in 1915, 4 % . None s ace.
EARNINGS—
Gross
Net
Other
Taxes A Balance.
Year Endino—
Earnings. Earnings. Income. Charges. Surplus.
Dec. 31 1923_________ 33,244
$2,205
____
____
____
Dec. 31 1922...........
35,971 3,337
$213
$8,689 def.$5,139
Dec. 31 1921_________ 39,320 def. 852
383
8,557 def. 9,026
Dec. 31 1920_________ 33,123
3,498
706
8,400 def. 4,196
ROAD.— Owns 7.58 miles of track: 15 cars; rail. 50 to 80-lb. T .
OFFICERS.— Pres.. L. F. Loree: V .-Ps.. W . H. Williams. N. Y ., and
H. B. Weatherwax, Aloany; V .-P . & Asst, to Pres., F. W . Leamy; Sec.,
F. M . Olyphant, N. Y .; Treas., & Gen. M gr., II. L. Barber, Plattsburg,
N . Y .; A ud., W . A. Biasing, Albany, N. Y .
PLYMOUTH, MASS.
PLYMOUTH & BROCKTON STREET RY.
ORGANIZATION.— Organized in Mass, in 1922 and acquired the prop
erty of the Brockton & Plymouth St. R y. (for history see “ Electric Railway
Supplement” of April 29 1922) which was sold at foreclosure in July 1922.
V. 115, p. 435. Holders of each $1,000 of the old c o .’s 1st mtge. 4J^%
bonds received in exchange $500 in 1st mtge. 6% bonds, $500 in 6% income
bonds, and $500 in com. stock of the new co. as per plan of reorganization
outlined in V. 115, p. 644.
Does electric railway business from Brockton to Plymouth and in the
intervening towns. Is authorized to do a freight business in the towns o f
Whitman, Hanson and Pembroke. Franchise perpetual.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common____________________ _____
_______
$300,000 _________ 1st mtge. $170,000-............ _ .c 1922
6 j -J
130,000 July 1 1932
Income mtge. $130,000______ c 1922 See text.
130,000 July 1 1932
Stock.— $60,000 of the com. stock is held in voting trust. V. 115, p. 644.
Bonds.— Remaining $40,000 1st mtge. bonds may be issued for add’ns.
exts., and impts. under certain restrictions. Int. on coupon bonds is
payable annually on July 1 when earnings are sufficient. Sink, fund o f
$5,000 per annum to retire income bonds is provided for. Int. on the
income bonds when earned and the annual sink, fund payment when
earned can only be postponed by the vote of 75% o f the entire board o f
directors. The int. on the income bonds, whether or not earned, and the
annual payment of $5,000 for the sink, fund, whether or not earned, shall
be cumulative, so that no divs. can be paid until all of such unpaid accumu
lated int. and unpaid accumulated sink, fund installments have been fully
paid. Income bonds acquired with sink, fund money will remain alive and
draw int. for the benefit of the fund. V. 115, p. 644.
ROAD.— Plymouth through Kingston, Pembroke and Hanson to Whit
man, 24.3 miles of track. 28 pass, and 9 other cars. Standard gauge.
Power station capacity of 825 k. w.
OFFICERS.— Pres., A Stuart Pratt; V .-P . & Gen. M gr., C. W . Gifford;
Clerk, Wm. T. Crawford; Treas., Henry B. Sawyer; Gen. Mgrs., Stone &
Webster M gt Assn.; M gr., Montelle O. Smith.— V. 115, p . 1429, 2159.
POM EROY, OHIO.
W EST PENN MONONGAHELA CO. (Controlled by The West
Penn. Oo.).
ORGANIZATION.— Incorp. June 14 1922 in Delaware. Formed by
The West Penn Co. to take over control o f the Monongahela Pr. & R y. Co.
(now Monongahela West Penn Public Service C o.— see under “ Fairmount,
V a .,” on a previous page).
CAPITAL STOCK.— Auth., $3,000,000 Pref., par $100, and 1,000,000
shares com. o f no par value. Outstanding, $2,369,000 pref. and 937,794
shares com. The West Penn Co. owns all of the outstanding pref. and
987,000 shares o f the common. For offer o f West Penn Co. to purchase
remaining shares o f common outstanding see V. 117, p. 441.
OHIO RIVER ELECTRIC R Y . & POWER C O .— A trolley road
Receivership.— On Feb. 25 1919 Harry Hartwell was appointed receiver
for the co. by the U. S. Dist Court.
Sale.— In March 1924 it was reported that a representative o f the bond
holders’ committee had purchased the entire property o f the co. for $89,000.
V. 118, p. 1268.
M e r g e r , & c . . P r o p o s e d . — In April 1924 the recently organized Ohio River
Ry. C o . applied for auth. to take over and consolidate this co. and the
Pomeroy & Middleport Electric Co. V. 118, p. 1912.
OR G A N IZA TIO N .— Incorp. in Ohio, 1914. Old co. o f same name, lnsorp. in Delaware in 1900, taken over by present co., subject to $315,000
ls t M .5 % bond issue. Owns all the capital stock ($30,000) o f the Pomeroy
Jt Middleport Electric Co.
Interest in Default.— The Int. due Dec. 31 1918 on the c o .’s 1st M . 5s
is In default.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common stock $200,000__________
_________
$150,000 ___________
1st pref stock $300,000______ _____
_________
150,000 ___________
1st mtge $315,000 gold ($100, 1 1900
5 g J-J
315,000 July 1 1924
$500, $1,000)______ c*.ntf\Int. at Columbia Ave. Tr. Oo.. Phlla.. Trust.
EARNINGS.— For calendar years:
Year—
Gross.
Net.
Other Inc. In t.A Taxes.
Balance.
1922_________ $86,560
$6,362
$2,429
$36,250
def.$27,458
1921_________ 107,015
795
2,539
39,650
def .36,316
ROA D .— Owns and operates 12.65 miles of road extending through
Middleport. Pomeroy, Syracuse and Racine, Ohio.
OFFICERS.— Pres., F. W . Bacon; Sec., H. D. Brown Jr.; Treas., Harry
Williams Jr. General office, Phila., Pa.— V. 118, p. 1268, 1912.
PITT SB U R G H BUTLER & HARM ONY CONSOLIDATED R Y . &
POWER CO.
O R G A N IZA TIO N .— Incorp. in Delaware. Has acquired $2,745,00$
o f the $3,000,000 capital stock o f the Pittsb. Har. Butler & Newcastle Ry
C o., all o f the $1,000,000 capital stock o f the Pittsburgh Mars & Butler
R y. Co. and 2,300 shares o f the 3,285 shares capital stock of the North
Pittsburgh Realty Co. All the capital stock o f Ohio Harmony Elec. Co,
Harmony Realty Co. and Harmony Short Line Motor Transportation Co.
In March 1920 an announcement was made o f a profit-sharing plan by
which $1,000,000 com. stock would be set aside under a trust agreement for
the benefit o f th eco’s. employees. V. 110, p . 1416.
STOCK.—
Date.
Interest. Outstanding.
Maturity
Common $4,500,000_______________
_______
$4,500,000 __________
Preferred $2.000,000...................................... ........
1.836,000 ...................
OFFICERS.— Pres., David I. McCahill; V .-P . & Gen. M gr., H. Ethe
ridge; Treas., R . M . Glick.— V . 109, p. 1274; V . 110, p. 1416.
NORTHW ESTERN OHIO R A ILW A Y & POW ER CO.
OR GA N IZA TION .— Incorp. in 1912 in Ohio to take over the Toledo
Fort Clinton & Lakeside R y. (V. 95, p. 48), which in April 1913 reduced
its capital from $1,800,000 to $1,500,000. All of the $800,000 (authorized
tnd issued) com ., $500,00O (auth. $700,000) pref. and $1,293,000 (auth.
$5,000,000) 1st M . 5s are owned by the General Gas & Elec. Gorp., which
see in our “ Ry. & Ind.” Section. Operates a high-speed interurban electric
railway between Toledo and Bay Point, connecting by ferry to Sandusky, O.
Electric light and power is furnished in Ryan, Curtis, Clay Center, Genoa,
Elmore, Oak Harbor, Port Clinton, Gypsum, Danbury, Lakeside and Mar
blehead. The power plant is near Port Clinton on the shore of Lake Erie,
In April 1924 the co. applied to the Ohio P. U. Comm, for auth. to purchase
the property of the Port Clinton (O.) Electric Light & Power Co., which
it proposes to consolidate. V. 118, p. 1666.
P O R T CLINTON. OHIO.
A pril, 1924.]
ELECTEIC RAILW AYS
EARN ING S.— For 12 mos. ending Dec. 31:
Cal. Yr.—
Gross. Net (aft. taxes). Int. &c.
Balance.
1923____________ ___________$586,651
$94,089
$69,919 sur$24,169
1922............................... ............ 483,992
77,727
68,549 sur. 9,178
R O A D . &c.— Operates 52 miles of track from Toledo to Elmore. Oak
Harbor, Port Clinton and Marblehead. In addition operates a line during
the summer months to Bay Point, 3 miles east o f Marblehead, thus making
direct connections with Cedar Point and Sandusky. In Toledo operates
on about 3 miles o f Toledo Rys. & Lt. track. Standard gauge, 70-lb. T rail
10 pass, cars, 2 express motor cars, 34 non-motor freight cars; total. 46 cars.
V. 95, p. 48. 176.
OFFICERS.— Pres., W . S. Barstow; V .-P. & Gen. M gr., F. K . Woodring;
Treas., W . Buchsbaum; Sec., C. N. Wilson; Asst. Treas. & Asst. Sec., C. C.
Cash; Gen. Mgrs., W . S. Barstow Management Association.— V. 107. p. 83;
V. 108, p. 480; Y. I l l , p. 589; Y. 116, p. 823; V. 118, p. 1666.
PO R T JERVIS, N. Y„
PORT JERVIS TRACTION CO.
ORGAN IZATION .— Incorporated In New York on June 1 1910 to take
over the railway business of the Port Jervis Elec. Lt. Pow. Gas & R R .C o
sold at auction on Jan. 27 1909. The Port Jervis Light & Power Co
($118,000 stock. $188,000 bonds) was also incorp. to take over the light
and power business. The bonds of the Traction Co. are owned by the Light
6 Power Co.
STOCK AND BONDS—■ Date.
Interest. Outstanding. Maturity.
Stock $20.000-................. ......................................
$19,985 ............. ..
Mortgage $70,000 gold___ c * l ____
5 g A-O
70,000
1960
Int. pay. at office o f trustee/Orange C o. Tr. Co.,M iddletown,N.Y.,Trus
Bonds.— Subject to call at 105 on any Interest day
EARN ING S.— For calendar year 1922. gross, $21,035; net, after taxes,
$11,139. In 1921, gross, $26,384; net, after taxes, def., $7,642.
ROA D .— Operates 3.915 mile3 of track. 70-lb.Tand93-lo.girder rails.
7 ears.
OFFICERS.— Pres., S. D . Sprong; V .-P ., R. R. Livingston; tec. & Treas
F. O. Bates; M gr., Chas. O. Wagner.— V. 88, p. 158, 296; V. 99, p. 271.
PORTLAND, ME.
CUMBERLAND COUNTY POWER & L IG H T CO.
ORGAN IZATION .— Incorp. in Maine March 14 1907. On Feb. 1 1912
leased for 99 years the Portland R R . Co. Y. 94, p. 826. In July l9 l2
acquired all the properties, rights and franchises of Consolidated El. Lt. Co.
of Maine, Portland Lighting & Power Co. and Portland Electric C o ., which
cos. were previously controlled through stock ownership. On Dec. 18 1912
purchased capital stock o f the Ossipee Valley Power Co. On Feb. 1 1913
acquired practically all the common stock o f the York Power C o., con
trolling the York Lt. & Ht. Co. V. 97, p. 368. Owns approximately onethird o f the capital stock of the Androscoggin & Kennebec Ry. Co. In Aprii
1913 the Ossipee Valley Pow. Co. and the York Pow. Co. were merged,
forming the York Co. Power Co. Also controls the Westbrook El. Co.
Effective July 1 1923 the co. was auth. to acquire these two latter proper
ties. V. 117, p. 552. Compare V. 116, p. 75, 1761, 1759. Does entire
electric light and power business o f Portland and vicinity. Through sub
sidiary companies operates street railway systems o f Portland and South
Portland, with lines to Yarmouth, Cape Elizabeth, Saco, Old Orchard,
Westbrook, Gorham and South Windham. The electric light and power
business in Biddeford, Saco, Old Orchard, Kennehunkport, York Harbor,
Alfred, Sanford, Springvale, Freeport, Westbrook, Gorham; also gas in
Biddeford and Saco.
Franchises.— The franchises under which the companies operate are
ttated to be exceedingly liberal anu to have no burdensome restrictions.
Bus Competition Barred.— See V . 117, p. 1461.
The $500,000 Portl. Ltg. & Pow. Co. 1st M . 4Ms due Apr. 1 1921 were
extended to Apr. 1 1931 at 7% . A cash bonus o f $15 on each $1,000 of
bonds so extended was paid. V. 112, p. 1399.
In March 1923 was auth. by the Maine P. U. Commission to issue
$1,494,000 o f pref. stock for the purpose o f acquiring all the assets and
properties o f the York County Power Co. and the Westbrook Electric
Co. V. 116, p. 1176. These two cos. were merged into the Cumberland
Co.'Power & Light Co. later in 1923.
In Feb. 1924 the co. applied to the Maine P. U. Comm, for auth. to issue
30,000 shares o f the com. stock o f no par value, o f which 26,968 shares are
to be offered in exchange, share for share, for the outstanding 26,968 shares
o f $50 par. V. 118, p. 663.
Outstanding. Maturity
STOCK AN D BONDS—
Date.
Interest.
$1,348,400 Sent’ 17.1%
Q-M
Common$1,350,000 ($fi0>_
Q-F
Pref ($100) 6% cum red at/
3,024.000 Feb ’24,1 M
120 & accr div__________ (
4,051,000 Sept ] 1942
1st & ref mtge $10,000,000/ 1912
5 M-S
gold ($1.000)________ c*tflEm pire Tr. C o., N Y .. Trustee.
600,000 June 1 1926
5-year collateral trust bonds/ 1921
8 J-D
($500 and $1,000)______ c\Fidelity Trust C o.. Portland, M e., Trustee
Port El Co pref stk $ 5 0 0 .0 0 0 /___
Q-F
500,000
See text
($100)6%cum(see text)ntf\C. O. Bancroft, Portland, trustee.
Port Elec OolstM $1,500,0001 ,1906
5 g F-A
989.000 Aug 1 1926
g ($1,000) sink fd _ C *tf/lnt. at Portland Trust C o.. Portland, Trus
_
Portl Ltg & Pow first mtge/ 1901
7 A-O
500,000 April 1 1931
$750,000(cl’sd) ($ l,0 0 0 )ctflln t. at American Trust C o., Boston, Trustee
Consol El Lt Co of Me 1st M l 1900 4 Mg J-J
500,000 Jan 1 1925
($500 and $1.000) g o ld .c.tf lin t, at Union S. D. & Tr. C o.. Portland Trus
York C oun ty Power C o .—
46.000 July 1 1930
Agamenticus El Lt 1st M .c .t f 1910 5 g J-J
7,590 Jan 1 1930
Wells El Lt & P 1st M e____tf - 1910
5 g J-J
63.000 July 1 1930
Kennebunk El Lt 1st M -C .n tf l9 l0
5 g J-J
323,000 April 1 1927
York Lt & Ht 1st cons ref M f 1907
5 A-O
(closed) ($500 & $ l,0 0 0 )ctflin t, at Un. S. D. & T. C o., Portland. Trus
York Co Pow 1st & ref M $ 2 ,-/ 1913
5 g J-D
827,000 Dec 1 1943
500,000 ($500&$1.000)c*tf-{Int. at Portland, M e., and N Y . City
( Fidelity Tr. C o.. Portland, M e.. Trustee.
6 Q-J
383,000
Gear.
York Co Pow pref stock c u m f ____
(guar b y C C P & L ) ______ 1
Stock.— Both classes o f stock are listed on the Boston Stock Exchange
V. 95, p. 1206. The company has the option at any time to redeem all or
part of the Portland Electric Co. pref. stock at 115 and accr’d div. on 16
days’ notice, and may at any time, with consent o f owner, red. pref. stock
at less than 115. Pref. stock of the Portland Elec. Co. falls due and is paya
ble on Aug. 1 1926 at par and accrued dividends.
Bonds.— Of the remaining first and refunding mortgage bonds, $3,000,000
are reserved for prior liens, and $2,782,000 are for ext., impts.. &c., under
certain restrictions. $400,000 are pledged under the 5-year coll, trust
8% notes and $122,000 are held in treasury. Callable as a whole on
any interest date at 105 and interest on 60 days notice. Bonds have a
depreciation and trust fund from July 1 1915 o f 1% per annum of bonds
outstanding, but not less than $20,000 a year for purchase of bonds at not
over 105 and int. or for replacements, extensions and additions. Interest
payable at A. B. Leach & C o., N. Y . V. 95, p. 361. Portl. El. 1st mtge
bonds are callable at 110 and accrued interest on 5 weeks' notice as follows
Nos. 1 to 125 on and after Aug. 1 1911; 126 to 250 on and after Aug. 1 1916
and 251 to 375 on and after Aug. 1 1921. Sinking fund o f 1% p . a. of bonds
out began Aug. 1 1911, inclusive any bonds purchased for or redeemed by
sinking fund. $511,000 (not included in amount outstanding) in sinking
fund. V. 90, p. 1243. The $2,500,000 York County Power bonds are
guaranteed by the Cumberland County Power & Light Company,
and o f thi» amount $827,000 are outstanding, $179,000 in treasury,
$508,000 are reserved for underlying liens and $960,500 for addi
tions and impts. Bonds are] red. at 105 on any interest date upon
60 days' notice. Sinking fund o f
o f 1% o f bonds out began Dec. 1 1917;
$25,500 are in sink. fund. V. 99, p. 1451, 1597. $43,000 Agamenicus El.
L t., $22,500 Wells El. Lt. & Pow. Co. and $37,000 Kennebunk El. Lt. Co
bonds, in addition to the amounts reported outstanding, are held by trustee
o f the York Co. Pow. Co. All three mtges. are closed. Guar, by York
C o. Pow. C o.; int. payable at Union 8. D. & Tr. Col., Portland, trustee
York L t. & Ht. Co. 1st cons. ref. bonds have a sinking fund which began
April 1 1911 o f 2% o f gross income; $68,000 are held in sinking fund
The Portland Ltg. & Pow. Co. 1st Mtge. bonds are a direct obligation of
the Cumberland County Power & Lt. Co. and sufficient o f that c o .’s 1st &
ref. 5s due 1945 are reserved for the retirement o f these bonds. The
Portland Ltg. & Pow. bonds were originally 4Ms and matured April 1 1921
107
but were extended for 10 years at 7% are call, as a whole on any int. d a l e
at 105 on or before April 1 1926; at 103 before April 1 1928: at 102 before
April 1 1929, and at 101 before April 1 1930. V . 112, p. 1399.
Notes.— The 5-year 8% coll. tr. bonds are secured by $400,000 Cumber
land County Power & Light Co. 1st & Ref. 5s, 1942; $86,000 Portland RR.
1st Lien & Consol. 5s l945; $426,000 Androscoggin & Kennebec R y. 1st
Pref. Cum. 6% stock; $490,000 Androscoggin & Kennebec Ry. 2nd Pref.
5% stock. The com. & pref. stocks are represented by certificates of bene
ficial interest. Int. payable in Boston or Portland, Me. V. 112, p. 2189.
Dividends.— 6% p. a. was paid on the pref. stock from Feb. 1 1912 to
M ay 1 1918, both inch The M ay 1 1918 dividend was paid in scrip. None
to Feb. 1921, when 6% was paid. Initial div. o f 1% paid on com. Dec. 1
1916; same rate quar. to Sept. 1917. None since.
EARN ING S.— Of combined properties for 12 mos. ending Dec. 31:
Dec. 31
Gross
Net (after DeInterest Preferred
Balance.
Year—
Earnings, prec & Taxes.)
Sic.
Dividend.
Surplus.
1923 __________ $3,771,968 $1,298,242 $747,341 $159,549
$391,352
1922 ---------------- 3,467,564
1,231,999 719,472
159,646
352,881
P R O PE R TY.— On July 12 1917 the co. placed in operation the first
section, containing a 3,000 k. v. a. unit of a new generating plant on the
Saco River at Hiram Falls, which is to have an ultimate capacity of 20,000
k v. a. In addition, the co. owns or controls 5 hydro-electric power plants
on the Saco and Presumpscot rivers within 25 miles of Portland and 6 steam
power plants, combined capacity 28,100 k. w., with transmission lines to
Portland, covering entire city and suburbs; also to Sanford, M e., aggregat
ing 106 m. The single-track mileage of the controlled railways L 271.
s
OFFICERS.— Pres., H. M . Verrill; V .-P ., Frank D. True; Treas. & Clerk.
Chas. F. Berry, Sec. & Asst. Treas.. C A. Pearson. Jr.: Gen. M gr., Fred D .
Gordon. Under management of E. W. Clark & C o.. M gt. Corp.— V. 115.
p. 435; V. 116, p. 75, 822, 1176, 1759; V. 117, p. 207, 552, 1461, 2652;
V. 118, p. 663, 793.
(1) Portland R ailroad.— Trolley.
L e a s e . — Leased for 99 years from Feb. 1 1912 to the Cumberland County
Pow & Lt. C o., lease providing for all Interest and other current charge*
»nd 5% divs. on capital stock.
ORGA N IZA TIO N .— Incorp. March 1860 under laws of Maine. Ablorbed the properties of the Portland & Cape Elizabeth R y.. Cape Shore
Ry., Cape Elizabeth St. R y., Portland & Yarmouth Elec. Ry. and West
brook Windham & Naples. F r a n c h i s e s contain no objectionable restric
tions; many are unlimited as to time.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $2,000,000 5% gu ($ 1 0 0 )____
5 F-A
SI,999.000
See text
1st cons (now 1st) $3,000,000/ 1901 3M g J-J
1,600,000 July 1 1951
($1,000 & $500) g old ._ c* tflin t, at Portland Tr. Co. Portland, trustee.
First lien & cons $7,500,000/ 1915
5 g M -N
2,045.000 Nov 1 1945
gold ($1,000 & $500).c * tflin t , at New York Trust Co..trustee.
B o n d s . — Remaining $1,400,000 first cons, (now 1st) M . bonds are pledged
is security for the first lien & cons. M . 5s. Bonds c a n be ca lle d at par and
Int. on any int. date after July 1 1931. V. 73, p. 139; V. 91. p. 871. Of
the remaining first lien & cons. M . 5% bonds, $1,600,000 are reserved for
retirement o f prior lien bonds and remainder for extensions, impts., &c.
Outstanding bonds are secured by deposit of $1,400,000 1st cons, (now 1st)
mtge. 3 Ms; are callable as a whole or in part at 105 on any int. date.
D i v i d e n d s . — The following divs. are on o ld stock prior to lease.
Year—
’ 95-’ 99. '00. '01. '02. '03. '04. '05. '06. ’07-’ l l . Since.
Percent________
6%
5
6
3
3
3
3 3M 4 y'ly 5 yearly
R O A D .— Operates 104.52 miles of track, comprising the entire street
•ailway systems of Portland and South Portland, with suburban lines to
louth Windham, Saco, Westbrook, Cape Elizabeth. Gorham. Old Orchard
and Yarmouth, where connection is made with the Androscoggin & Kenne
bec R y. 140 passenger, 2 express and 30 others. One steam power plant
with 1,600 k.w. capacity. Seven sub-stations.
OFFICERS.— Pres.. Fred. N. Dow; V.-P., Charles H. Prescott; Clerk
& Treas., Chas. F. Berry.— V. I l l , p. 190, 692; V. 114, p . 2013.
ANDROSCOGGIN & KENNEBEC R Y .
The Cumberland County Power & Light Co. owns approximately onethird of the company’s capital stock.
O RGAN IZATION .— Incorp. in M e. on Sept. 30 1919 as successor to the
Lewiston Augusta & Waterville St. R y. as per reorganization plan outlined
In V. 110, p. 1089. The co. is now the owner o f the properties formerly incl.
under the Lewiston Augusta & Waterville St. R y. 1st & ref. mtge. (ex
cepting the franchise o f the Turner line, which line we understand has
been taken over by the town o f Turner, V. 110, p. 1188, subject to the
underlying liens found in the table below. Holders o f each $1,000 Lewis
ton Augusta & Waterville St. R y. 1st & ref. bonds received in exchange
therefor $500 1st pref. and $581 2d pref. stock o f the present co. For
statement of predecessor co. see “ Electric Railway” supplement o f N ov.
15 1919.
Committee.— Bondholders First & Refunding Mortgage Lewiston Augusta
S Waterville St. R y ., Henry W . Cushman, Frank S. Silliman, Jr., Frank
c
D. True, O. Stevenson Newhall, with John F. Dana, Sec., 57 Exchange St.,
Portland, M e. Depositaries: Fidelity Trust C o., Portland, M e., and
Fidelity Trust C o., Philadelphia. V. 110, p . 970.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common, $1,354,500________________ _______
None
_____
1st pref. (see text)$ l,468,500 ($100)
6%
$1,468,500
Seetext
2d pref. non-cum,$1,708,200 ($100)
5%
1,708,200
Seetext
1st mortgage bonds---------------- 1920
6%
834,500 Mar 1 1940
Securities of the Aug. Win. & Gar. By.—
55.000 July 1 1951
Aug. H. & G. gen. mtge. con-f 1901
4 g J-J
vertible ($500$1,000) c n t flln t. at Augusta Tr C o., Augusta, Trustee.
195,000 July 1 1951
Aug. H. & G. pref. stock__________
4%
53.000 July 1J 952
AugWin & Gard 1st M $150,-/ 1902
4 g J-J
000conv($l,000&$500)gcntf \Int. at Augusta T r. C o.. Augusta. M e.,Trus.
Aug Win & Gard pref s to ck .. ____
4%
97,000 July 1 1952
Aug Win & Gard gen M .$125,-/ 1905
5 g J-J
100.000 Jan. 1 1935
000 ($500 $1,000) gold c n tflln t. at Augusta Trust C o., Trustee.
Stock.— The co. expects during three to five years from the date o f organ
ization to expend about $900,000 upon its system for equip., impts., and
rehabilitation. Pending the completion of this program the $1,468,500 1st
pref. and the $1,708,200 2d pref. stock is to be held by the Lewiston Augusta
& Waterville St. Ry. 1st & Ref. M . bondholders’ committee in a voting
trust. When the rehabilitation program has been completed (or sooner with
the committee’s consent) the stock will be released from the voting trust and
iistributed as per the reorganization plan. See above and also V. 110,
p. 1089. The 1st pref. stock is cumulative.
Bonds.— The c o .’s 1st M . bonds due 1940 were issued in exchange for a
like amt. of Lew. Bruns. & Bath St. R y. 1st M . 5s, due Mar. 1 1920.
All the underlying mortgages are closed mortgages. The Augusta
SVInthrop & Gard. R y. gen. mtge. 5% bonds of 1905 are subject to call at
ar on any int. day on 60 days’ notice. The Aug. Winth. & Gard. R y.
st M. 4% bonds are exchangeable for 4% pref. stock of the same co.,
which stock has the same security as the bonds and matures at the same
time. $97,000 have been exchanged. Subj. to call at 104 and int. on any
!nt. The Aug. H. & Gar. gen. M . 4% bonds are exchangeable for 4%
pref. stock of the same co., having the same security as the bonds and ma
turing at the same time. $195,000 have been exchanged. Callable at
104 and int. on any int. date.
Dividends.— On 1st pref., 3% paid June 1 1921 and same rate paid
regularly semi-ann. since. On 2d pref., 2M % 'was paid in Oct. 1922. In
1923, April, 2M % : Oct., 2M % EARNINGS— For years ending Dec. 31:
Gross.
Expenses Net A ft.
Balance
Earnings
St Taxes
Taxes
Tnt..dic
Sur. or Def.
1923__________ $1,165,131
$969,007 $196,124 $72,259
$123,865
1922__________ 1,236,027
.966.369 269,658 . 86,554
183,104
12,753,996 passengers carried in cal. year 1923, against 13,422,327 in 1922.
R OAD.— Operates a system In and between Waterville, Augusta, Win■hrop, Togus, Gardiner, Sabattus, Lewiston, Auburn, Mechanic Falls,
Brunswick, Freeport, Yarmouth and Bath. 157.488 miles of single track.
82 passenger, 57 freight and express cars, 12 snow plows and 11 misc. cars;
total, 162 cars. Has one steam plant with an installed capacity of 500 k.w.
OFFICERS.— Pres., W m. B. Skelton: V .-P . & Counsel, W m. H. New41; Treas., Miss G. E . Fitz, all o f Lewiston, M e.; Gen. M gr. & Clerk,
Alfred Sweeney.— V. I l l , p. 989; V. 116, p. 1273; V. 118, p. 1134.
?
108
ELECTRIC RAILW AYS
ANDROSCOGGIN ELECTRIC CO.
O R GAN IZATION .— Incon>. In Maine Oct. 26 1914 and purchased the
properties o f the Lewiston & Auburn Elec. L t. Co. and the Portland Lewis
ton Interurban R R . The lnterurban road Is on private right-of-way for
38 miles and on the highway for 2 miles. Charters and franchises liberal.
Has favorable contract with city o f Auburn for lighting streets and ways and
pumping water supply.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Common stock $1,500,000_________
_________ $1,500,000 ____________
Preferred stock $500,000_____ _____
_________
500,000 __________
1st & refund mtge $5,000,000f 1914 5 A-O
2,946,500 Oct 11934
($1,000 and $500) gold_tf-Unt. at Union Safe Dep. S Trust C o., Portc
1 land, trustee.
5%
1 ,200.000 June 11939
Lewiston & Auburn El Lt m t g e ____
6% debentures____________________
6%
140,000
Serially
Bonds.— $1,200,000 1st S ref. M . 5% bonds are reserved to retire the
c
Lewiston & Auburn bonds; remainder may be issued for 80% of cost of new
work under conservative restrictions. Not snbiect. to call. V . 102, p. 607.
The 6% debentures are due serially 1924 and 1925E A R N IN G S.— For year ending N ov. 30 1923, gross, $990,106; net,
after taxes and deprec., $387,840. For 12 mos. end. N ov. 30 1922, gross,.
$908,325; net, after taxes and deprec., $372,070. Railway only cal. year
1922, gross, $310,178; net, after taxes, $81,972.
P R O P E R T Y .— Owns developed water power at Deer Rips on the An
droscoggin River of 6,940 k. w. capacity, and operates under long and fa
vorable leases two developed water powers on the Little Androscoggin R iv e
o f 1,000 k.w. and 300 k.w., respectively. 6.000 k.w. reserve steam station
in Lewiston. Also owns and operates 30 miles of high-speed interurban
road connecting Lewiston, Auburn and Portland. Enters these cities
over tracks o f the local street railway companies under operating agreements.
9 passenger cars, 12 other cars and 1 electric locomotive.
** OFFICERS.— Pres., Harvey D . Eaton; Treas., W . S. Wyman; Gen.
M gr., Geo. S. Williams.— V. 118, p. 201.
[V ol. 118.
alike. V. 104, p. 1146. (See also V. 91, p. 1328; V. 95, p. 1274). 2d
pref. stock is non-cum. Com. is listed on the Boston, Columbus and'
Louisville stock exchanges. V. 116, p. 1533. Preferred stocks are preferred
as to dividends andlassets and redeemable at par. Prior preferred* „eries
‘ A,” redeemable at$105.j
Bonds.— Of the remaining Portland R y., Lt. & Power 1st S ret. M . 5a
c
unissued, $17,813,000 are reserved for prior liens and $33,376,000 are for
additions, improvements, &c. Denominations: Coupon bonds, $1,000,
$500 and $100; registered bonds, $1,000, $5,000, $10,000 and $50,000. Principal and interest also payable in sterling, francs or guilders at
fixed rates o f exchange. Callable as a whole at 105 and int. since Feb.
1 1922 on 60 days’ notice. Cumulative sinking fund 1% annually 1915
to 1926, incl.; 1 1 4 % 1927 to 1941, incl. on total amount issued. Bonds
in sink, fund to be kept alive and int. added to fund. Convertible at any
time at holders’ option into capital stock at a price equal to the amount
paid in on such stock, plus $10 premium per $100 share. See V. 94, p. 631.
Bonds are listed on N .Y . Stock Exchange; $13,453,000 are pledged under
1st lien & ref. mtge. and $3,190,000 are held in sinking fund. Additional
1st lien & ref. mtge. bonds may be issued in different series under certain
restrictions. Denom.: $500 & $1,000 c*; $1,000. $5,000 and multiples of
$5,000 r*. Are secured by pledge of $8,135,000 1st & ref. mtge. 5s. A
sinking fund requiring cash payments o f at least $225,000 semi ann. began
Sept. 1 1921. Ser. A ” bonds are red. all or in part on any int. date on
30 days’ notice after May 1 1931 at 105 and int. to May 1 1941; thereafter
at 103 and int. Series “ B ” are red. all or in part on any int. date on
30 days’ notice at 105 & int. to and incl. M ay 1 1942 and at 102)4 thereafter
but prior to maturity. Penna. 4-mill tax refunded. V. 112, p. 2084;
V. 115, p. 1429. Listed on New York Stock Exchange. V 115, p. 2379.
Portland Railway, Light S Power 5-year notes due March 1 1926 are
c
callable as a whole but not in part on any interest date as follows: Sept. 1
1924 or March 1 1925, 101; Sept. 1 1925, 100)4- V. 112, p. 1399. Red.
only as a whole on any int. date at par and int. on 60 days’ notice.
The Portland Ry. 1st Sc ret. M . has been closed at $8,523,000. A sinking
fund began in 1907; the amount was $25,000 per ann. (payable N ov. 1)
from 1907 to 1909 incl.; $40,000 per ann. from 1910 to 1919 incl., and $60,000 per ann. from 1920 to maturity of bonds; these payments are based on an
original amount outstanding of $5,982,000 [but see V. 113, p. 533] increas
ing proportionately as additional bonds were issued; said funds to be In
PORTLAND, ORE.
vested in the bonds at not more than 105 and int., at which price bonds
PORTLAND R A Il.W A Y . L IG H T & POWER CO.
can be called for the purpose. Bonds are to be kept alive and bear interest.
To Change Name.— The stockholders voted April 5 1924 to change the Red. at 105 and int. on any int. date upon 60 days’ notice. $1,492,000
name o f the company to the Portland Electric Power Co. and also to increase are in sinking fund. See V. 81, p. 1437. The bonds are listed on the New
York, Louisville and Phila. stock exchanges. V. 82, 806; V. 83, o. 1471.
the auth. amount o f first pref. stock by $7,500,000. V. 118, p. 1774.
The authorized amount
Electric Oo. mortgage was
O R G A N IZA TIO N .— Incorporated In Oregon June 29 1906 and has pur originally for $10,000,000,o f Portland General been closed at $8,000,000.
has
chased all the property o f the Portland Ry. C o., the Oregon Water Power S $637,000 retired by sinking but mortgage are subject to call as a whole at
c
fund. Bonds
By. Co. and Portland Gen. Elec. Co. V. 86, p. 1044. On March 21 107)4 and Interest on 4 weeks’ notice. A sinking fund of 1% per annum
1912 acquired the M t. Hood R y. Sc Power Co. V,. 94, p.983. During 1912
1 1915.
New
■old the railway property in Salem for $355,333 and the Willamette Falls of bonds out commenced M ay New York Bankers Trust C o., 92, p. York,
listed on the
Stock Exchange. V.
1437.
R y ., 9 miles in length, for $170,000. In M ay 1914 purchased the Yamhill trustee. They aret. Hood R y. & Power bonds are deposited as collateral
$5,000,000 of M
Electric Co. In Jan. 1914 acquired a majority of the $1,000,000 com. stock under Portland R y., Light S Power notes. Sinking fund began Jan. 1912,
c
of Willamette Val. Southern R y.. incorp. In 1911 to construct a road from 1% to Jan. 1916 Incl.; 1 X % 1917 to 1921; 1)4% 1922 to 1926; 1 H %
Oregon City to Angel City, 32 miles. Line was placed in operation on 1927 to 1931; 2% 1932 to 1938.
Jan. 31 1915. Regular passenger service from Portland to M t. Angel In
Willamette Valley Southern 1st M . bonds are unconditionally guaranteed
augurated Oct. 23 1915. With the exception of two Interurban lines the (as
principal.
sinking
by Portland
company operates all the electric railways In Portland and vicinity, includ Oo. to RemainingInterest and Issuable fund) under certainR y., Light & Power
$2,250,000
only
restrictions. Sink
ing interurban lines to Oregon City, Troutdale, Cazadero and Bull Run, ing fund of 1% of bonds outstanding 1917 to 1923; 134% 1924 to 1931.
Ore., and over the new Inter-State bridge to Vancouver, Wash. Does most and 2% 1932 to 1938. $45,200 retired by sinking fund. Company agrees
of the electric light and power business o f Portland and vicinity; also all of to refund 1 % of income tax. Redeemable at 103 and int. on any Int. date
the electric light and power business in Salem, Oregon City, Silverton, on 60 days’ notice. V. 98, p. 1001; V. 100, p. 57.
W oodburn and man v smaller communities InO re.andinV ancouver, W ash.,
Dividends.— On prior pref. an initial quar. div. was Daid in July 1922.
and operates the gas plant In Salem. Power is sold to the two interurban
lines above mentioned, to the Southern Pacific, and also to the companies In Oct. 1922 1% % paid. Same rate quar. since to and incl. Apr. 1924.
operating the street railways In Salem and Vancouver. The Yamhill Elec. An initial div. of 734 % on the 1st pref. stock was paid in July 1921, covering
Co. supplies electric light and power service to Newberg and other points In accumulated divs. on that issue from Jan. 1 1916 to April 1 1917. V. 112,
Yamhill County. Railway franchises in Portland expire in 1932 and 1933 p. 2643. On Oct. 1 1921 a cash div. on 2% was paid on the 1st pref.,
In Aug. 1923 a new 50-year franchise was granted the co. by the city of together with a stock div. of 25% (payable in 1st pref. stock) on account
Vancouver, Wash. V. 117, p. 782. Light and power franchises in Portland of accumulated divs. In 1922, July, 134%; Oct., 134%. and same rate
and Salem are perpetual: in Vancouver they expire in 1927. Has franchise to quar. since to and incl. Apr. 1924. On 2d pref. an initial div. o f 134%
carry freight in Oregon City, expiring in 1926. In Dec. 1916 obtained a fran was paid in Dec. 1923. Divs. at same rate paid regularly quar. since.
chise to operate over the new bridge connecting Portland, Ore., and Van On old com. quar. div. o f 1% phid July, 1)4 %; Oct., 134%. No divs. have
couver, Wash. One-half the profits are to go to Clark and Multnomah been paid on the 2d pref. stock, which, however, is non-cumulative. On
counties, by whom the bridge was built. The company’s transmission lines old com. quar. div. o f 1% paid from Sept. 1909 to Jan. 1910, incl. Initial
div.— $1 on new stock as adjusted per plan V. 91, p. 1328, was paid Mar. 1
and a large part of the interurban railway are on private right of way.
On March 15 1910 the Oregon Supreme Court handed down a decision 1911: same amount quar. to and incl. Sept. 1912; Dec. 1912, $134which in effect sustains the franchise covering portions o f 40 streets passed In 1913, M ar., June and Sept., $134 each. In Dec. rate was reduced and
$1 was paid (see V. 97, p. 1824). In 1914, March, $1; June, $1. None
by City Council April 28 1909 over the M ayor’s veto. See V. 90, p.
On Feb. 21 1913 a franchise covering about 22 miles of streets. Including since.
the proposed “ 7th St.Line,” was granted. The franchise expires in 1932
EARN ING S.— For years ending Dec. 30:
and contains a provision that at that time appraisers may be appointed to Calendar
Cross
Ezp.,Depr.
Net
Interest,Balance,
arrive at the value of the company’s equipment, with a view to the purchase
Year—
Earnings. and Taxes.
Earnings.
&c.
Surplus.
of the lines by the city. V . 96. p. 654.
$3,490,986 $2,066,823 $1,424,163
1923________ $10,825,380 $7,334,394
In N ov. 1912 the co. brought suit to restrain the city from enforcing the 1922.............. 10,120,898
7,038,642
3,082,256’ 2,126.892
965,364
“ straphanger ordinance" (limiting to 3 cts. the fare charged passengers for 1 9 2 1 -.-......... 9,922,242
6,992.326
2,929,916
2,107,733
822,183
whom no seats are provided), and also the 50-cent minimum gas and elec
93,900.714 passengers carried in cal.year 1922. agst 95,0>62.750in 1921.
tric rate ordinance. A temporary Injunction against the enforcement of
ROA D .—
a total of 343.9 miles o f single track (of which
theformer was granted In Dec. 1912, but application for an Injunction to set 297.6 miles Operates 35.00 miles controlled through stock ownership and
aside the latter was denied by Judge Bean In the U. S. Dist. Court on Nov. 11,03 miles owned. by outside interests). Owns 637 passenger cars, 482
owned
25, on the ground that the Federal Court has no Jurisdiction. V. 95, p, freight and miscellaneous cars and 9 locomotives, water-power plants
1542. 1274.
have a capacity of 53,130 k.w.; steam plants. 32,500 k.w. capacity. Total
Favorable Decision.—Judge Harris In the Supreme Court at Salem in May capacity 85,630 k.w. Work now under way on development on Clacka
1916 held void the ordinance requiring a tax o f 3% on gross earnings (V. 96. mas River which will have an ultimate capacity of 80,000 k.w ., initial
D. 1157). V. 102, p. 1718.
capacity 20,000 k.w. V. 113, p. 2722. Has 486 miles of high-tension and
Valuation.— The Oregon P. U. Comm, on Apr. 30 1917 placed the valua distribution lines. Owns a 9-story fireproof building in business centre of
tion o f the company's property as o f Dec. 31 1916 for rate-making purposes Portland used for Its offices, the only park and amusement resort near
at $46,862,972, or about $14,000,000 less than the co.'s valuation. See Portland, also real estate in Portland suitable for terminals.
V. 104. p. 1900, and compare V. 103, p. 61.
OFFICERS.— Pres., Franklin T. Griffith; V .-Ps., F. I. Fuller, Portland;
O. B. Coldwell, Portland; E. W . Clark and H. L. Clark, Phila.; Sec. and
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $25,000,000 ($100)______
Q-M
J$15,000,000 ^ See text Treas., G. L. Estabrook, Phila.; Asst. Sec. and Asst. Treas., R. W . Shep
herd; Asst. Sec. & Asst. Treas., W . L. Lamont.— V. 115, p . 1429, 1838,
\ 75% paid
Prior pref cum $10,000 000_ _____
_
4,098,600
7 Q-J
See text •2379; V. 116. p. 1051, 1276, 1533, 1761, 2385, 2406. 2994; V . 117, p. 782,
1463, 1664, 1886, 1993, 2111, 2654; V. 118, p. 665, 795, 1666, 1774.
let pref $10,000.000cum ($100)____
6%
6,250,000
See text
2d pref
do non-cum ($ 1 0 0 )____
6%
5,000,000
See text
OREGON ELECTRIC R A ILW A Y .— An interurban road.
Portland Ry Lt & Pow 1st & f 1912
5 g F-A
13,109,000 Feb 1 1942
Spokane Portland S Seattle R y. owns entire common stock.
c
ref mtge $75,000,000 gold/Int. at Fidelity Tr. C o., Phila., Trus., Lee
O RGAN IZATION .— Incorporated in Oregon on M ay 14 1906. Ex(se e te x t-------------- c*&r*tf I Higginson & C o., Bos.; Higginson S Co.,
c
I London, Eng., and Columbia T r.C o.,N .Y . •lusively an interurban road. Does no street railway business. Principally
1st lien & ref. mtge. ser “ A ” ) 1921 7)4 g M -N 4,708,000 M ay 1 1946 an private right of way. Has a contract for power (extending to 1938, with
c
Series “ B ” -----------------------I 192$
6 g M -N
7,414,000 M ay 1 1947 privilege of renewal for 25 years) with Portland Railway, Light S Power Oo.
($500. $1,000, $5,000) goldflnt. at N at’l City Bank, N . Y ., trustee,
Interest Payment Delayed.— Interest due M ay 1 1923 on the 1st mtge.
gold---------------------- c*&rtf I
5% bonds was not paid until June 1 1923. V. 116. p. 2516. Compare
V . 116, p. 2007. N ov. 1 1923 int. has been paid. V. 118, p. 311.
Serial notes $2,000,000 ($1,-1 1919
7 g J-D
1,000,000
Seetext
000, $5,000 & $10,000)g c t fjln t. at Guaranty Trust C o., N. Y .. trustee
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
5-year notes ($100, $500 andl 1921 8 g M-S 1
1,117,165 Mar 1 1926 Common $5,000,000 ($100)________
_________ $1,950,000 ____________
c
$1,000) gold__________ c&r/Title S Trust C o., Portland, Ore., Trustee. Pref $5,000.000($100) 6% c u m ____
6 F-A
200,000 In 1914, 6%
_________
380,000 __________
General m ortgage....................1918
6%
See text ____________ Deferred stock $400,000 ($ 1 0 0 )____
First mortgage $10,000,000/ 1908
5 g M -N
2,000,000 M ay 1 1933
Portland Ry 1st & refunding[ 1905 5 g M -N
7,031,000 Nov 1 1930
($1,000) gold--------- c*& rtflln t. at Columbia Tr. C o., N . Y .. trustee
mortgage $10,000,000 gold/Interest at office o f Redmond & C o., N . Y.;
Bonds.— $8,000,000 remaining bonds reserved for permanent extensions
($1,000) sink fund____c * tf( New York Trust C o., Trustee.
»nd improvements at 80% of cost. Bonds are subject to call as a whole
City S Sub con (now 1st) MJ 1900
c
4 g J-D
1,290,000 June 1 1930 or In part at 107 and interest on any interest day.
($1,000) g (closed)------c cp tlln t. at Secur. Sav. S Tr. Co..Port., trustee.
c
Dividends.— On pref. In 1911, 1912. 1913 and 1914. 6 % . None since.
Portland Gen El first mtgel 1905
5 g J-J
7,363.000 July 1 1935
(see text) gold ($1,000) c*tf lin t. at Harris, Forbes & C o., New York.
EARNINGS.— For cal. years:
M t Hood Ry & Pow 1st mtge j 1907
5 g J-J
See text Jan 2 1937
Year—
Cross.
Net, aft. Tax. Oth. Inc. Interest, &c.
Deficit.
$6,000,000 g($l ,000)s f c* n tf (Union Trust C o., San Francisco, Trustee.
1922 ............... ..$1,129,285 def. $140,525
$6,834 $570,291 $703,982
Wiliam Vail So Ry 1st M n tf f 1914
6 g F-A
704,800 Feb 1 1939 1921
........ 1.293,506
def.85,178
8,443
572,330
649.066
$3,000,000 ($100, $500 & (Int. at Cont. & Com. Tr. & S. Bk., Chic.
$1,000 gu d 1 Sc s f c* n tf l Trust., or In Port, or 1st Nat. Bk., N. Y .
R O A D .— Operates Portland to Eugene, 122.31 miles; Garden Home to
Forest Grove, 19.45 miles; West Woodburn to Woodburn, 2.53 miles; Gray
Stock.— The stockholders on M ay 14 1915 approved the plan by which
they surrendered 20% of their holdings in the then existing stock ($25,000.- to Corvallis, 5.20 miles; Orenco to Bowers Junction, 5.05 miles; trackage
000 , 75% paid), paying at the same time $25 in cash for each share so rights, 1.72 miles; total length o f line, 156.26 miles. Standard gauge,
surrendered, and received therefor pref. stock, share for share, one-half 70-lb. T rails.
($2,500,000) 6% cum. 1st pref. and the other half 6% non-cum. 2d pref
OFFICERS.— Pres., W . F. Turner;
. Skinner: Sec. & Compt.,
The $5,000,000 stock surrendered in connection with the plan was can Robt. Crosbie: Treas., Chas. C. Rose: V .-P .. W . DA. J. Davidson.— V. 114,
Gen. M gr..
celed. Stockholders of record Feb. 1 1917 were given an opportunity to p. 2013; V. 116, p. 2007, 2516; V. 117, p. 2543; V. 118, p. 311.
convert a further $5,000,000 common Into 1st and 2d pref. stock on tbe
same terms, which was accordingly done. The 1st pref. stock issued in
1915 Is cumulative from Jan. 1 1916; that issued in 1917 is cumulative from
PORTLAND EUGENE & EASTERN R A ILW A Y.
Apr. 1 1917 and will receive no divs. until all accumulations on the first
In April 1915 was absorbed by the Southern Pacific Oo. See our “ Rail
$2,500,000 shall have been paid; thereafter all 1st pref. stock will be treated way and Industrial” Section.
PORTSMOUTH, OHIO.
^PO R T SM O U T H STREET RAILROAD & L IG HT CO._____________ g
ORGANIZATIONT^-Commenced operations In 1894. Leases Ohio
Valley Traction Oo.
To Be Sold.— In Feb. 1924 the Portsmouth Public Service Co. was auth. to
purchase all the properties of the Portsmouth St. R R . & Light Co. and the
Ohio Valley Traction Co., a subsidiary, at an agreed price of $3,300,000.
See V. 118, p. 795, for further details.
Does the electric light and power business In Portsmouth and New Boston.
Including the city lighting. The street railroad serves Portsmouth, New
Boston and Sciotoville. Owns an amusement park. Franchises extend
beyond 1935.
In Dec. 1914 issued $500,000 bonds to extend the railway lines from
Portsmouth, O ., to Ironton, O., 22 miles, for impts., &c., and for the re
demption of the $50,000 bonds called for payment Jan. 1 1915 at 102. The
extension to Ironton O., Is being built by a subsidiary, the Ohio Valley Trac
tion Oo., all of whose securities will be pledged as part security for the new
bond Issue, and whose property will be oper. under lease extending to 1950
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock common $500,000__________
_________
$250,000 __________
Preferred $250,000 (6% cum ) ____
_________
250,000 __________
First mtge bonds $500,0007 1914
6 g J-J
325,000
See text
($l,000&$500)redl02t4-C*( Int. at Guaranty Tr. C o., N. Y ., Trustee
Bonds.— Are due serially $25,000 each July 1 from 1918 to 1934. both Incl..
and $75,000 July 1 1935. V. 99, p. 1748.
EARN ING S.— For cal. year 1921, gross, $578,449; net, $152,307; other
Income, $3,941; int., taxes, &c., $122,824; foal., surp., $33,425.
ROA D .— Owns and operates 32.8 miles of track, incl.
miles leased.
29 cars. 70-lb. T rail.
OFFICERS.— Pres., L. D . York; V .-P ., R . D . York; Sec. and Treas.,
H. H. Higgins.— V. 100. p . 142; V. 103, p. 1793; V. 110. p. 2658; V. 112.
p. 653; V. 118, p. 552, 795._______
POTTSVILLE, PA.
EAST PENN ELECTRIC CO.
ORGAN IZATION .— Incorp. in Pennsylvania July 6 1922 as per finan
cial plan o f Eastern Pennsylvania Rys. (for history see “ Electric Railway”
•Supplement of April 28 1923 and statement of Eastern Pennsylvania Power
& R y. Co. in “ Elec. R y .” Supp. o f Oct. 27 1923) outlined in V. 114, p.
2717, and now owns in fee the property o f the Eastern Pennsylvania Rys.
Co. and its subsidiaries and the Lykens Valley Light & Power Co., and
controls Pine Grove Elec. Lt., Ht. & Pow. Co. by ownership of entire out
standing stock. The co. supplies practically all the electric lighting and
ower and electric railway facilities in and adjacent to Schuylkill County,
a., and operates a small gas plant at Tamaqua. All franchises are peretual or for a long term and the street railway lines are in a large measure
uilt on private right o f way; population served exceeds approx. 150,000.
STOCK AN D BONDS—
Date.
Interest. Outstanding
Maturity.
Common 150,000 shares______ _____
______
103,783 shs.
1st preferred 50,000 shares_ _____
_
($7)
17,000 shs....................
2d preferred 10,000 shares_________
($8)
9,138 shs. ________
$2,500,000 Jan 1 1953
1st Mtge lien & ref ($o00 and) 1923
6 g J-J
$1,000) gold_________ c* .tf jlvring Bank-Columbis Trust C o., trustee
E P Rys Co 1st M $6,000,000,/ 1906 5 g J-J
4,446,500 July 1 1936
g ($500 and $1,000) ..c * .t f (Central Trust C o., New Vork, trustee.
Pottsv. & Read, first mtge, g / 1895 6 g F-A
98.000 Feb. 1 1927
$100,000 ($1,000)______c*]Int. at Real Estate Tr. C o.. Phila., Trustee
Schuyl El Ry 1st M $500,000./ 1895 6 g F-A
293.000 Feb. 11925
($500 and *1,000) gold.c*tf (Int. at Real Estate Tr. C o.. Phila.. Trustee
Lykens Vail Lt & Pr 1st rntge.. 1915
6 g M-S
352,000 Sept 11945
STOCK.— First pref. stock is cumulative. Divs. Q.-J. Red. all or
part on any div. date at $115 per share and divs. Preferred as to assets to
extent o f $100 per share, and also as to dividends.
Bonds.— 1st mtge. lien & ref. 6s are red., all or part, on any int. date at
110 up to and incl. Jan. 1 1933; at 1073^ up to and incl. Jan. 1 1943; at 105
up to and incl. Jan. 1 1948; at 1023^ up to and incl. Jan. 1 1951, and at 102
thereafter. Tax-free in Pennsylvania. Sufficient Eastern Pennsylvania
Rys. 1st M . bonds o f 1906 are reserved to retire the $391,000 prior lien
bonds outstanding; the unissued portion is reserved for future extensions
and improvements; $333,500 have been canceled. Registered bonds are
re-convertible into coupon bonds. Are subject to call at 110 and int. on
4 weeks’ notice. Int. payable in N. Y . See description of bonds and prop
erty, V. 89, p. 103; V. 94, p. 279.
EARNINGS.— Of East Penn Elec. Co. and predecessor cos. for years
ending Dec. 31:
Bond
Other Replace. &
C a l.
N e t ,a ft .T a x .
ftH Y e a r .
G ro ss.
& R e n t a ls .
Interest. Deductions.Renew.Res. S u r p l u s .
1923 —$2,943,988 $1,168,175 $295,855
$23,270 $245,568 $603,482
1922 . . 2,414,320
923,159
270,595
17,208 235,365
399,991
ROAD.— Has power stations with generating capacity of 33,000 h. p.
and 13,000 h. p. in reserve. Operates 74 miles of track connecting Pottsville with Yorkville, Minersville,. Palo Alto, Belmont, Cumbola, Mount
Carbon, Port Carbon, Saint Clair, New Philadelphia, Middleport, Schuyl
kill Haven, Adamsdale, Orwigsburg, Coal Castle, Glen Carbon, Tumbling
Run, Brockton, Tuscarora, Tamaqua, Lansford, Summit Hill, Nesquehoning and Mauch Chunk. Standard gauge. 70-lb. T and 73-lb. girder
rails. 49 passenger cars, 4 sweepers, 10 repair cars, 1 snow plow, 1 freight
car.
*
OFFICERS.— Pres., J. H. Pardee, V.-Ps., J. I. Mange and Joseph
K . Choate; Sec. & Treas., T . W . M offatt, all o f New York; Asst. Sec.
& Asst. Treas., L. A. Reinhardt; Asst. Treas., H. B. Brown; Asst. Sec..
O. A. Dougherty; Gen. M gr., O. A. Hall, Pottsville. Pa.; Gen. Mgrs.,
J. G. White M gt. Corp., N . Y .— V. 116, p. 934, 2138, 2255; V. 117, p.
2542;V. 118, p. 1519.
P
g
109
ELECTRIC RAILW AYS
A pri> , 1924.]
l
Jitney Decision.— For ruling against jitneys, see V . 115, p . 310.
In Jan. 1924 the co. was auth. by the R. I. P. U. Comm, to issue $1,455,000 25-year 6% prior lien bonds and $624,000 additional capital stock, pro
ceeds to be used to reimburse treasury for expenditures made for better
ments, improvements, &c. V. 118, p. 204.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock______________
$8,250,700
See text
Prior lien mtg $5,000,000 Ser A 1921
1,000,000 April 1 1946
6%
Ser B ($100, $200, $500 and
1921 1921
4%
1,999.200 Jan 1 1946
$1.000)_____________
Series “ C ” ____________________1921
1921
6%
450,000 Jan 1 1946
Gen S ref mtge $11,100,000—
c
Ser A ($100, $200. $500 and
$1.000 )__________________ 1921
5%
8,540,000 Jan 1 1951
Ser B ($100, $200, $500 and
1921
4%
$1,000) — ............. . l ____1921
2,499,000 Jan 1 1951
Bonds.— The $1,550,800 remaining prior lien bonds bearing not over
7% interest may be issued from time to time for 70% of cost o f extensions,
additions, improvements, &c., under certain restrictions.
Dividends.— In July 1923 the regular quar. div. was reduced from 1 %
to 1% . In Oct. 1923 div. was omitted.
EARN ING S.— Years end.Dec. 31 and period from July 9 to Dec.31 1922:
Year ending
Operating Net (after Other
interest.
Balance.
Dec. 31—
Revenue. Taxes).
Income Rentals, &c. Surp.orDef.
1923_________
$8,006,202$526,811 $97,841
$677,342def.$150,532
1922..................
8,240,312 894,622
89,231
613,162 sur. 370,691
P R O PE R T Y , &c.— Operates over 349 miles of track.
OFFICERS.— Pres., Albert E. Potter: V .-P ., Clifford Whipple; V .-P ..
E . J. Dickson; V .-P. & Asst. Sec., H. B. Shartoe; Treas., Geo. H. Newhall;
Sec., Harvey A. Baker; Comp., D. L. Waters.— V. 115, p. 310, 1633; V. 116,
p. 1894, 2885; V. 117, p. 209, 783, 1349, 1993, 2434; V. 118, p. 204, 1393.
PUEBLO. COL.
SOUTHERN COLORADO POWER CO.
Standard Gas & Electric Oo. owns $405,000 1st pref. and $840,000 2d
pref., 35,000 shares o f the common and $3,000,000 2d Mtge. 6s.
ORGANIZATION.— Incorp. in Colorado on Nov. 14 1911 as the A r
kansas Valley R y., L t. & Pow. C o., but name was changed to present title
in May 1922. V. 114, p. 2117.
Owns and operates the street railway system in Pueblo and also has large
electric lighting and power business in Pueblo, Canon City .Cripple Creek,
La Junta and other adjacent towns. Railway franchises expire in 1940 in
Pueblo and in 1953 in Pueblo County, and electric light franchises In 1936.
In 1922 brought out $6,000,000 1st Mtge. 6s, Ser. “ A ,” and $3,000,000
2d mtge. 6s, proceeds being used to retire (a) $1,597,000 Pueblo S Suburban
c
Trac. & Ltg. Co. 5s, due Oct. 1 1922; (5) $800,000 Arkansas Valley R y.,
Lt. & Pow. Oo. bond-secured 8% notes, due Oct. 1 1922; (e) $4,475,300
Arkansas Valley R y., Lt. S Pow. Oo. 1st & ref. mtge. bonds [called for
c
pay'c Nov. 1 1922 at 105 and int.— V. 115, p. 1633] and over (d) $1,000,000
floating debt for permanent add'ns and impts. previously made. V.
115. p. 354.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Common 60,000 shs, no par________
_________ 35,000 shs. __________
1st Pref ($100) 7% cu m _____ ______
Q-M 15
2.254.600 M ar.’2 4 .1 H
2d pref stock 8 % ___________ _____
8%
840,000 S ep t'23.2%
1st mtge ser “ A ” $50,000,000/ 1922
6 g J-J
6,400,000 July 11947
($100, $.500 & $1,000) g c*tf (Cont’l Sc Oom’l Tr. & S. Bk., Chic., trustee.
2d mtge $15,000,000......... ........ 1922
6%
3,000,000
1947
Bonds.— The 1st mtge. 6s, Ser. “ A ,” are red. all or part on 30 days’ no
tice on or before July 1 1933, at 107 j-S, and thereafter at H of 1% less for
each succeeding year, plus int. Mtge. provides semi-ann. sinking fund
commencing July 1 1925 equal to a 2% per annum basis on the total Ser.
“ A ” bonds outstanding at respective dates of payment, including any
underlying bonds then outstanding on property hereafter acquired by the
co., which sinking fund will be credited with any similar payments required
to be made on such underlying bonds. Int. payable in N. Y . and Chicago.
Penna. 4-mill tax refunded. V . 115, p. 554. Listed on N . Y . Stock Ex
change. V. 116, p. 1906; V. 117, p. 1463, 2139.
Dividends.— On first pref., 154% quar. from June 1912 to Mar. 1924.
On 2d pref., 2% quar. from June 1921 to Sept. 1923.
EARNINGS.— For years ending Dec. 31:
Calendar
Gross
Net, after Int. Charges, Pref. Divi- Balance,
Year—
Earns.
Taxes.
&c. (Net).
dends.
Surplus.
1923_______ $1,958,958
$765,205
$597,929
______
______
1922----------- 1,839,460
712,796
458,260
212,678
41,857
R O A D .— Owns 32 miles o f track, all in city o f Pueblo. Gauge, 4 f t
65. 72, 75, 90-lb. rail. 50 cars, of which 42 are motors. Has a hydro
electric power plant at Skaguay, on Beaver Creek, near Victor: steam-electric
power houses in Canon City and Pueblo; installed capacity, 33,300 h.p.
Has 389 miles of transmission and 385 miles distributing pole lines.
OFFICERS.— Pres., Arthur S. Huey; V .-Ps., J. J. O’Brien, E. J. M c
Kay and C. M . Gailmard, Jr.; V.-P. & Gen. M gr., W. F. Raber; V.-P. &
Treas., R. J. Graf; Sec., Herbert List; Gen. Mgrs., Byllesby Eng. & M gt.
Corp., Chicago, HI.— V. 117, p. 1463, 2139, 2433; V. 118, p. 1666.
RALEIGH, N. C.
CAROLINA POW ER & L IG H T CO.
Electric Bond S Share Co. acts as fiscal agents for the company.
c
ORGA N IZA TIO N , ScO.— Incorp. in North Carolina Feb. 19 1908. Suc
cessor to the Raleigh Street R y. (chartered 1881, road opened 1886), Raleigh
Electric C o., Central Carolina Power Co. and Consumers' Light & Power
Oo. On Nov. 1 1910 acquired Durham Light S Power C o., on M ay 1 1911
c
the Henderson Ltg. S Pow. C o., and on Aug. 1 1911 the Standard Gas &
c
Electric C o., which companies, together with others subsequently acquired,
POUGHKEEPSIE, N. Y.
have been merged into the Carolina Power & Light Co. Also owns the
POUGHKEEPSIE & W APPINOERS FALLS R Y .
entire common stock, except directors’ shares, of the Yadkin River Power
ORGANIZATION.— Incorp. in N . Y . Mar. 22 1894 as the Poughkeepsie Co. (which controls the Palmetto Power & Light Co.) and the Asheville
City & Wappingers Falls Electric R y. Name changed to above July 1917.
Power & Light Co. (acquired in March 1912). The electric property of the
The P. S. Comm, has auth. the co. to make a new mtge. to the Equitable Palmetto Power & Light Co. was acquired by the Yadkin River Power Co.
Trust Co. o f N . Y ., securing an Issue o f $2,000,000 6% 1st M . sink, fund as of Jan. 30 1923.
Isold bonds, and to issue $596,000 thereof to take up the existing bonds.
Operates entire street railway, gas and electric power and light service Id
Since that time the co. has been auth. to issue $130,000 more of these bondt R aleigh, gas service in Durham, light and power service in Henderson.
which are now held in treasury.
Dunn, Oxford, Sanford, Jonesboro and Goldsboro, and supplies, directly
or indirectly, electric light and power service in 16 other communities.
STOCK AND BONDS— Date. Interest. Outstanding.
Maturity
Franchises.— Gas lighting franchise in Raleigh is perpetual. The electric
Stock, $750,000 (par $ 1 0 0 )........... ................... ........
$750,000
________
1st M $2,000,000 ($100, $500\ 1918
6 g J-Jl
586,000 Jan 1 1958 power and light and railway franchises extend to 1945. The Durham gas
franchises extend to 1950. In Henderson. Oxford, Sanford and Jonesboro
& $1,000) g -------------- c n t f / Int at Equitable Trust C o ., N . Y ., Trustee
the franchises extend to 1971, 1971, 1942 and 2003, respectively; In Golds
Bonds.— The unissued bonds are reserved for extensions, improvements, boro, Smithfield and Pine Level to 1972, and in Fayetteville franchise
acquisitions, &c., at not exceeding 80% o f cost thereof under certain re perpetual.
strictions. Sinking fund o f 1% each year on Jan. 1. Retired by sinkOn March 31 1911 Increased authorized common stock from $2,500,000
fund, $27,000; held in treasury, $113,000. Call, at 105 and int. on any to $5,000,000, and authorized preferred from $1,250,000 to $2,500,000.
nt. day upon 6 weeks’ notice.
On Mar. 6 1920, the stockholders voted to increase the auth. amount of
preferred stock to $3,500,000.
EARN INGS.— For years ending Dec. 31:
Fares.— Effective Jan. 1 1922, the N . C . Corp. Comm. auth. the co. to
Period—
Gross. Net, Aft. taxes. Int., &c.
Balance.
raise cash fares in Raleigh from 7 cents to 8 cents, with 2 tickets for 15
Calendar year 1923-----------$273,260
$58,539
$54,560
sur.$3,979
cents. V. 113, p. 2404.
Calendar year 1922----- — . 276,161
92,760
53,817
sur.38,943
In June 1923 issued
ref. mtge. 6%
ROAD.— Owns 15.15 miles o f road, leases 1.5: second track, 1.76miles; proceeds being used to $2,500,000 1st &the acquisition bonds, Ser. o f 1953,
pay in part for
of a new power sta
sidings, 1.07 miles; total, 19.48 miles o f track, standard gauge. 45 cars.
tion having an initial installation of 15,000 k. w ., and for other corporate
OFFICERS.— Pres., Mrs. Mary M . Hinkley; V .-P .. M issM ary Hinkley: purposes. V. 116, p. 2881. In Feb. 1924 sold an additional $1,000,000
Sec. & Treas., T. W . Moffat; Asst. Treas., H. B. Brown; Gen. M gr. '& first & ref. mtge. 6% bonds, proceeds to be used to reimburse company for
Asst. Sec., C. A. Brooks; Aud., J. A. Nilan. Under management of J. G. construction costs, &c. V. 118, p. 662.
White Mgt. Corp.— V. 109, p. 477; V. I l l , p. 1370; V. 112, p. 1399; V. 113,
The stockholders on Dec. 28 1923 changed the auth. capital stock from
p. 418; V. 118, p. 1268. _____________________
$8,500,000 ($5,000,000 com. and $3,500,000 pref.), par $100, to 120,000
shares of no par value (60,000 shares of com. and 60,000 shares of pref.).
The new stock was offered in exchange, share for share, for the old stock.
PROVIDENCE, R. I.
V. 118, p. 310. Compare V. 117, p. 1883.
UNITED ELECTRIC RAILW AYS CO.
STOC, A N D BONDS—
Date.
Interest. Outstanding. Maturity.
ORGAN IZATION .— Chartered in Rhode Island In April 1919. In Stock com 60,000 shs (no p a r ) . ____
_______
47,875 shs See text.
June 1921 acquired the property o f the Union Railroad C o., Providence Pref 60,000 sh(no par)$7 c u m .-----$7 Q-J
34,131 shs A p r ’24,154
Cable Tramway C o., Rhode Island Suburban R y. and Pawtucket Street Ry, First mortgage gold $5,000,-/ 1908
5 g F-A
3.480.500 Aug 11938
formerly controlled through stock ownership by United Traction & Elec. Co
000 ($500 & $1.000)_c* .tf (Guaranty Tr. C o., N . Y .. trus. Int. In N. Y .
and in Aug. 1921 purchased the Woonsocket lines o f the Rhode Island Co., 1st & ref mtge 6% Ser of 1953 [ 1923
6 g J-D
3,500,000 June 1 1953
as per plan outlined in V . 112, p. 564. See also V. 113, p. 961. In Oct.
($500 & $1,000 c* & $1,000,{Irving Bank-Columbla Trust C o., New York,
1921 acquired the property o f the Providence & Danielson R y. Co. Com
$5,000 & multiples r*) g .t f I trustee.
pare V. 113, p. 1773
Stock.— Pref. stock is redeemable at $110 per share and dividends.
110
ELECTRIC RAILW AYS
Bonds.— In addition to the $3,480,500 first mtge. 5% bonds reported out
standing, $752,500 are pledged under first & refunding mortgage 6%
bonds (or used to satisfy sinking fund requirements of the first mortgage
5s), and the remainder for improvements, extensions, &c., at 80% of cost
o f same when net earnings for 12 months are twice interest on bonds out
and to be issued. Redeemable as a whole or in part for sinking fund
on any int, date upon 3 weeks’ notice at 105 & int. Sinking fund 1% an
nually of bonds out from Aug. 1 1913 to Aug. 1 1922, incl.; since, 1)4% .
$356,000 have been retired throti'»h operation of sinking fund. See V. 90
p. 1361. The 1st & ref. mtge. 6s Series o f 1953, are red., all or in part,
at any time on 30 days’ notice at 105 up to and incl. June 1 1930, and at
1% less for each 5-year period thereafter, plus interest in each case. Int.
payable at office or agency o f co. in New York City. Penna. 4-mills tax
refunded. V. 116, p. 2881.
Dividends.— On pref., 1)4 % quar. from July 1 1909 to Dec. 31 1910, Incl
In April 1911 and quar. since, l l % . Initial div. on com.— )4 of J% —
4
paid Feb. 1917; same rate quarterly to and incl. Feb. 1924. In M ay 1924,
$1.50.
EAR N IN G S.— For 12 mos. ending Dec, 31:
Gross
Net (after
Other
Bond
Other
Balance
Year— Earnings.
Taxes.)
Income.
Interest. Int., A c. Surplus
1923____ $2,286,050 $680,574 $348,443 $261,525 $86,251 $681,241
1922____ 1,992,946
525,118 252,222
174,015
42,412 560,913
R O A D .— Owns 14 miles o f road; gauge, 4 ft. 8)6 in. 60-70-lb. T-rails
10 open motor cars, 11 open trailers, 13 closed motor cars and 1 miscell.
6 power stations and 9 sub-stations; 408 miles transmission lines.
OFFICERS.— P r e s .,____________ ; V .-P. & Gen. M gr., P. A. Tillery;
V .-Ps., W m. Darbee, E. W . Hill and R . H. Smith; Sec., E. P. Summerson,
N . Y .; Treas., A. C. Ray; Asst. Sec., H. L. Martin; Asst. Treas., G. J.
Hickman.— V. I l l , p. 192: V. 112, p. 561; V. 113, p. 1469, 2404; V. 116, p.
415. 2881; Y . 117, p. 1883; V. 118, p. 310, 662, 1267.
(1) Asheville Power & Light Co.
O R G A N IZA TIO N .— lncorp. on March 25 1912 in North Carolina as
successor to the Asheville Electric Co. All the common stock, except
directors shares, is owned by Carolina Power & Light Co. Does entire
commercial and municipal electric light, gas and street railway business
o f Asheville, and its suburbs. All franchises, except for 1 miles of street
railway expiring in 1952, are perpetual.
Has favorable contract to April 1 1928 with the North Carolina Electric*
Power Co. for power.
STOCK A N D BONDS— Date.
Interest. Outstanding.
Maturity.
Common 40,000 shares-------------------------------- 40,000shs. ---------------Preferred 10,000 shares___________
$7
9,844shs Apr’24,$1.75
First mortgage $5,000,000 g\ 1912
5 g A-O
$1,220,000 April 1 1942
($1,000)_____________ c* tf (Int. at U. S. Mtge. & Tr. C o., N . Y ., Trus.
Stock.— AH the common stock, except directors’ shares, is held by the
Carolina Power & Light C o., and divs., therefore, are not reported. Of the
amount of pref. stock outstanding, 8,844 are In the hands of public.
Bonds.— Remaining bonds are issuable at 80% o f cost o f permanent im
provements or additions when net earnings are twice interest charges on
bonds out and to be issued. Subject to call as a whole or in part for sinking
fund at 105 & int. on any int. day. Sinking fund, 34% on April 1 1917
to 1922, incl.; 1% 1923 to 1927; 1)4% 1928 to 1932; 2% 1933 to 1941
See V. 94. p. 1316.
Dividends.— 1)4 % quar. paid on pref. stock from April 1912 to and incl.
July 2 1923; $1 75 per share paid regularly quarterly since.
EARN IN G S.— For 12 mos. ending Dec. 31:
Balance,
Gross, Incl.
Net, after Total Interest
Charges.
Surplus
Year—
Other Income.
Taxes.
$62,693
$316,166
1923_____________________ $991,514
$378,859
62,467
276,233
1922........................... ........... 927,644
338,700
R OAD.— Operates 20 miles o f railway.
OFFICERS.— Pres., _______________; V .-P. & Gen. M gr., C. S.
Walters; Sec., E . P . Summerson; Treas., A . C. Ray.— V. 95, p. 110; Y. 106,
p. 818; V . 109, p. 1365; V. I l l , p. 989; V. 113, p. 70.
(2) Y adkin River Power Co.
Is controlled by Carolina Power & Light Co. through ownership of all
common stock except directors’ shares.
O RGAN IZATION .— lncorp. on March 20 1911 in North Carolina as
successor to the Rockingham Power C o .. sold at. foreclosure. V. 93. n 173
Owns and operates hydro-electric plant on the Yadkin River power and light
ing systems in Rockingham, Hamlet and Wadesboro, N . C ., and Cheraw,
S .O . and electric power systems in Lumberton and LilesvUle, N. C.; also
supplies, under contract, the entire requirements o f the privately-owned
power and light systems in Maxton, Laurel Hill and Laurinburg, N . C ., and
o f the municipal lighting systems o f Lilesville and Lumberton. None of the
ranchises expire prior to 1971. In July 1917 acquired control of Carolina
fGas & Electric Co. (now Palmetto Power & Light Co.), and as of Jan. 30
1923 acquired the electric property o f that co., which supplies electric power
and light to Florence, Darlington, Marion, Mullins, Hartsville, Timmonsville, Bishopsville and McCall, S. O., and water in Darlington and Marion.
In Jan. 1923 brought out $4,000,000 additional 1st Mtge. 5s, proceeds
being used for the purchase of all the electric power and light properties
o f the Palmetto Power & Light Co. and for the retirement of $3,000,000
1st & joint Carolina Power & Lt. Co.-Yadkin River Power Co.-Palmetto
Power & Lt. Co. 6% bonds, which were called for payment Feb. 26 1923.
V. 116, p. 423. 526.
ST O C K AND BONDS—
Date.
Interest. Outstanding. Maturity
Common 200,000 shares--------- -----------------38,350 shs ---------------Pref 70,000 shs, $7 cum___________
Q-J
16,588 shs Apr ’24$1.75
First, mtge $15,000,000 gold! 1911
5 g A-O
$7,500,000 Apr 1 1941
($1,000 & $5.000)_c*& r.tflin t, at Old Colony Tr. C o., Boston, trustee
Bonds.— $106,000 not included in amount reported outstanding, are in
treasury: remaining bonds are reserved for extensions, &c. Bonds have
imp),, fund o f 34 % o f bonds out from Aug. 1 1916 to 1920, incl., 1 % 1921 to
1925, 1)4% 1926 to 1930, and 2% 1931 to 1940, incl. Subject to call as
a whole on any int. date or in part for improvement fund at, 105 and int
on 4 weeks’ notice, all bonds thus acquired to be canceled. $144,000 have
[V ol. ,118.
town, W . Va. Serves 29 communities with railway and electric service, 26
with water and 25 with natural gas. Owns a 33-acre park. Holds under
lease over 7,000 acres of natural gas fields, about one-quarter developed,
with extensive systems of gas wells and distribution equipment. Also has
1.600 acres of gas and oil lands under development. Franchises: One ex
pires 1927; others extend beyond 1942 or are perpetual.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $1,000,000 ($100).............................
$500,000 __________
Pref. $1,500,000 ($100) cum________
7%
872.750 Jan’2 4 ,lM
15-yr. gen. mtge. bds. $5,0001 1920
6%
1,393.000 Jan 1 1935
000 g o ld .______ __________I
Un. Util. 1st mtge $1,500,-1 1909
5 g J-J
692,000 July 1 1944
000 gold ($1,000'_ c*cpt\lnt. at Farmers’ L. A Tr. C o., N. Y ., trustee.
_
STOCKS.— No div. shall be paid on com.for 2 years from date of issuance,
net income for that period to be carried to ^irplus; thereafter not more than
!4 the sum which subsequently becomes available for divs. to be paid as
such, balance to be carried to surplus; with protective provisions for maint.
and depreciation. Pref. stock has equal voting power, share for share,
with the com. stock, preferred both as to divs. and assets, red. at option o f
co., all or part, from time to time at 105 and divs.
Bonds.— The co.’s gen mtge. 6s are a 2nd lien on the Morgantown proper
ties and a 1st lien on the stock of the Wheeling Public Service Co. Of
Union Utilities 1st mtge. bonds, not included in amount outstanding, $10,000
are in the treasury, $501,000 are held alive in sinking fund, and remainder
are reserved for improvements and extensions at 80% o f cost. Red. at
105 and int. on any int. day on 30 days’ notice. Sinking fund 1% semi
annually of bonds outstanding and in sinking fund. After setting aside 1%
s.-a. and payment of 7% on pref. and 10% on com., sinking fund shares
equally with any further dividend on common. V. 90, p. 373.
EARN ING S.— For 12 months ending Dec. 31:
Cal. Yrs.— Oper.Rev Net.aft.Tax.
Other Inc. Deductions.
Balance.
$386,017
$35,357
$143,566
$277,808
1923 _____ $1,110,026
1922______ 1,002,092
375,207
30,918
136,676
269,449
1921______
793,303
235,481
24,718
137,033
123,166
P R O PE R TY.— With its controlled co has 2 electric power plants
aggregating 6,000 h. p. capacity; 2 water pumping stations; 2 gas pumping
stations; 120 gas wells; 6 oil wells; 152 miles of electric lines; 179 miles of
gas pipe lines; 74 miles of water pipe lines; 45 miles of urban and suburban
railways, largely on private right-of-way. Standard gauge. 91 cars.
OFFICERS.— Pres.. Fred Anderson: V .-P .. Max R. Stern: Treas., Geo.
B. Adams; Sec., Ira Lloyd Letts; Asst. Treas., R. A . Bruce.— V. 115, p. 989;
V . 116, p. 1179, 1277, 1894; V. 117, p. 1349, 2324, 2772.
(1) W heeling P ublic Service C o.— All the com. stock is owned by the
West Virginia Utilities Co.
ORGANIZATION.— Organized in 1920 and acquired the Wheeling-Elm
Grove properties of ibe West Virginia Traction & Elec. Co. (for history;
see this Supplement of April 24 1920) as per plan outlined in V. 110, p. 1416.
Owns all the common stock of the City & Suburban Gas C o.; aiso 3,940
shares out of 4,440 shares of the City Railway Co.
Owns all the common stock of the Bus Transportation Co. of Wheeling.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity■
All owned by West Virginia Utilities Co.
Common $500,000__________
City & Suburban Gas 1st M l 1912
6 g M -N
540.000 N ov. 1 1932
$1,000,000 ($1,000) ._ c * tfjln t. at Equitable Trust Co.. N. Y ., trustee.
City & Elm Grove cons coll\ 1906
5 g J-J
194,000 July 1 1936
tr M $2,500,000 g ($1,000) flnt. at Union Trust Co., Pittsburgh, trustee.
Wheeling & Elm Grove first! 1898
5 M-S
120,500 Mar 1 1928
mortgage $225,000 ($500) - JSinking fund retires $5,000 annually.
Wheeling & Elm Grove M (see I 1901
5 A-O
794,500 April 1 1931
text) ($1.000 & $100)g-_c*jlnt. pay. at Dollar Savs. A Tr C o., Trustee.
Wheeling Pub Ser Co 1st m t g e . ____
6%
985,000 Oct 11952
Bonds.— The City & Suburban Gas Co. bonds are redeemable, as a whole
or part, on any interest date at 105 and int.: cumulative sinking fund o f
2% on outstanding bonds began In 1916; $60,000 not included in amount
outstanding, are held in sinking fund. Of the City & Elm Grove consoli
dated collateral trust bonds, $1,000,000 are reserved to retire prior liens.
Are subject to call on any int. date at 105 and int. V. 83, p. 491. The
auth. amount of Wheeling & Elm Grove R y . mtge. was originally $1,250,000
but was reduced in Feb. 1906 to $1,000,000.
E A R N IN G S.— For 12 months ending Dec. 31:
12 Months— Oper.Rev. Net.aft.Tax.
Other Inc. Deductions. Balance.
1923 _______ $633,184
$176,917
$3,780
$117,431
$63,266
1922
595,343
168,721
2,723
105,964
65,480
1 9 2 1 _______ 545,790
105,291
330
103,940
1,681
P R O PE R T Y , &c.— See West Virginia Utilities Co. above.— V . 115, p1322, 1943; V. 116, p. 937, 1894, 2517; V. 117, p. 1349, 2772.
READING T R A N S IT & L IG H T CO.
All the common stock and $550,000 Class “ B ” pref. owned by General
Gas & Electric Corp.
O RGAN IZATION .— lncorp. July 1917 as a merger o f the old Reading
Transit & Light C o. (which then ceased to exist) with the United Traction
Co. (Reading), Boyertown & Pottstown R y., Birdsboro St. R y ., Reading
& Womelsdorf Elect. R y ., and Front & Fifth St. R y., all of these properties
having been operated under lease. Controls through stock ownership the
Oley Valley R y. and Neversink Mountain R y. Leases the Lebanon St.
railway system and the properties o f the Reading Traction C o., AdamsSown & Mohnsville Electric R y., Schuylkill Valley Traction C o., and
Reading & Southwestern Ry. Owns or controls and operates the street
railway systems in and about Reading and Lebanon, and the system o f
street and interurban railways extending from Reading through N or
ristown to Philadelphia, serving a population of about 400,000.
Principal leases contain options to purchase, also satisfactory provisions
for refunding underlying obligations. Franchises are without time limit
*nd unrestricted with unimportant exceptions.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common, $6,000,000________ _____
$2,900,000 S ep ’23, 1%
Preferred Class “ A ” $700,000 ____
73.450 A u g ’23,1)5
Preferred Class” B” $2,300,000 ____
1.511,500 Aug ’23,1
Gen & Ref Mtge, $30,000,000- 1917
5%
See text Aug 1 1947
Dividends on preferred stock were begun Jan. 1 1917.
Old Read T. & Lt. Co.—
P R O P E R T Y .— Has generating capacity o f 25,500 k .w ., all hydro-electric,
1920
7
Serially to
except 1,500 k.w. steam; 438 miles o f transmission lines and 237 miles Equipment bonds__________ //Int.at U .S .MQ-J r.C o.,N17,5001 April 1925
.& T
.Y.O . J
distributing lines.
O ir trust certificates “ A ” I 1916 5 J-J
40,000
8ee text
$100,000 ($1,000)________ \lnt. at Girard Trust C o., Phila., trustee.
EARNINGS.— For 12 months ending Dec. 31:
Car trust certificates “ B ” \ 1917 5 M -N
20 000
See text
Year—
Gross.
Net (.after taxes). Int.(Net).
Bal..Sur
$50,000 ($500)___________ /Int. at Pa.Co.for Ins.on Lives,&c..Phila..tr.
1 9 2 3 .x _________ $1,956,214
$1,021,874
$420,113
$601,761
United Traction Co.—
1922____________ 1.264,295
563,432
175.086
388,340
5 J-J 1
245,000 July 1931
x Included in 1923 earnings o f electric properties formerly owned by Oley Valley Ry stock t r u s t / ____
certificates $250,000______(Int.at Real Es .T .I.& T r.C o.,Phila.,trustee.
Palmetto Power & Light Co.
...
Mm 4
H
Read-Womelsd 1st M $400,-/ 1895 5 g J-J
400,000 Jan 1 1925
OFFICERS.— P r e s .,____________ ; V .-P . & Gen. M gr., P. A. Tillery;
000 ($100 &c)____ c * .cp t-tin t.a t Real Es.T.Ins.& Tr.Co..Phila.. trustee
E . P. Summerson; Treas., A. C. Ray.— V. 100, p. 2173: V. 103, p. Birdsboro St Ry M , $250,000/ 1904 5 g J-J
250.000 Jan 1934
2245; V . 106, p. 818; V. 108, p. 783, 877; V. 116, p. 423, 526.
gold ($500 & $1,000)-C .cp t/In t. at Colonial Tr. C o., Reading, Trustee.
Boyer & P St Ry 1st M,$300.-/ 1906 5 g F-A
300,000 Aug 1 1936
000 ($500 & $l,000)g.c*cpt(ln t. at Colonial Tr. C o., Reading Pa., Trust.
Pront&5th St Ry 1st M $50,-/ 1903 5 g J-J
50,000 July
READING, PENN.
000 g ($100 & $5 00).c*cp t.lin t, at Colonial Tr. C o., Reading, Trustee.
EASTERN POWER & LIGH T C O RPORATION .
Oley Valley Ry first m tge,/ 1901 4 k _g J-J
250,000July 11931
$250,000 g ($1,000)-c*cp tf Int.at Real Est. Title Ins.&Tr Oo..Phlla.,Tr.
All the assets o f this co. were disposed of on Oct. 24 1919, the subsidiary
4 J-D
53.000 June 1 1931
cos., with the exception o f the West Virginia Trac. & Elec. Co. (now West ^eversink Mountain b o n d s ..) -----\Int. at Company’s office, Reading, Pa.
Virginia Utilities C o.), being acquired by the General Gas & Electric Co.
Leased Line Securities—
For history o f Eastern Power & Light Corp.see this “ Section” for Apr. 24 ’20
Adam & Mohn 1st mortgage/ 1904 5 g J-J
75,000 Jan 1 1935
$75,000, g ($1,000) r*cpt(Int. at Colonial Tr. C o., Reading, Trustee.
WEST VIRGINIA UTILITIES CO.
Read-8 W is t M , $100,000/ 1900 5 F-A
100.000 Aug 1 1931
All the common stock is owned by the Southern Cities Utilities Co.
($500 & $1,000)_____c*cp tlln t. at Pepna. Tr. C o., Reading, Trustee.
ORGAN IZATION .— Incorporated in 1920 and acquired the Morgantown
See separate statements for Reading Traction, Schuylkill Valley Tract.,
properties o f the West Virginia Traction & Electric Co. (for history see
^Electric Railway” Supplement of April 24 1920) as per plan outlined In *nd Lebanon Valley Street R y. below.
Old Reading Transit & Light Co. car trust certifs.. Series “ A ,” mature
V. 110, p. 1416. Owns all the $500,000 capital stock o f the Wheeling
Public Service C o. which took over the Wheeling-Elm Grove properties of $10,000 annually to July 1 1926: subject to call on any Int. date at 101 and
(nt. on 30 days’ notice. $70,000 have been retired. Secured by 25 cars,
the West Virginia Trac. & Elec. Co.
With its sub. co. owns and operates the electric light, power and water title remaining with trustee until entire issue Is paid. Reading Transit &
supply systems in Elm Grove and neighboring towns; an electric railway from Light Co. car trust certifs.. Series “ B ,” mature $5,000 annually to N ov. 15-,
Wheeling through Elm Grove to West Alexander, Pa., connecting adjacent 1927; subject to call on any Int. date at 101 and Int. on 30 days’ notice.
suburban towns; electric light, power, gas and water systems in Morgan Secured by 9 cars.
11933
A pril , 1924.]
United Traction Co.— Birdsboro Street Railway bonds may be called
at 105. Front & Fifth St. bonds are red. at 105. They are guar., p. & i.,
by endorsement by United Traction Co. (now Reading T . & L. Co.)
The Boyertown & Pottstown bonds are guaranteed, prin. & int., by endorse
ment by United Traction (now Reading T . & L. C o.). Reading & Womelsdorf bonds are subject to call at par. Adamstown S Mohnsville bonds are
c
redeemable at 105
EARN IN G S.— For years ending Dec. 31:
Calendar
Gross Earns. Net. after
Fixed
Preferred
Balance
Year—
(Incl.oth.Tnc.).
Taxes.
Charges. Dividends. Sur.orDef.
1923 ___________ $3,117,309 $648,559 $409,654 $117,701 sur.$121,204
1922 ___________ 2,959,516
654,204
413,453
117.115 sur. 123.633
1921
3,007,465
664.028
416,743
117,115 sur. 130,170
Properly, &c.— 203.12 miles track, 237 passenger and 50 service cars:
3 power plants having 43,000 h.p. generating capacity, 426 miles electric
pole lines.
OFFICERS.— Pres.. E. L. West; V .-P.. Thos. Cheyne; V .-P., Lucien H.
Tyng; Treas., W . Buchsbaum: Sec., C. N. Wilson.— V. I l l , p. 589, 1662,
1950, 2141; V. 113, p. 294, 2506; V. 114, p. 948, 1652; V. 116, p. 823.
(a) R eading T ra ctio n .— A trolley road.
ORGA N IZA TIO N .— Inc. Mar. 9 1893 in Penna. to operate the Reading
City Passenger Ry. and East Reading Electric R y., which it equipped with
electricity and leased for 99 years, the former from April 1 1893. and the
latter from May 1 1893. On Oct. 1 1894 leased the Reading S Temple
c
Electric R y., for 99 years. The Reading Traction was leased on Jan. 1 1896
to the United Traction (now Reading Transit & Light Co.) for 900 years at
a rental of $10,000 annually for first three years. $20,000 for next two
rears, and $30.000 thereafter, and all bond Interest.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock, $1,000,000 auth ($50)_______
J-J
$1,000,000 J a n ’24, 75c.
First mtge, $600,000 gold guf 1893
6 g J-J
50J.000 Jan 11933
N ot subject to call_ c*cpt l Provident Life it Trust C o.. Phila.. Trustee
_
Interest is payable in Reading at the Colonial Trust Co. Bonds are
listed on the Philadelphia Stock Exchange. V. 88, p. 749.
Dividends.— In 1900. 2% ; in 1901. 24$%; In 1902 and since, 3% per ann
LEASED LINES SEOUR’S. Date.
Interest. Outstand'g. Last Div..dkc
Reading City Passenger R y—
J-J
Stock ($350,000) (par $50)...........
$350,000
See text
East Reading Electric Ry—
A-O
100,000 See text.
Stock, full paid (par $50)_ _____
_
25.000 July 1 1937
Bonds. $25,000________ c p t 1897
5 J-J
Reading 9c Temple Electric Ry—
7 A-O
73.700
See text.
Stock, $75,000, guar_ c p t ____
_
5 A-O
1st mortgage, $75.000_____1894
73,700 Oct. 1 1924
Dividends on Leased Line Stocks. —The Read ng City Passenger stock
received dividends, 1896 to 1899, inclusive, 10%: 1900 and thereafter 12%
East Reading stock received dividends: 1896, $6,500: 1897 to 1900. lnclu
•lve, $7,000: thereafter, $8,000. Reading S Temple Electric pays 7%
c
annually in dividends. A. S O.
c
Bonds.— Reading Trust Co. Is trustee for East Reading Elec. R y. bonds
subject to call In 1927 at par. Int. on Reading & Temple bonds is payabk
at Reading Trust C o., trustee. Coupon ($100, $500 S $1,000).
c
ROA D .— Leases 48 miles of track. Gauge 5 ft. 2J$ in. Rails, 90 lbs
V. 88. p. 749.
(b) S chuylkill Valley T ra ction .— Trolley.
The United Power & Transportation Co. owns all of the $500,000 capital
lock.
Lease.— Leased for 900 years from April 1 1910 to Reading Transit Co
(succeeded by Reading Transit 9c Lt. Co.) Rental. $5,000 1st and 2d years
$15,000 annually thereafter, and $1,000 annually for maintaining organise
tion. Reading Transit 9c Lt. Co. also assumes all obligations of Schuylkill
Valley Trac. and Its leased lines.
ORGAN IZATION .— Incorp. in Pennsylvania Sept. 8 1893 as the Nor
ristown Bridgeport S Conshohocken Traction C o., and on Jan. 5 1985
c
chartered as present company. Since Jan. 15 1895 has controlled and
operated the Conshohocken R y., the Montgomery County Passenger R y.,
the Citizens’ Passenger R y ., the Collegeville Electric Street R y. and the
Norristown Passenger Ry. The corporate existence o f the several com
panies Is to be maintained, but their bonds will be taken up as rapidly as
possible.
In Jan. 1902 leased for 950 years the Roxborough Chestnut Hill S Norris
c
town R y., Including that company's leases o f the Wlssahickon Electric
Passenger R y. and the Trappe & Limerick Electric R y.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $500,000 ($50)______________
_________
$500,000 __________
First mortgage, $500,000, g\ 1895
5 g F-A
245,000
Aug. 1945
($1,000)____________ c c p t/In t. at West End Tr. S S. D. C o., Phila., Tr.
c
Of the $500,000 first mortgage dated 1895, $100,000 has been retired and
destroyed, $75,000 has been reserved to take up like amount of the Norris
town Passenger R y. bonds and $80,000 to retire the Citizens’ Passenger Ry.
bonds.
The securities o f the subsidiary companies are as follows, including both
those held by the public and by the parent company.
STOCK AND BONDS—
Miles.
Interest.
Issued.
Maturity.
Citizens’ Pass Ry stock ($50)6)4
$79,400 __________
1st mtge ($500) $80,000 g o l d ! ____
5 g F-A
80.000 Feb. 1 1925
guaranteed__________ cp t (Subject to eail at 105 on any interest date.
(Int. at Norris’n Title, Tr. & S. D . C o.. Trus.,
Conshohocken Ry stock ($50) 54$
145,900 __________
1st M . guar., prin. & i n t . l ____
5 g J-J
100,000 July 1 1924
$250,000 __________ cptJSubj. to call at 105. Norristown Tr. C o., tr.
Montgomery Co Pass Ry stock
14$
150,000 __________
1st mtge $150.000_____c p t!
14$ 6 J-J
15,000 N ov. 1 1923
(Int. at Albertson Tr. & S. D. C o., Trustee
Norristown Pass Ry stk ($5Q).
44$
75.000 __________
Bonds.— The Conshohocken R y. bonds ($100,000) and the Montgomery
County Passenger R y. issue ($15,000) are held by the Schuylkill Valley
Traction Co.
ROAD.— Operates 57.03 miles of track. Including lines of above-men
tioned companies, and also Roxborough Chestnut Hill & Norristown.
Gauge, 5 ft. 24$ in. Rails, 60 and 100-lb. T & girder. 91 cars. V. 70, p.281.
(a) R oxborough C hestnu t Hill & N orristown R y.— A troiley road.
The United Power & Transportation Co. owns 4,959 out of the 4,96?
shares of the capital stock. In Jan. 1902 was leased for 950 years to the
Schuylkill Valley Traction at a rental of $4 50 per share, payable seml-ann.
ORGAN IZATION .— Incorp. Dec. 2 1895 in Penna. In 1898 leased the
Wissahickon Electric, 3 4$ miles, for 950 years; rental to be 2% on the
$145,842 stock for the first two years, 3% for the next six years, 4% for
the next seven years and 5% for the rest o f the term. Also owns the
$250,000 stock of the Trappe & Limerick Electric Street R y. and leases that
company for 950 years. Comprises 22 miles of track. In June 1896 filed »
mortgage for $450,000 to the Real Estate Title Insurance & Trust Co.,
Philadelphia, securing 5% gold bonds ($1,000) J. S D. (cp t), due June 1
c
1926. Issue reduced to $396,000, o f which $.371,000 was outstanding od
Dec. 31 1921. Capital stock auth., $450,000; issued, $248,400; par, $50
Trappe & Limerick Elec. St. R y. 5% gold stock certfs. due July 1 1931
Int. (J. & J.) at Real Estate Title Ins. & Trust C o., Trustee. Auth., $250,000, and outstanding, $249,000. Secured by deposit of $249,000 stock o?
the Trappe & Limerick Street R y.
ROAD.— Total track, 204$ miles; gauge, 5 ft. 24$ in.; rails. 70 to 90-16
girder.— V. 62, p. 1042.
(5) Trappe & Limerick Electric Street Ry.
ORGAN IZATION .— Incorporated in Pennsylvania on July 25 1899.
Was leased on Dec. 31 1901 to Roxborough Chestnut Hill & Norristown Ry.
for 950 years at a rental equal to 5% per annum on capital stock, interest on
bonds, taxes and $100 maintenance expenses.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$250,000
See text.
Stock $250,000 ($50)________ _____
First mortgage $250,000 gold\ 1901
44$ g J-J
250.000 July 1 1931
($1,000)___________ c* cp tlln t. at Company’s office, Reading, Pa.
Bonds.— Are guar., p. & i. by Roxborough Chestnut Hill S Norristown.
c
R O A D .— Length of line, 13.35 miles.
(c) Lebanon Valley Street Railway-— A trolley road.
Lease.— Leased to Reading Transit & Lt. Co. for 900 years from April 1
1910. Annual rental of $40,000 and yearly payment o f $500 for organiza
tion. as well as taxes and interest on bonds.
111
ELECTRIC RAILW AYS
O RGAN IZATION .— Incorporated on June 28 1899 as a consolidation of
the Lebanon & Annsville Street R y. and the Lebanon & Myerstown Street
Ry. The United Power & Transportation Co. owns all the 10.000 shares
o ' the capital stock.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 (par $50)__________
_________
$500,000 See text.
Ei-st mortgage 10-30s goldl 1899
5 g J-J
500.000 July 1 1929
$100.$500 & $l,000)C-cptJInt. at Real Est. T . Ins. & Tr. C o., Phil., Tr.
ROAD.— Owns 22.08 miles of track. Gauge 5 ft. 24$ in. Rails 50, 76.
90 & 100-lD. girder. 23 cars.
RICHM OND, VA.
VIRGINIA RA1LWAV & POWER CO.
O R GAN IZATION .— Incorp. in Virginia on July 1 1909 and is successor
to the Virginia Passenger & Power Co. sold at foreclosure May 5 1909. V.
89, p. 44, 105. The reorganization was under plan given in V. 87, p. 347.
On July 1 1911 took over by consolidation the Norfolk & Portsmouth
Trac. Co. (into which was merged the Norfolk & Atlantic Terminal Co. on
June 30 1911), and increased its stock to $12,000,000 com. and $8,000,000
prof.; $150 Virginia Ry. & Power com. was exchanged for each $100 Norf. 9c
Portsm. com.; the pref. was exchanged share for share. V. 93, p. 106.
For history of Norfolk & Portsmouth Traction organization see “ Electric
Railway Section’ ’ of June 1911, p. 84.
Through acquisition of Norf. & Portsm. Trac., the Virginia Ry. & Power
Co. acquired the lease of the Norfolk Ry. S Light Co. for 99 years from
c
June 1 1906 and the entire $100,000 capital stock and ($1,000,000) bonds
of the Norfolk & Ocean View Ry. Co. (dissolved April 5 1917).
On June 29 1912 sold to Richmond & Rappahannock R y. the "Seven
Pines Line” of railway, 29th and P Sts., Richmond, to Seven Pines, Henrico
County, 8.88 miles, for cash consideration of $25,000. V. 95, p. 1397.
On July 20 1916 the shareholders ratified the merger of the Richmond
Ry. & Viaduct Co. (all of whose stock was owned), and auth. an increase
in pref. stock from $8,000,000 to $9,000,000 in connection therewith.
V. 103, p- 407.
Owns or controls through lease practically the entire street railway, elec
tric light and power business in Richmond, Petersburg, Norfolk (all except
line to Virginia Beach), Portsmouth and Berkeley; an interurban railway
connecting Richmond and Petersburg; a line from Norfolk to Sewell’s Point,
where connection is made by ferry to Newport News and Old Point Com
fort; electric light business of Suffolk, Va.; the City Gas C o., with unlimited
franchises.
Franchises.— The Manchester & Petersburg R y. franchises are perpetual.
The principal railway franchises in Richmond expire in 1926 and 1931.
The interurban railway franchise expires in 1981. The water power rights
In Richmond and Petersburg are perpetual. These rights are only partly
utilized and are capable of a large further development. The more Im
portant rights for lighting in Richmond expire in 1927 and 1928 and in Man
chester In 1931. The Petersburg lighting franchises are perpetual. V. 89,
p. 529. Franchises for street railways in Portsmouth expire In 1926, 1927
and 1932. Street railway franchises In Norfolk expire in 1944. In 1915
the City of Suffolk granted a new 30-year franchise to do a light and power
business and made a 10-year contract for municipal light and power service
with certain rights of renewals. Negotiations are in progress with the cltiee
of Richmond and Norfolk for the entire revision of the railway and light
and power franchises.
In Jan. 1913 Virginia Supreme Court held company liable for the cost
of paving between and two feet outside the tracks.
In M ay 1923 the co. transferred to its subsidiary, the Portsmouth (Va.)
Transit C o., its traction properties in Portsmouth. See V. 116, p. 2390,
for further details.
Valuation of City Gas Co.— See V. 110. p. 1416: V. 112, p. 259.
For reproduction value as fixed by Stone & Webster, see V. I l l , p . 494,
1473. For valuation of Richmond lines by Stone S Webster see V. 112, D.
c
1743. Valuation of P. U. Comm, in V. I l l , p. 1473. Taylor-Cooke valua
tion will be found in V. I l l , p. 2125. See also V. I l l , p 2326 V. 112, p.
637, 654, 1400, 2085; V. 113. p. 72. New valuation by Va. Gorp. Comm,
will be found in V. 114, p. 2361. For valuation o f Norfolk street railway
division see V. 117, p. 2544.
Value of Old Richmond Passenger & Power Co. Deb. Bonds.— See V. 114,
p. 2581.
Fares.— On Feb. 3 1919 the Common Council of Richmond, Va., voted
to grant the co. an Increase in fares from 6 tickets for 25 cents to a straight
5-cent fare. Labor tickets formerly sold at 2 for 5 cents will now be sold
at the rate of 6 for 25 cents. V. 108, p. 685; V. 110, p. 765. In Mar. 1919
the increased rates were approved by the M ayor. V. 108, p. 975. On
Sept. 28 1919 fares in Norfolk and, on Sept. 29 1919, in Portsmouth. V. 117,
p. 1665) were raised to 6 cts. A 6c. fare in each of the zones outside these
cities also went into effect. V. 109, p. 1368. Effective Jan. 1 1922 fares in
Portsmouth were raised to 7c. for a temporary period. V. 113, p. 2722.
On July 21 1920 was authorized to raise fares in Richmond to 6 cents.
V. I l l , p. 794; V. 113, p. 536. In Feb. 1921 was authorized by the Vir
ginia Corporation Commission to raise fares on the Ferndale Park line from
5 to 10 cents. V. 112, p 746. In M ay 1921 the Comm. auth. a 20% In
crease in fares between Richmond and Petersburg, Va, but denied the c o .’s
petition for the abolition of transfers in both cities. V. 112, p. 2085. The
Norfolk City Council in M ay 1921 passed an ordinance granting the co. a
7-cent fare with free transfers. (In Oct. 1923 fare was 7 cents cash or 4
tokens for 25c.) V. 112, p. 2307. See also V. 116, p. 722, 2517, 2768.
In June 1921 the Richmond City Council Committee denied the c o .’s pe
tition for a straight 7-cent fare. V. 112, p. 2750. But see V. 113, p. 72,
536. In Dec. 1922 the co. asked the Richmond City Council to eliminate
jitney competition and for auth. to charge a 7-cent cash fare with 5 tickets
for 30 cents. V. 115, p. 2687. See also V. 117, p. 1665; V. 118,p. 1393.
Decision.— For ruling of Supreme Court of Appeals in Sept. 1922 that
right to fix street car fares is vested solely in the State Corp. Comm., see
V. 115. p. 1534.
STOCK AND BONDS—
Date.
Interest.
Outstanding, \daturity.
Common $12,000,000 ($100)............
A-O
$11,950 500
See text.
Preferred $9,000,000 ($100)_______
J-J
8,971.700
See text.
Preferred stock scrip_________ _____
________
15,390 __________
First and refunding mortgage! 1909
5 g J-J
11,413.627 July 1 1934
$15,000,000 g ($l,000)--C *(Int. at Equitable Tr. Co.. N. Y ., trustee.
Norfolk & Portsm 1st mtgel 1906
5 g J-D
6,516,000 June 1 1936
$8,000,000 ($1,000) g o ld -./I n t. at Commercial Trust. C o., Phila., Trus.
Norfolk & Atlantic Term 1st! 1899
5 g M-S
478,000 Mar 1 1929
mtge $500,000 gold-----------(Interest at Alex. Brown S Sons. Baltimore.
c
Oar trust certificates gold! 1920
8 g J-J
100,000 See text.
($1,000) ---------------------c*(D ivs. at Philadelphia Trust C o., Phila., Tr.
Stock.— The pref. stock was entitled to non-cum. divs. of 5% up to Jan. 1
1914 and thereafter to non-cum. divs. up to 6 % . Both com. and pref. are
listed on the New York, Philadelphia and Baltimore Stock Exchanges. V.
92, p. 882, 1033, 1111, 1375; V. 93, p. 230. See official statement to N . Y .
Stock Exchange. V. 92. p. 1118.
Bonds.— $1,897,374 1st & ref. bonds are in treasury, and remainder are
reserved for future improvements, subject to certain restrictions. Sinking
fund. M% semi-annually of bonds out from 1914 to 1919 and J$% semi
annually thereafter; $1,621.000, not included in amount reported outstanding,
held in sinking fund Dec. 31 1923. Bonds are subject to call at 105 and
Interest. V. 92, p. 1212. Listed on New York, Phila. and Baltimore
Stock Exchanges. V, 94, p. 125: V. 96, p. 1425: V. 100, p. 557. Unissued
Norfolk & Portsmouth 1st M . bonds of 1906 may be issued for acquisitions,
extensions and improvements, but not over $500,000 in any one year.
A sinking fund of
% per annum of outstanding bonds began June 1 1916,
which is to be invested in the bonds: $480,000, not included in amount
reported outstanding, held in sinking fund Dec. 31 1923. $633,000 in
Treasury. Are subj. to call at 110 and int. on any int. date upon 60 days’
notice. Bonds are listed on Phila., Boston, Balt, and Pittsburgh Stock
Exchanges. V. 83, p. 492.
Car trust certfs. are secured on 50 safety cars. Due serially $50,000 each
July 1 1921 to 1925. Red. as a whole on any div. date on 30 days' notice, at
101 and divs. V. 111. p. 494.
Dividends.— On pref. first div.— 1J$%— paid July 1 1910. In 1911,
1912 and 1913, 5% . In 1914, 5 )4 % . In 1915 to and incl. 1918, 6% per
ann. Jan. 1919 div. of 3% paid on July 20 1919. None to Jan. 1921, when
6% (payable in pref. stock) was paid. V. 111. p. 2042. In 1922, Jan.
6% (payable in pref. stock). V. 114, p. 80. In Dec. 1922 a div. of 6%
was declared, payable in cash (3% in Jan. and 3% in July 1923). V. 115.
p. 2906. In 1924, Jan., 11$%: April, 1($% . On common, first div.—
1% — paid Oct. 1911. In 1912, 2% : 1913 to 1917 incl., 3% ; April 1918 div.
omitted (V. 106, p. 1127): Oct. 1918 div. o f 3% was made payable in stock
o f Old Dominion Iron & Steel Corp. V. 107, p . 1288. None since.
112
ELECTRIC RAILW AYS
R E PO RT.— Of combined properties (excl. operations o f City Gas Co
o f Norfolk) for cal. years 1923, 1922, 1921 and 6 mos. end Dec. 31 1920:
---------------- Calendar Years---------------- - 6 mos. end.
1923.
1922.
1921.
Dec. 31 ’20.
Pare passengers________
_______ 71,950,905 85,637,593
--------Transfer & free pass___
u_____ 17,102,151 18,556,853
______
Revenue transfer p ass..
______
______
998,086
--------Total passengers_____
______ 89,053,056 105,192,932
--------K . w. hrs. output, com ’l.
____ 179,274,676 158,066,825
--------Gross earnings_________ $10,508,608 $9,513,096 $10,173,334 $5,314,034
Operating expenses____
5,600,020 5,202,659
6,457,262 3,577,154
Net earnings________ $4,908,588 $4,310,437 $3,716,072 $1,736,880
Other income__________
263,122
236,035
235,457
72,606
Gross income_________ $5,171,710
Taxes and licenses_____
$739,666
Interest on bonds_____*
.
990,522
Miscellaneous interest..
37,525
Sinking fund payments.
168,785
Rentals________________
336,504
Direct charges_________
255,067
$4,546,472 $3,951,529 $1,809,486
$668,589
$698,112
$328,653
963,804
963,052
481,700
51,084
95,894
45,564
168,785
168,785
64,386
335,828
332,715
183,664
38,813
92,472
193,343
Surplus for year_____$2,643,639 $2,319,568 $1,600,499
Previous surplus_______
642,767
1,783,437
1,301,071
$512,176
a l,587,689
Total su rp lu s............$3,286,406 S4,103,005 $2,901,570 $2,099,865
Preferred dividends___
(§)
(6)537,738 x(6)507,738 x(6)479,952
_ 1,480,345
1,422,500
610,400
318,842
Depreciation reserve_
Adjustment reserve____
______ v l ,500,000
______
______
Balance, surplus_____
$806,062
$642,767
$1,783,437
$1,301,071
a $498,914 transferred to surplus o f C ity Gas C o., which c o .’s a cc’ts had
previously been consolidated w ith Virginia R y . & Power C o . x Stock
d iv . payable in 6 % p ref. stock, v The property account has been adjusted
to Stone & W ebster’s appraisal as o f Jan. 1 1920, less 25% for reduction in
unit prices, which adjustment resulted in a reduction in property account
o f $2,454,661, o f which amount $1,500,000 has now been charged to surplus.
T he balance, $945,661, is being carried as a suspense charge in property
adjustm ent account to be hereafter charged to surplus as d'rectors m ay
determ ine. § The divs. o f 6% as shown as having been paid in 1922 were
actually paid during 1923, 3 % in Jan. and 3 % in July, but were p rovided
for out o f surplus previously accum ulated. In D ec. 1923 the directors
declared a d iv . o f \ % % on the p ref. stock, payable Jan. 24 1924.
R OAD, &C.— The company operates 245.889 miles of single track; 650
passenger and 43 service cars. Also owns valuable park properties and
other real estate. Rails, 95 to 119-lb. girder and 60, 70 and 80-lb. T . 6
power stations and 23 sub-stations, combined capacity 103.005 k. w. A
transmission line between Richmond and Norfolk, completed and In opera
tion in 1920.
OFFICERS.— Pres., Thomas S. Wheelwright, Richmond; Vice-Presi
dents, Fritz Sitterding; V.-P. & Gen. Counsel, E. Randolph Williams,
Richmond; V.-P. & Treas., Geo. B. Williams, Richmond; Sec., A. H. Herr
mann; Asst. Sec. & Asst. Treas., Geo. H. Taylor, New York; Gen. Aud. &
Asst. Treas., W . J. K ehl: A sst. S ec., A . E . D ickson; A sst. G en. A u d .,
H. T . Ingalls. General office. R ichm ond, V a. N . Y . office, 149 B ’w ay.
— V . 117, p. 8 9 6 ,1 2 3 7 , 1349, 1665, 1778,1888,1993, 211 1 ,2 3 2 4, 2544, 2772,
2891; V. 118, p. 433, 1013, 1137, 1393, 1521, 1667.
(1) N orfolk Railway & L igh t.
Lease.— Wasleased on June 1 1906 to Norfolk & Portsmouth Traction Co.
(alnce consolidated with Virginia Ry. & Power Co.) for 99 years, rental
being (In addition to all fixed charges), $16,500 each June 1 and Dec. 1
from June 1 1906 to June 1 1907, inclusive, and increasing to $49,500 s.-a.
on Dec. 1 1912 and thereafter. V. 82, d . 1323.
O R G A N IZA T IO N .— Incorp. in Va. N ov. 2 1899 as a consolidation o f the
following; Norfolk Street R R ., Norfolk & Ocean View R y ., Virginia Elec.
C o. and Berkeley Light & Power C o. Owns entire stock o f the Norfolk
Light, Heat & Power Co. Street railway franchises expire in 1914, except
a small portion of mileage In Norfolk, which expires in 1934. Electric
light franchise expires in 1930. The company controls the street railway,
electric lightingand power business o f the city o f Norfolk and owns a line
o f railway to Willoughby Spit and connects with steamer to Old Point
Comfort; also owns 4,011 shares out o f 5,000 shares o f the stock of the
City Gas C o. o f Norfolk, remaining shares, 989, owned by Virginia Ry.
Sc Pow. C o. On Aug. 30 1904 the City Gas Co. purchased the Berkeley
G asCo. V. 79, p.968. Stock is listed on Phila. and Balt, stock exchanges.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,650,000 ($25)...............—
6 J-D
$1,650,000 D e c ’23.3%
Virginia Electric Co. 1st mtgef 1898 5 A-O
10,000 April 1 1928
$500,000 gold ($1,000)____lin t, at U. S. M tge. & Tr C o., N . Y ., trustee
Norfolk Street 1st cons mtgef 1898
5 g J-J
764,000 Jan 1 1944
$1,040,000 gold ($ l,0 0 0 )-clln t. at M erc. Tr. S Dep. Co Balt., trustee
c
Norfolk R y & L t 1st cons mtgf 1899
5 g M -N
2,238.000 Nov 1 1949
$4,000,000 g ($1,0001 8f_c*\Int. at Internat. Tr. C o., Baltimore, trustee.
Bonds.— Of the Norfolk Ry. & Light first consol, mtge. $1,050,000 is re
served to retire underlying bonds. Sinking fund began N ov. 1 1909. and
provides for the purchase o f 1 % o f outstanding bonds each year at 110 or
less. See V. 70. p . 584. $712 000 o f bonds not reported outstanding held
in sinking fun d or b y trustee D ec. 31 1923, $276,000 N orfolk Street R R .
bonds not reported outstanding also in sinking fund or in hands o f trustee
as o f Dec. 31 1923.
OFFICERS.— Pres., Thomas S. Wheelwright: V.-Ps., T . Norman Jone»
Jr and F. Sitterding; Sec. & Treas., G. B. Williams.— V. 82, p. 1323
______
V. 106, p. 925.
ROCHESTER, N. Y.
NEW Y O R K STATE R A ILW A YS.— Of the common stock. $13,604,300
(also $600 pref.) owned by New York Central R R .
O R G A N IZA TIO N .— Incorporated in New York on March 22 1909 as a
eonsolidation of the Rochester R y. C o., the Rochester & Sodus Bay Ry. Co.
and the Roch. & Eastern Rapid R y. Co. (as per plan V. 88, p. 53. 823, 945.)
and on Oct. 17 1912 the P. S. Comm, approved the further merger with the
Utica & Mohawk Valley R y., Oneida R y ., Syracuse Rapid Transit R y. and
Rochester & Suburban R y.. all o f whose stocks had alreadv been owned
V. 95, p. 1040. Aug. 28 1919 the co. merged Into Itself the East Side Trac
tion C o., the entire stock o f which had been owned since 1912. Compare
V. 108, p. 683.
The Rochester Railway was a consolidation o f the Rochester City A
Brighton R R ., the Cross-Town R R . and the South Park R R ., and leased
the Rochester Electric R y. from July 1 1894 for 50 years, at a rental of 8%
on $200,000 stock, and whenever gross receipts exceed $55,000, one-quarter
Of such excess
In 1917 the property and franchises of the Ontario Light & Traction C o.,
other than the electric railway property, were disposed of to the Rochester
R y. & Light Co.
On March 10 1910 Pub. Ser. Comm, authorized an increase in stock from
$23,140,200 to $23,860,200 to be used to take over the Rochester & Subur
ban R y. (stock $420,000). the Rochester Electric Ry (stock $200,000) and
the Ontario Light & Traction Co. (stock $100,000). See V. 90, p . 914,1425.
In Jan. 1912 applied to Public Service Comm ., 2d Dist., for authority to in
crease stock to $25,362,500. V. 94, p. 68. Permission was not granted.
The following Is a list of the stocks owned by the N. Y . State Railways:
Schenectady Railway C o________ $2,050,000 or 50%
o f whole amount
10,000 “ 100%
Syracuse Land & Steamboat C o_
Syracuse & Valley ’Land C o.
-------~
4,450 “ 100%
Glen Haven Improvement C o___
14,500 “ 100.00%
Ontario Light & Traction C o____
100.000 “ 100.00%
Rochester Electric RaUww Co __
176,600 “ 88.30%
Rochester R y. Co-Ord. Bus Lines
50,000 “ 100%
Miscellaneous
850 “
Also owns $55,000 City of N . Y . 4K % coup. “ Corp.” stock, $232,000
railroad bonds and $64,000 Liberty Loan 4 K % bonds.
Franchises in ttocnester are practically perpetual and exclusive, with
exception of a few extensions whl^h run for * 0 years.
>
Contract for Power.— Power for Rochester lines is supplied under a long
term contract with the Rochester Gas & Electric Corp., whose entire com.
stock is owned by Mohawk Valley Co. (in turn owned by N. Y . Central R R .)
Power for Syracuse lines supplied by Niagara Lockport & Ontario Power Co.
and Utica-Oneida lines supplied by Adirondack Power & Light Corp.
Favorable Jitney Decision.— See V. 102, p. 2167.
[ V ol. 118,
On Dec 29 1916 the Court o f Appeals upheld the constitutionality o f the
Charlotte annexation bill which provides for a single 5-cent fare within the
city limits as extended. The co. appealed from the decision, was defeated,
and carried the case to the Supreme Court, and on Sept. 13 1918 a decision
favorable to the company was rendered.
Valuation.— At a hearing held before the P. S. Comm, on Feb. 26 1919
Che appraised valuation of the co. was given as $53,326,235- For valuation
of the co.’s property in Syracuse see V. I l l , p. 1472. See also V. I l l ,
. 2521. For valuation of Utica lines see V. 112, p. 63. For valuation by
oard of Appraisers for the city of Rochester, in Aug. 1921, see V . 113,p.849.
Fares.— In June 1917 applied to P. S. Comm, for auth. to Increase fares
from 5 to 6 cents in the cities o f Rochester, Syracuse, Utica, Rome, Oneida,
and Little Falls. On April 18 1918 Judge Outhbert W . Pounds in the
N. Y . State Court of Appeals at Albany handed down a decision holding
that the Commission cannot increase fares on Rochester surface lines. The
court held that where a municipality and a street railway corporation have
entered into an agreement to fix the rate of fare at 5 cents, the pact is
binding. V. 106, p. 1461. [On Oct. 21 1919 the Court of Appeals reaf
firmed this decision. V. 109, p. 1610.] In N ov. 1918 the P. S. Comm,
auth. the company to charge a 6-cent fare in Syracuse and Utica “ for the
duration of the war and a reasonable time thereafter.” V. 107, p. 2098.
In Dec. 1920 the Syracuse Common Council rejected a proposed l(>yr.
service-at-cost contract for the c o .’s Syracuse lines. The co. then an
nounced a 20% cut In service on these lines and appealed to the P. S.
Comm, for a straight 10 cent fare. V. I l l , p. 2325. A 10 cent fare on the
co.’s Utica lines was asked for (V. 112, p. 63), but this was denied by the
Pub. Serv. Comm, in Sept. 1921. V. 113, p. 1251, 2721. In Sept. 1922 the
N. Y . P. S. Comm. auth. co. to increase fares to 7 cents for the Utica terri
tory pending a rehearing. V. 115, p. 1533. In April 1921 the P. S. Comm,
auth. an increase in fares on the Syracuse lines to 8 cents cash. V. 112, p.
1741. In Sept. 1922 fares in Syracuse were reduced from 8 to 7 cents. V.
115, p. 1533. On May 25 1920 the co. began charging a 7-cent fare in Rome.
On July 16 1920 the Mayor signed the service-at-cost contract passed by the
Rochester Common Council. This provided for a 7-cent fare, effective
Aug. 1 1920 and has been approved (V. 115, p. 1429) by the N. Y . P. S.
Coram. V . I l l , p. 389, 896, 990, 2325. Compare V. I l l , p. 190. In
Feb. 1923 the co. was auth. to increase fares to 7 cents on its Oneida lines.
V. 116, p. 936.
Co. Authorized to Operate Buses.— See V. 116, p. 2389. See also V . 117,
p. 1236, 2110; V. 118, p. 552, 1392, 1774.
Recommendations of Syracuse Street Railway Commission.— For principal
features of report by R y. Comm, recommending service-at-cost for Syracuse
see V. I l l , p. 1279, but compare V. I l l , p. 2325.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $19,997,700 <
’$100).............
Q-J
$19,952,400
See text
Pref $3,862,500 (SlOOj 5 % c u m ____
Q-J
3.862,500 See text
1st cons MSer A,B 50,000,000 r 1912 4 ^ -6 H g M -N 1 6 ,457.000 N ov 1 1962
gold ($1,000)_____ c*&r*tfjSecurity Trust Co. of Rochester, trustee.
(Interest at Treasurer’s office. New York.
Rochester R y Consolidated f 1890
5 g A-O
2.550,000 April 1 1930
Mortgage $3,000,000 ($1,-1 Interest at Treasurer’s office, New York.
000) g o ld ---------------------c*[Bankers Trust C o., New York, trustee.
Boch Ry 2d M $1,500,000! 1893
5 g J-D
1.500.000 Dec 1 1933
gold ($1,000)__________ c*\Int. at Treas. office. Sec.Tr.C o.,R och., trus.
Utica & Mohawk Vail 1st M [ 1901
4v* g M-S 2,268,000 Sept 1 1941
$41000,000 gold ($1,000)■(Interest at Harris, Forbes & C o., New York;
c * ------------ cannot be called l New York Trust C o., New York, trustee.
Utica Belt 1st mtge $500,000/ 1889
5 M -N
500 000 Nov 1 1939
gold ($1,000)------------------- lint, at Treas. office. N .Y .T r.C o., N .Y .,trus.
Utica Belt 2d mtge $200,000/
1891 5 J-J
39.000 Jan l 1931
gold ($500)--------------------- c iln t. at Treas. office. N .Y .T r.C o., N.Y.,trus.
Herk M o Iiion & Frankfort/
1895 5 g J-J
150.000 Jan 1 1926
mtge g $150,090 ($l,000)c*lln t.at Treas.office.Farm .Ln.&Tr.Co.,NYtr.
8 y r a c R T 1st M ($3,250,000)/ 1896
5 g M-S
2,500.000 Mar l 1946
gold ($1,000)__________ c*\Guaranty Trust C o.. New York, trustee.
do 2d mtge $750,000 ($1 J 1900 5 g J-T
654.000 Jan 1 1930
000) g o ld --------------------- ■tint. at Treas. office. Union Tr. C o., Cleve.,tr
East Side Traction 1st M l 1899
5 J-D
250.000 June 1 1929
$250,000 ($1,000) g o ld ., lin t, at Treas. office. Union Tr. C o., Clev., tr.
Real estate mortgages_______ _____ ,
.............
36,000 ...................
Stock.— Preferred stock can be increased only with consent o f two
thirds of outstanding preferred stock, and holders are to have right to take
their proportionate shares of such Increase. Stock is subject to call at 110
upon any div. day on 30 days’ notice. V. 88, p. 945. Both stocks are
listed on N . Y . Stock Exch. See official statement. V. 92. p. 951Bonds.— Of the first consol, bonds outstanding, $3,000,000 (ser. “ B ” ) bear
int. at 6J4 % and $13,457,000 (ser. “ A ” ) at, 4 H % , $10,561,000 are reserved
to retire underlying bonds. V. 114, p. 1651. The remaining bonds may be
issued for equipment, impts., &c., to the extent of 90% of the cost, and for
acquisitions at actual cost, provided in each case that the annual net
Income (including net income on securities owned) shall be one and onehalf times the annual interest charge on all bonds, including underly
ing bonds then outstanding and any add’ l 1st consols, desired to be issued.
Ser. A. bonds are red. at 105 & int. on 60 days’ notice. V. 95. p. 1208; are
Isted on N. Y . Stock Exchange; exempt from Federal, State, county and
municipal taxes. Rochester R y. cons. & 2d M . bonds cannot be called.
Svracuse Rap. Tran. 2d M . bonds are subject to call on any interest date
Dividends.— \M% on pref. paid July 1909 and quar. to and incl. April
1918. None to July 1922 when \ M% was paid together with 5% on acct.
of arrears. In Oct. 1922, 1 M % and 5% on acct. of arrears. In Jan. 1923,
1 H % and 10% on acct. of arrears, clearing up all accumulated divs. in
arrears. V. 115, p. 2686. In Apr. 1923. l/£ % : July, l /£ % ; Oct.. 1 H % In 1924, Jan., lk /% : April, 1 % % . On com., 1H % quar. from July 1910
to July 1914; Oct. 1914, 1% . V. 99, p. 894. In 1915, 4% ; in 1916, 4 ^ % ;
in 1917, Jan., 1%; April, 1%; July, 1% . None to Jan. 1923, when 1 ^ %
was paid. In April 1923 M o f 1% was paid. In July 1923, ii % o f 1% .
Oct., % of 1% . None since.
R E PO RT.— Combined statement for years end. Dec. .31 (after allowing
for inter-company charges)— 1922 report in V. 116, p. 823:
Calendar ;Gross
Net, after Other
DeducSink.
Divi- Bal.,Sur.
Year Revenue.
Taxes, dec.Income. tions.
Fund, dends. or Def.
S
S s
S
$
$
$
9
1923...10,803,000 2,297,700 76,869 1,451,177 34,130 641,887 247,374
1922.-.10,501,765 2,109,365 97,422 1,435,518 34,740 492,300 244,229
R OAD.— On Dec. 31 1923 operated 339.03 miles of railway, o f which
277.67 miles owned, 60.98 miles leased, and .40 trackage rights. Miles
main single track, 544.39 (of which 428.58 miles owned, 115.03 miles leased
and .78 miles trackage rights); sidings. & c., 52.89 miles; total track mileage,
597.28. Miles of railway owned, leased and operated by subsidiary cos.,
in addition to mileage operated directly by N. Y . State Railways:
Owned. Leased. Operated.
a Rochester Electric Railway___________________ 4.69
____
____
a Ontario Light & Traction Company___________ 2.53
____
____
6 Schenectady Railway C o______________________60.29
12.99
73.28
6
T otal.
............. ..................................67.51
12.99
73.28
a Leased to N . Y . State Rys. b N. Y State Rys. owns a half Interest
Has 777 passenger, 17 express and 146 other cars (including 1 electriclocomotive) and 39 snow plows; total, 978.
OFFICERS.— Pres., James F. Hamilton; V .-P .’s, Walter Kernan, Utica,
and Benjamin E. Tilton, Syracuse; Treas., M . S. Barger, N, Y .; Sec. &
Asst. Treas., J. C. Collins, Rochester; Asst. Sec., H. L. Reichart, Rochester;
N. Y .; Gen. Aud., J. M . Joel, Rochester, N. Y .— V. 115, p. 1429, 1533,
1731, 1838, 1942, 2268, 2686; V. 116, p. 823, 936, 1178, 2389, 2637, 2767;
V. 117, p. 1236, 2110; V. 118, p. 552, 907, 1392, 1774.
(1) Schenectady R ailw ay.— A trolley road.
Entire stock is owned Jointly by the N . Y . State Rys. and the Del. A
Hud. C o., one-half by each. V. 80. p. 652; V . 87, p. 286, 545; V. 88, p. 54
O RGAN IZATION .— Incorporated in New York. A reorganization on
Feb. 11 1895 o? Schenectady Street Ry. C o., which was chartered in 1886.
Controls the entire street railway business in Schenectady and owns and
operates double-track lines to Albany, Troy and Ballston Spa, and, under
traffic agreements with the Hudson Valley R y ., from Ballston Spa to
Saratoga Springs. Has trackage rights over the United Traction C o.’»
tracks into Albany and Troy. Franchises perpetual.
Favorable Decision Regarding Fares.— On M ay 21 1914 the P. S. Comm,
dismissed the complaint of the city against the company in which an order
was asked compelling the company to sell six tickets for a quarter Instead
of a straight rate of 5 cents. V. 98, p. 1609. See also V. 100, p. 231.
Fares.— The restrictions in certain franchises within the city of Schenec
tady as to 5-cent fares were waived by Common Council M ay 24 1920.
The P . S. Commission on July 27 1920 decided favorably upon the applica-
A pril , 1924.]
ELECTEIC EAILW AYS
113
tlon of the company to increase rates. The increased rates, made effective
ROAD.— Runs north from Monmouth to a connection with the Oble.
Aug. 1 1920, were as follows: (a) On the Schenectady urban lines the rate Rock Island & Pac. R y. at Monmouth Junction, 31 miles, and thence op
of fare was increased from 6c. to 7c. (b) On the Troy interurban division, erating into city of Rock Island, a distance of 22 miles, over line leased for 2fi
the Schenectady-Troy rate was increased from 31c. to 35c. Intermediate years from O. R . I. A P. R y ., which has been electrified. Also 7 miles from
■one rates were changed from 6c. to 7c., the minimum interurban fare, Gilchrist June, to Aledo. Total miles of single track operated, 66.29. Has
(c) On the Ballston interurban division, the Schenectady-Ballston rate was connections for Davenport, la ., Moline and Galesburg, 111. 10 pass., 243
Increased from 30c. to 35c. The intermediate zone rates were changed freight, 2 express and freight and 7 work cars; 7 steam locomotives. 75-85from 6c. to 7c., the minimum interurban fare, (d) On the Albany division Ib. rails. Also operates the power house located at Edwards River.
the Schenectady-Albany rate was increased from 28c. to 29c. On July 5
OFFICERS.— Pres., J. A . Hanley, Davenport, Iowa; V .-P ., T . P.
1922 the P. S. Oomm. established a universal 7c. fare on the lines of the
M.
United Trac. Co. in the cities o f Albany, Troy and Watervliet. This did Gaylord, Pittsburgh: Sec.,1642. A. Walsh. Clinton. Ia.— V. 101. p. 449:
V. 105. p. 607: V. 110, p .
not affect any change in the foregoing through rates on the lines of the
Schenectady R y. Co. between Schenectady and Albany and Schenectady
and Troy. V. 115, p. 437.
To Operate Buses.— See V. 116, p. 1761.
ROME, GA.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
ROME R A ILW A Y & LIQ H T C O — A trolley road.
Stock$7,000,000 ($100)___________
- ...........
$4,100,000
See text
O RGAN IZATION .— Incorporated In Georgia on Nov. 30 1906 as suc
First mortgage $20,000,000/ 1916
5 g M-S
2,676,000 Mar 1 1946
cessor to the City Electric Ry. V. 83, p. 1591. Furnishes light and power
gold ($1,000)_________ c * -lU . S. Mtge. & Trust C o., N . Y ., trustee.
to city and private Individuals. Franchises expire 1985; street railway
Bonds.— $324,000 additional bonds may be issued to retire floating debs franchises practically exclusive. In 1916 canceled the old first and consol,
and for other corporate purposes. Remainder o f first $5,000,000(Ser.“ A ")
mortgages and made a new first mortgage as shown below:
may be issued from time to time for cash cost of extensions and permanent
Fare
Jan. 1919 was auth-bv the Ga RR Com m . to Increase
Improvements. Bonds in excess of $5,000,000 may only be issued for 80% fares byIncrease.— In108, p. 172. In Nov. 1922 the Ga. P. S. Comm, denied
1
of cost o f extensions, &c., under conservative restrictions, and may bear a petition cent. Y.
of the citizens of Rome requesting a reduction in fares. V.
Interest, not exceeding 6% , and be callable under such terms and condition! 115, p. 2159.
as the directors may determine. Ser. “ A” bonds are callable at 10214 and
STOCK AND BONDS— Date.
Interest
Outstanding. Maturity.
Int. on any int. date. Exempt from N . Y . State, county municipal per
Common, $1,000,000 ($100)___________
Q-J $650,000
See text
sonal property taxes. V. 102, n. 887.
Q-M
100.000
Seetext
Dividends.— Initial div.— 214% —in 1908: 1907 and 1908, none, in 1909: Pref, $100,000 ($100), 7% c u m ____
First mtge, $3,000,000, gold f 1916 5 g A-O
850,000 April 1 1948
4% : 1910, 614%: 1911 to 1915, 6 % . In 1916, 5 % .
In 1917. 314%.
$500 and $1,000)___c*cpt-jlnt. at Spencer Trask A C o., New York, or
None since.
l Fidelity A Columbia Tr. C o., Louisv.. Tr.
EARN IN G S.—
Gross
Net (.after Other (net) Deduo
Balance,
Bonds.— Redeemable in whole or part at 105 and int. on any Int. date on
Cal. Year—
Earnings.
Taxes).
Income. tions.
Sur. or Del
90 days’ notice. Sinking fund, 1% of outstanding bonds annually, began
1923 __________ $l,194,656df$686,742
$1,818 $161,612 def.$846,536 Oct. 1 1917, for retirement of bonds at not exceeding 105 and int., or
234,740
1,905
147,047
sur.89.598 investment In new properties, A c., against which no bonds may be issued.
1922....................... 1,776,451
R O A D .— Operates 140.61 miles o f track, of which 115.37 miles owned Remaining $2,150,000 are reserved for not exceeding 80% of cost or fair
value of additional property or equip., or add’ns. exts., impts.. See. under
and 25.24 miles operated under traffic agreements. 70, 75, 78 and 80-lb
T girder rail. Has agreement with Fonda Johnstown & Gloversville conservative restrictions. V. 103, p. 61R y. Co. (electric division) whereby latter company operates its cars into
DMdends.— On common in 1909, 2% : 1910. 1% : 1911, 3 % : 1912, 0 % :
Schenectady. Operates 136 motor and 31 other cars.
1913, 5% . In 1914 and to and incl. July 1917, 1% quarterly; none to
OFFICERS.— Pres.,'Edwin M . Walker; Sec. A Treas., J. B. Mahan; July 1 1919. In 1919 2% was oaid. In 1920, 4% regular and 3% deferred.
In 1921, 4 % . In 1922 and 1923 divs. were being paid at the rate of 4%
Aud., W . F. Smith; Gen. Aud., J. C. Collins.— V. 113, p. 1472, 1888, 2722
per
V. 114, p. 1181, 1409; V. 115, p. 437, 2687; V. 116, p. 1761, 2390; V. 117, paidannum. Divs. on pref. stock were begun in Sept. 1916 and have been
regularly since.
p. 670. 1348, 1463, 1665; V. 1 1 8 ,p. 312.
EARNINGS.— For cal. year 1922, gross, $269,202; net, after taxes,
$50,742. In 1921, gross, $274,467; net, after taxes, $59,817.
ROCHESTER LOCKPORT & BUFFALO R AILROAD CORP.
Property.—liberates 12 i miles of street railway line in Rome, Ga., incl
ORGAN IZATION .— Incorporated in New York on April 4 1919 as suc
extensions to Eindale and Scales Works
Standard gauge; 90-ib. girder
cessor to the Buffalo Lockport & Rochester Ry. (for history see “ Electric
*nd 70-lb T rails. Also complete and well-equipped electric lighting
Railway Supplement” o f March 29 1919) as per reorganization plan in
V. 108, p. 682. The 1st Mtge. bonds o f the old co. were exchanged for •ystem. Power plant has generating capacity of 1.750 k. w. (held In re$500 pref. and $750 common stock o f the present company for each $1,000 arve). Has contract for power with Georgia R y. & Power Co.
OFFICERS.— Pres.. S. A. Culbertson: Y.-P. and Gen. M gr.. 8. 8. Bush,
bond, while the 2d Mtge. bonds o f the predecessor co. received $500 in new
pref. and $500 in new common stock for each $1,000 bond. The common Louisville, K y.; Supt., H. J. Arnold, Rome.— V. 108, p. 172; V. 115, p. 2159.
and pref. stocks o f the old co. did not participate in the plan.
STOCK AN D BONDS— Date.
Interest.
Outstanding. Maturity.
ROSLYN, LONG ISLAND, N. Y.
Common $2,200,000_________ _____
_______
$2,199,250 ---------Preferred $1,500,000 cum_________
6%
1.499,500 Jan.’24, 3%
NEW Y O R K & NORTH SHORE T R AC TIO N CO.
Stock.— Preferred stock is pref. as to assets and dividends. Tne Dy-lawe
Property sold at public auction in 1922 and in Jan. 1923 it was stated that
provide that no mortgage shall be placed on the property or assets of the
co. in priority to the pref. stock, without the consent of the holders of two- the purchasers had commenced dismantlement. V. 116, p. 176. In Aug.
1923 the Union Trust Co. of Cleveland, trustee for the 1st mtge. bonds,
thirds o f the outstanding pref. stock. V. 108, p. 682.
announced that it had funds on hand to pay a liquidating div. at the rate of
EA R N IN G S.— For years ending Dec. 31:
$50 on each $1,000 face amount of bonds outstanding. V. 117. p. 782.
Balano, See letter of Federal Judge R. A. Inch to special master regarding resump
Gross
Net (after
Other
Rentals,
Sur. or del
Cal. Year— Earnings.
Taxes).
Income.
&tion of operation on certain portions of the line in V. 118, p. 1520. For
$93,587 history of co. see “ Electric Railway” Supplement of April 28 1923.
$87,888
$5,728
$26
1922 __________ $546,439
1922__________ 504,520
x86,087
6,528
526
92,089
R O A D .— Operates about 58 miles between Rochester and Lockport.
Rails 70 to 91-lb.
RUTLAND, VT.
OFFICERS.— Pres., E .R .W o o d , Toronto, Ont.; V .-P ., A. S. Mutrhead
RUTLAND R A ILW A Y , LIG H T & POW ER CO.
Toronto, Ont.; Sec., Treas. & Gen. M gr., W. W . Foster, Rochester, N . Y
$1,670,100 of the stock is owned by the General Gas A Electric
______
V. 108, p. 1512.
Corp., which see in our “ R y. & In d ." Section.
ROCHESTER & M ANITOU R R .
ORGANIZATION.— is a consolidation in Feb. 1906 of the Rutland
O RG ANIZ A T IO N .— Incorporated on Aug. 121908. Acquired property of Street R y., the People’s Gas Light C o., the Vermont Internal Improvement
the Rochester Charlotte & Manitou, sold at foreclosure July 21 1908
Co. and the Chittenden Power Co. In Sept. 1906 acquired the entire
$180,000 stock and $120,000 bonds of the Rutland City Electric C o. V. 83,
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
p. 626. In March 1908 consolidated with the latter company, thus com
Stock $60,000 ($100)............................................... $60,000 ....... ...........
First mortgage $60,000 gold/ 1909
5 g M -N
58,000 May 1 1929 pleting consolidation of all the Rutland public utilities. V. 86, p. 1044.
($500 and $1,000)_ c* n tf lin t, at Security Trust C o.. Rochester, trustee Franchises have been granted by special Acts o f Vermont Legislature and
_
BONDS.— $2,000 bonds remain unissued. N o sink. fund. Bonds are are perpetual.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
subject to call at 105 and Int. on 8 weeks' notice.
stk $2,000,000($100)____
$1,700,500
See text
EARNINGS.— For year end. Dec. 31 1922, gross, $27,487; net, after Common s t o c k ___________________
Preferred
111.200 Apr. ’24 1 ^
taxes, def., $1,923. In 1921, gross, $9,786; net, after taxes, $8,101.
First mortgage $2,000,000) 1906
_____
___ _____ ___________
5g
1,913.000 Mch 1 1946
OFFICERS.— Pres., Henry W . Wedel; Sec. and Treas., Kendal) B
gold ($ l,0o0)----------------c*/In t. at Mech. A Metals Nat. B k., N . Y ., Tr.
Castle; Supt., Geo. M . Wegman.— V . 87, p. 545; V. 88, p. 1314
Bonds.— Bonds are redeemable at 110 and Int., as a whole or in amounts
of not less than $50,000, on any int. day. Sinking fund began March 1
1916, providing for annual payments increasing from ) f % to 2% of bonds
out.
ROCK ISLAND, ILL.
Dividends.— On pref. divs. of \M% quar. are being paid regularly. On
MISSISSIPPI VALLEY R Y . & POWER CO.
common. 1913, 4% : 1914, 3.35%; 1915, none; 1916, 2 )4 % . None since
ORGAN IZATION .— Incorp. in Delaware July 1 1915 to take over the
EARNING S.— Year ending D ec. 31:
Rock Island Southern R y ., the Aledo Terminal R y., the Rock Island Alexis
Net, aft.
R y. and the Edwards River Power Co (all formerly operated by the Rock
Cal. Year—
G ross.
Tares &c.
Int.. &r.
Bal Sum
Island Southern R y .), as per plan of readjustment in Y. 101. p. 449. Under 1923--...........................$567,388
$156,724
$95,523
$61,201
the plan acquired all the com. and pref. stocks o f these companies and 1922-------------- ----------- 593,130
146,893
96,298
50,595
$1,341,200 (out of $1,873,200) 1st M . bonds o f the Rock Island Southern
ROAD.— Owns and operates 28.3 miles of track in Rutland and West
R y. and $415,000 Aledo Term. R y. 1st M . bonds.
Rutland,
to Fair
and Poultney on
State
Default— Interest Funding Plan.— Being in need o f at least $150,000 for Standard extending60-lb. T Haven 32 passenger carsNew Yorkfreight line.
gauge.
rail.
and 10
and
the rehabilitation of the Rock Island Southern R y. property, and finding It express cars.
Inadvisable to sell additional prior lien bonds In view or the unsettled finan
OFFICERS.— Pres., W . S. Barstow; V.-Ps., Lucien H. Tyng, E. L.
cial situation, the Miss. Valley Ry. S Pow. Co. entered into an agreement West; Gen. M gr., J. G. Menut; Treas., W . Buchsbaum; Clerk A Asst
c
with the holders o f the $532,000 Rock Island Southern R y . bonds not owned
Asst.
O.
by which the time o f payment of interest on those bonds and the bonds held Treas., G. H. Lawson; The WTreas., J. P. Campbell; Asst. Clerk, 110 N .
Wilson. Gen.
. S. Barstow M gt. Assn., Inc.— V
n"
by the M . V. R. S P. Co. will be extended for 3 years. The M . V. R. S P. 2658: V. 111. Mgrs.,
c
c
V.
C o. being without funds to pay the interest due July 1 1917 on its 1st Sc ret. -i. 1533, 2257; p. 589: 1084. 1662; 6 . 112, p. 258; V. 115, p. 544’ V . 116
V. 118, p. 1 6 6
__________
5% bonds, holders o f said bonds have been requested to exchange their
coupons for the 3 years beginning July 1 1917 for bonds o f the same issue
par for par. The unissued Prior Lien bonds are to be canceled. For
ST. ALBANS, VT.
further details see Y. 105. p. 607.
ST. ALBANS & SWANTON TR AC TIO N CO.— A trolley road.
Sale o f Collateral.— The interest and principal due June 1 1917 on the
In Oct. 1923 we were informed that all the c o .’s property had been
$266,000 coll, trust notes o f the R . I. Southern Ry. remaining unpaid, the
$532,000 1st M . 5% bonds o f that company pledged as collateral, were disposed of, practically all of it being sold to Benjamin Iron A Steel C o.,
sold at foreclosure Aug. 27 1917, presumably to the committee for the note Buffalo, N. Y . For history of co. up to time of sale see “ Electric Railwav”
Supplement of April 28 1923.
y
holders. Compare V. 105, p. 607.
Sub.-Co. Receivership.— In April 1920, Judge Martin J. Wade appointed
O. N . Abbott and C. H. Bacon receivers for the Rock Island Southern
ST. LOUIS, MO.
Ry. V. 110, p. 1642.
UNITED R A ILW A YS CO. OF ST. LOUIS.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Is controlled by North American Co. of New York.
.............
C ommon stock $2,500,000-----...................................... $2,291,060
Receivership.— On April 12 1919 Judge Dyer in the U. S. Dlst. Court
Preferred stock $2.000,000--,.......................................................... 1,079,524_
abt.175,000 See text
at St. Louis appointed Rolla Wells receiver for the co. on petition of Samuel
Prior Lien bonds $300,000 1st [1 9 1 5 5 J-J
1915 5 J-J abt.800,000 July
1 1945 W. Adler of N . Y ., the co. Joining in the prayer for receivership. The co.’s
refunding mortgage ($100, /
A c.)...................................c* [Int. at Columbia Trust C o., N. Y ., trustee. inability to repay the 6 mos. loan o f $3,235,000 made to it by the War
Finance Corp. on June 1 1918 was the cause of the appointment. V . 108,
k o c s i x i u n u v u u w i e r n a y .—
>. 1611 (this has since been paid). On April 24 1919 the receivership suits
First mtge $2,500,000 g($100)/ 1908
5 g J-J
1,873,200 Jan 11947
Instituted by Samuel W . Adler and Elmer A. and Robt. J. McLaughlin
$500 and $1,000)_______ tf/Oentral Trust C o.. Chicago, trustee.
were consolidated under the John W . Seaman suit by Judge Dyer in the
Voting Trust— The com. and pref. stocks have been deposited in a voting U. S. Dist. Court and Rolla Wells who had been automatically removed as
trust expiring in 1920. Trustees: Henri O. Morand, A. O. Chambers, receiver in the order making the Samuel W . Adler suit an intervening one to
T . P. Gaylord, J. J. Fleming, J. A . Hanley, M . A. Walsh, O. H. Walsh and the Seaman stilt, was appointed receiver under the consolidated suits, and
Will H. Clark.
Henry Lamm was reappointed as Special Master to conduct the hearings.
Bonds.— Provision 1s made for the retirement o f the prior lien bonds out V. 108, p. 1823, 2331. Compare V. 106. p. 716' V. 107, p. 907; V. 108,
o f the sinking fund or by the sale o f other bonds, the bonds taken in ex
. 81, 1513: V. 110, p. 2488; V. I l l , p. 2326; V . 112, p. 1026; V . 113, p. 961.
• 117, p. 1018.
change for the old securities then becoming an absolute first lien. Addi
tional bonds may only be issued for betterments, extensions. A c., under
Subsidiary Companies Receiverships.— In Sept. 1919 Rolla Wells was apJOlnted receiver of the Missouri Electric R y ., the Florissant Construction,
carefully guarded restrictions. $1,341,200 of the R . I. Southern R y. bonds
Seal Estate A Investment Co. and the Merchant’s Express C o., sub
are owned by the Miss. Vail. R . A P. Co.
Latest Earnings.— For cal. year 1919, gross, $310,745; net, after taxes, sidiaries, on application of Thomas Francis, attorney for the United Rys.
Co. V . 109, p. 1368. See also V . 113, p. 1252.
$51,092. In 1918, gross, $321,069; net, after taxes, $54,352.
114
ELECTRIC RAILW AYS
Foreclosure Suits, &c.— See V. 118, p. 204.
In Nov. 1920 <4.200,000 3-year 7% receiver’s certificates were Issued to
provide for the payment of $1,900,000 St. Louis RR. 414% bonds which
fell due May 1 1920 and to reimburse the receiver for funds used to retire
$2,360,000 receiver’s certificates due Sept. 2 1920. V. I l l , p. 2141 at
maturity (Oct. 1 1923), the 7 % receiver’s certifs. were retired through the
Issuance of $4,200,600 3-yr. 6% receiver’s certifs. of indebtedness. V. 117,
p. 1557.
In July 1921 the receiver's application for authority to issue $1,474,000
receiver's certifs. to be used in retiring the $1,474,000 Lindell Ry. 4 J4s. due
Aug. 1 1921, was denied. V. 113, p. 418. Compare V. 113, p. 72. In
Aug. 1921. however, the receiver offered to extend the Lindell Ry. bonds to
Oct. 1 1923 at 8% . This extension was underwritten by the North Ameri
can Co. V. 113, p. 536.
The receiver was auch. to extend the $2,000,000 St. Louis & Suburban
cons. mtge. 5s due Peb. 1 1921 for 3 years at 8% . The extension was carried
out after some delay, the extended bonds bearing 8% interest from Feb 1
1921 and maturing Oct. 1 1923. Holders who did not desire to extend their
bonds received cash upon presentation, interest on this issue accruing at
8% up to Juno 1 1922. V. 114, p. 2360, 2728.
Holders o f $1,640,000 Cass Ave. & Fairgrounds Ry. 1st mtge. extended
414% bonds due July 1 1922. were given the right to extend their bonds to
Oct. 1 1923 at 6 % . The extension was underwritten by the North Ameri
can Co. V. 115, p. 75.
The Jan. 1 and July 1 1920 coupons on the Gen. Mtge. 4% bauds were
paid when due. Int. due Oct. 1 1920 on the St. Louis Transit 5s of 1924
and the St. Louis Suburban 5s of 1923 was paid when due. V. I l l . p. 1662
See also V. 113, p. 1252. Interest due April 1 and Oct. 1 1921 and April 1
1922 on the latter issue was not paid until May or June 1922. V. 114. p.
2242. No provision for the $4,500,000 St. Louis & Suburban gen. mtge.
5s, due April 1 1923. had been made up to time of going to press. The int.
due April 1 1923 was paid. V . 116, p. 1412. No further int. payments
made.
Maturing Indebtedness.— In Sept. 1923 the receiver was auth. by the Fed
eral Court to enter negotiations for the refunding of maturing obligations,
the $4,206,600 receiver’s certifs. due Oct. 1 1923, were retired through the
issuance of a like amount of 3-yr. 6% receiver’s certifs. On Sept. 29 1923
Federal Judge Faris in the U. S. Dist. Court at St. Louis denied the applica
tion for an extension of the following bonds, which matured Oct. 1 1923: (a)
$1,474,000 Lindell Ry. 1st 8s; (5) $986,006 Compton Heights Union Dep.
& Mer. Terminal 1st 6s, and (c) $1,640,000 Cass Ave. & Fair Grounds 1st 6s.
Other underlying bonds now in default are: (1) $4,500,000 St. Louis
& Suburban Gen. Mtge 5s, due April 1 1923, and $2,60O,O6O St. Louis &
Suburban Consol. Mtge. 8s, due Oct. 1, 1923. V. 117, p. 1557.
Int. Advanced by Protective Committees.-—The Jan. 1 1924 int. on the 1st
. mtge. 4s is being advanced by the three protective committees for this
e. V. 118, p. 204. The committee for the St. Louis Transit Co. 20-yr.
5% impt. bonds has announced that should the April 1 1924 int. be defaulted
on those bonds, the committee will advance same to depositing bondholders.
V. 118, p. 1667.
ORGAN IZATION .— Incorporated in Missouri on March 11 1898 as the
Central Traction Co., but changed its name to above on July l6 1899
On Dec. 31 1906 absorbed the St. Louis & Suburban Ry.. giving its pref
stock, share for share, for the stock of that company. The United Rys
guarantees the $4,566,080 gen. mtge. bonds of the St. L. & Sub. Ry. See
V. 83. p. 39, V. 84, p. 105. In 19&8 acquired a controlling interest on the
Missouri Electric C o., successor to the St. Louis St. Charles & Western
R R ., which was sold at foreclosure in July 1905.
The United Rys. Co. comprises all the street car lines In operation in St
Louis. The co. was originally leased to the St. Louis Tran Co., but under
a readjustment arranged in Oct. 1904 by Messrs. Brown Bros. & Co
(V. 79, p. 1333) the lease was canceled and the $17,264,300 stock of that
company nearly all exchanged for voting trustees certificates for common
stock of the United Rys. Co. on the basis of $500 Transit stock for $200
voting trustees certificates. Voting trust has expired and common stock
has been issued for trust certificates.
Under this plan the $20,000,000 refund, and impt. mtge. bonds of the
8t. Louis Transit Co . of which $8,000,000 has been Issued, were canceled
and In their place the same company issued $10,000,000 of 5% improvement
bonds guar, by the United Rys. Co. of St Louis, this guaranty being se
cured by a mortgage on all of that company’s property next in rank to that
of Its general mtge. These improvement bonds are now the only outstand
Ing security of the Transit Co.
Pawer.— Power Is purchased from the Union Electric Light & Power Co
and the Electric Co. of Missouri (successor to the Miss. River Power Dis
tributing C o.). See V. i l l , p. 1662: also V. 112, p. 2529.
Mill Tax Decision.— The U. S. Suprme Court on April 10 1916 dismissed
the company s appeal from the decision in the Missouri courts which upheld
the ordinance by which the city collects a tax of one mill on each passenger
fare. V. 94. p. 418; V. 95. p. 1124, V. 99. p. 1053. V. 100, p. 400. V 102,
p. 1437. On June 16 1916 the co. paid in full the $1,839,205 Judgment
obtained by the city for taxes from 1903 to 1910 with Interest. On Jan. 11
1919 the co formally acknowledged its responsibility for the $2,500,006
mill tax which It owes the city which will be paid off In ten annual Install
ments with interest, and In the future the co. agrees to pay this tax without
contest. The city in turn wilt not contest the franchise of any of the c o 's
branch lines In 8t. Louis and agreed to dismiss its appeal in the Jefferson
Ave. franchise case. V . 108, p. 270. A formal agreement to this effect was
signed on Jan 15 1919 V 108. p. 380. 481; see also V. 112, p. 2529.
Rapid Transit System. t%r.. Proposed.— V. 113. p. 1889.
Franchise Ordinance.— After much delay and many amendments, an
ordinance was passed by the Municipal Assembly on March 29 1918 and
signed by the Mayor on April 10 1918 (for principal features of ordinance
see this Section for Sept. 1918). On Oct. 4 1918. however, the co. notified
the city that it (the co.l did not deem it advisable to accept, the measure
because of various objectionable features embodied therein. The chief
factor against its acceptance was that a fair return on the co. s investment
Was not assured
V . 107 p 1 1 8 2
Compare V. 106. n. 1908.
Reorganization Committee.— The follow ing com m ittee has been appointed
to form ulate a reorganization plan for the c o .’s properties: F. O. W atts
[V ol. 118.
Second Committee for St. L. & Sub. Ry. Cons. Mtge. 5s.— A second com
mittee has been formed but has Dot called for depoits. This committees
consists of; Chairman Fred J. Kurtz; Fred C. Hahn, Louis J. Nicolaus,
and Mark C. Steinberg; Sec., Oliver B. Henry. V . 117, p. 2214.
* Tnese two committees in April 1919 announced that in the future they
would work together. V. 108, p. 1611.
Pref. Stockholders Committee.— Chairman, Walter W . Smith; F. E . Nulsen,
Geo. E. Dieckman, L. H. McHenry, J. K. Newman, R . D . Brown; Sec.,
W. W. Smith. Depositary, First National Bank, St. Louis, M o. De
posits have been called for. V. 115, p. 2047. Compare V. l63, p. 2239.
Second Committee for Preferred Stockholders.— Chairman, L. H. McHenry,
Louisville, Ky., J A. Cheek, Geo. E. Dieckman, J. B. Downing Jr., H.
P. Wilson, A. J. Scharf, Sec., U. S. Trust Bldg., Louisville, K y. This
committee has not requested the deposit of stock and is working with the
St. Louis preferred stockholders committee.
Common Stockholders Committee.— At a meeting of stockholders owning
com. shares, held in Louisville, K y., in July 1917, Byron Hilliard was
appointed a committee to represent said shareholders in Kentucky and
southern Indiana. No deposit of stock was requested or has been made
to date and no other committeemen appointed.
Valuation, &c.— In oriefs filed with the M o. P. S. Comm, attorneys for
the receiver made claims for a valuation of $70,000,000 on the properties
of the United Rys. Co. as of Jan. 1 1919. In a decision handed down by
the Comm, on June 4 1923 the Comm, found the value of all property of
the co., exclusive of its subsidiary, the Missouri Electric R R . C o., as of
Jan. 1 1919 to be $52,838,110. The same decision fixed the value of the
Missouri Elec. R R . Co. as of Jan. 1 1919 at $781,949. A petition for re
hearing before the M o. P. S. Comm, in the matter of the valuations fixed
as aoove was overruled by the Comm, on July 27 1923. An appeal for a
review of the decision and order of the Comm, is now pending in the Circuit
Court of St. Louis. V. 117, p. 1018.
In May 1916 the M o. P. S. Comm. auth. the St. Louis & Suburban R y.
to issue $1 000,006 Gen. M . 5s of 1903 to take up and pledge under that
mortgage the $1,060,000 bonds issued by the St. Louis & Meramac R y. Co.
for refunding its $1,066,000 1st M . 6s, which fell, due May 8 1916.
The
$1,000,000 St. L. & Sub. bonds are held in the United C o.’s treasury for
future use. V. 102. p. 2255. The $200,000 Southern Electric 5s maturing
Aug. 1 1916, were paid off and a like amount of United Rys. 4s were issued
and placed in treasury.
Decisions.— On Feb. 26 1917 the Missouri Supreme Court held that the
P. S. Comm, had no auth. to compel the company to extend its tracks on
streets on which it held no franchises. Also held void two sections of the
city charter conferring upon the city the power to regulate its public utilities.
Fare Increase.— In May 1918 was auth. by the M o. P. 8. Comm, to
increase adult fares to 6 cents effective June 1 1918. At the end of 1 year
the co. must show cause for making the new rate permanent. (The co. was
auth. to extend the 6-cent fare rate, and. effective Sept. 26 1919, was
authorized to increase fares to 8 cents for a period of six months). In
connection with this the M o. P. S. Comm, in Feb. 1919 ordered a valuation
of the co’s property to be completed by June 1 1919. V. 108, p. 581. In
granting this increase the Comm, held that municipal franchises do not con
stitute irrevocable contracts, leaving States without power to regulate rates.
In spite of a constitutional-consent clause in M o. the Comm, held that it was
their duty under the law to examine the facts and fix Just and reasonable
rates notwithstanding franchise terms; and as the existing rates were not
sufficient to permit adequate service, public interest and welfare demanded
an increase of rates. V. 106, p. 2346. A motion by the City Council for a
rehearing in the case was overruled by the Comm, on May 27 1918. See
V. 106. p. 2451. In June 1918 the City Council filed an appeal from the
decision. V. 106. p. 2759. On Aug. 31 1918 Judge J. G. Slate in the Cole
County Circuit Court held that the Comm, was without Jurisdiction to
pass upon the far question and that the 6-cent fare was therefore null and
void. Chief Justice Bond of the Missouri Supreme Court authorized the
company to issue a negotiable receipt for 1 cent pending the final decision
by the Missouri Supreme Court, which was handed down on Dec. 16 1918,
and which sustained the power of the P. S. Comm, to alter street railway
fares prescribed by franchise, thus validating the 6-cent fare. V. 107, p.
2377. 2478. The city’s motion for a rehearing was overruled by the Mis
souri Supreme Court. V. 108. p. 81. The company was auth. to extend
the 6-cent fare rate, and, effective Sept. 20 1919. was auth. to charge an
8-cent fare for six months. For further details of schedule, see V. 109. p.
1181, 1274. Effective April 10 1920 fares were reduced from 8 cents
to 7 cents straight. V. 110. p. 1643, 1850. See also in V. 112, p. 63, 2750.
V. 113, p. 2186. In July 1922 the company was authorized to continue the
7-cent fare until Dec. 31 1922. V 115, p. 546. In Dec. 1922 the P . S.
Comm, extended the 7-cent fare indefinitely. V. 115. p. 2906.
Reorganization Outlook.— See V. 109, p. 578; V . 115, p. 1943, 2047; V. 117,
p. 327.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock com $25,000,000 ($100)....................... ..........$24,913,000 ......................
Stock preferred 5% cumul
$20 000.000 ($ 100)_______ f ____
5Q -J
16,383.000
See text
Receiver’s certfs ($1,000)____( 1923
6 A-O
4,200,000 O c t * l 1926
{Int. at Guaranty Trust C o., N ^Y ., or (First
I National Bank In St. Louis.
Gen 1st mtge $42,000,000) 1899 4 g J-J
30,300,000 July 1 1934
($1,000) gold_________ c*tf iln t. at St. Louis Union Trust C o., Trustee.
Cannot be called.
J or at Bankers Trust Co.. New York.
Improvement bonds gold) 1904 5 g A-O
9.790,000 Oct 1 1924
($1,000) St Louis Transit (-Int. at Metcantile Tr. C o., St. Louis, Trus.,
Co. ____ _______c*tf | or at Bankers Trust C o.. New York.
Stocks and Bonds.— Of the $20,000,000 authorized preferred stock, $3,603.500 is held in the treasury. $800 common stock Is also held in the
treasury. Preferred was listed on the New York Stock Exchange on
June l 1905. Of the $45,000,000 general first mortgage bonds originally
authorized $3,000,000, which had been previously reserved for the pur
pose of retiring bonds of the St. Louis & Suburban System, in case of
purchase, have been canceled, making the total authorized Issue now
$42,000,000. of which $9,768,000 are reserved for the retirement of under
lying liens. In Aug. l9 l9 $1,932,000 bonds of this issue which were owned
(Chairm an), St. Louis; William P. G est, Phila.; J. K . N ewm an, New by the co. were ordered canceled by the Federal Court. V. I l l , p. 787.
Orleans and N ew York: A. L. Shapleigh, St. Louis, and J. Shepard Smith, The bonds are secured by all the stocks of the constituent companies, and
St. Louis. Newm an, Saunders & C o. are the agents appointed b v the com by direct mortgage lien upon their property and franchises. In 1903 the genm ittee to assist in carrying out the plan. The firm will establish offices mtge bonds were listed on the N .Y . and Philadelphia stock exchanges (see
V 76. p. 980: V. 89. p . 995), and In April 1906 the St. Louis Transit Co.
in St. Louis. V . 118, p. 1775.
*Commitlee for First Gen Mtge. 4s.— Chairman, Breckinridge Jones: David impt. bonds were listed on the New York Stock Exchange. The impt.
R. Francis Jr., Allen G. Hoyt, A. H. S. Post, F. H. Ecker and E. J Costi- bonds are guar. p. * L. by the United Rys. Co.
Receiver’s Certificates.— The certificates rank prior to the $30,300,000 1st
gan, with Hord Harding as Sec., N. W. cor. 4th and Pine Sts., St. Louis. Mo.
Depositaries: Mississippi Valley Trust C o., St. Louis; Farmers Loan * Gen. M . 4s and to $9,790,000 junior bonds. Red. on any int. date upon
Trust Co. of N. Y .; Mercantile Tr. & Dep. C o., Baltimore; Girard Trust 4 weeks’ notice at l6 l J4 and int. on or before Apr. 1 1925; at 101 and int.
on Oct. 1 1925, and at 100)4 and Int. on Apr. 1 1926. V. 117, p. 1557.
C o.. Phila. V. 105 p. 181: V 106. p. 1578.
BOND LS3UES OF CONSTITUENT COM PANIES.
•A second committee representing holders of the 1st Gen. M. 4s has been
Lindell System—
Date.
interest. Outstanding. M laturity.
formed, consisting of Chairman James H. Grover; John F. Shepley, M .
8 g F-A
$1,474,000 Oct 1 1923
Kotany. J. Herndon Smith, all of St. Louis, M o., and J. R. Swan, N. Y . Lindell Ry 1st M $1,500.0001 1891
gold ($1.000)____ c*&rntfJ Interest payable in New York and St. Louis.
City; Sec., A. H. Burg, St. Louis. Union Trust Co. Depositaries, St.
6 g J-J
986.000 Oct 1 1923
Louis Union Trust Co., St. Louis, and the Central Union Trust Co., Comp'n H U D & M T 1st M l 1893
($1,000) g extend’d) c*n tf lint, at St. Louis Un. Tr. C o.. Trustee.
N . Y . V. 105, p. 291, 717; V. 106, p. 1578; V. 107, p. 697.
National System—
A third committee representing holders of the 1st gen. mtge. 4s consists
6 g A-O
1,640.000 Oct. 1 1923
of: Chairman, L. W. Botts; John Stites and James B. Brown. Depositaries, Cass Ave & Fair Grounds 1st) 1892
extended M $2,000,000 g lin t, at Northern Trust C o., Chicago, trus.
Fidelity & Columbia Trust Co., Louisville, K y.; Louisville Trust C o.,
($1,000) sinking fund guarf and St. Louis Union Trust C o., St. Louis,
Louisville, Ky.
prin & int (Nat R y )..c*n tfJ
Committee for St. Louis Transit Impt. 5s.— Edwin M. Bulkley, N. Y..
St. Louis & Sub. System—
Chairman; Wm. P. Gest, Vice-Chairman; Geo. W. Wilson, St. Louis;
8 g A-O
2,000,000 Oct. 1 1923
Le R oy W. Baldwin; Oscar Fenley; F. J. Lisman, N. Y .; Charles S. Ludlam, St. Louis & Suburban cons M l 1891
$2,000,000 g ($1,000) c*ntf (Interest at Amer. Trust C o.. Boston, TrusN . Y .; Harrison Nesbit; D. Sommers. Depositaries; Bankers Trust Co.,
5 g A-O
4,500,000 April 1 1923
14 Wall St., N. Y . City; Empire Trust C o., 120 Broadway, N. Y . City. St L & Sub gen mtge $7,500,-1 1903
000 gold ($1,000) guar c*tf (Int. at Miss. Vai. Tr. C o.. St. Louis. Trustee
Sub-depositaries: American Trust C o., 716 Locust St., St. Louis, M o.;
Of the St. Louis & Suburban R y. general mortgage for $7,500,000
Fidelity Trust C o ., 325 Chestnut S t., Phila., Pa.; Fidelity & Columbia Trust
C o., 401 W. Main St., Louisville, Ky.; Mercantile Trust C o., St. Louis, Mo. ?2 000.000 are reserved to retire prior liens. V . 76, p . 332. The St.
Louts & Meramac River in April 1903 made a mortgage securing $3,006,000
T.
Homer Atherton, 1431 Chestnut St., Philadelphia, is Secretary and
bonds, all of which have been deposited with the trustees as additional
W . Lome Scovil, 25 Broad St., N. Y . City, Asst. Sec. V. 118, p. 1667.
Originally there were two separate committees for this issue, but in March security under the St. Louis & Suburban general mortgage of 1903
The St. Louis & Suburban cons. mtge. bonds were originally 5s and matured
1924 these committees were combined. See V. 118, p. 1521.
Committee for St. L. & Sub. Ry. Gen. Mtge. 5s.— Herman O. Stifel, Chair Feb. 1 1921, but were extended to Oct. 1 1923 at 8 % . Are red. as a whole
man, Pres. Stifel-Nicolaus Investment Co.; A. C. F. Meyer, Craig McQuaid,- on any int. date on four weeks’ notice at 101 and int. V. 114, p. 2360, 2718.
John R. Longmire, John L. Johnston, A. H. Reller; Sec., L. M . Forster, The Lindell Ry. 1st mtge. were originally 5% bonds maturing Aug. 1 1911;
304 Boatmen’s Bank Bldg., St. Louis. Depositaries; Mississippi Valley but were extended 10 years to Aug. 1 1921 at 414% . V. 93, p. 106. In
Trust Co. o f St. Louis and New York Trust Co., N. Y . Deposits have Aug. 1921 this issue was again extended, this time to Oct. 1 1923, at 8 % .
Prin. and int. guar, by United Rys. Co. V. 113, p. 536. Cass Ave. S
c
been called for. Y. 108, p. 1611. Compare V. l65, p. 291.
Fair Grounds 1st M . were originally 5s maturing July 1, 1912, but they were
Committee for St. L. tfc Suo. Ry. Cons. Mtge. 5s.—Chairman, Mark O
Steinberg; Edw. Barklage, Chas. W. M oore, August H. Reller, Francis P* extended for 10 years at 4)4% and again at 6% to Oct. 1 1923. Y . 115,
Sears, Harry F. Stix; Sec., Joseph D. Halloran, 201 Boatmen’s Bank Bldg J p. 75. $360,000 have been redeemed. V. 94, p. 913, 1509, 1764. Comp’n
St. Louis. Depositaries. Liberty Central Trust C o., St. Louis, and Ameri Heights Un. Dep. & Mer. Term. 1st M . were originally 6s. due July 1
can Trust C o., Boston. Deposits have been called for. V. 112, p. 2307; 1913, but were extended 10 years at 5 % . V. 96, p. 1774. Were further
extended to Oct. 1 1923 at 6% . Y. 116, p. 2995. Redeemable at 102)4
V. 113, p. 1774.
C
A pril , 1924.]
115
ELECTRIC R A IL W A Y S
and int. on 60 days’ notice; principal and Interest guaranteed by United
Railways. St. Louis Union Trust C o., trustee.
Dividends.— First div.. of i> 4 % on prer., April 10 1900 and the same
amount auar. to July 10 1910. lncl.; none since. V. 91, p. 718; V. 93, p 591
R O A D .— On Dec. 31 1923 owned total or 461-82 miles of track Uucludirn.'
the St. Louis & Suburban), of which 346 30 m. are in the city and 115 52
miles are county track
E Q U IP M E N T .— Has 1,614 passenger cars. 4 special cars, 2 express cars.
7 snowplows and 35 snow-sweepers 3 electric locomotives ano It,4 service
ears of various kinds. Total 1.793.
1920.
RE PO RT—
1922.
1921.
1923.
Revenue pass, carried- -292.671.781 286.076.475 282.447.190 287.405.837
Transfer passengers_ -155.343.193 152.261.868 150.562.354 154.464.735
_
Gross earnings________ -$20,453,445 $19,963,556 $19,658,551 $20.267.730
Deduct— Oper. expenses -$13,623,183 $13,395,508 $13,593,218 $13,657,918
1.626.888
Depreciation_______ . 1.500.000
1,500.000
1.500.000
1.437.336
Taxes______________ . 1.832.603
1.845.723
1.675.697
Net earnings_______ . $3,497,659
225.701
Other income________
$3,222,325
202.831
$2,889,635
216.350
$3,555,587
145.856
Total net in c o m e __ . $3,723,360
Interest on bonds, A c .. - 2.913.615
$3,425,155
2.912.063
$3,105,985
2.802.940
$3,701,443
2.618.014
Surplus________ _____
$809,745
$513,092
$303,045 $1 083.428
OFFICERS.— Receiver, Holla Wells: Gen. Mgr. for Receiver, Albert T.
Perkins.
Corporate Officials.— Pres., A. L. Shapleigh; V .-P ., Murray Carleton; Sec.
A Treas., Frank A. Gannon; Gen. Counsel. H. S. Priest. Directors
J. I. Begg, Murray Carleton. H. S. Priest, A. C. Brown, A. L. Sbapleigh.
P. O. Watts, A. J. Siegel. John F. Dulles, J. K. Newman. Richard M c
Culloch and Morton .lourdan.— V. 116, p. 823, 1412, 2008, 2512, 2517,
2638, 2995; V. 117, p. 89. 327, 555, 896, 1018, 1237, 1557, 2214; V. 118, p.
86. 204, 909, 1269, 1393, 1521. 1662, 1667, 1775.
(1) Missouri Electric KK
Controlled by United Kys. Co. of St. Louis.
Receivership.— See United Railways Co. above.
O R G A N IZA T IO N .— incorporated In Julv 1908 In Missouri and took
over property of St. Louis St. Charles & Western R R ., sold at foreclosure
■ale July 24 1905, on behalf of a syndicate. Stock, $1,000,000. all out
•tending. A $1,000,000 mtge. has been made to Mercantile Trust Co. of
8t. Louis, as trustee, of which $700,000 are outstanding. Company oper
•tea about 20 miles of track between St. Louis and St. Charles. Gauge
4 ft. 10 in. 60 and 70-lb. T and girder rail. Pres.. Richard M cCulloch.—
V . 87, p. 226. 480. 1360.
ST. L O U I S & S T . C H A R L E S B R I D G E CO.
ORGA N IZA TIO N .— Incorporated on Dec. 22 1908 as successor to the
Bt. Charles & St Louis County Bridge C o., whose property was bid In ai
foreclosure sale on Feb. 29 1908, for the bondholders, at $300,000. V. 86
p. 669. The Missouri Electric pays the Bridge Co. 5 cts. for each passenger
crossing the bridge.
STOCK AND BONDS—
Date.
Interest. Outstanding.
daturity
$560,851) _____ _____
Stock $562,500 t$100).................... ........................
1st mortgage $300,000 ($500)1 1909
5 g J-J
152.500 Jan 1 1929
g o ld __________________ c*.J American Trust C o., trustee.
Bonds.— Subject to call at 105.
PR O PE R T Y. — Bridge across Missouri River 2.700 ft. long, between
Olty o f St. Charles and St Louis County, was opened April 22 1904.
OFFICERS.— Pres., C. D. Bolin; Sec. A Treas., W . v . Deiahunt.—
V. 86. p . 669; V. 87. p. 227; V. 88. p. 56.
SALT LAKE CITY, UTAH.
EARNINGS.— For years ending Dec. 31 (Incl. Western Colo. Power O o.)
Dec. 31
Gross
Net (after Other Bond Int. Other Int. Balance,
Year— Earnings.
Tales).
Inc.
& Disci.
(Net).
Surplus.
1923____$8,543,405 $4,290,033 $183,749 $1,854,933 $194,532 $2,424,317
1922____ 7.125.090 3.512,748 203,761 1,574,919 288.854 1,852,736
P R O PE R TY, &c.— Generating capacity, owned and leased, hydro-elec
tric, 149,337 k.w.; steam, 17,450 k.w. Physical property includes 1,875
miles of high-voltage transmission tower and pole lines and 2,357 miles o f
electric distributing system; gas holder capacity, 240.000 cu. ft.; gas mains,
42 miles. Customers. 87.272: generating station output, 12 mos. ending
Dec. 31 1923, 663.837,000 k.w.h.; artificial gas output. 102,897,000 cu. ft.
OFFICERS.— Chairman of the Board, S. Z. Mitchell; Pres.. L. Hanchett; V.-P., C. E. Groesbeck; V.-P. & Gen. M gr., D. C. Green; Sec. &
Treas.. Oeo. B. Thomas.— V. 114, p. 739, 2014, 2361; V. 115, p. 184, 1322,
1430. 1533; V. 116. p. 78. 722. 2517; V. 117, p. 89t,; V. 118, p. 909.
1; Utah Light & Ira cti-.n Co.
ORGANIZATION.— Incorporated under the laws of Utah, Sept. 18
i914. The company is a consolidation of the Utah Light & Railway C o.,
>nd the Salt Lake Light A Trac. Co. (see those companies on page 116 of
he Sept. 1914 "Electric Ry. Section” ). The Utah Power & Light Co.
iwns all the stock of this company except directors shares and has leased
for 99 years from Jan. 1 1915 the electric power and light and gas properties*
leaving only the traction property to be directly operated. V. 100, pv
f31. Franchise in Salt Lake City expires in 1955.
Valuation.— In Feb. 1920 the Utah P. U. Comm, placed a value of $8,168,27K on that part of the c o .’s property used in its street railway business$1.401,000 Consol. R y . A Power 1st Mtge. 5s, due July 1 1921, were paid
off at maturity but are kept alive and pledged under the $1,401,000 lsi
mtge. coll. 8s. V. 113, p. 72. In connection therewith $1,401,000 Utah>
Lt & T'-ac 1st tinge, coll. 8% bonds, due 1934. were sold. V 113. p. 961.
To Operate Buses— In Oct. 1923 the company was auth. by the Utah'
P. U. Comm, to operate a crosstown bus line to connect with its street-car
lines. V. 117, p. 1887.
STOCK AND BONDS— Dale.
Interest. Outstanding.
Maturity>
Capital stock $10.000.000................................. —
$1,150,875
_............ ..
F'irst & ref M (auth amt un-1 1914
5 g A-O
12,471,300 Oct. 1 1944
limited) ($1,000. $500 an djlnt. at 71 Bway. Bankers Trust Go.. New
$lt»0)red at 105Aint g s f-C * ( York, Trustee.
1st M coll bonds, $1,401,0001 1921
8 g J-J 1
1.401,009 Jan 1 1934
($500 and $1.000) gold_c*tf|U. S. Mortgage & Trust C o., trustee.
Utah L. & Ry. con. M . $10,- 1904
5 g J-J
486.000 Jan 2 1934
000.000 gold ($1.000)___c*-jlnt. at 71 Bway.. N. Y. Equitable Trurt
I Co., N. Y ., Trustee.
Utah Lt. & P. Prior Lien......... (1 9 0 0
6 g J-J
746,000 Jan 1 193«
$750,000 g ($1.000)---- c * tfjln t. at 71 Bway. Central Union Trust Cow,
l N. Y ., Trustee.
Utah Lt. & Power con M $ 4 ,-f 1900
4 g J-J
1,113.000 Jan 1 193®
500,(K ) g ($500)______ c*tf-(Int. at 71 Bway. Equitable Trust C o.,
K
I N . Y ., Trustee.
Bonds.— Sufficient 1st & ref bonds of 1914 are reserved to provide for
underlying liens (all closed issues).
$300 lncl. in amt. outstanding
owned by Utah Power & Lt. Co. Present issue known as Series “ A '' bonds.
Guaranteed, p-ituipal and interest, by Utah Power & Light Company
Sinking fund of 1% of outstanding bonds from 1917 to 1919; 2% 1920 M
1934, 214% 1935 to 1943. Sink ng fund may be used to redeem bonds at
lot more than 105 or to reimburse the co. for cash cost of additional prop
erties, &c. Listed on New York Stock Exchange. V. 115, p. 2380.
The first mortgage collateral 8s, in add tion to lie ng a lien on certain
umpertie- (-ee V 113, p. 961), are secured by a pledge of $1,401,000 Utah
Light & R y. cons. M . 5s; are also guar., prin. A int., by Utah Power A Light
Co
Not subject to call prior to Jan. 1 1927; thereafter redeemable, all or
oart. on 30 days’ notice, as follows: during 1927 at 106; during 1928 at 105,
luring 1929 at 104, during 1930 at 103 f i , during 1931 at 103, during 1933
it 102 Hi, during 1933 at 102. Interest payable In Chicago or New York.
Pennsylvania 4 mills tax refunded. V. 113, p. 961.
EARNINGS.
Gross.
Net, after
Other Int. Chgs., Bal., Sur,
Cal. Vear.—
Earnings.
Taxes.
Income
Ac.
or Def.
1922-------------------$1,979,379 $480,570 $382,796 $888,217 def$24,851
1921 ------------------- 2.048.980
453.688
398.931
855.731 def 3,112
ROAD.— The company owns and operates 146 miles of track, including
Jouble track, sidings, Ac , connecting Salt Lake City, Sandy. Midvale Mur
ray, Holliday and Bountiful. Has 237 pass, and service cars. incl. 130
louble-truck P-A-Y-E cars.
OFFICERS.— Chairman of the Board A Pres.. E. O. Howard- V - P b
> J Salisbury D F. McGee, C. E. Groesbeck and S. R. Inch; Sec A
Treas., Geo. B. Thomas.— V. I l l , p. 494, 589; V. 112, p. 1145; V. 113 p .
72. 961; V. 114, p. 2014, 2361; V. 115, p. 75, 1534, 2380; V. 117] p. 1887.
UTAH POWER & LIGHT C o .
Controlled through ownership of all the outstanding common and 2d prei
stocks, except directors shires, by the Utah Securities Corporation, whlc)
me In our “ Railway and Industrial" Section.
OR GA N IZA TION .— Incorp. In Maine Sept. 6 1912. Charter uulimlttx •
Owns all the bonds and capital stock, except directors' shares, of Wester
Colo. Power Co. and all the stock, except directors' shares, of Utah Li e
Trac. Co. Leases for 99 years from Jan. 1 1915 the elec, power and light an
gas properties of the latter and guarantees prin and int its $12,471,000
outstanding 1st & ref. 5s. due 1944 and $1,401,000 1st mtge coll. X% ho Ki
ln Feb. 1924 the company took over the property o f the Evanston (Wyo.)
Electric Light Co. V. 118, p. 909. With its controlled companies oper
ates in an extensive territory in Utah, Southeastern Idaho and South
western Colorado, serving more than 167 communities, including Salt,
BAMBEROER ELECTRIC R A ILR O A D .
Lake City, Ogden, Provo. Logan. Park City, American Fork, Eureka,
O RGAN IZATION .— Incorporated In Utah as the Salt Lake A Ogden
Brigham and Lehi, Utah: Idaho Falls. Rexburg, Preston, St. Anthony
and Montpelier. Idaho, and Durango, Teliuride, Montrose, Ouray anil Ry. Name changed to present title In Sept. 1917. On May 28 1910
Delta, Colo.; total population served est. at 362,000. Supplies power to uegan operating cars by electricity; prior to that date road was operated
the Bamberger Electric RR. Co., Salt Lake A Utah R R ., the Utah-Idaho ly steam. Shortest of franchises expires in 1955. Practically entire mileCentral R R ., and Salt Lake Garfield & Western RR. C o., aud numerous- uie Is on private right of way.
Salt Lake Terminal Co.— Owns 50% o f the stock of the Salt Lake Termina
Industrial enterprises.
Franchises are satisfactory. In Salt Lake City franchise extends t< Oc. and with the Salt Lake A Utah R R ., which owns the other 50% of
stock, operates the property under a 50-year lease. These two companies
1955; In Ogden to 1965; Provo, 1940. Logan, 1936: Bingham. 1953: Lehi
1962, and in Preston. 1956. Other less Important franchises expire ai
fn S h ^ R T n W v fio i.'?. miM- b“ “i*
'• s“ u
naer s*“ L*k“
various dates.
Favorable Rate Decision.— See V. I l l , p. 1662; V. 112, p. 933, 1145. 2191
V . 113. p. 850. 1157: V. 114. p. 739.
o
D“ “ :
In May 1922 the co. brought out $5,000,000 6% debentures dated May 1 Pref $500,000 (6% n o n -c u m ).._____ _______
500 000
1922, proceeds of which together with proceeds of the sale of $1,000,000 ^
mtge $2,000,000 gold) 1909
6 g F-A
1.500^000 F e b T l9 3 4
7% pref. stock we e applied to the retirement of floating debt and for other
fSLOOO) - - - - - - - — - - - -J* lint, at Harris Tr. A Sav. Bk. Chic., Trustee
corporate purposes. V. 114. p. 2014.
Bonds — First.mtge. bonds are subj. to call at 105 and Int. on and altar
In Jan. 1923 issued $2,156,000 1st mtge. 5s. proceeds used to retire Feb. 1 1914. Remaining bonds can be Issued under certain restrictions
656.000 1st lien & gen. mtge., Series “ 7s due 1925” (called for payment for extensions and additions.
an. 27 1923), and for exts. & add’ns, &c. V. 116, p. 78.
^For year ending Dec. 31 1923, gross. $610,004: net, afterSTOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
taxes, $101,989. In 1922, gross, $577,681; net, after taxes, $120,085.
Common stock ($ 35,0 00.0 00).____
_______ $30,000,000 __________
ROAD.— Operates a high-speed
railway,
U
Prefstock 7% cum ($15,000,000).—
7 Q-J
16.045.400 Apr '2 4 ,1 H 3alt Lake City and Ogden; total interurban 73 milek 3 5 18 miles bptwonn
trackage,
motor caw 4
2d pref stock ($10,000,000)_ _____
_
_______
1,000,000 A p r ’2 4 , l 3
4
electric locomotives and work
New
in Ogden
1st mtge ($100,000,000) gold) 1914 5 g F-A
25,847.000 Fdb 1 1944 company and the Ogden1Logan car.Idaho Rterminal completed for use1of this
A
R . was
Jan.
1915
($1,000)____________ c*&r)Guaranty Trust C o., N . Y ., trustee.
at Salt Lak® City for use of this company and the Salt Lake &
First lien & gen mtge ($1,00 )J
g o ld '_________________ c * t f ) 1921
6 g F-A
5 500.000 Feb. 1 1944 Utah Power * LW it°Co3 etCd JaQ’ 1 1924’ Power is purchased from the
Series o f “ 6s due 1944” ______ J Guaranty Trust C o., New York, trustee.
Series o f “ 7s due 1941” ----------- 1921
7 g J-J
500.000 Jan.
1 t « FEICERS- Pr1f.’ - Juh;an ^ •Bamberger; V .-P ., John W. Walsh: Sec.:
1941
Deb. bonds, ser. “ A ” ($100,1 1922 6 g M -N
5,000,000 May 1 2022
Bean, Treas., Simon Bamberger; Aud., E. B. Blakemore.— V 102 n
2167.
*
^
$500 & $1,000 c* and $1,000 ! Central Union Trust C o ., Trustee.
•
& $5,000 r*) gold_______ tf)
UTAH-IDAHO CENTRAL R r I
Stock.— 7% cumulative 1st pref. stock is redeemable at 115 and accrued
dividends. The second preferred stock as a whole or in part may cease . ? P £ A5LZA T lO N -— lSS°YP- in Utah Oct. 17 1914 as the Ogden Logan
to be subordinate to the preferred stock upon vote of the directors, when A Idaho R R . as a consolidation of the Ogden Rapid Transit Co and the
ever net earnings for twelve consecutive months within the fourteen months Logan Rapid Transit Co with $5,000,000 auth. stock
Of the new stodk
Immediately preceding any application are 2V4 times the dlv. requirements
shares were exchanged for one share o f the Ogden Rapid Transit Co
on the pref. stock then outstanding, and Che additional pref. stock to be ($500,000 auth.) and 1X shares for each 10 shares of the Logan Rapid
issued In exchange for the 2d pref. stock. $6,837,000 of the 2d pref. stork J r,ae,8 t .lt? ck - Name changed to present title on Jan. 1 1918. On A nr»
A
had been exchanged for the first pref stock as ol Dec. 31 1923
S
were consolidated. Compare
Bonds.— $6,000,000 are pledged under the 1st lien & gen. mtge. bonds V ' I I I tp 1 975 aDd the Cache Valley
Series “ 7s due 1941” and Series “ 6s due 1944” ), leaving $25,847,000 outst’g
S
C ” Pan5, “ d tte
”
Lak* *
In hands of public. Remaining bonds may be issued at par only for 80% of O gd.S"g‘ .'°wa,nc ? S " w lj S f iT s iS
cost of permanent impts., extens. or additions when annual net earns, are
twice the int. on bonds outstanding ana those proposed to be issued. Re
deemable at 105 and interest on any interast date on 4 weeks' notice. Sink
ing fund began Dec. 31 1916 as follows: 1916 to 1918, 1% of bonas out;
'Disposal of City Traction Lines — On Jan. 1 1920 all city traction lines o f
1919 to 1933, 2% ; 1934 to 1943, 2 M % - Listed on N. Y . Stock Exchange.
the company were sold to the Utah Rapid Transit Co. for 9 000 share*
V . 109, p. 688. The 1st lien & gen. M . Ser. “ 7s due 1941” are secured by
of the Traction Co and the assumption by that company of
pledge of $500,000 1st M . 5s. Red. on 4 weeks’ notice in blocks of not less $1,000,000 principal amount o f outstanding funded debt.
*
than $250,000 at 1 0 7 & int. to & incl. Jan. 1 1924; at 105 & int. to and
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity
lncl. Jan. 1 1931; and at a premium o f 14% less each vear thereafter to Common stk. $3,000,000 ($ 1 0 ) ____
... _
S8 2 0 l8r>
M a lu ru V"
maturity. V. 112. p. 478. The first lien and gen. Mtge. serial "6s. due 1st pref. cum $3,000,000 ($ 1 0 )____
See text
84.X540 ................."
1944," are secured by a pledge of an equal amt. o f 1st M . 5s. Are redeema
&h°i0.?'022 o19h Savings Bank. Ogden, Utah, 2" 194G
20
g
2
ble on four weeks’ notice in blocks of not less than $250,000 at 105 and int. to Fim n n T?1? * 31 *000) g -_ c *jOgden « 6 - J-JD , 3.733.000 Jantrustee
and incl. Feb. 1 1927; at 104 and int. thereafter to and incl. Feb. 1 1932; at
Stock. The 1st pref. stock is cum. at 6% and is entitled arter 6% ha»
103 and int. thereafter to and incl. Feb. 1 1937; and thereafter at a premium
n°“
aDy additlonaI Payment can be m X
decreasing each year to 100 >4 and int. during the last year prior to maturity. M - E S E to \ C x?r°an2%
V. 113, p. 2081. The 6% debenture bonds, ser. “ A ” are red. after May 1
Bonds.— Are callable on any int. date to and incl. Jan. 2 1935 at 105 and
1947 and up to and incl. Oct. 31 2016, all or part at any time on 60 days’
notice at 110 and int.; thereafter at par and int. Penna. 4 mills tax
refunded. V. 114, p. 2014.
Dividends.— 7% is being paid on 1st pref. and 2d pref. stock.
4
J
116
ELECTKIC RAILW AYS
R O A D .— Oper. 117.11 miles o f railway connecting Ogden, Brigham City,
Wellsville, Logan, Utah, and Preston, Idaho. Power is purchased from
the Utah Power & Lt. Co.
OFFICERS.— Pres., Joseph Scowcroft; Sec. & Treas., Royal Eccles;
Gen. M gr., P. H. Mulcahy; Aud., E . L . M orris.— V. 108, p. 975; V . 112,
p. 654.
SALT LAKE & UTAH RAILROAD.
ORGA N IZA TIO N .— Incorp. in Maine in 1912. Road was formally
opened between Salt Lake City and Provo Aug. 1 1914, although trains
were placed in operation July 24 1914. Line was extended from Provo
to Springville in the fall o f 1915 and on to Spanish Fork and Payson in
Jan. and M ay 1916. Branch from Granger to Magna, a distance of abom
9 miles, was completed Oct. 10 1917. Franchises extend to 1960 in Utah
County and in Provo, to 1962 in Salt Lake City and County, to 2010 la
Lehi City, American Fork and Pleasant Grove, and to 2012 in Springville,
Spanish Fork and Payson; remainder on private right-of-way.
Owns 50% of the $150,000 stock (auth. $1,000,000) of the Sait Lake
Terminal Co. (V. 101, p. 1371), the other 50% being owned by the Bam
berger Electric R R . The Terminal Co. is operated by these two companies
under a 50-year lease running to Dec. 31 1963.
Loans by United States.— Three loans aggregating $1,000,000 have been
made to the company by the U. S. Govt, under Sec. 210, Transportation
A ct, 1920, as amended. $96,000 o f this amount was paid back prior to
Aug. 1 1922; 815,700 is due July 28 1923; $188,300 matures periodically to
1935; $700,000 matures July 7 1936; this $1,000,000 loan bearing interest
at 6 % . These notes in favor o f U. S. Govt, are secured by collateral in
total amount o f $1,000,000 6% 1st mtge. bonds and $500,000 1st pref. stock.
8TOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
C om .stock $3,000,000 (8100)...............................
$3,000,000 ______ ____
First pref 7% cum $3,000,000--------7%
494,900 ___________
Pref 7% cum $2,000,000 ($ 1 0 0 )................. ..........
1,521,900 __________
l it mtge $10,000,000 gold f 1914 6 g A-O
1,472,900 April 1 1944
($1,000, $500 & $100) .c * tf{ Int. at First N at., Bank N. Y., or Cont. A
Redeemable at 102 & I n t -. I Com. Tr. & Sav. Bank. Chicago, Trustee
Salt Lake Term Co 1st M [ 1915 6 g J-D
350,000 June 1 1938
$1,000,000 gold ($1,000-1 Int. at Bankers' Trust C o., N. Y ., or Inter$500 & $100______ c* tf! national Tr. C o., Denver. Trustee.
Equipment trust certificates) 1920
7 M -N
100,000
See text
($500 & $1,000)______ c* tff/In t. at Northern Trust C o., Chic., Trustee
Equipment notes____________ 1920
6 Q-F
28,358 __________
Bonds.— Remaining bonds may be issued only under certain re
strictions. The $1,472,900 bonds outstanding bear 6% interest; remainder
will bear such rates not exceeding 6 % as may be fixed at time of issue. Sink
ing fund o f 1% o f bonds out 1919 to 1923. 1 H % 1924 to 1933 and 2% 1934
to 1943. All bonds may be called at 102 & Int. and replaced by a like
amount bearing a lower rate. V. 100, p. 230. The Salt Lake Term, bonds
are unconditionally guar., p. & I., jointly and severally, by the Salt Lake &
Utah R R . and Salt Lake & Ogden R y. (now Bamberger Electric R R .).
Callable on any int. date on 35 days’ notice at 102 and int. Sinking fund
1% o f bonds issued from 1920 to 1924:1 ^ % In 1925-29. and 2% in 1930-34
Additional bonds may be issued for 75% of cost of new property or for exts
and impts. For description o f bonds and property, see V. 101. p. 1371.
The equip, trust certifs. are secured on 60 cars which cost approximately
$86,000. They mature semi-annually to 1930- V. 110, p. 2388.
Calendar Year—
1922.
1921.
1920.
1919.
Gross revenue_________
$753,797
$793,754
$876,948
$708,026
Oper. expenses & taxes-526,278
586,792
621,652
465,598
Net avail, for in t.& d ivs. $227,519
$206,962 x$255,296
$242,428
x In 1920 interest, &c., deductions amounted to $156,048, leaving a
balance o f $99,248.
R O A D .— Operates from Salt Lake City south to Payson, about 67 miles,
and a branch line from Granger to Magna (about 9 miles); also about 1 mile
of single track o f the Salt Lake Terminal Co. tracks in Salt Lake City and
about 2 miles o f single track street railway in Provo. 75 and 85-lb. rail,
standard gauge. 17 passenger cars, 1 combination gas motor car, 6 electric
locomotives, 3 express and 130 freight cars and 11 service cars. Power is
purchased under long-time contract from Utah Power & Light Co.
OFFICERS.— Pres., W . C. Orem; V .-P ., Ross Beason: V .-P ., Henry I.
Moore; Sec. & Treas., F. M . Orem; Acting Aud., O. M . Osborn.— V. I l l ,
p. 2230; V. 112, p. 2307, 2643; V. 113, p. 629, 732. 1054, 2313.
SAN ANTONIO, TEX.
SAN ANTONIO PUBLIC SERVICE CO.
Practically all the com. stock is owned by the American Light & Trac. Co.
ORGAN IZATION .— Incorp. in Texas July 6 1917 to take over and
operate the properties o f the San Antonio Gas Sc Electric C o. and the San
Antonio Traction C o..
In Jan. 1924 an additional $1,750,000 o f 1st mtge. & ref. 6% bonds,
ser. “ A ,” were sold, proceeds being used to reimburse co. for expenditures
made and to be made in the extension and enlargement o f facilities. V. 118
p. 312.
STOCK. AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($100)________
_______
a5,000,000 ...................
Preferred $2,000,000...........................
8%
1,119,800 __________
1st mtge & ref ser “ A ” ($100, f 1922
6 g J-J
5,550,000 Jan 1 1952
f 500 & $1,000)_______ c*tf\Interest payable in New York.
San Antonio Trac (closed) f 1908
5 M-S
984,000 Sept 1 1949
1st mortgage gold________ (New York Trust C o., trustee.
San Antonio Gas S Electric! 1908
c
5 M -8
984,000 Sept 1 1949
(closed) 1st M g($500) c*tf (Interest at New York Trust Co-, trustee.
Bonds.— The Issuance o f add’ l 1st & ref. mtge. 6s is restricted by provi
sions o f mtge. Ser. “ A ” red. all o f in part on any int. date upon 60 days
notice at 110 from Jan. 1 1932 up to and incl. Jan. 1 1942, and at 105 there
after to maturity, plus int. Penna. 4-mill tax refundable. V. 113, p. 2819.
Listed on N . Y . Stock Exchange. V . 116, p. 936. Both the San Antonio
Trac. bonds and the San Antonio Gas & Elec, bonds were issued to retire
underly ng bonds. Y. 88, p. 687. Gas & Elec, bonds are redeem, at
105 and int. on 6 weeks’ notice. See V. 101, p. 851.
EARN INGS.— For calendar years:
Calendar Gross (incl.
Net,
Bond
Other
Balance,
Year— O th.Inc.).
aft. Tax.
Interest.
Interest.
Surplus.
1923.......... $4,232,759
$921,738
$326,400
$38,243
$557,095
1922--------- 4,358,682
839,467
336,303
CV7.285
510,448
RO a D .— Owns and operates 92 miles o f single track in city o f San An
tonio. 250 cars.
OFFICERS.— Pres., W . B. Tuttle: V .-P ., Alarson P. Lathrop; V .-P.
& Gen. M gr., E. H. Kifer; V .-P ., Asst. Sec. & Asst. Treas., James Law
rence; Sec. & Treas., R. C. Jones.— V . 115, p. 2047, 2478; V . 116, p. 78,
411, 936; V . 117, p. 1129; V. 118, p. 312.
SAN DIEGO, CAL.
SAN DIEGO ELECTRIC R Y — A trolley road.
O RGAN IZATION , S
cc.— Began operation In 1892, and In March 1898
urchaaed Citizens’ Traction Co. at foreclosure sale. In 1905 sold its elecrtc power business to a new company— the United Light. Fuel S Power Oo.
c
V. 81. p. 559. On Dec. 30 1920 Comm, sold the power house and plant to
the San Diego Cons. Gas & Elec. Co. Comoare V. 112, p. 63. In i 90S pur
chased the electric line o f the Coronado R R . In 1909 acquired the South
Park & East Side R y. Stock was Increased N ov. 1907 from $500,000 to
$5,000,000. In Sept. 1922 the Calif. R R . Comm, approved the purchase
by the co. o f the properties o f the Point Loma R R .: the co. to issue in
payment $100,000 capital stock at par and in addition to pay $30,000 in
cash. The Point Loma R R . was formerly operated by the co. under lease.
V. 115, p. 870. 2478.
To Operate Buses.— See V. 116. p. 2390.
8TOOK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5.000.000............. ............................................ $1,350,000 ...................
Gen 1st lien M $10,000.0007 1915
5 g J-J
3.077,000 Jan 1 1955
gold ■ f ($1,000)____ c*& rlInt. at Union Trust O o., 8an Francisco,
Red. at 102 aft. Jan 1 1920 ( trustee, or Nat. Bank o f Commerce. N. Y.
Guar eq tr ctfs ser “ A ” ($500) 1923
6 A-O
712.000
See text
and $ 1 ,0 0 0 )..__________ c*/First Trust & Savs. Bk., San Diego, Trus.
S
[V ol. 118.
Bonds.— First $5,000,000 bonds bear Interest at 5% : rate of interest on
remaining $5,000,000 to be determined at time of Issuance, but not to ex
ceed 6 % . Sinking fund orovldes for retirement of entire Issue at maturity
V. 99, p. 122, 1131. The 6% equip, trust ctfs. ser. “ A ” are guaranteed
unconditionally prin. and divs. jointly and severally by endorsement o f the
San Diego Electric R y. and J. D. and A. B. Spreckels Securities Co., the
latter of which is the owner o f the entire capital stock and funded obligations
of the former co. These ctfs. mature in annual installments Oct. 1 1925
to Oct. 1 1934, incl., are exempt from personal property tax in California.
Divs. payable at office of trustee or at Anglo & London-Paris Nat. Bank,
San Francisco, Calif. V. 117, p. 2771.
EARNING S.— For years end. Dec 31:
Year—
Gross. Net.aft.Taxes.
Oth. Inc. Deductions. Bal.Surp.
1923_______ $1,374,908
$130,080
$37,143
$247,486 def.$80,262
1922------------ 1,379,490
211,162
31,861
211,706
31,317
R OAD.— Owns and operates railway system in San Diego vicinity
aggregating 88.8 miles of track, including 27.1 miles of second track and
1.9 miles sidings. Operates 10.2 miles between San Diego and Chula
Vista and 0.59 miles in Coronado, owned by San Diego & Arizona R y. Co.
Standard gauge 60-lb. T rail and 114-lb. Trilby. Owns 181 passenger and
30 work cars, also 11 motor-coaches.
OFFICERS.— Pres., J. D. Spreckels; V.-P. & Gen. M gr., Claus Spreckles;
Gen. Counsel, Read G. Dilworth; Sec., F. G. Whitehead; Treas., G. H.
Miller: Aud., H. D. H uff.— V. 109, p. 1462, 2172; V. 112, p. 63: V. 113,
p. 2186; V. 115, p. 870, 1211; V. 116, p. 2390, 2516; V . 117, p. 782, 1665,
2771.
SAN FRANCISCO, CAL.
PACIFIC GAS & ELECTRIC CO.— See “ Railway & Industrial” Section
CALIFORNIA STREET CABLE.
ORGA N IZA TIO N .— Chartered Feb. 8 1877. Annual meeting the third
Wednesday in January. Franchise expires in Feb. 1929.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock (par $100)__________________
Monthly $1,000,000
See text
First mortgage $384,000 ($ l,-f 1915
6 g J-J
122,000
Serially
000) red 1st 5 yrs at 105,-i Int. at office of company. Union Trust Co.
thereafter at 103_________ 1 of San Francisco, Trustee.
Bonds.— $384,000 bonds were issued to retire $900,000 bonds due Jan. 1
1915 (of which $516,000 were in treasury, leaving $384,000 to be refunded).
The new bonds are due in 12 annual installments beginning Jan. 1 1916 and
ending Jan. 1 1927. $262,000 have been retired. N o. of bonds which
matured in 1921, 30, the remainder mature successively thereafter, 32, 33.
37, 39 and in 1927, 46. V . 99, p. 1831, 1672, 1596.
Dividends were 50 cents monthly, but in Aug. 1902 were Increased to 75
sents monthly, and in Nov. 1904 to 90 cents monthly. On account of
earthquake and fire, no dividends were paid from April 1906 to Sept. 1908,
when dividends were resumed at 50 cents per share up to M ay 1909. when
50c. per share was paid: same rate monthly since.
EARN ING S.— For years ending Dec. 31:
Year—
Gross. Net, aft. Taxes. Oth.Inc. Deductions.
Surplus.
1923...
.-$559,341
$116,919
$21,269
$10,169
$128,019
1922 ............. 546,312
119,962
19,626
13,791
125.797
1921 ............. 547,054
97,759
18,713
13,380
103,092
ROAD.— Operates 11 miles of track on 5 H miles of street.
OFFICERS.— Pres., Jas. W . Harris; V .-P ., A . H. Payson; 2d V .-P .,
S. Waldo Coleman; Sec., Geo. A. Hare; Treas., Union Trust Co. o f San
Francisco: Aud., Chas. P. Stone; Supt. J. T. McGhee. Office, 1061 Hyde
St., San Francisco, Ca if.— V. 99, p . 1831, 1616.
COAST VALLEYS GAS & ELECTRIC CO.
ORGANIZATION.— Incorporated on March 20 1912 In California.
Does entire electric and gas business in Monterey, Salinas and Pacific Grove;
also owns water system o f Salinas and electric distributing lines in Salinas
Valley and electric and water system at King City. On Dec. 31 1922
acquired the electric light and power properties of the Del M onte Lt & Pr.
Co. Compare V. 115, p. 2162.
Valuation.— In N ov. 1922 engineers appraised the reproduction new cost
of the property at $2,932,725 Compare V 111, p 2524
In Dec. 1921 the Cal. R R . Comm. auth. the co. to: (1) issue $4°0,000
6% cum. pref. stock; (2) refund $2,000,000 7% cum. pref. stock and
(3)
cancel claims for nearly $1,250,000 unpaid accumulated divs. on the
7% pref. stock. The Comm, also auth. the co. to issue and sell at not less
than 80% $100,000 add’l 6% pref. to finance in part the cost o f add’ns and
betterments. V. 113, p. 2618. See also V. 115, p. 441.
STOCK A N D BONDS— Date.
Interest.
Outstanding.
Maturity,
Common $3,000,000 ($100)— ...........................
$3,000,000 ............... ..
Pref $500,000 ($100) 6% l ...........................
483,800 ....................
cum from Jan. 1 '22; red 110)
First M $10,000,000 gold! 1912
6 g M-S
1,629,000 Mar 1 1952
/•I i* /U U J aJJLI air frl nf 1
V v 1 nnn\ onn B h H i U 1 X
/O Tnt.oroaf at l Vf pppantilo Trust
) lH tc r u B b a
iV lo r u a llI I I O i l U S V
w u Sanu BVan» U • •
. , O l i 1 lc
of bonds out beg M ar'18 c* ( Trustee, or U. S. Mtge. Sc T r. Oo , N . Y .
Bonds.— Bonds are redeemable, all or any, on any int. date at 105 and int.
$84,000 (not incl. in amt. outstanding) are held in s. f. V. 94, p. 1249.
EARNING S—
Gross
Net (after
Other
Bond
Balance,
Years Ending: Earnings. Tax&Depr. Income. In t.,& c. Surplus.
Dec 31 1923______ $792,495
$235,089
$2,631
$91,247 $146,473
Dec 31 1922______ 661,256
160,715
19,053
99,169
80,599
Property, dec.— Does electric and gas business, Monterey, Pacific Grove
and Salinas, also owns water system of Salinas and King City, and electric
distribution lines in Salinas Valley. Owns electric generating plants at
Monterey, Salinas and King City. Purchases most of the electric energy
which it distributes from Pacfic Gas & Electric C o., lessee o f Sierra & San
Francisco Power Co.
O F F IC E R S —-Pres, Halford Erickson; V.-Ps., J. J. O’Brien, H. L.
Jackman, Allen L. Chickering and James F. Pollard; Sec. & Treas., P. S.
George.— V. I l l , p. 2427, 2524; V. 113, p. 1364, 2618; V. 115, p. 441, 2162;
V. 116, p. 2770; V. 117, p. 1132.
UNITED RAILW AYS INVESTMENT CO.
O RGAN IZATION .— Incorporated in New Jersey Feb. 17 1902. In
Sept. 1908 filed an amendment to its charter changing its name from United
Railways Inv. Co. of San Francisco to its present title. V. 83. p 689.
Owns all the outstanding com. and pref. stock o f the California R y. Sc
Power Co.
Acquisition of Philadelphia Company.— In F eb. 1906 acquired $21,000,000
of the common stock of the Philadelphia Oo. of Pittsburgh!1giving $37 50
In new collateral trust bonds and $20 In common stoc- a t the Invest
ment Co. for each $50 share of the Philadelphia C o. See V . 82, p. 393,
988. For statement made In listing these bonds on the Phiadelphia Stock
Exchange, see V. 83, p. 1235. Now controls through Pittsburgh Utilities
Corp. $24,600,000 Philadelphia Co. common stock (see plan below).
Financial Readjustment.— In March 1923 a plan (declared operative
April 11 1923— V. 116, p. 1651) was submitted to tne stockholders for
approval which provided for the formation of a new corporation to be
known as the Pittsburgh Utilities Corp. to take over^from the company
480,000 shares of the common stock (par $50) of the Philadelphia Co.
now pledged under the coll. tr. bonds due M ay 1 1926. The stock of the
Philadelphia Co. was delivered to the new corporation in exchange for the
following issues of the new corporation:
(1) 240,000 shares of com. capital stock o f no par value, being all of such
com stock to be presently issued and to remain in the form of voting trust
certificates free in the treasury o f the Investment Co.
(2) $385,000 shares ($10 par) of the 7% cum. pref. stock of the new cor
poration, which pref. stock was sold by the Investment Co. to provide funds
for retirement o f its 4-year notes, dividend certificates and $2,000,000 of
its 5% bonds.
In April 1923 stockholders were given the right to subscribe at the rate
of $10 per share for shares of the 7% cum. pref. stock of the Pittsburgh
Utilities Corp. (see plan above) equivalent in par value to 9% of their
holdings. V. 116, p. 1533, 1651, 1762.
A pril, 1924.]
ELECTRIC RAILW AYS
STOCK AN D BONDS—
Date.
Interest. Outstanding. Last Dit.Ac
Common $31,000,000 ($100).............
.................$20,400,000 ...................
Pref 5% cum from Apr 1 19021 ____
_________ 15,830,000 Jan ’07. 2M
$25,000,000 ($100)............./
In scrip
Pref stock div certificates_________
8ee text
5,249.22
__________
1st lien collateral trust mtge__ Assumed by Pittsb. Util. Corp., see below
Stock.— The preferred stock can be retired at 110. $830,000 of the
pref. stock out bears divs. from Sept. 1 1909.
Dividends.— First div., 1J4%, on pref. stock, paid Jan. 3 1903; 1H %
July ’03; in Jan. ’04, 1 H % : July. 1 H % ; In ’05. 4 % : in ’06, Jan., 2)4% (V.
81, p. 1667); April,\M % — owing to the earthquake find fire, this dividend
was paid in interest-bearing scrip instead o f cash. V. 82, p. 988. In July
1906 another scrip dividend of 2 )4 % paid (V. 82, D. 1381). and In Jan. ’01
another o f the same amount. V. 84, p. 1429. None since
RE PO RT.— Years ending Dec. 31:
Year
Divs. Rec'd
Other
Total
Interest on
Balance
Ending—
on Stocks.
Income. Expenses. Bonds, &c. Surplus.
Dec. 31 1923_____ $704,543 $298,570
$97,188
$520,000
$385,925
Dec. 31 1922_____ 1,471,937
290,861 113,448
1,017,953
631,397
OFFICERS.— Pres., Mason B. Starring; V .-P ., H. B. Lake; Treas.,
B. S. Guinness, N. Y .; Sec. & Asst. Treas., P. M . Hoskins.— V. I l l , p.
1656, 1759; V. 113, p. 1774. 1884, 2186; V. 114, p. 1654; V. 115, p. 75, 2380;
V. 116, p. 1051. 1179. 1277, 1533. 1651. 1762, 2008, 2258; V. 117, p. 209,
671, 1463, 2655; V. 118, p. 312, 1521, 1775.
117
Property.— Has 3 hydro-electric generating plants with an installed capac
ity of about 60,000 h .p., an auxiliary steam plant o f about 36,000 h .p.,
total installed generating capacity about 96,000 h.p.; 1,070 miles transmis
sion and distribution lines.
OFFICERS.— Pres., Mason B. Starring; V .-Ps., H. F. Jackson, D . C.
Morris: Sec., A. L. Ferguson; Asst. Sec.-Treas., P. M . Hoskins.— V . 107,
p. 1389; V. I l l , p. 1478; V. 113, p. 426; V. 116, p. 714, 3006.
M ARKET STREET R A ILW A Y CO.— An operating and holding co.
$6,000,000 com., $3,825,000 pref. and $2,350,000 2d pref. stock o f the
Co. Is owned by the Calif. R y. & Pow. Co. and the United Rys. Invest. Oo.
ORGANIZATION.— Organized in Calif, on Oct. 14 1893 as a consolida
tion o f 11 corporations operating street railroads in the city and county o f
San Francisco. On Mar. 18 1902 all the assets were sold and conveyed to
the United RRs. of San Francisco, which operated said street railroads
together with other street railroads purchased by It up to April 1921, when
through reorganization and foreclosure proceedings the Market St. R y. re
acquired all the assets and properties o f the United RRs. and now operates
same. Reorganization was carried out in accordance with terms of plan
outlined in “ Electric Railway” Supplement of April 30 1921, where history
of United RRs. up to time of reorganization will also be found. See also
V. 112, p. 2093. The co. owns the following stocks:
Name
ParVal. Auth.
Issued. Owned by Co.
Sutter St. R y. O o____________ $100
$2,000,000 $2,000,000 $1,999,500
South San Fran. R R . & Pow. C o .. 100
100,000
13,500
13,000
(1) P ittsbu rgh U tilities C orporation .
Gough St. R R . C o...................
100
60,000
60,000
59,700
999,500
A holding co. All the common stock outstanding is owned by the San Fran. & San Mateo Elec. R y . . 100 1,000,000 1,000,000
Sutro R R . C o ...............
10
40,000
23,108
23,075
United Railways Investment Co.
999,400
Metropolitan R y. C o............... ........ 100 1,000,000 1,000,000
ORGAN IZATION .— Organized in N. Y . on March 26 1923 and has ac
Leases the Gough Street R R . C o.’s system, which includes the lines
quired 492,000 shares o f com. stock o f the Philadelphia C o., 480,000 shares
o f which had been pledged as security for the 1st lien coll, trust mtge. 5% formerly owned by the San Francisco Elec. Rys. (conveyed to the former
bonds o f the United Rys. Investment Co., which bonds the Pittsburgh through reorganization proceedings). The balance o f the property o f San
Utilities Corp. has assumed. See full details o f plan in V. 116, p. 1533, Francisco Elec. Rys. (consisting o f power-house and rolling stock) is now
owned by Market Street Ry. Co.
1651, 1762.
Municipal Ownership Voted.— On N ov. 2 1920 the people o f San Fran
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
240,000shs.Seetext cisco voted in favor of a proposition to amend the city charter in such form
Common 500,000 shs (no p a r ) . ____
as to enable it to acquire traction properties, to be paid for out o f earnings.
Pref 7% cum $10,000,000 ( $ 1 0 )____
7%
$3,850,000
See text
United Rys Inv 1st lien collatf 1906 5 g M -N
12,000,000 M ay 1 1926 For details see V. I l l , p. 1950.
In April 1922 negotiations for purchase by the city were under way.
trust mtge $20,250,000 gold{ Int. at Guar. Trust & Safe Dep. C o., Phila.,
The Board o f Supervisors was reported to have agreed upon $35,000,000
($1,000) sinking fund_ c* l or N . Y . Trust C o., N . Y ., Trustee.
_
with deferred payments carrying 5% interest, as a fair valuation o f the
Bonds.— The United Rys. Invest, coll, trust bonds have been assumed company's properties. For further particulars as to city purchase plans,
by the co. and are secured by deposit o f 484,000 shares o f com. stock of the see V. 113, p. 2819; V . 114, p. 522, 1179, 1533; V. 115, p. 759, 2159. In
Phila. Co. They are subject to call on any int. date at 105 and int. A March 1923 the co. set a tentative valuation of $48,000,000 on its property.
sinking fund o f 1% per annum of bonds outstanding began May 1 1911, V. 116, p. 1533. In Apr. 1924 we were informed that negotiations weresaid fund to be invested in the bonds at not more than 105 and int. The still in progress.
amount reported outstanding as above excludes $4,575,000 held by trustee
Decision.— On Jan. 18 1917 Judge Hunt in the U. S. Court at San Fran
in sinking fund. Authorized amount o f bonds may be increased for pur
chase o f additional shares of com. stock o f Phila. Co. Bonds are listed on cisco dissolved the temporary injunction preventing the construction o f
municipal street railway tracks on lower Market St., paralleling the c o .’s
N . Y . and Phila. Stock Exchanges.
tracks. The company appealed, but on April 21 1919 the U. S. Supreme
Dividends.— An initial semi-ann. div. o f 3% was paid on pref. in N ov . Court upheld the decrees of the Federal Court dismissing the injunction
1923 and in addition an extra div. o f 214% was paid. In N ov. 1923 a proceedings brought by the oompany. In dismissing the company’s appeal
semi-ann. div. o f $1 per share was paid on com. and an extra div. on the the Court said that this action was taken without prejudice to the company’s
total com. was also paid amounting to $96,250.
________ ___ _ _ _ _ right to seek damages. The various damage suits filed by the company up
**Income Account.— For period Mar. 261923 to" D ec".' 3 l 'l 923'Tinco me "f rom to M av 1919 bring the total amount o f damages claimed np to $6,870,130.
stock owned, $1,476,000; int. on bank balance, $5,315; exp. & taxes, $55,- V. IGS.o . 1823. 1722. Compare V. 107, p. 2290; V. 108. p. 1391.
Valuation.— See V. 118, p. 202.
427; int. charges, $400,820; pref. divs., $231,000; com. divs., $336,250;
In Jan. 1924 sold $13,000,000 1st mtge. 7% bonds, proceeds being used
bah, sur., $457,817.
outstanding $4,269,000
6% coll, trust notes, due
OFFICERS.— Pres., Mason B. Starring; V .-P ., Jas. H. Reed and to retire the then $9,239,500 5% 1st cons. 5-year bonds, due Sept. 1 1924
1924, and
mtge.
Jas. D. Callery; Treas., Harry B. Lake; Sec. & Asst. Treas., P. M . Hoskins. Apr. 1these issues have been eliminated from the table below). V . 118,
(both
— V. 116, p. 2018; V. 117, p. 448, 147; V. 118, p. 917, 1280, 1530, 1784.
p. 202, 1665.
On Mar. 13 1924 the stockholders auth. an extension o f the bond debt
(2) C alifornia R ailway & Power Co.
All the common and preferred stock issued Is owned by the United Rys. limit to $40,000,000. V. 118, p. 1392.
City Purchase Proposal.— V. 113, p. 2311.
Investment Oo.
Interest.
Outstanding. Maturity.
STOCK AND BONDS—
Date.
O RGAN IZATION .— Incorp. in Delaware on Dec. 18 1912. Owns
— ......... $10,647,400 ---------------the entire oustanding stocks (except director’s qualifying shares) of the Com stock $10,700,000 ($100)...........
San Francisco Elec. Rys. and the Sierra & San Francisco Power Oo. Tne Prior preference 6% cum
6%
11.618,500 Jan.’2 4 ,1 ^
$11,750,000 ($100)_______ ______
co. together with the United Rys. Invest. Co. owns $6,000,000 com ., $3.6%
4,986,850 ...................
Pref 6% cum $5,000,000 ($ 1 0 0 )____
825,000 pref. and $2,350,000 2d pref. stocks of the Market St. Ry.
2d pf 6% n-c $4,700,000 ($ 1 0 0 )____
_______
4.673.700 __________
Lease Controlled Company.— See Sierra & San Francisco Power Oo. below
1st M sk fd $15,000,000 ($5001 1924
7 g Q-J
13,000,000 Apr 1 1940
8TOOK—
Authorised. Outstanding. Last Div.
& $l,000c* & $l,000r)gtf/W ells-] irgo Bk. & Un. Tr. C o., San F ., Tr.
_
Common stock___________________ $40,000,000 $40,000,000
Stock.— All classes listed on N. Y . Stock Exch. and on San Francisco
Pref. stock, 7% cum.,red. at $115. 6,874.400
6,874,400 June ’ 14. 2%
Stock and Bond Exch. Both the prior preference and the preferred stock
Prior preference 7% cumulative___ 5.000.000
2,300,006 See text
Is cum. 2d pref., however, is non-cum. All classes o f stock have equal
Prior preferred stock is redeemable at $115 a share except the first voting power. There is no provision for redemption or conversion of stock.
$3,000,000, which will be retired, when earnings are sufficient therefor,
Bonds.— The remaining $2,000,000 1st mtge. 7% bonds auth. may
through a cumulative sinking fund $100,000 yearly on January 1
1914 to 1917 and $260,000 annually thereafter. $100,000 was redeemed in be issued for 75% o f the cash cost of add’ns, exts., impts. and betterments
to the mortgaged property under certain restrictions. Are call, all or in
rash Jan. 2 1914 (V. 97, p. 1820. 1662) and $100,000 Jan. 2 1915 (V. 100
p 53). None redeemed since.
Additional prior pref. stock may be part by lot on any int. date on 30 days’ notice at 10714 & int., on or before
Issued only for additions, betterments, acquisitions, &c. No mortgage or Apr. 1 1926, and thereafter at prices decreasing \4 % each year to maturity.
other Incumbrance may be created that does not provide for the cancella A quar. sink, fund is provided for to purchase bonds in the market at or
below the then current redemption price or, if not so obtainable, to call
tion of all prior pref. stock then outstanding. V . 96, p. 01.
bonds at that price. Int. payable in San Francisco, Calif., and at the
REPORT.— For years ending Dec. 31:
office of Ladenburg, Thalmann & Co., N . Y ., fiscal agents. Company
Cal.
Total
Net
Previous Total for Pr. Pref.
Total
agrees to pay all California taxes and to refund the Penna. 4-mills tax.
Year— Inc.
Income.
Surplus.
Divs.
Divs.
Surplus.
V. 118, p. 202.
Dividends.— An Initial dividend o f $1 50 ner share was paid on the 6%
1923___ $2,486 def.$9,000 sur.$15,648
sur.$6,649
1922------ 2,853 def.9,709
sur.25,358 ________
______
sur.15,648 prior preferred stock Apr. 1 1922. Regular quar. divs. of 1 M % paid to
Dividends.— First div. on prior pref. stock— 1 H % — paid April 1 19U ; and inch Jan. 1924. Apr. 1924 div. deferred. V. 118, p. 1268.
EARN ING S.— Earnings for 12 months ended Dec. 31:
•ame rate quarterly to and Incl. July 1916. In Oct. 1916 paid only 1 °7 ,
,
Oth. Inc. Int.,Dep.,& c.
Bal., Sur.
None since. V. 105, p. 1416. In Sept. 1913 a dividend of 3 4 % was Cal. Yr.— Oper. Rev. Net.aft.Tax.
1923____ $9,809,393
$2,356,045
$74,554
$1,235,032
$1,195,567
paid on the preferred stock. In June 1914 2% was paid
2,130,392
93,600
1,114,332
1,109,660
OFFICERS.— Pres., Mason B. Starring; V .-P ., G. de B. Greene; Treas., 1922____ 9,583,436
ROAD.— Operates street railways In the city and county of San Fran
B. S. Guiness; Sec. & Asst. Treas., P. M . Hoskins; Asst. Sec., C. H. Mann.
— V. 105, p. 1418, 2542; V. 107, p. 1380; V. 109, p. 1608; V. I l l , p. 1469; cisco and in San Mateo County, Calif. Total mileage. 288.045 m ,of which
27.979 are incerurbau. Thet~a;ks la Sau Francisco are partly electric and
V. 113, p. 1572; V. 114, p. 1405; V. 116, p. 1892; V. 118, p. 1134.
partly cable: the liue in Sau Mateo County is an interurban road extending
from San Francisco to the city of San Mateo. Rails 38 to 141-lb. T and
(a) Sierra & San Francisco Power Co.
girder. Has 749 pass, cars, 63 work cars and 5 miscellaneous cars.
Stock is owned by the California R y. & Power Oo
FRANCHISES.— In a report by Haskins & Sells, accountants. It was
ORGAN IZATION .— Incorporated In California on M ay 29 1909 and or
Sept. 1 1909 took over the Stanislaus Elec. Pow. Oo. and the Tuolumne stated “ that out of the total original mileage of 228.95 miles, the franchises
for 11.5431 miles only expire prior to 1929: all others between that year
Water Power Co., both foreclosed per plan In V. 88. p. 235, 569. 1005. 1060
and 1952 ”
Has contract extending to 1954 with United RRs. of San Fran, to supply
power to that company. In Oct. 1917 purchased the LaGrange division
OFFICERS.— Pres., Charles N. Black; V.-Ps., George B. Willcutt,
of the Yosemite Power Oo. for $450,000 and cost of additions and betterD. C. Morris and W m. M . Abbott; Sec., George B. Willcutt; Asst. Sec..
mmts from Dec. 1916. V. 105. p. 1528.
E. M . Massey and P. M . Hoskins; Treas., A. M . Dahler. Office. 58 Sutter
Lease.— On Dec. 31 1919 a contract was negotiated with the Pacific Gas St., San Francisco, Calif.— V. 116, p. 1644, 1666, 2129, 2388; V. 117,
& Electric C o., under which the operating properties of Sierra & San Fran
p. 894, 2212; V. 118, p. 202, 431, 907, 1132, 1268, 1392, 1665, 1911.
cisco Power Co were leased for a period of 15 years with the understanding
that arrangements would be made by Pacific Gas & Electric Co., to finance
PRESIDIO & FERRIES R A ILR O A D .— Trolley.
necessary additions both in generating and distributing equipment by the
The city o San Francisco purchased the property and rolling
sale of Sierra & San Francisco Power Co. bonds if feasible and otherwise by $323,000 andf is now operating it, the franchises having expired stock for
Dec. 13
the use of Pacific Gas & Electric Co. credit. The interest obligations under 1913.
All debts were paid and stockholders received a dividend of $40
both the Sierra C o.’s Trust Indentures are guaranteed iD effect bv Pacific
Gas & Electric Co. during the life o f the lease and in addition the Sierra Co. per share (par $100, of which $55 paid in in liquidation.)
receives a rental o f $50,000 per ann. for the first two years, $100,000 for
the third year and $150,000 per annum for each year thereafter. V. I l l ,
SACRAMENTO NORTHERN R R .— The Western Pacific R R . Corp.
p. 1478. In accordance with terms o f lease the Calif. R R . Comm. auth. the (see “ Railway and Industrial” Section) in 1921 acquired about 99% o f
co. in July 1921 to deliver to the Pacific Gas & Elec. Co. $1,000,000 1st both stock and bonds o f the company.
mtge. bonds previously approved by the Comm. The bonds were applied
Organization.— Incorp. in California on June 20 1918 as a reorganization
for the repayment o f money advanced or to be advanced by the Pacific per plan in V. 104, p. 1489 of the Northern Electric Ry., bid in at fore
Gas & Elec. Co. for exts. and betterments to the c o .’s properties. V. 113, closure sale on M ay 28 1918. V . 106, p. 2758; V. 107. p. 182; V. 109, p.
y. 426. Tne proceeds o f $2,000,000 additional 1st mtge. bonds have been 2440.
similarly paid and applied
In Jan. 1919 the Cal. R R . Comm. auth. the co. to use $653,750 realized
from its Class “ A " bonds to pay reorganization and foreclosure expenses
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity
and to satisfy a mortgage indebtedness of $213,750 of the Northern Realty
Stock $20,000,000 ($100)_________
_______ $20,000,000 ........... ..
Co. V. 108, p. 80. Compare V. 107, p. 2098. See also V. 109, p. 1274.
1st M $30,000,000 g ($1,000,/ 1909
5 g F-A
10.500,000 Aug 1 1949 in Oct. 1919
$5,000. & c)_______ c*&r*tf lint.at U.S.Mtge.&Tr C o., N . Y ., Trustee. additions and was auth. by the Cal. R R . Comm, to expend $316,683 for
betterments.
2d mtge Ser A & B $9,500,000 \ 1909
5-6 J-J
9,500,000 Jan. 1 1944
Western Pacific’s Offer to Acquire Road, &c.— The proposal of the Western
($1,000)_______________c ’ lOolumbla Trust O o.. New York. Trustee.
Pacific to exchange its 1st Mtge. bonds for the company’s bonds in the ratio
Bonds.— First mtge. bonds are subject to call on any Int. date at 110 and of 4 to 5; to pay $26 50 in cash for each share of pref.. $12 50 in cash for
Int. The remaining bonds may be Issued at 80% of cost of extensions and each share of 2d pref., and $5 for each share of common,was opposed by
ftdd'ns, provided net earnings for previous 12 mos. shall equal twice Int. John S. Drum, a director o f the Sacramento Northern, who heldthat the
charge on all outstanding bonds, incl. those to be Issued. V. 91, p. 157. offer was entirely inadequate. As a result, the security holders appointed
The bonds are listed on the N . Y . Stock Exch. Second mtge. consists of the following committee to determine a fair value for the properties and
Series " A ” $1,000,000, at 6 % , and Series “ B ” $8,500,000 (incl. $44,000 securities: Miles Standish, Chairman; George W . McNear, Walter D.
Series “ B ” in treasury) at 5% .
Mansfield, C. W . Bush and C. J. Crary. V . I l l , p. 2042. In N ov. 1920
118
'the committee also held the above offer to be inadequate. V. 112, p. 258
In Jan. 1921 the Western Pacific Corp. made formal offer to exchange
4 Western Pacific R R . Oo. bonds for 5 o f the company’s bonds: $27 50
POT share to be paid for the 1st pref. stock: $15 per share for the 2d pref.;
and $6 per share for the com. stock o f the co.; the shares and bonds to be
deposited with either or both the Union Trust Co. and the First Federal
Trust C o., San Francisco, to comply with the requirements of the offer
For details see V. 112, p. 563. Over 98% of the company’s stock has been
deposited under this offer. V. 112, p. 1400. See also V. 112, p. 2414.
This transaction, however, had not been consummated up to April 1 1924,
and the Calif. R R . Comm, has granted an extension of time to Feb. 1 1925,
In which to complete the transfer o f properties. V. 118, p. 552.
Fares.— See V. 116, p. 2994.
The authorized capitalization o f the company is as follows:
First pref. (a. & d.) stock, 6% non-cumulative (par $100)______$1,902,200
Second pref. (a. & d.) stock, 6% non-cumulative (par $100)____
957,800
Common stock (par $100)_____________________________________ 2,340,000
1st Vf 5% 20-year bonds, all on equal footing except as to interest
payments. Dated July 1 1917. Denom. $1,000, $500 and
$100; interest payable semi-annually. Total, $5,500,000, viz.:
Class “ A ” bonds, call, at 102, a fixed charge from July 1 1917-$2,012,400
Class “ B” bonds, call, at par, a fixed charge from July 1 1919951.200
•Class “ O " bonds, call, at par, a fixed charge from July 1 1922- 1.268.200
•Class “ D ” bonds, call, at par, afixed charge from July 1 1927- 1,268,200
•Prior to dates named C and D bonds will receive interest only to extent
o f net earnings.
A sufficient number o f Class " A ” bonds was sold to provide for pur
poses necessary to the reorganization plan.
Voting Trust.— All of the capital stock Is deposited with the Union
Trust Co. o f San Francisco under a voting trust agreement, such trust O'
continue until all the bonds of the new corporation shall be paying the fall
fixed interest of 5% per year, but not longer than July 1 1927. See V
104, p. 1489.
EA R N IN G S.— For years ending Dec. 31:
Calendar
Gross
Net, after Other
Interest,
Balance,
Years—
Revenue. Tax & Depr. Income
&c.
Sur. or Def
1923
$1,592,247 $145,488 $37,124 $262,173 def.$79,561
1922 -------------------- 1,608,301
149,125 25,743
224,899 def. 50,030
R O A D .— Total main line operated, 166.47: other tracks, 49.15; total
215-62. Connects Chico, OrovUle, Marysville, Sacramento, Yuba City.
Colusa, Meridian and Woodland. Also connects Suisun and Vacaville in
Solano County. Gauge, 4 ft. 8H In. Rail, 60 & 70-lb. T .
OFFICERS.— Pres., George F. Detrick; V.-Ps., Sidney M . Ehrman,
Emery Oliver and Carl Taylor.— V. 114, p. 2360; V. 116, p. 2994; V. 117,
p . 209; V. 118, p. 552.
PENINSULAR RAILW AY.
Entire stock, except directors' shares, is owned by Southern Pacific Co.
O RGAN IZATION .— Incorporated in California June 30 1909 as a con
solidation of various electric railways in which the Southern Pacific is inter
rated, namely the Peninsular R R . Santa Clara Inter-Urban R R . (V. 83
p. 380; V. 87, p. 545) and the San Jose-Los Gatos Interurban R y. (V. 76.
p. 1409; V. SB. p. 104).
f {Abandonment of Certain Lines Authorized.— See V. 116, p. 516; see also
V. 118, p. 1912.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $12,000,000 ($100)...............- ................... „ $12,000,000 _____ _____
San Jose-Los Gatos Inter. 1st) 1903
5 M-N21
500,000 M ay 21 1923
mortgage $2,000,000 ($500(Interest at Central Trust C o., San Fran& $1,000)_____________c*tf] cisco. Trustee.
Bonds.— A sinking fund o f 2% o f net earnings, but not less than $10,000
per annun, began Jan. 1 1905.
EARN INGS.— For year ending Dec. 31:
Gross
Net {after
Other
Interest,
Balance
Calendar Year—
Earnings. Taxes).
Income.
Rents,&c. Deficit.
* 1 9 2 2 ................. .$328,205 def$20,233 $38,615 $378,641 def$360,258
1921...............
344,302
defl8,120 35,968
380,384
362.536
16,878 34,048
334,643
323,717
1920-------------------- 354,417
x No later figures available until issuance o f Sou. Pac. annual report.
R O A D .— Operates 65.420 miles o f first main track, 9.648 miles second
track and 5.699 miles of sidings, turnouts, &c.; total, 80.767 miles. Also
Owns 16.27 m. first main track, leased to Sou. Pac. C o., and 1.26 m. main
track operated by San Jose RRs. Serves San Jose, Saratoga, Los Gatos.
Campbell, Cupertino, Monta Vista, Mayfield and Palo Alto, all in Santa
Clara County. Standard gauge. 60 and 70-lb., mostly T rail. 41 elec
tric motor cars (including 2 express and 6 work), 2 trail cars and 1 electric
locomotive.
OFFICERS.— Pres., Paul Shoup, San Francisco; Sec. & Aud., H. A.
Oulloden, Los Angeles; Treas., M . S. Wade. Los Angeles: Asst. Sec.. G. L.
King, San Francisco.— V. 114, p. 2241; V. 116, p. 516; V. 118, p. 1912.
SAN FRANCISCO NAPA & CA LISTO Q A R Y .
ORGAN IZATION .— lncorp. N ov. 10 1911 In California as successor to
the San Fran Vallejo & Napa Valley R R ., sold at foreclosure on Oct. 30
1911. V. 93, p. 1535. Also acquired the Vallejo Benicia & Napa Valley
R R . Has a 20-year traffic agreement with Monticello SS. Co., providing
for dally schedule o f at least six round trips between Vallejo and San Fran.
Purchases power from Great Western Power Co. under contract. Franchise
runs to 1952 or later.
In Dec. 1915 the California R R . Comm, issued an order fixing the repro
duction cost of the property, less depreciation, at $1,010,846. This however
was not accepted by the co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $2,000.000................................................
$731,700 __________
1st M $1,000,000 gold ($100? 1911
6 J-D
504,200 Dec 1 1936
$500 & $1,000) callable atlln t. at Mercantile Tr. Co., San Fran., True..
105 & Int. on any int day c* i or at office o f E . H. Rollins & Sons, N. Y.
Debentures— unsecured non-1 1911
5%
599,100
Dec 1 1936
foreclosable $610,000_____j
Bonds.— $39,000 1st M . bonds are held in treasury, $89,800 are in sink,
ffd. and remainder are reserved for additions and extensions at 75% of cost
.under certain restrictions. Annual sinking fund o f 1% o f bonds out began
In 1914. V. 93, p. 1535. $10,900 5%'debentures are held in treasury.
EARN INGS.— For years ending Dec. 31:
Calendar Year—
Gross.
Net {aft. tax.)
Int., &c.
Surplus.
$106,131
$80,392
$25,739
1923______ ______________ $316,410
1922................. .................. 306,134
88,872
67,361
21,511
> R OAD.— Comprises 48 miles o f track, extending from Vallejo via Napa,
to Oalistoga, of which 30 miles on private right o f way, 12.39 miles on
streets or highways and 3.32 miles sidings, standard gauge. Owns 37
acres o f land, lncl. water front In Vallejo. Commenced operation of freight
service into Mare Island Navy Yard Sept. 20 1920 over a branch of 3,900
ft. additional main line and over Mare Island Government Causeway
and Transfer Yard on Mare Island, the latter having a capacity of 75 cars.
All transcontinental freight will hereafter move over this route for Mare
Island. In 1920 completed a 75-car Interchange yard at Napa Junction,
7 miles from Mare Island, where freight for the Navy Yard will be inter
changed with the S. P. Co.
OFFICERS.— Pres., Jas. Irvine, San Fran.; Sec. & Treas., E. M . Price,
San Fran.; V.-P. & Gen. M gr., C. E. Brown, Napa.— V. 115, p. 1100.
SAN JOSE, CAL.
SAN JOSE RAILROADS.— A trolley road.
Southern Pacific Co. owns entire stock except directors' shares.
ORGAN IZATION .— lncorp. in California Dec. 23 1909 as successor to
San Jose R y. Co. V. 90. p. 1297. Properties o f San Jose & Santa Clara
County R R . Co. purchased by San Jose RRs. March 15 1912.
"ST O C K AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)................... ..
.............
$5,000,000 _____ _____
1st mtge $1,500,000 gold! 1910
5 g J-J
1.361,000 Jan 1 1955
($1,000) sinking fund____tf Jtnt. at Mercantile Trust C o., S. F., Trustee.
San Jose & Santa Clara Co.) 1906
4)4 A-O
1,152,000 April 1 1946
R R 1st & ref M $1,500,000(Int. at Union Trust C o.. San Fran., Trustee.
($1,000) gold................. c »tfl
[V ol. 118.
ELECTRIC RAILW AYS
Bonds.— The San Jose & Santa Clara Oo. R R . bonds are subject to call
at 110 and int. Sinking fund of 1% of outstanding bonds began Apr. 11911.
1st M. bonds are subject to following sink, fund provisions: Jan. 1 1915 to
1939, lncl., $10,000 per year, 1940-44, lncl., $20,000 per >r.; 1945-49.
$30,000 per yr.; 1950-54, $40,600 per yr.; or these bonds may be delivers
to trustee in lieu thereof.
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net. Other Inc. Int.,Rent..&c. Bal. Def.
X1922........... ............ $430,119
$82,973
$2,100 $214,223 def$129,150
1921_____________ 410,772
53.706
1,649
206,644 defl51,289
x No later figures available until issuance of Sou. Pac. annual report.
ROA D .— Owns 24.79 miles first track, 11.75 miles 2d track, 2.02 milas
sidings and turnouts; total, 38.56 miles; serving cities of San Jose and
Santa Clara and country adjacent thereto. Standard gauge. 46 electric
motor and 13 trailer cars; 3 automobiles for passenger service.
OFFICERS.— Pres., Wm. F. Herrin; V .-P ., Paul Shoup; Sec. 3c Aud..
H. A. Culloden; Asst. Sec., G. L. King; Treas., M . S. Wade.— V . 90, p.
1297; V. 92, p. 1033; V. 104, p 560: V. 107. p. 604.
SANTA CRUZ, CAL.
COAST COUNTIES OAS & ELECTRIC CO.
O RGAN IZATION .— Organized in California on Mar. 20 1912 and has
acquired the Coast Counties Light & Pow. C o., Big Creek Light & Pow. C o.
and San Benito Light & Power Oo. and Gilray Gas Works; also the entire
capital stock of the Union Trac. Co. (Santa Cruz). In M ay 1923 the
c o .’s offer to purchase the properties of the Contra Costa Gas Co. was
accepted by the stockholders of the latter co. V. 116, p. 2135. Franchises
in municipalities perpetual; county franchises on highways until 1946 to
1959.
In May 1923 the co. issued $250,000 of 6% 1st pref. stock, proceeds to
be used to reimburse the co. for impts. and to retire before maturity the
$150,000 6% debentures due Jan. 1 1924. (this issue has been eliminated
from the table below). V. I l6 , p. 2261.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,000.000_________ _____
_______
$1,000,000 ................. ..
530 000
See text
1st pref $1,006,000 6% c u m . . ____
Q-M
Pref $1,000,000 6% cum__________
Quar.
1,000,000 __________
830.000 Aug 1 1946
Coast Counties L & P 1st M\ 1906
5 g F-A
$1.000.000 e ($1.0001 _c*tf lint, at Mercantile T r. C o.. San Fran., True.
BigCrk Lt&Pow lstM$339,000 t f . . .
4%
268.000 May 1 1947
San Ben Lt.&Pow lstM$150.000 t f . . .
6%
137.000 Sept 1 1950
Stock.— The 1st pref. stock is red. all or part at par and dlvs. V. 116, p.
2261.
Bonds.— $3 854 cash held in sink, fund of Coast Counties Light & Power.
Callable 107)4 and int. on any int. date. Annual cumul. sinking fund
of 1% of bonds out. began June 30 1911. $170,000 held in sink. fund. V.
95, p. 681. Sink. fd. on Big Creek Lt. & P. bonds, $3,600 per ann. began
M ir. 30 1908: $72,000 bonds and $1,821 cash in sink. fd. Sink, fund on
San Benito Light & Power bonds o f 1 % of bonds out. began June 30 1915.
$13 000 bonds and $.300 cash in fund.
Dividends.— 6% per annum is being paid on first pref. stock.
EARN ING S.— For years end. Dec. 31 (not lncl. Union Trac. C o.):
Year—
Gross.
Net {aft.Tax.). I n t .^ c . Deprec’n.
Surplus.
1922 __________ $841,804
$285,272
$84,174
$63,289
$137,809
1921................... 748,270
265,237
83,956
56,703
124,578
Property.— Has one hydro-electric and two steam plants; combined
capacity, 3,346 h. p.: 109 miles transmissi
lines and 307 pole miles. Gaa
plants In Santa Cruz, Watsonville, Hollister and Gilray.
OFFICERS.— Pres. & Gen. M gr., S. Waldo Coleman; V .-P ., J. D . Grant;
Sec. & Treas., L . W . Pryor.— V. 115, p. 649; V. 116, p. 2135. 2261.
Union T raction C o.— Controlled b> the Coast Counties Gas & Elec. Co*
At a meeting of the bondholders of the Union Traction Co. in Aug. 1915
a bondholders’ protective committee was appointed to Investigate the con
dition of that corporation. V. 101, p. 616, 846. A majority of the bond
holders have signed an agreement, without surrender of any foreclosure
rights, to the effect that property is to be managed as heretofore and cou
pons to be paid as earned. One coupon was paid 9ept. 30 1919 and another
Sept. 1 1920. None since.
Authority to Abandon Certain Lines Asked.— V. 118, p. 1521.
BONDS—
Date.
Interest. Outstanding.
Maturity,
Union Trac Oo 1st M $750,- 1 1905
5%
607.000 Feb 1 1935
000 gold ($1,000)-C&r n tf)ln t. at Union Tr. C o., San Fran., Trustee.
The bonds have a skg. fund from 1910 to 1915 of )4% o f bond*
out ; from 1915 to 1920 1% of bonds out., and from 1920 to maturity 2%
of bonds out; said fund to be used to redeem the bonds,. Ate subject to
call at 110 and int. $100,000 bonds are reserved for betterments and
extensions. $43,000 have been retired.
EARNINGS.— For cal. year 1922, gross, $84,432; net after taxes, $16,140. In 1921, gross, $93,267; net after taxes, $12,443.
ROAD.— Operates 18 miles of track in Santa Cruz and to Oapitola.
Standard gauge.— V. 101, p. 616, 846; V. 107, p. 803: V. I l l , p. 75.
SAVANNAH, GA.
SAVANNAH ELECTRIC & POWER CO.
ORGANIZATION.— lncorp. in Ga. Aug. 12 1921 to acquire all the
properties formerly owned or controlled by the Savannah Electric Co.
(for history see “ Electric Railway” Supplement o f April 30 1921) as per
plan outlined in V. 113, p. 184. The new co. took over the properties
effective Nov. 1 1921. V. 113, p. 2081. Franchises for both street railway
and electric-lighting plant are perpetual.
In July 1923 issued $1,000,000 2-yr. 6)4% notes to provide funds for the
purchase of the property formerly owned by the Savannah Lighting Oo.
V. 117, p. 88. Compare V. 116, p. 2994.
Outstanding Maturity.
STOCK AND BONDS— Date.
Interest
Common ($100)_____________ _____
_______
$2,500,000
...............
Pref. 6% cum. after Oct. 1 1926
( $ 100 ) ................................. - .............................................................
1,000,000 A pr’24, 3%
Debenture stk. ser. “ A ” 8%
cum. ($100)____________________
_______
1,300,000 Apr’24, 2 <
3
lst&ref.M.ser.“ A ” $2,500,000) 1921 7)4 g- A-O. 1.735.000 Oct 1 I f
($100, $500 & $1,000) gold (Commonwealth Trust C o., Boston, trustee.
............ ....................c*&r*tf I
2-yr 6)4% notes ($1,000 c * & f 1923
6 H g J -J
1.000,000 July 1 1925
$1,000 & mult, r*) g o ld ..tf)In t . at New Eng. Tr. Co., Boston, trustee.
Sav. Elec. 1st cons mtge $3,-1 1902 5 g J-J
2,147,000 Jan. 1 1952
500.000 gold ($1,000 and{Int. at American Trust C o., Boston, trustee.
$ 5 0 0 )...........................c*tf I
Sav Thun & Isle of H 1st M l 1897 4 Q-J
1.000,000 July 1 1947
g($l .000) $1,250,000.c*ntf Jlnt. at Central Trust O o .. New York, trustee
Car trust certificates_________ _____
_______
135,836
_______ _
Stock.— The 6% pref. stock is call at 120 and is cum. after Oct. 1 1926.
Debenture stock may be issued from time to time in series which may
bear different div. rates and red. price and carry a sink fund but will be
entitled to the same preferences and priorities.
Bonds.— The 1st & ref. bonds may be issued in different series from time
to time under certain restrictions. Call, all or part on any int. date after
Oct. 1 1931; during 1932 at 105. and thereafter decreasing )4 o f 1% in
each year to 101 in 1940, and at 100 in 1941. Sink, fund of 2% per annum
on the total amount of Series “ A ” bonds issued, commenced N ov. 1 1923,
will retire bonds at 105 up to and including Oct. 1 1932 and thereafter at
call price. $15,000 bonds in sinking fund canceled up to Dec. 31 1923.
Int. payable in New York, Boston and Chicago. V. 113, p. 1575. Of
the Savannah Electric Co. 1st cons, bonds, $1,353,000 have been canceled.
Callable in whole (or in part for sinking fund) at 110 and interest on any
interest date. The co. binds itself to apply at least $20,000 per annum,
beginning 1906, towards improvements or extensions or in the purchase of
bonds. Of the Savannah Thunderbolt & Isle of Hope R y. bonds, $250,000
have been canceled. Sinking fund 2% per annum began Jan. 1 1918.
Notes.— The 2-yr. 6)4% notes are call, as a whole on 30 days’ notice at
101 and int. prior to July 1 1924; 100)4 % & inf- July 1 1924 to Dec. 31 1924;
100 & int. Jan. 1 1925 to maturity. Co. agrees to refund Penna. 4-mill
tax. V. 117, p. 88.
EARNING S.— For 12 months ending Dec. 31:
Cal. Year—
Gross.
Net,aft.Taxes. Int.&Amort. Bad., Sur.
1923
.............................$1,774,881
$623,701
$330,725
$292,976
1922 ................................. 1,603,092
580,109
284,066
296,043
A pril, 1924.]
ELECTEIC RAILW AYS
ROAD.— Operates 63.50 miles o f single track. In Sept. 1917 received
anth. to extend its line to Port Wentworth. Construction has been begun.
Gauge, 5 feet. Power stations have 12,300 k.w. capacity. 110 passenger
and 17 other cars.
OFFICERS.— Chairman, George J. Baldwin: Pres., Howard O. Foss;
V .-P ., Chas. F. W . Wetterer, Norman W . Mumford and H. H. Hunt; Sec.
& Asst. Treas., W . H. Kennedy; Treas., H. B. Sawyer: M gr., Robt. C.
Brooks.— Y. 116, p. 1771, 2768, 2994: V . 117, p . 88, 2324.
SCRANTON, PA.
SCRANTON & W ILKES-BARRE T RACTION C O R P O R A T IO N .—
A holding company.
O RGAN IZATION .— Incorp. in Virginia In 1913 as a reorganization (per
plan V. 96, p. 1701) o f the Lack. & W yom. Valley Rapid Transit Co. (sold
at foreclosure), which company owned all the securities o f the Lackawanna
& Wyoming Valley RR.. the Scranton & Northeastern R R ., the Lacka
wanna Tunnel Co. the Central Valley R R . and the Wilkes-Barre RR
These latter five companies were merged into the Lack. & Wyom. Valley
R R . Co. (the operating company) with $2,150,000 stock and $5,000,000
bonds, all o f which Is owned by the Scranton & Wilkes-Barre Trac. Corp
and deposited under that company's refunding mtge., subject to $888,000
L . & W . V. Rapid Transit coll, trust bonds. The Railroad Co. owns all the
stock o f the Lack. 9c Wyom. Valley Pow. Co. Power franchises perpetual
Sinking Fund and Redemption Plan.— The plan for a sink, fund ($15,000
r ann.) and the establishment: of a call price o f 105 and int. for the Lacka.
W yo. Val. Rap. Tr. Co. coll, trusj 5% bonds o f 1901 became effective
Nov. 8 1917. V. 105. p. 2094.
In Sept. 1922 the c o .’s auth. capital stock was increased from $2,500,000
to $5,000,000. Compare V. 115, p. 1211.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity
C om m on___________________ _____
_______
$2,400,000 __________
Pref cu m ___________________ _____
See text
965.500
See text
L & W V Rap Tr Co coll trust f 1901
5%
798,000 Aug 1 1951
5% gold bonds_______ c*tf(In t. at Guaranty Trust C o., N. Y ., trustee
Refunding mtge (see text) gf 1913
5%
1,959,800
Aug 1951
($1.000)_____________ c*tf(Guaranty Trust C o., New York, trustee.
Coll trust sink fund gold bds) 1914
6 g A-O
893,000 Apr 1 1934
$1,000,000 ($1,000)___ c*( Guaranty Trust C o.. New York, trustee
Stock. — Divs. on pref. 6% per annum until June 30 1917 and 7% thereafter. Cumulative from June 30 1914. Pref. stock is red. at 105. Pref.
and com. have equal voting power.
Bonds.— Refunding mtge. bonds are callable at 105 and int.; sinking fund
o f M% per annum of outstanding bonds began Nov. 1 1917: $798,000
are reserved to retire underlying bonds. The mortgage was authorized
originally for $5,000,000, but was subsequently closed at $3,000,000. The
L. A W. V. Rapid Transit Co. 5% bonds are secured by deposit of $2,150,000 stock and $5,000,000 1st M . 5s. due 1951. o f the Lack. & Wyom. Valley
R R . Co. Under a supplemental Indenture, dated N ov. 1 1917, a sinking
fund of $15,000 per annum which began May 1918 was created and the
bonds were made subject to call at 105 and interest. V. 105, p. 2094.
As o f April 1 1924 all but about $24,000 of the bonds had been stamped
by the trustee with the callable feature sinking fund agreement. V.
105, p. 2455. The coll, trust 6s o f 1914 are red. at any int. period at 100
and accrued int. Sinking fund (cumulative) of 1% o f outstanding bonds
annually from March 1 1916 to March 1 1933. These bonds are secured by
the same collateral as the first and refunding mortgage. V. 98, p. 1246.
Dividends.— 6% was paid on preferred stock from July 1913 to an Incl
April 1917. In July 1917 began paying 7% and same rate has been paid
regularly since.
EARN IN G S.— Years ending Dec. 31:
Cal.
Operating Other Inc. Exp. &
Bond
Pref.
Balance.
Year— Income. {Hold.Co.). Taxes.
Interest.
Divs.
Surplus
1923 ...$ 452 ,484
$984 $15,095
$205,562
$66,535
$165,426
1922 . . . 410,189
946
15,046
206.312
63.329
126,448
1921 . . . 430,431
371
12,797
207,063
59,936
151,006
R O A D .— Lackawanna S Wyom. Vail. RR. operates 23.40 miles o f flrBt
c
track, 21.39 miles o f second track and 9.08 miles of yard track and sidings.
Double track, laid with 90-lb. rail. Standard steam construction, private
right o f way. A standard-gauge tunnel, about 5,000 feet long, was com
pleted In Scranton in Oct. 1905. This removed the only heavy grade on
the line between Scranton and Wilkes-Barre. 26 passenger, 72 freight cars
4 motor express cars, 1 motor work car and 3 electric freight locomotives
Freight and passenger business is exchanged with all railroads entering the
terminal cities.
OFFICERS.— Pres., W m. C. Sproul: Chairman Exec. Comm., Frank R
Ford: V .-P., W. H. Llpplncott; V.-P. S Sec., S. O. Stivers: Treas., F. W
c
Potte.— V. 98, p. 1158, 1246, 1539: V. 101, p. 1190: V. 105, p. 910, 1309.
*094: V. 115. p. 1211.
r
SEATTLE, WASH.
PUGET SOUND POWER & L IG H T CO.
ORGANIZATION.— Was formerly known as the Puget Sound Tract ion
Light S Power Co. Name changed to present title early in 1920. In.orp .
c
Jan. 2 1912 in Maine per plan in V. 94, p. 124 (re-incorp. in Mass, on July 9
1912), and has purchased and consolidated the properties formerly owned
by the Seattle Electric C o., Pacific Coast Power C o., Puget Sound Power
C o., Seattle-Tacoma Power Co. and Whatcom County Ry. Sc Lt. Co. Also
owns most of the stock o f the Puget Sound Electric R y.. the Pacific Traction
C o., Western Washington Power C o., Diamond Ice & Storage C o., and all
the capital stock of the Pacific Northwest Trac. C o., which in turn owns
the capital stock o f the Puget Sound International Ry. & Power Co., lessee
o f Everett Ry., Light S Water Co. Early In 1923 acquired the Washington
c
Coast Utilities and the North Coast Power Co. V. 116, p. 296, 1051. In
Feb. 1923 the Puget Sound Power & Light Securities C o., a subsidiary, was
Incorporated to handle the distribution and sale o f the com., pref. and prior
preference stock o f the parent company in the Pacific Northwest territory.
V. 116, p. 936. Through ownership or control, does the greater part
o f the commercial electric lighting and power business !n the Puget Sound
district, including the cities o f Seattle, Tacoma, Bellingham and Everett:
does substantially all the electric street and interurban railway business
In the Puget Sound district, except in Seattle. Estimated population,
600,000. Serves 6 counties and 147 communities between the Canad an
boundary and Olympia with light and power. Directly, or through its
subsidiaries, it owns and operates water-power and steam-power plants,
with a total electric generating capacity o f 169,700 h.p. Also owns or
controls additional undeveloped water-power sites with a capacity o f more
than 100,000 h.p. Operates the street railways in Bellingham and, through
Its subsidiaries in Tacoma and Everett, also the interurban electric rail
roads (between Tacom a and Seattle, between Seattle and Renton, between
TacomafandlPuyallup,(between Everett’ andlSeattle, between Everett and
Snohomish, andflbetween Bellingham,SMountJVernon and Sedro-Woolley,
a total jof over|286 miles o f track.-gDoes It he entire gas business o f Belling
ham andlthejentire »teamjheatjdistributfng business o f Seattle.
Principal franchises expire as follows: in Seattle electric lighting and
power, 1952. In Tacoma, railway, 1939; power. 1930. In Bellingham,
railway, 1941 (minor railway, 1934): light and power, 1940: gas, 1941. In
Everett, railway, in 1944 and 1950; electric light and power. In 1950,
Interurbans chiefly on private right o f way.
■
Sale of Water Plant to City.— On Aug. 10 1916 the city of Everett took
over the water plant o f the Everett Ry., Lt. & Water Oo. for $994,000.
Proceeds were used to take up the $500,000 Everett Water Co. 1st 5s,
due 1921, and $497,000 o f the $675,000 Everett R y., Lt. S Water Co. 1st
c
M . 5s, due April 1 1925.
City Regulation of Jitneys Upheld.— On July 20 1921 the Wash. Supreme
Court sustained the right of the city of Seattle to regu late jitney traffic on its
streets. V. 113, p. 961. A petition on behalf o f jitney operators for a
rehearing was denied on Sept. 2 1921. V. 113, p. 1252.
Sale of City Railway System to Seattle.— In April 1919 $15,000,000 5%
atility bonds o f the city o f Seattle were delivered to the co. and the c o .’s
street railway property, within the city limits, was conveyed to the city
which now owns and operates same. The bonds have been deposited with
the trustees o f the mortgages securing certain o f the co .’s bonds and notes
In substitution for the property sold. They are a charge upon the gross
earnings o f the entire railway system o f the city, superior to all charges
except interest and amortization o f some $650,000 o f prior bonds of a like
character. V. 108, p. 1391, 2630: V. 109, p. 371; V. 110, p. 971.
Decision Bearing on Payment of Prin. and Int. of St. Ry. Bonds.— See
V. 112, p. 2191: V. 113, p. 418: V. 114, p. 1064. See also V. 116, p. 1761.
V . 117, p. 895.
119
In Mar. 1924 the co. reduced its auth. capital stock from $51,000,000
to $46,282,900 by cancelling 47,171 unissued shares o f com. stock, par $100.
The co. also changed the par value o f com. stock from $100 par to no par
value with no change in the number o f shares. V. 118, p. 1269.
Maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding.
202,829 shs. See text
Q-J 15
Common $25,000,000 ($100)............
15,454.100 See text
Pf $16,000,000 6% cum ($ 1 0 0 )____
Q-J 15
Prior pref $10,000,000 ($100)...........
7 Q-J 15 10,000,000 Apr ’24, 1 H
2,000,000_.Sept 1 1925
5-year gold notes ($100, $5O0l 1920 j) M-S
and Si .000)___________ c*tf (Dexter. Horton Tr. & Sav. Bk., Trustee
5-year gold notes ($100, $500/ 1921
8 g M-S
850,000 Sept. 1 1926
and $1,000) gold________ clDexter Horton National Bank. Seattle, Trus.
Gen & ref M Ser “ A " ($500 &) 1921
7H g M -N 13.476,500 M ay 1 1941
$1,000) gold_____c*& r*.tfl01d Colony Trust Co., Boston trustee.
Pacific Coast Power 1st mtge} 1910
5 M-S
3.990,000 Mar. 1 1940
c
$10,000,000 gold ($1,000) f Int. at Harris Tr. S S. Bk., Chic., trus., or at
..
c*Ar (closed mortgage).
Harris. Forbes & C o.. Tnc N. Y . or Bost.
6 M -N
. 200,000 N ov 1 1935
No Coast Pr Co M $917,000 1915
call at 102H & int________ (Germantown Trust Co. Phila., Trustee.
7.100 Apr 1 1944
North Coast Pr gen lien & inc/ 1915
6% Apr 1
mtge $675,000 red at 102 (Bank of North Am. Sc Tr. C o.. Phila., Trus.
Olympia Lt & P 1st M $100,-)
1903 5 g A-O
90,000 Jan 1 1929
000 call at 105 & int_______ (American Trust C o., Boston, Trustee.
Twin City Lt & Trac 1st M (
1910 6 J-J 1
263,000 Jan 1 1935
$500,000 (sk fd $8,000 p a) (Int. at Guaranty Trust Co, N Y, Trustee.
Wash Coast Util 1st M $2,-/ 1916
6 M-S
1,823,800 Sept 1 1941
000,000 call at 105 & in t..[M arin e National Bank, Seattle, trustee.
Wash Coast Util 5-yr n otes.. / 1920 7 J-D
107,000 Dec 11925
(Marine National Bank, Seattle, trustee.
$500,000.
-J
5 g F-A
3 029.000 Feb. 1 1930
Seattle Elec Co 1st M $5,000,-) 1900
000 ($1,000) gold__ c*n tf(In t. at Boston Safe Dep & Tr. C o., trustee
do cons & ref $25,000.0001
1907 5 g F-A
5.111.000 Aug 11929
($1,000) gold______c*& rtfflnt. at Old Colony Tr. C o., Boston, trustee.
Pug Sd Pow 1st M $4,000,000} 1903
5 g J-D
2 636.000 June 1 1933
gold ($1.000) guar___ c*tf (Int. at Old Colony Trust Co., Boston, trust
2 653,000 Mar 1 1939
Seattle-Everett mtge $5,000,-( 1909
5 M-S
000 g ($1,000, & c.)._c*& rtf JInt. at Old Colony Trust Co., Boston, trustee
Everett Ry. Lt & W 1st M ) 1905
5 g A-O
160.000 April 1 1925
$2,000,000 g ($1.0 0 0 )..ctf(In t. at Bankers Trust Co., N. Y ., trustee,
do
cons M $4,000,000} 1909 5F-A
See text
Feb 1 1941
gold_________________ c*&r(Int. at American Trust C o.. Boston, trustee
Pug Sd El 1st cons M $5,500.-f 1903 5 g F-A
2.916.000 Feb 1 1932
000 gold ($1,000)_____c*tfl Int. at Old Colony Trust Co , Boston. trustee
do cons&ref M $15,000,000 1911 __________ See text ____________
Tacoma Ry&P 1st M g ($1,-7 1899 5 g A-O
1,236.000 April 1 1929
000)$1,500,000 not redc*ntf (in t. at Old Colony Tr. Co., Boston, trustee
See next July 1 1927
Pacific Tract 1st M $5,000,-/ 1907
5 g J-J
.c*(In t. at Old Colony Tr. C o.. Boston, trustee
000 gold ($1,000).
Whatcom Co Ry & Lt 1st M / 1905
5 g M-N
1.310.000 Nov 1 1935
$2,500,000 gold ($1,000) tf(ln t. at Old Colony Tr. Co.. Boston, trustee
Notes payable. Dec. 31 1923______
_________ 2,115.000 _____ ____ _
S T O C K — In addition to the amounts of com. and pref stock reported
outstanding above, there are non-interest-bearing receipts for $4,620 com.
stock exchangeable at par for stock certificates. Prior pref. Is red. at
110. Pref. stock is redeemable at 125. $1,466,800 com. stock Is owned by
Public Service Inv. Co. Both classes of stock are non-taxabie in Mass.
Notes.— The 5-year 8% notes due 1925 are red. as a whole on any Int.
date on 40 days' notice at 103 in 1922, 102 in 1923. 101 In 1924 and 100X
thereafter up to March 1 1925.
B m is.— The gen. & ref. mtge. 7V$% bonds. Series " A " are secured by
deposit of $13,734,000 City of Seattle Street Ry. 5% bonds. Additional
bonds Issuable in different series for 75% of the cost of additional n-operty
and extensions under certain restrictions. \ tinkina r md nT *409.00') per
annum began Mar. 10 1923 and will be applied to purchase of these bonds
if offered at not exceeding the call price, $257,500 in sink. fd. cancelled
Dec. 31 1923. R9d. on any int. date uo to Mav 1 1926 at 105: thereafter
decreasing 1H % annually to 101 on Nov. 1 1933: and thereafter to and
incl. May 1 1940 at 101. and thereafter at 100. Pennsylvania 4-mill tax
refunded
Interest is payable in New York, Boston and Chicago. V 112,
p. 1742.
Seattle Electric Co.— Sinking Fund.— On 1st M ., 1% of bonds outstanding;
$1,971,000 bonds were held by the trustees not canceled Dec. 31 1923: call
able as a whole or in part for sk. fund on any int. date at 110 and Int. The
c
consol. S ref M . bonds can be called in amounts not Ies9 than $500,000,
and In smaller amounts for sk. fund purposes at 105 and mt. on any int. day.
Sinking fund of 1% per annum started Oct. 1 1909: 61 348.000 of the bonds
were hold bv trustee for sinking fund Dec. 31 1923, $1.341 000 are canceled
and $5 665.000 reserved to retire underlying bonds. V. 85 p. 222: V. 92,
p. 180. Both mortgages a^e closed
Puget Sound Power Co.—Mortgage Is closed. Both prln. and Int., as well
as sk fund payments, are gua-. bv the Seattle Electric Co Can be exchanged
for Seattle Electric consol, and ref 5% bonds, par for par. A sk fd of 1%
per ann. of bonds outstanding commenced Mar 1 1906; $677,000 have been
canceled. Subject to call as a whole (or In part for sk. fd at 110 and
Int. on any int. day
Seattle-Everett bonds are a direct obligation of the Seattle Elec C o., but
Pacific Northwest Traction Co. has agreed to pay prin., int and sinking
fund payments on these bonds, and has mortgaged its entire property as
security. They are additionally secured by the pledge of the entire issue
($200,000) of stock of the Puget Sound International Ry S Power Co. and
c
$500,000 consol mtge. bonds of the Everett Ry . Light S Water Co. The
c
mortgage Is closed. A sinking fund of 1% on amount of bonds out began
Mar 1 1914. $447,000 not incl. in amount reported outstanding Is held in
sinking fund uncanceled
Bonds are callable as a whole or in part for s. f.
at 105 and int. See V. 88. p. 1062: V. 92. p 1244
Everett Ry., Lt & Water Co.— Of the $2,000,000 M ., $815,000 are re
served to retire prior liens. $675,000 were issued but $504,000 were retired
In 1916 through balance o f proceeds from sale of water plant to city of
Everett. $11,000 additional have since been canceled
Mortgage closed,
except for refunding. No skg. fund, but bonds subject to call on any int.
date upon 60 days’ notice at 107
and int
Of the $4,000,000 consol. M .
$160,000 is reserved for prior liens, $434,000 owned by Puget Sound Inter
national Ry. & Power, $480,000 owned by Pacific Northwest Traction C o.,
$60,000 is in sink, fund canceled and $2,866,000 are unissued. Callable aa
a whole (or in part for sk. fd. at par and int on any int day
Sink. fd. of
1% per annum of bonds out began May 1 1914 V 88, p 1061
Puget Sound Electric Ry.— Of the 1st consol. M ., $1,236,000 are reserved to
retire a like amount of Tacoma Ry. & Pow. Co. bo idi an 1 81 348 000 have
been canceled. Callable as a whole on any int. date at 110 and int. A
skg.fd o f 1% of bonds certified, plus 5% per ann . on bonds purch fo r s k .fd .
bega" on Jan 1 1907. Sufficient of consol. and ref bonds are reserved for un
derlying bonds, the remainder is issuable at 80% of enst for addn s & imots
Tacoma Railway & Power Co.— $264,000 are held by Puget Sound Electric
Co. Are not subject to call.
Pacific Traction Co.— $500,000 were issued to retire a like amount o f old
First M . bonds-, entire $500,000 now in treas. Remaining bonds reserved
for future additions and improvements, under restrictions. Subject to call
at 105 and int. at any time. Sk. fd. of 1% of bonds outstanding began
Jan 1 1914. Bonds are guar. p. i. & sink, fund by Puget Sd. El. Ry.
Whatcom County Ry. & Light Co.— Callable as a whole on any int. date
at 105 and int. Sk. fd. o f 1 % per ann. of bonds outstanding, if earned, com
menced Nov. 1 1906: on Nov. 1 1911 became obligatory. $454,000 bonds
have been canceled o f which $208,000 in sk. fd. Mortgage is closed.
Dividends.— An initial div. of 1 % % was paid on the 7% orior oref. stock
in April 1922. Dividends at the same rate have been paid regularly quar
terly since. On the 6% pref. 1 % quar. from organization to April 1915.
In July 1915 paid only -4 % , same rate quar. to and incl. Jan. 1918. None
i
to July 1919, when 3 % was paid. Same rate paid quar. to July 1921,
4
when l '4% was Daid. V. 112, p. 2643. Same rate quar. to and incl.
Apr. 1924.
In Feb. 1922 the directors declared a stock dividend of 20%
payable in 7% prior preference stock at par, in adjustment of balance of
dividends accumulated on the Pref. stock after the payment of an extra
cash dividend of $2 50 on the unstamped and 25 cents per share on the
stamped stock. V. 114, p. 739.
On com. first dlv.— 1% — paid April 1912: July, 1% ; Oct., 1% . In
1913 4% . In 1914 Jan., 1% : April 1%: July, 1%. October dividend
passed (V. 99, p. 895): none to July 1922, when 1% was paid. In Oct.
1922, 1% . In 1923, Jan., 1% ; April, 1% ; July, 1% : Oct., 1% . In 1924,
Jan., 1%: Apr., 1% .
EARNINGS.— For years ending Dec. 31:
Year—
Cross.
Net aft.Tax. Other Inc.
Int., &c.
Bal., Surp.
1923______ $12,424,708 $4,859,414 y$673,642 $2,555,653 $2,987,402
1922______ 10,477.610 4,378,584
y715,292
2,451,925 2,641,951
y Income from City of Seattle utility bonds.
130
[V ol. 118,
ELECTEIC EAILW AYS
P R O PE R T Y .— Power stations have 122,510 k.w. capacity. Also pur
chases power (Bellingham Division) from Western Canada Power Co.
Street and interurban railways, 278 miles equivalent single track. 20.40
miles trackage. Gauge, electric, standard; cable, 3 ft. 6 in. and 3 ft. 273
passenger cars, 72 auto stages, 268 freight and 34 miscellaneous cars.
OFFICERS.— Chairman o f board, Frederick S. Pratt; Pres., A . W .
Leonard; V .-P ., W . H. McGrath and Edw. T . Steel; Clerk, William T .
Crawford; Sec., James B . Howe, Seattle; Treas., Henry B . Sawyer; Gen.
Mgrs., Stone & Webster M g t. Assn.— V. 116, p. 936, 1051, 1276, 1761,
2389; Y. 117, p. 782, 895, 1347; V. 118, p. 665, 908, 1269, 1521, 1774.
SEATTLE AND RAINIER VALLEY RAILW AY CO.
Possible Purchase by City.— For terms upon which co. would be willing
to sell its street railway property to the city o f Seattle see this section of
April 24 1920.
O R G A N IZA TIO N .— Incorp. In Del. on June 8 1916 as successor to the
Seattle Renton & Southern R y ., which was bid in at foreclosure sale on
M ay 12 1916 by Attorney John O. Higgins, representing the bondholders
(there were $825,000 1st 5s outstanding) and common claimants under the
plan o f reorganization. Y. 102, p. 2078.
In Apr. 1917 reached a settlement with city over franchise difficulties
and co. was awarded a judgment of $41,700 against city because of changes
In grades on Rainier Ave , &c.
Has $250,000 com. stock and $110,000 pref. stock (par $100 )auth. and
outstanding. Also has outstanding $418,000 6% 1st M . bonds, $577,500
5% Gen. M . bonds and $400,000 6% income mortgage bonds.
EARNINGS.-—-For year ending Dec. 31 1923, gross, $460,610; net,
$157,890. In 1922, gross, $508,543; net, $165,713.
ROA D .— 24,863 miles o f track, from Seattle to Columbia City. Hillman
Rainier Beach and Renton. Rails, 60, 70 and 75-lb. T . Standard gauge.
34 passenger cars, 19 freight cars, 2 locomotives and 1 line car.
OFFICERS.— Pres., Marshall E . Sampsell, Chicago: V .-P ., E . M .
Mills; Gen. M gr., Walter M . Brown; Treas., E. W. Gross; Sec., Leroy J.
Clark.— V. 108, p. 380, 785, 1276, 2331; V. 110, p. 79, 1291; V. I l l , p. 74,
793; v . 113, p . 2722; V. 116, p. 1761.
Sept. 1 1933 to Sept. 1 1938 at 10746; on and from Sept. 1 1938 to Sept. 1
1943 at 105; on and from Sept. 1 1943 at 102 46, less 46 of 1 % per annum for
each year or fraction thereof elapsed after Aug. 3 1944; on or after Sept. 1
1947 at 100. Tax refund in Penna., Mass, and Conn. V. 116, p. 515;
V. 117, p. 1461.
The Sheboygan Elec. ref. & impt. 5s are callable at 105 and int. since
July 1 1921 on any int .date. Sinking fund 1 % per ann. of bonds outstand
ing from 1920 to 1930; 146% 1931 to 1940; 2% 1941 to 1945; to be used for
retirement of bonds or for extensions and additions. Trustee, Wisconsin
Trust C o., Milwaukee.
Dividends.— Divs. on pref. stock were begun in June 1917.
EARN ING S.— Combined statement o f consolidated companies for 12
months ending Dec. 31 1923, gross, $1,959,140; net, $628,746; int. charges,
&c., $415,674; bal.. surplus, $213,072.
PR O PE R T Y .— Gas plant and 42 miles o f gas mains in Fond du Lac.
electric-distribution system and 3 electric-generating plants, combined
capacity o f 6,500 h. p. in Sheboygan, Fond du Lac and Oshkosh; street rail
way and interurban lines over 100 miles o f single track. The greater part
of the interurban lines is laid chiefly with 70-lb. T rails, and with the excep
tion o f that portion from Oshkosh to Neenah and within city limits is located
on private right of way. Additional 5,000 k.w. steam turbine unit is to be
installed, and high-tension transmission lines will be built immediately.
Mso hydro-electric power sites on the Wisconsin and W olf Rivers capable
of estimated development of over 20,000 h.p. A gas plant at Fond du Lac
with a 500,000 cu. ft. holder was placed in operation in 1918. V. 107, p.
1192; V. 109, p. 981; V. 110, p. 1186, 1289; V. 114. p. 1538, 2717; V. 116.
p. 295, 410, 515, 1649, 2516; V. 117, p. 553, 1461, 2542; V. 118, p. 1664.
SHREVEPORT, LA.
SHREVEPORT R A ILW A YS CO.
OR GA N IZA TION .— Successor o f the Shreveport Traction c o . , the francnises and properties of which company were purchased in July 1914 by the
3hreveport Railways C o. Shreveport Trac. C o., in turn, succeeded tbe
Shreveport Belt R y. Co. and Shreveport City R R ., chartered in 1870, and
purchased the Highland Park Trac. Co. and the Shreveport City Suburban
Ry. Owns and operates entire street railway system in city of Shreveport.
Franchises.— In 1912 all franchises o f the company were extended until
1954. All franchises are free from burdensome restrictions.
SHAMOKIN, PA.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
SHAMOKIN & MT. CARMEL TR A N SIT CO.
$1,000,000 Ja n ’23, 3%
ORGAN IZATION .— Is a consolidation in July 1906 o f the Shamokln & Stock $ 2 ,0 0 0 ,0 0 0 ..................................................
1st M ser gold bds $3,000,000/ 1914
5 g J-J
710,000
See text
M t. Carmel Electric Ry. and the Ashland & Oentralia Electric R y. V. 83,
($100. $500 & $1,000) c*tf tin t, at Hibernia Bk. & T r. C o., N . O., trust.
p. 273.
Bonds — Redeemable at 103 and interest. The $800,000 bonds issued
Valuation.— In April 1921 the Penna. P. S. Comm, placed the valuation
mature in annual installments as follows (par value $1,000, ex
of the c o .’s properties at $1,300,000. V. 112, p. 1519.
cept for $50,000 of $500 bonds and $20,000 of $100 bonds due in 1944);
STOCK A N D BONDS— Date.
Interest. Outstanding.
Maturity
$10,000 1918 and 1919: $15,000 1920 and 1921; $20,000 1922 to 1927;
Common $700,000.................................................
$529,750 Dec’23, 1/6%
$25,000 1928 to 1932; $30,000 1933 to 1937; $25,000 1938 to 1942; $20,000
Pref $300,000 6% non-cum______ _____________
261,850 D ec’23, 1 1 4 %
1943; $210,000 1944. The remaining $2,200,000 will fall due annually at
New mortgage $600,000------- f 1906
5%
415.000
1936
follows (par $1,000 except $100,000 of $500 bonds and $80,000 of $100
(Penn. C o. for Ins. on L. & G. A .. Phila.. trust bonds due in 1944); $5,000 1925 to 1937; $15,000 1938 to 1942; $20,000
E A R N IN G S .— For year ending D ec. 31 1923, gross, $305,029; net,
1943, and $2,040,000 in 1944. $90,000 redeemed to Oct. 1 1923- These
after taxes, bond in t., & c., $51,865. In 1922, gross, $242,468; net, after remaining $2,200,000 bonds may be certified and issued from tima to time
taxes, $13,612.
for improvements, extensions, additions, &c., under certain restrictions
(V. 99. p. 199).
ROA D .— Operates 19.5 miles o f track between Ashland and Shamokln.
RE PO RT.— For years ending Dec. 31:
O F F IC E R S .— Pres. & Gen. M g r., W m . K iefer, M t. Carm el, P a .; Sec.,
Year—
Gross.
Net.
Interest.
Surplus.
J. D . M cC onn ell; Treas., Fred K iefer, M t. Carm el, P a.—-V. 108, p. 2650; 1923______________________$650,866
$65,254
$40,210
$25,044
V . 112, p. 1519, 2538', V . 118, p . 665.
1922____________________ 629,421
93,353
40,699
52,654
ROAD, &c.— Operates about 32 miles of track; 60. 70 and 80-lb. rail.
Owns and operates its own power plant. 11 single truck and 28 double
SHAWNEE, OELA.
truck pass. cars. 14 one-man cars. 1 work car and 2 miscellaneous cars.—
V. 115, p. 2794; V. 116, p. 1412; V. 117, p. 209, 1521.
SHAWNEE-TECUMSEH T R AC TIO N CO.
ORGAN IZATION .— Incorporated in Oklahoma on Feb. 13 1906'
Franchises are perpetual and exclusive for 25 years.
SIOUX CITY. IOWA.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity
SIOUX C IT Y GAS & ELECTRIC CO.
Stock $500,000 ($100)...................- ......................
$500,000 __________
First mortgage $1,000,000/ 1906
5 g J-D
300.000
1926
ORGANIZATION. &G.— Incorp. in Iowa in 1901. Did all the gas as
well as a portion of the electric light and power business in Sioux City,
($1,000) gold----------------c*\Int. at Equitable Trust C o., N . Y .t trustee
Iowa, up to 1922. On N ov. 2 1922 acquired the electric generating plant
Bonds.— Can be called in 1916 at 105. No sinking fund.
and distribution system formerly owned by the Sioux City Service C o., thus
EARN IN G S.— For 12 mos. ending Dec. 31 1922, gross, $58,722; net
$8,878; taxes & int., $17,181; bal., def., $8,303. In 1921, gross, $71,767: placing the entire light and power and gas business in the city o f Sioux City
under the ownership and management of the Sioux City Gas & Electric Co.
net, $27,907; taxes & int., $17,415; bal., sur., $10,979.
Tbe Sioux City Gas & Electric Co. owns substantially all of the outstanding
ROA D .— Operates lOmiles of track In Shawnee and between Shawnee and capital stock o f the Sioux City Service Co. (see below), which latter com
Tecumseh. Standard gauge. 60 and 70-lb. T rail.
pany continues to own and operate the street railway and heating business
OFFICERS.— Pres. & Treas., Louis K. Hyde; Gen. M gr., J. G. Phillips;
in Sioux City.
Sec., Geo. L. Webb.
Exchange Offer.— In Oct. 1922 holders of Sioux City Service 1st & Ref.
Mtge. 5s were offered in exchange for their bonds new Sioux City Gas &
Electric Co. 1st Mtge. 6% gold bonds, Series A, maturing Sept. 1 1947, on
a basis of exchange at par and int. for the Service Co. 1st & Ref. 5s and
SHEBOYGAN, WIS.
99/6 and int. for the Gas & Electric Co. new 1st 6s.
EASTERN WISCONSIN ELECTRIC CO.
In N o v . 1923 the issuance o f $600,000 7 % pref. stock was auth., o f which
Control.— In June 1922 the Wisconsin Power Light & Heat C o., a sub $300,000 was offered for sale (chiefly to em ployees and custom ers) at par.
sidiary o f the Middle West Utilities Co., was auth. by the Wise. R R . Comm, V . 117, p- 2223. In Feb. 1924 sold $2,550,000 2 5-yr. 1st m tge. 6 % bonds,
to purchase the $700,000 then outstanding com. stock o f the co. See V. Series B , proceeds being applied to cost o f construction o f a steam generating
station on the Big Sioux R iv er. V . 118, p. 1023.
115, p. 310, under caption “ Wisconsin Power, Lt. & Heat C o .”
Date.
Interest. Outstanding. M aturity
S T O C K A N D B O N D S .—
O R GAN IZATION .— Incorp. Feb. 21 1917 to take over the properties
____
$4,000,000
_______
of the Sheboygan Electric C o., the Eastern Wisconsin Ry. & Light Co. and Com m on stock $4,000,000____ ______
____
2,003,200
_______
the Wisconsin Electric Ry. (See “ Elec. R y ." Section for Jan. 1917). Owns Pref stock 7 % $4,000,000-------- --------6 g M -S
4,500,000 Sept 1 1947
and operates the electric-lighting, power and street railway systems in She 1st m tge ser “ A ” ____________ 1 1922
Series “ B ” ________________ [ 1924
6 g F -A
2,550.000 F eb. 1 1949
boygan and Fond du Lac, gas in Fond du Lac, street railway in Oshkcsh,
($100, $500&$1,000) g .c * tf J Int. payable in N . Y . or Chicago.
and about 70 miles o f Interurban lines connecting Sheboygan and Elkhart
Lake, Fond du Lac and Oshkosh. Oshkosh and Neenah, and Oshkosh and
B on d s .— Series “ A ” are red. all or part on 60 d ays’ notice on Sept. 1 1932
Omro. Power is also sold in Plymouth, Elkhart Lake and Sheboygan and thereafter to Sept. 1 1936 at 107 /6 and int.; thereafter to Sept. 1 1941 at
Falls. Franchises.— Operates under indeterminate permits as providek 105 and in t.; thereafter to M ar. 1 1946 at 102/6 and in t., and thereafter at
by Wise. P. U. Law, and is thus protected from competition.
100 and int. Annual sin kin g fu n d o f /6 o f 1% o f bonds o f Series “ A ” out
standing com m ences M a y 1 1927. Series “ A ” bonds are red. for sinking
Operation of Buses by Co.— See V. 117, p. 553.
In Jan. 1923 issued $1,917,000 1st lien & ref. mtge. 6% bonds, Ser. “ A ,” fund purposes from Sept. 1 1927 to and incl. Sept. 1 1932 at 107/6 and in t.,
roceeds being used to retire $1,200,000 3-yr. gen. mtge. 7% notes due and thereafter at the then existing redem ption price. Series “ B ” are red.
lar. 1 1923, to retire certain underlying bonds, and for add’ns. &c. V. all or in part upon 60 days’ notice on Feb. 1 1934 and thereafter on or prior
to Feb. 1 1938 at 107/6 and in t., and thereafter on or prior to F eb. 1 1943
116, p. 515.
In 1923 was auth. b y the Wis. R R . Comm, to issue and sell at par for at 105 and in t., and thereafter on or prior to A ug. 1 1947 at 102/6 and in t.,
cash $375,000 add’l common stock (not incl. in amount reported outstand and thereafter at 100 and int. Annual sin k in g fu n d o f Z6 o f 1 % o f the total
am ount o f Series “ B ” bonds outstanding. Series “ B ” bonds are red. for
ing). V. 116, p. 515. Compare V. 116, p. 295.
In Sept. 1923 issued $1,150,000 1st lien & ref. mtge. 646% bonds, series sinking fund purposes either b y call from Feb. 1 1929 to and incl. Feb. 1
“ B ,” proceeds being used toward the retirement o f $1,182,000 Eastern Wis. 1934 at 107/6 and in t., and thereafter at the existing redem ption prices,
or b y purchase in the m arket at o t below said redem ption prices. Penna.
R y. & Lt. 1st mtge. 5s due Oct. 1 1923. V. 117, p. 1461.
In Dec. 1923 the co. was auth. by the Wisconsin R R . Comm, to issue 4-mills tax, C onn. 4-mills tax and M ass, incom e tax on int. not exceeding
$40,000 pref. stock, proceeds to be used for additions and extensions. 6 % per annum refunded.— V . 115, p. 1847, 2278; V . 116, p . 2398; V .
117, p . 2223, 2781; V . 118, p. 1023.
V. 117, p. 2542.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity
(1) Sioux C ity Service Co.
Substantially all the capital stock is owned by Sioux City Gas & Electric
Common stock. $2,000,000_ _____
_
________ $1,215,000
_______
Pref stock,7%,$5.000.000 c u m ____
Q-M
1,437,000 M ar’24, 1*4
Co., which see above.
1st & ref M $20,000,000 gt 1917
5 g M-S
1,124,500 Mar 1 1947
ORGANIZATION, &C.— Incorporated on June 7 1905 in New Jersey
($500 & $1.000)c*________ f Interest payable in Milwaukee or N . Y .
m March 1909 increased capital from $250,000 to $2,000,000, in order to
1st lien & ref. mtge. ($100,
acquire stock of Sioux City Traction Co. V. 88, p. 1129- Franchises of the
$500 & $1,000) g ______c*tf
Sioux City St. Ry. (succeeded by Sioux City Traction) run for 50 years from
6 g J-D
2,048,000 Dec 1 1942
Series “ A ” ______________ f 1922
1889: other franchises run for 25 years from 1908. These latter were on the
Series “ B ” ______________ j 1923
6/6 g M-S 1,150,000 S e p tll9 4 8
cerms of 5-cent fares with transfers and 2% of gross earnings after the city
(Int. payable in Chicago or New York.
has a population of 75,000 but on Sept. I 1920 a 6-cent fare was granted for
Underlying Liens—
3 years.
Sheboygan Elec ref & impt M, / 1916
5 g J-J
1,540.500 July 11946
Operates all street railway lines in Sioux City and sells steam heat for
g ($1,000 & $500)____c*tf\ Interest payable In Milwaukee or N. Y.
commercial purposes. On N ov. 2 1922 the co.’s electric generating plant
BONDS.— $2,665,000 East. Wise. Elec. Co. 1st & ref. M . 5% bonds are and distribution system were acquired by the Sioux City Gas & Elec. C o.,
reserved to retire prior liens and $3,133,000 are pledged as security for the which owns substantially all the co.’s capital stock. V. 115, p. 2268.
In July 1919 the company issued 1st < ref. (now first) mtge. 5s, $750,600,
&
1st lien & ref. mtge. bonds. Additional bonds'may be issued for 75%
of actual cost o f permanent additions and improvements under conservative being used to retire a like amount of Sioux City Traction 1st mtge. 5s, and
restrictions. Callable at 105 and int. since Mar. 1 1922 on any int. date. the remainder to reimburse the company for improvements and betterments
Sinking fund: 1% per annum o f bonds outstanding in 1922 to 1931; already made. V. 109, p. 73.
Jitneys Barred.— V. 113, p. 961.
146% 1932 to 1941; 2% 1942 to 1946; to be used for retirement of bonds or
Offer to Bondholders.— For offer to exchange bonds of Sioux City Gas &
for exts. and addns. against which no additional bonds may be issued
Trustee, Wisconsin Trust Co., Milwaukee. V. 104, p. 1145. The 1st Electric Co. for 1st & Ref. Mtge. 5s, due Jan. 1 1928, see that company
Ken & ref. mtge.bonds are secured by pledge o f $3,133,000 1st & ref.mtge. above, and V. 115, p. 1839.
5s. M tge. provides for maintenance and renewal fund. Ser. “ A ” are red.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
all or part on and after Dec. 1 1932 and prior to Dec. 1 1937 at 105 & int., Stock$2,000,000 ($100)....................
.............
$2,000,000 _____ _____
5 J-J
X283.000 Jan 1 1928
and thereafter prior to Dec. 1 1942 at 10246 and int., less 46 o f 1% for each First & ref mtge $5,000,000/ 1910
($1.000) gold________ c*tf l Illinois Trust & Sav. Bank. Chicago, trustee.
year or fraction thereof elapsed after N ov. 30 1938; on or after Dec. 1 1941
x Funds on deposit with trustee for purchase of all outstanding bonds at
at 100 & int. Ser. “ B ” are red., all or in part, at any time on 30 days’
notice on or after Sept. 1 1933 at the following prices and int.; on and from par and interest.
S
A pril, 1924.]
Latest Earnings.— For cal. year 1923, gross, $1,141,056; net, $141,858.
R O A D .— Operates over 51 miles o f track (of which 7 miles on private
right o f way). 60 and 80-lb. rails. 129 cars.
OFFICERS.— Pres., E. L. Kirk; V .-P. & Gen. M gr., W m. J. Bertke;
Sec. & Treas., J. H. Ricker.— V. 109, p. 73; V. I l l , p. 1084; V . 112, p . 2643;
V. 113, p. 961; V. 115, p. 1839. 2268.
SOUTH BEND, IND.
CHICAGO SOUTH BEND & NORTHERN INDIANA R Y — Trolley
road.
ORGAN IZATION .— Incorporated in Indiana In Jan. 1907 as successor
to the Northern Indiana R y., which had consolidated the Indiana R y .. the
South Bend La Porte & Michigan City R y ., the Michigan City Electric Co.
and the Michigan City Traction Co.
Franchises.— In July 1921 the co. surrendered its local franchises and now
operates under an indeterminate permit. V. 113, p. 701.
Default— Committee — Upon the announcement by the co. that it would
be unable to pa^ the int. due July 1 1918 and that plans for a reorganization
were under consideration the following protective committee was formed.
Committee for lsl M . 30-Year 5s.— Chairman, Geo. C. Van Tuyl Jr.:
L. H. Gethoefer, David Taylor, Wm. H. Pritchard, Frank Coenen and
Jas. F. McNamara, Sec., 60 Wall St., N .Y . City. Depositary; M etro
politan Trust C o., N. Y . City. V. 107, p. 291. The committee has called
for deposits o f bonds and as of July 17 1918 Issued a statement stating
that a considerable amount of bonds had already been deposited and urging
those who had not yet deposited to do so, especially in view of the fact
that default had also occurred in payment o f interest upon underlying
bonds. V. 107. p. 603.
To Operate Buses.— In Feb. 1924 the Board o f Public Works of South
Bend, Ind., approved a 10-year franchise to the company for the operation
o f buses, subject to ratification by the Common Council. V. 118, p. 663.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $5,000,000 ($100)_ ...........................
$5,000,CO ...................
O
Pref $2,500,000 5% cumT ...........................
2.500,000 ............... .
($100) after Jan 1 1 9 0 9 -.-J
2,489,000 Jan 1 1937
New first mtge $5,000,000' 1907 5 g J-J
gold ($1,000).......... ....... tf Int. at Central Trust C o., N . Y ., trustee
Nor Ind Ry 1st cons M $4,
1906 5 g J-J
588.000 Jan 1 1936
c
000,000 gold ($ l,0 0 0 )-.-tf Int. at U. S. M tge. S Trust C o., New York
Indiana Railway first mort 1901
5 g J-J
1,000.000 Jan 1 1930
gage $1,000,000 gold ($1,- Girard Trust C o., Philadelphia, trustee.
000)............... ................c*tf Interest at Standard Trust C o., New York
La Porte S Michigan City Tr 1905
c
5 g J-J
312,500 July 1 1930
first mtge $350,000 ($500) Interest at First Trust & Savings Bank.
sinking fund subj to ca ll.tf
Chicago, 111.
Bonds.— On the Indiana R y. 1st 5s a sinking fund o f $10,000 per annum
began Jan. 1 1905: bonds to be bought In open market. Are not subject to
call. Northern Indiana 1st consols are subject to call. See V. 82, p. 568.
On the La Porte & Michigan City Traction Co. bonds a sinking fund of 1 %
per annum o f bonds out is operative from 1910 to 1914; from 1915 to ma
turity, 2% per annum. Of the new first mortgage bonds, $491,000 are in
treasury, $1,900,500 are reserved to retire prior liens, and $118,500 for
Improvements.
E A R N IN G S.— For years ending Dec. 31:
Year—
Gross.
Net.
Oth.Inc. Taxes.
Interest. Surplus.
$3,154 $62,076 $240,712 $50,678
1921............. $1,249,349 $350,311
1920............ 1,244,850 365,340
666 55,109
240,215 70.683
R OAD.— Operates 125 miles o f track in South Bend, Mishawaka, Elk
hart. Goshen, La Porte, Michigan City and interurban lines between those
points. Gauge, 4 ft. 814 in.; 70 to 100-lb. T rail. Owns 129 cars and
11 sub-stations.
OFFICERS.— Pres., Charles F. Dieterich, New York; 1st V .-P ., C. M .
Murdock, Lafayette; Treas., A. E. Dieterich; Sec., S. T. Murdock; V.-P. &
Gen. M gr., R. R . Smith; Gen. Aud., O. A. Small; Purch. Agt., R. E.
Cornwell.— V. 84, p. 270; V. 107, p. 291, 603; V. 108, p. 378; V. I l l , p.
791; V. 113, p. 701; V. 117, p. 85; V. 118, p. 663.
SOUTHERN MICHIGAN RA ILW A Y.— A trolley road.
Is controlled by same interests as Chic. South Bend & Northern Indiana.
ORGANIZATION.-—-Organized on Feb. 8 1906 as a consolidation of the
South Bend & Southern Michigan Ry. and the Niles & Buchanan Ry.
F r a n c h i s e in St. Joseph expires in 1935; in Berrien Springs in 1935; in Niles
in 1932, 1935, and 1936; in South Bend, perpetual.
STOCK AN D BONDS—
D a le .
In terest.
O u t s ta n d in g .
M a tu r ity .
Stock $2,000,000__________________
_______
$2,000,000 __________
First consol mtge $1,980,0001 1906
5g
400,000 Mar 1 1931
gold ($1,000)----------------tf\Int. at U . S. Mtge. & Trust Co., New York.
South Bend & Sou Michigan} 1902
5 g A-O
750,000 Oct 1 1927
first mtge $750,000 gold} Interest at Harris Trust & Savings Bank,
($1,000) guar p & i_ c* .tf [ Chicago, trustee.
_
B o n d s . — Of the $1,980,000 consols, $750,000 are reserved for prior liens
and $750,000 for betterments and extensions. These bonds are subject to
call on any int. date at 105. The following amounts are payable annually
into a s i n k i n g f u n d from March 1 1909 to Feb. 28 1915: 1% of bonds out
standing, from March 1 1915 to Feb. 28 1925, 1J^% o f bonds out; and from
March 1 1925 to Feb. 28 1931, 2% of bonds out. The South Bend & South
Michigan bonds are not subject to call. $5,000 per annum is payable into
a s in k in g f u n d on these bonds, commencing Jan. 1 1907. See V. 82, p. 1158,
and V. 83, p. 493.
EARNINGS —For 12 months ending Dec. 31:
Year—
Gross.
Net.
Taxes. Interest. Surplus.
1921....................................$292,476
$98,517 $21,880 $58,926 $17,711
1920
334,349122,773
18,467 58,058
46,248
ROAD.— Operates a line from South Bend to St. Joseph. Total track.
35 miles. Standard gauge; 70-lb. T rail. Has 12 motor cars. 2 baggage
and express cars and 3 sub-stations. General Electric and Westinghouse
equipment. Purchases power.
OFFICERS.— Pres., Chas. F. Dieterich. New York; V .-P ., Chas. M .
Murdock; Treas., A . E . Dieterich, New York; Sec., S. T . Murdock; V.-P.
S Gen. M gr., R . R. Smith; Aud., O. A . Small; Purchasing Agent, R . E.
c
Cornwell.— V. 83, p. 493.
SPARTANBURG, S. C,
SOUTH CAROLINA GAS & ELECTRIC CO.
ORGANIZATION.— Incorp. in Maryland Sept. 23 1922. Organized
for the purpose o f taking over the property, rights and franchises of the
South Carolina Lt. Pow. & Rys. Co. (for history see “ Electric Railway”
Supplement of Oct. 28 1922) as per plan outlined in V. 115, p. 760. The
new co. took over the properties of the So. Caro. Lt. Pow. & Rys. Co. and
began operations on Oct. 1 1922.
Operations.— On June 22 1923 the So. Car. R R . Comm. auth. the co. to
discontinue operations within the city limits o f Spartanburg, effective
July 21 1923. Buses are to be used inside the city limits and will connect
with the interurban cars which the co. will continue to operate. V.
117, p. 88. On Jan. 14=924, however, the South Carolina Supreme Court
handed down a decision ordering the company to resume service in Spar
tanburg. V. 118, p. 432.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Common $1,250,000 ($ 1 0 0 ).............
- ................. $1,250,000 ...................
1st pref $2,000,000 cum ($ 1 0 0 )____
7%
See text
___________
2d pref $1,000,000 cum ($100)______
6%
700,000 ...................
Ctfs o f indebtedness (red at opt o f co)
None
409,365 __________
Certificates of indebtedness_ _____
_
None
78,478 Jan 2 1928
1st Mtge $5,000,000 ($1,000) T 1922
6 g M-S 15
3,700,000 Dec 15 1932
g o l d ________________ c*tf jNew Y rk Trust Co., N . Y ., Trustee.
10-yr Mtge bonds $650,0001 1922
6 g J-D 15
650,000 Dec 15 1932
($1,000) gold_______ c*ntf/A m eric i Exchange Nat. Bk., N . Y ., Trust.
Stock.— Neither o f the pref. stocks carry voting powers; $650,000 of the
1st pref. is reserved for the conversion of 10-yr. 6% conv. mtge. bonds.
121
ELECTRIC RAILW AYS
Certificates of Indebtedness.— Bear no interest.
Bonds.— The 1st mtge. 6s have annual sinking fund commencing Jan. 1
1929, equal to 1% of the bonds outstanding. Are call, on any int. date
at 105 and int. Int. payable at office of A. B. Leach & C o., 62 Cedar St.,
N . Y . City. The 10-yr. conv. mtge. 6s are conv. into 1st pref. 7% stock
at any time prior to maturity on the basis of 11 shares of stock for each
$1,000 prin. amount o f bonds so converted. Call, all or part at any time
at par and int. Int. payable at office of A. B . Leach & Co., 62 Cedar St.,
N . Y . City.
WARNINGS.— For 11 mos. ending Aug. 31 1923: Gross, $774,880; net,
after taxes, $289,151; bond and other int., $218,930; balance, sur., $70,221.
OFFICERS.— Pres., Geo. B. Tripp; V .-Ps., F. B. Lasher and Isaac
Andrews; Sec. & Treas.. Paul W . Fisher.— V. 115. p. 1943, 1259; V. 116,
p. 78, 177. 516, 1051, 1533; V. 117, p. 88; V. 118, p. 432.
SPOKANE, WASH.
SPOKANE & EASTERN R Y . & POWER CO.
ORGANIZATION.— Incorporated in Washington January 3 1920.
The property of the Spokane & Inland Empire R R . Company was pur
chased at foreclosure sale on November 1 1919, by George H. Taylor,
representing the bondholders’ protective committee, named below. (For
history of Spokane & Inland Empire R R . see “ Electric Railway” Sup
plement of April 24 1920.) Mr. Taylor then transferred the street ry. lines
and passenger and freight terminals in Spokane,the hydro-electric station
known as the Nine Mile Power Plant and the electrically equipped inter
urban line from Spokane to Coeur d'Alene City and Hayden Lake, Idaho
to the Spokane and Eastern R y. & Power C o., receiving in payment therefor
the entire outstanding capital stock of $3,000,000, the entire outstanding
and authorized issue of $3,000,000 First and gen. mtge. 5 % 5-yr. gold bonds,
dated Feb. 1 1920 and the demand notes for $150,000 bearing int. at 6 % .
These securities have all been transferred to the committee and are held
for the benefit of the depositing bondholders.
Committee for Spokane & Inland Empire RR. 1st & R ef.M . 5s.— Chairman,
Albert W . Harris; E. D . Alder, Chester A. Cook, Holmes Forsyth, John C.
Partridge; Sec., Chester Corey, 202 Harris Trust Bldg., Chicago, 111.
Depositary; First Trust & Savings Bank, Chicago. 111. V. 109, p. 1367. At
last accounts $3,627,000 out of a total outstanding issue of $3,668,000 had
been deposited.
Municipal lighting franchise in Spokane expires in 1945.
Consolidation of Street Railway Properties.— The street railway system
owned by the co. was transferred on July 1 1922 to the Spokane United Rys.,
which also acquired the street railways owned by the Washington Water
Power Co. Securities of the Spokane United Rys. accepted in payment for
the property transferred. See “ Spokane United R ys.” below.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
_________
$3,000,000 __________
Stock $3,000,000 ($100)___________
1st mtge bon ds...$3,000,000f 1920 5 F-A 1
3,000,000 Feb. 1 1925
($1,000)_______________c&rtf tint, at Harris Tr.& Sav. Bk., Chicago, trust.
O d ’A & S 1st M $500,000 g j 1903
5 g J-J
442,000 Jan. 1 1929
($100, $500 & $1,000).c * tflin t , at Title Guar. Sc Tr. C o., N . Y ., trustee
Spokane Terminal 1st mtgef 1905
5 g F-A
125 000 See text
$500,000 gold ($500 and} Interest at First Trust & Sav. Bank, Chl$ 1 ,000 )______________c*tf l cago. trustee, or at First Nat. Bank. Bost,
Bonds.— The Spokane Terminal Co. bonds mature $12,500 on Aug. 1 from
1910 to 1929 incl. and $100,000 on Aug. 1 1930. The unissued bonds ma
ture in 1930 and are subj. to call at 105 and int. On the Coeur d’Alene &
Spok. Ry. bonds a sink. fd. of 5% of net earns, is provided. Bonds are
subject to call at 105 & interest.
EARNINGS.— Calendar years:
Calendar Year—
Gross.
Net, aft. Tax.
Interest.
Bal.,Sur.
1922____________________ $798,028
$302,990
$188,700
$114,291
1921........... .......................... 720,314
227,737
189,381
38,356
ROAD, &C.— Interurban line has passenger terminal and office building
in Spokane. The line to Coeur d ’Alene City and Hayden Lake includes
53.114 miles main track, 16.854 second and 22.419 yard and sidings.
Equipment consists of 3 locomotives, 35 passenger, 183 freight, 8 work cars.
OFFICERS.— Pres., M . H. MacLean; V .-P .. J. W . Esmond; V.-P. &
Treas., Waldo G. Paine; Sec. & Aud., L. C. Ream.— V. 116. p. 948, 2360;
V. 115, p. 545, 1839.
(1) Inland Empire Railroad Co.
ORGANIZATION.— Incorp. in Wash., Jan. 3 1920. The property
of the Spokane & Inland Empire R R . Co. was purchased at foreclosure sale
on Nov. 1 1919, by George H. Taylor. For history, see “ Electric Railway”
Sectionfor Apr. 24 1920. Mr. Taylor then transferred the so-called Inland
Division to the Inland Empire R R . C o., receiving In payment therefore
the entire outstanding capital stock of $1,000,000 and the entire outstanding
and auth. issue of $1,000,000 1st mtge. 5% 5-yr. gold bonds, dated Feb. 1
1920. These securities have all been transferred to the committee for the
Spokane & Inland Empire R R . 1st & ref. mtge. 5s (see Spokane & Eastern
Ry. & Power Co. above) and are held for the benefit of the depositing
bondholders.
EARNINGS.— For cal. year 1922, gross, $492,240; net, after taxes, def.,
$106,987; interest, $53,460; bal., def., $160,646. In 1921, gross, $582,363;
net, after taxes, def., $37,791; interest, $50,666; bal., def., $88,457.
ROAD, &C.— Owns and operates 125.718 miles main track and 19.712
miles yard and sidings. Extends from Terminal Junction, which is at the
outskirts of Spokane, to Colfax, Wash., and Moscow, Idaho. Equipment
consists of 10 locomotives, 20 passenger, 184 freight, 3 work cars.— V. I l l ,
p. 22 2 8 ;V. 112, p. 849.
OFFICERS.— Pres., M . H. MacLean; V .-P. & Treas., Waldo G. Paine;
Sec. & Aud., L. C. Ream.
THE WASHINGTON W ATER POWER CO,
ORGANIZATION.— Chartered in Washington March 13 1889 for 50
years. Owns all the property formerly belonging to the following cos.:
Big Bend Light & Power Co., Edison Electric Illuminating Co., Post Falls
Water Power Co., Spokane County Electric Co.
Owns the entire capital stock of the Idaho-Washington Light & Power
Co., and the St. Maries Light & Power Co., acuired July 1 1913. V. 97,
p. 523; and Spokane Central Heating Co., acquired M ay 2 1919 and Inter
mountain Power C o., acquired July 1 1922, and the Okanogan Valley Power
Co. acquired Jan. 1 1923.
The street railway properties of The Washington Water Power Co. and
those o f the Spokane City Rvs. Co. were sold on June 30 1922 to Spokane
United Rys. (see below), thus consolidating these competing street railways
In a new corporation in which The Washington Water Power Co. owns a
controlling interest.
Owns all the water power on the Spokane River at Spokane, Wash.;
also at Long Lake, Little Falls and Kettle Falls, Wash., and Post Falls, Ida.
Operates electric light and power distributing systems in Spokane, Hillyard, Albion, Almira, Belmont, Brewster, Bridgeport, Colfax, Creston,
Colton, Davenport, Diamond, Endicott, Elberton, Ephrata, Farmington,
Govan, Garfield, Hartline, Harrington, Johnson, Krupp, Lake Chelan,
Latah, Lind, Mansfield, Neppel, Oakesdale, Odessa, Okanogan, Omak,
Oroville, Palouse, Pateros, Pullman, Quincy, Ritzville, Reardan, River
side, Rockford, St. John, Sprague, Stratford, Spangle, Tekoa, Tonasket,
Wilson Creek, Uniontown, Wilbur, Okanogan in Washington and Genessee,
Moscow, Osborne and St. Maries in Idaho; also supplies power for oper
ation o f other companies at Cheney, Clarkston, Coulee City, Fairfield,
Medical Lake, Newport, Steptoe in Washington, and Coeur d ’Alene,
Juliaetta, Kellogg, Kendrick, Lewiston, Post Falls, Rathdrum, Troy,
Wallace and Wardner in Idaho; also furnishes and distributes power for
mining and smelting purposes in the Coeur d ’Alene district o f Idaho.
In Nov. 1917 entered into a contract with the Intermountain Power Co.
to furnish power for the operation of the trains of the Chicago Milwaukee &
St. Paul Ry. Co. over the electrified section of its road on the western
extension over the Cascade Mountains. Co. began supplying power for use
of the railroad in the summer o f 1919.
Franchises.— For electric lighting and power in Spokane run to June 1 1944
in smaller towns various lengths, 25 to 50 years.
On March 15 1910 increased auth. capital stock from $10,000,000 to
$15,000,000 and on Dec. 2 1913 to $20,000,000. V. 97, p. 1505. On
Mar. 12 1923 auth. capital stock was increased from $20,000,000 to $35,000,000. V. 116, p . 1277. Stockholders of record April 24 1923 were given
the right to subscribe to $1,833,020 new stock at par to the extent of 10%
of their holdings. V. 116, p. 1762.
122
ELECTRIC RAILWAYS
Acquisition o f Kettle Falls Power Site.— In 1921 acquired power site on
the Columbia River at Kettle Falls, Wash., and on July 26 1922 was
granted preliminary permit by the Federal Power Commission for the
construction o f the plant.
Acquisition of the Okanogan Valley Power Co.— On Jan. 1 1923 acquired
through purchase entire capital stock o f the Okanogan Valley Power Co.,
owning and operating tower plants , transmission I ines and distribution
systems serving towns In the Okanogan Valley, in Washington.
In Dec. 1923 sold $3,600,000 6% 2-year unsecured notes, proceeds being
used in part to refund $2,060,000 G!4 % 2-year secured notes due Feb. 2
1924. V. 118, p. 666.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
Stock $35,000,000 ($100).............
Q-J
$20,180,400 See text
1st consol mtg and collateral) 1899 5 g J-J
228,000 July 1 1929
trust, $2,000,000, gold [Interest at Farmers’ Loan & Trust Co., N .Y
($1,000)_____________ c*&rj successor trustee.
1st rer mtge, $15,000,000 gl 1909
5 J-J
5,499,000 July 1 1939
($1.000)______c* & r* c p tfln t. at Farmers' L. S Tr. C o., N. Y.. trustee
c
2-year coupon notes $3,800,-f 1923
6 F-A
3,600,000 Feb 2 1926
000 ($100, $500 and $ l,-)In t. at Central Union Trust C o., N. Y ., and
000)------------------------------- cl. Union Trust C o., Spokane.
10-year debentures_________
1919
see text
1,400.000
1939
Bonds.— Of the $15,000,000 refunding & ext. mtge. bonds, $228,000 are
reserved to retire 1st mtge., $228,000 are reserved to retire 1st cons. mtge.
& coll, trust bonds, $3,800,000 are in treasury, $1,673,000 have been can
celed by sinking fund, and the remainder are for add’ns and extens. at
not to exceed 50% of cost. Sinking fund of 2% per annum of bonds out.
began Sept, 1909 for purchase of bonds at not exceeding 110 and int , but
bonds cannot be drawn
Bonds are redeemable as a whole at option of com
pany at 110 and int. V .88, p.54. 1003. Bonds are listed on N. Y. Stock
Exchange. V. 89, p. 1544; V. 104, p. 1900, 2120.
Dividends.— In 1900, 3% ; In 1901, 4% ; in 1902, 5% ; in 1903. 6% : in ’ 904
8% ; 1905 to 1910, incl.. 7% per annum. In 1911, 7H % - In 1912 and
19 1 3 .8 % . In 1914,
In 1915, 5 H % - In 1916, 4 !* % . In 1917
4% . In 1918. 4% . In 1919,4% . In 1920, Jan., 1 K % ; April, H * % ;
July, 1 >4%; Oct., H * % . In 1921,7% . In 1922. Jan., l \ %; April. 1 X % .
July, lj| % : Oct.. \ % % . In 1923, Jan., H i % and 1% extra; April, 2% ;
July, 2% ; Oct., 2% . In 1924, Jan., 2% ; April, 2% .
R E PO RT.— For years ending Dec. 31;
Total Net (after Bond Depre- Profit
Dies.
Balance,
Receipts. Taxes). Int. &c. ciation. Sc Loss.
Paid. Sur.orDef.
19 23--5,406,822 2,957,840 607,465 733,349 ______ 1,575,108 sur 41,920
*1922.-4.993,794 2,703,510 592,087 700,792 drl8.124 1,359,913 sur 32,594
1921--.4,778,555 2.462,970 576,906 768 288 drl6.519 1.084,300 sur 16.956
♦Figures for previous years include earnings and expenses of the City
street railways & suburban lines formerly belonging to Washington Water
Power Co. for whole year, whereas in 1922 figures include only 6 months’
operations of the City lines and 3 months’ operations of the suburban lines.
P R O PE R T Y , &c.— Owns hydraulic power plants with rated capacity as
follows; 12,000 h.p. in Monroe St. plant, Spokane; 13,400 h.p. in Upper
Falls plant, Spokane, completed in 1922; 15,000 h.p. at Post Falls. Idaho;
27,500 h. p. at Little Falls, Wash.; 94,000 h. p. at Long Lake. Wash.;
4,300 h. p. in Similkomeen, near Oroville, Wash.; total, 166,200 h. p.
Owns and operates 1,108 miles o f high-tension transmission lines.
OFFICERS.— Pres., D. L. Huntington: Chairman o f Exec. Comm, and
V.-P., W . J. C. Wakefield; V .-P .. J. P. M . Richards: V.-P. & Gen. M gr.,
M . W. Birkett; Sec. & Treas., V. G. Shinkle; Aud., J. S. Simpson.—-V. 115,
p. 438, 546, 2160, 2269; V. 116, p. 935, 1052. 1277, 1762; V. 117, p. 327,
1237, 1779, 2544; V. 118, p. 312, 666, 786, 1137.
SPOKANE UNITED "RA ILW AYS.
ORGANIZATION.— Chartered in Washington May 5 1922, fifty'years.
Acquired by purchase the street railway systems in Spokane owned by the
Washington Water Power Co. and the Spokane City Railways C o., which
companies owned all o f the property formerly belo lging to the following
companies: City Park Trans t C o., Falls City Land & Improvement C o.,
Arlington Heights Motor Railway C o., Ross Park Street Railway Co.,
Spokane Cable Railway Co., Spokane Electric Railway Co., Spokane Street
Railway Co., Spokane Traction Co. Franchises for street railway run for
25 years from July 1 1922.
Fares.— 7-cent cash or six tickets for 30c.: school tickets, 4c.
Stocks and Bonds.— Common stock, $1,500,000 (par $100); 7% pref.
stock, $2,000,000 (par $100); first mtge. bonds. $2,000,000. Of the
$2,000,000 first mtge. bonds, $58,090 are reserved to retire Spokane Trac
tion Co. Underlying bonds (Spokane Traction C o.), $52,000.
Earnings.— For cal. year 1923, gross, $1,489,865; net, after taxes, $212,494. In 1922, gross, $1,336,715; net, after taxes, $130,053.
ROAD.— System consists o f 110 miles o f track, occupying 72.137 miles
o f streets. Standard gauge 60 to 70-lb. T rails and 99 to l08-lb. girder.
OFFICERS.— Pres., D. L. Huntington; V.-P. & Gen. M gr., M . W.
Birkett; Sec.-Treas.. V. G. Shinkle; Aud., J. S. Simpson.— V. 115, p. 545.
[V ol. 118.
EARNINGS.— For calendar years:
Int. on
Pref.
Balance,
Divs. & DeducNet
Notes.
Divs.
Sur. or D ef
Year—
Int.Rec’d. tions.
Income.
None $4,480 sur.$75.587
1923 _________ $95,905 $15,838 $80,067
None
4,484 sur. 69,495
1922
92,305 18,326
73,979
None
4,484 sur. 30,406
1921
51,465 16,575
34,890
OFFICERS.— Chairman of the Board, Francis H. Dewey, Worcester.
Mass.; Pres., Clark V. W ood, Springfield, Mass.; Vice-Pres., Chas. E.
Ware. Fitchburg, Mass.; Sec., Wm F. Crowe, Springfield Mass.; Treas.,
Leverett Candee, Springfield, Mass.; Gen. Counsel, Bentley W . Warren,
Boston, Mass.; Aud., Chas. T . Converse, Springfield, Mass.— V. 104, p.
2559; Y. 106, p. 1689, 2757; V. 108, p. 2433; V. 109, p. 776, 1987, 2176;
V. 110, p. 970; V. 113, p. 960; Y. 114, p. 1063.
(1) Springfield Railway Companies.— A holding company.
O RGAN IZATION .— Formed In March 1905 to hold a majority of the
itock of the Springfield Street R y. Is managed by a board of trustees
maststing of seven members. V. 80. P, 1363.
STOCK—
Interest.
Outstanding.
Last Dit.
c
lornmon____________________ All owned by New Eng. Inv. S Secur. C o.—
Pref 4% cum guar ($100)____
4 J-J
$3,169,200 J a n ’ 24, 2%
Stock.— The pref. stock is red. at 105 and accr. divs. These divs. are
guar, by the N. Y . N. H. & H. R R . Co., successor to Consol. R y., as well a*
their payment at 105 in case of liquidation or call. See V. 80, p. 1363, 1914.
V. 105. p. 2095.
(a) Springfield Street R y.— A trolley road.
ORGAN IZATION .— Incorporated March 16 1868
Purchase of
Western Massachusetts Street Ry. and issue o f $550,000 additional
s ock for that purpose approved by Mass. RR Comm. Nov. 30 1909. V.
89. p. 1484. On Nov. 26 1910 Mass. R R . Comm, granted permission toputehase the Springfield S Eastern St Ry. and Issue $900 ,OO0 new stock In ex
c
change. share for share, for stock of the absorbed company, v . 9 1 , p. 277.
1513. In May 1917 made a contract with the Turners Falls Pow. S Eleo.
c
Co. for the purchase of Its entire power requirements. V. 194. p. 2119.
Jitney Regulation.— See V. 113, p. 535.
Authority to Ooerate Buses Granted Co.— In Jan. 1923 was auth. by the
Mass. Dept, of P. U. to acquire, own and operate buses. V. 116, p. 296.
The company was auth. by the Mass. Dept, of P. U. to extend the
$330,000 Springfield & Eastern St. R y. 1st M tge. 5s due Jan 1 1922, for
five years at 7%
V. 113, p. 2313.
In Sept. 1922 issued $2,134,000 ref. & gen. mtge. 6% bonds, proceed*
of which were used to retire $L,700,000 1st mtge. 4s due Apr. 1 1923. V.
115, p. 1211.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock $4,654,700 ($100)..................
Text
$4,654,700 Jan ’24 ,3%
R ef & gen mtge $5,000,000 f 1920 7%
226,300 Sept 1 1940
($100, $500& $1,000) g iitf-l, 1920 6%
2,134,000 Sept 1 1940
(int. at Old Colony Trust Co., Boston, Trust
West Maas St Ry first mtge)
1906 5 g F-A
200.000 Feb 1 1926
(closed gold ($1,000) . t f/In t at Springfield 8. D- S Tr C o ,. Trustee.
c
Springfield & Eastern 1st Ml
1902 7 g J-J
330,090 Jan l 1927
(closed g ($1,000) cV n tfJ In t. at Springfield S. D S Tr Oo.. Trustee.
c
Current liabilities Dec. 31 1923...............................
713,382 ...............—
Bonds.— The ref. & gen. mtge. 6s & 7s are call, at 105 and int. on 30-45
days’ notice. Western Mass. St. Ry. bonds are subject to call on any
interest day at 108 and interest on 60 days’ notice. Springfield & Eastern
bonds originally bore interest at 5% and matured Jan. 1 1922, but were
extended for five years at 7% . V. 113, p. 2313.
DIVIDEN DS.— In years 1893 to June 30 1910 incl., 8% per ann. In
1910-11 to 1913-14 incl., 7% ; 1914-15, 61*%: in 1915-16, 61*%; in Dec.
1916, H i % . In 1921, Jan.. 2% ; July. 1% . In 1922, Jan., 2% ; July. 2 % ;
In 1923, Jan., 3% ; July, 3% ; In 1924, Jan., 3% .
EARNINGS.— For cal. years:
Gross
Net
Interest,
Dividends
Surplus or
Total
Year— Earnings. Earnings. Tax..&c.
Paid
Deficit. Surplus.
1923- -$2,433,786 $618,951 $329,877 $232,735 sur.$56,339
$677,637
1 9 2 2 .. 3.420,854
735,268 283,514
232,735 sur. 219,019
648,941
1921-- 3,438,317
480,913 216,147
139,641 sur. 125,125
488,591
ROAD.— Owns 187.98 miles (incl. 40.21 miles of 2d track) of main track
and 15.12 miles of sidings. Total, 202.54 miles, and .56 miles trackage
rights. Has 464 cars.— V. 109, p. 777, 899; V. 110, p. 765, 1850; V. I l l ,
p. 295; V. 113, p. 535, 2186, 2313; V. 114, p. 1064; V. 154, p. 760, 1211;
V. 116, p. 296; V. 118, p. 312.
(2) Worcester Consolidated Street Ry.— Trolley.
This company, which was incorporated In 1886 as the Citizens’ Street Ry
C o., has absorbed the following companies :
Worcester Sc Clinton Street R y .,
Clinton S Hudson Street Ry.,
c
Worcester S Holden Street R y.,
c
Fitchburg & Suburban Street R y .,
Worcester S Marlboro Street R y .,
c
Leominster S Clinton Street R y.,
c
SPRINGFIELD, MASS.
Worcester & Southbridge Street R y ..
Marlboro S West boro Street R y.,
c
Worcester & Suburban Street R y.
Wore. Sc Blackstone Val. St. R y..
NEW ENCILAND INVESTMENT & SECURITY CO.
leased for
years the North End St. Ry..
New Control — The $100,000 common stock o f this company formerly of franchises perpetual. In 1895 of $8,000. 99 The North End has $110,000
5.14 miles, at a yearly rental
Held by Sanderson S Porter was acquired by a preferred stockholders’ ($100) capital stock and $75,000 5% 1st mtge. bonds, due Feb. 1 1915; Int.
c
committee (V. 99, p. 1215) in Oct. 1914. Holders or about 34.000 shares of F. S A. Also leases for 99 years from July 1 1896 both the Worcester &
c
pref. stock subscribed $10 for every share of pref. owned In order to effect Shrewsbury St. Ry. and the Worcester S Shrewsbury RR.
c
the purchase. V. 99. p. 609, 675. 1215.
3,859
The New England Navigation Co. owns the $13,115,000 funding gold the N. E.shares& 1st pref. and 33,260 shares common stock are owned by
Inv.
Sec. Co.
notes, and In pursuance of the order of the U S. Department of Justice the
In Aug. 1909 permission was granted to Issue $922,000 bonds to retire
notes were to have been sold by July 1 1919, but in March 1919 Judge
bonds to retire funded
V. 86.
Mayer granted an extension o f time to July 1 1921. A further extension to floating debt ana $2,260,000 1 1923. $1,499,000 haddebt. Issued. p, 1346:
V. 89. p. 412. Up to Oct.
been
April 1 1923 was granted. No further information.
In
the Mass.
of
In Aug. 1921 it was stated that the co. had acquired from the N. Y . N. H. S ref.Jan. 1913 proceeds of R R . Oomm. approved an Issue the $500,000 l»t
c
41*8, the
power house
S H. R. R R . $594,000 par value o f above notes formerly held by the New and property of the Electric$450,000 being used to acquire purchase of the
c
Mfg- Co. and $50,000 for the
England Navigation Co. V. 113, p. 960.
Park property for
pleasure resort. The co.
Exchange of Preferred Stock.— By vote of the trustees on Sept. 20 1917 Qulusigamond by ann. payment ofa$1,949 till maturity of bds. Is required to
V. 96, p. 382.
the plan to exchange the $4,000,000 4% pref. stock (par $100) for an equal establish a s. f.
New Preferred Stock.— In M ay 1917 the Mass. P. S. Comm auth. the c o .
number o f shares o f 1st pref. stock o f the Worcester Consol. St. R y . became
operative. The latter has a par value of $80 per share and Is entitled to to Issue (a) 45,000 shares of 1st pref. stock (par $80) to retire 36,000 shares
$105 per share in the event o f liquidation and to cumulative divs. of $5 of common stock at par ($100). which was accordingly done, and (6) $40,000
per share. Exchange of the stock relieves the N. Y. N. H. & H. RR. of of 1st Ref. 4J*% 20-year bonds to retire $40,000 Uxbridge & Blackstone
Its guaranty o f dividends thereon. V. 104. p. 2559. V. 105, p. 1618. 5% debentures due.'Oct. 1 1927. These bonds at last accounts (Apr. 1 1924)
had not been issued.
As o f April 1 1924 38,885 shares had been exchanged.
In April
ORGAN IZATION .— Is a voluntary association and was organized on Worcester 1922 was auth. to extend for 5 years at 7% the $500,000 4J*%
June 25 1906 to take over the street railway properties in Massachusetts p. 1101. & South. 1st mtge. bonds due Sept. 1 1922. See also V. 115,
formerly controlled by the Consolidated Railway Co. V. 83, p. 492.
STOCK AND BONDS—
Interest.
Maturity.
SECURITIES OW N ED .— The following Is a list o f stocks held by the Common $3,326,000 ($100).........Date......................Outstanding. D ec’ 17, 3%
$3,326,000
New England Investment S Security Co. Gee V. 83, p. 1100).
c
Pref (see text) $3,600,000 ($80) ...........................— 3.600.000
See text
Milford Att<eboro S Woonsocket St. R y.— $315,000 capital stock.
c
Wore Consol St 1st & ref m tg/ 1910 41* g F-A
1.499.000 Aug 11930
Worcester Consolidated St. R y.— 3.859 shares (out of 45,000) 1st pref
$5,000,000 g ($1,000) c*tf\01d Colony Trust C o., Boston, Trustee.
stock (par $80) and all the common stock.
Worcester Consolidated debj 1907
5 M -N
1.200,000 Nov 1 1927
8pringfield Railway Cos.— 68,000 shares (entire Issue) o f common stock
$1,364,000
_
Colony
(Springfield Ry. Cos. owns 46.492 out of a total o f 46,547 shares of Spring- Wore Con deb($1,000)_ ntflO ld1900 7 g Trust C o., Boston, Trustee. 1925
g $840,000 ntt
M-S
700.000 Mar 1
field Street Ry.)
Worcester S Clinton first? 1899 7 g J-J
c
115,000 Jan 1 1926
Various street railway company bonds. $379,800, and notes, $509,100.
mortgage gold ($1,000) n tfl American Trust C o., Boston, Trustee.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity. Wore S Blackstone Val 1st M J 1906 41* g F-A
c
200.000 Aug 11926
C o m m o n ___________________ _____
_________
$100,000 July’14, 5%
$200,000 g ($1,000)-.cn tf\ln t. at Mechanics Nat Bk., Worcester. Mass.
Pref. 4% ($100).................... ...........
4 J-J
111.500 Jan ’24.2%
Uxbridge S Blackst deben/ 1907 5 A-O
c
40.000 Oct 1 1927
Funding gold notes_______ t f- 1909
See text 13,115.000 Apr 11924
($ 1 ,0 0 0 )_______________tf\Interest at office of company.
c
160.000 July 11926
Stock.— Dividends o f 4% per annum on the pref. stock are cumulative Marlb S Westb 1st M $160.-/ 1901 7 g J-J
000 g($1.000)red 105 c * n tflln t. at Amer. Trust C o., Boston, Trustee.
and are guaranteed by the New York New Haven & Hartford R R ., and
c
7 g M-8
500.000 Sept 1 1927
also $105 per share in case of liquidation. V. 83. p .492. See form of guar Wor S South 1st mtge (seel 1902
text) gold ($1,000)--C*ntf/Int. at First N at’l Bank, Boston, trustee.
anty in V. 83, p. 1102. This stock may be called as an entirety at any time
4J* g J-D
200.000 June 1 1925
at 105 and accumulated dividends. Supreme Court of Errors in Connecti Worcester & South mtge (seel 1905
text) _________________ ntfl
cut sustained validity of guaranty. V. 88. p. 1002.
Leased to Worcester Consolidated—
Notes.— N. Y . N. H. S H. guar., p. S i., $5,000,000 of the notes. Int.
c
c
W ebster S Dudley (Stock____f ____
c
_________
50,000 __________
on notes for first 6 years. 3% ; for the next 5 years 4% and for the last 5
(Mortgage 11919
5 M -N
30.000 N ov 1 1939
years. 5% , but, by agreement with holders of the notes, they have received
lint, at Old Colony Trust C o., Boston.
In payment of coupons due to April 1 1917. incl., cash at rate of 3% and for
Leased to Webster A Dudley, oper. by Wore. Consol.—
Oct. 1 1917 coupon at 2% , taking an obligation of the N. E. Invest. & Sec.
_________
150.000 __________ •
C o. for the difference. Coupons due April 1 and Oct. 1 1918 and April 1 Wore (Stock_________________ _____
& (1st M $150,000 ($1.-/ 1919
6 g J-D
94.000 Dec 11939
1919 were settled In obligations of the Investment Co. A cash payment of
$34,000 was made on coupon due Oct. 1 1919 and the balance of that Web ( 000) gold_____c*n tf lint, at State Street Trust C o.. Boston.
coupon and the coupons due April 1 and Oct. 1 1920, 1921, 1922 and 1923 Current liabilities Dec 31 1923 (incl. all sub. cos.) 1,057,682 __________
Preferred Stock.— The pref. stock Is entitled to cum. divs. of $5 per share
were also settled in obligations. Original issue, $16,250,000, of which
$3,135,000 redeemed and canceled.
p. a. (J. 30 S D . 31) and $105 per share In case of liquidation. While any
c
A pril, 1924.]
matured div. on 1st pref. stock is unpaid or while the unfunded and current
debt of the co. shall exceed 25% o f the entire capital stock. 1st pref. share
holders may elect a majority of the directors. The 1st pref. stock may not
be increased without consent of 2-3 of its holders except that In case of con
solidation with Springfield St. Ry. 32,750,000 may be Issued without such
consent. V. 104, p. 2344.
Bonds.— Wore. Consol. Ryi 1st & Ref. bonds are sub. to call on any lnt.
day at 110 and int. Int. is payable at company's office or at Its ageDcy Id
Boston. The two Issues of bonds of the Worcester S Southbrldge St. Ry.
c
are secured by the same mtge.. the mtge. providing that bonds can be Issued
up to $1.000.000, and are to bear date of issue and be payable 20 years after
date. The 3500,000 1st mtge. bonds originally fell due Sept. 1 1922 and
bore 4)4% int., but have been extended to Sept. 1 1927 at 7% . V. 114,
p. 1892. The Worcester consol, debentures originally bore 4)4 % int. and
matured Mar. 1 1920 but were extended for 5 years at 7% . V 110, p 872.
The Worcester & Clinton 1st M. bonds were originally 5s and were due
Jan. 1 1919. but were extended to Jan. 1 1921 and again to Jan. 1 1926
at 7 % . V. 108, p. 2242. V. 112, p. 64. The Marlb. S Westb. 1st mtge.
c
bonds were originally 5s and matured July 1 1921 but were extended for
5 years at 7% . V. 112. p. 2307.
Dividend.— The June 1918 dividend on the preferred stock was post
poned. V. 107, p. 403. None paid to April 1922. when 32 50 was paid.
V. 114. p. 1181. In June 1922. 32 50: in Oct.. 32 50: Dec., 32 50. In
1923, April, 32 50; June, $2 50; Oct., $2 50; Dec., 32 50. In 1924, April,
$2 50. V. 118, p. 1522.
ROAD.— Operates 395.28 miles of track, comprising the entire street
railway mileage o f Worcester, together with lines radiating from Worcester
to Leominster, Fitchburg, Clinton, Berlin, Northboro, Marlboro, Millbury,
Northbridge, Uxbridge, Millville, Spencer, Webster, Dudley, Grafton and
Southbrldge.
EARNINGS.— For cal. years:
Year—
Gross
Net.
Charges.
Dies.
Surplus.
1923----------------------- $4,565,920 $811,284 $320,749 $450,000
$40,535
1922
-------------- 4,421,076
974,980
482,682
450,000
42,298
1921
------------- 4,406.451 828,200
452.372
None
375.828
— V. I l l , p. 2042; V. 112, p. 64, 850, 2307; V. 113, p. 72; Y. 114, p. 1181,
1654, 1892; V. 115, p. 75, 1101, 2795; V. 116, p. 517; V. 118, p. 1522.
(S) Milford Attleboro & Woonsocket Street Ry.
ORGAN IZATION .— Incorporated in Massachusetts on April 14 1898The $300,000 1st M . bonds were originally 5s and matured Oct. 1 1919,
but were extended for 5 years at 6%
V. 109, p. 1080.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $315.000_____________ All owned by New England Inv. S Secur. Co.
c
First M $300,000 g ($1,000)1 1899
6 A-O
$300,000 Oct 1 1924
not subject to call_ __ntf i Int. at Old Colony Trust, C o., Boston. Trust
_
Cal.Years— Gross.
Net.
Int. & Tax
Oivs.
Balance.
...$138,032
$21,675
$22,657
______
def.
$972
1923
1922
---$142,450
$27,502
$23,562
______
sur.$3.940
ROAD.— Operates 26 27 miles o f track. 24 passenger cars and 8 other
cars.— V. 109, p. 1080. 1527; V. 110, p. 765; V. 112, p. 2307.
INTER-STATE CONSOLIDATED STREET R Y .
ORGAN IZATION .— organized as successor in Massachusetts to the
Inter-state Consolidated of Rhode Isla nd. Has permission to carry freight.
STOCK—
Interest. Outstanding.
Last Div
Stock $275,000 (par $100).....................................
$275,000
See text
Current liabilities Dec. 31 1923_
_ ____145.993
___ ____
Dividends.— First div.. 1 1 % . for 2 years, paid April 1 1904; In 1905
7% ; in 1906. 7% : in 1909 5 % ' in IP10 to 1912. inel. 4% : in 1913 5% . in
1914, June, 6% ; Dec., 2% . None since to Mar. 1923, when 4% was paid.
ROAD.— Owns 24.10 miles of traca and 1.87 miles of sidings, from
Rhode Island State line to North Attleborough. Attleborough and Plainville. Mass.
Year ending—
Gross.
Net.
Charges. Dies.
Balance.
$34
Dec. 31 1923---------------$225,256 $18,529 $7,563 $11,000 def.
Dec. 31 1922-------------- 224.889
58.356
19.203
sur. 39,153
Dec. 31 1921.......
238.330
46.759
15.811
sur. 30.948
Dec. 31 1920.........
248.236
21.674
13,049
sur. 8.620
OFFICERS.— Pres., C. V. Wood. Springfield; V .-P., Francis FI. DeweyWorcester- Gen Mgr. H. O Page. Worcester: Treas..
Candee, Springfield; Clerk, W m. F. Crowe, Springfield; Counsel, B. W . Warren, Boston,
Mass.; Aud., Chas. T . Converse, Springfield, Mass.— V. 73, p. 236; Y. 107.
p. 696; V. 109, p. 776; V. 110, p. 1849; V. I l l , p. 294; V. 113, p. 2311.
SPRIN GFIELD, MO.
SPRINGFIELD RAILW AY & LIQ H T CO.— See Federal Light & Trac.
Oo. under New York City.
SPRIN GFIELD, OHIO.
SPRINGFIELD & XENIA RAILW AY CO.
ORGAN IZATION .— Incorporated In Aug 1906 to succeed the Springfield & Xenia R y., which was organized In 1904 to succeed the Springfield
& Xenia Traction C o., which had been sold under foreclosure. V. 83, p. 214.
STOCK.— Common, auth. and issued, $300,000; preferred, 5% cum ,
auth. and issued, $300,000. Par, $100. $1,200 of each class held in treats.
Dividends.— First div. on pref., 4% , was paid Oct. 1 1908. In 1909.
5 H % : in 1910, \H%\ 1911, SM % - In 1912, 614%. In 1913. M ar.,
1)4; June, 114%: Sept., 114%; Dec., 1 M % regular and 2% extra, which
paid accumulations in full to Jan. 1 1914. In 1914 to 1920, incl., 5%
In 1921, 5% . In 1922, 5% . In 1923, March, I H % : June, 1 )4 % . In
1924, March, 1)4% . Initial div. on com. of 2% paid Dec. 1913. In 1914,
1915 and 1916, 3% . In 1917, Dec., 2 % . None to Dec. 31 1919, when
1% was paid. None since.
EARNINGS.— For year ending Dec. 31 1923, gross, $106,867; net, after
taxes, def., $3,225. In 1922, gross, $105,608; net, after taxes, $4,570.
ROAD.— Operates 20 miles of track connecting Springfield and Xenia
Ralls, 70-lb. T; five cars.
OFFICERS.— Pres..Warren Bicknell, Cleveland; V.-P., Gpo. A. Ooulton
Bee. S Treas.. Chas. S. Thrasher: Oper. Mgrs.. The Warren Bicknell Oo
c
— V. 100, p. 643; V. 101, p. 2072; V. 105, p. 2367; V. 116, p. 2131.
SPRINGFIELD TERM INAL RA ILW A Y & POW ER CO.
Sale.— On Oct. 26 1922 the road was sold at private sale on order of the
Federal Court to the Schoenthal Iron Co. of Columbus for $87,000. Y. 115,
p. 2047. Sale was confirmed on Nov. 7 1922 and the line was scrapped.
V. 115, p. 2268. See also V. 117, p. 555, 1993. For history see “ Electric
Railway” Supplement of Oct. 28 1922.
SPRINGFIELD, VT.
SPRINGFIELD TERMINAL R Y. CO.
ORGANIZATION.— As of Jan. 1 1923 acquired the entire property of
the Springfield Electric Ry. Co. Length o f road, 6 % miles (9 miles of
track) from Springfield, V t., to Charlestown, N. H. Freight and pas
senger road. Carries freight in standard cars. Connects with Boston &
Maine RR.
Capital stock, common, $100,000; pref. $82,500; 1st mtge. 7% bonds,
$170,000.
EARN INGS.— For year ending Dec. 31 1923, gross, $112,058; net, after
taxes, $37,423. In 1922, gross, $81,346; net, after taxes, $19,681.
OFFICERS.— Pres., E. S. French; V .-P., E. A. Davis; Treas., C. G.
Staples.— V. 61, p. 1043; V. 70,, p. 93; V. 106, p. 2124; V. I l l , p. 2230.
STATEN ISLAND. N. Y.
STATEN ISLAND EDISON CORP.
ORGANIZATION.— Incorp. Feb. 14 1923 in N . Y . and as of Aug. 1 1923
acquired from the Richmond Light & RR. Co. (see below) the properties
which do the entire electric light and power business in the Borough of
Richmond (Staten Island), N. Y . Owns over 98% o f the outstanding
capital stock of the Richmond Light & RR. C o., which co. in turn owns all
o f the capital stock and bonds of the New Jersey & Staten Island Ferry Co.
and over 51% o f the capital stock o f the Southfield Beach RR.
123
ELECTRIC RAILWAYS
In Jan. 1924 the company filed a certificate in Albany, N . Y ., increasing
its auth. stock from 60,000 to 70,000 shares of no par value, to consist of
60,000 shares of common and 10,000 shares of preferred stock. V. 118,
p. 213. In March 1924 it was reported that the company would shortly
offer 3,497 shares of pref. stock of the company and $250,000 equip, trust
certifs. on behalf of the Richmond Light & R R . V . 118, p. 1531.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Com stock 60,000 shs. (no p a r ) ____
_______
53,662 shs. __________
Pref., 10,000 shares, $7 c u m .______
$7
See text
__________
Ref & im p tM Ser “ A ” ($100, f 1923
6)4 g J-J $3,788,600 July 1 1953
$500&$1,000 c* and $1,000. (Irving Bank-Columbia Trust C o., New
$5,000 & $10,000 r*)__g.tf ( York, Trustee.
Bonds.— The ref. & im pt.mtge. 6)4s. Ser. ‘ ‘A ,’ - are red. all or in part on.
the first day of any month upon 30 days notice at 107)4 & int. during the
first 10 years, at 105 & int. during the next 10 years and at )4 of 1 % less
during each succeeding year. A sinking fund is to be provided beginning
Jan. 1 1924 and semi-ann. on each int. date thereafter, amounting annually
to 1 % of the maximum amount of bonds of this series at any time theretofore
issued and outstanding. All cash received by the sink, fund will be used
for the purchase o f these bonds at not exceeding their callable price, or, if not
so purchasable, for the call of these bonds by lot at their redemption price.
Int. is payable in New York and Chicago. Penna. and Conn. 4-mills taxes
and Mass, income tax of 6% refunded.
EARNINGS.— For cal. year 1923, gross, $2,619,649; net, after oper.
exp., taxes and rentals, &c., $769,223; interest, &c., $225,806; bal., sur.,
$543,417.
Management.— Properties under the management of the J. G. White
Management Corp.— V. 117, p. 1023, 1673; V. 118, p. 213, 1531.
(1) R ichm ond L ight & RR. Co.
Over 98% of the c o .’s outstanding capital stock has been acquired by the
Staten Island Edison C o., which see above.
Receiver Discharged.— On July 31 1923 Judge E. L. Garvan of the U. S.
Dist. Court discharged the receiver for the co., who had been in charge of
the property since April 28 1920. V. 117, p. 555.
ORGA N IZA TIO N .— This company was formed as a reorganization on
Aug. 18 1902 o f the Staten Island Electric R R ., New York & Staten Island
Electric Co. and the Richmond County Power Co. Owns the entire capital
of the New Jersey & Staten Island Ferry Co. For terms of reorganization
and complete statement of plan, see V. 74, p. 1091. Franchises are perpetual.
As of Aug. 1 1923 the co. transferred to the Staten Island Edison Corp.
all the lighting and other properties not exclusively devoted to railroad and
ferry operations. The street railway and ferry properties will remain in the
possession of Richmond Light S R R ., as the subsidiary of Staten Island
c
Edison Corp., but may be subsequently vested in a new strictly railroad
corporation (already organized) under the name of Richmond Railways, Inc..
which would then become a subsidiary of the Staten Island Edison Corp.
Date. Interest. Outstanding.
Maturity.
STOCK AND BONDS—
____
_______
$2,866,650 __________
Stock $3,000,000 ($100)___________
___ ________ ____ mtgel 1902
4 g J-J
1,442,000 July 1 1952
First collateral trust______ ______
$2,500,000 gold________ tf/In t. at Guaranty Trust C o., N . Y ., Trustee.
Equipment trust c e r t ific a t e s ..____
6%
13,500
____
Bonds.— $700,000 are pledged under Staten Island Edison Corp. ref. &
impt. 6)4s.
R OAD.— Miles o f track, 33.32; 90-lb. girder Cambria and 85-lb. girder
Johnson steel rails; 130 passenger cars.
OFFICERS.— Pres., J. H. Pardee: V .-Ps.. J. I. Mange and J. K. Choate
Sec. & Treas., T. W . M offat.— V. 117, p. 326, 555, 1018; V. 118, p. 1521.
STATEN ISLAND MIDLAND RA ILW A Y CO.
Receivership.— In Jan. 1920 Federal Judge Ohatfield appointed Jacob
Brenner receiver for the co. V. 110, p. 360. Following the death o f Jacob
Brenner in Oct. 1921, Mortimer Brenner was appointed receiver. V. 113.
p. 1889, 2186.
Fares, Operation,<5tc.— On Jan. 16 1920 the co. discontinued the operation
of its trolley lines. This action followed the refusal of the Board of Estimate
& Apportionment, to grant a 7-cent fare upon the request of a committee,
appointed by P. S. Commissioner Nixon to Investigate the co's. affairs.
The committee found that the co. was operating at a loss of $100,000 per
annum. V. 110, p. 360. Compare V. 109, p. 2440; V. 110, p. 79. 262, 360.
As a result of a contract signed Nov. 10 1920, operation of the c o .’s linesunder the supervision of N . Y . municipal authorities was begun on Dec. 1
1920. Under the contract the Richmond Lt. S R R . C o. permits the city
c
to use its tracks through St. George and Tompklnsville and supplies the city
with electric current at cost for the operation o f the lines. Y. I l l , p. 2042,
2230.
ORGANIZATION.— Incorporated in New York on Jan. 16 1907 as areorganization of the Staten Island Midland Railroad Co. sold under seques
tration proceedings on Jan. 3 1907. V. 84, p. 222.
Date.
Interest.
Outstanding. Maturity.
STOCK AND BONDS—
________
$ 1 ,000,000 ......................
tock $1,000,000 ($100)------ _______
5 g J-J
1,000.000 Jan 21 1920
I Mid RR 1st mtg $1,000,- 1896
000 gold ($1.000)___ c*tf Int. at Farmers’ L. & Tr. Co. N. Y ., Trustee
Equip trust ctfs Ser A $135,-1 1915
6 g J-J
31.000
See text
000 ($500) gold_____c*&r Interest at Bankers Trust C o.. Trustee.
Bonds.— Sinking fund after 5 years but bonds cannot be called.
The equipment trust certfs. mature $7,000 each Jan. 1 and $6,500 each
July 1, beginning July 1 1915. They are subject to call at 102 and interest.
Secured by 32 double-truck closed cars.
EARNINGS.— For years ending June 30:
Year—
Gross.
Net(aft.Tax.)
Other Inc. Int. & Rents.
Deficit..
X1919-20........ $218,869 def.$80,615
$604
$70,177 $150,188
1918-19.......... 307,534 def. 80.340
1.363
68,094 147.070
x No later available.
ROAD.— Owns 28.68 miles of track. Rails 65 to 70-lb. T and 90-lb.
girder.
41 passenger cars.
O FFICERS.- Pres.. C. W . Hotchkiss. 55 Wall St.. N . Y . City: Sec.,
A M . Stillwell, New Brighton. N . Y .— V. I l l , p. 74, 295, 897, 991, 1280.
1657. 1662. 2042. 2230; V. 113, p. 1889. 2186.
STOCKTON , CAL.
CENTRAL CALIFORNIA TR AC TIO N CO.— An electric road.
ORGAN IZATION .— Organized In California In Aug. 1905 to construes
an interurban system of electric roads for passengers and freight In the cen
tral valleys of California. Road operates over private right of way,
except in the cities. Franchises In all the cities of the system run for 50
years. An additional freight and passenger franchise was awarded com
pany In M ay 1909 for City of Sacramento. An assessment or $5 a share
was called for payment Feb. 20 1908. V. 86, p. 667. In Jan. 1918 another
assessment of $5 per share was levied on both classes of stock, delinquent
Feb. 25 1918, to provide additional equipment, improve trackage and
restore the company’s credit by reducing floating debt. The necessity for
this action was ascribed to years of unprofitable operation due to jitney
competition, which is now regulated. See V. 106, p. 497.
On May 8 1911 shareholders voted to increase auth. stock to $4,000,000,
of which $3,000,000 is com. and $1,000,000 pref. V. 92, p . 955.
Lease.— The Cal. R R . Comm, in March 1915 authorized the company to
tease Its lines in Stockton to the Stockton Elec. R R . at a rental of $12,500
a year for first 3 yrs. and $15,000 yrly. for next 35 yrs. V. 100, p. 1167.
Operating Agreement.— Early in 1916 entered into an agreement with the
Tidewater Southern Ry. providing for the joint operation of the two lines
as one system. The separate corporate existence of each, however, is to
be maintained. V. 102, p. 1250.
Plan to Reduce Interest, &c.— In 1917 holders of the 1st M . 5s signed an
agreement reducing the lnt. rate from 5% to 2% for the years 1917, 1918
and 1919 and waiving default in int. and also the sinking fund provision.
Compare V. 106, p. 497. Another agreement under same conditions
expired Oct. 1 1922. A new agreement has been made whereby bond
holders agree to accept 2)4% instead of 5% for 1923, 1924 and 1925.
124
ELECTRIC RAILW AYS
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
Common $3,000,000 ($100)...................................
$2,928,000 _____ _____
Pref $1,000,000 ($100) 6% cum ................... ..
792,800
.................
First mortgage $1,500,000/ 1906
5 g A-O
1,471.000 April 1 1936
($1,000) gold sink fu n d .tf lin t, at Union Trust Co. of San Fran . Trus
Bonds.— Sinking fund on first mortgage bonds has been modified so
as to provide $15,000 per year for 8 years commencing 1924, $30,000 for
the next two years and $340,000 for 1 year. Bonds are red. on any int.
day at 105 and int. on 60 days’ notice.
EARN IN G S.— For the 12 mos. ending Dec. 31:
Gross. Net, after faxes. Int.,&c. Bal., Surp.
$108,053
$68,436
$39,617
1922....... .................................$585,283
1921______________________ 653,671
109,490
72,165
37,325
R O A D .— Operates in the city o f Stockton and an lnterurban line fron
Stockton through Lodi to Sacramento. Total track operated, 70.8 miles.
Has operating agreement with Tidewater Southern R y.. whereby the twr
lines are operated as one system. Company carries American Railway
express matter.
OFFICERS.— Pres., H. Fleishhacker; V.-Ps., M . Fleishhacker, Geo. W.
Peltier and A. Anderson; Sec. & Treas., A. N. Baldwin; Gen. M gr., F. W.
Webster. Office, 9 Main St., San Francisco.— V. 107, p. 401.
STOCKTON ELECTRIC R R .
O RGAN IZATION .— Incorp. Dec. 29 1891 in California. Southern Pac.
Co. owns the entire $500,000 stock except directors’ shares. No bonds
outstanding.
Lease.— For lease of the Central California Traction C o.’s lines In Stcckson, see that company above.
EARN INGS.— For years ending Dec. 31:
Year.
Gross.
Net.
Other Inc, Rents, &c. Bat.. Sur
X1922--------------- $342,368
$49,143
$2,324
$7,050
$44,417
1921.................
346.596
42.151
4.604
9.154.
37,601
x No later figures available until issuance o f Southern Pacific ann. report.
R O A D .— Operates 25 51 miles of track. Standard gauge. 29 cars
OFFICERS.— Pres., Paul Shoup; Sec. & Aud., H. A. Culloden; Treas.
M . 8. Wade; Asst. Sec., G. L. King. Office Los Angeles, Cal.— V. 76
p. 159; V. 100, p. 643, 902; V. 102, p. 1626; V. 108, p. 80; V. I l l , p. 1370.
TIDEW ATER SOUTHERN RA ILW A Y COMPANY.
O R GAN IZATION .— Incorp. in Cal. on Mar. 11 1912, succeeding the
Tidewater & Southern R R . (V. 93, p. 1790) and Tidewater & Southern
Transit R y.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity
Common $4,750,000----------------------------------- $1,781,053 _______
Preferred 6% non-cum $250,-1
000 (par $1)---------------------f ................................
14,650 ---------------First mortgage $4,000.0001 1912 5 g A-O 15
466,500 Apr 15 1942
sold ($500 & $1,000)_ tflU nion Trust Co... San Francisco. Trustee.
_
"Bonds.— First mtge. bonds are subject to call at 103 on 30 days’ notice.
Sinking fund 2 % o f bonds out Oct. 15 1916 to Oct. 15 1921, and 3% of bonds
out Oct. 15 1921 to Oct. 15 1941, which will retire bonds at maturity.
R O A D .— Line completed and in operation Stockton to Hilmar, 52.1
miles; also branch line Manteca Junction to Manteca, 6.6 miles, and Hatch
to Turlock, 6.5 miles. Total mileage operated, 65.2 miles.
OFFICERS.— Pres. & Treas., Chas. Elsey; V.-P., B. A. Bearce; Sec'y,
W. G. Bruen.— V. 102, p. 1250; V. 103, p. 1793; Y. 104, p. 164, 665;
V. 106. p. 1345; V. 107, p. 1580; V. 112, p. 1400.
SYRACUSE, N. Y.
EMPIRE STATE R R . CORP.
New Control.— In Dec. 1922 the Rochester & Syracuse R R . acquired
control o f the co. by purchase o f a majority o f the stock. V. 115, p. 2580.
ORGANIZATION.— Incorp. in New York Oct. 27 1917 as successor
to the Empire United Rys., Inc., sold under foreclosure per plan In V. 104
p. 863; V. 105, p. 909. The new co. took over, subject to underlying bond
Issues the Syracuse Lake Shore & Northern and Auburn & Northern divi
sions. The Rochester Syracuse & Eastern division was separately reor
ganized as the Rochester & Syracuse R R . (which see below).
STOCK AND BONDS.— Dais.
Interest. Outstanding. Maturity
_
________ $1,450,000
Common $1,500,000 ($100)_ _____
Pref “ A ” 6% cum $1,000,000
( $ 100) --------------------------- ----------------------------------250,000 Dec ’23,1 y2
Pref B 6% non-cum $1,250,000
( $ 100) ------------------------------------ --- ---------------------1.250.000 June’23,1%
Equip trust notes gold________ 1920
6%
2,000
_____
Syracuse Lake Shore & Northern RR.—
1st mortgage $2,500,000 gold! 1907
5 g M -N
_______
2.500.000 M ay 1 1947
($ 1 ,0 0 0 )------------------- c * tfjln t. at Columbia Tr. C o., N . Y .. Trustee
Auburn & Northern Electric RR.—
l«t mortgage $1,000,000 gold! 1905
5 g M -N
241,000 M ay 1 1945
($ 1 ,0 0 0 )____________ c*tf jln t. at Equitable Trust Co., N. Y ., Trustee.
Stock.— Series “ A ” pref. stock is redeemable at 105. Series “ B ” , after
It has received 5 years’ consecutive dividends at the full rate of 6 % , is
entitled to rank pari passu with or be converted into Series " A ." The
common and series “ B pref. stocks are held in a 5-year voting trust.
Bonds.— The bonds of the Syracuse Lake Shore S No. R R . are suDject
c
to call since May 1 1917 on any int. date at 110 and int. upon 60 days'
notice. No sink. fund. The Auburn & Northern bonds are subject to
•all at 110 on any interest period on 60 days' notice. No sinking funds.
E A R N IN G S .— For calendar years;
Cal. Year.
Gross
Net aft. Taxes. Oth. Inc.
Int., &c. Bal.. Surv.
1923 _________ $861,495
$198,638
$144,041
$54,596
1922 _________ 794,541
197,810
8,290
147,438
58,662
ROA D .— Operates from Syracuse to Oswego, 37.8 miles. Oswego city
nee, 8.83 m.; Auburn to Port Byron, 7.62 m.; Auburn city lines, 1.42 m.;
Fulton city lines, 0.6 m.; total length of road, 56.27 miles; second track,
21.125 m.; car house and other sidings, 5-08 m.; total trackage 82.60 miles.
Gauge, 7 ft., 8 )4 in. Rail, 70 and 90 lbs. 56 passenger cars. 4 express
oars, 7 work cars, 5 snow plows, 2 snow sweepers. Has contract for power
with Niagara Lockport & Ontario Power Go. Has 4 sub-stations with a
total capacity o f 2,900 k. w.
OFFICERS.— Pres., A . H. Cowie; 1st V .-P ., T . C. Cnerry; 2d V .-P.,
O. A. Chase; Treas. & Aud., W. K. Zinsmeister; Sec., M . V. White.— V. 106,
p . 189; V. 107, p. 2097; V. 109, p. 72; V. 110, p. 1289. 1526, 2057; V. I l l , p.
1369, 2041, 2520; V. 112, p. 1399; V. 113. p. 532; V. 114, p. 2579; V. 115,
p. 2580; V. 118, p. 1392.
______
ROCHESTER & SYRACUSE R R . CO.. INC.
O R GAN IZATION .— Incorp. in N . Y . Sept. 17 1917 as successor to the
Rochester Syracuse & Eastern R R . (part o f the Empire Unitod R ys., Inc.,
cjrstem) sold at foreclosure Aug. 28 1917 and separately reorganized as per
plan in V. 104. p. 2119. Overdue Int. on the Roch. Syr. & Eastern bonds
to and Incl. M ay 1 1917. amounting to $100 per $1,000 bond, was paid in
full. Bondholders who failed to deposit their bonds with the reorganization
committee, received $346 76 per $1,000 bond. See V. 106, p. 1231.
In Dec. 1922 acquired control o f the Empire State R R . Corp. by pur
chase o f a majority o f its capital stock. V. 115, p. 2581; V . 116, p. 616.
STOCKS AN D BONDS.— Date.
Interest. Outstanding. Maturity
Common $1,500,000 ($100)......................... ..............$1,469,100 ........... .........
Preferred $3,000,000 ($100)_______
6%
2,448,500 Mari’2 4 ,1°/.
First mtge conv $5,000,0001 1917
5 g M -N
2,448,500 M ay 1 1957
($500 & $1,000) g_-C*ntf (First Trust & Deposit C o., Syracuse, trustee
Bonds.— The 1st M . 5s are convertible into pref. stock at par, $ for $
between May 1 1919 and M ay 1 1929; this privilege may be terminated by
the co. in case o f merger or consolidation with any other co. under N . Y
laws, or o f the lease of its property. They are callaole, all or m part,
since May 1 1922 at 105 and int. The remaining bonds may be issued
for impts , add’ns, exts., &c., under certain restrictions.
Dividends.— An initial div. of 1% was paid on the pref. stock in Mar
1921. Same rate quar. since.
EARN INGS.— For years ending Dec. 31:
Calendar
Net, after Taxes
Year—
Gross.
and Deprecia’n. Interest
Adjust.
Bal.. Surv.
$254,623
$136,377
$3,367
$114,879
1923________ $1,101,559
1922________ 1,065,342
250,084
125,555
...........
124,529
[V ol. 118,
ROAD.— Extends from Rochester to Syracuse, N . Y ., passing through
East Rochester, Fairport, Macedon, Palmyra, Port Gibson, Newark,
Lyons, Clyde, Savannah, Port Byron, Weedsport, Jordan, Memphis and
Warner, N . Y . Length of line, first track (owned), 157.04 miles; 2d track
(owned), 1.50 miles; siding, &c. (owned), 1.70 miles; trackage rights.
8.8 miles; total length of line operated, 169.04 miles. Gauge, 4 ft. 8H in.
Rail, 70 and 90-lb. T . Operated by overhead trolley. Power purchased
from Niagara, Lockport & Ontario Power Co.
OFFICERS.— Pres., A. H. Cowie; V .-P . & Gen. M gr., T . O. Cherry:
Aud. & Treas., W . K. Zinsmeister; Sec.. Mercer V. White. Peck-Shanahan-Cherry, Inc., operate the road.— V . 107, p . 1193; V. 108, p . 1823, 2123;
V. 109, p. 73; V. 112, p. 850; V. 113, p. 534; V. 115, p. 2581; V. 116. p. 616
SYRACUSE NORTHERN ELECTRIC R Y .. INC.
ORGAN IZATION .— Incorp. in New York M ay 12 1917 as successor to
the Syracuse & South Bay Electric R R . and the Syracuse Watertown S
c
St. Lawrence River R R ., bid in at foreclosure sale on N ov. 1 1916 by the
reorganization committee. Sale confirmed in March 1917. Thecompany
was organized as per plan In V. 103, p. 580, as modified and approved by
the P. S. Comm, by an order dated April 26 1917.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $150,000 ($100)........................... ..........
$150,000 __________
First pref $600,000 ($100).................
6%
480,000 A u g ’23 1%
2nd pref $500,000 ($ 100)-..............
6%
420,000 ___________
First mtge $600,000 g old ‘($251 19l7
5 g M -N
153.750 M a y '1" 1946
$100 and $1,000)_________ (Int. at Tr. & Dep. C o., of Onon.
Stock.— All classes of stock have equal voting power. Stock Is held In a
five-year voting trust. The successor voting trustees are Arthur W . Loasby
A. H. Cowie and Ferdinand W . Roebling Jr.
Bonds.— Are subject to call In whole or in part on and after N ov. 1 1917
at 110 and int. Int. on $25 bonds payable May 1 only. Int. payable
without deduction other than Federal Income tax.
Dividends.— On 1st pref. in Feb. 1923, 1% was paid. In Aug. 1923, 1% .
EARN ING S.— For calendar year 1923, gross, $143,260; net income,
$8,668. In 1922, gross, $137,895; net income, $13,338.
ROAD.— Operates 12.18 miles of single track equivalent over private
right of way from Syracuse to Oneida Lake, and a single track branch line to
Brewerton. 6.2 miles. Has traffic agreement with New York State Rail
ways Co. to enter Syracuse. New road began operations April 26 1917.
S5-lb. T ra il. Gauge, 4 ft. 814 inches. 16 cars. All private right-of-way.
Power is purchased from Niagara Lockport & Ontario Power Co.
OFFICERS.— Pres. & Gen. M gr., Talmadge C. Cherry; Treas., W . K.
Zinsmeister: Sec., H. O. Beatty. Peck-Shaoahan-Cherry, Inc., operate
the road.— V. 105, p. 499; V. 106, p. 1231; V. 109, p. 777; V. 115, p. 1211.
AUBURN & SYRACUSE ELECTRIC R R .— A trolley road.
O RGAN IZATION .— Organized Sept. 30 1902 as a consolidation of the
Auburn City R y. and Auburn lnterurban Elec. R R . Franchise perpetual.
Financial Readjustment.— In April 1916 the P. S. Comm. auth. an issue
of $437,000 6% 6-year notes to refund the $250,000 1-yr. notee due Feb. 1
1916, the $150,000 18-mos. notes due Aug. 1 1916. and for other corporate
purposes. As part of this refinancing plan, the common shareholders were
called upon to surrender 35% of their stock, which was distributed as a
bonus to subscribers to the notes at the rate of 1 share of stock for every $100
of notes. The stock so delivered was in the form of voting trust certificates,
and, together with sufficient of the remaining common stock to constitute a
majority, was deposited under a voting trust agreement extending to Jan. 31
1921. Notes have been paid o ff and a new voting trust agreem ent extending
for five years from D ec. 1 1921 executed. Trustees are Edwin Nottingham.
Arthur W . Loasby and F. W . Roebling ,Tr. Com nare V . 102, p . 1895.
To Abandon Portion of Line.— See V. 117, p. 1554.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common $1,250,000 ($100)...............
- ............... $1,250,000 ______ _____
Pref 6% n-cum $750,000($100)____
Q-J 15
712,000
See text
Auburn & Syracuse first andf 1902
5 g A-O
1,752,000 Oct 1 1942
refunding mortgage $2,-1 Int. at Harris, Forbes & C o., New York.
000,000 gold ($ l,0 0 0 ).c*tf ( Equitable Trust Co., New York, trustee.
4 m os. n o t e s ________________ _____
6%
11,000 ___________
Bonds.— Of the $2,000,000 authorized. $248,000 Is reserved for future ex
tensions, but only when net earnings are double int. charges; subject to call
at 110 and interest. See V. 76, p. 1201.
Dividends.— First dividend on preferred stock— 1% — paid N ov. 1 1904.
Chen 1% Feb. 1 1905. May 1 1905 and Aug. 1 1905; Nov. 1 1905, 1J4%
paid (See V. 81, p. 1609). In 1906, 5 4 i% : 1907 to 1913 incl., 6% per
annum. In 1914, Jan,, 144%: April, 144%; July, 144%. Noneslnce.
EAR N ING S.— For years ending Dec. 31:
Year—
Gross.
Net.
Taxes.
Int.,& c.
Surplus..
1923__________$601,831
$108,287
$24,163
$90,750
sur.$875
1922__________ 583,702
112,328
24,817
92,665
sur.3,574
R O A D .— Operates 41.16 miles of road (64-76 miles of track), including
14.12 m. in Auburn and 27.1 m. from Auburn to Syracuse. Has trackage
agreement with New York State Railways, allowing It to enter Syracuse
Owns Lake Side Park, about 33 acres, on Owasco Lake; 59 passenger care
2 express, 3 work, 1 service, 2 sweepers and 6 snow-plows; total, 73 cars.
OFFICERS.— Pres., T . C . Cherry, Syracuse; V .-P ., Harold G. M et
calf, Auburn; V.-P.& Gen. M gr., W . J. Harvie; Treas., Aud. and Assd. Sec.
L. E. Lippitt, Auburn; Sec., H. C. Beatty, Syracuse. Peck-Shanahan.
Cherry, Inc., operate the road. V. 110, p. 764; V. 111. p. 790. 2323;
V. 112, p. 160, 2304; V. 113, p. 1469; V. 114, p. 2467; V . 117, p. 1554.
SYRACUSE & SUBURBAN R R .— A trolley road
In Feb. 1909 a syndicate headed by Mr. Joan J. Stanley of Cleveland. O.,
jurchased the stock of the Syracuse & Suburban. V . 88, p . 507
Foreclosure Sale.— The property was bought in at foreclosure sale on
Feb. 24 1922 for $10,000 by the bondholders’ committee named below.
V. 114, p. 948.
Reorganization Plan.— The committee named below has adopted a plan
of reorganization (V. 114, p. 1064) which provides in brief for a new cor
poration in New York, to take title to and operate the property. To be
known as Syracuse & Eastern RR. (organized April 28 1923— V. 116, p. 2131).
V. 115, p. 2582. The property, together with such cash as may be raised
by the committee by assessments, &c., will be transferred to the new com
pany in return for new securities which it proposes to issue on the following
basis o f exchange:
Terms of Exchange.
Existing Securities, &c.—
Outstanding. ----- Will Receivee----IstM.Bonds. Stock.
First Mortgage 5s_______________________ 11400,000 Jx$360.000\ $75,000
do assessment (1 0% )_________________/
\x 40,000/
Outstanding notes held by banks_________
(?)
y 87,006
______
Guarantors and bonds of notes___________ _______ y 25,000
75,000
First Consol. Mortgage 5s________________ 150.000
________
150.000
x The distribution of bonds to the holders of the present $400,000 Firs®
Mtge. bonds is conditional upon payment by them o f an assessment o*
10% of their present holdings (see below), y The use o f bonds to take up
notes above mentioned is conditional upon the subscription by the holders
and guarantors (the guarantors being various officers and directors of the
company] o f said notes to $25,000 of bonds at par.
First Mtge. bondholders will be required to pay in cash an assessment of
10% ($100) on each $1,000 of bonds held by them, and will be entitled to
receive for such assessment bonds of the new company at par and 1 V shares
s
of stock of the new company of the par value of $187 50. Scrip certificates
will be issued for fractional shares.
Voting Trust.— The stock is to be held for a period of five years by voting
trustees selected by the committee. For further details see V. 114. p. 1064.
In Dec. 1922 the committee applied to the N. Y . P. S. Comm, for appro
val of the above reorganization plan. V. 115, p. 2582. No further
information.
ORGANIZATION.— Chartered June 29 1895. Franchises are perpetual.
Line Discontinued.— On Jan. 1 1921 the co. discontinued service on its
line between Manlius and Syracuse. V. 112, p. 163.
In Aug. 1918 was auth. by the N . Y . Pub. Serv. Comm, to execute a
mortgage to the Fidelity Trust C o., Phila. (changed to Syracuse Trust Co.,
Syracuse, N . Y .L as trustee, to secure an issue of $1,000,000 1st Ref. 5%
50-yr. bonds. The directors have authorized the issuance of $750,000
bonds thereunder (already approved by P. S. Comm.) proceeds to be used
as follows: to be held in trust to retire 1st Mtge. and 1st Cons. Mtge. gold
bonds, $550,000; the remaining $200,000 will be issued and sold for cash.
A pril, 1924.]
ELECTRIC RAILW AYS
125
Bonds.— See V. 78, p. 1223. The Windsor Locks bonds are guaranteed,
one-half to be taken by the bondholders and the other half by the stock
holders. The proceeds will discharge floating indebtedness and leave prin. and int. by the Hartford & Springfield Street Ry. Trustee, Treas. of
155,000 for impts. and $18,000 for working capital. V. 109, p. 677. State o f Conn. These bonds are subject to call at 110 and int. on any int.
Compare V. 107. p. 605. Up to Apr. 1 1923 this financing had not been date. Rockv. Broad Brook A East Windsor Street R y. bonds are guar.,
p. A 1., by Hartf. A Sprlngf. St. R y. They are subj. to call at 110 A Int.
carried out. No further information.
Default, &c.— 'l'ne Aug. 1 1919 and subsequent coupons on the First
Dividends.— On pref. in 1906, 6% ; In 1907, 6 % ; none to May 1910. when
Mtge. 5s are in default. Two protective committees representing respec 1% was paid: N ov.. 2%
In 1911. 5 % . In 1912, M ay 2% ; N ov.. 2 % .
tively the holders o f the First M tge. 5s, due 1927, and the consol, mtge. 5s None since.
due 1953, have been formed.
EARN ING S.— For years ending Dec. 31:
Committee for 1st Mtge. 5s.— Chairman, Edward Powell; Irving Dillaye
Year—
Gross.
Exp. & Tax.
Net.
Interest.
Sur. or Def.
Vann, J. S. Farlee, Geo. J. Groff, H. R . Yeager, Robt. M . Greene Jr.,
$384,108
def.$26,630
-----------------------*nd
M. Steere. V. 112, p. 850. Depositary; Girard Trust C o., Phila. 1923________ $357,478
390,834
9,565
48,658
def. 39,093
A majority o f the bonds, it is reported, have been deposited. V. 113, p .2186. 1922________ 400,399
1921________ 447,982
431,783
16,199
48,656
def. 39.500
A reorganization plan worked out under a bondholders’ agreement
R OAD.— Owns 13 miles of track from 8tate line to East Windsor
signed July 31 1919 was not concluded and all coupons, bonds and cash de
posited thereunder were returned to depositors. V .112.D 850. Seeabove.
Hill, which was formally opened on Jan. 15 1902, and 7.80 miles (formerly
Somers A Enfield Electric R y.) from ThompsonvlUe to Somers. Also a line
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
from Suffield to a connection with the Hartford Street R y ., 9.70 m ., and?a
*tock $400,000 ($ 1 0 0 )-.________ _______________
$400,000
See text
line
Rockville, 14.45 miles. Has
First mtg $400,000 ($500 and/ 1897
5 g P-A
400,000 Aug 2 1927 rightsfrom Warehouse Point to making total mileage operated,! tracka6e
in Hartford and Springfield,
ncludlng
$1,000) gold____________ c lln t. at Fidelity Trust C o., Phila.. trustee
New cons mtg $550,000 ($500/ 1903
5 g M-N
150.000 May 1 1953 Hidings, 44.95 miles. Standard gauge. 56. 60 and 70-lb. T rail. 46 cars.
OFFICERS.— Pres________________ V .-P ., T . O. Perkins, Hartford,
and $1,000) gold_____c*tf|Int. at Fidelity Trust C o.. Phila.. trustee
Conn.; Gen. M gr., Wm. Walker, Warehouse Point, Conn.; Treas., Geo S.
Bonds.— Of the 1903 cons, mtg., $400,000 are reserved for prior liens
West, Boston. Mass.; Asst. Treas., Lester E. Flint. Boston, Mass.— V.
Dividends.— In 1915, 134%; 1916, H % - None since.
112, p. 2747; V. 114, p. 306; V. 115, p. 183; V. 116, p. 515; V. 118, p. 550.
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net (aft. Tax.). Oth Inc.
Charges.
S ur.orD ei
1922________ $107,940
def.$727
$319
$ 5,929
def. $6,338
1921............... 91,746 def. 17,447
260
3,609
def.20,796
TOLEDO, OHIO.
ROAD.— Operates 18.52 miles of track from Syracuse to Edwards Falls
TOLEDO BOW LING GREEN & SOUTHERN T R A C T IO N CO.
vltb branch from Orville to Jamesville. Standard gauge; rails, 60 and 90
ORGANIZATION.— Incorp. in 1901 as a consolidation of the Findlay
bs : 10 passenger and 7 other cars.
St. R y., the Toledo Bowling Green A Fremont Ry. and the Hancock Light
OFFICERS.— Pres., J. J. Stanley; V .-P., C. Loomis Allen; V .-P ., W . P .
Gannon; Gen. M gr., H. D. Gros; Treas., Alan C. Forbes; Sec., Willis H. A Power Co. of Findlay, O. Formerly leased to the Toledo Urban A InterMitchell; Aud., G. W . Avery. C. Loomis Allen operates the road. V. 113, urban R y .. but rental due April 1 and July 1 1908 having been defaulted:
lease was canceled.
p. 2186; V. 114, p. 198, 948, 1064, 2117; V. 115, p. 2582; Y. 116, p. 2131.
The entire property of the Toledo Urban A Interurban R y. was sold on
Aug. 23 1909, under foreclosure, to the Toledo A Findlay R y. C o., which
property was afterwards purchased by Toledo Bowling Green A Southern
Traction C o., and the latter company assumed its bonded debt. V. 88, p.
TAMPA, FLORIDA.
1439; V. 89, p. 105, 412.
TAMPA ELECTRIC CO
In Feb. 1915 was granted a new franchise for 25 years In Findlay. The
O RGAN IZATION .— Incorporated In Florida on Oct. 31 1899. In
April 1913 purchased the Tampa A Sulphur Springs Traction at foreclosure old franchises had 10 years more to run, but were canceled.
In Oct. 1916 the Ohio P. Uv Comm. auth. the Issuance of $141,500 addi
sale. Does the entire electric railway, electric lighting and power business
in Tampa and operates an electric railway between Tampa and Port Tampa tional 1st M . 5s for impts. and the discharge of obligation^. Up to Apr. 1
had not yet been Issued.
•nd a line to Sulphur Springs. Franchise is for 999 years from 1899. $233.- 1924 these 14 1921 the co. was granted a cost-plus franchise by the Findlay
On Feb.
$00 stock is held by the Public Service Investment Co.
Stockholders voted Jan. 8 1912 to increase stock from $1,700,000 to City Council, providing for a 7% return on the valuation and effective
$1,870,000. V. 93, p. 1601. In Feb. 1913 made a further increase to $2,- about Mar. 17 1921. An initial fare of 8 cents was provided for, an in
244,000 and in Jan. 1914 to $2,618,000. V. 98, p. 156. In Aug. 1917 in- crease of 3 cents over the then existing rate. V. 112, p. 850, 933. See also
ereased stock to $2,879,800. Stockholders of record Sept. 15 1917 were V. 112, p. 1618, 2085, 2307. In Mar. 1922 fares were raised 10 cents be
given the right to subscribe for the new stock pro rata at par. V. 105, p. tween Bowling Green and Toledo, Ohio. V. 114, p. 1409. See also
V. 114. p. 2471; V. 115, p. 75.
1310.
The holders of the $1,003,500 outstanding 1st Mtge. 5s due M ay 1 1921
Stockholders o f record May 5 1922 were given the right to subscribe at
Compare
par to $575,000 new capital stock in the ratio o f 1 new share for each 5 agreed to extend same for 20 years to M ay 1 1941 at 6%
V. I l l , p. 2326, 2521.
shares held. V. 114, p. 2242.
For valuation of Findlay property, see V. 112, p. 163.
The stockholders voted June 8 1923 to increase the auth. capital stock
from $3,454,800 to $4,145,700 (par $100). The new stock was offered to
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity,
stockholders at par in the ratio of one new share for each five shares held, Common $1,500.000......................................... .
$1,125,004) ................. ..
and proceeds were used for add’ns and impts. and for the retirement of bank Pref $750,000 (non-cum)_____ _____
Q-F
750,000
See text
indebtedness. V. 116, p. 2131.
First mtge $1,500,000 gold/ 1901
6 g M -N
956,500 M ay 1 1943
STOCK AN D BONDS—- D a t e .
In t e r e s t .
O u t s ta n d in g .
M a tu r ity .
($1,000 and $500)_____n tflln t. at Central Trust C o., Oin., trustee.
Stock $4,145,700 ($100)_____________
Q-F 15 $4,140,500 F e b ’24, 2>4 Toledo A Findlay mortgage/ 1910
5 J-J
480,000 Jan 1 193®
ist mtge $2,000,000 ($1,0001 1908
5 g . J-D
919,500 June 1 1933
$500,000 gold________ n tf (Union Sav. Bank A Trust C o., Oin., trustee.
and $500) gold_______ c*tf lint, at Amer. Trust C o., Boston, trustee.
Findlay Street 1st cons m tgef 1899
5 g J-D
275,000 Dec 1 192®
Bonds.— Callable as a whole (or in part for sink. fd.) at 105 and lnt. at
$275,000 gold________ ntf/Central Trust Co., Cin., trustee. Int. at
any time. $173,500 are in treasury. Sink, fund of 1% of bonds out
l
Metropolitan Trust C o., N . Y .
standing yearly, payable August 1; $137,000 in sinking fund canceled.
Bonds.— Of the bonds of 1901, $275,000 are reserved to retire Findlay St.
Dividends.— 5% semi-annually for several years up to N ov. 1907, when
a div. o f 2% was paid. In 1908. 7 % ; in 1909, 7% ; in 1910. 8% ; in 1911. Ry. bonds. These bonds were originally 5s but at maturity in 1921 were
extended for 20 years at 6% . The Toledo A Findlay mtge. Is a first mtge.
and since, 10%.
on the property of the acquired Toledo Urban & Interurban R y.
EARNINGS.— For 12 mos. ending Dec. 31:
Dividends.— On pref.. 1 M % quar. from Aug. 1910 to and including Aug.
Year.
Gross.
Net (aft. Tax). Interest. Sink. Fund. Surplus
1923________$2,146,820
$923,824
$65,862
...........
$857,962 1914. None to N ov. 1923, when 1M % was paid.
1922________ 1,809,252
743,781
52,575
--------691,206
EARNING S.— For years ending Dec. 31:
Cal. Years—
Gross.
Net, after Taxes. Bond, &c., Int. Bal., Surv.
ROAD.— Operates 54.9 miles o f equivalent single track. Standard
$228,611
$94,680
$133,931
gauge. 150 passenger and 23 other cars. Owns 2 amusement parks. Has 1923__________ $849,345
194.358
99,259
95,099
steam power station with 14,000 k.w. capacity and hydro-electric station 1922--------------- 744,312
1921--------------- 701,794
156,646
94,615
62,013
with 600 k.w. capacity.
OFFICERS.— Pres., Harry H. Hunt; V.-Ps., P. O. Knight and C. F.
ROAD.— Comprises 51 miles from Toledo to Findlay. 60-lb. and 72-lb.
W. Wetterer; Treas., Henry B. Sawyer; Sec., W m. T . Crawford; Gen. Mgrs.
T and girder rails. Owns 21 passenger and 5 freight motor cars, 13
freight non-motor cars and 3 work cars.
Stone & Webster M gt. Assn.— V . 114, p. 2242; V. 116, p. 2131.
OFFICERS.— Pres., Frank A. Rothier; V .-P ., ____________ ; Sec. A
Treas., A. J. Becht, all of Cincinnati; Gen. M gr., Chas. F. Smith, Findlay.
Offices, Findlay, O.— V. 112, p. 933, 1618, 2085, 2307; V. 114. p. 1409,
TEMPLE, TEXAS.
2471; V. 115, p. 75; V. 118, p. 204, 1013.
SOUTHWESTERN TRACTION CO.— A trolley road.
S o ld . — In Dec. 1923 the property was sold at trustees’ sale for $15,000
TOLEDO FOSTO RIA & FINDLAY R A ILW A Y .
and the assumption of taxes and paving obligations outstanding against the
co. The purchasers were J. C. Houser, Manager of the co., and H. H.
ORGANIZATION.— Incorporated in 1900.
Hamilton of N. Y . City. The line is to be operated. V. 117, p. 2771.
In N ov. 1916 purchased the 11 J^-mile line of the Lake Erie Bowling Green
EARNINGS.— For calendar year 1920, gross, $54,058; net, after taxes. & Napoleon R R ., between Pemberville and Bowling Green (bid in at re
$12,975. In 1919 gross $46,701; net, after taxes, $8,971.
ceiver’s sales on Aug. 5 1916 by the bondholders. V. 103, p. 666, 1032;
ROAD — Operates 13.1 miles o f track between Temple and Belton.
V. 103, p. 1889.)
Tex., with loop in each city. 60-lb. T rails. Standard gauge.— V. I l l ,
STOCKS AND BONDS— Date.
Interest. Outstanding.
Maturity,
p. 1370; V. 115, p. 1533; V. 116, p. 1761; V. 117, p. 2771.
Stock common ($100)_______ _____
______
$700,000
_______ _
Stock pref 5% cum ($100)_________
Q-J
800,000 See text
First Mortgage $450,000 gold/ 1900
6 g A-O
354,000 Oct 1 1940
($ 1 ,0 0 0 )________________ c\ Int. at Cleveland Trust C o.. Cleve., trustee.
THOMPSONVILLE, CONNECTICUT.
HARTFORD & SPR1NQF1ELD STREET R Y .— A trolley road.
Bonds may be called at any time. Originally matured Oct. 1 1920 and
Receiver Appointed.— On Sept. 30 1918 Judge W . S. Case in the Superior bore 5% int. but were extended for 20 years at 6 % . Sinking fund began
Court at Hartford, Conn., appointed Harrison B . Freeman receiver for the July I 1905. $96,000 bonds have been retired.
co. upon application by W. O. Mason & Co. o f Hartford, holders of a
Dividends.— 1H% Is being paid quarterly on preferred stock.
$2,500 unpaid claim for coal. V. 107, p. 1384. Compare V. 107, p. 1287.
E A R N IN G S . — For calendar year:
Statement by Receiver Regarding Co.’s Status.— Will be found in V. 112.
Calendar Year—
1920.
1919.
1918.
p. 2747. Compare V. 107. p. 2476
Gross............. ........................................
$384,943
$307,611
$267,494
O p e r a ti o n s . — On Jan. 24 1924 the co. discontinued railway service be
53,107
45.452
35.223
tween the Mass. State line and Windsor Locks, Conn., installing in its Net, after Interest and taxes_______
place a bus service. V. 118, p. 550.
R OAD.— Operates 64 miles between Bowling Green, Toledo, Fostorla
Default.— In June 1921, the bondholder’s committee named below an
and Findlay. Portions between Pemberville and Toledo put In operation
nounced that the $600,000 1st Mtge. 5s due July 1 1921, would not be paid
In June 1908.
when due V. 112,p. 2747.
OFFICERS.— Pres., H.
., C . O Committee for Hartford Springfield St. Ry. 1st Mtge. 5s.— Chairman, F. R. Fernsell Jr.. Dover; Sec. A O. Greer, Morgantown, W . Va.; V .-P . Smith,
Treas., A. J.
M gr., E
Cooley; A. A. Montgomery, F. J. Kingsbury. Deposits not called for Fostoria.— V. 103, p. 1889; V. 107, p. 403;Krantz, Dover;432.
V. 118, p. 86,
up to June 10 1921. Y . 112, p. 2747.
ORGANIZATION.— Was formerly known as the Enfield A Longmeadow
Electric Ry. (which was Incorporated on Feb. I I 1895). but in M ay 1901
TOLEDO & INDIANA R A ILR O A D CO.— A trolley road.
stockholders voted to change the name as above, and to reconstruct and
ORGA
TIO N .— Incorporated In Ohio In
1911
re-equip road. Connects with the Hartford Street R y. In Hartford and the 1911 tookN IZA the Toledo A Indiana Traction Co.Jan. 93. p. and on June 29
over
(V.
230), assuming
Springfield Street Ry. in Springfield, Mass. In June 1901 purchased the all o f latter's liabilities. A c. The Toledo A Indiana Traction on Feb. 8
East Windsor Street B y. Co. Franchises perpetual. Controlled the Som 1910 was successor o f the Toledo A Indiana Railway, sold under foreclosure
ers A Enfield Electric Ry. C o., which on April 1 1904 was merged In the on Jan. 18 1910. V. 90, p. 237. 448. M ost o f road is on private right of
Hartford A Springfield Street R y. V. 78, p. 1446. Also purchased the way. Franchises are perpetual except one for road crossings In Fulton
property of the Windsor Locks Trac. C o., subject to its mortgage. In 1905 County, expiring in 1935.
the Legislature granted permission to increase stock to $1,000,000 from time
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
to time, part to be preferred, and also to extend time for construction until
Q-J
*1.040.000
See text.
July 1 1907. See V. 79, p. 2697. In July 1906 absorbed the Rockville Stock $1.040,000.................................
Tol A Ind Trac 1st mortgage/ 1911
5 g J-J
400,000 Jan 2 1931
Broad Brook A East Windsor Street R y ., which operated 14 miles of track
$490,000 gold ($1,000)_c*\Int. at Columbia Trust Oo., N .T .. trustee.
from Warehouse Point to Rockville. Y. 83, p. 213.
Lease.— In June 1919 the company completed arrangements to operate
Bonds.— Toledo A Indiana Traction 1st M . bonds are subject to call at
the Suffield Street R y., extending from Spencer’s Corner, Suffield, to the 102H and lnt. on any lnt. date. V. 92. p. 1244, 1375.
8tate line, under a lease from the Connecticut C o. V. 108, p. 2629.
Dividends.— Dividends at the rate o f 4% per annum were paid to and
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. ncludlng Dec. 1916. None since.
Common $500,000 ($100) —
$500,000 ...............
EARN ING S.— For calendar years:
rea jouu.uuo o yn uuu-i
6 M -N
285.000 N ov ’ 12,2%
C a l. Y e a r .
G ross.
N e t a fte r T a x e s . O th . I n c . F i x e d C h g s .
Bal., S u r p .
redeemable at 110— J
$386,933
$11,165
$150
$21,251
def.$9,936
1901
5 g J-J
600.000 July 1 1921 1923
1922
372,420
def.36,784
____
22,087
def.58,871
Interest payable it American Trust Co..
ROA D .— Operates 55.77 miles of track from Toledo westerly to Bryan.
Boston; Treas. " ^ ‘ nnectlcut, trustee.
_ 1904
5 g J-J .
161.000 July 1 1924 Enters Toledo over tracks of Toledo Railways A Light Oo.
000 g ($l,000)_gu p Al_c*tflInterest at American Trust C o., Boston
OFFICERS.—-Pres., W . L. Haskell; 1st V .-P ., B. S. Hamilton; 2d V .-P .;
' ~
----------- ---------------R o c---------- * A”E W li — 1st—
k v B B 1 Wind
mtg f -----1906
5 g A-O
200,000 April 1 1928 R . E. Hamblin; Sec., C. F. Chapman Jr.; Treas., H. W . Potter; Aud.»
$300,000 g gu ($1,000),c*tf\Int.atAm .Tr.Oo.,Bos.;Treas.of Conn..trust. C. Baker.— V. 108, p. 1166; V. I l l , p. 390.
126
[V ol. 118.
ELECTRIC RAILW AYS
TRENTON, N. J.
TREN TON 8t MERCER COUNTY T R AC TIO N CORPORATION .
OR G A N IZA TIO N .— Incorp. on Oct. 5 1910 In New Jersey with $10,000
«tock ($100), Increased In N ov. 1911 to $400,000, o f which $200,000 Is pref
V. 93. p . 1260. On Oct. 15 1910 leased for 990 years Trenton Street Ry.
Mercer County Trac., Tren. Ham. & Ewing Trac. and Trenton Pennington
it Hopewell St. R y. at a rental o f $80,000 the 1st year, $82,500 the 2d, $85,
<000 the 3d. then increasing $5,000 yearly until the maximum of $150,000
In Jan. 1918 failed to pay rental on the Trenton Street R y. properties,
but was granted an extension of time until April 1 1918 and then to July 1
1918 in which to make payment. Resumed payment o f current rentals on
July 1 1923. (Accrued rentals unpaid on Dec. 31 1923 amounted to
$733,792.)
Equipment Trust Certificates.— See V. I l l , p. 494.
Favorable Tax Decision.— See V. 106, p. 1345.
Valuation.— Reproduction cost new of the property as a going concern
was estimated in April 1921 by Ford, Bacon & Davis, engineers, N . Y ., at
9,391,228, based on Sept. 1 1920 prices for labor and material. For further
etails see V. 112, p. 1268.
E A R N IN G S.— For cal. year 1923, gross, $1,701,034; net, after taxes,
$352,299. In 1922, gross, $1,689,896; net, after taxes, $311,780.
R OAD.— Owns and controls by lease about 73.93 miles of track, compris
ing all local street railway in Trenton and interurban lines to Yardville,
Trenton Junction, Pennington, Hopewell, Lawrenceville, Princeton and
Hamilton Square.
OFFICERS.— Pres., Rankin Johnson; Treas., F. E. Matthews.— V. 108,
D. 974, 1512; V. 110, p. 79, 262. 563; V. I l l , p. 494; V. 112, p. 1868, 2750;
V. 115, p. 1943.
(1) T re n to n Street R y.— Trolley. The United Power & Transports
Won Co. owns 19,969 out o f the 20.000 shares o f stock outstanding.
Lease.— Is leased to Trenton S Mercer County Trac. Oorp. (see above)
c
V . 9 1 ,p . 1513.
ORGA N IZA TIO N .— Formed June 29 1898 by consolidation of the Tren
ton Passenger R y ., Mulberry Street Passenger R y .. Pennington Avenui
Passenger R y. and Ewing Passenger R y
On June 19 1899 the Mercer County Traction Company was formed
with a capital o f $100,000 to enable the Trenton Street Railway Company
to build an extension o f 11.42 miles Into Princeton and In the city of Tren
ton. The entire stock is owned by the United Power & Transportation
C o. Is operated as a part o f Trenton Street R y. system.
Interest. Outstanding. Maturity.
STOCK AN D BONDS—
Date.
.................................
$ 1 ,000,000 ____________
Stock $2,500,000 (par $50)________
60.000 1920-1925
•Trenton Passenger first mtge
6 ft A-O ($15,000 due yly Sept. 3(<
$840,000 g o l d
($1,000 1891
80.000 1926-1930
each)__________________ c*
($20,000 due yly Sept. 30
Interest at Mechanics Nat.
650.000 Sep 30 1931
Bank, Trenton, N . J_ I
_
C o n s o lid a t e d
m o rtg a g e r 1898
5 _ J-J
g
1.159,000 July 1 1938
. _ .
gold $2,000,000 ($1,000) c*( Interest In Trenton at Mechanics National
[ Bank; Girard Trust C o., trustee.
Trenton St Ry gen M $500,-f 1911
6 J-D
>600,000 June 1 1941
000 gold ($1,000)______ c*\Bankerz Trust C o., New York, trustee.
'Guaranteed Bonds—
Trenton Pennington S H opef 1903
c
5 g J-D
349,000 June 1 194S
first mortgage $350,0001 Int. at Fidelity Trust C o., Newark, trustee
gold guaranteed_________ l Guar., prin. & Int., by Trenton Street Ry
Trenton Hamilton S E 1st M f 1905
c
5 g M -N
500,000 Nov 1 1956
$500,000 ($1,000) g o ld „c* \ In t. at Real Est. T . I. Sc Tr. C o., Phila.,trus
Mercer Co Tr 1st M $300,0001 1904
6 J-J
292,000 July 1 1944
gold ($1,000) guar p & Lc*\Real Est. T it. Ins. S Tr. C o.. Phila.. trustee
c
Bonds.— $840,000 consolidated 5s o f 1898 are reserved to retire first 6*.
Trenton St. R y. gen. M . bonds are subj. to call at 105 & Int. on any Int
day. V. 93, p. 797. Are listed on Phila. Stock Exchange. Mercer
County Trac., Trenton Pennington S Hopewell and Trenton Hamilton &
c
Ewing Trac. bonds are guar. p . Sc 1. by end. by Trenton Street R y . Y . 94,
p . 826. 1696.
OFFICERS.— Pres., John A . Rigg; Sec. S Treas., T . W . Grooket Jr
c
— V. 93. p. 797: V. 94. p. 828: V. 105. p. 2273: V. 106. p. 1901, 2230.
S
TREN TON -PRIN CETON TR AC TIO N CO.
Controlled by Bucks County Syndicate.
ORGAN IZATION .— Incorp. in New Jersey on Sept. 29 1922 as a con
solidation of the New Jersey & Pennsylvania Traction C o., Trenton Law
renceville & Princeton R R ., the Trenton Lawrenceville & Princeton Ex
tension R R . and the Princeton Street Ry.
Franchises are nernetual. except in Trenton, which runs to 1953Fares.— See “ Electric Railway’ ’ Supplement o f Oct. 28 1922.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $200,000 ($100)................................. ..........
$200,000 --------1st mortgage________________ 1923
6 M -N
500,000 M ay 1 1943
Block.— The $200,000 reported outstanding is held by the Pa.-N. J
B y. Co.
ROAD.— Comprises 12.56 miles from Warren and Hanover Sts., Trenton,
N . J., to Princeton, N. J.
EARN IN G S.— For vear ending Dec. 31 1923 (Princeton Division),
gross, $127,258; net, after taxes, $24,136. In 1922, gross, $132,048; net,
aftjer taxes $ 19 719
OFFICERS.— Pres., Sydney L. Wright, Phila.; Y.-P. & Gen. M gr.,
Gaylord Thompson, Trenton; Sec. & Treas., John M . Morrissey.— V . 114,
p. 1063; V. 115, p. 1632; V. 116, p. 1412; V . 118, p. 312.
T R O Y , N. Y .
T R O Y & NEW ENGLAND R A ILW A Y .— A trolley road.
Road passed into hands o f receiver Jan. 31 1906. On July 1 1907 contrc 1
was acquired by the Del. S Hudson Interests, all Indebtedness was adjusted
c
and receiver discharged. V. 85, p. 100.
O RGAN IZATION .— Incorporated Dec. 17 1889. Mostly private rigtt
o f way. Franchises perpetual.
Date.
Interest. Outstanding. Maturity.
STOCK AN D BONDS—
_______
$180,000
See text
Stock $350,000 ($100).......... . ______
5 g F-A
160.000 Aug 1 1945
First mortgage $160,000 gold 1895
$ 5 0 0 ..................................... Int. at office o f company, Albany, N . Y .
Dividends.— In 1910. Jan., 4 % . In 1911. Jan.. 4% ; D ec.. 4 )4 % . In
1912, D ec.. 3 % . In 1913. 2 % . In 1914, 2)4% None since.
E A R N IN G S.— For cal. years:
Oth. Inc. Chgs.&Tax.
Deficit
Year—
Oross.
Net.
1923 .........
$30,073
$9,083
$311 $ 14",951 def.$'l2",5i7
’
1922 ...........
25,226
2,123
303 13,507
def.23,390
1921 .........................
4.967 def.10,186
R O A D .— Total track. Including sidings, 9.15 miles: standard gauge, laid
with 65-lb. rail; running from Albia to Averill Park. 21 cars (19 owned, 2
leased) •
OFFICERS.— Pres.. L. F. Loree, New York: V.-Ps.. W . H. Williams.
N . Y ., and H. B. Weatherwax, Albany; V.-P. & Asst, to Pres., F. W .
Leamy; Sec., F. M . Olyphant, N . Y .; Comp., W . E. Eppler; Aud., W . A .
Biasing, Albany; Treas., C. A. Hoag, Albany; Gen. M gr., E. Murphy,
Albany.— V. 83, p. 437; V. 85. p. 100; V . 112, p. 563.
ORGANIZATION.— Incorp. In Miss, on July 1 1912. taking over tbs
Vicksburg Trac. C o., Vicksburg Lt. S Pow. C o.. Vicksburg S Yazoo Trac.
c
c
Oo. and Electric Power Co. Operates the entire street railway and electriclighting business in Vicksburg and suburbs. Franchises In Vicksburg run
tom) street railway, 1948; (6) lighting. 1946. For railway outside the city
baa grant from United States Government.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($100).......................................
$1,000,000 ............... ...
First mtge $1,500,000 gold] 1912
5-7 J-J
1,001.000 July 1 1932
($500 and $1.000)____c * tflln t. at Central Tr. Oo. of 111., Chic., trustee
Debenture bonds $400,000] 1920
6 M S
278,000 Mar 1 1930
gold ($1.0001_ ____ c * t f 11nt. at Central Tr. Co. of Til Chic., trustee.
_
Bonds.— Of the First Mtge. bonds outstanding $763,000 are 5s and
$238,000 are 5s with 2% interest coupons added. $4 '9,000 first mtge.
bonds are reserved for additions and extensions at 85% of cost. Redeem
able at 105 and int. on any int. date. V. 95, p. 49. Debentures are re
deemable at 101 and int. on any int. date. See V. 96, p. 488.
EAR N ING S.— 12 mos. ending Dec. 31:
1923.
1922.
1921.
1920.
1919.
Gross_______________ $314,643 $302,484 $293,802 $290,966 $245,192
Net, after taxes_____ 137,745
109,192
89,713
82,888
82,888
ROAD.— Owns and operates 11 miles of track; standard gauge; mostly
80-lb. T rails; 20 cars, 2 motor buses.
OFFICERS.— Pres., H. C. Couch; V .-P ., J. L. Longino; V .-P ., C. P.
Couch; Sec., L. Garrett; Treas., W. E. Baker; M gr., E. S. Myers.— V. 95,
p. 49; V. 96, p. 287, 488; V. 99, p. 200, 895; V. 103, p. 240; V.116, p. 1052,
1412, 2768.
VINCENNES. IND.
VINCENNES ELECTRIC R A ILW A Y CO.
O R GAN IZATION — Incorp. in Nov. 1921 and on Feb. 1 1922 took over
the operation of the properties of the Vincennes Traction C o., sold at fore
closure in Oct. 1921. For history of Vincennes Traction Co. see “ Elec
tric Railway” Supplement of Oct. 22 1921.
STOCK AND BONDS.
Date.
Interest. Outstanding. Maturity.
Capital stock $100,000_______ _____
_________
$100,000 __________
First mortgage sinking fundi 1922
_________
194,500
See text
b o n d s ___________________ (Mercantile Tr. C o., St. Louis, trustee.
Bonds.— Sinking fund retires bonds in 20 years.
EARNING S.— Of Vincennes Elec. R y. for 11 mos. end. Dec. 31 1922,
gross, $73,326; net, $21,328; int., $11,000; bal., sur., $10,328. Of predeces
sor co. for cal year 1921, gross, $83,669; net, $29,228; int., $11,750; bal.,
sur., $17,478.
ROAD.— Length of road, 6.11 miles. Passenger cars, 10; work cars, 3;
power purchased.
OFFICERS.— Pres., Ewing R. Emison; V .-P ., J. Hugh Powers; Aud. &
Sec’y, H. L. Bennett; Gen. M gr., & Treas., L. F. Gillett.
V IR G IN IA , MINN.
MESABA RA ILW A Y CO.
ORGANIZATION.— Incorp. June 27 1914 In Mass, as a reorganization
of the Mesaba Electric Ry. Co. of Maine and the Mesaha Ry. Oo. o f Minn.
It acquired all the property of those two companies, assumed their obliga
tions and now operates the passenger and freight electric road on the Mesaba
Iron Range, Minn., connecting the towns of Hlbblng, Chisholm, Buhl
Mountain Iron. Virginia, Eveleth. and Gilbert, a distance of about 35 miles
Road la on private right of way except in towns, with steam road construc
tion. Placed In operation March 1 1913.
Default, A c.— The company having defaulted on Jan. 1 1924 in making
the payment due to the sinking fund provided under the First M tge., and,
owing to the probability o f a default in the payment o f the interest coupon
due March 1 1924 on the First Mtge. bonds, the following protective com
mittee was formed:
Committee for First Mtge. 5s.— Chairman, C. N. Mason; Arthur V.
Morton, J. S. Newbold, Henry P. Vaux; Sec., L. W . Osborne, 31 Nassau
St., N . Y . City. Depositary, Penna. Co. for Insur. on Lives & Granting
Annuities, Phila., Pa. Deposits have been called for. V. 118, p. 431.
Engineers' Report.— For report on property by Day & Zimmermann, Inc.,
see V. 118, p. 431.
STOCK AND BONDS—- Date.
Interest. Outstanding.
Maturity
......... ..
Common $2,500,000 ($100)................................... .. $1,575,000
Pf $1,250,000 ($100) 7% (c u m )................... ........
685.000
................
Mesaba Ry 1st M $2,500,000] 1912
5 g M-S
1,211.000 Mar 1 1932
gold ($1,000) sink fd ..c * t f (Int. at Amer Trust C o.. Boston, trustee.
Bonds.— $227,000 in sink. fund. Remaining bonds are reserved for future
adds., tmpts., Ac. Subject to call as a whole or In part for sinking fund
at 105 and Int. Sk fd. 2 H % of total bonds certified, began Jan. 1 1917.
EARN ING S.— For years ending Dec. 31:
jvi/t
bci uurm
Year—
Gross.
Taxes). Sink.Fd.,&c.
Balance.
1922.....................................$257,769
$64,980
$90,830
def.$25,850
1921------------------------------- 282,127
91,964
90,829
sur. 1,133
OFFICERS.— Pres., O. Mitchell; V .-P., Clement R. Ford: Sec.. Agnes
Carmody; Treas., L. E. Flint; Asst. Treas., J. O. Bergeson; Clerk. L . E.
Flint; Asst. Sec., R Haydock; Gen. M gr., L. W . Hayes.— V. 118, p. 431-
W ARREN, PA.
WARREN & JAMESTOWN STREET RAILW AY CO.
Control.—In March 1924 the Venango Public Service Corp. (controlled by
Pennsylvania Electric Corp.) acquired control of the company. V. 11$, p.
1775. Compare V. 118, p. 1393.
O RGAN IZATION .— Incorporated In New York and Pennsylvania and
consolidated Jan. 15 1904. Private right of way. except In Jamestown,
where company has a 50-year franchise and 3 or 4 miles of public right of
way, for which perpetual franchises are held.
In 1918 Issued $100,000 10-year 6% bonds to retire a like amount o f 2d
mtge. bonds which fell due on Jan. 1 1918.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $200,000 ($100)................................ ..........
$200,000
See text
First mortgage $300.000____/ 1904
5 J-J
300,000 July 1 1934
1Interest at Warren (Pa.) Trust C o., trustee.
2d mtge. gold bonds-------------- 1918
6%
100,000 Jan I 1928
Dividends.— In 1908, 4% : in 1909, 8 % ; In 1910. 8% ; in 1911, Jan., 2 % :
in 1912, Dec., 2% ; In 1913. July. 4% ; in 1914. 8% : in 1915 and 1916, 6 % ;
in 1917 6 % . None to Jan. 1919 when 3% was paid: July 1919. 3 % . In
1920, 6% . In 1921. Jan., 3% ; July, 3 % . In 1922, Jan., 3 % .
EARNING S.— For years ending Dec. 31;
Year—
Gross.
Net. Int.&Tax. Rents,&c.Divs.(,6%)Sur.orDef.
1920 ________ $183,340 $40,547 $29,701
$2,932 $12,000 def.$4,086
1919________ 159.474 40.091
27.305
2,865
12.000 def. 2.080
Latest Earnings.— For calendar year 1921, gross, $165,839; net, $22,476.
R O A D .— Operates 21)4 miles of track from Warren, Pa., to Jamestown,
N. Y . Enters Warren over tracks of Warren Street R v . Does an expresa
business. Standard gauge. 70-lb. rails
6 cars.
OFFIOERS.— Pres., David H. Siggins: V.-P. & Sec., Homer M . Preston;
Jamestown. N. Y .: Treas & Supt., H. A. Siggins, all of Warren.— V. 86,
p. 482; V. 118, p.1393, 1775.
_____
W ARSAW , IND.
TUSCALOOSA, ALA.
TUSCALOOSA RAILW AY & UTILITIES CO.
In N ov. 1923 the company sold its street railway and electric properties
60 the Alabama Power Co., and in connection with the sale practically all
the company’s outstanding bonds were called for payment Jan. 1 1924 at
102 and int. at the Republic Trust C o., Phila., Pa., trustee. V. 117, p.
2111, 2214. For listing o f company up to time o f sale, see “ Electric Rail
w ay” Supplement o f Oct. 27 1923.
V IC E SB U R Q , MISS.
VICKSBURG L IO H T & TR AC TIO N CO.
Merger.— In Nov. 1923 it was reported that the company would be
merged into the MississippiJPower & Light Co.
W INONA INTERURBAN R A ILW A Y CO.
Default.— Oct. 1 1915 int. on Peru Dlv. bonds, and Jan. 1 1916 Int. on
Goshen Dlv. bonds defaulted. The proposed plan of reorganization(V.101.
p. 1190) was not approved by the committee for Goshen D lv. bonds.
Plan for Reorganization of Goshen Division.— In June 1922 a plan for the
reorganization of the Goshen Division was announced. The plan provides
for the foreclosure of the Goshen Division mortgage and the transfer of the
property and other assets taken in behalf of the bondholders’ committee
(see below) to a new company to be organized in Indiana and to be known
as Winona Northern R y. or such similar name. The new company is to
issue $562,500 capital stock and $187,500 6 % 20-year 1st Mtge. bonds in
payment for the property and other assets. It is proposed to exchange for
each $1,000 of Goshen Division bonds accepting the plan, 15 shares of stock
r $50) and $250 of bonds o f the new company. For further details see
115, p. 75.
r
A pril, 1924.]
Receiver.— O. J. Munton was appointed receiver on July 25 1916 on the
petition of the First Trust S Savings Bank. Chicago, and E. E . Botsot.
c
trustees, in suit to foreclose mortgage on Qoshen Division. V. 103. p. 408.
Committee for Goshen Div. ls< Mtge. 5s.— J. D. Mortimer. Pree. North
American C o., N. Y .t Chairman; S. J. Straus; Max W. Babb; H. H. Phillips.
209 So. La Salle St., Chicago, Sec.; Central Trust Co. of Illinois, Chicago,
depositary. V. 101, p. 1975.
ORGAN IZATION .— Entire common stock Is held by directors
-l
Jan. 1923 the co. filed notice with the Ind. P. S. Comm, o f its intention to
surrender local franchises and permits and operate under an indeterminate
permit under jurisdiction o f the Commission. V. 116, p. 177. Franchises
are for 50 years. Leases Winona & Warsaw Ry. ($10,000 stock and $44,000
bonds), operating 454 miles of track, for 99 years from Jan. 1 1910.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $600,000 ($100)_________
_______
See text __________
Pref $600,000 6% c u m u la tiv e ............................
$150,775 — .............
Goshen Dlv 1st M $750,000/ 1905
5 g J-J
750.000 July 1 1925
gold ($500 and $1.000)___ lin t, at First Trust S Sav, Bank, Chic..trust.
c
Peru Division first m ortage J 1906
A-O
1,593,700
Oct 1933
$2,000,000 gold__________ (Union Trust C o., Indianapolis, Ind.. trustee.
Bonds.— Goshen Division bonds are a lien only on the section of road be
tween Warsaw and Goshen. Of the amount reported outstanding. $52.0C0
are unsold but used as collateral for loans. Are subject to call at 105 and
Int. on any lot. date. Peru Division bonds are a lien only on section of road
between Peru and Warsaw. Amount reported outstanding includes $290,200 bonds sold and $1,303,500 used as collateral for loans.
EARNINGS.— For year end ng Dec. 31 1922, gross, $298,750; net, after
taxes, $18,709. In 1921, gross, $310,309; net, after taxes, $19,933.
ROAD.— Operates 70 miles between Goshen and Peru. Leases 4M miles
of track between Warsaw and Winona Lake.
OFFICERS.—Gen. Mgr., J. C. Schade, Warsaw; Aud., H. O. Weimer.
— V. 101. p. 1975; V. 103. p. 408; V. 107. p. 802; V. 108, p. 2242; V. 115, p.
75; V. 116, p. 177.
_____
W ASHINGTON, D. C.
WASHINGTON RAILW AY & ELECTRIC CO.
In Dec. 1922 Eugene E. Thompson (of Crane, Parris & Co.) purchased a
block o f 27,500 shares of the c o .’s com. stock, previously held by the note
holders’ protective committee of the Washington Utilities Co. V. 115, p.
2582. Compare V. 115, p. 2380.
ORGAN IZATION .— Incorporated as the Washington S Great Fails Elec
c
tric R y . Co. July 29 1892 by special Act of Congress; name changed to Wash
lngton R y. & Elec. Co. Feb. 1 1902. In 1902 acquired control of the Poto
mac Electric Power Co. On Feb. 4 1902 purchased the assets of the Wash
ington Traction S Electric Co., sold at foreclosure Nov. 24 1901. and re
c
organized according to plan In V. 73, p. 554, and acquired the Colum
bia Ry. and the Metropolitan RR. by deed In fee, subject to their mortgage
debt. The last two roads constituted 57.71 miles of track. During 1912
merged with the Anacostia S Potomac River R R . (25.21 miles) and the
c
Brightwood Ry. (12.45 miles), both of whose stocks had previously been
owned. In 1912 also transferred to the Potomac Elec. Power Co. the com
pany’s Interest in the Great Falls Power Co. Company furnishes power
to the Wash. Balt. & Annap. Elec. R R . Co., the Washington-Virginia R y .
C o., the Washington & Old Dominion R y . Co., and other local companies.
Franchises perpetual.
Valuation.— See V. 109, p. 1081; V. 118, p. 665. See also V. 110, p. 1094;
V. 113, p. 2319, under “ Potomac Electric Power C o.”
In 1916 acquired control of Washington-Incerurban R R . Co. (8 )£ miles)
through purchase o f its outstanding securities by the Washington & Rock
ville Ry. Co.
Merger of Washington Car Lines Proposed. See V. 109, p. 677, also V
109, p. 1274, 1701; V. 110, p. 360; V. 112, p. 1743, 2414; V. 113, p. 962; V.
115, p. 546, 1322, 1634.
Government Ownership Proposed.— V. 112, p. 2191.
Favorable Rate Decision.— See 1914 annual report In V. 100, p. 1251.
Franchise Tax Dispute.— V. 115, p. 1211.
Fares.— On Sept. 14 1918 applied to the P. U. Comm, o f the District of
Columbia for auth. to abolish the 6-for-a-quarter tickets and establish a
straight 5-cent fare. V. 107, p. 1386. Compare V. 107, p. 803. This appli
cation was granted the straight 5-cent fare, becoming effective Dec. 1
1918- V. 107. p. 2189. On May 29 1919 was auth. by the P. U. Comm, of
the District of Columbia to charge 2 cents for transfers. Effective N ov. 1
1919 was auth. by the P. U. Comm, to Increase fares to 4 tickets for 25
ceDts or 7 cents for a single cash fare; transfers between the co.'s lines to
be free, while inter-company transfers are subject to a charge of 2 cents.
V. 109 ,p . 2358. On May 1 1920 the co. was authorized to increase fares
to 8 cents cash with 4 tickets for 30 cents. V. 110, p. 1749, 2489. In
■>an. 1921 the P. U. Comm, refused to permit a straight 8-cent fare and re
duced the inter-company transfer charge from 2 cents to 1 cent. V. 112,
p. 163. In April 1921 the 8-cent cash fare with 4 tickets for 30 cents was
ordered continued until Aug. 31 1921. V. 112, p. 1743. At that time the
ticket rate was reduced from 7 M cents to 7 cents. V. 113, p. 732. On
j
Mar. 1 1922 the ticket rate was further reduced to 6 2-3 cents. V. 114, p
1065.
$1,000,000 gen. mtge. 6% bonds due Dec. 1 1923 were paid off at maturity
and in connection with this retirement the co. issued $2,495,000 10-yr.
6% gen. & ref. mtge. bonds dated Nov. 1 1923, which are held in treasury
or hypothecated. V. 117, p. 2434, 2544. Compare V. 117, p. 1463.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Common $6,500,000 ($100)...
Q-M
$6,500,000
See text
Pref 5% cum $8,500,000($100)____
Q-M
8,500,000
See text
Consol mortgage $17,500,000/
1902 4 g J-D
11,642,350 Dec 1 1951
($1.000 & $500) gold._c*tf lin t, at U. S. M tg. Sc Tr. Co., N . Y ., trustee.
10-year gen. & ref. mtge.
$10,000,000 ---------------------- 1923 6%
2,495,000 N ov. 1 1933
Met RR 1st mtge ($1,850.-/ 1895 5 g F-A
1,850,000 Feb 1 1925
000) gold ($1,000) not sub-i Interest at Baltimore Trust S Guarantee Co.
c
ject to call___________ c* tf l trustee, Baltimore.
Anacostia S Potomac River/ 1899
c
5 g A-O
2,977,000 Apr 1 1949
first mtge $3,000,000 gold {In t. at Baltimore T r. S Guar. C o., trustee.
c
($1,000) sinking fu n d .c*tf l M ay be called at 11214.
Stock and Bonds.— The preferred stock became cumulative on June 1 1904.
The remainder of the consol, bonds ($5,857,650) are reserved for the retire
ment of underlying liens. Entire Issue Is subject to call upon 3 months'
notice on any Interest date at 105 S interest.
c
A portion o f the property covered by the M et. R R . 1st mtge. may be
sold and proceeds applied to a sinking fund for the retirement of the bonds
at not exceeding 110 and Int. Bonds cannot be drawn. Of the Anac. &
Potomac River bonds. $462,000 are guar., p. S 1., by Washington R y. &
c
Elec. V. 87. p. 36. $23,000 have been canceled.
Dividends.— On pref. at rate of 5% per annum from Dec. 1 1904 to and
incl. Dec. 1919. In Aug. 1920 214 % was paid. This represented the quar
terly divs. o f 1)4% due Mar. 1 and June 1 1920. In Dec. 1920 2)4% was
old (representing the quar. divs. of 1)4% due Sept, and Dec. 1 1920).
'. I l l , p. 1754. Reg. quar. divs. of 1 )4 % have been paid since to and incl.
Mar. 1924.
On com., 1st div. was paid Dec. 1 1909 ;ln 1910, 2% ; in
1911, 2% : in 1912. 4% ; in 1913, March. 1% ; June. 1)4% ; Sept., 1)4% ;
Dec , 1 )4 % and 1% extra. In 1914 and since to and incl. 1916 7%
In
19 17,6 )4% . In 1918, 5% . In 1919, March, 1 J4 % . None to June 1923,
when 1)4% was paid. In Sept. 1923, 1)4% ; in Dec. 1923, 1 )4 % . In
1924, March, 1)4% .
P otom ac E lectric Power Com pany.
BONDS—
Date. Interest.
Outstanding.
Maturity
First mortgage (see text) gold / 1904 5 g J-D
$1,700,000 June 1 1929
($1,000)_____________ c .tf (Int. at Oomm. Tr. C o., Jersey City, trustee.
Cons mtge $7,000,000 gold/ 1906
5 g J-J
5,300,000 July 1 1936
($1,000) gu p S 1 by W ashllnt. at Commercial Trust C o.. Jersey City,
c
R y S Electric C o_____c .t f l trustee.
c
General & refunding m tge,/ 1921 7 g A-O
1,940,900 Oct 11941
Series “ A ” ($100, $500, {
$1,000 & $5,000)..c*& r*tf I 1923
6 g A-O
4,000,000 June 1 1953
Series “ B ” ________________Int. at National City Bank. N. Y .. trustee.
Gen’ Jlmpt. debentures______ 1915
6 F-A 1
760,000 Jan 1 1926
Bonds.— The first m tge. bonds are red. any int. date at 110 & Int. Auth.
■sue was originally $4,000,000. but was subsequently reduced to $1,700,000
O f the $7,000,000 new consols, $1,700,000 are reserved for prior liens.
They are guar., prln. and Int., by Washington R y. S Electric C o. A
c
sinking fund o f 2% per annum o f bonds outstanding began Jan. 1 1908.
f
127
ELECTRIC RAILWAYS
On April 1 1924, $1,252,000 were held alive in the sinking fund. See
V. 85, p. 100. Additional general and refunding mortgage 7s may be
issued in equal amount to retire outstanding underlying bonds and for
75% of cost of exts., add’ns, &c., under certain restrictions. Are red. on any
int. date on 30 days’ notice at 107 J4 during first 5 years at 105 during the
next 10 years and at 103 during the last 5 years prior to maturity. Sinking
fund of H % of the bonded debt annually for the purchase or redemption and
cancellation of both series of gen. oc ref. mtge. bonds. Cancelled to Apr. 1
1923, $259,100. In addition it requires an amount equal to at least 5%
o f the bonded debt to be used annually for the adequate maintenance and
replacement of the property. V. 113, p. 1896. In addition to the series
‘ B ” gen. & ref. mtge. 6s outstanding, $1,760,000 are held in treasury.
Series “ B ” red. on any int. date on 30 days’ notice at 107 J4 on or before
April 1 1933, at 105 thereafter to and incl. April 1 1943, and at 102 l there
A
after prior to maturity. V. 116, p. 2266. The gen. impt. debentures are
guar. prin. & int. by the Wash. Ry. & Elec. C o., and are equally secured
with the gen. mtge. bonds red. at 102 > on any int. date. Earnings of the
4
Potomac Electric Power Co. have been as follows;
Calendar Years—
1923.
1922.
1921.
Gross receipts______________________ $5,971,830 $5,373,364 $5,086,776
Net available for interest___________
2,153,589 1,993,962
1,783,000
Annual interest charges on outstanding bonds, including ihe $5,940,900
gen. & ref. mtge. Series A and B, now amount to $770,863.
Property, A c.— The Washington Ry. & Elec. Co. controls the principal
street railroads In the District o f Columbia and also the Potomac Elec. Pow.
Co. which alone Is operating, or authorized to operate. In the national
capital and which controls the Great Falls Power Co. with undeveloped
water power on Potomac River. The railroad companies have 170.80 m.
of track (all under electric traction), while the electric light company has
440 miles of subways with about 1,347.91 miles of ducts, besides many
miles of overhead wires. Owns 620 cars and 15 buses. No. of meters
Dec. 31 1923, about 75,278. Generating capacity ofp ow erco., 98,000 k.w.
The following shows the total outstanding stock of the companies con
trolled and the amount of the total shares acquired in each Instance by the
Washington R y. <c Elec. Co. up to Dec. 31 1923:
S
MileCapital
Amount
Am'tNot
ATame of Company—
age.
Stock.
Owned
Owned.
Georgetown & Tenallytown R y 8.50
$200,000
$164 450
$37,050
Washington S Rockville R y _
c
_ 14 46
275 000
275.000
None
xO ltr S Suburban Railway ..41.635 1.750.000
c
1,687 300
63.200
Washington & Glen Echo R R _______
200.000
197,150
2,850
Washington Interurban R R .___ 1.65
50,000
a.50,000
___ _
Total railroads--------- ---------- 66,24
$2,475,000
Capital
Stock.
Name of Company—
Lighting—
Potomac Electric Power_____________ $6,000,000
Braddock Lt. & Power___________ _____
50,000
$2 373,900 $103,100
Amount
Am 'tN ot
Owned.
Owned.
$9,000,000
a50.000
Non*
_____ _
Total all companies----------------------- $8,525,000 $8,421,900 $103,100
a Owned entirely by Wash. S Rockville Ry Go. x Aug. 1 1919 int. on
c
the $1,750,000 City & Suburban Ry. 1st M. 5s was paid Nov. 1 1919.
The Feb. I 1920 int. on these boods was paid on April 29 1920. V. 110.
p 1972. The Aug. 1 1920. Feb. 1 1921 and Aug. 1 1921 Int. was paid
when due and all subsequent int. being paid when due. V. 111. p. 5S8:
V. 112, p. 561.
The Washington Ry. & Electric owns directly or indirectly the following
bonds of the constituent companies, which, together with the shares of
stock owned above, are pledged under the $17,500,000 consol, mtge.;
*100,000 (entire issues) 1st S 2d mtges. of the Georgetown S Tenallytown
c
c
Ry.; $180,000 out of a total issue of $185,000 1st mtge. bonds of the Wash.
S Rockville Ry. (remaining $5,000 being owned by the Wash. Ry. Relief
c
Association): $200,000 1st mtge. and $50,000 2d mtge. (entire Issues) of
the Washington & Glen Echo R R .: $150,000 (entire issue) Washington
Interurban RR. 1st mtge. bonds. Total, $680,000.
EARNING S.— Of Washington R y. & Elec. Go. (excl. sub. cos.) for cal. yrs.
1923.
1922.
1921.
1920.
Revenue passengers------ 60,851,385 61,943,410 64,178,738 65,873,540
Free passengers------------ 19,400,669 19,231.868 19,822,811 19,410,342
Gross earnings---------------- $4,957,215 $5,022,967 $5,455,624 $5,371,308
Exp., taxes & misc. items 4,089,015
4,137,526
4,235,082
4,477,866
Net earnings-----------Other inc. (incl. Potom.
Elec. Pow. Co. div.)__
$868,200
707,758
$885,441
690,226
$1,220,542
654,512
$893,442
534,194
Total income-------------- $1,575,958
$1,575,667 $1,875,054 $1,427,634
Fixed charges-------------$755,879
$764,315
$772,961
$791,262
D iv. on pref. stock (5% )
425,000
425,000
425,000
425,000
Div. on common stock -243,750
______
______
______
OFFICERS.— Pres., W m. F. Ham; Y .-P. & Counsel, S. R . Bowen; Treas.,
A. M . Fisher; Asst. Sec.-Treas., Wm. L. Clarke; Comp., A. G. Neal; Sec.,
H. M. Keyser; Asst. Sec., H. W. Kelly; Asst. Treas.. V. D. Brooks. Gen
eral offices, 14th and C Sts., N . W ., Washington.— V. 114, p. 412, 1065.
1892, 2117; V. 115, p. 546. 1211. 1322, 1634. 2018. 2380, 2582: V. 116, p.
411, 1894, 2390; V. 117, p. 555, 1130, 1463, 2434, 2544; Y. 118, p. 665.
W ASHINGTON & M ARYLAND R Y .
ORGA N IZA TIO N .— Incorp. in Maryland as successor to Balt. & Wash
Transit Oo. of Maryland, sold under foreclosure.
The P. U. Oomm. of the D. of O. has auth. the co. to Issue $66,000 gen
6% 30-yr. bonds and $30,000 prior lien 6% bonds; has also approved
a contract by which the Capital Traction Co will operate the c o ’s lines.
Proceeds of the 6% bonds will be used to complete purchase of thepropertles
of Balt. & Wash. Transit Oo. In Maryland, and the 5 H % prior fien bonds
will be used as collateral for $25,000 1-vr ft% notes, the proceeds of which
will be used for exts. and impts. Application has been made for $25,000
add’l bonds to refund advances for impts., &c.
ROA D .— Operates about 3 )4 miles of track from 14th & Kennedy Sts.,
N. W .. to District line at Tacoma Park, M d. Extension of 1 mile built
from District line and through service operated by the Capital Traction
0 0 . since May 11 1918. 60 and 100-lb. T rail; girder rail on new extension.
Direct service over Capital Traction Oo. One fare any place In Dist. of
001. No transfer.
OFFICERS.— Pres. & Treas., Chas. Selden Jr., Washington, D . O.:
Sec., John E. Taylor, 231 Woodward Bldg., Washington, D . C.
CAPITAL T R A C T IO N .— An underground trolley road.
O R GAN IZATION .— In the fall of 1895 absorbed the Washington S
c
Georgetown and Rock Greek companies. See V. 61. p. 283 328 588.
Operating Agreement.— By an agreement entered Into on Feb. 20 1917
the company took over the operation of the line of the Washington S M ary
c
land Radway Oo. on May 2 1918,that company having completed the build
ing of an extention to the sanitarium near Takoma, M d.
Valuation, V. 109, p. 1079.
Fares.— In 1918 was auth. by the P. U. Oomm. to eliminate the rate of
0 tickets for 25 cents and to establish a straight 5-cent fare. Effective
Jane 1 1919, was auth. to charge 2 cents for transfers. V 108. p. 2432.
Effective Nov. 1 1919 was auth. by the P. U. Oomm. to Increase fares to
4 tickets for 25 cents or 7 cents for a single cash fare; transfers between the
oo.’s lines to be free, while Inter-company transfers are subject to a charge
of 2 cents. On May 1 1920 the co. was authorized to increase fares to
8 cents cash, with 4 tickets for 30 cents. These rates were originally to
continue until Jan. 1 1921, but was continued to Aug. 31 1921. Compare
Y. 110. p. 1748. At that time the ticket rate was reduced from 7)4 cents
to 7 cents. V. 113, p. 729. On Mar. 1 1922 the ticket rate was further
reduced to 6 2-3 cents. V. 114, p. 1062.
Proposed Merger Plan.— See V. 109. p. 1272: V. 110, p. 359; V. 112. d .
2413; V. 113, p. 729, 959; V. 115, p. 542, 1320.
P
STOCK AND BONDS—
Stock $12,000,000 ($100) — ----------Q-J
$12,000,000 A pr’24,\ % %
New first mortgage $6,000, - / 1907
5 g J-D
5,606.000 June I 1947
000 gold ($500)................. c{ Int. at Union Tr. Co. of the D. of C „ Wash..
I trustee.
Bonds.— Are not subject to call. Part of the bonds Issued were used to
redeem the $1,080,000 outstanding 4% bonds of the 1900 issue. $200,000
o f bonds are in c o .’s treasury and $194,000 are In c o .’s Ins. reserve fund.
138
ELECTRIC RAILW AYS
Dividends.— In 1898, July 1, 75c.; Oct. 1, 75c.; In 1899. four dividends of
75c. each; in 1900, 3 X % ; in 1901, 4% ; in 1902. Jan., 1%; April, 1%
July, 1% . and on Aug. 20 an extra dividend o f $4 per share was paid from
proceeds o f sale o f old power house: Oct., 1% ; in 1903. 4J* % ; in 1904, 5%
in 1905, 5 X % ; 1906-1913 ln cl.,6 % ann.;in 1914, Jan.. l £ % ; April. 1 H%
July, 114%. In Oct. rate was reduced and 1 X % was paid; same rate
was paid quarterly to and Including July 1918. In Oct. 1918 114% was
paid; same rate quarterly to and incl. Jan. 1921. In April 1921. I H % was
paid. Same rate quar. since. In Dec. 1917 an extra div. of 1 X % was paid.
In Aug. 1918 an extra div. o f 14 % was paid.
R E PO R T .— For calendar years:
Calendar
Gross
Net (after Other Interest.
Balance,
Year— Earnings.
Taxes). Income.
Ac.
Dividends.
Survlus
1922___ $4,842,619 $1,305,401 $34,725 $321,774 (7%)$840,000 $178,353
1922___ 4,994,044 1,390,739 34,906 320,653 (7%)840.000 264,991
In 1923, 90,149,315 passengers were carried, against 92,672,910.
R O A D .— Underground trolley, single track (incl. 2.023 miles operated
under trackage agreement), 48,344 miles; overhead trolley (incl. 3.187 miles
operated under lease), 17.611 miles single track. Total length o f road
(incl. 8.036 miles sidings and turnouts), 73.981 miles of single track. Oper
ates 695 cars and 8 motor buses. 80 to 122-lb. rail.
OFFICERS.— Pres., Geo. E. Hamilton; Y .-P . in Charge of Operation,
J. H. Hanna; V .-P ., D . S. Carll; Sec.-Treas., H. D . Crampton; Asst. Sec.,
J. E. Heberle; Asst. Treas., C. B. Koontz.— V. 110, p. 359, 561, 1748;
V. 112, p. 1023, 1431, 2413; V. 113, p. 729, 959; V. 114, p. 1062; V. 115,
p. 542, 1320; V. 116, p. 1759, 1892; V. 117, p. 552; V. 118, p. 310, 1267, 1391.
[ V ol. 118,
Outstanding. Maturity.
STOCK A N D BONDS—
Date.
Interest.
Wash Arlington 9c Falla Church Ry Issues—
1st M $100,000 gold_______ 1895
6 J-J
74,000
2d mtge $350j
1903 5 A-O
250.000 April 1 1953
--- .000_
_
Interest at Merchants’ Tr. C o., Phila., trust.
First consol mtge $1,000,-/ 1908
6 g M-S
602.000 Sept 1 1958
000gold ($1,000)_____ c*\ Int. at Girard Trust C o., Phila.. trustee.
General mortgage___________ _____
5%
See text
_______ _
Secured notes Ser. “ A ” ______ _____
6%
799.400 Jan. 1 1922
Secured notes, ser. “ B " ______ _____
6%
665,500 Jan. 1 1922
Equip, trust certificates______ 1918
6%
148,000
See text
Stock.— Pref. Is entitled to cum. divs. of 3% for year ending N ov. 1 1911
4% for next year and 5% yearly thereafter. Stock listed In Phils. S Wash*
c
Bonds.— The Wash. Alex. A M t. Ver. 1st mtge. bonds are subject
to call on any interest date at 110 and int. upon 3 months' notice
See V. 80, p. 1176. $350,000 Wash. Arl. A F . O. 1st consols are
reserved for prior liens, $48,000 are in treas.; remainder are for betterments,
fee. Bonds were guar., p. A L, by endorsement by Wash. Alex. A M t. Ver.
Ry. Subject to call on any int. date at 105 and int. on a m os.’ notice,
(nt. on the Wash. Arl. A Falls Onurcn R y 1st M . bonds, payable in Phila.
Walter Hinchman, N. Y ., is trustee. The equip, trust certifs. mature
$35,000 each Jan. and July 1 until July 1 1924. V. 114, p. 2242.
Notes.— The 6% notes due Jan. 1 1922 are secured by a deposit o f $3,000.000 gen. mtge. 5% bonds (collateral has been sold at public auction— see
above under “ Sale of Collateral” ).
Dividends.— Initial div. on pref.— 14*%— paid Mar. 15 1911; N ov.
i4*% . In 1912, 4 % . In 1913. and since 5 % .
On common, first
div.— 1% — paid March 15 1911; N ov .. 14*%. In 1912 and 1913, 3% .
WASHINGTON UTILITIES CO.— A holding company.
in 1914, M ay, 14*%. In Nov. rate was reduced and 1% was paid. In
ORGA N IZA TIO N .— Incorp. in Virginia (as Maryland-Virginia R y.)
1916, M ay. 1% . No later information.
Nov. 29 1911, amended Feb. 28 1912 and N ov. 7 1912, when the name wa*
EARN ING S.— For 12 months end. Aug. 31:
changed to the above. On Nov. 26 1912 merged with Washington-Virginia
Gross
Net after
Balance,
R y., but the latter company (see statement below) was obliged to resume a
Deficit.
Earnings.
Depreciation. Fixed Charges
leparate existence, owing to refusal o f the subsequently created Utilities 1923---------------------$932,576
$147,059
$146,294
$293,353
Comm, o f the Dist. of Columbia to allow the merged corporations to Issue
90,699
295,553
204,854
securities provided for in the merger agreement. Owns 150 shares of 1922_____________ 910,015
ROAD.— Operates from Washington, D. O., to Alexandria, M t. Vernon,
Braddock Lt. & Pow. Co. stock (valued at $20,000). $300,000 (of $300,350)
of Washington & Great Falls Ry. & Pow. Co. stock, and $575,100 com. and Arlington, Ft. Meyer, Rosslyn, Clarendon, Vienna and Fairfax. Total
track, 63.36 miles. Standard gauge. 112 cars.
$282,000 pref. stock of the Washington-Virginia Ry. Co
OFFICERS.— Pres., John E. Zimmermann; V .-P ., N . C. Roosevelt:
Default.— The June 1 1919 int. on the coll, trust 5% notes having been
defaulted, the following protective committee (reorganized V. 109. p. 271) Sec., C. A. McClure: Treas., Milward Oliver. Under management or
Day & Zimmermann, Inc., Philadelphia.— V. 109, p. 1610; V. 110, p. 168,
was formed:
Committee for Coll. Trust 5% Notes.— Robert N. Harper, Chairman; Wm. 1749, 1850; V. I l l , p. 295, 1184, 1754, 1951; V. 112, p. 1743, 1868; V. 113,
E. Cadwallader, W. T . Galliher, John Poole, Geo. W. White and C. W. p. 732, 1984, 2186, 2407; V. 114, p. 2242; V. 117, p. 2214, 2434.
Warden, all o f Washington, and Harold B. Thome and Henry D. Harlan,
both o f New York City. Depositaries: Metropolitan Trust C o., N. Y ., and
the American Security & Trust C o., Washington. D. O. Up to early in
W ASHINGTON BALTIMORE & ANNAPOLIS ELECTRIC R R .— A
Sept. 1919 $1,306,000 of the notes had been deposited with the committee. •Ingle-phase electric road.
V. 109, p. 271. Compare V. 108, p. 2424. No later information.
ORGAN IZATION .— Incorp. In Maryland on June 6 1905 as Baltimore
Sale o f Collateral.— Default having occurred on the co.'s coll. tr. 5%
changed its name
notes, the security pledged thereunder, viz., 27,500 shares Wash. R y. & Terminal Co. On March 31 1911 amended its charter,the
took over
Balt. A
Elec. Co. common stock was sold Oct. 1 1919 to the noteholders’ committee to Wash. Balt. A Annapolis Electric RR. and(V. 92, p. 796, Wash. per plan
Annapolis Elec. Railway,
957),
named above. V. 109, p. 1368. Compare V . 109, p. 1081. The com in V. 91, p. 1328, 1386. sold at foreclosure
Private right-of-way.
mittee, however, in Dec. 1922 sold this stock. V. 115, p. 2269; also see
The Annapolis Public Utilities Co. was incorp. In M ay 1912 as a sub. co.
under “ Washington R y. & Elec. C o.” on a preceding page.
and took over the Annapolis Gas & Elec. Co. In Feb. 1923 the M d. P. U.
Comm. auth. the Annapolis Pub. Utilities Co. to change its name to the
8TOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Severn Light & Power Co. and, gave its approval of a proposed financing
S to c k ____________________________
_________ $5,468,000
See text
Collateral trust notes $1,500,-/ 1917
5%
1,500,000 ---------------- plan. See V. 116, p. 722, for details. On April 10 1923 name changed
again to “ The Annapolis & Chesapeake Bay Power C o.” See V. 118, p.
000 ($1,000)______________(Metropolitan Trust C o., N . Y ., trustee.
434, for bond offering.
Notes.— Are secured by pledge o f $2,750,000 com. stock o f the WashAcquisition of Annapolis Short Line RR.— In 1921 the co. acquired the
Ry. & Elec. Co. Red. at par and int. on any int. date on 30 days’ notice. Annapolis Short Line from the Maryland Electric Rys. The co. took over
Dividends.— Initial div. o f 4* o f 1% paid July 1 1912. In 1913, I X %. the outstanding 1st mtge. bonds of that co. and guaranteed certain other
bonds and car trust certifs.
For further details see V. 112, p. 850, 1284,
In 1914. 2 % . In 1915. Jan., 1% . N o later information.
EARN IN G S.— For calendar year 1913, gross, $233,152; net, after de 1519.
ducting interest, &c., $132,473; dividends, $107,160; bal., sur., $25,312.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
No later statement has been received.
Common $3,000,000 ($50).................
Q-J
$3,000,000
See text
6 Q-M
1.760.500 A p r ’24, 14*
OFFICERS.— Pres.. Norman Grey: Sec. S Treas.. J. O. Freeland.— Pref $2,500,000 ($50) 6% n on -c____
c
First mortgage $7,500.000( 1911 5 M-S
7,308,000 Mur 1 1941
V. 108, p. 2424; V . 109, p. 171, 677, 1081, 1368; V. 115, p. 2269.
($1,000)_________ c*&r*tf (Int. at Oleve. Trust C o., Oleve., or 8afe Dep.
[ A Trust C o.. Baltimore, M d.
W ASH INGTON-VIRGINIA R Y . CO.— Underground trolley in Wash Balt. S Ann. Short Line lst\
c
ington, overhead outside.
5%
Mtge. ($1,000)----------------/ 1906
1,000,000 Aug. 1 1946
Receivership.— On N ov. 23 1923 Judge Samuel C. Brent in the Circuit Annapolis Short Line R R .(
Court of Fairfax County, Va., appointed Arthur L. Reynolds, receiver for
sk. fd. bonds ($1,000)____f 1921
7%
689,000 Jan. 1 1936
the co., on petition of five trust companies of Philadelphia in the interest Annapolis Short Line R R . car)
o f borldholders o f the co. V. 117, p. 2434.
trust bonds ($1,000)______ / 1921
______
168,000
See text
ORGAN IZATION .— Incorp. In Va. Oct. 15 1913 to take the place o f
Stock and Bonds.— Pref. stock is red. at 110. Bonds are subject to calformer company o f the same name which was incorp. in Virginia on June 22 at 105 on any interest date.
The Annapolis Short Line R R . car trust
1910. The old co. on Oct. 20 1910 merged into the Washington Alexandria bonds are due $24,000 Jan. 1 1922 and $24,000 each Jan. 1 thereafter to 1931.
8c M t. Vernon R y. (stock $1,500,000) and Washington Arlington & Fail
Dividends.—
div.— 14*%— paid Oct. 1912; D
Church R y. (stock $500,000). Has private right-of-way; franchises in making 6% for On pref.. Initial paid 14* % quar. since to and incl. ec., 44 *% ,
the year. Has
Apr. 1924.
cities perpetual.
Initial div.— 3% — paid on com. Oct. 31 1917. In 1918. Jan.. 3 % ; Apr.. 2 % .
The old company was merged on N ov. 29 Into the Wash. Utilities Co.,
;
%
In
Liberty
but was subsequently obliged to resume separate existence. See Wash. July, 2%p. Sept., 2In . 1919,Jan. 1919%74*% was paid in 2 % . In bonds.
V. 107,
2377.
April. 2 : July, 2 % ; Oct.,
1920.
Utilities Co. above and V. 98, D. 691.
Effective June 1 1919, was auth. to charge 2 cents additional for transfers. Jan,, 14*%: April, 1%; July. 1% ; Oct., 1% . In 1921. 4 % . In 1922.
V. 108, p. 2434. Effective N ov. 1 1919, was auth. by the P. U. Comm, to 4 % . In 1923, Jan., 1% . April 1923 dividend passed. None paid since.
Increase fares to 4 tickets for 25 cents or 7 cents for a single cash fare: trans
EARNING S.— For years ending Dec. 31:
fers between the c o .’s lines are free, while inter-company transfers are sub
Calendar
Gross
Net (after Other
Int..A c.,
Balance,
ject to a charge o f 2 cents. On M ay 1 1920 the co. was authorized to
Years—
Earnings.
Taxes). Income. Charges.
for Divs.
increase fares to 8 cents cash, with 4 tickets for 30 cents. These rates 1923_______________ $2,420,187 $610,028 $102,314 $542,674 $169,669
continued until Aug. 31 1921. V. 110, p. 1749. At that time the ticket 1922------------------------ 2,443,067
711,367
83,663 564,877
230.152
rate was reduced from 74* cts. to 7 cts. V. 113, p. 732. On Mar. 1 1922
Revenue passengers carried in 1923, $4,644,472, against 4,570,996 in 1922.
the ticket rate was further reduced to 6 2-3 cts.
R OAD.— Operates
between Baltimore. Washing
Interest.— The March 1 1919 int. on the Wash. Alex. & M t. Vernon 1st ton and Annapolis, of 146.6628 miles o f trackoperated under contract. E n
mtge. 5s was not paid until July 1919. The Sept. 1 1919 Int. on this issue ters Washington over which 13.33 miles are A Elec. Co. 80-lb. T rails.
tracks
was paid in Jan. 1920. V. 110, p. 168. Compare V. 109, p. 1081, 1274. Standard gauge. Automatic o f Wash. R y. In single-track or entire line.
block system
The Mar. 1 1920 coupon was paid Feb. 3 1921. V. 113, p. 1984. Int. due
192 cars. Power is purchased from Potomac Electric Power Oo. o f Wash
Jan. 1 1921 on the Wash. Arl. & Church Falls 1st 6s was paid in Feb. 1921; ington.
int. on the 2d mtge 5s, due Oct. 1 1920, was paid in Feb. 1921; int. due
OFFICERS.— Pres., Geo. T . Bishop, Balt.; V .-P ., F. H. Ginn, Oleve.
Mar. 1 1920 on the 1st consol. 5s, was also paid in Feb. 1921. V. 114, p.2242.
In July 1920 int. on the Wash. Alexandria & M t. Vernon 5s was overdue. V.-P. & Gen. M gr., J. J. Doyle, Balt.; S e c .,____________ ; Treas. & Asst.
Sec., Wm. M . Garrett; Aud., W . H. Wright, Baltimore.— V. 112, p. 654,
See plan below. Compare V. I l l , p. 295, 1184.
The co. having failed to pay int. on the various underlying issues (see 850, 933, 1284, 1510, 1519; V. 113, p. 2615, 2722; V. 114, p. 80, 855, 949,
above), the following committee was formed to protect the interests of 1536, 2014; V. 116, p. 722, 1412, 1651, 1762; V. 118, p. 433, 1775.
holders (largely Washington, Baltimore and Philadelphia bankers) of the
co .’s secured notes due Jan. 1 1922.
„ _
^
T
W ASHINGTON & OLD DOMINION R Y .
Noteholders' Committee.— Joseph Wayne Jr.; H. W. Goodall, Van Lear
Black R. Golden Donaldson, C. F. Norment, and W. F. Ham. In May
ORGANIZATION.— Incorp. in M ay 1911 in Virginia as successor to the
1922 it was stated that over 90% o f the notes had been deposited with the Great Falls A Old Dominion R R .. operating a 15-mile line between Wash
committee, or were controlled by it and that practically all of the com. ington, D . O., and Great Falls, Va. Has leased for 50 years from June 1912
and pref. stock had likewise been deposited. V. 114, p. 2242.
and has electrified the Bluemont branch o f the Southern R y ., extending
Committee for Wash. Alex. A Mt. V. 1st M . 5s.— Chairman, Lewis H. from Alexandria to Bluemont, Va.. about 54 miles. In 1912 completed a
Parsons; John W . Hamer, Samuel J. Steele, W m. G. Baker Jr.; Sec., L. 12-mile connection between Washington and Alexandria. Total road oper
Schmidt. 435 Chestnut St., Philadelphia, Pa. Depositary, Penna. Co. for ated, about 81 miles Gross earnings for calendar year 1921, $649,682; In
Insur. on Lives & Gr. Annuities, Phila., Pa. V . 113, p. 2186, 2407.
1920, $652,701; in 1919, $660,920; in 1918, gross, $523,224.
Committee for Wash. Arlington A Church Falls Ry. Co. 1st Cons. 5s.—
OFFICERS.—
Corcoran
Chairman, Evan Randolph; Richard F. M cKinley and James Trimble. V.-P. & Gen. M Pres., Colin H. Livingstone; V.-Pres., Stratton. Thom;
gr., J. V. Davis; Sec.-Treas., A. K.
Office,
V. 114, p. 2242.
Washington, D. C .— V. 95, p. 482; V . I l l , p. 1473.
In N ov. 1920 it was stated that the plan for the reorganization and finan
cial rehabilitation of the co. formulated by the noteholders’ protective
committee (see V. I l l , p. 1184, for details) had been completed, and the
affairs o f the company were being administered under new management.
WATERLOO, IOWA.
Of the outstanding capital stock, 75% had been deposited [in M ay 1922
it was stated that practically all the com. & pref. stock had been deposited.
W ATERLOO CEDAR FALLS & NORTHERN R Y .
V 114 p. 2242] under the noteholders’ agreement, and the committee
agreed to raise $250,000 immediately to liquidate the more pressing financial
New Control.— On Oct. 27 1923 control of the co. passed into the hands
obligations o f the co., incl. $83,500 int. on underlying bonds, whch was due of the 1st mtge. bondholders protective committee (see below) by the
Mar. 1 1920, accum. taxes of $77,000. int. on equip, trust notes amounting transfer to the committee of 21,700 shares out of a total of 23,330>* shares
to $4,000, and current bills. The new management entered into a contract of com. stock outstanding. For statement of committee regarding the
with Day & Zimmermann, Inc., under which that firm has taken over the property and its possibilities see V. 117, p. 2214.
financial management. V. I l l , p. 1951. See also V. 112, p. 1743.
ORGANIZATION.— Incorporated in Iowa in 1895 as Waterloo A Cedar
Sale of Collateral.— The $3,000,000 Wash.-Virginia R y. 1st lien & ref. Falls Rap. Transit; name changed to above in 1904 by amending articles
mtge. bonds, pledged as security for the co .’s 6% secured notes, were sold of incorporation. Line opened betv/an Waterloo and Cedar Rapids
at public auction on Nov. 28 1923 to Edward P. Hopkinson Jr., representing Sept. 13 1914. Connects at Cedar Rapids, la ., with the Chic. A N . W .
the noteholders, for $2,000. V. 117, p. 2434. Compare V. 117, p. 2214.
Ry. and Chic. M il. A St. Paul R y.
Franchise.— The company accepted the franchise approved at a special
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $2,000,000 ($100)...............
M -N
$1,378,300
See text election held on Dec. 5 1917, which provides for a reduced rate o f 13 tickets
for $1, and special rates to school children. The franchise also provides
Pref $1,000,000 ($100) see te x t____
M -N
1,000.000
See text
Wash Alex A M t Ver 1st MJ 1905
5 « M-S
2,370,000 Mar 1 1955 that whenever the gross Income for the whole line shall be 5 cents per car
$2,500,000 ($1,000) g-.-C*\Int. at Real Estate Tr. Co.. Philadelphia. mile In excess of cost o f operation, thereafter the company shall share with
July 1 1
A pril, 1924.]
the city on all such excess revenues on the basis o f 90% to the company»
and 10% to the city. V. 105, p. 2186.
Interest.— The July 1 1918 and Jan. 1 1919 lnt. due on the co.’s bonds was
not met when due, but has since been paid. Coupons due July 1 1919 and
Jan. 1 1920 were extended 4 years by scrip certificates issued. Subsequent
interest paid when due up to July 1 1921. None paid since. Jan. 1922 lnt,
having been defaulted, the following committee was formed:
Committee for First Mtge. 5s.—-Chairman, Edward V. Kane; A . B. Conant,
Arthur V. Morton, J. C. N eff and R . E. Wilsey; Sec., Henry J. Lurker,
1421 Chestnut St., Phila., Pa. V. 117, p. 1463. Compare V. 114, p. 1768.
Depositaries: Penna. Co. for Ins. on Lives & Granting Annuities, 517 Chest
nut St., Phila., Pa., and First Trust & Savings Bank, 56 W. Monroe St.,
Chicago, 111. Deposits have been called for up to N ov. 9 1923, about 85%
o f the 1st mtge. bonds outstanding had been deposited. V. 115, p. 2794;
V. 116, p. 1277; V. 117, p. 1463, 1993, 2214.
New Mortgage.— The co. filed for record a gen. mtge. to the First
Trust & Savings Bank, Chicago and M . Traylor, Chicago, trustees, to securt
an issue o f $15,000,000 gold bonds dated M ay 1 1920, due M ay 1 1950, bul
subject to prior redemption. The issue was created for refunding purposes.
$2,200,000 are held in treas. For further details see Y. I l l , p. 794.
On Aug. 20 1921 the company was auth.: (1) to Issue $2,200,000 gen
mtge. 7% bonds for pledge with the U. S. as collateral security for $1,885,000
in loans from the U. S.: (2) to issue and sell at par for cash $700,000 common
stock; and (3) to Issue lease warrants or notes aggregating $132,159, In con
nection with the procurement o f equipment. Y. 113, p. 962.
Bus Operation.— In Jan. 1923 the co. took over the Johnson bus line,
doing business between Waterloo and Cedar Falls, for operation in con
nection with its regular electric interurban service between the two cities.
V . 116, p. 517; V . 117, p. 1665.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturitt
Common ($100) $3,335,000.............
$2,333,050 __________
Pref stock $1,665,000 cum_________
6%
664,000
See text
First mtge gold $6,000,000/ 1910
5 g J-J
5,773,000 Jan 1 1940
($ 1 ,0 0 0 )____________ c*tf\Int. at First Tr. Sc Sav. Bk., Chic., trustee
.............
2nd Mtge (c lo s e d ).....................
2,200,000
Gen mtge $15,000,000_______ 1920
______
See text M ay 1 1950
4 year scrip__________________ _____
______
See text
Oar trust notes_______________
105,983
-----------Bonds.— Remaining bonds can be Issued at 82H % o f cost of extensions.
Subject to call upon 60 days’ notice at 105 and lnt. Annual sink, fund o!
2% o f bonds out oegan with fiscal year ending Dec. 31 1912. Louis Roiaot
Is also trustee. Car trust notes mature in small amounts over a period of
years. V. 90. p. 850, 915: V. 93, p. 528, 591.
Dividends.— 6% per annum was paid on pref. stock from 1913 to 1916
Incl.; 1917 div. deferred (V. 106, p. 398). None since.
EARN INGS— Cal. Years— 1923.
1922.
1921.
1920.
G ro ss__________ ________ _
$896,104 $841,217
$857,457 $1,071,367
Net (after taxes)___________
29,059
61,692
33,039
76,239
R O A D .— Owns and operates a line on private right-of-way from Waverly
to Cedar Rapids, 83 miles, with a branch from Waterloo to Cedar Falls
and Normal, 9 miles, and a belt line o f 7 miles around Waterloo. Also
owns and operates under satisfactory franchises. 23 miles o f railway in the
cities o f Waterloo and Cedar Falls; total track, 138.63 miles. Has joint
traffic agreements with the Chic. & North Western, O. M . S St. P ., Chic.
c
Gt. West., Illinois Cent, and the O. R . I. A Pac. railroads for Interchange of
freight, passenger, mail and express business. 60, 75 a'hd 85-lb. T rails,
70 passenger, 3 baggage and express and 162 freight cars, 9 electric engines,
and necessary work cars, snow plows, sweepers. &c.
OFFICERS.— Pres. & Gen. M gr., C. M . Cheney; V.-Pres., C. D. Cass;
Sec. & Treas., J. B. Knowles.— V. 115, p. 2794; V. 116, p. 517, 937, 1277,
1412, 1762; V. 117, p. 1463, 1665, 1993, 2214.
WATERVILLE, MAINE.
WATERVILLE FAIRFIELD & OAKLAND R Y .
ORGAN IZATION .— Incorp. In Maine in 1902 as the Watervllle S Oak
c
land St. R y ., but in 1911 increased its stock from $100,000 to $500,000
($100) and changed name to present title. V, 93, p. 1602. The $400,000
additional stock was turned over to the Central Maine Pow. Co. to pay that
company for having retired outstanding bonds of the Watervllle A Oakland
8t. R y. and for procuring the conveyance o f the street railway property
formerly belonging to tne Watervllle A Fairfield R y. A L. Co. The Cen
tral Maine Power Co. assumes and agrees to pay ail liens, claims and in
cumbrances o f every kind attaching to the property formerly owned by the
Watervllle A Fairfield R y. A Light C o., so that the Watervllle Fairfield A
Oakland Ry. now owns both railroads, which connect at Watervllle
V. 93. p. 1790. Waterv. Fairfield A Oakland R y. has no bonds.
EARNINGS.— For year ending Dec. 31 1923, gross, $140,591; net, after
taxes, $4,036. In 1922, gross, $133,023; net, after taxes, $6,353.
R O A D .— Extends from Fairfield through Watervllle to Oakland, 10.8
miles. Standard gauge. 58 to 90-lb. T and girder rail. 17 passenger
and 2 snow-plows.
OFFICERS.— Pres.. Harvey D . Eaton: V .-P ., Walter 8. Wyman: Sec..
E. A. Ballantyne; Treas., Walter S. Wyman; Gen. M gr., Gerald O. Welch;
Aud., John S. Everett.— V. 93, p. 1602, 1790.
WAUSAU, WISCONSIN.
WISCONSIN VALLEY ELECTRIC CO.
ORGANIZATION.— Incorp. Aug. 28 1906 In Wisconsin, as the Wausau
Street R R . In Dec. 1915 name was changed as above and stock was in
creased from $400,000 to 800,000. In Jan. 1921 stock was increased to
$1,200,000. In 1915 purchased the Merrill Ry. & Power Co. and the
Lindauer Pulp & Paper C o.’s plant in Merrill. In N ov. 1916 purchased the
roperty of the Stevens Point Lighting Co. and Stevens Point Power Co.
n July 1922 purchased the property o f the Tomahawk Light, Telephone
& Impt. C o., Tomahawk, Wis.
Furnishes electric light and power in Wausau, Stevens Point, Merrill,
Tomahawk and contiguous territory, and owns and operates an interurban
street railway of 9K miles of track between Wausau and Rothschild; also
a gas plant at Stevens Point. Franchises extend to 1940.
Discontinuance of Service in Merrill.— In Dec. 1919 the company notified
the city of Merrill, Wis., that it would discontinue service in that city on
Dec. 31 1919, the date the company’s franchise expired. On N ov. 17 1921
service was discontinued.
In Feb. 1924 the co. sold $500,000 5H % 1st Mtge. bonds, the proceeds
being used to reimburse co. for capital expenditures and for additions,
&c. V. 118, p. 909.
STOCK AND BONDS.— Date. Interest. Outstanding.
Maturity.
Common stock. $1,200.000_ _____
_
______
$1,200,000
-----------Preferred stock, $1,200,000
---------------1,168,600 ---------------First A Ref M , $15,000,000/ 1917 5 M -N
976,500 M ay 1 1942
| 1917 5 Yi M -N
500,000 May 1 1942
($100, $500 A $l,000)c*_ lin t, at First Nat. Bk., M ilw., or Wisconsin
_
I Val. Tr. C o., Wausau. Trustee.
Bonds.— Additional bonds may be issued for 80% o f cost of improvements,
when net earnings are twice interest charges, including bonds to be issued.
12>$ % o f gross earnings is to apply to maintenance, any part not so used to
be added to sinking fund, which amounts to 1% annually of bonds out
standing. Redeemable at 102 and interest on any interest date.
EARN INGS.— For 12 months ending Dec. 31:
Cal.Years— Gross.
Net.
Depre . Int.,Tax.,&c. Dies. Bal.,Sur.
1923_______ $965,625 $528,909 $125,000 $186,909 201,800
$15,200
1922............ 873,465
508,236
125,000 174,896
201,726
6,614
P R O PE R T Y .— Owns hydro-electric generating plants at Wausau. Merrill
Tomahawk and Stevens Point, and auxiliary steam generating plants at
Wausau (new hydro-electric station on Wisconsin River north of the city
o f Merrill now (April 1924) under construction); 9.494 miles track; 16 pas
senger and 2 other cars; 1 snow plow.
OFFICERS.— Pres., C. C. Yawkey; V .-P ., B. F. Wilson; Treas., C. S.
Gilbert; Gen. M gr. & Sec., Harold L. Geisse.— V . 104, p. 2013, 2553; V.
108, p. 482; V. 109, p. 2441; V . 118, p. 909.
f
129
ELECTRIC RAILWAYS
WEBB CITY, MO.
SOUTHWEST MISSOURI RAILR O A D CO.
ORGAN IZATION .— Organised under the general railroad laws o f M is
souri, and on Sept. 1 1906 acquired the Southwest Missouri Electric R y .
and the Webb City Northern Electric R R .
The $1,150,000 Southwest Missouri Electric R y. ref. & ext. mtge. 5s
due Sept. 1 1923 were extended to Sept. 1 1928 at 6 % , but are subject to
call all or in part by lot on any int. date on 30 days’ notice at 100 & int.
The extended bonds have a sinking fund and are secured by gen. & ref.
mtge. 5% bonds o f the RR. co. on the basis o f $1,150 to each $1,000 of the
extended bonds, and the latter may be exchanged for these gen. & ref.
bonds in the same ratio under conditions set forth in V . 117, p. 1348.
Date.
Interest.
Outstanding.
Maturitt.
STOCK AND BONDS—
_______
$3,500.00® See’ ‘ earns.”
Stock $5,000.000....... ................. ____
5 g M-S
1,027,000 Sept 1 1931
General and refunding m ort-f 1906
jja^e $5,000,000 gold ($L -j Int. at Harrisburg (Pa.) Trust C o.. Trustee,
or National Bank o f Commerce, N . Y .
5 g M-S
200,000
8ept 1923
Webb City Northern mtge] 1905
$200,000 gold............. _c tfl Int. at Safe Dep. A Tr. C o., Pitts.. Trustee.
6 g M-S
1,150,000 Sept 1 1928
Soutnwest Missouri Electric] 1903
Ry refunding and exten-i Harrisburg Trust C o.. Harrisb., Pa., Trustee
■ion mtge $1,500,000— t fl Int. payable at Nat. Bk. of Oom merce.N.Y.
Bonds.— Of the $5,000,000 new bonds. $1,350,000 are reserved for prior
liens and $2,623,000 for improvements and extensions.
EAR N ING S.— For years ending Aug. 31:
Aug. 31
Cross Net (after Interest Renewals
Balance,
Years— Earnings. Taxes). Charges. & Bett's. Dividends.
Surplus.
1918-19_____$953,876 $356,013 $128,330 ..................................... $227,683
1917-18_____ 741,727 245,981 125,388 ..................................... 120.593
1916-17_____ 747,820 333,861 114,536 69,462 (2% )
70,00079.863
ROAD.— Operates 91 miles of track connecting Carthage, Oarterville,
Webb City. Prosperity. Porto Rico, Duenweg-Oronogo, Neck City, Purcell,
Alba, Joplin, Villa Heights and Chitwood, all in Missouri, and Galena in
Kansas. An extension to Baxter Springs, Kan., 9 miles, was completed
Feb. 21 1918 and to Picher, Okla., on June 10 1918.
OFFICERS.— Pres.................................................... ; V .-P ., E. Z. Walluver, Harrisburg, Pa.; Sec.. Geo. W Reily: Treas.. W . E. McMechan.
— V. 93, p. 752; V. 106, p. 716; V. 117, p. 1018, 1348.
WEST CHESTER, PA.
THE W EST CHESTER STREET R A ILW A Y CO.
Control.— It was announced in M ay 1923 that Kelly, Cooke & Co.,
engineers, had acquired control o f the co. V. 116, p. 2008.
ORGAN IZATION .— Incorporated in Pennsylvania Aug. 4 1890. Owns
the Chester Valley Electric Light, Heat & Power Co. and the Coatesville
Electric Light, Heat & Power Co. Also owns the Peoples Transportation
Corp., operating motor buses between various communities in Chester and
Delaware counties, Pa., and Wilmington, Del. Franchises perpetual.
STOCK A N D BONDS.—- Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($50)_________ ________________ $1,000,000 ____________
1st mtge. $1,000,000 ($1,000)/ 1902
5 g F-A
888,000 Aug 1 1932
gold__________________ c*tf (Int. at West End Trust Co., Phila., trustee.
Bonds.— Bonds not subject to call. Originally $1,000,000 outstanding,
but $112,000 have been purchased by the co. and canceled. Sinking fund.
of $10,000 annually since Aug. 1 1923, to purchase and cancel bonds at the
best prices obtainable. V. 115, p. 2269.
EARNING S. Gross.
Net.aft.Tax. Deduct’s.
Bd.Disct. Bal., Sur.
Cal. yr. 1922.-$221,632
$78,539
$58,948
Cr$26,410
$46,001
ROA D .— Owns and operates interurban lines from West Chester to
Downingtown and Coatesville and Kennett Square, Pa. Has purchased
an existing railway line from Kennett Square to Avondale and West Grove
to operate as an extension of the West Chester-Kennett Square Division.
Length of line, including extension, 36 miles, sidings, &c., 1.15miles. Total
track, 37.15 miles. Gauge, 5 ft., 2)4 in. Rails, 70-lb. T and 73, 90 101
and 105-lb. girder. Passenger cars, 13; service cars, 3; flat cars, 4; snow
plow, 1. Also operates through sub. cos. 13 motor buses over about 100
miles of route located in southeastern Pennsylvania and northern Delaware.
OFFICERS.— Pres., Chas. B. Cooke Jr.; V .-P ., A . M . Holding; Sec.,
Jonas Rice; Treas., Thos L. Hodge, all of Philadelphia.— V. 117, p. 2544.
WICHITA, KANSAS.
ARKANSAS VALLEY INTERURBAN R A IL W A Y .
ORGA N IZA TIO N .— Incorp. in Kansas in 1903 and owns and operates
an interurban electric railroad from Wichita to Newton and Hutchinson,
Kan. Has long-term franchises in corp. limits, most important extending
beyond 2000; rest on orivate right-of-way.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common stock $2,100,000_________
_________ $1,500,000 _______ __
Pref 6% cum $1,500,000__________
_________
499,900 ___________
First mtge $3,000,000 gold! 1916
5 g J-D
766,600 Dec 1 1936
($1,00", $500, $100) c * cp t/In t. payable in N . Y . or Chicago.
Stock.— Pref. stock is redeemable $10,000 per ann.; $100,100 has been red.
BONDS.— $100,000 may be Issued for up to 50% o f cash cost o f impts..
add’ns or exts., remaining $2,000,000 for 75% o f such cost under restric
tions. Callable at 103 and int. Sinking fund of 2 % annually o f bonds cer
tified began Dec. 1 1919 to purchase or call bonds at 103 8c lnt. $129,400
bonds were held in sink, fund April 1 1923. Cont. & Comm’l Trust & Sav.
Bank. Chicago, trustee.
L E A R N IN G S .— For calendar year 1923, gross, $449,738; net, after taxes,
$58,588. In 1922, gross, $514,527; net, after taxes, $142,782.
ROAD.— Owns and operates 60 miles single-track equiv.; standard
gauge; 70. 80 and 85-lb. rail. Also operates under contract 2
miles in
Hutchinson. Power is purchased from Kansas Gas & Electric Co.
OFFICERS.— Pres., George Theis Jr., Wichita: V.-Ps.. O. H. Smyth
and W . E. Brown; Gen. M gr., R . B. Campbell; Aud., Asst. Sec. & Treas.,
C. Basse.— V. 115, p. 182.
»
WILKES-BARRE, PA.
W I L K E S -B A R R E R A I L W A Y S C O .
O R G A N I Z A T I O N .— I n c o r p . N o v . 26 1 90 9 . A u t h . s t o c k , $ 1 ,5 0 0 ,0 0 0 ; ta
m e d , $ 9 0 0 ,0 0 0 . L ea ses W ilk e s -B a r re 8c W y o m . V a l. T r . C o . f o r 8 00 y r * .
fro m J a n . 1 1910 a t re n ta l o f $ 3 6 0 ,0 0 0 th e 1st y r . , in cre asin g $ 1 0 ,0 0 0 e v e r y
tw o years u n til th e m a x im u m o f $ 4 0 0 ,0 0 0 is r e a c h e d , a n d a ll o b lig a tio n s
(n th e w a y o f I n t ., ta x e s . See., o f W .- B . 8c W . V . T r a c . O p erates a b o u t
114.43 m iles o f tr a c k .
Fare Decision.— F o r d e c is io n o f P . S . C o m m , u p h o ld in g 8 -c e n t ca s h fare
see V . I l l , p . 1662.
EA R N ING S.— For cal. year 1923, gross, $2,482,165; net, after oper*
exp., taxes, deprec., rentals & int., $93,817. In 1922, gross, $2,267,309;
net, after oper. exp. & taxes (but before rentals, &c.), $652,375. In 1921,
gross, $2,566,863; net, after oper. exp., rentals, taxes, &c., $91,765.
OFFICERS.— Pres., F. M . Kirby; V .-P ., A. G Nesbitt; Sec. & Treas.;
C. W . Laycock; V .-P . & Gen. M gr., W m. S. Bell.— V. 92, p. 957; V. 103, p.
2343; V. 107, p. 1102; V. I l l , p. 1662, V. 112, p. 1400; V. 115, p. 2380.
(1) W i lk e s - B a r r e & W y o m i n g V a l l e y T r a c t i o n . — T h e U n ite d P o w e r A
T ra n s , o w n s 4 9 ,9 9 2 o u t o f th e 5 0 ,0 0 0 shares o f s t o c k .
Lease.— Is leased t o th e W ilk e s -B a r re R y . C o . (see a b o v e ) . V . 8 9 . p .1 5 9 8 .
O R G A N I Z A T I O N .— In c o r p o r a te d F e b . 9 1891; c o n tr o ls s tr e e t ra ilw a y
lines In th e W y o m in g V a lle y , P a ., e x te n d in g fr o m W ilk e s -B a r r e to D u r y e a
and N a n t lc o k e o n ea st sid e o f S u sq u e h a n n a R iv e r a n d P lt ts to n a n d P l y
m o u th o n w est s id e . I n D e c . 1902 m ad e co lla te r a l tru s t m tg e . fo r $ 25 0 ,0 0 0
to p u rch a se s to c k o f th e W ilk e s -B a r re D a lla s 8c H a r v e y ’s L a k e R y . C o . a n d
fo r o th e r p u rp o s e s. O n J u ly 1 1904 leased th e P ly m o u t h 8c L a r k s v llle S treet
R y . fo r 9 99 y e a rs a t 6 % o n $ 7 5 ,0 0 0 s t k . a n d ln t . o n $ 7 5 ,0 0 0 5 % b o n d s .
130
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity
Stock (par $100) $5,000,000— all but 8 shares owned by TJn. P. A T Oo
1st mtge $1,500,000 gold/ 1891
7 g A-O
$1,500,000 April 1 1931
($1,000)_______________ c*\Interest at Provident Life A Tr. Oo., Phlla
Collateral trust and mortgage/ 1895
5 g J-J__
245,000 Jan. 1 192ft
$325,000 gold___________ lin t, at Anthracite Sav. Bk.. Wllkesbarre, Tr
Collateral trust and mtge gf 1902
6 g J-D
239.000 Dec 15 1932
($1,000) $250,000______ c*lln t.a t Real Est.,Tltle.Ins.ATr.Go..Phila.Tr
Underlying Bonds on Roads Purchased—
Wllkesbarre A Suburban b o n d s ____
5 %
40.000 July 1 1928
Guaranteed Bonds—
Wilkes-Barre A Kingston________
5 P-A
90,000 Aug 1 1928
5
150.000 See (T)below
Wilkes-Barre A East Side R y _ ____
Bonds.— The Wilkes-Barre & W yo. Vail. Trac. 1st M . bonds were
originally 5s and matured April 1 1921 but have been extended for 10 years
at 7 % . Are call, as a whole on any int. date at 102>4 and Int. prior to
April 1 1926 and at par thereafter. V. 112. p. 1400. Interest on the
Wilkes-Barre & Kingston bonds reduced to 5% in Aug. 1903 and bonds
extended to Aug. 1 1918 and again to Aug. 1 1928 at 5% . Int. on the
Wilkes-Barre & Suburban bonds reduced in 1903 to 4% and bonds extended
to July 1 1918; were again extended, this time to July 1 1918. at 5%
Th
Wilkes-Barre & Wyoming Valley coll, trust bonds of 1902 were originally 5s
and matured Dec. 15 1922, but were extended for 10 years to Dec. 1 1932
at 6 % . Extended bonds are callable as a whole on any int. date on 60 days’
notice at 102 and int. prior to June 15 1926; and at par and int. on June 15
1926 or on any int. date thereafter. V . 115, p. 2380.
COM PANIES CONTROLLED IN SYSTEM .— The following table
shows the several companies operated, their mileage, eapltal stock, and the
amount o f it owned by the Traction Company, their debt, and finally tee
rental payable under 999-year lease; 6% here meaning 8% on the outstand
ing capital stock; and $1 meaning a nominal rental, the company having
only a nominal existence.
------- Stock------Miles. Issued. Owned.
Debt. Rental
Name of Company.
None
,
Coalville Passenger Railway____ 7.65 $62,400 $36,300
6%
None
Nantlcoke Street Railway_____,11.99
11.99
6.000
6.000
$1
Pitts ton A Avoca St. R y -------------2.25
. 2.25
13,500
13.500
$65,000
$1
None
Pittst. Moosic A P. V. St. R y _1.49
. 1.49
42,000
42,000
$1
Pitts ton Street Oar_____________ 7.90 200,000 200,000
.
$1
Plymouth A Larksville R y ______ 3.76
75.000
76.000
.
6%
None
Plymouth Street Railway_______ 6.28
12,000
12.000
.
SI
None
West Pittston A W yo.St.R y.C o 3.44
30,000
30.000
$1
4Wilkes-Barre A East Side______ 3.28 150,000 150,000 •150.000
$1
90.000
Wilkesb. A Kingst. Pass. R y ____8.50 100,000
99,700
6%
. 8.50
24.000
WUkesb. A Plains. R y _________ 4.00
24,000
218,000
.
$1
Wilkesb. A Suburban St. R y ___13.48 100.000
93,500
.13.48
40.000
WIlk8sb. Dallas A Harvey’s L__.14.68 200.000 193.750
14.68
(a)
150.000
Wilkes-Barre A West Side_____.17.84 100.000
17.84
92.450
6%
1 Entire stock and bonds deposited under collateral trust of 1895.
* Entire amount owned by the W. A W . Valley Trac.
a Dividends in this case are dependent upon earnings.— V . 115. p. 2380(a) W ilkes-Barre Dallas & Harvey’ s Lake R y.— The Wilkes-Barre &
Wyoming Valley Traction Oo. owns all tne stock.
O R G A N IZA T IO N .— A reorganization in 1898, per plan In V. 66. p. 1190
Of the Wllkesbarre A Northern R R .. sold by Sheriff In Sept. 1898. Road,
partly constructed, was completed and electrically equipped by new com
pany from Luzerne, Pa., there connecting with W lkes-Barre A Wyoming
Valley Traction to Harvey’s Lake. Pa.. 14.68 miles.
STOCK AN D BONDS—
Date.
Interes'
Outstanding. M a tu rity .
Stock $200,000 ($50)________— All stock owned by W .-B. A W . Vai. Trac.
1st mortgage $150,000 gold/ 1898
5 g M-S
$150,000 Sept 1ft 1928
($500)_________________ c*\Int. at Anthracite Sav. B k.. Wilkesb.. Trus.
— V. 69. p. 133.
WILMINGTON, N. C.
T ID E W A T E R P O W E R C O .
Control.— In April 1922 A. E. Fitkin & C o., N. Y ., acquired control
o f the company. V. 114, p. 1892.
O RGAN IZATION .— Chartered Feb. 1907 in North Carolina and ha*
acquired through construction and purchase all the property used in fur
nishing electric light and power, gas and street railway service in Wil
mington, N. O., and vicinity. In April 1917 acquired all the property ol
the Consolidated Rys., Light A Power C o., formerly controlled by stool
ownership and leased. In Oct. 1922 acquired the St. Petersburg Lighting
C o., the Clearwater Lighting Co In Jan. 1924 purchased the municipal
electric light system in Warsaw, N . C. V. 118, p. 204. Population of
territory served, approximately 100,000. Has a contract with the city of
Wilmington, N. C., for street lighting. Franchises, in opinion of counsel,
are without time limit, and the railway franchise is exclusive until 1937
Fare Increase.— In July 1918 was auth. by the N. U. oorp. Comm, to
increase fares In Wilmington and suburbs from 5 cents to 7 cents
Tickets
were sold at the rate of 4 for 25 cents and 17 for $1. In Feb. 1922 a 7-cent
fare with no tickets was placed in effect.
In Sept. 1923 the c o .’s charter was amended and the authorized capitaliz
ation changed as follows: Total auth. shares o f capital stock, 47,000 shares,
consisting of (a) 12,000 shares com. stock, no par value, and(ft) 35,000
shaxes pref. stock, divided as follows: 203 shares 7% pref. stock (par $100)
and 34,797 shares 8% pref. stock (par $100). The auth. amount of 8%
pref. stock is to be increased from time to time upon the conversion of 7 %
pief. stock for 8% pref. stock as provided for. V. 117, p. 1348.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
A-O
12,000 shs. A pr.’23, 3/4
Common (no par)___________ _____
Preferred______________________ ______
See text
$1,105,000
July 1 1932
Consol Rys, L A P Oo 1st M g f 1902
5 g J-J
364.150
July 1 193a
(closed) ($50, $100. $500.1 Interest at Safe Deposit A Trust Co..
$1.000)_________________ cl Baltimore. M d „ Trustee.
First lien A ref mtge Ser “ A ” \ 1922 6 g A-O
3,000.000 Oct 1 1942
($500 A $1,000) gold. -c * .tf JInt. at New York Trust Co., N . Y ., trustee.
15-year deb bonds $1,500,0001 1922 7 g A-O
1.492,500 Oct 1 1937
($100, $500 A $1,000).c*.tf |Int. at Cleveland Trust Co., Cleve., trustee.
Bonds.— The first lien A ref. mtge. Series “ A ” are additionally secured
b y pledge of all the $1,000,000 St. Petersburg Ltg. Co. 1st Mtge. bonds and
all the com. stock of that company. Sinking fund of 1% per annum of all
bonds certified under mortgage commences Dec. 1 1924. Callable only for
sinking fund at 107/4 and int. until Oct. 1 1927. and thereafter as a whole
or in part at 107/4 and int. through April 1 1928, and at ^ o f 1% less during
each succeeding year to maturity. Company agrees to refund Mass. State
Income tax not in excess of 646% and the Penn., Maryland and Conn. 4
mills tax. V. 115, p. 2268. The 7% debenture bonds have a sinking fund
commencing Jan. 1 1924 equal to 1 % per annum o f the maximum amount
o f debenture bonds at any time outstanding. $7,500 have been redeemed
by sinking fund. Redeemable, all or part, on six weeks’ notice up to and
including Oct. 1 1927 at 110 and interest, the redemption price decreasing
1% for each year thereafter. Company agrees to refund Massachusetts
State income tax not in excess o f 634%, and the Pennsylvania, Maryland
and Conn. 4 mills taxes. V. 115, p. 2268. Consolidated Rys., Light A
Power Co. bonds have a sinking fund o f 1% o f bonds outstanding from
July 1 1904 to 1914; 134% to 1924, and 2% thereafter. Fund to be in
vested in bonds at not exceeding 105 and int., but bonds are not subject to
call. $234,350 bonds have been retired.
Dividends.— In 1908 and 1909, 6% ; thereafter to Jan. 1 1913 5% per
annum was paid on pref. (34% monthly, omitting Jan. and July). On
Jan. 1 1913 began paying 6% per ann. (34% each month), which was con
tinued to and incl. Dec. 1921. when dividend rate was increased to 7% . In
1922 rate was increased to 8% . Since divs. have been paid at the rate of
8% per ann. Now cumulative at that rate. On com., first div., 2% . paid.
April 1910; Oct., 2% ; in 1911, 6% ; in 1912, April. 3% ; Oct., 3% and 1%
extra, and divs. at the rate of 7% per ann. 334% semi-ann. were paid
regularly to and incl. April 1918. In Oct. 1918, 234% (additional 1%
[V ol. 118,
ELECTRIC RAILW AYS
due was paid May 1 1919). In April 1919 3 /4 % was paid. Same rat*
has been paid regularly since to and incl. Apr. 1923.
EARN ING S.— Of combined properties:
Years Ending—
June 30 ’ 23. June 30 ’ 22. Dec. 31 ’ 21. Dec. 31*20.
Gross____ ______ _______ $1,588,683 $1,556,245 $1,612,682 $1,511,205
N et______ _____ ________
688,644
617.494
501,322
438,808
P R O PE R T Y .— The power stations have a capacity of 13,023 k. w. A
new 6,000 k. w. turbine unit and two 600 h. p. boilers are now being in
stalled. The gas plant has a daily capacity of 1,500,000 cu. ft. and two
2-lift holders of 270,000 cu. ft. capacity, also 50 miles gas mains. Company
also owns and operates 25-ton ice plant. Railway system includes 33.48
miles o f track, 68% of which are double track. 54 passenger and 7 freight
cars. A new car house and shops were built in 1916. Owns and leases
to the Atlantic Coast Line R R . 1.5 milas of track along waterfront. Owns
large amusement pavilion and auditorium seating 2,000 at Wrightsville
Beach. Company is now completing construction of 70 miles transmission
lines to serve ten communities, and has entered into interchange power
agreement with Carolina Power & Light Co. for hydro-electric power.
OFFICERS.— Pres., A. E. Fitkin: V .-P., W. C. Harty; V. P.. F. A.
Matthew Sec. & Treas., T . B. Willard; Gen. Mgr., R. tiunt.— V. 107,
p. 83. 1194, 1291: V. 109, p 2440: V 110. p. 971: V. 114, p. 1892, 2117;
V. 115, p. 1211, 2047. 2159, 2268: V. 116. o. 177, 823, 1412, 2258; V. 117,
p. 89, 209, 1237, 1348; V. 118, p. 204, 552.
YORK, PA.
YORK R A IL W A Y S .— A trolley road.
Controlled by Municipal Service C o., which see under‘‘ Philadelphia, Pa.’
on a preceding page.
OR G A N IZA TIO N .— Incorporated In Pennsylvania Nov. 15 1907 as a
consolidation of properties operating in York and vicinity. V. 85, p. 1403.
Franchise perpetual.
The following companies have been consolidated or merged:
York Street Railway Co..
York Haven Street Ry. Oo.
Wrightsville A York Street Ry. Oo. Red Lion A Windsor Street Ry. Oo,
York A Dover Electric Ry. C o..
Hanover A York Street Ry. Co.
York A Dallastown Ry. Co.
Owns entire capital stock of Edison Light A Power Oo. (except 34 of 1
•hare), incorporated in April 1913 to take over the lighting and power sub
sidiaries of the York Railways and other properties, including the Edison
Electric Light C o., the lighting companies of West York. North York, Man
chester, Mount Wolf. Dover, Hallam and others. In July 1915 the Mer
chants' Electric Light. Heat A Power Co of York was purchased and with
five suburban lighting companies consolidated with the Edison Light A
Power Co. In June 1923 the Edison Lt. A Water Power Co. purchased the
Delta Water A Power Co. and the Delta Electric Power Oo. V. 116, p. 2995.
During 1916 a municipal lighting system was installed in York under a
ten-yeai contract. Also ow.is entire stock of York Suburban Land Co.
and York Steam Heating Co. (V. 85, p. 1463). In Aug. 1923 organized
the York Transit Co. for the purpose o f operating buses.
E x c h a n g e O f f e r . — In Dec. 1922 tne Municipal Service Co. offered to give
stockholders in exchange for each 12 shares of York Rys. common stock
(par $50) 5 shares of 6% cum. pref. stock of the Municipal Service Co.
(par $100). V. 115, p. 2582.
STOCK AND BONDS— Date. Interest. Outstanding.
Maturity.
Common $2,500,000 ($50)................................... $2,500,000 Apr ’24, 1%
Pref $2,000,000 5% cum ( $ 5 0 )____
Q-J
1,600.000 A pr’24,134%
1st mtge A coll tr $10,000,000/ 1907 5 J-D
4.938.000 Dec 1 1937
gold ($1.000)________ c * tf IGuar. Trust A Safe Dep. Co.. Phila., trustee.
Stock and Bonds.— Pref. stock s cumulative 3 years from date of issue.
The stock of the controlled Edison Light A Power Co. and York Suburban
Land Oo. are deposited as additional security for the bonds. $778,000
bonds in treasury. Remaining bonds can only be issued under certain re
strictions. No sinking fund. See particulars of bonds, property, Ac., in
V. 87. p. 40. Stocks and bonds are listed on the Phila. Stock Exchange.
V 89. p. 412; V. 94. p. 984
Dividends.— Initial div on pref.— 1% — paid July 1911. In 1912. 4%
In 1913 and 1914. 6% . In 1915 the regular Jan. div. of 2 34 % was paid in
5% scrip dated Jan. 30 and maturing Jan. 30 1918. but called for payment
on Jan 30 1916 The July div of 2 14 % *»> paid In ra.h In 1 9 1 6 . 6 if
In 1918 to 1921, inclusive, 5% . In 1922, 5% . In 1923, 5% . In 1924,
Jan., 134%; April, 134%. An initial quar. div. o f 1% was paid on the
common stock July 15 1922. V. 114, p. 2826. In Oct. 1922 1% was paid.
In 1923, 4 % . In 1924, Jan., 1% ; April, 1% .
EARNINGS.— Combined earnings for years ending Nov. 30:
Nov. 30
Gross
Net. after
Fixed
Balance,
Year—
Earnings
Taxes <4 Dertre.c’n.
Charges
Surplus.
1922-23................ .$2,007,462
$607,879
$226,208
$381,672
1921-22--------------- 1,810,787
527.992
224.661
303,331
1920-21--------------- 1,720.417
436.292
229.290
207.002
Note.— Taxes, depreo. and int. on bonds nave been adjusted in accordance
with the results arising from an agreement with York Haven Water A
Power C o., whereby it assumes certain fixed charges of the c o .’s steam
power plant.
R O A D .—Owns and operates about 84.40 miles of track centering in York,
including an Interurban line between Hanover and York 17 33 miles.
OFFICERS.— Pres., John E. Zimmermann; V .-P ., L. C. Mayer; V .-P .,
J. E. Wayne; V .-P., L. B. Harvey; Sec., M . G. Stees; Treas., E. A.Barnitz;
Aud., S. H. Ludw ig— V. 114, p. 2471, 2826; V. 115, p. 456, 1534, 2582;
V. 116, p. 297, 517, 2258, 2995; V. 118, p. 312, 433, 1522.
YOUNGSTOWN, OHIO.
PENNSYLVANIA-OHIO ELECTRIC CO.— Subsidiary of Republl#
Railway A Light Co., which see under “ New Y ork."
YOUNQSTOW N & SUBURBAN RY CO
In July 1917 control was acquired by Municipal Service C o ., a Maine
holding corporation. (V. 104, p. 1387, 1592. 1900, 2013.)
ORGANIZATION.— Incorp. In Ohio, Jan. 1916 and acquired the prop
erty of the Youngstown A Southern R y., sold at foreclosure Sept. 2 1911.
(V 103. p. 940 1033)
Operation of Buses by Company.— See Y. 116, p. 2390.
In M ay 1923 was authorized by the Ohio P. U. Comm, to issue $99,500
1st mtge. 5% bonds at not less than 80, the proceeds to reimburse the
treasury for capital expenditures already made. V. ^16, p. 2008.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Common $750,000------------------------------------$350,000 ___________
Preferred (cum) $750,000_________
6%
470,000 ___________
1st M $1.500,000— * — c t f 1916
5 M-S
825.000 Sept 1 1931
$30,000 pref. stock in treasury in addition to amount reported outstand'g.
Bonds.— Remainder are reserved for extensions and additions under certain
safeguards. Red. at 102/4 and int. at any time. Sink, fund to retire
$5,000 at 102/4 and int. annually, began Sept. 1 1919.
Guaranty
Trust C o., N . Y ., trustee.
EARNING S.— For 12 mos. end. Aug. 31:
12 M os.—•
Gross.
Net aft.Tax.
Fixed Chgs.
Balance.
1922-23................. ........$255,321
$59,537
$45,039
$14,498
1921-22........................ 257,103
50,788
39,760
11,028
ROA D .— Operates interurban road between Youngstown and Leetonia,
about 20m .
14 passenger, 11 freight and express, 1 work car and
1 snow plow, and 1 electric locomotive.
OFFICERS.— Pres., Fred Todd; V .-P .. Jos. W. Swain Jr.: Sec., John E.
Zimmermann; Treas., L. B. Harvev; Oner. M s1
").. Dav A Zimmermann
Inc.— V. 104, p. ±592, 1900, 2013; V. 113, p. 1889; V. 1±6. p. 2008, 2390.
131
ELECTRIC RAILWAYS
A pril, 1924.]
ELECTRIC RAILWAYS IN ISLAND POSSESSIONS
AN D
FOREIGN COUNTRIES
HALIFAX, N. S.
HAVANA, CUBA.
NOVA SCOTIA TRAM W AYS & POWER CO., LTD.
ORGA N IZA TIO N .— Incorp. in Nova Scotia in 1914 and in Jan. 1917
acquired (a) the properties and franchises o f the Halifax Electric Tramway
Oo.. Ltd., comprising all street railways, commercial electric light and power
and gas properties in Halifax; and (b) water power rights, lands, &c., on
the Gaspereaux River, 55 miles from Halifax, capable o f a hydro-electric
development of approximately 12,000 h. p.
Franchises. In opinion of counsel, are perpetual
The stock was offered in Jan. 1917 in blocks of 10 shares of pref. and 3
shares com. stock for $1,000
V 104, p. 164.
In acting upon the c o .’s application for auth. to Increase its capital stock
by $4,000,000 and to issue $975,000 in bonds, the P. U. Oomm. in Dec. 1917
auth. Items involving a capital expenditure of $845,641. and held over
for further consideration items aggregating $569,686.
STOCK AND BONDS— Dale.
Interest. Outstanding. Maturitv
Com stock $3,500,000 ($100)...............................
$2,510,000 __________
Pf 6% cum $2,500,000 ($100)...........
J-J 2
2,078,800 July'19, 3%
1st M $10,000,000 gold $ or £) 1916
5 g J-D
2,250.000 Dec 1 1946
($1,000 and $500)_ c * _ tffln t In New York, Montreal and London
_
Gen mtge Ser “ A” ($500 and/ 1922
7 g A-O
1,500,000 Apr 1 1952
$1,000) gold___________ c*\Eastern Trust Co., trustee.
Preferred Stock.— Divs. payable without deduction for any taxes Imposed
by any taxing authority in Canada.
Bonds.— Remaining bonds may be Issued up to 75% o f cost of acquisition)
or Impr’ts (except that no bonds may be Issued against the cost of the new
gas plant) and only when net earnings are double the 1st M . interest
charges, including bonds to be Issued. Annual sinking or impt. fund of
1% of bonds out began Dec. 1917, for add'ns or impts., or for redemption
of bonds. Callable, all or part, for sinking fund, at 105 and int. on any
tnt. date on 60 days’ notice. Int. payable without deduction for Canadian
taxes or U. S. Federal taxes. Fixed exchange rate, $4 86 2-3 per £ sterling
Trustees. Union Trust ''o . o f N Y . and Royal Trust Co. Montreal
The gen. mtge. 7% bonds, Series “ A ,” are callable as a whole only (except
for sinking fund) on any interest date on 60 days’ notice up to and including
April 1 1932 at 110 and int.; thereafter to and incl. April 1 1942 at 105 and
int. thereafter to and including April 1 1947 at 102X and int.; thereafter
at 100 and int. $2,250,000 are reserved for prior liens. Annual sinking
fund o f 1% commences in 1924 and is sufficient to retire over $1,000,000 of
this issue before maturity. Interest is payable in Canadian gold coin at
Halifax. St. John, Montreal, Toronto, Winnipeg or Vancouver; or at New
York in U. S. gold coin. V. 114, p. 1891.
Dividends.— A dividend of 3% was paid on pref stock in July 1917. the
Dec. 1917 dividend being deferred
In 1918, 6% . In 1919. 6 % . In 1920.
Jan dlv. omitted. V. 110, p. 167.
EARN INGS.— Of Halifax Electric Tramway Co.. Ltd. (and consolidated
companies) for calendar years:
Calendar Years—
1923.
1922.
1921.
1920.
Gross earnings-------------- $1,393,980 $1,419,471 $1,446,640 $1,461,039
Operating expenses------964,146
987,676
1,145,143 1,271,081
112,136
111.109
119.858
102.328
T a x e s___________________
Bond & coupon interest.
217,497
193,863
182,500 f
Sundry interest-----------538
5,802
3,118]
202,526
Amort, of dt. disc. & exp.
______
7,984
19,164 [
Bal. for res., divs., &c.
$99,663
$113,038 def.$23,143def.$114,897
PROPERTIES.— 23.32 miles of street, railway single track equivalent .
Standard gauge; 60-Ib. T and 80-lb. girder rails. 38 passenger cars; 24 Birney safety cars; 5 sweepers. 5 misc. cars, k e : power house with 6,200 k. w
capacity (6,000 k. w. additional contracted from Provincial Hydro Develop
ment) lighting and power distribution system; gas plant, with about 40.32
miles of pipe line.
OFFICERS.— Pres., A . Stuart Pratt; V .-P., W. H. Covert, K .C .; Sec.,
Victor D. Vickery; Treas.. J. R. Blackett. Under management of Stone &
Webster, Inc., Boston, Mass. M gr., W . L. Weston.— V. 109, p. 270; V.
110, p- 167, 2388; V. 114, p. 1408, 1766, 1891; V. 116, p. 2131.
H A M IL T O N , O N T A R IO .
DOM INION PO W ER & T R A N S M IS S IO N CO.
ORGANIZATION.— Incorp. in Canada on Jan. 11 1907. Controls
and operates the following properties;
Hamilton Cataract P., Lt. & Tr.Co. Ham. Elec. Lt. & Power Co.
Hamilton Radial Elec. R y..
Dundas Electric C o.,
Brantford & Hamilton Elec. R y.,
Lincoln Elec. Lt. & Power Co..
Hamilton Street Ry.,
Western Counties Electric Co.!
Hamilton & Dundas St. R y.,
Welland Electrical Co.,
Ham. Grimsby & Beamsville R y.,
Hamilton Terminal Oo.
Fares.— In March 1922 the Hamilton St. Ry. was auth. to charge a
straight 5-cent fare. V. 114, p. 1407. In Jan. 1923 fares on Hamilton
& Dundas Street R y. were increased. V. 116, p. 515. The latter road,
however, ceased operation on Sept. 15 1923.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturitv
Ordinary $9,900,000 ($100)________
________ $7,714,500 Sept’20.1%
Preference $10,000,000 ($ 1 0 0 )____
J-J
3,931.100 Jan ’24, 3 X
l i t mortgage $25,000,000] 1907
5 g A-O
_________
_______
5.842,000
See text
($1,000) gold------------ c «tf Harris Tr. & Savs. Bk. of Chicago. Trustee
INat. Trust C o.. Ltd., Toronto, Can., trust
Ham Oat P L & Tr Co, L td.f 1903
5 A-O
1,793,000 April 1 1943
1st & r e f M $ 5 ,0 0 0 ,0 0 0 g o ld ! I n t. in H a m ilto n & N . Y .
N a t. T r u s t O o .
($1.000)..................._c*ntf
-Ltd., ----- Toronto, trustee. Callable at 110 &
_
. Int. beginning April 1 1923.
Ham Elec Lt & Oat Pow 1st] 1899
5 g A-O
670.000 Oct 1 1929
mortgage gold ($1,000) not {Int. payable In N. Y . or Hamilton National
callable ____________ c* tfl Trust C o., Toronto. Trustee.
Hamilton Street Ry 1st m tge. 1898
" ~ 434 J-D
300,000 Dec 22 1928
Ham Grims & B El Ry 1st M __ 1895
5 M -N
150,000
1925
Bonds.— Of the $25,000,000 mortgage, $10,000,000 may be issued, with
the approval o f the trustee, for not exceeding 80% of cash cost of extensions
and additions, and the remainder for not exceeding 75% . Since April 1
1917 the entire outstanding issue, but not any part thereof, can be called
at 107X and interest on any coupon date on 60 days’ notice. The bonds
mature $60,000 annually from April 1 1914 to 1921 and $120,000 annuaHv
from April 1 1922 to 1931, and the remainder are due April 1 1932They are secured by all the property owned through deposit of itock
and bonds with trustee. &c.
Dividends.— On the preference stock 6% was paid in 1907; in 1908, 3%
was paid. In Dec. 1908 It was decided to omit div. on both classes of pref.
stock; see V. 87, p. 1478. None to Jan. 1911, when 334% was paid; July,
3 )4 % : also paid in Dec. 1911 div. due Jan. 1909, 3% . In 1912. Jan., 3)4% ;
July. 3 )4 % ; Aug., 3% (due June 1909). In 1913. Jan., 3 X % - A div
of 6 X % was paid Feb. 15 1913 in full o f arrears; July, 3 )4 % .
In 1914
and since, 7% per ann. Initial div. on com.— 2% — paid June 1916: Dec.i
2 % . In Sept. 1917 paid quar. div. o f 1% and same rate paid quarterly to
Sept. 1920. None since.
EARN ING S.— Including subsidiary companies:
Calendar
Gross
Net
Bond
Divs.
Balance,
Year—
Earnings.
Earnings.
Int., &c.
Paid.
Surplus.
$1,067,622
$450,875
1923.............. $4,019,766
$258,837
$357,910
1 9 2 2 .............. 3.830,559
1,019,634
467,484
258,837
293,313
R O A D .— Controls 33 miles of single track in Hamilton and 86 miles of
inter urban lines, and also supplies light and power to Hamilton, Brantford,
8t. Catharines. Welland and_ intervening territory. Likewise owns a
60.400 h. p. hydro-electric station. Also has in operation a steam generat
ing station with a present capacity o f 26,600 h. p. and an ultimate capacity
o f 80,000 h. p.
OFFICERS.— Pres., J. R . Moodie; V .-P ., Cyrus A. Birge; Sec. & M an’g
Dir., W m. C. Hawkins; Gen. M gr., Edward P. Coleman; Treas., James
Dixon; Aud., C. S. Scott; Asst. Sec., Geo. D. Fearman.— V. 108 p. 784V . 110, p. 765; V . I l l , p .2141; V . 116, p. 515, 941; V. 118, p . 431, 1910.
H AVAN A E L E C T R IC R A IL W A Y . L IG H T & P O W ER C O .
ORGANIZATION.— Incorp. in New Jersey on Mar. 26 1912, absorbing
the Compania de Gas y Electricidad de la Habana (Gas & Electric Co. of
Havana), to acquire and hold the stocks of the Havana Elec. Ry. per plan
in V 94, p. 767. On May 15 1913 a plan for the merger of the properties
was approved by the stockholder- of the Havana Elec. R y., L. & P. Oo.
The Havana Electric Ry. stockholders approved the plan on M ay 27 1913
and on June 18 1913 articles of consolidation were filed
V. 96. p. 1840.
To date 49,999 (out of 50,000' shares pref and 74.894 (out of 75,000)
ihares common stock of the Havana Elec Ry have beeu deposited for ex
change of securities of new company. The Havana Elec. Ry. owned entire
$100,000 stock of the Insular Ry. Oo. Railway franchise runs until 1958.
Company also has right to carry freight ever parts o f the system. Gas and
slectric franchises perpetual
Stock Increase.— Stockholders voted on May 21 1917 to Increase the pref.
■itock from $15,000,000 to $21,000,000 to provide for the retirement on
June 15 1917, at par and Int., of the $6,000,000 6% general consolidated
obligations of the former Compania de Gas y Electricidad de la Habana,
which were assumed by the Havana Elec. Ry.. Lt. & P Co . and constituted
» Hen upon its property prior to the lien of its general M bonds. Com. and
pref. stockholders of record May 28 1917 were offered the right to subscribe
for new stock pro rata at par and d v
V 104 o 2118
In July 1922 issued $3,600,000 gen. mtge. 5% bonds to provide for the
retirement of $l,5OO,O0O 5-year 7% serial conv. notes due Sept. 1 1926
(called for payment Sept. 1 1922 at 102X and int.) and for additions and
betterments. V. 115, p. 543.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
M -N
Common $15,000,000 ($100)_______
$15,000,000 M ay ’24 ,3%
Pf 6% cum $21,000,000 ($ 1 0 0 )____
M-N
21.000.000 M a y ’24,3%
Hav Elec Ry consol M $10.-] 1902
5 g F-A
8.006,170 Feb 1 1952
000.000 g ($1,000) 8 f.c*&r\CentraI Trust Co. New York Trustee.
Hav El Ry L & P gen mtgef 1914
5 g M-S
9.472,000 Sept 1 1954
$25,000,000($1,000 & $5.-i Guaranty Trust C o., N Y ., Trustee.
000) gold___________ c*&rl
Gas < Electric Co. issues—
%
6%
3.997.904 June 1 1954
Gold mortgage--------- -------- ----- 1904
‘ English bonds” (£150,000).. 1906
5%
537 950
1943
Stock.— Pref. stock Is red. at $115 per share and accrued divs. Both
jom . and pref. are listed on N. Y . Stock Exch. V. 94. p. 1632. $52,654
common and $21,523 pref. stock included In amounts reported outstand
ing are In treasury.
Bonds.— Of the Havana Electric Oo. consolidated bonds reported outitandlng, $376 941 are In treasury. $1,616 090 have been canceled. A
linking fund commenced Jan. 1 1906 on the outstanding consols. Bonds
may be called for sinking fund at 105 and Interest, and entire Issue can be
redeemed at 105 and Int. on any Int. day upon 6 mos.’ notice. See V. 7 4 ,
a. 1251. Int. payable at company's office. They are listed on N . Y . Stock
Exchange. V. 86, p. 918.
The gen. mtge bonds are red. on 30 days’ notice at 105. Sink, fund of
1 M % on outstanding bonds began in 1920. Interest payable in New York
without deduction of any tax except Federal income tax. Of the $25,000.000 auth., $8,100,000 are reserved for refunding, $2,350,000 to assist in
refunding. $466,000 held by trustee under sinking fund; $890,000 are In
treasury; $52,000 are deposited with the Cuban Govt., and the remainder
(plus those uot needed for refunding) for add'ns and impts. under certain
restrictions. Listed on N. Y . Stock Exchange. V. 102, p. 2254; V. 106,
p. 715; V. 115, p. 543, 1532.
Dividends.— Dividends on pref. stock were begun in N ov. 1912. An
initial dividend on the common stock. 2 X % . was paid in N ov. 1912. In
1913. 5 H % - in 1914. 5% ; In 1915, 5 X % : In 1916. 6% ; Id 1917. 6% ; In
1918, 6% ; in 1919. 6% ; in 1920, 6% ; in 1921, 6% ; in 1922, 6 % . In 1923.
6% . In 1924, M ay, 3 % .
R E PO RT.— For calendar years (1922 report, In V. 116, p. 2248, 2284):
Cal.
Gross
Net (after Other
Fixed Pf. Div. Com Divs. Balance,
Year— Earnings. Taxes). Income. Charges. (6 % ).
(6 % )
Surplus.
$
$
$
$
$
$
$
1922.-12,910,707 6,601,739 189,053 1087.007 1258.613 896,649 3,548,523
1921.-12,882,653 5,506,309 122,767 1009011 1,258,709 896.871 2,464,485
1920. .11,477.937 5.029,485 47.784 988.759 1.258.709 893.901 1,952.901
113.011,816 passengers carried in 1922, against 116,271,911 in 1921.
LATEST EARNINGS.— For 12 months ending Dec. 31:
12 Mos.—
Gross.
Net aft. Tax. Oth. Inc. Int., S.F.. &c. Bal.. Sur.
1923------------$13,458,065 $6,887,317 $283,993 $1,421,339 $5,749,971
6,601,736
189,059
1,370,525
5,420,270
1922------------ 12,910,706
ROAD, &C.— Railway system, 96.18 miles of single track. Also operates
a stage line. Has 603 cars. 187.03 miles gas mains. The consolidated
power plant (capacity 37,500 k. w.) was completed in June 1916.
OFFICERS.— Pres. & Gen. M gr., Frank Steinhart; V.-Ps., R. R . Loening, Antonio San Miguel and Dionisio Velasco; Sec. & Treas., H. Kraemer.
N. Y. office, 55 Liberty St. V. 110, p. 2186, 2204, 2487; V. I l l , p. 1083;
V. 112, p. 2083, 2183, 2202; V. 113, p. 960, 1052; V. 114, p. 409. 2 0 1 1 .
2112, 2140; V. 115, p. 543, 1532; V. 116, p. 2129, 2248, 2284.
H O N O LU LU , H A W A II.
HONOLULU RAPID TR A N SIT CO., L TD .— Trolley.
ORGAN IZATION .— Incorp. in Hawaii Aug. 30 1898. In Feb. 1922
obtained a new franchise, indeterminate in character, which provides that
there shall be paid to the City and County of Honolulu annually 2 X %
of its gross revenue from railway operation. The rate of fare to be fixed
from time to time as necessity requires, with the approval of the P. U. Com
mission of Hawaii.
In 1903 purchased the Hawaiian Tramways Co. (having outstanding
£65.000 stock and £30,000 6% debentures, and comprising 12 X miles of
track); payment being made by the issue of $150,000 6% bonds of the
Rapid Transit C o.; 910 shares o f preferred stock and $59,150 in cash.
In Aug. 1916 capital stock was increased from $1,207,500 to $1,600,000.
In 1917 the capital stock was again increased to $2,000,000, the proceeds
from the sale of $400,000 worth of stock being applied on May 1 1917 to the
retirement of the entire issue of $528,000 1st mtge. 6% bonds.
STOCK.— Auth., $2,500,000, and outstanding (par $20), $2,000,000.
Dividends payable Q.-M . 31.
All preferred stock was converted into common in 1913.
R E PO RT.— For years ending Dec. 31:
Calendar
Gross
Net
Int., Taxes, Dividends
Balance
Year.
Earnings.
Earnings.
Deprcn.,&c.
(8 % ),
Surplus.
1923 _________ $988,928
$370 220
_
1922................
989,521
386,765 xl9f,2‘i7
160 j) 00 'sur.35’,548
1921__________ 960,992
325,003
266,579
160,000 def. 101,576
1920__________ .861.342
.
281.314
260,916
160,000
def.139,602
x Does not include capital stock, sinking fund reserve.
Passengers carried in 1922, 24,458,400, against 23,417,902 in 1921.
ROAD.— Operates 31 miles of track. Gauge, 4 ft.; 70, 85, 108, 122-lb.
rails. 62 vestibuled motor cars and 19 freight and service cars. Capacity
of generators, 1,900 k. w.
OFFICERS.— Pres., A. L. Castle; 1st V .-P ., L. A. Thurston; 2d V .-P .,
W. F. Dillingham; Sec., B. L. Marx; Treas., C. H. Atherton; M gr., H. S.
Johnson.— V- 102, p. 1350- V. 103. p. 759. 938: V. 104. p. 1387; V. 106
p. 1577- V. 114, p. 2717; V. 116, p. 2129; V . 118, p. 663.
K IN G S T O N , J A M A IC A .
W EST INDIA ELECTRIC CO.
Was taken over on June 11 1923 by the Jamaica Public Service C o.,
Ltd. (See V. 116, p. 2884; V. 117, p. 1129, for description of bonds and
property.) For history of West India Electric C o., bonds of which were
retired shortly after acquisition, see “ Electric Railway” Supplement of
ELECTRIC RAILW AYS
133
LONDON, CANADA.
LONDON STREET RAILW AY CO.— A trolley road. Incorp. under
laws of Canada in 1873. Franchise expires 1925, at which time, or any fifth
year thereafter, city has right to purchase the property (except Springbank
line) on an arbitration basis, by giving one year’s notice in advance.
City Purchase Proposal Defeated.— See V. 116, p. 1411.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $750,000 ($40)______________
J-J
$637,480
See text
First mortgage $750,000 gold ( 1896
5 g M-S
475,000 Mar. 8 1925
($1,000)_______________c*\Toronto General Trusts C o., trustee.
Bonds.— The remaining $50,000 can only be Issued for 66 2-3% o f actual
cost o f additions and extensions, when net earnings are equal to 1 0 % of all
bonds out, Including those to be Issued; but total debt must not exceed
$20,000 per mile o f single track. V. 78, p. 2384. Interest is payable at the
Canadian Bank o f Commerce, Toronto. In each o f the 10 years preceding
maturity 5 % o f bonds shall be drawn by lot and redeemed at par on 40
days' notice. $225,000 have been retired.
Dividends.— In 1901 8 % was paid; In 1902, 8 % : 6 % In 1903, 1904, 1905
and 1906. In 1907 dividends omitted on account o f strike. In 1908 to
1915, inclusive, 6 % per annum. In 1916, Jan., 3% (cash); July, 3% fin
stock). In 1917, Jan., 3% (cash); July, 3% (in stock). None to Dec.
1922, when 2)6% was paid.
R E PO RT.— Years ending Dec. 31:
Gross.
Net.
Charges. Deprec'n. Bal., Sur.
1923 ___________ $693,411
$121,329
$37,087
$37,365
$46,878
1922 ___________ 594,584
99,598
34,621
35.423
29,554
R O A D .— Operates 36.10 miles o f track. Standard gauge. 66. 73. 75
and 80-lb. T and girder rail. 58 motor cars, 5 trailers and 6 misc. cars. Has
contract for power with the Ontario Hydro-Electric Power Commission.
OFFICERS— Pres., Chas. Currie, Cleveland, O.; V.-Pres., R . G. Ivey;
Sec. & Treas., L. Tait, London, Ont.; Gen. M gr., C. B. King, London, Ont.
—V . 106, p. 607. 2345; V. 108. p. 878: Y . 110. p. 2076. 2568: V 112, p. 1399:
V. 114, p. 306; V. 115, p. 183; V. 116, p. 1411; V. 118, p. 1773.
MANILA, P. I.
THE MANILA ELECTRIC CORP.
ORGAN IZATION .— Incorp. in Connecticut June 26 1903 as the Manila
Electric Railroad & Lighting Corp. (name changed to present title In Dec.
1921.) Owns entire stock o f Manila Electric Co., having a 50-year franchise
from March 24 1903, practically the entire stock o f the Union Truck Co
and of the Compania de los Transvias de Filipinas. Besides doing the street
railway business, supplies light and power for private, municipal and Gov
ernment use. Municipality may acquire R R . property after 25 years on a
valuation fixed by net earnings, the Supreme Court of the Islands being
referee. Stock and bonds are listed on N. Y . and London StockExchanges
On Dec. 6 1909 increased authorized stock from $6,000,000 to $8,000,000
new stock to be 6% cum. pref. V. 90. p. 372.
N o pref. stock outstanding at last accounts (Mar. 1924). Compare
V. 110. p. 2192; V. I l l , p. 1472.
On Dec. 15 1922 stockholders voted to increase the auth. com. stock from
$6,000,000 to $10,000,000. V. 115, p. 2478, 2794. A stock div. of 40%
was distributed to com. stockholders of record Dec. 22 1922. V .115,p.2794.
STOCK A N D BONDS—
Outstanding. Dividend.
Stock com $10,000,000 ($100)...........
................. $7,000,000 A p r'24, 2%
Pref. $3,000,000 8% cum--------------------------None
---------------Dividends.— In 1906 and 1907, 3% paid on com.; in 1908 to 1910 incl.,
4% in 1911, 5 )£ % ; in 1912, 1913 and 1914, 7% : 1915 to Apr. 1922 incl. at
the rate of 6% per ann. In July 1922 2% was paid; same rate paid regularly
quar. since to and incl. Apr. 1924. In Dec. 1922 a 40% stock div. (payable
in common stock) was paid on the common. Y. 115, p. 2794.
REPORT.— For calendar years:
Dividends.
Surplus.
Gross.
Net (aft. Tax). Int., &c.
$450,613
$559,970
1923 ---$3,571,981
$1,750,826
$500,243
469,197
400,000
1922 - - - 3,584,121
1,644,765
663,646
407,559
(6%)300,000
1921 — 3,681,398
1,558,058
646,231
ROAD.— Operates 52 miles o f track (Including Manila Suburban Rys
Co.) In the city and suburbs. 70-lb. T and 92-lb. girder rails. Owns 54
single and 88 double-truck passenger cars and 20 service cars. Two 5,000
k.w. turbo-generators are now in service.
OFFICERS.— Pres.. Charles M . Swift; Vice-Pres’ts, J. H. Pardee, Joseph
A. Choate and R. B. Marchant, New York; Sec. & Treas., T. W . M offat;
Asst. Sec., C. A. Dougherty; Asst. Treas., H. B. Brown. Operated under
management of J . G. White M gt. Corp., New York.— V. 114, p. 2580. 2718;
V . 115, p. 2478, 2794; V. 116, p. 822, 937, 1760; V. 117, p. 782, 1992.
(1) M a n ila Electric C o . — All outstanding com. stock except directors,
shares is owned by Manila Elec. Corp.
BONDS—
Date.
Interest. Outstanding. Maturity
1st & ref M 7% ser due 19421 1922
7 g M -N $2,474,500 M ay 1 1942
$20,000,000 ($100, $500
5%
273.000 Sept 1 1946
1st & ref M 5% ser due 1946----------$1,000) g __________ c*&r*J Equitable Trust Co., N . Y ., trustee.
I s t & r e f5 % _ ...........................- 1922
5 M-S
None
Mar 11953
Manila Elec RR & Ltg Corp f 1903
5 g M-S
4,005,000 Mar 1 1953
1st lien and coll tr $5,000,-{In t. at Equitable Trust C o., N. Y ., trustee.
000 gold ($1,00 0).-.........c* (
The Manila Electric R R . & Ltg. Corp. 1st lien & coll. mtge. bonds have
a sinking fund o f M% o f bonds outstanding began Mar. 1 1908 and ran
until 1917; now 1% o f bonds outstanding. The fund is to be invested in
the bonds at not more than 105 and int., at which price they are subj. to
call for the purpose. Are red. as a whole at 105 and int. on or after Mar. 1
1928. V. 82, p.218. Bonds are listed on N .Y . Stock Exchange. $992,000
are in hands o f trustee for sink, fund $3,000 held by trustees in lieu of
mortgaged property sold.
The c o .’s 7% 1st & ref. mtge. bonds are guar. prm. and int. by Manila
Elec. Corp. See details in V. 114, p. 1766. The 7% series due 1942 are
listed on N. Y . Stock Exchange. V. 116, p. 935; V. 118, p. 1773.
(a) M a n ila S u b u r b a n R a ilw a y * C o .—
Bonds—
Date.
Interest. Outstanding. Maturity.
First mortgage $2,500,000) 1906
5 g M-S
$205,000 Sept. 11946
gold ($1,000)__________ c*JNew York Trust C o., trustee.
Bonds.— Assumed by the Manila Electric Co. and are guar., p. & I.,
by The Manila Electric Corp. Are subject to call after Sept. 1 1928 and to
purchase for sink, fund since Sept. 1 1911 at not to exceed 105 and int. at
which price bonds can be drawn by lot. See V . 80, p. 220. $84,000 are
held in sink, fund and not incl. in outstanding amount as above. $82,000
have been returned and cancelled and $276,000 (not incl. in amount out
standing) held in treasury.— V. 113, p. 2614.
MONTREAL, CANADA.
MONTREAL TRAM W AYS & POWER CO., LTD.— A holding co.
ORGA N IZA TIO N .— Incorp. In London, England, In 1908, and controls
the following:
Montreal Tramways C o.,
Montreal Public 8ervlce Corp.,
Canadian Light & Power C o.,
Montreal Hydro-Elec. C o.. Ltd.
Montreal Tramways Co. and Can. L t. & Power Co. stockholders received
1 y, shares o f M ont. Tram. & Power Co. stock for each share of their stock.
V . 94, p. 417. 207.
In March 1924 issued $8,000,000 5-yr. 6% coll, trust bonds, proceeds
being used to refund an issue of $7,3OO,O0O 5-yr. 6l % secured bonds
A
maturing larch 1 1924. V. 118, p. 1012. Compare V. 118, p. 551.
Suit Brought by New Directors against Trustees and Old Directors.— See
V. 118, p . 1911.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Stock $20,002,000........................... —
_______ $17,560,930 ........... .......
5-yr. coll, trust bonds ($100,1 1924
6 A-O
8,000,000 Mar. 1 1929
$500 and $1,000)_________/Royal Trust C o., Montreal, Trustee.
Bonds.— 'The 5-year 6% coll, trust bonds are secured by $7,000,000
debenture stock of the Montreal Tramways Co. and $3,500,000 5-year 6%
bonds o f the Montreal Tramways & Power C o., Ltd., which are in turn
secured by $2,100,000 com. stock o f the Montreal Tramways Co. Red.,
[V ol. 118,
all or in part, at 101 and int., upon 30 days’ notice. Int. payable in
Canadian gold coin at the Bank of Montreal in Montreal, Toronto and
Quebec, or at the agency of the Bank of Montreal in New York in U. S.
gold coin, at the option of the holder.— V. 100, p. 734, 813, 1168; V. 104, p.
1264; V. 107, p. 22S4; V. 108, p. 269, 784; V. 116, p. 935; V. 117, p. 87;
V. 118, p. 202, 551, 1012, 1666, 1773, 1911.
(1) M ontreal Tramways Co.
ORGANIZATION.— Chartered In 1911 and acquired by merger the
Montreal Street R y., Montreal Park & Island R y. and Montreal Terminal
Go. (V. 93, p. 871, 1324), the last two companies being subsidiaries to the
Montreal St. R y. V. 93, p. 1022, 1106. Owns and controls entire street
railway system In Montreal and Island o f Montreal, except about a mile o f
interurban line entering the city.
New Franchise.— In Jam. 1918 representatives of the co. and the city
tigned a new franchise agreement, running for 35 years, which provides
(a) for the creation of a permanent Tramways Commission of three persons
with complete powers over the service, fares, finances, exts. and mainte
nance; (b) fixes the valuation o f the existing system at $36,286,295 for the
physical property, plus an unnamed amount to be specified by the Com
mission as “ working capital,” (c) practically guarantees that the company
Jhall be allowed at all times to make a profit of 6 % on the total investment
thus arrived at and on such new capital as may from time to time be put In;
(d) allows the company a further remuneration of
of 1 % in each year In
which lt does not exceed by more than 2 % the estimated operation charge*
allowed by the Comm. In effect, the company can calculate upon 6 )•{%
on its total investment as a guaranteed minimum earning power so long as
it Is efficiently administered. The company can also look forward to a
ihare of all surplus profits arising after the annual payment to the city of
(500,000 and the upkeep of certain maintenance and guarantee funds,
aeither of which funds should be at all burdensome. The surplus aftes
these charges is to be divided. 20% to the company, 30% to the city treas
ury. and 50% to a fund for reduction of fares, which may take place when
the fund accumulates to $1 ,000,000, and must take place whenever it
;ontains $2,500,000. (e) Dividend distribution is limited to 10% . the
present rate. (f ) An appeal from the Comm. lies to the P. U. Comm,
of Quebec. For further details see V. 106, p. 607.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock common____________________
_______
*$4,000,000
See text
Debenture stock__________________
5%
*17,650,000
See text
1st & ref mtge $75,000,000 gl 1911
5 J-J
18,085,000 July 1 1941
($500&$1,000) Pay in Lon-j-Harris Tr. & Sav. Bk., Chic., Trustee. Nat.
don p&i in £ = $ 4 86 2-3-C*J Tr. C o., L td., Montreal, Co-Trustee.
* Including the amount due on shares not yet exchanged.
Bonds.— Remaining 1st & ref. bonds are for extensions and additions at
not exceeding 75% o f cost under certain restrictions. Red. as entire issue
(but not any part) at 105 and int. on any int. date. Int. payable in N. Y .,
Chicago, Montreal and London. V. 93, p. 1463. Listed on the N. Y .
(V. 97, p. 1025), Montreal and London stock exchanges.
Dividends.— On deb. stock 5% per annum since organization. In April
1913 an interim div. of 5% was declared on the paid-up common capital
stock. A quar. div. o f 2)6% was paid Aug. 1913 (V. 96, p. 1840), and
216% quar. to and incl. M ay 1918. In Dec. 1919 a div. of 2)6% for the
second quarter of 1918 was paid. See V. 109, p. 2440. In 1920. M ar.,
2)6% ; June, 2)3 %; Sept., 2)6% ; N ov., 2 )3 % . In 1921. 10%. In 1922.
Mar.. 2 )3 % , clearing up all arrears on the stock. V. 114. p. 1180. In
Aug. 1922, 2)3 % was paid; N ov., 2 )3 % . In 1923, Feb., 2)3 %; M ay, 2)3 %
Aug., 2)3% ; N ov., 2)3% . In 1924, Feb., 2)3% ; M ay, 2 )3 % .
Statement of Operations Under New Contract— Years ending June 30.
1923.
1922.
1921.
..$12,056,355 $11,712,525 $11,773,005
Grossreceipts______________
Operating expenses and taxes_______ 6,099,993
5,769,403 6,327,841
Operating profits___________________
48,304
47,960
47,442
Maintenance, &c___________________ 2,492,792
2,579,200 2,529,055
Balance__________________________ $3,415,264
Allowances due C o.: In t. on cap. value 2,177,178
Int. 7% on additions________________
164,973
Int. 6% on working capital_________
2,530
Financing expenses_________________
181,431
Balance, surplus_________________
Payable when earned: City rental____
Contingency reserve______________
$889,151
$500,000
41,5)7
$3,315,962
2,177,178
145,684
6,596
181,431
$2,868,667
2,177,178
118,859
12,491
181,431
$805,073
$500,000
117,125
$378,708
$500,000
117,730
Deficit___________________________ sur$347,553 sur$187,948
$239,022
Company’s Income and Profit and Loss Statement for Years ended June 30.
1922-23.
1921-22
1920-21
Allowance from contract.....................$2,392,986 $2,377,418 $2,355,970
Other revenue______ ______ ________
37,239
64,061
55,359
Gross revenue____________________ $2,430,225
Interest on bonds___________________
990,856
Interest on debentures______________
874,353
Other expenses_____________________
16,983
$2,441,479 $2,411,329
1,043,100
1,082,418
857,500
850,313
16,875
17,541
Net income__________ ____________
$548,034
$524,004
$461,057
Dividends____________ ______ -..(10%)$399,947(10)$397,432(10)$388,994
Surplus for the year_______________
$148,086
$126,572
$72,063
ROAD.— Operates 267 miles of track. The company’s steam power
jlant is to be enlarged from 10,000 h. p. to 60,000 h. p. V. 1 0 2 , p. 3 4 5 ,
In 1904 contract was made with the Montreal Light, Heat & Power Co.
for a supply o f pow er.
OFFICERS.— Pres., E . A. Robert; V .-P ., Hon. Geo. G. Foster; V .-P .,
P. J. McIntosh; Sec.-Treas., Patrick Dubee; Gen. M gr., J. E. Hutcheson.
— V. 113, p . 1053, 1156, 1465, 1471, 1675, 2313, 2405; V. 114, p . 79, 627,
1180, 2013; V. 115, p. 645, 1529, 1731; V. 116, p. 721, 935; V. 117, p. 87,
782, 1126, 1462; V. 118, p . 1012.
(2) Canadian Light S t Power Co.
ORGANIZATION.— Incorp. In Canada on June 2 1904. See descrip
tion of company’s developments In V . 91, p. 591, and V . 89, p. 848. Has
the perpetual right to distribute and sell power and light in Montreal and
several adjacent counties. Distribution system In Montreal has been taken
over by the Montreal Public Service Corp.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $7,000,000 ($100)............................................. $6,000,000 ......................
First mortgage $6,500.0001____
5 J-J
6,500,000 ___________
($500 and $1,000)________\Royal Trust C o., Canada, Trustee.
Bonds.— 1st mtge. bonds are subj. to call all or any at 105 at company’s
iptlon. Sink. fd. began July 11914. Int. payable In Montreal or London.
PROPERTY.— Owns a new and modern hydro-electric plant at St.
Tlmothee. 28 miles from Montreal; present development about 30,000 h. p.
Ultimate development. 75,000 h. p.— Y . 89. p. 848,1283; V. 91, p. 591
(3) Montreal Public Service Corporation.
This company (formerly the Saraguay Electric & Water Co.) has acquired
ihe Dominion Lt., Ht. & Pow., the St. Paul Electric Lt. & Pow. Co. and
the distribution system of the Can. Lt. & Pow. Co. in Montreal. Control*
an established business in various important sections of the city and pro
vides a market for a large amount o f the power developed by the Can
Light & Power Co.
NIAGARA FALLS, CANADA.
NIAGARA ST. CATH AR. & TOR O N TO R Y.
I* operated by the Canadian National Railways.
ORGANIZATION.— Incorporated in Canada in 1899. A consolidation
of the Niagara Central R y., the Niagara Falls Welsey Park & Clifton Tram
way Co. and the Port Dalhousie St. Catharine’s & Thorold Electric Street
Ry. Franchise perpetual. Owns and operates Niagara St. Oatharne’
S Toronto Navigation Co.; also transports freight.
c
Shareholders voted 1910 to make an issue of 2d mtge. bonds at rate o f
$ 10,000 Der mile to N a t. T r C o.. Ltd Toronto, trustee. V 90 n. 54. 1296.
In March 1923 City of Niagara Falls passed a by law granting the com
pany a 20-year service-at-cost franchise. City to have option of purchase
at end o f that period or franchise renewable for 5-year periods. Fare, 7 cts.
In April 1924 we were informed that a similar proposition would be voted
upon in St. Catherines shortly.
A pril, 1924.]
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
•Stock $1.000.000....................
$925,000 ............... ..
Railway First mortgage gold 1899
5 g M -N
1,098,000 N ov 1 1929
($1,000) ($1,000 or £205 Int. at Canadian Bank o f Commerce, Tor
9a 8d)_________________ c*
onto, and Bank of Scotland, London.
National Trust C o., Ltd., Toronto. Trustee
Second mortgage.
_ _
1910
_______
None
__________
Navigation Co First mort-( 1903
5 g M -N
...........
Nov 1 1929
gage $200,000 ($1,000 or( Int. at Canadian Bk. o f Com., T oron to& N .Y
£205 9s 8d) gold________ c*lNatlonal Trust C o.. Ltd.. Toronto, Trustee
tsonds.— Of the Railway bonds $20,000 per mile Is authorized and Issued
See V. 82, p. 869. The Navigation bonds are guaranteed by the Railway
p. Sc 1.. by endorsement. Neither issue is subject to call.
R OAD.— Owns and operates 61.67 miles o f track. Runs from Port Dalhousle on Lake Ontario, passing through St. Catharines, Merrltton, Thorol i
and Niagara Falls, Ont.. to Falls View, Ont. Has an extension of 18.5 miles
from Thorold through Fonthill and Welland to Port Colborne; also an ex
tension of 12.2 miles from St. Catharines to Niagara-on-the-Lake. Mali)
line has been replaced with 80-lb rail 47 pass, cars, 7 electric locomotives.
2 electric snow plows and 5 miscellaneous cars. Also operates two steamers.
Permission to build several extensions has been granted by the Dominion
Parliament.
♦EARNINGS.— For cal. years:
Cal. Years—
Gross. Expenses.
Int.
Charges. Surplus.
19 19...................................... $926,390 $717,953 $208,437 $110,811 $97,626
1918 ..................................
766,422 569.961 196,462 135,873 60,589
1917..........................
756,590 500,022 256,568 118,873 137,695
•No longer reported separately. Are now included in accounts of Canadian
National Railways.
OFFICERS.— Pres., Sir Henry Worth Thornton; V .-P ., Gerard Ruel;
Sec., R. P. Ormsby, Montreal: Gen. M gr., E. W. Oliver, Toronto.— V. 110,
p . 1749: V. I l l , p. 294, 1370: V. 113, p. 2505: V. 114, p. 307, 1064.
OTTAWA, CANADA.
O TTAW A TRACTION CO.. LTD.— A holding company
ORGAN IZATION .— Incorp. Oct. 23 1913, and acquired $1,860,100
of the stock of the Ottawa Electric Ry.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock $10,000,000 ($100)_________
Q-J
$5,581,500
See text
Dividends.— First dlv.— 1%— paid July 1 1914: same rate quar. since
with 1% extra in January, making 5% per annum.
OFFICERS.— Pres., T . Ahearn: V .-P ., Warren Y . Soper: Sec &
Treas., G. L. Snelling.— V. 107, p. 803; V. 109, p. 2263; V . I l l , p. 2521
V . 113, p. 2614; V. 114, p. 627, 1180; V. 117, p. 2654.
(1) O tta w a E le ctric R y.— A trolley road.
ORGANIZATION.— Incorporated in 1894. Is a consolidation of the
Ottawa City Passenger Ry. and the Ottawa Electric Street Ry.
In Nov. 1912 increased Its auth. stock from $2,000,000 to $4,000,000
On Jan. 7 1924 the citizens of Ottawa voted to grant the co. a new
franchise. For details see V. 118, p. 311.
Valuation.— In N ov. 1921 the Hydro-Elec. Pow. Comm, of Ont. set a
valuation o f $4,110,922 on the c o .’s line and equipt. in Ontario. V. 113.
p. 2313.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $4,000,000 ($100)___________
Q-J
$1,877,200 See text
Dividends.— From 1893 to 1905, 8% per annum; in 1905. 2% extra:
1906 to 191i, incl., 12% p. a.; in 1912, 16H %; since to and incl. 1923, 15%
EARNINGS.— For years ending Dec. 31:
Calendar
Gross
Net
Interest, Conting. Dividends Balance,
Year—
Earnings. Earnings. Taxes,&c. Account.
(15% ). Surplus
1918x........ $1,323,830 $477,010 $117,182 $60,000 $281,580 $18,086
1917______ 1,240,627 535,289
125,623 110,000
281,580
18,248
Passengers carried in 1918, 29,723,068, against 29,347,692 In 1917.
x No later figures puDlished.
ROAD.— Operates 52 miles of track In city, and to Hull, Rockliffe
B -ltannla-on-the-Bay and Government Experimental Farm. Has a park
o f 80 acres at Britannia-on-the-Bay. Standard gauge. Ralls, 72, 80, 9*
add 115-lb. T and girder.
OFFICERS.— Same as for Traction Co.— V. 113, p. 2313, 2819; V . 114,
p. 307, 2718; V. 115, p. 183. 2379; V. 116, p. 411; V . 118, p. 311.
PONCE, PORTO RICO.
PONCE ELECTRIC CO.— Organized in Porto Rico and on Feb. 1 1920
took over the property formerly controlled through stock ownership by the
Ponce Electric Co. (a New Jersey corp.). Operates the railway between
Ponce and the Playa (Port) and does the entire lighting and power business
of Ponce and the Playa. Railway franchise expires in 1961, electric-light
franchise in 1963.
STOCK AND BONDS.— Date.
Interest Outstanding. Maturity
Com. stk. $1,000,000 ($100).............
.............. $ 500,000 _____ _____
Pref. $l,000,0t«y cum ..........................
7%
400,000 __________
EARNINGS.— For 12 months ending Dec. 31 (combined companies!:
Year—
Gross.
Net aft. Tax. Interest. Sink.Fund. Surplus.
1923_____________ $287,335
$98,456
$6,238
______
$92,218
1922................ ....... 280,881
80,071
5,110
______
74,960
ROAD.— Operates 5.61 miles o f equivalent single track; .77 m. of track
age; 12 cars; gauge, 1 metre. Power station has 2,050 k.w. capacity,
OFFICERS.— Pres., Harry T . Edgar; V.-Ps., M . L . Sperry and Lewis A.
Keen; Treas., Henry B. Sawyer; Sec., Victor D. Vickery; Gen. Mgrs., Stone
■ Webster Management Association.— V. 74, p. 268, 478.
&
PORTO RICO RAILWAYS CO.. LIMITED.
ORGANIZATION.— Incorporated In Canada Oct. 1906 and has acquired
the San Juan Light & Transit Co. and Porto Rico Power & Light Co. and
Oaguas Tramway Co. Controls all the electric railway, electric light and
power business of San Juan, San Turce and Rio Piedras; also controls entire
lighting systems in cities o f Comerio, Bayamon, Oatano, Carolina, Oaguas.
Rio Grande, Fajardo. Humacao, Yabucoa, Gurabo, Juncos and other towni
in east end o f Island. Its lighting franchises in San Juan and San Turce are
perpetual. The Comerio Water Power and Caguas Tramway franchises
■are for 99 years from 1906. The street railway franchise runs until 1959
An express service was Inaugurated In 1908 in conjunction with Porto Rici
Express Co.
Contract.— Has a 5-year street-lighting contract with the city o f S a D
Juan and with about 30 other towns for various periods.
In June 1922 the capital stock was increased from $4,000,000 to $5,000,■000. V. 115, p. 183. No further action taken up to Apr. 1 1924.
STOCK AND BONDS—
Date. Interest.
Outstanding.
Maturity.
Common stock $3,000,000________
Q-J
$3,000,000 J a n '22, 1%
Pf $1,000,000 ($100) 7% cum.
Q-J
1,000,000 A p r ’24, 1M
First mortgage $3,000,000 ( 1906
5 M -N
2,332,500 N o v i 193?
($500) g o ld ______________{In t. at Montreal Trust C o., Trustee
{Montreal and Halifax, or Bank of Nova Scotia.
Refunding general mortgage/ 1912
5 M -N
£265,000 M ay 1 1962
£1,500,000 (£100)______ c*{Int. In London, Montreal and Toronto; Mon[ treal Trust C o., Trustee.
Bonds.— First mtge. bonds are subject to call at 105. Sink. fd. of 1%
of bonds issued plus one year’s int. on canceled bonds began N ov. 1908
$667,500 bonds canceled. First Mortgage bonds are listed on Montreal
and Toronto Stock Exch. Of ref. gen. mtge, bonds £479,300 are reserved tor
1st M . bonds and £296,000 are in treasury; remainder for future require
ments under restrictions. Subject to call as a whole or for cum. sink
ing fund (1% o f bonds out beginning in 1937) at 105 and Int. V. 94, p
1566. Are listed on London Stock Exchange.
Dividends.— First dlv. on pref.. l % % , paid Jan. 10 1910, and same
amount quarterly since to and Including Apr. 1924. On com., lstd iv ., 1%.
paid Oct. 1911. In 1912 and 1913. 4% . In 1914. Jan., 1% ; April. 1%
July, 1% . None to July 1920, when 1% was paid. In Qct., 1% . I d
1921, 4 % . In 1922, Jan., 1% . None since.
133
ELECTEIC RAILWAYS
R E PO RT.— For calendar years:
Year—
Gross.
Net.
Oth.Rer. Interest. Pref .Dir. Com.Div. Surplus.
1923 ..$1,324,798 $433,354$13,967 $183,504 $70,000 ______ $193,816
1922 . . 1,330,446
516,839 13,905 186,275 70,000 --------- 274,469
1921 ._ 1,332,486
465,715 42,877 188,920 70,000 $120,000 129,672
Total surplus Dec. 31 1923 was $651,222; $100,000 for deprec’n reserve.
5,103,186 passengers carried in 1923, against 6,069,237 in 1922.
ROAD.— Operates from San Juan to Rio Piedras, 9 miles, electric.
Standard gauge. An extension of 18 miles to Caguas. which is being oper
ated by steam, meter gauge, was completed in 1908.
OFFICERS.— Pres., W . D. Ross; V .-P ., L. M . W ood; Sec., T . A.
Spoor; Gen. M gr., Manuel V. Domenech, C .E .; Com pt., G. Brewer.—
V. 99, p. 1367; V. 100, p. 902; V. 102, p. 1163; V. 104, p. 765; V. 106, p.
1901; V. 110, p. 1188, 2568; V. 115, p. 183; V . 116, p. 1650; V. 118, p. 1774.
QUEBEC, CANADA.
OUEBEC RA ILW A Y L IG H T HEAT & POWER CO.. Ltd.
Control.— It was reported in M ay 1923 that the Shawinigan Water &
Power Co. had acquired control of the co. V. 116, p. 2389.
Proposed Acquisition.— On July 26 1923 the Quebec Power C o., formerly
the Public Service Corp. of Quebec, made the following offers to the com
stockholders and income bondholders of the co.:
(1) Offer tp Holders of the Common Shares.— Quebec Power Co. will
purchase and acquire the whole or any part of the $10,000,000 com. shares
of Quebec R y., Lt., Ht. & Pr. C o., Ltd., by giving in exchange therefor
com. shares of Quebec Power Co. (par $100 each) on the basis of $25 par
value of such com. shares for each $100 par value of com. shares of Quebec
R y., Lt., Ht. & Power Co.
(2) Offer to Holders of 5% 30-Year Income Bonds Due 1951.— (a) Quebec
Power Co. will purchase and acquire the whole or any part of the $3,307,200
income bonds of Quebec R y., Lt., Ht. & Pr. C o., Ltd., by giving in exchange
therefor 7% preference shares (par $100) of Quebec Power Co. on the basis
of $30 par value of such preference shares for each $100 par value of such
income bonds. (6) At the option of the holder, Quebec Power Co. will
pay $27 in cash for each $100 par value of such income bonds.
The Quebec Power Co. proposes to take over the power properties of the
co. and to transfer to the Quebec Gas & Tramways Co. (a new co.) the
gas and tramway properties. It was stated in Sept. 1923 that sufficient
support to assure carrying out this plan had been received from the share
holders. Up to Dec. 31 1923 over 90% of the income bonds and 89,000
shares of common stock o f the co. had been exchanged in accordance with
plan. Full particulars regarding plan, details of exchange offer, &c., will
be found in V. 116, p. 2389; V. 117, p. 555, 670, 1347.
ORGANIZATION.— Incorporated In Canada on N ov. 19 1909 as a con
solidation of the following properties (V. 89. p. 1598):
Quebec R y., Lt. & Power Co.
(Quebec Jacques Cartier Electric Co.
Quebec Gas Co.
Canadian Electric Light Co.
Frontenac Gas Co.
IQuebec County Railway Co.
These companies do an electric-light and power, gas and street railway
business In Quebec and surrounding parishes. Has contract with the
Stadacona Hydraulic Co. for supply of power. V. 94, p. 1449.
Purchase by Government.— The Dominion Government’ has contracted to
purchase (ownership to date back to July 1 1916) the following lines: (a)
Quebec Montmorency & Charlevoix R y ., extending from St. Paul St..
Quebec to St. Joachim, 43.2 miles [but see V. 110, p. 562; V. I l l , p. 1662j
(6) Quebec & Saguenay Ry. ext. from its junc. with the Quebec M ont. &
Chari. Ry. to St. Joachim to Nairn Falls, 62.8 m. (acquir. in Mar. 1919); (c)
Lotbiniere & Megantic R y. (acquired Apr. 1 1920), extending from Lyster to
St. Jean des Chaillons about 30 m. The purchase price of these properties
Is to be “ the value thereof as determined by the Exchequer Court o f Can
ada; said value to be the actual cost of said railways, less sub
(Idles and less depreciation, but not to exceed $4,349,000, excluiive of outstanding bonded Indebtedness, which Is to be assumed by
the Government, but not to exceed in all $2,500,000” [being the $2,500,000
Quebec-Montmorency R y. 1st M . 5s of 1899, due 1923]. The lines are to
be operated by the company until actual possession is taken and the com
panies must render an accounting to the Govt, from June 30 1916 until
the properties are taken over. See V. 102, p. 2255; V. 103, p. 579; V. 104,
p. 560. In 1916 the Canadian House of Commons voted to appropriate
$4,000,000 for the purchase of the foregoing lines. During 1917 $332,255
was expended on the properties and on Sept. 6 1917 the House reappropriated the remainder, $3,667,745. On M ar. 4 1919 the Govt
acquired the Quebec & Saguenay R y. “ free and clear of charge, incum
brances or claims,” purchase price being $3,489,313. V. 108. p. 974.
It was announced in M ay 1919 that the proceeds of this sale, after the pay
ment of the contractor’s claim, would be used to reimburse the bondholders
of the Saguenay R y., thus relieving the co. of paying int. thereon. V. 108,
p. 1938.
The Quebec R y., L t., Ht. & Pow. Co. acquired the Quebec & Saguenay
Ry. Co. in 1911 through purchase of Its $2,500,000 stock and $3,000,000
5% bonds and In turn issued its own bonds of 1911 and 1912 shown in the
table below, to pay for same. V. 92, p. 882, 528. These bonds were in
tended to provide for Quebec-Saguenay line, extending 56H miles from
Cape Tourmente to Murray Bay. In Sept. 1912 construction work on this
line was stopped because of non-payment by Saguenay Co. of claims of
contractors for construction work (V. 95, p. 1040; V. 96 , 0 . 203). Payment*
were subsequently made but work was not resumed. The Dominion Govt,
completed construction of the road in 1918 and on Oct. 1 1920 operation was
taken over by the Canadian Govt. Rys
On July 7 1917 the company was awarded $275,000 for the property
known as the Quebec Gas Co.'s land, which was expropriated by the
Federal authorities, according to a decision by the Exchequer Court.
Coupon Payments Delayed.— The interest due June 1 1913 and Dec. 1
1913 was not paid when due and In Sept. 1914 lt was announced that the
coupons due June 1 1914 were not paid on time, the company following the
policy of paying the coupons at intervals through the three months grace
following the due date. V. 99, p. 748
Subsequent coupons have been
paid within the time limit allowed. V. 109. p. 776
Int. due Dec. 1 1914 on the Quebec-Jacques Cartier Elec. 1st refdg. 5a
was defaulted. A protective committee was formed with W . L. Hallahan.
I l l Broadway, New York C ity, as Secretary, and bondholders were re
quested to deposit their bonds with the Bankers Trust C o., New York,
v . 100, p. 403. Interest was subsequently paid. V. 100, p. 559. Sub
sequent coupons have been paid to date
Stockholders on April 12 1922 voted to change stock from $100 par
to shares o f no par value. V. 114, p. 1652.
In Jan. 1924 the shareholders ratified a by-law authorizing the creation
and issue of $7,500,000 gen. mtge. bonds, which it is understood will not
be sold to the public, but will be used for collateral. V. 118, p. 204.
$2,500,000 Quebec Montmorency & Charlevoix R y. 5s due June 1 1923
were retired at maturity. See V. 116, p. 2389, for particulars.
STOCK AND BONDS—
Date.
Interest.
Outstanding Maturity•
Q-J 15 $9.990.500 Jan.15 12,1 %
Stock $10,000,000 ($100)...................
Consolidated mortgage $10.-f 1909
5 g J-D 10,000,000 Dec. 1 1939
000,000 g ($100 $500 and] Int. at Montreal Trust C o., M ont., trustee,
$1,000 _______ ___________I Bank of Scotland, London, Eng.
Quebec-Jacques Cartier Powf 1901
5 J-D
849.000 Dec 1 1941
1st ref $1,000 000 ($1,000) <Trust Co. of America, N. Y ., trustee.
g Interest in N Y _______ c* [Interest at company’s office. Quebec
Income bonds________________ _____
_______
3,307,200 Sept 1 1951
Bonds.— Consol, mtge. 5s of 1909 are red. at 105 and int. on any int. day
$849,000 of the consol, bonds are reserved to retire underlying bonds.
Dividends.— initial dlv.— 1% — paid April 15 1911; July. 1% ; Oct.. 1 % .
In 1912, Jan.. 1% ; none since
Gross
Net
Charges &
Balance,
Period—
Earnings.
Earnings.
Taxes.
Surplus.
Year end. Dec. 31 1923_.$2,973,004
$827,272 $824,019 xsur.$3,251
Year end. Dec. 31 1922.. 2,858,607
847,792
761,691
sur.86,101
x Subject to income tax.
ROAD.— Owns 24.64 miles city track and 33.50 miles interurban.
66 and 70-lb. rails gauge, 4 ft. 8M in.
OFFICERS.— Pres., J. C. Smith; V .-P ., H. Murray; Gen. M gr., J. E»
Tanguay; Sec., Jas. Wilson; Treas., W. S. Hart.— V. 112. p. 1025; V. 113.
p. 534, 850, 1983; V. 114, p. 948, 1409, 1649, 1652; V. 115, p. 544, 760,1732;
V. 116, p. 1761, 2389; V. 117, p. 555, 670, 1347, 2433; V. 118, p. 204, 1666.
134
ELECTRIC RAILW AYS
[V ol. 118.
politan R y. (in March 1919 the City of Toronto purchased the Yonge
St. section of this company's property for $590,000 V. 108, p. 1166);
Schomberg & Aurora R y.; Toronto & York Radial R y.; Toronto Power
Oo., Ltd.; Electrical Develop. Co. o f Ontario, Ltd.; Toronto & Niagara
m ore than 10,000 shares o f the c o .’s stock on the basis o f 4 shares o f Sher Power C o.; Toronto Electric Light C o., Ltd.; London Electric C o.. Ltd.
now Dart of Toronto & Niagara Power C o.); Niagara Falls Electrical Trans
brooke R y . & Power C o. stock for 1 share Southern Canada Power C o. 6 %
mission Co. (N. Y .) and Niagara Fails Gas & Elec. Lt. Co. (N. Y .). In
preference stock, cum ulative from Jan. 1920. V . 104, p. 74.
Jet. 1902 stock was increased to $7,000,000. and in April 1906 to $8,000,O R G A N IZ A T IO N .— -Incorp. in 1910 in Quebec, C an., as successors to
)00. On Aug. 14 1911
voted another increase
the Sherbrooke Street R y . In July 1911 acquired the Eastern Townships xnd also the payment stockholdersdividend of $1,000,000.to $12,000,000,
of a stock
Stockholders
E lec. C o. and the Stanstead E lec. C o. V . 93, p. 230. Also owns the were allowed to subscribe for $2,000,000 of the stock at par.
Lennoxville Light & Power C o. C ontrols m ajor part o f the electric light 470. On May 29 1916 the shareholders voted to increa se V . 93, p. 230,
the stock to
and power business in the district between Sherbrooke and the International $15,000,000 to provide funds for the financial requirements of the company
B oundary.
In 1913 acquired the Burroughs Falls Power C o., which controls the elec *ud for necessary extensions and betterments for the subsidiary companies.
tric light and power business in A yers’ C liff, Que. V . 97, p. 1824. In 1914 No action was taken by the directors as to disposition o f new stock. V.
acquired the International E lec. C o ., doing the electric light and power 102, p. 2078.
Payments to City.— As to annual payments to city, see “ Supplement “ of
business in D erby Line, V t., and in 1915 acquired the lighting and power
May 1898. Paid to city in 1919, $1,398,470; in 1918, $1,301,266; in 1917,
business o f Geo. Gale & Sons in W aterville and C om pton, Quebec.
*1,187,031; in 1916, $1,113,010; in 1915, $1,064,072; In 1914, $1,122,914; in
Franchise in Sherbrooke is for 40 years, exem pting property from taxation
for first 20 years. A t end o f 20 years city m ay purchase street railway 1913, $1,089,708; In 1912, $942,049; In 1911. $822,233; in 1910, $727,480; in
property. Consol, m tge. 5s were offered w ith a 40% stock bonus. Y . 91, 1909, $640,281; in 1908, $578,995; In 1907, $542,091.
Suit by City.— See V. 112, p. 2191.
p . 95; V . 93, p. 590; V . 94, p. 1120.
Bonds.— The co.’s 1st Mtge. 4 J4 % bonds due Aug. 31 1921 were paid off
S T O C K A N D B O N D S —- Date.
Interest.
Outstanding. Maturity.
in Nov. 1922 with accrued int. at the rate of 6% per annum. V. 115, p.
Stock $1,500,000 ($100)______ ______
_______
$1,127,000 ___________
1st M $1,500,000 g o ld _______ f 1910
5 g J-J
1,213,000 July 119 4 0 2159.
Fares.— On Oct. 10 1918 the Toronto Board of Control denied the co. per
s f ($500 or £ equivalent) _t f IM ontreal Trust C o ., M ontreal, Trustee.
6%
500,000 June 30 ’27 mission to charge a straight 5-cent fare. V. 107, p. 1580. In N ov. 1920
2d m tge ($1,000)____________ f 1922
'■Messrs. Parent & Taschereau, Quebec, Trus. It was stated that the $1,000,000 notes due Dec. 1 would be paid off at
Sherbrooke Street R y 1st M . t f 1897
5 g J-J
100,000 June 30 ’ 27 maturity. V. I l l , p. 2141. No later information.
Bonds.-—-Of rem aining Sherbrooke R y . & Pow. 1st m tge. bonds, $100,000
STOCK AND BONDS—
Date.
Interest. Outstanding Last Div.,Ac
are to retire Sher. St. R y . bonds and $20,000 are held as collateral security. Stock $15,000,000 ($100).................
Q-J
$12,000,000
See text
In t. at any branch o f the Canadian Bank o f Com m erce in Canada, or at
Dividends.— In 1898, 4% ; in 1899. 4 % : In 1900, 4% ; tn 1901, 4 )4 % , In
N ational Bank o f Scotland, L ondon , E ng. R ed. as a whole at 105 and int.
on any int. day, or in part for sinking fund. Cum . sink, fun d o f 1% began 1902 to 1905, incl., 5% per annum; in 194)6. 554%; in 1907, 6% ; in 1908,
1909, 654%; In
4
July 1 1916. $167,000 held in sink. fun d. Of the remaining Sherbrooke 5%; In In Aug. declared1910, 7% ; In 1911, Jan., 154%. April,o i s % . July.
154%:
a $1,000,000 stock dividend (V. 93.
470): Get
R y. & Pow er 2d m tge. bonds, $500,000 are held in treasury for future exts.
2% In 1912: to and Incl. 1917, 8% per annum. In 1918, 5% . In 1919,
R E P O R T .-—-For years ending June 30:
Ian.. 1%; March div. passed. V. 108, p. 1061, 1166, 1276.
J u n e 30
T o ta l
N et
B ond
O th er
W r itte n
O ffic e B a la n c e ,
ROAD,— Operates 127.581 miles of track; 69, 73 and 90 lb. girder and
Y e a r —■
I n c o m e . R e v e n u e . I n t e r e s t . In t e r e s t .
O ff. A c . , E x p .
S u rp.
1919-20____ $268,358 $75,128 $53,952 $21,124
$26
____
$26 10-lt T rails. Owns 894 passenger cars, of which 762 are motor cars.
R E PO RT.— Of Railway Co. for calendar year 1920 and 8 months ending
1918-19 ------- 260,165 70,339 54,963 15,025
313
____
38
ROAD.— Owns 10)4 miles o f track in Sherbrooke, including 3-mile Aug. 31 1921 (report in V. 114, p. 624):
Calendar
Gross
Net
Total
Dividends
Balance.
extension to Lennoxville. Standard gauge, 70-lb. T rail. #
Year— Earnings.
Earnings. Deductions.
Paid.
Surplus
OFFICERS.-—Pres., W. C. Hawkins; V.-P. & Gen. M gr., J. B. Woodyat! 8 mos. ’ 21-S5,130,432
________ def.$997,299
$347,942 $1,345,241
Sec. & Treas., L. C. Haskell. V. 101, p. 924; V. 103, p. 1668; V. 104, p. 1920 _____ 7.909,892
1.283.384
1,700.810
________ def. 417.426
74, 664; V. 112, p. 1025; V. 114, p. 1767.
Revenue passengers in 8 mos. end. Aug. 31 1921, 135.947,869; transfers,
53,086.895; in cal. year 1920. 197.346,726; transfers, 77,911.713; in 1919.
182.377.494: transfers, 70,446,128 in 1918.
OFFICERS.— Pres., Robt. J. Fleming; V .-P ., Frederic Nicholls; Sec. &
Treas., J. C. Grace.— V. 113, p. 1472, 1569, 1575, 1773; V. 114, p. 624, 855;
SYDNEY, NOVA SCOTIA.
V. 115, p. 1101, 1322, 2159; V. 116, p. 723, 2390; V . 117, p. 1463. 1778;
V. 118, p. 312.
CAPE BRETON ELECTRIC CO .. LTD.
O R G A N IZA TIO N .— Incorporated in Nova Scotia and does the entire
(1) T o ro n to Power Co.
electric railway and lighting business in Sydney; the entire electric lightiog
Sale to Hydro-Elec. Power Comm.— In Dec. 1920 the Toronto Ry. sold It*
business in North Sydney, the ferry business between Sydney and North
Interest In the co. to the Hydro-Elec. Power Comm, o f Ontario and the City
Sydney, and operates an int.erurban line between North Sydney and Sydney
Mines. Also owns cap. stock and $220,000 of the $368,000 outstandling 1st of Toronto. V. I l l , p. 2333. See under Toronto R y. above for details.
Entire stock was owned by Toronto Ry $2,000,000 directly and $1,000,M . bonds of the Sydney & Glace Bay Ry. C o., Ltd., an interurban line 19 m
In length between Sydney and Glace Bay, which is operated under lease for 000 nrough a subsidiary company.
Toronto Power Co. owns all the $4,000,000 stock of the Toronto Elec.
99 years from Jan. 1 1911. Guar, payment o f said c o .’s bonds, principal
Interest and sinking fund. Franchises expire 1931 and 1932. On May 5 Light Co. and $2,993,900 of the $3,006,100 common stock. $2,990,600 of
the $2,993,900 pref. stock and $5,014,000 1st M . 5% bonds of the Electrical
1914 authorized pref. stock was increased from $250,000 to $500,000
Development Co.
Fare Increase.— Effective Aug. 15 1920, fares were raised from 6 cents to
The franchise of the Toronto Elec. Lt. C o., dated N ov. 13 1889. gives
10 cents cash, tickets to be sold at 4 for 30 cents. V. I l l , p. 1369.
the city the option of purchasing the property on Nov. 13 1919 on a basis
tc bp fixed bv arbitration, falling agreement as to price, on one year’s notice.
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity
Common $1,125,000 ($100).............
M -N
$1,125,000 N o v .’ 19 1)4 Option having not been exercised In 1919, city has no further rights o f pur
Pref 6% $500,000 ($ 1 0 0 ).-...............
M -N
314.000 M a y ’24. 3% chase for 20 years. The Electrical Development Co.'s franchise extends to
First mortgage $1,500,000/ 1902 5 J-J
1,096,000 Jan 1 1932 1953, with privilege of renewal.
gold______ _____ ____ c .n t fi l n t . at State St. Tr. C o., Boston, trustee
On April 11 1922 holders of the 434% cons. deb. stock of 1911 voted to
Sydney & Glace Bay 1st M.r 1902
5 J-J
139 July 1 1932 exchange their present debentures bearing the guaranty o f the Toronto Ry.
$500,000 g uaranteed.c.n tflln t. at Royal Trust C o.. Montreal, trustee
for a like amount of debentures, bearing same int. rate, &c.. but having
Stock.— Preferred stock is redeemable at 120. Capital stock autn by the unconditional guaranty as to prin., int. and sinking fund o f the HydroCharter, $2,000,000. Of the unissued portion as much may be preferred as Elec. Power Commission of Ontario, in turn guar, by the Province of
Ontario. V. 114. p. 1661. Compare V. 114. p. 1195.
the stockholders determine
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Bonds.— Of the 1st mtge. bonds, $2,000 canceled for impt. fund. Impt.
______
_________
See text __________
fond of 1% of bonds Issued. Red. at 105 and int. on any Int. date
Of Stock $3,000,000
Tor Power Co cons deb stock f 1911
4 54 M -N 14,665.773
1941
the Sydney & Glace Bay 1st mtge. bonds, $81,000 have been canceled by
$25,000,000 guar p & I by British Empire Trust C o., L td ., London.
■ink. fund $220,000 held by Cape Breton Elec. Co. Red. as a whole at
Toronto Ry Co $ & £_____
Trustee. Callable at 105.
110 and Int. on any Int. date
Sinking fund of 1 % per annum
Tor Pow Co gu bds $4,250,- 1914.
5 g J-J
4.100.000 July 1 1924
Dividends.— 6% yearly (M .-N 1) on pref. stock. On com ., 1st div.
000($100. $500 & $1,000)c* iInt. tn N. Y ., Nat. Tr. C o., l t d ., T or., trus.
1 H % . paid Nov. 1910: in 1911. 4% : in 1912, 4% A 1% extra: In 1913 and
Elec Devel Co $10,000,000 1903
5
9,547,000 Mar 1 1933
1914,6% . In 1915 and incl. Nov. 1 1919,3% . None since.
1st mtge ($500) g ______c* '(In t. at Can. Bk. of Com., Tor., N .Y . & Lon.
EARN ING S.— For 12 months ending Dec. 31:
Toronto Elec Lt 1st M $1.-/ 1916
5 g J-J
1.000,000 July 1 1919
Year—
Cross.
Net (after Taxes)
Interest.
Surplus
000.000 geld ($1.000)_ c*\Interest payable in N. Y. and Toronto
_
1923...............................$701,214
$92,651
$67,781
$24,870
Toronto Power Oo. bonds of 1914
1922________________ 626,238
73,554
67,196
6,358 principal and Interest, by Toronto Ry. are guaranteed, unconditionally,
Oo. They are callable at 100
R OAD.— Cape Breton Elec.Co., 12.8 miles; Sydney & Glace Bav 19 4 and Interest, on any Interest date on 3 months’ notice. Electrical Develoomiles; total, 32.2 miles. Gauge 4 ft. 8t$ in. 22 passenger and 10 other ment Co. bonds have sinking funds which began in 1911 of $1 per year for
cars. Power stations have 1,975 k.w. capacity
eich electrical h. p. sold. V .88 , p 1316. Of the Tor. Pow. Oo. cons. deb.
OFFICERS.— Pres., A. S. Pratt; V .-P., Frederick S. Pratt; Sec., Victor suock $11,000,000 are reserved to retire like amount of Elec. Devel. and
D. Vickery; Treas., H. B. Sawver; Gen. Mgrs., Stone & Webster M gt. Assn., (’ or. Elec. Lt. bonds, and remainder is for extens. and lmpts. at 80% of
Sink, fund began in 1913, calculated to retire whole of stock at ma
Boston; M gr., Claude C. Curtis.— V. 105, p. 1103; V. 106, p. 1900; V. I l l , cost
turity at 105. Int. Is payable In London and Toronto. See V. 93. p. 1328.
p. 1369; V. 112. p. 2536; V. 114, p. 2115; V. 117, p. 1992, 2541.
The Toronto Elec. Lt. bonds are red. as a whole or In part, but not less than
$500,000. at 101 and Int. on any Int. date after July 1 1917. V. 102. p. 2347.
P R O PE R TY.— Leases the Electrical Devel. C o.’s hydro-electric power
plant at Niagara Falls, Ont., with a total generating capacity of 140,000 h.p.
TO RO N TO , CANADA.
if which 15.000 h.p. held in reserve, and two transmission lines (4 circuits)
THE TOR O N TO R Y .— A trolley road.
Into Toronto on private right of way
The Tor. Elec. Lt. Oo. own- a
T he T o ro n to Ry. Co. fran ch ise expired Aug. 311921 and the p roper steam auxiliary power plant of 17,500 h. p. capacity. Y. 103, p. 1987;
ties were taken over by the City o f T o ro n to on th at date. A rbitra V. 105, p. 826; V. H I , p. 2050, 2141, 2333, 2432; V. 114, p. 1195, 1661.
tion proceedings to establish the am ount to be paid the com pany by
th e C ity of T o ro n to resulted in an upset price o f $11,118,500 being
BRAZILIAN T R AC TIO N . L IQ H T & POWER CO.. LTD.
fixed by the board of arbitrators. This award, however, is being
contested as excessive by th e city . V. 116, p. 723, 2390. Award was
O RGAN IZATION .— Incorp. July 12 1912 in Canada with $120,000,000
reduced in Sept. 1923 to $10,575,500, b u t the city is con testin g the ;*100) auth. stock and has acquired through exchange of its stock for stock
reduced award. V. 117, p. 1463 1778
of the newly acquired companies (on basis shown In V. 95. p. 175) the Rio
Sale of Toronto Power Co.— In Dec. 1920 the co. sold to the Hydro- de Janeiro Tramway Light & Power C o., Sao Paulo Tramway Light &
Electric Power Commission of Ontario and the City o f Toronto (subject Power Co. and Sao Paulo Elec. C o., and through the first-named company
to the ratification of the Ontario Government and the approval of the controls entire capital stock of Brazilian Telephone C o., formerly the
ratepayers o f the City of Toronto [approved by ratepayers in Jan. 19211 Rio de Janeiro & Sao Paulo Telephone Co.
— V. 112, p. 258.) the Toronto Power C o., Toronto & York Radial C o.,
STOCK AND NOTES—
Date.
Interest. Outstanding. Maturity.
Schomberg & Aurora Ry. C o., Toronto & Niagara Power C o., Electrical Orllnary, $110,000,000.....................
Q-M $106,582,900
See text
Development C o., Toronto Electric Light Co. V. 113, p. 1054, 1157, Pref 6% cum$10,000,000($100)____
6 Q-J
10,000,000 Apr. ’24.1*4
1472, 1575. See also V. 115, p 1101.
basiThe consideration will, It Is said, be $6,971,295 6% 20-year bonds of the of Stock.— The pref. stock Is conv. Intoocommon stock at any time on Pref.
1 1-5 shares pref. stock for 1 share f common. V. 96, p. 1421.
city o f Toronto; $2,375,000 20-year 6% bonds of the Hydro-Electric Power
listed on London and Toronto stock exchanges. Common stock
Commission, and $612,528 20-year 5% bonds o f the Hydro-Electric Power stock on Toronto, Montreal, Boston, Belfast and Brussels stock exchanges
listed
Commission, and the assumption by the Commission o f the underlying bonds V. 97. p. 363
o f the Toronto Power C o., $4,355,000 bonds o f the Electrical Development
Dividends.— 6% Is being paid on the pref. stock. First div. on com .—
C o., $13,558 bonds or debenture stock of the Toronto Power C o ., $4,103,200
5% mortgage bonds o f the Electrical Development C o.. $840,000 3-year 6% H 4 % — paid Nov. 15 1912. In 1913 and 1914. 6 % . In 1915 and 1916.
notes o f the Toronto Electric Light C o., outstanding stock o f the Electrical 4% . In 1917, March, 1% . In 1922, Sept., 1% was paid: Dec. 1% .
In 1923, March, 1% ; June, 1% ; Sept., 1% ; Dec., 1% . In 1924, March, 1%;
Developing C o., $13,100.
Total purchase price________________________________________ $32,734,000 June, 1% .
RE PO RT.— For years ending Dec. 31:
Obligations to be assumed___________________________________ 22.775.177
Bonus to be delivered_______________________________________ 9,958,822 C a l . Y r s .T o t a l I n c . C h a r g e s .
P r e f. D iv s .
O rd in a r y D iv s.
B a l., S u r.
.$7,872,961$1,020,993(6%)$600.000 (2% )$2,131.511 $4,120,457
For further particulars see V. i l l . p. 2424: V. 112. p. 2750; V. 113, p. 1 9 2 2 ..
19 21..
. 4,537,7151,300,033 (6%)600,000
2,637,682
1472, 1575; V. 114, p. 855. See also V. 115, p. 1101. 1322.
1 9 2 0 ..
. 7,243,4431,248,320 (6%)600,000
5,395,122
Valuation, A c.— See V. 113, p. 1472.
7,273,967
19 19..
. 8,877.0051,003,038(6%)600,000 ............
OR GA N IZA TION .— Incorporated In 1892 and acquired by purchase the
LATEST EARNINGS (milreis).—
old Toronto City Street Railways and the exclusive privilege to work street
Y e a r s e n d in g D e c . 31—
1923.
1922.
1921.
railways in the city of Toronto for a term of 30 years from Sept. 1 1891
(with the exception o f two small reservations In the Act which are believed Gross------------------------------------------247,409,000 197,749,000 170,867,000
to be o f no Importance), a privilege which has since been ratified by Act of N et________________________ _____ 148,035,000 124,505,000 95.105,000
the Legislature of Ontario. Owns, directly or indirectly, practically the
OFFICERS.— Chairman of Board, _____________________ ; Pres., Sir
entire capital stock o f the Toronto & Mimlco Ry. (now the Toronto Power Alexander Mackenzie; V .-P ., Robt. C. Brown; Sec., J. M . Smith, Toronto.
C o., L td.); Toronto & Scarboro Electric R y .. Light & Power Co.; Metro — V. 115, p. 431, 541, 759, 2045; V. 116, p. 294; V. 117, p. 81, 205.
SHERBROOKE, QUEBEC.
SHERBROOKE RAILW AY & POWER CO.
Control.— As o f M arch 1 1917 the Southern Canada Power C o. acquired
A pril, 1924.]
ELECTRIC RAILWAYS
135
(1) R io de Janeiro Tramway. L ight & Power C o.. L td.
PROPERTY.— Hydro-electric plant of 30,000 k. w. with an ultimate
ORGA N IZA TIO N .— Incorporated under the laws o f Canada in June capacity of 50,000 k. w., was completed and placed in operation during
c
1904. Purchased the Rio de Janeiro Gas Co. and three street railway prop 1914. Has a contract to supply the Sao Paulo Tram., Light S Power Co.
erties (the Villa Isabel Tramway C o., the Sao Ohrlstovao Tramway Co. and with 25,000 h. p. and supplies electric light and power in Sorocaba. 53
the Oarrls Urbanos Tramway Co.) Owns or controls entire $5,000,000 miles from Sao Paulo, and to the neighboring towns of Sao Roque, Uan.
capital stock of the Brazilian Telephone C o., formerly the Rio de Janeiro S
c Rodovalho and Mayrink. Also operates 3.18 miles of track in Sorocaba;
Sao Paulo Telephone Co. (incorp. in Canada in 1916 to carry out the plan, 9 cars.
delayed by the war, of acquiring, consolidating and developing the telephone
enterprises). The latter co. has an auth. issue of $12,500,000 6% 30-year
WINNIPEG, MANITOBA.
coll, trust bonds ($7,500,000 pledged as collateral to the 3-year notes of the
WINNIPEG ELECTRIC R Y .
Brazilian Trac., Lt. & P. C o., L td.), and has acquired the properties and
business o f the Interurban Telephone Co. o f Brazil, Companhia de Tele
ORGANIZATION.— Incorporated In Manitoba in 1904 and Is a consoli
phones Interestadoaes, Companhia Telephonica do Estado de Sao Paulo, dation of the Winnipeg Electric St. R y. and the Winnipeg General Power
Companhia Rede Telephonica Bragantina and Brazilianische Electricitats Co. Controls Suburban Rapid Transit Co. and Winnipeg Selkirk Sc Lake
Gesellschaft. The Tramway Lt. & Pr. Co. also owns 2 water-power plants Winnipeg R y ., and guarantees bonds of those companies, prin. and int.
and an electric-light and power plant. In 1909 purchased control of the V. 86, p. 1346; V . 101. p. 1466. Operates the entire street railway and ga«
Ferro Carril do Jardim Botanico (V. 88, p. 883) and consolidated it with the business in Winnipeg, the street railway in St. Boniface, and does the largest
Tramway Light & Power Co under an operating contract. Has also ac- part of the electric power business in those cities and vicinity. Franchises
uired the Jacarepagua tramway lines (11 miles.) The gas and electric- either perpetual or for long terms and street railway franchise is exclusive
ght franchises expires 1945, gas franchise being exclusive until 1945 and in Winnipeg until 1927 and in St. Boniface until 1943. City of Winnipeg
electric light until 1915, with a monopoly for public lighting until 1945. may purchase the property in 1927 upon 6 months’ notice at its physical
Telephone franchise in Rio de Janeiro expires 1930 and is exclusive; the valuation (including cost of paving done by company), to be determined by
other telephone franchises are perpetual or for long periods and are mainly arbitration; after 1927 city may exercise right to purchase at the end of each
exclusive. See V. 83, p. 214
Rio de Janeiro Tramway concessions were succeeding 5-year period on 1 year’s notice. See also V . 112, p. 746. For
extended in 1907 until 1970 and give exclusive privileges until 1940 in proposed new franchise agreement, see V. 115, p. 2479.
very large area of city. Franchises for distribution of electric energy
The co. guarantees prin. and int. by endorsement, $7,500,000 1st M . 7%
for lighting and power service were also extended to 1990- Concession to bonds series ‘ , A ” of the Manitoba Power Co., Ltd. V. 113, p. 1984.
develop power is perpetual. Both stock and bonds are listed on the London,
In Oct. 1913 Judge Robson, the P. U. Commissioner at Winnipeg, denied
Brussels and Toronto stock exchanges. V. 93, p. 528; V. 86, p. 1044; the application of the municipal power plant of Winnipeg to sell current
V. 88, p. 507. In April 1909 2d M bonds were listed on London Stock in St. Boniface without the consent of the latter city. It was held that
Exchange. V. 88, p 883. See description of property in V. 87, p. 97
On Dec. 8 1911 stockholders voted to increase auth. stock from $40,000,000 the Winnipeg Electric R y. supplied St. Boniface with current satlsfactorly
y q7 p 1288
to $50,000,000, of which $5,000,000 was offered to stockholders— 1 new
New Power Development.— See V. 113, p. 1362, 1984.
for 8 old (V. 93. p. 1669, 1463).
1918 the city authorities voted
On Jan. 2 1914 created an auth. issue o f £2.000,000 &% Gen. M . bonds to Jitney Competition Abolished.— In Aprilthis form of competition against
co be used as collateral security for raising funds for capital requirements theabolish jitney service, thus removing
co.
when necessary. £1.028.000 have been deposited as security for the Bra
Effective Oct. 4 1919 was auth. by the P. U. Comm, to increase fares to
silian Trac.. Light S Power Co. 3-year notes.
c
6 cents cash, or 9 tickets for 50 cents. Workmen’s tickets are to be sold at
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
5 for 25 cents and school children’s tickets at 7 for 25 cents. V. 109, p.
Stock $50,000,000 ($100)...................
Q-F
$45,000,000 ftN ov.17 l>i %
1462. Effective Sept. 1 1920 was auth. by the P. U. Comm, to increase
General mortgage £2 .000 ,000 -____
5%
8ee text
1903
fares to 7 cents cash, with 4 tickets for 25 cents. Workmen’s tickets were
First mortgage $25,000,OOOf 1905 5 g J-J 25,000,000 Jan. 1 1935
abolished under this order. Y. I l l , p. 1085. Effective Aug. 1 1921 rates
($100, $500 and $1,000)1 Int. payable in Toronto, N. Y. & London
were changed to cash fares of 7-cents week days and 5 cents Sundays,
void_____________________ [National Tr, C o., Ltd., Toronto, trustee
tickets 4 for 25 cents, children’s tickets 8 for 25 cents and workmen’s tickets
Second mortgage bonds (£5,-1 1908 5 A-O
£4,911,043 April 1958
9 for 50 cents. Gas rates were also raised at the same time. Y . 112, p. 1743.
266,000) (£100 and f r .500)(Nat. Tr. C o., Ltd., Toronto, trustee.
Valuation.— See V. 109. p. 2264; V, 110, p. 1417.
Int. at Can. Bank of Com.. London, and
The stockholders on Oct. 10 1921 auth. the co. (a) to enter into an
In Toronto, Canada, Paris and Brussels. agreement whereby it guarantees the principal and interest of $7,500,000
1911 5 J-J
£1.400.000 July 1 1951
Manitoba Power C o., Ltd., 7% bonds, due 1941; (6) to make a power
1st mortgage £1,400,0001 Nat. Trust C o., L td .. Toronto. Can., trustee contract under which the street railway will take power from the power
(£100)__________ _______ cl Int. at offices of Can. Bank of Comnierce
company. V. 113, p. 1676. Compare V. 113, p. 1362, 1413, 1984.
I
In London. New York and Toronto.
In Feb. 1923 issued $3,250,000 20-year gen. mtge. & coll, trust 6%
b Less British income tax.
Bonus.— A sinking fund on 1st M. of 1% per ann. of bonds out began Id bonds to retire current debt created for capital expenditures and.for.general
corporate purposes. V. 116, p. 824.
1910. The 2d M . debs, are subject to call on 3 mos.' notice as a whole or
On March 17 1924 holders of the 4)4 % perpetual debenture stock were to
any part at 105; also subject to skg. fd. drawings which began the year end vote on extending a supplemental trust deed providing that the interest on
ing Apr. 1 1918; £354.957 retired by sinking fund. Jardim Botanico 1st the stock be increased from 4)4% to 5% from April 2 1924, and that the
M . bonds are red at 102)$ and int. on 3 mos.' notice. Sinking fund stock be repayable on April 2 1954. and also on issuing bonds ranking pari
began in 1912. Bonds are listed on London Stock Exchange
V 93,
p. 1788. Rio de Janeiro Tram., Light & Power Co. Ltd., undertakes to passu with the stock. V. 118, p. 1270. No further information up_to time
>*»
ijd
_
put aside semi-annually a sum sufficient to meet int. and sk. fd. on Jardim of going to press. ‘
■ BTOOK ANLTB o N D S ^ 'Date.
“
Interest.
Outstanding?*Maturity
Botanico bonds; V. 93, p. 528.
Com stock $11.000,000 ($100)______
Q-J
$11,000,000
See text
Dividends.— First dir. 1% paid Nov. 1909: In 1910, 4 )$ % . In 1911
7% Q-J
3,000,000 Apr ’24. 1)4
Preferred $3,000,000 $100 c u m ____
and to and incl. Nov. 1917. 5% per annum.
( ____
4)4 A-O 2
£900,000 Oct ’23, 2)4
E ARNINGS.— Earnings are now included in the Brazilian TractioD Perpetual debenture stock
(British Empire Trust C o.. London, Trustee.
Ugh & Power Co. statement.
First refunding M $5,000,0001 1905
5 g J-J
$4,273,500 Jan. 2 1935
ROAD AND PLA N T.— Operates 254.49 miles o f track in business and
gold sink fund ($1.000)_c * (ln t. at Bank of Montreal, Montreal Sc N . Y .
residential section of city and adjoining districts, incl. scenic road, 2.45 m.,
20-yr. gen. mtge. & coll, tr.f
owning a hotel on Corcovado Mountain. Has 1,118 passenger, and 194
$5,000,000 ($100, $500
1923
6 g M-S
3.250,000 M arl 1943
freight and 7 electric auto-buses and 4 locomotives. Capacity of power
$l,0 00)g _____________ c*tf(R oy al Trust C o., Montreal, trustee.
•tations, 84.000 h. p. Company was supplying on Dec. 31 1922 to City of Win El St Ry mtge $1,000.-1 1898
5 g J-J
1,000,000 Jan. 1 1927
Rio de Janeiro and vicinity 149,762 h. p. in motors, 9,905 arc lamps,
000 ($500)_______________(Interest at Bank of Montreal, Montreal.
1,124,344 incandescent lamps
On Dec. 31 1922 had 71,514 telephones
The debenture stock is
is subject
In service. Gas sales in 1922. 50,721,700 cubic metres. On Dec. 31 1922 to Stock—105 and interest. V. 88,repayable at no fixed date, butStock Ex
call at
p. 020. Listed on London
had 90,339 light and power consumers.
change. V. 91, p. 1448. Pref. stock is pref. as to assets and divs. and has
OFFICERS.— Chairman o f B o a r d ,_________________ ; Pres., Sir Alex
voting power
V. 111. p. 2326. 2522.
ander Macaenzle. 3 ee , j . M . Smith; Gen. M gr.. C. A. Sylvester. Main
Bonds.— Of the $5,000,000 1st refund, bonds, $726,500 are reserved to
office 357 Bay St., Toronto.— V. 94, p. 1247. 1764; V. 96. p. 1298.
retire the first 5s. The Royal Trust C o., Montreal, is trustee. The new
bonds are not subject to call, but 1 )4 % of bonds outstanding is payable to a
(S) The Sao Paulo Tram way. L igh t & Power C o.. Ltd.
sinking fund from 1915 to 1924, incl., and 2% from 1925 to 1934, incl. See
ORGANIZATION.— Incorporated in the Province of Ontario, Canada, V 79. p. 2698. $598,654 Win. El. St. Ry. 1st 5s are in sinking fund. The
In 1899 and owns an extensive system of electric roads and electric-lighting 20-yr. gen. mtge. & coll. tr. 6% bonds are secured by deposit of £1,343,000
and power business in Sao Paulo. Brazil. Stock and bonds were listed on Winnipeg Elec. R y. 4)4% peipetual consol, deb. stock. The remaining
London Stock Exchange in July 1905. V. 81, p. 614. In Nov. 1906 $1,750,000 of bonds may be issued under certain restrictions when secured
by additional debentures in the same ratio. Call, on any int. date on 30
authorized stock was increased from $7,500,000 to $8,500,000 (V. 83, p
1230), and stockholders were offered the $1,000,000 new stock at par. days’ notice at 102 and int. on or before March 1 1924, the premium there
See V. 83, p. 412. In 1907 purchased Santa Ana R y.. a narrow-gauge after decreasing )4 of 1 % per annum to March 1 1927, and thereafter at
mule line, which has been electrified. Company has secured an exclusive 100 and int. Int. payable at Bank of Montreal, New York and Canada
80-year concession for distribution of light and power in municipality without deduction for any tax or taxes which co. or trustee may be required
of Sao Bernardo. On Dec. 27 1907 shareholders Increased authorized to pay or to retain therefrom under any present or future laws o f any taxing
authority in the Dominion of Canada or any Provice or municipality thereof
•tock from $8,500,000 to $10,000,000. V. 86, p. 53.
On Jan. 2 1914 created an auth. issue of £1,000,000 5% Gen. M . bonds when held by residents of the U. S. Co. agrees to refund Penna. and
lo be used as collateral security for raising funds for capital requirements Conn. State tax up to 4 mills. V. 116, p. 824.
when necessary. £514,006 have been deposited as security for the Brazilian
Dividends.— On pref. 1)4% quar. has been regularly paid
Paid 2)4%
Trac., Light & Power Co. 3-year notes.
quar. on com. from Apr. 1908 to Apr. 1911. In July rate was Increased te
3% quar., which amount was paid to and incl. Jan. 1915; in April. July
STOCK AND BONDS— Date. Interest. Outstanding. Maturity
jU
Q-F $16,000,000 6N ov.'17, 2H and Oct. 1915. 2)4% each. In 1916, Jan.. 2% None paid since. jjjU fl ^
Stock $10,000,000 ($100)..................
Perpetual consol debenture ( ____ M-S 2
£821,917
Perpetual
R E PO RT.— For years ending Dec. 31:
_
■tock Issued Feb 1911_____(Interest payable In London and Toronto.
Year—
Gross.
Net.
Charges. Pref. Dins. Bal., Sur.
General Mortgage £1,000.0 0 0 . ___
5%
See text
1963
1922 ...........$5,517,078
$1,990,362
$1,361,047
$210,000
$329,315
First mortgage $6,000,0001 1900 5 g J-D
$6,000,000 June 1 1929
1921______ 5.579,430
2,020,050
1,472,162
182.367
365,522
gold ($500)____________ c*lNational Trust C o., L td.. Toronto, trustee.
1920 ______ 5,310,400
1,881,503
1,345,977
4,444
535,525
5 Less British Income tax.
Revenue passengers carried in 1922, 60,399,419, against 61,515,325 Id
dtock.— Perpetual deb. stock Is redeem, at 105 on 6 mos.' notice. Trustees
are British Empire Tr. C o., Ltd., London, and Nat. T r. C o., Ltd., Toronto. 1921.65.248,840 in 1920, and 58.729,317 in 1919.
Stock Islisted on London Stock Exchange. V. 94. p. 1250.
ROAD.— Operates 173.97 miles of track, including Suburban Rapid
Bonds.— Interest Is payable at the Canadian Bank of Commerce In Lon Transit C o., and Winnipeg Selkirk & Lake Winnipeg Ry. Has 340 motor
don. England, and Nat. Trust C o., Ltd., Toronto, Ont. No sinking fund cars and 18 trailers, 41 misc. cars. Completed in 1907 a 30,000 h. p.
and bonds are not subject to call.
water-power plant, which, due to impts. in 1920. has been increased t*
Dividends.— In 1902, 3 )4 % ; In 1903, 5 ?4 % ;ln 1904, 7 )$ % ;ln 1905, 8% ; 38.000 b. p. Installed a 12,000 h. p. steam turbine auxiliary plant in 1911.
in 1906, 8% ; in 1907. 8)4 %; in 1908. 9 )4 % : in 1909 to 1911 incl., 10%: in
OFFICERS.— Pres., Sir Augustus Nanton, Winnipeg; Y.-P. & Gen.
1912, Jan., 214%; April, 2 )$ % : July. 2 )4 % ; Oct., paid 5-6% for month
i f July, 1912, in accordance with plan of amalgamation; N ov., 2 )4 % . Mgr. A W. McLimont: Sec., F. Morton Morse, Winnipeg; Treas.. J. S.
Mackenzie.— V. I l l , p. 1853, 2230. 2326, 2522; Y. 112, p. 373, 746, 934,
In 1913 and since to and Incl. Nov. 1917, 10% per annum.
1743. 2307; V. 113, p. 1362. 1473. 1676. 1984. 2506: V. 114, p. 1536; V. 115,
BARN ING8.— Included In the Brazilian Traction statement.
p. 2479; V. 116, p. 824, 1277, 1413; V. 118, p. 1270.
ROA D .— Operates 155.86 miles o f track, all in city o f Sao Paulo, 414
(I) Suburban Rapid Transit Co.
passenger and 106 freight cars. Passengers carried during 1922, 118,ORGAN IZATION .— Organized In 1902
Charter give»
701,086, against 103,777 334 in 1921. On Dec. 31 1922 supplied 601,389 company right to operate the telephone and In Manitoba. and to dispose
telegraph lines
incandescent lamps and 3.139 public arc lamps and 94,772 h.p. in motors,
of electric light, beat and power. Franchise, 35 years from 1902 and 1»
and had 59,012 light and power consumers.
exclusive.
Winnipeg Electric Ry. controls road through ownership of
OFFICERS.— Chairman o f Board, _____________________ ; Pres., Sir
stock.
Alexander Mackenzie; Sec., J. M Smith, all of Toronto; M gr., W. G. MeSTOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Connel, Sao Paulo.— V. 94. p. 1764; V. 95. p. 681; V. 112, p.746; V. 115, p.
_________
See text _____ _____
Stock $100.000........................ ______
1839.
First mortgage ($1,000) g .c* 1908
5 F-A
$500,000 Jan. 31193$
(3) Sao P aulo E lectric C o., Ltd.
Guaranteed, principal and- Royal Trust Co., Montreal, trustee.
ORGAN IZATION . See.— Incorp. In 1910. Stock Issued. $5,000,000.
interest, by Winnipeg Elec Interest at Bank of Montreal, Montreal.
tric Ry.
Has acquired water powers and franchises for the utilization and sale of
Toronto, New York or London. England.
alectric power through the State of Sao Paulo.
Bonds.— Additional bonds may be Issued at rate of not exceeding $20,000
per mile additional road built.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $10,000,000_______ ______ ___
_____ ____ $5,000,000 ...................
EARNINGS.— For calendar year 1922, gross, $278,885; net, $44,048;
First mtge £2,000,000 (£500,1 1912
5 J-J
£2,000,000 Jan 11962 charges, $39,810; surplus, $4,238. In 1921, gross, $272,734; net, $48,509;
£100, £20)_______________(National Trust C o.. Ltd., of Toronto, trust.
charges, $40,740; surplus, $7,769.
Bonds.— Red. by a sinking fund since 1922, in annual drawaings at par,
ROAD.— Embraces 21.31 miles of track from Winnipeg to Headin61y on
or may be redeemed at 103 at any time on 6 months’ notice, or at par on the north side of Assiniboine River and beyond the City Park on the south
voluntary liquidation or amalgamation with another company. The Bra- side of river. V. 86. p. 1345.
dllan Trac., JL. S P. Co. agrees to set aside s.-a. out of the gross earnings of
c
(2) Winnipeg Selkirk & Lake Winnipeg Ry.
the Sao Paulo Elec. Co. a sum sufficient to meet the Int. and sinking fund,
O R GAN IZATION .— Incorp. by Act of Manitoba Legislature with
and In case the earnings should be insufficient, to meet the same from its own
iwer to do a steam or electric railway and a lighting and power business.
revenues. Int. payable in London, N . Y ., Toronto, at Canadian Bank
ontrolled through ownersnip of $490,000 of its $500,000 «tock by the
of Commerce or Its agencies. Listed on London Stock Exchange. V. 95,
Winnipeg Electric Ry. Franchises run to 1939 and 1942.
P. 1043; V . 96, p. 65.
a
I
S
136
ELECTRIC RAILW AYS
Has contract for power with Winnipeg Elec. By. running to May 311925.
Also has contracts with Selkirk to supply power for municipal purposes and
with Stonewall to do a general light and power business.
BONDS—
Date.
Interest. Outstanding. Maturity.
Gen M & ref bonds $1,400,000/ 1915
5 J-J
$703,209 July 1 1925
g ($100, $500. $l,000)-c*&r\Natlonal Trust Oo.. Ltd., Toronto, trustee.
Prior lien...............................................
5%
400,000
1933
$340,000 prior lien bonds have been exchanged for Gen. M . A Bef. bonds.
Bonds.— Of the bonds reported outstanding, $677,800 are pledged as col
lateral for loans to the Winnipeg Electric Ry and $60,000 held in escrow
by trustees. Remaining $400,000 gen. mtge. & ref. bonds are reserved
to retire the underlying issue. Guar., p. & i., (end.) by the Winnipeg
NEW
[V ol. 118.
Elec. R y. Sink, fund of 2% of bonds outstanding plus int. on bondsi n
fund will retire 25% of issue by maturity. Int. payable at Bank o f M ont
real, Winnipeg, Toronto, Montreal, New York and (in sterling at par of
exchange) London. Red., ail or part, at 103 and interest.
EARN ING S.— For calendar year 1922, gross, $266,923; net, $72,789;
charges, $91,579; deficit, $18,790. In 1921, gross, $275,073; net, $79,632;
charges, $94,917; deficit, $15,285.
ROA D .— Operates a line from Winnipeg on west side of Bed Elver to
Selkirk. 22 H miles, wltn a branch on private right of way from Middle
church to Stonewall, 1 7 miles (placed in operation Jan. 1 1915); total
mileage operated, 41.13 miles. 6 motor and 27 misc. cars. V . 101, p.
924, 1466; V. 106, p. 2012.
C O M P A N IE S
The following furnishes a reference to the volume and page of the “ Chroniole” where Information oan be found concern
ing a number of companies not represented in this issue of the “ Eleotrio Railway Section.” These are ohiefly either newly
organized companies the affairs of which have not yet advanced sufficiently far to warrant the presentation of a regular
statement regarding them, or else companies from which it has not been found possible to secure full returns.
A berdeen (So. Dak.) R R . V. 113, p. 1771; V. 115, p. 2157; V. 116, p. 2515
A bilene (Tex.) Street R y. V . I l l , p. 1565; V. 113, p . 847. 2817.
Alabama T ra ction C o. V . 116, p. 74, 514, 933.
Algiers Ry. & Lighting Co., New Orleans, La. V. 103, p. 238.
Alton Jacksonv. & Peoria Ry. V. 98, p. 1154. 1691: V. 99. p. 1831.
Alton & Jacksonville Ry. V. 105, p. 1800, 2454; V. 109, p. 1271.
Alton St Northern RR. V. 98. p. 1691.
Altoona (Pa.) Northern R R . Y. 109, p. 675: V. I l l , p. 895.
Ardmore (O kla.) St. R y.V . 103, p. 114; V . 112, p. 516; V . 115, p. 1320.
Atlanta St Carolina (Electric) Ry. V. 99, p. 118: V. 103, p. 319.
Atlanta & Fairburn R R . & Electric. V. 114, p. 408.
Atlanta & Macon Ry. Y. 95. p. 296. 618.
B abylon (L. I.) RR. V. 112, p. 1282.
Bahia Tramway. Light St Power C o. V . 97, p. 1897; V. 104. p. 162.
B angor (Pa.) & P ortland T rac. C o. V. 115, p. 2476.
B arcelona T ra ction , L ight & Power C o., Ltd. V. 117, p. 2323, 2431.
Beech Grove (Ind.) Traction Co. V. 106, p. 188.
Berlin (N. H.) Street Ry. V. 114, p. 1177.
Berwick St Nescopeck Street Ry. Y. 98, p. 761.
Big Four Electric Ry. (Cal.). V. 98. p. 1765.
Billings (Mont.) Railway, Light & Power Co. V. 104. p. 2235
Black River (N. Y .) T ra ction C o. V. 107, p. 2187; V . 115, p. 2387.
Boise (Idaho) R y. V . 109, p. 72.
Boston St Eastern RR. V. 98, p. 154.
Brantford (Ont.) M unicipal R ys. V . 98, p. 999: V. 106, p. 2449.
Bristol St Norfolk Street R y. V. 103. p. 60; V. 105, p. 605.
British C olum bia Electric Ry. V. 117, p. 1662; V. 118, p. 1011, 1266.
B runsw ick (Q a.) & Interurban R y. V . 115, p. 1320.
Bryan (Texas) & Central Texas Interurban Ry V. I l l , p. 1277.
Bryan & C ollege T ra ction C o. V. 117, p. 552, 1235.
Bryan C ollege in teru rban R y. V . I l l , p. 989; V. 115, p . 1099
Caldwell (Idaho) T ra ction Co. V. 105, p. 908; V. I l l , p. 791.
California Eastern & Northern RR. V. 105, p. 290.
Camaguey (Cuba) E lectric Co. V. 115, p. 2904; V. 117, p. 85, 2768.
Cape Fear R y., In c., Fayetteville, N. C. V .1 1 3 ,p 2818; V. 115, p. 1531
Carlisle (Pa.) & Mt. Holly R R . V. 112, p. 848.
C arolina & Y adkin River Ry. V. 116, p. 514, 1531, 1759, 2515.
C arolina T ra ction Co. (R ock H ill, S. C .). V. 106, p. 394.
Cassvilie & Western Ry. V. 95, p. 235.
Catsklll ' N. Y .) T raction Co. V . 92. p. 955; V. 105, p. 1522. 2093.
Central Texas Electric Ry. V. I l l , p. 2423.
Centre & C learfield St. R y., P h iliosbu rg, Pa. V. 108, p. 77.
C harlotte (N. C.) Rapid T ransit Co. V. 110, p. 1414.
Cheboygan, Mich., Electric Light & Power Co. V. 95. p. 1683
C hicago Aurora & De Kalb R R . V .116, p. 1531; V. 117, p. 85, 1555.
Chicago Fox Lake St Lake Geneve RR. Y. 95. p. 1402.
Chllllcothe & Camp Sherman Elec. Ry. V. 107. p. 82.
City Electric Co., Albuquerque, N. M. V. 101. p. 2071.
Clarksville (Tenn.) & Dunbar Cave Ry. V. 101. p. 1972.
Cleburne Traction Co. V. 100, d. 229 . 900, 1672: V. 102. p. 975
Cleveland Alliance & Mahoning Valley Traction Co. V. 110. p. 1748.
Cleveland Interurban RR. V. 99. p. 406.
Cleveland St Ohio Central Einctric Ry
V. 101. p. 369. 448. 614
Cleveland (O.) Rapid Tran. Ry. V. 99 p. 1528. 1832. 1909.
Cleveland & Sharon Rapid Transit Co. Y. 103. p. 2340.
Cleveland St Youngstown RR. V. 105. p. 1418; V. 106, p. 2450.
Columbia St Montour Electric Ry. V. 101. p. 1370; V. 105, p 606
Columbus Kenton St Toledo Traction Co. V 95. p 297.
Columbus Urbana St Western Ry. V 98. p. 386; V. 99. p. 1214
Conway (Mass.) Electric Street Ry. V. 113. p. 847; V. 114, p. 1406.
Creston (la.) Winterset St Des Moines RR. V. 95. p. 1607.
C um berland Electric R y. V . 115, p. 1837; V . 116, p. 1411.
Dallas Northwestern Trac. Co. V. 108, p. 479: V. 113, p. 2184.
Dallas Southwestern Traction Co. Y. 105, p. 1419. 1522. 1617.
Danville (Va.) Trac. & Power Co.— V. 95, p. 749; V. 116, p. 515.
Dedham (Mass.) St Franklin St. Ry. V 98. p. 1608.
Delaware St Maryland Traction Securities Co. V 104. p. 2451
D elta L ight & T ra ction Co. V. 116, p. 2766; V. 118, p. 84.
Demerara Electric Co.. Ltd.. Halifax. V. 101. p. 212. 923.
Detroit Pontiac & Owosso Ry. V. 101. p. 1370: V. 107. p. 695.
Dixon (111.) Rock Falls St Southwestern Ry. Y. 97. p. 298.
Dominion Traction St Ltg. Co.. Ltd.. Toronto. V. 100. p. 1751. 1917
Eastern Texas Traction Co. V. 96. p. 359. 1422; V. 109, p. 676.
Electric Properties Corn. (N. Y.) V. 98 p. 526.
Electric Short Line Ry., Minneapolis. V. 118, p. 1012, 1772.
Ephrata & Lebanon St. Ry. V. 114,p. 197; V. 116, p. 1649 ;V. 118, p.793.
Erie Cambridge Union St Corry Ry. Y . 97 p. 1583.
Brie & Central Pennsylvania Ry. V. 96. p. 1156.1228; Y . 97. p. 1733
Erie Southern Ry. V 97. p. 1583.
Exeter Hampton & Amejsbury St. Ry. V. I l l , p. 2520: V. 113. p. 1772.
Fayetteville (N. C.) Light St Power Co. V. 97 p 1822
Fort Scott & Nevada Lt., Ht., W. & P. Co. V. 115, p. 1532; V. 118, p. 431.
Fort Wayne & Northwestern Ry. V 98. p. 1228; V. 98. p. 522. 911
Fresno Interurban Ry. V. 102. p. 1625: V. 103, p. 665; V. 108, p. 78.
Prontler Electric Ry.. Buffalo. N. Y. V. 106. p. 1344. 1900.
Gallipolis (O.) & Northern Trac. Co. V . 116, p. 1411, 2255.
G ary & H obart T ra ction Co. V . 104, p. 1701; V. 117, p. 1347.
Gary & Southern Traction Co. V. 115. p. 1631; V. 116, p. 75.
Geary Street Park & Ocean RR. V. 98, p. 1920.
Glendale (Cal.) & M ontrose Ry. V. 103, p. 578; V . 116, p. 934.
G old sboro (N. C.) Elec. Ry. V. 113, p. 1471; V. 116, p. 934; V. 117, p. 553.
H annibal Rv. & Electric Co. V. 115, p. 2379; V. 116, p. 176.
Hocking=Sunday Creek T ra ction . V. 99, p. 608; V. 118, p. 311.
H ornell (N. Y .) T raction Co. V. I l l , p. 294; V. 118, p. 1519.
H u n tin g ton (L. I.) T rac. C o., Inc. V. I l l , p. 493, 1369; V. 118, p. 550.
Independence Neodesha St Topeka Ry. Y. 97, p. 299.
Indianapolis Chicago St Meridian Ry. V. 95 p. 480
International Transit Co. V. 93, p. 589; V. 98, p. 1844; V. 113, p. 2613.
lola (Kan.) Electric Ry. V. 108. p. 1275; V. 109, p. 270.
Irwln-Hermlnle (Pa.) Trac. Co. V. 95. p. 1745
Jamestown Westfield & Northwestern RR. Y 106. p. 2345.
Kankakee (III.) Electric Ry. V. 81. p. 725; V . 107. p . 1004.
Kankakee Urbana T raction C o. V . 105, p. 1104; Y . 115, p. 1631.
Keene (N. H ) Electric Ry. V. 112, p. 1283.
Lacombe S Bllndman Valley Elec. R y. V. 99. p. 1597; V . 104. p. 2235.
t
Lake Erie Bowling Green & N apoleon Elec. R y. V. 106. p. 396.
Lake Erie & Northern Ry. V. 99, p. 1451. 1910; V. 105. p. 1898.
Lake Erie St Y oungstow n R y. V. 96. p.285; V. 97. p 443.
Lancaster & S outhern Street R y. Y. 103, p. 320. 666
.ew iston-C larkston T ransit C o. V. 100, p. 1438.
Llma*Honeoye E lectric L ight St R R . V. 100. p. 2167; V. 101. p. 2145.
Llm a-Honeoye Falls Light St R R . V. 99, p. 1832: V. 102. p. 522
Lincoln (III.) Ry. St Light Co. V. 99. p. 407. 1748.
Little Falls (N. Y.) St Joh n stow n R R . V. 95. D. 111. 1123
L ondon (C sn.) St Port Stanloy Ry. V. 101 p 615
Loramle & Minster (O.) Electric RR
V 97. p. 299.
Los Angeles & San Diego Beach R y. V. 105, p. 1999; V. 107, p. 1101.
M anhattan C ity (K an.) & Interurban R y. V. 115, p. 1321, 1631.
Marcellus (N. Y.) & O tisco Lake Ry. V. I l l , p. 2520; V. 112, p. 562.
Marion (O.) & Suburban Ry. V. 112, p. 62.
M artinez (Cal.) St C oncord Interurban R y. V. 103, p. 493, 844.
M edfield St Medway Street R y. V. 97, p. 443.
Meriden M iddletow n & G u ilford (C on n .) E lectric R y. V. 104. p. 559
Mexican Light & Power, L td. V. 94, p. 1623; V. 99. p. 891.
Mexico (Mo.) Santa Fe St Perry T ra ction . V. 98, p. 1229, 1488
Mexico Tramways Co. V. 105, p. 389; V. 115, p. 2916; V. 116, p. 721.
Miami (Fla.) T ra ction Co. V. 112, p. 162; V. 113, p. 2311.
M ichigan Elevated Ry. V . 110, p. 2487; V. 113, p. 2819.
M ilwaukee W estern E lectric Ry. V. 102, p. 886; V. 104. p. 1045.
M inneapolis Anoka & Cayuna R ange R R . V. 101. p. 449.
M innesota Central R y. V. 99, p. 197.
M onterey (Mex.) R y., Lt. & Pow. V . 113, p- 533, 1251. 2313.
M ontgom ery T ransit Co. V. 110, p. 2388; V. 116, p. 1649, 2389.
Moose Jaw (Sask.) Elec. R y. V. 100. p, 228
M organtown (Va.) Interurban Ry. V. 112, p. 1024.
M organtown & W heeling R y. Y . 115, p. 2794; V. 116, p. 823.
M ountain Lake Electric R R . V. 106, p. 1797.
M ount Vernon (O.) Electric St. R y. V. 104. p. 1489; V. 106. p. 86
M uscatine (la .) S Iowa C ity Ry
t
101. n 1714
Nevada C ou n ty T ra ction Co. V. 118, p. 907.
Newark & Marion Ry. (N. Y .). V. i01, p. 370.
New Orleans St Grand Isle T ra ction , L ight St P ow er. V. 95, p. 613.
New York & N orth Jersey R apid T ransit C o. V. 95. p. 298.
New York W estchester St C o n n ecticu t T ra ction C o. V . 98. p. 1781
N orth B ranch T ransit C o. V. 101. p. 1371. 1718.
Northum berland C ou n ty Rys. V. 108, p. 3961; V. 115, p. 2686.
N orton T a u n ton & A ttleb . S t. R y. V . 110, p. 1290; V . 113, p. 183,
N orw ood C anton St S haron St. R y. V. 109, p. 371; V . 110, p . 1290
Nueces Ry.. (Texas). V . 114, p. 2360.
Ocean Shore RR ., C alif. V. I l l , p. 1852, 2041.
O gdensburg (N. Y.) Street Ry. V. 116, p. 936; V. 118, p. 908.
O h io Service Co. V. 115, p. 1429, 2794; V. 116, p. 1533.
Oklahom a U nion R ailw ay. V . 104, p. 884.
Orleans-K enner T ra ction C o. V. 108, p. 1462.
Parkersburg (W . Va.) & O h io Valley Elec. R y. V. 108, p. 2434
Pelham Park R y. V. 93. p. 1669; V. 95. p. 48.
Penn Yan St Lake Shore Ry. V. 99, p. 49; V. 105. p. 1420
P hoenixville Valley Forge & Strafford Electric R y. V . 118, p. 795.
Piedm ont Railway St Electric. V. 105, p. 2185.
Plym outh (Mass.) & Sandw ich St. R y. V. 111. p . 389. 494
P oint Pleasant (N. J.) T rac. Co. V. I l l , p. 793; V. 117, p. 2890.
P ortland St O regon C ity R y. V . 101. p. 2072; V. 104, p. 267.
Portsm outh Electric R y. V. 109, p. 73.
P ottstow n (Pa.) T ransit C o. V. 115, p. 2268.
P ublic Service C o. o f O klahom a. V. 96, p. 1773.
Puebla Tramway Lt. St Pwr. C o. V. I l l , p. 295, 390,1370.
Railway & Light Secur. C o. (B oston ). V. I l l , p. 1286; Y . 115, p . 2581..
R eno (Nev.) T ra ction C o. V . 109, p. 2172; V . 110, p. 360; V . 111. p . 1567
R ichm ond St Fairfield (E lectric) R y. V. I l l , p . 589.
R ichm ond (Va.) St R ap pahan nock River R y. V . 107, p. 1193
R ochester-C ornlng-E lm lra T ra c. C o. V. 95, p. J76: V. 97. p. 1427
R ockford (111.) City T ra ction . V. 115. p. 645, 2047.
Sacram ento Valley Electric R R . V. 95. p. 680.
St. Francois C oun ty R y., F arm ington, Me Y. 91. p. 519; Y . 95. P. 237
St. J oh n (N. B.) Ry. V. 102. p. 1061; V. 104. p. 560. 864. 953.
St. Louis St Belleville Elec. R y. V. 83, p. 1690; V . 107. p. 1482
S t. L ou • & East St. L ouis E lectric R y. V . 112. p. 2414.
St. Louis East Side Belt Line Term inal R y. Y . 103. p . 939.
St. L ouis, Lakewood St G ran t Park Electric R y. Y . 106, p. 1991.
S t.Paul S outhern Electric Ry. Y. 105, p. 1420. 1523; Y. 106, p. 1231
St. Tammany St New Orleans Rys. St Ferry C o. V. 101, p. 775.
San Diego St Southeastern R y. V. 105, p. 2095; V . 106, p. 397. 1231
San Jose Terminal Ry. V. 94, p. 1120; V 95, p. 1208. 1333
S an tiago (Cuba) Elec. Lt. & T rac. Co. V. 116, p. 1276; V. 118, p. 1393.
Sapulpa (Okla.) Electric Interurban Ry. V . 113, p. 2506.
Seaboard Electric Ry. of Texas. V. 116, p. 823.
Selma Electric Ry. V. 113, p. 1773; V. 114, p. 1767.
Sharon (Mass.) C anton & Norwood Street Ry. Y. 105. p. 2095.
Shelburn Falls & Colvain St. Ry. V. 92, p. 189; V . 107, p. 1482.
S henandoah T raction C o. V. 107, p. 1102.
Sioux C ity (la.) Crystal Lake & Home E lectric R y. Y . 106, p. 1575
S outheastern Ohio R y. (Zanesville, O .). V . 112, p. 63.
Southern Illinois St St. L ouis R y. Y. 98, p. 388.
Southern Oregon T ra ction C o.. M edford, Ore. Y. 101. p. 214.
S outhern T ra ction C o. (B ow lin g G reen, K y .). V. 108. p . 1729
S outhern T ra ction Co. o f Illin ois. V. 110, p. 2488; V. 117, p. 209.
S outhern T rac. & Pow. C o., Alexandria, La. V 101, p. 214.
S outh Shore (L. 1.) T rac. C o. V. 105, p. 1803, 2185; Y. 107. p. 182
Southw estern Interurban R y., W in field , Kan. V. 107. p. 2478
Springfield & Central Illinois T ra ction C o. Y. 96. p. 1425Springfield (O.) & W ashin gton Ry. V. 115, p. 74; Y. 116, p. 516.
S tock ton Term inal & Eastern R R . V. 101, p . 1372; V. 103, p. 1688
ELECTRIC RAILWAYS
A pril, 1924.]
S u n bu ry & Selinsgrove R y. V. 113, p. 536; V . 116, p. 411.
S un bury & Susqueh ann a Ry. V. 102. p. 252; V. 115, p. 2687.
S un bury (Pa.) Lewisburg & M ilton Ry. V. 116, p. 411.
T iffin & Fostoria Ry. V. 115, p. 74, 1322; V. 116, p. 516, 2517.
T itu sville (P a.)T rac.C o. V. 99, p. 271,1911; V. 106, p.716; V.112.p. 1618
T o ro n to S uburban Ry. V. 115, p. 2582; V. 116, p. 2390; V. 117, p.
1349.
Trans St. Mary’s Traction Co., Mich. V. 104, p. 1140.
Trenton (N. J.) Lakewood St Seacoast Ry. V. 106, p. 1345, 1402.
Trinidad Electric Co., Ltd., Port of Spain, B. W. I. V. 106. p. 1407
T u lsa (Okla.) Street R y. V. 112, p. 563; V. 115, p. 761; V . 117, p . 2544.
Twin Pails (Idaho) Ry. V. 95, p. 081, 1404.
Tygarts Valley Traction Co. V. 113, p. 2313, 2015.
Tyler City (Tex.) Light St Ry. V. 97. p. 445.
Union Traction Co. of Morgantown, W. Va. V. I l l , p. 2042.
United Properties Co. of Calif. V. 113, p. 418; V. 115. p. 1840.
Valdosta «3a.) Street Ry. V. 113. p. 1055; T. 115, p. 438. 1030
Washington Electric Ry. V. 90. p. 555; V. 100. p. 1902.
Washington & Great Palls Ry. St Power Co. V. 90. p. 489.
Washington Spa Springs St Gretta RR. V. 101. p. 1808.
Washington, Westminster & Gettysburg RR. V. 95, P. 177.
Waukegan Rockford & Elgin Trac. Co. V. 100. p. 2012.
Waverly Sayre St Athens Traction Co. V. 109. p. 372; V. I l l , p. 1984
Waycross (Ga.) Street St Suburban Ry. V. 104. p. 2453; ▼. 195. p.1835
W estern Public Service C o. V . 117, p. 2683.
Wichita-Walnut Valley (Kan.) Interurb. Ry. V. 100. p. 823.
Wiilapa Electric Co. V. 97. P- 1435.
Wisconsin Interurban Ry. V. 105. p 182 717; V 115. p 1101.
GENERAL
Page.
berdeen (So.
_________________ 136
Abilene (Texas)Dak.) R R y _________________136
Street R
Adamstown Sc Mobnsrille Electric R y .— See
Reading Transit St Light C o______________110
Adrian Street R y __________________________ - 86
Agamenticus Electric Light— See Cumberland
County Power & Light C o________________107
Akron Wadsworth & Western R y.— See North.
Ohio Tract. S Light Co___________________
c
2
Alabama Traction C o________________________ 136
Alabama Trac., Lt. & P .— See “ Railway &
Industrial" Section.
Alameda Oak Park & Pied. El.— See San Fran.
Oakland Terminal Rys____________________ 89
Albany R y.— See United Traction (A lba n y ).. 2
Albany Southern R R ________________________ 3
Albla Light S Railway................................
c
3
Alfred L t. & Pow. Co.— See York Utilities C o . 57
Algiers R y. Sc Ltg. C o.. New Orleans------------- 136
Allegheny & Bellevue— See Fed. St. & PI. V ..1 0 2
Allegheny Belle. & Perrysville R y ---------------- 103
Allegheny Co. L t. Co.— See Duquesne Lt. C o. 104
Allegheny St.— See Federal St. Sc Pleas. Val— 102
Allegheny Traction__________________________ 103
Allegheny Valley St R y.— See West Penn.Rys.105
Allentown El. L . & P.— See Leh. Val. Tran—
3
Allentown S Kutztown.— See Allentown S
c
c
Reading__________________________________ 4
Allentown & Reading Traction C o__________
4
Allentown S Slating ton— SeeLehlgh Val. Tran. 3
c
Allentown Bridge C o.— See Lehigh Val. T r.Co. 3
Alliance Electric R y.— See Stark Elec.R R ___ 4
Alton Granite S St. L. Trac. C o.— See East St.
c
Louis Sc Suburban C o_______________________ 40
Alton Jacksonville S Peoria_________________ 136
c
Alton & Jacksonville R y _____________________136
Alton S Northern R R _______________________ 136
c
Alton R y. Gas & Elec. L t.— See East St. Louis
S Suburban C o____________________________ 40
c
Alton R y. S 111.— See E. St. Louis & Sub. C o . 40
c
Altoona S Logan Valley Electric R y ---------- 95
c
Altoona Northern R R .______________ :_____ 136
American Cities Co.— See N at. Power & L t . . 79
American Electric Power Oo__________________ 93
Amesbury & Hampton— See Massachusetts
Northeastern Street R y ____________________51
Anacostla S Potomac River R R .— See Wash.
c
R y. S Electric_____________________________127
c
Anderson Water. Light S Power C o.— See
c
Southern Public Utilities O o________________ 22
Androscoggin Electric C o____________________108
Androscoggin S Kennebec R y ______________ 107
c
Anniston Electric S Gas C o.— See “ Railway
c
Sc Industrial" Section.
Annapolis Public Utilities Co.— See Wash.
Balt. & Annapolis_________________________ 128
Annapolis Short Line— See Wash. Balt. &
Annapolis Elec. R R ______________________ 128
Ardmore (Okla.) Street R y_________________ 136
Ardmore (Pa.) Street R y ____________________103
Arkansas Central Power C o---------------------------- 62
Arkansas Valley Interurban R y --------------------- 129
Arkansas Valley R y., Light & Power Co.— See
Southern Colorado Power C o______________ 109
Asbury Park S Sea Girt HR.— See Atlantic
c
Coast Electric R y ________________________ 5
Ashaway & Westerly R y. C o.— See Shore Line
Electric R y ________________________________89
Asheville Electric Co.— See Asheville Pow. S
c
Light C o . . ...............
110
Asheville Power S Light C o_________________ 110
c
Ashland (Wis.) Light, Power & Street R y.—
See Ironwood S Bessemer R y. & L t. C o____54
c
Ashtabula Rapid Transit___________________
5
Atchison R y., Light & Power______________ 21
Athens Elec. R y.— See Athens Railway &
El. C o----------86
Athens Railway S Electric Oo________________ 86
c
Athol S Orange St. R y.— See Northern Mass.
c
Street R y __________________________________ 49
Atlanta & Carolina R y ______________________ 136
Atlanta Consol. St. R R .— See Ga. R y. & E l .. 6
Atlanta Gas Light C o.— See Ga. R y. S E le c .. 6
c
Atlanta & Fair burn R R . & Electric________ 136
Atlanta & Macon R y _______________________ 136
Atlanta Northern R y .— See Ga. R y. S El. Oo. 6
c
Atlanta St. R R .— See Ga. R y. S Elec. C o____ 6
c
Atlanta Water & Elec. Pow. Co.— See Ga. Ry.
& Power C o__ ________________
6
Atlantic Ave. R R .— See Bklyn. Manhattan
Transit Corporation________________________ 14
Atlantic City sc Ocean City Co.— See Atlantic
City S Oo Shore__________________________ 6
c
Atlantic City & Ocean City R R .— See Atlantic
C ity & Shore C o__________________________ 6
Atlantic City S Shore C o _______________________ 8
c
Atlantic City & Shore R R .— See Atlantic City
& Shore C o______________________________ 6
Atlantic S Sub.Rv.— SecAtl.Oitvfe Shore Co. 6
c
Atlantic Coast Electric R y.— See Eastern New
Jersey Power Co__________________________ 5
Atlantic Coast Electric Light Co.— See Eastern
New Jersey Power C o____________________ 5
Atlantic Shore Line R y.— See York Utilities Co. 57
Atlantic Shore R y.— See York Utilities C o____57
Auburn S Northern Elec. R R .— See Empire
c
State Railroad Corporation_______________ 124
Auburn & Syracuse Electric R R _____________ 124
Aug. & Aiken R y -S e e Aug.-Aiken Ry.& Elec. 8
Augusta-Alken Ry & Elec. C o_______________ 8
Augusta 'M e.) Hallowell & Gardiner R R .—
See Androscoggin & Kennebec R y _________ 107
Augusta (u a.) R y. S Elec. Co.— See Augusta
c
Aiken Ry. S Elec_________________________ 8
c
Augusta Winthrop S Gardiner R y.— See
c
Androscoggin S Kennebec R y _____________ 107
c
Aurora Elgin & Chicago— See Chicago Aurora
& Elgin____________________________________ 22
137
IN D E X .
Page.
Page.
Aurora Elgin S Fox River Electric C o_______ 23
c
Bridge Operating C o.— See Bklyn. M . T . C o . 14
aurora Plainfield S Joliet R y _______________ 56
c
Bridgeport (Conn.) Trac.— See Conn. Ry. sc
Austin (Texas) Street R y ___________________
8
Light C o.............................................................77
Bridgeton Elec.— See Am. Elec. Pow. C o____93
O abylon (L. I.) R R ------------------------------------ 136 Bridgeton & M ilv. T r.— See Am. Elec. Pow. Co. 93
*-*aden S St. L . R R .— See United Rys. Oo___113 Bridgewater Whitman & Rockland St. R y.—
c
Bahia Tramway, Light S Power C o--------------- 136
c
See Eastern Massachusetts Street R y. C o_12
Bakersfield S Kern Elec. R y.— See San
c
Bristol S Norfolk Street R y______ ___________ 136
c
Joaquin Lt. S Pow. Oorp_________________ 43
c
Bristol & Plainville Electric__________________ 14
Baltimore & Annapolis Short Line— See Wash.
Bristol S Plainville Tramway (Conn.)— See
c
Balt. & Annapolis Elec. R R _______________ 128
Bristol S Plainville Electric________________ 14
c
Baltimore Catonsville & Ellicott’s Mills Pass.
British Columbia Electric R y ________________ 136
R R .— See United Rys. S Elec. C o________ 8 Broad Ripple Traction________________________ 54
c
Baltimore Halethorpe S Elkridge R y ________ 9 Broad Ripple Natatorium.— See Union Trac
c
Baltimore S Northern Electric R y.— See
c
tion Oo. of Indiana_______________________ 4
United Rys. S Elec. C o__________________
c
8 B ’way & 7th Ave. R R .— See N . Y . R ys_____79
Balt. Sparrows Point S Chesapeake R y ______ 9 Broadway Surf. R R .— See N . Y . R ys______ 79
c
Baltimore Term. Co.— See Wash. Balt. S Ann.128 Brockton Bridgewater S Taunton St. R y.—
c
c
Baltimore Traction— See United Rys. & Elec. 8
See Eastern Massachusetts Street R y. C o_ 12
_
Baltimore S Washington Transit— See Wash
c
Brockton S East Bridgewater St. R y.— See
c
ington S Maryland R y ___________________ 127
c
Eastern Massachusetts Street R y. C o----------- 12
Bamberger Electric R R ______________________ 115 Brockton & Plymouth Street R y.— See Plym
Bangor (Pa.) & Portland Traction C o_______ 136
outh S Brockton Street R y _______________ 106
c
Bangor R y. & Electric C o___________________
9 Brockton Street R y .— See Eastern Massachus
Bangor Power Co.— See Bangor R y. & El____ 9
etts Street R y. C o_________________________ 12
Barcelona Traction, Light S Power C o______136 Bronx Traction O o___________________________ 82
c
Bar Harbor El. Lt. C o.— See Bangor R y. & El. 9 Brooklyn Bath Sc West End R R .— See B M . T . 14
Bar Harbor & Union River Power Co.— See
Brooklyn & Bright. Beach— See Bklyn. M . T . 14
Bangor Ry. & El. C o______________________ 9 Brooklyn Cable C o.— See Nassau Electric____17
Barre & Montpelier Trac. S Pow.— See M ont
c
Brooklyn City & Newtown R R .— See Coney
pelier & Barre Light S Power______________ 9
c
Island S Brooklyn________________________ 17
c
Bartlesville Gas S Electric___________________ 87 Brooklyn City R R ___________________________ 17
c
Bath St. R y.— See Androscog. S Kenneb.Ry._107 Brooklyn Crosstown R R .— See Brooklyn M .T . 14
c
Baton Rouge Electric C o___________________ 10 Brooklyn Heights R R .— See Brooklyn M . T _14
Bay City Gas Oo.— See Consumers Power C o . 45 Brooklyn-Manhattan Transit Corporation_____ l4
Bay State Street R y.— See Eastern Massa
B rooklyn* No. River R R .— See Third A t . R y. 81
chusetts Street R y. C o______________________12 Brooklyn Queens County <r Suburban R R .—
S
Beaumont Trac. Co.— See Eastern Tex. Elec. 10
See Brooklyn Manhattan Transit Corp______ 14
Beaver Co. Light Co.— See Duquesne Light Col04 Brooklyn Rapid Transit.— See Brooklyn Man
Beaver Valley Traction______________________ 104
hattan Transit Corporation________________ 14
Bedford Lt., Ht. & Power.— See Interstate
Brooklyn Union Elev.— See N. Y . Rap. Tran. 17
Public Service C o__________________________ 54 Brownsville Avenue Street Ky.— See Pitts. S
c
Beech Grove (Ind.) Traction Oo_____________ 136
Birm. Traction C o________________________ 103
Bellalre South Western Trac. C o.— See Wheel
Brunswick (Ga.) & Interurban R y ___________136
ing Traction_____________________________ 105 Brunswick Trac.— See Public Service R y ______ 74
Belt Line R y. Corp__________________________ 82 Brunswick S Yarmouth R y.— See Andro
c
Ben Avon S Emsworth St. R y_____ _________ 103
c
scoggin S Kennebec R y ______________ - ____ 107
c
Bennington Elec. C o.— See Twin State G. S E. 17 Bryan (Tex.) S Central Texas Inter. R y _____ 136
c
c
Bennington Water Power Oo.— See Twin State
Bryan College Interurban____________________136
G. & E. C o ......................................
17 Bryan & College Traction C o________________ 136
Benton Harbor-St. Joe R y. Sc Lighting________ 10 Bucks County Interurban R y .— See Penn
Bergen Turnpike C o_________________________ 75
sylvania-New Jersey R y ____________________88
Berkshire Street R y __________________________ 77 Buffalo Bellevue & Lancaster R y .— See Inter
Berlin (N. H.) Street R y _____________________136
national R y ________________________________ 18
Berwick & Nescopeck Street R y ______________ 136 Buffalo & Depew R y.— See Depew & Lan
Beth. S Nazareth— See Leh. V al. Transit_____ 3
c
caster R y. Corp__________________________ 18
Beverly S Danvers— See Eastern Massachus
c
Buffalo Dunkirk S Western R R .— See Buffalo
c
etts Street Railway C o______________________12
S Lake Erie Traction C o____________________18
c
Blddeford & Saco Railroad__________________ 10 Buffalo Gardenville & Ebenezer R y.— See
Big Creek Lt. & Pow.— See Coast Counties
Erie County Traction Corp_________________ 18
Gas S Elec. C o___________________________118 Buffalo Ham. S Aur. R y.— See Erie County
c
c
Big Four Elec. R y _____________
136
Traction Corp____________________________ 18
Billings (M ont.) R y ., Light S Power C o____136 Buffalo S Lackawanna Traction C o__________ 18
c
c
Biloxi El. Ry. & Power C o.— See Gulfport &
Buffalo & Lake Erie Traction C o_____________ 17
Miss. Coast Tract. C o______________________50 Buffalo Lockport & Rochester R y.— See Roch
Binghamton Lest. & Union— See Bing. R y ____10
ester Lockport & Buffalo R y ______________ 113
Binghamton Railway Co____________________ 10 Buffalo S Lockport St. R y.— See Inter. R y . . 18
c
Birdsboro 8t. R y.— See Reading Tr. Sc Lt. Oo,110 Buffalo S Niagara Falls Electric R y.— See In
c
Birmingham Ensley S Bessemer R y.— See
c
ternational Railway_______________________ 18
Birmingham Tidewater R y. C o____________11 Buffalo Ry.— See International Railway______ 18
Birmingham Knoxville & Allentown Trac
Buffalo South. R y.— See Erie Co. Trac.Oorp. 18
tion— See Pittsb. S Birmingham T r________ 103 Buffalo Tonawanda S Niagara Falls Ele;trit
c
c
Birmingham Railway S Electric— See Bir
c
R R .— See International Traction_______
18
mingham Ry. Lt. S Power_________________ 10 Buffalo Traction.— See International R y ._ . 18
c
Birmingham Ry Lt. & Power-------------------------- 10 Buffalo & Williamsville Electric R y _____ _
18
Birmingham-Tidewater Ry. C o_______________ 11 Burlington Elec. Lt. & P ow ________
71
Black River (N. Y.) Traction Oo------------------- 136 Burlington County Ry — See Burl. Oo T ra n .. 68
Bleecker St. & Fulton Ferry R R .— See
Burlington County Transit C o_______________ 68
N. Y . R ys_______________________________ 79 Burlington Gas Light C o.— See South Jersey
Bloomfield Street,—Hen Pittsb. Frac. system .104
Gas, Electric & Traction O o_______________ 74
Bloomington Decatur S Champaign R R .— See
c
Burlington (Iowa) R y. & Light C o.— See
Illinois Traction, Inc_______________________20
United Utilities Corp______________________ 19
Bloomington S Normal Ry El. & Heating Co.
c
Burlington (Vt.) Traction___________________ 19
— See 111. Power & Lt. Corp________________ 20 Butler Railways C o ___________________________19
Bloomington & Normal R y. & Lt. Co.— See
Butte Electric R y ___________________________ 19
111. Power & Lt. Corp---------------------------------20
Bloomington Pontiac S Joliet Elec. R y ________ 56 |~’adillac Gas Light Co.—-See United Light &
c
Blue Grass Trac. Co.— See K y. Trac. S Term . 61
c
Power C o_______________________________46
Blue Hill Street R y ___________________________ 19 Cadillac Water & Light Co.— See Consumers
Blue Ridge Elec. Co.— See Georgia R y. S Pow. 6
c
Power Co______ ____
_. _____________ _ 45
Boise & Interurban R y.— See Boise Valley
Cairo City Gas Co— See Cairo Ry.& Light Co. 21
Traction C o______________________________ 11 Cairo Elec & Trac.— See Cairo Ry. * Light. 21
Boise (Idaho) R y ___________________________ 136 Cairo Ry . & Lt C o______ _ .
___
_____21
Boise Valley Traction C o . . ________________ 11 Cairo & St. L. R y .— See Cairo R y.
& L t____21
Bordentown Electric Co______________________71 Calais (Me.) Street Railway_________________ 19
Boston A Chelsea R R _______________________ 13 Caldwell (Idaho) Traction C o ______________ .136
Boston & Eastern R R _______________________ 136 California Eastern Sc Northern R R ___________136
Boston Elevated R y _________________________ 11 California Pacific R y.— See Pac. Elec. R y _____27
Boston M il. & Brock.— See Eastern Massa
California R y.— See San Fran.-Oak. Term. Ry 89
chusetts Street Railway C o_________________ 12 California Ry. S Power______________________ 117
c
Boston & Northern St. R y.— See Eastern Mas
California Street Cable______________________ 116
sachusetts Street Railway C o_______________ 12 Calumet Elec. St. R y .— See Cal. S So. Chic____ 24
c
Boston S Revere Electric___________________ 13 Calumet S South Chicago R y _________________ 24
c
c
Boston Suburban Electric Companies— See
Camaguey Electric C o_______________________ 136
Suburban Electric Securities C o--------------------12 Camden Gloucester & Woodbury R y __________ 75
Boston S Worcester Electric Companies_______ 14 Camden Horse R R .— See Camden S Suburban 75
c
c
Boston & Worcester Street R y ________________ 14 Camden Inter-State R y .— See OhioVal.El.Ry 96
Boyerstown S Pottstown St. R y.— See Read
c
Camden & Suburban R y ______________________75
ing Transit A Light C o____________________110 Canadian Lt. & P o w . . . ____________________ 132
Braintree & Weymouth St. R y.— See Eastern
Canal & Claiborne R R .— See N . O. Public
Massachusetts Street Ry. C o_______________ 12
Service I n c ________________________________ 78
Braintree St. R y.— See Eastern Massachusetts
Canandaigua El. Lt.& R R .— See N V St. Rys 112
Street R y. C o_____________________________ 12 Canarsie R R . Co.— See N . Y . Rap. Tran.Corp. 16
Brantford & Hamilton R y.— See Dom. P &
Canton-Akron Cons. R y ____________________
2
Transm. C o_______________________________131 Canton-Akron R y .— See Oan.-Akr.Cons. R y . 2
Brantford Municipal R y _____________________136 Oanton-Massillon Electric R y .— See CantonBrattleboro Gas Light Co.— See Twin State
Akron Cons. R y __________________________ 2
Gas S Electric C o__________________________ 17 Oanton-New Philadelphia R y.— See Cantonc
Brazilian Traction, Light S Power____________134
c
Akron Cons. R y _________________________
2
138
INDEX TO RAILW AYS
Page.
Cape Breton Electric C o_________________ ___134
Cape Fear R y _______________________________136
Capital Traction__________________ . _____ „ __127
Carbondale R y.— See Scranton R y __________ 95
Carbon Transit C o.— See Maucb Chunk A
Lehighton Transit Co_____________________ 64
Carlisle (Pa.) & M t. Holly R R _______________ 136
Carolina Power A Light C o__________________ 109
Carolina Traction Co. (Rock Hill. 8. O .)____ 136
Carolina A Yadkin River R y ________________ 136
Cascade El. Lt. A Power C o.— See Twin State
Gas A Electric C o__________________________ 17
Cascade Light A Power C o.— See Twin State
Gas 3c Electric C o__________________________ 17
Cass Ave. 3c Fair Gr. R y.— See United Rys. C ol 13
Oassville & Western R y ______________________ 136
Catherine & Bainbridge Streets R y.— See Sup
plement Oct. 27 1923.
Oatsklll (N . Y .) Traction C o_____________...1 3 6
Cayuga Lake El. R y.— See Ithaca T ra ctio n ... 55
Cedar Rapids S Iowa City R y. Sc Light Co.—
c
See Iowa Ry. S Light Co_________________ 19
c
Cedar Rapids & Marlon City R y _____________49
Central Arkansas Ry. S Light Corp.— See
c
Federal Light S Traction C o_______________ 82
c
Central California Traction C o____________ .123
Central Crosstown R R .— See New York R ys. 79
Central Electric Co.— See Somerset Union &
Middlesex Lighting C o____________________ 74
Central Georgia Power C o.— See Georgia Light
Power & Railways_________________________63
Cent. Illinois Pr. C o.— See Cent. 111. P. S. C o. 64
Central Illinois Public Service C o______________64
Central Indiana Ltg.— See Inter-State Public
Service C o________________________________ 54
Central Kentucky Trac. Co.— See Kentucky
Traction & Terminal C o___________________ 61
Central Market St. R y.— See Col.Ry.,P.ALt_ 32
Central Mississippi Valley Electric Properties. 58
Central New York Southern R R . Corp.— See
Ithaca Traction Corporation_______________55
Central Park North & East River R R .— See
Belt Line Ry. Corp________________________82
Central Passenger R y.— See Central Traction.103
Central Pennsylvania Traction Co.— See Har
risburg Railways___________________________ 51
Central R y.— See United Railways S Electric. 8
c
Central Railway— See 111. Power & L t. C o r p .. 20
Central Texas Electric R y___________________ 136
Central Traction____________________________ 103
Centralia Gas & Elec. Co.— See HI. Pow. & Lt.
C o rp _____________
20
Centre & Clearfield Street R y_______________ 136
Chambersburg & Gettysburg Electric R y______ 20
Chambersburs Greencastle & Waynesboro St.
R y .— See Potomac Edison C o______________50
Charleroi & West Side R y.— See United Trac.
Co. o f Pittsburgh_________________________ 102
Charleston City Ry.— See Charleston Consoli
dated Railway & Lighting__________________ 21
Charleston Consolidated Ry., Gas & Electric—
See Charleston Consol. Ry. & Ltg. C o______ 21
Charleston Consol. Ry. & Lighting C o________ 21
Charleston-Isle o f Palms Traction____________ 22
Charleston Interurban R R ___________________ 22
Charlotte Elec. Ry.— See Southern Pub. Util. 22
Charlotte Electric R y., Light & Power Co.—
See Southern Public Utilities C o___________ 22
Charlotte (N. C.) Rapid Transit C o_________ 136
Charlottesville S Albemarle R y _____________ 22
c
Chattanooga Elec. R y.— See Chatt. Ry. & Lt 70
Chattanooga Gas Co.— See United Light &
Power C o__________________________________46
Chattanooga Rys. Co.— See Chatt. R y. & L t. 70
Chattanooga Railway & Light________________ 70
Chautauqua Traction C o____________________ 55
Cheboygan Electric Light & Power C o_______ 136
Chester S Eddystone— See Wilmington S
c
c
Philadelphia Traction C o_________________ 96
Chester Darby S Phila.— See Wil. S Ches.Tr. 96
c
c
Chester S Media Elec. R y.— See W il. & Ches
c
ter Traction_______________________________ 96
Chester & Philadelphia R y ___________________ 98
Chester Street Ry.— See WU. S Ches. Trac_ 96
c
_
Chester Traction— See Wil. & Ches. Trac. C o . 96
Cheyenne Light, Fuel S Power Co.— See West
c
ern Light & Power C o_____________________ 88
Chicago Aurora & De Kalb R R ______________ 136
Chicago Aurora S Elgin Corp________________ 22
c
Chicago Aurora S Elgin RR __________________ 22
c
Chic. Bloom. & Decatur R y.— See 111. T r., Inc. 21
Chicago City & Connecting Railways________23
Chicago City Railway______________________ 23
Chicago Consol. Traction— See Chicago R y s .. 24
Chicago S Desplaines Val.— See Am. Elec.
c
Power C o________________________________ 93
Chicago Elevated R ailways_________________26
Chicago Fox Lake & Lake Geneva__________ 136
Chicago S Interurban Traction_____________ 24
c
Chicago S Joliet Electric R y _______________ 93
c
Chicago Junction R R _______________________ 27
Chicago Lake Shore S South Bend R y _____ 64
c
Chicago North Shore A Milwaukee R R _____ 24
Chicago S Oak Park Elevated R y.— See Chi
c
cago Rap. Trans___________________________ 26
Chicago Ottawa S Peoria B y _______________ 21
c
Chicago Railways C o______
24
Chicago Rapid Transit C o_______________
26
Chicago South Bend S Northern Indiana Ry__121
c
Chicago Surface Lines________________________ 23
Chicago Union Traction— See Chic. Rys. C o_24
Chicago A West Towns R y___________________ 26
Chicago A West.— See Chic. City A Con. Rys. 23
Chillicothe A Camp Sherman Electric R y ____ 136
Chippewa Vail. Ry. Lt. A Pow.— See Wlsconsin-Minn. Lt. A Pow. C o___________________ 59
Choctaw Power A Light C o___________________ 63
Christiana A Coatesville Street R y.— See
Lancaster Co. Ry. A Lt. C o________________ 60
Christopher A Tenth Sts.RR.— See N . Y . Rys. 79
Cincinnati A Hamilton Electric.— See Cincin
nati A Dayton Traction C o_________________ 33
Cincinnati Covington A Erlanger.— See Cin
cinnati Newport A Covington_______________ 35
Cincinnati A Dayton Traction C o_____________ 33
Cincinnati Georgetown A Portsmouth R R _____ 28
Cincinnati A Hamilton Elec. C o.— See Cin
cinnati A Dayton Traction C o______________ 33
Cincinnati A Hamilton Traction C o__________ 29
Cincinnati Lawrenceburg A Aur. Elec. St. R R . 28
Cincinnati Milford A Blanchester Traction_28
Cincinnati Newport A Covington Lt.A Tr.O o_35
Cincinnati Street R y _________________________ 29
Cincinnati Traction C o_______________________ 28
Oin.A Westw’d R R .— See Ind.A Oin.Trac.Co. 54
Clnnimlnson Elec. Light Power A Heating C o .
o f Riverton N. J ___________________________71
Cities Service C o_____________________________ 85
Citizens' Electric Co.— See Somerset Union A
Middlesex Lighting C o_____________________ 74
Citizens' Elec. Light, Heat A Power__________ 71
Citizens’ Elec. Lt. A Power— See Inter-State
Public Service C o__________________________ 54
Citizens’ Elec. St. R y.— See Massachusetts
Northeastern Street R y _____________________51
Pvge.
Citizens Elec. Ry. Lt. A Pow.— See Richland
Puolic Ser. C o _________ _ ______________ 87
Citizens’ Gas A Elec. Co.— See Union R y .,
Gas A Elec. C o ___________________________ 45
Citizens’ Gas A Fuel.— See United Gas A El.Co 84
Citizens Lighting Co.— See 111. Traction_____ 20
Citizens' Pass. R y.— See Harrisburg Rys____51
Citizens’ Pass. R y.. Norristown— See Schuyl
kill Valley T ra rt'on ..
__________ . . .111
Citizens’ Passenger Ry. (Phila.).— See Supp.
Oct. 27 1923.
Citizens’ R y . A Lt. Co.— See TrI-Oity R y.A Lt. 48
Citizens' R y., L. A P. Co.— See Newp. News
A Hamp. R y., G. A E. C o_______________50
Citizens’ Street R y. (Indianapolis, Ind.)— See
Indianapolis Street R y____________________ 53
Citizens’ Street R R .— See Memphis Street R y. 64
Citizens’ Street Ry. (Muncie, Ind.)— See
Union Traction of Indiana_______________ 4
Citizens'Traction__________________________ 103
Citizens' Traction C o., Oil C ity____________ 90
Citizens' Water A Light— See Inter-State Pub
lic Service C o______________________________ 54
City Electric C o., Albuquerque, N. M _______ 136
City Electric Ry. (Port Huron, M ich .)..S ee
Detroit A Port Huron Shore Line__________ 38
City Electric Ry. (Rome. Ga.)— See Rome
Ry. A Light C o...........................
113
City A Elm Grove R R . Co.— See Wheeling
Public Service C o_________________________ 110
City Gas Co.— See Norfolk R y. A Light______ 112
City Light A Trac. Co. (Sedalla. M o.)_______ 87
City Railway (Dayton, Ohio) C o ____________36
City Ry o fL o s A n e .—See Los Ana. Rv. Corp 63
City A Suburban Gas Co.— See West Virginia
Utilities C o_____________
110
City A Suburban Ry— See United Railways S
c
Electric Co. of Baltimore_______ i ________
8
City & Suburban R y.— SeePort.Ry.,L.APow_l08
City & Suburban R y.— See Wash. Ry. A E l..127
Olairton Street R y____________________ . . . __104
Clarksville (Tenn ) A Dunbar Cave R y ______ l36
Cleburne Traction Co . ____________________136
Cleveland Alliance A Mahoning Valley T ra c..186
Cleveland Berea Elyria A Oberlin R y.—See
Cleveland Southwestern A Columbus______ 29
Cleveland A Chagrin Falls R y ______________ 30
Cleveland A Eastern Traction________________ 30
Cleveland A Elyria R R .—See Cleveland South
western A Columbus R R _____. . . ___ 29
Cleveland Electric Ry —See Cleveland R y_ 29
_
Cleveland Elyria A Western—See Cleveland
Southwestern A Columbus R y ______________ 29
Cleveland A Erie Ry C o ____________________ 44
Cleveland Interurban R R __________________ 136
Cleveland A Ohio Central Electric R y _______ 136
Cleveland Palnesvllle A Ashtabula R R _______ 30
Cleveland Palnesvllle A Eastern R R _________ 30
Cleveland Railway Company_________________ 29
Clevelana Rapid Transit R y ________________ 136
Cleveland A Sharon Rapid Transit C o_______ 136
Cleveland A Southwestern Traction Co.— See
Cleveland Southwestern A Col. R y_________ 29
Cleveland Southwestern A Columbus R y _____ 29
Cleveland A Youngstown R R ________________ 136
Clifton Suspension Bridge— See Internal. R y . 18
Clinton Gas A El. Co.— See 111.Pow.A Lt.Corp 20
Clinton Street R y . ___________________________ 31
Coal Belt Electric Ry. C o ___________________ 64
Coast Castle El. Ry.— See E . Penn. Elec_ 109
_
Coast Cities R y ____________________________ 5
Coast Counties Gas A Elec. C o _____________ 118
Coast Counties Light A Power Co.— See Coast
Counties Gas A Electric__________________ 118
Coast Valleys Gas A Electric C o_____________ 116
Coeur d'Alene A Spokane Ry.— See Spokane
A Eastern Ry. A Power C o________________ 121
Cohoes R y.— See United Traction C o________ 2
Colorado Springs Electric C o.— See United Gas
A Electric C o______________________________ 84
Colorado Springs Light A Power Co.— See
United Gas A Electric C o __________________ 84
Colorado Springs A Interurban R y ___________ 31
Colorado Springs Light. Heat A Power C o.—
See United Gas A Electric__________________ 84
Columbia Canal C o.— See Columbia R y. Gas
A Electric C o_____________________________ 31
Columbia Elec. L t., Ht A Power— See Lan.
Co. R y. A L t_______________________________60
Columbia <S. C.) Elec. St. Ry., Light A Power
— See Columbia Ry., Gas A E lectric._____ 31
Columbia Gas Co.— See Lancaster County
R y. A Light________________________________60
Columbia A Montour Electric R y ________
136
Columbia A Montour Elec. C o.— See Lehigh
Power Securities C orp____________________ 3
Columbia R y.— See Wash. Ry. A Elec. C o_ 127
_
Columbia (S. C .) Ry., Gas A Elec. C o_______ 31
Columbia R y ., Gas A Elec. Securities C o.—
See Col. R y., Gas A Elec. C o______________31
Columbus Buckeye Lake A Newark Traction
— See Columbus Newark A Zanesville______ 33
Columbus Delaware A Marion Elec. R R .— See
Col. Delaware A Marion Elec. C o_________ 34
Columbus Delaware A Marion Elec. C o_______ 84
Columbus Delaware A Marlon Ky.— See Co
lumbus Delaware A Marion Electric C o ____34
Columbus Ed. Co. -See Col. Ry . P. A Lt. Co. 32
Columbus (Ga.) Electric C o.— See Columbus
Electric A Power C o_______________________32
Columbus Electric A Power C o_______________ 32
Columbus Grove City A Southwestern R y.—
See Indiana Columbus A Eastern__________ 33
Columbus Kentou A Toledo Traction________ 136
Columbus London A Springfield Ky.— See In
diana Columbus A Eastern________________ 33
Columbus Marion A Bucyrus Rv C o______. 64
Columbus New Albany A Johnstown Trac. Co.
— See Columbus R y ., Power A Light______32
Columbus iNewartt & Zanesville Elec. Ky . . . . 33
Columbus A Ninth Ave. R R .—See N Y. R ys. 79
Columbus Northern R y., Power A Equipment.
— See Columbus Delaware A Marion El. C o. 34
Columbus Power Co.— See Colum. Elec. A
Power C o----------------------------------------32
Columbus (G.) R R .— See Columbus Elec. A
Power C o________________________________ 32
Columbus Ry.—-See Colum. Ry., P. A L. C o. 32
Columbus Railway, Power A Light C o________ 32
Columbus St Ry.— See Col R y .. Pow. A Lt__ §2
Columbus Traction Co.— See Col. Ry. Pow.
A Lt. C o__________________________________ 32
Columbus Urbana A Western R y____________136
Commonwealth Power. Ry. A Light C o______ 45
Commonwealth Avenue St. R y.— See Eastern
Massachusetts Street Ry. C o_______________ 12
Commonwealth Power Co.— See Common
wealth Power Corp. in “ Railway A Indus
trial’ ’ Supp. M ay 1924.
Commonwealth Power Corp.— See "Railway A
Industrial” Supp. M ay 1924.
Commonwealth Rower Co. of Nebraska.— See
Lincoln Traction C o________________________ 61
Compton Heights Union Depot A Merchants'
Terminal R y.— See United Railways C o -...1 1 3
[V ol. 118,
Page.
Concord Maynard A Hudson Street R y _______ 49
Concord Street R y ___________________________ 34
Coney Island A Brooklyn R R ________________ 16
Coney Island A Gravesend— See Bklyu M T. 14
Conestoga Realty C o.— Se Lancaster County
R y. A Light C o____________________________ 60
Conestoga Traction—See Lan. Co. Ry. A Lt. 60
Connecticut Company _ _________
76
Connecticut Lighting A Pr.— See Connecticut
Ry. A Lighting C o_________________________ 77
Connecticut Ry. A Lighting__________________ 77
Connecticut Valley Street R y________________ 49
Oonnellsville Suburban Street R y.— See West
Penn Railways C o ________________________ 105
Oonchohocken R y.— See Schuylkill Val. Trac. i l l
Consol. Elec. Light Co. of Maine.— See Cum
berland County Power A Light C o________ 107
Consolidated Gas Co of Pittsburgh__________104
Consolidated Lt Hr A Power C o.— See Amer.
Electric Power C o _________________________ 93
Consolidated Power A Light C o______________ 95
Consolidated Railway Co. —See Conn. C o____76
Consolidated Rv A Pow.— See Utah Lt. A Tr.115
Consolidated Railways, Light A Power— See
Tidewater Power C o______________________ 130
Consolidated Lighting C o.— See Montpelier A
Barre Light A Power C o __________________ 9
Cons. Secur A Inv Co — lee Den Tram C o. 36
Con. Sub. St. R y.— See West Penn Rys. C o ..105
Consolidated Traction of New Jersey_________ 75
Consolidated Traction of Pittsburgh Pa____ 108
Constantine Hydraulic C o.— See Michigan
Gas A Electric C o__________________________ 54
Consumers Light, Heat A Power C o.— See
United Electric Co. of New Jersey_________ 71
Consumers' El. Lt. A Pow. Co. (New Orleans) 85
Consumers’ Power Co __________ . . ______ 45
Consumers’ Water A Light C o.— See 111. Pow.
A Lt. Corp_______
20
Continental Passenger R y.— See Supp. Oct. 27
1923.
Conway (Mass.) Elec. St. R y _______________ 136
Copley Egypt A Iront ,n St. R y.— See Lehigh
Valley Transit____________________________
3
Oornlna A Painted P ut. Street Ry__ ________ 34
Oorry-Deavltt-Frost Electric C o.— See Mont
pelier A Barre L. A P. C o________________ 9
Cortland County Traction___________________ 35
County Traction Co. (Chicago)— See Chicago
A West Towns R y_________________________ 26
Crawford County Railways C o_______________ 41
Oreston Wlnterset AOes Moines R R _________ 136
Orosstown St. Ry. (Buffalo)— See Inter. R y .. 18
Crosstown St.— See Columbus Ry.,P ALt. Co. 32
Crown Point Elec. Co.— See Inter-State Pub
lie Service C o_____________________________ 54
Cumberland County Power A Light C o______ 107
Cumberland Electric R y_____________________136
Cumberland (N. C.) Ry. A Power C o.— See
Cape Fear Rv, Inc________________________ 136
Cumberland Traction C o_____________________98
Cumberland A Westernport Electric R y. C o._ 87
rvallas Electric Term.— See Dallas Ry. C o .. 35
alias Interurban Terminal Association.—
See Dallas Railway C o____________
35
Dallas Northwestern Traction C o____________ 136
Dallas Power A Light C o_________ _________ 35
Dallas Railway C o ___________________________ 35
Dallas Southwestern Traction C o___________ 136
Danbury (Conn.) A Bethel Street R y________ 36
Danville Champaign A Decatur R y. A Lt. Co.
— See 111. Pow. A Lt. Corp_________________ 20
Danville Consumers’ Coal Co.— See 111. Pow.
A Light Corp_______________________________20
Danville A Eastern Illinois R y.— See 111. Pow.
A Lt. Corp_________________________________ 20
Danville A Northern— See 111. Pow. A Lt. Corp. 20
Danville A Southeastern R y.— See 111. Pow.
A Lt. Corp_________________________________ 20
Danville (111.) Street R y. A Light— See 111.
Pow. A Lt. C orp___________________________ 20
Danville (Va.) Traction A Power C o__________136
Danville Urbana A Champaign R y.— See 111.
Trac
Inc
20
Darby Media A Chester Ry.— See Phila. R. T . 97
Darby A Yeadon St. R y____________________ 98
Dayton Covington A Piqua Traction_________ 36
Dayton A Northern Traction Co.— See Indiana
Columbus A Eastern_______________________33
Dayton A Soldiers' Home RR.— See City R y . 36
Dayton Springfield A Urbana Electric Ry.—
See Ind. Colum. A Eastern___ . . . . . ____ 33
Dayton Springfield A Xenia Southern______ 36
Dayton (O.) Street Ry.— See City R y________ 36
Dayton Traction.— See Cin. A Dayton Trac_33
Dayton A Troy Electric______________________36
Dayton A West. Trac_____________________
36
Decatur Gas A Elec.— See 111. Pow. A L t. Corp. 20
Decatur Railway A Light Co.— See 111 Pow.
A Lt. Corp_________________________________ 20
Decatur Trac. A Elec.— See 111. Pow . A L t. C orp. 20
Dedham (Mass.) A Franklin Street R y _______ 136
De Kalb County Gas Co.— See 111. No. Util. Co. 39
De Kalb-Sycamore Elec.— See Union R y.. Gas
A Electric_________________________________45
De Kalb Sycamore A Interurban Trac.— See
Union R y., Gas A Electric_________________ 45
Delaware County A Philadelphia Electric R y . 96
Delaware A Maryland Trac. Securities C o_ 136
_
Delta Light A Traction C o__________________ 136
Demerara Electric C o., Ltd.. Halifax_______ 136
Denison A Sherman Ry.— See Texas Elec. R y . 34
Denver City Tramway.— See Denv. Tram. Co. 37
Denver Consol. Tram.— See Denver Tram. Co. 37
Denver A Inter-Mountain_____________________37
Denver A Northwestern R y__________________ 37
Denver Realty Co.— See Denver Tram. C o— 35
Denver Tramway System_____________________37
Denver Tramway C o____________________
37
Denver Tramway Pow. Co.— See Denver
Tram. C o__________________________________ 37
Denver Tramway Terminals Co.— See Denver
Tramway C o_______________________________37
Depew A Lancaster Ry. Corp________________ 18
Des Moines A Central Iowa Electric C o_______ 21
Des Moines, Central Iowa R R ________________ 38
Des Moines City R y _________________________ 37
Des Moines Electric Co.— See Des Moines A
Central Iowa Electric C o _________________
Des Moines St. RR.— See Des M City R y_ 37
_
Des Moines Sub. R y.— See Des M . City R y ._ 37
Detroit Alruont A Northern R R ______________39
Detroit Electric Ry.— See Detroit United R y. 38
Detroit A Flint.— See Detroit United R y ____ 38
Detroit Fort Wayne A Belle Isle Ry — See
Detroit United R y _________________________38
Detroit A Highland Park R R .—See Detroit
United Ry_________________________________ 38
Detroit Jackson A Chicago___________________ 39
Detroit A Lake St. Clair Ry.— See Detroit A
Port Huron Shore Line R y ____________
38
Detroit Monroe A Toledo Short Line R y______ 39
Detroit A Northw.— See Detroit United R y _38
Detroit Pontiac A Owosso R y ______________ -136
A pril, 1924.]
Pool.
Page.
Detroit S Pontiac R y.— See Det. United R y _38
c
Everett R y. Lt. S Water Co.— see Puget Sound
c
Detroit S Port Huron Shore Line___________ 38
c
Power S Lt. C o __________________________ 119
c
Detroit R y.— See Detroit Electric R y _______ 38
Detroit Rochester Romeo S Lake Orion.— See
c
Ipalr Haven S Westvllle R R .— See Conn. Oo_ 76
c
Detroit S, Flint R y _________________________ 38 ■ airmont^c Clarksburg Trac Co —SeeMononc
Detroit United Ry. (with map)_______________ 38
gahela West Penn Public Service__________41
Detroit Ypsllantl Ann Arbor S Jackson R y.—
c
Fairmont & Manmagoori
fraction —See
See Detroit Jackson S Chicago R y _________ 39
c
Monongahela West Penn Public Service____41
Dlghton Somerset S Swansea Street R y .— See
c
Falrmount Para & Haddington t*ass Kv.—
Eastern Massachusetts Street R y. C o_______ 12
See Hestonville Mantua & Fairmount in
Dixie Terminal Co.— See Cincinnati Newport
Supp. Oct. 27 1923.
& Covington______________________ ______ 35 Fairmount Park Transit Co__________ _____ 96
Dixon Rock Falls S Southwestern R y _______ 136 Farmington Street R y.— See Conn. Co______ 76
c
Dominion Power S Transmission C o _______ 131 Fayetteville (N. C.) Light & Power C o______ 136
c
Dominion Traction Sc Lighting C o., L td_____ 136 Federal Light S Traction Co_______ ______ _ 82
c
Dover Gas Light C o.— See Twin States Gas S
c
Federal Street S Pleasant Valley R y_________ 102
c
Electric C o_________________________________17 Felicity S Bethel R R .— See Cin. Georgetown
c
Dover Somersworth at Rochester______________ 51
& Portsmouth_____________________________ 28
Doyles town S Willow Grove R y______________ 98 Ferries S Cliff House R y.— See Market St. R y .l l t
c
c
Dry Dock East Broadway at Battery R R ____81
Findlay Street Ry.— See Toledo Bowling Green
Du Boia Electric Sc Traction C o______________ 39
S Southern Traction______________________ 125
c
Duluth Street R y .— See Duluth-Superior Trac. 39 Fishkill Electric R y __________________________ 42
Dubuque Electric Co_________________________ 39 Fitchburg S Leominster Street R y ____________42
c
Duluth-Superior Traction____________________ 39 Flint Gas C o.— See Consumer Power Co______ 45
Dunkirk at Fredonia R R .— See Buffalo at Lake
Flushing < College Point Elec. R y.— See N. Y.
&
Erie Traction C o__________________________ 17
S Queens C o_______________________________62
c
Duquesne Light C o_________________________ 104 Fonda Johnstown S Gloversville R R .— See
c
Duquesne Traction_________________________ 103
“ Railroad and Industrial" Section—
Durham Public Service C o___________________ 87 Fond du Lac St. Ry. & Light.— See Eastern
Durham Traction Co.— See Durham Public
Wisconsin Electric Co_____________________ 120
Service C o_________________________________87 Forest City Street R y.— See Cleveland R y ____29
Fort Dodge Des Moines S Southern R R .— See
c
E'ast Cleveland R y.— See Cleveland R y ______ 29
“ Railway and Industrial" Section
■-'astern Massachusetts Street Railway C o_ 12
_
F t . George &Eleventh A v e. R R .— SeeN.Y . R ys. 79
Eastern New Jersey Power C o_______________ 5 Fort Pitt Traction— See Consol. Trac. (P itts.j.103
Eastern Pennsylvania Power & Railway— See
Fort Scott & Nev. Lt.. Ht., W. & p .C o______ 136
East Penn Electric C o____________________ 109 Fort Smith Light & Traction Co. _________ 42
Eastern Power S Light Corporation__________110 Fort Wayne & Decatur Traction C o__________ 36
c
Eastern Texas Electric C o__________________ 10 Fort Wayne Marion S Buffton T y. Co.—
c
Eastern Texas Traction C o_________________ 136
See Indiana Service Corp__________________42
Eastern Wisconsin Electric Co_______________ 120 Fort Wayne S Northern Indiana Traction
c
Eastern Wisconsin Ry. S Light Co.— See East
c
— See Indiana Service Corp._______________ 42
ern Wisconsin Electric C o ________________ 120 Fort Wayne S Northwestern R y _____________136
c
East End Traction C o________________________84 Fort Wayne Power C o.— See Indiana Service
East Jersey St. R y.— See Public Service R y _74
Corp______________________________________ 42
East McKeesport Street R y_________________ 103 Fort Wayne Traction Co.— See Indiana
East Middlesex Street R y ___________________ 13
Service Corp______________________________ 42
East Newark Gas Light______________________74 Fort Wayne Van TOlirt S Lima Traction C o_ 33
c
_
East Penn Electric C o_______________________ 109 Fort Wayne S Wabash Valley Trac. Co.
c
East Reading Elec. R y.— See Reading T ra c..111
— See Indiana Service Corp_______________ 42
East St. Louis Light S Power Co.— See East
c
Forty-Second St. S Grand St. Ferry R R ____80
c
St. Louis S Suburban Co__________________ 40 Forty ^Second St. Manhat. S St. Nich. Ave. Ry. 82
c
c
East St. Louis S Suburban C o________________ 40 FostoSa (O.) & Fremont R y __________________ 43
c
East Shore S Suburban R y.— See San Franc
Fox River Valley Electric C o.— See Wise.
cisco-Oakland Terminal Rys________________ 89
Tract.. Light. Heat & Power C o ___________66
East Side Traction C o.— See N.Y.State R ys_112 Framingham Southboro & Marlboro Street
Easton Consolidated Electric C o_____________ 4
R y.— See Boston & Worcester St. R y _____14
Easton Palmer & Bethlehem Elec. R y.— See
Framingham Union Street R y .— See Boston S
c
Easton Consolidated Electric______________ 4
Worcester Street R y._ _______
14
Easton & South Bethlehem Trans. C o.— See
Frankford & Southwark Phila. City Pass. R y.
Easton Consol. Electric C o______________
4
— See Supp. Oct. 27 1923.
Eau Claire Gas Light C o.— See Wlsc.-Minn.
Fraq&ford 1'acony S Hoiraemurg R y _________ 99
c
59 FraiUjlin Water, Light S Power— See Inter
Light S Power C o ___________
c
c
Edison Elec. C o.— See Lan. Co. Ry. S L t___60
c
state Public Service______________________ 54
Edison Elec. Illuminating— See Lane. Co.
Frederick Gas S Electric Co.— See Potomac
c
R y. & L t-----------------60
Edison C o________________________________ 50
Edison Electric Illuminating— See Paterson S
c
Frederick S Middletown R R .— See Potomac
c
Passaic Gas S Electric_______
c
74
Edison C o_________________________________50
Edison Electric o f New Orleans.— See New
Frederick RR.-—-See Potomac Edison C o______ 50
Orleans Public Service Inc_________________ 78 Freeport Ry. S Lt. C o.— See 111. Nor. Util.
c
Eighth Avenue R R __________________________ 79
Co......... ...................
39
Electric City R y.— See Internal. R y. C o______ 18 Freeport R y., Light S Power C o.— See 111.
c
Electric Co. of N . J __________________________ 96
Nor. Utilities C o................................................. 39
Electric Devel. Co.— See Toronto Power C o ..135 Fresno City R y.— See Fresno Traction Co____43
Electric Properties Corp. (N . Y .) ____________ 136 Fresno Interurban R y_______________________ 136
Electric Railway Securities C o________________ 45 Fresno Traction C o__________________________ 43
Electric Short Line R y ______________________ 136 Fries Mfg. S Pow. Co.— See So Pub.Ut.il Co. 22
c
Electric Traction (Philadelphia, P a.).— See
Front S 5th St. R y .— See Read. Tr. Sc Light_110
c
Supp. Oct. 27 1923.
Frontier Electric R y________________________ 136
Elgin Aurora S Southern Traction.— See Au
c
Frostburg Eckhardt S Cumberland Elec. Ry.
c
rora Elgin & Chicago_______________________ 22
— See Cumberland S Western port El. Ry_ 87
c
Elizabeth Plainfield Sc Central Jersey.— See
Frostburg Illuminating & Mfg. C o.— See Po
United Street R y__________________________ 75
tomac Edison C o__________________________ 50
Elizabeth S Raritan River Street R y.— See
c
Fulton Elevated.— See Bklyn. M an. Transit
14
United Street R y__________________________ 75
Elizabeth S Trenton R R ______________________ 76 fjainesville Ry. Sc Pow. C o.— See Georgia Ry.
c
Elizabethtown S Florin Street R y.— See Lan
c
D
S Power Co________________
c
6
caster County Ry. S Light C o_____________ 60 Galesburg Gas & El. Co.— See 111. Pow. S
c
c
Elmira Water, Light S Railroad______________ 40
c
Lt. Corp___________________________________ 20
El Paso Electric C o__________________________ 40 Galesburg S Kewanee Electric R y _____________ 58
c
67
El Reno Interurban R y.— See Oklahoma R y
90 Galesburg & Western R R _________
Elwood Electric.— See Union Trac. of Indiana. 5 Galesburg R y., Ltg. & Pow. Co.— See 111.
Elyria Grafton S Southern.— See Cleveland
c
Power & Light Corp________________________ 20
South Western S Columbus R y ____________29 Gallipolis (O.) & Northern Trac. C o________ 136
c
Elyria S Oberlin.— See Cleve. S. W. S Col. __ 29 Galveston Elec. C o.— See Galv.-Hous. El. Oo_ 43
c
c
Galveston-Houston Electric C o_______________ 43
Empire Passenger R y.—-See Supp. Oct. 27 ’23.
Empire State Railroad Corporation__________124 Galveston-Houston Elec. R y.— See GalvestonHouston Elec. C o_______________________
43
Englewood Gas & Electric— See Gas & Elec
c
tric Co. of Bergen County__________________ 74 Gardner Westminster S Fitchburg St. R y.—
Ephrata S Adamstown R y.— See Lancaster
c
See Northern Massachusetts Street R y ____49
County R y. S Light C o____________________60 Gary Connect. Rys.— See Gary St. R y. Corp. 44
c
Ephrata S Lebanon Street R y _______________ 136 Gary & Hobart T ra ction ____________________136
c
Equitable Coke C o.— See Philadelphia C o____100 Gary & Southern Traction C o______________ 136
Erie Cambridge Union & C on y R y ___________ 136 Gary & Interurb. R y.— See Gary St. R y. Corp. 44
Erie S Central Pennsylvania R y _____________ 136 Gary Street R y.— See Gary Street Ry. Corp_44
c
Erie County Traction Corp__________________ 18 Gary Street Railway Corporation_____________44
Gary S Valparaiso___________________________ 44
c
Erie Electric M otor C o.— See Buffalo Sc Lake
Erie Traction C o_________________________ 17 Gas S Electric Co. of Bergen County_________ 74
c
Erie Rapid Transit Co.— See Buffalo S Lake
c
Gas Light Co. of New Brunswick— See New
Brunswick Light, Heat S Power____________74
c
Erie Traction C o__________________________ 17
Erie Traction Co.— See Northw. Penn. R y ___41
Geary St. Park & Ocean R R _________________ 136
Erie Southern R y___________________________ 136 Geneva Seneca Falls & Auburn RR. C o., Inc__ 44
Escanaba (Mich.) Traction Co_______
41 Georgetown & Lexington Traction Co.— See
Kentucky Trac. S Term___________________ 61
c
Essex S Hudson Gas Co__________________
c
74
c
Evanston R y _________________________________26 Georgetown Rowley S Ipswich— See Eastern
Massachusetts Street R y ________________ 12
Evansville & East. Elec. R y.— See Evansville
c
S Ohio Rys. C o___________________________ 41 Georgetown S Tenallytown R y.— See Wash.
c
Ry. S Elec________________________________127
c
Evansville Electric Ry.— See Commonwealth
Georgia-Carolina Invest. Co.— See AugustaPower Corp. in “ Railway and Industrial”
Supp. M ay 1924.
Aiken R y. & Elec. Corp______ _____________ 8
Evansville Gas & Electric Co.— See Common
Georgia-Carolina Power Co.— See AugustaAiken R y. & Elec. Corp___________________ 8
wealth Power Corp. in “ Railway and Indus
trial” Supp. M ay 1924.
Georgia Elec. Light Co.— See Ga. R y. S E lec. 6
c
Evans. Hend. & Owensboro— See Ev.&O.Ry_ 41 Georgia Light, Power & Railways_____________ 63
Georgia Railway S Electric C o_____________
c
6
Evansville Light Co.—-See Commonwealth
Power Corp. in “ Railway and Indistrial”
Georgia Ry. S Power C o____________________
c
6
Supp. M ay 1924.
Germantown Passenger R y.— See Supp. Oct.
Evansville & M t. Ver. Elec. R y.— See Evans
27 1923.
ville & Ohio Rys. C o_____________________ 41
Glendale S Montrose R y ___________________ 136
c
Evansville & Ohio Valley R y ________________ 41
Glens Falls Sandy Hill S Ft. Edward Street
c
Evansville & Princeton Traction C o.— See
RR — See Hudson Valley R y ______________ 3
Globe Street R y.— See Eastern Massachusetts
Commonwealth Power Corp. in “ Railway &
Industrial” Supp. M ay 1924.
Street R y ---------------------------------------------------12
Evansville Public Service Co.— See Common
Gloucester Essex & Beverly— See Eastern Mas
wealth Power Corp. in “ Railway & Indus
sachusetts Street R y_______________________ 12
trial” Supp. M ay 1924.
Gloucester & Rockport.— See Eastern Massa
Evansville & Southern Indiana Traction C o.—
chusetts Street R y __________________________12
See Commonwealth Power Corp. in “ Rail
Gloucester Street R y.— See Eastern Massa
chusetts Street R y __________________________12
way & Industrial” Supp. M ay 1924.
Evansville Suburban S-Newburgh K y____ _
c
41 G off’s Falls Lltch. S Hud.— See M an. Trac.
c
Evansv. Term. R y.— See Evans. & Ohio Val
Light & Power____________________________ 64
R y. C o____________________________________ 41 Goldsboro (N . C.) Electric R y. C o___________136
Everett R y. & Electric.— See Puget Sound
Goshen South Bend & Chicago R R .— See Gary
Power & Lt. C o___________________________119
Street R y. Corp____________________________ 47
Exeter Hampton S Amesbury St.R y _________ 136 Gough Street R y.— See Market Street R y ___ 114
c
139
IN D EX TO RAILW AYS
Paoe.
Grafton S Upton R R .— See Milford S Ux
c
c
bridge St. R y _________________
85
Grand Rapids Ed. C o.— See Oonsun .P iw .C o. 45
Grand Rapids Grand Haven k Mu lcegm R y . 48
Grand Rapids Holland S Chicago R y.— See
c
Michigan R R _________________
45
Grand Rapids Holland & Lake Michigan R y .
— See Michigan RR.
Grand Raplds-Muskegon Power C o.— See Con
sumers' Power C o__________________________ 45
Grand Rapids Railway_______________________ 46
Grays Harbor Ry. S Light Co.— See Federal
c
Light S Traction Co ______________________82
c
Green Bay Gas S Electric Co.— See Wisconsin
c
Public Service Corp________________________ 49
Green Bay Trac. C o.— See Wise. Pub. Ser.Corp.49
Greene & Coates Sts. Philadelphia, Pass. Ry_
— See Supp. Oct. 27 1923.
Greenfield Deerfield S Northampton St. R y.
c
— See Connecticut Valley Street R y ________ 49
Greenfield S Turner's Fab* Street R y .— See
c
Connecticut Valley Street R y ______________ 49
Greenpoint & Lorimer St.— See Bklyn. M an.
Transit______________________________
14
Greensboro Electric C o .—be* North Carolina
Public Service C o__________________________ 50
Greenville-Carolina Power C o.— See Southern
Public Utilities C o_________________________ 22
Greenville Spartanburg S Anderson R y .— See
c
Piedmont S Northern R y __________________ 22
c
Greenville (S. O.) Traction C o.— See Southern
Public Utilities C o __ :______________________ 22
Greenwich S Schuylersvllle Electric R R .— See
c
Hudson Valley R y ______________________— 3
Greenwich Tramway C o.— See Connect't C o_76
Groton S Stoniugton St. R y.— See Shore Line
c
Electric R y ________________________________89
Groton & Stonington Traction C o_____________89
Gulfport S Mississippi Coast Traction Go___50
c
Guthrie-Edmond R y.— See Oklahoma R y _____ 90
ackensack Gas S Electric Co.— See Gas
c
& Electric Co of Bergen County________ 74
Hackensack Gas Light C o.— See Gas S Elec
c
tric Co. of Bergen County__________________ 74
Hagerstown & Boonsboro Ry.— See Potomac
Edison C o _________________________________50
Hagerstown & Frederick R y.— See Potomac
Edison C o_________________________________50
Hagerstown S Myersville R y.— See Potomac
c
Edison C o_________________________________50
Hagerstown & Northern R y.— See Potomac
Edison C o_________________________________50
Hagerstown L. & H Co. of Wash. C o.— See
Lehigh Power Securities C orporation.,_______ 3
Hagerstown R y.— See Potomac Edison C o---- 50
Halifax Electric Tramway.— See Nova Scotia
Tramways S Power C o___________________ 131
c
Hamburg R y . C o.— See Buff. S L. Erie T rac._ 17
c
Hamilton. Cat., Power Light & Tr. Co.— See
Dominion Power & Transmission C o ______ 131
Hamilton Elec. Lt. S Pow. Co.— See Domin
c
ion Power S Transmission C o._____________ 131
c
Hamilton Grimsby S Beansville R y.— See
c
Dom. Pow & Trans C o ___________________ 131
Hamilton S Lindenwald Electric Trans.— See
c
Cincinnati S Dayton Traction______________33
c
Hamilton St. R y.— See Dom. Power S T . Oo__131
c
Hammond Whiting S East Chicago R y _______ 24
c
Hampton & Langley Field Ry.— See Newport
News & Hamp. R y., Gas S Elec. C o_______ 50
c
Hampton Roads Trac. C o.— See Newp. News
S Hampton Ry . Gas S Electric C o________ 50
c
c
Hannibal Ry. S Electric C o_________________ 136
c
Hanover S McSherrytown Street R y __________51
c
Harrisburg Electric Service C o.— See United
Gas & Electric Corporation__________
84
Harrisburg Lt., Ht. & Power— See Harrisburg
Light & Power_____________________________ 84
Harrisburg Light & Power C o________________ 84
Harrisburg & Mechanicsburg Electric R y.—
See Valley Railways C o____________________51
Harrisburg Railways_________________________ 51
Hartford Manchester S Rockville Tramway.
c
— See Connecticut C o______________________ 76
Hartford S Springfield Street R y ____________125
c
Hartford Street R y.— See Connecticut C o _____ 76
Harwood Electric C o.— See Lehigh Power
Securities Corporation____________________
3
Hattiesb, T r. C o.— See Meridian L t. Sc R y C o, 87
Havana Electric Ry. (Cuba).— See Havana
Electric R y., Light S Power______________ 131
c
Havana Electric R y.. Light & Power C o_____ 131
Haverhill S Amesbury Street R y .— See New
c
Hampshire Electric Railways_____________ 51
Havervill S Andover.— See Eastern Massa
c
chusetts Street Ry. C o _____________________ 12
Haverhill Georgetown S Danv.— See Eastern
c
Massachusetts Street Ry. C o ---------------------- 12
Hazleton Steam Heating C o.— See Lehigh
Power Securities Corporation__________ __ 3
Hawks Elec. Co.— See Inter-State Pub. Serv._ 54
Helena Light & Railway C o__________________ 52
Henderson Trac. C o __________________________ 41
Herkimer Mohawk Elion S Frankf. Elec. R y.
c
— See New York State Railways___________112
Hestonville Mantua & Fairmount Pass. R y.—
See Supp. Oct. 27 1923.
Hocking-Sunday Creek Traction_______
136
Holyoke Street R y ___________________________ 52
Honolulu Rapid Transit & Land C o__________131
Hoosac Valley Street Railway.— See Berkshire
Street R y __________________________________ 77
Hoosick Falls R R .— See Vermont C om pany.. 77
Hoosick Falls Illuminating C o.— See Twin
States Gas & Electric C o____________________17
Hoosick Falls Electric C o.— See Twin States
Gas & Electric C o ________________________ 17
Horneli (N. Y.) Traction C o________________ 136
Hot Springs St. Ry —See Cent.Ark. Ry & L t. 82
Houghton County Gas & Coke C o.— See Michi
gan Gas S Electric C o______________________54
c
Houghton County Gas & Electric— See Michi
gan Gas & Electric_________________________ 54
Houghton County Street R y. (M ich.).— See
Houghton County Traction C o _____________ 52
Houghton County Traction C o _______________ 52
Houston Elec. C o.— See Galv.-Hous. Elec. Co. 43
Houston Gas & Fuel C o_______________________ 85
Houston Lighting & Power Co. (1905).— See
National Power & Light C o_________________ 79
Hudson County Gas C o _______________________ 74
Hudson River S Eastern Traction C o_________ 91
c
Hudson River Traction C o.— See N . J. & Hud
son River Ry. S Ferry C o_________________ 76
c
Hudson Valley R y __________________________ 3
Huntington S Charleston R R .— See Ohio
c
Valley Electric Ry C o _____________________96
Huntington (L. I.) Traction C o____________ 136
H
Power Co.— See
Idaho-Washington Light Sc Co. System_____121
The Wash Water Power
Illinois Cent. Trac. C o.— See 111. Trac., Inc_ 21
_
Illinois Northern Utilities C o_______________ 39
Illinois Power & Light Corp__________________ 20
140
Pagi.
Illinois Power Co.— See in “ Railway and In
dustrial” Supp. M ay 1924.
llinois Traction C o___________________________ 20
Illinois Traction, Inc_____________ __________21
UllnolsValley Gas & Electric.— See ‘ ‘‘Railway &
Industrial" Section.
Illinois Valley Ry. C o.— See Chicago Ottawa
& Peoria___________________ ______ . ___ ___ 21
Independence Neodesha & Topeka R y _______ 136
Indiana Northern Traction Co.— See Union
Traction Co. of Indiana__________________ 4
Indiana Columbus & Eastern Traction C o____33
Indiana Public Service— See Inter-State Public
Service____________________________________ 54
Indiana Rys. & Light (Kokom o)______________ 59
Indiana R y.— See Chicago South Bend *
Northern Indiana R y _____________________ 121
Indiana Service Corp_______________________ 42
Indiana Union Traction C o.— See Union Trac.
C o. o f Indiana____________________________ 4
Indianapolis Chicago & Meridian R y ________ 136
Indianapolis Sc Cincinnati Traction C o________ 54
Indianapolis Coal Trac. C o.— See Terre Haute
Ind. & Eastern____________________________ 54
IndianapolisOolumbus&Southern Traction C o. 32
Indlanap. Orawfordsv & Danv. Elec R y _____ 53
Indianapolis Sc Eastern R y. C o.— See Terre
Haute Ind. & East Traction C o ____________ 52
Indianapolis S Greenfield Rapid Transit— See
c
Terre Haute Indlanap. & Eastern Trac. Co. 52
Indianapolis S Louisville Trac. R y .— See
c
Inter-State Public Service C o_______________ 54
Indianapolis S Martinsville Rapid Transit Co 53
c
Indianapolis Newcastle & Eastern Trac. G o_
_ f
Indlanap. Newcastle S Toledo El. R y .— See
c
Ind. Newc. S East. Trac. C o______________ 5
c
Indianapolis Northern Traction C o.— See
Union Traction Co. o f Ind________________ 4
Indianapolis S Northwestern Traction C o_____ 53
c
Ind. Shelbyville S Southeastern Traction Co.
c
— See Ind. S Cin. Traction C o______________ 54
c
Indianapolis S Southeastern Traction C o.—
c
See Ind. S Cin. Traction___________________ 54
c
Indianapolis Street R y ________________________ 53
Indianapolis Trac. & Term C o.— See Indian
apolis Street Railway____________________ 53
Inland Empire R R . C o ____________________ 121
Interborough Rapid Transit C o.— See “ Rail
way and Industrial” Section.
Inter-Mountain R y.— See Denver S Interc
Mountain R R _____________________________ 37
International Railway______________________ 18
Internat. Trac. C o.— See International R y
18
International Transit Co. (Sault Ste. M a r ie )..136
Inter-State Consolidated Street R y ___________123
Inter-State Public Service C o________________ 54
Inter-State Railways C o______________________ 98
Inter-Urban R y. (Des Moines)— See Des
Moines & Central Iowa R R _______________ 38
Interurban R y. S Terminal C o_______________ 28
c
Iola (Kansas) Electric R y ___________________ 136
Iowa City Gas & Elec. C o.— See Tri-City R y.
& Light C o_________________________________ 48
Iowa City Lt. Sc Pow. C o.— See Tri-City Ry
& Light C o ________________________________ 48
Iowa S Illinois R y. C o.— See Tri-City R y.*L t.48
c
Iowa Railway S Light C o_____________________ 19
c
Iowa Southern Utilities C o___________________ 20
Ironwood S Bessemer R y. S L t_______________ 54
c
c
Irwin-Herminle Traction C o _________________ 136
Ithaca Street R y.— See Ithaca Trac. Corp_____ 55
Ithaca Traction Corp_________________________ 55
Traction Co — See
Jackson ConsolidatedRailway C o ____________46
Michigan Electric
Jackson S Battle Creek Traction C o.— See
c
Michigan United R ys_______ . ____________ 46
Jackson Gas Co!— See Consumers Power Co. 45
Jackson (Miss.) Lt. & Trac. C o.— See Jackson
Public Service C o_________________________ 55
Jackson (Miss.) Public Service C o_____________55
Jackson (Tenn.) R y. & Light C o______________ 55
Jacksonville (Fla.) Elec. Co.— See Jacksonv.
Traction C o________________________________ 55
Jacksonville Gas, Light S Coke C o.— See
c
Illinois Power & Light Corporation_______ 20
Jacksonville R y. & Lt. C o.— See 111. Power
& Light Corp_______________________________20
Jacksonville (Fla.) Traction C o_______________ 55
Jamaica & Brooklyn RR.— See B. M . T ______ 14
Jamestown Street R y ________________________ 55
Jamestown Westfield & Northwestern R R ____ 136
Janesville (Wis.) Traction Co.— See Union R y..
Gas & Electric_____________________________ 45
Jardin Botanico Tramway— See Brazilian Trac.
Light & Power C o_____________________
134
Jefferson Division— See Pennsylvania & Ohio
Traction C o______________________________
5
Jefferson & Lake Pontchartrain R y. C o.— See
New Orleans Public Service_________________ 78
Jersey Central Traction C o __________________ 58
Jersey City Sc Bergen R R .— See Cons. Trac. C o . 75
Jersey City Harrison S Kearney R y. C o.—
c
See Consolidated Traction of New Jersey____ 75
Jersey City Hob. & Pat.— See Pub. Serv. R y _74
Johnstown Pass. R y.— See Johnstown T r a c .. 56
Johnstown Traction C o_____________________ 56
Joliet R R .— See Chicago S Joliet Electric R y . 93
c
Joplin & Pittsburg R y. C o ___________________100
Kanawha Trc ctlon Sc Electric C o ____________ 92
anawhaV alley fraction Co.— See Charleston
Interurban R R ___________________________ 22
Kankakee Electric R y_______________________ 136
Kankakee Urbana Traction C o______________ 136
Kansas City, Clay County & St. Joseph_______ 57
Kansas City Elev. Ry.— See K . O. R ys----------- 56
Kansas City Kaw Valley S Western R y ----------- 57
c
Kansas City Leavenworth & Western R y --------57
Kansas City Light & Power Co.— See Kansas
City Power & Light C o_____________________57
Kansas City Power & Light C o_______________ 57
Kansas City Power Securities_____________ . 57
Kansas City Outer Belt S Elec. R y .— See
c
“ Railway & Industrial” Section.
Kansas City Railways C o ___________________ 56
Kansas City & Westport Beit R y.— See Kan.
City Rys.________________________________ 56
Kansas City-Western R y.— See Kansas City
Leavenworth & Western R y________________ 57
Kansas Electric Power C o___________________ 60
Kansas Electric Utilities Co.— SeeKansas
Electric Power C o_____________ ___________ 60
Keene (N. H.) Electric R y __________________ 136
Kennebunk El. Lt.— See Cumberland County
Power & Light____________________________ 107
Kenosha Elec. R y.— See Wise. Gas & Elec. Co. 66
Kentucky Securities Corporation_____________ 61
Kentucky Traction & Terminal C o____________61
Keokuk (Iowa) Electric C o__________________ 58
Keokuk Elec. R y. & Pow.— See Keokuk El. Co 58
Key West Electric C o________________________ 58
Kingsbridge R y _____________________________ 82
Kings C o. Elev.— See N . Y . Rap. Tran. C orp. 16
Kings Co. Traction— See Nassau Electric_____ 16
INDEX TO KAILW AYS
Page
Kingston City R R .— See Kingston Cons. R R . 58
Kingston Consolidated R R __________________ 58
Kittanning & Ford City— See West Penn R ys. 105
Knoxville Power S Light C o_______
c
58
Knoxville Traction— See Knox. Power S Lt.
c
C o________________________________________ 58
Kokomo Marion S Western Traction C o.— See
c
Indiana Rys. & Light______________________ 59
Kutztown & Fleetwood Street R y .— See
Allentown S Reading______________________ 4
c
f ackawanna Vail. Trac.— See Scranton R y .. 95
^ ack a. Sc W yo. Vail. Rap. Tr. C o.— See
Scranton S Wilkes-Barre Trac___________119
c
Lacombe S Blindman Valley Electric R y ____136
c
Laconia Street R y __________________________ 59
La Crosse City R y.— See Wise. R y. Lt. & P r. 59
Lafayette & Logansport Traction.— See Indi
ana Service Corp________________________ 42
Lafayette Street R y.— See Indiana Ser
vice Corp________________________________ 42
Lake Charles R y. Light Sc Water Works_____59
Lake Erie Bowling Green Sc Napoleon E lec.R y.136
Lake Erie & Northern R y ___________
136
Lake Erie Trac. C o.— See Buff. S L Erie .Trac 17
c
Lake Erie & Youngstown____________________136
Lake Roland Elevated— See United Rys. S
c
Electric Co. of Baltimore_________________
8
Lake Shore Electric (Cleveland)______________ 31
Lakeside R y ., Mahanoy City, Pa.— See
Schuylkill Traction______________________45
Lake Street Elevated R R .— See Chicago Rapid
Transit C o______________________________ 26
Lake View L. & Impt. C o.— See Canton-Akron
Cons. R y _______________________________ 2
Lake View Trac. C o.— See Memphis St. R y .. 64
Lancaster City R R .— See Lan. C o. R y. Sc Lt.
O o________________________________
60
Lancaster* Columbia— See Lane. O o.R y .& L t. 60
Lancaster County R y. Sc Lt. C o____________60
Lancaster* East. R y .— See Lane. Oo. R y .& L t. 60
Lancaster Mechanics burg & New Holland—
See Lane. Co. R y. & L t. Oo______________ 60
Lancaster Gas Light & Fuel Oo.— See Lan
caster County R y. & Light O o____________60
Lancaster Petersburg & Manheim—See Lan
caster Oo. R y. & L t. C o____________________60
Lancaster & Quarryville Street R y .—-See Lancaster Oo. R y. & L t. Oo__________________ 60
Lancaster & Rocky Springs R y .— See Lancas
ter Co. R y . & Lt. O o___________ - ___ _____ 60
Lancaster & Southern Street R y ___________ 136
Lancaster Trac. C o.— See Lane Oo. R y & Lt 60
Lancaster Willow St. Lam. S Stras. R y .— See
c
Lancaster Co. Ry. & Lt. C o________________ 60
ILancaster & York Fiiraaop Stmot R y _________ 60
Lansing & Jackson R y.— See M ich. Elec. R y.
C o _________________________________________46
La Porte & Mich. City R y .— See Chic. S. B.
* Nor. Ind. R y____________________ - ..........121
Las Vegas Transit Co.— See Fed. Lt & T r_. 82
Laurel Electric Power & Light Co.— See Laurel
Light & Ry. C o.............
60
Laurel Light & Railway Oo____________________60
Lawrence & Reading.— See Eastern Massa
chusetts Street R y. C o -------------------------------- 12
,Leav. Lt., Ht. & Power C o.— See United Gas
& Electric C o_____________________________ 85
Lebanon Htg. Co.— See Inter-State Public
Service C o_______________________________ 54
Lebanon Valley St. R y ______________________ 111
Lehigh Navigation Electric Co.— See Lehigh
Power Securities Corporation______________ 3
Lehigh Power Securities Corporation________ 3
Lehigh Traction_____________________________ 52
Lehigh Val. Trac.— See Lehigh Val. Tran. C o. 3
Lehigh Valley Lt. & Pow. Co.— See Lehigh
Power Securities Corp____________________
3
Lehigh Valley Transit <'o ____________________
3
Leominster & Clinton St. R y.— See New Eng.
Invest. & Sec. Oo_________________________ 122
Leominster Shirley & Ayer St. R y.— See Fitch
burg & Leominster Street R y_______________ 42
Lewisburg Milton & Watsontown Pass. R y ____ 65
Lewiston & Auburn Elec. L t. Co.— Bee An
droscoggin Electric Co_____________________108
Lewiston Augusta * Waterville St. R y.— See
Androscoggin & Kennebec R y _____________ 107
Lewiston Brunswick & Bath St. R y.— See
Androscoggin & Kennebec R y _____________ 108
Lewlston-flarkst.on Transit. C o______________ 136
Lewiston Connecting Bridge— See Int. R y ____ 18
Lewiston & Youngstown Frontier R y__________88
Lewistown & Keedsville Electric R y ___________60
Lexington Avenue & Pavonia Ferry R y.—
See New York Rys________________________ 79
Lexington & Boston St. R y.— See Middlesex
& Boston Street R y _______________________ 12
Lexington Ice Oo___________________
>exington & Interurban Rys.— See Kentucky
Securities Corporation______________________61
Lexington R y.— See Kentucky Trac. & Term- 61
Lexington Utilities Co________________________ 61
Lickins River Br C o.— See Cin. New. & C ov- 35
Lima City Street Railway C o_________________ 61
Lima Findlay S Toledo— See Western Ohio Ry 61
c
Lkna-Honeoye Electric Light & R R _________ 136
Lima-Honeove Falls Light & R R _____________136
Lima— Toledo Railroad C o __________________ 61
Lima & Toledo Trac. C o.— See Ohio Elec. R y . 32
Lincoln (111.) Ry. S Lt. Co___________________136
c
Lincoln (Neb.) Traction____________________ 61
Lindel! R y.— See United Rys. Co. of S t.L ou isll3
Linglestown & Blue M tn.— See HarrisburgRys. 51
Little Falls (N Y .) S Tohnstown R R .- _____ 136
r
Little Rock R y. & Elec. Co.— See Arkansas
Central Power C o__________________________ 62
Lockport Gas & Electric.— See United Gas *
Electric C o_________________________________ 84
Lockport Light, Heat & Power.— See United
Gas & Electric C o_________________________ 84
Lockport & Olcott— See Internat. R ys________ 18
Logan Rapid Transit Oo.— See Utah-Idaho
Central R R _______________________________115
Lombard & South Street Passenger R y .—
See Frankford & Southwark Phila. City
Passenger R y. in Supp. Oct. 27 1923.
Lonaconing Midland sc Frostburg R y.— See
Cumberland & Westernport________________ 87
London & Port Stanley R y __________________ 136
London (Canada) Street R y _________________ 132
Long Island Consol. Electrical Cos____________62
Long Island Electric R y.— See Long Island
Cons. Elec C os____
Long Island Trac.— See Bkln. Man. T ransit.. 14
Lookout Mori. Ry.— See Chatt. R y. & Lt. C o. 70
Lorain * Cleve. R R .— See Lake Shore E lec.. 31
LoraiD St R R .— See Lake Shore Elec. R y ____31
Loramie & Minster Electric R R ______________ 136
Los Angeles Hermosa Beach S Redondo— See
c
Pacific Electric R y ______________________ - 27
Los Angeles Pacific Co.— See Pac. Elec. R y _ 27
_
Los Angeles Pac. R R .— See Pac. Elec. R y ___ 27
Los Angeles R y.— See Los Angeles Ry. C o r p .. 63
Los Angeles R y. Corp________________________ 63
[V ol. 118.
Page.
Los Angeles & Pasadena Elec. R y.— See Pa
cific Electric R y ___________________________ 27
Los Angeles & Redondo R y.— See Pac. Electric
R y ..............................................
27
Los Angeles & San Diego Beach R y _________ 136
Los Angeles Trac.— See Los Ang. R y. Corp_ 63
_
Louisville & Interurban R y .— See Louisville
Railway___________________________________ 63
Louisville & Nor. R y. & Ltg. C o.— See InterState Public Service C o____________________ 54
Louisville Railway Company_________________ 63
Louisville & Southern Indiana Trac. Corp.—
See Inter-State Public Service C o____________54
Lowell & Fitchburg Street R y __________
8
Lowell Lawrence & Haver.— See Eastern
Massachusetts Street R y. C o______________ 12
Low Fare R y.— See Cleveland R y ._ __________ 29
Lynchburg Gas C o.— See Lynchburg Trac. *
Light Oo_________________
95
Lynchburg & Roanoke— See American Elec.
Power C o__________________________________ 93
Lynchburg Trac. & Light_____________________ 95
Lynchburg Water Power C o.— See Lynchburg
Traction & Light C o_______________________ 95
Lynn & Boston R R .— See Eastern Massa
chusetts Street R y . O o_____________________12
acon Electric & R y.— See Georgia Light,
Power & R ailw ays______________________63
Macon Gas Co.— See Georgia Light, Power &
Railways___________________________________63
Macon R y. & Light C o.— See Georgia Light,
Power & Railways_________________________ 63
Madison County Light & Power Co.— See 111.
Power & Light Corp------------------------------------ 26
Madison (Wis.) Railways Company___________64
Mahoning & Shenango R y. & Light Co. (with
map).— See Republic R y. & Light C o______ 83
Mahoning Val. S. E .— See Pennsylvania-Ohio
Electric C o_________________________________ 83
Manchester & Derry St. R y .— See Man. Trac.
Light & Power____________________________ 64
Manchester & Nashua St. R y.— See Mancb.
Trac., Light & Power C o__________________ 64
Manchester Traction. Light & Power Oo_____ 64
Manhattan Bridge (N. Y .) 3-Cent L in e -----------17
Manhattan City (Kan.) & Interurban R y ____ 136
Manhattan & Queens Traction Corporation_62
Manhattan R y.— See “ R y. & Ind. Section."
Manila Electric C o__________________________ 132
Manila Electric Corp________________________ 132
Manila Electric R R . & Lighting Corp.— See
Manila Electric C orp______________________132
Manila Suburban Rys_______________________ 132
Manistee R y _________________________________ 46
Marcellus & Otisco Lake R y ________________ 136
Marlon Bluffton & East. Trac. Co.— See
Marlon & Bluffton Traction Oo_____________ 11
Marion & Bluffton Traction C o_______________ 11
Marion City R y.— See Un. Tr. of Ind________
4
Marion Railway Light & Power C o.— See Col
umbus, Delaware & Marion Elec. C o_______ 34
Marion (O.) & Suburban R y_________________ 136
Market Street Cable Ry.— See Market St. Ry.117
Market St. El. Pass. R y.— See Philadelphia
Rapid Transit______________________________97
Market Street R y ------------------------------------------117
Marlboro & Westboro Street R y.— See New
Eng. Invest. & See. Oo____________________122'
Marquette County Gas & Electric Oo.— See
Michigan Gas & Electric____________________54
Marquette County Electric Railway Oo_______ 55
Marseilles Water & Light Co.— 111. Power &
Light Corp_________________________________ 20
Marshalltown (Iowa) Lt., Power & R y.— See
Iowa R y. & Light C o________________
19
Martinez * Concord Interurban R y __________136
Maryland Electric Rys______________________ 9
Mason City & Clear Lake R R ._______________ 49
Massachusetts Consolidated R js ______________ 49
Massachusetts Elec. Companies—See Eastern
Massachusetts Street R y. C o______________ 12
Mass. Northeastern St. R y ___________________51
Mass. North. Rys.— See Mass. Consolidated-. 49
Massillon E lec.* Gas Oo.— See Cities Serv Co. 85
Mattoon City R y. Co.— See Cent. III. P. S. Co. 64
Mauch Chunk & Lehlghton Transit Oo_______ 64
McGavock & M t. Vernon Horse B P .— See
Nashville R y. * Light______________________ 68
Mead ville & Conneaut Lake Traction.- —
See
North Western Pennsylvania R y . -----41
Meadvllle (Pa.) Trac.— See Northw. Elec. Ser. 41
Medfield & Medway Street R y_____________ .136
Media Glen Riddle & Rockdale.— See United
Power & Transportation____________________98
Memphis Street R y__________________________ 64
Mercer Oo. Traction.— See Trenton Street Ry.126
Merchants’ Electric Light Co.— See New Or
leans Public Service________________________ 78
61
Meriden Horse KR.— See Connecticut C o_____ 76
Meriden Middletown * Guilford Electric R y.136
Meriden Southington & Compounce Tramway
— See Connecticut Oo______________________ 76
Meridian Light & Railway Oo________________ 87
Mesaba R ailw ay___________________________ 126
Metrop. Crosstown R R .— See New York Rys. 79
Metropolitan R R .— See Wash. Ry. * Elec___ 127
Vfetronolifan Sr Ry (N. V ).— See N V Rv« 79
Metropolitan West Side Elev. R y. (Chicago).
— See Chicago Rapid Transit_______________ 26
Mexican Llgnt S Power, Ltd________________ 136
c
Mexico Santa Fe & Perry Traction___________ 136
Mexico Tramways Oo_______________________ l36
Miami (Fla.) Traction C o____________________136
Miamisburg & Germantown.— See Cin. & Day. 33
Michigan City Traction C o.— See Chicago
South Bend & Northern Indiana___________121
Michigan Electric Railway C o________________ 46
Michigan Elevated R y_____________________ 136
Michigan Gas & Electric Oo___________________54
Michigan Light C o.— See Consumers Power Co. 45
Michigan Railroad_________________________ 45
Michigan Railway— See Michigan R ailroad.. 45
Michigan Traction— See M ich. [Elec.] R y s .. 46
Michigan United. Rys. C o.— See Michigan
Electric Railway C o________________________ 46
MiddleD. Wareham * Buzzard's Bay St. Ry —
See New Bedford & Onset Street R y _______ 76
Mid-Crosstown Railway Oo__________________ 82
Middlesex & Boston St. R y _________________ 12
Middlesex Electric Light & Power C o_______ 71
Middlesex & Somerset Traction.— See Public
Service R y_________________________________ 74
Middletown (Conn.) St. R y.— See Conn. C o .. 76
62
Middle West Util C o.— See “ Ry. and Ind." Sect.
Milford Attleboro S Woonsocket St. Ry. See
c
New England Invest. & Sec. C o---------------- 122
Milford Holliston & Framingham St. Ry.— See
Milford * Uxbridge Street R y______________ 65
Milford & Uxbridge Street R y ________________ 65
Miller’s River Street R y ____________________ 50
Mill vale Etna & Sharpsburg Street R y.— See
Allegheny Traction________________________ 103
Millville Traction____________________________ 65
Milwaukee Electric Railway & Light-------------- 65
M
A pril, 1924.]
Paae
Milwaukee S Pox River Valley R y.— See
c
Eastern Wise. Elec. C o___________________ 120
Milwaukee Light, Heat & Traction— See M il
waukee Elec. R y. & L t____________________ 65
Milwaukee Northern R y ______________________ 19
Milwaukee St. R y.— See Milw. Elec. R y .Sc L t. 65
Milwaukee Western Electric R y _____________ 136
Minneapolis Anoka & Cayuna Range R R ____136
Minneapolis Northfleld S Southern___________67
c
Minneapolis Street S St. Paul City Railway.—
c
See Twin City Rapid T ransit______________ 66
Minneapolis & St. P . Sub.— See T w ln C .R .T . 66
Minneapolis St. R y.— See Twin City Rap. Tr_ 66
Minnesota Central R y _______________________136
Mississippi Valley Railway & Power C o_____ 113
Missouri & Kansas Interurban R y____________57
Missouri Electric R R ________________________ 115
Mobile Light & Railroad______________________67
M obile Street R R .— See Mobile Light & R R . 67
Mohawk Valley Co.— See N . Y . State Rys__ 112
M onocacy Valley R y.— See Potomac Edison
C o _______________________________________ 50
Monongahela Street Railway______________ .103
Monongahela Lt. S Pow.— See Duquesne
c
103
Light C o____________________________
Monongahela Power & R y. Co.— See M onon
gahela West Penn Public Service___________ 41
Monongahela Valley Traction Co
See M o
nongahela West Penn Public Service________ 41
Monongahela West Penn Public Service C o_ 41
_
Monterey & Pacific Grove R y.— See Coast
Valley Gas S Electric C o_________________ 116
c
Monterey (Mex.) Railway, Light & P ow er.. 136
Montgomery Co. Pass. Ry.-See Schuyl. V. T r . l l l
Montgomery Light & Traction C o____________67
Montgomery Street R y.— See Montgomery
(Ala.) Light & Traction C o________________ 67
Montgomery (Ala.) Traction Co.— See M ont
gomery Light & Traction C o_______________ 67
Montgomery Transit & Light C o_____________ 136
Montoursville Passenger Ry_________________ 67
Montpelier S Barre Light & Power__________
c
9
Montreal Public Service Corporation________ 132
Montreal Street R y.— See Mont Tramways_132
Montreal Tramways C o _____________________ 132
Montreal Tramways S Power C o____________ 132
c
Montville St. R y.— See Shore Line Elec. Ry__ 89
Moose Jaw (Sask.) Electric R y ______________ 136
Morgantown (Va.) Interurban R y ____________l36
Morgantown & Wheeling R y ________________ 136
Morningside Electric Street R y ______________ 104
Morris County Traction Co__________________ 67
Morris R R .—See Morris County Trac. Co____67
Morristown Gas Light C o____________________ 74
Mountain Lake Electric R R _________________ 136
M t. Hood Ry & Power.— See Portland R y..
Light S Power C o________________________ 108
c
M t. Oliver Incline Plane R y.— See P . & B.
Traction Svstem__________________________ 103
M t. Tom R R .— See Holyoke St. R y _________ 52
M t. Washington Street R y__________________ 102
M t. Vernon (O.) Elec. St. R y_______________ 136
_
Mousam River R R .— See York Utilities 'o_ 57
Muncie Hartford S Ft. Wayne Traction Co.—
c
See Union Traction Co. of Indiana________ 4
Muncie & Portland Traction C o __________ 5
Muncie S Union City Trac. Co.— See Union
c
Traction Co. of Indiana__________________
4
Municipal Service C o_________________________ 99
Muscatine & Iowa City R y _________________ 136
Muskegon Traction & Lighting C o____________68
Muskogee Electric Traction C o_______________ 68
Myersville S Catoctin R y.— See Potomac
c
Edison C o _________________________________50
Mystic Valley St. R y.— See Eastern Mass. St.
R y . C o............................................................
12
lVIashua Street R y ___________________________ 68
* ’ shville & Edgefield R R .— See Nashville Ry.
•
& Light Co________________________________68
Nashville Railway & Light C o________________ 68
Nashville St. R y.— See Nashv.R y. S Lt. Oo_ 68
c
Nashville Traction___________________________ 70
Nassau Electric R R _________________________ 16
Natchez Electric St. R y. S Power Co.— See
c
Southern Ry. & Light______________________ 70
Natick S Cochltuate Street R y.— See Middle
c
sex S Boston Street R y ____________________ 12
c
National Gas Elec. L t. Sc Pow.— See Amer
ican Electric Power C o______________________93
National Power & Light C o _________________ 79
National Properties Co.— See American Elec
tric Power C o_____________________________ 93
Neptune Elec. C o.— See Atl. Coast Elec. Ry
Navigation C o____________________________ 5
Nevada County Traction C o________________ 136
Neversink Mountain R y.— See Reading Tran
sit & Light Co....................................................110
New Albany St. R y.— Inter-State Public Ser
vice C o____________________________________ 54
New Albany Water Works— See Inter-State
Public Service C o__________________________ 54
Newark Consolidated Gas C o________________ 74
Newark Gas Go.-See Newark ConsolidatedGas 74
Newark & Marion R y. (New Y ork)_________ 136
Newark Pass. R y.— See Consol. Trac. C o _____ 75
Newark Plank Road.— See Cons.Trac. of N . J. 75
New Bedford & Onset Street R y ______________ 76
New Bedford Middleb. & Brockton.— See
Eastern Massachusetts St. R y. C o_________ 12
New Brunswick Light, Heat S Power C o_____ 74
c
New Brunswick Power C o___________________136
New burg Electric R y.— See Orange Co. Trac. 88
New burg S Orange Lake R R .— See Orange
c
Counter Traction___________________________ 88
New Castle Electric Co.— See PennsylvaniaOhio Electric C o___________________________ 83
New Castle Lt., Ht. & Power-—See Inter-State
Public Service C o__________________________ 54
New Castle Trac.— See Penn^Ohlo Elec. C o_83
New England Investment & Security C o_____ 122
New Hampshire Electric Railways____________51
New Haven S Centr. St. R y.— See Conn. Oo_ 76
c
New Haven Shore Line R y __________________ 89
New Haven Street R y.— See Conn. C o_______ 76
New Holland Blue Ball & Terre Hill St. R y .—
See Lancaster Co. R y. & L t. C o ____________60
New Jersey & Hudson River R y. & Ferry_____ 76
New Jersey Interurban C o__________________ 99
New Jersey & Pennsylvania Traction.—-See
Tranton-Princeton Traction C o____________126
New Jersey Traction— See Con. Trac. Sys_____ 75
New London Sc East Lyme St. R y.— See Shore
Line Electric R y ___________________________ 89
New London Street R y.— See Connecticut C o . 76
New Orleans & Carrollton R R . Light S Power
c
Co.— See New Orleans Public Service_______ 78
New Orleans City R R .— See New Orleans
Public Service Inc_________________________78
New Orleans City & Lake R R .— See New Or
leans Public Service________________________78
New Orleans Gas Light C o.— See New Orleans
Public Service_____________________________ 78
New Orleans & Grand Isle Traction, Light S
c
P o w e r_______
136
141
INDEX TO RAILW AYS
Poo*
New Orleans & Pont. R R .— See New Orleani
Public Service_____________________________ 78
New Orleans Public Service Inc_____________ 78
New Orleans Trac. Oo.— See New Orleans
Public Service____________________________ 78
Newport * Dayton Street R y.— See Cincin
nati Newport & Covington_________________ 35
Newport Electric Corp_____________________ 13
Newport Ilium.— See Newport Electric Corp. 13
Newport St. R y .— See Newport Electric Corp. 13
Newport & Fall River Street R y .— See
Newport Electric Corp.__________________ 13
Newport News & Hampton R y .. Gas S Elec.
c
Co....... ..........
50
Newport News S Old Point R y. & Elec.— See
c
Newport News S Hamp. R y. Gas S Elec.Co. 50
c
c
Newport & Providence R y___________________ 88
Newtown R y.— See N . Y . & Queens C o. R y .. 62
New Williamsburg S Flatbush R R .— See
c
Brooklyn Manhattan Transit_______________ 14
New York City Interborough Ry. G o_________ 82
N. Y . Cons. R R .— See N . Y . Rap. Tran. Corp. 17
New York S Harlem R R ______ _________
c
79
New York S Long Island Traction— See Long
c
Island C ins. Elec C os___________ . .
62
New York Muncipal Railway Corp.—-See New
York Rapid Transit Corp_________________ 17
N . I . N. H. & Hartford Ry. (trolley l i n e s ) 76
New York S North Jersey Rapid Transit, __136
c
New York & North Shore Traction (R o sly n ).-l 13
New York & Queans County (L. I. C it y ).. 62
New York Rapid Transit Corp________________ 16
New York S Port Chester R y.— See New York
c
Westchester S Boston______________________78
c
New York Railways C om p an y_______________ 79
New York State R ailw ays__________________ 112
New York & Stamford R y __________________ 78
New York Westchester & Boston R y _________ 78
N. Y . Westchester Sc Conn. Trac. C o________ 136
Niagara & Erie Power— See Buff. Sc L. E. T r . 17
Niagara Falls Park & River— See Int. R y _ 18
_
Niagara Falls S Suspension Bridge R y.— See
c
International R y ___________________________ 18
Niagara Falls Whirlpool & Northern R y.— See
International R y __________________________ 18
Niagara Gorge R y. (Electric)_________________ 88
Niagara St. Catherines Sc Toronto R y _________132
Nlohols Electric Light S Power_______________ 71
c
Ninth Avenue R R ___________________________ 81
Norfolk Sc Atlantic Terminal— See Va. R y. S
c
Power O o_________________________________ 111
Norfolk Central St. R y .— See Eastern Mass.
St. R y. O o ______________ _______ - ............ 12
Norfolk & Portsmouth Trac. Oo.— See Va.
R y. S Power O o__________________________ 111
c
Norfolk (Va.) R y. & Light.................................. 112
Norfolk Street R R .— See Norf. R y. Sc Lt. C o. 112
Norfolk Sub. R R .— See Eastern Mass. St.
R y. C o........................................... - ................- 12
Norristown Pass. R y .— See Schuylkill Valley
Traction__________________________________ 111
Norristown Trans. C o.—See Leh.V. Trans.Co 3
Northampton Street R y ______________________89
Northampton Sc Amherst St. R y.— See Con
necticut Valley St. R y ____________________ 49
Northampton Easton S Washington Traction
c
— See New Jersey Interurban C o---------------99
Northampton Traction Co. (Easton, Pa.)— See
Northampton Transit C o _________________ 40
Northampton Transit C o____________________ 40
North American Edison C o-------------------------- 65
North Branch Transit C o____________________136
North Carolina Public Service O o----------------- 50
North Coast Power Co.— See Puget Sound
Pow. & Lt. C o ____________________________ 119
North Hudson County R y.— See Public
Service R y _________________________________ 74
North Hudson Light, Heat S Power Co.— See
c
United Electric Co. of New Jersey_________ 71
North Jersey St. R y.— 8ee Public Service Ry_ 74
North River R y.— See Hudson Valley R y ____ 3
Northern Cambria R y _______________________ 92
Northern Central Gas Oo.— See Lehigh Power
Securities Corporation------------------------------- 3
Northern Electric Street R y. (Scranton).— See
Scranton & Blngbampton R y ------------------- 10
Northern Hlinois Light S Trac. Co.— See 111.
c
Power & Light Corp_______________________20
Northern Indiana R y .— See Chicago South
Bend S Northern Indiana R y _____________ 121
c
Northern Indiana Utilities— See Inter-State
Public Service C o_________________________ 54
Northern Massachusetts Street R y ____________49
Northern Ohio Electric Corporation_________
2
Northern Ohio Trac. S Light C o_____________ 2
c
Northern Ohio Traction— See Northern Ohio
Traction S Light C o______________________ 2
c
Northern States Power C o.— Fargo Sc M oor
head Division--------------------------------------------- 42
Northern Texas Electric C o__________________ 43
Northern Texas Trac.— See Nor. Texas Elec_43
Northumberland County Gas S Elec. Oo.— See
c
Lehigh Power Securities C o _______________ 3
Northumberland County R ys_______________ 136
Northwestern Electric Serv. Oo. of Penna - . 41
Northwestern Elevated (Chicago)— See Chi- | |
#
cago Rapid Transit_________________________ 26
Northwestern Ohio Ry. & Power O o------------- -106
Northwestern Pennsylvania R y .— See North
western Electric Service of Pennsylvania_ 41
_
Norwalk & Shelby R y.— See Sandusky ISorwalk & Mansfield El. R y ------------------------------89
Norton Taunton S Attleboro Street R y______ 136
c
Norwalk Gas Sc Electric C o.— See Cleveland S
c
Southwestern S Columbus_________________ 29
c
Norwich St. R y.— See Conn. C o______________ 76
Norwich S Westerly Traction C o.— See Shore
c
Line Electric R y __________________________ 89
Norwood Canton Sc Sharon Street R y ________ 136
Nova Scotia Tramways & Power Oo______ 131
Nueces R y. (Texas)_________________________ 136
#~|akdale S McDonald St. R y.— See West
c
Penn Rys________________________________105
Oakland Antioch & Eastern R R .— See San
Francisco Sacramento R R --------------------------- 90
Oakland & Antioch— See San Fr.-Sacra. RR__ 90
Oakland Railways— See San Fran. Oakland
Terminal Rys. ___________________________ 89
Oakland San Leandro S Haywards Electric
c
See San Fran .-Oakland Terminal R y_______ 89
Oakland Term. Co.— See San Fran.-Oak.Term. 89
Oakland Trac. Cons.— See San Fran.-Oak.
T erm inal__________________________________ 89
Oakland Traction Oo.— See San Fran .-Oak.
Term. R ys_____________
89
Oakland Transit Oo.— See 8 an Fran.-Oak.
Terminal Rys____________________________ 89
Oakwood Street R y. O o______________________36
Ocean Shore R R ____________________________ 136
Ogden Lake S Idaho R R .— See Utah-Idaho
c
Central R R _______________________________115
Ogden Rapid Transit Oo.— See Utah-Idaho
Central R R _______________________________115
Ogdensburg Street R y _______________________ 136
Page.
Ohio Electric Railway________________________32
Ohio Central Traction— See Cleveland South
western & Columbus R y ____________________29
Ohio River Electric Railway S Power_______ 106
c
Ohio 8ervice O o_____________________________136
Ohio Traction O o____________________________ 28
Ohio Valley Electric R y ______________________ 96
Oklahoma Electric Term. Oo.— See Okia. Ry_ 91
Oklahoma Railway C o________________________ 90
Oklahoma Union Railway____________________136
Old Colonv St.R y.— 3®6 East.Mass.St.Ry .Co. 12
Olean Bradford & Salamanca R v ______________ 91
Olean Rock City & Bradford R y.— See Olean
Bradford & Salamanca R y __________________ 91
Olean Street R y.— See Olean Bradford & Sala
manca R y _________________________________ 91
Oley Valiey Ry.—-See Reading Tr. S Lt. O o .-llO
c
Olympia Light & Power Co.— See Puget Sound
Power & Light C o_________________________ 1 19
Omana & Council Bluffs Ky. & Bridge________ 91
Omaha & Council Bluffs Street R v ____________91
Omaha Council Bluffs S Suburban R y.— See
c
Omaha S Council Bluffs Ry. & Bridge Co__ 91
c
Omaha & Lincoln Ry. & Light C o _____________21
Omaha Lincoln S Beatrice Railway C o _
c
_
62
Omnibus Cable R y.— See Market St. R y
IIll7
Oueida Railway Co.— See N. Y. State Rys_ 112
_
Oneonta S Mohawk Val. R R .— See Southern
c
N. Y. Power S Railway C o ________________ 34
c
Ontario S Saa Antonio Heights.— See Pacific
c
Electric R y ________________________________27
Ontario Light S Trac.— See N. Y. State R y s .. 112
c
Orange County Traction Oo__________________ 88
Orange & Passaic Valley R y_______________ ” 75
Oregon Electric R y________________________ 1.108
Orleans-Kenner Electric R y _____________ __IIl36
Orleans R R .— See New Orleans Pub. Ser., IncI 78
Orouo Water Oo.— See Bangor Ry S E lec.C o. 9
c
Oskaloosa Trac. S Light C o.— See Des Moines
c
& Central Iowa Electric Oo_________________ 21
Ottawa (Canada) Electric Railway___________133
Ottawa Traction C o.. L t d __________________ 1 3 3
Ottumwa Railway S Light C o________________ 91
c
Ottumwa Traction S Light Co.— See Ottumwa
c
Railway & Light C o________________________ 9 1
Owensboro City R R __________________________ 4 1
acific Coast Power Oo.— See Puget Sound
Power & Lt. C o _________________________ 1 1 9
Pacific Electric R y _____________________ I I I . 27
Pacific Gas & Electric Co.— See “ Railway *
Industrial” Section
Pacific Traction Co.— See Puget Sound
Pow. S Lt. C o __________________________ 1 1 9
c
Paducah Street R y .— See Pad. Elec. Co _
91
Paducah City Ry. Oo.— See Paducah Elec. Co". 91
Paducah Electric C o________________________ 9 1
Pan Handle Trac. Oo.— See West Penn RysIIlOS
Parkersburg Marietta & Interurban R y.— See
Kanawha Traction & Electric Co_
92
Parkersburg (W .Va.) S Ohio Valley E lec.R yIIl36
c
Park & Ocean R R .— See Market St. R y
117
Park. Pt. Trac. Oo.— See Dul.-Sup. T r a c ..I 39
Parr Shoals Power Co.— See Columbia R y..
31
Gas S Electric C o___________________
c
Pasadena S M t. Lowe R y.— See Pac. El. R y ” 27
c
Passaic & Newark El Tr.— See Cons. Trac. Co 75
Passaic Lighting Oo.— See Paterson & Passaic
Gas & Electric O o ._ ___________________ _ 74
Passaic Gas Light Oo.— See Paterson"*" P as
saic Gas & Electric O o________________
74
Passenger & Belt R y.— See Ky. Trac. S Term" 61
c
Paterson Oltv R y.— 8ee Public Service R y ._ 74
Paterson & Passaic Gas S Electric Co
c
74
Paterson Railway.— See Public Service R y ” 74
Paterson & State Line Traction Oo
76
Pawtucket St. R y.— See United Elec. R ys_I” l09
92
Peekskill Lighting S Railroad__________
c
Pelham Park Sc City Island______________ _” 82
Pelham Park Railway____________________I ” l36
Peninsular Railway__________________ ”
U8
Penn-Ohio Edison C o ______________ I I I I I I ” 83
Pennsylvania Ltg. Co.— See Lehigh Power
Securities Corp_______
3
Penn. Light & Pow.— See Duquesne Light Co" 104
Pennsylvania Lt., Ht. S Power Co.— See
c
Duquesne Light C o____________________
104
Penn Motor Oo.— See Easton Gons.~El"ec” d o ” 4
Pennsylvania & Mahoning Valley Traction Oo.
See Pennsylvania-Ohio Elec. C o ..
83
Pennsylvania-New Jersey R y. Oo____88
Pennsylvania-Ohio Elec. C o __________________ 83
Pennsylvania-Ohio Power & L t_. 84
Pennsylvania Utilities Oo.— See “ Railway and
Industrial” Section.
Pennsylvania & Ohio R y .— See Penn. &
Ohio Traction C o ________________________
5
Pennsylvania S Ohio Trac. O o________________5
c
Pennsylvania Power & Lt.— See Lehigh Power
Securities Corp_______________ __
3
Penn Street Passenger R y. (Pittsburgh).— See
Citizens' Traction_______________________ 10 3
Penn Yan & Lake Shore Railway_
_
136
Pensacola Electric Terminal R y .— See Pensa
cola Electric C o___________________________ 92
Pensacola Electric Oo______________ I I I I I I ” 92
People’s Elevating C o______________ I I I I I I ” 75
People's Gas & Electric Co. (Burlington)".— See
United Utilities Corp______________________ 19
People’s Gas & Electric Co. (Mason c ity )!—
See United Light & Power C o______________ 46
Peoples’ Gas, Elec. S Htg.— See Inter-State
c
Public Service O o _____________________ __ 54
People’s Passenger R y.— See Supp! o f Oct. 27
1923.
People’s Incandescent Light Co.— See Craw
ford County R y. C o________________________ 4 1
People’s R R .— See New York State Railways. 112
People’s R y. (Dayton, O . ) ____________________95
People’s R y., Wilmington, Del.— See Wilm.
Sc Phila. Traction C o_______________________ 96
People’s Street R y.— See Scranton R y _ __ _ 95
_
People’s Street R y. (West Newbury, M ass.)—
See Eastern Massachusetts Street R y. C o . 12
People’s Traction (Philadelphia, P a.).— See
Supp. of Oct. 27 1923.
People's Tramway C o.— See Connecticut C o_76
Peoria Bloomington S Champaign Trac. C o.—
c
See Illinois Traction, Inc___________________ 21
Peoria Gas & Electric C o.— See Common
wealth Power Corp. in “ Railway and Indus
trial” Supp. M ay 1924.
Peoria Light Co.— See Commonw. Pow. Corp.
in “ Railway & Industrial” Supp. M ay 1924.
Peoria Lincoln & Springfield R y.— See Illinois
Traction, Inc______________________________ 20
Peoria R y. Co.— See HI. Power & Lt. Corp_ 20
_
Peoria R y. Term. Co.— See ” R y. Sc Ind .” Sec.
Perry Street Passenger R y.— See Federal
Street & Pleasant Valley R y _____________ 102
Petaluma & Santa Rosa R R __________________ 93
Philadelphia Bristol & Trenton Passenger Ry.
— See Trenton Bristol & Phila. Street R y ,_ 99
Philadelphia C ity Passenger R y.— See Supp.
Oct. 27 1923.
P
142
Paoe.
Philadelphia Oo. (Pittsburgh. P a.)_______„_-100
Philadelphia & Darby R y.— See Supp. Oct. 27
1923.
Philadelphia & Easton Transit Oo___________ 39
Philadelphia A Easton Electric Co.— See Phila
delphia & Easton Transit O o______________39
Philadelphia A Gray’s Ferry Passenger R y.—
See Supp. Oct. 27 1923.
Philadelphia A Garretttord St. Ry. Oo.— See
Philadelphia & West Chester Traction______ 96
Philadelphia A Lehigh Valley Traction.— See
Lehigh Valley Transit Oo_________________ 3
Philadelphia Railways Oo_____________________99
Philadelphia Rapid Transit G o_______________ 97
Philadelphia Traction.— See Supp. Oct. 27 '23.
Philadelphia & WestChester IracU ju ________ 96
Philadelphia & Western Kv . _____ . _____ _ 99
Philadelphia & Willow Grove Street R y.— See
Supp. Oct. 27 1923.
Phoemxville Valley Forge A Strafford El. Ry_136
Piedmont & Northern R a i l w a y ....._________ 22
Piedmont Railway A Electric Oo_____________ 136
Pine Bluff (Ark.) Co..............................
100
Pitcairn & Wilinerding Street R y.— See Monongahela Street R y________________________ 103
Pittsburgh Allegheny & Manchester Traction.
— See United Traction System_____________ 102
Pittsburgh & Allegheny Valley Traction C o.—
See West Penn Railways_________________ 105
Pitts. ABeaver Lt.C o.— See Duquesne LightCol04
Pittsburgh & Beaver Street Ky______________ 104
Pittsburgh A Birmingham Passenger R y .— See
Pittsburgh A Birmingham Traction_______ 103
Pittsburgh A Birmingham T raction_________ 103
Pittsburgh Butler A Harmony Consolidated
A Power C o_______________________________106
Pittsburgh Canonsburg A Washington R y____ 102
Pittsburgh & Charleroi Street R.v____________ 103
Pittsburgh County R y.— See Choctaw Power
& Light C o......................................................... 63
Pittsburgh Crafton & Mansfield Street R y.—
See Pittsburgh Railways G o .. __ ___ _____ 101
Pitts. Elec. St. R k.— See Berkshire St. R y _ 77
_
Pitts. Harmony Butler A Ne» t asileSt. K y ..l0 6
Pittsburgh Incline Plane— See Pittsburgh A
Birmingham Traction System______________ 103
Pittsburgh Mars & Butler R y-----------------------106
Pittsburgh McKeesport A Connellsville R y.—
See West Penn Rys C o__________________ 105
Pittsburgh McKeesport & Greensburg R y.—
See West Penn Railways C o______________ 105
Pittsburgh Railways Oo__ _ _______________ 101
Pittsburg (Kan.) Ky. A Light C o.— See Jop
lin A Pittsburg R y________________________ 100
Pittsburg R R .(K an.)— See Joplin & Pitta. R y. 100
Pittsburg Traction _________________________ 104
Pittsburgh Utilities Corporation_____________ 117
Pittsburgh A West End Passenger Ky.— See
Pittsburgh Railways Oo___________________ 101
Pitts. & West Va. Gas Co.— See Phila. Oo— 100
Pittsfield (Mass.) Electric Street R y.— 8ee
Berkshire Street R y ________________________ 77
Pittston A Scranton Street Ry.— See Scranton
B y. C o ---------------95
Plttston Street Car.— See Wilkesbarre A W yo
ming Valley Traction 9ystem______________ 129
Plainfield Gas A Electric C o.— See Somerset
Union A Middlesex Lighting________________ 74
Plainfield St. Ry.— See Public Service R y ____74
Plattsburg Traction Co ____________________ 106
Plymouth Bridge C o.— See Wilkesbarre A
Wyoming Valley Traction______________
129
Plymouth A Brockton Street R y _____________ 106
Plymouth A Sandwich Street Ky_____________ 136
Point Pleasant (N. J.) Traction C o .________ 136
Poland St. Ry.— See Penua.-Ohio Elec. C o
83
Ponce Electric C o___________________________ 133
Pontiac Light Co.— See Consumer Power O o .. 45
Port Huron St. Clair A Marine City R y.— See
Detroit A Port H uron Shore Line____________ 38
Port J ervis Traction C o ______________________ 107
Portland A Cape Eli*. Ry.— See Portland RR.107
Portland (M e.) Elec. Co.— SeeCumb. County
Power A Light____________________________ 107
Portland Eugene A Eastern R y .— See Southern
Pacific Co. in “ Railway A Industrial" Sec.
Portland General Electric Co.— See Portland
Railway. Light A Power C o_______________ 108
Portland Lighting A Power.— 8ee Cumber
land County Power A Lt. C o______________ 107
Portland A Oregon City Ky___________________136
Portland (Me.) R R ..............................................107
Portland Ry .Co.— See Portland R y . Lt A Pow 108
Portland R y., Light A Power C o_____________ 108
Portland (Conn.) St Ry.— S eeC on n .C o______ 76
Portland A Yarmouth Elec. R y.— See Port.RRl07
Porto Rico Rys C o.. Limited________________ 133
Port Richmond A Bergen Pt. Ferry— See
Consolidated Traction______________________75
Portsmouth Dover A York Street R y---------- 57
Portsmouth Electric R y_____________________136
Portsmouth A Exeter St. R y.— See New
Hampshire Electric________________________ 51
Portsmouth Kittery A York Street R y.— See
Portsmouth Dover A York Street R y _______ 5V
Portsmouth (Ohio) Street KK. A Light Oo____109
Potomac Edison C o_________________________ 50
Potomac Elec. Power Co.— See Wash.Ry A E.127
Potomac Public Service Co.— See Potomac
Edison C o_________________________________50
Pottstown (Pa.) Transit Co-------------------------- 136
Pottsville A Reading R y.— See East Penn.
Electric C o_______________________________ 109
Pottsville Union Traction.— See East Penn.
Electric C o_______________________________ 109
Poughkeepsie A Wappingers Falls R y ________ 109
Poughkeepsie City A Wappinger Falls Elec.
R y .— See Pough. A Wappingers Falls R y ___ 109
Powell Street Ry.— See Market St. R y______ 117
Power Transit A Light (California)— See San
Joaquin Light A Power Corporation________ 43
Presidio A Ferries R R _______________________ 117
Princeton Lt., Ht. A Pow. C o_________________ 74
Prospect Park A Coney Island R y ____________17
Providence A Burrillville Street R y.— See
United Electric Railways_________________ 109
Providence Securities Co.— See United El. R ys.109
Providence A Taunton St. R y.— See Eastern
Massachusetts St. R y. C o_________________ 12
Public Service Co. of Ind.— See Interstate
Public Service C o_________________________ 54
Public Service Company of Oklahoma________ 136
Public Service Corporation (with m ap)________ 70
Public Service Gas C o________________________ 71
Public Service Electric C o_____________________71
Public Service Electric Power Co.— See Public
Service Electric C o_________________________ 71
Public Service Newark Term. R y.— See Public
Service R y _________________________________ 74
Public Service R y (with m ap)_________________ 74
Public Service R R ___________________________ 7-6
Public Utilities Co.— See Commonw. Power
Corp. in “ Railway and Industrial” Supp.
M ay 1924.
Public Works C o.— See Bangor R y. A Elec.Co. 9
INDEX TO RAILW AYS
[V ol. 118.
Pago.
F o o t.
Puebla Tramway Lt. A Power Oo___________ 136 S t . Louis A St. Charles Bridge C o------------------116
Pueblo A Suburban Traction A Light C o.—
St. Louis A Spring. R y.— See 111. Trac., In c._ 21
— See Southern Colorado Power C o________ 109 St. Louis Springfield A Peoria R R .— See
Pueblo Traction A Lighting— See Southern
Illinois Traction, Inc_______________________ 21
Colorado Power C o_______________________ 109 St. Louis A Suburban R y .— SeeUnlted Rys. C o. 113
St. Louis Transit— See United Rys___________113
Puget Electric Ry.— See Puget Sound Power
A Light C o ...................................................1 1 9 St. Paul City R y.— See Twin City Rap. Tran. 66
Puget Sound Power A Light O o_____________ 119 St. Paul Southern Electric R y _______________ 136
Puget Sound Traction, Light A Power Co See
St. Tammany A New Orleans Rys. A Ferry O o.l36
Puget Sound Power A Light C o___________ 119 Salem A Pennsgrove Traction C o_____________ 92
Putnam A W estcbeeter Traction Oo_________ 92
Salem A Wakefield— See Eastern Massachu
setts Street Railway C o_____________________12
uakertown Traction— See Leh. Val .Tran .Co 3 Saline Elec. C o.— See 111. Pow. A Lt. Corp___20‘
uebec-Jacques Cartier Elec.— See Quebec
Salisbury A Spencer R y .— See North Car.
Ry. Lt. Ht. A Power____________________133
Public Service C o__________________________ 50
Quebec-Montmorency Ry.— See Quebec R y.,
8alt Lake A Og. Ry — See Bamberger El. R R -115
Light, Heat A Power C o.. Ltd_____________ 133 Salt Lake A Utah R R _____________________ 116
Quebec Ry. Lt. Heat A Power_______________133 Salt Lake Terminal Oo— See Salt Lake A
Quebec A SagueDay R y.— See Quebec R y.,
Utah R R ________________
..1 1 6
Light. Heat A Power C o__________________ 133 8an Antonio Gas A Electric— See San Antonio
Queens Ry. C o.— See New York A Qu. O o.R y. 62
Public Service C o _________________
116
Quincy (III.) Horse Ry A Carrying— See
San Antonio Traction— See San Antonio Public
Quincy R y.— See 111. Power A Lt. Corp____20
Service Oo________________________________ 116
Quincy R y.— See 111. Power A Lt. Corp______ 20
San Antonio Public Service O o_______________ 116
8an Benito Lt. A Pwr. C o.— See Coast
ailroads A Power Development C o.— See
Counties Gas A El. O o____________________ 118
United Railways Investment____________ 116 San Bernardino Valley Trac. Oo.— See Pac.
Railway A Lt Securities (Boston) ____ . . 136
Elec R y ___________________________________ 27
Railways Realty Co.— See New Orleans Pub
San Diego Electric R y _______________________ 116
lic Service, Inc____________________________ 78 San Diego A Southeastern R y _______________ 136
Raleigh St. Ky.— See Carolina Power A L t.C o. 109 Sandusky Norwalk A Mansfield Electric R y _89
Rapid Transit St. R y . of the City of Newark—
Sandusky Fremont A Southern R y ____________31
See Consol. Trac. C o_______________________75 Sandwich Windsor A Amherst berg R y .— See
Reading City Passenger R y.— See Reading T r . I l l
Detroit United R y _________________________ 38
Reading A Lowell— See Eastern Massachusetts
Sanford A Cape Porpoise R y .— See York
Street Ry. C o______________________________ 12
Utilities C o________________________________ 57
Reading A Southwestern R y.— See Reading
San Francisco Elec. Rys.— See Market St. R y .l l 7
Transit A Lt C o_________________________110 Sao Fran Napa A Calistoga R y ______________ 118
Reading A Temple Electric R y.— See Reading
San Francisco Oakland A San Joae Cons. Ry—
Traction__________________________________ 111
See San Fran.-Oakland Term Rys__________89
Reading Traction___________________________ 111 San Franclsco-Oakland Term Rys____________ 89
Reading Transit A Light C o__________________110 San Francisco-Sacramento R R _________ . . . . 90
Reading NVakef. A Lynn— See Eastern Massa
San Francisco A San Mateo Electric— See
chusetts Street Ry. Oo______________________ 12
Market Street R y _________________________ 117
Reading A Womelsdorf.— See Reading Transit
San Joaquin Light A Power Corporation______ 43
A Light Oo......................
110 ooan Joaquin Power Co.— See San Joaquin
Redlands Central Ry.— See Pac. Elec. R y____ 27
Light A Power C orp________________________ 43
Redlands St. Ky.—See Pac. Elec. R y_________ 27 SanJose A Alum Rock R y .—See San Jose RRs 118
Red Wing Gas Light A Power C o.— See Wls.
San Jose-Los Gatos Interurban R y.— See
Minn. Light A Power C o _________________ 59
Peninsular R y _____________________________ 118
Reno (Nev.) Traction C o____________________136 San Jose Railroads___________________________118
Reouolic Ry. A Light C o___________________ 83 San Jose A Santa Clara R R .— See San Jose
Rhode Island Co.— See United Elec. R ys____109
R R s .................................................................... 118
Rhode Island Suburban Ry.— See. United
San Jose Short Line R y.— See San Fran .-Oak.
Electric Railways_________________________ 109
Terminal Rys______________________________89
Richland C o.— See Richland P. S. C o . . _ ____ 87 San Jose Terminal R y _______________________ 138
_
Richland Public Service C o___________ _____ 87
San Ramon Valley R R .— See San FranciscoRichmond Light, Heat A Power Oo.— See
Sacramento R R ___________________________ 90
United Gas A Electric Oo____________
84 Santiago (Cuba) Elec Light A Traction C o_ 136
_
Richmond Light A RR C o__________________ 123 Sao Paulo Electric Co , Ltd_________________ 135
Richmond R y . A Elec.— See Va. Ry. A Power. 111 Sao Paulo Tram.. Lt. A Power C o.. Ltd____ 136
Richmond A Fairfield (Elec.) R y __________ 136 Sapulpa (Okla ) A Inter Ry ____________ ___136
Richmond A Rappahannock River Ry _
136 Saratoga Traction— See Hudson Valley R y —
3
Ridge Avenue Passenger Ry_-—-See Supp. Oct.
Savannah Electric A Power C o ______________ 118
27 1923.
Savannah Electric Co.— See Savannah Elec
Ridgewood Gas C o___________________________ 74
tric A Power O o__________________________ 118
Rio <le Janeiro Tramway Light A Power__ 135 Savannah River Power Oo.— See Georgia R y.
Kittersville Hotel C o.— See Leh. Val. Tran.Oo 3
A Power C o______________________________
0
Riverside A Arlington Ry.— See Pac. Elec. Ry. 27 Savannah Thunderbolt A Isle of Hope R y.—
Riverside Traction___________________________ 76
See Savannah Electric A Power C o ________ 118
Roanoke Ry. A Electric— See Roan. T r.A L t_95
Schenectady Ry ___________________________ 112
Roanoke Traction A Light C o_________________ 95 Schuylkill Elec. R y.—-See East Penn. Elec. C o.109
Rochester Charlotte A Manltou R R .— See
Schuylkill Gas A Electric O o.— See Lehigh
Rochester A Manltou R R _________________ 113
Power Securities C orporation________ ____ 3
Rochester City A Brighton— See N. Y . State
Schuylkill Haven A Orwigsburg St. R y.— See
R ys------------------112
East Penn. Electric C o____________________109
Rochester-Cornlng-Elmira Traction Oo_______ 136 Schuylkill By C o___________________________ 44
Rochester Elec Ry.— See N. Y. State Rys____112 Schuylkill Traction (Girardville. P a .)__________46
Rochester A Manltou R R ___________________ 113 Schuylkill Valley Traction __ ____ _____ ___111
Rochester Lockport A Buffalo R y ____________ 113 Scioto Valley Railway A Power C o ____________34
Rochester Ry. A Light— See N. Y . State R ys. 112 Scioto Valley Trac. C o.— See Scioto Valley
Rochester R y.— See N. Y State Rys________ 112
Railway A Power C o______________________34
Rochester A Sodus Bay R y.— See N. Y . State
Scranton A Binghamton RK.— See Scranton A
R ys.....................
112
Binghamton R y__________________________ 16
Rochester A Suburban R y.— See N. Y . State
Scranton A Binghamton R y_________________ 10
R ys..............................................................
112 Scranton A Binghamton Trac. C o.— See Scran
Rochester Syracuse A Eastern R R .— See Em
ton A Binghamton R R _ _____________ . . . . 10
_
pire State Railroad Corporation___________124 Scranton A Oarb. Trac.— See Scranton R y ___95
Rochester A Syracuse R K ___________________ 124 Scranton Dunmore A Mo. T k.— See Scranton
Rockford Beloit A Janesville R R .— See Union
R y ...........— ........................................................ 95
Railway, Gas A Electric Oo________________ 45 Scranton Montrose A Binghamton R R _______ 10
Rockford City Traction C o _________________ 136 Scranton Pass Ky.— See Scranton R y ________ 95
Rockford A Freeport Electric Ry.— See Union
Scranton A Plttston T r.— 8ee Scranton R y ___95
Railway, Gas A Electric C o________________45 Scranton A Wilkes-Barre Traction___________ 119
Rockford A Interurban Ry.— See Union Rail
Scranton R y________________________________ 95
way. Gas A Electric C o____________________ 45 Scranton T raction— See Scranton R y________ 95
Rock Island Southern Railroad— See Gales
Sea Beach R y.— See N . Y . Rap. Tran. Corp__ 17
burg A Western RR ________________________67 Seaboard Elec. Ry. of Texas________________ 136
Rock Island Southern Railway— See Miss.
Sea Coast Traction.— See Coast Cities R y ____ 5
Valley Ry. A Power C o ___________________ 113 Seashore Electric R y., Asbury Park.— See
Rockland A Abington Street Railway— See
Coast Cities R y__________________________ 5
Eastern Massachusetts Street Ry. C o_______ 12 Seattle Electric Co.— See Puget Sound Power
Rockport Street R y.— See Eastern Massachu
A Light C o - - - ______
119
setts Street Ry. C o_________________________ 12 Seattle-Everett Trac. Co.— See Puget Sound
Rockville Broad Brook A East Windsor St.
Power A Light C o_________________________ 119
Ry.— See Hartford A Springfield St. R y_ 125 Seattle Ry.— See Puget Sound Power A Lt. C o.119
_
Rohrerstown Landlsville A Mt. Joy R y.— See
Seattle A Rainier Valley R y ________________ 120
Lancaster County Ry. A Light Oo_________ 60 Second Avenue RR (New Y ork)--------------------81
Rome (Ga.) Railway A Light C o_____________ 113 Second Avenue Traction—See United Tractlonl02
Roxborough Chestnut Hill A Norristown R y . l l l Second A Third Streets Passenger R y.— See
Rutland City Elec. C o.— See Rutland R y., Lt.
Supp. Oct. 27 1923.
A Power C o_______________________________113 Sedalia Lt. A Trac. Go.— See City Lt. A Tr.Co. 87
Rutland Railway, Light A Power____________ 113 Selma Electric R v___________________________ 136
Rutland St. R y .— See Rutland R y ..L t .A P .C o .ll3 Seventeenth A Nineteenth Streets Pass. R y .—
See Supp. Oct. 27 1923.
Cacramento Northern R R __________________ 117 Seventeenth St. Incline Plane C o______ _____ 104
J acramento Short Line Ry.— See San Fran.Seymour Public Service Co.— See InterOakland Terminal Rys____________________ 89
State Public Service O o_____________________ 54
Sacramento Valley Electric R R ______________ 136 Shamokin A M t. Carmel Transit C o— ____
120
Sharon Canton A Norwood Street R y ----------- 136
Saginaw-Bay City R y.— See Saginaw Transit
46 Sharon A Newcastle Rys.— See Republic Rail
C o _____________________
way A Light_______________________________ 83
Saginaw Transit C o__________________________ 46
Saginaw Val. Tract.— See Saginaw Transit Co. 46 Shawnee-Tecumseh Traction C o_____________ 120
St. Albans A Swanton Trac C o______________ 113 Sheboygan Gas Light Co.— See Wise. Sec. Oo. 66
St. Clair Gas A Elec.— See 111. Pr. A Lt. C orp. 20 Sheboygan Electric C o.— See Eastern Wis
consin Electric Co________________________ 120
St. Charles St. R R .— See New Orl. Pub. Serv_ 78
St Francois County Electric________________ 136 Sheboygan Ry. A Elec.— See East. W . E. CO--120
Shelby Co. Water, Gas A Elec.— See InterSt.John (N. B.) R y .............................
136
State Public Service C o___________________ 54
8t. Johnsbury Elec. Oo.— See Twin States Gas
A Electric C o_______________________________17 Shelburne Falls A Oolvaln St. R y ------- ----------- 136
Shenandoah Traction C o_____________________136
St. Joseph R y.. Light. Heat A Power (M o.)_87
St. Louis A Belleville Elec. R y_______________ 136 Sherbrooke St. R y.— See Sherbrooke Ry. A
Power C o _________________________________ 134
St. Louis Decatur A Champ. R y.— See 111.
Traction, Inc______________________________ 20 Sherbrooke (Que.) Railway A Power------------- 134
74
St. Louis A East St. Louis Elec. R y _________ 136 Shore Lighting C o__________
78
St. Louis East Side Belt Line Terminal R v _ 136 Shore Line Electric R R ___________________
_
St. Louis Electric Bridge Co.— See 111. Trac. 20 Shore Line Electric R y. (Connecticut)-------------89
Shreveport Railways C o_____________________ 120
St. Louis Elec. Term. R y.— See 111. Trac____21
St. Louis Lakewood A Grant Park Elec. R y _136 Sierra A San Francisco Power Oo------------------ 117
_
St.L. A Mer.River R R .— See United R y s.C o. 113 Sioux City Crystal Lake A Home Elec. R y _ 136
Sioux City Gas A Electric____________________120
St. Louis A Northeastern Ry.— 8ee St. Louis
Springfield A Peoria.— See 111. Trac., I n c .. 21 Sioux City Service C o------------------------------------ 120
St. Louis R R .— See United Rys. Oo__________113 Sioux City Traction— See Sioux City Ser.
Co___________
120
St. Louis St. Charles A Western R R .— See
Missouri Electric R R ______________________ 115 Sixth Avenue R R ____________________________ 80
O
R
A pril, 1924.]
Paot
Slate Belt Trans. C o_______________________ 92
Slatington St. Ky.— Sea Lehigh Valley Tran._ 3
Snyder Ave. St Ry.— See Phila Rap T ra n .. 97
Somerset Lighting C o.— See Somerset Union
A Middlesex Lighting C o________________ _ 74
Somerset Union & Middlesex Lighting C o ___ 74
Somerville Horse R R .— See Boston Elevated. 11
South Bend & South Michigan Ky.— See
Southern Michigan R y___________________ 121
South Bethlehem Electric Light C o.— See
Lehigh Valley Transit Co ................. ....... 3
South Brooklyn R y.— See Bklyn. Man. Tran. 14
South Chicago •hi v K\ - s c Cal. 6tso.Ch.Ky 24
South Carolina Gas A Electric_______________121
South Carolina Light. Power & Railvyays— See
South Carolina Gas A Electric____________ 121
South Covington & Clu St. Ky.— See Cin
cinnati Newport & Covington R y__________ 35
Southeastern Ohio Ry. (Zanesville, O .)______ 136
South Ferry— See Broadway & Seventh A.ve_. 80
South Jersey Gas. Electric A Traction________ 74
Soutn Orange A Maplewood Traction________ 75
South Shore A Boston St. Ry.— See Eastern
Massachusetts Street Ry C o__________
12
South Side Elevated R R ., Chicago.— See Chi
cago Rapid Transit_________________________ 26
South Side Passenger Ky.— See United Trac
tion Co. of Pittsburgh____________________ 102
South West Missouri Electric Ry.— See South
West Missouri R R ________________________129
South West Missouri Railruad_______________ 129
Southeastern Ohio Ry. (Zanesville, Ohio)___ 136
Southern Boulevard R R .—See Union R y___ 82
Southern Canada Power C o.— See Sherbrooke
R y. & Power C o --------------------------------------- 134
Southern Colorado Power C o________________ 109
Southern Elec. Ky.— see Uu. Kys. of St. L __ 113
Southern Ht., Lt. A Power Co.— See Duquesne Light O n .. ______
104
Southern Illinois Light & Power— See Illinois
Power A Light Corp_______________________20
Southern 111. Pr. & L t.— See 111. Pr. & Lt. Corp 20
Southern llliooui Ky A Power C o.— See Cen
tral Illinois Public Servtce C o ______________ 64
Southern Illinois A S t Louis Rv ____________136
Southern Indiana Gas A Electric— See Com
monwealth Power Corp. in "Railway and
Industrial" Supp. M ay 1924.
Southern Ind. Power.— See Inter-State Public
Service____________________________________ 54
Southern Light & Traction Co (.Natchez)— See
Southern Railway & Light C o______________70
Southern Michigan R y______________________121
Southern New York Power & Railway C o r p .. 34
Southern Ohio Traction.— See Cincinnati &
& Dayton Traction_________________________ 33
Southern Oregon Traction C o________
136
Southern Pennsylvania Traction C o__________ 96
Southern Public Utilities C o__________________ 22
Southern Railway & Light C o________________ 70
Southern Street R y __________________________ 24
Southern Traction Co (Bowling Green, Ky.) 136
Southern Traction (Dallas).— See Texas El.
By
— - — - ...........................................35
Southern Traction Co of Illinois___________ 136
Southern Traction—See Pittsburgh Rys_____101
Southern Traction A Power C o______________ 136
Southwest Missouri RR C o_____429
Southwestern interurhan Ky________
__1.136
South Shore (Long Island) Traction C o I I "H ll3 6
Southwestern St. R y.— See Phila Rys. C o_ 99
_
Southwestern (Tex ) Traction C o .
125
Spokane & Eastern Ry. A Power C o _________121
Spokane & Inland Empire Ry.— See Spokane
& Eastern Kt A Pow C o ___________
121
Spokane Terminal C o.—See Spokane & East
ern Ry. & Pow. C o______________________ 121
Spokane Traction Co.— See Spokane United
Rys C o.........................
122
Spokane United Railways__________________ .122
Springfield A, Central Illinois_
_
136
Springfield (111.) Consolidated Railway— See
Union Railway. Gas A Electric. _
45
Springfield & East. St. Ry.— See Springfield
Street Railway __ ______ _ _
12 2
Springfield Electric R y. (Vermont)".— See
Springfield Terminal Ry. C o______________ 123
Springfield & Northeastern Traction C o.— See
Illinois Traction, Inc_______________________21
Springfield lOniui Railway________ _
95
Springfield (III.) Railway & Light Co.— See
Union Railway. Gas & Electric_____
45
Springfield Railway Companies.— See New
England Invest. Sec. C o_________________ 122
Springfield (M o.) Railway A Light C o _
_
83
Springfield (Mass.) St. Ry.— See New Eng
land Invest. Sec. n o ___________________
122
Springfield Terminal Ry. C o___ I I I I I I
123
Springfield (U.j leruiioal Ky. & Power Co
123
Springfield (M o.) Traction— See Springfield
Railway A Light C o __________________
45
Springfield Troy A Piqua Ry.— See Springfield
Term. Ry. A Power C o_________________ 123
Springfield (O.) A Washington Ry____________136
_
123
Springfield A Xenia Railway______
Stafford Spgs. St. R y.— See Connecticut C o .. 76
Stamford Street R ii.— See Connecticut C o.
76
Standard Gas A Elec. Co.— See “ R y. & Ind.” Sect
Stark Electric R R __________
4
Staten Island Edison Corporation._” I I ” ” Il23
Staten Island Midland tiy _______________
12 3
Steinway R y.— See N. Y. A Queens Co7 R y ’ I 62
Sterling Gas A Electric C o.— See Illinois Nor
thern Utilities C o__________________________ 39
Steub. East Liverp. A Beav. Vallay T ra c.1 . " 40
Steubenville Mingo A Ohio Valley Traction—
See Wheeling Traction_____________________105
Steubenville Weilsburg A Weirton R y. Co.—
See West Penn Rys. C o___________________ 105
Steubenville A Wheeling Traction Co.— See
Wheeling Traction________________________ 105
Stillwater A Mechanicvilie— See Hudson Vaf.
K y..........................................................
3
Stockton Electric R R _______________________ 124
Stockton Terminal A Eastern R R ____________136
Stroudsburg El. L. A P .— See Lehigh Power
Securities Corp_______________________
3
Suburban Electric Securities C o_____________ 12
Suburban Rapid Transit Co. (Winnipeg)— See
Winnipeg Electric Railway________________ 135
Suburban Rap Tran. St. R y.. Pittsburgh. Pa 104
Suffolk Traction C o__________________________ 92
Sunbury (Pa.) Lewisburg & Milton R y ______ 137
Sunbury A Selinsgrove Electric K R __________ 137
Sunbury A Susquehanna R y_________________ 137
Susquehanna Ry., Lt. A Power Co.— See
United Gas A Electric Corn________________ 84
Sutro R R .— See Market St. R y______________ 117
Sutter Street R y.— See Market St. R y ______ 117
Sydney A Glace Bay Ry .Co.— See Cape
Breton Electric C o________________________ 134
Syracuse Lake Shore A Nor. R R .— See Em
pire State Railroad Corporation___________124
Syracuse Northern Elec. R y _________________ 124
SyracuseRap. Tran. R y .— SeeN .Y.StateRys.112
INDEX TO RAILWAYS
Poo*
Syracuse & Suburban R R . . __________________124
acoma Ry. A Pwr.— See Puget Sound Power
A Lt. C o_______________________________ 119
Tama A Toledo R y. C o.— See Iowa B y & L t. 19
Tampa Electric Co__________________________ 125
Tamaqua A Pottsvllle Electric RR.— See East.
Penn. Electric C o_________________________ 109
Tarrant County Traction Co.— See Northern
Texas Electric C o__________________________ 43
Tarrytown White Plains A Mamaroneck R y.—
See Shore Line Electric R R ________________ 78
Taunton A Brockton Street Railway.— See
Eastern Massachusetts Street Ry. C o _______ 12
Taunton Street Ry.— See Eastern Massachu
setts Street Rv Co . . ___________________ 12
Taylor Avenue R R .— See United Rys. of St.
L o B s ____________________________________ 113
Templeton tit K —See Nor. Mass. St. R y _49
.v
Tennessee Electric Power C o_________________ 68
Tennessee Power C o __ ______________________ 70
Tennessee Railway. Light A Power____________68
Terre Haute Electric C o.— See Terre Haute
Traction A Light__________________________ 53
Terre Haute Indianapolis A Eastern Traction
C o.............................................
Terre Haute Traction A Light C o_____________ 53
Terre Haute A Western Ry. Co.— See Terre
Haute Traction A Llgnt____________________53
Texas Traction C o.— See Texas Electric R y . 35
Texas Electric Railway_____________________ 35
Third Avenue Ry (N Y .)__________________ 81
Thirteenth A Fifteenth Streets Passenger R y.
— See Supp. Oct. 27 1923.
Thirty-fourth Street Orosstown R y ___________80
Three Rivers Gas C o.— 8ee Mich. Gas A
Electric C o_________________________________54
130
Tidewater Power C o _____________
Tidewater Southern Railway________________ 124
Tiffin A Fostoria R y ------------------------------------ 137
Titusville Traction C o_______________________ 137
Toledo Bowling Green A Southern T ra ction .. 125
Toledo Edison C o------------------------------------------- 88
Tol. Fayette A Western.— 8 ee Toledo T rac.,
Light A Power_____________________________87
Toledo A Findlay St. R y.— 8ee Toledo Bowl
ing Green A Southern_________________ ...1 2 5
Toledo Fostoria A Findlay---------------------------- 125
Toledo Fremont A Norwalk Street R y.— See
Lake Shore E lectric..____ . . . ___________ 31
Toledo Gas Elec A Heat. C c.— See Toledo
Edison C o_________________________________ 88
Toledo Gas Light A Coke C o.— See Toledo
Traction, Light A Power C o________________ 87
Toledo A Indiana Railroad___________________125
Toledo A Indiana Traction C o.— See Toledo
A Indiana RK. C o ________________________ 125
Toledo Heat A Light C o.— See Toledo Trac
tion. Light A Power C o_____________________87
Toledo Ottawa Beach A Nor R y _______ _— 87
Toledo Port Clinton A Lakeside Ry. C o.— 8ee
Northwestern Ohio Ry A Power C o----------106
Toledo Railways A Light Co.— See Toledo
Traction. Light A Power C o----------------------- 87
Toledo Traction. Light A Power--------------------- 87
Tol A Western Ry .— See Tol T . L. A P. C o. 87
Tonawanda Electric RR.— See Internat. Ry . . 18
Tonawanda 8». R R .— See International Ry . . 18
Topeka Edison C o.— See Topeka R y . A Lt.Co. 21
Topeka Railway---------------------------------------------21
Topeka Rillway A Light. C o ------------------------- 21
Toronto Elec. Lt.— See Toronto Power C o— 134
Toronto (Canada) Railway_______________ - — 134
Toronto Power C o___- ----134
Toronto Suburban Ry_______________________ 137
Toronto A York Radial Ry.— See Toronto R y.
(Canada) ________________________________ 134
Torrlngton A Win St Rv — See f^onn Co . . 76
Transit Development Co.— See Bklyn. Man.
Transit C o_________________________________ 14
Trans-St. Mary's Traction Co_______________ 137
Trappe A Limerick Electric_________________ i l l
Trenton Rristoi A PhHadeinma Street R v .. . . 99
Trenton City Bridge C o.— See Trenton-Princeton Traction C o __________________________ 126
Trenton Gas A Elect.— See So. Jersey Gas.
Electric A Traction________________________ 74
Trenton Ham. A Ewing— See Trenton St. Ry.126
Trenton A New Brunswick R R .— See Eliza
beth A Trenton R R ________________________ 76
Trenton Lakewood A Seacoast R y ___________137
Trenton A Mercer Co. Trac. Corp---------------- 126
Trenton Pass. R y.— See Trenton A Mercer
Co. Traction Corp------------------------------------ 126
Trenton Pennington A Hopewell Street R y.—
See Trenton Street Ry . ________________ 126
Trenton-Princeton Traction C o--------------------- 126
Trenton (N. J.i Street R y------------------------------126
rn-Clty R y.— See Tri-City Ry. A Lt. C o____48
Tri-OIty Railway A Light C o------------------------ 48
Tri-County Light A Power C o.— See III.
Northern Utilities C o_______________________39
Trinidad (Port 0/ Spain) El. C o., Ltd------------- 137
Trinidad Elec. Transm. Ry A G a s ---------------- 83
Troy City R y.— See United Trac. (Albany)_
_ 2
Troy Hill Pass. R y.— See Fed. St. A P. Valley
P Ry ................................. - ............................102
Troy A New England R y ------------------------------126
Tucson Rap. Tr.— See Fed. Lt. A Trac_______ 82
Tulsa (Okla.) Street. R v -------------------------------137
Tuscaloosa Railway A Utilities C o___________126
Tuscarawas Trac. C o.— See Can.-Ak.Cons.Ry. 2
Twenty-Second St. A A11. Ave. Pass. R y ______ 98
Twenty-eighth A Twenty-nintn Streets Crosstown RR. (N. Y .)— See Mid-Crosstown R y . 82
Twenty-third Ave. El. R y.— See San Fran.Oakland Term. R y --------------------------------------89
Twentv-thlrd Street Ry.—-See N. Y . R y s — 79
Twin City Light & Traction Co.— See Puget
Sound Power & Light C o-------------------------- 119
Twin City Rapid Transit_____________________66
Twin Fails (Idaho) R y . . . ..................................137
Twin State Gas A Electric Oo_______________ 17
Tygarts Valley Traction Co-------------------------- 137
Tyler City Light A R y--------------------------------- 137
T
nion Consolidated Elevated R y.— See Chi
cago Rapid Transit_____________________ 26
Union Depot R R . (St. Louis, M o.— See
United Railways C o-----------------------------------113
_
Union Electric C i —See Dubuque Elec. C o_ 39
Union Elevated R R .— See Chicago Rap. Tran. 26
Union Gas A Electric_________________________ 85
Union Gas Co. (McKeesport)— See Phila. Co. 100
Union Light, Heat A Power C o.— See Cin
cinnati Newport A Covington______________35
Union Loop.— See Chicago Rapid Transit C o. 26
Union Passenger R y.— See Supp. Oct. 27 1923.
Union R y., Gas A E le c _______
45
Union Ry. of New York______________________82
Union R y.— See Wilmington A Chester Trac
96
Union Street R y. (New Bedford. M ass.)_______ 76
Union Traction Oo. (Ooffeyville, K an.)_______ 31
Union Traction Oo. (Nashville. T enn.)_______ 70
Union Trac. Oo.— See Coast Counties G.AEI.118
U
143
Page.
Union Traction Oo. o f Indiana_______________ 4
Union Traction Co. of Morgantown_________ 137
Union Traction (Philadelphia, P a.)____________98
Union Utilities Co.— See West Va. Utilities C o.110
United Electric Co. of N. J_________________ 74
United Electric Railways C o________________ 109
United Gas A Elec. Oo.— See Twin State Gas
A Electric Oo____________________________ 17
United Gas A Elec. Oo.— See Inter-State
Public Service C o __________________________ 54
United Gas A Elec. Co. (Litchfield).— See
Illinois Power A Light Corp________________ 20
United Gas A Electric Oo. (New Jersey)_____ 84
84
United Gas A Electric Corporation_____ _
United Light A Power C o_____________________4ft.
United Light A Rys., Grand Rapids (with map) JmJ
— See United Light A Power C o___________ 46
United National Utilities C o.— See Ameri
can Electric Power C o______________________93
United Power A Transportation__________
98
United Properties Co. of C alifornia____137
United Railroads of San Francisco— See
Market Street Railway_______________
447
United Rys. A El. Oo. of Balto__________ Z-ZZ 8
United Rys. Investment Co. (San Francisco)_116
United Railways Oo. (St. Louis)__________
113
52
United St. R y. of Cent. N . J.— See Pub. Ser.
Railway__________________________________ 7 4
United Traction 1
Albany)_______
_ 2
United Trac. A Elec.— See United Elec. Rysr_109
United Traction (Pittsburgh). _
102
United Traction (Reading. P a.)—¥ee"Reading
Transit A Light Oo_____________
HO
United Traction St. R R . C o.— See Du Boii
Elec. A Trac. C o__________________________ 39
United Utilities Corp____________ ”
49
Urbana Beilefontaine A Northern "By".— See
Indiana Columbus A Eastern______________33
Urbana A Champaign R y. Gas A Elec. Co.—
See Illinois Power ALight Corp_________
20
Urbana Lt., Heat A Power C o.— See Tllinnig
Power A Light Corp...................
20.
Utah-Idaho Central KR_______
445
Utah Lt. A Power— See Utah Lt. A Trac. Co 115
Utah Light A Ry. Oo.— See Utah Lt. A Trac_ _ 115
_
115
Utah Light A Traction___________
Utah Power A Light_______
“ 14 5
Utica Belt Line 8t,R R .— See N .Y*8ta'te"RysT 112
Utica A Mohawk Valley R y .— See N. Y.
State Rys___ . _______________ _________113
_
Uxbridge A Blackstone St." RyT— See "New
England Invest. A Sec. Oo________________ 122
y a ld osta (Ga..) St. R y ._................................... 437
’ alley Electric Co.— See Duquesne Light Co. 104
Valley Railways________________
54
Valley Street R y.— See Rep. Ry. A L t______ 83
Valley Traction Oo.— See Valley Railways____5 l'
Valparaiso A Northern R y.— See Gary A Val
paraiso R R _________ _____ _____ __________44
Van Brunt Street A Erie Basin R R ____________17
Vermont Company___________________________ 77
Vermon' Power A Lighting Oo.— See Mont
pelier fc Barre Light A Power Oo__________ 9
Versailles Traction C o ______________________ 105
Vicksburg Light A Traction Oo_____________ 126
Vincennes Citizens St. R y.— See Vin. Elec.Ry.126
Vincennes Electric Ry. C o__________________ 126
Vincennes Traction C o.— See Vin. Elec. Ry__126
Vincennes Trac. A Lt Co.— See Vin. Elec. Ry.126
Virginia Elec. Co.— See Norfolk Ry. A L t____112
Virginia Passenger A Power C o.— See Virginia
Railway A Power________________________ 444
Virginia Railway A Power__________________1 4 4 "
it(abash River Traction C o.— See Indiana
* * Service Corp___________________________ 42
Wakefield A Stoneham St. R y — See Eastern
Massachusetts Ry. C o ____________________ 12Walden A Orange Lake.— See Orange County
Traction________________________________
sa
Wallklll Transit Co_________________________ ” 65
Warren A Jamestown St. R y _________________ 126
Wash. Alexandria A M t. Vernon R y.— See
Warning ton-Virginia R y __________________128Wash. Arlington A Falls Church R y.— 8ee
Washington-Virginia R y ___________________12 8
Washington Baltimore A Annapolis Electric
R R ______ _______________________________ 128Washington Coast Utilities.— See Puget Sound
Power A Light C o _____________________
449
Washington A Oanonsburg Railway C o _ I I I I I l02 Washington Electric R y ________ ; ___________437
_
Washington (D. C .) Interurhan R y.— See
Washington Ry. A Electric_____________ 127
Washington Elec. St. R y.— See Wash. A
Canonsburg R y __________________________ 492
Washington A Glen Echo R R .— See Washing
ton Railway A Electric______________ ___127
Washington A Great Falls Ry. A Power"OoIII 137
Washington A Maryland R y ________________127
Washington A Old Dominion_______________ 428
Wash. A Rock. R y .— See Wash. Ry. A E IecIIl27
Washington Railway A Electric C o__________ 127
Washington Spa Springs A Gretta R R ______ 137
Washington Utilities O o __________ ______ ___128
Wash -Virginia Ry. O o __________________ _” l2S
Washington Water Power, Spokane______ __Il21
Washington Westminster A Gettysburg R R .I I 13 7
Wash. Woodside A Forest Glen Ry. A Power
C o.— See Washington Railway A Electric 127
Waterbury Light A Pow. C o.— See Montpelier
A Barre Light A Power C o__________ _
9
Waterloo Cedar Falls A Northern Railway "l28
Watertown Gas A Electric C o.— See Wise. Gas
A Electric C o___________________________ _ 66
Waterville Fairfield A Oakland R y___ 11111129
Waterville A Oakland St. R y.— See Waterville
Fairfield A Oakland R y _________ _
129
Watervliet Turnpike A Railroad.— See United
Traction (Albany)_____________________ __ 2
Waukegan Rockford A Elgin T r a c t io n .H I I I 13 7
Waukesha Gas A Elec. C o.— See Wisconsin
66
Gas & Electric C o__________________
Waverly Sayre A Athens Trac. G 0 . . . Z Z Z Z Z Z 137
Waycross (Ga.) Street A Suburban R y _______ 137
Webb City Northern Electric R y .— See South
west Missouri R R ________________________ 429
Webster A Dudley.— See New England In
vest. & Sec. C o___________________
122
Weehawken Contracting Co____________ 1 .1 .1 71
Wells Elec. Light A Power— See Cumberland
County Power A Light C o________________ 107
Westchester Electric.— See Union R y., N. Y__ 82
West Chester Kennett A Wilmington Elec. R y. 58
West Chester Street R y______________________ 12 9
Westchester Street R R _______________
78
West End Passenger R y.— See Frankford A
Southwark Philadelphia City Passenger R y.
in Supp. Oct. 27 1924.
West End Rapid Transit Co.— See Cincinnati
Laurenceburg A Aurora Electric Street R y___28
West End Street R y.— See Boston Elevated__ 11
West End St. R y .— See Lane. Co. R y . A L t___60
West End Traction C o _______________________ 84
144
INDEX TO RAILW AYS
Pag3.
Paae.
Wilkes-Barre S Suburban— See Wilkes-Barre
c
West End Traction, Pittsburgh, Pa.— See
& Wyoming Valley Traction_______________ 129
Pittsburgh Hallways Go___________________101
Wilkes-Barre Railways C o___________________129
West Liberty Street R y.— See Pittsburgh &
Birmingham Traction_____________________103 Wilkes-Barre Terminal R R __________________ 52
West Liberty & Sub. St.— See Pittsburgh Rys.101 Wilkes-Barre Sc Wyoming Valley Traction____129
c
Western Light & Power C o___________________ 88 Wllklnsburg S East Pittsburgh St. B y .— Se8
Western Mass. Street R y.— See New Eng.
Monongahela Street R y. C o______________ 103
Inyest. Sc Sec. Go_________________________ 122 Wllklnsburg Sc Verona Street R y .— See
Monongahela Street R y. C o______________ 103
Western New York & Pennsylvania Trac. Go.
— See Olean Bradford & Salamanca R y _____ 91 Willapa Electric C o_________________________ 137
Westernport Sc Lonaconing— See Cumb. &
Willamette Falls Electric R y .— See Portland
R y., Light S Power______________________ 108
c
Westemport Electric R y __________________ 87
Western Ohio Railroad_______________________ 61 Willamette Valley Southern R y.— See Port
Western Ohio Railway.— See West. Ohio R R ___61
land Railway. Light & Power______________ 108
Western Public Service C o__________________ 137 Williamsport Gas Co.— See Lehigh Power
Securities Corporation____________________
3
Western Railways & Light C o.— See Illinois
Traction Go________________________________20 Willimantic Traction Co.— See Conn. C o_____76
West India Electric Go______________________ 131 Wilmington (Del.) City R y.— See Wilmington
Sc Chester Traction________________________ 96
West Liberty S Suburban St.— See Pittsburgh
c
Wilmington City Electric C o_________________ 96
West Liberty Street R y.— See Pittsb. & Birm.
Wilmington & Chester Traction C o___________96
Traction Co_______________________________ 103 Wilmington & Christiana Turnpike C o.— See
United Power & Trans. C o________________ 98
Westmoreland County R y ___________________ 37
West Penn C o_______________________________105 Wilmington & Edgemore— See Wilm. Sc Ches
ter Traction________________________________96
West Penn Monongahela_____________________ 106
West Penn Power C o________________________ 108 Wilmington & Great Valley Turnpike C o.—
See United Power & Trans. C o_____________ 98
West Penn Railways C o_____________________ 105
West Penn Traction— See West Penn Rys__ 105 Wilmington Light & Power— See Wilmington
S Philadelphia Traction C o________________ 96
c
West Penn Traction & Water Power Co.—
See West Penn C o________________________ 105 Wilmington Newcastle Sc Delaware City— See
Wilmington S Philadelphia Traction C o____96
c
West Philadelphia Passenger R y.— See Supp.
Wilmington & Philadelphia Traction________ 96
Oct. 27 1923.
Wilmington S Philadelphia Turnpike— Sea
c
West Roxbury S Roslindale Street R y .— See
c
United Power S Trans. C o________________ 93
c
Eastern Massachusetts Street R y. C o .______ 12
West Shore Railway__________________________ 77 Wilmington Southern Traction Co.— See Wil
mington Sc Philadelphia Traction C o_______ 96
West Side R R .— See ElmiraWater.Lt.dc R R . 40
Winchester Ave. R y.— See Conn. C o_________ 76
West Virginia Trac. S Elec. Co.— See West
c
Virginia Utilities Co_______________________ 110 Windsor Locks Traction C o.— See Hartford
S Springfield Street R y____________________125
c
West Virginia Utilities C o___________________ 110
West Water St. R R .— See Elmira Wat.,Lt.JfcRR40 Windsor & Tecum. Elec. R y.— See Detroit
Whatcom County R y. S L t.— See Puget
c
United R y _________________________________ 38
Sound Pow. S Lt. C o____________________ 119 Winnipeg Electric R y ________________________ 135
c
Wheeling Bridge C o.— See Wheeling Trac. C o .105 Winnipeg Selkirk & Lake Winnipeg R y. See
Winnipeg Electric R y _____________________ 135
Wheeling & Elm Grove R R .— See Wheeling
Public Service C o_________________________ 110 Winnipeg Electric Street R y.— See Winnipeg
Electric Railway__________________________ 135
Wheeling Public Service C o_________________ 110
Wheeling (W . Va.) Traction C o_____________ 105 Winniaimmet R R ___________________________ 13
c
Wheeling & Western R y.— See Wheel. Trac__105 Winona (Minn.) Ry. S Light C o.— See Wis
consin R y., Light & Power C o______________ 59
Wichita R R . Sc Light............................................. 21
Wichita-Walnut Valley Interurban R y _______ 137 Winona Elec. Lt. & Power.— See Inter-State
Wilkes-Barre Co.— See United Gas S Elec____84
c
Public Service C o__________________________ 54
Wilkes-Barre Dallas S Harvey’s Lake R y ____ 130 Winona Gas Light S Coke— See Wisconsin
c
c
Wilkes Barre Sc East Side R y.— See WilkesMinnesota Light S Power C o_______________ 59
c
Barre Rys C o___________________________ 129 Winona Interurban_________________________ 126
Wilkes-Barre Gas Sc Elec. C o.— See United Gas
Winona & Warsaw R y .— See Winona Inter__126
& Electric__________________________________85 Winston-Salem Power C o.— Ses So. Pub. U ti.. 22
Wilkes-Barre Sc Hazleton Railway_____________52 Wisconsin Edison Co.— See North American
Wilkes-Barre Sc Hazleton R R _________________ 51
Edison C o_________________________________65
Wilkes-Barre & Kingston— See Wilkes-Barre
Wisconsin Electric Power Co.— See Milwaukee
Railways C o_____________________________ 129
Electric R y. Sc Light C o___________________ 65
[V ol. 118.
Page.
Wisconsin Electric R y .— See Eastern Wis
consin Electric C o________________________ 120
Wisconsin Gas S Electric_____________________66
c
Wisconsin Interurban R y ____________________137
Wlsconsin-Minnesota Light Sc Power C o------•59
Wisconsin Public Service C o.— See Wiscon
sin Public Service C orp____________________ 49
Wisconsin Public Service Corp________________ 49
Wisconsin Railway, Light S Power C o___
c
59
Wisconsin Securities C o.— See North American
Edison C o_________________________________ 65
Wisconsin Traction Light Heat Sc Power____ 66
Wisconsin Valley Electric C o________________ 129
Woburn & Reading— See Eastern Massachu
setts R y. C o ______________________________ 12
Worcester Sc Blackstone Valley St. R y .— See
New England Invest & Sec. C o____________122
Worcester S Clinton St. R y.— See New Eng
c
Invest. S Sec. C o_________________________ 122
c
Worcester S Conn. East. R y .— See Conn. C o . 76
c
Worcester Consolidated Street R y.— See New
Eng. Invest. & Sec. C o____________________122
Worcester & Holden St. R y.— See New Eng
Invest. & Sec. C o_________________________ 122
Worcester & Marlborough Street R y.— See
New Eng. Invest. & Sec. C o_______________ 122
Worcester S Southbridge St. R y.— See New
c
Eng. Invest. & Sec. C o____________________122
Worcester & Webster Street R y.— See New
Eng. Invest. & Sec. C o____________________122
Woronoco St. R y.— See New Eng. Invest. S
c
Sec. C o___________________
122
Wyandotte Sc Detroit River R y .— See Detroit
United Railway__________________________ 38
110
V ad k in River Power C o____
* onkers R R ________________________________ 82
York County Power C o.— See Cumberland
County Power Sc Light C o___________
107
York Lt. S Ht. C o.— See Cumberland County
c
Power S Light C o________________________ 107
c
York Railways__________
130
York Utilities C o -------Youngstown Sc Ohio River R R _______________ 60
Youngstown Park S Falls Street R y .— Sea
c
Republic R y. Sc Light C o__________________ 83
Youngstown-Sharon R y. S Light.— See Pennc
sylvani-Ohio Elec. C o______________________83
Youngstown Sc Southern R y .— See Youngs
town S Suburban R y ______________________ 130
c
Youngstown 3k Suburban R y ________________ 130
Ypsilantl & Saline R y .— See Det. Jack. A
C hic.......................................................................39
r/anesville Electric C o.— See Col. Newark
L
& Zanesville..................................
33
Zanesville Electric R y .— See Col. Newark 3k
Zanesville________________________________ 33
Zanesville R y. Light S Power C o.— See Col.
c
Newark S Zanesville__________
c
33
57
@FedFRASER