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Electric Railway
section
OF THE
C ommercial & P inancial P hhomcll
Copyrighted (a 1923 according to Act of Congress, by W IL L IA M B D A N A C O M P A N Y , in office of Librarian of Congress, W ashington. D . O.
Vol. 116.
NEW YORK, APRIL 28, 1923.
E l e c t r ic
R a il w a y
S e c t io n .
The E lectric Railway Section, issned twice a year, on the last Saturday
in April and October, Is furnished without extra charge to every annual
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Saturday o f M ay and November, is also furnished without extra charge to
every annual C hronicle subscriber.
The Railway Earnings Section, issued monthly, containing the sworn
returns o f earnings and expenses o f the steam railways o f the United States
filed each month with the Inter-State Commerce Commission, is likewise
furnished without extra charge to every annual C hronicle subscriber.
The State and C ity Section, issued semi-annually on the last Saturday
•f June and December, is also furnished without extra charge to every annual
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The Bank and Q u otation Section, issued monthly, is also furnished
without extra charge to every annual subscriber o f the C hronicle.
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tion, Is likewise furnished without extra charge to C hronicle subscribers.
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CHICAGO OFFICE.— 19 South La Salle Street.
LONDON OFFICE.— Edwards & Smith, 1 Drapers’ Gardens, E. O.
W ILLIAM
B. DANA COMPANY, P ublishers,
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 AN D BO N D 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
sommon 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
"M aturity.”
"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 .T while “ cur.” means currency.
”
“ Conv.” means convertible into stock. “ S. f .” means
sinking fund, “ o.” means coupon; “ e*” 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. 3018.
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 Is
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-faoed
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 word "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
can 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 each
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 cars” means pay-as-you-enter
or prepayment cars.
“ Exts., add’ ns and impts.” means extensions additions
and improvements. “ Auth.” means authority or author
ized. “ Oth. ino.” means other income. “ Cal. year.”
means calendar year.
REFEREN CES 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. 116, p.
000), where fuller information may be found. Following
also each statement is given a reference to the latest news
item in the “ Chronicle” respecting the company. As every
suoh item contains a reference to the last preceding item,
the reader oan run back at pleasure. Annual reports arc
in blaek-faeed figures.
Electric R ailways.
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-dependen *
publioations, oomplete 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 m oney.
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.
ineorp. In New York on Oct. 18 1916 and owns over 99% of the common
stock of the Northern Ohio Trac. & Lt. Oo. Also controls the Kent Water
k raght Co.
C A PIT A L IZA T IO N .— 75,000 shares o f common stock (no par value)
$8,000,000 6% cum. pref. stock (par $100): pref. as to assets and divs.;
callable at 105 and dlvs.; dlvs. payable Q.-M . Dividends on pref. stock,
were begun Mar. 1 1917. and paid regularly to and incl. Dec. 1919. None
Hodenpyl, Hardy & C o., In c., N . Y .. and E. W . Clark & C o., Phlla.,
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 $1,006. The co. in 1916
obtained a loan o f $4,000,000 for one year, and pledged as security therefor
approximately $9,000,000 com. stock o f the Northern Ohio Traction & Light
Co. Owing to unfavorable financial conditions attributable to the war,
this loan was renewed from year to year. In Feb. 1920 loan was again
renewed for one year to Feb. 1 1921, by which time $400,000 had been paid
on account, reducing the principal to $3,600,000. In 1921 the maturity
was once more extended, this time to Feb. 1 1922. V. 112, p. 933: again
extended in Feb. 1922 for one year to Feb. 1 1923. V. 114, p. 1651. By
that date the loan had been reduced to $2,800,000 and was extended for
another year to Feb. 1 1924. The company has agreed to defer the 6%
dividend on the pref. stock until such time as financial conditions will permit
of the sale of securities to meet payment o f the loan. Compare V. 110,
p. 1188.
EARNINGS.— Of constituent companies for calendar years:
Exp., Maint.
Year—
Gross.
& Taxes.
Net.
Charges.
Surplus.
1922__________$9,354,965 $6,897,774 $2,457,191 $1,974,646 $482,545
1921__________ 8,672,079
6,535,330
2,136.748
1,894,490
242,259
— V. 112. p. 372, 933, 1741: V. 113, p. 533, 2407; V. 114, p. 1651: V. 116,
p. 292.
Latest Earnings.— For years ending June 30:
1921-22______ $8,690,735 $6,297,639 $2,393,096 $1,933,004 $460,092
1920-21______ 9,796,214
7,800,105
1,996 109
1,808.310
187.799
— V .l l l . p.2322; V.112. p.372. 933. 1741; V.113, p.533, 2407; V.114, p.1651
N orthern O h io T ra ction & L ight Co.
Over 99% of the com. stock Is owned by the Northern Ohio Electric Corp
ORGAN IZATION .— 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 o f the latter per terms in V. 75, p. 733. In 1906
acquired control of the Canton-Akron Consol. R y., and guarantees that
company'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 int. 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
m follows: Akron, 1924; Canton, 1928: Massillon, 1932. 55% of the interurban 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 Sept. 1917 filed a new schedule o f interurban passenger rates
with the Ohio P. IT. Commission, raising the rates generally to 2c. a mile.
V. 105, p. 998. In Sept. 1918 was auth. by the Ohio P. U. Comm, to
increase interurban fares to 2 H cents per mile where no local franchises
conflicted and on Mar. 3 1919 to 3 cents where franchises permit. On
May 31 1919 an ordinance increasing fares from 5 to 6 cents was sub
mitted to the people of Akron and defeated by a vote o f about five to one.
V. 108, o, 2241 2330. On July 16 1920 the Akron City Council
amended the co's franchise so as to allow it to charge a flat 5-cent cash fare
for a temporary period, and this rate was extended from time to time. In
Julv 1922 this rate was granted at a referendum election. See also V. 112,
p. 470, 1519; V. 114, p. 522, 1891; V. 115, p. 760. The Canton City Council
in Aug. 1920 pnssed an ordinance over the M ayor’s veto granting the com
pany a 6-cent fare with 17 tickets for $1. V . I l l , p. 693, See also V. I l l ,
p. 1279. The City of Massillon has authorized an increase to 8 cents cash,
with 4 ticket* for 25 cents
In Oct. 1922 the co. was auth. by the Ohio P. U. Comm, to issue $1,000,000 7% pref. stock, $1,000,000 6% gen. & ref. mtge. bonds, proceeds to be
used to cover capital additions, &c. V. 115, p. 1838. Compare V 115,p 1429.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock com, $10,000,000($100)____
______
See text
See text
Pref 6% $5,451,800 cum__________
6%
4.613.000
See
Pref 7% $4,548,200 cum __________
7%
1,700,500 See text
1st lien & ref. mtge. g, ($100,1 1916
5 g F-A
4 616.000 Aug 11956
$500, $1,000. & c.)_c*& r*.[ Int. payaole in N. Y or Cleveland.
Northern Ohio Traction &f 1903 4&5 g J-J
3,219,000 Jan 1 1933
Light 1st consol ($1.000),(In t. at Cit. Sav. & Tr. C o.. Cleve., Trustee,
gold $7 .5 0 0 ,0 0 0 -.-.c * - t f l or at First Nat. Bank New York.
Nor Ohio Trac & Lt Ser “ A ” ) 1922 6 g M-S
10,538,000 Mar 1 1947
gen&refM($500&$1.000c*;Vlnt. at National City Bank, N . V ., trustee.
$1.000,$5,000 & $10,000r*) |
gold___________________ tfj
N O T & Lt secured notes-------------7)4%
750,000 Dec 1 1928
Wads & West mortgage,! 1906
6g
See text July 1 1933
$500,000 guar ($1,000) _ .t f
Secured 6% bonds see text! 1919 6 g J-D 1 1.912,000 June 1 1926
($100, $500 & $1,000) gc*_tf (Bankers Trust C o., N. Y ., Trustee.
Stock.— Of the common stock, $9,100,090 is outstanding, in addition to
which $899,910 has been subscribed for but not yet issued. The pre
ferred stock is redeemable, all or part, at 110 and div. on any div. date. Is
pref. as to div. and assets and has full voting power. V 92. p. 956: V.
95. p. 48: V. 97, p. 1116; V. 112, p. 1741, 2191; V. 113, p. 629.
Bonds.— Additional 1st lien and ref. bonds may be issued (a) par for par,
for refunding or acquiring the $3 991,000 underlying bonds: (b) for 85%
Of cost o f new construction, additions, betterments and extensions and
(C) for 85% o f cost or replacement value o f additional properties, under
conservative restrictions. The bonds are secured by mortgage on entire
property, subject to underlying liens, and by deposit of $4,000 of 5s and
$4,277,000 of 4s of Nor Ohio Trac. & Lt. bonds of 1933, $1,431,000 CantonAkron con. 5s o f 1933. $200,000 Akron Wadsworth & Western 5s $2,3">0,000
are pledged as security for the $1,912,000 7-year 6% bonds, and $10 703.500
under the gen. & Ref. mtge. 6s, Series “ A .” Redeemable as a whole
o r in part on any int. date at 105 and int. The mortgage provides
for a maintenance and depreciation fund of 20% of gross earnings for
maint. and replacements, or for additions and betterments, against which
no bonds may be issued: also provides for an insurance reserve for d image
claims, &c . of 4% of gross earnings until $100,000 is reached, at which
figure the fund is to be maintained
Trustees are New York Trust Co
N . Y ., and Citizens Savs & Trust C o.. Cleveland. V. 103, p. 1210. Of
the Northern Ohio Trac. & Lt. consols $996,000 are 5s. all outstanding:
the rest 4s. The Northern Ohio Trac. & Light gen. & ref. mtge. 6s are
issuable in different series at various rates of interest, maturities. &c.,
under certain restrictions. Series “ A ” are secured by a pledge o f $10,703,500
first lien & ref. mtge. 5s which amount o f pledged bonds is to be increased
by $2,390,000 upon retirement o f the secured 6% bonds, due June 1 1926
A sinking fund o f
% semi-annually o f total gen. & ref. mtge. bonds out
standing began Dec. 1 1922. $50,000 cancelled by sink. fd. up to April l
1923. A general reserve fund for maintenance and replacement of the
property is provided for. Series “ A ” are redeemable on any int. date on
30 days’ notice at 110 on or before March 1 1932; at 107
thereafter to
and including March 1 1942; and at 102 thereafter, but prior to maturity.
Four mills tax in Penna. refunded. V. 114, p. 1180. Listed on N. Y .
Stock Exchange. V. 115. p. 74. The 7-year 6% bonds are secured by a
pledge of $2,390,000 1st lien & ref. 5s. Additional 7-year bonds may be
issued from time to time under certain conditions upon the deposit of cash
or the pledge of first lien & ref. 5s in the ratio of 125%. V. 108, p. 2433.
On Jan. 24 1914 stockholders approved action of directors In providing
for payment o f Federal income tax upon the various issues of the c o .’s bonds.
CANTON-AKRON CONSOLIDATED R A ILW A Y .
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Oonsol M $2,500,000. gold.f 1906
5 g J-J
$772,000 Jan 11933
guar p & I by North Ohio! Int. at Citizens Sav. & Trust C o., Cleveland
Trac & Light ($1 000)c*.tf| Trustee, or First Nat. Bank. New York
Bonds.— Of the $2,500,000 consolidated bonds, $1,331,000 are pledged
under N . O. T. & L. 1st & ref. mtge., and $290,000 are reserved for extens.
and Imp. at 85% of cost. S. Reed Anthony. Boston, is also trustee. V.91,
p. 1628, 1765. Certain of the Canton-Akron Consol. 5s are red. at 102J4
and int. on 4 weeks’ notice and others at par and int.
Dividends.— Preferred stock was issued in 1911 and dividends o f 1)4%
quarterly have been regularly paid. In 1921 a 7% cum. pref. stock was
created (see abave) 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 of 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, J^%; Sept., M % ; D ec., M % In 1909, 1%%■ In 1910, 2 H % • In 1911. 3 )* %
In 1912, 4 H % - I d
1913 to 1916, 5% per annum. In 1917, March, 1 H % : M ay, 1 % ; Aug.
1 H % . Nov., 114%. 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 Uhrichsvilie in Tuscarawas
County with branches to Ravenna (via Kent), to Wadsworth (via Barber
ton) and to East Greenville from Massillon. On Dec. 31 1922 onerated
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 C oun ty.
Rails, 70 to 114-lb., standard gauge. 84 interurban, 265 city and 37
miscellaneous cars. Does the exclusive commercial electric light and
power business in Akron and supplies energy, directly or indirectly to 18
other communities. 2 generating stations with an aggregate installed
capacity of 69,175 k.w.; 17 sub-stations. A 4-story office building and
passenger terminal in Akron was opened M ay 1 1918.
RE PO RT.— For calendar years:
Calendar
Gross
Net aft. Taxes
Fixed
Preferred
Balance.
Year—
Earnings
rfe Maint..
Charges. Dividends. Surplus
$695,790
1922________ $9,263052 $2,426,621 $1,356,239 $374,592
1921________ 8,591,295
2,105,343
1,325,673
336,893
442,778
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., II. G. Kessler; Comp., G. B. Dobbin.—-V. 113,
p. 183, 629, 1675; V. 114, o. 198, 522, 948, 1064, 1180, 1891, 2116; V. 115,
p. 74, 183, 760, 1100, 1429, 1838, 2794; V. 116, p. 410, 1050, 1650.
ALBANY, N. Y.
UNITED TRACTION COMPANY.
Entire stock (except 4 shares) is owned by The Delaware & Hudson Oo,
V. 81, p. 1552; V. 82. p. 160. The D. & H. also owns the entire stock of the
Troy & New England R R . and the Plattsburg Traction Co. and a half
Interest in the Schenectady R y., the New York State Rys. owning other hall.
ORGANIZATION.— Chartered Dec. 30 1899 as a consolidation of the
Albany Ry (chartered In 1850), the Watervliet Turnpike & R R . (chartered
In 1S62) and the Troy City R y. (chartered in 1850). See V. 69, p. 1147.
1300 V, 70, p. 77. Operates under leases to the constituent companies.
i*i- Trov & Cohoes R R ., Lanstngburgh & Cohoes R R ., Waterford & Cohoes
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
Forest Park Ry and all the capital stock of the Capitol R y.. Cohoes Ry
and Great Western Turnpike Road.
The Cohoes City Ry. was sold at foreclosure In 1904 and reorganized as
Cohoes Ry. C o., with $120,000 stock and $84,000 bonds; all of the stock
and bonds are deposited with the Central Trust Co. of New York as security
or bonds Of the Albany Ry.
Acquisition of Hudson Valley.— In Dec. 1906 acquired a majority of the
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.
Franchises perpetual except that of the Capitol R y. (a short line on the
outskirts of Albany), which expires in 1951.
Traffic Agreements.— Has traffic agreements with the Albany Southern
R R ., Schenectady R y. and Hudson Valley Ry. by which cars of the firstnamed road are run into Albany from Rensselaer, cars of the Schenectady
R y. into Albany, Troy and Watervliet, and cars of the Hudson Valley Ry.
Into Troy from Waterford and in Albany.
Electric power Is furnished under contract by Adirondack El. Pow. Corp.
Fares.—Effective July 5 1922 the co. was auth. by the N. Y . P. 8. Comm,
to charge a uniform fare of 7 cents. See V. 115, p. 184, for details. Com
pare V. 112, p. 471.
Fare Decision.— On Dec. 16 1921 Supreme Court Justice Hinman upheld
the right of the P. S. Commission to increase as well as decrease fares in a
decision on an application of the city of Troy to prevent the company from
asking a higher fare in that city. V . 113, p 2722, 1362, 629; V. 114, p. 411.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock (par $100). $12,500.000...........
4 J-J$12,500,000
See text
Debentures, $1,250,000, gold! 1901 4 H 8 M-N
I
456.000 May 1 1918
($1,000)____________ r .n t f/I n t . at National Commercial Bank. Albany.
Cons mtge, $6,500,000, gold! 1904
4H g J-D
2,020.000 June 1 2004
($1.000)_____________c ’ tfjln t. at Centra: Trust C o., N. Y .. Trustee.
Albany Ry cons M ($500,000/ 1890 5 g J-J
428,000 Jan 1 1930
gold ($1,000)______ c*-ntf\ Int. at Central Trust C o., N. Y ., trustee.
Albany Ry gen M $750,000! 1897
5 g J-J
496,000 June 1 1947
gold___________________ t flln t . at Central Trust C o., N. Y., trustee.
Watervliet Turnpike & R R — 1 1889
6 M-N
350,000 May l 1919
1st M guar__________ n tf (Bostou Safe Dep. & Tr. C o., Trustee
2d M , p & int guar____n t f) 1890 6 M-N
150,000 May 1 1919
I Metropolitan Trust C o., N. Y ., Trustee.
Troy City 1st con M gold.l 1892 5 g A-O
2,000.000 Oct 1 1942
$2.OOO.OO0-.... ............c*&r lint, paid by Trustee. Central Trust Co. ,N Y
Bonds.— Of the consol, mtge. of 1904, $3,880,000 Is reserved to retire prior
liens. No sk. fd. and bonds are not 8ubj. to call. Directors may fix rate of
int on unissued bonds but not exceeding 6 % ; present issue is at 4 4 % . The
debs may be called on any int. date on 3 mos. notice at "a 5% Int. rate foi
the unexplred term as calculated in standard bit. tables." V. 73. p. 1113.
The Atbany Ry. general mortgage of 1897 was for $750,000. of whicb
$254,000 was reserved, but consolidation made reservation Inoperative.
Tbe Troy City leased roads Include Troy & Cohoes, stock $50,000, dive,
under lease. 7%, Lansingburg A Cohoes, stock. $15,000: divs. under lease,
7%
The Waterford & Cohoes R R . $25,000 stock receives 7% yearly
under leave
DIV IDKN D8.— First quar. div., 1 M % , was paid M ay 1 1900; same rate
sontinued up to and incl N ov. 1905. For year 1908 6 H % was paid. On
Dec. 31 1906 stock was increased from $5,000,000 to $12,500,000 and divs.
made semi-annual (J.-.T.) and 4% was paid in 1907. 2% Jan. 1 1908 and
2% each six months thereafter to and in cl.1913. I n l9 1 4 .2 % . Nonesince.
A pril, 1923.]
3
ELECTRIC RAILW AYS
ROAD.— Operates 62.942 miles o f first main line track and operates In
all 112.341 miles of track, o f which 94.238 m. owned, connecting Albany,
Troy, Cohoes, Rensselaer, Watervliet, Lansingburg, Green Island, Water
ford, &c. Rails, 47 to 141-lb. Girder and T . Standard gauge. Has 479
cars.
EAR N IN G S.— For cal. years:
Year—
Gross.
Net.
Other Inc. Chgs. A Tax.
Deficit.
1921____ S I.199,783 def.$1,579,887 $275,416 $903,938 def.$2.208 409
1920____ 3,253,973
104,767
275.570 796,847
def.416.510
1919____ 2,848,872
312,991
274,520 763,241
def.175,730
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.. W . B. Schofield,
N .Y .;S ec., F. M . Olyphant; Aud., D. L. Waters, Albany; Treas.,C. A. Hoag,
Albany; Comp., W . E. Eppler, N . Y .; Gen. M gr., A. E. Reynolds, Albany.
Principal office, Albany.— V. 113, p. 1362, 2407, 2722; V. 114, p. 411, 2117;
V. 115. D. 184.
ALBIA, IOWA.
ALBIA LIG H T & RAILW AY CO.
O R G A N IZA TIO N .— Incorp. in Delaware June 1916 as a reorganization
of the Southern Iowa R. & Light Oo. as per plan in V. 103, p. 939. Does
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 Ry. Oo. New power
c
units ana 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.
_______
$400 000 ___________
Com stock $400,000 ($100)________
Pffl% non-cum$100,000 ($10)..........
Q— F
100.000
See text
1st M $500,000 gold ($1,000/ 1916
5 g J-J
400,000
1941
an d$100)________ c & r .c p tlln t. at Empire Trust Oo., N . Y . trustee.
Bonds.— Of the bonds reported outstanding, $100,000 were Issued to cover
new extensions. Remaining bonds are for extensions and additions. No
sinking fund and not subject to call.
Dividends.— Quarterly divs. of 1J4 % on pref. stock were paid from Aug •
1 1917 to and incl. May 1918. None since.
E A R N IN G S.— Years ending Dec. 31:
Cal. Year—
Gross.
Net.aft.Tax. Bond Int.
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.
R OAD.— Operates 12 miles of street and interurban 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. 496.
(1) H udson V alley Railw ay.
In Dec. 1906 the United Traction Co. o f Albany acquired control through
purchase o f a majority o f the capital stock.
O RGAN IZATION .— Incorp. Aug. 14 1901 as a consolidation of the
Glens Falls Sandy H111& Fort Edward Street Ry.,Warren County Elec. R y.,
Stillwater & Mechanicville Street R y ., Greenwich & Schuylervllle Street
R y., Saratoga Traction Co. and Saratoga Northern R y., the capital stock
of these roads being exchanged for stock in the new company. V . 73, p .391.
Owns entire capital stock o f Warren County Elec. Lt. Ht. & Pow. Co. and
all the stock ($200,000) and all the bonds ($200,000) o f the North River
R y., a road operated In Saratoga by this co. Franchises perpetual.
Financial Readjustment.— A readjustment o f the company’s finances was
affected 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 or the debenture “ B ” bonds. V. 82, d . 751
Traffic Agreements.— Has traffic agreements with the United Trac. C o.,
and Greenwich S Johnsonville R y.. by which cars o f the Hudson Valley
c
Ry. Co. are run over the lines o f the United Trac. Co. from Waterford
to Troy and also In Albany, and cars of this company are run over the
Greenwich S JohnsonviUe at Thomson. N . Y .
c
Higher Fare Schedule.— For details o f increased fares auth. by the P. S.
Commission on Aug. 5 1921, see V. 113, p. 730.
Outstanding. Maturity.
STOCK AND BONDS—
Date.
ALLENTOWN, PA.
Common, $3,000,000, par $ 1 0 0 ____
$2,978,300
LEHIGH POWER SECURITIES C O RPORATION .
See text
Preferred ($2,500,000 ( s e e l ____
text), 6% non-cumulatlve_ f
O RGAN IZATION .— Incorp. July 19 1917 in Del. and then acquired;
2,222,000 July 1 1951
first consolidated mortgager 1901
5 g J-J
All the stock of the Lehigh Navigation Electric Co. (formerly con
$4,000,000 (denomination-{Interest at Manufacturers' Nat. Bk., Troy. (a)
trolled by the Lehigh Coal & Navigation C o., which see in V. 105, p 720).
c
$1,090 gold)_________ c* tf {May be called at 110 S lnt. on any lnt. date
and through such acquisition control of the Harwood Electric Co. and other
Deb “ A ” Income, $700,000-- 1906
5 g J-J
474.000 Jan 1 1951
subsidiaries; (6) a substantial majority of both classes o f stock of the Lehigh
Deb “ B ” Income, $2,500,000- 1908
2 g J-J
2,500,000 Jan 1 1951
Valley Transit C o., and through such acquisition control of the Lehigh
Underlying Liens—
Valley Light & Power C o.; (c) approximately all the pref. and com. stocks
G F S H S F E 1st M (no opt) l 1891
c
6 J-J
100,000
Past due
of companies formerly controlled by the Northern Central Co. In June
($500 and $1,000) gold__ c/Central Trust C o., New York. Trustee.
1920. however, the Penna. P. S. Comm, apnroved the joint agreement of
do
2d M ($500) gold-cf 1893
6J-J
50,000
past due
consolidation and merger of eight electric and gas companies (seven of which
lin t, at Merchants’ Nat. Bank, Glens Falls, were controlled by the Lehigh Power Securities Corp.) into the (new) Penn
do
3d M ($150,000)ntff 1901
6A-O
82,000
Pastdue.
sylvania Power & Light C o ., which see below. The Lehigh Power Securities
{M ay be called at 100.
Corp. controls the Pennsylvania Power & Light Co through ownership of
•till & Mech first m ortgage-. J 1893
6 A-O
47,500
past due
all its common stock, except directors’ shares, and all its non-cum. pref
(Bankers Trust C o.. New York, Trustee,
stock. Owns all the com. stock of the Wilkes-Barre Co. The controlled
do
do
consol mtge__ 1 1898
6A-O
202,500
past due
comnanies supply electric light and power to 137 communities; gas service
$250.000_________________ (Glens Falls Trust C o., Glens Falls. Trustee.
to 17 cities and towns, and have charter rights in 70 townships; 51 communi
Bonds.— Of the $4,000,000 M . of 1901, $482,000 are set aside for prior Hens ties are served by interurban railways. Franchises generally, in the opinion
*nd $1,290,000 have been deposited as coll, for temporary loans. The deb. of counsel, are free from burdensome restrictions, and a very substantial
‘ B’ ’ bonds were conv. Into pref. stock at par to March 1 1917. Int. on part of them is perpetual. For full description of properties, &c., see V. 105,
the deb. “ A " and “ B ” bonds Is neither cumulative nor obligatory. No lnt. p. 498, and Lehigh Valley Transit Co. below. See also V. 105, p. 290 and
has been paid on either class. The G. F. 8. H. & F. E. 1st M . fell due 818.
July 1 1911, but was extended and Is now past due; 2d M . fell due July 1
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity
1913 and the 3d M . April 1 1921. Both issues o f Stillwater & Mechanic Stock 605,000 shs (no par val) ____
_________ 307. q i 5 shs ________
ville bonds fell due April 1 1913.
Secured gold notes, $50,000,-1 1917
6 g F-A
13 880 700 Aug 1 1927
000($100.$500ft$1.000)c*tf JInt. In N . Y . Guar. Tr. C o.. N . Y ., trustee.
EARNINGS—
Operating
Net
Other
Charges A Balance.
Year ending—
Revenues. Earnings. Income. Taxes.
Deficit.
Lehigh Valley Transit Group— See Lehigh Valley Transit Oo. below
Dec. 31 1921______ $1,107,350
$35,036
$5,149 $454,831 $414,645
Voting Trustees for Stock.— Irving W. Bnnhrlght, Bonbright S Co . Inc.:
c
Dec. 31 1920........... 1,492,464
203,450
5,645
450,521
241,426 George H. Frazier, Hayden, Stone & Co.; S. Z. Mitchell, Pres. Elec. Bond &
ROA D .— Main line extends from Troy northward along the Hudson Share Co.: Lewis E. Pierson; S. D. Warriner, Pres. Lehigh Coal & Nav. Co.;
through the villages and towns of Waterford. Mechanicville, Stillwater, G. M . Dahl, Thomas Newhall, Edw. B. Smith & Co.; F. N. B. Close, V.-P.
Schuylervllle, Thomson. Fort Edward, Sandy Hi!1 Glens Falls and Cald- Bankers Trust Co.. N. Y ., and William West, West & Co., Phila.
,
Notes.— Over $18,000,000 notes were subscribed for $4,254,100 have
vell to Warrensburg. The Saratoga Division, which branches off the
main line at MechanicvlUe, provides a line from Troy to Round Lake, been called for payment and retired. The Electric Bond & Share Co. deliv
Sailston Spa and Saratoga, with a branch from Saratoga Springs to Glens ered to each subscriber 4 shares of the Securities Corp. stock with each
STalls, which branch was completed in June 1903. There is also a branch $1,000 of notes. The stock may be deposited in a voting trust.
line from Saratoga Springs to Kaydeross Park on Saratoga Lake and an
The collateral for the notes includes all non-cum. pref. and com. stock
other from Thomson to Greenwich. Total first track. 121.22 miles; second and certain notes payable of the Pennsylvania Power & Light Co. and a
track, 18.33 m.; sidings, 8.74 m.; making a total of 148.29 miles of track, substantial majority of both classes of stock o f the Lehigh Valley Transit
of which 122.85 miles are owned. Ralls. T , girder and grooved, 48 to 141 Oo. It is expected that the corporation from time to time will sell part of
ibs. Standard gauge: 70% on private right of way. Operates 118 cars. the securities deposited under such trust agreement, the proceeds to be used
Including 3 freight 16 exp. and 21 service cars. Company owns Kaydeross for the purchase, redemption and cancellation o f the notes, by purchase at
Park, at Saratoga Lake, and Ondawa Park, bet. Greenwich and Thomson
the lowest price, or at 101% and int., by lot. Noces are red., al( or part,
on any int. date at 101 and int. Pennsylvania 4-mills tax refunded. V.
OFFICERS.— Same as for United Traction Oo.— V. 89, p. 286: V. 108, 105, p. 818,498.
p. 1274: V. 113. p. 730. 1772.
______
EARNINGS.— Of combined properties for 12 mos. ended Feb. 28 1923
finter-group charges eliminated!: Gross from operation. $17 8(2 894: other
ALBANY SOUTHERN R R .— Third rail, except in cities.
income, $238,684; total, $18,051,578; operating expenses, $11,192,641; net,
ORGANIZATION.— Incorporated in New York Sept. 14 1909 and is a
balance,
reorganization of the Albany & Hudson R R . Co. sold under foreclosure on $6,858,937; interest and discount, $2,208,092; deprec., $1,6)7,05!;to Lehigh
$2,993,794. Proportion of earnings, including interest, accruing
Sept. 8 1909 (per plan V. 89. p. 223). ' On Sept. 18 1909 merged Albany & Power Securities Oorp. on the basis of securities owned, $2,252,146
Green bush Bridge Co. V. 89. p. 720. Franchises are perpetual. Does a
Property, A c.— Generating plants havea present capacity of 171,267 k w.
passenger, freight and express business and supplies light and power
595 miles high-voltage transmission lines (over 11,000 volts); gasholder
along route.
capacity. 3 396,090 cu. ft.; 273 miles gas mains; 239 miles street and inter
Fares.— In N ov. 1918 the P. S. Comm. auth. a new schedule of rates urban railway lines.
effective Dec. 1 1918, providing for a one-way rate of 2% cents per mile,
Management.— The operations of controlled companies are under the
round trip rates to be double the one-way fares. In July 1920 was auth. by
the P. S. Comm, to increase fares to 334c. per mile with a minimum fare management of the Electric Bond & Share Co.
of 5c. V. I l l , p. 72.
OFFICERS.— Pres., E. K. Hall; V.-Ps., Wm. Darbee, P. B. Sawyer
Interest. Outstanding. Maturity. and E. W. Hill; Treas., A. O. Ray; Sec., E. P. Summerson.— V. 109, p.
STOCK AN D BONDS—
Date.
1793; V. 110, p. 261, 1973, 2487; V. 114, p. 854, 2469; V. 115, p. 1837.
$1,375,000 __________
Common $1,375,000 ($100)_______
F-A
2,029.000 Aug ’ 11,14%
Pref $2,100,000 5% n-c ($ 1 0 0 )____
(1) Lehigh Valley T ransit Co.
First mortgage $1,500.0001 1909
5 g M-S
1.297 000 Sept 1 1939
gold ($1.000)________c* t f (Bankers Trust Co. , New York. Trustee.
Control.— In July 1917 the Lehigh Power Securities Oorp., which see
See text
Mar 1 1948 above, acquired a substantia! majority of both classes of this company’s
First Ref Mtge $3,000,0001 1918
6 g M-S
gold ($1,000)____________ (Empire Trust Co., New York. Trustee.
stock on the basis of $28 per share of com. and $48 per share of pref. stock.
V. 105. p. 606.
Bonds.— Recording tax paid, malting them tax-exempt in New York. Sink
fund o f 1)4% o f bonds authorized from 1917 to 1921; 1922 to 1928. 2% :
ORGANIZATION.— Incorp. in Pa. on N ov. 3 1905 and Is a reorganiza
1929 to 1938, 3 % . $203 000 in sink, fund Apr. '10 1923
Callable as a tion under foreclosure of the Lehigh Valley Traction C o., the Phliadei
whole at 106 and int. on any int. day. V. 89. p. 1140. Of the 1st Ref. phia S Lehigh Valley Traction C o., the Aileutowo S Slatington and ths
c
c
6s, $700,000 have been issued and are held in the treasury.
Ooplay Egypt S Ironton Street R y., as per plan in V. 79. p 733. 1462
c
Notes.— The 3-year 7% notes which originally matured Mar. 1 1921, In Oct. 1911 purchased the Montgomery Trac. Oo. (V. 93. d . 940). all of
but were extended for one year to Mar. 1 1922, were canceled on that date irhcse bonds and stock are deposited under the Lehigh Valley Transit ref. A
and the $700,000 1st Ref. 6s pledged thereunder were returned to the Imp. mtge. of 1910: reconstruction of Mont Trac. completed Dec. 12 1912
cutting down running time between Allentown and Philadelphia (Oity Hall)
company’s treasury.
D IV ID E N D S.— Initial semi-annual div. on pref.. 1 )4 % . paid Feb. 1 from 4t< to 2)4 hours. Au 8-mlle cut-off on this division was completed In
1914 and the running time between Allentown aud 69th St. Terminal
1911. Aug.. 34%; none since.
Philadelphia, is now 1 hour and 58 minutes.
In April 1913 purchased controlling interest in stock of Easton Consoli
R E PO RT.— For year ending Dec. 31;
dated Electric Oo. (V. 96. p. 1022). On June 20 1913 shareholders author
Fiscal
Gross
Net (after
Interest.
Balance.
Year—
Earnings.
Taxes)
Rentals. A c. Surplus
ised an issue of collateral notes to pay for the purchase. V. 96. p. 1489,
1772. Also has half interest In Norristown Transit Oo. Franchises perpet.
1922___________ __________$998,828
$199,643
$104,485
95,158
On Dec. 31 1915 purchased the franchises and property of the Quaker
1921....................................... 872,313
165.290
111,757
53 533
1920....................... - .............. 837,579
163,478
117.641
45,837 sown Trac. Oo. (formerly leased) for the sum of $1 and the cancellation cu
Its Indebtedness, all of which was owned by the Lehigh Vail. Transit Oo
ROAD.— Operated by third-rail system from Albany via Rensselaer to
Under agreement made in July 1907 the Lehigh Valley Transit has Its
Hudson. Operates local cars in city of Hudson by overhead trolley.
Philadelphia terminal In the Philadelphia Rapid Transit station at Chestnut
Total, 61 miles of track. In Feb. 1900 made contract giving it privilege Hill
V. 85. p. 99. Late In 1912 made a contract for express service with
to enter Albany over the tracks of the United Traction of Albany. Double Adams Express Co. In 1918, however, upon the taking over o f the express
tracking of rmd between Rensselaer and Kinderhook Lake completed in companies by the Federal G ovt., this express service was discontinued
1910. Operates 21 passenger cars, 5 freight box cars, 6 freight flat cars V. 108, p. 375. Conducts through freight service between Allentown and
and 2 express cars, 2 express trailers and 2 electric locomotives convertible Philadelphia
V. 97. p. 521. Also has numerous municipal street-lighting
into snow plows. Rails, 80-lb. steel; standard gauge.
contracts. Franchises, with one minor exception, are perpetual
In Mar. 1922 the Easton Transit Co., controlled bv the Easton Consoli
O F F IC E R S .-P res., William Loeb Jr.; V.-P . Richard Sutro Sec.
dated Electric Co., leased its property to the Lehigh Valley Transit Co. for
William A. Ross; Treas., Irvin W. Day; V.-P. and Gen M gr.. Jame« E
99 years. Compare V. 114, p. 1286.
flewes — V. 111. p. 1750: V. 112, p. 468, 1517, 1739, 1976: V. 113, p. 847
4
ELECTRIC RAILWAYS
[V ol. 116.
Fares.— In June 1920 was auth. by the Penn. P. S. Comm, to raise zone
(2) Pennsylvania Power & L ight C o.—
fares from 6 to 7 cents, with an increase o f 1 cent per zone on commutation
Lehigh Power Securities Corp. owns all the common stock, except
tickets. V. 110, p. 2387. Compare V. 110. p. 465.
directors’ shares, and all the non-cum. pref. stock.
Dividend Suit.-—In Feb. 1923 it was reported thal a suit to require the co.
ORGANIZATION.— Incorp. June 4 1920 as a consolidation and merger
to declare a 5% div. on its pref. stock had been filed. V. 116, p. 516
of the following companies: The Leiigb Valley Light & Power C o., the
Owns, among others, the following stocks:
Cap. Stock. Northern Central Gas C o., the Columbia & Montour Electric C o., the
Name of Company—
Owned Tot. issue
Northumberland County Gas & Electric C o., the Harwood Electric C o.,
Allentown Bridge Co________________ _________________ $292,100 $292,109 the Schuylkill Gas & Electric C o., the Pennsylvania Power & Light Co. (old
Rlttersvllle Hotel C o_________ ________________________ 100.000 ' 00.000 company) and the Pennsylvania Lighting Co. into the (new) Pennsylvania
Easton Consolidated Electric C o. (50% paid)_________ 759.000 750.000
Power & Light Co. All of the companies (except the Pennsylvania Lighting
Norristown Transit C o ________________________________ 12.000 94,000
Co.) entering into the merger were controlled by the Lehigh Power Securi
Miscellaneous stocks__________________________________ 74,090 74 000
ties Corp. (compare V. 110, p. 1973).
Leases Beth - A Nazar. Pass. Ky. for 999 years at 5% on stock *nd bonds
As of Dec. 31 1921 the co. leased the properties o f the Wilkes-Barre Oo.
Also leases Easton Transit Co. for 99 years.
under a plan involving ultimate purchase.
Outstanding. Maturity.
STOCK AN D BONDS—
Date.
Interest.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common, $3,000,000, par $ 5 0 - ____
$2,997,350 ................... Common____________________ _____
_________
310,000 sh ________
Q-F
4,979.687
See text
Pref, $5,000,000. par $ 5 0 . - . 1 ____
Pref. cumulative__________________
$7
134,139 sh ________
5 % , cum after Nov 3 1910.J
Pref. non-cumulative________ _____
$7
65,000 sh ________
First mortgage. $5,000.0001 1905 4-5 g M-S
4,994,000 Dec 1 1935
Bonds of Pennsylvania Power A Light Co. ana Controlled Companies in
gold ($1,000)_________ ctf/Guaranty Trust C o., New York, Trustee.
Consol, mtge. $7,500,000.1 1905 4-5 g J -D
354 000 Dec 1 1935 Hands of Public as of Dec 31 1922—
gold ($1,000)__________ tf (Commercial Trust C o., P ila.. Trustee.
Penna Pow & Lt Co 1st & ref)
Ref A Imp mtge $15,000,0001 1910
5 g J-D
5,11 .000 June l 1980
Series “ A” ........................... 1921
7 g F-A
$8,000,000 Feb. 1 1951
Series “ B ” ........................ J 1922
gold ($1.000)------------ c* tf (Lehigh Valley Trust C o., Allentown. Trustee
5 g A-O
7,000.000 Oct. 11952
_
. _______
150,000 5% guar
Beth. Sc Nazar St Ry Stock_
($500 S $1,000 c*. $1,000] Guaranty Trust C o., New York,
c
Bonds ($150,000) .............t f 1899 5 M -N
150.000 May 1 1929
& $5,000 r*)__________tfj Trustee.
Northumb. Oo. Gas S El. Oo.—
c
Norristown Transit Co. 1st M . 1912 5 F -A
189,000
Feb11942
Allentown Bridge 1st M ($500 ( 1912 5 J-J
218.000
July11942 M. s. f. bds.. call. 1051 1911
1st
5 g M-S
$1,128,000 Sept 1 1948
c
S $1,000) call at 105 any/Guar. p. Sc 1. by Lehigh Valley Transit Co.
c
any int. date__________ / Int. at office of West S O o., Phila.
Nor Cent Gas Co 1st S Refl 1912
c
5 g F-A
775,000 Aug 1 1963
lnt. date__________ (Int. at co*s office or Brown Bros.AOo..Phila.
Coll trust bonds, $925,000' 1913 6 g J-J
924,200 July l 1923
$4,000,000, call at 105 an yfln t. at office o f El. Bond S Sh. O o., N . Y . O.
c
($1,000,$500,$100) gc*ntf (ln t. at Girard Trust Co. Phila.. Trustee.
lnt. date_________________ I
Equip trust “ Ser A” _______ t f ____
5 A-O
4 250
See text Williamsport Gas Oo 1st M - . f 1899
5 g F-A
400,000 Feb 1193$
Equip trust “ Ser B” _________ _____
5 J-D
35.000
See text
1
Interest at Fidelity Trust C o., Phi
c
■quip trust ‘ ‘ Ser C " _________ _____
5 J-D
90,000
See text Columbia S Montour El. Oo.—
1st M call 105 any lnt datef 1913
5 g F-A
577,200 Feb 1 194$
Bonds.— Of the $5,000,000 first mtge., $2,770,000 bear 4% Interest and
2d M call 105 any int date.l 1913
5 g F-A
567.500 Feb 1 1943
see all out. and $2,224,000 are 5s. Int. at the Guaranty Trust Co. o f N. Y
(Int. at office of El. Bond ASh. O o .. N . Y . O.
The 1st M . bonds are redeemable on any lnt. date, the 4s at 105 and the 5s
5%
1,282.000 .....................
at 110. Of the consols. $2,500,000 4s were outstanding, but $2,146,000 Pennsylvania Ltg Co 1st m t g e . ____
5%
15.000 Oct 1 1929
have been pledged for ref. & impt. bonds, lnt. on consol, bonds Is payable So Beth E L Co 1st M call at( 1899
105 at any lnt date________ \
at Commercial Trust C o., Phila. These bonds are not subject to call.
Of the $15,000,000 ref & impt. bonds $5,000 000 are reserved to re'ire Leh N El Co ($10,000,000) 1st M :
6 J-J
3.000,000 July 1 194$
“ A " call 107 Vi any lnt date. 1913
1st M . bonds and $2,500,000 to retire equal amount o f consol, mtge. bonds,
5 J-J
769.000 July 1 1943
“ B"call at 100 any lnt date. 1913
$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, Harwood Electric C o.—
___________________ lntl 1909
5 J-J
686.900 July 1 1939
1st M call 107 Vi any____ „ ____
p. 750. lnt. is payat le at office o f company or Brown Bros & Co., Phila.
date __________________ (interest at Girard Trust Co.. Philadelphia.
Bonds are listed on the Phila. Stock Exchange. The coli. trust notes of
1st A Ref M ($10,000,000)1 1912
6 M-S
2.003.000 Mar 11943
1923 are red. at par and int. on any lnt. day.
callable at l07 V i_______(interest at Girard Trust Oo., Philadelphia.
Equip, trust “ Series A” are payable $4,250 semi-annually, “ Series B "
Lehigh Val L A P mortgage! 1913
5 g A-O
604.500 April 1 1943
$5 900 semi-annually, and “ Series C ” $10,000 semi-annually.
$2,000,000 ($1,000, $500 A) Lehigh Valley Trust C o., Allentown, trustee.
Dividends.— Initial div. on pref.. 1% . paid Nov 10 1911. In 1912.
$100) gold___________ c*tf lint, at c o .’s office or Brown Bros. A Co.,Phil.
1913 and 1914, 2% . In 1915, 3V$%. In 1916 and 1917, 5% . In 1918. Schuylkill Gas A El 1st M ___ 1913
6 A-O
105.600 April 1 1943
Feb., 1V*%. None since. V. 106, p. 2123: V. 108, p. 268; V. 110, p. 261.
Stock.— The cum. pref. stock is red. at $110, while non-cum. pref. is
T o ta ) accumulated dividends, 41 H %•
rod. at $100.
EARN ING S.— Of consolidated cos. for years ending Dec. 31:
Bonds.— For description of 1st A ref. mtge. bonds of the Pennsylvania
Cal.
Operating Net after
Other Int.,Amort. Preferred
Balance, Power A Light Co. see V. 114, p. 659, 75l. for Series A ” and V. 115,
Year—
Revenues.Tates. &c.
Income. Disc..Ac. Dividends. Surplus. p. 1542, for Series B .”
1922___$5,331,305 $1,569,581$122,220 $1,245,111
--------- $446,689
Lehigh Valley Lt. A Power bonds are subject to call on any int. date
1 9 21-.5,508,822 1,463,079 120,308 1,162,511
--------- 420,877 at 105 and int. V. 97. p. 365.
Property.— Owns electric generating stations with an installed capacity
ROAD.— Operates 215 miles o f railway. The road connects Allentown
Bethlehem. South Bethlehem. Hellertown, Nazareth, Siegfried, Northamp of 99,650 k.w. Through lease and contract the comoany’s total available
ton, Ooplay, Oatasauqua, Egypt, Emaus, Macungie, Slatington, Quaker- generating capacity is brought up to 111,650 k.w .— V. 115, p. 1542.
tosrn, Perkasie. Lansdale, Norristown Ambler and Phila. 80, 95 and 105-lb.
T ind 96 and 1161b. girder rails. Owns a large amusement park about mid
ALLENTOWN & R E A D lN d TR AC TIO N CO.— A trolley road.
way between Allentown and Bethelehem Owns 280 pass, cars and 68 freight
ana service cars A 2.650-ft b-idge oetween Allentown and So Allentown
ORGANIZATION.--Incorporated April
leased Che Allen
was built by the controlled Allentown Bridge Go (auth. stock $300,000) and town A Reading Electric Street R y. for 29025 1898 and June 4 1898. Oo
years from
was formally opened N ov. 14 1913. See V. 97, p. 1426, 1428: V. 98, p. 154
Feb. 6 1902 leased for 290 years the Kutztown A Fleetwood Street R y.
Controls the Kutztowa Light, Heat A Power Oo. Connects with United
OFFICERS.— Pres., P. B. Sawyer; V.-Ps., E. M . Young. O. E. Gross
beck; V P. & Gen. M gr.. H. H. Patterson; Sec. & Treas.. Chas. N Wagner: Traction Oo. tracks from Reading, thus forming a through line from Allenown to Reading
Aud., W . L. Davis — V. 108. p. 268, 375; V. 109. p 2263: V. 110. p. 261.
Notice of an increase in fare from 5 to 6 cents, except between Reading
465, 2387; V. 112, p. 372, 1230: V. 113, p. 1053; V. 114, p. 1286. 1765;
and Rosedale, effective Jan. 1 1918, was filed with tne P. S. Comm. In
V. 116, p. 516.
Dec. 1917.
Receivership Denied.— On Aug. 11 1919 Judge Wagner denied the applica
(a) Easton C onsolidated E lectric.
tion of tbe stockholders of the Kutztown A Fleetwood Ry. Oo. for a receiver
In April 1913 the Leilgh Valley Transit Co. acquired a controlling In for the Allentown A Reading Traction Oo. The action against the co. was
terest In the stock and has since acquired all stock except (24) directors started In 1913. V. 109, p. 675
•hares. V. 96. p. 1021.
Dividend payments were: July 1900 , 3(4% on $10 paid In; Sept. 1901
Date.
Interest. Outstanding.
Maturity.
STOCK AND BONDS.
and March and Sept. 1902. 3% on $15 paid In; March 1903 (pala In July
$250,000 ........... ........
Stock. *750.000 (par $50)------ ...............................
and Sept. 1903 . 4% on $16 paid In. In Dec. 1905 declared a dividend of Allent A Kutz 1st M $250,0001 1900 5 g J-J
250,000 July 1 1930
$2 50 and at same time called an assessment o f $5 per share on the stock
g, $100.$500 A $ l,0 00-cp t( Interest at Fidelity Trust C o.. Phila., trustee
the dividend was credited on the assessment, making the stock 50% paid In
200.000 Jan 1 1932
First M Kutztowa A Fleetw'dl 1902 5 g J-J
V. 81, p. 1791. Cash dividends resumed In Oct. 1908 with the payment of
$200,000, guar p A f — cp tf
2 H % - V. 83. p.687: 2 W% again paid April 1 1907 and 2 4 % Oct. 1 1907
5 g J-J
300.000 July 1 1932
First consol mtge, $750,0001 1902
then dividends were passed until Nov. 1911. when 2% was paid. In 1913
g ($500 A $1,000) c A r .c p t ( Int. at Integ. T it. Ins. A Tr. C o., Phila..trus.
and 1913, 4% ; In 1914, May, 2%
Beginning with June 1914 began paying Second consol mtge $300,0001 1907 5 M -N
163.000 M ay 1 1937
1-3 o f 1% monthly (V. 99. p. 300). Dividends no longer reported, a»
($500 A $1.000)____cAr.tfJ Berks County Trust C o., Reading, trustee.
entire stock Is owned by Lehigh Valley Transit Oo.
Bonds.— Of the $750,000 of new consols, $450,000 are reserved to retire
O R G A N IZA TIO N .— Consolidation by stock ownership of the Easton orlor liens. They are subject to call at par since July 1 1917; no sinking
Transit C o., the Edison [(laminating Oo. o f Easton, and the Phllllpsburit fund. The first mortgage bonds are redeemable at par.
(N. J.) Horse Car RR. Co. (name changed to PhHlipsburg Transit Oo.)
EARNING S.— For year ending June 30 1916, gross. $183,825: net.
Incorporated In New Jersey March 11 1899. Also owns all the stock of
$86,401; other Income, $14,463; lnt., rentals, A c.. $77,682; surp., $23,182.
the Penn. Motor Co.
Lease.— In Mar. 1922 leased to the Lehigh Valley Transit Co. the property
ROAD.—Operates 39.80 miles main line, 7.50 miles sidings— total
o f the Easton Transit C o., a subsid.ary, for 99 years. Compare V. 114,p. 1288
47.10 miles; 43 cars.
Consolidation of Suosiuuinea. -D u Jan 6 iDOa one (oid; Easton fram e
OFFICERS.— Pres.. H. E. Ahrens, Reading; V .-P .. W . D . M ohn; See. .
Oo., the Easton S Bethlehem Transit C o.,th e Easton Palm er & Bethlehem
c
Street Ry. and the Northampton Central Street Ry. were merged into thf 4 K. Hoffman, Hamburg; Treas.. Geo. B Shaffer. Reading- Supt.. W. 3
(new) Eascon Transit Co. (V. 35. p. 1461) and in 1909 the Easton S South Bear, Kutztown.— V. 81, p. 1492; V. 82, p. 216; V. 109, p. 675.
c
Bethlehem Trans. Co. was also merged into the (new) Easton Transit Oo
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 C o. (a subsidiary), see Lehigh
Valley Transit Oo. in V. 100. p. 140.
ALLIANCE, OHIO.
STOCK AND BONDS — The collateral trust 5s were In Jan. 1900 listed
S T A R K ELECTRIC R R .— An electric railroad.
on the Philadelphia Stock Exchange.
Date.
Interest. Outstanding.
Maturity
Control.— On April 8 1922 control passed in to the hands o f a local syndi
Stock $1,500,000 (par $50)--Stock (50% paid in)ali owned b y L .V T Oo
Collateral trust $1,300,000 gf 1899
5 g M-N $1,237,000 M ay 1 1941 cate through the purchase of a majority of the stock. V. 114. p. 1892.
($1,000 aud $.500)____c*tf 1Incerest at Girard Trust C o.. Phila., trustee
ORGANIZATION.— Incorporated In Ohio and is a consolidation In D e s ,
Pennsylvania Motor Co 1st, I 1891
8 A -O
60,000 Apr 1 1941 1902 of the Alliance Electric Ry. aad the Stark Electric Ry.
mort. (cannot be cailedi tf I Lack. T r. S Safe Dep. C o.. Scranton, trustec
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS.
Eas Palmer & Beth 1st mtge/ 1898
6 J-J
200.000 Jan 1 1939
Q-J
$1,250 000
See text
gold $200.000....... ........... t f l U .8 M tg S T r. C o., N V.. trustee
c
Stock. $1,500,000 ($100)......... ____
6 g J-J
792.000 Jan . 1 1928
EasASo Beth Tr 1st M $500,-f 1906
5 g J-J
401.000 July 1 1938 First mtge, $1,000,000, goldf 1903
000 guar gold ,$1,000) c*tflGirard Trust C o .. Philadelphia, trustee.
($1,000) sinking fund, call-i Citizens’ Sav. A T r. O o., Cleveland, trustee.
able at 105___________ c tf 1Int. at United Bank A Sav. C o., Cleveland.
Bonds.— The coll. bonds have no s. f. and are not subject to can. Of thi
Bonds.— Sinking fund 2% per ann. $208,000 have been retired.
total of $1,300,000. $80,000 Is reserved to retire the Penn. M otor bonds,
2,000 In treas. and $1,000 reserved for small amt. o f outstanding scrip of
Dividends.— First div., M % . paid July 1903: H % paid quar. to and incl.
Id. 111. Co. Issue Is secured by pledge o f $2,150,000 stock (entire issue) of Jan. 1916. In April 1916, 1%: same rate quar. to aad Incl. Apr. 1917; none
(new) EastoD Transit C o.. 12.317 shares (entire Issue) of Edison Ilium to Oct. 1919. when a div. of 1% was paid Same rate has been paid regu
stock and 2.400 shares (the entire Issue) o f Penn Motor stock. Int ot larly quarterly since to and incl. July 1922. Oct. div. passed. In April
Easton S So. Beth. Transit bonds Is payable at office o f Edw. B. Smith A 1910 also a stock dividend of 25% . V. 90, p. 448, 700. In Jan. 1921 an
c
C o., Phila.. or at compuny’j office. They are guar. p. & I. by endorsemeo
extra div. of
of 1% was paid.
by the Easton Consol. Elec. A sinking fund ot *5,000 o . a. commenced
June 1 1908; $75,000 have been retired. Bonds are subject to call at 105 *o
EARNING S.— For years ending Dec. 31:
Divs.
Balance.
Year—
Gross. Net aft Depr. Fixed Chgs.
lnt. V. 83. p. 323; V. 104. p. 2553.
$37,500 def.$31,025
$84,022
$77,546
ROAD.— Embraces practically the entire street railway system of East it 1922__________ $542,541
50,000 d ef.l 1,640
114,504
76,144
and West Eastoa, Pa., and Phlllpsburg, N . J., with lines from Eastm t' 1921__________ 508,840
Bethlehem, South Bethlehem. Nazareth, and Philllpsburg. N. J
ROAD.— Operates 34 miles of track from Canton to Salem, including
total track, 54.389 miles, all standard gauge; operates through cars from Alliance City lines. Standard gauge. 67 and 70-lb. T rails and 70 and
Easton to Bethlehem. South Bethlehem and Allentown. 93 passangai 90-lb. girder rails. Total mileage. Including double track, 38 miles.
and 12 service cars.
OFFICERS.— Pres., M . S. Milbourne; V .-P ., O. Y . Kay: Sec., William
OFFICERS.— Pres., P. B. Sawyer; V.-Pres., S. H. Hackett; V.-P. &
Gen. M gr., H. H. Patterson: Sec. & Treas., C. N. Wagner.—-V. 97, p. 53, E. Davis; Treas., S. L. Sturgeon.— V. l08, p. 2561; V. i07, p. 83. 403;
V. 114, p. 1892. 2117; V. 115, p. 437.
301, 311; V. 98, p. 83S: V. 99, p. 1300.
t
A pril, 1923.]
ELECTKIC RAILW AYS
5
tween Indianapolis and Fort Wayne in conjunction with the Indiana Service
Corp. Provides package freight sendee between Indianapolis and Muncie
and Indianapolis and Logansport and Peru, ant. 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 of 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.
ANDERSON, IND.
EQUIPMENT.— 95 city cars, 53 suburban, 93 interurban. 51 fralght
and 89 service cars; total, 381.
UNION TRACTION CO. OF IN DIAN A.— A trolley road.
OFFICERS.— Pres., A. W. Brady, Anderson; V .-P ., Philip M atter,
O RGAN IZATION .— Tncorp. on M ay 13 1912 as a consolidation of th« Marion; Sec. & Treas., Walter Shroyer; Gen. M gr., H. A. Nicholl. General
eld Union Traction Co. o f Indiana (Incorp. May 28 1903) and the Indian* offices. Anderson Ind.— Y. 113. p. 732: V. 114, p. 1288, 2242, 2580;
Union Trac. Co. (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 V. 115, p. 310, 989, 1211, 1533; V. 116, p. 1277.
legality of the consolidation was upheld in a decision by the Supreme
(1) Ind ian apolis Newcastle & Eastern T ra ction Co.
Court of Indiana In the fall of 1915. The Indiana Union Traction Oo
Leased to Union Traction Oo. of Indiana on Oct. 25 1912 for 999 years.
had previously acquired the Indiana Northern Traction Co. (V. 81. p
The lease provides for the payment of all r.axes. Interest on bonds, a sum
1848), Muncle & Union City Traction Oo. (V. 83. p. 98) and Muocle jquivalent to 5% on the pref stock, and a definite annual payment of
Hartf. S Ft W. Ry. iV. 82. p. 805. 869. 1041). The latter company wa#
c
com. stock. A further amount, up
leased to the Indiana Union Trac. at a rental (In addition to operating $1,050 on the certain conditions. Oompare Y. LO . to $10,420 a year, is
payable under
O p. 975.
•xp., int. on bond*. A c.), equivalent to 5% on M an. Hartf. & Ft W. Ry
Leases the Muncie &
$600.000cum. pref. stock; V. 83, p. 96. TheoM Union Trac Co. of Indiana 1916. see terms below. Portland Traction Oo. for 999 years from June 30
was a consolidation of the Union Trac. C o. of Indiana (incorp. In June 1899)
O RGAN IZATION .— Incorp. in Indiana on June 10 1912 as successor to
and the Indianapolis Northern Trac. Co. (incorp. in April 1902). Leasee
she Indianapolis Newcastle & Toledo Elec. Ry.. sold at foreclosure. Has
the Broad Ripple Natatorium Co
Also owns the $100,000 1st M tge. 6s outstanding and the $50,000 private right-of-way minimum width 66 ft., except in corporate limits,
stock of the Traction Light & Power Co. and a one-fourth Interest in the vhere shortest franchise expires Apr. 7 1933. Uader favorable contract
United Tractions Coal C o., which owns and leases valuable coal lands to *ltb Ind Trac. & Term. Co. extending to 1933, operates through city Into
Insure the co. an adequate coal supply. (See Shirley Realty Co. of Ind Indianapolis interurban terminal.
In V. 104, p. 1805.)
Bond Extension.— See under Union Traction Oo. above and V.114, p. 2580.
The Indianapolis Northern Traction assumed payment of the prin. and
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Int. of half ($20Q,000> of the Donds of the Broad Ripple Traction C o. (see Common $500,000 ($100)___ _____
________
$500,000 See text.
under Indianapolis).
Pref $500,000 5% cum ($100).................................
500,000 See text.
Leases Indianapolis Newcastle & East.Trac.Cc. for 999 years from Oct. 25
6 g J-D
1912. Lease modified on Aug. 21 1914 and com. & pref. stocks of the First mtge $1,500,000 goldl n1912 Fidelity Trust1,200 000 Jane l 1932
$1.000-----------------------c * tf)I t . at
Oo., Phila.. Trustee
Ind. New & E. Trac Co. formerly held were transferred in satisfaction
Bonds.— Remaining 1st M . bonds may be Issued upon fulfilment
of obligations incurred In leasing that company and acquiring that stock
and in building the Muncle-Newcastle line, and in consideration of further certain covenants for 75% of cost of extensions, lmpts., betterments or ac
advances for improving power facilities for that line, a total of about quisition of unencumbered properties. V. 91, p. 1695. No sink. fund.
$521,000 (V. 100, p 975). Lease again modified as of June 30 1916 In Originally matured June 1 1919, but were extended to June 1 1922 and again
connection with the lease of the Muncle & Portland Traction Oo. to the to June 1 1932 at 6%. 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
Ind. Newc. & Eastern Trac. C o., which see below.
quent year, and par during the last year of extension, together with int.
Fares.— Effective July 1 1920 the co. was auth. to increase interurban V. 114, p. 2580.
passenger fares to 3 cents par mile
See V. I l l , p. 75. Effective Jan. 1
ROAD.— Included in Union Traction Oo. of Indiana.— V. 94, p. 1695;
1921, cash fares between Indianapolis and Broad Ripple (suburban) were
V. 96, p. 135; V. 100, p. 982; V. 102, p. 2311; Y. 103, p. 2329; V. 114,
raised from 5 to 10 cents. V. 112, p. 63.
p. 2580.
Bates.— Freight and express rates were advanced in Aug., Oct. and
(a) The M uncie & P ortland T ra ction .— A trolley road.
N ov. 1920, but on July 1 1922 freight rates were reduced to conform to
O R G A N IZA TIO N .—Incorporated July 1905 In Indiana. Franchises In
steam railroad reductions.
■dties and towns 50 years; In counties perpetual.
Refinancing.— In June 1919 the Ind. P. S. Comm, approved the extension
Lease.—
as of
o f $4,623,000 1st gen. M . 5s due July 1 1919 to July 1 1922 at 6% (com p ire Newcastle Was leased Trac. June 30 1916 for 999 years to the Indianapolis
& Eastern
Oo. In conaecctoa
capital
V. 108, p. 2434) and of $1,200,000 Ind. New Castle & Eastern Trac. Co. ization was changed from $1,000,000 stock, alltherewith the co. s$500,000
of one class, to
6% 1st M . bonds due June 1 1919 to June 1 1922 at 6% . Both these issues
and $500,000
the payment of
were again extended for a period of 10 years. V. 114. p. 2580: V. 115, p. preferred a sum equal tocommon. The lease provides for annual payment
taxes,
5% on the pref. stoctc.
310. The Comm, also approved the extension of $328,000 Marion City R y. all $4,530 and the payment of a further am mat a lefiaite
Jf
up to $17,370 a year con
6s, due M ay 1 1919 to M ay 1 1924 at 6%. V. 108, p. 2330
The co. also issued $150,000 3-yr promissory notes dated July 1 1922 to tingent upon certain conditions.
OFFICERS — Rres. E R Ball; V.-P.. W. O. Ball: Sec.. G A. Bal';
replace a similar issue due on that date. Tne new nob > are secured by
.s
$150,000 1st gen mtge. Union Trac. Co. o f Ind. 6s, $40,000 par value of the Treas., F. O. Ball, all o f Muncie, Ind.— V. 82. p. 1438; V . 102. p. 23421
United Tractions Coal Co. stock, $18,017 com. stock of Shirley Realty V. 106, p. 1037, 1901.
Oo. and $25,000 1st Mtge. 6s of 1928 of Traction, Light & Power Co.
Oompare V. 108, p. 2630.
BTOOK AN D BONDS.
Date.
Interest. Outstanding. Maturity
ANNISTON, ALA.
Common. $5,000.000________ _____
________ , $5,000,000 .................
ANNISTON ELECTRIC & QAS CO.
lat pref. $1,000,000, 5% c u m . ____
A-O
1.OX).000
See text
Merged in March 1915 with the Alabama Power O o.. a subsidiary of the
Id pref. $3,000,000 (see t e x t ) . ____
J-J 10
3,000,000
See text
i
ind Un Traction 1st M $5.-1 1903
5 g A-O
1,620.000 July 1 1933 Alabama Trac.. Lt. & Pow. O o.. for statement of which see our " R y , S
Industrial Section."
000,000 ($1,000) g o ld ., tf /Interest at Girard Trust C o., Hblla.. trustee
Union Tr Co of Ind 1st genMI 1899
6 g J-J
4,623 000 July 1 1932
$5,000,000g($1.000)c<Scr*tf/Equitable Tr. O o.. New York, trustee
Collateral trust notes..
“
‘
6%
150.000 July 1 1925
ASBURY PARK, N. J.
Oar trust ctfs Series A .
12,000
ATLANTIC COAST ELECTRIC R Y .— Trolley.
Citizens' St Ry (Mun) 1st M l 1897
6 g J-D
36.000 Dec 1 1927
ORGAN IZATION .— Incorporated In New Jersey on Dec. 8 1905 as suc
$250,000 s f sub to call 105./Interest at Guar Trust S Safe Deposit Oo
c
cessor to the Atlantic Coast Electric Railroad Oo.. sold under foreclosure of
($500 and $1.000)______c*J Philadelphia, trustee.
Marlon City 1st M $400.0001 1895
6 g M-N
328.000 M ay 1 1924 the general mortgage of the latter. Leases the Seashore Electric Ry. of
Asbury Park until June 6 1937 at $10,000 per year and owns $150,000 o f the
gold ($1,000)_________ ctf/E quitable Trust O o., New York, trustee.
Indianapolis North Trac lstf 1902
5 g J-J
5,000.000 July 1 1932 $200,000 total capital stock of that company (making net rental $2,500).
and owns all of the stock of the West End < Long Branch Ry and of the
&
mtge $5,000,000 g ($1.000H Equitable Trust O o., New York, trustee,
Asbury Park & Sea Girt RR.; the former Is leased from Aug. 3 1896 until
guar p & i by Un T r a c c »tf >
Indiana North Trac 1st mtge ( 1903
5 g A-O
500,000 Oct 1 1933 July 17 1945 at a nominal rental, and the latter for 99 years at 6% on stock
c
$600,000 gold ($100. $500( Interest at Trenton (N . J.) Trust S Safe from Aug 27 1898; both stock and bonds of Asb Park S 9. G. are owned.
c
and $l.d00) guar_____e » t f l Deposit O o.. trustee.
Also entire stock ($100,000) of the Atlantic Coast Electric Light Oo., which
M H S Ft W pref stock c u m . . ____
c
5%
500.000
See text supplies the electric lights of Asbury Park. Allenhurst, Belmar, Ocean
do
do
firstmtge $1,-1 1905
6 g J-J
916 000 Jan 1 1935 Beach. Como and Spring Lake. The Seacoast Trac. Oo (capital $100,000),
running from Belmar to Spring Lake. 2 miles, has been leased to the Atlantic
000,000 gold ($l,000).c* t f lint, at Guard. Sav. S Tr. C o., Clev., trustee
c
Franchise In
Mancie & Un O M $925.0001 1906
5 g J-J
925,000 July 1 1936 Coast Elec. Ry. for 99 years; Its stock and bonds are owned
guar gold ($ 1.000)__ c * t ffln t . at Fidelity Trust C o .. Phlla., trustee
Belmar expires In 1947; In Asbury Park in 1937; In Long Branch, some ex
BroadRippleN atatorium lstM l____
5 M-S
31,000 Mar 1 1931 pire In 1945 and others are perpetual; in Ocean Township, perpetual: In Se*
Guar, by U n.Tr.Co.of Ind. tint, at Security Tr. C o., Indianap., trustee. Girt, expire in 1926 and 1956; franchises of Seacoast Trac Oo. are perpetual.
8tock.— Divs. on 2d pref. stock are cum. from 1% semi-annually in
Fares.— In Dec. 1918 the N. J. P U. Comm , In acting upon the com
1$13. scaling UDward to 3% semi-annually In July 1918 and thereafter
pany's application for a 7-cent fare, auth. an Increase In fares from 5 to 6
cents. V. 107. p. 2187. In July 1920 the co. applied for auth. to Increase
Bonds.— Of the Indiana Union Traction bonds o f 1903. $3,380,000 fares to 8 cents but the P. U. Comm, permitted an advance to 7 cents only.
were reserved for extensions and improvements, but under terms of con V. I l l , p. 388.
solidation agreement o f 1912 these bonds have been canceled. $494,000
are held alive In the sinking fund (included in amount outstanding).
8TOOK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Sinking fund. 1)4% per annum of outstanding bonds became operative Stock SI,000.000 ($100).......................................
$1,009,000
See text
on July 1 1904
Fund Is to be Invested in the bonds at not above 105 and First mortgage gold $1,000 1 1895
5 M-N
800.000 M ay
194$
Int.. and bonds may be drawn at 105 and Int. on any int. date. $173 000
000___________________ntf lint, at Columbia Trust Oo.. N Y ., Trustee.
Union Trac. Oo. of Ind. Gen. M. bonds are in treasury, lucluding $150,000 Genera! mortgage $1,000.0001 1906
5 g J-J
1.000.000 July 1 194$
pledged to secure the collateral trust notes: remaining bonds are reserved
gold ($1,000)_________ c tf I Interest at Central Trust Oo., N .Y . .Trustee.
ror underlying bonds. See V. 71, p. 1013. They originally bore interest Seashore Electric Ry stock_ _______
_
5
200,000 ___________
at 5% and matured July 1 1919, but were extended to July 1 1922 at 6% , Seashore Electric Ry firstl 1892 6 g J-J
200,000 Jan. 1 1924
and again to July 1 1932 at the same rate of int. The extended bonds are
mortgage $200,000_____t f /ln t .a t N . Y . Trust Oo., N. Y .
red. at any time after 3 years on 60 days' notice at a 5% premium in the Atlantic Coast Electric Light f ____
5 J-D
201.000 June 1 194$
4th and 5th years and 1% less for each subsequent year, and par during
first mortgage gold___ ntf I Int. at Asbury Park & Ocean Grove Bank.
the last year o f the extension, together with accrued int. V. 115, p. 310.
I Asb. Pk. Morton Tr. Oo.. N .Y .. Trustee.
Bonds are listed on the Philadelphia Stock Exchange. The Indiana Neptune Electric Oo_______________
6%
36,000 __________
Northern Traction bonds are subject to call at 105 and interest on six
Bonds.—
to
weeks’ notice. They are guaranteed, principal and interest, by Indiana amount of Of the $1,000,000 1st 5s, $200,000 are reserved at retire a like
Seashore Ry. 6s The latter are subject to call
105. They
Union Traction Oo. V. 82, p. 805. The Muncie Hartford & Fort Wayne fell due originally in Jan. 1917, but have been extended from year to year.
bonds can be called Jan. 1 1925, or after, at par. A sinking fund on those Entire bonds ($50,000) and stock ($100,000) of the Asbury Park S Sea
c
bonds o f 2)4 % o f gross earnings per annum began July 1 1905. See V. 80, Girt and entire bonds and stock of the Seacoast Traction Oo. ($100,000
p. 1059. $84,000 have been retired. The Muncie & Union City bonds each) are deposited under the new general mortgage.
are subject to call at 105 and guar., prin. and int., by Indiana Union Trac
Dividends.— In 1906 and 1907. 6 % . In 1908 to 1916, 3 % : none since.
tion. The Marion City first mtge. bonds originally matured M ay 1 1915,
but were extended to May 1 1919, and again to May 1 1924. The collateral
ROAD.— Belt line In Asbury Park. 5.85 miles; Asbury Park to Pleasure
trust notes were Issued to refund a like amount o f Anderson Elec. St. Ry. Bay and North Long Branch. 14.60 miles; Asbury Park to Manasquan.
bonds which matured In 1912. They fell due July 1 1917. but were ex 14.16 miles: total track, 36.03 miles. Connects at Pleasure Bay with tbe
tended to July 1 1919, and again to July 1 1922. and further extended to Long Branch Steamboat Oo.
July 1 1923.
R E PO RT.— Years ending Dec. 31:
1922
1921
1920
1919
1918
1917
Dividends.— 6% was paid on first pref. stock to April 1914. None since.
Gross earnings..$498,989 $677,206 $515,368 $458,332 $406,967 $424,934
Dlvs. on second pref. stock have not been paid since July 1912.
Oper. expenses--x576,998 x569,562 x480,595 x33S,221 x393.517 373.711
R E PO RT.— For cal. year, Incl. Muncie-Portland line:
Calendar
Gross
Net (after Other
Bond
Sinking
Balance,
Net earns..def.$78,006 $107,643 $34,773 $122,111 $13,450 $51,224
x Includes taxes.
Year— Earnings.
Taxes).
Inc. * Int.
Fund.
Surplus.
1922..........$3,712,508 $1,112,003 $15,337 $917,176 ______ sur.$210,164
OFFICERS.— Pres., S. F. Hazelrigg; Sec. & Treas., G. B. Oade.— V. 81,
1921______ 3,710,606
938,664 21.281 917,674 ______
sur.42,271 p. 1722; V. 106, p. 2755; V. 107, p. 801, 2187; V. I l l , p. 388Passengers carried in 1922, 16,620,917, against 14,679,548 in 1921.
ROAD.— Owns the following lines: Muncle-Anderson-Indianapoils.
6644 miles; Anderson-Marlon-Wabash. 5344 miles; Alexandrla-Elwood,
Tipton, 20 miles; Indlanapolis-Eokomo-Logansport, 80 miles; Kokomo
ASHTABULA, OHIO.
Peru, 1944 miles; Munote-Union City, 33 miles; Anderson-Middletown.
944 miles; also 10 miles o f city lines In Anderson; 1444 miles in Marion:
ASHTABULA RAPID T R AN SIT CO.
16 miles In Muncle, aad 4 miles In El wood; total, 272 miles of interurban
and 4444 miles o f city lines. Also leases Muncle-Hartford Oity-BIuffton
City Purchase.— The city of Ashtabula purchased the property for $150,line. 42 miles; Indianapolis-Newcastle-Muncle line. 6244 miles, and Muncle
000, taking possession of same Aug. 1 1922, and the bonds were retired.
Portland line, 32 miles; grand total. 453 miles. Through cars are run be For history of company see “ Electric Railw ay” Supp. of Oct. 28 1922.
AMSTERDAM, N. Y,
FONDA JOHNSTOWN & OLOVERSVILLE R A ILR O A D C O .Bteam and electric road. See statement in “ Railway S Industrial Sec."
c
6
ELECTRIC RAILWAYS
PENNSYLVANIA & OHIO TRACTION CO.— A tro'ley road
ORGAN IZATION .— Organized ou Doc I 1919. as successor to the
Pennsylvania & Ohio Ry. 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 of April 24 1920.
Capital stock $400,000. 1st mtge bonds $100,000 authorized.
EARN IN G S.— For calendar year 1922, gross. $119,913; net., d ef.,
$12,517. In 1921, gross, $141,537; net, sur., $2,785.
ROA D .— Owns and operates from Conneaut, Ohio, to Jefferson, Ohio.
Total trackage, 23.5 miles.
OFFICERS.— Pres., Thos. McGovern; Gen, M gr., Sec. & Treas.,
Palmer Wardman.— V. I l l , p. 1662.
ATLANTA, GA.
[V ol. 116,
(or 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.) of the Atlanta Gas Light Go., comprising the gas buslnest
of Atlanta and vicinity, by exchange of stock, $ for $. V. 76. P- 1406.
The gas company, however, maintains a separate organization. Also own*
entire capital stock of the Atlanta Northern Ry
In May 1921 was auth. to Issue $198,000 bonds for Impts. already made.
V. 112, p 2083.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
JommoD ($100)__________________
Q-F
See ten
$8,514,600
Preferred 5% non-cum uiatlvel____
See text
5 Q-J
2.400.000
$2,400,000 (par $100)_____I
le f & imp mtge $20,000,0001 1909
5 _ J-J
_g
5 910.000 Jan 1 194W
„
_ . _____
gold ($1,000)__________ c*/In t. at Amor. Trust Go.. Boston. Trustee.
first cons mtge $11,000.0001 1902 5 g J-J
5.510.000 Jan 1 1932
gold sink fund ($1,000) -C*/Int. at Old Colony Trust C o., Boston, Trus
Atlanta Street Railroad first f 1890
6 g J-J
225.000 July 1 1930
mortgage gold (par $ l,0 0 0 )iln t. payable in N . Y . at Fourth Nat. Bank.
.
I
Central Trust C o., N Y ., Trustee,
itl Cons St Ry 1st consM $2,-f 1899 5 g J-J
1.775.000 Jan 1 193S
500,000 g($l,000each) —c*-{Int. payable In N . Y . at, N. Y . Trust Co. and
I at M erc. Tr. S Dep. Co. of Balt.. Trustee
c
leorgla Elec Light Co 1st M 1900
5 g J-J
1.350.000 July 1 1930
$2,000,000, gold,subject tojlnterest at Old Colony Trust C o., Boston.
call at 105______________c*
Trustee.
itlanta Gas-Light Co, 1st M 1897
--------------- „ „ ----------5 g J-D
1.150.000 „ „ „ „ 1 1947
June *
$1,150,000, g ($1,000)--C* (interest at New York Trust Co., Trustee, or
iBank of Scotland. London. Eng.
Atlanta Gas Lt ref. & im pt.J 1920
6 A-O
1,043.000
1970
$5,000,000 call, at 106 & int JInt. at Girard Trust C o., Phila.
bonds.— Of the $11,000,000 Georgia Railway S Electric Company bonds
c
(closed mtge.) of 1902, $3,850,000 are reserved to retire underlying Hens;
balance has been retired. Red. on any int. date at 110 and lot. A
sinking fund became -operative In 1907 which retires $10,000 of bonds
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 $1,000 bond on the Atlanta Gas Lt. Co. 1st
Mtge. 5s is ooerative; $349,000 bonds in fund. $40 000 Atlanta Gas Lt.
ref. & impt. 6s held in sinking fund. Atl. Consol. St. R y. bonds are red.
as a whole at 107
but $25,000 in Jan. of each year for sinking fund at
at 105. Of the ref. & Impt. mtge. bonds, $11,230,000 are reserved to retire
prior Hens (including the $400,000 Atlanta S Northern bonds) and re
c
mainder for extensions and improvements up to 75% of actual cost. Bond*
are subject to call ou 50 days' notice at 105 and Int.; a sinking fund of
1% of bonds out began in 1919. $936,000 were held in treasury o f Ga. Ry
& Pow. Co. Dec. 31 1922. $509,000 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 R y. S Power C o. above.
c
ROAD.— Owns 214,277 miles of track (single-track basis). 70. 80 and
93-lb. rails. 325 passenger and 36 other cars. 2 ptwer stations
OFFICERS.— Pres., Thos. K. Glenn; V .-P .. J. O. Hallman; Sec. A
Treas., W . H. Wright.— V . 109, p. 981; V. 110, p. 970, 1289; V. 112. p. 2083.
(a) A tlanta N orthern R ailway C o.— A trolley road.
ORGA N IZA TIO N .—Entire stock is owned by the Georgia Railway A
Electric C o., which guarantees the bonds.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity,
Stock, $100,000__________ _________
_______
$100,000 ...................
First mortgage $400,000 guar 1 1904
5 g J-J
400,000 July 1 1954
($500 and $1,000) g oid-_c*/In t. at Old Colony Tr. C o.. Boston. Trustee.
Bonds.— Are guar., p. & L, by end., by the Ga. R y. & Elec. Co. Are sub
ject to call on any int. date at 110 and int. A sink, fund o f $5,000 per ana.
aegan in 1909: $91,500 bonds are held alive In sink. fund. V . 79, p. 680.
EAR N ING S.— For years ending Dec. 31:
Year—
Gross.
Net.
Taxes. Int.. <fec. Balance
1922_________________ .-$244,511 $44,235 $7,890 $26,750
sur. $9,595
1921_______ •___..........
255.714 53,173
6,592
26.766 sur.19,825
1920_______ _____ ____
255,009 51,715
7,050
27,278 sur. 17,387
ROAD.— Operates 18 miles of track from Atlanta to Marietta, 15.2 miles,
which are owned and mostly on private right of way. Has arrangement*
with Ga. R y. & El. Oo. for terminals and trackage rights Into the city of
Atlanta. Standard gauge: 7 cars. Commenced operation July 17 1905
- V . 79. p .680.
QEO R Q IA RAILW AY & POWER C O .— {See M ap. page 7.)
O RGAN IZATION .— Incorp. In Georgia on Oct. 16 1911 to take over
she following properties (V. 93. p. 1191, 1725):
Atlanta Hydro-Elec. Power Co.
IInter-State Power Co.
Atlanta Water & Elec. Power Co.
|Savannah River Power Co.
Georgia Power Co.
ISouth Carolina Power Co.
In June 1916 purchased the Gainesville Ry. & Power Go. (see p. 45 oi
EL Ry. Section” for May 1916) for about $180,000 V. 103. p. 144
In Jan. 1917 the company acquired all the interests o f the Franklin Light A
■
“ow. Go., Broad Riv. Pow. Co. and the J. B. McOrary Co. at Hartwell, Ga
Also leases the Georgia Railway & Electric Co (see below)
Rates & Fares.— See “ Electric Railway” Supplement o f Oct. 28 1922.
Valuation.—-See V. 113, p 1772; V. 114, p. 1765. V. 115, r> 73.
.
In Oct 1921 the co. brought out $4,000,000 20-yr. 7% Gen. Mtge. bonds,
roceeds being used for the payment o f the $2,500,000 7% Coll. Notes
due Aug. 1 1922, to reimburse the co. in part for add’ns. & exts. and for
.bneral corporate purposes. V. 113. p. 1772.
In March 1923 issued $3,000,000 gen. mtge. ser. “ F ” of 1923 6% bonds
for add’ns, impts.. exts., &c. V. 116, p. 1177. Compare Y. 116, p. 1532.
In Aug. 1922 the stockholders voted to create an issue of 8% cum. 1st
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 1st pref. 8%
stock. $500,000 additional of the new 8% stock was brought out to reim
burse the company for acquisitions, extensions, &c. V. 115. p. 73, 988,
1320, 1631, 2905.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common. $15,000,000 ($100)......... ....................
$15,000,000 ________
1st pf$2,500,000 8% cum ($100)____
Q-J
2.500.000 A p r ’23, 2%
2d pf$10,000.000 4%n-c($100)
.....................
10.000.000
.................
1st <t ref mtge $30,000,000 gl 1914 5 g A-O
S
19,769,000
See text
See text sinking fund__ c ’ flnt. at Fidelity Tr. Go., Phlla., Trustee.
■Sen mtge series o f 19211 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 “ F ” of 1923________ I 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
i , 400,000 Jan 1 1943
(closed) g ($1,000)_-c*cptfln t. at Columbia Trust C o., N. Y ., Trustee.
Equip trust notes Series “ A ” . . 1919
________
80,000
See text
Equip trust notes Series "B "_ _ 1920
________
194.000
See text
Equip trust notes Series “ C ” _ ____
_________
182,000
See text
Stock.— First pref. 8% stock is redeemable after Jan. 1 1933 at 115 and
div. After the 2d pref. and common stocks have both received 4% per
annum for three successive years the 2d nref. stock becomes common stock.
Bonds.— Of t ie $30,000,000 First and Refunding Mtge. bonds, $1,367,000 are reserved to retire prior lines, $7,500,000 are pledged as security
for the Gen. Mtge. bonds. $102,000 are held in treasury, and balance
is for future additions, &c., under protective restrictions. Subject to call
at 102H and interest to April 1 1923, and thereafter 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; $405,000 held in sink. fd.
(incl. in amount outstdg.) Apr. 1 1922. Coupon bonds $1,000 or £205
15s. 3d. and $500 or £102 17s. 7d. The gen. mtge. 7s 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 of 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 of 1st & ref. 5s. Series o f 1921 7s are redeemable all or in
part on the 1st day o f any month on four weeks' notice, at 107}4 & int. to
and incl. N ov. 1 1924; thereafter to and incl. Nov. 1 1931 at 105 & int.;
and thereafter at
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 eweks’
notice at 10744 and int. to and incl. April 1 1932, thereafter at 105 and int.
ATLANTIC CITY, N. J.
to and incl April 1 1937; thereafter at >4 o f 1% less premium each year to
ATLANTIC C IT Y & SHORE CO.
and incl. April 1 1945, and thereafter at a premium o f 44 of 1% prior to
O RGAN IZATION .— Incorporated In 1909 In Delaware. Owns 2.995 oi
maturity. Series “ F ” of 1923 6s are red. all or in part on any int. date on the 3,000 shares of the Atlantic S Suburban Ry. Oo. stock and a majority
c
4 weeks’ notice at 10744 and int. to and incl. March 1 1933; thereafter at at the stocks of the Oentral Passenger Ry. Oo. ($40,000 bonds) and Atlantic
105 and int. to and incl. March 1 1938; thereafter at 44 of 1 % less premium,
c Shore RR.
Also owns all
each year to and incl. March 1 1946, and thereafter at a premium of 44 of Olty S of Atlantic Oo.Suburban Ry. of the $591,100 outstanding 1st mtge
S
c
1% prior to maturity. Pennsylvania 4 mills tax refunded, &c. V. 113, bonds
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
p. 1772; V. 114, p. 1765; V. 116, p. 1177. The Atlanta Water & Elec.
_______
$740 890 __________
Power bonds are subject to call at 105. The issue was originally for $1,- Common stock____________________
_______
254,700 ______ __
500,000, but has been closed at $1,400,000. Sinking fund Jan. 1 1908 to Preferred stock___________________
4%
591.100
See text
Jan. 1 1917, incl., $5,000 per annum; thereafter until maturity $10,000 Ooll trust, $591,100.........- _ t f l 9 1 0
The collateral trust 4s are secured by $591,100 Atl. S Sub. 1st mtge
c
per annum. See V. 102, p. 1540. $142,000 in sinking fund.
Equip, trust notes Ser. " A " are due 10% annually. Ser. "B ” mature bonds and 2,995 out of 3,000 shares o f stock of that company. They fal)
$14,000 semi-ann. each Oct. and April 1 to April 1929 and $13,000 Oct. 1 due Feb. 1 1928 or Feb. 1 1940.
1929 and April 1 1930. Ser. “ C ” mature $10,000 April 30 and Oct. 31
OFFICERS.— Pres.. Harry E . Kohn; Sec., L. R . Isenthal; Treas
to Oct. 31 2924, thereafter $10,000 on each Oct. 31 and $9,000 on each A. W . From.
April 30 to April 30 1932.
(1) A tlantic C ity & Shore R R .— An electric road.
Dividends.— An initial dividend o f 4% was declared on the 2d pref. stock
Receiver Discharged.— In June 1921 A. J. Purinton was discharged as
in Feb. 1923, payable in quarterly installments of 1 % each beginning March receiver for the co. by Judge ReUstab in the TJ. S. Dist. Court. The
1 1923. V. 116, p. 515. On March 1 1923 an initial dividend of 1% was receivership (begun Nov. 26 1915) was caused by losses due to the operation
paid on the common stock. V. 116, p. 515.
of jitney buses. Subsequently the city ruled the jitneys off the main
REPORT.— Of combined properties:
thoroughfare and with the 7-cent fare in effect the co. was able to operate
Jalendar
Gross
Net (after
Other Int.. Rentals. Balance.
successfully. V. 113, p. 291.
Year—
Earnings.
Taxes).
Income. Sk.Fds..& c.
Surplus.
ORGANIZATION.— Incorporated In New Jersey Oct. 21 1905
1922_________ $14,449,497 $4,366,964 $417,190 x$2,867,110 $1,917,044 perpetual charter. Leases Atlantic Olty S Ocean City R R .— see with a
c
term*
1921................ 14,080,904
4,687.343 $350,921
3,060,133 1,978,132
owns $218,500
common stock of the Atlantic Olty A
19 20............... 13,051,997
3.952,868
164,290
2,814,964 1,302,195 below— and Company, which of the all the stock and bonds of the Atlantic
Ocean City
holds
City & Ocean City R R . V. 85, p. 158. Operates over the Central Pass.
x Excluding sinking fund deductions in 1922.
Ry. Co. tracks under traffic agreement.
Passengers carried in 1922, 94,208,490, against 93,557,131 in 1921.
Contract with West Jersey & Sea Shore RR.— An agreement has been
PROPERTY.— Total miles single track, 247,303. Standard gauge.
c
70, 80 and 90-lb. rails. Owns water power sites in Northeastern Georgia entered Into with the West Jersey S Sea Shore R R . by which the
capable of an ultimate development o f over 577,900 h.p.; present develop Atlantic Ave. line of the latter road, running from Atlantic City to Longment, 166,800 h.p. Transmission and distributing lines aggregate 710.10 port. 8 4 miles, is operated by this company.
Fare Increases.— On Nov. 1 1918 was auth. by the N . J. P. TJ. Comm, to
miles. New power line and connection with lines of Tennessee Power Co.
proposed—-see V. 115, p. 1941. The interurban line from Atlanta to Stone Increase fares from 5 to 6 cents. V. 107, p. 1836. Compare V. 107, p. 179
Mtn. was completed in Nov. 1913. The hydro-elec, plant at Tallulah Falls 801. Effective July 1 1920 cash fares were raised to 7 cents on a majority
was placed in operation April 1 1914. The sixth and last unit of 12,000 k.w. of the co.'s lines. V. l l l . p . 188. Compare V. 110, p. 2386. Rates for longer
of this development was put into operation in March 1919. See also hauls were also raised.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
V. 114, p. 78.
OFFICERS.— Chairman o f Board, H. M . Atkinson; Pres., P. S. Ark Stock, $1,000,000 ($100)_________
_______
$1,000,000 ...................
c
5 g J-D
950,000 Dec 1 1945
wright; V .-P ., G. W. Brine; V .-P ., C. D. Adsit; V.-P. & Oper. M gr., T. L. 1st mtge S coll trust deed! 1905
$1,000,000 '$1,000) g .c * t f /ln t . at Girard Trust C o., Phlla., Trustee.
Butler; V .-P ., W. H. Taylor; Sec., W. H. Wright; Treas., I. S. Mitchell,
Bonds.— No sinking fund, but can be called at any time at 110 and Int.
Jr.; Aud., F. A. Brine; all of Atlanta.— V. 115, p. 73, 183, 988, 1320, 1631,
ROAD.— Operates 47.45 miles of track in and around Atlantic City. In
1941, 2158, 2905; V. 116, p. 515, 615, 934, 1177, 1270, 1310, 1532.
cluding a road through PleasanfcvUle, Lin wood and Somers Point, to Ocean
(1) Georgia R ailway & Electric Co.
by
Lease.— On Jan. 30 1912 the stockholders of the Georgia R y. S Elec. Go City, the latter two points being connected RR.2 miles o f trestle and bridge
c
Olty
approved the 999-year lease from Jan. 1 1912 to the Georgia R y. S Powet owned by the Atlantic years & Ocean City31:
c
EARNINGS.— For
ending Dec.
C o., which provides that the latter company guarantee all the fixed charges
Calendar Year—
Gross.
Net.
Rents. &c.
Balance.
and divs. on pref. stock and dlvs. of 8% on com. stock, the holder of each 1922________________$1,227,160
$296,618
$252,668
sur.$43,950
$100 com. having received, as additional consideration for the lease, $3.12H
1921________________ 1,083,226
349,120
311,157
sur. 37,963
In 1st pref. and $125 in 2d pref. stock o f Georgia Ry. S Power C o., V. 94
c
OFFICERS.—
Sec., J. M .
p. 982. 1119. The shares o f the Atlanta Gas Light Co. and of the Atlanta Campbell; Treas.,Pres.. .1. H. Silverman; V.-P.. A. J. Purinton; 107, p. 179.
Supt., A.
Northern R y. are not Included In the premises demised under the lease, 801, 1836; V. 109, A. W From: Gen. 2386; V. IJ.l Purinton.— V. p. 291.
p. 981; V. 110, p.
l , p. 18S: V. 113,
but the lessor assigned and transferred to the lessee, for and during the term
(a) A tlantic City & Ocean City C om pany.
o f the lease, the Income arising from any and all o f the said shares.
The Atlantic Olty & Ocean City Company was organized In Delaware
ORGAN IZATION .— Incorp. In Georgia on Jan. 28 1902, and on April 1
1902 took over the Atlanta RV. & Power C o., the Atlanta Rap. Tran Co., and owns the entire ($180,000) stock and all the ($180,000) bonds of the
c
the Georgia Electric Light Co. and the Atlanta Steam Co. Franchise Atlantic Olty S Ocean City R R ., and has pledged them as security for the
c
for the greater part perpetual; others 50 years from August 1899. Com collateral trust bonds below. Of the common stock of the Atlantic City S
c
prises the street railway, electric-light, gas. power and steam heating Ocean City Company, $218,500 Is owned by the Atl. City S Shore R R . The
Interests of Atlanta and Fulton County. By terms of the ordinance per latter leases the Atl. City & Ocean City R R . for 999 years, the rental be
mitting consolidation, the company paid the city of Atlanta $50,000 Iti ing $19,500 per annum, and an additional contingent sum equal to 33 1-3%
cash and agreed to pay a tax on gross receiptsof 1% for first 3 years, 2% af the net surplus, but not to exceed $25,000 per annum.
A pril, 1923.]
ELECTRIC RAILW AYS
7
8
STOCK AN 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 & ln ttf IGirard Trust C o ., Philadelphia, Trustee.
Stock.— The pref. stock is redeemable at par.
R O A D .— The Atlantic City & Ocean City RR. owns 2.61 miles of road
<IVom Somers Point, across Great Egg Harbor Bay, on bridge and trestles
no 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.
(2) A tla n tic St S uburban R y.
O R G A N IZA TIO N .— Incorporated In New Jersey Dec. 7 1908 as a re
organization o f the Atlantic City & Suburban Traction C o., sold under fore
closure of 1st mtge. V 87. d . 1237. 1532.
Fare Increase.— Effective April 15 1920, was auth. by the N. J. P. U.
Comm, to put Into effect an increased fare schedule. V. 110, p. 1288.
STOCK AND 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* tf/I n t . at Cambridge Tr. C o., Chester, Pa.. Tr.
5%
100.000 Feb 1 1925
Prior lien M , $100,000, g u a r i ____
p & 1, by A O & S C o_ ttf
_
Bonds.— Bonds have no sinking fund. V. 87, p. 1237.
E A R N IN G S.— For cal. year 1922, gross (all sources), $136,052; net, after
oper. exp. & fixed charges, def., #32,627. In 1921, gross (all sources),
$154,355; net, after oper. exp. and fixed charges, def., $22 320.
R O A D .— Operates 16.13 miles of track from Atlantic Ulty go Pleasant
ville, 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. 1494: V. 110. p. 1288; V. 113, p. 2078.
AU GU STA, GA.
AUQUSTA-AIKEN R Y . & ELEC. C O R PO R ATIO N .
O R G A N IZA TIO N .— Chartered In March 1906 under laws of Soutt
Carolina as Augusta & Columbia Ry. C o.; name changed to above In April
1911 and Is a consolidation of the following companies:
Augusta-Alken Ry. & Elec. C o.
I Augusta Ry. & Elec. Co.
Augusta & Aiken Ry. Co.
I North Augusta Elec. S Impt. Co
c
Owns and operates entire railway systems of Augusta, Ga., and North
Augusta, 8. C ., and a line from Augusta to Aiken, S. O. Also furnisher
entire electric light and power service In Augusta and Its suburbs and owns
valuable real estate In central part o f Augusta. Railway franchise in
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-Oarolina Pow. C o., lncorp. In So. Caro
to construct the hydro-elec, plant on Savannah River, which was placed In
operation Feb. 6 1914 with an initial Installation of 14.000 h. p.. ultimate
capacity about 28.000 h. p. Operation of this plant was taken over by the
Augusta-Alken Ry. S El. Corp. on July 1 1914. The company guarantees
c
prln. and Int. and sink, fund on the Ga.-Carolina Pow. Co. 1st M.5s
Early 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 6% 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-Oarolina Invest. Co
(a holding co. formerly controlling the Ga.-Oaro. Power C o.), which has
been dissolved. V. 100. p 1830. V. 101, p. 28.3
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 jitnevs. Service was resumed April 15 1922, however, under
an ordinance forbidding Jitneys to parallel lines o f street car traffic. V. 114,
p. 1889. Compare V. 114, p. 1285.
Holders of Co.'s 1st M . 5s To Forego Interest.— In M ay 1919 the
co. 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
lan was declared operative in August 1919. In 1922 holders o f these
_>onds 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 BON DS—
Date.
Interest. Outstanding. Maturity
$2,250,000
...............
Common $2,250,000 ($ 1 0 0 )......... ........................
Pref 6% cum $2,250,000 ($ 1 0 0 )____
Q-M
2.250.000
See text.
First mtg $7,500,000 gold! 1910
5 g J-D
2.891,000 Dec 1 1935
($1,000) ________ c*A r*tf/C ent. Union Tr. C o.. New York. Trustee.
6-year coupon notes__________ 1919 5%
818 000 June 1 1924
Augusta Ry & Elec 1st M gl 1900 5 g J-D
823.000 June 1 1940
$1,000,000 ($1 000) -c * n tf/In t. at Mer. T r. S Dep. C o.. Balt., Trustee
c
Ga-C&ro Pow 1st M $5,000.-1
000 g ($500 and $1,000).. J 1912
5 J-J
2.629 500 July 11952
g u a r ___ _________
c*tflC en t. Union Trust Co . New York. Trustee.
Bonds.— Of the $7,500,000 1st mtge. bonds, $4.37 000 are in treasury,
$426,000 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 Ry. & Electric bonds, and balance is for additions,
&C. Subject to call as a whole (or in part for sinking fund) at 105 and
lnt. on any lnt. day on 30 days' notice. Interest Is payable at Redmond
S C o., New York. Singing fund began In 1916. providing for payment of
c
$25,000 per ann. 1st 5 years. Increasing to $40,000, $50,000 and $65.1 00
for each successive period o f 5 years until maturity of bonds.
V. 92. p.
1177 [but see above— Ed.]. Augusta Ry. & Elec, bonds can be called in 10.
20 or 30 years from date at 105 and int. on 6 months' notice: sinking fund of
^ o f 1% began June 1 1905 for 15 years, 1% for next 10 years and 2% or
remaining 10 years. $177,000 (not incl. in amount outstanding) was held
In sinking fund Apr. 1 1923.
The Ga.-Caro. Pow. bonds are subject to call as a whole, or in part, for
•inking fund at 105 and Int. $186,500 have been retired by sink fund.
Sinking fund began in 1918 and will be sufficient to retire all the bonds at
maturity
They are guar., p .,i . & s f., by Augusta-Aiken Ry. & Elec.
Corp. V. 95. p 179
_
Dividends.— Initial dividend on preferred— 14$%— paid Dec. 30 1911.
n m e rate quarterly to and incl. June 1914. None since.
R E PO R T .— 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.,A c. Surplus
1922_____ $1,114,333 $435,808 y$30,115 $210,567 $4,338 $190,789
1921 - - - . . . 1,108,890 338,532
1/21,682
211,608
8,527
96,715
y This represents int. on the co.'s 5% notes which were issued in connec
tion with the plan under which the holders of the co .’s 1st M . bonds have
agreed to forego the int. due thereon for a definite period— see above.
ROA D .— Owns and operates 55.5 miles o f track, of 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.
O F F IC E R S — Pres.. F. Q. Brown; V .-P ., J. H Pardee and J. K. Choate,
Sec. and Treas., D . H. Thomas; M grs., J. G. White M gt. Corp.— V. 109,
p. 472, 1079; 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.
A U S T IN , T E X .
AUSTIN STREET R Y .— A trolley road.
Receivership.— Early in 1921 W m. J. Jones, President, was appointed
receiver for the co. by Federal Judge Duval West. V. 112, p. 1517.
O R G A N IZA TIO N .— Incorporated in Texas on Jan. 3 1911 as successor
to the Austin Electric Ry. Franchise expires In 1942.
Fare Increase— Effective June 1 1920, the co. was auth. by the Austin
City Commissioner to Install a 7-cent fare, with 4 tickets for 25 cents.
V . 110, p. 2487.
STOCK AND 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
786.000 Jan 1 1936
gold ($1,000)________c* t f/I n t . at Equitable Trust C o.. N . Y .. trustee
[V ol. 116.
ELECTEIC RAILW AYS
bonds.— $714,000 1st & ref. bonds are reserved for additions, &c. They
ire subject to call on any lnt. date at 102 4$. Annual sinking fund o f 2%
of bonds out began in 1915. V. 92, p. 185; V. 93, p 1461. $153,000 (not
Included in amount reported outstanding) in sinking fund Oct. 1 1922.
Dividends.— On pref. 3% in 1915, 6% in 1916. 4% in 1917. None since.
On common, 1% in 1915, 1916 and 1917. None since.
EARNING S.— For year ending Dec. 31 1921, gross, $375,649; net, after
taxes, $99,650. In 1920, gross, $318,936; net, after taxes, $73,799.
R O A D .—Operates 22.67 miles o f track
55 and 72-lb. rails: 52 cars.
OFFICERS.— Receiver, W . J. Jones; Pres., F. H. Watriss; Sec., D . A .
Bush. Austin, Tex.; Asst. Sec., G. P. Gannett, Augusta. M e.; Trees.
E P. Wilmot; Asst. Treas.. G. E. Macomhor Augusta. M e.— V. 93, p.
526, 1461, 1531; V. 110, p. 2487; V . 112, p. 1517; V. 115, p. 1099.
AYER, MASS.
LOWELL & F IT C H B U R d STREET RY — A trolley road.
In 1913 W. W. Sargent. President of the Fitchburg S Leominster Street
c
Ry.. and associates acauired control.
O R G A 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 fund_(Subject to call at 105 and Interest.
Bonis.— 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 % .
E A R N IN G S.— For year ending Dec. 31 1921. gross, $78,208; net, after
taxes, $2,510; in 1920, gross, $91,977; net after taxes, $9,979.
R O A D —Operates 14 miles between North Unelrusford. a suburb ol
Lowell, and the village o f Ayer, with a spur running from North Chelms
ford to Brookside; connects at North Chelmsford with Bay State St. R y.
and at Ayer with Fitchburg & Leominster St. Ry. Has 11 passenger
cars. 1 snow plow and 2 other cars.
OFFICERS.— Pres., W. W. Sargent; V .-P ..O . F Baker; Sec. S Treas..
c
R. N . Wallis, all of Fitchburg, Mass.
BALTIMORE, MD.
Street railways of Baltimore pay a park tax of from 1 % to 9% of gross receipts
from lines within City Limits, except <m turnpikes and private rights of way, and
are requited to pave between tracks and two feet on each side.
UNITED RAILW AYS & ELECTRIC CO. OF BALTIM ORE.— Trolley.
OR GA N IZA TION .— Incorporated at Annapolis March 4 1899; com
prises througn consolidations the following passenger railways in Balti
more City and Baltimore, Anne Arundel and Howard counties, Maryland:
Baltimore Catonsville S ElllcottsiCentral Railway (Jo.
c
Mills Passenger RR.
Gwynn's Fails Railway of Baltimore
Baltimore City Passenger Ry. Co.
City.
Maryland Traction.
Baltimore Consolidated Ry. Co.
Baltimore S Curtis Bay Ry.
c
Pimlico & Plkesvllle R R .
Balt. Gardensvtlle & Belalr Elec. R y. Shore Line Electric Ry.
c
Baltimore & Northern Elec Ry. Co Walbrook Gwynn-Oak S Powhatan.
Also owns all the stock, and holds a lease of the Baltimore Sparrow*
Point & Chesapeake Ry. Co
Allied Company.— In Aug. 1906 the Maryland Elec.Ry., which had agreed
co provide funds for needed Improvements and acquisitions of the United
Ry. & Elec. C o., was consolidated with the Balt S Annapolis Short Line,
c
thus forming the Maryland Elec. Rys. See statement of that co. below.
Power Contract.— In Feb. 1911 entered Into a 15-year contract with Penn•ylvanla Water S Power Co. for supplying power In conjunction with
c
United Railways Co. for operation of 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 o f fhe R iilw iys, Pratt St. nower house
to the Gas Co. for $4,000,000. (Transferred on M ay 24 1921.) Y. 112,
p. 373.
Favorable Tax Decision.— On June 29 1909 the Court or Appeals of Mary
land held that the park tax of 9% on gross earnings of lines within city
'Imlts was intended to be In lieu of all other taxes, and that uo further tax
on the Intangible property can be levied without express legislative author
ity. The easements Id 14 miles of turnpikes In annexed districts were held
to be taxable. V. 89, p. 44.
In April 1913 Judge Bond in the City Court at Baltimore decided that the
oompany must pay cost of repaving streets between tracks and 2 ft. o s
either side. See V. 96. p. 1090. On Aug. 5 1913. the Court of Appeals of
vfarviand reve-oed the ruling and unanimously held that company’s obli
gation with respect to the track area was co repair and not to re-pave. Is
Feb. 1916 the same court again held that co. is required merely to keep
Its tracks In repair.
In June 1914 the Maryland Court of Appeals, reversing the lower Court.
Held that the State Roads Commission cannot recover from the electri*
railway companies the cost of changing and re locating tracks In building
the system of State highways. V. 98. p. 1995
Fares.— In Aug. 1948 the co. announced that, effective Oct. 1 1918.
fares in Baltimore and suburbs would be increased from 5 cents to 6 cents.
V. 107, p. 907, 1386. Compare V. 107, p. 403. In Jan. 1919 the 6-cent
fare was approved by the Maryland P. S. Comm. Half-fares for children
were Increased from 3 cents to 4 cents. V. 108. p. 172. On M ay 22 1919
the co. applied to the Md. P. S. Comm for auth. to Increase fares to 7 cent*
cash or 4 tickets for 25 cents. V. 108, p. 2242. On June 5 1919 this
petition was denied by the P. S. Comm. V. 108, p. 2434. Effective Oct. 1
1919. however, fares were increased to 64$ cents, 4 tickets being sold for
26 cents. V. 109. p. 1274. On Jan. 1 1920 the co. was auth. by the
Md. P. S. Comm, to Increase fares to 7 cents
V 110. p 79. See also
V. 110, p. 360; V. 112, p. 63; V. 113, p. 2615; V. 115, p. 2906.
In A pril 1022 b-ou<ht out. #6 010 000 1st cons, m ge. b >ncts bearing 6%
int., proceeds being used to retire $3,000,000 City S Suburban R y . 1st
c
mtge. 5s due June 1 1922, $1,500,000 United Rys. & Elec. 10-year 74$%
sec. notes due Jan. 15 1931, and to pav in p irt $4,528,000 unsecured notes
maturing Aug. 15 1922. V. 114, p. 1653. The remiinder o f the unsecured
notesdue Aug. 15 1922 were p lid o ff with part o f the proceeds o f $2,500,000
5-vear 6% notes sold in July 1922. V. 115. p. 437. In M. ly 1922 holders
of 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 June 28 1922
$2,684,000 bonds had taken advantage o f this offer. V. 114, p . 2361,
2580; V. 115. p. 184.
STOCK AND BONDS—
Dale.
Interest Outstanding. Div.or Mat•
Common. $35,000,000 ($50)----------- 4 Q-J 15 $20,461,200 M ay ’23 1%
Inc mtge. g. $14,000,000,/ 1899
4 g J -D
14.000.000
1949
cum, Maryland Tr C o./ Payable at option of co after March 1 1949.
Trus ($1.000)______c* n tf[In t. at Alex. Brown S 8ons, Baltimore.
c
1st con mtge, g, $38,000,000] 1899 4-6 g M-S 32,4.50,000 Mar 1 1949
($1,000); Continental TriInterest at Alex. Brown S Sons, Baltimore.
c
Co. Baltimore, Trus.-C*tf)
Income fdg bonds ($100, $500/ 1906
5 g J-D
3,920,000 Jane 1 1938
S $1,000) $3,920,000. -C t f\ Mar viand Trust C o., Trustee
c
5-year notes
($500 and/ 1922 6 g F-A
2.599,000 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 mtge;/ 1889
5 M -N
1,500,000 Nov 1 1929
($500,000) Trustee Mercan/Interest at Merchants’-Mechanics’ Firs*
tile Tr & Deposit C o .c n t f l Nat. Bank, Baltimore.
N B Dlv 1st ($1,000) 5s. g;( 1892
5 g J-D
1.750,000 June 1 1942
TrusM erTr&DepCo.cntf lin t, at M erch.-M ech. First Nat. Bk. Balt.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity
Lake Roland Elevated— let l 1892 5 g M-S
l .000.000 Sept 11942
consol
mortgage,
gold/Interest at Alex. Brown St Sons, Baltimore.
(S I.000)__________c*&r tf l Baltimore Trust C o., Trustee.
Central Ry— Oousol mortgage/ 1892 5 g M-N
700,000 M ay 1 1932
$700,000. gold ($1,000)n tf(In t. at M erch.-M ech. First Nat. B k., Balt.
[ Mercantile Tr. S Dep. Co. of Balt., Trustee.
c
Ext and Imp 1st m tge,/ 1897 5 g M-S
600,000 Mar 1 1932
$000,000. g ($ l,0 0 0 ).n tf:|Baltimore Trust C o.. Baltimore. Trustee.
lin t, at M erch.-M ech First Nat. B k.. Balt
•Stock.— There was originally an Issue of $14,000 000 4% pref. stock
outstanding but In Sept. 1920 the last of 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
of notes of 1917. Common stock listed on Baltimore and Philadelphia
Stock Exchanges. V. 96, p. 1631; V. 97, p. 667.
A pril, 1923.]
ELECTRIC RAILW AYS
9
Franchises.— Franchise for about 8 miles of track In Bangor expires in
Bonds.— Of the $38,000,000 o f 1st consol, bonds, $5,550,000 set aside to
retire underlying securities. Of the $32,450,000 outstanding 1st Mtge. 1937; franchise covering operation of 2 miles of track in the city o f Brewer
$23,766,000 bear 4% int. under the 1st cons, mtge., while $8,684,000 expires in 1940. All others are perpetual.
Merger Proposed.— In June 1922 it was reported that it was proposed to
issued under a supplemental indenture bear the company’s promise to pay
add'lint. at the rate o f 2 % perann., making the rate 6% . V. 114, p. 1653, merge the Bangor Ry. & Elec. Co. with its subsidiaries. V. 115, p. 77.
2361, 2580; V. 115, p. 184. Bonds are not callable. Income funding bonds
Fares.— In Dec. 1918 was auth. to increase fares from 5 to 6 cents as an
are redeemable on any int. date at par and accrued interest. $18,820 are emeigency measure.
V. 107, p. 2287.
In Oct. 1920 the Maine P. U.
held by trustees. All bonds are listed on Baltimore Stock Exchange and Comm. auth. an
fares to
the 1st Consol. 4s and $14,000,000 Income 4s are listed on the Phila. Stock for an 8-cent fare. increasel ,inp. 1471. 7 cents. The company had applied
Y. I l
Exch. $6,000 Central By. 1st cons. 5s and $2,000 ext. & impt. 5s are in
In June 1922 the co. issued approx. $656,000 7% Class “ B ” pref. stock,
United Railways ft Electric Co.'s treasury.
used for
Notes.— The 5-yr. 6% notes are red. at any time on 30-days’ notice at proceeds being V . 115, p.the purchase of new properties and for capital
requirements.
72.
100 & int. plus a premium o f
% for each year or fraction thereof from
date of redemption to date o f maturity. Int. payable at Alex. Brown &
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Sons, Baltimore. V. 115, p. 437.
Common, $2,000,000 ($100)_______
Q-F
$2,000,000
See text
7 Q-J
1.500.0JO Apr ’23,1 %
D IV ID E N D S .— Dlvldeuls of ^ o f 1% were paid in June 1899 and 214%. °ref $1,500,000 7% cu m ($ 1 0 0 )____
Pref Class “ B ” $2,000,000,1
In Dec. 1899. and 2% each six months after that to and Including Dec. 1903
7% cum ($100)................... / ____
7 Q-J
653,000
on both the Income bonds and the pref. stock, the payment on the stock
5 g J-J _ 2,000,000 July 1 1935
(but not on the bonds) being subject to a deduction of /£ of 1% for taxes. 1st cons M. gold, $2,000,000,1 1905
($500. $1.000)---------- c* tf/Guaranty Trust C o., New York, Trustee.
None thereafter until June 1911, coupons being funded. On June 1 1911
8 g M-S 1
279,000 Sept 1 1930
paid 2 % on both Income bonds and pref. stock and 2% has been paid each Convertible notes $300,0001 1920
($500 and $1,000) gold_ c/First National Bank, Bangor, trustee.
_
six months since. (.The last of the pref. stock was converted into income
5 g A-O
599.000 April 1 1929
bonds in Sept. 1920). On com. 1st div.— 114%—paid May 1912; Nov., Pub Wks Co, 1st. gold. $600,-1 1899
000 ($500. $1.000) -- c*n tf [Int. at Old Colony Trust Co.. Boston, Trus.
114%. In 1913 and to and inet. .Ian. 1919 at the rate o f 4% pc'- annum.
c\
5 M S
1,022.000 Sept 1 1935
April 1919 dividend postponed (V. 108, p. 1391). None to Aug. 1922, when Bar Har ft Un R Pow Co 1st S 1907
ref.$2.000.000($1.000ic*tf/Commercial Trust Oo Pnila.. Trustee.
1% was paid. In N ov. 1922, 1% . In 1923, Feb., 1%; M ay, 1% .
Bangor Power Co, 1st mtge.i 1911
See text
1,361, HO Sept 1 1931
R O A D .— Miles of track, 418; serviceable cars, 1,898; gauge. 5 ft. 414 In.
$2,500,000 ($1,000)_ c*tf/Central Union Trust C o., N. Y ., trustee.
_
Rails, 60-lb. T and 9-in. and 129-lb. girder. Capacity of (2) generating Orono Water Co, first mort f 1905
4
1J
60,0 )0 July 1 1924
stations, 2,955 k. w.; capacity of (7) sub-stations, 50,875 k. w
gage. $60,000 gold, not( Int. at Portland (M e.) Nat. Bank
UnloD
subject to call ($500'_cntfl Safe Dep.fe Tr. Oo. P irtlaai, Me . Trus.
REPO RT for the year ending Dec. 31 1922, in V. 116, p. 1651.
Oar trust certifs., $52.776____1919
6%
See text
See text
1922.
1921.
1920.
1919.
Oarm ilesrun_________________
35.708,86337,162,20235.522.354 Stock.— Class “ B” pref. stock is equal to pref. stock with respect to as
Revenue passengers___
238,090,980253,934,179243,890,966 sets and divs., but has no voting power. Not subject to call. V. 115. p .72.
Transfers__________________
92.259,53793,883.66083.756.575 Bonds.— The first consol, bonds are secured by deposit of all the stocks
Operating revenues_____$16,122,592 $16,332,885 $17,313,599 $14,794,234 (except 1 share of pref.) and $56,000 1st & ref. mtge. bonds of the Bar
~
9,622,992
----- 9,965,331 10,465,161
9,192,238 Harbor S Union River Power Oo. They are subject to call on 60 days
Operating expenses_____ "
c
Depreciation__________
806,130
816,643
865,680
739,712 notice at 107 14 and Interest on any Interest date
Interest at office of
Taxes, licenses, &c_____ 1,740,512
1.710,109
1,839,421
1,409,261 trustee. New York, or Eastern Trust & Banking Co , Bangor. 8ee
particulars, bonds, property, &c., Y. 87, p 1009. The Public Works Oo.
Net operating income. $3,952,957 $3,840,782 $4,143,336 $3,453,023 binds are not subiect to call: V 80 p 2516
3! O il retired
O ’ the Bar
Other income__________
156,246
104,179
120,741
40,117 Harbor & Union River Power Co. bonds. $19 090 are held in treasury of
Bangor Ry. & Elec. Co. and $349,000 are pledged to secure that, company’s
Total net income_____$4,109,203
$3,944,961 $4,264,077 $3,493,140 8% conv. notes. Remainder are for exten’s, &c., at 85% of cost of same.
Int. on bonds, rents, See. $2,750,854 $2,750,650 $2,661,321 $2,687,635 They are guar., p. & i., by Bangor R y. & El. Co. and are subiect to call at
Int. on income bds. (4% )
559,080
559,089
559,157
559,080 10714 & int. on any int. date on 60 days’ notice. Int. at trustee or Merrill
Preferred divs. (4 % )___
None
None
383
920 Truit Co.. Bangor; also at J. & W. Seligoi m & Co.. New York. Of
...........
...........
204,612 Bangor Power Co. 1st Mtge. bonds, $7 50,900 Series A (all out), bore
Common divs. (4 % )____ ($1)409,224
Interest at 4% to Sept. 1 1916; 4H % to Sept . 1 1921 and 5% since. Series B
Surplus______________
$390,045
$635,231 $1,043,216
$40,893 $1,750,000 authorized (interest, 5%) $611,000 issued and outstanding, and
The profit and loss surplus stand at $1,515,159 as o f Dec. 3 i 1921. $1,139,000 reserved for extensions, betterments, &c., at 85% o f cost of
as against $1,165,027 on Dec 31 1920.
same. Interest payable at office of trustee and at office in Bangor. Sub
OFFICERS.—Chairman of the Board, Thoma« A. Cross; Pres., C. D. ject to call at 105 and interest on any interest date on 60 days’ notice. No
Emmons; V .-P., J. Pembroke Thom; Sec., William Early; Treas., J. T. sinking fund. Both series assumed by Bangor Ry. & Electric Co.
Straub; Aud., N . E. Stubbs.— V. 115, p. 184, 437, 546, 647, 1943, 2380,
Notes.— The 8% convertible notes are secured by $3 49,000 Bar Harbor
S794, 2906; V. 116, p. 1651, 1762.
& Union River Power Co. 1st & ref. 5s. Rad. at 101 and int. on any int.
date on four weeks’ notice.
(1) B altim ore Sparrows P oint & Chesapeake Ry.
Dividends.— 5% per annum paid on the old stock (all of one class) from
O R G A N IZA TIO N .— In Jan. 1903 was leased for 999 years to the Un.
Rys. S Electric Co. o f Baltimore, which guarantees the bonds below, both Oct. 1 1905 to Oct. 1909. when 1 (4 % (quar.) was paid, which rate was con
c
In 1911 st ick was Increased and new
as to principal and Interest, and also owns all of the stock. See V. 79, p. tinued to Oct. 1910. In 1911. 7%
2643. Has 33.541 m. of single track. Including a line 22 miles long connecting pref. stock was created, on which 1 ^ % has been paid quar. from Fan 1912
Baltimore with the Bethlehem Steel Works at Sparrows’ Point, and extend to and incl. Apr. 1923. On common Initial di vid md of m % was paid May 1
ing beyond along the shore of Chesapeake Bay, where summer resorts have 1914 and 14% quar. to and incl. Aug 1918 N iv 1918 div om tted (v
107, P. 1048). None to M av 1922. when % of 1% was ouid
Tn Aug. 1922
been established.
% of 1% was paid. N ov. 1922, H of 1 % . In 1923, Feb., l% ;M a y , 1% .
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
R E PO RT.— For years ending Dec. 30:
$400,000 ...................
Stock, $2,000,000......................................... ..........
Balance,
Gross
Net (after
Interest, Pref. Dlt.
First mtge.. $2,000,000 goldf 1903
414 g F A 2,000.000 Feb 1 1953
Cal. Year—
Earnings. Depr.&Tnx).
&z.
(7 % ).
Surplus.
($1,000) guaranteed, priu •(Fidelity Trust Co.. Baltimore, Trustee.
Clpal and interest------c* tf (Interest at Alex. Brown & Sons, Baltimore. 1922...........................$1,488,935 $310,552 $231,733 $127,3 57 $193,552
543,253
232.233
103.174
152,798
1921...........- ........... 1,420,471
R E PO RT.— Operations included in United Rys. & Elec. V. 80, p. 221.
ROAD.— Operates 67 69 miles of single-track equivalent
Rails, 48
to 90-lb. girder and T standard gauge. 48 pass, and 1 i freight cars. 3 gravel
(1) Baltim ore H alethorpe & Elkrldge R y.
OR GA N IZA TION .— Incorp. on Dec. 26 1905 In Maryland. Stock. cars. 5 snow-plows, 1 sprinkler and 7 mlsc. 3 hydro-electric plants with
$100,000, outstanding. $10,000. Has made a $300,000 mtg. (n tf) to Fidelity 17,350 k.w.
OFFICERS.— Pres., E. M . Graham; V .-P., H. L. Clark- Clerk S Treas.,
c
Trust Co. of Baltimore, trustee. 20-year 5% bonds, prln. and Int., payable
at Alexander Brown S Sons, Balt.; not guar, by United Rys. S Elec. Co. Howard Corning; Aud., C. A. Pearson, Jr. Under management o f E. W .
c
c
None out. Owns 3.051 miles of road, which is operated by United Rys. S Clark & C o — Y. 106, p. 1460; V. 107, p 301, 1717. 2287 V IBS. p. 2628;
c
V. I l l , p. 1471; V. 112, p. 468, 848, 2304; V. 115, p. 72. 1099; V. 116,
glee. C o.— V. 87. p. 643.
______
p. 74, 1274.
_
THE M ARYLAND ELECTRIC R AILW AYS CO.
BARRE, VT.
ORGAN IZATION .— In 1906 the charter of the Maryland Elec. R y. was
acquired by interests friendly to the United Rys. & Elec, for the purpose,
MONTPELIER & BARRE LIGHT & POWER CO.
among others, of uslug that company to finance the ueeds of the United Rys.
ORGAN IZATION .— Incorp. In Mass, on Nov. 12 1912 and owns 91%
A Elec. Co. for additional property, and charter amended by Legislature In
c
1906 to adapt It to that purpose. In Aug. 1906 was consolidated with the of the stock of the Barre & Montpelier Trac. S Power Oo. Also owns
Baltimore S Annapolis Short Line, which latter line has since been electri all the stock of the Consolidated Lighting C o., Verm mt Power ft Ltg, Oo..
c
c
fied. On Jan. 1 1921 the oo. sold the Annapolis Short Line property to the Molly's Falls Elec. Lt. S Pow, C o., and Waterbury Lt. ft Pow Co.; also
Supplies electric light heat and
Washington Baltimore & Annapolis Elec. HR. Oo.. which guar, theprin. assets of Corry-Deavir.t-Frost, Elec. Co
and int. on the outstanding bonds and car trusts of the Annapolis Short power in Barre and Montpelier and in practically all of Washington County.
Line (see V. 112, p. 847). The Maryland Electric Railways has acquired Vt. Franchises are perpetual.
Sub. Co. Receivership, A c.— See under Barre S Montpelier Trao. Oo. in
c
car-barn sites, terminals, See., and is erecting buildings, constructing ex
tensions, purchasing equipment, &c.. which is leased to the United Railway V. I l l , p. 2227; V. 112, p. 61.
S Electric Co. for an annual rental o f 6% upon the actual cost of the prop
c
STOCK AND BONDS.
Date.
Interest. Outstanding.
Maturity.
erty. On the property leased to the United Rys. S Elec. Co. that co.
c
.....................
obligates Itself to pay a sink, fund calculated to retire a substantial portion Common $1,000,000 ($100)........................................$1,000,000 Juiy’ 21, 1 M
Pref $3,810,000 ($100) c u m .............
6%
1.337. 01
o f the co. s bonds at maturity, and also to purchase the remaining bonds at 1st refund mtge $2,500,000/ 1914
5 a A-O
608, ?00 Oct. 1 1944
maturity. There is no guarantee endorsed on the Maryland Elec. Rys.
($100 ft $1,000)_ c*& r*tf!Int at Amer Trust C i . R iston, Trustee.
_
C o .’s bonds but the terms of the rental are such as to be more than suf
jg
ficient to pay int. Stock listed on Baltimore Stock Exchange in Feb. 1908. 10-year notes $750,000 g o ld ../ 1920S .nt.M -S l.5 at 500 030 Sept 15 1930
\Prin. r
payable
American Trust Oo.
Consolidated Lighting C o _________ 6 J-J
700,000 Jan i 1926
8TOOK AND BONDS—
Date.
Interest. Outstanding
Maturity
400 000 Mar 1 19 7
Vermont Power ■& Ltg O o ___ _____ 5 M-S
Stock, $1,200,000 ($50)___________
$1,164,000 Ju ly’08.1%
_
115.000 Mar 1 1930
First mtge. $8,000,000, gold) 1906
5 g A-O
4,916.000 Oct 1 1931 Oorry-Deavitt-Frost El C o _ _____ 6 M-S
5 M-N
63.000
See text
($1,000), sinking fundc*tf/M ercantile Tr. S Dep. C o., Balt.. Trustee. Waterbury Light & Power O o « ____
c
Stock.— $2,472,400 pref. stock Is reserved for conversion of 1st ref.
Bonds.— A sinking tuna of 1 H % on Maryland Elec. Ry. 1st mtge. bond*
i
out began Mar. 30 1910. $1,225,000 (incl. Id amount outstanding) held In mortgage bonds. Tax-free in Massachusetts.
;en. sink, fund Sept. 30 1922. Bonds are redeemable at 110 and int. on any
Bonds.— The above bonds of light and power companies are assumed
nt. date upon 90 days’ notice. Int. payable at office o f Alex. Brown S by the Montpolier & Barre Light & Power Co. $250,000 of the 1st ref.
c
Sons. See V. 83. p. 818, 970bonds became convertible at holders’ option Into pref stock at par on Mar. 1
Dividends.— First dividend (114%) was paid In Jan. 1907 and 2% was 1916. As of Apr. 1 1923, $27,800 had been so converted. $361,000 addi
tional bonds became convertible Into pref. stock at par on Mar. 1 1921.
paid July 1 1907. In 1908, Jan., 1% ; July, 1% ; none since.
OFFICERS.— Pres., John T . Staub; V.-P., N. E. Stubbs; Sec., Wm. Red. as a whole at 105 and Int. on any Int. date on 4 weeks’ notice. $1, 125.Early; Treas., G. S. Storrs.— V. 98, p. 1608, 1694, 1767; V. 105, p. 1419; 000 bonds are reserved to atretire underlying bonds and $752,000 for
additions and Improvements
75% of cost, $7,000 are held in treasury.
V. 112, p. 847.
$315,000 Consol. Ltg. Co. bonds and $150,000 Vermont Power S Ltg. Co.
c
bonds are held in sinking funds (Included in amounts reported outstanding).
The Waterbury Light & Power Oo bonds mature 6.000 yearly to Nov 1
BANGOR, ME.
1921; then $7,000 yearly to Nov. 1 1931. $62,000 had been redeemed up
to Apr. 1 1923.
BAN G O R R A ILW A Y & ELECTRIC CO.
Dividends.— A div. of $2 50 was paid on the pref. stock Apr. 1 1913.
O R G A N IZA T IO N .— Incorp. Feb. 16 1905 In Maine and Is a consollda
covering the 5 months from date of organization on N ov. 12 1912 to April 12
•Ion o f the Bangor Orono S Old Town R y., Bangor Hampden S Winter
c
c
1913- $1 50 paid July 15 1913 and $1 50 quar. to and Incl. Jan. 1921.
port R y ., Public Works C o., Old Town Electric C o., Brewer Water Oo
c
and Penobscot Water S Power Oo. On Feb. 1 1907 purchased the Bangoi In July 1921 \M% was paid. None since.
ft Northern RR. V. 82, p. 333. Owns the entire capital stock of tht
EARNINGS.— For years ending Dec. 31:
Bangor Power C o., the Orono Water Co. and (with the exception of ont
Dec. 31 Yrs.— Gross Earns.
Tot Net Inc. Int..Rents Ac. Bal.forDiv.
share) o f the Bar Harbor & Union River Power Co. It was reported in May 1922..........................$495,576
$169,710
$154,878
$14,832
1921 that the co. had ourchased the Lincoln Light & Power. C o., subject to 1921.......................... 529.53C
205.915
148.691
57,224
the approval o f the Maine P. U. Comm. V. 112. p. 2304. In Aug. 1922 1920.................
562,565 220,475
131,186
89,289
the co. purchased, subject to confirmation by the courts, the property of
PR O PE R T Y.— Power plants have an aggregate capacity o f about 16,783
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 h p., and 4,000 h.p. In addition Is available by contract; 7,550 h.p. Is
Bangor, with Brewer, Hampden, Old Town, Charleston and inter water power. The steam plants under normal conditions are held largely
mediate towns. Also the entire electric lighting and power business of as a reserve; 130 miles of transmission lines; undeveloped water power of
c
Bangor, Old Town, Milford, Bradley, East Corinth, Orono, Brewer. about 3 000 h. p. capacity. The Barre & Montpelier Trac. S Power Oo.
Hampden, Veazie. Kenduskeag, Eddington and Orrington, with the excep owns 9.75 miles o f track between Barre & Montpelier. 58-lb. T rail.
tion o f the municipal lighting In Bangor, and turnishes the water supply to Gauge 4 ft. 8)4 in.
Yeazie, Old Town, Stillwater, Milford and Brewer. In addition to the
OFFICERS.— Ch. of Bd. of Directors, O. H. Tenney; Pres . H. T . Sands,
above the company, through its controlled companies, does the entire elec 1st V .-P ., A. B. Tenney; Clerk, H. P. W ood: Treas., E. A. Bradley; Asst.
tric lighting and power business In Ellsworth, Bluehill, Bar Harbor, Seal Treas.. R .O . Tenney, A ud., I. S. Hall. Under management o f Charles H.
Harbor, &c. Population served est. at 70,000 (including controlled cos).
Tenney & C o.. Boston.— V. 104, p. 2015; V. 105, p. 1999.
f
10
ELECTRIC RAILWAYS
[V ol. 116.
BATON ROUGE, LA.
BIDDEFORD, ME.
BATON ROUQE ELECTRIC CO.
O RGAN IZATION , &c.— Organized In Louisiana: does entire electric
railway, electric-lighting, power and gas business In Baton Rouge. Rail
way franchise expiree 1940; gas 1942. electric-lighting and power, 198S
V .8 8 .p.881.
STOCK AN D BONDS.
Date.
Interest. Outstanding.
Maturity.
Common, $800,000 ($100)............. _______
§5*5,301 D e c ’22,5%
Pref, $250,000 ($100) 6 % .................
J-D
200,000 D e c ’22.3%
1st mortgage, $750,000, gold! 1909
5 F-A
475,500 Feb 1 1939
($500 and $1,000)
c * _ tf /In t. at Old Colony Trust C o., Boston,trustee
-----------20,400
________
Car trust certfs------------------- -------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
of company and may be issued at not to exceed 8% o f cost of 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. $49,500 canceled.
Dividends.— On pref. 3% s.-a. from Dec. 1911 to and incl. Dec 1922.
Initial div. o f 2% on com. paid Dec. 1915. In 1916, 7% . In 1917, 8 % .
In 1918, 8% . In 1919, 8% . In 1920, 8% . In l9 2 1 ,9 % . In 1922, 10%.
EARN ING S.— For 12 months ending Dec. 31:
Year—
Gross. Net, aft. Taxes. Int..&c.
Sink. Fund.
Surplus.
________
$162,931
1922________$585,104
$206,901
$43,970
1921
557,191
197,660
52,313
________
145,347
R OAD.— 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.; Mgr., P. I. Robinson.— V. 101, p. 1806; V. 104, p.
1488; V. 110, p. 76; V. 113, p. 2404; V. 116, p. 74.
BIDDEFORD & SACO R R .— A trolley road.
ORGANIZATION.— Incorporated Feb. 19 1887.
8TOOK AND BONDS
Date.
Interest. Outstanding. Maturity.
Stock ($50) $100,000______________
A-O
$100,000 A p r.’23 .4%
1st mort *300.000 ($1,000) f 1900
4 g J-D
150,000 June 1 1940
gold c*. No s f but can beiInterest at Fidelity Trust C o.. Portland,
called in 1920__________ t f i M e., trustee.
Dividends.— During years end. June 30: 1906, 4% ; 1907-09, 5 % ; 1910.
744% (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% .
EARNINGS.— For calendar years:
Year—
Gross.
Net.
Int., <%
c. Dividends.
Balance
1922___________ $119,171
$16,443
$6,000
$9,000
sur.$1,442
1921----------------- 123,806
26,009
7,014
10,000
sur. 8,995
ROAD.— Operates 8 miles of track between Saco Biddeford and Old
Orchard Beach.
OFFICERS.— President. O. H. Prescott, Biddeford: Secretary and
Treasurer, J. Burton Stride.— V. 70. p. 1048; V. 73, p. 494.
BINGHAMTON, N. Y.
SCRANTON & BINGHAMTON R A 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 $6,000,000 stock authorized and issued. No funded debt.
— V. 110, p. 2388; V. 112, p. 1742.
(1) S cranton Montrose & Bingham ton R R .— Controlled by Scranton
& Binghamton Ry.
ORGANIZATION.— Successor to Scranton & Binghamton R R . Owns
the entire stock of Scranton & Binghamton Traction C o., a controlling
BEAUMONT, TEX.
interest in the Northern Electric R y., which owns entire stock of the
Northern Electric Street Ry. The Northern Electric Street R y. is leased
EASTERN TE XA S ELECTRIC CO.
for 900 years from July 1 1910 to the Scranton & Binghamton Traction C o.,
ORGAN IZATION .— Incorp. in Texas In July 1918 as a consolidation of which has assumed the former’s bonded debt.
the Jefferson County Traction C o., Beaumont Elec. Light & Power Co.,
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Port Arthur Light & Power Co. and Beaumont Traction C o., all of whose
_______
$3,000,000 __________
itocks had been owned by the Eastern Texas Electric Co. (of M e.), a hold Stock $3,000,000__________________
6 A-O
5.500.000 Oct 1 1949
ing company. V. 107, p. 695. Does the entire electric light and power busi 1st Mtge sink fund $10,000,000 1919
_______
400,000 Oct 1 1949
ness in Beaumont and Port Arthur, the entire electric railway business in 6% income bonds___________ 1919
5 J-D
1.200.000 June 1 1957
Beamont and operates an interurban electric railway between Beaumont Northern Elec St R y $1,200,-1 1907
000 ($500 and $1,000)__c*Jlnt. at Anthracite S. Bk., Wilkes-Barre,trus.
and Port Arthur, a distance o f 20 miles. Light and power franchises in
Bonds.— Northern Electric Street Ry. bonds are redeemable at 105 and
Beaumont expire in 1963; in Port Arthur in 1943; railway franchise in
Beaumont expires in 1961; interurban railway almost entirely on private interest. Sinking fund of $10,000 per annum began Dec. 1 1912.
right of way.
ROAD.— 46 miles in operation between Scranton and Montrose, with a
branch to Lake Winola. The road as projected will extend to Binghamton.
STOCKS AN D BONDS.— Date.
Interest. Outstanding. Maturity.
N. Y. 22 passenger cars, 5 freight and 3 service cars. Gauge 4 ft. 844 in.
Common, $1,400,000 ($100)......................... ........
$1,400,000 A p r ’23, 2%
OFFICERS.— Pres., H. S. Fleming; V. P ., R. W . D a y Sec., A. WidPref cum $1,450,000 ($100)________
6 J-J
1,400.000 J a n ’23, 3%
1st mortgage gold ($500 and/ 1912
5 g M -N 1,411,500 Nov 1 1942 dowfield; Treas., F. A. Wollerton; Aud., Jas. J. M offitt.— V. 115, p. 645.
$1,000)_________ c*& r*tf_lint, at State St. Tr. C o., Boston, trustee.
(a) B ingham ton Railway Co.— A trolley road.
Conv notes, $2,000,000 C$100,1 1920
7 g M -N
1,500,000 M ay 1 1925
The Scranton & Binghamton RR. (now Scranton Montrose & Binghamton
$500 & $1,000)_______c * tf/ Guaranty Trust C o., N. Y ., Trustee.
R R .) owns over 90% of the stock.
Beaumont Traction 1st Mtge J 1903
___________
5 g A-O
200,000 April 1 1943
Receiver Appointed.— On Oct. 8 1918 Judge Geo. W . Ray In the U. S
$600,000 (call at 105)_ tf \Int. at Interstate Tr. & Bank. C o., Trustee.
_
Dist. Court In Albany appointed William G. Phelps receiver for the co
Stock.— Pref. stock is callable at 110. $50,000 held in trust for benefit V. 107, p. 1481.
Receiver's Certificates.— in Oct. 1919 the receiver was auth. by the N . Y.
of company (in addition to amount shown above).
P. S. Comm, to issue $9,000 receiver’s certifs. to meet the cost of extending
Bonds.— Authorized amount o f bonds not limited. Additional bonds may the Port Dickinson line to Hires’ condensed milk factory. V. 109, p. 1700.
be issued for 75% o f cost of acquisitions, impts., add’ns, &c., under certain
To Lift Receivership .— In M ay 1920 it was reported that an order had been
restrictions. Callable as a whole (or in part for sk. fd.) at 105 and int. obtained from U. S. Judge Geo. W . Ray approving a proposed agreement
Coupon bonds in denomination of $1.000 and $500 and registered bonds of by which the receivership would be relinquished within 6 mos. and the prop
$5,000 and multiples. V. 95, p. 1745. $84,000 in sinking fund canceled erty returned to the owners. V. 110, p. 2191. On April 17 1920 the pro
and $200,000 are reserved to retire the Beaumont Trac. 1st M . 5s. Sinking tective committee named below announced the partial consummation of a
fund of 1% of bonds out, payable Nov. 1.$400,000 Beau.Trac. IstM .bon d s formal contract made by the committee with the stockholders and the re
are held by Eastern Texas Elec. Co. R ed., all or in part, at 105 and int. ceiver of the co. under authorization of the U. S. Court. The contract
Notes.— Are conv., par for par, at any time on or before maturity into provides in part: (1) That within ten days the stockholders and the receiver
fully paid com. stock with a cash payment by the noteholder of $4 per share shall pay and discharge $20,000 of underlying bonds matured and outstand
and an adjustment o f int. on the notes and of div. on the stock at the rate ing. [These, we understand, have been paid off.— Ed.] (2) That the
last declared within the 6 mos. next preceding. If called, conversion may N ov. 1918, M ay 1919 and Nov. 1919 past-due interest on the consol,
be made up to and incl. redemption date, the noteholder to receive any bonds, together with interest on the deferred payments, shall be made
premium payable on account o f redemption. Are red., all or in part, any immediately. [In April 1921 we were officially informed that all interest
time upon 45 days’ notice as follows with int.: May 1 1921 to April 30 1923 had been paid to date.— Ed.| (3) That within 6 months the stockholders
at 102; M ay 1 1923 to April 30 1924 at 101, and thereafter to maturity at shall liquidate all outstanding receiver’s certificates. Receivers’ fees and
expenses provide for all floating debt and pay a substantial part of expenses
100. V. 110, p. 1972.
Dividends.— 6% is being paid on pref. stock. Initial div.— 2% — on old of bondholders' committee. (4) That a supplemental consolidated mtge.
Maine corp. was paid in July 1916. In 1917 and 1918, 5% ; in 1919, 5% ; in shall be executed requiring the co. to set up a proper maintenance and re
V. 110, p. 2386;
1920, Jan., 4% ; April, 2% : July, 2% ; Oct., 2% . In 1921, 8% ; 1922, 8% . newal fund. Proceedings.— We V. I l l , p. 1680. while the first two provi
Foreclosure
understand that
In 1923, Jan., 2% ; April, 2% .
sions of the above contract have been carried out, the stockholders have
failed to furnish sufficient funds to 'discharge the receivership and have
EARN ING S.— For 12 months ending Dec- 31:
failed to pay any part of the expenses of the bondholders’ committee. As
Year—
Gross. Netfaft.Tax.) Oth.Inc. Interest. Sink.Fund. Surplus.
________ $432,314 a result, the committee has instituted proceedings in the U. 8. Court asking
1922____ $1,789,685 $633,295 $22,400 $223,381
1921____ 1.670.328 572,798
12,400
230,788 --------------354,411 leave to foreclose the mortgage. See also V. 113, p. 1469. N o further
information. In April 1922 it was reported that application would be
P R O PE R TY AND PLANTS.— Combined capacity or power stations made for discharge o f the receiver and sale of the property. V. 114, p. 1532.
at Beaumont and Port Arthur, 13,300 k. w.; power is also supplied to Port In N ov. 1922 we were informed that the above plan had been approved by
Arthur Traction Co. Capacity of ice plant at Port Arthur, 75 tons per the P. S. Commission and the Court but that it had not been carried outday. Miles o f equivalent single track, 31.18; trackage, 1.92, standard up to that time. No further information.
gauge; 49 pass., 4 trailers and 5 otner cars. The 20-mile electric railway
Committee for First Cons. 5s.— Chairman, Thos. B. Lockwood: Frank B.
between Beaumont and Port Arthur was formally opened on Dec. 15 1913. Newell, Harry T. Ramsdell, John T. Steele; Sec., Perry E. Wurst, 291
V. 97, p. 1822.
Elm St., Buffalo. Depositary, Fidelity Trust C o., Buffalo, and Peoples
OFFICERS.— Pres., Ohas. F. W . Wetterer; V .-P ., Walter H. Burke; Trust C o., Binghamton. V. 110, p. 2386.
Sec., W m. T . Crawford; Treas., H. B. Sawyer; Gen. Mgrs., Stone &
ORGAN IZATION .— la a consolidation Sept. 30 1901 of the Binghamton
Webster M gt. Assn.; M gr., A . F. Townsend.— V. 107, p. 695, 905, 1192, RR. Co. (chartered Aug. 11 1892 as a consolidation of all street railways in
2476; V. 109, p. 1079, 2262.
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 uni;li
BENTON HARBOR, MICH.
Jan. 15 1923, but authority was granted by the Council to continue the
BENTON H A R B O R -ST. JOE R A ILW A Y & L IQ H T CO.
6-cent fare until Jan. 15 1924. V. 116, p. 514. Compare V. HO, p 1288,
O RGAN IZATION .— Incorporated in Michigan in Jan. 1906 and is a con- 2386.
lolidatlon o f the Benton Harbor & St. Joseph Electric R y. & Light Co.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
and Che St. Joseph River Traction Co.
Stock. $1,150,000 ($100)...................
4 F-A
$978,995
See text
452.000
See text
New Control.—-In June 1922 it was reported that the company had been Binghamton RR Co mtge/ 1893 5 g J-J
$900,000, g ($ l,0 0 0 )--c* tf lin t. at M etropol. T r. C o ., N . Y ., Trustee.
sold to F. A . Bryan and a group o f associates o f the Indiana & Michigan
Bing Lest & Un 1st M $250,-f 1895
5 g J-D
147.000 June 1 1925
Electric Co. o f South Bend for $1,000,000. V. 114, p. 2822.
000 gold, principal and] Interest at Metropolitan Trust, New York
Fares.— In Sept. 1919 was auth. by the M ich. R R . Comm, to increase
interest guar__________ tf f Binghamton Trust C o., Trustee.
fares on the interurban lines to 2 >4 cents per mile. V. 109, p. 1079.
consol mtge,
5 g M -N
1,833,000 Nov 1 1931
The $114,000 B. H. St. J. Elec. Ry. & Lt. 1st Mtge. 5s due Sept. 1 1920 Bing R y 1stgold ($1,000) $2,-j 1901at Fidelity Trust C o., Buffalo, Trustee,
500,000
c * tf(In t.
were paid o ff at maturity, the co. found it necessary however to borrow
or Seaboard National Bank. New York.
$50,000 to meet this maturity. This loan was still outstanding as of Apr. 1 Squip trust certif ($90,000)-- [ 1915
6 F-A
25,000
See text
1922.
Receiver’s certificates $75,000- 1918
6%
40,000 __________
STOCK A N D BONDS.
Date.
Interest. Outstanding. Maturity.
Bonds.— The bonds of 1893 mature $5,000 yearly 1910 to 1917; $10,000
$800,000
Jommon ($100)__________________
________
yearly from Sept. 1 1918 to 1922 and balance Sept. 1 1923. Of the Bing
See text hamton R y. 1st consol, mtge., enough are reserved to retire underlying
400.000
Preferred, $400,000 ($100)..............
6 F-A
499,500 Nov 1 1939 bonds and the remainder for acquisitions, extens., & c.t under careful
Refund mtge *2,500,000 gold/ 1909
5 g M-N
($500 and $1,000)_______ cilntereet at Columbia Tr. C o., Louisv.,trust.
restrictions. They are subject to call at 110 and int. Exempt from N . Y .
1st cons M , $1,000,000, gold/ 1906
5 g M-N
825.000 Nov 1 1935 State, county and municipal personal property taxes. See V. 73, p. 1312;
($500 and $1,000)_______ c[InC. at Columbia Tr. C o., Louisv.. trustee.
V. 78, p. 701: V. 88, p. 748. The equipment trust certificates of 1915
Bonds.— The 1st consolidated bonds are subject to call on any int. day at mature $5,000 semi-annually. They are secured by 20 double-truck cars,
costing $118,503.
195. Of the ref. bonds, $1,000,000 are reserved for prior liens.
Dividends.— 2% was paid Jan. 31 1902; 2% Mar. 3 1903; 2% April 11
Dividends.— Pref. divs. at rate of 6% per annum are being paid.
1904 and 2% April 10 1905. A scrip dividend of 20% was paid April 18
1905- Tn 1906 to 1910 incl., 2 H % yearly. In 1911, Sept., 3 % . In 1912
EARN ING S.— For years ending June 30:
»nd 1913, 4% . In 1914, Feb , 2 % . None since.
June 30
Oper.
Net (after Other Interest, Pf.Divs. Balanct
(6 % ). Surplus
Year—
Revenues. Taxes'). Income.
&c.
R O A D .— Operates 49.75 miles of track. Connects Binghamton with
1920-21_______ $753,218 $143,595 $21,669 $94,206 $24,000 $47,058 Tphnson City, Hooper, Endicott, Union and Port Dickinson. Standard
24,000
77.719
1919-20.............. 685,956
171,973 14,980
85,234
gauge, 60-lb. to 103-lb. T and girder rail; 81 motor cars and 27 trail cars.
ROA D .— Operates 10.36 miles of single track in St. Joseph and Benton
EARNINGS.— For year ending Dec. 31:
Harbor, with extensions o f 25 miles through Eau Claire to Dowagiac and
Year—■
Gross.
Net.
Int. & Taxes. Bal., Surp.
14.33 miles to Watervliet; also operates 5 miles second track, 5-7 mile'
1922 ___________________$1,027,057
$316,628
$211,294
$106,334
sidings, &c., 60.39 miles. 60. 70 and 73-lb. girder and T rails. 44 passen 1 9 2 1 ___________________
987,130
285,036
198,593
86,443
ger and 34 other cars.
1920
977,286
262,818
199,131
63,687
OFFICERS.— Pres., F. L. Fuller; V .-P ., R. W. Day; Sec., W . H. Hecox;
OFFICERS.— Pres., Chas. Minary, Benton Harbor, M ich.; V .-P ., F. A
Treas., E. M . White. Office, Binghamton, N. Y .— V. 110, p. 1288. 2191,
Bryan; Sec., C. B. Calvert; Treas., Lee Mason.— V. 109, p. 1079; V. 114
2386, 2567; V. I l l , p. 1660; V. 113, p. 1469; V. 114, p. 1532; V. 116, p. 514.
p. 2822.
11
ELECTRIC RAILW AYS
A pril, 1923.]
BIRMIINGHAM, ALA.
BLUFFTON, IND.
MARION & BLUFFTON TRACTION C o — A oroilay road
BIRMINGHAM R Y. LIGH T & POWER.
as a
National Power & Light Co. (see under “ New Orleans” ) acquired the of ORGANIZATION.— Incorp. in tadiaua June 1914 underreorganization
the old Marion Bluffton & Eastern Trac. C o., sold
foreclosure in
interest in the co. formerly held by the American Cities Co.
Feb. 1914. The old company was placed In receivership as a result of
.Receiver.— On Jau. 23 1919 Judge Grubb of the Federal Court appointed a head-on collision on July 7 1912 in which four persons were killed and 60
Lee C Bradley re-eiv^r for obis company and ehe Birmingham Tide
more injured (V 95, r>
.
water Co. upon petition of the American Cities Co., which formerly con or Fares.— in May 1918 was 2971. by the Indiana P. S. Comm, to increase
auth.
trolled these properties. V. 108, p. 377. J. S. Reaver was later appointed fares from 2 to 2 ^ cents per mile, mileage books to be sold on a basis of
co-receiver. Y. 115, p. 2476.
2 cts per mile and commutation books at 1.56 cents a mile. V. 106. p. 2345
Statement by Receiver as to Status of Company.— See V. 113, p. 7C.
On July 3 1920 fares were raised to 3 cents per mile.
Authorized to Borrow to Meet Taxes.— In Jan. 1923 the co. was auth.
STOCK AND BONDS— Date.
Interest
Outstanding. Maturity.
by the Federal Court to borrow $275,000 to pay county and city taxes. Stock $216,000 ($100>...................- ......................
$216,000 ................
Y. 116, p. 175.
1st M gold $504,000 ($1,000)/ 1914
5 g J-J
504,000 July 1 1934
Reorganization Plan.— See under “ National Power & Light C o.” on a
Sink. fd. 1 % per annum, lin t, at Fletcher Sav.& Tr. Co.,Indianap..Tr
subsequent page and V. 114, p. 76.
EARNING S.—-For year ending Dec. 31 1922, gross, $134,384; net, after
Committee for 6% Motes.—Onatrman, Thus. J. Walsh Morris K. Parker. taxes, $41,981; other Income, $1,897; bond int., $25,299; surplus, $3,480.
B. W. Rollins, Harris Stetson, Gso. Taylor: Sac., Miss D Karl, 43 Exchange In 1921, gross, $140,741; net, after taxes, $38,549; other income, $1,869;
Place, N. Y . City. Depositary, Equitable Trust Co N Y
Deposits bond interest, $25,200; surplus, $20.
*
have been called for. V. 108, p. 1059. See also Y. 116, p. 1274.
R OAD.— Operates 32 miles of track between Marion, where connection
ORGAN IZATION .— Consolidation on June 13 1901 o f ohe Birmingham is made with Union Trac. Co. o f Indiana lines and Northern Indiana Power
Gas C o., the Consolidated Electric Light Co. and the Birmingham Ry., Co. and Bluffton, Ind., connecting there with InT ani Service Corp. and
Light & Power Co. Owns and operates the entire street railway, gas, Union Trac. Co. of Indiana. Standard gauge. 70-lb. T . rail.
OFFICERS.— Pres., James W . Sale; V.-P., Abram Simmon; Sec. * Gen.
electric-power and light and steam heat business of Birmingham and all the
M gr., James S. Clark; Treas., J. S. Gilliland.— V. 106, p. 2345.
principal near-by cities and towns, including Brighton, Bessemer, Boyles,
Fairfield * Tarrant City, Inglenook, Edgewood and Irondale; an interurban
tine, about 31.235 m. of which is in operation, from East Lake to Ensley
BOISE CITY, IDAHO,
and Pratt City; does the city lighting in Birmingham, Bessemer, FairBOISE VALLEY T RACTION CO.
field and Brighton. Franchises covering gas, electric power and light
Controlled through stock ownership by the Idaho Power Co. (V. 104, p.
business and street railway lines are, with some unimportant exceptions,
stated to be perpetual. Has a contract with the Alabama Power Co. by 1148), all of whose common stock except directors’ shares is in turn owned by
which the latter furnishes electricity for operating the railways and also for the Power Securities Corporation. The Idaho Power Co. also owns all
light and power service in Birmingham, U nder this contract the company’s the $750,000 10-yr. 5% notes o f the co. The Traction Company owns in fee
all tne railway property of the old Idaho Railway Lt. & Power Co. except
steam station is held as a reserve plant. V. 98, p. 1691
In April 1917 acquired the stock of the Birmingham-Tidewater Ry. and the Boise R R . C o., Ltd. (now the Boise Street Car Co., V. 113. p. 959):
in this connection agreed to the guaranty of that company’s bond issue, There remains outstanding agst. the property the following issue o f bonds.
BONDS—
Date.
Interest. Outstanding
Maturity.
principal and interest. V. 104, p. 1590.
Boise & Int 1st M $5,000,0001 1906
5 g A-O
$964,000
1946
Controls Bessemer Gas Co. through ownership of capital stock.
g ($1.000)s f&sub to call.c& r/lnt. at Colonial Trust Co Pit.t3b ., Trustee.
Fares.— In July 1918 the voters of Birmingham defeated a provision 10-year mortgage notes_______ 1915
5 F-A 24
750,000 Aug 24 1925
authorizing the co. to charge a 6-cent fare. V. 107, p. 905. On Aug. 23
R O A D .— 72 miles single track equivalent of interurban lines and 11 mila1919, however, the City Commission auth. the co. to increase fares to 6 cts.. of city lines; total, 83 miles.— Y. 114, p. 1650; V. 115, p. 2476; V. 116,p .1759.
effective Sept. 4 1919. V. 109, p. 981. In Jan. 1921 the company was
auth. by the Alabama P. S. Comm, to increase fares from 6 to 7 cents, the
higher rate to continue in effect for 1 year. V. 112. p. 61. Comoare
BOSTON, MASS.
V. I l l , p. 2422. Effective Aug. 2 1921 the co. was auth. by the Ala. P. S.
BOSTON ELEVATED R A ILW A Y,
Comm, to collect an 8-cent fare and a 2-cent charge for transfers. V. 113,
ORGA N IZA TIO N .—Charter grauted in 1897 provides for an extensive
p. 847. Compare V. 112, p. 2641. The City of Birmingham has appealed system of free transfers
to the Circuit Court of Montgomery County from this decision of the P. S.
On Apr. 29 1903 leased from the Old Colony St. R y. (subsequently merged
Comm. V. 113, p. 1052. See Also V. 113, p. 1250; V. 115, p. 2476.
in the Bay State St. R y.) fnow Eastern Mass. St. Ry.], all that company’s
Suit to Revoke Co.'s Charter.— In Feb. 1923 the city of Birmingham filed tracks in the city of Boston, amounting to 23.753 miles. The lease is for
suit against the co. to revoke the c o .’s charter, which fixed the fare to 99 years and provides that Desides paying taxes the Elevated Co. will pay
be charged at 5 cents. The city contends that the rates fixed by the 614 % of replacement value (appraised at $353,979, less the rental of certain
charter should still hold regardless of the fact that a P. S. Commission has short pieces of track appraised at $13,866) of the property leased as of date
been created by the State since, with power to fix the rates of all public Feb. 16 1903, and 4% on the cost of all additions and betterments.
utilities corporations. V. 115, p. 2476.
Consolidation with West End Street Ry.— In July 1911 Massachusetts
Note Extension.— In M ay 1920 the noteholders' committee named above Legislature passed an Act (signed by the Governor on July 21 1911) super
announced that arrangements had been made for the extension of the 6% seding that approved M ay 28 1908 (V. 86, p. 917. 1342), permitting the
notes due April 1 1919 to April 1 1921 at 7% . Bank interest, together with consolidation of Boston Elev. and West End St. R y. at the expiration of
interest on the overdue coupons up to May 10 1920 at the rate of 6% was the lease, on June 10 1922. The consolidation was carried out in accordance
with terms of the Act, holders of West End pref. stock ($50 par) receiving
paid. V. 110, p. 2191, 2657.
shares thereof
Plan for Sale of Notes Deposited With Committee.— In 1921 it was proposed in exchange for each 2 and holders of one share of Boston Elevated 1st pref.
West End common receiving for each
to exchange the 7% notes par for par for new gen. & ref. mtge. 2(Uyear 8% stock ($100 par), share
stock
8% bonds, but this plan has evidently been abandoned. In March 1923 2 shares ($50 par) one of the Boston Elevated 2d pref. 7% wound ($100 par).
As a result the affairs
West End St. Ry. have been
up and the
the protective committee named above announced a plan for the sale of all
For full particulars of the consolidation Act and
the notes deposited with the committee for a price to net each noteholder co. dissolved. Ry. see “ Electric Railway” Supplement of Apr. 29 history of
1922.
assenting to the plan $1,035 in cash for each $1,000 note deposited. For West End St. m Dec. 1896 tne West End Street K y. leased tne ngnt co use
Subways.—
full particulars regarding this offer see V. 116, p. 1274.
Che Tremont St. subway In Boston. See terms under West End Street R y .
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
On Dec. 24 1904 the East Boston tunnel (under Boston Harbor) was
____
$3,900,000
See text. leased by the Boston Elevated Ry. until June 10 1922 for a rental of % o f 1 %
Common ($100), $ 3 ,9 0 0 ,0 0 0 --____
of earnings of all lines owned, leased or operated. The company also col
Pref($100),$3,500,000 6% c u m ____
____
3,500,000 D e c ’ 17, 3%
Birmingham Ry & El 1st M gf 1894
-----787,000 July 2 1924 lected a toll of lc . par person, which went to the city, but tolls were abol
$1,250,000 ($1,000)____c * jln t. at Central Trust C o., N. Y . Birming- ished Feb 8 1916 by an Act permitting the city to assume them each year
Not subject to call.
I ham Tr. & Sav. C o., Birmingham, Ala.
by act of the City Council appropriating sum sufficient to cover lnt. and
Gen. M . ref., $10,000,000, [ 1904
4 « g A-O 8.720,000 April 1 1954 skg. fd. requirements for the year. The tunnel was opened Dec. 30 1904.
gold ($1,000)__________ c*(In t. at Canal-Commercial Tr. & Sav. Bk.,
It extends from the main land to East Boston, 1.4 miles, and cost $3,500,000.
I
New Orl., Trus., or q June 28 r.C o., N .Y .
O at N .Y .T 1902 Wasnington Street Subway Dill became a law. The city
Ref & exten M $25,000,0001 1907
6 g M -N
4,601,000 May 1 1957 constructed a tunnel for elevated trains and leased same to the Boston
($1,000) gold sink. fund_c*(Interest at Old Colony Trust C o., Boston, Elevated Ry. for 25 years at an annual rental of 414 % of total cost of con
Not subject to call.
I Trustee, and N. Y . agency of company.
struction, which was $7,901,700 net. V. 88, p. 98. Proposition was ratified
Notes $2,000,000 ($1.000)--c * 1917
7 A-O
1,200.000 Apr 1 1921 by voters at Dec. 1902 election. Y. 75, p. 28. 496. 1315; V. 77, p. 2097;
Bonds.— Of the $9,559,000 ref. & ext. 6% bonds, $9,507,000 are reserved V. 82. p. 217. The Washington Street tunnel began operation N ov. 30
for prior liens, $1,206,000 for the cost of new power house if first lien on 1908. V. 87. p. 1477.
In June 1906 the Mass. Legislature passed a law permitting the Boston
same, and $9,559,000 for 80% o f the cost o f additions if the net earnings are
1 Vi times the int. on all bonds outstanding, incl. those to be issued, and pro Elev. to construct two subways in Cambridge, and tolssue stock or bonds to
meet the cost. At the end of 20 years the city of Cambridge Is to have the
vided 10% of gross earnings have been expended for maint. within previous
12 months. The directors may make the rate of lnt. on succeeding Install right to purchase these subways by paying their cost plus 7% lnt., less divi
ments not to exceed 6 % . Sinking fund of V of 1% of bonds out began dends. Y. 83, p. 93. On Jan 4 1912 the first through train was run In the
4
Sept. 1 1918. On Feb. 28 1923 $133,000 was held by trustees for sinking new subway; it was opened for public travel Mar. 23 1912. V. 94. P. 1185.
New Construction of Subways and Old Contracts Extended.— In July 1911
fund. Bonds purchased to be held alive and interest thereon reinvested.
For details of bonds, property, &c.. see V. 87, p. 1603. Of the gen. M . of Mass. Legislature passed an Act (accepted by the city and Boston Elev.
1904, no more bonds can be Issued. Sinking fund of ft o f 1% of bonds out In Sept. 1911) providing for the construction by the city o f three additions’
begins Aug. 1 1924. The bonds are sub. to call at 105 & int. on any int. subways, viz., Dorchester Tunnel, Boylston St. Subway and East Boston
day on 60 days’ notice. For 1st 5s o f 1894 $12,500 per ann. is pay. into Tunnel extensions, and the extension of all existing contracts until July 1
a sinking fund; $463,000 have been canceled. The notes originally matured 1936, the date to which contracts for new lines are to run. Annual rental
April 1 1919 and bore 6% int., but were extended for two years at 7 % . V. after expiration of old contracts to be as follows: Tremont St. Subway
(see under West End), 414% on net cost; East Boston tunnel (now expiring
110, p. 2191. 2657. See above.
June 10 1922), 414% on net cost (provision for tolls from passengers using
Dividends.— First div. on pref. stock, o f 3% , paid in Jan. 1902, and 3%
«.-a. thereafter to and incl. Dec. 1914; in June 1915, none; D ec., 3 % . In the tunnel eliminated for extension period); Washington St. tunnel (now
June 1916. 3% and 1% on acct. of arrears; Dec., 3% ; June 1917, 3% and expiring N ov. 30 1933), 414% on net cost. Annual rental for new lines:
1% on account of arrears; Dec., 3 % ; none since. On com. stock in 1903. Cambridge connection, for first 20 years, 414 % on net cost; thereafter 414 %
114%; in 1904, 514%; in 1905, 4% ; in 1906, 5% ; in 1907 and 1908, none; on net cost; Dorchester and Boylston tunnels and East Boston tunnel ex
tension, 414% on net cost. The Act also provides that all contracts are to
1909, 2% ; 1910. 5% ; 1911, 7% ; 1912, 8% ; 1913 and 1914, 6% ; none since.
after July 1 1936 until
two-years’
by either
REPORT.—
Gross
Net after
Interest and
Surp.,for continueThe various new leases terminated by aof old leasesnotice signed by
party.
and extensions
were
Year—
Earns.
Taxes.
Oth. deductions, renew.,&c.. the parties thereto on Dec. 7 1911. V. 93, p. 1785.
$1,394,394
$82,299
1920.......................... $5,669,237 $1,476,693
Public Management and Operation— Service at Cost.— On June 3 1918 the
1919---------------------- 4,577,356
1,179,544
1,304,286
def. 124,742 shareholders of the company and the West End Street R y. accepted
ROAD.— Operates over 154.23 miles o f 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. Y. 106, p. 2227, 2344, 2755. The A ct 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. H. by five trustees, appointed by the Governor: (2) Period of public operation.
10 years
at option of Commonwealth; (3) Trustees have power to
Hawkins.— V. 112, p. 61, 1517, 2641; V. 113, p. 70, 847, 1052, 1250; V. regulate or longer, transfer privileges, and determine character and extent
fares and
114, p. 77; V. 115, p. 1099, 2476; V. 116, p. 175, 294, 1274.
of service; (4) Company to raise $3,000,000 by sale of pref. stock at not
Birm ingham -Tidewater Railway Co.
loss than par, $1,000,000 to be used as a reserve fund and $2,000,000 for
Receiver Appointed.— See Birmingham R y., Lt. & Power Co. above.
add’ ns & Impts.; (5) Fares must be sufficient to meet cost of service, pref.
O R G A N IZA TIO N .— A reorganization in 1917 o f the Birmingham Ensley dlvs. at 7% and com. divs. at rate of $5 a share for first 2 years, $5 50 for
& Bessemer RR. as per plan No. 1 in Y. 101, p. 1013. The company’s next 2 years and $6 during balance of period of public operation; the first
$325,000 stock acquired by the Birmingham Ry., Lt. & Power Co., which payment is to be made 6 mos. after commencement o f public operation; (6)
Trustees shall adopt a schedule of 8 different grades of fares, of which 4 shall
guaranteed the payment of prin. and int. of this company’s bonds.
Committee for 1 Mtge. os.— Charles H Zehnder, J. D. Kirkpatrick
st
b e 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
Howard R. Taylor, and Sec., Joseph Diehl Fackenthal, 165 B ’way, N. Y
Depositaries: Empire Trust C o., N. Y .. Old Colony Trust C o.. Boston, and above and 4 below the existing fare (see “ Fares” below). (7) Whenever in
the Fidelity Trust C o.. Baltimore. Deposits have been called for.
come is Insufficient to meet cost of service, the reserve fund shall be drawn
Fore Increase.— See Birmingham R y.. Lt. & Power Co. above.
upon: if more than sufficient, excess shall be transferred to the reserve fund;
Offer to Bondholders.— The bondholders committee named above in Jan. (8) The trustees are permitted on certain dates not more than 12 mos.
1923 announced that it had received an offer for the purchase of the bonds apart, as from time to time may be fixed by them, to consider a change of
deposited with it (for terms of offer, see V 116, p. 294). In Feb. 1923 the the rates of fare in force if the reserve fund exceeds by 30% or more original
committee announced that over 75% of the bonds deposited having auth. amount, and income during preceding 3 mos. exceeded cost of service, next
lower grade of fare shall be adopted: if reserve fund is less than 70% o f origin
the sale, said sale would be declared effective. V. 116, p. 294, 615.
al amt., and during preceding 3 mos. inc. was less than cost o f service, next
BONDS—
Date.
Interest. Outstanding„ Maturity
high grade of fare shall be adopted. Fare shall continue to be decreased or
First mtge $4,000,000 gold! 1916
5 g J-J
$1,500,000 Jan 1 194"
increased if reserve fund is above or below said limits: (9) I f reserve fund is
($500 and $1,000)______ c*)In t. at Empire Trust C o., N . Y ., trustee
Insufficient to meet deficiency In cost o f service. State shall make up the
The bonds are red. on any int. date at 101 and int. They are guar,
leficit and assess same upon cities and towns In which the co. operates;
p. & I., by the Blrm. R y., Lt. & Power Co. V . 104, p . 1700.
(10) At end of period of public management and operation, road reverts to
ROAD.— Owns and operates 32 miles. 70-lb. steel rails; standard gauge. board of directors, who may continue to operate same on servlce-at-cost
Has 25 P-A-Y-E steel coaches and 3 misc. cars.— V. 104, p. 1700; V. l09, plan, and pay $6 a share com. dlvs.; (11) State has option of talcing over the
p. 981; V. 116, p. 294, 615.
road by assuming liabilities, and paying in cash an amount equal to that
12
ELECTRIC RAILW AYS
paid In by the stockholders; also State may take over West End St. Ry. If
hitter 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 of West End plus par value of the pref. stock.
Status at End of Public Control — V. 113, p. 1573.
Overation 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 Act-'; Chairman. James F 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.
Recommendations o f 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
is constitutional. The Senate requested the opinion in order to obtain
a decision from the court as to the constitutionality of two bills then pend
ing, both o f which provided for a rate of fare less than the cost of furnishing
service, the deficit to be made up by direct taxation. The court held that
it is within %he constitutional power of 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 deficit
of the system for the year ending June 30 1919 amounted to S3.980.152
plus $59,622 int. on the bonds of the Commonwealth, making a total of
$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 hill. V. 1 12
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 town on
account o f deficit see V. 116. p. 511.
Investment in Property 1911-1916.— See V. 104, p. 862.
Fare Increases.— luJuly 1918 a fare increase from 5 cents to 7 cents, effec
tive Aug. 1 1918, was announced. V. 107, p. 180 , 290, 400 , 500. O d
D ec. 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. il2 , p. 1282. for details. In May and June 1921 the co. announced
several fare reductions, and nas 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 Proposed.— lu April 1921 the co. was auth. to operate
Jitneys. V. 112. p. 1616. Compare V. 112. p. 1517.
Sale of Cambridge Subway.— On May 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 ^ of 1% more
than the int. on the bonds issued by the State on account o f the purchase of
the property. See also V. 110, p. 1414. The extra
to be used to retire
the bonds serially; the co. Is to pay rental at rate of 4 H % annually on the
amount retired.
Disbursements of Proceeds of Sale.— The co., with the approval of the
Mass. Dept of i’ ublic Utilities, expended $1,581,000 of the proceeds of the
sale of the Cambridge Subway, for the payment and cancellation of $1 .581,000 7% ooiicUoft.be West End St. iiy due Aug. 1 1919 aud$375,000 7%
bonds of the same co due Feb 1 191S (these obligations had oeen financed
by funds obtained on temporary notes). $1,000,000 for ext. and construc
tion; $1,581,000 for payment of West End St. Ry. bonds maturing Aug. 1
1920; $269,755 to retire floating debt; and $1,561,245 to caucel outstanding
debt incurred through Impia to West End St. Ry. property. See V. 110.
p. 1748. 2291.2567. V. 1I I . p. 72: V. 114. p. 2716.
In Feb. 1920 the trustees were auth. to issue $1.500.000 30-yr. 7% coupon
bonds to refund a like amount of 6% bonds due Mar. 1 1920. V. 110,
p . 6 5 8 . 764
Thi<; issn--vas taken up by notes receivable
V 11? p . 10>3.
The Mass. Dept, of P. U. has auth. the issuance of $700,000 West End
St. R y. 6% 30-year bonds to refund an issue of $700,000 4>^%.bonds
taken up at maturity on Jan. 1 1923. V. 115, p. 2904. In April 1923
applied to the Mass. Dept, of P. U. for auth. to issue $2,300,000 30-yr.
6% bonds or notes to fund floating debt. V. 116, p. 1646.
Ouisiandtng . M itu'lty
STOCK AND B O N D S —
Date. Interest.
*23.879.400
See text.
Stock. $23.950.000'*100).................
Quar
6.400,000- Jan ’22,4%
8 J-J
1st pref 8% cum ($100)___________
14.029.850 Apr’ >3.3 4 %
2d pref 7% cum ($106' ____ _____
7 M-S
3.000.
000See text.
Pref stock. 7% cum ($100)---------------------8.500.000 May 1 1)36
Debentures, gold_ c& r.n tf/ 1905
_
4 g M-N
1
Old Colony Trust C o.. Boston. Registrar.
4.800.000 Oct 1 1931
Debentures. gold__ .c A r .n t f 1907
4 4 A-O
5.000.
000
Nov 1 1941
Debentures, gold
c*.%r» ntf 1911
4^4 M-N
8.286.000 Doc 1 1942
Debentures, gold_ c*4tr*.ntf 1912
_
5 1-D
1,500.000 Mar. 1 1924
Debentures__________________ 1919 6%
Securities of West End St. R y—•
5% bonds of 1914............
1914 5 M-S
$2,600,090 Mar 11911
Bonds ($1,009)............. c * .n t f l 9 9 2
4 F-A
5.709,000 Aug 11932
Bonds f$1.066)______ c& r.n tf 1910 4 4 J-J
1,691.000 July 1 1930
B on d s......... ..............
ntf 1912 5 M-N
600.099 N >v 1 1932
B on d s................. _............. ........1916
5 M-N
815.099 M iv 1 1936
B on d s______________________ 1917
7 M-S
570.099 S^pt 1 1917
Bonds ($1,009)...........-.c* & r. 1918 7 F-A
1.581.099 Aug 1 1921
B o n d s ...........
............
1922 6 4 %
2.709.099 F»b 11927
B on d s_____ _________________ 1022 6%
1.956.090 M iy 1 1927
Stock.— The pref. stock outstanding is subject to the 1 and 2d pref.
st
tock. Issued In exchange for the pref. and com. stock o f 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. V 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
to defray the cost of the Cambridge subway and for the construction of the
East Cambridge and West End elevated lines. V. 87, p. 1662, V. 88. p
1372. In Dec 1912 Increased Its stock from $19,959,000 to $23,950,000
and offered stockholders the right to subscribe for n jw stock a t $105 per
share. V. 95. p. 1272; V 96. P 61.
Bonds.— The Boston Elevated coupon bonds are in denomin itlons of
$500 a n l $1,000(excapt 1911l«u e , which are for $1,009 onlv), 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. Ry. issues is payable at American
Trust C o., Boston, except on the 6-year bonds o f 1918, which Is payable
at Old Colony Trust Co., Boston.
Dividends.— First dlv., 2 4 % . was paid Aug. 15 1898. In 1899, 5 4 %
In 1900 . 4 4 % : in 1901. 5 4 % : in 1902 to 1913 Inclusive. 6% yearly: It
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 94 % was paid
N ov., 134%. In 1915, 594%. In 1916. 5 % . In 1917. Feb.. 1 94 % : May
94%; Aug.. 194%; Nov. div. passed (V. 105. p. 1897). Under public con
trol an initial dlv. 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 nnmc'l div. of 4% was paid on the 1st pref. stock issued in
exchange for the old West End St. R y. Co. pref. stock. I d 1923, Jan., 4 % .
In Oct. 1922 3 )4 % was paid on the 2d pref. stock, issued in exchange for
West End St. R y. Co. common stock. . In 1923, Apr., 394%. On common
an initial div. o f $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 94
was paid. Same amount paid reg. quar. to and incl. April 1922. In Oct.
1922 $1 50 was paid. In 1923, Jan., $1 50; April, $1 50. See under
“ Public Management and Operation,” above.
R E PO RT.— Report of Boston Elevated Ry. for years ending Dec. 31:
Years ending—
Dec. 31 ’22. Dec. 31 ’21. Dec. 31 ’20. Dec. 31 ’ 19.
Revenue miles run_____x50,575,088 x49,705,697 51,359,855 53,721.249
Revenue pass. carried--356,593,942 337,252,080 335,526,561 324,758,685
Earnings—
Passenger______________$31,817,072 $32,237,396 $33,096,764 $28,752,675
Mails, rents, adv., & c ..
635,761
615,657
654,097
651,916
Total_________________$32,452,833 $32,853,053 $33,750,862 $29,404,591
Net earnings___________ $10,364,375 $10,009,996 $7,981,740 $5,704,252
Miscell. interest, &c____
246,343
423,972
280,773
93,991
Total...........................-$10,610,718 $10,433,968
$8,262,513
$5,798,243
[ V ol. 116.
Years ending—
Dec. 31 ’22. Dec. 31 ’ 21. Dec. 31 ’20. Dec. 31 ’ 19.
Deductions—
Taxes on railway oper’ns $1,587,187 $1,546,758 $1,142,987 $1,045,502
Rent for leased r o a d s-., a3,727,859 2,862.207
2,816,248 2 775,232
Miscellaneous rents____ 1,927,151
1,781.225
1,612,746
1,339,502
Net loss on miscellaneous
physical property___
8.732
6,960
9.326
7,986
Int. on funded debt____ 1,831,394
1,292,800
1,307.019
1,309,477
Int. on unfunded d e b t..
59,921
201,458
207,945
246,313
Amortization of discount
on funded debt...........
31,468
31.468
34,860
44,298
Miscellaneous debits_
_
24,816
16.280
14.881
8,070
Total deductions_____$9,198,529 $7,739,157 $7,146,013 $6,776,373
Balance, sur. or def_ surl,412,189sur2,694812surl.116.501 def978,130
_
Preferred dividends, $7-1
a
/
210.060
210.000(7%)210,000
Com. divs., $5.25 per sh ./
\ 1,313.367
1.253.668(5)1,193,970
Surplus or deficit__ sur$l,412.189sr$l, 171.415 def$347,167df$2,382,100
a $2,413,115 Boston Elevated R y. div. rental incl. in “ Rent for leased
roads.” x Passenger revenue miles.
General Manager 's Report.— Covering the first 4 years (end. June 30 1922),
operations under public control will be found ia V 115. p 2789.
Road Dec. 31 1921 (“ ft" 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, irkge-.&c. (43.161" R ’ ’). 108.878
Sidiugs, & c. (9.991 “ R " ) . . . 73 482
Total (Incl. 43 161 ‘ R ”) . .535.359
Total (incl. 4.3.161 “ R ” ) . .535.358
Weight of girder rails is 70 to 150 lbs
Total no. passenger cars, 1,996.
OFFICERS.— Gen. M gr., Edw. Dana: Treas., Henry L. Wilson; Gen.
And.. J. H. Moran.— V. 114, p. 518. 737 946. 2011. 2007, 2115, 2239,
2358. 2467. 2578. 2716, 2822: V. 115, p. 435 512. 759, 987, 1209, 2045,
2158. 2378, 2789, 2904; V. 116, p. 511, 514, 1409, 1646.
SUBURBAN ELECTRIC SECURITIES C O .— 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 I 12. p. 161
Under the plan
holders of common scares of the Boston Suburban had the option to pay
an assessment of 25c. a share and receive on v 1st pref stock for an amount
equal at its face value to the cash assessment paid, and in addition as many
shares of new com. as owned of old com.; or without paying any assessment
to receive new com. shares equal to 20% of their holdings of old com. shares.
Holders of pref. stock upon payment of an assessment of $6 25 received new
1st pref. stock to an amount equal at its face vaults to the cash assessment
paid, and in addition as many shares of new 2d pref as they owned o f old
pref., or without paying any assessment they received an amount of 2d
pref. stock equal to 20% of their holdings of prof, stock. Holders of the
outstanding notes received 80% of their holdings in new 8% notes, 20%
in cash, and were paid interest on their okl notes to date of new notes. Con
trols through stock ownership the Middlesex & Boston Street Ry. (into
which the Natick & Cochituate St. Ry., the We-nburo & Hopkin St. R y.,
the Newton & Boston St. Ry., the Newton St. Ry and the Lex. & Boston
St. R.v. have been merged). Owns all cap. stk. of Norumbega Park Oo.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
______ . . . 50.296 sh. ___ _______
Common stock___________ ________
1st pref 6% cum___________________
6%
2.076 sh. ___________
2d pref stock $4 per share__________
_________ 31.203 sh.
8ee text
10-yr coll tr bonds call at 105 f 1921
8%
$380,000
1931
t
and interest ___ ________ 1Boston Safe Deposit S Trust C o., trustee.
STOC K.— Shares have no par value, but in case ofiiquidation the 1st pre
ferred .areholders will be entitled to $100 per share, with accrued divs..
prior to all other shares, the 2d pref. has a like priority over the com. shares
Bonds.— Are secured by $950,000 notes and S l'0.000 of the mtge.
bonds of the Middlesex & Boston St. R.v., 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 grad ually retire same.
RO AD — Companies owned aud controlled operate tu the aggregate about
115 miles of crack from Needham on the south to Lowell on the north, and
.uuaecting at five points with the tracks of the Boston Elevated Ry.
REPO RT.— Of Boston Suburban Electric Oo. for years ending Dec. 31:
Period—
Inc. from S»c. Exp < fnl.
%
Dividends.
Surplus.
Year end. Dec. 31 1922--S169.571
$92,196
$12,458
$64,91*
Year end. Dec. 31 1921-- 94,459
78.003
11,418
5,03*
OFFICERS.— Pres., Adams D. Claflin; Treas., Chas. W. Smith; Sec.,
John O. Carr; Asst. Treas., Frank E. Frykscraud.
V. 112, p. 1618. 1743(1) Middlesex & B oston Street R y.— Trolley.
OR G A N IZA TIO N .—Organized in 1907 aud took over the South Mlddlelex Street Ry.. sold at receivers’ sale July l 1907, and has since acquired
»nd merged the Wescborough & Hopkinton St Ry.. the Natick S Oochituc
»te St. Ry. (V . 87. p. 1120) the Newton St. Ry Into which Waltham St.
Ry. had been merged, and which had acquired Commonwealth Ave. St. Ry.
ind Wellesley & Boston St. Rv ), V. 89. p. 778. anil the Newton S Boston
c
It. Ry. (V. 89 p 993). On May 9 1912 M iss. RR Commission granted
permission to absorb by consolidation the Lexington & Boston St. R y. and
asue $525,000 stock In exchange $ for $ for stock of absorbed company;
7 94. p. 1317.
Pares.—Oo Nov. 1 1019 a lci-t-onr fa"- was nt-v”d into effect on all the
company’s lines, V. 109. p. 1891; V. 114. p. 1766.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity,
« o c k , *1.987.000...................................................
*1 987 0)9 ln l9 2 2 .3 %
First and ref M. *5.000.000] 1912
4 4 g J-J
I 93) 090 Jan 1 1932
gold (*1.000)___________ c lln t at Boston Safe Deo. 9c Tr Oo., trustee.
Bonds.— Remaining first and refunding bonds are reserved for additions,
extensions a n l improvements. Callable on any interest date on 30 days’
uoilce as follows: Jaa. I 1917 co J lly 1 1921. luclm ve, at 107 4 a n djn t.
/an. 1 1922 to July I 1923, Inclusive, at 105 anl Int. ; Jan. I 1927 to
luly I 1931. Inclusive, at 102 4 and int. V. 94 p- 351.
EARNING S.— For year ending Dec. 31 1922, gross, $1,304,955; net,
after taxes, $239,872; Int., &c., $174,503; bal., sur., $65,358. In 1921,
gross, $1,350,318; net, after taxes, $202,657; Int., &c., $177,047; bal.,
sur., $25,609.
R O A D .—-Owns 92.704 miles of track in Newton, Waltham, Watertown1
Natick, Wellesley, Framingham, Hopkinton, Needham,Sherburn.Wayland1
Belmont and Ashland, connecting with the Boston Elevated R y. (at 4
points), &c. Also owns 27.776 miles of 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 go through to Lowell without change, and also to the Sullivan
Square, Charlestown, station of the Boston Elevated R y., with branches
to Waltham and to Concord. Total track owned, 120.470 miles; 264
pass, cars and 21 work cars; 26 snow plows. 60 to 75-lb. T and 95-lb.
girder rails.— V. I l l , p. 370; V. 112, p. 653; V. 113, p. 1156; V. 114, p. 1766.
EASTERN MASSACHUSETTS STREET RAILW AY COMPANY.
ORGANIZATION, &c.— Incorporated early in 1919 in Mass, pursuant
co terms of the “ Special A ct" respecting the Bay State Street R y. (as
described below] and has acquired substantially all the assets o f that
company, Including the leases of the Boston & Chelsea RR. C o., the Boston
S Revere Electric St. Ry. C o., the East Middlesex St. Ry. C o., the Winc
nlsimmet RR. C o., which see under separate headings below. The stocks
and bonds of these companies are to remain undisturbed. The other issues
remaining undisturbed are the 6% equipment notes of the Bay State
Street Ry., due serially to 1927, and $64,000 first mortgage bonds o f the
Peoples Street . Ry. due June 1 1923. Various underlying liens were ex
tended at higher interest rates and these appear below.
Sale.— On April 21 1919 the property of the Bay State Street R y. (except
Che 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.
A pril, 1923.]
ELECTKIC RAILW AYS
Trustees in Control.— On June I 1919 the five public trustees appointed
by the Governor took executive control
V. 108. p. 2122.
To Operate Busses.— In March 1923 was auth. by the Mass. Dept, of
P. IT. to own and operate in certain localities motor vehicles not running
on rails or tracks. See V. 116, p. 1117.
The purchase of the $2,500,000 (see offering in V. 108, p. 973) serial
bonds o f this company, issuable under the plan, and also $1,000,000 c f the
cash subscriptions offered to the stockholders, was underwritten by Lee,
Higginson & Co. See also V. I l l , p. 2324.
Special A ct.— (1) Provides that the company shall be managed for
10 years by 5 trustees to ba appointed by the Governor of Massachusetts
The trustees appointed for the first 5 years are:
Homer Loring, Chairman; Arthur G. Wadleigh, Fred. J. Crowley.
Isaac Sprague.
Earle P. Charlton.
(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 o f 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-eent fares were put into effect In a few places.
V. I l l , p. 1182. In connection with a reduction in wages effective M ay 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. S. Commission's appraisal of $40,282,340 as of 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 of not ex
ceeding $4,000,000 new Serial Mtge. bonds maturing within 10 years
from date; $2,500,000 of 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
ana 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 o f 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 so ns respects 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
f'C ” bonds issued. $3 124,010 sink, fund stock was converted into 1st
pref. stock and $841,800 S ines “ C ” , $699,950 Series ” D ” and $500,000
Series “ E ” bonds were ext nd xl 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.
STOCK AN D BONDS.
Date.
Interest.
Common (see text) par $ 1 0 0 - - ____
________
1st pref cum ($100)__________ _____
F-A 15
Skfdstk $3,239,000 cum (SlOO)____
6 F-A 15
Pref B stock cum ($100)______ _____
6 F-A 1
Adjus stock cum ($100)______ _____
5 A-O 1
6% Serial Ref M bonds $5.-1 1919
6%
000.000 ($1.000) S r S A ” c*lO ld Colony Trust
Series “ SC” _________________ _____
6%
4 >4 % Ref M bon ds..................1919
1919
4 ft J-J 1
5% Ref M bonds___________
1919
5 J-J 1
6% R ef M bands Ser “ O” ____ 1918
6 M-S
Outstanding. Maturity.
$8,488,014 __________
4,121.400 Feb '23.3%
40 ,'0 0 F e b ’23,3%
2,997,800 Feb ’21, 6%
8,711.200May 23,$2.50
1,800,000
See text
C o.. Boston, Trustee
552,500
See text
14,956.000 Jan 1 1948
2,832.547 Jan 1 1948
[107.400 Sept 15 '27
1864.600 Jan 1 1948
6% R ef M bonds Ser “ D ” ____1919
1919
6 A-O
j 21,500 Apr 1 1925
1710,00) Jan 1 1948
6% R ef M bonds Ser “ E ” _
_
1919
6 M -N
500,000 Jan 1 1948
Bay State St R y equip notes_1917
1917
6 g F-A
653,000 See text
____
_ ,___ Dec 1 1924
_
*Lynn & Boston 1st mtge, g ,l 1894
5 g J-D
3,723,000____________
$5,379,000 ($1,000) c * -n t f JInt. at Old Colony Tr. C o., Boston, Trustee.
H G & D 1st mtge.............n tf 1899
6%
35,OOOxSept 1 1928
6%
60,000xJan 1 1929
Mystic Valley St Ry g ------------------•Lowell Lawrence & Haverhill]
1893 5 g J-D
479,000 June 1 1923
1st mtge, $1,900,000, gold.VSubj. to call for the sink, fund at 105 & int.
$1,000.......................c * .n t fj Int. at American Trust C o., Boston, Trustee.
People’s St Ry, West New-]
1898 5 J-J
64,000 Jan 1 1928
bury 1st M , assumed. _ n tf j 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 JInt. at State Tr. C o., callable at 105 & int.
Boston Milton & Brockton] 1899 6 J-J
93,000xJan 1 1929
1st mtge, $100,000------n tf/In t. at Internal. Tr. C o., Boston, Trustee.
N Bedford M ’dleboro & Brock)
1900 5 g J-J
x331,000 Jan 1 1929
1st M , $325,000 ($1,000),)Int. at American Tr. C o., Boston, Trustee,
g old __________________ ntf)
Prov & Taunton St Ry 1st g ] 1898
6 g M-S
150,000xSept 1 1928
($1,000),auth,$200,000. ntf/Am erican Trust C o., Boston, Trustee.
So Shore & Bos St Ry 1st M l 1899
6 F-A
335,000xFeb 1 1929
($1,000), g. $1,000,000.n tf Jlnt. at American Trust C o., Boston, Trustee.
* These issues have the option o f extension for 5 years from date of
maturity at 6% . the Lynn & Boston 1st 5s to Dec. 1 1929. the Low. Law.
& Haverhill 1st 5s to June 1 1928 [in the case of this issue, however, the cohas elected not to exercise its option to extend same, but will pay same a
maturity June 1 1923] and the Brockton Street Ry. 1st 5s to Oct. 1 1929.
These bonds if extended will be redeemable as gold bonds on any internsJ
date at 103 and int. up to and inch int. date 2 years prior to new maturity
date and thereafter at 101 and int.
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.
Stock.— All classes of stock have full voting rights, except that the com.
stock had no voting rights until Jan. 1 1921, nor has it thereafter at any time
when $5 o f divs. upon the Adjust. Stk. are in default. Common stock is
Issuable under tbe 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 o f issue thereof. Stock of this issue in addition
to the amount shown as outstanding may be issued (a) in exchange, $ for $.
for Bay State Ry. 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 o f series, numbers 1 to 21, inclusive, by a sinking fund to whicn
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 of 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 of series 7 to 15.
were allocated to bank loans and divided among the bank creditors in pro
portion to their claims. Series l to 14 are for $150,000 each. The remain •
ing $1,814,000 o f this stock being the remainder of Series 7 to 15. and all
o f series 16 to 21. were allocated to the coupon notes in the order of the
13
maturity of the notes, beginning with $57,000 of the 7th series for the 1918
maturity, and increasing gradually to $202,000, being the whole of the
21st series, for the 1932 maturity. As a matter of convenience these figures
were prepared on the assumption that the option to take 1st pref. stock in
lieu of sinking fund stock would not be exercised. Pref. B 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
<41vs. 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, oould
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 fcr.
Bonds.— The serial ref. mtge. 6s, Ser. ” SA,” mature $50,000 each Jan. 1
1920 and 1921 and $300,000 1922-1929, inclusive, $700,000 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 $10,000,000underlying
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 4V£% 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 110 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
8% ref. mtge. bonds are red. at 103 and int. on any int. date up to and incl.
Sept. 15 1926 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 W 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 & Co.
»s now or hereafter constituted, Harris. Forbes & C o., Inc., or Its suc
cessor, and the firm of William A. Read & C o., 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 o f 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 Mtge. shall be subject to foreclosure
at any time in case of default.
The Bay State St. Ry. equip, notes were Issued to provide. In part, for
the payment of 200 now semi-conv. P-A-Y-E cars, costing $1,631,000.
Votes are due $131,000 annually Aug. 1 1918 to 1926. Incl.. and $129,000
Aug. 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. year 1921:
Total Rev.
Net after Taxes. Int.& Rentals.
Bat., Surv.
$2,557,749
$1,497,955
$1,059,792
1922 _____$10,712,663
1921 _____ 11,318,265
3,515,411
1,623,021
892,390
ROAD, &c.— Operates 701 miles o f line. Power capacity 49 engines,
43.775 h. p., and 52 generators, 29,755 k. w.; 11 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. 114, p. 1890, 2115, 2240; V. 115, p. 307 .
435, 645, 868, 1941, 2793; V. 116, p. 295, 410, 615, 1177, 1640, 1760.
(а) Boston & Chelsea R R .— Owns 4.37 miles of main track. Leased
to Lynn & Boston Street Ry. Co. (subsequently the Bay State St. Ry. and
now the Eastern Mass. St. R y.) at $7,260 per annum, equal to 6% on $121.000 stock, payable A . & O.
(б) B oston & Revere E lectric S treet Ry.
ORGANIZATION.— Incorp. June 24 1889. Own9 3.78 mlle3 o f main
crack. Leased from July 1 1895 for 99 years to Lynn & Boston (subse
quently the Bay State Street Ry. 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
150.000 See text
Boston & Revere Elec St Ry] 1908
5 g M-S
50.000 Sept 1 1928
$50,000 gold ($1,000)_ c*/In t. at American Trust Co.. Boston, Trustee.
_
Bonds.— No sinking fund, but bonds ma called ony be any Interest date
on six weeks’ notice.
(c) East Middlesex Street R y.
ORGAN IZATION .— Owns 19.35 miles of main track. Leased May 1
1893 to Lynn & Boston (subsequently the Bay State St. Ry. and now the
Eastern Mass. St. R y.) for 99 years at a rental till May 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. Right 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) Wlnnlslmrnet (Street) RR.
ORGAN IZATION .— Owns 2.08 miles of main track. Leased to the
Lynn & Boston (subsequently the Bay State St. R y .. now the Eastern M ass.
St. Ry.) for 999 years from 1880 at $3 000 per annum. Capital stock
fs $50,000; par $50.
_____
NEWPORT ELECTRIC CORP.
Under the management of 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 Electric
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 of 99 years to the old Colony St. R y. Co.
(now Eastern Massachusetts St. R y. Co.) at a rental of 6% on stock and
int. on bonds. The reorganization managers of the Eastern Massachusetts
St. R y. 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 cancelled
and the property turned over to the stockholders. Y. 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 Newport and
the interuroan 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 of Bay State Street Ry.
but this issue was paid off as per settlement plan outlined in V. 113, p. 1676.
14
ELECTRIC RAILWAYS
STOCK, BONDS, B T C .— Date
Interest. Outstanding. Maturity
Com stk $3,050,000 par $ 1 0 0 - . ____
J-J
$1,191,000
See text
Preferred 7% cumulative__________
7%
36,900 M ar'23,1%
Consol mortgage. $2,000,000,1 1904
41$ J-J
696,000 July 1 1954
gold ($1,000)______c * A rtf(In t. at Am. Trust C o., Boston, Trustee
Newport Illuminating Co 2d( ____
6g
63,500 Oct 1 192t
mortgage, g o ld ------------ tf (Central Trust C o.. New York. Trustee.
7
140,000 See text
Newp Elec Corp sec notes___ _____
Newp Elec Corp deb notes/ ___
8%
103,000 Oct 1 1927
call at 120________________(Newport Trust C o.. Trustee.
Bonds.— $240,000 cons. 444s are pledged as security for the $140,000 7%
notes. Remaining consol, mtge. bonds are reserved to retire prior liens
N ot redeemable. The 7% notes are secured by $240,000 cons. 4 44s.
They mature $20,000 each Oct. 1 1923 to 1924, incl.. and $100,000 Oct. 1
1925.
Dividends.— On pref., 14*% quar. from Sept. 1 1922 to and incl. March
1923. A div. o f 1% on com. was paid Oct. 1 1922. Same rate oaid quar.
since to and incl. April 1923.
RE PO RT.— For cal. year 1922, gross, $611,359; net, after taxes, $441,058; int.. &c., $54,546; bal., sur., $115,755.
R O A D .— Miles of 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.
O F FIC E R 3.— Pres., Frank D. Lisle; V .-P., F. W . Lawrence; Sec. &
Treas., W m. P. Sheffield Jr.; Gen. M gr., Edw. P. Gosling.— Y .113,p .1675.
[ Vor.. 116.
BRATTLEBORO, VT.
TW IN STATE GAS & ELECTRIC CO.
ORGANIZATION.— Incorporated In Connecticut on Aug. 26 1906 and
acquired the Brattleboro Street R y ., the Brattleboro Gas Light C o., the
Dover Qas Light C o.(V . 83. p. 562). 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. A Power Co. and the Berlin
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
tnd Newfane, Vt.; Berwick, North Berwick, South Berwick and Lebanon,
Vie., and Hoosick Falls, N Y ., and operates the Brattleboro St. R y.
In June 1920 the co. acquired the property of the Cloutman Gas & Elec
Co. at Farmington, N. H. V. 110, p. 2658. Pres., Samuel Insull, in a letter
dated Mar. 25 1916, said: “ All the principal franchises were granted by the
State Legislature and have been construed by counsel as perpetual. ” Control
is held by the National Lt., Ht. & Power Co., control of which was In turn
acquired by the Middle West Utilities Co. in Oct. 1912. V. 95, p. 1750.
Stocsnolders of record June 14 1922 were given the right to subscribe to
$2,000,000 7% prior lien stock at par ($100). V. 114, p. 2826.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
Common. $2,500,000 ( $ 1 0 0 ) .................. ............ $1,531,500 See text
Pref(5%cum)$2,500.000 ($100)____
5 Q-M
1.552 500 Mar'23 14*%
Prior lien (7% cum) $3,000,000 ____
7 Q-J
1,317.500M ar’23 14* %
1st A ref M $10,000,000 gold! 1913
5 g A-O
2,878,300 Oct I 1953
BOSTON & W ORCESTER ELECTRIC COMPANIES.
($1,000, $500 A $ 100)c*cpt\Guaranty Trust C o., N. Y ., Trustee.
OR G A N IZA TIO N .— This is a voluntary association organized under a 1st ref M . $1,500,000 g ($5001 1906 4 44 A-O
779,000 Oct 1 1926
trust agreement dated Dec. 29 1902. Its property consists of the en
A $1.000)___________ c* tf(In t. at
C o.. N. Y ..
tire common stock, $60,000 preferred stock, $181,200 First Mortgage General mortgage $2,500,000 - ____ Columbia Trust204,500 M ay Trustee
6%
1 1953
bonds and $270,000 “ notes payable” of the Boston A Worcester Street
Debentures__________________ _____
8%
150,000 __________
R y. It has Issued 33,936 4% cumulative pref. shares and 34.614 common
Bond secured notes $1,000,000 1921 8 g M-S
770,700 Mar 1 1931
shares, no par value. In case o f liquidation pref. shares receive $100 each
($100, $500 A $1,000) gc*tf
before the participation of common. In Jan. 1905 was listed on Boston Dover Gas Light con mort-1(Central Union Trust C o., N. Y ., Trustee.
1905
5
41,000 Sept 1 1926
Stock Exchange. Stock was increased to present amount by the issue in
gage,
tf (Union
C o.. Trustee
July 1906 o f 6,000 shares common and 6,000 pref., which was offered to Hoosick $500,000 ________ C o l ____ Safe Dep A Trust 71,000
Falls Illumlnat’g
________
1935
shareholders at $105 for a block of one pref. plus one common share.
$150.000_______________tf'C olum bia TrustCo., N . Y ., Trustee.
R E PO RT.— For years ending Dec. 31:
Hoosick Falls Electric C o ( ____ ________
65,000
1930
$75,000________________ tf/O ld Colony Trust On., Boston, Trustee.
Cal.
Divs. on
Other
Total
Preferred Expenses Surplus
Bennington Elect Co $ 1 7 6 ,- ( ____ ________
76.500
1935
Year— B.AFF.Stt
Income
Income.
Dividends. & Taxes, or Deficit
000 ___________________ t f [Columbia Trust C o., N . Y ., Trustee.
1922___
None $25,206 $25,206
None $11,218 sur.$13,988
St Johnsbury El Co 1st M - . t f 1909 5 M-S
80.000 Mar 1 1929
1921 __
None 25,299
25,299
None
13,423 sur. 11,876
Cascade Light A Power C o _ 1905
_
_______
26,000 April 1 1925
D IV ID E N D S.— First dlv. on pref. stock. $2. paid July 1 1904; 1905 t>
Stock.— The prior lien 7% stock
1908. incl., $4; in 1909, $2: In 1910. Jan.. $1; 1911, none; 1912, to 1915 1921 at 104, 1922 at 103 and 1923 orIs red, all or In part since July 1
thereafter at 10144 and divs. Has
ncl., $2 . In 1916. $2 50. In 1917. $2. In 1918, Jan.. $1. None since
equal voting power with both pref. and com. stock if any div. remains
OFFICERS.— Pres., William M . Butler; V.-P., A. E. Childs; Sec , J F
unpaid for one year. Is prior in lien both as to assets and earnings to the
Bacon; Treas., A. E. Stone.— (V. 105, p. 1305, 1308; V. 107, p. 1579. 1666.'
5% pref. stock and the com. stock. V. 109, p. 79.
Bonds.— $1,0 >2,000 1st A ref. 6s are reserved to retire underlying bonds.
B oston & W orcester Street R y.— Trolley.
Additional bonds may be Issued for impts. and acquisitions at 80% of cost
ORGAN IZATION .— Incorporated In Massachusetts on N ov. 15 190] • provided net earns, are at least 144 times the Int. charges on all bonds outFranchise perpetual.
Owns the Framingham Union Street R y., Fram <tandlng, Incl. those to be certified. 1st A ref. 5s are red. on or after Oct. 1
1923 at 105 and Int. A depreciation reserve fund of 5% of gross earns,
ingham Southborough A Marlborough Street Ry. and the Marlborougt
began Dec. 31 1918. V. 102, p. 1988.
A Framingham St. R y. In March 1907 Mass. R R . Commission granted
Notes. —The notes of 1921 are secured by pledge of 1st A Ref. M tge. 5s
right to do an express and freight business over entire line.
and gen. mtge. 6s in the ratio of 133 1-3%. Red., all or in part, at any
On Feb. 21 1911 Mass. R R . Comm. auth. an Issue of $397,200 6% cum
lime after Feb. 28 1923 on 30 days’ notice, at 105 and int. during year ending
($100) pref. stock (auth. by stockholders Feb. 2 1911). of which $297,000
Feb. 29 1924; 104 during year ending Feb. 28 1925; 10344 during year ending
was used to retire like amount of common Issued in 1910 (V. 90, p 625) and
Feb. 28 1926; 103 during year ending Feb. 28 1927; 10244 during year ending
remainder to fund floating debt. V. 92, p. 394, 525. 659, 724
Feb. 29 1928; 102 during year ending Feb. 28 1929; 10144 during year
In Nov. 1912 made a contract with the Boston Elevated R y. for ths
operation of express cars over that company’s tracks to the freight exprea* ending Feb. 28 1930, and 101 during year ending Feb. 28 1931. V. 112,
p. 1868.
terminal on Harrison Ave.
Dividends.— 5% yearly has been paid regularly on prof, stock since 1907,
Rates.— In 1909 single-fare unit raised from 5c. to 6c. On Oct. 1 1917
Divs. are being reg. paid on the 7% prior pref. In Oct. 1921 44 of 1%
adopted, with the approval of the Mass. P. S. Comm., a schedule based
was r>aid on com.; same r-Ve regularly quart-e»-ly
on a rate of 2 cents a mile with a minimum of 6 cents for a single fare. V. In Dec. 1922 a stock dividend of 5% was paid. since to and incl. Oct. 1922.
105, p. 1308. In July 1918 fares were increased to 244c. per mile; mini
EARNING S.— For calendar years:
mum charge o f 6 c. unchanged. Freight rates were also advanced 25%
Cal. Years—
Gross.
Net aft. Tax. Bond Int.,&c.
Balance.
On March 2 1919 rates were increased to 3 cents per mile with a 7-cen
1922 __________________$1,333,042
$492,377
$238,880
$253,497
minimum charge. Effective Dec. 17 1920, cash fares were raised from
449,777
298,122
151,655
1921 --------------------------- 1,162,016
7 to 10 cents, Ac. See V. I l l , p. 2519.
ROAD, Ac.—-Operates 5 miles o f track in Brattleboro. Owns hydro
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
electric plants at Gorham, Brattleboro, Bennington, St. Johnsbury, Hoosick
Stock, com ($100)________ ______ _ ________
$2,025,000 D ec’ 17, 14*
Falls and Milton, N . H ., and a steam turbine plant at Dover and St.
M-S
457,200 Sapt’ 18, 3%
Pref, $457,200 ($100) 6% cum. ____
Johnsbury, Vt.
Bost A Wor 1st mortgage, $2.-1 1903 444 g F-A 2.460,000 Aug 11923
OFFICERS.—
V.-Pres., W. A Buttrick;
H. L
500,000, gold ($l,000)c*tf [interest at American Trust C o., B os., Trus Harris; Treas., C.Pres., Samuel Insull;offices, Boston, .Mass.— V. Sec., p. 79 •
Forrest. Gen.
110,
Praia So A Marl 1st mtg - tf I ____
7%
60,000 Aug 1 1923 659, 2658; V. 112, A. 1868; V. 114, p. 2126, 2826; V. 115, p. 2687.
p.
(Interest at American Trust C o.. Bos., Trus
Notes payable Jan. 1 1923______________________
*385,000 __________
* Of which $270,000 Is held by B. A W. Electric Companies.
BRISTOL, CONN.
Bonds.— The Fram. So A Marl. 1st mtge 7s were originally 5s and m<
THE BRISTO L & PLAINVILLE ELECTRIC CO.
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.
ORGANIZATION.— Incorp. Sept. 21 1893 in Conn, as the Bristol A
Plainville Tramway C o., name changed to present title M ay 16 1921.
Dividends.— On pref. 3% semi-ann. from date of issue to and Incl. Sepi
Franchises perpetual. Road first opened Aug. 12 1895; merged with Bristol
1918. None since. On com. paid 3% July 1904; also 3% semi-ann. untl
Elec. Lt. Co. Mar. 31 1897; steam heating plant Installed In 1902; Terryvile
Dec. 1908, when 144% was paid. In 1909, June, 144%; in 1910, Jan.
branch opened in 1903. Woodland St. branch opened in 1906; gas plant
144%: in 1911, D ec.. 1% ; In 1912, June, 144%; Dec,. 14*%. In 1913
Installed in 1906; underground system Installed in 1916. In addition to
244% . In 1914, 3 % . In 1915, 244%. In 1916,34*% . In 1917. June
railway service, furnishes electric light and power in Bristol, Forestvilie
14*%: Dec., 14*% . None since.
and Terryville; gas in Bristol, Forestvilie and Plainville, and steam heat
R E PO RT.— For years ending Dec. 31:
In Bristol.
In August 1908 a stock dividend of 50% was declared, increasing ontCalendar
Total
Net
Int. & Pref. Divs. Common Balance,
Years— Revenue.
Revenue.
Taxes.
(6% ).
Dividends. Surplus. •tandlng amount to $375,000. V. 87, p. 96. 414.
1922 _$1,105,497 $245,557 $181,250
None
None $64,307
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
1921___ 1,094,967
218,181
176,517
None
None
41,664
Stock, $5,000,000 ($100) ---------------Q-F
$825,000 Feb '23.244
ROAD.— Owns and operates 83.619 miles o f track, a considerable portion 1st mortgage $600,000, gold/ 1905 444 g M -N
540,000 Nov 1 1945
over orivate right o f way, between Boston and Worcester, incl. an extension
($500 A $1,000)_______ntf-j Interest at Bristol National Bank, Bristol'
Subject to call at par______ITreasurer of State of Connecticut, Trustee.
to Natick. Rails, 75-lb. Has 91 cars.— V. 105, p. 290, 1305, 1308; V. 106,
Dividends.—In 1899 to 1909. Incl.. 6% per annum: 1910 7 % : 1911 to
p. 85, 2755; V. 107, p. 290; V. 108, p. 468, 682; V. I l l , p. 2519; V. 113,
and incl. 1919, 8% p. a. In 1920, 10%. In 1921. 10%; 1922, 10% .
p. 2404, 2612, 2817; V. 115, p. 1209, 2045; V. 116, p. 1410.
EARNINGS.— For cal. years.
Railway Railway Miscell.
Interest
Divi- Oth. Surp. SurPUBLIC SERVICE INVESTMENT CO.
Year. Gross.
Net.
Net.
& Taxes, dends. Deduc’ns.
plus.
ORGAN IZATION . A c.— Organized in Maine In 1909 to hold and to deal
1922 .$164,485 $19,003 $189,441 $71,642 $82,500 $29,911 $24,391
In stocks, bonds, notes and other securities. On Oct. 30 1913 stock wm
1921. 152,103
6,666 144,508
57,102
82,500 _______
11,572
Increased from $2,000,000 each o f pref. and common to $3,000,000 each
ROAD. A c.— Operates 12.9 miles of track laid with 56.60 and 72-lb.
V. 97. p. 1289.
T-rall connecting Bristol with Forestvilie, Plainville. Lake Compounce and
STOCK—
Authorised. Par. Div. Period. Outstand’g. Last Die
Terryville. Standard gauge, 37 cars, 3 snow plows and 1 work car.
C o m m o n ..-............ $3,000,000 $ 1 0 0 ............ ........$2,500,000 M ay’23,144
OFFICERS.— Chairman of board, Chas H. Tenney; Pres., A. B. TenPref. 6 % c i m -------- 3,000,000 100 Quar .-Feb. 2,500,000 M ay’23,144
aey; V.-P., D. E. Manson; Sec.-Treas., Morris L. Tiffany, Bristol, Conn.,
Stock.— Preferred stock is redeemable at option of company at 116.
Asst. Treas., E. A. Bradley. General Managers, Chas. H. Tenney A Co ;
Securities Owned (Stone & Webster Properties) Dec. 31 1921.
Boston, Mass.; Local M gr., G. E. Cockings.— V. 103, p. 1687; V. 110, p.
359; V. 112, p. 256.
Blackstone Val. G. A El_*$157,350 |Tampa Electric C o_______ b$233.800
Oape Breton Elec. C o____ *500.0001 Galv. Houston Elec. C o____ *500,000
Jacksonville Traction C o_*50,0001
Northern Texas El. C o______ *500.000
BROOKLYN, N. Y.
Houghton County E l.L .C o.*500,000 Pug. Sd. Pow. A Lt. C o.*1,466.800
BROOKLYN C ITY RR. CO.
Houghton County Trac.Co.*100,000 i Key West Electric C o______a287.800
ORGANIZATION.— Incorporated in N. Y . in 1853. Was leased on
xColumbus Elec. C o_______all5,000| Key West Electric C o_____ *374,100 Feb 14 1893 to tbe Brooklyn Heights RR. Oo. for 999 years, the lease
El Paso Electric C o________*525,0001Hartford Elec. Light Co_-a363,700
guaranteeing all fixed charges, organization expenses, taxes and 10% divi
• Common stock, a Preferred stock, b Capital stock,
dend [Oct. 1919 and subsequent dividends not paid—see B. R. T . belowj on
x Now Columbus Electric A Power Co.
The lease was nominally
See statements or these companies (except the Blackstone Valley G&» $12,000,000 of stock (par $10). Brooklyn Rapid Transit to the Brooklyn
Heights Railroad Co., but the
Co. owned the
A Elec. C o., the Hartford Electric Lt. Co. and the Houghton Co. Elec. Light entire capital stock of the Brooklyn Heights Co. The Brooklyn Heights
Co.) on subsequent pages.
RR. Co. was placed In the hands of a receiver July 14 1919, and in accord
Dividends.— On pref. 14*% quar. since Aug. 1909 to and including M ay ance with the decree of U. S. Dist. Court, dated Oct. 16 1919, disaffirmed
1923. On com .. 1st dlv.— 14*%— Fab. I 1910; Aug., 14*%. In 1911
the lease and returned the property to the Brooklyn City R R . Co. Oct.
3%
In 1912. 3 V*% . In 1913 and 1914. 4%
In 1916 Feb., 2%
19 1919.
In 1922, Feb., 1% ; M ay, 1% ; Aug., 1% . In 1923, Feb., 144% ; M ay,
Guaranty Fund.— Under the terms of the lease it was provided that a
fund of $4,000,000 should be deposited with certain trustees by the Brook
144 % •
lyn Heights RR. Co. as a guarantee of the performance of the terms of the
IN C O M E .— Years ending Dec. 31:
lease. It was further provided that in the event of the termination of the
Calendar
• Total
Expenses
Pref. Divs.
Surplus or
lease by reason of any breach, default or omission, the “ said guaranty
Year—
Income
& Taxes.
(6% )
Deficit.
fund of $4,000,000. . . shall at once become the sole and absolute
1922___________________ $344,390
$11,548
$150,000
sur.$182,843 property of the lessor.” This guaranty fund consists of the following:
1921___________________ $327,995
$17,189
$150,001)
sur.$160,XO5 $2,000,000 Brooklyn Queens County A Suburban First Mtge 5% bonds;
1920................................... 274.226
17,976
150.000
sur 106,250 $1,627,600 Brooklyn City RR. First 5s; $125,000 Brooklyn City RR. Re
DIRECTORS.— Henry G. Bradlee. Russell Robb, L. J. Webster, funding 4s; $25,000 B. R. T . First 5s; $250,000 B. R. T . First Refund. 5s.
Edwin S. Webster, E. J. B. Huntoon. V. 95. p. I l l : V. 97. p 119. 1289
We understand that the forfeiture of this fund is being contested by the
B. R. T . See also V. 113, p. 843.
1734; V. 101, p. 292.
A pril , 1923.]
ELECTRIC RAILWAYS
The company has no power houses o f its own Out has a contract with the
Receiver for the B R. T. by which it is supplied with power. The com
pany makes weekly payments of the amounts which is estimated win be
found due for power. The amounts are not fixed and vary from time to time
The company has a claim against the B. R. T. for the demolition of the
Brooklyn City power house.
Suit.— The receiver for the B . R . T . has brought suit against the co. to
recover $10,000,000, alleged to have been expended by the Brooklyn
Heights Co. under its lease. The co. in its answer denies any liability.
Y. 113, p. 2612.
Operation Over Williamsburg Bridge.— On Nov. 26 1921 the Appellate
Division reversed a decision of Supreme Court Justice Kelby (v . 112,
p. 2189) which upheld the city’s right to operate trolley cars, across the
Williamsburg Bridge (V. 113, p. 2404). The Court of Appeals at Albany,
N . Y ., on Feb. 3 1922, however, reversed the ruling o f the Appellate
Division of the Supreme Court thus upholding the city ’s right to operate
trolleys over the bridge. V. 114, p. 625.
Objections to Valuation of Transit Commission.— V. 114, p. 1285.
B. R. T. Reorganization.-—-Plan provides for possible acquisition_of the
Brooklyn City R R . Co. See B .R .T . on following pages.
STOCKS AND BONDS— Date.
Interest. Outstanding.
Maturity
Capital stk. $12.000,000 ( $ 1 0 ) . ____
________ $12,000,000
See text
Refunding mtge, $6,925,000/ 1906 4 g F-A
z925,000 M ay 1 1956
($1.000)___________ n tf--lL o n g Island L & Tr Co, Bklyn, trustee.
1st consol M . $6,000,000 n tf- 1891 5 J-J
y4,373,000 July 1 1941
* The $925,000 outstanding ref. 4s are all owned by the B. R. T . Co.,
$800,000 thereof being pledged under that company’s 1st ref. mtge., the
remaining $125,000 being held in guaranty fund for performance of lease—
8ee above under “ Guaranty Fund” , y Not incl. $1,627,000 owned by the
B. R. T . Co. and held in guaranty fund.— see above, lnt. is not being
paid on bonds held in guaranty fund
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 by con
solidation in 1890. The bonds are subject to call.
Stockholders of the Brooklyn City R R . July 10 1906 authorized a new
mortgage for $6,925,000 to provide for refunding. V. 82, p. 1437. The
bonds are subject to cal' at 110 and interest
lnt payable at cn’s office
Dividends.— Following the termination of the lease (see above) in Oct.
1919, no divs. were paid until Dec. 15 1922, when a div. o f 20c. per share
was paid. Y. 115, p. 2158. In Mar. 1923, 20c. per share was paid.
EARNINGS.— Report for calendar years
Oper. Riv.
Net after Tax.
Other Inc. Deductions.
Bal., Surp.
1922-S I 1,879,788
$2,541,136
$184,514
.$664,938
$2,060,713
1921.. 11,423,537
1,787,192
126,374
674,774
1,238,792
ROAD, &c.— Own 211 miles o f track and operates approximately 219
miles. Has approximately 759 motor passenger cars, 54 trailers and 145
mot >r service cars Power is purchased from B. R T.
OFFICERS.— Pres., Frank Lyman; V.-Pres., H. Hobart Porter; 2d V.-P.
& Gen. M gr., Clinton E. Morgan; Sec., S. B. Olney; Treas., G. W . Jones
Aug., E. H. Reed.— V. 115, p. 1096, 2158; V. 116, p. 175, 615, 719, 1646.
BROOKLYN RAPID TR AN SIT.
Plan or Reorganization.— In March 1923 a plan for the reorganization of
the B .R .T . System was made public which has been formally adopted and
approved by the committees representing the several classes of securities;
except the committee representing the Coney Island & Brooklyn R R . Cons
Mtge. 50-year 4% bonds. The plan provides for the sale o f the properties
at foreclosure (sale set for M ay 11 1923— V. 116, p. 1759) and their acquisi
tion by a successor corporation. The old B. R. T. stockholders are to be
assessed $35 a share upon payment o f which each holder will be entitled to
receive $21,875 new 6% bonds, $13,125 new 6% pref. stock and also one
share of no par value new common stock.
It is further proposed that the properties o f N. Y . Municipal R y. Corp.
and N . Y . Consolidated RR. shall be sold on foreclosure and purchased by
the committee, which will vest the property so acquired in a new subsidiary
co. (called the New Rapid Transit Subsidiary in the plan) organized
in New York as the successor of the two companies above mentioned. The
new subsidiary company so formed will thereupon be vested with the rights
and obligations existing under contract No. 4 and allied certificates, in
cluding the leasehold interest in the city-owned lines, as well as with title
to the company-owned elevated lines and other properties now embraced
in the rapid transit lines, subject, however, to the 1st Mtge. bonds of Kings
County Elevated R R . and of Brooklyn Union Elevated RR.
It is also intended to include the power plant properties of B .R .T . Co.
as a part of the equipment under contract No. 4 and(or) the allied certifi
cates and to transfer title of those properties accordingly to the New Rapid
Transit subsidiary or the City o f New York. Pending the consummation
o f such arrangements and the transfer of the properties, the power plant
properties may, as the committee shall determine, either remain in the new
company itself or be vested in a power plant subsidiary organized for the
purpose, all the stock and obligations issued by such subsidiary against
the acquisition o f the properties to be owned either by the New Rapid Tran
sit subsidiary or by the new company itself; or title to the power plant
properties may be vested in the New Rapid Transit subsidiary, notwith
standing that they shall not at the time have been included under contract
No. 4 and(or) the allied certificates, if the committee shall so determine.
The committee may also acquire on behalf of the new company, either
directly or through a subsidiary company, the outstanding capital stock of
Brooklyn City R R ., in whole or in part, but not less than 51%, and the
committee or the new company shall be empowered to effect such adjust
ments of the controversies with or claims against Brooklyn City R R . arising
out of or in connection with the lease o f the railroad properties of that com
pany to Brooklyn Heights R R . or otherwise existing, as the committee or
the new company may deem advisable. The acquisition of the stock of
Brooklyn City RR. and the adjustment o f existing controversies with that
company are in no way essential features of the plan, and the committee
may, in its discretion, declare the plan operative without acquiring any of
the stock of or effecting any adjustments with Brooklyn City RR.
The committee shall also be empowered to effect such mergers or consoli
dations of subsidiary companies as it may deem advisable and to organize
or utilize one or more subsidiaries for the purpose of acquiring or holding
any of the properties or securities subject to the reorganization or acquired
under the pl-m.
The following table is designed to show the readjustments of existing
securities and claims as proposed in the plan and shows the new securities
to be issued in connection therewith:
Table of Readjustments of Old Securities and Claims for New Securities.
---------------------Will Receive------------------Com. Stk
Unpaid
Cash
Held by Interest to New 6% 6% Pref. No Par
Shares. Received.
Existing Securities Public July 1 '23. Bonds.
Stock.
and Claims—
$
$
S
S
$
$
348,150
870,375 11,315
B .R .T .50-yr .5s. 6,963,000 1,653,712 6,266,700
50
1.625
Per $1,000 bds.
1,000
237.50
900
125
137,320
B.R.T. 1st Ref.4s 3,433,000
343,300 10,986
617,940 2,471,760
40
Per SI ,000 bds.
1,000
720
100
3.2
180
4,007,759
B.R.T.7% Ns.,'21.57,253,700 20,038,795 62,979.070 10,305,666
a70
PerSl,000 notes
1,000
350
1,100
ISO
23,250
B.R.T.5%nts.,’ 18 465,000
116,250
511,500
46,500
50
PerSl .OOOnotes
1,000
250
1,100
100
N.Y.M.Ry.Corp.
99,850
199,700
1st Mtge. 5s.. 1,997,000
499,250 2,196,700
50
100
250
1,100
Per SI ,000 bds.
1,000
Bklyn. Hgts RR.
300,000
1st Mtge. 5s... 250,000
53,125
212.50
1,200
Per SI,000 bds.
1,000
1,991,468
254,230
B ,R .T .bk.loans.y3,300,000
937,166 1,991.468
(47%)
(47%)
(6%)
2,200,000
*Tortclaims(est.) 2,200,000
General contract
See note z
creditors (est.). 1,600,000
Receiver's ctfs. &
12,397,044
X _________
car lease warr’sl2,397,044
B .R .T . stock on
payment of $35
16,280,009 9,768,008 744,229
per share____ 74,422,959
100
2,187.50
1,312.50
Per 100 shares.
_____
Total........164,281,703 23,916,238 92,697,207 22,087,777 766,530 21,204,841
a Subject to deduction o f the amounts advanced (with int.) to holders
of certificates of deposit in respect of Jan. 1 1919 int. and noted on certifi
cates of deposit (so-cdled stamped certificates), x Interest on these
obligations is paid currently '->v H>e receiver, y Secured by B. R. T. 4%
Ref. bonds. z For^clairnsjof general creditors for adjustment of other
15
Securities and claims no specific readjustment is proposed in the plan, but it
is intended to make an offer of adjustment to the holders thereof as soon as
the establishment of the claims shall have proceeded to a point making it
practicable to do so. fSee note (t) under Bklyn, Queens Co. & Sub. R R .
below.
Underlying Bonds Undisturbed {Int. on which has not been efaulted—
Total $29,382,000).
Kings County El. R R . 1st Mtge. 4s__________________________ 6,980,000
Brooklyn Union El. R R . 1st Mtge. 5s____'___________________ 15,956,000
Atlantic Avenue R R . of Brooklyn Gen. Consol. Mtge. 5s------- 2,241,000
Coney Island & Brooklyn R R . 1st Consol. 50-year 4s________ 1,986,000
Brooklyn City & Newtown R R . 1st Mtge. 5s_________________ 1,988,000
Jamaica & Brooklyn R R . 5s________________________________
231,000
$17,130,000 Underlying Bonds to be Reinstated with Adjustment of Unpaid
Interest ( Unpaid Interest is Computed to July 1 1923, if an Int. Date;
Otherwise to Nearest Date Preceding Said Date).
aBrooklyn Bath & West End R R . Gen. Mtge. 5s____________
$118,000
bAtlantic Avenue R R . of Brooklyn 40-year Impt. 5s________
215,000
cNassau Elec. R R . 1st M tge. 5s_____________________________
660,000
xNassau Elec. R R . Consol. Mtge. 4s_________________________ 10,337,000
dConey Island & Brooklyn R R . Consol. 50-year 4s__________
1,500,000
eBrooklyn Queens County & Suburban R R . 1st Mtge. 5s----- *1,497,000
yBrooklyn Queens County & Suburban R Ii. 1st Cons. Mtge. 5s *2,803,000
Note.— Defaulted interest amounting: a $23,600 ($200 per $1,000
bond); b $43,000 ($200 per $1,000 bond); c $132,000 ($200 per $1,000
bond); d $270,000 ($180 per $1,000 bond and subject to the inclusion in
the plan of the securities of and claims against Brooklyn Queens County
& Suburban R y.).; e $336,825 ($225 per $1,000 bond), will be paidincasn.
x Defaulted interest amounting to $1,860,660 ($180 per $1,000 bond) will
be paid at rate of $140 in 6% Pref. stock and $40 in cash per $1,000 bond,
y Defaulted interest amounts to $560,600 ($200 per $1,000 bond) will be
paid $150 in 6% Pref. stock and $50 cash per $1,000 bond.
* In addition to its general powers the committee expressly reserves the
right to exclude from treatment under the plan or to postpone the readjust
ment of any bonds or other securities of or claims against Brooklyn Queens
County & Suburban RR. in case an adjustment of existing controversies
affecting the stock or bonds of that company satisfactory to the committee
is not reached with the Brooklvn City R R .
Bank Loans.— Holders of claims in respect of bank loans made to B .R .T .
Co. secured by its 1st Ref. Mtge. 4% bonds entitled to participate in the
plan may deposit their claims, together with all notes evidencing the same
and all collateral held as security therefor with Bank of America, 44 Wall
St., New York, the depositary, and upon completion of plan they will be
entitled to securities and cash, as stated in table above.
Tort Claims for Personal Injuries.— Holders of tort cjaims for personal
injuries who shall come in and avail themselves of the provisions of the
plan within the period that may be fixed by notice to be published by the
committee and deposit with Chase National Bank, New York, the deposi
tary for such purpose, an assignment of such claims and any and all judg
ments representing the same will be entitled on completion of the re
organization to receive cash to an amount equal to the principal amount
of the claims (as allowed but without interest).
A description of the new securities to be issued in connection with the
plan follows:
Securities to be Issued by New Company.
(1) Rapid Transit Security Sinking Fund Gold Bonds.— New company is
to authorize an issue of bonds to be known as its Rapid Transit Security
S. F. gold bonds. These bonds are to be issuable in series in such amounts,
with such maturities, rates of interest, sinking fund, redemption, conversion
and other provisions as may be determined from time to time at the time
of the creation of any series (subsequent to Series A ). These bonds are to
be issued under a trust indenture under which it is intended that there shall
ultimately be pledged new Rapid Transit Ref. Mtge. 5% bonds (see below)
at the rate of $6,000 of said bonds pledged for each $5,000 of Rapid Transit
Security S. F. gold bonds issued.
Under the indenture, there is to be authorized for issuance in reorganiza
tion $92,697,207 (see above) Rapid Transit Security 6% Sinking Fund
Gold bonds. Series “ A ," of this issue, dated as of July 1 1923; payable
July 1 1968; redeemable all or part at 105 and interest; a cum. sink,
fund of 2- 3% per annum on the maximum amount of bonds at any time
outstanding, payable semi-annually, first payment to be made Jan. 1
1927, to be applied to the purchase or redemption (at above redemption
price) of the bonds of this series, the company to have the right to tender
bonds for purchase by the sinking fund at current market prices. If
any divided be paid on the Preferred or Common stock of the new company
prior to Jan. 1 1927, then the sinking fund payments shall commence
not later than the date of the payment of such dividend.
(2) Preferred Stock.— Authorized 350,000 shares, no par value, or if
the committee shall so determine, of $100 par. Issuable in series, each
series (subsequent to series “ A ” ) to carry dividends at such rate and
cumulative from such date, and to be redeemable on such terms, as directors
may determine at the time of the creation thereof. Preferred as to assets
on distribution to tne amount of $100 per share and dividends. Preferred
stock shall have the same voting rights as holders of Common stock (one
vote for each share held).
There is to be authorized for issuance in reorganization $23,955,407
Preferred Stock, Series “ A ” (see above) entitled to dividends at the rate of
$6 per share per annum, but no more, cumulative without interest from
and after July 1 1926 and redeemable, all or part, at $100 and dividends.
(3) Common Stock.— Common stock will be authorized to an amount
not exceeding 850,000 shares, no par value, or, if the committee shall so
determine, of such par value as it may fix. Holders of Common stock
shall be entitled to one vote for each share held, but shall not be entitled
to subscribe as a matter of right to any additional or unissued stock,
whether Preferred or Common, or to securities convertible into stock.
Common stock amounting to 766,530 shares will be issued as above.
The Common and (or) Preferred stock of the new company may also
be issued in reorganization in exchange for the Common and Preferred
stock of New York Consolidated R R ., the Preferred stock of Nassau
Electric R R ., and the stock of Coney Island & Brooklyn RR. now out
standing, or for any part thereof, on. such basis as the committee may
determine. Such Common and (or) Preferred stock may also be used
in effecting such other readjustments as the committee may approve.
Voting Trust.— The committee shall have power to create a voting trust
for all or any part of the Common and Preferred stock for the purpose
o f providing for representation of the public authorities or of holders of
any class of securities, on the board of directors, such voting trust to be
for such period, not less than five years, and to contain such provisions
as the committee may prescribe.
Authorized Bond Issues of Subsidiary Companies.
(1) Rapid Tranist 1st & Ref. Mtge. Bonds.— The New Rapid Transit
subsidiary may authorize an issue of 1st & Ref. Mtge. bonds limited to
$50,000,000 at any one time outstanding in addition to any bonds that
may be issued to refund any of the existing underlying elevated railroad
bonds. These bonds will constitute a lien (ahead of the Rapid Transit
Refunding Mortgage 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 New Rapid Transit subsidiary. The bonds are to be issued only
for the purpose of providing (after the exhaustion of the moneys provided
in the reorganization for such purpose) for the cost of additional equip
ment 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 of the proposed inclusion of the power plant
properties under Contract No. 4 and(or) the allied certificates and the
transfer of those properties accordingly, the committee may authorize
the creation of a Power Plant 1st Mtge. (ahead of the Power Plant Gen.
Mtge.) of substantially the same character as the Rapid Transit 1st &
Ref. Mtge. above. Such mortgage may be created and the bonds there
under issued either by the new company itself, if the title to the power
plant is permitted to remain therein, or by a subsidiary company, if title
to the power plants be vested in a subsidiary. None of these bonds will
be issued in reorganization.
(2) Rapid Transit Refunding Mortgage Bonds.— The New Rapid Transit
subsidiary will authorize an issue of bonds known as Ref. Mtge. bonds
limited to such total authorized amount at any one time outstanding as
the committee may determine. The bonds are to be issued in series under
a mortgage which will constitute a lien (subject to the existing underlying
elevated railroad bonds on certain of the properties, and to the lien of
the 1st & Ref. Mtge. above) on the rights existing under Contract No. 4
16
ELECTRIC RAILWAYS
[ V ol. 116.
and allied certificates, and on all the other properties o f the New Rapid mittee which, together with the $16,544,700 of that issue held by the War
Transit subsidiary. Under this mortgage there are to be authorized Finance Corp., which has been co-operating with the committee constitute
Series “ A ” bonds, bearing interest at rate o f 5% per annum, in such amount over 80% of the entire amount outstanding. A majority of the N . Y.
and with such maturity, redemption and sinking fund provisions as the Municipal ref. 1st mtge. bonds had also been deposited with the committee
committee may determine. Series “ A ” bonds are to be issued in exchange up to Nov. 1919. For statement by committee see V. 109. p. 2073.
for bonds o f New York Municipal Railway Corp. now outstanding, and(or)
Stockholders’ Committee.— Albert H. Wiggin. Chairman; Charles A .
for the purpose o f acquiring the rapid transit and power house properties Boody, Frederick H. Ecker, Seward Prosser. Galen L. Stone, Frederick
to be acquired by such subsidiary company. Additional bonds are to be Strauss, E. B. Sweezy and Chellis A. Austin, Sec., 115 Broadway, N . Y .
issuable for the purpose o f providing (after the exhaustion of the moneys City. Depositaries; Mercantile Trust & Deposit C o., N. Y . C ity, and
provided in the reorganization for such purpose) for the cost of additional Peoples Trust C o., Brooklyn, N . Y . V. 108, p. 76. Deposits have been
equipment and additions and betterments for the rapid transit lines or called for. V. 108, p. 377, 1164.
power-house properties, provided after July 1 1923 under Contract No. 4
Tort Creditor’s Committee.— Chairman, Samuel Seabury; John Y . Bouvier.
and(or) the allied certificates, and also for the purpose of refunding any Jr.. Robert H. Ernest and Chas. Steckler. V. 108, p. 2240.
bonds previously issued and outstanding under this mortgage, or under
Default— Committees, A c.— Default having occurred In the payment o f
the 1st Sc Ref. Mtge. (above), and any o f the existing underlying elevated the int. due April 1 1919 on the co’s. 50-yr. 5% bonds dated Oct. 1 1895
railroad bonds.
the following protective committee was formed:
All bonds issued under this mortgage in reorganization are to be acquired
Committee for B. R. T. 50-yr. 5s.— Chairman, Alvin W . Krech; Julian D .
by the new company and are to be pledged by the new company as security Fairchild, Ogden Mills; Sec., Henry P. Nash, 37 Wall St., N . Y .. City;
for its Rapid Transit Security S. F. Gold bonds.
Depositaries: Equitable Trust C o., N. Y ., and Kings County Trust C o.,
Power Plant Gen. Mtge.— Pending the consummation of the proposed Bklyn., N. Y . Deposits have been called for. V. 109. p. 72. 1366.
inclusion o f the power plant properties under Contract No. 4 and(or)
The July 1 1919 Int. on the following issues having been defaulted the
the allied certificates and the transfer o f those properties accordingly, committee named below was formed to protect the interests o f the holders:
the committee may authorize the creation o f a Power Plant General Mortgage Coney Island S Bklyn. R R . 1st Cons. M 50-yr. 4s o f 1898_____$1,987,000
c
o f substantially the same character as the Rapid Transit Refunding MortConsol. Mtge. 4% 50-yr. gold bonds, dated Dec. 15 1904____ 2,125,000
page above provided for, which shall be a lien upon the power plant Bklyn. City S Newtown R R . Co. Consol. 1st M . 5s o f 1899____ 1,933,000
c
properties subject only to the First Mortgage thereon if created as above
Committee.— A. E. Horr, David H. Lanman, J. H. Walbridge; Sec.,
provided. Such mortgage may be created and the bonds thereunder G. H. Thirkleld. Depositary: Brooklyn Trust Co. Deposits have been
issued either by the new company itself, if the title to the power plant called for V. 109. p. 1461.
is permitted to remain therein, or by a subsidiary company, if title to
Committee for B. R. T. 1st Ref. 4s.— Chairman, Walter E Frew; W . E .
the power plants be vested In a subsidiary. In either event the entire Edmister, Edward C. Delaffeld, Stephen Baker, Henry O. Phipps; Secy.,
amount o f such bonds issued in reorganization shall be pledged under the Fredk. K . Lister, 13 William St., N. Y . City. Depositary: Franklin
Rapid Transit Security Sinking Fund Gold bonds.
Trust C o., Brooklyn and N. Y
V . 109, p . 1792.
(3)
Surface Railway Refunding A Improvement Bonds.— The committee The int. due July 1 1919 on the Nassau Electric R R . Cons. 4s having
may provide for the authorization by each of the surface railway operating been defaulted, the following committee was formed:
subsidiary companies o f a refunding and improvement mortgage for the
Committee for Nassau Elec. RR. Cons. Mtge 4*.— E. P . Maynard, A. A.
purposes o f refunding bonds issued and outstanding under mortgages Jackson. Elon R. Brown. Haley Fiske, C. A Peabody, Beekman Winthrop;
constituting liens upon the surface railway properties and of funding Sec., Austin W. Penchoen, 177 Montague St., Bklyn, N . Y . Depositaries:
advances made by the new company (or its predecessor) to the surface Brooklyn Trust C o., Brooklyn, N . Y ., and Girard Trust C o.. Phila.
railway subsidiary companies for capital improvement or other proper V. 109, p 173. Deposits have been called for. V. 109, p. 1462, 1987.
eorporate purposes .and also (unless otherwise determined by the com
The July 1 1919 and Jan. 1 1920 int. on the 1st M. 5% bonds of the
mittee) for the purpose o f funding the certificates o f indebtedness of the Brooklyn Queens County & Suburban R. R .. due 1941, having been de
surface railway subsidiary companies to the extent properly fundable faulted the following protective committee was formed:
into long term obligations. None o f these bonds will be issued in
Committee for Brooklyn Queens County A Suburban 1st M . 5s.— Charles
reorganization.
A. Peabody, Alexander J. Hemphill, Ellis W. Gladwin; Sec., Fredk. 8.
Provisions for Surface Railway Financing and Acquiring Stock of or Effecting Stevenson, 55 Cedar St., N . Y . City. Depositary: Guaranty Trust C o.,
Adjustments With the Brooklyn City Railroad.
New York City. V. 110. p. 261; Y. 114, p 1285.
The Nov. 1 1919 int. on the Brooklyn Queens County S Suburban R . R.
c
The plan requires that there be subjected to the lien o f the Rapid.Transit
Security Sinking Fund Gold bonds the new company’s investments in the 1st Cons. M . 5s. due 1941, having been defaulted the following protective
rapid transit lines and the power house properties. All other stocks, bonds, committee was formed:
certificates of indebtedness and other securities and properties acquired by
Committee for Brooklyn Queens County A Sub. 1st Cons. 5s.— Haley Fiske,
the new company, are to be available for use in such manner and upon such Elon R. Brown, Chauncey M . Depew. William K. Dick, Willis McDonald;
terms as the committee or the directors o f the new company may determine, 8ecy., Austin Penchoen, 177 Montague St., Brooklyn, IS. Y . Depositary:
for the purpose o f financing the requirements of the surface railway lines, Brooklyn Trust C o., N. Y . City and Brooklyn, N. Y . V. 109, p. 1988.
for the purpose o f effecting such adjustments as the committee may deter
The Oct. 1 1919 and subsequent Interest on the Atlantic Ave. R R . Gen.
mine to be necessary or advisable in consummating the plan and for any Cons. 5s, due 1931, having been defaulted, the following protective com
other purpose o f the reorganization. Such stocks, bonds, certificates of mittee was formed and has called for depositsindebtedness and other securities and properties shall also be available for
Committee for Atlantic Are. RR. Gen. Cons. Mtge. 5s.— Chairman, Geo. E .
use by the committee in such manner and upon such terms as it may Warren; Frank Colmen, W m. Carnegie Ewen, Sec. A. N. Hazletine, 760
determine, for the purpose of acquiring the stock of Brooklyn City RR.,in
B’ way, N . Y . City. Depositary: Columbia Tr. C o., N . Y. C ity. V. 112,
whole or in part, and for the purpose o f effecting any adjustments with p. 256.
that company.
Surface Lines Returned, A c.— The rental due by the Brooklyn Heights
To this end the committee may provide for the creation of an issue of R. R. Co. to the Brooklyn City R. R. Co. on Oct. 1 1919 was not paid
bonds of the new company to such amount as the committee may determine, and as a result the 26 surface lines owned by the latter and leased to the
issuable from time to time in series, in such amounts, rates of int. and former were turned back to the Brooklyn City R. R. for separate operation
other provisions as directors of new company may determine at time of at midnight. Oct. 18 1919— see separate statement for that company on a
creation o f any series. The bonds may be issued under a mortgage under previous page.
which there may be pledged all or any part o f the new company’s surface
The Brooklyn Heights R R . also defaulted in payment of the third in
railway investment. The bonds may be issuable from time to time under stallment o f the Federal income tax (for 1918V of the Brooklyn City R R .
certain restrictions for the purpose o f providing for the capital requirements C o., amounting to $46,034. The Brooklyn Heights R R . Co. under the
o f the surface railway lines and other properties, for the acquisition of terms of the lease should have paid this tax as part of the agreed rentals.
additional stocks, bonds, &c., or claims against companies owning or The Brooklyn City R R . paid this installment in order to avoid the penalties
operating railroad properties, and for the refunding of any bonds previously prescribed by law. V. 109, p . 1272
See statement of Bklyn City R R . on
issued and outstanding under this mortgage or under any mortgage of any a previous page.
subsidiary company and for other proper corporate purposes. It is not
Foreclosure Proceedings.— Proceedings have been Instituted to foreclose
presently contemplated to issue any bonds under this mortgage for the
. consol &
purposes of reorganization unless and to the extent that the committee the B. R. Tbonds of the Ref. YMtge. and also the mortgage securing the
N. .
Ry.
$29,000,000
may determine to offer bonds issued under this mortgage to stockholders $60,000,000 and $57,735,000 o f Municipal beingCorp., all the collateral for
of the former
the
deposited as
of Brooklyn C ity R R . in exchange for the stock o f such company, and the B. R. T . secured notes. V. 108,latter
p. 877.
July 30
(or) to sell such bonds to provide cash for the purchase of such stock; but to able Trust Co. instituted foreclosure proceedingsOn the N. Y1919 the Equit
in
. Federal Court
give to the committee and to new company broad powers to deal with or
1 1919 on
provide for the refunding o f the existing and future debts of the surface because of the co's. failure to pay the int. due April 476. On its $7,000.000
50-yr.
Oct. 1 1895. V. 109. p.
railway lines and for the development and improvement of the surface Judge 5% bonds dated the consolidation of the foreclosure Aug. 26 1919
Mayer ordered
and general
railway system.
Non-Assenting Security Holders.— The plan makes no provision for pay creditors' suits against the B. R . T . and its subsidiaries. V. 109, p. 887.
O RGAN IZATION .— Organized Jan. 17 1890, per plan in “ Chronicle.”
ment in cash under the terms o f any bid at foreclosure or other sale to any
holders o f bonds or notes foreclosed (or not foreclosed) who do not partici V. 60. p. 1145. to succeed to the property of the old Long Island Traction
pate in the plan. Any securities which would be deliverable under the plan Company, foreclosed, a syndicate headed by the late ex-Governor Flower
to such holders had they participated may remain unissued or be disposed of having then bought control. Is not a railroad corporation, but was or
ganized under the Business Corporation law of New York to hold the stocks
by tne committee for the purposes o f the reorganization.
»nd bonds of railroad companies and to aid in the construction and equip
Syndicate.— Chase Securities Corp., Hayden, Stone & Co. and J. & W.
Seligman & Co. have agreed with the committee to form a syndicate, of ment of railroads. On June 7 1917 G ov. Whitman signed the Thompson
which they will be managers, to underwrite the exercise by the stockholders bill, making possible the consolidation of the holding company and Its
o f Brooklyn Rapid Transit Co. o f tne rignt to purchase the stocks and bonds various subsidiaries into a single public utility corporation. V. 104. p.2342 .
o f the new company offered to them under tne plan, and subject to the ex
ASSETS.— The following is a statement of the stocks and bonds owned
ercise o f sucn right, to subscribe for and purchase such bonds and stocks as or controlled by the Brooklyn Rapid Transit system Dec. 31 1919.
shall not have been purchased and paid for by' such stockholders.
The plan has been submitted to the New Y ors Transit Commission by
S tock s.
the stockholders’ committee for its consideration and approval.
$ 200,000
capital stock Brooklyn
R R . Co.
For further details o f plan see Y. 116, p. 1273, 1646. Compare V. 116, Entire capital stock Bkln. Q’nsHeightsSuburban (par)-------------Entire
Co. &
R R . C o. (par). 2 .000.000
p. 719.
8.500,000
Entire com. stock o the Nassau Electric RR. o., par-----------Statement by Stockholders’ Committee Regarding Outlook.— See V. 116, 63.947.75 shares outf of 65,000 shares of the 4%Ccumulative pref.
p. 1759.
stock of Nassau Elec. RR. C o., par________________________ 6.394.775
Foreclosure Sales.— For dates set, &c., see V . 116, p. 1759.
17.859 85 mares out of 50.000 shares of the 5% non-cumulatlve
Report of Receiver on Properties and Their Earning Power.—-See V. 116, p.
pref. stock of the New York Consolidated R R . Co., par------ 4.785.985
1754.
shares
Receivership.— On Dec. 31 1918 Federal Judge Julius M . Mayer in the 134 308.31 shares out of 139.000RR Co. of the common stock 13,430,831
of the New York Consolidated
par________________
U. S. District Court appointed Llndley M . Garrison (former Secretary of
350.000
Entire stock of Conej Island & Gravesend R y. C o., par----------War) temporary receiver (on Jan. 15 1919 made permanent receiver
64.841
of Brooklyn Rapid Transit C o., par____________
V. 108. p. 267) o f the New York Municipal R R . Corp. and the New York 648.406 sharesstock of South Brooklyn R y .. par----------------------500.000
Entire capital
Consol. R R . Corp., subsidiaries of the co.— see below— upon application 9 800 shares out of 10.000 of the American Railway Traffic Co.
of the Westinghouse Elec. & M fg. C o., holders o f claims aggregating
50.000
Operating
$46,462 for materials and supplies furnished the company. The receiver 500 shares of the BridgeMunicipal C o., par__________________200.000
shares of
.
ship became necessary because o f the company’s inability to meet interest 2 .000 shares outN. Y,000 shares ofCorp.,. par_____________ . Co .
100.000
1,000
of l
N . Y & Con ev tsl. R R
due Jan. 1 1919 on $57,735,000 of 7% and 5% notes and also obtain fresb
50.000
500 shares out of 500 shares Pros. Park & South Bklyn. R R . Co .
capital for necessary now construction and improvements. V. 108. p. 76
Tsl. S Bklyn. RR-------- 2.686.500
c
On Jan. 6 1919 Judge Edwin Louis Garvin in the U. 8. District Court 26.865 shares out of 29.839 shares Con. C o___________________
50.000
500 shares Bklyn. & North River R R .
denied the application o f a stockholder to have an ancillary receiver ap
10.000
_
pointed. V. 108, p. 170 On Jan. 15 1919 Judge Julius M . Mayer in the 100 shares DeKalb Ave & No. Bklyn R R . C o_ ____________
2.500
c
U. S. District Court denied the application o f the city for the appointment 25 shares Coney Island S Brooklyn Terminal C o ______________
10.000
c
o f a co-receiver. V. 108, p. 267. On July 14 1919 the receivership wa» 100 shares B’way Subway S Home Bor. Car Adv. C o _________
2,7009
extended to the Brooklyn Heights R R ., Brooklyn, Queens County S Su 27 shares Frospect Park and Coney Island R R . C o.__________
c
burban R P -, Nassau Electric RR. and Coney Island S Bklyn R R ., which
c
$40,368,132
B ond*.
companies embrace the surface lines in Brooklyn, thus bringing the
. $ 2 ,000,000
whole system under the jurisdiction o f Receiver Garrison. On Aug. 20 •1st M 5% bonds Bklyn. Queens Co. & Sub. R R . (par)----50.000
c
1919 the receivership of the surface lines was made permanent. The 1st con M Bklyn. Q'ns Co. S Sub.(owned by Bklyn. H ’ te Co.)
extension o f the receivership was made on the petition o f the Central Union •1st mortgage 5% -bonds Brooklyn City RR (par)__________ . 1.827.000
925.000
•Refunding gold mtge. 4% , Brooklyn City R R _____________
Trust C o., N . Y ., in its suit brought to foreclose the B. R . T . 1st & Ref
30.000
•Gold 5% bonds Brooklyn Rapid Transit___________________
M . 4s o f 1902, the Jan.andJulv 1 1919tnterest on which has been defaulted
22,421
Ref mtg 4% bonds Brooklyn Rapid Transit C o____________
For further particulars see V. 109, p. 269. For history of receivership (incl.
issuance o f receiver’s ctfs., payments o f int.. receiver’s reports, &c.) see Ref mtg 4% bonds B R. T . (owned by Nassau El. R R .)____ . 1.781.000
1.161.000
Oonsol mtg 4% bonds Nassau Elec R R _____________________
“ Electric Railway Supplement” o f Oct. 28 1922.
8.000
As a result o f the appointment o f a receiver and the default in the pay Jamaica & Brooklyn mtge. bonds 5% ________________ _____ . 57,775.000
N Y . Municipal Ry Oorooration 5 % ________ _________
T
ment o f interest due Jan. 1 1919 on the $57,230,000 B. R. T. 3-year 7%
13.000
Coney Island & Brooklyn first consol, mortgage 4 % _________
secured notes due July 1921 and on the $505,000 B. R. T . 6-year 5% se
732.000
cured notes due July 1 1918 and the default in the payment o f Interest and Coney Island & Brooklyn consol, mortgage 4 % _____________
7.000
sinking fund on the $2,265,000 N. Y. Municipal Ry. Corp. 1st mtge. 5% Brooklyn City & Newtown mortgage 5 % ________________ - __
sinking fund bonds. Series A. due Jan. 1 1966, the following committee
$88,510.00*)
was formed to protect the holders o f the aforesaid Issues; Kuhn, Loeb S.
c
* The $2,000,000 of B Q. C. & Sub. R R . 1st 5s and’’$l,627.000 Brooklyn
Co. and Kidder, Peabody & Co.; Sec., Chas. E. Sigler, 54 Wall St., N. Y. City R R . 1st 5s; also $125,000 out of the $925,000 B. C . R R ref. 4s held,
City. Depositary: Central Union Trust C o., 54 Wall St., N. Y . City. and $25,000 out of the $30,000 B. R . T . gold 5s and $250,000 B. R . T .r e f.
V. 108, p. 76. See statement by committee in V. 114, p. 1532. The mtge. 4s held, compose guaranty fund for performance o f Brookly City
Central Union Trust Co. was originally a member o f this committee, R R . C o.’s lease. Owing to the failure of the Brooklyn Heights R R . to
but resigned because o f possible conflict with its duties as Trustee of the pay the rental due the Brooklyn City R R . (see tha’ company) on Oct. 1
first and refunding mortgage o f the B. R. T. V. 109, p. 2073. In Nov. 1919, this lease was abrogated. The disposition of (hi- f nd is being con
1919 about $30,000,000 of the 3-yr. notes had been deposited with the com tested in the courts
A pril, 1923.]
17
ELECTRIC RAILW AYS
New Subways and S[tensions.— An agreement was reached In May 1912
as to how the routes of the new dual subway system in tower Manhattan
should be apportioned between the Interborough and Bklyn Rapid Transit,
and the Court of Appeats at Albany having on June 29 1912 affirmed the
decision of Justice Blackmar (V 94. p 1057) holding to be constltutiona
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
City” In V 94 p 1384 1449, 1566 v 95, p. 48, i l l . 237, 1040; V. 96.
p. 63, 136, 488. 716. 864. For description or new subway lines, built and
to be built jointly by the Brooklyn Rapid Transit and the city, see “ Electric
Railway Supplement" of Oct. 28 1922.
The Brooklyn City HR. Co. was held under a 999-year lease dated Feb. 14
1893. Lease was abrogated Oct. 18 1919 for non-payment of rental.
See separate statement of Brooklyn City RR. on a previous page. In 1898
the Heights Co. leased the Brooklyn Queens County & Suburban RR.
The lease was renewed year by year, rental being fixed charges, taxes and
organization expenses. On July 1 1901 the B. Q. O. & S. began operating
separately again. On April 1 1899 the Heights Co. temporarily leased the
Nassau Elec. RR. Later permanent lease's were made, but on June 30 1904,
presumably in consequence of a decision (V. 79, p. 102) compelling the Issu
ance o f transfers, the lease o f the Nassau Electric RR. was canceled.
Suit Against Bklyn. City RR.—The receiver has brought suit against the
Bklyn; City RR. to recover $10,000,000 advanced to that company prior
to the designation of the receivership. V. 113, p. 2612.
to the designation of the receivership. V. 113, p. 2612. (See Reorganiza
tion plan above.)
Suit Against City.— In Dec. 1918 the N. Y . Municipal Ry. Corp. and the
N. Y . Consolidated Ry. Co. brought suit against the city of New York and
the P. S. Comm to compel completion of the city transit svstem in accord
ance with the contract of March 19 1913. The daintiffs alleged that, not
withstanding the elapse o f 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 11.5, and 19 miles 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 Apr. 1922 the receiver for the N. Y. Municipal Ry. Corp. and
the N. Y. Cons. Ry. Co. filed a bill o f complaint in the U. S. Dlst. Court
to compel the carrying out o f these contracts and to recover alleged damages
Incurred as a result of the citv's alleged failure to perform its contract
obligation. V. 114, p. 1764. The city has filed an answer asking the dis
missal o f the suit. For details see V. 114, p. 2358.
Plan of Transit Commission for Merger of New York City Street Railways.—
The N. Y. Transit Commission on S 'pt.29 1921 mado public a plan for the
readjustment and merger o f street railway and rapid transit lines of Greater
New York with eventual city ownership. For extended outline of plan
see V. 113. p. 1431.
Mayor Hylan's Transit Plan.— For summary of Mayor Hylan's plan,
made public Aug. 27 1922, providing for a municipally owned and operated
subway system, see V. 115, p. 1100, under caption “ Rapid Transit in New
York C ity.”
Validity of Transit Law Upheld.— See V . 114, p. 304.
The $650,000 Sea Beach Ry. 4% bonds due Sept. 1 1916 were taken up
at maturity by the B. R. T . (retired In March 1919). V. 103, p. 843
The B. B. & W. E. 1st 5s, due April I 1917, were also taken up by the
B. R. T. at maturity.
The Nassau El. 1st cons. M . bonds are guar, (by end. on each bond)
by the Brooklyn Heights R R . Besides covering the mileage directly owned
they are a lien by a supplemental agreement upon the stock of the Coney
[■land & Gravesend Ry. and will become a direct lien on this line should -t
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
fntge., $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.
M ILEAGE.— The system Includes::
First
Second Sidings,
Total
Name—
Track.
Track.
&c.
Miles.
Brooklyn Heights R R _______________. 3.156
1.851
0.198
5.205
* Brooklyn City R R ...............................106.387 101.655
.106.387
24.332 231.918
Bklyn. Queens Co. & Suburban R R ___31.246
. 31.246
3.189
64.956
30.521
Nassau Electric R R ________________ . 69,671
69.671
68.083
8.655 146.109
Ooney Island & Gravesend R y .____________ 4.156
. 4.156
7.697
3.307
.234
South Brooklyn Railway______
.459
.459
3,301
4.219
Prospect Park & Coney Island R R _ . 9.281
_
8.399
8.327
26.007
Ooney Island & Bklyn. R R __________ 22,178
22.490
6.948
62.616
New York Consolidated R R . and
New York Municipal Ry. Corp____' 53.204
53.173
49.655 156.032
Trackage on N . Y. & Brooklyn Bridge—
Rapid transit lines_______________ 1.762
1.762
.231
3.755
Surface lines______________________, 1.802
1.707
—
3.509
Trackage on Wllliamsburgh Bridge—
Surface lines______________________ 1.741
1.741
.218
3.700
N. Y . M un. Ry .— Lessee City of N .Y.. 26 854
26-693
26.854
23.002
76.549
xTotal miles operated_____________.332.897
332.897
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.
EQUIPM ENT Dec. 31 1919.— 5,280 cars. Closed cars, 1,279: open cars,
1,171; convertible, 667: semi-convertible, 1,059: subway, 580; miscellaneous,
524. No later figures furnished.
LATEST EARNINGS.— For years end. June 30 (entire system):
Oper. Rev Net,aft Tax Oth. Income Deduct’ns
Balance.
1921-22___ $34,544,093 $10,296,972 $1,656,070 $8,865,622 sur$3,087,419
1920-21___ 30,972.085
2.657.174 1.660.590 9.198,699 def4,880,934
RESULTS OF OPERATION FOR THE 12 MOS. ENDED JUNE 30 1922.
(Includes all cos. formerly comprised in Brooklyn Rapid Transit System.)
Operating
Net after Non-Oper.
Net
Revenues.
Taxes.
Items.
Charges.
Income.
Bklyn. H ’ts R R .
79,185
6,074
102.379
823.342 d714,888
Bkln.City RR. bll,687.751
2,289,662 160,950
685.085Crl.765,528
______
80.456
______
W ’msburg Bdg
252,406
80,456
74.291
630,308 031.323
Present Capitalization of B. R. T. with Footnotes Showing How the Various Bkn.Q.Co.&Sub. 2,548,118 587,339
Coney I. & Or. B.
153,005
47,072
21.941
163,550
<194,537
Securities Will Fare under the Reorganization.
Nassau Electric.
4.989,371 1,143,377
264.598 1,127,180 0280.795
8TO C K AND BONDS— Date.
Interest. Outstanding.
Maturity
Coney I. &.Bklyn
2,859.109 809,026
50.838
360,521 0499,343
1,090,268 425,366
33.661
352,258 0106,769
Q-J
a$74.455.159
See text South Brooklyn.
Stock. $90,000,000 ($100)___ _____
5,895,514 722,678
6,410,399 0207,794
Receiver’s certifs Ser A $20.-1 1919
6 g F-A 1 612,397,044 Feb 1 1923 N .Y .C onsol.R R .22,987,463
000.000 ($1,000) gold____ [Callable at par and int.
Note.— The “ net after taxes” is the result after deducting operating
Brook Rap Tr 1st ref mtge.J 1902 4 g J-J
c3,433,000 July 1 2002 expenses and taxes from ,operating revenue. The “ charges" (“ deductions
$150,000,000. gold. c*&rtf [Central Trust C o., N Y.. trustee. Coupon from income") include the fixed charges for Interest, &c., whether or not
1 bonds, ($1,000) ;regi>tered ($1,000, $5,000) paid both for the several companies and their receiver
Brook Rap Tran gold m tge./ 1895
6 g A-O
d6,963.000 Oct l 1948
b Lease of Bklyn. City R R . terminated and separate operation began
$7,000,000__________ c*n tf lint, at Equitable Trust Co., N. Y ., trustee. Oct. 19 1919. d Deficit
B R P secured i > ,-.« $5" / l > i tilS 7 g J-.J
•
.
e57,251,700 July 1 1921
OFFICERS.— Gen. Mgr. under Receiver, W . S. Menden; Chairman of
000($100,$500&$l-000)gtf\Central Union Trust C o., N. Y ., Trustee
Board,
Brady; Sec., J. H. Bennington; Comp., Howard
Brooklyn Heignts RR first! 1891 5 A-O
/250.000 Apr 1 1941 Offices, Nicholas F. St., Brooklyn.— V. 115, p. 72, 182, 435, 542, 868,Abel.
85 Clinton
987,
mortgage. $250,000 ___ tf U rn•at People's Tr. C o., Brooklyn, trustee
1428, 1531, 1729, 1836, 1941, 2045, 2579, 2904; V. 116, p. 175, 615, 719,
Brooklyn Queens Co & Sub) 1894 5 g J-J
<71,497,000 July 1 1941
1273, 1646, 1754, 1759.
first M. $3,50 ),000 .n tfIG u ar. Trust C o., New York, trustee.
First consol M . guar p & if 1894
5 g M-N 02,803,000 July 1 1941
(end). $4,5i)0,OOO__ ntflCen.tral Trust C o., New York, trustee.
COM PANIES CONTROLLED B Y BROOKLYN R A PID T R A N S IT CO.
Jamaica & Brook RR first/ 1889 5 g J-J
h231,000 Jan 1 1830
mortgage. $24 1.000_ tf (Central Trust C o .. New York, trustee.
_
(1) New Y ork C onsolid ated RR.
Brooklyn Union Kiev 1st M ,l 1899
5 g F-A
615,956,000 Feb 1 1950
guar $16,000.000---------til Int. at Central Tr. C o .. N Y., trustee.
Receiver Appointed.— See Brooklyn Rapid Transit above.
Kings Co Elev first mtge,) 1899
4 g F-A
66,980.000 Aug 1 1949
Reorganization.— See B. R . T. above.
$7,000,000($i,000).g(gu)nti') Int. at Central Trust C o., N. Y ., trustee.
Nassau El RR Co cons M f 1898 4 g J-J
<710,337,000 Jan 1 1951
ORGA N IZA TIO N .— Incorp. at Albany on N ov. 30 1912 as a consolida
bonds ($1,000).$15,000.-(Guaranty Trust C o., N. Y ., trustee. Bondi tion of the Brooklyn Union Elevated R R ., Sea Beach R y. and Canarsie
000 ____________ c*&rtflguar. by end. by Bklyn. Heights RR.
RR. V. 95, p. 1608. Brooklyn Rapid Transit owns or controls $13,430,First mtge bonds (closed) tf I 1894 5 A-O
0660,000 Apr 11944 831 out of the $13,900,000 common stock and $4,785,985 out of the $5,[Hamilton Trust Co. N. Y ., trustee.
000,000 preferred stock.
Atlantic Ave. gen mortgage/ 1891 5 g A-O
62,241,000 Aor 1 1931
Owns all tne outstanding stock of the N . Y. Municipal Ry. Corp. (which
gold (clo se d ;_______ n tf I Brooklyn Trust C o., trustee.
holds the contracts made with the City of New York In 1913 for tne opera
Atlantic Ave Improvement,/ 1894 5 g J-J
0215,000 Jan 11934 tlon of subways. &c.) and guar, its bonds, p. & 1.. Jointly with B. K. T gold (closed )________ tf [Central Trust C o., New York, trustee.
Lease.—
Y.
R y. Corp. under Its con
B . B. & W E. genera!)
1893 5 g A-O
0118.000 Oct 11933 tract with All rights, &c., of the N . andMunicipalto the New York Consoli
the city have been leased
assigned
gold, $121,000_______ t f[ Franklin Trust C o., N Y trustee
dated RR. For terms, gee statement of N. Y . Municipal Ry. Corp. below.
N Y Man Ry Corp 1st Mcgel 1912 5 g J-J
i l , 917,000 Jan 1 1966
The New York Consolidated In 1915 leased for 999 years the Nassau
$100,000,000 ($1,000 and) Interest at Central Trust C o., New York
Electric R R .’s terminal at Ooney Island, the consideration being $226.000
$500) gold________ c*&rtf| Trustee.
lease and
per annum from Aug. 1915 which
Ooney Isl & Bklyn 1st consol/ 1898
4 g J-J
61,986,000 July 1 1948 upon delivery of Ry. Corp. $100 authorized to charge against the the New
York Municipal
cost oi
M $2,090,000 g o ld ___ n tf [Mercantile Trust C o., New York, Trustee. construction under the dualwas
system contracts. See V .101,p.447. Con
Consol mortgage S10.000, /
1904 4 g J-J
01,500,000 Jan 1 1955 tract for construction o f new terminal was let in March 1916. Two track*
000 gold ($1.000)___ c* tf! Mercantile Trust C o.. New York, Trustee. are In operation from Sheepshaad Bay to Culver Terminal. The entire
Bklyn City & Newtown) 1889
5 J-J
61,988,000 July 1 1939 terminal was to be ready for use before the close of 1919, with the exception
1st M $2,000,000_ ntflM ercantile Trust C o., New York, Trustee. of the connection with the city-built Culver line. The latter was put in
_
operation as far as Kings Highway on March 16 1919, and to Avenue X
Rental payments in addition to payment o f fixed charges—
on May 10 1919. The connection with the Coney Island Terminal was
P r o s p e c t P ark & C o n e y Isla n d R R . , y e a r ly r e n ta l_______________
4 5 ,0 0 0 c o m p le t e d in 1920. This line will finally operate as a branch of the Fourth
Avenue Subway. V. 107. p. 2477.
a Assessed $35 per share, upon payment of which holder will be entitled
Favoraole Decision.— In April 1918 the Appellate Division of the Supreme
to receive $21,875 new 6% bonds, $13,125 new 6% pref. stock and 1 share
Court upheld the decision or Supreme Court Justice Erlanger In April 1916,
new (no par value) common stock.
holding that under the contract with the city, dated March 19 1913, the
6 To be paid in cash.
company was relieved from the obligation of paying tolls for the operation
c For each $1,000 bond (carrying all defaulted interest coupons), $720 of cars over the Williamsburgh Bridge. V. 106. p. 1576.
new 6% bonds, $100 new 6% preferred shares, 3.2 shares new common
Division of Earnings with City — As the New York Consolidated holds
stock and $40 cash.
under assignment and lease, all the rights acquired by the New York M unici
d For each .$1,000 bond (carrying all defaulted interest coupons), $900 pal Ry. Corp. in the latter’s contracts with the city, all the earnings ac
new 6% bonds, $125 new 6% preferred stock, 1.625 shares new common crue to It. The division of earnings is on the following basis:
stock, $50 cash.
1. To the company, $3,500,000, as representing the net earnings o f tht
e For each $1,000 note (carrying all defaulted interest coupons), $1,100 previously existing railroads which went to form part of the new rapid
new 6% bonds, $180 new 6% preferred stock, $70 cash.
transit system. Out of this reservation the company pays Interest charges
/ For each $1,000 bond (carrying all defaulted interest coupons), $1,200 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
new 6% preferred stock.
ment prior to the beginning of permanent operation and thereafter Interest
0 To be reinstated with adjustment o f unpaid interest.
and 1% sinking fund.
6 To remain undisturbed.
3. To the city, interest and 1% sinking fund on Its investment In cost of
1 For each $1,000 bond (carrying all defaulted interestcoupons) $1,100 construction.
new 6% bonds, $100 new 6% preferred stock, $50 cash.
4. Any surplus remaining, after making provision for a moderate contin
Interest on Bonds. Where Payable.— Interest on the Brooklyn Rapid gent reserve fund, is to be divided equally between the company and tha
Transit mortgage of 1902 for $150,000,000 and the two Elevated Issues is city. The company's preferential payments are to be cumulative.
payable at Central Union Trust Co.: on Nassau Electric bonds, including
Atlantic Avenue and West End issues, at the Central Union Trust C o., Results of Temporary ^.Operations of Lines Under Contract with the City.
N . Y .; on the Brooklyn Queens County & Suburban mortgages and the
Year end.
Year end. Aug. 4 '13 to
Jamaica & Brooklyn first mortgage at the Brooklyn Trust C o., Bklyn. On
June 30'19. June 30 '18. June 30 ’ 19.
the B. R. T. secured notes o f 1912 and on N. Y. Mun. Ry. Corp. 1st M . Total revenues....................................... $15,710,096 $13,057,406 $66,433,851
bonds at Central Union Trust Co. Int. on all Ooney Isl. & Bklyn. bonds Total deductions____________________ $11,378,416 $8,296,955 $42,817,768
is payable at Central Union Trust C o., N. Y . On Bklyn. Heights R R . Company’s preferentials--------------------- 5,886,201
5,160.201 26,613,632
1st M . at People’s Trust C o., Bklyn.
The total autnorized Issue of first consolidated mortgage gold 5s of the
T otal......... ..........
$17,264,617 $13,463,157 $69,431,400
Brooklyn Queens County A Suburban RR Is $4,500,000, of which $1,616,- Deficit in company’s preferentials_____$1,554,521
$405,751 $2,997,549
000 are reserved for extensions, on which they will be a first lien. Of the Interest paid by city on its cost of con
$2,884,000 outstanding, $2,255,000 in 1898 were endorsed with the guar
struction of property placed in op
anty of the Brooklyn Heights RR. Co. as to prin. and Interest, and in Jan,
eration plus sinking fund o f 1 % ___ 5,196,051
1,428.610 10,181,906
1899 provision was made for guaranteeing the remainder upon the payment
of $10 per bond. Both B . Q. O. & S. loans are subject to call from 1916.
Total deficit....................................... $6,750,572 $1,834,361 $13,179,454
18
Deficits in city’s charges during temporary operations to be added to
the cost of construction of city-owned lines. Compare V. 106, p. 1348.1795
V. 107, p. 703.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
*13,900,000 Dec 18 I k
Com stock. $13,900,000 ($ 1 0 0 )____
Q-M
Pref stock, *5.000,000 ($100)______
Q-M
5.000,000 D e c ’ 18 l k
Bklyn Un El 1st M , $15,967,- f 1899
5 g F-A al5.956.000 Feb 1 195<
000, gold, 4% till 1905,-jInterest at Central Trust C o ., New York
Trustee.
since 5% ($1,000)...........tf
Kings County El _ M , gold, 1899
_____ ___
1st
4 g F-A
a6,980.000 Aug 1 194V
$7,000,000 ($1,000) c »n tftin t, at Central Trust C o.. N . Y .. Trustee
a T o remain undisturbed under terms of reorganization plan (see B . R . T .
above).
Bonds.— Bonds o f the Brooklyn Union and Kings County Elevated RR
companies are guar. p. & i. by Bklyn. Heights R R ., guaranty to be stamped
upon bonds upon presentation. In Feb. 1902 began stamping bonds with
guaranty. Certain days each month are designated for stamping. See
v . 106, p. 188. Both Issues are listed on N. Y . Stock Exchange.
DIVIDEN DS.— The first d iv., o f 2% , on the old Bklyn. Union Elevated
R R . pref. stock was paid June 29 1901; in 1902 and 1903, 3% ; in 1904,33$ %
In 1905, 4% ; in 1906, 4*4%; in 1907 to 1911, incl., 5% per annum: in 1915
June. 2M % : Dec., 6 % . On com ., 1st div., 5% , paid June 10 1910; Dec.
2 H % . In 1911, 5% . In 1912, June, 234%; D ec., 6% .
In N ov. 1912 became part o f the N . Y . Consol. R R . Divs. on botb
classes o f stock of the latter have been as follows: In 1913. June, 5%
Sept., \ % % \Dec., 1 k % • la 1914.834% . In 1915 to and incl. July 1918
at the rate o f 10% per annum. In Sept, and Dec. 1918 1H % quar. wai
paid on both classes o f stock. None since.
R O A D .— Embraces 232.581 miles of rapid transit track, of 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 citj
have been completed, will consist of approximately 285 miles of track. In
cluding trackage rights over the Astoria and Corona (Queens County) line*
enjoyed mutually with the Interborough Rapid Transit Co.
OFFICERS.— Pres., John H. Hallock; Sec., J. H. Bennington; Comp.,
Howard Abel.— V. 112, p. 744; V. 116, p. 721, 1650, 1760.
(a) New York M unicipal R ailway C orporation.
Receiver Appointed.— See B. R. T . above.
Reorganization Plan.— See B. R. T . above.
t
OR GA N IZA TION .— lncorp. in N . Y . on Sept. 27 1912 to operate th
enlarged transit system (elevated roads and subways) covered by the agree
ment between the company and the city, and to construct and own sucb
parts o f the system as are scheduled for private rather than public owner
ship. V. 95, p. 818. The lines to be constructed by the city are leased to
the company for a period of 49 years from Jan. 1 1917 and are operated
by the company in connection with the previously existing railroads of the
New York Consolidated RR. Co. (as enlarged and extended) as one system,
and for a single fare. The city-constructed lines may be recaptured by the
city after 10 years upon payment to the company o f a fixed percentage of
the latter’s Investment In construction and equipment (115% at the end of
10 years and a gradually diminishing amount in succeeding years), so that
the company will receive an amount which, with the accumulations of its
■Inking fund, will at least make good its investment.
In March 1913 the P. S. Commission approved a contract with the Brook
lyn Heights R R . for the use of the Lutheran Cemetery line. This line was
elevated and was placed ir> operation Feb. 22 1915. V. 100, p. 732.
LEASE TO N . Y . CONSOL. R R .— On Mar. 26 1913 the P. S. Comm,
sanctioned the lease and assignment to the N . Y . Consol. R R . o f all rights
under the contract with the city respecting new rapid transit lines. (See
V. 96, P- 360, 947). The company also transferred to the N . Y . Consol
R R . the certificates for extensions and additional tracks, as well as certain
real estate in Brooklyn and the above-mentioned contract with the Brooklyn
Heights R R . legarding the Lutheran Cemetery line. The lease calls for
6% dividends on the N . Y . Municipal R y. Corp. stock.
The Municipal Ry. Corp. agrees to furnish all the money necessary to
carry out the terms of the dual system contracts and has the option of doing
all the construction work and acquiring all the equipment, or of requiring
the Consolidated Co. to do so on reasonable notice.
In August 1913 th ■P. 8. Commission granted authority to Issue $400,000
additional stock, of which $100,000 was Issued in April 1915. Up to June 30
1919 only $200,000 stock out all owned by New York Consolidated RR.
In March 1916 the co. applied to P. S. Comm, for auth. to issue $697,500
additional stock to reimburse the B. R. T. for commissions and fees for
counsel paid out in connection with the dual subway system financing.
Still pending.
Default on Bond Int.— See B. R . T . above.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, $2,000,000 ($100)_____All the $200,000 out owned by N . Y . Consol.
First mortgage, $100,000,000) 1912
5 g J-J
S al,997.000 Jan 1 1966
($1.000 & $500), e.c* & r.tf lin t, at Central Trust C o.. N . V .. Trustee,
a Under reorganization plan (see B. R . T. above) each $1,000 bond
(carrying all defaulted int. coupons) is to be exchanged for $1,100 new 6%
bonds, $100 new 6% pref. stock, $50 cash.
Bonds.— Guar., p. & L, by B. R. T . and N . Y . Consol. R R .$ 60,000,000
were issued and pledged as security for B .R .T . secured notes. $2,265,000
of said notes were converted into bonds of this issue. Right of conversion
terminated Jan. 1 1916. Semi-annual sinking fund began July 1 1918
(minimum, .3175%; maximum, 34%)- Bonds are subject to call as a
whole, but not in part, except for sin king fund, at 1 0 7 on 90 days' notice
See V. 101, p. 2072. Listed on N . Y . Stock Exchange in June 1916.
V. 108, p. 2123; V. 112, p. 744. 1617, 2084; V. 116, p. 721, 1650, 1760.
(2) Nassau Electric R ailroad.— A trolley road.
Receivership.— See B. R. T. above.
Reorganization Plan.— See B. R. T. above.
O R G A N IZA TIO N .— Chartered Mar. 13 1893 under the laws of New
York. Opened In July 1895 and in April 1896 leased the Atlantic Avenue
R R ., A c. As stated above, the Rapid Transit Co. 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. For order requiring universal transfers, effective
June 1 1914, see “ Brooklyn Rapid Transit C o.’’ further above.
For lease of Coney Island terminal to the N. Y . Consol. R R .. see remarks
under that company aboveand under Brooklyn R . T . C o.in V. 101, p.447.
Default.— See B. R . T . above.
STOCK AN D BONDS—- Date.
Interest.
Outstanding. Maturity•
Common stock, $8,500,000---- ------------------$8,500,000
________
Preferred 4% cum, $6,500,000 ____
M -N
6,500,000
aee text
“ Birney Safety” equip t r u s t ) -----6%
208,000 ---------------ctfs Trust No. 4, Series “ A ” /Fidelity Trust C o., Philadelphia, trustee.
Series “ B ” certificates_______ _____
_______
129,000 ---------------Bonds.— For details see Rapid Transit statement above.
Equipment Trust Certifs.— Series “ A ” were issued by the Fidelity Trust
C o., trustee, and are secured by assignment of a lease covering 73 Birney
one-man safety cars, for which purchase money notes aggregating $372,926
of Lindley M . Garrison, receiver o f the Nassau Electric R R ., B. R. T.
System have been deposited. These cars were acquired under lease by the
receiver, on order o f the Court, and with the approval of the N. Y . P. S.
Commission. This issue represents about 50% of the selling prices of these
cars, the balance having been paid in cash (20% ), and by an issue of $129,000
Series “ B ” certificates which are deferred in lien. V. 110, p. 465.
ROA D .— 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 Station in Brooklyn, 934 miles (19 miles of track), which is leased
for 99 years from June 1 1877 to the Long Island R R . C o., affording that
company entrance into the city o f 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.
[V ol. 116.
ELECTRIC RAILW AYS
(3) Coney Island & B rooklyn R R .
Receivership.— See B . R . T . above.
Reorganization Plan.— See B. R. T. above.
in Dec. 1913 the Coney Island & Gravesend R y. (subsidiary of the Bklyn.
Sap. Transit) received permission from the P. S. Comm, to acquire 26.370
shares of the stock of this company. Coney Island & Gravesend R y. owns
$2,637,000 and the B. R. T . $49,500 of the c o .’s stock. Bklyn. Rap. Tran
Co. owns $625,000 consol, mtge. bonds of 1904.
ORGANIZATION.— Chartered Dec. 10 1860. Cars commenced run
alng over the Brooklyn Bridge Feb. 15 1898. See V. 66. p. 383.
Brooklyn City & Newtown was leased in Nov. 1897 for 999 years. In
1900 acquired all the stock of that company, but legal proceedings comoleting merger with Coney Island & Brooklyn were not effected until 1910.
Default.— See B. R . T . above.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Last div.&c
6 Q-M
$2,983,900 June ’ 18. 1J4
Stock. $3,500,000 (par *100).............
Bonds.— See B. R. T . above.
ROAD.— First track, 23.178 miles; 2d track, 22.490 miles; misc. track,
6.948 miles; total oper.. 52.616 miles. 460 passenger and 26 service cars.
D IVIDEN DS.— In 1895, 6% ; in 1896. 5% ; In 1897. 6% ; in 1898. 814% ;
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, 134%
Dec., 3 % . In 1916 and 1917, 6 % . In 1918, M ar.. 1 J4%: June, 1>4%None since.
OFFICERS.— Sec., J. H. Bennington; Comp., Howard Abel.— V. 106,
p. 924: 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.
( 4) P rospect Park & C oney Island RR.
ORGANIZATION.— In Oct. 1915 the P. S. Comm. auth. the South
Brooklyn Ry. (controlled by B. R. T .) to purchase at $200 per share the
1,768 34 shares owned by the L I. RR. 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 o ff during
1920. V. 113. p .5 3 4 .
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
$250,000 ....................
Stock. $100............... ..............................................
ROAD.— Embraces 9.281 miles o f first track, 8.399 m. second track
8.327 m. sidings, &c.; total, 26.007 miles.
EARNINGS.— Now included in those of B. R . T .— V. 113, p. 534.
MANHATTAN BRIDGE THREE-CENT LINE.
ORGANIZATION.— lncorp. In New York. Began operat’g in Sept. ’ 12.
Franchise to operate from Flatbush Ave. (Brooklyn) to Manhattan ap
proved by the P. S. Comm, on Aug. 14 1912.— V 94 p. 9 1 2 :V .9 6 ,p . 420.
See also V. 114, p. 2823. See decision regarding franchise in V. 116, p. 296.
For two decisions Handed down by the Appellate Division of the Supreme
Court favorable to the co., see V. 97, p. 1733. See also V. 106, p. 1797;
V. 114, p. 2823.
STOCK.—Authorized, $1,000,000; outstanding. $450,000.
Dividends.— Initial quar. dividend of 134 % paid Mar. 1914 (V. 98. p-523);
same rate quar. to and incl. March 1916. None to June 1918, when 134 %
was paid. Same rate has bien paid regularly quar. since to and incl.
March 1923.
ROAD.— Operates 4.02 miles of track from Canal St. and Bowery.
N. Y .. over Manhattan Bridge, through Flatbush Ave. extension to Ful
ton St., Bklyn. 16 cars.
Vear end.
Gross
Net
Other Taxes.Rents, DiviBalance,
June 30— Earnings Earnings. Income. Amort. ,<%
c. dends.
Sur. or Del.
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
1919-20--. 241,499
54.145
3.235 33,575
(5) 22.500 sur 1,305
Total surplus June 30 1922, $19,704. Passengers carried during 1921-22,
11.251,873. In 1920-21, 11,560,501 were carried, against 9,105,790 in
1919-20.
OFFICERS.— Pres., Fred’k W. Rowe; V.-Pres , Frederick D. Mackay
and Chas. J. Edwards; Sec., Walter Hammitt; Treas., Ed. T. Horwill.—
V. 97, p. 1733; V. 98, p. 523; V. 106, p. 1797; V. 114, p. 2823; V. 116, p. 296.
VAN BRUNT STREET & ERIE BASIN R R .— A trolley road.
ORGANIZATION, &c.— Chartered Feb. 15 1861. In August 1919 and
again in July 1920, the P. S Comm denied the C o.’s application for auth.
to increase fares from 3 to 4 cents. V. 109, p 677; V. 111. p 390Stock.
$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, $63.4)1; 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.
BUFFALO, N. Y.
BUFFALO & LAKE ERIE T RACTION CO.— A trolley road.
Receivership.— On application of the New York Trust C o., mortgage
trustee, Justice Brown in the Supreme Court at Buffalo on July 7 1915.
appointed Geo. Bullock receiver. V. 101. p. 129.
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
the State of New York, effective Sept. 15 1920. The Court, however, has
authorized the receiver to continue operation until further instructions are
issued. The request of the company that it be allowed to dismantle the
road was denied. The Court directed the receiver to advertise for bids
for the property in full or in part. In Oct. 1920 all bids received were
rejected. V. I l l , p. 1660. The line between Fredonia and Dunkirk is
excepted 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. No further developments.
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 requested the bondholders to deposit their bonds
with Equitable Trust C o., 37 Wall St., N . Y ., as depositary, or the Girard
Trust Co. of Phila. as sub-depositary.
The aforesaid committee also drew up a plan ot reorganization (see
V. 97, p. 297. but in Dec. 1913 the plan was abandoned.
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.
ORGANIZATION.— Incorporated in New York and Pennsylvania in
Dec. 1906 and is a consolidation of the Hamburg R y., the Dunkirk & Fre
donia R R ., the Buffalo Dunkirk & Western R R ., the Lake Erie Electric
Traction Co. and the Erie Rapid Transit Co. Leases the Erie Electrio
Motor Co. for 999 years, which company leases the Erie City Passenger R y .
for 999 years from Oct. I 1888 and the Erie Reed Park & Lakeside Street
Ry. for 999 years from March 1 1901. In 1909 leased the Buffalo <t
S
Lack. Trac. Co. for 999 years (V. 88, p. 1001), but this lease was canceled
in 1919. However, a new operating agreement with this co. has been made
providing for operation of interurban and freight cars into Buffalo.
Also owns all the outstanding stock of this co., and guarantees the bonds.
Also owns all stock ($750,000, ah out) of the Dunkirk Street R y ., which
company has a franchise in Dunkirk and has built about 5 miles of track.
On July 17 1919 applied to N. Y . P. S. Comm, for auth. to sell to the
Niagara Lockport & Ontario Power Co. 480 shares of the Niagara & Erie
Power C o.'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
tance of 34 miles, &c. V. 109, p." 887. Transfer was completed April 1
1920. See also V. 112, p. 2419, under caption “ Niagara & Erie Power Co.
Extension to Erie, Pa., proposed. See V. 116, p. 514.
The receiver has been authorized by the County Court at Erie, Pa., and
Supreme Court at Buffalo, N. Y ., to issue $1,544,200 receiver’s certificates
to provide funds for improvements and extensions, of which $920,000
were issued and outstanding Aug. 1 1921.
Fare Decision.— In July 1918 the Penn. P. S. Comm, dismissed the com
plaints against a fare increase holding that an electric railway may Increase
Its fare beyond the 5-cent limit specified in a franchise ordinance when it
is necessary to do so to obtain enough revenue for operation and mainte*
nance purposes. V. 107, p. 500.
Rates.— Effective Dec. 26 1920, interurban fares were increased to 3.6
cents per mile. Effective Sept 1 1920, freight rates were raised 40% .
In
Oct. 1920 was auth. to increase cash fares to 8 cents. V. I l l , p. 1660.
Valuation.— On Oct. 12 1920 the Penna. P. S. Comm, fixed the valuation
o f the “ Erie Division” at $4,100,000 for rate-making purposes. V. I l l , p.
1660. For further details see V. 112, p. 468. Valuation of properties
outside o f Erie placed at $775,000. See V. 114, p. 1532.
Date. Interest. Outstanding.
Maturity.
STOCK AND BONDS—
$5,000,000
.................
Common, $5,000,000------------............................
Pref, 5% . $2,500,000, cum 1 ............................... 2,500,000 .....................
from July 1909---------------5 g M -N
7,066,000 N ov 1 1936
1st and ref mtge, $12,000,- I 1906
000, gold ($1,000) ------c * t f (Interest at New York Trust C o., Trustee.
5 g A-O
1,250,000 Apr 11941
Erie El M 1st ref sink fund, I 1901
$1,250,000, gold ($1,000). Interest at New York Trust C o., Trustee.
New York City.
Cannot be called------- c* tf
Hamburg Ry 1st M , $750,000, gold ($1,000) ______ tf
Dun & Fred ref M. $100,000,
gold ($100, $500 & $1,000)
Receiver's certificates----------- 1906
4 g M-N
745,000 N ov 1 1926
Bonds.— Of the $12,000,000 Int. at Equitable Trust C o., reservedTrustee.
new bonds, $2,034,000 are N. Y ., to take
1902
5 new
up a like amt. of underlving liens. These g J-Jbonds are39,000to call 1 1952
subj. July on any
Fidelity Trust C Elec. M otor ref. bonds are
interest date at 110 and interest. The Erie o., Buffalo, Trustee.
810.000
secured by deposit of entire stocks of the Erie City Pass. Ry. and the Erie
Reed Park & Lakeside St. Ry. A sink. fd. of 1% ann. on these bds began
Apr. 1 1906 and was increased to U i % in 1916. The Hamburg Ry.
bonds are no longer subject to call. The Dunkirk & Fredonla refunding
mortgage bonds are subject to call on any Interest date at 103
EA R N IN G S.— For vear end. June 30 1922 gross esrnings, $1,856,116
net, after taxes, $>0,409; deficit, after deducting all Interest charges (In
cluding int. on Buff. & L. E. Trac. 5% bonds), &c., $446 143.
R OAD.— 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 Bifllock; Pres. P. C. Schutrum; Gen. M gr.,
A. R. Myers; Treas. & Asst. Sec., A. F. Tideswell.— V. 108, p. 77, 267;
V. 109, pf 887; V. 110. p. 1972, 2291; V. I l l , p. 293, 791, 1032, 1277, 1660;
V. 112, p. 46S, 743, 2747; V. 114, p. 1532; V. 115, p. 1209, 1836.
!
Cl) B u ffalo & Lackaw anna T ra ctio n Co.
Receivership.— In Dec. 1918, upon application of the City Trust Co. of
Buffalo, Harry Evers was appointed receiver for the co.; this action being
the result of a petition of the Buffalo & Lake Erie Traction Co. for auth. to
abandon its lease of the co.'s line. V. 107, p. 2475.
Default.— On Dec. 1 1918 the Buffalo & Lake Erie Traction Co. defaulted
In the payment of int. on the c o .’s $1,160,000 5% bonds. V. 107, p. 2475.
As of Oct. 1 1922 this int. was still in default (subsequent coupons also in
default).
O RGAN IZATION .— Incorporated in New York In June 1906 to furnish
an entrance into Buffalo for Buffalo & Lake Erie Trac. Co. In April 1909
was leased co Buffalo & Lake Erie Trac., for 999 years, 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 Buifalo
Stock, $100,000 authorized, of which .$55,000 is outstanding and owned by
Buff. & Lake Erie Trac. Co. Has universal transfers throughout the city
of Buffalo through contract with Inter. Ry. 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.
1st mtge, $1,500,000, goidf 1908 5 g J-D
$1,160,000 Dec 11928
($1,000), guaranteed._ctf lInterest at New York Trust C o., Trustee'
Bonds are subject to call at 110 and int. They have no sink. fund. Re
maining bonds are reserved for betterments and extensions at 85% of cost*
B onds guar. prin. and int. by Buffalo & Lake Erie Trac. Co. V. 90. p. 235R O A D .— 3.90 miles owned and .52 miles leased and used jointly with
Int, Rys. Co.; 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 R A ILW A Y CORPORATION .
ORGAN IZATION .— Organized in 1921 to take over the line of the
Buffalo & Depevv Ry., which was bid in by John J. Lenahan & 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
agreed to waive the back taxes in return for an agreement from the |new
company to operate the railway for a period of at least three years. V. 112,
p. 2642.
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,
_____
p. 1674.
ERIE COUNTY TRACTION CORPORATION .— A trolley road.
ORGANIZATION.— Incorp. in N. Y . on N ov. 24 1919 to take over the
rop«rtv of the Buffalo Southern Ry. (for history, see "Electric Railway”
implement of Nov. 15 1919;. The new company assumed control Jan. 1
1920. Tne holders of the a>600,000 Buffaio Southern Ry. 1st M . 5s received
for each $1,000 bond $250 par vaiue o f Income bonds and $750 stock of the
new company. Fi anchisis perpetual.
STOCK AND BONDS—
Date.
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
E A R N IN G S — For cal. year 1922, gross, $120,597; net, $18. In 1921,
g ross, $ 1 3 1 ,6 9 5 ; n e t, $ 1 3 ,9 2 5 .
In 1920, gross, $13 5 ,7 2 8 ; n e t, $ 2 ,4 6 1 .
R O A D .— Operates from Buffalo to Hamburg, East Hamburg and Orchard
Park, 1544 miles; also has a line from Buffaio through Gardenville and
Ebenezer to Lien's Park, 5M miles. An extension to East Aurora, 15
miles is under construction, 5 4a miles completed. 60-lb. T and 80-lb.
girder rail. V. 109 p. 2439; V. 110 p. 969; V. 113 p. 2079.
E
BUFFALO & WILLIAMSVILLE ELECTRIC R Y.
O R G A N IZA TIO N .— Incorporated in New York July 1 1891. In xMay
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 M ay 1914 Batavia Traction Co. purchased the tracks, rolling stock,
property, & c., o f 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 WiUiamsville, by establishing zones. V. 110, p.
658.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Stock ($3,500,000 au th orized )------------------$75,000 ---------------1st mtge, $3,500,000, goidf 1904
5 g J-J
168.500 July 11944
($500 and $ l,000)-.c* & r * )ln t. at City Trust C o., Buffalo, Trustee.
Bonds.— Are subject to call on any Interest date at 105.
EARN INGS.— For cal. year 1922, gross, $44,512; net income, $7,150.
In 1921, gross, $51,429; net income, $8,084.
ROAD.— 6.65 miles o f track, Buffalo to WiUiamsville. Rails 85-lb. T.
Gauge 4 ft. 8H 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.
ORGAN IZATION .— Incorp. in N . Y . on Feb. 20 1902 with $10,120,500
stock, and in Aug. 1902 this was increased to $17,000,000. and in August
1920 further increased to $17,500,000, o f which $16,707,500 has been
Issued (all of which was owned by the International Traction Co. up to
1920—See V. I l l , p. 1752), as a consolidation of the following companies,
whose shares had previously been held by the TractionCo. V. 74, p. 427.
Buffalo Railway C o. (after Buffalo Traction and Buffalo Bellevue &
Lancaster had first been merged in the same).
19
ELECTRIC RAILW AYS
A pril, 1923.]
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 . Oo.
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 c o .’s
stock, see “ Electric Railway” Supplement o f Apr. 30 1921.
New Line.— The P. S. 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 and North Tonawanda to Niagara Falls,
16 miles, over private right of way. V. 103, p. 1032; see also V. 107, p. 696.
V. 113. p. 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 Ifrom 1916) to
run. The franchises of the lines outside of Buffalo are either for various
long-terni periods or are without time limit
Service at Cost Proposed.— In Feb. 1923 the co. declared Itself ready to
accept a “ service-at-cost” plan patterned on the Cleveland plan. For
summary of proposed city-company contract see V. 116, p. 935.
Fares.— On April 18 1920 the comoany out into effect, with the P. S.
Commission’s approval, a 7-cent fare, tickets being sold at 61< cents.
V. 109, p. 1986; see also Y. 109, p. 2172; V. l l l . p . 188, 493, 895; V. 115, p.
2046. Compare “ Electric Railway” Section of Nov. 15 1919, page 17,
under caption “ Fares and Wages.” Effective M ay 1 1921, the co. under a
joint tariff covering passenger traffic with the Niagara Gorge R y. put into
effect increased rates. See V. 112, p. 2537.
Strike.—-On July 1 1922 the company’s employees went on =t"ike. following
a reduction in wages. For details see V. 115, p. 73, 183, 759, 868. Com
pare V. 116, p. 515.
Damage Claim Against City Filed.— The co. in Oct. 1922 filed a claim of
$3,805,250 for damages alleged to have been incurred through the failure
of the city to furnish adequate protection during the strike which started
July 1 1922. Y. 115, p. 1837. In Nov. 1922 a similar claim but for alleged
damages aggregating $4,960,000 was filed with the County of Erie. V.
115, p. 2267.
Important Rate Decision.—-See V. 109, p- 370.
Buses Restricted.— See V. 115, p. 2046.
Judgment against Company.— In April 1922 it was reported that a jury
before Supreme Court Justice M cA voy had given a verdict for the Bankers
Trust Oo. for $455,178, for balance due on a loan made to the International
Traction Oo. in 1917 in connection with a bond issue of $2,667,000. The
case has been appealed.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity •
________ $16,707,500
...........
Stocks $17,500,000 (v. t. c .)_______
Internat Ry ref & Imp mtgel 1912
5 g M-N
16,045.200 Nov 1 1962
$60,000,000. gold___ c*&r/Bankers Trust C o., New York, Trustee.
Internat Ry 5-yr coll tr bds
1920 7%
226.000
1925
Buffalo Ry 1st con mtgef 1891
5 g F-A
4,784.000 Feb 1 1931
($1,000) $5,000,000,8, c*&r) Int. at C o.'s office. Buff., E.W . Clark & O o„
l Phlla., or Bankers Tr. C o., N. Y .. Trustee.
sTonawanda St RR 1st M ,f 1892
6 J-J
60,000 Jan 1 j.926
(closed)--------------------------- (Interest at company’s office, Buffalo.
oTonawanaa Electric RR 1st! 1895
6 A-O
40.000 April 1 1927
m tge____________________ /Interest at company’s office, Buffalo.
SCrosstown St Ry 1st mtge, g) 1892 5 g M -N
62.533.000 May 1 1932
(closed) gu p & 1-----------c* / Int. at Metropolitan Tr. C o., N. Y ., Trustee.
Buffalo Traction 1st mtge,) 1898 5 g J-D
673.000 Dec 1 1948
(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 p a r)./In t. at Buffalo Trust Oo Buffalo.
Buff & Nlag Falls Elec Ry— 1 1895 5 g J J
695.000 July 1 1935
1st M $750,000. gold____c/Interest at Bankers Trust C o., New York.
Buffalo A Lockport 1st mtge,) 1898 5 g J-J
500,000 July 1 1938
gold. $500.000___________ (Equitable Trust C o., New York, Trustee.
Niagara Falls Suspension 1897 5 g J-J
109.000 Jan 1 1928
Bridge, Clifton Suspension)Toronto General Trusts Oorp., Trustee.
B rid g e----------------------------lint at American Exch. Nat. Bank, N . Y .
Lewiston Connecting Bridge! 1898 5 g A-O
125,000 Oct 1 1928
Co, Queenston Heights)Toronto General Trusts Oorp., Trustee.
Bridge Co------------------------ [Int. at American Exch. Nat. Bank. N. Y.
aNiag Palls & Susp Bridge R y . 1893 0 J-J
518.000 July 1 1923
aNiag Falls Whirlpool & No Ry 1894 6 J-J
22.500 Toly 1 1923
Equip, trust certificates______ _____
6%
38.000 M ay 1 1923
Real estate mortgages------------ -------6-7%
283,082
1923-25
6 Of this $350,000 owned by International Railway C o., and $97,000
held in sinking fund.
Bonds.— Of the International R y. refunding and improvement bonds,
$10,186,500 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. S. 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 of the company 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 $641,500 of the outstanding
underlying bonds to a total par value of $12,651,500. $1,198,800 have been
acquired by sinking fund. The bonds are secured by a 1st M . on about.
43 miles of track (incl. 15M 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 Internat. Ry. 5-year 7% coll. tr. bonds are secured by $339,000 In
ternat. Ry. ref. & impt. 5s. The Tonawanda Elec. R R . 1st 4s, due origi
nally on Apr. ] 1907, were extended as 4s to Apr. 1 1917, and in 1917
again extended to Apr. 1 1927 at 6% . The Tonawanda Street R R . 1st 6s,
originally due July 1 1922, were extended to Jan. 1 1926 at 6 %. The
Niagara Fills & Suspension Bridge Ry. bonds of 1893 and Niagara Falls &
Whirlpool Northern bonds of 1894 given in the table above matured in 1903.
These were extended, maturity now being July 1 1923 and bearing interest
at 6%.
R E PO RT.— Of International Ry. for 6 mos. ending Dec. 31 1922 and
years ending Dec. 31 1921, Dec. 31 1920 and June 30 1922:
Years Ending—■ 6 Mos.Dec.31’22.Yr..June30’22 Dec.31’2 l.
Dec. 31 '20.
Total income------------------$2,166,983 $10,746,777 $10,900,982 $11,273,696
Operating expenses_____ 5,290,695
8,215,512
8.583,472 a8,942,124
T ax es-------------------------203,929
751.229
718,443
674,365
Operating income----- def.$3.327,641
Interest, rents, &c------779,874
$1,779,936
1,495,043
$1,599,067
1,499,956
$1,657,207
1,657,207
Balance over charges-df$4,107,515
$284,893
$99,111
None
a The formula for deprec. and renewals adopted by the P. S. Comm, [as o f
Nov. 30 1919] when granting the 7-cent cash fare— 4 tickets for 25 cents—
for the City of Buffalo, represents and annual charge o f $1,016,000. During
the year 1920 the gross revenues after providing for operating expenses
maint., taxes and fixed charges left but $866,430 available for deprec. and
renewals, or $149,570 less than the full appropriation required. This
$866,430 is included in the year’s operating expenses.
ROAD, &c.— Total miles of track, incl. second track, crossovers, sidings
&c., 437.693 miles. Gauge, 4 ft. 8M in. Rail (steel), 45 to 145 lbs. 1 .111
cars of all classes, including 920 passenger cars. Greater part of electrical
nergy used is purchased from the Niagara Falls Power Co. and its allied
o., the Buffalo General Electric Co.
OFFICERS.— Pres., H. G. Tulley; V .-P ., E. J. Dickson: V .-P. & GenCounsel, Thomas Penney; V .-P ., II. L. Mack; V .-P., R . H. Horton; Sec. &
Treas., C. A. 'WeberTreas., C. A. Weber; Comp., F. T . Nelson; Aud
Charles A. C havel— V. 113, p. 2613; V. 114, p. 1063, 1651, 2013; V. 115.,
p. 73, 183, 759, 868, 1837, 2046, 2267; V. lid , p. 515, 935.
30
ELECTRIC RAILW AYS
BURLINGTON, IOWA.
UNITED UTILITIES C O RPORATION .
ORGAN IZATION .— Incorp. in 1912 in Delaware as the Burlington Ry.
& Light Oo., and acquired the People’s Gas & Electric Co. and old Burling
ton Ry. & Light Co. Name changed to present title in Oct. 1921. Does
entire municipal and commercial electric lighting and power business in Bur
lington, Delta, Martinsburg, Fremont, Mediapolis, Wapello, What Cheer,
West Burlington, Sigourney, Hedrick, Thornburg, Winfield, Milton and
Morning Sun, all in Iowa. Also owns steam-heating and gas plants.
Railway franchises are perpetual, except for two suburban extensions of
minor importance. Lighting franchises in Burlington expire in 1927.
STOCKS AND BONDS— Date.
Interest. Outstanding
Maturity.
Common, $3,000,000.........................
- ...........
$1,500,000
...............
Preferred $2.000.000 6% cum ______
6 J-J
1,000.000 ............... . _
First mortgage. $7,500,000. gl 1912
5 M-3
1.680,000 Mar 1 1932
($1,000) sinking fd___c * tfj Int. at Equit. Tr. C o., N . Y ., Trustee.
Bowls.— Remaining bonds are for additions, betterments or extensions,
under certain restrictions, at 80% o f cost. Callable at 105 and int. on any
int. day on 3 months’ notice. Sinking fund o f 5% o f gross earnings began
July 1914. V. 05, p. 678.
EARN ING S.— For years ending D ec. 31:
1917.
1916
1915
1914
1913
Gross revenue.............$431,580 $427,285 $405,352 $4Q9,8i8 $366,614
Net (after taxes)___ 176,124
186,703
182,508
182,373
177,349
ROAD.— Owns and operates about 23 miles o f track In Burlington
and its suburbs. 66 to 85-ib. T rail. 62 passenger cars.
OFFICERS.— Pres., E. C . Walsh; V .-P ., M . A . Walsh; Sec. & Treas.,
J. W . Walsh; Gen. M gr., C . H. Walsh.— V. 108, p. 2240; V. 113, p. 1676.
BURLIN GTON , VT.
BURLINGTON TR AC TIO N CO.
In Aug. 1921 the company increased the capital stock from $200,000 to
$400,000. Compare V. 112 p. 161.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Stock. $200,000 (par $100)_______ Q-F
$200,000
See text
30-year bonds. $500,000— t f 1912
5%
350,000
1942
Bonds.— Th® remaining $150,900 bonds can only be issued with permis
■ion of Public Service Commission.
Dividends.— Previous to 1903 , 4% yearly. From 1903 to 1912. 8%
yearly. In 1912. 1913 and 1914. 8% .
In 1915. Feb . 2 % ; May. 2 L ;
*
and same rate quar. to and incl. N ov. 1921. In A u g. 1922 \ 'A% was paid.
Nov. 1922, 1 A % .
12 dos. ending—
Gross.
Net.
Charges.
Divs.
Sur.orDef.
Dec. 31 1922_________$206,007 $41,200 $17,500 $21,000 sur.$2,7Q0
Dec. 31 1921_________ 191,947 28,703
17,500
20,000 sur. 1,202
R OAD.— Owns 12 miles o f track In city o f Burlington. Rails 60, 70
and. 75-lb. T . Owns 15 closed cars?, 17 open cars, 2 convertible cars, 2 snow
plows, 1 sweeper.
OFFICERS.—Pres.. Ellas Lyman; V.-P. & Treas., Jno. J. Flynn; Ssc .
O. W . Brownell.— V. 94, p. 1185; V. 109, p. 676, 981; V. 112, p. 191.
BUTLER, PA.
BUTLER RAILW AYS CO.
ORGAN IZATION .— Incorp. July 1 1917 In Penn, as successor to
the Butler Passenger R y., the City Division of the Pittsburgh & Butler
By. (the Interurban Division o f which was sold under foreclosure M ay 9
1917— see Pitts. Mars & 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.
Fare Increase.— In April 1920 the company filed with the Penn. P. 8.
Oomm. a new tariff effective M ay 1 1920, increasing cash fares from 7 to 10
cants and ticket rates from 6 !£ to 7 A cents. V. 110, p. 1748.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
_________
$250,000 ---------------Stock $300,000 ($50)______________
First mortgage $300,000 gold f 1918
5 g J-J
250,000 Jaa 1 1948
($500 & $1,606)___c*& r.tf( Int. payable at Butler Co. Trust C o., trustee,
■
1 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.
BO A D .— Operates 13.28 miles o f track in BUtler. Rail (girder, except
254 miles T ), 65-lb3. Gauge, 5 ft. 2 in.
OFFICERS.— Pres______________ ; V .-P ., J. V. Ritts; Sec.-Treas. and
Gen. M gr., R. E. Sprenkla,— V . 110, p. 1748.
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 Butts Consolidated R y ., sold at foreclosure.
Interest due on Mar. 1 1915 was paid 8apt. 1 1915 and subsequent cou
pons due March 1 and Sept. 1 1915 and March 1 1916 ware paid 6 months
after they became due. Subsequent coupons paid when due up to and incl.
Sept. 1918. Reports state that the March 11919 int. was not paid when due.
V. 108. p. 1822. No later information.
Strike Settlement— Wages.— V . 107, p. 694; V. 110, p. 2657.
Fares.— In Aug. 1919 was auth. by the Montana P. 8. Comm, to Increase
fares from 6 to 7 cents. V. 109, p .676 . Effective June 10 1920, was auth.
t© increase fares to 8 cants V. 111. p. 73 Effective July 20 1921, cash
fares were raised to 10 cents. V . 113, p. 530.
Date.
Interest. Outstanding. Maturity.
STOCK AND BOND8M -N
$1,000,000 Oct ’OS, 2%
Btoek. $1,000,000 (par $ 1 0 0 )..-----5 g M-S
900.000 Mar 1 1925
m _____________ ____ $1,000/ 1900
M . $900.000. gold, r
jic h ________________c*cpfcllnterest at W . A. Clark & Bro., Butte.
Bonds.— May be called for payment on Mar. 1 1916. or on any interest
oay thereafter. Sinking fund of 10% par vaiue of bonds began Mar. 1 1916.
Dividends.— In 1905, 4 % ; in 1906, M ay. 2% ; Oct.. 2 % ; none since.
EA R N IN G S.— For cal. year 1919 and years ending June 30:
Year—
Gross. Net (aft. Taxes). D eprn.
Interest.
Balance.
1 9 1 9 _______ $700,321
$17,979
$60,784
$45,000
def.$S7,S05
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.
R OAD.— Operates 39.0857 miles o f track. 56-60-80-85-90-lb. T rails.
31 passenger and 4 work cars.
OFFICERS.— Pres., W . A . Clark. Butte; V .-P ,W . A . Clark, Jr.; Sec. A
Treas., J. H. Anderson, 20 Exchange Place. N. Y .— V. 108, 1822; V . 109,
p. 676; V. 110, p. 2657; V . I l l , p. 73; V. 113, p. 530.
CALAIS, MS.
CALAIS STREET R A ILW A Y .— A trolley road.
O R G A N IZA TIO N .— Stock. $50,000 com. and $50,000 pref.; first
mortgage. 1910 (n tf). 6s. J-J, $100,000 due July 1 1930.
R E PO R T .— Gross earnings for cal. year 1921, $57,968; in 1920, $55,697
In 1919, $50,882.
ROA D .— Calais Street R y ., lower wharf to upper bridge, Calais, 4 miles;
84. Stephen Electric R y.. MiUtown, N. B .. to 8t, Stephen, N. B ,, 3 miles;
total. 7 mile8. 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. & Gen. Mgr
Itaajftmin Y . Curran; Supt.. C . F. Pray; all o f Calais, M e.
CANTON, MASS.
'SLUE HILL STREET RA.ILW 4Y,
The co. suspended operations in March 1920 and the road is reported to
Slave been sold for junk. For history see “ Electric Railway Supplement”
o f Oct. 28 1922.
[V ol. 116,
CEDAR RAPIDS, IOW A,
IOWA R A ILW A Y & L IG H T CO.
O R GAN IZATION .— Is a re-incorp. In 1912 of the Cedar Rapids & Iowa
City Ry. & Lt. Oo. and has acauired the properties formerly owned by the
following comoaniesBelle Plaine Elec. Co.
|Marshalltown Lt.. Power & R y. Oo.
Boone Electric Co.
Nevada (Iowa) Electric Oo
Cedar Rap. & Iowa Oy. Ry. & Lt.C o. I Perry Elec. Lt.. Pow & Heat Oo.
Marion Light, Heat & Power Co.
|Tama & Toledo Electric Power Oo
Owns and operates entire electric light and power properties in Cedar
Rapids, Marshalltown, Boone, Marion, Perry. Belle Platna, Btairstown.
Chelsea Tama. Toledo and Nevada, and supplies more than 50 town*
through its high-tension lines; interurban road between Cedar Rapids and
Iowa City and Cedar Rapids, Lisbon and Mount Vernon; the local street
railways in Marshalltown and Boone; the gas plant in Marshalltown and
the heating properties in Cedar Rapids, Boone, Marion and Perry. Inter
urban road is on private right of way. Also does a freight business, ex
changing freight with steam roads.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common $3.000.000_________ _____
_______
$1 700 009
See text.
Pref , $5,000,000, 7% cum _________
Q-M
4.276.804 Mar ’2 3 ,l 3
A
Ced Rap & Iowa City R & L j 1903
5 g J-D
188.000 June 1 1923
1st M $2,000,000 gold ($l,-(Illinois Tr. & Sav. Bk., Chicago, co-trustee.
000)-------------------------- c * tf > Int. at Harris Tr. % Sav Bank Chicago.
1st & ref rntge $10,000,000 g j 1912
5-7-8 M-S 7,337,000 Sapt. I 1932
($500 and $1.000)____ c*tflHarris Tr. & Sav. Bank, Chicago, trustee.
Bonds.— $500,000 1st & ref. bonds bear int. at 7% and $1,000,000 bear
nt. at 8% . The remainder are 5s. The original indenture provided for
nt. at 5% . The extra int. coupons are secured by a gea. rntge. on the
property subject to the 1st & ref. and underlying mtges. The bonds with
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
1932. V. 112, p. 849. Of the remaining 1 & refunding bonds, $188,000
st
are reserved for prior den and remainder are for extensions and additions at
80% of cost for acquisitions, &c., under certain restrictions
Subject to
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% .
Sinking fund is used for redemption of bonds or for extensions and better
ments. V. 95, p 750; V 112, p 849; V. 113, p. 71.
On Ced. Rap. & Iowa City R y. & Lt. 1st M . a sinking fund began April
1 1908 and bonds are subject to call at 107 A & int. See V 77, p. 2279.
Dividends.— 7% is being paid on pref. stock. On common in 1911 to
1914, 2% per annum. In 1915. 4% ; in 1916 and 1917 at the fate of 6%
per annum. In 1921, 1 11-12%. In 1922, Jan., 5-12%; Feb., 5-12%;
M ar., 5-12%; April, A %, and A % monthly since to and incl. Dec. 1922.
EARNING S.— Of combined properties year ending Feb. 28 1923, gross,
$3,337,598; net, after oper. exp., taxes, maint. and renewals, $1,148,009;
annual iaterest charge, $416,250.
ROAD.— Operates an interurban road 44 A miles long on private rightof-way substantially 100 ft. wide between Cedar Rapids, Iowa City and
Lisbon: also local street railways in Marshalltown. Boone and Cedar Rapids.
26 passenger cars, 28 freight; m isc., 9; total, 63 cars. Capacity of power
plants, 48,320 h. p. In the fall of 1917 completed the installation of a
2,000 k. w. automatically controlled hydro-electric plant at Cedar Rapids,
the first of its kind to be put in operation. The company completed in
1921 the installation of a 12,500 k.v.a. steam turbo-generator at Cedar
Rapids.
OFFICERS.— Pres., William G. Dows; V.-P. Treas.,and Isaac B. Smith,
V.-P. John A . Reed; Sec. & Asst. Treas. C. S. Woodward; Gen. M gr.
S. C. Dows, all o f Cedar Rapids.— V. 105. p. 713, 818; V. 103, p. 602; V.
109; p. 776; V. 110 p. 2568: V. 111, p. 896; V. 112, p. 849; V. 113, p. 71.
533; V. 114, p. 1179; V. 115, p. 308.
GEDAR8U RG , WIS
MILWAUKEE NORTHERN RV — An elect,rio foari
New Control.— In July 1922 it was reported that the North American Co.
would acquire control o f the co. V. 115, p. 436.
O RGAN IZATION .— Incorporated in Wisconsin in 1905. Hoaraces 4nterurban system entirely on private right-of-way. Ail franchises were
superseded by perpetual right? under In determ in a te permits In 1919 and She
rates of fare are now solely within the jurisdiction of the Wisconsin R. R,
Commission. Enters Sheboygan over tracks of Sheboygan Electric Oo.
under perpetual contract.
Fare increase.— la July 1918 increased rates from 8 tickets for 25 cents
to 6 tickets for 25 cents, and in Saps. 1920 a straight 5-eent fare with no
tickets was put into effect. V. I l l , p. 1949.
STOCK AND BONDS— Date.
Interest.
Outstanding,
Maturity.
Stock, common, $ 1 ,9 0 0 ,0 0 0 ..____
_______
$ 1.000 000 . . . .
..
1st pref., $400,000, 6% c a m . . ____
______ _
400 000 A p r ’ 22. 3%
2d pref, $600,000, 6 % aon-cum____
M S
600.000 A p r’22. 3%
1.737,000 Ap - 1 1931
1st rntge $4,000,000 gold) 1911
5 A-O
($500 and $1 000)____ c t f l Int. at First Sav. & Tr Oo. MOw Trustee.
Bonds.— Remaining bonds may be issued only when nee earnings are
twice int. charges, incl. bonds to be issued, at not exceeding 75% of cost
of extensions, additions, &c. Subject to caS! at 105 and int
V 9 2 .0 .7 2 5 .
Dividends.— Dividends of 3% paid s,-a. on Ist pref. from Sept 1911 so
Mar. 1914 (incl.). None to Jan. 1916, when 1 A % w n paid
In May 1910
A % and A % each month thereafter to Oct 1916
In Dec 1916 paid
3% . In April 1917.3% . In 1918. 6%
InA priW 9l9paidoffallacoum uated divs. up to April 1 1919. In Oct. 1919, 3% . In 1920, 3% . In
1921,6% . la 1922, Apr., 3% . On 2d pref p lid 3% s -a from Sept. 1911
t o Mar. 1913 incl.
N o n e t o A p r . 1919, w h en 3 % w as paid.
In O c t . 1919,
3% . In 1920, 6%. In 1921, 6%. In 1922, A pr., 3% .
EARN ING S.— For calendar years:
Year—
Gross. Exp. & Tax. Net.
■
Interest.
Divs.
Surnlus.
1921...............$581,659 $404,167 $177,492 $91,965 $60 000 $25,527
1920_________ 629,287 440.877
188,410
90.310 60,000
38,100
ROA.D.— Will be 120 miles long, running u irth from MUwaus.ee to Oadarburg, where It forks, one branch extending to Shebovgan via Port Washing
ton and the other to Fond du Lac. Operates 69 miles of track. Including
HA miles in Milwaukee, between Milwaukee, Cedarburg and Sheboygan.
Is double-tracking the line between Milwaukee & Cedarburg, 10 miles
completed. Gauge, 4 ft. 8 A in
70-lb. T ra il.
OFFICERS.— Pres.. W m , A. Comstock V P. and Gen Man F. W ,
Walker: Sec. and Treas., Henry A. Haigh.— V. 115, p. 436, 1532.
CSN TERVILLE, IO W A.
IOWA SOUTHERN UTILITIES CO.
Change in Control.— In May 1919 David G. Fisher & Oo. of Davenport,
la., public utility engineers, purchased the holdings of D O. Bradley and
Frank S. Payne, Pres, and Treas.-Gen. M gr., respectively. The trans
action ia said to have involved ia the neighborhood of $450 000 and the
formal transfer of control was made on M ay 15 1919 V 108. p 1940. 2245.
■ ORG AN IZA TIO N .—Organized in Maine tu 1905as the Centerville Light
A Traction Oo. Name changed to present title in 1916
In 1913 acqured
the property of the Centerville Aibia & Southern Ry
Owns and operates
without competition the street railways serving Centerville. Interurban
lines run from Centerville to Aibia and Centerville to Mystic, total mileage.
32 miles. Has also acquired all the property of the Moulton Elec. C o,
Leon Elec. Co., M t. Ayr Lt. & Power Co., Lenox Elec. Co., Clearfield
Elec. Co. and Blockton Lt & Power Co., thus owning all the public utility
properties serving more than 30 communities with an estimated population
of 55.000, including Aibia, Centerville, Moulton. Moravia, Allerton, Leon,
Mt. Ayr, Clearfield and Lenox. Franchises run beyond life of bonds and
contain no burdensome restrictions.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common stock 50.000 s h a r e s .____
_______
5.800 shrs ___________
Pref Btock 7% $5,000.000..--______
_______
$580,100 ...................
iat M $2,500,000 sk fd gold! 1916
6 g A-O
1.765,10!) Oct 1 1933
($100, $500 & $1,000) c*.tf jln t. in N. Y. or Chicago
Central Trust Oo.
redeem at 10-5 and interest I of Illinois trustee.
1st & ref mtge Series of 1923-/ 1923
6 g F-A
1,000.000 Feb 1 1943
($100 ,$500&$1,000) g.c*tf\T he Northern Trust Co., Chic., 111., Trus.
Bonds.— A direct first rntge, upon one properties. « c , now owned and
hereafter acquired. Additional bonds may be Issued up to 80% o f cost of
permanent extens., & c., when net earnings are twice Int. charges on all
bonds outstanding. Including those proposed. A minimum maint. charge
A pril, 1923.]
ELECTRIC RAILW AYS
for railway properties o f 17 % of gross earnings from railway operations, is
provided. Sinking fund began March 1 1919, of 10% o f net earnings
for the previous year, but not less than 1)4% of the average amount of
1st 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 107 and int. to Jan. 1 1928; 105 to July 1 1933,
and 102)4 thereafter, Int. payable in N. Y . or Chicago. V. 116, p. 1768.
EARNLNua —For years ending Dec. 31;
Cal Yr. dross
Net after Taxes. Bond,Ac.. Int. Dividends. Bn! ,<u
1922 ...$844,405
$284,318
$148,697
$66,274
$69,347
1921 590.916
182.175
120.645
30,042
31,488
Latest Earnings.— For year end. Feb. 28 1923, gross, $954,797; net, after
taxes, &c., $344,608.
PROPERTIES
A steam plant at Centerville with 240 miles of high
tension transmission lines; steam heating system at Centerville; a gas
generating and distribution system at Centerville; a short street rail
way In Centerville, also electric railroads on private right-of-way connect
ing Centerville with Albia and Mystic, which do a freight and express bus!
ness and are connected with transcontinental railway lines.
OFFICERS.—-Pres., David G. Fisher; V .-P ., J. Ross Lee; Sec., H . R.
Bechtel; Treas. & Oen. M gr., E. F. Bulmann: Aud., E. L. Shutts.— V. 104,
p. 73; V. 108, p. 1940, 2245; V. 116, p. 1768.
CHAMBERS BORG, FA.
CHAM BERS8U RQ & G ETTYSBU RG ELECTRIC R Y .
ORGAN IZATION — Incorporated in Pennsylvania Dec. 4 1900.
STOCK AND BONDS—
Dale.
Interest. Outstanding.
Maturity
Stock *225,000 ($50)....................................... ..
8225,000 ........... ..
1st mtge. *225,000 ($1,000),/ 1903
5 M -N
225,000 M ay 1 1933
not red no sink fund .c * ' Int. at Northampton Tr. C o., Easton, Trust
E A R N IN G S.— For calendar years:
Year—
Gross.
Net.
Oth.Inc. In t. A Tax.
Balance.
1921--------- -------- ...$53,015
$8,189
$513
$12,119
def.$3,417
1920-------------------- 59.067
19,537
251
13,512
sur. 6,276
1919
59 283
16.538
928
11.958
sur. 5 509
R OAD.— Operates 12 93 miles of all track between Chambersburg, Stofferstown. Fayetteyille, Greenwood and Caledonia. 80-girder rails
Gauge 5 ft. 2 M in.
s
OFFICERS.— Pres. M . C. Kennedy; V .-P ., T. B. Kennedy; Sec. and
Treas., W. L. Ritchey; Aud., F. J. Fell, Jr.; Supt., D . R. Fr<,tz.— 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 & Light Corp. (see below).
ILLINOIS POW ER & LIGH T CORPORATION .
O RGAN IZATION .— Organized early in 1923 and will acquire and merge
the following companies:
Group (1), Illinois— Companies to Be Merged with III. Power A Light Corp
St. Louis Elec. Bdge. C o.(V .98,p .74) Kerens-Donnewald Coal Co.
Bloomington & Normal Ry. & Lt. Co. Madison County Light & Power Co.
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.
C.inton Gas & E'ectric Co.
Northern Illinois Light & Traction
Consumers W. & Lt. Co. o f Marseilles Co. (V. 97, p. 729)
Danville Consumers Coal Co.
♦Peoples Trac. Co. (V. 108 p. 480)
Danv. St. Ry. & L t.O o .(V .lll p.588) Peoria R y. (V. 112, p. 470)
Danv. & East. 111. Ry. (V. 98, p. 235) Quincy Ry. (V. 94. p. 1628)
Danville & Northern RR.
Urbana Champaign R y., Gas & Elec.
Danville & South Eastern Ry.
Co. (V. 113. p. 2820)
Decatur Ry. & 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. & Lt. Co. (Y.99,p.l748) (Y. 114, p. 2587)
♦ Peoples Traction Co. properties being taken over by Galesburg Ry.,
Lighting & Power Co.
Companies Whose Entire Stocks W'll Be Owned by the III. Pow. A L'ght Corp.
Plan is now (April 1923) before P. U. Comm, for approval.
Group (2), Interurbans.— Illinois Traction, Inc. (which wall merge the
following: Bloomington Decatur & Champaign R R . (Y. 102, p. 65); Danville
Urbana & Champaign Ry (V. 106, p. 85); Illinois Central Traction Co. (V.
108. p. 268); St. Louis El. Term. Ry. (V. 85, p. 100), and St. Louis Springfield & Peoria Ry. (Y. 114, p. 522), and which will own entire capital stock
o f Chicago Ottawa & Peoria Ry.
Group (3), Missouri.— Jefferson City Light, Heat & Power Co., which
owns entire capital stock of Jefferson City Br. & Trans. Co. (holding com
pany does not own all stock) and North Missouri Light & Power Co.
Group (4), Cairo Properties.— Cairo R y. & Light C o., which owns entire
capital stock of Cairo City Gas C o., 'airo Electric & Traction C o., and
Cairo & St. Louis Ry. Co.
Group (5), Nebraska.— Omaha & Lincoln R y. & Light Co.
Group (6), Kansas.-—Topeka Ry. & Light C o., which owns entire capital
stock of Atchison R y., Light & Power Co., Topeka Edison Co., Topeka Ry.
and Wichita RR. & Light Co.
Group (7), Iowa.—Dos Moines & Central Iowa Electric Co. (which will
hold stock o f the following underlying companies pending ultimate merger:
Colfax Electric Light Co.; Des Moines Electric Co. [V. 114, p. 2019]; Mills
County Power Co.; Montezuma Elec. Light, Power & Heating Co.; New
Valley Junction Watei & Light Co.; Oskaloosa & Buxton Elec. Ry. Co. [V.
83, p. 1471]; Oskaloosa Light & Fuel Co. [holding company does not own all
stock]; and Oskaloosa Traction & Light Co. [V. 98, p. 8391.)
Practically all of the above companies formerly constituted the Illinois
Traction System, for history of which see “ Electric Railway” Supplement of
Oct. 28 1922. Will diiectly own and operate or contraol electric power and
light, gas, heat and city railway properties in a large number of municipali
ties in north central, central and southern Illinois. 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.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)___________
400 000 sh__________
Partic preferred 6% c u m . _
_
$1,875,300 __________
1st pref 7% cumulative______
17.94J.000 __________
30-year. 7% sinking fund deb
1923
10.000,000
___
. . . . .
_
7%
1953
1st & ref mtge Series “ A ” ($100, f-----6 g A -O
30,000,000 Apr 1 1953
$500 & $1,000 c*. and $ 1 Harris Trust & Sav. Bank, Chicago, trustee.
000, $5,000 & $1 j,0 ) / r* )g tf!
Bloomington A Normal Ry. A Lt.—1st and gen mtge, $3,500,0001 1911
5 J-J
1,444,000 Jan 11928
gold ($1.090)--------- c*&r.tf IIllinois Trust & Sav. Bk., Chicago, trustee.
B & N R E & H 1st mtge, \ 19u2
5 g J-D
370,J„u June 11927
$600,000 ($1,000) g s f_c*tf jln t. at 111. Trust &Sav. B k., Chic., trustee.
Bond secured notes__________ _____
7Vz%
167,200
1928
Citizens Lighting Co.—
First moitgage 6% -----------------------6%
350,00J
1926
Clinton Gas A Electric Co.—
FLst mortgage 6% ________ _____
6%
160, .,00
1937
Consumers Water A Light—
First mortgage 5 % ------------ -------5%
30,000 Dec. 1915
Galesburg Ry.. Ltg. A Pmv. Co.—■
5 _ J-D
g
Consol ref mtge $5,000.00/1 *916
58,500 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 Ry & Lt 1st cons---------------------781,000 _ _______
_
Madison County Lt. A Pow. Co.—•
1st mtge $1,000,Oj O ($1,000) f 1906
5 g J-D
615,000 Dec 1 1936
gold_________________ c*tf \Int. at agey. 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 Nov 1 1926
Peoria Railway—■
First & ref mtge $3,60J,0 0 fl 1906
5 g F-A
2,009,0R Se: text.
--C*tf/Interest payable in New York.
gold ( $ j,,00) - - - .
Quincy Railway—
First ref $, .500.000_______ tf i912
582,000
Feb 1 1932
5%
Jacksonville Ry A Light—
Jack Ry & Lt 1st cons M , $1 ,-\ 1906
5 g J-J
595,000 Jan I 1931
000.000 gu g ($1,000) _c*.tff Central Trust Co., Chicago trustee.
Jacksonv Gas Light & Coke] -----5 J-J
80 000 Jan 1 1931
Co first mortgage_____n tf/In t. at Merchants’ Loan & Tr. Co., Chicago.
31
Date.
Interest. Outstanding. Maturity.
Southern Illinois Light A Power—
First mortgage 6s____________ _____
6%
2,275,700
1931
First ref Mtge Series “ A ” 7 s _ . ____
7%
3,623,600
1941
Series “ B ” _____________________
6%
423,000
1942
Secured notes_____________________
7%
35J.000
1924
U n G & B Litchfield 5s_______ _____
5%
43,000
1937
Saline Elec Mtge 6s__________ _____
6%
567,100
1926
City of M t Vernon serial 6s_ _____
_
6%
20,000- To 1930
Centralia Gas & Elec Co 5s_ _____
_
5%
1924
250,000
Centralia Gas & Elec Co 5s_ _____
_
5%
250.000
1924
St Clair Co Gas & Elec 5s_ _____
_
rr"
1,233,000
1959
5%
Danville Consumers Coal Co.—
5%
First mortgage 5s____ ^______ _____
1,000
1924
Bonds.— The first & ref. mtge. Series “ I ”’ 6% bonds are redeemable on
5
A
any interest date at 105 and int. to and1incl. Oct. 1 1943, and thereafter at
int
par and int. plus a premium of 4s % 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. Penha. 4 mills and Maryland 4 )4 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.
Bloomington A Normal Ry. A Light.— Of the $3,500,000 first and gen.
mtge. bonds, $209,000 are pledged as collateral for $167,200 of notes,
$600,000 are reserved for prior liens and $1,456,000 for extensions and im
provements under certain restrictions. Int. in New York or Chicago.
Callable as a whole or in part fer sinking fund at 102)4 and interest on any
interest date. Sinking fund of 2% of bonds out annually. Of the bonds
outstanding. $229,000 are in sinking fund. V. 93, p. 665. The Railway
Electric & Heating Co. bonds are subject to call at 110 and interest. Sink
ing fund, $10,000 annually, began June 1908; $230,000 are in sinking fund
and included in amount outstanding.
Galesburg Ry., Ltg. A Power Co.— Sufficient consol, ref. mtge. bonds are
reserved for prior liens and remainder for additions, &c. S nking fund
retired 1 H % of bonds outstanding April 1 each year and 1)4% of all under
lying bonds not pledged under the consol, ref. mtge. Up to Oct. 1 1922,
$229,000 had been retired. The Old Colony Trust Co., Boston, is trustee.
Bond secured 7% notes are guar., prin. & int., by Illinois Trac. Co. Are
secured by deposit of $400,000 consol, ref. 5s, due 1934. Central Trust Co.
of Illinois, Chicago, trustee. V. 108, p. 268; V. I l l , p. 588; V. 112, p. 460;
V. 114, p. 2579; Y. 115, p. 1320.
Madison County Light A Power.— Remaining bonds are for extensions and
additions. Sinking fund of 1 % of bonds previously 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 bond- secured 7% notes are secured by
$69,000 First Mtge. bonds.
Peoria Ry.— Of the $3,600,000 first and ref. bonds, $291,000 are reserved
for additions and improvements at 75% of cost; $1,125,000 have been re
tired. The trustee is the Illinois Trust & Savings Bank, Chicago, 111.
Remaining bonds mature on Feb. 1 as follows: $120,000 in 1923, $125,000 in
1924, $130,000 in 1925, and the remaining $750,000 in 1926. They are
subject to call on any int. date at 105 and int. See V. 83, p. 38, 436; V. 89,
p. 42; Y. 90. p. 560.
Jacksonville Ry. A Light.— Of the $1,000,000 1st consols, $80,000 are re
served for prior liens. Are guar., prin. & int., by Illinois Trac. Co. 2% of
bonds out is payable annually to a sinking fund. Are subject to call on any
int. date at 105. Int. at Merchants’ Bank of Canada, New York. $95,000
Jack. Gas Light & Coke retired.
REPO RT.— Of Illinois Traction System combined properties for calendar
years:
Gross Earnings .1921.
1920.
1918.
1919.
. $7,161,773 $7,175,661 $5,930,524 $4,740,079
. 4,564,508
4,673,949
3,997,349
3,351,256
. 1,555,134
1,074,947
1,248,666
1.282,104
Electric__________
. 8,139,356
6,977,212
4,887.743
5,733,746
Heat, water and miscell-. 1,180,124
1.242,242
945.772
999,821
$22,600,895 $21,317,730 $17,682,338 *15.261,003
5 16,088,616 15,496,602 12,544.181 10.966,998
. $6,512,279
Interest on bonds, &c_ . $4,291,885
. 1,504,038
Bond discount____
135,866
437,370
Pref. dividends (6% )__ _
Common dividends_____• -----------Total deductions..
. $6,369,159
$5,821,128
$4,107,927
1,001.339
107,109
437,370
$5,138,157
$3,040,305
627,729
115,025
437.370
$4,294,005
$3,880,261
611,159
92.123
437 370
(M 192.480
$5,653,745 $5,120,429 *5,113 393
$17,728def.$819 388
SI 67.383
Latest Earnings.—-Consolidated statement for 12 mos. end. Feb. 28 1923,
gross, $25,970,187; net, after taxes & maint., $7,838,138. In 1921-22,
gross, $24,623,451; net, after taxes & maint., $6,958,340.
PR O PE R TY, &c.— The power and light properties of the corporation
comprise electric generating stations with an aggregate capacity of 242.701
h.p. installed or in process of installation, and distributing systems furnish
ing electricity without competition to 172,184 customers in a business field
of over 700,000 population.
The gas properties have an installed daily generating capacity o f over
19,000,000 cu. ft. of artificial gas, and distributing systems serving 67,634
customers in a business field of over 375,000 population.
The city railway properties, comprising over 241 miles of track, serve the
cities of Danville, Champaign, Urbana, Decatur, Peoria (76.121), Cairo,
Quincy (35,978), Bloomington. Galesburg, Ottawa. Illinois; Atchison,
Topeka and Wichita (72,217), Kansas; Jefferson City, M o., and Oskaloosa,
Iowa.
The electric trunk line railroad, comprising over 556 miles of main line,
modern, standard-gauge railroad, is equipped with automatic block signal
systems, repair shops, car barns and 1,223 freight and passenger cars.
This system connects the cities of Peoria, Springfield, Bloomington, Dan
ville, Urbana, Champaign and Decatur with Edwardsville, Granite City,
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
St. Louis. Another trunk line connects the cities of Joliet, Ottawa, Mar
seilles, Peru and Princeton.
OFFICERS.— Chairman of Board, Wm. B. McKinley; Pres., Clement
Studebaker, Jr.— V. 116, p. 1532.
PROPERTIES CONTROLLED BY THE ILLINOIS POWER & LT. CO.
(1) Illinois T ra ction , Inc.
ORGANIZATION.— A merger in 1923 of Bloomington Decatur < Oham.
fc
R R ., Danville Urbana & Cham. R y.. Illinois Central Trac. C o., St. Louis
El. Term. Ry. and St. Louis Springfield & Peoria Ry. Owns entire capital
stock of Chicago Ottawa & Peoria Ry.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock.— All owned by Illinois Power & Light Corp.
Underlying Bonds—■
Bloomington Decatur A Champaign—1st & ref mtge, $15,000,000, g f 1910
5 g M -N
1,496,000 N ov 1 1940
($1,000 coup & $1,000 or - Interest at Illinois Trust & Savings Bank,
J
multip reg.) gu p&i.c*&r*tf l Chic., Trustee, or Chas6 Nat. Bank, N. Y.
Chic Bloom & Decatur 1st M _ ----------------4,000
1936
Illinois Central Traction—1st mtge, $2,000,000 ($1,000) 1 1903 5 g J-D
1,119,000 Dec 11933
gold, guar___________ c * tfjln t. at Old Colony Tr. C o., Boston, trustee.
St. Louis Soringfield A Peoria RR.—
1st & ref mtge $15,000,000 g f 1909 5 J-D
5,045,000 Dec 1 1939
($1,000 coup & $1,000 or {Illinois Trust & Sav Bk, Chicago, trustee.
multiples reg.)____c*&r*tf (Interest in New York, Chicago or London.
St Louis & Springfield 1st
1903 5 g J-D
134,000 Dec 1 l</33
($1,000) s f gold guar c*-tf/Interest at City Trust Co, Boston, trustee.
Springfield & Northeastern ( 1906 5 g J-D
145,000 Dec 1 1936
Traction 1st mtge $1,500,H int, at agency Merch. Bank of Can., N. Y .
000 ($1,000) gold--------- c*l Central Trust Co. of Illinois, Trustee.
Peoria Bloomington & Chamf 1906
5 g M -N
280,000 Nov 1 1936
Trac 1st M $3,000,000 gold] Int. at agency Merch. Bk. of Canada, N . Y .
($1.000)____________ c* t f l Central Trust C o., Chicago, Trustee.
Bonds.— Of the Bloomington Decatur & Champaign “ 1st & ref.” bonds.
,761,000 for 80% of cash cost of additions and improvements. These
$4,761,000 bonds, excepting $500,000 (issuable at any time for 80% of cost
of additions and improvements, with consent of N, W . Halsey & Co.)
can be issued only when the preceding 12 months gross earnings hate
equaled five times and net earnings 1% times the interest charge on all
bonds outstanding and those proposed to be issued. They are redeemable
at 105 on any int. date. V. 92, p. 259.
22
Illinois Central Traction.— Are subject to call on any interest date on
60 days’ notice at 107K and int. A sinking fund of 10% of net earnings
became operative Dec. 1 1908, but not to be less than 1% of bonds out
standing. $321,000 held in sinking fund.
St. Louis Springfield & Peoria RR.— Of the $8,885,555 1st & ref. bonds
reserved for various purposes, $145,000 are reserved for Springfield ;&
Northeastern Traction Co. bonds, $731,000 to retire prior liens and $6,147,000 for 80% of cash cost of additions and extensions. Redeemable at 105
on any int. date. V. 90, p. 304; V. 95, p. 177. Are listed on Chicago
Stock Exchange. St. Louis & Springfield 1st mtge bonds are subject to.
call on any int. date on 60 days’ notice at 107 H and int. $305,000 (not
incl. in outstanding amount) held in sinking fund. Peoria Bloom. & Cham.
Tr. 1st mtge. bonds are subject to call on any interest date at 105 on 30
days’ notice.
(a) C hicago Ottawa & Peoria Railway Co.
ORGAN IZATION .— Bought outright in 1909 the Illinois Valley R y.
Operates largely on private right of way. Franchises in various towns,
mature mostly after 1950.
>
Rate Increase.— In Aug. 1918 was authorized by the Illinois P. U. Comm,
to increase freight rates 25% . V. 107, p. 603.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com. stock— $1,540,000 outstand’g— All owned by Illinois Traction, Inc.
First cons and ref mtge, guar J 1907
5 g J-D
$170,000 Dec 11937
P"$5,000,000 ($1,000)____ tf (Central Trust Co. of Illinois, Trustee.
Illinois Val 1st M , $1,500,000/ 1905
5 g M-S
853,500 Sept 1 1935
g ($500&$1,000), guar c_tf\lnt. at Irving Nat. Bank, N . Y . City.
Bonds.— $1,500,000 are reserved for prior liens. They are subject to call
on any int. day on 30 days’ notice at 105. Int. at Merchants’ Bank of
Canada in N. Y . City. Illinois Valley bonds have a sinking fund of 1 % %
per annum of amount out; mtge. was originally $2,000,000, but on merger
with Chic. Ott. & Peoria the $500,000 unissued was canceled; $516,500
(not incl. in amount outstanding) held in sinking fund. Are subject to
call at 105.
ROA D .— Operates from Princeton. 111., via Peru, La Salle, Utica,
Ottawa, Marseilles, Seneca and Moriis to Joliet, about 117 m ., with
branches from Spring Valley to Ladd and from Ottawa to Streator, 16 m.;
total about 123 m. Road from Morris to Joliet was placed in operation
in Dec. 1911; 108 cars; 3 .locomotives.— V. 97, p. 594; V. 107, p. 603;
V. 108, p. 267.
(2) Jefferson C ity L igh t, Heat & Power Co.
ORGAN IZATION , &c.— Owns entire capital stock o f Jefferson City
Bridge & Transit Co. and North Missouri Light & Power Co. Supplies
gas and electricity to Jefferson City, M o., and furnishes current for opera
tion of the street railway. Tn N ov. 1915 made a 9-year contract with city
for street lighting. Has $200,000 common stock (all owned by Illinois
Power & Light Corp.), $200,000 1st mtge. 5% bonds (cpt) due M ay 1925
and $79,000 1st & ref. bonds outstanding. There are also $48,000 Jeffer
son City Br. & Tr. Co. 1st 6s, 1931, outstanding.
(3) Cairo Railway & L igh t C o.— A trolley road.
ORGAN IZATION .— Incorp. on Oct. 5 1908 in Maine and purchased
all stock of the Cairo Elec. & Trac. Co., the Cairo City Gas Co. and the
Cairo & St. Louis Ry. Co. The Cairo Elec. & Trac. was a consolidation
of the Egypt Electric Co. and the Cairo Electric Light & Power Co.
Rates.— See Illinois Traction Co. above.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock, com., $1,000,000 ($100) All owned by Illinois Power & Light Corp.
C airyR y& L tM $1,000,000 gntfl908 5 g J-D
630,000 Dec 11938
R O A D .— Operates 9 miles of track in Cairo, together with the electric
lighting and power plant. 22 cars. Furnishes city with 341 incandescent
lights; also supplies 40 commercial arcs.— V. 88, p. 293, 374.
(4) Omaha & L incoln R ailway & Light Co.
Controlled by the Illinois Powor & Light Corp.
ORGAN IZATION .— Incorporated in Nebraska in July 1913 as successor
to the Nebraska Trac. & Pr. Co. All the outstanding stock is owned by
the Illinois Power & Light Corp.
BONDS—
Date.
Interest.
Outstanding. Maturity.
1st mtge $2,250,000 ($1,000) / 1913
5 g A-O
$250,000 Oct 11938
no sinking fund________ c*\Int. at Central Tr. Co. of 111.,Chic..Trustee.
Bonds.— Subject to call on any interest date at 105 and interest.
EARN ING S.— For calendar year 1921, gross, $182,192; net, after taxes,
$35,887. In 1920, gross, $204,674; net, after taxes, $50,215.
ROAD.— Operates from South Omaha to Papillon, 12.5 miles.
(5) T opeka Railway & L ight Co.
ORGAN IZATION .— Incorp. in Maine and owns the Topeka R y. Co.
(see below) and the Topeka Edison Co. (V. 92, p. 730). Also owns the
entire capital stock of the Atchison R y. Lt. & Pr. Co. and the Wichita
R R . & Light 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 l 1916
5 g F-A
1,262,700 Feb 11933
($100,$500,$1,000,&c)c*&r*/Int. in N . Y ., New York Trust Co., Trustee
Topeka Edison Co mortgage! 1905 5 J-J
676,000 Sept 1 19)9
$1,250,000 ------------------- tf) Int. at Cont.&Comm.Tr.&S.B., Chic., Trus
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
o f the subsidiary cos. $1,831,066 are reserved to acquire or retire under
lying bonds, and remaining $4,152,666 may be issued to the extent of 80%
o f 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
1 H % P8r ann. to and incl. 1929 and 1% thereafter of the total amount of
bonds o u ts ta n d in g (in cl. u n d e rly in g b o n d s ), less a m o u n ts p a id on a c c o u n t
of sink, fund requirements of underlying mtgss. (It is estimated 32%
of the $3,250,006 outstanding bonds will thus be retired Feb. I 1933.)
$173,000 in sinking fund Oct. 1 1922. Bonds in fund are held alive. The
Topeka Edison Go. bonds have a sink, fund of $15,000 per ann. payable
Dec. 15, $195,000 have been retired. Beginning with tbe 2-year period
ending May 31 1918, and during each 2-year period thereafter, there must
be set aside for maintenance and depreciation an amount averaging 12%
ollthe combined annual gross earnings of the subsidiary cos. V. 104, p. 74.
L E A R N IN G S .— Year enling Dec. 31 1921, gross, $1,420,796; net, after
taxes, $352,932; int.. $150,826. In 1920, gross, $1,322,713; net, after
taxes, $253,294; int., $153,912.
PROPERTIES.—39 miles of electric street railway, largely 70 to 79-lb.
T rails: 51 double and single-truck motor cars, 28 trailers; power plant,
generating capacity, 5,893 n.p.; 255 miles of power and light-distributing
lines and 8,300 meters; exhaust steam system for heating purposes; mis
cellaneous real estate.— V. 104, p. 74.
(a) T opeka Railway C o.— Controlled by Topeka R y. & Light Co.
ORGAN IZATION .— Inco-p. under general railway laws of Kansas in
1892: in 1903 absorbed the Vinewood Park R y., and made a new mtge. for
$1,250,000. On June 4 1903 obtained a new 30-year franchise, running from
that date, with the provision that $400,000 be expended within 3 years on
the system. Also has secured franchises in perpetuity on county roads
now occupied, w.th privilege of hauling freight. City agrees never to reduce
rates to where company will earn less than 10% on stock. The city is to
receive 10% of earnings remaining after 10% has been earned. Upon
expiration o f franchise city has the right to acquire the property, but not
before. V. 76, p. 866, 1302. On June 26 1916 authorized capital stock
was increased from $1,250,600 to $2,250,000. V. 103, p. 62.
In Dec. 1917 the Kansas P. U. Comm, granted auth. to issue $81,001
1st & ref. mtge. bonds for the purpose o f paying off outstanding obligations
and for extensions and betterments. $77,000 were issued in Jan. 1919.
None since.
Fares.— In Sept. 1919 was auth. to charge a 6-cent fare. Compare
V. l07, p. 1005. Effective Aug. 16 1920 was auth. by the Kansas Industrial
Court to charge an 8-cent fare. V. I l l , p. 794.
In Oct. 1922 was auth. to issue $66,793 equip, trust notes. V. 115, p. 1633.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity
-------------- $1,250,000 f.p _________
Stock, $2,250,000 ($100)---------------First mtge, $1,250,000, gold/ 1904
5 g J-J
918,000 Jan 1 1930
($1,000)____________ c f t flln t .at Cont.&Comm.Tr.&S.B.,Chic.,Trus.
Bonds.-—Remaining bonds are reserved for 80% of cost of new power
house and for betterments and additions. Subject to call at 105and int.
$210,000 have been retired. A sinking fund began Jan. 1 1910, which is
sufficient to retire $15,000 per annum at 105 and interest.
EARN INGS.— For the year ending Dec. 31 1921, gross, $642,350: net,
$142,977; int., $62,600. In 1920, gross, $611,055; net. $96,662; int., $63,350.
ROA D .— See Topeka Railway & Light Co. above.
[V ol. 115.
ELECTRIC RAILW AYS
OFFICERS.— Pres., W. B. M cKinley, Champaign, 111.; V .-P . & Treas.
Geo. M . Mattis, Champaign; Sec., E. A. M acNutt, M ontreal. V. 107, p1005; V. 108, p. 380; V. I l l , p. 794; V. 113, p. 536, 1361; V. 115, p. 1633.
(b) W ich ita R ailroad & L igh t,— Trolley.
ORGANIZATION.— Chartered M ay 1 1900 for 30 years. Street rail
way franchise expires 1933. In 1910 entered into a 20-year contract for
purchase of power from Kansas Gas & Elec. Co.
STOCK AND BONDS—
Date. Interest.
Outstanding.
Maturity.
Stock— Owned by Topeka R y. & Lt. Co.
R ef.& cons.M .,$1,500,OOOg.tf 1907 5 g A-O
$1,191,000 Oct 11 9 3 2
Bonds.— 1st M . bonds are subject to call at 105 on 6. months’ notice.
ROAD.—'Owns 32 miles of trolley track in Wichita, Kan., including
double-track bridge over the Arkansas River and extensions to Wonderland
Park and Fair Grounds; 107 cars.— V. 93, p. 9 4 1 , 1192.
(c) A tchison Railway, L ight & P ow er C o.
ORGANIZ ATION.— Successor in 1895 of the Atchison Ry. Elec. L. & P.
Co. Controls electric railway, lighting and gas properties of Atchison.
STOCK AND BONDS—
Date. Interest.
Outstanding.
Maturity.
Stock— Owned by Topeka Ry. & Lt. Co.
5%
$666,000 N ov
1935
First mtge $1.500,000______tf 1910
Bonds.— Sinking fund, $10,000 per annum, payable Nov. 1; $67,500 held
alive in fund Oct. 1 1922.
ROAD.— Operates 9.74 miles of track. 26 cars. Supplies city with
99 arc lights and 109 incandescent lamps: also 8 arcs for commercial lighting;
3,053 electric and 2,427 gas meters in use.— V. 113, p. 2184.
(6) Des Moines & Central Iowa E lectric Co.
ORGANIZATION.— Controls the Iowa subsidiary properties of the
Illinois Power & Light Corp., which include the electric light and power
companies, serving Des Moines, Oskaloosa, Colfax, New Valley Junction,
New Sharon, Prairie City and Montezuma and the street railways in
Oskaloosa. Controls the Des Moines Electric Co. and the Oskaloosa Trac.
& Light Co. The bonds of this co. are secured by pledge of $965,000 gen.
mtge. 6% bonds of the Des Moines Elec. Co. (total out) and all the com.
and pref. stock of the same co. Also $206,000 gen. mtge. bonds and all
the stock of the Oskaloosa Trac. & Light Co. and bonds o f various other
companies in an aggregate amount of $90,000.
In April 1922 the Des Moines Elec. Co. sold $958,000 1st mtge. 5%
bonds to retire an issue of 74£% coll, notes and to reimburse the company
for additions already made. V. 114, p. 2019.
STOCK AND BONDS—• Date.
Interest.
Outstanding. Maturity.
Com stk, $1,000,060 ($100)-. All owned or controlled bv 111. Pr. & Lt. Corp
Sk fd gold bonds, $10,090,000 f 1913
6 g M-S
$1,235,000 Sept 1 1937
($500 & $1,000) red at 105/Interest at First National Bank, New York,
l or the Central Trust Co. of 111., Trustee.
Des Moines Elec 1st M $. - / 1908
5 M -N
3,816,000 N ov 1 1938
000.000 ($1,000) s f ____tflInterest at American Trust C o., Boston.
Bonds.— Additional sinking fund gold bonds can only be issued for 80%
of the cost of improvements, &c., to the sub. cos., and certain other restric
tions. Annual sinking fund of 1 H % of bonds out began Sept. 1914.
Des Moines Elec. Co. 1st M . bonds are subject to call after N ov. 1 1914
at 105. Sinking fund, 1% of bonds Nov. 1 1914-21; lJ i % 1926-31; 2%
1931-37. $263,000 retired by sinking fund.
EARNINGS.— Of sub. cos. of the Des M . & C. I. E. Co. for 12 mos.
end. Dec. 31 1921: gross, $2,198,730; net, $906,678; int., $277,826; surplus.
$628,852.
CHARLESTON, S. C.
CHARLESTON CONSOLIDATED R A ILW A Y & L IG H T IN G C O .
ORGAN IZATION .— Incorporated In South Carolina on April 19 1910.
Leases for a period of 99 years from Jan 1 1910 the Charleston Cons. R y ..
Gas & Elec. Co. Lease guar. 6% on pref. and 4% to July 1 1911, 5% to
Ian. 1 1913 and 6% thereafter on com. stock; also Int. on outstanding
hands of the Char. Cons. R y ., Gas & Elec. Co. and Charleston City R y .
Co.
Fares.— On N ov. 12 1919 a 7-cent fare was put into effect. See also
V. 113, p. 530.
STOCK—
Par. Authorized. Outstanding. Dividends.
Common_____ ______ _______ $50
$3,000,000 $1,500,000
None
Preferred____________________
50
1,500,000
500,000
None
OFFICERS.— Pres., P. H. Gadsden; V .-P ., Stuart Cooper; V .-P ., Lewis
Lillie; V.-P., Jas. T. Hutchings; V.-P., T. W Passailiigue; Sac., G. W .
Curran; Treas., I. W. Morris.— V. 106. p. 2227: V 108, p. 877; V. 109,
p. 2355; V. 110, p. 1642; V. 113, p. 530; V. 115, p. 987.
(1) C harleston C onsolidated R y., Gas & E lectric C o.
ORGANIZATION.— Organized Feb. 21 1899 as a consolidation of the
Charleston City Ry. and Charleston & Seashore RR. under Special Act o f
80. Car. Legislature, granting perpetual charter and gas & elec, light powers .
[n Oct. 1912 sold to James Sottile the Seashore division. Incl. wharf prop
arties, 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 auth .
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 Palma
fraction Co. below.
F ra n ch ises are perpetual.
Also owns the capital stock o f the Charleston
Gas Light Co. ($693.1501 and the Oharleston-E iison Light & Power Co.
($ 100,000), and thus controls the whole field of light and transportation
In Charleston. V. 92, p. 880.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock, com, $5,000,000 ( $ 5 0 ) . ____
Q-J
$1,877,800 See text.
Pref 6% cum, $500,000 ( $ 5 0 ) . ____
Q-J
500,000 See text.
Charleston City first mtgel 1898 6 g J-J
680,000 Jan 1 1§38
($1,000), $850,000 g o ld ctf/In t. at M erc. Tr. & S. D . Co..Balt.
Consol mtge. gold, $2,500.-1 1899
5 g M-3
1.73 4.000 Mar 1 1999
000. coupon ($1,000) _ .* t f (Interest at Baltimore Trust C o.. Trustee
Holders can also collect coupons at Carolina 3aviags Bank and People’*
National Bank. Charleston, if presented before the 10th of the month
Bonds.— Of the consolidated 5s, $580,000 are reserved to retire a like
amount of City Ry. 1st 5s Charleston City 1st Mtge. bonds were originally
5i and matured Jau. 1 1923. but were extended to Jan. 1 1938 at 6%. The
extended bonds have a sinking fund of $7,350 per annum commencing
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. R y. Gas & Elec. 5s, due March 1 1999. V. 115, p. 2266.
Dividends.— See dividends guaranteed under lease above.
R O A D .& c.— Owns 39.91 miles of electric road in Charleston. The com
pany has consolidated its two power stations; both railway and light and
power divisions are being operated from same station.
OFFICERS.— Pres., Philip H. Gadsden, Phila., Pa.; V .-P ., Theo. W .
Passailaigue Sec. & Treas., Cbas. J. Bendt; Asst. Sec.-Treas., M. O. O.
Tessier. Charleston. Offices, N o. 141 Meeting St., Charleston,— V. 112, p .
371, 848; V. 115, p. 2266.
CHARLESTON-ISLE OF PALMS T R AC TIO N CO.
ORGA N IZA TIO N .— Incorp. In S. C. Jan. 9 1913 with auth. capital of
$1,000,000. to build railroads, steam or electric, street railways, & c.,
operate steamboats, and to take over what was formerly the Seashore
division of the Charleston Consol. R y.. Gas & El. Co. Also does electric
lighting business.
ROAD, &c.— Owns 10 miles from M t. Pleasant (connecting by ferry with
Charleston) to Sullivan’s Island and Isle of Palms, a pleasure resort 00
the Atlantic Coast, Incl. land at Isle of Palms, ferry, power house on
Sullivan's Island and sub-station at Mount Pleasant. &c. Owns and oper
ates 19 pass, and 3 freight cars and 2 ferry boats.
OFFICERS.— Pres., James Sottile: V.-P. & Gen. M gr., I. Blank.—
V. 96. p. 201. 862; V. 111. p. 692. 1082.
A pril, 1923.]
CHARLESTON, WEST VIRGINIA.
CHARLESTON INTERURBAN R R .
ORGAN IZATION .— Incorp. In 1909 with $100,000 capital stock which
was Increased on Nov. 10 1914 Co $1,500,000 in part for the purchase o'
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, all earnings sine*
incorporation having gone into extensions and betterments.
Lease.— Leases the Kanawha Valley Traction Co. (whose $500,000 capital
stock is owned by the Ohio Valley Electric Ry.) for 99 years from Jan. 1
1910 at an annual rental beginning with $10,000 the first year and in
creasing to $20,000 In 1916 and thereafter, and has assumed that company’#
1st M . bonds. Also leases the Charleston & Dunbar Trac. Co. V .114,p .197
franchise o f the Traction Co. In the city of Charleston expires In 1954
interurban lines are operated almost entirely on private rights of way.
In Jan. 1922 application was made to the West Va. P. S. Comm, for
authority to consolidate the Charleston & Dunbar Trac.Co. with the Charles
ton Interurban R y. . The co. leases the Charleston & Dunbar lines at pres
ent. See V. 114, p. 197, for details.
Fare Increase.— In Aug. 1920, the co was auth. by the W. Va. P. 8
Comm, to increase fares from 6 to 7 cents with 4 tickets for 25 cents and 10
for 60 cents. V. I l l , p. 791.
In Peb. 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.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock, $1,500,000 ($100)........................................... $1,500,000 See text
1st M (closed) collateral bonds 11922 7 g M-S
750,000 Mar 1 1937
($500 and $1,000)_____c * tf/in t . at Safe Deposit & Tr. C o., Balt., Trus.
Kan VaiTr 1st M. $2,000.0001 1906
5 g J-J
1.050,000 Jan 11946
($1,000) g oldc_________ t ffln t. at Fidelity Trust C o., Phila.. Trustee
Bonds.— Payment of prin. and int. o f the Kanawha Val. Trac. Co. bonds
has been assumed by the Charleston Interurban RR., $1,000,000 of the
bonds have been deposited as security for the 1st M . coll. 7% bonds of the
Charleston Interurban R R . The Charleston Interurban Ry. 1st coll,
bonds are secured by deposit o f $1,000,000 1st M . 5s due 1946 (assumed)
o f the Kanawha Valley Trac. Co. Are red. during the first 10 years, all
or in part, at 107Vi and int., on any int. date on 60 days’ notice; after
Mar. 1 1932 are red. at 105 and int., the premium decreasing 1% per annum
each year thereafter to maturity. Maryland and Pennsylvania taxes re
funded. V. 114, p. 946.
Interest,
EARNINGS—
Gross
Net (after
Balance,
Surplus.
Cal. Year—
Earnings.
Taxes')..
Rents, <%
c.
$160,786
1922_____________________ $945,297
$299,389
$138,603
140,012
1921____
894,296
255,083
115,070
ROA D .— Operates 43 miles of track between St. Albans and Cabin
Creek. Line Is to be extended to Montgomery, about 10 miles further on.
70, 80 and 100-lb. T and 122-lb. grooved rail. Standard gauge. 56 passen
ger cars (38 of P-A-Y-E type), 3 freight cars and 2 trailers. Power is ob
tained from the Virginian Power Co. under long-term contract.
OFFICERS.— Pres., W . A. MacCorkle; V.-Pres., F. M . Staunton; Sec.
& Treas., A . M . Hill; Gen. M gr., I. N . Smith.— V. 105, p. 1208; V. 106, p.
1125; V. 108, p. 1164; V . I l l , p. 791; V . 113, p. 291; V. 114, p. 197, 946.
CHARLOTTE, N. C.
SOUTHERN PUBLIC U TILITIES CO.
Allied with the Southern Power C o., which see in our “ Railway and I d
dustrlal" Section
ORGANIZATION.— Incorp. in July 1913 In Maine as a consoIIdatioB
of the Charlotte Electr.c R y., Charlotte Gas & Electric Co. and Charlott*
Power Co. (these three forming prior to Jan. 1 1911, the Charlotte Electric
R y., Light & Power C o., which company issued the bonds shown in thf
table.— See "Electric Ry ” Sec for May 1915); Greenville (S. C.) Gas &
Electric Light & Power Co.; Greenville Traction Co.; Greenville Carolina
Power Co.; Fries Mfg. & Power C o., Winston-Salem, N. C.; Winston-Salem
Power C o.; Anderson (S. C .) Water. Light & Power C o., Chester (S. O.)
Power C o., Thomasvilie (N. C .) Power Co., Greer (S. C.) Light & Power
C o., Thornton Light & Power C o.. (Hickory, N. O.) and City of Reidsville
Light & Power Plant, Reidsville. N. O. The Charlotte Elec. Ry. In May
1915, through an amendment to its charter, reduced its capital stock from
$1,250,000 to $1,000.
Franchises with one minor exception are either unlimited In time or run
beyond July 1943.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
$8,847,500 ...................
Stock $7.500,000 ($100).......... ... ..........................
1st & ref M $30,000,000 gold! 1913
5 g J-J
4,487,000 July 1 1943
($1.000.$5.000.&c.)c*&r*.tfJ Int. at Farmers' L. & Tr. C o.. N Y .. Truste*
Underlying Bonds—
Char Elec Ry, L & P 1st M l 1899 5 g J-J
297,000 July 1 192P
$500,000 g ($1,000) sf c*n tffln t. at Merc. Tr. & Dep. C o., Balt., Trustee
Char Elec Ry, L & Pref & ext\ 1906
5 A-O
432.000 April 1 1936
M $2,000,000g ($l,000)c*tf (Int. at Merc. Tr. & Dep. Go., Balt..Trustee
Fries Mfg & P 1st M gold! 1900 5 g J-J
437,000 Jan 1 1941
($1,000) optional at 110_ (Int. at Equitable T r. C o., N. Y .. trustee
_
Winston-Salem Power C o_________
_______
46,000 Jan 1 1936
Bonds of Controlled, A c., Cos.—
Greenv-Oaro Power 1st M g\ 1905
5 g M -N
243,000 M ay 1 193f
($ 1,000)_______________tffln t. at Old Colony Tr. C o., Boston, truste*
Bonds.— Of the 1st and ref. bonds, $1,567.500 are reserved for prior liens
remainder Issuable for 70% of cost of extensions and acquisition of other
properties. Redeemable in whole or in part at 105 and interest. Th*
Charlotte Electric Ry., Light & Power 1st M . bonds have a sinking fund
operative July 1 1900, of 1% of bonds out; to be invested in bonds draws
by lot at 107H and int., if not obtainable at lower figure in open market
$73,000 have been canceled. The ref. and ext. mtge. bonds have a sinkint
fund operative April 1907 of 1 % of bonds issued, for purchase of bonds ai
10744 and int., if obtainable; otherwise, such investments as trustee deems
proper. V. 88, p. 1252. $53,000 have been retired. A sinking fund of
1% on the Greenville-Carolina Power Co. bonds began M ay 1 1910.
EARN ING S.— For years ending Dec. 31:
Year—
Gross. Net aft Taxes. Denrec.
Bond Int.
Bal.. Svr.
1922_______$4,083,925 $1,339,982
$240,000
$297,560
$802,422
1921
3,768,601
1,153.476
240,000
313.530
599,946
P R O PE R T Y .— Operates 70 miles of street railway; 60, 70 and 90-lb. T
and girder rails; gauge, 4 ft. 814 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;
capacity. 3,000 h.p. Total capacity of plants operated, 24,000 h.p.. of
which 19,Odd h.p. is hydro-electric generation. Also has favorable con
tract with Southern Power Co. for the purchase o f additional power.
OFFICERS.— Pres.. E. C. 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. 112. p. 2314; V. 113, p. 77; V. 114, p. 1072. 1892.
PIEDMONT & NORTHERN RV.
ORGAN IZATION .— Incorp. on Feb. 24 1911 In South Carolina, and od
or about July 1 1914 took over the properties of the Piedmont Traction Co.
and the Greenville Spartanburg & 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 flln t. at Farmers' Loan & Tr. C o., N . Y .. trua.
Stock.— $1,415,400 additional stock Is held In treasury.
Bonds.— Of the temaining bonds $3,607,800 are held unpledged and
$151,000 are pledged-as collateral. Redeemable at option o f company, in
whole or part, on any interest date since July 1 1914 at 105 and interast.
L E A R N IN G S .— For cal. year 1922: Gross income (taxes assignable to
railway operation deducted), $717,051; int., misc. taxes, &c., $331,205;
net income, $385,846.
23
ELECTEIC BAIL W AYS
R O A D .— Owns and operates 23 44 miles from Charlotte to 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 of track operated, incl. spurs and sid
ings and 10.87 miles operated under contract, 205.95. Equipment consists
of 37 passenger cars, 119 freight cars, 25 ballast cars, 2 express cars, 10
caboose cars, 10 misc. cars, 16 electric locomotives.
OFFICERS.— Pres., W . S. Lee; V .-P ., J. B. Duke; V .-P. & Gen. M gr.,
E. Thomason; Sec. & 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.
CHARLOTTESVILLE, VA.
CHARLOTTESVILLE & ALBEMARLE RY.
O RGAN IZATION .— Organized In Virginia and formed by an agree men*
of consolidation dated N ov. 24 1913 between the Redland Power Corpora
tion and the Charlottesville & Albemarle Ry. A lighting and power com
pany with a short Interurban railway as an adjunct. L i; >i and power fran
chises are perpetual; County R y. franchises are perpet ial, while city fran
chise expires In 1944.
Rates.— Effective Sept. 13 1920, the company was auth. to raise or lower
rates for electric service based on the price of coal.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $500,000 ($ 1 0 0 )____
_________
$509,000
See text
Pref stk 7%cum$200.000($100)____
J-D
163.200 D e c ’ 22,344
First mortgage $750,000 gold! 1915 6 g A-O
417,000 April 1 1943
($1,000)______________c*cp t IInterest payable In Baltimore, Md.
Bonds.— Additional bonds may be Issued only for 85% of cost of Impts.
and exts. and only when net earnings for the past 12 months are equal to
twice the Interest charges on the bonds outstanding and those to be Issued.
A special depreciation and reserve fund Is provided out of gross earnings
for maint., &c. $20,000 (not incl. in amount outstanding) are held in
the treasury. Red. at 105 and int. on 60 days' notice . V. 100, p. 1436.
Dividends.— 7% per ann. Is being paid on pref. stock. On common first
liv of 2% and 1% extra paid In June 1916. In Dec. 1916 paid 2 H % In 1917, Ju n e,2 4 4 % ;D ec..2 % . In 1918, Dec.. 1% . In 1919.5%. None
>o Dec. 1920. wb^p 3% was paid. In 1921. Tone. 3% : Dec., 4 % . In
1922, June, 4% ; Dec., 5% and 1% extra. V. 116, p. 175.
EARNINGS.— For years ending Dec. 31:
Pref Div. Surnlus.
Year —
Net.
Ghos.
Gross.
Other Inc.
$36,012
$93,104
1922.. .$259,955
$8,589
$134,639
$3,065
72,598
37.634
8,539
1921- - - 236.557
1,426
117,395
3,539
44.021
1920. - 198,229
63 4
35.499
87.475
ROA D .— Miles of track, 3.45: standard gauge. Rails, 83 and 97-Ib.
girder and 50-lb. T . 9 cars. 1 power station
1 sub-station.
OFFICERS.— Chairman o f Board, Norman James; Pres., John L.
Livers; V.-Pres., Henry Lay Duer; Gen. Mgr. & Asst. Treas., C. L. Carter;
Sec. & Treas., W. R. Morton.— V. 103, p. 2428; V. 103, p. 608, 1688, 2289;
V. 116, p. 175, 720.
CHICAGO. ILL.
CHICAGO AURORA & ELGIN C O RPORATION .— A holding co.
ORGANIZATION.— Incorp. in Delaware June 12 1922 to take title
under the reorganization (see plan in V. 114. p. 736, 1177) of the old Aurora
Elgin & Chicago RR. (for history see “ Electric Railway” Supplement of
April 29 1922) to certain small interests and stocks which cannot properly
bo held bv the Chicago Aurora fk Elgin R R .. the onaraMug company.
Owns the entire $9,500,000 (par $100) common stock of the Chicago Aurora
& Elgin R R ., which see below.
STOCKS AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common (no par) 27,500 s h s . _ ____
______
27 .491 v.t.c._ _______
_
Debenture bonds $6,000,000-- 1922
See text
$6,009,000 April 1 1972
Stock.— Common stock is to be held in a voting trust for three years.
Bonds.— Int. on the debenture bonds accrues at 6% per annum after
June 1924 and is payable out of the net profits of the corp. If the net
income in any year is not sufficient to pay int. at the rate of 6% per ann.,
such int. remaining unpaid is to accrue, and the accrued deficiency is payable
before any div. may be paid on the common stock, but failure to pay int.
shsll not constitute a default. Red. at 10244 and int. V. 114, p. 736,
1177, 2716; V. 115, p. 1837.
(1) C hicago Aurora & Elgin RR.
All the common stock of the co. is held by the Chicago Aurora & Elgin
Cn,,n wbifVi epp qbove.
ORGANIZATION.— Incorp. Mar. 23 1922 in Illinois to take title in
reorganization (see plan in V. 114, p. 736, 1177) to most f the properties
and franchises of the so-called Third Rail Division of the old Aurora Elgin
Chicago RR. (for history see “ EIcctH- R v.” Snnnlement o r An* 29 1922).
In Nov. 1922 was auth. to issue $470,000 equip, trust cl fs. V. 115, p. 2158.
STOCK
VN O B O N O S —
D ate.
Interest.
O utstanding
\1alurity.
Comstock $9,500,000 (SI00)
All owned by Chic. Aurora & Elgin Corp.
Ref & irnnt 7% $50,001,000--- 1922
7%
$1 050.000 April 1 1947
A E A C Ry first mortgage/ 1901
5 g A-O 15 2,324,000 Apr 15 1941
$3,000,000 ($1,000), gold/Cont. & Comm. Tr. & S iv. Bk., Chic., Trus,
cannot be c a lle d ____
t f lln te,”nst pnviMe in Chi'"'go >nd New York.
Car trust certificates, serial_ 1922
_
6 M-S
470,000 See text.
B on ds. — The ref. & itnpt. 7% bonds a,-e red. at 101 an I int. on anv int,
date. On the Aurora Elgin & Chicago Ry. bonds a sinking fund of $50,000
per annum began on April 15 1911. See V. 74. p. 726. $671,000 have
be°o *“*d*ed.
Equipment trusts mature; $47,099 Sent 1 1923, $23,000 each Mar 1 and
$24,000 each Sept. 1 to 1932. Girard Trust Co., Phila., trustee.
PR tl’ ER TY , &c.— Consists of a railroa t, operated by elec ricily. with
nvo* 1(P mil ’ s of track. se*vin'T and cann ’ '•ting r'hi''aga. Alivwood. Ballwood. Villa Park. Ardmore. Elmhurst. West Elmhurst. Lombard, Glen
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 of 16,000 k.v.a. Owns 120
cars and 2 electric locomotives.
EARNINGS.— For calendar years:
Cal. Years—
Gross.
Net.aft .Tax. Olh.Inc.
Int..A c.
Bxl.,8ur.
1922__________$2,252,996
$443,454
$281
$128,631
$322,104
1921__________ 1,760,028
297,094
____
120,085
177,010
OFFICERS.— Pres., Thomas Conway Jr.; V.-P., E i via O. Faber; V.-P.
• ri«>n. M g r ., J. H . M c C lu r e : Treas.. h o 'l'in R Anderson: B ee.. 5V. D .
fe
Turner.— V. 114. p. 2716; V. 115, p. 307, 888. 988, 1320, 1837, 2158. _ _
AURORA ELGIN & F O X RIVER ELECTRIC CO.
ORGANIZATION, &C.— Was reported to have bean incorporated in
Dec. 1921 for the purpose of taking over and oper iting the Fox River Valley
and the Aurora and Elgin city lines of the old Aurora Elgin & Chicago R R .
(for history see “ Electric Railway” Suoplement of Ap*il 29 1922). The
so-called “ Third Rail Division” (see Chicago Aurora A Elgin Corp. above)
was reorganized as ner plan outlined in V. 114, p. 736, 1177. No further
Information.— V. 115, p. 2476.
_______
CHICAGO SURFACE LINES.
Under the title of Chicago Surface Lines the properties of the Chicago
Railways Co. and the Chicago City Railway Co are aow being operated
as a single system under the control of a joint board of operation in accord
ance with an agreement between the two companies and the unification
ordinance which became effective Feb. 1 1914
While under the terms of
this ordinance and the agreement the ownership of the properties remains
entirely separate and distinct, the combined earnings are divided upon an
agreed basis. For the two years ending Jan. 31 1916 the Chicago Railways
Co. received as its share 59% of the income remaining after the pay
ment of all operating expenses, including taxes and maintenance, the other
41% of the income going to the Chicago City Ry. Co., Including the
Calumet & South Chicago Ry. aud the Southern Street Ry., and. begin
ning with Feb. 1 1916 and until the expiration of its franchise in 1927, the
Chicago Railways Co. will receive 60% of the so-called “ residue receipts.”
and the Chicago City R y. (including the Calumet & South Chicago and
the Southern Street R y .), 40%. The plan provided for a 5-cent fare
throughout the city on surface lines, also through routing of cars from one
division of the city to another. See details of the ordinance and the
agreement for unified operations under date of Dec. 1 1913 in V. 98, p.
1693. An order permitting the State Attorney to file quo warranto pro
ceedings to question the legality of unification ordinance was denied Id
March 1915. V. 100. p. 1078.
Statement Showing Shrinkage in Market Value of Securities.— See V . 108.
p. 1822.
Ordinance to Unite Surface and Elevated Lines.— See remarks under
Chicago Elevated Railways.
Proposed Subway System.— See V. 112, p. 61; V. 114, p. 304, 1406, 153“
>
V. 115, p. 1631.
M
[V ol. 116.
ELECTRIC RAILW AYS
Application to Carry Freight.— See under “ Chicago Elevated R ys.”
Decision.— On April 19 1917 the 111. Supreme Court upheld the right of
the State Public Utilities Comm, to regulate street car service in Chicago
regardless of the provisions o f the contract ordinances o f 1907 between the
Chicago City Council and the surface lines. Pursuant to this opinion a
decree was entered by the Circuit Court o f Cook County in favor of the
Comm., which was affirmed by the 111. Supreme Court. An appeal was
taken to the U. S. Supreme Court which held that the decision of the Illinois
Supreme Court was conclusive. See also V. 113, p. 2311.
Fares.— Effective Dec. 27 1919 the Illinois P.U. Comm, ordered the com
panies put on a straight 6-cent cash fare basis. Effective July 1 1920 the
companies were auth. by the Comm, to charge an 8-cent fare. V. 111, p.73.
On Nov. 8 1920 the P. U. Comm., made this order permanent and fixed the
valuation of the lines as o f April 30 1920 at $159,113,114. The Commission
also found that the companies were entitled to earn a return of approximately
7.5% on the value o f the properties; for details see V. I l l , p. 1949. 2040.
See also V. 113, p. 291, 2311. On Jan. 9 1922 the U. S. Dist. Court at
Chicago entered on interlocutory injunction restraining the 111. Commerce
Comm, from enforcing a 5-cent fare. V. 114, p. 197. 304. 625, 1285.
The 111. Commerce Comm., however, ordered a reduction in fares to 6 cuseffective M ay 1 1922. V. 114, p. 1650, 1764. A temporary injunction
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
ducing its fares, not later than June 15 1922, from 8 to 7 cents cash or
3 tickets for 20 cents. V. 114, p. 2468.
City Operation Approved.— On Nov. 11 1919 the City Council unanimously
approved the M ayor’s plan for condemnation of the surface lines and their
operation on a 5-cent basis by or on behalf of the city. For further details
see V . 109, p. 1891; V. 112, p . 2304; but compare V. 112, p. 1739; V. 113, p.
70.
Refusal of City to Accept Share of Profits. See V. 112, p. 1739; compare
V. 113, p. 70.
Suit by City.— In July 1921 the city filed suit in the Municipal Court for
$3,500,000, against the company, which the city claims is due for the use
and occupation o f the streets. (V. 113, p. 70), but compare V. 112, p. 1739
R E PO R T .— Of entire system for years ending Jan. 31:
Year ending
Gross
Operating
Residue
------ Of Which to-----Jan. SI— Earnings.
Expenses.
Receipts. Chic.C.Ry.. Chic. Rys .
1922-23______ $56,103,062 $44,416,070 $11,686,992 $4,674,797 $7,012,195
1921- 22___ 60,343,733 46,516,150 13,827,583 5,531,033 8,296.550
1920- 2 1 ------ 55,327,385 43,300,393 12,026,992 4.810,797 7,216,195
Board of Operation.— Chairman Henry A. Blair, Leonard A. Busby,
F. H. Rawson, Wallace Heckman, Harrison B. Riley, John M . Roach,
Frank O. Wetmore.
Executive Committee.— Chairman, Henry A. Blair; Leonard A. Busby and
Wallace Heckman.
OFFICERS.— Pres., H. A. Blair; Y.-Pres., G. A. Richardson; Sec., FL .-H u pp; Treas., M . B. Orde; Gen. Aud., Jno. J. Duck.—-V. 114, p. 519,
625, 1285, 1532, 1650, 1764, 2011, 2468; V. 115. p. 307, 644, 759, 988, 1631;
______
V. 116, p. 720.
CHICAGO CITY & C O N N E C llo U R Y S.— A collateral trust.
Ordinance to Unite Surface and Elevated Lines.— See “ Chicago Elevated
R ys.” below.
Formed in 1910 under a trust agreement, to take over the stock of the
Chicago City R y., together with the securities of the Calumet & South
Chicago R y., the Southern Street Railway, the Hammond Whiting & East
Chicago Ry. and the Chicago & Western. These properties comprise ap
proximately 512 miles of street railway in southern division of Chicago
and vicinity. See outline o f plan in V . 90, p. 558, 625. Trustee, Chicago
Title & Trust Co.
On April 19 1913 the III. Supreme Court affirmed the decision of the
Superior Court of Cook County in the suit brought by Clarence H. Venner,
which held valid the agreement dated Jan. 1 1910, creating the Chicago
City and Connecting Rys. Collateral Trust (V. 96, p. 1364, 1627). Ac
appeal was taken to the U. S. Supreme Court, but in N ov. 1914 suit was
dismissed. See “ Chic. City R y. in V. 99, p. 1527.
STOCK AND BONDS— Date. Interest. Outstanding.
Maturit' .
Com part certs 150,000 s h a r e s-____
s-a
150,000 shs.
See text.
Pref part certs 250.000 s h a r e s .____
s-a
250,000 shs.
See text
Coll trust mtge $22,000,0001 1910 5 A-O
$20,931,000
Jan 1 1927
gold sinking fund c*& r*tf lin t, at 1st Tr.&S.B.Chic., Trus., or In N. Y
Participation Certificates.— Preferred participation shares have no par
value but are entitled to preferential cum. dfvs. 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, % to
prer. and H to com., but in no case will the pref. certfs. be entitled to more
than $7 each per annum; also have preference upon distribution of trust
fund to the amount o f $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 Apr 1 1923.
Bonds.— Coupon bonds in denom. of $1,000; registered bonds $1,000 or
multiples. A sink, fund of $105,000 o f bonds p. a. began Mar. 1 1915
Bonds are redeem, for the s. f., or as a whole, at 105 and int. $1,069,000
redeemed as of Apr. 1 1923. In case o f purchase of property of the Chicago
City R y. by City o f 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)
Chic. City R y .._ ____________ _______ $16,971,900
None
Calumet & South Chicago R y ________ *10,000.000
________
Southern Street R y ___________________ *2,400,000
________
Hammond Whiting < East Chic. Ry__ *1,000,000
&
*1,000,000 1st
Chicago & Western___________________
*72,000
________
the ordinances was fixed at $21,000,000. The city or any company au
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
of them, at their value at date of ordinance, plus “ the cost of rehabilitation
and extensions, including fair allowances for construction, profit and
brokerage” . But if the properties are acquired for operation by a pri
vate corporation, for its own profit, the purchase price is to be increased
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.
The companies are limited during their operation to an interest return
of 5% upon the agreed value plus the cost of rehabilitation and exten
sions. All net profits above this are to be divided on the basis of 55%
to the city and 45% to the companies, but a deficit in any year is to be
made good out of the profits of subsequent years. After April 15 1910 the
companies are required to set aside 6% of the gross receipts for maintenance
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
in the funds and passes to the city or its licensee upon purchase. But If
the two funds are not sufficient for the purposes named, the companies
are obligated to supply additional funds. The franchises granted by the
ordinances run until Feb. 1 1927. On Feb. 4 1921 the City Council voted
to cancel these franchises. See V. 112, p. 743. Purchase price of the prop
erty Jan. 31 1923, $55,084,943.
On Jan. 29 1912 City Council passed an ordinance providing for the ac
quisition by Chicago City Ry. of city lines of the Chicago & Southern Trac.
Co. V. 94, p. 349, 629. The latter was sold at. foreclosure in Feb. 1912.
The lines outside the city were taken over by the Chic. & luterurban R y .
Decision as to Regulation.— See “ Chicago Surface Lines."
In Jan. 1920 the company applied to the 111. P. U. Comm, for auth. to
Issue $1,928,000 5% 1st mtge. bonds to cover expenditures for improvements
V. 110, p. 359. In Jan. 1921 was auth. by the 111. P. U. Comm, to issue
$1,758,000 bonds. V. 112,p. 372.
STOCK AND BONDS—
Date.
Interest. Outstanding. LastDiv.,&c
Stock, $18,000,000 ($100).................TextQ-M 30 $18,000,000 Mar ’ 2 3 ,1 !*
1st mtge ($1,000) g -.c * & r * tff 1907
5 g F-A
33.926.000 Feb 1 1927
(First Trust & Sav. Bk.. Chicago, Trustee.
Notes payable April 1 1923 _______
________
1.344.745 __________
Bonds.— There is no limit to the amount o f bonds that may be issued
under the above mortgage. Under the Chicago city ordinance, in case of
purchase by the city or its licensee, and only in such case, the bonds may be
ealled as a whole, for payment at par and int., on any int. date before ma
turity. V. 84, p. 1488. 1550. Bonds are listed on Chicago Stock Exchange
(V. 98. p. 386).
D IV ID E N D S — In 1893, 24% ; 1894-1900, 12%; in 1901. 1 0 !* % ; in
1902-09. 9% ; in 1910, 16%; in 1911, 11 !*% ; in 1912, 11%; in 1913, 1 0 !* % .
In 1914, 9% ; in 1915, 8%; in 1916. 9J* %; in 1917. 8% and H % extra in
Dec. In 1918, 5 % . In L919. 5 % . In 1920, 6% . In 1921, 6% . In
1922. 6%. In 1923, M ar., 1>*%.
ROAD, &c. (incl. Southern St. R y .).— Company owns 349.90 miles of
single track, all now operated by electricity. System covers the South Side
of Chicago, extending from the centre of the business district south to 79th
Street and between the South Branch of the Chicago River and the Lake
REPO RT.— For 12 mas. end. Jan. 31 1923, see V. 116, p. 2409.
The combined results of the ‘Chicago Surface Lines" under the Unifica
tion Ordinance, which went into effect Feb. 1 1914. were: Gross, $56,103,062; operating expenses, $44,416 070: residue receipts, $11,686,992.
Income Account Chicago City Railway.
1922-23.
1921-22.
1920-21.
Proportion of residue receipts_______ *$4,674,797 *$5,531,023 *$4,810,797
Joint acc’t exp. int. on cap. inv. and
South St. Ry. net earnings________ 3.693,308
3,615,846
3,506,627
Net earnings________________
$981,489 $1,915,187 $1,304,170
C ity’s proportion (5 5 % )_______
553,518
1,080,085
735,497
Company’s proportion (4 5 % )-427,970
835,102
568,673
Interest on capital-x________________ 2,750,965
2,750.965
2,751,588
2,739,056
Income from operation______
Other income----------------------------------
$3,178,935
Cr.54,397
$3,586,690
Dr.2,744
$3,307,729
Dr.242
Net income__________________
$3,233,332
Interest on bonds______________
$1,775,085
Dividends (6% )------------------------------1,080,000
$3,583,946
$1,824,018
1,080,000
$3,307,487
$1,822,337
1,079,997
Balance__________________________
$378,247
$679,928
$405,153
* Representing 40% of residue receipts.
x The “ interest an capital investment" is that certified by board of
supervising engineers, as provided by the ordinance of Feb. 11 1907.
OFFICERS.— Chairman Ex. Com ., and Pres. L. A. Busby; VicePres., H. B. Fleming; Sec. & Treas., F D Hoffmann; Aud.. John
J. Duck.— V. HO, p. 1186; Y. 112, p. 372. 1143, 1510; V. 114, p. 1178, 1281,
V. 116, p. 2409.
(2) C alum et & S outh C hicago R y.— Electric.
Unified Operation of Surface Lines.—See “ Chicago Surface Lines’ ’ for
details of Unification Ordinance of 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 conirol of a joint board of operation
Ordinance Embodying Unified Operation of Surface and Elevated Lines.—
See Chicago Elevated Rys. on a subsequent page.
ORGANIZATION.— Is a consolidation formed in 1908 o f 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 of the City of Chicago. The ordinance
grants franchises until Feb. 1 1927 and provides that the city is to receive
T o t a l................................................. .$30,443,900
T l .000.000
65% of net receipts after allowing for operating expenses, taxes and de
* Entire issue.
a Under provisions of the trust mortgage these respective issue of bonds preciation and 5% on present value, together with amounts expended for
each as an entirety may be converted into capital stock of the respective Improvements and extensions. Unification ordinance of 1914 establishes
a 5-cent fare and universal transfers. City may purchase property on
companies to an equal amount.
Dividends.— On pref. part. ctfs. $2.25 per share was paid seml-an. Feb. 1 or Aug. 1 of any year upon six months’ notice for present value,
which is fixed at $5,000,000, plus amounts expended for improvements,
from June 1910 to and incl. July 1914. In 1915. $2 50. In 1916, $1 75
additions and extensions, but only for municipal operation, where purchase
In 1917, Jan., $2 25 (V. 104. p. 72): July, $1 50. In 1918. Jan.. $1 50
None since; Y. 106, p. 2755; V. 108, p. 77. On common participating ctfs. is made prior to Feb. 1 1927. With an addition of 20% in price, city may
$1 per share was paid semi-annually from June 1910 to and including also purchase for the purpose of turning property over to other parties (ft
purchased for Chicago City Ry. only 12% additional need be paid), but
July 1912. None since.
this additional sum need not be paid where these other parties agree to pay
RE PO RT.— For calendar year 1921 (V. 116, p. 513):
over to the city all of the profits above 5% on the purchase price. V. 86,
C a l . ---------------Income--------------Bond
Bond Other Dies, on Surp. p. 12'3. On Jan. 31 1923 certified value of property and additions thereto
Yr.
Divs.
Other.
Gross.
Interest. Redemp. Ded. Part.Shs. Inc.
was $11,442,443.
S
$
s
s
$
$
$
$
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity •
1922- 1,215,514 76,840 1,292.351 1,051,800 105,000 42,353 None 93,201 Stock, $10,000,000 ($100)................................. ..
$10,000,000
.................
1921- 1,290,514 128.474 1,418,988 1,057,050 105,000 48,983 None 207,954 First mortgage rehabilitation f 1908
5 g F-A
5.393,000 Feb 1 1927
1920-1,316,514 125.989 1,442.503 1,062,300 105,000 80,570 None 194.633
($1,000) gold, no s fc*& rtf lin t, at First Tr. & Sav. Bk. Chic.. Trustee.
Committee.— Chairman, Harrison B. Rjley, 8. M . Felton, James B. For_______
682.072 __________
gan, John J. Mitchell, Samuel Insull, John A. Spoor, B. E. Sunny, Frank Notes payable. Jan. 31 1 9 2 3 . . ____
Bonds.— The issue of 1st mtge. bonds Is indeterminate, amount to be
O. Wetmore and L. A . Busby. V. 110, p. 167; V. 112, p. 253.
limited to amount of new work done on property. Tbey are subject to
OFFICERS.— Sec. & Treas., H. J. Tansley.— V. 108, p. 1164;3 V. 109,
1
at
int.; thereafter only in
p. 1079; V . 110, p. 167, 359, 560; V. 112. p. 253, 371, 1230; V . 11, p. 580; call at any int. date before July at 1912and 105 andany int. date. No s. fd.
case city shall purchase property
par
int. on
V. 114, p. 304, 408, 624; V. 116, p. 513.
EARNING S.— For years ending Jan. 31:
(1) C h icago C ity Railw ay.— An electric road.
Year ending *Int. on
Other
Total
Bond
Divs.
Balance.
Jan. 31— Capital. Income.
Income.
Interest.
Paid
Surplus.
Unified Operation of Surface Lines.— See “ Chicago Surface Lines" for
details o f unification ordinance under which the lines o f this company 1922-23 .--$571,558 def$2,042 $569,516 $307,409 $100,000 $162,107
570,812
def4,101 566,711
317,299
175,000
74,411
are operated jointly with those o f the Chicago Railways Co. as a single sys 1921-22
tem under the control of a joint Board o f Operation. For plan to unite the
* Representing company's proportion of 40% of Chicago Surface Lines’
surface and elevated lines see “ Chicago Elevated R ys.”
residue receipts pursuant to unification ordinance effective Feb. 1 1914.
O RGAN IZATION .— Incorporated in Feb. 1859. and has extensive sur
ROAD.— Owns and operates 125.59 miles of track reaching South Chi
face road privileges in the south division o f Chicago. Has a contract ex cago, Pullman, West Pullman, Auburn Park, Burnside, Hegewisch and
piring Jan. 31 1927 with the Commonwealth-Edison C o., for the supply of Manhattan Beach. Also extends from Jacksou Park to 106th St. and the
its entire power requirements. The railway has abandoned its producing Indiana State Line along Lake Shore and both sides of Calumet River.
plants but retains its distributing plants.
70. 75. 83 and 85-lb. rails.
New Ordinances and Franchises.— On Feb. 4 1907 the City Council passed
OFFICERS.— Pres., L. A. Busby; V .-P ., H. B. Fleming; Sec. & Treas.,
ordinances providing for a settlement o f the franchise question. These F. D. Hoffman; Aud., John J. Duck.— V. 107. p. 1286; V. 116, p. 1274.
ordinances were approved at the city election on April 2 1907 and formally
(3) S outhern Street Railway C o.— A trolley road.
accepted by the company’s board o f directors on April 15 1907. Suit tc
set aside franchise was dismissed In April 1912. V. 94, p. 1118. An ex
Unified Operation of Surface Lines.—See "Chicago Surface Lines” for
tended outline of these ordinances, one to the Chicago City Railway Co.
details of Unification Ordinance of 1914, under which the lines of this com
and covering the lines operated by that company, and the other to the Chi pany are operated jointly with those of the Chicago Railways Co. as a sin
cago Rys. C o., and covering the lines o f the former Chicago Union Traction glesystem under the control of a joint board of operation
Co. (now the Chicago Railways C o.), was given in V. 84, p. 1123. The value
Ordinance Embodying Unified Operation of Surface and Elevated Lines.—
o f the tangible and intangible property o f the Chicago City R y. at date of See Chicago Elevated Rys. on subsequent page.
A pril, 1923.]
ELECTRIC RAILW AYS
ORGAN IZATION .— Incorporated In Illinois as a reorganization of one
Chicago General R y., which was bid In at foreclsoure sale on Sept. 30 1907
by the Southern Street Railway Oo
V 85. p 893.
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 or Chicago City R y.
ROAD.— Included In Chicago City Ry.
OFFICERS.— Pres., L. A. Busby, V .-P., H. B. Fleming: Sec. & Treas.,
F. D. Hoffman; Aud., Jno. J. Duck.— V. 91. p. 1531: 1712: V. 107. p 1288.
( 4) Hammond W hiting Sc 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
»o Hammond Whiting & East Chicago Electric Ry. Franchise expires In
1954. Power Is furnished by the Calumet & South Chicago Ry
Fares.— See V. 113, p. 530, under caption “ Chicago City & 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/ 1910
5 g F-A
1.000.000 Feb 1 1930
($1,000) __________ c& rtfi Int. at First Trust & Sav. Bank, Chic..Trust.
Bonds.— Subject to call at 105 and Int. E. K. Bolsot Is also trustee.
ROAD.— Owns 34.16 miles of track, extending from State line between
Illinois and Indiana at 108th St.. Chicago, to whiting. East Chicago and
Hammond In Indiana, and operates in connection with Calumet & South
Chicago Ry. to 63d St. and Madison Ave.. In Chicago. Standard gauge;
80-lb. T rail.
OFFICERS.— Pres., W. A . Busby; V .-P ., W W. Hill; Sec. & Treas.,
F. D. Hoffman.— V . 79, p. 103.
CHICAGO & INTERURBAN TRACTION CO.
Change in Management —See V |10 o !9 'z .
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.
Bankruptcy Proceedings.— In Oct. 1922 the co. filed a voluntary petition
in bankruptcy. Int. due July 1 1922 on the 1st Mtge. bonds is in default
V. 115, p. 1729.
ORGANIZATION.— Incorp. In Illinois Feb. 14 1912 to take over the
property of the Chicago & Southern Trac. Oo. (sold at foreclosure) outside
the city limits, the lines within the city having been acquired by Chic. City
Ry
V. 94. p. 697.
Fares.— In Aug. 1919 was auth. to charge 3 cents a mile between Chicago
and Kankakee. V. 109. p. 774.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$1,000,000 ...................
Stock, $1,000,000 ($100).......................................
First mtge, gold ($100, $500./ 1912
5 g J-J
1,816,000 Jan 1 1932
$1,000), no s f _ - ____ c* tf lin t, at First Tr. & Sav. Bk.. Chic.. Trustee,
_
Bonds.— The auth. amount of 1st M. bonds Is not limited. Bonds are
subject to call In whole or in part, beginning with lowest number, at 102
on any Interest day. $80,000 additional bonds have been issued and are
pledged to secure notes.
EARN INGS.— For years ending Dec. 31:
Year—
Gross.
Ernenses.
Net.
Int.&Taxes.
Balance.
1922____________ $381,825 $371,024
$10,801 $140,043 def$129,243
1921 — .............— 410,377
412,221
defl,845
114.618 def 116,463
R OAD.—Consists of 50 miles of line between 119th St. and Vincennes
Road. Chicago, to Kankakee, 111. Standard gauge. 70-Ib. T rails.
OFFICERS —Chairman of Bd., Samuel Tnsull; Pres., Button 1 Budd
V .-P ., E. J. Blair; Sec. & Treas., A. G. Nelson; 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 .
ORGAN IZATION .— Incorp. In III. and on July 26 1916 acquired the
roperties of the Chicago & Milwaukee Electric HR., sold at foreclosure
lay 1 1916 (V. 102, p. 1718, 2077). V. 103, p. 664, 1687.
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 Illinois section alone
could not be accurately acertalned. V. 105, p 1897
See also V 111,
p. 73
Recapitalization Plan.— A plan for the recapitalization o f the co. was
approved by the shareholders in Feb. 1923. Under the plan contemplated
the new capitalization would be $5,000,009 pref. stock 6% noa-cura. and
$5,000,000 common stock. There would also be issued $2,700,000 non int.bearing 5-yr. notas payable at maturity, at the option of the co., in new 5-yr.
int.-bearing notes, in 6% non-cum. pref. stock at par, or in cash.
The plan also contemplates the authorization of a new 1st & ref. mort
gage and $10,000,000 prior lien 7% pref. stock, $1,500,000 of which is to
be sold to partially reimburse the treasury for capital expenditures made
and to provide additional working capital. For full details of plan see
V. 116, p. 615, 1274In March 1923 issued $1,000,000 6 M % notes, Series “ O,” proceeds to
be used for capital expe .ditures and for other corporate purposes. V. 116,
p. 1274.
Increased Fare Schedule.— See V. 113. p. 531.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
_________ See text
__________
Stock $100,000___________________
First M $10,000,000 g ($1,-7 1916
5 g J-J
$4,060,000 July l 1936
000. $500 & $100)___ c*tf(Interest payable la N. Y or Chicago.
5%
460.000 Aug. 1 1930
Gen’I M $1,500,000 gold___ : 1916
Equipment notes gold ($ !.-/ 1917
6 g J-J
68 000 See text
000 and $500)_________ c* lln t. at Chicago Northern Tr Co., Trustee
Equip notes $500,000 ($500 &/ 1919 6 g F-A 1
35',500 See text
$1,000) __________ _ _ c* tf! Northern Trust Co.. Chicago, Trustee
Equip tr ctfs Ser C -l $500,0001 1922 6 g J-J
500,000 See text
($100, $500 & $1,000) g .-tf/N orth ern Trust Co., Chicago, Trustee.
Equip tr ctfs Ser C-2_________ 1922
6%
100,000 See text
Secured sk. fd notes Ser. “ A " f 1920
7 g J-D
1 355,100 June 1 1930
see text ($100. $500 &■!Central Trust Co. of 111., Chicago, Trustee
$1,000)_________ _____ c*tf 1
Series “ B” ________________ 1921
7 g J-D
471 200 June 15 '36
Series “ O” ________________ 1923
g A -0 1,000,000 Apr 11926
Stock.— The capital stock Is in the nominal sum of $100,000, which has
been made the basis o f the following participation certificates of no par
value: (a) 50,000 Illinois part, certfs.. bearing $5 dividends a year, cumu
latlve. If earned, from Jan. 1 1918, the div. on these certfs. having priority.
(6) 58,000 Wisconsin part, certfs., bearing $5 divs. a year, cumulative. If
earned, from Jan. 1 1918; (c) 62,000 common part, certfs., bearing such
dividends as may be earned and declared. For payment of interest on
accumulated dividends, see V. 112, p. 61; V. 113, p. 2818; V. 115. p. 2904.
The stock will be held by George M . Reynolds, Samuel Insull and R. Floyd
Clinch as voting trustees. For basis of exchange of bonds of old co. for
certificates, see V. 103, p. 664.
Bonds.— The 1st M . bonds are secured by a first Hen on all the property
owned and by pledge as additional security of the entire capital stock of the
Chicago & 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 Dar for not
exceeding 85% o f the cash cost of betterments, &c. The mortgage pro
vides for a maintenance, replacement & depreciation fund o f 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.
See., 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 & Commercial Trust & 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 of 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 1 0 0 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.
S
25
at 101 and Int. for all notes having over 5 years to run, and at 100M and
int. for notes having less than 5 years to run. Secured by equip, at the
rate 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. “ C -l,”
mature $50,000 July 1 1923 to 1932. Red., all or part, on 30 days’ notice at
101 and div. for ctfs. having more than 5 years to run from date of redemp
tion and at 100J/£ 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. 868.
Equip, 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 less 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 o f
2% of the notes of each series outstanding payable semi-ann is 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. $144,900
Ser. “ A ” and $28,800 Ser. “ B” 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 Vi of 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.; at 101 to April 1 1924; on and after April 1 1924 to April 1
1925 at lOOVi', and on and after April 1 1925 at 100. V. 116, p. 1274.
fat. payable In N. Y. or Chicago. V. I l l , p. 73; V. 113, p. 416.
EARNINGS (incl. Chicago & Milw. Elec. Ry.-Milw. City Lines):
12 ifonths
Gross
Net. after
Fixed
Balance,
ending Dec. 31—
Earnings.
Tates.
Charges.
Surplus.
1922 __________________ $5,016,682 $1,004,713
$486,784
$517,927
852,733
463,013
389,720
1921 ................................. 4,507,361
ROAD. &c.— Owns and operates the electric railroad connecting Evans;on. 111., and Milwaukee, Wis., with a branch line extending from Lake
Bluff. 111., to Area, til., embracing 84 54 miles of road and 169.57 miles
single track equivalent. In Aug. 1922 a line connecting Chicago & Mil
waukee with Lake Geneva by way of Kenosha was put into service. From
Kenosha to Lake Geneva an omnibus service is operated bv the co. V. 115,
p. 868. A feeder bus 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 Chicago, Waukegan and Zion City, 111., and Kenosha, Racine and
Milwaukee, Wis.; also Fort Sheridan and Great Lakes Naval Training Sta
tion. Has operating agreement with Chicago Elevated whereby trains are
run over the elevated tracks to 63d St. and Dorchester Ave. in Chicago.
204 motor, combination, buffet, trailer, baggage and express 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 Insull; Pres., Britton I.
Budd: Vice-President, R. Flovd Clinch; Sec.-Treas.. W. V. Griffin.—
V. 113. p. 2818; V. 114, p. 1062; V. 115, p. 868, 1320, 2904; V. 116, p. 515.
615. 933, 1048, 1274, 1410.
CHICAGO R AILW AYS CO.
Unified Operation of Surface Lines.— See “ Chicago Surface Lines" for
letalls of Unification Ordinance of 1914, under which the lines of this
company are operated jointly with those of the Chicago City Ry. as a
dngle system under the control of a Joint board of operation. As to plan
^or unification of surface and elevated lines, see “ Chicago Elevated R ys.”
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
»cqulred at foreclosure sale the property of the old Chicago Union Traction,
comprising the lines of the North and West Chicago Street RR. The pur
chase was made under a modified plan of reorganization and readjustment
lated Oct. 15 1907 and outlined In V. 85. p. 1269: see also p. 1576.
In Dec. 1912 purchased 6 miles of the Suburban RR. Inside the city limits
V. 95. D. 1402) and Issued $22,554 bonds to cover cost.
Franchises.— On Feb. 5 1907 the City Council passed ordinances providing
(or a settlement of the relations between the city and the street railway
companies. V. 84. p. 338. 390. The franchises granted by the ordinance
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
end conditions of these ordinances. A very extended outline of the same
(ras printed In the “ Chronicle" of May 11 1907. pages 1123. 1124 and 1125.
co which the reader Is referred for detailed Information.
The ordinance for the Chicago Rys. Oo. 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
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 1923 was com
puted at $92,698,856.
All expenditures for reconstruction and extensions are being made under
ohe 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
butions for subways, after Feb. 1 1907 are to be added to the value of the
oroperttes recognized by the ordinance, together with 5% of such expendi
tures for brokerage. As compensation for Its services in construction
the company will receive an additional 15% of all expenditures for recon
struction and extensions, exclusive of amounts contributed for subways.
The company agreed to lower and reconstruct the tunnels under the
Chicago River at Washington, La Salle and Van Buren streets.
Rloht to Purchase by City.— Under the terms of the franchise, the company
agreed to waive all rights under previous grants, and gave the city an
option to purchase all of Its property for municipal operation at any time
rior 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 the properties February t 1907. as above mentioned,
plus all expenditures after that date for reconstruction, extensions and addi
tions to the properties. Including any amounts advanced to the city for
Che construction of subways In the downtown business district. In case
Che property shall not be purchased, as above stated, prior to 1927.the
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 or the company at said price. The city also has the option
of requiring the company to sell Its property to any other licensee corpora
tion of the city, or or purchasing the property itself for municipal ownership
(with no requirement as to municipal operation). at any time during the
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;
Oat 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 In
the event of such purchase; or (2) such purchase (if made within said 20
rears), must be consummated expressly subject to the lien of the 1st mtge.
bonds, but If made at the expiration of said 20 years, the amount thereof
must also be paid in ca sh ..
Compensation to City.— Provision Is made for special compensation
oo the Olty of Chicago, but this compensation Is payable only out of
she surplus earnings of the company after paying or providing for all oparating 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,
is above stated. Of the surplus earnings so remaining, the Olty or Chicago
receives 55% and the company 45% . (See V. 99, p. 1831 for dispute with
city 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
w
’hlch may be permitted by law until all of the consolidated mortgage bonds
of the company shall be fully paid and discharged, the directors of the
company shall be elected by trustees, now consisting of 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 of a permanent finance committee, now com
posed of Messrs. Henry A. Blair and B. A.jEckhart, Chicago.
S
36
ELECTRIC RAILW AYS
[V ol. 116.
ACQUisition of Chicago Consolidated Traction Properties.— On Dec. 27 1910 ( Fares.— In Aug. 1920 the co. was auth. by the 111. P. U. Comm, to in
Judge Grosscup confirmed the sale o f the Chic. Consol. Trac. Co. and its crease fares from 8 cents to 10 cents on its lines operating through the west
eight underlying companies on N ov. 30 1910 to Andrew Cooke and the ern suburbs- V. I l l , p. 588.
•ale by the latter of all properties within the city limits to the Chicago Rail
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
ways Co. (V. 91, p. 945. 1253, 1511). pursuant to an ordinance passed Common, $1,000,000 ($100).______
_______
$1,000,000 ....................
Oct. 10 1910 (placing valuation at $4,021,982), like in tenor, amendatory
Pref
6%
1.000.000 .....................
and supplemental to ordinance of Peb. 11 1907 (V. 91, p. 1025, 1159) First (cum), $1,000,000 ($ 1 0 0 )____
mortgage $1,000,000) 1918
8 M-8
850,000 Sept 1 1922
See reorganization plan, V. 90. p. 1613; V. 91, p. 37. The lines outside the
)$500 and $1,000) gold._c*lH arris Trust & Sav. Bank. Chicago, trustee.
city were acquired by the County Traction Co. (now the Chicago & West
Remaining bonds may be issued for 75% of exts. and enlargements
Towns R y .). which has no connection with the Chicago Railways Co
with certain restrictions. This issue originally matured Sept. 1 1920 and
On N ov. 1 1910 a deposit agreement was entered Into by the holders of the bore 7% int. but was extended for 2 years at 8% . Callable on the 1st day
■ecurities ol the Chicago Consolidated Traction and Its subsidiaries, pro of any month at 101 and int. $100,000 are held in treasury,
viding for the exchange of the said securities for Chicago Rys. Co. Purchase
EAR N ING S.— For years ending Dec. 31:
Money 4% to 5% bonds and Adjustment Income 4% bonds, both dated
Calendar Years—
Gross.
Net after Taxes. In t.,& c. Bal., Surp.
Jan. 1 1911 and maturing Peb. 1 1927. For description of bonds and terms
1921___________________ $1,108,618
$228,931
$74,439
$154,492
Of exchange, see V. 91, p. 1384, and compare V. 90, p. 1613; V. 91. p. 214
183.267
68.270
114,998
Favorable Decision.— In Oct. 1912 the 0 . 8. Circuit Court of Appeals 1 9 2 0 - . . . .......................... 1,000.096
affirmed the decision of Judge Kohlsaat, dismissing the suit brought to have
Road.— Owns 72.13 miles of track, of which about 5 miles leased for
the compromise franchise of 1907 annulled. V. 95, p. 1206.
operation by Chicago Rys. C o., and operates an additional 0.95 mile under
Settlement of Yerkes Suit.— In April 1914 the company arranged a settle
longT
term lease.
ment of the suit brought by the Yerkes estate on the guaranty of the bond*
OFFICERS.— Pres., Willard M . McEwen; Sec. & Treas., Charles N .
of the Chic. Consol. Trac. Co. by the Union Trac. Co. V. 98. p.1155
Committees Formed— To Seek Payment of Back Divs.— Holders of Series 1 Hebner.— V. 106, p. 1230; V. 107, p. 1384; V. I l l , p. 588.
partic. ctfs. on March 26 1923 elected a protective committee in an effort to
EVANSTON R A ILW A Y CO.
obtain $1,478,400 in unpaid divs. on the certifs. The committee will take
steps to bring about an agreement with the co. The committee consists of;
ORGANIZATION.— Incorp. Sept. 20 1913 in Illinois to take over the
Jackson S. Stone, W. F. Prindel, Harry C. Edmonds, Robt. J. Dunham lines in Evanston. 111., formerly owned by the County Traction Co. (now the
and Orville E. Babcock. See V. 116, p. 1410. Compare V. 116, p. 1275.
Chicago & West Towns R y.) Owns 98% o f the stock o f the Evanston
Decision as to Regulation.— See “ Chicago Surface Lines.”
West Side R y ., organized in Jan. 1922 to connect the west side -with the
Fares.— See “ Chicago Surface Lines.”
centre of Evanston. V. 114, p. 197.
Renewal of Bank Loans Authorized.— V. 113, p. 531.
Franchise.— The company was granted a new 20-year franchise.
STOCK AND BONDS— Dale.
Interest. Outstanding. Maturity
STOCK AND BONDS—
Date. Interest.
Outstanding.
Maturity. Stock. $500,000 ($100)........... - ............................
$500,000 ............... ....
Stock, $100.000___________________
_______
See text. See text.
First mtge bonds, gold___ c * / 1913
6 g F-A
2)6,800
1933
First mortgage (see text),
f 1907 5 P-A
$59,926,000 Feb 1 1927
Redeem at 103 and Int__ _/In t. at Merch. Loan & Tr. C o..C hic., Trus.
($1,000) gold______ c& rtf{ln t. at Harris Trust & Sav. B k., Chic., Trus
General mortgage bonds______ _____
_______
139,300 __________
[ or at Harris. Forbes & C o., New York.
Bonds.— Sinking fund of 2% of outstanding bonds began 1917.
Consol mtge. gold_________ t f 1907
5%
See text. Feb 11927
EARNINGS.— For years end.Dec. 31:
Bonds Covering City Lines of Former Chicago Consol. Traction.
Year ending
Gross
Exp., Taxes, Net
Inter- Balance.
Purch-money M $6,000,000 g) 1910
5 J-J
4,073,000 Feb 11927
Dec. 31—
Earnings. Depr.,&c. Earns.
est.
Surplus
($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 1922 ___________________ $266,177 $180,117 $86,060 $27,029 $59,031
1921 ................................... 251,820 174,045
77,775 25,370
52,405
($100&$500)(non-cum)c* t f l Central Trust Co. of 111.. Chicago, Trustee
ROAD.—Length ofsingle track, 10.34 miles. 73 and 85-lb. rail. Gauge,
Stock.— The capital stock of the company, which is issued in the nominal
4 ft. 814 in.
amount of $100,000, has been made the subject of a trust agreement, dated
OFFICERS.— Pres., Clement C. Smith, Milwaukee; V .-P ., J. P.
Aug. 1 1907 and executed Jan. 25 1908, by and between the Chicago Rail
ways Co. and Messrs. Adolphus C. Bartlett, Chauncey Keep. Charles H
Pulliam, Milw.; Vice-Pres.. & Gen. M gr., Charles F. Speed, Evanston;
Hulburd, Albert A. Sprague and Charles G.Dawes, as depositaries, and Sec. and Treas., H. C. Mackay, Milwaukee; Asst. Sec., Oscar A. Ross,
Central Trust Co. of New York as custodian. Under this agreement Chicago; Asst. Treas., Wm. M . Chester, Milwaukee.— V. 113, p. 2818:
the stock serves as a basis for the issue of the participation certificates. V. 114, p. 197.
______
representing in all 265,100 equal parts. Series 1 consists of 30,800 parts.
CHICAGO ELEVATED RA ILW A YS.— A voluntary association.
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 cumulative
Unification of Surface ana atevated Lines and Construction of Subways, &c.
dividends of $8 for each part, beginning with year ending Aug. 1 1908, and In
On Aug. 14 1918 the City Council passed a proposed ordinance for the
the distribution of capital to $100 for each said part. Series 4 is entitled unification of surface and elevated lines and for the construction of sub
to any remaining profits or capital distributed. V. 85, p. 1269.
ways, which was submitted to a referendum vote of the people on Nov. 5
Dividends on participation certificates Ser. 2 are limited to $4 on each cer 1918 and rejected by them. V. 107, p. 1836. For digest of this ordinance
tificate so long as more than 50% of Series C bonds remain outstanding, see V 107, p. 1292. The roads included were the Chicago Railways C o.,
and thereafter to $5 per certificate until the remainder of Series C bonds Chicago City Railway C o., Calumet & South Chicago Ry. C o., Southern
have been redeemed. Series 2. however, is entitled to unpaid accumulation Street Railway C o., Metropolitan West Side Elevated RR. C o., North
on account of Its $8 per certificate (beginning with the year ending Aug. 1 western Elevated RR. C o., South Side Elevated RR. Co. and the Union
1908), but only when earned, and after payment of all accumulations of Consolidated Elevated Railway Co. The ordinance provided for a
■Inking fund and of dividends on Series 1.
north and south subway system, an east and west subway system and
Bonds.— First mtge. bonds are Issued only to provide funds for rehablll
vast Improvements and extensions of surface and elevated lines; $70.tatlon, extensions, &c. They may be redeemed at par and accrued interest 943.020 was the city purchase price set for the elevated roads as of June
on any Interest day. The bonds have a first lien on the entire property
30 1916 with additions to or deductions from capital account to date of
rights and franchises of the company. The authorized issue is limited to effective date of ordinance. After the referendum rejection of the ordinance
the aggregate of the amounts approved from time to time by the board of the local Transportation Committee of the Chicago City Council took up
supervising engineers. $1,459,000 are held in treasury and $2,812,000 the question of revising the ordinance and recommended a lease of the
are pledged as collateral for bank loans. See full particulars of bonds, traction properties. V. 108. p. 1274.
property, &c., in V. 86, p. 545; V. 88, p. 1436; 1619; V. 90. p .3 0 2 ;V .9 3 .
On Apr. 19 1917 the 111. Supreme Court upheld the right of the State
p. 162. Bonds are listed on N . Y . Stock Exch.
V. 103, p .238.
Public Utilities Comm, to regulate street car service in Chicago regardless
The consolidated mortgage bonds consist of the following: Series A. of the provisions of the contract ordinances of 1907, between the Chicago
Issued, $17,403,800. of which $1.006.000 are in the treasury and can be City Council and the surface lines.
issued only for acquisition of additional property; and Series B, $17,164,475.
At midnight Nov. 2 1913 began through-routing north and south elevated
The last of Ser. C bonds were called for payment Aug. 1 1921, being retired trains, using the Loop for that purpose, and established free transfer sta
through operation of sink. fd. V. 113, p. 627. $1,196,000 Series A bonds tions between said trains and trains o f Metropolitan and Oak Park cos.
have been retired. See particulars, V. 86, p. 1223; V. 93, p. 1724. Of the
As the project for uniting under one control the elevated railway and sur
remaining Series B bonds, $228,000 are in treasury. Bonds of three series face roads of Chicago was not carried out by July 1 1914, the Common
bore interest at 4% up to Feb. 1 1912; since, 5%.
wealth Edison Co. purchased from the syndicate which underwrote the
Purchase Money Mtge. bonds bore int. at 4% per ann. during first 5 yrs.
pref. shares approximately 200,000 shares of Chic. El. com. stk. for about
now 5% per ann. They are red. at par and int. on any int date.
$6,000,000 In accordance with the terms of an agreement said to have been
Adjustment Income Mtge. bonds are red at par and Int. on any Int.date
entered Into In 1911.
Interest is payable only If earned and is not cumulative. Payments of
Proposed Consolidation.— In Sept. 1922 the 111. Commerce Comm, ap
4% each were made on May 1 in 1913 to 1918. inclusive. No action taken proved the proposed merger o f the Northwestern Elevated R R ., the Metro
on M ay 1 1919 and 1920 interest. V. 108, p. 1390: Y. 110, p. 1642. In politan West Side R y. and the South Side Elevated R y., the principal oper
M ay 1921, however, int. was again paid. V. 112, p. 1656. Int. on adj. ating cos., and the purchase by the consolidated cos. o f the Chicago & Oak
inc. bonds for the year end. Jan. 31 1922 was paid M ay 1 1922. V. 114, Park Elevated R R . at judiciary sale, as per plan outlined in V. 114, p. 2358.
p. 1650.
Under the plan the consolidated co. would acquire the property o f the Oak
Interest on both purchase-money mortgage and adjustment income Park Co. subject to lien indebtedness aggregating $5,157,862, by issuing
mortgages payable at company’s office or at agency o f company in Chicago
$2,600,000 of its capital stock for the purpose o f retiring receiver's ctfs. and
D IV ID E N D .— An initial dividend of $4 was paid N ov. 15 1908 on by paying or assuming the remaining liabilities o f the receiver and any un
paid costs and expenses o f the receivership, estimated, after deduction of
Series 1 participation certificates. On Sept. 1 1909 $8 was paid on Series
certificates. None to Oct. 1912, when $6 was paid. In Feb. 1913. $6; current assets o f the receiver applicable to the payment thereof, at not more
M ay, $6; July, $6; Aug., $4. In 1914, Feb., $4; Aug., $8, being full pay than $400,000. In addition, the following outstanding securities are to be
ment o f all arrears. Feb. 1915 div. o f $4 was paid June 5 (V. 100, p. 1671). surrendered and canceled:
The Aug. 1915 div. of $4 was naid Sept. 1 1915. In 1916. Aug., $8. In Entire outstanding stock Northwestern Co. (par $100)________ $9,890,800
1917. Aug., $8. None since.
In Feb. 1914 initial div. of $2 per share Entire outstanding stock Metropolitan Co. (par $100)________ 16,170,300
Entire outstanding stock South Side Co. (par $100)__________ 10,231,400
was paid on Series 2. In 1915, June $2. In Feb. 1917, $2. None since.
5% note Northwestern
3 1916-290,000
R O A D .—Comprises 585.60 miles of track (including 128 miles of the Outstanding 5% note Metropolitan CC o., dated Aug. 1916____
Outstanding
o., dated Aug. 3
620,000
former Chicago Consolidated Traction Lines).
Indebtedness o f Northwestern Co. for electrical energy_______
544,683
E Q U IPM E N T.— Operates 1,888double-truck “ P -A -Y -E ” pass, cars
Indebtedness o f Metropolitan Co. for electrical energy________
1,055,959
426,173
R E PO RT.— The annual report for year ending Jan. 31 1923 will be found Indebtedness o f South Side Co. for electrical energy__________
In exchange for the above, the consolidated corp. is to issue the following
in V, 116, p. 1648. The combined results o f the “ Chicago Surface
Lines” for the year end. Jan. 31 1923 were: Gross, $56,103,062; operating new securities:
(1) Adjustment Inc. bonds, dated Jan. 1 1922, due Jan. 1 1952,
expenses, $44,416,070; residue receipts, $11,686,992.
int. not exceeding 6% p. a. only if earned----------------------------- 17,120,000
(2) 1st Lien & Ref. bonds. Series “ A ,” dated Jan. 1 1922, due
Income Account for Years ending Jan. 31.
Jan. 1 1927, int. not exceeding 7% (but only on deposit with
Share of
*Adjust- Int., 5 % , Balance, ------Of which to-----the trustee o f the 1st Lien & Ref. M tge. o f an equal par
Res. Reds. ments.
on Inv.
Divisible. City .55% . Co 45°^
amount o f such obligations as may by the terms o f such mort
’ 22-'23.$7,012,195 $360,000 $4,630,943 $2,021,253 $1,111,689 $909,564
gage be deposited thereunder as a basis for the issuance o f
’ 21-’22. 8,296.550 290,000 4,615,862 3,390,688 1,864,878 1.525,809
such bon ds)_______________________________________________ xl ,600,000
'20-'21. 7.216.195 84.834 4.580,658 2,550,703 1.402,886 1,147,816
(3) Capital stock (authorized $23,000,000)----------------------------- 19,172,500
• Applicable to previous years.
x 1st Lien & Ref. M tge. bonds,may be issuable in series, with such rates
Income Statement (.Non-Partnership Account) for Years ending Jan. 31.
o f interest, &c., as provided by mortgage.
1923.
1922.
1921.
1920.
Digest o f the proposed plan will be found in V. 114, p. 2358.
Chicago Railways, 4 5 % .
$909,563 $1,525,809 $1,147,816
$822,485
5% on investment______ 4,630,943
4,615,862 4,580,658 4,541,539
ORGANIZATION.— Organized in 1911 to acquire stocks, Donds and
Miscellaneous interest..
249,956
195,453
145,653
119,080 other securities of the Metropolitan West Side Elev. R y.. Northwestern
Elev. RR. and the South Side Elev. R R . ($21,202,312 being offered for the
Gross income_________ $5,790,462 $6,337,124 $5,874,127 $5,483,104 $36,294,900 stock of these companies— see offers In V. 92, p. 1498. All
the stocks have been turned in, a small remnant o f Northwest L pref. being
Deduct—
Total interest on bonds) $4,811,465 $4,848,619 $4,868,430) $4,744,888 bought in August 1913; V. 97, p. 728); also, if it so elects, the stocks o f the
Interest on loans______ /
\
115,839 Onion Consol. Elev. R y ., Chicago & Oak Park Elev. Ry.. Chicago & Oak
Sink. fd. reserve accrued
250,000
250,000
250,000
250,000 Park Elev. RR. and Chicago & Elmhurst R y., which companies are con
Loss on securities______
______
______
107,347
--------trolled by the afore-mentioned companies. These roads operate about
Fed.inc.taxonint.coups.
42,000
42,000
42,000
42,000 196.33 miles of track.
Corp. exp. & adjustm’ts.
131,712
131,100
142,761
147,916
In July 1914 the National City Bank offered the $14,000,000 gold notea
(V . 98. p . 1992), the proceeds of which. together with the sale of $7 ,000.000
10-yr. 6% debentures and $12,500,000 bonds of the Northwestern Elev.
Net inc. for int., & c._
$555,285 $1,065,405
$463,587
$182,461
OFFICERS.— Chairman of Board o f Directors and Pres., Henry A. Blair, RR. were used to retire the $30,000,000 3 yr notes which matured July 1
1914, and to provide working capital. See below under “ Default, tec.
Vice-Presidents, John M . Roach and J. E . Wilkie; Sec., F. L . Hupp
Decision-— On
24 1914 the
Court affirmed the decision of
Treas., M . B. Orde.— V. 108, p. 1506 V. 109, p. 172; V. 110, p. 658. Judge Scanlon of Apr.Circuit CourtSupreme p. 1425) and dismissed the suit
(V. 97,
1642, 1742 V. I l l , p. 389. 1851: V. 112, p. 1282. 1510. 1656: V. 113. p. of State Attorney the
Hoyne against the Met. West Side, South Side and Union
531, 627, 2184; V. 114, p. 1280, 1528, 1650; V. 116, p. 1275, 1410,1648.
elevated railroad cos., alleging that they violated their State charter by i»■ulng watered stock.
CHICAGO & WEST TOW NS R A ILW A Y CO.
Default, &c.— The July 1 1919 coupons on the $7,000,000 6% debentures
O RGAN IZATION .— Incorp. in Illinois in 1913 as a consolidation of the were not paid when due; V. 109. p. 370. Anticipating the default (V. 109,
County Traction Co. and the Suburban R R . Serves the communities of p 370) made on the $13,626,000 2-yr. 5% secured notes (originally matured
Oak Park, River Forest, Maywood, Cicero. Berwyn, Forest Park. Lyons. in 1916 but were extended to July 1 1919 at 6% ) due July 1 1919. the follow
Riverside, Brookfield, La Grange and others, having an estimated popula ing protective committee was organized and has called for deposits. For
tion of over 135,000. Franchises contain no burdensome restrictions and statement issued by the committee see V. 108, p. 2527. V. 114, p , 2115.
extend beyond 1920. About 10.5 miles of track on private right-of-way. Up to M ay 1922 over 85% o f the notes had been deposited
A pril, 1923.]
ELECTRIC RAILW AYS
Committee for Secured Gold Notes.— Charles E. Mitchell, Chairman!
Pres. National City C o.. N. Y .; George M . Reynolds. Pres. Continenta
& Commercial National Bank of Chicago; John H. Mason, Pres. Com
mercial Trust C o., Phila.; R. Floyd Clinch o f Crerar, Clinch & C o.. Chi
cago, with Stanley A. Russell as Sec., 55 Wall St., N . Y . City. Deposi
taries: National City Bank, N . Y ., and Continental & Commercial Trust
& Savings Bank, Chicago. V . 108, p. 2527.
Report by Slone A Webster on Physical Condition of System.— V . 109. p.2355.
Valuation— In its order making permanent the 10 cent fare the P. U.
Comm, found the value o f the properties as o f June 30 1919 to be $86,350,000. For details see V 112 p 1398.
Fares.— In Sept. 1918 applied to the 111. P . D. Comm, for auth, to In
crease fares from 5 cents to 7 cents. The Comm., however, auth. the co
to charge only 6 cents, effective from Nov 22 1918 to Dec. 31 1919. V.
107. p. 2008. Effective Aug. 8 1919. however, the Comm. auth. the co
to charge an 8 cent fare in Chicago to continue until Feb. 1 1920. V . 109,
p. 577. Effective Feb. 1 1920 the 111. P. 0 . Comm, issued an order chang
ing fares to 8 cents cash, with tickets at 7H cents in Chicago. Ticket
fare between Evanston and Chicago was raised to 12 cents. Effective
Aug. 4 1920 was'auth. by the P. U. Comm, to increase cash fares from
8 cents to 10 cents, with tickets at 4 for 35 cents. V. I l l , p. 588. For
results under 10-cent fare see V. I l l , p. 1751, 1948. In N ov. 1920 the
Supreme Court refused to grant a writ of injunction to enforce a return to a
5 cent fare, applied for by the State's attorney, thus affirming the 111.
P. U. Comm’s authority to fix the rate of fare. V. I l l , p. 1851. In
Jan. 1921 the 111. P. U. Comm, issued an order making permanent the
10 cent fare. V. 112, p. 161. See also V. 115, p. 988, 1428.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common, 250,000 shares__________
_______ 250,000 shs. ---------------Pref, 160.000 shares. 6% c u m . ____
Q-M
160.000 shs. See text.
6 g~J-J
$14,000,000 July 1 1919
2-yr gold notes (closed Issue) . 1914
($1,000), *14.000,000-_.c* l Illinois Trust & Sav. Bank, Chic., trustee
____________________ ($100
6 g J-J
7,000,000 July 1 1924
Debentures $7,000,000______J 1914
and $1,000).................c H flln t . at National City Bank. New York.
Equip tr certfs gold Ser “ A’’ f 1914 5 g F-A
718.000 See text.
do
do
Ser ” B’’ ] - ........................
5)0,000 See text.
guaranteed hv endorsem't, )Commercial Tr Co. o f Phila., Trustee
Equip tr certfs Ser “ C -l” f 1922
6 g M-S
1,725,000
See text
($100, $500 & $ 1,000).c * tf (Northern Trust C o., Chicago, trustee.
Stock.— Com. and pref. shares expressed at par value of $100 eacn. The
pref. stock Is redeemable at $100 and accrued dividends.
Notes — Pending the formation of a concrete plan for the unification of
surface and elevated lines and appropriate municipal action in the matter
the holders of $13,626,000 of the $14,000,000 5% notes due July 1 1916
consented to extending same to July 1 1919 (see above under “ Default. A c.” )
at 6% interest, with a cash payment of $15 in respect of each $1,000 of
extended notes (to provide which the trustees borrowed $1,300,000. giving
their note therefor). In addition, the value of the security for the notes was
materially increased and an agreement made with the Commonwealth
Edison Co. whereby all claims for power supplied to the railroad cos. after
June 30 1916 and until maturity of the extended notes will be assigned to a
trustee and will be paid only if and as other floating debt of sub. cos. (except
capital debt) is not increased. In case other collateral securities pledged fo,
the extended notes shall upon sale prove insufficient to pay such extended
notes in full, the said power claims then unpaid will be placed on a parity
with the extended notes. V. 102. p. 2341: V. 103, p. 578. The notes are
now secured by pledge of substantially all of the stock of the Northwestern
Elev. R R .,th e Met. West Side Elev. Ry. and the South Side Elev. R R .,
having a tetal par value of $36,292,500. and notes and claims against these
companies aggregating $1,070,000. Red. at par and int. on any int. datr
on 30 days’ notice. Int. payable in N. Y. or Chicago. Int. at rate of 5%
was paid on the unextended notes to Jan. 1 1919.
Deb. notes are red., all or any part, when drawn by lot on any Int. dat'
at 102 on 4 weeks’ notice. V. 99, p 195- The equip trusts as above are
joint obligations of the M et., Northwestern and South Side Elev. cos. and
not of the Chicago Elev Rys. They are guar, by end. on each ctf. by the
Met. West Side El., Northwestern El. and the South Side El. The Series
“ A ” certfs. are due in s.-a. installments from Feb 1 1917 to Aug. 1 1926,
*102,000 each Feb 1 and $103,000 each Aug. 1. V. 100, p 53. $1,332,000
retired. Series “ B” mature $110,000 semi-ann. from Feb 1 1927 to Feb l
1929. Series “ C -l” Trust of Sept. 1 1922 are payable $170,000 annually
Sept. 1 1923 to Sept. 1 1931 and $195,000 Sept. 1 1932. Red. all or part
on any div. date on 30 days’ notice at 101 and divs. for certfs. having more
than 5 years to run from date of redemption and at 100H and divs. for
certfs. .having 5 years or less to run. Divs payable in N. Y. or Chicago.
Penna. 4-mill tax refundable. V. 115, p 1531.
Dividends.— On pref., initial d iv.— 1 Vi% —-paid Dec. 1 1911. In 1912
and 1913 6% . In 1914, M ar.,
June, 1J^% . None since.
R E PO RT.— For year ending June 30 1922 in V. 115. p. 2577.
Combined Earnings (Inter-Company Rentals Deducted).
June 30
Gross
Net
Other
Interest,
Divs.,
Balance,
Sur. or Def.
Year—
Income. Earnings. Income. Taxes, &c. &c.
S
$
$
S
$
$
sur. 4,261
xl921-22-.17,629,Q20 4,083,005 147.321 4,226,065
___
sur. 102.016
X1920-21-. 17.788.986 3.916.260 112 457 3.926.701
-----sur. 97.817
xl919-20-.15,097,812 3,758.046 89.870 3.750.099
____
x Figures include Metropolitan, Northwestern, South Side and Oak Park
companies.
Income Account of Chicago Elevated Rys. Collateral Trust.
Calendar
----------- Income-------- Gross
Interest A
Balance
Year—
Dividends Int.,Ac. Income.
Expenses
Surplus
1921____________
$193,007
$199,007 $1,348,222d e fl,149,215
1920____________
202,094
202,094 1.350.9 74d efl, 148.880
1919......................................... 227,907
227,907 1.350,5 2 9 d efl.122,622
OFFICERS.— Pres, o f constituent cos., Britton I. Budd; Sec., W . V«
Griffin: Comp., Edward A. Brion.
TRUSTEES.— William G. Beale and Samuel lnsull.
EXE C U TIV E C O M M IT T E E .— Samuel lnsull, W. A . Fox ana J. H.
Gulick,
GOVERNING C O M M ITTE E .— Samuel Tnsull, Chairman; Gilbert E
Porter, Britton I. Budd, J. H. Gulick and W. A. Fox.— V. 112, p. 1398:
V . 113, p . 2310, 2501; V. 114, p. 519, 2011, 2115, 2358; V. 115. p. 307, 644.
769, 868, 988, 1320, 1428, 1531, 2476, 2577; V. 116, p. 515, 1410.
(1) M etropolitan West Side Elev. R y.— An electric road.
Proposed Ordinance Embodying Unified Operation of Surface and Elevated
Lines.— See Chicago Elevated Railways above.
Proposed Consolidation.— See Chicago Elevated Rys. above.
O R G A N IZA TIO N .— Organized in Illinois Jan. 10 1899. Successor on
Feb. 3 1899 (per plan Id V. 67. p. 126) to the Railroad C o. sold under fore
closure on Jan. 4 1899. Franchise expires April 7 1942.
STOCK AND BONDS— Date.
Interest. Outstand’g. Maturity.A c
Common, $7.500.000________ _____
_______
$7,462,800 See text.
Pref, 5% non-c. $9,000 000— ____
_______
8.707.500 See text.
First mortgage. $10,000,000] 1898
4 g F-A
10,000.000 Aug 1 1938
($1,000), gold_______ c * tf (Cent. Trust C o., N . Y .. and G. Sherman. Tr
lint, at Cent. Trust C o.. N . Y . and Chicago
Ext mortgage. $5,000,000] 1901
4 g J-J
5.000.000 July 1 1938
($1,000), gold, red at 105] Northern Trust C o., Chicago, Trustee
on any Interest day on 4 [ Interest at company’s office in Chicago, or
weeks’ notice________ c * t f l Central Trust C o., New York.
Equipment trust certificates— See under Chicago Elevated Railways.
The extension mortgage of 1901 covers the extension as a first lien,
also 68 cars, a 3.500 h. p engine and the new down-town terminal; the
bonds also cover the rest of the property as a second lien, subject to the
$10,000,000 first mtge. V. 72, p. 1080: V. 75. p. 29: V. 86. p. 1160.
Has guaranteed $498,000 bonds of Union Consolidated Elevated.
LATEST E A R N IN G S.— See joint statement under Chic. Elev. R ys,
No separate reports now made for the subsidiary companies.
DIV ID E N D S.— For dividend record see “ Electric Railway” Section for
May 1916. Dividends not now reported as all the stock Is owned by
Chicago Elevated Rys.
ROAD.— From terminal station at 5th Ave. westerly about 6H miles,
with branches; total length of road (Including Douglas Park branch and
extension and Garfield Park branch), 23.83 miles. Miles o f single track,
owned, 46.99; under contract, 6 64; total operated, 53.63 miles of track,
exclusive of 7.75 miles of side tracks. Standard gauge. Right of way is
owned in fee. 284 motor cars. 283 coaches and 17 miscellaneous.
On March 11 1905 the cars of the Aurora Elgin & Chicago R y, began
operating over this company’s lines to the 5th Ave. terminal under a traffic
agreement, the Met. West Side, in turn, securing the right to the territory
27
west of the 52d Ave. terminal on the Garfield Park line as far as the Des
Plaines River, about 3.3 miles of double track. V. 79, p. 1704.
OFFICERS.— Chairman of Board, Samuel lnsull; Pres., B. I. Budd
Sec. & Treas., W . V. Griffin; Aud., T . B. MacRae: V. Pres., E .O .N o e
Office, 72 West Adams St., Chicago.— V. 107, p. 1287: V. 115, p. 1532.
(2) N orthwestern Elevated RR.
Ordinance Embodying Unified Operation of Surface and Elevated Lines.—
See Chicago Elevated Railways above.
Proposed Consolidation.— See Chicago Elevated Rys. above.
O R G A N IZA TIO N ,—Incorp. in Illinois. Road was formally opened
for business on May 31 1900. V . 70, p. 1049. Franchises extend beyond
the maturity of the bonds.
In Sept. 1901 the Union Elevated R R . was acquired. The Chicago Ele
vated Rys. provided the cash to take up the $18,000,000 Northwestern
Elevated l3t 4s which matured Sept. 1 1911.
_
On Aug. 21 1911 stockholders authorized $25,000,000 1st M . 5s (V. 93,
p. 527). None of these bonds sold at the time, but in July 1914 $12,500,900 were sold (V. 98, p. 1920) to a syndicate of bankers and subsequently
disposed of by them.
Maturity•
STOCK AND BONDS—
Date.
Interest. Outstanding.
$4,946,400 ...................
Common stock, $5,000,000_ _____
_
_______
4,944,400
See text.
Pref stk, 5% n-c, $1 5 ,0 0 0 ,0 0 0 .-----M-S
12.708,000 Sept. 1 1941
1st M $25,000,000 red as af 1911
5 g M-S
_ ..
whole at 102 & Int on 30] III. Tr. & Sav. B k., trustee, under mtge.
days’ notice ($1.000)-C*tf [Central Tr. C o., N . Y ., trustee und. sup. M .
Equipment trust certificates of 1914— See under Chicago Elevated Railway .
The 1st M. bonds are an absolute first lien, subj. only to the Union Elev.
RR. 1st M. 5s; also secured by deposit of $528,000 Union El. 5s. The re
maining $12,292,000 Northwestern bds. may be issued only for cash cost of
betterments, extensions and add'ns acquired after July 1 1914 under certain
conditions. Sinking fund of 1% outstanding bonds payable annually
began Sept. 1 1919. $811,000 bonds In sinking fund Oct 1 1922. Bonds
In sinking fund are held alive.
LATEST EARNING S.— See Joint statement under Chicago Kiev. Rys.
No separate reports now made for the subsidiary companies.
Dividends.— An initial div. of 1% was paid on pref. Oct. 18 1909 and 1%
quar. to April 1911: none thereafter to March 1912. when 2% was paid.
Divs. not now reported, as entire stock Is owned by Chicago Elevated Rys.
ROA D .— Miles of single track: Owned, 45.01 m .; operated under con
tract. 16 60 m.; total. 6161 m. (of which 9.28 m. side track); Right of way
Is all owned in fee except at street crossings.
Under an operating agreement with the Chicago Milwaukee & St. Paul
Railway Co. made in 1907. this company’s service was extended May 16
1908 to Evanston over the Evanston Division of the former road. Ser
vice on new track elevation to eliminate grade crossings was commenced
Jan. 6 1916 on this division. Entension to vllmette opened April 1912,
All track oper. (incl. loop), 66.33 miles. 80-lb. T . rails. 230 motor cars’
202 coaches and 4 miscellaneous cars.
OFFICERS.— Same as for Metropolitan West, Side Elev. R y.— v . lo o ,
p. 1350: V. 105. p. 2273; V. 107, p. 1004, 1288; V. 115, p. 1210, 1533(a) Union Elevated R ailroad.
Ordinance Embodying Unified Operation for Surface and Elevated Lines.—
See Chicago Elevated Railways above.
Is used bv all the Chicago elevated roads and Is owned by Nortnwestern
Elevated R E .; receives Me. for each passenger carried (payments guaran
teed to amount to not less than $250,000 per annum) besides all expenses
for operating, repairs and taxes, except for maintenance of the elevated
steel structure. The Union Elev. RR. is obliged to pay to the City of Chi
cago each year a certain percentage of its earnings in excess of $250,000 per
annum, as follows: 1897 to 1901, 5% : 1902 to 1906, 10%: 1907 to 1916
15%; 1917 to 1933, 20% , and thereafter 25% . Franchises expire in 1945.
EA R N ING S.— See V. 115, p. 1733; V. 116, p. 1051.
BONDS—
Date. Interest. Outstanding.
Maturity.
lstM $5.000.000.g($l,000)cpt 1895 5 g A-O
$4,472,000 Oct 1 1945
Interest at Chase Nat. Bank, N . Y ., and 111. Trust & Sav. Bank, Chicago.
Bonds.— Of the $5,000,000 bonds issued, $528,000 are deposited as se
curity for the $12,500,000 Northwestern Elev. 5s.
ROAD.— The loop Is 2.12 miles In length, double-tracked (80-lb. rails),
and runs on Lake St. to Wabash Ave., to Van Buren St., to Fifth Ave., to
Lake St. Road opened Oct. 10 1897. Trains of the Chicago & Oak Park.
Metropolitan West Side, Northwestern Elevated R R . and South Side
operate over the loop. Northwestern Elev. also owns .15 mile of double
track from connection with loop at Van Buren & State streets to connection
with South Side El. R R ., which is leased to the latter. V. 114, p. 2719:
V. 115, p. 1733; V. 116, p. 1051.
(3) S outh Side Elev. R R .— (‘•Alley Elevated” ).— An electric elevated
road
Proposed Consolidation.— See Chicago Elevated Rys. above.
ORGANIZATION.— Successor January 1897 to Chicago & South Side
R. T . RR. (foreclosed per plan V. 63. p. 1158). July 31 1900 the Appellate
Court sustained the validity of the foreclosure (V. 71, p. 236), and on Feb.
21 1902 that decision was concurred In by Che State Supreme Court. V. 74.
p. 477. Franchise expires March 26 1938. Leases the Chicago Junction
R R ., which see below.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Q-M
$10,231,400
.............
Stock. *10.231,400...........................
First mortgage, $8,000,000,1 1904
4H g J-J
8,000,000 July 1 1924
gold ($1,000)________ c * t f |Int. at 111. Tr. & Sav. Bank. Ohlc.. Trustee.
Equipment trust certfs.— See under Chicago Elevated Rys.
Bonds.— Are subject to call at 105 and Interest.
Dividends.— See “ Electric Railway” Section for M ay 1918. Dividend*
not now made public, as entire stock Is owned by Chicago Elevated Rys.
R E PO RT.— See joint statement under Chicago Elev. Rys. No separate
reports now made for subsidiary cos.
ROAD.— Owns elevated road in operation in Chicago upon a purchased
right-of-way from Congress St. to Jackson Park and to Englewood. Elec
tricity was Introduced as motive power late in April 1898. Operates 430
motor cars, 52 coaches and 14 misc. cars. On 16-15 miles of structure has
a total of 3 5 .9 9 miles of single track main line inch 6.31 m. leased. Also
has 9 97 miles of side-track, making total track 45.96 miles.
OFFICERS.— Same as for Metrop. West Side Elev R y.— V 93, p. 528;
V. 105, p. 2273; V. 107, p. 1005; V. 114, p. 2826; V. 115, p. 1533.
(a) C hicago J u n ction R R .
ORGANIZATION.— Organized In thelnterest of the South Side Elevated
RR. to build lines to connect that company's track with the Stock Yards.
Only a nominal amount of stock has been Issued ($50,000), which Is held In
trust for the South Side Elevated In case that company should at any time
wish to absorb it. Is leased to the South Side Elevated for 50 years (with
right to purchase at cost within 20 years), rental being Interest on bonds,
taxes. &c. 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 M ch. 1 1948
($1,000), guar p & 1____c* (First Trust & Sav. Bank. Chicago, Trustee.
Bonds.— Are subject to call at 105 and int. in event of consolidation with
South Side Elev., this Issue of bonds Is to be retired. V .S O .p .871. Bonds
are guar., p. & 1., by Ohlc. June. Rys. & Un. Stk. Yds. Co. See V. 82, p. 568.
ROAD.— Consists of an elevated road (from Junction with South Side
“ L " at 40th Street) to the Stock Yards, and a loop around the same, 3-61
miles. Was completed in M ay 1908.
OFFICERS.— Pres., A. E. Rawson: V .-P ., H. E. Poronto: Sec., Thorn
hill Broome: Treas. & Asst. Sec., J. W. Austin: Aud.. C. C. Chace.— V.
87. p. 346.
_____ .
I
CHICAGO & OAK PARK ELEVATED R R .
Ordinance Embodying Unified Operation of Surface and Elevated Lines.
— See Chicago Elevated Rys. above.
Proposed Consolidation.— See Chicago Elevated Rys. above.
Receivership.— On Nov. 13 1911 Judge Konisaat appointed Samuel
lnsull receiver for the Railroad. V. 93. p. 1386. On Dec. 29 1911 re
ceiver was authorized to issue $2,000,000 receiver's certificates for Improve
ments. V. 93. p. 1785. In Jan. 1912 Francis V. Dobbins of Rahway.
N. J.. was appointed receiver for the Railway Co. V. 94. p. 123.
Foreclosure.— Judge Kohlsaat in the U. S. District Court at Chicago, on
July 17 1913, ordered the foreclosure sale of the railroad. The amount
found to be due was $5.080.984. U nto Oct. 1 1922 road had not been sold
but see consolidation plan under Chicago Elevated Rys. above.
38
ELECTRIC RAILW AYS
[ V ol . 116.
Sale of Securities.— On June 20 1912 Geo. H. Church bid In for $256,000
CINCINNATI MILFORD & BLANCHESTER T R A C T IO N CO.
the following securities formerly owned by the Chic. & Oak Park Elev. Ry.
ORGA N IZA
Incorp. in
as successor to
£859.600 Lake St. Elev. R R . 5% Inc. bonds; demand notes o f Chic. & ohe Cincinnati TIO N .—< Loveland Ohio on Oct. 24 1918 bondholders for
Milford fc
Traction (sold to the
Oak Park Elev. R R . variously dated from April 23 1994 to June 15 1910
aggregating $1,989,528; $5,850 Lake St. Elev. R R . inc. bonds scrip. Ai $136,000; for history see this publication for May 1918). The new company
Earnings for cal.
Sheriff's sale in New York on Jan. 26 1912, Mr. Church bid In for 32.06C has an auth. capital stock of $400,000. $10,392; bal., def.,year 1921. gross,
$136,202; net, $9,157; int., taxes, &c.,
$1,236.
all title of the Ry. Co. In the foregoing bond and notes, also some $473,001
ROAD.— Track owned, 32.58.— V. 107, p. 1836; Y. 109, p. 1986. V.
additional notes o f the Railroad C o., and In certificates for 91,651 17-40110, p. 167; V. 113, p. 1771.
shares of Chic. & Oak Park Elev. R R . V. 94. p. 1763.
The Chic. & Oak Park Elev. Ry. was Incorp. In New Jersey on April 22
1904 to hold the securities o f the Chicago & Oak Park Elevated Railroad
1NTERURBAN R Y . & TERMINAL CO.— A trolley road.
C o., formerly the old Lake Street Elevated RR ., reorganized per plan in
Receivership.— On Oct. 1 1914, on application of the Westinghouse E lec.
V. 77, p. 1874; V. 78. p. 1392. Northwestern Elevated owns 51% or stock.
* Mfg. C o., a creditor for $2,500, Charles 8. Thrasher of Cleveland and
Franchise expires In 1930.
Charles M . Leslie of Cincinnati were appointed receivers. The WestingSTOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
louse Co. charged that the company had defaulted In the payment of in
S ta ck ________
$10,000,000 .................. terest on its bonds and Is insolvent. The company joined in the applica
Lake St El 1st M , $5,000,000, f 1893 5 J-J
4.993.000 July 1 192S tion
See V. 99, p. 969. and 1052.
guar by N W El________ tfiC o h t’ & Comml. Trust & Sav. Bank, Chic.
Service Discontinued— To Be Dismantled.— Service on the interurban be
I and Central Tr. Co. o f Illinois, Chic., fcrus tween Cincinnati and New Richmond was discontinued March 25 1922. In
Income xntge, $1,000,000-------------5%
128,600 __________
M ay 1922 Judge John A. Caldwell o f the Hamilton County Common Pleas
Equipment n otes_____________
151,000 __________
Court auth. the receiver to dismantle the properties and sell same for junk.
Real estate mtges_____________
6,862 __________
The proceeds are to be used to apply to the claim of the bondholders.
Receiver's certfs, $ 2 ,2 5 0 ,0 0 0 -.___
2,097,000 __________
V. 114, p. 2241. In Jan. 1923 it was stated that the work of dismantling
Bonds.— First mortgage bonds assenting to reorganization were stampeC the line had been already started. Compare V. 115, p. 2159; V. 116, p. 76.
subject to call at 105 and int. on any Interest date. The old Income bonds
ORGAN IZATION .— Incorporated in Ohio on Nov. 3 1992 and Is a conwith the exception of $128,600, are held in treasury o f the railway company
■olldation of the Cincinnati & Eastern Electric Ry . the Rapid Railway Co.
ROAD.— Owns a double track elevated railway from Fifth Avenue and the Suburban Traction Co. and the Interurban Term. Co. In July 1907
Lake Street to 52d St. and Lake St., with spur down Market St. to Madisor obtained authority to Issue $1,000,000 pref. stock, of which $900,000 was in
St. Trains began running around the loop In Oct. 1897. Chicago & exchange for an equal amount o f 1st mtge. bonds dated 1903. Y. 85, p.
Harlem forms an extension comprising 4 miles more o f double track. Total 221, 469. The 1903 bond issue was canceled. In 1908 a new mortgage
made, as below.
single track, 22.66 miles. 186 passenger cars: 4 miscellaneous cars.
Fares.— In Feb. 1918 the Ohio P. U. Comm. auth. the co. to increase
R E PO RT.— For years ending June 30 for Railroad Co. (1919-20 and
earnings for subsequent years are included in consolidated statement under fares from 2 to 2)4 cents per mile. In July 1918 the receivers applied to
Chicago Elevated Railways on a preceding page):
the County Commissioners of Hamilton County, O., for a revision of the
franchise granted by the county so as to remove restrictions as to rates
Teas'—
Gross.
Net.
Other Inc.
Charges. Deficit
fare. V. 107,
1918-19.....................$1,027,895
$58,459
$6,159 $522,655 5458.038 of Decision.— On p. 291, 802. the Court of Appeals at Cincinnati, reversing
Nov. 26 1917
1917-18................
949,753
189,107
4,304
507,801 314.39H
1916-17_____________ 938,288
259,122
4,496
484,221 220,603 the order of the Court of Common Pleas, held that the receivers have
1915-16 ....................... 873.267
222.310
4,198
449,967 223,459 uo auth. to abandon the franchise between Cincinnati and Bethel as pro
V. 105, p. 2272
1914-15 ....................... 843,682
240.288
4,362
433,845 189,196 posed. See with Cincinnati Trac. Co.— See under that co. in V. 112, p. 2189
Settlement
RECE IV E R .— Samuel Insull.— V. 99, p. 1213; Y. 105, p. 2271; V. 107
STOCK AND BOND3—
Date.
Interest. Outstanding
Maturity.
P. 1286.
.............
$2,500,000 __________
Common, $2,509,000 ($100).............
Pref $1,000,000 ($100) 5% - .................................
1,000,000 ....... ............
UNION CONSOLIDATED ELEVATED RY.
First mortgage, $1,650,000./ 1908
5 J-J
See text
1928
Ordinance Embodying Unified Operation of Surface and Elevated Lines
gold __________________ t f lin t, at Citizens’ Sav. & Tr. C o.. Olev.. Trust
— See Chicago Elevated Rys. above.
Bonds.— Only $122,500 of bonds were actually issued, the remainder
ORGANIZATION.— Formed In 1896 and built from Union Elevated at being used as collateral for loans.
5th Ave. west to Market St.; thence to Metropolitan W. S. El.; total
Earnings.— For the year ending Dec. 31 1920, gross, $230,445: net, after
1-5 mile o f track; la operated by the Metropolitan West Side Et. Franchisi taxes, def.. $22,394. In 1919. gross, $212,653; net, after taxes, def.,
expires Oct. 7 1945.
$16,053.
Om July 7 1914 Judge Wlndea In the Circuit Court held that State Attor
ROA D .— Extends from Cincinnati to New Richmond, 22 miles, and from
nay Hoyne should be prevented from proceeding against the company ot Cincinnati to Lebanon, 33 miles. Owned trackage, incl. second, main,
the ground of overcapitalization. See Item under caption of "Chicagf sidings, &c., 52 miles. Operated trackage. Incl. traffic arrangement in
Elevated R y s." In V. 97. d . 1425. and also see V. 99. d . 189.
Cincinnati, 74 miles. Gauge, 5 ft. 2)4 in. Cars enter Cincinnati over the
cracks of the Cincinnati Traction Co. 70-lb. and 97-lb. T rail.
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity
........... ..
$1,000,000 _____ _____
Stock ...............................................
OFFICERS.— Receiver. C. M . Leslie: Pres., Geo. H. Worthington:
Series “ A ” 1st mtge, gold,l 1896 5 g M-N
453.000 Nov 1 193f V.-P , J. M Hutton; 8ec. and Treas., J. F. Egnlf, Aud . O. W. Peck.—
gu p &i by Met W S E l.c p t /G , Sherman, V.-P. Cen. Tr. C o., N .Y .. Trust V. 107, p. 1101; V. 114, p. 79, 2241; V. 115, p. 2159; V. 116, p. 76.
Mortgage $1,000,000. o f which $500,000 series “ A ." V. 63, p. 1965
OHIO TRACTION CO.
O f the $500,000 Series “ A ” bonds, $453,000 are outstanding, $45,000
are in, treasury and $2,000 unissued.
ORGANIZATION.— Incorporated in Ohio on M ay 22 1905 and owns
OFFICERS.— Pres.. Samuel Insull; V .-P .. Gilbert E. Porter; Sec. and practically the entire capital stock o f the Cincinnati Traction Co. and
Cincinnati Car Co. On July 6 1905 lease of the Cin. & Hamilton Trac. Co.
Treas., W . V. Griffin.— V. 99. p . 199; V. 107, p. 1288was assigned to this co. by the Cin. Interurban Co. and the latter company
placed in liquidation. This company also acquired tne property of the
Traction Budding C o., which went into liquidation.
CINCINNATI, OHIO.
Refinancing Plan.— In Jan. 1920 the Ohio P. U. Comm, approved a
modified plan of refinancing already approved by the stockholders which
CINCINNATI GEORGETOWN & PORTSMOUTH RR.
provided for (1) an issue o f $3,750,000 7 % Ohio Trac. Co. notes ($2,250,000
ORGAN IZATION .— Formerly a narrow-gatige steam road, but now issuable Immediately), to be retired in 3 years through a sink, fund; (2) an
operated by electricity. Under Ohio law remains a steam road. Has no Issue o f $2,250,000 Cine. Trac. Co. 25-yr. 6% debentures. These deben
ffanchise limitations and is located on private right-of-way. In Sept. 1911 tures were used to reimburse the Ohio Trac. Co. for moneys advanced the
entered into a management agreement with the Felicity & Bethel RR. Cincinnati Trac. Co. for improvements and to provide for the $250,000
ajad the Ohio River & Columbus R R . (a steam road). Y. 93, p. 796. On reserve fund required by the franchise ordinance. $2,000,000 o f these
Jan. 1 1914, however, management changed and the Ohio River & Columbus debentures are held by the trustee as security for the issue o f 3-year notes.
was again divorced from the other two roads. Has contracts to supply The notes at maturity (Jan. 1 1923) were purchased by a syndicate of
electric current for municipal distributing systems o f Georgetown and bankers and extended for a period of 9 mos. to Oct. 1 1923. V. 116, p. 410.
The proceeds of the sale of the notes were used to pay the city the deficit
Bethel, Ohio.
of $597,000 in franchise tax due it; to provide for the taking up of an issue
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
of $233,000 outstanding notes; to pay off $1,073,000 in bank loans and to
Stack, $1,500,000..................................................
$1,500,000 __________
pay for impts. already made. V. 110, p. 77, 562.
1st mtge, $1,000,000. gold/ 1902 5 g J-J
1.090.000 Jan 11932
The above plan permitted the co. to continue to operate on a 7-cent fare.
($1,600) — .....................c*\lnt.at Union Sav. Bk.&Tr.,Cin..Tr..&inN.Y
Under the terms of the Cincinnati traction ordinance fares would automatic
Fel & Beth 1st M $100,000, gf 1905 5 g A-O
100.000 Oct 1 1936
ally have increased to 7)4 cents on Jan. 1 1920 had not this plan been
($1.0W>. not callable_ c * fln t. at Union Sav. Bk. & T r.. Oln., Trustee
_
adopted. V. 110, p. 77. Compare V. 109, p. 2171, 2356. See under Cin
Equip trust certifs Series “ A ” _ 1922
7%
42,000 See text.
5 ^Equipment trust certifs. Series “ A ” are due $4,200 semi-annually, com cinnati Traction Co. below.
Report for Year 1919 by Dept, of Street Railroads.— V. I l l , p. 1279.
mencing M ay 15 1923. V. 115, p. 2648.
Decision Placing All Lines in Cincinnati under Service-aU-Cosl.— V. I l l , p.
R O A D .— Operates 53.7 miles from Cincinnati southeasterly to Russel
1567.
vHle, including branches of 3.5 m. to Batavia and 1.5 m. to Coney Island
STOCK—
Date.
Interest. Outstanding. Last Die
The Felicity & Bethel has 8.5 m. of track between the points named in iti Common, $10,000,000 ($ 1 0 0 )-____
Q-J
$8,655,000 See text.
title.
Pref. $10,000,000. 5% cu m .— ___
Q-F
8.500.000 See text.
OFFICERS.— Pres. & Treas., L. G. Van Ness; V.-Pres., Thos. Elliott; First mtge, $2,500,000, gold,} 1911
5g
2.500.000
1936
Sec., Chas. T . DeHore; Gen. M gr., F. A. Nichols.— V. 115, p. 2648.
sinking fund ($1,000)_____lin t, at Fidelity Trust Oo.. Phila.. Trustee
Ooll trust notes $3,750,0001 1920 7 g J-J
2,961,000 Oct 1 1923
($1,000) g ______________tf/Int.atU nlonS av.B .& Tr,C o.,C ine..T rustee.
CINCINNATI LAWRENCEBURG & AURORA ELECTRIC STREET
Stock.— Further issues of stock can only be made for acquirement of
R R .—A trolley road.
other properties and additions to the present properties
Bonds.— First mtge. covers holdings of stock of the Cincinnati Traction
Receivership.— The company having suffered damage from the 1913 flood
Judge Warner at Cincinnati on June 23 1913 appointed F. B. Shutts, of Oo. and Cincinnati Car Co. owned and controlled by Ohio Trac. and a!)
other property and franchises. Bonds are redeemable as a whole or in part
Florida, receiver on application o f Pres. J. C. Hooven, who, it Is stated
for sinking fund on any int. date at 103 and int. Sinking fund provides for
loaned the company $125,000. V . 96. p. 1839. On Dec. 28 1914 O. E
retirement of bonds at maturity. V. 92, p. 726. Amount in sinking fund
Hooven was appointed receiver upon the resignation o f F. B. Shutts
Jan. 15 1923, $316,000Subsequently Edgar Stark was appointed co-receiver.
Notes.— Secured by pledge of 19.989 shares of Cine. Trac. Co. stock,
Plan To Lift Receivership.— See V . 114, p. 2115.
14.995 shares of the Cincinnati Car Co. stock, $2,000,000 6% debentures
ORGANIZATION.— Incorporated in N ov. 1898.
of the Cine. Trac.
In Cincinnati
Franchise.— In June 1920 the company was granted a two years' emer $1,684,000 bonds). Co. and the Traction Bldg.1923, but were (subject to
Originally matured Jan. 1
purchased;
gency franchise authorizing increased fares in Addyston, Claves and North by a syndicate of bankers and extended for 9 months to Oct. 1 1923.
Bend. Y. I l l , p. 73.
V. 116, p. 410. The remaining 7% notes may be issued for improve
New Company To Operate Extension.— In M ay 1922, th e'W est End ments under certain lestrictions. A retirement fund of $650,000 annually
Terminal & R y. Co. was incorp. in Ohio with a capital o f $10,090 to operate has been established to be deposited with trustee to purchase notes monthly
the proposed extension from Anderson’s Ferry to the Dixie Terminal, 694 at the lowest price offered, or by lot at the call price. These notes will be’
miles. The cost has been estimated at approximately $759,000. Y. 114, p. retained by the trustee and kept alive as additional security for any out
2240. Compare Y. 113, p. 2504.
standing notes and the accruing int. will be used to purchase additional
Fares.— Effective July 9 1920 the co. was auth. by the Ind.-P. S. Comm, to notes from year to year. Call, all or in part at 101 and int. any time on
4 weeks’ notice. V. 110. p. 562.
Increase its city fare from 5 cts. to 7 cts. and to sell tickets for 50 cts. Auth
Dividends.— First div. on pref. stock— 1 )4 % — was paid Aug. 1 1905
was also granted to increase fares from Lawrenceburg to Aurora from 10
and same rate paid quar. to and Incl. Nov. 1915. The Feb. 1916 dlv. was
cents to 12 cents. V. l l l .-p . 294.
The $750,009 1st mtge. 5s, due July 1 1919, had not been paid up to deferred. See Pres. Schoepf’s letter in V. 102, p 437. On Com ., first
liv .— l % — paid Nov. 1 1909. In 1910. Oct., 1%
In 1911. July. 1%;
April 1 1922. No plan o f reorganization had been formulated to that date
Oct., 1% . In 1912, 4 % . In 1913, Jan., 1%; April, 1% . None since.
but see V. 114, p. 2115. No further information.
EARNINGS.—
Gross
Net
Fixed
Balance,
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Calendar Years—
Income.
Income.
Charges.
Surplus.
Common, $750,000........................ —
_______
$750,000 ........... .......
$1,040,482
$327,942
$712,540
Pref, 6% cam . $250,000........— Q-J
58.900 - ................. 1922_________________$1,194,324
1921_________________ 1,149,287
999,113
293.467
705,647
First mortgage. $750.000___ f 1899
5 g J-J
750.000 July 1 191S
(£1,900). gold___________ llnterest at Un. Sav. Bk. & Tr. C o.. Oln., Tr
OFFICERS.— Pres., W. Kesley Schoepf; 1st V .-P ., Walter A. Draper
Receiver's certificates________ _____
________
44.130
________ 2d V.-P. & Chief Eng., T. H. Schoepf; 3d V.-P. & Treas., H. L. Sanders;
Sec., J. W. Nicholson; Aud. & Asst. Sec., E. J. Boos; Gen. M gr., A. BenSTOCK.— Pref. stock was Issued for money assessed on capital etock
ham.— V. 103, p. 759; V. 104, p. 1593; V. 107, p. 803; V. 108, p. 873, 2630;
No interest has been paid.
V. 119, p. 776; V. 110, p. 562; V. I l l , p. 1279; 1370, 1567; V. 112, p. 1742,
EA R N IN G S.— For calendar years:
1867; V. 114, p. 1891; V. 116, p. 410.
Tsar—
Gross.
Nat.aft.Tax Bond Int.
Balance.
1921_________ ________ --$180,975
$31,214
$39,296
def. $8,08/
(1) The C in cin n ati T ra ction Co.
1920_________ ___________ 176,596
42,414
37.500
sur. 4,914
ORGANIZATION.— Incorporated In Ohio on Feb. 19 1901 with an auth.
ROA D .— Operates 31.97 miles of track from Andersen's Ferry, at Cin
capital stock of $2,000,000 (which, all except 11 shares, is owned by the
cinnatl. to Aurora. Harrison and Lawrenceburg.
Ohio Trac. C o.), to take over under lease the Cincinnati Street R y. Oo.
OFFICERS.— Receivers, O. E. Hooven and Edgar Stark; Gen. Mgr. fo 9ee V . 72 p. 391.
Has 20-year contract, effective Sept. 1 1921, with Cincinnati Gas & Elec.
receivers. L. G. Van Ness.— V. 109. p 1272: V. 110 p. 1415: V 111. p. 73
Oo., which supplies one-half the co. s electrical requirements. V .113,p .531,
204, 1277; V. 113, p. 959. 2504; V. 114, p. 2115. 2240; Y. 115. p. 182.
A pril, 1923.]
Franchise Ordinance.— On Aug. 23 1918 the Cincinnati City Council
passed a revised franchise, which went into effect upon 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
dum vote. V. 107, p. 1191. The ordinance modifies the company’s 50year franchise granted in 1896 as permitted at the end of 20 and 35-year
periods and contains the following main features: (a) City control over ser
vice, extensions and all features o f operation. (6) A sliding scale of rare*
based on the cost o f service with 5 cents as the initial fare with universal
transfers, (c) Company is to establish a reserve fund o f $400,000 through
surplus earnings, when the reserve fund reaches $650,000 an automatic
reduction o f 4 cent in the rate of fare will take place. On the other hand
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
(e) When the rate o f fare is 5 cents or less the company may retain 45%
of the surplus, the remaining 55% going to the reserve fund; when the
rate is increased to 5 4 cents the company's share o f surplus will be reduced
to 30% , and when 6 cents is reached the company may retain only 20%;
when the rate o f fare exceeds 6 cents the entire surplus is to go to the
reserve, if) Franchise tax o f $350,000 per annum to be paid to the city.
(g) City to have right to purchase the property of the Cine. Trac. Co. and
the Cine. St. Ry. either by condemnation or at agreed valuation. For
further details see Y. 107, p. 802, 1003, 1287; V. 110, p. 561.
Fares.— On Jan. 1 1919 the original 5-cent fare provided for under the
above ordinance being found inadequate, the rate was increased to 51$
cents, and on April 1 1919 the rate was increased to 6 cents, being the next
higher scale under the above franchise ordinance. Y. 108, p. 1274. Od
July 1 1919 the 6H-cent scale went into effect and on Oct. 1 1919 the fares
were increased to 7 cents. V. 109, p. 370, 1179. A further increase in
fares on Jan. 1 1920 was prevented by the adoption of the refinancing plan
given under Ohio Trac. C o. above. V. 110, p. 77. On June 1 1920 fare
was raised to 7 4 cents ticket and 8 cents cash. On Sept. 1 1920, how
ever, fares were raised to 8 cents. V. I l l , p. 1082. On Dec. 1 1920
fares were raised to 8 !^ cents. V. I l l , p 1919. The co. announced a
further advance to 9 cents, effective Mar. 1 1921, but was enjoined from
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
ordinance modifying the co.’s franchise and as a result fares were reduced
half a cent to 8 cents on Aug. 1 1921. The Superior Court ruled against
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
N ov. 1 1921, fares were further reduced from 8 to 7 34 cts. V. 113, p. 1887.
On Jan. 13 1922 the City Council passed another amended franchise ordin
ance similar to the previous one except that the 6 raos.’ period during whicb
the franchise tax was not to be considered a factor in rate-making is extended
to one year. V. 114, p. 305. On Jan. 10 1923 City Council passed anothe
ordinance deferring for 6 mos. payment o f the $350,000 franchise tax
V. 116, p. 515.
Ordinance Upheld.— On April 3 1919 Judge Frank R. Gusweiler in the
Superior Court at Cincinnati upheld the city franchise ordinance. V. 108
p. 1511.
Taxpayers' Suit, A c.— On Mar 29 1921.a taxpayers’ suit seeking the for
feiture o f the co.'s franchise was filed in the Common Pleas Court. V. 112,
p. 1616
Settlement with Tnterurhan Ry. A Term. Co.— See V. 112, p. 2189.
Refinancing— Possiole Reorganization.— See V. 112, p. 1616.
NOTES—
Date
Interest. Outstanding. Maturity
Debentures $2,250.000_______ 1920 6%
See text
194£
Equipment notes Series “ F ” / 1917 5 g F-A
248,000 See text
$550,000 gold__________ .. (Fidelity Trust Co., Philadelphia, trustee.
Equip notes Series “ G -l” $ 1 ,-f 1919 6 g A-O
600,000
See texi
_
000,000 ($1,000) gold_ c*lFifth-Third Nat. Bank, Cine.. O., trustee
Equipment notes Series "G -2” ) 1919
6 g A-O
50,000 See text
$250.000_____ ____________(Fifth-Third Nat. Bank. Cine.. O.. truster
Eq. notes ser. “ H -I” $725,0001 1922 6 g J-J
725,000
See text
($100, $500 & $1,000)_ tf /Northern Trust C o., Chicago, trustee.
_
Equip, notes series “ H-2’.’ ____ 1922
6%
242,000
See text
$2,000,000 of the debentures are pledged as collateral under the Ohio
Trac. C o.’s 3-year 7% notes and the remaining $250,000 are held by the
Treasurer o f co. as Initial payment into reserve fund. Y. 110, p. 561.
Series “ F ” covers 100 double-truck cars and matures semi-annually §27,000
on Jan. 31 and $28,000 on July 31. Series “ G -l” are a first mtge. on 105
double-truck cars and mature $50,000 semi-ann. (A. & O.) to April 1 1929.
Series “ G-2” are a second mtge. on the same equipment and mature $25,000
semi-ann. each Aprii and Oct. 1 to Apri. 1924. Series “ H -l" maturo $72,500
annually July 1 1923 to 1932, both inci. Red. all or part on 30 days’ notice
at 101 and div. for certifs. having more than five years to run from date of re
demption, and at 1004 and div. for ctfs. having 5 years or less to run.
Penna. 4-mill tax refundable. Divs. payable in N. Y . or Chicago. V.
115, p. 759- Series “ H-2” mature $48,400 annually. Northern Trust Co.,
Chicago, trustee.
REPORT.— For years ending Dec. 31:
Years—
Gross.
Net after ta x . Rentals.
Interest. Bal.Surp.
1922 __________ $8,189,045 $2,545,503 $1,234,937 $551,263 $759,303
1921 __________ 8,885,632
2,314,169
1,234,937
510,817
568,415
ROAD.— The Clncin. St. R y. comprises 232.29 miles of track In the city
of Cincinnati, Ohio, extending also to adjoining suburbs. Gauge, 5 ft.
2 4 in.
OFFICERS.— Chairman Executive Comm, and Pres., W . Kesley
Schoepf: 1st V.-P., Walter A. Draper: V.-P. & Chief Eng., T . H. Schoepf;
V.-P. & Treas., H. L. Sanders; Sec., J. W. Nicholson; Aud., E. J. Boos; Gen.
M gr., A. Benham.— V. 113, p. 416, 530, 959, 1573; 1887, 1982, 2078, 2184,
2818; V . 114, p. 305, 409, 1650, 2716; V. 115, p. 435, 759; V . 116, p. 515,
1275.
(a) C incinn ati Street Railw ay.— Electric.
Was leased on Feb. 21 1901 to the Cincinnati Traction Oo. for the unex
plred term of the franchise granted by the City of Cincinnati on Aug. 13
1896. and all successive renewals and extensions of the same. The rental is
Intended to provide dividends of 5 14 % for the first year, 5 4 % for the sec
ond, 5 4 % for the third and 6% for the fourth year and thereafter. V. 72.
p. 136. Franchises, it Is claimed by company, mature April 22 1946.
Favorable Tax Decision.— In June 1915 the U. S. Circuit Court of Appeals
at Cincinnati, reversing the lower court, held that the Government was
obliged to return to the Cincinnati Street Ry., Dayton & Western Trac. Co.,
Columbus Newark & Zanesville Elec. Ry., Ft. Wayne Van Wert & Lima
Trac. Co. and Indiana Columbus & Eastern Trac. Co. about $100,000
collected from these companies under the old Federal corporation tax law
The question at issue was whether these companies carried on business
within the meaning of the law, having leased their properties to other cor
porations, and the only business done by them being to collect and pay out
the rentals under the leases. The Court held that they transacted business
only incidentally to that of the lessor companies. V. 101, p. 212.
Valuation.— See Cincinnati Trac. Oo. above and in V. 103, p. 578.
Lease of "L oop."— See Cincinnati Traction Co. above.
Agreement to Loan $650,000 to Cincinnati Traction Co. for Impts.— For
particulars see V. 113, p. 416.
O R G A N IZA TIO N .— Incorporated June 21 1880 and in 1896 purchased
Mt. Adams & Eden Park and M t. Auburn roads.
STOCK AN D BONDS— Par.
Interest. Outstanding. Last div.,Ac.
6 Q-J
$18,738,950 See text.
Stock. $20,000,000................... $50
Dividends.— T o and including April 1901, 5% per annum; July 1 and
Oct. 1 1901 and Jan. 1 and April 1 1902, 1.3125% each; July 1 1902, Oct. 1
1902, Jan. 1 1903 and April 1 1903, 1.375% each; July 1 and Oct. 1 1903
and Jan. 1 and April 1 1904, each 1.4375%; July 1904. 114%; Oct. 1904,
14-% • Dividends since have been at the rate of 6% per annum and will
«o continue to the end of lease and Its renewals.
»• OFFICERS.— Pres., B. L. Kilgour; Vice-Pres., Samuel Assur; Sec. &
Treas.. A. J. Becbt.— V. 108. p. 1511; V. 112, p. 1282; V. 113, p . 416.
(2) C incinn ati & H am ilton T ra ctio n .— A trolley road.
ORGAN IZATION .— This company was organized In Aug. 1902 as a
consolidation of the Mill Creek Valley Street Ry. and the Hamilton Glendale
& Cincinnati Traction. V. 75, p. 497. On Sept. 30 1902 was leased to the
Cincinnati Interurban Oo. (V. 75, p. 906), but on July 6 1905 lease was
assigned to the Ohio Traction Co. and the Cincinnati Interurban Co. placed
in liquidation. Rental, year end. Sept. 30 1903, $55,000. increasing te
$100,000 for 1915-16 and thereafter.
On July 9 1914 Judge Sater In the U. S. Dlst. Court at Columbus held
Invalid the ordinance passed by the City Council on Apr. 27 1914, providing
for a 5-cent Instead or a 10-cent fare from Cincinnati to Carthage and Hart
well (see V. 98, p. 1392), and granted an Injunction against Its enforcement.
Y .9 9 ,p . 196.
29
ELECTRIC RAILWAYS
STOCK.— Auth. and outstanding, common, $1,100,000; 5% cumulative
oref., $1,100,000. Par o f shares. $100. Dlvs. payable Q.-J.
Dividends.— 5% per annum Is being paid on the pref. stock. The first
liv . on the com. of Vt % was paid Jan. 1 1904 and 4 % was again paid on
April 1, July 1 and Oct. 1 1904. In 1905,1% ; ln l9 0 6 .U 4 % ; In 1907, 2% :
in 1908, 2% ; In 1909. 2 4 % ; In 1910, 2 4 % ; in 1911 and 1912, 8 % ; slH«e,
;t% quarterly.
ROAD.— Owns and operates 36 24 miles of track from the “ Z oo” in Cin
cinnati to Hamilton, incl. branch Hartwell to Lockland. Gauge, 5 ft- 2 4
in. Operates over tracks of Cincinnati Traction Co. from “ Zoo” to Foun
tain Square in Cincinnati.
OFFICERS.— Pres., B. L. Kilgour; V .-P ., Geo. W. Lewis; Sec. & Treas..
A. J. Becht, all of Cincinnati.— Y. 99, p. 196; V. 106, p. 924.
CLEVELAND, OHIO.
CLEVELAND R A ILW A Y CO,
The receivers of the Municipal Traction Co. having been discharged and
he debts of that company provided for, the Cleveland R y. Co. on M ar. 1
910 resumed possession o f its lines under ordinance (see below) of Dec. 1909.
7. 90. p. 826 The lease to Municipal Traction Co. was canceled o f record.
Franchise Ordinance.— A new franchise ordinance (V. 89, p 1667) was
oassed in Dac. 1909 by the City Council, and accepted by the railway co.,
oased upon the valuation of the co’s property as fixed by Judge Tayler. "The
jrdinanee grants franchises to operate on existing roads to M ay 1 1934, sub
ject to the right of the city to purchase the property. In M ay 1919 the life
o f the ordinance was extended for 10 years, from M ay l 1934 to May 1
1944. V. 108, p. 2122. In case of purchase the city must pay the capital
value of said property, as fixed by Section 16 plus at the same time 10%
af so much of the capital value as is represented by capital stock, assum
ing and agreeing to pay, in addition thereto, all the obligations, indebted
ness and liabilities of the company, and all liens other than bonded debt
upon its property then existing, which bonded debt the city shall provide
for by assumption, by payment or by taking the property subject thereto,
is may be provided by law at the time. On and after Jan. 1 1918 .(Be
jity may designate a purchaser or licensee in place of the city on pay
ment of same amount. On Feb. 17 1910 at a referendum election the
alectors ratified the ordinance (V. 89, p. 1667; V. 90, p. 167, 502). On
July 10 1911 the City Council passed an ordinance amending that of Dec.
1909 providing, among other things, for additions to capital as required and
particularly for the immediate expenditure o f $2 500.000 for impts.. ex tens,
and equipt. The ordinance also provided that the right < f the city to pro
>
pose exten., betterrri’fcs or impts. shall terminate whenever the unexolred
term or any renewal thereof is less than 15 years, and also that during such
period the company may operate at the maximum rate of fare and fix the
schedules subject to the police power of the city. Provision Is also made for
ihe use of surplus earnings during this 15-yr. period, either in the payment o f
floating debt or the creation of a a. f. to purchase securities and reduce
capital value. At a referendum election on Nov. 7 1911, the electors ratified
the ordinance amending that o f Dec, 1909.
Has franchise In Lakewood, expiring May 1 1944. which provides for a
.
3-cent fare within city limits and a 5-cent fare to Cleveland, and gives the
City of Lakewood the right to purchase the company’s lines within the
city, subject, however, to the option of the city of Cleveland to purchase
She entire property of the company.
Valuation.— Judge Tayler placed the value of the physical property of the
Cleveland Elec. Ry. Co. at $17,511,856 and the franchise value at $3,615,<44; total, $21,127,700; agreed value of property purchased from Forest
City Ry. C o., 51.805.600: total valuation. $22,933,300. T o this is added
$1,158,300 Interest or rental accrued, making the entire “ capital value”
$24,091,600. The bonded debt of 88,128.000 and floating indebtedness
*s of Jan. 1 1908. $1,288,000. or $9,416,000 in all. is deducted, leaving
$14,675,000. The valuation Is to be increased for the purpose of fixing the
price at which the city or its nominee may purchase the property by the
amount of future requirements, including cost of new pay-as-you-enter cars
tnd 75% of the cost of remodeling old cars as pav-as-vou-entar cars
Fares.— Fare to East Cleveland, beginning June 1 1923, is to be 6c. cash
fare, 9 tickets for 50c., lc . for transfer, no rebate. Franchise in East
Cleveland as to rate of fare is subject to revision every 5 years. At no time
shall the fare to East Cleveland be lower than that charged in the city of
Cleveland. Fares in other suburbs, 5 and 6 cents, according to contracts.
The company’s schedules and routes are subject to the supervision of the
city and the rates of fare to be fixed so as to net a return of interest as stated
above on the capital value of the property and permit of the maintenance at
all times of a so-called interest fund of at least $500,000. V. 89, p. 1667.
When this amount falls to $300,000 this shall be prima facie evidence of the
necessity of raising the fare to the next higher rate. The following schedule6
are provided for: (a) 6c. cash fare, 9 tickets for 50c., lc . for transfer, no re
bate; (& 5c. cash fare, 5 tickets for 25c., lc . for transfer, no rebate; (c) 5c.
)
cash fare, 11 tickets for 50c., lc . for transfer, no rebate; (d) 5c. cash fare, 6
tickets for 25c., l c for transfer, no rebate; (e) 4c. cash fare, 5 tickets for
20c., lc . for transfer, no rebate; (f) 4c. cash fare, 7 tickets for 25c., lc. for
transfer, no rebate; (g) 4c. cash fare, 7 ticket's for 25c., lc. for transfer,
lc. rebate; (ft) 4c. cash fare, 3 tickets for 10o., lc. for transfer, no rebate;
(i) 4c. cash fare, 3 tickets for 10c., lc . for transfer, lc . rebate; (j) 3c. cash
fare, lc. for transfer, no rebate; (ft) 3c. cash fare, lc. for transfer, le.
rebate; (Z) 3c. cash fare, 2 tickets for 5c., l.c for transfer, no rebate; (m)
3c. cash fare, 2 tickets for 5c., lc. for transfer, lc . rebate; (n) 2c. cash
fare, lc. for tranfer, no rebate; (o) 2c. cash fare, lc. for transfer, lc. rebate.
The following shows the various schedules in effect since 1910:
Beginning March 1 1910, rate j.
Beginning Aug. 4 1918. rate b.
Beginning June 1 1911, rate ft.
Beginning July 6 1919, rate c.
Beginning Sept. 1 1914, rate j.
Beginning Dec. 16 1919, rate d.
Beginning Dac. 15 1917, rate i.
Beginning M ay 12 1920, rate b.
Beginning Dec. 26 1917, rate ft.
Beginning Nov. 14 1920, rate a.
Beginning April 3 1918. rate g.
Beginning Aug. 1 1922. rate b.
Beginning April 10 1918, rate /.
Beginning March 1 1923, rate c.
Fare Decision.— For decision upholding 6-cent fare, see V. 113, p. 1771,
but compare V. 115, p. 435, 1099.
On Dec. 14 1912 the Council of Cleveland passed an ordinance giving the
company the right to transport freight within the city limits In Interurban
cars and to charge the interurban companies 25c. per car mile.
ORGANIZATION.— In 1908 changed name from the Cleveland Elec
trie Railway Co. (which had in 1903 taken over the Cleveland City R y.)
to Cleveland Railway O o., and authorized new 3tock to the amount of $35,000,000. The old stock o f Cleveland Electric Ry. was given a valuation
of $55 per share, or $12,870,000 (having formerly been §23,400,000) and
was paid for In new stock issued by Cleveland Railway at par ($100
valuation. The Forast City R y. (which had first absorbed the Low Fare
Ry.) was purchased for $1,805,600 stock of Cleveland R y.. the shares of the
Forest City Ry. being accepted at their par ($100) value.
On Jan. 2 1917 a board of arbitrators authorized the co. to enter Into an
18-year contract with the Cleveland Electric Illuminating Oo. for the
purchase of power, which was accordingly done
Operating Agreement.— On Oct. 1 1919 the company entered into an oper
ating agreement with the Cleveland Interurban R y., running from 2 to 3
years. V. I l l , p. 588.
Increased Interest on Capital Stock Voted Dcnon.— The Cleveland City
Council on Dec. 29 1919 formally granted an increase in the company’s in
terest rate from 6 to 7% in accordance with the recommendations (V. 3 ®
p. 2262; V. 110, p. 261) of the three arbiters who conducted an inquiry into
this question. On Aug. 10 1920, however, this question was submitted to a
referendum vote and defeated. V. I l l , p. 692, 1565. Compare V. 110,
p. 2387; V. I l l , p. 389.
The company on April 1 1920 paid 1% % , but subsequent int. payments
are being paid at the old rate of 1>S % quarterly . The city has brought
suit to compel the company to pay back luto the interest fund the $72,000
paid out in int. over the regular rate on April 1 1920. V. I l l , p. 1182,
1277. 1565. In April 1923 the case was pending.
STOCK AND BONDS—•
Date. Interest.
Outstanding. Maturity
Q-J
$28,926,500
See text
Stock $35,000,000 ($100)---------------First mortgage $35,000,000 g / 1911
5 M-S
5,495,000 M ch 1 1931
($1,000)-------------------- c* tf (interest In New York City or Cleveland,
Bonds.— Of the first mortgage of 1911, $15,000,000 auth. may be issued tor
85% of cash cost of extensions, betterments, &e., and remaining bonds for
50% of such cash cost, when net earnings for previous 12 mos. shall have
equaled at least twice the int. charge. Including bonds proposed to be issued.
Bonds are red. on any int. date at 105 and int. on 90 days’ notice. The
Union Trust Co. (formerly Citizens Sav. & T f.), Cleveland, and Bankers
Trust C o., N . Y ., trustees.
30
"ELECTRIC RAILW AYS
Interest on Capital Stock.— First payment— 1 44 % — under new franchise
ordinance of Dec. 1909 paid April 1910 and 1 44 % Quar. since to and includ
ing January 1920. On April 1 1920 1 H % was paid. V. 110, p. 2487.
Subsequent payments are being made at the old rate of 144% quar. (see
above).
R E PO RT.— For calendar year:
Calendar
Gross
Net
Other Int., Taxes A
Balance
Year—
Earnings.
Earnings.
Income. 6% Dividend Surp. or def
1922..............§16,893,034 $4,810,624 $1893,60 $3,398,829 $1,601,154
1921------------17,607,719
4,186,166 190,229
3.281,876 1,091,520
From the surplus as above there was deducted $466,49v in 192.., against
$494,361 in 1921 for obsolete equipment written off, leaving surplus of
$1,134,658 for 1922 and $600,159 for 1921.
ROAD.— Operates 414.5443 miles of single track, of which 371.4207
miles are owned. Mostly 80. 95, 100, 103 and 141-lb. standard rails; 1,476
passenger cars; 2 other revenue cars and 200 service cars
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.
114, p. 197, 1062, 2115, 2359, 2716; V. 115, p. 182, 435, 1099, 2045; V. 116,
p. 822, 1048.
CLEVELAND SOUTHWESTERN & COLUMBUS R Y .
Receivership.— On Jan. 20 1922 Federal Judge Western, having appointed
F. H. Wilson (Pres.) receiver for the co., on a petition filed by the General
Electric Co. V. 114, p. 409.
Interest Payments, A c.— In a notice dated Jan. 23 1922 Hayden, Miller
& C o., Cleveland, reorganization managers (see below), announced that
the co. would be unable to meet taxes and bond int., due Jan. 1 and Feb. 1
1922. V. 114, p. 625.
Reorganization Plan.— A plan o f reorganization dated June 1 1922 was
announced by Harden, Miller & C o., Cleveland, Ohio, reorganization
managers, which provides for the formation of (a) an operating co. to be
known as Cleveland Southwestern Ry. A Lt. Co or some other appropriate
name, to take title in reorganization to all of the property and franchises
o f the present co.; and (6) a holding co. to be called Cleveland A Southwestern
Co. or some other appropriate name to own entire common stock of the oper
ating co. All the pref. and common stock of the holding co. may be placed
in a voting trust for a period o f years. The plan further provides for the
extension o f a number of existing issues for 30 years at 6% and for the ex
change o f other issues for securities o f the two new cos. The common and
pr8f. stocks o f the old co. would have no value, as no provision is made in
the plan for the holders o f these securities. The following table shows the
basis upon which the securities of the old co. will be exchanged for securities
in the two new companies:
Terms of Exchange of Old for New Securities.
---- Will Receive in Operating Company—
Existing
First &
Cash for Scrip for
Sec. Ext.
Consol.
Accrued Accrued
30 Yrs. Mtge. 5s.
Int. to
Int. to
Existing Securities—
Outstanding.
at 6%.
Aug. 1 March 1
1922.
1923.
Cleveland & Elyria Ry_____ $200,000
$200,000
$9,500
Each $1,000 . - _________
1,000
47 50
Elyria & Oberlin Ry_____ __ 100,000
100,000
4,500
Each $1,000______ _____
1,000
45
Clev. Berea Elyria & Oberlin- 127,000
127,000
8,255 00
Each $1,000____________
1,000
65
Cleveland Elyria & Western, 1,073,000 1,073,000
69,745
Each $1,000______ - __
1,000
65
100,000
Elyria Grafton & Southern.- 100,000
8,333
Each $1,000____________
1,000
83.33
Norwalk Gas & Electric C o.. 110,000
110,000
8,159
Each $1,000____________
1,000
74.17
Cleveland & So. West. Trac.1,400,000
1,400,000
110,838
Each $1,000 ___________
1,000
79.17
Ohio Central Traction (1899) 95,000
95,000
8.471
Each $1,000____________
1,000
89.17
Ohio Central Traction (1903) 305,000
305,000
22,875
Each $1,000___________
1,000
75.00
—Will Receive in Holding Co.—
Existing Securities—
Outstanding.
Pref. Shares.
Com. Shs
Cleveland Southwestern & Columbus 5s. $3,666,000
3,666 shs.
Prorata
Each $1,000______________________
10 shs.
Prorata
For description of new securities to be issued by the successor companies
and a detailed outline of the plan of reorganization, see V. 114. p 2578.
Deposits have been called for under the above plan. Depositary, Cleve
land Trust Co., Cleveland; sub-depositaries, Girard Trust C o., Phila., and
Old Colony Trust C o., Boston. V. 114, p. 2578.
ORGA N IZA TIO N .— Incorporated in Ohio on March 4 1907 and Is a
consolidation of the Cleveland & Southwestern Traction C o., the Clevelanp
Ashland & Mansfield Traction Co. and the Ohio Central Traction Co. Foi
terms of exchange see V. 83. p. 1590. Also owns the Norwalk Gas A
Electric Co.
In Jan. 1913 the Elyria Grafton & Southern Ry. reduced its capital stock
from $100,000 to $1,000. and the Norwalk Gas & Elec. Co. from $125,001
to $1,250. in March 1913 the Cleveland Southw. & Col. reduced til#
a u th o riz e d a m o u n t o f c o m m o n s to c k fro m $ 7 ,5 0 0 ,0 0 0 to $ 4 ,2 3 6 ,0 0 0 .
In Jan. 1917 accepted a 25-year franchise from the City of E lyria o r o
viding for 20-minute city sei vice and 6 tickers for 25c. In Nov. 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 lssu»
$548,678 1st consol. M. 5s at not less than 85 to reimburse the co. for ex
penditures for impts., &c.. and to hypothecate them pending sale.
Fare Increase.— On Aug. 15 1918 a new fare schedule went into effect
which provided for a straight rate of 3 cents a mile, an increase of 4$ cent
a mile. V. 107, p. 401. An Increase of 25% in class and commodity rates
has also been grated.
In Feb. 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 o f $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 of the Ohio Central Traction Co., due June 1 1919,
were taken care o f in a similar manner; the company arranging to extend tne
maturity o f same to Aug. 1 1920 at 5% . A cash payment of $23.33 was
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 extended
to Feo. 1 1923 at 6 % . A cash payment o f $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. R y. 6s and the $1,073,000
Cleveland, Elyria & West. Ry. 5s, both due Aug. 1 1920 were extended w
Feb. 1 1923. Int. on both issues was increased to 7% per annum and the
bonds made callable at par and int. on any int. date. V. I l l , p. 389.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
$4,236,000 ...................
Common $7,500,000 ($ 1 0 0 ).................................
Pref $2,500,000 5% cum ($ 100)................... ........
2,412.000
.............
First general consol mortgage/ 1907 5 A-O
945.000 April 1 1927
$10,000.000($l,000)gc*&rcpt\Int. at Cleveland Tr. C o., Cleve., Trustee.
Cleveland & Elyria first mort-/ 1895 7 Q-F
200.000 Feb 1 1923
gage on 18 miles ($500)1 Interest at Citizens’ Savings & Trust C o..
Subject to call________cpt i Cleveland, Trustee,
Elyria & Oberlin first m ort-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 t I
Clev Ber Elyr & Oberlin consf 1899 7 g M-S
127.000 Feb. 1 1923
M $500,000 g ($1,000 each)/Interest at Cleveland Trust C o.. Trustee.
Subject to call------------cp t l
Cleveland Elyria & Western | 1900 7 g F-A
1,073,000 Feb 1 1923
first mortgage $1,500 000]Int. at Cleve. Tr. Co., Cleve., Trustee, or at
($1,000) gold______ c& rcptl Nat. Bank o f Commerce In N . Y
[ V o l . 116.
STOCK AND BONDS.—
Date.
Interest. Outstanding.
laturity.
Elyria Uraftou & Southern/ 1902 5 g J-J
1U .U U Jan. 1 1922
U U
Ry rtrst mortgage guar-/iQterqpt at Cleveland Trust C o.. Cleveland,
anteed by O E & W ($100,Trustee, and Equitable Trust C o ., N . Y .
000 ($1,000) gold___ c*cp tl Can be called at par.
Norwalk Gas & Electric first [ 1900
6 A-O
110,000 Feb 1 1923
mtge, $110,000 ($500), g.-flnt at Guardian S. & Tr. Go.. Cleveland.
Subject to call_______ c p t ] Trustee, or Chase National Bank, N. Y.
Cleveland & Southwestern I 1903 5 g F-A
1,400,000 Feb 1 1923
first and consol mortgage]Int. at Guardian Sav. & Tr. C o.. Cleveland,
$3.000,000(51,000)gc<krcpt l 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*ntf\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
(dated mortgage
close 1] Int. at Cleve. Tr. C o., Cleveland, Trustee, or
($500), g o l d _______ c * cp tl at National Bank of Commerce. N . Y .
Bonds.— Of the $10,000,000 new bonds. $3,510,000 are reserved for prio
liens and $5,545,000 are for extensions, improvements, &c. They are
subject to cail after 10 years at 105 and accrued int. The Cleveland St
Southwestern bonds of 1903 are subject to call at 105 and int. $1,600,000
of this Issue are reserved to retire certain underlying bonds.
The Cleveland & Elyria 1st M. 6s of 1895 fell due May 1 1915. but were
extended to Aug. 1 1920 at the same rate of int. and again to Feb. 1 1923
at 7% .
Of the Cleveland Berea Elyria & Oberlin 5s dated March 1 1899. $300,000
remain In reserve for the retirement at or before maturity of the divisional
6s 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% . Tbe 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’
notice at 105 and int. The Elyria & Oberlin 6s of 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 bond, are red. all or In part at par and int. on any Int, date.
V. 110, p. 1186. See above under “ Reorganization Plan.”
EARN ING S.— For calendar years:
Gross. Net .after Taxes. Int.. Ac.
Balance.
1921___________________ $1,912,434
$281,642
$380,805 def.$99,163
1920 ___________________ 2,177,829
381.010
365.881 sur. 15,129
1919___________________ R870.404
457,356
367 139 sur. 90,217
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 R oy,
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. Mavers. 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; V. 109, p. 1186
V. I l l , p. 389: V. 112, p. 652, 1865, 2747; V. 114, p. 409. 625, 2578; Y.
115, p. 1099, 2158.
______
CLEVELAND PAINESVILLE & EASTERN R R .
ORGANIZATION. &c.— Incorporated In Ohio on April 25 1895. Road
:ompleted In July 1908. Franchises expire from 1920 to 1935. In June
1906 acquired control of the Olev. Painesv. & Ash. RR. V.82. p.1322, 1379.
In 1913 purchased the United Light & Power C o. (stock, $100,000:
bonds. $100,000).
New Franchise Proposed.— See V. 114, p. 2240.
Rate Increase.— Late in 1917 was auth. by the Ohio P. U. Comm, to
Increase lighting and power rates.
Fare Increase.— In July 1918 was authorized by the Ohio P. U. Comm ,
to Increase passenger rates, effective Aug. 1 1918. V. 107, p. 401.
Bond Extension.— On Sept. 16 1918 the company announced that be
cause of abuormal financial conditions it would be practically impossible
to refuul at tnat tin e the $501,000 1st mtge. bonds and the $1,131,>00 1st consol, mtge 5s due Oct. 1 1918. The co., therefore, arranged for
tn extension of the maturing issues to Oct. 1 1923 at 7% , extended bonds
ire red. all or in part at 100 and interest on any interest date on 60 days’
aotlce. V. 108. p. 1274.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Rock. $3,500,000 (par $100)-. ____
_______
$2,500,000 ................. ..
(first mortgage, $500,000,/ 1896
7 g A-O
500.000 Oct 1 1923
gold ($1,000 each ).c*.cp t| Interest at Morton Trust C o., N\ Y ., or
Cleveland Trust C o., Clev., Trustee.
Jonsol mort. (closed $ l t- ' 1898
7 A-O
1,131,000 Oct 1 1923
631.000 ($1,000). gold .cp t Int. at Citizens' Sav. & Tr. C o.. Cleve.,
Trustee, or Trust Co. of America, N. Y.
Sef and extension mtge. $5.- ' 1908
5 g M-N
926.000 May 1 1948
000,000,gold($1.000)c*cpf Int. at Clevel Trust C o.. Cleveland. Trustee,
or company's agency In New York.
Bonds.— $500,000 consols are reserved to retire underlying liens. T he
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% . Of the refdg. and extension
bonds, $1,631,000 are reserved to retire prior liens, and $2,415,000 are
res rved for future extensions and impts., to be issued only when net
earnings for preceding 12 months have been not less than 25% in excessof
Interest charges on outstanding bonds, including those to be issued. $28,000 are in the treasury. Subject to call May l 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. I 1918,
»nd again to Oct. 1 1923; in the latter case the int. rate was raised from
5% to 7% .
REPORT.— For years ending Dec. 31 (excl. United Light & Power C o.)
Calendar
Gross
Net. after
Other
Interest
Balance
Year—
Earnings.
Taxes
Income.
Ac.
Surplus.
1 9 2 2 - . .......... -.$663,344
$168,293
$2,092
$166,844
$3,542
1921___________ 701.026
163.893
2,948
166.262
579
1920___________ 743.300
172,632 ■ 2,634
165,274
9,992
The results of the United Light & Power Co. for 1922 were, gross, $63,135 ;
net, after taxes, $27,972. In 1921, gross, $57,619; net, after taxes, $23,542
R OAD.— Owns road from Euclid, Ohio, to Palnesville and Falrport
24.02 miles (“ Main Line"), and uses Cleveland Electric Ry. from Euclid
to Public Square, Cleveland, 10 miles; also owns “ Shore Line,” extending
from Willoughby to Cleveland (St. Clair Ave. & 110th St.), 14.89 miles,
and uses the Cleveland Electric Ry. C o.'s track from that point to the
Public Square, Cleveland, 5 miles. Total track operated (including 444
miles of double), 4 6 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 . M oore; V .-P ., F. H. Goff; V.-P. & Gen.
Mgr., W H. Douglas; Treas., E. V. Hale; Sec., Fred S. Borton; Asst. Sec.
and 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.
(1) Cleveland Painesville & A shtabula R R .— A trolley road. En
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 as
princiml due .Tulv 1 1922 is in default on I t Mtge. 5s. The following
committee 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.
25 6: V. 115, p. 182. Up to April 1 1923 no plan of reorganization had been
announced.
ORGAN IZATION .— Incorporated In Ohio In 1902.
Fare Increase.— In July 1918 was authorized by the Ohio P. U. Comm, to
increase the mileage charge, effective Aug. 1 1918. V . 107, p. 401.
A pril, 1923.]
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity,
Stock. *1.000.000 ($100).......................................
$1,000,000 ________ .
First mortgage $1,000.0001 1902
5 g J-J
1.000,000 July 1 1922
gold ($1,000)--------- c V 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
RE PO RT.— For years ending Dec. 31:
Years—
Gross.
Netlaft'ax) Oth Tnc. Int &c.
Deficit
$4,489
$392
$74,283
$69,432
11922______ _____ ___$161,115
, 9^1_________ ib2.870
def 0,010
248
72.700
79,o w
A920_________ 190,701
det'33,416
932
71,497
103.981
ROAD — Operates 30 miles track between
Painesville and Ashtabula.
Put In full operation on July 30 1904. 70-lb. T and girder rail used Track
■taud ird gauge. Connects at Painesville with the Cleveland Painesville &
Eastern RR. and at Ashtabula with the Pennsylvania & Ohio Ry.
OFFICERS.— Same as Olsvel ind Painesv. & East, above.— V. 98, p. 386:
V. 104, p. 163, 256: V. 106, p. 2010: V. 107, p. 401; V. 115, p. 182.
CLEVELAND & EASTERN TRACTION CO.— A trolley road.
O R G A N IZA TIO N .— Incorporated In Ohio on May 18 1910 to succeed
the Cleveland S Eastern division (V. 90. p. 1613) of the Eastern Ohio Trac
c
tlon Co. per plan In V. 89. p. 1511, 1596On May 3 1915 stockholders voted to amend the charter so as to permit
Company to engage In electric light and power business. V. 100. p. 1509.
Fare increase.— In July 1918 was authorized by the Ohio P. U. Comm, to
Increase the mileage charge, effective Aug. 1 1918. V. 107, p. 401.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common st >ck ($ 1 0 0 )_______ _____
_______
$381,600
________
Pref stock. 5% n-c ($ 1 0 0 ).................................—
465.865 Feb 21 1%
First mortgage. $763,200./ 1910
5 g J-J
763,200 July 11932
gold ($1.000)__________ c*| Int. at Guardian Sav. & Tr. C o..C !lev.. Trus.
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— 14%— was paid Id
N ov. 1915. In 1916 and 1917. 3% each. In 1918. Jan. 1% : April. 1%
none to Jan. 1920, when 1% was paid. In 1921, Feb., 1 %. None since.
E A R N IN G S.— For calendar years:
Year—
Gross. Net (aft. Taxes). Int.
Dividends. Surplus
1922 _____ ______ $270,833
$36,033
$38,160
None def.$2,127
68,122
38,160
4,659
25,303
1921___________ 333,748
ROA D .— Operates 40 miles of track from Cleveland to Chardon, Burton
and Mtddlefield, Ohio. Standard gauge. 60-lb. T rails.
OFFICERS.— Pres., FT. P. McIntosh: V .-P ., Horatio Ford; Sec. and
Gen. M gr., Robt. D. Beatty; Treas., C. A. Taylor. Office, 708 Finance
Bldg., Cleveland. O. — V. 100, p. 1509; V. 101. p. 1627; V. 102. p. 437:
V. 106, p. 924: V. 107, p. 401; V. 109. p. 676.
CLEVELAND & CHAGRIN FALLS R Y . CO.
ORGA N IZA TIO N .— 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 of the pro
perty since July 1917, was discharged.
In Jan. 1918 capital stock was reduced from $300,000 (par $100) to
80,000 (par: 10)
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock. $30,000 ($10)...............................................
$25,000 — ..............
Olev S Cta Falls 1st M$300.-/ 1910
c
6 g J-J
251.900 Jan 1 1930
000 g ($100 & $ 5 0 0 )_ c* /In t. at Guardian Sav. & Tr. C o., Clev.. Trus
_
Bonds.— Sub), to call any or all on any Int. date at 102H and lot.; $48,100
are In treasury.
E A R N IN G S.— For calendar years:
Year—
Gross. Net (aft. Taxes). Int.
Divs.
Sur. or Def.
1922................... $86,038
$732
$15,114
_____
def.$14,382
1921........... ........ 106,376
8,708
15,114
2,471
def. 8.877
R O A D .— Operates 10.1 miles o f 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. Sc Treas., O. A . Taylor.— V. 99, p. 1909; V. 105
p . 715; V. 109. p. 676.
LAKE SHORE ELECTRIC R Y .—
O RGAN IZATION .— The Lake Shore Electric R y. was Incorporated os
Sept. 25 1901 under laws of Ohio as a consolidation of the Lorain S Cleve
c
land Ry.. the Sandusky & Interurban Ry. ie Sandusky Norwalk & South
ern 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 of
Lorain granted a new franchise to the co. and Its subsidiary, the Lorain
St. RR ., which was rejected on the ground that the fare rate of six tickets
for 25 cents was Insufficient for profitable operation. On Mar. 22 1918 the
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 Council
granted the co. a new 25-.vear franchise. V. 110, p. 167.
Controls the Lorain Street RR. and the Sandusky Fremont S Southern
c
R y.. which see below. Also controls the People's Light S Power Co anr
c
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 supply
power to the ToledoFindlay& Fostoria and several other roads V.85.p. 1646.
In 1910 charter wvj amended so as to transform the then existing 5%
cum pref. stock of $3,090,000 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 time
accumulated dividends on the old pref. stock (part of which had beeo
Issued later than the resti were adjusted. V. 90. p. 1170, 1296; V 91. p.790
In Jan. 1915 the articles of incorporation were amended to enable the com
pany to sell and distribute electricity for light, heat and other purpose*
In certain localities.
The Ohio Utilities Comm, has from time to time authorized the company
to sell additional gen. mtge. bonds, aggregating $428,000. which have
been Issued and are held In treasury. On Feb 10 1915 Increased authorized
amount o f 1st pref. stock from $1,000,000 to $1,500,000.
Fare Increase.— In July 1918 was authorized by the Ohio P. U. Comm, to
Increase the mileage charge, effective Aug. 1 1918. V. 107, p. 402. On Aug 9
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 were
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.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Common, $4,500,000 (par $100)____
.............
$4,500,000
____ _
1st pf$1.500.000(S 100)6% c u m ____
Q-J
1,000.000 See text
2d pf $2.000.000($100)5% n-c______
_______
2,000.000 No div. yet
First cons mtge, $4,000,000/ __
_____ 1903 5 g J-J
1,600,000 Jan 11923
.c * t f /l n t . at Citizens’ Sav. & Tr. C o., Cleveland
($1,000), gold-.
1 Trustee, or Trust C o., of America. N. Y
General mtge. $7,000,000/ 1903
5 g F-A
2.255.000 Feb 11933
($1,000), gold_______ c * tf(I n t. at Citizens' Sav. & Tr. C o., Cleveland.
I Trustee, or company’s agency In N. Y.
Lorain S Cleveland 1st, gold] 1897
c
6 g J-J
750,000 July 1 1927
($1,000),$1,000,000____tfjlnterest atCitizens’ Sav. S
c
Trust Co..
I Cleveland, or company’s agency In N . Y
T F Sc N 1st M $1,500,000 g [ 1900
6)4 g J-J
1,115.000 Jan 1 1925
guar ($500, $1,000) -_ c * t flln t . at Union Trust C o.. Detroit, Trustee.
Oar
trust
c e rtifica te s, / 1917 6 J-J
88,000 See text
$176.000-------------------------- \Guardlan Savings & Trust C o., Clev., trust.
Oar trusts................................... 1920 7%
43,600 .. ..................
31
ELECTRIC RAILW AYS
Bonds.— Of the $4,000,000 first consols, $2,250,000 are reserved to retlra
prior liens. $150,000 have been canceled, $4,000,000 of the general mortgage
5 per cents are reserved to retire the first consols and $715,000 (of which
$428,000 have been certified by the trustee ami are In treasury) for exten
sions and (mpts. at 80% of cost. Neither Issue Is sub), to call A sinking
fund for the first consols, commenced Jan. 1 1909. retiring $10,000 per
•tnnum until 1914; and from 1920 to 1922. incl.. $30,000 bonds per annum.
Tne L. & C. bonds are callable since July 1 1917 at par and int. The car
trust certificates of 1917 mature $17,600 each July 1.
Lien.— The T . F. & N. bonds are a first lien on the division between
Toledo and Norwalk; the L. & G bonds are a first lien on the road between
Cleveland and Lorain; and the 1 consol, bonds a first lien on all other
st
tines and alsoa2nd mtge. on the divisions noted above; $385,000 have been
canceled through operation of sinking fund.
Dividends.— Initial dlv. on 1st pref., 114%, paid Oct. 1 1910; same
amount quarterly to and including April 1915. July 1915 dividend omitted
(V 101 p 47). None since.
R E PO RT.— Of system for years ending Dec. 31:
Year—
Gross.
Netiaft.Tax). Other Income.
Interest.
Surplus.
1922_____ $2,519,303
$588,393
______
$413,340
$175,053
1921.......... 2.564.157
471.477
______
419.704
51,773
Pissengers r ,r -j(.,| in 1921. 6.802,291: in 1920. 7.687.916
Earnings for 1921 of the People's Light S Power Co were Gross, $16,240;
c
net, after taxes, $i7.411: and of the Bellevue Ilium. & Power C o., gross.
$53,832; net, after taxes. $12,999.
ROAD.— Operates 180 miles, extending from Cleveland to Toledo and
Sandusky, and from Sandusky to Norwalk: also city lines in Sandusky;
staudard gauge: 70 to 100-lb. rails. Through line from 'leveland to Toledo
was opened for business about Aug. 26 1902. In addition owns the San
dusky Fremont & Southern, 20 miles, and the Lorain Street RR ., 24.77
miles, making a total of 216.77 miles. 114 passenger, 15 baggage, 52 work
and freight cars. Total, 173.
OFFICERS.— Pres., E. W. Moore. Cleveland and N. Y .; V .-Ps., F. H.
Goff and A Lewenthal, Cleveland V.-P., Sec.-Treas & Gen. Mgr.. F. W .
Coen, Sandusky, O.— V. 108, p. 2123: V. 101, o. 2233: V. 119, p. 167, 261.
2192; V. I l l , p. 792; V. 112, p. 1740; V. 114, p. 2823; V. 116, p. 822.
(1) Lorain Street Railroad C o.— A trolley road.
ORGAN IZATION .— Incorporated In Ohio on Aug. 3 1906 and Is a con<ol1dation of the Lorain St. Railway and the Avon Beach S southern RR.
c
Eatlre stock owned by the Lake Shore Elec. Ry. Operates on private
right-of-way except three miles In Lorain aud Elyria, on which franchises
run until March 1943.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $2,000,000 ($100)................... ..
.............
$2,000,000 ___________
Lorain St Ry 1st M $760.0001 1399 5 g M-N
550.000 Nov 1 1949
gold ($1.000)________ c*.tf) Int. at Guaranty Trust Co . N Y .. Trustee.
First consol mtge $2,000,000/ 190G
5 g J-J
See text July 1 1936
gold guar $1.000)____c* .tf{ Int. at Citizens' Sav. & Trust C o.. Cleveland,
( Trustee, or Agency in New York.
Bonds.— Of the $2,000,000 cons, bonds $750,000 are reserved for prior
lens and $750,000 for extensions. &c. They are guar., prln. and Int.. by
endorsement by the Lake Shore Electric R y.
REPO RT.— For calendar years:
Cal. Yrs. Gross Inc. Exp. & Tax. Net Earns. Int. Paid.
Balance.
1921_______$263,070
$233,127
$29,943
$54,058
def.$24,115
1920______ 353,637.
266,712
86,925
51.774 . sur. 32,151
Passengers carried in 1921, 3,834,399, against 5,513,630 in 1920.
ROAD.— Operates 24.77 miles of track between Elyria. Lorain and
Beach Park. Standard gauge. 24 cars. V. 105, p. 2543; V. 109, p. 2357.
(3) The Sandusky Fremont & S outhern Ry.
ORGANIZATION.— Incorporated In Ohio in April 1906. Is operated
% part of main line of Lake Shore Electric Ry. between Cleveland and
e
Toledo. Lake Shore Elec. Ry. owns entire 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,/ 1906
5 g J-J
$615,000 July 1 1936
gold ($1,000), guar_ c ’ tf/In t. at Citizens Sav. & Trust Co.. Cleve.,
_
I Trustee, or at Agency In New York.
Bonds.— Are guaranteed, prln. and Int., by endorsement, by the Lake
Shore Elec. Ry.; not subject to call. See V. 83. p. 1099REPO RT.— For calendar years;
Calendar
Gross
Expenses and
Net
Interest
Balance.
Year—
Income.
Taxes.
Earnings.
Paid.
Deficit.
1921.......... --$120,034
$107,736
$12,298
$32,250
$19,951
1920 ............. 151,096
126,608
21,488
32,250
7,761
1919 .........
126.209
98,370
27,838
32.250
4,412
ROAD.— Operates a line from Sandusky to Fremont, 20 miles. 14 cars.
- V . 83. p, 97. 1099.
CLINTON, IOWA.
CLINTON STREET R Y .
OR GA N IZA TION .— 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
axpire 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. 111. 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. Maturity.
Stock $1,000,000 ($100)__________ _______
$596,600 See text.
First mortgage $400,000 goldl 1906 5 g A-O
400,000 Mar 31 1926
($ 1.000)_______________c*f Int. at Illinois Tr. & Sav. B k..C hlc .Trustee
Bonds.— Callable at 105 and int. on any Int. date on 90 days' notice. A
supplemental 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. Incl. (except 5% in
1912). In 1913 the stockholders advanced a 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
EARNINGS.— For year ending Dec. 31 1922, gross, $226,101; net, after
taxes, $68,878. In 1921, gross, $243,767; net, after taxes, $62,777.
ROAD, &c.— About 16 miles of single track equivalent and 32 single truck
cars. Current is purchased from the Clinton Gas S Electric Co. Inter
c
urban cars 'rom Davenport enter to centre of city over the company’s
tracks under traffic agreement.
O F F IC E R S — Pres., R. C. Langan; V .-P ., Geo. T . Baker; Sec., A . LSchuyler; Treas., C. C. Coan; Gen. M gr., Bernard Bohnson.— V .112,p .1024
COFFEYVILLE, KAN.
THE UNION T RACTION CO.
O RGAN IZATION .— Incorporated Sept. 28 1906 In Kansas. In Dec.
1916 was granted a permit to do business in Oklahoma. Franchises expire
1957. Road is on private right of way except in Coffeyville, Independence,
Cherry vale and Parsons.
Fare Increase.— In Sept. 1918 was auth. by the I.-S. C. Comm, to In
crease fares between Parsons and Coffeyville, and Nowata Okla., and
Intermediate points to not to exceed 2.6 cents per mile. V. 107, p. 1194.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $500.000................. ........ ....... .............
$500,000 See text.
First mtge. $1,000,000, gold/ 1907
5 J-J
941.000 Jan 1 1937
($1,000). sinking f u n d t f l Warren (Pa.) Trust C o.. Trustee.
Bonds.— 1st M . bonds are red. ann. by lot at 105 and Interest since Jan.
1912. through s. f.; $59,000 have been retired. S. f. of 10% of aet earnings
annually began In 1911. Int. at Nat. City Bk.. N . Y .; Commercial Nat.
Bank, Chic., aad Tradesmen’s Nat. Bank, Phtla. See V. 88. p. 1003,
Dividends.— A dlv. o f 6% was paid during the fiscal year end. June 30 '13.
33
[V ol. 116 ,
ELECTRIC RAILW AYS
EARN IN G S.—-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 road, o f which 934 m. in Ooffeyville, 7
miles in Independence and 5034 miles of interurban road between Ooffey
ville, Independence, Cherry vale and Parsons. 70-lb. T rails. Purchases
power from the Kansas Gas & Elec. Oo.
OFFICERS.— Pres., D H. Siggins, Warren, Pa.; Sec.. H. A . Biggins;
Treas., Sam Q. Smith.— Y . 109, p. 2264; V. I l l , p. 2424; V. 113, p. 1773.
EARNINGS.— For 12 months ending Dec. 31:
Dec. 31
Gross
Net after
Interest,
Sinking &
Balance,
Year—
Earnings.
Taxes.
Charges,&c. Impt. Fds.
Surplus.
$963,276
_____. - ________
1922______ $1,975,423
1921 ---------- 1,807,298
1.009,229
............. ______ _________ _____
OFFICERS.— Pres., H. G. Bradlee; V.-Ps., R. M . Harding, Chas. F. W.
Wetterer and Harry H. Hunt; Sec., W m. T. Crawford; Treas., Henry B.
Sawyer; Gen. Mgrs., Stone & Webster M gt. Assn., Boston.— V . 115, p.
72, 988, 1428, 1941, 2158; V. 116, p. 1759.
COLORADO SPRINGS, COLO.
COLUMBUS, IND.
COLORADO SPRINGS & INTERURBAN R Y .
ORGAN IZATION .— Incorp. in Aug. 1902 as a consolidation o f the Colo
rado Springs Rapid Transit Ry. and the Colorado Springs & Suburban Ry
Effective June 8 1919, was auth. by the Colo. P. U. Comm, to increase fares
from 5 to 6c. Y. 108, p. 2433. In Jan. 1921 the co. was auth. to raise fares
to 7c. cash or 8 tickets for 50c. The consol, co. has issued $1,500,000 stock,
o f which $500,000 5% pref.; bonds ($1,000 5% M . S., due Sept. 1932.
Central Trust C o., N . Y ., trustee) auth. and issued, $1,500,000.
EA R N IN G S.— For cal. year 1922, gross, $505,943; net, after taxes,
def.$2,305. In 1921, gross, $531,554; net, after taxes, $24,585.
R O A D .— Owns 41M miles o f track. In 1919 added 35 one-man cars to
Its equipment.
OFFICERS.— Pres., D . P. Strickler; V .-P., W. Lennox; Sec., H. L.
Stubbs; Treas., Wm. Lloyd.— V. 110, p. 2387; V. I l l , p. 188, 492, 1566.
INDIANAPOLIS COLUMBUS & SOUTHERN TR AC TIO N CO.
Lease.— In Dec. 1912 was leased for 999 years to the Inter-State Public
Service Co., a subsidiary of the Middle Wait Utilities C o., at a rental o f 5%
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.
ORGANIZATION.— Formerly the Indianapolis Greenwood & Franklin
RR., which company was Incorporated in Indiana in 1895. Name changed
*b above in fan 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
of $973,000 l a Mtge. 6s, dated Feb. 1 1923 and due Feb. 1 1948. V. 116,
p. 176, 295.
STOCK AND BONDS.— Date, Interest. Outstanding.
Maturity.
_______
$1,840,000 See text
Stock. $1.840.000___________ _____
1st mtge bonds ($500 and/ 1923 6 g F-A
973,000 Feb 11948
$1.006) gold----------------tfc*\Fletcher-Amer. Nat. Bk., Ind.. Trustee.
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.
EARNINGS.— For cal. year 1922, gross, $748,450; net. after taxes,
$244,257. In 1921, gross, $728,098; net, after taxes, $236,870.
R O A D .— Operates 62.38 miles of track between Indianapolis, Franklin
and Columbus and Seymour, of which 3.86 miles belong to Ind. Trac. & Ter.
Co. Standard gauge. 60-lb. T rail. Mostly private right-of-way. I*
connects with Indianapolis & Louisville Elec. R y ., thus forming a through
line from Indianapolis to Louisville.
OKFICER5.— Pres., Wm. G. Irwin: V .-P .. L. I. Sweeney: Sec. < Treas.
fe
Hugh Miller, all of Columbus, Ind.— V. 115, p. 2905; V. 116, p. 176, 295.
COLUMBIA, S. C.
COLUMBIA R A ILW A Y, QAS & ELECTRIC CO.
ORGA N IZA TIO N .— Does the entire street railway, electric lighting
Power and gas business in Columbia. S. C .— Name changed from Columbia
Electric Street R y., Light & Power to the above on May 15 1911. V. 92
d . 1374. Is a consolidation on July 1 1905 of the Columbia Electric St. Ry.
L t. & Pow. Co. and the Columbia Water Pow. Co. The first-mentioned
was organized in So. Caro. Jan. 6 1892 and was a consolidation of the Oolum
bla Elec. & Suburban Ry. Co. and the Congaree Gas & Electric Co. Ar
qulred 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
rights granted by State of So. Caro, (which owns the city streets), expiring
Dec. 16 1941. Gas franchises granted by State and city franchises covering
all 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 M ay 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 ., 27H miles northwest
of Columbia, supplying the requirements of the controlling co. (V. 95. p
1122; Y. 98. p. 154 1844.)
The $100,000 Col. Canal Co. 6% bonds originally matured Jan. 1 1919
but were extended for two years to Jan. 1 1921 and again to 1923, aDd were
again extended for another year to Jan. 1 1924 at the same rate of interest.
Interest. Outstanding. Maturity
STOCK AND BONDS—
Date.
Common, $2,000,000 ($100)______
$2,000,000 July 19 34%
" Q -j”
895,300 Apr. ’ 23. 1 34
Pref., $1,000,000, 6% cum .'
( $ 100 )
;I ::::
3,043.000 July 1 1936
First mortgage, $7,500,000, f 1911
5 J-J
gold ($1,000)________ c * tf(I n t. at c o .’s office or at Chemical Nat. Bk.
IN. Y . Columbia Trust Co., N. Y ., Trustee
300.000
Parr Shoals P pfd stk $300,000o ____
o
----------7%
Parr Shoals P 1st mtge, $3,-f 1912
5 g A-O
3,000,000 Apr 1 1952
000,000 ($1,000). g o ld c * t f!Columbia Trust C o., Trustee.
100,000 Jan. 11924
Ool Canal Co mtg, $200.000t f ___
6%
Bonds.— Of the outstanding first mtge. bonds of 1911, $60,000 are depost
ted to guar. tnt. on Cane' Co 6s. Of unissued bonds. $200.000 are reserved
to retire Canal Co. bor ds and $4,497,000 for Improvements, additions, ac
quisitions, &c., under certain restrictions. Bonds are subject to call on any
mt. 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
p. & 1., by end., by the Columbia Ry., Gas & Elec. Co. Sinking fund of
34 o f 1% semi-annually o f 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.
Dividends.— First dlv. on pref.— 3% — paid July 1 1906: Jan. 1907, 3%
None to July 1911, when accrued livs. were paid up in full: 1 34 % paid
quar. since to and including Apr. 1923. Initial div. on common— 34%—
paid Oct. 1917. In 1918, Jan., 34%; July, 34%: Oct., 34%. In 1919
Jan., 34%: July, 34 %• None since.
EARN IN G S.— For calendar years:
Year—
Gross.
*Net.
Interest. Pref.Dies. Com.Divs. Surplus.
1922______ $1,115,492 $398,732 $257,661 $53,718
______ $87,353
253,719
53,718
--------164,310
1921........... .. 1,341,569 .471,747
* After deducting operating expenses, taxes, int. on Parr Shoals bonds
and divs. on Parr Shoals pref. stock.
R O A D .— Operates 37 miles of track; 40 cars. Owns 2 power plant
with a total capacity of 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; Y. 110, p. 561, 969; V. 114, p. 1406.
COLUMBUS, GA.
COLUMBUS ELECTRIC & POWER CO.
ORGAN IZATION .— A consolidation in 1922 o f the former subsidiary
companies of the Columbus Electric C o., 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 o f existence when the bonds o f the Columbus Power Co. (guar, prin
int. & sink, 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 of 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, Grants
ville, 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.
Date. Interest.
Outstanding.
Maturity
STOCK AND BONDS—
_______
$1,500,000 See text.
Common ($100)--------------------- ____
2,000,000 A p r ’23,134
1st pref Ser A cum 7% ($100)- ____ 7%
1,428,700 A p r ’23, 134
2d pref 7 % cum ($100)---------- ____ 7%
1,500,000 June 1 1947
1st & ref M 6% Ser “ A " ($1001 1922 6 g J-D
$500 and $1,000) gold-C*.tff Int. at Old Colony Trust Co., Boston, trust.
3,625,000 April 1 1936
Columbus Power first mtge) 1906 5 g A-O
$4,000,000 gold guar.c*.tff 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. 72.
Bonds.— Callable, all or part, on any interest date after June 1 1932 up to
and including June 1 1937, at 105, and thereafter decreasing 34 of 1% each
year to 101 for year ending June 1 1945, and at 100 thereafter (plus int.).
A sinking fund of 2% per annum of the total amount o f Series “ A ” bonds
Issued commences Nov. 1 1923. V. 114. p. 2823.
The Columbus Power Co. bonds are callable as a whole (or in part for
sinking fund) at 110 and int. on anv int. day. A sinking fund of 1% of
bonds out began April 1 1912. $375,000 purchased for sinking fund and
canceled.
Dividends.— Dividends on 1st pref. and 2d pref. are being paid regularly.
An initial dividend o f $2 per share was paid on common stock in October
1922. V. 115, p. 1428. In 1923, Jan., 2% ; April. 2% .
P R O PE R TY.— 25.9 miles of equivalent single track, of which 5 miles
leased to Seaboard Air Line until 1952. 56 cars; 2 steam locomotives
(leased to 8. A. L. R y .). Standard gauge. Controls hydro-electric plants
with a capacity of 32,500 k. w., and a steam plant of 12,000 k. w. capacity.
COLUMBUS, OHIO.
COLUMBUS RA ILW A Y. POWER & LIGH T CO.
New Management.— In Jan. 1919 Messrs. E. W . Clark & C o., Phila.*
withdrew from the management of the co. in favor of Columbus interests.
ORGANIZATION.— Incorp. in Ohio Nov. 1913 to succeed tne Oolumous Traction Co. (incorp. Dec. 26 1906 as successor to the Central Market
St. Ry., sold under creditor’s bill in Feb. 1906. subject to the $500,000
bonds) and took over the Columbus Ry. Co. and the Columbus Edison Oo.
*s per plan in V. 96, p. 1839. ‘ The leases between these two cos. and the
Columbus Ry. & Lt. Oo. were then canceled. The Columbus Lt., Ht. & P.
Oo. was acquired in Jan. 1915. See “ Elec. R y. Section” for Jan. 1915.
Owns and operates the city street railway system of Columbus and sub
urban lines to Marble Cliff and Westerville, and the commercial electric light
»nd power systems of the city and vicinity. Franchises 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 universal transfers.
Two of 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 of fares ranging
from 2 34 to 6c. per zone. (In July 1919 fares were increased from 534 to 6c.
per zone. V. 109, p. 270.) The company is to be allowed to earn 6% on
its then existing investment (fixed at $350,000), and 8% on future capital
invested. The public may purchase the Westerville line at an increase of
10% over the actual value at time of purchase
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., of the company’s funds and
asking for an accounting. V. 112, p. 256. See also V. 113, p. 1573. On
Jan. 2l 1922 Judge E. B. Kinkead in the Court of 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.
The judgment was upheld in the Appellate Court at Columbus, O., In April
1923.
Valuation.— On Mar. 18 1918 the co. submitted the results of its appraisal
ordered in June 1915 In connection with light and power rates) to the
Ohio P. U. Comm., placing a valuation of $7,105,809 on the properties
used in electrical operation (except in railway and district heating). V.
106, p. 1344. In M ay 1918 the engineers of the Ohio P. U. Comm, placed
» reproductive value of only $6,240,046 and a present value of $5,725,963
upon the same property. V. l66, p. 2345. The physical property o f the
to. (exclusive of allowance for going value, franchises and other intangible
values) has been appraised at $20,158,680. V. 107. p. 1287.
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 of the
company's franchise; (2) 10-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 Oo. In March 1922 the company acquired
6 miles of track from the Columbus Delaware & Marion Elec. Co. V. 114,
p. 519, 1062.
The stockholders on Feb. 21 1922 voted to amend the articles o f 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
$6,041,230
See text
Jommon, $6,080.000_______
’A " pref, $2.112.500............. : : : :
2.027,293 Apr 23, 134
B " pref. $5.038,700_______ -----5%
5,023,745 M a y '23,134
Prior preference $1,913,8004%
ist ref & ext sink fd M $25,- f 1915
5 g A-O
47682,000 Oct T * 1940
000,000 g ($1,000)__ c*tf jln t. at E. W. Clark & C o., Phila., or office of
co. at Columbus. Girard Trust Go..
Phila., Trustee.
R e fM ser 6s due 1941 ($500&1 1921
6 g J-D
5,000,000 Dec 1 1941
$1,000 c* & $1,000 r*) g-tf/H arris Trust & Sav. Bank, Chicago, trustee.
Ool St Ry 1st, $3.000,000,f 1892
5 g J-J
3.000.000 July 1 1932
gold ($1,000)______ c * -n t fj Int.atco.'s office& E .W . Clark & Oo., Phila.
(Columbla-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 (Columbla-Knick. Trust Oo., N. Y ., Trustee.
Ool Ry 1st consol mtge, $7,-[ 1899
4 Q-J
3.132,000 Oct 1 1939
000,000 ($1,000), g. c ’ -n tf/ Interest at Union Savings Bank & Trust Co.
Bonds are redeemable since| of Cincinnati, Trustee, at E. W . Clark &
Oct 11914 at 105 and int.t 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
int. 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 $6,000,000 1st & ref. ext. 5s due 1940. Additional ref. mtge. 6s may be
issued to refund the $4,682,000 1st ref. & ext. bonds outstanding in the
hands of the public and to reiumburse 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 Pennsvlvania. 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 . Clark & Co., Philadelphia. Columbus Ry.
Co. mtge. has been clos.ed. $3,428,000 bonds were issued thereunder, of
which $283,000 were canceled. Are callable at 105 and int. on any int. date.
A pril, 1923.]
ELECTRIC RAILWAYS
33
Dividends.— An initial div. o f 1 H % was paid on the Series “ A ” pref.
i
EARNING S.— For years ending Dec. 31:
stock April 1 1914; same rate quar. to and mcl. April 1918; none to July- Cal. Year—
Gross.
Net.
Oth.Inc. Int.&Tax. Rentals. Bal.,Def.
1922, when cash divs. were resumed and back divs. paid up in Series “ A ” 1921 x---------- $1,243,363
$117,386 $1,004 $122,383
______
$3,993
pref. stock. V. 114, p. 1406. On Series “ B” initial div. o f 1 ^ % paid in 1920
5,019,989
918,244 13,076 769,957 808.307 646.943
M ay 1914 and same rate quar. since to and incl. Feb. 1918. None to M ay
xEarnings for 1921 are for receivers' period and cover only owned lines.
1922, when cash divs. were resumed and back divs. paid up in Series “ B ”
EQUIPM ENT.— 37 passenger cars, 2 trailers, 17 freight and express,
pref. stock. V. 114, p. 1406. On common initial div. o f 1H % was paid 8 work cars, 1 sweeper, 4 miscellaneous cars.
in M ay 1914 and same rate quar. to and incl. N ov. 1917. Feb. 1918 div.
OFFICERS.— Pres., John E. Zimmerman; V .-P ., C. M . Cable; Sec. &
passed (V. 106. p. 498). None to Jan. 1923, when a special div. o f 2}4%
Treas., C. E. Baker; Asst. Sec. & Asst. Treas., F. A. Healy. General
was paid. V. 116. p. 175.
offices, Interurban Bldg., Lima, O.— V. 109, p. 776, 982; V. 110, p. 1643,
REPO RT.— For years ending Dec. 31:
•1849, 2193, 2292; V. I l l , p. 693, 1084, 1472, 2325, 2424; V. 112, p. 258.
Years end. Dec. 31—
1922.
1921.
1920.
1919.
373, 470.
1025. 2749: V. 113.
Revenue passengers____ 68,495,083 68,921,646 75,112,652 71,962.308 p. 198; V. 563. 653,437, 869, 1942, 2047.p. 62. 629, 850, 1054, 1157; V. 114,
115, p.
2686.
Transfer passengers____ 17,093,730 16.524,837 16,647,663 15.481,522
(1) Colum bus Interurban Term inal C o.
Total passengers_____ 85,588,813 85,446,4s3 91.760,315 87,443.830
Entire stock owned by Ohio Elec. R y., which guar, bonds.
Kilowatt hours sold____ 114,664,813 97,231.398 101,434 834 74,839,725
ORGANIZATION.— Incorp. in Ohio on May 24 1910. Owns and
Number of customers_
_
38,807
32,878 operates since Jan. 1 1912 passenger and freight terminal stations in Columb.
44.273
50,346
Revenues—
$
$
S
$
Committee for 1st Mtge. 5s.— Gen. Chauncey B. Baker, Edwin Buchanan
2,481.529
R ailw ay_______________ 3,611,590
3,523,768
3,581,555
2.516.442 and Howard C. Park. V . 113, p. 531.
Power, light and heat_
_ 3,880.440
3,386,611
3,200.608
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Non-operating_________
7.312
3,744
4,136
8,875
3tock $10,000 ($100)............ ................................
$1,000 __________
433.000 June 1 1935
Total gross._________
5.002.107 First mtge $1,000,000 gold) 1910 5 g J-D
7,499,343
6,977,041
6,728,120
($500) guar p & i _____c* tf/In t. at Git. Tr. S Sav. Bk.. Columbus, Trust.
c
Oper. expenses & taxes.. 4,497,289
4,672,292
3.299,457
4.366.757
Bonds.— Remaining bonds reserved for acquisition of additional real
Gross income________ 3.002.054
1,702,649 estate, additions, impts., &c. Not subject to call.
2.610.284
2,055.828
Int. on funded debt____
693,288
818,554
738,719
713,288
OFFICERS.— Pres., W. Findlay Dorms; V .-P ., C. W. Randolph; Sec. &
Int. on unfunded d e b t..
4,868
12.342
3,187
4.375
Other deductions______
130,162
81,616 Treas., C. E. Baker.— V. 93, p. 1532, 1599; V. 113 p. 531.
77,627
72,894
Sinking fund__________
245.846
(2) Lima Electric Railway & L ig h t.— A trolley road.
Pref. divs. (m stock)____ xl .227,996
The Ohio Electric R y., which acquired these properties Dec. 31 1909, was
Pref. divs. (in cash)____
y279,242
sold at public auction Aug. 15 1922 and the following disposition was made
Common dividends_____
of its Lima holdings:
Depreciation__________
480,000
972,000
528.000
528,000
(а) The street car system was transferred to the newly organized (Aug.
1922) Lima City Street Ry. Co. (V. 115, p. 2046; V. 116, p. 176).
B al.,surp. for y e a r ... def631,554
1.209,029
738,459
442,887
(б) The interurban line from Lima to Toledo is to be taken over by a
x Includes $392,376 paid in 6% Series “ A ” pref. stock and $835,620 in
the Lima-Toledo RR. (V. 115, p. 2046; V. 116, P- 1049).
5% Series “ B ” pref. stock on account o f accumulations on these stocks new corn, to be called electric light plants were sold to the Ohio Power C o.,
(c) The power and
(V. 114, p. 853, 1406). y Includes 1591,227 paid in cash on the 6% Series which assumes $1,250,000 underlying bonds and $200,000 in prior liens.
“ A” pref. stock and $188,015 on the 5% Series “ B ” pref. stock.
For further details see under caption “ Ohio Electric R y ,” V. 115, p.
ROAD, &C.— 149.34 miles single track, including 20.31 miles operated 2047, 2686.
under contract. 243 passenger, 2 freight and 53 other cars. 4 steam-elec
ORGANIZATION.— The company i a consolidation completed Aug. 1
tric power stations with 75,450 k. w. capacity.
i900
the Lima
Nov.
the Lima Electric
OFFICERS.— Pres., Chas. L. Kurtz; V .-P., Wm. A. Gill; V.-P. & Treas.. Light of Power Co. Ry. (Incorporated 1 1905 5 1896) and & Toledo Traction,
&
Was leased July
to the Lima
Norman M cD . Crawford; Sec. & Aud., P. V. Burington; Asst. Sec, & Asst
which lease was assigned to Ohio Electric Ry. Aug. 31 1907.
Aud., Herbert M . Burington; Gen. M gr., O. O. Slater.— V. 112, p. 2413;
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
V. 113, p. 182, 1573, 1771, 2613, 2719; V. 114, p. 78, 409, 519, 853, 1062,
$5,000 ............... __
Stock. $5,000 ($ 1 0 0 )..........................................
1178, 1406; V. 115, p. 988, 1837; V. 116, p. 175, 613, 1531, 1759.
2dc n.(now lst)m tg.$850,000,/ 1902
5 g A-O
350,000 Apr 1 1925
gold ($1,000)________ c*tf)In t. at Fidelity Trust C o., Buffalo. Trustee.
OHIO ELECTRIC RA ILW A Y CO.
Lima Elec Ry S Light, ref/ 1905
c
5 g M-S
900,000 Sept 1 1925
Receivership.— On Jan. 25 1921 B. J. Jones, o f Columbus, former Gen
mortgage. $1,250,000. g .t flln t . at Girard Tr. C o.. Phila.. Pa.. Trustee
Mgr., was appointed receiver for the company by Federal Judge Killits
Bonds.— The bonds of 1902 are a lien on the electric-light and heating
V. 112, p. 470.
plant, as well as on the railway. Cannot be called before maturity. $350,Settlement of Small Claims, &c.— See V. 114, p. 198.
Leases Abrogated.— On Aug. 5 1921 Judge Killits, in the Federal Court at 000 refunding bonds are reserved to retire prior liens.
Toledo, issued an order abrogating the leases o f (a) Indiana Columbus &
ROAD.— Owns 10.91 miles of track, also a steam-heating plant (franchise
Eastern Trac. C o.; (6) Columbus Newark & Zanesville Electric R y.; and perpetual, operated In connection with the electric-lighting plant). Con
(c) Fort Wayne Van Wert & Lima Trac. Co.; and absolving the company1of tract ordinance for city lighting expires April 1919.
all liens, demands and claims for rentals by the sub. cos. These companies
OFFICERS.— Pres., C. W. Randolph; Sec. & Treas., O. E. Baker; Asst.
have since been separately operated. V. 113, p. 850. Compare V. 112. Sec. & Asst. Treas., F. A . Healy.— V. 81, p. 155, 1100.
p. 2749; V. 113, p. 629.
Foreclosure Proceedings.— On June 24 1921 the Fidelity Trust C o., Phila..
INDIANA COLUMBUS & EASTERN T RACTION CO.— A trolley
filed a petition in the Federal Court at Toledo, requesting the sale of practi road.
cally all the lines and equipment o f the company to satisfy alleged obligations
Was leased to the Ohio Electric R y. Aug. 31 1907. and that company
on $5,000,000 o f mortgage bonds on which interest has been defaulted. guaranteed interest on bonds and 5% divs. on pref. stock (the dividend due
V. 113, p. 72.
Dec. 31 1915 and subsequent unpaid), but on Aug. 5 1921 lease was abro
Sale.— The company, including the holdings in Lima, O-, was sold at gated and property has since been operated separately. See V. 113, p.
public auction Aug. 15 1922 for $2,000,000 to Thomas Newhall, Philadel 848, for details.
Receivership.— In Jan. 1921 J. Harvey McClure was appointed receiver
phia, representing the bondholders. The holdings include the street car
system in Lima, the power and electric light plants o f that city and the for the company.
Sale of Lima-Defiance Branch.— The Lima-Defiance branch was sold on
interurban line operating between Toledo and Lima. V. 115, p. 869, 1942.
Jan. 31 1923 to C. G. Taylor, Norwalk. O., at the upset price of $125,000.
The street car system m Lima was transferred to the Lima City Street Ry. Co.
incorp. in Ohio in Aug. 1922. The capitalization of the new street railway The Lima & Defiance Ry. has been formed to take over the line and pro
co. will consist of $350,000 bonds and $380,000 stock. The interurban line poses to issue $175,000 1st Mtge. bonds and $75,000 pref. stock. George
from Lima to Toledo is to be taken over by the Lima-ToLdo RR. Co. The Bayly has been elected Pres, of the new co. V. 116, p. 934, 1411, 1760.
power and electric light plants in Lima were sold to the Ohio Power Co.,
ORGANIZATION.— Incorporated in Ohio on April 14 1906 and has ac
which paid $250,000 cash for the property and which in addition is to as quired the Dayton Springfield & Urbana Elec. R y., the Columbus London
sume $1,250,000 bonds and $200,000 in prior liens. For further details & Springfield R y.. the Columbus Grove City & Southwestern R y., the
see V. 115, p. 2047, 2686.
Urbana Beilefontaine & Northern R y., the Springfield & Western R y., the
c
O RGAN IZATION .— Incorp. M ay 16 1907 In Ohio. On Aug. 31 1907 Dayton & Northern Traction Co. and about 12 miles of the Dayton S
purchased the Lima & Toledo Traction C o., which owned the line from Lima Muncie Traction C o., extending from Greenville to Union City on the
c
to Toledo, and on Dec. 31 1909 purchased the Lima Elec. Ry. & Lt. Co., Indlana-Ohio State line. Hap also acquired the Columbus S Lake Michigan
which operates in the city o f Lima. On Aug. 31 1907 leased the Ft. Wayne RR ., a steam road operating between Lima and Defiance, which has been
converted into electricity. Entire common stock owned by Ohio Elec. Ry.
Van Wert & Lima Trac., with a line from Lima. O., to Ft. Wayne, Ind
Leased the Columbus Newark & Zanesville Elec. Ry., which company
A new lease was made in 1916, but was abrogated by order of Federal Court
on Aug. 5 1921. Also acquired by lease the Indiana Columbus & Eastern had previously absorbed the Columbus Buckeye Lake & Newark Traction
Traction (terminated Aug. 5 1921), which company assigned to it the leases Co. and the Zanesville R y.. Light & Power Co., but this lease was assigned
of Col. Newark & Zanesville Elec. Ry. (terminated Aug. 5 1921) and Dayton to the Ohio Elec. Ry. Aug. 31 1907, and was abrogated by order of Federal
& Western Trac. The last named was terminated in April 1920. V. 110. Court in Aug. 1921. V. 113, p. 848.
The general and refunding mortgage bonds were listed on the Phila
p. 2193. On Feb. 1 1908 purchased the Cine. Northern Trac. (subse
quently dissolved) and acquired from that company its lease of Cine. Day, delphia Stock Exchange in February 1907. V. 84. p. 339. See description
& Tol. Trac. (sold under foreclosure June 30 1917), now under control of bonds, property. &c., in V. 83, p. 37.
Favorable Tar Decision.— See remarks under otncinnatl Street Ry.
of and operated by Cincinnati & Dayton Trac. Co. (which see).
Interest in Default.— Interest due Nov. 1 1919 and subsequent interest
Including city lines in Zanesville, Newark, Lima and other points, operat
ing mileage is 82.91 miles extending from Zanesville on the east via Newark on the company’s gen. & ref. mtge. 5s is in default.
Int. being in default on the Dayton Springfield & Urbana E. Ry. 1st
to Columbus (including line from Columbus to Orient and Buckeye Lake
Mtge. 5s, tlie following protective committee was formed and has called for
and Newark to Granville branches), thence through Springfield to Dayton
where connection is made with the Cincinnati S Dayton Trac. Co., and deposits. (Coupons due Nov. 1 1921 were paid Oct. 1 1922 V. 115.
c
from Dayton to Union City, where connection is made with Union Traction p. 1532. M ay 1 1922 coupons were paid with int. in Jan. 1923. V.
Co. o f Indiana for Muncie, Anderson and Indianapolis, Ind., extending 116. p. 515.
Committee for Dayton Spring. & Urb. 1st Mtge. 5s.— Chairman, Valentine
north from Springfield through Urbana and Beilefontaine to Lima, and
from Lima to Defiance; to Toledo, O., and Ft. Wayne, Ind. Electric light Winters; Wm. R. Craven. Chas. W. Slagle. Richard S. Wilcock, John O.
and power business is conducted in cities of Zanesville and Lima, and steam Haswell and Costello C. Converse. Depositary; New York Trust C o.,
heating plant in Lima.
N. Y . V. 113. p. 2720
Committee for Ind. Col. & East. Gen. & Ref. Mtge. 5s.— Chairman. C. S. W .
Interest in Default.— No int. has been paid on the 1st & ref. 5s since July
1 1915. No int. has been paid on the 2d. & gen mtge. 5s since Dec. 1 1918. Packard; Wm. P. Gest, Sidney F. Tyler, Chas. 8. Potton, R. B. Young.
Depositary, Penna. Co. for Ins. on Lives & Gr. Annuities, Phila., Pa.
Sale of Collateral by Syndicate.— See V. 112, p. 258, 653, 1025.
Operating Managers.— In April 1920, Day & Zimmerman, Phila., took Deposit agreement amended. See V. 114, p. 1407.
The $500,000 Col. Lon. & Spg. 1st M . 5s. due Oct. 1 1920, had not yet
over the management of the road in the interest (lt is said), of Drexel &
C o., Phila., and the bondholders’ protective committee. Rather than been taken up as of Apr. 1 1923- Int. now accrues on this issue at 6% .
foreclose the mtges. on which int. is in default (see above), the bankers
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
entered the active management of the company, through Day & Zimmer Oommon. $3,025,000 ($100)_______ ________
*3,025.000 ...................
man, in complete understanding with Pres. W . Kesley Schoepf, and the Preferred. $1,000,000 ($100)_______
5%
1.000.000 See text.
Interests which he represents. V. 110, p. 1643.
Gen and ref mtge (see text)) 1906 5 g M -N
6.650.000 May 1 1926
gold ($1.000)________ c * tf/ln t. at Pa.Co.for Ins.on L.&G A.,Phlla.,Tru8.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Ool Lon S Spg 1st mtge. $1.-1 1900 5 g A-O
c
500,000 Oct 1 1920
$8,000,000 __________
Common, $8,000,000 ($100).................................
500,000. gold($l,000)c*ntf f Int at N. Y . Trust C o., New York, Trustee.
Preferred, $6,000,000 5% non)
Day Spg S Urb 1st mtge.) 1898 5 g M -N
c
750.000 Nov 1 1928
cum ($ 1 0 0 )______________I ------- ------------3,000,000 See text.
$750,000, gold ($1.000)ntf/Interest at N .Y . Trust C o.. N. Y .. Trustee.
1st & ref. mtge. $15,000.0001 1910 5 g J-J
4,200.000 Jan 1 1930
gold ($1,000)________ c * tf/ln t. at Fidelity Trust C o., Phila., Trustee.
Bonds.— The gen. and ref. mtge. was originally for $12,000,000 but auth.
2nd & gen mtge $5,000,000,1 1913 5 g J-D
2,927,200 June 1 194 s amount has been reduced to $1(1,000,000. Of the remaining bonds $250.g ($100) ($500) ($1,000)- t f / Int. at Fidelity Trust C o.. Phila.. Trustee.
000 are treas. bonds deposited with trustee and are available for extens. S
c
Equip notes Series’ ’D ” $100.-/ 1914
5 g M-S
10,000 See text.
impts. when net earns, are equal to 114 times int. charges on bonds out
000 gold ($1.000)______ tflln t. at Fidelity Trust C o.. Phila.. Trustee.
and to be issued; $1,250,000 are held to retire the underlying liens given
Equip notes “ E " $130,000/ 1917 6 g J-J
7.5,000 See text.
In table above. The remaining $2,100,000 are reserved for future better
($1,000) g--------------- c * t f( Int. at Fidelity Trust C o.. Phila., Trustee.
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
Stock.— Preferred is red. at 105 on 30 days' notice.
Bonds.— $3,250,000 1st & ref. bonds are reserved to retire prior liens Including those to be Issued, and $1.000,000 when net Is equal to twice int.
($1,250,000 bonds of Lima El. R y. & Lt. Co. and $2,000,000 bonds of charges, incl. Int. on bonds to be Issued. These bonds are subject to call In
Ft. Wayne Van Wert S Lima Trac. Co.) and $7,550,000 for additions, whole, but not In part, at 105 and Int. The Columbus London & Springc
betterments, &c.
Entire issue Is subject to call on any interest day field bonds may be called at 110 and inti A sinking fund on these bondat 105 and interest on 56 days’ notice.
No sinking fund.
The of 5% of gross earnings began with year ending Sept 30 1906. See V 71,
2nd & gen. mtge. issue is subj. to call on any int. date for payment In cash p. 963. $240,000 In sink, fund Oct. 31 1922.
The Day. Springfield & Ur
or for substitution o f 1st & ref. mtge. bonds of 1910 exchangeable at par bana bonds are subj. to call at 110 and Int. A sink, fund of 5% of gross
on 8 weeks’ notice. Bonds to be delivered for purposes of impts., as ap earnings began In 1903. $229,000 In sinking fund Oct 31 1922.
ROAD.— Columbus to Orient, Columbus through Springfield to Dayproved by Public Service Commission of Ohio or other governmental
authority. No sinking fund. Mortgage covers all properties and leasehold ton, Dayton to Union City; Springfield to Lima, through Lima to Defiance,
estate, subject to underlying lien. Series “ D ” equip, notes mature $5,000 O.
Total miles of track (electric) owned, 25, .2: leased, 95.85; total, 353.05.
semi-annually beginning Sept. 1 1914. Series “ E ” equip, notes are divided standard gauge. 17 sub-stations. 129 cars.
OFFICERS.— Receiver, J. H. McClure; Pres., John B. Zimmerman
Into Series “ E 1” and Series “ E 2," amounting to $100,000 and $30,000,
respectively, the former having priority. They mature $5,000 s.-a. until V .-P., John S. Bleecker; Sec. and Treas., F. A. Healy. The road is now
Jan. 1 1928, when $15,000 is payable s.-a. to maturity. All issues of equip, operated by Day & Zimmerman.— V. 115, p. 988. 1100, 1532, 2477; V .
notes are guar., p. & i., by end. o f Ohio El. R y.
116, p. 76, 515, 934, 1411, 1760.
34
ELECTRIC RAILW AYS
COLUMBUS NEWARK & ZANESVILLE ELECTRIC R Y . CO.— A
trolley road.
Receivership Terminated.— la Oct. 1922 it was stated that the receivership
had been terminated and that the property was being operated for the
bondholders by Day & Zimnarman. Patrick A. Berry, Columbus, O.,
had been appointed receiver for the company on June 4 1921 on application
o f the Girard T rust C o., Phila. V. 112, p. 2536.
” OR G A N IZA TIO N .— Incorporated In Ohio on July 2 1902, and in April
1904 absorbed the Newark S Granville Street Ry. In June 1906 acquired
c
the Columbus Buckeye Lake & Newark Traction Co., the preferred shares
holders being given S500.000 In pref. stock for their holdings. Also took
over the Zanesv. Ry. Light & Power Co. and was then leased on June 2
'-*
1906 to the Indiana Colum. & East. Trac. Co. for length of franchise and
renewals thereof. This lease was assigned to the Ohio Electric Ry. in 1907
but was abrogated by order of the Federal Court on Aug. 5 1921 and
property has since been operated separately. Rental was interest on bonds,
an amount equal to 6% on the preferred stock (none paid subsequent to
Sept, l 1919) and $500 for organ.zation expenses. V. 83, p. 625. Private
right of way from Newark to Zanesville; franchises on other lines exp
1925 to 1928. Entire common stock is owned by the Indiana Columbus &
Eastern Traction Co.
favorable Tax Decision — See remarks under Cincinnati Street Ry.
Interest Payments.— The int. due N ov. 1 1919 on the co's. gen. & ref
mtge. was not paid until Feb. 1920. V. 110, p. 561. Compare V. 109
p. 1986; V. 110, p. 167. May l 1920 int. was paid when due. None paid
since. Int. due Nov. 1 1920 on the $1,243,000 C. B. L. & N. Trac. 1st Mtg
5s was not paid when due; V. i l l , p. 2010. In a notice sent to bondholders
in Mar. 1921 the committee for the C. B. L. & N. Trac. 1st 5s stated thai
default had occurred “ in connection with the int. on all o f the bonds cover
ing the various divisions of the C. N. & Z. Elec. R y.” V. 112. p. 1143
Committee for Zanesv. Ry., Lt. & Pow. ls( Consol. Mtge. 5s.— Chairman,
Arthur V. Morton; John O. Platt, Arthur E. Newbold Jr.; Sec., R. U.
Frey, 517 Chestnut St., Phila., Pa. Depositary, Philadelphia Trust Co.
Committee for C. B. L. & N. Trac. lsf 5s.— Chairman, Geo. K. Johnson,
W . P. Goodale, Robt. D. Kemp; Sec., L. VV. Steeble, 530 Walnut St..
Phila., Pa. Depositary, Phila. Trust C o., Phila., Pa. Deposits have
been called for; V. i l l , p. 2040; V. 112. p. 561. Up to Mar. 1921 $820,000
o f the bonds had been deposited. V. 112, p. 1143.
Committee fo ilsf Mtge. 5s.— Chairman, Livingston E. Jones Wm. A.
Law A. A .Montgomery ;Sec., J. M Johnston. Depositary, Girard Trust
Co ..Phila. ,Pa
Deposits have been called for. V. 111. p. 2139.
Committee for Gpt & Ref. Mtge. b's.— Chairman, R. M . Stinson; Alba
B . Johnson and Claude A. Simpler. Depositary: The Land Title S Trust
c
C o ., Phila., Pa. Deposits have been called for. V. 109. p. 1986; V
110, p. 16V. In June 1921 it was stated that over 84% ($1,026,000) of
this issue had been depo-ited
V. 112, p 2536.
Reorganization Plan.— The committees representing the Columbus Buck
eye Lake & Newark Traction Co. 1st mtge. 5s and the Columbus Newark
& Zanesville Electric Ry. 1st mtge. 5s and gen. mtge. 5s (see above) have
adopted a reorganization plan dated Dec. 30 1922 and will assign and trans
fer to the reorganization managers (Geo. K. Johnson, Livingston E. Jones
and Claude A. Sempler), and deliver to the general depositary, the Penn
sylvania Company for Insurances on Lives & Granting Annuities, Phila
delphia, the bonds now or hereafter deposited, of such holders as shall
assent to the plan.
Tne committee for the Zanesv. R y., Lt. & Pow. 1st
const, mtge. 5s (see above) has also approved the plan and entere into and
agreement with the reorganization managers. V. 116, p. 409.1
The plan provides that the property is to be bid in at foreclosure sale by
the reorganization managers and if the bid of the managers is accepted the
properties so acquired are to be transferred to the Columbus & Zanesvill
Power & Railway (a new co. to be inco.-p. in Ohio) and such other new cor
porations as the managers may determine. Owing to the detail of the plan
we are unable to give a complete summary of same in this Supplement, but
the following table will show the approximate basis of exchange of old for
new securities and a detailed resume of the whole plan will be found in
V. 116, p. 294.
___
_
__
__
Approximate Table of Exchange of Old for New Securities Compiled by Editor].
------------------ Will ReceiveExisting Securities Outstanding—
Mtge. Pds. Pref. Stock. Com. Slock
Buckeye 5s, $1,243,000____________
$310,750 $1,180,850
$310,750
950
x Each $1,000 paying $252 50____
250
250
600
y Each $1,000 paying $20________
1.187,500
First mortgage 5s, $1,250,000_______
312,500
312,500
x Each $1,000 paying $252 50-----950
250
250
600
y Each $1,000 paying $20________
605,500
General mortgage 5s, $1.211,000____
302,750
302,750
x Each $1,000 paying $252 50-----500
250
250
100
y Each $1,000 paying $20-----------125,000
125,000
125.000
Preferred stock, $500,000__________
25
z Each $100 paying $25 25----------25
25
x Each subscriber paying 2% assessment and subscribing to new bonds
at 93 for each $1,000 bond will pay $252 50 and receive securities as stated,
y Each $1,000 bond paying 2 % assessment but not subscribing for new bonds
will only receive com. stock, z Each pref. stockholder who pays $2 per
share for right to subscribe to new bonds at 93 for each $100 of stock will
pay $25 25 and receive securities as stated.
Non-Assenting Bondholders, Stockholders and Creditors.—N o provision is
made in the plan for any holder o f any o f the above bonds who does not
deposit under the respective deposit agreements, and assent to the plan and
pay his assessment: nor is any provision made for any com. or pref. stock
holder of Columbus Buckeye Lake & Newark Traction Co. or Columbus
Newark & Zanesville Electric R y., except such pref. stockholders of the
latter co. as may purchase the right to subscribe to the securities of the new
Co. The plan contemplates the payment of the general creditors of the
Columbus Newark & Zanesville Electric R y. Co. in full. Complete outline
o f plan in V. 116, p. 294, 409, 933.
Outstanding. Maturity
STOCK AND BONDS—
Date. Interest
ommon. $1,525,000 ( S l 0 0 ) - _ ------ -----------$1,525,000 ...................
Pf. 6% cum. $500,000 ($100)........... 6 Q-J
506.600 See text.
1st mtge, $2,000,000, goldl 1904 5 g M-S
1,250,000 Mch 1 1924
($ 1,00 0)____________ c * tf/In t at Columbia Tr. C o.. N. Y ., trustee.
Gen & ref mtge. gold. $6,-1 1906 5 g M-N
1,211.000 May 1 1926
250.000 ($1,000)___. . c ’ t f/ln t . at Girard Trust Co., Phila., Trustee
O B L & N 1st mtge. $1,500,-1 1901 5 g M-N
1.243,000 Nov 1 1921
000,gold ($1,000)___ c * tf/In t. at Columbia Tr. Co., N. Y ., trustee.
Zanesville Ry. Lt & Pow lst( 1902 5 g M-S
750.000 Mar 1 1924
cons mortgage. $1,000.0001 Int. at Cent. Tr. & S. D. C o., Cine., Trustee
($500. $1,000). gold. .c * tf l or Trust Co. of America, New York
Zanesv Elec 1st mtge. $300,-1 1899 7 g F-A
250.000 Feb 1 1924
000. gold, subject to callj Interest at International Trust C o.. Boston.
after 1903. $1,000 eachcntf l Trustee.
Bonds.— Of the $6,250,000 gen. & ref. bonds, $3,493,000 are reserved to
retire prior lieas and $1,546,000 for betterments and extensions. They are
■ubject to call after 5 years at 105 and int. Under terms of this m tge., none
o f the $750,000 1st mtge. bonds unissued can now be issued. The entire
Issue of Col. New. & Zanesv. 1st 5s can be called at 110 and int. on any int
date. V. 80, p. 1234. The Col. Buck. L. & New. bonds are subject to
call on any int. date at 110 and Int. on 3 months’ notice. Zanesville Ry.,
Lt. & Power bonds fell due Oct. 1 1912 but were extended to Mar. 1 1924
$250,000 reserved to retire underlying bonds. The Zanesv. Elec. 1st 7s
were originally 4s and fell due Feb. 1 1919, but were extended to Feb. 1
1924 at 7% . V. 108. p. 1165.
Income Account.—-For cai. year 1922: Gross, $1,178,588; net, $116,815
other income, $6,476: taxes, $45,231; bal., $78,060.
i«s»ROAD.— Operates 95.85 miles of track from Columbus to Zanesville,
including the city lines in Zanesville and Newark and a branch to Buckeye
Lake. Operates lighting and power plants in Zanesville. Standard gauge
60 and 70-lb. T rail and 90-lb. girder. Also owns amusement park on
Buckeye Lake. Owns and operates its Hebron power plant.
6 sub
stations. 70 cars.
OFFICERS.— Pres., Chas. Day; V .-P ., John S. Bleecker; Sec. and Treas.,
F. A. Healy. V. 112, p. 561, 1143, 2536; V. 113, p. 627; V. 115, p. 1837;
V. 116, p. 294, 409, 933, 1411.
FORT WAYNE VAN W ERT & LIMA TRACTION CO.— A trolley
road.
Receivership.— In Jan. 1921 Henry C. Paul was appointed ancillary re
ceiver for the company.
ORGAN IZATION .— On Mar. 1 1906 was leased, until expiration of fran
chises and renewals thereof, to Lima & Toledo Traction C o., which guaran
teed the Interest. V. 82, p. 691. Lease was assigned to Ohio Electric R y .
Aug. 31 1907. In 1916 a ne.v lease was entered into (see “ Electric R y .”
Supp. o f April 30 1921 for details), but on Aug. 5 1921 lease was abrogated
[V ol. 116.
by order of Federal Court and property has since been operated separately.
V. 113, p. 848. The Ohio Elec. Ry. Co. owns all the common stock.
Incorporated in Indiana and Ohio. Road is entirely on private right-ofway except in towns, where it has 25 or 50-year franchises.
favorable Tax Decision.— See remarks u n ijr Cincinnati Street R y.
Interest in Default.— The co. having failed to pay the Int. due Jan. 1
1920 on its 1st M. 5s (subsequent int. also in default), the following com
mittee was formed and has called for deposits:
Committee for Isi M . 5s.— Chairman, J. C. Neff; George K. Johnson,
George deB. Greene, Thomas J. Walsh, A. C. Robinson, T . H. Atherton,
Secretary, 325 Chestnut St., Phila
Depositaries: Fidelity Trust C o.,
Phila., and Peoples Savs. & Trust C o.. Pittsburgh, Pa.
Fare Increase.— Effective June ] 1921 passenger fares on the co.‘s lines
between Lima, O., and Fort Wayne, Ind., were raised 10%. V. 112,
p. 2190.
STOCK AND BONDS— Date.
Interest. Outstanding. M aturity,
Jommon, $500,000 ($ 1 0 0 )________
_______
$500,000 ___________
Pref. $500,000, 5% n-c ($ 1 0 0 )....................... ..
500.000 ............. —
*trst mtge. $2,000,000. g oldf 1905
5 g J-J
1.470,000 July 1 1930
guaranteed ($1.000)___ c ’ llnt. at Fidelity Trust C o.. Phila.. Trustee.
Bonds.— ,)f the $2,000,000 bonds, $530 000 are reserved for extensions
and improvements, V. 82, p. 691. Are not subject to call
EARNINGS.— For cal. year 1921: gross. $373,695; net, after taxes.
$10,708. In 1920, gross, $397,090; net, after taxes, $20,136.
ROAD.—61.63 miles of electric track from Ft. Wayne via New Haven,
vlonroevilie. Van Wert, Mtddlepoint, Detphos and Eltda to Lima. Comnanced complete operation Nov. 15 1905. Connects at Ft Wayne with
the Indiana Service Corp and at Lima with the Ohio Elec. R y.. and
forms part, of through line from Ft. Wayne to Toledo, Dayton and Columbus
Standard gauge. 70-lb. T rails.
OFFICERS.— Pres.. Frank H. Cutshall; Sec. & Treas., Harry E ,
Vordermark; Asst. Sec. & Asst. Treas., F. A. Healy.— V. 110. p. 164.
V. 112. p. 469. 2190; V. 113, p. 848.
CINCINNATI & DAYTON TR AC TIO N CO.
Receivership.— In Dec. 1920 Geo. P. Sohngeu was appointed receiver for
the company by Judge Clarence Murphy. V. H I , p. 2423. For rulings
of court as to rights under various liens see below under “ Foreclosure
Proceedings.”
Organization.— Incorp. April 26 1918 with $1,250,000 auth. capital stock,
as successor to the Cincinnati Dayton & Toledo Traction C o., whose
properties were sold at foreclosure on June 30 1917 to the committee for the
$2.700.000 C. D. & T. 1st cons. 5s for $400,000. subject to $2,300,000
underlying mortgages
Holders of about $250,000 undeposited bonds will
receive abou 1$148 for each $1,000 bond in settlement.
Has been auth. to issue $4,500,000 20-year 5% bonds to cover present
*nd future needs and provide for retirement of underlying bonds. V. 106.
p. 2122. Compare V. 106, p. 1461. None issued up to Oct. 1 1921.
Committee for C. D. & T. 1st Cons. 5s.— Leo J. Van Latar, James M .
Hutton. Claude Ashbrook. Edgar Frledlander and Otto Armleder. De
positary . Provident Sav. Bank & Trust C o .. Cincinnati. For statement by
committee, see V. 102, p. 436.. See also V. 102, p. 800.
Committee for Cine. & Ham. Elec. ls( 6s.— W. S. Hayden and E. V. Hale*
with Gardner Abbott. 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 of the unpaid coupons.
Committee for S. O. T. Co. Isi Cons. 5s.— Chairman, R. M . Stinson
Livingston E. Jones, G. M . Cummings, and Edward E. Newman, Sec.
Depositaries: Cleveland Trust Co. and Girard Trust Co. The M ay 1
1919 interest had not been paid to Nov. 1 1919. at which time the period
of 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 of foreclosure. For details see V. 109 p 1986.
Foreclosure Proceedings.— The Cine. & Ham. Elec. 1st mtge. 6s being in
default of prin. and int. from July 1 1918, the trustee has brought suit In
foreclosure jointly with the trustee of the overlapping mtge. securing the
Southern Ohio Trac. 1st cons. 5s upon which the May 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
tine 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 Dy mortgage. This leaves the co in complete possession
of 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 of the Court regarding liens, &c., see V. I l l , p. 2423. In
May 1921. however, the Court of 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 CourtSee also V. 113, p. 2078. For statement regarding final decree see V. 113.
p. 2613.
Defaults.— As of Oct. 1 1921 the company was in default of principal and
interest on the Southern Ohio Trac. 1st cons. 5s. the Cine X Hamilton
r
Elec. 1st 6s and the Dayton Trac. C o. 1st 5s. Regarding the $250,000 5%
bonds of 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. Co. bonds are 2d mtge.
and Cin. & Dayton Trac. Co. are 3d mtge. The entire matter now tied up
in court, nothing can be done until court hands down decision.” V. 115,
p. 307.
Wages Reduced.— V. 112. p . 2642; V. 113. p . 70.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $1,250.000___________ _____
______ _ $1,250,000 ___________
1st & Ref. Cons. M tge...........19185%
(7)
1938
Underlying Issues—
Southern Ohio Trac 1st consf 1900
5 g M -N
1.350.000 M ay 1 1920
$2,000,000 ($1,000). goldc*-! Int. at Cleveland Trust C o.. Trustee, or at
I Standard Trust C o., New York.
Oin & 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, at CIt. Sav. & Tr. C o., Oleve., Trustee.
Dayton Traction 1st M , gj 1896
5 g J-J
250,000 May 1 1920
($1,000), int guar______ c*\Int at Finance Co of Penn., Phila., Trustee.
Ham & Lindenwald El Tran) 1901
5 g J-D
250,000 July 1 1922
1st M s f $250,000, g ($1,-VInterest at Cleveland Trust C o., Trustee.
000). int guar_________ c*j
Bonds.—-None of the underlying issues is subject to call.
Of tne $2,000,000 South. Ohio Traction bonds. $650,000 are reserved to
retire Gin. & 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 1921) been paid. The Cin. & Ham. Elec. 1st 6s due July 1 1918
had not been paid up to Oct. 1 1921 (see above.)
The Ham. & Lind. Elec. Tran, bonds originally fell due Dec. 1 1911, but
irrangements were made at that time to extend them to July 1 1922. V. 93,
p, 1386, 1387. Not paid at maturity. (Kee above.) Annual sinking fund
of 5% on Ham. & Lind, bonds began Dec. 1 1906, increasing 1% each
year up to 1911. $60,000 in sinking fund Oct. 1 1921.
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., Claude
\shhrook; Treas., Lea .T Van Lahr; Gen. M gr., M . Ackerman; Aud.. L. P .
.
L ongon— V . 112, p. 1977, 2642; V. 113, p. 70, 2078, 2613; V. 115, p. 307.
(THE) COLUMBUS DELAWARE & MARION ELECTRIC CO.
O R G A N IZA TIO N .— Incorp. in Ohio June 12 1917 to take over the
properties of the Columbus Delaware & Marion Ry., sold under foreclosure
on June 11 1917, subject to underlying mortgages aggregating $1,533,000
(whicb. however, were not assumed by the O. D. & M . Elec. C o., the rights
of such bondholders being neither enlarged nor diminished). All of these
bonds have since been paid or the mortgages satisfied. Owns and operates
the central station electric light and power business in Marion and supplies
several villages with electrical energy, the street railways in Marion and
Delaware, and the interurban railroad between Columbus, Delaware and
Marion. Also furnishes electricity to the villages of Prospect, W aldo,
A pril, 1923.]
ELECTRIC RAILW AYS
Powell, Radnor, Greencamp, Caledonia, Meeker, Stratford, Essex and
Rich wood. Over 76% o f the interurban track is on pr vate right-of-way.
Has entrance to centre o f Columbus over tracks o f the Col. R y., P. & L.
C o., 4.09 mdes.
Franchises contain no burdensome restrictions.
In Mar. 1922 sold to the Columbus Ry. Pow. & I.t. Co. 6 miles of track.
V. 114, p. 519. 1062.
In Sept. 1922 the co. issued $1,374,000 1st & ref. mtge. stamped 6%
bonds, a portion o f which was used to retire an issue o f gen. & consol, series
" A ” 8% bonds dated Feb. 1 1921 (called for payment Aug. 1 1922 at
104^ and int.) V. 115, p. 307, 1531, 1729. Compare V. 115, p. 72.
STOCK AMD BONDS—
Date.
Interest. Outstanding. Maturity
Common *3.000.000 ($ 1 0 0 )-.______
_________ $1,200,000 ............. .......
Pref 7% cum $3,000,000 ($ 100)_____ 7Q-J
1*98.100 ....................
First & Refunding Mortgagei 1917
5%
1.819.000 July 1 193"
Stamped to bear 6 % ______ S 1917
*
6%
1,550,000 July 11937
$7,500 000 ($ 1 ,0 0 0 )_____cjCleveland Trust C o ., Trustee
Ool Nor Ry Pow & Equip. lst\ 1904 5 g M-S
203.000 Sept 1 1934
M (closed) gold ($1.000) . . c l Int. at Guaranty Trust C o., N. Y ., trustee
Marion Ry. L & P 1st mtge/ 1904 5 g J-J
30.000 July 1 1924
$300,000 gold ($l,000)-_c*U nt. at Guaranty Trust C o., N. Y., trustee
Pref. stock is non-taxable In Ouio. N. Y ., N. H. and Conn. Red. all or
part, at $115 and divs
Additional pref. stock cannot be issued without
ahe consent o f the majority of the pref. stock, unless the net earnings availnbie for divs. thereon are double the requirements on the pref. stock issued
as%proposed
No stock having priority can be auth. except with consent
o f 75% of pref. stock
Bonds.— $1,819.000 1st & ref. mtge. bonds bear 5% int., while $1,5.50,000
are stamped to bear 6% .
The additional int. o f 1% per annum is to be
secured by any gen. mtge. which the co. may execute in the future. V. 115,
p. 1531. $510,000 o f the first & ref. mtge. bonds are reserved to retire
underlying bonds. Additional bonds made be issued for 80% o f the actual
cost o f additional properties and permanent extensions, additions, improve
ments or betterments, but only under certain conditions
Sinking fund o
1% o f outstanding bonds annually began Jan. 1 1920. The 5% bonds are
red. at 102 and int. on any int. date upon 30 days’ notice. The 6% stamped
bonds are red. all or in part on any int. date on 30 days’ notice at 107 Y and
u
Int. on or before Jan. 1 1927 and thereafter at 100 plus a premium o f 5%
less 14 o f 1 % for each full year o f expired life after July 1 1927. V. 115, p.
1531. Int. is also payable at Bankers Trust C o., N . Y . City. Sink, fund
retires $5,000 Col. Nor. R y., Pow. & Equip. 1st 5s annually on Jan. 1.
EARN ING 8 Operating xOperating _ — Ann. require, for— Bai.forOep
Bd ,&c..Int. Pref Div. Com.Slk.,A<
Year ending— Revenue.
Income.
$246,894
$59,969
$23,924
$340,787
1922________ $1,081,896
195,569
72,391
27,789
1921--........... 1.069.422
295,749
x After taxes and depreciation.
ROAD, &c.— 59 miles of single track equivalent; 23 city and 12 interurban
passenger ca -s 4 freight and express cars, 11 freight box car trailers, 18 flat
dump and work cars, and 2 motor snow plows. Has a complete electric
distribution system in Marion and 3 steam power stations having an aggre
gate capacity o f 12,050 k. v. a.
OFFICERS.— Pres. & Gen. M gr.. A. F. Van Deinse; Sec.. Treas. &
Aud., C . O. Martindill.— V. 105. p. 715; V. 110. p. 2192: V. i l l . p. 791
1471: V. 112. p. 2747; V. 114, p. 519, 1062; V. 115, p. 72, 307, 1531. 1729.
COLUMBUS NEW ALBANY & JOHNSTOWN T R AC TIO N C O .- A
trolley road.
Control.— In Sept, 1921 the Columbus R y., Power & Lt. Co. acquired
control.
ORGAN IZATION .— Incorporated In Ohio on May 4 1899. In May
1905 canceled old mtge. for $200,000 and made the new mortgage in table
below. V. 80. p. 2399. Franchises are for 26 years.
On Feb. 15 1919 a decrease in capital stock from $600,000 to $575,000
was effected, the pref stock being reduced from $200,000 auth. and out
standing to $175,000 Compare V 108, p 784. In Sept 1920 the co filed
a notice decreasing its capital from $575,000 to $550,000. V. I l l , p. 1277.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common. $400,000 ($100).............. ..
.............
$400,000 ...................
Preferred. 6% cum. $ 1 7 5 .0 0 0 /..................... ..
175,000 ...................
First mtge. $450,000. gold/ 1905
5 g J-J
None. Jan 1 1925
($500 and 1.OO0). _n tflP rov. Sav. Bank S Tr. C o.. Cine.. Trustee
c
R E P O R T .— For year ending June 30 1919. gross, $105,664: net profits
$20,510; taxes and mlsc., $5,118; net gain from operation, $15,392.
R O A D .— Operates 8.8 miles of track from Columbus to Gahanna, Includ
tag perpetual lease of 2.7 miles of tracks of the Columbus Ry. as terminal
gauge. 5 ft. 2 in.; 65-lb. T rail.— V. 108, p. 784; V. l l l . p . 1277; V. 112, p.743
35
COOPERSTOWN, N. Y.
SOUTHERN NEW Y O R K POWER & RAILW AY C O R P O R A T IO N .
O RGAN IZATION .— Incorp. in New York in July 1909 as the Otsego S
c
Herkimer RR., succeeding the Oneonta & Mohawk Valley RR. (V. 89,
p. 411,i. Name changed to above In July 1916. In 1917 acquired control
of the Colliers Light, Heat & Power Co.. Deposit Electric C o., Hartwick
Power Co. and Southern New York Power Co.
In addition to operating an electric interurban railroad the co. serves
slectric lignt, heat and power in 24 cities and towns with a population In
axcess of 50.000. The railroad franchise is perpetual and others are per
petual or extend beyond the maturity of the bonds.
In May 1918 was auth. by the N. Y. P. S. Comm to execute a mtge.
co the Equitable Trust C o.. N. Y .t as trustee, to secure $5,000,000 6%
10-year 1st M. bonds and has issued thereunder $952,000 bonds which were
exchanged for $1,085,000 outstanding bonds of the old issue. Subse
quently $48,000 additional were issued upon the acquisition of a like amount
of capital stock of the Southern New York Power Co. Proceeds received by
the latter were used in the acquisition of bonds of the Deposit Electric Co.
Subsequently $500,000 of bonds were sold to the Associated Gas & Elec.
Co. to pay bills payable and current liabilities. V. 115, p. 2t59; V. Ii6 .
p. 617. Remaining bonds are to be issued from time to time for acquisitions
and extensions. V. 106, p. 1578, 2230.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common $774,900 ($100).................
.............
$774,900 ......... ..........
Pref cum $500,000 ($100).................
7 Q-J
500,000 A p r ’22, 1J4
First Mortgage $ 5 .0 0 0 .0 0 0 /____
6%
1,5)0.000 __________
($100, $500 & $1,000)-c * tflin t, at Equitable Trust Co.. N . Y .. Trustee.
Stock.— Pref. stock is free of normal Federal income tax and 13 tax-exempt
in N. Y. State. V. 106, p. 822.
Bonds.— Call, at 105 on any int. date. Tax-exempt In N. Y ., tax re
funded in Pa., and normal Federal income tax of 4% paid by co. V
108. p. 2123.
EARNINGS.— For years end. Dec. 31:
Calendar
;Gross
Net (after
Bond
Other
Balance,
Years—
Earnings.
Taxes).
Interest. Inte-est.&c.
Surplus
1922 __________ $539,150
$107,848
$64,500
$26,741
$16608
1 9 2 1 __________ 517,156
121,903
60,000
18,937
42,966
R O A D — Operates 62.04 miles main and 4 63 miles second track, 50 miles
being oa privite right of way, between Oneonta, Cooperstown, Richfield
Springs and Mohawk, from which point it operates over the N. Y. State
Rys. to Utica, 15 10 miles, and to Herkimer, 140 miles. Total operated,
83 17 miles. Rails 60 to 80 lbs.; 17 pnssenger and 5 motor freight cars;
1 electric locomotive; 4 snow plows; 1 sweeper; 3 service, and 25 other cars.
Has a 2,500 k. w. hydro-electric power plant, with a 2,000 k. w. steam power
lant as auxiliary, connected with a high-voltage transmission line; 750
. w. steam plant and 500 k. w. combined steam and hydro-electric plant
connected by transmission line. Owns 90 miles of transmission lines.
OFFICERS.— Pres., J. J. Mange; V.-P.s, S. J Magee and C A. Greenidge; Treas., S. H. Cheney; Sec. & Asst. Treas , B. E Michel; Gen. M gr.,
A J. Stratton. Under the mgt. of the J G White Management Corp.—
V. 107, p 83, 1921: V. 108, p. 270, 1512, 2123; V. 112, p. 163, 2749; V. 115.
p. 74, 2159; V. 116, p. 617.
CORNING, N. Y.
CORNINQ & PAINTED POST STREET R Y .— A trolley road.
ORGANIZATION.— Incorporated Dec. 11, 1894. Commenced operaion Nov. 1 1895. Control changed hands In 1904. V. 80. p. 162.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Rock. $100,000 ($100)_______ _____
_______
$100.000 1905-06.4%
lit 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.
EARNINGS.— For cal. years:
Gross
Net (after
Other
Interest,
Balance
Income. Rents. Ac. Sum or def.
Year—
Earnings.
Tares).
$7,647
1922..................... ..$66,511
$1,781
$5,900 sur$3,527
1021 ....................... 64,247
737
1,623
6,0o0 def .3,690
ROAD.— Owns 5.9 miles of track from Corning to Painted Post; 20 cars.
OFFICERS.— Pres., F. D. Underwood. V.-P. & Sec , G. H. Minor;
Asst. Sec., J. E. Packer; Treas., W. J. M oody; Comp., O. P. Crawford.
—V. 80, p. 62.
CORTLAND, N. Y.
THE CORTLAND COUNTY TR A C T IO N .— Trolley.
ORGANIZATION.— Is a reorganization on June 22 1901 of the Cortland
S Homer Traction, sold at foreclosure on Apr. 23 1901. In June 1905 ab
c
sorbed the Cortland & Homer Electric C o., previously controlled. Furalshes light to the cities of Homer and Cortlana and to the public. Carries
foal and 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 AND BONDS—
Date.
Interest. Outstanding.
Maturity.
•Rock. com. $320,000 ($100).................................
$320,000 ...................
,
f 1901
4g A O
180,000 April 1 1921
Shrst mtge, $180,000 ($500), ICounty Sav. Bk. S Tr. Co.. Scranton, Pa.,
c
gold___________________ c*( Trustee. Int. at c o .’s office. No sink. fd.
Can be called on 6 months' notice.
1905
5 g F-A
320.000 Aug 1 1935
SCIOTO VALLEY T RACTION C O .— Third rail.
ORGA N IZA TIO N .— Incorporated In Ohio with a perpetual charter Id
1904. Built on private right of wav. Franchises extend beyond maturity
of 1st mtge. bonds. In 1908 canceled $2,000,000 mtge. of 1903 and madf
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 o f 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 annual
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
In Aug. 1921 the Ohio Southern Interurban & Terminal Depot Co.
applied for auth. to lease for 99 years, or sell its property to the Scioto
Interest at Empire Tr. C o., N. Y., Trustee.
Valley Trac. Co. The co. in the past had operated the property under a
pro
1907
5 J-D
105.000 June 1 1957
short-term lease. V. 113, p. 850.'
Int. at Equitable Tr. C o., N. Y .. Trustee.
Bonds.— Of the $500,000 Issue of 1905, $180,000 are reserved to retire
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Common. $1,800,090 ($100)______
$1,800,000
See text prior liens. They are subject to call at 105.
1st pref. $500,000. 5% c u m ..______
489.300 Oct. 22.1 <
4
QJ
ROAD.— Operates 16-18 miles of track (not Including sidings and tum
Pref. $1,200,000. 5% c u m l ____
1,200.000 Oct. ’22, 1 H ults) between Cortland, Homer, Little York and Preble, and between
Q-J
($ 1 0 0 )....................... ..........- f
Cortland and McGrawvIlle. Has 33 cars.
1st mortg, $4,000,000. gold/ ___
5 M-S
1,426,000 Sept 1 1923
. ..
, 1908
EARNINGS.— For fiscal year ending Dec. 31 1921. net. from operation,
($1,00 0)____________ c * tf lint, at Harris Tr. & Sav. Bk..Chic.. Trustee
$59 835: other income, $2,376; bond. &c., Int., taxes. $48,420; surplus.
Bonds.— Additional 1st M. bonds can only be issued for 75% of cash ex
$13,792.
penditures, and for permanent extensions and additions to property, and
OFFICERS.— Pres., Edwin Duffey; V.-Ps., D. W. Van Hoesen and
only when net earnings are twice the int. Charge on outstanding bonds and
COVINGTON, KY.
those to be issued Bonds have a sinking fund of 1% per ann on bonds out E. H. Brewer; Treas. & Gen. M gr., G. H. Garrison.— V. 81, p. 507.
1913 to 1917; thereafter 2% per ann. $216,000 have been retired. $308,000
CINCINNATI NEWPORT & COVINGTON L IG H T & TR A C T IO N
in addition to amt. outstanding held in treasury. They are not subject CO.— A trolley road.
to call. See particulars, bonds, property, &c., in V. 87, p. 679.
ORGANIZATION.— Incorporated under the laws of New Jersey on
Dividends.— Dividends on old issue of pref. stock were to accrue from March 11 1902 and purchased all the stock of the Onion Light, Heat &
Oct. 1 1905, but amounts due Jan. 1 1906 and April 1 1906 were relinquished Power Co. of Covington and of the Cincinnati Newport & Covington Rail
by shareholders, and 1st div. (1 ^ % ) was paid July 1906 and 1)4% Oco
way. V. 74, p. 576. The latter was organized In 1892 to buy up and con1906 (V. 82, p. 1440); in 1907 and since, 5% per annum. On Oct. 15 1918 lolidate all the roads on the Kentucky side of the river opposite Cincinnati.
and again on Apr. 15 1919 divs. of 1% (payable in U. S. Liberty Loan 4M %
Prior to July 1 1922 the South Covington & Cincinnati St. Ry. C o., a
Ky. corp. (formerly one of the constituent cos. of the Cine. Newport & Cov.
bonds) were paid on the common stock.
Ry. Co., an Ohio corp.) acquired direct ownership of ail the street railway
E A R N IN G S.— For 12 months ending Dec. 31:
Year—
Cross.
Net.
Int taz .&c. Pref. Divs. Surplus. properties formerly owned by the Cine. Newport & Cov. Ry. Co. and its
subsidiaries (except the Cine. Cov. & Ros-edale Ry. Co. and the Cine.
1 9 21....... ..........$742,713
$236,961
$134,744
$84,465
$17,752
& Erlanger Ry. C o., whose stock
1920
.......... 861,874
277,777
145,275
84,465
48,036 Cov.Cincinnati Newport & Covington it acquired) and changed its name to
the
Ry. Co.
Paid passengers carried in 1921, 1,079,567, against 1,349,135 in 1920.
Lease.— The Union Lt., Ht. & Power Co. and the Cine. Newp. & C o t .
R O A D .— Operates 72 miles of track from Columbus to Lancaster and Ry. (both controlled through stock ownership by the Cine. Newp. & C oy.
from Columbus to Chillicothe. Is operated by third-rail system. Standard Lt. S Tr.) were leased from Apr. 1 1907 to Columbia Gas & Electric Co.
c
gauge, 70-lb. T rail. Within city limits of Columbus, company operates (Incorporated in Ohio) for 45 years. The lessee guarantees interest on
over tracks of Columbus R y., Pow. & Lt. Co. under oper. agreement.
bonds and 4J^% per annum on preferred stock. On common, dividends are
OFFICERS.— Pres, and M gr., Frank A., Davla; V.-Pres. aad Treas. to be 3% for first year, increasing ^ % 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.
Edwin R . Sharp; Sec., A. C. Moorhaus; Supt. P. F. Thompson.— V. 87, p
615, 679; V. 91, p. 871; V. 102, p. 1437, 1626; V. 107, p. 83; V. 113, p. 850 . 1489. under Columbia Gas & Electric. Under agreement ratified in July
1915 the exts. and add’ns to Union Lt., Ht. & P. C o.’s property are to be
paid for by the issue of new 50-year 5% bonds (see below) Instead of by
sale of stock of the Cincinnati company as provided under the old agree
CONCORD, N. H.
ment. V. 101, p. 694. The co. leases jointly with the Western Union
CONCORD STREET R A ILW A Y.— A trolley road extending from the Telegraph Co. for a period of from 20 to 30 years, the Dixie Terminal Bldgs.,
•entral wards of Concord to Penacook. Comprised 12.71 miles of track. which opened for service on Oct. 22, 1921.
The controlled Cincinnati Covington S Erlanger St. R y., which was In
c
In June 1901 control passed to the Boston & Maine R R ., and In 1903 the
New Hampshire Legislature authorized the Concord & Montreal R R ., corp. Sept. 1899 with $250,000 stock (shares $50), to build an extension to
which Is leased to the Boston S Maine, *o nurchase the property and to Erlanger, 7$£ miles (about 3 miles completed) has been leased to the
c
Columbia Gas & Electric.
Same stock and bonds to pay therefor.
i
36
ELECTRIC RAILW AYS
The Port Mitchell Erlanger & Elsmere Trac. Co., which is to build a
line from Mitchell to Erlanger, about 3 M miles, will, it is stated, be leased
to the South Covington & Cincinnati St. Ry. (now Cine. Ncwp. & Cov.
R y .). V. 115, p. 988.
Franchise Decisions.— See “ Elec. R y. Supplement” o f Oct. 28 1922.
In July 1922 $3,709,000 Cine. Newp. & Cov. Ry. 1st & ref? mtge. 6%
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. Gas & Elec. Co. Proposed.— See V.
114, p. 737.
Maturity
STOCK AND BONDS—
Date.
Interest. Outstanding.
Common, $5 000.000 ( $ 1 0 0 ) . . ____
Q-J
$5,000,000 A p r '23, 114
Pref, 414% non-cum, $5,-1
414 Q-J
4.500.000 Apr ’23. 114
000.000 ( $ 100) ................................. /
Underlying Bonds—
150.000 Jan 1 1932
So Oov&Oin cons M $500,000/ 1892
6 g J-J
gold ($500, $1,000)_______ (Covington Sav Bank S Tr. C o.. Trustee
c
Cincinnati Newport A Covington Ry—
1st & ref mtge $7,500,000\ 1922
6 g J-J
3,805,000 July 1 1947
($500 and $1,000)_ c * tfjln t. at Central Trust C o., Cine., Trustee.
_
Union Lioht. Heat A Power Co.—
First mortgage $5,000,000/ 1920 7 g F-A 15 2,029,100 Feb. 151925
($100, $500 and $l,0 00){ln t. at Unibn Savings Bank & Trust Co.,
gold c*<fcr*______________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
148,100
1939
$185,000 guar (see text) s ff
Bonds.— The C. N. & C. R y. 1st & ref. 6% bonds are call, during first 5
years ending with July 1927 at 10744. and during each 5-year interval
thereafter at 114% less until July 1 1947. During second 5 years end.
Juiy 1932, 106. During third 5 years end. July 1937, 10444- During
fourth 5 years end. July 1942, 103. During fifth 5 years end. July 1947,
10144- 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% of the cost o f additions and impts. under certain
restrictions. Call, all 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
L t., Ht. & Pow. Co. V. 110, p. 368. Licking River bonds are guaranteed
by Columbia Gas & Elec. Co. and the South Covington & Cin. St. Ry.
D IV ID E N D S.— On pref. 444% Is being paid (144% quar.). On com
mon stock first div. of 44 % was paid July 15 1907 and 54 % Oct. 15 1907. in
1908. 344%; in 1909. 354%: in 1910, 444%; In 1911. 454%; in 1912, 544%
In 1913, 554%: in 1914 and since, 6% per annum.
ROA D .— 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. l l l . p . 1660; V. 112, p. 1616.
2189; V. 114, p. 737. 2716; V. 115, p. 182, 98S. 1099.
[ V ol. 116,
after. Series “ B ” are callable all or in part on and after July 1 1930 or
30 days’ notice at 10744 and int. to and incl. Jan. 1 1935; 106 and int. to
and incl. Jan. 1 1940; 104 and int. to and incl. Jan. 1 1945; 103 and int.
to and incl. Jan. i 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 10044 and int. V. 115, p 1843. Annual
sinking anal mprovement fund beginning 1924, of 144 % of the total amount
of bonds issued. Interest is payable in Boston and New York.
Dividends.— 194% has been paid on the pref. stock regularly quarterl
from date of issuance to and incl. M ay 1923.
EARNINGS.— For 12 months ending Dec. 31:
Twelve
Gross
Net, after
Other
Interest,
Balance,
Months— Earnings.
Taxes.
Income.
Ac.
Surplus.
$1,026,330 $18,548
1922---------$2,770,051
$400,017
$644,861
1921-------- 2,688,504
1,019,290
2,096
379,688
641,696
OFFICERS.— Chairman, W. B. Head; Pres., C. E. ______ ______
Calder; V .-P s.,
H. L. Seay, A. S. Grenier and E. W . Hill; V.-P. & Gen. M gr., O. W. DavisSec. & Treas., J. B. Walker; Asst. Sec.-Asst. Treas., J. C. Thompson.
Management.— Operations are supervised by Electric Bond S Share C o,
c
— V. 109, p. 984; V 113, p. 735; V. 114, p 83; V. 115, p. 992, 1843.
TEXAS ELECTRIC R A ILW A Y.
ORGA N IZA TIO N .— Incorp. in Texas July 5 1916 and is a consolida
tion of the Texas Traction Co. and Southern Traction Co. (see V. 104, p.
382. 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 B elt." including Dallas, Waco, Denison. Sherman, Corsi
cana, Waxahachie and McKinney. Also owns and operates the local
itreet railway systems in all of these cities except Dallas. Present estimated
population connected and served, 375.000. Leases for 20 years from Dec.
17 1915 the terminal facilities o f the Dallas Ry. Interurban Ime3 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% debentimes be
came convertible after Jan. 1 1922. V. 113. p. 1157.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
Com stock $6,000,000 ($ 1 0 0 ) .____
$6.0‘) r>000
See text
1st pf 7% cum $3.660.000(1100)____
Q-J
1.157.000 Apr ’23, I X
2d pref stock $3,000,000($100)____
Q-F
3.0
) 1.000 Feb ’23, 19i
1st & ref Mtge gold ($500 &\ 1917
5 g J-J
5.571.000 Jan 1 1947
$1,000)____________ c*ntf(H arris Trurt & Sav. Bank, Chicago, Trus.
Conv debentures $3,000,0001 1917
6 g J-J
3
1,703,000 Jan 1 1942
$ 1,003 and $500)___ c*& r/lnt. at St . Louis Un. Tr. Co., trus., or N. Y.
Texas Traction 1st M sink fd l 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 Jd
58.000 July 1 1927
$350,000 ($1.000)____c*tf (Int; at Illinois Tr. & Sav. Bk.. Chic., Trus.
DALLAS, TEXAS.
Preferred Stock.— Remaining 1st pref. stock is held In treasury. Red. on
DALLAS RAILW AY CO.
1922 at 107 44
dlv on
notice. The 2d
ORGAN IZATION .— Incorp. in Texas on Sept. 22 1917 to take over and any dlv. date after Jan. 1 any div. date and3 days'30 days'at 107 44 -,nd dlv.
pref. stock Is callable on
on
notice
operate the electric railway properties formerly owned by the Dallas Elec
Bonds.— Additional 1st & ref. bonds may be
only 75% of the
Lt. & Pow. Co. (see Dallas Electric Co. in this Section for Sept. 1917) under cost of extensions. See., provided net earnings issued for the total annual
are twice
the “ service-at-cost" franchise approved by the citizens of Dallas at aD
election held April 3 1917. Formal acceptance of the franchise was filed Interest charge, including bonds applied for. In addition to ordinary re
Sept. 27 1917. V. 105, p. 1419. The lighting properties of the Dallas serves for personal injuries and damages. $75,000 bonds are provided usable
this sole purpose. Provision is also made
underlying
Electric Lt. & Pow. Co. were taken over by the Dallas Power & Light Co., forspecial trust fund for maint. and renewalsfor refundingout of gross bonds
A
is provided
earn
which see below.
ings as follows: 1917. 11%: 1918. 12%; 1919. 13% 1920, 14%; 1921 and
The company leases with the right to purchase for $2,000,000, the Oak thereafter. 15%. Any part not so used may
expend *d for exts., &c.,
Cliff lines of the Northern Texas Traction Co. at an annual rental increasing or for the redemption of any outstanding bonds.be Yearly since April 1 1921,
from $115,000 for the first three years to $150,000 the seventh year and cash equal to 1% of the first and refunding 5s and underlying bonds out
On Sept. 30 1917 purchased the Dallas Interurban Terminal Associa standing on the previous Dec. 31, less amount of payments to underlying
tion, which has a modern fireproof eight-story passenger terminal and 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
office building In the business district of Dallas, and assumed its notes
ment of
red. on any
The terminal facilities have been leased for 20 years to the three interuroaB lot. date 1st & ref. or underlying bonds. The tst A ref 5s areat 10244 and
up to and Incl. Jan. 1 1942 at 105 and int.;'thereafter
lines entering Dallas. The terminal was opened for service Sept. 1 1916.
Int. Of the amount reported outstanding $52,000 are held in treasury.
On Dec. 1 1920 took over the Standard Traction Co., which had been Interest is payable In Chicago and New York. See offering in V. 106, p
operating the Mount Auburn and Park View additions to the city. V. 112
int.
1922 on 30
p . 161. The company discontinued operations M ay 1 1921, the date of the 397. The debs, are callable on anysince date since Tan. 17% cum. 1st days”
Jan. 1 1922 into
pref.
expiration of the lease agreement. The Standard Traction Co. was ordered notice at 102 44 and int.; convertible
with
sold on May 3 1921 to satisfy a judgment o f $5,000 (V. 112, p. 1740;, but stock, par for par, 199. adjustment o f int. and divs. See also V. 113,
p. 1157: V. 114, p.
an order was signed early in May 1921 appointing Geo. P. Dunlap, receiver,
Traction
5s can be called at 110 &
and restraining the proposed sale. V. 112, p. 1977. In July 1921 the com onThe Texasdate upon 1st days’ notice. $288,000 (not accrued interest
any int.
30
incl. in amount
pany resumed operation of the Standard Trac. C o.’s line. V. 113, p. 70.
outstandinv)
ref. mtge. of the
Franchise.—-For terms of franchise under which it operates see “ Electric reported Railway Co. are deposited under 1st &of gross earnings Texas
Electric
A sinking fund of 5%
began
Railway Supplement” of Oct. 28 1922.
July 1 1912,
of bonds;
in
The $1,000,000 7% notes due June 15 1920 were extended at the same sink, fund not to beinused in the purchase above. Den$628,000 held M .
inci.
amount outstanding
& Sher. 1st
rate to “ on or before Dec. 1 1927.” V . I l l , p. 1082.
aonds are subject to call since July 1 1917 at 105 and interest on four
STOCK A N D BONDS—
Date. Interest. Outstanding.
Maturity
weeks’ notice. A sinking fund began July 1 1905 of 2% per annum of
Common, $2,250,000 ($100)............
...............$2,250,000
bonds out until 1913, when amount payable became 3% per annum until
Preferred $500,000 7% ($100)______
________
500,000
1917; from 1918 to 1922, incl., 4% per annum: 1923 to 1926, incl., 5% per
Secured notes Series ,V ” $l,-\ 1918 7%
A
1,000,000
Seetext
annum; $175,000 in sinking fund not incl. in amount outstanding abovs
100,000 gold____________ /Equitable Trust C o., New York, trustee.
$3,000 canceled; $74,000 in treasury (not incl. in amount reported outstg.)
Unsecured notes______________ 1917
6%
2,529.869
Seetext
Car trust certificates ($1,000) \ 1920 8 g M-S
48,000
Seetext Dividends.— Divs. on the first pref. stock were begun Oct. 1 1917.
Dividends of 1% %
2d
g o ld ___________________ c t/I n t. at Fidelity Tr. C o., Balt., trustee On com. 44 of 1% quarterly on the ar.,pref stock were begun Nov. 1 1917
was paid in M
and Dec. 1920. In
Dallas Elec Co Term Mtge 5-1 1916 7 J-J 1
750,000 Jan 1 1921 1921, Mar., 1%; June. 1%; Sept., 1% ; June, Sept., In 1922, M ar., 1% .
Dec 1% .
year notes $1,009,000___ cflntarest at State Street Trust C o., trustee.
June, 1% ; Sept., 1%; Dec., 1% . In 1923, March, 1%.
Stock.— Pref. stock Is entitled to 7% non-cum. divs. up to Sept. 30 1920
EARNINGS for years ending Dec. 31:
and to 7% cum. divs. thereafter. Red. at 110 and divs. on 60 day notice.
Year—
Gross.
Net (aft. taxes).
Int.(net) Bal. surplus
Notes.— The secured 7% notes. Series “ A ,” originally matured June 15 1922.
$1,057,865
$460,857
$597,008
1920, but have been extended to “ on or before Dec. 1 1927.” Redeemable 1921_______.........$2,709,392
. . . . 2.889,838
1,163,646
473,737
689.909
at par and interest. The car trust certifs. are due serially to Sept. 1 1923
ROAD.— Owns and operates Interurban lines between Dallas and Deni
Secured by 50 new safety cars. Redeemable as a whole on 30 days' notice
at 10144 and interest. V. I l l , p. 791. The Dallas Elec. Term, notes son. 80.10 m.; Dallas and Waco, 97.60 m.; Dallas and Corsicana. 59.89 m.
(incl. 2d main track, sidings and turnouts, 1^.06 m.); local lines in Sherman.
which matured Jan. 1 1921 bore 6% int. but have been extended at 7% .
EARN ING S.— For calendar year 1922, gross, $3,272,787; net, $633,513. Denison, McKinney. Waco. Corsicana and Waxahachie, Tex., incl. sidings.
&c.. 33.86 m.; total, 281.52 m. (incl. 9.98 m. of track, being entrance into
In 1921, gross, $3,716,291; net, $596,632.
ROAD.— Operates 98.5 miles of track in the city of Dallas and suburbs, Dallas, leased). Gauge 4 ft. 844 in. 70-80-lb “ T " rail 62 interurban pas
senger, 70 city passenger, 21 express and baggage and 43 work, &c., cars;
Including the leased Oak Cliff lines.
OFFICERS.— Chairman of Board, O. W . Hobson; Pres., W . M . Holland; total, 195; 13 sub-stations. Leases generating plant to Tex. Pow & Lt. Co,
V.-Ps., J. C. Duke, E. W. Hill, A. S. Grenier and O, B. Humphrey; V.-P. & from which it purchases power under contract, expiring at same time as lease.
Gen. M gr., Richard Merriwether; Sec.-Treas., J. B. Walker.— V. 113, p. 70,
OFFICERS.— Chairman of the board, N. A M cM illan; Pres., Jack
959, 1359, 2613; V. 115, p. 73, 1531, 2158, 2477; V. 116, p. 1411.
Beall; V.-P. & Gen. M gr., Burr Martin; V.-P. & Treas., H. I. Gahagan;
Sec., Jas. P. Griffin; Aud., J. A. Wright.— V. 109, p. 1893; V. 112, p. 563.
DALLAS POWER & LIGH T CO.
2644; V. 113, p. 184, 844, 1157; V. 114, p. 199, 855, 1767.
OR G A N IZA TIO N .— Incorp. in Texas on Sept. 22 1917 to take over and
operate the power and light properties of the Dallas Electric Light & Powei
Co. formerly controlled by Dallas Electric Co. (See this section for Sept.
DANBURY, CONN.
1917) under the franchise approved by the citizens o f Dallas at an election
TANBURY & BETHEL STREET R Y .
held April 3 1917 and formally accepted on Sept. 27 1917. The railway
Control.— In Sept. 1917 Stephen Crute, New York, and associate!
properties of the Dallas Elec. L. & P. Co. were taken over by the Dallas
Ry C o., which see above. V. 105, p 1423. In Aug. 1922 the co. was acquired control. V 105, p. 1208.
.teceiver.— On Oct. 30 1917 Judge James E Walsh, of Greenwich, was
auth. to build an addition to its generating plant, estimated to cost $2,appointed receiver of the company on application of A. H. Flint, holder of
180,000. V. 115, p. 992.
a $1,000 note, overdue. V. 105, p. 1801. Judge Walsh was superseded by
Does substantially all the electric power and light business in Dallas
Atty. J. Moss Ives, of Danbury, in Dec. 1917. V. 105, p 2272.
serving a population of about 174.000.
Committee for 1st & Ref. 5s.— Chairman John McCarthy, Danbury.
Franchise.— For terms o f franchise under which the company operates
Conn; Chas. E. Graham, New Haven, Conn., and P. Le Roy Harwood.
see “ Electric Railway Supplement” o f Oct. 28 1922.
New London, Conn.— V. 106, p 498.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Foreclosure Proceedings Started.— In Dec. 1919 a petition, on behalf of the
Com stock $2,000,000 ($100)................................. $2,000,000 ------- -------Pref. stock $1,500,000 cum _ _____
_
7%
1,500,000 May'23, 144 2d Mtge. bondholders, was filed in the Superior Court in Bridgeport, Conn.,
asking permission to institute proceedings to foreclose the property. In
m M Ser “ A ” $5,000.0001 1919 6 g J-J 1
5,000,000 July 1 1949
Series “ B ” __________________ ( 1919
■
744 S J-J
1,100.000 July 1 1949 terest on the 2d mtge. bonds had not been paid for 2 years. V. 109, p. 2171.
Series “ C ” ___________________ 1922 5 g A-O
1,000,000 Oct. 1 1952 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.
($500 & $1,000) goldc *r*tfj Old Colony Trust Go.. Boston, Trustee.
Bonds.— Are issuable in series maturing not earlier than July 1 1949
ORGANIZATION.— Incorp. May 7 1886 under cue laws of Connecticut.
nor later than July 1 1962, and bearing such rates of int. and red. upon such Has a perpetual special charter, the only street car company serving the
terms as may be determined by the board of directors. Additional bonds city of Danbury and town of Bethel. Its lines also extend to the Danbury
may be issued to the extent o f 80% of the cost o f exts., betterments and Fair Grounds and the pleasure resort of Lake Kenosla.
impts. under certain conditions. Otherwise the authorized issue is noi
Jitney Regulation.— On Oct. 18 1920, the Danbury Board o f Aldermen
limited as to amount. The series “ A ” bonds are red. all or in part on 30 passed an ordinance barring all jitneys from the streets traversed by c o .’s
days’ notice at 10744 and int. up to and incl. July 1 1924; 10644 and int
cars. For further details see V. I l l , p. 1751.
through Juiy 1 1929; 10544 and int. through July 1 1934; 10444 and int
In Sept. 1921 it was stated that the co. planned to establish motor bus
through July 1 1939; 103 and int. through July 1 1948; 101 and Int. there service to West Danbury. For details see V. 113,p. 1155.
A pril, 1923.]
STOCK AND BONDS— Date.
Interest. Outstanding. Last D iv..At
Stock. $623,000 (par $26)_________
J-J
$320,000 Jan '12. 2%
First & ref mtge $600.0001 1913
5 g M-N
339.500 May 1 1943
($500 and *1 000) n « f _c*JInt. at American Trust Oo., Bos., Tmrtee
Consol mtge, $300,000. gold! 1906
5 g M-N
100,000 May 1 1936
($500 and $1.000)________ lin t, at American Trust C o., Boston, Trustee
Debenture bonds, $75,0001 1908
6 M-S
63.000 Mar 1 1918
($1,000 and $500)_______ c\Int, at City National Bank of Danbury.
Debenture bonds. $150,000-. 1911
6 J-J
86.000 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 of consol. 5s and $150,000 for retirement
o f the two debenture issues.
Dividends.— In 1896-97. 4% : In 1897-98, 4% ; In 1898-99. 2 % ; In 1899
1900. 1)4% ; In 1900-01. 1)4% : in 1901-02. 3% : in 1902-03 . 3% : in
1903-04. 134%: 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 tc
Lake Kenosla. 15.031 miles In all: sidings. Sec., 1.044 miles; total. 16.07.'
miles
42 passenger and 7 other cars. Standard gauge.
R E P O R T .— For cal. year 1922, gross, $182,025; net, $24,708: int. and
taxes, $31,275; bal., def., $6,567.
OFFICERS.— Pres. & Gen Man , Stephen Orute. New York; Sec. A
Treas., Geo. H. Klinzing, Danbury.— V. 113, p. 1155: V. 114, p 1890.
DAYTON, OHIO.
C IT Y RAILW AY CO.— A trolley road
O RGAN IZATION .— Chartered May 12 1893. Is a consolidation of the
Dayton Street R R ., the Dayton & Soldiers' Home R R .. the Fifth Street
R R . Franchises run for 50 years from Feb. 8 1892 and April 19 1893.
Fare Increase.— On July 6 1920 was auth. to charge a 7-cent fare. V. I l l ,
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.
S T O C K — $2,400,000 ($100) com. auth.anl 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, 634%: 1906 to
1910. Inclusive, 7% per ann.; in Feb. 1907 paid a special dlv. of 5%
(V. 83, p. 1590); in 1911. 7% . and in April 1911 a special div. of $9 09 1-11
(V. 93. p. 1178); in 1912. Jan., 1*4%. In March 1912 began paying divs.
Q.-M . Instead of Q.-J.. and on March 31 paid IH % '. June. 2% ; Sept., 2% ;
D ec.. 2% . In 1913 8 % . In 1914 7 H % . In 1915, 6 % . In 1916
6 )4 % . In 1917, 7% . In 1918. 6% . In 1919. 6% . In 1920. 6% .
In 1921. 6% . In 1922. March, H of 1% ; June, % o f 1% ; Sept., % of 1%;
Dec., 1 J4%. In 1922, March, % o f 1% .
EARN IN G S.— For year ending Dec. 31 1922, gross, $962,987; net, after
taxes, $133,582. In 1921, gross (affected by strike), $834,950; net, after
taxes, def., $86,538.
ROA D .— Controls and operates in all 38.7003 miles o f single track,
namely: Third Street Line, Fifth Street Line, Green Line and Kammer Ave.
Line. Gauge 4 ft. 8)4 in.; rails 70 and 80-lb. T. and 70 and 90-lb. girder;
operating 114 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., H. C. De Camp
Main office, 511-514 Mutual Home Bldg., Dayton.— V. I l l , p. 294; V.
113, p. 292, 627, 1052.
______
DAYTON COVINQTON & PIQUA TR AC T IO N .— A trolley road.
Receivership.— In Mar. 1922 T Russell Robinson. V.-P. & Gen. M gr..
Boston, and W. Kessler, West M ilton, Ohio, were appointed receivers for
the co. V. 114, p. 1178.
ORGAN IZATION .— This was formerly known as the Dayton & Troy
Traction, but name changed to the above in Aug. 1901. The D. & T
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
Dayton to Covington and Piqua, about 38 miles. Company acqulren th
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, M atw iti.
$600,000 ............... ..
Stock auth, $600,000 ($100) .................................
Pref. 5% n-c. $550,000 ($100)
.....................
550,000 ............. ..
First mortgage, $550,000, gf 1902 5 g A-O
490,000 April 1 1922
($1,000)___________c* .n t f lint, at Old Colony Tr. C o., Boston, Trustee.
Second mortgage, $60,000.n t f ___
6 g M-S
60.000 April 1 1922
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. Not paid off up to October 1922.
EARN IN G S.— For years ending June 30:
Year—
dross.
Net, aft. Taxes.
Interest.
Surplus
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
49,083
31.124
17,959
ROAD.— Total track 38 miles. Standard gauge. 70-Ib. 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.
ORGAN IZATION .— Incorp. 1900. Is built on both public and private
right of way. Completed In Dec 1901. In Dec. 1915 received a 20-year
extension of its franchise in Piqua. Rails, 70-lb, T. Had power nouse at
Tippecanoe City, Ohio, but this was dismantled and all 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 M ay 1902 took over Miami Valley R y. under
99-year lease at a rental o f $9,600 per annum, which is applicable to stock
o f $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 Nov. 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., 1)4% . None since. On com ., Jan. 1 1904, 2% ;in 1905;
6% ; in 1906, 6% : in 1907. 2% ; in 190S, none; in 1909, 5% ; in 1910, 6% .
In 1911, 5% ; in 1912, Mar., 1)4% . In 1913, Sept.. 1)4% ; Dec., 1)4% ;
in 1914. June, 1)4% : in 1915, Dec., 1)4% ; 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.
1922 _______ $403,440
$89,781
______
______
______
1 9 21_______ 391,513
99.267
61,316
______
37,950
1920
417,674
90,611
48,245
8.098
34,268
R O A D .— Owns equivalent of 32.68 miles of single track between Dayton
and Troy. Leases 14.25 miles between Troy and Piqua (Incl. 3.31 m local
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. O. Clegg; Aud., .T F. Keller. General Office, Dayton,
.
Ohio.— V. 102, p. 15 ; V. 114, p. 305; V. 115, p. 988, 2477.
DAYTON SPRINCIFIELD & XENIA SOUTHERN R Y .— Trolley.
O R G A N IZA TIO N .— Incorporated In 1909 as successor to the Dayton &
Xenia Transit C o., sold at foreclosure. On July 6 1920 was auth. to charge
a 7-cent fare. Stock, auth. and outstanding, $200,000 com.and $300,000
pref. Par $100. 1st M . auth. and Issued, $500,OOO. Earnings for year
ending Dec. 31 1919, gross, $267,589; net, after taxes, $43,940. In 1918,
gross, $221,484; net, after taxes, $40,154.
ROAD.— Owns and operates about 24 miles o f track from Dayton to
Xenia and from Dayton to Beaverton. On Dec. 1 1917 operations between
Beaverton and Spring Valley, 11>$ miles, having proven unprofitable,
were discontinued and that portion of the line was subsequently dis
mantled. Pres. O. J. Ferneding; V.-P., T . A. Ferneding; Sec., H. L .
Ferneding; Treas., Edw. Canby, all of Dayton.— V. 89, p. 285: V. 105,
p. 2272; V. 113, p. 70.
37
ELECTRIC RAILW AYS
jgDAYTON & ,WESTER Nj T RACTJON — Trolley road.
* 5 R G A N IZA T IO N !^1 ncorporated‘ on"June* 26 "d898t*” "Was~Teased on
June 15 1906 to Ind. Colum & East., but lease was abrogated and the property turned back to the co. for operation on April 25 1920.
*S t 6 c K—
Div. Period. Outsland'g. Last Dividend.
Q-J
$672,500
See text.
Common, $900,000'($100)___________
Pref. $850,000j$100) 5% cum_______
Q-M 850.000
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.
EARN ING 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. R y. Has spur track to plant of the Greenville
Gravel Co. Purchases power from the Dayton Power & Light Co. Has
3 automatic sub-stations.
OFFICERS.— Pres, and Treas., Valentine Winters; Sec., J. H. Winters;
Gen. M gr., Henry Gebhart; Aud., P. A. Hommel.—-V. 82, p. 1437; V. 83,
P. 36, 94, 379; V. 110, p. 2192.
OAKW OOD STREET RA ILW A Y 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-cent 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;
V.-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 TR AC TIO N CO.
O R GAN IZATION .— Incorp. on June 1 1916 to succeed the FortWayne S
c
Springfield R y ., bought in at receiver's sale on Dec. 2 1915 (see V. 101, p.
2144). 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)_________________ Jlnt. at Tri-State L. & T r.O o.,F t. Wayne.trus
EARNINGS.— For years ending Dec. 31:
Cal. Years—
Gross.
Net, aft. Taxes. Interest.
Balance.
1922
$83,573
$8,073
$9,125
def.$l,051
1921___________________ 83,173
1,572
9.360
def. 7,788
1920
98,984
20,920
9.360
sur.11,560
ROAD.— Operates 21.6 miles between Decatur and Ft. Wayne. Total
track, 23.7 miles. 70-lb. T rail: gauge, 4 ft. 8)4 in.— V. 108, p. 480.
DELAWARE, OHIO.
COLUMBUS MAGNETIC SPRINGS & NORTHERN R Y .
In April 1920 we were informed that this line had been abandoned and
dismantled. For history see this Section for N ov. 15 1919.
DENVER, COL.
THE DENVER TRAM W AY SYSTEM.
(1) Denver & N orthw estern R y.— A holding company.
ORGANIZATION, &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 bolding 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
of Its capital stock outstanding In the hands of the public, the payment of
its bonds having been assumed by the Denver Tramway 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. Oo.— see below).
Stock.— $900 is in the treasury.
Dividends.— Prior to July 1909 dividends were at rate of 6% per annum.
In July 1909 quar. div. 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
1915 rate was further reduced to >4 of 1% . Oct. 1915 dividend omitted.
V. 101, p. 1188, 1370, None since.
R E PO RT.— Of Denver Tramway System for fiscal year ending Dec. 31
(inter-co. transactions eliminated). Report for 1918 in V. 109, p. 1887.
Fiscal
Gross
Net (after
Other
DeducBalance,
Year— Earnings.
Taxes, A c.).
Income.
tions.
Surplus.
1918.........$3,597,999
$822,097
$17,078
$958,055 d e f.ll 18.880
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.
Alexander; Aud., W . A. Doty. V . 106, p. 2345; V, 116, p. 720.
(2) Denver Tramway C o.— Operating Company.
The Denver & Northwestern Ry. owns $9,791,700 of the common stock.
Receivership.— On Dec. 24 1920 Ernest Stenger. Pres. & Gen. M gr., was
appointed receiver for the company on application o f the Westinghouse
Elec & Mfg Oo. V 112, p 61
Foreclosure Proceedings.— In April 1923 a petition was filed in the Federal
Court at Denver by the Bankers Trust Co., N. Y ., trustee of the 1st &
ref. bonds, to foreclose the mortgage. V. 116, p. 1760.
O RGAN IZATION .— Incorp. March 30 1914 In Colorado as successor
to the Denver City Tramway C o., which had previously absorbed the Den
ver Tramway Power Co. and the Denver Tramway Terminals Co. Owns
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
Estate Co. and Denver Excursion C o .), which In turn owns all the outstand
ing stock and bonds of the Denver & Inter-Mountain RR. See plan of re
organization under “ Denver & Northwestern R y.” In V. 98. p. 1156.
Franchises.— Operates within the city of Denver under a general franchise
granted Feb. 5 1885. Also under a 20-yr. grant voted by tax-paying electors
of the city in May 1906. which authorizes It to maintain three-rail tracks,
gauges 3 ft. 6 in. and 4 ft. 8)4 in., over all its present lines within the city
and permits the construction of certain viaducts and extensions. See de
cision in V. 84. p. 220. Under decision of the U. S. Circuit Court of Ap
peals on Nov. 11 1912 the franchise of 1885 was held valid, the Court de
ciding that in view of the franchise of 1906 it was unnecessary to pass upon
the duration of the older franchise at that time
The company claims tnat
its franchise is perpetual. See decision In V 96. p. 1472.
Valuation.— In connection with fare hearings the co., in Nov. 1918,
placed the reproduction cost o f its properties at $26,772,888, as of Dec. 31
1917. The P. U. Comm .’s valuation of the same properties (in this case
“ going value” and items for gravel beds and water rights included in the
co.'s figure were not taken into account) fixed the reproduction cost at
$19,495,374. Compare annual report for 1918 in V. 109. p. 1887.
Fares.— See “ Electric Railway” Supplement of Oct. 28 1922.
In March 1919 the company announced its inability, caused by abnormal
conditions, to take u d or refund the $2,000,000 1st M . 5s of the Denver
City Tramway Co. due April 1 1919. The co. therefore arranged for an
extension of these bonds at 6% to April 1 1924. The extended issue is
redeemable as a whole at 102)4 on any interest date. V. 108. p. 1060.
The $2,500,000 conv. 6% bonds of the co. due April 1 1919 were ex
changed for an issue of 3-year 7% coll, trust notes due April 1 1922. These
were not retired at maturity but are still outstanding. V. 114, p. 1890.
Interest Payments.— In March 1921 Federal Judge Lewis ordered the re
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
Denver Consol. Tram. Cons. Mtge .5s; (3) $884,000 Denver Tram. Power
1st Impt. Mtge. 5s; (6) the March 1 1921 int. on the $1,033,000 Denver
Tram. Terminals 1st mtge. 5s. V. 112, p. 1399.
38
ELECTKIC RAILW AYS
[V ol. 116.
As o f April 1 1922 we were advised that int. was in default on the Denver Federal Judge Wade ordered the co. to discontinue operations on Aug. 3
& Northwestern R y. Co. 1st & coll. mtge. 5% bonds., the Denver City 1921. For further particulars see “ Elec. R y .” Supp. of Oct. 30 1921.
Tramway 1st & ref. mtge. 5% bonds and the Denver Tramway Co. 7% Service was resumed on Oct. 24 1921 with the passage of a new service-atcoll, trust notes. V. 114, p. 1890.
cost franchise ordinance by the City Council. V. 113, p. 1887. At a special
Holders of Denver Tramway Power Co. 1st Impt. Mtge. 5% bonds, due election held N ov. 28 1921 the voters approved the new franchise by a vote
Apr. 1 1923, were asked to extend same for 1 year to Apr. 1 1924 at 6% p.a., of over two to one. V. 113, p. 2405. The franchise provides among other
subject to the right of the co. to redeem the entire issue at par and int. on things, for the purchase by the city at any time on 6 mos. notice, paving
30 days’ notice. V. 116, p. 1176.
between tracks, &c., to be done at expense of city, profits are to be figured
The following committees have called for deposits:
on a capitalization basis of approx. $8,000,000, basic fare of 8 cents in the
Committee for Denver City Tramway 1st < Ref. os.— C. K . Boettcher, sliding schedule effective immediately, no div. on com. until cash fare is
&
H. Martin Brown, Jas C. Burger, C. M . Clark, Donald C. Geddes, J. C. reduced to 7 cents, jitneys restricted from streets used by the co., &c. For
Mitchell, C. C. Parks; Sec., B. W . Jones, 16 Wall St., N. Y . City. full details see V. 113, p. 1771, 1887, 2405; V. 114, p. 1764.
Depositaries: Bankers Trust C o., N. Y . City; International Trust Co.,
State Supreme Court Holds Franchise Valid.— In July 1922 Judge James O.
Denver, Colo., Industrial Trust C o., Providence. R. I. V. 112. p. 1616
Hume of
Court handed
in
Committee for Coll. Tr. 7% Notes.— Chairman, Geo. C . Clark, Jr.; E. W. valid the the Polk County Dist.franchise. The down a decision holding de
above service-at-cost
co. appealed from this
Clark, J. Cunliffe Bullock and C. M . Clark. Depositaries: Bank of
cision to the State Supreme Court, which on Dec. 15 1922 reversed Judge
America, N. Y ., and the Denver National Bank. V. 116, p. 720.
Stockholders' Committee for Denver & Northwestern Ry. and Denver Tram Hume’s Uecis.on, and neld the franchise valid and binding in all its pro
way Co.— Chairman, S. M . Perry; W . N . W. Blayney, Hume Lewis, C. R. visions. V. 116, p .176 . Compare V. 115, p. 182. See also V. 116, p. 1275.
Bus Ordinance Passed.— See V. 114, p. 78.
Martin and Henry W. Bull; Sec., Robt. M . Perry, P. O. Box 838, Denver,
In March 1911 N . W. Harris of Chicago acquired practically all the
Colo. Depositaries: International Trust Co., Denver; Illinois Trust &
Savs. Bank, Chicago, and the Industrial Trust Co., Providence, R. I. stock not previously owned by him of the Des Moines City Ry Co. and
of its allied corporation, the Inter-Urban R v. Co. V. 92, p. 794. See
V. 116, p. 720.
also V. 113, p. 847.
STOCK AND BONDS—■ Date.
Interest. Outstanding. Maturity
Common stock $ 10.000,000_ _____
_
_________ $10,000,000 __________
OR GA N IZA TION .— A consolidation in 1893 of the Des Moines St. R R .
Pref stk $3,000,000 (7% cum )_____
_________
See text
__________
Co. and the Des Moines Suburban Ry. Co. Is authorized to carry freight.
Coll trust notes gold............... 1919
7%
2,600.000 Apr. 1 1922
Franchise.—-A new 25-year franchise was granted at an election on N ov.
Denv & N W Ry 1st & coll M f 1902
5 g M -N
496,100 May 1 1932
1921,
g $6,000,000 ($500 and-jlnt. at Bankers Trust C o., New York. 28 1764. providing for service-at-cost, &c. For full details see V . 114,
p.
$1,000 (assumed)______c* l trustee; also office of co. in Denver.
New Preferred Stock.— On M ay 15 1918 stockholders voted to increase
Red. at 105 and Int. on 90 days' notice.
Den City Tr Co 1st & ref M ( 1908
5 g M -N
11,306,400 Nov 11933 the auth. capital stock from $3,000,000 common and $250,000 6%
non-cum. pret. stock to $3,000,000 common and $1,500,000 7% cum. pref.
$25,000,000 g ($500 and(Int. at Bankers Trust C o ., New York
stock. The new pref. stock carries the same voting powers as the common
$1,000) sinking fu nd_.c*tf( trustee, and in Denver.
Denv City Tram purchase!
1899 6 g A-O
2,000,000 Apr 1 1924 stock and is cum. from May 1 1918 and callable, ail or in part, on any div.
date at 107)4 and divs. V . 106, p. 2010.
money mtge g $2.000,000( Int. at Central Trust C o.. N. Y ., trustee.
($500 and $1,000)___ c * tf[ and in Denver (see text above).
Valuation.— See V. I l l , p. 2140.
Denv Cons Tram cons mtgef
1893 5 g A-O
1,167,000 Oct 1 1933
Interest Defaulted.— The int. due July 1 1921 on the $4,821,000 gen. &
$4,000,000 gold______ ntf 1Int. at Bkrs Tr.Co.,N .Y.,trustee & in Denver
ref. nitre. 5s having been defaulted the following committee was formed
Denv Tr Pow 1st Impt mtgef
1903 6 g A-O
836,000 Apr 1 1924 and called for deposits, but in accordance with arrangements (see above
$1,600,000 g ($1,000) guarflnt. at Internat. Tr. C o.. Denver, trustee
under 'New Franchise") the defaulted int. (July 1 1921 and Jan. 1 1922)
principal and Interest_ tf [ or Guaranty Trust C o., New York.
_
Denv Tr Term 1st mtge $ 1 ,-f
1910 5 g M-S 913,000
See
text was paid. July 1 1922 interest and subsequent interest paid when due.
600,000 g ($100 & $1.000)(Interest at Bankers Trust C o.. N . Y .. trus- Committee for Gen. & Ref. Itge. 5s.— Chairman, D. Mark Cummings;
Stanley Field, C. W . Beall, W . E. McGregor and Chester Corey, Sec.,
guar prin & int_______ c*tf I tee, and in Denver.
Stock.— $9,791,700 common owned by Denver & Northwestern Ry. ot 115 W. Monroe St., Chicago, 111. Depositary: Harris Trust & Savings
which $750,000 is held for conversion of Denv. Tramway conv. bonds, the Bank, Chicago, 111. V. 113. p. 182, 628, 847.
remaining $250,000 being set aside for expenses o f organizing Denver Tr. Co.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Bonds.— Of the bonds reported outstanding as above, $1,427.550 Denver
$1,055,000 ___________
City Tramway 1st & ref 5s and $18,000 Denver Tramway Terminals 1st Common, $3,000,000 ($100)........... ......................
1.355,200
________
5s are owned by the Denver Tramway Company. Of the Denver & Href., 7% cum ., $1,500,000...................................
5 J-J
4,821,000 Jan 1 1936
Northwestern first and collateral mortgage bonds, $5,503,000 have been Lies Moines City Ry Oen & 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
($500 and $1,000)____c*__l Interest at New York and Chicago.
are in treasury of Denver Tramway Co. (not included in amount re
ported outstanding). Of the Denver Consolidated Tramway first consoli
Bonds.— An additional $836,000 bonds may be issued for the full amount
dated 5s, $163,000 have been canceled and $2,670,000 have been exchanged expended for construction, reconstruction and rehabilitation, or for perman
for Denver City Tramway 1st & Ref. 5s. The Denver City Tramway ent extensions, enlargements and add’ns; remaining $9,343,000 bonds may
mly be Issued for 80% of expend, for perm exts., enlargements and addns.
C o., prior to the sale of its properties, executed a mtge. upon all its physical
properties (other than those formerly belonging to the Denver & North under conservative restrictions. Bonds are red. on any Int. dateatlOfi
western Ry. Co.) junior to the lien of its First & Ref. S. F. Mtge. (originally and int. Mtge. provides for an annual expenditure, beginning with 1919,
matured Apr. 1 1919 and bore int. at 5 % , but were extended to Apr. I 1924 of 20% of gross earnings for maluf., repairs and renewals for exts.
at 6% ) as additional security for the [$6,000,000] First & Collat. bonds of the »nd addns. for which no bonds may be Issued, or for the purchase or retire
Denv. & Northw. C o., the payment of which Northwestern bonds the Denv. ment of outstanding bonds. V. 102, p. 975.
Tramway Co. has assumed. Denver City Tr. Co. 1st & Ref. bonds are
R E PO RT.— For 12 months ended Feb. 28 1923, gross, $2,514,121: net,
red. at 105 & Int. after 1913 up to Nov. 1 1923: thereafter at 102)4 & Int
after taxes, $554,064; bond int., &c., $318,858; baL, sur., $235,206.
on 60 days' notice. Sinking fund of 1% o f bonds out began Nov. 1 1914
ROA D .— Operates 95.38 miles of track. 35 to 129-lb. rails. 146
until and incl. Nov. 1 1923: thereafter 2% of bonds out; $1,109.500retired
passenger, 31 service cars.
through sinking fund. The Denver Tramway Power Co. 1st Impt. Mtge
OFFICERS.— Pres., F. C. Chambers; Vice-Pres., M . H. MacLean and
bonds originally matured Apiil 1 1923 and bore interest at 5% , but were
extended for 1 year to April 1 1924 at 6% . V. 116, p. 1176. Sinking hind W. H. McHenry: Sec.. O. H. Bernd: Treas., F. M . Harris; Asst. Treas.,
of $50,000 per annum, to retire bonds at 105 and int., commenced in 1908, E. B. Bighler.— V. 113, p. lo2, 416. 532, 628, 847, 959, 1155, 1470, 1771.
and $664,000 have been retired (incl. $48,000 called for payment May 5 1887, 2405; V. 114, p. 78, 1532, 1764; V. 115. p. 182; V. 116, p. 176, 1275.
1921). Interest payable in New York and Denver. The remaining Denver
Tram. Term. Co. bonds are for impts. They mature $60,000 annually
DES MOINES
Sept. 1 1916 to 1940. Red. as a whole on any int. day at 105 and int. passenger railway. & CENTRAL IOWA R R .— An electric freight and
on 30 days’ notice. V. 98, p. 1156. $420,000 retired.
ORGANIZATION.— Incorporated In Iowa to construct a system of
R E PO R T .— Of Denver Tramway Co. (1918 report in V. 10c, p. 1887):
lnterurban roads connecting with Des Moines. Was known as the InterDec. 31 Year—
Gross Net(afl.Tax..&c.) Oth. Inc. Deduc. Bal.,Sur
Co. up to Feb. 1922, when
$823,251
3,846 $958,055 df$130.958 urban Railwayp.738. The Des Moines City name was changed to present
1918— ......... ............$3,453,520
R y. Co. guarantees the bonds,
1917........................... 3.279.576 1.143.474
2.412 ’968.617
177.269 title. V.114, interest.
principal and
LATEST EARN ING S.— For statement of earnings covering period of
Financing Plan.— In April 1921 the I.-S. C. Comm, approved a loan to
receivership, see V. 116, p. 1176.
the co. of $633,500 at 6% for 10 years to aid the co. in meeting the $1,267,000
ROAD AND EQUIPM ENT.— Including the Denver & Inter-Mountyin 1st Mtge. 5s due Apr. 1 1921. The holders of the 1st M . 5s were paid
B R ., owns 250.51 miles of electric track, of which there are 210.87 miles ot $500 in cash (obtained from Govt, loan) and $500 in new 1st Mtge. 10-year
City lines and 39.64 miles of lnterurban lines; gauge. 3 ft 6 In. and 4 ft. 7)4% bonds. $795,000 additional 10-year 7)4% 1st M . bonds are pledged
844 in. 263 motor passenger cars, 122 trailers. 152 freight and 98 misr
as security for the Govt, loan mentioned above. For further details see
cars; total. 635 cars. All freight equipment leased to Denver & Inter- V. 112. n 1617
Plan declared effective M ay 27 1921 See V. 112. p. 2537.
Mountain R R . Co. Capacity of central generating plant. 19,200 k. w
The $250,000 6% debentures which fell due Jan. 1 1923 were not retired
6 sub-stations, 2 of 1,500 k. w. each, 2 of 1,000 k. w. and 1 of 900 k. w.
at maturity but are being carried along pending an excension of the loan.
OFFICERS.— Chairman of Board, C. Boettcher; Pres., Ernest Stenger- The Secretary states that “ these debentures are very closely held and are
in friendly hands. It is anticipated that the holders will co-operate with
V .-P ., S. M . Perrv: Sec., H. S. Robertson: Treas., H. J. Alexander; And.
Wm. A. D oty.— V. 112, p. 1616, 1740. 1977; V. 113, p. 730. 817, 1155- the co. in its endeavor to work the situation out.” V. 116, p. 295.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
V. 114, p. 78, 1890; V. 115, p. 1099; V. 116, p. 720, 1049, 1176, 1760.
Stock, $1,200,000 ($100)__________
_________ $1,160,000 ___________(3) Denver & Inter-M ountain R R .— Operating Company.
1st Mtge bonds $2,500.0001 1921 754 A-O
562.500 April 1 1931
The Consolidated Securities & (nvest. Co. owns all the stock and notes.
Red at 102)4 and interest--(Harris Trust & Sav. Bank, Chicago, Trustee
250,000 Jan. 11923
O R G A N IZA TIO N .— Incorporated In Colorado about Oct. 29 1907 as Debentures, $350,000 ($1,0001 1913 6 J-J
and $500)____________ ntf j Int. at Harris Tr. & Sav. Bk., Chic.. Trustee
inter-Mountaln Ry.. but on April 2 1909 changed name to present title
Private right of way. Franchises In Denver and Golden are perpetual
Bonds.— In addition to the $562,500 1st Mtge. 7 54s reported outstanding,
Has freight traffic agreements with Denver Tramway Co. and arrange
$795,000 are pledged as security for a Government loan (see text above)
ments for interchange of transfers on Denver City lines; also contract for and $71,000 additional are deposited as collateral for another loan; addi
use of Tramway Co.'s tracks in entering Denver.
tional bonds to the amount of $100,000 may be issued for full cost of exten
sions, additions and betterments under certain restrictions, and remainder
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
may be issued for 75% of such cost. Are redeemable at 10254 and int. on
Stock, $1,000,000 ($100)_________ _
„ _____
$1,000,000 ________
1st mtge notes____________________
5%
500,000
19.38 any int date. Compare V. 112, p. 1617, 2531. Debentures are redeem
The notes were issued in lieu ot $50o,000 1st M . 5s due 1938, which able on any int. date at 101 and int.
were canceled and cremated N ov. 1 1917.
EARNINGS.— For 12 months ended Aug. 31 1922, gross. $655,647; net,
ROAD, &C.— Incl. in Denver Tram. Co.— V. 107, p. 82; V. lll.p .1 8 5 2 . after taxes, $40,132; bond int., &c., $126,012; balance, deficit, $85,889.
ROAD.— Operates 98 99 miles of tra k (incl. sidings), connecting Des
Moines and Colfax, Des Moines and Perry, with branch to Woodward.
DERRY, PA.
Standard gauge; 60 and 70-lb. T rail. 12 pass, motor cars, 1 passenger
W ESTMORELAND COUNTY RAILW AY CO.
coaches, 7 locomotives and 212 misc. freight and work cars.
O R G A N IZA TIO N .— Incorporated In Pennsylvania on Dec. 27 1904. Is
OFFICERS.— Pres., F. C. Chambers; V.-Pres., M : H. MacLean and
a consolidation of the Bradenvllle & Derry Street R y. and the Blairsvllle & W. H. McHenry: Sec.O. H. Bernd: Treas., Frank M . Harris: Asst. Treas.,
Derry Street Ry.
E. B. Beighler; Gen. M gr.. C. M . Cheney.— V. 114, p. 738; V. 116, p. 295.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, $500,000 ($50).............................................
$500,000 _____ _____
First mortgage. $250,000. g f 1905
5 g M-S
179.930 Mar 1 1935
($100)_________________ c*l Int. at East End Sav. & Tr. C o., Pitts.. Trus
DETROIT, MICH,
Bonds.— No sinking fund and bonds are not subject to call.
DETROIT UNITED R A IL W A Y .— Trolley.
EA R N IN G S.— For years ending Dec. 31:
Cal.Yr. Cross.
Net.
Olh Inc.
Interest.
Taxes. Misc.Ded.Surn.
Municipal Purchase— On March 11 1922 the stockholders ratified
1922...$59,714 $14,159
$6,489
$9,732
$1,140
$9,776 the contract entered into by the directors for the sale o f the c o .’s city lines
1921--. 67,357
25.061
______
10,601
14,295
765 to the city of Detroit for $19,850,000. A special election was held April 17
1920—- 78,176 29,689
10.863
2,025
11,922
4,879 1922 and the people voted in favor of the proposed agreement and the ap
ROAD.— Operates 7 miles of track.
propriation of $4,000,000 for the first payment on the contract for the pur
OFFICERS.— Pres., John E. Potter: V.-Ps., F. Wm. Rudeli and J. A. chase of materials, and other expenses incidental to the taking over o f the
McComb; Sec. & Treas., H. S. Calvert, all of Pittsburgh; Supt., S. F lines by the city. V. 114, p. 1764. For full details and summary of
agreement between city and co., see V. 114, p. 1178; V. 116, p. 610. Com,
Schwerdt, Derry.— V. 82, p. 50.
pare V. 114, p. 854. 947.
On M ay 15 1922 the transfer o f the D. U. R y. city lines to the City o f De
troit was effected. The co. will operate the short lines outside the city
DES MOINES, IOWA.
limits. The lines taken over and those already constructed by the city will
DES MOINES C ITY RAILW AY CO.— A trolley road.
he operated by the Dept, o f Street Rys. Preliminary to the transfer o f
Receivers Discharged.— On April 1 1922 the property, which had been the lines to the city, the city paid $3,177,000 to the co. Of this amount
operated since Dec. 1918 by receivers appointed by the U. S. Dist. Court, $2,770,000 was to take care o f the first payment on the purchase contract
was turned back to the company. V. 114, p. 1532.
o f $19,850,000. V. 114, p. 2240.
Service Resumed, New Franchise, cfee.— Following the seizure of certain
In Oct. 1921 a board of arbitration fixed $2,297,700 as the price the city
power house equipment in satsifaction for claims against it, and after the co. would have to pay the co. for 2954 miles o f line, including equipment.
had demonstrated its inability to operate under a 5-cent fare without jitney V. 113, p. 1674. These lines were form ill / taken over by the city on Dec.
competition and under an 8-cent fare with unrestricted jitney competition, 22 1921.
A pril, 1923.]
39
ELECTRIC RAILW AYS
1913 to and incl. March 1916, 134% quar. In June 1916 to and incl.
ORGANIZATION'.— Incorporated In Michigan Dec. 31 1900 and took
over franchises and properties of the Detroit Citizens’ Street B y., the De Mar. 1917, 1M % - In June 1917 to and incl. Mar. 1921, 2 % . In June 1921
troit Electric R y., t i Detroit Ft. Wayne & Belle Isle and the Detroit Sub a stock div. of 234% was paid. V. 112, p. 1865. The co. also declared
urban. V. 72. p. 4 .183. Embraces all the street railway lines in Detroit. stock divs. of 254% each, payable Sept, and Dec. 1 1921, but the P. U.
grant the co. authority
Later absorbed by purchase the Detroit & Northwestern Ry., which it Comm, refused torescinded these divs. Theto issue the stock and in Oct.
1922 the directors
divs. had not been distributed.
known as the Orchard Lake division, the Detroit & Pontiac R y., knowr
1155,
2405- A
as the Pontiac division, the Wyandotte & Detroit River R y., known as tbt Compare V. 113, p. payable1359, 1887, 2079,V. 115, p. cash dividend of
Dec. 1 1922.
1730. in 1923,
Wyandotte division, and the Detroit A Flint, formerly the Detroit Roches 154% was declared
March. 134%; June. 114%.
ter Romeo & Lake Orion Ry., and known as the Flint division.
ROAD.— On Dec. 31 1922 operated 598.887 miles of track, as follows:
Owns entire capital stock of the Detroit & Port Huron Shore Line (Rapid
Railway System); Detroit Monroe & Toledo Short Line Ry. (acquired in Detroit United, including Wyandotte & Detroit River R y., Detroit &
Feb. 1906) and the Detroit Jackson A Chicago Ry. The last-named is a re Northwestern, Detroit & Pontiac, Detroit & Flint, Detroit Almont & N or.
R R ., Highland Park & Royal Oak R R ., 260.276 miles Detroit & Port
organization of the Detroit Ypsilanti Ann Arbor A Jackson R y., the Jack
Huron Shore Line, 142.838 miles Detroit Monroe & Toledo Short Line,
«on Ann Arbor & Detroit Ry. and the Detroit Plymouth & Northvllle Ry
which were acquired in Jan. 1907. Also owns the entire capital stock o1 84.094 miles Detroit Jackson & Chicago R y ., 111.678 miles. Rails, 77,
85 and 98-lb. steel. Does an express service. Has 664 passenger cars,
the Detroit Almont & Northern RR ., which it leases for 50 years from 1915
240 freight and construction cars, 18 line cars, 130 express cars, 3 miscel
and guarantees and assumes its bonds as a direct obligation, by endorsem’t
laneous cars, 4 locomotives, 1,887 motors and 1,886 trucks. There are
In Aug. 1901 purchased 180 shares (all) of the stock of the City Electrk
3 power houses, with a combined capacity of 13,250 k. w., and 14 sub
R y. and the People's'Electric Light plant of Windsor, Onl.
stations.
Bus Service to Supplement Interurban Lines Proposed.— See V 115, p. 759.
OFFICERS.— Charman of the Board, J. C. Hutchins, Detroit; Acting
Valuation.— See V. 115, p. 1837.
Pres., E. G. Stevenson V .-P ., Chas. Laurendsau V.-P. & Gen. M gr.,
E. J. Burdick; Sec., A. E. Peters, Detroit; Treas., A. A. Gingras; Aud.,
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity
R. G. Skeman. General offices, Traction Bldg., Highland Park, Mich.—
Stock $15,375,000 {$100)-...............
Q-M
S15.375.000
See text
1st consol mtge. $25.000,000,f 1902
434 g J-J xl4,55.i,000 Jan. 11932 V. 113, p. 628, 959, 1052, 1155. 1359, 1470, 1674, 1887, 2079, 2311. 2405,
2504, 1719, 2818; V. 114, p. 78, 626, 848, 854, 947, 1178, 1532, 2011, 2240.
gold ($1,000)_______ c*cpt(Guaranty Trust C o., N. Y ., Trustee. Int
2579: V. 115, p. 182, 645, 759, 1099, 1730, 1837. 1941. 2158, 2477; V. 116,
t at Agency Bank of Montreal
Coll trust notes $4,500,000/ 1918
7 g A-O 1 1,000.000 April 1 1923 p. 610, 720.
($1,000) gold_______ c* tf(Central Tr. Co..N .Y..trustee Int. in N Y
(1) Detroit & Port H uron Shore Line R y.— A trolley road.
1st Mtge coll bonds $5,000,-1 1921
8 g F-A
3,492,000
See text
Entire outstanding capital stock is now owned by the Detroit United R y .
000 ($1,000)_________ c*tf tint, 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 t. Clemens & Marine City Ry. (the
puredaser 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.
che Detroit & River St. Clair R y .). the Port Huron St. Clair & Marine City
Stock listed on cheN. V., Montreal, Detroit and Cleve. Stock Exchanges
Ry., the Connors Creek & Clinton River Plank Road Co. and the City
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 $3,390,000 are held each road. The consolidated company operates all the tracks Id Mt. Clem
in treasury. Callable at 105 and int. on any int. date on 60 days’ notice
ens and Port Huron, and the through route from Detroit to Port Huron
See V. 73. p. 1111: V. 103. p. 320. Listed on N. Y. Stock Exchange. Of running through M t. Clemens, New Baltimore, Algonac. Marine City and
the $4,000,000 1st Mtge. 8% coll, bonds $508,000 were retired Aug. 1 1922 R . Clair. Also owns the capital stock ($25,000) of the Detroit & Lake
and the remainder mature Aug. 1 1941; $10,000 are held in treasury. Are It. Clair Ry.
secured by pledge o f $4,155,000 underlying bonds, for description of
8TOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
which see V. 113, p. 532. Of the remaining $1,000,000 bonds authorized,
Rock. $2,500,000 ($100)............................... ........
$2,000,000 ...................
$500,000 are issuable against the pledge of $600,000 Detroit & Pontiac
1st mtge. $2,500,000 ($1,000) f 1900
5 g J-J
2.500.000 Jan 1 1950
consolidated mortgage bonds due June 1 1926, when extended under closed
cannot be called, gold.c*&ri Union Trust C o., Detroit, Trustee.
mortgages. A sinking fund of 5% per annum of the 20-year bonds issued
[Int at American Exch. Nat. Bank, N . Y .
will purchase bonds of that maturity up to 10734 and int. Are callable
ROAD.— Total Det. & Port Huron System, 138.2268 miles.
as a whole at 19734 and int. on 30 days notice. Pennsylvania 4-mill tax
EARNINGS.— Now Included in report of Detroit United R y.— V. 77. P.
refunded. V. 113, p. 532.
The coll. tr. notes are secured by a deposit of $9,000,000 par val. of stocks 34; V. 84. p. 338.
and bonds of constituent cos. No additional Detroit United Ry. 4 34%
(2) Detroit M onroe & T oled o Short Line R y.
cons. M . bonds can be Issued except for refunding purposes, nor can the
ORGANIZATION.— Incorporated In Michigan on Dec 11 1902
,
constituent companies, whose shares are pledged under these notes, increase
In Feb 1906 entire stock was acquired by Dec. Unit. Ry V. 82. p , 392
their bonded debt while any o f these notes remain outstanding. Notes
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
red. as a whole or in amounts of not less than $500,000 on 30 days notice at
$2,581,000 ................. ..
Rock, $3,000,000............. ......................................
101 and int. to Apr. 1 1922 since at 10034 and int. V. 106. p. 1126.
1
st mortgage, $3,000,000,1 1903
5 g J-J
3,000,000 Jan 1 191
$3,400,000 have been retired. V. 114, p. 2011 V. 115, p. 645, 1099.
gold ($1.000)__________ c*/Union Trust C o., Detroit, Trustee.
Detroit Electric.
Bonds.— Interest Is payable In New York. No sinking fund and bond
Date.
Interest. Outstanding.
Maturity
fe not subject to call.
Detroit Ry 1st M . g ($1,000) ( 1895
5 g J-D x$l,25),000
1923-1924
ROAD.— Operates 50 miles of road from Toledo to Detroit and 4 miles
on 56.34 miles_______c*Ar| interest at Cleveland Tr. Co . Trustee
•oad from Monroe to Lake Erie; completed Nov. 5 1904. At Toledo con
x Allocated to the City System" and are to be paid out of the proceeds of
'lection is made with tbe Lake Shore Electric Ry. for Cleveland. Is o
the sale of same to the City of Detroit. Y. 116, p. 610.
Bonds.— First mortgage bonds of the Detroit Ry. numbered 1 to 600 ma 'team road construction, on private right of way; standard gauge, laid with
70-lb. T rails. Total track, 84.1621 miles. V. 107, p. 82; V. 108, p. 480.
ture in order of numbers at $50,000 per annum beginning Dec. 1 1912
numbers 601 and above mature Dec. 1 1924; $550,000 have been retired.
(3) Detroit Jackson & C hicago Ry.
Detroit Fort W ayne & Belle isle,
ORGANIZATION.— A holding co. organized in Mich, in 1907 by Detroit
1st mtge. gold, $l,200.000f 1898
5 g A-O x$l,200.000 April 1 192“
United interests to take over the Det. Ypsii. Ann Arbor & Jack. R y., the
$1.000)------------------- c*&r( New York Trust C o., Trustee. Subject tr
lack. Ann Arbor A Det. Ry. and the Det. Plym. & Northvllle R y., paying
l call at 105 and int. on 60 days’ notice. .
•Uerefor $1,230,000. Entire stock owned by Detroit United R y.
Agents, Bank o f Montreal, New York.
^ares.— On Mar. 21 1919 Judge Hosmer in the Circuit Court at Detroit
x Allocated to the “ City System” and are to be paid out of the proceeds of the
ordered fares on the c o .’s lines between Detroit and Jackson reduced to the
sale of same to the City of Detroit. V. 116, p. 610.
ore-war basis of about 154 cents per mile. V. 108. p. 1274. The $60,000
Detroit & Northwestern R.v.
rpsilanti
Date.
Interest. Outstanding
Maturity. chat date, & Saline 1st M . 6s which matured July 1 1919 were retired on
1st mtge, $1,000,000, gold! 1901 7% g M -N $855,000
Jan. 1 19.32 therewith, $60,000 of the c o .’s 1st consol, mtge. 5s being issued in connection
us»($100, $1,000)_________ c*\ Interest at Union Trust Co., Detroit. Trust.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Bonds.— Are guar., p. & i., by Detroit United Ry. by endorsement.
$614,000 - - - - - .........
See V. 73, p. 494. Were taken up at maturity (M ay 1 1921). but are Rock ($100)................................... - ....................
First consol mtge, $4,000,000/
1907 5 g F-A
2,060,000 Feb 1 1937
pledged as extended bonds with lien unimpaired under the Detroit United
($1,000). gold_________ c *(ln t. at Security Trust C o.. Detroit. Trustee.
R y. 1st mtge. coll. 8% bonds. See V. 113, p. 532.
1st cons M Det Y A Ar&Jack/
1901 5 g F-A
1,610,000 Feb 11926
Detroit & P ontiac Ry.
$2,600,000($500.$l,000)gc*[ Int. at Detroit Trust C o., Detroit. Trustee.
1st con mtge. gold ($1.000),[ 1901
4^4 8 J-D
600.000 June 1 1926
D etY psA Ann Ar cons IstM ]
1899 6 g F-A
330,000 Feb 11924
$1,100,000 ------------- c*Ari Tnt. at Washington Tr. Co . N Y. Trustee
$1,000,000. g ($500 & $1.-/Int. at Union Tryst C o., Detroit, Trustee.
Bonds.— $500,000 consolidated mtge. 4 34 % bonds were reserved to retire
000) sinking fund annually/
like amount of 1st mtge. bonds: the latter were paid off at maturity Feb. 1
The Det. Yps. & Ann Arbor & Jackson first consols cannot be called.
1922. Bonds are subject to call at 105 and interest on 60 days’ notice after
June 1 1911. Principal and interest o f both issues guaranteed by Detroit Of the amount reported outstanding, $46,500 were in the Detroit United
Treasury on Dec. 31 1922.
United by endorsement.
Bonds.— Bonds of Det. Jack. & Chic, are subject to call on any interest
Detroit & Flint Railway.
lay at 105 and int. Guar., p. & 1., by the Derroit United Rys.; enough
The Detroit A Flint Ry. was organized to acquire the Detroit Rochester
londs are reserved to retire bonded debt of the Det. Yps. Ann Arbor A Jack.
Romeo & Lake Orion, together with the Nor. Det. Elec. Ry. and the Det
Ry. V. 85. p. 345. Of the amount reported outstanding, $1,174,000 wer*
Utica & Romeo Ry. The consol. M. is a 1st lien on these last two oroo’ tles.
»n Dec. 31 1922 in the Detroit United treasury.
Date.
Interest. Outstanding. Maturity.
ROAD.— Completed and In operation from Detroit (through Wayne and
Detroit A Flint 1st consol M .f 1901
5 g F-A
$1,400,000 Jan 1 1932
Vpsilanti) to Ann Arbor and to Jackson: making mileage 100 miles, of which
g, $3,000,000 ($1,0Q0)--C*\lnt. at Tr. Co. o f America. N. Y.. Trustee.
10 miles over orivate right of way. Total track. 111.2891 miles. Ralls
D R R & L O Ry 1st mtge.f 1901
7 g J-D
$1,100,000 See texl.
sinking fund, gold ($1,000),lin t, at Cont. & Comm. Tr A Snv. Bank, 70 and 75-lb. T girder. Does a freight business.— V. 108. p. 1274.
$1,500,000; unissued bondsl Chicago, Trustee; also Guaranty Trust Co.
(4) Detroit Alm ont & Northern R R .
have been canceled____ c*l New York.
ORGANIZATION.— Organized under the General Railroad Laws of
Bonds.— Both the Detroit & Flint consol mtge. 5s and the D. R. It A
Michigan. Is leased for 50 years from 1915 to the Detroit United R y ..
L. O. Ry. 1st mtge. 5s are guaranteed by the Detroit United Ry.; see form
which owns its entire capital stock.
of guaranty in V. 76. p. 1390; as “ additional collateral security" on the
Flint bonds 1st consol. 4 J4 % bonds o f the Detroit United are deposited
BONDS—
Interest. Outstanding. Maturity.
$ for $, with the Guaranty Trust Co. of N. Y ., and would be available in First mtge, gold, $2,500,000/ Date.
1915
6 g F-A
$400,000 Feb 1 1940
the event o f default on the Detroit A Flint bonds. The D. & F. cons. 5<
($1,000 A $ 5 00)--_ c* tf lin t, at Union Tr. C o.. Detroit, Trus., A N .Y
_
matured Aug. 1 1921, while the D. R. R. A L. O. Ry. 1st M. 5s fell due
The bonds are guar, and assumed as a direct obligation, by endorsement,
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 by the Detroit United R y.. which. In the event of any new issue of refund
ing or general mortgage bonds being placed on the Det. Un. Ry. or Its sub
M . coll. 8% bonds. See V. 113, p. 532.
sidiaries, will reserve sufficient new bonds for the retirement of the above
R E PO RT.— Annual report for 1922 was in V. 116, p. 610:
Issue at maturity. Red. on and after Feb. 1 1925 at 103 and int. Re
D etroit United Ry., Rapid Ry. Sys., *Sandw .W lnd. & A m herstb. Ry. maining bonds to bear rate of interest as fixed by the directors when issued
D et. M onroe & T ol. Sh Line R.v. and Det. lack. & Chic.
but not to exceed 6% .
al922.
1921.
1920.
1919.
ROAD.— Extends from Romeo, through Almont to Imlay City, about
Revenue passengers____ 146,059.466 336,579,071 425.582,985 394.374,451
Transfer passengers____ 35.410,287 103.760,082 128,152.432 122.422,145 20 miles; built on private right of way; 70-lb. rails.— V. 101, p. 130.
Gross earnings__________ $13,184,771 $23,329,068 $28,986,228 $24,683,038
Operating expenses_____ 10,098.489 19.428.779 25,025.165 19.792,528
Net earns, from oper. $3,086,282 $3,900,289 $3,961,063 $4,890,510
Inc. from other sources. 1.064.574
716 224
676,118
546,406
Inc. from all sources_ $4,150,856
_
$4,616,513 $4,637,181 $5,136,916
Interest and taxes______ $2,222,981
$3,351,068 $3,003,606 $2,868,250
O
D ividen d s___________ (1^)230,276 (2%)300,000(8)1,2 )0,00u (8)1,2 iO.O O
Deprec a. charged off_
_
______
______
200.000
600,000
Reserve for taxes_______
126,188
150.000
150.000
200.000
Reserve for cont ngen’s .
250,000
250.000
5...000
150.00b
Total deductions_____$2,829,445 $4,051,068 $4,603,606 $5,018,250
Surplus income________ $1,321,411
$565,445
$33,575
$418,666
+ In opeiation up toM a.eh 31 1920.
a The Detroit City Lines were sold to the city M ay 14 1922 and the re
sults for 1922 aie exclusive of the iJty I ines after that date.
x 2% paid in cash. In addition, 234 % xn stock was paid (but see under
‘ ‘ Dividends” below).
D IV ID E N D S.— First dividend of 1% on Detroit United stock was paid
March I 1901 and 1% quarterly thereafter until Aug. 1 1905, when rate
was raised to 1 M % quarterly. On Nov. 1 1905 1 M % . In 1906 5% . In
1907, Feb., 1V£%: M ay, 114%: Aug., 1 X % - None to Mar. 1911, when
I X % was paid; same amount quar. to and Incl. Dec. 1912. In March
DIXON, ILL.
ILLINOIS NORTHERN UTILITIES CO.
Controlled by the Middle West Utilities C o., which see In our “ Railway
A Industrial Section.”
O RGAN IZATION .— Organized under the laws of Illinois July 31 1916
as a consolidation of the Illinois Northern Utilities Co. (incorp. In April
1912). Tri-County Light A Power Co. (V. 97. p. 669). and the Freeport
Railway A Light Co. (see this Section for May 1916). V. 103, p. 496.
Operates gas and electric properties In the western half of the northern
part of Illinois adjoining the territory served by the Public Service Oorp.
of Northern Illinois. Also operates street railways in Sterling and Dixon and
an interurban line between the two cities, total 1st track, 18 51 miles, and
9 miles of track in Freeport. Franchises In Freeport expire March 1 1923.
Has traffic arrangement for 50 years with the Rockford A Interurban R y.
Co., allowing cars of that company to enter Freeport.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity,
Common stock___________________
_______
$4,635,000 ...................
First pref stock 6% cum__________
Q-F
3.224.800 M ay ’23.134
Second preferred stock_______ _____
.............
250.000 __________
5 g A-O
5,553 nnn Apr 1 1957
First and ref M gold______ t f 1912
General mortgage___________ _____
6%
341,000 __________
40
ELECTKIC RAILWAYS
[V ol. 116,
Underlying Bonds—
De Kalb County Gas________ 1902
5%
199,500 Jan 1 1927
Sterling Gas & Electric______ 1902
5%
249,500 Junel 1927
Tri Co Ut & Pr 1st & ref mtge- 1912 6%
40,000 ____________
Freep Ry & Lt mtge $2,000,-/ 1910 5 M -N
140,000 N ov 1 1935
000 g ($100, $500 & $1,000) lin t, at Cont. & Comm. Tr. & 8. B ., Gh..trus.
Stock.— In addition to amounts reported outstanding, $130,800 1st pref.
and $365,000 common held in treasury.
Bonds.— The 1st & ref. M . bonds of 1912 are red. at 105. Additional
amounts may be Issued (a) $629,000 to refund underlying bonds, (6) In
exchange, par for par, for mortgage debt existing at time o f acquisition of
ropertles acquired in the future; (c) for expenditures made In acquiring
iture oroperty to extent o f 75% o f cost thereof. V. 94, p. 1383; V. 95.
p. 1123.
Dividends.— On pref., \\i% quar. paid N ov. 1912 toand lncl. M ay 1923.
E A R N IN G S.— Of Illinois Northern Utilities Co. and Sterling, Dixon &
Eastern Electric R y. for 12 mos. ending Dec. 31:
Net, after Interest, Preferred
Cal. Years—
Gross.
Taxes. Rents. &c. Dividends.
Balance. '
1922 ...................S2,129,276 $707,685 $406,848 $189,363 sur .$111,474
1 9 2 1 __________ 1,987,321 655,426
383,813
150,360 sur. 121,253
OFFICERS.— Pres., Samuel Insull; V .-P ., E. D . Alexander; Sec. &
Treas., John H Guliek: Asst Sec. & Asst. Treas., J. A. O’Connell: Aud.,
L. E. Jacobson.—-V. 106, p. 2757; V. 114, p. 2011; V. 115, p. 2386; V. 116,
p. 943.
stead of city officials, has jurisdiction over the co. V . 107, p. 2476. See
also V. 112, p. 2082. On Sept. 1 1917 the Duluth St. R y. acquired the 314mile line of the Park Point Trac. Co. of Duluth, Minn. V. 105, p. l80.
The Duluth-Superior Bridge between Duluth, Minn., and Superior, W is., Is
used by the railway but is a separate corporation, and has issued 1st M .
bonds for $650,000 and 2d M . bonds for $300.000.— see bridge items. V .
63, P. 310. 504.
Valuation.— See V. 110, p. 1748; V. 115, p. 435.
Municipal Ownership Voted Down.— On April 1 1919 a proposition that
the city purchase the co’s. system was defeated by a vote of nearly two to
one. On June 21 1920 another plan for municipal ownership as well as an
ordinance providing for a 6-cent fare, was voted down at a special election.
V. I l l , p. 73. See also V . I l l , p. 692.
Fares.— On July 13 1922 the RR. & Warehouse Comm, of Minn, filed
an order effective Aug. 1 1922, fixing the valuation of the property of the
co., comprising the Duluth, Minn., D iv., and fixing a rate of fare of 6 cents
cash, 5 tickets to be sold for 25 cents. The co. appealed from this order to
the U. S. Dist. Court, which Court issued an order restraining the Comm,
and the city of Duluth from interfering with the co. collecting a straight
6-cent fare after Aug. 1 1922, until final determination of the appeal. Later
the city of Duluth applied to the Court for a modification of its order, and
the former order was amended to provide that after Sept. 7 1922 the cash
fare should be 6 cents, but the co. was required to sell 5 tickets for 30 cents,
with a 5-cent rebate coupon attached, pending final decree of the Court.
V. 115, p. 1209. On Sept. 1 1921 the Wise. RR. Comm, ordered a 6-cent
cash fare with 6 tickets for 35 cents in the city of Superior.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Q-J
$3,500,000 Oct. T 8, 1%
Common. *3,500,000 ($100)............
DOYLESTOWN, PA.
Pref 4% cum ,*l,500,000(*100)____
Qj
1,500,000
See text
PHILADELPHIA & EASTON T R AN SIT CO.— A trolley road.
Duluth St Ry M . *2.500.000,/ 1900
5 g M&N
2,500,000 M ay 1 1930
gold ($1,000)__________ c*\Int. at Cent. Trust C o., N . Y .. Trustee.
ORGA N IZA TIO N .— Incorp. July 30 1921 in Penna. as successor by
5 M -N
1.272.000 May 1 1930
reorganization (see plan in V. 114, p. 80) to Philadelphia & Easton Electric Dul St Ry gen M *2,500,000,/ 1910
gold (*1,000) sk fd _____c*\Int. at Central Tr. C o.. N . Y .. Trustee.
R y., for history of which see “ Electric Railway” Supplement of Oct. 22 1921
Under the plan outlined in V. 114, p. 80, the holders of 1st Mtge. 5% bonds
Stock.— Both com. and pref. are listed on N . Y . Stock Exch. V. 90, p. 848.
in the old co. received 40% in new 1st Mtge. 5% bonds, 30% in Pref. and
Bonds.— The mtge. of 1900 covers all the mileage o f the Duluth Street R y.
30% in Com. stock of the new co. in exchange for same. The Com. and the property of the Lakeside St. R y. and of the Superior Rapid Transit
Pref. stocks of the predecessor co. were without value under the terms of the having first been conveyed to the Duluth St. Ry. The gen. mtge. bonds are
reorganization, no consideration being given them.
ubj. to call on any int. day at 105 and int. $189,000 are held in treasury and
The protective committee for the Phila. & Easton Elec. R y. 1st Mtge
$262,000 have been canceled. Remaining bonds may be issued for addi
5s consisted of William Pearson, Chairman, Harrisburg, Pa.; L. B. Hillard, tions, extensions, &c., under conservative restrictions. They are guar.,
Wilkes-Barre, Pa.; A. C. Patterson, Philadelphia, Pa.; Henry G. Rush
p. & 1., by Duluth-Superior Trac. Co. Sinking fund of 2H % per annum or
Lancaster, Pa. Depositary: Northern Trust & Savings C o ., Lancaster, Pa
bonds out began M ay 1913. Exempt from personal tax In Minnesota.
V. 90, p. 1296; V. 91. p. 276; V. 92, p. 186; V. 104, p. 1044.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity
Dividends.— On the preferred stock 4% per annum from Jan. 1901 to and
Common, $300,000 ($50)__________
_______
$273,300 ---------------Pref6% non-cum $300,000($50)____
_______
273,300 ---------------- inci. April 1921. None to Oct. 2 1922, when 2% was paid, being 1% each
1st Mtge $500,000 ($100, $50011921
5 A-O
364,400 Oct 1 194C for the quarters ending June 30 1921 and Sept. 30 1921. V. 115, p 1210.
and $1,000)__________ tf.c* /In t. at Northern Tr. & Sav. C o., Trustee
In Jan. 1923 three divs. of 1% each were paid for the quarters ending Dec. 31
Stock.— The pref. stock is non-cum., without voting power, subject to 1921, March 31 1922 and June 30 1922. V. 115, p. 2378. In April 1923
redemption at any time. The common stock has exclusive voting power. two divs. of 1% each for quarters ending Sept. 30 and Dec. 31 1922 were
The plan recommended that the common stock be placed in a voting trust paid. V. 116, p. 1049. On com., first div.— 1%— Oct. 1909. Same
amount quar. to and incl. July 1910: in Oct. 1910, 1 H % - Same amount
for five years.
quar. to and incl. April 1913. In July 1913 reduced to 1% (V. 96, p. 1772);
Bonds.— Additional bonds may only be issued for exts., impts., &c. Int. same amount quar. to and incl. Jan. 1915, April div. omitted (V. 100,
payable free of Penna. State tax. V. 114, p. 80.
p. 900); payments changed to semi-annual basis and a div. of 1% paid July
EARN INGS.— For year ending Dec. 31 1922, gross, $143,637: net, 1915 (V. 100, p. 1437). None to Oct. 1 1917, when 1% was paid. Same
$20,029. In 1921, gross, $167,797; net, $34,988. In 1920, gross, $177,008 rate quarterly to and incl, Oct. 1 1918. None since.
net, $54,631.
REPO RT.— For calendar years:
Operates 35 miles of road between Doylestown^and Easton; “ T ” rail; Calendar Gross
Net (after Int. & Pref.Divs. Common
Balance,
gauge, 5 ft. 214 in.; 8 cars.
Years. Earnings, oper exp.) Taxes.
(4 % ).
Dividends.
S ur.orD ef.
______ sur.$17,103
OFFICERS.— Pres. & Gen. M gr., A. H. Sickler; V .-P., John O. Swartley; 1922-..$1,786,020 $380,654 $288,551(5%)$75,000
______
sur.13.587
1921-.- 1,804,840 311,535 282,948 (1%)15,000
Sec.. W. S. Chambers; Treas., Godrey Schmidheiser.— V . 114, p. 80.
In 1922 carried 32,036,900 revenue passengers and 34,596,264 transfer
passengers, against 34,596,264 revenue pssengers and 5,809,271 transfer
passengers in 1921.
DU BOIS, PA.
R O A D .— The system embraces about 105.83 miles o f track and includes
DU BOIS ELECTRIC & T RACTION CO.— In Nov. 1916 control was ail the lines in Duluth and Superior. 152 passenger and 20 other cars.
acquired by the Keystone Utilities C o., which see under Scranton. Pa.
OFFICERS,— Chairman of the Board, A. E. Ames; Pres., A. M . Robert
O R G A N IZA TIO N .— Incorp. In New Jersey on Nov. 18 1901 as the Amer
& Gen. M gr.,
Warren; Sec.
, S.
Reichert;
ican Town Light Co. and name changed later as above. Owns all of the son; V.-P. P. Dwyer.— V. Herbert 70; V. 114, p. & Treas 115, L. 435 , 543,
Aud., W .
113, p.
854; V.
p.
stock of the Du Bols Elec. Co. and the Du Bois Trac. Co. V. 76, p. 972
759, 1210, 2378; V. 116, p. 822, 1049.
Franchises for both street railway and electric-lighting are perpetual and
exclusive.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
EAST LIVERPOOL, OHIO.
Stock, *300.000 ($100)...................................— $292,500 ........... ........
Oollat trust mtge, *300,000/ 1902
5 g M -N
280,500 M ay 1 1932
STEUBENVILLE EAST LIVERPOOL & BEAVER VALLEY T R A C
(*500), gold.............. c * n tflln t. at Columbia Trust C o., N. Y ., Trustee
TION CO.
Bonds.— No sinking fund, but subject to call at any time at 105 and int.
ORGANIZATION.— Incorp. in Ohio and Penna. on N ov. 1 1917 as a
merger of the East Liverpool Trac. & Lt. Co., the Steubenville & East
EARN INGS.— Combined earnings for years ending Dec. 31:
Cal. Years—
Gross.
Exp. & Taxes. Net.
Interest.
Balance. Liverpool R y. & Lt. Co. and the Ohio River Passenger R y. For history
of merged companies see this Section for January 1918.
1921...................$237,234
$177,816
$59,418
$14,025
$45,393
Fare Increase.— In Jan 1919 the I.-S. O. Comm. auth. a single-trip fare
1920__________ $244,339
$203,730
$40,609
$14,025
$26,584
of 10 cents and a commutation fare o f 14 rides for $1 between East Liver
OFFICERS.— Pres., E. M . Harrington; V .-P ., E. T . Hartigan; Sec. & pool, O., and Chester. W . Va., and dismissed a complaint against these
Treas., John Marsman.— V. 89. p. 1667; V. 103, p. 2340.
rates. V. 108. p. 481. In April 1922 the Federal Dist. Court.handed
down a decision auth. the co. to return to the 5-cent fare on local lines in
stead of the three-fare zone system. V. 114, p. 1892. An ordinance auth.
the co. to charge a 7-cent city fare, a 10-cent inter-city fare and 1-cent for
DUBUQUE, IOWA.
transfers was voted down Feb- 27 1923. V. 116, p. 1051.
DUBUQUE FI EC'TPIC CO
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Control.— In Feb. 1923 Albert Emanuel Co., Inc., purchased all the
Common, $2 000,000 ($100).................................. .. $2,000,000 ___________
common stock o f the company. V. 116, p. 822.
Pref 5% cum $2,600,000 ($ 1 0 0 )____
_________
2,600,000 ......... ..........
ORGA N IZA TIO N .— organized in Delaware June 3 1916 and acquireo
First mtge $3,000,000. gold/ 1917
5 g M -N
1,600,000 Nov 1 1947
the Union Electric C o., of Dubuque, (see “ E lec.R y.” Section for M ay 1916)
($1.000)________________ c\Int. at Comm’l Trust C o., Phila., TrusteeDoes the entire electric lighting, power and street railway business in Du
Bunds.— Redeemable at 105 and int. since Nov. 1 1922. $117,000 of
buque and vicinity. Owns East Dubuque Elec Co. serving East Dubuque the bonds reported outstanding are held in the treasury.
111. Also sells power to the Eastern Iowa Electric Co. (controlled through
EARNING S.— For year ending Dec. 31 1921, gross, $928,575; net, after
stock ownership), serving 8 communities within easy transmission dis taxes, def., $17,378. In 1920, gross, $949,171; net, after taxes, $15,902.
tance of Dubuque.
In 1919, gross, $840,600; net, after taxes, $72,636.
R OAD.— Owns and operates 100.69 miles o f track between Vanport, P a.,
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
and Steubenville, O., and in Steubenville, East Liverpool and Wedsville,
Com stock $2,000,000 ( $ 1 0 0 ) .____
_________
$682,000 __________
Pref 6% cum $2,000,000($100)____ Q-M
800,900
See text O.. and Chester, W . Va. Also operates in intervening towns, and operates
1st M $6,000,000 ($500 & SI.--{ 1916
5 J-D
2,445.000 June 1 1925 a through line between Steubenville and Beaver, Pa. 80 cars.
000) red at 101 & int on(Int. at Chicago or New Y irk. Central
OFFICERS.— Pres., C. A. Smith, Chester. W . Va.: Gen. M gr.. R . J.
60 days' notice____ - C P ti Trust C o., of Illinois, Trustee.
McElravy, East Liverpool. O.: Sec. & Treas.. Geo. H. Faulk. East Liver
3-yr. secured notes, gold_____ 1920
8% M-S
111,000 Sept 1 1923. pool.— V. 115, p. 545, 2478; V . 116, p. 78, 722, 1051.
Stock.—Pref. stock is callable at 110 and divs. and has equal voting power
with common. V. 103, p. 410.
Bonds.— Secured by an absolute first and only mortgage on all the co's
EASTON, PA.
properties, rights and franchises. Add’l bonds may be issued for only 80%
of cost o f permanent add'ns and impts. and then only when net earns, for
THE NORTHAMPTON T R AN SIT CO.
preceding 12 months have been at least 1!4 times the int. on bonds out
ORGANIZATION.— A reorganization in 1921 of the Northampton
standing and those to be issued. Sinking fund from June 1 1917, 10% of
gross earns., either to purchase bonds or call them at 101 and in t..or for Traction Co. (for history see “ Electric Railway” Supplement of April 29
1922) sold at foreclosure June 1 1921. Holders of 1st Mtge. 5% bonds of
mpts., &c. V. 103, p. 410. The notes are secured by 1st Mtge. bonds.
the old co. received a like amount of new Northampton Transit Co. 1st
Dividends on pref stock have been paid regularly from date of organizat'n
Mtge. 6% bonds, as per plan in V. 115, p- 760.
Earns. Years Ending— Dec. 31 ’22. Dec. 31 ’21. Dec. 31 ’20. July 31 ’2L
STOCK AND BONDS—
Dale. Interest. Outstanding. Maturity.
Gross__________________ $1,067,171
$997,075
$874,977
$986,765
Common 3,000 shares (no p a r ) _______________
3,000 shs. __________
Net, after taxes________
355,332
301,831
212,210
260,084
1st Mtge $400,000 red at 105 \ 1921
6 J-J
400,000 July 1 1941
P R O P E R T Y .— Power station with 9,500 k. w. generating capacity;
& interest________________/Northampton Tr. C o., Easton, Pa., Trustee.
about 220 miles of transmission and distributing lines; 20.7 miles of track 2d Mtge $250,000 red at 1051 1921
6 J-J
150,000 July 1 1941
In city and suburbs, substantially all 70-lb. rail; 90 cars.
& interest___________ ,___ /Northampton Trust C o., Easton, Pa., Trust.
Bonds.— $100,000 2d mtge. 6s held in treasury.
OFFICERS.— Pres., Albert Emanuel, New York; V .-P., G. A. Baker;
Sec., Floyd E. Harper; Treas., C. B. Zeigler.— V. 112, p. 2305; V. 113,
ROA D .— Owns and operates road extending from Easton, Pa., to
p. 1674; V. 114, p. 1062; V. 116, p. 822, 1275.
Tatamy, Nazareth and Bangor, Pa.
OFFICERS.— Pres., Chester Snyder.— V. 115, p. 760.
R
DULUTH, MINN.
DULUTH-SUPERIOR TR AC T IO N .— Trolley
ORGAN IZATION .— Incorporated in Connecticut in 1897. Owns entire
ttock of the Duluth Street R y., the Lakeside Street Ry. and the Superior
Rapid Transit. The corporate existence of the Duluth Street Ry. is main
talned, but all of its stock 1
*2,000,000 authorized. $1,800,000 outstanding)
la held by the Duluth-Superior Traction. This latter company has no
bonded debt. The Duluth Street Ry. was organized under Act of Minne
sota approved Nov. 17 1881 and possesses “ an exclusive franchise” which
runs until 1931.
See decision with regard to franchises In Superior
In V. 80, p 1911. On Dec. 18 1918 the company surrendered its franchise
to operate in Superior and in 1921 its Duluth franchise; the system now
being operated on the indeterminate permit basis under which the State, in
NORTHAMPTON-EASTON & W ASH INGTON T R A C T IO N CO.
Receivership.— In N ov. 1919 William L. Doyle, of Easton, Pa., was ap
pointed receiver for the co. V. 109, p. 1987, 2440.
Reorganization Plan.— In April 1922 the committee named below an
nounced a plan of reorganization which provides for the formation o f a new
co. which will acquire the properties of the present co., to be bid in at fore
closure sale [the bondholders in N ov. 1922 purchased the properties for
$25,000. V. 115, p. 2159 ). The new co. will be capitalized approxi
mately as follows:
First Mortgage 7% bonds___________ _______ ____ A$LOOo!oOO
4% (revised plan calls for 5% ) Sk. Fd. Inc. bds_
_
536,000
Stock, no par value_____________________________ 2,000 shs.
ilOOJOOO
x444,000
2,000 shs.
A pril, 1923.]
41
ELECTEIC KAILW AYS
First Mortgage Bonds.— Will bear int. at rate o f 7% from July 1 1922
payable J. & J. Due Jan. 1 1950. $50,000 will be set aside to be issued as
needed when earnings equal 1 )4 times interest charges on the 1st Mtge.
bonds issued and to be issued.
Income Bonds.— W ill be a lien subject to the 1st Mtge. Will bear int.
at rate o f 5% p. a. if and when earned. The deed o f trust will provide for
a sinking fund. Bonds will mature April 1 1951; int. payable annually
beginning April 1 1924 for the year ending Dec. 31 next prior. Exact
terms of the bonds will be left with the committee.
Common Stock.— It is proposed to issue 2,000 shares of no par value stock,
which will be held by the committee.
Terms of Exchange, Subscriptions, &c.
Each assenting depositor will receive for each $1,000 bond and $180 in
cash $1,000 Sinking Fund 5% Income bonds and $200 1st Mtge. 7% bonds
No rights to the Income bonds will accrue to any bondholder who does
not subscribe for the new 1st Mtge. 7% bonds.
Subscriptions to the new 1st Mtge. bonds may be paid in two install
ments, one-half ($90) upon assenting to the plan, and the balance ($90)
within 60 days from the date that the plan becomes operative. For fur
ther details see V. 114. p. 1651.
Committee for ls( Mtge. 5s.— Walter R. Hunt, E. Hawley 'Van W yck,
Laurence M . Symmes, Warner Marshall and Robt. A . Pritchard. De
positary, Bankers Trust Co , N. Y City.
O R G A N IZA TIO N .— Incorp. in 1910 in New Jersey and was formerly
controlled by the Northampton Trac. C o. (now Northampton Transit C o.).
Fare Increase.— On Mar. 11 1918 the Board of P. D. Comm. auth. the co.
to increase its fares from 5 to 6 cents, and in Dec. 1918 a further increase
to 7 cents was authorized
V. 106, p. 1127 V 107. p 2188
For description of old bonds, &c., see “ Electric Railway” Supplement of
Oct. 28 1922.
Latest Earnings.— Of Northampton-Easton & Wash. Trac. Co. for cal.
year 1922. gross, $80,078; net, after taxes, &c., 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.— V. 105. p. 1802; Y. 102, p. 1127: V. 107. p.
604, 2188; V. 109, p. 1987, 2440: V. 114. p 1651; V. 115, p. 2159.
tional bonds are issuable only for 80% of the cost of add'ns and Imp'ts, and
then only when net earnings are at least 1)4 times int. charge on bonds
out as well as those to be issued.
Dividends.— 5% per annum was paid quarterly on old pref. from Its issue
May 1 1906 up to and including Feb. 1914. On new pref. 1st div.— 1 \i % —
was paid May 1914; Aug., 1)4% ; N ov.. 1 )4 % . In 1915, Feb., l)4 % :i
May rate was reduced to 14 % (v . 100, p. 1437); samerate quarterly to an
Incl. Feb. 1918. None since.
EARNINGS of operating companies for 12 months ending June 30
(excl Alton Granite & St. Louis Trac. Co. and Alton Gas & Elec Co.)
Net aft. Tax
Year—
Gross.
& Deprec. Int.,&c. Pref-Div. Surplus.
........... $217,654
1921-22..................... $3,620,221 $863,776 $646,122
1920-21..................... 4,371.085
945.675 653.189
...........
292,486
ROAD, &c.— Operates 131 miles of single-track, of which 4 miles operated
under lease. Has 116 passenger cars, 4 express cars, 815 freight cars, 17
work cars and 2 snow sweepers, 2 electric and 2 steam locomotives. Passen
gers carried in 1921, revenue, 28,325.170; transfer and others, 5,710,582.
Has two power stations with 15.600 k.w. capacity. Has 95 miles o f hightension transmission lines. Also has contracts for power with Mississippi
River Power Co. and Union Elec. Light & Power Co.
OFFICERS.— Pres., C. M . Clark; V .-P., H. L. Clark; Sec., G. L. Bstabrook: Treas., T. W. Gregory; Asst. Sec., C. A Pearson Jr. Under the
management o f E. W . Clark & Co. M gt. Corp., Phila.— V. 113, p. 70, 414,
848, 1052, 2613; V. 114. p. 1407, 1650; V. 115, p. 1210, 1320, 1837.
ELMIRA, N. Y.
ELMIRA W ATER, L IQ H T & RAILROAD C O .— Controlled by the
United Gas & Elec. Co.— See United Gas & Elec. Corporation under N Y.
O R G A N IZA TIO N .— 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 Rorick’s Glen Park Assn, and majority of stock of
West Water St. R R . 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
some of them are perpetual. In Feb. 1910 was auth. to acquire all stock
o f Montour Falls Electric Light Co. In Sept. 1914 absorbed the West Side
R R ., all of whose stock was owned. V. 99, p 815.
EAST ST. L .O U T S, ILL.
On Mar. 17 1914 the stockholders authorized the creation of $3,000,000
7% cum. first pref. stock.
T H E B A S T S T . L O U I S & S U B U R B A N CO .
In 1915 sold the water supply system to the city of Elmira for $1,500,000.
New Control Proposed.— In Sept. 1922 Dillon, Read & Co. offered to pur
chase the pref. and com. stock o f the co. at $55 per share for the pref. and the proceeds, together with the proceeds from the 3aie of $232,000 5% cons.
$10 per share for com ., payable one-half in com. and one-half in pref. stock M. bonds, being used to retire the $1,661,000 5% bonds due Jan. 1 1949,
o f the North American Co. E. W. Clark & Co. agreed to sell their hold which were called for payment at 105 and int. on July 1 1915. V.100 p 1592.
In June 1916 the P. S. Comm. auth. (a) the absorption of the Elmira
ings on these terms-, and invited the other stockholders to participate in the
sale. [In Oct. 1922 it was reported that 98% of the pref. and 95% of the Transmission Co. and the Elmira & Seneca Lake Trac. Co. all of whose
com! stock had been deposited under this offer. V. 115, p. 1837.) Upon •tocks and bonds were owned, and (b) the issuance of $100,000 1st cons M
consummation of this sale, Dillon, Read & Co. have agreed to sell the stock 5s at not less than 92)4 and $125,000 1st pref. stock and $200,000 2d pref
stock at par, to pay floating debt, for construction. &c.
so purchased to the North American Co. V. 115, p. 1320.
Fare Increase.— In Jan. 1921 the co. was auth. by th eP . S. Comm, to
REORGAN IZATION . &C.— As per plan in ‘ •Chronicle'' of Dec. 26
1913, p. 1822. this company was incorporated Jan. 7 1914 in Delaware to raise fares within the city limits to 6 cents and to increase,fares at other
succeed the old East St. Louis & Suburban Co. o f N. J.In Oct. 1914 auth. points outside the city to 7 cents. V. 112, p. 1024.
STOCK AND BONDS— Dale.
Interest. Outstanding
Maturity.
capital of the latter was reduced from $14,000,000 to $1,000,000. consisting
Common $1,000,000 ($100)— ............................. .. $1,000,000 Sept'17.1%
of $60,000 pref. stock and $940,000 com. stock. See V. lOO. p. 474.
7 Q-M
1,503,700 M a r ’23. 154
1st pf, $3,000,000 (7% cum )_______
Owns all the outstanding capital stocks (with the exception of directors
5Q M
1,200.000 M a r ’23, 1)4
shares) and bonds as stated of the following companies. The amounts 2d pref 5% cum $1,200,000________
1st con mortgage $5,000,0001 1906 5 g M-S
4,741,000 Sept 11956
pledged with the St. Louis Union Trust Co. as collateral for the East St
($ 1 .0 0 0 )----------------- gc*tf[Interest at New York Trust C o.. Trustee.
Louis & Suburban Co. coll, trust bonds are also shown.
Stock.— First pref. is red. at option of co. at 115 and div.
---- Stock------------------------- Bonds
Dividends.— On 1st pref., 1)4% quarterly is being paid. On 2d pref.,
Owned.
Pledged.
Owned.
Pledged
East St. L . & Sub. R y. C o . . $3,850,000 $3,824,300 $4,000,000 $3,834,000 2)4% Paid seml-ann. from Sept. 1907 to and incl. Mar. 1914. On July 1
1.805.500 1,940,000 1.799.000 1914 1 2-3% was paid, covering four months, and in Oct. 1914 div. of 1)4 %
East St. Louis R y. C o ........... 1,940,000
S t .L .& E .S t . L.E1. Ry.Oo.
500.000
499.500
500.000
500.000 was paid, the annual rate being 5 % . payable quar. instead of semi-annl
On com ., 1st div.—
St. L .& B eU ev.E l. R y .O o ..........................................
750.000
750,006 (V. 99, p. 608). Same rate quar. since to Mar. 1923
1%
East St. L. Lt. S Power C o._
c
1,200,000
733.000
80,000
............ — paid Oct. 1910. In 1911, 1912 & 1913. 4% . In 1914. Oct., 2 % . In
Alton Gran. & St. L. Tr. C o . 3,189,000 ...............
274,000 ............... 1915, Jan., 2% ; April, 1 % ; July, 1 % . In June 1916 paid 2% for 6 mos. end.
Dec. 31 1915 (declared in Dec. 1915) and 2% for 6 mos. end. June 30 1916.
do
10-year notes____
______
________
100,000 ________
In Sept. 1916 paid 1%: Dec 1916. 2% ; Sept. 1917. 1% : none since.
Alton Gas & Electric C o____
599,000 ________
______
________
ROAD, &c.— Comprises 53.8 m. o f single track in Elmira, Elmira
do
10-year notes____
______
________
90.000 ________
These companies own and operate all electric railway lines in East St. Heights, Horseheads and from Horseheads to Watkins (via Pine Valley,
Louis and Alton and interurban lines to Belleville, Edwardsville, Collins Millport and Montour Falls). Has 94 passenger and 22 other cars. 56 to
ville, Oaseyville, O'Fallon, Maryville, Lebanon, Brooklyn, Venice, Madi 122-lb. T and girder rails. Owns Rorick’s Glen Park and Maple Ave.
son, Granite City and Alton, and the only electric line across the Eads Driving Park.
Gas Dept.— Has 80.7 miles of natural gas mains.
Bridge, connecting East St. Louis with St. Louis. Cara are operated over
Electrical Dept.— Two 5,250 k.w.. one 5,000 k.w., one 2,250 k.w. and one
this bridge under a 50-year exclusive contract expiring in 1952. Through
arrangement with Illinois Traction Co. the interurban cars from Alton are 2.000 k.w. turbines and 7 h.p. boilers. Serves Elmira, Elmira Heights,
run into their terminal in St. Louis. Also do entire gas, electric lighting and Horseheads, Miliport, Montour Falls, Odessa, Chemung, Weilsburg and
power business in East St. Louis and the electric lighting and power business Big Flats; sells power to Corning Lt. & Pr. Corp. and the Elmira Corning
& Waverly R y. Co.
in Alton. A large coal business is also carried on.
EARNING S.—
Gross
Net (.after
Fixed
Surplus for
Franchises in East St. Louis, Edwardsville, Collinsville and Belleville
Earnings.
Taxes).
Charges. Renew ,Stc.
expire in 1947, 1948 and 1952; Lebanon and O'Fallon in 1922. The Alton Cal. Year—
$674,338
$283,184
$391,154
railway, electric light and power franchises expire in 1948; the Alton gas 1922 ---------------------------- $1,839,323
564,645
286,608
278.037
and steam-heating franchises are perpetual; Granite City and Madison 1921 __________________ 1,679,247
1,765.718
501,649 250.461
251.187
franchises expire in 1925, Brooklyn in 1921. The interurban line to 1920 .........................
OFFICERS.— Pres., E. G. Oonnette; V .-P., Geo, Bullock; 2d V -P. St
Alton, outside of city limits, is nearly all on private right o f way. County
franchises covering remaining suburban lines expire from 1921 to 1948. Gen. M ?r . F. H. Hill; Sec. & Treas , Harry B. Cleveland: Asst. Sec..
J. A. McKenna; Asst. Treas., A. L. Linn, Jr.— V. 112, p. 1024; Y. 116,
Electric light and power franchise in East St. Louis expires 2007.
■
_________
Sub Company Receivership.— In Sept. 1920 Fred E. Allen, St. Louis, p. 1649.
and W. H. Sawyer were appointed temporary receivers (made permanent
in Feb. 1921— V. 112, p. 744) for the Alton Granite & St. Louis Traction
EL PASO, TEXAS.
Co. on petition o f the bondholders, alleging default in int. V. I l l , p. 1083;
EL PASO ELECTRIC CO.— Incorporated
the
V. 112, p. 744. We understand that the Alton properties are now being securlttas of the El Paso Elec. R y. C o.. El Pasotn New Jersey and owns Rio
& Juare* Trac. Co and
separately operated. V. 112, p. 561.
Grande Valley Traction Co. (in March 1923 auth. was asked to merge
Fares, &c.— See “ Electric Railway” Supplement of Oct. 28 1922.
the two latter companies into the El Paso Electric R y.— V. 116, p. 1411),
Jitneys Restricted.— On Aug. 17 1921 Federal Judge English granted the which do the entire electric railway, electric lighting and power business
A. G. & St. L. Trac. Co. a permanent injunction against jitney bus opera in El Paso, Tex., and Juarez, M ex., and operate an electric railway
tors in Alton, 111. V. 113, p. 1052.
between El Paso and Ysleta. Franchises in El Paso expire in 1951 and
Interest Payments.— The interest due Feb. 1 1919 on the A . G. & St. L
1952.
in 1988. Interurban almost
Trac. Co. 1st consol 5s was paid in Aug. 1919. The interest due Aug. 1 entirelyRailway franchise in Juarez expiresincreased pref. from $500,000
on private right-of-way. In 1909
1919 was paid Feb. I 1920. None paid since. V. I l l , p. 1751; V. 113. to $1,000,000. V. 90, p. 109. In March 1914 increased authorized
p. 414. (See under “ Sub-company Receivership” above.)
amount of com. stock from $2,000,000 to $3,000,000. V. 98, p. 839.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity
$525,000 com. stock is owned by Pub. Service Investment Co.
Common, $10,000,000 ($100)
6 , 000,000
In June 1920 the co. issued $800,000 7% notes, proceeds being used to
First pref. 6% cum ________
retire $300,000 6% notes due Aug. 1 1920'and for 1920 construction re
Preferred $6,000,000 ($100)
6JEHLOOO F e b " l 8 7 i i %
quirements. V. I l l , p. 73. In Sept. 1921 Issued an additional $750,000 of
5% cum
these notes, proceeds being used for new construction, the principal item
8 J-J
Convertible bonds $3,000,000 1921
2,064,200 Jan. 1 1926 being a new 7,500 k.w turbine unit in the power station. V . 113, p 1250.
Fare Increase.— In Dec. 1920 the co was auth by the El Paso City Coun
($100, $500 & $l,0 0 0 ).c*tf Pa. C o. for Ins. on L. & G. A ., Phil.,trustee.
Collateral crust mortgage $8,- 1902
6 g A-O
8.000.000 April 1 1932 cil to increase fares on its city lines from 5 to 6 cents. V. I l l , p. 2324.
000,000 gold ($1.000)-c * t f Interest at St. Louis Union Tr. C o.. Trustee. On March 15 1923 the co. increased fares between Juarez and El Paso from
or at E. W. Clark St C o., Philadelphia.
5 cents to 6 cents. V. 116, p. 1411.
A G & St Louis Trac Co 1st 1904
5 g F-A
2,500,000 Aug 11944
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity.
consol M . $3,000,000 gold Int. at Illinois State Tr. C o., East St. Louis. Common, $3,000,000 ($100).............
Q-M
$2,914,100 M ar’23. 2)4
Trustee, or at National City Bank, N Y, Pref $1,000,000 6% n-c ($ 1 0 0 )____
($1.00 0)_______ _____ c * tf
6 J-J
1.000,000 D e c ’22. 3%
Alt G & St L 10-yr notes_ 1917
_
____
___
5 J-D
100,000 June 1 1927
Coll tr M (closed) $1,000,0001 1902
5 g J-J
1.000,000 Dec 1 1932
Alton Ry & Ilium first mtge[ 1895 5 g A-O
250.000 Oct. 1 1939
($1,000) gold--------- --C t flln t. at State St. Trust C o.. Boston, trustee.
$250,000 g ($1.000)--c*tf [Int. at Bankers T r. C o., N . Y ., trustee.
5-year gold notes. $3,000,000/ 1920
7 g J-J 1
1,550,000 July 1, 1925
Alton Ry Gas St Electric Oof 1899
5 g A-O
250,000 Oct. 1 1939
($100, $500 & $l,000-c*tf\ Guaranty Trust C o.. N. Y ., Trustee.
mtge $500,000 ($ l,000 )(ln t. at Equitable T r. C o., N . Y ., trustee.
Oar trust certificates_________ _____
_________
33.633
______
gold (clo se d )_______ c* n tf( No sinking fund; bonds cannot be called.
Stock.— $216,300 of the pref. stock reported as outstanding, is in treasury.
East St L Lt 4; Pow 1st M i 1910 5 g J-D
1,172,000 June 1 1940
Bonds.—Collateral trust bonds cannot be called and have no sinking fund.
g, guar p & I ($1,000) c*tff Int. at Mercantile Tr. Co., St. Louis, Trustee, The notes are callable as a whole at 100 and int. on any int. day on 30 days’
l Chase Nat. Bk.. N . Y ., and at co.’s office. notice. They were issued to provide for additions and imnrnvem^ntis.
Stock.— The 5% cum. pref. may be exchanged at any time for 50% of
Notes.— Are to be secured by pledge of all the bonds, notes and stocks of
8% cum. pref. and 50% com. stock. The 6% pref. takes precedmce both subsidiary operating companies subject to the lien of the closed $1,000,000
as to dividends and assets over the 5% pref. and the common st k. V. collat. trust bond issue maturing Jan. 1 1932. Additional notes issuable
97. p. 1822; V. 98, p. 304, 155. Remaining $4,000,000 common s;cck re only under certain restrictions. Are red. all or in part at any time on 45
served for conversion o f 5% pref. stock and convertible bonds.
days’ notice at 102 and int. since July 1 1921 to June 30 1923; 101 July 1
Bonds.— Coll, trust bonds are redeemable on any Int. day at 105 and 1923 to June 30 1924; 100 July 1 1924 to maturity. Penna. 4 mill tax
int. on four weeks’ notice. See V. 76, p. 382. The conv. 8s are convertible refunded. V. I l l , p. 73; V. 113, p. 1250.
into an equal amount of 6% cum. pref. stock and in addition 33 1-3% in
Dividends.— First div., 3 % , on prer. stock, was paid Jan. 12 1903, and
com. stock. A semi-annual sinking fund of $50,000 began Aug. 1 192! for 3% paid s.-an. since. On com ., 1st div., 2 % , Mar. 1910; Sept.. 2; in 1911
the purchase o f bonds at not exceeding 102)4 In 1921, 102 in 1922, 10114 5% ; In 1912, M ar., 3% ; Sept., 3 )4 % ; In 1913, Mar., 3 )4 % ; in June 1913
in 1923, 101 in 1924, 10014 in 1925. $51,800 retired. Red. all or In began to pay quar. divs. and paid 2% ; also Sept., 2% ; Dec., 2% ; Mar. 1914
part at anytim e at prices named. V. 112, p. 561. $500,000 o f the Alton to Sept. 1915. 2 M% quar.; Dec. 1915 to Mar. 1923, 2)4% quarterly.
Granite & St. Louis Traction 1st consols are reserved for prior liens.
EARNINGS.— Of combined companies for 12 months ending Dec. 31.
They are also a lien on property o f Alton Gas & Electric C o., which was
Year—
Gross.
Net aft. Tax
Int .&c. Sink. Fund.
Surplus.
owned by the Alton Granite & St. Louis Traction Co., when the mtge. 1922 ......... $2,290,841
$851,832
$209,108
________
$642,724
was made. $566,000 of the bonds have been assumed by the Alton Gas 1921 ------- 2,290,405
698,169
158,318
________
539.850
St Electric Co. No sinking funds, but bonds are subject to call on any
ROAD.— 52 55 miles of equivalent single track; standard gauge. 92 pass
Int. date at 110 a id Int. upon 90 days' notice. The Alton Ry. St Ilium. 1st cars. 6 trailers and 5 other cars. Power station has capacity of 18.200 k .w ,
M . 5s originally matured Oct. 1 1915, but were extended to October 1
OFFICERS.— Pres., C. F. W. Wetterer:
V-P. Joseph Remick:
1939. East St. Louis Light & Power bonds are guaranteed, princi Treas., Henry B. Sawyer; Sec., Wm. T. Crawford; Gen. M grs., Stone &
pal and Interest, by en d .. by East St. Louis & Sub. C o.; callable at 105 and Webster M gt. Assn.— V. I l l , p. 73, 2321; V. 113, p. 1250, 1360; V. 116,
Int. on any int. date on 30 days’ notice. Auth. issue unlimited, but addi p. 1411.
4:2
I
ERIE, PA.
NORTHWESTERN ELECTRIC SERVICE CO. OF PENNSYLVANIA
Merger Plan.— In Oct. 1922 it was announced that a plan had been
agreed upon for the merger and consolidation of the Northwestern Pennsyl
vania R y., the Northwestern Connecting R y., the Crawford County Rys.
and the People’s Incandescent Light Co. into and with the Northwestern
Electric Service Co. of Pennsylvania. In Feb. 1923 it was announced that
the merger and consolidation had become effective. V. 116, p. 1178.
The consolidated company will be capitalized approximately as follows:
Authorized. Outstanding.
7% Cumulative Pref. stock (par $100)____________ $1,000,000
$466,500
Common stock (par $100)________________________ 1,000,000
346,300
6% 1st mortgage bonds__________________________ 2,000,000
460,000
Securities Remaining Undisturbed—
Erie Traction Co. 1st .iVxtge. 5s, due March 1 1929__________
$500,000
Crawford County Rys. 1st Mtge. 6s, due July 1 1961________
*370,000
People’s Incandescent Lignt Co. 1st Mtge. 7s, due Dec. 1 1926150,000
x Of which $370,000 outstanding in hands of the public and $23,000 at
present held in treasury as a free asset.
The securities of the consolidated co. will be exchanged for present
outstanding securities as follows:
Existing Securities Outstanding—
N. Pa. R y 1st & Ref. 6s_-$400,000
do
Common sto ck .. 100,000
do
N otes___ 40,000
NW . Conn. Ry. cap. s t k .. x70,000
Crawford Co. Rys. cap stk. 100,000
NW . El. Serv. Co. pf. stk. 300,000
do
Common sto ck .. 42,500
,
-/
/
11
Pref. Stock.
$424,000
77
J? p /'i>i n o
Com. Stock. 1st M . Bds.
______
______
______ $ 100,000
___________
______
______
$40,000
______
______
70,000
______
150,000
______
______
75,000
350,000
42,500
21,300
______
xAt present owned and held by Northwestern Electric Service Co. of Pa.
OFFICERS o f the new co. will be F. F. Cutrze. Pres .; C. M . Hatch.
V.-Pres. & Gen. M gr.; A. O. Chapin, Sec.; A. A. Culbertson, Treas..
Erie, Pa. For further details of plan and description of new securities
to be issued in connection therewith, see V. 115, p. 1731.
ORGAN IZATION .— Incorp. Feb. 29 1916 in Penn, for the purpose of
developing the light and power business adjacent to the Northwestern Penn.
R y. C o .’s lines. Leases for 99 years from 1916 the property of the Peoples
Incandescent Light Co., Meadville, Pa.
Wholesale power is furnished to the Northwestern Pennsylvania R y. Co
for the operation of its entire lines; to a local company for distribution at
Albion, Springboro and Conneautville; to the Conneaut Lake Co. and to a
local distributor for the Borough o f Conneaut Lake and territory on east
side o f lake. Has a contract for wholesale power service to the Borough of
Girard.
Capitalization—
Authorized. Issued
Common stock____________________________________ $300,000 $40,000
First preferred stock, 7% cumulative_______________
500,000 $298,500
EA R N IN G S.— For years ending Dec. 31:
Cal. Years—
Gross.
Net.
Int., Ac.
Balance.
1920............................... ............$339,035
$77,986
$40,731
$37,255
1919........................................... 291,284
61,666
37,719
23,947
LATEST EARN INGS.— For cal. year 1921, gross, $366,323; net., after
taxes, $87,737.
PR O PE R T Y .— 50 miles o f 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, Piatea, Cambridge
Springs, Edinboro, McKean, Fairview, North Girard, Linesville and Har
monsburg, all in Erie and Crawford counties, Pa.
OFFICERS.— Pres.. F. F. Curtze; V.-Pres. & Gen. M gr., Chas M
Hatch; Treas., A . A. Culbertson; Sec., A . O. Chapin.— V. 116, p. 1178.
NORTHWESTERN PENNSYLVANIA R Y.
Merger.— See Northwestern Electric Service Co. above.
ORGAN IZATION .— Organized early in 1920 to take over the so-called
Northern Division, o f company o f the same name, sold at receiver's sale on
Dec. 29 1919. For history o f predecessor company see “ Electric Railway”
Supplement o f April 24 1920. The Southern Division o f the old company,
now known as the Crawford County Railways Co. (see below), is now
operated under lease. See V. 114, p. 1287.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
Capital stock $1.500,000($10 0 ) ____
_________
$100,000 ...................
First & ref mtge $1,000,0001 1920
6 J-J 1
400.000 July 1 1955
($1,000) ____________ c*tf\Int. at Erie Trust C o., Erie, Pa., trustee.
Erie Trac (Erie Div) $500,000 f 1907
5 g J-J
500,000 July 1 1929
g o ld _________________ c*tf\Int. at Secur. Sav. & Tr. C o., Erie, Trustee
Equipment notes $60,000_ I 1917
_
6 F-A
10,000
See text
\Erie Trust C o., Erie, Trustee.
Bonds.— The Erie Traction bonds have a sinking fund o f $20 for every
$1,000 first mtge. bond, which began July 1 1917 (denom. $1,000. $5,000
and $10,000). The equipment notes mature $10,000 yearly Aug. 1 1918
to 1923. Of the 1st M 6s, $500,000, are reserved to retire the $500,000
Erie Traction 5s, $100,000 are for additions. Red. at 105. No sink. fund.
E A R N IN G S.— For years ending Dec. 31:
Calendar
Gross
Net Interest, &c. Sink.
Surplus or
Year—
Earnings. Earnings. Tares.
Fund.
Deficit.
S1920......................... $453,834 $84,868
$87,533 $17,000 def.$19,665
1919------------------------ 411.528 76,260
104,466 21,500 def. 49,706
1918________________ 380,693 66,131
120,110 19,417 def. 73,396
x Combined with Crawford County Rys Co.
Latest Earnings.— For calendar year 1921 (including Crawford County
Railways), gross, $446,651; net, after taxes, $89,904.
R O A D .— Owns and operates 43.7 miles between Meadville and Erie.
60-70-85-lb. T and girder rail. Standard gauge. Operates under lea these
lines of the Crawford County Rys. Co.
OFFICERS.— Pres., F. F. Curtze; V .-P . & Gen. M gr., Charles M*
Hatch; Sec., A. O. Chapin: Treas., A. A. Culbertson. General officeErie Pa.— V. 110, p. 167. 2388: V 111. p. 175.3. 2229: V. 112. p 162. 1519
V. 113, p. 1574; V. 114, p. 1287; V. 115, p. 1732; V. 116, p. 1178.
(1) Crawford C ounty Railways Co. (1921)— Operated by Northwest
ern Pennsylvania Ry. Co. under the lease for 99 years dating from Jan. 1
1921. V. 114, p. 1286.
Merger.— See Northwestern Electric Service Co. above.
O RGAN IZATION .— A reorganization in June 1921 of the Crawford
County Railways C o.— 1920 (for history see this section for April 30 1921),
which was purchased at judicial sale by the bondholders’ protective com
mittee and reorganized as of June 20 1921 as per plan outlined in “ Electric
Railway” Supplement of April 30 1921. Interest and sink, fund on the
c o .’s 1st Mtge. bonds are protected by the following leases:
(1) Lease o f the People’s Incandescent Light Co. property to the North,
western Electric Service Co. o f Pennsylvania at an annual rental of $26,000
(2) Lease o f the property o f the Southern Division of Railway company to
the Northwestern Pennsylvania R y. Co. (Northern Division) at an annual
rental o f $9,000.
The above leases run for a period o f 99 years and carry certain options
for purchase under terms protecting bondholders.
The People’s Incandescent Light C o. 1st M tge. 5s, due Dec. 1 1920, were
extended for 5 years at 7% .
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
Common stock $100,000______ _____ _______
$100,000 __________
First Mtge. $370,000 ($500 &1 1921 6 g J-J
370,000 July 1 1941
$1,000) gold___________ c*JColumbia Trust C o., N . Y ., Trustee.
People’s Incandescent Light) 1900
7%
150,000 Dec 1 1925
Co 1st mtge____________ tf I Dela. C o . T r. Safe Dep. & Title Ins. C o.. Trus.
Bonds.— The 1st Mtge. 6s are secured by $145,000 stock of the People's
Incandescent Light Co. contingent sinking fund. Tax-exempt in Penn
sylvania. Subject to call on any interest date at par.
R O A D .— Owns 8.3 miles o f track in Meadville and 15.7 miles between
Meadville and Linesville, including a 2-mile extension to Conneaut Lake.
Rails, 60-85-lb. T and girder. Gauge 4 ft. 8
in.
OFFICERS.— Pres.. F. F. Curtze: V .-P .. Chas. M . Hatch: Treas.. A. A.
Culbertson; Sec., Geo. W. Kunz.— V 114, p 1286, 1650; V. 115, p. 1729-
[ V ol. 116.
ELECTEIC E AIL W AYS
ESCANA3A, MICH.
ESCANABA TR AC TIO N CO.
Reorganization.— We understand that the co. has been reorganized as the
Escanaba Power & Traction O o..V . I l l , p. 188. Further information lacking
ORGAN 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.
_________
$200,000 ___________
Common stock $200.000______ _____
Pref stock $500.000....................................................
500.000 ....................
1st & ref mtge $600,000 gold) 1909______ 5 J-J
540,000
See text
($1,000)--------------- c * .c o t)I n t. at First Sav. & 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___[Int. at First Trust C o., Milwaukee.
Bonds.— 1st & ref. bonds mature $10,000 annually from 1914 to 1933.
Inch, remainder in 1934. $70,000 have been retired. They are subject to
eall at 103 and int. on any int. date. Michigan Trust C o,, Grand Rapids,
rustee. V. 92, p . 1564; V . 103, p. 406.
EARNINGS.— For years ending Dec. 31:
Fear—
Gross.
Net.
*Oth. Inc.
Interest.
Surplus.
1918...................... $174,421
$56,518
$10,000
$36,589
$29,929
1917....................... 183,251
98,631
5,000
38,097
65,534
1916...............
142,141 77,023
18,614
38,857
56,779
*Earnlngs from Escanaba Pulp & Paper Co.
ROAD.— Owns and operates street railway in Escanaba and an interirban road to Gladstone, which was placed in operation in July 1910. Power
plant capacity. 7.900 h.p. A new dam on Escanaba River, providing
3.400 additional h.p., was completed Jan. 1 1916.
OFFICERS.— Pres., J. B. Moran; V .-P ., J. C. Kirkpatrick; Sec. & Gen,
Mgr., P. L. Utley; Treas., M .N.Smith. all of Escanaba.— V . l l l , p. 2228.
EUREKA, CAL.
EUREKA STREET R A ILW A Y.
Successor to the Humboldt Transit C o., which was sold to the city of
Eureka in 1921. For history of Humboldt Transit Oo. up to time of
purchase by municipality, see “ Electric Railway” Supp. of Oct. 22 1921.
EVANSVILLE, IND.
EVANSVILLE & OHIO VALLEY RAILW AY C O .— Incorp. in Indiana
in Dec. 1918 and acquired on Feb. 20 1919 the properties of the Evansville
Railways Oo. (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, initead 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 RR. C o., both of which had been owned by the Evansville Rys.
C o., and has also acquired in fee the Evansville Henderson & Owensboro
R y. C o., which operates a line between Evansville, Ind., and Henderson,
Ky.
Fare Increase.— In Sept. 1918 was auth. by the I.-S. C. Comm, to In
crease fares between Evansville, Ind.. and Henderson. K y., and interme
diate points not exceeding 10%. V. 107, p. 1192. In Oct. 1922 the rate
was 3 6 cents per mile.
STOCK AND BONDS.— 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 11949
ICont. & Comm. Tr. & S. Bk., Chic., trustee.
1st & Ref $1,200,000 callable; 1919
5 J-J
747,200 Jan 1 1949
at 102)4 on any int. d a t e ..! Am. Tr. & Sav. B k., Evansville, trustee.
General Mtge Income bonds] 1919
see text
746,800 Jan 1 1949
$750.000________________ -rlMercantile Comm 'l B k., Evansv., trustee.
Collat trust notes $300,000/ 1918
6 J-D
52,900 Dec 1 1929
callable at par____________IMercantile-Comm’l Bank, Evansv., trustee
Bonds.— $65,000 of the 1st M tge. 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 2d 10 years, and 101 during the 3d 10 years.
Should no 1st Mtge. bonds be issued, then the sinking 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.
EARNINGS.— Of Evansville & Ohio Valley Ry. Co for cal. year 1921
(not incl. Hend. Trac. and Owensboro City R R .), gross, $449,294; 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
1.32 miles of sidings; total mileage'75 miles. 70-lb. T-raU. Gauge 4 ft.
8 Vi inches.
OFFICERS.— Chairman. A. F. Harges; Pres., W. H. M cCurdy; V .-P ..
W A. Koch: V.-P., W. A. Carson; Sec. & Treas., O. H. Battin; Gen. M gr..
G. R. Millican; Auditor, R . Vote.— V. 108, p. 378; V. 110, p. 2487.
(1) Henderson T ra ctio n .— Street railway.
Acquired by Evansville Rys. (succeeded in 1919 by Evansville & Ohio
Valley Ry. Co.) in April 1913. V. 96. p. 1488.
OR 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. 18 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 Apr.15 1927
($1.000, $500. $100) gold tf lint, at Ohio Bkg. & Trust C o., Henderson,Tr
Ronds —$133,000 bonds issued but $28 000 held in treasury. Remaining
$17,000 are reserved for extensions and improvements. No sinking fund.
EARN ING S.—-For calendar year 1921. gross, $43,537; net, $1,658; in
1920. gross, $48,002; net, $1,592.
R O A D .— Operates 6 miles of street railway. V . 90, p . 1363.
(2) O w ensboro City R ailroad.— Street railway.
Acquired by Evansville Rys. (succeeded in 1919 by Evansville & Ohio
Valley Ry. Co.) in April 1913. V. 96. p. 1488.
O RGAN IZATION .— Chartered in 1886. Franchise runs till 1936 and
gives exclusive rights to operate streetrailway in said city.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common, $75,000 (par $50)_______
_________
$75,000f.p.________
1st mtge., $200,000, goldl 1902
5 g J-J
200,000 Jan. 11932
($1,000), c&r, not r e d ., tf) Interest at Louisville Trust C o., Trustee.
General mortgage,$200,000tf/ 1910
6 M -N
200,000 M ay 1 1933
lAmer. Tr & Sav. Co.. Evansv.. Ind.. Trustee
EARN ING S.— For calendar year 1921, gross, $85,727; net, $9,382; in
1920. gross, $106,910; net, $12,732.
R O A D .— Owns 1244 miles of street railway in Owensboro and suburbs;
56 and 70-lb. rail; 30 motor cars, double W est., 68 G. E. 258 and 54; 7
trailers and 6 25-ton coal cars. Power house 600 k. w. capacity. V . 90,
p. 1364; 4. 105, p. 2273; V. 112, p. 470.
EVANSVILLE SUBURBAN & NEWBURGH R Y .
ORGA N IZA TIO N .— 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 f 1904
5 g J-J
467,500 July 1 1930
($500 and $1.000)____c*tf(In t. at Citizens Tr. & Sav. Bk., Evansville,
l Trustee, or Nat. Bank of Commerce, N .Y .
43
ELECTEIC RAILW AYS
A pril, 1923.]
Bonds.— A sinking fund of $2,500 per annum commenced July l 1910.
which will retire bonds at 105. All or any part of bonds redeemable
after 15 years at 105. $32,500 have been retired. V . 96. p. 1365.
EARNINGS.— Fo. year 1922, gross, $247,135; net, after taxes, $42,975.
In 1921, gross, $265,62~; net, after taxes, $33,466.
ROAD.— Operates 25 miles of track from Evansville to Newburgh, with
a branch off the main line through Stevens Station and Chandler to B ood
ville: has also 5 miles of side-track; total, 30 miles. 70-lb. T rails.
OFFICERS.— Pres. & Gen. M gr., Gus Muhulhausen; V.-P. & 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.
O R G A N IZA TIO N .— Organized in W . Va. on M ay 18 1912 as the M on
ongahela Valley Traction Co., name changed (V. 112, p. 2083) to Monongahela Power & R y. 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 &
Weston Elec. R y. On Dec. 1 1915 acquiied the Fairmont Gas Co. V. 101,
p. 1465. On April 1 191# 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 uhe 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 indust.ial 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.
Owns and operates a system of electric railways in W . Va. and Ohio
exceeding 180 miles of track: also electric lighting and gas plants and coal
mining properties. Franchises in Fairmont are perpetual. In otb«>'
cities ana towns extend for 50 years, the shortest expiring in 1952. Interurban lines on private right of way. Franchises over county roads and
bridges in Marion and Harrison counties are perpetual.
All the outstanding Monongahela Valley Trac. gen. mtge. 7s, due July 1
1923, were called for payment at 101 and int. on March 13 1293, $6,770,000
first lien & ref. conv. 6s, Series “ A ,” being issued in connection therewith.
V. 116, p. 616.
Outstanding. Maturity
STOCK AND BONDS—• Date.
Interest.
Common $ 12,000,000 ($25) - - ...........
Q-J
$8,279,641 O c fl8 . IM
Pref. 6% cum. $S.000,000($25)____
6 Q-J
4,289,828 Apr'23. 1 H
M on Vail Trac 1st & ref mtge ( 1912
.
5 J-D
.............
3,74t,000 June 1 1942
$15,000,000 gold ($500 and(Fidelity Trust C o., Baltimore, trustee. In$1,000)_________ c*& i*.tf l terest payable in New York.
1st lien & ref conv Ser “ A ” f 1923
6 g F-A
6,770,000 Feb 1 1928
($100, $500 and $1,000 c*;l Interest payable in New York and Chicago.
$1,000;& multiples r*) g .tf t
Series ‘ B ” ________________ 1912
See text
Feb 1 1953
Fairm & Clarksb 1st M . $2,-1 1903
5 g A-O
2.500.000 Get 1 1938
500,000 g ($ l,0 0 0 )-.c * n tf fln t. at Guaranty Trust C o., N . Y .. Trustee
Stock.— Pref. stock is convertible into common stock, share for share. In
June 1917 the auth. capital stock was increased from $9,500,000 com. and
$3,000,000 pref. to $12,000,000 com. and $4,000,000 pref.; the par value
o f the shares was changed from $100 to $25 each, and 6% pref. stock was
Issued in place of the 5% stock, the preferred shareholders being given the
right to convert their stock into 6% stock on the basis of 3 9-25 shares of
6% stock (par $25) for each share of 5% stock (par $100). V. 105, o. 290.
In M ay 1921 the auth. amount of 6% pref. stock was increased from
$4,000,000 to $8,000,000 and stockholders were given the right to subscribe
for $4,580,275 additional 6% pref. stock at $19 per share to the extent of
39.11% of their holdings. V. 112, p. 2083. 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 remaindei 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 Mon. Valley Trac. 1st & ref. 5s; $377,300 first & ref. mtge.
bonds and the entire pref. and com. capital stock of the Kanawha Trac. &
Elec. Co. Are conv. after Aug. 1 1923 into a like amount of Series “ B ”
5>£s, dated Feb. 1 1923 and due Feb. 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 due 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 102K to and incl. Fed. 1 9124, less J-j % for each
year thereafter to and incl. Feb. 1 1927, and thereafter at par. Penn, and
Conn. 4 mills, Maryland 4 Yi mills and Mass, income tax on int. not exceed
ing 6% pet annum refunded. V. 116, p. 616. Fairmont & Claiksburg 1st
mtge. bonds subject to call a 105 and in . Listed on Pbila. Stock Exch.
Dividends.— 5% was paid on the pref. stock to June 30 1917. when the
div. rate was changed to 6% . Same rate has been paid quar. since to
and incl. Apr. 1923
See remarks above. Initial dividend on common
—2 % — paid Jan. 1913; July 1913, 1)4% ; Oct., I H % . In 1914, Mar..
1 H % ; July. 1)4% . In 1915. none. In 1916, 4 % . In Jan. 1917 paid
1% cash and an extra dividend of 6% in common stock; April, 1)4% :
July, 1)4% regular, and in Aug. an extra dividend of 1)4% : Oct., 1)4% In 1918, 5%
None since.
EARNINGS.— For year ending Dec. 31:
Year—
Gross.
Exp.&Taxes.
Net.
Fixed Chgs.
Surplus.
$471,851
1922_______$4,475,371 $2,943,171 $l,53z,199 $1,060,347
Total surplus Dec. 31 1922, afier deducting pref. divs., $315,063, $195,359
transferred to reserves, and $49,876 for adjustments, was $1,140,896.
ROAD.— Operates (exclusive o f Kanawha Traction & Electric Co.,
which see under “ Parkersburg, W. Va.’ ’) street railways in Fairmont,
W. Va., and in Clarksburg W. Va., and an interurban line of 25 miles
connecting the two with various small branch lines; also lines from Fair
mont to Fairview, 14 m.; Clarksburg to Bridgeport, 7.6m.; Fairmont to
Mannington, 17 miles, and Clarksburg to Weston, 24 m.; total track In
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 of 42,000 h. p.. which is to be further increased by
an additional 27,000 h. p. unit now being installed.
OFFICERS.— Chairman of Board. Jas. O. Watson; Pres., G. M . Alex
ander; V .-P .. Smith Hood; Sec. & Treas.. Walton Miller; Gen. M gr., E. B.
M oore; A u d ..O . F. Lough.— V. 116, p. 616, 935.
EARN ING S.— For year ending Dec. 31 1922. gross. $79,045. In 1921.
gross, $79,774. In 1920, gross, $73,881; net, after taxes. $6,454; interest,
rentals, &c., $12,000; deficit, $5,526.
OFFICERS.— Pres. & Gen. M gr., W . E. Conklin; V .-P ., Jas. G. Meyer:
Sec. & Treas., B. L. Smith.— V. 107, p. 501.
FITCHBURG, MASS.
FITCH BU RG & LEOMINSTER STREET R Y.
In April 1905 absorbed the Leominster Shirley & Ayer Street R y. through
axchange of stock, share for share. V. 80. p. 1478. In Sept. 1907 Mass.
RR. Commission sanctioned Increase in stock from $450,000 to $700,000,
new stock to be Issued at 110. Company then petitioned Commission to
*llow stock to be Issued at 106 (V. 85, p. 722) but In Sept. 1908 Commls«Ion denied aonllcation. V. 87, p. 812.
In M ay 1920, was auth. to Issue $225,000 of new 7% cum. pref. stock
(par $100), proceeds to be applied to the payment and cancellation o f a like
amount of outstanding notes. V. 110, p. 1748, 2387.
STOCK, BONDS, &c.—
Date.
Interest. Outstanding. Maturity.
Stock $700,000 ($100)............. - ................................
$450,000
See text.
Fitch & Leo con mtge, $350,-1 1901
7 F-A
300,000 Feb 11926
000 ($1,000)______________tint. at Boston Safe Dep. A Tr. C o., Trustee.
L 8 & A 1st mtge, $100,0001 1905
7 g F A
100,000 Feb 1 1926
gold ($1,000)__________ c*( Int. at Boston Safe Dep. & Tr. C o., Trustee.
(Guar. p. & I. by Fitch. & Leom 8treet R y.
Dividends.— For many years up to and Incl. 1900-0 L 8% : since. 6% p. a.
ROA D .— Owns 41.51 miles of track. Road extends to Leominster,
Lunenburg. Shirley and Ayer. 31 closed passenger cars, 24 open passenger
cars. 3 express cars and 5 snow plows.
EARNINGS.— For year ending Dec. 31 1920, gross, $542,997; net, after
taxes, $96 890; other income. $22; Int., &c., $72,747; divs., $22,500; sur
plus, $1,665,
OFFICERS.— Pres., Supt. and Purch. Agent, W . W . Sargent; V .-P .,
H. I. Wallace; Clerk and Counsel, C. F. Baker; Treas., R. N. Wallis, all of
Fitchburg.— V. 110, p. 1748, 2387; V. I l l , p. 2423; V. 112, p. 469.
FORT DODGE, IOWA.
FORT DODOE DES MOINES & SOUTHERN R R .— See “ Railroad and
industrial’ ’ section.
FORT SMITH, ARK.
FORT SMITH LIG H T Sc TRACTION CO
Standard Gas & Electric C o., a holding company under the control of
H. M . Byllesby & C o., Chicago, 111., owns $950,000 com., $881,500 pref
stock, $760.000 1st M . bonds, and all the $1,100,000 2d M . 8s of the co.
As of Dec. 31 1923 the company had outstanding $353,000 promissory
notes, of which $250,000 were held by the Standard Gas A Electric Co.
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, $400,000 Mississippi YalleyPower
Co. first mtge. 6% bonds. Series “ A .” Y. 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 FI). 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.
STOCK AND BONDS— . Date.
Interest. Outstanding. Maturity
Common ($100)__________________
_________
$950,000 _________ _
Prer. ($100) 7% cum ______________
Q-J 15
1410 000
See tex»
First mortgage $8,000,000 gf 1911
5 g M-S
2,999,500 Mar 1 1930
s f ($500 and $1,000)____c*i Int. at Illinois Trust & Savings 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
Slock and Bonds.— Pref. stock Is red. at any time after 3 years from Issue
at 110 and accrued dlv. Remaining 1st M bonds can only be Issued for
75% of cost of additions. Improvements and extensions under certain re
strictions. See V. 92, p. 956. Subj. to call as a whole or In part on any
Int day at 105 and Int. Cash sink. td. of 1% yearly 1914 and 1915, 1H %
yearly 1916 to 1918, 2% yearly 1919 to 1923 and such ratable amount*
thereafter as b.v July 1 1935 will make total sk M 10% of bonds certified
V. 92. p.956. $532,000 have been retired. 2d Mtge. 8s were call, at 105
and int. on or before Sept. 1 1922; M % less (int.) each year since.
Conti. & Comm’l. Trust & Sav. Bk., Trustee.
Dividends.— Pref. Is cum. trom Jan. 1 1912. 1st dlv. on pref.— I H % —
paid April 15 1910; July. IM%\ O c t . .l ) i % and I H % quar.to and Includng April 1913; none since.
EARNINGS.— For years ending Dec. 31:
Calendar Year—
Gross.
Net. aft. Tax. Int.Chgs.(Net) Balance.
1 9 2 2 .-........................$1,158,245
$308,409
$286,365
sur.$22,044
1921________________ 1,059,148
302,182
239,339
sur. 62.843
ROA D .— Owns and operates 33 miles of track on 12 streets in Fort
Smith and suburbs. Standard gauge, 60-lb. and 80-lb. T rail. 48 cars.
Also gas works tor 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 of about 192
miles.
OFFICERS.— Pres., A. S. Huey; V .-Ps.. H. M . Byllesby and F. C. Gor
don; V.-P. & M gr., D. O. Green; Sec., Aud. & Treas., R. D. Beard; Gen.
Mgrs., Byllesby Eng. & Mgt. Corp., Chicago.— V. 112, p. 257; V. 113, p.
730, 1155; V. 114, p. 2359, 2468.
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
to the Et. Wayne & Wabash Valley Traction Co., which had previously
acquired through consolidation or purchase the following companies:
Ft. Wayne Marlon & Bluffton Tr.Co. Lafayette Street Ry.
Logansport Railway Oo.
Ft. Wayne El. Lt. & Power Oo.
Ft. Wayne & Southw. Trac. Co.
Logans. Roch. & Nor. Trac. Oo.
Ft. Wayne Traction Co.
Wabash-Logansport Traction Oo.
Wabash River Traction Co
Lafayette & Logansoort Trac. Co.
Also owns Fort Wayne Power Co. and Wabash Valley Utility Co.
FARGO, NORTH DAKOTA.
Owns a one-fourth interest in the United Tractions Coal C o ., which owns
NORTHERN STATES POWER CO.— FARGO-M OORHEAD D I and leases valuable coal lands to insure the company an adequate supply of
VISION (STREET RA ILW A Y).
coal (see Shirley Realty Co. of Indiana in V. 104, p. 1805).
OR G A N IZA TIO N .— Fargo & Moorhead Street Ry. was Incorporated
Operates under an indeterminate permit from the Tnd. P. S. Comm.
July 19 1902 in North Dakota. In April 1916 Northern States Power
On Mar. 1 1922 the property of the Lafayette Service Co. was sold by
Oo. acquired all of the physical property. See V. 102, p. 1441, 1543. In order of the Federal Court on petition of the Real Estate Trust C o., Phila.,
June 1912 new 25-year franchises were granted In Fargo. Moorhead and Trustee, for the $225,000 Lafayette St. Ry. 1st M . 5 Vi% bonds. See V.
Dilworth. Gross earnings for cal. year 1922, $142,331- Operates in 114, p. 1063, under caption “ Lafayette Service C o.” The committee for
Fargo, N . D .. and Moorhead, M inn., and an interurban to Dilworth, the Lafayette St. Ry. 1st M . 5 M distributed the proceeds o f the sale, $650
js
Minn., a total of 15,886 miles. Standard gauge. 70-lb. T rail. General being paid to the holders o f each $1,000 bond. V. 114, p. 1533. The pur
Managers, Byllesby Eng. & M gt. Corp., Chicago. 111.— V. 107, p. 604. chasers of the property were, in April 1922. organizing a new company to
take over the line. V. 114, p. 1651. In Jan. 1923 the Lafayette St. Ry.,
Inc., was auth. by the Indiana P. S. Commission to increase its auth. com.
FISHKILL-ON-THE-HUDSON, N. Y.
stock from $125,000 to $200,000 and to issue $200,000 of 20-year 7%
bonds. V. 116, p . 516
No further information
FISHKILL ELECTRIC RAILW AY CO.— A trolley road.
Fare Increase— On Sept. 15 1920 was auth. by the Ind. P. S. Comm, to
Leases the Citizens’ Railroad, Light & Power Co.
fares on
lines
cents
Fare Increase.— Effective April 1 1919 city fare was made 6 cents and 2 Increase In June the Ft. Wayne cityauth. to 7 co. to cash or 4 tickets for 25
1921 the Comm.
the
continue these rates
(ones outside city were created, fares 5 cents In each or 8 cents for both to cents.
indefinitely. V. 112, p. 2414. A weekly pass is sold for $1. In Oct. 1920
through passengers.
was auth. by the Ind. P. S. Comm, to increase passenger fares to 3 cents
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. per mile. V. 111. p. 1472.
Stock, $50,000________ ______ _____
_______
$50,000 ................
In December 1923 was authorized by the Indiana P. S. Commission to
First mortgage, $50,000_____ 1895
6 J-J
50,000
July 1925 jssue $750,000 1st Mtge bonds to cover capital expenditures. V. 116. n. 176.
44
ELECTRIC RAILW AYS
Outstanding. Maturity
STOCK AND BONDS—
Date.
Interest.
Common $3,740,200_________ _____
$2,159,800 ...................
Pref $2,159.800 (non-cum)_________
7%
2,159.800 ...................
Prior preference___________________
_______
None
__________
1st & ref M bonds___________ 1920
5%
5,538.400 Jan. 1 1950
Adjustment mortgage bonds\ 1920
See text
4,775,000
2020
(non-cum) $6.000,000_____/
400.000 July 1 1935
Ft W M & B 1st M $400,0001 1905
5 g J-J
gold ($1,000) guar p & l.t f/I n t at Guar. Tr. & S. D. C o., Phila., trustee
Ft Wayne Power Co mort-1 1907
5 M -N
18,200 Nov. 1 1937
gage___________________ tf (Int at Guar. Tr. & S. D. C o., Phila., trustee
Ft Wayne Tr mtge $1,500,-1 1899
4 g A-O
5.000 Oct 1 1929
000 gold ($1,000)____ c* tf lin t, at Guard. Tr , C o., Cleveland, trustee
Series “ C ______________________
_________
6.000
See text
Ind. Serv. car tr. “ A ” ($ 1 .0 0 0 )____
6%
100.000
See text
Ind Serv car trust ser “ B” _________
J-J
162,500
See text
Stock.— The pref stock Is preferred as to assets and dlvs., but Is non-cumBonds— In addition to the 1st & ref . M . 5s reported outstanding, $467,700
are reserved to retire a like amount of underlying liens and $40.5,700 are
held in the treasury. Red. all or part on any int. date on 60 days’ notice
at 10214 and int. The int. on the adjust, mtge. bonds is payable seroiann 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:
for 1920. 3% per annum: for 1921, 3% : 1922 4% : 1923, 5% : 1924 and each
year thereafter, 6% . An initial payment of 3% was made Oct. 1 1921.
V. 113, p. 1471. The holders will be entitled to representation on the
board after 1923 if the int. is not earned and paid for a period of two years.
Redeemable, all or in part, at par and int. on any int. date.
The Penn. Co. for Insur. on Lives & Granting Annuities is trustee of
Ft. W . & N . I Trac. car trusts. Tri-State Loan & Trust C o., Ft. Wayne,
trustees Series “ C ,” which mature $2,000 March, June, Sept and Dec. 1.
Ind. Service car trusts Ser. “ A ” mature $5,000 quarterly. Tri-State Loan &
Trust Co. Ser. “ B” mature $12,500 June 1 and Dec. 1. Int. at First
National Bank, Fort Wayne.
R O A D .— Operates 201.69 miles o f track, connecting Fort Wayne,
Huntington, Wabash, Peru, Logansport, Delphi and Bluffton; also local
lines in Fort Wayne, Wabash, Peru and Logansport. At Logansport,
Peru, Wabash and Bluffton connection is made for Indianapolis over
the tracks o f Indiana Union Traction Co. In May 1906 began through
service between Fort Wayne and Indianapolis over tracks o f Union Traction
Co. o f Indiana. See V. 82, p. 1101. Rails. 60. 70. 72, 80 and 90-lb. Owns
1 power house. Owns 163 passenger cars and 63 other cars.
R E PO RT.— Present company began operations in Jan. 1920. Figures
for previous periods are results of predecessor company:
Calendar
Cross
Expenses
Net
Balance,
Year—
Revenues, and Taxes. Revenues. Interest. Sur. or Def
1921__________$2,882,341 $2,269,915 $612,426 $451,782 sur.$160,644
1920................. 2,968,067
2,436,064
532,003
485,134
sur.46,869
2,548,485
1,999,193
549,292 x601,762
def.52,470
1919.........
x Includes all int. on bonds although receiver paid int. on only a few
underlying issues.
OFFICERS — Pres., Robert M . Feustel: Y.-P. & Gen Mgr , S. W
Greenland: Sec. & Treas., H. E. Yordermark, Ft. Wayne.— V. 112, p. 1024,
2414; V. 113, p. 1360, 1471: V. 115, p. 2471; V. 116, p. 176, 934
FORT WORTH, TEXAS.
NORTHERN TE XA S ELECTRIC CO.— A holding company.
Of the common stock, $500,000 is owned by Pub. Service Invest. Co.
OR GA N IZA TION .— Incorporated in Maine Nov. 16 1905 and owns the
•ntlre stock and participating bonds of the Northern Texas Traction C o.,
which does all the electric-railway business In Fort Worth and operates an
Interurban line between that d ty and Dallas. 35 miles, and the capita!
itock of the Tarrant County Traction Co. (name changed from Ft. Worth
Southern Traction Co. In 1914). which operates a line between Fort Worth
and Cleburne, Tex.. 31 miles. It is proposed to extend the line from
Cleburne to Denton, the rights of the Fort Worth-Denton Interurban Co.
kavtng been acquired. V. 99, p. 121. 122. Also owns the capital stock of
She Arlington Light & Power Go., which does the electric light and power.
Ice and water business In Arlington. Tex.
Enters Dallas over Its own
tracks See V. 89 p. a l l . Has leased for 20 years from Dec. 17 1915 the
terminal facilities of the Dallas Interurban Terminal Assn, which see under
Dallas Railway Co. on a preceding page. In 1917 leased (with the right
to purchase for $2,000,000) the Oak Cllrf line to the Dallas Ry. at an annual
rental of $115,000 for first 3 years. $120,000 for fourth year, $125,000 for
fifth year, $135,000 for sixth year and $150,000 thereafter.
Franchises of Northern Texas Trac. Co. in Fort Worth expire In 1973: In
Dallas In 1937; others about 1950; has private right-of-way outside of
cities. Tarrant County Traction Company in Fort Worth and Cleburne
expire In 1936; between these cities has private right-of-way except in
towns &c.. in which cases Its rights expire In 1961. V. 92, p. 1243. Road
was completed In Aug. 1912 and began operation In Sept. 1912. Franchise
In Arlington expires In 1949
In Nov. 1917 the co. announced an increase in passenger rates from about
2)4 cents to about 2% cents per mile to cover Federal taxes and increased
costs o f operation
Effective May 10 1920, fares were increased from 5 to 6
cents. V. 110 p 2292. On Oct. 22 1920 fares were increased to 7 cents.
V. I l l , p. 1852: V. 116. p. 722. In Feb. 1921 the Northern Texas Trac. Co.
announced an increase o f 33 1-3% in interurban fares. The minimum
charge was raised from 5 cents to 12 cents. V. 112, p. 745.
STOCK A N D BONDS—
Date.
Interest. Outstanding.LastDiv.Ac
Common $5,000,000 ($100)_______
Q-M
$3,150,000 Mar. ’23, 2%
Pref 6% n-c $5,000,000 ($ 1 0 0 )____
M&S
4.000.000 Mar.’23,3%
Ooll trust M $10,000,000 gold) 1910 5 g J-J
3,348 000 Jan
1 1940
sink fund (see text)c*<fcr* tf I Int. at Commonwealth Tr. C o., Bost., Trust
No Tex Trac 1st M $2,500,0001 1903 5 g J-J
2,500,000 Jan 1 1933
($1,000) gold— no sinking! Int. at The Union Trust Co., Clev., Trustee
fu n d ________________ c * t f l or at Chase Nat. Bank. New York.
Car trust certificates_________ _____
. . . ______
82,483 __________
Stock.— The pref. stock Is redeemable at 110. V. 94, p. 1449. Both
classes of stock are listed on the Boston Stock Exchange.
Bonds.— Of the coll, trust bonds, $2,500,000 are reserved to retire North
ern Texas Traction 1st M . bonds; $412,000 have been retired. Coupon
bonds are In denom. o f $1,000; registered bonds, $1,000, $5,000 and
$10,000. Callable as a whole or in part, for sink. fd. only, at 105 and Int. od
ny int. date. Sinking fund of 1% of bonds out began Nov. 1 1911. Bonds
re secured by deposit of all the stock o f the North. Texas Trac. Co. V . 90,
p. 373, 1239. The Northern Texas Traction Co. bonds are subject to call
as a whole on any Interest day at 105 and Interest.
D IV ID E N D S.— First dlv. on pref. (1% ) paid March 1 1906 and 2%
Sept. I 1906; since, 6% per annum. First dividend on common stock
2 % , paid 8ept. 1 1909; In 1910, 5 H % : in 1911 and 1912. 6% : in 1913
6 )4 % : in 1914. 7% ; in 1915, 4 U % : in 1916 and 1917, 4%
Tn 1918,
6% : in 1919, 4% ; in 1920, 8% ; in 1921, 8% ; in 1922, 8% . In 1923, Mar.,
2%.
EARN INGS.— Of combined companies for 12 months ending Dec. 31:
Year—
Gross. Net(aft.Tax.). Olh. Inc. Interest. Skg.Fds. Surplus.
1922 ..-$3,069,517 $906,431 $127,500 $299,611
$734,320
1921 - - . 3,538,729 1,137,179
121,250
303,331
955.098
R O A D .— Subsidiary companies operate 175.76 miles of track, standard
gauge: 277 passenger, 31 trail and 11 other cars. In July 1916 completed
an 1,800 ft. viaduct over the steam roads entering Union Depot in Dallas
Power station has capacity of 10,800 k. w.; also purchases power from the
Dallas Power & Light Co.
OFFICERS.— Pres., C. F. W . Wetterer; Sec., W m. T . Crawford; Treas.,
Henry B. Sawver: (Jen. Marrs.. Stone & Webster Mgt. A*sn Boston.—
V. 110, p. 2292, 2488: V. H I , p. 1852; V. 112, p. 745: V. 116, p. 722.
FOSTORIA, OHIO.
E FOSTORIA & FREMONT R A ILW A Y CO.
ORGAN IZATION .— Incorp. In Ohio In 1909. Ownership Is largely
represented by interests identified with the Lake Shore Electric Ry. Co
and Western Ohio Ry. Co. Besides passenger business, does a freight and
express business and handles coal for use by Ohio State Power Oo. at
Fremont.
Fares.— In July 1918 was auth. by the Ohio P. S. Comm, to Increase
passenger fares to 3-cents per mile. V. 107,, p. 401. Compare V. 107
p. 82.
[V ol. 116.
STOCK AND BONDS— Date.
Interest• Outstanding. Maturity.
Com stock. $200,000 ($100).................................
$200,000 ...................
Pref stock $200,000 ($100)_ _____
_
_______
200.000
See text
First mtge $250,000 ($1,000)1 1910
5 A-O
85.000 Oct 1 1930
gold___________________ c * jln t. at Cleveland (O.) Trust C o., trustee.
Bonds.— Normal Federal Income tax paid at source
Dividends.— Paid a dividend of 3% on pref. stock In Jan. 1913. In 1917.
Dec , 6% . In 1918, D ec., 3 % . In 1919, D ec., 3 % . In 1920, D ec., 6 % .
In 1921, Dec., 6% .
EARNINGS.— For years ending Dec. 31;
12 Months—
Cross. Net.aft.Taxes. Int. Depr.Res.
Surplus.
1921 ...................-..$100,718
$ 6.407
$5,903
$1,221
$9,283
1920
.. 124,290
32,176
6.437
1.221
24.518
ROAD, & 0.— 21.38 miles of electric Interurban railway on private rightof-way, connecting Fostoria and Fremont. Forms the connecting Unk
between the Western Ohio R>y,, Toledo Fostoria A Findlay Ry. and Lake
Shore Electric R y., ail of which use the-line under traffic contracts.
OFFICERS.— Pres., F, D . Carpenter, Lima, Ohio.— V. 107, p. 82. 40.
FRESNO, CAL.
SAN JOAQUIN LIGH T & POWER CORP.
O RGAN IZATION .— Incorporated In California on July 1 9 ,19 10asaconsoli latlon of the San Joaquin Light & Power C o., the Power Transit & Light
Co. (Bakersfield) and the Merced Falis Qas A Electric Co. Absorbed the
Selma Water Works, Madera Water Works, Madera Lt. & Pow. C o., Lemmore Lt. & Power Corp. and Bakersfield Gas & Elec. Lt. Oo. controls
through stock ownership the Tule River C o., having plants on the Tuie
River, Cal. The Midland Counties Public Service Corporation (V. 98,
p. 1849), controlled In same Interest, purchases all of Its power from the
San Joaquin Light & Power Corporation. In Feb. 1919 it was reported
that the Midland Counties Public Service C orp. would consolidate with the
San Joaquin Light & Power Corporation in the near future. V. 108, p.
880. In Feb. 1920, however, the Midland Counties Pub Serv. Corp with
drew Its petition for auth. to carry out this consolidation. V. 110, p.
562. Franchises in cities are perpetual; outside of cities, with two excep
tions, extend beyond 1950. About one-half the total length of transmis
sion lines is on private right of way. Supplies electricity for lighting,
power and pumping purposes throughout the San Joaquin Valley, including
the cities of Merced, Madera, Fresno, Selma, Hanford, Bakersfield
Sanger, Dinuba and about 50 towns and small cities; population served,
about 500,000. Distributes gas in Bakersfield, Kern, Merced and Selma;
operates a street railway system in Bakersfield and Kern and furnishes
water for domestic purposes in Selma and Madera.
In March 1922 Issued $3,500,000 naif. & ref. mtge. 6% bonds. Series “ B ,”
to provide in part for the redemption of $2,625,000 Series “ D ” 8% conv.
bonds and for additions and improvements. V. 114, p. 1652, 1892
Interest. Outstanding.
Maturity.
STOCK AND BONDS—
Date.
_____________ $ 11 , 000,000
—
............... ..
Common $50,000,000 ($100)______
Pref. $25.000,000($l00)6% cum .___
Q-M15
6.500 000 M ar’ 23, 1)4
Prior pref $75,000,000 7 % c u m .____
Q-M15
7.019,400 M ar’23, 1 )
5-6 F-A
22,171,000 Aug 1195
1st & ref mtge $25,000,000 g) 1910
50
($1,000) sink fund_c*&r*tf [Equit. Tr. C o., N. Y .. trus ; int. in N. Y .
Unify & ref mtge $150,000,-1 1921 7 M-S 1
8,200.000 See text
000 ($500 & $1,000)_c*&r*tf(Equitable Trust C o., N Y ., trustee.
Series “ B ” __________________ 1922 6 g M-S
4,633.000 Mar 1 1952
San Joaquin L & P Co 1st M l 1905 5 J-D
2,450.000 June 1 1945
$3,000.000s f ($l,000)c*ntf [Redeemable at 110 and interest
San Joaquin Power C o ---- n t f ------ 5%
10,000 Dec. I 1942
Power Trans & Lt M $2,500-1 1903 5 g J-D
8,000 June 1 1933
000 gold ($1.000)______ tfj Mercantile Trust C o.. San Francisco, trustee
Bakersfield S Kern Elec R y l 1901 5 g J-J
c
1.000 July 1 1931
$250,000 gold (51,000) ntflH nlon Trust C o.. San Francisco, trustee.
Bonds.— Of the 1st & ref. bonds of 1910 reported outstanding, $1.500,000
($1,28),000 held by public, $21,000 repurchased by the co and $193,000
held alive In sink, fund) are Series A 6s: $799,000 are Series B bearing 5 % ,
and $2,125,000 are Ser. B, bearing 6% . and $17 747 000 are Ser. C. 6s. $2,829,000 1st & Ref. M . bonds are reserved to retire prior liens find $191,000
held in or for sinking funds), $7,555,000 are pledged under the unif. & ref.
mtge. ser. “ A ” 7% bonds. Ser.“ A ” callableat 102)4, othersat 105. Tax
exempt in California. First and refunding mortgage contains sinking
fund provisions calling for payments of $145,000 annually (to be used
partly for betterments and additions and partly for redemption of bonds.
Series " A " bonds having preference over other series) from 1915-1919;
$150,000 annually from 1920-1924 and ranging thereafter from 2)4%
annually of bonds out from August 1925-1929, incl., to 4)4% annually
from August 1945-1949, Inclusive. V. 91, p. 1332. By a supplementary
mortgage, holders of Series “ B ” 5s were permitted to exchange them for
Series “ B” 6s upon payment of $100 per bond up to M ay 31 1917. Of the
$8,600,000 outstanding Series” A” 7% unify. & ref. mtge. bonds, $1,200,000
mature serially $400,000 each Mar. 1 1924 to 1926, incl., while the remaining
$7,000,000 are due Mar. 1 1951. Additional bonds are issuable under
certain restrictions for 75% o f cost of new construction, &c. Sinking
fund commences Mar. 1 1927 o f 2% o f the largest amount of bonds then
outstanding, plus any which may subsequently be issued, incl. all underlying
and divisional bonds. The bonds due 1951 are red. on any int. date on
30 days’ notice at 107)4 and int. to and incl. Mar. 1 1931 and at 105 and
int. thereafter. The unif. & rsf. mtge. bonds Series “ B” are not subject
to call. V. 114, p. 1652. Int. payable at office of trustee, N. Y .; Union
Trust C o., San Francisco, ',nd Union Bank & Trust C o., Los Angeles.
V. 112, p. 1025.
Of the $2,450,000 San Joaauin Lt. & Pow. Co. 1st 5s. $46,000are held
by co. for sink. fd. purposes and $13,000 alive In sink. fd. $115,000 Power
Transit & Light Co. 5s in addition to the amount reported outstanding
are held alive in sink. fd. $106,000 Bakersfield & Kern Elec. R y. 1st 5s are
held in sink, fund (in addition to those reported as outstanding).
Dividends.— Paid 4 )4 % on pref. stock in 1912: in 1913. 6% : in 1914, 3 % ;
none to June 1917, when 1)4% was naid: 1)4% quar. since. Initial div.
of 1 >4 % paid on prior pref. stock in Dec. 1920, same rate quar. since.
REPORT.— For calendar years:
Calendar
Gross
Net
Int. Charges
Balance,
Year—
Earnings.
after Taxes.
& Deprec.
Surplus.
1922
$6,561,126
$3,769,226
$2,548,311
$1,220,913
3,242,870
2,167,621
1,075,250
1921____________ 5,750,446
PROPERTY.— The co. owns power plants with IS ,000 k.w.: operates
1,058 miles of high-tension transmission lines, 38 sub-stations and 2,750 m.
of distributing lines. Reservoir capacity, 50,000 acre feet, 165 miles of
gas mains. Operates 10.51 miles street railway track in Bakersfield,
supplemented by automobile bus lines in outlying territory.
OFFICERS.— Presiden , W. G. Kerckhoff; Vice-President & Secre
tary, L. M . Farnham; V.-Ps., A. G. Wishon, A. C. Balch and Ben R ,
Meyer: Treas. & Comp., A . E'. Peat; Gen. M gr., A. E. Wishon.— V. 112p. 653. 850. 1025. 1273. 1308. 1867. 2538: V. 113. p. 1675; V. 114, p. 307,
411, 739, 855, 1892; V. 116, p. 78, 823.
FRESNO TRACTION CO.— A trolley road.
In 1910 Southern Pacific assumed control and owns all the stock except
ORGAN IZATION .— Incorp. in Cal. Sept. 22 1903. Leases the Fresno
City Ry. Purchases power from San Joaquin Light & Power Co. In Jan.
1922 the company was granted a 50-year franchise by the Fresno City Coun
cil. The ordinance gives the city the right to purchase the road at ten-year
intervals, payment to be based on value o f the property at time the option
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
axts. (not incl. in amounts reported outstanding).
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $5,000.000--($100)................................. ........$5,000,000 — ..............
First mortgage, $5,000,0001 1904
5 J-J
699.000 July 1 1944
($1,000), gold_____ c. n tf (Int. at Union Trust Co.. San Fran.. Trustee.
Bonds.— Fresno Trac. 1st M . bonds have a sinking fund commencing In
1909 of $2,500 per annum for first 5 years and increasing $2,500 per annum
for each 5-year period thereafter to $17,500 per annum from 1939 to 1943.
COM BINED EARNING S.— Incl. Fresno City R y.:
Cal.
Cross
Net (after
Other
Interest,
Balance,
Years—
Earnings.
Taxes).
Income.
Rentals, <
fee.
Deficit.
L921_________ $403,865
$54,937
$11,224
$121,986 def.$55,825
1920_________ 299,262 def.50,063
11,988
113,705 def.151,777
ROAD.— Mileage operated (incl. 8.14 miles leased from Fresno City R y .).
45.013 miles. Also owns 8.51 miles of single-track operated Dy Southern
Pacific Co. Standard-gauge, 75-lb. “ T ” rail. 31 electric motor passenger.
3 work cars: 2 trailers, and 1 electric locomotive.
OFFICERS.— Pres.. W. F. Herrin. San Francisco: V .-P ., Paul Shoup,
Sec. & Aud., H. A. Oulloden. Los Angeles; Gen. M gr., F. W. Webster;
Fresno; Treas., M . S. Wade, Los Angeles; Asst. Sec., G. L. King, San
Francisco.— V. 107, p. 1192; V. 114, p. 78, 2115; V. 115, p. 73.
GADSDEN, ALA.
ALABAMA C IT Y GADSDEN & ATTALLA R A ILW A Y.
On Jan. 12 1921 the company sold all its property to the Alabama Power
Oo., which see in “ Railway and Industrial” Section.
GALVESTON, TEXAS.
CIALVESTON-HOUSTON ELECTRIC CO.— A holdlnR$company.
O RGAN IZATION .— Incorp. in Maine on May S 1907. Controls
*hrough ownership of stock the Galveston Electric Oo. and the Houston
Sloe. C o., which companies do the entire electric railway and part of the
electric lighting and power business in Galveston and the entire electric
railway business in Houston. Also owns stock of Galv.-Hous. Elec. R y..
an luterurban road between Galveston and Houston, 50 miles, and guar
antees Its bonds, p., 1. and s. f. Franchises expire in Galveston in 1950. in
Houston, 1951. The Interurban is on private right-of-way. $500,000
com stock is owned by Public Service Investment Oo.
On Oct. 4 1921 a proposed service-at-cost franchise for the Houston
Electric C o., a subsidiary, was defeated. V. 113, p. 1674. Compare
V. 113, p. 292. In Nov. 1921, however, a new ordinance effective Jan. 1
1922 was passed by the Houston City Council, providing for a 7-cent cash
fare with 20 tickets for $1, over a trial period. V. 113, p. 2311, 2405. See
also V. 114. p. 1179. In Sept. 1922 the Houston Electric Co. applied to the
Houston City Council for authority to increase fares from 7 to 9 cents.
V . 115. p 1631. In N ov. 1922 the City o f Houston agreed to reduce the
number o f jitneys operating in that city. V. 115, p. 2477.
Fare Decision.— On April 10 1922 the U. S. Supreme Court upheld the
reduction of fares in Galveston from 6 cents to 5 cents. V. 114. p. 1651,
2011. Effective Oct. 28 1922, however, the City Commission of Galveston
granted the company a 6-cent fare. V. 115, p. 2267.
Valuation.— See V 111 p 2140: also V. 112, p. 849.
In Jan. 1922 issued $1,700,000 7% secured notes ser. A, to provide for the
retirement o f $1,500,000 3-yr. 7% sec. notesdueM ar. 1 1922, and to provide
working capital. V. 114, p. 305.
STOCK AND BONDS—
Date. Interest. Outstanding. Last Div.&c.
See text
Common. $5,000,000 ($100).............
M -8 15 $3,988,000
Prei$4,000.000 6% cum ($ 1 0 0 )____
M -8 15 3,000.000
M a r .’23 3%
May 1 1940
G&lv Electric 1st M $2.500.-f 1905
5 g M-N 1.190.000
000 gold ($1.000)____c * tf lin t, at Old Colony Trust C o.,B oston. Trus
l tee,or at company’s agency inN ewYork.
Gmlv-Hous El Ry 1st M $5.-1 1909 6 g A-O 2.711.500
O ct. 1 1954
000,000 g guar_____c * & rtf/ln t. at Old Colony Tr C o.. B o st., Trustee.
Hous Elec Co 1st M $2,500.-1 1900 5 g P-A 1,412,000
Aug. 1 1925
000 g ($1,000) sk fd —c * tf lin t, at Interoat. Trust C o., Bost., Trustee
Gen mtge b o n d s ------------------- 1922
7%
See text Aug 1 1925
8ec. notes ser. “ A ” $3,500,000\ 1922
7 g F-A
2,200.000 Aug. 1 1925
($500 & $1,000) gold__ tfc* (Commonwealth Trust C o., Boston, Trustee.
Coupon notes ($100, $500 and/ 1921
8 g P-A
250,000 Feb. 1 1926
$1,000) gold________ c*.tf-lG uardian Trust C o., trustee.
Oar trust certificates_________ _____
_______
266,989 ______ ____
Stock.— Prei. Is callable at 120 and accum. dlv. Both pref. and com
are lsted on Boston Stock Exchange
Galveston Electric Co.— Of the bonds, $1,026,000 reserved for additions
and lmpts.at 80% of cost and $284 ,OO0 have been canceled. A sinking fund
o f 1H % of bonds certified began July 1 1908. Callable as a whole or In
part for sinking fund on any int. date at 110 and lnt. on 30 days’ notice.
Ste V. 81. p. 975.
Galveston-Houston Electric Ry.— Of the remaining bonds, $26,000 are
held In trust for benefit of company and $2,000,000 are reserved for
acquisitions and improvements; $262,500 have been canceled. Denom.;
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 lnt.
Sinking fund of 1% of bonds to 1944; thereafter 1 )4 % . First five pay
ments waivable. Bonds are guar., prin., int. and sinking fund, by Galv.Hous. Elec. Co. See V 90, p. 697.
Houston Electric Co.— Entire issue, but not any part, can be called on
any lnt. date at 107 )4 and int. Sinking fund of 1 )£ % of bonds outstand
ing, payable on Aug. 1 each year. See V. 7 4 ,p. 680. $1,088,000 of bonds
not outstanding was held by this fund on Aug. 31 1922.
Gen. Mtge. Bonds.— Are a lien on ail the property o f the three operating
cos., subj. to underlying 1st mtge. bonds, $2,040,000: the entire outstand
ing amount are pledged under the secured 7% notes, Ser. " A .”
Notes.— The secured 7% notes are a direct obligation o f company and
are secured by pledge o f $2,040,000 Gen. Mtge. 7% bonds of the three
operating companies. No additional underlying first mtge. bonds may be
issued, while any of these notes are outstanding. Additional notes may be
issued only if each $1,000 note is secured by $1,200 o f Gen. Mtge. bonds.
Red. as a whole, any time, 0 1 30 days’ notice at 101 and int. prior to Aug. 1
1
1923; at 100 and hit. thereafter to Feb. 1 1925; and at 100 and int. there
after to maturity. Int. payable at office o f trustee and at the offices o f Lee,
Higginson & Co. In N. Y . and Chicago. V. 114, p. 305. The 8% coupon
notes are callable in amounts o f not less than $50,000 on any int. date, at
101 before Feb. 1 1924, at 1 0 0 before Feb. 1 1925, and at i00 thereafter.
V. 112, p. 1143. $27,600 are held in treasury.
D IV ID E N D S.— On common, 1H % semi-ann. from Sept. 1909 to and
Incl. Mar. 1912. amount then increased and paid 2% In Sept. 1912. In
Mar. 1913 increased to 2 H % . in Sept, to 3% and in Mar. 1914 to 3 )4 % ,
Sept.. 3 V % . In 1915, M ar.. 3 % . Sept. 1915 div. omitted. (V. 101 ,p.8 fi.
4
EARNINGS.— Of the combined companies for 12 mos. ending Dec 31
Year—
Gross.
Net .ait .Tares. Int..&c.
Sink.Funds.
Surplus.
$677,873
$464,194
______
$213,679
1922-------- $3,317,581
1921_____ 3,679,867
918.980
426,636
_______
492.343
ROAD.— Operates 171.10 miles single track; trackage, 3.92; standard
gauge; 303 passenger, 13 trailers and 16 other cars. Power stations have
capacity of 6,582 k.w.
OFFICERS.— Pres., C. F. W . Wetterer; V .-P ., Harry H. Hunt; Sec.,
Wm. T. Crawford; Treas., Henry B. Sawyer; Gen. Mgrs., Stone & Webster
Mgt. Assn.— Y. 109. p 172. 1079: V 111. p. 188. 2140: V 112, p. 161, 744.
849, 1143; V. 114, p. 305, 1651, 2011, 2823; V. 115, p. 2267.
GARY. IND.
G A R V STREET RAILW AY CORPORATION .
ORGANIZATION.— Incorp. in Feb. 1918 in Va., per reorganization plan
in V. 106. p. 1230. Owns the entire $365,500 common stock of the Gary
St. R y .C o. (Incorp. in Indiana, Sept.26 1917), the operating company, suc
cessor to the Gary & Interurban Ry. and East Chicago R y. C o., sold at fore
closure Sept. 18 1917. V. 105, p. 1309.
Contract with Calumet Electric Co.— Guaranty.— A contract dated Sept. 6
1917, as amended, provides that in consideration of $50,000 in cash, and
its guaranty of the int. on the 20-year debentures for a period of five years
from Oct. 1 1917—extended to O cl. 1 1927— (which guaranty is secured
by deposit of $125,000 first mtge. bonds of the Calumet Electric C o., being
one-half o f the present outstanding issue), the Calumet Electric Co. shail
have an option for five years [extended to Oct. 1 1927] to redeem or pay
at par and Interest all of said debentures and thereupon to receive all
of the common stock of the corporation. The Electric Co. is further
1o have a renewal for five years of its contract for the furnishing of power
to the properties, and, in the meantime, will control the management
through a voting trust agreement under which all of the common stock
of the corporation is to be deposited with three voting trustees, of whom
one shall be a representative of the old Gary & Interurban Railway bond
holder® and the other two of the Calumet Electric Co. In case the
Electric Co. shall not redeem all of the debentures on or before Oct. 1 1927,
or in case it shall default on its guaranty of the payment o f lnt. thereon,
then the common stock of the corporation shall be distributed ratably
among the bondholders of the voting trust certificates.
[The Calumet Electric Co. is an Indiana corp. and secures all Its elec
tric power from the Public Service Co. of Northern Illinois, selling and
distributing the same in the Hammond, East Chicago and Gary districts.
In July 1922 the Ind. P. S. Comm, authorized the company to issue
$110,000 20-year 5% First Mtge. bonds at not less than 75% . V. 115, p.
645. 1321.
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
Gary Street Ry. Corp.—
Common $800,000 ($100)-------------$800,000
Pref 6% non-cum $72.500($100)____
72,500
Gary Street Ry. Co.—
Pref 6% non-cu $365,000(5100)____
365.000
First Mtge bonds $2,500,0001 1917
5 g A-O
538 700 Oct 1 1937
($100. $500 and $1,000)_ 1Central Trust Co. of 111. and Wm. T . A bbott.
_
I trustees.
Debentures $800,000 gold [ 1917
5 g A-O
800,000 Oct 1 1937
($100. $500 and $1,000)___[New York Trust C o., Trustee.
45
ELECTRIC RAILW AYS
A pril, 1923.]
Stock.— Preferred stock o f both cos. Is limited to the auth. amounts
mentioned above. Both issues are red. as a whole at par on 30 days’ no
tice. Dividends on the common stock of the Gary Street Ry. Co. of Ind.
are limited during the life of the voting trust to $10,000 per annum.
Voting Trust.— All the common stock of Gary Street Ry. Corp. (except
directoi’s’ shares) was held under a voting trust agreement for five years to
Oct. 1 1922, but agreement has been extended to Oct. 1 1927. Trustees
are Mortimer N. Buckner, Frank J. Baker and Charles W. Chase.
Bonds.— Remaining 1st M . bonds may be issued for additions, ext’ns and
impts. for not over 85% of cash cost of same, and for repaving and track
renewals necessitated by public orders, for not more than 90% of the cash
cost of same under certain restrictions. Callable at 105.
Debentures.— Int. on debs, is guar, daring life of voting trust agreement
by endorsement by the Calumet Electric C o., said guaranty being secured
by pledge of $125,000 of that c o .’s 1st M. bonds. Red. at par and lnt.
on 30 days' notice. The co. covenants, among other things not to permit
any lien upon the property ahead of the debentures except the First Mtge.
and to expend or set aside annually for maintenance and to offset deprecia
tion 14% of gross earnings:
------------- Years end. Dec. 31-------------6mos.end.
EARNS.— (Cal. Years.) 1922.
1921.
1920.
1919.
1918.
Gross earnings___________ $745,278 $755,188 $878,588 $526,574 $385,579
Net, after taxes__________ 179,793 153,165 195,925
93.589 83,715
R O A D .— Operates 25 miles In Gary and between Gary and Hammond,
Ind., and a 10-mile line between Gary and Indiana Harbor. Ind.
OFFICERS.— Of Gary St. Ry. Corp.— Pres., Frank J. Baker, Chicago,
V .-P., Chas. W . Chase, Gary, Ind.; Sec., R. M . Scheldt, Gary, Ind,,
Treas., F. M . Kemp, Gary, Ind.
OFFICERS.— Of Gary St. Ry. Co. (Operating Co.).— Pres., C. W. Chase;
V .-P ., T. G. Hamilton; Treas., F. M . Kemp; Sec., R. M . Scheldt, all of
Gary, Ind.— V. I l l , p. 493; V . 113, p. 1052; V. 114, p. 2579; V. 115, p. 645
1321, 2477.
GA R Y & VALPARAISO RAILW AY CO.
ORGAN IZATION .— Incorporated In Indiana on Nov. 19 1917 with
authorized capital stock of $10,000 to operate the lines of the Gary Connect
ing RR. and the Valparaiso & Northern R y., which were sold under fore
closure Sept. 18 19l7. See also V. 112, p. 1977. Operates the former
property under a 20-year lease and owns and operates the latter.
Committee for Valparaiso & Nor. 1st M . 5s.— Chairman Stacy C. Mosser:,
Walter J. Cummings, William J. Henry, Wm. T. Abbott; Sec. & Counsel,
Chas. W. Chase, 18 Security Bldg., Gary, Ind. V. 114, p. 409.
On Jan. 31 1922 1
he above committee scld at auction the following
securities of the Gary & Valparaiso R y.: (a) $47,000 20-yr. 6% 1st M . bonds
dated Jan. 1 1922 [total issued $67,000; (total auth., $1,000.0001. (6) $62,400 20-yr. 6% Adjust, income M. bonds dated Jan. 1 1922 (total auth.
$78,000]. (c) $56,000 6% non-cum. pref. stock [total auth. & outstdg.,
$70,000]. (d) $56,000 com. stock [total auth. & outstdg. $70,000). V. 114,
p. 409. All the above securities w-ere issued under auth. of Ind. P. S. Comm,
in payment for the property.
EA R N ING S.— For year ending Dec. 31 1922, gross, $104,993; net, after
tales, $3,327. In 1921, gross, $130,557; net, after taxes, $14,912.
ROAD.— Extends from Chesterton through Wood vine Junction to Valparaiso, 12 miles (owned), and from Woodville Junction to Gary, 16 miles
(leased— see above). Total mileage operated, 28 miles.
OFFICERS.— Pres., Chas. W. Chase; V .-P., W. J. Henry; Sec.. R . M ,
Scheldt; Treas., F. M . Kemp.— V. 112, p. 257. 1977; V. 114, p. 409.
GENEVA, N. Y.
GENEVA SENECA FALLS & AUBURN R AILROAD C O „ INC.
ORGANIZATION.— Incorp. May 28 1913 as successor of the Geneva A
Auburn Ry. sold at foreclosure March 14 1913. Public Serv Commission
authorized the sale of $524,000 bonds at not less than 85. V. 97 , p. 298.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
$157,100 ...................
Stock, $200.000-.......................- ............................
Bonds. $524.000— ......... ..........1913
5%
504.000 July 1 1943
EARNINGS.— For years ending Dec. 31:
Calendar Years—
Gross. Net,aft.Taxes. Deduc.
Bal.,Def.
1921------------------------ -------- -.$104,508
_____
$48,194
$13,426
1920------------------------------------ 127,288
45.256
47.799
2.543
ROAD.— Extends from Geneva to Cayuga Lake Park through Waterloo
»nd Seneca Falls. Length of main tracks 16 31 miles; sidings. .819 mile;
miscellaneous. .36 mile: total, 17.489 miles. Rails. 70. 80. 90 and 100-Ib.
T; track standard gauge.
OFFICERS.— Pres.. R. R . Quay, Pittsburgh. Pa.; Sec., L. G. Hoskins,
Geneva, N. Y .; Supt., Treas. & Purch Agt., W \ Shirley, Waterloo.
N. Y .— V. 96. p. 1629; V. 97, p. 298: V. I l l , p. 1278.
GIRARD, PA.
CLEVELAND & ERIE RAILW AY CO.
Receivership.— On Sept. 20 1920 A. O. Chapin, Erie, Pa., was appointed
receiver for the co. V. I l l , p. 1277.
Receiver's Certificates.— In M ay 1922 the receiver applied for auth. to
issue not exceeding $11,000 receiver’s certificates, proceeds to be used to
purchase power from the Northwestern Elecriic Co. V. 114, p. 2115.
Operations Discontinued— Sale.— W e are officially advised that the co.
discontinued operations on Sept. 16 1922. In N ov. 1922 it was reported
that the road had been sold at receiver’s sale and was being dismantled.
V. 115, p. 2476.
ORGANIZATION.— Incorporated in June 1909. Is successor to Conaeaut & Erie Traction C o., sold at foreclosure. Owns all the stock and
bonds and leases the Conneaut & Erie Traction C< . of Ohio, which owns
1.99 miles of track. Franchises are for 999 years.
8TOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
Stock, $300,000--------------------------------------$300,000 __________
First mtge. $800,000, gold) 1909 5 J-J
500,000 July 1 1929
($250 and $ 5 0 0 )---------------c j l n t . at F id e lity T r u s t C o . . P h ila .. tr u s te e .
Income bonds $500,000 ($2501 1909 5 July
500.000 July 1 1929
and $500)------------------------ Jlnt. at Fidelity Trust Oo., Phila.. trustee.
Bonds.— Remaining first mortgage bonds are reserved for extensions,
uettermenta, &c. They are subject to call at 105 and lnt on 3 months’
aotice. Int. on Income bonds Is only payab'i If earned, and Is non-cum.
They are subject to call at par. Bonds have no sinking fund. No Interest
bas been paid on Incomes.
EARNING S.— For years ending Dec. 31:
Gross
Net
Other
lnt.,Taxes Depr. A Balance,
Year— Earnings. Earnings. Income. & Rentals. Replace. Deficit.
1921_______ $153,047
$9,690
$1,548
$8,425
__ _
$2,814
1920_______ 151,776 df24.862
1,640
29.909
______
53,132
Pass, carried during year end. Dec. 31 1921, 529:006; In 1920. 559.146,
ROAD.— Owns 31.29 miles of track. Operates between Conneaut and
_______
SSrte. Standard gauge; 65-lb. rail; 8 passenger and 6 other cars.
OFFICERS.— Receiver, A. O. Chapin, Erie. Pa.; Mgr. for Receiver,
J. M . Smith, Girard, Pa.— V. 11 , p. 2115; V. 115, p. 1428, 2476.
GIRARDVILLE, PA.
SCHUYLKILL RA ILW A Y CO.
Reorganization Plan.— On June 10 1918 the following plan of reorganiza
tion was presented to the holders of the $640,000 1st Consol. 5s by Pres.
Powell Evans, Phila., who Is the owner and holder personally of a substan
tial 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
In the c o .’s pending litigation concerning its obligation to pay Schuylkill
Trac. Co. 1st M . 5s and the effect of an adverse decision therein. For de
tailed outline of the plan see V. 107, p. 1920. The provisions are as follow*:
(a) The lease of tne Schuylkill County Ry to remain in effect.
(ft) The Schuylkill Ry. Co. to purchase from me the entire Issue of
Schuylkill County Ry. Co. stock (which I own), subject only to the primary
pledge of the stock as security for the income bonds. (See below.)
(c) Holders of $640,000 Consol. 5% bonds to return to the co.'s treasury
(waiving their rights therein until this is done) 25% of their par value, to
gether with all unpaid interest, &c., said one-fourth of said bonds, amount
ing to $160,000, to be held in the treasury to provide for future betterments
and (or) extensions.
46
ELECTRIC RAILW AYS
[V ol. 116,
On Dec. 31 1922 constituent comoanies had outstanding in hands o f
the public, incl. stock subscribed for, $103,514,300 bonds and $37,183,200
preferred stock.
On May 15 1913 the company acquired (through exchange of new stock
on basis shown in V. 96. p. 1296) the outstanding capital stock of the Union
Ry.. Gas & Elec. Co. and the Springfield (O.) Light Co. (V. 96. p. 1298)
and the Michigan Rys. Co. In July 1917 purchased a three-quarter inter
in
remaining one-quarter interest in a coal mine in
$1,615,000 Total bonds secured by M tge.
Total interest, $78,775 est andC o..Jan. 1919 the 105, p. 606. Late in 1917 purchased coal lands
Logan
W . Va. V.
$32,000 Existing Car Trust Certificates, principal (with interest)
in Illinois.
due in Installments ($4,000 semi-ann.)
In M
controlled electric light,
Also interest on any expenditures on new capital supplied for betterments gas cos.ay 1922 the ownership of all the wen 1' h Power Corp. (see power and
was grouped into the Common
below) all
required for the proper operation of the entire railway system.
o f the com. stock o f the latter being owned by the company either directly
Also annually before any payment on Income bonds an amount at least
through a
equal to 2% of all outstanding Schuylkill County Ry. Co. bonds as a sinking or Loan bg Warsubsidiary. V . 114, p. 2240.
Finance Corp.— Paid off in June 1922. See V. 114, p. 2717.
fund, but annually not less than__________________________________$5,000
All the outstanding 7% sec. conv. bonds due M ay 1 1923 were called for
(e) The Schuylkill Ry. Co. to issue $600,000 New Income bonds, viz.:
payment July 7 1922 at 101 and int. and retired through the proceeds o f the
150.000 to retire Income bonds of like amount now outstanding;
sale of $12,500,000 25-year 6% sec. bonds of the Commonwealth Power
160.000 to replace the scaling o f Schuylkill Ry. Co. 5% Consols.
Corp. (see below). Bank indebtedness due N ov. 1 1922 is also to be paid
275.000 for purchase of entire capital stock of Schuylkill Co. Ry. Co.
bonds
therefore elimi15,000 to pay pro rata the pasfdue unpaid dividends on 2,400 shares of from the proceeds of the Power Corp. below. and we have 2240. 2579.
na^ed this indebtedness from the table
V. 114. p.
the preferred stock of Lakeside Railway Co.
Offer to
1922 holders of
— it being understood that all the said Schuylkill County R y. Co. stock as stock (par Exchange Preferred Stock.-—In N ov. each share with the 6% pref.
$100) were offered in exchange for
accumulated
purchased shall be held primarily as collateral for said Income bonds
(/) All distributable net Income above that needed to pay minimum fixed divs. and $19 50 in scrip at par or in cash, 1 1-3 shares ($133 .1-3 par amt.)
stock of the Commonwealth
V 115 j ) 247 /.
charges enumerated in clause d herein, except as to $480,000 5% Consols, of 6 % cum . pref.1923 $8,121,800 pref. stock, Power Corp. $45.18% .of the
representing
on which 50% of interest Is to be paid currently for surrendered coupons Up to Dec. 22
amount
and cash had been
from the time this agreement takes effect, to be employed to carry out the received outstanding, together with $1,583,751 of .scrip Corp. issued in ex
and pref. stock of the Commonwealth Power
reduction of bank loans, current bills payable and accounts payable (thereby change therefor. V. 115, p. 2904.
releasing the $78,000 of Consols now serving as collateral) until not more
Proposed Reorganization of Michigan United Rys. Co.— See that co. on
than $10,000 remain unpaid, whereupon all current interest on $480,000 a subsequent page.
of Consols shall be paid to the full extent o f said net income.
Interest. Outstanding.
Maturity.
STOCK AN D BO N DS—
Date.
(g) The $78,000 of Consols released under clause f above to be sold new
Q-F
$17 908 100
See text
to me (at 75 as above) for all my said claims against the company, and to Common ($ 100)_________ ________
Preferred (6% cum) ($100) — ____
Q-F
7 348 100
See text
be subiect to reduction as provided in clause c hereof
7 g M -N 1 1,250X00
See text
(h) Any net profits distributable after taxes, interest charges and other Secured serial notes $2,000,-1 1919
000($100,$500&$l,000)g c*/D etroit Trust C o., Detroit, M ich., Trustee.
charges stated in clauses d and / above, maintenance, & c., have been paid,
6 g J -D
450,000
See text
to be distributed to holders of Income bonds on an equal percentage basis Secured serial notes $750,0001 1919
($100, $500 & $1,000) g-.c*/B rook lyn Trust Co. New York, trustee.
until they have received 695, (without any arrears being due or cumulative)
Scrip............................................. 1918
6%
486 101 Feb. 1 1924
prior to any net profits being distributed to stockholders.
467 040 Feb. 1 1925
1919
6%
(t) Provisions hereunder to apply to various securities named herein Scrip...........................
471 514 Feb. 1 1926
6%
other than 1st and 2d M. prior liens and Car Trust Certificates from dates S crip ........................................... 1920
1921
185,300 Feb. I 1927
of their last interest or dividend periods prior to Jan. 1 1918, respectively. S crip ____________
(j) Upon consummation o f all the provisions I and all parties hereto are
Stock.— Preferred stock is redeemable at 105 and accrued dividends.
to release to the company all other interest held by me and them personally
Notes.— The secured serial 6% notes mature $100,000 annually June 1
and in every other capacity— leaving the company, on the basis above 1923 and $350,000 June 1 1924. Are secured by pledge of $1,200,000(entire
described, with only nominal current obligations, with the above minimum issue) gen. mtge. 5-year 6% bonds of the Grand Rapids Ry. C o., due June 1
fixed charges and provision for distribution o f its net income.
1924. Red., all or in part, any time upon 30 days’ notice at 101 and int.
It was the intent of this offer that either the said plan was to be initiated or Interest payable in N. Y . Tax refundable in Penn. V. 108, p. 2433.
the proceedings for said reorganization by foreclosure begun within one year The secured serial 7% notes mature $250,000 each M ay 1 to 1923, and
from Sept. 30 1918. In April 1922 we were informed that the plan had not $1,000,000 on M ay 1 1924. Secured by pledge of $4,000,000 Michigan
yet been consummated.
R R . gen. mtge. 6s, due M ay 1 1924. Red. at 101 and int. on 30 days’"
All assenting Consols, together with all stock (if any) held by the deposi notice. Interest payable in New York.
tors o f Consols, to be deposited with the Commonwealth Title Insurance &
Dividends.— Quar. divs. of 1)4 % on pref. have been paid since organiza
Trust Co. of Philadelphia, as depositary. V. 107, p, 1920.
tion. The Feb. 1918 div. was paid in 6% scrip dated Feb. 1 1918 and due
O RGAN IZATION .— Incorporated in Pennsylvania on July 20 1903 and on or before Feb. 1 1924. Divs. at the same rate were oaid in similar scrip
purchased the property of the Schuylkill Traction Co. and the Lakeside to and incl. Feb. 1921. None since (but see above). First div. on com.—
R y. Co. V. 80,p. 1729. Leases the Schuylkill County Ry. Co.
1% — paid M ay 1 1913; same rate quarterly to and incl. N ov. 1917. FebInterest.— Int. due Oct. 1 1919 on the Schuylkill Traction 1st Mtge. 5s 1918 dividend was passed. V . 106, p. 498. None since.
o f 1943 was paid Dec. 31 1919. In April 1922 we were advised that subseCombined Earnings of Subsidiary Companies Year end. Dec. 31.
, quent coupons were in default. The Oct. 1 1919 and subsequent coupons
Net (after
Interest, x Preferred
on the Schuylkill Ry. 1st consol. 5s o f 1935 are in default. V. I l l , p. 1950. Year—
Gross.
Tax. &Main.)
&c.
Dividends.
Surplus►
Sale Proposed.— See V. 109, p. 1462.
1922
$33,180,667 $11,126,857$8,003,510
a971,651 $2,151,695
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
1921__________ 32,103,643 10,443,807 7,527.859 1,077,180 1,838,768
Stock, $400,000 ($50)_____________
_______
$400,000 -------------First consol mtge, $1,450.000,1 1905
5 g A-O
640.000 April 1 1935
x Divs. on pref. stock accumulated and unpaid since Feb. 1 1921.
gold ($500 and $1.000)--C*JInt. at Fidelity Trust C o., Phlla., Trustee
a Adjustment of accrued div. (Nov. 1 1922 to Dec. 31 1922), due to
Income bonds_______________1913
5 J-J
150,000 Jan. 1 1944 cancellation thereof and the issuance of Commonwealth Power Corp. pref.
________
16.500 ---------------- stock in exchange therefor.
Series B ___________________ _____
Bonds.— Of the remaining first consol, bonds, $760,000 are reserved te
P
TY, &c.— Through
oper
retire the underlying liens in statement below and $50,000 8kre In treasury. atesR O PE R railways serving 100its constituent companies, owns and single
electric
cities and towns with over 887 m. of
Are subject to call at par and interest.
track;
Dec. 31
EARN ING S.— For year ending Dec. 31 1922, gross, $450,542; net, after electricrevenue pass, carried during year end. cities and1921, 92,546.857;
light and power
serving 160
towns with sales
taxes, $7,640. In 1921, gross, $581,828: net, after taxes, $13,983. In during the year ended companies1921 of 419.112.678 k.w.h.; 21 hydro
Dec. 31
1920, gross, $425,207; net, after taxes, $82,059.
OFFICERS.—P res., Powell Evans, Phila.; V.-Ps., Jas.D . Evans and electric plants and 20 steam electric plants with an installed capacity of
265,000
lines aggregating 1,450 miles
Thos. Evans., Phila.; Sec. & Treas., C. E. Hanna, Phila.; Gen. M gr., in length: h. p., high-tension transmissionwith sales during the year ending
gas
C. Sims Bailey, Girardville; Aud., J. Scott Pardoe.— V. 109, p. 1700; Dec 31 1921 companies serving 15 cities, miles of gas mains, 1,030.60.
of 3.574.274,400 cubic feet:
V . I l l , p . 1950.
OFFICERS.— Pres., Geo. E. Hardy; V.-Ps., C. M . Clark. Phila., John
(1) S chuylkill T ra ction C o.— A trolley road.
C. Weadock, B. C. Cobb and Jacob Hekma: Sec.. G. H. Bourne; Treas.,
ORGAN IZATION .— Chartered Sept. 26 1892, In perpetuity, under the Geo. Sprague Jr.; Compt., H. G. Kessler.— V. I l l , p. 1848. 1851; V. 112,
Motor Traction Act of March 22 1887. Road opened June 1 1893. O b p. 372, 1739, 2536; V. 113, p. 416. 531, 729, 1982, 2405: V 114. p. 305.
Jan. 6 1893 leased for 999 years the Mahanoy City Shenandoah Girardville 1178, 2240, 2579, 2717; V. 115, p. 305, 992; V. 115, p. 2477, 2684, 2904.
S Ashland Street Ry. On Oct. 6 1893 leased for 999 years the Ashland
c
(1) Comm onwealth Power Corp.
Locustdaie & Centralla Elec. Ry. Owns all the stock of these two roads
Ail the common stock of Commonwealth Power Corp.is in treasury of Com
which is pledged under the first mortgage. On April 27 1900 leased for 990 monwealth Pow., Ry. & Lt. C o., either directly or through a subsidiary.
years the Lakeside Ry., which connects the two ends of the company'»
ORGANIZATION.— Incorp. May 16 1922 in Maine and
all the
routes from Mahanoy City to Shenandoah and purchased 2.600 of the 5.000 outstanding common stocks of the Consumers' Power Co., acquired Illinois
Central
■hares of the capital stock. On Jan. 24 1901 leased the Shenandoah & Light C o., Illinois Power Co., Southern Indiana Gas & Elec. Co. and the
Pottsvllle Street R y. (13 miles) for 999 years (incorporated Aug. 1 1900)
Springfield Light, Heat & Power Co., thus grouping the ownership o f all
and bought all of its capital stock. The Lakeside Shenandoah & Potts electric light, power and gas cos. controlled by Commonwealth Power,
vllle stock is pledged under consol, mtge.
Ry. & Lt. Co. into one company. See V. 114, p. 2240. Through these
Plan of Reorganization.— See Schuylkill R y. Co. above.
cos. serves 200 cities and towns having a population of over 1,150,000 in
Default.— See Schuylkill R y. C o. above.
States of Michigan, Ohio, Indiana and Illinois.
STOCK & BONDS— Miles. Date.
Interest. Outstanding. Maturity
For offer to exchange pref. stock of Commonwealth Power, Ry. & Lt. Co.
1st M , $500,000, g.$500122X 1893
5 g A-O
$500,000 April 1 1943 for Commonw. Pow. Corp. pref. see Commonw. P., R. & L. Co. above.
Sc $1 0 0 0 ____ __ __ -J ln t.. a t O o n t .-K q u it . T . & T . O o . , T r u s te e , P h ila
STOCK AND
Interest.
Outstanding. Maturity.
1st M . Lakeside R y. g.f 544 1893
4 g M -N
150.000 Nov 1 1923 Common 180,000BONDS— a r Date.
shs.
p
____
_______
180,000shs.___________
$150,000. guar’d by iln t. at Oont.-Eqult. T . S T . C o., Philadelphia, Pref$24,000,000 ($ 100) (no c u m) ____
c
6%
6 Q-F
$24,000,000
See text
Schuylkill Traction - . ( Trustee.
6 g M -N
12,223,- 00 M ay 151947
New consol mtge, seel___
1901
444 8 J-J
105.000 July 1 1953 25-yr secured sk fd 6% bonds] 1922
$12,500,000gold($100,$500/Bankers Trust C o., New York, Trustee.
text ($1,000). g _ c*|Interest at Fidelity Trust Go., Phila.. Trustee.
_
& $1,000 c*. and $1,000)
Power-house mortgage--------- -----------------5.000 -------------and $.5,000
Bonds.— The 1st M . bonds o f 1893 may be purchased for sink, fund at Gen lien & ref r*__________ tf) 1922 5%
mtge 5% bonds.
14,000,000/ July 1 1939
105. Sinking fund of $10,000 per annum began April 1 1898. In June
)
(July 1 1972
1916 the trustee brought suit for an accounting of net profits from operation Gen lien & ref mtge 6% bonds. 1922 6%
Central Illinois Light Co.—
of the properties under the mtge. and asked for the payment of $10,000 or
1
■rich part thereof as can be determined to be due, with interest, for each Cent 1 1 Lt 1st & ref mtge! 1913 5-6-7J4 g A-O 8,213,000 April 1 1943
$15,000,000 ($100, $500,/Bankers Trust Co., New York, Trustee.
yjar from April 12 1905 In which net profits were earned, in accordance
$1,000_________________ C*J
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
Public Utilities Co.— now Southern Indiana Gas & Elec. Co.—bonds $36,000 are held In the treasury. Subject to call at 105 and Interest. Public Utilities Co 1st & ref)
1919 6 g J-J
3,108,000 Jan 1 1929
Sinking fund of 1% of bonds out became operative Aug. 1 1907.
mtge $15,000,000 ($100,/Bankers Trust Co., New York, Trustee.
R O A D .— Schuylkill Traction Division, 2244 miles of track, beginning at
$500 & $1,000) gold_ c*tfj
_
Locustdaie. thence through Ashland, Holmesville to Girardville, forming Public Utilities debentures____1913
6%
335,000 April 1 1942
there a Y , one branch running through Lost Creek to Shenandoah and the Southern Ind G & 1st lien &]
1921 7)4 g A-O
1,1^9,500 April 1 1941
Other branch to Malzevtlle, Gilberton and Mahanoy City. Lakeside DIvlref M ser“ A ” ($100. $5001 1922 6 g A-O
1.000,000 Oct. 11947
■ion, 544 miles. Total. 28 miles. 60 and 70-lb. T rail. Extensions of 43
& $1,000 c* & $1,000 & /Interest at National City Bank, New York,
miles proposed and charters obtained. Operates 51 motor cars, 4 work
$5,000 r * gold)___________ I Trustee.
cars and 2 snow sweepers.— V. 80. p. 1729.
Series “ B” ________________J
So Ind G & E 6% pf $2,211,400 cm
6 J-J
2,208,700 J a n ’23, 3%
do do 7% pref $2,788,600 ____
_______
576,000 Apr ’23 1 %
GLOVERSVILLE, N. Y.
Evansv Gas & El Lt 1st & ref I 1902 5 J-D
1,150,000 June 1 1932
FONDA JOHNSTOW N & GLOVERSVILLE RR. C O — Steam and
mortgage $1,250,000 gold)Int. at Cont. & Com. Tr. & Sav. Bk., Chic.,
electric road.— See statement in Railway & Industrials” Section.
($1,000) ___________ c * .t f l Trustee, or at First Nat. Bk., New York.
Illinois Pow Co 1st M S e r “ A ” _ 1921 5%
3,528,000 June 1 1933
Series B ___________________ 1921
7%
1,915,000 Dec 1 1936
Consumers Power C o________ Listed separately further below.
GRAND RAPIDS, MICH.
_
Springfield Lt Ht & Pow C o_ Listed separately further below.
COMMONWEALTH POWER, RAILW AY & LIGHT CO.
ORGAN IZATION .— Incorporated in Maine Feb. 19 1910 to carry out
Stock.— All the common stock is held either directly or indirectly
the plan outlined in V. 90, p. 108, 447, for amalgamating certain gas, (through subsidiary) by Commonwealth Power, R y. & Lt. Co.
electric light, power and street railway enterprises, principally in Michigan,
Bonds.— The 25-yr. secured sink. fd. 6% bonds dated M ay 15 1922 are
Illinois, Ohio and Indiana.
secured by pledge of the following stocks:
Controls through stock ownership the following companies:
Company—
Com. Stock. Pref. Stock. Tot.ParVal.
Commonwealth Power Corp., a hold Michigan United Rys. Co.
________ $16,175,900
Saginaw-Bay City Ry. Co. [not op Consumers Power Co. (a Maine corp.)$16,175,900
ing company controlling:
7,192,000
Cent. ill. Lt. Co. (an Illinois corp .)._ 5,000,000 $2,192,000
erating in April 1922].
Consumers’ Power Co.
1,775,000
4,675,000
Grand Rapids Holland & Chic. Ry. Illinois Power Co. (an Illinois corp.)_ 2,900,000
Central Illinois Light Co.
Union R y ., Gas & Electric C o., a Southern Indiana Gas & Electric Co.
Hlinois Electric Power Co.
1,271,500
4,271,500
(an Indiana corp.)________________ 3,000,000
holding company controlling:
Illinois Power Co.
The Springfield Light, Heat & Power
Rockford & Interurban R y. Co.
Southern Indiana Gas & El. Co.
______
1 ,000,000
Co. (an Ohio corp.)_______________ 1,000,000
Janesville Traction Co.
Springfield (O.) Lt. Ht. & Pow.Co.
DeKalb-Sycamore & 111. Prac. Co.
Grand Rapids Ry.
Total stocks pledged______________$28,075,900 $5,238,500 $33,314,400
Michigan R R . Co.
(d) The Schuylkill Ry. Co. to pay out o f net operating income current
interest and obligations equally (except as temporarily under (e)) on:
Principal.
Existing Bonds (Consols Reduced as Aforesaid)—
Interest.
$760,000 underlying 1st & 2d M . bonds on system proper______ $36,026
375.000 Schuylkill County Ry. Co. 1st M . bonds______________18,750
480.000 75% o f outstanding $640,000 5% Consol, bonds______ 24,000
A pril, 1923.]
ELECTEIC EAILW AYS
All o f the above shares are $100 par value; the common shares represent
the entire outstanding issues of common stock of the respective companies.
Are red. upon 30 days’ notice all or in part by lot at 105 & int. on or before
May 15 1927, with the call, price reduced K o f 1 % for each year thereafter.
Sinking fund began Aug. 15 1922. Int. payable in New York or Chicago.
Penna. and Conn. 4-mifl tax and Mass, income tax (existing at time of issue)
refunded. V. 114, p. 2246. Listed on New York and Boston stock ex
changes. V. 114. p. 2364; V. 115, p. 649. 1537.
Central Illinois Light Co. Securities.—-Central Illinois Light bonds are red.
at 105 and accrued int. on 60 days’ notice. $4,410,000 bear 5% int.,
$2,750,000 bear 6% and $1,053,000 bear 7H % int. Remaining bonds are
reserved for acquisition o f new property, additions, impts., &c., under cer
tain restrictions (V. 99, p. 1132). Sinking fund o f
o f 1% p. a. began
April 1 1917, o f total amount o f bonds o f this issue outstanding and all
underlying issues for the purchase o f these bonds (or call at 105) or for ac
quisitions, impts., &c. V. 99, p. 1132.
Public Utilities Co. (now Southern Indiana Gas & Electric Co.)— Securities.—
$1,150,000 1st & ref. M . bonds are reserved to retire a like amount of
underlying bonds; $1,971,000 are pledged under the 1st lien & ref. mtge.
Additional bonds may be issued in series at different rates of interest
not exceeding 6% per ann. to reimburse the co. for 75% of cost of add’ns,
ext’s, &c., under certain restrictions. A general reserve fund is provided for
under which the co. must expend or deposit in this fund in each calendar year
an amount equivalent to 20% of gross earnings derived from the railway
properties, 15% from the electric light and power, and 12% from the
gas and steam heating properties and o f all other income, to be expended
for maintenance, renewals, ext's, &c., and the purchase and cancellation
o f bonds of this issue or underlying bonds. Red. at 102 and int. on any
int. date to and incl. Jan. 1 1924 and thereafter at 101 and int. V. 108.
p. 269, 379. A description of the 1st lien & ref. 7J^s Ser. “ A ” will be found
In V. 112, p. 1618, 1742. I’he 1st lien & ref. 6s Ser. “ B ” are call, on any
int. date on 60 days’ no ice as 105 during ;he first 5 years, the piemium de
creasing 1% each 5 year, thereafter. A description of the 1st lien & ref.
Ser. “ B ” 6s will be found in Y. 116, p. 516.
The Evansville Gas & Elec.
Light Co. must call at 105 and int $10,000 annually on June 1 1913 to
1922 inclusive and $15,000 on June 1 1923 to 1932 inclusive; $100,000
have been retired. They are subject to call at 105 and interest.
Illinois Power Co.— The 1st mtge. 5s, ser. “ A ,” are red. at 1073^ on any
int. date upon 60 days’ notice. Series “ B ” 7s are red. on any int. date
upon 60 days’ nitice at 110 up to and incl. Dec. 1 1926, thereafter at 107)4
up to and incl. Dec. 1 1931, thereafter at a premium of 1% for each year
or fraction thereof o f unexpired life.
Dividends.— An initial div. of $1 50 was paid Aug. 1 1922 on the pref.
stock and same rate paid regularly quarterly since.
EARN ING S.— Of Commonwealth Power Corp. and subsidiaries:
Calendar Year— Gross.
Net aft.Tax&Maint. Fix. Chges. Bal., Surplus.
1922
$26,386,031
$10,095,544
$6,072,946
$4,022,598
1921__________ 24,863,984
9,152,654
5,669,311
3.483,343
P R O PE R TY, &c.— Generating capacity o f electric stations equals 301,200
h.p. Over 1,700 miles o f transmission lines. Gas mains, 1,088 miles.
OFFICERS.— Pres., Geo. E . Hardy; V.-Ps., B. C. Cobb. C. M . Clark
and Jacob Hekma; Compt., H. G. Kessler; Sec.. G. H. Bourne: Treas.,
Geo. T , Sprague.— V. 115, p. 649, 1537, 2482, 2909; V. 116, p . 1056.
47
tax-exempt in Michigan. V. 102, p. 613, 890. Jackson bonds are red. at
110 & int. Pontiac and Flint issues are red. at 105 & int. Int. on Jackson
Gas Co. bonds is payable at Hodenpyl, Hardy & C o.. New York.
Dividends on preferred have been paid regularly since organization.
EARNING S.— Of combined cos. for 12 months ending Dec- 31:
Year—
Gross. Exp..Tax..Ac.
Net.
Charges. Bal., Surp.
1922_____ $14,201,203 $7,437,076 $6,764,127 $2,221,871 $4,542,256
j9 2 1 -------- 13.174,247
7,474,230
5.700,017 2,137,221
3,562,796
PR O PE R T Y.— Owns and operates electric light and power proper
ties In Grand Rapids, Kalamazoo, Jackson, Flint, Saginaw, Bay City.
Pontiac, Battle Creek, Muskegon, Cadillac, Owosso, Manistee, Marshall*
Albion, Charlotte, Grand Ledge, Allegan, and a number of intermediate
cities and towns. Hydro-electric plants have about 101.000 h. p. and steam
plants about 101,000 h .p . capacity. Total generating capacity about
202.000 h. p.
OFFICERS.— Pres., B. C. Cobb, New York; V .-P ., E. W. Clark, Phila.;
V .-P ., Geo. F. Hardy, N. Y .; Treas., C. E. Rowe, Jackson; Sec., R obt.
Davey, Jackson.— V. 112. p. 2540; V. 113, p. 75, 1364, 2316; Y. 114, p.
2584; V. 115, p. 1842. 2051, 2384, 2909; V. 116. p. 1416.
(b) Springfield (O.) L igh t, Heat & Power Co.
All the com. stock is owned by the Commonwealth Power Corp.
ORGAN IZATION .— Incorporated in Ohio in Sept. 1908.
Franchises
extend beyond maturity of bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
___- ___
Common stock ($ 2 ,0 0 0 ,0 0 0 )-.____
$ 1 , 000,000 .......................
Pref 6% cum $274,300 ($100)______
6%
271.300 — ________
Pref 7% cum $1,725,700 ($ 1 0 0 )____
7%
408.800 __________
Spring Lt, H & P gen & ref M f 1913
5 A-O
1.155.000 April 1 1933
$5,000,000 ($1,000). R ed lln t. at N. Y . and London. Mich. Trust
at 105 and interest. _c*ntf l C o., Grand Rapids, Trustee.
Springfield Light, Heat &/ 1909
5 F-A
525,000 Feb I 1929
_
Power first mortgage_ tf\
Bonds.— Sufficient gen. and ref. bonds are reserved to retire at or before
maturity the outstanding 1st M . bonds. Remainder for extensions, en
largements and additions at 85% of cost with certain restrictions. See
V. 102. p. 1352. $225,000 first mortgage bonds in sinking fund.
EARNING S.— Year ending Dec. 31:
12 Mbs.—
Gross.
Exp.,Tax.,Maint. Net.
Int.. Ac.
Surplus.
1922_______$1,076,316
$621,204
$455,112
$98,147
$356,964
1921_______ 1.096.582
629,687
466,895
100,323
366,572
— V. 102, p. 614, 810, 1352; V. 106, p. 403; V. 114, p. 1898; V. 116, p. 1286.
(2) M ichigan R ailroad.
ORGANIZATION.— Incorp. April 17 1919 in Michigan and acquired the
railway properties formerly owned by the Michigan Railway (for history, see
“ Electric Railway” Section of March 29 1919). Leases for 5 years from
Jan. 1 1921 the Grand Rapids Holland & Chicago Ry.
Fares.— In Sept. 1920, the P. U. Comm. auth. the co. to continue the
10-cent fare in Battle Creek temporarily. V. I l l , p. 1370; see also V. 113,
p. 1471. On N ov. 2 1920 the people of Kalamazoo, M ich., rejected at a
general election the proposal to allow the company to charge a 6-cent fare
(a) C onsum ers’ Power Co.
on its Kalamazoo city lines. V. I l l , p. 2140. In Sept. 1921, however, the
All the common stock is owned by Commonwealth Power Corp.
company was auth. by the M ich. P. U. Comm, to increase fares in Kala
mazoo to 8 cents cash with 4 tickets for 25 cents. V. 113. p. 1251. In July
ORGAN IZATION .— Incorp In Maine in 1910, and in N ov. 1914 merged 1921 the M ich. P. U. Comm. auth. the company to reduce cash fares in Bay
the following 11 companies (previously controlled by stock ownership). City from 10 cents to 7 cents, and ticket rates in proportion, contingent,
Commonw. Power C o.. Grand Rapids-Muskegon Power C o., Grand Rapids however, on the city eliminating jitney competition. V. 113, p. 533.
Edison C o., Flint Elec. C o., Saginaw Power C o., Bay City Power Co..
Jitney Legislation.— See V. 113, p. 2819, under caption “ Michigan United
Pontiac Power Co., Consumers' Power Co. (M ich.), Economy Power Co.,
Railways.” Compare V. 116, p. 935, under same caption.
Au Sable Electric Co. and Central Power Co.
This merger made the Consumers’ Power Co. (of Maine) an operating
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
company instead o f a holding company and on July 20 1915 it was granted
_______
$4,000,000 __________
a certificate of authority to do business in Michigan. V. 99, p. 1528. 1597; Common stock $5,000,000_________
1st M bds $10,000,000 ($100, 11919
6 g M -N
4.150.000 M ay 1 1924
V. 101, p. 369. At the same time the R R . Comm, approved the then
$500
Y .. & Mich Tr. o.,tr,
outstanding issues o f .common and preferred stocks and 1st lien and ref. General and $1,000) gold.c*.tf/E quitable Tr Co, N. 4,000,000 May C 1 9 2 *
mtge $4,000,000 gold- 1919
6%
1
5% bonds and authorized the company to issue additional bonds from time
Bonds.— The first mtge. bonds have an authorized total of $10,000,000to tune upon procurement or retirement of the underlying bonds shown in
the table. V. 101, p. 369. In Jan. 1916 acquired the Cadillac Water & which may be issued in series bearing different rates of interest, but not to
Lt. Co. and the electric property of the Manistee Power & Lt. Co., and in exceed 6% per annum. In addition to the $4,500,000 originally outstand
N ov. 1922 purchased the property o f the Ca"o Lt. & Power Co. V. 115, ing. $500,000 may be issued under certain conditions; the remaining $5,000,p. 2384. Early in 1923 acquired the stock of the Thornapple Gas & Elec. 000 may be issued for not to exceed 75% of actual and reasonable expendi
C o., and is reported to have purchased the property of the Central Michigan 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
Lt. & Power Co. V. 116, p. 1416.
Amalgamation.— In Jan. 1920 a plan for the amalgamation of the Michi issue, either by purchase in the open market or by redemption at 101 and
interest. $350,000
Is
gan Light Co. with this co. was put into effect. Under this plan the holders also provided underin sinking fund in April 1923. A general reserve fund or
company must
of both the com. and pref. stocks of the former co. exchanged their holdings deposit in cash with which the York trustee an either expend annuallyless
(par for par) for stock o f the latter. This was done in order to enable the than 20% of its grossthe New to be expended amount equal to not
earnings,
cos. to obtain necessary capital for their respective needs. V. 110, p 261. replacements and renewals, for the purchase orfor maintenance, repairs,
retirement of bonds of
In Oct. 1922 brought out $14,000,000 1st lien & unifying mtge. 5% bonds,
or for extensions, enlargements and additions.
Ser. “ C ,” proceeds being used to retire $11,545,000 funded debt bearing this issue,extensions, enlargements and additions shall not Such expendi
tures for
be used as a
7% int. (incl. $5,045,000 Ser. “ A ” and $4,000,000 Ser. “ B ” gen. & ret.
of bonds, except
is reim
mtge. bonds and $2,457,000 serial debentures; these issues have been elim basis for the issuanceof moneys used or as the general reserve fundsuch ex
bursed to the extent
therefrom for
inated from the table below), to acquire new property and for improve penditures. This fund is distinct from withdrawnno connection with the
and has
ments. V. 115, p. 1842.
sinking fund. Callable at 101 and int. at any time on 45 days’ notice
Sale of Preferred Stock to Customers.— V. 111. p. 1282.
Int. is payable in N. Y . Tax-exempt in Michigan. The gen. mtge. is
Junior in lien in
to the first mtge.
Interest. Outstanding. Maturity. $4,000,000 bonds every respectshown as outstandingV. 108. p. 2022. The
STOCK AND BONDS—
Date.
of this issue
are pledged under the
Common $20,000,000 ($ 1 0 0 )_ _____
_______ $16,175,900
_________
Commonwealth Power Ry. & Lt. Co.'s serial notes of 1919.
Pref $30.000,000($100)6% cum ____
6 Q-J
12,761.500 July’23.1S4
R O A D .— Owns and operates an lnterurban electric railway 48.52 miles
6.6%
986,200
Monthly long, extending from Flint through Saginaw to Bay City, with branch to
Pref 6.6% cumulative________ _____
Preferred stock 7 % cum ulative____
7%
3,347.000 July’23, 1M Frankenmuth; one from Allegan to Battle Creek, 51.83 milas, and a new
1st lien and ref M . $35,000,-( 1911
5 g J-J
22,254.000 Jan. 11936 high-speed interurban line, 58.56 miles, extending from Grand Rapids to
000, gold ($1,000)____c* tf(In t. at Harris Tr. & Sav. Bk., Chicago, Kalamazoo. Construction on this line completed in Dec. 1914 and regular
( Trustee, or Harris, Forbes & C o., N . Y.
service was begun M ay 17 1915. Leases the Grand Rapids Holland &
1st lien & unifying mtge Series! 1922
5 g M -N 14,000,000 N ov. 1 1952 Chicaaro Rv 76.40 miles.
O F F IC E R S— Pres., B. C. Cobb: V .-P ., J. F. Collins; Sec., J. W . Glen“ C ” ($100, $500&$1,000c*;[-National City Bank, N . Y ., trustee.
denning; Treas., A. G. Bray. Office, Jackson, Mich.— V. 107, p. 1004;
$1,000, $5,000, $10,000 r*) |
V. 108, p. 1721, 1823, 2022; V. 110, p. 1849, 2568; V. I l l , p. 1370, 1661,
gold ___________________tfj
2140; V. 112, p. 2537; V. 113, p. 533.
Mich. Light 1st & ref. M gold/ 1916
5 M-S
2,512,000 Mar 1 1946
(a) M ichigan United Rys.— A third rail and trolley system. Leased to
($1,000, $500 and $100)-C*(Union Trust C o., Detroit, Trustee.
Michigan RR. Co. for 999 years from Jan 1 1016: see V. 112. p. 1866.
Flint Gas Co 1st M , $500,000/ 1904
5 M -N
493,500 N ov. 1 1924
Receivership— On Dec. 13 1922 John F. Collins, Gen. M gr., was ap
($500 & $1,000)____c*ntf\lnt. at Mich. Tr. C o., Grd. R ap., Trustee
pointed receiver for the co. by the U. S. Dist. Court for the Eastern Dist. of
Jackson Gas Co mtge, $350,-/ 1897
5 A-O
340,000 April 1 1937 Mich, upon application of the Commonwealth Power, R y. & Lt. Co.
000 gold ($1,000)_ c*n tf (Illinois Trust & Sav. Bank, Chic., Trustee. V. 115, p. 2684.
_
ORGANIZATION.— Incorporated in Michigan on March 31 1906 and
Pontiac Light Co consol mtge/ 1902 5 J-J
179,000 Jan 1 1927
on May 1 1900 took over the Michigan Traction C o., the Michigan Traction
$230,000 g ($1,000)-_c*tf {in t. at M ich. Trust C o., Grd. R ap., Trustee
Extension C o., the Jackson & Battle Creek Traction Co. and the Lansing S
c
Comm Pow 1st M , 54,000,-/ 1904
5 J-D
1,070.000 Dec 1 1924
000 g sink fd ($1,000)_c*tf (Int. at First Trust S Sav. Bk., Chic., Trustee Suburban Traction Co. The Lansing & Jackson Railway Co. has also been
c
deeded to the Michigan Un. Rys.
Grd Rap-Musk Pow 1st M 1906
5 M-S
463,000 Mar 1 1931
In 1908 purchased Jackson Consolidated Traction Co.
V. 84, p.1183.
$7,500,000, gold_______ tf\lnt. at 1st Tr.&S.B., Chic., or lstN .B .,N .Y . and V. 87. p. 285. Latter company's franchises in Jackson expire in I960.Cadillac Water & Lt 1st M f 1905
5 M-S
117,000 Sept 1 1925 The City of Jackson has the right to purchase the Jackson Consolidated
(closed)__________________ \Int. at Michigan Trust C o., Gd. Rapids, Tr_ Traction at an appraised value in 1930 and each 5 years thereafter.
. Interest Defaulted, &c.— On Oct. 29 1921, holders o f the company’s first
Stock.— Pref. 6% stock is red. at 105 and accrued dividends.
& ref. mtge. 30-year 5% bonds were notified by the company that it would
Bonds.— Of 1st lien & ref. bonds, sufficient are reserved to retire under be unable to pay the interest due on those bonds N ov. 1 1921. Interest on
lying bonds, and remainder is reserved under certain restrictions for exten underlying bonds, however, was paid. V. 113, p. 2080, 2185. Following
sions and additions at 80% of cost. In addition to the amount reported as this default the following protective committees were formed:
Committee for First & Ref. Mtge. 5s.— G. R. Cot.trelle, A. A. Tilney,
outstanding $5,327,000 are pledged under the 1st lien & unifying bonds.
Subj. to call any int. day at 105 & int. Sink fund o f 1% p.a. of bonds out Jos. B. Hurd, B. F. Davis, C. S. Campbell; Sec., Jacob Hekma, 14 Wall St.,
began Jan. 1 1915. V. 92, p. 465, 526. 1458. Up to Api. 1 1920 no bonds N. Y . City. Depositories: Bankers Trust Co., N. Y. City; Capital Trust
were held in sinking fund. The 1st lien & unifying bonds are secured by Corp., Temple Bldg., Toronto, Can.; and City National Bank o f Lansing;
pledge o f $5,327,000 1st lien & ref. mtge. bonds and $2,512,500 Michigan Investment Registry, Ltd., London, Eng. (representing Capital Trust Corp)
Light Co. 1st & ref. mtge. bonds, as well as all the bonds and stocks of the Y. 113, p. 2771.
Committee.— H. A. Kohler, Clifford Bucknam, Marvyn Scudder and B. E.
Thornapple Gas & Elec. Co. Ser. “ O” 1st lien & unify, mtge. 5s are red. all
or in part on any int. date on 30 days’ notice at 105 on or before Nov. 1 Smythe. Depositaries: American Trust Co. and Columbia Trust Co.
1932; at 104 thereafter to and incl. N ov. 1 1937; at 103 thereafter to and V. 113, p. 2080, 2185.
Reorganization Plan.— The committee for 1st & ref. mtge. 5s, Geo. R.
incl. N ov. 1 1942; at 102 thereafter to and incl. N ov. 1 1947; and at 101
thereafter prior to maturity. Sinking fund of not less than 1% of all under Cottrelle, 3hairman, in Nov. 1922 announced a plan of reorganization
lying and 1st lien & unify, bonds outstanding commences M ay 1 1923. (declared operative in Feb. 1923) which provides for the organization of a
Penna. and Conn. 4-mills tax refundable. Tax exempt in Michigan. new co. in Michigan to acquire through sale in appropriate receivership
roceedings or otherwise, the property of the present co. The new co. is to
V. 115. p. 1842. Listed on N. Y . Stock Exchange. V. 115, p. 2051.
ave approximately $6,000,000 of pref. stock and 100,000 shares o f com.
In addition to the amount of Mich. Light 1st & ref. mtge. bonds reported
stock o f no par value. The plan contemplates the issue o f 1st & refunding
as outstanding, $2,512,500 are pledged under the 1st lien & unifying bonds.
Redeemable at 105 and interest on any interest date on 30 days’ notice; Ser. A bonds o f the new co. as follows:
E
48
ELECTKIC RAILW AYS
(1) In exchange for $1.200,000 Jackson & Battle Creek Traction Co. 1st
mtge. fjs due Jan. 1 1923 and for sale for the purpose of obtaining the neces
sary funds to defray the cost of organization of the new co. and to provide
for extensions, rolling stock, equipment, &c., &c., approximately (but not
in any event to exceed $2,000,000) $l,8OO,O0O.
(2) For $10,381,000 Michigan United Rys. 1st & ref. mtge. 30-yr. 5s,
to each depositing bondholder an amount equivalent to 50% of the face
value of bonds (pref' stock to be issued for remaining 50% and accumulated
int.), $5,190,500.
Table of Exchange for Securities Participating 7> Plan.
in
1a#
II/ a 7
_
Out--------------------Will7Receive------------------Present Securities—
standing. 1st & Ref. 5s. Pref. Stock. Com. Stock.
1st & ref. 5s__________ a$10,381.000 $5,190,500 a$5,190,500 .......... ........
Each $ 1 ,0 0 0 ..............
500
500
Jackson&Bat Crk.Tr.5s 1,200,000 bl,200,000 _________
_________
Each $1,000_________
1,000
Debentures___________
x703,800
x7,038 shs.
1 share
Each $ l 0 o __________
Preferred stock________ y l ,000,000
y5,000 shs.
Each $ 1 00__________
M share
Common stock_______z6,000,000
z4,000 shs.
Each $ 1 00__________
1-15 share
a In addition, the full amount of the int. on the 1st & ref. mtge. 5% bonds
from May 1 1921 to Jan. 1 1923 (about $863,667), computed at the rate
of 5% per ann., will be paid in pref. stock.
b In addition, it is proposed to sell at the most favorable price which
can be obtained, but in any event at not less than 85 and int., $600,000
additional 1st & ref 5s for the purpose of obtaining the necessary funds
to defrav the cost of organization, &c.. Federal, State, &c., taxes.
x Depositors will also receive pro rata, according to tneir holdings, the
following rights (1) To subscribe at 85 and int to $600,000 1st & ref. mtge.
bonds and to receive one share of com. stock o f new co in respect of each $50
subscribed. (2) To subscribe at $4 per share to 18,000 shares of the com.
stock o f the new co.
y Depositors will also receive pro rata, according to their holdings, the
following rights: (1) To subscribe at 85 and int. to $600,000 1st & ref. mtge.
bonds and to receive one share of com. stock o f new co. in respect of each $50
subscribed, subject to prior rights o f debentures. (2) To subscribe at $4 par
share to 18.000 shares of the com. stock of the new co., subject to prior
rights of debentures. (3) To subscribe at $4 per share to an additional
18.000 snares of the com. stock, no prior rights in respect o f such shares
being created by the plan.
z Depositors will also receive the following rights, pro rata, according to
their holdings: (1) To subscribe at 85 and int. to $600,000 1st & ref. mtge.
bonds and to receive one share of com. stock of new co. in respect of each $50
subscribed, subject to prior rights o f debentures and pref. stock
(2) To
subscribe at $4 per share to 18 000 shares of com. stock subject to prior
rights of debentures and pref. stock. (3) To subscribe at $4 per share to
18.000 shares of the com. stock subject to prior rights o f pref. stock.
First A Refunding 5s Underwritten.— Commonwealth Power, R y. & Light
Co. has underwritten the subscription at not less than 85 and int. of the
$600,000 1st & ref. mtge. bonds. For this consideration and the under
writing of the subscription of the 36,000 shares of com. stock of the new co.
(mentioned in foot notes x, y and z) and for other cash items and commit
ments which in the judgment of the committee are or may be necessary or
desirable in connection with the plan, the Commonwealth co. will receive
36.000 shares of com. stock.
Offer to Holders of Jackson & Battle Creek Traction Co. Bonds.— To assist in
carrying out the plan. Commonwealth Pow., R y. & Lt. Co., owner of prac
tically all of the com. stock o f the present co., has made the following offer:
The Commonwealth Co. on or before June 30 1923 will deliver and pay
to each and all holders of Jackson & Battle Creek Traction Co. 5% gold
bonds, dated Jan. 1 1903, who deposit their bonds with the depositaries
below, for each $1,000 of bonds: (a) $950 1st & ref. mtge. 25-year 5% gold
bonds. Ser. A, of new co., to be dated as of Jan. 1 1923: (5) $100 in cash; and
(c) will guarantee the payment at maturity of coupons maturing Jan. 1
1923. attached to such deposited bonds.
In case the new co.'s 1st & ref. mtge. bonds, Ser. A, together with the
required cash, are not deliver d prior o June 30 1923, the Commonwealth
Co. shall either: (a) Cause all Jackson & Battle Creek Trac. Co. bonds de
posited to be returned by the depositaries upon surrender o f the certificates
of deposit; or (b) cause to be paid to the holders of certificates of deposit $125
in cash for each $1,000 bond deposited ($100 representing cash payment
called for herein and $25 equivalent of int. on deposited bond for 6 mos.
ending July 1 1923). in which case the delivery of the $950 of new bonds
(July 1 1923 coupon detached) per $1,000 bond deposited may be deferred
until not later than Dec. 31 1923, on which date, if the bonds of the new co.
are not issued and ready for delivery, the Jackson & Battle Creek Trac. Co.
bonds shall be returned by the depositaries and the cash paid to the holders
o f certificates of deposit shall be retained by them. For full details of re
organization plan and description of new securities to be issued in connec
tion therewith see V. 115, p. 2046, 2684; V. 116, p. 721.
Plan to Be Contested.— Myron W. Mills, James R. Elliott and A. D.
Bennett have asked the support of holders of pref. stock and debentures for
the purpose of contesting the above plan o f reorganization. V. 116, p. 721.
Fares.— See Micnigan RR. above.
STOCK AND BONDS— Dale.
Interest. Outstanding.
MaturityCommon. $6,000,000 >$100)........................... ..........$6,000,000 ___________
Pref $1,000,000 ($100; 6% c u _ ____
M-S
1.000.000
See text
1st & ref mtge $12,500,0001 1906
6 g M-N
10 047.000 May 1 1936
gold ($1,000, $500. $250,j Int. at Columbia Tr. C o., N. Y ., trustee.
$100 and $50). _c&r tfi or Nat. Provincial Bk. of Eng.. London.
.Jackson & Battle Creek first f 1903
5 g J-J
1.200.000 Jan 1 1923
mortgage, $1,200,000 (-$1.-1 Interest at Citizens' Savings & Trust Co..
000) g o ld __________ c*. tfl Cleve., Trustee, or First Nat. Bk.. N. Y
tackson Consol Trac 1st mtge [ 1904
5 g M-N
790.000 May 1 1934
$1,000,000 gold ($100.$500( Interest at Guardian Trust C o., New York
and $1.000)_________ c * tfl Trustee.
Bonds.—Of the $12,500,000 first and refunding bonds, sufficient are
reserved for prior liens and remainder for addns., bettermts and Impts
subject to call at 110
V . 82, p 1157. See also V. 87, p . 167, 285; V . 88
p. 1437. Bonds are listed In London. V 90, p. 914. The Jackson Consol
Trac. Co. bonds are subject to call on any Int. date at 105.
The Jackson & Battle Creek bonds are subject to call In any amount
after 10 years at 105 and interest. V . 75. p 1147.
Dividends.— 6% Is being paid on preferred stock.
R E PO RT.— Earnings are no longer reported separately.
R OAD.— 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 andOwosso.
and from Jackson to Grass Lake and Wolf Lake; total operated. 261.13 m
Through service between Jaeksou and Lansing began In Nov. 1909. Op
erates through service to Detroit over Detroit United Ry lines under traffic
agreement Conner1ion from Jackson — V. 113, p. 1251. 2080, 2185, 2721,
2819; V. 115, p. 436. 1532, 2046. 2684; V. 116, p. 721, 935.
(b) Grand Rapids Holland & C hicago Ry.
Com. Pow , Ry.&Lt. Co. owns all the pref. and practically all the com. stk
Leased to Michigan RR. for 5 years from Jan. 1 1921.
. ORGAN IZATION .— Incorporated in Michigan in July 1904 and Is a re
organization on Aug. 1 1904 of the Grand Rapids Holland & Lake Michigan
Rapid Ry. See V. 79, p. 627. Power is supplied to company by Con
sumers Power Co. Franchises in city of Holland and village streets expire
in 1928 to 1930; remainder on private rights of way.
Bond Extension.— Holders of the $1,475,000 Grand Rapids Holland &
Lake Michigan Rapid Ry. 1st Mtge. 5s due Aug. I 1920. were asked to
extend same for 4 years to Aug. 1 1924 at 7% . V. I l l , p. 389.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Common, $500,000__________ _____
_________
$487,900 __________
Pref. $850,000. 6 % ................... ..................................
836.800 __________
1st mtge, Grand Rapids Hol.f 1900
7 g F-A
1,475 000 Aug 1 1924
& Lake Mich, $1,500.000j Int. at Oont. & Comml. Tr. & Sav. Bk., Chic
gold ($500 and $1,000).nt-f l Trustee, or at Guaranty Trust Co, N. Y
Bonds.— A sinking fund is provided of $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. 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. 111. p.389.
ROAD.— Operates 76.40 m. of track from Grand Rapids through Holland
to Macat.awa and Saugatuck, with steamer connection at Holland for Chic.
— V. 96, p. 1422; V. 100. p. 140; V. 111. p. 389; V. 112. p. 2537.
'3 Union Railway Gas & Electric Co.
Practically ail the common and pref. stock is owned by the Common
wealth Power, R y. & Lt. Co.
[V ol. 116.
ORGANIZATION — Incorporated in New Jersey June 29 1909.
In M ay 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 above). The co. owns practically all the capital stocks
of the Rockford & Interurban Ry. C o., De Kalb-Sycamore & Interurban
Trac. Co. and the Janesville Traction Co. Holders of Union R y ., Gas &
Elec. coll, trust 5% bonds due July 1 1939 on June 30 1922 were offered in
exchange gen. lien & ref. bonds of the Commonwealth Power Corp. as per
offer in V. 115, p. 184, 546. We have therefore eliminated the coll, trust
bonds from the table below.
Sub. Co. Fare Increase.— In Dec. 1918 ticket fares on the Rockford &
Interurban Ry. were increased to 2.6 per mile and cash fares to 3 cents
per mile. Y. 107, p. 2477. In N ov. 1920 fares between Beloit and Janes
ville. Wise., were raised 20% by authority of the Wise. RR. Comm. V. i l l .
p. 2141. Effective Aug. 1 1922 a 10-cent cash fare with 4 tickets for 25
cents was authorized'. V. 115, p. 1429.
The Rockford & Interurban Ry. 1st mtge. 5s, due Oct. 1 1922, were
extended to Oct. 1 1930. V. 115, p. 1429. Co. is also empowered to
extend the $498,000 Rockford & Freeport Elec. R y. 1st mtge. 5s at or
before maturity. M ay 1 1923. V. 115, p. 1429.
Committee for Ro kf. < Interurb. 1st Mtge. 5s.— Chairman, Robt. W .
&
Baird; A. J. Frame, M . W . Hanford, Arthur J. Hewitt; Sec., Philip P.
Edwards, 407 East Water St., Milwaukee, Wis. Depositaries; First
Wisconsin Trust C o., Milwaukee, and Bankers Trust C o., N . Y . Y .
115, p. 2268.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $8,000,000 ($100)________
______ ___$3,000,000
See text
Pref $12.000.000 cum ($100)_______
6 Q-J
5.250.000 Apr '21. I X
Rockford & Interurban Ry. Co.—
A-O
Rockford & Inter - Urban-f 1902
1,685.500 Oct 1 1930
1st mtge. gold ($500 and) Interest at First Nat. Bk., N. Y ., or at Oon$1,000) $3.000.000-C*..ntf I tinen. & Com. Tr. & Sav. Bk., Ohic.,trus.
Rockford & Freeport first) 1903
5 g M -N
625.000 M ay 1 1923
mtge, $750,000. gold. gu{ Int. at Con & Com. Tr. & Sav. Bk.. Chicago
p & i ($1,000&$500)c*_ntf I Trustee.
Rockford Bel & Janesville lstf 1905
5 g A-O
931.000 Oct 1 1930
mtge g ($1,000) s f __c*_tf-!Int. at Cont. & Com. Tr. & Sav. Bk., Chic.,
Trustee, or First Nat Bank. New York.
Rockford & Interurban Ry. Securities.— Sinking fund on Rockford &
Inter-Urban bonds of 5% of gross receipts commenced in 1908. This issue
originally matured Oct. 1 1922. but was extended to Oct. j 1930 at the
same rate of int. Sink, fund operations ceased Oct. 1 1922. V. 115,
p. 1429. $574,000 of bonds in addition to those reported outstanding above
are held In the sink. fd. Add’ ! bonds can be issued for extensions and impts.
at 85% of cost. The entire issue is subject to call at 105 and interest. The
Rockford & Freeport bonds are assumed, prin. & Int.. by the Rockford &
inter-Urban Railway Co.; ,$135,000 are held in sink. fund. A sinking fund
equal to 5% of gross earulugs began In 1910. Bonds are subject to call
at 105 and Interest. V. 78. p. 1276. A sinking fund on the Rockford
Beloit & Janesville bonds began In 1915 of 2% of gross earnings of that
division. They are subject to call at 1 0 2 and interest They are guar
anteed d . & i , by the Rackf. & Inter-Urban. $69,001 in s. f. April 1 1923
Dividends.— First div., lt$ % . on pref. paid Oct. 1909 and same amount
quar. since to and including Apr. 1921. First div. on com .— 1%— paid
April 1 1913: July 1 ,1 % ; Oct., 1% . In 1914. Jan., 1% . Com. Pow., Ry.
& Lt. Co. owns practically all the stock and divs. no longer made public.
ROAD.— Rockford & Interurban operates 36.28 m. of trolley In Rock
ford, 12 miles between Rockford and Belvidere: also 8 miles between Rock
ford and Freeport, and 35 miles between Rockford. 111., and Beloit and
Janesville, Wis.; also a 2.89-mile extension to Camp Grant. Total,
123.67 miles. Janesville Traction Co. operates 5-37 miles in Janesville.
Wis., and De Kalb-Sycamore & Interurban Trac., 8 miles, connection
De Kalb and Sycamore, 111.
OFFICERS.— Pres., G. E . Hardy: V.-Ps., C . M . Clark, B. C. C obb,
J. C. Weadock and Jacob Heckma; Sec., G. M . Bourne, New York: Treas.,
Geo. Sprague Jr. V. 108, p. 1391; V. 110, p. 2488; V. I l l , p. 2141; V. 113,
p. 2506; V. 114, p. 523; V. 115, p. 184, 546.
(4) Grand Rapids R y.— Trolley.
All the common and $500,000 pref. stock and the $1,200,000 gen. &
ref. mtge, 6% bonds are owned by Com. Pow., Ry. & Light Co.
Sale to City Proposed.— In Oct. 1921 the co. offered to sell its property to
•he city of Grand Rapids for $6,270,000. V. 113, p. (471, but see below.
ORGANIZATION, &C.— tncorp. 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 of Grand Rapids, M ich., 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 of the people. V. 115, p. 1428.
Valuation.— In Jan. 1922 me company and the City Commission reacned
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 a return o f 8% on the new valuation. 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.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
_______
$2,000,000
See text
Stock com $2,000,000 $ 1 0 0 ) - - ____
Pref $2,000,000 cum 5% ($ 1 0 0 )____
Q-F
2.000.000 Nov'18. 1H
First mortgage $4,500,000( 1919
6 g J-D
2.500,000 June 1 1924
$500 and $1,000) g ______ c*(M ichigan Trust C o., Grand Rapids, and
( Bankers Trust C o., N. Y ., Trustee
Gen. & 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, Mich. Tax-exempt in Michigan
V. 108. p. 2122.
The gen. mtge. bonds are all pledged as security for the $750,000 secured
serial 6% notes of the Commonwealth Power Ry. & Lt. Co. V. 108, p. 2433.
Dividends.— 5% was regularly paid on pref. stock to and incl. N ov. 1918.
None since.
R E PO R T .— For years ending Dec. 31:
Bal.for,
Year—
Gross. Net aft. Tax. Charges. Pref.Div. Dep.,&c.
1922______________ $1,861,476 $513,551 $330,836
______ $182,715
1921______________ 1,844.732
488,707 337,867
...........
150,840
ROAD, &C.— 29.12 miles double and 9.94 miles single track; total single.
track equivalent, 68.18 miles. 163 passenger, 12 trailers and 28 misc.
and service cars, 2 pleasure parks, &c. Power is obtained from Consumer!
Power Co. under satisfactory long-time contract.
O FF IC E R S— Pres., B. C. Cobb.; V.-Pres., S Gen. M gr., L. J. De
c
Lamarter; Comp., H. G. Kessler: Sec. & Treas., W . E. Livingston. Office,
Grand Rapids, Mich.— V. 109, p. 887: Y. 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.
(6) Saginaw-Bay City R ailway Co.
Entire stock (except directors' shares' is owned by Cora.Pow..Ry.&Lt.Oo.
Receivership.— In Aug. 1921 Otto Schupp was appointed receiver for the
company on application of the Commonwealth Power. Ry. S Light Co. and
c
others. V. 113, p. 850, 2080. For statement regarding company’s condi
tion at time of receivership petition see V. 113, p. 732.
Operations Suspended.— At midnight Aug. 10 1921 all operations were sus
pended. See V. 113, p. 732, for full particulars.
Ordered to Remove Tracks.— The Saginaw (Mich.) City Council on July 11
1922 ordered the removal of the cos. tracks from the streets. On the
previous March 25 an ouster ordinance was passed calling upon the co. to
rern we its tracks, and overhead construction within 90 d ays. V. 115 p. 437.
In Dec. 1922 the City Council auth. the city authorities to prosecute the
suit in the Federal Court to compel the co. to tear up and remove its tracks
in Saginaw. V. 115, p. 2794. At an election April 2 1923 voters rejected
a proposed new franchise.
ORGANIZATION.— This company is a consolidation of the Saginaw
Valley Traction Co. and railway dept, of the Bay City Traction & Elec. Co.
Fare Increase.— In July 1918 was authorized to charge a 6-cent fare
in Saginaw, this franchise, however, was revocable and in April 1919 the
people of Saginaw voted it down. V. 108. p. 1276. On July 31 1919.
however, an ordinance was passed providing for a 6-cent cash fare with
labor and school tickets at 5 for 25 cents. This ordinance was approved
by the electors Sept. 9 1919. V. 110, p. 465.
A pril , 1923.]
ELECTRIC RAILW AYS
Jitney Regulation— Proposed New Franchise, &c.— See V. I l l , p. 2325.
On Dec. 7 1921, however, an advisory vote was taken and the people of
Saginaw voted in favor of motor buses rather than the restoration of
street car service. V. 113, p 2615.
Interest Defaulted.— Interest due Aug. 1 1921 on the Saginaw Valley Trac
1st mtge. 7s was not paid when due. V. 113, p. 732. Not paid since
(April 1923).
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $2,600,000___________ All owned by Commonw. Pr.. Ry. & Lt. Co
First and refunding mortgage! 1910
5 M -S
$1,559,000 M ar 11935
$5,000,000 ($1.000)_ c* tf (Michigan Trust C o., Grand Rapids, Trustee.
_
Saginaw V alT r 1st M , $850,-1 1899
7 g F-A
610,000 Feb 11923
000, g ($1,000 each)_c*ntf lin t, at Boston Safe Dep. & Tr. C o., Trustee.
Bonds.— Of the 1st & ref. bonds, $610,000 are reserved to retire Sag. Val*
Trac. bonds; remainder for 85% of cost of additions, &c. Red. on any Int
date on SO days' notice at 105 and lnt. Int. at Hodenpyl. Hardy & Co.
New York
The Sag. Val. Trac. bonds originally bore int. at 5% and matured
Feb. 1 1920, but were extended for 3 years at 7% . The extension agree
ment provides for a sink, fund o f $75,000 (to be paid in three installments)
to be used to acquire bonds at not exceeding 101 and int., bonds so acquired
to be canceled. The extended bonds are tax-exempt in Mich. V. 110,
p. 465.
R O A D .—Operates about 64 miles of street railway track In Saginaw and
Bay City, incl. interurban line between the two cities, not operating at pres
ent— April 1923.
OFFICERS.— Pres., B. C. Cobb; V.-Ps., H. T . Wickes, J. E. Davidson
and J. A. Cleveland: Sec.. J. W . Glendening :Treas., A. J. Bray; Asst. Sec.
& Asst. Treas., S. E. W o lff— V. 113, p. 2615; V. 115, p. 437, 1533, 2794.
(6) Manistee Railway Co.
Operations Suspended.— Owing to the failure o f local authorities to grant
the company any relief either in the form o f increased fares or otherwise, the
company suspended operations Aug. 26 1921. V. 113, p. 1156. For
history o f co. see “ Elec. R y .” Supplement o f Oct. 28 1922.
UNITED LIGHT & RAILW AYS CO.— (See M ap, page 50.)
ORGAN IZATION .— Incorporated in Maine in July 1910, per plan in
V. 91, p. 96. Owns over 99% of the common stocks, over 26% of the
pref. stocks and over 53 % of bonds and notes of the following companies’
La Porte (Ind.) Gas & Elec. Co.
Cadillac (Mich.) Gas Light Co.
Mason City & Clear Lake (la .) R R .
Chattanooga (Tenn.) Gas Co.
Ottumwa (la.) Gas Co.
Cedar Rapids (la.) Gas Co.
Cedar Rapids & Marion City R y. Co. People’s Gas & Elec. C o., Mason C ’y.
Fort Dodge (la.) Gas & Electric Co. Tri-City Railway & Light Co.
Grand Rapids Grand Haven & Mus
kegon (Mich.) Ry. Co.
The Grand Rapids-Grand Haven & Muskegon R y. 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. Co. was
acquired in July 1912.
In Feb. 1913 purchased the People's Gas & Electric Co. and the Mason
City & Clear Lake RR. In 1913 also acquired the Iowa & Illinois Ry
and the Iowa & 111. R y. Term. C o., but in Jan. 1918 these two cos. were
consolidated with the Davenport & Muscatine Ry. (forming the CllntoD
Davenport & Muscatine Ry.) under the management of the Tri-City Ry
& 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 Lt. & Rys.
Co. o f Maine. The 7% prior pref. stock is being sold to the public in the
communities served by the subsidiary cos., and as o f Mar. 31 1923, approx.
$2,000,000 o f 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). Ft. Dodge, Iowa City, Mason City. Bettendorf, Ottumwa and
Muscatine, la.; Cadillac, M ich., La Porte, Ind., Rock Island. Moline,
East Moline, Milan, Silvis and Watertown, 111.; and Chattanooga, Tenn.:
entire electric-light and power business in Davenport, Ft. Dodge, Iowa
City, Mason City and Muscatine, la.; Rock Island, Moline and East
Moline, 111., and La Porte, Ind. Has hot water and steam-heating system
In Davenport and Mason City, la., 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. Ia.; Mason City and
Clear Lake, la.; Davenport and Clinton, la ; Davenport and Muscatine,
la.; Davenport, la., and Rock Island. Moline and East Moline, III., Grand
Rapids, Grand Haven and Muskegon, Mich. In all. 7 7 communities, with
a population estimated at 600,000 aFe served. Franchises expire from
1924 to 1960; approximately 73% are indeterminate or extend beyond
1932.
In April 1922 issued $7,000,000 1st lien & cons. mtge. 6% bonds ser. “ A ” ,
proceeds of which, together with the sale o f capital stock (underwritten)
were used to refund the coll. tr. 1st lien 5% bonds o f the Tri-City R y. &
Light Co. dim April 1 1923. V. 114, p. 1536.
In July 1922 holders o f com. stock were offered in exchange for one-half
their holdings, a like amount o f new 7% partic. pref. stock. V. 114, p.
2580; V. 115. p. 184.
. . .
In Jan. 1923 brought out $2,500,000 6% 50-year deb. bonds, Series “ A,
proceeds being used to retire an issue o f 8% bond-secured notes due Nov. 1
1930, which were called for payment Feb. 10 1923 at 106 14 and int. V.
116, p. 177.
Transfer Agencies.— Stock transfer agencies are maintained in New York,
in Chicago and in Grand Rapids. See V. 97, p. 1358.
STOCK AND BONDS.— Date.
Interest
Outstanding. MaturityQ-J
$3,558,300
See text
Common $12,500,000 ($100).............
1st p r e f $ 1 2 ,5 0 0 ,0 0 0
($100)1
6% cum , . . ____ _____ / ____
Q-J
10,133,100Apr. ’ 23. 1)4
2d pref. $5,000,000 ($100)_________
_________ See text.
-----------Partic. pf. $20,000,000 ($100)______
7%
3,407,300
See text
First & ref mtge gold i#l00.( 1912
5 g J-D
11,003,000 June 1 t932
$500 & $1 .0 0 0 !__ c*&r tflN ew York Trust Co.. N Y ., Trustee
1st lien&cons Mser“ A” ($100,l 1922
6 g A-O
8,038,500 April 1 1952
$500 & $1,000c* & $1,000 r*/Int. at New York Trust C o.. N. Y ., trustee.
Oonv debentures gold ($100.) 1916
6 g M -N
2,000.000 Nov 1 1926
$500. $1,000 <cc)-_c*&r*tfl Int. at New York Tr. Co N Y trustee
Debenture bonds Series “ A” f 1923 6 g J-J
2,500,000 Jan 1 1973
($100, $500 & $1,000 c* &(New York Trust Co, New York, Trustee.
$1,000 & multiples r*) g -t f (
Chattanooga Gas first rutgef 1907
5 J-J
448,000 Jan 1 1927
$1,500,000 g ($1,000)_c*tfiln t. at Con. & Com. Tr. & Sav. Bk., Chic.
I 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_______________tfl Int. at Central Tr. C o., Chicago. Trustee
For securities covering railway properties see separate companies below.
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. stock. 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. $228,300 additional com. stock is held in treasury;
Bonds.— Int on first and ref. mtg. bonds Is payable at office of trustee
or Continental & Commercial Trust & Ravings Bank. Chicago
Mortimer
N . Buckner is co-trustee. $6,560,000 bonds (not included in amount
outstanding above) are deposited as security for first lien and consol
idated mortgage bonds and $144,000 are in the treasury. 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, improvements and additions, and for 75% of cost
o f additional property, under certain restrictions. Redeemable as a whole
or in part on any int. day at 102 % and int. on 60 days’ notice. A deprecia
tion fund of 2% on all bonds out became operative in 1917. See description
of bonds in V. 102, p. 1898. The 1st lien & cons. mtge. 6s, Ser. “ A ,” are
49
secured by pledge o f $6,560,000 1st & ref. mtge. 5s and $1,185,000 Liberty
bonds. Additional bonds may be issued under certain restrictions. Ser.
“ 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. Chatt. Gas
Co. bonds have a sinking fund o f $15,000 per annum from 1912 to 1926, incl.
on first $500,000 bonds and 2% additional on any further bonds issued.
Subject to call at 105 and int. V. 84, p. 805. $6,000 o f bonds reported
outstanding owned by United Light & Railways Co.
Debentures.— The convertible debentures due N ov. 1 1926 are a direct
obligation of the company. N o mortgage may be created junior to the
first and refunding mortgage without equally securing the debs. A t no
time shall there be outstanding debs, in excess o f 75% o f the total o f 6%
pref. stock outstanding. N o further debs, may be Issued unless earns,
available for interest charges are 3 times the requirements on the deb.
then outstanding, incl. those applied for as well as the int. upon any un
secured debt. They are callable, all or part, upon 4 weeks’ notice to N ov. 1
1921 at 102 and int. and thereafter at 101 and int. Convertible upon 10
days’ notice to Nov. 1 1923 into 6% pref. stock at the rate of $1,125 par
value for each $1,000 par value deb. Pa. 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 incl. the 45th year;
thereafter at 1 % less during each succeeding year to and incl. 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 o f which not actually ex
pended in any calendar year for malnt., &c.. to be used for extensions, ad
ditions. &c.. against which no additional bonds may be issued.
Dividends of l % have been paid quar. on 1st pref. since Oct. 1910 to
and incl. Jan. 1922. An initial div. o t\ % % on the partic. pref. stock was
paid Oct. 2 1922. Divs. at same rate paid regularly quar. since to and incl
Apr. 1923. An extra div. of M of 1% was also paid on the latter date.
The 2d pref. received M % quar. from Oct. 1910 to July 1915. Was then
converted into 1st pref. and com. stock. As to stock div. on com., see V. 94,
p. 1250. Divs. of 1% on com. were paid quar. from April 1913 up to and
incl. July 1914. None to Oct. 1916, when 1% was paid, same rate quar. to
and incl. Oct. 1919. Jan. 1920 div. deferred (V. 109, p. 2357). None to
Jan. 1923, when \ 14% was paid, together with an extra div. of M o f 1% .
In April 1923 an extra div. of 5% in com. stock was paid in addition to the
quar. div. of 114 % and an extra cash div. of % of 1 % . V. 116, p. 1051. A
stock d v. of 1% , payable in common stock, was paid April 1 1914 in addi
tion to the regular dividend of 1% paid on the same date. V. 98, p. 525.
R E PO RT.— Report for 12 mos. ending Dec. 31
Combined Earnings of Subsidiary Companies.
Combined Earnings of Subsidiary Company— 12 Months ending Dec. 31.
1922_____ -$11,638,901 $7,991,506 $3,647,395 $1,770,852 $1,876,543
1921_____ 11,250,094
8,002,742
3,247,352
1,768,595
1,478,757
Income Account United Light & Railways Co. for Years Ending Dec. 31.
1922.
1921.
1922.
1921.
Earns on stks.
I n t e r e s t on
bonds and
of sub. cos-$l,859,125 $1,464,232
notes______
807,655
636,945
Other income. 1,567,124 1,390,301
Preferred divi
dends _____
807,655
636,945
Total______ $3,426,249 $2,854,533
E xps.& taxes.
416,588
352,001
Total deduc’s .S l,816,890 $1,669,332
Net earnings_$3,009,661 $2,502,532 Bal., surplus_$l,192,771 $833,200
Operating Statistics
12 Mos. ending—
Dec. 31 '22. Dec. 31 ’21. Dec. 31 ’20. Dec. 31 ’ 19.
1,000 cu. ft. of gas s o ld .. 2,049,487 2,162,490
2,530,390
2,008,539
k.w.h. elec, energy sold-181,457,340 142,849,213 174,305,805 154,561,096
Revenue passengers:
Urban railways______ 28,225,428 28,838,118 39,145,698 42,157,029
_ 2,041,133
2,356,430
2,853,084
2,785,168
Interurban railway_
P R O PE R T Y .— The physical properties include 10 electric central stations
with a total generating capacity of 103,650 h. p. o f which 7,215 h. p. is water
power; 659 miles of high-tension transmission lines; 3,653 miles of distribut
ing lines with sub-stations; 11 gas plants, 9 o f which are equipped with coal
gas and water apparatus permitting operation o f which is more advantageous
under prevailing conditions. The gas plants have an annual output o f over
2,500,000,000 cu. ft. The distributing mains are 750 miles in length. The
companies combined have 67,471 gas and 53,915 electric customers. The
street railway properties include 147 miles o f 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. Denman, Davenport; W m. Chamberlain
and T . J. Weber, Grand Rapids; Sec. & Treas., L. H. Heinke, Grand
Rapids; Asst. Sec. & Asst. Treas., F. F. Kelley; Gen. M gr., Richard Schad
delee. General office, Portland, M e.; executive office, Chicago; operating
headquarters, Grand Rapids; operating headquarters for Iowa district,
Davenport, Iowa.— V. I l l , p. 190, 494, 897, 1084, 1184, 2141; V. 112,
p. 1400, 1979, 2408, 2414; V. 113, p. 413, 1984, 2407, 2615; V. 114, p. 1536,
1768, 2580; V. 115, p. 184, 761, 870, 2160, 2582; V. 116, p. 177, 1051, 1179,
1277.
(1)
Grand Rapids Grand Haven St M uskegon R y.— Electric road.
Third-rail system. Entire stock owned by United Light & Rys. Co.
ORGANIZATION.— Incorporated in Michigan on March 6 1899. Owns
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 1 1920
g old _________________ c*tf(In t. at Guaranty Trust C o.. N . Y ..T ru stee.
Stock.— Entire stock, except directors' shares, deposited under United
Light & Rys. Co. 1st and ref. mtge.
Bonds.— The interest on outstanding bonds was guaranteed for 5 years
by the Security Investment Co. of Pittsburgh. See V. 76, p. 479. $6,000
of outstanding bonds held by United Light & Railways 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 R y.
and the Muskegon Trac. & 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 Tri-City Railway St Light C o.
In June 1912 control was acquired by the United Light & R ys. C o.
Tri-City Ry. & Lt. com. stockholders received in exchange for their shares
$31 16 2-3 cash, $16 66 2-3 United Rys. 6% 1st pref. and $12 50 2d pref.
3% stock.— V. 94, p. 768. The United Lt. & Rys. C o. owns $8,915,000
common and $280,800 preferred stock.
ORGANIZATION.— Incorporated In Connecticut March 3 1906 and
owns all the stock, except directors’ shares, of the following companies
Moline-Rock Island M fg. Co.
Tri-City Railway Co. of Iowa.
People’s Light Co.
Tri-City Ry. Co. of Illinois.
O. D . & M . R y. Co. Ibut see below}
People's Power Co.
Muscatine Lighting Co.
Iowa City Light & Power Co.
Controls all gas plants, electric-lighting companies and street railway
lines in the cities of Davenport, Iowa City, Muscatine, Bettendorf and
Rockingham, la ., 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 & Hlinois Ry. and Iowa & Illinois
Terminal Ry. companies (formerly owned by the United Light & Rys. C o.)
were acquired and merged with the Davenport & Muscatine R y., forming
the Clinton Davenport & Muscatine R y. All of the $1,063,000 1st M ,
50
ELECTRIC RAILWAYS
[V ol. 116.
A pril, 1923.]
51
ELECTRIC RAILW AYS
bonds o f the low s Sc Illinois R y. outstanding have been acquired by the
Tri-City Railway & Light Go. In Sept. 1920 the United Light & Power
G o . and the Watch tower S Campbell s Island Park Co. which had been
c
owned by the Tri-City R y. & Light Co. were dissolved. V. I l l , p. 1084.
Sub Cos. C onsolidate. — The Tri City R y. o f 111., in June 1920, was auth. by
the 111. P. U. Comm, to purchase the tracks and equip, o f the Moline Rock
Island & Eastern Trac. Co. The former co. issued $195,000 bonds in
connection with the consolidation. V. 110, p. 2488. Compare V . 110,
p. 972.
F are In crea ses. — On July 20 1920, fares on the Rock Island, Moline,
East Moline and Silvis lines were raised from 7 to 8 cents. Shortly after
thai> 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.
New Ordinances.— See V. 116, p. 78.
In Feb. 1922 issued $1,000,000 1st & ref. mtge. 5% bonds for the purpose
of retiring certain underlying bonds and for reimbursing the co. for con
struction expenditures. V . 114, p. 855, 949.
STOCK AN D BONDS— D a te .
In terest.
O utstanding.
M a tu rity Common $9,000,000 ($100)________
_________ $9,000,000
See text
Pref $3,000,000 6% cum ($ 100)____
6 Q-J
3.000.000 Apr. ’23. 1H
1st & ref mtge $20,000,000 g\ 1910 5 g J-J
15,174,000 July 1 1930
$500& $l,000c*& $l,000r*tf/Int. at Cent. Union Tr. C o., N . Y ., Trustee.
Tri-City Railway 1st M ___ tf 1902 5 M-8
54.000 Sept 1 1922
Iowa City Light & Power ( 1912 5 M-S
400,000 Sept 1 1932
refunding mortgage ($1,-1 Interest at Continental & Comm’l Trust &
000,000 ($1.000)_____ c*tf I Sav. Bank. Chicago, Trustee.
Iowa City Gas & Electric 1st] 1909
6 M-N
204.500
See text
mortgage $400.000_____t flln t. at Chic. Tr. & Sav. Bank, Trustee.
Stock. — Pref. stock is redeemable at 120 and accum. diva. See V. 827
p. 1213. Listed on Montreal. Toronto and Louisville Stock Exchanges.
Bonds.— Of the 1st & ref. bonds, sufficient are reserved for prior liens,
and remainder for 85% o f cost of additions and improvements. Subject
to call at 105 and int. on any int. date. Sinking fund o f 1 )4 % of 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. $10,973,000 of outstanding
1st & ref. bonds are owned by Un. Lt. & Rys. Co.
All the outstanding Iowa City Gas & Elec. Co. 1st Mtge. bonds are
owned by Tri-City Ry. & Light Co. They mature serially $4,000 to $9,000
annually from May 1 1912 to May 1 1927 and $135,000 in 1928. Subj. to
call at 105 and int. on any int. date. Additional bonds may be issued for
80% of cost o f extensions and betterments. $2,000 owned by Un. Lt.
Sc Rys. Co.
D ivid en d s. — First dlv. on pref., 1 )4 % . paid July 1906. and 114% quar.
since to and including Apr. 1923. A dividend o f 1% was paid on the com
mon stock Jan. 1 1915 (practically all of this stock is owned by United Light
& R y. Co. 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% .
ROA D .— Operates over 170 miles of standard-gauge track, connecting the
cities o f Clinton and Davenport, Iowa, and Rock Island, Moline and Bast
Moline, 111.; Including an extension to Muscatine placed in operation n
1912 and city lines In Muscatine. 80-lb. girder and 60 to 75-lb. T rail
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.
(3) Cedar Rapids & Marlon City R y.
ORGANIZATION.— Incorp. May 1891 in Iowa. F ran chise In Cedar
Rapids expires 1941 and indeterminate on lnterurban. The United Lt.
S Rys. Co. owns $584,801 stock and $793,000 bonds.
c
STOCK AND BONDS—
D a te .
In terest.
O utstanding.
M a tu rity
_________
$850,000 __________
Stock $1,000,000 ($100)__________
1st mortgage series “ A ” _____ 1 1920
7 J-D
793,000 June 1 1930
(New York Trust Co., trustee.
Bonds.— All the outstanding bonds are owned by United Lt. & Rys.
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 mllas 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, 70 and 80-lb. T.
(4) Mason City & Clear Lake Railroad Co.— A trolley road.
In Feb. 1913 the United Light & Rys. Co. acquired control.
ORGANIZATION. ETC.— A trolley road. Operated'since July 1897.
Owns right of way 33 feet wide from Mason City to Clear Lake. 9 miles
Length o f line within and between the two cities, 18.6 m. Handles all
freight coming over Minn. Sc St. Louis, Chic. R. I. & Pac.. Chicago Sc North
West, and Chic. Great West, railways between Mason City and Clear Lake.
F ranchises run until Oct. 31 1935.
STOCK AND BONDS—
D a te .
In terest.
O u tstanding.
M a tu rity
Stock $1.000.000.................................
- ...............
$400,000 ...................
General mortgage $2,500.0001 1912
6 g J-D
316.000 June 1 1932
gold ($1,000)________ c* tf lint, at First Tr. S Sav. Bk.. Chic.. Trustee.
c
Bonds. — Remaining bonds are for extensions and betterments at 75% of
cost, providing annual net earnings are l i i times int. charge (incl. bonds
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 betterments
or for purchase o f bonds. $10,500 o f outstanding bonds owned by U. L.
Ry>. Co. V. 94. p. 1764.
Mtge. 5s. Maintenance, depreciation and improvement fund provided
for. Are redeemable, all or part, any time on 60 days’ notice at 107)4 and
int. on or before Sept. 30 1932; at 105 and interest Oct. 1 1932 to and incl.
Sept. 30 1942; and thereafter at 105 less )4 of 1% during each year to ma
turity. Pennsylvania and Connecticut personal 4 mills tax and Mass
chusetts income tax on the interest not exceeding 6% refunded. V. 115, p.
1634. Wise. Pub. Serv. Co. 1st & ref. 5s are subject to call on any interest
day at 105 and int. Remaining bonds are for acquisitions and to retire
underlying bonds under certain restrictions. See V. 94, p. 1697. $1,308,
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.
The Green Bay Gas & Electric bonds a<*e subject to call at 105 until 1924;
thereafter at par; $95,000 have been paid and canceled. $228,000 are
pledged as additional security under the Wise. P. S. Co. 1st M . & ref. bonds.
EARNINGS.— Of Wisconsin Public Service Corp. for 12 months ending
Dec. 31 1922 (compiled from earnings of constituent companias for 9 months
prior to consolidation on Oct. 1 1922 and from those of consolidated corpor
ation and subsidiary for the three months thereafter): Gross, revenues,
$2,915,928; operating expenses and taxes, $1,933,302; gross income, $982,626.
ROAD, &c.— Owns and operates all lines In the city of Green Bay; also
a line from Green Bay to East De Pere. and branch to Duck Creek and a
line from Green Bay to West De Pere. Little Rapids, Wrightstown and
Kaukauna; total. 53.833 miles of track. 70 and 85-lb “ T " and girder rail;
Owns 37 cars and 13 service cars, including plows and sweepers. Menom
inee & Marinette Light & Traction Co. owns and operates all lines in and
between cities of Menominee, M ich., and Marinette, Wis. Owns 27 cars,
20 trailers and additional service equipment.
OFFICERS.—-Pres., Clement C. Smith, Milwaukee; V.-Ps., C. R.
Phenicle, Green Bay, J. P. Pulliam, Milwaukee, and Howard Greene,
Milwaukee; Sec., W m. M . Chester; Treas., H. C. Mackay; Gen. M gr.,
J. P. PHUlliam, Milwaukee.— V. 114, p. 2719; V. 115, p. 75, 1322, 1534, 1634;
V. 116, p. 517, 937.
GREENFIELD, MASS.
MASSACHUSETTS CONSOLIDATED R A ILW A YS.
ORGANIZATION.— Organized In Boston on Nov. 16 1911 as the Massa
chusetts Northern Rys. In May 1913 name was changed to the Massa
chusetts Consolidated Railways. Is a voluntary association managed by
a board of seven trustees. V. 93, p. 1462. 1599. 1787. Controls through
stock ownership the following companies:
Concord Maynard S Hudson St. Ry. IMillers River Street Ry. (proposed).
c
Connecticut Valley Street Ry.
INorthern Massachusetts Street Ry.
The system comprises 114 miles of road. serving 20 cities and towns In
Central and Northern Massachusetts. Both passenger and express service
are provided. Rights of way have been partly secured on the proposed line
from Orange to Millers Falls.
Shares—
Outstanding. Last Div.
Common $1,640,300 ($100)............................. ..........$1,619,900
See text.
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
12 mos. ending not more than 180 days prior to date of Issue shall have been
1)4 times amount necessary to pay dlv. on shares out and applied far.
Dlvs. on pref. are 5% to Nov. 1 1914. incl.: 5^4% to Nov. 1 1917.. Incl..
and 6% thereafter. In case of liquidation pref. Is entitled to $110 per share
up to Nov. 1 1914. $115 to Nov. 1 1917 and $120 thereafter. V 93. p. 1599.
D ivid en d s .— On pref., 1912 to 1914. 5% per annum.
In 1915 and 1916.
554%- Feb. 1917 div. passed. None since. On com ., a div. of )4%
was paid Oct. 15 1913. None since.
Gross
ExNet
Note Pref.Div. Balance.
EARNINGS.
Year ending—
Income.
penses. Income. Interest. (5 )4 % ). Deficit.
None
$11,419
Dec. 31 1920-.. .$14,663
$2,896 $11,766 $23,186
None
11.753
Dec. 31 1919... - 11.625
9,055
20.808
2.570
None
13.450
Dec. 31 1918-.. - 11,359
2.896
8.794
22.244
Combined Earnings of Subsidiary Companies.
Year ending—
Gross.
Net. Int.&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. Consol.
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.
ORGANIZATION.— Incorporated In 1899. Commenced Jan. 22 1900.
Is a consolidation on April 1 1905 of the Northampton & Amherst Street
R y., the Greenfield & Turner’s Falls Street Ry. and the Greenfield Deerfield
S Northampton Street R y., as per plan In V. 80, p. 1111.
c
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 (9)4
miles) was sold as junk to Michael Blasberg. V. 115, p. 2477. Compare
V. I l l , p. 492.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturitv.
Stock, com. $500,000 ($100)....................................
$500,000 Dec 16, 1%
Pref,$120,000(6% cum) ($ 1 0 0 )-----M-S
120.000
See text,
Connecticut Valley St Ry 1st/ 1900
5 g M-S
120,000 July 1 1923
mort gold ($ l,000 )_c*..n tflin t, at Old Colony Trust Co., Boston. Trust.
Northam S Amh 1st mtge,/ 1900
c
5 g M-S
180,000 July 1 1923
$180,000 g ($l,000)_c..ntf\Int. at Old Colony Trust C o.. Boston, Trust.
Greenfield Deerfield & North] 1903
5 g J-J
150.000 July 1 1923
first mort, $150,000, goldi Int. at Mercantile Trust C o.. Boston. Trust.
GREEN BAY, WIS.
$1,000 and $500)- .c * - n t f (No sinking fund and bonds cannot be called
5 g J-D
130.000 June 1 1923
WISCONSIN PUBLIC SERVICE CORPORATION (Controlled by Green&TurnFallsconsm$130,-(1903
000 g ($500, $1,000) c*.ntf\lnterest at Beacon Trust C o., Boston, Trus.
Wisconsin Securities Co.— See under “ Milwaukee.” )
_______
363,588 __________
ORGANIZATION.— Incorp. in Wisconsin in 1922 as a consolidation of Notes payable Aug. I 1921 _______
Bonds.— The Northampton & Amherst bonds are subject to call at 105
Wisconsin Public Service Co. (for history see “ Electric Railway” Supple
notice, as are the bonds
Connecticut Valley Street Ry.
ment o f April 29 1922), Oshkosh Gas Light C o., Sheboygan Gas Light C o., on 4 weeks'originally matured Sept. 1of thebut were extended to July 1 1923.
Both issues
1920
Calumet Service Co., Peninsular Service C o., Manitowoc & Northern The $120,000 Connecticut Valley bonds were Issued under the first mtge. of
Traction Co. and certain other connected properties. Owns all the bonds the Northamp. & Amh St. Ry., which was originally drawn for $300,000.
and over 99 % of ' he capital stock o f the Menominee & Marinette Light &
Dividends — On
Sept. 1910 to and
Traction Co. Controls the Green Bay Park R y., which has acquired the 1918 (paid M ay 1 pref., 3% semi-ann. since com.. In 1906 (yearincl. March
1918). None since. On
end. Sept.
Bay Shore (Wis.) St. Ry. V. 116, p. 937. Physical property includes 5
;
1912,
electric generating plants, aggregate installed normal capacity of 28.600 30), 2% ; in 1907, 2% %in Aug., 1%; in 1913, 2 )4 % : in 1914, 3 % . In 1915,
Dec. 1916, 1% .
k.w., o f which 12,000 k.w. is hydro-electric; 23 substations with transformer Feb., %.%: M ay, H : calendar%%• In 1920,gross,$303,758:net,$23,158;
EARNINGS.—-For
capacity o f over 52,890 k.w.; 349 miles o f 3-phase high tension transmission Int. and taxes. $56 960: bal.. def.. year
$33,802
lines, also distribution lines. Gas properties include four gas manufacturing
ROAD.— Owns and operates 17.054 miles
Miller's Falls
plants, combined daily capacity 4,900,000 cu. ft. Furnishes electric light Turmer’s Falls, Greenfield, Northampton of track between 41 passenger
and Amherst.
and power to Oshkosh, Green Bay, Marinette, Menominee (M ich.),
ears and 134
motors.
Chilton, Brillion. Sells electric power in lots o f 40 h.p., or over in Manito lars ° snnw-nlows 5 other W. Hazleton; electric& Gen. M gr., D . P. Aber
OFFICERS.— Pres., C.
woc, Two Rivers, Kewaunee, Algoma and Sturgeon Bay. Sells electric crombie Jr.; Treas., F. A. Persons; Supt. V .-P . Taggart.— V. 108, p. 2528;
J.
power to municipal plants at Two Rivers, Kewaunee, Algom a,,Sturgeon V. I l l , p. 492; V. 113, p. 2729; V. 115, p. A.
1320, 2158, 2477.
Bay, New Holstein and Kaukauna. Furnishes gas to Sheboygan, Oshkosh,
(2) Northern M assachusetts Street R y.— The Massachusetts Consol.
Green Bay, DePere, Marinette and Menominee (M ich.). Owns hydro
electric plants at High Falls on the Peshtigo River and Ingalls on Men Rys. owns all the common stock ($.350,000).
Petition for Receiver.— In Dec. 1921 a petition was presented to the
ominee River, steam plants at Manitowoc .Oshkosh and Green Bay.
Furnishes city street railway service in Green Bay, Manitowoc, Marinette, Supreme Court at Boston, asking the Court to appoint a receiver for the
and Menominee (M ich.). lnterurban lines connecting Green Bay with Company. V. 113, p. 2721. See also V. 116, p. 516.
Kaukauna and connecting Manitowoc and Two Rivers.
O RGAN IZATION .— Incorp. In Mass, on July 1 1894 as the Athol S
c
Orange Street R y. Name changed to above on May 1 1913. In Jan. 1913
Jitney Restriction.— See V. 114, p. 2719.
property and franchises of the Templeton Street
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity. purchased theabsorbed the Gardner Westminster S Fitchburg R y. and on
Mar. 1 1913
c
Street Ry.
Common $2,500,000_________
As a result of these acquisitions, stock was Increased from $74,500, all of
Preferred 7% cum, $2,500,000. ------ 7%
2,100,000 ___________ onecla8s, to $500,000. of which $150,000 Is 6% cum. pref. stock.
1st lien & ref M Ser “ 4 " $15, 1922 6 g A-O
5,495,000 Oct 1 1952
The Governor of
bill authorizing
000.000 ($100, $500 and Int. in New York, Chicago and Milwaukee. pany to absorb the Mass, in May 1915 signed a by consolidationthe com
Connecticut Valley St. Ry.
or pur
$1,000) gold-------------- c* .tf
chase. V. 100. p. 1833.
Wise Pub Serv Co 1st M & ref 1912 5 g J-J
2,438,000 Jan 1 1942
In Aug. 1922 the
auth. b the Mass.
P. U
$15,000,000 g ($l,000)c*.tf Int. at Wisconsin Tr. C o., Milwaukee, trust operate jitney busesco. was town o fyAthol. V. Dept, o f1100. . to own and
in the
115, p.
See also V .
Green Bay G & E 1st & ref M 1905 5 g M -N
427,000 M ay 1 1935
1321.
$750,000 gold < $l,000)--c*/ Int. at Wisconsin Tr. C o., Milwaukee, trust 115, p.int. due Feb. 1 1920 on the $185,000 Gard. Westmin & Fitchburg
The
Bonds.—The first lien S ref. mtge. “ Series A ” 6s, in addition to being a let M . 5s was paid, but the prin. also due on that date had not been paid
c
first lien on part of the company’s properties, are secured by pledge of all up to Sept. 28 1921 and no definite agreement as to extension had been
the outstanding bonds and 99% o f the capital stock o f the Menominee & made. Int. on this issue, we understand, now accrues at 6 % . V. 110, p.
Marinette Light & Trac. C o., and $1,308,000 Wise. Pub. Serv. Co. 1st 1849.
52
ELECTRIC RAILW AYS
[ V ol. 116.
EARNINGS.— For years ending Dec. 31:
STOCKS AN D BONDS— Date.
Interest.
Outstanding. Maturity
Gross.
Net.
Taxes. Interest. Bal.,Def.
Common $350,000.............................................
$350,000 In’ 14-’ 15.2&
Pref 6% cum $150,000_______ _____
Q-F
150,000
See text 1921_____________________ $507,428 $85,887 $18,066 $86,056 $18,235
23,282
18,203
84,683
79,604
1st & ref M $500,000 ($1,000 / 1913
5 g M -N
315.000 M ay 1 1943 1920_____________________ 471,143
red'l on 4 )i % lnt bas _c*tf lin t, at American Trust C o., Boston, Trustee.
ROAD.— Operates 13 miles of track from Gulfport to Biloxi and 11 miles
Card Westm & Fitchburg 1st( 1900
5 F-A
185.000 Feb 1 1920
from Gulfport to Pass Christian; also 6 miles of track In Biloxi; total, 30 m .
mtge ($1,000) g o ld ..c * n tflin t, at Old Colony Tr. C o., Boston. Trustee.
Notes payable Aug. 1 1921_ _____
_
_________
360,710 __________
OFFICERS.— Pres., W . T. Stewart; V .-P ., Mrs. G. E. Stewart: Sec. &
Bonds.— Of the $500,000 1st & ref. bonds, $185,000 are reserved tc Treas., Hubert H. Tippin; Com p., J. E . Gordon, all o f Gulfport.-— V. 83,
retire an equivalent amount o f underlying bonds. No sinking fund.
p. 95; V. 105, p. 290; V. I l l , p. 588.
Dividends.— The Aug. 1917 dlv. of 1& % on the pref. stock was deferred
None since.
EARN ING S.— For cal. year 1921, gross, $235,866; net, $14,516; deduc
HAGERSTOWN, MD.
tlons, $46,060; bal., def., $31,544.
POTOMAC PUBLIC SERVICE CO.
R O A D .— 47.7 miles o f track.— V. 115, p. 1100, 1321; V. 116, p. 516.
Control.— As o f
Works & Electric
(3) C oncord Maynard & H udson Street Ry.— A trolley road. The had acquired over July 19f 1922 the American Waterby purchase at $30 C o.
95% o the com. stock o f the co.
per
Mass. Consol. Rys. owns 2,319 shares of the stock.
Receivership.— On Dec. 20 1921 D . P . Abercrombie was appointed re share. V. 115, p. 437. Compare V. 114, p. 2825.
ceiver for the co. V. 115, p. 72.
ORGANIZATION.— Incorp. Apr. 7 1913 In Maryland as a consolida
To Suspend Operations.— In Feb. 1923 the receiver was auth. by the tion of the Frederick R R ., Frederick Gas & El. C o., Myersvllle & CatocU. S. Supreme Court to suspend operation o f the road. V. 116, p. 933.
tln Ry.. Hagerstown R y., Hagerstown & Boonsboro R R .. Hagerstown &
O RGAN IZATION .— Organized in Massachusetts Mar. 27 1901. Ac Myersvllle R R ., Hagerstown & Northern RR. and Frederick & Hagerstown
quired Concord & Clinton St. Ry. Feb. 1 1902. On Aug. 25 1911 acquired Power Co. V. 96, p. 947, 1422. In 1914 purchased properties of the Fr ostourg Ilium & Mfg. Co. In 1916 acquired control of the Potomac L t . S
c
Lowell Acton & Maynard St. Ry. V. 93, p. 1786. Franchises perpetual.
C o.,
Ya.—
104,
Default— Protective Committee.— The co. defaulted on the payment o f both Pow. acqu Martinsburg, W. the but see below (V. Elec. p. 163). In Feb.
1923
red the
of
prin. and int. on the $230,000 1st M tge. 5s due July 1 1922. A protective possession of which plant be takenFayetteville (Pa.) 116, p. Lt. & Pow. C o.,
is to
June 1
V.
1412. Formerly
committee has been formed and has called for deposits. The committee known as Hagerstown & Frederick R y. 1923. but name changed to present
C o.,
Is headed by A . F. Drummond, Treas. Waterville (M e.) Saving Banks. title in April 1922. V. 114, p. 1652. Franchises are perpetual or extend
V. 115, p. 72.
at least 15 years beyond life of bonds.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
On Nov. 30 1917 acquired control of the Chambersburg Greencastle &
8tock $235,000 ($100)_______ _____
_________
$235,000 See earnings Waynesboro Street Ry. C o., which see below, and issued $300,000 collateral
1st mortgage $250,000 g o ld ., f 1902
5 g J-J
230,000 July 1 1922 crust 5% gold notes in connection therewith. V 105. p. 2365
($1,000)__________ c&rntf\lnt. at Amer. Trust C o., Boston, Trustee.
On M ay 19 1919 the Shenandoah Co. purchased the entire capital stock
Notes payable Aug. 1 1 9 2 1 . . ____
_________
109.736 __________
of the Northern Virginia Power C o. and on Oct. 15 1920 the Potomac
ROA D .— Owns 19 miles of track between Concord, Maynard, Acton public Service Co. purchased the stock o f the Shenandoah Co. Transmis
Stow and Hudson. At Concord connects with Lexington & Boston, and sion lines connect all the different properties of the co. In 1921 the North
ern Virginia Power Co. acquired control o f the Potomac Light & Power Co.
at Hudson with Worcester Consol, and Boston & Worcester.
Public Service C o. C.
EARN ING S.— For cal year 1920, gross, $77,909; net. def.. $5.9fifi; from the Potomac the stockholders voted 112, p. 1399. auth.
On Feb. 7 1922
int. and taxes, $22,477; bal., defl., $28,444.— V. 115, p. 72; V. 116, p. 933. pref. stock from $1,500,000 to $5,000,000 to increase thethe div.amount of
and increased
rate as of
(4) Millers River Street Ry.
Feb. 1 1922 from 6 to 7% . V. 114, p .626, 1062.
In April 1922 issued $2,155,000 1st & ref. mtge. bonds bearing 7% int.
Rights of way have been partly secured on this company’s proposed line
V. 114, p. 1767. Compare V. 114, p. 1651.
between Millers Falls and Orange.
Fares.— In July 1918 increased zone fares from 5 to 7 cents. Effective
Sept. 27 1920 interurban fares were raised to 8 cents per zone, city fares
remaining unchanged. V. I l l , p. 990, 1752.
GREENSBORO, N. C.
Valuation.— As of March 1 1921 the replacement value was estimated at
NORTH CAROLINA PUBLIC SERVICE CO.
$7,608,705 by Messrs. Sanderson & Porter.
ORGAN IZATION .— Chartered In North Carolina In 1909. Purchased
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
the Greensboro Elec. Co. and Greensboro Gas Co., the electric light plant
____
_______
$1,512,950 __________
of the High Point Elec. Power Co. and the street railway system in High Common $2,000,000 ($50)
.............
1,404.000 ---------------Point. In 1913 built gas plant and distributing system in High Point. Pref 7% cum $5 000 000 ( $ 5 0 ) .......
4,934.700 Apr 1 1944
In 1911 acquired majority of the stock of Salisbury & Spencer R y. Co., 1st & ref M$10,000,000 ($100,1 1914 6-7 g A-O
$500 & $1,000) g s f.c .c p t f Fidelity T r.C o.,B alt.,Tr. Int.pay .In Balt.
which company it also leases for 50 years. V. 93, p. 1324. Does entire gas.
5%
120,000 July 11924
electric-light and power and street railway business of Greensboro (and Its Hager & Myers Ky $125,000-. 1904
200,000 Mar 1 1927
suburbs of Proximity, Revolution, White Oak and Pomona), Salisbury, Hagers & Nor RR 1st mtgef 1908 5 g F-A
$200,000 gold ($1,000. $500/Int. at Maryland S. & Tr. C o., Hagerstown.
8pencer, East Spencer and High Point and street railway business of
and $100)______________c*l Trustee, Wm. Jennings.
Concord. In 1910 franchises had the following number of years to run:
5 g J-J
126,000 Dec 1 1935
Greensboro, 28 years; High Point, 59 years; Salisbury, Spencer, East Spen Fred & Middletown 1st mtgef 1905
$250,000 gold ($1,000)___ci Fidelity Trust C o., Baltimore, Trustee.
cer and Concord, 60 years; also has a 30-year franchise In Guilford County
Fred Gas& Elec 1st M $200,-f 1904
5 J-J
179.000 July 1 1929
and township.
000 g ($500&$1,000) g,p&i| Interest at West End Trust C o.. PhiladelDecision.— For decision holding that the Southern Power C o. could not
by Fred RR; not sub to call I phia. Trustee.
refuse to sell electric current to the co. for re-sale, see V. 115, p. 309. See
Monocacy Valley Ry firstf 1908
5%
30,000
1925
also V. 115, p. 2390, under caption “ Southern Power C o.”
m ortgage________________ (Steiner Schley & Leonard Waesche of FredRate Increases.— Has been authorized by the Commissioners in the City of
I erick, M d., Trustees.
Greensboro to abolish all reduced-rate tickets and establish a straight 5-cent
III S Mfg 1st MJ
c
5 J-J
1 1929
fare. The N. C. Corp. Comm. auth. the co. to increase fares to 7 cents Frostburg bonds___________ lin 1899 First Nat. Bank,50.000 July M d.
30-year
t, at
FrostDurg,
with 4 tickets for 25 cents, effective Dec. 1918, and to increase its charge
Collateral gold notes $300,000c 1917 5 M-S
250,000 Sept 1 1932
for gas in Greensboro 25c. per 1.000 cu. ft. V 108, p. 269. In N ov. 1920
6%
1,000,000
1927
the co. was auth. by the Concord (N. C.) Board of Aldermen to charge an Notes, gold coupon__________ 1917
8-cent cash fare in Concord, tickets being sold at 4 for 30 cents. V. I l l ,
Stock.— The pref. stock is redeemable at par and dividends. Originally
p. 1950. On July 11 1921 cash fares in that city were •••'ised to 10 cents. was cum. at 6% , but as of Feb. 1 1922 div. rate was made cum. at 7% .
Compare V. 113, p. 533; V. 112, p. 2749. In February 1923, however, the V. 114, p. 626.
co. reduced fares n Concord, N o. Caro., from 10c. to 7c. V. 116, p. 1412.
Bonds.— Of the $10,000,000 mtge. $705,000 are reserved to retire
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturely
prior liens, and $4,218,000 for additions, impts., &c.. under certain restric
- ............... $1,500,000 - ............... ..
Common $1,500,000 ($100).............
tions (V. 9s, p. 1694; V. 104, p. 163). Of the $4,934,700 outstanding
Preferred $1,000,000 ($100)............
See text
521,100 _____ _____ $2,720,000 are 6% bonds and $2,214,500 (issued under supplemental
Greensb El Co 1st M gold! 1902
5 g A-O
169,500 April 1 1932 indenture in 1922) bear interest at 7 % . V. 114, p. 1767. Sinking fund
($500 & $1.000)______c tf/ln t . at Equit. Tr. Co., N. Y .. trustee.
from Oct. 1 1919, payable semi-annually; till Oct. 1 1926, 1 % of 1st & ref. 6s
Greensb El Co ref & Imptl 1905
5 g A-O
30,500 June 1930 and prior liens; 1927-1934, 2% ; 1935-1944, 3 % . Red. at 105 and int. on
M ($500 & $1.000)___ c tf/ln t . at Bankers’ T r. C o., N. Y ., trustee.
any int. date. Tax refund in Penn, and Conn. Hagerstown & N orf. R R .
First&ref.m .$3,500,000(100.1 1909 5 A-O
2,162,900 Apr 1 1934 bonds are subject to call after 1917. Fred. & Midd. bonds are red. at 105
$500 and $1,000). c*&r* tf\Int. at Equitable Trust C o., N. Y ., trustee on any int. date. Fred. Gas & Elec, bonds are guar., p. & i., by Frederick
Sallsb & Spen Ry 1st M gold/ 1905 5 g M-N
836.000 May 1 1945 R R .
$1,000,000 ($1,000)._c*tf( Int. at Mich. Trust C o.. Grand Rapids
Notes.— The coll, trust notes of 1917 are secured by pledge of stock o f the
l trustee, or Equitable Trust C o., N. Y.
Chambersburg Greencastle & Waynesboro St. Ry. Co. which said notes
3-year 8% notes..................... . . 1920
8 F-A
100,000 Aug 11923 were issued to purchase. Sinking fund provides for retirement o f $10,000
Bonds.— Of the 1st & ref. mtge., $200,000 are reserved co retire like annually.
amount of mortgage bonds o f Greensboro Elec. Co. and $841,000 are re
EARN ING S.— For years ending Dec. 31:
served for future impts. and acquisitions under proper limitations. V. 88.
Gross.
Net.
Surplus.
Deductions.
p. 1128; V. 104, p. 2343; $46,100 canceled for account of sinking fund. Year—
$380,446
$211,381
1921__________________$1,415,138
$591,827
$332,700 held in treasury. Subj. to call on anj lnt. date at 105 and
152,379
448,046
295.667
lnt. Sinking fund of 1% per annum o f gross income July 1915 to 1919; 1920 _________ ______ 1,240,174
288,324
95,919
946,352
384,243
1H % July 1920-1924, and 2% 1925 to maturity. The remaining $108,000 1919_________ ________
ROAD.— Operates street railways In cities of Hagerstown and Frederick 1
Salisbury & Spencer Ry. bonds are reserved for future extensions and
impts. $56,000 are held in treasury.
Are guar., p. & 1., by the North M d.. and an Interurban railway extending from Frederick to Hagerstown,
Carolina Public Service Co. Redeemable at 105 and lnt. on 6 months’ with extensions from Frederick to Thurmont. M d.. also from Hagerstown to
9hady Grove, Pa., and with branch lines to Boonsboro and to Jefferson. M d.
notice.
Dividends.— Div. o f 2% paid on pref. stock Jan. 1918; July 1918, 2% ; Mileage operated aggregates 87.5 miles. The controlled Chambersburg
Jan. 1919. 2 )4 % ; July 1919, 2>4%; Jan. 1920, 3% ; July 1920, 3% ; Jan. Greencasu.e & Waynesboro Street Ry. operates 31 miles of track from Blue
1921 3% ; July 1921, 3% Tan. 1922, 3 % .
Ridge Summit to Chambersburg. The extension from Chambersburg to
Red Bridge Park was leased to the Chambersburg & Shippenburg R y. of
EARN INGS.— For years ending Dec. 31:
Calendar Year— Gross.
Net after Taxes.
Interest.
Bal., Surp Chambersburg. Pa.
OFFICERS.— Chairman of Board, Emory L. Coblentz, Frederick, M d •
1922____________$1,233,987
$332,475
$173,815
$158,660
1921____________ 1,135,354
319,795
167,609
152,186 Pres., M . F. Riley; V .-P ., Cyrus F. Flook; Gen. M gr., R. Paul Smith!
Asst. Treas. & Aud., E . Town. Is under management of Sanderson &
ROA D .— Owns 27.62 miles o f track. 60 and 70-lb. T and 90-lb. girder
rails. Standard gauge. 39 cars, 15 new “ Safety One M an” cars were Porter, N . Y .— V. 114, p. 1652, 1767, 2825; V . 115, p . 437, 2906; V. 116,
installed in 1917. Connecting extensions between the various cities p. 722, 1412.
are proposed. Electric plants capacity 2,800 horse power (also purchases
la) Chambersburg G reencastle & W aynesboro Street R y.—On
power from Southern Power C o.); 166 miles transmission lines. Gas plants Nov. 30 1917 the Hagerstown & Frederick R y. (now Potomac Public Service
capacity 820,000 cu. ft. per day. 68 miles o f mains; electric light customers. Co.) acquired control.
5,232; power, 7,536; gas, 4,598.
OFFICERS.— Pres., O. B. Hole: V .-P ., Wescott Roberson; Sec. & Treas..
ORGANIZATION.— Incorporated In Pennsylvania on June 17 1901,
L. H. Hole Jr.; Gen. M gr., R. J. Hole.— Y. 115, p. 309; V. 116, p. 1412.
Owns the Waynesboro Electric Co. Capital, $50,000.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
Common $300,000............................................... ..
$300,000 ............. ..
GULFPORT, MISS.
Preferred $300,000 n o n -c u m ..____
_______
300.000 _______ . . .
G U LFPORT & MISSISSIPPI COAST TRACTION CO.
gold I 1903
5
300,000 July 1 1933
ORGA N IZA TIO N .— Incorp. in Mississippi in 1905. Consolidation of First mortgage $300,000 c*tf [Interest at g J-J
($100 and $500)______
Chambersburg Trust C o.. Trustee
the Biloxi Electric Ry. & Power Co. and the Gulfport Development Co
Second mortgage $300,000/ 1907
5 g A-O
299,500 Oct 1 1937
In 1907 increased auth. stock from $1,000,000 to $2,000,000.
($100 and $500) g oId-_c*tflin t, at
Fare Increases.— In Aug. 1920 the municipal authorities of Biloxi, Gulf 1st ref mtge $1,000,000 ($100/ 1910 Chambersburg Trust C o.. Trustee.
5 A-O
193,900 Apr 1 1940
port and Pass Christian, Miss. auth. the co. to increase fares in these cities
and $500)______________t flln t. at Chambersburg Trust C o.. Trustee.'
from 6 cents to 7 cents per zone. V. I l l , p. 588.
Bonis.— First mtge. bonds nave no sink. fd. and are not subj. to call.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
2d mtge. bonds are subj. to call on any int. period at 105. No sink. fund.
Stock $2,000,000 ($100)___________
_______
$1,949,300 __________
Remaining 1st
1st mort $1,000,000 gold] 1905
6 g A-O
1,000,000 Sept 30 1935 extensions and ref. bonds are reserved to take up underlying bonds and for
Improvements,
($ 1 ,0 0 0 )_______________tf lin t, at Hibernia Bk.& Tr. Co., N . Orl., Trus
2d M gold ($1.000)___ c t f/ 1907
6 g J-J
692.000 July 1 1932
EA R N ING S.— Years ending Dec. 31:
[Hibernia Bank & Trust Co.. Trustee.
Gross.
Net.
Other Inc. Deduct’ns. Surplus.
Bll. El. R y. & P. 1st mtge.,g. J 1903
6 g J-J
121,400 Jan 1 1924 Year—
$78,011
$7,708
$55,062
$30,657
($100. $500 & $1.000).. . t f l i n t , at Hibernia Bk.& T r.C o ..N e w Orleans 1921____________ $310,796
1920 ____________ 32b.170
62,232
_ 2.548
53,470
x ll,3 1 0
1st int coupon debentures_ J ____
_
6 A-O
145,140 April 1 1927
x Entire amount charged off to depreciation.
lin t, at First Nat. Bank. Gulfport.
2d interest coupon debentures / ____
6 A-O
100,320 Oct. 1 1929
ROA D .— See Potomac Public Service Co. above.
[Int. at First National Bank, Gulfport.
Bonds.— The bonds of 1905 are sub"Ct to call on Oct. 1 in any year ai
OFFICERS -—Pres.. Emery L. Coblentz: V.-Ps.. W . L. Minick and
105: no sinking fund. Interest on 2d mort. Is payable at First Nat. Bank. O. M . Harris; Sec., D . N . Benedict; Gen. M gr., R. Paul Smith; Gen.
Gulfport. Bonds have no s. f. and are not subject to call. The Biloxi Aud. & Asst. Treas., R . E. Town.— V. 90, p. 236; V. 92, p. 186; V. 105,
Electric Railway < Power bonds are subject to call at 106 and Interest.
fc
1 p. 388.
A pril, 1923.]
HAMPTON, VA.
NEWPORT NEWS & HAMPTON RAILW AY. QAS & 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
& Power C o., Hampton Roads Traction C o., Newport News Gas Co. and
the Hampton Phoebus & Port 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 Co., and
issued in connection therewith $67,000 7% pref. stock. V. 111. 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
The Hampton & Langley Field Ry. wasincorp. in Virginia In Feb. 1917
with $25,000 capital (increased in Oct. 1917 to $100,000), to buOd 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 N ov. 1922 the co. was auth. by the Virginia State Corp.
Oomm. 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. Outstanding. Maturity
Common $4,000,000 ($100)_ _____
_
_______ $2,800,000
See text
P f 7% cum on$4,000,000($100)-----7 Q-J
l,440,o00 Apr ’23, 1%
Ist& re fM $7.500.000 g($t00l
1914 5 g J-J
3,743,500 Jan 1 1944
$500 & $1,000)--------- c * .t f ’ Maryland Trust Oo. of Baltimore. Trustee
Newport News A Old Pt. Ry. A El:—
First mortgage $900,000 gold[ 1898 5 g M -N
900,000 Nov 11938
($1,000 each)________ c* tfllnterest at Alex. Brown & Sods, Balt., Md.
General mtge $4,000,000 gold f 1901
5 g M-S
39,000 Mar 11941
($1,000 each)__________ c * jln t. at Alex. Brown & Sons. Baltimore, M d
( or at company s agency In New York.
First mtge Citizens’ Ry L& P (
1900 5 g M-N
66.001/ May 1 1940
$800,000 ($1,000) goId._c*-j Maryland Trust C o., Baltimore. Trustee
Guaranteed prin & int___ (Interest at Alex. Brown & Sons, Baltimore.
Hampton Roads Trae 1st M ._
1905 4K J-J
65.500 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, $1,076,000 are reserved for prior
liens as above, $1,500 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. Co., Balt., is trustee of
both the first and general mortgages o f the Newport News & Old Point Ry. &
Electric. The Newport News fit Old Point bonds of 1898 are subject to
call at 110 on any interest day at 60 days notice. The Citizens' Railway
Light & Power Co. bonds are subject to call at 110 on any interest day on
60 days’ notice. Remaining Newport News & Old Point Ry. & El. gen
M . 5s, Citizens' Ry. L. & P. 1st M . 5s and Hampton Roads Trac. 1st M
4H® are deposited under the Newport News & Hampton R y., Gas & Elec
1st & ref. M.
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 1902, 5 % . In 1923, Feb., 1 K % - M ay, 1M % ;
EARN ING S.— For year ending Dec. 3):
Calendar
Gross
Net (after
Other
Interest, Balance for
Year—
Earnings.
Taxes).
Income.
Rents. Ac. Deprec., Ac.
$667,461
$15,757
$294,057
$389,161
1922_______$2,086,228
1921_______ 2,550,268
661.319
6,149
340,861
326,607
P R O PE R T Y .— 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; Vlce-Pres. & Gen. M gr., E. F.
Peck: V .-P ., O. D. Porter; Sec. & Treas., Richard M . Booker; Asst. Sec.
& Asst. Treas., Wm. Stewart, all o f Hampton. Peck-Shanahan-Oherry,
Inc., operate the road.— V. 107, p. 1101, 1837; V. 108, p. 1512; V. 110, p .
2192, 2488; V. I l l , p. 637, 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 & McSHERRVSTOWN STREET RAILW AY CO.
All the outstanding stock is owned by the Hanover Power Co.
ORGANIZATION.— Incorp. 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 Co., 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 ( $ 5 0 ) .......................
— .........
$135,000 1918, 10%
1st M demand bids $100,000______
...............
30,000 ....................
Dividends.— In July 1894, 2t$% ; In 1895. Jan., 214; 1897-1902 record#
lost, 1903 and 1904 none. In 1905. Jan., 6 % . In 1906 and 1907. none
Jan. 1908 to Jan. 1913. Incl.. 0% 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%.
EARN INGS.— 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
R O A D .— Owns 11.9 miles of track in and between Hanover, McSherrys
town, Littlestown and Conewago Chapel. Standard gauge. 65-lb. T and
girder rails.
OFFICERS.— Pres., E. H. Ramsbothan; V .-P ., F. Heinbokel: Sec. &
Treas., G. L . Bascome.— V. 100, p. 1257; V. 103, p. 2340; V. 115, p. 307.
HARRISBURG, PA.
H A R R ISB U RG RAILW AYS.
ORGA N IZA TIO N .— Incorp. in Penn, on Nov. 29 1912 and merged the
Central Pennsylvania Traction Co. (see “ Electric Railway” Section of Sept.
1912) and its subsidiaries. V. 96, p. 202.
Fares.— Effective Oct. 1 1918, began charging a 6-cent fare. In March
1920 the Penna. P. S. Oomm. dismissed a complaint against this rate.
V. 110, p. 970.
8TOOK AN D 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 ____________ (Int. at Oom'w'th Guar. T r. C o.. Harrisburg
STOCK.— Pref. stock was cum. at 5% until Jan. 1 1915; since, 6% .
Dividends.— 314% was oald on pref. stock In 1913. In 1914. 5 % . I d
1915, April, 244 %: O ct.. 1% . In 1916. April. U4 % In 1917. April ! * % :
Oct., 1% . In 1921, April, 3 % . In 1922, April, 3% ; October, 3 % . In
1923, April, $2 per share was paid.
EARN INGS.— For calendar years:
Gross
Net, after
Other Fixed Chgs , Balance.
Cal. Year—
Earnings.
Taxes
Income.
Ac.
Surplus
1922.............................$1,668,186 $501,025 $39,311 $318,103 $222,233
1921............................. 1,664,274
333,993
36,248
318.144
52,097
53
ELECTRIC RAILW AYS
ROAD.— Owns 12.47 miles and leases 61.53 miles of line. Total op
erated, 74.00 miles.
OFFICERS.— Pres. & Gen. M gr., F. B. Musser, Harrisburg; Sec. &
Treas., John O’Connell. Office, Harrisburg.— V. 96, p. 209; V. 98, p. 155 ;
V. 101, p. 1013, 1272; V. 104, p. 1591; V. 107 ,p. 1192; V. 110, p. 970.
VALLEY RAILW AYS.
O R GAN IZATION .— 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 C o.,
which in turn controlled the Harrisburg & Mechanicsburg Elec. R y.. White
Hill & Mechanicsburg Pass. R y., Carlisle & Mechanicsburg St. R y.. West
Fairvlew & Marysville Elec. St. Rys., Harrisburg & Riverton St. R y.,
Falrvtew & Riverton Ry and the Bolted Electric Co.
Fares.— On Sept. 11 1919 the Penna. P. S. Comm, handed down a decision
sustaining the 7-cent fare charged by the co. V. 109, p. 1181. In May 1921
was auth. to raise cash fares from 7 to 8 cents. V. 112, p. 2085.
Valuation.— See V. 109, p. 1181.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
$ 2 ,000,000 ____________
Common $2,000,000 ($100)______
_______
Pref cum $500,000 ($100)................
6%
500.000 ...................
Collateral trust $1,700,000 tf 1912
5%
1.000.000 Aug 3 1952
Valley Trac 1st M $700.0001 1903
5 g A-O
700.000 Oct 1 1933
gold ($100 & $500) ..c * n t f (Int. at Farmers’ Tr. C o.. Carlisle. Pa., Trus.
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.
EARNING S.—-For year ending Dec. 31 1922, gross, $489,394; net,
after taxes, $85,351. In 1921, gross, $489,763; net, after taxes, $59,274.
ROAD.— Operates 44 miles of road from Harrisburg to Marysville and
to Carlisle.
OFFICERS.— Pres. & Gen. M gr.. C. H. Bishop. Lemoyne, Pa.; Sec. &
Treas., O. M . Davidson. Genera) offices. Lemoyne.— V. 112, p. 2085.
HAVERHILL, MASS.
NEW HAMPSHIRE ELECTRIC RYS.
ORGANIZATION.— A voluntary association organized as successor to
New Hampshire Trac. Co. on Aug. 24 1905. The company owns $143,000
bonds and all of the capital stock of the following companies: Mass. N. E.
St. Ry. Co., Dover Somersworth & Rochester St. R y., the Rockingham
County Light & Power C o., 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 ............... ....
Pref 4 % n-c. $4.000,000 ($ 1 0 0 )____
J-J
3.399.500 July '17.1 %
D IV ID E N D S.— Company paid 1% each 6 mos. on pref. from July 1908
Co and incl. Jan. 1910.; July 1910 to Jan. 1912. 1 % 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. 103, p . 493.
(1) M assachusetts Northeastern Street Ry.
All the stock of this company is owned by the New Hampshire Elec. Rye.
ORGANIZATION.— A Mass, corporation. Owns and operates a local
and Interurban railway in Northeastern Mass, and Southeastern N. H.
Maintains a through service between Haverhill Lawrence. Lowell, Nashua,
Amesbury and Newburyport. Power is purchased from the Rockingham
County Lt. & Pow. Oo. under a contract extending beyond Julv 1 1934.
Line Abandoned.— In Jan. 1921 service on the Plum Island division was
suspended. V. 112, p. 162.
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 AND BONDS— Date.
Interest.
Outstanding. Maturity.
Common 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*\Int. at Amer. Tr. Oo.. Boston, Trustee.
Citizens' Elec St Ry 1st M f 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
Car trust notes______________1921
Bonds.— The 1st St ref. 5s of 1914 are red. at 110 and Int. on any Int. date
on 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 (% .
EARNINGS.— For year ending Dec. 31 1922, gross, $939,521; net, after
taxes, $117,636. In 1921, gross, $1,021,738; net, after taxes, $162,227.
ROAD, &c.— Owns and operates about 119 miles of single track (76 miles
In Mass, and 43 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, Methuen and Dracut, Mass., and Salem Pelham and Hudson,
N. H. Enters Lowell and Nashua under trackage rights. Owns and oper
ates local lines in Newburyport and Amesbury. Connects with the East
Ma<s. St. R y.. Manchester & Nashua St. Ry and the Exhter. Hampton
k Amesbury St. R y. Also owns a large amusement park on Oanoble Lake
in Salem, N. H. 76 open and 61 closed cars, 16 Birney (one-man) and 34
work cars and snow plows.
OFFICERS.— Pres., D. A. Belden; V .-P. & Treas., F. E. Webster; V .-P .
& Gen. M gr., Ralph D. Hood.— V. 113. p. 960. 1888; V. 114, p. 2241.
(2) Dover Somersworth & R ochester St. Ry.
All the stock and $143,000 bonds owned by New Hampshire Elec. R ys.
ORGANIZATION.— Chartered under the laws of New Hampshire. Is
a consolidation of the Union Elec. R y. and the Rochester St. R y.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $300,000 ($100)______________
_______
$300,000 ___________
1st Mtge bonds, Series “ A ” _ 1921
_
6%
128.000 July 1 193
1st Mtge inc bonds, Ser “ B ” - - 1921 6%
79,000 July 1 1931
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
or July 1 since July 1 1922 at par plus any declared and unpaid int. to the
June 30 o f the calendar year next preceding the date o f redemption, plus
int. at the rate o f 6% per annum after such June 30 to date o f redemption.
EARNINGS.— For calendar year 1922, gross, $101,017; surplus, after
taxes, $9,153. In 1921, gross, $112,942; surplus, after taxes, $1,760.
R O A D .— Owns and operates about 21 miles of line.
OFFICERS.— Same as for Massachusetts Northeastern St. Ry.
HAZLETON, PA.
W ILKES-BARRE & HAZLETON RR.
ORGANIZATION.— Incorporated in New Jersey May 1901 and acquired
the entire ($1,500,000) capital stock and ($1,500,000) bonds of the WilkesBarre & Hazleton Railway Oo. (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 Oo. as security for the Wilkes Barre & Hazleton Rail
road Oo. 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.
Interest on Bonds.— The M ay 15 1914 Interest on the collateral trust mtge •
of 1901 due May 15 1951 was not paid when due. In lieu o f paying the
Interest bondholders were requested to surrender their coupons, due May 15
1914 to N ov. 15 1916, and in return the company Issued non-interest-bearing
certificates for the coupons as they become due. See V. 98, p. 1539. The
default was the result of a strike of the employees of the Lenlgh Traction
C o., a subsidiary, ’• interest due May 15 1914 was paid June 15 1916,
’he
and that due Nov. 15 1914 was paid Nov. 20 1916. A supplemental agree
ment, dated Feb. 15 1918, was made between the company and the bond
holders by which the remaining unpaid past-due coupons were extended for
54
ELECTEIC EAILW AYS
a further period of five years, or a total of eight years from the date on
which they originally fell due. Coupons affected are those for May 15
1915, Nov. 15 1915. May 15 1916 and Nov. 15 1916. Subsequent int.
paid when due. Coupons on the coll, trust mtge. of 1905, due Oct. 1 1945,
were similarly treated, but in this case the coupons extended were those due
Oct. 1 1915, April 1 1916, Oct. 1 1916 and April 1 1917. In Oct. 1922 the
company offered to holders of the extended coupons o f both issues of coll,
trust bonds 6% non-cum. pref. stock of the company in exchange for the
unpaid coupons to the aggregate amount of the latter at pat. We have no
nformation as to amount accepting this offer.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,500,000 ($100)_______
_______
$2,500,000 ........... .......
Pref 6% non-cum $700,000________
_______
372,200 __________
Collateral trust mortgage $2,-1 1901 5 g M-N 15 1.900,000 May 151951
500.000 gold ($1.000)_ c * jln 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
500.000 gold ($1,000)____c lln t . at Guaranty Trust C o., N . Y .. Trustee.
Bonds and Stock.— Of the authorized Issue of $2,500,000 coll, trust bonds of
1901. $600,000 are reserved to retire all bonds 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 bonds or in bonds purchasable by savings
banks in New York State. See V. 72. p 1281. V. 78. p. 289. The collateral
trust bonds of 1905 have a sinking fund of $10,000 per annum, which 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.— For cal. years (incl. allied companies):
Year— Gross.
Net.
Taxes.
Int.
Res. & Depr. Deficit.
.
1922_____ $774,290 $277,152 $19,576 $182,532 $128,104
$53,060
17,225
185,218
116,671
5,235
1921_____ 895,180 313,881
OFFICERS — Pres., A Markle: V.-P. S Gen. Mgr., O. B Houck
c
Sec., N. C. Yost; Asst. Sec., A. Markle Jr.; Treas., Geo. W . Hodges.—
V . 83. p. 1292; V. 87. p. 679; V. 98. p 1539.
(1) Lehigh T raction C o.— A trolley road.
ORGA N IZA TIO N .— 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 Ry., capita) $30,000; Hazleton S South
c
Side Electric Ry., capital $75,000; Hazleton & North Side Electric Ry.
capital $75,000. The $140,000 certificates of indebtedness and $926,200
of Lehigh Traction stock are deposited as security for the Wilkes-Barre Sc
Hazleton RR bonds of 1901.
In Feb. 1923 the company announced a plan for the extension of the
First Mtge. 5s due June 1 1923, for 10 years, and a payment of a bonus to
the holders of these bonds on June 1 1923, sufficient to net an income of
6% for the period o f the extension. Y. 116, p. 1649.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $1,000,000 ($100)__________
_______
$1,000,000 ...............
First mortgage $500,000 gold! 1893
5 g J-D
500.000 June 1 1933
($100, $500, $1.000)----- c*(M arkle 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
F-A
15,000
1925
The equipment trust certificates cover 10 steel cars and mature $3,000
■eml-ann. Penna. Co. for Ins. on Lives 3c Granting Annuities, Phlla., Pa..
Is 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 Yorktown
(connecting with Pennsylvania RR. and Lehigh Valley R R .). to McAdoo
(south) and Mtlnesvllle. Latimer Mines and Freeland (north).
OFFICERS.— Pres.. A Markle; V .-P.. C B. Houck; Sec. and Treas
N . O. Yost; Gen. M gr.. C. B. Houck.— V. 99, p. 1673; V. 116, p. 1649.
(2) Wilkes*Barre & H azleton R y.— A trolley, steam and third-rail road
O R G A N IZA TIO N .— Chartered Dec. 13 1899 under General Railroad
Law Act of April 4 1868. State of Pennsylvania. The Wilkes-Barre A
Hazleton RR. owns the entire stock and bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
- ...........
$1,500,000 ...........
_
Stock $1,500,000 full paid.................
First mortgage $1,600.0001 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
20,000
1925
The equipment trust certirlcates cover 10 new steel cars and mature
$4,000 seml-ann
Penna. Co. for Ins. on Lives St Granting Annuities.
Phlla., Pa., is trustee.
R O A D .— 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 gr.. O. B . Houck
Sec. and Treas.. N. O. Yost.
(a) W ilkes-Barre Term inal R R .
Entire stock and bonds owned by W . B . Sc Hazleton R R .
ORGA N IZA TIO N .— Incorporated on Oct. 9 1903. Stock authorized
and outstanding. $35,000 (par $50). Bonds authorized, $600,000 (c&r),
Date 1905; due Oct. 1 1946. Int. (5 g. A-O) payable in New York.
R O A D .— 3-80 miles, between W. B. Ter. R R . June, and Wilkes-Barre.
Ralls. 95-Ib. T ; gauge, 4 ft. 8)4 in. Pres.. O. J. Kirschner; Sec.-Trea*.
N . O. Yost.
HELENA, MONT.
THE HELENA LIGH T & RAILW AY CO.— Trolley, electric light and
power, gas light and fuel.
O R G A N IZA T IO N .— 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.— ' he 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. S
Oomm 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 6)4 cents. V. 113. p 2311
To Abandon Service on Certain Lines.— In Jan. 1923 the company applied
to the M ont. P. 8. Oomm. for authority to abandon service on its Kenwood
and State St. trolley lines. V. 116, p. 515.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $ 9 0 0 .0 0 0 -..........................................
$900,000 Feb 18 1%
Preferred $600,000 5% c u m . . ____
5 Q-F
600.000 Nov'18 1 H
First mortgage $1,500.0001 1905
5 g M-S
916,000 Sept 1 1926
gold ($1,000)__________ c*|lnt. at Columbia Tr. C o., N. Y ., Trustee.
Bonds.— The 1st M . bonds are subj. to call at 105 and int.; $186,000 are
reserved for extens. and im pts.. at 85% of cost. A sinking fund of 1)4 % per
ann. o f 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. $390,000 have been retired;
$20,000 held in treasury.
Dividends.— 5% per annum in quarterly installments was paid on pref.
stock to and Inci. Nov. 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, 5 % . In 1916 and 1917, 2%
In Feb. 1918, 1%.
None since.
EA R N IN G S.—
Gross
Net (after Interest,
Balance,
Calendar Year—
Earnings.
Taxes).
&c.
S ur.orD ef
1922.....................................$408,312
$93,297
$46,853
sur $46,444
1921------- ----------------------- 384,601
77.085
48,813
sur. 28,272
R O A D .— Operates 21.21 miles of track.
OFFICERS.— Pres., P. G. Gossler; V .-Ps., J. H. Pardee, A. Coppell
R . B. Marchant; Sec. & Treas., T . W . Moffat; Asst. Sec. & Asst. Treas.,
A. B. Sibley. Operated under the general management of J. G. White
M gt. Corp., New York City.— V. 106. p. 1035; V. 107, p. 181, V. 110, p.
2657; V. 112, p. 2305; V. 113, p. 2311; V. 116, p. 515.
[ V o l . 116,
HOLYOKE, MASS.
HOLYOKE STREET R A IL W A Y .—Trolley.
ORGANIZATION. —Incorp. In Mass. June 11 1884. Leases the M t.
Tom (incline) RR. until June 1 1922 at 6% per annum on the $100,000 stock.
In March 1922 the directors were auth. to make another lease. V. 114,
p. 1407. In 1907 purchased the Hampshire Street Ry. (previously leased).
V. 85, p. 40. In Aug. 1907 purchased the Amherst & Sunderland Street
Ry. (V. 85. p- 294;, giving a through connection from Holyoke to Amherst
ana Sunderland.
Fares.— On Feb. 17 1918 was auth. by the Mass. Public Service Comm, to
Increase fare for long hauls to 10c. In Dec. 1918 the c o .’s petition for a
contraction of its zone system which would have increased its revenues by
$235,743 was rejected by the P. S. Comm, and a tariff increasing the revenue
by not more than $145,393 was authorized instead. V. 107, p. 2476.
Effective Nov. 9 1919, was auth. by the Mass. P. S. Comm, to establish
zones, each 2 miles in length, over the entire system, and to charge a 6-cent
fare in each zone. Compare V. 110, p. 1642.
Operation of Buses by Company Authorized.— In May 1921 the company
was auth. by the Dept, of P. U. to operate buses. V. 112, p. 2190. Com
pare V 112. p 2083.
In March 1923 the Mass. Dept, of P . U. authorized an Issue o f $265,000
1st Mtge. 6s, Series “ C ,” due April 1 1935, proceeds to be used to refund a
like amount of 5% debentures due April 1 1923. V. 116, p. 1177, 1416.
Compare V. 116, p. 410.
s c J O iiDate.
Interest. Outstanding. Maturity, <&c.
J-J
$1,342,000 Jan.’23, 3%
Jtoek ($100)—......... - _____ _______
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. C o., Trustee
Series “ B” ________________ 1920
6%
85.000 April 1 1935
Series ” 0 ” ______________________
6%
265,000 Apr 1 1935
Leased line rental M t Tom RR
................. .......
6
100 000
_________
stock 6% .
Bonds.— Remaining first mtge. bonds issuable for additions and improve
ments under certain restrictions. Redeemable at 107 and int. Y . 100,
p. 982.
Dividends.— From 1892 to 1915. incl , 8% yearly. In 1916. 6 % . In
Jan. 1917, 3% ; July. 1)4% . In 1918. Jan. 1)4% ; July div. omitted
(V. 107, p. 291). None to Jan. 1920. when 3% was paid. July 1920. 3 % .
In 1921, Jan., 3% ; July. 3 % . In 1922, Jan., 3% ; July. 3 % . In 1923,
Jan., 3% .
r o a d .— Has 72.31 miles of track. Including M t. Tom (incline) R R .
4,900 feet long, and connecting with the Sp-ingfield Street Ry. to Westfield.
Mass.; with Springfield St. Ry. to Sprlngrield, Mass., and with Northamp
ton St. Ry. to Northampton, Mass..and direct to Chicopee,Chicopee Fails,
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.
Int.,Tax.,&c.
Dies.
Bal.,Surp.
1921........................... $1,085,739 $202,819 $120,405
$80,520
$1,893
1920_______
1,093.533
191.754
105.652
80,520
5.582
OFFICERS.— Pres. & Gen. M gr., Louis D. Pellisier; Sec. S Treas.,
c
S D. Nevin; Asst. Gen. M gr.. Geo. E. Pellisier; Aud.. G F. Dinneen.
all of Holyoke.— Y. 112, p. 2190; V. 114, p. 1407; V. 116, p. 410,1177, 1416.
HOUGHTON, MIOH.
HOUQHTON COUNTY TRACTION C O .— Trolley road.
Receivership.— 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 mine®, were given as the reasons for the
company’s difficulties. V. 113, p. 2405.
ORGANIZATION.— Organized In 1908 and took over Houghton County
street Ry., which latter company was incorporated in 1899. Does an elec
tric railway business In Houghton and Keweenaw counties, M ich., connect
ing the cities and towns of Houghton, Hancock. Laurlum, Red Jacket,
Lake Linden and Hubbell, and the mining locations of Quincy, Osceola,
Wolverine, Allouez, Ahmeek and Mohawk. Franchises on public streets
expire in 1929, 1930, 1932, 1933 and 1938. Largely on private right o f way.
1100.000 common stock owned by Public Service Investment Co.
Fares.— in Jan. 1919 the Village Council of Houghton voted to permit
the company to increase its fares from 5 to 6 cents. Y. 108, p. 480. In
Dec. 1919 was auth. by the Mich. P. U. Comm, to increase zone fares from
5 to 6 cents in Caulmet and Torch Lake townships. The company also in
creased fares to 6 cents in all zones outside the two townships named in the
Commission’s order. V. 110, p. 77. In Oct. 1920 the Comm, raised Interurban fares from 6 to 7 cents in each zone; tickets being sold at 4 for 25 cents.
V. i l l , p. 1752. In Jan. 1921 these rates were increased to 8 cents cash and
5 tickets for 35 cents
V 112, p. 372
Default.— Holders of the 1st consol, mtge. 5% bonds having been notified
that the receiver would be unable to pay the interest due Jan. 1 1923, the
following protective committee was formed and has called for deposits.
V. 115, p. 2905.
Co nmittee for First Consol. Mtge. 5s.— Chairman, Thos. N . Perkins
Frank B. Bemis, Ernest B. Dane; Sec., V. D. Vickery, 147 Milk St., Boston
Mass. Depositary, Old Colony Trust C o., Boston, Mass. V. 115, p. 2905.
STOCK AN D BON DS— 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 $1,600.0001 1908
5 g J-J
660,000 Jan 1 1937
($500 and $1,000) gold__tf I Int. at Old Colony Trust C o., Boston. Trust.
Stock and Bonds.— Pref. stock Is redeemable at 110. $24,500 consol,
mtge bonds are in treas.; $616,000 for fusure additions at 80% o f cost;
$110,000 owned by company; they are subject to call as a whole or in part
at any time for sinking fund at 105 and Int. Sinking fund 1 )4 % of out
standing bonds, $149,500 have been canceled.
Dividends.—On pre1. 3% s.-a. from Oct 1908 to Apr. 1919 incl. None
1
since. On common, 2% Oct. 1909. In 1910, April, 2)4% and same
amount s.-a. to and including April 1914 None since.
EARNINGS.— For 12 months ending June 30:
Year—
Gross. Net,aft.Tax. Int.
Sink.Fd. Spec.Res
S ur.orD e.
1920-21____ $298,855 $23,141 $53,562
............
........... def.$30,421
191J-20____ 309.531
69,995
48,712
______
______ sur. 21,283
ROAD.— 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 Daly, Keokuk; Sec., Victor D . Vickery, ^Boston;
Treas., Henry B. Sawyer, Boston; M gr., Samuel B. Tuell; Gen. M gr.,
Stone & Webster M gt. Assn., Boston.— V. 113, p. 2405; V. 115, p. 2905.
INDIANAPOLIS, IND.
TERRE HAUTE INDIANAPOLIS & EASTERN T R A C T IO N .
ORGANIZATION.— Incorporated in Indiana on March 1 1907 and
acquired by purchase (1) Indianapolis S Eastern R y.; (2) Indianapolis
c
Goal Traction; (3) Indianapolis S Western Traction, and (4) Richmond
c
Street & Interurban Ry.
On March 25 1907 leased the Terre Haute Traction & Light C o. for 999
rears (see terms under that company below), and in April 1907 leased for
999 years the Indianapolis & Northwestern Traction ana 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 C o., insuring the company an adequate coal supply.
See Shirley Realty Co. of Indiana In V. 104, p. 1805.
On May 1 1912 leased for 999 years the Indianapolis Orawfordsville &
Danville Elec. Ry. (see terms under latter company below). V. 94, p. 1567.
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.
Freight Rates.— On May 23 1918 the application of this co. for Increased
freight rates was approved by the I.-S. O. Commission. On May 12 1919
freight rates were increased to practically the same as the steam roads
AritiL, 1923.]
ELECTRIC RAILW AYS
55
Fares.— On July 1 1920 the co was auth. by the Ind. P. S Comm to the city of Indianapolis through the cities of Lebanon and Frankfort to the
charge 3c per mile to all points in Indiana. V. I l l , p. 74. The same rate city of Lafayette, with a branch from Lebanon to Crawfordsville, each of
is also charged to inter-state points. A straight 5c fare is charged in which cities is the county seat of its respective county. Has trackage
Terre Haute and Richmond. Effective July 1 1922, the Ind. P. S. Comm, rights to the business centres of Indianapolis and Lafayette.
In Sept 1921 the company surrendered its franchises and now operates
auth. the company to establish a 10-cent fare for city passengers. V. 115.
under an indeterminate permit.
p. 759. Compare Y . 114. p. 1890.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
$2,550,000 ............... ..
Common $12,500,000 ($ 1 0 0 ) ............................
$9,100,000 ---------------- Common $2,550,000................. ... ..........................
Pref ($1,000,000) 5% cum________
Q-J
450,000
See text
........... .
9,100.000
See text
Preferred $12,500,000 ($ 1 0 0 ) ........
5 g M-S
2,470,000 Mar 1 1933
1st & ref mortgage $8,000.0001 1910
5 A-O
6,500.000 April 1 1945 First mtge $3,000,000 g oldf 1903
f$1 000) . _ _ _____c*tf (Int. at Columbia Tr. C o.. N. Y Trus.
gold ($1,000) s f ______e*tf IInt. at Fidelity Trust Co.. Phlla., Trustee.
Bonds.— Originally matured March 1 1923 but were extended for 10 years
Indianapolis A Eastern lstf 1902
5 g J-J
See text July 1 1927
Cons M $1,000,000 gold(Int. at Mercantile Trust Co., N. Y .. or at to March 1 1933. The remaining $530,000 for improvements, A c., at
($1.0001 sinking fund. ,c * tf 1 Central Trust Co . Indianapolis. Trustee. 50% and 75% of cost. N o s. f., but extended bonds are red. on 60 days
Stock.— Pref. stock is 5% cum. after July 1 1910. Should com. at any notice after March 1 1925 at a premium of 5% .
time pay 6% . pref. will pay the same. V. 90. p. 1555.
EARNING S.— For years ending Dec. 31:
Bonds.— Remaining 1st A ref. bonds are reserved for additions and im
Cal.Years—
Gross
Net.aft.Tax. Oth.Tnc. Deductions.
Balance.
provements, under careful restrictions. Callable as a whole from April 1 1922_________$649,461
$171,566
$500
$123,500
sur.$48,566
1915 at 105 and lnt., or In part, for sinking fund only at 102
and int
64,003
500
123,500
def.58,997
1921 _______ 643,839
on any lnt. date. $1,035,000 held In sinking fund Apr. 1 1923.
ROAD.— Embraces 87.01 miles of track between Indianapolis, ZionsS.
f. $55,000 p. a. first 5 years and $106,675 p. a. thereafter; bondsvllle, Lebanon, Frankfort and Lafayette, including a branch from Lebanon
acquired for s. f. to be alive and int. added to s. f. V. 90, p. 1491. (The to Crawfordsville. Standard gauge; 70-lb. T rail. Owns 20 passenger,
payments due Feb. 1 1919, 1920, 1921, 1922 and 1923 had not been paid 5 freight and 5 service cars.
Power house and car barn are at Lebanon.
to April 1 1923.
Of the $1,000,000 Ind. A East, consols auth., $127,000 have been can V. 88. p. 295; V. 92. p. 59.
OFFICERS.— Pres.. Robert I. Todd; V.-P. John J. Appel; Sec. A Treas.,
celed by sinking fund. Of the remaining $573,000 out, $551,000 are owned
by Terre Haute Ind. & Eas Trac. A sinking fund. 1% of bonds out, began Jos. A. McGowan.— V. 116, p. 934.
July 1 1908 Fund is to be invested in the company's bonds if they can be
Indianapolis & H artinsville Rapid T ra n sit C o.— An electric road
bought at not more than 105 and int. Bonds cannot be called. See V. 75.
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
p. 342.
Dividends.— Initial dlv.. 1 H % . on pref. paid Oct. 1910; same amount $500 per year for organization. V. 84, p. 749. The Terre Haute Ind. A
quar. to and (ncl. Jan. 1914. None paid since. See V. 98. p. 914.
Eastern owns entire issue of stock except directors' shares.
ORGANIZATION.— Incorporated in Indiana on April 24 1901. Oper
Report.— For calendar years fexcl. Ind. Street R y.):
ates on private right of way except in incorporated towns.
1922.
1921.
1920.
Gross earnings_____________________ $5,404,575 $5,291,328
$5,444,836
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Operating expenses and taxes_______ 4,047,183
4,068,777
4,117,824 Stock $750,000 ($100)____________
_______
$750,000 __________
First mtge, $750,000 ($1,000)1 1902
5 g J-J
750,000 Jan 1 1932
$1,357,392 $1,222,551 $1,327,012
gold____________ c*Ar n tfi Union Trust Co. and Security Tr. Co. of In
$640,400
$628,805
$641,329
i'dianapolia, Trus. Int. at Sec. Tr. C o., Ind.
44,195
44,734
Sinking funds on leased lines________
45,272
Bonds.— No sinking fund, but bonds are subject to call after 10 years at
27,500 | 105 and Interest. See V. 78, p. 1223.
Int. A sink, fund on underlying bonds
EARN ING S.— For calendar years:
$626,512 j
$537,417
$670,791
Dec. 31 Year. Gross
Net,aft.Tax. Oth.Inc. Deductions.
Balance.
Interest on T. H. I. A E. T. bonds_
_
$278,999
$282,404 ! 1922 _________ $234,261
$274,580
$54,065
$500
$37,500
sur.$17,065
Sink, fund on T. H. I. & E. T. bonds.
152,677
149,271 1921 __________ 235.681
157,095
39.389
500
37,500
sur. 2.389
ROAD.— Embraces 29.07 miles of track from Indianapolis
$105,741
$194,837 ville, completed In M ay 1903. 70-lb. rails; standard gauge. to Martins
$239,116
ROAD.— Operates a modern high-speed electric railway over lines
OFFICERS.— Pres., Robt. I. Todd; V .-Ps.. Harry S. New, Chas. M ur
which comprise a continuous route from and Including the city of Paris in dock and John J. Appel; Sec. A Treas., Jos. A . McGowan. V. 84, p . 749
Illinois through the city o f Terre Haute and towns of Brazil. Greencastle
Amo. Clayton and Plainfield, to the city of Indianapolis, and thence, through
(4) Indian apolis Craw fordsville & Danville E lectric R y.
Lease.— On May 1 1912 was leased to the Terre Haute Indianapolis A
the towns o f Greenfield, Knightstown, New Castle and Cambridge City, to
the city of Richmond In Indiana; also a line running south from Indianapolis Eastern Trac. for 999 years. Under the lease the latter company guaran
to Martinsville, Ind.; a line running west from Indianapolis to Danville. tees p. A I. of 1st M. bonds, 5% divs. on $200,000 pref. stock and semi
% from Nov. 30 1912 to M ay 31 1914, 1%
Ind.; a line running northwest from Indianapolis to Lafayette, with a annual divs. on com., viz.:
i
branch to Crawfordsville; a line running northwest from Indianapolis direct Nov. 1914 to May 1916. 1 H % N ov. 1916 to M ay 1918 and 2% thereafter.
to Crawfordsville and from Terre Haute a line north to Clinton. tnd . and a
ORGANIZATION.— Incorp. in Indiana on April 20 1912 as successor to
line south to Sullivan, Ind. Also operates the city lines in Terre Haute and the Indianapolis Crawforsdville A West. Trac., sold at foreclosure. Built
Richmond. Total miles in single track: city lines. Terre Haute, 31.56: and entirely on private right-of-way. In accordance with the privilege granted
Richmond. 13.68: total, 45.24; interurban lines, total. 386.6J. Grand total, by the Indiana State Legislature in its session of 1921, the co. surrendered
entire system. 431.93 miles.
its franchise and the Ind. P. S. Comm, has issued in lieu of same an inde
OFFICERS.— Pres., Robt. I. Todd; V .-P ., John J. Appel: Sec. A Treas., terminate permit.
Jos. A McGowan
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
M -N
$400,000 See text
DIRECTO RS.— Robt. I. Todd, Randal Morgan, W. Kelsey Schoepf. Common $400,000 ($100)_________
James W Lilly, Leroy T. Hixon, J J Appel and Jos A McGowan.
J-D
200.000 See text
Pref $400,000 5% cum ($100)______
1,000.000 M ay 1 1952
— V. I l l , p. 74, 190, 289; V. 112, p. 850; V. 113, p. 732. 1252; V. 114, p. First mtge $2,500,000 gold) 1912 5 g M -N
($1,000) guar p A l..c A r tf f Interest at Girard Trust C o.. Phlla.. Trustee.
739, 2117; V. 115, p. 760; V. 116, p. 516, 823; V. 116, p. 936.
Bonds.— Of remaining first mtge. bonds, $1,000,000 are for extensions
(1) Terre Haute T raction & Light Co.
and $500,000 to be Issued only under certain conditions. Subj. to call as
Leased.— In March 1907 was leased to the Terre Haute Indianapolis A a whole but not in part at 102 H and int. on any int. day. Sinking fund of
Eastern Trac. Co. for 999 years. The latter company guarantees 6% on $9,000 per annum on initial $1,000,000 bonds out commenced March 1 1913
the outstanding pref. stock and 2% on common for 1H years, 3% for When add'l bonds are issued fund shall be increased by such amount as will
1 year. 4% for 1 year, and 5% thereafter, and $1,000 per year for organ! retire 2-3 of such add'l bonds issued. $134,000 held alive In sinking fund
■ation expenses. V. 84. p. 750.
April 1 1923.
The Terre Haute Ind. & East. Trac. owns all the common stock except
EARNING S.— For calendar years:
directors' shares.
Year—•
Gross. Net,aft.Tax. Oth.Tnc. Deduc. Sink.Fd.
Balance.
ORGAN IZATION .— Is a consolidation In 1904 of the Terre Haute Elec 1922 --------$388,470 $47,878
$500
$43,485 $15,515 def.$10,622
tric Co. and the Terre Haute Electric Trac. Co. In accordance with the 1921----------- 384.688 62,672
500
44,389 14.611
4,172
privilege granted by the Indiana State Legislature in its session of 1921, the
ROAD.— Operates 48.23 miles of road between Indianapolis and Craw
company surrendered its franchises and the Ind .P. S. Comm, has issued in
fordsville. Standard gauge. 70 and 85-lb. T rails. An extension from
lieu of same an indeterminate permit.
Crawfordsville to western boundary of Indiana east o f City of Danville,
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity,
Ind., Is proposed.
Common $2,000,000 ($100)_______
M-S
$2,000,000
See text
OFFICERS.— Pres., John J. Appel; V .-P ., Robert I. Todd; Sec. A T reae.
Pref. $1,000,000 ($100 6% c u . ) ____
M-S
1.000.000 M a r '23,3%
Jos. A. McGowan: Gen. M gr., Robt. I. T odd. V . 94, p. 1449. 1565, 1695.
First cons mtge $5,000.0001 1904
5 g M-N
2 959.000 May 1 1944
gold___________________ tf (Interest at State Street Trust Co., Boston.
INDIANAPOLIS STREET RA ILW A Y CO.
Terre Haute Electric 1st mtgl 1899 5 g J-J
1.500,000 July 1 1929
The Terre Haute Indianapolis A Eastern Traction Co. owns the $1,000.$ 1.500.000 gold ($1,000) c*|Int. at Boston Safe Dep. A Tr C o.. Boston.
000 com. stock.
Oar Trust Equip Co pref stock 1918 6 Q-J
93.500 See text
ORGANIZATION.— Incorp. in Indiana on June 30 1919. Is consolida
Car Trust Equip Co pref stock 1919 6 Q-J
71,500 See text.
Bonds.— The Union Trust Co. of Indianapolis and the Boston Safe Deposit tion of the old Indianapolis Street Ry. Co. and the Indianapolis Traction 9e
A Trust Co. are joint trustees o f the Terre Haute Electric mtge. Of the Terminal Co. (For separate history of each o f these cos. up to time o f
$5,000,000 consols. $1,500,000 are reserved to retire prior liens. The new consolidation see the “ Electric Railway Supplement” of March 29 1919.)
bonds are callable as a whole at 110 and lnt. on any lnt. date. A sinking The consolidation was effected as per plan in V. 108, p. 2329 subject to
fund of 1% of outstanding bonds commenced May 1 1906. $536,000 was conditions stipulated by the Ind. P. S. Comm, as outlined In V. 109,
held by this fund Apr. 1 1923. The United States Trust Co of Terre Haute p. 172. On Aug. 29 1919 the Federal Court approved this consolidations
and the State Street Trust Co. of Boston are trustees of this mortgage. and dismissed the suit brought by certain minority stockholders against
See V 78 n 2013
same. V. 109. p 982
Interurban railways enter the city under agreements by which they pay
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 3 cents per passenger for all passengers carried in the city limits and an
o f 1919 is a first charge against 25 cars and matures $5,500 semi-ann. to 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
Oct. 1 1929. V. 109. p. 1367.
operates under an indeterminate permit. V. 112, p. 2748.
E A R N I N G S .— For c a le n d a r years:
Guarantees the ($400,000) bonds of Broad Ripple Traction C o., and owns
Year—
Gross
Net.
Oth.Inc. Deduc'ns. Sink.Fd.
Balances
75% of its stock.
1922_______ $2,483,253 $665,584 $1,000 $284,885 $29,757 $351,942
Tar Decision on Sink. Fund Bonds.— See V . I l l , p. 692.
1921............ 2,412,120
728,855 1.000
284.617 30.123
415,114
Valuation.— See V. 112. p. 161.
R O A D .— Embraces 93.49 miles of track In Terre Haute. Including lines
Tax Suit.— In Feb.' 1922 the co. filed a demurrer to a suit to recover for thefrom Terre Haute to West Terre Haute, Clinton, Brazil, Sullivan and San city of Indianapolis the balance o f the 1921 franchise taxes and the penalties
ford, Ind. Rails, 60 to 80 lbs. Owns 141 city passenger and 14 Inter amounting, it is stated, to $500,000. The co. contends that its action in sur
urban passenger cars, 6 freight and 20 service cars.
rendering its franchise and obtaining an indeterminate permit from the P. S.
OFFICERS.— Pres.. Demas Doming; V .-P ., Robt. I. Todd; Sec. A Treas.. Comm, had the effect o f extinguishing the obligation. V. 114, p. 626.
Compare V 114. p. 306.
Joseph A . McGowan.—-V. 98. p. 525; V. 107, p. 182; V. 109. p. 1367.
Fares.— On Dec. 28 1918 the Ind. P. S. Comm. auth. the co. to charge
(a) Terre Haute & W estern R ailway C o.— An electric road.
a straight 5c. fare under an emergency clause. In N ov. 1920 the co. apLeased to Terre Haute Traction A Light Co. for 999 years from N ov .1907
lied for auth. to charge 2 cents for transfers. V. I l l , p. 2041. Effective
O R G A N IZA TIO N .— Incorporated In 1907 in Illinois. Road extends
lec. 20 1920, the Comm. auth. a 1-cent transfer charge. V. 112, p. 161,
from the Indiana State line near Sanford, Ind.. to Paris, 111.. 10.63 miles,
in April 1921 the co. was auth. to charge a cash fare o f 6 cents or 20 tickets
Began operation Oct. 25 1907. Is entirely on private right-of-way. Entire for $1 and 1 cent for transfers. V. 112 p. 1740. On June 1 1921, how
com. and pref. stock owned by Terre Haute Ind. A Eastern Trac. Co.
ever , a straight 5-cent fare with a charge of 2 cents for transfers was put
in effect. V. 112, p. 2537. See also V. 113, p. 848. In Oct. 1922 applied
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
to Indiana P. S. Comm, for auth. to increase fares on “ owl” cars from 5 to
Stock common $200.000_____ _____
_______
$200,000 __________
10 cents. V. 115, p. 1837. This application is still (April 1923) pending.
Preferred $150,0 00-.-...................
.............
150.000 ...............
Jitney Restrictions.— An ordinance regulating jitney competition and ex
First mortgage $250,000 gold 1 1907
5 g M-N
250,000 Nov 1 1937
cluding jitneys from streets on which there are car tracks went into effect
guar p A 1 ($1,000)___c * tf/In t. at New England Tr. C o., Boston, Trus
Bonds.— Are guar. p. A 1. by endorsement by Terre Haute Tr. A Lt. Co. Nov. 25 1921.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Mat'v, &c„
EAR N IN G S.— For calendar years.
Common ($50)___________________ _
________
$ 1, 000,000 ......................
Dec. 31 Years—
Gross
Net.aft.Tax. Oth.Inc. Deductions. Bal .Sur
Pref $5,000,000 ($100) cum________
6 Q-M
5,000,000
See text
1922________________ $54,702
$9,351
$500
$12,500 def$2,649
________
See text
__________
1921........................... 70,209
14.274
500
12.500
2.274 Consolidated mtge__________ _____
Ind Tr A Ter Co 1st M $5,-1 1903
5 g A-O
3.833,000 Jan 1 1933
OFFICERS.— Pres., E. M. Walker; V .-P., F. T. O’ Hair; Sec., John T.
000,000 g ($1,000) s f.c * t f (Int. at Guaranty Tr. A S. D. Co., Phlla., Tr“
Beasley; Treas., J. A. McGowan.— V. 90, p. 1555.
Street Ry gen] 1899
J-J
4,987,000 Jan 1
(2)
Indianapolis & Northwestern T raction C o.— An electric road. Indianapolis $6,000,000 gold (Interest 4 gGuar. Trust A Safe Deposit 1933
mortgage
at
Co.*
Lease.— In April 1907 was leased to the Terre Haute Indianapolis A
($1,000) guar______ c*ntfl Philadelphia, Trustee.
Eastern Traction for 999 years. The latter company will pay the interest Citizens’ Street Ry 1st M l 1893 5 g M -N
4,000,000 M ay 1 1933
on the bonds; also l\ i% quar. or 5% per annum on the $450 000 pref.
$4,000,000 g ($l,000).c*tf/C entral Trust Co. New — . _
”
York, Trustee.
stock and $500 per year for organization. V. 84, p. 869.
l
6 J-D
10.000
See text
Entire issue of common stock, except directors' shares. Is owned by the Equip certificates Series “ D ” I 1913
$100,000_________ _____ —
Terre Haute Indianapolis A Eastern Traction.
Equip certificates Series “ E ” j 1916
5 J-D
51.000 See text
ORGANIZATION.— Organized In 1902 In Indiana. Operates a modern
$125,000 ($1,000)________ /P a. Co. for Ins. on L. A G. Ann.. Phil..trus<L
high-speed interurban railroad, standard-gauge, located upon private right tnd Car Equip Co 1st pref stk. 1919 6 Q-J
140,000 See text.
of way outside of the city corporate limits. Extends northwesterly from
Interest on Citizens’ consols at Fourth Street Nat. Bank Philadelphia*
B
56
ELECTEIC EAILW AYS
Stock.— Preferred stock is pref. as to assets and diva. 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 o f $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 o f the consolidated co. The $15,000,000 now authorized will bear
Int. at not exceeding 6% and shall be issued only for addns. and better
ments to and exts., acquisitions and replacements of lines o f 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 o f 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 o f 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 whicb
were applicable to the refunded bonds in tbeir 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 o f 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.
The Ind. Trac. & Term, bonds have a sinking fund which provides for
the payment annually of 1 1-5% o f bonds outstanding. See V. 76, p. 1085.
Bonds may be drawn for sinking fund at 10234 and lnt. and are subj. to
call at that price. See V. 81, p. 264. $1,167,000 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. $1,013,000 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 o f bonds. Equipment certifi
cates. Series “ D ” mature $5,000 on June 1 and Dec. 1 each year until
paid. Covers 25 new cars. $90,000 have been retired. Series “ E ” ma
ture $6,000 or $7,000 on June 1 and Dec. 1 each year. They cover 25 cars.
$74,000 have been retired. The Ind. Car Equip. Co. 1st pref. stock was
used to purchase 25 cars. The stock matures $10,000 semi-ann. V. 109,
p. 1700. Bonds are listed on Phila. Stock Exchange. V. 69, p. 851.
Dividends.— Divs. o f 6% (134% quar.) were paid on pref. stock to and
incl. M ar. 1921. None to Sept. 1 1922, when 134% was paid. Divs. of
134 % quar. paid regularly since.
EARN IN G S.— For years ending Dec. 31
Cal. Years— Gross.
Net After Tax. Fixed Chgs.,&c. Bal., Swp.
1922— ........ ..$5,545,164
$1,050,443
$647,343
$403,099
1921__________ 5,233,327
832,931
645,068
187,863
ROAD.— Operates i68 58 miles o f track and owns 9-story office and
terminal building, train-sheds and 3 freight depots centrally located in
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 of the Board, Henry Jameson; Pres. & Gen
M gr., Robt. I. Todd; V.-Ps.. Henry O. Thomson and John J. Appel; Sec
& Treas., Joseph A. McGowan; Asst. Sec. & Treas., Wm. F. Milholland
— V. 109, p. 1700, 1986 V. 110, p. 77, 1415; V. I l l , p. 692, 1656, 2041;
V. 112, p. 161, 849, 1740, 2305, 2537, 2637, 2748; V. 113, p. 71, 532 , 730,
848; V. 114, p. 306, 626, 1062, 1286; V. 115, p. 303, 1837; V: 116, p. 822.
BROAD RIPPLE TR AC T IO N .— A trolley road.
ORGAN IZATION .— Organized as successor to the Indianapolis & Broad
Ripple Transit C o., sold at foreclosure July 1899. The property o f the co.
Is operated by Indianapolis St. R y. C o. in connection with street railway
property o f latter company.
Indianapolis St. Ry. 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 o f Broad Ripple Traction Co.
transferred to it.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $100,000 (par $100)......................... - .............
$100,000 ............... —
M tg $400,000 g ($1,000) c * n t f . / 1899______ 5 g J-J
400.000 July 11933
» v* .
\Int. at Guar. T r.& S .D .C o . (Phila.), Trust
Bonds.— Are guar. p. & 1. by Ind. St. R y.
No s. f. and bonds cannot
be called. The Ind. Nor. Trac. C o. (subsequently consolidated with the
Union Tr. Oo. o f Ind.) guarantees p. & I. of half ($200,000) of the bonds.
R O A D .— 7 34 miles of track from Indianapolis to Broad Ripple Park.
OFFICERS.— Pres., Robert I Todd; Sec. & Treas., Jos. A . McGowan.
— V. 69, p. 180: V. 73, p. 137. 183: V 78. p. 1167.
INTERSTATE PUBLIC SERVICE CO.
Controlled by Middle West Utilities Co.
O RGAN 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 C o.,
Citizens’ Elec. Lt. & Pow. Co., Indiana Service Co., Northern Public Ser
vice Co. o f Indiana, Seymour Public Service Co., Bedford Light Heat
& Power C o., the Northern Indiana Utilities Co. and the New Castle Light,
Heat & Power Co. V. 114, p. 198. The co. jointly with the Central Illi
nois Public Service Co. guarantees unconditionally by endorsement (auth.
$5,000,000, outstanding $1,250,000) l s t M .7 % bonds o f the Indiana HydroElectr.c Power Oo. as to prin., int. and sink. fund. V. 114, p. 306. For
merly controlled through stock ownership the Louisville & Southern Indiana
Traction C o.. Louisville & 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 C o., as per plan in V. 112. p. 563, 1283. Separate statements
o f the Louisville & Northern Ry. & Ltg. C o., the United.Gas & Elec. Co.
and the Louisville & Southern Indiana Trac. C o., giving history up to time
o f merger, will be found in “ Elec. Ry. Supp.” of Oct. 30 1920. As of
Jan. 1 1923 the co. acquired all property and business o f the Indianapolis
& Louisville Traction R y., Southern Indiana Power C o., the Hydro-Elec
tric Light & Power Co., Hawks Electric C o., Winona Electric Light &
Water C o., 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 be 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.” of Oct. 28 1922.
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 Sept. 1921 was auth. by the Ind. P. S. Comm, to sell $184,000 1st
& ref. mtge. 5% bonds of 1913 at 75. V . 113, p. 1156.
In June 1922 the co. was auth. by the Ind. P. S. Comm, to sell $372,000
6% pref. stock at not less than 75, proceeds to be used to discharge out
standing obligations. V. 114, p. 2580. In Oct. 1922 applied for auth. to
issue $286,400 7% bonds at not less than 90 for impts. already made.
V Upon completion o f merger plan the co. will be capitalized approximately
as follows:
Interest. Outstanding. Maturity
Date.
STOCK AND BONDS.
. . . ........... $4,000,000
Common stock $5,000,000
6% cum.
4,872,000 — .............
Preferred stock $5,000,000-----------7% cum.
1,434,800 Oct22,lM %
Prior lien stock $5,000,000
First & refunding mortgage, tf / 1913
5 A-O 1
4,015 000 Apr 1 1943
(Int. at Union Tr. Oo., Indianapolis, trustee.
General mortgage bonds--------- -------6%
211,000 - - - - - - - - - Louisville & Sou Ind Trac 1st] 1903
5 g M-S15
999,000 Sept 15 23
M $1 000,000 gold ($500 & )Int. at Cont. & Com. Tr. & S. B., Chicago
$1 000)
_____c*J and U. S. Trust Co., Louisville, trustees.
N ew ’ Albany St R y $250,0001 1902
5 F-A
250,000 Aug 1 1927
($ 1 ,0 0 0 )_____- ___________/In t. at U. S. Trust C o., Louisville, trustee.
[ V o l . 116,
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Louisv & Nor Ry & Ltg 1st M l 1905
5 g J-D
500,000 Dec 1 1925
$2,500,000 gold ($500 an djlnt. at Cont. & Corns. Tr. & S. B., Chicago,
$1,000) - ...........................c*J trustee, or at Eliot Nat. Bank, Boston.
Louisv & Nor Ry & Ltg d e b s . . ____
6%
422.000 - ............. . .
Ind & Louisv Trac Ry 1st M f 1912
5 g A-O
695,100 Apr. 1 1942
$1,500,000 g ($100, $500 & {Int. at Colonial Trust C o., P ttsburgh,
Trustee.
$1,000) ______________c tf* [ ~
United Gas & El Co 1st mtge 1902
610,000
See text
5 g J-J
$750,000 ($1,000) g o ld -.c Int. at Cont. & Com. Tr. & S. B., Chicago,
trustee, and at Eliot Nat. Bank, Boston.
United Gas & El Oo 1st consol 1904
5 g J-J
750,000
See text
mtge $1,500,000 gold ($500}lnt. at Cont. & Com. Tr. & S. B., Chicago,
and $l ,000)____________ c*
trustee, or at Eliot Nat. Bank, Boston.
Central Indiana Ltg 1st & ref" 1907 5 M -l 1
895,000 M ay 1 1927
$2,500,000($500&$l,000)c* flnt. at Columbia Trust C o., trustee.
Peoples Gas Elec & Htg 1st M l ____
5 J-D 1
116,000 June 1 1931
/Int. at Con.&Com .T.&S.Bk.,Chic., trustee.
New Albany W Wks 1st cons] 1904 5 A-O 15
401,000 Ser’ly to '24
M $750,000 ($100, $500 and [United States Trust C o., Louisville, trustee.
$ 1 ,0 0 0 )_________________ cj
New Albany Water Works 1st ( 1895
5 J-J 1
150,000 Jan 1 1925
M ($100, $500 & $ l,0 0 0 ).tf]In t. at New Albany Nat. Bk., New Alb.,Ind.
Shelby County Water, Gas & 1910 5 M-S 1 '
303,700 Mar 1 1930
Elec 1st M $500,000 ($100, Int. at Cont’l-Equit. Title & Trust Co.,
$500 and $1.000)_______ c*
Phila., trustee; A. D . Ogborn, New Oaatle
Ind., co-trustee.
New Castle Lt Ht&Pr 1st M ] 1908
5 J-J 1
334,300 Jan
I 1929
($100, $500 & $1,000)_ c*/In t. at Prov. Life & Tr. C o., Phila., trustee.
_
Seymour Pub Serv 1stmtge\ 1910
6 J-D 1
166,400 Dec
1 1928
$200,000 call at 102 sk fd._/C olonial Tr. & S. B k., Chicago, trustee.
Southern Ind Power 1st M .
553.000 Jan 1 1931
6%
Hawks Elec Co 1st M tge_____
200.000 Oct 1 1935
6%
117,500 Apr 1 1 1929
Hawks Elec Co gen & ref mtge.
6%
Winona Elec Lt & Pow 1st M_
156.000 Sept 1 1933
5%
Franklin Wat Lt & Pow 1st M_
131.800 ...................
5%
Indiana Public Serv Co 1st M_
100.000 ...................
5%
Northern Ind Utilities bonds_
80,000 ...................
Bedford Lt Ht & Pr 1st mtge_
58.500 ...................
5%
51.000
See text
Citizens' El Lt & Pr 1st mtge_ 1907
6 A-O
Lebanon Heating Co b o n d s ...
44.000 — .............
Pub Serv Co of Ind bonds_____
20.000 ....................
Crown Point Elec Co bonds_
_
16.000 ...................
Citizens Water & Lt )o bonds.
2.000
Bonds.— Of the remaining 1st & ref. mtge. 5% bonds due 1943, $704,000
are reserved to retire prior lien bonds and $33,000 are in treasury. The
Louisville & Southern Indiana Traction Co. first mortgage bonds have
no sk. fd., but are subject to call after 10 years at 105 & int. See V. 77,
p. 769, 2339. New Albany St. R y. bonds are subject to call on any lnt.
date at 105 & int. Unissued Louisv. & Nor. 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. R y.
1st mtge. 5s reported as outstanding, $150,600 are held in treasury. Of
remaining bonds, $650,200 are for impts. and extensions at 80% o f cost.
Subject to call on any int. date at 105 and int. Sink, fund o f 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 & Elec. Co.
1st 5s, and $141,000 have been retired.' Both issues mature serially from
1907 to 1942, but the bonds of 1902 may be called at 105 and lnt.; the new
consols, are callable after July 1 1924 at 105 and lnt. See V. 79, p. 2458.
Sufficient Central Indiana Ltg. Co. 1st & ref. 5s are reserved to retire the
Peoples' Gas, El. & Htg. Co. 1st 5s. $150,000 New Albany Water Works
1st cons. 5s are reserved to retire that c o .’s 1st 5s. Int. on the cons. mtge.
bonds is payable at office o f trustee or at Bankers Trust C o., N. Y. Are
red. at 105 and int. Of the Shelby Oo. Water, Gas & Elec. Co. 1st M . 5s
outstanding, $66,000 are held in treasury. Callable on any int. date at
10234 & int. The New Castle Lt., Ht. & Pow. Co. 1st M . 5s are call, at
102)4 and int. on any int. date. Of the outstanding amount. $5,500 are
owned by co. $8,600 Seymour Public Service Co. 1st M . 6s have been
retired by sink. fd. The Citizens' Elec. Lt. & Pow. 1st M . 6s mature
$3,000 annually Oct. 1 to 1922 and $33,000 Oct. 1 1923. $24,000 have
been retired
Are call, at 105. Marion Trust C o., Indianapolis, trustee.
EARNINGS.— For calendar years:
Calendar
Gross, Including
Net, After
Interest,
Balance,
Year—
Other Income.
Taxes.
Bents, Ac.
Surplus.
1922__________ $4,424,747
$1,118,921
$716,076
$402,844
1921__________ 4,021,172
922,992
715,763
207,229
ROAD.— Operates a through line from Louisville to Indianapolis . Also
ooerates a line between New Albany and Jefferson vilie and the Columbus,
New Albany and Jeffersonville city lines, and in addition an interurban
railway from Seymour to Sellersburg, a distance o f about 41 miles. 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. & Treas., Ira E. Guthrie.— V. 114, p. 198, 306, 2580; V. 115,
p. 759, 1731, 2478, 2684: V. 116, p. 515, 935, 1049, 1411, 1760.
INDIANAPOLIS & CINCINNATI TRACTION CO.
ORGAN IZATION .— 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. 1385. 1025.
In 1911 acquired the Indianapolis & Southeastern Trac. Oo. (all of whoee
com. and $30,000 1st M . bonds the old Indianapolis & Cincinnati Trac. Oo.
had owned and to which company the Ind. & Southeastern was leased) and
canceled its com. stock. V . 92, p. 881,956. Private right of 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
& Terminal Oo. for 31 years allowing its cars to enter Indianapolis.
In Nov 1912 the I. & O. Light & Power Co. was incorporated with
aominal ($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 1. & C. Electric RR. was Incorp. with $10,000 capital
stock. to extend the Traction Co.'s lines from Rush vilie to Cincinnati by way
of Brookville, Ind., and Harrison, O. It may later be merged with the
Cincinnati Harrison & Indianapolis Traction Co.
In April 1913 acquired control of the Cincinnati & Westwood R R ., a
narrow-gauge road extending from Westwood, on the boundary line of
Cincinnati, to Brighton, within the city. 5 1-3 miles. V. 96, p. 1297.
On Jan. 19 1918 was auth. by the Indiana P. S. 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
V 111.p.74Effective 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. & 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 of 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
April 1923. They have not been renewed but are being carried along by
“ mutual understanding.” V. 114, p . 1890. Compare V. 108, p. 784.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2.000,000— ............................... ..........
$2,000,000 ....... ............
Pref $1,000,000 (see tex t)..............
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*JInterest at Central Trust C o., N . Y ., Trus.
& S E pf stk $600,000 ($ 1 0 0 )____
A-O
600.000 In 1917, 5%
Ind & S E 1st M $1,000.0001 1905
5 g J-J
586,000 July 1 1935
gold ($1,000)____________ flnt. at Farmers’ Loan & Tr. O o.,N .Y .,T rus.
Ind Shelbyv & Southeast 1st] 1902
5 g J-J
414,000 Jan 1 1932
M $500,000 g ($1,000) s f._ /I n t . at C. & O. Tr. & Sav.Bk., Chicago, trus.
Certificates of indebtedness. ____
6%
165,000 See text
Stock.— Ind. & Oin. Trac. pref. Is entitled to non-cum. divs. of 2% until
July 1 1911, then Increasing 1% yearly to July 1 1913; thereafter 5% per
annum. Ind. & S. E. pref. Is redeemable at 105 and accrued div. on any
dividend date. See V. 81, p. 1375.
Bonds.— Ind. & 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., improvem'ts,
&c. Entire series of bonds of each class Is subject to call on or after July 1
1913 at 105 and Int. As to priority o f 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 106 and int. Of the Ind. Shelby.
& S. E. bonds, the entire issue may be called on any int. date at 110. A
Sinking 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, 1 %%', 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 Kushville of
Oonnersvilie and 49 miles of track from Indianapolis via Shelbyville to
Greensburg. Total, 105 miles of track. An extension from Rushvilie
via Harrison, O., to Cincinnati is proposed. 60 and 70-lb. T rails. 23 pas
senger cars and 6 express 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.
759.
IRONWOOD, MICH.
1RONWOOD & BESSEMER RAILW AY & LIGHT COAs of June 1 1922 al' 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 cf the Ironwood & Bessemer Ry. & Light Co. were retired at
time o f acquisition by the Power Co. For history c f Ironwood & Bessemer
R y; & Lt. Co. up to time o f 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 1908 as
the Houghton County Gas & Coke Co. Name changed to the
above Feb. 14 1917. The company acquired, effective Jan. 1 1917, the
Constantine Hydraulic Co., Three Rivers Light & Power C o., Three Rivers
Gas C o., Milling & Power C o., and the Marquette County Gas & Elec. Co.
excluding the street railway, which see below).
Outstanding. Maturity
STOCK AND BONDS— Date.
Interest.
Common $1,150,000 ($100)______
_______
...................
$060,000
Pref cum $400,000 ($100).................
6%
400,000 A p r’23 \ % %
163.900 Apr ’23 IH %
Prior lien stock $750.000____ _____
7%
690,600
Jan 1 I f -**
First & ref $3,000,000 ($100,1 1917
5 g J-J
$500, $1.0o6) gold_ c*.tf/Central Trust Co. of Illinois, Chicago, trustee.
_
M Co G & El 1st M $1,000,-1 1910
6 g J-J
372,000
Jan 1 1930
000 ($1,000) gold____c* .tf (First Trust & Sav. Bank, Chicago, trustee.
Hough Co Gas & Coke C o! 1906
5 g F-A
61,000
See text.
$350,000 ($1,000) g - . c * t f (Central Trust Co. of Illinois, Chic., trustee.
228.000
Apr 1 1925
Constantine Hydraulic Cot 1905
5 g A-O
$250,000 ($1,000) gold.c.tf(C entral Trust Co. o f Illinois, Chic., trustee.
Three Rivers Gas Co $75,000) 1907
5 g A-O
59,000
Oct 1 1936
($500)_______________ c*.tf/D etroit Trust C o., Detroit, M ich., 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 Eiec. Ry. Co. Sufficient are reserved to
retire prior liens and the balance for corporate purposes. Are callable at
102H & int. on or before Jan. 1 1927 and at 101 & int. from Jan. 1 1927 to
Jan. 1 1931 on three weeks’ notice. Of the $372,000 Marquette County
Gas & Elec. Co. 1st 6s reported outstanding, $139 000 have been assumed
by the Marquette County Elec. Ry. Co. (see below), which has acquired
and owns a part of the property upon which the mortgage is a lien. Sinking
fund of 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; 1924, $5,000; 1925-29, $6,000 per annum; in 1930,
$10,000, and in 1931 the remainder. The 1st M. 5s of the Constantine
Hydraulic Co, are subject to call at 105. The 1st M . 5s of the Three
Rivers Gas Co. are callable at 105 on any int. date.
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, Mich.
(a) T he M arquette C oun ty Electric Ry. 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 $1391
000 of the 1st M . bonds of the Marquette County Gas & El. Co.
ITHACA, N. Y.
ITHACA TRACTION CORPO R ATIO N .
In Jan. 1918 Ford, Bacon & Davis, N. Y. City, acquired a substantial
Interest in the Central N. Y . Southern RR. 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 Ry. 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 ownership of all the ($400,000) outstanding stock and all
($488,000) outstanding 1st & ref. bonds. The Central N Y. Southern RR
Corp. is a reorganization of the New York Auburn & Lansing RR. and is
capitalized as follows: 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.)
Sale.— The Central New York Southern R R .’s holdings o f Ithaca Traction
Corp. securities ($400,000 capital stock and $488,000 1st & ref. mtge. 5%
bonds) were to have been sold at foreclosure on March 5 1923.
V. 116,
p. 615.
Fare Increase.— In Dec. 1917 the N. Y . P. S. Comm. auth. the co. to
Increase its fares to 6 cents. On Nov. 14 1918 the P. S. Comm, granted
auth. to charge a 7-cent fare. In Mar. 1921 the P. S. Comm. auth. an
increase in fares from 7 cents to 8 cents on the co.'s lines (with the exception
o f the East Ithaca line). V. 112, p. 1024. The co. had applied for 10centfare. V. 107. p. 2008
Default, &c.— The company having defaulted in the payment of principa1
o f (1) $175,000 Ithaca Street Ry. 1st Mtge 6% gold bonds due July 1 1922
(2) $75,000 Ithaca Street Ry. 2d Mtge. 6% gold bonds due July 1 1922;
(3) $25,000 Cayuga Lake Electric Ry. 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 Cleef, Fredk. J,
Platt, Sec., Chas. D. Bostwick. Depositary, Ithaca (N. Y.) Trust Co.
V. 115, p. 1837.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Capital stock, $1,000,000_______ ___________—
*$400,000
________
Ist&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 ______________ tfj Int. at Farmers Loan & Tr C o., N . Y.
2nd M $75,000_________ t f . . 1894
6 J-J
75.000 July 1 1922
Cayuga Lake El R y 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 & ref. mtge. 5s, $488,000 are Issued and are all owned
by the Cent. N. Y . So. Remaining bonds are reserved for future require
ments, Including the retirement of the three underlying prior lien as above
EARN INGS.— 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. Mgr.
J. O. Nelson, Syracuse; Sec. & Treas., S. C. Stivers, New York.— V. 115,
p . 73. 1837; V . 116, p. 615.
57
ELECTRIC RAILW AYS
A pril, 1923.]
JACKSON, MISS.
JACKSON PURLIC SERVICE CO.
New Control.— The Arkansas Light & Power C o., Pine Bluff, Ark.,
acquired control of the co. on March 12 1923.
ORGAN IZATION .— Incorp. in Miss in 1920 and took over the
property of the Jackson Light & Traction Co. (for history see “ Electric
Railway" S u p p l e m e n t of Oct. 30 1920) as per plan in V. 110, P- 1973.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
$600,000
Capital stock, $600,000 ($100)
See text 1,304,000
Oct. 11934
1st Mtge. Serial bonds $3,-) 1919
000 000 8100, $500 & $1 000) cl Chicago Trust Co., Chicago Trustee.
BONDS.— The 1st Mtge. bonds bore int. at the rate of 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 of an amount equal to
4 Jd % of outstanding bonds is provided for beginning July 1 1924 to be
applied to the purchase or redemption of 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.
PR OPERTY.— 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.
JACKSON, TENN.
JACKSON RAILW AY & LIGHT CO.
ORGANIZATION.— Incorp. in Tennessee in June 18 1906. and Is suc
cessor to the Jackson & Suburban Street Railroad Go. Franchises expire
In 1963. Does lighting and power business in addition to street railway.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$450,000 __________
Common $450,000 ($100)_________
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 105._cfFidelity & Columbia T r.C o ., Louisville,Tr.
Bonds.— $106,000 bonds are held in treasury.
EARN ING S.— For calendar year 1922, gross, $249,055; net, after taxes,
$64,547. In 1921, gross, $238,197; net, after taxes, $54,860.
ROA D .— Operates 7 l miles of track. 72 and 50-lb. T rails.
A
O F F IC E R S — Pres., ____________ ; V.-P. & Gen. M gr., S. S. Bush;
Sec., Geo. W. Lewis; Treas., Fidelity & Columbia Trust Go., all of Louis
ville. K y .— V. 83. p. 95.
JACKSONVILLE, FLA.
JACKSONVILLE T RACTION CO.— Trolley.
Receivership.— On Oct. 30 1919 E. J. Triay was appointed receiver for the
company, following the refusal of 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.
111. 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. Co. and the Jacksonville Elec. Lt.Co
Stock of old company was exchanged, share for share, for stock o f 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. Co
The co. being unable to refinance the $750,000 6% notes due Mar. 1 1919
the following protective committee was formed and has issued a call
for the deposit of these notes. A sufficient majority of the noteholders
have assented to the deposit agreement to Insure the success of this measures
V. 10b. 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. Wood, Edwin 8. Webster. Depositary, State Street Trust Co.
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. I l l , p. 2140.
Maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Common $1,500,000 ( $ 1 0 0 ) ..____
$1,000,000
8ee text
____
500.000
See text
Pref 6% cum $1,000,000($100)____
6 Q-F
First consol mtge $5,000,0001 1911
5 M-S
839,000 M ar. 1 1931
($500 and $1.000)____c*tf lint, at State Street Trust C o., Boston, Trus.
Jacksonv Eiec 1st M (as-1 1902
5 g M -N
1,245.000 M ay 1 1927
Burned) gold($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 * f ln t . 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 bear
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.
$80.000 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
ire callable as a whole at 100 and interest on 30 days’ notice.
Dividends.— Paid 1 ^ % quar. on pref. to M ay 1915: In Aug. ’ 15 paid H %
and same rate quar. to and incl. Nov. 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.— 1 % % — paid in May
1911; sam e rate a u a r. t o an d in c lu d in g N o v . 1914.
N o n e s in ce.
EARN ING S.— For 12 months ending June 30 (no later published):
Year—
Gross. Net (aft. Tax.)
Interest. Sk.,& c.,Fds. Surplus.
1919...............$1,025,601
$152,265
$177,139
........... def. $24,874
1 9 1 8 ............
781,551
241,029
170.427
...........
70.602
ROAD.— Operates 64.0 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 .W etterer
and Harry H. Hunt; 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.
JAMESTOWN STREET R A I L W A Y -T r o lle y .
ORGAN IZATION .— Incorporated Oct. 18 1883. Franchise runs till 1982STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $250,000 (par $ 5 0 ).._______ _
_______
$250,000 ___________
First mortgage $300,000 gold! 1893
6 g J-J
300.000 Jan 2 1923
($1.000)_______________c*|Int. at Guaranty Trust C o., N . Y ., Trustee.
Current liabilities Dec 31 1922 ____
_______
2,077,920 __________
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net.
Oth.Inc. Chgs.&Taxes.
Balance.
1922 ______ $408,487
$42,313
$85,902
$132,512
def. $4,297
29.568
97,165
154,681
def. 27,948
1921______ 417.540
1920...
. 401,699
68,616
37.229
154,681
def. 109,294
ROAD.— Owns 26.545 miles of track. 61 cars, 2 sweepers.
OFFICERS.— Pres., A. N . Broadhead; Sec. & Treas., S. B . Broadhead; Gen. M gr.. G. B. M altby, all of Jamestown.
CHAUTAUQUA T RACTION CO.— A trolley road.
ORGANIZATION.— Incorporated In New York on March 7 1903. Is
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)________________ c|Int at Title Guar. & Tr. C o., N . Y ., Trustee
Current liabilities Dec. 311922 ____
_______
835,090 ___________
Bonds.— N o sinking fund and are not subject to call.
ELECTRIC RAILWAYS
58
EARN IN G S.— For year ending Dec. 31:
Deficit.
Year—
Gross.
Net.
Oth.Inc. Chgs.&Tax.
$92,999
def. $7,340
______
$85,659
1922_______ $180,361
1 9 2 1 .-......... 188,932
def. 25,738
23,189
228,562(7) 83,004
ROAD.— Operates 26.73 miles of track from Lakewood, where connec
tion is made with the Jamestown St. R y., to Mayvilie, there connecting
with the Pennsylvania RR ., 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 ., Wm. Broadhead; Treas.,
8. B. Broadhead; Sec.. W . R . Reynolds: M gr., Geo. E . M altby.
JERSEY CITY, N. J.
PUBLIC SERVICE CORPO R ATIO N .
See statement and map under “ Newark. N . J."
JOHNSTOWN, PA.
JOHNSTOWN TRACTION CO.— 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.
Outstanding.
Maturity.
STOCK A N D BONDS—
Date.
$875,000 ...................
Common $1,000,000 par $50---------1.000.000 ...................
Pf $1,000,000 7% cum ($100). - - - r T—
2,000.000 July 1 1943
First & ref M $5,000,000 s fl 1913
5 g J-J
($500 $1,000) g o ld .,c*n tf/L og a n Trust C o.. Philadelphia, Trustee.
JohnsPassRy conM ,$800,0001 1899
4 g J-D
399.000 Dec 1 1929
g(Sl 000)redanyintdayc*tfJlnt. 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 &e. 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 ING S.— For years ending Dec. 31:
c
Gross.
Net,aft.Tax. Bond Int. Bal-.Surv.
......... $1,194,573
$270,059
$185,166
$84,893
1092
1 9 2 1 : : : : : : : : : : .............. 1,2 53 ,77 7
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 . duP ont.— V . 115, p. 543; V. 116, p. 515, 1411'
JOLIET, ILL.
JOLIET & EASTERN TR A C T IO N CO.
In 1922 the road was abandoned and junked and the corporation dis
solved
For history of company see “ Electric Railway” Supplement of
Oct. 28 1922.
_____
AURORA PLAINFIELD & JOLIET R R .
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..
$266 500 pref $266,000
1st M tse. bonds. $225,000 Trtal revenues for
the year ended Dec. 31 1922. $128,016; net, after taxes & deprec.. $19,945;
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
Joliet to Chicago Heights, see Joliet & Eastern Traction Co. above. Pres.,
F. K. Shrader, Chicago; Gen. M gr., R . A. Moore.— V. I l l , p. 1565.
BLOOMINGTON PONTIAC & JOLIET ELEC. R Y .— A trolley road.
O R G A N I Z A T I O 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 gl 1905
5 g M-S
300 300 Sep l 1935
($100 $500 and $1,000) . . lint, at Oont. & Comm. Tr & S. B ., Chic.,Tr.
Int. on bonds is guar, from M ar. 1 1916 by the Pub. Serv. Co. of Nor. 111.
EA R N IN G S.— For year ending Dec. 31 1916, gross, $25,756; net (after
taxes o f $1,680), loss, $1,201. In 1915, gross, $24,441; net, (after taxes
Of $1,698). loss, $61.
OFFICERS.— Pres., Frank J. Baker; V .-P ., Chas. A. Munroe; Sec.Paul D . Sexton; Treas., John H. Gulick, all of 72 W. Adams St., Chicago
111. Office at Pontiac, III.— V. 85, p. 1004; V. 90, p.235; V .9 6 ,p . 651.
KANSAS CITY, MO.
KANSAS C IT Y RAILW AYS.
Receivership.— On Sept. 9 1920 Judge Stone in the U. S. Dist. Court for
the Western Division of the Western District o f M o. at Kansas City, M o.,
annointed 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 o f the U. S. Circuit Court of Appeals appointed Fred W
Fleming and Francis M . Wilson perm, receivers for the co. V. I l l , p. 1752.
ORGA N IZA TIO N .— Organized under Missouri laws June 6 1914 and
on Feb. 15 1916 took over the properties of the Metropolitan Street R y.
Kansas City Elevated R y. and Kansas City & Westport Belt Ry. in ac
cordance with the plan o f reorganization of the Kansas City Ry. & Light
Oo. 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, &c.— For summary o f franchise under which com
pany operates see “ Electric Railway” Supplement o f Oct. 28 1922. See
franchise ordinance in detail in V. 99, p. 196, and also V. 99, p. 119.
Freight Service.— Operates an express and freight service between Kansas
City and Independence, M o., and Dodson, M o, See also V. 107, p. 905.
Valuation.— See V. 112, p. 652.
Fares, Nc.— On June 2 1918 was auth. by the Mo. P. 8. Comm, to
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-cent fare case, thus giving the city a
5-cent fare,) and auth. the co. to continue charging a 6-cent fare, pending
final decision by the State Supreme Court. V. 107, p. 1192. This decision
was handed down on Dec. 31 1918 and upheld the ruling of the M o. 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 M o. 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 M o. 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 City was extended fo r
six 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. Effective Jan. 2 1920, Federal Judge John O. Pollock
authorized 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 fares. V. 110,
p. 167. The Kansas P. U. Comm, has appealed to the U. S. Supreme
C<In April 1920 the M o. P. S. Comm, denied theco's. application for auth.
to Increase fares from 5 to 8 cents in Independence. Auth. to increase
[V ol. 116.
fires to 10 cents between Kansas City and Independence was granted,
effective April 1 1920. V. 110, p. 1526.
Jitney Regulation.— On Mar. 21 1921 the City Council passed an ordi
nance prohibiting the operation of jitneys on streets where electric railways
operate. V. 112, p. 1399. An ordinance became effective Aug. 12 1921
requiring the consent of a majority of property owners on proposed jitney
routes before such routes are established. V. 113, p- 848.
In Feo. 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 of 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. 111.
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 V. 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 of all the co.’s ponds and notes. V. 109, p. 1986. On
M ay 1 1922, however, the general protective committee ceased to serve as
such in connection with the 3-yr. 7% coll, notes, 2-yr. 6% coll, notes and
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 o
Committee for First Mtge. 5s.— Chairman, Melvin A . Traylor; J. K . New
man, Willits Pollock, John W . Steelman, J. F. Downing, Geo. K. Johnson;
Sec., Jas. J. Fitzgerald, First Trust & Savings Bank, Chicago. Compare
Y. 110, p. 2568.
Depository for 1st M . Bonds.— First Trust & Savs. B k., Chicago, 111.;
Chase Nat. Bank, N. Y .; Penna. Co. for Insur. of L. & Gr. Annuities,
Phila., Pa.; Old Colony Trust Co., 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 of the members o f the original
general committee has been formed to represent the holders o f 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. ana 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.
So far as was known up to Oct. 11 1922, no committee had yet been
formed to represent holders of the company’s 2d Mtge. bonds.
Stockholders' Protective Committee.— Chairman, James E. Gibson; O. D Parker, Robt. M . Goodlet, Henry Florsheim, Edw. J. Corrigan. V. 111.
p. 2228.
Validity of ls( & 2d Mtge. Bonds Questioned.— See V. 112. p. 652.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Capital stock________________ _____
A-O
See text
8ee text.
5 g J-J
tst mtge goid______ c*&r*cpt 1915
$15,917,400 July 7 1944
2d M ($4,291,060) Series A __f 1915 6 J-J
3,924.000 July 7 1944
do ($1,000,000) Series B . . ( 1915 5 J-J
1.000. 000 July 7 1944
Redeemable at 103 and int. (New York Trust Co N. Y ., trustee.
Coll gold notes Ser “ A " ($100, \ 1917 6 g J-D
1.000. 000 Dec 1 1919
$500 and $1,000)____c*.tf( 1918 7 g M-N15 7,750.000M ay 15 ’21
(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%
16,250 Oct 11 1922
to N ov. 25 ’23
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 o f 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 82% . 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 30 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 reorganization in retirement
of securities 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 o f $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 annum, 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 out
standing) as of June 30 1920.
Deferred Injury and Damage Certificates.— Issued at par in exchange for
all 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%
Interest, 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:
Years ending Dec. 31—
1922.
1921.
.136,076.541 130,843,482
Revenue passengers carried.
Transfer passengers________
. 68,191,873
63,880.843
Total operating revenue___
.$10,661,754 $10,474,048
Net operating revenue_____
. $1,910,711
$1,786,284
Net, after taxes___________
. $1,377,118
$1,307,661
Miscellaneous income_____
$14,134
$16,598
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
A pril, 1923.]
59
ELECTRIC RAILW AYS
The total profit and loss deficit-, June 30 1920, after certain deductions,
was $6,631,996.
PROPERTY.— Over 314 5 miles of single-track equivalent, about 75%
paved: remainder on bridges r private right-of-way 1 power houses,
capacity 60.000 U w.. and 13 sub-stations: 757 motor cars and trail
ers in addition to work cars
DIRECTORS AMD 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, all of Kansas City, M o.
J. A. Harder is Sec. & Treas., and Fred G. Buffe, Gen. M gr.— V. 110, p. 78,
167, 465, 764, 1289, 1526, 2292, 2568: V. I l l , p. 74, 1083, 1278. 1472, 1566,
1752, 1949, 2228. 2321. 2515. 2520: V. 112. n. 62. 652. 1399. 2083, 2190:
V. 113, p. 848, 1471, 2080, 2819: V. 114, p. 2580; V. 115, p. 2478.
EARNING S.— For years ending Dec. 31:
Cal. Yr.—
Gross.
Net. aft. Tax. Interest, A c.. Dividends.
Surplus.
$371,274
$163,309
$109,250
$98,715
1922..............$1,212,292
1921.........
1,186.707
324,565
155,872
127,500
41,192
1920_______ 1,157,978
327,004
156,151
110,000
60.852
R O A D — Operates 51.9 miles between Kansas C ity 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 trailors, lO other cars and
1 American electric ditcher. 1 electric locomotive.
OFFICERS.— Chairman of 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 .
ORGA N IZA TIO N .— Incorp. in Kansas July 28 1909. The line between
KANSAS C ITY POWER SECURITIES CORP.
Kansas City and Bonner Springs was placed in operation July 20 1914, and
ORGANIZATION — Incorp. in Illinois on March 8 1921. Owns all the from Bonner Springs to Lawrence, Kan., on June 1 1916: total miles track
com. stock o f Kansas City Power & Lt Co. See that company below.
operated, 42.314. Gauge, 4 ft. 814 in.; 70-lb. T rail. 10 passenger cars;
CAPITAL STOCK.— Auth. 50.000 shares common and 50 009 shares 2 electric locomotives; 3 express and baggage, 8 box and 14 dump cars.
pref. (no par value). Outstanding, 40 000 com. shares and 40,000 pref. The road as projected will extend to Topeka, 26 miles beyond Lawrence.
shares. The pr f. shares carry 'a preference of $5 per share per annum, Connection is made with the street railway system of Kansas City. Direct
cum., payable quar. and in case o f dissolution or liquidation of the company, freight connection at Kansas City with C. R. I. & P. R y., K. C.-S. Ry.
»nd K. C. Terminal Ry. At Bonner Springs with U. P. R R . and A. T .
to the extent of SI n nor
and all unpaid corned and accruing divi
Jc S. F. R R . Track connection at Lawrence with U. P . R R . Franchise
dends thereon. $2,730,000 7% secured notes outstanding.
Dividends.— On pref., $1 25 per share was paid Jan. 1 1923. An initial ! In Lawrence extends to 1946.
Kansas City Interurban Freight Terminal.— See Kan. City Clay County
div. of $2 per share was paid on the com. stock in Dec. 1922. V. 115, p .2905.
t
OFFICERS.— Pres., Joseph F. Porter: V.-Pres., R. J. Dunham; Sec. & S St. Joseph Ry. below.
Treas., Chester C. Smith.— V. 114, p. 1765; V. 115, p. 2905; V. 116, p. 1177.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
$740,500
........... —
Stock, $1,500,000 ($100)............................... ........
KANSAS C ITY POWER & LIGHT CO.
1st M $2,500,000 gold ($100) f 1914 6 g F-A 1,070,000
Aug 11924
All the com. stock owned by Kansas City Power Securi.ies Oorp.
$500 and $1.000)___c*tf\Int at First Tr. & Sav. Bk., Chicago, Trust.
528,500
Aug 1 1924
ORGANIZATION.— Organized in Missouri July 29 1921 as a consolida General mtge, $812,500 gold/ 1914 6 g F-A
(Int. at Com. Tr. C o., Kan. City. M o., Trus.
tion o f the o il Kansas City Power & Light Co. (for history see “ Electric
Bonds.— The issuance of first mtge. bonds for the construction of the
Railway” Supplement of April 29 1922) and Carroll County Electric Co.
road is limited to $20,000 per mile; additional bonds may only be issued
V. 115, n. 413.
Electric lighting and power franchises in Missouri and in Kansas are, with for 90% of cost of .improvements, betterments, additions and extensions,
under conservative restrictions. Red., all or part, at 101 and int. on any
minor exceptions, perpetual. Steam heating franchises in Missouri run
for a period of 30 years from 1905. The company owns the entire capital Int. date on 60 days’ notice. $224,000 1st Mtge. bonds (included in amount
stock of the E lison Electric Lt. & Pow. C o., the Standard Elec. Lt. C o., outstanding) are held in treasury. The gen. mtge. bonds are limited to
the Kansas City Electrical Wire Subway C o., Kansas City Heating Co., $12,500 per mile; callable at 101 and int. V. 102, p. 1625; V. 104, p. 452.
Kansas City Power & Light Appliance C o., Kansas City Light & Power
E A R N IN G S.— For calendar years:
Year—
Gross.
Exp. A taxes.
Net.
Interest.
Surplus.
C o., Kansas City Electric Ry. C o., Kansas City Electric Light Co.,
the Southwest Cities Investment Co., and the Electric Truck Co. Controls 192k................. -$459,102
$311,506
$147,596
$90,590
$57,006
the electric lighting and power business in Kansas City, M o., and furnishes 19*1...............— 469,719
31b,278
153,441
86,790
66,651
electrical energy in Wvandotte and Johnson Counties. Kan., and Jackson
OFFICERS.— Pres., K . D . Klemm, Kansas City, M o.; V .-P . & Gen.
Platte and Clay counties. M o .. and furnishes steam heat to Kansas City.M o. M gr., W . R. Taylor. Bonner Springs, Kan.; A ud., E. J. O’ Brien. Office,
Also operates an electric light and power business in Carroll, Chariton and 511 New Jersey Ave., Kansas City. Kan.— V. 103, p. 2649; V. 107, p . 119*;
Howard counties. M o., and has coal rights in about 7,494 acres of valuable V. 110, p. 561, 1289; V. 112, p. 744.
coal lands.
All tue outstanding bonds of the old Kansas City Power & Light Co. and
C IT
the Carroll County Electric Co. (assumed by Kansas City Power & Light AnKANSASroad. Y LEAVENW ORTH & WESTERN R A IL W A Y CO.—
electric
Co. on the consolidation of the two companies) were retired from the pro
ORGANIZATION.— Formerly Kansas City-Western Railway C o., for
ceeds o f the $21,000,000 First Mtge. Series “ A ” 5s and the sale of 25,000
history of which see "Electric Railway” Supplement o f April 30 1921.
shares first pref. and 50.000 shares com. stock. V. 115, p. 1328.
Freight terminals in Kansas City, Kan., and Leavenworth, Kan.
Valuation.— See V. 115, p. 443.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
STOCK AN D BONDS—- Date.
Interest. Outstanding.
Maturity.
Stock, $1,250,000_________________
_______
$1,015,800 __________
Com 350,000 shares (no par)______
_______
250,000 shs.
See text Bonds, First Mortgage, $1,-1 1920
5%
937.600 July 1 1940
Partic pref 100,000 shs (no p a r ) ____
_______
None
________
250,000__________________ /Int. at Cleveland Trust C o,. Cleveland, 6 .
1st pref Ser “ A ” 250,000 shares
RE PO RT.— For cal. year 192*, gross. $448,515; net, after taxes, $86,880;
$7 Q-J 100,000 shs. Apr’23$1.75
(no par)___________________ _____
First mortgages Series “ A ” I 1922
5 g M-S $21,000,000 Sept. 1 1952 int. on bonds, $46,880: bal., sur., $40,009. In 1921, gross, $443,956; net,
(see text) g d i _ ______ tn C 'm t’ l & Comm. Tr. V S. Rk.. Chic., trustee. after taxes, $47,055: int. on bonds, $46,880 bal., sur., $175.
_
Stock.— First pref. stock is entitled to cum. divs. o f $7 per share per annum.
ROAD.— Owns and operates 43.75 miles of road, of which about 18 miles
Preferred as t j assets (to extent of $100 per share) and divs. Redeemable, are within the city of Leavenworth and 25K miles between Leavenworth
all or part, at $115 and div., upon 60 days’ notice. V. 116, p. 443. Listed and Kansas City, Kan. Enters Kansas City, M o., over tracks o f the
Kansas City Railways Co.
on N. Y . Stock Exchange. V. 116, p. 418, 1185.
Bonds — Tue is mtge. bonds are issuable m series under certain restric
OFFICERS.— Pres. & Gen. M gr., C. F. Holmes; V .-P ., W . H. Holmes;
tions for 75% of the cost of permanent impts., &c
An annual maintenance Treas. & Gen. Counsel, McCabe Moore; Sec. & Aud., E. V. Henderson.
and depreciation fund of 12 44 % of gross earnings is provided for. An annual General office, Kansas City, Kan.
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.,
MISSOURI & KANSAS INTERURB. R Y .— Known as “ Strang Line.’’
additions, &c.. or to the retirement o f outstanding bonds of this issue.
ORGANIZATION.— Incorporated In Kansas under Gen. R R . law. In
Series “ A" are issued in the following denoms. c*$100 $500 & $1,0:0.
r $1,000, $5,000, $10,000 and $25,000; redeemable, all or in part, on 60 days’ 1909 receiver appointed the previous year was discharged, and old company
notice, on or before Sept. 1 1946, at 105 and int.; thereafter on or before resumed control. V. 86, p. 1467; V. 89, p. 1281. M otive power changed
Sept. 1 1950 at 102 4 and int.. and thereafter at 199 and int. Penn. 4 mills from Strang gasoline cars to electricity in 1908. V. 87, p. 614. Has private
tax refunded. Int. payable in New York or Chicago. V. 115, p. 1328. right of way about 80 feet wide from Kansas City to Olathe
Financing.— On July 11 1919 was auth. by the Kansas P. U. Comm, to
Listed on N. Y . Stock Exchange.
Dividends.— An initial dividend o f $1 75 was paid on first pref. stock issue $500,000 1st mtge. 6% bonds and $300,000 2d mtge. bonds. The new
Series A ” in Oct. 1922. Same rate paid reg. quar. since to and incl. securities will be used to refund the present 1st mtge. 5’s and will provide
April 1923. Divs. at the rate o f 6% per ann. are being paid on the com the co. with approximately $150,000 of new money for rehabilitation and
Impts. V. 109, p. 477.
mon stock.
EARN INGS.— For calendar years:
8TOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Cal. Yr.
Gross. Net aft.Tax Oth. Inc. Int.,& c. Devr.,&c. Bal., Sur. Stock $1,000,000 (S100)_
_
.................................
$ 1 ,000,000 .......................
1922___ $7,745,978 $3,5b4,428 $118,810 $1,232,819 $865,006 $1,585,442 First mtge gold ($1,000)_____c 1919
6 J-J
500.000
1934
1921___ 6,683,030 2,912,021 127,708 1,189,703 921,149
928.877 Second mortgage $300,000 , _ 1 9
(1 9 _
_____
6 J-J
155,000 July 1 1934
($ 1 .0 0 0 )_________________ ]Int. at Fidelity National Bank & Trust C o.,
P R O PE R TY.— Owns 4 electric generating stations, aggregate installed
1 Kansas City, M o.. Trustee.
normal capacity o f 12, '50 k. v. a, and 36 substations with transformer
EA R N ING S.— For calendar year 1922, gross, $162,377; net, $41,309.
capacity of over 95,000 k. w. Has 207 miles of high tension transmission
lines, 316 miles o f underground cable and 1,252 miles of low tension dis In 1921, gross, $163,391; net, $51,944.
tributing lines. Of the installed capacity 90,000 k. w. is located at North
ROAD.— Operates 20 miles of road from Kansas City through South east Power Plant, completed in Oct. 1920. This plant has an ultimate ridge, Morrison Ridge, Milburn Place, Overland Park and Lenexa to Olathe.
capacity of 240,000 k. w.
Enters Kansas City over tracks of the Kansas City Rys. 70-lb. rails.
OFFICERS.— Pres., Joseph F. Porter; V.-P. & Gen. M gr., Hugh C. Bas 13 cars, including passenger and freight.
OFFICERS.— Pres., Henry C. Flower; V .-P ., Lester W. Hall: V.-P. &
Blackwell; Sec., C. C. Smith; Treas., R . J. Clark; Aud., H. C. Davis.—
V . 110 p 1854, 1955, 2234, 2526; V. 112, p. 1622, 1862, 2080, 2311, 2542; Gen. M gr., Thos. Riley; Sec. & Treas., H. B. Leavens; Aud., E. H. Stair.
V. 113, p. 2509; V. 114. p. 1760, 1791: V. 115, p. 314, 443, 767, 1216, 1328, General offices. Overland Park, Kan.— V. 87, p. 614; V. 89, p. 1281; V. 109,
p. 477.
_______
1539, 1638, 1949; V. 116, p. 418. 522, 1046, 1074, 1185.
KANSAS CITY CLAY COUNTY & ST. JOSEPH RA ILW A Y CO.
On July 5 1915 the Interstate Ry. Oo. 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.
OR G A N IZA TIO N .— 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, 5214 miles. V. 96, p. 1423. Also handles freight.
In Dec. 1914 terminal service was begun to Kansas City for the Quincy
Omaha & Kan City RR (O. B & 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,
&c. V. 105, p. 1898. On Jan. 15 1920 the P. S. Commission fixed the
value of all the property as o f 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 interurban
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 & St. Joseph Rv,
and the Kansas City Kaw Valley & Western Ry. 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. Outstanding. Maturity
Com 14 000.000 (»1001
____ _______
_______
$2,450 000
See text
Pref 7% cum $6,000,000__________
7%
1,550,000 Oct. ’22.1 %
1st mtge $10,000,000 ($ l,-( 1911
5 g M-S
3,229,000 Sept 1 1941
000 gold s f red at 105 after/ Equitable Tr. C o., N . Y ., and J. F. DownSept. 1 1915________ c*tf i ing, Kan. City, Trus. Int. payable N . Y
Bonds.— Unissued bonds can only be issued for 80% of the cost of per
manent additions and extensions, under conservative restrictions. Sinking
fund o f 114% o f bonds certified, began Sept. 1 1917.
Dividends.— On 7% pref. 1% % , paid regularly quar. On common: In
1914. 214% paid; 1915, June, 144%. In 1916, 444%. In 1917, 244%
InJ.918, 2*4%. In 1919, 2 M % . In 1920, 244%. In 1921, 3 3-16% . In
1922, 144%.
KENNEBUNK, ME.
Y O R K UTILITIES CO.
ORGANIZATION.—-Organized early in 1923 in Maine, and on Feb. 1
1923 took over the property of the Atlantic Shore R y. (for nlstory see
“ Electric Railway” Supplement of Oct. 28 1922) as per plan outlined in
V . 116, p. 615. No provision was made for the stock or non-assenting
bondnolders of the predecessor co.
Interest.
STOCK AND BONDS—
Date.
Outstanding. Maturity.
Common___________________
$481 775 ______
Preferred 5% cum___________ _____
5^
179,100
... _ _
1st mtge ser " A ” , $1,000,000--. 1923
469,200 __________
5%
2d mtge_____________________ . 1923
344,900 ____ ____
5%
R OAD.— Operates 37 miles of track, connecting Springvale, Sanford,
West Kennebunk, Kennebunk, Kennebunkport and Cape Porpoise with
Biddeford 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 and 2 electric locomotives. 60 and 70-lb.
rail.
Calendar
Gross
Operating
Net
All Interest on Balance,
Year—■
Earnings. Expenses. Earnings. Taxes.Bonds, Ac. Defict.
1921____________$224,651 $203,247 $21,404 $6,967 $80,895 $66,458
198,522
24,861
5,867
80,895
1920___________ 223,383
61,901
1919_____
184,106
170,262
13,844
5,331
80,895
_____
72,382
Latest Earnings.— For cal. year 1922, gross, $230,814; net, after taxes,
$42,346. In 192i, gross, $221,998; net, after taxes, $11,784.
OFFICERS.— Pres., F. O. Oonant; V .-P ., Constant; Treas., Geo. S.
Hobbs; Gen. M gr., S. T. D ow .— V. 116, p. 617, 937.
PORTSMOUTH DOVER & Y O R K STREET R Y.
Receivership.— On M ay 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 Y oik Beach.
ORGA N IZA TIO N .— Was part of the Atlantic Shore R y ., which was
reorganized in Jan. 1923 as the York Utilities Co. (which see above).
To Discontinue Operations.— In March 1923 the receiver was authorized
to discontinue operations.
Reorganization Proposed.— See V. 116, p. 1276.
BONDS—
Date.
Interest. Outstanding. Maturity'
P D & Y 1st M $650,000f 1903
4)4 J-D
450,00a June 1923
gold ($1,000)____________ (State Street Trust C o., Boston, trustee.
P D & Y 2d M and extf 1905
5 g J-D
57,000 April 1 1925
$100,000_________________ 'In t. at Augusta, M e., Trust Co., trustee
P K & Y St R y 1st M $200,-/ 1897
6 g M-S
200,000 Mar 1 1917
000 g ($500 and $l,0 0 0 )--\ ln t. at Watervilie, M e., Tr. C o., trustee.
Bonds.— 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-
KENNETT, PA.
WEST CHESTER KENNETT & WILMINGTON ELECTRIC R Y .
ORGAN IZATION .— Incorporated In Pennsylvania on M ay 24 1905,
and is a reorganization of 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 AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common $925,000__________ _____
_______
$525,000 ---------------Pref ($75,000) 6% non-cum_______
_______
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., truster
EARN ING S.— 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.
R OAD.— 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, 12M miles, has been completed as
far as West Grove and is in operation to that point. Gauge, 5 ft. 2)4 In.
60 and 70-lb. T and girder rail.
OFFICERS.— Pres., Geo. Kessler, Phila.; V .-P ., Clarence L. Harper
Phila.; Sec. & Treas., Philip E. Guckes, Phila.; Gen. M gr., B. F. Wicker
sham, Kennett Square, Pa.— Y. 94, p. 831; V. 95, p. 177.
KEOKUK, IA.
CENTRAL MISSISSIPPI VALLEY ELECTRIC PROPERTIES.
ORGAN IZATION .— Formed in Illinois by 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) 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, 111., 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.
EA R N IN G S.— For years ending Dec. 31 (combined companies):
Year—
Gross. Net,aft.Taxes. Int.. &c. Sink.Fund. Surplus.
IE22 . . . _________ $547,933
$150,929
$43,852
______ x$107,077
1 9 21 ___________ 521.020
134,416
43,930
______
x90.426
x $60,741 of the earnings o f 1922 and $44,118 of the earnings of 1921 are
from Keokuk Electric Co.', and are subject to 6% div. for current year on
$250,000 pref. stock of Keokuk Electric Co.
Dividends.— An initial dividend of 1J^% was paid on the pref. stock In
Mar. 1914: same rate quar. to and incl. Sept. 1917. In 1922, M ar., 1)4% .
Sept., 1 H % : Dec., 1)4% . In 1923, M ar.,.14S%.
R O A D .— Miles o f equivalent single track, 7.99; trackage, 6.14; standard
guage; cars, 16 passenger and I other. All power is purchased from the
Mississippi River Power Co.
OFFICERS.— Pres., Geo. Higginson. 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 RGAN IZATION .— Incorp. In 111. on Dec. 5 1911 as successor to the
Keokuk Elec. R y. & Pow. C o.; Keokuk Gas < Elec. C o.; Hamilton Lt.
fc
& Power Co. and Keokuk & Western Elec. C o., control of which was
purchased in 1911 by Stone & 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, 111.,
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 24£-year 6% mtge. notes to retire $388,000
6% 1st & ref. mtge. bonds, which fell due Jan. 15 1923. V. 116, p. 76.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common $650,000 ($100).................
Q-F
$650,000 Nov T 7. 1M
Pref $250,000 ($100) 6% cum...........
Q-F
250.000
See text
Keokuk El R y & Pow 1st M\ 1900
5 J-J
137,000
See text
$250,000 (closed m tge)-ntf (Cent. Trust Co. and H .E . Ambler. Trustees.
2li-year mtge notes closed! 1923
6 J-J
400,000 July 1 1925
($100, $500 & $1,000)-C*tf JInt. 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.; $113,000 canceled.
Notes.— The 2 -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.— Diva, on pref. have been paid since organization. Initial
div.on com.— 2% — paid in Feb. 1914: M a y , 1 4 i% ;A u g ..2 % (V .99,p.467).
N ov., 2 % . In 1915 and 1916, 6% . In 1917, 5% . None since.
EA R N IN G S.— For years ending Dec. 31:
Year—
Gross. Nettafl.Tax.) Int. &c. Sink.Fund.
Surplus
1922 _____________ $388,421
$104,496
$43,755
______
$60,741
1 9 2 1 _____________ 373,851
87,918
43,800
--------44,118
R OAD, &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.
OALESBU RO & KEWANEE ELECTRIC R Y.
O R G A N IZA TIO N .— Incorporated M ay 1902. Is a reorganization of
the Galesburg & 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 &1 1906
5 g J-J
400,000 July 2 1926
$1,000) gold_________ c& rjIn t.atC on t.& C om .T r.& S av.B k .,C h lc.,T r.
Bonds.— Are red. on any int. day at par and int. No s. f.
E A R N IN G S.— For 12 mos. ending Dec. 31:
Year—
Gross.
Net.
Deprec’n. Int. & Taxes. Deficit.
$27,221
1922.................... — $85,270
$12,764
$12,000
$27,986
28,077
1921— ........... ........ 86.944
20,060
12.000
36,136
R O A D .— Has city line in Kewanee and Wethersfield and Interurban
between Kewanee and Galva. Total track operated 14 miles. 70-80-lb
T and girder rails. Gauge 4 ft. 844 in.
OFFICERS.— Pres., W . H. Lyman; V .-P ., F. M . Lay; Sec., W . T.
Lamb; Treas., J. H. Baethke; Gen. M gr., R . H. Hayward.— V.113, p. 292.
KEYPORT, N. J.
JERSEY CENTRAL T R AC TIO N C O — Trolley.
Control.— The American Electric Power C o., which see under Philadel
phia, Pa., owns all the common stock.
ORGAN IZATION .— A consolidation In M ay 1917 of the old Jersey
Central Traction C o. (see “ Electric R y .” Sec. for M ay 1917) and the
Central Jersey Traction C o. (incorp. Feb. 1 1917 to lease the property and
[ V ol. 116,
ELECTRIC RAILWAYS
60
franchises of the Jersey Central Traction C o.). At the same time the
Middlesex & Monmouth Electric Light, Heat & Power C o., which was
controlled by the Traction Co. 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.
Fare Increase.— In Sept. 1918 the N. J. P. U. Comm. auth. the co. to
charge 6 cents in the former 5-cent zones. V. 107, p. 1004. In Dec. 1918
the co. was auth. by the N. J. P. U. Comm, to charge 7 cents instead of
3 cents per zone. V. 107, p. 2290. In July 1920 the Comm, turned down
the co.’s application for auth. to raise rates to 10 cents. V. 111. p. 188. In
May 1921 the Supreme Court upheld this decision. V. 112, p. 2083.
Effective June 1 1922 the co. was auth. by the N. J. P. U. Comm, to
increase cash fares from 7 to 10 cents in each of the seven zones for an
experimental period of 6 months. V. 114, p. 1890. In Jan. 1923, how
ever, fares were cut in each zone from 10 c nts to 8 cents, and the sale o f
iow-rate commutation tickets was discontinued. V. 116, p. 176.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$531,400 ...................
Common $5,000,000 ($100)._______
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 ’l Trust C o., Phila.. trustee.
Stock.— Preferred stock Is redeemable at 105 three years after issue.
Bonds.— Guaranteed, p. & i., by the American Rys. C o. Callable in
whole or part since March 1 1922 at 10214. 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.
ROAD.— 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 Matawan to Keyport. N . J. Standard
gauge 60-lb. T and 70-Ib. girder rails. Nearly all over private right of way.
32 passenger cars, 29 freight cars and 1 snow-plow. An extension from
South Amboy through Mechanicsvllle 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.
Mgr. & V.-Pres., H. J. Crowley; Sec. & Treas., Walter W. Perkins; Asst.
Sec., Asst. Treas. & Comp., Frank J. Pryor, Jr.— V. 107, p. 2290; V. I l l ,
p. 188, 1083; V. 112, p. 2083; V. 114, p. 1890; V. 116, p. 176.
KEY WEST, FLA.
KEY WEST ELECTRIC CO.— A trolley road.
ORGA N IZA TIO N .— 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. Franchise expires 1997. In June 1-906
was acquired by Stone & Webster of Boston and re-capitalized as below.
V. 82, p. 1496. Public Service Investment Co. owns $374,100 common
itock and $287,800 preferred stock.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$500,000 ...................
Oommon $500,000 ($100).....................................
Pref $350,000 ($100) 6% cum...........
Q-M
350.000 _____ _____
First mortgage $1,000.0001 1906
5 g F-A
579,000 Aug 1 1958
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 for s. r. at 105 and Int. at
*ny time. A sink, fund of 1% of bonds out began Dec. 1 1907, if earned,
on Dec. 1 1912 became obligatory. $74,000 canceled.
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net(aft.Tax.) Interest. Sink. Fund.
Surplus.
______
$59,227
1922____________$248,696
$90,343
$31,116
1921 — ........... .. 263,667
76.214
23,031
______
53,183
R OAD.— Operates 5.41 miles of track; 10 cars. Gauge 5 ft. 24$ in.
Power station capacity, 1,670 k.w.
OFFICERS.— Pres., Harry H. Hunt, Boston; V.-P, C. F. W . Wetterer;
Sec., Victor D. Vickery; Treas., Henry B. Sawyer; M gr., BascomL. Grooms,
Key West, Fla.; Gen. Mgrs., Stone & Webster M gt. Assn., Boston.—
V. 82, p. 1496; V. 94, p. 1508.
KINGSTON, N. Y.
KINGSTON CONSOLIDATED RR.
O RGAN IZATION .— This Is a consolidation on Dec. 111901 o f the Kings
ton City R R . and the Colonial City Traction.
Fare Increase.— In Jan. 1921 was auth. by the N. Y . P. S. Comm, to
Increase cash fares from 6 cents to 7 cents, with 4 tickets for 25 cento.
V. 112, p. 372.
8TOOK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Oommon $200,000 ($100)................................... ..
$200,000 ___________
Preferred 4% cum $200,000— ____
_______
200,000 Oct ’22, 3%
First consolidated mortgage/ 1901 5 g J-J
532,000 Oct 9 1951
$700,000 ($1,006) gold c*tf flnt. at Bankers Trust C o., N. Y ., Trustee.
Second mortgage $250,000! 1909 5 J-J
None
Jan 1 1939
f$1 .000)_________________ (Int at Bankers Trust On 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. os 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. 11914. when 3% was paid. In 1915, April, 3 % ; Aug..
« % . In 1916. Aug . 3%
Tn 1917. April, 3% ; Aug., 3 % . In 1921,
N ov., 3 % . In 1922, April, 3% ; Oct., 3% .
ROAD.— Embraces 8 miles of track. Ralls. 70. 80 and 90-lb. 40 cars,
2 snow plows.
REPO RT.— Fo years ending Dec. 31:
Cal. Year—
Gross.
Net.
Taxes. Interest.
Balance.
1922_____________ $228,920
$57,869
$13,965
$32,428
$11,476
1921_____________ 237,722
71,224
11.464 _______
_____ _
1920_____________ 224,647
48,061
11,511 39,588
def. 3,038
OFFICERS.— Pres., Fred. T . Ley, Springfield, Mass.: V .-P., Henry C.
Page, Worcester, Mass.; Sec., G. B. te Bow, Kingston; Treas.. Abm.
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., formerly the American Cities
Co. (see under New Orleans), which owns all 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 Knoxville Electric Light &
Power Co. Formerly known as Knoxville Ry. & Lt. Co., 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 o f street railway, which
latter 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.
Common $5,000,000 ($100)________
_______
$2,000,000 __________
Preferred $5,000,000 ($100)________
7%
300,000 __________
R ef & 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 $850,-1 1898
5 g A-O
789,000 April 1 1938
000 g tax-free ($ l,0 0 0 )-.c * fln t. at Baltimore Trust C o.. B alt.. Trustee.
A pril, 1923.]
Bonds.— Of the ref. & ext. mtge. $789,000 are reserved for Knoxville
Traction 1st 5s and $5,288,000 are reserved for 80% of cost of extens..
add’ns, lmpts., &c., under conservative restrictions. Bonds are red as »
whole, but not In part, at 105 and lnt. on 60 days' notice, or may be pur
chased In open market at a price to net not less than 4 H % . Annual sink
i
ing fund began Oct. 1 1915. equal to
of 1 % of total amount of bonds out.
$147,000 in sink, fund Dec. 311922. Penn. State tax refunded. The Knox
ville Traction Co. first mortgage bonds are not subject to call. $61,00C
have been canceled.
Dividends.— An initial div. o f 1 % % was paid on pref. stock in Dec. 1922.
In 1923, Feb., 1M % . All the com. stock except directors’ shares being
owned by National Power & Lt. Co. Divs. are not made public.
Interest, Surplus for
E A R N IN G S.—
Net (after
Gross
cfee.
Renew., dec.
Cal. Year—
Earnings.
Taxes).
1920....................... .
$247,009
$341,294
-.$1,685,268
$588,303
1919........................
252,622
263,388
— 1,396,099
516,011
1918....................... .
497.711
247,993
249,718
— 1.223,305
ROAD.— On D ec. 31 1922 owned 54.7 m. of track, incl. 13.7 miles or
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., C. H. Harvey; V .-Ps., W . S. Shields, R . H. Smith
and E. W . Hill; Sec. & Treas., C. J. Pleming.— 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 R AILW AYS & LIGH T CO.
Control.— In Dec. 1922 the Northern Indiana Power Co. acquired the
property o f the company subject to the outstanding bonds. Compare
^
V. 115, p. 2159, 2267.,
^ _______
ORGAN IZATION .— Incorpj in Indiana on Dec. 7 1912 as a consolida
tion o f the Kokomo Marion & Western Trac. C o., Kokomo Frankfort &
Western Traction Co. and Kokomo Public Utility Co. Acquired the Gal
veston Light & Power Co. as of May 31 1916 and Issued $10,000 pref. stock
to pay for same. In Feb. 1917 purchased the Converse Light & Power Co
and 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 c o .’s property (excl. $172,585
o f non-utility property owned). V. 113, p. 2185. (See also V. 115, p. 1210.)
Proposed Merger.— In 1922 it was proposed to merge seven utility proper"
ties, incl. that of the co., into the Indiana Electric Corp. Protests have
been filed by certain o f the municipalities in which the cos. operate. Y. 114
p. 626. Case was to have come up in Indiana Supreme Court Oct. 1922
(but see above under “ Control” ).
All the outstanding Kolsomo Marion & Western Trac. 1st Mtge. 5s, due
July 1 1933, having been called for payment July 1 1923 at 105 and interest
(V. 116, p. 1177), we have eliminated same from our table below.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Common $2,000,000 ( $ 1 0 0 ) ..____
Q-F
$2,000,000 Aug’ 22, 1%
Pref cum $1,000,000 ($100)----------6 Q-M
492,800 Sept’22, 114
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 fl Union Trust Co. of Indianapolis, Trustee.
Coll trust notes $250,000/ 1921
8%
160,000
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 105.
Bonds.—-Of the first & ref. bonds, $500,000 are pledged as collateral for
the 8% codateral trust notes and $2,596,000 are for additions, betterments,
&c., under certain restrictions. Red. on any int. date at l05. Sinking
fund, 1% , began Jan. 1 1917. In lieu of 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
1H % 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 b y ’deposit- o fJ
$500,!000
1st & ref. 5s as of Dec. 31 1921, $90,000 of the notes were held in treasury
unsold. Notes mature $25,000 July 1 1923 and $50,000 each July 1
thereafter to and incl. July 1 1927 and $25,000 July 1 1928. Red. on any
nt. 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 \i% was paid. In Feb. 1916. 1)4% ; Aug., 2% ;
N ov.. 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% .
1 EARNINGS.— Years ending Dec. 31;
JUilEHP
vg
*
** a
1921.
1920.
Gross earnings---------------------------------- $1,058,940
$1,088,916
Netearnings-----------------------------------$471,516
$416,744
Other income---------------------------------15,193
17,629
Int., taxes, deprec’n, pref. divs,, &c377,002
352,290
Balance, surplus------------------------
$109,707_____ $82,083
1919.
$867,239
$381,950
12,408
259,826
$134,532
R O A D .— Operates 53 miles o f Interurban electric railroad from MarloD
through Kokomo to Frankfort and 9 miles o f street railway In Kokomo
Is connecting link between the Terre Haute Ind. & East. Trac. Co. 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. & Asst. Sec., Karl A. George.
Gen. M gr. & Asst.Treas., P. H. Palmer.— V . 115, p. 2159, 2267.
LACONIA, N. H.
LACONIA STREET R A ILW A Y.
ORGAN IZATION .— Formerly the Laconia & Lakeport Street R y .. but*
name 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, &c.—
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 $40,0001 1904
5 M -N
40,000 M ay 1 1919
($1,000)_________________ /Interest at People’s National Bank, Laconia.
Dividends.— In 1893-94 paid 5% ; In 1894-95 paid 4 % : none since.
ROAD.— Owns 8.87 miles o f track from Laconia to Weirs.
gauge. 11 passenger and 2 other cars.
Standard
EARN INGS.— For year ending Dec. 31 1922, gross, $40,073; net, after
taxes, int., &c., $2,265.
61
ELECTRIC RAILW AYS
LA CROSSE, WIS.
WISCONSIN R A ILW A Y . L IG H T & POWER CO.
ORGANIZATION.— Incorp. In Wisconsin on Jan. 1* 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 R y. and the Winona (M inn.)
Ry. & 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 steam reserve Diants.
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 R R . 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 & ref M $10,000,000/ 1913
5 F-A
2,225,000 Feb 1 1933
($1,000) gold________ c*tfi First Trust C o., M ilw ., Trustee.
La Crosse City R y 1st M / 1909
5 g J-J
220,000 July 1 1929
(closed mtge) ($1,000)___d i n t , at Wisconsin T r. 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. $25,000 o f the amount re
ported as outstanding are held in treasury. 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 of 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
any property acquired, not exceeding, however, at par, the reasonable
ralue of such property; and (6) for not exceeding 75% of cost o f any addi
tional property, with certain restrictions. Bonds red. on any lnt. date at
105 and int. Sinking fund, 2% per annum, began in 1918. Int. payable
at office of trustee, or at office of company or at Its New York agency.
Bal., for
EARN ING S.— For years ending Dec. 31:
12 Months—
Gross. Net. after Taxes.
Interest.
Deprec., &c.
$250,573
1922_____________ $755,319
$141,869
$108,704
1921__________ „ - - 751,557
261,874
149.881
111,993
143,161
24,674
1920_____________ 696,140
167,835
R O A D .— 24 miles of track.
OFFICERS.— Pres., Clement C. Smith: V .-P. & Gen. M gr.. J. P.
Pulliam; V .-Ps., R. M . Howard, Howard Greene; Treas., H. C. Mackay;
Sec., W m. M . Chester. Operations are directed from President’s office
in Milwaukee in connection with operations of 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. 1052.
WISCONSIN MINNESOTA LIGH T & POW ER CO.
Common stock all owned and properties managed by American Public
Utilities Co.
ORGANIZATION.— Incorp. In Wisconsin. Dec. 2 1901 as the La Crosse
Gas & Elec. Co. (successor to the La Crosse Gas Light C o., the LaCrosse
Brush El. Lt. & Pow. Co. and the Edison Lt. & Pow. Co.) On June 24
1914 changed name to Wisconsin Minnesota Light & Power Co. and In
creased its auth. stock from $900,000 to $10,000,000 and merged the
Chippewa Valley R y. Lt. & Power Co. (Incorp, In Wis. In 1898) and the
Chippewa Valley Construction Co
In 1914 acquired the property of the
Winona Gas Light & Coke C o., Red Wing Gas Light & Power C o., Minne•ota-Wisconsln Power Co., Eau Claire Gas Light Co. and Neillsville Elec
tric Co. V. 99, p. 1758. In July 1917 purchased the property o f the
Bloomer (Wis.) Elec. Light & 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 It 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.
Rate Decision.— See V. 115, p. 870, 2160.
In Jan. 1922 issued $1,930,000 gen. & ref. mtge. 7% bonds ser. " A ”
to reimburse co. for expenditures made for add’ns and impts. and to provide
in part for further add’ns and impts. V. 114, p. 412.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_______ _ $2,500,000
________
Common, $5,000,000_______ - ____
Pref.. $5,000,000 (7% cum .)_______
Q-M 1
5,000.000 Apr ’23, 1H
1st & ref M , $20,000,000 gold! 1914 5-8 g M -N 10,555,000 M ay 1 1944
($500&$1.000)c*($l,000)r»/ Int. payable In N. Y . or Chicago,
red aft M ay 1 ’ 19@105&intl Harris Trust & Sav. Bank, Chicago; Trustee,
/ Albert W , Harris C o., Trustee.
Gen & ref mtge Ser " A ” \ 1922
7 g J-J
2,750,000 Jan 1 1947
($100, $500 & $l,0 00)_c*tf/ln t. in N . Y . or Chicago.
Ohipp V Ry L & Pow 1st M l 1907 5 g J-J
506,000 July 1 1924
(closed)$2,000,000($l,000)g/lnt. at Harris Tr. & Savs. Bk., Chic., Trustee
Eau Claire Gas Light C o __________
_______
220,500 _________ Winona Gas Light & Coke C o . ____
_______
300,000 __________
Red Wing Gas Light & 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 & ref. bonds of 1914, $1,111,000 carry. In addition to
the regular 5% int., additional 3% int. coupons. V. 113, p. 1889. $506,000
of the 1st & ref. bonds are reserved to retire the Chippewa Valley R y ., Lt.
& 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.,
&c., without the issue of bonds), but only as regards the first $2,750,000
bonds, in case the annual net earnings are 1 1> times the total int. charge,
/
incl. bonds applied for; balance may be issued when net is 1 % 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, 1HJ% 1929 to 1938, and 2% 1939 to 1943, either to retire
bonds or for extensions and additions.
Additional gen. & ref. mtge. ser. “ A ” bonds and bonds of other series
and bearing such rates o f int. as may be determined by the board of directors
are issuable under certain restrictions. Sinking fund provides for payments
amounting to A of 1% of ser. “ A ” bonds outstanding, from Jan. 1 1927 to
Jan. 1 1937; M o f 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 104A on Jan. 1 1938,
and A % less per cal. year during each year thereafter, and on Julyl 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. Apr. 1923.
MEARNINGS.— For cal. years
1922.
1921.
1920.
1919.
G ross----------------- $2,931,401
$2,878,701
$2,478,990
$2,153,739
N et--------------------- 1,408,138
1,263,977
850,246
998,446
ROAD, P R O PE R T Y , &C.— Owns and operates 25 miles of electricrailway, 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 77,800 h. p.
Ultimate development, 150,000 h. p. Owns over 700 miles of high-tension
transmission lines. Also owns and operates gas properties in La Crosse.
OFFICERS.— Pres., Jos. H. Brewer; V .-P ., W . B. Parsons; V .-P . &
Gen. M gr., P. D. Kline; Treas., C. A. Boalt: Sec.. Blaine Gavett: Asst.
Sec.-Treas., W . J. Ripley.— V. 112, p. 471, 1145, 1618; V. 113, p. 1574;
1889; V. 114, p. 412, 1536, 2719; V . 115, p. 870. 2160; V. 116, p. 296. '
62
[V ol. 116,
ELECTEIC EAILW AYS
LAKE CHARLES, LA.
LAKE CHARLES R A ILW A Y . L1QHT & W ATER W ORKS CO.
ORGAN IZATION .— Incorporated In Louisiana In 1909. In June 1909
the company acquired the Lake Charles Street By. C o., operating an electric
railway In Lake Charles and Lake Charles Ice, Light & Water Works C o.,
which operates an ice plant, electric-light and power department and
water system.
F ran ch ises 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—
D a te .
In te rest. O u tstan ding.
M a tu rity .
Stock 5200.000......................... ... ..........................
5200,000 ...................
First mortgage $500,000 gold/ 1909
6 g F-A
15.000
See text
(5500 and 51.000)1_____ c*\Inter-State Tr. & Bkg. C o .’, New Orl., Trus.
B on d s .— Remaining bonds are for Improvements and extensions on basis
o f 51 In bonds for each 51 33 o f Improvements, &c. Bonds matured 515.000
seml-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 & Trust C o., Chicago. $245,000 has been retired.
EARN ING S.— For calendar year 1922, gross, $397,923; net, after taxes,
5106,922. In 1921, gross, $359,139; net after taxes, $34,259.
R O A D .— Consists of 9 miles o f track. 60-lb. rails.
OFFICERS.— Pres.. J. A. Landry; Sec., P. O. M oss.— V. 107, p. 1747.
LANCASTER, PA.
LANCASTER COUNTY R A ILW A Y & LIQH T.
Controlled by The United Gas & Elec. Corp.— See under New York.
O RGAN 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.,
[Edison Electric Co.
Lane. Gas Light & Fuel Co.
Also controls the Lancaster Elec. Lt. Ht. & Pow. C o. The Lancaster
Gas L t. & Fuel Co. controls the Columbia Gas Co.
Franchises are perpetual. Does all the gas and electric lighting in cities
o f 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 AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock, com., 100,000 shares_ _____
_
Q-M
64,710 shs. See text.
Pref. $1,248,100 (550) 5% c u m ____
’ Q-M
1,218.100 M ar.'2 3 ,1 ^
Mtge 51,000.000 gold ($500/ 1901
5 g J-J
1,000,000 July 1 1951
and $1,000' _
c* n tf
(Interest at Lancaster Trust n o .. Trustee.
10-year notes $2,500,000 ($50,1 1922
6 Q-J
1,009,500 July 1 1932
I* $100, $500 and $1,000)____/ Int. at Lancaster Trust C o., trustee.
Securities of Lines Controlled—
Oonest Trac 1st M $2,000,000/ 1900
4 J-J
1,662,500 Jan 11950
(5100, 5500&51,000)..c * t f ( In t. at Prov. L ife * Tr. C o.. Phila., Trustee.
Lancas Trac 1st M ($100,! 1893
5 A-O
225.000 Apr 1 1923
5500 and $1,000)_____ c*tf\Int. at Lancaster Trust C o., Lane., Trustee.
Conestoga Realty Co 1st M l 1908
5 M -N ___
222,000 M ay 1 1958
5500.000 sink fund g c _ _ tflln t. at Lancaster Trust C o.. Lane., Trustee
Lane G L & F 1st M 5300,000! 1895 5 J-J
300,000 Jan 11925
(51,000)_____________en tf lin t, at Lancaster Trust C o., Lane., Trustee.
Second mortgage 5400,000! 1906 5 J-J
100,000 Jan 1 1936
(5 1 ,0 0 0 )__________ c * tflin t, 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 11941
$200,000 ($1,000)_c*tf> nt. at Farmers' Tr. C o., Lancaster, Trustee
Edison Elec Co 1st & ref M / 1913
5 F-A
1,862,500 Feb 1 1943
$5,000,000 ____________ tf/Lancaster Trust C o., Lancaster, Trustee.
Edison Elec Ilium Co lstf 1895
5 J-J
290,800 July 1 1925
M $300,000 (5100, $500/Interest at Lancaster Trust C o., Lancaster.
& 51,000) _______ c&rtf l Trustee.
Col El L H & P 1st M gold! 1905
5 M -N
125,000 M ay 1 1935
$125,000 (51,000).c& rtf (Int. at People’s Trust C 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% o f 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% o f 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 R y. & 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 to
retire bonds at maturity.
Dividends.— The first dividend on the preferred stock (3% ) was paid on
July 1 1904 and 3% was again paid on Oct. 1 1904. In 1905, Jan., 3%
(see V. 79, p. 2796); July, 3% ; D ec., 444% . In 1906, 644% . In 1907, 7% .
In 1908 and since, 5 % . On common, in 1908 to 1912, Incl., 10%; in 1913.
12% ; In 1914, 1114%; in 1915, 1414%; In 1916, 15%: In 1917. 17?^%: in
1918, 1314%; in 1919, 15%; in 1920, 15%; in 1921. 15%. In 1922, .Tune,
97c. per share was paid on com. shares of no par value; Sept., 97c.; Dec.,
96c. In 1923, March, $1 40.
R EPO RT.— For year ending Dec. 31 1921, earnings (less expenses and
proportion o f surplus of sub. cos.), $572,264; bond interest, $50,000; pref.
div., $62,405; balance, $459,859.
Combined Results of Subsidiary Companies— Calendar Years.
Year—
Gross.
Net (aft. Tax).
Charges.
Balance.
1921_________________ $3,501,769
$1,345,492
$503,650
$841,842
1920_________________ 3,511.722
1,301,761
500,858
800.903
ROAD.— The Conestoga Traction Co. (the operating company) leases
133.91 miles of track, including the Lancaster & Columbia, 9.16 miles;
Lancaster & L'titz, 9.19 miles: Lancaster & Meshancsburg & New Holland,
20.80 miles; the New Holland Blue Ball & Terre Hill Street R y., 4.99 m.;
the Rohrerstown Land;sville & M t. Joy R y., 13.87 m.; the Lancaster &
Eastern R y., 17.74 m.; the Lancaster & Quarryville Ry., 8.44 m.; the
Elizabethtown & Florin Street Ry., 6.40 m.; the Christiana & Coatesville
Street R y., 11.04 m.; Lancaster Willow Street Lampeter & Strasburg R y.,
11.23 m.; the Lancaster Petersburg & Manheim Ry., 8.45 m.; the Ephrata
& Adamstown, 7.99 m.; the Lancaster & Rocky Springs, 4.61 m.; Denver
& Ephrata R y.; Lancaster & New Holland Turnpike, and the Lancaster
& Marietta Turnpike.
Lines Leased to Conestoga Traction Co.
Stock.
Rental (% ). Miles.
Name of Company—
Stock.
8
Lancaster Mechanlesburg & New Holland---- .$300,000
3300.000
20.80
6
440.000
13.87
Rohrerstown Landisville & M t. Joy________ , 440,000
6
7.99
Ephrata & Adamstown____________________ . 225,000
6
4.61
Lancaster & Rocky Springs________________ 200.000
5
4.99
New Holland Blue Bail & Terre Hill________ . 120,000
6
17.74
Lancaster & Eastern_______________________ 430,000
6
8.44
Lancaster & Quarryville___________________ , 225,000
6
6.40
Elizabethtown & Florin____________________ . 220,000
6
11.04
Christiana & Coatesville___________________ . 400,000
6
8.45
Lancaster Petersburg & Manheim__________ . 175,000
6
11.23
225.000
Lane. Willow St. Lampeter & Strasburg____. 225,000
9.16
20
Lancaster & • ■olumbia. _ _________________ . 37.500
"’
9.19
Lancaster & Lititz Turnpike___________
6
—
Denver & Ephrata R y _____________________ . 10,000
Lancaster & New Holland Turnpike________ ______
__
____
Lancaster & Marietta Turnpike_____________ ______
..
-----OFFICERS.— Pres. W. W. Griest; V.-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. 106 p. 396 602;
Y . 109, p. 371; V . 112, p. 2414; V. 114, p. 306; V. 116, p. 410.
STOCK AND BONDS—
D a te .
In te rest. O u tstan ding.
M a tu r ity .
$100,000 ___________
Stock $100,000 (550) ............................................... ..
1st M gold $150,000 (5100/ 1908
5 g J-J
150,000 Jan 1 1928
$500 & 51,00)__ c& rntf( Int. at Northern Tr. k Sav. C o., Lane.,trust.
B onds .— Are not subject to call and have no sinking fund.
R OAD.— Operates 12 H miles o f track between Millersville and York
Furnace. 60-Ib. T rail. Gauge 5 ft. 2 A 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.
LA U RE L LIQ H T & R A ILW A Y CO.
ORGANIZATION.— Incorp. In Miss. Owns and operates the lighting,
power and street railway system In the cities of Laurel and EUIsville, Miss.,
and an electric lnterurban railway between the two cities. The lines out•Ide the cities and 2 miles in Laurel are on private right of way. Franchises
l i Laurel extend to 1943; in Ellisvllle to Mar. 1937.
|3TOOK AND 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 Co.. N. Y ., Trustee.
Laurel El P & Lt Co mtge_________
_______
80.000 ___- ______
Bonds.— Remaining $70,000 1st M . bonds are reserved to retire under
lying bonds. Not subject to call.
-—— ------------- 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 6 A miles in Laurel and 9 A miles between
Laurel and Ellisville; total, 16 miles. Owns a pleasure park between
Laurel and Ellisvi le.
O FF IC E R S— Pres., M . R. 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 102 A 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
United Lighting Co. of Albion, Pa. Does entire electric light and power
business in Leavenworth, Emporia, Lawrence, Parsons and 14 other com
munities in Kansas. Also supplies gas to Leavenworth. Through subsidaries furnishes electric light and power to communities in Indiana,
Pennsylvania and Ohio.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common $3,334,000_____________ ________ $1,200,000 _________________
Pref 7% $5,000,000cum ($ 1 0 0 )____
7%
1,000.000
See text
IstMser A $25,000,000($100,1 1922
6 g J-D
3,000,000 June 1 1937
$500 & $1,000) g -.c*& r*tf [Int. at Amer. Exch. Nat. Bk., N. Y ., Trus.
Stock.— Pref. stock is red., all or part, upon 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 or fair value of new property,
additions, &c., under certain restrictions. 8% of gross operating revenue
to be expended or set aside annually for maintenance or for renewals and
replacements to the properties. Are not subject to call. Penna. and Conn.
4-mill tax refunded
Dividends.— An initial div. of 1% % was paid on the pref. stock in Jan.
1923. V. 115, p. 2800. In April, 1M % .
EARNING S.— Kansas Electric Power and controlled cos. for cal. year
1922. gross, $1,576,270; net, after taxex, $497,179. In 1921, gross, $1,440,539; net, after taxes, $495,068.
ROAD.— Own^ and operates 10 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., Albert Emanuel, N. Y . City; 1st V .-P ., Victor
Emanuel, N. Y . City; 2d V.-P., D. O. Vaughn. Kansas City, M o.; Secretarv, R. F. Rice. Lawrence. Kan.; T-eas , O. B Zeigler, N. Y . City.
— V. 114, p. 2830; V. 115, p. 1329, 1539, 2053, 2800.
LEETONIA, OHIO.
YOUNGSTOW N & OHIO RIVER R R .— A trolley and steam road.
Freight service operated by steam; passenger service by electricity.
O RGAN IZATION .— Incorporated In Ohio on Dec. 8 1905. In 1906
leased for 99 years Salem RR. from Pittsburgh Lisbon & Western R R . Co.
for $6,000 per annum: the former runs between Salem and Washlngtonvllle.
7 m. In 1910 road was re-capltallzed and new securities Issued as below.
Federal Control.— The road for a time was operated under Federal control,
being 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 51,000,000_ ______
_
______ _ $1,000,000
Sea text
Preferred $1,000,000 5% cum...............................
1,000.000 M ar. ’23 1 44 %
First mortgage $2,500,000! 1910
5 A-O
1,200.000 Apr 1 1935
gold ($1,000)__________ c*(In t. at Citizens’ Sav. & Tr. C o.. Cleveland.
I Trustee, or First National Bank. N . Y .
Stock and Bonds.— Pref. stock div. is cumulative from July 1 1913.
Bonds subject to call on any int. date at 105 and Int. Remaining bonds
are reserved for acquisition and extension under certain restrictions.
Dividends.— Dividends on pref. began In 1910 and In that year 14$ % was
paid. In 1911. 3^4%: In 1912. 444%: in 1913 and l«»U. 3»-i% : in 1915.
4 !4 % . In 1916, 5% and 3% extra, paying up all accumulations. In 1917
5 % . In 1918, 5% . In 1919, 354%. In 1920, March, 1 M%\ June
2 A % (bringing uo all arrears on oref. stock to date): Snot. l t i % . D ec.
144% ; in 1921, 5% . In 1922, 5% . In 1923, M ar., 144%. Initial div.
on common of 1% paid in Dec. 1916 None to Sept. 1920, when 1% was
paid. In Dec., 1% . In 1921, 4 % . In 1922, 1% .
EARNINGS.— For years ending Dec. 31:
Year ending
Gross
Exp., Taxes
Net
Bond
Balance.
Dec. 31—
Earnings.
& Rentals.
Earnings.
Interest.
for Divs.
1922 ......... ........$478,401
$356,790
$121,611
$60,000
61,611
1921__________ 555,806
417,024
138,782
60,000
78,782
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-lb. T rail. Pass, equip.. 7 cars: freight, 3 locomotives. 15 cars.
OFFICERS.— Pres., Chas. 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, Leetonia, O .;
executive offices, 5716 Euclid Ave., Cleveland, O.— V. 106, p. 2759; V . 107,
p. 1289; V. 112, p. 373, 1145; V. 113, p. 419, 629; V. 114, p. 1409.
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 C o.
(Penna.). All of the stock and some o f the bonds are subject to the Hen
of the mortgages of the Penn Central Lt. & Power Co.
ORGANIZATION.— Incorporated in Pennsylvania on March 24 1892.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $150,000 (550)............ - .........................
5150.000 ’ 07-’08, 5%
LANCASTER & Y O R K FURNACE STREET R Y .— A trolley road.
1st M g ($500 and $1,000)/ 1899
6 g J-J
150.000 Julv 1 1929
$150,000 not callable.c&rtf lin t, at Merchants Union Tr. C o., Phila.. Tr.
ORGAN IZATION .— Incorp. M ay 17 1916 In Pennsylvania as successor
5%
125,000 M ay 1 1949
to old Lancaster & York Furnace Street Ry. (Incorp. July 22 1901), bought Second mortgage $125,000____I 1902
(Commonwealth Tr. C o., Harrsiburg, Pa., Tr
In by the bondholders on Apr. 15 1916 for $125, subject to the mortgage for
5 A-O
68,000 Oct 11949
1150,000 (V. 101, p. 212; V. 102, p. 1540). Operations, which had been Ref Mtge $500,000.................. f 1917
(Phila. Trust C o., Phila., Trustee.
discontinued In Jan. 1916. were resumed M ay 19 1916.
A pril, 1923.]
ELECTRIC RAILW AYS
The 1st mtge. bonds originally bore int. at the rate o f 5% and matured
July 1 1919 but were extended for 10 years at 6% . V. 109. p. 1179.
Second Mtge. 5s originally fell due M ay 1 1917, but were extended to
May 1 1949. They are owned or controlled by Penn Central Light &
Power Co. All the outstanding ref. mtge. bonds are owned by the Penn.
Central L. & P. Co. They were Issued for exts., impts., &cDividends.— 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.
1922__________ $165,969
$30,806
$30,806
None
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.
|n»OFFICERS.—Pres. & M gr.. J. I. Quigley, Lewistown; V .-P ., Ohas.
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.
LEXINGTON
KY.
63
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 1024 and int.
Ser. “ B ” bonds have sink, fund equal to 2% or amount outstanding to be
used for permanent add'ns, exts.. &c., or for purchase of bonds at not ex
ceeding 1024 & int. Ser. “ C ” red. all or in part on any int. date on 60
days' notice at 1 0 24 & int. Ser. “ C ” have annual sink, fund o f I K % of
full amount o f Ser. “ C ” bonds outstanding from Oct. 1 1926 to Oct. 1 1935
and thereafter to maturity of 2% per annum. $36,400 1st lien & ref. bonds
are in treasury. 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 Phiia. or agency of co. in New York. V. 109,
p. 1370; V. 113, p. 855, 966, 1983.
(S) Lexington Ice Co.
ORGANIZATION, &c.— Incorp. M ay 1 1917. Stock authorized. $100.000; outstanding, $70,000; $25,000 owned by Kentucky Securities Corp.,
and $45,000 by Lexington Utilities Co. Made a 50-year lease of plant and
business o f Consumers Ice & Cold Storage Co. of Lexington. Has entered
nto contract with Lexington Utilities Co. for sale of that co.’s ice output.
KENTUCKY SECURITIES CORPORATION .— A holding company.
OR GA N IZA TION .— incorporated in Virginia on Jan. 23 1911 (V. 92, p
322) as successor to the Lexington & Interurban Rys. Co. per plan in
V. 92, p. 461. Owns the entire stock o f the Kentucky Traction & Termi
nal C o., Lexington Utilities Co. and Lexington Ice Co. In 1923 was reor ted to have acquired the plant and business o f the Middleboro Ice &
LIMA, OHIO.
torage Co. V. 116, p. 1533.
WESTERN OHIO R R .— A holding company.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $2,500,000 ($100)________
_______
$2,052,287
See text.
O RGAN IZATION .— Incorporated in Ohio on June 7 1910 to take over
Pref $2,500,000 ($100) 6%1
under lease the Western Ohio Rg. but lease was canceled by vote of stock
cum _____________________ f ____
Q— J15 2,271,598
See text
holders on June 28 1915 and the company's electric light and power plant
Stock.— Both com. and pref. are listed on Phila. and Louisville stock
exchanges. Pref. is also listed on Cincinnati Stock Exchange. Pref. at Sidney sold to the Standard Power & Equipment Co. and all Its other
property and
Ohio Railway
stock is redeemable at par and accum. div. In July 1917 holders of both that company assets to the Western com. stock of Co. except the stock of
owned. Holders of
Western Ohio Ry. had
common and pref. stock were given the right to subscribe pro rata on or
before Aug. 15 1917 for the remaining pref. stock at 8 2 4 and accrued divs. right to exchange before Jan. 1 1911 their stock for stock of Western Ohio
R R . on baslsof 3 shares of Ry. for one share of RR. V. 90. p . 1556. 29,702
from July 1 1917. V. 105, p. 389. As o f Jan. 4 1922, $320,380 of the pref.
stock remained unsold and the stockholders voted to sell the stock or ihares were so exchanged. Stock auth., $1,000,000; issued, $990,900.
exchange same for the outstanding pref. div. scrip certifs. The holders of
fl) W estern O h io R y.— A trolley road.
pref. and com. stock were given the privilege of subscribing for $169,280 6%
Foreclosure Suit.— The Union Trust C o., Cleveland, has filed a formal bill
cum. pref. stock to the amount o f 4% of their holdings of pref. and com. o f foreclosure in the State Court at Lima, Ohio. V. 114, p. 739.
stock as of record Feb. 4, at $70 per share. Stockholders exercising right of
subscription were given right to deliver in full or partial payment of same
ORGA N IZA TIO N .— Incorporated in Ohio on Oct. 11 1900. This is one
pref. stock div. scrip certfs. at 80% of their face value (all outstanding of the Mandelbaum roads and forms a link in the through car service from
scrip was called for payment Oct. 2 1922). V. 114, p. 409. As of Oct 1 Cleveland to Lima. Outside of municipalities has private right-of-way.
Franchises In towns are for 25 years. Owns entire common and pref. stock
1922, $228,402 remained unsold.
Dividends.— Initial div. on pref., 1 4 % . paid July 15 1913; same rate of the Lima Findlay & Toledo R y. V. 83, p. 97, 157, 381. Has contract
quar. to and incl. July 1916; in Oct. 1916 paid 1 4 % and H of 1% extra to furnish power until April 30 1923 to Lima & Toledo Traction, Ft. Wayne
acct. o f accumulations. In Jan. 1917. 1 4 % and 1% extra, paying up all Van Wert & Lima Traction and Indiana Columbus & Eastern Traction.
accumulations; April 1917, 1 4 % . and same rate quar. to and incl. July
Was leased to the Western Ohio RR., by which It Is controlled through
1918; none to Oct. 1919, when 1 4 % was paid (V. 109, p. 1273). In 1920, itock ownership, but lease was canceled In 1915. See remarks above.
Stockholders on June 28 1915 voted to make the 1st pref. stock redeema
Jan., 1 4 % : April, 1 4 % ; July. 1 4 % : Oct., 1 4 % - In April 1920 a scrip
ble at 107 4 to put the company in position to retire the stock when the
div. of 6% was also paid, clearing up all back dividends. V. 110. p. 1526
In 1921, 6% . In 1922, 6% . In 1923, Jan., 1 4 % ; April, 1 4 % . An $2,500,000 1st M . bonds mature on Nov. 1 1921 and arrange a compre
initial div. o f 1% was paid on com. on Oct. 2 1922. In 1923, Jan., 1%; hensive financial Dlan— but see below under “ Temporary Extension.”
April, 1% .
On Feb. 27 1918 was auth. by the Ohio P. U. Comm, to sell at 80 $50,000
EARN INGS.— Of combined properties (Ken. Trac. & Term. Go. and 6% Gen. Mtge. bonds proceeds to be used for add’ns, exts., and impts.
Lex. Util. Co.) for years end. June 30 (1922 report in V. 115, p. 1530, 1630): V, 106. p 1128.
June 30.
Gross
Net
Other Sink.Fund. Bond
Balance
Bond Interest Deferred— Default, &c.—
weather conditions
Year—
Earnings. Earnings. Income. Taxes, <ftc. Interest. Surplus. during the winter of 1917 and the resulting Due to severe o f operation, the co.
increased cost
1921-22 ____$1,457,818 $676,774 $91,424 -------$430,186------ $338,013
found itself unable to meet the bond Int. due M ay 1 1918 on Its 1st M .
1920-21____$1,479,906 $545,440 $82,609 ------- $390,167------- $237,882 bonds. Payment of same was made on Sept. 1 1918. V. 107, p. 1288.
1919-20____ 1,330,372 550.391
93,741 --------- 381,100-----263.033 Compare V. 106, p. 1797. The N ov. 1 1918 int. on these bonds was paid
Passengers carried in 1920-21, 6.584,502, against $6,673,649 in 1919-20. April 30 1919. M ay 1 1919 interest was not paid when due. but has since
OPERATIONS.— Constituent companies operate 92.59 miles of track
N ov. 11919 int
paid about
30
1920
They do the electric-light and power, gas, street railway and ice business of been paid paid Nov. 1 1920wasThe coupon AprilNov1920. The M ay been
coupon was
due
1 1920 had not
Lexington. Also operate city lines in Frankfort and lines radiating from paid up to April 1 1922. [Int. for 6 mos. ended Oct. 31 1922 was paid Nov. 1
Lexington to Georgetown, Paris, Nicholasville, Versailles and from Frank 1922.] In Sept. 1921 two committees (since consolidated) were formed to
fort to Versailles.
of
of the 1st mtge. 5% bonds, owing to the
OFFICERS.— -Pres.. P. M . Chandler; V .-P., F. W. Bacon- Sac., H. D. protect the interests to the holdersat maturity, Nov. 1 1921 (see below).
pay same
Brown Jr.; Treas., II. Williams Jr.— V. 113, p. 2504, 2610, 2614; V. 114, p. company s inability Mtge. 5s.— Chairman, J. P. Harris; A. M . Chambers,
Committee for 1st
409; V. 115, p. 1321, 1429, 1530, 1630, 2684; V. 116, p. 935, 1533. 1649.
I. F. Freiberger, E. J. B. Huntoon, L. J. Wolf; Secretary, Thos. H. Jones.
(1) K entucky T raction & Term inal Co.
Depositary, Union Trust C o., Cleveland; Sub-depositaries, Fidelity Trust
OR G A N IZA TIO N .— Incorporated in Kentucky on M ay 18 1911 as a con
C o., Baltimore; State Street Trust Co., Boston; Marine Trust Co., Buffalo;
solidation o f the Lexington R y., Bluegrass Trac. Co. and Central Kentucky Empire Trust C o.. N. Y . City. In Feb. 1922 the committee announced
Traction Co. V. 92, p. 1436. The entire stock is owned by Kentucky that $1,800,000 of the $2,500,000 had been deposited. V. 114, p. 739.
Securities Corp. Franchises perpetual.
For two protective committees as originally constituted, which were merged
Fare Increases.— In April 1918 increased cash fares on Interurban lines into the above, see this Section for Oct. 22 1921.
from 2 4 cents to 3 cents a mile. Through fares from Lexington were
Temporary Extension.— The committee named above in a circular an
increased 5 cents for each one-way ticket. V. 106, p. 1689. On Aug 26 1920 nounced a temporary extension program under which the 1st mtge. 5s are
passenger rates were raised to 3.6 cents per mile, with a minimum fare of allowed to run as past due for the present at 5% interest.
7 cents. Freight rates were raised 15%. V. I l l , p. 1083. On Dec. 1
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
1921, however, all cash fares on the suburban lines were reduced from 3.6
$30,000
cents to 3 cents per mile. V. 114, p. 79. Freight rates were cut 25%. Common $30,000 ($1)_______ ..................
476.000 Apr 17,1
effective Feb. 22 1922. In Sept. 1918 the company increased fare on its 1st pf $500,000 ($100) 7% cum
450,000 Jly’ 14,1 4 %
city lines from 5 to 6 cents. Effective June 14 1920, fares were raised from 2d pf $500,000 ($100) 6% cum ............................
1st M $3,000,000 g ($1,000) f 1901
5 g M -N
2,500.000 Nov 1 1921
6 cents to 7 cents. V. I l l , p. 294.
$26,500 per m_____c*&rtf( Int. at Cit. Sav. < Trust C o.. Cleveland,
&
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Trustee, or First National Bank, N. Y .
Stock $2,500,000 ($100)______ ______________ $2,223,400 ........... .................. Collateral trust mortgage / 1910
6%
24.000 July 1 1930
1st & ref mtge $7,500,000 g[ 1911 5 g F-A
2,235,000 Feb 1 1951
$500,000..........................t f l Cleveland Trust C o.. Trustee.
($1,000) guar p & 1_ c* tf lin t, at Commercial Trust C o., Phila., Trust.
_
F &
1905
5 g J-J
324.000
Lex Ry first mtge $1,500,0001 1899
5 g J-D
1,038.000 June 1 1949 L gold T 1st mtge $600,000] Int. atCitizens' Sav. & Trust July 1 1926
($1,000).................ctf
C o., Cleve
gold ($1.000)________ c * tflin t, at Continental Tr. C o., Baltimore, Trus.
land, Trustee, or in New York.
Blue Grass 1st mtge $700,000/ 1904
5 g M-S
204.000 Mar 11934
6%
See text ___________
g ($500 and $1.000)__c&rtfl Int at Cleveland Tr. Co Cleveland, Trus. General M $500,000_________ 1918
Bonds.— The West Ohio 1st M . bonds have no sink. fd. and bonds are not
Equip trust certifs Series “ A ’ ’ \ 1923
6 g A-O
160,000 See text.
$500 and $1,000) gold_____/Security Trust Co., Lexington, K y., trustee. subject to call. $476,000 have been canceled. See V. 76. p. 160, for agree
Bonds.— Of the isc & ref. bonds. $1,339,000 are reserveu co retire prior ment among bondholders. Coll. tr. bonds are convertible Into 1st pref.
liens find remainder for extensions, improvements, & c., at not exceeding stock and are secured by deposit of $24,000 1st 5s. $476,000 have been
90% o f cost under certain restrictions. They are redeemable as a whole converted. No sink, fd.; red. on Nov. 1 1921 at 110. As bonds are con
on February 1 1914 or any interest day thereafter, or in part for sinking verted, proportionate amounts of the 1st 5s which are collateral will be
fund on any interest day after November 1 1921 at 105 and interest. canceled.
Bonds are guaranteed prin. & Int. by end. by the Kentucky Secur.Oorp.
The Lima Findlay & Tol. bonds have a sinking fund of $10,500 per a n n .,
Sinking Fund 4 % per annum of bonds out.. 1921 to 1930; 1% 1931 to which began in 1911. Are subject to call at 105. $76,000 have been re
1950. V. 92, p. 1564. As of Oct 1 1922 $569,000 had been retired and tired. V. 80. p. 2344.
Dividends.— On 1st pref. quar. divs. were paid regularly to and incl.
canceled by operation of the sinking fund. V. I l l , p. 1083. $50,000 are de
posited with the trustee o f the Lexington Utilities Co. indenture. The Apr. 1917. None since. On 2d pref. first div., 1 4 % , paid Oct. 1910,
bonds are listed on Phila. Stock Exchange. V. 94, p. 1119. Sinking fund Mid same amount quar. to and incl. July 1914. None since.
retires 1 % of Lexington Ry. bonds annually; $292,000 were held in s. f
EARNING S.— For year ending Dec. 31:
Oct. 1 1922. The equipment trust certifs. Series “ A ” are due $8,000 semi
Gross
Net (after
Preferred
Balance,
annually Oct. 1 1923 to April 1 1933, inclusive. Divs. are payable in
Earnings.
Taxes).
Interest.
Dividends. Surplus.
Lexington, K y., or New York City. Kentucky 4 mills tax refunded. Year—
1922------------ $950,643
$216,733
$160,595
$56,138
V . 116, p. 1649.
239,686
163,884
75,803
R O A D .— Operates 92.59 miles o f track, comprising all street railways in ' 1921------------ 1.005,488
191.226
163,868
27,358
and about Lexington, 16.02 miles; Frankfort, 7.64 miles; Georgetown, 1.26 1920............... 1.158.808
967.257
250,302
163.813
106,489
miles; interurban lines radiating from Lexington to Versailles, Georgetown 1919...............
Paris, Frankfort and Nicholasville, 65.87 miles; sidings and spurs, 1.8 miles.
ROAD.—
Lima through Wapakoneta and St. Marys to
50 to 80-lb. rails. Standard gauge. Owns 58 closed and 18 open cars, Celina; from Operates fromMinster, and from Wapakoneta to Piqua; a total
St.
to
ncluding 42 passenger city cars. 15 interurban passenger, 1 ice, 3 freight of 82.01 m.; also Marysto Findlay, 31.97 m.; thus completing a through line
Lima
and 15 service cars.
OFFICERS.— Pres., Percy M . Chandler, Phila.; V .-P ., F. W . Bacon, to Toledo. Total, 113.98 m ., single track. Standard gauge. Owns 18
Phila.; Sec., L. F. Rye, Lexington; Treas., J. Will Stoll, Lexington; Asst. pass, motor cars, 7 freight motor cars and 66 freight and express trail cars.
Treas., Jerry W. McM eekin, Lexington; Gen. M gr., J. P. Pope.— V. 109,
OFFICERS.— Pres., F. D. Carpenter. Lima; V .-P ., A. Born. Cleve.;
p. 72, 1793; V. 110. p. 360: V. 111. o. 294, 1083, 1183, 1566; V. 113, p. 1983, Sec. & Treas., H. C. Lang.— V. 106, p. 1797, 1902; V. 107, p. 83. 403, 1288.
2311; V. 114, p. 79; V. 116, p. 1649.
^ 1748; V. 113, p. 1252, 1362, 1676, 2186, 2506; V. 114, p. 739.
(2) Lexington U tilities Co.
ORGAN IZATION , &c.— Incorporated in Ky. on June 5 1909. Does ice
LINCOLN, NEB,
and electric-light and power and gas business in Lexington. Owns a sub
stantial interest in the Southwestern Utilities Corp., a holding company
THE LINCOLN TRACTION CO.— A trolley road.
owning all the issued securities of the Gas Pipe Line Corp. and the Sachem
ORGANIZATION.— Incorporated in Nebraska in 1909. Is a consoli
Oil C o., and 70% o f the issued securities of the Southwestern Gas Co.
Has assumed the payment o f prin. and int. o f $861,000 Kentucky Trac. dation of the old Lincoln Traction and the Citizens’ Ry. Co. V. 88. p. 506
S Term. Co. 1st & ref. 5s and $750,000 Lexington Ry. Co. 1st M 5s. Holders of the old Lincoln pref. stock ($700,000) received 110 in the new
c
V. 109, p. 1370. Light and power franchises expire in 1936. Gas and ice bonds. Holders of the old Lincoln com. ($330,000) received, for every share
franchises are perpetual. Power plant has rated capacity o f 10,500 k.w. of old, two shares of new pref. and four shares o f new common. Holders
of Citizens’ R y. stock ($415,000) received 100% in new pref. and 80% in
Daily capacity o f Ice-manufacturing plant, 235 tons.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. new common.
Stock $100.000---------------------- — All owned by Kentucky Securities Corp.—
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
First lien & ref bonds ser “ A ” . 1919
-O
6 g A-O )
(April 1 1929 Common $2,000,000 ($100).......................... .......... $1,652,000 D e c ’ 16. 1%
Series “ B” _______________ 1921
6 g A--O
$1,549,600/ April 1 1936 Pref $1,500,000 ($100) 6% cu ...........
Q-F
1.578.000 Feb '2 3 .1 4
Series “ C ” _______________
6 g A-o
1921
[Oct 1 1946 1st mortgage $1,500,000 gold [ 1909
5 g J-J
1,333.000 Mar 11939
Unl’td $50, $100, $500, $1,000
($1,000) ------------------c i r t f [Interest at New York Trust C o., trustee.
g o ld ...............................c* tf Commercial Trust C o., Phila., Pa.. Trustee. Notes........................................... 1920 ...................
100.000 ...................
§
64
.
ELECTRIC RAILWAYS
[V ol. 116.
bonds. On M ay 7 1902 the lines north of Jamaica were sold under fore
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 o f "Long
Island Electric R y .” was resumed. In Aug. 1909 stock was reduced from
*2,100,000 to $600,000 by cancellation of $1.500.000 stock originally issued
to represent the piece of road which subsequently became the Queens R y.
and now forms part of the N . Y . & Queens County R y. V. 89, p. 42, 593.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
Stock $600,000 ( $ 1 0 0 ) „ ......................................
$600,000 ....................
L I Elec 1st M $600,000] 1895
5 g J-D
600,000 June 1 1925
($1,000)_________ c A r.n tfj Hamilton Trust C o., Brooklyn, Trustee.
I Interest paid by Treasurer, New York.
EARNINGS.— For years ending Dec. 31:
Cal. Year— Gross.
Net (aft. Tax.)
Oth. Inc. Int..Rents, Ac. Balance.
1919............ $269,103
def.$3,750
$213
$47,558
def.$51,095
1918_______ 226.994
def.17,407
213
46,927
def.64,121
OMAHA LINCOLN & BEATRICE R Y .
Latest Earnings.— For cal. year 1922, gross, $385,090; net, after taxes,
Is to construct 56 miles between Lincoln and Omaha, o f which 7 miles $48,539. In 1921, gross, $377,321; net, after taxes, $27,544.
from Lincoln to Bethany Heights Is completed and In operation. Of the
R OAD.— Comprises 25.23 miles of track on 16.30 miles of road from
7 miles just mentioned, H of a mile is an extension into the main business
eentre o f University Place. Standard gauge. 70-lb. T rail. Franchises, Orescent Avenue, Brooklyn (at the terminus of the Kings County Elevated),
to Jamaica, Hollis and Queens, and from Jamaica to Far Rockaway. 36
99 years and perpetual. Stock auth., $2,250,000 ($100); outstanding, passenger cars and 8 others., V. 1Q2, p. 1540; V. 109, p. 888, 2263.
$200,000. In Dec. 1916 the Nebraska R R . Comm. auth. the company to
(2) New York & Long Island T ra ction .— A trolley road.
issue $2,000,000 common and $500,000 pref. stock and $2,500,000 bonds
On June 20 1905 control was purchased jointly by the lnterborougb
for the completion of the line from Omaha to Lincoln, but not including the
Rapid Transit Co. and the Long Island Consol. Elec. Cos. V. 80, p. 2622.
extension to Beatrice.
ORGANIZATION.— This was formerly the Mineola Hempstead & Free
EARN ING S.— For 12 mos. ending Dec. 31 1920, gross, $35,400; net, port Traction (incorp. Feb. 27 1899), but name changed as above Sept. 22
after taxes, loss, $1,150. In 1919, gross, $36,550.
1902, and stock increased from $125,000 to $1,000,000.
ife OFFICERS.— Pres., Harvey Musser; Sec., J. C. Musser: Treas. & Gen.
Fare Decision.— On June 15 1912 P. S. Comm ., 2d DIst , decided that
M gr., J. M . Bramlette; Aud., Carl Weil. Office, 231 North 14th St., company is not obliged under its franchise to limit Itself to a 5-cent fare
Lincoln.— V. 103. p. 844: V. 104. p. 73: V. 108. p. 1275.
between Hempstead and Belmont Park. V. 94, p. 1696.
For Statement by V. P. & Gen. Mgr. W. O. Wood showing Co’s. Condition.
—See V. 109, p. 676.
On Jan. 8 1918 the Court of Appeals sustained the decision of the A p
LITTLE ROCK, ARK.
pellate Division reversing that of County Judge James P. Nieman on June 22
ARKANSAS CENTRAL POWER CO.
1914, which held that the company, under its franchise, could not charge
Controlled by National Power & Light Co. (see under “ New Orleans” ; more than 10 cents for a 10-mile ride. (V, 99. p. 407.)
formerly the American Cities C o., through ownership of all the com. stock
STOCK AND BONDS—
Date.
Interest. Outstanding. Last Div.
except directors’ shares.
$750,000 ___________
Common, $750,000 ($50)______ ______________
ORGAN IZATION .— Incorporated in Arkansas on March 17 i903 and Is a Pref 5% cum $250,000 ($50)_______
_______
250,000 N o div. yet
consolidation o f the Little Rock Traction & Electric Co. and the Little First mtge $1,000,000 gold] 1902
4V$ g M -N 1.000,000 N ov 1 1942
Rock Edison Electric Light & Power Co. Formerly known as Little Rock
($1,000)_________ cA r.ntf{Interest paid by Treasurer, New York.
R y. A Elec. Co., but name was changed to present title during 1922.
(Citizens’ Sav. A Tr. C o., Cleveland, O..Trus.
Operates all street railways in Little Rock and Pulaski Heights and all the
Bonds.— Are subject to call at 107 on 30 days' notice, but no sinking fund.
electric lighting and power business in Little Rock, North Little Rock and
EARNING S.— For years ending Dec. 31:
Pulaski Heights. Railway franchise extends to Sept. 28 1951; lighting
Year—
Gross. Net(aft.Tax.) Oth. Inc. Int..Rent, &c. Deficit.
franchise unlimited in time.
$19,968
$1,117
$72,866
$51,781
Company controls Central Heating & M fg. Co. through stock ownership. 1919______________ $567,705
1918........................... 507,629
33.446
584
75.614
41,584
Fare Increase.— Effective June 3 1920 the co. was auth. by the Ark. Corp
Latest Earnings .— For cal. year 1922, gross, $566,405; net after taxes,
Comm, to charge a 6-cent fare. On M ay 17 1920 the city council adopted def. $79,448. In 1921, gross, $597,572; net after taxes, def. $63,994.
an ordinance amending the contract of the co. with the city so as to permit
ROAD.— Operates an electric line connecting Mineola, Hempstead and
the co. to charge a 6-cent fare. Y. 110, p. 2657. Effective Mar. 3 1922,
Freeport, 7.84 miles. Also operates line from Hempstead west 5.58
however, fares were reduced from 6 cents to 5 cents. V. 114, p. 1063.
miles to Queens, where connection is made with the tracks of the Long
Valuation.— See V . 112, p. 162.
Island Electric Ry. Co. Also a line 17.01 miles long from Freeport westerly
In July 1920 the co. applied to the Ark. Corp. Comm, for auth. to issue via Rockville Centre, Lynbrook and Valley Stream, to a connection with the
$313,000 bonds for add’ns and impts. Y. I l l , p. 188.
Kings County Elevated Ry. at Brooklyn. Also a line from Queens to
In Jan. 1921 the company brought out $700,000 1-year secured 8% notes, Mineola via Jericho Turnpike, 5.86 miles. Total, 36.29 miles. Total,
proceeds, together with proceeds of an 8% note for $335,000, due Dec. 4 including second track. 41.31 miles
36 passenger and 8 other cars.
1921, being applied to the retirement o f $1,000,000 7% notes which ma
OFFICERS.— Pres., C. L. Addison, Penn. Sta., N . Y .; Gen. M gr.,
tured Jan 1 1921
V. 112, p. 162, 744.
Gen. Lincoln C. Andrews; Sec. & Treas., Frank E. Heff.— V . 108, p. 1165:
V. 109, p. 676, 1462; V . I l l , p. 1084; V . 116, p. 616.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
$1,911,700 June ’17.3%
Common $2,000,000 ($ 100)......... ....................
6 J-J
750 000 July ’ 18.
Pref 6% cum $750,000 ( $ 1 0 0 ) .____
NEW Y O R K & QUEENS COUNTY R Y .
Little Rock R y & Electric] 1903
5 g A-O
1,727,000 April 1 1933
32,048 shares out of total issue of 32,350 is owned by the Interborough
1st mtge $2,000,000 gold] Interest at Canal-Commercial Trust A Rapid Transit C o., which also owns one-half of the stock of the Long Island
($1,000) _______________c* Savings Bank, New Orleans, trustee.
Electric Ry and the New York & Long Island Traction
Little Rock R y & Electric | 1908
6 g A-O
1,585,500 April 1 1938
Receivership.— Following the announcement that the Interborough Rapid
refdg & extension mtge\Int, at Bank of Commerce & Trust Co., Transit Co. would no longer advance funds to the co. to meet deficits, &c.,
$5,000,000 ($500 and $1,- j Memphis, Trustee, or Guaranty Trust Gen. Lincoln C. Andrews was appointed receiver for the co. on Jan. 18
000) gold_____________ c * ( C o., N. Y.
1923 by Justice James C. Van Siclen in the Supreme Court, Long Island
Bond sec 1-yr notes $700,000] 1921
8 g J-J
700,000 Jan 1 1922
City, on petition of the Bankers Trust C o., trustee for the outstanding
($100, $500 A $l,000)g tfc*\Interstate Trust A Bkg. C o., New Orl., trus
bonds. This receivership does not include the so-called Steinway lines (see
Notes.....................................................
8%
335,000 Dec 4 1921 below under caption “ Receivership of Steinway R y .” ). V. 116, p. 296.
Receivership of Steinway Ry.— On Apr. 27 1922 Justice Callaghan in the
Stock.— Pref. stock is redeemable at 110 and accrued dividend. $88,300
common stock is held in treasury.
Queens County Supreme Court appointed S. W . Huff and R . C. Lee receiv
Bonds.— First mortgage bonds are subject to call on 60 days’ notice on ers for Steinway Ry. upon application of Guaranty Trust C o., trustee under
any interest period at 107 M. Sink, fund o f V o f 1% o f outstanding bonds 1st Mtge. of the Steinway R y ., int. on which was defaulted. The order
S
1908 to 1917; 1% thereafter. $273,000 held in sk. fd. The refund. & exten. provided that the receiver take over only the property which originally
bonds cannot be called; $2,000,000 are reserved to retire 1st 5s, $933,000 belonged to the Steinway Co. (V. 114, p. 1891). The receivers put into
are pledged as part security for the $1,000,000 1-yr. 7 % notes, and remainder effect a separate 5-cent fare on that part of the system against the orders
for 80% of cost of additional property if net earns, for 12 mos. previous have of the Transit Commission, but the action of the receivers was sustained by
been twice the annual int. charges on outstanding bonds, incl. those to be theCourt. V. 114, p. 2116, 2360.
issued. A Sinking fund o f 14 o f 1% on outstanding bonds, which began
ORGANIZATION.— Incorporated June 29 1896 and reorganized on
Aug. 1 1913, is to be invested in these bonds at not higher than a 4 )?%
June 30 1899. Purchased the various lines of railroad in Long Island City
basis, bonds to be kept alive in fund. $95,500 held in sk. fd. The first known as the Newtown Ry. C o., the Riker Ave. & Sanfords Point R R ., the
$1,000,000 issued as 6s; rate on subsequent bonds to be at discretion of board 3teinway R y., the Long Island City & Newtown Ry. and the Flushing &
of directors, but not exceeding 6% . See full particulars regarding bonds, College Point R y. In May 1902 the Queens Ry. was consolidated with it,
»nd thereupon increased its stock from $2,500,000 to $5,000,000. The
property, &c., in V. 87, p. 414.
Notes.— The 1-yr. 8% notes in addition to being a direct obligation of the Queens Ry. succeeded to the property sold at foreclosure of the New York
co. are further secured by $933,000 ref. & ext. 6% bonds of the co. No A North Shore R y., comprising a line of 6 miles from Flushing to Jamaica,
new mtge. having a prior claim to these notes may be created while these with franchises for lines between Flushing and College Point, Flushing and
notes are outstanding nor may any divs. be declared or paid on either the Bayside and Manhasset. V. 74. p. 1197.
The new Queensboro Bridge across Blackwell’s Island was opened in
pref. or common stocks. Red. on 30 days’ notice at a premium of H of
1909. On Sept. 19 1909 the City of
1 % and int. during first 6 months and at par and int. thereafter. In t. pay the bridge began operation. On Dec. New York’s municipal trolley across
16 1909 New York A Queens County
able at office o f trustee or First National Bank, N. Y . V. 112, p . 162.
Ry. was granted a permanent franchise to run cars over the bridge. Opera
Dividends.— On pref., 6% per annum paid up to and including July 1918. tion began on Feb. 15 1910. V. 90, p. 373. Through passengers only are
none since. On com ., 1906, 2% ; 1907, 4 % ; 1908, 4 H % ; 1909 , 8 % . In carried across the bridge and no extra fare is charged.
1910, 8 % . In 1911, 20% . In 1912 to 1915, 10%. In Jan. 1916. 1%,
In view o f the default in the payment o f the int. due Jan. 1 1922 on the
July, 3 % ; Dec. 30, 2 % . In June 1917, 3 % ; Dec. 1917, none (V. 106, p .396). Steinway Ry. 1st M . 6s and the then impending default of prin. & int. due
July 1 1922, two committees were formed to protect interests of holders of
EARN INGS.— For cal. years.
Year—
Gross.
Net aft. Tax. Int., &c.
Surplus these bonds. One committee was headed by H. B. Thorne (V. 113, p. 2819)
1920______________ $1,989,295
$636,090
$293,688
$342,402 and the other by Geo. W. Davison (V. 114, p. 80). The first named com
mittee arranged to pay the Jan. 1 1922 coupon. V. 114, p. 80. Later the
1919...................... . 1.696.743
543.133
246.340
296.793
two committees were consolidated. The committee resulting from the con
R OAD.— Operates 48 miles o f electric railway. Electric property in solidation is composed of:
cludes steam electric generating capacity installed of 19,900 k. w., 25 miles
Committee for
of transmission lines and 138 miies of distribution lines. Rails, 70 lb. and Eldridge, WalterSteinway Ry. Is! Mtge. 6s.— Geo. W . Davison, Roswell
E. Frew, Harold B. Thorne and
over. 20 open, 82 closed and 7 work cars; total, 110. Operates Forest Depositary, Central Union Trust Co., N. Y . City. W.m. Carnegie Ewen.
V 114, p. 307.
Park, located about 6 miles from tne centre of the city.
Int. due Apr. 1 1922 on the N. Y . A Queens County 1st cons. mtge. 4s
OFFICERS.— Pres., D. H. Cantrell; V.-P. A Treas., A. Brizzolara: having been defaulted (V. 114, p. 1766). the following committee was
Gen. M gr., Chas. J. Griffith; Sec. & Aud., W. J. Tharp.— V. I l l , p. 188; formed:
V. 112, p. 162, 744; V. 113, p. 71; V. 114, p. 1063, 2469; V. ] 15, p. 73.
Committee for N. Y. & Queens Co. 1st Cons. Mtge. 4s.— Chairman, Fredk.
Osborne; C. Stevenson Newhall and James H. Perkins. Depositaries:
Farmers Loan A Trust C o., N. Y ., and Penna. Co. for Insur. on Lives A
G. Ann., Phila. V. 114, p. 1766.
LONG BRANCH, N. J.
Int. due Dec. 1 1921 and June 1 1922 on the $50,000 Flushing A College
MONMOUTH COUNTY ELECTRIC CO.
Point 1st Mtge. 5s and on the $150,000 Newtown R y. 1st Mtge. 5s was not
Sale.— On Aug. 8 1922 the property was sold in separate parcels at pub paid when due. V. 114, p. 2580.
lic auction for $42,000. The road cost originally about $1,000,000. V. 115.
STOCK AND
Date.
Interest. Outstanding. Maturity.
p. 869. Compare V. 115, p. 74. For history of company, see “ Electric Stock $5,000,000 BONDS—
($100)............... ..
.............
$3,235,000 ...................
Railway” Supplement for April 29 1922.
Flushing A College Point 1st) 1895 5 g J-D
50.000
1925
mortgage $50,000 gold____(New York Trust C o., Trustee.
Newtown Ry first mortgage) 1894
5 g J-D
150,000 Dec 1 1924
LONG ISLAND CITY, N. Y.
$150,000 g o ld ___________ /New York Trust C o., Trustee.
Steinway Ry first mortg3gel 1892 6 g J-J
1,500,000 July 1 1922
THE LONG ISLAND CONSOLIDATED ELECTRICAL COS.
$1,500,000 ($1,000) g _ c*fln t. at Guaranty Tr. C o., N . Y . City, Trus.
_
O R GAN IZATION .— Entire stock is owned by the Long Island R R . In New York A Queens County f 1896
4 g A-O
1,300.000 June29 1946
corporated in New York. Owns one-half the stock (the Interborough Rapid
first consol mtg $3,000,000]Bankers Trust C o., New York, Trustee.
Transit Co. owning the other half) and bonds o f N. Y. A L. I. Trac. and
gold $1,000 each_________ ( Interest at office of company. New York.
Long Island Elec Ry.
First A refunding mtge, $10,-1 1906
4 g M -N
See text N ov 1 1936
Stock $25,000 ($100)________ All owned by Long Island R R .
000,000 gold ($1.000)_ c* (Windsor Trust C o., New York, Trustee.
_
*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 mtge.. $2,086,827 are deposited as collateral for
(1) Long Island Electric R y.— A trolley road.
from
are
for
In Jan. 1906 control passed to the Interborough Rapid Transit Co. and bans liens. Interborough Rapid Transit and $3,000,000 call. reserved the
No sinking fund and
are
to
Under
the Long Island Consolidated Electrical Companies, each owning one-half prior Y . A Queens Co. 1st cons. M . bonds werenot subject$2,500,000 bonds outN.
there
originally
the stock and bonds.
itanding. but the company having defaulted in payment of int., reorganiza
ORGANIZATION.— Chartered March 13 1897 as New York & North tion was made, under which the holders surrendered $1,200,000, interest
Shore R y. On Oct. 11 1899 was consolidated with the former Long Island was reduced to 4% . The said bonds are redeemable at 105 and int. V,
Electric R y ., new company having $2,100,000 capital stock and $2,100,000 69, p. 609.
Bonds.— Remaining bonds are reserved for prior liens. Sub], to call at
110
Dividends.— 1 J4% paid quar. on pref. from May 1 1909 to N ov. 1 1917,
inclusive. Feb. 1918 div. passed. On common, 2% paid Sept. 1912,
1% paid Mar. 15 1914 and 1% paid Sept. 1 1914. In 1915, 3% ; In 1916.
5% .
EARN ING S.— For cal. years:
Year—
Gross.
Net.
Int.&Taxes.
Balance.
1922 .............................. ..$1,119,316
$313,440
_______
_______
177,587
108,939
1 9 21............... ................... 1,157,659
286,526
178,534
32,769
1920
1,196,680
211,303
R O A D .— Owns 49.46 miles o f track.
OFFICERS.— Pres.. W . E. Sharp: Treas., S. H. Burnham; Sec. A Gen.
M gr., O. J. Shaw.— V. 110, p. 465, 1642; V. 113, p. 628.
A
p r il
,
1923.]
ELECTEIC EAILW AYS
ROAD.— The system, with the Queens Railway, embraces main line,
23.59 miles; second track, 19.03 miles; sidings, 1.51; total, 44.13 miles.
Rails, 70 to 116 lbs., standard gauge. 96 pass, cars, 32 others.
REPORT.— For fiscal years ending June 30:
Year—
Gross.
Net.
Other Inc. Int.. Taxes, &c. Deficit.
1921-22—.$1,261,201
def $44,045
$10,228
$349,184
$455,609
1920-21—. 1,256,198
def 2/2,513
8,489
371.831
635,855
1919-20--- 1,166.990
de/121,151
6,136
358,699
473,715
1918-19-.. 1.044.334
de/161.988
7.284
362.251
516,954
OFFICERS.— Receiver, Lincoln C. Andrews; Gen. M gr. to Receiver,
E. A. Roberts; V.-P. & Treas., W . L. Pepperman; Sec., H. M . Fisher;
Aud., E. F. J. G ayn or— V. 113, p. 2819; V. 114, p. 1766, 1891, 2116, 2360,
2580, 2825; V. 115, p. 183; V. 116, p. 296, 516.
MANHATTAN AND QUEENS TRACTION CORPO R ATIO N .
Receivership.— On Nov. i5 1917 Arthur O. Hume and William R. Begg
were appointed receivers by Judge Chatfield in the U. S. Dist. Court for the
Eastern Dist. o f N. Y. In Nov. 1917 a judgment against this company for
$1,158,522 was awarded the Gas & Elec. Securities Co. on account o f unpaid
promissory notes.
O R G A N IZA TIO N .— Incoro. In N. Y . on Nov. 4 1912 to take over the
rights and property of the South Shore Trac. Co. In New York City (see
under Patchogue. and also under Manhattan & Jamaica R y. In V. 95, p
1207. 420; V. 94. p. 1696.)
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
orized 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, o f 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.
Fares.— See “ Electric Railway” Supplement of Oct. 28 1922.
EARNINGS. — For vears ending June 30.
12 Mos.—
Gross. Net aft. Tax. Oth. Inc. Rents.
Interest. Sur. or Def.
1921-22 — -$361,155
$63,468
$2,170 $33 692 $92,381 def.$60,439
1920-21 — . 297,954
def.5,059
1,654
23,593
93,517 def.110,397
ROAD.— Has a franchise in the City of 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
•venues in the Borough of 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 in
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 of 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 restrain
ng 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 an
H . B. Weaver; Sec. & Treas., Lindley G. Coleman; Asst. Sec. & Asst
Treas., F. H. Adler.— V. I l l , p. 792. 1278, 2423; V. 113, p. 628.
LOS ANGELES, CAL.
PACIFIC ELECTRIC RAILW AY.
All the stock except directors shares is controlled by Southern Pacific Co
O RGAN IZATION .— Incorp. in California on Sept. 1 1911 as a mergee
The following subsidiaries of the Southern Pacific Co. (V. 93, p. 667):
ISan Bernardino Valley Traction Co
Pacific Electric Ry.
Los Angeles Interurban Ry.
IRedlands Central Ry.
Los Angeles & Redondo Ry.
ISan Bernardino Interurban R y.
Blverslde & Arlington Ry.
ILos 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 Ontarlt
& San Antonio Heights RR.
Operates under agreement over the Riverside Rialto Sc Pacific R R .—
passenger service only.
The Los Angeles M otor Bus Co. was organized by the Pacific Electric
Ry. and the Los Angeles Ry. 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 Ry. 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.
8TOCK 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* tf lint. atU . S. Mtge. & Tr. C o., N. Y ., Trustee
Pac El Ry 1st mtge $10,000,-1 1902 5 g J-J
8,374,000 Jan 1 1942
000 gold ($1,000). __ c -n t f/I n t. 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
OOO.00O g guar ($1,000) c*]Int. at 111. Tr. & Sav. Bk., Chic., Trustee
Can be called at 105_ n tf i or at Chase Nat. Bank, New York.
_
O n t* San Ant Heights 1st M l 1910
6 F-A
223,000 Feb 1 1935
$1,000,000 ($1,000) s f n tffln t. at Southern Tr. C o., Los Ang., Trustee
Pas & M t L 1st M $500,000 [ 1900
4 g J-D
480,000 June 1 1930
gold ($1,000).......... c * -n t f( Int at Union Trust C o.. San Fran.. Trustee
Cad Pacific Ry 1st mtge gold! 1901
5 g J-J
480,000 July 1 1941
($1,000) guar_______c n tffln t. at C o.’s office in N . Y . & Chase Nat.Bk
Los Angeles-Pacific RR first! 1898
5 J-D
10.000 June 101928
mortgold $1,000 000c* n t f/ln t at Citiz. Tr. & S. Bk., Los Ang.,Trustee.
Los Ang-Pac RR 1st con mtge! 1901
5 A-O
1.465,000 Apr 1 193)
$1,500,000 g ($1,000). . n t f (Int at Crocker Nat. Bank San Francisco.
Los Ang Her B & Red 1st M l 1902
5 g M-N
74,000 M ay 1 1942
$500,000 gold ($1.000) .n tf (Title Ins. & Tr. C o., Los Ang., Trustee.
Los Angeles-Pacific RR first f 1903
5 g M-S
3,104.000 Sept 1 1943
and ref mtge $5.000,000{Int. at Los Angeles Tr. & Sav.Bk.. T r., or at
gold ($1.000) s f ___ c* n tf l U. S Mtge. & Trust C o., N. Y .. Co-Trus
Los Angeles Pacific Co genf 1906
5 g J-J
1,096,000 Jan 2 1946
consol mtge $12,500.OOOdnt. at Union Trust C o.. San Fran., Trustee.
gold ($1,000) sinking fundi or at Farmers'* March. Nat. Bank, Los
c * .n t fl Angeles, or Chase Nat. Bank. New York.
____________1910
4 g J-J
8,298.000 Jan 1 1950
Los Ang-Pac Co 1st ref mtge!
$20,000,000 g ($1 ,OO0) c*tf (Union Trust Co. o f 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 j Int. at Union Trust C o.. San Fran., Trustee.
(and RR. co’s office. N . Y . City.
San Bernard Vail Trac 1st M 1 1901
5 A-O
44,000 Oct 1 1931
gold $250,000_____c*_ntf(T ltle 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 Oat..Trustee
sink fund ($1.000)c*&r.ntfl
6 F-A
50.000 Aug 1 1919
Redlands St Ry 1st M g $50.-] 1899
000 ($1,000. See) redeem] Title Ins. & Tr. C o., Los Ang., True
at par; no sink fu n d .. n tf l Int. at First Nat. Bank, Redlands Cal.
Redlands St Ry 1st M gold 1901
5 M-S
27,000 Sept 1 1931
n tf (Title Ins. & Tr. C o., Los Ang., Trustee.
$150,000
) Int. at First Nat. Bank. Redlands, Cal.
Redlands Central Ry 1st M l 1907
5 J-J
44,000 July 1 1937
gold $500,000 ($1,000) .n t f (Int. at Los Ang. Tr.&S.B. o f Cal., Trustee.
BONDS.— Pacific Elec Ry. 1si 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
aeries, 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
8eries “ A ” is subject to call from Sept. 1 1916 at 110 and Int. Other series
subject to call since Sept. 1 1916 at price to be fixed by board of directors.
Pacific Elec. Ry lit 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
annum to Jan. 1 1922, $20,000 per annum to Jan. 1 1927; $25,000 per
annum 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 ls( Mtge.— Bonds bear the guaranty of the Los
Angeles Ry. by end. Sink, fund o f $10,500 per year out of net earns, from
Dec. 1 1908 to and lncl. 1926: callable at 105 on any int, date.
65
Pasadena A Mt. Lowe bonds are guar. p. & 1. by both Los Angeles Ry.
and Los Angeles & Pasadena Elec. Ry. A sinking fund for those bonds be
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. & 1. by Los Ang. Trac. Co.; see V. 75. p.76.
Title Insurance & Trust Oo., Los Angeles. Trustee.
Los Angeles-Pacific RR. 1st Mtge.— Red. on any Int. date at 105 and Int.
Sinking fund began June 10 1908 until June 10 1926, $10,500 per year out
of net income only. Int. also payable at Illinois Tr. & Sav. Bank, Chic.,
and Chase Nat. Bank, N. Y .
Los Angeles-Pacific RR. 1st Cons. Mtge.— Not callable. Sinking fund
began April 1 1911 and retires $10,500 annually (out of net earns, only) to
and incl. April 1 1929. Citizens’ Trust & Sav. Bank, Los Angeles, trustee.
Los Angeles Hermosa Beach A Red Ry 1st Hge.— Int. payable at Crocker
Nat. Bank. San Fran. Sink, fund began May 1 1913 and retires $10,500
per ann. (out of net income only) to and incl. 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.
$lOO.O0O yearly following 5 years and $150,000 per ann. thereafter. Not
subject to call.
Los Angeles Pacific Co. Gen. 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, $75,000 per ann.; 1931 to 1944, $80,000 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. & L, by South
ern Pacific Co.
Riverside & Arlington Ry. 1st Mtge.— Not callable. Sink, fund began
Sept. 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 retires
$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 Angeles.
San Bernadino 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
eff 13 bonds: during 1917 14 bonds; during 1918-27 pays off 25 bonds yrly.;
luring 1928-30 37 bonds yrly.; 1931 and 1932 38 bonds each year.
Ontario A San Ant. Heights 1st Mtge. bonds are red. at 101 and Int. Sink.
fund 1914 and following 4 years 1% of outstanding bonds. 2% thereafter.
EARNINGS.— For years ending Dec. 31:
Calendar
Gross
Net (after
Other
Interest,
Balance,
Year—
Earnings.
Taxes).
Income.
Rents, Ac.
Deficit.
1921________ $17,096,117 $3,192,423 $104,382 $4,096,439 df$799,634
1920-........... 15,346.346 2,714,411
91,432
3.963,888 d f1,158,045
1919.............. 11,278,016
897,772 134,824
3,800,322 df2,767,726
ROAD.— Operates an Interurban electric railway system centering at
lo s 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, Co.
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. M gr.,
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. 109, p. 578, 776, 1180; V. 110, p. 1415; 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.
LOS ANQELES RAILW AY CO R PO R ATIO N .
The entire $20,000,000 stock, except directors’ qualifying shares,
»wned by M r. H. E. Huntington,and, along with certain amounts of differjnt bond Issues of this company and the Pacific Electric Ry. (see above), is
pledged as security for the Huntington Land S Improvement collateral
c
srust Issue— see V. 98, p. 527.
The Los Angeles Ry. Company was organized Dec. 2 1913 to merge the
i^os Angeles Ry. Corporation and its subsidiary, the City R y. Oo. of Los
Angeles (V. 97, p. 1733). but on March 5 1915 the Cal. RR Comm, denied
its application to Issue $20,000,000 stock in exchange for the $20,000,000
itock of the Ry. Corp. and the $5,000,000 stock of the City Ry. and to
axecute a mtge. under which $23,544,000 bonds were to be Issued In ex
change for outstanding bonds of 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 of Los Angeles & Redondo Ry. and California-Pacific
Ry. Co. lying north of an east-and-west line running through Hawthorne
and Athens, thus comprising all the street railway business of Los Angeles.
V. 91, p. 1386. More than 85 miles o f track is on private right o f way. All
main line and practically all down-town line franchises extend beyond 1940.
Owns entire $5,000,000 stock of the City Ry. 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 Decision.— 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. d . 1438.
Valuation.— V. 110, p. 167.
Franchise Recommendations, A c., by Calif. RR. Comm.— See V . 112, p.2537.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $20.000,000.................... ..........
............. $20,000,000 ............... ..
Los Ahgeles 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*l
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*flnt. at Union T ru stC o., San Fran., Cal., Tr.
Los Angeles Trac 1st cons M\ 1898
5 g J-D
250,000 Dec 1 1938
gold $250,000 ($1.000)____(St. 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 S ref. M . bonds Is payable at office of trustee.
c
Bankers Trust C o., New York, and by arrangement at Anglo * 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, $1,596,000 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 . $287,000
Los Angeles R y. Co. mtge. bonds In sinking fund and 8278,000 canceled.
City R y . Co. of Los Angeles 1st mtge. bonds have a sinking fund of 2% per
annum of principal amount of bonds outstanding, which began Jan. 1 1916;
$563,000 bonds in sinking fund Dec. 31 1921.
EARNINGS.— For years ending Dec. 31:
Fiscal Year— Gross.
*Expenses.
Net.
Int. A Taxes Surplus.
1921___________ $10,241,011 $7,316,897 $2,924,114 $1,682,400 $1,241,714
1920___________ 9,135,151 6,515,870
2,619,281 1,598,400 1,020,881
1919___________ 7,403,589 5,579,541
1,824,048 1,576,125
247,923
* Excluding depreciation.
66
ELECTRIC RAILW AYS
PR O PE R T Y.— Comprises 384.61 miles o f track; 60, 72, 87 and 116-lb.
rails. Owns and controls 969 passenger cars, of which 679 are of P-A-Y-E
type, 183 center, 70 Birney Safety and 37 standard type cars, 114 work
cars, &c.; total, 1,083 cars. Has favorable power contract with the South
ern California Edison Co.; the current being distributed through the cor
poration's own transmission system, comprising 440.5 miles o f line and 12
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. 100, p. 1348,
1438; V. 101, p. 370; V. 103, p. 320; V. 108, p. 683; V. 109, p. 577, 776,
1179; V. 110. p. 167. 1415: V 111, p. 792. 1949; V. 112. d . 2537; V. 113.
p. 1675; V. 114, p. 2717; V. 115, p. 543, 2793; V. 116, p. 935.
LOUISVILLE, KY.
LOUISVILLE RAILW AY CO.
ORGA N IZA TIO N .— Incorp. in Kentucky on Jan. 22 1867 and owns all
the street railways in the City o f Louisville and its suburbs. Franchise
are partly for 99 years from 1886 and partly perpetual.
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 $8 500.010, in connection with the dissolution of
the Louisville Traction Co.
The Louisville & Interurban R R . has been organized In the Interest of
the Louisville Ry. to construct a system of urban and Interurban lines. No
securities have been Issued except $4,006,000 stock (increased to that
amount in February 1913) to Louisville Ry. Co. In Jan. 1911 LouisTitle S Interurban R R . acquired the Louisville & Eastern R R . (all of whose
c
bonds, construction notes, revivers' certificates, & c.. and about all the
stock, was owned by Louisville Sc Interurban), sold at foreclosure on Jan. 3
1911. V. 92. p. 69. 262.
Dissolution of Holding Co.— On N ov. 22 1917 the Louisville Traction Co.
which owned all the stock of the Railway 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.
Fares, &c.— On July 1 1918 the Louisville & Interurban R R . increased
fares on all suburban lines to about 214 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 o f higher fares. The co. thereupon raised fares
from 5 to 7 cents effective Feb. 21 1921
V 112. P. 849, 933
New Ordinance Proposed.— 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.
Valuation.— See V. 112, p. 849.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity,
Common $8,500,000_________ _____
____
$8,323,600
See text
A&O
3.500.000
See text
Pref 5% cum $3,500,000__________
Louisville Ry gen mtge gold! 1910
5 g F-A
4,035.000 Feb 1 1950
$20,000,000 ($1,000) --c * t f /Interest payable in Louisville.
Louisville Ry cons M gold , 1890
_
5 g J-J
6.000,000 July 1 1930
$6,000,000 (HstN Y )_c* tf/In t. at National Bank o f Commerce, N . Y .,
( Fidelity-Col. Tr. C o., Louisville, Trustee
Louisville Ry 2d mtge, $2,-1 1900 4M g M-S
2,000.000 Mar 1 1940
000,000 gold ($1,060)___tf/Interest payable In Louisville.
3-year notes_________________ 1921
6%
____ 250.000
1924
Bonds.— $8,000,000 of the gen. mtge. bonds of 1910 are reserved to retire
prior Hens; the remainder is for extensions and improvements. Bonds are
not subject to call. Fidelity-Col. Trust C o., Louisville, trustee.
Dividends.— 5% was paid on pref. stock to and incl. Oct. 1918. None
to April 1923 when 2 J4 % was paid. 4% was paid on the old Traction com
mon stock up to time o f dissolution. Divs. o f 1/4% each were paid on
Railway common in January, April and July 1918. October div. omitted
(Y . 107, p. 1385). None since. V. 108, p. 878.
R O A D .— The Louisville Ry. Co. owns 177.81 miles o f track on 7714
miles of streets and 9.01 miles in yards, &c.; 18.05 miles are outside city limits:
all is electric. Affords entrance into Louisville for the Lou. & Nor. Ry. &
Ltg. Co. and Lou. & Sou. Ind. Trac. Co. The Louisville & Interurban
owns 105.57 miles o f track in Jefferson County, incl. extensions to La
Grange and to Shelbyville in Oldham and Shelby counties.
R E PO RT.— For fiscal years ending Dec. 31:
Calendar
Gross
Net
Other
Interest & Balance,
Year—■
Revenue
Earnings.
Income.
Taxes.
Surplus.
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
1920 ---------------- 4,146,507
917,320
126,930
1,007,997
36,253
OFFICERS.— Chairman o f 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. 112, p. 933, 1283, 1741, 2642;
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. •
INDIANAPOLIS & LOUISVILLE TRACTION R Y .— A trolley road.
Merger.— As o f Jan. 1 1923 was merged in o the Interstate Public Service
Co. (see on a previous page). ' For history o f co. up to time of merger see
“ Electric Railway’ ’ Supplement o f Oct. 28 1922.
McALESTER, OKLA.
CH OCTAW POWER & L IG H T CO .
O R G A N IZA T IO N .—Incorp. in Delaware on June 27 1916 to take over
the light and power business of the Choctaw Ry. S Lighting Co. sold a*
c
foreclosure (V. 102. p. 1539) and owns all the $499,000 1st M . bonds and
the entire $600,000 capital stock o f the Pittsburgh County Ry.. incorp. in
Oklahoma June 24 1916. to take over the street railway properties.
Fare Increase.— On July 15 1919 the Pittsburgh County Ry. was auth. to
increase fares in McAlester from 5 to 7 cents. V. 109, p. 677. Effective
Feb. 15 1921 was auth. to increase fares in McAlester to 10 cents. Inter
urban fares and express rates were also raised. V. 112, p. 850, 932.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $1,000,000_________ _____
_________ $1,000.000
See text
Pref 7% cum $275,000____________
M -S
275.000 Feb’ 23.1 H %
First mtge gold ($1,000 and\ 1916
5 g M-S
1,228,000 Sept 1 194i
$500)________________ c* tf/In t. at Guaranty Tr. Co. of N . Y ., trustee
Bonds.— Open issue authorized. Impt. fund o f 1% per annum from
1921-1925; \M% 1926-1929:1 H % 1930-1933; 1*4. % 1934-1937; 2% 1938-41.
Dividends.— Paid 3 44% on pref. In March and Sept. 1918. In 1919,
Feb., 344%. In 1921. March, 344%: July. 344%: Sept.. 344%: Oct..
344 %: N ov., 5 H % . In 1922, 7% . In 1923, Feb., l% % . On com. initial
d iv. o f 1M % paid in Feb. 1922. None to N ov. 1922, when 2M % was paid.
In 1923 Feb., 3 4 % .
EARN IN G S.— Combined earnings o f the Choctaw Power & L ig h t'co ’.
and the Pittsburg County Ry. Co. for year ending Dec. 31 1922. gross.
$506,603; net, $173,283; deprec., $69,169: charges, $65,098; surp., $38,996.
ROA D .— The Pittsburg County Ry. operates in cities of McAlester
Haileyville and Hartshorne, and an interurban line, over private right of
way, between these three cities. 23.26 m. of track. Standard gauge; rail,
56, 70&80-lb. T. 12 passenger cars, 11 other cars, 2 electric locomotive.
OFFICERS.— Pres., O. N . Mason, N . Y .; V .-P ., J. A. Trawick, Boston;
Sec.-Treas.. L . W Osborne, N . Y .; Gen. M gr., J. O. Chestnut. N. Y .
office. 165 Broadway.— V. 102, p. 940; V. I l l , p. 1279; V. 112, p. 932.
[ V ol. 116.
STOCK A N D BONDS—
D a te .
In te rest. O utstan ding.
M a tu r ity .
Common $8 .000,000 ($100)....................................... $7,660,000 ......................
Pref $2,000,000 6 % n-c ($ 1 0 0 )____
Q -J
500.000 Apr. '23 144
First Hen sk. fd. $6,500,000/ 1911
5 M-8
3,940,000 Sept 1 1941
gold ($1,000)______ c*<fcr— [New York Trust C o.. New York, Trustee.
5-yr. notes ($1,000)........... c * / 1920
7 g F-A 1 1,000,000 Feb 11925
lNew York Trust C o., N . Y ., Trustee.
Stock and B on d s. — Pref. shares are callable at 110 and are pref. as to prln.
and dividend; are listed on Pittsburgh Stock Exchange. Common stock
Is listed on the Pittsburgh, Chicago and London stock exchanges. The
remaining $2,000,000 first Hen bonds are reserved under careful restrictions
for acquisitions o f other securities and for extensions and impts. Bonds are
secured by deposit of all the securities owned by Ga. L t.. P. & Rys. $390,000
(not incl. in amount reported outstanding) are held In the treasury and
$553,000 have been retired by sinking fund. Red. at 105 & Int. on any
int. date on 30 days’ notice. Prln. Sc lnt. payable at office of A. B. Leach
fc C o., Inc., N. Y ., or Bank of Scotland, London. Annual sinking fund,
$50,000 1916 to 1920, $75,000 1921 to 1925. and $100,000 1926 to 1940.
V. 93, p. 1532. Bonds are listed on Chicago. Pittsburgh and London stock
exchanges. The 5-year notes are redeemable, all or in part by lot, on any
interest date on four weeks’ notice at 105 and interest.
Dividends.— Quarterly divs. of 144% on pref. stock were paid from Jan. 1
1913 to Jan. 1 1915, lncl.; none to Oct. 1917. when regular quar. divs. of
144 % were resumed.
REPO RT.— The combined results o f the company and its subsidiaries,
with inter-company items eliminated, for the years ending Dec. 31 were:
Calendar
Gross
Net (.after Sub. Co. Int.
Interest
Balance,
Year— Earnings.
Taxes).
Divs.
Charges.
Surplus.
1922.........-$1,681,421
$698,206
$191,095
$276,108
$231,003
1921_____ 1,671,090
499,932
225,043
268.052
6,837
PR O PE R T Y.— Through controlled companies operates entire electric
.railway and gas business in Macon; furnishes electric light and power in
Macon. Monticello. Forsyth, Barnesvllle, Griffin, Jackson, Jonesboro,
Bibb, Thomaston and Hampton, Ga.; also sells a large amount of electricity
In Atlanta.
OFFICERS.— Pres., J. D. Everitt; V.-Ps., F. B . Lasher and Lloyd
Robinson; Sec. & Treas., Paul W . Fisher.— V. 106, p. 1124, 1577, 2445,
2450; V. 108, p. 2528; V. 110, p. 561, 1642; V . 113, p. 182.
(1) M acon Railway & L ight Co.
Entire common stock Is owned by Georgia L t.. Power Sc Rys.
ORGA N IZA TIO N .— Incorporated in Georgia on Oct. 23 1902 by the
Railways & Light Co. of America as a consolidation of the Macon Consoli
dated Street R y., the Macon Electric Light & R y., the North Sc Soutb
Macon Street Ry. and the Metropolitan Street Ry
The city ordinance
oermittlng the consolidation, passed on Sept. 16 1902, granted a 50-year
franchise. For terms, see V. 75. p. 733.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1,600,000 ($100) ................................... ..
$900,000
_________
Pref $300,000 ($100) 6% cum...........
8 A-O
300.000
See text.
Macon Ry S Lt 1st cons mtge/ 1903 5 g J-J
c
959.000 Jan 1 1953
g $1,000,000 ($1,000) -c * tf lin t, at Equitable Tr. C o., N. Y .. Trustee.
Macon Elec Lt S Ry 1st mtgej 1899 6 g J-J
c
42,600 Jan 11929
$100,000 ($500) g o ld .c * t flin t at Equitable Tr. C o., N. Y ., Trustee.
Bonds.— Macon Ry. S Lt. 1st consols are subject to call on any Interest
c
date at 110 and Int. $41,000 bonds, $12,300 com. and $16,400 pref. stock
are held by Savannah Trust Co. to retire the $42,500 Macon Elec. L t. Jc
Ry. bonds remaining out. See V. 76, p. 212.
Dividends.— 6% per annum has been paid s.-a. on pref.. 1903 to Apr.
1921, inclusive.
ROA D .— Owns and operates about 37.11 miles of track, all of which has
been re-laid with 70-lb. rails. 58 cars.
EA R N ING S.— For years ending Dec. 31:
year ending
Gross
Net (after
Interest on Pref. Div. Balance.
Dec. 31—
Earnings.
Taxes).
Bonds, ^ c.
(6 % ).
Surplus
______
$61,152
1922
$878,743
$187,756
$126,604
1921...
...... 906,761
159.831
127,216
17,754
14,860
OFFICERS.'— Pres.. Wm. H. Felton; V .-P .. P. G. Gossler: Sec.. R .
Frank Jones; Treas.. L. A. Magraw; Aud. W. E. Houser.— V. 107, p. 906
V. 109, p. 578; V. 110, p. 2192; V. I l l , p. 1083; V. 113. p. 960.
(2) M acon Gas Co.
ORGA N IZA TIO N .— Incorp. in Ga. In 1852. Was formerly Macon Gas
Lt. S Water C o., but In Oct. 1911 transferred Its water plant to the city.
c
and changed name to present title. Controls entire gas business of Macon
Practically all the $475,500 com. and $20,000 oref stock Is owned by Ga.
L t., Power & Rys. There are also outstanding $448,000 1st M tge. bonds
deposited with N . Y . Trust Co.
EARNINGS.— For years ending Dec. 31:
Dec. 31
Gross
Net (after
Interest
Preferred
Balance
Years—
Earnings.
Taxes).
on Notes.
Divs.
Su'Mus.
$81,343
$34,497
_____
$46,846
1922 ____________ $303,845
1921____________ 318,050
70,422
32,415
-----38,00 7
Has 2 gas holders and over 54 miles of mains, <&c. Output now exceeds
1 000,000 c u .ft . per annum.— V. 93, p. 942. 1537: V. 99. p. 1455.
(3) Central Georgia Power C o.
Georgia Lt., Power S Rys. owns $3,660,000 stock.
c
ORGANIZATION.— Incorp. In Ga. on March 4 1907 as Bibb Pow. Co
and In Jan. 1908 changed name to present title. Began ooer. June 1 1911
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $4,000.000-................. ............
................. $4,000,000 ___________
Mtge $3,000,000 g ($1,000,1 1908
5 M-N
2.680.600 M ay 1 1938
$500 & $l0O, or £ equiv-f Empire Trust C o., New York. Trustee,
alen t)____________ c*&r*_|
Bonds.— Int. on bonds is payable at office of A. B. Leach S C o., Inc..
c
N. Y ., or Bank of Scotland, London. Subject to call at 105 and int. for
sinking fund or any or all at company’s option on any int. day. Sinking
fund of 1% of bonds out began In 1913. V. 88. p. 1199. $319,400 bonds
m sinking fund.
EARNINGS.— For 12 mos. ending Dec. 31:
Year—
Gross.
Net, aft. Tax. B d .In t.,& c.
Surplus.
1922 __________________
$653,821
$304,199
$224,834
$79,365
1 9 2 1 _________ ________
596,190
267,347
232.277
35,070
PR O PE R TY.— Owns hydro-electric plant with a capacity of 24,000
electric horse power on Ocmulgee River, near Jackson. Transmission
lines extend to Macon, Forsyth, Jackson, Bibb, Barnesvllle. Thomaston
and Griffin, connecting at the last-named point with the line of the Central
Georgia Transmission Co. (whose entire capital stock and bonds are owned
by Ga. Lt., Power & Rys.), running to Hampton, Jonesboro, Monticello and
Atlanta. Total length of transmission lines (incl. Cent. Ga. Trans. C o.).
145 miles.— V. 93, p. 1536, 1670.
MADISON, WIS.
MADISON RAILW AYS COM PANY.
O RGAN IZATION .— Successor In M ay 1916 to the Southern Wisconsin
Ry., for statement of which see this Section for May 1916. Franchise
expire in 1932, 1938 and 1944.
The $200,000 notes originally matured'May 1 1919 and bore int. at 6%
but were extended for one year at 7% and a 1 % premium. This issue, how
ever, was again extended, this time to May 1 1921 at 7% and a 1% bonus
At maturity in 1921 the issue was extended for 1 year at 8% and 1%
premium. As of M ay 1 1922 $25,000 notes had been retired. Remainder
were extended to M ay 1 1923 at same rate.
In Feb. 1923 was auth. to issue $44,000 of notes to pay for equip., impts.,
&c. V. 116, p. 1411.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $600,000 ($100)...........—
----------$350,000 ___________
MACON, GA.
Pref stock 1st div Sept 1925_ _____
_
7%
44,200
Seetext
GEORGIA LIGHT, POWER & RAILW AYS.
1st mtge $1,500,000 g ($500/ 1916 5 g M -N
877.500 May 1 1936
and $1,000)________ c*.tf\In t. at Wisconsin Tr. C o., M ilw., trustee.
OR G A N IZA TIO N .— Is a voluntary association formed under Massa
3-year notes ($200,000) gold/ 1916 8 g M -N
175.000 May 1 1923
chusetts laws in Sept. 1911. Has acquired all the com. stock of Macon Ry
($500 and $1,000)______ c*\Int. in Chic. Wise. Tr. C o.. M llw.. trustee.
S Light C o., practically all the com. & pref. stocks of Macon Gas Co.
c
Bonds.— Additional bonds may be Issued for extensions, additions. See.,
$3,660,000 [of the $4,000,000] stock o f the Central Georgia Power Co.,
the entire capital stock of the Central Georgia Transmission Co., and the for 80% of cost under conservative restrictions. Red. at 1024 and int. on
entire capital stock o f the Georgia Public Service Corp. Also owns $2,- any lnt. date on 60 days’ notice. A sinking and improvement fund o f 1 4 %
581,000 7% securities o f Its constituent companies issued for new con per annum of bonds outstanding began May 1 1919 for redemption of
bonds or Improvements, &c. The notes are redeemable at par and int.
struction, &c.
A pril, 1923.]
on any tnt. date on 30 days’ notice. The following payments were required
to be made into an improvement fund for the redemption o f notes or foi
Improvements. See.: M ay 1 1916, $15,000; Nov. 1 1916 and M ay 1 1917
$12,500: Nov. 1 1917 and May 1 1918. $15,000. and Nov. 1 1918 and
May 1 1919, $17,500. $105,000 has been paid into fund. The notes
originally were 6s and matured May 1 1919, but were extended for one year
at 7% and a 1% premium, and again to May 1 1921 on the same terms
At maturity in May 1921 they were extended for another year at 8%
with a 1 % premium, and again to M ay 1 1923 at the same rate.
EAR N IN G S.— For year ending Dec. 31 1922, gross, $419,463; net after
taxes, $115,996. In 1981., gross, $413,268; net after taxes, $117,201.
Dividends.— Were paid on pref. stock Aug. 1 1922 and Feb. 1 1923.
ROAD.— Owns l ft.2 miles of standard-gauge track, including lines in
Madison, and extwETfon to Fair Oaks, Elmside. Lake Park Cemetery and
South Madison.
OFFICERS.— Pres., F. W. Montgomery; V .-P., Dudley Montgomery
Sec. S Treas.. Warren Montgomery- Supt.. D. Montgomery.— V. 103. p,
c
220; V. 110, p. 1642; V. 116, p. 1411.
MANCHESTER, N. H.
MANCHESTER TR AC TIO N . L IG H T & POWER CO.
O RGAN IZATION .— Incorporated in 1901 in New Hampshire and com
prisee 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. R y., 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 water
rights of the U. S. Bobbin & Shuttle Co.
Franchises perpetual. Interurban roads and main transmission line;
on private right o f way. except through cities and towns.
Stockholders of record N ov. 24 1920 were given the right to subscribe for
$386,000 stock pro rata at par. making $4 250,000 outstanding. Proceedwere anplied to the reduction of floating debt incurred for orw co n s tr u c tio n
&c. V. I l l , p. 2228. Compare V. 105, p. 2184. Stockholders of record
Mar. 13 1923 were given the right to subscribe at par to $708,300 of new
stock in the ratio o f 1 share o f new stock for each 6 shares of stock held.
V. 116, p. 1275.
In Feb. 1921 the co. issued $914,000 7% 1st ref. (now 1st) mtge. bonds
proceeds being apnlied to the retirement of a like amount of 1st consol
5s due Apr. 1 1921. V. 112, p. 562. Compare V. 112, p. 470. In June
1922 brought out $2,061,500 add’l 1st ref. mtge. 5% bonds. $1,742,500
6% conv. notes due N ov. 1 1922 were called for payment June 19 1922 at
101 and int. V. 114, p. 2359.
STOCK—
Date.
Interest. Outstanding
Maturity
Stock $5,000,000 ($100)___________
Q-J 15
$4,958,300 Apr.'23 2°?
,
Manchester S Nashua 1st] 1906 5 g J-D
c
200,000 June 1 1926
M gold $300,000 ($1,000)tf(Int. at American Tr. C o., Boston, Trustee
Man & Derry St Ry 1st mtgef 1907 5 J-D
125.000 Dec 1 1927
$500,000 ($1,000) guar..tf\ Int. at American Tr. Co Boston. Trustee
First Ref M Sink Fund g $15.-/ 1917 see text
4.940.000 Aug 11952
000.000 ($500 & $1,000 c*:-|Int. at American Trust C o., Boston, trustee
$5,000.r _____________ t fl
Bonds.— The Manchester & Nashua St. R y. and the Manchester & Derry
St. R y. bonds are guaranteed, prin. & 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 o f 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. $141,000 (incl. in amt. outstanding) held in sk. fund Apr. 1
1923. Bonds purchased are to be held alive. Callable at 105 and int.
V. 105, p. 909; V. 112, p. 562. ________________________________________
PROPERTIES.— The different roads controlled comprise 65.596 miles
of track, as follows; Manchester Street Railway, 42.842 miles; Man
Chester A Nashua Street R y.. 14.335 miles; Manchester & Derry St. Ry
8.418 miles. 114 passenger and 15 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 approx. 15,000 k.w. Also owns watei
rights along the Merrimac River.
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% ertrs
dividend in 1912.
^f
REPO RT.— Of the Manchester Trac., Lt. & Power Co. and subsidiary
companies for years ending Dec. 31:
Year end.
Gross
Net
Interest
Balance foi
Dec. 31.
Earnings.
Earnings.
Ac.
Dies Ac
1922
$2,297,871
$798,679
$296,467
$502,222
1921
------- --------------- 2,429 865
782,808
312 160
470.648
OFFICERS.— Pres. E. C. Foster: V.-P. Walter F. Norton; V.-P. AGen. Mgr. J. Brodie Smith; Treas., Geo. S. West; Asst. Treas., A. Cun
ningham and Robt. Haydock: Clerk, Allan Wilson.— V. I l l , p. 1949,
2228; V. 112, p. 470, 562; V. 114, p. 1890 2359, 2717; V. 116, n. 1275.
MARION, ILL.
COAL BELT ELECTRIC RY
In 1904 passed into control of the St. Louis Iron Mtn. & Sou. Ry. Co.
Stock authorized and outstanding. $300,000: par of shares, $100.
EARNINGS.— For year ending Dec. 31 1922, gross, $141,982; net, after
taxes, def., $5,531; other income, $18,002; balance, sur., $12,471. In 1921,
gross, $170,224; net, after taxes, def., $14,834; other income, $15; def.,
$14,820.
ROAD.— Operates 15.36 miles of track from Marion to Carterville and
Herrin. Standard gauge. 52 to 70-lb. T rail.
OFFICERS.— Pres., A. Robertson; Sec., F. W . Irland; Treas., F. M.
Hickman.
MARION, OHIO.
COLUMBUS MARION & BIJCYRUS RY.
ORGANIZATION.— Incorporated in Ohio Mar. 25 1914 as a reorganiza*
Sion of the Columbus Marion & Bucyrus RR.. sold under foreclosure per
Plan V 96 p. 1488 1839
Fare Increase.— In June 1920 fares on the co.’s lines were Increased to
3 cents per mile. V. ilO, p. 2657.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock. $ 3 5 0 .0 0 0 -.................... .......
.............
$350,000 ..................
First mtge, $100,000 _____tf 1914
6% g
47,000
1934
Gen&Ref M . $350,000. gold tf 1914
5%
250 009
1944
Bonds— The 1st M 6s are red at 10214 and int on any int day
Re
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.
EA R N IN G S.— For calendar year 1922, gross, $60,154; net, after taxes,
$14,990. In 1921, gross, $61,308; net, after taxes, $7,111.
OFFICERS.— Pres. & Gen. M gr., Geo. Whysail; 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 Co., which seejin our “ Railway &
Industrial” Section
ORGANIZATION.— Incorporated in Illinois in 1902. Controls the
Central Illinois Power Co. and has assumed as to principal, interest and
sinking fund that company’s first mtge. 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. 1st mtge. 7% bonds as to
principal, interest and sinking fund. V. 114, p. 304. During 1922 the co.
urchased the municipal electric lighting plant at Vermont, 111., and as of
an. 1 1923 the co. purchased the electric utility properties of the Abbott
Light & Power Co., Petersburg, HI. V. 116, p. 940, 1048. Does an
electric light, power, water, gas, heat, ice, street railway and interurban
S
67
ELECTRIC RAILW AYS
business, supplying electrical energy to 194 communities in central and
southern Illinois. These communities have an estimated population of
400,000. In addition to the supplying of electrical energy to these com
munities, 8 are served with gas, 11 with water, 11 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 co. in 1922 was awarded a contract by the Old Ben Coal Corp. to supply
the coal, c o .’s entire power requirements for a period of 10 years. V. 115,
p. 2904.
On Feb. 28 1923 the auth. capital stock was increased from $17,500,000
to $3O,OOO,O0O, the increase consisting of 50,000 shares (par $100) com.
stock and 75,000 shares (par $100) pref. stock. V. 116, p. 940.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Jommon $10,000,000 ($100)..................................... $8 5U ,°00 ______ _____
•»ref 6% cum $10,000.000($100)____
Q-J
5 744.600 Apr ’2 3 .1 H
iHrst and refunding mortgage/ 1912
5 F-A
14,916,000 Aug 1 1952
gold ($1,000)________ c*tf (interest payable in Chicago
6 g J-D
955 000 Dec 11952
Jeneral mortgage gold-----------1917
Jnderlylng bonds___________ _____
_________
2,841,500 __________
’ ollateral gold notes_________ _____
7%
144,000 __________
Central Illinois Pow 1st M tge. 1922
7 g M-S
1,500,000 M a r l 1942
Stock.— Pref. stock Is red. at 110 and div
Has full voting power. Tax•xempt in Illinois
Registrar. Illinois Trust & Savings Bank, Chicago.
Bonds.— The first and ref. boDds are red at 105 on any Interest date.
Additional bonds may be issued under certain restrictions. See V. 95. p.
’44
For security of bonds, see V 103. p 1887
Cont. S Comm. Trus.
c
& Sav. Bank, Chicago, trustee. Central Illinois Power 1st mtge. 7s are
guar., prin., int. & sinking fund by the Central Illinois Public Service Co.
V. 114, p. 1178.
Dividends.— 6% Is being paid on preferred stock.
EARNINGS.— For calendar years:
Years end.
Gross
Net after
Other
Interest Pref Divs. Balance.
Oe.c. 31. Earnings.
Taxes
Income Ac Chas
(6%)
Surplus.
1922________$6,342,905 $1,846,021 $12,137 $1,221,380 $265,874 $370,904
1921------------ 5,878,686 1,642,515 15.470 1,173.921
258,266 225,799
1920.............. 5,168,000 1,325,453 17.019 1,049,205
233,163 60,103
P R O PE R TY, & 0.— The company operates over 1.476 miles of high
tension transmission lines, 4 central stations, holds 11 stations in reserve
ind has contracts for power from 5 other central stations. Total available
capacity. 90,000 h. p.
OFFICERS.— Chairman of the Board, Samuel Insull: Pres., Marshall E.
■)s»m
r>sell V.-Ps , J. Paul Clayton and Geo. W. Hamilton: Sec., P. A.
Erlach; Treas., C. B. Cripe: Aud., R . A. Crews.— V. 112, p. 1023; V. 114,
p. 304, 1178; Y. 115, p. 1531, 2378, 2904; V. 116, p. 940, 1048.
MAUCH CHUNK, PA.
MAUCH CHUNK & LEHIGHTON TRANSIT CO.— A trolley road.
ORGAN IZATION .— 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
.................
10-yr bonds $150,000________ 1919
6% M-S
70,300
1959
larbon Transit Co 1st m tge/ 1908
5 g F-A
150.000 Aug. 1 1933
I150.000($100&$500)g-.c*tflint, at Mauch Chunk Trust C o., Trustee.
Bonds.— 1st 5s of the Carbon Transit Co. are call at 105 and Int. on any
lot date.
ROAD.— Comprises 12)4 miles of track, 24 cars. Owns about 425 acres
of real estate, incl 75 acres on “ Flagstaff Heights.”
OFFICERS.— Pres., Rolland A. Davidson; V .-P ., Arthur S. Ives; Treas.,
Dr. Geo. H. Mayer; Sec., V . M . W olff.— V. 108, p. 2629; V. 115, p. 436.
MEMPHIS, TENN.
MEMPHIS STREET RAILW AY CO.
National Power & Light Co. (see under New Orleans) during 1922
acquired the interest in this co., formerly-held by the American Cities Co.
Receivership.— On Jan. 20 1919 Pres. T. H. Tutwiler and Frank S
Elgin were appointed receivers for the co. on petition of the American
Pitios Co. V 108. p 378.
Creditors’ Claims.— V. 115, p. 1631.
Reorganization Plan.— See under “ National Power & Light C o.” on a
subsequent page, and V. 114, p. 79.
Interest Payments.— The int. due Jan. 1 1919 on the consol, mtge. 5%
oonds was paid in May 1919, together with 5 mos. int. at 5% on the deferred
payment. V. 108, p. 2241. Compare V. 108, p. 1511. The July 1 1919
Int. on this issue was paid Sept 2 1919. V. 109, p. 982. The M ay 1 1919
Int. on the 2-yr. coll, notes was paid in June 1919 together with int. at 6%
'or 1 month on thp deferred payment. V. 108, p. 2330. Subsequent Int.
had been paid when due.
Sale of Collateral, Ac.— The collateral pledged under the $1,250,000 2-year
6% coll, notes, which matured N ov. 1 1920, was sold as one block on M ay 3
1922 for $600,000. Holders of the coll, trust notes were paid 40% of their
notes in cash on M ay 4 1922 and the remaining 60% is to be paid by M ay 1
1923 in cash with Int. See V . 116, p. 1649.
Committee for 2-yr. Coll. 6% Notes.— Chairman, Mortimer N. Buckner;
I. C. Neff, S. F. T. Brock, Charles Counselman, George T. Ordway, John
A. Langan: Secy., Boyd G. Curts, 26 Broad St., N. Y. City. Depositary:
N. Y . Trust C o., N. Y . Sub-Depositaries: Fidelity Trust Co., Phila.;
Illinois Trust & Savings Bank. Chicago. Deposits have been called for.
V. 108, p. 1511. (See above.)
ORGANIZATION.— Chartered in Tennessee on March 28 1895 and con
tolidated with the Citizens’ St., East End St City & Suburban and Mem
phis & Raleigh Springs lines; franchise'- -un until Nov 1945. The Supreme
Hourt has confirmed the co.'s franchises in all respects Including the right
so charge 5-cent fare. (Compare V 85. p 654; V i00, p. 1752.) Owns
\aa operates the entire street railway business of the city, incl. suburbs of
Binghamton, Raleigh Springs and South Memphis and a line to Lake
t'lew Miss.
in Mar 1913 purchased the property (excluding the building owned In
>ernnbls and the car barns' of the Lakeview Trac P'n 'sold at foreclosure
in Sept. 1912) for $160,000, payment to be made in 20-vear Memphis &
Lake View R y. Co. bonds bearing 2% int. for 2 years. 3% for 3 years, 4%
for 7 years and 5% for the last 8 years. V. 96, p. 863.
Valuation.— In March 1920 the Tenn. P. U Comm fixed the valuation
of the property at $11,846,034. V. 110, p. 970. Compare V. 110, p. 167.
360.
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity
Common $2,500,000 ($100)________
_________ $2,500,000
8ee text
Preferred $2,500,000 5% cum/
($100) red at 110 & accr divs/ ............................... 2 590.000 June’ 17, 2U
Cons mortgage $10,000,000/ 1905
5 g J-J
9,291.000 July 1 1945
gold (see text) closed.c*& rlInt. at Central Trust Co N Y ., Trustee.
Gen mtge $30,000,000 gold/ 1915
6 g M -N
512,000 Nov 11935
($100 & $1,000)-_c* ____tfKluaranty Trust C o.. N V. Trustee.
2-year collateral gold notes) 1917
6 g M-N
See text Nov 1 1920
($1.000)___________ c*cpt\Int. at N. Y Trus' Co. N Y., Trustee.
One-year notes___________________
6%
2n0 000 ___________
Equipment trust____________ 1914
6%
21.000
To 1924
Bonds.—The 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,
1010-14 $30 000, 1015-19- $35,000 1920 24 <40 000 >025-29 and $50,000
1930-45. See V. 82, p. 628, 1496. $559,000 held alive in sinking fund.
Mtge. closed. During life of coll, notes total issue o f gen. M . bonds cannot
exceed $650,000 except with consent of two-thirds of coll, noteholders. Of
the unissued gen. mtge. bonds, $9,822,000 are reserved to retire the consol.
M . bonds and remaining $19,666,000 are for add’ns, exts., &c., under certain
restrictions
Red at 102)4 and int. on any int date
V 101. p. 1886.
The 2-year coll, notes were issued to provide funds for the payment of $1,500,000 notes due N ov. 1 1917. They originally matured N ov. 1 1919 but
were extended for one year. See above under “ Sale of Collateral, &c.”
Dividends— On pref. stock 5% was paid from Issuance up to and Including
Dec. 1914. In 1915, none. In 1916. Dec., 254 %
In 1917. June, 2 )4 % .
None since. On common, first div.— 1% — paid June 1912. In 1913.
March, 1% ; Dec., 1% . In 1914, June, )4 % ; Dec., 2 )4 % : none since.
68
ELECTRIC RAILWAYS
R E PO R T .— For year ending Dec. 31:
Year.
Grass Earns, Net aft Tates.Ac. Int.Oth.Deduc.
Surplui
1920
$3,342,213
$875,462
$774,788
$100,674
1 9 19____________ 2.681,436
852,438
635,011
217,427
1918 ..................... 2.038,190
582.675
638,591
def.55.916
R O A D .— Owns 130 miles o f track
Rails, 60 to 80-lb. T , 60 to 109-lb
girder. 326 passenger and 30 miscellaneous cars
OFFICERS.— Pres. & Gen. M gr., Thos. H. Tutwiler; Sec. & Treas.,
L. L e M a y — V. 113, p. 417, 1053, 2311, 2405: V. 114, p. 79, 948, 1179,
2360: V. 115, p. 988, 1210, 1631: V. 116, p. 1649.
MICHIGAN CITY, IND.
C H I C A G O L A KE S H O R E & S O U T H BEND R Y .
[ V ol. 116.
MILWAUKEE, WIS.
THE W I S C O N S I N ED ISON C O ., INC.
ORGANIZATION.— Incorp. In N. Y. on N ov. 7 1912 to take over the
4orth American Co.'s holdings in Milwaukee and other Wisconsin public
>r1Hties. Owns or controls, through stock ownershib. the following cos.:
Milwaukee Elec. Ry. & Light C o., the Wisconsin Gas & Elec. Co., the
Oslo Light & Power Co. In Jan. 1923 acquired an interest in the Badger
Public Service Co. V . 116, p. 423.
on Apr. 29 1914 the company filed a certificate of increase of capital
itock from 300.000 to 400,000 shares, to provide for conversion of the conrertlble bonds.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Itock 400,000 shares (no par
----------215,000 sh.
See text
value)------------------------------- -------Jebena $10,000,000 ($1,000.
$500 and $100)_______ c*tf 1914
6 g M -N
6,500,000 May 1 1924
Debentures convertible Into stock at $80 per share to May 1 1923; red.
•t 102 on 60 days’ notice. V. 98. p. 112.4.
Dividends.—A dlv. of $1 75 was paid June 1 1914; In Dec. 1914 also paid
Ji 75. In 1915, June, $1 75; Dec.. $1. In 1916. June, $1 75; Dec., $1 75
*nd 75c. extra. In 1917. Apr., $1, July, 50c., Dec , $1 50. None until
Dec. 1918 when $2 was paid. In 1919, July, $1; Dec., $3. In 1920,
June. $1; Dec., $1.50. In 1921, June, $1; Dec., $2.50. In 1922, June, $1.
Dec., $1.
Consolidated Income Account of The Wisconsin Edison Company, Inc.
and Subsidiaries. Years Ended Dec 31.
xl922.
1921.
1920.
1919.
Gross earnings_______ .$23,285,175 $22,105,890 $22,947,350 $17,912,687
Oper. exp. and taxes_ - 16,638.572 16,121.188 18,111,627 12,655,816
_
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). No further information.
STOCK AND tiON J 3 —
Dale.
Interest. Outstanding
Matari y.
Common $5,000,000 ($100)________
_________ $5,000,000 ........... ..
_________
1,000,000
.........
Pref $1,000,000 ($100) 6% n - c ____
1st mtge $6,000,000 ($1,000)/ 1907
5 F-A 15
4.357,000 Aug 15 194
gold____________________ tf 1Interest at Cleveland Trust C o., Trustee
Equipment bonds, gold ($ l,-j 1908
6 M-N
50,000 Past due
000)____________________ c /ln t . at Cleveland Trust C o., Trustee.
Bonds.— Remaining oonds are reserved for future extensions and im
provements. They are subject to call at 102)4 at any int. period. Sink,
fund of $50,000 per annum began Aug. 15 1917 for 10 years, theD 2% of
- $8,646,603 $5,981,712 $4,835,723 $5,256,871
Net in c o m e ____
bonds outstanding until maturity.
2,505,272
2,945,125
2,318.181
EA R N IN G S.— For year ending Dec. 31 1921, gross, $808,751: net, after Fixed charges________ - 2,989,189
taxes, def., $13,887. In 1920. gross, $924,810: net, after taxes, $52,305.
Balance
. __ - $3,657,414 $3,039,287 $2,477,543 $2,751,599
R O A D .— Operates a total o f 70.86 miles between South Bend and Ham
651.504
418,990
329,443
305,000
mond. 6.3 miles Hammond to Kensington owned by Illinois Central R R ., Div. on pfd. not owned
Is leased to Chicago Lake Shore & South Bend. 70-lb. T rail.
Bal. for depr., com.
OFFICERS.— Chairman of Bd., 1. F. Freiberger; Pres. & Gen. Mgr ,
divs. and surplus_ $3,005,910
_
$2,620,297 $2,148,099 $2,446,599
O. N . Wilcoxon; Vice-Pres., Chas. Currie: Sec. & Treas., R. R. Alexander
x Includes Milwaukee Northern Ry. from July 1 1922.
V. 86, p. 1528: V. 98, p. 386: V. 106, p. 2755; V. 114, p. 2716.
OFFICERS.— Pres., F. L. Dame; V.-P., Ed.vin Gruhl; Sec., James F .
Fogarty; Treas., Robt. Saaly; Asst. Sac., F. H. Piske; Asst. Treas., Fer
MIDDLETOWN, N. Y.
dinand Sherwood.— V. 101. p. 2134; V. 105, p. 1800: V. 106, p. 603, 614.
1236, 2458; V. 113, p. 2627; V. 114, p. 2368; V. 116, p. 423.
W ALLKILL TR ANSI T CO
O RGAN IZATION .— Incorporated In New York on March 30 1905 as
i l) The Milwaukee Electric Railway S Light Co.
c
successor, under foreclosure, to the Middletown-Goshen Electric R y and
the Middletown-Bloomsburg Elec. Ry. See V. 80, p. 1059, 1425. Com
ORGAN IZATION .— Successor of Milwaukee St. Ry. Oo. Jan. 29 1896
pany was placed in hands of receiver Oct. 1908 on account of a judgment for per plan in V. 60, p. 1009. On Feb. 11 1919 acquired the property, &c. of
Injuries obtained by a motorman, but all indebtedness having been paid off, the Milwaukee Lignt, Heat & Traction Co. (for history see "Electric
receiver was discharged April 23 1909.
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,
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
p. 72. Compare V. 106. p. 919: V. 108, p. 171. Embraces practically all
Stock $350,000 ($.50).....................
.................
$350,000 __________
1st mtge $350,000 gold ($100.7 1905
5 g M-N
300,000 May 1 1937 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
$500 and $1,000) ____ c * t f‘ lnt. at Com ’w’lthTr.Co..Harrisburg. Trust
Bonds.— $50,000 reserved for future Improvements. Are subject to cal* central-station, steam-heat system in Milwaukee serving a population now
estimated at 850,000. Does an extensive street and interurban railway and
after 10 v«ars at 105.
EARN IN G S.— For year ending Dec. 31 1921, gross, $89,677: net, before electric light and power business, serving South Milwaukee, Cuday, Racine,
Kenosha, Wauwatosa, North Milwaukee Whitefish Bay, Fox Point, West
taxes, $8,534. In 1920, gross, $77,796; net, before taxes, $12,557.
Allis, Waukesha, Pewaukee, Hartland, Oconomowoc. Watertown, St.
R OAD.— Operates 12.84 miles of track extending from Middletown
Martins, Muskego Lakes, Mukwonago, East Troy. Waterford, Rochester
N . Y ., to Midway Park. Goshen, including switches, turnouts, &c. Ralls and Burlington. Entire common stock is owned by the Wisconsin Edison
65-lb. T and 80 and 90-lb. girder. Standard gauge.
Power Go. In April 1917 acquired the electric utility of the Commonwealth
OFFICERS.— President, _________________ : Secretary, J. F. Weiss,
Power Co. and the heating utility of the Continental Realty Co. and issued
Harrisburg, Pa.; Treas., W . M . Oglesby, Harrisburg, Pa.; Gen. Mgr
$1,450,000 Serial 5% notes in connection therewith. V. 106. p. 919.
W. M . Gould: Aud., Miss M . L. Robinson.— V. 80, p. 998, 1059,1425.2346
In 1921 the company acquired the property of the North Milwaukee Light
& Power Co., and arranged t.o operate the nronorty of the Wells Power Co.
under lease. In 1922 acquired control of Milwaukee Northern Ry. and
MILFORD, MASS.
early in 1923 acquired the plant and holdings of the Dousman (Wise.)
MILFORD & U XBRIDGE STREET R Y ,— Trolley.
Electric Light & Power Co. V. 116, P- 1050.
Leases tlie plant of the Wisconsin Electric Power Co. and guarantees pay
ORGAN IZATION .— Incorporated In Massacnusetts In 1901. On Julj
10 1902 consolidated by purchase of entire capital stock with the Milforb ment of principal and interest on that company’s 1st mtge. bonds. V. I l l ,
p. 1566. In Aug. 1920 the Milwaukee Power Co. was incorporated to
Holliston & Framingham St Ry
Operates the Grafton & Upton RR
(V. 104, p. 73, 163) from Milford to North Grafton, 15.37 miles. See V. finance the company’s new power plant at St. Francis. The Power Co. has
a nominal capital of $2,000,000 and was organized so that bonds could be
112, p. 2083.
Line Discontinued.— The company on N ov. 21 1920 discontinued service issued with the St. Francis plant as security. V. I l l , p. 1083. On Oct. 6
1920 name of power company was changed to Wisconsin Electric Power Co.
between Franklin and Medway, Mass., about 4 miles. V. I l l , p. 2520.
The railway franchises and the electric-light and power franchises are
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
unlimited in time.
Stock com $440,000 ($100)________
A-O
$440,000
See text
Valuation.— In Sept. 1917 the Wise. R R . Comm, submitted its report
Preferred $100,000 ($100).............
J-J
100,000
See textM . Holl. & Fram. 1st m tge./ 1898 7 g J-J
165,000 Jan 1 1928 on the valuation of the physical properties of the Milwaukee Elec. R y.
* Lt. Co. and Milwaukee Lt., Ht. & Trac. Co. showing a reproduction
$165,000 ($1,000) g ..c * n t f IInt. at Amer. Trust C o., Boston, Trustee
Milford & Uxb gold bonds/ 1902 7 g J-J
335,000 Jan 1 1928 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
($1,000) gold_______ c*n tf Int at Amer Trust C o .. Boston, Trustee
The above bonds were originally 5s and fell due Jan 1 1918 but war- ditures, the estimated reproduction cost of the companies as of Dec. 31
extended to Jan. 1 1923 at 7 % , and again to Jan. 1 1928 at the same rate 1922 was $60.017,003 (exclusive of $2,737,104 of materials and supplies on
hand). V- 112. P. 2083.
of int. V. 115, p. 2267.
Fares.— See “ Electric Railway” Section of Oct. 28, 1922.
Dividends.— On pref., in 1910, )4 % ; in 1911, 5% ; In 1912 ard to and incl.
1918, 6% per ann. None since. On com., in 1901 to 1103, 6% : 1904,
Service-at-Cost.— On Apr. 4 1921 the Milwaukee City Council approved a
1 )4 % : 1907, 3% ; 1908. 1%: 1909, 3% ; 1910 and 1911, 4% ; 1912, 5 X % ; bill to be introduced in the State Legislature, authorizing the city to enter
thereafter to Oct. 1916. 5% per annum. None since.
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.
E A R N IN G S.— For fiscal years:
A joint committee has been formed to negotiate a service-at-cost franchise
Year
Gross
Net (after Deduc- Pf.Div. Com.Div. Balance
with the city.
ending—
Earnings. Taxes).
tions.
(6 % ).
(5 % ).
Surplus.
in May 1921 the stockholders auth. the creation of $15,500,000 pref.
Dec. 31 1922____ $341,554 $52,775 $43,381
$9,394
Dec. 311921____ 355,280
47,327
45,869
1,458 stock, "Issue of 1921'' and made the outstanding 6% non-cum. pref. stock
Dec. 31 1920____ 362,748
46,556
45,870
686 cumulative. V. 112, p. 2414. Compare V. 112, p. 1978. $3,000,000 of
series was jffeted to stockholders of record
R O A D .— Owns 36 miles of track, from So. Framingham to Uxbridge ano the new pref. stock of 8% p.
113,
from Milford to Medway and Hopkfnton. Also operates the Grafton & June 15 1921 at par. V. 112, R . 2537; V.i o sellp. 417. in April 1922 was
authorized by the Wisconsin R
Comm,
$3,000,000 7% pref. stock
Upton R R ., from Milford to North Grafton, 15.37 miles. 48 pass, cars, for extensions, &c. V. 114, p. 1766.
8 snow plows and 4 miscellaneous; 168 electric motors.
In Oct. 1922 issued $12,500,000 5% ref. & first mtge. Series “ B ” bonds,
OFFICERS.— Pres., D E. Manson, Boston, Mass.; V .-P ., & Sec.
Wendell Williams. Milford, Mass • Treas.. J, E. Walker. Milford: ^unt., proceeds being applied to the redemption o f ?7,822,000 outstanding funded
debt (including $4,950,000 Series “ A " ref. * first mtge. 7)4s, called for
W. L. Adams, Milford, Mass.— V. 112. p. 2083; V. 115, p. 2159, 2267.
payment Dec. 1 1922 at 102(4 and int., and $2,000,000 3-year notes, due
May 1 1923, which have been retired, and eliminated from table below),
and the reduction of final ing debt and for ulditions, &p. y 115.p. 1631
MILLVILLE, N. J.
In March 1923 applied to the Wise. R R . Comm, for auth. to issue $3,MILLVILLE T R AC TIO N .— A trolley road.
000,000 capital stock, proceeds to be used for extensions. V. 116, p. 1050.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $175,000........................................... ...........
$175,000 _____ _____
Common stock $20,000,000
l i t mortgage $400,000 gold! 1894
5 g F-A
208,000 Aug 1 1914
(par $100)________________
$11,250,000
________
($1,000 each)___ ’______ c * fln t. at Land Title & Trust C o., Phila.. Trus
Preferred stock $4,500,000
Bonds.— N ot subject to call.
6% cum (par $100)----------6%
4.500.000 Apr ’23, 1H
E A R N IN G S.— For cal. year 1921, gross, $68,811; def. from operation Pref. stock (Issue of 1921)_ \
_
8 Q-M
2,737.300 Apr ’22 2%
(after taxes), $32,954. In 1920, gross, $79,770; def. from oper. (after
$3,000,000 cum (par $100) I
taxes), $21,162.
Preferred stock (issue of 1921) \
7%
1,267,500 ...................
R O A D .— Operates 5.20 miles of track In Millville, 0.536 miles In Vineland
$3,000,000 cumulative____J
and 5.541 miles In Township of Landis- total, 11.277 miles.
The Milwaukee Elec Ry & | 1896
5 g F-A
6,500,000
OFFICERS.— Pres.. George Wood; V.-Pres., R. D. W ood; Sec., Hartle
Light Co cons, mtge $8,-/Central Trust Oo. N. Y ., Trustee. Int. pay8. Haines; Treas., Daniel O. Lewis.
000,000 gold ($1,000)___c * [ able at c o ’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 ._ $20.000,-/Trust Co. of America, New York. Trustee
MILTON, PA.
000 gold ($l,000)closed. c* i Int. at c o .’s office, 60 Broadway, N. Y .
LEW1SBURG MILTON & WATSONTOWN PASS. R Y — Trolley.
Gen & ref mtge $90,000,0001
1911 5 J-D
5,819,000 See text
gold ($1,000) Ser " A ” .c*tf fln t. at N . Y. Bankers Tr. Oo.. N . Y ., Trus.
O RGAN IZATION .— Chartered Sept. 3 1897. In 1910 Whittaker &
.
Milw Elec Ry & Lt Co ref &1 1921
5 g J-D
12,500,000 June 11961
Diehl of Harrisbu g purchased control from the Railways Company General
1st Mtge Ser “ B ” ($500 &)
Under contract with Penn. RR , the Lewisb. MIL & Watsont. Pass. Ry
$1,000)____________ gc*tf JCentral Union Trust Co., N. Y ., Trustee.
agreed to Install storage-battery cars on some 11 miles of track between
1918 7 g xM-N
3,600,000 Nov 1 1923
Montandon and Mifflinburg and to operate a line in conjunction with Secured notes $3,600,000 gold/
($50,$100,$500&$1,000).c*_ (First Trust C o., Milwaukee, trustee.
steam use of that section of road, connecting with present trolley line at
Notes, $1,450,000 ($ 1 ,0 0 0 )...
1916 5%
550,000 See text.
East Lewisburg
Ylllw Lt H & Tr Co 1st M g/
1899 5 g M-N
5,000.000 May 1 1929
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
gu $5,000,000 ($1,000) g.c*\Int. at Equitable Trust C o., N. Y ., trustee.
Stock $150.000__________ _____________ ______
$150,000 _____ _____
/ 1918
6%
Nov 1 1953
First mortgage $300,000 gold] 1910
5 g F-A
175,000 Feb 1 1940 Milw Lt H & Tr Co gen M(After Nov. 1 1923 bearSee text rate of 5%
gold_____________________
Int. at
($500)_________________ c * ( Int. at Land T itle * Tr. C o., Phila., Trustee
Wise Elec Pow Co 1st M sk fd\ 1920 7)4 g A-O 15 4.700,000 Oct 15 1945
Bonds.— Remaining bonds can only be Issued for improvements and ex
Ser “ A ” ($1,000) gup&i.ctf/Central Union Trust C o.. N . Y ., Trustee.
tensions at 80% of "osf 8nh to "all as a whole on any int
at par
•Issued and Issuable.
EARN IN G S.— For 12 mos. ending Dec. 31 1921, gross, $59,063: net,
STOCK.— The 6% pref. stock Is listed on the N. Y . Stock Exch. Has
after taxes, $3,437. In 1920, gross, $72,422; net, after taxes, $11,459.
full-voting rights. Was originally non-cum. but was made cum in 1921
ROAD.— 10 miles of (rack between points named in title. 12 overhead
operation cars. 2 storage battery cars run from Montandon to Mifflinburg, (V. 112, p. 2414. The 8% and 7% pref. stock are also cumulative but
OFFICERS.— Pres., John F. Whittaker; V.-P., L. G. Brown; Sec. & have no votmg rights except in default of dividends. Redeemable at 103
and dividends. V. 112, p. 1978, 2414.
Treas.. D. L. Diehl; Asst. Sec. & Treas.. W. B. Rankin.— V. 90, p. 1363.
A p r il ,
1923.]
ELECTRIC RAILWAYS
Bonds.— 1st cons. mtge. is closed. Of the ref. and extension bonds. $6.500,000 are reserved for prior liens and $6,772,000 are deposited as collateral
to gen. & ref. mtge. bonds. Bonds are subject to call since Jan. 1 1916 al
108 and Interest. No sink. fd. See V. 81, p. 1724, 1792; V. 84. p. 508
Gen. & ref. mtge. fails due Dec 1 1951, except that in the event the co
has not acquired a franchise extending to 1954 on or before Dec. 1 1931
the mortgage becomes due on that date. Bonds of Series A are redeem
able on any interest date since Dec. 1 1916 at l r 5 and interest, on 6 weeks'
notice. $13,228,000 are reserved for prior liens; $10,500,000 pledged under
refunding and first mortgage Series “ B ” remaining $63,453,000 are for exten
sions, improvements and acquisitions, at 80% o f cost thereof under certain
restrictions. No sinking fund. See V 53, p. 1787. Bonds listed on
New York Stock Exchange. $6,772,000 ref. & ext. bonds pledged as
collateral for the gen. A ref bonds
The ref. & 1st mtge. 5s ser “ B ” will be a first lien on the entire property
by Dec. 1 1931
For full description o f security, &c., o f this issue see
V. 112, p. 2083; V. 115. p. 1631. Additional bonds may be issued only at
par to refund a like amount o f underlying bonds or bonds o f this issue and
for 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.
Are red. all or part by lot on any int. date to and incl. June 1 1923 at
105 and int., with the redemption price reduced M o f 1% during each
2-year period thereafter. Penna. 4-mill tax refunded. V. 115, p. 1631.
Compare V. 112, p. 2083. Listed on N . Y . Stock Exchange. V. 115,
p. 2379; V. 116, p. 721.
The Milw Lt. & Tr. Co. 1st M . bonds may be called at 110 on any int.
date. They are guar., prin. and int., by endorsement, by the Milwaukee
Elec. Ry. & Light Co. (V. 86. p. 1042). Income tax withheld at the source
at the rate o f 4% when owned by a foreign corporation. $4,500,000
gen. mtge bonds o f the Milw. Lt. Ht. & Tr. Co. are pledged as security for
the $3,600,000 5-vr 7% notes of the Milwaukee Electric Ry & Lt. Co
The Wisconsin Electric Power Co. 1st M . 7 V % Bonds ser. “ A ” are guar
S
anteed principal and int. by the Milwaukee Elec. Ry. & Lt. Co. A semi
annual sink, fund since 1921 provides for the retirement of 3% per
annum of Ser. A bonds by purchase at or below 107 V and int. or by call at
S
that price. Red. as a wholp at 110 and int. on any int. date. Penna.
4-milftax refunded
V. 111 p 1566.
Notes.— The balance ($550,000) o f the 5% notes o f 1916 are secured by
$660,000 gen. and ref. bonds. They mature $150,000 on each July 1 to
July 1 1926. $900,000 have been paid off. The 5-year 7% notes are se
cured by a deposit o f 40-year 6% gen. mtge. bonds o f the Milwaukee Light.
Heai & Trac-. ion Co in he ra-.-io of $125 of bonus for eacn $100 of no-e-.
Conver'ible
op'ion of holder at par and int. into the Milwaukee Llabt
Ht. & Trac. gen. mtge. bonds (later to be assumed by the company) pledged
as collateral for this issue, on the following basis: Nov. 1 1919 to Nov 1
1920. 93 and int.; Nov. 1 1920 to 1922, 94 and int.; N ov. 1 1921 to 1922,
95 and int.; Nov. 1 1922 to 1923, 96 and int.; Red. on four weeks’ notice
at 101 and Int. prior to Nov. 1 1921. V. 108, p. 171.
Dividends.— Regular quarterly dividends of 1H % have been paid on the
6% pref. since 1900. Regal.tr quar. divs. on the 8% and 7% pref. have
been naid since issue.
REPO RT.— Fiscal year ending Dec. 31:
1922.
1921.
1922.
1921.
Gross............$19,370,425$! 8,244,237 Gross income_$5,688.081 $5,149,158
Expenses____ 12,478,061 12,322,311 Interest______ 2,376,397 2,415,335
482,110
395,888
Taxes_______ 1,326,870
992,063 Preferred divs.
Common divs.
______
______
69
STOCKS AND BONDS— Date.
Interest. Outstanding. Maturity.
Sheboygan Gas Light Co.—
Common, $250,000__________ $150,000 out— All owned by Wis. P. S. Corp.
Klrsi mtge $250,000 g old ___ j 1901
5gJJ
250 0 )0 .July 1 1931
($1,000 and $500)__ c*tf I Int. at Union Trust Co. Detroit. Trustee.
Notes.— The notes are secured by pledge of $105,000 Wise. P. S. Co.
1st A ref. 5s, $60,000 Northeastern Power Co. notes, $450,000 Marine
Sec. Co. 7% pref. stock, $7,000 Green Bay Gas & Elec. Co. 5% bonds and
$48,000 Sheboygan Gas Light Co. 5% bonds. Callable on any int. date
on 40 days’ notice at 100 and int. V. 107, p. 503.
OFFICERS.— Pres., Clement O. Smith; V -Ps., Howard Greene, Geo.
P Miller, and Ludington Patton; Sec., Howard Greene; Treas., H. O.
Mackay; Asst. Sec. A Asst. Treas., Wm. M. One-iter.— Y. 100, P- 1924;
Y. 104, p. 75; V. 107, p. 503; V. 115, p. 184, 438, 1534.
WISCONSIN TR AC TIO N . LIGHT. HEAT & POWER CO.
ORGANIZATION.— This company was incorporated at Milwaukee in
Mar. 1900 with a nominal capita) of $10,000 (since increased to $1,000 000),
for the purpose of uuiting certain properties in the Fox River Valley.
Secured control of the Fox River Valley Electric Ry. and the Appleton
Electric Light A Power C o., and has consolidated them. In Sent. 1904
purchased entire capital stock of the Fox River Valley Gas & Electric Co.
See V. 79, p. 787. 1267.
In Mar. 1914 the Wisconsin Supreme Court sustained the State R R .
Comm, in holding, in company’s suit against the city of Menasha, that cne
city cannot do a commercial lighting business in connection with its own
jtreet-lighting service without the necessary authority from the Commission
V. 98. p. 764.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($100)__________
Q-J
$699 400
See text
First mtge ($3,000,000) $1.-1 1901 5A7>4 J-J
3.000.000 July 1 1931
000 gold no sink fu nd _ c*j Int. at First Wise. Tr. C o.. M ilw., Trustee.
_
Bonds.— Entire issue of 1st Mtge. bonds may be called on any Interest
date at 110 and int. $1 500.000 o f this issue originally outstanding bore int.
at 5% . but-in 1921 an additional $1,500,000 was issued under a supplemental
indenture providing for additional interest coupons at the rate of 2)4 % per
>
annum. The indenture provides that these coupons shall share equally in
any future lien which may be placed on the property. A sinking fund of
$33,000 annually began June 30 1922, and provides for the redemption of
these bonds. V. 113, p. 1055.
Dividends.— In 1914 and to and incl. Jan. 1918, at the rate of 5% per
annum. None since.
EARN ING S.— For years ending Dec. 31;
Year—
Gross.
Nettnft.Tax) Othlnc. Interest. Amort Res. Balance.
_
$390,149 $11,018 $200,321 $15,000
$185,846
1922_ $1,467,837
1921 __ 1,2/5,956
335,560
11.566
179.739
12.691 sur.154.696
ROAD.— Operates 15.92 miles of track, connecting Neenah, Menasha,
Appleton and Kaukauna. 3.56 miles locally in the city of Appleton and 1.76
miles sidings and turnouts; total, 21.24 miles. Also furnishes electric light
and power to 28 communities and gas to Appleton, Neenah and Menasha.
OFFICERS.— President, John I Beggs; Vice-Pres., Chas. F. Pfister
Milwaukee; Sec. & Treas. A K Ellis.— V 91. p 96. 1770: V. 98, p.
764; V. 101, p. 1093; V. 108, p. 1391; V. 113, p. 419, 962, 1055.
N et_______ $5,565,494 $4,929,863 Bal. for depr’n
Other income. $122,587 $219,295
& c________ $2,829,574 $2,337,935
Revenue passengers carried in 1922, 144,238,122, against 142,366,526 in
1921. Transfer passengers, 54,198,925, against 56,491,424.
MINNEAPOLIS, MINN.
ROAD.— Total track owned 406.45 and 1.56 miles leased. Steam power
TWIN C ITY RAPID T R AN SIT.— A holding company.
plants have an aggregate capacity o f 176,700 k. w., including leased plant
O RGAN IZATION .— Organized under the laws of the State of New Jersey
o f Wisconsin Electric Power Co. 750 passenger cars.
OFFICERS.— Pres., John I. Beggs; V.-P. and Gen. M gr., S. B. Way; June 3 1891 and by virtue of its stock ownership of the underlying com
V .-P., Edwin Gruhl; V.-P., Charles Pfister; Treas., Robt. Sealy; Sec. & panies (to wit. Minneapolis St. Ry. C o., The St. Paul City Ry. C o., the
Asst. Treas., J. F. Fogarty.— V. 112, p. 2637; V. 113, p. 417, 533,848, Minneapolis Lyndale A Minnetonka Railway Co. and The Minneapolis
1053, 1251, 2185; V. 114, p. 410, 622, 1766. 1890, 2116, 2718; V. 115, p. A St. Paul Suburban RR Co.) controls the entire street railway system
of Minneapolis, St. Paul, Stillwater, and lines to Excelsior, Tonka Bay and
645, 1429, 1631, 2379, 2581; V. 116, p. 77, 616, 721, 935, 1050.
Deephaven at Lake Minnetonka. In 1906 absorbed the North Side Street
Ry. (Robbinsdale line) and the St. Louis Park line; V. 83, p. 1472. In
(2) W isconsin Gas & Electric Co.
ORGAN IZATION .— Succeeded in 1912 the Racine Gas Light Co. In- 1905 articles of incorporation were amended so as to make the charter
perpetual. V. 80, p. 1914.
corp. in Feb. 1867, and acquired the Kenosha Gas & Electric Co. and Ke
Settlement with City of St. Paul.— For decision as to right to build new
nosha Electric Ry. Does entire gas business in Racine, Kenosha, South
Milwaukee, Cudahy and Watertown; the entire electric lighting, power and tines in St. Paul, see V. 79. p. 271. 2087, and for settlement with City o f St.
street railway business in Kenosha, and the electric light and power busi Paul by which the city relinquishes its right of appeal from this decision and
ness in Watertown, Burlington, Lyons, Springfield, Johnson’s Creek. Jef the company agrees to pay Into the city treasury real and personal property
ferson Junction, Menominee Falls, Lannon, Corliss, Clyman, Palmyra, taxes, equal to at least 6% of gross earnings: see V. 80. p. 1175.
Eagle, Union Grove and Thiensville, and wholesales power for supply to
On Oct. 23 1914 the Minnesota Supreme Court sustained the validity
Fort Atkinson, Lake Mills, Whitewater, Lake Geneva, Delavan, Wilmot of an ordinance passed by the City Council In May 1910 ordering the St.
and Elkhorn. Electric light and power business in Kenosha is done under Paul City Ry. to construct a car line on St. Clair Ave., branching from
indeterminate permit. Franchise for street railway is indeterminate. The West Seventh St. V. 99, p. 1301.
company has the right to conduct its gas business either under an in
New Subsidiaries.— Because of a decision of the Supreme Court holding
determinate permit or under the special (perpetual and exclusive) franchises that suburban lines, as railways, are amenable to the Minnesota 5% gross
originally granted.
earnings tax, it was decided in Mar. 1910 to Incorporate The Minneapolis
In July 1922 applied to the Wise. R R . Comm, for auth. to discontinue A St. Paul Suburban RR. ($1,000,000 stock, increased to $3,000,000 In
service in Kenosha should the operation o f competing jitneys be sanctioned Ian. 1911; debt limit was also increased co $10,000 000; V 92. d . 187).
by the City Council. V. 115. p. 184.
The Minnetonka A White Bear Navigation Oo. ($250,000 stock) and The
In July 1915 increased auth. common stock from $1,000,000 to $1,750,001- Rapid Transit Real Estate Corp., $15,000 stock, and to re-arrange matters
and issued $657.500 of the new stock to acquire the Watertown Gas & Elec
so that the suburban lines, the steamer lines and the hotels, parks, A c., of
Co. and the Burlington Elec. Lt. & Pow. Co. (both controlled by the Wis
the company might be handled separately for taxation and accounting pur
consin Edison Co.) and to discharge $162,000 floating debt incurred in mak
poses
V 90 p. 850.
t
tag additions and betterments.
Franchises.— In 1921 the companies surrendered the existing franchises
In Feb. 1922 auth. com. stock was increased from $1,750,000 to $4,000,and now operate under indeterminate permits. V. 112, p. 1979, 2191, 2538.
000.
STOCK AND BONDS-1
Date.
Interest. Outstanding.
Maturity.
Valuation of Minneapolis Street Ry. — For reports on valuation ol property
Com stock $4,000,000 ($100)...........
............
$2,000,000 ................... ta connection with franchise matters, see V 105, p. 1523, 2185; V. 106
Pref cum $3,000,000 ($160)----------7%
2.090.000 ------- -------- p. 716; V. 108, p. 380, 683; Y. 114, p. 1892.
First mortgage gold ($1,000, ( 1912
5 g J-D
2,982.000 June 1 1952
Valuation of St. Paul City Ry.— For detailed valuation of this property,
$500 & $100___________ c*(Int. payable at office of co. in N. Y . Harris see V. 112, p. 258.
l Trust & Savings Bank. Chicago. Trustee.
Debt Limit of Minneapolis Street Ry. Removed.— See V. 112. p. 1866.
Secured notes__________ __ 1918
6)4%
300.000
1923
Cost of Service Franchise— Fares, &c.— After various proposals and
Convertible notes___________ _____
7%
1,000.000
1925-30 counter-proposals had been made, the Minneapolis Street Ry. Co on June 7
Bonds — Additional 1st M. bonds may be issued only for 80% ofcasacosi 1919
a 25-year cost-of-service fran
of permanent irapts.. A c.. when the annual net earnings are m times tht chise accepted the offer of the City Council ofHowever, the franchise, which
based on a valuation of $24,000,000.
tat charge, incl. bonds to be Issued. Bonds red. at 105 and int since provided for a return of 7% on the above valuation, was defeated by the
June 1 1917. The 5-year secured notes are secured by a collateral deposit voters at a special election held Dec. 9 1919. V 109, p. 2254. Compare
o f first mortgage bonds.
V. 108, p. 2242, 2331, 2529; V. 109, p. 477, 1081, 1274, 1527, 2172.
E A R N IN G S.— For year ending Dec. 31:
On May 4 1920, the people of St Paul voted in favor of a sliding scale
Net tafter
Other
Interest,
Bal. for
of fares with a maximum rate of 7 cents per passenger The rate fixing
Year—
Gross
Tores'
Income.
< ,c.
%
Dear .
power is vested in the City Council, but fares were not to be raised above
$723,602
$51,262
1922............. $3,346,583
$216,504
$558,360 the old 5-cent rate until the co furnished the service provided for in the
1921 ____
,4 I.ib.Uti
V 110. p 2193
This the co could not do
But on Sept.
12.2-14
30.1106
229.499
512., ol ordinance
1920
3 318 210
430 106
67.215
236 693
260.628 13 1920 a new ordinance became effective providing for a 6-cent fare.
V. i l l p. 897.
1 1921.
PROPERTIES — Miles of single track. 7 85; miles o f gas mains. 245.80. Comm. auth the Effective Septraise cash the Minnesota RR. & Warehouse
companies to
fares in Minneapolis and St. Paul
OFFICERS.— Pres., S. B. Way; Vice-Pres., J. I. Beggs, Edwin Gruhl;
Sec.-Treas., F. J. Boehn: Gen. Mgr., D E Callender; Aud., E. Jorgensen. from 6 to 7 cents, with 4 tickets for 25 cents, but these increases were sus
— V. 106, p. 2458: V. 107, p. 1389; V. I l l , p. 991, 2042; V. 112, p. 654, pended Sept. 3 1921 by court order pending final determination. V 113.
p. 536, 1054, 1157, 2081 V. 114 p. 199, 523
This case was still in court
1172; V. 115, p. 184.
in Oct. 1922, pending valuation o f the property.
In Jan. 1921 the company raised fares on its Stillwater lines from 5 cents
WISCONSIN SECURITIES CO,— A financing, underwriting and
to 6 cents. V. 112, p. 470.
bolding company
Fare Decision.— For decision upholding Act providing for regulation of
ORGANIZATION.— incorp in Wise. Aug 4 1911 as First Wis. Securi
ties Co. with capital of $1,000. Name changed to Wisconsin Securities rates based on valuation see V. 114. p. 1892.
Merger of St. Paul and Minneapolis Street Car Systems Proposed.— See
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 V. 115, p. 2794.
The $5,000,000 1st cons. mtge. 5% bonds of the Minueapolis St. Ry Co.
of about 38% of Pref and Com. stock of Marine Securities Co., owns about
38% of the Com and Pref stock of the Baltimore Dry Docks & Ship originally due Jan. 15 1919, were extended for three years to Jan. 15 1922
Building Co. o f Baltimore. M d. Controls Wisconsin Public Service Oorp. at 7% and again to Jan. 15 1925 at the same rate of int., but in the latter
(see on a preceding page), a consolidation in Oct. 1922 o f Wisconsin Public case, a payment o f $10 for each bond extended was made. Y. 113, p. 1983.
Service Co. o f Green Bay. and Manitowoc, Wise.; Sheboygan Gas Light
STOCK AND BONDS
Date.
Interest. Outstanding. Maturity
C o., Sheboygan, Wise.; Manitowoc & Northern Trac. C o., Manitowoc and Twin City Rapid Transit—
Two Rivers, Wise.; Calumet Service Co. o f Chilton and Brillion, Wise.;
Cora $22,000,000 ($100)...............
6 Q-J
$22,000.1)00
See text.
Oshkosh Gas Light C o.. Oshkosh, Wise.; Menominee and Marinette Light
Pref cum $3,000,000 ($100). 1895
7 Q-J
3.000,000 Apr’23, 1 %
A Traction Co of Menominee. Mich, and Marinette, Wise., and Peninsular Minneapolis Street Railway Co.—
Service Co. V. 115. p. 1534. Owns large interest in Wisconsin Ry. Lt.
lstcon M g$5,000,000.c*cot 1889
7 g J-J 15 5.000.000 Jan 16 1925
A Pow. Co. at La Crosse. Wis. (see under that city) and Winona, Minn.;
10-yr gold notes, $5.900,000—All owned by Twin City Rapid Transit Oo.
owns stocks and bonds o f various corporations; owns water power at Seymour St Paul City Railway Co—
Rapids near High Falls, and large track of real estate in Green Bay, Wis.
First mtge on real estate and I 1882
6 g A-O
224.000 April 1 1934
horse-car franchise. _cpt [Exchangeable at 105 for first consolidated
STOCK AND BONDS—
Date.
Interest Outstanding.
Maturity,
First consol mtge g o ld -.c p t 1884 6 g A-O
456.000 Oct 1 1934
...........
Stock, $2.000.000-.-.............................................
$2,00i..000
Cable con gold(see text) cpt 1887 5 g J-J 15 3,708.000 Jan 16 1937
Notes $500,000 ($100. $5001 1918
6 J-J
450,000 July 1 1923
10-yr gold notes, $1,700,000— All owned by Twin City Rapid Transit G o.
and $1,000__________ c .tfj Wisconsin Trust C o., trustee.
70
[V ol. 116.
ELECTRIC RAILWAYS
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Minneapolis & St Paul Suburban Ry—
1st M g $500,000 guar by I 1899
5 g M-S
$500,000 Sept 1 1923
TwCy R T&StPOy c*cpt I 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 $10,000,000 I 1903
5 g A -0
10.000,000 Oct 1 1923
($1,000) gu p & 1 c*cpt'C entral 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 C o., 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 at 7% (with payment o f $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 & I.)
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 & Tr. Co. to be ex
changed for the $224,000 first mtge bonds
The Minneapolis Street Ry. A St. Paul City Ry. consolidated mortgage of
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 1901,4% ;
1902 to 1909 incl , 5% per ann ; 1910 to 1917 incl , 6% per annum. In
1918, Jan., 1)4% ; April, 1%; July and Oct. divs. omitted (V. 107, p. 2290)
In 1919, Jan., 1%. None to Feb. 1920, when 2)4% was paid. In 1921,
Jan., 3 % . V . I l l , p. 2230. In 1922, 8% .
R OAD.— On Dec. 31 1922 comprised 475.02 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 of the cities 90-lb. T rail with welded joints.
Power.— The company leases water-power at St. Anthony’s Falls (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 REPORT.— Report for calendar years:
1922.
1921.
1920.
1919.
Revenue pass. carried__226,543,924 227,727,748 238,388,782 222,186,823
Transfer pass, carried.. 81,331,285 80,169,491 77,531,776 73,458,262
Receipts from transp’n.$13,659,955 $13,734,117 $12,879,281 $11,351,739
Rects. from oth. sources
181,934
187,197
191,457
141,739
Total receipts_______ $13,841,889 $13,921,314 $13,070,738 $11,493,478
Operating expenses_____ 9,914,324 10.990,535
9,794,834
8,445,059
Net earnings_________ $3,927,565
Interest, taxes, &c_____$2,346,180
Miscellaneous debits_
_
16,183
D ivs.onpref. stock (7% )
210,000
Divs. on com. stock_ (4%)880,000
_
$2,930,779
$2,215,866
17.608
210.000
(2)440,000
$3,275,904 $3,048,420
$2,245,190 $2,216,785
31,614
43,283
210,000
210.000
(3)660,U00(2)4)5o0,000
Balance, surplus_____
$475,201
$47,305
$129,100
$28,352
OFFICERS.— Pres., Horace Lowry; V.-Ps., E. W. Decker and T . J.
McGill: 3d V.-P. & Sec., A. M . Robertson; Comp., D. .1. Strouse; Treas.,
E . A. Crosby.— V. 113, p. 1157, lb76, 1984, 2081, 2615, 2772; Y. 114, p .199,
411, 523, 1892, 2238, 2719; Y. 115, p. 437, 546, 2794; V. 116, p. 411, 1757.
ORGANIZATION.— Incorp. in 1906 under Steam Railroad Act o f 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 R y. & Power Co. from Feb. 1 1913 to
Dec. 31 1913, on which date lease was canceled (but see above).
Bondholders' Committee.— W. S. Hammons, Frank S. Wingate and M . O.
Williamson. Deposits of bonds with the Fidelity Trust O 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.
$500,000 ....................
Stock $500,000 ($100)............................... ............
First mortgage $2,500,000 gl ___
5 g J-J
521.000 Jan 1 1947
($1,000) red at 105______ c jln 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 LIQHT & TRACTION CO.—A trolley road.
Control.— In Jan. 1923 the Alabama Power Co. acquired control of
the company. V. 116, p. 176, 935.
Receivership.— 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 Comm'l Trust
& Sav. 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 to have been taken out of receivership immediately following
its purchase by the Alabama Power Co. V. 116, p. 935. N o further in
formation.
ORGANIZATION, &c. Montgomery Trac. C o. was chartered in 1893.
On Dec. 29 1911, having acquired the lighting property owned by Richard
rillls, 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 S2.000.000 to $1,000,000 In 1909
V 88. o 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 perpetua
expire between 1932 and 1942. Electric light and 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.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $2,000,000 ($100)................................... ..
$2,000,000 ...................
1st & ref M $5,000,000 sk f d . . 1912
5%
1,080.0 )0 April 1 1942
Mont Street Ry 1st mogei 1893
6 g F-A
350.000
Aug. 1923
$350,000 g o ld ___________ (Int at Fanners' L. & T. Oo.. N Y ., Trustee.
Bonds.— Of the 1st & refunding bonds, $350,000 are reserved for prior
lien Sink, fund equal to 1% of all bonds authenticated annually began
April 1 1915. V. 95, p. 47.
EARNINGS.— Of combined properties for cal. year 1921, gross, $739,481.
In 1920, gross. $806,623. In 1919, gross, $556,521.
ROAD.— 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. Irelsn.— V. 108, p. 269; V. 109, p. 1080
V. 112, p. 744, 1866; V. 113, p. 628, 731; V. 116, p. 176, 93o.
MONTOURSVILLE, PA.
MONTOURSVILLE PASSENGER R A IL W A Y .—A trolley road.
ORGAN IZATION .— Chartered in Pennsylvania June 28 1897. Com
menced operations Dec. 16 1897. Owns all che st >ck of the MontoursvlUe
MINNEAPOLIS NORTH FI ELD & SOUTHERN R Y .— Incorp. in Electric Light Co. Stock auth. and issued. $75.000. Funded debt auth.
South Dakota in Ju ly 1918 to take over the property of the Minneapolis and Issued, $112,000 5% 30 year gold bonds (t f ) dated May 1 1908. int.
St. Paul Rochester & Dubuque Elec. Trac. Co. ("Dan Patch" line) sold M .& N Operates 5^4 m of track from Wllliamsoort to MontoursvlUe, Pa.
at auction J u ly 29 1918
Auth capital stock, $1,000,000 com and $500,000
EARNINGS.— 12 months ended Dec. 31 1921 (railway department only),
pref.; par value of shares. $100
See "Electric R y . ” Section for M a y
1918. and V 106, p 2649
On Aug 7 1918 was licensed for business in gross, $33,952; net, after taxes, def., $567. In 1920, gross, $36,493; net,
Minnesota. V. 107, p 1004. On Nov. 19 1918 the co. resumed operation after taxes, $1,642.
OFFICERS. — Pres.,C. L. Peaslee, Williamsport; V .-P ..F . O. Leonard,
of the cutoff from Auto Junction to Luce Line Junction and thence to
Oouderaport; Sec. & Treas., W. P. Beeber, Williamsport; Gen. M gr.
Minneapolis
Compare V 107. p 1192
B. A. Harris, Montoursville.— V. 94, p. 207, 1764; V. 95, p. 47.
ROA D .— Has 70 miies o f line in operation.
OFFICERS.— Pres., H. E. Pence; Y.-P., A. D. Walker; Treas., W . O.
Winston; Sec., R. H. Benham.— V. 107, p. 697, 1004, 1192.
MORRISTOWN, N. J.
MOBILE, ALA.
MOBILE LIGH T & RAILROAD.— Trolley.
O R G A N IZA TIO N .— A consolidation on Sept. 1 1901 of the Mobile Light
& Railroad and the Mobile Street RR.; the franchises o f both companies
were extended on Sept 12 1901 to March 12 1955. See V. 73. p. 616.
In July 1906 the Mobile illuminating Co. purchased the electric-light
plant of the company and under contract of purchase pays to the Mobile
Lt. & R R . 70 semi-annual payments o f $11,464.
Fare Increase. —On (let. 1 1922 the Ala. P. S. Comm. auth. the co. to
increase cash fares fro m 7 cen ts to 8 cents: tickets fro m 6 cents to 7 cents,
and to make a charge o f 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.
STOCK ANU B O N U S — Date.
Interest. Outstanding. Maturity
Stock $2,250,000 (par $100) _ ...........................
$2,250,000
See text
First mtge gold ($1,000). ntf] 1897 5 g J-D
321,000 July 1 1937
lin t, at Farmers' Loan & Trust C o.. N. Y.
Mobile Street RR first mtge. 1893 6 g M-N
242.000 May 1 1923
g old $300,000_______c* n tf [ Farmers' Loan & Trust C o., N. Y ., Trustee.
I Interest at National City Bank, New York.
Consolidated mortgage, gold i 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 .,T ru s
Bonds.— Of the $2,250,000 mtge., $567,000 are reserved for prior liens,
$10,000 are in treasury, $410,000 are in trust fund and $79,000 have been
retired. $78,000 1st M. M. L. & R R . Co. bonds have been retired and
$1,000 are in treasury. $3,000 M . S. R R . bonds are in treasury and $55,000
have been retired.
EARN ING S.—
Gross
Net (after
Fixed
Balance,
Surplus.
Calendar Years—
Earnings.
Taxes).
Charges.
1922.............................. $820,014
$36,923
$82,584
def.$45.661
def. 2,210
1921...................- ......... 967,757
82,143
84,352
Dividends.— Initial dividend— >4%— Aug. 1 1909; in 1910, H % , 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 -> miles of track in Mobile and extensions to
6
Magazine Point. Spring Mill and Whistler.
OFFICERS.— Pres. & Gen. M gr., J. H. Wilson; V .-P ., F. F. Rossman;
Sec. & Aud., Aimer G. Fay; Treas., F. B. Clements.— V. 110, p. 1643;
V . 113, p. 1675; V. 114, p. 306; V. 115, p. 183, 1632, 2794.
MORRIS COUNTY T R A C T IO N .—An electric road.
ORGANIZATION.— Incorporated in N ew 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 21 1913 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, a-i trustee. $3,000,000 for
refunding existing bonds and $1,179,000 for other indebtedness
V. 95. p.
1746. 680. V 96. p. 653
P ow er. — 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.. Morris & Somerset Electric Light Co. and Millburn Electric Co.
V . l l l p. 588
Readjustment Plan.— See “ Electric Rahway Supplement" of Oct. 2o 1922.
In June 1922 was authorized by the New Jersey P U. Comm, to issue
$1,600,000 mtge bonds $1,500,000 pref stock and $1.179 000 common
stock. V. 115, p. 74. See a*so V. 116, p. 516.
STUCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock common (see text)_____ ___
_______
$300,000 _________ _
First mortgage $3,000,000f 1905 5 g J-D 15 3,000,000 June 15 '35
($1,000) gold callable at(Int. at People’s Sav. & Trust C o., Pitts110 and interest_ c*& r.tf l burgh, Trustee.
_
Income debenture bonds) 1917 5 g J-D
1,179,000 June 16,'48
($100) __________________ 1Int. at PeoD es Sav & Tr. C o .. Pitts., trustee
EARNING S.— For calendar year 1922, gross, $537,397; net, after taxes*
$66,522. In 1921, gross, $550,965; net, after taxes, $107,787.
ROAD.— Owns 44.01 miles road. 58.33 miles of track. Road Is In oper
ation from Maplewood to Danforth Road. Madison. 10.89 miles; Morris
town to Lake Uopatcong 21.81 miles
Branch lines, Springfield to Elisa
beth. 5.34 miles; DenvUle to Boonutn, 4.90 miles, Dover to Wharton, 1.00
miles. The 2.69 miles A road between Danforth Road and Morristown
are owned by the Morris RR. and are operated under lease; also operates
under lease branch line Morris Plains to State Hospital, 1.36 miles. Total
road operated, 48.68 miles. Gauge. 4 ft. 8)4 in. 70-lb. T rail In country.
80-lb. girder in cities.
OFFICERS.—Pres., Joseph K. Choate, New York; V.-Ps., C. I. Shan
non, Pittsburgh, Pa., and H. O. Rea, Sec. & Treas.; O. G. Schulz, Morris
town; Gen. M gr.. O. O. Weidman — V. 109. p. 2357; V 110, p 261. 1415;
V . I l l , p. 588; V. 115, p. 74; V. 116, p. 516.
MOUNT HOLLY, N. J.
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 ah parties, the co., which
was ahead o f the receivership operated by the Rock Island Southern Ry.
C o., 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 R y.
BURLINGTON COUNTY TR AN SIT CO.— Trolley.
ORGANIZATION.— Incorporated In New Jersey on July 1 1910, as
successor to the Burlington County Ry. Oo. V. 90. p 1612. Stock auth.
and issued, $120,000 ($50). No bonds.
EARNINGS.— For year ending Dec. 31 1921, gross, $84,989; n6t,
$1,743.
ROAD.— About 14 miles of track from Burlington through M ount Holly
and Halnesport to Moorestown. 60-lb. T rail. Gauge. 5 ft.
OFFICERS.—Pres., Albert Haines, V -P.. John D lohnson Jr.; S ec.Treas., Armitt H. Coate; Gen. M gr., Maurice B. Comfort.
A pril , 1923.]
ELECTRIC RAILW AYS
MUSKEGON, MICH.
MUSKEQON TRACTION & LIQHTIN Q CO.
In Jan. 1900 almost the entire stock was acquired by the American Light
& Traction Co. V. 82, p. 49.
ORGANIZATION.— Incorporated In Michigan on March 1 1901, and 1
b
a consolidation of the street railway, electric-light and gas companies of 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.
Increase in Oas Rate.— In March 1920 the co. was granted a temporary
rate increase to $1.40 per 1,000 cu. ft. V. 110, p. 1290.
STOCK. AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $600,000 ($100)......................
- ...........
$600,000
.........
Preferred $100,000 6% c u m . . ____
6
63.000
See text
First mortgage $600,000 gold f 1901 5 g M-S
600.000 Mar 1 1931
($1,000)............................tfjlnterest at Wyoming Valley Trust Co.,
Callable at 105__________ l Wilkes-Barre, Pa., Trustee.
Dividends.— On preferred stock 6% yearly from 1902 to date.
R O A D .—Owns 15 miles of road and serves as a terminal for the Grand
Rapids Grand Haven & Muskegon Ry which operates 40 miles of track
between points indicated in the title. (See V. 113, p. 1675.)
OFFICERS.— Pres., Geo. Steinwedell; V .-P., J. Q. Ross; Sec. & Treas.,
E. J. Hammer; Asst Sec. & Asst. Treas., C. N. Jelil'fe: Aud., James Law
rence: Gen. Supt., Walter Eyke.— 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.
ORGAN IZATION .— 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 $800,000 new 1st M. bonds to refuad an earlier Issue of
$450,000 and in part payment for the People's Elec. Ry. $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 Citu.— The city has the right to purchase all the com
pany's property within city limits In 1934 and at the end of every 15-yeai
period thereafter, at a price determinable by arbitration, but In case ot
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 Inter'urban points to the centre o f the city on a rental
baslB. See V. 95. p 1331.
Has favorable long-time power contract with the Muskogee Gas & El Oo
Fare Increase — Effective Sept. 9 1920, fares were increased to 8 cents
tickets to be scld 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 of 2 for 15 cents.
V. 116, p. 77.
STOOK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $500.000 ($ 100)
.................
Q-M
$500,000
See text
First mtge $5,000,000 sinking! 1912
5 g M-N
600,000 May 1 1934
fund gold ($1,000)_____c*|Int. at Equitable Tr. C o., N. V ., 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 lnt. on any Int. day on 3 weeks" notice. Semi-annual sinking fund
began Jan. 1 1914 of J of 1% of all bonds outstanding. V. 95. p. 1331.
-4
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; b o n l interest and taxes, $38,007; bal., sur., $2,785.
R OAD.— Operates city lines, 16.13 miles, and interurban 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. 113, p. 1156; V. 116, p. 77.
NASHUA, N. H.
NASHUA STREET R A ILW A Y .— Trolley.
ORGA N IZA TIO N .— 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 Ry.). The receiver appointed
In Dec 1917 for the Bay State St Ry. terminated the lease and turned
the property back to the stockholders. In April 1920 we were informed
that a settlement of the company's Haim against the Bay State Street R y.
for damages was pending. No further information.
In Oct. 1919 the stockholders authorized an Issue of $65,000 7% pref
sinking fund stock.
STOCK, BONDS, &C.— Date.
Interest. Outstanding. Div.&Mat.
Stock. $325,000 (par $100)...................................
$325,000 See text
First mortgage. $150,000,1 1901
4 g A-O
150.000 Oct 1 1931
($1,000). gold_______c * tf Jlnt. 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 0%
p. a. wore being paid, but payment due Jan. 1 1918 was defaulted— see
remarks above.
EARNINGS.— 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 . Tolies,
Nashua. N. H.— V. 106. p. 86. 607. 1036.
NASHVILLE, TENN.
TE NN E SSE E R A I L W A Y , L I G H T & P O W E R C O .
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 o f all
the c o .’s debts and obligations. V. 114, p. 2117. For history of Tenn.
R y ., Lt. & Pow. Oo. see “ Electric R y .” Supplement o f April 29 1922.
V . 114, p. 1892, 2117, 2242, 2360, 2580.
T E N N E S SE E E L E C T R I C P O W E R C O.
71
The consummation of the plan for the consolidation of these properties
permitted the payment of $.3,561,000 of maturing obligations of the Tenn.
R y., Lt. & Pow. Co. and approx. $2,515,907 of maturing obligations o f the
subsidiary properties.
*
Suits Against Merger.— Two suits have been filed alleging that the recent
consolidation was in violation of the State’s Anti-Trust Law. V. 115,
p. 309, 989. A temporary injunction was obtained but this has been
modified to permit the co. to perform its corporate business until a final
decree has been rendered. V. 115, p. 1430.
The Tennessee Electric Power Co. upon completion of the plan will be
capitalized approx, as follows:
Outstanding. Maturity.
STOCK AND BONDS—
Date.
Interest.
Com 2 iu,fi*1 shares (no p a r ) . . ____
0
__________
156,i»0 shs.
1st pref 7% cum ( ju u u ;_______________
p ita i -/o c u m ($100).
t Q-J
$6, 6 ,400 M ar’23 1H %
7v
1st pref 6% cum ($100)______ _____
6%
4/*8 ,800 M ar’23 l'A %
2d pf $6 per yr n-cum (no par) ______
50,000 shs. __________
1st & ref mtge ser " A ” ($5001 1922
6 g J-D
17.015,100 June 1 1947
& $1,000) gold
c*& r*tf)Int. at National City Bank, N Y ., Trustee
Stock.— The 1st pref. 7% stock is red. as a whole but not n 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 of $10,045,000 Tennessee Pow. Co. 1st 5s; $3,675,000 Chatt. Ry. & Lt. 1st & ref.
5s; $189,000 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 A 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 begad March 1 1923. Penna. 4 mills tax re
funded. V . 114, p. 2471. Listed on N . Y . Stock Exchange. V . 115,
p. 2687.
Dividends.— An initial div. o f 1% % was paid Oct. 1922 on 7% pref.
stock. Same rate paid regularly quar. since. An initial div. of 1A %
was paid Oct. 1922 on 6% preferred. Same rate paid regularly quar. since,
RE PO RT.— For 6 mos. end. Dec. 31 1922: Gross earnings, $4,140,861;.
oper. exp. & taxes, $2,305,488; gross income, $1,835,374; int., &c., and.
divs. on Nashville R y. & Lt. Co. pref. stock not owned b y co., $858,264;
divs. on 1st oref. stock, $335,063; deprec., $398,792; bal., sur., $243,255.
PR O PE R T Y.— The electric generating stations of the system have an
installed capacity equal to 152,000 h. p., of which 108,000 h. p. is in water
power plants, the most important being the Hales Bar station with a ca
pacity of 50,000 h. p,
OFFICERS.— Chairman of Board, C. M . Clark; Pres., W . M . Flock;
V .-P ., Geo. E. Hardy; V.-P. & Gen. M gr., B. C. Edgar; Sec. & Treas.,
G. L. Estabrook.— V. 115, p. 309, 546, 760, 870, 989, 1211, 1322, 1430*
2268, 2380, 2687; V. 116, p. 722.
(1) Nashville Railway & Light Co.— 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. $1,861,000 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 Co., 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 Ry. & Light Co. has absorbed the
Cumberland Electric Light & Power. Does practically all the street rail
way and commercial lighting and power business in Nashville. Franchisee
perpetual; those covering the principal railway lines contain a provision
giving the city the right to purchase after 1923.
Valuation— Rate of Return, &c.— In Jan. 1921 the Penna. P. U. Comm,
fixed the valuation of the c o .’s property at $13,200,000 and agreed to allow
the co. a minimum return of 6 A % and a maximum of 7A % upon this
valuation. For f urther details see V. 112, p . 162. Compare V . 111, p . 1852.
Fares.— Effective Mar. 8 1920 was auth. by Penn. P. LT. Comm, to in
crease fares to 7 cents cash with 4 tickets for 25 cents. V. 110, p. 1290.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_______ $4,000,000
See text
Common $4,000,000 - - ( $ 1 0 0 ) -----Pref 5% cum $2,500,00 0($ 100 )____
1Q-J
2,500,000 See text
M cG & M t V Horse RR 1st M l 1886
6 J-J
65,000 July 1 1926'
($100, $500 & $1,000)-cntf/N ashvilleT r. Co., Nashville, Tenn., Trustee
Second series ($1,000) .c n t fl 1887
6J-J
485.000 July 11937
(Nashville Tr. C o., Nashville, Tenn., Trust.
Nashville St R y 1st mortgage) 1895
5 g J-J
907,000 Jan 11925
(closed) g ($1,000), ,c * n tf /Nashville Trust C o., Nashville, Tenn., Trus.
Nashv Ry & Lt consol M g| 1903
5 g J-J
3,748,000 July 1 1953
(closed) ($1,000)------- c*tf (Interest at Guaranty Trust Co., N. Y ., Trus.
Nash Ry & Lt ref & ext mtge [ 1908
5 g J-J
2,232,000 July 1 1958
$15,000,000 ($500
and/ Int. at Guaranty Trust C o., N. Y ., Trustee.
$1,000) gold-------------- c*tf l or at Nashville Trust C o., Nashville.
Bonds.— Int. 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 Ry. & Lt. consols of 1903 are subj. to call on any int. date on.
30 days’ notice at 107 A 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. $362,000 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. $1,879,000 are owned by the
Tennessee Electric Power Co. and pledged under that co.’s 1st & ref. mtge.
ser. “ A ” 6% bonds. $139,000 not incl. in amount reported outstand
ing are held in sink, fund and $441,500 in the treasury. Sink, fund of
M of 1 % of outstanding bonds began July 1 1918, bonds in sink, fund being
kept alive. See particulars of bonds, property, &c., in V. 87, p. 272.
Dividends.— The first div on pref. stock— 2y%%— was paid Jan 1 1905.
then 2 * % semi-annually to July 1910
-4
In Oct, 1910 changed to quarterly
and paid I A % , and same amount quar. to and incl. Jan. 1920. None to
Sept. 1922. when 13 '4 % was paid, clearing up all back divs. V. 115, p.
1533. Quar. divs. of 1 M % paid regularly since. Com. stock is all owned
by Tennessee Electric Power Co.
EARNING 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 TY.— Operates 102 miles of single track. Has 208 passengerand 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. O. Edgar;
Sec. & Treas., G. L. Estabrook.— V. I l l , p. 1370, 1852; V. 112, d . 162
2537; V. 113, p. 293; V. 114, p. 1180, 1534, 1654; V. 115, p. 1533.
(2) C hattanooga Railwav & Light Co.
Tennessee Electric Power Co. owns all of the $3,000,000 common and
$2,000,000 pref. stock, and $3,660,000 Chatt. Ry. & Lt. 1st & ref. 5s
1956 and $157,000 Chatt. Rys 1st cons. 5s, 1956.
Receivership Terminated.— See V. 115, p. 72.
ORGANIZATION.— Incorporated in Tennessee on July 29 1909 as a.
consolidation of the Chattanooga Railways Oo. and Chattanooga Electric
Co., per plan V. 8 8 . p. 1497. V. 89, p. 285. Own - entire capital stock of
Lookout Mountain R y. Co. Does practically all the street railway, elec
tric light and power business In Chattanooga and vicinity. Incl. the electrie
lines up and on top of Lookout Mountain. Suburban lines run to Mission
ary Ridge, Ohickamauga Park and Lookout Mountain. F ra n ch ises, with
minor exceptions, without limit o f time, and believed to be perpetual (but.
seeV . 110,p.658).
^ In^May 1922 was auth. by Tenn. P. U. Comm, to issue $682,000 bonds.
ORGAN IZATION .— Incorp. 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. & Power Co. (for history see “ Electric R y .”
Supplement o f Anril 29 1922) and now controls:
(a) Through direct ownership, property and r ghts o f Chattanooga &
Tennessee River Power Co., embracing the Hales Bar hydro-electric
station, with an installed capacity of 50,000 h. p. on the Tennessee River,
and duplicate high tension steel tower transmission lines to Chattanooga.
(b) Through direct ownership, all the property and rights of the Ten
nessee Power C o., incl. 3 hydro-electric stations with an aggregate installed
capacity o f 58,000 h. p., a steam station o f 20,000 h. p. capacity, and an
extensive system o f transmission lines.
(c) Through direct ownership, all the property and rights of the Chat
tanooga Ry. & Lt. C o., incl. an electric light and power distribution system
together with the city railway lines in Chattanooga.
(d) Over 99% o f the entire issued and outstanding common stock, over
41 % of the outstanding pref. stock (which proportion it is expected will be
increased substantially), and $1,861,000 bonds o f Nashville R y . & Light Co.,
which owns and operates without competition an electric light ana 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 o f the above cos.:
Owned and
Outstanding. Pledged.
Fare's.—
Tennessee Power Co. 1st 5s, 1962_________________$12,261,000 $10,045,000 7-cent fareIn Feb. 1920 the Tenn. P. U. Comm. auth. the co. to charge a
and
Chattanooga R y. & Lt. 1st & ref. 5s, 1956________ 4,307,000 3,67^,000 service made. ordered impts. necessary to furnish safe and adequate car
V. 110, p. 658.
Chattanooga Rys. 1st cons. 5s, 1956_____________ 2,165,000
1H),000
STOCK AND BONDS—
D a te .
In te rest. O u tstanding.
Lookout Mountain Ry. 1st 6s, 1956---------------------389,000
389,000
M a tu r ity .
______ _
Nashville Ry. & Lt. ref. & ext. 5s, 1958-.........—
4,694,500
1,879,000 Common $3,000,000 ($100)________
$3,000,000 ........... ..
Pref $2,000,000 5% cum ($ 1 0 0 )____
Q-J
2.000.000
.............
First and refunding mortgage! 1909
5 g M-N
Total owned and pledged________________________________ $16,16 <,000
632.000 M ay 1 1956
The controlled properties serve practically the entire central and eastern
$15,000,000 g ($1,000) c*tf jln t. at Fidelity Trust Co.,' Phlla., Trustee!
portions of Tennessee, extending nearly 200 miles from east to west and 100 Chatt Rys 1st cons mtge, see! 1906
5 g M-N
1,985,000 M ay 1 1 9 5 ft
miles from north to south, with an estimated population o f over 450,000.
text ($500 Sc $1,000) g .c * tf / Int. at Commercial T r. Oo. Phlla.,Trust
73
ELECTRIC RAILW AYS
[ V
o l
.
116.
A
p r il
,
1923.]
ELECTRIC RAILW AYS
73
74
ELECTRIC RAILW AYS
Stock.— Pref. shares equally with com. after com. has received 6%Bonds.— The $3,000,000 Chattanooga Rys. mtge. has been closed; call
able any int. date at 107 and Int. on 3 mos.' notice. $180,000 (not incl.
In amt. outstanding) are owned by Tennessee Electric Power Co. and
are pledged under that c o 's 1st & ref. mtge. ser " A ” 6s. Of the l3t & ref.
bonds, $3,675,000 are owned by Tennessee Electric Power Co. and pledged
by that co. under its 1st & ref mtge. 6% bonds, series “ A .” No sinking,
fund; callable at 105 and int. on any int. date on 60 days’ notice. Int.
payable at Hodenpyl. Hardy & Co. and at office of trustee. V. 89, p. 846.
R O A D .— Including Lookout Mountain R y., operates 80 miles of
■Ingle track. Gauge, 4 ft. 814 in. T and girder rails. 84 motor, 12
trailers, 2 Incline cable and 8 work cars. Power Is obtained from the Ten
nessee Power Co
which operates this company's steam power stations
of 5,000 k.w. capacity as a reserve station.
OFFICERS.— Pres., C. M . Clark; V .-Ps., H. L. Clark and B. G. Edgar
Sec. & Treas.. G L Estabrook Asst Sec. & Asst. Treas., O. Wright and
W . L. Lam ont— V. I l l , p 1277, 1565, 1851; V. 112, p. 2413, 2536; V.
114, p. 1062, 1532. 1650, 2467. 2578; V. 115. p. 72.
(a) L ook ou t M ountain Railway Co.
“ ORGANIZATION.— Owns electric line on top of Lookout M ountali
and. through stock ownership, controls the Lookout Incline Co. (whost
stock and bonds are deposited under the company's mortgage). Stock
c
all owned by the Chattanooga Railway S Light Co. Private right-of-waj
except short piece of track on which franchise expires In 1926.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturit%
$500,000 .............
Stock ($500,000)...................................................
1st mtge $2,000,000 ($1,000)1 1913
6 g M -N
389.000 May 1 1956
g o ld _________________ c*tf/Philadelphia Trust C o., Pbila., Trustee.
Bonds.— Lookout Mtn. Ry. bonds are red. at 105 and int. on any Ini
date on 60 days' notice
$1 611,000 reserved for impts., fee , at 86% o
cost of same. Bonds outstanding are owned by Tennessee Electric Power
Co. and are pledged under that co.'s 1st & ref. mtge. ser. “ A ” 6s. Interest
payable at offices of E. W. Clark & C o., Phila. and Hodenpyl, Hardy &
C o., New York.
EARN IN G S.— Included In Chattanooga R y. & Light C o. earnings.
ROAD.— Operates a cable road of 5,000 feet and has 9.8 miles of electric
road around and on top of mountain.
OFFICERS.— P res.,G .M Clark; V .-P .. M . S. Hopkins; Sec. & T rea s,
G. L. Estabrook; Gen. M gr.. F. W. Hoover.— V. 83, p. 323; V. 87, p. 22t>.
(S) Tennessee Power Co.
Stock all owned by Tennessee Electric Power Co.
ORGAN IZATION .— Incorp. In Tennessee on April 24 1912 as a consoli
dation o f the Eastern Tennessee Power Co. and Great Falls Power Co
has also acquired the property formerly belonging to Sweetwater Elec. Lt.
c
Co , Cleveland (Tenn.) El. Lt G o., Sparta Elec Light S Power C o .. and A
S T. Power Co. Franchises.— The co.'s power plants are owned In fe»
c
and its transmission lines are on private right of way and therefore not
subject to franchise limitations.
Franchises of distribution companies
are favorable
In M ay 1922 the Tenn. P. U. Comm. auth. the co. to issue $701,000
bonds. V. 114, p 2479
In Aug. 1922 the Tenn. R R . & P. U. Comm,
auth. the co to issue $250,000 bonds to cover part of the purchase price
of a transmission line, 21 miles long, from Maryville to Knoxville. Tenn.
V. 11 5,p 1108.
Rate Decision— See V 115, p. 317.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $20,000,000 ($100)_____— All owned by Tenn. Elec Power Co —
First mtge. $50,000,000 goldj 1912
5 g M -N $2,256,000 M ay 1 1962
guar p. &i- ($l,000)_c*ntf/Int. at Bankers Trust C o., N. Y .. Trustee.
Bonds.— Of the remaining bonds, $10,045,000 are owned by the Tennessee
Electric Power Co. and are pledged under that c o 's 1st & ref. mtge 6s,
ser. “ A .” Sinking fund. 1% per ann of bonds out, began M ay 1 1917; to
be used for extraordinary renewals, replacements or additions, enlargements
and extensions; also for cancellation of bonds. $36,000 in sinking fund
Red in whole or in part at 107Id and int on 12 weeks’ notice. See V. 95,
p 549. F. N. B. Close, N. Y ., is also trustee.
P R O PE R T Y , ScC .— Owns water-power sites on the Ocoee River near
Parksvllle, Tenn. with an ultimate capacity of 80,000 h. p. Option habeen secured on sites for the development of 50,000 h. p. additional, and ai
Great Falls, Tenn.. owns a site capable of developing 80,000 h. p. Of the
development in operation, Ocoee No. 1, 18.750 k. w., was put in operation
Jan. 1912 and No. 2, 15,000 k. w.. In complete operation April 1 1914
A 15.000 k.w. steam plant at Parkesville was placed in operation in July
and N ov. 1916, and a 10,000 k .w . hydro-electric plant at Great Falls placed
In oper. Jan. 15 1917; also owns a 300 k. w. hydro-elec, plant at Sparta; total
capacity, 59,050 k. w. Power Is also purchased from Chattanooga &
Tennessee River Power Co. Also owns 495 miles and leases 16 miles high
tension transmission lines. Supplies practically all electric current used In
Nashville, Chattanooga, Knoxville, Murfreesboro, Cleveland. Athens
Etowah. Sweetwater, Lenoir City, Loudon, Franklin and Sparta, Tenn.,
and Rome and Dalton, Ga. Has contract for large block of power with tht
Aluminum Co. of America at Marysville; also has contract with the Ameri
can Zinc Co. at Mascot. K. W. hours generated In 1921, 342,948,926 (all
water pow er), against 428,649.835 (of which 98.4% water power and 1.6%
steam) in 1920.
OFFICERS.— Pres., C. M . Clark; V.-Ps., G. E. Hardy and B. O. Edgar;
Sec. & Treas., G. L. Estabrook. Under management of E. W. Clark S Co.
c
Management Corp.. Phila.— V 108. p. 1941; V. 110, p. 2199; V. 112,
p. 2544: V. 114, p. 1543, 1661, 2479: V 115, p. 317, 1108, 1642.
UNION TRACTION CO.
O R G A N IZA TIO N .— Incorp. in Tennessee on Oct. 12 1917 as successot
to the Nashville-Gallatin Interurban R y., sold at foreclosure Sept. 25 1917.
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity
Stock $300,000 ($100)_________ ____________ ____
$300,000 ..................
First M ($300,000) gold I 1917
6g J-D
300,000 Dec 1 1947
($500)__________ c*&r.cpt\Nashville Trust Co., Trustee.
Bonds.— Are callable on any interest date at 105.
EARN IN G S.— For 12 pionths ending Dec. 31:
Net, after
Interest, Balance for
&c.
Depr..& c
Gross.
Taxes.
x$24,497
$10,682
1922
............ ........$180,6.16
x$35,191
18,971
17,592
1921
_____ _______ 173.616
36,563
19,315
10,682
1920
1............................. 180.661
32,182
x Taxes Included in interest m 1922.
R O A D .— Operates 27.05 miles of track between Nashville and Gallatin
entering Nashville over tracks o f Nashville R y. & Light Co. (4.4 miles)
70-lb. T rails. Standard gauge.
OFFICERS.— Pres., John A. Bell; Sec., A. J. Anderson; Treas., Guilford
Dudley; Gen. M gr., A. J Anderson.— V. 105, p. 1618, 1709.
NASHVILLE TRACTION CO.
This company late In 1914 Increased its authorized capital from $500,000
to $1 000,000 and Is constructing a trolley line In Nashville. 4>$ miles
built 2 miles In operation. 3 leased cars in service. In April 1915 it was
reported that the Detroit interests had sold their control. V. 100, p. 1349
OFFICERS.— Pres., Walter O. Palmer, Nashville; V .-P ., W. H. Saw
yer (E. W. Clark Mgt. Corp.), Columbus, O.; Gen. M gr., G. B. Howard,
Nashville.— V. 99. p. 1366; V. 100. p. 1349.
NATCHEZ, MISS.
SOUTHERN RAILW AY & LIQHT CO.
This co. having abandoned street railway service In Natchez on April 6
1920 we have eliminated the statement from this section. For last state
ment published see “ Electric Railway” Supplement of April 24 1920.
[V ol. 116.
NEWARK, N. J.
PUBLIC SERVICE CORPORATION OP NEW JE R SE Y.— Street
allway. gas and electric.— (See map on pages 72 and 73.)
ORGANIZATION.— Incorporated In New Jersey on May 6 1903 and
controls, through ownership of stock. Public Service Ry. C o.. Public
Service Gas C o., Public Service Elec C o.. Orange & Passaic Valley Ry. Co.
»nd United Elec. Co. of N. J. The stockholders of the two cos. last named
»nd also the stockholders of certain of the cos. out of which Public Service
Ry Co. was subsequently formed (namely North Jersey Street Ry C o.,
lersey City Hoboken S Paterson St. Ry Co. and Elizabeth Plainfield St
c
lentral Jersey Ry. Co.) were given certificates described below In exch.
'or their stock
See olan In V 76. p 865 and also p 1249. The Fidelity
Union Trust Co. of Newark financed the transaction.
Controls practically the entire street railway business o f Northern New
Jersey and the gas and lighting interests o f the greater part of New Jersey.
Also owns entire capital stock of Middlesex Electric Light & Power C o.,
Morristown Gas Light Co. (V. 91, p. 95), Nichols Elec. Light & Power Co. o f
Nutley. N. J.; Citizens' Elec. Light, Heat & Power Co. (Perth AmboyN J.), Burlington Elec. Light & Power Co., Public Service RR and Wee
hawken Contracting Co.; a majority of stock o f Princeton Light, Heat &
Power Co. and Shore Lighting Co. and practically all o f the common stock
of New Jersey & Hudson River Ry. & Ferry Co.
Merger of Subsidiaries.— In 1907 North Jersey Street Ry. C o.. Jersey
City Hoboken & Paterson Street Ry. Co. and United Street Ry. Co. o f
Central Jersey were consolidated under the name of Public Service R.v. C o.,
which see below. V. 85, p. 406 and 470. To Public Service Ry. Co. also
have been transferred the leases of various railways formerly held by Public
Service Corporation. On Dec. 28 1915 the merger of the Public Service
Ry. and the P. S Newark Terminal Ry. was ratified.
In Oct. 1909 all leasehold interest in gas properties and all rights under
operating agreement with Plainfield Gas Light Co were assigned to the
Public Service Gas Co. which see below: also V 89. p 594 721 847.
In July 1910 ail leasehold interest in electric light and power properties
were assigned to the Public Service Electric Co. V. 90, p. 1614.
Newark Terminal.— See Public Service Ry. below.
In Feb. 1922 the Public Service Production Co. was organized. The
Public Service Corp. owns all the outstanding com. stock. V. 114, p. 627.
Fare Increases, Sec.— See Public Service Railway below.
Stock Increase.— On July 26 1916 auth. capital stock was Increased from
$25,000,000 to $50,000,000. Shareholders of record Oct. 2 1918 had the
right to suoscribe for $5,000,000 of the new stock pro rata at par. V. 103,
p 1119. 2239.
Financing.— On Jan. 27 1919 the directors auth. the creation of an issue
of 8% cum. pref. stock to the authorized amount of $50,000,000.
In Dec. 1921 the company brought out $10,000,000 20-year secured 7%
bonds, proceeds, together with cash from treasury, being used to pay o ff
$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
at $!00 a share for 8% cum. nref. stock to the extent- of 20% of t-her hold
ings. V. 114, p. 1652. In June 1922 $4,000,000 additional 8% preferred
stock was brought out. V. 114. p. 2718.
In Dec. 1922 the stockholders voted to divide the 500.000 authorized
shares of 8% cum. pref. stock (par $100) into two series— 250,000 shares
to be 8% cum. pref. stock and 250,000 shares to be 7% cum. pref. stock—
and to eliminate the option of the corp. to call the pref. stock at 110.
V. 115, d . 2380, 2478, 2794. Holders of record Jan. 3 1923 of the 8%
pref. and com. stock were given the right to subscribe to the new 7%
pref. stock at par ($100) to the extent of 3 shares for every 20 shares of
stock held. V. 115, p. 2794, V. 116, p. 1051.
The. stockholders on Apr. 2 1923 increased the auth. pref. stock from
$50,000,000 to $100,000,000, par $100, and changed the auth. com. stock
from 500,000 shares, par $100, to 2,000,000 shares o f no par value. Of
the pref. stock, $25,000,009 will be 8% cum. pref. stock, $50,000,000 7%
cum. pref. stock and $25,000,000 6% cum. pref. stock. The present
com. stock issued and outstanding will be exchanged at the rate of 2 shares
of com. stock, without par value, for 1 share of the present com. stock.
V. 116, p. 1276, 1533, 1650, 1761.
STOCK AND BONDS—
Date. Interest.
Outstanding Maturity.
Stock com $50,000,000 ($100)........... Q-M 30 $30,000,000
See text
Pref 8% cum $25,000,000'$100)____
8 Q-M
18.414.500 M ar’23.2%
7 Q-M
7,262,200 Ma»"23, 1%
Pref 7% cum $25,000, 0 ($ 1 0 0 ____
Trust certificate* $20,200,000. 1903 6 M-N
*20.091,040 Perpetual
ntfjFidelity Union Trust C o.. Newark.Trustee.
General mortgage$50.000,000/ 1909 5 g A-O
50.000.000 Oct 1 1959
gold ($1,000) s f ______ c*tf Int. at Fidelity Union Tr C o .. Newark.Trust.
( or at office of J. P. Morgan S Co.
c
20-year sec bonds $10,000,0001 1921
7 g J-D
9 79^,000 Dec 1 1941
($100, $500 & $1,000 c* and [-Fidelity Trust Co., Philadelphia, trustee.
$1,000, $5,000 & $10,000r*) |
gold--------------------- --------tf J
♦O f which $870,905 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 or ginally of 500,0 0 auth. shares (par
$100 of 8% cum. pref., but in Dec. 1922 was divided into two series—
250,00 shares 8% cum. pref. and 250,000 shares 7% cum. pref. V. 115,
p. 2380, 2478. 2794.
Bonds.—The trust certlfs. bore 2% Int. (dating from June 1 1903) the first
two years, 244% the third year, and increased by 44 % each following year
intll 6% was reached In the tenth year, which is the rate now paid. See
V. 80, p. 164. The following shows the terms upon which the stocks of the
constituent companies were exchanged for the trust certificates. The
ttocks acquired are pledged as security for the trust certificates.
New Total Ctfs.,
Total
Total
Certifi I f All Stock
Stock.
Deposited.
cates. Exchanged.
•North Jersey Street R y _____$15,000,000 $14,994,400 40% $8,000,000
•Jersey City Hoboken S Pat
c
erson Street Ry..................... 20.000.000 19,984.600 35%
7.000.000
•Elizabeth Plainfield S Cen
c
tral Jersey Ry. C o ________ 3,000.060
3.000,000 30%
900.000
Orange S Passaic Val. R y. C o . 1,000.000
c
925,500 30%
300.000
United Electric C o__________ 20.000,000 19,733,800 30%
6 .000,000
T otal______________________________________________
$ 2 0 , 200,000
• Now merged In Public Service Railway C o., which see below
The trust deed provides that the stocks pledged shall not be used so as to
increase the capital slock of any of the companies nor to create any new
liens upon the respective companies except to take up existing debt of any
■ich company or of underlying or subsidiary companies.
$50,000,000 Mortgage.— Of the $50,000,000 bonds reported outstanding,
$3,558,000 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 annusil 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: V. 109. p. 982. 1700; V. 113, p. 1575; V. 114 , p. 2360.
Notes.— The 20-year secured bonds o f 1921 are secured by a pledge o f
$14,000,000 Public Service Corp. Gen. Mtge. 5% bonds and $5,000,000
capital stock of the Public Service Electric Co. Red. on any int. date, all
or in part, on 60 days’ notice, at 10744 on or before Dec. 1 1926, and there
after at 44 % premium for each year, or any part thereof, o f unexpired life,
in each case with interest. Red. for sinking 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. Interest 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. March 1923. An initial div of
154% was paid on the 7% pref. stock in March 1923. On com ., first
div. of 1% was paid June 29, 1907; 1% was paid Sept. 30 1907 and 1%
Dec. 31 1907. In 1908, 4 % . In 1909 , 444%. In 1910. 5% . In 1911
to 1914, 6% . In 1915, 644% . In 1916, 754%. In 1917, 8% . In 1918,
6% . V. 107, p. 1385, 2377. In 1919, March, 144%: June, 144%; Sept..
144%. Dec. 1919 div. passed. (See V. 109, p. 2357.) In 1920, 4 % .
In 1921, 4 % . In 1922, March, 144%; June, 144%; Sept., 144%; D ec..
2 % . In 1923, March 2 % .
A pril, 1923.]
ELECTKIC RAILWAYS
«uth., $25,000 ($50) outstanding, $17,550. N o bonds. Leased for 900
rears from May 1 1911 to Public Serv. El. Oo. at a rental of $2,250 per ann.
C tnnim lnson Elec. L igh t, Power fit Heating C o. o f R iverton, N. J.
O RGAN IZATION .— Incorp. N ov. 28 1892 and leased to Public Service
ilec. Co. April 1 1914 for 46 years at a rental consisting of the amount
lecessary to maintain the corporate organization of the lessor the Interest
>n bonded indebtedness o f lessor, and $100 per ann.. payable each Apr. 1.
All stock ($50,000 authorized and $20,000 outstanding) and bonds
$40,000) owned by Riverside Traction Co.
B ordentow n Electric Go.
O R GAN IZATION .— Incorp. May 28 1912, and is leased to Public Serv.
Slec. Oo. April 1 1914 for 46 years for $100 per annum and amount necesiary to maintain corporate organization of the lessor. All the $50,000 auth.
tnd outstanding stock of this company is owned by the Riverside TractiOD
Jo. No bonds.
Paterson & Passaic Gas & Electric C o-------------1
Somerset Un & Middlesex Ltg. C o------------------1
South Jersey Gas, Elec. & Traction C o_______ /See below under Public
Jas & Electric Co. of Bergen C o u n ty -------------- I
Service Gas Oo.
Shore L ighting C o --------------------------------------Princeton Light, Heat fit Power C o --------------
R E PO RT.— For calendar year 1922, report in V. 116, p. 1405, 1425.
Gross Earnings—1922.
1921.
1920.
1919.
Railway com pany........... $27,671,697 $27,518,250 $27,990,696 $24,212,025
Gas company___________ 23,214,053 23,560,675 20,908,069 15,078,590
Electric company_______ 27,785,970 24,470,842 23,660,578 20,190,376
Total gross earnings..$78,671,720 $75,549,767 $72,559,343 $59,480,991
Oper. expenses & taxes.-$52,581,870 $51,769,628 $52,360,894 $40,821,282
Amortization charges_
_ 5,425,292
4,893,957
3,237,529
2,803,808
Total expenses_____..$58,007,162 $56,663,584 $55,598,423 $43,625,090
Net earnings__________ $20,664,559 $18,886,181 $16,960,920 $15,855,901
P. S. Corp. of N. J. incl.
from securities pledged
and from misc. sources 1,957,326
1,859,057
1,859,106
1,952,883
Total income________ $22,621,885 $20,745,238 $18,820,026 $17,808,784
Deduct—
Int. & rentals of leased &
controlled companies_$12,914,110 $12,856,151 $12,324,889 $12,443,377
Fixed chgs. P. S. C o r p .. 4,137,535
4,294,458
4,276,729
4,351,508
Other deductions______Dr.282,775 -Dr.107,986
Cr.18,657 Dr.406,537
Dividends P. S. Corp.
Common stock___ (6^)1,950,000 (4)1,999,984 (4)1,199,984(4^)1349982
Divs. P . S. Corp. prof, stk. 1,317,479 (8)852,968 (8)804,779(6 2-3)669771
PUBLIC SERVICE GAS CO.
Controlled by Public Service Corporation by ownership of entire capital
itock except directors’ shares.
ORGANIZATION.— Incorporated in New Jersey and was created by
Gauging the name of the old Oxy-Hydrogen Oo, of the United States
incorporated in New Jersey In 1873). This latter is said to have had a
perpetual charter under legislative grant conveying the right to manufacture
*nd distribute gas throughout the State. Company has no bonds.
Leases.— On Oct. 1 1909 Public Serv. Corp. assigned to Public Service Gas
Jo the leases of Essex & Hudson Gas C o., Newark Consolidated Gas Oo..
The East Newark Gas Light Co. and Hudson County Gas C o .. and in so far
*s they relate to the manufacture and distribution of gas, the leases of South
iersey Gas, Elec. & Trac. C o., the Paterson & Passaic Gas & Elec. C o.,
Somerset Union & Middlesex Lighting Co. and The Gas & Elec. Co. of Ber<en County. V 89 p. 594, 721. Operating agreement between Plainfield
Gas Light Oo. and Public Service Oorp. was also assigned to the Public
Service Gas Oo. Also leases tbe Ridgewood Gas Co. and Morristown Gas
Light Oo., and the gas prooerties of Princeton Light Heat & Power Oo.
»nd Shore Lighting Co
In May 1922 the New Jersey P. U. Comm, authorized the issuance of
$2,500,000 capital stock, proceeds to reimburse company for extensions
made prior to Sept. 1 1921. V. 114, p. 2125.
Sboca $30.(100.000; $17,660,000 outstanding all owned by Pub.Ser.Corp.
sxcept directors' shares.
Stock will be Issued (V. 89 p. 594) from time to time at par to Public
■ Service Oorp only for cash or for improvements at actual cost thereof.
Notes, $1 064,000, 8% ; dated April 11 1921, due $36,000 per month
since Feb. 1 1922 to June 1 1925. inclusive, and $20,000 July 1 1925. Real
gSCate mortgages. $333.167.
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 $1 25 per 1,000 cu. ft. V. 114, p. 1071.
Important Gas Decision.— See V. I l l , p. 995.
Dividends.—Initial d iv.—2 % —paid Dec. 31 1909. In 1910, 2V$%. In
i911 and 1912, 8% . In 1913, 6% . In 1914. June, 4% ; Dec., 4 % .
Practically all of stock is owned by the Public Service Corp. and dividends
are a i longer reported.
OPERATIONS. AO .—Sold 17,736.689 M cu. ft. of gas during 1922; on
Dec. 31 1922 had 3,332 miles of mains and 583.842 meters In service.
OFFICERS.—Same as for Public Service Electric Co except that H. DWhitcomb is the V.-P. & Gen. Mgr.— V 109 p 1993: V 110. p. 567:
V. I l l , p. 799, 995; V. 114, p. 2125; V. 115, p. 2278; V. 116, p. 1286.
Essex fit Hudson Gas C om pany.
ORGANIZATION.— Incorporated in Nov. 1898 in New Jersey and on
Jec. 1 1898 assumed Che lease of Newark Consol. Gas Oo. to United Gas
Improvement Oo. for 999 years from Dec. 1 1898. Essex & Hudson Gas
Jo. was leased to Pub- Service Oorp. for 900 years from June 1 1903 and
ease assigned Oct. 1 1909 to Public Service Gas Oo. 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 onsolid ated Gas C om pany.
ORGANIZATION.— Incorporated Nov. 30 1898 in New Jersey. Gonlolldatloo of Newark Gas C o., Montclair Gas & Water C o., Summit Gas
Light Oo. People’s Gas Co. of Irvington and Clinton Gas Co. Owns entire
lapital stock or Orange Gas Light Oo. and practically all the stock of The
East Newark Gas Light Co. Leased all its property to United Gas Im
provement Oo. of Phiia., Pa., for 999 years from Dec. 1 1898. and on same
late lease was assigned to Essex & Hudson Gas Co. and by last-named
company to Public Service Gas Oo. Oct 1 1909
Lease provides for pay
ment of all fixed charges and dlvs. on stock commencing
% July 1 1900
and increasing >£% yearly until 5% was reached in 1910; since, 5% per an
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
See text.
3cock $6,000,000 ($100)............................................. $6,000,000
Newark Cons Gas cons mtge/ 1898
5 g J-D
6,000.000 Dec 1 1948
$10.000.000g ($1,000) c*n tf I Int. at Fidelity Union Tr. O o.. Newark, trus.
Vewark Gas IstM $4,000,000/ 1895
6 Q-J
3.999,700 April 1 1944
($100. $500 & $1,000) _c*tf 1Int. at Fidelity Union Tr. O 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.
The 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 Oo.
ORGAN 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 Oo. 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 Oo.
Under lease, dividend rate is now 8% per annum
ORGANIZATION.— Incorporated In New Jersey In October 1899. and
Isa consolidation of the various gas plants In Jersey Olty and Hoboken.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $ 10,500,000 ($100)...........................................$ 10.500,000 ....................
First mortgage $10,500,000/ 1899
5 g M-N
10.500.000 Nov 1 1949
gold_____________ _ — n tf IN. J. Title Gu. & Tr. Oo., Jersey City, trust.
PLANT.— Controls ail gas plants in Jersey Olty. Hoboken and Bayonne.
—V. 78, p. 770; V. 84. p 1555: V. 107, p. 407.
R idgew ood Gas Com pany.
ORGANIZATION.— Incorporated April 24 1900. Is leased to Public
Service Gas Oo 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 1925
lin t, at Equitable T r. O o., N . Y ., trustee.
Second mtge $ 1 0 0 ,0 0 0 ...n t f/ 1905
5 A-O
85,000 April 1 1925
lint, at Fidelity Union T r.C o..N ew ark,T ru s,
M orristown Gas Light Co.
ORGANIZATION.— Incorporated in New Jersey on Feb. 19 1855.
Leased to Public Service Gas Oo. for 999 years from July 1 1910. Rental
equal to 5% per ann. on outstanding capital stock. Stock out., $367,500
,$100), all owned by Public Service Corporation, except directors’ shares.
No bonds.
T he P aterson & Passaic Gas fie E lectric Co.
This company was leased to Public Service Corporation for 900 years
from June 1 1903. Under lease, div. rate was gradually Increased and Is
now 5% per annum. In Oct. 1909 gas part of lease assigned to Publlo
Service Qas Oo. and in July 1910 electric part of lease assigned to Publia
service Electric Oo
ORGANIZATION.— Inc. Feb. 28 1899. Is a consolidation of the vari
ous gas and lighting properties of Paterson and Passaic.
Public Service Corporation owns $269,700 of the stock.
Balance, surplus_____$2,019,986
$633,691
$232,400df$l,412,389
OFFICERS.— Pres., Thos. N. McCarter; V.-Ps., Dudley Farrand, John
O’Toole, Percy S. Young, E. W. Wakelee; Sec., Percy Ingalls; Treas.,
T. W . Van Middlesworth; Comp., Win. S. Barker.— V. 114, p. 2242, 2360,
2718; V. 115, p. 760, 1211, 1321, 1838, 2159, 2380, 2478, 2794: V. 116, p.
296, 411, 516, 616, 9,6 , 1051, 1276, 1405, 1425, 1533, 1650, 1761.
PUBLIC SERVICE ELECTRIC CO.
Controlled by Public Service Corp. by ownership of entire capital stoce
except directors' shares.
ORGANIZATION —Incorporated In New Jersey on June 13 1910.
L ea ses. — In July 1910 Public Service Oorp. assigned to Public Servlci
Electric Oo. the leases of United Elec. Oo. of N. J.. Middlesex Elec. Light A
Power O o., Weehawken Contracting G o., Nichols Elec. Lt. & Power Oo. ol
Nutley, N. J., and Citizens' Elec. Light, Heat & Power Oo. and the electric
properties of South Jersey Gas, Elec & Trac. Oo., The Paterson & Passaic
Gas & Eiec. Oo., Somerset Union A Middlesex Lighting Oo. and The Gat
& Electric Oo. of Bergen County
Also leases Burlington El. Lt. & Pow.Oo
Oinnamlnson Elec. Lt Puw A Heating Co and Bordentown Elec Oo
and electric properties of Princeton Light, Heat & Power Oo. and Shore
Lighting Oo. In addition leases and operates the power stations owned by
Public Service Ry. Oo
STOCK.— Auth., com., $100,000,000; outstanding, $36,250,000, all
owned (except directors’ shares) by Public Service Corp.; pref. 6% cum.,
auth., $100,000,000. See V. 116, p. 1770. $1,310,000 car equipment
bonds and equip, tr. ctls. noted below. Real estate mtges., $595,658.
EQUIP. TRUST CER l'FS. — Bear int. at 8% . $97.>,OJO outstanding
($1,000) tf. Are secured on equipment costing approx. $1,734,000. Due
$65,000 each Feb. and Aug. 1 since Feb. 1 1921- Philadelphia Trust Co.,
trustee. V. 1 II, p. 596
P R O PE R T Y , &c.— On Dec. 31 1922 had 14 generating stations with a
capacity of 290,900 k.v.a., and 70 sub-stations, 957 miles of transmission
line and 167 miles of conduit. Meters, 344,309. Number of street arc
lamps, 7,257, and street incandescent lamps, 43,251
K. w. hours sold in
1922, 534,465,033. Total connected load in k. w. Dec. 31 1922, 669,954.
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
and Percy S. Young; V.-P. & Gen. M gr., Farley Osgood; Treas., T. W.
Van Middlesworth; Sec., Percy Ingalls; Comp., Wm. S. Barker.— 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.
Public Service Electric Power Co.
Organized in April 1923 and is to construct a steam electric power plant
near Newark, N. J., witn an initial instailed capacity o f 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., $30,000,000, outstanding, $14,000,000. Complete description of
these issues will be found in V. 116, p. 1639, 1770.
United Electric Go. of New Jersey.
ORGANIZATION —Organized March 4 1899
L e a s e . — Leased July 1 I9t)7 for 999 years to Public Service Corporation.
In July 1910 lease assigned to Public Service Electric Oo. Under the
lease the $400,000 surplus cash assets of company were divided and a
0
special dividend of 5 7 was paid Juue 29 1907 (V. 85, p. 44). Rental is
3% for two years. 4% for nest two years and 5% thereafter. V. 85. p. 44.
public Service Corporation owns $19,732,500 of this company’s stock and
$683,000 of its first mortgage bonds.
STOCK AND BONDS—
Dale.
In terest. O utstanding.
M a tu rity
J-J
$20,000,000
See text
Stock $20.000,000...............................
First mtge $20,000,000 gold;
1899 4 g J-D
18,617.500 June 1 194*
($500 and $1,000) _c*.u tf I Int. at N. J. Title Gu. & Tr. Go.. J. O ., True
Oon Lt Heat & Pow $1,000,-1
1898 6 g J D
308,000 June 1 1936
000 ($500) gold -----------tf) lut. at N. J. TltleGu. & Tr. Oo.. J. O .. Trua
Nor Hudson Lt Heat & Pow;
1898 5 g A-O
367,000 Oct 1 1936
$2,000,000 ($ 1 .0 0 0 )_ tf ( Int. at N J Title Gu. & Tr. O o .. J. O .. Trus.
_
B onds. — In addition to the above there are $115,000 Oon. Lt.. Ht. & Pow
bonds in hands of trustee
lut. on 1st mtge. is guaranteed by Pub. Serv.
Oorp.. 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. A Pow. and North Hudson Lt., Ht. & Power Bonds.—
V. 90, p. 114, 1106; V. 93. p 414. V. 94. p. 987; V. 114, p. 418.
Middlesex E lectric Light & Power Co.
O R G A N IZA TIO N .—Is a consolidation of Oartaret Electric Light A
Power Oo. and Middlesex Llghtlag Co. Was leased May 1 1908 for 998
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— D ate.
in teres t. O u tstanding.
M a tu rity
Stock ($200.000)____ _____ - ................................
$175,000 ........... ........
First mortgage ($200,000) 1905
5 g J-J
181.000 Jan 1 1956
gold-------------- . . . --------tf f Fidelity Union Trust O o.. Newark, Trustee.
B on d s. — Of the bonds. $19,000 are reserved for improvements.
N ichols Electric Light fit Power Co. o f N utley, N. J.
O R G A N IZA T IO N .— Incorp. in N J.Jan.3 1896. Stock $25,000 ($50).
all owned by Public Service Corp except directors’ shares
No bonds. Was
leased May 1 1908 for 999 years to Public Service Oorp. (lease assigned to
Public Serv. Elec. Co. in July 1910) for an annual rental o f 10% on stock.
W eehawken C on tractin g Co.
O R G A N IZA T IO N .— Incorp. in N. J May 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 pref. stock all owned by Public Service Oorp., except direc
tors’ shares.
STOCK A N D BONDS—
Dace.
In terest. O u tstanding.
M a tu r ity .
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
($250) -----------------------c* tf l Interest at Weehawken Trust O o.. trustee.
C itizens' Electric L igh t, Heat fit Power Co.
Leased to Public Service Oorp 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.
O RGAN IZATION .— Incorp. in New Jersey on Mar. 1 1905. Stock
auth., $125,000 ($25); outstanding. $41,400 (n tf), all owned by Public
Service Oorp. except $225 in hands of public, incl. directors’ shares.
B urlington E lectric Light fie Power Co.
O R G A N IZA TIO N .— Incorporated Oct 6 1888 in New Jersey. Public
Service Oorp. owns entire issue o f stock, except directors’ shares. Stock
75
76
ELECTRIC RAILWAYS
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
S tock$5,000,000 (S100).....................
J-D
$4,999,5>6 _____ _____
Cons mtge $5,000,000 gold? 1899
5 g M-S
4,099,000 Mch 1 1949
($1.000)___________ c* n tf)In t. at First Nat. Bank, Paterson, or First
I National Bank, New York.
Edison Electric 111 1st mtge/ 1895
5 g J-J
585.000 July 1 1928
$600,000 ____________ n tf I Paterson Safe Dep A Trust Co . trustee.
Passaic Lighting Co cons m tg/ 1895
5 g M-N
316.000 M ay 1 1925
$450,000 ______________ tf! Guaranty Trust C o., trustee.
Bonds.— Of the new $5,000,000 mtge. of 1899. $901,000 Is reserved for
underlying Hens. The bonds are not subject to call. The Paterson 8afe
Deposit & Trust Co. Is trustee.— Y. 107, p. 403.
Somerset U nion & Middlesex L ighting Co.
O RGAN IZATION .— Incorporated In New Jersey on Dec. 1 1903 In the
Interest of Public Service Corporation, as a consolidation of Somerset Light
ing Co. of Somerville, N. J.; Plainfield Gas & Electric Light Co. of Plainfield, N . J., and Citizens' Electric Co. of North Plainfield (V. 78. p 107),
On Dec. 30 1903 Central Elec. Co. was also merged In the same. Public
Service Oorp. owns $422,400 of the stock, $573,182 Som. Un. & Mid. Ltg.
Co. bonds. $21,000 Somerset Ltg. Co. 1st 5s and $20,200 Cent. El. Co. 5a
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,
1H % ; Dec 1 1907. 2% ; Dec. 1 1908. 214%: Dec. 1 1909. 3% : Dec. 1 1910.
314%: Dec. 1 1911 and thereafter, 4 % . So much of lease as relates to
manufacture and distribution o f gas has been assigned to Pub. Serv. Gas Co.;
remainder of lease applying to electric properties has been assigned to
Public Service Electric Co.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $1,050,000 ($100).....................
J-D
$1,050,000
See text.
Somerset Dn & Mid Lt Co M ( 1903
4 g J-D
1.974,481 Dec. 11943
$2.750,000($l,000)g-C*ntf\Int. at Fidelity Union Tr. C o., Newark, Tr.
Underlying bonds assumed—
Plainfield Gas & Elec Lt gen/ 1900
5 A-O
500.000 April 1 1940
mtge $500.000_________ tf/Guaranty Trust O o., New fork. Trustee.
Somerset Lighting Co first J 1899 5 F-A
150,000 Feb 1 1939
mortgage $150,000 ___ tflFidelity Union Tr. C o.. Newark, Trustee
Cent Eiec con nowlstM $750,-j 1900 5 g J-J
750,000 July 1 1940
000 ($500 & $1,000) g .c * tflln t. at Fidelity Union Tr.Co..N ew ark.Trus.
Bonds.— $1,128,372 of the 1903 bonds have been Issued In exchange for
the stocks o f the companies consolidated and $846,000 for extensions and
Improvements: $503 Is reserved for Central Electric stock not yet acquired
(the company having previously obtained the remainder of the $750,000
totai stock of that company). $775,000 to retire the underlying bonds and
$125 for future additions and Improvements. No sinking fund, and bonds
cannot be called. Central Electric bonds are subject to call at 110 and int.
V. 78, p. 107; V. 107, p. 84.
S outh 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 of 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
the Public Service Gas Co. Its traction business Is leased to the Public
Service Ry. Co. and Its electric business Is leased to Public Service Electric
Oo. Public Service Oorp. owns $3,507,000 of South Jersey Gas, Electric
A Traction first mortgage 5s.
O R G A N IZA TIO N .— 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 Oamden Gloucester
8c Woodbury R y ., which has been leased to Public Service Ry. Oo.
STOCK AND BONDS—
Dote.
Interest. Outstanding. Maturity.
Stock $6,000,000 ($100).....................
J-D
$6,000,000
See text
1st mtge $15,000,000 gold/ 1903
5 g M-S
12.994,000 Mch 11953
($1,000)___________ c »n tf(ln t. at Fidelity U nion T r.O o.. Newark,Trus
Trenton G&E1 1st M $2,000,-/ 1899
5 g M-S
1,998.000 Mch 11949
000 gold ($1,000)_______ t flln t . at Equitable Trust Oo.. N Y .. Trustee
Bonds.— Of the new $15,000,000 Issue, $2,006,000 are reserved to retire
prior liens. No oinking 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 B runswick L igh t, Heat & Power Co.
ORGAN IZATION .— Incorporated in New Jersey on Dec. 7 1899. Owns
all the stock of The Gas Light Oo. o f New Brunswick, except directors
shares. Int. on bonds Is paid by Public Service Gas Oo. through lease of
The Gas Light Oo. 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 * n tf/In t. at Fidelity Union T r.O o. .Newark, tru*
_
(a) T he Gas Light Co. o f the C ity o f New B runswick.
O R G A N IZA TIO N .— Incorporated on Mar. 18 1851. Stock authorized
and outstanding. $400,000, all owned by New Brunswick L t., Ht. A Power
Oo. except directors’ shares. Was leased to the Public Service Oorp. for
900 years from Jan. 2 1905 (June 1 1906 lease assigned to South Jersey
Gas. Elec. & Trac. O o.), rental being payment of int. on bonds or New
Brunswick L t., Ht. & Pow. Oo. and divs. on stock of Gas Lt. Oo. of Olty of
New Brunswick, as follows: 2% in each of the years 1905 and 1906, 2 V4%
in 1907 and 1908. 3% In 1909 and 1910, 344% In 1911, 4% in 1912, 444%
In 1913 and 5% In 1914 and thereafter. The company Is now controlled
by Public Service Gas Oo. by reason o f assignment of lease o f gas properties
o f South Jersey Gas, Electric & Traction Oo.
Qas & Electric Co. o f Bergen C oun ty.
LEASE.— Was leased to the Public Service Oorp. for 999 years from
Jan. 1 1905. Dividends are 2% for first two years, 244% for the next
year, 3% for the jext 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 Oo. and In July 1910
lease of electric properties was assigned to Public Service Electric Oo
ORGA N IZA TIO N .— Incorp. May 31 1899. Is a consolidation of several
■mall gas and electric-light companies. Public Service Oorp. owns $1,655.000 of general mortgage No. 2 bonds.
Date.
Interest. Outstanding.
MaturitySTOCK AND BONDS—
_________ $2,000,000
See text.
Stock $2.000.000 ($100)___ , ____
_____________ 1 $5,000,000/ 1904
5 g M -N
38.000 Nov 1 1954
Gen mtge No._ ___________ ____
gold ($1,000)__________ tflEquitable Trust O 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 Oo., Newark. Trustee
Consolidated mortgage $ l,-f 1899
5 g J-D
1,443,000 June 1 1949
500.000 g ) l l _________ntf/F idelity Union Trust Co., Newark, Trustee
Englew G & E 1st m t g e ..n t f. 1899 5 J-J
23.000 Jan 1 1939
Hack Gas & Eigen m tg e .n tf. 1895 5 J-J
10.000 July 1 1935
Hack G L 1st M ($1,000) c n tf 1894 5 J-J
24.000 July 1 1934
Bonds.— Of the general mortgage for $5,000,000, $1,538,000 Is reserved
to retire prior liens and $191,000 for additions and Improvements
The
gen. mort., of which the Equitable Trust Oo. is trustee was superseded
by the similar mtge. o f which the Fidelity Union Tr. Oo. is trustee. V.
106, p. 1130.
Shore L igh tin g Co.
^ O R G A N IZ A T IO N .— Incorporated March 21 1911 In New Jersey and Is a
consolidation of Shore Elec. O o.. Sea Bright Elec. Lt. Oo. and Citizens'
Lt. A Fuel Oo. o f South Amboy. $104,900 o f stock owned by P. S Oorp
The electric properties have been leased to Pub. Serv. Elec. Oo. and the
gas properties to Pub Serv. Gas Oo.: the leases are for 900 years from May 1
1911 and provide for payment of interest on bonds and amount equivalent
to 5% per annum on the authorized stock.
r STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $112,000 ($100)..................................... ..........
$112,000 . . . . . .
First mortgage $400,000 gold/ 1911
5 g A-O
400.000 April 1 1951
($500) _________________ tf/I n t. at Fidelity Un. Tr. Co.. 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 Oit. Lt. A Fuel Oo. bonds: are
guar., prln. & int., by Public Service Oorp.— V. 92, p. 1640.
P rin ceton L igh t. H eat & Power Co.
In 1910 Public Service Oorp. acquired control. V. 91, p. 399.
Service Oorp. owns $115,850 stock.
[V ol. 116.
O RGAN IZATION .— Incorporated In New Jersey on July 31 1905 as a
consolidation of Princeton Elec. Light Works. Princeton Gas Light Oo. and
Hopewell Elec. Lt., Heat & Pow. Oo. Electric properties have been leased
to Pub. Serv. Elec. Oo. and gas properties to Pub. Serv Gas Oo . the leased
being for 900 years from May 1 1911. and providing for payment of interest
on bonds and amount equivalent to 2% per anh. on outstanding stock.
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity.
Stock $250,000 ($50).................................................
$122,500 ...................
1st ref mtge $250,000 gold s f I 1909
5 g F-A
15 1,30 ) Feb 11939
($100, $1,000 or fra c).c*tf/In t. at Equitable Trust Oo.. N. Y ., trustee.
Bonds.— Bonds are guar., p. A 1., by Pub. Serv. Oorp. 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. 399.
______
PUBLIC SERVICE RAILW AY C O .— (See map on pages 72 and 73.)
Controlled by Public Service Corporation through ownership of all but
26 shares of stock. No lease
ORGANIZATION.— Organized Aug. 30 1907 as a consolidation o f the
North Jersey Street Ry. Oo., Jersey Olty Hoboken A Paterson St. Ry. Oo.
and United St. Ry. Oo. of Central Jersey. V 85, p 406 For basis of exJhange of stocks of these companies for stock of new company, see this Sec
tion for Sept. 1915. North Jersey St. Ry. In Jan. 189H absorbed the Newark
A So. Orange. The Jersey Olty Hobok. & Paterson was a consolidation In
Nov. 1899 of the following: Jersey Olty Hoboken & Rutherford Elec. Ry.
Oo.. Palisades RR. Oo., Paterson Central Elec. Ry Oo Paterson Horse
RR. Oo., Paterson Passaic & Rutherford Elec Ry Oo Saddle River Trac.
Oo., White Line Trac. Oo.. formerly the New Jersey Elec Ry. Oo. In
1901 It absorbed Paterson Ry. Oo. and North Hudson Oo. R y. Oo.
United Street Ry. Oo. o f Central Jersey was a consolidation In July 1907 of
Elizabeth Plainfield & Oentral Jersey Ry. Oo. (watch was chartered In 1900
as a consolidation of Plainfield St. Ry. Oo. and other companies) and Eliza
beth A Raritan River Street Ry. Oo. (which was a consolidation on April 30
1904 of Middlesex A Somerset Traction Oo. and East Jersey Street Ry. Oo.
which latter company had previously absorbed Raritan Traction O o.,
Perth Amboy RR. Oo. and East Jersey Traction Oo.)
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 of the former
through an exchange o f stock, share for share, effective Jan 1916. The
Terminal Ry Oo 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
property Is leased for 50 years from date of occupancy to the Public Service
Ry Oo. (with which the co. was subsequently merged), Public Service Gas
Oo. and Public Service Elec. Oo. 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 1918: offices occupied in July 1916.
In addition to above, Public Service R y . leases Consolidated Traction O o.,
South Orange A Maplewood Traction Oo., Bergen Turnpike O o.. Orange A
Passaic Valley Ry. Oo., Oamden A Suburban Ry. Oo , Oamden Gloucester
A Woodbury Ry. Oo., New Jersey A Hudson River Ry A Ferry Oo. and
Riverside Traction Oo., which companies see below. Also owns all stock
of People’s Elevating Oo.
Completed In 1912 a terminal station at Sip Ave., Jersey Olty, connect
ing with the Penn. RR. station and also with the tunnel station there.
A terminal station at Hoboken connecting witb ohe D L. A W. R R .
station and also with tunnels terminating there was completed In May 1910.
Sale of Bergen Turnpike.—See Bergen Turnpike Oo oelow
Fares.— For details of fare changes see “ Electric Railway” Supplement of
Oct. 28 1922 and V. 116. p. 516.
Suits Against Buses— See Y. 110, p 2488: V. 112, p 745. See also
V. 113. p. 961, 2506. 2722; V. 114, p 307
In Oec 1917 the N J P U Oomm. auth the co to Issue $1,250,000
stock at par, proceeds to be used for developments, Ac. Up to Oct. 1
1922. this had not been issued.
Valuation.— For summary of valuation by Ford, Bacon A Davis, engineers,
N. Y ., fixing reproduction cost as of Tan. 1 1921 a» $125 000 090 see
V. 112. p. 1742. Compare V. 112, p. 1867; V 113, p 293. 418. Compare
appraisal of $170,000,000 by Prof. Henry O. Anderson in V 114, p. 1409.
STOCK AND BONDS— Date.
Rate.
Outstanding.
Maturity
Stock $59,000,000 ($100).........................................a$ 48.750 000 ___________
P S.Newark Term Ry. 1st M / 1915
5 g J-D
5.000.000 June 1 1955
$5,000,000 g ($1,000)_ _c*tf/Int. at Fidel'ty Un. Tr t’o Njwark. Trust.
Jar crust certificates,8er“ D " / 1917
5 M -N
3 6,000
See text
lint, at Philadelphia Trust Oo. Phlla..trustee
Oar trust certfs. Ser. “ E ” ___1 1920
7 ^ F-A 1.120,000
_______ _
/Bankers Trust Oo.. trustee
Real estate m ortgages______ ___
______
386.435 __________
a Incl $18,400 reserved to retire outstanding stock of consolidated cos.
Bonds.— The P. S. Newark Term. Ry. bonds are unconditionally guar, as to
prln.. Int. and slaking fund by endorsement, jointly and severally, by the
Public Service Ry Oo and Public Service Oorp 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.
Tund on June 1 each year, since 1920, at 102 4 'V 100 p 2011)
Car Trust Certificates.— Series “ D ” certifs. are secured on 150 cars and
mature $44,000 s.-a. May 31 and Nov. 30. Ser. 'E ' are secured on equip,
costing $2,434,000 and are guar. pria. A int. by the Public Service Oorp. 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.
SECURITIES OF NORTH JERSEY STREET RY.
Date
Interest. Outstanding.
Maturity.
STlrst m o r tg a g e
$15 ,0 0 0 .0 0 0 1
1898
4 g M -N
$ 1 5 ,0 0 0 ,0 0 0 M a y 1 1 9 4 8
gold ($1,000 each)______tfl Bankers' Trust Oo.. New York, Trustee.
(Int at Fidelity Union Tr Oo Newark, N .J.
Of the 1st mtge. bonds. $7,230,000 are owned by Public Service Oorp
SECURITIES OF JERSEY C IT Y HOBOKEN A PATERSON ST. R Y .
Date.
Interest. Outstanding
Maturity.
Jer Olty Hoboken A Pater-( 1899 4 g M N $14,061,000 Nov 1 1949
son 1st mtge gold $20,-) Interest at New Jersey Title Guarantee A
000.000 ($1,000) - -C*ntfl Trust O o.. Jersey Olty 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 i Dod, trustee.
Nor Hud Oo Ry lmpt mtge/ 1894
5 M-N
1.291,000 May 1 1924
$1,292,000 ($1.000)._ . t f l l n t at Fidelity Union Tr Oo Newark, Trus.
Weehawken Extension M ort-/ 1895 5 F-A
100,000 Feb 1 1945
gage $100,090 -----------n t f /Fidelity Union Trust Oo. Newark. Trustee.
Paterson Ry Oon M(now 1st)/ 1891
6 g J-D
1,250,000 June 1 1931
g $1,250,000 ($1,000) ctf/O olum bla Trust O o.. N. Y ., Trustee.
Paterson Ry 2nd geo mortl 1894 5 A-O
300,000 Oct 1 1944
$390,000 red at any time) Fidelity Union Tr. Oo.. Newark, Trustee.
($500 and $1 00bi____c n tf)
Bonds.— $5,939,000 J. O. H. A P. first 4s are reserved for prior Ileus.
Of the J . O . H . A P . bonds outstanding, $ 1,498.000 are owned by Pub. Serv.
Oorp. The 2nd 5s of the North Hudson County Ry expire 1 May 1 1904.
I but were extended until May 1 1924- See V. 78, p. 1392 These bond!
I 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
1 Feb 1 1915 but were extended for 30 years. V 100. p 399. The Paterson
Rv 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 Ry On In manner
provided in mortgage.
SECURITIES OF UNITED ST R Y . OO. OF OE N TR AL JE R SE Y.
Bonds of Constituent Cos.— Date.
Interest. Outstanding
Maturity.
Eliz Plain A Cent Jer mtge[ 1900
5 g J-D
$2,400,000 Dec 1 1950
$2 500.000 ($1.000) g .c * n tf) Int at Fidelity Union ■Trust Oo., Newark,
No s f A cannot be called I Trustee.
Plainfield Street Ry first m tg/ 1892
6% J-J
100,000 July 11942
($1.000) Call in 1904-C*ntfl Int. at Fidelity Union Tr Co Newark, Trus.
Elizabeth A Raritan Rlv St/ 1904
5 g M-N
1.500.000 May 1 1954
| Rv gen M $3 500,000- - t f / Fidelity Union Trust Oo Newark Trustee.
Brunswick Trac M g ($1,000)/ 1896
5 g J-J
500.000 July 11926
Cannot be called.- e*r>tf 1Fid ility Union Trust Oo Newark. Trustee.
Middlesex A Somerset Trac g / 1900
5 g J-J
1.000,000 Jan 1 1950
\l$l 500.000 ($1,000)c*ntfl Int, at Fidelity Un. Tr. Co Newark, Trus.
PublU East Jersey 1st mtge $500,-/ 1904
5 g M-N
500,000 M ay 1 1944
000 gold guar p A l ______ tfl Perth Amboy Tr. O o., Perth Am boy. Trust.
A pril, 1923.]
ELECTRIC RAILW AYS
Bonds.— Of Che total issue of Eliz Plain. & Oent. Jer. Ry. Oo. bonds dated
1900, 8100,000 Is held to provide for like amount o f Plainfield Street Ry 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 19)4, $2,000,000 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 d iv .—2 -3 % —paid Dec. 31 ’08; In '09, Dec., 2% ; in '10
2% ; in ' l l . Dec., 1 >4%. in 12. Dec.. l<4% : in '13. D ec., I H % : In 14
D ec., 1 M % . Practically entire stock owned by Public Service Corporation
and dividends no longer reported.
ROAD, &c.— Owns ‘ including Public Service Railroad) 530.510 miles
first main track, 300.155 miles 2d main track and turnouts and 59.595 miles
of connections, loops, yard track. S
r-c. Total, 89J.260 miles of track
502 open and 1,923 closed cars
Passengers carr e l in 1922 410,212,814, o f which 325,235,180 (excl.
passengers paying for transfer?) were revenue and 84,947.634 transfers and
passes. In 1921, 435,679.891, of which 343,284,212 (excl. passengers pay
ing for transfers) were revenue and 87,935,589 transfers and passes.
OFFICERS.— Same as for Public Service Elec. Co., except that R. E,
Danforth is the V.-P. & Gen. M gr.— V. 113, p. 2186, 2506, 2615, 2722; V.
114, p. .307. 1409, 189j ; -V. 115, p. 74, 4.37; V. 116, p. 516.
(1) C onsolidated T raction Company.
Incorporated Mar. 15 1893 On June 1 1898 leased to North Jersej
Street Ry. for 999 years, and lease has now passed to Public Serv. Ry. 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.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock all paid In ($100)___________
J-J 15
$15,000,000
See text
Underlying bonds— sea b e l o w .____ • _________
7,308.000 __________
First mortgage gold $15,000,-/ 1893
5 g J-D
15.000,000 June 1 1938
000 ($1.000)________ - . t f Interest at Bankers Tr. C o., N. Y ., Trustee
The gold bonds of 1893 are secured not only by mortgage, but also bj
deposit of $1,000,000 stock of J. O. & Bergen R R ., $161,625 stock ot
Newark Plank Road C o., 56.000,000 stock Newark Passenger Ry. and $99.
100 stock of Jersey City Harrison & Kearney Ry. Co.
ROA D .— Operates about 190 miles of track. Including the N. J. Tractioi
Oo., Newark Passenger R y.. J. O. & Bergen R R ., Passaic & Newark Elec
Trac. C o., J. C. Har. & K. RR. and Newark Plank Road, all of who«>
stocks are owned
Stock, debts and mileage of the leased and controlled lines;
Funded debt
Miles.
Stock.
New Jersey Traction C o_______________None
$500,000
$6,oob,5o€
Newark Passenger R y --------------------------83
6,000,000
Rapid Transit Street R y_______________12
504.000
500.000
258.000
Jersey City & Bergen R R _____________ 4114
1,000.000
Jersey City Harrison & Kearney R y__ 10
*100.000
162,000
Newark Plank R oad----- --------------------- 4 4-5
Passaic & Newark Electric Traction___ 10!*
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.
(a) Jersey City & Bergen Railroad.
R O A D .— Owns from Jersey City to Bergen Point, &c., total track. 411s
miles. Controlled by Consolidated Traction C o., all the stock being de
posited as part security for the Traction Oo. 1st mortgage.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
S to c k ...................... ....................................i ----------- $1,000,000 f.-p ...............
Bonds.— The $258,000 4 H % bonds due Jan. 1 1e23 (originally 7s, due
Jan. 1 1903) were purchased by t.,e Puolic Service Corp. of N . J. a c
maturity and are still a lien against the property. V. 115, p. 2905
(b) Newark Passenger Railway.— Electric.
ORGAN IZATION .— Incorporated June 16 1890. On July 29 1898
leased to New Jersey Traction for 999 years, and so controlled by tne Con
■olldated Traction Oo. of New Jersey, N. J. Traction Oo. having been leased
to Cons. Trac. Oo. Jan. 2 1891 for 999 years. Charter said to be perpetual
LEASE AND REN TA L.— Rental under the lease. $105,000 yearly.
STOCK AND BONDS—
Par.
Interest. Outstanding.
Maturity
S to c k ________________________ $100
Text
$6,000,000 Own.byO.Tr
Newark Pass Ry 1st cons VI / 1.000 5 g J-J
6.000,000 July 1 1930
1890 $6,000,000 g o ld -c* tf!N . J. Title Guar. & Trust Oo., Trustee.
The $6,000,000 stock Is all deposited as security for the Consolidated
Traction Oo. first mortgage.
Interest on consol. 5s Is payable at First National Bank, Jersey Olty
The consols are guar. p. & 1 by Oonsol. Trac. Oo. and In Feb. 1895 tht
.
guaranty was stamped on bonds. V. 59. p. 969; V. 81. p. 900.
ROAD.— Embrace* about 83 miles of track.— V. 81. p. 900.
(c) Rapid T ransit Street Railway Co. o f the C ity o f Newark.
ORGANIZATION. —
June 1 1893 leased to Newark Passenger Ry. for
999 years, and included with It In lease to New Jersey Traction, and so
forms part of Consolidated Traction systemThe 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, ETO.— Par.
Interest. Outstanding. Last div.,dki
S to c k ______________________ _____
115* J-D30
$504,000
See text
First mtge $500,000 g -.c * n t f ($1,000
8 g A-O
500,000 April 1 19 It
Red. through sk fd at 105. \Int. at Fidelity Union Trust C o., Newark,
Trust.
Dividends of 11!* % yearly are guaranteed by the Newark Passenger and
New Jersey Traction companies upon the stocs.
(d) Passaic & Newark Electric T ra ction C o.
O RGAN IZATION .— Incorporated April 30 1895 and acquired all th*
$1,000,000 stock of Passaic k Newark Electric Ry. Consolidated Trac
tion Oo. owns all the stock and guarantees the bonds.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity
................. $1,000,000 ........... ....
Stock $1,000,000 ($100).....................
1st M $1,000,000 guar p & If 1897
5 g J-D
550,000 June 1 1937
by Oonsol Trac of N J — tf lin t, at N. J. Title Gu.&Tr. jersey Olty .Trus
(2) S outh Orange St >\aplewood T ra ction Co.
This company was leased oa Oct. 1 1903 to North Jersey St. R y. Oo. (now
merged In Public Service Ry Oo.) In perpetuity, the rental being $2,000
on the preferred stock for first year and Increasing $500 yearly until ninth
year, when $6,000 Is paid, which amount Is to be paid thereafter. Rental Is
guaranteed by Public Service Corporation of New Jersey. V. 77. p. 824.
O R G A N IZA TIO N .—Consolidation In July 1901 of South Orange &
Maplewood Tr. Oo. and South Orange & Maplewood St. Ry. Oo. Stock
autn. and out., common. $75,000; preferred, $150,000. No bonds.
. Bergen T urnpike Co.
eased to Public 3ervice Ry. Oo. Jan. 1 1908.
O R G A N IZA T IO N .— Originally chartered on Oct. 27 1802 with $51,990
capital ($10 shares). Jersey Olty Hoboken & Paterson (now merged In the
Public Service Ry. Oo.) 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 Oo., Jersey Olty, trustee
In Dec. 1915 the turnpike between Hackensack and the Hudson Oounty
line, south of Fair view, over which an electric road was constructed In 1902
was turned over to the Bergen Oounty Board of Freeholders for the sum of
$1, the P S. Oorp giving a bond assuring the payment of the $1,000,900
5% bonds due 1951. V. 101. p. 1974. In July 1921 the turnpike in Hudson
County was deeded over to the county in consideration o f $1.
( 4) Orange & Passaic Valley Ry. Co.
Leased for 900 years from Nov 1 1903 to Public Service Corporation fot
Interest on the trust certificates Issued In exchange for stock. Lease was
assigned to North Jersey Street Ry. Oo. July 23 1907 and now held by
Public Service Ry Oo. $925,500 of ths stock owned by Pub. Serv. Oorp
ORGAN IZATION . — Incorporated In 1898 as successor o f Suburban
Traction Oo.. sold In foreclosure July 6 1898.
BONDS—
Date.
Interest. Outstanding.
Maturity.
S t o c k .......................... .............. ...........................
$1,009,000 ...........
1st mtge $1.000.000...........t f / 1898
5 J-D
833.000 Dec 11938
IN. J. Tit. Gu. & Tr. Oo. o f Jersey Olty. Trus.
$83,000 of outstanding bonus are owned by Public Service Corporation.
£
77
(5) Camden & S uburban Railway Co.
Was teased oa May 1 1904 to Public Service Corporation for 999 years
rental being (In addition to fixed charges) $30,000 for first year (1905).
136,000 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 nluth year and $120,000 the tenth
year aod thereafter. V. 78. p. 2383. Lease was assigned to Public
Service Railway Oo. Sept. 24 1907.
O R G A N IZA TIO N .— Formed In 1896. Controls Camden Horse R R .
‘which Is leased) and West Jersey Traction Oo. (stock $60,000).
STOOK AND BONDS— Date.
Interest. Outstanding. Maturity.
Jtock $3,000,000 ($25)_______ _____
Q-F
See text.
See text
1st mortgage $3,000,000 gold/ 1898
5 J-J
$1,940,000 July 11946
($1,000) _____________ ctfU nt.at N.J.Tr.&SafeDep Oo..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
latnden Horse RR and $60,000 are for extensions. V. 94. p. 1185.
ROA D .—Operates 91.3 miles of track. Connection through to Trenton
a made over Riverside Traction (now leased by P. S. R y.). V. 78. p. 1781.
1383; V. 88. p. 1126; V. 89. p. 154: V. 94. p. 1117. 1185.
(а) Camden Horse R ailroad Co.
O R G A N IZA TIO N .— Incorp. March 23 1868. Stock, $250,000 ($25)
..eased to Camden & Suburban Ry. from Apr. 1 1896 for 999 years. Renta
fcc.. received, $80,000 per annum, from which Is paid 24% on stock. AH
jonds have been canceled.
ROAD.— Has 30.11 miles of track.
(б) Camden G loucester & W oodbu ry R ailw ay Co.
Leased to Public Service Ry. Oo.
ORGA N IZA TIO N .— Entire $800,000 stock Is owned by South Jersey
las. Electric & Traction Oo. All bonds have been canceled.
R O A D .—Comprises 25 miles of road.
(7) P eople’ s E levating Co.
O R G A N IZA T IO N .— Incorporated In New Jersey M ay 31 1899. Stock
is all owned by Public Service Ry. Oo.
STOOK AND BONDS—
Date.
Interest. Outstanding. Maturity.
itock. $250,000 ($100)...............................................
$250,000 ...................
First mortgage, $250,000.1 1899
5 g A-O
175,000 Oct 1 1939
gold ($1.000)________ c*tf l Int. at N.J.TltIeGuar.&Tr.Oo.,J.O..Truste.
(8) New Jersey & Hudson River Ry. & Ferry Co.
Public Service Corporation has acquired $2,446,350 o f the $2,500,000
jommon and $4,633 of the $750,000 pref. stock. V. 91. p. 95. Is leased
»o Public Service Ry. for 900 years from May 1 1911 for Interest on bonds
»nd 6% on both common and pref. stocks.
O RGAN IZATION .— Incorporated on Feb. 25 1910 as a consolidation
of 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.
STOOK AND BONDS—
Date.
Interest. Outstanding. Dividends.
$2,500,000 See text
tock. com. $5,250,000 ($ 1 0 0 )____
_______
dtock. pref. $750,000 6% c u m ____
6 F-A
750.000 See text
N J & H R RY & FO o 1st M .l 1900
4 g M-S
4.O il.000 Mar. 1 1950
$5,000,000 g ($1,000)-c* tfjIn t. at U. S. M tge.& Tr.C o., N .Y ., Trustee.
Hud Rlv Trac 1st M . $1,000,-1 1902
5 g M-S
631.000 Mar. 1 1950
000 g ($1,000)_________ tf/In t. at U. S. Mtge. S Tr O o .. N .Y .. Trustee
c
Stock.—Pref. stock Is redeemable at 115 and accrued dividends. $1,500
oref. stock In treasury.
Bonds.— N. J. & Hud. River Ry. & Ferry Oo. bonds can be called on any
int. day at 105 and Int. upon six weeks’ notice. V. 80, p. 998. Hudson
River Traction bonds are subject to call on any int. date at llO . $67,000
are owned by N. J. & H. R. Ry. & Ferry Oo.
REPORT.— Included in Public Service Ry.
ROAD.—Owns and operates 31.33 miles of track from Edgewater, N. J.
.terminal of W. 130th St. ferry. N. Y. Olty), to Englewood, Hackensack
and Paterson; also 17.11 miles of track from Hackensack to Hasbrouck
Heights, Woodridge, Rutherford to Arlington and a branch line from Has
brouck Heights to Lodi. The cars of this company operate to the business
centres of Newark. Passaic and Paterson.— V. 92. p. 462; V. 99. p. 407.
(9) Riverside T ra ction C o.— Trolley.
Lease.— Company Is leased for 999 years from April 1 1912 to Public
Service Ry. The lease provides for Int. on bonds 5% dlvs. on outstanding
pref. stock and a div. 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.
ORGA N IZA TIO N .— Incorp. In New Jersey June 20 1910 as successor to
Camden & Trenton R y., sold at foreclosure. See plan, V. 88. p. 1126.
Owns 392 out of 400 shares (par $50) of the capital stock of the Clnnaxtlnson Elec. Lt., Pow. 5c Htg. Oo. of Riverton. N. J., which supplies the
towns of Beverly Delanco. Riverside Riverton and Palmyra, with light.
Also owns $49,600 of the $50,000 capital stock of the Bordentown Electric
Oo., which supplies light to Bordentown and vicinity.
STOOK AND JO N D 3—
Date.
Interest. Outstanding. Maturity.
$747,150 ...................
Jommon. $1,100,000 ($50)...................................
P-eferred. $400,000 ($50).................
5%
266.500 ...................
First M $1,500,000 g ($100,1 1910
5 g J-D
1,500.000 June 1 1960
5500&$1.000)call at llO t f lint, at West End Trust O o.. Phlla.. Trustee.
Bonas.—Subject to call, all or any. on any interest day at 110 and Int.
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
jontract between this company and the Oamden & Suburban. the Riverside
fraction cars run direct to Philadelphia Ferry at Market and Federal streets.
Oamden.—V. 93. p. 408; V. 94. p. 280. 352. 699.
(10; Paterson St State Line T ra ction Co.
Stock all owned by the Public Service Railway Oo.
ORGA N IZA TIO N .— Incorp. In New Jersey Nov. 15 1901. Stock
authorized. $300,000 (Increased In July 1913 from $100,000; V. 97. p. 522);
sutstandlng. $150,000.
BONDS.—
Date.
Interest. Outstanding. Maturity.
5 J-D
$150,000 June 1 1964
1st mtge $300,000 g o ld ______ 1914
Fidelity Union Trust O o.. Newark, trustee.
PUBLIC SERVICE RA ILR O A D .
O RGAN IZATION .— A consolidation (under agreement dated June 30
1913) of the Elizabeth New Brunswick & Trenton RR. and the Trenton
Terminal RR. Capital stock authorized. $500,000; outstanding, $285,000.
all owned by Public Service Oorp. of New Jersey except directors’ shares.
Regular trolley service between Newark and Trenton July 1 1913, and
service between Newark and Perth Amboy inaugurated about July 1 1914.
V. 97. p 522. The branch line to Roosevelt Borough was placed In opera
tion Dec. 8 1915.
On Aug. 10 1918 the P. U. Comm. auth. the co. to Increase Its rates
between Newark and Trenton from 2 to 234 cents per mite, with a minimum
charge of 10 cents, except between Chrome Junction and Chrome, between
which points a 5-cent fare is to be continued. On June 1 1921 the rate
was increased to 3 cents per mile.
(1) Elizabeth & T renton RR.
^
Lease.— Leased to Trenton Terminal R R . (subsequently merged in
Public Service RR. Oo.) for 999 years from April 1 1912. Rental 5% on
outstanding pref. stock, and. beginning with the yjar ending April 1 1915.
1% on outstanding com ., with additional 1% annually until 4% Is paid.
7 94. p 697
ORGAN IZATION .— Incorporated In New Jersey on May 19 1910 as
successor to the Trenton & New Brunswick RR. and the New Jersey Short
Line R R .. both sold at foreclosure. See plan In V. 89. p. 1282. 1349.
STOOK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common $900,000 ($50)...................
A-O
$811,350 ....................
Pref $300,000 5% cum ($50).............
A-O
180.300 ...................
First mtge $1,200,000 gold\ 1912
5 g A-O
990.000 Apr 1 1962
($1.000)------------------ c * .t f flnt. at Logan Trust Oo.. Philadelphia. Trus.
Bonds.— First mtge. bonds are subject to call as a whole on any Int, day
at 110 and Int. Prin. and Int. are guar, under terms of lease by the
Trenton Terminal R R .. whose obligations are guar. In turn by the Public
Service RR. and the Public Service Corporation.
ROAD.— Owns 49.656 miles equivalent single track; standard-gauge.
V. 90. p. 1362; V. 94. p. 697.
78
ELECTRIC RAILW AYS
NEW BEDFORD, MASS.
NEW BEDFORD & ONSET STREET R Y .— A trolley road.
O R G A N IZA TIO N .— Incorporated In Massachusetts In 1901. This com
pany is owned In the same interest as the Union St. Ry. Oo. In June 190*
Issued $50,000 new stock in exchange for the $150,000 stock o f the Tauntot
9c Buzzard’s Bay St. Ry.. which was a reorganization o f the Middlebor*
Wareham & Buzzard's Bay St. Ry. V. 82, p. 1438.
Fare Increase.— On Aug. 1920 a 10-cent cash fare, with 12 tickets for
96c.. was put into effect.
In Dec. 1921 the co. was auth. b y the Mass. Dept, o f P. U. to extend the
1st M . 5s maturing Jan. 1 1922 for 5 years at 6% . V. 113, p. 2819. Com
pare V. 113, p. 2185.
STOCK AND BONDS— Date.
Interest
Outstanding. Maturity.
S tock .$550,000 ($100)...........................................
$550,000 Feb ’23. 2%
First mortgage, $500,000.f 1902
6 g J-J
340.000 Jan. I 1927
gold ($1,000)_______ c ’ n tfiln t. at International Tr. C o., Boston, Trus
I No sinking fund and not subject to call
M W & B B 1st mortgage.( 1901 6 % g A-O
150,000 Oct. 1 1926
$150,000 ($1,000) g --cn tf\ ln t. at Federal Trust C o.. Boston. Trustee
Bonds.— The Middleboro Wareham & Buzzard's Bay bonds have n*
sinking fund. See V. 73, p. 1313. Interest was formerly 5% , but on
consolidation with New Bedford & Onset was reduced to 4 % . Originally
matured Oct. 1 1921, but were extended for five years at 6 % . The New
Bedford & Onset Street R y . first mtge. bonds were originally 5s and matured
Jan. 1 1922, but were extended fo r five years at 6% . V. 113, p. 2819.
Dividends.— 2% paid in Feb. 1922. In 1923, Feb., 2 % .
R O A D .— Owns 41-08 miles of track between Falrhaven and Onset and
in Middleboro and to Buzzard's Bay and to Monument Beach. 27 passen
ger cars. 4 snow plows. 5 miscellaneous and 8 8 electric motors.
E A R N IN G S.— For years ending Dec. 31:
Cal. Year—
Gross.
Net.
Int. A Taxes. Bat . Sitrn.
1 9 2 2 ..______ ________ $277,358
$40,899
$24,094
$16,805
1921........... ................
318,126
38.039
23,332
14.700
In 1922 carried 1.527,158 revenue passengers against 1,708.823 in 1921.
OFFICERS.— Pres., H. H. Crapo: V.-P. E. S. Wilde: Sec., E. T. Pierce
Treas., E. F. Nicholson: Supt., Geo. P. Dole.— V . 107. d . 501, 697, 906
2376: V . 108, p. 379; V. 113, p. 2185, 2819; V. 116, p. 1649.
UNION STREET R A ILW A Y.— A trolley road.
O R GAN IZATION .— Incorporated In Massachusetts on March 18 1887
as a consolidation of Acushnet St. Ry. and New Bedford & Falrhaven St.
R y. On Nov. 1 1910 consolidated with Dartmouth 9c Westport St Ry
V. 91. p. 465. 519. 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.
Fares.— In Aug. 1920 was authorized by the Mass. Dept, of P. U. to
discontinue the 2-cent transfer charge and to collect a 5-cent fare to the
centre o f the city and a 10-cent fare from one side o f the city to the other
V. I l l , p. 991.
STOCK AND BONDS— Date.
Interest. Outstanding. Last dtv. Ac
Stock. $2,437,500 (par $ 1 0 0 ) . . ____
Q-F
$2,437,500 F e b '23, 2%
First M $2,000,000 ($1.000).] 1914 4 M g J-J
250.000 Jan l 1934
gold, no sinking fund, .n t f 1Int. at Old Colony Trust Co Boston. Trust
Notes payable Dec. 31 1922- ____
_________
40 000 ________
Bonds.— Redeemable since Jan. 1 1919 at 110. Issued to retire conso’
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 inch Feb. 1919. In M ay, 1 4 % ; Aug., 1 4 % ; N ov., 1 4 % . In
1920, Feb., 2% ; M ay, 2% : Aug., 2 % . In 1921, 8 % . In 1922, 8% .
In 1923, F eb., 2 % .
ROAD, &c.— Operates 60.39 miles (of which 60.31 mi'es are owned* in
New Bedford and adjacent towns, and connects New Bedford and Fall
River. 194 passenger cars; 13 miscellaneous cars and 15 snow plows
E A R N IN G 8.— For years ending Dec. 31:
Cal. Year— Gross
N"t
Int. < Taxes. Dies. (8 % ).
%
Surplus.
1922.............$1,611,924
$438,786
$149,659
$195,000
$94,126
1921............. 1.605,999
394,840
148.120
195,000
51 720
Rev. passengers carried in 1922, 29,495,529, against 28,678,140 in 1921.
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 Redford —
V . 110, p. 262; V . I l l , p. 74, 991,1853; V. 112, p. 258, 2750; V. 116, p. 1651.
NEW HAVEN, CONN.
NEW YO R K NEW HAVEN & H ARTFORD R Y. (T rolley lines.)
The New York New Haven & Hartford’s Interests In trolley lines have
been very extensive, but under an agreement reached with the U 8 Govt,
in 1914 the company has pledged Itself to dispose of the same
♦Thetrolley companies owned by the N. Y N. H. & H., which are now U
be disposed of under the decree of the Federal Court, are as follows:
Berkshire Street By.
The Vermont Co.
Connecticut Co
Westchester Street RR.
New York & Stamford Ry.
Shore Line Electric R R . of N . Y.
The Hooslck Falls RR Oo
* The Rhode Island Co was originally included in this list, but the stock
o f that co. was sold on Sept. 3 1920 at public auction— see that company
on subsequent page.
T l i e N .Y .N ti & H. also owns $4,984,938 o f the $5,005,250 stock of th
N . Y . Westchester & Boston Ry.. an electric road, which it is under no obli
gation to dispose o f and which will be developed as part of the New Haven
system.— V. 99. p. 270. 604, 1125, 1210; V. 100, p. 642; V. 104. p. 2010.
CONNECTICUT COMPANY,
Control Passes to Trustees.—Oo Oct. 27 1914 the $40,000,000 capital stock
o f this co. held by New England Navigation Co. was transferred to five
trustees, pursuant to the requirements of the U. 8. 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
o f time until July 1 1921. V. 108, p. 1275
In April 1921 the time was
again extended, by order o f the Federal Court, to July 1 1922. V. 112.
p. 1616. In March 1922 the court further extended the time to April 1
1923. Again extended to April 1 1924. The trustees are: Judge Walter C.
Noyes of Old Lvme, Leonard M . Daggett o f New Haven, Charles Cheney
o f South Manchester, Morgan B. Brainard o f Hartford, and Ciias. G. San
ford o f 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.
O R G A N IZA TIO N .— Incorp. in Connecticut. Entire $40,000,000 stock
and $1,000,000 debentures owned by New Haven Co. June 1 1907
began operating the lines comprising the Consolidated Railway (merged
in 1907 in the New York New Haven & Hartford); February 28 191*
qurchased substantially all the various street railway properties of
N . Y . New Haven & Hartford in Connecticut
On March 1 1910 all the gas. water and electric-light properties formerly
operated by the Connecticut C o., but owned or leased by N. Y. N. H
& H. RR. 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
acquisitions. On Jan. 1 1912, however, the gas-distribution lines of th*
Housatonic Power Co. and also the lines supplying electricity (not th*
power plants) in Watorbury, New Britain, Greenwich, Norwalk and
Naugatuck were taken over under a sub-lease for 994 years dat6d Oct. I
1911 by the United Elec. Lt. & Water Co. V. 94. p. 71; V. 93, p. 1669.
Lease.— The Connecticut Oo. owns and had leased to the Shore Line ElecR y .,89.92 miles of track in New London, Willimantic, DanielsoD and Put
nam. But this lease was annulled by order of the court in Jan. 1920.
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
of the lines. See ’‘Chronicle" of April 24 1920.
Fares.— On Oct. 15 1920 the co. placed a 10-cent cash fare in effect on the
New London city lines. V. I l l , o- 1471. On Dec. 3 1920. the Commi
denied the petition of the city o f New London for lower fares. V. I l l , p
2323. On Nov. 1 1920 the co. was auth. by the Comm. P. U. Conn, to
charge aflat 10-cent cash fare with fare limits based upon the origioal 5-cent
[V ol. 116.
fare areas with free transfers. For further details see V. I l l , p. 1751.
The city of Hartford asked for a reduction in these rates but this was denied
by the Commission on Dec. 3 1920. V. 111. 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
no transfers within city limits. Outside city and throughout rest of State,
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
tarily voted a 10% fare reduction, "tokens” which had previously sold at
3 for 25 cents being reduced to 2 for 15 cents (V. 116, p. 409, but see V. 116
p. 1531).
Whi
Jitneys Restricted.— See Y. I l l , p. 1082. 1277, 1369, 1566, 2040; V. 112,
p. 2(47; V. 113, p. 531, 729. 1052, 1250.
Company Authorized to Run Buses.— See V. 112, p. 1642; V. 113, p. 416.
531.
Rate Increase.— In Oct. 1918 was auth. by the Mass. P. S. Comm, to
increase freight rates. V. 107, p. 1384
On Sept. 29 1920 the co. was
»uth. to increase freight rates 40%. V. I l l , p 1471.
Government Loan.— In Sept. 1918 obtained a loan through the United
States Housing Corp. of approximately $1,350,000 to provide funds for
construction tracks and purchase of rolling stock to provide transportation
of munition workers in Bridgeport. V. 107, p. 1099. As of Apr. 1 1922 we
were advised that this loan had been reduced to about $1,126,747.
Special Report to Legislature by P. U. Comm.— On Jan. 5 1921 the Conn.
P. U. Comm, sent to the General Assembly a report of its inquiry into
electric railway conditions under an act of the 1919 session. The report
■suggests the termination of control of the Connecticut Co. by Federal
trustees and the return o f the capital stock, propecry and corporate control
to the owner or owners thereof. For detailed outline of the Commission’s
principal recommendations see V. 112, p. 256.
Favorable Legislation Enacted at 1921 Session of General Assembly.— See
V. 112, p. 2747.
Bill Requiring Half of Annual Nat Income to be Applied'to Delinquent
State Taxes.— See V. 112, p. 2189, for details. Compare V. 115, p. 542.
Supreme Court Decision.— Decision of State Supreme Court holding that
Che co. must protect holders of the Consolidated Railway C o.’s debenture;
will be found in V. 109, p 581
See also V 109. p 1527, and V. I l l ,
990, under caption “ N. Y. N. H. & H RR ”
The following companies have beea aosoroaa or are leased or controlled
Branford Lighting & Water Oo. V. Middletown Street Ry. V. 79, p.268.
•MontvlUe Street Ry. V. 79, p. 268.
81. p. 155, 210.
lonnecticut Railway 9c Lighting Co. New Haven St. Ry. V. 79. p. 989.
New Haven S Centrevtlle Street R y .
c
V. 83. p. 1524.
Danielson & Norwich Street Ry.
V. 78, p. 989.
New Hav. S W. Haven Horse R R .
c
V 79. p. 268.
S. Hartford & Glastonbury St. Ry. ♦New London St. Ry. V . 79, p. 268.
Fair Hav. & W estv.RR. V .78,p.989. ♦Norwich Street Ry. V. 79, p. 268.
Farmington Street Ry. V. 69. p. ♦Putnam S Thompson Street R y.
c
Stafford Springs Street Ry.
283; V. 89. p. 593. 1542.
Jreenwich Tram. Co. V. 80, p. 118. Stamford Street Ry.
Hart. Man.&Rockv.T.Co. V.82,p.280. Torrlng & Win St. Ry. V.85.P.1403.
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. Oo. V. 78, p. 989.
Meriden Horse RR. .V. 79, p. 268. ♦WtlHraantlc Trac Oo. V.81.P.1178.
Meriden Southington 9c 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
mder Norwich. This lease was annulled by order of the Court In Jan.
1920. and properties were taken over for operation by the Connecticut O o.
in April 1920.
The N Y. N. H. S H. R R . offered to exchange $i00 of its stock for $200
c
if certain Issues of the Consol. Ry. Co 'a debentures. See V. 82. p, 803,
ind V 83. p. 1037. $17,347,090 of debentures have beea so exchanged for
$8 673.500 N. Y . N . H. S H. R R . stock. The following shows the'
c
letalis for each Issue of debentures:
Debentures of The Consolidated Railway Company— All tax free.
Ex. for Stk. or
Issue—
Authorised.
Issued. Pur. A Cancel. Still Out.
July 1 '04. 50-yr.. 4g J-J $5,000,000 $5,000,000
$745,000 a$4.255,000
Jan. 2 '05. 50-yr., 4g J-J 4.000.000
4.000.000
1.691.000 a2,309.000
2.160 000 ol.340.000
tpr. 1 05. 50-yr., 4g A-O 3.500.000 •3.500.000
fan. 1 06. 50-yr., 4g J-J 10.000.000 *10.000.000
7.989 000 o2.011.000
Mar.l 07. 10-yr.. 5% con. 15,000.000
5.000.000
5.000
000
Total exchangeable--$37.500.000 $27,500,000 $17.585 000 $9,915,000
Feb. 1 1905 , 25-year,
now 4 g F-A (see text) 1,000.000
1,000.000
28 000
972,000
Total of all_________ $38,500,000 $28,500,000 $17,613,000 $10,887,000
•Giaranteed, principal and Interest, by M Y N H & H. R R ’. a These
itnounts cannot be Increased, as remainder of Issues has been canceled.
i Not exchangeable for stock.
The debentures are In coupon form of $1,000 each and fully registered
lebentures of $10,000 each, which are non-lnterchangeable.
Interest. Outstanding. Maturity.
BONDS—
Date.
Equipment notes Series " C ” _ . 1920
6 J-J
71,000 ................. ..
Eq uipment notes Series ’' D ”
1920
6 M-N
58.500 ............. ..
Equipment notes Series “ E ” . _ ____
5 A-O
1*2 .000 ---------------• H S Oenterv 1st M . g,\ 1893
4
c
5 g M-S
283.000 Sept. 1 1933
assum'd byN Y N H & H .ntf /
New Havm Street RR.—
Hartford Street R y, uowf 1900
4 gM S
2,500,000 Sept. 1 1930
1st mortgage, $2,500.0001 Conn. Tr. & Safe Dep. C o., Hartford.
($1,000) g__________ c *n tfl Trustee. Int. at New York or Boston.
artford St Ky deben “ M 'n t f 1900
4 J-J 15
165,000 Jan 1 1930
art Man v Rock first mtge
*300.000 !$1,000) g o ld .n tf 1894
5 A-O
200.000 Oct 1 1924
vferlden H
se Railroad con-1 1894
5 g J-J
415.000 Jan 1 1924
solidated mortgage gold [Interest at Girard Trust Co. of Philadelphia.
$500.00*_______________tf) State Treasurer of Connecticut, Trustee.
er South & Comp 1st M gj 1898 _5 g J-J
175,000 July 1 1928
Optional at 110 and Interest.
$200,000 ($1,000) c* ntf
callable at 110 since 1903-. Interest at Trust Co. of America, New York.
Jreenwl h Tramway first 1901
5 g J-J
320.000 July 1 1931
mtge $400,000 ($1,000) Interest at New York Trust C o., New York.
State Treasurer of Connecticut, Trustee.
gold---------------------- c*-ntf
400.000 Tuly 1 1956
ttafford Spgs St Ry 1st M g t f ____I 5 I-J
150.000 Oct 2 1923
N-*w London St Ry 1st M t g e . -----5%
5%
Provisional debentures_______ 1916
1,000.000
______
Securities of Lines formerly leased to Shore Line Elec Ry.—
Yore & Conn East 1st M s f g| 1902
4H g J-J
1,992,000 Jan 1 1943
$3,100,000 ($1,000)_ c*tf[Interest at New York Trust Co., Trustee.
_
Norwich St Ry first mtge,\ 1893
5 g A-O
350,000 Oct 2 1923
_
$350,000 ($1,000) g_ ntfjlnterest at American Trust C o.. Boston.
Bonds.— The Consolidated Ry debentures are not subject to call. All
the debentures have printed on their face the statement that If a mortgage
s 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. of 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 of each debenture. The debentures due in 1930 bore 3% interest
from Feb. 1 1905 for the first 5 years and 3 4 % for next 5 years. From
Feb. 1 1915 to maturity bear 4% . They were Issued to pay for acquiring
he Berkshire St. Ry. (V. 80, p. 471), which co. was subsequently acquired
)y the New Engl. Inv. & Security C o .. then in turn re acquired by the N . Y .
N. H. & H. The $3,500,000 debentures due .April 1 1955 were issued to acjulre the Hartford Street R y. The $10,000,000 debentures of Jan. 1906
c
vere issued to the N- Y . N. H. S Hartford for advances.Of the Worcester S Connecticut Eastern bonds, no more will be Issued.
c
\ sinking fund on these bonds commenced in 1908 of 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. $381,425
in sink, id ., incl. in amount reported outstanding.
EARNINGS.— Of Connecticut Co for year ending Dec. 31;
Dec. 31
Operating
Net (after
Other
Interest.
Balance.
Year.
Revenue.
Taxes).
Income
Rentals Ac. Surplus.
1922________ $14,477,611 $2,741,210
$44,831 $1,475,625 $1,310,415
1921............... 14,619,210
2,170,858
10,118
1,455,050
725,926
A pril, 1923.]
ELECTEIC RAILW AYS
R O A D .— Connecticut Company operates 811,848 miles of line (of
which 505,114 miles are owned. 316,417 miles leased and 10.267 miles
operated under trackage rights), serving the following cities and towns:
Cities of 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, B’ antford, North Haven, Wallingford, Hamden, Orange,
Southington. Plainville, Faimington, Portland, Middlefield, 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 Dec. 31 1922, 1,466 passenger and 335
freight, &c., cars: total, 1,801.
OFFICERS.— Pres.. Lucius S. Storrs: V.-P. S Gen. M gr., J. K. Punderc
ford: Sec.. Victor S Curtis: Treas., E. T . Chapman: Compt.. 1. A May all
o f New Haven.— V. 113, p. 1250, 1771, 1887, 1982, 2311: V. 114, p. 305,
1406, 2359, 2468, 2717, 2823; V. 115, p. 542: V. 116, p. 409, 720, 1531.
(1) C o n n e cticu t Railway & L ighting Co.
Lease.— Leased for 999 years from Aug. 1 1906 to the Consolidated Ry
C o., which latter has since been merged in the N. Y . N. H. S H. RR. Co.
c
Rental amounted to $975,000 for the year 1906-07 and increased gradually
until it reached 81,400,000 in 1915. The common shareholders paid the
Colonial Trust C o., 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.
shares. All the stock assented to this arrangement. Preferred share
holders agreed to accept 4% dividends during the term of the lease, instead
o f 5% . V. 84, p. 507. On Aug. 15 1917 rate was increased to 4 A % per
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 1906.
O R G A 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 & Power C o., for the purpose of uniting various street
railway and light and________________________ Name changed as
properties in Connecticut.
power
at present on Jan. 10 1901. V. f l , p. 1269: V. 72. p. 44. It is a consolldatlon of the following companies:
Bridgeport Traction Co.
Norwalk & So. Norwalk El. Lt. Co.
Central Ry. Sc El. Co of New Brit.
Norwalk Street Railway Co.
Cheshire Street Railway Co.
Norwalk Tramway Co.
Derby Street Railway Co.
Shelton Street Railway Co.
Greenwich Gas & Electric Ltg. Co. Southingt'n & Plantsv. Tramway Co.
Milford Street Railway Co.
Thomaston* Waterto wn Elec. Ry .C o.
Naugatuck Electric Light Co.
Waterbury Traction Co.
Naugatuck Valley Electric R y. Co. Westport S Saugatuck Street R y. Co.
c
Norwalk Gas Light Co.
Maturity8 TOOK AND BONDS—
Date.
Interest. Outstanding
Common stock ($100)_______ _____
$8,977,200
See text*
Pref 5% cum after Jan 1 1904]
Q-F 15
($100) (reduced to 4% u n - ( ____
8.142.900
See text
der lease to New Haven Co I
but inc. to 4!*S% in 1917_I
1st Sc ref $15,000,000 gold] 1901
4 X g J-J 12.551.000 Jan 1 1951
($1,000) sinking fu n d .c* tf/ln t. at Equitable Trust Co.. N. Y ., Trustee.
Bridgeport Traction mort-j 1893
5 g J-J
706.000 July 1 1923
gage $2,000,000 gold ($ 1,-)Trustee. Fidelity Trust C o., Newark, N. J.
000)___________________ c*l Interest at Redmond Sc C o., New York.
Connecticut Ltg. Sc P o w .-n tf 1899
5 J-J
2O9.0O0 Jan 1 1939
Bonds.— Of the 1st and refunding mortgage bonds, $915,000 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 o f 14 of 1% per an
num on bonds outstanding; bonds acquired by the sinking fund are to be
kept alive and bear interest.
$1,901,000 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. 626, for form of guaranty. OfTer expired Oct. I 1904 and was
accepted by $10,742,000 of outstanding bonds. See V. 83. p. 969.
R E PO R T .— For calendar years:
DiviBalance,
Year—
Rentals A
Int. on General
Sink.
dends .Surp. A def.
Ending— Int. Rec'd.
Bonds.
Exps.
Funds.
Dec. 31 1921-81,455,867 $610,545 $10,748 $62,755 $770,404 sr $1,415
Dec. 31 1920. 1,448,332
610,545
6,133
62,755
770,404 df 1,505
R OAD.— Owns 170.982 miles main, 80.427 miles second and 9.0 '3 miles
side tracks; total, 260.502 miles, reaching Milford, Bridgeport, Stratford.
Southport, Shelton, Derby, Ansonia, Seymour, Westport, Saugatuck,
Norwalk, South Norwalk, New Britain. Darien and Stamford; also lines in
Naugatuck, Waterbury. &c. System connects with the Fair Haven &
Westville RR. 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 8 X inches. 35 to 95-ib. rails.
EQU IPM EN T.— 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 Clark: Sec., G. W.
Curran; 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 ) Wegt Shore
w sy •
ORGAN IZATION .— Organized Dec. 15 1893. Leased on Dee. 14 1895
to Winchester Ave. R R . for 99 yrs for Int. on bonds and 5 % div. on stock
Lease assumed Feb. 28 1910 by the Connecticut Company, which operates
the property.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $200,000 ($25) .............- ............................
$80,000 See text
ROAD.— Owns 7.42 miles of track. Standard gauge.— V. 107, p. 503.
79
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. Ry. 1st M . are not subj.
to call. Int. payable and bonds may be registered at office of N. W. Har
ris & Co., Boston. The Berkshire St. Ry. debs, are guar, by Consolidated
Ry. Co.
EARNINGS.— For years ending Dec. 31:
Net (after
Other
Interest,
Balance,
Dec. 31
Operating
Taxes)
Income
Rentals. A c.
Deficit.
Year—
Revenue.
$182,354
$1,849
$332,791
$148,587
1922________ $1,046,774
187,781
2,206
319.975
129,989
1921________ ’ ,098,355
def.32,306
5,715
319,012
345,603
1920 ..........
1,050,545
ROAD.— Operates 113.98 m. of line (87.32 owned and 26.66 leased)
serving the cities of Pittsfield and North Adams and the towns of Wllliamstown. Clarksburg, Adams, Cheshire, Lanesboro. Dalton. Lenox, Hinsdale,
Lee, Stockbridge, Great Barrington, Egremont and Sheffield, Mass, Pownal. Bennington and Shaftsbury, V t.. and Hoosick Falls, N. Y . 132
passenger and 37 other cars
OFFICERS.— Pres., E G. Buckland: V .-P., L. S. Storrs; Clerk S M gr..
c
C. Q. Richmond; Treas., A. S. May; Aud., I. A. M ay.— V. 112, p.160,
743. 1398; V. 113, p. 1887; V. 114, p. 2358. 2467, 2716; V. 115, p. 1836.
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 of the Hoosick Falls R y. On Dec. 31 1922 the N. Y . N. H. & H.
owned 6,500 shares of stock and $846,000 1st M . bonds (tf).
(1) H oosick Falls Railroad
Incorp. in 1910 to acquire that portion of the former Bennington * North
Adams St. Ry. lying in New York State. On Feb 1 1913 was leased to
the Vermont Co. for 99 years. All the stock is owned by Vermont Co.
Operates 7.11 miles of line serving towns of Walloomsic, North Hoosick
and Hoosick Falls, N . Y .
NEW YORK & STAMFORD RAILW AY CO.
The New Haven Co. was to sell on o before July 1 1919, pursuant to the
decree of the U. S. G ov t., 5,000 shares of the stock and $678,000 bonds, but
in March 1919 Judge Julius M . Maver granted an extension of time until
July 1 1921. A further extension to April 1 1923 and again to April 1
1924 was granted.
The New Haven company intends merging this company with the West
chester Street RR. and the Shore Line Electric RR and will dispose of
all the securities whenever a reasonable price may be realized.
On Dec. 31 1922 N. Y . N. H. S H. owned entire capital stock and the
c
$294,701 notes.
ORGANIZATION.— Chartered in New York on Aug. 3 1901 as a con
solidation of Port Chester Street Ry. and Larchmont Horse Ry.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
$500,000 In’ 11-12 3 3
4
Stock $500.000.....................- ................................
First mtge $450,000 ($1,000)] 1901
5 g A-O
426.000 Oct 1 1931
gold_______________c * .n t f lint, at New York Trust C o., N. Y ., Trustee.
First S ref mtge $2,000,000] 1908
c
4%
925.000 Nov 1958
gold_________ - ________ tfjG u ar.. p. S L. by N. Y . N H- S Hartford.
c
c
Equip, trust notes___________ 1920
7%
12,000 ---------------N Y * Stamford Ry n o t e s _ 1921
_
_______
218.412 ---------------Town of Greenwich,Conn,notes____
_________
3,760 f serially to
(N ov
1930
EARNING S.— For year ending Dec. 31:
Other
Interest, Bal.,Surp.
Dec. 31
Operating
Net (after
Income. Rentals .A c . or Def.
Year—
Revenue.
Taxes).
$1,395
$101,022 def.$18,979
$81,147
1922 ____________ $541,999
1,480
101,445 sur.14,744
1921 ....................... 560.848
114,709
ROAD.— Operates 37.047 miles of line (of which 23.672 miles are owned.
7.563 leased and 5.812 operated under trackage rights), serving cities of
Stamford, Conn., and New Rochelle, N. Y ., and towns of Greenwich,
C onn., and Rye, Port Chester. Harrison and Mamaroneck. N . Y . 68 pass,
and 8 other cars and 3 snow-plows.
OFFICERS.— Pres., L. S. Miller: V.-P. L. S. Storrs; Treas., A . S.
May; Sec., A. E. Clark, Aud., C. L. Nagle.— V. 109. p. 270; V. 110, p.
270: V. 110. p. 1188. 2193.
_____
WESTCHESTER STREET R A ILROAD.
Receivership.— On Feb. 29 1920 Supreme Court Justice Morschauser
appointed Leverett S. Miller receiver for the co., on complaint of the
Farmers’ Loan & Trust C o., N. Y ., which is seeking to foreclose the mtge
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
the 7.000 shares of stock and $222,000 bonds owned by it on or before
July 1 1919. but in March 1919 Judge Julius M . Mayer granted an extension
of time until July 1 1921 A further extension, however, to April 1 1923
and again to April 1 1924 was granted.
The New Haven Co. intends to merge this company with the N. Y . S
s
■
Stamford Ry and Shore Line Elec RR and to dispose of all the securities.
ORGANIZATION.— Incorporated in New York on Dec. 1 1909 as suc
cessor to the Tarrytown White Plains & Mamaroneck Ry. sold at fore
closure (V. 89, p. 1282) in three sections, two of which form the road of thil
company. V. 89, p. 1484. On July 1 1913 commenced operation of line
of Shore Line Electric R R . Co. under lease. 1.466 miles in village of
Mamaroneck. (Not in operation.) Standard gauge; 70-lb. and 125-lb.
rails. See also Shore Line Elctric R R . below.
In Aug. 1920 the receiver applied for authority to abandon certain lines.
See V. I l l p. 897. In March 1921 the Court auth. the company to aban
don operations between Mamaroneck and Larchmont, I X miles, despite a
previous order of the P. S. Comm, directing the receiver to run the road.
V. 112. p. 954. Compare V. 112. p. 37.1, 471.
STOCK AND BONDS—
Date.
Interest> Outstanding.
.
Maturity.
Stock $700,000___________ All owned by the N. Y. N. H. & H. R R . Co.
First mtge $2,000 000 gold] 1914
5 g M -S
$168,000 Sept 1 1944
($1.000)_______________ c*JTnt. at Farmers’ L. S Tr Co.. N. Y .. Trus.
c
Receivers certificates________ ____
6%
17.400
____
Receiver’s certificates________ _____
7X
30,000 __________
Bonds.— Subject to call at 102 from Sept. 1 1915 on 60 days’ notice.
Remaining $1,614,000 issuable only to reimburse the company for cost of
future additions, improvements. &c.
EARNING S.— For year ending Dec. 31:
Dec. 31
Operating
Net (after
Other
Interest,
Balance,
Year—
Revenue.
Taxes)
Income. Rentals.Ac.
Deficit.
1922 ________ $230,833
$16,633 $1,452
$33,522 def$15,437
1921__________ 231.339
def. 21.509
880
35.050 def. 55.678
ROAD.— Operates 19.134 miles of line serving towns of Tarrytown,
Elmsford, Greenburg. White Plains, Harrison, Scarsdale and Mamaro
neck. N. Y . Has 22 passenger cars and 4 others.
OFFICERS.— Pres., E. G. Buckland; V .-P., H. Elliot; Treas., A . S.
May; Sec., A. E. Clark; Aud., C. L. Nagle.— V. 110, p. 972, 2193: V. I l l ,
p. 590, 897; V. 112, p. 373, 471, 9.14, 2307; V. 113, p. 1889.
SHORE LINE ELECTRIC RR.
Merger, A c .— For reference to merger with Westchester Street R R . and
N. Y . & Stamford Ry. and disposition of securities, see latter co. above.
In Aug. 1920 the co. was ordered to show cause before Supreme Court
Justice Morchauser why it should not be dissolved. V. I l l , p. 589.
In Apr. 1923 we were informed that dissolution was still pending Court order.
ORGAN IZATION .— Incorp. in New York on Dec. 18 1909 to take over
the section of the Tarrytown White Plains S Mamaroneck Ry. (sold at
c
foreclosure) between Mamaroneck and Larchmont, a distance of 1.46 miles.
Leased to Westchester Street R R . from July 1 1913. Stock auth., $300,000. In Aug. 1913 the New York P. S. Comm, authorized the N. Y . N. H.
& H. R R . to acquire all the capital stock of the company to be authorized
by the Commission.— V. 97, p. 597; V. 107, p. 803; V. 111. p. 589.
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 by the
New Haven Co., 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 time until July 1 1921
A further extension to April 1 1923 and against to April 1 1924 was granted.
On D e c.31 1922 N. Y . N. H. & H. owned all the stock, the entire ($200,000) issue of debentures and $3,392,500 notes.
Receivership Discharged.— On Aug. 29 1919 Judge Lawton in the Mass.
Superior Court appointed C .Q . Richmond (Gen. Mgr.) receiver for the co
V. 109, p. 886, 981. On Sept. 9, 1919 Judge Hammond of the Superior
Court ordered the discharge of 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.
O R G AN IZATIO N .— Incorp. in Mass, on June 11 1901. Franchise per
petual. In 1906 absorbed the Hoosac Valley St. Ry. through exchange of
stock. In May 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. RR. Commission aporoved the 99-year lease of the
Vermont Co. to the Berkshire Street R y., but this lease was canceled on
Dec. 31 1922.
On Feb. 1 1913 began operation of Hoosick Falls R R . under agreement
with Vermont Co., to which the Hoosick Falls RR. was leased.
NEW YORK WESTCHESTER & BOSTON R Y .— An electric road.
Interest Unpaid.—-Int. on the Hoosac Valley ref. 4Hs due Sept. 1 1919
On Dec. 31 1922 the N . Y. N. H. S H. owned $4,984,938 stock.
c
was paid Sept 23 1919. Int. due June 1 1920 on the co's. 1st mtge 5s of
ORGAN IZATION .— Incorp. June 8 1915 as a consolidation of the West
1922 was paid when due. V. 110, p. 2487. Subsequent coupons are being chester Northern R R . and the old N . Y . W. & B. Ry. (See this Section
paid when due.
for Sept. 1915.) The franchise to operate in N. Y . City was signed by
STOCK AND BONDS—
Date.
Interest Outstanding.
Maturity. ; Mayor McClellan on Aug. 2 1904. V. 79, p. 628. Lines from 180th St.,
Stock $5.398,100 ($100)___________
_______
$5,398,100 ___________ New York, to New Rochelle and from Mount Vernon to White Plains put in
First mortgage $800,000 gold] 1902
7 g J-D
800,000 June 1 1927 operation on M ay 29 and July 1 1912, respectively, and from Harlem River
($1,000)___________c*_ntfJGirard Trust C o., Philadelphia, Trustee
to 180th St., New York, on Aug. 3 1912. V. 94, p. 1508, 162V; V. 95.
Berkshire Street Ry deb _ tf. 1905 5 g M-S
200,000 Mar 1 1925 p. 48. 298.
On July 26 1911 Pub. Serv. Comm ., 2d Dist., auth. $20,100,000 1st M
Hoosac Valley ref mtge $400,-] 1904 4 g M-S
300,000 Sept 1 1924
000 gold ($1,000)____ n tflln t. at Berkshire L. Sc Tr. C o., Pittsf., Trus.
bonds (total auth. issue, $60,000,000). of which $17,200,000 were issued
Pittsfield Elec St Ry 1st mtge] 1904
4 g J-J
300.000 July 1 1923 forthwith. V. 93. p. 286. The remaining $2,900,000 bonds under thi*
g $300,000 ($1,000) c * .n t f I Int. at Berkshire L. Sc Tr. C o., Pittsf., M ass. authorization were issued from time to time for the construction of the
Due N Y N H & H RR Dec. 31 1922........... ............ 3,392,500 ...................
White Plains Branch. On April 2 1913 the P. S. Comm, granted permission
80
ELECTKIC RAILW AYS
to issue $6,044,000 additional 4 !* % bonds, proceeds to be used for con
■truction of main line double track from New Rochelle to Port Chester ano
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 foi
White Plains Branch.
STOCK ANO BONDS— Date.
Interest. Outstanding. Maturity
Stock $6,000,000 ($100).....................
.............
$5,005,250 _.............
First mtge $60,000,000 gold! 1911
43* J-J
21,390.000 July 1 194f
Series 1 (see text)______tf/I n t. on $ bds. in N. Y .; on £ Sds. in London
Due N Y N H S H R R Dec. 31 1922
............... 22,544,491
...........
Bonds.— Remaining bonds are reserved for construction. Par, c*
$1,000, or £200 and £100; r*. $1,000 and multiples. Bonds of £200 ot
multiples convertible Into $ coupon bonds at $4 85 per £, with adjustmeni
of interest at current exchange rates. Any series or not less than $5,000,
000 of one or more series, redeemable on any int. date at 110. Guaranty
Trust C o.. N. Y .. trustee
Bonds are unconditionally guar., p. S 1.. by
c
endorsement by N. Y. N. H- & Hartford RR. See V. 93. p. 346. Bonds
are listed on N. Y. Sr.ock Exchange. V. 94, p. 768,
EARN IN G S.— For year end. Dec. 31:
Cal.
Operating
Net (after
Other
Interest,
Balance.
Year—
Revenue
Taxes).
Income. Rentals. &c.
Deficit
$94,134
$6,299 $1,847,425 $1,746,992
1922 ________ $1,354,009
1921_______ - 1.170.239
32.850
16.993
1,787.559
1,737.716
R O A D .— Total miles of road operated, 23.07 miles. Line commences a
>
Harlem River Station o f the N. Y. N. H. S H. in N. Y ., extending tc
c
174th St. Junction, where the N. Y. W. S B. Ry. diverges from the New
c
Haven and on its own four tracks extending northerly to line of N Y. City
then through Mt. Vernon to Columbus Ave. June., at which point the lint
diverges into two double track lines, one extending through Mr Vernon
Pelham and New Rochelle to Larchmont; the other line extends from Col
umbus Ave. June, to White Plains, passing through M t. Vernon, Eastchester. New Rochelle, Scarsdale and White Plains. See also V. 93
p. 346; V. 79. p. 501; V. 97, p. 1824: V. 106, p. 1689.
OFFICERS.— Pres., Leverett S. Miller, N. Y .; V .-P ., Howard Elliott;
Treas., A. S. M ay, Sec.. A. E. Clark; Aud., O. L. Nagle.— V. 112, p. 563;
V. 113, p. 2819; V. 114. p. 2013; V. 115, p. 309, 1210.
NEW ORLEANS, LA.
NEW ORLEANS PUBLIC SERVICE INC.
ORGAN IZATION .— Came into existence Sept. 27 1922 as a merger of
the New Orleans Public Service, Inc., the New Orleans Ry. & Lt. Co.,
the New Orleans & Carrollton R R ., Lt. & Pr. Co., the New Orleans &
Pontchartrain RR. Co. and the Orleans RR. Co. New Orleans Public
Service Inc., was incorporated Aug. 18 1922 under the laws of Louisiana
as per plan of reorganization outlined in this Section of Oct. 28 1922.
Note.— 'The only change in the name of the new New Orleans Public
Service, Inc., is the dropping o f the comma between the words Service
and Inc.
New Orleans Public Service Inc. controls the following companies:
Owned by P.
Amount N . O. P. S.
STOCKS—
Issued.
N. O. City R R .C o., preferred_____________________ $2,500,000 $2,473,900
“
“
“
com m on_____________________ 6,000,000
4,869,600
$9o3,300
952,200
St. Charles Street R R . C o_________
Railways Realty C o______________________________
3,000
2.500
aNew Orleans Gas Light C o______________________ 5,250,000
5,211,300
Jefferson & Lake Pontchartrain R y. C o ___________
100,000
99.300
a The N . O. Gas Light Co. owns all the $10,000 issued and outstanding
stock o f the N . O. Lighting Co.
The New Orleans City RR. is leased untii Dec. 31 1955 to the New Orieans
Public Service Inc. for 5% on the pref. stock and 3* % until Jan. 1 1908
and 1% semi-annually thereafter on the common stock.
The co. operates all the plants now generating electric energy for com
mercial power and light in the city of New Orleans, the entire gas manufac
turing and distributing properties, and the street railway system of 223 m.
Agreement with City.— In 1921 a settlement was effected with the city of
New Orleans, by which a definite basis was agreed upon between the
company and the city governing their mutual relations.
Under this settlement a sum of $44,700,000 was agreed upon as the value
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
agreed, effective Oct. 1 1922, to permit such rates for the various public
services as would enable the company to earn 714% return on values as
determined from time to time, after operating expenses, taxes and reserve
for renewals and replacements. The agreed rate base is now in excess of
$51,000,000 after allowance for earnings invested in the property since
Dec. 31 1920.
In addition to the allowed return on the rate base, the settlement provides
for indeterminate permits; for the approval by the Commission Council of
the City of the issue of securities; for an option to the city to purchase any
or all of the three departments o f the co. at the current rate base valuations.
Rates.— The agreement fixes a 7-cent street railway fare, a gas rate of
$1 30 per 1,000 cu. ft., and a maximum electric light base rate of 9 cents per
k.w. hour for a test period of 12 mos. from Oct. 1 1922, with a readjustment
of rates after that period as operating results may maki necessary, either
to give the company the allowed 7 3* % on the agreed rate base or to reduce
the return to that basis
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Dale.
Common stock ($100)________ _____
$7,887, 00 __________
Pref stock 7% cum ($100)___ _____
4,27 i,800 __________
7%
1st & ref M ser “ A ” ($o00 Sc\ 1922
5 g A-O
12,000,000 Oct 1 1952
$l,000c* & $1,000 & $10,-(Chase National Bank, N . Y ., Trustee.
000r*) g ________________ tf I
Gen lien 44* % bonds___
___
44*%
13,856,250 July 1 1935
New York Trust Co., N. Y ., Trustee.
Income bonds 6 % cum ser
1922
6%
_ 4,613,000 Nov 1 1949
Income bonds 6% cum ser “ B ” 1922
6%
f r l ,517, 00 N ov 1 1949
N O & Car 1st M $2,000,000/ 1899
5 F-A
1,498,500 Feb 1 1933
($500 S $1,000)---------- ntf [Interest at office of company.
c
Canal & Claib RR cons M
1896
6 g M -N
704,000 M ay 1 1946
$800,000 ($500 & $1,000).
Interest at office of company.
Edison Elec of N O 1st M] 1899
5 J-J
2,124,000 Jan 2 1929
($1,000) s f $2,500,000 c*tf 1Int. at American Trust Co., Boston, Trustee.
Merch El Lt & Pr Co 1st mtgef 1899
5 g J-J
300,000 July 1 1929
$500,000 gold ($500) c*tf[In t. at Merch. L. & Tr. Co., Chicago, Trus.
N O City gen mtg $3,250,000 ( 1899
4-5 g J-J
3,200,000 June 1 1943
gold ($1,000)_________ c * tfjln t. payable at office o f company.
( Fidelity Trust Co., Louisville, Trustee.
New Orleans City & Lake lstf 1893
5 g J-J
2,294,000 Jan 1 1943
mtge for $5,000,000 g o ld 'Subject to call for sinking fund at 110.
($500 and $1,000)____c*tf Fidelity Trust Co., Louisville, Trustee.
[Interest payable at office of company.
N O Power-house 1st mtgef 1901
5 g J-J
200,000 July 1 1943
gold $200,000 ($1,000)-c tfi Fidelity Trust Co., Louisville, Trustee.
IInterest at office o f company.
St Charles St 1st M $600,000/ 1902
4 g J-J
375,000 Jan 11952
($1,000) gold________ entf/interest at office of company.
Rys Realty Co 1st mtge $400,-1 1916
6 QM
227,500 Mar 11931
000------- -------------------------- 'Hibernia Bank & Trust C o., Trustee.
Stock.— The 7% pref. is non-voting stock.
on.ds.— The 1st & ref. mtge. 5s are red. all or part on 6 weeks’ notice
at 105 and int. on or before Oct. 1 1927; at 104 and int. in the next 5 years;
at 103 and int. in the next 5; at 102 and int. in the next 5; at 101 and int.
in next 5, and at 100‘* aod int,. thereafter prior to maturity. The 6%
cum. income bonds, maturing Nov. 1 1949, are designated respectively
Ser. A and Ser. B (Ser. A to be payable in U. 9. dollars and Ser. B payable,
prin. and int., in French francs). On the New Orleans & Carrollton con
solidated bonds $30,000 per annum is payable to a sinking fund. A sinking
fund o f $30,000 per annum is provided for the redemption of the N. O.
City & Lake RR. bon Is. The Merchants’ Elec. Co. bonds are subj. to
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
in the open market. Edison Elec. Co. of N . O. bonds have sinking fund
of 1% per ann. of bon Is out.
A sinking fund of $15,000 annually, since Jan. 1 1921, is provided for
the redemption of Canal S Oalib. 6% bonds.
c
R E PO RT.— Of New Orleans Public Service, Inc., and predecessor cos.:
Calendar Year—
1922.
1921.
1920.
1919.
Gross revenue_________ $14,666,922 $14,853,426 $12,627,374 $11,325,576
N et___________________
4,962,291
4,082,976
2,425,833
3,408,876
Latest Earnings .— See Y. 115, p. 1942.
PR OPERTY, &c.— Includes (1) electric generating stations, aggregate
installed capacity of 67,000 k.w. and 552 miles of electric distributing
[V ol. 1 1 6 .
system; (2) gas works with a manufacturing capacity of 15,000,000 cu. ft.
per day, holder capacity bf 7,630,000 cu. ft., and 466 miles o f mains;
(3) and 223 miles of street railway track and 658 cars, including 217 double
truck cars of modern design.
OFFICERS.— Pres., H. B. Flowers; V .-P. & Gen. M gr., A . L. Kempster;
Sec., J. H. De Gr^ige; Gen. Aud., A. B. McCoard; Treas., H. A . Ferrandou.
— V. 115, p. 1 9 4 * 2047, 2379; V. 116, p. 1760.
NATIONAL POW ER & L IG H T CO.
O RGAN IZATION .— Organized in N . J. in 1921 and acquired from the
committee for the American Cities Co. 5-6% coll. tr. bonds (as per re
organization plan outlined in “ Electric Railway” Supplement of Oct. 28
1922), the securities pledged under that issue together witn certain securities
acquired by the committee from the Chase National Bank in exchange for
certain securities of N. O. Ry. & Lt. Co. (reorganized as New Orleans
Public Service, Inc.— see on preceding page) held by the committee. Thus
the following securities were transferred to the companv:
(a) 20,000 shares capital stock of Houston Lighting & Power C o., 1905.
(6) 6,015 shares 6% cum. pref. stock and (C) 16,175 shares com. stock Little
Rock Ry. & Elec. Co. id) 20,500 shares capital stock of Knoxville R y. &
Light Co. (e) Sucn rignts as may pertain in dissolution to the 22,303 shares
of the pref. stock and the 21,760 shares of the com. stock of Mempnis Street
Ry- (/) Such rights as may pertain in dissolution to the 27,774 shares o f
pref. stock and 34,954 shares of the com. stock of Birmingnam R y., Light
& 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
whicn it is entitled, (ft) All tne 5-6% coll. tr. gold bonds of American Cities
Co deposited witn the committee stamped to show the payments thereon.
The co. also controls the Memphis Power & Light Co. (formerly Memphis
Gas & Elec. C o.). For history of American Cities Co. see “ Electric R y .”
Supplement of Oct. 28 1922.
For the purpose of carrying through the plan of reorganization (V. 114,
p. 76), incl. the acquisition of the Memphis Power & Light Co. (formerly
Memphis Gas & Elec. C o.), approximately the following securities have
been issued:
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Com 375.000 shares (no p a r ).______
________ 122,000 sh. __________
Pref 125,000 shares (no par)_______
________ 39,450shs. See text
50-yr 7% inc bonds $2,000,000/1922
J-J
$8,503,400 Jan. 11972
($100,$500,$l,000&$10,000r\Central Union Trust Co., N . Y ., Trustee.
Stock.— Pref. stock entitled to divs. of $7 per share in preference to com.
and to $100 per share preference in liquidation, and is red. at $1 lO&accr .divs.
Bonds.— Income bonds entitled to 7% int. if earned; 33* % paid July 1
1922 and 33*% paid Jan. 1 1923. V. 115, p. 2485. Call, any time on 4
weeks’ notice at 105 and int.
Sinking fund 1% per annum.
Dividends.— An initial div. of $1 75 per share was paid on the pref. stock
in April 1923. V. 116, p. 1284.
EARN ING S.—-The actual combined earnings of the Memphis Gas &
Elec. C o., the Memphis St. R y. C o., Knoxville Ry & Lt. C o., Little Rock
Ry. & Elec. C o., Birmingham R y., Lt. & Power Co. and Houston Lighting
& Power Co. and certain subsidiaries of these cos for the year 1921 were
as follows: Gross, $18,558,103; net, earnings, $5,652,935; other income,
$74,075: int., diset. and other deduc., $2,817,530; balance, $2,909,480;
renew, and replace, charges, $1,634,149; net income after renew, and replace
charges, $1,275,331; city of Houston’s proportion of net income, $104,324;
balance, surplus, $1,171,007.
Supervision.— Under supervision of Electric Bond & Share C o., N . Y .
— V. 115, p. 2485; V. 116, p. 1284.
(a) H ouston Lighting & Power Co.— Controlled by the Nationa
Pbwer & Light Co. (see above).
O RGAN IZATION .— Incorp. in Texas Jan. 8 1906 and took over the
business of the (old) Houston Lighting & Power Co. Owns and operates
the entire municipal and commercial electric power and light facilities
In Houston, Magnolia Park, Harrisburg, West Houston and all suburbs.
Franchises are perpetual or run to 1972.
In Nov. 1922 the auth. amount of pref. stock was increased from $500,000
to $2,000,000. V. 115, p. 2274.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Datv.
................. $2,500,000 ......................
Common $2,500,000 ($100)________
_______
1,25),0)0 __________
Preferred $2,000,000--___________
■ ■ ■ _____
_________
ft g A-O
2,40 s,000 Apr 11931
First mortgage $5,000,000/ J____
9 11
($1,000) gold__________ c*[ Whitney Cent.Tr &S.Bk.,New OrL.Trustee.
1st lien & ref mtge ser “ A ” f
• ($100, $500 & $1,000 c*{ 1923
5 g M-S
2,000,000 M a rl 1953
and $1,000 r*)g_________ tf [Guaranty Trust Co., N. Y ., trustee.
Bonds.— The 1st mtge. 5s are red. at 105 and int. at any int. period on
30 days’ notice; callable by lot. Sinking un l of 1% of bonds outstanding
began July 1 1915. $497,000 have been retired. $2,100,000 are pledged as
security for the 1st lien & ref. mtge. 5s.
The 1st lien & ref. mtge. ser. “ A ” 5s are secured by pledge of $2,100,000
1st mtge 5s due April 1 1931. Are red. all or part on 4 weeks’ notice at
105 and int. on or before March 1 1928 and at 1 % less for each 5-year period
thereafter to and incl. March 1 1948; at 1003* and int. thereafter to. and
incl. March 1 1950, and thereafter at par. Penna. 4 mill tax refundable.
EAR N ING S.— For 12 months ending Dec. 31:
Gross.
Net.
Bond Int. Oth.Int.& Ded. Bal., Sur.
.
1922_____ $2,097,420
$713,964
$120,150
$37,970
$555,844
1921_____ 1,816,939
623,988
120,150
31,857
471,982
OFFICERS.— Pres., Edwin B. Parker; V.-P. & Gen. M gr., S. R .
Bertron Jr.; V .-P ., A. S. Grenier; V .-P ., E. W. Hill; Sec. & Treas., R. S.
Daunoy.— V. 107, p. 505; V. 114, p. 85, 1658, 2123; V. 115, p. 2274;
V. 116, p. 183, 1768.
NEW YORK CITY, N. Y.
EIGHTH AVENUE R R .— Underground trolley road.
ORGAN IZATION .— Chartered Jan. 10 1855. Road was leased to M et.
St, R y .. now N. Y. R ys.. for 99 yrs from Nov. 23 1895 at rental of $215,000
per annum, which provided for Interest on the scrip and 16% dividends on
stock, besides all taxes. This lease was terminated, however, by an order
of Judge Mayer in the U S. Dist. Court as of Aug 1 1919. separating the co.
from the receivership of the N. Y . Railways. The co. is now operated by
its stockholders. Transfers are neither given nor accepted. V. 109, p.
1271. V. 109, p. 172. See also V. 109, p. 270. Underground electric trac
tion system used between 158th St. and Cortland St. V. 67, p. 178, 956.
Suit.— On Aug. 23 1921, the co. brought suit against the 6th Ave. R R .,
the N. Y. Rys., and others to obtain judgment for an immediate partition
and distribution of the property known as “ Church Farm.” For details
see V. 113, p. 960.
On Nov. 28 1913 the P. S. Comm, authorized the Issuance of $750,000
3% 5-year certificates, dated Feb. 1 1914, replacing the same amount of
cevtificates issued in 1884 and due Feb. 1 1914. The $750,000 scrip of
1914 originally fell due in Feb. 1919 but has been extended to Feb. 1929.
In March 1922 the co. obtained a mortgage loan from the Farmers' Loan
& Trust Co. on certain real estate. V. 114, p. 1179.
STOCK AND BONDS—
Par.
Interest. Outstanding.
Maturity.
Stock ______________________ $100
Quar.
$1,000,000
See text.
Scrip of 1914________________ 100
6 F-A
750,000
Feb 1929
Scrip of 1914 replaces same amount of scrip of 1884 which fell due Feb. 1
1914. Again, in 1919, extended to Feb. 1929. Red. any int. day. V. 97.
D 1503.
EARNING S.— For cal. year 1922, gross, $1,217,408: net, after taxes,
sur.$84,317. In 1921, gross, $1,218,345; net, after taxes, def.$141,062.
ROAD.— Total track owned and operated. 20 839 miles.— V. 109, p.
1272; V. 112, p. 2413, 2747; V. 113, p. 960, 2719; V. 114, p. 1179.
INTERBOROUGH RAPID T R AN SIT CO.— MANHATTAN R A IL
W AY.— See “ Railway and Industrial" Supplement.
NEW Y ORK & HARLEM R A ILR O A D .— Underground electric railroad.
ORGANIZATION.— Chartered April 25 1831. Owns also a steam road
teased to New York Central, its securities, which cover the electric roads as
well as the steam line, being described under the title New York & Harlem
among steam railroads in our “ Railway and Industrial” Section.
The electric (formerly horse) lines (18.95 m. of track) were leased to the
Metropolitan St. R y., now New York Rys., for 999 years from June 11 1896
but the rental due Dec. 26 1918 having been defaulted. Judge Mayer or
dered the New York Rys. Co. to terminate this lease and return the line to
the company effective Jan. 31 1920. V 110, p 360. Dividends from rent
als of street railway lines discontinued since Oct. 1918 due to non-payment
of rentals in question.
Objections to Valuation of Transit Commission.— V. 114, p. 1287.
For bal. sheet and statement by President of co., see V. 114, p. 410, 854.
A pril , 1923.]
ELECTRIC RAILW AYS
81
Committee for Columbus & Ninth Ave. RR 1st 5s — C Robert Adams,
Frank Colman, G E Warren, Sec., Arthur N Hazeltine
Depositary:
Columbia Trust Co , N. Y. V. I l l , p. 74: V. 114, p. 1286.
Tort Creditors' Committee.—Chairman. Samuel Seabury, John V. Bouvier
Jr.. Robt. H. Ernst, Charles Steckler. V. 108, p. 2241.
ValuatUm by Stone & Webster.— V. 110, p. 562.
NEW YORK RAILW AYS CO.— Underground trolley.
Receivership.— On March 20 1919 Judge Mayer in the TJ. S. District
ORGA N IZA TIO N .— Incorporated on Dec. 29 1911, and at midnight on
Court appointed Job E Hedges temporary receiver for the co npany, upon Dec. 31 1911 took over the lines of the old Metropolitan Street Ry. sold at
application by the American Brake Shoe C o., holder of an overdue claim foreclosure (V. 93, p. 1787) on Dec. 29 1911. per plan in V. 93. p.1533
for $36,806. On March 31 1919 the receivership was made permanent
(formally approved by Public Service Commission on Jan. 24 1912).
V. 108, p. 1391. Compare V. 108. p. 1165. On April 21 1919 Judge Mayer See V. 94. p. 977. The sale did not Include the leases of the Central
In the 1'. S. District Court denied the applications of the Eighth and Ninth Park North & East River R R ., 28th & 2Sth Sts., the Second Ave RR and
Ave. RR Cos. for an order directing the receiver to turn back the properties Fulton St. RR. The latter road was abandoned in 1908 (V 9u, p. 1675).
to the lessor companies. Judge Mayer also refused to order the receiver to
In 1913-14 acquired a half-interest in the Bridge Operating Co., which,
pay the rentals due the complaining companies. V. 108, p. 1721. On under an agreement with the city dated May 21 1904. operates local cars
July 15 1919. however. Judge Mayer issued a formal order separating the over the Williamsburgh Bridge. Wiih the Third Avenue Railway and the
Eighth Ave. RR. from the receivership of the New York Railways Co. The Brooklyn Rapid Transit Co. controls the Brooklyn & North River R R .,
order instructed the receiver and the Eighth Ave. RR. Co. to make an agree operating over Manhattan Bridge. (This line ceased operating on Oct. 4
ment that, as long as Commissioner Nixon’s two-cent transfer order (see 1919).
[
below) exists, fares shall be the same as if the separation had not been made
On July 24 1918 purchased, with the P. S. Commission’s approval, the
If, however, the order is contested, the Eighth Ave. line is to be considered property of the Central Crosstown RR. (incl lease of the old Christopher &
absolutely independent and no transfers will be given. V. 109 p. 270
Tenth St. RR.) at foreclosure for $2,114,000. V. 107, p. 402. 501, 906.
(This order was modified on Sept. 26 1919, and, effective Oct. 1 1919. all
On Nov. 30 1911 the Public Service Comm, authorized the company
transfers between the Eighth Ave. RR. and the New York Rys. Co. were to purchase the $600,000 capital stock of the 23d Street R.v. at $350 per
discontinued. — Ed.] Compare V. 109, p. 1079. On Sept. 11 1919 Judge share and to issue first real estate & ref. 4s to pay for same. $507 500 of
Mayer resolved to return the Ninth Ave. RR. to its owners. V. 109. p the stock has been so purchased. The authority was given on condition
1080. Effective Jan. 31 1920. Judge Julius M . Mayer ordered the Fourth & that the company shall provide for an amortization of 20% of the face.value
Madison Ave. Line, which had been leased to the company, returned to its of the bonds, representing the discount on the bonds
Has acquired 8,536
parent company, the New York & Harlem RR. V. 110, p. 360. The 1st shares of the stock of the Bleecker St & Fulton Ferry RR. at $28 50 per sh.
real estate and refunding bondholders have asked the receiver to surrender
Franchises. — Most of the franchises are perpetual. In Oct. 1917 the co.
four more leases, viz., B'way & 7th Ave., Sixth Ave., Christopher & 10th rejected a franchise drawn by the city permitting the operation of a line
St. and Bleecker St. & Fulton Ferry. Hearing on this question has been in W 86th St,
V 105. p. 1618.
•
set for May 2 1921. V. 112, p. 11 14.
Franchise Tax Decisions.— For decisions of Supreme Court Justices
On Sept. 27 1920 the co. was in default of the following Interest. We McCall and Davis, reducing the assessed valuation of the special franchises
give in each case the earliest coupon in default:
In 1910 and 19L1 see V 95. p. 1473
Staten Island Transfers.— The arrangement made between the company
Due March 1 1920.
Due April 1 1919.
and the city for free transfers at the Battery to and from the ferryboats
Lex. Ave. & Pav. Fy. RR. IstM . 5s.
•South Ferry 1st M . 5s.
and the cars of the New York Railways running to the Battery (see V 99,
Columbus & Ninth Ave. 1st M . 5s.
Due July 1 1919.
p. 49) was passed in July 1914 by the Board of Estimate. No re-transfers
New York Rys. IstR E.& Ref. M . 4s
permitted and of each nickel the city received 2 cents and the company 3
New York Rys. 4% conv scrip.
cents. The plan' took effect Sept. 15 1914, but was terminated on Sept. 15
x Principal of $350,000 also past due.
The co. is also in default of the payment of the following and subsequent 1919 by the receiver for the company, who was authorized to take such
action by Federal Judge Mayer. V. 108, p 2433: see also V 109, p. 1180.
rentals (either in the form of dividend rental or fixed rental):
Fares— Transfer Charge Allowed.— On July 7 1919 IV S. Commissioner
Due Jan 1 1919.
I
Due May l 1919.
Nixon authorized the receiver to charge 2 cents for transfers at 99 of the
Bleecker St. & Fulton Ferry RR.
|42d St. & Grand St. Ferry R R .
113 points where transfers had been given free. The receiver had applied
’ 23d St. Railway Co.
Broadway & Seventh Ave. R R .
The co. for a time was in default of for authority to charge 3 cents for such transfers. V 109, p 172, 270, 371,
Due April 1 1919.
See also V 111. p. 189. A resume of the company’s efforts up to
rentals due on the Eighth Ave. R R .. 477
Christopher & 10th St. R R .
the Ninth Ave. RR. and the N. Y & this time to obtain higher fares or relief in other forms and the attitude of
Sixth Ave. RR.
the city administration on this question will be found in the March 29 1919
Harlem RR. but these co.’s have been
dropped from the system as else number of this publication, page 83. under the caption. “ Fares " A writ of
certiorari obtained on Nov 17 1919 by Corporation Counsel Rurr calling for
where noted.
a review of Commissioner Nixon's action In abolishing free transfers on the
Operations.— For summary of lines discontinued, &c., see ‘‘Electric Rail co '8 lines and on the lines of the B R T (V 109 p 1987) was quashed by
Justice Greenbaum of the Supreme Court on March 16 1920. V 110, p 1188.
way” Supplement o f Oct. 28 1922.
Suit under Adjustment Mtge.— The suit brought by the N. Y Life Ins.
Maintenance & Depreciation Reserve.— In Oct. 1919 Judge Mayer, in the
U. S. Dist. Court ordered the receiver to set aside 38% of the gross trans Co. to recover unpaid interest on the bonds since Jan 1 1912 (approx. $50
for each $1,000 bond incl. coupon due April I 1915) was dismissed in
portation revenue as a maintenance and depreciation reserve, following
the report (V. 110, p. 75) of Stone & Webster which stated that, under 1915. but G. B. Leighton of Boston, representing the bondholders’ com
existing conditions it would take 37.4% o f the revenue to go as far in the mittee. Intervened (V 100. p. 1349, 1918: V. 101. p 1973). in Nov. 1915
the Appellate Div. of the Supreme Court, reversing a lower court, rendered
way o f maintenance work as was done with 20% in 1914, the old figure
a decision giving Mr. Leighton the full standing that the N. Y. Life Ins.
V. 109. p. 1610.
Receiver's Reports.— The receiver has issued two reports which cover fully Co. previously had in the case
Application to Issue Additional Ronds.— In June 1912 applied to the Public
the status of the system. A resume of these will be found in the “ Chroni
8erv. Comm, for permission to issue $754,000 1st real estate and ref. 4s to
cle” under the following references: V. I l l , p. 1766; V. 112, p. 1024, 1137.
refund Metropolitan Crosstown 5s. V. 94. p. 1627
Still pending.
Statement by Judge Mayer.— V. 109, p. 1273.
On Nov. 1 1912 the P. S. Comm, authorized the Issuance of $640.00O real
Report to Court by Stone & Webster.— See V. 110, p. 75. Compare V.
estate and ref. bonds (permission to issue $1,050.000 having been asked) to
109. p. 1080.
Appraisal.— Stone & Webster in a separate report to the Court estimated purchase new stepless cars. V. 95, p. 1207. None of these bonds is in
the reproduction cost of the co.'s property as of June 30 1919 at $112,526,- cluded in the amount in the table. Justice Greenbaum in the N. Y . Su
preme Court in June 1914 granted a writ of certiorari to review the order
657, after deducting $31,528,520 for depreciation. V. 111. p. 1746.
of the P. 8. Comm, authorizing only $640,000 bonds. V. 98. p. 1994.
Valuation Report of Transit Commission.— For extended outline of this Matter is still pending
report issued in Feb. 1922 see V. 114, p. 803.
Final Distribution to Metropolitan St. Ry. Shareholders.— V. 103, p. 1980.
Payment of Met. St. Ry. Gen. & Coll. Tr. M. Bonds.— V. 106. p. 1344.
Objections to Valuation of Transit Commission.— V. 114, p. 1287.
For distribution of sum received by this co. from the settlement of the
Foreclosure Proceedings.— On June 6 1919 Judge Mayer in the U. S. Dist.
Court auth. the Farmers’ Loan & Trust Co., as trustee, to bring suit to Metropolitan St. Ry. receivership, see V. 105, p. 2272.
Guaranty Decision.— In May 1917 the U. S. Supreme Court affirmed tne
foreclose the adjustment mtge of Jan 1 1912. V 108, p .2433. See also
V. I l l , p. 74
In Sept 1919 the Guaranty Trust Co. of N Y , as trustee, leclsiou of U. S. District Judge Hough, of New York, dismissing the action
brought by the bondholders’ committee of the old 28th A 29th Streets R R .
filed a bill to foreclose the 1st real estate & ref mtge. V. 109. p 1273
See also V 110. p 1643
In Aug 1920 Judge Mayer adjourned until 'property foreclosed and now known as Mid-Crosstown Ry.) against the
Nov. 9 1920 the proposed sale under the proceedings brought by the New York Rys. Co. on the ground that the Federal Courts had no jurisdic
Guaranty Trust Co. V. I l l , p. 793. Since then the sale has been post tion. On Nov. 14 1918 a settlement agreement was made with the bond
holders’ committee and the litigation (case had been carried into the State
poned from time to time.
Reorganization.— In Mar. 1923 it was reported that a tentative plan of Court) terminated.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
reorganization had been formulated by a group of financial institutions of
which Chase Securities Corp. was said to be a leading member, and was Stock $17,590 000 ($100)......... ... ..........................1.$17,495,060 _____ _____
18.061.290 Jan 1 1943
tnen reported to be under consideration of large security holders. Plan, hit real est & ref mtge gold/ 1912 4 J-J
(see text)_________ c*&r*tf IGuaranty Trust C o.. New York. Trustee.
it is stated, contemplates inclusion in the reorganized syslem of all lines
2,250 __________
formerly operated with the exception o f Eignth Ave., Ninth Ave. and Oonvertible scrip ___________ _____ • 4%
30.609.487 Jan 1 1942
N . Y. & Harlem RR. cos., which have been returned by the receiver to tneir Adjust Inc M $33,000,000 gl 1912 5 A-O
non cum (see text)c*&r*tfi Farmers' Loan & Trust C o.. N. Y ., Trustee.
original owners for operation. It is planned also to resume operation of
First real estate* ref. and adjustment income coupon bonds are in denom.
crosstown lines on wnich service has been discontinued by the receiver, and
to relieve the reorganized co. of burdensome fixed charges by merging in 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.
it controlled and leased cos. For further particulars see V. 116, p. 1050.
iLexington Ave S Pavonia( 1893 5 g M-S
t,
5.000,000 Sept 1 1993
Mortgage Opinion.—-For opinion o f Federal Judge Mayer in Nov. 1921
Ferry 1st M gold. .c*& rntfl interest
at office of company In
as to what property is covered by the 1st M ., see V. 113, p. 2406.
iColumbus * Ninth Avenue) 1893
5 g M-S
3.000 000 9epf 1 1993
first mortgage gold, c&rntfj Columbia Tr. C o., N . Y . City, Sub Trustee.
Sale of Real Estate.— On Sept. 17 1920 the receiver was auth. to sell for
^
‘
350.000 April 1 1919
$2 ,500,000 the co.'s car barn between 32d & 33d Sts. and Park and Lexing iSo Fy 1st gu $350.000(81,000) 1889
5 A-O
_ 5 J-J"
ton Aves.; also certain other property. A claim of lien against this property Broadway Surf RR first mtge
1,500.000 July 1 1924
was filed by the bondholders’ committee for the Columbus & 9th Ave. RR. jCentral Crosstown first mtge 1882
250.000 Nov 1 1922
6 M-N
1st 5s of 1893. V. I l l , p. 1852. A like claim was filed in the interest of Bills payable June 30 1918___ _____
—
—
400.000 — -- .....
Company separately operated—
the holders of the South Ferry Ry. 1st 5s of 1889 by the stockholders’
5 A-O
1.000.000 April 1 1995
committee for the B’ way & 7th Ave. R R . V. I l l , p. 1851. On Nov. 9 i$4th S t. C ro s s to w n first m tg e 1890
Lessor Companies—
1920 three parcels of real estate were sold at foreclosure in part satisfaction
1893
5 g J-D *$8,150,000 Dec 1 1943
o f the 1st real estate & ref. mtge., the aggregate price of the three parcels Broadway & 7tb Ave con
700.000 Jan 1 1950
being $380,000. The real estate holdings comprising the properties lo Bleecker St * Ful Fy first mtge 1876
4 J-J
210.000 Oct 1 1923
4 A-O
cated at 4th Ave., Lexington Ave. and 32nd Sts., on which the Court had Christopher & 10th Sts 1st M_ 1898
7.50.000 Feb 1 1929
1914
6 F-A
placed an upset price of $2,500,000, also the property on Madison Ave. •Eighth Ave certs pf indebt___1914
1.500.000 Jan 1 1962
5%
from 85th to 86th Streets, found no Adders and t h sale has been adjourned Twenty-third St RR mtge----- 1912
e
a Int. on these bonds paid at office of company. 165 Broadway, N. Y . O.
from time to time. V. 114, p. 1766; V. I l l , p. 1950; V. 114, p. 1535. 2416.
• Interest on the $750,000 certificates of indebtedness of the Eighth Ave.
V. 115, p- 1429. 1942, 2794; V. 116, p. 410. On Feb. 16 1922, however, the
property on Madison Ave. from 85tn to 86th Streets was sold at auction RR. is paid out of the $215,000 rental which the New York Rys. pays the
Eighth Ave. RR. (but see under separate heading above), x There are also
to M . Turner Brockway for $925,000. V. 114, p. 738, 1063.
Special Franchises and Real Estate Sold to Satisfy Tax Liens.— Y . 109, outstanding $1,500,000 B’way & 7th Ave. RR. 1st M . 5s which fell due in
1904 and are all held by New York Railways.
p. 1366.
First real estate and refunding mtge. Is not limited as to amount of auth
Purchase of Franchise Tax Liens by City.— See V. 112, p. 2414.
Central Crosstown Ry. ls( Mtge. 6s Not Paid.— The receiver having been issue, but further bonds may be issued to refund or acquire underlying
ordered by the Court not to pay the prin. and int. on the Central Crosstown bonds, subsidiary bonds and other bonds, any obligations secured upon
Ry. 1st Mtge. 6s, due Nov. 1 1922. and the trustee under the Mtge. securing mortgaged or leased properties; to acquire securities of other companies to
the bonds having gone out of existence, the following committee was formed be pledged under mtge. and for add'ns, exten’s and impts. See purposes
and has called for deposits (V. 115, p. 2047):
for further issue in full in V. 94, p 977. Red. on any int. date on 12 weeks’
Committee for Central Crosstown Ry. 1st Mtge. 6s.— Chairman, Henry W . notice, at 105 and int. See V. 94. p. 977. Bonds are listed on N. Y . Stock
George; John W . Platten, Wm. Carnegie Ewen, Sec., Robt. P. Brown, Exch. V. 94. p. 827. 977; V. iOl, p. 2145.
55 Cedar St., N . Y . City. Depositary, United States Mtge. & Trust Co.,
Div. on Income Bonds.— Initial div. of $7 71 (0.771%) paid Oct. 1 1912
N . Y . City.— V. 115, p. 2045.
(V. 95. p. 544). In 1913. April. $22 50 (214%); Oct., $16 36 (1.63% ).
Committee for Adjustment Mortgage Income 5s.— John Candler Cobb, m 1914. April. $23 45 (2.34% ); Oct.. $12 88 (1.288%). In 1915. April,
Chairman; Oscar Cooper, Haley Fiske, Frank L. Hall, Duncan A. Holmes, $17 69 (1.769%); Oct., $13 70 (1.37% ). In 1916. April $31 94 (3.194% ).
Ernest Stauffen Jr. and Richard H. Swartwout, with B. W . Jones as Oct., $19 81 (1.981%). None since. See V. 106, p. 929.
Secretary, 16 Wall St. Depositary: Bankers Trust C o., N. Y . Agents.
Lexington Ave. & Pavonia Ferry 5s and Columbus & Ninth Ave. 5s were
Old Colony Trust C o.. Boston and Comm. Tr. C o., Phila. V. 108, p. 1061: fully described In V. 60. p. 1146. Both were guar, and later assumed bv
Deposits have been called for. V. 108, p. 1275, 1512, 2023.
ihe Metropolitan Street R y. Co. (now New York Railways).
Committee for First Real Estate & Ref. M. 4s.— Harry Bronner, Chairman;
Christopher & 10th St. 1st I 4s.— Originally fell due Oct. 1 1918, but were
William A. Day, Caspar W..Morris, Charles A. Peabody, W. H. Remick, extended for 5 years to Oct. 1 1923
Frederick H. Shipman and Harold Stanley, with Geo. L. Burr as Secretary.
Amortisation Fund.— On Dec. 10 1912 P. S. Commission modified its
140 Bway., N. Y. City. Depositary, Guaranty Trust C o., N. Y. V. 108. order of Feb. 27 1912 (see V. 94. p. 698) by striking out the provisions
. 1061. Deposits were called for and up to Oct. 1919 “ a large majority
requiring the setting aside each year of a specified amount as an amortiza
ad been deposited with the committee. V. 109, p. 1610. Compare 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,
V. 108, p. 2023; V. 109, p. 1273.
Committee for Lexington Ave. & Pavonia Ferry 1st 5s.— F. J. Fuller, N. Y .; beginning Jan. 1 1912, for maintenance and depreciation of a sum at least
A. R. Horr, Reginald Foster; Sec., Chas. E. Sigler, 80 B ’way, N. Y . City. aqual to 20% of gross operating revenue for such month. V. 95, p. 1608;
Depositary: Central Union Trust C o., New York, V. 110, p. 2658; 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
V - 111. p. 294.
EA R N IN G S.— For cal. year 1922, gross, $1,554,312; net, after taxes,
$179,949. In 1921, gross, $1,659,245; net, after taxes, $104,677. Line
oper. electrically from Mar. 1898 from City Hall to 135th St.— V. 106, p.499;
V. 108, p. 79; V. 109, p. 1273; V. 110, p. 360; V. 114, p. 410, 854, 1287.
g
New York.
82
ELECTRIC RAILW AYS
Platzek on April 17 1913 to review the order. V. 106, p. 396. In May 1918
the N. V. State Court of Appeals reversed the decision of 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% of the gross passenger
revenue only instead of 20% of the gross operating revenue was denied
by the P. S. Comm, on July 27 1915. V. 101. p. 370.
Adjustment Income M >
rlgages are redeemaole on any Jan. 1 or July 1 It,
whole but not In part at par and Int. Holders of adjust, mtge bonds
(hall have the power, by vote of a majority thereof, to elect one less than a
majority of the members of the board of directors until the full 5% per ana.
(hall have been paid to holders annually for 3 successive years, and again
thereafter, during a like period, whenever a failure to pay such annual Int
■hall occur. Daring such periods, also, the holders of said bonds shall have
full power In respect of all other questions, upon which stockholders may
vote, to cast one vote for each $100 o f the principal of the bonds held by them
V. 94 P- 977 Bonds are listed on V Y Stock F,Xcb
V Q4 r 8 *7 97
>
R E PO RT.— For year ending June 30 1922, total revenue, $9,415,289: net,
after taxes, $903,697: int., rents, &c., $2,933,066; net corn, deficit. $2,029,370. For year end. June 30 1921, total revenue, $9,391,115: net, after
taxes, $205,641: int.. rents. &c., $2,825,131; net corn, deficit. $2,619,490.
Latest Earnings.— For calendar year 1922, gross, $9,403,578: net. after
ta..es, surplus, $882,953. In 1921, gross, $9,526,850; net, after taxes,
surplus, $87.
For results o f operations under receivership, see reports appearing in
W i l l . p. 1746; V. 112, p. 1024, 1137: V. 114, p. 849.
R O A D .— On June 30 1918 owned 42.756 milesof track, of 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); oper
ates under agreement 11.615 miles (11.138 underground electric and 0.477
storage electric) total track, 151.017 033 506 underground electric and
17.511 storage electric. As of June 30 1920 the receiver stated tha! of this
mileage only 95 miles remained in his possession and of this only 80 miles
were being operated. V. 111. p 1746. Owned and controlled. 1.977 pas
senger (1.861 electric and 116 storage battery), and 141 service (130 electric
and 11 horse): total, all cars. 2,118. Main power station equipped with II
3,500 k w. generating units and .5 sub-stations and distributing systems.
Including 1,615 miles of single-power transmission ducts.
OFFICERS — Receiver lob E. Hedges: Gen Mgr for receiver. Frank
Hediey: Sec. for Receiver F T Wood: Treas J. H Gampbell Gen Atfy
for Receiver, J. L. Quackenbush. General offices, 165 B-oadway, N. Y .—
V. 113, p. 1471, 2406: Y. 114, p. 306, 738, 849, 1063, 1180, 1287, 1535,
1766, 2116; V. 115. p. 1429, 1942, 2047, 2794: V. 116, p. 410, 1050.
C o m p a n i e s c o n t r o l l e d f>v New York R a il w a y s
(1) B lee ck er Street & F u l t o n Ferry R k . — Horse and electric.
The New York Railways owns 8.536 shares of the company's stock
ORGANIZATION —<Chartered Dec 12 1864
Leased Co 23d Street
Railway Oo. Jan 10 1876 for 99 years, lease assigned to Metropolitan Street
Ry (now New York Rys.)
Rental Is Interest on $700,000 bonds. I 4$
per annum on stock, taxes and corporate expenses of $600
STOCK AND BONDS—
Par. Interest.
Outstanding. Maturity
Stock .........................................$100
1 4 % J-J
$900,000
See text
let M gold, were formerly 7s.f 1.000 4 g J-J
700.000 Jan 1 1950
extended In 1900 as 4 s .n t f’ Guaranty Trust Go.. New York. Trustee.
Of the $900,000 stock outstanding. $853,600 is owned by the N. Y
Railways Go
R O A D .—Owns 6.25 miles of track.— V. 90. p. 913: V. 104. p. 1700.
1898. 2450. V 105. p 72. 496. 1522. 2364.
(2) Broadway & Seventh Avenue.— Change to underground electric
occurred in Aug 1901
Receivership.— 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.
ORGANIZ ATION .— Chartered May 26 1864
Leased May 13 1890 for
anexplred term of charter and for any extensions of the same, to Houstoi
West St & Pavonla Ferry now New York Railways. Franchises perpetual.
RENTAL. — Interest on bonds and 10% on $2,100,000 stock, of whlcti
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. Robt. Adams. Joseph Wallker, Jr., HarrisoD
K. Bird, Harry M. Curtis and Geo. C. Warren
Depositary Columbia
Trust C o., 60 B'way. N Y. City. Deposits have been called for. V
110, p. 464: V 109. p 2355.
Committee for South Ferry lsi M. 5s.— C. W. Beall, P. C Krauthoff
Sec , Fredk 8 Burroughs. 56 William St., N Y. City. Depositary. Cen
tral Union Trust Co.. N Y City. V. 108, p. 1166.
Committee for B'way A 7th Are. 1st Cons. Mtge. 5s.— Chairman, Harold B
Thorne; O W Bens-m Frank Ooenen, Robt. Kelly Prentice, Joseph P
Bradshaw, Roger H Williams; Sec., ,ias. F. McNamara. 60 Wall St.
N. Y City
Depositary, Metropolitan Trust Co. N. Y. Deposits have
been called for. V. 112 p. 2747: V. 113, p. 70. 847.
Committee for Broadway Surface lilt. 1st Mtge. 5s.—Chairman, Louis V
Bright. Edwin C. Jameson, Henry L. Finch: Sec., Robert Smyth, 160
Broadway, N. Y. City. Depositary: Lawyers' Title S Trust Co , 160
i
Broadway, N. Y. City. V 113, p. 2310. Deposits have been called for
’
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. Oil Sept. 30 1919 the Guaranty Trust C o., N Y brought suit
In the U. S Dist. Court to fore,dose a mortgage for $1,500,000 made In
1883 by the B'way & 7th Ave. RR. C o ., of which it Is now successor trustee
The bonds secured by this mortgage fell due June t 1904 and were then
taken up without cancellation and later, in 1912. when the N. Y Rvs Co
made its t% 1st Real Est & Ref. Mtge thev were pledged as part security
thereunder as shown in V 94, p 978. This foreclosure suit we are informed
was brought for the purpose of protecting the right of the 4% bonds as
against the $350 000 mortgage of the South Ferry RR. This last mort
gage is the only underiving security of the N. Y. Rys. Oo. which is in default
and the holders of the bonds issued thereunder have been threatening
foreclosure; hence this counter suit. V. 109, p. 1366; V. 113, p. 1154
Compare V. 109 p. 1273.
Outstanding.
Maturity
STOCK AND BONDS—
Par. Interest.
Stock $2,100,000 ($ 100) . . . . . $100 10 Q-J
$2,100,000
See text
1st M (all held by N Y R y s ) . . ____
5%
1.500.000
1904
1.500.000 July 1 1924
Broadway Surface first, gu a r.. 1.000
5 J-J
350.000 Apr 1 1919
South Ferry first guaranteed . . 1.000
5 A-O
8.150.000 Dec 1 1943
Bway & 7th Ave cons mtgef 1.000
5 g J-D
of 1893 for $12,500,000 ntf IInt. at Guaranty Trust Oo ,N Y Trustee
Of the consolidated mortgage of 1893 for $12,500,000. $3,350,000 la 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 Ry. Oo. 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), &c. Closed Issue except for
refunding purposes.
Tne Bway. & 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 5>
assumed under lease
R O A D .— Comprises 10.31 miles of track.— V. I l l , p. 1851; Y . 112,
p. 2747; V. 113, p. 70. 847, 1154, 1250, 2310.
(3) C hristoph er S T enth Streets R R .— Electric.
c
ORGANIZA r iO N .—Chartered April 25 1873. Leased to Central Cross
town (purchased July 24 1918 by New York Railways at foreclosure)
April 26 1890 for unexpired term of its charter at 8% on stock, interest od
bonds taxes. Ac., and not more than $1,500 per ann. for organization exp
The Central Crosstown RR. 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 V. 107. p. 1745, and V. 107, p. 1836.
STOCK AND BONDS—
Par.
Interest. Outstanding. Maturity
8tock ($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\Guaranty Trust C o., New York. Trustee.
_
R OAD.— Track owned is 4.15 miles.— V. 107, p. 905. 1836.
(4) Fort Q eorge S Eleventh Ave. R R .— Underground-trolley.
c
ORGAN IZATION .— Incorporated Nov. 19 1898 In the Interest of fch*
Met. St. Ry. (now N. Y. Rys.) 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.
[V ol. 116,
projected on Broadway and Is operating 1.69 m. of crack on 145tb St. between
Lenox Ave. and Broadway. Stock autb., $3,000,000, all owned 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 of operation. The road to become the property o f the city
at che termination or franchise (whether original or renewed) upon payment
for the same In accordance with definitely prescribed rules.
45) F orty-Second St. S Grand St. Ferry R R .— Horse and electric
c
OR G A N IZA TIO N .—Chartered Feb. 16 1863. Leased to Met. St. Ry.
O o.n ow 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 $400,006 Is owned hy N Y Rys. 1st M 6% bonds (due
1909' of 42d St. S Grand St Ferry RR . formerly deposited under M et. St.
t,
Ry. ref mtge.. have been canceled
ROAD.— Owns 5.77 miles of track.— V. 89. p. 993; V. 106. p. 499.
t6> Sixth Avenue R R .—Underground trolley
Receivership.— On May 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. Y . 114,
p. 2117; V. 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.
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.
OR G A N IZA TIO N .— Leased to Met St. Ry.. now New York Rys.,
F«b 1 1892 for 800 years. Rental $145,000 perann.,which Is 7 4 % 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 m0f*s
In Feb 1809 began operating underground r.roll»v all the
way to Battery Place. V. 114, p. 2117; V. 115, p. 309; V. 116, p. 1051.
(7) rtiirtv-Pourtri Street Orosstown R v. —Uu lecgrouuU electric.
O R G A N IZA T IO N .—Chartered March 18 1896 being a consolidation of
ihe 3tth Street Railroad Oo and che 3 Ith Street Ferry & Eleventh Avenue
Railroad Company
Entire stock of che 44th Street Orosstown Railway
Jo Is owned by the New York Rys
Operated under agreement dated
Dec 21 1896. guaranteeing principal and Interest of the bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity,
Stock ( $ 1 0 0 ) ................................. ....
.......... ..
$1.000 000 ___________
First mortgage ($1,000) guar) 1896
5 A-O
1,000.000 April 1 1996
prtn & Int by N Y Rys ntf'Oencrai Trust Oo., New York, Trustee.
R O A D — Track owned Is I .66 miles
V 71. p. 135: V 111, p.79 4.
(8; Twenty-Third Street R y .— Underground trolley
ORGANIZATION.— Chartered June 29 1872. Leased from Apr 25 1893
to the Met. St Ry. Oo. (now N. Y Rys.) for the unexpired term of the
charter and for any extensions of the same. Rental is ls% on stock (in
default since May l 1919). all taxes, assessments, water rent* and charges.
The New York Railways owns all of the debentures due 1906. all of che 1st
M bonds due i960 a id $507,500 of the $>00,000 stock, for which it gave
$3.50 of its own 1st real est $r ref. Is due foly 1 I 012 for each $! 00 o f stock.
Interest.— The int. due July 1 1920 on the co’s. impt. & ref mtge. 5s
was not paid until Aug 1920. V 111. p. 397. No f irther information.
Maturity,
STOCK AND BONDS—
Date.
Interest. Outstarirliny
Stock ($100) ______ . .....................
18 Q-F
$600,000 18% per an.
First mortgage $250.000____ 1896
6 J-J
250.000 Jan 1 1909
150.000 Jan 1 1900
Debentures ($1 .000: . - 1886
5 J-J
1.500.000 Ian t 1962
impt A ref. mtge $1,500,000' 1912
5 g I-J
($1,000) gold g u a r __ .c * 1Bankers Trust, Oo. N Y Trustee
Bonds — The Impt & ref mtge bouds are guar
A i by V V Rys Oo,
and are red In wh ,le or in part at the option of the company or for the sink,
fund on anj Int date at 10’ and Int on 4 weeks' not) 'e
Sinkmg fund of
tl 102 85 payable semi-annually with accretions- when $400,000 bonds
-hab have been acquired they sh>U be canceled
Tax-exernpt In N Y
R O A D . —Including 1 irh St , B leecker Sr and <'anal St branches, track
wned. 4.21 miles. Rails, 47 to 113 lbs., standard gauge.— V. 100, p. 2011,
2168; V. 106, p. 500: V. I l l p. 74, 29.5. 794, *97. 2521.
THE NINTH AVENUE RR. C O .— A subsurface contact electric road.
ORG ANIZATION.— Chartered July 29 18.59. The road was leased to
the Houston West, St. & Pavonia Ferry RR.. now New York Railways, for
99 years from March 12 1892, but on Sept . 26 1919 Federal Judge Mayer
ordered the receiver of the New York Railways to return the line to its
owners for independent operation beginning Oct. 1 1919. Transfers are
now exchanged with the Sixth Avenue RR. and the Onlumhns A Ninth
Ave. R R . See V. 113, p. 293. Compare V. 109, p. 1273; V. 116, p. 1050.
Suit to Recover Rentals — In Inly 1921 the company brought suit in the
Supreme Court against the 42d St. Manhattanville A St. Nicholas Ave. Ry,
and the Third .Avenue Ry. to recover $12,000. representing rentals for the
use of certain trackage said to have accrued from Oct. 3 1919 to July 1 1921.
See V 113, p 293. for details.
stock
3300000
par $100
d i v i d e n d s Q -I
E ARNINGS.—-For cal. year 1922, gross. $514,975; net after taxes, $642,540. In 1921, gross, $548,827; net after taxes, def. $219,935.
R OAD.— Cortiandt St. to 126th St., total track owned and operated
16.235 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 Blschoff in Supreme Court appointed
Jeorge W. Lineh separate receiver in suit by Guaranty Trust Oo to foreJose consolidated mortgage.
At midnight on Nov 12 1908 receiver
r.ook possession of the property
Charles E. Chahners is now receiver.
Dlv. on stock due June 190S wa» defaulted Default of Int on
bonds occurred as follows 1st (gen.) M tge.. Nov. 1 1908 (subsejuently retired V 91. p 12.55); first consols Aug 1 1908: debentures,
luly 1 1908. A committee was formed to protect the interests of the
first consol. 5% bds
V 87 p 317. 1238 On Oct. I 1910 Justice Amend
In Supreme Court authorized receiver to issue $2,500,000 receiver's certfs.
x be used to retire $1,280,000 gen consol ps and $.500,000 receiver's ctfs.
j
lue Oct. 1 1910. and for franchise taxes, improvements and equipment.
V 91. p.946
In Jan 1911 $.500,000 additional certfs were authorized for
mprovements and equipment. V 92 p 264. As these matured. various
bther issues were made from time to time
In Oct 1913 $3,200 000 1-year
6lit) 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 I 1918 on these certfs. was deferred
until May 1 1918 (V 106. p 1.573). October 1913 interest was paid when
due. V. 107, p. 1386. The Oct. 1 1919 int. was not paid when due.
V. 109. p. 1462.
Anticipating the default in the payment of the Oct. 1 1919 Int. on the
$3,140,000 6% receiver's certificates, the following committee was formed.
In July 1919. to protect the interests of the holders. V. 109, p. 1462, 2357.
Committee for 6% Receiver's Certificates.— Chairman. George B. 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 Co., N Y., and the Girard Trust Co.. Phila. In
Dec. 1919 $2,787,000 (about 90%) of these certifs. had been deposited with
the committee. V. 109, p. 2357
Foreclosure Suit.— On Dec. 16 1919 a summons and complatDt in a suit
for the foreclosure of 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 of the property under this suit on Sept. 1
1921 . but sale has been postponed to Nov. 14 1922. V. 113, p. 732. 1054.
Sale of Real Estate Under Foreclosure.— As a result of foreclosure pro
ceedings against the co., the southwest corner of 2d Ave. and 127t.h St., a
vacant plot, was sold at auction in 1921. Compare V. 112, p. 163.
Settlement.— On Dec. 21 1915 Supreme Court Justice Wnltaker auth.
the receiver to settle with the New York City Railways Oo., the suit against
it and its predecessor, the Metrop. St. Ry.. on payment to the Court o f
$548,352 for breaking the lease, amount due on inter-receivership account,
&C.
See V. 101, p. 2146.
In May 1917 petitioned the P. S. Comm, to "establish such new regula
tions in regard to rates, fares and transfer privileges, or otherwise so to
exercise its authority as to make possible the earning of a more adequate
return upon the capital invested."
In May 1918 the P. S Comm, adjourned the hearings on this applica
tion 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 fare where the companies were bound by franchise obligations to a
maximum fare.
Objections to Valuation of Transit Commission. V. 114, p. 1288.
A pril, 1923.]
ELECTRIC RAILW AYS
OR G A N IZA TIO N .— Chartered Jan. 21 1853. Was formerly leased tc
Met. St. Ry
V 68. p. 185.
SECURITIES—
Par.
Interest. Outstanding. Maturity.
Stock $2,500,000 ($100)...........$100
9 Q-M
$1,862,000
See text
Receiver's certfs______c n t ff
1.000 6 A-O
3,140.000
See text
(Callable 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 Peb 11948
1898 guar p A I end .c*tf!G uaranty Trust C o.. New York. Tru-tee
Of the oew first consolidated 5s, $ l .369.000 were reserved to retire securl
ties of earlier date. V 86. p 900. For mistake of trustees in exchanging
some 5s of 1909 for consolidated 5s of 1948. see V. 76. p- 654.
EAR N IN G S.— For fiscal year ending June 30:
June 30
Total
Net (after
Surplus or
Year— Receipts
Tares'
rnterest
Rents
O -f'-n
1921-22 _______ $1,013,703 def.$42,937 $192,899 $1,268 def.$237,105
1920-21 _______
9l ,026 def. 100,981
S1
188,400
1,271
def.290,652
Por calendar year 1922, gross, $1,001,942: net after taxes, $39,228. In
1921, gross, $986,664; net after taxes, def. $91,835.
R O A D .— Track operated, 23.90 miles.— Y. 109, p. 1462, 2357; V. 110,
p. 563; V. 112, p. 163; V. 113, p. 732, 1054; V. 114, p. 1288; V. 116, p. 78.
TH IRD AVENUE R Y .— Underground trolley.
O R G A N IZA T IO N .— Incorporated in New York on Apr. 20 1910 and on
Jan. I 1912 (Court of Appeals having affirmed the decision of the Appellate
Division of Supreme Court, which reversed the order of the Public Serv
Oomm.. refusing to approve reorganization plan; subsequently approved bj
the Comm on Jan. 17 1912. V 94. p 209: V 93. p. 1464; V 92. p. 1637
1567; Y. 91, p. 338) took over the property of Che old Third Avenue RR ..
•old at foreclosure on Mar. 1 1910
V 93, p 1535
Owns all or practically all of the stock of the following. Union Ry.. Drj
Dock East B'way A Battery. 42d St Manhattanvlile A St. Nicholas Ave
Yonkers RR.. Westchester Electric. Southern Boulevard. Kingsbridge Ry.,
New York City Interoorough. New York Westchester A Oonnecticui
Traction Co.. Mld-Orosstown Ry Co , Inc . Belt Line Ry Corporation
Pelham Park A City Island Rv . Bronx Traction Co. Third Ave. Bridge
C o., Hastings Ry. C o., Inc., also the $1,487,000 outstanding 2d M. inc
bonds of 12d St. Man. A St. Nich. Ave Ry., the $2,161,000 bonds of the
N. Y. City Inrerborough Ry. and the $1.759,000 5% bonds of the Belt. Line
R y. Corporation. With the N. Y. Rys., Che Coney Island A Bklyn. RR
and the Bklyn. Rap. Trans. Co. controls the Bklyn. A North River RR
operating over Manhattan Bridge. tThis company ceased operating on
Oct. 4 1919. V. 109. p. 1461.)
On Jan 7 1914 tne company applied to the P S. Coram for authority to
Issue $6,650,000 bonds on account of the cost of acquiring control of the
Belt Line Ry Corp (V 96. p 946 1020 1295), the N Y City Interbor
OUgh Ry Co and the Mld-Crosstown RR . and to pay for certain construc
tion work See V. 98, p. 74 A preliminary order was procured In Mar 1914
auth. the issue of $4,000,000 of these bonds against the purchase by tbf
3d Ave. Ry of certain securities of the N Y City Interborough and tht
Belt Line Ry Corp (see annual report of 3d Ave In V 99 p 1447)
The
Issuance o f a further $2,020,500 of bonds was authorized Oct 8 1915, which
were Issued and purchased by the company as an investment for tbf
depreciation fund
Valuation.— Por appraisal of system In 1918 see V. 106, p. 1462.
Transfers.—On Nov. 1 1912 began transferring to the Second Ave RR
by way of the Belt Line Ry Corn '« 59th St line
The last named com
pany Is now part of the Third Ave. Ry. system. Issuance of transfers dis
continued Jan 30 1921. On May 25 1917 applied to IV 9. Comm for per
mission to charge 2c. for transfers without further charge for a re-trausfer.
In May 1918 the P. 9 Comm adjourned the hearings on tnis peutioD
following the decision in the Rochester Pare Case (V 106. p 1161) In
which It was tnld that the Comm, was without power to grant increases in
fares where the cos were bound by franchises to a maximum fare. Sef
V. 106. p. 26.50.
On Jan. 25 1921 Federal Judge Hough signed an order restraining the
city and 9tate officials from seeking to prevent the 59th St.. Crosstown
line from discontinuing the exchange o f transfers with other lines. V. 112.
p. 470. The eo. has, therefore, discontinued the issuance of transfers.
V. 112, p. 716
Objections to Valuation of Transit Commission. V. 114. p. 1288.
Merger Plan. dec. — Por plan of Transit Commission announced 9ept. 30
1921. see V 113. p. 1472.
Bus Franchise Asked.— In July 1920 the co., on behalf of its subsidiary
the Dyckman 9t. Transportation C o .. applied for auth. to run a bus line on
Dyckraan St., Nagel Ave and 10th Ave. at a 5-ceot fare with a 3-cent
transfer ehargp m <m Third \ve line
p
V 111 o 390
Statement by President Regarding Outlook.— See V. 114. p. 7167.
8TOOK AND BONDS—
Date. Interest.
OutstandingMaturity
Stock $16,590,000 ($ 1 0 0 )___
...
............. $16,590,000
See text
3d Av RR 1st M g ($1.000).tf /1887
5 g J-J
5.000.000 July 1 193'
(lo t at Farmers' Loan A Tr Co.. N Y
First refund M $40,000,000 (
1911 4 J-J
21.990..500 Jan 11961
gold (see text) . _c*&r*tfl Int. at Central Tr. O o .. New York, Trustee
Adjust Inc mtge $22.536.OOOf
1911 5 A-O
22.536.000 Jan 1 1961
old (see text) __ c*Ar*tf Int. at U. S Mtge. A Tr C o.. N Y .. Trus
tock and bonds al1 listed on N Y Stock Exchange
Bonds. —Coupon bonds of both Issues are In denum $500 and $1,000
registered bonds are for $.500 and $1,000 or multiples of $1 000
Of th>
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
Int date at 105 and Int on 3 mos.' notice. See V. 94. p 706.
Int or
Income bonds Is cum after Dec 31 19)2. Inc bonds are red as a wholi
but not in part on 1st day of any month on 3 mos notice at par and Int
$320,000 have been purchased by the company. V. 102. p 887. Adjust
Inc. mtge holders to have full voting powers until full int., Including
accura shall have been paid for five success!ve years
See V 94 p 706.
Dividends on Income Ronds. — An Initial dividend of 1 H % on the adjust
Inc. bonds was paid April I 1913 for the 6 mos end Dec 31 1912. V 96
p . 136. Regular semi-annual divs. of 2 % each were paid to and incl
Apr. 1917. Tn Oct. 1917 paid t H % Aor 19M inf passed V 1
06 v Otn
None to April 1922. when 1 % was paid
Y. 114. p. 948. Oct 1 1922
paid 3 H % . In 1923, April, 3% . V. 116, p. 936.
Dividends on SUicK. — luitlal quar. div. ot 1% was paid Jan. 1 1916
April. 1%: lulv 1%; Oct , 1%
The .Tan. 1917 div was omitted on ac
count of the strike in 1916. V. 103. p. 2079. None since.
R OA D— Operated.
Miles.
Miles.
Third Ave. Rv. O o . . . ______ 26.800 Bronx Traction C o__________ 21.012
Kingsbridge Ry Oo_________
7,341 N. Y. City Int.erbtro. Ry Co 39.472
42d St. M. A St. N. Ave R y. 18.638 Southern Boulevard R R ____10.20.5
Dry Dock E. B. A B. R R _ 18,145
_
Westchester Elec. R R ______ 39.662
Belt Line Ry Corp__________ 3.801 Yonkers R R _______________ 42.826
"■Third Ave. Bridge C o _____
3,631 N. Y. West. A Conn. T ra c.. 5.973
•Mid-Crosstown Ry C o___
5.664 •Pelham Park A City Isl. Ry 3.283
Union R y. Co. of N. Y. C ity .109.932 Hastings R y________________ 2.479
f
Total____________________ 3.58.894
•Ceased operating Aug. 8 1919. x Suspended operations Aug. 31 1919.
O ARS.— Owns 1.1.35: controls 510; total, 1,645 cars.
R E PO R T .— Years end. June 30;
1921-22.
1920-21.
1921-22.
1920-21.
Total oper.revl4,141,412 13,499,226 Interest rev._
261,537
Total op. e x p .10.555.026 11.037,607 Gross revenue 2,882,953
Interest, rents,
Net op. rev . 3,585,386 2,461,620
A c ________ 2,675,479
T a x e s_______
984.970
879.319 Dividends____
______
213,486
1,795,787
2,672.395
______
Oper. in c .. 2,621,416 1,582,301
Balance____sur207,474 def876,611
OFFICERS.— Pres., S. W. Huff; V .-P., Leslie Sutherland; Sec., Garrow
Geer; Treas., A . D. Sage; Acting Auditor, W. Farrington.
D IR E C TO R S.— Adrian Iseliu, Jr., A. U. Horr. Ucm-ge W. Davison,
H.Palagano W Emton Roosevelt. Tohn W Platfen. S. W Huff, Joseph H.
Seaman, E. A. Manice, J. N . Jarvie, Lionel F. Straus, Harry Bronner and
Alexander S. W ebb.— V. 113, p. 72, 1472, 1883, 1979; V. 114, p. 948, 1288,
1767; V. 115, p. 646, 1101, 1938, 1943, 2159; V. 116, p. 936.
T.
(1) Dry Dock East Broadway & Battery RR.
Receivership Terminated.—On Nov. 23 1917 the receivership begun on
Feb. 1 1908 was terminated by a decree of the U. S. Dist. Court for the
outhern District o f N . Y . V. 106, p. 715.
83
ORGA N IZA TIO N .— Incorporated Dec. 8 1863. Third Ave. Ry. owns
$1,198,000 of the stock. In Jan. 1906 began operating Grand St. line by
electricity. On Oct. 1 191,1 changed from horse cars to storage-battery
cars on Avenue B and Canal St. lines. V. 93. p. 1105. Oo 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 (Y. 105, p. 497) for refund
ing the entire debt of the company, except the general mtge. bonds, was
declared operative in Peb. 1918
Holders of deposit receipts for certfs of
Indebtedness received upon presentation thereof to the Union Trust Oo.
of New York series C 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
$650,839 of the series “ O” bonds are owned by the Third Ave. Railway
Oo. V 107. p. 2004.
STOCK AND BONDS—
Par.
Interest. Outstanding.
Maturity.
6 Q-P
$1,200,000 See text
~
Stock $1.200.000........ .............. $100
General mtge gold 18 92--n tff 1.000
5 g J-D
950.000 Dec 1 1932
(Farmers’ Loan & Trust C o.. Trustee.
Gen refund mtge series B ___ ______
4 J-J
528.000 Jan. 1 1960
Gen refund mtge ser O _c &r$100Ac
Text
1,300.200 Jan. 1 I960
Ronds.—Of the general ref. mtge. bonds, $1.500.000 are ser A 5% bonds,
of which $950,000 are reserved to retire the general M 5s. due 1932. and
$5.50.000 may be issued to acquire additional property and for betterments,
but only upon the Joint consent of the holders of at least 75% of the aggre
gate par value of series B and series C bonds then outstanding, or after
due notice and failure of holders of more than 25% of series B and C to
object thereto. Series A bonds are a prior lien and preferred as to prin. Sc
int. Series B bonds are a prior lien over, and preferred both as to prin. Sc
Int over, series C bonds. Series C bonds to bear int. to and incl July 1
1925 at such non-cumlative rate not exceeding 6% per ann. as earnings per
mit. On and after Jan. 1 1926 are to bear int. at the fixed rate Of 4%
with an additional 2% if earned V. 105. p. 497; V. 106, p. 715..
R O A D .—18 145 miles of 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. 1071
p. 1192.
(2) Forty-Second Street M anhattanville & St. N icholas Avenue
Rv.— A horse road, but Nov. 11 1900 chauged 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 Oec. 1910 Pub Serv. Oomm. granted authority to operate 110th St.
line permanently by storage-battery power. V. 91. p. 1766.
O RGAN IZATION .— Chartered Aug 29 1878. In Nov. 1895 control
was purchased by the Third Avenue RR
See Y. 61. p 926.
In Dec. 1899 began to use underground electric system from Port Lee
Perry 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. Ry.; the remaining $113,000 2d mtge. boads have
On June 21 1912 Pub. Serv. Comm, granted auth. to extend for 30 years
so Mar. 1 1940 at 5% the 1st M. 6s matured Mar. 1 1910. V. 94. P 1695.
STOCK AND BONDS—
Par.
Interest. Outstanding.
Maturity.
Stock authorized $2.500.000-. $100
_______
$2,500,000 _________ First, mortgage gold 1880 _t f / 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.Trua
Second mtge income 6s 18851 1,000 6% as earned See text Jan 1 1915
$1.600.000-_____ ______ tfjC en t. Trust C o., N. Y ., Trustee.
ROAD.— 18.638 miles of track.
REPORT.— See above.— V. 94. p. 1695: V. 95. p. 679: V. 107, p. 1192.
1 Union Railway Co. of New York C ity.— A trolley road.
3>
O R G A N IZA TIO N .—Operates from 129th St. and Third Ave. through
he Borough of the Bronx, and with subsidiary lines continuing thence to
»nd through Sit. Vernon.
Owns $58,100 (all the outstanding stock) of the Bronx Traction Co.
Yew Franchises.—On July 2 1914 the Board of Estimate and Apportion
ment granted the company a franchise to cross the Willis Ave. bridge over
the Harlem River to 125th St., and along 125th St. to the Port Lee Perry.
The P. S Comm. In approving the franchise exempted the company from
axchanging transfers with the Third Ave and 42d St. M. Sc St. N. Ave.
companies at intersecting points in said franchise. V. 99. p. 50.
Portion of Line Abandoned.— See V. 113. p. 1252; compare V. 113, p. 72,
under caption “ Third Avenue Railway.”
STOCK AND BONDS
Par.
Interest. Outstanding. Last div.,&c.
Stock ($100) all owned by 3d Ave.
$2,000,000 __________
First mortgage l89 2g old -_tf.j 1.000
5 g P-A
2,01)0,000 Aug 1 1942
( Int. payable at Central Tr. C o., N. Y. City.
Guaranteed Loans—
Westchester 1st M gu p Sc 1IS1.000
5 g J-J
500.000 July 1943
gold 1893 ___________ n tf/ Int. at Bankers Tr. C o.. New York. Trus.
Southern Boulevard RR Istj _____
5g J-J
250,000 July 1 1945
gold 1895 ____________ tffOentral Trust C o., New York. Trustee.
Yonkers RR first mortgage _______
_______
See below _____ ____ _
ROAD.— ODerates 106,932 miles of track.
REPO RT.— See above. V. 99. p. 50. 1971; V. 113, p. 1252,
^a) Bronx Traction C o.— A trolley road.
ORGAN IZATION .— Incorporated on May 12 1904, and (s a consolldaolon of several small companies. See V. 78. p. 2333. Entire stock owned
by Union Ry.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock $585,100 ($100)______ __________ ______
$58,100
________
ROAD.— Owns 24.042 miles of crack, 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 ) Vonkers 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. Oomm.
approved the terms of an agreement whereby care of the Yonkers R R ,
would run over certain tracks of the Union Ry. 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 of Yonkers. On May 26
1919 Judge Morschauser in the N. Y. Supreme Court at White Plains, N .Y .,
dismissed the suit of a taxpayer for a mandatory Injunction to restrain the
company from collecting a 10-cent fare. V. 108, D. 1276, 1938, 2242.
ORGANIZATION.— The Union Ry. guarantees the $1,000,000 bonds J
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 $1,000.0001 1896
5 A-O
1,000.000 April 1 1946
guaranteed___________ ntf IBankers Trust C o., New York, Trustee.
ROAD.— Owns 42.826 miles of track.— V. 107. P. 1103, 2009.
(5) K ingsbridge Railway.
ORGANIZATION.— Incorp. Jan. 25 1898. The franchise, the terms of
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 tha
city acquires the property, paying for It In accordance with definitely
prescribed rules for fixing its value. V. 69. p. 1248. Work on this Una
was begun In July 1901 aad completed la 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.
(6) New York City Interborough R y.— A trolley road.
The Third Ave. Ry. owns $4,617,900 stock and $2,164,000 1st M . bonds,
O RGAN IZATION .— Incorporated In New York on March 24 1902, In
Che Interest of the Interborough Rapid Transit C o., to build an extensive
system of feeders for the subway and elevated lines In the Bronx, and to
afford street railway connections across the Harlem River bridges.
Application for Authority to Eliminate Transfers.— V. 109, p. 1366.
84
[V ol. 116.
ELECTRIC RAILW AYS
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 May 1 1928
sinking fund, gold------- tf)U . S. M ort. & Trust C o.. N . Y .. trustee.
Bonds.— Of remaining 1st M . sends. $87,000 are In sinking fund and
$836,000 are In treasury.
R OAD.— 39.472 miles of track.— V. 93. p. 1191; V . 94. p. 279; V. 95, p.
544, 1274; V. 109. p. 1366.
(7) Belt Line Railway C orp oration .— Storage-battery and electric.
ORGAN IZATION .— Incorp. at Albany on Dec. 24 1912 to take over
She 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. Ry. V. 96. p. 864, 948.
In Mar. 1913 P. S. Comm, auth/ the making of a mtge. for $4,000,000
1st M . 5s and the Issuance of $1,750,000 bonds thereunder at not less than
95. Entire stock and bonds owned by Third Ave. Ry.
On Nov. 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 i7 1919 the company was auth. by the P. 8*
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 of 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 red) 1913
5%
See text Jan. 1 1943
as a whole at 105_______ tffCentral Trust C o.. N. Y ., trustee.
Bonds_are guaranteed by Third Avenue Ry.
R O A D .— Owns road on 59th St., East and West. All elec, on 59t,h St
Owns 26 cars. V. 107. p. 2474; V. 112, p. 1028. 1398; V. 114. p. 2467.
(8) (Wld-Crosstown Railway C o.— Storage-battery cars.
Acquired by the Third Ave. Ry. late In 1913.
Discontinued.— On Aug. 8 1919 the co. discontinued the running of cars,
due to its inability “ to borrow any more m oney." V. 109, p. 578.
Judgments.— In Nov. 1919 judgments against the company, aggregating
$231,188, had been entered in the Supreme Court by the Third Avenue Ry.
and certain o f its subsidiaries. V. 109, p. 1793
ORGAN IZATION .— Incorp. in New York on Feb. 14 1912. In the Inter
est of the reorganization committee, as successor to the 28th A 29th Sts.
Crosstown 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. 8 Oornm, authorized the Third Ave. R y. to acquire
and hold the $150,000 stock of the Mid-Crosstown Ry. Co., Inc., and in
April 1914. In payment therefor, the Third Ave. Ry. 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
Mid-Crosstown Co. (V. 99, p 1447).
Stock, authorized and outstanding. $150,000 ($100).
ROAD.— Track, 5.664 miles.— V. 109. p. 578, 677. 1793.
(9) Pelham Park & City Island Ry. C o., Inc.
Operation Suspended.— On Aug. 8 1919 the co. suspended operations
V. 109. p. 677.
ORGANIZATION, A c.— Incorp. M ay 10 1913 in N . Y . and on July 9
1914 the Third Ave. R y. acquired control. Auth. common stock, $125,000:
outstanding. $45,000. Length o f road. 3.283 miles, from Belden Point.
City 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.
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 o f stock for each $1,000
bond, the next $500,000 of debentures on the basis of 13 shares, the next
$500,000 of debentures on the basis of 12 shares, the next $500,000 o f 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 10714 up to and incl. March 1 1943,
and thereafter at 100 plus H of 1% for each full year prior to maturity.
Penna. and Oonn. State tax of 4 mills refunded. V. 116, p. 1177.
D i lends.— On pref.— 1 4 % —-paid quarterly from Sept. tyiO to and
including Sept. 1914. None to Dec. 1921, when 42% was paid in 6% pref.
stock and 1 \4 % in cash, clearing up all accumulations. V. 114. p. 947.
Qtiar. divs. of 1 }4 % paid regularly since to and incl. Mar 1923. On com.
initial divs. of 75c. a share in cash and 75c. a share in 6% cum. pref. stock
were paid in April 1923. .V. 116, p. 822.
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.
1922......... $5,012,490 $1,728,340 $681,039 (7%)$85.522 $54,113 $907,666
1921......... 4.845,123 1.505.151 662.295 (7%) 84.000 52,531 706.325
ROAD.— Controlled properties operate 74 miles of track.
OFFICERS.— Pres., Edwin N. Sanderson; V.-Ps., Francis Blossom and
Craig Colgate; V.-P. & Gen. Mgr., C. H. Nichols: Treas. & Sec., .1 Dunhill; Asst Sec. & Asst. Treas . Richmond Talbot.— V 114, p. 854, 957,
1890. 2011; V. 115, p. 1428. 2477; V. 116. p. 720, 822, 1177. 1532.
(1) C e n t r a l A rka ns as Rail way
&
Ligh t C o r p o r a t i o n .
On Mar. I 1913 was taken over by Federal Light & Traction C o., which
owns entire common stock.
ORGAN IZATION .— incorp. Feb. 19 1913 In Virginia, taking over the
Hot Springs St. Ry. 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
Springs for street lighting.
Franchises.— Street railway expires in 1954. and exclusive as to streets
occupied until that date. Water, exclusive and expires Nov. 1931. Elec
tric light and power, expires 1933. Artificial gas, unlimited as to time.
Also has natural gas franchise, expiring in 1931. Should supply of
natural gas fall, company will revert to artificial gas franchise.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $2.500.000...........................
........... $2,500,000 ____________
Pref cum $1.500.000.......................__
7 Q-M
1.500.000 Mar '23,1%
First lien $7,000,000 ($1.000,T 1913 5 g M-S
1,816.000 Mar 1 1928
$500 and $100) gold___ c*|Int. at Columbia Trust Co . N Y .. trustee.
Preferred stocK Is redeemable at 110 aod accrued div
Dividends are guar,
by Federal Lt. & Trac. C o., by endorsement. Additional pref. stock may
be Issued under conservative restrictions. V. 96, p. 715.
Bonds.— Additional bonds may be issued for 80% of cost of additions,
axtens. and Impts. when net earnings are double the tut. charges on bonds
out. Incl. those proposed to be Issued. Sink. fund, which began Jan 1915,
will retire at least 20% of entire Issue by maturity $>53,090 in sinking
fund
Ail bonds subject to call on any interest date at 102.
Dividends.— First div. on pref.— 1 U % — paid June 2 1913; 1)4% has been
paid quar. since to and Incl. Mar. 1923.
EARNINGS.— Combined earnings of constituent cos. for cal. years:
Cal. Years—
Gross.
Net.
Int. Chns.
Balance.
$302,077
$90,809
$211,268
1922________ _____ $856,311
1921______________ 845,.85r
301.102
100 241
200,861
R OAD.—Operates 13 miles of track; 60-lb. rails. 39 passenger cars.
OFFICERS.— Pre«., E N. Sanderson: V.-P. A Treas.. J . Dunhill; Sec..
E. K. H. D ’Aeth.— V. 113, p. 2718: V. 116, p. 175.
(2) S p r i n g f i e l d (AAo.) R ai l w a y <c L i g h t Co.
5
As of Mar. 1 1911 entire stock was acquired by Fed. Light A Trac. Co.
O RGAN IZATION .— Iocorp. in Maine In Nov. 1905- Owns entire
FEDERAL L1QHT & TR AC TIO N CO.
capital stocks of the Springfield Traction Co and the Springfield G as A Elec
ORGAN IZATION .— incorporated In 1910 In New York. Holds a con
tric Co. In Feb. 1923 merger of these two cos. was approved.— V. 116,
trolling Interest In the following companies operating gas. electric lighting
p. 722. The Kickapoo Transit Co. is also part of system. Electric light
steam heat, ice and traction properties located In cities mentioned in titles
franchise perpetual; gas franchise expires in 1929. street railway franchise
Albuquerque (N. M .) Gas & El. Co. New Brunswick (St. John. N . B.) In 1944 and steam heating franchise in 1936
Does entire traction, gas.
Central Arkansas R y. & L t. Corp.,
Power Co.
electric light and power business of city. Also does steam heating. In
Hot Springs. Ark.
Rawlins (W yo.) Elec. Lt. ft Fuel Co
1915 entered Into a new 5-year street-lighting contract with city.
Hot Springs Street Ry. Co.
Sheridan (W yo.) County Elec. Co.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Hot Springs Water Co.
Springfield (M o.) Ry & Light Co.
________
$1,100,000 __________
Common stock $1,600.000____. ____
Citizens' Electric Co.
Springfield (M o.) Gas & Elec. Co. Preferred $2,000,000 cum_________
7 Q-J
1,001.200 Apr '23, \%
Consumers' Gas Co.
Springfield (M o.) Traction Co.
1st lien mtge $7,000,000 gold j 1911
5 g M-N
2, 93.500 May 11926
Deming (N. M .) Ice A Elec. Co.
Trinidad (Col.)El.Transm.,Ry.&Gas
($500 A $1.000) sink fd--C* IGuaranty Trust On., of N. Y ., trustee.
Grays Harbor Ry. & Lt. C o., Aber Tucson (Ariz.) Gas, Elec. Light &
Preferred stock is red at 115 am’ accrued dividend
deen, Wash. (V. 86, p. 420).
Power Co.
Bonds.— $4,656,000 1st lien bonds are reserved for additions and impts.
Hobart (Okla.) Electric Co.
Tucson (Artz.) Rapid Transit ho.
of cost under certain restrictions. Annua! cumulative
Las Vegas (N . M .) Lt. & Power Co. Willapa Elec. Co. (Raymond, Wash.) at 80%Mar. 1 1913 and provides for 25% of all bonds issued. sinking fund
began
$782,000 In
Las Vegas (N. M .) TransP ^ o .
sink, fd- Sub. to call as a whole or for sink, fund at 102 and int. on any
The entire capital stock and all the underlying bonds o f all of the above Int. day. Int. is pay. in New York, Boston or Chicago. V. 92. p. 1566.
19 companies, except the $1,249,200 pref. stock and $1,753,000 1st lien
Dividends— Initial d iv.— 1 9 i% — on pref. stock paid April 1 1915:
bonds of the Central Arkansas Ry. A Lt. Corp.; $919,400 preferred stock tame rate quar. since.
and $2,196,500 bonds of the Springfield Ry. & Lt. Co. and $100 par value
EARNINGS.— For 12 months ending Dec. 31:
of bonds and $86,050 slock of Tucson Rapid Transit, and $483,000 first
Calendar Years—
Gross. Net. aft Tax.
Int., Ac. Bat., Sum.
lien bonds o f the Willapa Electric Co. have been acquired. See description 1922 ________________ $1,223,914
$325,639
$105,775
$219,864
and properties in V. 90, p. 1490.
1 9 21_________________ 1.194,922
365,941
110,476
255,466
Tucson Rapid Transit Co.— See ‘ ‘New Franchise” In V. 99, p. 1912.
ROAD.— Operates 23 miles of track; 49 pass,cars and 11 work cars. 60,
In the early part of 1913 sold the Montrose (Colo.) Elec. Lt.& PowerCo. 70 and 80-lb T rails. Power station capacity, 8,250 k. w. Also has con
In Dec. 1913 $725,000 10-year gold notes were issued (auth., $10,000,000. tract. with Ozark Power & Water Co for purchase of 2.875 k. w.— V. 112,
see below) carrying an equal amount o f common stock option warrants
entitling holders to obtain such stock at par any time prior to Dec. 1 1923. p. 933; V 113. p. 2722; V. 115. p. 1840; V. 116, p. 1051. 1178.
(3) Trinidad (C olo.) Electric Transm ission, Ry. & Gas Co.
See also V. 97. p. 1583, 1822. In June 1914 a further $715,000 of these
Federal Llgnt A fraction <Jo. owns all the $3,000,800 outstanding stock
notes were issued at 6% .
Financial Readjustment Plan.— On Jan. 11 1922 the stockholders approved and the $3.211.000 bonds outstanding.
ORGANIZATION.— Incorp. in Colorado on Aug 7 1911 as successor
the plan o f recapitalization outlined in V. 113, p. 2719, under which the
company (1) declared a stock div. o f 42% on the 6% cum. pref. stock, pay to the Colo. R y.. Lt. A Pow. Co . sold at foreclosure Aug. 2 1911. V 93,
able in hke stock, thus clearing up all accumulated divs.; (2) auth. $10,000,- p 409- Supplies electricity to mines and cities of Las Animas and Huer
000 new 8% cum. 1st pref. stock, with priority over and same voting rights fano counties. Colo. Controls the entire gas. electric light and street rail
as 6% pref. stock, and red. at any time at $110; (3) changed $5,500,000 way business of Trinidad, C oio.a a d operatesan interurban railway connect
com. stock from $100 par to 55,000 shares o f no par value; (4) modified ing Trinidad with Thomasville, Cokedale, Jerryvtlle. Piedmont. Jansen.
Starkvllle and Sopris. Gas and electric franchises run from 16 years to
terms o f the 30-year 1st Mtge. 5s so as to provide for an increase in the int.
rate not to exceed 714%. &c., &c.; (5) was auth. to create a gen. & ref. perpetuity. Street railway franchises run for 50 years from 1903.
Power Contract.— Has a contract to supply the St. Louis Rocky M tn. A
mtge. to secure bonds, notes or debentures. For full details o f plan, see
Pacific Coal Co. with $60,000 worth of power annually. V. 99, p. 1912.
V . 113. p. 2719; V. 114, p. 197, 305, 947.
In Jan. 1922 the company issued $2,590,000 stamped 30-year 1st lien Also has a contract with the Colorado Fuel A Iron Co.
Effective March 12 1922, the company was authorized to abandon service
bonds o f 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. on certain lines. V. 114, p. 1065.
ROAD.— Owns and operates 19 4 miles. Power plant capacity, 16,250
V . 114. p. 197. 305.
In March 1923 issued $2,500,000 30-year com. deb.. Series “ A ” 7% bonds, k.v.a. Rail, 60-lb. T; standard gauge.— V. 99, p. 1912; V. 114, p. 1065.
roceeds to be used: (1) to retire $1,361,300 outstanding 10-year notes due
REPUBLIC RAILW AY & LIGH T C O .— A holding company.
>ec. 1 1923 [eliminatedfrom table below]; (2) to reimburse the treasury for
$300,700 of notes which company has from time to time purchased; (3) to
New Control.— In Nov. 1922 Eastman, Dillon & Co., New York, together
retire $483,000 1st mtge. bonds of Willapa Electric Co. due July 1 1923: and with R. P. Stevens and John P. Harrington, Youngstown, Ohio, purchased
(4) to reimburse treasury for moneys expended for additions to the proper from Harrison Williams and associates their int. in the co. V. 115, p. 2380.
|
ties. V . 116, p. 1177. 1532.
j ORGANIZATION.— Incorp. in New Jersey on June 27 1911. This
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity | company owns practically all of the common stock of the Pennsylvania-Ohio
Common 55,000 shares_______ _____
_______
See text I Elec. C o ., formerly the Mahoning & Shenango R y . & Light C o ., and through
47,500 shs.
j It supplies electric light, power and gas to Youngstoswn and other communi1st pref $10,000,000 ($100 c u m )____
8%
i ties in the Mahoning and Shenango River valleys, in Eastern Ohio and West$3,550,000 See text
Pref $5,500,000 6% cum ($ 1 0 0 )____
6 Q-M
3,904,000 Mar 1 1912 < era Pennsylvania, midway between Pittsburgh and Cleveland. The PennFirst lien s f M $50,000,0001 1912
5 M-S
j sylvania-Ohio Electric Co. also owns urban and interurban railway lines In
gold $500 & $1,066)____c*/Columbia Trust Co., N . Y ., trustee.
Stamped 6s________________ 1912
6 M-S
2,834,000 Mar 1 1042 1 the same locality. Also controls the Republic Engineers, Inc.
30-year conv. deb. Series ‘ A ” f 1923 7 g M -S
2,500,000 M arl 1953 | STOCK AND BONDS— Date,
Interest. Outstanding. Maturity.
($500 and $ 1,000c* and lint, at New York Trust Co., N. Y ., trustee. 1 Common $7,500,090 ( $ 1 0 0 ) - - ____
______ ■
_ $6,206,000
See text
$l,000r*)........... ............... tf l
Pf 6% cum $10,000,000 ($ 1 0 0 )____
Q-J 15
5,191,400 Apr ‘20. I X
General m ortgage___________ _____
_______
See text
__________ i Stock.— Common stock is held in voting trust
Bonds.— Of the first lien sinking fund mtge. $3,904,000 outstanding are 5s
Dividends.— On pref. 1 )4 % quar. was paid from organization to and incl.
and $2,834,000 stamped 6s. The stamped 6s are all or in part payable on j April 1920. No action was taken on the. June 1920 dividend. V. 110, p.
any int. date on 30 days’ notice at 105 up to and incl. March 1 1932; at ; 2568. None since. Quarterly dividends on common of 1% , paid from
104 thereafter to and incl. March 1 1935, and thereafter at 102. V. 114, [ Jan. 1917 to and incl July 1918. Oct. 1918 dividend omitted. V . 107,
p. 197, 305. The remaining first lien sinking fund bonds are issuable for ! p. 1193. None since.
REPO RT.— Consolidated income account of subsidiary cos. (inter-co.
Improvements, betterments and acquisitions under certain restrictions.
$820,000 retired by sinking fund. Red. as a whole but not in part at 102 i Items eliminated).
Gross
Net, after
Other
Deduc- Divs.on Sub Bal,,
and int. Annual sinking fund o f 1 \4 % o f bonds out March 1 1913 to j Calendar
Year—
Earninas.
Taxes.
Income.
tions. Co.Pf.Stks. Svrp.
March 1 1923: 2% , 1923 to 1933; 2 )4 % , 1933 to maturity. Payments for I
redemption of bonds if purchasable at or below 102 and int., otherwise to 1922_____j $8,125,792 $2,399,689 $280,091 $1,631,529 $490,889 $557,362
be invested in new property subject to the mortgage. See V. 94, p. 910. 1 1921______ 7,321.680 1.930,310 372.378 1.520,361 434,335 347,992
Passengers carried in 1922, 46,542,961, against 41,097,871 in 1921.
559. Funds may also be used for improvemen ts. See V. 114, p. 305; V. 96,
S
A pril, 1923.]
ELECTRIC RAILW AYS
PROPERTY, &C.— Son Pennsylvania-Ohio Electric Go. below.
EXECUTIVE C O M M ITTE E .— Herbert L. Dillon. John T . Harrington,
R . P. Stevens. Henry L. Bogert Jr. and Walter H. Nash.
OFFICERS.— Pres., R. P. Stevens; V .-P ’s., John T . Harrington and
Henry L. Bogert Jr.; Sec., R. E. Gliss; Treas., T . O. Eastman.— V. 109,
p. 578, 1180; V. 110, p. 168, 262, 1743, 2568; V. I l l , p. 693,; 1084, 1950
V. 112, p. 470, 1519; V. 113, p. 1983, 2506, 2819; V. 114, p. 739; V. 115.
p.2380; V. 116, p. 1533, 1650.
______
(1) PENNSYLVANIA-OHIO ELECTRIC CO.— A subsidiary of the
Republic Ry. & Light C o.— (See Map, page 92.)
ORGAN IZATION .— Incorp. in Ohio on Aug. 20 1917. Was kDown as
the Mahoning & Shenango Railway & Light C o., but name changed to
present title early in 1920. Has ownership or control of the following
propertiesPennsylvania-Ohio Pow & Light Co. New Castle & Mahon. St. R y. Co.
New Castle Traction Co.
The New Castle Electric Co.
Penna. & Mahoning Valley Ry. Co.
New Castle Electric St. Ry. Co.
The New Castle & Lowell Ry. Co.
Zelienople Light & Power Co
New Castle & Lowell Realty Co.
Youngstown Municipal Ry. Co.
Also controls the Ldora Park Amusement Co.
Merger of Subsidiaries.— During 1914 steps were taken to consolidate as
many of the properties as possible to reduce expenses, facilitate operation
and improve conditions for refinancing
The co. then known as the Ma
honing & Shenango Ry. & Lt. Co. absorbed the Sharon & New Casile
Railways C o., Youngston-Sharon Ry. & Lt. C o., Sharon & Wheatland St
Ry., Valley St. Ry. and Wneatland St. Ry. The Youngston & Sharon
St. Ry. absorbed the Youngstown Consol. Gas & El. Co. In 1915 <
properties of the Republic Construe. Co. were transferred to the co. Ci
1917 acquired the Mahoning County Light Co. oper. a steam-heating plant
In Youngstown. In Aug. 1917 co. absorbed the Mah. Valley Ry., the Mah.
Val. So. East R y.. the Poland St. Ry.. the Youngstown Park & Falls St
Ry. and the Youngstown & Sharon St. Ry. V. 104. d . 2118. The Sharpsville Elec. Lt. Co. was merged with the Shenango Valley Elec. Light Co
and a number of other borough companies around Sharon
In 1918 the
Youngstown & Niles Ry. Co. was absorbed. Some of these properties
have since been acquired by the Penn-Ohio Pow. & Lt. Co. which see below
Franchises.— Practically all the Pennsylvania franchises are perpetual.
Railway franchises in Youngstown expire 1943. The most Important interurban franchises in Ohio expire from 1945 to 1950 and Ohio lighting and
power franchises in 1937 and 1942
Operation at Cost.— See Electric Railway Supplement” o f Oct. 28 1922.
In Mar ;ti 1922 issued $1,950.0 !0' Is m'ge. St. coll. tr. 6 ^ % bon Is s -r
“ A ” proceeds being used to retire $1,507,000 Pa. & M . V. 1st & ref. 5s, due
May 1 1922, and for the payment o f floating debt incurred for additions.
V. 114, p. 1535, 2013.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common 511,000,000 ($100)_______
_________ $10,628,300 __________
Pref 7% cum $10,000,000 ($100)____
Q-M
4, 54 101 __________
1st mtge & coll tr sk fd ($100,1 1922
6 4 g M - S 2,979,030 Sept 1 1938
$500 & $1.000) gold__ c*tf(Bankers Trust Co., N. Y , trustee.
New Castle Traction 1st mtge ( 1897
5 g M-N
500.000 May 1 1927
$500,000 gold ($1,000).c*tf\lnt. at Union Trust C o., Pittsburgh, trustee
N O Elec Co 1st M $200,000/ 1897
5 g M-S
200.000 Mar 1 1927
g o ld ______________ ____ tfl lot. at Union Trust Co . Pittsburgh trustee
Y-S Ry < Lt 1st M $2,500,-/ 1900
&
5 g I-J
1,658,009 Ian 1 1931
000 ($1,000 gold s f .. c * tf I Int at New York Trust tt). N Y. trustee
Mahoning Valley 8 E first f 1903
5 J-J
67 .000 July 1 1923
mortgage_______________t filn t at Lawrence Savings & Trust C o.. New
Poland St Ry 1st M $200,000/ 1913' 5 J-D
170.000 JuneL
($1,000) guar o & L_ ._ n tf' Union Trust Co. of Pittsburgh, trusf.ee.
Stock.— Practically the entire com. stock is owned by the Republic Rail
way & Light Co. Th< p ef. stock has full voting power. FreeufPenn and
Ohio State fax. Calla >le as a whole at 110 & divs. In addition to amt.
shown as outstanding $5,500 has been subscribed for but not yet Issued
Bonds.— 1st mtge. & coll. tr. >4% bonds ser. “ A ” are secured by (1) a
1st mtge. on Youngitown City Lines (not incl. “ Park & Falls Line” ),
subject to $237,000 closed 1st mr.ge. underlying bonds; (2) pledge of all the
bonds and all o f the exp t 1 < oek of New Castle Electric Co. (excepting
$200,000 1st mtge. 5% bonds of 1927); (3) pledge of entire outstanding
$6,000,000 com. stock o f Pennsyl vania-Ghio Power & Light Co. An annual
sink. fd. equal to 2 % of the total amount of ser. “ A ” bonds issued is provided
for to be used for the purchase o f bunds o f ser. “ A ” if obtainable at not
over 105 and int. up to Mar. 1 1936, and thereafter at not over the respective
current call prices. Red. all or part on any int. date on 4 weeks’ notice
at 110 aud int. on or before Mar. 1 1932, and thereafter at 110 and int.
less 1 4 % for each full year elansed after Mar. 1 1932. Penna. 4 mdl tax
refunded. Interest payable in New York and Chicago. V. 114, p. 1535.
The Youngstown-Sharon 1st Mtge. bonds can be called at 115 and int. on
any interest date: $78 !,000 have been acquired by sinking fund. For lien
covered by these bonds, see "Street Railway” section of June 24 1905.
The Poland St. Ry. bonds are guar., prin. and int., by the Republic R y. &
Light Co. Redeemable at 100 and int. on 30 days’ notice.
EARN INGS.— See Republic Railway & Light Co. above.
PR OPERTY, &c.— Supplies, through Its subsidiaries, electric light,
power and gas to Youngstown and 30 other communities in the Mahoning
and Shenango River v illeys, in Eastern Ohio and Western Pennsylvania,
midway between Pittsburgh and Cleveland, and owns 178.S6 miles of urban
and interurban railway lines in the same locality, of which about 40 miles
on private right of way. Has contracts for lighting with numerous cities.
Three elec light and power plants, present capacity 73,250 k. w also
artificial gas nlant in Youngstown: 3 gas holders
OFFICERS.— Pres. & Gen. M gr.. G. T. Seeley; V.-Ps., Henry L.
Bogert Jr., John T. Harrington, Randall Montgomery and H A. ClarkeTreas. & Asst. Sec., E G. Dunlap: Aud., F. E. Wilkin: Asst. Treas , A. R.
Hughes: Asst. Sec., E. W. Freeman.— V. 113, p. 2186; V. 114, p. 307,
1535, 2013. 2718. 2825: V. 115, p. 74, 1100. 1732.
(a) Pennsylvania-Ohio Power & Light Co.— All the common stock
s owned by the Pennsylvania-Ohio Electric Co.
ORGANIZATION.— Incorp. in Ohio on or about Oct. 14 1920 and pur
chased from the Pennsylvania-Ohio Electric Co.— see above (in accordance
with the plan outlined in V. 111. p. 1661)—all the electric light and power
property and business in Ohio formerly owned by the Penna -Ohio Elec. (!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 Sharorn
and also the stocks and bonds owned by that co. in the following companies
Shenango Valley Traction Co.
|
Sharon & New Castle St. Ry. (Pa.)
Shenango Valley Electric Light Co. I Pennsylvania Power Co.
Sharon & New Castle Rv. Co. . Ohio)./M ahoning Oounf.y Light Co.
’
In Jan. 1923 acquired the Excelsior Lt. & Power Co., Sellersville, Pa.,
and the Conyngham (Pa.) Power & Lt. Co. V. 116, p. 624.
The principal franchises in Ohio extend beyond 1940and practically an
those in Pa are without limit of rime
On April 22 1922 the company signed a ten-year street lighting contract
with the city o f Struthers. V. 114, p. 2116.
In Dec. 1921 the co. sold $750,000 8% cum. pref. stock aud $750,000
10-yr. 8% notes due Nov. 1 1930. to reimburse the treasury for expendi
tures and to provide funds for additional betterments, improvements, &c
V. 113, p. 2107: V. 114. p. 89. Compare V. 113. p. 1574.
In Jan. 1923 issued $1,000,000 7% cum. pref. stock, proceeds be ng used
to reimburse the treasury for expenditures made for add’ns, exts. and mpts.
V. 116. p. 411. 722
Maturity.
STOCK AND BONDS.— Date.
Interest. Outstanding.
*$6,000,000
Common stock____________________
2,650,000
Pref8%eum $15,000 0 0 0($1 00)-----8 Q-F
Preferred 7% cumulative------- -------7%
1 , 000.000
1st & ref M sk fd $75,000,0001 1920
____
7 , s M-N 12,9 14,500 Nov 1 1940
4
($100, 500, $1,000 c* andiGuarantee Trust Co., N. Y., trustee
$1,000 r* )________ _____ tfl
Secured notes ($100, $500 and/ 1920 8 g M-N
2,836,000 Nov 1 1930
$1,000) gold_________c*tf/Central Union Trust Co., N . Y ., Trustee
General mortgage bonds______ 1920 _______
See text Nov 1 1930
Underly’g bonds (closed mtges) ___
_________
1,851.000
_________
♦Entire $6,000,000 corn, stock Is owned by the Pennsylvania-Ohio
Electric Co.
Stock.— Both classes o f pref. stock are call, at 115 and accrued divs.
Bonds.— $1,929,000 1st & ref. mtge. 7 4 % bunds are reserved to retire a
like amount of underlying bonds and $706,800 are pledged as security for
the $2,886 000 8% sec. notes. Add l bonds may be issued for not exceeding
75% of the cost of add’ns, &c., under certain restrictions. Sinking fund
since N ov. 1 1921, payable seml-ann., 1% per ann. to Nov. 1 1930 and
1 4 % per ann. thereafter to retire these bonds. Call., all or part, at any
time on 60 days’ notice at 110 on or before Nov. 1 1930; at 1074 during
85
the next 3 years, and at 101 during the last year before maturity; plus
accrued int. Penna. 4 mills tax refunded. $3,610,000 general mtge.
bonds are pledged as security for the $2,886,000 secured notes.
Notes.— Are secured by deposit of $3,610,000 gen. mtge. bonds and
$706,800 1st & ref. mtge. 7 '4 % bonds. Were call, all or part at any time
on 30 days’ notice at 110 up to Nov. 1 1921, and since at 1 point less each
year until maturity, plus int., in each case.
Sinking fund of 3% of the total amount of notes issued, since N ov. 1 192 1
to be used for purchase or call and retirement of notes at not exceeding the
respective redemption prices. Tax refund In Pantia.
PROPERTY.— With subsidiaries owns and operates a modern electric
light and power system with 3 power plants of a total 97 656 Q. p. present
installed generating capacity; transmission lines and distribution systems.
Electric railway lines comprise 61.94 miles. Of this mileage 49.35
miles Is Interurban, of which about 40 miles is on private right-of-way
There are 216 miles of high voltage electric power transmission lines,
and extensive distribution lines in Youngstown, Girard and Struthers, O.
Sharpsvilie, Farrell, Eilwood City and Sharon, Pa., and vicinity.— V. 114,
p. 80, 2116; Y. 115, p. 2159; Y. 116, p. 296, 411, 624, 722.
(THE) UNITED GAS AND ELECTRIC C O RPORATION .
ORGAN IZATION .— Incorp. in Connecticut on June 6 1912 as a consoli
dation of Susquehanna R y., Lt. & Pr. Co. and United Gas and Elec. Corp.
(Incorp. Mar. 8 1912.) Owns entire common stocks of the following
companies (V. 94, p. 1388, 1696. Compare also V. 97, p^726.)_
Gretna (La.) Lt. & ■Pow. Co., Inc.,
United Gas & Electric Co. of N. J.
United Gas & Elec. Eng. Corp.(and
Lancaster (Pa.) Co. Ry. & Lt. Co.
through It the Central River Coal
Consumers Electric Light & Power
& Supply Co. and the Union Gas &
Oo., New Orleans.
Elec. Co. o f Bloomington, 111.)
Harrisburg (Pa.) Light & Power Co.
Houston (Tex.) Gas & Fuel Co.
Sale of Oil Properties.— In Feb. 1922 sold the United Central Oil Corp.
do the White Oil Corp. for:
(1) 8% cum. conv. pref. stock of the White Oil Corp., par val.
$10, call, on any dlv. date at 115 on 60 days’ notice. Oonv.
into White Oil Corp. com. stock at $20 per share__________ $1,500,000
(2) White Oil Corp. com. stock (no par value)_______________170,000shs.
(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 & R R . C o., which see under
‘ Elmira. N. Y ."
United Oas eft Electric Engineering Corp.— This co. was organized In 1913
for the purpose of acting as consulting, contracting and operating engineers
and as purchasing agents for the U. G. & E. Corp.
In Feb. 1916 $5,000,000 additional 6% coll, trust sk. fd. bonds were
'ssued and offered at 97 and Int. to the holders of the $4,500,000 3-year 6%
notes of 1915 (called for payment April 1 1916) In exchange for their hold
ings at. 101 4 and Int . the difference being adjusted In cash
V. 102_ p 801 .
Capital Readjustment Plan.— In April 1923 the stockholders’ readjustment
committee named below proposed a plan of readjustment which provides
in part as follows: The Berkshire Corp. has been organized in Conn, and has
acquired three electrical cos. operating in and adjacent to Lancaster County,
Pa. This corporation has outstanding 18.000 shares of stock (par $10)
and $125,000 3-Year notes. As these properties can be operated advan
tageously in connection with the Lancaster County R y. & Light C o., a
subsidiary, the committee has entered into negotiations with these interests
looking to a consolidation of the Berkshire Co. with the United Gas and
Electric Corp.
New Company and Capitalization.— The name of the consolidated corpor
ation shall be the U nite! Gas and Electric Corp., which will have an
authorized issue of $6,499,360 preferred stock (par $100) and $2,500,640
common stock (par $10).
Terms of the Proposed Exchange of Stocks and Consolidation.
-------- Will ReceiveExisting Stock—Outstanding. Pref. Stock. Com. Stock.
$649,930
U.G.&F1.Corp.1st pf. stk. (par $100).$9,284,800 $6,499,360
7 shs.
7 she.
Each 10 shares____________________
______
$1,166,350
U.G.&El.Corp. 2d p f. stk. (par $100).11,663,500
1 sh.
Eacn 1 share_____________________
$408,350
U. G. & El. Corp. com. stk. (par $100).12,250,000
1-3 sh.
Each 1 share_____________________
180,000
Berkshire Corp. capital stock (par $10)
180,00
1 sh.
Each 1 share_____________________
_
$6,499,360 $2,404,636
Total _____|______________________
After the plan is consummated, there w remain for future uses $96,004
unissued common stock. The committee shall have the right to provide for
common stock without nominal or par value, in which event the number of
shares of common stock of no par value shall not exceed 250,064, and of this
stock 240,464 shares will be issued, leaving 9,600 shares unissued.
Deposits Asked.— Holders of the 1st pref., 2d pref. and common stock are
requested to deposit tueir certificates with the Fidelity Trust C o., Phila
delphia, as depositary, or with one of the sub-depositaries. Chase National
Bank, New York, and Lancaster Trust C o., Lancaster, Pa.
Committee.— Joseph Wayne Jr., Pres. Girard National Bank, Chairman;
W . W. Griest, Pres. Lancaster Co. R y. & Lt. Co.; Wm. B. Joyce, Pres.
National Surety Co.; F. M . Kirby, V.-Pres. F. W . Woolworth Co.; E. R.
Tinker, Pres. Chase Securities Corp.; S. R. Bertron. Pres. Bertron, Griscom
& C o.. Inc., with T . H. Atherton, Sec., 1431 Chestnut St., Philadelphia.
For detailed outline of above plan see Y. 116, p. 1761.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $20,000,000 (.$100)...................................$12,250,540 ......... ............
1st pref $25.000,000($100)6%1-----Q-J
9.284.800
See text
cum to Apr 1 '15&7% after/
Id pref $12,500,000 ($100)...................................... 11.663.500 ------- - - - - Collateral trust sink fd gold f 1915
6 g A-O
9,225.400 Apr 1 1945
bonds Ser “ A " $15.000,(XK Int. at Guaranty Tr. Co., N. Y.. Trustee.
M
($1,000 and $100)_ c C t fi and Penn Co. for Ins.on L & Gr.An ,Ph.
_
Pur money ctfs of Indebtedness-----7%
696 300
See text
su e*,—$168,200 1st pref., $3,000 2d pref. and $18,7o0 com. stocK Is In
oreasury. The 2d pref. stock Is to bear cum divs., viz., 2% par annum
In 1914, 3% In 1915, 4% In 1916. 5% In 1917 and 6% thereafter, and will
be entitled to a preference over common In event of liquidation and subject
In all respects to priority over present pref. stock- See V 97, p. 888.
Bonds— $ .6,100 coll, trust bonds are in treasury, reacquired for sink,
fund purposes, and $387,500 (not incl. in amt. outstanding) are held In
sink fund; $331,000 have been canceled and retired; remaining $5,000,000
may be issued for 75% of the cost of 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 of the subsidiary cos.
Red. as a whole or in part at 10 24 and int. on 4 weeks’ notice. A cumu
lative sinking fund which began July 1 1918 will retire over 70% of the bo .ds
at maturity. V. 100, p. 2091. Tax refund in Pa. For description of
purchase money ctfs. of mdebtedness, see under Utilities Oil & Refining Co.
below.
Dividends on Pref.— An initial dlv. on 1st pref. at rate of 6% per ann. (for
period June 8 to Sept. 30 1912) was paid Oct. 1 1912. In 1913. 6 % . In
1914. April. 3% . None to Dec. 1915. when 3% was paid. In April 1910
changed dlv. periods to quar. instead of s.-a., and paid 5 4 % in 1916.
In 1917, 6 4 % .
REPORT.— Calendar years
Profits from
Calendar alncome for Dealings in Int., A c., Preferred
Balance,
Year.
Year.
Securities, &c. Charges. Dividends.
Surplus.
1922______$1,586,622
______
$674,841
...........
$911,781
1921______ 1,596,851
4,893
710,935
--------890,809
a This includes the equity in the net earnings from subsidiary corpora
tions, whether actually received in the form of divs. or not, and
Includes net receipts from oil properties directly operated. The amount
added at the end of 1922 to surplus account of sub. cos. not declared as
divs. was $5 4 659 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 $287,508. There was also added to surplus ac
cumulations the sum of $29,613, being the increase in the book value of
fiscal assets of one of the subsidiary cos.
EARNINGS.— For 12 mos. ended Dec. 31 1922: Balance of earns, of
sub. cos., after deducting fixed chgs., $2 637,012; deduct reserve for re
newals and replacements, $731,035. and earns, applicable to stock of sub.
cos. owned by public, $141,350; bal., $1,464 625; oth. inc., $11 ),948: total
$1,575 574; int. on U. G. & E. Corp. bonds, $575,898; int. on U. G. & B.
Corp. ctfs. of indebt., $53,745; amort, of debt disc.. $54,858; bal., $891,072.
Subsidiary Companies
Calendar
Gross
Net (after
Fixed
Bal. for
Year—
Earnings. Maint.. <%c.). Taxes
Charges. Renew., &c.
1922......... ..$11,927,507 $5,145,662 $772,739 $1,716,697 $2,656,226
4,497,070 721,246
1921------------ 10,926,853
1,699,729
2,076,095
OFFICERS-— Pres.. E. G. Conner,to: V .-P .. Francis T. Homer’ V -P . &
Treas., A. L. Linn Jr.; Sec., J. A. McKenna.— V . 108, p. 2242; V. 109, p.
484, 1701, 2440; V. 110, p. 174, 473, 2200; V. I l l , p. 598, 1662, 1860;
V . 112, p. 569, 1618; V. 114, p. 861, 1065, 2014; V. 116, p. 1412, 1761.
(1) United Gas & Electric Co
ORGA N IZA TIO N .— incorp. in Dec. 1901 In New Jersey. All the com
mon stock was acquired by the Susquehanna Ry. Lt. & Pow. C o., which
on June 6 1912 was consolidated with United Gas & Electric Corp. Own*
and controls the following gas and electric properties
Cit. Gas & Fuel Co., Terre H ’te.Ind. Lockport (N Y .) L., H. & Pow. C o.,
Colo Spgs. (Col.) L., H. & Pow. Co.,
and through it the Internat. Power
i and through it the Citizens L t., Ht.
& Transm C o., Lockport, N. Y.
I & Power C o., Colo. Springs, Colo Richmond (Ind.) L ., H. & Power Co.
Empire W. & P. C o., Col. Spr., C o lo ..
In July 1915 disposed oi its Homings o f common stock in the Hartford
(Conn.) City Gas Light Co. V. 101, p 50. During 1915 the electric
department o f 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 onmpetpinn
In Sept . 1921 disposed of the Wilkas
Barre (Pa.) Co. Jn M ay 1922 disposed o f Leavenworth (Kan.) L t., Ht. &
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 of the $300,001*
1st M. 5s due April 1 1919 at 7% . V. 10K, 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 o f securities of the Colorado
Springs Lt. & Power Co
General Protective Committee.— J. A. Cauldwell. E. G. Connette, E. C
Delafield, A. L Linn, Jr., John H. Mason, Arthur V. Motron, Jonathan
O. Neff, Geo K. Reilly: Secy , L. H. Cubberley, 306 Chestnut S*., Phila.,
Pa
Depositories (a) 1st M . 5% 20-yr bonds of Colorado Springs Liaht
& Power C o., as extended at 7% , at Franklin Trust C o.. N. Y . City
(6) 1st M . 5% 20-yr. bonds o f Colorado Springs Electric C o., at Pennsyl
vania C o. for Insce. on L. & Grnt. Ann., Phila. (c) 1st & Ref. M . 10-yr
5% bonds o f Colorado Springs Light, Heat & Power Co. at Commercial
Trust C o., Philadelphia, (d) and (e) non-cum. 6% pref. stock and the
com. stock o f Colorado Springs Light, Heat & Power Co. at N . Y. Trust
C o., N . Y . City. Deposits have been called for. For circular of committee
see V. 110, p. 1418.
All o f the $350,000 Lockport Gas & Electric 1st M . 5s due Feb. 1 1920.
were bought in through the medium o f bank loans.
In 1920 the Lockport Lt., Ht. & Pow. Co. issued $350,000 8 % cum. pref.
stock, proceeds being applied to the retirement of a like amount of gen
mtge. ?s 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. Lt. & 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 b4ng paid or all three issues.
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 AN1> BONDS—
Date.
Interest
Outstanding.
Maturity.
_________ 36,210 shs.
See text
Stock common 40,000 s h a r e s ..____
Stock preferred $1.500.000... ____
J-J
$ 1,195,800 Jan. ’23, 2K
Securities of controlled gas and electric companies—
Citizens G & F 1st ref M $2,-1 1910
5 J-J
594,500 Jan 1 I960
000,000($100,$500&$l.000)i Int. at New York Trust C o., New York
red as a whole® 105&lnt.tf 1 Trustee.
Ool Spgs El Co l.stM(* 1.000,-f 1900
7 A-O
1,000.000 Apr 20 1920
000) red at 110 & lnt_c*tflN ew York Trust C o.. New York, Trustee
Col Spgs Lt & Pow 1st mtge/ 1899
7 A-O
300.000 April 1 1920
$300.000($500&$ 1,000) c tf tint at New York Trust C o.. N. Y .. Trustee.
Col Springs L H & Power 1st f 1910
7 g F-A
1,284,000 Aug 1 1920
& ref mtge $3,500,000 gold) Interest at New York Trust G o., Trustee.
($100, $500 & $1.0001 c*tf I M . N. Buckner is also Trustee.
Lock L H & P 1st ref $750.-/ 1908
5 J-J
750.000 Jan 1 1938
000 ($500 & $ l,0 0 0 )..c* tftin t, at New York Tr. C o.. N. Y ., Trustee.
Rich L H & P 1st M $3,000.-1 1914
5 M-S
400 000 Mar 1 1939
000($100.$500&$1.000)c&rtf Int at New York Trust C o.. N. Y ., Trustee.
red ® 105 A Int._____ . _ f Demas Demirtg 1« also Trustee.
Bonds.— Of Citizens' Gas & Fuel 1st & refunding mtge. bonds, $285,000
are held in treasury and $1,121.500 are for acquisitions, extensions, impts.,
&c., and can only be issued for 85% o f cost of same. Paul N. Bogart is also
trustee $1,300,000 of Colo. Spgs L , H. & P. Co. 1st & ref. bonds reserved
to retire underlying bonds and $916,000 are for additions, extensions, &c.,
at 85% of cost thereof. Redeemable at 105 and int. on Feb. 1 1917 and
102H and int. on any int. day thereafter.
V. 91,
p. 466, 1097.Lockport Lt., Ht. & 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% : 1903 4% ; 2% ; 1910. 4% ; 1911. 4% . 1912,
4 % ; 1913, 4 )4 % ; 1914, 4)4% : 1915, 4% ; 1916. 7H % : 1917. 4 % ; in 1918,
2K %
In 1919, 1)4% - In 1920, 1)4% . 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 pain on the new stock. In 1923, Mar., 35c.
E A R N IN G S.—Year end. Dec. 31 1922, earnings (less expenses), $299,
091; pref. div., $59,790; surplus, $239,301.— V. 93, p. 1783; V . 101, p. 48
V. 107, p. 1288; V. 108, p. 487, 789; V. 114, p. 1418.
(2) Harrisburg Light fit Power Co
O R G A N IZA T IO N .— Incorp. July 22 1912 to take over the Harrisburg
Light, Ht. & Pow. Oo. and Paxtang Elec. C o., whose franchises are per
petual. In Feb. 1913 the Harrisburg Lt. & Pow. Oo. purchased the Har
rlsburg Steam. Heat & Pow. Oo. In Aug. 1913 acquired Steelton Lt., Ht
& Power C o. 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, $2 003.000 common, and $1,250,000
6 % cum. pref. stock. Ail the com. owned by The United Gas & Elec.Corp.
BONDS—
Date.
Interest. Outstanding.
Maturity
Harrisburg Light Ht & Power f 1899 5 J-J
$1,000,000 July
1924
first mortgage_________ tf(Commonwealth Tr. C o., Harrlsb.. Trustee.
Harrisburg I. & P 1st & ref M ] 1912 5 g F-A
3,425,000 Aug
1 1952
$10,000,000 g ($100 and (Fidelity Trust G o., Philadelphia, Trustee.
$1.0001____________ "tfcl
Harrisburg L & P notes $215,-/ 1918 6 g J-D l
93,500 Dec. 1 1923
000 ($500 & $1,000) g .c * tf \ Int. at Commonw. Tr. C o.. Harrisb.. Trus
3-year sk. fd notes g $300 000.
1921 6%
192.100 Mar11924
I Bonds.— Of the Harrisburg Lt. & Pow. 1st & ref. bonds, $1,000,000 are
reserved for prior Hens, $5,575.000 for impts., extens., &c.. under certair
restrictions
Red. at 105 and Int on any Int. day.
Notes.— The 5-year notes are limited to an issue o f $215,000. $121,500
have been retired, leaving $93,500 outstanding.
No new mortgage or lien
(other than purchase money mortgage) may be created without equally
securing these notes. Red., ail or in part, on 30 days’ notice at 100 and int.
Tax-free in Pennsylvania. $107 900 3-year 6% notes have been retired.
EARNINGS.— Year endina Dec. 31 1922: Gross, $1,572,767; net. after
taxes, $652,135: charges. $3 .6,083 surplus. $326.052.— V. 107, p. 608, 247f.
’
(3) Consum ers’ Electric Light < Power Co.
&
Operates an electric light and power system In New Orleans.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,000,000_________ All owned by United Gas & Elec. Corp.
Preferred $500,000 (7% cum )______
Q-M
$500,000 Mar ’23, IK
First mtge $2,500,000 gold/ 1911
5 g J-J
1.885,000 Jan 1 1936
($100, $500 and $ l,0 0 0 ).c* lln t. at Columbia Tr. Co., 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 ING S.— Year ending Dec. 31 1922, gross. $747,729; net, after
taxes, $263,118; charges, $104,898; surplus, $158,220.
(4) H ouston Gas & 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
l , 0O >ubic feet.
<
STOCK AND BONDS—
Date
Interest Outstanding
Maturity.
Common $1,500,000_________ — All owned by United Gas & Elec. Corp.—
Preferred (7 % cum) $550,000. ? W-J
550.000 Mar '23 I K
R ef & impt M $6.000.000___ 1912
5 M-S
2,170.000 Sept 11932
STOCK.— Preferred stock is callable at 110 and dividends.
[ V ol. 116,
ELECTRIC RAILW AYS
BONDS.— Additional bonds can be Issued only for 80% of cost of extens.
and Impts. when annual net earnings are double the Interest on bonds
Including those to be Issued.
EARNING'*.— 12 mos. ending Dec. 31 1922: G-oss. $1,220,313: net, after
taxes $462,324; charges. $169,991; surplus, $292,333.— V. 106, p. 818;
V. 110. p. 974; V. 115, p. 551.
(B Union Gas 5c b le itric Co.
>
ORGANIZATION.— Incorp. July 6 1899 under the laws of Illinois for
99 years. Acquired physical property, franchises and capital stock of the
Bloomington Gas Light & Coke Co and the Citizens’ Gas Light & HeatlnS
Co. Practically aU common and all pref. stock owned by United Qas &
Elec Eng. Corp.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $1,000.000
____
_______ _
$750,000 _______ - —
Pref stock (7%) $1,000,000 .............
7%
350.000 ....................
1st mtge $750,000 ($1,000).. I 1905
6%
531,000 Sept 1 1935
lint, at First Tr. & Sav Bb.. Chic.. Trustee.
Bonds.— The $93,000 add’l bonds can be issued for 75% of cost of extens
S impts. when net earnings are twice int. on bonds, incl. those to be issued.
i
Re—, at 106 and int on am’ int. date. Ann sin1 fund of 5% of gross
’
receipts on and after Oct. 1912. Up to April 1 1923, $126,000 retired.
EARNINGS.—-For year ending Dec. 31 1922, gross, $318,512; net, after
taxes, $97,463; charges, $28,400; balance, $69,083.
CITIES SERVICE COMPANY— a holding company
O R G A N IZA T IO N — 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 of properties made in March 1913 acquired
control of the St. Joseph (M o.) Ry., Lt., Ht. A Power Co.. Empire District
Gas Oo. (subsequently dissolved) and Danbury & Bethel (Conn.) Gas St
Electric Light Co
V. 96, p 656, 718. InNov. 1913 the company also
acquired the properties (consisting of securities) of Consolidated Cities Light,
Pow. & Trac. Co. (subj to $10,000,000 1st lien 5s due N ov. 1962) and Utilities
Improvement Co
For terms of acquisition see this section of N ov. 15
1919 under “ Cities Service C o." See full particulars regarding the Con
solidated and Utilities companies in the issue of this section for Sept. 27 1913.
The company controls 78 gas, electric light, heat and power, electric
railway, water and 38 oil producing and refining properties and 9 misc. cos.,
operating in 30 States of the Uni’ ed States, and in the Dominion of Canada.
The public utility properties serve over 600 communities wPh a population
in excess of 3,000,000. Through associated cos. and subsidiaries im
portant properties are being developed in Mexico. In South America the
Barco concession in the U. S. of Colombia, comprising more than 800,000
acres, is controlled.
Below will be found tables giving a complete list of 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 N ov. 1 1913,
CAPITALIZATION OF SUBSIDIARY COM PANIES.— Tbe following
table shows the securities of the subsidiary companies owned or controlled
bv the Cities Service Co. as of Dee 31 1921 Ipar of shares: a $100, b $50,
c'$25, d $20, e $5 25, / $1, g no par value.]
--------Bonded Debt---------------- ■----- Stock------------Bonds
Cities Service Amount CitiesServOutstanding■ Company. Outstanding. ice Co.
$
$
%
Adrian S reet R y. C o.........
75,000
75.000
a30.000 98.333
American Eagle Gil C o---------------------c32,000 100.00
______
___•___
al50 000
99.533
Arkansas Valley Gas O o___
Ashland Gas & Elec. Lt. Oo.
96 000
alOO.OOO 99 5
Athens Ry. & Elec O o____
923 000
a750.000
99.8
Preferred stock_________
«300.000
______
Arias Chemical C o ________
______
______ 02.000.000
99.95
______
______ al.000.000 100.00
Bartles Oil C o ____________
Bartlesville Gas & Elec. Co.
384.000
443.550
99.938
Berea Pipe Line C o . ______
125.000
C250 090
10 ’0
•Bristol Gas & Electric C o .
425,000
O300.000
99.83
371,000 a2.000.000 99.865
Brush Electric C o ________ 1,265,000
______
______ a2,500.000
99.916
•Cent.Ohio Gas & Elec. Go.
Buckeye State Gas & Fuel
______
o200.000
______
Columbus Nat Gas C o ..
38,200
___
O400.000
_
Coshocton Gas C o______
80 000
aSO.OOO _______
Preferred sto k _______
a16.000
______
Medina Gas & Fuel C o._
200.000
___
O400.000
_
Cities Fuel & Power C o ___
5,613,500
___ al0.000.000
99.99
American Pipe Line C o ..
______
a.50.000
______
Franklin Co. Pipe L. C o.
______
______
/1 00 000
______
Fr st Gas C o __________
a99.600
______
Brocton Gas & F. O o_.
______
______
alO 000
______
at
Republic L..H.&P C o.
404,000
___ a3.346.300
..
GlenwoodNat.G.Co.,Ltd.
______
a75O.0OO
______
Mtrs. Nat. Ga C o., L td.
______
______
a809 000
______
Securities of sub. c o _
_
______
______
a200 000
______
9 'ntinel Gil & Gas C o_
_
______
______
/66.755
______
Cities Serv. Oil Co. (Colo.)
______
______
a25.000 100.00
Cities Service Oil Co. (Ohio)
187,500
___
a625,000 100.00
Cities Service Oil Co. (Tex.)
______
alOO.OOO 100.00
Cities Service Oil C o., L td .
---------a5,000 100.00
•City Light & Traction C o.
1,241,400
338 0)0
al.OHO.OOO 99.93
Preferred stock______
_________
______
a8°,600
____
•City Light & Water C o . . .
550,000
300,000 al.000.000 99.85
Preferred stock_________
______
______
alOO.OOO 100.00
Colombian Petroleum Co__
______
______ a5.000.000 74.51
Compania Colombiana
D T P t.roleo______
_________
______
alOO.OOO
_____ _
Compania de Gas y Oombus ible “ Imperio” S. A .
______
______
6100.000 100.00
C mpania Emmex de Pe
trol eo y G a ____________
______
______
<*5.250 100-00
Crew Levick C o__________
4 048,400
______ a3 001 500 io n .00
Preferred stock_________
______
______
2,509.000 100.00
Sub Co securities_____
______
______
363 500
______
•Cumb.&West. El. Ry. Co.
655.000
...........
5625.000 92.024
Danh. & Beth. G.&E .Lt.Co.
156,000
______
C4O0 090 99.931
Preferred stock_________
______
______
156,650
_____ _
Denver Gas & El. Lt. C o .. 15.383 900
______ alO.OOO 000
99.987
Preferred stock_________
. . .
______ a l . 176.200 ______ _
•Dominion Ga C o________ 4,820,000
261,000 a3,000.000 99.983
Beaver Oil & G. Co., Ltd.
______
5162.300
______
Preferred stock_______
575.006
_ ___
_
Brantford Gas C o_______
85,000
2.500
<1121 820 ..............
Domin Nat.,GasCo..Ltd.
______
______ a l .250.000
_____ _
Ingersoll Gas Light C o ..
30,000
<*40,000 _______
United Gas C o., Ltd____
______
______
a300 000
______
Woodstock Gas Lt. C o ..
.50 000
______
d86 120
_____ _
Durham Pub. Service C o_.
736,800
a300,000 99.766
Preferred stock_________
______
______
a’200.000
75.00
______
______ a1,500 000 100.00
Electric Bond Deposit Co__
Preferred stock_________
______
______ al .590 000 99.4
Empire Dist. Elec. C o_____ 5,748,000
35.449 a3.000.000 99.95
Preferred stock_________
______
______ a l.003.900
____
Sub. co. securities______
408.000
4,00 *
a600.000 _______
Preferred stock_________
alOO.OOO
_____ _
Empire G. & F. Co. (Col.)_
al.700 ’ 00.00
Empire G. & F. Co. (Ky ) ...................................... ....
100.000 100.00
Empire G. & F. Co. (D el.). 28,822.700 2,711,000 a62.599.000
99.994
Preferred stock_________
______
______ 17,849 200
78.28
Se urities of sub. cos____
______
______ 25 469.766
______
Pref. stocks of sub. c o s ..
alOO.OOO _____ _
Empire G. & F. Co (Ohio)
..................... .......... al.OOO 000
99.9
Empire Leas. & Drilling Co.
______
______
a100,000 100-00
Empire Oil & Gas Co., In c.
----------------- a3,000,000 100.00
Empire Oil Purchasing C o ..
568,300
s501,000 100.00
Empire Refining Co. (111.).
---------------a500,000 100.00
Empire Refining Co. (M e.).
__________
a.500.000 100.00
Empire Tank Line C o_____
______
______ a l,000,000 100-00
Fremont Gas, El. Lt. & P .
41.000
al37,300
70.866
Kansas Natural Gas C o____
350,250
147.750 66,000,000 96.533
Knoxville Gas C o_________
455,000
2,000
a300,000 86.23
Preferred stock_________
______
______
alOO.OOO
______
Lebanon Gas & Fuel C o___
311.000
30.000
a,500.000 25.36
Lincoln Gas & Elec. Lt. Co. 1,500,000
19,300 a2,180.900 97.982
Havelock Elec. Light Co.
__________
a15,000
______
_
86
A pril , 1923.]
ELECTRIC RAILW AYS
-Stock-Bonded DebtBonds
Cities Service Amount Cities ServOutstanding. Company. Outstanding. ice Co.
*
$
$
%
•Meridian Light & R y. Co. 3 108 994 1,454 994 a2,000.000 99.965
a500 000
Hattiesburg Trac. C o___
562.000
106,000
al ,947,000 100.00
Ohio Public Service C o------ 7,611.600
56.25
Preferred__________ ____
a2,000.000
Peoples Electric & Ice Co__
a2.000 100 00
Power Transmission C o____
26 000
a2 0 000 100 00
Pu°blo Gas & Fuel C o ____
50.000
49 8 6
01 >.000
a400 000
Richland C nnpviy_______
al 50) 0)0 100 00
99.978
Richland Public Service Co. 3.900.500
510.500 a ) 200.000
8t. Joseph Ry.,Lt.,Ht.&P.Co. 5.711.000
u3 500.000
95 117
^referred stock, - ___ _
al 560 000
19.23
Salina Lt.. Pow. & Gas Co.
600 000
a500 000
99 90
•South. Ont. Gas Co., Ltd. 3,984 000 2,052.000 a4,000 500
99.9875
Southw. Okla. Gas & F. Co.
350.000
350.000
a.500 000
99.9
Spokane Gas & Fuel C o_
_
864.000
84.000 a2.000.000
99.935
Prefer! ed stock_________
300 000
Sub. cos. securities_____
5 5 0 .6 6 6
a99.400
Sub. cos. pref. stock___
a.50.000
Summit County Power C o .
a,392 600
3 3 3 '6 o 6
64.875
Texas Distributing C o_____
alOO 000 100 00
Toledo Beach C o _________
98 00
c.5.000
Toledo Casino C o _________
a4.000
87.50
Tol Ottawa Bch & N or.R y.
450.000 al.5 '0 000
99 96
450.000
Toledo & Western R R _____ 2,0<")0 000
99 '5
5 0 000 a2 000,0 0
Toled ' Trac. Lt & P. C o . 3.798.0 K
)
a7.966.250
95 918
Preferred stock_________
______
98.40
a6.661.675
Securities held for exch .
__ .
a-G 732
Toledo Edison C o_______ 15,375,400
al3,875,000
Preferred stock_______
______
a4,000,000
United Wat , Gas & El Co. 1.362 300
99.90
O700.000
Prefe red stock. _______
a3 50.006
50.00
Washita Gas & Fu 1C o____
250 000
250,000
99 7
a.500.000
Watauga Power C o _______
99 833
a300.000
300,000
99 60
Western Distributing C o_
_
al75.000
Western Light & Power C o . 2.450.000
88 903
5.000 a2.000 000
Preferred stock_________
91.29
a l.0 0 0 000
Western Okla Gas & F Co.
99-50
100.000
100,000
a 100.000
Consol. Cities Lt.. P. & Tr.
Co. bds. secur. by pledge of
40.000
a250.000 100 00
com. stk in cos. marked*10.000 000
T o ta l___
________
................142,784.744 9,719,493 267,252 004
•The stock owned in these companies is largely pledged to secure the
$10,000,000 bonds of the Consolidated Lt., Pow. & Trac. Co.
Summary of Capital Stock and Funded Debt Sub. Cos. as of Dec. 31 1922
Common
Preferred
Bonds and
^fnr'lr
Stork
Fuvrfer? Votp*
Owned directly by Cities Serv. Co-$163,025.703 $32,770,012
$4,431,943
Securities owned by sub-hold'g cos. 87.863,434
1.699,400
9,918,200
Bond and funds in sinking fund____
________
________
3,637.777
Outstanding in hands o f public____
6,396,159 17,059,226 154,988,624
T ota l__________________________ $257,285,296 $51,528,638 $1727976,544
Merger o] Subsidiary Companies —As ot May l 1916 the Empire viaa »
Fuel Co. took over the Quapaw Gas C o., Wichita Natural Gas C o., Wichita
Pipe Line Co., increased its capital stock from $7,500,000 to $12,500,000
and issued $14 000,000 1st M. and coll. tr. sk. fd. 6% bonds due May 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 & Fuel Co. brought out $5,000,000 bond-secured notes, and the Empire
Oil Purchasing Co. issued $10,000,000 7% partic. notes
V 112 p 937.
In July 1916 acquired the Crew Levick Co. of Phila. V .103 p.406.760,1034.
In August 1916 acquired over 76% of the outstanding.common and
preferred stocks of the Toledo Trac Lt & Pow. Co in exchange for 36%
Cities Serv. pref and 7% com stock for each share of Toledo common
and share for share for preferred
V 103. p. 1119
In Nov. 1916 contracted to acquire the Kansas Natural Gas Co. and Its
subsidiaries through the Empire Gas & Pipe Line Co. 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 111. p. 1186.
In April 1917 the Empire Gas & Fuel Co. was incorporated in Colorado
with $1,700 outstanding common capita! stock, all owned by Cities Service
C o., and owns gas, oil and mineral leases in Arkansas, Colorado. New
Mexico and Wyoming.
In Dec. 1917 purchased the Standard Asphalt & Refining Co. 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. Co
In Dec. 1918 the co acquired control of the Western Light & Powar OcJ
In 1921 a new subsidiary the Citie- 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 Nov. 1915 sold $5,000,000 pref. and $2,500,000 com. stock to a syndi
cate for $5,000,000 cash to retire floating debt and provide working capital.
V. 101. P- 1627, 2071. In Oct. 1916 sold $8,000,000 pref. stock In connec
Mon with the purchase of the capital stock of the Orew-Levlck C o.. Ponca
(Okla.) Refining C o.. P >nca Lubricating C o., Cushing (Okla.) Refining
Co. 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 & Elec. Co and the Trumbull Public
Service Co. V. 113, p. 1775; V. 114, p. 1070: V. 115, p. 187, 1541; V. 116,
p. 1285. In Sept. 1922 the Cities Service Oil Co., a new subsidiary, was
formed. V. 115, p. 1325.
In Feb. 1918 issued $3,000,000, Series “ B ” 7% conv. debentures to
provide for future requirements. V. 106, p. 1126. In Aug. 1918 an addi
tional $6,000,000 were brought out. V. 107, p. 607.
In Jan. 1919 stockholders were offered the privilege of subscribing for
$10,090,000 Series “ C " 7% conv debs at par and Int
V 10s. 0. 82.
In Dec. 1919 the company brought out $10,000,000 7% conv. debenture*
Series “ D .” V. 109. p. 2174. 2266.
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 May 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
thorlzed stock 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 of 6% Preference BB
stock and $40,000,000 of 6% Preference B stock. $3,000,000 of the new
Preference B stock was Issued immediately, being offered to the stockholde*s
at $7 50 per share and was largely oversubscribed. V. 109 q. 1702 ' oqq
On July 31 1922 holders o f pref. and pref. “ B ” div. scrip were offered
the privilege o f exchanging same for 8% couv. debentures “ E ." V.
115, p. 649.
k In Sept. 1922 the co. announced that it intends to redeem, at prices not
exceeding 102 and int., $3,000,000 conv. debentures, Ser. “ B ,” 7% , due
Jan. 1 1966; $500,000 on Dec. 4 1922, and the additional $2,500,000 in lots
of $500,000 each from time to time, the entire $3,000,000 to be redeemed
prior to Sept. 1 1923. For statement by Pres. H. L. Doherty on co’s policy
with regard *o redemption o f debentures See V. 115. p. 1537
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.
Stuck. A c.. Outstanding Fe> 28 1923
STOCK, ETC.—
Date.
Interest. Outstanding. Divs.&Mat.
Com. stock ($100) $50,000,000 ____ Monthly $46,764,310 See text.
Pref stock 6% cum ($100)
$150,000,000 ___________________
Monthly 79,292,557 See text.
P f BB stk 6% cum $60,000,000 ____
Monthly
92,500
P f B stk 6% cum $40,000,000
(par $10)______ „ ___________ _____
Monthly
3 471,120 See text
Conv 7 % debs Series “ B” f 1918
See text
4,606,350 Jan 1 1966
closed gold________ c*r..tf\Bankers Trust C o., New York, trustee.
87
STOCK, E TC.—Date.
Interest. Outstanding. Divs.&Mat.
Conv 7% debs Ser “ C " $17,-/ 1919 See text
16 383,330 Jan 1 1966
500,000 gold_____c*& r.tf (Bankers Trust C o., New York, trustee
Conv 7% deb Ser “ D " $30,-/ 1919 See text
9 674.000 Jan 1 1966
000 900 g o l d ____ c * & r tf 1 N ew York Trust C o.. N ew V ork trustee
Conv 8% deb ser “ E ” g.c*& rtf 1922
See text
5,246,590 Jan 1 1966
Bankers'shares" (par $10)- r . ____
See text
x
See text.
See text below.
Dividend scrip____________________
x Included in common stock outstanding.
Stock.— On Nov. 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
ao maturity was fixed. The board of directors, however, may at any time
fix dates of 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.
All 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 of 6% per annum
until Aug. 1 1914. Divs. at the same rate were resumed on Jan. 1 1916
and the accrued accumulated divs. were paid in convertible debentures,
practically all of which have since been converted
Cash divs. paid legularly to and incl. June 1 1921. Divs. were then paid in non-int jrest bearing
scrip up to Sept. 1 1922, when cash divs. were resumed. The scrip was
redeemed either through payment in cash or conversion into 8% conv.
debentures “ E .” V. 115, p. 649. Subsequent divs. of 46 of 1% monthly
have been paid regularly in cash. An initial div. of 46 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 46 of 1% monthly have
been paid regularly in cash. Cash divs. on com. stock began with the date
of 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 of 6% of convertible debentures was made, and on July 1 1916 a further
distribution of 3% of convertible debentures. Since that time to and
including June 1 1921, cash dividends were paid on the common stock at the
rate of 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 of 2% in common stock wai
paid and on Dec. 1 a dividend of 4% in common stock was paid.
During
1917 the co. declared a div. of 6% payable in com. stock; m 1918, 9% in
com. stock, and in 1919 12% in com stock. The company paid a div. of
l Vi % 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 . J me 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. 36/^c.: April, 35c.; M ay. 36c.;
! June, 35.5c.; July 1 1921 and since to date in scrip.
j
“ Bankers' Shares.” — The company deposited with the Bankers Trust C o.,
I 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’
1 shares, each share representing l-10th of 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 L0 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 of 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<"r multiples thereof, less than $100. int.
payable annually Jan. 1. Each $100 of principal amount is convertible,
at the option of holder since Jan. 1 1920, on the first day of any month.
Into $80 par value of preferred stock, and $20 par value of common stock,
together with an amount of 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. on
4 weeks notice. If called for redemption, the right to convert is secured for at
least 30 days prior to redemption date. Interest payable without deduction
of normal Federal income tax V 106. p 1126 V 107. p 607. 699
This
issue has been closed. Up to O^t 1 1922 95.000 shares of com. stock had
, been deposited against which Bankers’ shares have been issued.
Convertible 7% Debentures, Series “ C.” — Denom. coupon bonds. $500
& $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 of holder; except that on bonds of
les3 than $100 principal amount, interest is payable annually on Jan. 1
only
Each $1,000 principal amount of these debentures is convertible (at
option of h slier) into 9 shares of Cities Service pref stock and 1 share of
Cities Service com. stock, together with the accumulated cash and stock
divs. on the latter amount of com. stock from Jan 1 1919 to time of con
version. $312,700 owned by the company not incl. in amount outstand
ing. Redaemabe, all or in part, at any time at 102 a id interest. _ If
called for redemption, the right to convert is secured for at least thirty
days prior to redemption date. Interest payable at office of H. L. Doherty
& C o., N . Y ., or office of Cities Service Co. in London, without deduction
T
of normal Federal income tax. V. 108, p. 82.
Convertible 7% Debentures, Series “ D ." — Denom. (c*) $1,000 and $500.
Int. J & D.; (r) $5,000, $1,000. $500, $100. $10 and multiples of $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 $025 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.
$7 070,400 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
Convertible 8% Debentures, Series ” 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. i- p lyable annu lly. Are conv. at any time, at opti > of holder;
n
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 746 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. & I.,
by the Cities Service Oo. 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 bonds of
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. $448,500 bonds in sinking
fund. Maryland and Pennsylvania State tax refunded. See also V. 95,
p. 679, 110; V. 103, p. 1983.
88
ELECTRIC RAILW AYS
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 or H. L. Doherty & C o., N. Y ..
£ equivalent) $10,000,000
or Lloyd's Bank, Ltd., London.
authorized---------------- c* .tf (.Bankers Trust Co., New York, trustee.
x $40,000 of this amount Is owned by Cities Service Co., and $1,500,000 pledged under mtge. of Cities Fuel & Power Co.
Earnings of Consol. Cities L t., Pow. & Trac. Co. for cal. year 1921 will
be found In V. 114, p. 1062.
EARNINGS OF CITIES SERVICE CO.— For the 12 months ending
Feb. 28 (annual report for 1922 in V. 116, p. 1755, 1791.
The "earnings" as nere snown include botn one 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 said companies.
-----Month of February----------12 Mbs. end. Feb. 28—
1923
1922
1923
1922
Gross earnings............... $1.605,‘l22 $1,235,641 $15,180.470 $12,863,347
Expenses--------- ----------33.149
35,855
453.391
466.553
Net earnings_________ $1,571,973
Int. on debentures------219,375
413,184
Preferred dividends____
Net to common stock.
$939,414
$1,199,786 $14,727,079 $12,396,794
177,603
2,443,152
2,127,131
408,750
4,925,334
4.870.451
$613,433
$7,358,593
$5,399,212
Combined Income Account o f Subsidiary Companies.
Calendar
Gross
Net (after
Interest Preferred
Surp. for
Year—
Earnings. Tares. c%r.) Charges
Dirs.
Com Stock
1922------------ $99,194,394 $27,589,481 $14,490,575 $5,796,492 $7,302,414
1921------------ $85,128,432 $23,704,543 $11,906,503 $5,491,724 $6,306,311
1920-------------118,259,500 36,143,690 12,824,447 5.260.202 18.059,041
OPERATIONS, &c.— As o f Dec. 31 1922, Cities Service Co. subsidiaries
owned 308 miles ot track; 776 cars; 1,721 miles of artificial gas mains (on
3-inch basis); 5,604 miles o f natural gas mains: 2,199 gas wells, and 3,810
oil wells. During 1922 carried 93,492,405 passengers, sold 5,957,786 M .
cu. ft. of artificial gas, 38,606,628 M . cu. ft . of natural gas and 862,066,092
k.w. hours and produced 10,044,648 bbls. of oil.
OFFICERS.— Pres., H. L. Doherty; V.-Ps., Thomas I. Carter and E. H.
Johnston; Sec., Paul R. Jones: Treas., Louis F. Mush
N. Y. Office,
60 Wall St.— V. 114, p. 202, 525, 631, 742, 1760, 1769, 1785, 2120, 2363,
2828; V. 115, p. 187, 441. 649, 873, 1325, 1439, 1537, 1842, 2585, 2909;
V. 116, p. 300, 519, 619, 826, 1182, 1280, 1755, 1765, 1791.
(1) Adrian (M ich.) St. Ry. Co.
Organization.— Incorp. in Mich. 6n Feb. 13 1900 as a reorganization of
the Adrian Street R til vay Co. Cities Service Co. owns all ot' the $30,000
capital stock outstanding and all o f the $75,000 1st M . 5% bonds.
Fares.— In Oct. 1920 fares were raised from 5 cents to 10 cents. V. I l l ,
112, p. 1660.
Franchise.— Expires in 1935.
Road, &c.— Does the entire electric railway business in Adrian, Mich
3.89 miles o f track and 6 passenger and 4 other motor cars. 50-70-lb. T
and girder rails; standard gauge.
Officers.— Pres. & Gen. M gr., Frank R. Coates: V .-P ., Morton C. Seeley
8 e c., Henry T. Ledbetter; Treas., A . O. Van Driesen.— V. 110, p. 2567; V.
P. 561.
[ V ol. 1 1 6 .
Divs. on pref. were paid for the year 1913 at the rate of 1 % , and increased
by 1% each year until 1917, when 5% was reached. Divs. are payable
June and December. Divs. are guar, by Gas Securities C o. Pref. stock
is convertible into bonds, $ for $, under certain restrictions.
ROAD.— Owns and operates 8.6 miles of track. 21 motor pass, cars and
6 trailers; 2 other cars. Standard gauge, 50 and 70-lb. rails. Has steam
power plant with 2,200 k. w. capacity. 46.91 miles distribution lines. Has
26.26 miles o f gas mains.
OFFICERS.— P r e s .,_______________; V .-P ., T. I. Carter; V .-P ., Gen.
Mgr. & Treas., H. O. Feuers; Sec., Allen O’ Bannon.— V. 107, p. 1384;
V. 109, p. 1891; V. 110, p. 167; V. 113, p. 627; V. 114, p. 853. 1650.
(5) Cum berland St W esternport Electric R y. C o.— A trolley road.
ORGANIZATION.— Organized in Maryland on April 11 1902 by special
act of the Legislature, as successor to the Frostburg Eckhart & Cumberland
fty
Has absorbed the Lonaconlng Midland A Frostburg R y. and the
Westernport & Lonaconlng. Population served over 50.000.
Valuation.— In Dec. 1920 valuation was placed at $1,888,304. V. I l l ,
p. 2520.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($50)___________
_____
$625,000 ...................
West’p’ t A Lonac’g, $225.0001 1903
5 J-J 15
225.000 Jan. 15 1928
($500 & $1,000)...........c*pt] Int. at Real Estate Trust Co..Phila., Trua.
Frost Eck A Cum 1st M $250.-1 1901
5 g J-D 15
230.000 JunelS 1926
OOOg ($500A $l,000)-C *cpt(Int. at Real Estate Trust C o.. Phila., Trust.
Lonac Mid A Frost first mtge', 1901 5 g J-D 15
200.000 JunelS 1926
$200,000g ($ l,000 )-.c*cpt| ln t. at Real Estate Trust C o., Phila., trust.
The above bond Issues are callable at 105 and int.
ROAD.— Operates 27.40 miles (2.50 operated under trackage rights) of
track between Cumberland. Eckhart, Frostburg, Lonaconlng and Westernport, passing through other communities; 60, 75 and 92-lb. T and girder
rail; standard gauge. 21 motor cars (15 pass ) and 1 other car.
OFFICERS.— Pros., H. L. Doherty; Sec.-Treas., H. N . Beckett; V .-P .
& M gr., D . D. Price.— V. 104, p. 2451; V. I l l , p. 2520.
(6) Durham P ublic Service Co.
ORGAN IZATION .— Incorp. in N. O. Jan. 29 1901 as Durham Traction
Oo. (name changed to present title early in 1921). Cities Service Co.
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
the City of Durham, N. C . Population served, 35,000.
Date. Interest.
Outstanding
Maturity.
STOCK AND BONDS—
300,000 ...................
Common, $300,000 ($100)____ ....... .................
6-J.
200.000 .....................
Preferred $200,000 ($100)____ ____
8 A-O 1
522.900 April 1 1936
Gen mtge ser “ A " $650,000/ 1921
($100, $500 A $1,000) gold/ West End Trust Co. and Ernest H. Johnston
Call at 102 & int. on 6 0 1 Trustees.
days’ notice____________c*l
Durham Trac Co 1st M.,|
5 g M -A 1
400,000 Mar. 1 1941
$400,000 cum.
(closed)/ 1901
Maryland Trust C o., Balt., Trustee.
($1,000) gold............. c * tf.(
EARNING S.— Year ended Dec. 31 1921, gross, $545,274; net, $147,561.
In 192D. gross, $455,274; net. $147,561.
R )A D .— 11.65 miles of track; 21 passenger motor cars, 1 motor service
car and 1 other car.— Standard gauge. 60-lb. T and 80-lb. girder rail.
Overhead trolley.
OFFICERS.— P r e s ..______________; V .-P . & Gen. M gr., R . L. Lindsey;
V.-P., T. I. Carter; Sac. A TrBa>.. A . W. Grady. Office, Durham, N. C .
—V. 113. p. 2405.
(7) Meridian Light & Railway Co.
ORGANIZATION.— Incorp. in Mississippi in Feb. 1901 as a reorganiza
tion of the Meridian St. Ry. A Power Co. Does entire street railway,
artificial gas aad electric business in Meridian. Owns all the stock of the
Hattiesburg Trac. Co. Franchises are for 50 years from Oct. 4 1895 for
street railway and from Dec., 1900 for gas and electricity. Contract for
lighting streets. Population served, 27,500.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($100).......................................$2,000,000 ... ..................
1st mtge $750,000 gold ($5001 1904
5 g M-S
750.000 Mar 1 1944
and $1,000 ___________ c*/In t. at First Nat. Bank of Mobile, trustee.
Gen mtge s f $5,000,000/ 1910
5 M-S
1.689.000 Mar 11945
($ 1.00 0)________ g c*cp tf First Nat. Bank of Mobile, Trustee.
Bonds.— A sinking fund of 1% of 1st M . bonds became operative Sept. 1
1906. $195,000 of outstanding bonds are held in sink. fund. Bonds are
subject to c til on 3 weeks’ n )tice at 105. V. 92, p- 1311. $750,0 )0 of gen.
mtge. bonds are reserved to retire 1st mtge. bonds and $3,026,000 may be
drawn for 85% of impts., Ac. Sinking fund ot’ 1% of gen. m ge. bonds
out began Sept. 1 1917, $23,000 held in sinking fund. Red. at 105 on 4
weeks’ notice. Int. at office of trustee or office or agency of co. in N. Y .
ROAD.— 11.128 miles of track, standard gauge, 70-lb. T rail and 73
to 98-lb. girder and groove. 12 motor and 2 other cars. Power statioa
capacity 5,220 k. w ., 84.1 miles distribution line. Has 29.28 miles of
gas mains.
OFFICERS.— Pres., J. W . Parker; V .-P ., S. B. Irelan and Louis Threefoot; Gen. M gr., Sec. & Treas.; H. G. Bonner.— V. 91, p. 336; V. 92, p
1113; V. 107, p. 603; V. 110, p. 248; V. 112, p. 2537; V. 115, p. 2580.
(2) A thens (G a.) Railway & Electric C o.— A trolley road.
ORGAN IZATION .— Incorporated In Georgia on April 1 1910. Pur
Chased Athens Elec Kj . Co. Leased for 99 years from M ay 1 1911 th«
James White Power plant. V. 90. p. 1101, 1423. Hydro-electric station?
at Mitchell's Bridge, Tallassee Shoals and Barnett Shoals (.Tames White
power plant); steam station in Athens. Owns and operates entire streel
railway, electric light and power systems in Athens. Wholesales energy al
Jefferson, Ga. Population served, over 22,000. Franchise unlimited in
/m e .
Fares.— On Aug. 26 1921 was auth. by the Ga. R R . Comm, to increase
fares from 6 to 7 cents. V. 113, p. 1052.
STOCK AND BONDS— D a te .
In terest.
Outstanding. M a tu rity
Stock, com $750,000 ($100)......................... .......
$750,000
.............
Stock, pref (5% . cum) $300,000 ( $ 100) ............. . . . . ..................................
Q
-J
300.000 A p r .'2 3 ,1 k
1st & ref M $2,000,000 gold I 1910
5 g J-J
350.000 July 1 1960
sinking fund ($l,000)c* c p t 'ln t at Farmers’ Loan S Tr. C o., N. Y ., Tr
c
Gen. mtge. & coll. tr.S er.“ A ” / 1921
8%
172.900 June 1 1936
$3,500,000____________ tf/C oionial Trust Co., Phila., Trustee.
Athens Electric Ry 1st mtge ( 1901
6 g A-O
388.000 Oct 1 193i
$400,000
($1,000) gold( Interest at Title Guar. & Trust C o., Atlanta
c*cptt 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 a'rd $996,000 for acquisitions and improvements at 75% oi
cost, but only when net earnings are l k times int. on all bonds out and
those to be issued. $50,000 are in treasury. $37,000 have been retired
Sinking fund of 1% began in 1915. Bonds are subject to call at 110
(a) Hattiesburg T ra ction Co.
V. 93, p. 665. The Gen. Mtge. A Coll. tr. 8% bonds ser “ A " have a
■Inking fund which will retire 90% of these bonds by maturity. Are call
Meridian Lt. A Ry. Co. owns all the stock.
on a 6% basis. Tax refund in Penna., Maryland and Dist. of Columbia
ORGAN IZATION .— Organized in 1905 as Hattiesburg Traction. Light
V. 113, p. 70.
Name changed to above in Nov 1906. Sept. 1907
Of the Athens Elec. R y. 1st M ., entire issue, but no lesser part, may A Fuel Oo. Gas Co. and Hattiesburg Light A Power Co., 2givingpurchased
Hattiesburg
company
be called at 106 and int. See V. 73. D. 1311.
control of artificial gas, street railway and electric-light and power business
Dividends.— On pref., 6% per annum in 1904 and 1905. 5
in 1906
of city
Electricity and street railway franchise 25 years from 1906: gag6 % 1907 to 1910, 5% In 1911 and to and incl. Apr. 1923 Divs. on com. Franchise expires in 1930. Has contract for lighting city streets. Pop.
stock are no longer reported as Cities Service Co. owns over 99% o f same. served. 17,000.
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity.
R O A D .— Owns 8.93 miles o f track. Standard gauge 60-lb. A. S. O. E.,
$500,000 .-----70-lb. T . rail, 15 motor pass, and 2 motor work cars; 2 other cars 4 power Stock$590.000 ($100)................................... .........
1st mtge $300,000 ($1,000)1 1908
8 J-J
226.000 Jan 1 1928
plants. 7.750 capacity.
gold
______ rA c*cp t(In t. at Guaranty Trust C o.. N. Y ., Trustee
OFFICERS.— Pres., C. D. Flanigen; V .-P ., Dale B. Carson and B.
6 J-J
333.000 July 1 1952
Phinizy; Sec. & Treas., J. M . Billings. Office, Athens, Ga.— V. 107, p. Gen lien mtge $2,500,000 goldf 1912
($1.000)___________ c*cp t/In t. at office or agency of Co. N. Y ., or at
1191; V. 108, p. 169; V. 113, p. 70, 1052.
(First Nat. Bk., Mobile, trustee.
(3)
Bartlesville Gas & Elec. Co.— Entire stock (except directors shares) Bonds.— Skg. fd. retires 1st mtge. by purchase $5,000 bonds annually, be
owned by Cities Service Co. This co. was formerly known as the Bartles ginning Jan. 1 1909, at a premium up to a 5% basis, bonds cannot be called.
ville Interurban Ry. Co. Name was changed to present title on Oct. 1 V. 87. d . 97; $74,000 have been retired. Of gen. lien bonds, $212,000 are
1920, and property o f Bartlesville Gas & Oil Co. was acquired. As of same reserved to retire 1st mtge. bonds. Add’ l bonds may be drawn for 85% o f
date, co. transferred its railway property to the Bartlesville Interurban Co.
impts. Bonds are callable at 105 A int. on any int. date on 4 weeks’ notice.
Railway (service discontinued July 15 1920. See V. 110, p. 1860.) As the Sinking fund, .1%. began July 1 1916.
c o .’s operations are now confined solely to gas and electric business we have
of track.
eliminated the co ’s statement from this supplement. V. 110, p. 1088, 1186. A ROAD.— 8.665 miles motor and 3Standard gauge. 70-lbs. and over
S. O. E.— T rail. 13
other cars. Power house capacity;
For history o f Bartlesville Interurban R y. see "Electric Railway" Supple 2,100 k. v. a.; 28.05 miles distribution lines. Has 14.22 miles of gas mains.
ment o f N ov. 15 1919.
OFFICERS.— P re s .,_______________ _ N. Y .; V .-P ., M . R. Bump, N . Y .
and R. E. Burger, N. Y .; Sec. A Treas., Howard M cDavid; Gen. M gr.;
( 4) City Light Sc T ra ction C o.
John L. Haley.— V. 93. p. 731, V. 95, p. 679; V. 107, p. 802; V. 114, p. 198.
O RGAN IZATION .— Incorp. in July 1912 in Missouri as successor to the
(8) R ichland P ublic Service Co.
Sedalia Lt. A Trac. C o., sold at foreclosure. V 95. p. 419. See plan under
Bedalia Lt. A Trac. In V. 94, p. 1058. Purchased Sedalia Ice, Lt. & Fuel Co
In 1922 was merged into the Ohio Public Service Co. For history up to
Does entire artificial gas, electric light and power, and electric railway time of merger, see “ Electric R y .” Supplement of Apr. 29, 1922.
business in the city of Sedalia; also manufactures and sells ice. Population
(9) St. Joseph Railway, L igh t, Heat & Power Co.
served over 21,000.
On Jan. 1 1913 the Cities Service Oo. acquired control and now own*
F ra n ch ises. — Gas expires in 1926; electric In 1940; and railway in 1940.
Cities Service Oo. guarantees the
Rate Increase.— Effective Oct. 1 1918 was auth. to increase gas rate? over 95% of the common stock.
5% div. on the outstanding pref. stock. V. 96, p. 136. See also V. 97, p.366,
by about 20% . V. 107, p. 1384.
O R G A N IZA TIO N .— Incorp. In Missouri on Nov. 8 1895 as a conFare Increase.— Effective Oct. 3 1919 was auth. by the M o. P. S. Comm
to increase fares to 6 cents. V. 109, p. 1891; V. 110, p. 167. In Aug. 1921 •olldatlon of the St. Joseph Traction A Lighting C o., People’s R y., Light
A Power C o., Citizens’ Ry. C o., Union R y . C o.. St. Jo«eph A Lake R y. Oo.
the co. put into effect a 10c. cash fare with tickets at 6c. V. 113, p. 627.
and W yatt Park Ry. Co. In Jan. 1923 was auth. to purchase all the prop
STOCK AND BONDS—
D a te .
In te rest.
O utstanding.
M a tu rity
erty of the Savannah (M o.) Electric Light A Power Co. V. 116, p. 78.
Controls the entire electric light and power and central heating busi
Common $1,000,000 ($100).................................
$1,000,000 ........... .......
ness, and owns and operates the street railway system in St. Joseph,
Pref $500,000 (see text) ($ 1 0 0 )................... .......
4.500
......... .......
First mortgage $2,500,000 1912
5 J-D
1,317.500 June 1 1952 M o., and an interurban line between St. Joseph and Savannah, M o.,
Sells energy at wholesale for distribution in following communities:
old sink fd ($100, $250,(In t. at office o f co. or H. L. Doherty & Co.
500, $1,000)______ c * cp tf N . Y . New York Trust C o.. N Y .. A Savannah, De Kalb, Washena (K an.), Amazonia, Curzon, Forest City,
Bigelow and Oregon. Principal railway franchises are perpetual; others
1 Sedalia Trust Co., Sedalia. M o., Trustees
expire from 1935 to 1958. Franchise for electric servic unlimited in p oint
Sinking fund of 1 % o f bonds out began June 1 1922; red. at 105 and int
■n 4 weeks’ notice. Additional bonds may be Issued for 85% of lmpts. of time. Franchise for heating service expires in 1944.
f
A pril , 1923.]
ELECTRIC RAILW AYS
During 1912 a contract was made with the Kansas City Olay County &
8t. Joseph Ry. (see under “ Kansas City” ), under which that company’s
oars from Kansas City are operated over the tracks of this company.
Fares.— See “ Electric Railway” Supplement of Oct. 28 1922.
Valuation.— Early In 1920 the M o. P . S. Comm, fixed the value o f the
c o .’s holdings for rate making purposes at $5,800,000, while the co. holds
that $11,521,639 is the fair valuation. V . 110, p. 872 The co. has ap
pealed.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity
Com stock $3,500,000 ($100)_ ____
____
$3,5<'0,000
See text
Pref stock
5% cumulative!. ___
5 Q-J 1,560,000 S e p t’2 2 ,lJ i
$2,500,000 ($100)................ }
First mtge
$5,000,000 g old 1
1902 5 g M-N
5.000.000 Nov 1 1937
($ 1,00 0)____________ c * -c p t] Interest
payable In New York.
l*t & ref mtge ($15,000,000)1 1916
5 g J-J
695.000 July 1 1946
gold ($100. $500, &$1.000) (Interest payable in New York.
c * .t f )
Bonds.— The 1st & ref. mtge. bonds are a first lien on the lnterurban
line between St. Joseph and Savannah, M o., and a general Hen on remaining
property, subject to $5,000,000 1st M 5s. for retirement of which an equal
amount of 1st & ref. 5s Is reserved. Additional bonds may be Issued only
for 85% of cost of add'ns, exts , &c., under conservative restrictions, or for
85% of 1st M . bonds retired through the supplemental sinking fund
Sinking fund. 1% of bonds out, for purchase or red. o f bonds of this lssuf
at 102H. or of 1st M . bonds at 105: or, at option of co., 2% for construc
tion, acquisitions, add’ns or Impts. While any 1st M . bonds are out
standing, the co. must pay. as a supplemental sinking fund, an additional
1% o f the amount of bonds of that issue outstanding, to be applied as above
set forth, or may expend In construction 1% of the amount of the bonds
outstanding. 1st & ref. M . bonds canceled In sk. fd. but 1st M . kept alive
until all bonds have been deposited with the trustee. First & ref. bonds are
red. on any int. date at 102tS and int. Trustees are Bankers Trust Co.,
N'. Y .. and Mississippi Valley Trust C o., St. Louis. Legal investment for
Maine savings banks. V. 103, p. 1302. Trustees for the 1st M . bonds are
Equitable Trust C o., N . Y ., and Missouri Valley Trust C o., St. Joseph.
Bonds cannot be called. V. 75, p. 1032. The 1st M . bonds are listed on
the Phila. and Louisville stock exchanges.
Dividends.— 5% per ann. has been regularly paid on pref. stock since Oct
1902. First div. on com. stock paid Dec. 1908, 1%; in 1909, 2% ; 1910, 2%
In 1911,2% . In 1912, Mar.. 4S%; June, V$%; Sept., H % : Dec., H % . A
dividend at the rate of 2% per ann. wa3 paid Feb. 1 1913 for the 2 months
succeeding the regular payment in Dec. 1912; dividends were paid quarterly
to Sept. 1919. None since
LATEST EARNINGS.— For 12 months ending Dec. 31:
Gross
Operating
Net
Bond
12 Months— Earnings.
Expenses. Earnings. Interest.
Balance.
1921__________$2,243,924 $1,940,857 $303,066 $2S4,750 sur.$18,316
1920__________ 2.481.7.64 2.259.252
222.512
284,750 def. 62.238
P R O PE R TY.— 59.464 miles of track. Standard gauge; 50-70-lb. T and
girder rails; 106 motor and 20 other cars. Generating plant capacity,
22,600 k.w.; 23.35 miles of primary and 280 miles distributing lines.
OFFICERS.— P residen t,__________________ ; Vice-Pres. & Gen. Mgr.
B. C . Adams, St. Joseph; Sec. & Treas., J. R. Abercrombie, St. Joseph.
— V. 107, p. 2098; V. 108, p. 270; V. 109. p. 2440; V. 110. p. 872, 2568;
V. I l l , p. 494, 2230, 2325; V. 112, p. 1867; V. 116, p. 78, 516.
89
the schedule upon increase or decrease of the fare are to be observed.
Effective Aug. 1 1921 fares were raised to 7-cent cash with a 1-cent charge
for transfers and tickets at 8 for 50 cents. V. 113, p. 416. Effective
Aug. 20 1921, the ticket rate was raised to 6 for 40 cents. V. 113, p. 729,
1359, 1573. For resume of fare situation up to time of new franchise, see
this Section for Oct. 30 1920. Further details of new franchise and Com
munity Traction Co. will be found In V. I l l , p. 2042; V. 112, p. 652,
654, 1399.
On Oct. 10 1921 stockholders voted in favor o f increasing the capital
from $15,000,000 (all common) to $25,000,000, the $10,000,000 new stock
to be all preferred. V. 113, p. 1683.
In Sept. 1921 the company brought out $13,500,000 1st Mtge. 7% bonds,
together with $2,500,000 prior pref. and $1,500,000 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 of 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 of Toledo Rys. & Lt. Co. stock
were offered in exchange for each share ($100 par) one share o f Cities Service
Co. 6% cum. pref. B stock (par $10). V . 114, p. 523.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______ $13,875,000 __________
Common $15,000,000______________
Preference $4,000,000 7% cum
Series A ($100)_________________
7%
1,500,000 ____________
Prior Pref $6,000,000 8% cum
Series A ($100)_________________
8% Q-J
2.475.000 Apr’23 2%
1st M (see text) gold $500 and] 1921
7 g M-S 1 13 500.000 Sept 1 1941
1st mtge. “ series due1947” — ) 1921
5 g M-S
768,000 Mar. 1 1947
$1,000 c* and $1,000 r*— tf) Bankers Trust Co., N. Y.. trustee.
Toledo Gas Elec &Heat Col 1905
5 A-O
1.875,400 Oct 1 1931
mtge $2,500,000 ($1,000,)Interest at Ohio Savings Bank & Trust C o.,
$500 and $100) not redeem .) Toledo, trus., or Nac. Bk. o f C om m .,N .Y .
Stock.— Prior pref. stock. Series “ A ,” red., all or part, on ,,ny div. date
on 30 days’ notice at 115 and divs. Comp my is required to retire on each
div. date, since April 1 1922, at least 1 % of the largest amount o f Series A
Prior Pref. stock at any one time outstanding, if stock is tendered up to
$105 a share. $25,000 has been retired. $1,393,400 of the 7% preference
stock, Series " A , ” and $13,135,400 common stock is owned by Toledo
Trac., Light & Power Co.
Bonds.— 1st Mtge. bonds may be issued in different series, having such in
terest rates, &c., as directors shall determine. Add'l b m is may be issued
for 75% of cost of permanent additions, &c., under certain restrictions.
Bonds may also be issued to refund an equal amount of anv 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% of that from the gas dept., and 25%
of that from the heating dept, shall be either expended or <opr mriated from
each year’s earnings for m lintenance 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;
i
thereafter at 105 and int. to an incl. Sept. 1 1037; and thereafter at a
premium of 1% for each year, or fraction thereof, of 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 H %
(10) T oled o Ottaw a Beach & N orthern Ry. C o .
yield basis
were held
O R G A N IZA TIO N .— Incorp. in Ohio on Oct. 27 1906 as a consolidation refunded. if bonds p. 1368; V. to maturity, plus int. Penna. 4-mills tax
V. 113,
114, p. 2833.
of the Toledo & Point Place Ry. Co. and Ottawa Beach & Southern Ry
The Toledo Gas, Electric & Heating Go Ponds are guaranteed by endorse
Co. Franchise expires in 1929. Cities Service Co. owns over 99% of the ment by the Toledo Edison Co. $137,600 retired. They are not subject
co.’s $1,500,000 (auth. and outstdg.) capital stock and all of the outstand to call.
ing $15J,000 1st M 5% bonds ($1,500,000 auth.).
E A R N IN G S — Of the Toledo Edison Co.
R OAD, &c.— Operates an electric railway between Toledo and Toledo
Years ending Dec. 31—
1922.
1921.
1920.
Beach, Mich.; also operates a branch line connecting Toeldo with Point
Gross earnings_____________________ $6,585,960 $6,155,498 $5,525,833
Place, O. Supplies energy for light and power service along right o f way
2,588,488 2,511.948
1,971,002
26.59 miles o f track (9.81 operated under trackage rights); standard gauge Net, after taxes____________________
60 and 70-lb. T-rail; cars leased from-Community Traction Co.
PROPERTY, &C.— Operates 2 electric generating stations in Toledo,
OFFICERS.— Pres. A Gen. M gr., Frank R. Coates; V .-P ., Rathbun with total installed generating capacity of 97,580 k. w., including a recently
Fuller; Sec.. H. T. Ledbetter; Treas., A. C. Van Driesen.— V. 114, p. 1653. Installed 20.000 k. w. unit at the new Acme power plant. The Acme power
nlant, with a present installed capacity of 40,000 k w., is designated for an
(11) T oledo T ra ction , Light & Power Co.— A holding company.
ultimate generating capaci:y of from 200.000 k. w. to 300.000 k. w . and Is
Cities Service Co has acquired over 95% of the outstanding common and planned to be eventually the main source of supply of electric power for
Toledo and vicinity. Company now serves over 48,000 electric customers
over 96% of the preferred stock. V. 103. p. 1119.
OR GA N IZA TION .— Incorp. in Maine on Jan. 30 1913 to acquire the having a total connected load of over 132 000 k. w. Gas is distributed to
stock and bonds o f the Toledo Rys. & Lt. Co. (now Toledo Edison Co.) over 6.000 customers and the heating plants supplies over 800 customers^
In connection with the re-organization of that company as per plan in V. 95,
OFFICERS.— President A Gen. M gr., F. R. Coates: Vice-Presidentsp. 1040; V. 96, p. 361.
Dale B Carson. Rathbun Fuller and F J Derge; Sec , H. T Ledbetter;
In June 1916 minority shareholders were given further opportunity for a Treas , 8 D Carr — V 113. p 1583, 1683; V. 114, p. 2833; V. 115, p. 191,
limited time to exchange stock on original basis. V. 102, p. 2344. Ovei 445, 1642; V. 116, p. 306, 626.
94% o f the stock has been acquired.
The Toledo Traction, Light & Power Co. owns (a) $13,135,400 (over
(12) W estern Light & Power Co.
94%) Toledo Edison Co. com. stock; (5) $1,393,400 Toledo Edison
ORGANIZATION.— Incorp. in Colo. In 1906 as the Northern Colors
Co. Preference stock 7% cum. Ser. A; (c) $7,671,000 (100%) Com
Power Co. Name changed to present title in July 1914. Owns and:
munity Traction Co. 1st Mtge. 6% bonds; (d) $500,000 (100%)
trols Cheyenne Light, Fuel A Power Co.
Community Traction Co. 8% cum. Pref. stock.
The Western Light & Power Co. does the electric lighting and powerii
In Aug. 1922 issued $6,500,000 3-yr. 6% secured notes and called for pay
ment Sept. 1 1922 all the outstanding 1st lien 7% bonds and 3-yr. 7% electric railway business in the city of Builder; also supplies electrical energ
for light and power service in a number of communities in Nirthern Colo
debentures due Dec. 1 1922. V. 115, p. 646.
rado, Supplies energy for operation of the Danver & tnterii 'ban RR. C o.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. and the street railway at Fort Collins and G*eeley. Through its subsidiary,
_____ — — $7,882 843
............... the Cheyenne Light. Fuel & Power Co., th *com lanv does the electric light
Common $9.200.000 ($100).......... —
Pref $8,000,000 ($100( 6% c u m ___
See text
6.601.675
___
ing and power, artificial gas and steam-heating business, and supplies en
3-yr. secured notes $7,500,0001 1922
6 g F-A
6,500,000 Aug. 1 1925
ergy for operation of the street railway system at Cheyenne, Wyo. Popula
($500 and $1,000) g o ld ..c t f (Harris Trust & Sav. Bank, Chicago, trustee. tion of communities served is in excess of 74.000.
Notes.— The 3-yr. 6% notes are secured by pledge o f $7,521,000 1st
Exchange Offer.— In Jan. 1922 holders of Western Lt. & Pow. com. and
mtge. 6% bonds o f the Community Trac. Co. and $13,009,000 com. stock pref. stocks were offered the o-ivilege of making the following exchange;
e f Toledo Edison Co. Sinking fund of over $200,000 per annum is provided la) For each $100 par value Western Lt. & Pow Co. pref. stock, 10 shares
for. Call, on 1st day o f any month on 30 days’ notice at 101 M and int., Cities Service Co. 6% cum. pref. B stock of $10 par value. (5) For each
during first year, at 101 and int. during second year and at 100 and int. $100 par value Western Lt. & Pow. Co. corn, stock, 1 share Cities Service
during third year. Penna. and Conn. 4 mills tax refunded. V. 115. p. 646. Co. 6% cum. pref. B stock of $10 par value.
OFFICERS.— Pres., H. L. Doherty; V.-Ps., Frank R. Coates and Dale
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
B. Carson; Sec., Edgar E. McWhiney; Treas., Louis F. Musil.— V. 110, p. Common $2,000,000 ( $ 1 0 0 ) ..____
_______
$2,000,000 __________
1613; V. 113, p. 1361; V. 115, p. 646, 1322; Y. 116, p. 617.
Pref $1.500.000 ($100) cum — ____
7%
1.000.000 ____________
1st M $6,000,000 ($100. $5001 19t5 5 g M -N l
2.275.000 May l 1925
A $1 000) gold_________ c*JBank of America, New York. Trustee.
(a) T oledo Edison Co.— Controlled by Toledo Trac.. Lt. A Pow. Co.
Cheyenne Lt, Fuel A Pow 1st M ( 1900 5 g J-Jl
175.000 July t 1925
ORGAN IZATION .— Incorp. July 1 1901. Name changed from Toledo
$175.000($100&$1.000)g.c*| Amer. Loan A Trust Co.. Boston, Trustee.
Rys. A Light Co. to present title in Oct. 1921, at which time the new
STOCK.—91.6975% of com .stock and $930,200 o f pref. stock is owned
generating station and other property of the Acme Power Co. was acquired
The company supplies without competition, electric light and power in by Cities Service Co.
Bonds.— Of the remaining 1st M. 5s sufficienc are set aside to retire the
Toledo and suburbs, operates a central station heating plant and distributes
by-product gas. Population served, approximately 310.000. Franchises Cheyenne Lt., F. A P. 1st M . bonds at maturity. Additional bonds may be
are all unlimited as to time and contain no burdensome restrictions. On drawn for 85% of additions, improvements. Ac., under certain restrictions.
Feb. 1 1921 the company's street car lines in Toledo were taken over for Are red. all of in part by lot on a.ny int. date or on 60 days’ notice at par
operation by the Community Traction Co. under the terms of a 25-year and int. Sinking fund is provided for under the indentu-e. Th - Cheyenne
service-at-eost, franchise. Toledo Edison Co. is supplying at wholesale Light, Fuel & Power bonds have a sinking fund of $4,000 per annum
under a long-term contract all power required by Community Traction Co $79,300 in sinking fund as of Oct. 1 1922.
8ee below. Power station capacity, 97,580 k. w.
ROAD.— Overhead trolley. 6.265 miles; gauge. 3 ft. 6 in. 5 motor pass,
Service-at-Cost— Community Traction Co.— The Community Traction Co. cars, 7 trailers, 1 work motor car. Rails, 50, 65 and 80-lb. T . Total
power plant capacity, 9.350 k. w.
was organized Vug. 22 1919 and as of Feb. 1 1921 took over the operation >
f
OFFICERS.— P r e s .._______________ : 1-st V P A Gen M -r., C. A.
the street car lines in Toledo of the Toledo Railways A Light Co. under the
Milner service-at-cost 25-year franchise, which was approved by the voters Semrad; 2d V.-P., Paul Lee: 3d V.-P., T. I Carter; Sec., Paul R. Jones,
on N ov. 2 1920 (V. I l l , p. 2042). The new co. is capitalized as follows Treas., Louis F. Musil. Office, Boulder, Colo .-— V. 113, p. 427.
Com. stock, $10,000,000: 8% pref. stock, $2,000,000; first mtge. 6% 25
year bonds. $20 000 000.
Under the terms o f the franchise the $8,000,000 bonds were delivered to
NEWBURGH, N. Y.
the Toledo Rys. & Light Co. in exchange for the street railway properties
and the $2,000,000 o f 8% pref stock is to be sold by the company to pro
ORANGE COUNTY TRACTION CO.
vide $100,000 working capital, a $400,000 stabilizing fund (which latter
O RGAN IZATION .— Organized Oct. 16 1901 and acquired the Newourgh
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 Electric Ry. C o., sold under foreclosure. The Newourgh Electric 1st
mortgage bondholders and the Walden & Orange Lake RR and the New
and replacement on the property o f the co.
The rate o f return to which the co. is entitled will be an amount sufficient burgh & Orange Lake RR. agreed to a reduction In their Interest from 6%
+
to pay 6% upon its bonds and 8% upon its pref. stock outstanding. The to 5% . See V. 73. p 138
Fare Increase.— In Dec 1917 the P. S. Comm auth. the co. to Increase
entire issue of com. stock is held by the City of Toledo Sinking Fund Trustees
Under the new franchise the fare of 6 cents with 1 cent for transfers for fares in Newburgh from 5c. to 6c.
the first six months went into effect Feb. 1. The old fare was 7 cents cash
Bus Operations.— In Feb. 1923 it was reported that the co. was preparing
with 2 cents for transfers. There is no maximum rate o f fare provided in to get rid of its electric railway system and to supplant the entire line with
the franchise, but a schedule o f fares is set forth and the steps contained in buses. V . 116, p. 936.
90
[ V ol. 116.
ELECTRIC RAILW AYS
STOCK AND BONDS—
D a te .
In te r e s t
O u tstanding.
M a tu rity .
Stock *150.000 ($25).......................________ _
*150.000 ...................
P f *175.000 6% n-cum (*25).....................................
175.000 __________
First and refunding mortgage f 1910
6 J-J
264 000 July 11960
*750,000---------------------- tflU nlon Trust G o.. Albany, trustee.
Newb Elec 1st M (*250.000)./ 1894
5 g M -N
250.000 May 1 1944
gold (J500) not re d ------- t flln t at Columbia Tr. Oo.. Trus.. N .Y .O lty
Walden & Orange Lake first] 1895
5 g J-D
100.000 June 1 1945
mtge gold guar p & I____t flln t at Hamilton Trust C o., Brooklyn.
Newb & Orange Lake 1st MJ 1894
5 g J-J
75.000 July 1 1944
g (*500) p & 1 guar_.c*tf lin t, at Columbia Tr. C o., Trus., N .Y . City.
B on d s. — *425.000 1st A ref. bonds are reserved to retire prior liens and
remainder for improvements, &c. V. 90, p . 1425: V. 92. p. 1566. Int. od
all above bonds is also payable at Quassaick Nat. Bank. Newburgh. N. Y
EARN IN G S.— For year end. Dec. 31 1921, gross, $251,762: net, after
taxes, $42,689. In 1920, gross, $257,258; net, after taxes, $24,567.
R O A D .— Owns 20 606 miles of track: 45 passenger and 10 other cars.
OFFICERS.— Pres . B B Odell; V VP.. A. L J Miller- Treas R B
Odell; Sec., B. Bryant Odell; Gen. M gr., Frederick S. Berry.— V. 92, p.
1566; V. 100, p. 1511; V. I l l , p. 2141; V. 112. p. 1618; V. 116, p. 936.
NEWPORT, R. I.
EARN ING S.— For year ending Dec. 31:
Year—
Gross
Yet.
Int.. Taxes. & c .
Balance.
$75,979
$20,165
sur.$55,814
1922____________________ $336,532
1921..................................... 331.028
67.159
15.854
sur.51.305
OFFICERS.— Pres., H. M . Tyler; T r e a s .,_____________; Gen. M gr.,
L. D. Pellissler, all of 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 & MANSFD LL> ELEC. R Y .— A trolley road.
The receiver’s creditors were pa d in full, the receiver discharged and a
2 X % div. paid on the bonds. A new co. has been formed and is operating
A
the Norwalk & Shelby line with gasol'ns cars
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. V. 115, p. 1839. The officers of the new
company are: Pres. & Gen. M gr., J. L. Baugh; V .-P ., C. E. Heath; Sec.,
A. D. Sanders: Treas., C. R. Irwin.
For history of Sandusky Norwalk A Mansfield Elec. R y . see “ Electric
Railway” Supplement o f Oct. 28 1922.
NORWICH. CONN.
NORTHAMPTON, MASS.
THE SHORE LINE ELECTRIC R Y. CO. (C on n ecticu t).
Receivership.— On Oct. 1 1919 Pres. R. W. Perkins was appointed re
ceiver for the co. by Judge J. H Reed of the Superior Court, on application
of the estate of the late Morton F. Plant. V 109, p. 1367.
Foreclosure Proceedings.— In Jan. 1920 It was reported that the Old Col
ony 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.
O RGAN IZATION .— A merger, effective Nov. 1 1916, of the Shore Line
Electric Ry., Norwich A Westerly Traction C o.. Groton A Stonlngton
Street Ry.. Asha way A Westerly Ry. and the New London A East Lyme
Street Ry. (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
on that portion of the Connecticut Co. known as the New London Division,
104 miles, but this lease was annulled by order of 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 of the Conn. Legislature, approved May 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 of the P. U. Comm. No 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 o f
Windham and Coventry, Conn., and any town where a company is already
in operation except with the consent of that company; also to acquire stocks,
bonds, Ac., of any Connecticut electrical company
V. 104, p. 2344.
Dismantlement of Certain Lines.— See “ Electric Railway" Section for
April 30 1921.
Appraisal.— For details of 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 .2 9 5 . See also receiver s report in V. 112, p. 1867.
Reported Reorganization Plan.— For details see V 111, p. 2325.
Successor Company Incorporated, <
fee.— in March 1921 it was reported that
the committee on railroads of the Connecticut Legislature had reported
favorably on a bill incorporating the Eastern Connecticut Ry. to purchase
all the present line of railway now owned by the Shore Line through Nor
wich, Preston, Ledyard, North Stoniugton and Stonlngton to the Connecticut-Rhode Island line at the Pa vtucket River aud connecting with the tracks
of the N. Y. N. H. A Hartford RR. at Brewster's Neck. The capital of the
company is $50,000, with the right to increase to $500,000. Incorporators
are: Robert W. Perkins, Norwich; Edward M Day. Hartford, and Charles
B. Whittlesey, New London. V. 112, p. 1284, but see V. 112, p. 1867.
Compare V. 112, p. 1025. Under date of Sept. 29 1921 we were advised
by Mr. Perkins that no plan of reorganization had yet been announced.
V. 112, p. 1867. No further information.
New Haven to Saybrook.— In Dec. 1921 a new co. (the Shore Line Trection
Oo.) was incorporated for the purpose of operating that portion of the line
which runs from New Haven through Saybrook and Chester. Conn. For
particulars as to financing new co., A c., see V. 113, p. 2186, 2815, 2722.
On Feb. 14 1923, however, the sale of the railway from Saybrook. Conn.,
to New Haven, Conn., to A . William Sperry for $140,009 was confirmed.
Of this amount $5,000 was to be paid immediately and the balance within
30 days of the time a charter is granted by the State Legislature to Sperry
and others to operate the line as an electric railway. V. 116, p. 823.
Groton & Stonington Division .— The receiver states that the Groton A
Stonington Trac. Co. has been organized to take over what was originally
known as the Groton A Stonington Division and owns in fee the track from
the ferry landing in Groton to the junction with the Connecticut Co. prop
erty in New London and owns in equity the trackage from the ferry in
Groton through to the Rhode Island State Line in Stongngton. V.
116, p. 616.
Rhode Island Lines— Westerly to Weekapaug.— A bill before the Rhode
Island Legislature in March 1923 proposed that the part of the line which
is in Rhode Island be pub under the control of a new corp. to be known as
the Westerly A Atlantic Traction Co. The lines to be acquired by the new
co. would be those running out of Westerly to Hopkinton, to Watch Hill,
to Pleasant Valley and to Weekapaug. R . I., or something over 20 miles.
The incorporators of the co. are given as Robert W. Perkins of Norwich,
Conn.. Edward M . Day of Hartford, Charles B.Whittlesey o f New London
and Herbert W . Rathburn of Westerly. R. I. Thecapital stock is fixed
at $100,000, with the right to increase of $500,000. V . 116, p. 1051.
Receiver’s Statement.— On April 25 1921 R. W Perkins wrote one "Chron
icle” as follows: “ We are operating everything east of the Thames River
and a portion of the New London and East Lynne [lines], a total of about
65 miles. Gross earnings for the fifteen months to Dec. 31 1920 were
$697,655, and after taxes we show an operating deficit for this same period
of $52,227. This includes operation of leased property from Occ. 1 1919
to April 1 1920." V. 112, p. 1867. See also V. 113, p. 2313.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$700,000
Common j See [ ($100)_______ _____
_______
300.000 ...................
Preferred 1text/ ($100)_______ _____
_______
2.725.000 __________
First mortgage bonds________ _____
_______
475.000 July 1 1924
Groton A Stonington 1st M ./ 1904
5 g J-J
gold (assumed) ($1.000)_c\Interest at International Trust Oo., Boston
______ _
1,000,000 -------------- Debenture “ A " bonds________ _____
Debenture “ B” bonds________ _____
_______
2,500.000 _________ Bonds.— Groton A Stonington bonds have no sink, fd., but are subj. to
call at any time at 120 and int. Trustee is Treasurer of 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 OAD.— Receiver in Oct. 1920 was operating about 72 miles of track,
all owned by receivership estate. Gauge 4 ft. 8 H inches. Entrance to
i
New Haven over tracks of Connecticut C o. Private right-of-way except
through towns.
OFFICERS.— Pres., R. W. Perkins- V .-P ., F. deO. Sullivan; Sec. A
Treas., A. E. Sherman.— V. I l l , p. 2325: V. 112. p. 63. 746, 1025. 1284.
1867; V . 113, p. 1157, 2186, 2313, 2615, 2722; V. 116, p. 616, 823, 1051.
NORTHAMPTON STREET R A ILW A Y.— A trolley road.
ORGA N IZA TIO N .— 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 off $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, Ac.—
Interest. Outstanding. Divs.,&c.
Stock $850,000 (par $100)___________
A-O
$850,000
See text
Notes payable Dec. 31 1 9 2 1 . . ____ __________
30,000 __________
Dividends.— 1901, 8% ; in 1902, 8% ; in 1903 , 8% ; in 1904, 6 % ; in 1905,
6 % ; on Dec 27 1905, 3>^%; in 1906, 3>S%; in 1907. 7% ; in 1908 6 % ; in
1909, Jan., 2*4%; la 1910. Oct., 2% ; In 1911 and 1912, 5% . In 1913,
5 H % . In 1914 to and inch Oct. 1917 at the rate of 5% per annum. None
to 1920, when 3% was paid. In 1921, July, 3% ; D ec., 3 % . In 1922,
July, 3% ; Dec., 3% .
R O A D .— Owns 27.490 miles o f track, including extension to Holyoke
and extension from M t. Tom Junction to Easthampton. Operates 53
passenger cars, 3 snow plows and 154 electric motors.
SAN FRANCISCO-OAKLAND TERMINAL R Y.
ORGANIZATION.— Incorp. In California on March 21 1912. Haa
consolidated the following (V. 94, p. 912):
Oakland Traction Co.
I
East Shore A Suburban R y . Oo.
San Fran. Oak. A S. J. Cons. R y. | California Railway.
The San Fran.-Oak. Term. Rys. assumed the total bonded debt o f the
merged companies.
,,
Operates the street railway lines of and connects Oakland, Berkley,
Alameda, Richmond, Emeryville, Piedmont, Albany, San Lorenzo, San
Leandro and Hayward. Also connects Oakland, Berkley, E meryville, 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 wil
be funded under reorganization plan, which see below.
NEW PORT & PROVIDENCE R Y. CO.
ORGA N IZA TIO N .— Incorporated In 1892.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Common *300.000 (*100)_________
_________
*300.000
...............
Pref *150,000 ($100) n o n -c u m ____
_________
150.000 _________
1st mtge *300.000 ($500)___ /1 9 1 2
5 g J-J
300,000 July 1193V
subject to call at par.c c o t 1Int. at Augusta (M e.) Trust C o., truste
EAR N IN G S.— For years ending Dec. 31:
Year ending—
Gross.
Net.
Taxes. Int &Depr. Snr.orDe'
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
R O A D .— Operates about 15 1 miles of track from Newport to Bristol
4
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; Sac., Clark Burdick;
Treas., Geo E. Macomber, Augusta. Me. Supt. Geo. M . Towle. Newport.
— V . 95. p. 1403.
NEWTOWN, PA.
P E N N S Y L V A N I A - N E W J E R S E Y R A I L W A Y C O.
Controlled bv the Bucks County Syndicate.
ORGAN IZATION .— This was formerly the Bucks County Interurban
R y.. but corporate title changed under date of May 15. 1917 to Ponnsvlvania-New Jersey Ry Co. The Bucks Countv Interurban was incorpor
ated May 13 1913 in Penna. as a consolidation of the Bucks County Electric
R y., Trenton New Hope A Lambertville St. Ry.. Yardley Morrlsville A
Trenton St. Ry. and Newtown & Yardley St. Ry. V. 96, p 1555.
Acquisitions.— On May 15 1917 acquired $500,000 of the $1,000,000
of the N. J. & Pennsvlv Trac. Co. (which see under “ Trenton. N. J .").
the remaining $500,000 being canceled and the stock of the Trenton City
Bridge Co., and the Pennsylvania New Jersey Pow. & Lt. Co. (now
Bucks County Electric C o.), all controlled by the Bucks County Syndicate.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $500,000 ($50)___________
_______
$497,400 .................
Pref 6% cum $500,000 ($50)_______
6%
500.000
______
1st M & Coll Trust s $3 000,-1 1917 5 g F-A
1,250.000 Feb 1 1942
000($500&$1 000)redl023^.jlnt. at Northern Trust Co..Phila.,fisc. agts.
Notes (extended)__________________
5%
250,000 M ay 15 ’23
EARN ING S.— For 12 mos. ending Dec. 31 1922, gross, $229,451; net,
after taxes, def., $9,602. In 1921. gross, $241,883; net, after taxes, $9,284.
R O A D .—Operates 49.49 miles extending from terminal in Trenton
through Morrisvilie and Yardley, Pa., to New Hope. Pa., and Lambertville
N J.. from Yardley co Newtown; also from Bristol to Doylestown via
Newtown. Leases 2 miles in Doylestown and has trackage rights over
Trenton City bridge and tracks of New Jersey A Penna. Traction in Trenton
to Terminal at Warren and Hanover
Gauge, 5 ft. 2 \i Inches
OFFICERS —Pres . Sydney L. Wright: V.-P & Gen Mgr
Gavloro
Thompson- Sec A Treas. John M . Morrissey. Phila. office, 133 S. 5th St.
— V . 112, p. 1978: V. 113, p. 293
NIAGARA FALLS, N. Y.
NIAGARA G O R G E R Y .
ORGAN IZATION .— Incorporated In New York June 3 1899 as successor
to the Niagara Falls A Lewiston sold at receiver's sale May 23 1899
Ex
tends from Onondaga St , Lewiston, along the bank of the Niagara River
to the Cit.v of Niagara Falls. Was formally opened July 1 1899
Also con
trols the franchises of the Buttery Whirlpool Rapids C o., the Niagara
Rapids View Co. and the Niagara Whirlpool Rapids Elevator Co. Has
agreement with the Niagara Falls Park A River Ry. Co. allowing cars of the
Gorge road to run over that company’s lines across the arch and Suspension
bridges to Table Rock and Dufferin's Island. Leases the Lewiston A
Youngstown Frontier RR. and owns all of its stocks and bonds.
STOCK AND BONDS—
Date
Interest. Outstanding. Maturity.
__________ $1,000,000 ...................
Stock. $1,000,000 ($100)__________
First mortgage $1,000.0001 1907
5 g J-D
949,000 June 1 1927
($1,000) g old --------------cA r/In t. at Commonwealth Tr. C o.. Buffalo, Tr.
Bonds.— $51.000 bonds are in treasury.
ROA D .— Owns 15-8 miles of track from Niagara Falls to Lewiston and
leases Lewiston A Youngstown Frontier R y.. 7.5 miles; total operated,
23-3 miles. Also has trackage rights over 1 mile of double track of Inter
national Ry. in Niagara. 53 passenger cars, 17 service cars and 1 snow plow.
EARN IN G S.— For fiscal years ending Dec. 31:
Cal. Year—
Gross.
Net.aft.Tax. Oth.Inc. Int.,Rent,&c. Balance.
1920___________ $221,732
$81,266
$283
$56,575
sur $24 974
1919----------------- 196.730
53,993
909
57.758
def. 2.85g
Latest Earnings.— For calendar year 1921, gross, $165,115; net, before
taxes, $9,605.
OFFICERS.— Pres., Mrs. Joseph T . Jones: V.-P. A Gen. M gr., Bert L.
Jones; Sec. A Treas. John D. Regan, all of Buffalo; Aud., E. J. Bowen,
Niagara Falls. General offices, Niagara Falls, N. Y .— V. 84, p. 868.
(1) Lewiston & Y oungstow n Frontier Ry.
ORGAN IZATION .—Chartered Aug. 1895. Owns from Lewiston to
Youngstown and Ft. Niagara, 7.5 m.; sidings and switches, 2 m.; total, 7.7m.
Is leased by the Niagara Gorge R R ., which also owns all of its stock
and bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $150,000 ($100).......................
......... ........
$134,000 .................
First
mortgage
$150,0001 1896
6 g J-D
150.000 June 1, 1916
($1,000) g o l d __________ c*/In t. at Buffalo, L. T. A S. D . C o., B uff., Tr.
OAKLAND, CAL.
A pril , 1923.]
City Partnership Plan.— The electors of Oakland on N ov. 7 1916 voted In
favor o f the charter amendment authorizing the city to go into partnership
with the co.. in accordance with the plan o f the Oakland Chamber of Com
merce drawn up with a view to settling the co's financial and operating diffi
culties The plan provides: (a) The co. to be granted a resettlement fran
chise o f an indeterminate period on condition that the city may buy out
the system on 6 mos.’ notice and may transfer such purchase right to a third
party; (b) net profits to be divided between the city and the co., the city
to et not less than 55% , the company to be allowed 6% on its valuation
and a proper amount for maintenance, operation, taxes, insurance and
depreciation; (c) operations to be conducted by a joint board consisting of
two, one for the city and one for the company, an arbiter to be called in in
case of disagreement. The plan also provides that the Mayor appoint
an advisory board of seven to co-operate with the City Council in drafting
the franchise ordinance. See V. 103. p. 759. Applications for re-settle
ment franchises were made to the common councils of Oakland, Berkeley
and Alameda which resulted in the preparation of such franchises and the
petition to the Cal. RR. Comm, by the cities of Oakland and Berkeley, re
questing a valuation o f these properties for the purpose o f facilitating the
submission of these franchises to a vote of the people.
Foreclosure Suits.— The Anglo-California 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 o f the Oakland Rys. (see table below) in order to protect the
noteholders in the event that the proposed reorganization o f the San Frandsco-Oakland Terminal Rys. is not carried through. V. 101, p. 615. The
Trust Co. has also begun legal proceedings to preserve or enforce the rights
of the holders of the $1,100,000 6% Oakland Term, notes. V. 105, p. 820.
Reorganization, A c., Committee.— This committee represents the in
terests of the different bondholders: Chairman, John S. Drum; J. F. Carston, W. W. Garthwaite, P. E. Bowles, George Tourny, Gavin McNab.
B. H. Diblee, A. Crawford Greene. Herbert Fleischhacker and Paul A
Sinsheimer, Secy. Depositaries: Mercantile Tr. Co., Savings Union
Branch Mercantile Trust Co and the Anglo-California Trust Co. of 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 cabed for. V. 110, p 79. For statement by
committee see V. 110, p. 1416. Up to July 7 1922, 95% o f the bank
holdings, and 82% o f the private holdings o f all securities had been deposi
ted. V. 115. p. 544.
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, o. 544), embracing several modifications of the
original plan, was adopted by the reorganization committee on July 7
1922 and was declared operative August 20 1922. V 115, p 1839
The 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 of the out
standing bonds in Group 1-A (below) and note issues o f 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 comp any and places the stock
control of the operating company in the holders o f the prior preferred and
preferred stock. The plan contemplates paying in cash al! coupons on
outstanding bonds maturing prior to Nov. 19 1919, and funding all cou
pons due from that d ite up to the time o f distribution o f 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 years interest on the various bond issues. Should
there be more than 3 years’ interest 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.
Under the plan the following exchange o f securities would be effected;
Exchange of Old Bond Issues. Note & Stock Issues fo r New Securities,
w ith ou t Regard to Overdue and Unpaid C oupons.
Outstanding
New St cur.
Old
to Be issued
Securities.
in 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. Ry. 1st 6s, 1922..
$236,000
229.000 23rd Avenue Electric Ry. 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 Go. 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, 1932____
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 Ry. 1st M . 5s, 1940______
620,000
Group I I .— To Be Exch. for Stock of Operating Co.—
x$2,134,000 Oakland Traction Consol. Gen. Consol. 5s, 1933—
75% in 7% Cum. Prior Pref. stock____________
1,690,500
25% in 7% Preferred stock____________________
533,500
x l ,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
y l ,587,000 San Fran. Oak. & San lose Cons. Ry. Gen. Con. 5s
50% in 7% Cum. Prior Pref. stock____________
793,500
50% in 7% Preferred stock____________________
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____\ a3,262,500
zl.000,000 San Fran.-Oakland Term. Rys. B Pref. stock___ J
$15 ,125,000 San Fran.-Oakland Term. Rys. Common stock_ Wiped Out
_
x Bonds and past due coupons in this group are to be exchanged for pref.
stock on basis of 75% cum. prior pref an l 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 ;lass of pref. stock
z 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 out
standing 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.
R y. 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 (eliminating such securities as may be issued to cover overdue and
unpaid interest and coupons) will be as follows:
Stock.— (a) Common, $3,012,500; pref., 7% , $3,290,500; prior
pref., 7% cum.. $5,107,500________________________________ $11,410,500
Notes.— Oakland Railways6 % _______________________________
2,500,000
Bonds.— Gen. & ref. mtge. bonds: (a) 6% , $1,121,000; (6) 5% ,
$6,417,000_______________
7,538,000
First mortgage_____________________________________________ 2.500,000
Divisional mortgage 6 % _____________________________________ 465,000
Voting Trust.— A voting trust of the stock of the new co. which shall be
operative for 7 yrs., will be created, and shall be accepted by all stockholders.
For full details of above plan and description o f securities to be issued
thereunder, see V. 115, p. 544.
Plan Supported.— On July 27 1921 between 250 and 300 security holders
voted unanimously to support the plan outlined above.
The following committees were appointed, representing the holders of
the various classes of securities, to work with the central reorganization
committee in furthering the reorganizaticr
Oakland Transit 1st Cons. 6s.— Benno Hart, Chairman; Bruce L Sharp,
Walter Loewy and J. J. Mack.
Oakland Transit 1st Cons. 5s.— Frank Stringham, Chairman; Louis C.
Green and Albert Baruch.
Oakland Transit Consolidated 1st Cons. 5s.— Percy Towne.’JChairman;
James Otis and George Whitten.
Oakland Traction Consolidated.— Louis Monteagle, Chairman; George H.
Lent and Nathaniel Blaisdell.
Oakland Traction.— Samuel Knight, Chairman; H. E. Bothin, L. A.
Redman and Wm. J. Beddig.
91
ELECTRIC RAILW AYS
San Francisco Oakland & San Jose.— S. W . Coleman, Chairman; De W itt
Treat and Thomas A. Gardiner.
San Francisco Oakland & San Jose Ry. 2d Mtge.— Grayson Dutton,
Chairman; A. Dalton Harrison and Louis Abrahams.
San Francisco Oakland & San Jose Consolidated.— Warren Olney, Jr.j
Chairman; J. S. Allard. L. P. Behrens and Charles W . Fay. V. 113. p. 732,
In June 1922 was auth. by the Calif. R R . Comm, to issue $600,000 10-yr.
7% serial equip, trust notes at not less than 99 and int. V . 115, p. 74.
STOCK—
Div. Period. Outstanding.
___________ $15,125,000
Common ($100)_____________________________
Class A pref. ($100) 6 % c u m ....................... ..
Q .-M . 21
12,050.000
Class B pref. ($ 1 0 0 )..........................................- ..........................
1.000.000
BONDS—
Date.
Interest. Outstanding. Maturity.
San Fran.-Oak. Term. Rys.—
Equip notes ($1,000)________ 1918
6 M -N
$90,000
See text
Oakland Traction Co.—
Oakland Trac Co gen con) 1907
5 g J-J18
3,177,000 Jan 18 1935
mtge. g. $12,000,000. sink
Union Tr. C o., San Fran., Trustee.
ing fund ($1,000)_______ c*
General consolidated mtge. 1905
5 g J-J
2.134,000 Jan 2 1933
Oakland Trac Consol, $7,Union Tr. C o.. San Fr., Trustee.
000,000, gold ($1,000) . . . c
1st mtge (see text) Oakland f 1902
5 g J-J
1.202.000 July 1 1932
T raositconsg,sf($l.000)c*lU nIon Trust C o ., 8an Francisco. Trustee.
1st con s f M Oak T ra n ,$3,-( 1901
5 g J-J
1.595.000 July 11931
_
000.000 ($1,000). g _ c*\Mercantlle Trust C o.. San Fran.. Trustee.
6 g J-J
1,121.000 July 7 1918
1st mtge Oakland Transit Co, 1898
$1,400,000. gold. s. f., not Union Trust C o.. San Francisco. Trustee.
subject to call_________ c*
Oak San Lean & H 1st M l 1892
6 g M-S
236.000 Mar. 1 1922
g. $250,000 ($1.000)______
23d Ave El Ry 1st mortgage, 1893
6 g M-S15
229.000 Mar. 15 ’23
gold ($1,000), $250,000. ..
Alameda___________________ , ____
______ Oak & Pied El Ryf 1893
6 g J-J
12,000 Jan. 1 1923
first mtge. gold. $350,000 \Int. at Wells-Fargo Nev. N . B ., San Fran.
San Fran Oak A San Jose Cons Ry—
General consolidated mort 1908
5 g M-N19 1.587.000 May 19 1938
gage. $7,500,000 ($1,000), Union Trust C o.. San Francisco. Trustee.
Interest at office of co., Oakland, or Wei la
gold___________________ c*
Fargo-Nevada Nat. Bank, San Fran.
1903 5 g J-J
3.000,000 Jan 2 1933
$an Fran O & S J Ry 1st Int. at Wells-Fargo-Nevada Nat Bank in
San Francisco and their correspondent in
mortgage, $3,000,000 ($1,000). s f . gold__________ c*
N Y. Union Trust C o.. San Francisco,
Trustee.
1906 5 g J-J
1.500.000 Jan 2 1933
San Fran O & S J Ry 2d mtge Int at Wells-Fargo-Nevada Nat. Bank,
San Francisco, or at company’s office.
$1.500.000 g ($1.000) s f.c *
Union Trust C o., San Francisco, Trustee.
East Shore A Suburban Ry. Co.—
1st mtge $750,000 gold s fl 1905
5 g Q-F
620.000 July 1 1940
($1,000) sub to call 110&int(Int. at Merc. Tr. C o.. San Fran., Trustee.
Notes of Subsidiary Cos —
Oakl Rys coll tr notes $2,500,-f 1912
6%
2.500.000
8ee text
)00 ($25,000) red at lOOilnt at Anglo-California Tr. C o.. San Fran..
and Int__________________ I Trustee or National City Bank. N Y.
Oakl Term Co coll notes $1 ,-f 1912
6 Q-F
1.100,000
See text
100,000
g ($1,000, $2,000.(Int. at Anglo-Oaliforma Tr. C o., San Fran,
$5,000 A $10 000) gu d A L l Callable ar 101 and Interest
San Francisco-Oakland Terminal Rys.—The equip, notes of 1916 are se
cured by 32 steel cars costing $234,000. They mature $10,000 s.-a. from
May 1 1917 to Nov. 1 1925. incl. Callable at 100 44 and int. on 60 days*
no dee
Oakland Trac. Co.—Of the $12 000,000 bonds of 1907, $8,980,000 are re
served for prior liens and $1,843. *00 are deposited under the Oakland
Ry. coll, notes. A sinking fund began in 1907 which provides for the re
tirement of about $7,000,000 boads by 1932. Of the $7.000.000 Oakland
Trac. consolidated mortgage, $1,826,000 are reserved to retire prior liens.
$20,000 have been canceled and $20,000 exchanged for Oak Trac Co. issue.
A sinking fund began in 1906 which provides for the retirement, of $6 000 000
bonds by July 1 1928. See V 81. p. 668. The auth amount of 1st consol,
mtge or 1902 of Oakland Transit Consol, was originally $8,500,000. but
«hareholders voted on June 17 1904 to cancel $1.854,000 previously re
served for extensions and improvements. V. 78, p. 2385. Of the remain
ing bonds auth. $3,495,009 are reserved for prior Hens aad $149 000 have
been canceled by sink. fd. A sinking fund for these bonds commenced In
1903 and ranges from $10,000 to $250,000 per year, which provides for the
retirement at maturity of $4,000,000 bonds Bonds not subject to call, but
may be purchased for sinking r und in open market. See V. 75. p 135 Of
the $3,000,000 first consols Oakland Transit. $1,400,000 are reserved to
retire underlying liens, $5,000 have been exchanged for Oak. Transit Cons.
A sinking fund commenced on these bonds in 1912. which provides for tbe
retirement of $2,000,000 of tbe bonds on or before maturity.
Both tho Oakland Saa Leanl-o S Hay. Etee. R y . and the 23d Ave Elec.
x
Ry. mirtgages have sinking fund commencing ten years after date and
Increasing from 2% yearly (of total bonds outstanding) for the first fiva
years to 8% for last 5 yea-s. The bonis are not subj to call before maturity.
Interest on Oakland Traction Co and underlying bonds, except where
otherwise Indicated, is payable at Wells Fargo Nev. Natioaal Bank. San
Francisco, or its correspondent in New York.
8jn Francisco Oakland A San Jose C ms aviated Ry —$4,500 000 consol,
mortgage bonds are reserved to retire prior liens and $1,413,000 are deosltel uader the Oakland Ry coll notes. A sinking fund on these
ouds began 1915, Installments totaling $4,345,000. A sinking fund on the
San Fran. Oakland S San Jose Railway 1st 5s is provided as follows: In 1915
c
»ad 1916 $25,000 each year, in 1917 and 1918. $35,000, in 1919 and 1920
$59,000. in 1921 and 1922. $75,009; la 1923. $90 000; In 1924 and 1925.
$100 000; (n 1928, $115,000; In 1927 and 1928. $125,000: in 1929. 1930. 1931
and 1932, $150,000. These bonds cannot be called. See Y. 76. p. 655.
Fhs following amounts are payable annually oc a sinking fund on the San
Francisco Oakland S San Jose Railway 2d mtge. boads: 1915, $10,000;
c
1918, $15,000: 1917, $20,000; 1918, $25,000; t9l9. $30,000; 1920. $35,000:
1921, $10,000; 1922, $45,000; 1923 to 1925, inclusive, $50,000; 1926 and
1927 $60,000: 1928 to 1932. Inclusive. $75,000. These boads are not
subject to call
East Shore & Sub. mtge. is a closed mtge. Sinking fund, 1H % yearly on
all oond3 outstanding, expected to retire entire Issue. V, 94, p. 123.
$122,000 in sinking fund Dec. 31 L920
Notes.—The Oakland Rys. and Oakland Terminal coll, notes fell due
fune 12 1913 and Aug. 20 1913, respectively. Interest at rate o f 6% per
annum is being paid on the notes
ExARNINGS.— For years ending Dec. 31:
Calendar
Gross
, Net (after
Other
Interest,
Balance,
N ea r—
E n roh m s.
T oros')
T n m m e.
Ac t Non . Stir nr Def.
1922________ $7,385,719 $1,437,188
$23,322 .$1,054,617 sur.$405,893
1921________ 6,994,473 x l,753,604
~
21,743 x l,726,049
sur.49,297
O.
g
1 9 2 0 __________ 6 ,/0 4 ,0 0 1
9 3 5 ,.
31
125 ,969
1,123,264
del. 66,563
1919________ 5,793,501
10 5,303
706,335
1,122,109 def. 312,471
1918________ 5,100.030
801.386
78.539
1,102.626 def .219.701
x Depreciation included in interest, &c., in 1921, while in other years
it is included in operating expenses.
ROAD.— Operates 264.10 miles (all tracks) of electric railways. Has 465
pass, cars, 1 combination car, 3 electric locomotives, 14 freight cars, 69
service cirs. 3 wrecking cars, 1 pile driver and 4 ferryboats.
OFFICERS.— Pres., C. O. G Miller; V.-P. & Gen. M gr., ~.V. R. Alberger; Sec. & Treas., F. W. Frost; Compt., C. C. Vargas; Aud., B W .
Feruald.— V. 113, p. 732, 1773. 1888: V. 114. p 198, 739, 1288, 2014, 2242
V. 115, p. 74, 544, 1100, 1839; V. 116, p. 516, 1650.
SAN FRANCISCO-SACRAMENTO RAILROAD CO.
ORGANIZATION.— Incorp. in Cal. late in 1919 as successor to the
Oakland Antioch & Eastern R R . .sold at foreclosure on Jan. 26 1920 as
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
be found. For changes in reorganization plan see V. 110, p. 78. Controls
through stock ownership Oakland & Antioch Ry. (34.12 miles between the
points named) and San Ramon Valley RR. (11.7 miles between Saranap
and Diablo, Contra Costa County. Has a traffic agreement with the
Atchison Topeka & Santa Fe R y. under which the latter reaches Sacra
mento and points beyond
Franchises.— Practically the entire mileage of the road Is located on private
right of way. We understand that where franchises are required, they con
tain no burdensome restrictions, and extend from 1946 to 1964, the shortest,
covering only about 5 miles, expiring in 1941.
$200,060 1st mtge. 6% bonds were issued in Oct. 1922 to finance in part
capital expenditures. V. 115, p. 1633. Compare V. 115, p. 1430.
92
ELECTEIC E AIL W AYS
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
Common $6,550,000 ($100)________
_________ $6,242,055 — .................
Pref $1,500,000 cum. ($100)_______
7%
1,242,711
See text
1st mtge serial $3,000,0001 1920
6 g J-J 1
955,000 See text
($1,000) gold----------- c*tf/U nion Trust C o., San Francisco, Trustee.
Stock.— Pref. stock Is callable any time at 110.
Bonds — Are secured by a 1st mtge. on the entire property. Escrow bonds
($2,160,000) can only be issued for 75% o f the actual and reasonable cash ex
penditures for permanent exts. and add'ns to the property, under certain
condition < , IIany of the escrow bonds are issued, the bonds so issued shall
mature not later than Jan. 1 1940, and not earlier than the last maturity
of the present issue outstanding. The $965,000 now outstanding mature
$42,000 annually to Jan. 1 1940. Call, all or in part by lot (last maturities
first) at 102 and int. on any int. date. Int. payable in Chicago or San
Francisco. Tax exempt in California. V. 110, p. 466.
Dividends.— An initial div. o f $3.50 was paid on the pref. stock on July 15
1920. Y. 110, p. 2658. In Oct. 1920, $1.75 was paid. Same amount has
been paid reg. quar. since to and incl. April 1923.
EARN ING S.— Of predecessor company for years ending Dec. 31:
Calendar
Oross
Net (after Other
Lease Interest & Balance.
Year—
Earnings.
Taxes). Income.
Rentals.
Misce.l. Surp.ordef
1922_______ $1,103,877 $151,302
$9,327
$49,077 $111,552
1921_______ 1,169,684
148,268
17,251
56,336
109,183
1920_______ 1,309,621
253,945
25,715
81,525
198,135
1919_______ 1,167,889
284,592
5,617 106,104 175,108 sur.8,997
ROAD, & c — Total, 97.69 miles in operation. Owns 6 substations,
warehouses, shops, storehouses, office buildings, freight stations, ticket
Stations, &c. Equipment consists o f 38 passenger coaches, of which 20 are
ipotor equipped, 6 steel locomotives, 74 freight cars, 3 cabooses, and 11
construction and work cars. Power ir furnished by the Great Western
Power Co. under contract.
OFFICERS — Pres., Walter Arnstein, V.-P. & Gen M gr., H. A. Mitch
ell; Sec. & Aud.. H. J. Sutherland.— V. 109, p. 2263; V. 110, p. 79. 262,
466,2658; Y . 112. p. 163; V . 114, p. 2014; V. 115, p. 1430. 1633.
OIL CITY, PA.
CITIZENS’ TRACTION CO.— A trolley road.
In Mar. 1917 control was purchased by the Municipal Service C o .’
a Maine holding corporation, which see under Philadelphia, Pa.
ORGAN IZATION .— Incorporated in Pennsylvania N ov. 10 1899. Ownr
and operates the Citizens'Light & Power C o., the Monarch Park Hotel Co
(an amusement park with 60 acres o f ground), the Big Rock Bridge Co
and the Reno Bridge Co.
In July 1920 an increase in fare from 7 cents to 8 cents with special tickets
4 for 30 cents became effective.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Common $1,000,000 ($50)________
_______
$1,000,000
See text
Q-J
*1.000 000
See text
Preferred $1,000,000 ($50)_________
First mtge $2,500,000 gold! 1912
5 A-O
1,320,000 Apr 1 1942
($1,000) sinking fund.c*tf|Pa Co. for Ins. on L. & O A Phila., Trus
Refunding mortgage $2,500,-1 1917
6 M -N
733,000 May 1 1942
0 0 0 __________________ r.tf/P a . Co. for Ins. on L. & G. A.. Phila., Trus
* Of the $1,000,000 outstanding $400,000 are in the treasury.
Bonds.— 1st M . closed. Red. at 105 and int. in whole on or after Apr. 1
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 /4 of 1 %
per ann., operative on Jan. 1 1923. See V. 94, p. 1118, 697. Int. at office
oftrustee. $1,320,000 Ref. M . bonds reserved to retire 1st M . Remaining
bonds to be issued for additions and extensions under guarded restrictions.
Dividends.— First div. on pref.— 2 /4 % — was paid Jan. 2 1913: July 1913
2 % . In 1914. Jan., 2% ; July, 2 /4 % . In 1915, Jan., 3% ; in April paid a
quar. div. o f 1/4 % and same rate quar. to and incl. Oct. 1918. InApr. 1919.
8 % ; July, 1 /4 % , and same rate quarterly since to and tnc! Dec. 1920
In 1921, Jan., 3% ; April, 1/4 % ; July 1/4 % . Initial div. on com.. 1%.
aid N ov. 1915. In 1916, 1/4% in 1917, 1/4 % ; in 1918. April 1%; July
in 1919, July, /4% : Oct., /4 % ; in 1920, Jar. J4%; April, 2/4 % :
ly , 1%; in 1921, Jan., 1%; April, 1/4 % ; July, 1%.
EARN ING S.— For 12 mos. ending Dec. 31 (incl. subsidiaries):
Gross. Net aft. Tax. Fixed Chgs..&c. Balance.
$336,231
$118,222
1922------------------- ----------- $817,343
$218,009
1921-------------------- ---------- 772,048
291,979
115,398
176,581
ROAD .— Operates 33.11 miles of track in Oil City, FrankliD, Rousevi 1;.
Siverly and Reno, and connecting routes on both sides of the Allegheny
River. 65-lb. and 70-lb. T rail and 85-lb, girder rail. Has 53 passenger
cars, 1 express car, 3 work cars. 1 snow-plow and 2 snow sweepers The
controlled Citizens’ Light & Power Co. furnished electric light and power
for Oil City, Franklin and vicinity.
OFFICERS.— Pres., John E. Zimmermann; V.-P., Chas. Day: Sec.,
O.’ A. McClure; Treas!, J. W. Swain. Oper. Mgrs., Day & Zimmermann,
Inc., Philadelphia, Pa.— V. 101, p. 1806; Y. 104, p. 1387; V. 106, p . 818;
V. 112, p. 2413; V. 115, p . 644.
OKLAHOMA CITY, OKLA.
[ V o l . 116.
E A R N IN G S.— For 12 months ending Dec. 31:
Gross
Net (after Other
Interest. Balance, Passengers
Year—
Earnings
Taxes). Income. Disc't.&c. Surv.
Carried.
1921 — .........$2,114,571 $665,940 $6,934 $358,882 $313,992 23,417,650
1920 ________ 2,041,483 524,341 6.823 344,384 186,781 25,553,258
ROAD, &c.— Operates about 139 mites of track comprising the street
railway systems in Guthrie (5.5 m.) and Oklahoma Oity (64 m.) and the
Interurban lines to El Reno (placed In operation Dec. 3 1911), Norman
(placed in operation Nov. 15 1913) and Edmond (placed In operation May
28 1911). The extension to Gathrie was placed In operation July 20 1916.
Standard gauge, 65, 70 and 100-lb. rails. 110 pass, and 32 freight and other
cars; 2 electric and 1 steam locomotive. Power plant has 12,100 It. w.
capacity. Also owns valuable terminal station In Oklahoma Oity.
OFFICERS.— Pres., J. W . Shartel; Sec. & Asst. Oper. M gr., Ohas.
Hoopes; Treas., E. J. Richart; Aud., \V. O. Jones. General offices, Okla
homa 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.
OLEAN, N. Y.
OLEAN BRADFORD & SALAMANCA RY.
Organization.— In accordance with plan (V. 113, p. 1252) for reorganiza
tion of Western N. Y . & Pennsylvania Trac. Co. (for history see“ Elec. R y .”
Supp. of 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
to take oyer the properties and were merged into the present Olean Bradford
& Salamanca Ry. which was incorp. in N. Y . on or about Oct. 8 1921.
Under the plan unsecured creditors and the stockholders in the Western
N. Y. & Penna. Trac. Co. received no share in the new corp.
Capitalization, &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 o f com.
stock, in accordance with plan in V. 113. p. 1252.
R OAD.— Operates between the cities of Olean, N. Y ., Salamanca, N . Y .,
and Bradford, Pa., with branches from Salamanca, N. Y ., to Little Valley,
N. Y ., from Bradford, Pa., to Lewis Run, Pa., from Olean, N. Y ., to Boli
var, N. Y ., and to Shinglehouse, Pa.; total, 100.8 miles o f road. Does a
general passenger, heavy freight, mail, express and baggage business.
Main lines, 70-lb. rails. 5 electric locomotives, 27 passenger cars, 25 freight
cars and 10 service cars.
OFFICERS.— Pres., O. N. Mason; V .-P. & Gen. M gr., O. A. Graves1
V .-P., J. P. Quigley; Sec. & Treas., L. W . Osborne.— V. 113, p. 2407;
V. 114, p. 79, 948.
OMAHA, NEB.
OMAHA & COUNCIL BLUFFS STREET R Y .— A trolley road.
O RGAN IZATION .— Incorporated in Nebraska
Owns lines formerly op
erated by Omaha St.Ry.Oo.; leases the Omaha & Council Bluffs Ry & Bridge
Oo. In Council Bluffs, la., until 1947 together with its bridge over Missouri
River, rental being $60,000 per annum. In addition to all fixed chargee.
Litigation.— An amended petition seeking a court decree ordering the
company to turn over to the city its entire street railway property In
Omaha was filed In Jan. 1918 by Corporation Counsel Lambert. A judg
ment for the company's earnings since Jan. 1917 was also asked
The
action was based on the provision of the franchise granted the Omaha
Horse Car Co. (this company’s predecessor), by which its property was to
revert to the city on Jan. 1 1917. V. 106. p. 86. A ruling has been
handed down by the court which holds that the right of reversion does not
extend to any part, of the present property of the Omaha & Council Bluffs R y.
Fares.— See “ Electric Railway” Supplement of Oct. 28 1922.
Outstanding.
STOCK AND BONDS—
Date.
Interest
Maturity.
Oommon $10,000,000 ($100)_______
______ $5,000,000
See text
_
5 Q-J
fref 5% cum from Jan 1 19041 _ _
4,000.000
See text
$5,000,000 ($100).............../
First cons M $10,000,000 g] 1902
5 g J-J
9,619,000 Jan 1 1928
($1.000) no sink fund .c*.tf (interest at Guaranty Trust C o.. New York.
Stock and Bonus.— $5,000,000 com. and $1,000,000 pref stock are set
»slde for ad i'ns & Imp’ts. Of the first consols, $381,000 owned and In treas.
Dividends.— First dividend on pref. stock. 1 Z4%. was paid April 1 1904,
and same amount quar. to and incl. July 1918. None to Oct 1919 when
2/4% was paid. In Dec. 1919, 2 /4 % . In 1920, April, 2/4 %; July, 1 Z4%;
Oct.. 1 '4 % : Dec., 1 /4 % . In 1921. April, 1 >4%: Dec.. 1 ‘4%
In 1922,
April, 2 /4 % : July, 1/4 % ; Oct., 2 /4 % . In 1923, Jan., 2 /4 % ; April, 1 /4 % .
On common, first div., 2% , paid July 1907. In 1908 to 1911. 4% per ann.
In 1912, 1913 and 1914, 5% . In 1915, 4 /4 % . In 1916 and 1917, 4 % .
In 1918, Jan., 1% . Nona since.
REPO RT.—-For calendar years:
Calendar
Gross Net (after Other Rentals,
Pref. Common Balance,
Year. Earnings. Taxes). Inc. Int..&c. Dies.
Dios.
Surplus.
1922........ 4,568.521 880*313 42*140 637*480 a350*000
def, 10*574
1921____ 4,615,589 605,685 38,967 637,457 6100,000 ______ def. 21,273
a 8 /4 % .
b 2 /4 % .
ROAD.— Operates 162.98 miles o f track, embracing all the street rail
ways in Omaha, Neb., and in Council Bluffs, la ., including the Omaha
and Council Bluffs bridge.
OFFICERS.— Pres., W. A. Smith; V .-P ., J. A. Muoroe; V !-P. & Gen.
M gr., R. A. Leussler; Sec. & Aud., W. G. Nicholson; Treas., A. S. W idenor;
Asst. Gen. M gr., F. S. W elty.— V. 108. p. 2122; V. 109. p. 371. 677, 1987:
V. 110. p. 360, 1643; V. I l l , p. 10S4, 1279; V. 112. p. 1144; Y. 113, p. 1361.
1675.
ill Omaha & C ouncil Bluffs Railway 5c Bridge.
ORGANIZATION.— Incorp. In Iowa In 1902. An electric road. Is
leased to the Omaha & Council Bluffs Street Ry. For terms of lease, see
statement of the latter above. Owns entire capita! stock of the Omaha
Council Bluffs A Suburban Rv and the Lake Manawa A Manhattan Beach
Ry. Lake Manawa & Manhattan Beach has no funded debt. Fran
chises run until 1946. On Nov. 6 1911 the U. S. Supreme Court suspended,
.mailing appeal, the order of the Inter-State Commerce Oomin (V. 89, p.
1697). reducing the fare from Council Bluffs to Omaha from 15 to 10 cento,
v . 93. p 1387 940. On June 9 1913 the U. S Supreme Court held that
the Commission had no authority to make the reduction
Y. 96. p 1702.
STOCK AND BONDS—
Dale.
Interest. Outstanding
Maturity.
Oommon $1,500,000 ($100)-..................... .............. $1,500,000 ___________
Pref 4% cum from Feb 1 1 9 071____
F-A
1.500.000 July'22, 2%
$1,500,000 ($100)...............f
ist consol mtge $2,000,000] 1902
5 J-J
1.923.000 Jan. 1 1928
($1,000) gold________ c*tf (Interest at Centra! Trust Co . N Y , Trustee
Bonds.—Of the new 1st consolidated mtge for $2,000,000. $192,000 are
rtse-ved for Imp-ovements Y 89, p 1234. 1281: V 94. p 1119
Dividends.— Dividends have been regularly paid on pref. stock since 1902'
ROAD.— Comprises 33 15 miles of track, including the trackage of the
Omaha Council Bluffs & Suburban Ry. and the Lake Manawa & Manhattan
Beach Ry., embracing the entire street railways of Council Bluffs. Also
owns bridge between Omaha and Council Bluffs over the Missouri River.
OFFICERS.— Pres.. Geo. S. Wright; V .-P ., E. W . Hart; Sec., O. T .
Stewart; Treas., E. A. Wickham.— V. 98, p. 1702; V. 102, p. 1060.
OKLAHOMA RAILW AY CO.
O R G AN IZATIO N .— Incorporated in Oklahoma on June 15 1904 under
the name of Oklahoma City Ry. Co. On Sept. 21 1907 name changed to
Oklahoma Ry. Co., increasing charter powers so as to constitute both an
urban and interurban road with all the powers of a steam railroad corpora
tion and of a lighting and power c o ., and Increased stock from $ 1,000.000 to
$3,000,000. On Apr. 1 1911 purchased Oklahoma City & Suburban Ry
and on Aug. 1 1911 purchased the El Reno Interurban R y . and the city lines
and franchises in El Reno. The Oklahoma Ry. also owns the Guthrie City
R y.and the No. Canadian Valley R y. In 1911 increased stock from $2,000.
000 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
within city); Oklahoma City franchise perpetual, subject to right of city
to purchase property on Jan. 31 1932 or at end of any 15-year perloa
thereafter
El Reno franchise expires 1933; other franchises perpetual
The Guthrie-Edmond Electric R y . was incorp. in Dec. 1915 with $500,000
capital to build the extension from Edmond to Guthrie, 15 miles, placed in
operation July 20 1916.
STOCK AND BONDS—
Date.
Outstanding.
Maturity
$3,800,000 ...............
Common $10 000 000 ($ 1 0 0 ) - - ____
Pref $5,010.000C$100)5% c u m ____
1.795.900 Jan'12,1/4%
First and refunding mtge) 1908
347.000 Jan 1 1938
5 g J-J
$3,000,000 ($1,000) gold c*]Int. at Safe Dep. <t Tr. Co . Plttsb Trusts
S
First & ref mtge $12,000,000] 1911
5 g J-J
3.653.000 Jan 1 1941
gold ($1,000)__________ c**Tnt at Mississippi Valley Tr. Co., St. Louis.
j Trustee, or Harris Tr. & Sav. Bk., Oblc
Junior M g bonds ($1,000).c f 1916
6 J-J
350.000
See texi
Red at 101/4 and interest)Int at Miss. Vail. Tr. Co St Louis . Tr
Bond-secured notes $825,000) 1921 8 g J-J 1
825,000 Jan 1 1928
($100, $500 & $1,000) call./Interest at Mississippi Valley Trust C o.,
St. Louis, Trustee.
at 103 and interest_______ j
Bonds.— Of the 1st & refunding bonds o f 1911, $347,000 are reserved to
retire underlying bonds; remaining bonds can be issued at not exceeding
80% o f cost of extensions, enlargements and additions un le- certain re
OSSINING, N. Y.
strictions. Subject to call at 105 and interest on any interest date since
HUDSON RIVER & EASTERN TR AC TIO N CO.
Jan. 1 1921. V. 92, p. 1110. $680,000 are pledged as security for the
O RGAN IZATION .— Incorporated In New York on Feb 14 1906. On
8% notes due Jan. 1 1928- N o sinking fund, but bonds have a renewal
vlay 23 1911 Pub. Serv. Comm, granted permission to build au extension
fund of 2% per annum on bonds out. The first and refunding mort
gage of 1908 is limited under the terms of the 1st & refunding mortgage 'rom Ossining through Briarcliff Manor, Pleasantville and Sherman Park
;o White Plains, 17 miles. 3 miles in Ossining are in operation
On Dec.
o f 1911 to $2,500,000, of which $2,153,000 are deposited as additional
security for 1st & ref. 5s o f 1911 and $347,000 are out. Mtge. bonds of 17 1911 Pub. Serv. Comm. auth. $806,000 additional bonds to complete
ixtension to White Plains (V. 94, p. 68), of which $55,000 have been issued.
1908 can be called on 90 days’ notice at 110 and interest. No sinking
fund. The junior mtge. bonds mature $15,000 s.-a. from Jan. 1 1918
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
to July 1 1925 and $260,000 on Jan. 1 1926. They are secured by a lien
■Stock $400,000......................... ..........
.................
$84,000 ___________
on the entire property subject to $4,000,000 underlying bonds, and also
st mortgage $1,000,000 gold/ 1907
5 g F-A
130,000 Feb 1 1957
cover the extension from Edmond to Guthrie, subject to a construction
($ 1 ,0 0 0 )___________ c&rtf\Int. at Equitable Trust C o ., N. Y ., Trustee.
lien of $450,000 Exempt from all general taxes in Okla. V. 102, p. 1987.
Bonds.— Are subject to call on any int. day at 105 and Int.
The secured 8% notes, due Jan. 1 1928 are secured by (a) $680,000 1st
EARNINGS.—
& ref. 5s of the company; (5) $120,000 Guthrie Ry. 1st Mtge. 5s; (c) $500 - taxes, $4,930; int.,For year ending Dec. 31 1922, gross, $31,508; net, after
&c.,
In 1921, gross, $30,053:
000 Guthrie-Edmond Elec. R y. 1st Mtge. 5s. The notes are conv. at any net, after taxes, $3,520; $9,783; bal., def., $4,853.def., $6,532.
int., &c., $10,052: bal.,
time before maturity or call into 1st & ref. bonds at the rate of 80, against
OFFICERS.— Pres., O. G. Bennett, Ossining; V .-P ., Winfield Post,
100 for the note. V. 112, p. 373, 563.
Dividends.— On pref. 1st div.— 5% — paid Jan. 1909 and 1/4 % quar. Ossining;-Sec.. Henry D . Swain, Ossining; Gen. M gr., W . L . Stratton;
I Treas., C. E. Hallett.— V. 110, p. 561; V. 112, p. 1740.
t o and incl. .Tan. 1912. None since.
OTTUMWA, IOWA.
(THE) OTTUMWA RAILW AY & LIQHT CO.
$647,000 com. stock owned by Northern States Power Oo. (M inn.).
ORGANIZATION.— Incorporated in Delaware on Dec. 11 1905 as suc
cessor to the Ottumwa Traction & Light Oo. The latter's franchises for
street railway, electric lighting and steam-heating plants were extended
by municipal election on July 8 1901 for 25 years. In 1917 secured a
10-year contract for the supply of wholesale electric power and light to
Batavia for distribution in various surrounding communities.
Exchange Offer.— 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
Co. 7% pref. V. 116. p. 616.
/
STOCK AND BONDS—
Date.
Interest
Outstanding. Maturity
Common ($100)____________ _____
_______
$650 000
See text
101.600 Apr '23 1 'i
Pref ($100) 7% cum ________ ____
Q-J 15
1,075,000 Jan 1 1924
1st and ref mtge $1,500,000/ 1906
5 g J-J
gold ($1,()00j __________ e*\ Int. at Central Trust C o., Chicago, Truste
Stock.— Pref is cumulative from and after July 1 1909: redeem at 110
and div. on 60 days’ uotlce
874"'. 100 pref stock hold In treasury.
Bonds.— Of the 1st & ref. M . for $1,500 000 $167,000 have been red.
The new bonds are subject to call at 103 and int. A sinking fund of 1%
per annum on bonds out commenced July 1 1909.
Dividends.— Tnitial div. on pref. — l :,4 % — paid Oct. 1909 and same
amount quarterly since to and including Apr. 1923.
EARN IN G S.— For years ending Dec. 31:
Calendar
Net after
Int. Charges
Bal. after
Year—
Gross.
Tores.
(Nett.
Int. Chnes
1922___________ -.-$638,273
$159,077
$137,488
$21,589
1921_______________ 605,447
141,931
118.665
23.266
ROA D .— Operates 13 miles o f trolley road in city of Ottumwa, Iowa
Weight of rails, 60-lb. T . Standard gauge. 34 cars. Also does munieipa
commercial and residence electric-l'ghting; 82 miles of distribution lines
and 19-5 miles of transmission lines; supplies electric power for stacionarj
motors, &c., and operates a system of steam heating, with 3 miles of mains
Present generating capacity, 7.03') h p
A 66,000-volt transmission line
from Ottumwa to Batavia, 11 miles, was completed early in 1918
Further
extension of 514 miles of transmission line connecting the city of Eldon with
the Ottum va-Batavia line has been made.
OFFICERS.— Pres , Arthur S. Huey: V.-Pres. & Gen. M gr., C. E.
Fahrney: Sec . R J Graf: Treas , J J O’ Brien; Aud., J. F. Winn; Gen.
Mgrs., Byllesby Eng. & Mgt. Oorp , Chicago, 111.— V. 113, p. 1574, 2407,
2505: V. 115. p. 437; V. 116, p. 616.
PADUCAH, KY.
PADUCAH ELECTRIC CO.— Incorp in Kentucky on Sept. 23 1919 as
successor by reorganization (see plan in V. 108, p. 1165, 1275) to the
Paducah Traction & Light Co. (for history see “ Electric Railway" Supple
ment o f Nov. 15 1919). Owns and operates the electric light, power, gas
and steam heating systems in Paducah, Ky., and through ownership of all
the stock (except directors' shares), of Paducah Railway Co . controls and
also operates the street railway system, serving a population estif
mated at 27,500.
Also owns all (except directors’ shares) the stock othe Paducah Realty Co. Principal franchises are free from burdensome
restrictions and in the opinion o f counsel, extend well beyond the maturity
o f the first mortgage bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
_______
$605,000 __________
Common $605,000 ($25)______ _____
Preferred $595,000 cum______ _____
7%
None
1st M $1,000,000 ($100. $ 5 0 0 ( ___
5%
236,400 ___________
& $1,000) Ser “ A ’’ _c*r*-tf-| 1919 6 g J-J 1
686,600 July 1 1924
Series “ B " _______________I Inf’, at State Street Trust f 'o ., Boston, trus.
Oonv debentures $576,0 0 0--r/ 1919 6%
576,000 Mav 1 1939
\Int. at State Street Trust C o., Boston, trus.
Stock.— The 7% pref. stock is reserved for the conversion of the 6%
debentures after Jan. 1 1924.
Bonds.— In addition to being a first lien on the company’s physical, &c.,
property, the 1st mtge. bonds are secured by all (except directors’ shares)
the stock of the Paducah Railway Oo. and Paducah Realty Co. The
escrow bonds may only be issued under certain restrictions of the trust
deed. $100 are held in treasury. Red. at 100 and int. at any time
on 30 days’ notice. The 6% debentures are convertible at option of "holders
Into 7% cum. pret. stock after Jan. 1 1924.
Latest Earnings.— For 12 months ending Dec. 31:
Year—
Gross.
Net.aft.Tax.
Tnt..&c. Bal-.Surp.
1922____________________ $561,187
$201,821
$101,394
$100,427
1921____________________ 529,886
134,519
96.795
37,721
ROAD, &C.— Owns and controls 18.3 miles street railway track; standard
gauge; 30 passenger and 2 other cars. Power station capacity 3,675 k. w
Gas plant has a daily generating capacity of 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. 1367, 1987.
PARKERSBURG, W. VA.
KANAWHA TRACTION & ELECTRIC CO.
Control.— On July 1 1917 control was acauired by the Monongahela
Valley Traction Co., now the Monongahela West Penn Public Service Co.
(see under Fairmont, W . Va.). Under an operating agreement effective
July 1 1917 for 5 years or until terminated by either party on 6 months’
notice, the Monongahela Co. manages all this co .’s properties, takes all
revenues, guarantees debts and renders an account at the close of each
year ending June 30.
ORGANIZATION.— Incorp. in April 1915 and on June 7 1915 absorbed
by consolidation the Parkersburg, Marietta & Interurban Ry., which was
Incorp. in 1902 in W. Va., and purchased the properties of the Parkersburg
Gas, Electric Light & Street Ry., Parkersburg Interurban Ry. and Marietta
Electric C o., and on July 1 1911 the properties o f the Muskingum Traction
C o. Franchises perpetual or for long periods. The co. guarantees the
mortgage bonds of the Parkersburg & South Side Bridge Co.
Decision.— In Feb. 1920 the Supreme Court o f Appeals upheld the right
o f the city o f Parkersburg to collect a certain percentage o f the co.’s gross
revenues under the franchise agreement. V. 110, p. 561.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common stock $1,500,000___ _____
_______
$1,100,000 --------------Pref stk $1,500,000 6% c u m . . ____
Q-J
i , 078,500
See text
1st & ref M $5,000,000 gold/ 1916
5 g F-A
1,700,000 Aug 1 1936
($100, $500 & $1,000)-C*tfllnt. at Fidelity Trust C o., Baltimore, M d.
1st M gold Parkersburg lines.. 1898
5
150,000
1938.
Consol mtge all lines________ 1902
5
550,000
1942.
Stock.— Preferred stock is cumulative from July 1 1916. All of the out
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
pany’s needs require. The present series, Series “ A ,” is in the authorized
amount of $2,000,000, of which $1,700,000 were issued in April 1917 to
retire the $1,100,000 2-year 5% notes due June 15 1917, and $150,000
Marietta Electric Company bonds paid April 1 1917, and for extensions,
&c. Provision is also made for refunding other underlying bonds at or
before maturity. The bonds are subject to call on any int. date at 105.
Fidelity Trust Co. and Van Lear Black of Baltimore are trustees. 1st
Mtge. bonds on Parkersburg lines are subject to call.
Dividends.— Divs. o f 114% quar. on pref. stock were begun Oct. 1 1915.
EARN INGS.— For years ending Dec. 31 (see above under “ Control” ):
Calendar Year—
Gross. Net after Taxes. Interest. Bal., Surp.
1921_________ ___________$928,269
$228,899
$133,049
$95,850
1920____________________ 945,457
246,592
120,000
126.850
PR OPERTY.— Has system of street railways In the cities of Parkers
burg, W. Va., and Marietta, Ohio, and an interurban railway from Parkers
burg, W. Va., to Marietta, and from Marietta through Lowell, Ohio, to
Beverly, Ohio, aggregating 60.84 miles. Uses bridges of Marietta Parkers
burg Bridge Co., one crossing the Ohio River at Marietta, O., and Williamstown, W. Va., the other crossing the Little Kanawha River at Parkers
burg, W. Va., In which it owns the entire stock. Supplies all electricity
for light and power in its territory except street lighting in Marietta. In
93
ELECTRIC RAILW AYS
A pril, 1923.]
January 1916 completed a new modern electric generating station in Park
ersburg with a total capacity of 12,500 k. v. a., of which 6,250 k. v. a. Is
Installed, and owns 1 steam electric station, 1,600 h. p. for reserve and
emergency purposes.
OFFICERS.— Pres., G. M . Alexander; V .-P ., Thos. Logan; Sec. &
Treas., O. F. Lough; Asst. Sec. & Asst. Treas., S. E. Miller.— V. 104, p.
1145, 1702; V. 105, p. 1522; V. 110, p. 561.
PATCHOGUE, LONG ISLAND, N. Y.
SUFFOLK TRACTION CO.
On Oct. 10 1919 the co. ceased operating owing to the refusal o f the
Patchogue Electric Light Co. to furnish it with any more power unless the
co. paid its hills. V. 109, p. 1527. For last statement of this company
published see the “ Electric Railway” Section of Sept. 29, 1918.
PATTON, PA.
NORTHERN CAMBRIA RV. CO.
O RGAN IZATION .— Organized as successor to the Northern Cambria
8treet Ry Co . sold under foreclosure Mar. 31 1918. V. 108, p. 2229.
Fares— tn 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.
R O A D .—Operates 13 miles between Patton, Carrolltown, Spangler,
St. Benedict and B irnesboro. Standard gauge, 70-lb. T and girder rails.
OFFICERS.— Pres., Jas. H. Allport; V .-P ., O. O. Adams; Sec., C . L.
Calahan; Treas., C. A . Sharbaugh.— V. 106, p. 2229, 2450.
PEEKSXILL, N. Y.
PEEKSKILL LIGHTING & RA ILR O \D .
In 1909 Westchester Lighting C o ., controlled by Consol. Gas Oo. o fN . Y .,
purchased the entire common stock and a block of pref. of the Peekskill
Lighting & RR
See Westchester Lighting C o., V. 89. p. 108.
ORGANIZATION.— Incorporated as the Peekskill Lighting Oo. on J u ly
12 1900; subsequently purchased the Peekskill Gas Light Oo. and Peekskill
Electric Light & Power Co. Name changed as above upon purchase of tb e
Peekskill Traction on Aug. 31 1900 Comprises all the gas, electric tight,
power and street railway interests of Peekskill. Franchises of electriclighting plants and railways are perpetual. Qas franchises liberal.
Fares.— In Dec. 1922 the co. was auth. to increase fares from 7 to 10
cents. V. 115, p. 2906. See also V. 116, p. 1412.
STOCK AND BOND3—■
Date.
Interest. Outstanding. Maturity
Oorarnon $500,000 ($ 1 0 0 )-._______
_________
$500,000
1910, 4%
Preferred $150,000 6% c u m . . - ____
6 J-D
130.500 Dec ’ 17, 3%
1st mtge $750,000 ($1,000)1 1900
5 g A-O
616,000 Oct 11930
c r n M mi nnrti u u t Pu n ru ___________ u * )I m u e r o s L »i>. in . V . T rVunsoi f» v ; o V T
gii l r ir i nu l
L N , n
- TriLorcxaf. o f XT i
i
V
y
. 'Pn in cL n n .
r n S f ee
Stock.—$19,500 par value pref. stock has been reacquired by the co.
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
$10.80 per bond outstanding, beginning Oct. 1903. The remaining bonds
can only be issued for extensions, &c., at 75% of actual cost, and only when
net earnings of the previous 12 months are equal to at least twice the inter
est on the outstanding bonds and the proposed issue. See V. 71, p. 913.
$14,000 are in treasury.
Dividends.—6% per annum paid on pref. stock up to Dec. 1917. Nona
since. On common, in 1908, 1% ; in 1907, 3>4%; in 1908, 4% ; in 1909.
1%: in 1910. 4% . None since.
E VRNINGS.— For years ending Dec. 31:
Oil Yrs.—
Gmss.
Net aft. Tax. Other Inc. Fired Chges.Sic. balance.
1922-----------$419,169
$60,744
$914
$63,031
def.$l,373
1921----------- 378.954
60,810
80 5
60.010
sur. 1,585
ROAD.— Owns and operates 10.71 miles of track in Peekskill and to Lake
VIobegan and Verplanck’s Point, with branch to State Camp.
OFFICERS.— Pres., F. A. Stratton. M t. Vernon; V.-P., k. Gen. M gr.
V C. Firner, Ossi ling: Sec.. Dr. B. W. Still .veil: IV • s. R V. O irter;
V
•
Asst Treas., H. D. Swain, Ossining. General office. Peekskill. N Y.—
V. 106. p. 190; V. 108, p. 2529; V. 113, p. 2080; V. 115, p. 2906; V. 116,
p. 1412.
PUTNAM & WESTCHESTER TR AC TIO N CO.
O RGAN IZATION .— Incorporated in New York in July 1906. Stock
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
Trust C o.. New Yor<, trustee. Subject to call at 105 and int. Earn
ings fur 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., Oeo.B.
McCoy; V.-P., Frank M. Dain; Treas., Alfred J. Mason; Sec., H D. Swain.
Asst. Treas. & Asst. Sec., Chas. Le Clair.— V. 106, p. 190; V. 108, p. 2529.
PEN A RG YL , PA.
SLATE BELT ELECTRIC STREET R Y .— A trolley road.
Receivership — In Feb. 1922 O. J. Mutchler was app >inted receiver for
the co. on application of First Nat. Bank o f Bangor. V l i t p 948.1288.
In Aug. 1922 the receiver was auth. to Issue $21,000 receiver’s ctfs. V. 115,
p. 870.
Reorganization Proposed.— See V. 115, p. 870.
’
ORGANIZATION.— Incorporated in Pennsylvania on Feb. 14 1899.
Was formerly leased to the Lehigh Valley Traction C o., but lease canceled
on May 10 1904. owing to default in payment of rental. 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.
D o d s o n , B e th le h e m , P a .; W . W . D o u g h te n , B ro w n B ros. B ld g .. P h ila d e l
phia, Pa.; Thomas A. Keck, Falmouth, Mass.; Frank M. Horn, Catasau11a, Pa.; Hubert E. Rogers, Sec. & Counsel, 60 Wall St., N. Y . C ity.
41
Depositary; New York Trust C o., N . Y . See V. 103, p. 2156.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $360,000 ($50)______________
_______
$360,000 __________
First mtge. $130,000 gold/ 1912
5 g J-J
130,000
1942
($500 & $1,000)______c * tf (Int. atthe E. P. Wilbur Tr. C o.,So.B eth.,Tr.
Second mtge. $270,000 gold/ 1912
4 g J-J
270,000
1942
($100. $500 & $ 1,000)-c*tf\Int. at E. P. Wilbur Tr. C o., So.Beth., Tr.
Bonds.— 1st mtge. bonds are callable at 102 on any int. date. 2d mtge,
bonds are subject to call at par on any interest date. Int. on 2d M . bonds
is in default.
EA R N ING S.— Year ending Dec. 31 1917, grass, $102,808; net, after
taxes, $25,126. In 1916, gross, $90,599; net, after taxes, $23,498.
R OAD.— Operates 18 miles o f track from Nazar.eth to Bangor. 67-lb.
rails. 10 cars. 6 miscellaneous cars.
OFFICERS.— Pres., A. H. McAdams, Phila., V .-P .. Dr. J. O. Keller;
Sec., G. A. Schneebeli; Treas., Thomas J. Ryan; Gen. M gr., J. T . Hamil
ton.— V. 103, p. 2156; V. 104, p. 765; V. 114, p. 948,1288; V . 115, p. 870.
PENNSGROVE, N. J.
SALEM & PENNSGROVE TRACTION CO.
ORGAN IZATION .— Incorp. in New Jersey Sept. 14 1915. Completed
a line from Pennsgrove to Salem, N. J., 14 miles long, of which 34$ miles
between Pennsgrove and Deep Water Point has been in operation since
Aug. 15, 1916, and the whole line to Salem (14 miles) since Jan. 22 1917.
70-lb. T rail; gauge, 4 ft.
in. 19 pass, cars, 1 combination snow plow
and work car.
Voting Trust.— The stock has been placed in a voting trust for five years,
under which dividends are restricted to 6% per annum until at least half
of the 2d mtge. bonds and’ all of the 1st M . bonds outstanding In excess
of $225,000 have been retired.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Stock $850,000 ($100)_____________
_______
$187,500 __________
1st mtge $750,000 gold ($100,1 1915 6 g J-D
398,700 Dec 1 1935
$500 and $1,000)_____c*tf jInt.at Pa. Co. forlns.on Lives,&c.,Phila.,tr.
Second mortgage $100,0001 1915 6 g J-D
93,000 Dec 1 1935
gold ($1,000)_________ c * tfj Int. at Wilmington (Del.) Trust C o ., trustee.
94
ELECTRIC RAILW AYS
[ V ol. 116,
Bonds.— Remaining first mtge. bonds are issuable for additional equip
ment, power plant and other property. The mortgages provide that the
company s net income be applied— 80% to the 1st M. and 20% to the 2d M .
bonds— to the_purchase of bonds at not over par and interest, or to their
call at that price, the bonds to be canceled. This sinking fund, however.
Is not to exceed $50,000 in any one year and is to be reduced to 2% o f
bonds outstanding when half the 2d M. bonds and all 1st M. bonds out
standing in excess o f $225,000 have been retired. The fund became opera
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.
du Pont de Nemours & Oo.
E A R N IN G S.—
Gross
Net after
Bond
Balance,
Period Covered—
Earnings. Tax.,Depr.,&c.
Int.
Surplus.
Year ending Dec. 31 1922-..$107,010 def.$22,9S4
$29,457 def.$o2,441
Year ending Dee. 31 1 9 2 1 ... 86.392 def.39,634
29,502 def 69,136
OFFICERS.— Pres., C. N. Martin: V .-P ., W. W. Hepburn: Sec. &
Treas., W. E. Ervin.— V. 102, p. 886: V. 104, p. 765; Y. 110, p. 1090, 1527.
The Peakiand Corporation was formed during 1909-10 with $50,000
stock (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 M ay 1917 acquired the Jersey Central Traction Oo.
(which see under “ Keyport, N. J.“ ) and the Monmouth Ltg. Co.
The American Railways Co.-Natl. Gas. coll. tr. 5% bonds due M ar. 1
1922 were extended for 5 years at 6 % . V. 114, p 1405.
New Pref. Stock— Financing Plan.— On May 18 1920 the stockholders
voted in favor of a new issue of $4,000,000 2d 7% cum. pref. stock. Y. 110,
p. 2290. -It was originally planned to issue this stock in connection
with financing plan (see this Section for Oct. 30 1920). but the plan
was so amended as to provide for the issuance of the 7% income bonds
Instead.— V. I l l , p. 587. The plan also provided for the funding of
approximately $3,500,000 of notes payable to banks and bankers into a
5-yr. 8% note of the co. secured by about $4,500,000 of bonds of the sub.
cos.— See summarized plan in this Supplement of Oct. 30 1920.
Refinancing Plan.— On Feb. 1 1923 the stockholders approved a re
financing plan under provisions of which the Consolidated Light, Heat &
Power Co. (now Consolidated Power & Light Co.) acquired from the co. all
PENSACOLA, FLA.
the com. stock equity held in the following subsidiaries:
(1) Ohio Valley Electric Ry.; (2) Ironton Elec. Co.; (3) Boyd County Elec.
PENSACOLA ELECTRIC CO.
R e c e iv e r s h ip On Jan. 261920 Federal Judge Sheppard appointed James G. Co.; (4) Lynchburg Trac. & Light Co.; (5) Roanoke Trac. & Light Co.
The entire com. stock of the Consolidated Light, Heat & Power Co.
Holtzclaw, receiver for the company, on complaint of the Old Colony Trust
O o., Boston, the company being unable to operate at a profit on a 5-cent (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
fare. V. 110, p. 465.
Fare Increase.— In Jan. 1921 the co. was auth. to increase fares to 8 cents transferred. With the funds so received the co. retired $2,916,000 3-yr.
7Vi% notes due Feb. 1 1925, $2,000,000 Amer. Rys.-Ohio Valley Elec,
cash with tickets at 7 A cents. V. 112. p. 373.
coll. tr. 5% bonds due Jan. 1 1981. $987,500 Amer. Rys.-Lynchburg &
O R G A N IZA TIO N .— Incorporated in Maine on July 6 1906, and Is suc Roanoke coll. tr. 5% bonds due Jan. 1 1930 (coll. tr. notes to the tota
cessor to the Pensacola Electric Terminal Co. Owns the securities of he amount of $8,000,000 are to be retired in accordance with terms of plan)l
Escambia County Electric Light & Power Co. Does all the street railway canceled $1,100,000 5-yr. 8% notes, leaving $2,400,000 of these notes;
and (through the Escambia County Elec. Lt. & Pow. Co ) the entire electric outstanding. $2,305,000 Wilmington & Cnester Trac. coll. tr. 6s due
lighting and power business o f Pensacola. Railway franchise expires' in April 1 1923 were extended for 10 years to April 1 1933. The $4,000,000
1933: lighting franchise perpetual.
2d pref. stock auth. (none issued) was canceled and the auth. amount of
Up to April 1921 no provision had been made for the payment of the 1st pref. stock was increased from $4,000,000 to $8,000,000, and $1,076,800
$281,900 7% notes due Jan. 1 1921. Compare V. 112, p. 653.
of this increase was issued as a 19 M % div. on the pref. stock, clearing up all
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. 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.
Common $1,050,000 ($100)________
_______
$800,000 __________
The plan was underwritten and bankers purchased a bond issue of $7,000,000
Pref $500,000 ($100) 6% c u m . ____
J-D 1
300,000
See text
1st mtge $1,500,000 gold._tf\ 1906
5 g F-A
1,149,000 Aug 1 1931 and $1,500,000 of 7% pref. stock of the Consolidated Power & Light Co.
JInt. at Old Colony Tr. C o ., Boston. Trustee. of Huntington, W. Va. (which co. see on a subsequent page). For full
details of plan see V. 116, p. 293, 514, 615.
Coupon notes $500,000 goldl 1919
7 g J-J
281,900 Jan. 1 1921
($100. $500 & $1,000) _c*tf( Int. at Old Colony Tr. C o., Boston, Trustee.
STOCK AND BONDS—
Date.
Interest. Outstanding.
daturity.
Stock.— The preferred stock is redeemable at 115.
Bonds.— $159,000 are reserved for additions and Improvements at 80% Common $17,000,000 ($50)........ ....
J-D 15
$9,460,000 See text
o f cost. A sinking fund o f 1 A % per annum o f bonds outstanding began 1st pref 7% cum $8,000,0001
Dec. 1 1907, first five payments were waivable, but became a fixed charge
($100)...................................J ------7 Q-F
5.076,890
See text
on Dec. 1 1912. Bonds subject to call as a whole at any time at 105 and
5-year 8% notes----------------- -------8%
3,500,000
1925
5 M-S
1.750.000 Mar 11927
ant.. and in part for sinking fund only. V. 83, p. 156; $192,000 have been Coli trust $1,750,000 gold___ 1917
2.500.000 Aug 1 1931
canceled. Coupon notes are callable as a whole at 101 and int. on 30 days’ Oollat Trust $2,500,000 gold) 1911 5 F-A
notice. $218,100 is in treasury.
conv ($500 & $ l,0 0 0 ).c*tf lint, at Merchants’ Un. Tr. Co., Phila.. Trus.
Dividends.— First div., of 3% , was paid on pref. June 1 1907 and 3% was Income bonds (see ’ex d . _
_
_
7%
1 113 9’ 0
1940
paid Dec. 2 1907. In 1908 June dividend passed because of strike on com- Nat Gas coll trust $1,000,0001 1917
6 M-S
97L680 Mar 11927
pany's lines. None to Dec. 1909, when 3% regular and 3% extra on
($100, $500. $1,000)-C *.tf flat, at Commercial Tr. Co., Phila., trustee.
account of accumulation were paid.
March 1910 paid another 3% on Jersey Central Tract coll trl 1917 6 g M-S
570.000 Mar 1 1947
account of accumulations; June 1910 3% regular and 3% extra, paying up
$570,000 gold ($1,0001 c*tf lin t, at Commercial Tr. Co., Phila., trustee.
all accumulations: Dec., 3% . In 1911, 1912 and 1913, 6% . In 1914.
Purchase money notes Wilm.i ____
5%
178.875 __________
& Ches. Tr. coll, trust____|
June, 3% . None to June 1916, when 3% was paid. In Dec. 1916 3%
6 F-A
15.000
See text
and 1H % extra account o f accumulations. In 1917, 6 % . In 1918, 6% . Car trust ctfs Series “ A ’’ \ 1913
($1.000)_______ ________ tfj
Dividends in arrears, 16VS%.
EARN ING S.— For 12 months ending Dec. 31:
Car trust ctfs Series “ B ” \ 1914
6 F-A
48.000
See text
Year—
Gross. Net (after Tax.) Interest. Sink.Funds. Surplus.
($ 1 .0 0 0 ).....................c*ntf j
5 F-A
72.000
See text
1919----------------- $543,592
$102,274
$100,485
______
$1,789 Car trust certificates Ser “ C ” \ 1916
1918___________ 508.050
145,668
87,067
______
58.601
($1,000) _______________ c|Logan Trust Co. of Philadelphia, trustee.
6 A-O
107.000
See text
R OAD.— Operates 24.49 miles of track, 0.62 miles trackage; standard Car tr cert Ser D ($1,000) .c * tf 1917
Stock — Pref. stock is red. at any time at 110. Pref. & com. stock are
gauge; 30 motor and 11 trail passenger cars and 10 other cars. Power sta
listed on Philadelphia Stock Exch. The pref. stock was auth. by share
tion has 2,800 k. w. capacity.
OFFICERS.— Pres., Geo. J Baldwin, N. Y., V.-P., Ohas. F. W. Wet,
holders on Oct. 17 1912 (V. 95. p. 889, 1038. 1206) and the auth. amount of
terer: Sec.. Geo A. Peirce; Treas., Henry B. Sawyer: Managers, Stone & common sto k was reduced from $25,000,000 to $21,000,000.
Webster M gt. Assn., Boston, Mass.— V. 112, p. 373, 653; V. 115, p. 2581.
Notes.— 8% 5-yr. notes are secured by deposit of $4,550,000 bonds o f
subsidiary companies.
Bonds.— The collateral for the bonds of 1917 consists of $1,475,000 stock
PEORIA, ILL.
of Altoona & Logan Val. Elec. Ry. and $1,975,000 stock of Scran Ry. Co.
Coll, trust bonds of 1911 have no sinking fund but bonds are subject to
PEORIA RAILW AY TERM INAL CO.— For statement o f this company
call on any int. date at 102. The collateral for the bonds consists of $2,Me our “ Railway and Industrial" Section.
250,000 stock (out of $2,500,000 issued) of the People's Ry. of Dayton and
$1,600,000 first consol. 5s of the Chicago & Joliet Elect Rv.
The Jersey Central Trac. coll, trust 6s are secured by $531.400 com. stock
PETALUMA, CAL.
of the Jersey Central Trac. Co. and $305,000 com. stock of the Monmouth
Lighting Co. Redeemable at 102 and int. on any int. date. The National
PETALUMA & SANTA ROSA RR.
O RGAN IZATION .— Incorporated in California on Aug. 23 1918 as suc Gas coll. tr. bonds were originally 5s and matured Mar. 1 1922, but were
cessor to the Petaluma & Santa Rosa Ry. in accordance with reorganization extended for 5 years to Mar. 1 1927 at 6 % . V. 114, p. 1061, 1405.
plan outlined in this publication o f Sept. 29 1918.
Car Trust Certificates.— Of Series “ A ,” 15certfs. mature Aug. 1 each year.
6o 1923 inclusive. Series “ B,“ 11 ctfs. mature Aug. 1 1915 to 1925 lncl.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
15 mature Aug. 1 1926. Series “ C ” ctfs. mature $12,000 yearlv Aug. 1
Com stock $1.000.000 ($100).................................
$770,700 ........... .......
to 1928. They were issued by the Logan Trust Co. and unconditionally
Pref cum $250,000 ($100).................
6%
173.600 ...................
1st mtg 25-yr $750,000 ($100) 1918
5 A g M-S
626,800 Sept. 1 1943 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
& $l,000i g __________ c&rj First Federal Trust Co. San Francisco. Tr.
123,000 July 1 1927.
Stock.— The common Rtock Is deposited with the First Federal Trust Co
for 7 years under proxy agreement: pref. stockholders have the right to
CONTROLLED.— The following is a list of the securities owned by
elect a majority o f directors in case o f non-payment of their dividends.
the American Railways Oo. as of Dec. 31 1922:
Preferred stock is redeemable at par.
Owned by
Book
Owned by
Book
Bonds.— Callable at 105 for sinking fund. $13,000 retired and $58,600 re
S to ck s —
S
—
V a lu e.
A .R .C o .
V a lu e .
acquired and held alive. The mtge. provides that earnings ordinarily appli A m tockss . of D e l. com A . R . C o .
. Ry
$1,000
$1,000 N ational Gas, E1.L.&
cable to com. divs. shall be apportioned as follows:
Pr. series B 6s___ $166,900 $125,175
Altoona & Logan Val
(1) If earnings justify and conditions permit, a div. o f 245 % shall be paid
Electric R y ______ 1,500,000
403,750 Niles Gas Lt. 1st 6s33,000
26,400
on com. stock. (2) Any amount remaining after such payment shall be
distributed 50% to common stockholders. 25% to a trust fund to retire B oyd C o. E le t t r ic .. 220,000 214,800 Ohio Valley Elec. R y .
1st 5s _______ __
14,000
11,200
1st M. bonds and 25% to retire preferred shares.
Remaining unissued, CHic.& Joliet El. R y.
Preferred________ 1,350,000 1,350,000 Rom e Gas, Elec. Lt.
bonds are reserved for construction. Int. payable inNew York& San Fran.
C o m m o n ________ 2,300.000
813,995
& Power 1st 53___ 145,000
116,000
Dividends.— On nraf. stock are being paid regularly.
1 % was paid on
the com. stock in 1919. In 1920, 1% . In 1921,1% . In 1922, M ay, 1% ; Consol. L t.,H t.& P r. 865,000 865,000 Scranton R y . 1st & 285,000
ref. 53____________
D ellw ood Park_____ 150,000
150,000
213,750
N ov., 1%.
Springfield R y . 1st 5s 353,003
Electric Securities:
280.050
EARNINGS.— For years ending Dec. 31:
1 referred_________ 125,000
125,000 Bridgeton Elec. 5 s . .
2,000
2,000
Year—
Gross.
Net.
Other Inc. Chgs.&Taxes.
Surplus.
C o m m o n ________
59,503 Jersey Central T r. 53 188,000
300,000
94,470
1922 __________ $559,705
$139,406
$14,192
$66,866
$86,732
Roanoke R y . & Elec.
Electr c C o. of N . J.
1 9 2 1 __________ 548,324
135,677
8,439
91,876
. 52 240
P referred_________
90,000
90,000
1st consol. 53_____
49,000
44,100
491,672 railway passengers carried in 1922, against 638,644 in 1921.
C o m m o n ________
267,500 248,901 Boyd C o. E lectric 5s 17,000
13,600
204,024 tons freight in 1922, against 159,950 in 1921.
Franklin Real Estate
10,000
10,000 Am. R ys. o f N . J.:
30,100
ROAD.— Operates 44.64 m .o f track from Petaluma through Sebastopol Ironton E lectric____ 179,500 179,500 Preferred_________ 30,100
C o m m o n _________ 155,700
12,562
to Santa Rosa, with branches Sebastopol to Forestviile and Liberty to Jersey Central T ra c.93,600
28,080 Am. R y s. C o.:
P referred________
Two Rocks. Connects at Petaluma with steamers for San Francisco.
Com m on . _____ 531,400
265,030
Ohio Val. E l. R y .
Owns steamers “ Gold” and “ Petaluma.” Standard gauge. 70-lb. T rails.
751,123
coll. tr. gold 53. 723,500
750,000
623,195
OFFICERS.— Pres., Thomas Maclay, Petaluma, Cal.; V .-P . & Gen. Lynchburg Tr. & L t- 305,000 305,000
onm outh
M gr., E. H. Maggard; Treas., Geo. P. McNear; Sec., R . Y7. Wise: A ud., Mat. Gas, L.&Lighting 1,381,900 939,287 G old notes 7 % ___ 243,000 242,850
N
P., com .
G old notes 8% —
993,500
993,500
H . W. von Emster.— V . 107. p. 697. 906. 1193, 1580, 1670.
Ohio Val. Elec. Ry_ 1,979,080 2,128,078
N at. Gas, E l. Lt.
PHILADELPHIA, PA.
UNITED NATIONAL U TILITIES CO .— For history see “ Electric
Railway Supplement” o f Oct. 22 1921.
N ATION AL PROPERTIES CO.
For history see “ Electric Railway Supplement of Oct. 22 1921.
AMERICAN ELECTRIC POWER CO.— (See Map page 95.)
Practically all the common stock o f this company (then known as the
American Railways Oo.) 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 Nov. 8 1920.
ORGANIZATION.— The American Rys. Oo. was lncorp. under laws of
N . J. in 1900 as a consolidation or 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.
& Power 5s____
2,734,228
2,0S0
50.000 Chester County Lt.
& Power 1st 5s___ 125,000
803,123
5,000
2,005,200 Logan Lt. & Pow er.
______
Chic. R ys. par. ctfs.
500,000 Chicago City R y ___
39,959 Johnstown Traction:
504,400
P referred________
Com m on . _____
4,060,580
8,000
Union Traction of
Philadelphia stock
12,500
565,780
W ilm . & Chester T r.
coll. tr. 6s_______ 507,000
1,280,000
W ilm . Southern T r.
1st 5s____________ 148,000
1,000,487
American R ys.:
26,350
20,500
Incom e bonds 7s. N at. Gas, El. Lt.&
23,880
Pr. coll. tr. 6s-_
439,279
Jersey Cent. Tr. 6s
20,919
900
1,733,200 N at. Properties, com .
95,250 Johnstown Traction
4% income bonds. 158,880
5,000
6,000
5,690 Southern Pa. Bus__
Peoples Railway____ 2,500.000
Peakiand C orp_____
50,000
Roanoke T rac. & L t- 1,000,000
Scranton R y ., c o m .. 1,999,350
Springfield Railway:
P referred________
500,000
C o m m o n ________ 994,400
Wilmington & Philadelph iaT rac.,com .4 ,060,000
Altoona & Logan Val.
El. R y . i ' A s _____ 700,000
Ch. & Jol. El. R y .
cons. m tge. 5s____ 1,600,000
Lynchb. Tr. & Lt.
cons. mtge. gold 5s 1,205,000
Bridgeton & M illville
20,500
T rac. 1st mtge. 5s.
Elec. C o. of N . J.
1st mtge. 5s______ 533,000
W ilm . & Phila. Trac.
1st & coll. tr. 5s_ 2,476,000
W ilm ington L.& P. 5s 127,000
Lynchburg Water
Power lat 5s____
2,060
103,250
1
94,166
21,070
504,000
5,145
15,106
507,000
111,000
21,960
18,250
10,312
900
79,440
5,000
A pril, 1923.]
ELECTEIC KAIL W AYS
at
96
R E PO R T .— For fiscal period:
1921.
Years ending Dec. 31—
1922.
Gross income, all sources $2,475,897 $1,964,499
Interest, taxes, &c_____ 1,341,377 1,400,416
ELECTKIC KAIL W AYS
[V
o l
.
116,
EARNING S.— For year ending Dec. 31 1922, gross, $59 ',705; net, after
taxes, $104,9S2; fixed charges, $127,054; bal., def., •$22,072.
OFFICERS.— Pres.. Paul C. Martin; V.-Ps H J. Crowley and O L. 8.
Tingley; Sec. & Treas., W . W. Perkins; Asst. Treas. & Com p., H. D . An
derson; Gen. M gr., P. E. O'Brien.— V. I l l , p. 1754; V. 115. p 1839.
Net income_________ $1,134,520
$564,083
$484,853$624,319 A ltoon a & Logan Valley Electric Railway.— Trolley.
(7)
Common dividends_____ ________
_________________________________
(3M)331,101
ORGAN IZATION .— Incorporated In Pennsylvania Aug. 5 1903. Own*
________
xl05,000 280,000
Preferred dividend (7%)
________
the entire $65,000 stock of the Lakemont Park Co., also $58,000 of the
$564,083
$369,853
$13,219 159,000 stock of the Home Electric Light & Steam Heating Co. of Tyrone
Surplus______________$1,134,520
(Into which the Blair Electric Co. incorporated in 1908 to do a lighting busi
x Dividend paid to M ay 15 1920.
ness, having perpetual franchise and 10-year contract to light town of BellCOM BINED EARN INGS OF CONTROLLED COMPANIES.
wood, was merged In 1910-11) and leases that company for 99 years from
1921.
1922.
1920.
Calendar Years—
Operating revenues_________________ .$19,342,698 $18,829,888 $18,836,225 July 1 1903; $54,000 of this stock is deposited as additional security for
Operating expenses & depreciation $13,302,912 $13,293,818 $13,951,112 the consolidated mortgage. In Aug. 1903 absorbed by consolidation the
904,463
973,789
708,520 City Passenger Ry. and the Tyrone Electric Ry. (previously owned) and
Taxes______________________________
Increased Its capital sotek from $500,000 to $1,500,000. V 77. p. 1745.
Operating income________________ . $5,065,997 $4,631,607 $4,176,593 in 1912 acquired the Logan Light & Pow. Co. of Tyrone, and operates same
92,512
Non-operating income_____________
106,660
116,196 In conjunction with the Home Elec. Lt. & Steam Htg. Co. V 94. p. 696.
The American Railways Co. owns entire stock Altoona & Logan Valley
Gross income____________________ . $5,158,509 $4,738,268 $4,292,789 Electric Ry. and $454,000 consolidated mortgage .bonds.
Interest, rentals, &c________________ . $2,663,643 $2,681,032 $2,615,878
STOCK AND BONDS— Date.
Interest. Outstanding. Last div..A t.
68,613
60,668
Sinking fund_______________________
55.565 Stock $1,500,000 ($50)__________ _________$1,500,000 See text
Consol mtge $4,000,000 gold] 1903 4 4 g F-A15 4,000 000 Aug 15 1938
Net income_______________________$2,426,253 $1,996,567 $1,621,346
($500 and $1,000) guar by] Interest at Equitable Trust C o., PhlladelD IV ID E N D S .— Quarterly divs. o f 1 % % each on pref. stock were begun
Amerlcan Rys O o__ c& r.tfl phla. Trustee.
in Feb. 1913 and paid regularly to and incl. May 1920. Aug. 1920 div.
Remaining $193,000 bonds are reserved for extensions. These bonds ars
deferred. None to Feb. 1923, when 19 M % (payable in pref. stock) was paid, guaranteed, p. & 1.. by endorsement by American Railways Co. No sinking
clearing up all accumulations. First div. on com. stock, 1% , Dec. 1900. fund and not subject to call.
In 1901 paid 1% each in Mar., June and Sept.; in Dec. paid 11£%. id
Dividends.— In 1896 paid 2 4 % : In 1896-97, 214%; in 1897-98, 1898-99,
1902 paid 1 4 % each in M ar., June and Sept.; in Dec. 1902 div. was in
1899-00. none; in 1900-01, 6 4 % : in 1901-02. 10%; in 1902-03. 10%; in
creased to 1 4 % , which rate was continued up to and Including Sept. 1914
1903-04, 5 4 % ; in 1904-05. 5.7% ; 1905-06, 6% ; in 1906-07, 5% ; in 1907-08.
In Dec. 1914 rate was reduced to 1 4 % (V. 99, p. 1450). In 1915 March.
154%: In 1908-09 and 1909-10, none; In 1910-11, 1 1-3%; In 1911-12, 1.43%.
1 4 % ; June, 1 4 % ; in Sept. 1915 rate was further reduced to 1% (V. 101, In 1912-13, 2.5% ; in 1913-14. 5% . For 6 mos ending Dec 31 1914 2.5% .
d . 526); Dec., 1% .
In Jan. 1916 dividend periods were changed to June In 1915, 4.35% . In 1916, 6% ; 1917, 8% ; 1918. 8% ; 1919. 9% ; 1920, 9% ;
and Dec. 1915. V. 102, p. 436 In 1916 and 1917. 4% . June 1918 divi 1921, 7% .
dend passed. V. 106, p. 2227 . 2343. None to June 1919. when 1 4 %
EARNINGS.— For year ending Dec. 31 1922. gross, $1,1 89.585; net, after
was paid In Dec. 1919. 1 4 %
None since V. 110. p 2386
taxes, $351,91 j ; fixed charges, $189,726; bal., sur., $162,193.
R O A D .— Total track about 435 miles; about 789 cars. See also Wtlmlng
ROAD.— Operates 54 miles of track, connecting Altoona. Bellwood.
ton & Phila. Trac. Do below. Also owns about 316 acres of land for parki
Rollldaysburg and Tyrone. Gauge. 5 ft. 3 In. Operates 124 cars.
In Altoona, Springfield, Joliet and Lynchburg.
OFFICERS.— Pres. Van Horn Ely; V.-Ps., H. J Crowley and G. L. 8.
OFFICERS of The American ttys. Oo.; Pres., Van Horn Ely. V .-Ps..
Tingley; Sec. & Treas., Walter W. Perkins; Asst. Sec.-Treas. & C om pt.,
John Gribbel, O. L. S. Tingley; Sec. & Treas., Walter W. Perkins; Asst
Frank J. Pryor Jr.; Gen. M gr., S. S. Crane.— V. 79. p. 680: V. 80, p. 649,
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. 710, 2456, 2619; V. 82, p. 333, 391, 803; V. 94. p. 699; V. 112. p. 1976.
M gr., H. J. Crowley. General offices, Witherspoon Bldg., 1321 Walnut
(8) S cranton Railw ay.— A trolley road
St.. Philadelphia.— V. 116, p. 514, 719, 1410, 1531.
American Electric Power Co. owns practically all o f the stock.
OR G A N IZA TIO N .—On Jan. 1 l8iL assumed an one assets auu llabllitiet
(1) Bridgeton & Millville T raction.— Trolley.
C o., &c. V. 63, p. 1064;
Service Abandoned.— The co. ceased operations on June 15 1922, owing to of the Scranton Traction merger of 21 companies. V 64, p 85. As at
its inability to operate the road at a profit. V. 114, p. 2239, 2822. A short present constituted, is athe Lackawanna Valley fromOperates, practically
without competition.
Forest City, in Sus
term lease, however, was obtained by Clayton McPherson to operate the quehanna County, to In
in Luzerne County,
abandoned line between Millville and Bridgeton, N. J. V. 115, p. 182. On the cities of Scranton. Pittston, and Oarbondale, andserving, among others,
Pittston
the boroughs of Arch
Dec. 26 1922 the Cumberland Traction Co. was incorp. in N. J. with a
capitalization of $200,000 to take over this line. V. 115, p. 2904; V. 116, hold. Blakely. Dickson City, Dunmore, Jermyn, Mayfield. Moosic, Old
p. 1411. For history of Bridgeton & Millville Traction see “ Electric Rail Forge, Taylor. Throop, Vandling, Avoca, Duryea, Forest City.
Franchises perpetual.
way” Supplement of Oct. 28 1922.
Valuation.— See V. I l l , p. 1662; also V. 112, p. 1867; V . 113. p. 629;
(2) B ridgeton Electric C o.— Acquired in 1899 by American Railways V. 116, p. 1761.
Oo. Merged into Electric Co. of New Jersey in 1919. For history, see
The $1,000,000 gen. mtge. 5s, due N ov. 1 1920. were extended for 5 years
“ Electric Railway” Supplement o f Oct. 22 1922.
at 7% and in addition holders were paid $50 in cash per $1,000 bond, thus,
netting the holder approximately 8% for the period of extension. V. I l l
(3) C hicago & Desplaines Valley Electric Ry.
Property of the company was purchased by the Chicago & Joliet Electric p. 1662.
R y . C o. June 30 1921, and has been merged into that co.
STOCK AND BONDS— Date.
interest. Outstanding.
Maturity.
Stock ($50)................................................... ..............$2,000,000 .....................
(4) C hicago & Joliet Electric Ry.— Trolley.
Scranton Ry lst&ref M $15,-1 1917
5:F-A
2.800.000 Feb 11947
OR G A N IZA TIO N .— Incorporated as a consolidation o f the Chicago A
000 000 g ($1,000)-_c*rtflin t, at Merch Un. Tr. C o., Phila., trustee
Joliet Rapid Transit C o., the Joliet Street Ry. and the Joliet R R . Is oper
Scran Trac 1st M $1,000,000/ 1892
6 g M -N
1.000,000 Nov 11932
ftted by power purchased from rue Puhlic Service Co. of Northern Illinois
($1,000) gold no opt _c*tf lint, at Merchants’ Union Trust C o., Phila.
The American Railways owns $1,600,000 bonds and the entire $2,300,000 Scranton Ry mtge $3.500,000 f 1897
5 g J-J
1.100,000 Nov 1 1932
com. and $1,350,000 pref. stock. In N ov. 1905 the American Railways
gold ($1,000)________ c*tfiN ew York Trust C o.. N Y City, Trustee
purchased 63 acres o f land near Joliet, which was converted into a park. Scranton Ry gen mtge $1.-/ 1910
7 M -N
1,000.000 Nov 1 1925
This park is owned by the Dellwood Park Co., all o f whose stock is held by
000,000 gold ($1,000)_ tf lint, at Equitable Trust Co., Phila., Trustee
_
the American Railways Co.
Scranton & Garb'd 1st mtge I 1893
6 g J-J
150.000
Jan 1 1943
Franchise.— In 1922 the company was granted a 20-year franchise by he
$1,000,000 g ($1,0 0 0).c*tf]ln t. at American Rys. Oo., Phila. Lack.
Town Highway Commission. V. 114. p. 1062.
Free of Stato tax
I T. & 8. D. C o., Scranton Trustee,
In Jan. 1921 the company was authorized by the Illinois P. U. Comm, to icrau & Pitts M $525,000 g( 1893
6 g A-O
295.500
Oct 1 1923
issue $1,350,000 pref. stock and $5,000,000 bonds and to purchase the Chi
($1,000 and $500)_ c*n tf]In t. at Union Trust. Trustee. Phila. Nos. 1
_
cago & Des Plaines Valley Elec. R y. V. 112. p. 161. The property of that
Guar by Scranton T ru st.. ! to 400 $1,000 each & Nos 401 to 650,$500
company was acquired as o f June 30 1921 and has been merged into the co.
1st M . Oarbondale Traction[ 1892
6 g J-J
150,000 July 1 1942
Co, c*&r, $150,000, gold/Interest at Central Trust C o., New York,
STOCK AND KONOS—
Date.
Interest. Outstanding. Maturity
($500 and $1,000)________ 1 Trustee.
Com stock $2,300,000 ($100)_______
_______
$2,300,000 __________
Oarbondale Ry gen mtge gold ( 1910
5 J-J
800,000 Jan. 11933
P r p fp r r f t H Q t/ip l/
1 Q
000
$800,000 guar p & 1_ c tf (Provident Life & Trust C o., Phila.. Trustee.
_
Chicago & Joliet"Electric" KyJ 1901
6 'g M -N
L600 >)()() May" Y 193'
I onds.— Of the $3,500,000 Scranton Ry. mortgage 5s of 1897. $1.400.000
g, $5,000,000 ($1,000) c*tf lint, at Illinois Tr. & Sav. Bk., Chic.. Trustee
Joliet RR general mtge, gold/ 1898
5 g M-N
400.000 Apr 30 ’ 23 are reserved to retire prior bonds at maturity. The Scranton & Pittston
bonds are guaranteed by the Scranton Ry. Scranton Ry. gen. M . bonds
$400,000 ($1,000 each)..tf\Fidelity Trust C o., Portland (M e.), Trustee
Bonds.— Of the new $5,000,000 mortgage, $400,000 are reserved to retire of 1910 are subject to call at any int. period at 102 and int. Originally
underlying liens. $2,200,000 of the outstanding capital stock of the Chi matured Nov. 1 1920 and bore int. at 5% but were extended for 5 years
at 7% . V. I l l , p. 1662.
cago & Joliet Electric R y ., $1,000.000 of the $1,100,000 stock and $1,000,
First mortgage o f Oarbondale Traction has a sinking fund o f $2,500 per
900 (entire issue) bonds of the Chicago & Desplaines Valley Electric R y . are
deposited under this mortgage as collateral security. Entire issue of the annum after July 1 1895, but bonds cannot be called. The boqds
originally matured July 1 1922 but were extended for 20 years. V . 115,
$2,000,000 gold 5s may be called at 105 and int. The $400,000 Joliet RR
p. 74. Oarbondale R y. mtge. for 1910 is unconditionally guar., p. & 1.,
gen. mtge. 5s originally fell due in 1918, but were extended for 5 years.
hv Scranton Ry. Subj. to call on anv int. date at 105 & int. V. 93. 0.1785.
V. 106, p. 1343. •
Scranton & Oarbondale 1st mtge. 6s originally matured Jan. 1 1923, but
E A R N IN G S.— For year ending Dec. 31 1922, gross, $906,622; net, after were extended for 20 years to Jan. 1 1943.
taxes, $133,664; fixed charges, $138,200: bal., def., $4,536.
The 1st & ref. 5s of 1917 are callable since 1922 at 1024 and Int. Guar.,
R O A D .— Extends from Joliet to the Chicago city limits, with a branch to
p & L, by endorsement, by Amer. Rys. Co. $4,896,000 are reserved for
Lyons. Has 85.23 miles o f track. Line between Joliet and Chicago was underlying bonds and $7,604,000 for impts. under certain restrictions.
formally opened Sept. 25 1941. 82 passenger and 18 other cars.— V. I l l ,
V. 104. p. 1703
p. 692; V. 112, p. 161; V. 113, p. 70, 2503; V. 114, p. 1062.
Dividends.— Since 1906 paid dividends varying from $125,000, the mini
mum, to $263,000, the latter amount In 1914; $175,000 wa« paid In 1915
(B) People's Railway (D avtori).— A trolley road.
Acquired in 1899 by the American Railways Co. (now American Elec and $195,000 In 1916. In 1917, 5% ; 1918. none: 1919, 6% ; 1920, none:
tric Power C o.).
1921. 3 4 % .
ROAD.— Owns and operates all the street roads In and around city of
ORGANIZATION.— Incorporated in Ohio June 18 1896. Comprises 3i
miles o f track in Dayton, Ohio; operates 99 cars. The American Railway* 8cranton. aggregating 90 miles. Operates 206 cars.
Oo. owns entire capital stock. In June 1908 authorized amount of stock
EARNING S.— For year ending Dec. 31 1922, gross, $2,283,558; net,
vaa increased from $1,100,000 to $2,500,000.
after taxes, $452,373; fixed charges, $461,356; bal., def., $8,982.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
OFFICERS.— Pres., Van Horn Ely; V.-Ps., Henry J. Crowley and O. L.
- ...........
$2,500,000 __________
Stock. $2,500,000 ($100)...................
S. Tingley; Sec. & Treas., Walter W. Perkins; Asst. Sec.-Treas. & Compt.
First mtge “ White Line,” f 1895
5 g A-O
300.000 Oct 1 192f
Frank J. Pryor, Jr.; Gen. M gr., Jilson J. Coleman.— V. 110, p. 2293, 2488:
$300,000 ($500) gold. red]Interest at Union Savings Bank & Trust Co.
V. I l l , p. 74, 295, 1662; V. 112. p. 1867, 2085; V. 113, p. 629; V. 115, p. 74.
Oct 1 1900 at 110______ ntf 1 Cincinnati, Trustee.
(9) C onsolidated Power & Light C o.—
200,000 Jan 1 1927
First mtge “ People’s R y "[ 1897
5 g J-J
Entire com. stock owned by American Electric Power Co.
$200,000 ($500). gold, red/ Interest at Union Savings Bank & Trust Co.
at 110________________ n tf l Cincinnati, Trustee.
ORGANIZATION.— Incorp. in Feb. 1923 as successor to Consolidated
EARN ING S.— Year ending Dec. 31 1922, gross, $718,107; net, after Light Heat & Power Co. (V. 104, p. 75). Acquired all the com. stock
equity held by the American Rys. (now Amer. Elec. Pr. Co.) in the follow
taxes, $136,453; fixed charges, $37,830; bal.,.sur., $93,593.
ing cos.: Ohio Valley Electric R y., Ironton Elec. Co., Boyd County Elec.
OFFICERS.— Pres., John A. M cM ahon, Dayton; V.-Ps., H. J. Crowlej
Co., Lynchburg Trac. & Lt. C o., Roanoke Trac. & Lt. Co. Co. and
and O. L. 8 Tingley, Phila • Sec. & Treas., Walter W. Perkins Phila
subsidiaries own and operate the entire electric power and light business in
Asst. Sec.-Treas. & Compt., Frank J. Pryor Jr.; Gen. M gr., W . E . Boileau. Huntington, W. Va., and Lynchburg, Va., and a substantial part of the
— V. 86, p. 1530; V. 97, p. 176.
electric power and light business in Roanoke, Va., as well as the gas and
electric railway business in Lynchburg. These cos., through subsidiary
(6) Springfield (Ohio) R ailw ay.— Trolley.
ORGAN IZATION .— Incorporated In Ohio Oct. 20 1892; 9,944 shares of cos., own and operate the balance of the electric light and power business
railway business in Roanoke, the
the common stock and 5,000 shares o f the pref. stock have been acquiree) and electric and surrounding communities, and electric railway business in
Huntington
the entire electric light and
by the American Railways Oo. For details of franchise under which co
power business in Ironton, Ohio, Ashland and Catlettsburg, K y.,an d the
operates see this publication o f April 24 1920.
served is in excess of
Fare Increase.— In Oct. 1920 the co. was auth. to raise fares from 6 t« intermediate territory. PopulationUpon Completion of the 220,000.
Capitalization of the New Company
New Financing.
7 cents. V. I l l , p 1754.
Common stock (no par value)__________________________ _
100,000 shs.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Preferred stock__________________________________________ $1,500,000
Common (par $100)--------------------------------$1,000,000 __________
First Mtge. & Ref. Lien 6 4 % bonds_____________________ 7,000,000
Preferred $500.000________________
6%
500.000 __________
— V. 116, p. 933, 1411.
First mtge $5,000,000 ($100,/ 1914
5 g M -S
1,478,300 See text
(a) L ynchburg T ra ction & Light C o.— Trolley.
$500'& $1,000) g s f, _c*ntf lint, at Real Est. T . & I. Tr. C o., Phila., Tr
In 1910
(now Amer.
Bonds.— $400,000 o f the above outstanding bonds provided for. by serial control, but American Railways Lt. Co. above.Elec. Pow. Co.) acquired
see Consol. Pow. &
maturity, 1. e., $12,500 due Sept. 1 1914 to 1923 Incl., $25,000 due Sept. 1
ORGAN IZATION .— Incorporated in Virginia, and is a consolidation on
1924 to 1934, the remaining bonds ($4,600,000) due Sept. 1 1935.
May 1 1901 of the Lynchburg Electric Railway & Light, the Lynchburg &
Sinking Fund.— When more than $1,250,000 bonds outstanding, sinking
Rivermont Street Railway (franchise perpetual) and the Lynchburg Gas
fund of 1 % to 1923 and 2% thereafter o f bonds outstanding over and above
the $1,250,000 of original issue. The escrow bonds ($3,756,000) reserved Co., and comprises all the street railways, gas works and electric-Ught
plants of Lynchburg and hydraulic power development at Reusens, Va.;
for extensions, betterments, &c., at 80% o f cost. Redeemable any Interest
also owns all the stock o f the Lynchburg Water Power C o., and has assumed,
date at 102 and interest. V. 98, p. 1609.
the $500,000 1st mtge. 5% bonds of that company.
ROA D .— Owns 39 miles of track. Operates 82 passenger cars.
1920.
$1,719,347
1,244,494
1919.
$1,795,436
1,171,117
A pril, 1923.]
ELECTRIC RAILW AYS
American Railways owns entire capital stock and $750,000 of Lynchburg
Trac. & Lt. consol, mtge. bonds.
Valuation.— For details of valuation by A. L. Drum & Co., engineers,
Chicago, placing reproduction cost at $4,252,876 as of Feb. 1 1921, see
T. 112, p. 2191.
Decision Regarding Valuation.— See V. 113, p. 1773.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $1,000,000 ($50)______ _____
J-D
$750,000
See text
First mtge $1,000.000 sink fd( 1901
5 g M-N
711,000 May 1 1931
($1,000) gold_______ c*n tf 1Real Estate Trust C o., Philadelphia, Trustee
Lynchb Trac & Lt con mtge( 1911
5%
1.248 000
1931
•$1,750,000___________ ntf 1Real Est. Title Ins. St Tr. Co., Phila., Trust
Lynchburg Gas Co first mort-J 1900
5 M-8
111,000
1930
gage $250,000__________ tf lin t, at Real Estate Trust Co., Phila.. Trust
Lynchburg Water Power first) 1902
5
409.000 July 1 1932
mortgage $500.000___ ntflR eal Estate Trust C o., Philadelphia, Trustee
Bonds.— Of the 1st mtge. bonds, $111,000 are reserved to retire bonds o'
like amount of Lynchburg Gas Co. due 1930. and of which no more are to be
Issued. Sinking fund of 1% per annum became operative in 1906. which
was increased in 1916 to 1 H % . Entire issue can be cailed at any time.
Dividends.—-In 1904, July. 1%; N ov., 1%; in 1905, 2% ; in 1906, 2 1 j% :
In 1907, 3% : in 1908. 5% : In 1909, 5% ; in 1910. 3% : in 1911, 6% : In 1912.
8% ; in 1913, 9.339%; in 1914. 12.12%; in 1915. 8.8% ; in 1916, 8% ; 1917,
6% ; 1918, 10%; 1919. 16.66%; 1920, 13.50%; 1921, 5.4% .
E A R N IN G S.— For year ending Dec. 31 1922, gross, $997,516; net. after
taxes, $285,163; fixed charges, $i5>,777; balance, surplus, $128,386.
R O A D .— Owns and operates 18 miles of track In city and suburbs,
60 to 100-lb. T and girder rails. Standard gauge. Operates 39 pass, cars
3 other; 1 sweeper. Owns RiVermont Park.
OFFICERS. — Pres.. Van Horn Elv: V.-Ps.. O. L. S. Tingley and H J.
Crowley: Sec. & Treas., W. W. Perkins; Asst. Sec.-Treas. & Compt.,
Frank J. Pryor Jr.— V. 114, p. 1063, 2359.
tf?
OR GA N IZA TION .— Incorp. in Dela. June 27 1910. Owns all stock o f
Southern Penn. Trac. C o., Chester & Eddystone St. Ry. and Wilm. Lt. &
Pow. Co. On June 1 1915 acquired control of People’s R y. of Wilmington,
Del. (stock, $1,500,000), ana in Oct. 1915 purchased the Wilmington
Southern Trac. Co. and the Wilm. New Castle St Delaware City Ry.. and
consolidated them under the name of the latter. (Stock, $600,000).
Leases for 990 years from July 1 1910 the Wilm. City R y.. Wilm. & Edgemoor Elec. R y., Gordon Heights Ry., Front & Union St. Ry. and Wilm.
Oity Elec, and New Castle County Elec. Co. at a minimum annual rental
of $79,010. to a maximum of $120,610 In 15 years.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common stock___________________
_________ $4,060,000 ___________
Preferred stock___________________
_________
500,000 ___________
Wil. & Phila. Trac. 1st mtge) 1_
_
F-A
4,164,000 __________
& coll trust $25,000,000_ /Equitable Trust C o., N. \ ., trustee.
_
People's Ky 1st M $3,000,000) 1915
5 g J-D
1.650.000 June 1 1968
gold ($1,000) guar______ c * iln t. at Fidelity Trust C o.. Phila., Trustee
Wilm. So. Trac. 1st M gold/ 1915
5 k .4-0
231,000 Oct 1 1968
$300,000 ($1,000) guar___ lin t, at Wilmington (Del.) Trust C o., trustee
W N C & D O I s t M $2,000-! 1915
5 * J-J
None
Jan 1 1966
000 g ($1,000) g u a r._c*tflin t, at Fairm Sav. Tr. Oo Phila., trustee
Chester & Eddystone 1st M l 1916
5 g M-S 53.000 Sept 1 1946
void $100,000 ($1,000) gut Int. at Phila Trust C o.. Phila., trustee.
5 A-O
1,900,000 ________
Wil. Lt. & Power 1st m t g e l ____
$2,000,000 _______________(Wilmington (Del.) Trust Co., trustee.
Binds.— AH four Issues are guar, p & l by tne Wilm. & Ptilia. Trac. Oo.
Remaining People's Ry. and Wilm. So Trac bonds reserved for Impts. at
85% of cost. People's Ry. bonds are red on any int. date at 105- $300,000 Wilm. N. O. & C. D. bonds are reserved for tne Wilm So. Trac. oonds;
remainder may be Issued for exts. and impts at 85% of cost. Red. &c 102
00 any Int. day.
ROAD. &o.— Comprises street railway lines in Wilmington, New Castle
and Delaware City, Del., and Chester and Media Pa., and Interurban lines
connecting these places with each other and with Philadelphia, a total of
1 Hi miles of track. Also does electric light and power business in Wil
mington New Castle, Delaware City. Newark and vicinity in Delaware,
the southeastern part of Delaware County, Pa., and Elkton. Chesapeake
Oity and vicinity, in Maryland.
EARNINGS.— Including Southern Pennsylvania Traction Co.:
Calendar Years— Gross Earns
Net Earns Chgs. A Tax
Balance.
1921 . . ________________$3,683,562 $1,582,277 $1,112.241 sur.$470,036
1920 ___ ______ _______
3,212.369
829.945
854,037 def.24.092
O F F I C E R S .— Pres., Van Horn Ely, Phila.; Vlce-Pres. & Gen. M gr.,
T . W. Wilson, Wilmington: Sec. & Treas., H. D. Anderson, Phila.; Aud.,
O. E. Yost, Wilmington.— V. I l l , p. 897, 1185, 1371
(b) R oanoke T raction & Light C o.— A holding company.
O R G A N IZA TIO N .— Incorporated in Virginia July 28 1908. Owns the
Roanoke Water Power Co., the Bedford Power C o., the James River Water
Power Co. and the Roanoke Heat. Light & Power Co., and controls, through
ownership of all the capital stock the Roanoke Railway S Electric Go. The
t
Roanoke Water Power Co. had $350,000 bonds which were bought tn and
mortgage satisfied. The Roanoke Heat, Light & Power Co. had Issued
$250,000 bonds, all of which have been retired (V. 87, p. 1089, 1160).
The Amer. Rys. Co. owns $975,000 of the $1,000,000 stock.
8TOCK AND BONDS— Dale.
Interest. Outstanding. Maturity
Stock, $2,000,000 ($100).........- ........................
$1,000,000 — ..............
First mortgage and collateral f 1908
5 g F-A
2,169.000 Aug 1 1958
(1) W ilm ington & C hester T raction.
trust $3,000,000 ($1.000m Int. at Bioren & C o., Phila., or Baltimore
United Power & Trans. Co. owns 39.995 out of 40.000 shares of stock.
gold________________ c*n tfl Trust C o., Baltimore, Trust.
Lease — Part of this company's lines are leased to the Wilmington A
Bonds.— $750,000 bonds are reserved to retire a like amount of bonds of
the Roanoke Ry. & Elec. Co. Bonds are subject to call on any int. day at Phila. Trac. Co. and part to the Southern Pennsylvania Trac. Those tn
105 and int. Sinking fund o f 1 % o f outstanding bonds, payable Feb. 1 Delaware, viz.. Wilm. City Ry., Gordon Heights Ry., Front & Union St.
Ry. and Wilm. S Edgetn. El. Ry. are leased to Wilm. & Phila. Trac. (see
t
1919 to 1928; 114% thereafter.— V. 113. p. 294; V 115, p. 309.
above): those in Penn., viz., Chester Trac. Co. and its subsidiaries are leased
to Southern Penn. Trac. Co. (see below).
(1) R oanoke Railway & Electric C o.
O R G A N IZA T IO N .—The Roanoke Street Ry. and the Roanoke Electric
O R G A N IZA T IO N — Incorporated March 1898. Has acquired all
Light & Power were both sold at foreclosure Aug. 1 1899. The present the stock of the Wilmington City Ry. ($519,930), the Gordon Heights
eompany was incorporated In Virginia. Franchises expire in 1935 ami some
Ry. ($51,590), the Front & Union Street Ry ($299,930) and the Chester
perpetual. Does all lighting and railway business in and about Roanoke,
Traction Co. ($500,000). all of which are deposited uuder the collateral
Salem and Vinton. Owns 250 shares o f Roanoke Trac. & Light Co. stock.
trust mortgages of the Wilmington S Chester Traction Co. Owns $50,000
t
itock of the Chester St Delaware Street Ry.; also owns $150,000 debenture
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
loads of Front & Union St. Ry. and $45,000 1st M bonds of Gordon Heiga
8tOCk, $500,000 ($100)_______ _____
J-D
$500,000
See text
Rill way. The Chester Traction Company holds all the stock of the
First mortgage, $300,000. gf 1899
5 g J-D
11,000 Dec. 1 1949
Union Railway Company. $109,000; Chester & Media stock. $35,000; Ches
($l,000i sinking fund .n tfi Int at Mercantile Tr. & Dep. Co.. Balt.,Tr
First consolidated mortgage, j 1903
5 g F-A
631,000 Feb. 1 1953 ter Darby & Phila. stock, $65,000; total. $200,009. The Chester Trac. pay*
$750,000 ($1.000) g s f .c* tf i Int. at Real Estate Trust C o., Phila., Trustee is rental (besides int. on bonds) 6% on the $100,000 stock of the Chester 8s
Media and on the $100,000 stock of the Chester Darby & Philadelphia.
Bonds.— Sufficient consol, bonds are reserved to retire 1st mtge. bonds.
Sinking Fund was 1% o f outstanding bonds annually payable Feb. 1 to
Fare Increase.— Tn June 1918 was auth. by the Del. P. U. Comm, to
1920, now 1>4%.
charge a 7-cent fare in Wilmington, 4 tickets to be sold for 25 cents.
Dividends— In 1904. 3 H % : in 1905. 514%; In 1906, 8% ; In 1907, 6%STOCK AND BONDS—
Date.
Interest. Outstanding.
lalurity.
none to 1910. when 3% was paid; in 1911, 5 3-5% ; in 1912. 6.7% : in 1913'
Stock $2,000,000
I.isted
Phila.
5-12%; in 1914, 12.02%; in 1915. 7.4% ; in 1916, 5% ; 1917, 7?£% ; 1918, Coll trust gold ($50) full p d . 1898 on g A-O Ex $2,000,000 Dec’ 12,60ct8
$4,000,000]
6
2.305,000April 1 1933
8% ; 1919, 10%; 1920, 13.70%: 1921, 11 % % .
($500 and
_ c*t j
EARN INGS —For year ending D“ o 31 1922, gross. $1 449 587; net, Collateral $1,000 each)_ $5,-\ Provident Trust C o., Phila., Trustee 1 1952
trust gold
1912
5%
536,625 April
after taxes. $557,537: fixed charges, $200 375 bal., sur., $357,162.
500.000 guar__________ tf (Wilmington Trust C o., Wilmington, Trustee
R O A D .— Operates In Roanoke: also extensions to Salem and Vinton,
Securities of Subsidiary Lines—
Va.; total, 29.85 miles o f track. About 41 passenger cars, 4 other cars
Wilm City 1st M $600,0001 1911
5 M-S
600,000 Sept 1 1951
50, 60 and 72-lb. rail. Also owns park and theatre.— V. 80, p. 168.
($1,0001__________c * .n t f Jlnt. at Eq. Guar. & T r. Co.. Wilm., trustee.
Chester Traction 1st mtgel 1894 5 g M -N
250,000 May 1 1944
(c) O hio Valley Electric Railway C o.— A trolley road.
gold $250,000________ c tfjln t. at
Tr.
In 1911 acquired by the American Railways (now Amer. Elec. Pow. Co.) Wilining & Edgemoor 1st *M l 1906 Guar.J-D & Safe Dep. Co., Phila.
5g
400.000 June 1 1946
but see Cons. Pow. & Lt. Co. above. V. 92, p. 1437; V. 93, p. 470.
$400,000 ($1,000) g_ c*tf (Int. at Real Est. Title Ins. St Tr..Phila., Tr.
_
O R G A N IZA TIO N .— incorporated In West Virginia in 1899. Franchise)
Leased to Chester Traction—
run until 1957 is W. Va.; in Ky. and Ohio in Dec. 1916 ran for nearly tht Union Ry Co 1st mtge g .c .t f 1913
5 g J-J
200,000 Jan 1
full term allowed by statute, 20 and 25 years, respectively. In Feb Chester St Ry stock ($50)_ t f ____ 10 J-J
_
150.000 rental
ruary 1908 name w is changed from Camden Inter-State Railway to the Chester & Media El Ry gold tf 1913
5 g J-J
100.000 July 1
Ohio Valley Electric R dlw ay. Owned entire stocks of Consolidated Chester Darby & Phila. gold tf 1913
5 g J-J
125.000 July 1
Light, Heat & Power C o., Ashland Elec. Lt. & Pow. Co. (now Boyd
The Wilmington & Edgemoor bonds are guar, as to both principal and
County Electric Co.) and Irontoc Elec. Co., but at time of acquisition Interest by the Wilmington City Ry.
by Amer. Rys. these were turned over to latter company. On May 1 1908
Union R y.,
R y., Chester & Media payable
acquired the $500,000 stock o f Kanawha Valley Traction C o., which ha* at Interest on County Trust Chester Street Pa., on Chester Darby & Phila. '
Delaware
C o., Chester,
been leased to the Charleston (W. Va.) Interurban RR. (see page 25) for Ry.
payable
Title &
99 years at a rental beginning with $10,000 per annum in 1910 and Increasin* uponCo., the latterat Continental-EquitableTraction Trust C o., and interest
ail
guaranteed by Chester
Co.
to $20,000 in 1916 and thereafter until the expiration of the lease. Also
Bonds.— $1,695,000 coll. tr. 5s of 1898 reserved tn retire underlying securi
owns entire stocks o f the Ashland & Oatlettsburg St. R y. and Ashland In
ties and guar, stock. They matured origin tllv in April 1918 and bore int.
terurban Ry
at 5% , but were extended for 5 years at 6% and again for 10 years to Apr. 1
Ordinance Restricting Operation o f Jitneys.— V . 108. p. 2123.
1933 at the same rate of int. Are guar. prin. & int. by the Wilm. & Phila.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Trac. Co. Red. at 101 and int. on any int. date. Are listed on the Phila.
Common $2,000,000 ($100)_ _____
_
_________ $2,000,000
See texl
Stock Exch. V. 106, p. 1902, 2012; V. 116, p. 824, 1052. Of the coll, trust
J-J
345.800
See text of 1912, $4,000,000 are reserved for like amt. of coil, trust of 1898. Wilm.
Pref 6% cum $400,000 ($ 1 0 0 ) .____
1st M $2,200,000 gold guar] 1916
5 g J-D
1,842.000 Dec 1 1946 City bonds are subject to call at 105 and int. V. 93, p. 667.
($ 1 .0 0 0 )____________ c*tf I Penn. Co. for Ins. on L. & G. A .. Phil..trust
The Chester Trac. bonds were extended in 1914 for 30 years. V. 106,
Bonds.— The outstanding bonds were issued to take up $1,350,000 Cam p . 1902, 2 01 2, 2 45 1; V . 116, p . 29 6 , 82 4 , 1052, 1533.
den Inter-State Ry. 5s due Mar. 1 1921; $175,000 Hunt. & Charleston 5*
(2) W ilm ington C ity E lectric Co.
due 1936; $100,000 Cons. Lt. & Rys. 6s due 1922, and $50,000 Ashland 4
Oatlettsburg 6s due 1919. Remaining $429,000 are for exts. and better
Lease.— Was leased on July 1 1910 for 990 yrs. to the Wilm. & Phila.
ments under restrictions. Red. since Dec. 1 1921 at 10214 and Int. Penn. Trac. Co., the latter assuming ail int. & fixed chgs. of Wilm. City Elec. Co.
State tax refunded. Guar., p. & 1., by end. by Am. Rys. Oo. V . 103. p.
ORGANIZATION.— Incorp. in Delaware in 1895. Franchise perpetual.
2342.
Does an electric light and power business in Wilmington.
Dividends.— Semi-annual dlvs. (J-J.) o f 3% were paid on pref. from
Dale.
Interest. Outstanding.
iaturity.
1908 to 1917, Incl. On common, 1910, 3% ; 1911, 2% ; 1912, 6% : in 1913; S tSTOCK AND BONDS—
_________
$255,000 ...................
o c ____________________________
3.9 % : in 1914, 2.9% ; in 1915, 4% ; in 1916, 6% ; 1917, 7% ; 1918, 6>4%; First kmtge $1,000,000 gold] 1911
5 M -N
1,000.000 M ay 1 1951
1919, 8 )4 % : 1920, 8% ; 1921, 6 )4 % .
($1,000) guar p & i____ c*tf (Int. at U. S. Mtge. & Tr. C o., N. Y .. Trus.
EARN IN G S.— For year ending Dec. 31 1922, gross, $881,853; net, after
Bonds have been redeemable since May 1 1921. Guar., p. & i., by W il. &
taxes, $263,184: fixed charges, $108,582; bal., sur., $154,601.
Phila. Trac.— V. 92, p. 1441; V. 94, p. 567.
R O A D .— Operates 46.3 miles o f track In and between Huntington and
(3) S outhern Pennsylvania T ra ction Co.
Kenova, W. Va., Oatlettsburg and Ashland, K y., and ironton. Ohio
Operates 56 pass. cars. 17 other cars.— V. I l l , p. 693, 1084, 1950
ORGANIZATION.— Incorporated in Penn, in June 1910 with $10,000
stock, all owned bj Wilm. & Phila. Trac. Co. Leases for 990 years from
(10) E lectric C o. o f New Jersey,
July 1 1910 Chester Trac. C o., Delaware County & Phila. Elec. R y. and
O R G A N IZA TIO N .— A merger July 5 1916 o f a number of electric light Media Glen Riddle & Rockd. E. St. Ry. Co. at a minimum annual rental
cos. in Gloucester, Salem aad Cumberland counties, N. J., along the Dela o f $71,990 to a maximum of $106,990 in 15 years. V. 98, p. 1073, 1158.
ware River opposite Wilmington, Del., and Chester, Pa. Supplies electric
current for electric light and power in municipalities of Salem, Pennsgrove,
(a) Delaware C ou n ty & P hiladelphia Electric Ry.
Woodstown, Mullica Hill, Pitman, Glassboro, Williamstown, Paulsboro
Lease.— On July 1 1910
Olementon, Laurel Springs, Berlin, Elmer, Clayton, Quinton, Swedesboro, Traction Co. at. a rental of leased for 990 jears to Southern Pennsylvania
$40,000 per annum.
Pedricktown, Pennsville, Harrisonville, Mickleton, Clarkesboro, WeORGANIZATION.— Incorporated M ay 11 1892. Completed from
nonah, Bridgeton, Port Norris and many other smaller places. On May 1
1919 the Bridgeton Electric Co. was merged into the Electric Co. of New Media, Pa., to Baltimore Ave., Clifton H’ts, in Jan. 1895; connects with
Jersey, which assumed the $250,000 1st Mtge. 5% bonds o f the former com the Chestnut & Walnut Street cars of the Union Trac. system. In M ay the
pany. The American Rys. Co. owns the entire outstanding stock and bonds. United Power & Transportation Co. acquired the road, paying $166.66 per
Bonds offered in exchange for 1st Mtge. 5s o f Bridgeton & Millville share for the stock in its 4% trust certificates secured by a deposit of stock.
Trac. C o., see under that co. in V. 114, p. 1405.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 authorized..
STOCK AN D BONDS—■ Date.
Interest. Outstanding. Maturity
-----------------$300,000
See text
First mortgage $5 4,00 0..n tf 1 ___
Common stock $475,000__________
_______
$257,500 __________
„ 1913
5 J-J '
64,000 July 1 1943
(Int. at Cont.-Equit. Title & Tr. C o., Phila.
Preferred____________________ _____
_______
90,000 __________
1st M . bonds matured July 1 1913, but were extended for 30 years at 5% .
First mtge $5,000,000 gold) 1917
5 g M-S
1,018,000 .Mar 1 1947
($1,000)__________ c*& r.tffln t. at Comm’l Trust C o., Phila., trustee.
D IV ID E N D S.— Paid in dividends in 1899-1900, $36,000; in 1900-01,
— V. 103, p. 937; V. 104, p. 1390, 1493.
$27,000; 1901 to 1908 incl., $21,000 per ann.; in 1909 and 1910, none; in
WILMINGTON & PHILADELPHIA TRACTION CO.— Controlled | 1911, $21,000; In 1912, July, $15,000; none since.
ROAD.— Owns 12 miles of track. Rails, 80-lb. T and girder.
by the American Railways Co.
98
ELECTRIC RAILW AYS
[ V ol. 1 1 6 ,
FAIRMOUNT PARK TRAN SIT CO.
In V. 102. p. 2342. The Stern bill, rendering valid the election of May 16
O R O A N IZA TIO N .— Incorp. in Delaware In Sept. 1916 as successor to 1916, was passed by the Penn. House of Representatives in April 1917.
the Fairmount Park Transportation Co in accordance with plan of reor V. 101. p. 1703. On July 7 1917 the taxpayers' suit to restrain the city
ganization outlined in this publication of Sept. 29, 1918. The assets of the from proceeding with construction of the new high speed lines was dismissed
old co. (for history see “ Eiec. Ry. Section” for Sept. 1918) were purchased by Common Pleas Court No. 4. On July 23 1017 the Pennsylvania P. S.
Comm, granted the Philadelphia city authorities permission to construct
subject to $750,000 1st M . 5s (see below).
all o f the lines contemplated in said program. In June 1018 Govern
STOCKS AND BONDS— Date.
Interest. Outstanding.
Maturity.
ment sanction to proceed with* the construction of the Frankford elevated
_______
$400,000 __________
Stock common ($10)_________ _____
system was given with the understanding that the work in connection with
Stock preferred ($ 10)........................
7%
79.686 __________
the Broad St. subway (with certain exceptions) be stopped as promptly
First mortgage $750,000 gold! 1912
5 A-O
750.000 April 1 1937 as possible. V. 106, p. 2451.
($1,000) ----------------- c*n tf [Girard Trust Co. Philadelphia, Trustee.
Broad St. Subway.-— "City-Company Plan.” — See V. 116, p. 1050.
Bonds.— 1st mtge. bonds are callable at 105 and int. on any int day on
Lease.— In M iy
60 days notice. Cum. sinking fund. $13,000 per annum, began Oct. and the co. for the1922 the ordinance embodying the lease between the cityoperation of the Frankford elevated line and Bustleton
1918. bonds to draw interest for the fund. •V. 95, p. 480.
surface line by the co. was approved bv the City Council and the Penna.
R E PO R T .— For 12 mos. ending Dec. 31:
P. S. Comm, and was signed by the M ayor and the co. officials. These
Year—
Gross.
Net.
Charges. &c.
Balance.
lines are leased beginning N ov. 5 1922 for a period o f five years.
The co.
1922................................$364,056
$149,440
$46,730
sur.$102,710 pays rental of 1% during 1923 on construction cost o f Frankford Elevated;
1921-------------------------- 235,075
93,654
44,831
sur. 48,823
rental to be increased 1% annually until a maximujm o f 5% is reached.
ROAD. &c.— Operates an electric line in Fairmount Park, Philadelphia,
may be extended by the city so as to terminate
with
together with' the Woodside Real Estate Co. (capital stock $100,000). which 1 This contract agreement. A summary o f the principal featuresin f1957 lease
the
o the
owns Woodside Park. The license from the Park Commission expires 1 will 1997 city in V. 114, p. 2241.
befound
July 24 1939. Operation from Nov. 30 to May l is optional. Miles of
Power Contract.—
track operated. 8.83. Gauge, 5 ft. 214 in. Rails. 90-lb. T . Cars. 9 closed. Phila Electric Co. In March 1912 entered into a 10-year contract with the
for addi'ional power. V 91, p 768
4 new agree
50 open.
ment was entered into Dec. 12 1920 for a period of 3 years from Nov. 15 1922
OFFICERS.— Pres., N . S. Alexander: Sec. & Treas., Clayton E. Platt.
Vouny Trust. —The voting trust eslabllsned in Fell. 1911 for o years was
V. 107. p. 1670.
extended In 1916 for a further period of 5 years to Feb. 20 1921
On Feb. 12
1920. however, it haviug been determined that the voting trust was no
PHILADELPHIA & WEST CHESTER TRACTION CO.
longer necessary, it was resolved to terminate same on that date
Y. 110,
O R G A N IZA TIO N .— Chartered in Pennsylvania on April 24 1895. M u p. 465: V. 92. p. 660, 726. 882, 1243. 1500: V. 95. p. 1608: V. 102. p. 523.
nicipal franchises are perpetual. In Jan. 1902 leased the Ardmore & Llan- 1347.
erch St. Ry., a line between the points named, 3 4 miles: it has no bonds or
New Line.— In Sept. 1911 the Snyder Ave. St. Ry. was chartered In the
other debt. Rental is 5% on the outstanding stock ($400,000 auth., $383.- interest of the Phila. Rap. Tran., with $140,000 stock, to operate 7.66 miles
350 outstanding) and pavment o f taxes and organization expenses. Leases of line on Snyder Ave. Line was placed in operation Tan. 1912.
the Philadelphia & Garrettford St. R y. 'which it also controls) at 5% on
Hog Island Eztension.— On Aug. 4 1918, in accordance with a contract with
funded debt and $500 per annum for salaries and organization expenses
the Emergency Fleet Corp., the co. placed in operation an extension from
STOCK AND BONDS—
Date. Interest.
Outstanding. Last div.,&C Eastwick Ave. to the Hog Island Shipyard. The Fleet Corporation
advanced the funds to the company to cover the cost of the new construc
Stock $1.400,000 (par $ 5 0 ) - . . ____
A-O
$1.303.700 O c t ’ 22. 3%
Mtge bonds $1 000.000 gold) 1904 4 g J-J
534.000 Jan 1 1954 tion and equipment [100 cars]. On Aug. 24 1922 this property was pur($1,000) ................ .. _c*tf (Int. at West End Trust Co.. Phila.. Trustee. 1 chased by P .R .T . Co. in accordance with the contract at an appraised
Phila & Gar 1st M $.3,000.0001 1905 5 g F-A
2,714.000 Aug 1 1955 valuation.
Excise Tax.— On Aug. 2 1915 Judge Dickinson in the U. S. Dist. Court
gold ($1,000)__________ c tf (Int. at West End Trust Co.. Phila., Trustee.
under
Bonds.— Can be called at any time at 105 and int.; no sink fd. The re held that the company’s subsidiaries operated tax lawlease were not carrying
the meaning
excise
of 1909 and
maining Phila. & Gar. bonds are reserved for future requirements; red. on business within the tax. On of the 22 1917 the Market Street therefore
were not liable to
Oct.
Elevated
at 105 and int. on any int. day.
Pass Rv.. the Union Traction Co. and the Philadelphia Traction Co. ap
pealed to the U. S. Dist. Court for restitution of $73,768 and interest col
R E PO R T .— Year ending Dec. 31:
Dec. 31.
Gross
Net
Other
Interest,
Surplus lected from them in the years 1911 and 1912.
Year—
Earnings.
Earnings.
Income. Rentals. <% for Year.
e.
Income Tax Litigation.— On July 15 1918 the various leased tine cos. filed
1922 ...............$929,089
$330,404
$12,169
$229,186
$113,387
suits against the Phila. Rap. Tran. Co. to recover income and excess profits
1 9 21 _________ 879,176
277,128
10,854
224,733
63,248 taxes paid by them under protest. V. 107, p. 402. Compare V. 106,
Nov. 20 1918 a ruling was
R O A D .— Operates 51.426 miles of track from 63d and Market streets, p. 2451. Ou (and in Feb. 1919 affirmedhanded down by Common Pleas
Court No. 3
by the Pennsvlvania Supreme
Philadelphia, to West Chester. 26.287 m.; Llanerch to Ardmore, 6.375 m
Phila. Rapid Transit
is
69th St. Upper Darby. Pa., to Sharon Hill and Media, 18.764 m., ol Court) under which theleases for the pavment Co. the held responsible under
the terms of the several
to
Govt, of the incomewhich 24.45 m. are leased. Gauge, 5 ft. 2 4 in.; 58, 60, 70 and 80-lb. excess profits taxes of the following (eased line corporations: Philadelphia
T rail. 53 cars.
Trac. On., Germantown Pass. Ry. Co., 13th & 15th Streets Pass Ry. C o.,
OFFICERS.— Pres., A. Merritt Taylor, Phila.; V .-P ., H. H. Aikens; Philadelphia City Pass. Ry. C o., Union Trac. C o.. Ridge Ave. Pass. Ry.
Co., Frankford & Southwark Philadelphia City Pass. Ry., Fairmount Park
Treas., C. L. Rihl. Office, Upper Darby, Del. Co., Pa. Y. 94, p. 352
V. 98, p. 237; V. 106, p. 397; V. 107. p. 1193; V. 108, p. 80; V. 113, p. 2313. & Haddington Pass. Ry. Co., Citizens Pass. Ry. Co. and the Hestonville
Mantua & Fairmount Pass. RR. Co. On the other hand, however, it
was ruled that the following companies must assume liability for their
PH ILA DE LPH IA R APID TR A N S IT.
Federal taxes: Continental Pass. Ry. C o., Philadelphia & Darby RR. Co.
Incorporated in Pennsylvania on May 1 1902 to take over under lease the and Green & Coates Streets Phila. Pass. R y. Co. V. 107. p. 2009; V.
Union Traction Co. for 999 years from July 1 1902. and to acquire and hold 108 p. 785.
shares of other corporations. (For terms of lease, see Union Traction be
Validity of Rentals Upheld.— In Dec. 1920 the Superior Court of Penna.
low.) The Rapid Transit Co. acquired numerous franchises for new roads handed down a decision denying the order of the P S. Comm requiring
obtained by the Mack-Foerderer syndicate in 1901. In June 1903 the Mar the underlying companies to file answers to averments made by the city
ket Street Elevated Pass. Ry.. with $5,600,000 authorized capital stock was and two local business men's associations with regard to rentals of the
formed to absorb a number o f these franchises. V. 76. p. 1301. In June underlying companies. Y. 111. p 2521: V. 112, p 163. The city, the
1903 the Rapid Transit Co. obtained from the Philadelphia City Councils P. S. Comm, and business associations appealed, and on July 1 1921 the
Other valuable franchises for new lines. In April 1906. however, an agree Penna. Supreme Court reversed the deci-ion of the Superior Court but only
ment was entered into with the city relinquishing nearly all the rights to the on a technicality. The Supreme Court held that the case should not have
franchises of 1901 and 1903 and the whole matter o f the company's fran gone to the Superior Court; but maintained that the P. S. Comm, had no
chise rights was readjusted on a new basis. See V. 82, p. 693, 870.
right to attack rental payments
For details see V. 113, p. 183. 293.
Subway has been built in Market St. from 23d St. to Delaware Ave.,
Split in Directorate.— See V. I l l , p. 389: also V. 114, p. 522, 627, 739. 1181*
elevateo structure on Market St. west of the Schuylkill River, and on Dela
Fares.— On Oct. 4 1920 applied to the Penna. P. S. Comm, for auth. to
ware Ave. from Market St. to South St. V. 74 p. 528. 989: V. 76. p. 1301; charge a flat 5-cent fare and to abolish all free transfers and 3-cent exchange
V. 81. p. 265. In March 1907 began operating on that portion of the ele tickets. V
Compare V.
p. 2488;
p. 74. 1183.
vated from the Schuylkill River west to .the Upper Darby terminal station, This petition 111, p. 1472. by the Comm, 110, effective V 111. 1920 the co.
was reiected
but
Nov. 1
a distance of about 4 miles. V. 84. p. 571. On Aug. 3 1908 the entire was auth. to raise fares to 7 cents cash, with 4 tickets at 25 cents. No
subway from 2d St. to 23d and Market St. was placed in operation, thus change was made in transfer or exchange rates. V. I l l , p. 1662. See also
completing tine through to 69th St. V 87. p. 347. On Oct. 6 1908 ele V. 112, p. 1978: V. 113, p. 1773. President Mitten in a letter to the Mayor
vated lines on Delaware Ave. to South St. Station was placed In operation, in March 1921 on the subject of operation o f the Frankford “ L" proposed a
completing entire line. V 87 p. 936.
basic 7-cent fare with 5 tickets for 35 cents for the entire system, instead o f
In July 1902 acquired all the stock of the Doylestown & Willow Grove 4 tickets for 25 cents as then effective. V. 112, p. 1399. See also V. 114,
R y. Co. Also owns entire stock ($10,000) of the Motor Real Estate C o., p. 1652
which owns property costing $4,000,000.
City's Report on Valuation.— See details in Y. 114, p. 2470.
On July 1 l906 the Phila. Morton & rfwarthmore Ry. and the Media Mid
Government Loan.— In Sept. 1918 the Penn. P. S Comm, approved a
dletown Aston & Chester Elec. Rv. were consolidated, forming the Darby contract under which the Government loaned the co. $1,748,000 to extend
M edi- & Chester Ry
The new company, embracing 25 miles of track was transit facilities for workers In industrial war plants
V |07 p 1101.
thereupon leased to the Phila. Rapid Transit Co for 999 years, rental being In Oct. 1922 negotiations were pending with the Government for the pur
$8,500 for first year, $17,000 for second and third years. $25,500 for fourth chase of the property covered by this loan.
year. $34,000 for fifth year and $42,500 for sixth year and thereafter.
Proposed Plan of Consolidation.— In Aug. 1920, Pres. Mitten made public
Early in 1921 acquired through the Willow Grove Park, the Burd Home
the following proposed plan of consolidation, after having resigned from the
Park, another amusement centre. V. 113. p. 417.
Adjustment of Relations With City.— On Feb. 18 1907 the board of direc directorate of the Union Traction Co. on account of opposition on the part
tors accepted the plan submitted Jan. 1907 by the Retail Merchants' Asso of members of the board to this plan. The plan provides for the c o n s o lid a
ciation of Philadelphia for a readjustment of the relations bet ween the city tion of the five lease-holding companies— Philadelphia Rap'd Trans.t C o.,
and company. The plan confers upon the city the right to purchase at any Union Trac. C o., Phila. Trac. Co., Electric Trac. Co.. Peoples Trac. C o.,
time after June 30 1957 all leases, franchises and property of the company into one operating co.; transmuting the stocks and other securities of
at the company's actually paid-in capital. $30,000,000. The city h;is these cos. into the stock of the new co., so as to maintain present preference
the right to assign or sell this option. Furthermore, a sinking fund is to be as to assets and dividends of the respective cos. An assessment of $10 per
established, to be taken out of the gross receipts of the company, which, share on Union Traction Co. stock is provided for under the plan. The
calculated at 4% , will amount to at least $30,000,000 at the expiration of following table is designed to show the basis upon wh'ch exchange of secur
60 years, to enable the city to acquire the property at that time. Another ities of present cos. for stock of new co. would be made.
feature in the arrangement is that, beginning with Jan l 1907. the city
Holders of Pres. Secur.— Amount Outstanding. Would Rec. New Stock.
shares equally in the net profits after stockholders have received lawful Phila. Trac. 8% sto ck .. 1$20.000,000
8% 1st Pref.. $20,000,000
Interest on the capital invested by them. All franchises for further surface,
(Par $50. full paid
(100%)
elevated or underground railroads within the city are to be first offered the Peoples Trac.\4% Trust $29,730,114
8 % 1st Pref.. $14,865,057
Phila. Rapid Transit Co. under terms o f this contract. The city is also to Electric Trac / Certif.
(Secured by stock)
(50%)
____________
have three members on the board of directors. The present rate of fare is
Total new
1st Preferred stock________________________$34,865,057
not to be changed except with the consent of both parties. As part of the Union Tr. Co. 8% stock! 600.000 shares., par $50 7% 2 d P ref.. $30,000,000
6%
arrangement, the Rapid Transit Co. agreed to call the $12,000,000 then still
(paid in $17.50 p. sh.)
(100%)
If pay
due on its stock at the rate of $3,000,000 every six months, the money to be Philadel. assess., $10 p. s $600,000 shares
__________r __ Transit
Com. stk. 600,000 shares
Rapid ______
used to give increased and improved service. For further details of plan,
Co. capitaf stock___ / Par $50. full paid
(N o par value) (100%)
see V. 84. p. 451. 1552. An ordinance embodying the above features was
Note.— Capital paid in and surplus are now as follows: (a) Phila. Traction
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 Co. stock full paid, $20,000,000; surplus. $486,220; total, $20,486,220.
affirmed the decision (V. 89. p. 847) of the Common Pleas Court sustaining (6) The “ Peoples Electric Traction 4% Trust Certificates” are secured by
the company's demurrer in a suit brought to test the validity of the fore $6,000,000 full-paid stock of Peoples Traction C o., and also Electric Trac
going ordinance. V. 92. p. 596. On July 29 l')07 directors called for pay tion Co. stock on waich $8,297,920 has been paid in viz., 152,396 shares of
ment of the final assessment of $15 a share of stock, pay able in two install $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,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. Co. and the 000.000. (d) Phila. R. T . Co. stock, $30,000,000 full paid and surplus
Union Trac. Co. approved a plan ( V. 92. d . 463 i in accordance with the views $4,482,120. Grand total paid-in capital and surplus $89,519,401. For
o f Mr. B. T. Stotesbury, who consented on such conditions to enter the full details of above plan see V 111. p. 793. 896.
In July 1922 issued $2,150,000 6% equip, trust ctfs. ser. “ F .” V. 115, p.
Phila. Rap. Trans, board, calling for the issue of $10,000,000 s. f. bonds
running for life o f city contract, guar. p. & i. by the Union Trac. Co. and 760, 869. All outstanding equip, trust ctfs. ser. “ C ” were to have been
secured by pledge o f equity In Market St. Elev. Pass. Ry. (V. 91, p. 1629) retired on N ov. 1 1922, and we have therefore eliminated that issue from
over and above present $10,000,000 mtge. on said property. V. 92, p. 596. the table below. Y. 115, p. 1429.
Date.
Interest. Outstanding.
Maturity.
STOCK AND BONDS—
On Feb. 29 1912 directors of both the Phila. Rap. Trans, and Union Trac.
J-J
(600.000 sh\
See
Co. authorized the mtge. V. 94, p. 631. As part of the plan, certain Stock $30,000,000 ($50)........... ____
l Full paid]
text
equity owned by Phila. Rapid Trans. Co. was surrendered to Union Trac.
5 g F-A
$1,428,000 Feb 1 1957
C o. See V. 91. p. 1161. 1386, 1574. 1630, 1711. The City Council assented boll trust mtge $5,000,000] 1908
to the arrangement in May 1911. V. 92, p. 1375, 1500.
($1,000) gold............. c*cpt( Int. at Penn. Co. for Ins. on Lives & Granting
Annuities. Philadelphia, Trustee.
Subway and Elevated Lines to Be Built by the City and Operated by the Com
5 g M-S
9.733.000 Mar 1 1962
pany.— At an election held April 29 1915 the electors voted in favor of Sink, fund mtge. $10,000,0001 1912
a $6,000,000 loan for a Broad Street subway and a Frankford elevated
g ($1,000) guar p & l.c * cp t] Int. at Comm’ l Trust C o.. Phila., Trustee.
4 g M -N
10,000,000 May 1 1955
line (V. 100, p. 1511), and on July 1 1915 the ordinances making equal Market St El 1st mtge $10.-1 1905
appropriations for both projects were signed by Mayor Blankenburg.
000,000 gu g ($1,000) c * cp tf Int. at Land Title & Trust C o., Phila., Trus.
4 4 g J-J
991,000 July 1 1936
Construction was begun September 11 1915. Y. 101, p. 132, 774, 1371. Darby Media & Ches 1st Ml 1906
$1,500,000 ($1,000) g c c p tl Int. at Land Title & Trust C o., Phila., Trus.
At the election on May 16 1916 it was voted to issue $57,100,000 bonds
5 M-S
875,000 Mar 1 1925
for additional subway and elevated lines, in accordance with the pro Oar trust cerofs.. $4,200,0001 1913
Series “ B " ___________ cp tj Fidelity Trust C o., Phila.. Trustee
gram o f former City Director o f Transit A. Merritt Taylor, as outlined
A pril, 1923.]
ELECTRIC RAILW AYS
STOCK A f«D BONDS—
Date.
Interest.
Outstanding. Maturity.
Oar trust certificates Series! 1919
FA
$54,000
1929
“ !)"
t.f. [Fidelity Trust C o., Phila Trustee.
______
203,000
1929
Oar trust certificates Series' 1919
“ E ” _______________ _ t.f. ( Fidelity Trust Co., Phila . Trustee
Car trust efts. Ser. “ F ” $3,-1 1922 6 F-A
2,150,000
1923-32
000,000 ($500 & $l.OO!))-C*J Int. at Fidelity Trust C o., Phila., Trustee.
Equip, tr. ctfs. Ser. “ G ” $4,-1 1923 5*4 F -A
4,750,000
See text
750,000 ($500 & $1,000)-C*J Divs. at Commercial Tr. C o.. Phila., trustee.
Funded dent o f underlying companies Dec. 31 1921, $56,729,447.
Stock was listed on the Phila. Stock Exchange in July 1902 ana Feb
1905 on N . Y. Stock Exchange. See also V. 110, p 872
Bonds —Collateral trust bonds are secured oy deposit with trustee of
•ecurlties owned by Phila. Rapid Transit and also securities of Onion Trac
Oo. and Phila. Trac. Co.; entire Issue subject to call at 105 on 6 weeks' pub
llshed 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 Ry 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 Co. Are subject
to call on any int. date at 102)4 and int. V 84. p 749: V 86. p. 547
The Darby Media & Chester Street Ry. bonds are guar., p. & I., by en
florsem't by Phila Rap Tr. Oo. Can be called at 102)4 & int
Both the collateral trust bonds and Market Street Elevated bonds were
Hated 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 o f $35,000 per annum began Jan. 15 1917. Of the $10,000,000
authorized $9,733,000 are outstanding and $267,000 have been retired.
Bonds are guar., p & i.. by Union Trac. Co. V. 91, p. 827. 699.
Car Trust* —T h“ Se- " B " car trusts mature $175,000 s.-a. bag. Seot. 1
1913 and ending Mar. 1 1925. Red. at 10234 and int. Series “ D " mature
$8,000 Feb. 28 in 1920 and 1921 and $9,000 each Feb. 28 thereafter to 1929.
Red. at 10234 and int. Series “ E " mature $28,000 Oct. 14 1920 and 1921
and $29,990 each Oct. 14 thereafter to 1929. Red. at 102)4 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.
Dividends.—An Initial dlv. 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. i l l . p. 389.
494. None to luly 1922, when $1 50 per share was paid, viz.: Quar. d«v.
N o. 1 for period Jan .-Mar. 1922, 75c.; N o. 2, for April-June, 75c. V. l i t ,
p . 2825. Quar. div. N o. 3 was paid in Oct. 1922. In 1923 Jan., 75c.;
75c.
R O A D . —Total trackage Dec. 31 1921, Including all lines lease and
operated. 675.201 miles. Owns about 3.208 cars o f all kinds
ANNUAL REPORT.— Fiscal year changed in 1918 to end Dec. ,n .
Annual report for year end. Dec. 31 1922 was given in V. 116, p. 823. 1644.
1922.
1921.
1922.
1921.
$
Pass, earns.^.41,758,763 41,514,830 Taxes_______ 2,586,001 2,798,821
Other receipts 770,780
905,775
Total exps.31,553,518 31,233.589
T otal_____ 42,529,543 42,420,605 Net earnings. 11,682,455 11,677.451
Expenses—
Interest______ 1,020,090 1,029,245
Maint.&renew 8,560,400 8,560,400 Rentals______68,833,087 a8,840,913
Oper. pow. pl’t 3,475,307 3,252,188 Divs. (5 % )—
______
______
Oper. of cars. 13,383,431 13,330,471
Surplus____ 1,829,278 1.807,293
General_____ 3,548,379 3,291.710
a Includes $120,000 sink. fd. (city contract). 6 Includes $150,000 sk. fd.
Latest Earnings.— For 3 mos. end. M ar. 31 1923 and Mar. 3 l 1922, see
V . 116, p. 1760.
OFFICERS.— Chairman o f the Board, T. E. Mitten; Pres., W . C. Dun
bar; V.-Ps., Leon Jewell and W. K. Myers; Sec., F. B. Ellis; Treas., G. W .
Davis; Aud., W. D. Witt; Compt., E. L. Austin.— V. 114, p. 2241, 2470,
2825; V. 115, d . 437, 760, 869, 1211, 1429, 1838, 2159, 2478, 2794; V. 116,
p. 411, 618, 823. 1050, 1276, 1644, 1760.
( l j D oylestown O Willow Grove Ry. C o.— A trolley road.
c
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 Oo. guarantees interest on the bonds. See V. 79. p. 1331.
STOCK AND 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 I 1930
gold guaranteed__ c ’ .cptfL an d Title & Trust Oo.. Phila . Trustee.
R O A D .— Trackage. 13.620 miles, from Doylestown to Willow Grove,
running over the old turnpike between those places, which is leased for 999
years.
EARN IN G S.— Included In Phila. Rapid Transit O o— V. 79. p. 1331.
(2) Twenty*Second Street & Allegheny Avenue Passenger Ry
ORGAN ISATION .— Chartered 1890. On Dec. 9 1903 the following
cos. were merged with the 22d St. & Allegheny Pass. Ry. C o., Fisher's
ane Ry. Co., Liudley Ave. Ry. Co., Chelten Ave. Pass. Ry. Co., Germanown & Fairmount Park Ry. Oo. and the Phila. & Trenton Rapid Transit
i .Ry. Co. Is leased to the Phila. Rapid Transit Oo. for 6% per annum
r paid-in capital.
STO C K .—Auth. amount, $1,302,000 ($50); 22,456 shares onr,standing.
25 paid in. “ Amount due other companies" Dec. 31 1921, $880,802.
R O A D .— Trackage 65.377 miles.
(3) Darby & Yeadon Street Railway.
ORGAN IZATION .— Entire stock t$5.000) Is owned by the Phlladeipgia
Rapid Transit Oo.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock all owned by Philadelphia Rapid Transit Co
First mortgage $200,000 gold I 1904
4 *4 g J-D
$200,000 Dec 1 1934
uar ($1.000)_____ c V c p t l Int. at Land Title S Tr. C o.. Phila.. Trustee.
c
onds.— Are guaranteed, prln. & int.. by endorsement by the Phila R ip.
Transit Oo. Are subject to call oo any Interest date at 105 and interest.
R O A D .— From tbe Philadelphia County line to Darby. 2 486 miles.
(4) Chester & Philadelphia Railway (Chester Short Line).
Is operated by Phila. R. T . under 30-year agreement dated Feb. 14 1911.
ORGANIZATION.— Incorp. In Penn, on June 29 1910 as successor to
the Phila. & Chester R y.. sold at foreclosure (V. 92. p. 1243). In considera
tion of an agreement to operate the line the Phila. Rapid Transit received
51 7e of Chester S Phila. stock. The Chester & Phila. receives 35% and
c
Rapid Transit 65% of gross earnings, for which the Rapid Transit assumes
all costs of operation. The 35% to be applied to int. on bonds and divs.
on 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 ($100,-1 1910
5 g J-J
600.000 July 1 1940
$500 and $1,000)____c * -t f [Int. at Real Est. T it. 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 Exch.
EAR N IN G S.— For years ending Dec. 31:
Calendar
Gross
Rental
Other
Total
Interest, Balance,
Year—
Earnings. (35% ). Reds. Receipts. Taxes,Ac. Surplus.
1921.................... $434,038 $151,913 $6,965 $158,879
$54,519 $104,360
1920................
484.733
169,656 3,247 172,904
54,071 118,833
R OAD.— 16.861 m. o f track. Including main line from Chester to Phila.,
and branches from Esslngton to Moore Station and Essington to Phila.—
V. 92, p. 1310; V. 104. p. 763. ______
UNION T R A C T IO N — 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
old) Is $900,000 per annum (equal to 3% on the face value of the $30,000
00 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 Oo. were given the
right to purchase 150,000 shares of the new Rapid Transit Oo. stock. V.
74. p. 989. Included at the time all the leading street passenger railway
lines within the city o f Philadelphia.
ORGAN IZATION .— Chartered Sept. 6 1895, and acquired on or about
Oct. 1 1895 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
3 months from July 1 1896. On Oct. 1 1895 leased for 999 years the Phila
S
S
99
delphia Traction at 8% on its capital stock. V. 61, p 663
Leases (from
Jan 1 1898) Hestonville Mantua & Fairmount Passenger Ry for 999 years
at 6% on pref. and 4% on com. stock. See V 66, p 236
The Lehigh Ave.
Ry. 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 of lease see V. 89.
p 594. The Philadelphia Rapid Transit now operates the road.
Also owns entire stock of the Philadelphia & Willow Grove Ry. Oo.
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 1916:
V 91, p. 337) to purchase the equipment of the Phila Rapid Transit, and
lease same to that company on terms as stated under Phila Rapid Transit,
and make the equipment the basis of an issue of $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 certlfs.
(Series B) as a result of the transaction. In May 1913 a further issue of
$1,944,000 car trusts (Series O) was put out. See 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. 324. 463 596.
Income Tax Decision.— See under Phila. Rapid Transit Oo. above.
Proposed Plan of Consolidation.— See under "Phila. Rapid Transit Oo.”
STOCK AND BONDS—
Date.
Interest.
Outstanding
Maturity.
Stock $30,000,000 (par $ 5 0 ) . / -----J-J
[600.000 sha.! D ec.'22. 3%
\
($17.50 pd.inf
Trust Oo certificates, gold.) 1895
4 g A-O
$29,730,114 Red. after
guar., p. & I by Union!
Oct 1 1945
Trust C o____________ c p t/In t. at Pa. Co. for Ins. on Lives & Granting
l Annuities, Trustee.
Collateral trust first mortgage] 1902 4 g J-J
1,202,000 July 1 1952
$1,500,000 gold_______ cpti Laud Title & Trust Oo.. Philadelphia. Trus.
Trust Certificates.— The trust certificates are not the direct obligations
of the Union Traction C o., but were Issued by the Pa. Oo. for Ins on Lives
fc Granting Annuities, to pay for the shares of the Electric and People’s Traotion companies purchased and are secured by a deposit with the Trust C o.
of all the shares of the stock of the Electric Traction Oo. and the People’s
Traction Oo. thus acquired
See description of certificates In V. 64, p. 135.
They are guar . prln 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 T'U3l Bonds.—The collateral trust bonds were Issued to fund
the boating debt and are secured by the deposit of the 35.000 shares of the
common stock of the Hestonville Mantua & Fairmount Pass. RR. Subject
to call at 105 and accrued int.; $'298,000 has been retired by sinking fund.
OFFICERS.— Pres., Jeremiah J. Sullivan; 1st V .-P.. Ohas. E. Heed;
Sec. & Treas., T . M . Cleary.— V. I l l , p. 1280; V. 113, p. 2506; V. 114, p. 80.
LINES CONTROLLED BY UNION T RACTION CO.
(1) C atherine & Bainbrldge Streets R y.— A trolley road.
ORGANIZATION.— Incorporated May 14 1889, and leased to the Phila
delphia Traction Co. Mar. 1 1890 for 99 years, and included In lease of that
company to the Union Traction Co. Oct. 1 1895; In Sept. 1895 term of lease
wa9 increased from 99 to 999 years and stock from $150,000 to $400,000
(all owned by Phila. Trac. C o.): rental Is $24,000 yearly, besides Intereat
and taxes
The $150,000 let M . 5s due April 1 1920 were extended for 10 year*
at 6%
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
6% M-S
$400,000
8ee text
Stock (par $50)----------------------------let M $150,000 ($1,000) c .c p t 1890
6% A-O
150.000 April 1 1930
Due lessee Dec. 31 1920_____ _____
_______
234.698 __________
Bonds are not subject to call. Interest at Penn. Co. for Insurances on
Lives, &c., trustee.
Dividends.— Dividends of 6% are paid.
R O A D .—The road aggregates 5.389 mllee of track.
(2) C itizens' Passenger Railway.
O R G A N IZ A T IO N — Incorporated Mar. 25 1858. Leased to Frankford
S Southwark Passenger Railway Oo. April 1 1892 for 999 years; rental
c
now $140,000 per annum, equal to 28% on stock, or $14 per $50 share.
This lease was assumed by the Electric Traction Co. July 1 1893. Operated
by Phila. Rapid Transit Co.
Income Tax Decision.— See under Phila. Rapid Transit Oo. above and
V 108, p. 784.
Stock authorized, $500,000; par ($50); paid In, $192,500— $20 on 8.500
shares and $15 on 1.500 shares. 11.543 miles of track.— V. 108, p. 784.
(3) C ontinen tal Passenger R ailw ay,— A trolley road.
O R G A N IZA TIO N .— Incorporated Sept. 3 1873. Leased Jan. 1 1880
to Union Passenger Railway Co. for 99 years at rental of $6 per share
per annum. Interest, taxes and operating expenses; lease assigned to Phila
delphia Traction Co. June 30 1884
Operated by Phila Rapid Transit Oo.
Stocks owned, per balance sheet Dec. 31 1921. $600,000.
Income Tax Decision.— See under Philadelphia Rapid Transit Oo. above
and V. 108. p. 784.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
Stock (par $50)______________ _____
$6 J-J
[20.000 shs.,1
($29 paid In.I See text
First mortgage ($500 and] 1879
4 .•J-t
$280,000 July 1 1959
$1,000) g o l d _____ __c&ri Land T bfe f.. Tru’ ' Oo.. Phila.. trustee.
Due lessee for additions Dec. 31 1921. $672,260.
Bonds were originally 6% . but In 1909 were extended for 50 years at 4 % .
Int. payable at office of company. Not subject to call. Bonds were listed
In 1909 on Phila Stock Exch
V 88 o. 82’’
Trackage 11 543 miles,
Y . 112, p. 2413; V. 113, p. 2504; V. 114, p . 2579; V. 115, p. 2579.
(4) Electric T ra ction .
ORGANIZATION.— Incorp. M ay 8 1893 and acquired control o f the
Citizens’ Pass. Ry., the Frankford & Southwark Phila. City Pass.R.R.
and the Second & Third Streets Passenger Ry. On July 1 1896 leased for
999 years the Citizens' Clearfield & Cambria St. Ry., the Citizens' East End
8t. RY.. .the Brown& Parrish St.. Ry. and the Citizens’ North End St. Ry.
In 1895 the Union Traction Oo. acquired all the stock at the rate of
$85 per share for each share, on which $50 had been paid, and $70 per
share for each share on which $30 had been paid, the Pennsylvania Oo. for
Insurances on Lives & Granting Annuities issuing therefor its guaranteed
crust certificates. On July 1 1896 the Union Traction Co. leased the
property for 998 years and 3 months. See V. 61. p. 197. and also “ Union
Traction" above.
Stock authorized. 175,000 shares of $50 each; Issued, 152,396 sharea of
$50 paid and 22,604 shares of $30 paid, making total $8,297,920.
ROAD.— Mileage. 130.266 miles. Rail. 90 lbs— V. 63. p. 657.
(5) Empire Passenger R ailw ay.— A trolley road.
O RGAN IZATION .— Incorporated Feb. 10 1869. Leased Dec. 26 1873
S Citizens' Passenger Railway Company and the Seventeenth & Nine
O
teenth Street Passenger Railway Company for 999 years. Transferred
Oct. 1 1895, along with all right to dividends on 6,100 shares of its stock
(then held by the Union Passenger Railway Co. as trustee and lessee), by
lease of Philadelphia Traction to the Union Traction Co. Dividends are
$1 50 per $50 share each June 30 and Dec. 30—that Is 6% per ann.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$600,000 __
Stock (par $50)______(All owned by Phila. Trac.)
1st M gold $200,000— c .c p t . 1900
3*4 g J-J
200,000 M a r l 1930
Bonds.— The new 3 54s were Issued to retire a like amount of 7s. due
July 1900. Land Title S Trust C o., Phila., Trustee.
c
Due lessee company for additions Dec. 31 1921, $705,715.
R OAD.— Mileage, 12.940 miles.— V. 70. p. 1150.
(6) Frankford & S outhw ark Philadelphia C ity Passenger R ailroad
O RGAN IZATION .— Incorporated April 4 1854. Acquired stock of
Lombard & South Streets Passenger Railway In 1890. Leased to the
Electric Traction Co. for 999 years from July 1 1893; dividends for the
several years named below being guaranteed per share:
Income Tax Decision.— See under Philadelphia Rapid Transit Oo. above
and V. 108. p. 784.
1st
2d
3d
4th
5th
6th
7th 8th 9th 10th and after
$12 $12.50 $13 $13.50 $14 $14.50 $15 $16 $17
$18
100
ELECTRIC RAILWAYS
STOCK ANL) BONOS— Mims. Date. Interest. Outstanding Last die.,ate
Stock (par $ 5 0 )...........................
.......
Q-J
$1,875,000 See text
Debt of Controlled Lines (assumed by Electric Traction Co.)
Lombard & South Streets, 10 1881 3)4 J-D $150,000 Dec 1 1951
Pass first mtge $500 & f interest at Real Estate Title Insurance & Tru3t
$1.000)__________ c .c p t j C o.. Trustee.
West End Pass Ry mtge)
9 1875
4 A-O
132,100 Oct 1 1936
ext $150,000 ($100 and >Phila. Trust, Safe Deposit & Ins. C o., Trustee.
$500)____________ c .c p t j Interest at Land Title A Trust Co.
The Lombard & South Sts. pass. Issue of $150,000 was originally 5%
but was called at maturity and then extended for 5Q years from Dec. 1 1901
at 3 )4 % . The West End Pass. Ry. mtge. matured Oct. 1 1905 but was
extended for 30 years at 4%
V. 81, p. 156.
R O A D .— Trackage. 70.821 miles.— V. 108, p. 784.
(7) G erm antown Passenger R ailw ay.— A trolley road
O RGAN IZATION .— Incorporated April 21 1858. Leased Oct. 1 1881
to the Peoples Passenger Ry. Go. for 999 years, but rental modified in
1893; stock since 1897 receives dividends yearly of $5 25 per share.
Income Tax Decision.— See under Phila. Rapid Transit Co. above.
Stock authorised, $1,500,000 ($50); paid In. $572,860.
R O A D .— Trackage, 44 661 miles. Extension of 2,000 feet from Hmerest
Avenue to city line, completed in Sept. 1898, forms with the Roxborough
Chestnut Hill & Norristown Passenger R y ., a through line to Norristown
—V. 69. p. 695.
(8) Green & Coates Streets Philadelphia Passenger Railway.
O R G A N IZA T IO N .— Incorporated April 21 1858. Leased to People'*
Passenger Ry. for 999 years from Sept. 1 1881 at an annual rental of $60,000
interest on bonds (since fallen due) and expense of management.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
V. 108, p. 784.
Stock. 10,000 shares (par value, $50), $15 paid In. Dividends are 12%
per an. (Q-J); on par or 40% on amount paid in (but see V. 107, p. 1384).
fiackage, 5.487 miles.— V. 107, p. 1384; V. 108, p. 784.
(9) H estonville M antua & Fairm ount Passenger Railroad.
OR G A N IZA TIO N .— lncorp April 6 1859. Franchise is perpetual.
LEASE.— Hestonville M . & F. road leased from Jan. 1 1898 to Union
Traction for 999 years at a rental of 6% on the preferred and 4% on the
common stock. By the terms of the lease the Fairmount Park & Hadding
ton lease is assigned to the Union Traction, which assumes the dividends
guaranteed on that stock.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
V. 108, p. 784.
STOCK AND BONDS—
Date.
Interest
Outstanding. Maturity.
Common stock par $50___________
4 J-J $1,966,100 f.p. See text
Preferred stock par $50___________
6 J-J
533,900 f.p. See text.
Consolidated M $1.250,000\ 1894 5-3)4 g M -N *1,250,000 M ay 1 1924
g $500 A $1,000-C*x_cpt; trustee, Girard Trust Co.
Guaranteed rental 999-year lease—
Fairmount Pk & Haddington I _____
6
g F-A
300,000 See text
Pass Ry stk par $50...........J
“ Leased Equipment Account,’ ’ Dec 31 1921____
241.968
Due leased lines Dec. 31 1921___________________
100.000
Interest Is payable in Philadelphia, x Free of tax.
• Of the $1,250,000 outstanding, $124,500 were issued Jan. 1901 as 3)4*
to take up bonds of tike amount of'the Fairmount Pass. Ry. due at that
time and $75,000 on Mar. 1 1902, to take up a like amount of 2d mortgage
6a maturing on that date.
Common stock authorized. 39.322 shares; preferred, 10,678 shares; par
value of each. $50: stock outstanding as in table.
R O A D .— Trackage, 19.728 miles.— V. 71. p. 1167; V. 108, p. 784.
(10) Lombard 5; S outh Street Passenger Railway.— See Frankford &
Southwark Passenger Railroad
(11) P eople’s Passenger R ailw ay.— An electric road.
OR GA N IZA TION .—Chartered Apr. 15 1873. The People's Trac. Co.
on Apr. 15 1893 acquired the entire capital stock of this road at $70 per
■hare. The Traction Co. then leased the People’s Passenger Ry. By a
tripartite agreement this lease was on July 1 1896 assigned to the Union
Trac. Co. for 998 years and three months. Rental Is 10% per annum on
capital stock ($2 50 per share) as below shown, nearly all of which is pledged
for People's Pass. Ry trust certificates.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock ($25)________ _____
10% M-S 31 o60.000shs. See text
Preferred stock ($25)________ _____
10% M-S 31 a23.000shs. See text
First mortgage ($ l,000 )c.cp t 1874 4 J-J 15
$219,000 Jan 16 1935
Second mortgage $500,0001 1881 4 J-J
285,000 July 15 1961
($1,000)___________ c.cptjT n t. at Guar. Tr. & S. D. C o., Phila., Trus.
Consolidated mtge $1,125.-1 1882
4 M-S
246,000 Mar 1 1962
000 ($1.000)___ cA r.c p tfln t. at Guar. Tr. A S. D . C o., Phila.. Trus.
a Total stock paid In $924,056.
Int. on 1st M . bonds at Land Title A Trust Co. The 1st M . bonds matu-ied Jan. 15 1905. but $219,000 of the $250,000 were extended as 4s to
1935. the remaining $31,000 being canceled. The 2d M . bonds matured
July 15 1911, but were extended as 4s to 1961. Consol, mtge. bonds were
originally 5s and fell due Mar 1 1912, but were extended for 50 years as 4s.
Due People's Traction Co. Dec. 31 1921 for construction and equipment.
$5,947,202.
The stock acquired by the People's Traction Co. was pledged as security
or trust certificates. See People's Traction.
R O A D .—Trackage 2.435 miles.— V. 63. p. 557; V . 92. p. 1600.
(12) P eople'* T ra ction .— An electric road.
O R G A N IZA T IO N .— A Pennsylvania corporation chartered March 6
1893 to operate and equip with trolley the People's Passenger R y., the
entire capital stock of which it purchased on or about April 15 1893. In
Oct. 1895 the Union Traction Co. acquired all traction stock at $76 per
■hare, the Pennsylvania Co for Insurances on Lives and Grant. Ann.
Issuing therefor its guaranteed trust certificates. On July 1 1896 the Union
Traction Go. leased the road for 998 years and three months.
STOCK, A c.—
Date.
Interest.
Issuea.
Maturity.
Capital stock ($30) ( S e e l ____
See text.
(200.000 s h s .l ______
text_____________________ J
l Full paid J
Trust certificates gold 1893 f 1893
4 g F-A
$5,807,970 Feb 1 1943
not subject to call ($1 .-{Interest, tax free, payable at Pennsyiv. Co
0 0 0 )_________________ c p tl for Insurances on Lives, A c.. Phila. True.
Trust certificates were issued by Pennsylvania Co. for Insurances, A c.,
and are secured by pledge of People’s Passenger Ry. stock (see that company
above) and by contract of People's Traction C o., which guarantees principal
and Interest. Issue limited to $1,000 for 14 2-7 shares deposited, making
total authorized, $5,810,000. Of this, $5,259,000 outstanding. Sinking
fund $25,000 yearly, began Feb. 1 1903.
(13) Philadelphia City Passenger Ry.— A trolley road.
ORGANIZATION.— Incorporated Mar. 26 1859. Leased to West Phila
delphla Passenger Railway Co. for 999 years from Jan. 1 1884 for lnteresl
on bonds. $2,500 per year for organization and dividend of $7 50 per share
Transferred under lease of Philadelphia Traction Co. Oct. 1 1895 to the
Union Traction Co. The 1st mtge. 4% bonds due Jan. 1 1960 were orlgi
naliy 5% bonds, and fell due Jan. 1 1910. but were extended at 4% without
option of prior redemption. V. 89. p. 1543Income Tax Decision.— See under Phila. Rapid Transit Co. above, and
V. 108, p. 784.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
8tock $1,000,000 ($50)______ _____
7)4 J-J
(20.000 shs.l See text
($23 75 paidf
$200,000 Jan 1 1960
First
mortgage
extended 1 1861
4 J-J
($500) c ______________co t/L a n d Title A Trust Co., Trustee.
Debentures ($500 Ac) c . c p t f -----5 M-S
100,000 Mar 1 1935
(Interest at Land Title A Trust C o., Phila
R OAD.— Trackage, 9.549 miles. V. 89, p. 919, 1543; V. 108, p. 785. (14) Philadelphia & Darby Ry.— A trolley road.
ORGAN IZATION .— Incorporated April 28 1857. Leased to the Phila
delphia City Passenger Railway Co. for 999 years from Jan. 1 1870, for
$8,000 per annum and interest on bonds. Transferred under lease of
Philadelphia Traction Co. Oct. 1 1895 to Union Traction Co.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
V. 108, p. 784.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
4 J-J
$200,000
See text
Stock (par $50)_______ ____________
First m ortgage_______ c . c p t j ____
4 M -N
100,000 M ay 1 1927
tint, at Land Title A Trust C o., Phila., Pa
ROA D .— Trackage, 17.463 miles.— V. 108, p. 784.
[V ol. 116.
(15) Philadelphia & Gray’ * Ferry Passenger R y .—Trolley.
ORGANIZATION.— Inconjorated April 9 1858. Leased to Philadelphia
Traction Oo. for 999 years from Jan. 1 1891 at rental, first five years,
$43,225. or $3 50 per share per annum, and $49,400. or $4 per share per
annum thereafter, the lessee to pay all taxes, running expenses, Ac. Oper
ated by Phila. Rapid Transit Oo. On Jan 20 1903 absorbed the Scbuylkil
River Pass. Ry. and increased capital stock to $1,000,000. V. 76, p. 654.
Stock: auth.. $1,000.000 ($50); outstanding, 12,388 shs , about $25 pd.In.
Dividends at Real Estate Title Ins. A Trust Oo. Trackage. 10.204 miles.
(18) Philadelphia T ra ctio n .— A trolley road.
O R G A N IZA TIO N .— Incorporated Aug. 22 1883 and secured control of
an extensive system of roads in Philadelphia, Pa., which it held either by
lease or ownership of securities, not in fee. Under the lease to the Union
Traction Co., dated Oct. 1 1895, all the leases and the securities owned were
assigned to the Union Co., which assumes all liabilities for rentals, Ac.
The lease to Union Traction C o . is fo r 999 years from Oct. 1 1895, and
provides for dividends of $4 (8%) per annum on each $50 share, payable la
gold coin, free of taxes. See V. 61, p. 663. for extracts from lease. Phila
delphia Traction stockholders were allowed to subscribe for new Union
Traction stock. See V. 61, p. 197.
Income Tax Decision.— See under Phila. Rapid Transit Oo. above, anfi
V. 108, p. 785.
Stock, auth. and outstanding, $20,000,000 (par $50). Open account*
Dec. 31 1921, $16,121,394.
Dividends—
I '85. '86. '87. '88. '89. '90-'93. ‘94. '96. '96 and since.
Per cent_______ \ 2 3 6 5 4
6
8 8 8 % per annum
Under lease, dividends of 8% are guaranteed. V. 61, p. 663; V. 73, p. 288.
ROAD.— The system assigned to the Union Traction Co. aggi
334.737 miles, consisting of the following “ Passenger Rallwaya” :
Miles
Miles.
Union Passenger R y_________ 80.695 17th and 19th Street*_______ 13 934
West Philadelphia Pass. R y.-70.209 22d A Allegheny____________ 65 339
Ridge Avenue Passenger Ry.-15.973 Catharine A Bainbridge Sts___5.389
Philadelphia & DarbyPass.Ryl7.463 Huntingdon St. Connect_____ .170
13th & 15th Streets__________19.681 Kessler St. Connect_____ ____ .15®
Philadelphia A Gray’s F erry..10.201 Ridge Ave. Connect_________
.221
Continental Passenger R y____11 399 Walnut St. Connect___________1.377
Empire Passenger R y _______ 12.940
Philadelphia City Passenger Ry9,549
Total of all...........................334.737
— V. 93, p. 408; V. 97. p. 951; V. 106, p. 925; V. 108. p 785; V. 110.
2568; V. 113, p. 1252; V. 114, p. 1181.
(17) Philadelphia & W illow Grove Street Railw ay C o.
OR G A N IZA TIO N .— Is a consolidation In 1904 of the Phila. A Willow
Grove Street Ry. and the Glenslde A Willow Grove Street R y. Entirestock Is owned by the Union Traction Oo. The Phila. Rap. Tran. Oo.
guarantees the bonds, prin. and int., by endorsement. See guaranty,
V. 79. p. 904.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity,.
Stock $1.000.000..................................................... $1,000,000
........... ..
First mtge $1,000,000 guarf 1904
4)4 g J-J
1.000.000 July 11934
gold ;$ l,000)______ c * .c p t l Int. at Land Title A Tru. O o.. Phila.. Trustee.
Bonds.— Bonds are subject to call on any Interest date at 105 and Interest
upoD 30 days’ notice. A sinking fund began after 5 years: of $10,000 per
annum for 5 years, $15,000 per annum for following 5 years and $20,000
per annum for the ensuing 15 year3. See V 79. p. 904
R OAD.—Trackage from Intersection of Weaver St. or Cherry Lane withMontgomery County line to Willow Grove Park, 15.523 miles.— V . 79,
p. 904; V 81. p. 32.
(18) R idge Avenue Passenger Ry.
O R G A N IZA TIO N .—Consolidation of Girard College Passenger R y. anfl
Che Ridge Avenue A Mauayunk Passenger Ry. on March 8 1872. Leased
to the Philadelphia Traction Co. for 999 years from Sept. 1 1892 for dividend
of $10 per share per annum to Sept. 1895 and $12 per share thereafter.
Operated by Phila. Rap. Transit Oo.
Income Tax Decision.—-See under Phila. Rapid Transit Co. above and;
V. 108. p 785.
STOCK.— Authorized and outstanding, $750,000 ($50); about $28
per share paid in.
On account of some old debts, dividends for 1896 were continued at $10
per share instead of the $12 a3 noted above
In 1897 dividends were In
creased to $12 per share. Trackage 15.973 miles.— V. 108, p. 785; V. 109.
p. 73.
(19) Second & T hird Street Passenger Ry.
O RGAN IZATION .— Incorporated April 10 1858. Leased Jan. I 1893
to the Frankford & Southwark Passenger Railway Co. for 999 years for the
following guaranteed dividends per share per annum
1893. 1894-95.
1896-97.
1898-99.
1900.
1901. 1902 A after.
$8 50
$9
' See below
$10
$10 50
$11
$12
Dividends In 1896 and 1897 were to be $9 50 per annum, but the dividend
for 1896 and for the first half of 1897 was at the rate of $9 per share Instead
of $9 50. the balance being applied to the payment of the debt o f $27,000
incurred for paving, V. 62, p. 785. The full $12 per annum however,
0as been paid since.
This lease was assumed by Electric Traction Oo. July 1 1893
Stock Issued. 21.204 shares (par $50); $771,076 paid in.— V. 107, p . 2377.
(20 Seventeenth & N ineteenth Streets Passenger Ry.
ORGANIZATION.— Incorporated April 12 1859. Leased to the Conti
nental Passenger Railway Co. for 99 years from July 1 1879 at a rental of
$15,000 per annum, being 6% on $250,000 amount paid in (10,000 shares at
$25) par $50, interest of bonds, taxes, expenses, &c. Transferred under
lease of Phtladlphia Traction Oo. Oct. 1 1895 to the Union Traction C o.;
all rights of the Philadephia Traction Co. to dividends on the 10,000 shares
of the 17th & 19th Streets road, which ware than held by the Union Passen
ger Railway Co. as trustee and lasses, being also transferred to the Union
Co. Stock all owned by Continental Pass. Ry. Co.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
3 J-J
(lO.OOOshs l
See text
Stock (par $50)______________ _____
1 $25 paid (
First mortgage ($500) exten-J 1876 5)4 1-J
$ 100,000 July 1 192®
d e d ________________ c .c p t(I n t. at Fidelity Trust C o., Phila., Trustee.
The bonds originally bore int. at the rate of 5% per annum and matured!
July 1 1919, but were extended for 10 years at 5 )4 % .
Due lessee for a d d itio n s Dec. 31 1921. $554,289
R OAD.—Trackage 13.934
(21) T h irteen th & F ifteenth Streets Passenger R y .— A trolley road.
ORGAN IZATION .— Incorporated April 8 1859. Leased Jan. 1 1892 tc.
Philadelphia Traction Co. for following rental: From Jan. 1892toJan. 1894,
$9 per share per annum; 1894 to Jan. 1897, $10 per share; 1897 to Jan.
1900. $11 per share; and from Jan. 1900 $12 per share. Lease transferred,
to Union Traction Oo. Oct. 1 1895.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
V. 108, p. 785.
STOCK AND BONDS— Date.
Interest.
Outstanding.
taturitV
Stock $1,000,000 (par $50)________
$12 J-J $334,529 pd. in. See text
Is Mtge. ($500,000).—c .c p t 1894 5 A 3)4 J-J
$436,000 Jan 1 1934
Rea! estate mortgages____c p t ____ _______
55.000 __________
The 1st M tgebds. are guar., prin. and Int., by the Phila. Traction C o .,
and the coupons are payable tax free; $36,000 of these are 3)49 and were
exchanged for old 7% bonds of like amount due Oct. 1 1903. V. 77. p. 695.
Interest and dividends are payable at office of the Fidelity Trust O o .,
the trustee of both mortgages.
Dividend in July 1895, $5 per share; the Jan. 1898 dividend was not paid,
owing to payment of city’s claim for paving. V. 61, p. 1155. In July
1898 paid $4 per share; in 1897 $10 50 per share; in 1898, $11 per share; in
1899. $11 per share; In 1900, $11 50 per share; 1901-1907, incl., $12 per
iihare per ann. In 1908, Jan., $6; July, $6. and $1 extra (paid out of accum
ulated surplus); 1909 and since. $12 per share per annum.
ROAD.— Trackage 19.681 m iles— V. 86, p. 1531; V. 108, p . 785.
(22) Union Passenger R ailw ay.— Trolley road.
ORGANIZATION.— Incorporated April 8 1864. Leased to Philadelphia
Traction Co. for 999 years from June 30 1884 at an annual rental of $285,000,
or $9 50 per share on stock, and Interest, taxes. Ac. There are outstanding
30.000 shares ($1,500,000) of stock on which $30 83 1-3 has been paid In
on each share, or a total of $925,000. $302,300 of the stock is owned by
the Philadelphia Traction Co. Its lease of the Continental Passenger R y.
was assigned to the Philadelphia Traction Co. and from Oct. 1 1895 to
May 1 1902 operated by the Union Traction Co. The Union Passenger
Railway Co. is still holding, as lessee and trustee 6,090 shares Empire
Passenger R y. stock and 10,000 shares of 17th & 19th Streets Passenger R y .
A pril, 1923.]
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity
Stock $1,500,000 (par $50)_ _____ $9 50 J-J
_
See text.
See text.
First mortgage ($100 and l 1881
4 A-O
$500,000 Mar 31 196)
$ 5 0 0 )______________c . c p t / Pennsylvania Co. for Insur. on Lives, Trus
Second mortgage ($100 and! 1884
4 A-O
250,000 Mar 31 1960
$500)_______________c .c p t I Int. on both loans at Land T & T . C o., Phil
Due lessee company for additions Dec. 31 1921, $6,655,361.
The 1st mtge. bonds were originally 5s and matured March 31 1911. but
In Jan. 1911 arrangements were made with Drexel & C o., Phila., to pur
chase the bonds, and they were extended for 50 years at 4% without option
tocall. V .9 2 ,p . 190. The 2d M . bonds o f 1884 were formerly 5s, and ma
tured Mar. 31 1910, but were extended for 50 years at 4% without right of
prior redemption. V . 90, p. 628. Land Title & Trust Co. has beeD
substituted trustee.
R OAD.— Trackage, 80.695 miles.— V . 114, p. 2580; V. 115, p. 2687.
(23) W est P hiladelphia Passenger R y.— Trolley.
ORGA N IZA TIO N .— Incorporated M ay 14 1857. Leased Jan. 1 1884 to
the Philadelphia Traction Co. for 999 years at an annual rental of $150,000.
or 20% on stock, and Interest, taxes, &c.: transferred Oct. 1 1895 to Onion
Traction Co. The Philadelphia Traction Co. owns $392,950 of the $750,000 stock.
STOCK AND BONDS—
Date.
Interest.
Outstanding. laturity
Stock (par $50)___________________
$10 J-J
$750,000
See text
First mortgage ($1,000)
7 1876
3H A-O
246,000 April 1 1956
gold________________ c.cptlG lra rd Trust C o., Philadelphia, Trustee
Second mtge ($1.000).c .c p t 1886
5 M-N
750.000 May 1 1926
Free from tax.
/ Pennsylvania Co. for Ins. on Lives & GrantI Ing Annuities. Phila . Pa.. Trustee
Bonds.— Interest on 1st mtge. bonds payable at Girard Trust Co., Phila.
Int. on 2d mtge. bonds payable at Land Title & Trust C o., Philadelphia,
Pa. The first mortgage 6s matured April 1 1906 but were extended for
60 years at 3 X % Due lessee for additions to Dec. 31 1921, $2,508,896.
ROAD.— Trackage, 70.209 miles.— V. 114, p. 2581; V. 115, p. 2687.
INTER-STATE RA ILW A YS.
Financial Plan.— Int. due Feb. and Aug. 1909 was paid after some
delay. V. 88, p. 1127, 1197; V 89, p. 348, 1141. On Nov. 25 1910 share
holders ratified the readjustment plan (V. 91, p. 1385, 1512) calling for the
issue of $1,000,000 6% cum. pref. stock, shareholders to take $500,000 as
par for cash (payable in 5 installments o f 20% each at intervals of 30 days
beginning with 2 payments Jan. 2 and ending April 1 1911). and bondholders
to take $500,000 at par in lieu o f 1910 and 1911 coupons on bonds. V. 91
p. 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
was consummated In 1910 upon satisfactory terms. The subsidiaries are
in four groups. Wilkes-Barre, Beading. Trenton and Wilmington
The
Wilkes-Barre Rys. Co., the Reading Trans. Co. (succeeded by Read. Trans
St Light Co. in Mar. 1913, control of which was acquired by Eastern Power
Sc Light C orp.), the Trenton & Mercer County Traction Oorp., the Southern
Pennsylvania Traction and the Wilmington & Philadelphia Traction Co
were formed to take over the various properties. V. 91, p. 1512, V. 92. p
261. Statements for these companies will be found respectively under
Wilkes-Barre, Reading. Trenton and Philadelphia.
The aggregate annual income under the above leases is as follows (bu'
fee remarks below):
1923
..... $808,54211925__________ $826,04311928 and thereafter an1924
..... 818.5421
| nually...........$830,000
Fixed Charges to Be Paid Out of Above Rental Plus Any Other Income.
Int. on 4s.
Taxes.
Total
Inter-State Railways_______________ x$407,800
$3,145
$410,945
United Power & Transportation____
x247,656
3,297
250,953
T o t a l ................... ..............................
$655,456
$3,442
$661,898
Note.— The above figures do not include the Federal income tax. <vhirb
must be added thereto, x Includes int. on 4s held in treasury as invest
ments.
Default in Rental— Dividend Passed.— Failure of the Trenton & Mercer
County Trac. Co. to pay its rentals, due to increased operating expenses
resulted in the omission of the 1918 and subsequent divs. on the pref
stock. See V. 106, p. 189. Up to April 1 1923 no rentals had been paid
since July 1 1917.
ORGAN IZATION .— 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 corn pan int-.
In Dec 1902 obtained control of the United Power S Transportation Co.
t
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 ror bonds on this basis.
On April 23 1915 stockholders approved the issuance of new, Irredeemable
preferred stock In exchange for the old pref. stock. V. 100, p. 1592.
Under a supplemental agreement dated July 26 1917 between the Inter
state Rys. Go.. United Power & Transportation Go. and Real Estate Title
Insurance & Trust Go., the outstanding amounts of United Railways and
Delaware County Ry. gold trust certificates (see United Power & Trans
portation Go below) were reduced and some of the collateral pledged
therefor withdrawn. Compare V. 103, p. 2238; V. 105, p. 716. The ca b
received by the Interstate Rys. Go. from the sale of some of the withdrawn
collateral has been Invested. V. 106, p. 86.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturiti.
Com $9,000,000 ($100).........................................
$2,291,200 f. p . ______
Pref $1,000,000 ($10) 6% c u m ____
J-J
1,000.000
See text.
Collateral trust gold $10,-i 1903 4 g F-A
10.195.000 Feb 1 1943
781,250.............................c*l Int. at Real Est. Title Ins. & Tr.. Phila., Tr.
Stock.—Oom. stock was listed on the Philadelphia Stock Exchange n
April 1903. V. 92, p. 1243: V. 93 p. 164. $990,800 of the old preferred
•tock had been exchanged for the new up to April 1 1923.
Bonds are dated Feb. 1 1903 and are secured oy deposit of United Power
ft Transportation stock. They bear 3% interest the first year. 3 ° < 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, no lce.
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:
Fiscal
Total
Interest
Em. &
.
Preferred
Balance
Year—
Receipts.
Coll Trust
Tares
Dividends. Snrn’ us
1922-23------------*337,271
$306,640
$17,718
______
$12,913
1921-22________ 336,670
306,628
17,716
______
12,32b
OFFICERS.— Pres. John A. Rigg; V.-P., Walter A. Rigg; Treas.. T W.
Grooket. Jr.; Sec. & Asst Treas.. J W. Goodwin. Office 411 M a rie’
St., Camden, N . J.— V. 115, p. 73, 1837; V. 116, p. 176, 1649.
UNITED POWER & TRAN SPORTATION CO.— Electric roads.
Incorporated April 20 1899 under New Jersey laws to construct, develop
and own street railways, power companies, &c., and do a general business
(V. 68, p 929). In Dec. 1902 stock was acquired by Inter-State Rys. Co
which see Immediately above.
On April 1 1923 owned the following stocks and bonds. We show also
the total amounts outstanding of each issue.
Owned. Tot. SO.
Stocks—
Shares.
Shares.
Delaware County & Philadelphia Electric Ry____
. 5,993
6.000
Lebanon Valley Street Ry. C o ___________________
. 9.992
10.000
Media Glen Riddle & Rockdale Electric Street Ry.
. 1.632
1.640
Reading & Southwestern R y_____________________
128
2.600
Roxboro Chestnut Hill & Norristown Ry. Co____
. 4.951
4.968
Schuylkill Valley Traction C o____________________
. 9,995
10.000
Trenton Street R y .,______________________________
20 000
. 19.969
Wilkes-Barre St Wyoming Valley Traction_______
, 49,992
50.000
Wilmington S Chester Traction_________________
t
. 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 & Christiana Turnpike C o___________
644
680
STOCK St BONDS.— Stock auth., $3,593,750; shares $25. full paid. I e
Mar. 1902 outstanding stock was Increased from $3,125,000 to $3,593,751
(V. 74, p. 682). the additional shares being sold to stockholders at $35 pel
$25 share. Bonds, 4% coll, trust certificates, are In two series, which we
101
ELECTRIC RAILW AYS
have marked (a) and (5) below. [Stock and bonds listed on Philadelphia
Stock Exchange.]
(a) Under a trust agreement between ch*- United Power & Transporta
tion Co. and the New York Trust C o., trustee, dated May I 1899. and a
supplemental agreement dated July 26 1917 there are Issued $5,372,800
United Railways gold trust certificates secured by deposit of 19,953 shares
Trenton St. R y. C o., 39.993 shares Wilmington & Chester Traction Co.,
5,089 shares the Wilmington City Electric Co. and 49,911 shares the WilkesBarre St Wyoming Valley Traction Co. Pursuant to the supplemental
trust agreement dated July 26 1917. the amount of outstanding certificates
was reduced from $7,918,000 to $5,372,800 by acquisition by the co. and
subsequent cancellation of $2,545,200 thereof through the sale of certain
assets pledged as security therefor as follows; 79,991 shares of the United
Traction Co. of Reading and 35.800 shares of the Edison Elec. Ilium. Co.
of Lebanon, Pa., which, together with the remaining shares of said coe.
in the treasury, were sold for a consldertaion of $1.250,000 par value United
Railways gold trust certificates and $2,760,000 cash; 1,125 shares of Read
ing & Southwestern St. R y ., 4,925 shares of Roxborough Chestnut Hill S
t
Norristown R y., 9,975 shares of Schuylkill Valley Traction C o., 1,600
shares Media, Glen Riddle and Rockdale Electric St. Ry. C o., and 14,992
shares of Ilolmesburg Tacony & Frankford Electric R y. (sold under fore
closure in- 1910 and reorganized with no realization on its capital stock)
see Frankford Tacony & Holmesburg Ry. 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, Ry. gold trust certificates. V. 106, p. 87.
(6) $818,600 Delaware County R y. gold trust certificates under a trust
agreement between the United Power & Transportation Co. and the Real
Estate Title Insurance & Trust Co. of Phila , dated May 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.
5.99.3 shares Delaware County & Philadelphia Elec. Ry. Co. Under sup
plemental agreement dated July 26 1917 the amount outstanding was re
duced from $998,950 to $930 750 and 1.125 shares of Reading & South
western St. Ry. stock. 4.925 shares of Roxborough Chestnut Hill &
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 of 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 & Transporation Co
For both
series, also, the semi-annual Interest (J. & J.) and the principal are payable
in gold coin, free of tax, at the office of the Real Estate Title Insurance &
Trust Go of 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,
Ian 20 $1, July 10. $1: In 1903, Jan, 20 $1; in 1904. ian. 16. $2 66; in
1905. Tan. 24 $2 39; in 1906. Jan. 26. $3 10; In1007. Jan 24. $3 20: In
1908, Jan. 30, $3 31; none to July 1911 when 11 10 was paid; In 1912, Jan.
30, $1 40; July 29. $1 41; in 1913. Jan.. $1 79; July. $1 26 In 1914.
/ an., $1 52: July, $1 40. In 1915, Jan.. $1 54: July. $1 34 In 1910,
Jan.. $1 55: July, $1 43. In 1917, Jan., $1 55: July. $1 23. In 1918,
Ian.. $1 32 July. $120
T 1919, 'a n .. 50c. rn 1020. Tan $ 1 9 5 .
n
In 1921, Jan., $1 60. In 1922, Jan., $1 85. In 1923, Jan., $1 94.
REPORT.—
From
Interest,
Taxes,
Div.
Sur.aft.
O n tptidar Year— Investments.
on 4s.
Pnid.
Divs.
$247,656
$33,202
$278,875
$456
1922 ____________ $560,189
IP21____________ 554,781
252,140
36.433
265.937
271
OFFICERS.— Pres., John A. Rigg; V .-P ., Walter A. Rigg; Treas., T . W .
Grooket Tr.: Sec. & Asst. Treas.. T. W. Goodwin' Counsel, R L. .Tones.
General offices, 411 Market St., Camden, N . J.— V. 110, p. 563; V. I l l ,
p. 75; V. 112. p. 471, 563; V. 114, p. 411, 628; V. 116, p. 517, 722.
M U N I C I P A L S E R V I C E CO .
O RGAN IZATION .— Incorp. in Maine on Feb. 14 1912 as a holding co.
In M irch 1917 acquired control o f the Citizens Traction Co. (which see
under “ Oil City, Pa.” ). In July 1917 acquired the Youngstown & Sub
urban Ry. Co. (which see under “ Youngstown, Ohio” ) by exchange o f
stock and bonds, as per offer in V. 104, p. 2235.
Also controls through stock ownership the Chester Valley Electric C o.,
Ooatesville (Pa.), Salem (O.) Lighting C o., Alexandria Co. (Va.) Light &
Power C o., Staunton (Va.) Lighting C o., Valdosta (Ga.) Lighting C o., and
York Railways Co. (Pa.). 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 she co.'s various properties 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
40,500 shs.
See text
Pref cum 0% $2,000,000($100)____
Q-F
2.379.033 Feb. 23 I X
10-yr deb bonds $1,500,000/ 1918
6%
t.78,000 Dec 1 1928
($500 St $1,000) g _____ctfflR e d . at 101 on any int. date.
3-yr. notes ($1,000)_________ | 1920 8 J-J
437.000 July 1 1923
_______________________ c*tf IPh ladelphia Trust C o., Trustee.
First Lien Coll Trust M tgef 1917 5 M-S 1
4,044,000 Mar 1 1942
$20,000,000 ($500 and $1,--! Interest payable In Boston and Philadelphia.
000)_______________C* cp tt Philadelphia Trust C o.. Trustee.
Bonds.— The 1st lien & coll, trust bonds are secured by $4,035,500 mtge.
bonds. $1,270 000 pref. stock and $2,265,100 common stock of subsidiary
companies. Additional bonds may be issued only for acquiring and placing
under the mtge. at least an equal amount of mtge. bonds of subsid aries now
outstanding, or, further, at the rate of 85% for those to be issued by sub
sidiaries 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
p-esenf 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 of laws in effect at
time of issuance. V. 108, p. 171.
Notes.—-Are redeemable since July 1 1922 at par. Tax-free in Penna. and
M iss. V 111, p. 294.
Dividends.-—
6% is being paid on pref. stock. Tn M ay 1922 an extra
d 'v . o f M o f 1 %
w is m > d .
T n 'M a l U j v . o f
1 % o n — >0 1 . s t o c k m i d in A p r i l
1914: in 1915, 3% ; 1916 and 1917, 4 % . None to 1922. when $1 was paid.
m vKNINGS. —
,
Combined earuiog-, of subsidiary ouipaoles incl. Olti"
zens Trac. Co. and Youngstown & Suburban Ry. On.) for vears end Dec 31'
12 Mbs.
Gross.
Net aft. Taxes. Fixed Chqs. Other Deduc.
Bal., Sur1922_____ $3,656,481
$1,327,271
$594,271
$365,558
$367,442
1921_____ 2.496,643
807,954
388.842
206,692
212,420
1920_____ 2,551.105
613,239
346.458
182.085
84,696
OFFICERS.— President, Geo. B. Baker V.-Pres., Charles Day Sec.,
John E. Zimmermann; Treas., L. B. Harvey; Asst Sec., C. A. McClure;
\sst,. Treas., Jos.- W. Swain Jr
General office Lind Title Bldg., Phila.
— V. I l l , p. 294; V. 115, p. 308, 988, 2581; V. 116, p. 935.
FRAN K FORD TACO N Y & HOT MESRTTRO R V .— A trolley road.
ORGANIZATION. — Incorp. In Pennsylvania on July 11 1910 as a re
organization of the Holmesburg Tacony & Frankford Elec. Ry., sold at
foreclosure June 1 1910. For terms of exchange of bonds of old company
for new company bonds, see V 91. d 276
F ra n c h is e 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.
V aluation. — In Oct. 1920 the co. filed with the Penn. P. S. Comm, a
valuation of $1,403,709 for its entire property. V. l l l . p . 1752.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($ 5 0 ).................................... ............ $500,000
........... ........
First mortgage $500,000 gold/ 1910
5 g J-J
400,000 July 11940
($500 and $1,000)-. . c ’ t 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 Phila. Stock
Exchange. V 93. p. 105.
Bond
Net. after
Balance,
Earnings
Cross
Revenue
Interest.
Cal. Yrs.— Earns.
Taxes, &c.
Surplus.
Passengers.
$ 20,000 def.$15,082
1921______ $193,278
$4,918
$3,063,955
1920_______ 186,017
232
2 0 ,0 0 0
19,768
2,999,113
373
20,000
def.19,627
2,727,681
1919.......... 174,041
102
ELECTRIC RAILW AYS
R O A D .— Operates 17.29 miles of track between Philadelphia, Frankford
Brldesburg, T acony, Holmesbure and Torresdale. of which 1 mile (In Phlla.)
la leased. 60-lb. T and 80 & 105-lb. girder rails. Gauge 5 ft. 2)4 In.
28 m o'nr cars. 14 trail cars and 7 miscellaneous cars.
OFFICERS.— Pres, and Mgr., Meyer ocnamberg; V .-P ., Wm. MilnesSec. & Treas., Jacob M. Vogdes.— V. 98, p. 45.8; V 107. p. 696; V. 108. p.
2122; V. I l l , p. 1752; V. 113, p. 1250; V. 114, p. 1407.
TRENTON BRISTOL & PHILADELPHIA STREET R Y .
O R G A N IZA TIO N .— Incorporated In Pennsylvania as successor to the
Phlla. Bristol & Trenton, sold at foreclosure on Aug. 2 1909 to a bondhold
ers committee. V. 89. p. 349, 780. Por distribution of securities of new
company by said committee to holders o f 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
...................
lat mtge $750,000 ($1,000,7 1913
5 g M-S
413.800 Mar. 11943
$500 and $100) g ___ c* tfl Onion Trust Co. of M d., Balt., Trustee
Remaining bonds are reserved for corporate purposes. Subject to call
as a whole on any Int. date at 105 and lnt. No sinking fund.
E A R N IN G S.— Por years ending Dec. 31:
Year—
Gross-.
Net
Taxes
Tnterest. 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 -------------- 121 785
19 822
3,600
22,910 4,775 def. 11,463
x Discount oh 1st mtge. bonds.
ROAD.-Owns and operates 17 )4 miles of track from Torresdale to Morrts▼ille. Ralls. 60 and 90-Ib girder and 72-lb. T; gauge 5 ft. 2 ^ 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. A
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 U l W t V S CO — 4 trollev 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 R G A N I Z A T I O N . — In c o r p o r a te d in P e u n sy lv a n ia on
.vlay
10
iv u i as
■accessor to the Southwestern Street R y. sold at foreclosure Apr. 21 '911
V . 92. p. 1375.
STOCK AND BONDS— Dale.
Interest. Outstanding. Maturity
__________
Stock $400,000 ($50)..............._................................ $400,000
1st mtge $400,000 gold ($500? 1911
5 g M-N 15 400,000 May 15 1941
and $1,000)— _____c*tf 1Int. at Real Est. Tit. Ins & T r.. Phlla.,Trus
Bonds are red. on any lnt. date at 105 and Int.
E A R N IN G S.—
Gross
NetInterest A DepreSurplus 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
1916........
122,431
30.866
23,646 7,000 sur.
220
x No later published.
R O A D .— Owns and operates 16 miles of track within limits of
Phlla lelphla. Also operates branch o f Chester & Phila. Rys. Co. from Bow
Creek to Essington, 3 44 miles. Gauge, 5 ft. 2)4 In
O F F IC E R 8.—Pres., I. H. Siverman; Sec., Alvin W. From: Treas
Benj. Wolf; Gen. M gr., C. F. Hewitt.— V. 92, p. 1375; V . 100, p. 475
______
V. 106. p. 2560.
PHILADELPHIA & WESTERN R Y. CO.
ORGA N IZA TIO N . &c.— Incorpor. June 6 1907 in Pa. as successor to
the Phlla. & Western RR .Co
In 1910 control was acquired by a syn
dlcate headed by Edw B. Smith < C o., of Philadelphia and New York
fe
Owns one-half of the capital stock o f the Norristown Transit C o., whlcl
road connects the Lehigh Valley Transit Co. with the Philadelphia & West
ern (see “ R O A D " below), and the entire capital stock of the Philadelphia
& Western Home Owners’ Association and the Interborough Electric Light
& Power Co.
For proposed line from Phila. to Valley Forge, Pottstown, &c., of which
the Phlla & Western Ry. Is to form the terminal trunk line, but take no
part in financing the olan 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
supplies the company with all Its power.
STOCK AND BONDS— Dale.
Outstanding. Maturity.
Common $4,000,000 ($50)___ _____
$4,000,000
Pref $2,000,000 5% cum from!
Jan 1 1916 ($50).................f ____
Q-J
2,000.000 Apr ’23, 1M
First mortgage __________, ____
$4.000,OOOf 1910
..
5 g J-J
_____________ ________
2,630.000 July 1 I960
gold ($1,000)________ c * tf{ln t. at Phlla. Tr. C o., Phlla., trustee, or at
I Edw. B. Smith C o., Philadelphia.
The com. & pref. stocks were listed on the Phila. Stk. Exch in May 1917
Bonds.— Of remaining bonds $370,000 are In treasury. Subject to cal)
at 102)4 and interest on any Interest date on 60 days’ notice.
Dividends.— First div. on pref. stock— 1)4% —paid April 15 1916;
■ame rate quarterly since.
E A R N IN G S.— Por years ending Dec. 31
Calendar
Gross
Net (aft. Pur. o f Interest Preferred
Balance,
Year—
Earns.
Taxes). Equip. Charges. Dies.
Sur. or D ef.
1922 ------------ $825,459 $334,688 $12,000 $131,500 $100,000
$101,516
1921 ------------ 812,240 279,399 12,000 131,500 100,000 sur.44,613
Passengers carried during year ending Dec. 31 1922, 4,402,259, against
4,266,413 in 1921.
R O A D . —Operaces a high-speed double-track road 17.33 miles long becweeD
Philadelphia. Norristown and Strafford, entirely on private right-of-waj
and connecting with Phila Rapid Transit C o.’s subway-elevated system at
69th & Market Streets, Philadelphia, and with Penn. RR. main line at
Strafford Sta. An extension from Villa Nova Into Norristown was placed
In operation on Aug. 26 I.C'2. i n Dec. 1912 connection was made with the
Lehigh Valley Transit Co.'s lines at Norristown via Norristown Transit Oo
and 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., ,T L. Adams: Sec. & Treas.. W . T
.
Curry; Gen. Supt. & Aud., C. 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; V . 116, p. 1276.
[V ol. 116,
EARN ING S.— For 12 months ending Dec. 31:
12 M os.—
Gross.
Net.
Fixed Chgs.
Bal., Sur.
1922___________________ .$832,441
$339,629
$107,729
$231,900
1921___________________ 790,040
311,952
121,373
190,579
PROPERTY.— Generating station of 8,250 k. w. capacity, 60 miles
transmission lines; water pumping station with 2 triple-expansion service
pumps of 4.000,000 gals, capacity each; 4 wells, said to be over 800 feet
deep; 2 concrete reservoirs of over 3.000.000 gals, capacity; 52 miles of
pole lines, incl. the street railway distributing system, and 4,457 meters;
37 miles of water mains, serving 3,651 customers’ water meters, and 339 fire
hydrants; street rahvay with 9)4 m les of equivalent single-track o f 70-lb.
T-rail; 21 “ pay-enter” cars.— V. 104, p. 664; V. 105, p. 1709; V. 106,
p. 397; V. 108, p. 1512; V. I l l , p. 1567, 1956, 2229; V. 114, p. 1535.
PITTSBURG, KANSAS.
JOPLIN & PITTSBURGH R A ILW A Y .— A trolley road.
O RGAN IZATION .— Incorporated June 10 1907 in Missouri. Took
over the Pittsburg Railway & Light Co. and the Joplin & Pittsburg Street
RR. V. 85, p. 469. The Pittsburg Ry. & Light Co. was incorporated in
Kansas in 1905 as a consolidation of the Pittsburg RR. and the Pittsburg
Light & Power Co. In 1910 absorbed the Pittsburg & Kansas City R y.
(which company had acquired the Girard Coal Belt Electric R y.), and all
bonds of that company were retired. Franchises in towns through which
road runs vary from 30 to 50 years and some are perpetual. Private right
of 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 Mar. 1 1930 at 7 % .
V. 116, p. 1411.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock common $5,000.000____
................. $3,300,000 ... ..................
Pref. rights $2,000,000 6%
cum from April i 1916___ ____
_________
800 OO0 __________
First mortgage $5,000,000 1910
5 g M-S
2.800,000 Mch 1 1930
OOOf
($500 & $ 1 ,000 ).. .g c ** . t f j Harris Trust & Sav Bit Chic.. & St. L.
Un. Tr. Oo , trustees.
General mortgageSl,050,OOOf 1913
7 A-O
1,050,000 Mar. 1 1930
($500 & $1.000)_____c* . tf 1Central Tr. Oo. of Illinois. Chicane. I'rustee.
Stock.— Pref. rights are 6% cumulative from April 1 1916 and also share In
darnings after common has received 6 % . $95,600 have been retired.
Bonds.— Remaining first mtge. bonds are reserved for extensions and
tddltions at 80')?. of cost. but onlv when previous v^a-'o not. earnings are
twice interest on bonds out and to be issued. $278,500 (included in
amount outstanding; held In treasury. No sinking fund, interest is
payable at Harris Trust & Savings Bank, Chicago, Harris, Forbes &
Co.. N. Y . or any of ttie offices of E H Rollins .v Sonv 9i) p. 914.
General mortgage bonds were issued in exchange for debentures of 1910.
They originally bore int. at 6% and matured April 1 19)0 but have been
extended for 3 years at 7% and again for 7 years to M jr . 1 19 30at7% .
Extended bonds are call, at 100 & int. on any int. date. V. 116, p. 1411.
EARNINGS.— For calendar years:
Year—
Gross. Net {aft. Taxes). Bond Tnt.
Balance.
1922___________________ $708,169
$190,223
$161,000
sur.$29,223
169,848
161,000
sur. 8,848
1921___________________ 781,345
ROAD.— Owns and operates 105,48 miles of track, embracing some
local street railway lines in Joplin, M o., and all in Pittsburg. Kan. and
interurbah lines connecting the two cities, and also Pittsburg with Frontenac,
Dunkirk, Radley, Franklin, Arma, Croweburg. Mulberry and Girard and
Cherokee Mineral, Weir City Scammon and Columbus
70-lb rails.
It Is proposed to extend the line Into the Lawton-Waco zinc fields. 1)4
miles, at an early date, and later on Into Lawton.
OFFICERS.— Pres., osep > J Heim V -P. & Sec.. John A. Prescott
V.-P. & Gen. M gr., Bruce Cameron: Treas., O. O. Snider; Aud. & Asst.
Sec.-Treas., E. S. Bigelow. General office, 919 Baltimore Ave., Kansas
City, M o. Operating headquarters. Pittsburg, Kan.— V. 109, 2357;
V. 110, p. 1289; V. I l l , p. 1183; V. 116, p. 1411.
PITTSBURGH, PA.
PHILADELPHIA COMPANY.
O R G A N IZA TIO N .— Organized on May 24 1884, and was originally a
aatural gas company. Operates under special Act of the Legislature of
Pennsylvania (conferring many valuable rights andprivileges) granted to
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 tbe following heads:
(1) Natural Gas and Oil.— Philadelphia C o., through Its own lines and
those of a number of cos. controlled by it, supplies nearly all the natural gas
consumed in the city of Pittsburgh and the manufacturing towns lying
along the Monongahela and Allegheny rivers
Company controls by
lease 340,242 acres of gas and oil lands in West Virginia and West
ern Pennsylvania. In 1913 the Plttsb & West Virginia Gas C o. pur
chased the Monongahela Natural Gas Co. by the Issue or $1,500,000 coll,
trust notes (see below) The principal natural gas companies controlled are:
The Philadelphia Co. of W. Va I uittshureh % West Virginia Gas Oo •
Equitable Gas Company
|Monongahela Natural Gas Co.
During the 12 mos. ending Dec. 31 1922 company sold 32,410,982,700
cu. ft. of natural gas and produced 162,193 barrels of oil. On Dec. 31 1922
owned or controlled 1,749 gas wells and 3,738 miles of pipe. Also owned
or controlled 171 oil wells.
(2) Electric Light Power.— The Philadelphia Co. controls through stock
jwnerslilp the Duquesne Light Co. 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 Co.
except thb Olairton St. Ry., C o., the Beaver Valley Traction Co. and the
‘rittsburgh & Beaver St. Ry. C o., which are operated separately).
In Feb. 1902 acquired the elevated railroad franchises which were
{ranted to Messrs Bigelow. Oliver. Quay and others. V. 74, p 478.
In Feb. 1906 the United Rys. Investment Co of San Francisco acquired
ontrol through purchase of $21,000,000 of the common stock, paying for
he stock acquired partly in Its own stock and partly in an issue of Its coll.
;rust bonds. In April 1907 acquired $3,200,000 more of the stock by anither Issue of coll, trust bonds; now owns $24,555,000 of the com. stock.
)ee statement of United Rys. Investment Oo. under San Francisco and also
7. 82. p. 393. 988
In 1912 the company made an adjustment of its accounts aud relations
PINE BLUFF, ARKANSAS.
with the Pittsburgh Railways Co. It sold to the Pittsburgh Rys. certain
•tocks of street railway and traction cos. Included In the Pittsb Rys. Co.
THE PINE BLUFF CO.
•ystem (book value. $8,265,000). and also turned over to the Railways Oo.
Controlled by the Arkansas Light & Power Co. V. 108. p. 1512.
O R G A N IZA T IO N .— Ineorp. Mar. 13 1912 in Ark. and owns and oper -,he bills payable of that co and of certain underlying cos. (book value, $10,149.052) held by the Phlla. Co. In return it received $10,000,000 par value
ates the electric light and power, street railway and water supply properties
In Pine Bluff. Franchises for street railway and electric-light system 1% debentures of the Railways Co.; Interest on these debentures Is payable
extend to 1951; water franchise to 1947, subject to the city's right to pur >niy if earned and is non-cumulative. See report for year end. Mar. 31
1913 in "Chronicle" of May 24 1913, page 1499.
chase at 5-year Intervals.
Default and Subsequent Payment of Interest on Subsidiary Co.'s Bonds.—
STOCK AND BONDS— Date. Interest. Outstanding.
Maturity
See Pittsburgh Rys. below. Also Consolidated Gas Co. of Pittsburgh.
Com stock, $1,000,000 ($ 1 0 0 )...........................
$954,000
Apr’ 19. 1% On July 1 1918 the bondholders of the United Trac. Oo. filed a petition In
Pref 7% cum $1,000.000 ($ 1 0 0 )____
Q-M
934 000
A p r’23,l*4
the U. S. District Court at Pittsburgh asking that the Phila. Co. and the
First mtge $2,000,000 gold! 1912 6 g J-J
1,836,000
Jan 1 1942 Pittsburgh Rys. Co. be jointly held responsible for payments due on
S1.000)_________ c*&r*_tf lint. In N. Y. New York Trust O o.. trustee
United Trac. Co. 5% bonds. V. 107, p. 83. In Mar. 1920 the U. 8
Preferred Stock.— Pref. as to prin. and dtv.; red. at 115 on 60 days Circuit Court of Appeals refused to hold the co. liable for int. on thea
oonds. V. 110, p. 1290.
notice. A sum equal to 15% of gross earnings must be applied to malnt.
renewals, &c., before paying com. stock divs. and a depreciation reserve Is
Suit Dismissed.— On Feb. 14 1918 a test suit in equity was instituted by
to be built from this charge up to $125,000. Pref. stockholders have full bondholders of the United Traction Co. to compel the company to recognize
voting power. See V. 103, p. 1119, 1413.
(lability for the principal and int. of all bonds issued by subsidiaries in the
Bonds.— $1,136,000 of outstanding bonds bear 6% int.; rest 5% . Further street railways system. V. 108, p 879. On April 10 1919 Judge Chas. P.
bonds may be issued only up to 85% of cash cost of impts., add ns or exts., Orr In the U. S. Dist. Court at Pittsburgh dismissed this suit. V. 108, p.
bnder restrictions. Callable at 105 and int. on any int. date. Sinking 1611. The bondholders’ committee appealed, but the decision of the lower
fund of 1% annually of bonds out Jan. 1 1915 to 1924; 134% 1925 to 1934 court was sustained.
and 2% thereafter. $560,000 of the outstanding bonds are registered as
Decision.— On May 25 1920 Judge Woolley in the U. S. Circuit Court of
tax-exempt in N. Y. State under the Secured Debt Tax Law. V. 102. p.976. Appeals at Phila. reversed the decision of the Federal Court at Pittsburgh,
Dividends.— Quarterly div. of 1?4% on pref. stock were paid from March which granted the co. an order for the payment of $195,145 from the re
1917 to and incl. Jan. 1918. In 1918. April. 1)4% ; July, 1)4% . In ceivers of the Pittsburgh Street Ry. for money loaned to its subsidiaries.
1919, Jan., \%%\ and since atsame rate to and Incl. Apr. 1923. Initial Judge Woolley held that the co. had no right to seek the return of money
loaned to a co. in which it held all the stock. V. 110, p. 2488.
div. o f 1% paid on common in April 1919. None since.
A pril, 1923.]
ELECTRIC RAILW AYS
Equity Proceedings.— On Feb. 13 1918 the Equitable Trust C o., of Wil
mtngton, Del., filed a bill in equity in the U. S. District Court at Plttsbuigb
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 o f the Consolidated Gas Co. V 106. p 822. This
•ult has been withdrawn and all except $14,000 bonds o f the Consol. Gas
Oo. have been acquired by the Phila. Co. in exchange for the latter’s pref.
•tock. See Consol. Gas Oo. o f 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 May 1 1922 (eliminated from
table below) and to fund obligations incurred in part for capilal 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 Co.,
the entire com. stock o f which is owned by the co. V. 116, p. 936.
Proposed Reorganization Plan.— See under Pittsburgh Railways Co. on a
subsequent page.
103
pref. stock of Consol. Traction Oo. In 1918 the Brunot Island property
which was under the lien of this Mtge. was sold to the Duquesne Light Oo.
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 of this issue had been acquired and retired up to
Apr. I 1923. They are free of Pennsylvania State tax. For security for
the bonds see V. 102, 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 May 1 19l8, respectively, to retire and
cancel bonds by purchase or call, by applying thereto each year a sum equal
to 2% of the principal amount of such of the $6,500,000 outstanding 1st A l
and Coil. Trust 5s due Mar. 1 1949 and of Che *15.148.000 Consol. M . St
Ooll. Trust 5s due Nov. 1 1951 as agreed to the plan. Assenting bond*
are stamped as subject to call as a whole or when drawn by lot for the sink
ing fund at 10714 and int. for the 1st M. and 10214 and int. for the consols.
$5 654.000 1st M. and coll. tr. 5s and $14,038,000 consoi. M . and coll. tr.
5% bonds were so stamped, but *565.000 1st M. and coll, trust 5s and
*1.621,000 consol. M. and coll. tr. 5s have been canceled through operation
of the sinking funds, leaving $5,081,000 and *12,417,000. respectively.
•SCHEDULE OF C A PITA L STOCK OF OTHER CORPORATIONS 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.
OW NED AN D POSSESSED ON A P R . 1 1923.
may elect. For security for the 1st & Ref. Coll. Tr. M . bonds, see V. 108.
Shares.
Total Issue
p. 683. Of the *100.000 000 auth. amount sufficient bonds are reserved to
Consolidated Gas O o . o f the City of Pittsburgh(owns stock of Allegh. lllg C o.)_ *80,000 Common out of 80.000 refund, par for par, all underlying securities. Additional bonds may be
Consol Gas Oo of O. o f Pitts__________
4,135 Preferred
“
40.000 issued for 70% and 75% of the cost of additions, improvements. &c. under
“
Equitable Gas Co o f Pittsburgh..
39.927 Common
39.927 certain restrictions. Ser. " A " limi ed to an issue of $25,000,000 6% bonds,
Equitable Gas Oo. o f Pittsburgh.
_
5 975 Preferred
5.975 incl. the *16.000,000 outstanding and *9.000,000 add’ l isspable against the
15,751 Common
20.000 present properties. Ann. sink, fund of 3 cents per 1,000 cu. ft. of gas sold,
. 37,500
37.500 minimum 3% p. a. of total 1st ref. & coll. tr. mtge. bonds issued, to be used
do
do
22.500 Preferred
22,500 for purchase or call and retirement of the bonds. Are call, all or in part at
“
.1/233,117 Preferred
240 .OO0 105 and int. during the 5 years end Feb. 1 1927: 103!4 during next 5 years;
“
286.980 10214 during next 5 years: 101 during next 6 years; and 10014 during last
-V286.880 Common
“
60.000 year prior to maturity, plus int. in each case. Int. payable in N. Y .,
United Traction Oo of Pittsburgh.
67 Preferred
Gbieago
Pittsburgh
Free from Penna
4
4 1,500 Bos»on,Listed on and Y . Stock Exchange. Y. 114, state 'ax. V. 113, p.
Harwick Coal & Coke C o_________
1,500 Common
1888.
N.
p. 1891.
50.000 Preterred
Tne 15-year 514% deb. bonds are conv. on and after March 1 1924 into
“
. 50,000 Common
non-callable 6% cum. pref. stock, par for par. The debs, are call, all or
- 182.260
part at any time on and after March 1 1924 on 30 days’ notice, at 102)4
“
. 40,020
and int. during the 9 years to March 1 1933 and thereafter at )4% less
Seventeenth St. Incline Plane C o.
5.000
premium each year to maturity. Int. payable in New York, Boston,
r
Pittsburgh V Beaver Street R y_
_
4.700
Chicago and Pittsburgh. Free of Penna. State Tax. V . 116, p. 936.
4,653
Otic PlttSOurgU
W . Va c o ll, trust 6s m atu re $100,001) J »cn O c t . 1
1,650
Equitable Auto C o_______
from Oct. 1 1914 to Oct. 1 1923 tn cl. N o s fd., but subj. to call, any park
*
*
Equitable Real Estate C o.
100
> all o n a n y in t. date at p ar and in t. on 30 days’ notice. Guar. p. & 1. by
r
2,250
Philadelphia Company. *1,350.000 retired.
Cosmos Oil ( )o
2.860
480
DIVS.—
I ’95. ’98. ’97. ’98. ’99. 00. 01. ’02-’09. ’ 10. ' l l . '12. '13.
- *20.000
P ercen t,......... 1 5
None
4 il
4 5 5*4 6% y ’ly 7
7 6)4 7
it
. 21,500
The foregoing divs. are for the com stock. The old 5% non-cum. pref.
“
852
Five miscellaneous companies---vas created iD 1899, and first semi-ann. paym't of 2)4 % was made In Sept.
All of the above shares marked thus, *, are In the hands of the Mary
1899 and have been regularly continued since then. 1st dlv. on new o%
land Trust C o., trustee under the first mortgage, and collateral trust sum pref.—3 % —paid M ay 1 1913, same amount semi-ann. since to and
dated March 1 1899. Those marked y (with the exception of 39,646 ncl. May 1923. On com in 1914. Feb., 1M%\ M ay, 1)4 %; Aug., I H % .
*haras Consol. Tract, common and 157 shares Consol. Trac. pref. held in Che Nov dlv. was paid in scrip bearing int. at 7% . The Feb. 15 1918
treasury of Philadelphia C o .). are held as security for the collateral trust Uv was also paid in scrip (V 100. p 141)
Both series of scrip were called
bonds of 1901, and these latter bonds are also a second lien on tne shares 'or payment on Feb. 1 1916 at par and int. V. 102, p. 345. In May 1918
marked x.
» cash dlv. of 154% was paid. Aug . 1 4 % . Nov .114%
in 1916. 5 H % .
* On Dec. 31 1922 the value o f securities o f other companies owned in 1917. 7% . In 1918. 6 % . In 1919. 6%
In 1920. 6 % . In 1921:
was $45,323,053.
6% . In 1922, 6% . In 1923, Jan., 1)4% ; Apr., 1)4% .
linear lax Decision.— For decision oi supreme Uouri of Pennsylavnia.
♦SECURITIES OU TSTAN DIN G (AS OF A P R IL 1 1923).
teclartng the linear tax ordinance invalid see V. 80, p. 1729.
Application Denied.— Attorney-General Todd of Pennsylvania on Oct,
STOCK AND B O N D S—
Date.
Interest. UutHindiao Last‘H*.&c
*46 443,190 Apr '23, 1 V
2 i4 1907 denied the application of city authorities of Pittsburgh for permis
Stock com $48 65 ),000 ($50)______
sion to bring quo warranto proceedings to forfeit the company's charter.
Pref stock $25,4 10.000 ($50) I . . . .
6 M-N
14,552.3 0 M ay’2 3 ,3 %
iee V. 85. p. 1083.
6% cum . . ___________ f
Pref stk 5% non-cum ($50) ____
5 M-S
1,442.450 Mar '23,2 X
RE PO RT.— Report for cal. years 1922, 1921, 1920, 1919 (Philadelphia
1st Ref & Coll Tr M *100,000-1
Co., Equitable Gas Co., Monongahela Natural Gas C o., Pittsburgh &
000 ($100 *500 & *1.000 c* 1919
6 g F-A
15.312.600 Feb 1 1914 West Virginia Gas Co., the Philadelphia Co. of W . Va., Philadelphia Oil
and *1,000 r*) g tf ser. ” A ” JGuaranty Trust C o., N. Y . , Trustee.
Co. and the Allegheny Heating Co.) Transactions between companies
Phil Co 1st * Coi Or M *6,-i 189V
6 g M-S
2,501,000 Men l 1949 eliminated. Report for 12 months ending Dec. 31 1922 in V. 116, p .
500,000
g ($1,000) c* .tf\Maryland Trust Co. B »l>im >re, Trustee. 1178, 1407.
Phil Oo eon M & cal tr *22.-/ 1901
5 g M-N
13.527.000 Nov 1 1951
Receipts—
Cal.Yr.1922 CaLYr.1921 Cal.Yr.1920 CaLYr.1919
onn 000 g
OOP
(Continental Trust C o., Baltimore, Trustee. From gas____________ 1
15-yr conv deb bds *10.000,-1
From oil....................... *14,566,026 $11,308,595 *16,566,669 $13,774,500
000 (*100, *500& *1,000c*,} 1923 5)4 g M -S 10,000,000 M arl 1938 Miscellaneous________ J
$1,000 & m ult.r*)_____gtfj Chase National Bank, N. Y ., trustee.
Union Gas <)o . McKeasporti 1899
og
170,000 Oct i 1929
Gross earnings_______ *14,566.026 *11,308,595 $16,566,669 *13.774,500
1st mtge guar p & i g s f__)Union Trust Oo., Pittsburgh, Trustee.
Operations, taxes, &c_ . 8,749,564
_
8,030,499
9,908,157
7.192,999
j Interest at Mellon Nat Bank, Pittsburgh.
PIttsb. & W. Va. Gas coll.J 1913
6 g A-O
170,000
See text
. *5,816,462 $3,278,095 $6,658,512 $6,581,501
tr *1.500.000 (* l,0 0 0 )c* .tf lin t, at Union Tr. C o., Pittsburgh, trustee, N et earn. from other oper.
35,380
70,659
47,751
Divs. and int. received... 1,910,301
2,154,988
1,868.606
2,183,113
• This table does not cover such proparH as as are separately reported R e n ts _________________
457
further on.
200,976
Interest, discount, & c._
96,823
54,868
127,185
Stock.—Stock authorized was increased in February 1899 from *7,500.000
. *7,901,699 $5,593,412 $8,939,018 $8,651,540
to *21.000,000, of which *6,000,000 was 5% non-cumulative preferred
Deduct—
The increase was made to acquire the stock of the Allegheny Oo. Light Co.
$161,827
$155,392
$224,092
$131,428
(acquired by Duquesne Lt O o .). Cnartiers Val. Gas Co. and the com stock Paid leased companies. .
2,253,942
2,325,029
2,157,142
of the Consolidated Gas C o.; also by exchange the United Trac. stock On Interest on bonds, &c___ 2,025,478
43,684
152,741
258,226
1,078,678
Dec. 4 1901 stockholders auth. an increase to *36.000,000 tnrough the issue New wells, lines, &c____T
523,142
of *15.000.000 additional com stock The increase was mainly for the pur Depreciation of property
i]
pose of acquiring the shares of the Consolidated Trac. Oo. and the .8 j ltnem Discount, taxes, &c., on')
securities s o ld ..
314,042
.}
145,167
236,681
356,479
Traction Co. V 73, p 1112
In Aug 1906 authorized common stock
was further increased to *36.000.000, mainly to provide for the purchase of Interest, discount, &c_.J
[>
400,009
366,667
the Beaver Valley Traction Co. and Washington & Oanonsburg Ry
V 82, Approp’ns for sink, fund
p. 1323. July 22 1909 *5.000,000 additional common stock was auth. tc
*2,376,156 $2,701,957 *3,450,302 $4,781,423
provide for the convertible feature o f convertible debentures auth at thi
$5,525,543 $2,891,455 $5,488,716 $3,870,117
same time, but any shares not so used to be available for the general pur
71,736
71,942
73,752
74,052
poses of the company
V 88, p 1314; V 89, p 225 On Dec. 28 1916 Consol. Gas guaranty..
945,591
946,231
776,164
1,015,084
Div. on pref. stocks___
authorized amount of com stock was increased from *42 400,000 to *44.
2,576,364
2,576,364
2,576,434
Div. on com. stock (6%) 2,576,364
900.0'to the n“ w stock ‘icing Issued rr> nav o ff rinaMng lehr
,T io>
p. 1465; V. 102, p. 68. In Aug. 1919 the auth. amount o f com. stock was
Total_________________ $3,594,331 $3,593,897 *3,426,280 $3,665,570
raised from *44,900,000 to *48,650,000. Listed on N . Y . and Philadelphia
$204,546
Surplus for year_______ $l,931,212def.$702,442 *2,062,436
Stock Exchanges. V. 116, p. 1412.
On April 29 1912 shareholders voted to authorize *25,000,000 ($50) 6%
LATEST EAR N ING S.— For 2 months'ending Feb. 28:
cum. pref. stock. Of the new stock *6,000,000 was for excaange of existing
------------- Gross-------------- ■Net
pref. stock (upon basis o f share for share and a cash payment to the co. of
1922.
Department—
1923.
1922.
1923.
*2 50 per share) and *10,000,000 for conversion o f convertible debentures. Duquesne Lt. Co. & su b .
The remainder is reserved for future requirements. See financial plan in
elec. lt. & pow. c o s .a . $3,420,242 $2,866,363 $1,458,802 *1,257,724
V. 94, p. 417, 488; also V. 94, p. 560. Listed on the New York Stock xBeaver Yal. Trac. C o .a
35,411
100,322
115,945
21,624
Exchange. On Dec 16 I9ts the directors decided to issue *7,000,000 Seventeenth St. Incline
6% cum, pref. stock, *6.506,000 (*6,475,950 issued up to O c . I 1922)
Plane C o .a _________
5,132
5,523
603
1,234
o f which is to be issued in exchange for: (a) Outstanding stock (other Philadelphia Co. & sub.
than that already owned by the Philadelphia Oo.) o f the Allegheny Heat
2,880,894
1,552,646
natural gas c o s.a ____ 3,292.740
1,547.210
ing Oo. on the basis of 18 shares (*50 par) o f the company’s pref. stock Philadelphia Oil C o . a . .
195,543
42,945
147,446
79,910
for each share of the Allegheny O o.’s stock: and (6) First mtge. 5s of the
Note.—
investments,
Consolidated Gas Co. of Pittsburgh on the basis o f 1814 shares of the are beforeThe above earnings do not include income from deductions. and
providing for int. on debt and other income
company’s 6% pref. stock for each *1,000 bond. Under this plan the
a Net earnings here given are after the deduction of taxes, x Incl.
maximum prin amount (if the Allegheny Beating C o.’s stock which can
be exchanged is 2,090 shares (par *100), and the maximum prin amount Pitts. & Beaver St. Ry.
of Consolidated Gas Oo. bonds which can be exchanged is $5,000,000
OFFICERS.— Tames D Callery. Chairman of the Board: A. W Thomp
Up to Apr. 1 1923 the company had acquired all of the stock and all but son, Pres.; James H. Reed, V.-P.; A. W. Robertson, V .-P .; C. J. Braun Jr.,
$14,000 par value of bonds. All o f the *7.000,000 6% cumulative pre Traas.; W . B. Carson, Sec.; C. S. Mitchell, Comp.; Alfred Hurlburt, Gen.
ferred stock not issued or used for this purpose is to be used for the gen Mgr. Office, 435 Sixth Ave., Pittsburgh, Pa.—-V. 113, p. 2030, 2186, 2407;
eral purposes of the company as the directors specify. V. 108, p. 683. V. 114, p. 410, 627, 1287, 1767, 1891, 2241; V. 115, p. 74, 180, 645, 2047;
As o f March 31 1914. when the original offer for exchange of 5% pre V. 116, p. 177, 298, 616, 936, 1050, 1178, 1276, 1407, 1412.
ferred stock for 6% preferred stock expired, $3,966,600 had been ex
STREET R A ILW A YS.
changed, leaving $2,033,400 of the old preferred stock outstanding. In
May 1916 further opportunity for exchange of stock to and including
(1) P ittsbu rgh Railways Co. —A crollev road.
July 15 1916 was given (V. 102. p. 1897) and holders of *590,950 stock took
Receivers Appointed.— On April 23 1918 H. S. A. Stewart, J. D . Callery
advantage of the offer, leaving *1,442.450 old pref. stock outstanding.
and O. A. Fagan (subsequently Messrs. Stewart and Callery resigned and
The Philadelphia Company stock has been listed on the New York Stock
W D. George and S. La Rue Tone are now serving in their places. Y. 107,
Exchange since October 1886. and is also listed on the Phila. Exchange
p. 2377; Y. 108. p. 80) were appointed receivers for this co. upon application
See application to the N. Y. Stock Exchange in Y. 70, p. 1198, and also ii
)f the American Brake Shoe & Foundry Co. and the St. Louis Car C o., lt
“ Chronicle” of Feb. 22 1902. In March 1911 stock was listed on the Park Oeing alleged that revenues were insufficient to meet maturing obligations
Bourse. V 92. p. 726.
and that there was Immediate danger of the system being dismembered by
The Phila.Oo in Jau.1908 offered to guarantee 4% per an. from Aug. 1 bondholders of the underlying corporations
V. 106. p. 1797
1907 on the *2.000.000 pref. stock of Consol. Gas Co. (entitled to 6% cum.)
In March 1920 the receivers applied to the U. S. Court for auth. to purprovided additional earnings be divided equally between the two classes of jhase 150 new cars at a cost of about *2,000.000, through the issuance of
stock, but pref. not to receive more than 6% in any event. Holders of 75% receiver’s certificates secured by a car trust covering the new cars and cer
of the *2.000.000 pref. stock having agreed to the proposition, the plan wai tain of the cars now in use. V. 110, p. 1415. Authority had not been
adopted. V. 86, p. 54,605.
{ranted to Oct,. 1 1921.
Suit of Foreclosure.— The Union Trust C o., as trustee for the *4,000,000
Bonds.— The bonds of 1899 are listed on the Phila. and Pittsburgh Stock
Exchanges. Of the *22,000,000 bonds of 1901, *6,500,000 are reserved 1st M . coll. tr. 5s of the old Southern Traction C o., was auth. on May 29
to take up th i *6,500,000 1st coll, trust bonds and $352,000 to acquire 1919 by Judge Chas. P. Orr in the U. S. Dist. Court to foreclose and to take
104
the lines (embracing all lines to the West End) out o f the receivership and
operate them separately. V. 108. p. 2331. Compare V. 108, p. 1512.
On July 14 1921 Judge Chas. P. Orr, in the U. S. Dist. Court, granted
Judgment in favor of the Onion Trust Co. Both the city of Pittsburgh and
the receivers opposed this action. See V . 113, p. 418, but compare V.
114, p. 198, 307. In Mar. 1922, however, an amicable settlement was
effected and the receivers ordered by the Court to file a report on the re
ceivership. See V. 114, p. 1288.
Petition for Discharge of Receivers.— On Feb. 15 1923 the owners of the
property petitioned the U. S. Dist. Court for the discharge of the receivers
and the return of the property to its owners.
Proposed Reorganization Plan.— A plan for the reorganization of the
system embodied in an agrement proposed to be executed by the City of
Pittsburgh, the Philadelphia Co. and the Pittsburgh Rys. C o., was pre
sented to the Pittsburgh City Council July 25 1921. The plan contemplates
the reorganization o f the co. or the formation o f 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 o f securities now outstanding amounting to
$156,000,000. 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 o f the co. The proposed plan was printed and copies distributed
by the Municipal Law Dept, o f 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.l 288.
V. 113, p. 1252. The above plan was approved by the Pittsburgh City
Council, with certain amendments (see V. i 13. 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. N o details as to the actual basis of the proposed financial
readjustment are as yet available. V. 114, p. 1288. See also V. 115, p.870,
2047, 2268, 2378, 2686; V. 116, p. 1412.
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 Co., which was already a creditor of the Railways Co. for
ft 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. m . p. 80.
Holders o f $313,090 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.
The company as o f April 1 1923 was in default in the payment of the
following and subsequent rentals due subsidiary companies:
Due M ay 1 1922.
I
Due April 1 1922.
Consolidated Traction Co.
|Morningside Elec. St. Ry.
Claims for Rentals.— See V. 115, p. 760.
Bondholders' Protective Committee.— See United Traction Co. of Pitts
burgh below.
Valuation.— In March 1918 the Public Service Commission appointed
• committee to ascertain the physical valuation of the co.'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.
Comm, in Aug. 1919, physical value of the co. in the opinion of engineers
for the city is $48,000,000, and in the opinion o f engineers for the co either
$60,889,804 or $70,120,804. V. 109, p. 776, 1367. In March 1920 the
P. S. Comm, fixed $62,500,000 as the value of the co.’s property, this being
a compromise between the above mentioned valuations. V. 110, 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 thf
authority vested in it by the terms o f its charter, the directors of the South
ern Traction Co. on Dec. 30 1901 voted to change the name of the companj
to the Pittsburgh Railways Co. The Philadelphia Company bad previouslj
acquired all the stock, common and pref., o f 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
and operate the West End Traction lines, which were purchased in Aug. 1900
for $4 ,500,000.
Leases the Pittsburgh & Castle Shannon R R . for 99 years, rental being
115,000 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.
50.000
preferred stock of the West End Traction Co.
$10,000
common stock of United Traction Co. of Pittsburgh,
58,999
preferred stock of United Traction Co. of Pittsburgh,
5.000
common stock of Allegheny Bellevue & Perrysville Ry. Co
300
Alienport & Roscoe Electric St Ry. Co.
120
Ambrldge Dlxmont & Emsworth St.Ry.Oo
2.000
Ben Avon & Emsworth St. Ry. Co.
80
Cedar Avenue St. R y. Co.
600
Olairtoh Street Ry. Co.
5.000
East McKeesport Street R y. Co.
89.000 shares common stock o f M t. Washington Street Ry. Co.
1,590
”
*'
“
Pittsburgh Canonsburg & Wash. R y. Co
1,400
“
"
*
•
Pittsburgh Express Co.
50.000
”
*
*
*
*
Pittsburgh & Charleroi St. R y. Co.
200
"
”
“
Rosslyn Street Ry. Co.
80
“
“
*'
Superior Ave. & Shady Ave. St. R y. Oc
24
'*
“
"
Tustin Street Ry. Co.
20.000
“
“
“
Washington & Canonsburg Ry. Co.
480
**
“
•
•
Washington & Claysville Street Ry. Co
600
”
“
“
West Shore Electric Street Ry. Co.
120
“
”
“
Virginia Avenue Street Ry. Co.
400
“
“
"
McKees Rocks & Ingram St. Ry. Co.
300
**
“
“
McKees Rocks & Nevilla Is!. St. Ry. Co
120
“
“
"
Grafton & Ohartlers Valley Tract. Co.
400
“
“
“
Pitts. Banksville & M t. Lebanon S. R. Co
100
"
“
“
Carnegie Bridge Co.
120
“
*
•
“
West Liberty & Suburban St. R y. Co.
160
*
*
“
*'
McKees Rocks & Allegheny Street Ry.
174
"
"
"
Bon-Alr Street Ry.
120
*'
"
“
Clalrton & Blair Street R y. Co.
168
“
“
*
•
Pine Run Street Ry. Co.
Also owns 100 shares pref. stock o f the Consolidated Traction Co.
By the terms o f an operating contract, effective Jan. 1 1902, the Pitt*
burgh Rys. On. assumed control of all the properties of the Consolidated
Trac. C o., the United Trac. Co. of Pitts, and their underlying companies
Street Car Subway Loop.— On July 8 1919 voters of Pittsburgh authorized
ft $6,000,000 bond issue for the construction of a down-town subway loop
V. 109, p. 371. Compare V. 108, p. 2330.
Over-crowding Ordinance.— On Feb. 7 1911 Common Pleas Court N o. 1
rendered a decision restraining city from entering or prosecuting any suii
upon so-called over-crowding ordinance, enacted July 30 1910. V 92, p. 463
Decision.— For decision by Pa. Supreme Court, holding that city canno!
collect toils for use of Point and Smithfleld St. bridges, see V 96 o 1090
Fare Decision.— In July 1918 the Penna. P. S. Comm, held that the
State constitution does not auth. municipalities, through contracts witb
railway cos., to take away from the people the right to regulate fares. This
decision was handed down in the case of the Borough o f Wilkensburg against
the co. based on its notice of proposed increases in rates. V. 107, p. 402
See also V. 109. p. 477; V. I l l , p. 1370
Injury Judgments.— See V. 114, p. 1767.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
Com. stock. $2,500,000 . ( $ 5 0 ) ............................. $2,500,000 ........... ..
Pref. 6 % .cum, $2.500.000($50).......
...............
2.500,000 ...........
Gen mtge. $20,000,000, red) 1913
5 A-O
2,539.000
1953
at 105 & Int guar p & i t f / Guaranty Trust Co., N. Y ., trustee.
Income debs. $10.000.000—tf 1913
— - ......... . 10.000,000 __________
f 1913
6 M-S
99.000 See text
Oar trusts $450,000 ($ 1 ,0 0 0 ).{Int. at co’s office, Fidelity Title & Trust Co.
tf l Pittsburgh, Trustee.
Oar trusts $110,000 ($ l,0 0 0 ).l 1916
5 A-O
33.000
See text
/Colonial Trust C o ., Pitts., Pa., trustee.
Bonds.— Of the gen. mtge. bonds, $4,000,000 are to retire Southern Trac
bonds and $13,461,000 (of which $3,461,000 in treasury) are for extens.
betterments and improvements. V. 97. p. 444, 666. $1.968.000 are g iarnnteed, prin. & int., by Philadelphia Co. Philadelphia Co. owns $10,000.-
[ V ol . 116.
ELECTEIC RAILW AYS
000 income debentures. Car trusts of 1913 mature March 1 1914 to Sept. 1
1925, incl. $351,000 have been retired. Car trusts of 1916 mature
$11,000 annually April 1 1917 to 1926. $77,000 have been retired.
Guaranteed Bonds—
Date.
Interest. Outstanding.
Maturity
West Liberty & Sub. St. 1st! 1908 5 g J-J
$_250.000 Jan 1 1938
M $250,000 ($1,000) g —t f j Int. at Colonial Tr. C o., Pittsb., trustee.
Debt of Old Southern Trac. Co.—
8o Trac 1st M , coll tr, g, $4.-/ 1900 5 g A-O
4,000.000 Oct 1 1950
000,000 ($1.000)____c * .t flln t . at Union Tr. C o., Pittsburgh, Trustee
West End Traction gen M ,f 1898 5 J-J
981,000 Jan 1 1938
$1,500 000_____________t fl Int. at Union Tr. C o., Pittsburgh, Trustee
Underlying loans of West End Traction—
Pittsburgh Grafton & M ans-/ 1894 5 J-J
176,000 July 1 1924
field 1st M _____________tfl Int. at
PittsburghTrust Co., Pittsburgh.
Pitts & West End 1st M _ tf 1892 6 J-J
_
343.000 See text
Bonds.— The Southern Traction mortgage cannot be called before
maturity. Philadelphia Company owns $126,000. The Farmers' D e
posit National Bank o f Pittsburgh offered the bonds for sale
in Oct. 1900. See V. 71, p. 864. Of the portion of the 5s of 1898 of
the West End Traction still unissued $519,000 are reserved to retire underIving oonda
Bonds of the West LIbert.v * Bub St are guaranteed by
Pitts. R y. Co.: they are not subject to call and have no sinking fund. The
Pittsburgh & West End 1st Mtge. 5s matured July 1 1922 but the co. is
taking advantage o f 1 years’ grace at 6% provided for in mtge.
Receiver's Report.— For calendar years 1922, 1921 and 1920:
Calendar Years—
1922.
1921.
1920.
Passengers carried__________________ 311,235,894 311.&63.881 323,119,360
Operating revenue__________________ $21,370,527 $21,541,312 $21,322,503
Operating expenses and taxes_______ 17,724,174 17.661,992 18,754,795
Operating income________________ $3,646,353
Non-operating income _ _
_
__ _
209,938
#3,873,320
190,631
$2,567,708
172,292
Gross income____________________ $3,856,291
Fixed ch arg es_ __ ________ ____ __ 3,526.962
_
$4,069,951
3,720,463
$2,740,000
3,424,498
Receiver’s net income, surplus____
Less verdicts, settlements, pre-receivership damage claims .
_ __
_
$329,329
$349,488 def$684,499
186,498
225,559
Net income______________________
$329,329
$162,990 def$910,058
LATEST EA R N ING S.— See Philadelph t O ,mr> .y ib.ve.
ROAD.— The Pittsburgh Railways Co. operates 595.S8 miles of track in
Pittsburgh and outlying boroughs. Equipment consists of 1,419 closed
cars, 22 5 open cars and 283 miscellaneous cars. Has long-time contract
with Duquesne Light Co. for supply of light and- power.
OFFICERS.—Chairman of Board, J. D. Gallery; Pres., Arthur W.
Thompson: V -P , J. FI. Reed; Oen. Mur., P N. Jones: Sec W. B. Carson:
Treas.. C. J. Braun Jr.; Comptroller, C. S. Mitchell.— V. 115, p. 544, 760,
870, 1632, 2047, 2268, 2379, 2686: V. 116, p. 177, 411. 1050, 1412.
(a) Vlount W ashington Street Ry —a trolley road
O R G A N IZA T IO N .—incorporated in Pennsylvania on Oct. 8 1901 and
later absorbed the Sycamore Street Ry. Also owns the entire ($500,000)
capital stock of the Mount Washington Tunnel Co. Stock of the Mount
Washington Street Ry is owned by the Pittsburgh Ry3. The road Is
leased to the Pittsburgh Railways Co. for 995 years from April 1 1903 for
*11 charges, including bond Interest.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $1,500,000 ($50)___________
_________ *1.500,000 ____________
1st mortgage and col tr.| 1903
5 g A-O
1.500.000 April 1 1933
$1,500,000, gold ($1.000),]Penn. Co. For Insurances on Lives & Grantguar, prin and int_ c * .t f l ing Annuities, Philadelphia, Trustee.
_
Btmds are guaranteed, principal and interest by endorsement, by the
Philadelphia Co. Interest payable in New York, Pittsburgh and Phila
delphia
No sinking fund and bonds cannot be called. The stock of the
Tunnel Co. has been pledged as collateral under this mortgage. See
7. 76. p. 1143.
ROAD.— Operates 12.765 miles of track from Pittsburgh to Mount
Lebanon. Gauge, 5 ft. 2HI inc.— V. 80. p. 222; V. 108, p. 379.
ib' W ashington & C anonsburg Ry. — 6 trolley road
Default and Subsequent Payment.— See Pittsburgh Railways above.
Stock ail owned by Pittsburgh Rys
ORGAN IZATION .— Incorporated In Pennsylvania on June 2 1902.
Successor on June 2 1902 to the Washington Electric Street Ry. In Jan.
1909 Pitts. Rys. began operating the property
Franchises perpetual.
Leased in 1907 the Pitts. Canonsburg & Wash. St. Ry
STOCK AND BONDS—
Date. Interest Outstanding.
Maturity.
■itock $1,000,000 ($50).............- ..........................— $1,000,000 — ________
Wash Elec St Ry 1st M ______ 1897 5 g
125,000 Feb 1 1927
First
mortgage
$650,000( 1902 5 g J-J
450.000 July 11932
gold_______________c&r t fl Int. at Colonial Tr. Co., Pittsburgh, Trustee
Second mortgage $500,000/ 1913 5 J-D
185,000 Dec. 1 1943
($1,000); red at 102 & lnt/Int. at office of co or Colonial Trust C o.,
on 10 weeks’ notice_____t f l Pittsburgh, Trustee.
Bonds.—On 1st mtge. bds. a sinking fund of $5,000 per annum became
eperative after 5 years; $75,000 hare been caaceled. $125,000 of the new
bonds are reserved to retire the bonds of the Washington Electric Street Ry
The 2d mtge. bonds outstanding are owned by Pldtsbu'gb Rys. Co.
R O A D .—Operates 16.64 miles In and between Washington Tylerdale
.nd Canonsburg.— V. 87, p. 348; V. 88. p. 626: V. 106. p. 88; V. 116, p. 411.
(c) P ittsburgh C an onsbu rg & W ashington Rv
Default and Subsequent Payment.— See Pittsburgh Railways above.
O RGAN IZATION .— In 1907 was leased for 30 years to the Washington
t Canonsburg Ry.. which guarantees bonds, principal and interest.
S TO C K A N D BONDS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
Stock (1,590 shares, all owned by Pittsburgh Rys.).
f 1907
5 J-J
$750,000 July 1 1937
1st M . $750,000 ($1,000) gold/Safe Deposit Trust C o., Pitts., trustee. Im
t f [ at company s office, Pittsburgh.
Second mtg $500,000 ($1,-1 1913
5J D
89 000 Dec. 11943
000): red at 102 & int on-IInt. at office of co., Pittsb., or Safe Deposit
10 weeks notice_______ t fl & Trust Co., Pittsb.. Trustee.
Bonds.— 1st mtge. bds. are redeemable at 105 and int. on any int. date;
m ar., p. & I., 4>y Washington & Canonsburg Ry. and Pittsburgh Ry*
Second mortgage bonds outstanding are owned by Pittsburgh Rys. Co.
R O A D .—Operates 12 02 miles of track berwa»n Canonsburg and
Oastle Shannon. 80-lb. rails.— V. 106. p 87. 1231: V. 108. p. 2630.
(d) Other C ontrolled P roperties.— Bonded debt.
Under date Dec. 1 1913 the following named companies controlled by the
Pittsburgh Ry. C o., as shown above filed m irtgages to secure issues of
1st M . 5% gold bonds (int. J. & D .c*tf) due Dec. 1 1943 (par $1,000) but
lallable, all or part, at 102 and Int. on 10 weeks' notice. The outstandini
»mount in each case is owned by the Pittsburgh Rys Co.
Name of Company—
Total Auth Total Issued
Trustee.
ledar Avenue St. Ry. C o_________ $40,000 $39,000 Col. Tr. C o., Pittsb.
Bon Air Street Ry. C o ___________ 100.000
45.000 Col. Tr. C o.. Pittsb.
West Shore Elec. St, R y. C o ______100.000
85.000 Col Tr. Op., Pittsb.
•iuoerior Ave.& Shady Ave.St.Ry . 65 000
65.000 Col Tr. C o., Pittsb
Clanport & Roscoe Elec. St. R y ..500.000 127.000 Union Tr. Co..Pitts,
(2) United T raction Co. of P ittsburgh
Default— Bondholders' Protective Committee.— In view of the default by
he Pittsburgh Railways in payment of fhp Jan. 1 1918 interest on the
United Traction Co. 5% bonds due in 1997 (subsequently all back int. on
this issue was paid) and on the bonds of various other subsidiary com
panies (ail back int. on latter also subsequently paid), the following com
mittee was formed to protect the several bo id issues affected.
In
Feb. 1919 the scope o f this committee was widened so as to include all
the bonds issued by corporations included in the system V. 108. p. 681.
Chairman, Thos. S. Gates; Geo. H. Frazier, .1. Rutherford McAllister,
8. Howell Griswold Jr., John H. Mason, A A. Jackson, C. S. W. Packard
*nd A. G. Robinson; Sec., J. O. Wallace, 415 Chestnut St., Phila. Deposi
taries: Philadelphia Trust C o., Phila.; People’s Says. & Tr. Co. of Pittsb.
»nd Safe Deposit & Trust Co. of Baltimore. V. 106, p. 1232; V. 108, p. 684 .
O R G A N IZA TIO N .— Incorporated oq July 27 1896, and in June 1897
ourehased all the property and franchises of the Second Ave. and North
Side traction companies, and secured control of the Pittsburgh Allegheny &
Manchester through a lease for 950 years and the purchase of its stock.
7 .6 5 p. 27. The Federal St. & Pleasant Valley Passenger Ry. is controlled
through its lease for 950 years to the North Side Traction
In 1902 leased
the Pittsburgh & Birmingham Traction C o., East McKeesport Street Ry.
*nd the Pittsburgh & Charleroi Street Ry.
A pril, 1923.]
ELECTRIC RAILW AYS
105
In March 1899 the Philadelphia Oo. offered to give $6,375,000 of its com
Bonds.— Of the Plttsb. St Charleroi 1st M . bonds. $55,000 Is reserved to
mon stock in exchange for the $17,000,000 common stock of the United retire a like amount of Oharlerol & West Side bonds. See V. 74, p. 1039.
Traction. See V. 68, p 479. In Oct. 1899 exchange o f stock under thi« Second mtge. bonds outstanding are owned by Pittsburgh Rys. Co.
plan was begun and all shares have been acquired and are now owned by
ROAD.— Operates a road between Pittsburgh and AUenport, by way of
Pittsburgh Railways.
Oastle Shannon, Finleyvilte. Monougahela Oity and Charleroi, a distance of
On Jan. 1 1902 the Pittsburgh Railways Oo. took over this property
50.268 miles. Completed in Sept. 1903.— V. 74, p. 1039,1090; V. 76, p.752
and, under the terms of the operating contract, agrees to pay current divi
dends of 5% on the pref. stock. The agreement was until Jan. 1 1907 and
(d) Allegheny Bellevue & Perrysvllle Ry.
thereafter until terminated by three months' notice from either party.
O RGAN IZATION .— Incorporated in Pennsylvania on Feb. 8 1900. En
The Jan. 1915 and subsequent divs. on the pref. stock were passed. In tire stock is owned by the Pittsburgh Rys. Is leased to the United Traction
Feb. 1917 the management offered to each pref. shareholder of the United Oo. for 995 years from March 1 1905 at a rental of 10% on the stock.
Traction Co. 66 2-3% of his holdings in a 5% mortgage bond of the Pitts
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
burgh Rys. Oo., to be guar., p. & i., by the Philadelphia Oo.; or, as an Stock $250,000 ($50).........................
10%
$250,000
See text
alternate proposition, $25 In cash for each share of stock (par $50). V. 104, 1st mtge $500,000 gold guar/ 1905
5 g A-O
500,000 April 1 1935
p. 665, 1389. 59,066 shares were acquired.
‘ ($ 1 ,0 0 0 )______________ctf(P enn. Oo. for Ins. on L. & G. A..Phil..Trust.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Div.or Mat
Bonds.— Are guaranteed, prin. & int., by Phlla. Oo. Interest Is payable
Com stock. $17,000,000 ($50)______
J-J
*$17,000,000 July’ 1 2 ,^ %
at company’s office or by Brown Bros. & Oo., N. Y . and Phila. No sluic
Pref, cum. $3,000,000 ($50)_______
5 J-J
3 non.000See text
ing fund and bonds are not subject to call.
United Trac gen m, gold,/ 1897 5 g J-J
4,737,000 July l 1997
ROAD.— Operates 16.688 miles of track from Allegheny, via West view,
$10,000,000 ($1.000) ..c* tf'M a ry la n d Trust Oo., Baltimore, Trustee
to Bellevue. Gauge, 5 ft. 2>4 in.
Interest is payable in Mew York Oity
Pitts Alleg & M a n c h e s te r ..tf___
5
1,500.000 Oct 1 1930
(e) Ben Avon & Emsworth Street Ry.
Second Ave Trac mtge, gold/ 1894 5 g J-D
2,020.000 Dec 1 t934
ORGANIZATION.— Incorporated In Pennsylvania on June 17 1963.
($1,000) ___________ c * .t f \Maryland Trust Oo., Balto., M d., Trustee
Interest at Brown Bros. & Oo.. N Y ., or A. Brown k Son* Baltimore.
Entire stock Is owned by the Pittsburgh Rys. Is leased to the United Trac
2d Ave Traction Oo mtge — tf 1893 5 J-J
392,000 July l t933
tion Oo. of Pittsburgh for 995 years from April 1 1906 at 5% on stock.
Loans payable Dec 31 1922 ______
________
1,585.671 ________ _
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
* All owned bv Pittsburgh Rys. Oo.
($50).........................
A-O
$100,000
See text
The United Traction receives the entire earnings of the North Side Stock $100,000$300,000 gold f 1906
1st mortgage
5g
300.000 April 1 1930
Pitts. A. & M . and Second Ave. traction companies, subject only to annual
guar __________________ tf-J Fidelity Title & Trust Oo., Pittsb., Trustee.
charges of $259,800
IInterest at Co’s, office.
Dividends —On preferred divs. at the rate of 5% annually were paid to
M $100,000 ($1,000)
5 J-D
79,000 Dec
1943
July 1914. Jan. 1915 dlv. passed. Y. 100. p. 55. None since. See 2dto call at 102 and int onsub/ 1913 co s office or Fidelity Title & 1Trust
10{Int. at
remarks above. On common.
paid July 2 1903 and V % each six
4
weeks' n otice__________ t fl Oo., Pittsburgh. Pa.. Trustee.
months to and including Jan 1912. In July 1912, \i% . None since
Bonds.— 1st M . bonds are guaranteed, prin. and int., by the Philadelphia
Bonds.— The new United Traction mortgage is limbed to $10,000,000
are owned by Pittsburgh Rys.
bonds cannot, be redeemed before maturity: Maryland Trust Oo. of Balt- Oo. 2d M bonds outstanding of track from Avalon to Dixmont. Gauge,
ROAD.—Operates 5.3332 m.
more is trustee. Of these bonds, $5,196,000 are reservea to retire the divi
5 ft.
In.
lion a1 bonds above mentioned. Bonds are listed on the Philadelphia and
(f) East M cKeesport Street Railway.
Baltimore Stock Exchanges.
Entire stock is owned by Pittsburgh Railways.
R O A D .— Controls 235.83 miles of track in all.
ORGANIZATION.— Incorp. in Penna. on June 26 1899. Is leased to
R E PO R T .— Not now an operating company
United Traction Oo. of Pittsburgh for 900 years from Jan. 1 1902.
OFFICERS.— Pres., A. VV. Thompson: V.-P., J. H. Reed; Sec., W. B.
Stock. $250,000 ($50); 1st M . 5% gold bonds, $250,000 (tf) ($1,000).
Oarson; Treas., O. J. Braun Jr.; Comptroller, O. S. Mitchell. Office, Pitts Dated Dec. I 1899. Due Dec. 1 1929. Int. J. & D. at Fidelity T itle *
burgh, Pa. Financial agents. Alexander Brown & Sons. Baltimore. M d .— Trust Oo., Pittsburgh, trustee. Miles, 8.27.
V. 111. p. 2141; V. 113. p 2722; Y. 114, p. 80, 1288, 1892.
(3) C onsolidated T ra ction .— Trolley road.
ORGAN IZATION .— Chartered July 15 1895. The company absorbed
LINES CONTROLLED BY UNITED TRACTION OO. OF PITTS.
the Fort Pitt Traction Co. (a consolidation of Fort Pitt Pass. R y., Gross
(a) Federal Street & Pleasant Valley R y.— Trolley.
3treet Ry.. Highland Park Street Ry. and Negley Street R y.). and assumed
Its leases of the Citizens’ and the Allegheny Traction companies, and has
Default and Subsequent Payment.— See Pittsburgh Railways above.
Pittsburgh, the Duquesne and the Central Trac
ORGANIZATION — Incorporated Feb. 20 1868, and has since consoli acquired the control of the leased the Monongahela St. Ry. and the Subur
tion companies. In 1902
dated its various subsidiary companies. The franchise is perpetual.
ban Rapid Transit Street
stock of
The North Side Traction Oo. on July 20 1896 leased the Federal Street & and guarantees its bonds, Ry. Owns all interest. the Ardmore Street R y..
principal and
V. 88. p. 882.
Pleasant Valley for 960 years, assuming its debt, and agreeing to pay a;On Dec. 4 1901
Company approved
rental all taxes, rentals. & c., and also $70,006 yearly in cash, payable Jan. 15 plan for absorbing the stockholders of PhiladelphiaTraction. See terms
the shares of the Consolidated
and July 15. equal to 5% on the $1,400,000 stock, of which it owns $750.
In V. 73, p. 1112. 286.880 shares common and 233,117 shares preferred
000- V 63 o 31 76 189
The $92,000 5% bonds of the Federal Street & Pleasant Valley due July 1 have been so exchanged
Interest Decision.— See V. 113, p. 847.
1919, were extended for 2 years at 6% . but had not been taken up as of
Apr. 1 1923. but m erest was being paid at the rate of 6% .
8TOOK AND BONDS—
Date.
Interest. Outstanding. Maturity.
J-J $15,000,000 July '12, 1%
As of Apr 1 1923 no arrangements had been made for the retirement or Oomraon stock ($50)________ _______
Pref stock 6% cum ($50)__________
6 M -N 12.000.000 Nov ’ 13. 3%
extension of the 4 issues of underlying bonds maturing Nov. 1 1920.
Equipment trust certificates/ 1914 5 A-O
75.000
See text
STOCK AND BONDS—
Date.
interest. Outstanding.
Maturity
$500,000 Series “ B " ______ (Union Trust Co., Pittsburgh, trustee
5 J-J
$1,400,000
See text
Stock (par $25), full paid__________
60.000
See text
Oonsol mtge, $1,250,000. g.J 1892
5 g J-J
1,078.000 M ay 1 1942 Oar trust bonds $200,000 gold/ 1916 5 g A-O
($1,000) Series “ O ” __c*tf(Colonial Trust Oo., Pittsburgh, Trustee.
($1,000). on 28 m ile s..c* tflin t, at Fidelity Title & Tr. Oo., Pittsburgh
Oar trust bonds $800,000 gold/ 1916
5 g A-O
280 000
See text
Underlying mortgages—
($1,000) Series " D " ____ tf 1Union Trust Oo.. Pittsburgh, trustee.
Fed St & PI Val mtge_____ tf 1889
6J-J
92.000 July 1 1921 Oar trust bonds $200,000 gold/ 1917 5 M-N
117.000
See text
Allegheny & Bell 1st mtge__tf 1890
5J-J
15.000 Nov 1 192
($1,000) Series " E ” ______ (Fidelity Title & Tr. C o., Pitts.. Pa., trustee.
5
Allegheny St 1st mort____ tl 1890
27.000 Nov 1 1920 Fort Pitt Trac mtge $1,000.-! 1895
5 g J-D
1.000.000 Dec 2 1935
Perry St 1st mortgage_____ tf 1890
5J-J
1 ,0 0 0 N o v
i 1920
000 ($1,000) g not red c* t flin t, at Pittsburgh Tr. Oo.. Pittsb., trustee.
Troy fTill 1st m irtgage_____ tf 1890
5J-J
37.00b Nov t 1920 Notes payable Dec. 31 1922_ _____
_
_________
1,516.057 ---- - —
.
Bonds.— The consolidated mortgage of 1942 is for $1,250,000, of widen
Stock.— The pref. stock carries cum. divs. of 6% per annum and has the
the balance unissued is in the hands of trustee to retire all the other issue*
right to participate equally with the com. stock when that has received 6% .
mortgage trustee is the Fidelity Title & Trust Oo., Pittsburgh. All tb<
411 arrears of divs. were paid up in Jan. 1903. V. 76, p. 48. First dlv. of
above issues are guar., p A I.. by United Traction Oo.
t
1% on common paid Jan. 2 1903; then 1% July 1903; 1904 to 1911. lncl..
R O A D .— Embraces 34.39 miles of track (including sidings) on about 17 1% per annum. In 1912, Jan., 1%; July. 1% .
miles o f street.— V. 106. p. 85. 929. 1230.
Bonds.— The equipment trust certificates Series “ B ” mature $25,000
' »emi-annually from April 1 1915 to October 1 1924: $425,000 have been
(b) P ittsbu rgh & Birmingham T ra ctio n .—A trolley road.
secured by 100 cars
“ O”
On Jan. 1 1902 leased for 999 years to the United Traction O o .. which ha« retired: they aremature in ten annual costing $581,945. The Series fromcar trust bonds
installments of $140,000 each
agreed to pay all interest, taxes, &c., and also $150,000 annually as rental
April 1 1917 to April 1 1926, inclusive. $'20,000 have been retired. They
Lease is guaranteed by the Pniladelphia Go.
are secured by 50 cars costing $221,000
Free from Penna. State tax.
ORGAN IZATION . — Incorporated Aug. 15 1889; Nov. 19 1889 leased V 102, p 608. The Series “ D ” car trust bonds mature $40,000 each
P. & B. Passenger Ry.. Including South Side Pass. Ry. Oo. Also leaser) 6 mos. from April 1 1917 to Oct. 1 1926 inclusive. $520,000 have been re
and operated from Dec. 1891 Pittsburgh Incline Plane Oo. and Mt Olivet tired. They are secured by 175 cars costing $900,000. The Series “ E ”
Incline Plane Oo.; operated also Birm Knoxville & Allentown Traction Oo
car trust bonds are to be secured by 50 cars costing $225,000. They mature
In Aug. 1900 purchased the $400,000 capital stock of the West Liberty In 11 annual payments commencing Nov. 1 1918. $83,000 retired.
8treet Ry. and constructed a line to M t. Lebanon. V. 71. p. 343.
The Fort Pitt Tract, bonds are secured by the deposit of the shares of the
constituent companies out of which the Fort Pitt Co. was formed, namely,
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock ($50)_________________ _____
Text
$3,000,000
See text $300,000 Fort Pitt Pass. Ry. stock, $100,000 Gross St. Ry. stock, $100,000
Highland Park St. Ry. stock. $100,000 Negley St. Ry. stock.
1st M guar p & 1 by United I 1889 5 g M -N
1.500.000 Nov 1 192 ,
Tr Oo ($1,000)_____ c*tf/Fidelity Trust Oo. of Philadelpaia, Trustee
R O \ D — Controls 224.21 miles of track in all.
The So Side Pass Ry 1st M f
1913 5 A-O
10.000 Oct. 1 1953
OFFICERS.— Pres., A. W. Thompson: V .-P ., J. H. Reed: Sec., W . B.
($1,000) not sub to c a ll--tf lin t, at Colonial Trust C o., Pitts., Truster Oarson; Treas., O. J. Braun Jr.; Comp., O. S. Mitchell.— V. 113, p. 847.
Guaranteed Bonds—
(a) Ardmore Street Ry.
Birm Knox & A 1st mtge,! 1891
6 g M-S
500,000 Sept 1 1931
ORGANIZATION.— Incorporated In Pennsylvania on Oct. 31 1907.
gold, interest guaranteed- ./F idelity Trust O o., Philadelphia, Trustee
Road mostly on private right of way. Franchises in boroughs are perpetual
Brownsville Ave St Ry tst M .
1896 5 F-A
300,000 Aug 1 192t
Consolidated Traction owns all the stock and guarantees the bonds, prin
West Liberty St Ry 1st. m tg e ./f 1900 5 g J-J
400,000 July 1 193f
cipal and interest. V. 88, p. 881. Philadelphia Oo. owns $26,000 bonds.
I Pittsburgh Trust Co. Trustee.
STOCK A N D B O N D S —
D a le .
In terest.
O u ts ta n d in g .
Maturity.
R O A D .—Operates 30.44 miles of track. laid with 90-lb. rails
Stock $14,000 i$50)...........................
......... ........
See text ................. ANNUAL REPORT —Not now an operating company.— V. 72, p. 776
First mtge $1,250,000 gold/ 1908
5 g A-O
$1,032,000 April 1 1958
Lines Leased to Pittsburgh A Birmingham Traction Co.
($ 1 .0 0 0 )____________ c*tf(In t. at Colonial Trust Oo., Pittsb., trustee.
Mt. Oliver Incline Ry.— Owned, leased and operated by Pittsburgh A
Bonds.— Remaining bonds are reserved for extensions and betterments.
Birmingham Traction Oo. Stock. $100,000. Bonds, 1st M. 6s, (cpt) M . A No sinking fund, but subject to call at 105 and interest.
N ., due May l 1954. $41,500. Red. at 105 and Int. Colonial Trust Oo.
ROAD.—Operates 8.22 miles of track between Wilkinsburg and Eas<
Pittsburgh, trustee.
°lttsburgh.— V. 88. p. 881.
Default and Subsequent Payment.— See Pittsburgh Railways above.
Lines Controlled by Consolidated Traction Co.
P ittsburgh Incline P lane.—Leased for 999 years to Pittsburgh & Birm
(a) A llegheny T ra ction .
ingham Traction Oo., at rental equal to interest on bonds and 10% on
ORGA N IZA TIO N .— Incorporated July 23 1890. April 1 1896 this
$150,000 stock, free of tax; dividends were 9% yearly for some time, balance
being carried to surplus, but were Increased soma time prior to Ian 1 1902 •ompany was leased to the Fort Pitt Traction Company for 950 years at a
eutal of $25,000 per annum. Lease assumed by Oonsol. Traction Co.
to 10%. The $150,000 1st M. 6s due July 1 1919 and the $100,000 2d M
6 s have been purchased by the Philadelphia Co.
STOCK AND BONDS— Date.
Interest. Outstanding.
Last dit*
•itock, $500,000 (par $50)_________
5%
$500,000
See text
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Guaranteed Bonds—
Stock (par $100> full paid_________
Q-F
$150,000
See text
Mill vale Etna & Sbarpsburg/ 1893
5 g M -N
741.000 Nov 1 1923
1st mtge r*1 non e a ch ).._ c* tf 1889
6 J-J
150.000 July 1 191P
1st M $750,000___ g -t flln t . at Pittsb. Tr. C o.. Pittsburgh. Trustee.
Second mortgage__________________
6%
100.000 ___________
Dividends.— The semi-annual dividend of 2V$% due June 1 1901 was
ROAD. — Road extends from Forty Hill. Pittsburgh, on Bradford Street
passed. the proceeds being used to pay off the floating debt. In 1902.
to Washington Avenue, on top of hill.— V. 106, p. 87; V. 108, p. 2529
1903 to 1920. incl.. 5% per annum
ROAD.— Including Millvale Etna & Sharpsburg, 21.755 miles of road.
(c) Pittsburgh & Charleroi Street R y.— A trolley road.
Stock owned by Pittsburgh Rys.
fb> Central T ra ction .— Trolley
O R G A N IZA TIO N .— Incorporated April 19 1902 and took over the Oh arDefault and Subsequent Payment.—See Pittsburgh Railways above.
leroi & West Side Ry.; is leased to the United Traction Oo. for 900 year*
LEASE — Incorporated Dec. 21 1888. Leased from April 2 1896 to
'he Consolidated Traction for 950 years at 3% per annum on par value
from May 15 1902
Reatai Is $1,000 per year. Bonds are guaranteed
principal and interest, bv the United Traction Oo. and the Philadelphia Oo
if $1,500,000 stock (see V. 61. p. 1154): and in May 1896 stockholders
The $55,000 1st M 5s of the Charleroi k West Side Rv due Sept 1 vere offered privilege of exchanging their stock for receipts, which were
1919. were extended for 2 years at 6% , and again to Sept 1 1922. but had ■edeemed at $30 per share on Oct. 1 18.16 in Consolidated Traction Oo.
not yet been taken up as of Apr. 1 1923, although int. at the rate of 6% per preferred stock at par. 29,173 shares of Cent. Trac. stock (out of 30,000)
annum was being paid regularly.
iave been so exchanged. V. 62, p. 1087.
STOCK A V I) BONDS—
Date.
Interest. Outstanding.
Maturity
STOCK AND BONDS.
Date. Interest. Outstanding.
laturityStock $2,500,000 ($501.............................................. $2,500,000 ..................
Stock ($50) see t e x t _________ _____ 3% A-O !30.000shs. 1
See
\30 paid up )
text
Charleroi & West Side 1st M . t f ___
6%
55.000 Sept 11922
1st M $350,000 cable line./ 1889
5 J-J
*375.000 July 1 1929Pitts & Oharlerol 1st M $2.-f 1902
5 g M-N
2,445,000 May 1 1932
500,000
gold ($l,000i .c * tflin t, at Union Tr. Oo., Pittsburgh, Trustee $500_________________ ntf\ Interest at Union Trust Oo., Pittsburgh.
Pitts & Charleroi 2d M $1.-/ 1913
5 J-D
522.000 Dec 1 1943
Bonds of Central Passenger Ry. controlled.
1st M $250,000 ($ l,0 0 0 )-n tfj 1894
6 A-O
125.000 Oct 11924
O .O O ($1 .000) red at 102) Int. at company’s office or Union Trust Oo.
ibO O
(Interest at Union Trust C o., Pittsburgh.
& Int. on 10 weeks’ noticetf l Pittsburgh, Trustee.
106
ELECTRIC RAILW AYS
Dividends.— Feb. 1 1892, $2 50 in stock in 1896, Feb., 2% in cash in
1898, N ov., 1}4% in cash in 1899 and since 3% per year.
R OAD.— 9.27 miles of road, of which it controlled by ownership of capital
stock. Central Passenger R y., 3 \4 miles.— V. 62. p. 948, 1087.
(c) C itizens’ T ra ction .— A trolley road.
O RGAN IZATION .— Incorporat 'd July 6 1887. On Sept. 1 1887, pur
chased the entire capital stock ($200 000) of the Citizens’ Passenger Ry.
which it now holds. Also owns stock of Aspinwall Street Ry.
LEASE.— Leased from Nov. 1 1895, to Fort Pitt Traction Co. (now
Consol. Traction) for 950 years at 6% per annum on $3,000,000 capital
stock. In addition the lessee agreed to pay a floating debt of $175,000,
[V ol. 116.
EARNINGS.— For year end. Dec. 31 1922, gross, $43,128; net, after
taxes, $6,159; other income, $1,271; int., &c., $7,433; bal., def., $4.
iii- f i c ERS.— Pres., A. W. Thompson; V.-Ps., J. H. Reed and W . B.
Carson: Sec., E. W. Washabaugh; Treas., C. J. Braun Jr.; Comptroller,
O S. Mitchell.
(5) Beaver Valley T ra ction .— A trolley road.
In July 1905 entire stock was acquired by the Philadelphia C o. of Pittaburgh. V . 81, p 506.
ORGA N IZA TIO N .— Incorporated In Penn. In perpetuity June 29 1891,
and owns entire stock of Beaver Valley St. Ry. and of Central Electric St. Ry.
anrf a t r n a t n H t v m ortg a crp
V fil p 661
Co., purchased Aug. 8 1891. operating them as one road under 999-year
The $250,000 Penn. St. Pass. R y. 1st M . 5s due June 1 1922 were not lease. Charter and franchise perpetual.
retired at maturity. No further information.
In 1900 stock was Increased from $300,000 to $1,000,000 and then pur
chased the stock and property of the People’s Electric Street R y . of RocnesSTOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Stock ($50) fully p a id _______ _____
6 M-N
$3,000,000 f.p. See text ter, the College & Grandview Electric Street Ry., the Rochester & Monaca
1st mtge. ($1,000) not subject | 1887 5 A-O
686.000 Oct 1 1927 Electric St Ry. and the Beaver & Vanport Electric St. Ry ; also owns en
to c a l l ________________tf \ Fid. Title & Tr. Co., Pittsburgh, Trustee. tire capital stock of River view Electric St Ry C o., the Freedom & Conway
Electric St. Ry. Oo. and the Vanport Electric St. Ry. Co., none of which
subject to call__________ tflF id . Title & Tr. C o., Pittsburgh Trustee.
oas any separate bond issue. In Jan. 1902 authority was given to in
Bonds o f lines whose stocks are owned—
Penn. St. Pass. Ry. 1st M ___ 1892
5 J-D
250,000 June 1 1922 crease stock from $1,000,000 to $1,500,000.
Interest and dividends payable at Union Nat. Bank. Pittsburgh, Pa
Consolidation.— The Penna. P. S. Comm, in March 1922 approved the
R O A D .— Owns 37.8 miles o f traci on 15 miles of street.— V. 106, p. 818. sale of the corporate powers, franchises and property of the following street
railway companies to the Beaver Valley Traction Co. under a consolidation
of traction interests: People’s Electric, General Electric, Beaver Valley St.
(d) D uquesne T ra ctio n .— A trolley road
Ry.. Rochester & Monaca Electric, Freedom & Conway Electric, Riverview
Default and Subsequent Payment.— See Pittsburgh Railways above.
L E ASE .—Incorporated Jan. 25 1890
Leased from April 2 1896 to Electric, College & Grandview Electric, Beaver & Vanport Electric and
Vanport Electric St. Ry. We are officially informed that the consolidation
the Consolidated Traction for 950 years at 4% on the $3,000 000 stock
but dividends for a year and a half were withheld for payment of floating into Beaver Valley Trac. Co. of a number of subsidiary street railway cos.
debt of $180,000. In M ay, 1846 stockholders were allowed to exchange is merely legal consummation of a step which has been in practical effect
for a considerable time. It entails no change in operating methods or
their stock for receipts, redeemed Oct l 1896 at $37 per share in 6% pre
ferred stock o f Consolidated Traction Company at par. 52.635 shares out accounting. V. 114, p. 1285.
of 60.000 have been so exchanged
See V. 62. p. 1087.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,500,000 (par $50)________
_______
$1,075,000 __________
8TOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
675.000 Oct 1 1950
Text.
$3,000,000
See text 1st con mortgage (closed) [ 1900 5 g A-O
Stock ($50) fully paid_______ / ____
gold________________c * -t flln t . at Pa. Co. for Ins. on Lives & Granting
{ Div. payable at Fidel. Tit. * Tr. Co.,Ptttsb.
1 Annuities. Philadelphia. Trustee.
1st mortgage__________ c* tfl 1890
5 J-J
1.368,000 July 1930
Gen mtge $3.000.000 ($1,000)1 1903
5 g M-N
957.000 N o v i 1953
1Fidelity Title & Trust C o.. Pitts., Trustee.
gold . . . . _______ c* tf [Int at Northern Trust Co Phila.. Trustee.
Dividends were 5 % . J J. but in 1893 and 1894 none paid; In 1895, 4% ;
Car trust bonds, gold, $72,-/ 1917
5 J-J
36,000 See text
In 1896, none, in 1898, 3% ; in 1899 and since. 4% yearly.
000 ($1.000)______________ 1Fidelity Title & Tr C o., Pittsburgh, trustee
R O A D .—At time o f lease In 1896 controlled 11 companies, having at
Bonds.—Of the gen. mtge. bonds, $675,000 are reserved for prior lienc
present 37.1995 miles of road.— V. 62. p. 948, 1087; V. 106. p. 85. 1230.
and the remainder for extens. and improvements at 75% of cost
See V 77,
p. 2158. $232,000 owned by Phila. Co. Both Issues redeemable at 110
(e) Fort Pitt T ra ctio n .— See “ Consol. Traction C o ."
and interest
(f) IWonongahela Street Railway.
The car trust bonds mature $6,000 each Jan. 1 to 1929 and are secured
O R G A N IZA T IO N .— On May 26 1898, absorbed by consolidation the by 12 motor cars. $30,000 retired.
Schenley Park & Highland, Homestead & Highlands. Braddock & Home
K<) A D . — Owns aud operates35 41 m. of track, connecting the various
stead and the Braddock & Duquesne.
towns and boroughs iu the Beaver Valley, from Morado Park southerly, via
In Dec. 1901 the Monongahela Street Ry.. the WItkinsburg & East Beaver Falls to Beaver and Vauport and to Rochester and Conway. Laid
Pittsburgh Street R y., the Wilhtnsburg & Verona Street Ry. and the with 90 lb. and 73-lb. girder rails.
Owns 47 closed and 3 open passenger
Pitcairn & Wllmerdlng Street Ry. (construction of latter two roads com
cars and 9 miscellaneous cars
pleted during the year 1903-04). were merged In the Mononghela Street Ry
EARNING S.— For year ending Dec. 31 1922, gross, $530
and stock was increased from $1,000,000 to $7,000,000. See V. 73. taxes, $118,669: oth. income, $1.133: interest, rents, &c., $110206: net, after
242; discount
p . 1112. On Jan 1 1902 the Monongahela Street Ry. was leased for 999
years to the Consolidated Traction Co for interest, taxes, &c., and an on securities sold, $1,304; surplus for year, $8,256.
OFFICERS.— Pres., A. W. Thompson; V.-Ps.. W. B. Carson and E . E .
annual rental beginning with $165,000 the first year and increasing $18,750
each year until $315,000 is reached. Lease is guaranteed by Philadelphia Hamilton: Sec., E. W. Washabaugh; Treas., C. J. Braun Jr.,; Compt., C. S.
Co
First dividend under lease (2% ) was paid in July 1904. See V. 79. Mitchell.— V. 87. p. 345: V. 106. p. 295; V. 109, p. 675: V. 112. p. 1143.
p. 269. In 1905. Jan., l l* % ; July, 1 3-5% ; in 1906, 3.26%; In 1 9 0 7 .3 4 % : 1616. 2413: V. 114, p. 1285, 2239.
In 1908. 3.86% ; in 1909.4 12%: in 1910. 4.37%: In 1911 and since. 4 4 %
Default and Subsequent Payment <m Pitcairn & Wilmerding 5 s . — See Pitts
(6) P ittsburgh & 8eaver Street Railway C o.— A trolley road.
burgh Rys. and United Traction Co above.
O R G A N IZA TIO N .— Incorporated in Pennsylvania Jan. 23 1908.
STOCK & BONDS—
Miles Date. Interest. Outstanding.
Maturity
Franchises perpetual. Capital stock $235,000 ($50 par), all owned by
____ See text $7,000,000 See text.
Stock. $7,000,000__________ . .
Philadelphia Co. Bonds authorized, first mortgage gold, $1,500,000
M on. St. Ry . 1st mtge_____f 17 1898 5 * J-D
1,000,000 June 1 192a Issued, $750,000, all owned by the Philadelphia Co.; dated July 1 1908,
$1,000,000 gold______ tfl Union Trust C o., Pittsburgh, Trsutes.
due July 1 1958 (tf). Int. 5% , payable Jan. & July at company’s office
Wilk. & E. P. M ____ _____ 1
Pitts. Union Tr. Co. of Pitts., trustee. Are guar, p & i. by Phila Co.
1899 5 g M-S 1,995,000 Sept 1 1929
*2.000.000 g ($1.000)------ \
ROAD. —
Operates 14.98 miles in and between Baden Braver County,
guar_____________ c&r .t f J
and Leetsdale, Allegheny County, Pa.— V. 105, p. 1802; V. 109, p. 677.
1901 5 g J-D
622,000 June 1 1931
Wilk. & Ver. M ., $700,0001
(7) Clairton Street Railway C o.— A trolley road
g. ($1,000) ..c& r____tf f
1901 5 g J-J
588.000 July 1 1931
Pt. & Wll. M .. $700,000, g,l
O R G A N IZA TIO N .— Incorp In Penna. May 5 1904. Capital stock
($1,000) c & r - .t f............ I
$30,000 ($50) all owned by Pittsburgh Railways Oo.
Bonds.— The Union Trust Co. o f Pittsburgh Is trustee o f all mortgages
ROA D .—Operates one mile of track In the Borough of Clairton, Aland Interest Is payable at Mellon National Bank, The VVilks. & Ver. bonds 1igheny County.
are guaranteed, prin, & tnt., by Wilk, & E Pitts. St. Ry. C o.. Monongahela
ELECTRIC LIGH T AND POWER
St. R y . C o., Consol. Traction Co. and Phila. Co. Co. o f Pittsburgh.
D uquesne Light C o .—Entire com. stock is owned by the Phila. Co.
R O A D .— Owns 70-4 miles o f track, including branches; 90-lb. rails.
Incorp. on Aug. 25 1903 under the laws of Pennsylvania.
In Feb 1912 the Duquesne Light Co was purchased in the interest Of
R E P O R T .— Not now an operating company.
Ptida Oo. (V 94. p. 560). and in Nov. 1912 it was merged with the Monon
OFFICERS.— Pres., W. L. Mellon; V ,-P ., A W. Mellon; Treas., W . 8
gahela L t.O o and Oakmont & Verona Lt,. Ht & P Oo
In Dec. 1912
Mitchell — V. 72, p. 776: V. 79. p. 269. 627. 735.
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. Co.
(g) P ittsbu rgh T ra ctio n .— A trolley road.
Merger effective Jan l 1913.
O R G A N IZA T IO N .— Incorporated April 30 1887.
Owns the
and bonds of the Allegheny
o.,
LE ASE .— Leased from April 2 1896 to the Consolidated Traction for 950 entire stock entire stock of the Southern Heat, Light County Light Cthe the
and bonds
& Power Co.,
Al
years at 7% on the $2,500,000 stock (see V. 61, p. 1154) but 1 4 years
Steam
and $500,000 bonds
dividends were used to pay floatiug debt of $250,000. The full 7% Is now legheny County Electric Heating Co. On Dec. 31 1912 leased(entire issue)
Light Co.
for 50 years
being paid. In May 1896 stockholders were offered receipts for their stock, of the East End
the Allegheny County Light Co., which iu turn leases the Southern Heat,
which were redeemed at $70 per share on Oct 1 1896 In preferred stock o
Light & Power Co. and Monongahela Light & Power Co. for 900 years from
Consol. Traction Co.: 49,500 shares out of 50.000 have been so exchanged
See V. 62. p 948
Pittsburgh Traction owns the $250,000 capital stock Jan. 1 1902. 1921 purchased all the property and franchises of the Equitable
On July 27
o f Bloomfield Street Ry. and guarantees the bonds.
Coal & Coke Co., which co. has been dissolved (for history see “ Electric
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Railway” Supplement of April 30 1921.)
Stock $2,500,000 ($50)_______ _____
7 A-O 31 $38 per sh.pd.ln.See text
Franchise is perpetual. Has contract extending to 1963 to supply all
1st mtge 5s_____ ______ c * .t f j 1887 5 A-O
$750,000 Oct 1 1927
electricity used by the Pittsburgh Rys. Also has contract witn the city of
(Fidelity Title & Trust C o.. Pitts.. Trustee.
Pittsburgh for street and other municipal lighting and power purposes.
Guaranteed Bonds—
City Lighting Contract.— On Nov. 19 1917 the Pittsburgh City Council
Bloomfield Street Ry Istf 1893 5 F-A
250,000 Aug 1 1923
adopted an ordinance to authorize a contract with the company to furnish
cur________________ c * .t fl Interest at Pittsburgh Trust Co., Trustee.
light to 20 wards of the city for. ten years, the contract being based on nor
Stock.— Issued 50,000 shares, on which $38 each has been paid.
mal prices for lab ir and supplies; contract has since been signed. See also
D IV ID E N D S .— At company's office, Pittsburgh. Dividends In 1895 V. 114 o. 1185
6 % : in 1896. none— see above; in 1898. 5 4 %'. in 1899 and since, 7 % .
On Jan. 1 1921 the co. acquired from the City of Pittsburgh the North
Side light plant at the price of $378,652
V. I l l , p. 2141.
R O A D .— Owns 18.51 miles of track.
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
(h) S u b u r b a n R a p i d T r a n s i t S tr e e t R y.
OR G A N IZA TIO N .— Was leased on Jan. 1 1902 to Consolidated Traction retirement of previously outstanding senior securities of the co. and for
On. for 900 years at an annual rental of $56,000. as well as paying all charges. add’ns, impts., exts. and acquisition of add’l property. V. 116, p. 1056,
1537. All the outstanding “ old” 7% pref. stock has been called for pay
Including interest and taxes.
ment M ay 1 1923 at 115 & divs. V. 116, p. 941.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
interest. Outstanding
Maturity•
STOCK AND BONDS—
Date.
Stock $1.400.000................................
J-J
$1,400,000
See texi
’nmrnnn
Odd dfld (SI00)
Monthly $18,226,000 See text
First mortgage. $200,000. g f 1913 6 g M-S
200,000 Sept 1 1953
1st pref $150,000,000 Ser “ A ”
($1.000)______________c .tf/I n t at Farmers’ Dep Nat Bank, Pittsburgh
7 % cumulative________________
7 Q-M
15.000.
000May’23,lM %
( Colonial Trust C o ., Pittsburgh. Trustee.
Partic (2d) pref $125,000,000
Dividends.— In 1903,4%: in 1904,Jan.. 2% ; July, 1 >4%;since4% per ann
Ser “ A ” 8% cumulative___ _____
10 .000 .
000 ______
8%
R oad.— Operates 11.88 miles o f track on 6 miles of street.
6 g J-J 1 31.7)8,500 July 1 1949
1st M & coll tr $100,000,000( 1919
Int. in N. Y.
($500 & $1,000) g.c*& r*tf/B ankers Tr C o., N. Y trus
(1) M o r n i n g s i d e E le c tr ic S tr eet R y.
15-year conv deb $10,000,000] 1921 7H g J-J
10.000.000 July 1 1936
.
OR G A N IZA TIO N .— Incorporated In Pennsylvania on July 14 1904
($500 and $1,000)___ c*tflChase National Bank, New York, Trustee.
Entire stock is owned by Philadelphia Co. Is leased to the Consolidated
Bonds of leased Cos.—
Traction Co. for 995 years from Sept. 30 1905 at a rental o f 5% on stock
Monongahela Lt & P 1st M ( 1899
5 g J-D
$ t ,700,000 June 1 1949
and interest on bonds.
$1.700.000 ($1,000) g _ t filn t . at Mellon Nat Bank. Pittsburgh.
_
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Union Trust Co of Pittsburgh rrustee.
Stock, $24,000 ($50)......... ....... .
5 A-O
$24,000 See text.
Stock.— The 1st pref. 7% stock, Ser. “ A ,” is-call, all or in part at $115
1st mtge $200,000 gold f
1905 5 g A-O
200.000
Oct 1 and divs. Exempt from Penna. 4-mills tax. V. 116, p. 1056.
1935
($1,000) guar prin and!Int. at office of Brown Bros. & C o., Phila.
Bonds.— The first mtge & coll, trust 6s are secured by a first mtge. on
int by Phila C o_____c*_tf l Penn.Co.for Ins.onLives & G .A..Phila.Trus
• 1 property owned in fee and by a first lien on the co.'s leasehold Interests
1
R OAD.— Operates3.31 miles of track. Gauge 5 ft. 2 4 in.— V .107 ,p.2188. and on certain bonds and virtually all the stocks of its subsidiaries. The
proceeds of the $25,000,000 of these bonds were applied as follows;
( 4 ) S e v e n t e e n t h St r ee t I n c l i n e P l a n e C o .
(a)
certain
other sources) were
O R G A N IZA T IO N .— Is a reorganization on Dec. 28 1904 o f the Penn. In used to$12,000,000 (together with at 101 cash from1*9,
retire (by call on
1920
2267) $12,000,cline Plane Co. Entire stock is owned by the Philadelphia Co. Was 400 Duquesne Light Co Jan. 1 6% secured and int. V. July p 1921 (V. 107. p.
3-yr.
notes, due
1
operated by the Pittsburgh Rys. Oo. up to Jan. 16 1918. since when it ha» 807). (b) $10,295,390 deposited with the trustee and— or with its designate
been separately operated.
depositaries, and may only be withdrawn from time to time to pay or reim
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity. burse the company In part for cash expenditures aggregating $14,648,125
Stock $250,000 (*50)........................................... ..
$250,000 ................... made (1) in connection with the construction to an initial installed capacity
1st mtge $125,000 ($1,000) I 1905
5 cur M-S
125,000 Mch 1 1935 j f 60.000 k. w. of the new Cheswlck power plant; and (2) for permanent
guar________________c * .t f lln t . at Colonial Tr. Co., Pittsburgh, Trustee. additions and extensions to the property. (c> The remaining $1,281,500
Bonds.—No sinking fund, and bonds are not subject to call. Are guaran were delivered to the trustee to be held pending the fulfillment of certain
conditions. The auth. amount o f these bonds was increased to $100,000.teed, prin. & int., by the Philadelphia Co.
A pril, 1923.]
ELECTRIC RAILW AYS
107
000 and the co. received the $1,281,500 bonds previously mentioned as being 104, p. 1704). Owns all of the outstanding capital stock o f the Allegheny
deposited with the trustee out o f the initial issue o f $25,000,000. The re Valley St. R y. Co.. Pittsburgh & Allegheny Valiev Trac. C o., Oakdale &
maining $68,281,500 bonds may be issued under certain conditions for pur McDonald St. Ry. Co., Kittanning & Leechburg Rys. C o., Pan Handle
poses enumerated in V. 109, p. 176. The mtge. provides for a maintenance Trac. Co., Steubenville Welisburg & Weirton Ry. C o., The Steubenville
and depreciation fund o f not less than 15% o f the gross operating revenues R y. Co., Wheeling Trac. C o.; the Brooke Electric Co., West Virginia &
of the system. Registered bonds in the $1,000 denom. only. Red. on any Maryland Power C o., and West Virginia Power & Transmission Co.; also
lnt. date at 105 and int. Free Penn. 4-mills tax. V. 109, p. 176; V. I l l , all of the outstanding com. stock of West Penn Power Co. In addition, the
West Penn Rys. Co. controls indirectly through subsidiaries, Allegheny
p .298 . Listed on the N . Y . Stock Exchange. V. 112. p .474 .
the West Maryland
Debentures.— The 7Vi% deb. are conv. par for par from July 1 1923 to Valley Light Co., Allegheny Pittsburgh Coal Co., Bellaire-Southwestern
July 1 1934, incl., into 8% pref. “ B” stock. Call, on any int. date on 90 Power Co., the Wheeling & Western Ry. Co., the Co., the SteubenvilleTraction Co., the Steubenville & Wheeling Trac.
days’ notice in blocks o f not less than $500,000 at 107 Vi and int. to and incl
Mingo & Ohio Valley Trac. Co., the Wheeling Bridge Co. and the Steuben
July 1 1922 thereafter at premium becoming Vi of 1% less for each year of ville Bridge Co.
expired life. Penna. 4 mill tax refunded. V. 112. p. 2195.
Of the companies listed
Dividends.— First div. on 7% pref. stock, 1 % % , paid May 1915 same rate Oakdale & McDonald St. above, Pittsburgh & Allegheny Valley Trac. C o.,
Co. and
Leechburg
Co.
guar, since. First quar. div. on' com., l % % , paid Mar. 31 1913 Sept., are leased to and operatedRy. the name Kittanning & Penn Rys. Rys. and
in
of the West
Co.;
1 X % . Since then divs. have been 7-12% each month.
Pan Handle Trac. Co., Steubenville Welisburg & Weirton Ry. Co., the
Steubenville & Wheeling Trac. Co. and the Steubenville R y. Co. are
R E PO R T .— For years ending Dec. 31 (Duquesne Light C o., Penna. Lt
& Power C o., Cheswick Power C o., Beaver County Light Co., Midland leased to and operated by the Wheeling Trac. Co.
Electric Light & Pow. C o.). Transactions between companies eliminated.
In 1917 the rights and properties theretofore owned and controlled by
Hydro-Electric Co. o f W. Va , incl. the partially developed water power
1922.
1921.
1922.
1921.
project at State Line on the Cheat River, were taken over and are now
S
S
$
$
owned by the West Vlrg.ma Power & Transmission Co. The properties of
Gross earns-.16,928,746 16,092.270 Impts. & bet’ts
the Transmission Co. have been maintained and cared for and considerable
written offNet, aft. taxes 6,599,227 6,107,982
488 progress has been made in the acquisition and consolidation of necessary
Other income323,133
231,900 Misc. losses-.
488
flowage rights and rights of way preliminary to resumption of construction
Depreciation Total net inc. 6.922,360 6,339,882 Preferred divs.
373,882
395,503 work when this shall be determined upon.
In t.,rents,&c_ 2,532,792 2,113,387 |
Common divs. 1,640,340 1,549,210
Franchises are almost all perpetual. Practically all track and trana"
Disc., taxes,&c.,
on sale of sec.
156,345
193,029 Surp. for year. 2,218,512 2,088,264 mission lines outside of municipalities are on private right-of-way.
STOCK AND BONDS.
Date.
interest. Outstanding. Maturity.
LATEST EARNINGS.-—See Philadelphia Company.
Common $20,000.000 ($100)______ _
_________ $10,009,000
_________
PR O PE R T Y, &c.— As of Dec. 31 1922 had a power station generating Pref 6% cum$10.000,000($100)____
Q— M 15
9,017.800 M ar.’23, 1H
capacity of 272,950 k. w.; 10,025 miles of distributing lines; 940 miles of
W P Tract 1st M $25,000,0001 1910 5 g J-D
5.251.500 June 1 1960
transmission lines, and 84 of underground conduit. 156,847 customers;
gold ($1,000 & $500)._c*tf (Int. at Equitable Trust C o., N Y .. trustee.
total contracted load, approx. 455,188 k. w.; supplies 5,527 arc lamps.
Old W P R y s 1st M $6,000,000 f 1905
5 g A-O
5.667,000 Jan 11931
Output for 12 months ending Dec. 31, 1922, 845,227,690 k. w. h.
($500 & $1.000)______ c*tf\Int. at Equitable T r. C o., N Y ., Trustee.
OFFICERS.— Chairman of the Board, James D. Callery; Pres., A. W .
P M cK & C 1st con m tgef 1901 5 J-J
2,912,000 Jan 1 1931
Thompson; V.-P., J. H. Reed; V .-P ., C. S. Cook; Sec., W. B. Carson;
$3,500,000 ($1 000) g o ld -- ( Interest at Colonial Trust C o., Pittsburgh.
Treas., C. J. Braun Jr.; Oompt., C. S. Mitchell.— V. 112, p. 2310. 2417;
Cannot be called_______ tf ( Trustee.
V . 114, p. 202, 1185, 1288; V. 115, p. 181, 650, 764, 2586; V. 116, p. 182,
941, 1056, 1407.
Pitts M cK & Greensburg 1st) 1901
5 g J-J 1
373,000 July 1 1931
Mtge $1,500,000 ($1,000)/interest at Harrisburg Trust Co.,HarrisA R TIF IC IA L GAS.
gold _ _______________ ctfj burg, Pa
_
(1) C onsolidated Gas Co. of P ittsburgh.
Oon Sub St Ry mtge ($175.- f 1902 5 g J-J
175.000 Jan 1 1932
000 guar p. & 1 ________ t fjln t . at Colonial Trust C o., Pittsb., Trustee.
Ail the common stock and $206,750 of the pref. stock owned by Phila
delphia Co. $3,031,000 of the outstanding bonds are owned by the Equita Hitt & Ford O 1st M $50,000 ( 1898 6 J-D
27.500 Dec 11928
ble Real Estate C o., a subsidiary of the Philadelphia Co.
gold ($500,000)________ c*\Pittsburgh Trust C o., Pittsburgh. Trustee.
The Consolidated Gas Co. operates under a perpetual charter and with
Glee Vail St 1st M ’ ge $2.-f 1906 5 g F-A
1,680,000 Feb 1 1930
the Allegheny Illuminating Co. and the South Side Gas Co. constitutes the
000.900 g not redeemable!Interest at Union Trust C o., Pittsburgh.
only gas-manufacturing companies In the city of Pittsburgh and the exciu
($ 1 ,0 0 0 )_________ ,-.c & r tf( Trustee.
slve right to manufacture illuminating gas is vested in them. These com
Versailles Traction Co first\ 1897
6 g M-S
88,000 Sept. 1 1927
panies discontinued operations in June 1919.
mortgage gold____________JInt.at Pittsburgh Trust Co.,Pittsburgh, trus.
Owns entire $2,000,000 stock and $1 632 928 bonds of the Allegheny
Illuminating Co. and pledges them under its first mortgage.
Oakdale & M cD St Rv 1st Ms f
1906 5 J-J
150 000
Jan 1 1937
g gu p&i by W P Rys n tflln t. at Colonial Tr. C o., Pittsburgh, trustee.
Default.— lnt due Feb 1 1916 on the 1st M . 5s was defaulted. Deposit
or bonds has been called for by the following committee: O. S W Packard
Steub. Bridge Co. 1st mtge.l
1904 5 g A-O
200,000
Apr 1 1924
Chairman; A. C. Robinson. Thomas S. Gates, B. Howell Gris
Callable at 105___________ Jlnt. at Pittsburgh Trust Co., trustee.
wold Jr., D. H. Hostetter and T. G. Daub; Sec., E . L. Brantigam. 517
1902 5 g A-O
500,000
Oct 1 1932
Chestnut St.. Phlla. Depositaries, Penn Co. for Ins. on Lives & Granting Pan H Trac 1st M $500,000 g)
($1,000 and $500)_ c* n tf(ln t. at Columbia Tr. C o., N. Y ., trustee.
_
Ann., Phlla and Safe Deposit & Trust C o.. Pittsb V 102. p. 525. 1989
Equip, trust notes_________ 1919
6 A-O
70,000
See text
In Dec. 1918 holders of the 1st mtge. bonds were offered in exchange fo'
said bonds $925 of Philadelphia Co. 6% pref. stock for each $1,000 bond
Steubenville IV & W Ry first 1 1911 5 A-O
700,000 April 1 1951
the exchange becoming effective upon the acceptance of this offer by holders
mortgage $700,000 _______ Jlnt. at Wash. Tr. C o., Wash’ton, Pa., true.
of at least 80% of the bonds and the withdrawal of the suit instituted as a First equipment trust certifs__ 1921
8%
170,000 See text.
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 $14,000
Preferred Stock.— After 1918 no div. can be paid on the com. stock unless
par value o f bonds having been exchanged up to Apr. 1 1923:n 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 AND BONDS— Date.
Interest. Outstanding. Maturity
stock. No additional pref. stock can be issued at any time unless the
Common $4,000,000 ($50)........................................ $4,000,000 ___________
earnings applicable to pref. divs. are twice the annual requirements there
Pref 4% cum $2,500,000 ($ 5 0 )____
4 F-A
2.000.000 Aug *22, 2%
for. including the proposed issue. Stock is preferred as to assets and divs
First mortgage $3,015,000/ 1898
5 g F-A
See text Feb 1 194«
rod is callable at 105. Pref. stock Is listed on the Louisville and Pittsburgh
($1,000) gold----------------tfiM aryland Trust Co., Baltimore, Trustee
exchanges.
Int. on bonds Is payable at Brown Bros. & C o., N . Y ., and Alex. Brown
S Sons. Baltimore.
c
Bonds.— Of the West Penn. Traction Co. 1st M . bonds, $9,175,000 are
reserved to retire the bonds of constituent companies and balance for exten(2) S outh Side Gas Co.
«ons and betterments at 90% of cost. As additional security all the out
15,751 shares of stock are owned by the Philadelphia Co.
standing coll, trust bonds of 1910 o f West Penn Rys. and other securities
>wned are deposited under the mtge. Through this deposit these bonds are
ORGAN IZATION .— Incorporated Jan. 25 1882 in Pennsylvania. Stock
secured on the properties of the subsidiary cos., subject to the outstanding
authorized and Issued, $500,000 ($25).
underlying issues. $591,500 are held in treasury and $6,620,000 re-depos
ited under the mortgage at 80% of face value. The bonds are not subject to
THE WEST PENN COMPANY. .4
call. Tax-exempt in Pennsylvania. See description of bonds and prop
erty in V. 92, p 597. The West Penn Railways Co. 1st mortgage bonds
ORGANIZATION - I n w n . Toly 11 1911 I nW. Va. as the Rlaek R!v«>f 1905 are not subject to call. They are tax-free in Pennsylvania.
Water & Power Co., but in April 1912 was reorganized and capital increased I isted on Philadelphia, Louisville. Pittsburgh and Baltimore Stock Ex
and name changed to West Penn Trac. & Water Power Co. in accordance changes. Pitts McKeesport & Greensburg 1st 5s not subject to call.
with plan o f American Water Works & Guarantee Co. (now American $1,127.000 owned by West Penn Rys. $500,000 P M cK & C 1st consols,
Water Works & Elect;ic Co.) in V. 94, p. 984. (See also detailed statement are reserved for extensions and improvements, and $88,000 to retire Ver
of that company in V. 95, p. 1537) Name changed to present title on sailles Trac. Co bonds. The Connellsville Sub. bonds were guaranteed
June 21 1922. Owns all of the outstanding com. capital stock ($10,000,000)
principal and interest by the (old) West Penn Railways Company, and
of the West Penn Railways Co., and all o f the outstanding pref. stock are callable at 105 and interest on 30 days’ notice. Tax-free in Penna.
$(2,369,000 par value) and two-thirds (621,220) o f the outstanding com.
A 1 the W. P Rys. coll, trust bonds are owned by company and are on deposit
1
shares without nominal or par value of the West Penn Monongahela Co.; as part security for W. P. Trac. Co. 1st Mtge. bonds. $90,000 Oakdale &
also all of the outstanding capital stock o f the West Penn Realty Co., and McDonald bonds owned by West Penn Rys. C o., included in amount
of the Tri-State Improvement Co.
r»oorted outstanding
Interest is m vablc at agency of company in N. Y .
City. Tax-exempt in Penn. $10,000 Alleg. Valley St. Ry. 1st M . bonds
STOCK—
Date.
Div. Paid. Outstanding. Last Div.
(not included in amt. outstanding) are held in treasury of Allegheny Valley
Common $22,500,009 ( $ 1 0 0 ) - - ____
_______ $22,500,000
See t- xt
St. R y., are secured by a oledge of entire capital stock of Alleg. Valley Light
Pref $8,500,000 ($100) 6% c u m ____
Q-F 15
8,054,700
See text
Co. $12,000 Versailles Trac. 1st 6s are owned by W. P. Rys. $1,127,000
3-year d eb en tu res $2,500,000 1 1922
6 g J -D 15 2 .5 0 0 .0 0 0 Jun e 15 ’25
of P. M cK . & G. bonds (incl. in amt. outstanding) are owned by West
($500 & $1,000) g o l d - - C * t f |Equitable Trust Co., N . Y ., Trustee.
Penn. Rys. Co. Panhandle Trac. 1st mtge. bon Is are subject to call on any
Stock.— $16,344,0 0 common and $4,668,500 pref. stock is owned by int. date at par and int. on 30 days’ notice. The equip, notes of 1919 are
American Water Works & Electric Co. Both issues listed on N. Y . Stock due serially $10,000 par annum each Oct. 1 to 1929. Are secured by 9 pass,
cars. $30,000 have been retired. The 8% equip, trust certfs. are due
Exchange. V. 116, p. 1651.
Debentures.— The 3-year debs, are red. all or in part on 30 days’ notice $10,000 semi-annually. $30,000 have been retired.
at 103 and int. to June 15 1923, less 1% for each year ending June 15 there
Dividends.— Divs. on pref. stock are cum Initial div. paid Sept. 15 1917.
after to maturity. Sinking fund to retire $100,000 o f debentures annually Paid regularly quar. since to and incl. Mar. 1923.
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.
EARN ING S.—-Preliminary report of West Penn Co. for years ending
in New York or at the agency o f the co. in Chicago. Penna. 4 mills tax Dec. 31 (including subsidiaries):
refunded.
12 Months
Gross Earns. Net after
Miscel. Fixed Charges, Balance,
Dividends.— Divs. at the rate of 6% per annum, on the pref. stock have
to Dec. 31. (all sources)
Taxes.
Income. Divs.(Sub.Cos.) Survlus.
been paid in cash in quar. installments from date of organization to and 1922________ $17,323,089 $5,465,045 $638,216 $4,360,174 $1,743,087
incl. ivi. y 15 1923, except for the period from Jan. 1 1914 to Sept. 30 1916, 1921------------ 14,189,777
3,945,100
566,158 3,046,749
1,464,508
in which period 16>^% accumulated. This accumulation was paid 7)4%
in cash in quar. installments of 1 4 % each, on M ay, Aug. and Nov. 15
OPERATIONS, &c.— The physical property owned by the West Penn
1921; Feb., M ay and Aug. 15 1922, and the remaining 9% on Aug. 15 1922,
tvs. Co. and subsidiaries (exclusive of the West Penn Power Co.) includes
in interest-bearing warrants payable in three equal installments on Feb. 3 4 9 /3 miles o f track (measured as single track), 5 ft. 2 4 in. and 4 ft. 8 Vi
and Aug. 15 1923 and Feb. 15 1924. The first installment of prin. and in gauge. 302 motor passenger cars, 26 work cars, 10 express and freight
int. due on these warrants on Feb. 15 1923, was paid. An initial div. of cars 9 sweeper and 35 other cars. Power station at Connellsville (leased
Vi of 1% was paid on com. in March 1923.
to West Penn Pow. C o.), and Wheeling, W. Va. (operated by the Brooke
Electric C o.), 80.32 miles of 25,000 volt transmission lines (of which 7.60
OFFICERS.— Pres., A. M . Lynn; V.-P., C. P. Billings; V.-P. & Sec., miles are leased to the West Penn Power Co ) and 38.52 miles of 68,000
R. B. Keating; Treas. & Asst. Sec., C. C. McBride; Asst. Sec., W. K. volt transmission lines, exclusive of low tension distribution lines in cities
Dunbar and G. E. Murrie: Asst. Treas., C. F. Kalo; Gen. And.. M . W. and towns: and 11 sub-stations having a transformer capacity o f 15,500
Glover, Pittsburgh.— V. 115, p. 1634; V. 116, p. 296, 722, 1651, 1762.
k. w. (of which one sub-station is leased to the West Penn Power C o.).
WEST PENN RAILW AYS CO.
All of outstanding com. stock is owned by the West Penn. Co.
ORGAN IZATION .— A consolidation on May 23 1917 o f the old West
Penn Railways Co. with the Brownsville Street Ry. C o., Greensburg &
Southern Electric St Ry. C o.. Latrobe St. Ry. C o., Lntrobe Hecla St. Ry
C o., Masontown Morgantown St. Ry. C o., Pittsburgh McKeesport A
Connellsville Ry. C o., Uniontown Radial St. Ry. Co. and West Pear
Interurban R y.O o. (all o f the capital stock of which corporations had been
owned by the West Penn Kys.). and with the West Penn Traction Co
McKeesport & Irwin Ry. C o., Pittsburg McKeesport & Greensburg Ry
Co. and White Electric Traction Co. (for terms o f consolidation see V.
OFFICERS.— Pres.. A. M. Lynn; V.-P. & Sec., R. B. Keating; V .-P .,
H. L. Mitchell; Treas. & Asst. Sec., C. C. McBride: Asst. Treas., C. F.
Ta'p: Asst. Sec , G E Murrie and W K Dunbar: Gen. And , M . W .
Glover.— V. 113, p. 2407; V. 114, p. 1181, 1409; V. 115, p. 2048; V. 116,
p. 723.
(a) W heeling T raction Co.
On Oct 1 1912 control was acquired bv the West Penn Traction Co.
(now West Penn Railways), which now owns all of the outstanding stock.
ORANIZATION.— Incorp. Oct. 1900 in W. Va. Owns entire capital
stock o f and operates Bella ire Southwestern Traction Co. and Wheeling &
Western R y. Co. Owns entire capital stock o f and operates under lease
108
[V ql. 116.
ELECTRIC RAILW AYS
the Steubenville & Wheeling Trac. Co.; also operates under lease Steuben- | struction has been started on an extension to its Springdale station which
ville Wellsburgh & Weirton R y. Co. and the Steubenville R y. Co. and will contain two units of approximately 35,000 k. w. each.
Panhandle Traction Co. Controls Wheeling Bridge Co.
OFFICERS.— Pres., A. M . Lynn; V.-P. & Sec., R . B. Keating; V.-Ps.,
STOCK AND BONDS—
Date. Interest. Outstanding. Last die., Ac
G. M. Gadsby and J. S. Jenks; Treas. & Asst. Sec., C. O. McBride, Pitts
burgh; Asst. Sec., G. E. Murrie and W . K. Dunbar; Asst. Treas., O. F.
Stock S2.500.000 (§100)............................................. $2,336,300 See text
Kalp; Gen. Aud., M . W . Glover.— V. 109. p. 1899, 2446: V. i l l , p 80,
Wheeling Traction 1st mtgef
1901 5 g J-J
2,500.000 Jan 1 1931 396; V. 112, p. 1815; V. 113, p. 739, 1584; V. 115, p. 1954; V. 116, p. 1179.
$2,500,000 ($1,000. $500)- Int. at Cleveland Trust C o., Cleveland, trus.
I
g o ld _________________ c* tf l and at Nat. Bk. o f Commerce. N . Y.
WEST PENN MONONGAHELA CO. (Controlled by The West
80-Year gold 5s $10,000,000/ 1913 5 J-J
170.000 Jan 11943
c&r\Int. at Colonial Trust C o., Pittsburgh, trus. Penn. C o.).
Wheeling Bridge Co $200,000/ 1921
7 g J-J 1
200,000 Jan 1 1931
ORGANIZATION.— Incorp. June 14 1922 in Delaware. Formed by
1st M callable at 105___ tf lin t. at Dollar Sav. & Tr. C o., Wheeling, trus.
Tbs West Penn Co. to take over control of the Monongaheia Pr. & R y. Co.
Wheeling Bridge cell notes/
1921 8% F-A
90,000 Feb 1 1926
CAPITAL STOCK.— Auth., $3,000,000 Pref., par $100, and 1,000,000
8% call at 101________ t flln t . at Dollar Sav. & Tr. C o .. Wheel'g, Trus
shares com. o f no par value. Outstanding, $2,369,000 pref. and 931,830
Wheeling & Western R y C o / 1906
5 g M -N
235,000 May 1 1926 shares com. The West Penn Co. owns all of the outstanding pref. and
1st M 5s $500,000 ($1,000){Int. at Dollar Sav.&Tr. C o., Wheel’g,Trus. 621,220 shares of the common.
______
Red at 102______c* _ n tfl Guar., p. & 1., by Wheeling Traction Co.
PITTSBU RGH BUTLER & HARM ONY CONSOLIDATED R Y . ft
Bellaire Sw Trus6 Co I s t M /
1906 5 g M -N
65,000 Nov 1 1926
POWER CO.
$500,000 ($1.000)___ r& e*{ln t.at Dollar Sav. & Tr. C o.. Wheel'g, Trus
Red. at 102 and Int.
'Guar p. & i. by Wheeling Traction Co.
O RGAN IZATION .— Incorp. in Delaware. Has acquired $2,745,00*
First mtge $650,000 guar gold! 1905
5 g M -N
533,000 M ay 1 1935 of the $3,000,000 capital stock of the Pittsb. Har. Butler & Newcastle Ry.
($1,000)---------------------n tf JInt,. at Dollar Sav. & Tr.Co.,Wheeling,trust.
Co., all of the $1,000,000 capital stock of the Pittsburgh Mars & Butler
Ry. Co. and 2,300 shares of the 3,285 shares capital stock of the North
Bteub Mingo & Ohio Val IstM ) 1900
6 g J-J
117.000 Ian 1 1925
Pittsburgh Realty Co. All the capital stock of Ohio Harmony Elee. Co,
$150,000 g ($l,000)_c*ntf|Int. at Equitable Trust Co., N. Y , trustee.
Harmony Realty Co. and Harmony Short Line M otor Transportation Co..
Bonds.— First mtge. bonds are red. on any int. day at 105 and interest
In March 1920 an announcement was made of a profit-sharing plan by
upon 30 days' notice. V. 95, p. 619. The 30-yr.gold5% bonds are for re which $1 000,090 com. stock would be set aside under a trust agreement for
tiring 1st M . bonds o f Wheeling Trac. Co.. Bellaire Sw. Trac. Co., Wheel the benefit o f the co’s. employees. V . 110, p. 1416.
ing & Western Ry, Co., Panhandle Trac. Co., Steub. & Wheeling Trac. C o.,
STOCK.—
Date.
Interest. Outstanding.
Maturity.
and for extensions and betterments. Red. at 105 and accrued int. at any
_______
$4,500,000 __________
Int. period. V. 96. p. 1491. The $170,000 outstanding are all owned by Common $4,500,000_________ _____
the West Penn Rys. Co. The Wheeling Bridge 8% coll, notes are secured Preferred $2.000,000___________ ______________
1.836,000 ....... ............
by a deposit of $265,400 Wheeling Bridge Co. stock and $71,000 of bonds.
OFFICERS.— Pres., David I. McCahill; V .-P . & Gen. M gr., H. Ethe
The Wheeling Bridge stock purchase notes, due Peb. 1 1921, were paid off
and the present notes issued. $53,000 o f Wheeling & Western bonds and ridge; Treas., R . M . Glick.— V. 109, p. 1274; V. 110, p. 1416.
$15,000 of Bellaire Southwestern bonds owned by Wheeling Traction Co.
(1) P ittsbu rgh Mars & B utler Ry.
Of the $650,000 Steub & Wheel. Trac. 1st Mtge. bonds, $117,000 are re
served for prior liens, $37,000 (included in amount outstanding) owned by
ORGA N IZA TIO N .— Successor to the Pittsburgh & Butler St. R y., the
Wheeling Traction Co. Are subject to call at 102 and int. They are guar, Interurban division of the Pittsburgh & Butler Ry., which was sold at fore
prin. & int. by Wheeling Trac. Co. Entire issue of Steuvenville Mingo & closure May 9 1917 (V. 104, p. 1900). On Sept. 5 1917 made a mortgage
Ohio Valley bonds is subject to call at par and int. on 3 months' notice. to the Dollar Savings & Trust Co.. Pittsburgh, securing an issue of $1,Originally matured Jan. 1 1920 and bore 5% int., but were extended for 5 250.000 bonds to provide for improvements, &c. Pittsburgh Butler ft
years at 6 % .
Harmony Consol. R y. & Pow. Co. owns all the $1,000,000 stock of the co.
R OAD.— Owns or controls and operates (incl. leased lines) 103.30 mile8
EARNINGS.— For calendar year 1922, gross, $388,893; net, after
of track in Wheeling and suburbs, extending to Barton, Shadyside, Ray- taxes and int., $41,674. In 1921, gross, $412,497; net, after taxes and
land and Wellsburg, Moundsvilla, Bellaire and Martin’s Perry. Also has int., $21,591.
a line from Steubenville to Brilliant. Gauge, standard and 5 ft.
in.
Power station at Wheeling operated by the Brooke Electric Co.— V. 113,
OFFICERS.— Same as Pitts. Butler & Harmony Consol. R y . & Pow. Oo
p. 2407; V. 114, p. 199; V. 115, p. 2048, 2795.
above.— V. 105, p. 998; V. 106, p. 1578, 2346.
WEST PENN POWER CO.
All the com. stock is owned by the West Penn Rys.
ORGAN IZATION .— Incorp. Mar. 1 1916, in Penna., as a merger of
53 electric light and power companies. The company was organized for
the purpose of consolidating under single fee ownership the principal electric
light and power properties within the State o f Penna. formerly controlled by
the West Penn Traction Co. now West Penn Rys. Co. The West Penn Power
Co. conducts over 30% of the light, heat and power business of the Wesi
Penn System. Its chartered territory in western Pennsylvania exceed*
5,000square miles. 115 cities and towns, each with population more than
1,000 together with 264 smaller towns and communities are served. The
population of all communities served is 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
of Oct. 30 1920.
Date.
Interest. Outstanding.
Maturity
8TOOK AND BONDS—
Common $20,000,000 ($100) —
$ 11 , 100,000 ....................
P f 7% cum $10,000,000 ($100)
Q-F 1
6,088,500 May 23 1 H
First.mtge gold series “ A ” ___f 1916
5 M-S
8,500,000 Mar 11948
First mtge gold series “ C” _ _ | 1916
_
6 g J-D
5,318,000 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
(Series “ A " & “ C ” , $1,000;' Equitable Trust Co., New York, trustee.
Series " D ” $100, $500 &
$1,000)__________ c*&r*tf
5-year conv debs $2,500,000 1919
6 g J-D
2,348,000 Dec. 1 1924
($1,000) gold.................c*tf Chase National Bank, N. Y ., trustee.
Contractual obligation to thef 1918
5 & 6%
1,204,500
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. ($154,500) Mar. 31
1930.
after 6 % _________________ [
First Equip Trust of 1920____ 1920
_______
100.000
Serially
Stock.— Pref. stock Is red as a whole or In part at 115 and accrued dl*.
on any dividend date upon six months’ notice. See V. 102, p. 2082.
Bonds.— The bonds are a first mortgage on all the physical property,
rights and franchises now owned or hereafter acquired. Additional bonus
may be issued at par for 75% o f the actual cost o f permanent improve
ments, additions or extensions under certain restrictions. Series “ A "
bonds are redeemable as a whole or in part since Mar. 1 1921 at lOf
& int. on 4 weeks’ notice. Int. on Ser. “ A ,” “ C ” and “ D ” payable at Equi
table Trust C o., N . Y ., or Cont. & Comm. Tr. & Sav. Bank. Chicago. Tax
exempt in Penna. The series “ C ” 6s are red. all or in part beginning June 1
1923 on the 1st day of Mar., Tune, Sept, or Dec. upon 4 weeks' notice
at 106 and int. V. 107. p. 403. Series “ D " 7s are red. all or part on 4
weeks' notice to and incl. Peb. 28 1931 at 105: thereafter to and in 1. Feb. 29
1936 at 104; thereafter to and incl. Feb. 28 1941 at 1021^; and thereafter to
maturity at 101. V. I l l , p. 39 j : V. 113. p. 739. The mtge. provides for an
annual expenditure for maintenance as follows: 1916-20, 1 fit % of bondout; 1921-25, 2% : 1926-46, 2!^ % ; also for a depreciation fund of 2%
of bonds out beginning with 1916 for additions, improvements, &c., against
which no first mortgage bonds may be issued. \ . 102, p. 891. All serie*
are listed on N. Y. Stock Exch. Compare V. 108, p. 1827.
T h e 5 -y r.6 % debentures are convertible at holder’s option into 7% cum
p ref. stock o f the co. at any time between Dec. 1 1920 and Dec. 1 1924, Id
the ratio o f 10 shares of stock for each debenture. Are red. all or in part
on 30 days’ notice at 101 and int. to and incl. Dec. 1 1921; at 1001$ 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 IN G S.— For years ending Dec. 31:
Net after
Fixed
Preferred
Common
Balance.
Calendar Gross.
Tates.
Charges. Dividends. Dividends. Surplus
Year—
%
«
$
$
$
«
______
______ x l,800,678
1922 — -10,266,651 3,662,880 1,862,202
1921_ -9,468.570 3,191.590 1.513,814 (7)203,253 (8)800,000
_
674,523
x Balance available for dividends, &c.
PR O PE R TY.— The physical property owned, directly or through owner
ship of all securities, by the West Penn Power Co., includes seven electric
generating stations with an aggregate installed capacity of 75,0[0 k. w
(.name plate rating), 142 substations having a transformer capacity of
165,407 k . w., and H59 pole miles of high tension transmission lines ((4 miles.
132.000 v., 615 miles 25,000 v.), exclusive of low tension distribution lines
in cities and towns. In addition to the foregoing the company leases the
power plant of the West Penn Railways C o., located at Connells ville. 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 line*
and one substation. The co. is now completing an addition to its Windsor
station containing two 30,000 k. w. units, one o f which has been placed in
service and the other was expected to be operating in April 1923. Con-
(2) P ittsbu rgh Harm ony Butler & New Castle R y. Co.
ORGA N IZA TIO N .— Is a consolidation in 1906 of several small com
panies. Owns all the cap. stock of the Harmony Elec. Co. and the ElwoodKoppei Bridge Oo. 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 of 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 1930
($1,000) ____________ c*tf\Int. at Union Trust Co , Pittsburgh, Trustee
Bonds.—The $600,000 unissued are reserved tor 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.
R OAD.—Operates 68.5 miles of track from Pittsburgh, via Wexford.
Bvans City, Harmony and Ellwood City, to New Castle, with a branch from
Evans City to Butler
Enters Pittsburgh over the tracks of the Pittsburgh
Rys. Co. On Dec. 3 1913 placed in operation an extension from Ellwood
City to Beaver Falls, 6>4 miles.
OFFICERS.— Same as Pitts. Butler & Harmony Consol. Ry. & P ow . O o.
above.— V. 107, p. 2377; V. 108, p. 2529; V. 109, p. 1274; V. 112, p. 2306.
PLATTSBURG, N. Y.
PLATTSBURG TRACTION CO.— A trolley road
Delaware & Hudson Co. owns entire stock and bonds.
ORGANIZATION, &c.— Chartered May 27 1896. Franchise 50 years
from Nov. 20 1895. Capital stock. $100,000 (par $100). First mtge. 6%
gold bonds of 1896, due 1928; int. J. & .1 (tf) at New York Trust O 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 .ice.
EARNINGS—
Year Ending—
Dec. 31 1922
Gross
Earninos.
_ $35,971
Dec.' 31 1921 — — — — ! 3 9 ,3 2 0
Net
Earnings.
d e f$ 8 5 2
Other
Income.
$3 8 3
Taxes <*
Charges.
Balance.
Surplus.
$8^557’ ~ d e f.$91526
Dec. 31 1920_________ 33.123
3,498
706
8.400 def. 4,196
Dec. 31 1919_________ 37,766
11,416
752
8,306
3.862
ROAD.— Owns 7.58 miles o f 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. Albany; V.-P. & Asst, to Pres., W. B. Schofield, N. Y .;
Sec., F. M . Olyphant, N. Y .; Treas. & Gen. M gr., H. L. Barber, Plattsburg;
Comp., W. E. Eppler, N. Y .; Aud., D. L. Waters, 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 o f the old co.’s 1st mtge. 4 H %
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.
Maturity.
Interest. Outstanding.
Common____________________ _____
. $300,000 ...................
6 j -J
130.000 July 1 1932
1st mtge. $170,000__________c 1922
See text.
Income mtge. $130,000_____ c 1922
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 tbe annual sink, fund payment when
earned can only be postponed by the vote of 75% of the entire board of
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 sing, fund money will remain alive ana
draw int. for the benefit of the fund. V. 115, p. 644.
ROA D .— 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., O. W . Gifford;
Clerk, Wm. T . Crawford; Treas., Henry B. Sawyer; Gen. M grs., Stone &
| Webster M gt. Assn.; M gr., Montelle C. Smith.— V, 115, p. 1429, 2159.
A pril , 1923.]
ELECTRIC RAILW AYS
POMEROY, OHIO.
O H I O RIVER ELECTRIC RY
5c 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.
O R G A N IZA T IO N .— Incorp. In Ohio, 1914. Old co. o f same name, lncorp. In Delaware In 1900. taken over by present co.,-subject to $315,000
1st M . 5% bond Issue. Owns all the capital stock ($30,000) of the Pomeroy
& Middleport Electric Co
Interest in Default.— The int. due Dec. 31 1918 on the co.'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. f 1900
5 g J-J
315.000 July 1 1924
$500. $1.000)______ c* .n tf \Int. at Columbia Aye. Tr. C o.. Phila.. Trust
EARN IN G S.— For calendar years:
Year—
Gross.
Net.
Other Inc. Int.A Taxes.
Balance.
1921..............-$107,015
$795
$2,539
$39,650
dof.$36.316
1920_________ 123.591
17.967
1,933
43,650
def. 23.700
R O A D .— Owns and operates 12.65 miles of road extending through
Middleport. Pomeroy, Syracuse and Racine, Ohio
OFFICERS —-Pres . P W Ri/*on: Sec. W J. Devine' Trees.. Hirry
Williams Jr. General office, Phila., Pa.— V. 99, p. 1301: V. 116, p. 77.
PORT CLINTON, OHIO.
N ORTH W ESTERN OHIO R AILW A Y
&
POWER CO.
O R G A N IZA T IO N .— Incorp. in 1912 in Ohio to take over the Toledo
Port Clinton & Lakeside Ry. (V. 95. p. 43), which in April 1913 reduced
Its capital from $1,800,000 to $1,500,000. All of the $800,000 (authorized
and issued) com., $506,000 (auth. $700,000) pref. and $1,293,000 (autb
$5,000,006) 1st M. 5s are owned by the General Gas & Elec. Oorp . which
see in our "R y . & 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.
EARN ING S.— For 12 mos. ending Dec. 31:
Cal. Yr.—
G ross.
N e t (a ft . t a x e s ). I n t A c .
B a la n ce
1922....... ....................... ............$483,992
$77,727
$68,549 sur.$9.178
1921__________ _____________ 469,241
-69.036
68.549
sur. 187
ROAD. A 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 of Marblehead, thus making
direct connections with Cedar Point and Sandusky. In Toledo operate*
on about 3 miles of Toledo Rys. & Lt track. Standard gauge. 76-lb. T rail
10 pass. cars. 2 express motor cars. 34 non-motor freight cars; total. 46 cars
V. 95. D 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; V. I l l , p. 589; V. 116, p. 823.
PORT JERVIS, N. Y.
PORT JERVIS TRACTION CO
ORGAN IZATION .— Incorporated In New York on June 1 1910 to taktover the rail way business of the Port Jervis Eiec. Lt. Pow Gas & R R .C o
lold 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........................................................
$19,935 _____ _____
Mortgage $70,000 gold___ c * \ ____
5 g A-O
70.000
1960
Int. pay. at office of trnstee (Orange Co. Tr. Oo.,M idd!etown,N.Y.,Trus
Bonus —8ubiect to call at 105 on any Interest day
E A R N IN G S.— For calendar year 192i, gross, $26,384; net, after taxes
def., $7,642. In 1920, gross, $18,619; net, after taxes, def., $10,522.
R O A D .—Operates 3.915 miles of track. 70-ib. Tand 93-lo. girder rails
7 cars
OFFICERS.— Pres., S. D . Sprong; V .-P., R. R. Idvingston;: ec. & Treas
F. O. Bates; M gr., Chas. C. Wagner.— V. 88, p, 158, 296; V. 99, p. 271.
PORTLAND, ME.
CUMBERLAND COUNTY POWER & LIGHT CO.
O R G A N IZA TIO N .— Incorp. in Maine March 14 1907. On Feb. 1 1912
leased for 99 years the Portland RR. Co. V. 94, p. 826. In July 1912
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 of the Ossipee Valley Power Co. On Feb. 1 1913
acquired practically all the common stock of 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 April
1913 the Ossipee Valley Pow. Co. and the York Pow. Co. were merged
forming the York Co. Pow. Co. Also controls the Westbrook El. Co. In
Jan. 1923 the co was auth. to acquire these two latter properties. V. 116,
p.1176, 1759. Compare V. 116, p. 75. Does entire electric light and power
business of Portland and vicinity. Through subsidiary companies operates
street railway systems o f Portland and South Portland, with lines to Yar
mouth, Cape Elizabeth, Saco, Old Orchard, Westbrook. Gorham and
South Windham. The electric light and power business in Biddeford,
Saco, Old Orchard, Kennebunkport, York Harbor, Alfred, Sanford, SpringVale, Freeport, Westbrook, Gorham; also gas in Biddeford and Saco.
Franchises. — 1he frauotuao.® nailer wtil:u mo companies ./perate are
stated to be exceedingly liberal anu to have no burdensome restrictions
Fares.— In July 1918 the P. U. Comm refused to grant a 6-cent fare
fare within the old city limits of Portland and an 8-cent fare to suburbs
In the latter case the company was authorized to put into effect a 6-cent
fare and a rate of 2 cents per mile was fixed for riders to more remote
places. V. 107, p. 501. Effective June 16. 1919 the co. was auth by tbc
P. S. Comm, to increase fares in Portland and vicinity from 6 to 7 cents and
to raise the single zone fare from 2 to 2 1-3 cents. V. 108, p 2433. Io
Aug. 1920 was auth. to Increase ticket fares from 7 to 8 cents and cash fares
from 9 to 10 cents. V. I l l , p. 692.
The $500,000 Parti. Ltg & Pow. Co. 1st M . 4>£s 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 M ay 1921 issued $600,000 5-year 8% coll, tr; bonds, proceeds being
applied to the retirement of $314,000 3-year 7% notes due June 1 1921
V. 112. p. 2189.
In July 1922 brought out $900,000 1st & ref. 5% bonds, proceeds being
used for additions and improvements. V. 115, p. 313, 435.
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.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Comm on$1,350,000 ($ 5 0 ) ..............
Q-M
$1,348,400 Sept'17 1%
Pref ($100) 6% cum red a t / ____
Q-F
4,230.000 N ov’22,l>3
120 & accr div__________ 1
6% div. scrip_____________________
6 J-D
34,500 (on or before
(M ay 1 1923
1st & ref mtge $10,006,000/ 1912 5 M-S
3,818,000 sept J l9 t i
gold ($1.000)________ c*tf l Empire Tr. C o., N . Y ., Trustee
5-year collateral trust bonds/ 1921
8 J-D
60 ,000 June 1 1926
($500 and $1,000)_____ c(Fidelity Trust C o., Portland, M e., Trustee
Q-F
500,060
See text
Port El Co pref stk $ 5 0 0 ,0 0 0 /____
($100)6%cum(see text)ntf\C. O. Bancroft, Portland, trustee.
Port Elec ColstM $1,500.0001
1.906 5g F-A
1,045.000 Aug 1 1926
g ($1,000) sink fd _ c* tf/In t. at Portland Trust Oq., Portland, Trus
_
Portl Ltg & Pow first mtge! 1901 7 A-O
500,000 April 1 1931
$750,000(cl’sd) ($1,000)ctf tint. at American Trust C o., Boston, Trustee
Consol El Lt Co of Me 1st MJ 1906 4 /3 g J -J
506,000 Jan 1 1925
($500 and $1,000) g o ld .c.tf (Int. at Union S. D. & Tr. C o., Portland Trus
York C oun ty Power C o.—
Agamentlcus El Lt 1st M .c .t f
1910 5g J-J
46,000 July 1 1930
Wells El Lt & P 1st M e____t f .
1910 5g J-J
7,500 Jan 1 1930
Kennebunk EILt 1st M .c .n t f
1916 5g J-J
63,666 July 1 1930
109
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity .
York Lt & Ht 1st cons ref M f 1907
5 A-O
$833,000 April 1 1927
iclosed) ($500 & $1,600)ctfI Int. at Un S. D A T . Co Portland, Trus.
York Co Pow 1st & ref M $2.-1 1913
5 g J-D
705.000 Dec 1 1943
500.000 ($500A$1,000)c*tfj Int at Portland. M e., and N. Y. City.
( Fidelity Tr. C o.. Portland, M e.. Trustee.
6 Q-J
383.000
Guar.
York Co Pow D ref stock c u m / ____
(guar b y C C P A L ) ______ 1
Stock — Both classes of stock are listed on the Boston Stock Exchange.
V. 95. p. 1206
The company has the option at any time to redeem all or
oart of the Portland Electric Co Dref stock at 115 and accr’d div. on 15
lays’ notice, and may at any time, with consent of 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 of 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
payab’e at A. R Leach & C o.. N. Y. V. 95. p 361. Portl. El. 1st mtge.
bunds 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 of 1% p. a. of bonds
out began Aug. 1 1911, inclusive any bonds purchased for or redeemed by
sinking fund
$455,000 (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 Co., and of this
amount $705 000 are outstanding. $205,000 in treasury of York County
Power Co., $508,000 are reserved for underlying liens and $1,067,500 for
additions and imnts. Bonds are red. at 105 on any interest date upon
60 days’ notice. Sinking fund o f
of 1 % o f bonds out began Dec. 1 1917:
$14,500 are in sink. fund. V. 99. p. 1451. 1597. $43,300 Agamenicus El.
Lt... $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
of the York Co. Pow. Co. All three mtges. are closed: Guar, by York
Co Pow. Co.; int. payable at Union S. D. & Tr Col., Portland, trustee.
York Lt. & Ht. Co. 1st cons. ref. bonds have a sinking fund which began
April 1 1911 of 2% of gross income $57,500 are held iu sinking fund.
The Portland Ltg. & Pow. Co 1st Mtge b >uds are a direct obligation of
the Cumberland County Power & Lt. Co. and sufficient of that co.’s 1st &
ref. 5s due 1915 are reserved for the retirement of these bonds. The
Portland Ltg. & Pow. bonds were originally 4H s and matured April 1 1921
but were extended for 10 years at 7% are call, as a whole on any int. date
at 105 on or before April 1 1926; at 103 before April 1 1928; at 102 before
April 1 l629. and at 101 before April 1 1930. V. 112, p. 1399
Notes.— The 5-year 8% coll. tr. bonds are secured by $400,006 Cumber
land County Power & Light Co. 1st & Ref. 5s, 1942; $86,000 Portland RR.
1st Lien & Consol. 5s 1945; $426,000 Androscoggin & Kennebec Ry. 1st
Pref. Cum. 6% stock; $490,066 Andro coggin & 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
May 1 1918. both incl. None to Feb. 1921 when 6% was paid. The
May 1 1918 dividend was paid in scrip. Initial div. of 1% paid on com.
Dec. 1 1916; same rate quar. to Sept. 1917. None since
EARNING S.— Of combined properties for year ending Dec. 31:
Dec 3 1
Gross
Net (after De- Interest Preferred
Balance.
Y“n.r—
Earnings prec ^ Tazes.i
Ac
Dividend.
Snrnlus.
$352,881
1922___________ $3,467,564 $1,231,999 $719,472 $159,646
1921___________ 3.305.110
1,062.275
697.876
241.500
122,899
PROPERTY.— 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 20.060
k v. a. In addition, the co. owns or controls 5 hydro-electric power plants
on the Saco and Presumpscot rivers within 25 mile® of Portland and 6 steam
power plants, combined capacity 28.1.00 k. w., with transmission lines to
’ o-tland. covering entire city and suburbs; also to Sanford, M e., aggregat
ing 106 m. The single-track mileage of the controlled railways is 271.
OFFICERS.— Pres., H. M . Verrill; V.-P., Frank D. True; Treas. & Clerk,
Oha« F Berry. Sec A Asst Treas . C A Pearson Jr ’ Gen M gr.. Fred D.
Gordon. Unler management of E. W. Clark A Co. M gt. Corp.— V, 114,
p. 409, 947; V. 115, p. 313, 435; V. 116, p. 75, 822, 1176.
(li Portland R ailroad.— Trolley.
Lease.— Leased for 99 years from Feb. 1 1912 to the Cumberland County
•»ow & Lt. Co., lease providing for ail interest and other current charge*
*nd 5% divs. on capital stock.
ORGA N IZA TIO N .— Incorp. March 1860 under laws of Maine. Abiorbed the properties of the Portland & Cape Elizabeth Ry., Cape Shore
Ry.. Cape Elizabeth St. R y.. Portland & Yarmouth Elec. Ry. and West
brook Windham & Naples. Franchises contain no objectionable restriclons; many are unlimited as to time.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Stock $2,000,000 5% gu ($ 1 0 0 )____
5 F-A
$1,999,000
See text
1st cons (now 1st) $3,000,000/ 1901 3/3 g J-J
1.600.000 July 1 1951
($ 1.006 & $500) g o ld ._c*tflin t, at Portland Tr. Co, Portland, trustee.
First lien & cons $7,500,000! 1915 5 g M-N
1.959.000 Nov 1 1945
g >ld ($1,000 & $500) .c * tf I Int at New York Trust Co .trustee
B o n d s . — Remaining $1,406.000 first cons, (now 1st) M. bonds are pledged
*s security for the first lien & cons. M . 5s. Bonds can be called at par and
nt on any int date after July 1 1931. V. 73. p 139; V. 91, p. 871. Of,
she remaining first lien & cons. M . 5% bonds. $1.600.000 are reserved for
retirement o f prior lien bonds and $3,855,000 for extensions, impts., &c.
Outstanding bonds are secured by deposit o f $1,400,000 1st cons, (now 1st)
mtge. 3 /3s, are callable as a whole or in part at 105 on any int. date.
D iv id e n d s .— The following divs. are on old stock prior to lease.
Year.—
’95-'99. ’00. '01. '02. '03. '04. '05. '06. '07-T1. Since.
Jer c e n t _______ 6%
5
6
3
3
.3
3 3 % 4 y'lv 5 yearl
ROAD.—Operates 106.6 miles of track, comprising the entire street
■allway systems of Portland and South Portland, with suburban lines to
4outh Windham. Saco. Westbrook. Cape Elizabeth Gorham Old Orchard
and Yarmouth, where connection is made with the Androscoggin & Kenne
bec Ry. 127 passenger, 4 express and 39 others. One steam power plant
with 1.600 k.w. capacity. Seven sub-stations.
OFFICERS. — Pres . Fred N Dow; V.-P., Charles H. Prescott; Olerk
& Treas., Chas. F. Berry.— V. I l l , p. 190, 692; V, 114, p. 2013.
ANDROSCOGGIN & KENNEBEC R Y.
The Cumberland County Power A Light Co. owns approximately onethird of the company’s capital stock.
ORGANIZATION.— Incorp. in Me. on Sept. 30 1919 as successor to the
Lewiston Augusta & Waterville St. Ry. as per reorganization plan outlined
lu V. 110. p. 1089. The co. is now the owner of the properties formerly incl.
under the Lewiston Augusta & Waterville St. Ry. 1st & ref. mtge. (ex
cepting the franchise of the Turner line, which line we understand has
been taken over by the town of 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. Ry. 1st A ref. bonds received in exchange
therefor $500 1st pref. and $581 2d pref. stock of the present co. For
statement of predecessor co. see “ Electric Railway” supplement of N ov,
15 1919.
Committee.— Bondholders First A Refunding Mortgage Lewiston Augusta
A Waterville St. R y., Henry W. Cushman, Frank S. Silliman, Jr., Frank
D. True, C. 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.
None
Common, $1,354,560-----------------------1st pref. (see text)$ l,468,500 ($100)
$1,468,500
6%
See text
5%
1,708.200
2d pref. non-cum,$1,708,200 ($100)
See text
1st mortgage bonds----------------1926
6%
834,500 Mar 1 1940
Securities of the Aug. Win. A Gar. Ry.—
Aug. H. & G. gen. mtge. con-/ 1901
4 g J-J
55.000 July 1 1951
vertible ($500$1,000) c n tflin t. at Augusta Tr. C o., Augusta, Trustee.
195,000 July 1 1951
Aug. H. & G. pref. stock__________
4%
53.000 July 1 1952
AugWin & Gard 1st M $150,-/ 1902
4 g J-J
006conv($l ,000&$500)gcntf \lnt. at Augusta T r. C o., Augusta, M e..Trus.
Aug Win & Gard pref stock ._ ____
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 t flin t. at Augusta Trust C o., Trustee.
110
ELECTKTC KAIL W AYS
Stock.— The co. expects during three to five years from the date of organ
ization to expend about $900,000 upon its system for equip., impts., and
rehabilitation. Pending the completion o f 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
distributed as per the reorganization plan. See above and also V. 110.
p. 1089. The 1st pref. stock is cumulative.
Bonds.— The co.'s 1st M bonds due 1940 were issued In exchange for a
like amt. of Lew. Bruns. & Rath St. Ry. 1st M. os. due Mar. 1 1920
All the underlying mortgages are closed mortgages. The Augusta
Winthrop & Gard. Ry. gen. mtge. 5% bonds of 1905 are subject to call at
par on any int. day on 60 days' notice. The Aug. Winth. & Gard. Ry.
1st 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
Int. 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 M ay 1 1921; 3% Dec. 1921. Tn 1922,
6% . On 2d pref., 2)4% was paid in Oct. 1922. In 1923, April, 2 )4 % .
EARNINGS— For years ending Dec. 31:
Gross.
Expenses Net Aft.
Balance
Earninos & Tares
Tores
Tnt.. <Vc
Sur. o- Def
1922__________ $1,236,027
$966,369 $269,658 $86,554
$183,104
1921__________ 1,284,675
1.022,391
262,283
82,712
179,571
13,422,327 passengers carried in cal. year 1922, against 13,^17,371 in 1921.
R O A D .— Operates a system in and between Waterville, Augusta, Win
throp, Togus, Gardiner, Sabattus, Lewiston, Auburn, Mechanic Falls.
Brunswick, Freeport. Yarmouth and Bath. 157.488 miles of single track.
92 passenger, 57 freight and express cars, 13 snow plows and 6 misc. cars;
total. P'8 cars. Has one steam plant with an installed capacity of 500 k.w.
O F F IC E R S — Pres.. Wm B Skelton: V.-P. & Counsel. Wm. H. New
ell; Treas., Miss G E. Fitz, all o f Lewiston, M e.: Gen. Mgr. & Clerk,
Alfred Sweeney.— V. 110, p. 969, 1088; Y. I l l , p. 989: V. 116, p. 1273.
AN DROSCOGGIN ELECTRIC CO.
OR G A N IZA TIO N .— Incorp. in Maine Oct. 26 1914 and purchased the
properties o f the Lewiston & Auburn Elec. Lt. Co. and the Portland Lewis
ton Interurban RR. The interurban road is on private right-of-way for
28 miles and on the highway for 2 miles
Charters and franchises liberal.
Has favorable contract with city of Auburn for lighting streets and ways and
pumping water supply
In Aug. 1921 the co. was auth. by the Me. P. U. Comm, to sell $415,000
5% bonds of 1914, proceeds to be used in payment of unfunded debt and
in reimbursement of treasury for capital expenditures made since Oct. 26
1914. V. 113. p. 729.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common stock $1.500.000_________
_________ $1,500,000 ____________
Preferred stock $500.000__________
_________
500.000 __________
l it & refund mtge $5,000,000 f 1914
5 A-O
1,940.500 Oct 11934
($1,000 and $500) gold._tf( Int. at Union Safe Dep. & Trust C o.. Port
l land, trustee.
Lewiston & Auburn El Lt m t g e ____
5%
1,200.000 June 1 1939
Bonds.— $1,200,000 1st & ref M. 5% bonds are reserved to retire the
Lewiston & Auburn bonds: remainder may be issued for 80% of cost of new
work under conservative restrictions
Not subject to call
V 102 p 607
EA R N IN G S.— For year ending Dec. 31 1918, gross, $558,436: net,
$263,919
Railway dept. only, gross, $184,254: net. after taxes. $58,175.
In 1917, gross, $525,444; net, $267,623. Railway dept. only, gross, $165,656; net, after taxes, $51,306.
P R O P E R T Y .— Owns developed water power at Deer Rips on the An
droscoggin River of 5.000 k w capacity, and operates under long and fa
vorable leases two developed water powers on the Little Androscoggin River
Of 750 k. w and 350 k w respectively
Also owns and operates 30 miles
of high-speed interurban road connecting Lewiston, Auburn and Portland
Enters these cities over tracks of the local street railway companies under
operating agreements. 8 passenger cars, 2 baggage and express cars. 1
electric locomotive and * flat oar=
OFFICERS.— Pres. Walter S. Wyman, Augusta, M e.— V. 113, p. 729.
PORTLAND, ORE.
PORTLAND R A ILW A Y. LIGHT & POWER CO.
ORGANIZATION. — Incorporated in Oregon June 29 1906 and ha« pur
chased all the property of the Portland R y . Co., the Oregon Water Power &
Ry. Co. and Portland Gen Elec Co. V 86, p. 1044. On March 21
1912acquired the Mt Hood ky & Power Co. V 94, p 983. During 1912
*old the railway property in Salem for $355,333 and the Willametie Falls
R y ., 9 miles in length, for $170,000
In May 1914 purchased the Yamhill
Electric Co. in Jan 1914 acquired a majority of the $1 .000.000 com stock
of Willamette Val Southern Ry . incorp. in 1911 to construct a road from
Oregon City to Angel City. 32 miles
Line was placed in operation on
Jan. 31 1915. Regular passenger servicp from Portland to Mt Angei In
augurated Oct. 23 1915
With the exception of two Interurban lines the
company operates all the electric railways in Portland and vicinity includ
ing interurban lines to Oregon City Troutdale, Cazadero and Bull Run.
Ore., and over the new Inter-State bridge to Vancouver Wash
Does most
of the electric light and power business of Portland and vicinity: also all of
the electric light and power business in Salem Oregon City Silvertoo,
Woodburn and manv smaller communities in.Ore. and in Vancouver Wash,
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
operating the street railways in Salem and Vancouver. The Yamhill Elec.
Co. supplies electric light and power service to Newberg and other points Id
Yamhill County. Railway franchises in Portland expire in 1932 and 1933.
Light and power franchises in Portland and Salem are perpetual: in Van
couver they expire in 1927. Has franchise to carry freight in Oregon City,
expiring in 1926. In Dec. 1916 obtained a franchise to operate over the
new bridge connecting Portland, Ore., and Vancouver, Wash. One-half
the profits are to go to Clark and Multnomah counties, by whom the bridge
was built. The company's transmission lines and a large part of the
interurban railway are on private right of way.
On March 15 1910 t h e O r e g o n Supreme Court handed down a decision
which in effect sustains the franchise covering portions of 40 streets passed
by City Council April 28 1909 over the Mayor's veto. See V 90, p.
On Feb. 21 1913 a franchise covering about 22 miles of streets, including
the proposed "7th St. Line." was granted. The franchise expires in 1932
and contains a provision that at that time appraisers may be appointed to
arrive at the value of the company’s equipment, with a view to the purchase
of the lines by the city. V. 96, p. 654
In Nov. 1912 the co. brought suit to restrain the city from enforcing the
“ straphanger ordinance" dimiting to 3 cts. the fare charged passengers for
whom no seats are provided), and also the 50-cent minimum gas and elec
tric rate ordinance. A temporary injunction against the enforcement of
the former was granted in Dec. 1912. but application for an injunction to set
aside the latter was denied by Judge Bean in the U. S. Dist. Court on Nov.
25, on the ground that the Federal Court has no jurisdiction. V . 95, p.
1542. 1274.
Favorable Decision.—Judge Harris in the Supreme Court at Salem in May
1916 held void the ordinance requiring a tax of 3% on gross earnings (V. 96.
p. 1157). V. 102, p. 1718.
Valuation.— The Oregon P. U. Comm, on Apr. 30 1917 placed the valua
tion of the company’s property as of Dec. 31 1916 for rate-making purposes
at $46,862,972, or about $14 000,000 less than the c o .’s valuation. See
V . 104. p. 1900. and compare V. 103. p. 61
Fare Increase.— In Jan. 1918 the Oregon P. S. Comm. auth. the cc. to
Increase its fares from 5 to 6 cents, tickets to be sold 5 for 30 cents and 50
for $2 75. This schedule became effective Jan. 15 1918. V 106, p. 190
Compare V. 105, p 1618. On Jan. 14 1918 the Comm, denied the city's
petition to have the order suspended, or its operation postponed pending
litigation in the courts, but ordered that receipt slips be attached to tickets
sold by the company, which are to be redeemed for the amount of excess
fare charged in the event the courts declare the order invalid
On Mar. 14
1918 the Circuit Court of Multnomah County, Wash., upheld the ruling
Of the P. S. Comm, in granting the 6-cent fare. The city has appealed
to the Oregon Supreme Court
See also V 109, p 2263
Effective June 15
1920, the Oregon P. S.Comm. issued an order fixing fares at 8 cents cash.
[V ol. 116.
with strip tickets at 6 for 45 cents and book tickets at 50 for $3 65 V. 110
p 2568
Effective Sept 9 1920, the fare between Portland, Ore., and
Vancouver, Wash . was raised from 15 to l7 cents. V. I l l , p 1370.
On Aug. 31 1921 the stockholders voted to (1) authorize the creation of
$10,000,000 7% com. prior pref. stock; (2) to increase the 1st pref. stock
by $2,500,000; (3) to retire the $15,000,000 of 75% paid com. stock out
standing and issue in exchange therefor $11,250,000 full-paid com.; (4) to
reduce the auth. amt. of com. stock from $25,000,000 to $20,000,000. For
full details see V. 113, p. 1561.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Q-M
/$ 15.000.0001 See text
Common $25,000,000 i $100)_______
1
paid /
Prior pref cum $10,000,000_ _____
_
7 Q-J
2,955,"00
See text
1 pref $10 OOO.OOUcum<$100)____
st
6%
6 250 000
See text
2d pref
do non-cum ($ 1 0 0 )____
6%
5 000.000 ________ _
Portland Ry Lt & Pow 1st &( 1912
5 g F-A
13.578 700 Feb 1 1942
ref mtge $75,000,000 gold/Int. at Fidelity Tr. Co.. Phila.. Trus., Lee,
(s e e te x t_________ c*&r*tf| Higginson & C o., Bos.; Higginson S C o.,
c
! London Eng and Columbia T r C o..N .Y .
1st lien & ref. mtge. ser ‘ ‘A ” \ 1921 7V£ g M-N 4,915.000 M ay 1 1946
Series “ B ” ____________ __| 1922
6 g M -N
4,500,000 M ay 1 1947
($500. $1,000, $5,000) gold! Int. at N at’l City Bank, N. Y., trustee,
gold_______________c*&rtf I
,
Serial notes $2,000,000 ($1,-1 1919
7 g J-D
1,000.000
See text
000,$5,00f & $l0,000)g c tf/In t at Guaranty Trust Co , N Y . trustee
5-year notes ($100, $500 andl 1921 8 g M-S 1
1,117,215 Mar 1 1920
$1,000) gold__________ c&r/Title & Trust C o., Portland, Ore., Trustee.
General mortgage___________ 1918
6%
See text
___________
Pori.iaud Ry Isi S refunding! 1905 5 g M-N
c
7 031,000 Nov 1 1930
mortgage $10,000,000 gold/Interest at office of Redmond S C o., N . Y .;
c
($1.000) sink fund____c*tf l New York Trust C o.. Trustee
City & Sub con 'now 1st) M f 1900
4 g J-D
1,290.000 June 1 1930
($1,000) g (closed)___ c cp tlln t. at Secur. Sav. S Tr Co .Port., trustee.
c
Portland Gen El first mtgef 1905
5 g J-J
7 353 000 July 1 1935
(see text) gold ($1,000) c*tf]In t. at Harris. Forbes & C o.. New York.
Mt Hood Ry & Pow 1st mtge( 1907 5 g J-J
See text Jan 2 1937
$6,000,000 g($l ,000)s f c*n tf (Union Trust C o., San Franriseo, Trustee.
Wiliam Vail So Ry 1st M ntf f 1914 6 g F-A
704,800 Feb 1 1939
$3,090,000 ($100 $.500 & jln t at Cont. & Com Tr. .v S Bk., Chic.,
$1,000 gn d I S s f c*n tf! Trust., or in Port, or 1st Nat. Bk., N. Y.
c
Stock.— The stockholders on May 14 1915 approved the plan by which
they surrendered 20% of their holdings in the then existing stock ($25,000.000, 75'9 paid), paying at the same time $25 in cash for each share so
surrendered, and received therefor pref. stock, share for share, one-half
($2,500.090) 6% cum. 1st pref and the other half 6% non-cum. 2d pref.
The $5,000,060 stock surrendered in connection with the plan was can
celed. Stockholders of record Feb. 1 1917 were given an opportunity to
convert a further $5,000,000 common into 1st and 2d pref. stock on the
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
Apr 1 1917 and will receive no divs. until all accumulations on the first
$2,500,000 shall have been paid: thereafter all 1st pref. stock will be treated
alike
V 104 O 1146.
See also V. 91 p I 'm V 95 o 1274.) Com.
is listed on the Boston, Columbus and Louisville stock exchanges. V. 116,
p. 1533. Preferred stocks are preferred as to dividends and assets and
redeemable at par. Prior preferred, Series “ A ," redeemable at 105.
Birnas.— Of the remaining Portland K.v , Lt. S Power lsi & ref. M . 5s
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; regi-tered bonds. $1000. $5 000. $10 000 and $50,000. Principal and interest also payable in sterling, francs or guilders at
fixed rates of exchange. Callable as a whole at 105 and int. on or after
Feb. 1 1922 on 60 days’ notice. Cumulative sinking fund 1% annually
1915 to 1926 incl.; m % 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 8100 share
8ee V 01 p 631.
Bonds are listed on N. f . Stock Exchange; $9,3 0,000 are pledged under
1st lipn & ref. mtge. and $2,720,300 are hel6 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 o f
$5,000 r*. Are secured by pledge of $8,135,000 1st S ref mtge. 5s. A
c
sinking fund requiring cash payments of at least $225,000 semi ann. began
Sept. 1 1921. Ser “ A ” bonds are rea. all or in part on any int. date on
30 days’ notice after May 1 1931 at 105 and int. to May 1 1941: thereafter
at 103 and int. Series “ B” are red. all or in part on any int. date on
30 days' notice at 105 & int. to and incl. M ay 1 1942 and at 102)4 thereafter
but prior to maturity. Penna. 4-mill tax refunded. V. 112. p. 2084;
V. 115. p. 1429. Listed on New York Stock Exchange. V. 115, p. 2379.
Portland Railway, Light & Power 5-year notes due March 1 1926 are
callable as a whole but not in part on any interest date as follows; March 1
1923, 102; Sept. 1 1923 or March 1 1924, 101 V*: Sept. 1 1924 or March 1
1925, 101; Sept. 1 1925, 100)4. V. 112, p. 1399. Redeemable, only as a
whoie on any in merest date at par and interest on 60 days’ notice.
The Portland Ry. 1st & ref M has oeeu closed at .$*,523.OOP A sinking
fund began in 1907; the amount was $25,000 per ann. (payable Nov. 1)
from 1907 to 1909 Incl.; $40,000 per ann. from 1910 to 1919 incl., and $60,000 per ann from 1920 to maturitv of bonds; these pavments 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
vested in the bonds at not more than 105 and int., at which price bonds
can be called for the purpose. Bonds are to be kept alive and bear interest.
Red. at 105 and int. on any int. date upon 60 days' noth*. $1,492 000
ire 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 authorized amount of Portland General Electric Go. mortgage was
originally for $10,000,000. but mortgage has been closed at $8,000,000.
$ 37.000 retired by sinking fund. Bonds are subject to call as a whole at
107 H and interest on 4 weeks’ notice. A sinking fund of 1 % per annum
of bonds out commenced May 1 1915. Bankers Trust C o.. New York,
trustee. They are listed on the New York Stock Exchange. V. 92, p. 1137.
$5,000,006 of Mt. Hood Ry. S Powes bonds are deposited as collateral
c
under Portland Ry., Light & Power notes. Sinking fund began Jan 1912,
1% to Jan. 1916 Inch; l t f % 1917 to 1921; 1)4% 1922 to 1926: I H %
1927 to 1931; 2% 1932 to 1938
Willamette Valiey Southern 1st M . bonds are unconditionally guaranteed
(as to principal. Interest and sinking fund) by Portland Ry., Light & Power
Oo. Remaining $2,250,000 issuable only under certain restrictions. Sink
ing fund of 1% of bonds outstanding 1917 to 1923; 1)4% 1924 to 1931.
and 2% 1932 to 1938. $45,200 retired by sinking fund. Company agrees
co refund 1% of income tax. Redeemable at 103 and int. on any int. date
an 60 days’ notice. V 98 n 1601 • V 100. p. 57.
Dividends.— On prior pref. an initial quar. div. was paid in July 1922.
In Oct. 1922 1% % paid. Same rate quar. since to and incl. April 1923.
An initial div. of 7 )4 % on the 1st pref. stock was paid in July 1921, covering
accumulated divs. on that issue from Jan. 1 1916 to April 1 1917. V. 112,
p. 2643. On Oct. 1 1921 a cash div. on 2% was paid on the 1st pref.,
together with a stock div. of 25% (payable in 1st pref. stock) on account
of accumulated divs. In 1922, July, l f i % ; Oct., 1)4% , and same rate
quar. since to and incl. April 1923. N o divs. have been paid on the 2d pref.
stock, which, however, is non-cum. On old com. quar. div. of 1% paid
July, 1)4% ' Oct., 1)4% . No divs. have been paid on the 2d pref. stock,
which, however, is non-cumulative. On old com. quar. div. of 1 % paid
from Sept. 1909 to Jan. 1910, incl. Initial div.— $1 on new stock as ad
justed per plan V. 01, p. 1328, was paid Mar. 1 1911: same amount quar.
to and incl. Sept. 1912: Dec. 1912, $1 X - In 1913, Mar., June and Sept.,
$1 H each. In Dec. rate was reduced and $1 was paid (see V. 97, p. 1824).
In 1914. March, $1. June, $1. None since
EARNINGS.— For years ending Dec. 30:
Calendar
Gross
Exp..D'pr.
Net
Interest,
Balance,
Year—
Earninos.
and Taxes. Earninos.
&c.
•
Surplus.
1922________ $10,120,898 $7,038,642 $3,082,256 $2,126,892 $9o5,364
1 9 2 1 -.-......... 9,922,242
6,992,326
2,929,916
2,107,733
822,183
93,c00,714 pas-engers carried in n.l veir 1VL2 agsf 95 082,750 in 1- 21.
«♦
ROAD.— Operates a total of 343.9 miles of single track (of which
297.6 miles owned, 35-00 miles controlled through stock ownership and
11.03 miles owned by outside interests). Owns 6.37 passenger cars, 482
freight and miscellaneous cars and 9 locomotives. Water-power plants
have a capacity of 53,130 k.w.; steam plants. 32,500 k.w. capacity. Total
capacity 85,630 k.w. Work now under way on development on Clacka
mas River which will have an ultimate capacity of 80,000 k.w ., initial
capacity 20,000 k.w. V. 113. p. 2722. Has 488 miles of high-tension and
distribution lines. Owns a 9-story fireproof building In business centre o f
Portland used for its offices, the only park and amusement resort near
Portland, also real estate in Portland suitable for terminals.
A pril, 1923.]
ELECTRIC RAILW AYS
OFFICERS — Pres.. Franklin T . Griffith; V.-Ps., F. I. Fuller. Portland.
O B. Coldwell, Portland; E. W. Clark and H. L. Clark, Phila.; See. and
Treas., G L. Estabrook, Phila.: Asst. Sec. and Asst. Treas.. R W Shep
herd; Asst. Sec. & Asst. Treas., W . L. Lamont.— V. I l l , p. 1370; V. 112,
p. 850, 1399, 2084, 2643: V. 113, p. o33, 026, 1661, 2080. 2313, 2722; V. 114,
p. 1409; V. 115, p. 1429, 1838, 2379; V. 116, p. 1051, 1276, 1533, 1761.
OREGON ELECTRIC R A IL W A Y .—An Interurban road
Spokane Portland & Seattle Ry owns entire common stock.
ORGANIZA r iO N . —Incorporated in Oregon on May 14 1906. Ex
clusively an interurban road. Does no street railway business. Principally
on private right of way. Has a contract for power (extending to 1938. with
privilege o f renewal for 25 years) with Portland Railway. Light St Power Co.
STOCK AMD BDNDS—
Date.
Interest. Outstanding
Maturity.
Common $5,090,000 (*100)..................................... .$1 ,950 ,000 .. . _____
Pref $5.000.0001 100) 6% c u m ____
$
6 F-A
200.000 In 1914. 6%
_________
380.000 ______ . .
Deferred stock $400,000 iS100) ___
First mortgage $10,000,000/ 1908
5 g M-N
2,000.000 May 1 1933
($1,000) gold .
.c* & rtflln t. at Columbia Tr. C o.. N Y .. trust,«
Bonds.—$8,000,000 remaining bonds reserved for permanent extensions
end improvements at 80% >f cost
Bon is are subject to call as a whole
or In part at 107 and Interest on any Interest day.
t Dividends.—On pref. in 1911. 1912. 1913 and 1914. 6% . None since.
E A R N IN G S.— For cal, years:
Year—
Gross.
Net. aft. Tar. Oth. Inc Interest. i%e.
Deficit
1922 __________ $1,129,285 def.$140.525
$6,834 $570,291 $703,982
1921 ---------------- 1,293,506
def.85,178
8,443
572,330
649.066
ROAD —Operates Portland to Eugene, 122.31 miles; Darien Horn to
Forest Grove, 19.45 miles; West Woolburn to Woodburn, 2.5.3 miles: Gray
to Corvallis. 5.20 miles. Orenco to Bowers Junctioa. 5.05 miles, trackage
rights. 1.72 miles; total length of line, 156.26 miles. Standard gauge.
70-lb T nils
OFFICERS.— Pres-. W. F. Turner: V .-P., W. D. Skinner; Sec. & Oompt.,
Robt. Crosbie: Treas.. C'nas. C. Rose: GeD. M gr., A. J. Davidson.— V. 93,
p. 1535; V. 95, p. 1274: V. 107, p. 2188; V. 113, p. 2084; V. 114, p. 2013.
P O R T L A N D E UGE NE & E AS TE RN R A I L W A Y .
In April 191.5 was absorbed by the Southern Pacific Co.
way and Industrial" Section
See our “ Rail,
PORTSMOUTH. OHIO
PORTSMOUTH STREET RAILROAD & L IG H T CO.
ORGANIZA n o N .—Commenced operations in 1894. Leases Ohio
Valley Tr lotion Co
Does the electric light and power business In Portsmouth and New Boston.
Including the city ligating.
The street railroad serves P jrtsm >uth New
Boston and Sciotoville
Owns an amusement park. Franchises extend
beyond 1935
In Dec 1914 issued $500,0)0 bonds to extend the railway lines from
Portsmouth, O., to (ronton, O.. 22 miles, for lmpts.. &c., and for the re
demption of the $.5 ),0 ) ) o >i Is called f > payment Ian 1 1915 it 103
r
Th*
extension to Ironton O.. is being built by a subsidiary, the Ohio Yalley Trac
tion C o., all of whose securities will be pledged as part security for the new
bond issue and wnose property will be oper. under lease exteudiug to 1950
STOCK AND tJDNDs— Date.
Interest. Outstanding.
Maiwiiu
_________
$250,000 __________
Stock common $500,000__________
Preferred $2.50.000 (6% cum )______
_________
2.50,000 ________ .
First mtge bonds $540,000/ 1914
6 g J-J
350.000
See text
($1.000It$.5)01
red10 2 ^ e * 'I n t at Guaranty Tr. Co N Y ., Trustee
Bonds. —Are due serially $25,000 each July l from 1918 to 1934. both Imd.
and $75,000 July 1 1935
V 99 p 1748.
E A R N IN G S.— For cal. year 1921, gross, $578,449; net, $152,307: other
Income, $3,911: int.. taxes, &c., $122,821. bal., surp., $33,425R O A D .—Owns and operates 32 8 miles of track, incl. 2 4 mile* leased.
29 cars. 70-lh 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.
111
E A R N IN G S.— For years ending D ec.31:
Year end.
Gross
Expenses
Net
Deductions.
Balance.
Survlus.
(All Cos.)
Dec. 31.
Earns.
& Taxes.
Earns.
$265,132
1922_________ $2,262,136
$1,617,178 $644,957
$379,825
1921_________ 2,296,001
1,631,170
664,831
271,766
393,065
267,350
166,881
!9 2 0 _________ 1,940,020
1,505.789
434,231
ROAD.— Operates 71.668 miles of track couueoting Potts ville with Yorkvllle, Minersville, Palo Alto, Belmont, Cumbola, Mount Carbon, Port
Carbon, Saint Clair, New Philadelphia, Middleport, Schuylkill Haven.
Adamsdale, Orwlgsburg, Coal Castle, Glen Carbon, Tumbling Run, Brock
ton, Tuscarora, Tamaqua, Lansford. Summit Hill. Nesquehoning and
Mauoh Chunk.
OFFICERS.— Pres., J H. Pardee; V.-Ps., R. Walter Leigh, J. I. Mange
and Joseph K. Choate; Sec. & Treas., T W M offat, all of N . Y .; Asst. Sec.
S Asst Treas., L A Reinhardt; Asst Treas.. H B Brown; Asst Sec.,
t
O. A Dougherty: Gen Mgr , O A Hill, Pottsville. Pa ; Gen Mgrs .
J. G. Waite M gt. Corp., N. Y . V. 112, p. 1617; V. 113, p. 416, 1772;
V. 114, p. 1407, 2579, 2717; V. 115, p. 2267, 2793; V. 116, p. 1532.
POUGHKEEPSIE, N. Y.
POUGHKEEPSIE & W APPINGERS FALLS RY
ORGANIZATION. Incorp. in N. Y. M ar. 22 1894 as the Poughkeepsie
City & Wappingers Falls Electric Ry. Name changed to above June 1917.
I’ne P. S. Comm, has auth the co. to mage a new intge. to the Equitable
Trust Co. of N. Y ., securing an issue of $2,000,000 6% 1st M sink, fund
yold bonds, and to issue $596,000 thereof to take up the existing bonds
Since that time the co. has been auth. to issue $130,000 more of these bonds
which are now held in treasury.
In July 1921 the co. was granted a writ of certiorari ordering a review
of the evidence upon which the 8-cent fare was auth. The co. is seeking a
10-cent fare. V. 113. p. 418.
STOCK AND BONDS— Dale.
Interest. Outstanding
Maturity.
Stock. $1,000,000 (par $ 1 0 0 ) - . ___
________
$750 000
1st M $2,000,000 ($100, $5001 1918
6 g J-Jl
583 .000 Jan 1 1958
& $ L.000) g _________ c n tf 1 Int at Equitable Trust C o .. N. Y .. Trustee
Bonds.— The unissued bonds are reserved for extensions. Improvements,
acquisitions, &s., at not exceeding 80% of cost thereof under certain re
strictions. Sinking fund of 1 % eaci year on Jan. 1. Retired by sinkfnnd, $10,000; held in treasury, $123,000. Call, at 105 and int. on any
nt. day upon 6 weeks’ notice.
R ) V ) — ) v i-i 15.15 n e- of road, 'eises 1.5: second '■ra'-k. 1 76 m lea
sidings, 1.07 miles; total, 19.48 miles of track, standard gauge. 41 cars.
E VtiNl.N 43. —For years ending Dec 31.
° r >< —
Gross
Net, 4 f> 'ores. lot <%
c.
Ba'ance.
Calendar year 1922______ $276,161
$61,998
$53,817
sur. 8,179
•J i n lir /a ,r u . i ______ 17)11$
41,142
51,976
def. 8,682
Calendar year 1920............ 283.123
12,511
42.516
def. 30,002
OFFICERS.— Pres., Mrs. Mary M Hiukjey: V .-P ., Miss Mary Hinkley,
Sec. S Treas., T . W. Moffat; Asst. Sec. & Asst Treas., H B. Bro vn; M gr.;
t
O. A.. Brooks; Aud., J. A. Nilan. Under minagement of J. G. White M gt.
Oorp.— V. 109, p. 477; V. I l l , p. 1370; V. 112. p. 1399; V. 113. p. 418.
PROVIDEJf3E, R. I.
UNITED ELECTRIC RAILW AYS CO
O R G A N IZA TIO N .—Chartered in Rho le Island In April 1919. In
June 1921 acquired the property of the Union Railroad Co., Providence
Cable Tramway C o.. Rhode Island Suburban Ry. an 1 Pawtucket Street R y.
formerly controlled through stock ownership by United Traction S Elec. C o.
t
anl in Aug. 1921 purchased the Woonsocket lines of the Rho le Island C o.,
as per plan outlined in V. 112, p. 564. See also V. 113, p. 961. In Oct.
1921 acquired the property of the Providence St Danielson Ry. Co. Com
pare V. 113, p. 1773.
Jitney Decision.— For ruling against jitneys, see V. 115. p. 310.
STOCK AND BONDS—
Unit.
l nterest. Outstanding
Maturity.
POTTSVILLE, PA.
Gapital stock. - .
_______
$8,281 800 Oet’22,1 4 %
EAST PENN ELECTRIC CO.
Prior lien mtg $5,000,000 Ser A 1921
7%
*12.000 April 1 1946
O R G A N IZA TIO N .— Incorp. in Pennsylvania in 1922 (as per financial
Ser B ($100, $200. $500 and
plan of Eastern Pennsylvania Railways outlined in V. 114, p. 2717'. and
$1.000)______ ______
1921
4%
1.999.200 Jan 1 1946
owns over 99% of the common and pref. stocks of the Eastern Pennsylvania Gen & ref mtg« $11,190,000—
Railways Co. (see below).
Ser A ($100, $200. $500 and
STOCK AND BONDS—
Dale.
Interest. Outstanding
Maturity.
$1 .0 0 0 )________________ 1921
8.540.000 Jan 1 1951
5%
Common 150,000 sh ires___________
_______
xlOO.OOO shs. ________
Ser B ($100, $200. $500 and
1st preferred oO.OOO shares_ _____
_
_______
($7)12.000 sh. ________
4%
2,499,000 Jan 1 1951
$ 1 .000 )_____ . _______ 1921
2d preferred 10.000 shares___ _____
_________ ($8)*9.381 sh. ________
• $1,000,000 authorized.
1st Mtge lien & ref ($o00 an if 1923
6 g J-J
$2,500,000 Jan 1 1953
Bonds.— The $2,000,800 remaining prior lien bonds bearing not over
$1,000) gold_________ c*.tf/Ivrin g Bank-Columbis Trust Co., trustee.
7% interest may be issued from time to time for 70% of cost of extensions,
x Inclu les amounts set asi le for the acquisition of the remaining 1% of additions, imnrovements, Sir , under certain restrictions.
outstanling sub. co. stock in the han Is of the public.
EARNINGS.— Years‘end.Dec. 31 and period from July 9 to Dec.31 1922:
STOCK.— First pref. stock is cumulative. Divs. Q.-J. Red. all or ! Year ending
Operating Net rafter
inner
interest,
Balance,
part on anv div. date at $115 per share an t divs. Preferred as to assets to
Dec. 31—
Revenue.
Tates).
Incone Ren'ols, &c.
Deficit.
extent of $100 per share, an 1 also as to dividends.
1922....................$8,240,312 $894,622 $89,231
$613,162 sur.$370.691
Bonds.— Are r e l „ all or part, on any int. date at 110 up to anl incl. Period Julv.9 ’21
Jan. 1 1933; at 1074 up to anl incl. Jan. 1 1913: at 105 up to anl incl.
to Dec. 3 1 ’21-x3.705,724
x
289.563 sur. 214.248
Jan. 1 1918, at 102 Li up to anl incl. Jan. 1 1951; anl at 102 thereafter. 1920_____________8.334.147 503.811
691.454
38.012
1,415.580
778.114
Tax-free in Pennsylvania.— V. 11.5. p. 2266; V. 116. p. 931.
1919___________ 6,970,675 430.527
37.853
1,491.760
1,033.380
(1) Eastern Pennsylvania Railways Co.
x Other income included in operating revenue.
East Penn Electric Co. (see above) owns over 99% o f the com. and p,ref.
PROPERTY, &C.— Operates over 421).5d7 miles of track.
stock.
OFFICERS.— Pres., Albert E. Potter; V.-P., Clifford Whipple; Treas.,
OitDANLZV TIU.N.—Incorporated in Pennsylvania in 1891 as one Tains
Geo. H. Newhall: Sec.. Harvev A. B a ker; Comp., Herbert R Shaftol.—
qua & Lansford Street Ry., and name changed in 1906
Controls Dhf
following properties in Schuylkill County and vicinity and the lower an V. 113, p. 1575, 1773; V. 114, p. 1535. 2719; V. 115, p. 310, 1633.
thracite coal field
Pottsville Union Traction Co.
The Port Carbon&Mtddlaport El.Rv
Pottsville & Reading Railway Co.
PUEBLO, COL.
Pottsville & St. Clair Elec. Ry. Co
8chuyl.Hav &Drwigsburg 3t.R y.C o Tamaqua & Pottsville Electric RR.
SOUTHERN COLORADO POWER CO.
Schuylkill Electric Railway Co.
Eastern Penna. Lt.. Ht & Pow Oo
Standard Gas & Electric Co. owns $101,030 1st pref. and $840,000 2d
Coal Castle Electric Railway Co.
The Tumbling Run Park Association
Most of those companies are without bonded debt, but wttere bonds nave pref., 35.000 shares of the common and $3.000,0OO 2d Mtge. 6s.
been issued they bave been provided for or deposited under the consolidated • ORGANIZATION.— Incorp. in Colorado on Nov. 14 1911 as the Ar
company's new mortgage, together with all, or practically all. their stock*
kansas Valley R y., Lt. & Pow. Co., but name was changed to present title
V. 82, p. 1437
Franchises are practically perpetual
in May 1922. V. 114, p. 2117.
The Pottsville & St. Clair Electric Ry., incorp. In Oct. 1915 with $13,200
Owns and operates the street railway system in Pueblo and also has large
capital stock,was organized in the interest of the company to construct the electric lighting and power business in Pueblo. Canyon City .Cripple Creek,
line from Pottsville to St. Clair (placed in operation Aug. 11 1916). It ha* La Junta and other adjacent towns. Railway franchises expire in 1940 in
outstanding $160,500 (auth. amount $350,000) 1st M. 6% gold bonds dated Pueblo and in 1953 in PueOlo County, and electric light franchises in 1936.
June 1 1916 and due June 1 1946; Int. payable J. & D. at fiscal agent.
In 1922 brought out $8,000,000 1st Mtge. 6s, Ser. ’ ’ A ,” and $3,000,000
Pottsville, Pa.; subj. to call at par and Int. Trustee, Real Estate Trust 2d mtge. 6s, proceeds being used to retire (a) $1,597,000 Pueblo & Suburban
Co.. Philadelphia.
Trac. & Ltg. Co. 5s, due Oct. 1 1922; (6) $800.0OO Arkansas Valley R y.,
In Oct. 1919 the following committee was formed to protect the interests Lt. & Pow. Co. bond-secured 8% notes, due Oct. 1 1922; (c) $4,475,300
o f holders of the company’s 1st mtge. 5s As of July 15 1920 over 80% Arkansas Valley R y., Lt. & Pow. Co. 1st St ref. mtge. bonds [called for
o f these bonds had been deposited with the committee. See refinancing pay’c Nov. 1 1922 at 105 and int.— V. 115, p. 1633] and over (d) $1,000,000
plan below.
floating debt for permanent add’ns and impts. previously made. V.
Committee for 1st Mtge. 5s.— Chairman, Edwin G. Merrill; Herbert i 15, p. 354.
Coppell, A. A. Jackson. Lewis A. Riley, Thomas Newhall. A. Merritt Tay
STOCK AND RONDS—
Date.
Interest. Outstanding.
Maturity ■
lor, John Gribbell; Secretary, Robt. N. Smither, 35 Congress St., Boston.
_________ 35,000 shs. __________
Mass. Depositaries: Central Union Trust C o., N. Y . City, and the Common 60,000 shs. no par__ ______
1st Pref ($100) 7 % c u m ---------- ____
Q-M 15
2,120,700 M ir .'23. 1 >4
Girard Trust C o.. Phila., Pa. V. 109, p. 1366, 2356; V. 111. p. 791.
____
8%
840.099 M ir 21. 2%
Interest.— Coupons due on the company’s 1st mtge. 5s were at last ac 2d pref stock 8% - . - 1st mtge ser **A” $50,000,000 1922
6 g J-J
6.000,000 July 1 1947
counts being paid when due.
($100, $ ) 0 0 & $ 1 ,0 0 0 ) g c * t f Cont’l & Com'l Tr. & S. Bk., Chic., trustee.
STOCK AND RONDS—
Date
Interest. Outstanding.
Maturity. 2d mtge $15,000,000_________ 1922
6%
3,000,000
1947
Common, $5,000,000 ($100)--Practically all owned by East Penn Elec. Co.
Bonds.— The 1st mtge. 6s, Ser. “ A ,” are red. all or part on 30 days’ no
Pref, $1,000,000 ($100) 5 %c.Practically all owned by East Penn Elec. Co.
1933, at
First mortgage, $6 000.000. gI 1906 o g J-J
4,446.500 July 1 I dbo tice on or before July 1plus int. 107 A , and thereafter at A of 1% less for
each succeeding year,
Mtge. provides semi-ann. sinking fund
($500 and $1.000)___ c*tf j Central Trust C o., New York. Trustee.
commencing July 1 1925 equal to a 2% per annum basis on the total Ser.
Pottsville Union Trac. 1st M .f 1899
6 g M-S
40.000 __________
“ A ” bonds outstanding at respective dates of payment, including any
gold $1.250.000__________ lint, at Real Estate TrustOo., Phila.. Trus.
Pottsv. & Read, first mtge, g I 1895 6 g F-A
99.000 Feb. 1 1927 underlying bonds then outstanding, which sinking fund will be credited
$100,000 ($1,000)______c * lln t. at Real Estate Tr. Co., Phila., Trustee with any similar payments required to be made on such underlying bonds.
Schuyl El Ry 1st M $500,000,/ 1895
6 e F-A
295,000 Feb. 11925 Int. payable in N. Y . and Chicago. Penna. 4-mill tax refunded. V. 115,
($500 and $1,000) gold.c*tf l Int,. at Real Estate Tr. C o., Phila., Trustee p. 554.
Dividends.— On first pref., 1H % quar. from June 1912 to March 1923,
Bonds.—Sufficient 1st M . bonds of 1906 are reserved to retire $434,000
On 2d pref., 2% quar. from June 1921 to March 1923.
prior liens; the unissued portion is reserved for future extensions and Im
provements; $333,500 have been canceled. Registered bonds are re-con
EARNING S.— For years ending Dec. 31:
vertible into coupon bonds. Are subject to call at 110 and int. on 4 week*
Calendar
Gross
Net, after Int. Charges, Pref.Divi- Balance,
notice. Int. payable in N. Y . See description o f bonds and property
Year—
Earns.
Taxes.
&c. (Net).
dends.
Surplus.
V. 89. p- 103; V. 94. p. 279.
1922______ $1,839,460
$712,796
$458,260
$212,678
$41,857
Dividends.— Divs., 2 4 % . on pref. M ch. 1907; none since.
1921............ 1,755,526
599,085
375,005
183,683
40,397
113
ELECTKIC RAILW AYS
R O A D .— Owns 32 miles of track, all In city of Pueblo. Gauge, 4 ft
85. 72 and 75-lb. rail. 50 cars, o f wblcb 42 are motors. Has a hydro
electric power plant at Skaguay, on Beaver Greek, near Victor; steam-elec
trie power houses In Canon City and Pueblo, and reserve stations at La
Jfunta and Rocky Ford; installed capacity 33,100 h. p. Has 346 miles of
transmission and 3.4 miles distributing pole lines
OFFICERS.— Pres., Arthur S. Huey; V .-P ., J. J. O’Brien; V.-P. &
Gen. Mgr , W. F. Raber; Treas., R. J. Graf; Sec., Herbert List: Gen. Mgrs..
Byllesby Eng. & M gt. Corp., Chicago. 111.— V. 115, p. 554, 1633.
RALEIGH, N. C.
[ V ol. 116,
Stock.— Of the pref. reported outstanding, $ l,r 06,600 is in hands o f public.
bonds.— $10 ..000 not included in amount reported outstanulng, are in
treasury; remaining bonds are re erved for extensions. &c. Bonds have
Impt. fund of Vi % of bonds out from Aug. 1 1916 to 1920, incl.. 1% 1921 t>
0
1925, 1 Vi % 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.
Dividends on preferred stock were begun Jan. 1 1917.
PROPERTY.— Has generating capacity of 24.000 k. w., all hydro-elec.
211 miles of transmission lines and 65 miles distributing lines.
EARNINGS.— For 12 months ending Dec. 31:
Year—
Gross
Net (after lares). Int INet).
Bal.,Sur.
1922------------------ $1,264,295
$563,432
$175,086
$388,340
1921....................... 1,082,952
449,912
179.586
270.326
OFFICERS — Pres Chas. E. Johnson;. V-P. & Gen Mgr . P. A. Tillery;
R. P. Summerson; Treas., A. C. Rav.— V. 100. p 2173: V. 103, p.
2245; V. 106, p. 818; V. 108, p. 783. 877; V. 116, p. 423, 526.
CAROLINA POWER & LIG H T CO.
Electric Bond A Share Co. acts as fiscal agents for the company.
ORGAN IZATION . &C.— Incorp. In North Carolina Feb. 19 1908. Sue
oessor to the Raleigh Street Rv. (chartered 1881. road opened 1886). Ralelgb
Electric C o., Central Carolina Power Co. and Consumers' Light A Power
Oo. On N o t . 1 1910 acquired Durham Light A Power C o., on May 1 1911
the Henderson Ltg. & Pow. C o., and on Aug. 1 1911 the Standard Gas &
Electric Co., which companies, together with others subsequently acquired
READING, PENN.
have been merged into the Carolina Power & Light Co. Also owns the
EASTERN POWER & LIGHT CO RPO RATIO N .
entire common stock, except directors’ shares, of the Yadkin River Power
Co. (which controls the Palmetto Power & Light Co.) and the AshevillrAll the assets of this co. were disposed of on Oct. 24 1919, the subsidiary
Power & Light Co. (acquired in March 1912). The electric property of the x>s.. with the exception of the West Virginia Trac. & Elec. Co. (now West
Palmetto Power & Light Co. was acquired by the Yadkin River Power Co. Virginia Utilities Co.), being acquired by the General Gas & Electric Co,
as o f Jan. 30 1923.
For history of Eastern Power & Light Corp.see this "Section" for Apr. 24 '20.
Operates entire street railway, gas and electric power and light service It,
Raleigh, gas service in Durham, light and power service in Henderson
WEST VIRGINIA UTILITIES CO.
Dunn, Oxford, Sanford, Jonesboro and Goldsboro, and supplies, directly
ORGANfZA FION.— Incorporated in 1920 and acquired the Morgantown
or indirectly, electric light and power service in 16 other communities.
properties of the West Virginia Traction & Electric Oo. (for history see
Franchises.— Gas lighting franchise in Raleigh is perpetual. The eiectrn
‘
Railway" Supplement
1920)
plan outlined In
power and light and railway franchises extend to 1945. The Durham gas VElectric p. 1416. Owns all the of April 24capital as per of the Wheeling
110,
$500,000
stock
franchises extend to 1950. In Henderson, Oxford. Sanford and Jonesbori
Public Service Co. which took over the Wheeling-Elm Grove properties of
the franchises extend to 1971, 1971, 1942 and 2003, respectively; In Golds
Elec. Co.
boro, Smithfield and Pine Level to 1972, and in Fayetteville franchise b the West Virginia Trac. &and operates the electric light, power and water
With Its sub. co. owns
perpetual.
neighboring towns: an
On March 31 1911 Increased authorized common stock from $2,500,000 supply systems in Elm Grove and West Alexander. Pa., electric railway from
Wbeeling through Elm Grove to
connecting adjacent
to $5,000,000, and authorized preferred from $1,250,000 to $2,500,000
suburban towns; electric light, power, gas and water systems in Morgan
On Mar 6 1920, the stockholders voted to increase the auth. amount of town, W. Va. Serves 29 communities with railway aid electric service. 26
preferred stock to $3,500,000.
and
F ares— Effective Jan. 1 1922, the N. C. Corp. Comm. auth. the co. to with water 7.000 25 with natural gas. Owns a 33-acre park. Holds under
over
acres
raise cash fares in Raleigh from 7 cents to 8 cents, with 2 tickets for 15 lease extensive systems of natural gas fields, about one-quarter developed,
with
of gas wells and distribution equipment. Also has
cents. V. 113, p. 2404.
1.600 acres of gas and oil lands
All the outstanding 1st & joint mtge. 6% bonds o f the Carolina Power pires 1927; others extend beyondunder development. Franchises: One ex
1942 or are perpetual.
& Lt. C o., Yadkin River Power Co. and the Palmetto Power & Lt. Co.,
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
due Jan. 1 1924, were called for redemption Feb. 26 1923 at 100 and int.
Common $1,000,000 ( $ 1 0 0 ) . . . ____
______
$500 000 __________
V. 116, p. 415.
Pref. $1.500.000 ($100) cum ............
7%
872 750 ........... ........
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
6%
1.333 500 Jan 1 1935
Stock com $5,000,000 ($100)................... ............ $4,787,500 M a y '23 V
i 15-yr. gen. mtge. bds. $5,0001 1920
000 gold_________________ /
Pref$3.500.000 7% cum ($ 1 0 0 )____
Q-J
2.586 690 Apr '2 3 .1 )4
Un. Util. 1st mtge $1,500.-1 1909
5 g J-J
746,000 July 1 1944
First mortgage gold $5,000,-/ 1908
5 g F-A
4.014 000 Aug 1 193$
000 gold ($1,0(10)_ c * cp tlln t. at Farmers’ L. A Tr Co., N. Y ., trustee.
_
000 ($500 & $1.000). _c*.tf IGuaranty Tr. C o.. N. Y .. trus. Int. in N. Y.
STOCKS.— No div shall be paid on com.for 2 years from date of Issuance,
Stock.— Of the amount o f preferred stock outstanding. $2,529,200 b
aet income for that, period to be carried to surplus, thereafter not more than
In the hands of the public.
i
Bonds.— Of the $4,014,000 1st mtge. 5% bonds reported outstanding. V the sum which subsequently becomes available for divs. to be paid as
*3 ,480,500 are in hands of public, $500,000 are for exchange, bond for bond, such, balance to be carried to surplus; with protective provisions for maint.
for bonds of other cos., under certain restrictions, and remainder for impis., and depreciation. Pref. stock has equal voting power, share for share,
exten's, &c., at 80% o f cost of same when net earns, for 12 mos. are twice int. with the com. stock, preferred both as to dtvs. and assets, red. at option of
on bonds out and to be issued. Red. as a whole or in part for sinking fund co., alt or part, from rime to time at 105 and divs.
bonds'—The co.'s gen mtge. hs are a 2nd lien on the Morgantown proper
on any int. date upon 3 weeks' notice at 105 & int. Sinking fund 1% an
ties and a 1st lien on the stock of the Wheeling Public Service Co. Of
nualiy of bonds out from Aug. 1 1913 to Aug. 1 1922, incl.; thereafter 1 V4%
$279,000 have been retired through operation of sinking fund. See V. 90. Union Utilities 1st mtge. bonds, not included in amountoutstanding, $ 10,000
are in the treasury, $453,000 are held alive in sinking fund, and remainder
p . 1361.
are reserved tor Improvements and extensions at 75% of cost. Red. at
Dividends.— On pref., 114% quar. from July 1 1909 to Dec. 31 1910, incl
In April 1911 and quar. since, 1 H % . Initial div. on com .— Vi of 1 % — 105 arid Int. on any int. day on 30 day's' notice. Sinking fund 1% semi
annually of bonds outstanding and in sinking fund. After setting aside 1%
paid Feb. 1917; same rate quarterly to and incl. May 1923.
s.-a. and payment of 7% on pref. and 10% on com., sinking fund shares
EA R N IN G S.— For 12 mos. ending Dec. 31:
equally with any further dividend on common
V 9(1 p. 373
Gross
Net (after
Other
Bond
Other
Balance
E A R N IN G S.—For 12 months ending Dec. 31 1922, gross, $1,003,484
Year— Earnings.
Tates.)
Income.
Interest. Int.. &c. Surplus
net. after taxes, $370,649; other
$30,91*;
int., $132.118; divs.,
1922____ $1,992,946 $525,118 $252,222 $174,015 $42,412 $560,913 $65,891; dep.-ec., $145,012: bal..income, $58,545. bond1921, gross, $799,450;
surp.,
In
1921____ 1,681,523 451,313
187,664
174,025
38,216 426.736 net, after taxes, $227,960: othej income, $24,718: bond int., $128,678;
R O A D .— Owns 14 miles o f road; gauge, 4 ft. 8J4 in. 60-70-lb. T-rails
re n ta ls , A c , $8,536; pref. divs., $43,851; deprec., $28,447; balance, $43,347.
10 open motor cars, 11 open trailers, 13 closed motor cars and 1 miscell.
LATEST EARN ING S.— 2 months ending Feb. 28:
5 power stations and 9 sub-stations; 267 miles transmission lines.
2 Months—
Over. Rev. Net aft. Tax. Oth. Inc. Deduct’ns. Balance.
O F F IC E R S — Pres , Chas E Johnson. Raleigh; V -P & Gen. Mgr.
1923
$217,496
$86,864
$4,851
$22,232
$69,483
P. A. Tillery; V.-Ps., Wm. Darbee, E W. Hill and R. H. Smith; Sec., E. P 1922 _____________ 189.714
77,768
4,058
22,233
59,593
Summerson, N. Y .; Treas., A. C. Ray; Asst. Sec., H. L. Martin; Asst
PR O PE R TY.— With its controlled co has 2 electric power plants
Treas., G. J. Hickman.— V. 107, p. 500; V. 108, p. 783. 877; V. I l l , p. 192; aggregating 6,000 h. p. capacity: 2 water pumping stations: 2 gas pumping
V. 112, p. 561; V. 113, p. 1469, 2404; V. 116, p. 415.
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
(1) Asheville Power & L ight Co.
ORGA N IZA TIO N .— Incoru on March 25 1912 In North Carolina as railways, largely on private right-of-way. Standard gauge. 91 cars.
OFFICERS. — Pres.. Fred Anderson; V -P., Max R. Stern; Treas., Geo.
successor to the Asheville Electric Co. All the common stock, except
directors shares, is owned by Carolina Power & ,Light Co. Does entire B. Adams: Sec., Ira Lloyd Letts: Asst. Treas., R. A . Bruce.— V. I l l , p.
commercial and municipal electric light, gas and street railway business 1853. V. 115, p. 989: V. 116, p. 1179, 1277.
Of Asheville, and its suburbs. All franchises, except for 1 Vi miles of street
il; W heeling Public Service C o.—Ail the com. stock is owned by the
railway expiring In 1952, are perpetual.
West Virginia Utilities Co.
Has favorable contract to April 1 1928 with the North Carolina Electric*
ORGANIZATION — Organized In 1920 and acquired the Wheeling-Elm
Power Oo. for power
Grove properties of ibe West Virginia Traction & Elec. Co. (for history;
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity.
see this Supplemer t of April 24 1920) as per plan outlined in V. 110. p. 1416.
Common $1,000,000 ($100)...........____ . . . $1,000,000 ____________ Owns all the common stock of the City & Suburban Gas C o.; also 3,940
Pref $1.000,000($100)7% cum..............................
639.700 Apr '23. 1 H shares out of 4.440 shares of the City Railway Co.
First mortgage $5,000,000 gj 1912
5 g A-O
1,220,000 Apr 1 1942
Application to Operate Buses.— In Feb. 1923 the co. applied to the city of
($1,000)_____________c* tf lint at U. S. Mtge. A Tr. C o.. N. Y ., trustee
Wheeling. W. Va., for auth. to operate buses in East and North V heeling.
\
Stock.— All the common stock, except directors’ shares, is held by the V. 116. p. 937.
Carolina Power & Light C o ., and divs., therefore, are not reported. O f the
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
amount of pref. stock outstanding, $539,700 is in the hands of public.
Common $500,000__________
All owned by West Virginia Utilities Co.
City A Suburban Gas 1st M l 1912
6 g VI-N
540.000 Nov. 1 1932
Bonds.— Remaining bonds are issuable at 80% of cost of permanent im
$1,000,000 ($1,000) -c * tf)ln t. at Equitable Trust Co., N. Y.-. trustee.
provements or additions when net earnings are twice interest charges on
5 g J-J
1,119,000 July 1 1936
bonds out and to be Issued. Subject to call as a whole or in part for sinking City & Elm Grove cons coll\ 1906
tr M $2,500,000 g ($1,000) JInt. at Union Trust Co., Pittsburgh, trustee.
fund at 105 & int. on any int. day. Sinking fund, Vi % on April 1 1917
Wheeling & Elm Grove first! 1898
5 M-S
13,1.500 Mar 1 1928
to 1922, incl.; 1% 1923 to 1927; lV i% 1928 to 1932; 2% 1933 to 1941
mortgage $225,000 ($500)-jSinking fund retires $5,000 annually.
See V 94. p. 1316.
Wheeling & Elm Grove M (see l 1901
5 A-O
794,500 April 1 1931
Dividends.—
% quar. has been paid on pref. stock since April 1912.
text) ($1,000 A $100'g--C*)'lnt. pay. at Dollar Savs. A Tr Co., Trustee.
EARN IN G S.— For 12 mos. ending D ec. 31:
are redeemable, as
Gross, Incl.
Net, after Total Interest
Balance. > Bonds.— The City' & Suburban Gas Co. bondscumulative sinking a whole
r part, on any interest date at 105 and int.;
fund of
Year—
Other Income.
Taxes
Charges
Surplus
2% on outstanding bonds began In 1916: $60,000 not included in amount
1922_____________________$927,644
$338,700
$62,467
$276,233
outstanding, are held in sinking fund. Of the City & Elm Grove consoli
1921____________________ 880.478
338,227
62,338
275,889
dated collateral trust bonds, .$1,000,000 are reserved to retire prior liens.
R O A D .— Operates 20 miles of railway.
Are subject to call on any int. date at 105 and int. V. 83. p. 491. The
OFFICERS.— Pres.. Chas. E. Johnson; V .-P . & Gen. M gr., H. W
auth. amount of Wheeling S Elm Grove R y . mtge. was originally $1,250,000
t
Plummer; Sec.. E P. Summerson: Treas.. A . C. Ray.— V. 95, p. 110
but was reduced in Feb. 1906 to $1 .000.000.
V. 106, p. 818; V. 109, p. 1385; V. I l l , p. 989; V. 113, p. 70.
Earnings.— For 12 mos. end. Dec. 31 1922, oper. rev., $595,343; net,
after taxes, rents, &c., $168,721; other income, $2,723; deductions, $105,964;
(2) Y adkin River Power Co.
Is controlled by Carolina Power & Light Co. through ownership of all balance, $65,480.&c.— See West Virginia Utilities Co. above.— V. I l l , p.
PROPERTY,
common stock except directors’ shares.
853; V. 115, p. 1322, 1943; Y. 116, p. 937.
OR G A N IZA TIO N .— Incorp. on March 20 1911 In North Carolina as
■accessor to the Rockingham Power C o ., sold at foreclosure. V . 93. P 173
READING TR A N SIT & L IG H T CO.
Owns and operates hydro-electric plant on the Yadkin River power and light
All the common stock and $550,000 Class “ B " pref. owned by General
ing systems in Rockingham, Hamlet and Wadesboro, N . C., and Cheraw, Gas & Electric Corp.
S. C ., and electric power systems in Lumberton and Lllesville, N C.; alsu O RGAN IZATION .— Incorp. July 1917 as a merger of the old Reading
supplies, under contract, the entire requirements of the privately-owned Transit & Light
then ceased
United
power and light systems in Maxton, Laurel Hill and Laurinburg, N. C ., and Co. (Reading), Oo. (which & Pottstownto exist) with theSt. R y., 'Eraction
Boyertown
R y., Birdsboro
Reading
o f the municipal lighting systems of Lilesville and Lumberton. None of the
& Fifth
franchises expire prior to 1971. In July 1917 acquired control of Carolina & Womelsdorf Elect. R y., and Front ControlsSt. R y., all of these properties
having been
through stock ownership the
Gas & Electric Co. (now Palmetto Power & Light Co.), and as of Jan. 30 Oley Valley operated under lease.
Ry. and Neversiuk Mountain Ry. Leases the Lebanon St.
1923 acquired the electric property of that co., which supplies electric power
and light to Florence, Darlington, Marion, Mullins, Hartsville, Timmons- railway system and the properties of the Reading Traction C o.,C Adamstown & Mohnsville Electric R y., Schuylkill Valley Traction
o., and
ville, Bishopsville and McCall, S. C., and water in Darlington and Marion. Reading & Southwestern Ry. Owns or controls and operates the street
In Jan. 1923 brought out $4,000,000 additional 1st Mtge. 5s, proceeds railway systems In and about Reading and Lebanon, and
of
being used for the purchase o f all the electric power and light properties street and Interurban railways extending from Reading the system or
through N
o f the Palmetto Power & Light Co. and for the retirement of $3,000,000 ristown to Philadelphia, serving a population of about 409,000.
1st &jjoint Carolina Power & Lt. Co.-Yadkin River Power Co.-Palmetto Principal leases contain options to purchase, also satisfactory provisions
Power & Lt. Co. 6% bonds, which were called for payment Feb. 26 1923. for refunding underlying obligations. Franchises are without time limit
V. 116, p. 423, 526.
and unrestricted with unimportant exceptions.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Fare Increase.— On Jan. 10 1918 an increase in street-car fares from 5 to
Common $4,000,000 ($100)....................... ..........
$3,835,000 __________
6 cents went into effect on all lines of the company in Reading, Norristown,
Pref$2,000,000(1100)7% cum..........
Q-J
1,612,900 Apr ’23,IH
Roxborough and Lebanon. On Sept. 16 1918 fares in Reading and Leb
First mtge $15,000,000 goldf 1911
5 g A-O
7,500,000 Apr 1 1941 anon were increased to 7 cents. See also V. 113, p. 2506. Fares on the
($1,000 & $5,600)-c*&r.tf jln t. at Old Colony Tr. C o., Boston, trustee. remainder of the system have been increased to 8 cents. V . 107, p. 1005.
A pril, 1923.]
On Nov. 8 1920 fares in Reading and Lebanon were raised from 7 to 8 cents
and in Norristown and ail suburban zones from 8 to 9 cents
V. 111. n
2141. On Feb. 1 1922, however, fares in Reading were reduced to 7 cents.
STOCK AND BONDS— D a te .
In terest.
Outstanding
M a tu rity .
Common, 86.000,000________ _____
________ $2,900,000
Preferred Class “ A ” $700,000 ...............................
77.500 F e b ’23.I K
Preferred Class ” B " $2,300,000..................._.......... 1.511,500 Feb '23,1 K
Gen & Ref Mtge. $30,000,000. 1917
5%
See text Aug 1 1947
Old Bead T. & L t. C o .—
Equipment bonds__________ / 1920
7 Q-J
22,5001 Serially to
lint.at U .S.M .& Tr.C o.,N .Y.C .J April 1925
Car trust certificates “ A " i i9 ib
5 J-J
40,000
See oexi
$100,000 ($1,000)________ (Int. at Girard Trust C o.. Phila., trustee
Car trust certificates “ B ” \ 1917
5 M -N
25,000
See text
$50,000 ($500)___________ /Int. at Pa.Co.for Ins.on Lives,&c..Phila..tr
United Traction Co.—
Oley Valley Ry stock t r u s t / ____
5 J-J 1
245,000 July 193)
certificates $250,000______ \Int.at Real E s,T .I.& T r.C o. .Phila. .trustee
Read-Womelsd 1st M $400,-/ 1895 5 g J-J
400,000 Jan 1 1927
000 ($100 & c)_____c * .c p t . llnt.at Real Es.T.Ins.& Tr.Co.,Phila., trustee
Birdsboro St Ry M , $250.0001 1904 5 g J-J
250,000 Jan
1934
gold ($500& $1,000)-C -cp tjIn t. at Colonial Tr. C o., Reading, Trustee
Boyer & P St Ry 1st M,$300,-/ 1906 5 g F-A
300,000 Aug 11936
000 ($500 & $l,000)g.c*cpt\lnt. at Colonial Tr. C o., Reading Pa., Trust
Front&5th St Ry 1st M $50,-/ 1903 5 g J-J
50,000 July 1 1938
OOOg ($100 & $500).c*cp t. lint, at Colonial Tr. C o., Reading. Trustee
Oley Valley Ry first m tge,/ 1901 4 K g J-J
250,000 July 1 1931
$250,000 g ($1,000) -C*cpt ( Int.at Real Est. Title Ins.&Tr Co..Phila.,Tr
Neversink Mountain b o n d s . . / ____
4 J-D
53.000 June 1 193)
lint, at Colonial Tr. C o., Readlng.Pa.. Trust
Leased Line Securities—
Adam & Mohn 1st mortgage/ 1904 5 g J-J
75,000 Jan 1 1937
$75,000, g ($1,000) r* cp t'In t at Colonial Tr. C o.. Reading. Trustee
Read-S W 1st M . $100,000/ 1900 5 F-A
100.000 Aug 1 1931
($500 & $1,000)_____c * cp tlln t at Penna Tr. C o.. Reading. Trustee.
See separate statements for Reading Traction. Schuylkill Valley Tract.,
and Lebanon Valley Street Ry. below.
Old Reading Transit & Light Co. car trust certlfs. Series “ A ," mature
$10,000 annually to July 1 1926; subject to call on any int. date at 101 and
Int. on 30 days’ notice. $60,000 have been retired. Secured by 25 cars,
title remaining with trustee until entire issue is paid. Reading Transit &
Light Co. car trust certifs.. Series “ B ,” mature $5,000 annually to Nov. 15
1927; subject to call on any int. date at 101 and int. on 30 days’ notice
S©cur6d b y 9 c< * .
ms
lb 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 & Womels
dorf bonds are subject to call at par. Adamstown & Mohnsville bonds are
redeemable at 105
EARN ING S.— For years ending Dec. 31:
Calendar
Gross Earns. Net. after
Fixed
Preferred
Balance
Year—
(Incl.oth.Tnc.).
Taxes.
Charges. Dividends. Sur. or Def
1922 ____________$2,959,516 $654,204 $413,457 $117,115 sur.$123,633
1 9 21____________ 3,007.465
664,028
416,743
117,115 sur. 130.170
1920
3,040,725
599,025
415,917
115,855 sur. 67.253
Property. &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.
ORGAN IZATION .— Inc. Mar. 9 1893 in Penna. to operate the Reading
City Passenger Ry. and East Reading Electric Ry., which lt 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 Sc Temple
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 $ 1 0 ,0 0 0 annually for Tirst three years. $2 0 , 0 0 0 for next two
years, and $30,000 thereafter, and all bond Interest
STOCK AND BONDS—
D a te .
In terest.
O utstanding.
M a tu r ity .
Stock, $1,000,000 auth ($50).............
J-J
$1,000,000 Jan ’23. 7oC.
First mtge, $600,000 gold guf 1893 8 g J-J
509.000 Jan 1 1933
Not subject to call__ c*cpr, l Provident Life Sc Trust C o.. Phila.. Trustee.
In terest Is payable in Reading at the Colonial Trust Co. Bonds are
listed on the Philadelphia Stock Exchange. V. 8 8 , p. 749.
D iv id en d s .— In 1900. 2 % ; in 1901, 2 K % : in 1902 and since, 3% per ann
LEA 8 ED LINES SEOUR’S. D a te .
In terest. O utstand’g . Last Dir..Ac
Reading City Passenger Ry—
J-J
Stock ($350,000) (par $ 5 0 ) . ____
$350,000 See text
East Reading Electric R y—
A-O
Stock, full paid (par $50)________
100.000 See text.
Bonds, $25/000________ c o t 1897
5 J-J
25.000 July 1 1937
Reading Sc Temple Electric Ry—
7 A-O
73.700 See text.
8 tock, $75.000, guar_ c o t ____
_
5 A-O
73.700 Oct. 1 1924
1st mortgage, $75.000_____ 1894
D ividends on Leased L in e 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. inclu
slve, $7,000; thereafter, $8,000. Reading & Temple Electric pays 7%
annually in dividends, A. Sc O.
B onds .— 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 & $1,000).
ROAD.— Leases 48 miles o f track. Gauge 5 ft. 2 K in. Rails, 90 lbs
V. 8 8 , p. 749.
(b) Schuylkill Valley T ra ctio n .— Trolley.
The United Power Sc Transportation Co. owns all o f the $500,000 capital
stock.
L ea se .— Leased for 900 years from April 1 1910 to Reading Transit Co
(succeeded by Reading Transit Sc Lt. Co.) Rental, $5,000 1st and 2d years
$15,000 annually thereafter, and $ 1 ,0 0 0 annually for maintaining organize
tlon. Reading Transit Sc Lt. Co. also assumes all obligations o f Schuylkill
XTnllpTr
Trap onH |ta Inaaivi Ijriaa
ORGAN IZATION .— Incorp. in Pennsylvania Sept. 8 1893 as the Nor
ristown Bridgeport & Conshohocken Traction C o., and on Jan. 5 1985
chartered as ■present company. Since Jan. 15 1895 has controlled and
operated the Conshohocken Ry., the Montgomery County Passenger Ry.,
the Citizens' Passenger R y., the Oollegeville Electric Street Ry. 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 & Norris
town R y ., including that company's leases of the Wissahickon Electric
Passenger R y. and the Trappe & Limerick Electric R y.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock, $500,000 ($50)---------------------------------$500,000 ...................
First mortgage, $400,000, g\ 1895
5 g F-A
245,000
Aug. 1945
($1.000)_____________c c p t/In t. at West End Tr. & S. D. C o., Phila., Tr.
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—
Tiles.
Interest.
Issued.
Maturity.
Citizens’ Pass Ry stock ($50)-6K
-----------------$79,400 ---------------1st mtge ($500) $80,000g o l d ! ____
5 g F-A
80,000 Feb. 1 1925
guaranteed__________ cptlSubject to cail at 105 on any interest date.
flnt. at Norris’n Title, Tr. & S. D . C o., Trus..
Conshohocken R y stock ($50) -5K
-----------------145,900 ---------------1st M . guar., prin. &i n t . l ___
5 g J-J
100,000 July 1 1924
$250,000 ...............
cp tjS u bj. to call at 105. Norristown Tr. C o., tr.
Montgomery Co Pass Ry stock I K
-----------------150,000 ---------------1st mtge $150,000_____ c p t l I K
6 J-J
15,000
1923
/In t. at Albertson Tr. & S. D. C o., Trustee.
Norristown Pass Ry stk ($50)_ 4K
-----------------75,000 ---------------First mortgage_________ c p t l 4 K
6 J-J
75,000
1923
jln t. at Albertson T r. & S. D . Co, Trustee.
113
ELECTRIC RAILW AYS
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. 2K in. Rails, 60 and 100-lb. T & girder. 91 cars. V .7 0 .P .2 8 1 .
(a) R oxborough C h estn u t Hill & N orristow n Ry.— A troiley road.
The United Power & Transportation Co. owns 4,959 out of the 4,960
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 semi-ann.
ORGANIZATION.— Incorp. Dec. 2 1895 in Penna. In 1898 leased the
Wissahickon Electric, 3K 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 of the term. Also owns the
$250,000 stock of the Trappe & Limerick Electric Street Ry. and leases that
company for 950 years. Comprises 22 miles of track. In June 1896 filed a
mortgage for $450,000 to the Real Estate Title Insurance & Trust C o.,
Philadelphia, securing 5% gold bonds ($1,000) J. & D. (cp t), due June 1
1926. Issue reduced to $396,000, of which $371,000 was outstanding on
Dec. 31 1921. Capital stock auth., $450,000: issued. $248,400; par, $50.
Trappe & Limerick Elec. St. R y. 5% gold stock cert.fs. 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 of
the Trappe & Limerick Street Ry.
ROAD.— Total track, 20K miles; gauge, 5 ft. 2K in*: rails, 70 to 90-lb
girder.— V. 62, p. 1042.
(5) Trappe & Limerick Electric Street Ry.
ORGA N IZA TIO N .— Incorporated in Pennsylvania on July 25 1899.
Was leased on Dec. 31 1901 to Roxborough Chestnut Hill & Norristown R y.
for 950 years at a rental equal to 5% per annum on capital stock, interest on
bonds, taxes and $100 maintenance expenses.
D a te .
In te rest. O utstanding.
d a tu rity
STOCK AND BONDS—
$250,000
See text.
Stock $250,000 ($50)...........
First mortgage $250,000 gold 1901
4K g J-J
250,000 July 1 1931
($1,000)___________ c*cp t/In t. at Real Est. T . Ins. & Tr. C o.,Pbil.,Tr.
Bonds.— Are guar., p. & i. by Roxborough Chestnut Hill & Norristown.
ROA 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 of $500 for organiza
tion, as well as taxes and interest on bonds.
O RGAN IZATION .— Incorporated on June 28 1899 as a consolidation of
the Lebanon & Annsville Street Ry. 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.
Slock $500,000 (par $50)_____ _____
_________
$500,000 See text.
*N-st mortgage 10-30s gold? 1899
5 g J-J
500,000 July 1 1929
$100.$500 & $1,0 0 0 )c.cp t)ln t. at Real Est. T . Ins. & Tr. C o., Phil.. Tr.
R O A D .— Owns 22.08 miles of track. Gauge 5 ft. 2K in- Rails 50, 75.
90 Sc 100-lb. girder. 23 cars.
RICHMOND, VA.
V IR G IN IA RA ILW A Y & POWER CO.
O RGAN 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 S Portsmouth
c
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
pref.; $150 Virginia Ry. & Power com. was exchanged for each $100 Norf. &
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 R y. & Power
Co. acquired the lease of the Norfolk Ry. & Light Co. for 99 years from
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 Ry. 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 Co., with unlimited
franchises. In Dec. 1921 the directors decided to organize the Richmond
Trackless trollev Co., which will operate buses over certain routes. V. 113,
p. 2615. See also V. 114, p. 2826.
Franchises.— The Manchester & Petersburg Ry. 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 cities
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
0f paving between and two feet outside the tracks.
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 & Webster see V. 112, p .
1743. Valuation o f P. U. Comm, in V. I l l , p. 1473. Taylor-Cooke valua
tion will be found in V. I l l , p. 2425. See al-o V 11I . p 2,326 V. 112, p.
637, 654, 1400, 2085; V. 113, p. 72. New valuation by Va. Oorp. Comm,
will be found in V. 114, p. 2361.
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, were
raised to 6 cents. A 6-cent fare in each of the zones outside these cities also
went into effect. V. 109, p. 1368. Effective Jan. 1 1922 fares in Ports
mouth were raised to 7 cents 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. V. 112, p. 2307. See also V. 116, p. 722.
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.
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.
114
ELECTRIC RAILW AYS
STOCK AN D BONDS—
Dale.
Interest. Outstanding. Maturity.
Common $12,000,000 ($100)_______
A-O $11,950,300 See text.
Preferred $9,000,000 ($100)_______
J-J
8,912,500
See text.
Preferred stock scrip_________ _____
_________
24,950 __________
First and refunding mortgage! 1909
5 g J-J
9,886.000 July 1 1934
$15,000,000 g ($1,000)-.c * lin t , at Equitable Tr. C o.. N. Y ., trustee.
Norfolk & Portsm 1st mtgel 1906
5 g J-D
7,216.000 June 1 1936
$8,000,000 ($1,000) g o ld -.jln t . at Commercial Trust Co., Phila., Trus.
Norfolk & Atlantic Term 1st! 1899
5 g M-S
478,000 Mar 1 1929
mtge $500 000 gold_______(Interest at Alex. Brown & Sons, Baltimore.
Oar trust certificates gold! 1920
8 g J-J
$150,000 See text.
($ 1 ,0 0 0 )_______________c*JDivs. at Philadelphia Trust C o., Phila., Tr.
Stock.— The pref. stock was entitled to non-cum. divs. o f 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.— $779,000 1st & ref. bonds are in treasury, and remainder are
reserved for future improvements, subject to certain restrictions. Sinking
% semi
fund, M% semi-annually of bonds out from 1914 to 1919 and
annual^ thereafter; $1,389.000, not included in amount reported outstanding,
held in sinking fund Dec 31 1922. Bonds are subject to call at 105 and
Interest. V. 92, p. 1212. Listed on Now York, Phila. and Baltimore
Stock Exchanges. V, 94, p. 125: V. 96, p. 1425: V. 100, p. 557. Unissued
Norfolk & Portsmouth 1st M . bonds o f i906 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; $413,000, not included in amount
reported outstanding, held in sinking fund Dec. 31 1922. Are sub. to call at
110 and lnt. on any int. date upon 60 days’ notice. Bonds are listed on
Phila.. Boston, Bait, and Pittsb. Stock Exchanges. V . 83, p. 492.
Car trust certfs. are secured on 50 safety cars. Due serially $50,000 each
July 1 1921 to 1925. Red. as a whole on any div. date on 30 days' notice, at
101 and divs. V. I l l , p. 494.
Dividends.— On pref. first div.— 1\$%— paid July 1 1910. In 1911,
1912 and 1913, 5% . In 1 9 1 4 ,5 }$ % . 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. I l l , 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. 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.
R E PO RT.— Of combined properties for cal. years 1922, 1921 and 192®
and year ending June 30 1920:
a Yrs. end. Dec. 31—
d 1922.
d 1921.
d 1920.
1919-20.
Pare passengers________ 71,950,905 85,637,593 94,560,011 95,675,311
Transfer & free pass____ 17,102,151 18,556,853 17,250,568 18,305,783
Revenue transfer pass_
______
998,086
1,805,096
1,215,977
[V ol. 116.
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
Ry. & Light Co.
On March 10 1910 Pub Ser. Comm authorized an Increase In stock from
123,140,200 to $23,860,200 to be used to take over the Rochester & Subur
ban R y. (stock $420,000). the Rochester Electric Ry fstock $200,000) and
the Ontario Light & Traction Co. (stock $100,000). See V. 90, p. 914,1425.
In Jan. 1912 applied to Public Service C om m ., 2d D ist., for authority to in
crease stock to $25,362,500. V .9 4 ,p . 68. Permission was not granted.
The following Is a list of the stocks owned by the N. Y . State Railways:
Ichenectady Railway C o________ $2,050,000 or 50%
of whole amount
Syracuse Land & Steamboat C o. _
10,000 “ 100%
Syracuse & Valley Land C o_____
4,450 " 100%
CUen Haven Improvement C o_
_
14,500 “ 100. 00 %
Ontario Light & Traction C o____
100.000 “ 100.00 %
Rochester Electric Railway C o___
176.500 “ 88.30%
Miscellaneous__________________
850 “
Also owns $55,000 City o f N . Y . 414% coup. "C orp. "stock and $240,000
railroad bonds.
Franchises in Rochester are practically perpetual and exclusive, with
exception of a few extensions which run for 50 years.
Contract for Power.— Power for all lines Is supplied under a long-term con
tract with the Rochester Gas & Electric Corp., whose entire com. stock Is
owned by Mohawk Valley C o. (in turn owned by N . Y . Central R R .).
Favorable Jitney Decision.— See V. 102, p. 2167.
On Dec 29 1916 the Court of Appeals upheld the constitutionality of 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
the 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 ,
p. 2521. For valuation of Utica lines see V. 112, p. 63. For valuation by
Board 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 Cuthbert 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 Nov. 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 10-yr.
service-at-cost contract for the co.’s Syracuse lines. The co. then an
nounced a 20% cut In service on these lines and appealed to the P. 8.
Total passengers......... 89,053,056 105,192,532 113,615,675 115,197,071 Comm, for a straight 10 cent fare. V. I l l , p. 2325. A 10 cent fare on the
K. w. hrs. output, com ’l 179,274,676 158,066,825 156,224,788 142,814,071 co.'s Utica lines was asked for (V. 112, p. 63), but this was denied by the
Gas sold, cubic feet_____
______
______
______ 604,148,300 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
Gross earnings_________ $9,513,096 $10,173,335 $9,993,576 $9,908,006
Operating expenses_____ 6,625,159
7,067,662 7,080,070
6,115.670 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.
Net earnings________ $2,887,936 $3,105,672 $2,913,506 $3,792,336
Other income__________
236,035
235,457
147,068
161,424 115, p. 1533. On M ay 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
Net income...................$3,123,971
$3,341,130 $3,060,574 $3,953,760 Rochester Common Council. This provided for a 7-cent fare, effective
$2,258,559 $2,222,944 $2,287,464 Aug. 1 1920 and has been approved (V. 115, p. 1429) by the N . Y . P. S.
Taxes, interest, &c_____$2,188,090
Comm. V. I l l , p. 389, 896, 990, 2325. Compare V. I l l , p. 190. In
Preferred dividends____
______
c
c
______
Feb. 1923 the co. was auth. to increase fares to 7 cents on its Oneida lines.
Common dividends_____
______
______
______
______
Surplus for year________
$935,880 $1,082,570
$837,630 $1,666,296 V. 116, p. 936.
Direct charges to P. & L.
38,813
92,471
310,908
150,657
Recommendations of Syracuse Street Railway Commission.— For principal
Depreciation reserve_
_
______
______
______
*594,480 features of report by Ry. Comm, recommending service-at-cost for Syracuse
see V. I l l , p. 1279, but compare V. I l l , p. 2325.
Bal. to prof. & loss_ sur$897,068 C$990,099sr.c$526,722 sur$921,159
_
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Q-J
$19,952,400
See text
Jommon $19,997,700 f$100).............
a Fiscal year changed in 1920 to end Dec. 31. c 6% was paid on pref.
Q-J
3.862 508
See text
shares payable in pref. stock, which amounted to $507,738 in 1921 arid Pref $3,862 500 (*100) 5 % c u m ____
Ut cons MSer A,B 50.000,000( 1912 4)$-6}$gM-N16,457.000 Nov 1 1962
$479,952 in 1920, leaving a surplus o f $482,360 in 1921 and $46,770 in 1920
gold ($1,000)_____ c*&r*tf! Security Trust Co. o f Rochester, trustee.
to be carried to profit and loss surplus, d Operations o f City Gas Co. of
(Interest at Treasurer’s office. New York.
Norfolk excluded.
Rochester R y Consolidated f 1890
5 g A-O
2.610.000 April 1 1930
ROAD, &C.— The company operates 248.250 miles o f single track; 636
Mortgage $3,000,000 ($1.-1 Interest at Treasurer’s office. New York.
passenger and 43 service cars. Also owns valuable park properties and
000) g o ld ______________c*[Bankers Trust C o., New York, trustee.
other real estate. Rails, 95 to 119-lb. girder and 60, 70 and 80-lb. T . 6
Roch Ry 2d M $1,500.0001 1893
5 g J-D
1.500,000 Dec 1 1933
power stations and 22 sub-stations, combined capacity 94,750 k. w. A
gold ($1,000)__________ c*\Int. at Security Tr. C o.. Rochester, trustee.
transmission line between Richmond and Norfolk, completed and in opera
Otica & Mohawk Vail 1st M l 1901
41$ g M-S 2.268,000 Sept 1 1941
tion in 1920
$4;000,000 gold ($1,000)(Interest at Harris, Forbes & C o., New York;
OFFICERS.— Pres., Thomas S. Wheelwright, Richmond: Vice-Presi
c * ________ cannot be called I New York Trust C o.. New York, trustee.
dents, Fritz Sitterding; V.-P. & Gen. Counsel, E. Randolph Williams,
Otica Belt 1st mtge $500,000/ 1889
5 M -N
500.000 Nov 1 1939
Richmond; V.-P. & Treas., Geo. B. Williams, Richmond; Sec., A. H. Herr
gold ($1,000)_____________(Interest at N . Y . Trust C o.. N. Y ., trustee.
mann; Asst. Sec. & Asst. Treas., Geo. H. Taylor, New York; Gen. Aud. &
Otica Belt 2d mtge $200,000/ 1891 5 J-J
39,000 Jan 1 1931
Asst. Treas., W . J. Kehl; Asst. Gen. Aud. & Asst. Sec., A. E. Dickson.
gold ($500)______________cl Interest at N. Y . Trust C o., N . Y ., trustee.
General office, Richmond, Va. N. Y . office, 149 B ’way.— V. 115, p. 1534,
Berk M o Hlon & Frankfort/ 1895 5 g J-J
150.000 Jan 1 1926
1633, 1733, 2048, 2160, 2687, 2906; V. 116, p. 722, 824, 1052, 1534, 1762.
mtge g $150,000 ($ l,000 )c*lln t. at Farmers' Loan & Tr. C o., N .Y ., trus.
(1) N orfolk R ailway & L igh t.
Syrac R T 1st M ($3,250,000) / 1896
6 g M-S
2.500.000 Mar 1 1946
gold ($1,000)__________ c*(Guaranty Trust C o., New York, trustee.
Lease.— Was leased on June 1 1906 to Norfolk & Portsmouth Traction Co
do 2d mtge $750,000 ($1 / 1900 5 g J-J
654,000 Jan 11930
(since consolidated with Virginia Ry. & Power Co.) for 99 years, rents1
000) g o ld --------------------lint, at Union Trust C o., Clev., trustee
being (in addition to all fixed charges), $16,500 each June 1 and Dec. 1
East Side Traction 1st M f 1899
5 J-D
250,000 June 1 1929
from June 1 1906 to June 1 1907, inclusive, and Increasing to $49,500 s.-a
$250,000 ($1,000) gold__l 'nt. at Union Trust Go., Clev., trustee.
on Dec. 1 1912 and thereafter. V. 82. p. 1323
Real estate mortgages_______ _____
_______
36.000 ___________
O R G A N IZA T IO N .— Incorp. In Va. Nov. 2 1899 as a consolidation of the
Stock.— Preferred stock can be Increased only with consent o f two
following; Norfolk Street R R .. Norfolk & Ocean View R y.. Virginia Elec.
thirds of outstanding preferred stock, and holders are to have right to take
Co. and Berkeley Light & Power Co. Owns entire stock of the Norfolk
their proportionate shares o f such increase. Stock Is subject to call at 110
Light. Heat & Power Co. Street railway franchises expire in 1914, except
upon
30 days’ notice.
Both stocks
a small portion o f mileage in Norfolk, which expires in 1934. Electric listed anyNdlv. . day on Exch. See official V. 88, p. 945. 92. p. 951. are
on . Y Stock
statement. V .
light franchise expires in 1930. The company controls the street railway,
electric lighting and power business o f the city of Norfolk and owns a line
Bonds.— Of the first consol, bonds outstanding, $3,000,000 (ser. " B ” ) bear
of railway to Willoughby Spit and connects with steamer to Old Point int. at 6J$ % and $13,457,000 (ser. “ A ” ) at 4 } { % , $10,561,000 are reserved
Comfort; also owns 4.011 shares out of 5,000 shares o f the stock of the to retire underlying bonds. V. 114, p. 1651. The remaining bonds may be
City Gas Co. of Norfolk, remaining shares, 989, owned by Virginia Ry. issued for equipment, impts., &c., to the extent of 90% of the cost, and for
& Pow. Co. On Aug. 30 1904 the City Gas Co. purchased the Berkeley acquisitions at actual cost, provided in each case that the annual net
Gas C o. V. 79. p.968. Stock is listed on Phila. and Balt, stock exchanges
income (including net income on securities owned) shall be one and onehalf times the annual interest charge on all bonds, including underly
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
ing bonds then outstanding and any add’l 1st consols, desired to be issued.
Stock $1,650,000 ($25).............. ....
6 J-D
$1,650,000 D e c.’ 22,3%
Virginia Electric Co. 1st mtge f 1898 5 A-O
10,000 April 1 1928 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
$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
811,000 Jan 1 1944 municipal taxes. Rochester R y. cons. & 2d M . bonds cannot be called.
Syracuse Rap. Tran. 2d M . bonds are subject to call on any interest date .
$1,040,000 gold ($1.000)-c\InV at Merc. Tr. & Dep _Co__ Balt., trustee^
O g M -N
2 ,3 4 9 .UUU NOV 1 1949
Norfolk Ry & Lt 1st cons mtg I 1899
Dividends.— 1M % on pref. paid July 1909 and quar. to and incl. April
$4,000,000 g ($1,000) s f.c * (Int. at Internal. Tr. C o., Baltimore, trustee
1918. None to July 1922 when 1 M % was paid together with 5% on acct.
6 J-D
500,000 June 1926 of arrears. In Oct. 1922, 1H % and 5% on acct. of arrears. In Jan. 1923,
City Gas Co first m ortgage.. j ____
lU. S. Mortgage & Trust C o., N . Y ., trustee, 1 H % and 10% on acct. of arrears, clearing up all accumulated divs. in
Bonds.— Of the Norfolk Ry . & Light first consol, mtge. $1,050,000 is re- arrears. V. 115. p. 2686. In Apr. 1923, \M % . On com., 1}$% quar.
served to retire underlying bonds. Sinking fund began Nov. 1 1909, and from July 1910 to July 1914; Oct. 1914, 1% . V. 99, p. 894. In 1915,
provides for the purchase of 1% o f outstanding bonds each year at 110 or 4% ; in 1916, 4}£% ; in 1917, Jan., 1% ; April, 1% ; July, 1% . None to
less. See V. 70. p. 584. $801,000 of bonds not reported outstanding held Jan. 1923, when 1}$% was paid. In April 1923, M o f 1% was paid.
in sinking fund Dec. 31 1922. $229,000 Norfolk Street R R . bonds not re
RE PO RT.— Combined statement for years end. Dec. 31 (after allowing
ported outstanding also in sinking fund as of Dec. 31 1922.
OFFICERS.— Pres., Thomas S. Wheelwright; V.-Ps., T . Norman Jones for inter-company charges)— 1922 report in V . 116, p. 823:
Net, after Other
Deduc- Sink.
Divi- Bal.,Sur •
Jr. and F. Sitterding; Sec. & Treas., G. B. Williams.— V. 82. p. 1323: Calendar ;Gross
Year Revenue. Taxes, &cy,Income. tions.
Fund.
dends. or D ef ■
V. 106, p. 925.
. ________
S
S
$
S
$
$
$
1 9 2 2 ... 10,501,765 2,109,365 97,422 1,435,518 34,740 492,300 244(229
ROCHESTER, N. Y,
1921 ..-10,693.524 1,554,244 388,654 1,374,044 34,074x193,125 341,655
x 5% on preferred paid in year 1922.
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 .
ROA D .— On Dec. 31 1922 operated 337-33 miles of railway, of which
OR GA N IZA TION .— Incorporated in New York on March 22 1909 as a 276.28 miles owned, 60-96 miles leased, and .09 trackage rights. Miles
consolidation o f the Rochester Ry. C o., the Rochester & Sodas Bay R y . Co. main single track, 556.29 (of which 426.90 miles owned, 129.21 miles leased
and the Roch. & Eastern Rapid Ry. Co. (as per plan V. 88, p. 53, 823, 945.) and .18 miles trackage rights); sidings, &c., 38-50 miles; total track mileage,
and on Oct. 17 1912 the P. S. Comm, approved the further merger with the 594.79. Miles of railway owned, leased and operated by subsidiary cos.,
Utica & Mohawk Valley R y., Oneida R y., Syracuse Rapid Transit R y. and in addition to mileage operated directly by N. Y . State Railways:
Rochester & Suburban Rv. all of whose Rtocks had alreadv been owned.
Owned. Leased. Operated.
V. 95, p. 1040. Aug. 28 1919 the co. merged into itself the East Side Trac a Rochester Electric Railway___________________ 4.69
____
____
tion C o., the entire stock of which had been owned since 1912. Compare a Ontario Light & Traction Company___________ 2.53
___
V. 108, p. 683.
* Schenectady Railway Cp_____________________ 60.29
>
12.99
73.28
The Rochester Railway was a consolidation of the Rochester City &
Brighton R R .. the Cross-Town R R . and the South Park R R ., and leased
T otal-------------------------------- ------------------- --------67.51
12.99
73.28
she Rochester Electric R y. from July 1 1894 for 50 years, at a rental of 8%
a Leased to N. Y . State Rys. 6 N. Y. State Rys. owns a half interest.
A pril, 1923.]
Has 834 passenger, 18 express and 145 other cars (Including 1 electric
locomotive) and 40 snow plows: total, 1,038.
OFFICERS.— Pres., James F. Hamilton; V .-P .’s, Walter Ivernan, 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. 114, p. 1093, 1408,
1651, 2013, 2718, 2825; V. 115, p. 760, 988, 1321, 1429, 1533, 1731, 1838,
1942, 2268, 2686; V. 116, p. 823, 936, 1178.
(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; Y. 88, p. 54
ORGANIZATION.— Incorporated In New York. A reorganization od
Feb. 11 1895 o f 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 O o.’»
cracks into Albany and Troy. Franchises perpetual.
Favorable Decision Regarding Fares.—On May 21 1914 the P. S. Comm
dismissed the complaint o f 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
tion of the company to increase rates. The increased rates, made effective
Aug. 1 1920, were as follows: (a) On the Schenectady urban lines the rate
of rare was increased from 6c. to 7c. (b) On the Troy interurban division,
the Schenectady-Troy rate was increased from 31c. to 35c. Intermediate
cone rates were changed from 6c. to 7c., the minimum interurban fare,
(c) On the Ballston interurban division, the Schenectady-Ballston rate was
Increased from 30c. to 35c. The intermediate zone rates were changed
from 6c. to 7c., the minimum interurban fare, (d) On the Albany division
the Schenectady-Albany rate was increased from 28c. to 29c. On July 5
1922 the P. S. Comm, established a universal 7c. fare on the lines of the
United Trac. Co. in the cities o f Albany, Troy and Watervliet. This did
not affect any change in the foregoing through rates on the lines of the
Schenectady Ry. Co. between Schenectady and Albany and Schenectady
and Troy. V. 115, p. 437.
To Operate Buses.— See V. 116, p. 1761.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $7,000.000 (S100).........................................
$4,100,000
See text
First mortgage $20,000.0001 1916
5 g M-S
2,676.000 Mar 1 1946
gold ($1,000)_________ c * .lU . S. Mtge. Sc Trust C o., N. Y ., trustee
Bonds.— $324,000 additional bonds may be issued to retire floating debt
and for other corporate purposes. Remainder of first $5.000.000(Ser.“ A ” )
may be issued from time to time for cash cost of extensions and permanent
Improvements. Bonds in excess o f $5,000,000 may only be Issued for 80%
of cost o f extensions, &c.. under conservative restrictions, and may bear
Interest, not exceeding 6% , and be callable under such terms and condition*
as the directors may determine. Ser. “ A” bonds are callable at 102H and
Int. on any int. date. Exempt from N . Y . State, county municipal per
sonal property taxes. V. 102, d . 887.
Dividends.— Initial div.— 2 % —in 1906; 1907 and 1908, none, in 1909'
4% ; 1910. 6 )4 % : 1911 to 1915, 6 % . In 1916, 5% . In 1917. 3 ) 4 % .
None since.
EARN INGS.—
Gross
Net (after Other(net) Dcduo
Balance,
Cal. Year—
Earnings.
Taxes). Income.
tions.
Sur.orD ef.
1922_____________ $1,776,451 $234,740 $1,905 $147,047 sur.$89,598
1921_____________ 1,706,778
114,862
3,664
147,400 def. 28.874
R OAD.—Operates 140.02 miles of track, o f which 114.78 miles owned
and 25.24 miles operated under traffic agreements. 70, 75, 78 and 80-lb
T girder rail. Has agreement with Fonda Johnstown & Gloversville
Ry. Co. (electric division* whereby latter company operates its cars Into
Schenectady Operates 126 motor and 31 other oars.
OFFICERS.— Pres. James F. Hamilton; V.-P. & Gen. M gr., Harry B.
Weatherwax: Gen. Supt., Wm. S. Hamilton; Sec.. Treas. & Purch. Agt.
V. 110, p. 563. 2488; V. I l l , p. 589; V. 112, p. 1867, 2414; V. 113, p. 1472,
1888, 2722; V. 114, p. 1181, 1409; V. 115, p. 437, 2687; V. 116, p. 1761.
ROCHESTER LOCKPORT & BUFFALO RAILROAD CORP.
ORGAN IZATION .— Incorporated in New York on April 4 1919 as suc
cessor to the Buffalo Lockport & Rochester Ry. (for history see “ Electric
Railway Supplement” o f March 29 1919) as per reorganization plan Id
V. 108, p. 682. The 1st Mtge. bonds o f the old co. were exchanged for
$500 pref. and $750 common stock of the present company for each $1,000
bond, while the 2d Mtge. bonds of the predecessor co. received $500 in neu
pref. and $500 in new common stock for each $1,000 bond. The common
and pref. stocks of the old co. did not participate in the plan.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity
Common $2,200,000_______________
_______
$2,199,250 _____ _____
Preferred $1,500,000 cum _________
6%
1,499,500 __________
Stock.— Preferred stock Is pref. as to assets and dividends. The by-laws
provide that no mortgage shall be placed on the property or assets of the
co. in priority to the pref. stock, without the consent o f the holders of twothirds of the outstanding pref. stock. V. 108, p. 682.
EARNINGS.— For years ending Dec. 31:
Gross
Net (after
Other
Interest,
Balance
Cal. Year— Earnings.
Tares).
Income. Rentals, Ac. Sur. or def
1922.................. $504,520
x$86,087
$6,528
$526
$92,089
1921<------- -------- 557,582
98,847
6,132
526
sr.x 93,848
x After deducting income tax, &c.
R OAD.— Operates about 58 miles between Rochester and Lockport.
Ralls 70 to 91-lb.
OFFICERS.— Pres., E .R .W o o d , Toronto, Ont.; V .-P ., A. S. Mulrhead
Toronto, Ont.; .Sep., Treas. & Gen. M gr.. W . W. Foster, Rochester, N. Y.
V. 108, p, 1512.
___ ,
R o c h e s t e r & m a n i t o u rr, ,
ORGAN IZATION .— Incorporated Oh Aug. 12 1908. Acquired property of
the Rochester Charlotte S Manltou, sold at foreclosure July 21 1908
c
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $60,000 ($100)______________
_________
$60,000 ................. .
First mortgage $60,000 gold! 1909
5 g M -N
58,000 May 1 1929
($500 and $1.000)_ c* n tf lin t, at Security Trust C o., Rochester, trustee
_
BONDS.— $2,000 bonds remain unissued. No sink. fund. Bonds are
subject to call at 105 and Int on 8 weeks' notice.
EARN IN G S.— For year end. Dec. 31 1922, gross, $27,487; net, after
taxes, def., $1,923. In 1921, gross, $9,786; net, after taxes, $8,101.
OFFICERS.— Pres., Henry W. Wedel; Sec. and Treas., Kendall B.
Castle; Supt., Geo. M . Wegman.— V. 87, p. 545; V. 88, p. 1314.
ROCK ISLAND, ILL.
MISSISSIPPI VALLEY R Y . & POWER CO.
OR G A N IZA TIO N .— Incorp. in Delaware July 1 1915 to take over the
Rock Island Southern R y., the Aledo Terminal R y., the Rock Island Alexlt
Ry. and the Edwards River Power Co (all formerly operated by the Rock
Island Southern R y .), as per plan of readjustment In V. 101, p. 449. Under
the plan acquired all the com. and pref. stocks o f these companies and
$1,341,200 (out o f $1,873,200) 1st M . bonds or the Rock Island Southern
Ry. and $415,000 Aledo Term. Ry. 1st M . bonds.
Default— Interest Funding Plan.— Being in need o f at least $150,000 for
the rehabilitation o f the Rock Island Southern Ry. property, and finding it
Inadvisable to sell additional prior lien bonds in view of the unsettled finan
cial situation, the Miss Valley Ry. S Pow. Co. entered into an agreement
c
with the holders of the $532,000 Rock Island Southern R y . bonds not owned,
by which the time o f payment of interest on those bonds and the bonds held
by the M . V. R. S P. Co, will be extended for 3 years. The M . V. R. S P.
c
c
Co. being without funds to pay the Interest due July 1 1917 on Its 1st S ref.
c
5% bonds, holders of said bonds have been requested to exchange their
coupons for the 3 years beginning July 1 1917 for bonds of the same issue,
par for par. The unissued Prior Lien bonds are to be canceled. For
further details see V. 105. p. 607.
Sale of Collateral.— The interest and principal due June 1 1917 on the
$266,000 coll, trust notes of the R. I. Southern Ry. remaining unpaid, the
$532,000 1st M . 5% bonds of that company pledged as collateral, were
•old at foreclosure Aug. 27 1917, presumably to the committee for the note
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
R-J. V. 110, p. 1642.
115
ELECTRIC RAILW AYS
Interest. Outstanding. Maturity
STOCK AND BONDS—
Date.
................... $2,291,060 ...................
Common stock $2,500,000_________
Preferred stock $2,000.000_ _____
_
................. 1,079,524 ....................
Prior Lien bonds $300,000 1st f 1915
5 J-J
abt.175.000 See text
refunding _mortgage ($100,1 ____
5 J-J
abt.800,000 July 1 1945
_ _ _ _ _ _ _ ____ _____ , 1915
Jcc.)___________________ c*(Int. at Columbia Trust C o., N. Y ., trustee,
Rock Island Southern Ry.—
First mtge $2,500,000 g($100)f 1908
5 g J-J
1,873,200 Jan 11947
$500 and $1,000)_______ tftOentral Trust C o.. Chicago, trustee.
Voting Trust— The com. and pref. stocks have been deposited In a voting
trust expiring in 1920. Trustees: Henri O. Morand. A . O. Chambers,
T . P. Gaylord, J. J. Fleming, J. A. Hanley. M . A. Walsh, C . H. Walsh and
Will H. Clark.
Bonds.— Provision is made for the retirement o f the prior lien bonds out
4f the sinking fund or by the sale of other bonds, the bonds taken In ex
change for the old securities then becoming an absolute first Hen. Addi
tional bonds may only be issued for betterments, extensions, &c., under
carefully guarded restrictions. $1,341,200 of the R . I. Southern R y. bonds
»re owned by the Miss. Vail. R . & P. Co.
Latest Earnings.— For cal. year 1919, gross, $310,745; net, after taxes.
161.092. In 1918. gross, $321,069; net, after taxes. $54,352.
ROAD.— Runs north from Monmouth to a connection with the Chie.
Rock Island & Pac. R y. at Monmouth Junction. 31 miles, and thence op
erating into city of Rock Island, a distance o f 22 miles, over line leased for 25
years from C . R. I. & P. R y ., which has been electrified. Also 7 miles from
Gilchrist June, to Aledo. Total mile j of single track operated, 66.29. Has
connections for Davenport, la ., Moline and Galesburg, 111. 10 pass., 243
freight, 2 express and freight and 7 work cars; 7 steam locomotives. 75-85lb. rails. Also operates the power house located at Edwards River.
OFFICERS.— Pres., J. A. Hanley, Davenport, Iowa; V .-P., T . P.
Gaylord, Pittsburgh: Sec., M . A. Walsh, Clinton, la .— V. 101. p. 449;
V . 105, p. 607: V. 110, p. 1642.
ROCKLAND, ME.
KNOX COUNTY ELECTRIC CO.—
Merged into the Central Maine Power Co. For history up to time o f
merger see “ Electric Railway Supplement" of Oct. 28 1922.
O X FO R D ELECTRIC CO.
Controlled by Centra Maine Power Co
O RGAN IZATION .— Chartered in Me. N ov. 14 1894 as the Norway S
c
Paris St. R y. (see this Section for Sept. 1916). Name changed to above
Jan. 6 1916 and refinanced as shown below. On March 29 1916 acquired
the Mechanics Falls Elec. L t. Co. Entire common stock owned by Central
Maine Power Co.
Operates 2.13 miles of electric railway between Norway and Paris; 40-lb.
T rail: standard gauge. Also does an electric light and power business.
Operations.— Has not been operated since January 1919.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $50,000 ($ 1 0 0 )____
_______
$50,000 ___________
Pref6% non-cum$30.00 0($ 100 )...........................
30.000 ........... ........
First S ref mtge ($500 andf 1916
c
5J&J
175.000 Jan 1 1936
$1.000)----------------------------\Int. at Union S. D . S Tr. C o., Portland. T r,
e
ROME, GA.
ROME RA ILW A Y & L IG H T CO.— A trolley road.
ORGAN IZATION .— Incorporated In Georgia on N ov. 30 1906 as suc
cessor to the City Electric Ry. V . 83. p. 1591. Furnishes light and power
to city and private Individuals. Franchises expire 1985; street railway
franchises practically exclusive. In 1916 canceled the old first and consol,
mortgages and made a new first mortgage as shown below:
Fare Increase.— In Jan. 1919 was auth. bv the Ga RR Comm, to increase
fares by 1 cent. V. 108, p. 172. In Nov. 1922 the Ga. P. S. Comm, denied
a petition of the citizens of Rome requesting a reduction in fares. V.
115, p. 2159.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common, $1,000,000 ($100)_______
Q-J
$650,000
See text
Pref. $100,000 ($100), 7% c u m ____
Q-M
100.000
See text
First mtge, $3,000,000, goldf 1916
5 g A-O
$500 and $1,000)— c * cp t]ln t. at Spencer Trask S c6?,°New) York.^or
c
M
l
—
I
t
I Fidelity S rColumbia H P- C o.. T
c i r t l u m W o Tr.
Louisv., r n _
Tr.
Bonds.— Redeemable in whole or part at 105 and int. on any int. date on
80 days' notice. Sinking fund. 1% of outstanding bonds annually, began
Oct. 1 1917, for retirement of bonds at not exceeding 105 and Int. or
Investment in new properties. See., against which no bonds may be Issued.
Remaining $2,150,000 are reserved for not exceeding 80% of cost or fair
ralue of additional property or equip., or add'ns. exts., Impts., See. under
conservative restrictions. V. 103, p. 61.
Dividends— On common in 1909, 2% : 1910. 1% ; 1911, 3 % ; 1912. 6% ;
1913, 5% . In 1914 and to and incl. July 1917, 1% quarterly: none to
July 1 1919. In 1919 2% was paid. In 1920, 4% regular and 3% deferred?
In 1921, 4 % . In 1922 divs. were being paid at the rate of 4% per annum.
Divs. on pref. stock were begun in Sept. 1916 and have been paid regu
larly since.
EARNINGS.— For cal. year 1922, gross, $269,202; net, after taxes,
$50,742. In 1921, gross, $274,467; net, after taxes, $59,817.
Property.— Operates 12.1 miles of street railway line in Rome, Ga., IncL
axtensions to Lindale and Scales Works. Standard gauge; 90-Ib. girder
and 60 & 70-Ib. T rails. Also complete and well-equipped electric lighting
system. Power plant has generating capacity o f 1.750 k. w. (held In re
arve). Has contract for power with Georgia R y. St Power Co.
OFFICERS.— Pres.. S. A. Culbertson: V .-P. and Gen. Mgr. . S. S. Bush,
Louisville, Ky.; Supt., H. J. Arnold, Rome.— V. 108, p. 172; V. 115, p.2159.
ROSLYN, LONG ISLAND, N. Y.
NEW Y O R K & NORTH SHORE T R AC TIO N CO.
Receivership.— On Jan. 19 1921 W m. Paul Allen and John G. Moran were
appointed receivers for the co. by Federal Judge Ohatfield In Brooklyn as
tne result o f an action In equity brought by the Citizens 8av. Sc Trust Co
Cleveland, trustee for the $800,000 1st mtge. 5s of the co., int. on which has
been in default since April 1 1919. V . 112, p. 372. Compare V. 110
p . 2292, 2658.
Sale.— The property was bid in at public auction in July 1922 for $15,000
but the sale was not confirmed and property outside of N. Y . City was
again offered for sale ( V . 115, p. 1210) and was purchased by David Ziskind
& Co., Lowell, Mass., for $125,000, subject to claims against the co. for
taxes. In Jan. 1923 the purchase was stated to have commenced dis
mantlement. V . 116, p. 176.
On the part of the property within the city o f New York it remains to be
settled whether or not the claims of the city against the co. come ahead
of those of the bondholders. V. 116, p. 176.
ORGAN IZATION .—Incorporated In New York on Aug. 6 1902 as th e
Mlneola Roslyn Sc Port Washington Traction C o.; name changed to present
title Aug. 26 1907 by order or Supreme Court. In March 1912 Public
Service Comm, approved the making of a new mtge. and the Issuance of
$800,000 bonds thereunder; also auth. the issuance of $757,500 additional
stock (V. 94, p. 698; V. 93, p. 940). The new bonds were issued in April
1914, part of the proceeds being used to retire the $350,000 1st M . bond*
of 1907.
Fares, A c.— See “ Electric Railway Supplement” of Oct. 28 1922.
Franchise Revoked— Municipal Operation Proposed.— On Jan. 28 1921 the
co.’s franchise was revoked by the N . Y . City Board of Estimate, the co.
having ceased operation of its lines in May 1920. V. 112, p. 653
STOCK AND BONDS—
D a te .
In te rest. O utstanding.
M a tu rity
$979,350 ...........
Stock $1,250,000 ($50)________ ___________ _
First mtge $3,000,000 g($100,l 1914. 5 A-O
800,000 Apr 11984
$500 and $1.000)------- c* t f/ln t . at Citizens’ Sav. Sc Tr. C o., Clev.. trust.
Bonds.— Sinking fund created for property, which will revert to City o f
New York, at expiration of franchises. Moneys may be used to retire
bonds or for acquisition of new property. Subject to call at 102 and int.
at any int. date. Edwin V. Hale, Cleveland. O.. Is co-trustee.
EARNINGS.— For year ending June 30:
Y ea r —
G ross.
1917-18.............$160,591
1916-17............$158,301
N e t (after
T a x es).
$21,348
$37,926
Other
In c o m e .
$9,356
$1,710
In te rest,
R en ts, A c .
$48,551
$48,518
B alan ce,
S u r .o r D e f.
def.$17,847
def $8,883
116
ELECTEIC EAILW AYS
L ati £
For cal. year 1919. gross. *146,711; net. before taxes
flef.. *2.161. |p 1918, gross. *151,859: net, before taxes, *4.634.
R O A D .— Road (none o f which has been operated since M ay 3 1920)
extends from Flushing to Whitesoone, and from Flushing through BaySide, Douglaston, Little Neck, Manhasset, Roslyn, Mineola and Westbury
Xo Hicksville, with branch from Roslyn to Port Washington; total track,
38-08 miles; 29.42 miles o f road. Standard gauge; 70 and 103-lb. girder
'-'ars (motor, 19, other, 4), 23. Owns power station with two
1,000 k. w. turbines.
OFFICERS.— Receivers, W m. Paul Allen and John G. Moran.— V. 110,
P -970, 1188,2292, 2658; V. I l l , p. 189. 896, 1183, 1472; V. 112, p. 372,
653 , 745; V. 115, p. 1210; V. 116, p. 176.
[ V ol. 116.
ORGANIZATION.— Incorporated In Missouri on March 11 1898 as the
Central Traction C o., but changed Its name to above on July 10 1899.
On Dec. 31 1906 absorbed the St. Louis & Suburban R y., giving its pref.
stock, share for share, for the stock of that company. The United Rys.
guarantees the $4,500,000 gen. mtge. bonds of the St. L. & Sub. R y. See
V. 83. p. 39. V. 84, p. 105. In 1908 acquired a controlling Interest on the
Missouri Electric C o., successor to the St. Louis St. Charles & Western
RR ., 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. C o., but under
a readjustment arranged In Oct. 1904 by Messrs. Brown Bros. & Oo.
(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
RUTLAND, VT.
has been issued for trust certificates.
RUTLAND RAILW AY, L IQ H T & POWER CO.
Under this plan the *20.000.000 refund, and impt. mtge. bonds of the
*1 679,100 of the stock is owned by tbe General Gas 5c Electric Oo.. St. 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
which see in our 'R y. & Ind.” Section.
bonds guar, by the United Rys. Co. of St Louis, this guaranty being se
ORGAN IZATION .— Is a consolidation in Feb. 1906 o f the Rutland cured by a mortgage on all of that company’s property next in rank to that
Street R y., the People’s Gas Light Oo,. the Vermont Internal Improvement of Its genera) mtge. These Improvement bonds are now the only outstand
Co. and the Chittenden Power Co. In Sept. 1906 acquired the entire ing security of the Transit Co.
*180.000 stock and *120.000 bonds of the Rutland City Electric Oo. V. 83.
Power.— Power Is purchased from the Union Electric Light & Power Oo.
p. 626. In March 1908 consolidated with the latter company, thus com and the Electric Co. of Missouri (successor to the Miss. River Power Dis
pleting consolidation o f all the Rutland public utilities. V. 86, p. 1044
tributing C o.). See V. I l l , p. 1662: also V. 112, p. 2529.
Franchises have been granted by special Acts o f Vermont Legislature and
Mill Tax Decision.— The U. S. Suprme Court on April 10 1916 dismissed
are perpetual.
the company’s appeal from the decision in the Missouri courts which upheld
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity • 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.
See text
Common stk $2.000,000($100)................. „ ..........$1,700,500
Preferred s t o c k ............... ....................
7%
111.200 Apr. ’23 1 % p. 1437. On June 16 1916 the co. paid In full the *1,839,205 Judgment
First mortgage *2,000.0001 1906
5 g M-S
1,913.000 Mcb 1 1946 obtained by the city for taxes from 1903 to 1910. with Interest. On Jan. 11
1919 the co. formally acknowledged Its responsibility for the $2,500,000
gold ($1.0001----------------c*|Int at Lincoln Trust C o.. N Y .. Trustee.
Bonds.— Bonds are redeemable at 110 and Int., as a whole or In amounts 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
o f not lees than $50,000, on any int. day. Sinking fund began March 1
1916, providing for annual payments Increasing from W% to 2% of bonds contest. The city in turn will not contest the franchise of any of the co.’s
branch lines in St. Louis and agreed to dismiss its appeal in the Jefferson
out.
Dividends.— On pref. divs. o f I H % quar. are being paid regularly. Od 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.
common, 1913, 4% ; 1914, 3.35%; 1915, none; 1916. 2 )4 % . None since
Rapid Transit System. A c.. Proposed.— V. 113. p. 1889.
EARN IN G S.— Year ending D ec. 31:
Franchise Ordinance.— After much delay and many amendments, an
Cal. Year—
Gross.
Net. aft. Taxes.
Int.. Ac. Bat. Sum
ordinance was passed by the Municipal Assembly on March 29 1918 and
1922-------------- -------- ..$593,130
$146,893
$96,298
$50,595 signed by the Mayor on April 10 1918 (for principal features of ordinance
1921-------------------------- 579.996
156,653
97,586
59,067 see this Section for Sept. 1918). On Oct. 4 1918, however, the co. notified
ROA D .— Owns and operates 28.3 miles of track In Rutland and West the city that It [the co.l did not deem it advisable to accept the measure
Rutland, extending to Fair Haven and Poultney on New York State line. because of various objectionable features embodied therein. The chief
'Standard gauge. 60-lb. T rail. 32 passenger cars and 10 freight and factor against its acceptance was that a fair return on the c o .’s investment
was not assured
V. 107. p. 1482. Compare V. 106. p. 1908.
express cars.
Common Stockholders Committee.— At a
OFFICERS.— Pres., W . S. Barstow; V.-Ps., Lucien H. Tyng, E. L. com. shares, held in Louisville, K y., in meeting o f stockholders owning
July 1917, Byron Hilliard was
West; Gen. M gr., J. G. Menut; Treas., W. Buchsbaum; Clerk & Asst.
a committee to represent said shareholders in Kentucky and
Treas., G. H. Lawson; Asst. Treas., J. P. Campbell; Asst. Clerk, C. N. appointedIndiana. No deposit o f stock was requested or has been made
Wilson. Gen. Mgrs., The W . S. Barstow Mgt. Assn., Inc.— V. 110, p. southern
date.
2658; V. 111. p. 589; 1084, 1662; V. 112, p. 258; V. 115, p. 544; V. 116, to Preferred Stockholders Committee.— Chairman, F. O. Watts; F. E. Nulsen,
p. 1533.
Geo. E. Dieckman, L. H. McHenry, J. K. Newman, K. 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. 103, p. 2239.
ST. ALBANS, VT.
Second Committee for Preferred Stockholders.— Chairman, L. H. McHenry,
S T . ALBANS & SWANTON TRACTION CO.— A trolley road.
Louisville, K y.; J. A. Cheek, Geo. E. Dieckman, J. B. Downing Jr., H.
Receivership.— On Oct. 1 1922 P. E. Sullivan, St. Albans, was appointed P. Wilson, A. J. Scharf, Sec., U. S. Trust Bldg., Louisville, K y. This
receiver for the co. by the U. S. Court and has been ordered to dispose committee has not requested the deposit o f stock and is working with the
above named preferred stockholders committee.
o f the property.
Committee for First Gen. Mtge. 4s.— Chairman,
O R GAN IZATION .— lncorp. in M ay 1912 in Vermont as successor to the R. *Francis Jr., Allen G. Hoyt, A. H. S. Post, F. Breckinridge Jones; David
H. Ecker and E. J. CostiSt. Albans Street R y., sold at foreclosure on Apr. 27 1912. Controls entire
Sec., . W.
4th and Pine
street-railway business in St. Albans and Swanton. Charter permits the gan, with Hord Harding asValleyNTrustcor.o., St. Louis;Sts., St. Louis, M o.
Depositaries: Mississippi
C
Farmers’ Loan &
carrying of baggage, express and mail; also the right to operate street rail Trust Co. of N . Y .; Mercantile Tr. & Dep. C o., Baltimore; Girard Trust
ways In Franklin and Chittenden counties, Vermont. Stock authorized. Co.. Phila. V . 105. p. 181: V. 106, p. 1578.
*200,000; outstanding, $125,000.
*A second committee representing holders of the 1st Gen. M . 4s has been
Fares.— On Dec. 9 1918 the City Council voted to release the co. from the formed, consisting of John F. Shepley, St. Louis Union Trust C o., Chair
5-cent fare limit. V. 10<. p. 2477. In Oct. 1920, we were Informed that a man; Edward Mallinckrodt, M . Kotany, J. Herndon Smith and Edwin G.
6-cent fare was then in force. In Jan. 1920 the city of St. Albans modified Merrill, ail of St. Louis, M o. Depositaries; St. Louis Union Trust C o.,
the co .’s franchise relieving it from paying ail paving obligations until net St. Louts, and the Union Trust C o., N . Y . V. 105, p. 291, 717; V . 106,
earnings equal 5% o f the P. U. Oomm’s. valuation o f the property. V. 110 p. 1578; V. 107, p. 697.
p . 360.
Committee for St. Louis Transit Impt. 5s.— Edwin M . Bulkley, N . Y .,
Operations Suspended.— The road has been closed down since N ov. 11 1921 Chairman; Geo. W . Wilson, St. Louis, Vice Chairman; F. J. Lisman,
N. Y., Charles S. Ludlam, N. Y .; George L. Edwards, St Louis: W. Lome
xEARNINGS.— For calendar years;
Scovil, 25 Broad St., N. Y ., S ecy. Depositaries; Mercantile Trust C o..
12 Vfos.—
Gross.
Net aft. Tax. Interest.
Bal.,Def
St. Louis and Bankers Trust C o., N . Y . V . 105, p. 181; V . 106, p. 1578.
Deposits have been called for V. 108, p. 1611, 2434.
$803
$5,230
$4,427
1919....................................... $35,115
A second committee representing holders of the St. Louis Transit Im pt.
1918.....................................
30.323
1,253
4.030
2,777
5s has been formed, consisting of Chairman. Wm. P. Gest; Le Roy W .
x N ot operated since N ov. 1921.
Baldwin, Oscar Fenley, Harrison Nesbit, David Sommers, Sec., T . Homer
ROA D .— Operates 13 miles of track from Village o f St. Albans Bay. on
Atherton, 1431 Chestnut St., Phila. Depositaries: Empire Trust C o., N .
Lake Champlain, to City o f St. Albans, and to Swanton.
60 and 70-lb
Y .; sub-depositaries, Fidelity Trust C o., Phila.; American Trust C o., St.
T rail.
Louis, and Fidelity & Columbia Trust C o., Louisville, K y. Deposits
OFFICERS.— Pres.. F. A. Persons. Greenfield, Mass.; V .-P .. Fuller C
have been called for. V. 108, p. 1722.
Smith, St. Albans; Sec., & Gen. M gr., A. W . Peterson, St. Albans; Treas..
Committee for St. L. & Sub. Ry. Gm. Ntge. 5s.— Herman O. Stifel, Chair
David V. Carruth, Clinton. Mass.— V. 107. p. 2477; V. 110. p. 360.
man, Pres. Stifel-Nicolaus Investment CO.; A. C . F. Meyer, Craig McQuaid,
John R. Longmire, John L. Johnston, Sec., L. M . Forster, 304 Boatmen’s
Bank Bldg., St. Louis. Depositaries; Mississippi Valley Trust Co. of St.
ST. LOUIS, MO.
Louis and New York Trust C o., N. Y . Deposits have been called for.
V. 108, p- 1611. Compare V. 105, p. 291.
UNITED R A ILW AYS CO. OF ST. LOUIS.
Committee for St. L. & Suo. Ry. Cons. Mtge. 5s.— Chairman, Mark C .
Is controlled by North American Co. o f New York.
Steinberg; Edw. Barklage, Chas. W . M oore, August H. Reller, Francis P"
Receivership.— On April 12 1919 Judge Dyer in the U. S. Dist. Court Sears, Harry F. Stix; Sec., Joseph D. Halloran, 201 Boatmen’s Bank Bldg.,
at St. Louis appointed Rolla Wells receiver for the co. on petition of Samuel St. Louis. Depositaries, Liberty Central Trust C o., St. Louis, and Ameri
W Adler of N . Y ., the co. joining in the prayer for receivership. The co.’s c a n T r u s t C o . , B o s t o n . D e p o s its have been called for. V. 112, p. 2307;
Inability to repay the 6 mos. loan o f $3,235,000 made to It by the War V. 113, p. 1774.
Finance Corp. on June 1 1918 was the cause of the appointment. V. 108
* These two committees in April 1919 announced that in the future they
p. 1611 (this has since been paid). On April 24 1919 the receivership suits would work together. V. 108, p. 1611.
Instituted by Samuel W. Adler and Elmer A. and Robt. J. McLaughlin
Valuation.— For appraisal as or Dec. 31 1917 made for city of St. Louis
were consolidated under the John W . Seaman suit by Judge Dyer In the by J. E. Allison showing a total reproduction cost of *72,589,141. See
XJ. S. Dist. Court and Rolla Wells, who had been automatically removed as
receiver In the order making the Samuel W . Adler suit an intervening one to V. 106, p. 1578. See also V. I l l , p. 494. Valuation by M o. P. S. Comm,
be
company’s
the Seaman suit, was appointed receiver under the consolidated suits, and will115, found in V . 112, p. 259 , 933. Compare2582; V. 116,valuation in
p. 1534. See also
p. 823.
Henry Lamm was reappointed as Special Master to conduct the hearings V.In May 1916 the M o. P.V. 115, p. 1934, 2047,St. Louis & SuDurban R y.
S. Comm. auth. tbe
V. 108, p. 1823, 2331. Compare V. 106, p. 716; V. 107, p. 907; V. 108
M . 5s of 1903
up and
p. 81, 1513; V. 110, p. 2488: V. I l l , p. 2326; V . 112, p. 1026; V. 113, p. 961. to Issue $1 000,000 Gen. bonds issued by to take Louis & pledge under that
mortgage the $1,000,000
the St.
Co.
■Suhsidiarv Companies Receiverships.— In Sept. 1919 Rolla Wells was ap- for refunding its $1,000,000 1st M . 6s, which fell, due MMeramac R y. The
ay 8
- ted receiver o f the Missouri Electric R y.. the Florissant Construction, $1,000,000 St. L. & Sub. bonds are held in the United C o.’s 1916.
Estate & Investment Co. and the Merchant’s Express C o., sub future use. V. 102, p. 2255. The $200,000 Southern Electric treasury for
sidiaries, on application o f Thomas Francis, attorney for the United Rys Aug. 1 1916, were paid o ff and a like amount of United Rys. 4s 5s maturing
were issued
Co. V . 109, p. 1368. See also V. 113, p. 1252.
In N ov. 1920 $4,200,000 3-year 7% receiver’s certificates were Issued to and placed In treasury. 26 1917 the Missouri Supreme Court held that the
Decisions.— On Feb.
provide or the payment of $1,900,000 St. Louis R R . 4)4% bonds which P. S. Comm, had
to compel
to
on
tell due M ay 1 1920 and to reimburse the receiver for funds used to retire streets on which itno auth. franchises. the companyvoidextend its tracks the
held no
Also held
two sections of
*2,300,000 receiver’s certificates due Sept. 2 1920. V. I l l , p. 2141.
In July 1921 the receiver’s application for authority to issue $1,474,000 city charter conferring upon the city the power to regulate Its public utilities.
Fare Increase.— In M ay 1918 was auth. by the M o. P. S. Comm, to
receiver’s certifs. to be used in retiring the $1,474,000 Lindell R y. 4)4s. due
Aug. 1 1921, was denied. V. 113, p. 418. Compare V. 113, p. 72. In increase adult fares to 6 cents effective June 1 1918. At the end of 1 year
Aug. 1921, however, the receiver offered to extend the Lindell Ry. bonds to the co. must show cause for making the new rate permanent. (The co. was
Oct. 1 1923 at 8% . This extension was underwritten by the North Ameri auth. to extend the 6-cent fare rate, and, effective Sept. 20 1919, was
authorized to Increase fares to 8 cents for a period of six months). In
can Co. V. 113, p. 536.
The receiver was auth. to extend the $2,000,000 St. Louis & Suburban connection with this the M o. P. S. Comm, in Feb. 1919 ordered a valuation
cons. mtge. 5s due Feb. 1 1921 for 3 years at 8 % . The extension was carried of the co’ s property to be completed by June 1 1919. V. 108, p. 581. In
out after some delay, the extended bonds bearing 8% interest from Feb. 1 granting this increase the Comm, held that municipal franchises do not con
1921 and maturing Oct. 1 1923. Holders who did not desire to extend their stitute irrevocable contracts, leaving States without power to regulate rates.
bonds received cash upon presentation, interest on this issue accruing at 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
8% up to June 1 1922. V. 114, p. 2360, 2728.
Holders o f $1,640,000 Cass Ave. & Fairgrounds R y. 1st mtge. extended rates notwithstanding franchise terms; and as the existing rates were not
4 )4 % bonds due July 1 1922. were given the right to extend their bonds to sufficient to permit adequate service, public Interest and welfare demanded
Oct. 1 1923 at 6 % . The extension was underwritten b y the North Ameri- 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
CaThe°janT l 1
and July° l 1920 coupons on the Gen. Mtge. 4% bonds were V. 106, p. 2451. In June 1918 the City Council filed an appeal from the
paid when due. Int. due Oct. 1 1920 on the St. Louis Transit 5s of 1924 decision. V. 106, p. 2759. On Aug. 31 1918 Judge J. G. Slate in the Cole
and the St. Louis Suburban 5s of 1923 was paid when due. V. I l l , p. 1662. County Circuit Court held that the Comm, was without jurisdiction to
See also V. 113, p. 1252. Interest due April 1 and Oct. 1 1921 and April 1 pass upon the far question and that the 6-cent fare was therefore null and
1922 on the latter issue was not paid until May or June 1922. V. 114, p. void. Chief Justice Bond of the Missouri Supreme Court authorized the
2242 While no provision for the $4,500,000 St. Louis & Suburban gen. company to issue a negotiable receipt for 1 cent pending the final decision
mtge. 5s, due April 1 1923 had been made up to time o f going to press, 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
it is stated that the int. due on that date will be paid. V. 116, p. 1412.
Reorganization.— In Sept. 1922 it was reported that a tentative plan for fares prescribed by franchise, thus validating the 6-cent fare. V . 107, p.
the reorganization o f the company was expected to be taken up in the 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
near future. V. 115, p. 1534. See also V. 115, p. 1943, 2047.
K
A pril, 1923.]
ELECTRIC RAILW AYS
the 6 -cent
8 -cent fare
fare rate, and, effective Sept. 20 1919, was auth. to charge an
for six months. For further details o f 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.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock com $25,000,000 ($100)_
— .....................$24,913,000 .....................
Stock preferred 5% cumul
5 Q-J
16,383.000
See text.
$20,000,000 ($100)_______ J ____
Receiver’s certificates Series f 1920 7 g A-O
4,200,000 Oct 1 1923
“ A ” ($1,000)_____________lin t, at Guaranty Trust C o., New York, and
i First Nat. Bank, St. Louis.
Gen 1st mtge $42,000,0001
1899 4 g J-J
30,300,000 July 1 1934
($1,000) gold_________ c* tf Vint, at St. Louis Union Trust C o., Trustee,
Cannot be called.
I or at Bankers Trust C o., 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* tfj 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 1 )905. 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 o f 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. 1919 $1,932,000 bonds of this issue which wereowned
by the co. were ordered canceled by the Federal Court. V 111, p. 787.
The bonds are secured by all the stocks of the constituent companies, and
by direct mortgage lien upon their property and franchises. In 1903 the genmtge bonds were listed on the N .Y . and Philadelphia stock exchanges (see
V .7 6 , p. 980: V. 89, p . 995), and in April 1906 the St. Louis Transit Co.
impt. bonds were listed on the New York Stock Exchange. The impt.
bonds are guar., p. & L, by the United Rys. Co.
Receiver's Certificates.— The certfs. rank prior to the $30,300,000 1st Gen.
M . 4s and to $9,790,000 junior bonds. Additional certfs. may be issued to
retire three issues of divisional bonds, aggregating $4,100,000, under cer
tain restrictions. Red. on any int. date upon 4 weeks’ notice at 10114 and
tain restrictions. Red. on any int. date upon four weeks’ notice at 100)4
and int. on April 1 1923. V. I l l , p. 2141.
BOND ISSUES OF CONSTITUENT COM PANIES.
Lindell System—
Date.
interest. Outstanding. Mlaturity.
Lind ell Ry 1st M $1,500,0001 1891
8 g F-A
$1,474,000 Oct 1 1923
gold ($1.000)------- c*&rntf/Interest payable In New York and St. Louis.
Oomp’n H U D & M T 1st M l 1893
5 g J-J
986,000 July 1 1923
($1,000) g (extend’d) c* n tf [Int. at St. Louis Un. Tr. C o.. Trustee.
National System—
Cass Ave & Fair Grounds 1st) 1892
6 g A-O
1,640,000 Oct. 1 1923
extended M $2,000,000 g lin t, at Northern Trust C o., Chicago, trus
($1,000) sinking fund guar [ and St. Louis Union Trust C o., St. Louis
prin & int (Nat R y ). _c*ntf J
St. Louis & Sub. System—
St. Louis & Suburban cons M / 1891
8 g A-O
2,000,000 Oct. 1 1923
$2,000,000 g ($1,000) c* n tf (Interest at Amer. Trust Co., Boston, TrusSt L & Sub gen mtge $7,500.-1 1903
5 g A-O
4,500,000 April 1 1923
000 gold ($1,000) guar c*tf /Int. at Miss. Val. Tr. C o., St. Louis, Trustee
Of the St. Louis & Suburban R y. general mortgage for $7,500,000
$2,000,000 are reserved to retire prior liens. V. 76, p. 332. The St
Louis & Meramac River in April 1903 made a mortgage securing $3,000,000
bonds, all of which have been deposited with the trustees as additional
security under the St. Louis & Suburban general mortgage of 1903
The St. Louis & Suburban cons. mtge. bonds were originally 5s and matured
Feb. 1 1921, but were extended to Oct. 1 1923 at 8% . Are red. as a whole
on any int. date on four weeks’ notice at 101 and int. V. 114, p. 2360, 2718.
The Lindell Ry. 1st mtge. were originally 5% bonds maturing Aug. 1 1911;
but were extended 10 years to Aug. 1 1921 at 4 )4 % . V. 93, p. 106. In
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. &
Fair Grounds 1st M. were originally 5s maturing July 1, 1912, but they were
extended for 10 years at 414% and again at 6% to Oct. 1 1923. Y . 115,
75. $360,000 have been redeemed. V. 94, p. 913, 1509, 1764. Comp’n
eights Un. Dep. & Mer. Term. 1st M . were originally 6s, due July 1
1913, but were extended 10 years at 5 % . Y. 96, p. 1774. Redeemable
at 10214 and int. on 60 days’ notice; principal and interest guaranteed by
United Railways. St. Louis Union Trust C o., trustee.
Dividends.— First div.. of lYt.% on pref., April 10 1900 and the same
amount auar. to July 10 1910, incl.; none since. V. 91, p. 718; V. 93, p. 591.
ROAD.— On Dec. 31 1922 owned total of 460.93 miles o f track (Including
the St. Louis & Suburban), o f which 345.39 m. are in the city and 115.54
miles are county track.
EQU IPM EN T.— Has 1,578 passenger cars, 4 special cars, 2 express cars.
7 snowplows and 35 snow-sweepers. 3 electric locomotives and 164 service
cars of various kinds. Total. 1,793.
REPO RT.—
1922.
'** 1921.
1920.
1919.
Revenue pass, carried.-286,076,475 282,447,190 287,405,837 263,221,899
Transfer passengers____152,261,868 150,562,354 154,464,735 145.788,430
Gross earnings_________ $19,963,556 $19,658,551 $20,267,730 $16,592,680
Deduct— Oper. expenses.$13,395,508 $13,593,218 $13,647,918 $11,533,460
Depreciation________ 1,500,000
1,500,000
1,626,888
1,659,268
T a x es------- --------------- 1,845,723
1,675,697
1,437,336
1,110,911
&
Net earnings_________ $3,222,325
Other income__________
202,831
$2,889,635
216,350
$3,555,587 $2,289,041
145,856
106,442
Total net income_____$3,425,155
Interest on bonds, & c__. 2,912,063
$3,105,985
2,802,940
$3,701,443 $2,395,483
2,618,014 2,661,263
Surplus_____________
$513,092
$303,045 $1,083,428 def$265,780
OFFICERS.— Receiver, Rolla Wells; Gen. Mgr. for Receiver, Albert T.
Perkins.
Corporate Officials.— Pres., A. L. Shapleigh; V .-P., Murray Carleton,
Sec. & Treas., James Adkins; Asst. Treas., Frank A. Gannon; General
Counsel, H. S. Priest. Directors: J. I. Beggs, Murray Carleton, H. S.
Priest, R. L. Warner, A. C. Brown, A. L. Shapleigh, F. O. Watts, A. J.
Seigel, John F. Dulles, J. K. Newman and Richard McCullock.— Y. 113,
p. 72, 418, 536, 961, 1252, 1676, 1774, 1889, 2186; V. 114, p. 411, 523,
1768, 2242, 2361, 2577, 2719; V. 115, p. 75, 546, 989, 1531, 1934, 2047;
2478, 2582, 2794, 2906; V. 116, p. 823, 1412.
(1) M issouri Electric R R .
Controlled by United Rys. Co. of St. Louis.
Receivership.— See United Railways Co. above.
O R G A N IZA TIO N .— Incorporated in July 1908 In Missouri and took
over property of St. Louis St. Charles & Western R R ., sold at foreclosure
sale July 24 1905, on behalf of a syndicate. Stock, $1,000,000, all out
standing. A $1,000,000 mtge. has been made to Mercantile Trust Co. of
St. Louis, as trustee, o f which $700,000 are outstanding. Company oper
ates about 20 miles o f track between St. Louis and St. Charles. Gauge
4 ft. 10 in. 60 and 70-lb. T and girder rail. Pres., Richard McCulloch.—
V. 87. p. 226. 480. 1366.
_____
ST. LOUIS & ST. CHARLES BRIDGE CO.
ORGAN IZATION .— Incorporated on Dec. 22 1908 as successor to the
st. Charles & St. Louis County Bridge C o., whose property was bid in at
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.
laturity
Stock $562,500 ($100)...................
...............
$560,850 ........... .......
1st mortgage $300,000 ($500)1 1909
5 g J-J
185,000 Jan 1 1929
g o ld __________________c*_/American Trust Co., trustee.
Bonds.— Subject to call at 105.
PR O PE R TY.— Bridge across Missouri River 2,700 ft. long, between
City of St. Charles and St. Louis County, was opened April 22 1904.
OFFICERS.— Pres., C . D . Bolin; Sec. S Treas., W . V. Deiahunt.—
c
V. 86. p. 669; V. 87. p. 227; V . 88. p. 56.
SALT LAKE CITY, UTAH.
117
UTAH POWER & LIG H T CO.
Controlled through ownership of all the outstanding common and 2d pref.
stocks, except directors’ shares, by the Utah Securities Corporation, which
see in our “ Railway and Industrial” Section.
ORGANIZATION.— Incorp. in Maine Sept. 6 1912. Charter unlimited.
Owns all the bonds and capital stock, except directors’ shares, o f Western
Colo. Power Co. and all the stock, except directors’ shares, o f Utah L t. St
Trac. Co. Leases for 99 years from Jan. 1 1915 the elec, power and light and
gas properties of the latter and guarantees prin. and int. its $12,151,000
outstanding 1st & ref. 5s, due 1944 and $1,401,000 1st mtge coll. 8% bonds.
With its controlled cos. operates in an extensive territory in Utah, South
eastern Idaho and Southwestern Colorado, serving more than 153 commu
nities, including Salt Lake City, Ogden, Provo, Logan, Park C ity, American
Fork, Eureka, Bingham and Lehi, Utah; Idaho Falls, Rexburg, Preston and
Montpelier, Idaho, and Durango, Telluride, Montrose, Ouray and Delta
Colo.; total population served estimated at 336,500. Supplies power to the
Bamberger Electric R R . C o., Salt Lake & Utah R R ., the Utah-Idaho
Central R R ., and Salt Lake Garfield & Western R R . C o., and numerous
industrial enterprises.
Franchises are satisfactory. In Salt Lake City franchise extends to
1955; in Ogden to 1965; Provo, 1940: Logan, 1936; Bingham, 1953; Lehi.
1962, and in Preston, 1956. Other less Important franchises expire at
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.
In M ay 1922 the co. brought out $5,000,000 6% debentures dated M ay 1
1922, proceeds of which together with proceeds of the sale of $1,000,000
7 % pref. stock were applied to the retirement of floating debt and for other
corporate purposes. V. 114. p. 2014.
In Jan. 1923 issued $2,156,000 1st mtge. 5s, proceeds used to retire
$656,000 1st lien & gen. mtge., Series “ 7s due 1925” (called_for payment
Jan. 27 1923), and for exts. & add’ns, &c- V. 116, p.' 78
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______ $30,000,000 ---------------Common stock ($ 35,0 00,0 00).____
Pref stock 7% cum ($15,000,000)-—
7 Q-J
12,257,400 A p r ’2 3 ,1H
2d pref stock ($10,000,000)--. .....................— 3.099.000 ___________
1st mtge ($100,000,000) gold) 1914 5 g F-A
25.847,000 Feb 1 1944
($1,000)____________ c*&r/Guaranty Trust C o., N . It ., trustee.
Series of “ 7s due 1941” _______ 1921
7 g J-J
500,000 Jan. 1 1941
First lien & gen mtge ($1,000)
gold)_________________ c*tfjG uaranty Trust C o., New York, trustee.
Series o f “ 6s due 1944” ________ 1921
6 g F-A
2,000.000 Feb. 1 1944
Deb. bonds, ser. “ A ” ($100,)
1922 6 g M -N
5,000,000 M ay 1 2022
$500 &$1,000 c* and $1,000/Central Union Trust C o., Trustee.
& $5,000 r*) gold-----------tf)
„
.
Stock.— 7% cumulative preferred stock is redeemable at 115 and accrued
dividends. The second preferred stock as a whole or in part may cease
to be subordinate to the preferred stock upon vote of the directors, when
ever net earnings for twelve consecutive months within the fourteen months
Immediately preceding any application are 2)4 times the div. requirements
on the pref. stock then outstanding, and the additional pref. stock to be
Issued in exchange for the 2d pref. stock. $4,738,000 of the 2d pref. s*ock
had t>een exchanged for the first nref. stock as of Apr. 1 1923
Bonds.— $2,500,000 are pledged under the 1st lien & gen. mtge. bonds
Series “ 7s due 1941” and Series “ 6s due 1944” ), leaving $25,847,000 outst’g
in hands of public. Remaining bonds may be issued at par only for 80% o f
cost of permanent impts., ex tens, 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 interest date on 4 weeks' notice. Sink
ing fund began Dec. 31 1916 as follows: 1916 to 1918, 1% o f bonas out;
1919 to 1933, 2% : 1934 to 1943, 2 14%. Listed on N . Y . Stock Exchange.
V. 109, p. 688. The 1st lien & gen. M . Ser. “ 7s due 1941” are secured by
pledge of $500,000 1st M . 5s. Red. on 4 weeks’ notice in blocks of not less
than $250,000 at 10714 & int. to & incl. Jan. 1 1924; at 105 & int. to and
tncl. Jan. 1 1931; and at a premium of 14% 'ess each year thereafter to
maturity. V. 112, p. 478. The first lien and gen. Mtge. serial “ 6s, due
1944,” are secured by a pledge o f $2,000,000 1st Mtge. 5s. Are redeemable
on four weeks’ notice in blocks o f not less than $250,000 at 105 and int. to
and incl. Feb. 1 1927; at 104 and int. thereafter to and incl. Feb. 1 1932; at
103 and int. thereafter to and incl. Feb. 1 1937; and thereafter at a premium
decreasing each year to 10014 and int. during the last year prior to maturity.
V. 113, p. 2081. The 6% debenture bonds, ser. “ A ” are red. after M ay 1
1947 and up to and incl. Oct. 31 2016, ail 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. stock.
EARNINGS.— For years ending Dec. 31 (incl. Western Colo. Power C o .):
Dec. 31
Gross
Net (after
Other
Bond Int. Other Int. Balance,
Year— Earnings. Taxes).
Inc.
& Disci.
(Net).
Surplus.
1922____$7,125,090 $3,512,748 $203,761 $1,574,919 $288,854 $1,852,736
1921____ 6,746,642 3,244,005 133,135 1,277,845 440.896 1,658,399
P R O PE R TY, &c.— Generating capacity, hydro-electric, 137,987 k.w.;
steam, 17,450 k.w.; additional installations of 11,000 k.w. capacity under
construction. Physical property includes 2,281 miles of high-voltage trans
mission tower and pole lines and 1,844 miles o f electric distributing lines;
gas-holder capacity, 240,000 cu. ft.; gas mains, 42 miles. Customers.
83,793 k, w. generating station output, 12 mos. ending Dec. 31 1922,
458,205,903: artificial gas output, 97,791,000 cu. ft.
OFFICERS.— Chairman of the Board, S. Z. Mitchell: Pres., L. Hanchett; V .-P ., O. E. Groesbeck: V .-P. & Gen. M gr.. 8. R . Inch; Sec. *
Treas., Geo. B. Thomas.— V. 113, p. 850, 859, 962, 1157, 2081; V. 114.
p. 739, 2014, 2361; V. 115, p. 184, 1322, 1430, 1533; V . 116, p. 78. 722. t
(1) Utah Light & T ra ction C o.
_
_ x
ORGANIZATION.— Incorporated under the laws o f Utah, Sept. 18
1914. The company is a consolidation o f the Utah Light & Railway C o.,
and the Salt Lake Light S Trac. Co. (see those companies on page 116 o f
c
the Sept. 1914 “ Electric R y. Section” ). The Utah Power & Light C o.
owns all the stock of this company except directors’ shares and has leased
for 99 years from Jan. 11915 the electric power and light and gas properties,
leaving only the traction property to be directly operated. Y . 100, p .
734. Franchise in Salt Lake City expires in 1955.
Valuation.— In Feb. 1920 the Utah P . U. Comm, placed a value of $8,468,278 on that part of the co.’s property used in its street railway business.
$1,401,000 Consol. R y. & Power 1st Mtge. 5s, due July 1 1921. were paid
off at maturity but are kept alive and pledged under the $1,401,000 1st
mtge. coll. 8s. V. 113, p. 72. In connection therewith $1,401,000 Utah
Lt. & Trac. 1st mtge. coll. 8% bonds, due 1934, were sold. V. 113, p. 961.
STOCK AND BONDS— Date.
Interest. Outstanding.
daturity.
$1,150,875
Capital stock $10.000,000---- -------------12,471,300 Oct. 1 1944
First & ref. M (auth amt un- f 1914
5 g A-O
limited) ($1,000, $500 and-jlnt. at 71 Bway. Bankers Trust C o., New
$100)red at 105&int g s f.c * [ York, Trustee.
1st M coll bonds, $1,401,000) 1921 8 g J-J 1
1,401,000 Jan 1 1934
($500 and $1,000) g old -c*tf/U . S. Mortgage & Trust C o., trustee.
Utah L. & R y. con. M . $10,-| 1904 5 g J -J
486,000 Jan 2
1934
000,000 gold ($1,000)_ c* {ln t. at 71 Bway., N . Y . Equitable Trust
_
I C o., N . Y „ Trustee.
Utah L t.& P . Prior Lien_____[1 9 0 0
5 g J-J
746,000 Jan 1 1930
$750,000 g ($1,000)_ c * tf/In t. at 71 Bway. Central Union Trust C o.,
_
i N . Y ., Trustee.
Utah L t.& Power con M $ 4 ,-f 1900 4 g J-J
1,113,000 Jan 1 1930
500,000 g ($500)____ c * tf/In t. at 71 Bway. Equitable Trust C o.,
( N . Y ., Trustee.
Bonds.— Sufficient 1st & ref bonds of 1914 are reserved to provide for
underlying liens (all closed issues).
$300 incl. in amt. outstanding
owned by Utah Power & L t. Co. Present issue known as Series “ A ” bonds.
Guaranteed, principal and interest, by Utah Power & Light Company.
Sinking fund of 1% of outstanding bonds from 1917 to 1919; 2% 1920 to
1934; 2& % 1935 to 1943. Sinking fund may be used to redeem bonds at
not 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 be ng a lien on certain
properties (see V. 113, p. 961), are secured by a pledge of $1,401,000 Utah
Light & Ry. cons. M . 5s; are also guar., prin. & int., by Utah Power & Light
Co. Not subject to call prior to Jan. 1 1927; thereafter redeemable, all or
part, on 30 days’ notice, as follows: during 1927 at 106; during 1928 at 105,
during 1929 at 104, during 1930 at 10314, during 1931 at 103, during 1932
at 10214, during 1933 at 102. Interest payable in Chicago or New York.
Pennsylvania 4 mills tax refunded. V . 113. p. 961.
Other Int. Chgs., Bal., Sur.
EARNING S.
Gross.
Net, after
Income.
&c.
or Def.
Cal. Year.—
Earnings.
Taxes.
1922 ____________ $1,979,379 $480,570 $382,796 $888,217 def$24,851
398,931
855,731 def 3,11
1921...................... 2,048,980
453,688
118
ROAD.— The company owns and operates 146 miles o f track, including
double track, sidings, Ac., connecting Salt Lake City, Sandy, Midvale. Mur
ray, Holliday and Bountiful. Has 237 pass, and service cars, incl. 130
double-truck P-A-Y-E cars.
OFFICERS.— Chairman of the Board A Pres., E . O. Howard; V-Ps.,
O. J. Salisbury, D. F. McGee, C. E. Groesbeck and S. R . Inch; Sec. A
Treas., Geo. B. Thomas.— V. 110, p. 65; V. 111. p. 494. 589; V. 112. p.
1145; V. 113, p. 72, 961; V . 114, p. 2014, 2361; V. 115, p. 75, 1534, 2380.
BAMBERGER ELECTRIC R A ILR O A D .
ORGAN IZATION .— Incorporated In Utah as the Salt Lake A Ogden
R y. Name changed to present title In Sept. 1917. On M ay 28 1910
began operating cars by electricity; prior to that date road was operated
by steam. Shortest o f franchises expires in 1955. Practically entire mile*
age Is on private right of way.
Salt Lake Terminal Co.— Owns 50% o f the stock of the Salt Lake Terminal
Oo. 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
Jointly and severally guar, its 1st M . bonds p. & i. See under Salt Lake
& Utah R R . and in V. 101, p. 1371.
STOCK AN D BONDS—
Date. Interest. Outstanding.
Maturity.
Common $1,000,000_________ ______
_______
$1,000,000 __________
Pref $500,000 (6% noD-cum)________
_______
500,000 __________
First mtge $2,000,000 gold! 1909
5 g F-A
1,500,000 Feb 1 1934
($ 1 ,0 0 0 )_______________c* fln t. at Harris Tr. A Sav. Bk., Chic., Trustee
Bonds.— First mtge. bonds are subj. to call at 105 and Int. on and after
Feb. 1 1914. Remaining bonds can be issued under certain restrictions
for extensions and additions.
EARN ING S.— For year ending Dec. 31 1922, gross, $577,681; net, after
taxes, $165,365. In 1921, gross, $680,813; net, after, taxes, $87,677.
R OAD.— Operates a high-speed interurban railway, 35t4 miles, between
Salt Lake City and Ogden; total trackage, 73 miles. 18 motor cars, 4
electric locomotives and 1 work car. New terminal in Ogden for use of this
company and the Ogden Logan & Idaho R R . was completed Jan. 1 1915.
Power is purchased from the Utah Power A Light Oo.
OFFICERS.— Pres., Julian M . Bamberger; V .-P., John W . Walsh; Sec.,
J. B . Bean; Treas., Simon Bamberger; Aud., W . E .Jones.— V. 102, p. 2167.
UTAH-IDAHO CENTRAL RRORGAN IZATION .— Incorp. in Utah Oct. 17 1914 as the Ogden Logan
A Idaho R R . as a consolidation o f the Ogden Rapid Transit Co. and the
Logan Rapid Transit C o., with $5,000,000 auth. stock. Of the new stock
shares were exchanged for one share o f the Ogden Rapid Transit Co.
($500,000 auth.) and 1M shares for each 10 shares of the Logan Rapid
Transit stock. Name changed to present title on Jan. 1 1918. On April
8 1919 this co. and the Cache Valley R R . were consolidated. Compare
V. 108, p. 975.
A terminal in Ogden for the use of this company and the Salt Lake A
Ogden R y. was completed Jan. 1 1915.
In Feb. 1920 the directors auth. the issuance of $300,000 notes, proceeds
to be used to purchase rolling stock and equipment and for impts. V. 112,
p. 654.
Disposal o f City Traction Lines.— On Jan. 1 1920 all city traction lines of
the company were sold to the Utah Rapid Transit Co. for 9,000 shares
com. stock o f the Traction C o., and the assumption by that company of
$1,000,000 principal amount o f outstanding funded debt.
STOCK AN D BONDS—
Date.
Interest. Outstanding, \daturity.
Common stk. $3,000,000 ($ 1 0 )____
_______
$820,130 __________
1st pref. cum $3,000,000 ($ 1 0 ) ____
See text
606,510 __________
First A ref mtge $4,000,0001 1920
6 g J-J 2 3,733,000 Jan 2 1940
($100, $500 A $1,000) g._c*jO gden Savings Bank, Ogden, Utah, trustee.
Stock.— The 1st pref. stock is cum. at 6% and is entitled after 6% has
been paid on the common and before any additional, payment can be made
on the com., to an extra 2% .
Bonds.— Are callable on any int. date to and incl. Jan. 2 1935 at 105. and
thereafter at 102Mi.
Sinking fund o f 1% of the aggregate principal
amount yearly from 1925 to 1939.
EARN INGS.— For year ending Dec. 31 1922, gross, $821,685; net, after
taxes, $237,462. In 1921, gross, $932,260; net, after taxes, $193,753.
ROAD.— Oper. 94.70 miles of railway connecting Huntsville, Ogden.
Brigham City, Wellsville and Logan, Utah, and Preston, Idaho. The
extension from Wells ville, Utah, via Logan to Preston, Idaho, was placed
in operation in March l9 l5 , and the link between Wellsville and Brigham
City was completed and operation over the whole system begun Oct. 14
1915. Contracts have been awarded, it is stated, for extensions from
Ogden to Harrisville, Utah, and from Hot Springs to Brigham City, Utah,
22 miles. Power is purchased from the Utah Power & L t. Co.
OFFICERS.— Pres., M . S. Browning; 1st V.-P., D . C . Eccles; 2nd V .-P..
Joseph Scowcroft; Sec. & Treas., Royal Eccles; Gen. M gr., W . A Whitney
Aud., P. H. Mulcahy.— 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 about
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 in
Lehi City, American Fork and Pleasant Grove, and to 2012 in SpringviiJe.
Spanish Fork and Payson; remainder on private right-of-way.
Owns 50% o f the $150,000 stock (auth. $1,000,000) of the Salt Bake
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
Act, 1920, as amended. $93,000 o f this amount was paid back prior to
Aug. 1 1922; $15,700 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 of $1,000,000 6% 1st mtge. bonds and $500,000 1st pref. stock.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Com. stock $3,000,000 ($100)...........
.............
$3,000,000 ...................
First pref 7% cum $3,000,000...........
7%
475.500 .....................
Pref 7% cum $2,000,000 ($100) .........................
1,521,900 ------- -------1st mtge $10,000,000 gold/ 1914 6 g A-O
1.399,100 April 1 1944
($1,000. $500 A $100)-C *tf{lnt. at First Nat., Bank N. Y ., or Cent. &
Redeemable at 102 A I n t .. I Com. Tr. A Sav. Bank, Chicago. Trustee
Salt Lake Term Co 1st M
1915 6 g J-D
350.000 June 1 1936
$1,000,000 gold ($1,000/Int. at Bankers’ Trust C o., N. Y .. or Inter
$500 A $100______ c*tf( national Tr. C o., Denver. Trustee
Equipment trust certificates) 1920
7 M -N
100,000
See text
($500 A $1,000)______ c* tff/In t at Northern Trust C o., Chic., Trustee
44,563 ----------------Equipment notes____________ 1920 6 Q-F
Bonds.— Remaining bonds may be issued only under certain re
■triction8. The $1,399,100 bonds outstanding bear 6% interest; remainde'
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 )4 % 1924 to 1933 and 2% 1934
to 1943. All bonds may be called at 102 A int. and replaced by a likf
amount bearing a lower rate. V. 100, p. 230. The Salt Lake Term, bonds
are unconditionally guar., p. A 1.. jointly and severally, by the Salt Lake A
Utah R R . and Salt Lake A Ogden Ry. (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)4% 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 of bonds and property, see V. 101. p. 1371
The equip, trust certifs. are secured on 60 cars which cost approximately
$167,000. They mature semi-annually to 1930. V. 110, p. 2388.
Calendar Year—
1921.
1920.
1919.
1918.
Gross revenue_________
$793,754
$876,948
$708,026
$546,020
Oper. expenses A taxes..
586,792
621,652
465,598
374,403
Net avail, for int.A divs $208,962
x$255,296
$242,428
$171,616
x In 1920 interest, Ac., 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
[V ol. 116.
ELECTRIC RAILWAYS
of single track of the Salt Lake Terminal Co. tracks in Salt Lake City and
about 2 miles of 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 A Trac. Oo.
ORGANIZATION.— Incorp. in Texas Sept. 6 1917 to take over and
operate the properties of the San Antonio Gas A Electric Co. and the San
Antonio Traction C o., both formerly controlled by the Southern Light A
Traction C o., whose afTairs were wound up. The new company is auth. to
construct a system of Interurban electric railways out of San Antonio, and
lt it reported will build a line between San Antonio and Austin, about 85
miles.
Fares— Rates, &c.— On Oct. 3 1918 the San Antonio City Commissioners
denied the company permission to charge either a 6-cent fare (with the
existing transfer) or a 5-cent fare with no transfers. V. 107, p. 1482.
Compare V. 107, p. 1102. The company applied to the United States
District Court at San Antonio for authority to charge a 7-cent fare, and
on Feb. 18 1919 Judge Duval West in the United States District Court
in San Antonio handed down a decision holding that the franchise ordin
ance under which the company operates does not constitute a binding
contract in so far as the 5-cent fare provision is concerned. V. 108, p. 880.
Federal Judge Duval West has granted an injunction restraining the city
from interfering with the company putting into effect increased fares.
On April 11 1921 the U. S. Supreme Court upheld the action of the lower
court. V. 112, p. 1618, 1700. After numerous trials the company finally
adopted a straight 7-cent fare with universal transfers. V. 110, p. 659.
On Aug. 16 1920 fares were raised from 7 to 8 cents, metal tokens being
sold at 4 for 30 cents. V. I l l , p. 897. In Dec. 1921 the City Commis
sion accepted the company’s proposal to: (1) reduce fares from 8 to 6 cents
upon discontinuance of the jitney service (see V. 115, p. 2478) and (2) to
establish the 1920 schedule in the price of gas and electricity, with graduated
reductions based on the amount consumed. V. 113, p. 2615. See, how
ever, V. 114, p. 1652; V. 116, p. 78.
Favorable Fare Decision.— See V. 112, p. 1867.
Jitney Ordinance.— V. 114, p. 2470; V. 115, p. 2047.
In Jan. 1921 the co. was auth. to issue $2,300,000 additional capital stock,
$2,000,000 to be 8% pref. and $300,000 com. stock. For details see V. 112,
p. 258. Compare V. 112, p. 63. In Jan. 1922 issued $3,800,000 1st mtge.
A ref. 6% 30-year bonds, Series “ A ," proceeds being used to retire $2,641,000 1st cons. 5% bonds due Sept. 1 1967, to provide for construction and
impt. expenditures and for other corporate purposes. V. 113, p . 2819.
STOCK AND BONDS— D a te .
In te rest.
O utstanding . M a tu r ity .
$5,000,000 ...................
Common $5,000,000 ($100)......................... ..........
Preferred $2,000,000_______ _______
8%
278,100 ............ ........
1st mtge A ref ser “ A ” ($100,/ 1922 6 g J-J
3,800,000 Jan 1 1952
$500 A $1,000)______ c*tf (Interest payable in New York.
San Antonio Trac $984,000/ 1908 5 M-S
984,000 Sept 1 1949
1st mortgage gold________ (New York Trust C o., t-uscee.
San Antonio Gas A Electric/ 1908 5 M-S
984.000 Sept 1 1949
S984.000
lstM g($500) c*tf (Interest at New York Trust C o., trustee.
Bonds.— The issuance o f add’ I 1st & ref. mtge. 6s is restricted by provi
sions o f mtge. In addition to $3,800,000 outstanding $732,000 are held
in treasury. Ser. “ A ” red. all or 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 A Elec, bonds were issued to retire
underly ng bonds. V. 88, p. 687. Gas A Elec, bonds are redeem, at
105 and int. on 6 weeks’ notice. See V. 101, p. 851.
EARNINGS.— For calendar years: ,
Calendar Gross (incl.
Net,
Bond
Other 8
Balance,
Year— Oth. Inc.).
aft. Tax.
Interest.
Interest.
Surplus.
1922_____ $4,358,682
$839,467
$336,303
Cr$7,285
$510,448
1921 ___ 4,500,979
784,288
230,450
50,864
502,973
ROAD.— Owns and operates 92 miles o f single track In city o f San An
tonio. 250 cars.
OFFICERS.— Pres., Emerson McMillin; V.-P., E. H. Kifer: Sec. A
Treas.. R . C. Jones.— V. 114, p. 2470; V. 115, p. 2047, 2478; V. 116, p.
78, 411, 936.
________ ____________
SAN DIEGO, CAL,
SAN DIEGO ELECTRIC RY — A trolley road.
ORGANIZATION. A c.— Began operation in 1892. and In March 1898
purchased Citizens’ Traction Oo. at foreclosure sale. In 1905 sold its eleetric power business to a new company— the United Light, Fuel A Power Oo.
V. 81. p. 559. On Dec. 30 1920 Comm, sold the power house and plant to
the San Diego Cons. Gas A Elec. Co. <lomoare V. 112. p. 63. I l l 908 pur
chased the electric line of the Coronado RR. rn 1909 acquired the South
Park A East Side Ry. Stock was increased Nov. 1907 from $500,000 to
$5,000,000. In Sept. 1922 the Calif. R R . Comm, approved the purchase
by the co. of 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.
STOCK AND BONDS—
D a te .
Interest. Outstanaing. M a tu r ity Stock *5.000.000............................................. - ..........$1,250,000 - ..............
Gen 1st lien M $10,000,000/ 1915
5 g J-J
3.129.000 Jan 1 1956
gold ■ f ($1.000)_____c*Ar Int. at Union Trust C o., San Francisco.
Red. at 102 aft. Jan 1 19201 trustee, or Nat. Bank of Commerce. N. Y .
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 provides for retirement of entire issue at maturity
7. 99. p. 122. 1131.
EARNING S.— For years end. Dec 31:
Year—
Gross. Net,aft.Taxes.
Oth. Inc. Deductions.
Deficit.
1922 ______ $1,379,490
$211,162
$31,861
$211,706
$31,317
1921________ 1,371,557
229,691
21,157
206,950
43,898
R OAD.— Owns and operates railway system In San Diego vicinity
aggregating 77.8 miles of track, including 26.3 miles of second track and
1.5 miles sidings. Operates 10.1 miles between San Diego and Chula
Vista and 0.59 miles in Coronado, owned by San Diego A Arizona Ry. Co.
Standard gauge 60-lb. T rail and 114-lb. Trilby. Owns 139 passenger and
7 work cars.
__________
OFFICERS.— Pres., J. D . Spreckels; V.-P. A Gen. M gr., ClausSpreckles;
Treas. A Gen. Counsel, Read G. Dilworth; Sec., F. G. Whitehead; Aud..
N. E. B row n— V. 83, p. 380; V. 85, p. 1144; V. 99, p. 122, 675, 1131; V.
109, p. 1462, 2172; V. 112, p. 63; V. 113, p. 2186; V. 115. p. 870, 1211.
SAN FRANCISCO, CAL.
PACIFIC GAS & ELECTRIC CO.— See “ Railway A Industrial” Section
CALIFORNIA STREET CABLE.
OR GA N IZA TION .— Chartered Feb. 8 1877. Annual meeting the third
Vednesday in January. Franchise expires in Feb. 1929
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Rock (par $100)__________________
Monthly $1,090,000
’ See text
(first mortgage $384,000 ($ l.-f 1915
6 g J-J
158,000
Serially
000) red 1st 5 yrs at 10 5./Int. at office of company. Union Trust Oo.
thereafter at 103_________ l of San Francisco. Trustee.
Bonds.— $384,000 bonds were issued to retire $900,000 bonds due Jan. 1
1.915 (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. $226,000 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, bat in Aug. 1902 were increased to 75
•ents monthly, and in N ov. 1904 to 90 cents monthly. On account oi
earthquake and fire, no dividends were paid from April 1906 to Sept. 1908.
vhen dividends were resumed at 50 cents per share up to May 1909. wheD
30c. per share was paid: same rate monthly since.
A pril, 1923.]
ELECTRIC RAILW AYS
EARNINGS.— For years ending Dec. 31:
year—
Gross. Net. aft. Taxes. Othinc. Deductions.
Surplus
$119,962
$19,626
$13,791
$125,797
<1922------------ $546,312
1921________ 547.054
97,759
18,713
13,380
103,092
1920 ________ 546,073
113,019
20,073
45,180
87,912
ROAD.— Operates 11 miles o f track on 5M miles o f 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. of San
Francisco; Aud., Chas. P. Stone; Supt. J. W . Harris. Office, 1061 Hyde
“
St., San Francisco, Ca if.— V. 99, p . 1831, 1616.
COAST VALLEYS (JAS & ELECTRIC CO.
ORGAN IZATION .— Incorporated on March 20 1912 In California.
Acquired the properties o f the Monterey Gas & Electric Oo., the Monterey
County Gas & Electric C o., the 8allnas Valley Water Oo. and the King
City Water, Light & Power Oo. Does entire electric and gas business in
Monterey, Salinas and Pacific Grove; also owns water system of Salinas and
electric distributing lines In Salinas Valley and electric and water system a*
King City. The Del M onte Lt. & Pow. C o. in N ov. 1922 applied for auth.
to sell its holdings to the co. for $60,000, it is stated, to be paid in bonds
o f the Coast Valleys Gas & Elec. C o. V . 115, p. 2162.
Valuation..— In Dec. 1920 the approx, value o f the co .’s properties was
placed at $1,588,692. V. I l l , p. 2524.
Rates.— Effective Oct. 1 1921 the Calif. R R . Comm. auth. the co. to
reduce gas rates as a result o f a decline in the price o f oil. Future rates are to
be based on the variations in the price o f crude oil. V. 113, p. 1364.
In Dec. 1921 the Cal. R R . Comm. auth. the co. to: (1) issue $400,000
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 AND BONDS— Date.
Interest.
Outstanding.
Maturity,
Common $3,000,000 ($100)...................................
*3,000.000 ...................
Pref *500,000 ($100) 7%1 ...........................
402,500 ...................
cum from July 1 '12; red 110/
First M $10,000,000 gold/ 1912
6 g M-S
973.000 Mar 1 1952
(*1,000) ann sk fd of l%JInterest at Mercantile Trust C o., San Fran.,
o f bonds out beg M ar'18 c*( Trustee, or U. S. Mtge. & Tr. Co , N. Y.
Collateral trust 10-year notes f 1920
8 g M -N
240,000 Nov 1 1930
*400,000 ($1,000) g o ld .tffiln t. at Anglo-Callfornia Trust C o., San
l Fran.. Trustee, or N . Y . Trust C o., N . Y.
Bonds.— Bonds are redeemable, all or any, on any int. date at 105 and int.
5360,000 are pledged as security for the 10-year collateral trust notes.
$47,000 (not incl. in amt. outstanding) are held in s. f. V. 94, p. 1249.
Notes.— The 10-yr. coll, trust notes are secured by 1st M . 6s in the ratio
of *3,000 bonds to $2,000 notes. Are red. at 105 until 1926 and thereafter
at 1 % (premium] for each year o f unexpired term. V. I l l , p. 2524.
EARNINGS—
Gross
Net (after
Other
Bond
Balance.
Years ending— Earnings
Taxes).
Income. Int.. &c.
Surplus,
June 30 1 9 21-..$593,489
$147,477
$4,889
$72,807
$79,559
June 30 1920 . . . 528,130
3,723
145,562
64.926
84.359
June 30 1919 . . . 367,170
27,309
101,518
59.681
69.146
Property, ctec.— Does electric and gas business, Monterey, Pacific Grove
and Salinas, also owns water system o f Salinas and King City, and electric
distribution lines in Salinas Valley. Owns electric generating plants at
Monterey, Salinas and King City. Purchases most o f the electric energy
which it distributes from Pacfic Gas & Electric C o., lessee o f Sierra & San
Francisco Power Co.
OFFICERS.— Pres., M . B. Starring; V.-Ps., Warren Gregory 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.
119
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 1922_____ $1,471,937 $290,861 $113,448 $1,017,953 $631,397
Dec. 31 1921-------- 1,468,500
288,078 180,306
1,041,900
X534.373
x The entire surplus of 1921 was set aside as a provision toward losses
sustained through investment in United RRs. of San Francisco (now Market
St. R y.) and applied against book cost of stocks of Calif. R y. & Power Co.
OFFICERS.— Pres., Mason B. Starring; V .-P ., H. B. Lake; Treas..
B. S. Guinness. N . Y .: Sec. & Asst. Treas., M . V. R. Weyant; Aud *
Asst. Sec., P. M . Hoskins— V. 108, p. 1823, 2023; V. 109, p. 1701, 1790;
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.
(1) C alifornia Railway ft Power Co.
All the common and preferred stock issued Is owned by the United Rys.
Investment Oo.
ORGAN IZATION .— Incorp. in Delaware on Dec. 18 1912. Own*
the entire oustanding stocks (except director's qualifying shares) of the
San Francisco Elec. Rys. and the Sierra & San Francisco Power Co. The
co. together with the United Rys. Invest. Co. owns $6,000,000 com ., $3,825,000 pref. and $2,350,000 2d pref. stocks of the Market St. R y.
Lease Controlled Company.— See Sierra & San Francisco Power Oo. below.
STOCK—
Authorized. Outstanding.
Last Div.
Common stock___________________ *40.000,000 $40,000,000 __________
Pref. stock, 7% cum ., red. at *115. 6,874,400 6,874,400 June '14. 2 %
Prior preference 7% cumulative_
_ 5,000.000 2,400,000 8 ee text
Prior preferred stock Is redeemable at $115 a share except the first
$3,000,000, which will be retired, when earnings are sufficient therefor,
through a cumulative sinking fund $100,000 yearly on January 1
1914 to 1917 and $260,000 annually thereafter. $100,000 was redeemed In
sash 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 b«
issued only for additions, betterments, acquisitions. Sic. N o mortgage or
other incumbrance may be created that does not provide for the cancella
tion of all prior pref. stock then outstanding. V. 96, p. 61.
R EPO RT.— For years ending Dec. 31:
Cal.
Total
Net
Previous
Total for Pr. Pref.
Total
Year— Inc.
Income.
Surplus.
Divs.
Divs.
Surplus.
1922____$2,853 def.$9,709 sur.$25,358 _______
______ sur.$15,648
1921____ 4,849 def.6,636
def.67,694 _______
______ adef.74,331
a Collection of claims to the extent of $99,689 against sub. co. resulted
in a surplus of $25,358.
Dividends.— First div. on prior pref. stock— 1 )4 % — paid April 1 1913;
fame rate quarterly to and incl. July 1916. In Oct. 1916 paid only 1% .
None since. V. 105, p. 1416. In Sept. 1913 a dividend of 3)4% wa*
paid on the preferred stock. In June 1914 2% was paid.
OFFICERS.— Pres., Mason B. Starring; V .-P ., G. de B. Greene; Treas.,
B. S. Guiness; Sec. & Asst. Treas., P. M . Hoskins; Asst. Sec., C. H. Mann.
— V. 105, p. 1308, 1416, 1418, 2542; V. 107, p. 1380; V. 109, p. 1608;
V. I l l , p. 1469; V. 113, p. 1572; V. 114, p. 1405.
(s) Sierra ft San F rancisco Power Co.
Stock la owned by the California R y. & Power Oo.
ORGANIZATION.— Incorporated In California on M ay 29 1909 and on
Sept. 1 1909 took over the 8 tanlslaus Elec. Pow. Co. and the Tuolumne
Water Power Co., both foreclosed per plan In V. 8 8 . p. 235. 569. 1005, 1066.
Ha* contract extending to 1954 with United RR*. of San Fran, to supply
power to that company. In Oct. 1917 purchased the LaGrange division
v* the Yosemlte Power Co. for $450,000 and cost of additions and better
ments from Dec. 1916. V. 105. p. 1528.
Ijea se .— On Dec. 31 1919 a contract was negotiated with the Pacific Gas
& Electric C o., under which the operating properties of Sierra & San Franrist-o Power Co were leased for a period of 15 years with the understanding
that arrangements would be made by Pacific Gas & Electric C o., to finance
necessary additions both in generating and distributing equipment by the
sale of Sierra & San Francisco Power Co. bonds if feasible and otherwise by
the use of Pacific Gas & Electric Co. credit. The interest obligations under
both the Sierra C o.’s Trust Indentures are guaranteed iD effect by Pacific
Gas & Electric Co. during the life o f the lease and in addition the Sierra Co.
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 ,
p. 1478. In accordance with terms o f lease the Calif. R R . Comm. anth. the
co. in July 1921 to deliver to the Pacific Gas & Elec. Co. $1,000,000 1st
mtge. bonds previously approved by the Comm. The bonds were applied
for the repayment o f money advanced or to be advanced by the Pacific
Gas & Elec. Co. for exts. and betterments to the c o .’s properties. V. 113,
p. 426. The proceeds o f a second $1,000,000 o f 1st mtge. bonds have been
similarly paid and applied.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
Stock $2 0 ,0 0 0 ,0 0 0 ($ 1 0 0 ) ________ ________ $2 0 ,0 0 0 , 0 0 0 .............................
1st M $30,000,000 g ($1,000./ 1909
5 g F-A
9,500.000 Aug 1 1949
$5,000. & c)_______ c*&r*tf llnt.at U.S.M tge.&Tr C o., N . Y ., Trustee.
2d mtge Ser A & B $9,500,000/ 1909
5-6 J-J
9,500,000 Jan. 1 1949
($1.000)_______________c*lColumbia Trust Oo.. New York. Trustee
Bonds.— First mtge. bonds are subject to call on any Int. date at 110 and
int. The remaining bonds may be Issued at 80% of cost o f extensions and
vid'ns, provided net earnings for previous 12 mos. shall equal twice int.
charge on all outstanding bonds, Incl. those to be issued. V. 91, p. 157.
The bonds are listed on the N . Y . Stock Exch. Second mtge. consists of
Series “ A ” $1,000,000, at 6 % , and Series “ B ” $8,500,000 (incl. $44,000
Series “ B ” in treasury) at 5 % .
Property.— Owns water-power properties near San Francisco and a supple
mentary steam station in that city, which have a combined capacity of
97,940 h.p.
OFFICERS.— Pres., Mason B. Starring; V.-Ps., H. F. Jackson, D. C.
Morris; Sec., A. L. Ferguson; Asst. Sec.-Treas., P. M . Hoskins.— V. 106,
p. 2349, 2763; V. 107, p. 1389; V. I l l , p. 1478; V. 113, p. 426.
UNITED RAILW AYS INVESTMENT CO.
O RGAN IZATION .— Incorporated In New Jersey Feb. 17 1902. In
Sept. 1906 filed an amendment to its charter changing its name from United
Railways Tnv Co of ^nn Francisco to Its present title. V
p 089
Owns all the outstanding com. and pref. stock o f the California Ry. &
Power Co.
Acquisition of Philadelphia Company.— In Fe . 1906 acquired $21,000,000
of the common stock of the Philadelphia Co. of Pittsburgh, giving $37 50
In new collateral trust bonds and $20 in common stoc <s the Invest
ment Co. for each $50 share of the Philadelphia Co. See V. 82. p. 393.
988. For statement made in listing these bonds on the Pnfedeiphia Stock
Exchange, see V. 83, p. 1235. Now owns $24,530,000 Phila* Oo. com. stk
(see plan below ).
Financial Readjustment.— In March 1923 a plan (declared operative
April 11 1923— V. 116, p. 1651) was submitted to the stockholders for
approval which provides for the formation of a new' corporation to be
known as the Pittsburgh Utilities Corp. to take over from the company
480,000 shares o f the common stock (par $50) of flhe Philadelphia Co.
now pledged under the coll. tr. bonds due May 1 1926. It is proposed that
the stock of the Philadelphia Co. shall be 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 company.
'
(2) Senior securities aggregating not exceeding $15,250,000 ace value as
follows: (a) Coll, trust bonds o f the new corporation secured by all or part
of the Philadelphia Co. stock delivered to it, (6) shares o f the 7% cum.
pref. stock of the new corporation.
The relative amounts of such bonds and pref. stock and the int. rate on
the bonds are to be determined by market conditions at the time of issuance,
with a view of issuing as few bonds as feasible consistent with securing for
both bonds and stock a favorable price, to insure the provision of the
■necessary money.
The capitalization of Pittsburgh Utilities Corp. will be confined to bonds
MARKET STREET RAILW AY CO.— An operating and holding co.
to be issued under its coll, trust agreement, a 7% cum. pref. stock and com.
$6,000,000 com., $3,825,000 pref. and $2,350,000 2d pref. stock
stock, all of which latter will be owned by the United Railways Investment co. is owned by the Calif. Ry. & Pow. Co. and the United Rys. Invest. of the
Co.
Oo., so that the co. will have all the equity in the 480.000 shares of Phila
ORGANIZATION.— Organized in Calif, on Oct. 14 1893 as a consolida
delphia Oo. stock now pledged under its coll, trust agreement, subject only
to the senior securities through the sale o f which the co. will free itself tion of 11 corporations operating street railroads In the city and county of
from its present indebtedness. Full particulars regarding plan will be found San Francisco. On Mar. 18 1902 all the assets were sold and conveyed to
in V. 116, p. 1179. In accordance with above plan Ladenburg, Thalmann the United RRs. of San Francisco, which operated Bald street railroads
& C o., managers, offered to pay holders o f the co .’s 1st lien coll. tr. 5s the together with other street railroads purchased by It up to April 1921, when
face amount o f their bonds with interest. See V. 116, p. 1277, 1651, 1762. through reorganization and foreclosure proceedings the Market St. Ry. re
In April 1923 stockholders were given the right to subscribe at the rate acquired all the assets and properties of the United RRs. and now operate*
o f $10 per share for shares of the 7% cum. pref. stock o f the Pittsburgh same. Reorganization was carried out In accordance with terms o f plan
Utilities Corp. (see plan above) equivalent in par value to 9% of their outlined in "Electric Railway” Supplement o f April 30 1921. where history
of United RRs. up to time of reorganization will also be found. See also
holdings. V . 116, p. 1533, 1651, 1762.
V. 112, p. 2093. The co. owns the following stocks:
Date.
Interest.
Outstanding. LastDit.&c
STOCK A N D BONDS—
ParVal. Auth.
Issued.
Common $31,000,000 ($100) — ............................... *20.400,000
........ Sutter St. R y. CName........... ............$100 $2,000,000 $2,000,000Owned by Co.
$1,999,500
o .—
Pref 5% cum from Apr 1 19021 ............................... 15.830.000 Jan -07, 2H
R R & Pow. C o .. 100
100.000
13.500
13.000
In scrip South San Fran. C o ... ______
*25,000,000 ($100)............./
Gough St. R R .
100
60,000
60.000
59.703
Pref stock div certificates___ ___
See text
1,4^0,000 ...... San Fran. San Mateo Elec. R y ..
10.000
10.000
9,995
1st lien collateral trust mtgef 1906
5 g M-N
14.000,000 May 1 1926 Sutro R R . & o..................................... lOO
C
10
40,000
23,108
23.075
*20,250,000 gold ($1,000)] Int. at Guar. Trust & sale Dep. C o.. Phila.
Metropolitan R y. C o_____________ 100
10.000
10.000
9.994
sinking fund___________ c* l or N . Y . Trust C o., N Y Trustee.
Leases the Gough Street R R . C o .’s system, which includes the lines
N otes_______________________ ____
5%
195,000
To 1925
formerly owned by the San Francisco Elec. Rys. (conveyed to the former
Bonds.— The coll, trust bonds are secured by deposit of all acquired com
the property
San
mon stock o f the Phila. Oo. except 6,600 shares. They are subj. to call on through reorganization proceedings). The balance o frolling stock) o f now
Francisco
is
any int. date at 105 and int. A sinking fund of 1 % per annum of bonds out owned by Elec. Rys. (consisting o f power-house and
Market Street Ry. Co.
standing began May 1 1911. said fund to be invested in the bonds at
Municipal Ownership Voted.— On N ov. 2 1920 the people of San Fran
not more than 105 & int. The amount reported outstanding as above ex
eludes $4,150,000 held by trustee in sink. fund. Authorized amount oi cisco voted In favor of a proposition to amend the city charter in such form
bonds may be increased for purchase of additional shares of com. stock of as to enable it to acquire traction properties, to be paid for out of earnings.
For details see V. I l l , p. 1950.
Phila. Co. Bonds are listed on N . Y . 4 Phila. Stock Exchanges. V. 90
In April 1922 negotiations for purchase by the city were under way.
©. 169. 172.
The Board o f Supervisors was reported to have agreed upon $35,000,000
Stock.— The preferred stock can be retired at 110. $830,000 of the with deferred payments carrying 5% interest, as a fair valuation of the
pref. stock out bears divs. from Sept. 1 1909.
company’s properties. For further particulars as to city purchase plans,
Pref. Stock Div. Certificates— Of the $1,462,500 outstanding, $712,500 see V. 113, p. 2819; V. 114, p. 522, 1179, 1533; V. 115, p. 759, 2159. In
bear m t. at rate of 6% and $747,500 at 5% .
March 1923 the co. set a tentative valuation of $48,000,000 on its property.
V. 116, p. 1533.
Dividends.— First div., 1)4% . on pref. stock, paid Jan. 3 1903: 1
July '03; in Jan. '04. 1 )4 % : July. IH %; in '05, 4 % ; In '06. Jan., 214% (V.
Decision.— On Jan. 18 1917 Judge Hunt in the U. S. Court at San Fran
81, p. 1667): April, 4)4 % — owing to the earthquake and fire, this dividend cisco dissolved the temporary Injunction preventing the construction of
was paid in interest-bearing scrip instead o f cash. V. 82, p. 988. In July municipal street railway tracks on lower Market St., paralleling the c o .’e
1906 another scrip dividend of 2 14 % paid (V. 82, o . 1381), and In Jan. '07 tracks. The company appealed, but on April 21 1919 the U. S. Supreme
another o f the same amount. V. 84, p. 1429. None since.
Court upheld the decrees of the Federal Court dismissing the Injunction
130
[V ol. 116.
ELECTRIC RAILW AYS
STOCK AND BONDS—
Date.
Interest. Outstanding. \Iaturity,
proceedings brought by the company. In dismissing the company’s appeal
the Court said that this action was taken without prejudice to the company's Stock $12,000,000 ($100)......... ..........
...............$12,000,000 ____________
5 M-N21
500,000 M ay 21 1923
right to seek damages. The various damage suits filed by the company up San Jose-Los Gatos Inter. 1st) 1903
mortgage $2,000,000 ($500(Interest at Central Trust C o., San Franto M ay 1919 bring the total amount o f damages claimed up to $6,870,130
V . 108, p. 1823, 1722. Compare V. 107, p. 2290; V. 108, p. 1391.
& $1.000)____________ c*tfl cisco. Trustee.
Valuation.— See V. 113, p. 1360. Compare V. 112, p. 63, under caption
Bonds.— A sinking fund of 2% of net earnings, but not less than $10,000
“ U. RRs. o f San Francisco.”
perannun, began Jan. 1 1905.
City Purchase Proposal.— V. 113, p. 2311.
EARNINGS.— For year ending Dec. 31:
STOCK AN D BONDS—
Date. Interest.Outstanding. Maturity.
Gross
Net (after
Other
Interest,
Balance
Com stock $10,700,000 ($100)______
_______ $10,646,800 __________
Calendar Year—
Earnings.
Taxes).
Income.
Rents. A c. Deficit.
Prior preference 6 % cum
1921--.,...............
$344,302 df$18,120
$35,968
$380,384
$362,536
$11,750,000 ($100)______________
6%
11.617,000 A p r ’23,lH
1920.........
354,417
16,878
34.048
334,643
323,717
P ref6% cum $5,000,000 ($ 1 0 0 )____
6%
4.986,700
____
1919......................... 306,381 df.47,564
35.859
315.633
327,338
2d pf 6% n-c $4,700,000 ($ 1 0 0 )____
_______
4.673,400 __________
ROAD.— Operates 65.420 miles of first main track, 9.648 miles second
First consolidated mortgage! 1894 5 g M-S
14,203.100 Sept 11921 track and 5.699 miles of sidings, turnouts, &c.; total, 80.767 miles. Also
gold $7,500,000 ($l,000).c-jlnt. at Treasurer’s office, San Francisco, or owns 16.27 m. first main track, leased to Sou. Pac. C o., and 1.26 m. main
[ Ladenburg, Thalmann & C o., New York. crack operated by San Jose RRs. Serves San Jose, Saratoga, Los Gatos,
6-year 6% coil. tr. notes 1 1919 6 A-O 1
4,278,000 April 1 1924 Campbell, Cupertino, Monta Vista, Mayfield and Palo Alto, all in Santa
$5,200,000 ($l,000)c_ t ffjln t . at Union Trust C o., San Fran., Trustee. Clara County. Standard gauge. 60 and 70-lb., mostly T rail. 41 elec
_
I or Equitable Trust C o., N . Y ., Trustee.
tric motor cars (including 2 express and 6 work), 2 trail cars and 1 electric
Stock.— All classes listed on N. Y. Stock Exch. and on San Francisco locomotive.
Stock and Bond Exch. Both the prior preference and the preferred stock
OFFICERS.— Pres., Paul Shoup, San Francisco; Sec. & Aud.,
is cum. 2d pref., however, is non-cum. All classes o f stock have equal Oulloden, Los Angeles; Treas.. M . S. Wade. Los Angeles; Asst. Sec..H. A ..
G.
voting power. There is no provision for redemption or conversion of stock. King, San Francisco.— V. 113, p. 850; V . 114, p. 2241; V . 116, p. 516. L
Bonds.— Of the 1st cons mtge. 5s reported as outstanding $4,683,000 are
pledged as collateral under the 5-year 6% notes. Sinking fund of $160,000
per annum, began Sept. 1 1918 and applied to the redemption of these bonds.
SAN FRANCISCO NAPA & CALISTOQA R Y .
Bonds so redeemed are canceled. Up to Apr 1 1923 $1,248,000 bonds had
ORGANIZATION.— Incorp. N ov. 10 1911 in California as successor to
been retired through the sinking fund. Union Trust Co. of San Francisco
the San Fran Vallejo & Napa Valley R R ., sold at foreclosure on Oct. 30
Is trustee. Mtge. contains no tax-free covenant. Listed on N. Y . Stock
1911. V. 93, p. 1535. Also acquired the Vallejo Benicia & Napa Valley
Exch. and San Francisco Stock and Bond Exch.
RR. Has a 20-year traffic agreement with Monticello SS. C o., providing
Notes.— The 5-year 6% coll. tr. notes are secured by $4,683,000 1st cons,
mtge. 5% bonds and by a first lien on certain properties described in for daily schedule of at least six round trips between Vallejo and San Fran.
V. 112, p. 2093. Call all or in part on any int. date on two weeks' notice Purchases power from Great Western Power Co. under contract. Franchise
at 102 and int. Sinking fund o f $160,000 per annum for purchase of notes runs to 1952 or later.
In Dec. 1915 the California R R . Comm, issued an order fixing the repro
is provided for, and to Mar. 31 1923, $517,000 had been purchased and
canceled through the sinking fund. Listed on New York Stock Exchange duction cost of the property, less depreciation, at $1,010,846. This however
was not accepted by the co.
and San Francisco Stock and Bond Exchange.
Dividends.— An Initial dividend o f $1 50 per share was paid on the 6%
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
prior preferred stock April 1 1922. Regular quar. divs. o f 1 ft % paid since Stock $2,000.000-_________________
_______
$731,700 __________
to and incl. Apr. 1923. V. 114, p. 854.
1st M $1,000,000 gold ($100 f 1911
6 J-D
519,700 Dec 1 1936
EARN ING S.— Earnings for 12 months ended Dec. 31 1922: operating
$500 & $1,000) callable at( Int. at Mercantile Tr. C o., San Fran., Trus.,
revenue, $9,583,436; net, after taxes, $2,130,392; other income, $93,600;
105 & int. on any int day c* l or at office of E. H. Rollins & Sons, N . Y .
interest, depreciation, &c., $1,114,332; balance, surplus, $1,109,660.
Debentures— unsecured non-l 1911
5%
599,100
Dec 1 1936
Latest Earnings.— For 3 mos. ended March 31 1922, oper. revenue,
foreclosable $610,000_____J
$2,374,439; net, after taxes, $529,249; other income, $15,463; bond int.,
Bonds.— $38,000 1st M . bonds are held in treasury, $75,300 are in sink,
&c., $184,618; balance, surplus, $360,095.
fd and remainder are reserved for additions and extensions at 75% o f cost
R O A D .— Operates street railways In the city and county of San Fran under certain restrictions. Annual sinking fund of 1% of bonds out began
cisco and in San Mateo County, Calif. Total mileage, 291 miles, of which in 1914. V. 93. p. 1535. $10,900 5% debentures are held in treasury.
22 are interurban. The tracks in San Francisco are partly electric and
EARNINGS.— For years ending Dec. 31:
partly cable; the line in San Mateo County is an interurban road extending
Calendar Year—
Gross.
Int., &c.
Surplus.
from San Francisco to the city of San Mateo. Rails 38 to 141-lb. T and 1922________ I ___________$306,134 Net {aft. tax.)
$88,872
$67,361
$21,511
girder. Has 744 pass. cars. 63 work cars and 5 miscellaneous cars.
1921_____ ______ ________ 395,156
129,030
86,288
42,742
FRAN CH ISES.— In a report by Haskins & Sells, accountants. It was
track, extending from Vallejo via Napa,
stated “ that out of the total original mileage of 228.95 miles, the franchises to ROAD.— Comprises 46 miles ofon private right of way, 12.39 miles on
Calistoga, of which 30 miles
for 11.5431 miles only expire prior to 1929; all others between that year streets or highways and 3.32 miles sidings, standard gauge. Owns 37
and 1952 ”
acres of land, incl. water front In Vallejo. Commenced operation of freight
OFFICERS.— Pres., Charles N . Black; Y.-Ps., George B . Willcutt, service into Mare Island Navy Yard Sept. 20 1920 over a branch of 3,900
D . C. Morris and ff m . M . Abbott; Sec., George B. Willcutt; Asst. Sec.. ft. additional main line and over Mare Island Government Causeway
E . M . Massey and P. M . Hoskins; Treas., A. M . Dahler. Office, 58 Sutter and Transfer Yard on Mare Island, the latter having a capacity of 75 cars.
St., San Francisco, Calif.— V. 114, p. 1179, 1407, 1533, 1885, 1915; V. 115, All transcontinental freight will hereafter move over this route for Mare
p. 74, 436, 759, 1631,2159; V. 116, p. 176, 410, 1178, 1533, 1644, 1666
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
PRESIDIO & FERRIES R A ILR O A D .— Trolley.
changed with the S. P. Co.
The city o f San Francisco purchased the property and rolling stock for
OFFICERS.— Pres., Jas. Irvine. San Fran.; Sec. & Treas.. T . V. M ax
$323,000 and is now operating it, the franchises having expired Dec. 13 well, San Fran.; V.-P. & Gen. M gr., C. E. Brown, Napa.— V. 115, p. 1100.
1913. All debts were paid and stockholders received a dividend of $40
per share (par $100, o f which $55 paid in in liquidation.)
SACRAMENTO NORTHERN R R .— The Western Pacific RR. Corp.
(see “ Railway and Industrial” Section) in 1921 acquired about 99% of
both stock and bonds o f the company.
Organization.— Incorp. in California on June 20 1918 as a reorganization
per plan in V. 104, p. 1489 o f the Northern Electric R y., bid in at fore
closure sale on May 28 1918. V. 106, p. 2758; V. 107, p. 182; V. 109, p.
2440.
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
and to satisfy a mortgage indebtedness of $213,750 o f the Northern Realty
Oo. V. 108, p. 80. Compare V. 107, p. 2098. See also V. 109, p. 1274.
In Oct. 1919 was auth. by the Cal. R R . Comm, to expend $316,683 for
additions and betterments.
Western Pacific’s Offer to Acquire Road, &c.— The proposal o f the Western
Pacific to exchange its 1st Mtge. bonds for the company’s bonds in the ratio
•f 4 to 5; to pay $26 50 in cash for each share o f prer.. $12 50 in cash for
each share o f 2d pref., and $5 for each share o f common,was opposed by
John S. Drum, a director o f the Sacramento Northern, who held that the
offer was entirely inadequate. As a result, the security holders appointed
the following committee to determine a fair value for the properties and
securities: Miles Standish, Chairman; George W. McNear, Walter D.
Mansfield, C . W . Bush and C. J. Crary. V. I l l , p. 2042. In N ov. 1920
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 RR. Co. bonds for 5 o f the company’s bonds; $27 50
per 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 o f the offer
For details see V. 112, p. 563. Up to Dec. 31 1921 98% o f the company's
stock had been deposited under this offer. V. 112. p. 1400. See also
V. 112, p. 2414. This transaction, however, had not been consummated
up to Apr. 1 1923. See V. 114, p. 2360.
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-jear 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 “ C ” bonds, call, at par, a fixed charge from July 1 1922. 1,268.200
♦Class “ D ” bonds, call, at par, a fixed charge from July 1 1927- 1,268,204
♦Prior to dates named C and D bonds will receive interest only to extent
of net earnings.
A sufficient number of Class “ A ” bonds will be 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. of San Francisco under a voting trust agreement, such trust to
continue until all the bonds of the new corporation shall be paying the full
fixed Interest o f 5% per year, but not longer than July 1 1927. See V
104, p. 1489.
EARN IN G S.— For years ending Dec. 31:
Calendar
Gross
Net, after Other
Interest,
Balance,
Years—
Revenue. Tax & Depr. Income
&c.
Sur. or Def.
1922 ____________ $1,608,301 $149,125 $25,743 $224,899 def.$50,030
1 9 21____________ 1,583,506
60,031
45,557
195,903 def. 90,315
R OAD.— Total main line operated, 165,63; other tracks. 51.50; total
217.13. Connects Chico, Oroville, 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 .-P .. Sidney M . Ehrman
— V. 112, p. 258, 563, 1400, 2414; V. 113, p. 2080; V. 114, p. 2360.
PENINSULAR RAILW AY.
Entire stock, except directors' shares, is owned by Southern Pacific Oo.
ORGAN IZATION .— Incorporated in California June 30 1909 as a con
solidation of various electric railways In which the Southern Pacific is inter
ested, namely the Peninsular R R . Santa Clara Inter-Urban R R . (Y. 83.
p. 380; V. 87, p. 545) and the San Jose-Los Gatos Interurban R y . (V . 76.
p. 1409; V. 89. p. 104).
Abandonment of Certain Lines Authorized.— See V. 116, p. 516.
SAN JOSE, CAL.
SAN JOSE R AILROADS.— A trolley road.
Southern Pacific Co. owns entire stock except directors’ shares.
ORGAN IZATION .— Incorp. in California Dec. 23 1909 as successor to
San Jose Ry. Co. V. 90. p. 1297. Properties of San Jose & Santa Clara
County R R . Co. purchased by San Jose RRs. March 15 1912.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 <$100).........................................
$5,000,000 __________
1st mtge $1,500,000 goldl 1910
5 g J-J
1.361.000 Jan 1 1955
($1,000) sinking fund____t f Jlnt. at Mercantile Trust Co., S. F., Trustee.
San Jose & Santa Clara Co.) 1906
4H A-O
1,152,000 April 1 1940
RR 1st & ref M $1,500,000Unt. at Union Trust Oo., San Fran., Trustee.
($1,000) g o ld ...............c*tfJ
Bimds.— The San Jose & Santa Clara Co. R R . bonds are subject to call
at llO and Int. Sinking fund of 1 % of outstanding bonds began Apr. 1 1911.
1st M . bonds are subject to following sink, fund provisions: Jan. 1 1915 to
1939, incl., $10,000 per year, 1940-44, incl.. $20,000 per >r.; 1945-49,
$30,000 per yr.; 1950-54, $40,000 per yr.; or these bonds may be delivered
to trustee in lieu thereof.
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net. Other Inc. Int.,Rent.,&c.
Bal.,Def.
1921__________ --$410,772 $53,706
$1,649
$206,644
def$151,289
1920____________ 401,587
74,482
1,262
198,730
122,985
ROAD.— Owns 24.79 miles first track, 11.75 miles 2d track, 2.02 miles
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. & Aud.,
H. A. Culloden; Asst. Sec., G. L. King; Treas., M . S. W ade.— V. 90, p.
1297: V. 92. p. 1033; V. 104. p 560: V. 107. p. 604.
SANTA C RUZ, 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. Oo.
and San Benito Light & Power Co. and Gilray Gas Works; also the entire
capital stock of the Union Trac. Oo. (Santa Cruz). Franchises in munici
palities perpetual; county franchises on hlgbwavs until 1946 to 1959.
In July 1922 the co. was auth. to issue $250,000 of 6% pref. stock at not
less than $85 a share, proceeds to be used to reimburse the treasury for
capital expenditures and to retire before maturity the $150,000 6% deben
tures due Jan. 1 1924. V . 115, p. 187. $92,000 of the deb. had been pur
chased for retirement up to M ar. 1923. (Cash available for balance.)
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,000,000_________ _____
_______
$1,000,000 __________
1st pref $1,000,000 6% c u m .______
Quar.
386.600
See text
Pref $1,000,000 6% cum__________
Quar.
1,000,000
See text
Coast Counties L & P 1st M l 1906
5 g F-A
830.000 Aug 1 1946
$1,000,000 g ($1,000)-C*tf Jlnt. at Mercantile Tr. Co., San Fran , Trus.
Debentures__________________ _____
6%
150,000 Jan 1 1924
BigCrk Lt&Pow lstM$339.000 t f - - 4%
267.000 May 1 1947
San Ben Lt&Pow lstM$150.000 t f . . .
6%
137.000 Sept 1 1950
Bonds.— $3,854 cash held in sink, fund o f Coast Counties Light & Power
Callable 107 H 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% o f 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. In 1920
paid divs. o f 2% on 2d pref. stock.
EARNING S.— For years end. Dec. 31 (not incl. Union Trac. C o.):
Year—
Gross.
Net (aft.Tax.). Int..A c. Deprec’n.
Surplus.
1922 - ........... ..-$841,804
$285,272
$84,174
$63,289
$137,809
19 21__________ 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 transmiss.
lines and 307 pole miles. Gas
plants In Santa Cruz, Watsonville, Hollister and Gilray.
OFFICERS.— Pres. & Gen. M gr., S. Waldo Coleman; V .-P .,
D.
Grant; Sec. & Treas., L. W . Pryor.— V. 114, p. 2474; V. 115, p. IS"
A pril, 1923.]
131
ELECTKIC RAILW AYS
Union T ra ction C o.— Controlled by the Coast Counties Gas & Elec. Co.
At a meeting o f the bondholders of the Union Traction Co. In Aug. 1916
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 o f 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 Sept. 30 1919 and another
Sept. 1 1920. None since.
BONDS—
D a te .
I n te rest. O u tstan ding.
M a tu rity
Union Trac Co 1st M $750,-/ 1905
5%
607,000 Feb 1 1935
000 gold ($l,000).c& r n tf/In t. at Union Tr. C o., San Fran., Trustee.
The bonds have a skg. fund from 1910 to 1915 o f 4*% of bondi
out.; from 1915 to 1920 1% o f bonds out., and from 1920 to maturity 2%
o f bonds out; said fund to be used to redeem the bonds,. Are subject tc
call at 110 and lnt. $100,000 bonds are reserved for betterments and
extensions. $43,000 have been retired.
EARN IN G S.— For cal. year 1922, gross, $84,432; net after taxes, $16,140. In 1921, gross, $93,267; net after taxes, $12,443.
R O A D .— Operates 18 miles of track in Santa Cruz and to Capitol*.
Standard gauge— V. 101, p. 616, 846; V. 107, p. 803; V. I l l , p. 75.
SAVANNAH, GA.
SAVANNAH ELECTRIC & POWER CO.
ORGA N IZA TIO N .— Incorp. 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 N ov. 1 1921. V. 113, p. 2081. Franchises for both street railway
and electric-lighting plant are perpetual.
Capitalization on completion o f reorganization will be as follows:
STOCK AND BONDS—
Date.
Interest.
Outstanding Maturity.
Common ($100)___________________
_______
$2,500,000
________
Pref. 6% cum. after Oct. 11926
($100)................................. . ............................
1,000,000 Apr’23,3%
Debenture stk. ser. “ A ” 8%
cum. ($100)........................................................
1.300.000 Jan’23, 2%
lst&ref.M .ser.“ A ” $2,500,0001 1921 74* g. A-O. 1,750.000 Oct 1 1941
($100, $500 & $1,000) gold /Commonwealth Trust C o., Boston, trustee
----------------------------c*&r*tf J
Sav. Elec. 1st cons mtge 83,-f 1902 5 g J-J
2,147,000 Jan. 1 1952
500.000 gold ($1,000 and lin t, at American Trust C o., Boston, trustee
*500)
c* tf I
Sav Thun & Isle o f H 1st M l 1897 4 Q-J
1,000,000 July 1 1947
g(ll.OOO) $1.250.000-C*ntf )Int. at Central Trust Co.. New York,trustee
Oar trust certificates_________ _____
_______
133.642
________
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 lnt. 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 o f 2% per annum
on the total amount o f Ser. “ A " bonds issued, first payment N ov. 1 1923,
will retire bonds at 105 up to and incl. Oct. 1 1932 and thereafter at call
price. Int. payable in N. Y .. Boston & 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 o f Hope R y. bonds, $250,000
have been canceled. Sinking fund 2% per annum began Jan. 1 1918.
Latest Earnings.— For 12 months ending Dec. 31 1922, gross, $1,603.092;
net, after taxes, $580,109; interest, &c., $284,066; bal.. sur , $296,043.
R O A D .— Operates 63.50 miles o f single track. In Sept. 1917 received
auth. 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 C. Foss;
V .-P ., Chas. F. W . Wetterer, Norman W . Mumford and H. H. Hunt; Sec.
Sc Asst. Treas., W . H. Kennedy; Treas., H. B. Sawyer; M gr., Robt. C.
Brooks.— V. 113, p. 1676, 2081: V. 116. p. 1771.
OFFICERS.— Pres.. Wm. C. Sproui: Chairman Exec. Comm ., Frank R .
Ford: V .-P ., W. H. LIppincott; V.-P. Sc Sec., 8. O. Stivers; Treas., F. W .
Potts.— V. 98. p. 1158, 1246. 1539; V. 101, p . 1190; V. 105, p. 910. 1309.
2094; V. 115, p. 1211.
KEYSTONE UTILITIE S C O .— A holding company.
O RGAN IZATION .— Incorporated in Delaware N ov. 24 1916. Control*
the Hanover Power C o., Hanover & McSherrystown Street Railway Co.
(see this co.), Gettysburg Electric C o., DuBois Electric C o.. DuBols Trac
tion Co. (see this co .), Susquehanna County Light & Power Co.
. These companies do the electric light, power and part street railway busi
ness in Hanover, Gettysburg, DuBois, Montrose, Susquehanna, New M il
ford and other communities in York. Adams, Susquehanna and Clearfield
counties. Pa.
Brooks & C o., Scranton, in Dec. 1916 offered the unsold portion o f the
$1,225,000 1st Sc consol. 5s at 91 >* and int., with 50% allotment o f stock.
V. 103. p. 2341.
STOCK AND BONDS— Date.
Interest. Outstanding. M a tu r ity .
_______
$1,500,000 __________
Stock $5,000,000 ($ 5 0 ).............. — 1st & consol M $7,500,000 gl.1916
5 g F-A
1,225,000 Nov 1 1941
($200. $500 and $1,000) c* (Interest at Scranton Trust C o., trustee.
Bonds.— Secured by pledge o f the capital stocks, contracts ana other
•ecurities of the underlying cos.: also by lien on other property of the co.,
incl. impts. to be made shortly with part o f the proceeds of present Issue.
Sufficient bonds reserved to retire certain underlying liens which In amount
are less than the present issue. No bonds to be Issued for more than 87 j* %
of total expenditures, nor unless annual net earnings o f the combined prop
erties are 1 4* times the interest charge, incl. bonds to be Issued. Red. at
102 4* and lnt. in whole or part to N ov. 1 1931 and at 105 and int. thereafter.
P R O PE R T Y .— System includes 3 electric generating stations (aggregat
ing 8,000 h. p. capacity); a hydro-electric system at Susquehanna. Pa., ca
pacity 600h. p.; 75 miles o f high-tension transmission lines, connected with
local distributing lines: 20 miles of street railway trackage, cars. &c.
OFFICERS.— Pres Frederick J. Platt; V .-P ., E . J. Lynett.— V. 103.
p. 2341; V. 116, p. 1533.
SEATTLE, WASH.
PUGET SOUND POWER & L IG H T CO.
ORGANIZATION.— Was formerly known as the Puget Sound Traction.
Light & Power Co. Name changed to present title early in 1920. In orp.
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. & Lt. Co. Also
owns most o f the stock of 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 of the Puget Sound International Ry & Power C o., lessee
o f Everett R y., Light & Water Co. Early in 1923 acquired the Washington
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 of 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 of Seattle, Tacoma, Bellingham and Everett;
does substantially all the electric street and interurban railway business
'n 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 four water-power and five steam-power
plants, with a total electric generating capacity of 115.900 kilowatts.
Also owns or controls additional undeveloped water-power sites with a
capacity of more than 100.000 horse-power. Operates the street railways
!n Bellngham and, through its subs’diaries in Tacoma and Everett, also
the interurban electric railroads between Tacoma and Seattle, between
Seattle and Renton, between Tacoma and Puyallup, between Everett and
Seattle, between Everett and Snohomish, and between Bellingham, Mount
Vernon and Sedro-Woolley, a totai of over 286 miles of track. Does the
entire gas business o f BelLngham and the entire steam heat distributing
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, 194i. In
Everett, railway, in 1944 and 1950; electric light and power, in 1950,
Interurbans chiefly on private right of way.
SCRANTON, PA.
Tale of Water Plant to City.— On Aug. 10 1916 the city of Everett took
SCRANTON & W ILKES-BARRE TRACTION C O R P O R A T IO N .over the water plant of the Everett Ry., Lt. & Water Co for $994,000.
A holding company.
O R G A N IZA TIO N .— Incorp. in Virginia In 1913 as a reorganization (pet Proceeds jvere used to take up the $500,000 Everett Water Oo. 1st 5s,
plan V. 96, p. 1701) o f the Lack. & W yom. Valley Rapid Transit Co. (sold due 1921. and $497,000 of the $675,000 Everett R y., Lt. & Water Co. 1st
at foreclosure), which company owned all the securities o f the Lackawanna M. 5s, due April 1 1925.
& Wyoming Valley RR., the Scranton & Northeastern R R ., the Lacka
City Regulation of Jitneys Upheld.— On July 20 1921 the Wash. Supreme
wanna Tunnel Co. the Central Valley RR. and the Wilkes-Barre RR
Court sustained the right of the city of Seattieto regulate jitney traffic onits
These latter five companies were merged into the Lack. & W yom. Valley streets. V. 113, p. 961. A petition on behalf of jitney operators for a
R R . Co. (the operating company) with $2,150,000 stock and $5,000,000 rehearing was denied on Sept. 2 1921. V. 113, p. 1252.
bonds, all of which is owned by the Scranton & Wilkes-Barre Trac. Corp
Sate of City Railway System to Seattle.— In April 1919 $15,000,000 5%
and deposited under that company’s refunding mtge., subject to $888,000
itility bonds of the city o f Seattle were delivered to the co. and the co.’s
L . & W. V. Rapid Transit coll, trust bonds. The Railroad Co. owns all thi street railway property, within the city limits, was conveyed to the city
■tock o f the Lack. & Wyom. Valley Pow. Co. Power franchises perpetual
which now owns and operates same. The bonds have been deposited with
Sinking Fund and Redemption Plan.— The plan for a sink, fund ($15,000 the trustees of the mortgages securing certain of the co.’s bonds and notes
r ann.) and the establishment of a call price of 105 and int. for the Lacka
in substitution for the property sold. They are a charge upon the gross
W yo. Val. Rap. Tr. Co. coll, trust 5% bonds of 1901 became effective. .arnings of the entire railway system of the city, superior to all charges
N ov. 8 1917. V. 10b. P. 2094.
except interest and amortization of some $650,000 of prior bonds of a like
In Sept. 1922 the Penna. Corp. Comm, approved an increase in the character. V. 108, p. 1391, 2630; V. 109. p. 371: V 110, p. 971.
c o .’s auth. capital stock from $2,500,000 to $5,000,000. V. 115, p. 1211.
Attitude of Mayor Caldwell on Question of Meeting Prin. and Int. of Bonds
Issued in Payment for Street Railway.— V . 112, o. 373.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity
Decision Bearing on Payment of Prin. and Int. of St. Ry. Bonds.— See
C om m on___________________ _____
_______
$2,400,000 __________
V. 112, p. 2191; V. 113, p. 418; V. 114, p. 1064. See also V. 116, p. 1761.
Pref cu m ___________________ _____
See text
925.500
See text
In April 1921 brought out $13,734,000 7 4*% gen. & ref. mtge. bonds to
L & W V Rap Tr Co coll trust / 1901
5%
813,000 Aug 1 1951
provide for the retirement of $13,676,500 7% 3-year notes, due .Tune 1 1921.
5% gold bonds_______ c * tflln t. at Guaranty Trust Co N . Y ., trustee
T
V 112. p. 1742.
Refunding mtge (see text) g j 1913
5%
1,988,800
Aug 195)
In April 1922 issued $1,100,000, and in Oct. 1922 an additional $1,300,000
($1,000)_____________c*tf [Guaranty Trust C o., New York, trustee
Coll trust sink fund gold bdsl 1914
6 g A-O
912,000 Apr 1 1934 7% prior pref. stock to provide funds to retire floating debt incurred for
construction purposes, &c. V. 114, p. 1892; V. 115, p. 1838. In March
$1,000,000 ($1.000)____c*!Guaranty Trust C o.. N e w York trustee
1923 sold $2,000,000 additional 7% prior pref. stock for acquisitions. Sec
Stock.— Divs. on prof. 6% per annum until June 30 1917 and 7 % there
after. Cumulative from June 30 1914. Pref. stock is red. at 105. Pref. V. 116, p. 1051.
and com. have equal voting power.
Ontstondinn. Maturity.
STOCK AND BONDS— Date.
Interest.
$20,282,900
See text
Q-J 15
Bonds.— Refunding mtge. bonds are callable at 105 and int.; sinking fund Common $25,000,000 ($ 1 0 0 ) - - ____
See text
15,551,700
Q-J 15
of 4*% ner annum of outstanding bonds began Nov. 1 1917; $828,000 Pf $16,000,000 6% cum ($ 1 0 0 )____
7 Q-J 15
7.500,000 A pr’23, 1 %
are reserved to retire underlying bonds. The mortgage was authorized Prior pref $10,000,000 ($100)--------2 .000.000 Sept 1 1925
originally for $5,000,000, but was subsequently closed at $3,000,000 The 5-year gold notes ($100, $500/ 1920
8 M-S
and *1 000)__________ o*tf (Dexter. Horton Tr & Sav. Bk., Trustee
L. & W . V. Rapid Transit Co. 5% bonds are secured by deposit of $2,150,850,000 Sept. 1 1926
000 stock and $5,000,000 1st M . 5s, due 1951, o f the Lack. & Wyom Valley 5-year gold notes ($100, $500/ 1921 _ 8 g M-S
and $1,000) gold________ c (Dexter Horton National Bank, Seattle, Trus.
R R . Co. Under a supplemental Indenture, dated Nov. 1 1917, a sinking
7 4 *gM -N 13.734,000 May 1 1941
fund o f $15,000 per annum which began May 1918 was created and the Gen & ref M Ser “ A ” ($500&/ 1921
$1,000) gold_____c*&r*.tf\01d Colony Trust Co., Boston, trustee.
bonds were made subject to call at 105 and interest. V. 105, p. 2094.
3,990,000 Mar. 1 1940
As o f April 1 1923 all but about $24,000 o f the bonds had been stamped Pacific Coast Power 1st mtge] 1910 5 M-S
$10,000,000 gold ($1,000)/ln t. at Harris Tr. & S. Bk.. Chic., trus., or at
by the trustee with the callable feature sinking fund agreement. V.
c*&r (closed mortgage)____1 Harris, Forbes & Co.. Inc., N. Y . or Bost.
105, p. 2455. The coll, trust 6s o f 1914 are red. at any int. period at 100
.3.170.000 Feb. 1 1930
and accrued int. Sinking fund (cumulative) of 1 % of outstanding bonds Seattle Elec Co 1st M $5,000,-) 1900 5 g F-A
000 ($1,000) gold_ c*n tf/In t. at Boston Safe Dep % Tr. C o., trustee
_
annually from March 1 1916 to March 1 1933. These bonds are secured by
do cons & ref $25,000.0001
1907 5 g F-A
5.217.000 Aug 11929
the same collateral as the first and refunding mortgage. V. 98, p. 1246.
($1,000) gold______c*& rtf/ln t. at Old Colony Tr. Co., Boston, trustee.
Dividends.— 6% was paid on preferred stock from July 1913 to an Incl
Pow 1st
5
2 682.000 June
April 1917. In July 1917 began paying 7% and same rate has been paid Pug Sd r$l ,000) M $4,000,0001 1903 Old g J-D Trust Co., Boston, 1 1933
gold
gu a r.__ c*tf lint, at
Colony
trust
regularly since.
Seattle-Everett mtge $5,000,-1 1909
5 M-S
2.716.000 Mar 1 1939
EARN IN G S.— Years ending Dec. 31:
000 g ($1,000, & c.)_.c*& rtf j Int. at Old Colony Trust C o ., Boston, trustee
Pref.
Balance
Cal.
Operating Other Inc. Exp. &
Bond
Everett R y, Lt & W 1st M\ 1905
5 g A-O
160.000 April 1 1925
Dies.
Surplus
Year— Income. (Hold.Co.). Tates.
Interest.
$2,000,000 g ($1.000)--C tf/Int. at Bankers Trust Co.. N. Y .. trustee,
$63,329
$126,448
1922 - —$410,189
$946
$15,046
$206,312
do
cons M $4,000.0001
1909 5 F-A
See text
Feb 1 1941
59,936
151,006
1921 „ . 430,431
371
12,797
207,063
gold_________________ c*& rflnt. at American Trust Co., Boston, trustee
56,616
88.237
1920
362,705
303
10,343
207,812
Pug Sd El 1st cons M $5,500,-/
1903 5 g F-A
3,037.000 Feb 11932
R O A D .— Lackawanna Sc W yom. Vail. RR. operates 22.75 miles o f first
000 gold ($1,000)_____c*tf\ Int. at Old Colony Trust C o., Boston, trustee
track, 20.74 miles o f second track and 8.61 mlle3 o f yard track and sidings
do cons&ref M $15,000,000
1911 __________ See text
Double track, laid with 90-lb. rail. Standard steam construction, private Tacoma Ry&P 1st M g ($1,-/
1899 5 g A-O
1,236.000 April 1 1929
000)$1,5llO,00C not redc*ntf (Int,. at Old Colony Tr. C o., Boston, trustee
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 od Pacific Tract 1st M $5,000.-]
1907 5 g J-J
See text
July 1 1927
the line between Scranton and Wilkes-Barre. 27 passenger. 72 freight care
000 gold ($1,000)_______ c*\Int. at Old Colony Tr. C o., Boston, trustee
4 motor express cars, 1 motor work car and 2 electric freight locomotives
Whatcom Co Ry & Lt 1st M l 1905
5 g M -N
1,325 000 Nov 1 1935
Freight and passenger business is exchanged with all railroads entering thf
$2,500,000 gold ($1,000) tf/I n t. at Old Colony Tr. C o., Boston, trustee
terminal cities.
Notes payable, N ov. 30 1 9 2 2 - - ____
_________
207,500 ________ _
r
122
[V ol. 116.
ELECTRIC RAILW AYS
STOCK.— 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-taxable 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 100A
thereafter up to March 1 1925.
Bonds.— The gen. & ref. mtge. 1Vi % bonds, Series “ A ” are secured by
deposit o f $13,734,000 City of Seattle Street Ry. 5% bonds. Additional
bonds issuable in different series for 75% o f the cost o f additional property
and extensions under certain restrictions. A sinking fund of $400,000 per
annum, beginning March 10 1923, will be applied to purchase of these bonds
if offered at not exceeding the call price. Red. on any int. date up to
M ay 1 1926 at 105; thereafter decreasing 1 A % annually to 101 on N ov. 1
1933; and thereafter to and incl. M ay 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% o f bonds outstanding;
$1,830,000 bonds were held by the trustees not canceled Dec. 31 1922; call
able as a whole or in part for sk. fund on any int. date at 110 and int. The
consol. & ref. M . bonds can be called in amounts not less than $500,000,
and in smaller amounts for sk. fund purposes at 105 and int. on any int. day.
Sinking fund o f 1% per annum started Oct. 1 1909; $1,229,000 of the bonds
were held by trustee for sinking fund Dec. 31 1922, $1,344,000 are canceled
and $5,852,000 reserved to retire underlying bonds. V. 85, p. 222; Y. 92,
p. 189. Both mortgages are closed
Puget Sound Power Co.— Mortgage is closed. Both prin. and int., as well
as sk. fund payments, are guar, by the Seattle Electric Co. Can be exchanged
for Seattle Electric consol and ref 5% bonds, par for par. A si:, fd. of 1%
per ann. o f bonds outstanding commenced Mar. 1 1906; $631,000 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 o f the Seattle E lec.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) o f stock of the Puget Sound International Ry. & Power Co. and
$500,000 consol, mtge. bonds of the Everett R y., Light & Water Co. The
mortgage is closed. A sinking fund o f 1% on amount o f bonds out began
Mar. 1 1914. $384,000 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 By., Lt. & Water Co.— Of the $2,000,000 M ., $825,000 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 107IS and int. Of the $4,000,000 consol M
$160,000 is reserved for prior liens, $439,000 owned by Puget Sound Inter
national Ry. & Power, $480,000 owned by Pacific Northwest Traction Co.,
$55,000 is in sink, fund canceled and $2,866,000 are unissued. Callable as
a whole (or in part for sk. fd. at par and int on any int. day. Sink. fd. of
1% per annum o f bonds out began M ay 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. bonds and $1 227 000 have
been canceled. Callable as a whole on any int. date at 110 and int. A
skg. fd. o f 1% o f bonds certified, plus 5% per ann. on bonds purch for sk. 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 cost for addn’ s & impts
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. o f 1% o f 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. o f bonds outstanding, if curried, com
menced Nov. 1 1906; on Nov. 1 1911 became obligatory. $439,000 bonds
have been canceled o f which $193,000 in sk. fd. Mortgage is closed.
Dividends.— An initial div. of 1 % % was paid on the 7% prior pref. stock
n April 1922. On 6% pref. 1 l % quar. from organization to April 1915.
A
In July 1915 paid only % % , same rate quar. to and incl. Jan. 1918. None
to July 1919, when % % was paid. Same rate paid quar. to July 1921,
when 1 A % was paid. V. 112, p. 2643. Same rate quar. to and incl.
Oct. 1922.
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. Y. 114, p. 739.
On com. first div.— 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% .
EARN IN G S.— For years ending Dec. 31:
Year—■
Gross.
Net aft. Taxes. Other Inc. Interest, &c. Bal., Surp.
1922_______$10,477,610 $4,378,584 y$715,292 $2,451,925 $2,641,951
1921_______ 10,038,544
4,155,251 y750.000
2,546,359
2,358,892
y Income from City of Seattle utility bonds.
P R O P E R T Y .— Power stations have 122,510 k.w. capacity. Also pur
chases power (Bellingham Division) from Western Canada Power CoStreet and interurban railways, 278 miles equivalent single track. 20.40
miles trackage. Gauge, electric, standard; cable, 3 ft. 6 in. and 3 ft. 258
passenger cars, 276 freight, mail and miscellaneous, and 11 locomotives.
OFFICERS.— Chairman o f board, Frederick S. Pratt; Pres., A. W .
Leonard; V .-P ., W . H. McGrath and Edvv. T. Steel; Clerk, William T .
Crawford; Sec., James B. Howe, Seattle; Treas., Henry B. Sawyer; Gen.
Mgrs., Stone & Webster M gt. Assn.— V. 115, p. 2581; V. 116, p. 77, 296,
936, 1051, 1276, 1761.
_____ _
ROAD.— Operates 19.5 miles o f track between Ashland and Shamokin.
OFFICERS.— Pres., E. W . Samuel, M t. Carmel. Pa.; Sec., J. D . M c
Connell. Treas., W m. Keefer, M t. Carmel.— V. 106, p. 2650; V. 112, p.
1519, 2538.
SHAWNEE, OKLA.
SHAWNEE-TECUMSEH TR AC TIO N CO.
ORGAN IZATION .— Incorporated in Oklahoma on Feb. 13 1906
Franchises are perpetual and exclusive for 25 years.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$500,000 _______
Stock $500,000 ($100)___________ ____________
First mortgage $1,000,000/ 1906
5 g J-D
300.000
1926
($1,000) gold__________ c*\Int. at Equitable Trust C o., N . Y ., trustee.
Bonds.— Can be called in 1916 at 105. No sinking fund.
EARN ING 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, $71,7677
net, $27,907; taxes & int., $17,415; bal., sur., $10,979.
R OAD.— Operates 12 miles of track in Shawnee and between Shawnee and
Tecumseh
Standard gauge. 60 and 70-lb. T rail.
OFFICERS.— Pres. & Treas., Louis K . Hyde; Gen. M gr., J. G. Phillips;
Sec., Geo. L. W ebb.
SHEBOYGAN, WIS.
EASTERN WISCONSIN ELECTRIC CO.
Control.— In June 1922 the Wisconsin Power Light & Heat C o., a sub
sidiary of the Middle West Utilities Co., was auth. by the Wise. R R . Comm,
to purchase the $700,000 outstanding com. stock of the co. See V. 115, p.
310, under caption “ Wisconsin Power, Lt. & Heat C o.”
ORGA N IZA TIO N .— Incorp. Feb. 21 1917 to take over the properties
of the Sheboygan Electric C o., the Eastern Wisconsin R y. & Light Co. and
the Wisconsin Electric R y. (See “ Elec. R y .” Section for Jan. 1917). Owns
and operates the electric-lighting. power and street railway systems in She
boygan and Fond du Lac, gas in Fond du Lac, street railway in Oshkosh
and about 70 miles of interurban lines connecting Sheboygan and Elkhart
Lake, Fond du Lac and Oshkosh, Oshkosh and Neenah. and Oshkosh and
Omro. Power is also sold in Plymouth, Elkhart Lake and Sheboygan
Falls. Franchises.— Operates under indeterminate permits as provided
by Wise. P U Law, and is thus protected from competition.
In Jan. 1923 issued $1,917,000 1st lien & ref. mtge. 6% bonds, Ser. “ A ,” '
proceeds being used to retire $1,200,000 3-yr. gen. mtge. 7% notes due
Mar. 1 1923, to retire certain underlying bonds, and for add’ns, &c. V.
116, p. 515. It is proposed to retire the $1,182,000 Eastern Wise. R y. &
Lt. 1st mtge. 5s due Oct. 1 1923 through the issuance of further 1st lien &
ref. mtge. bonds, Ser. “ A ,” already authorized by the Wise. R R . Comm,
for that purpose. V. 116, p. 515.
In Jan. 1923 was auth. by the Wise. R R . Comm, to issue and sell at par
for cash $300,000 add’l common stock. V . 116, p. 515. Compare V. 116,
p. 295.
STOCK AND BONDS— Date. Interest. Outstanding. Maturity.
Common stock. $2,000.000_ _____
_
________
$700,000
________
Pref stock. 7% . $5.000,000________
Q-M
1.556,500 M ar.’23, I K
1st & ref M $20,000,000 gl 1917
5 g M-S
1.124.500 Mar 1 1947
($500 & $1.000)c*________ f Interest payable In Milwaukee or N . Y .
1st lien & ref. mtge ser “ A ” \ 1922
6 g J-D
1,917,000 Dec 1 1942
($100, $500 & $1,000) g c * t f JTnt. payable in Chicago or New York.
Underlying Liens—
East Wise Ry & Lt 1st M gl 1903
5 g A-O
1.182.000 Oct 1 1923
($1,000)____________ c * tf Jlnt. at First Sav. & Tr. C o., M llw., Trustee.
Sheboygan Elec ref & impt M, I 1916
5 g J-J
1.540,500 July 11946
g ($1,000 & $500)____c*tf\ Interest payable in Milwaukee or N . Y .
Sheb Ry & Electric_________ ______
5%
101.500
1926
BONDS.— $2,965,000 East. Wise. Elec. Co. 1st & ref. M . 5% bonds are
reserved to retire prior liens and $1,852,000 are pledged as security for the
1st lien & ref. mtge. ser. “ A ” 6s. Additional bonds may be issued for 75%
of actual cost of permanent additions and improvements under conservative
restrictions. Callable at 105 and int. since Mar. 1 1922 on any int. date.
Sinking fund: 1% per annum of bonds outstanding in 1922 to 1931;
1 A V 1932 to 1941; 2% 1942 to 1946; to be used for retirement of bonds or
o
fo'- exts. and addns. against which no additional bonds mav be issued.
Trustee, Wisconsin Trust C o., Milwaukee. V. 104, p. 1145. The 1st
lien & ref. mtge. ser. “ A ” 6s are secured by pledge of $1,852,000 1st & ref.
mtge. 5s. Mtge. provides for maintenance and renewal fund. Red. all
or part on and after Dec. 1 1932 and prior to Dec. 1 1937 at 105 & int.,
and thereafter prior to Dec. 1 1941 at 102 A and int., less A of 1 % for each
year or fraction thereof elapsed after N ov. 30 1938; on or after Dec. 1 1941
at 100 & int. Tax refund in Penna., Mass, and Conn. V. 116, p. 515.
The Eastern Wise. R y. & Lt. Co. 1st 5s are red. on any int. date at 103
and int. on 6 months' notice. 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 outstanding from 1920 to 1930: 1 A % 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.
E vR N IN G S —Combined statement, o f consolidated onmoanies for 12
months ending Dec. 31 1922, gross, $1,675,812; net, $544,707; int. charges.
&c., $385,716; bal., surplus, $158,991.
P R O PE R TY.— Gas plant and 42 miles of gas mains in Fond du Lac,
electric-distribution system and 3 electric-generating plants, combined
capacity of 6,500 h. p. in Sheboygan. Fond du Lac and Oshkosh; street railV ay and interurban lines over 100 miles of single track. The greater part
of the interurban lines is laid chiefly with 70-lb. T rails, and with the excep
tion of 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.
Also 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
SEATTLE AND RAINIER VALLEY RAILW AY CO.
with a 500.000 cu. ft. holder was placed in operation in 1918. V . 107, p.
Possible Purchase by City.— For terms upon which co. would be willing 1192; V. 109, p. 981; V . 110, p . 1186, 1289; V. 114, p. 1538, 2717; V. 116,
to sell its street railway property to the city of Seattle see this section of p. 295, 410, 515, 1649.
April 24 1920.
ORGA N IZA TIO N .— Incorp. in Del. on June 8 1916 as successor to the
SHREVEPORT, LASeattle Renton & Southern R y ., which was bid in at foreclosure sale on
M ay 12 1916 by Attorney John C. Higgins, representing the bondholders
SHREVEPORT R A ILW A YS CO.
(there were $825,000 1st 5s outstanding) and common claimants under the
O RGAN IZATION .— Successor of the Shreveport Traction C o., the fran
plan o f reorganization. V. 102, p. 2078.
co ises and properties of which company were purchased in July 1914 by the
In Apr. 1917 reached a settlement with city over franchise difficulties Shreveport Railways Co. Shreveport Trac. C o., in turn, succeeded the
and co. was awarded a judgment of $41,700 against city because of changes Shreveport Belt Ry. Co. and Shreveport City R R ., chartered In 1870, and
in grades on Rainier Ave.. &c
nurchased the Highland Park Trac. Co. and the Shreveport City Suburban
Has $250,000 com. stock and $110,000 pref. stock (par $100) auth. and Ry. Owns and operates entire street railway system in city of Shreveport.
outstanding. Also has outstanding $418,000 6% 1st M . bonds, $577,500
Franchises.— In 1912 all franchises of the company were extended until
5% Gen. M . bonds and $400,000 6% income mortgage bonds.
1954 All franchises are free from burdensome restrictions.
EARN IN G S.— For year ending Dec. 31 1922, gross, $508,543; net,
Fares.— In Dec. 1922 the co. applied to the La. P. S. Comm, for auth.
$165,713. In 1921, gross, $509,705; net, $142,814.
to raise fares from 5 cents to 7 cents. V. 115, p. 2794; V. 116, p. 1412.
R O A D .— 24,863 miles of track, from Seattle to Columbia City, Hillman
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Rainier Beach and Renton. Rails, 60, 70 and 75-lb. T. Standard gauge
Stock $2,000,000......................................................... $1,000,000 ______ _____
34 passenger cars, 19 freight cars, 2 locomotives and 1 line car.
1st M ser gold bds $3,000,0001 1914
5 g J-J
730,000
See text
OFFICERS.— Pres.. Marshall E. Sampsell, Chicago: V .-P ., E . M .
($100. $500 & $1,000) c*tflIn t. at Hibernia B k .& T r. Co.. N .O .. trust.
Mills; Gen. M gr., Walter M . Brown; Treas., E. W . Gross; Sec., Leroy J.
Bonds — Redeemable at 103 and interest. The $800,000 bonds issued
Clark.— V. 108, n. 380, 785, 1276, 2331; V. 110, p. 79, 1291; V. I l l , p. 74, mature in annual Installments as follows (par value $1,000, ex
cept for $50,000 of $500 bonds and $20,000 of $100 bonds due in 1944);
793; V . 113, p. 2722; V. 116, p. 1761.
*10,000 1918 and 1919; $15,000 1920 and 1921; $20,000 1922 to 1927;
$25,000 1928 to 1932; $30,000 1933 to 1937; $25,000 1938 to 1942; $20,000
1943: $210,000 1944. The remaining $2,200,000 will fall due annually as
SHAMOKIN, PA.
follows (par $1,000 except $100,000 of $500 bonds and $80,000 of $100
SHAMOKIN & MT. CARMEL TR AN SIT CO.
bonds due in 1944); $5,000 1925 to 1937; $15,000 1938 to 1942; $20,000
O RGAN IZATION .— Is a consolidation in July 1906 o f the Shamokin A
1943, and $2,040,000 in 1944. $70,000 redeemed to Apr. 1 1923- These
M t. Carmel Electric Ry. and the Ashland & Centralla Electric R y. V. 83
remaining $2,200,000 bonds may be certified and issued from tims to time
p . 273.
for improvements, extensions, additions, &c., under certain restriction*
Valuation.— In April 1921 the Penna. P. S. Comm, placed the valuation
(V. 99, p. 199).
•f the c o .’s properties at $1,300,000. V . 112, p. 1519.
REPO RT.— For years ending Dec. 31:
Year—
Gross.
Net.
Interest.
Surplus.
8TOOK AN D BONDS—
Date.
Interest. Outstanding. Maturity
1922____________________ $629,421
$93,353
$40,699
$52,654
$529,750 — .............
Common $700.000......................... - ......................
Pref $300,000 6% non-cum________
_______
261.850 __________
1921______ ______________ 640,502
100,842
39,775
61,067New mortgage $600,000......... 1 1906
5%
415.000
1936
ROAD, &c.— Operates about 32 miles o f track; 60, 70 and 80-lb. rail.
(Penn. Co. for Ins. on L. & G. A .. Phila.. trust Owns and operates its own Dower plant. 18 single truck and 28 double
EARNINGS.— F o r year ending Dec. 31 1921, gross, $304,317: net, after truck pass, cars, 1 work car and 2 miscellaneous cars.— V. 115, p. 2794"
axes, $60,011. In 1920, gross, $268,934; net, after taxes, $69,054.
V. 116, p. 1412.
A
p r il
,
1923.]
ELECTEIC EAILW AYS
SIOUX CITY. IOWA.
SIOU X C ITY QAS & ELECTRIC CO.
ORGANIZATION. &C.— Incorp. in Iowa in 1901. Did all the gas as
well as a portion of the electric light and power business in Sioux City,
Iowa, up to 1922. On N ov. 2 1922 acquired the electric generating plant
and distribution system formerly owned by the Sioux City Service Co., thus
placing the entire light and power and gas business in the city of Sioux City
under the ownership and management of the Sioux City Gas & Electric Co.
The Sioux City Gas & Electric Co. owns substantially all o f the outstanding
capital stock of the Sioux City Service Co. (see below), which latter com
pany continues to own and operate the street railway and heating business
in Sioux City.
Exchange Offer.— In Oct. 1922 holders o f 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
9 9 and int. for the Gas & Electric Co. new 1st 6s.
STOCK A N D BONDS.— Date.
Interest. Outstanding. Maturity.
Common stock $4,000,000_________
_________ $4,000,000 ____________
Pref stock 7% $4,000.000__________
_________ 1,779,300 ______
1st mtge ser “ A ” ($100, $5001 1922
6 g M-S
4,500,000 Sept 1 1947
& $1,000) gold---------- c*tfJlnt. payable in N. Y . or Chicago.
Bonds.— Are red. all or part on 60 days’ notice on Sept. 1 1932 and there
after to Sept. 1 1936 at 107l and int.; thereafter to Sept. 1 1941 at 105 and
A
int. thereafter to Mar. 1 1946 at 102H and int., and thereafter at 100 and
int. Annual sinking fund of K o f 1% o f bonds of this series outstanding
commences M ay 1 1927. Bonds are red. for sink, fund purposes from Sept.
1 1927 to and incl. Sept. 1 1932 at 107'A and int., and thereafter at the
then existing redemption price. Penna. 4-mills tax, Conn. 4-mills tax and
Mass, income tax on int. not exceeding 6% per annum refunded. Y. 115,
p. 2278.— Y . 115, p. 1847, 2278.
(1) Sioux C ity Service Co.
Substantially all the capital stocK is owned by Sioux City Gas & Electric
C o., which see above.
ORGAN IZATION . &C.— Incorporated on June 7 1905 in New Jersey
In March 1909 increased capital from $250,000 to $2,000,000, in order tc
acquire stock of Sioux City Traction Co. V. 88, p. 1129. Franchises of the
Sioux City St. Ry. (succeeded by Sioux City Traction) run for 50 years from
1889; other franchises run for 25 years from 1908. These latter were on the
terms o f 5-cent fares with transfers and 2% of gross earnings after the city
has a population o f 75,000 but on Sept. 1 1920 a 6-cent fare was granted for
8 years.
Operates all street railway lines in Sioux City and sells steam heat for
commercial purposes. On Nov. 2 1922 the co .’s electric generating plant
and distribution system were acquired by the Sioux City Gas & Elec. Co.,
which owns substantially all the co .’s capital stock. V. 115, p. 2268.
In July 1919 the company issued 1st (fc ref. (now first) mtge. 6s, $760,000,
being used to retire a like amount of Sioux City Traction 1st mtge. 5s, and
the remainder to reimburse the company for improvements and betterments
already made. V. 109, p. 73.
Jitneys Barred.— V. 113, p. 961.
Offer to Bondholders.— For offer to exchange bonds o f Sioux City Gas &
Electric Co. for 1st & Ref. Mtge. 5s, due Jan. 1 1928, see that company
above, and V. 115, p. 1839.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
_______
$2,000,000 .................
Stock$2,000,000 ($100)___________
First & ref mtge $5,000,000 f 1910
5 J-J
2,051.000 Jan 1 1928
($1,000) gold------------ c* tf l Illinois Trust & Sav. Bank, Chicago, trustee
Bonds.— $2,629,000 are for additions and improvements at 75% o f cost
and $320,000 have been retired. Red. at 105 and int. on any int. date
upon four weeks’ notice. Sinking fund began in 1913, which by 1928 will
aggregate $1,200,000. Interest payable in New York and Chicago. V. 90,
p. 1555; V. 109, p. 73.
Latest Earnings.— For cal. year 1921, gross, $1,539,490; net, $295,321;
int., taxes, &c., $296,110; bal., def., $788. In 1920. gross, $1,468,690;
net, $180,113; int., taxes, &c., $278,732; bal., def., $98,619.
R O A D .— Operates over 51 miles o f track (of which 7 miles on privatt
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; Y. 115, p. 1839, 2268.
SOUTH BEND, IND.
.
CHICAQO SOUTH BEND & NORTHERN INDIANA R Y .— Trolley
road.
ORGAN IZATION .— Incorporated in Indiana In Jan. 1907 as successor
to the Northern Indiana Ry., 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 1st 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: Metro
politan Trust Co., N. Y . City. V. 107, p. 291. The committee has called
for deposits of bonds and as of July 17 1918 issued a statement stating
that a considerable amount o f 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 of Interest upon underlying
bonds. V. 107, p. 603.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $5,000,000 ($100)-- ...........................
$5.000.CO ....................
O
Pref $2,500,000 5% cuml ...........................
2.500,000 ....................
($100) arter Jan 1 1 9 09---/
New first mtge $5,000,000/ 1907 5 g J-J
2,489.000 Jan 1 1937
gold ($1,000)__________ tf 1 Int. at Central Trust C o., N . Y ., trustee
Nor Ind Ry 1st cons M $4,-/ 1906 5 g J-J
588,000 Jan 1 1936
000,000 gold ($ l,0 0 0 )---tfl Int. at U. S. Mtge. & 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,-1 Girard Trust C o., Philadelphia, trustee.
O00)-------------------------- c*tf t Interest at Standard Trust C o., New York
La Porte & Michigan City Tr ( 1905
5 g J-J
312,500 July 1 1930
first mtge $350,000 ($500)i Interest at First Trust & Savings Bank
sinking fund subj to ca ll.tf { Chicago, 111.
Bonds.— On the Indiana Ry. 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 of.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
ROAD.— Operates 125 miles of track in South Bend, Mishawaka, Elk
hart. Goshen, La Porte, Michigan City and interurban lines between those
points. Gauge, 4 ft. 8 Yt in.; 70 to 100-lb. T rail. Owns 129 cars and
11 sub-stations.
O F F IC E R S— Pres.. Charles F. Dieterich, New York; 1st V .-P .. O. M .
Murdock, Lafayette; Treas., A. E . Dieterich; Sec., S. T . Murdock; V.-P.
& Gen. M gr., R. R . Smith; Gen. Aud., O. A. Small; Purchasing Agent,
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 .
SOUTHERN M ICHIGAN R A ILW A Y.— A trolley road.
Is controlled by same interests as Chic. South Bend. & Northern Indiana.
ORGAN IZATION .— Organized on Feb. 8 1906 as a consolidation of the
South Bend & Southern Michigan Ry. and the Niles & Buchanan Ry
Franchise in St. Joseph expires in 1935; in Berrien Springs In 1935; in Niles
In 1932. 1935 and 1936; In South Bend, perpetual.
123
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
$2,000,000 ...................
Stock $2.000,000............. ........................................
First consol mtge $1,980,000/ 1906
5g
400,000 Mar 1 1931
gold ($1,000)__________ tf (Int. at U. S. M tge. & Trust C o., 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.
_
Bonds.— 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 sinking fund from March 1 1909 to Feb. 28 1915: 1% of bonds out
standing, from March 1 1915 to Feb. 28 1925.1)4 % of bonds out: and from
March 1 1925 to Feb. 28 1931, 2% of bonds out. The So. Bend & So. M ich,
bonds are not subj. to call. $5,000 per ann. Is payable into a sinking fund 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 _______ _____ ______ 334,349 122,773
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
ind 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.
& Gen. M gr., R. R . Smith; Aud., O. A . Small; Purchasing Agent. R . E.
Cornwell.— V. 83, p. 493.
SPARTANBURG, S. C,
SOUTH CAROLINA GAS & ELECTRIC CO.
ORGANIZATION.— Incorp. in Maryland Sept. 23 1922. Organized
for the purpose of 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.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Common $1,250,000 ($100)________
_________ $1,250,000 ................... ..
1st prof $2,000,000 cum ($ 1 0 0 )____
7%
See text
_______ ___
2d pref $1,000,000 cum ($ 1 0 0 ) -____
6%
700,000 __________
Ctfs of indebtedness (red at opt of co)
None
409,365 ____________
Certificates of indebtedness_ _____
_
None
78,478 Jan 2 1928
1st Mtge $5,000,000 ($1,000) \ 1922
6 g M -S 15 3,700,000 Dec 15 1932
g o ld _________________ c*tf INew York 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/Am erican Exchange Nat. Bk., N . Y ., Trust.
Stock.— Neither of the pref. stocks carry voting powers; $650,000 of the
1st pref. is reserved for the conversion of 10-yr. 6% conv. mtge. bonds.
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 of 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.
EARNINGS.— Of the co. covering the 6 mos. from Oct. 1 1922 to
Mar. 31 1923: Gross, $433,758; net, after taxes, $174,451; bond and other
int , $133,747; balance, sur., $40,704.
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.
spokane, w ash .
SPOKANE & EASTERN R Y. & POWER CO.
ORGANIZATION.— Incorporated in Washington January 3 1920.
The property of the Spokane & Inland Empire RR. 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 interurban line from Spokane to Coeur d ’ Alene City and Hayden Lake, Idaho
to the Spokane and Eastern Ry. & Power Co., 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-yr. gold bonds,
j
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. ls( & Ref.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 & Saivngs 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.
Stock $3,000,000 ($100)___________
_________
$3,000,000 __________
1st mtge bonds-..$3,0 00,0 00/ 1920 5 F-A 1
3,000,000 Feb. 1 1925
($1,000)______________ c&rtf (in t. at Harris Tr.& Sav. Bk., Chicago, trust.
u d ’ A & S 1st M $500,000 g / 1903
5 g J-J
44z,000 Jan. 1 1929
($100, $500 & $1,000)-c * t flin t , at Title Guar. & Tr C o., N. Y .. trustee
Spokane Terminal 1st tntgef 1905
5 g F-A
137,500 See text
*500,000 gold ($500 a n d j Interest at First Trust & Sav. Bank, Chl$1,000)
_ ________ c*tf! 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.
EARNING S.— 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.
Equinment consists o f 3 locomotives, 35 passenger, 183 freight, 8 work cars.
OFFICERS.— Pres., M . H. MacLean; V .-P., J. W. Esmond: V.-P. &
Gen. M gr., F. E. Connors; V.-P. & Treas., Waldo G. Paine; Sec. S Aud.,
c
L. C. Ream.— V. 114, p. 948, 2360; V. 115, p. 545, 1839.
(1) Inland Empire R ailroad 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”
Section for 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. ■*» i
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. 2228; V. 112, p. 849.
OFFICERS.— Pras., M . H. MacLean; V .-P. & Gen. M gr., F. E. Connors;
V.-P. & Treas., Waldo G. Paine; Sec. & Aud., L. C. Ream.
124
ELECTRIC RAILW AYS
[V ol. 116.
1105 per share In the event o f liquidation and to cumulative dlvs. o f $5
THE W ASHINGTON W ATER POWER CO.
ORGANIZATION".— Chartered in Washington March 13 1889 for 50 per share. Exchange of the stock relieves the N. Y. N. H. A H. R R . of
years. Owns all the property formerly belonging to the following cos.: Its guaranty of dividends thereon. V. 104. p. 2559. V. 105, f>. 1618.
Big Bend Light & Power Co., Edison Electric Illuminating Co., Post Palls As of April 1 1923 38,879 shares had been exchanged.
Water Power C o., Spokane County Electric Co.
ORGANIZATION.— Is
organized on
Owns the entire capital stock o f the Idaho-Washington Light & Power fune 25 1906 to take over a voluntary association and wasMassachusetts
the street railway properties In
C o., and the St. Maries Light & Power Co., acuired July 1 1913. V. 97, formerly controlled by the Consolidated Railway Co. V. 83. p. 492.
p. 523: and Spokane Central Heating Co., acquired M ay 2 1919 and Inter
SECURITIES OW NED .— The following is a list of stocks held by the
mountain. Power Co., acquired July 1 1922, and the Okanogan Valley Power
New England Investment A Security Co. (see V. 83. p. 1100).
C o. acquired Jan. 1 1923.
Milford Attieboro A Woonsocket St. R y.— $315,000 capital stock.
The street railway properties o f The Washington Water Power Co. and
Worcester Consolidated St. Ry.— 3,865 shares (out of 45,000) 1st pref
those o f the Spokane City Rys. Co. were sold on -June 30 1922 to Spokane
itock (par $80) and all the common stock.
United Rys. (see below), thus consolidating these competing street railways
Springfield Railway Cos.— 38,000 shares (entire Issue) of common stock.
in a new corporation in which The Washington Water Power Co. owns a
(Springfield Ry. Cos. owns 46,492 out of a total of 46,547 shares of Springcontrolling interest.
Owns all the water power on the Spokane Riyer at Spokane, Wash.: field Street Ry.)
Various street railway company bonds, $328,800, and notes, $510,100.
also at Long Lake, Little Falls and Kettle Falls, Wash., and Post Falls, Ida.
Operates electric iight and power distributing systems in: Spokane,
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Hillyard, Albion, Almira, Belmont, Colfax. Creston, Colton, Davenport, C om m on ___________________ _____
_________
$100,000 ___________
Diamond, Endicot.t, Elberbon, Ephrata, Farmington, Govan, Garfield, Pref. 4% ($100)............... ..................
4 J-J
112,100 Jan ’2 3 ,2 %
Hartline, Harrington, Johnson, Krupp, Latah, Lind, Neppel, Oakesdale, Funding gold notes_______ t f- 1909 See text
13,115,000 Apr. 1 1924
Odessa, Palouse, Pullman, Ritzville, Rockford, Reardan, St. John, Sprague,
Stock.— Dividends of
per
on
stock are
Stratford, Spangle, Tekoa, Wilson Creek. Uniontown ana Wilbur in Wash »nd are guaranteed by 4% Newannum Newthe pref. A Hartfordcumulative
the
York
Haven
R
ington, and Genesee, Moscow, Osborne and St. Maries in Idaho, also »lso $105 per share in case o f liquidation. V. 83. p.492. See form R .. and
of
supplies power for operation o f other companies at Cheney, Clarkston, anty In V. 83, p. 1102. This stock may be called as an entirety at anyguar
time
Coulee City, Fairfield, Medical LaJce, Newport, Steptoe in Washington, it 105 and accumulated dividends. Supreme Court of Errors in Connecti
and Coeur d ’ Alene, Juliaetta, Kellogg, Kendrick, Lewiston, Post Falls, cut sustained validity of guaranty. V. 88. p. 1002.
Rathdrum, Troy, Wallace and Wardner in Idaho, also furnishes and dis
Notes.— N. Y. N. H. A H. guar., p. A 1., $5,000,000 of the notes. Int.
tributes power for mining and smelting purposes in the Coeur d’Alene
)n notes for first 5 years. 3% ; for the next 5 years 4% and for the last 6
District o f Idaho.
In Nov. 1917 entered into a contract with the Intermountain Power Co. years. 5% . but by agreement with holders of the notes, they have received
to furnish power for the operation o f the trains of the Chicago Milwaukee & In payment of coupons due to April 1 1917. incl.. cash at rate of 3% and for
St. Paul R y. Co. over the electrified section o f its road on the western Oct. 1 1917 coupon at 2% , taking an obligation of the N. E. Invest. A Sec.
extension over the Cascade Mountains. Co. began supplying power for use Co. for the difference. Coupons due April 1 and Oct. 1 1918 and April 1
o f the railroad in the summer o f 1919.
1919 were settled in obligations of the Investment Co. A cash- payment of
Franchises.— For electric lighting and power in Spokane run to June 1 1944 $84,000 was made on coupon due Oct. 1 1919 and the balance of that
coupon and the coupons due April 1 and Oct. 1 1920, 1921 and 1922 were
in smaller towns various lengths, 25 to 50 years.
On March 15 1910 increased auth. capital stocx from $10,000,000 to also settled in obligations. Original issue, $16,250,000, o f which $3,135,000
$15,000,000 and on Dec. 2 1913 to $20,000,000. V. 97, p. 1505. On redeemed and canceled.
Mar. 12 1923 auth. capital stock was increased from $20,000,000 to $35,EARNINGS — For calendar years:
000,000. V. 116, p. 1277. Stockholders o f record April 24 1923 were given
Divs. A DeducNet
Int. on
Pref.
Balance,
the right to subscribe to $1,833,020 new stock at par to the extent of 10%
Year—
Int.Rec’d.
tions.
Income.
Notes.
Divs.
Sur. or Def.
o f their holdings. V. 116, p. 1762.
1922 ......... ........$92,305 $48,326 $73,979
None $4,484 sur.$69,495
Acquisition of Kettle Falls Power Site.— In 1921 acquired power site on 1921 ...........— 51,465
16,575
34.890
None
4,484 sur. 30,406
the Columbia River at Kettle Falls, Wash., and on July 26 1922 was 1920 ................. 53,754 10,374
43,380
None 4,484
sur. 38,896
granted preliminary permit by the Federal Power Commission for the
OFFICERS.— Chairman of the Board, Francis H. Dewey, Worcester,
construction o f the plant.
Mass.: Pres., Clark V. Wood, Springfield, Mass.; Vice-Pres., Chas. E.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
Ware, Fitchburg, Mass.; Sec., Wm. F. Crowe, Springfield, Mass.; Treas.,
Stock $35,000,000 ($100).................
Q-J
$17,779,100 See text
Leverett Candee, Springfield, Mass.; Aud., Chas. T. Converse, Springfield.
1st consol mtg and collateral! 1899 5 g J-J
236,000 July 1 1929 M vss— V. 104 p 2559; V. 106. p. 1689, 2757 V 108 p 2433 V. 109. p.
trust, $2,000,000, gold } Interest at Farmers’ Loan & Trust C o., N . Y
776, 1987. 2176; V. 110, p. 970; V . 113. p. 960; V. 114, p. 1063.
($ 1,000)____________ c *Ar J successor trustee.
1st ref mtge. $15,000,000 g\ 1909
5 J-J
5,601.000 July 1 1939
(1) Springfield Railway C om panies.— A holding company.
($1.000)______c* A r* c p t jln t. at Farmers' L. A Tr. C o., N .Y ., trustee
ORGANIZATION.— Formed in March 1905 to hold a majority of the
2-yr. secured notes__________ 1922 614%
2,060,000 Feb. 2 1924 itock of the Springfield Street Ry. Is managed by a board of trustees
(Central Union Trust C o., Trustee.
constating of seven members. V. 80. p. 1363.
10-year debentures_________ \ 1919
see text
1,400,000
1939
STOCK—
Interest
Outstanding.
Last Die.
Bonds.— Of the $15,000,000 refunding & ext. mtge. bonds, $236,000 are
reserved to retire 1st mtge., $3,660,000 are pledged as collateral under Common____________________ All owned by New Eng. Inv. A Secur. C o.—
4 J-J
$3,387,900 Jan ’23. 2%
the 2-year notes (see above), $3,800,000 are in treasury, $1,563,000 have Pref 4% cum guar ($100)____
been canceled by sinking fund, and the remainder are for add’ ns and extens
Stock.— The pref. stock is red. at 105 and accr. divs. These divs. are
at not to exceed 50% o f cost. Sinking fund of 2% per annum of bonds out guar, by the N. Y . N. H. A H. RR. C o., successor to Consol. R y., as well as
began Sept. 1909 for purchase o f bonds at not exceeding 110 and int . bu
their payment at 105 in case of liquidation or call. See V. 80, p. 1363, 1914.
bonds cannot be drawn. Bonds are redeemable as a whole at option of com V. 105, p. 2095.
pany at 110 and int. V. 88. p .5 4 , 1003. Bonds are listed on N. Y . Stock
Exchange. V. 89, p. 1544; V. 104, p. 1900. 2120.
(a) Springfield Street R y.— A trolley roadNotes.— The 2-yr. notes are secured by deposit o f 1st & Ref. M tge. 5%
ORGA
March
bonds in the ratio o f 120% o f the amount o f notes outstanding. Interest Western N IZA TIO N .— Incorporated and Issue16of 1868. Purchase of
Massachusetts Street Ry.
payable semi-annually at Spokane & Eastern Trust C o., Spokane, and at itock for that purpose approved by Mass. RR Comm.$550,000 additional
Nov 30 1909. V.
o ffice o f trustee in N . Y . V. 113, p. 2722.
Dividends.— In 1900, 3 % : in 1901, 4% ; in 1902, 5% : in 1903, 6% : in <904. 89 p. 1484. On Nov. 26 1910 Mass. RR. Comm, granted permission to pur
and issue $900,000
6 % ; 1905 to 1910, inch, 7% per annum. In 1911. 794%. In 1912 and chase the Springfield A Eastern St Ry. absorbed company new stock in ex
share for share, for stock of the
V. 91. p. 277,
19 13,8 % . In 1914, 7 % % . In 1915, 5 % % . In 1916, 4 ^ % . In 1917, change, In
1513.
made a contract
Falls
A Elec.
4 % . In 1918, 4 % . In 19 19,4 % . In 1920, Jan., 1 % % ; A p ril,1 % % ; Co. for theMay 1917 of its entire powerwith tbe Turners V. 104, ow.2119.
purchase
requirements.
p
July, 114%; Oct., 1 % % . In 1921, 7% . In 1922. J a n ..1 % % ;A p r il,1 % % .
Jitney Regulation.— See V. 113, D 535
July, 1M % ! Oct., 1 % % . In 1923, Jan., 1% % and 1% extra: April, 2% .
Authority to Operate Buses Granted Co.— In Jan. 1923 was auth. by the
R EPO RT.— For years ending Dec. 31:
Mass. Dept, of P. U. to acquire, own and operate buses. V. 116, p. 296.
Total Net (after Bond Depre- Profit
Dies.
Balance,
The company was auth. by
Mass.
Receipts. Taxes). Int. &c. ciation. & Loss.
Paid. Sur. or Def. $330,000 Springfield A Eastern the R y. 1stDept, of P. U. to extend the
St.
Mtge. 5s due Jan 1 1922, for
Year—
$
$
$
$
$
$
$
V.
*1922.-4,993,794 2,703,510 592,087 700,792 drl8,124 1,359,913 sur 32,594 five years at 7% issued113, p. 2.34.3.
In Sept. 1922
$2,134,000 ref. A gen. mtge. 6% bonds, proceeds
1921.-4,778,555 2.462,970 576,906 768 288 drl6,519 1,084,300 sur 16,956 to be used to retire $1,700,000 1st mtge. 4s due Apr. 1 1923 (this issue has
1920— 4,604,894 2,299,737 581.161 748,288 cr 3.215 968,125 sur 5,378 been eliminated from table below). V. 115, p. 1211.
♦Figures for previous years include earnings and expenses of the City
street railways & suburban lines formerly belonging to Washington Water
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Power Co. for whole year, whereas in 1922 figures include only 6 months’ Stock $4,654,700 ($100)___________
Text
$4,654,700 Jan ’23,3%
operations o f the City lines and 3 months’ operations o f the suburban lines. R ef A gen mtge $5,000,000 f 1920
7%
226,300 Sept 1 1940
(((P R O PE R T Y, Ac.—-Owns hydraulic power plants with rated capacity as
($100,$500A $1,000) g .n t f
1920
6%
2,134,000 Sept 1 1940
follows: 8,800 k.w. in Monroe St. plant, Spokane: 12,000 h.p. in Upper
(Int. at Old Colony Trust Co., Boston, Trust
Falls plant, Spokane, completed in 1922: 13,400 h.p. at Post Falls, Idaho: West Mass St Ry first mtgel 1906 5 g F-A
200,000 Feb l 1926
15,000 h.p. at Little Falls, Wash.; 70,500 h.p. at Long Lake, Wash. Owns (closed! gold ($1,000)__ tf/In t. at Springfield 8. D A Tr C o., Trustee.
and operates 848 miles of high tension transmission lines.
Springfield A Eastern 1st M l
1902 7 g J-J
339,000 Jan 1 1927
iclosed' g ($1.000) c * .n t f(I n t. at Springfield 8. D. A Tr C o., Trustee.
OFFICERS.— Pres., D. L. Huntington: Chairman o f Exec. Comm, and
789,056 __________
V .-P ., W . J. C. Wakefield; V .-P., J. P. M . Richards; Gen. M gr., M . W . Current liabilities Dec. 31 1922_________________
Birkett; Sec. & Treas., V. G. Shinkle; Aud., J. S. Simpson.— V. 113, p. 294,
Bonds.—-The ref. A gen. mtge. 6s A 7s are call, at 105 and int. on 30-45
732. 1369, 2722; V. 114, p. 531, 949, 2242, 2361; V. 115, p. 438, 546, 2160, days’ notice. Western Mass. St. Ry. bonds are subject to call on any
interest day at 108 and interest on 60 days’ notice. Springfield A Eastern
2269; V. 116, p. 936, 1052, 1277, 1762.
bonds originally bore interest at 5% and matured Jan. 1 1922, but were
extended for five years at 7% . V. 113, p. 2313.
SPOKANE UNITED RAILW AYS.
D IV ID E N D S.— In years 1893 to June 30 1910 incl., 8% per ann. In
ORGAN IZATION .— Chartered in Washington M ay 5 1922, fifty years.
Acquired by purchase the street railway systems in Spokane owned by the 1910-11 to 1913-14 incl., 7% ; 1914-15, 6 14%', in 1915-16, 614%; in Dec.
Washington Water Power Co. and the Spokane City Railways Co., which 1 9 16,1 % % . In 1921, Jan., 2% ; July, 1% . In 1922, Jan., 2% ; July, 2% ;
companies owned all o f the property formerly belo aging to the following In 1923, Jan., 3% .
companies: City Park Transit Coo, Falls City Land & Improvement Co.,
EARNINGS.— For cal. years:
Arlington Heights Motor Railway Co., Ross Park Street Railway Co.,
Gross
Net
Interest.
Dividends
Surplus or
Total
Spokane Cable Railway Co., Spokane Electric Railway Co., Spokane Street Year— Earnings. Earnings. Tax..Ac.
Paid
Deficit. Surplus.
Railway C o.. Spokane Traction Co. Franchises for street railway run for 1922—$3,420,854 $735,268 $283,514 $232,735 sur.$219,019$648,941
25 years from July 1 1922.
1921— 3,438,317 480,913
216,147
139,641 sur. 125,125 488,591
Fares.— 7-cent cash or six tickets for 30c.; school tickets, 4c.
1920— 3,819.351 678,797
241,133
93,094 sur. 344,570 412,768
R OAD.— Owns 184.34 miles (incl. 38.11 miles of 2d track) of main track
WStocks 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 and 14.99 miles of sidings. Total, 199.33 miles. Has 496 cars.— V. 109.
$2,OO0,OOO first mtge. bonds, $58,000 are reserved to retire Spokane Trac p. 777, 899; V. 110, p. 765, 1850; V . I l l , p. 295; V. 113, p. 535, 2186, 2313;
tion Co. bonds and $400,000 for cost o f combining the two systems. Un V. 114, p. 1064; Y. 115, p. 760, 1211; V. 116, p. 296.
derlying bonds (Spokane Traction Co., $58,000).
(2) W orcester C onsolidated S treet R y.— Trolley.
ROAD.— System consists o f 110 miles o f track, occupying 72.137 miles
This company, which was Incorporated In 1880 as the Citizens’ Street Ry
®f streets. Standard gauge 60 to 70-lb. T rails and 99 to 108-lb. girder.
Co., has absorbed the following companies
Hudson Street R y.,
Worcester A Clinton Street R y.,
OFFICERS.— Pres., D. L. Huntington; V.-P. & Gen. M gr., M . W . Clinton A A Suburban Street R y .,
Fitchburg
Worcester A Holden Street R y.,
Birkett; Sec.-Treas.. V. G. Shinkle; Aud., J. S. Simpson.— V. 115, p. 545.
Leominster A Clinton Street R y.,
Worcester A Marlboro Street R y.,
Marlboro A Westboro Street R y.,
Worcester A Southbrldge Street R y ..
Wore. A Blackstone Val. St. R y ..
Worcester A Suburban Street R y.
SPRINGFIELD, MASS.
franchises perpetual. In 1895 leased for 99 years the North End St. R y.
of 5.14 miles, at a yearly rental of $8,000. The North End has $110,000
NEW ENGLAND INVESTMENT & SECU RITY CO.
($100) capital stock and $75,000 5% 1st mtge. bonds, due Feb. 1 1915; Int.
F. A A.
99
New Control.— The $100,000 common stock of this company formerly Shrewsbury Also leases for the years from July 1 1896 both the Worcester A
St. Ry. and
Worcester A Shrewsbury RR.
held by Sanderson A Porter was acquired by a preferred stockholders'
3,865 shares
committee (V. 99, p. 1215) In Oct. 1914. Holders or about 34,000 shares ol the N. E. Inv. A 1st pref. and 33,260 shares common stock are owned by
Sec. Co.
pref. stock subscribed $10 for every share o f pref. owned In order to effect
In Aug. 1909 permission w m granted to issue $922,000 bonds to retire
the purchase. V. 99, p. 609, 675, 1215.
floating debt and $2,260,000 bonds to retire funded debt. V. 86.
The New England Navigation Co. owns the $13,115,000 funding gold V. 89, p. 412. Up to April 1 1923, $1,499,000 had been Issued. p . 1346;
notes, and In pursuance o f the order of the U.S. Department of Justice the
the Mass.
of
notes were to have been sold by July 1 1919, but in March 1919 Judge A In Jan. 1913 proceeds of R R . Comm, approved an Issue the $500,000 1st
ref. 414s, the
power house
Mayer granted an extension o f time to July 1 1921. A further extension to and property of the Electric$450,000 being used to acquire purchMe of the
M fg. Co. and $50,000 for the
April 1 1923 has been granted. No further information.
Qulnsigamond Park property for
co.
In Aug. 1921 it was stated that the co. had acquired from the N. Y . N. H. establish a s. f. by ann. payment ofa pleasure resort. The bds. Is .required to
$1,949 till maturity of
V 96, p. 362.
A’ H. R . R R . $594,000 par value o f above notes formerly held by the New
New Preferred Stock.— In M ay 1917 the Mass. P. S. Comm. auth. the co.
England Navigation C o. V . 113, p. 960.
to Issue (a) 45,000 shares of 1st pref. stock (par $80) to retire 36,000 shares
Exchange of Preferred Stock.— By vote o f the trustees on Sept. 20 1917 of common stock at par ($100), which was accordingly done, and (6) $40,000
the plan to exchange the $4,000,000 4% pref. stock (par $100) for an equal of 1st Ref. 414% 20-year bonds to retire $40,000 Uxbridge A Blackstone
number o f shares o f 1st pref. stock o f the Worcester Consol. St. R y. became 5% debentures due'Oct. 1 1927. These bonds at last accounts (Apr. 1 1923)
operative. The latter has a par value o f $80 per share and Is entitled to had not been Issued.
A
p r il
,
1923.]
In April 1922 was auth. to extend for 5 years at 7% the $500,000 4H %
Worcester & South. 1st mtge. bonds due Sept. 1 1922. See also V. 115,
p. 1101.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common *3.326,000 ( $ 1 0 0 ) - . . ......................... -.-* 3 .3 2 6 .0 0 0 ___________
Pref (see text) $3.600.000 ($ 8 0 )____
_________ 3.600,000
8ee text
Wore Consol St ls t & r e fm t g / 1910 4)4 g F-A 1,499,000 Aug 1 1930
$6,000,000 g ($1,000) c*tf\OId Colony Trust C o., Boston, Trustee.
Worcester Consolidated deb!
1907 6 M-N
1,200,000 Nov 1 1927
$1,364,000 ($1,000)__ ntflO ld Colony Trust C o.. Boston, Trustee.
Wore Con deb g $840,000 n tf
1900 7 g M-S
700.000 Mar 1 1926
Worcester & Clinton first!
1899 7 g J-J
116,000 Jan 1 1926
mortgage gold ($1,000) n tf (American Trust C o., Boston. Trustee.
Wore & Blackstone Val 1st M f 1906 414 g F-A
200.000 Aug 11926
$200,000 g (*1,0 0 0 )..c n tflln t. at Mechanics Nat Bk., Worcester, Mass.
Uxbridge & Blackst deben/
1907 6 A-O
40.000 Oct 1 1927
($ 1 ,0 0 0 )_______________tf(Interest at office of company.
Marlb & Westb 1st M $160.-)
1901 7 g J-J
160.000 July 1 1926
000 g($l,000)red 105 c*n tf(In t. at Amer. Trust C o., Boston, Trustee.
Wore & Hold 1st mtge $150,-1
1903 5 A-O
150,000 Oct11923
000 g ($1,000) red at 105)Interest at Worcester Bank & Trust Oo..
(V. 89, p.995)_______ e n t f j
Worcester, Trustee.
Wor & South 1st mtge (see! 1902
7 g M-S
600,000 Sept 1 1927
text) gold ($1,000)--C*ntf\lnt. at Internat. Trust C o., Host., Trustee.
Worcester S South mtge (seel 1905
c
4)4 g J-D
200.000 June 1 1926
text)
-n t f!
Leased to Worcester Consolidated—
_________
50.000 __________
Webster Sc Dudley IStock____ t ____
(Mortgage 11919
5 M -N
30.000 Nov 11939
lin t, at Old Colony Trust C o.. Boston.
Leased to Webster & Dudley, oper. by Wore. Consol.—
Wore (Stock_________________ _____
_________
150.000 __________
Sc ) 1st M $150,000 ($ l.-( 1919
5 g J-D
94.000 Dec 11939
Web l 000) gold_____c* n tf(In t. at State Street Trust C o., Boston.
Current liabilities Apr. 1 1923 (incl. all sub. co s.). 1,193,651 __________
Preferred Stock.— The pref. stock is entitled to cum. divs. of $5 per share
p. a. (J. 30 & D. 31) and $105 per share in case of liquidation. While any
matured div. on 1st pref. stock Is unpaid or while the unfunded and current
debt of the co. shall exceed 25% of the entire capital stock. 1st pref. share
holders may elect a majority o f 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. R y. $2,750,000 may be issued without such
consent. V. 104, p. 2344.
Bonds.— Wore. Consol. R y. 1st & Ref. bonds are sub. to call on any int.
day at 110 and Int. Int. Is payable at company's office or at its agency 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. Hnd are to hear date of Issue and be payable 20 years after
date. The $500,000 1st mtge. bonds originally fell due Sept. 1 1922 and
bore 4)4% int., but have been extended to Sept. 1 ?927 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 S Clinton 1st M. bonds were originally 5s and were due
c
Jan. I 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. & Westb. 1st mtge.
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 $2 50 was paid.
V. 114, p. 1181. In July 1922, $2 50; in Oct., $2 50; Dec., $2 50. In
1923, April, $2 50.
ROAD.— Operates 304.73 miles o f 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—
Cross.
Net.
Charges.
Divs.
Surplus.
1922_______________$4,421,076 $974,980 $482,682 $450,000
$42,298
1921........................
4,406,451 828.200 452,372
None
375.828
1920_______________ 4.360.357 493.297 422,480
None
70,817
— V. I l l , p. 1473, 2042: V. 112, p. 64, 850. 2307: V. 113. p. 72; V . 114, p.
1181, 1654, 1892; V. 115, p. 75, 1101, 2795; V. 116, p. 517.
(8 ) M ilford A ttleboro & W oonsocket Street Ry.
ORGAN IZATION .— Incorporated In Massachusetts on April 14 1898.
The $300,000 1st M . bonds were oiiginaily 5s and matured Oct. 1 1919,
but were extended for 5 years at 6% . V. 109, p. 1080.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturtiy.
Stock $315.000______________All owned by New England Inv. Sc Secur. Oo.
First M $300,000 g ($1,000)/ 1899
6 A-O
$300,000 Oct 1 1924
not subject to call_____n tf l Int. at Old Colony Trust C o., Boston, Trust
Cal.Years— Gross.
Net.
Int. & Tax.
Divs.
Balance.
1922________ $142,450
$27,502
$23,562
______
sur.$3,940
1921............... 137,886
882
23.634
...........
def. 22.752
ROAD.— Operates 30.05 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.
ORGANIZATION.— organized as successor In Massachusetts to the
Inter-state Consolidated o f Rhode Isla nd. Has permission to carry freight.
STOCK—
In te r e s t. Outstanding.
Last Div
Stock $275,000 (par $100)..................... - ..............
$275 000
See text
Current liabilities Dec. 31 1922___ _____
196,200
____ ___
Dividends.— First div., 11%. for 2 years, paid April 1 1904; in 1905
7% ; in 1906 7%; in 1909, 5% : In 1910 to 1912, incl 4% ; in 1913 5% . in
1914, June, 6% ; Dec., 2 % . None since to M ar. 1923, when 4% was paid.
ROAD.— Owns 24.10 miles o f track and 1.87 miles of sidings, from
Rhode Island State line to North Attleborough, Attleborough and Plainvllle. Mass.
Year ending—
Cross.
Net.
Charges. Divs.
Balance.
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
Dec. 31 1919—.............. 233.023
55,206
22,116 ______ sur. 33,090
OFFICERS.— Pres., O. V. Wood, Springfield; V .-P., Francis H. Dewey.
Worcester; Gen. M gr., H. C. Page, Worcester; Treas.. L. Candee, Springfield; Clerk, Wm. F. Crowe, Springfield; Aud.. Chas. T. Converse, Springfield, Mass — V. 73. p. 236; V. 107, p. 696; V. 109, p. 776; V. 110, p. 1849,
V. I l l , p . 294; V . 113, p. 2311.
SPRINGFIELD, MO.
SPRIN GFIELD RA ILW A Y & L IG H T CO.— See Federal Light Sc Trae.
Oo. under New York City.
SPRINGFIELD, OHIO.
SPRIN GFIELD & XENIA RAILW AY CO.
ORGA N IZA TIO N .— Incorporated In Aug. 1906 to succeed the Springfield & Xenia R y ., which was organized in 1904 to succeed the Springfield
S Xenia Traction C o., which had been sold under foreclosure. V. 83, p. 214.
c
STOCK.— Common, auth. and issued, $300,000; preferred, 5% cum.
anth. and issued, $300,000. Par, $100. $1,200 of each class held in treas.
Dividends.— First div. on pref., 4 % , was paid Oct. 1 1908. In 1909
5 H % : »n 1910, 4 H % ; 1911, 8 H % . In 1912, 6 )4 % . In 1913. M ar.
1)4; June, 1)4% ; Sept., 1 )4 % ; Dec., \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, M ar., 1 >7%. Initial dividend on
com. o f 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 1922, gross, $105,608; net, after
taxes, $4,570. In 1921, gross, $112,528; net, after taxes, $4,423.
R OAD.— Operates 20 miles o f track connecting Springfield and Xenia,
Rails, 70-lb. T; five cars.
OFFICERS.— Pres..Warren Bicknell, Cleveland; V.-P., Geo. A . Coulton;
Sec. Sc Treas., Chas. 8. Thrasher; Oper. Mgrs., The Warren Bicknell Oo.
V. 99, p. 1911; V. 100, p. 643; V. 101, p. 2072; V. 105, p. 2367.
125
ELECTKIC KAIL W A YS
SPRINOFIELD TERM INAL R A 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. V . 115,
p. 2047. Sale was confirmed on N ov. 7 1922. V. 115, p. 2268. See also
V. 116, p. 516. In April 1923 we were informed that the road was being
dismantled. For history see “ Electric Railway Supplement” o f O ct-128,
1922.
SPRINGFIELD, VT.
SPRINGFIELD TERMINAL R Y . CO.— A trolley road.
ORGANIZATION.— As of Jan. 1 1923 acquired the entire property o f
the Springfield Electric R y. Co. Length of road, 6 H miles (9 miles o f
track) from Springfield, V t., to Charlestown, N . H. Freight and pas
senger road. Carries freight in standard cars. Connects with Boston &
Maine R R .
Capital stock, common, $100,000; pref. $82,500; 1st mtge. 7% bonds,
$198,000.
EARNING S.— Of Springfield Electric R y. for year ending Dec. 31
1921, gross, $75,137; net, after taxes, $7,517.
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.
RICHMOND L IG H T & RR. CO.
Receivership.— On April 28 1920 Capt. John J. Kuhn was appointed
temporary receiver for the co. by Judge E. L. Garvin, in th Federal Court.
Brooklyn, on application of the Westinghouse Electric & Mfg Co., the
co joining in the request. V. 110. p 1850.
New Control.— In Oct. 1922 a group composed of Marshall Field, Glore,
Ward & Co., Spencer Trask & C o.. Estabrook & Co., Raymond M . Smith
& Co. and associates and interests connected with the J. G. White M gt.
Corp. acquired control o f the co. V. 115, p. 1732.
Proposed Reorganization.—-The Richmond Railways, Inc., has been or
ganized and it is proposed that the new corp. shall take over all the properties
of the co. The new corp. plans to issue $2,000,000 6% 20-yr. mtge. bonds
and 20,000 shares of capital stock of no par value to be turned over to the
old co. to cover the proposed transfer of the property. The Transit Com
mission has reserved decision on the co.’s application to carry out the
plan. V. 115, p. 2581, 2687.
ORGA N IZA TIO N .— This company was formed as a reorganization on
Aug. 18 1902 of 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.
Transfer Decision.—On April 28 1911 Court of Appeals rendered a decllion requiring the exchange of transfers between Manor Road line of
3. I. Mid. Ry. and connecting lines of R. L. & R R . V. 92, p. 1179.
Merger Denied.—The N. Y. P. S. Comm, on M ay 10 1917 denied
application for auth. to merge this co. and the Staten Island Midland
under the title of Staten Island Light & Traction Co. V. 104. p. 1900.
Fare Increase.— On May 6 1920 the co. was auth. by P. S. Commissioner
Nixon to increase fares from 5 cents to 8 cents, tickets to be sold at 10 for
75 cents. Owing to this increase, the Board of Estimate revoked 10 of
the co.'s franchises, but under an injunction of the Federal Court the city is
restrained from interfering with the c o .’s cars, tracks, &c. V. 110, p. 1974,
2658; V. I l l , p. 295, 1070.
On July 3 1920 Justice Tierney of tue Supreme Court denied the city’s
application to enioin the co. from charging an 8 cent fare. See V. I l l ,
p. 190 under “ Rapid Transit in N. Y ." In Jan. 1921 it was proposed
that the city take over the co.’s lines, which are being operated under an
8 cent fare, and run them in conjunction with the Staten island Midland ISy.
(see below) which the city operates on a 5-cent fare. V. 112, p. 163Contract With City.— See under Staten Island Midland R y. below.
STOCK AND BONDS.—
D a te .
In te rest. O u tstanding. M a tu r ity — ............. $2,871,750
............. ..
Stock $3,000,000 ($100)........... .........
First collateral trust mtge.l 1902
4 g J-J
2,200,000 July 1 1952'
$2,500,000 gold------------ t flin t . at Guaranty Trust C o., N . Y ., trustee.
Bonds.— $300,000 are reserved for the acquisition of new property.
EARNING S.— For years ending June 30:
Y ea r.
Cross.
N et (a ft. T a x .). Other In c .
In t. & R ents.
S u rp lu s.
1921-22 _______$790,246
def.$24,596
$582,194 $184,247 $373,352
1920-21 _______ 836,742
def.146.977
466.123
185.854
133,292
Latest Earnings.— For year end. Dec. 31 1922, gross, $799,660; net, after
taxes, def., $8,243. In 1921, gross, $661,465; net, after taxes, $111,592.
R O A D .— Miles of track, 32.05; 90-lb. girder Cambria and 85-lb. girderJohnson steel rails; 36 passenger cars.
OFFICERS.— Pras.. C. W Hotchkiss. 55 Wall St.. N. Y .: V.-P. Sc
Gen. M gr.. R. L. Rand; Sec., J. E. Phillips.— V. 110, p. 1850. 1974, 26587
V. I l l , p. 295, 1370. 2042; V. 112, p. 163; V. 115, p. 1732, 2581, 2687.
STATEN ISLAND MIDLAND R A ILW A Y CO.
Receivership.— In Jan. 1920 Federal Judge Chatfield appointed JacobBrenner 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,Ac.— 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 lines
under the supervision of N. Y. municipal authorities was begun on Dec. 1
1920. Under the contract the Richmond Lt. & R R . Co. permits the city
to use its tracks through St. George and Tompkinsville and supplies the city
with electric current at cost for the operation of the lines. V. I l l , p. 2042,
2230.
O RGAN IZATION .— Incorporated in New York on Jan. 16 1907 as a
reorganization of the Staten Island Midland Railroad Co. sold under seques
tration proceedings on Jan. 3 1907. V. 84, p. 222.
Transfer Decision.— See under Rich. L t. & R R . above. V. 92, p. 1180.
Merger Denied.— See Richmond Light S R R . Oo. above.
c
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
tock $1,000,000 ($100) —........... — -----------$1,000,000 ________ —
I Mid RR 1st mtg $1,000,-/ 1896
5 g J-J
1,000.000 Jan 21 195&
000 gold ($1,000)____c*tf|Int. at Farmers’ L. & Tr. C o., N . Y ., Trustee
Equip trust ctfs Ser A $135,-/ 1915
6 g J-J
44.500
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 eacb
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:
Y ea r —
C ross.
N et (.aft. T a x .)
Other I n c . I n t . A R en ts.
D e fic it.
X1919-20........ $218,869 def.$80,615
$604
$70,177 $150,188
1918-19-........ 307,534 def. 80,346
1,363
68,094 147,07®
x No later available.
ROAD.— Owns 28.68 miles of track. Rails 65 to 70-lb. T and 90-Ib.
girder. 41 passenger cars.
O FFIC E R S.- 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.
O RGAN IZATION .— Organized In California In Aug. 1905 to construct
an interurban system o f 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 of $5 a share
was called for payment Feb. 20 1908. V. 86, p. 667. In Jan. 1918 another
assessment of $5 per share wa< levied on both classes of stock, delinquent
Feb. 25 1918, to provide additional equipment. Improve trackage an&
126
ELECTRIC RAILW AYS
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 . 965.
Lease.—-The Cal. R R . Comm, in March 1915 authorized the company to
lease 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 o f each, however. Is to
Ibe maintained. V. 102, p. 1250.
Plan to Reduce Interest, A c.— In 1917 holders o f the 1st M . 5s signed an
agreement reducing the Int. rate from 5% to 2% for the years 1917, 1918
and 1919 and waiving default In int. and also the sinking fund provision.
Compare Y . 106, P, 497. Another agreement under same conditions
expired Oct. 1 1922. A new agreement has been made whereby bond
holders agree to accept 244% instead of 5% for 1923, 1924 and 1925.
STOCK ANO BONDS— Date.
Interest.
Outstanding.
Maturity
Common $3,000,000 ($100)...................................
$2.928 000 ..................
Pref $1,000.000 ($100) 6% c u m ...........................
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.
EAR N IN G S.— For the 12 mos. ending Dec. 31:
Gross. Net, after faxes. Int..Ac. Bal., Surp.
1922.........................................$585,283
$108,053
$68,436
$39,617
109,490
72,165
37,325
1921______________________ 653,671
R O A D .— Operates in the city of Stockton and an interurban line fron
Stockton through Lodi to Sacramento. Total track operated, 70.8 miles
Has operating agreement with Tidewater Southern R y.. whereby the t.w
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 RR.
ORGAN IZATION .— Incorp. Dec. 29 1891 In California. Southern Pac
Oo. owns the entire $500,000 stock except directors’ shares. No bond*
outstanding.
Lease.— For lease of the Central California Traction Co.'s lines in Stock
ton, see that company above.
Fare Increase.— In Jan. 1919 was auth. by the Cal. R R . Comm, to charge
a 6-cent fare. The co. had applied for a 7-cent fare. V. 108, p. 80.
EARNINGS.— For years ending Dec. 31:
Year.
Gross.
Net.
Other Inc. Rents, Ac. Bal.. Sur
1921.................... $346,596
$42,151
$4,604
$9,154
$37,601
28,053
3,649
10,748
20,954
1920.................... 320.457
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. 111. p. 1370.
TIDEWATER SOUTHERN RA ILW A Y COMPANY.
ORGAN IZATION .— Incorp. in Cal. on Mar. 11 1912, succeeding the
Tidewater & Southern R R . (V. 93. p. 1790) and Tidewater & Southern
Transit Ry.
STOCK INT) RONDS—
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
gold ($500 & $1.000)_ tfl Union Trust Co., San Francisco. Trustee.
_
Bands.— First mtge. bonds are subject to call at 103 on 30 days’ notice
Sinking fund 2% of 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.
ROA D .— Line completed and in operation Stockton to Hilmar, 52.1
miles; also branch tine 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; V. 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 of the co. by purchase of a majority o f the stock. V. 115, p. 2580.
ORGA N IZA TIO N .— Incorp. In New Fork Oct. 27 1917 as successoi
to the Empire United ttys., Inc., sold under foreclosure per plan In V 104
n. 863; V. 105. p. 909. The new co. took over, subject to underlying bond
Issues the Syracuse Lake Shore Sc Northern and Auburn Sc Northern divi
■ions. The Rochester Syracuse Sc Eastern division was separately reor
ganized as the Rochester Sc Syracuse R R . (which see below).
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity
Common $1,500,000 ($ 1 0 0 )....................................... $1,450,000
...............
Pref “ A " 6% cum $1,000,000
($ 1 0 0 )...........
250,000
...............
Pref B 6% non-cum $1,250,000
($ 1 0 0 )...........
1,250,000
...............
Equip trust bonds " A ” ______ 1920
6%
4 000 ---------------Equip trust notes gold________ 1920
6%
20,000 --------------Syracuse Lake Shore A Northern RR.—
1st mortgage $2,500,000 gold! 1907
5 g M -N
2,500,000 May 1 1947
($ 1 ,0 0 0 )____________ c*tf [Int. at Columbia Tr. C o.. N . Y ., Trustee
Auburn A Northern Electric RR.—
1st mortgage $1,000,000 gold! 1905
5 g M-N
241,000 May 1 1946
($ 1 ,0 0 0 )____________ c*tf lint, 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 & No. R R . are suDject
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
call at 110 on any interest period on 60 days’ notice. No sinking funds.
EA R N IN G S.— For calendar years;
Cal. Year.
Gross
Net aft. Taxes. Oth. Inc.
Int., A c. Bal., Surp.
1922 _________ $794,541
$197,810
$8,290
$147,438
$58,662
1 9 2 1 _________ 819,058
199,243
10,833
143,991
66,085
R OAD.— Operates from Syracuse to Oswego, 37.8 miles. Oswego city
nes, 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., 844 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 Co. Has 4 sub-stations with a
total capacity o f 2,900 k. w.
OFFICERS.— Pres., A. H. Cowie; 1st V .-P ., T . C. Cherry; 2d V .-P.,
C. 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.
______
ROCHESTER & SYRACUSE R R . CO., INC.
ORGAN IZATION .— Incorp. in N . Y . Sept. 17 1917 as successor to the
Rochester Syracuse & Eastern R R . (part of the Empire U nit'd Rys., Inc.,
system) 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. May 1 1917, amounting to $100 per $1,000 bond, was paid in
[ V ol. 116.
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 of a majority of its capital stock. V. 115, p. 2581; V. 116, p. 616.
STOCKS AND BONDS.— Date.
Interest. Outstanding. Maturity.
OommoD $1,500,000 ($100)............................... ........$1,469,100 — ...............
Preferred $3,000,000 ($100).............
6%
2,448,500 M a r’23, 1%
First mtge conv $5,000,0001 1917
5 g M -N
2,448,500 M ay 1 1957
($500 & $1,000) g -.c * n t f /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 privdege may be terminated by
the co. in case of merger or consolidation with any other co. under N . Y .
laws, or of 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 lmpts .. 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.
EARNINGS.— For years ending Dec. 31:
Calendar
Net, after Taxes
Year—
Gross.
and Devreria’n. Interest.
Adjust.
Bal.. Surp.
1922_______ $1,065,342
$250,084
$125,555
______
$124,529
218,278
123,957
...........
94,321
1921.............. 1,079,640
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. 844 in.
Rail, 70 and 90-lb. T . Operated by overhead trolley. Power purchased
from Niagara, Lockport S Ontario Power Co.
c
OFFICERS.— Pres., A. H. Cowie; V .-P . S Gen. M gr., T . O. Cherry;
c
Aud. & Treas., W. K. Zinsmeister; Sec.. Mereer V. White. Peok-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.
O RGAN IZATION .— Incorp. In New York May 12 1917 as successor to
Che Syracuse S South Bay Electric RR. and the Syracuse Watertown St
c
St. Lawrence River R R ., bid In at foreclosure sale on Nov. 1 1916 by the
reorganization committee. Sale confirmed in March 1917. The company
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 .....................
2nd pref $500,000 ($100)...................
6%
420.000 .....................
First mtge $600,000 gold ($251 1917 5 g M -N
153.750 M ay 1 1946
$100 and $1,000)_________ lint, at Tr. S Dep. O o., of Onon.
c
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
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.
EARNINGS.— For calendar year 1922, gross, $137,895; net income,
$13,338. In 1921, gross, $131,779; net income, $8,771.
R OAD.— 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.
45-lb. T rail. Gauge, 4 ft . 8 44 inches. 17 cars. Ail private right-of-way.
Power is purchased from Niagara Lockport S Ontario Power Oo.
c
OFFICERS.— Pres. & Gen. M gr., Talmadge C. Cherry; Treas., W . K.
Zinsmeister: Sec., H. O. Beatty. Peek-Shanahan-Oherry, Tnc.. operate
the r o a d — V. 105, p. 499; V. 106, p. 1231; V. 109, p. 777; V. 115, p. 1211.
AUBURN & SYRACUSE ELECTRIC R R .— A trolley road.
ORGANIZATION.— Organized Sept. 30 1902 as a consolidation of the
Auburn City Ry. and Auburn Interurban Elec. R R . Franchise perpetual.
Financial Readjustment.— In April 1916 the P S. Comm, auth an issue
of $437,000 6% 5-year notes to refund the $260,000 1-yr. notes 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 agreement extending
for five years from Dec. 1 1921 executed. Trustees are Edwin Nottingham.
Arthur W. Loasby and F. W. Roebling Jr. Compare V. 102, p. 1895.
STOCK AND 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 S Syracuse first and/ 1902
c
5 g A-O
1,752,000 Oct 1 1942
refunding mortgage $2,-(In t. at Harris, Forbes & C o., New York.
000,000 gold ($ l,0 0 0 ).c*tf I Equitable Trust C o., New York, trustee.
4 mos. n otes________________ _____
6%
32.000 ---------------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. 75, p. 1201.
Dividends.— First dividend on preferred stock— 1% —paid N ov. 1 1904.
Chen 1% Feb. 1 1905, M ay 1 1905 and Aug. 1 1905; Nov. 1 1905, 1 44%
paid (See V. 81, p. 1609). In 1906, 5 44%; 1907 to 1913 incl., 6% per
annum. In 1914. Jan , 1 44%; April. 144 %: July. 144 %• Nonesince.
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net
faxes.
Int.. Ac.
Surplus..
1922__________ $583,702
$112,328
$24,817
$92,665 sur.$3,574
1921__________ 636,472
109.093
24,535
93.675
sur. 250
ROA D .— Operates 41.16 miles of road (64-76 miles of track). Including
14.i 2 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 car*
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. Met
calf, Auburn; V.-P.& Gen. M g r., 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. I l l , p. 790, 2323;
V. 112, p. 160, 2304; V. 113, p. 1469; V. 114, p. 2467.
SYRACUSE & SUBURBAN R R .— A trolley road.
In Feb. 1909 a syndicate headed by M r. John J. Stanley of Cleveland, O..
purchased 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 A Eastern RR. V. 115, p. 2582. The property, together
with such cash as may be raised by the committee by assessments, &c., will
be transferred to tne new company in return for new securities which it
proposes to issue on the following basis of exchange:
Terms of Exchange.
Existing Securities, A c .—
Outstanding. ------Will Receivee----IstM.Bonds Stock
First Mortgage 5s________________________ \$400,000 Jx$360,000\ $75,000
do assessment (1 0% )_________________ J
\x 40,000/
(? )
y 87,000
______
Outstanding notes held b y banks__________
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 First
Mtge. bonds is conditional upon payment by them of an assessment of
10% of their present holdings (see below), y The use of bonds to take up
notes above mentioned is conditional upon the subscription by the holders
and guarantors [the guarantors being various officers and directors o f the
company] of said notes to $25,000 of bonds at par.
A pril, 1923.]
First Mtge. bondholders will be required to pay in cash an assessment of
10% ($100) on each $1,000 o f bonds held by them, and will be entitled to
receive for such assessment bonds of the new company at par and 1 V shares
g
of stock of the new company o f 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 o f five years by voting
trustees selected bv 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. 15, p. 2582.
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 .), 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,
one-half to be taken by the bondholders and the other half by the stock
holders. The proceeds will discharge floating indebtedness and leave
$55,000 for impts. and $18,000 for working capital. V. 109, p. 677.
Compare V. 107. p. 605. Up to Apr. 1 1923 this financing had not been
carried out.
Default, A c.— The Aug. 1 1919 and subsequent coupons on the First
Mtge. 5s are in default. Two protective committees representing respec
tively the holders o f the First Mtge. 5s, due 1927, and the consol, mtge. 5s
due 1953, have been formed.
Committee for 1st Itge. 5s.— Chairman, Edward Powell; Irving Dillaye
Vann, J. S. Farlee, Geo. J. Groff, H. R . Yeager, Robt. M . Greene Jr.,
and J. M . Steere. V. 112, p. 850. Depositary: Girard Trust Co., Phila.
A majority o f the bonds, it is reported, have been deposited. V. 113, p.2186.
A reorganization plan worked out under a bondholders’ agreement
signed July 31 1919 was not concluded and all coupons, bonds and cash de
posited thereunder were returned to depositors. V . 112. p 850. See above.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
_________
$400,000
See text
Stock $400,000 ($100)____________
First mtg $400,000 ($500 and/ 1897
5 g F-A
400,000 Aug 2 192:
$1,000) gold____________ c\Int. at Fidelity Trust C o., Phila., trustee.
New cons mtg $550,000 ($500/ 1903
5 g M-N
150.000 May 1 1953
and $1,000) gold____ c*tf\Int. at Fidelity Trust Co. Phila., trustee.
Bonds.— Of the 1903 cons. mtg.. $400,000 are reserved for prior liens.
Dividends.— In 1915. 114%; 1916, /4 % . None since.
EARN ING S.— For years ending Dec. 31:
Year—
Gross.
Net (aft. Tax.). Oth Inc.
Charges.
S ur.orD ef
1922________ $107,940
def.$727
$319
$ 5,929
def. $6,338
1921________ 91,746
def. 17,447
260
3,609
def.20,796
R O A D .— Operates 18.52 miles o f track from Syracuse to Edwards Falls,
with branch from Orville to Jamesville. Standard gauge; rails, 60 and 90
bs.; 10 passenger and 7 other cars.
OFFICERS.— Pres., J. J. Stanley: V .-P ., C. Loomis Allen: V.-P., W. PGannon; Gen. M gr., H. D. Gros; Treas., Alan C. Forbes; Sec., Willis HMitchell; Aud., G. W. Avery. O. Loomis Allen operates the road. V. 113,
p. 961, 1252, 1889. 2186; V. 114, p. ihS, 918. 1064, 2117; V. 115, p. 2582.
TAMPA, FLORIDA.
TAMPA ELECTRIC CO.
O R G A N IZA TIO N .— Incorporated In Florida on Oct. 3 1 1 8 9 9 . I d
April 1 9 1 3 purchased the Tampa & Sulphur Springs Traction at foreclosure
•ale. Does the entire electric railway, electric lighting and power business
(n Tampa and operates an electric railway between Tampa and Port Tampa
and a line to Sulphur Springs. Franchise Is for 999 years from 1899. $233.
8 0 0 stock Is held by the Public Service Investment Co.
Stockholders voted Jan. 8 1912 to increase stock from $1,700,000 ti
$1,870,000. V. 93, p 1601. In Feb. 1913 made a further Increase to $2,
244.000 and in Jan. 1914 to $2,618,000. V. 98, p. 156. In Aug. 1917 in
creased stock to $2,879,800. Stockholders of record Sept. 15 1917 were
given the right to subscribe for the new stock pro rata at par. V. 105. p
1310.
Stockholders of record May 5 1922 were given the right to subscribe .
par to $575,000 new capital stock in the ratio of 1 new share for each*
shares held. V. 114, p. 2242.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Q-F 15
$3.454 800 Feb. 23,2/4
Stock$3,454,800 ($ 100)--.............
let mtge $2,000,000 ($1,000/ 1908
5g. J-D
926 l00 June 1 i93.
and $500) gold_______ c*tf\Int. at Amer. Trust C o.. Boston, trustee.
Bonds.— Callable as a whole (or In part for sink, fd.) at 105 and lnt. at
any time. $173,500 are in treasury. Sink, fund o f 1% of bonds outitanding yearly, payable August 1; $130,500 In sinking fund canceled.
Dividends.—5% semi-annually for several years up to N ov. 1907, when
a div. of 2% was paid. In 1908, 7% ; in 1909. 7 % ; in 1910. 8% ; in 1911
and since. 10%.
EARN ING S.— For 12 mos. ending Dec. 31:
Year.
Gross.
Net (aft. Tax). Interest. Sink. Fund. Surplus
1922........ ..$1,809,252
$743,781
$52,575
.............
$691,206
1921........ .... 1.715.904
688.379
52,495
.............
635.884
R O A D .—Operates 5t 76 miles of equivalent single track. Standard
gauge. 150 passenger and 23 other cars. Owns 2 amusement parks. Has
steam power station with 14,000 k.w. capacity and hydro-electric statioD
w ith 600 k.w. capacity.
OFFICERS.— Pres., H u ry H. Hunt; V.-Ps.. P. O. Knight and C. F.
W. Wetterer; Treas., Henry B. Sawyer: Sec., Wm. T. Crawford; Gen. Mgrs.
Stone & Webster M gt. Assn.— V. 113. p. 2081: V. 114, p. 2242.
TEMPLE, TEXAS.
SOUTHWESTERN TRACTION CO.— A trolley road.
Sale.— The road was sold at auction on Dec. 18 1917 to F. F. Downs
W. J. Yeager and Calvin Green, representing the bondholders. The sale
was consummated and title transferred on July 1 1918 and the propertv t*
being operated by W. G. Haag as trustee for the purchasers. In Apr. 1923
it was stated that a pleasure park owned by the co. was to be sold to satisfy
a judgment o f $6,000. V. 116, p. 1761.
EARN IN G S.— For calendar year 1920, gross, $54,058; net, after taxes,
$12,975. In 1919 gross $46,701; net, after taxes. $8,971.
«
ROAD — Operates 13.1 miles of track between Temple and Belton
Tex., with loop in each city. 60-lb. T rails. Standard gauge.— V. I l l ,
p. 1370; V . 115, p. 1533; V. 116, p. 1761.
THOMPSONVILLE, CONNECTICUT.
H ARTFO RD & SPRINQF1ELD STREET R Y . - A trolley road.
Receiver Appointed.— On Sept. 30 1918 Judge W. S. Case in the Superior
Court at Hartford, Conn., appointed Harrison B. Freeman receiver for the
co. upon application by W . O. Mason & Co. of Hartford, holders of a
$2,500 unpaid claim for coal. V. 107, p. 1384. Compare V. 107, p. 1287
Statement by Receiver Regarding Co.'s Status.— Will be found in V. 112
p. 2747. Compare V. 107. p. 2476
Operations.— The receiver has been directed to continue operations for
another four months from Dec. 19 1922. V. 116, p. 515. No further infor
mation.
Default.— In June 1921, the bondholder’s committee named below an
nounced that the $600,000 1st Mtge. 5s due July 1 1921, would not be paid
when due V. 112, p. 2747.
Committee for Hartford Springfield St. Ry. Is* Mtge. 5s.— Chairman, F. R.
Cooley; A. A. Montgomery, F. J. Kingsbury. Deposits not called for
up to June 10 1921. V. 112, p. 2747.
ORGAN IZATION .— Was formerly known as the Enfield S Longmeadow
c
Electric Ry. (which was incorporated on Feb. 11 1895), but In May 1901
•tockholders voted to change the name aa above, and to reconstruct and
re-equip road. Connects with the Hartford Street R y. in Hartford and She
Springfield Street R y. In Springfield, Mass. In June 1901 purchased the
East Windsor Street R y. Co. Franchises perpetual. Controlled the Som
ers S Enfield Electric R y. C o., which on April 1 1904 was merged In the
c
Hartford S Springfield Street R y. V. 78, p. 1446. Also purchased the
c
property of the Windsor Locks Trac. C o., subject to Its mortgage. In 1905
the Legislature granted permission to Increase stock to $1,000,000 from tim»
137
ELECTRIC RAILW AYS
co time, part to be preferred, and also to extend time ror construction until
luly 1 1907. See V. 79, p. 2697. In July 1906 absorbed the Rockville
Broad Brook S East Windsor Street R y., which operated 14 miles of track
c
from Warehouse Point to Rockville. V. 83, p. 213.
Lease.— In June 1919 the company completed arrangements to operate
che Suffield Street R y., extending from Spencer’s Corner, Suffield, to the
State line, under a lease from the Connecticut Co. V. 108. p. 2629.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $500,000 ($100)_________
_______
$500,000 _____ _____
Preferred $500,000 6% n o n -1 ____
6 M -N
285,000 Nov ’ 12,2%
cum redeemable at 110_ /
_
First mtge $600,000 ($1,000)/ 1901
5 g J-J
800.000 July 1 1921
g o ld _________________ c*tf 1Interest payable at American Trust Co..
1 Boston; Treas. of Connecticut, trustee.
Windsor Locks 1st M $300,-/ 1904
5 g J-J
161.000 July 1 1924
000 g ($1,000)gu p -&.l.c* tf llnterest at American Trust Co.,. Boston
---------------- Wind
_
---------Kockv B B S EWin - 1st mtg/ -----c
1906
5 g A-O
200.000 April 1 1926
$300,000 g gu ($1.000) .c*tf lint.atAm Tr. C o.. Bos.; Treas .of Conn..trust.
Bonds.— See V. 78. p. 1223. The Wlud<or Locks bonds are guaranteed,
prin. and int. by the Hartford & Springfield Street Ry. Trustee, Treas. of
State of Conn. These bonds are subject to call at 110 and int. on any lnt.
late. Rockv. Broad Brook S East Windsor Street Ry. bonds are guar.,
c
p. S 1., by Hartf. S Springf. St. Ry. They are subj. to call at 110 S lnt.
c
c
c
Dividends.— On pref. In 1906, 6% ; In 1907, 6% ; none to May 1910. when
1% was paid; N ov., 2%
In 1911, 5 % . In 1912, M ay 2% ; N ov., 2% .
None since.
EARN ING S.— For years ending Dec. 31:
Year—
Gross.
Exp. A Tax.
Net.
Interest.
Sur. or Def.
1922--------------$400,399 $390,834
$9,565
$48,658 def.$39,093
1921------------- 447,982
431,783
16.199
48,656 def. 39.500
1920-------------- 264,954
289,114 def. 24.160
48.610 def. 72,770
ROA D .— Owns 13 miles of track from State line to East Windsor
aill. which was formally opened on Jan 15 1902, and 7.80 miles (formerly
Somers & Enfield Electric Ry.) from Thompsonvllle to Somers. Also a line
from Suffield to a connection with the Hartford Street Ry., 9.70 m .. and •
line from Warehouse Point to Rockville, 14.45 miles. Has trackage
rights in Hartford and Springfield, making total mileage operated. 1ncluding
ridings. 44.95 miles. Standard gauge. 56 60 and 70-lb T rail. 46 cars.
OFFICERS.— Pres............................ V.-P., T . O. Perkins, Hartford.
Conn.; Gen. Mgr., Wm. Walker, Warehouse Point, Conn.; Trea«.. Geo S.
West, Boston, Mass.; Asst. Treas., Lester E Flint, Boston, Mass.— V.
I l l , p. 895; V. 112, p. 2747; V. 114,p. 306; V. 115, p. 183; V. 116, p. 515
TOLEDO, OHIO.
TOLEDO BOW LINQ QREEN & SOUTHERN TR A C T IO N CO.
O RGAN IZATION .— Incorp. In 1901 as a consolidation of the Findlay
St. R y., the Toledo Bowling Green Sc Fremont Ry and the Hancock Light
fc Power Co. of Findlay, O. Formerly leased to the Toledo Urban Sc Infcerarban Ry., but rental due April 1 and July 1 1908 having been defaulted:
lease was canceled.
The entire property of the Toledo Urban Sc Interurban Ry. was sold on
Aug. 23 1909, under foreclosure, to the Toledo S Findlay Ry. C o., which
c
property was afterwards purchased by Toledo Bowlhig Green Sc Southern
Traction C o., and the latter company assumed Its bonded debt. V. 88. d .
1439 V. 89, p. 105, 412.
In Feb. 1915 was granted a new franchise for 25 years In Findlay. The
ild franchises had 10 years more to run. but were canceled.
In Oct. 1916 che Ohio P. U. Comm. auth. the Issuance of $141,500 addi
tional 1st M . 5s for Impts. and the discharge of obligation". Up to Apr. 1
1923 these had not yet heeu Issued.
Fare Increase.— In July 1918 was auth. by the Ohio P. U. Comm, to
increase its mileage charge, effective Aug. 1 1918. V 107. p. 403
On Feb. 14 1921 the co. was granted a cost-plus franchise by the Findlay
Oity Council, providing for a 7% return on the valuation and effective
about Mar. 17 1921. An initial fare of 8 cents was provided for. an In
crease of 3 cents over the then existing rate. V. 112, p. 850. 933. See also
V. 112, p. 1618, 2085, 2307. In Mar. 1922 fares were raised 10 cents be
tween Bowling Green and Toledo, Ohio. V. 114, p. 1409. See also
V. 114. p. 2471: V. 115. p. 75.
The holders of the $1,003,500 outstanding 1st Mtge. 5s due M ay 1 1921
agreed to extend same for 20 years to M ay 1 1941 at 6%
Compare
V. H I, p. 2326. 2521.
For valuation of Findlay property, see V. 112, p. 163.
STOCK AND BONDS— D a te .
In te rest. O utstanding.
M a tu rity.
Common $1,500.000_________ _____
_______
$1,125.000 __________
Pref $750,000 (non-cum)_____ _____
Q-F
750,000
See text
First mtge $1,500,000 gold/ 1901
6 g M-N
1.003,500 M ay 1 1941
($1,000 and $500).__ n tf lint, at Central Trust C o., Cin.. trustee
_
Toledo & Findlay mortgage/ 1910
5 J-J
480,000 Jan 1 1931
$500,000 gold________ ntflU nionSav Bank S Trust C o., Oln., trustee.
c
Findlay Street 1st cons m tge/ 1899
5 g J-D
275.000 Dec 1 1924
$275,000 gold________ ntf/Central Trust C o., Cin., trustee. Int. at
1
Metropolitan Trust Co., N . Y .
Bonds.— Of the bonds of 1901, $275,000 are reserved to retire Findlay St.
Ry. bonds. These bonds were originally 5s but at maturity in 1921 were
extended for 20 years at 6% . The Toledo & Findlay mtge. is a first mtge.
on the property of the acquired Toledo Urban & Interurban Ry.
D iv id en d s. —On pref., 1/4 % quar. from Aug. 1910 to and Including Aug.
1914. None since
EARNINGS.— For years ending Dec. 31:
Cal. Y ears —
Gross.
N e t, after T axes. Bond, A c . , Int. B a l., S u rv.
$194,358
______
___ 1.
1922_________ $744,312
1921_________ 701,794
156,646
$94,615
$62,031
1920-------------- 649,055
95,368
91,526
3,842
ROAD.— Comprises 51 miles from Toledo to Findlay. 60-lb. and 72-lb.
T and girder rails. Owns 21 passenger and 5 freight motor cars, 7
freight non-motor cars and 3 work cars.
OFFICERS.— Pres., Edward Goepper; V .-P., Chas. Kilgour; Sec. &
Treas., A. J. Becht, all of Cincinnati; Gen. M gr., Chas. P. Smith, Findlay.
Offices, Findlay, O.— V. 112, p. 933, 1618, 2085, 2307; V. 114, p. 1409,
2471; V. 115, p. 75.
TOLEDO FOSTORIA & FINDLAY RA ILW A Y.
ORGANIZATION.— Incorporated In 1900.
In Nov. 1916 purchased the 11 /£ -mile line o f the Lake Erie Bowling Green
A Napoleon R R ., between Pemberville and Bowling Green (bid in at re■elver’s sales on Aug. 5 1916 by the bondaolders. V. 103, p. 666, 1032:
V. 103, p. 1889.)
STOCKS AND BONDS— Date.
Interest. Outstanding.
Maturity.
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 1 9 4 0
($1,000) ________________c\ Int. at Cleveland Trust Co., Cleve., trustee.
Bonds may be called at any time. Originally matured Oct. 1 1920 and
bore 5% int. but were extended for 20 years at 6 % . Sinking fund began
July 1 1905. $96,000 bonds have been retired.
Dividends.— 1/4% is being paid quarterly on preferred stock.
EARNINGS.— For calendar year:
Calendar Year—
1920.
1919.
1918.
Gross------------ -------- ----------- ----------$384,943
$307,611
$267,494
Net, after interest and taxes_______
53,107
45.452
35,223
ROAD.— Operates 64 miles between Bowling Green, Toledo, Fostoria
and Findlay. Portions between Pemberville and Toledo put in operation
In June 1908.
OFFICERS.— Pres., H. O. Greer, Morgantown, W . Va.; V .-P ., C . C.
Fernsell Jr., Dover; Sec. & Treas., A. J. Krantz, Dover; M gr., E. Smith
Fosteria.— V. 78, p. 704; V. 103, p. 1889; V. 107, p. 403.
TOLEDO & INDIANA R AILROAD CO.— A trolley road.
O RGAN IZATION .— Incorporated In Ohio In Jan. 1911 and on June 29
1911 took over the Toledo S Indiana Traction Co. (V. 93, p. 230), assuming
c
all of latter’s liabilities. See. The Toledo S Indiana Traction on Feb. 8
c
1910 was successor of the Toledo S Indiana Railway, sold under foreclosure
c
on Jan. 18 1910. V. 90, p. 237, 448. Most of road Is on private right of
way. Franchises are perpetual except one for road crossings In Fulton
County, expiring In 1935.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1.040,000.................... ............
Q-J
$1,040,000
See text.
Tol S Ind Trac 1st mortgage/ 1911
c
5 g J-J
400,000 Jan 2 1931
$400,000 gold ($l,000)_.c*\lnt. at Columbia Trust C o.. N .Y .. trustee.
138
[V ol. 116.
ELECTRIC RAILW AYS
B on d s. — Toledo 4; Indiana T ra ction 1st M . bonds are subject to call at
102H and lnt. on any tnt. date. V. 92, p. 1244, 137S.
D iv id en d s. — Dividends at the rate o f 4% per annum were paid to and
Deluding Dec. 1916. None since.
EARN IN G S.— For calendar year 1921, gross, $391,442; net, after taxes.
$25,356; bond, &c., lnt., $22,811; bal., surp., $2,545. In 1920, gross'
$397,487; net, aft. taxes, $31,401; bond, &c., int., $22,811; bal., sur., $8,590]
ROA D .— Operates 55.77 miles o f track from Toledo westerly to Bryan
Enters Toledo over tracks of Toledo Railways & Light Co.
OFFICERS.— Pres., L. R. Schenck; V .-P . & Gen. M gr., H. O. Warren;
V .-P .. S. D. Carr; Sec., O. F. Chapman. Jr.; Treas., H. W . Potter; Aud.
O. Baker. V . 108, p. 1166; V. I l l , p. 390.
TRENTON, N. J.
TRENTON & MERCER COUNTY TRACTION CORPORATION
ORGA N IZA TIO N .— Incorp. on Oct. 6 1910 in New Jersey with $10,000
stock ($100), increased in N ov. 1911 to $400,000, of which $200,000 is praf
V. 93, p. 1260. On Oct. 15 19l0 leased for 990 years Trenton Street Ry.
Mercer County Trac., Tren. Ham. & Ewing Trac. and Trenton Penningtos
Sc Hopewell St. R y. at a rental of $80,000 the 1st year, $82,500 the 2d, $85,
000 the 3d, then increasing $5,000 yearly until the maximum of $150,000
Is reached.
In Jan. 1918 failed to pay rental on the Trenton Street R y. properties
but was granted an extension o f time until April 1 1918 and then to July 1
1918 in which to make payment. (Up to Apr. 1 1923, we are informed
this had not been paid.)
F a res . — Effective Oct. 15 1918, was auth. by the N . J. P. U. Comm
to discontinue the 5-cent fare with 6 tickets for 25 cents and to establish
a straight 6-cent fare instead. V . 107, p. 1288. In Oct. 1918, however
Justice Trenchard in the Supreme Court at Trenton, N . J., allowed thf
city o f Trenton a writ of certiorari to review the P. U. Comm .’s action in
granting this increase. A stay was issued at the same time which prevented
the co. from collecting the 6-cent fare unless a receipt was given to each
arson for the extra fare charged. V. 107, p. 1482. On Oct. 22 1918
ustice Swayz8 in the N . J. Supreme Court upheld the Oomm.’s action
and on Mar. 3 1919 this decision was affirmed by the Court of Errors and
Appeals. V . 108, p. 974. Effective Jan. 4 1920, was auth. by the N. J
P. U. Comm, to increase fares in Trenton from 6 to 7 cents with an extra
charge of 1 cent for initial transfers. V . 110, p. 79. In June 1921 was auth.
to collect an 8-cent fare with a 1-cent charge for transfers. The company
had applied for a 10-cent cash fare. V. 112, p. 2750.
Equipment Trust Certificates.— See Y . I l l , p. 494.
Favorable T ax D e cisio n . — See V . 106, p. 1345.
V alu ation . — 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
details see V. 112, p. 1268.
EARN ING S.— For cal. year 1922, gross, $1,689,896; net after taxes,
$311,780. In 1921, gross, $1,545,566; net after taxes, $174,362.
ROAD.— Owns and controls by lease about 72.91 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.— V. 108, p 974. 1512: V n o , t
79, 262, 563; V. I l l , p. 494; V . 112, p. 1868, 2750; V. 115, p. 1943.
(1) T ren ton Street R y.— Trolley. The United Power 4 Transporta
Hon Oo. owns 19.969 out o f the 20,000 shares o f stock outstanding.
L ea se . — Is leased to Trenton Sc Mercer County Trac. Oorp. (see above).
V. 9 1 ,p. 1513.
ORGAN IZATION .— Formed June 29 1898 by consolidation of the Tren
ton Passenger R y., Mulberry Street Passenger R y .. Pennington Avenue
Passenger R y. and Ewing Passenger Ry
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 P^noetoD and in the citv 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.
STOCK AND BONDS—
D a te .
In te rest. O u tstand ing.
M a tu rity
Stock $2,500,000 (par $50)________
_______
$ 1,000,000 ......................
Trenton Passenger first mtge f
75,000 1920-1925
$840,000 g o l d
($1,000 1891
6 g A-O ($15,000 due yly Sept. 3P
each)__________________ c* {
100,000 1926-1930
Interest at Mechanics N at.)
($20,000 due yly Sept. 30
Bank, Trenton, N. J _ I
_
650 .000 Sep 30 1931
C o n s o lid a t e d m o rtg a g e ! 1898
5 g J-J
1.159.000 July 1 1938
gold $2,000,000 ($1,000) c*( Interest In Trenton at Mechanics National
I Bank; Girard Trust C o., trustee.
Trenton St Ry gen M $500,-/ 1911
6 J-D
(500,000 June 1 1941
000 gold ($1,000)______ c*\Bankers Trust C o., New York, trustee.
G uaranteed B onds —
Trenton Pennington Sc Hope 1903
5 g J-D
$349,000 June 1 1943
first mortgage $350,000 Int. at Fidelity Trust Oo., Newark, trustee
gold guaranteed_________
Guar., prin. & int., by Trenton Street Ry
Trenton Hamilton & E 1st M 1905
5 g M -N
500.000 Nov 1 1955
$500,000 ($1,000) gold__c* In t. at Real Est. T . I . & Tr C o., Phila. ,trus
Mercer Co Tr 1st M $300,000 1904
5 J-J
299,000 July 1 1944
gold ($1,000) guar p & i.c *■(Real Est. T it. Ins. Sc Tr. C o.. Phila., trustee
B on d s. — $840,000 consolidated 5s o f 1898 are reserved to retire first 6s.
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 Sc Hopewell and Trenton Hamilton &
Ewing Trac. bonds are guar. p. & i. by end. by Trenton Street R y. V . 94,
p. 826, 1696.
OFFICERS.— Pres., John A. Rlgg; Sec. Sc Treas., T . W . Grooket Jr
— V. 93. p. 797; V. 94, p. 828; V. 105, p. 2273; V. 106. p. 1901. 2230.
S
NEW JERSEY & PENNSYLVANIA TR A C T IO N CO.— A trolley road.
Owned by Pennsylvania-New Jersey Railway Oo.
O R G A N IZA TIO N .— Incorporated in New Jersey on N ov. 14 1901 and
acquired the Trenton Lawrenceville & Princeton R R ., the Trenton Law
renceville & Princeton Extension R R . and the Princeton Street Ry.
On M ay 13 1913 the Trenton New Hope & Lambertville St. R y ., Yardlej
Morrisville S Trenton St. R y. and the Newtown & Yardley St. R y .. for
c
merly owned, were taken over by the Bucks County Interurban R y., now
Pa.-N . J. R y. Co. See under “ Newtown, Pa.” On M ay 15 1917 the co.
transferred $500,000 of its $1,000,000 capital stock to the Bucks Co. Inter
urban R y. (now Pa.-N . J. R y. C o.), the other $500,000 being surrendered
and canceled. In 1923 acquired the outstanding capital stock and $36,000
1st mtge. bonds o f the Eureka Power Co. V. 116, p. 1412.
Sub. Co. Merger.— In Sept. 1922 the co. was auth. by the N . J. P.U.
Comm, to consolidate its Princeton Division (incl. the Trenton Lawrenceville Sc Princeton R y., the Trenton Lawrenceville & Princeton Extension
R R ., and the Princeton St. R y.) into a corporation to be known as the
Trenton-Princeton Traction Co. V. 115, p. 1632.
Franchises are oerpecual. except in Trenton, which runs to 1953
Fares.— See “ Electric Railway” Supplement o f Oct. 28 1922.
TROY, N. Y.
T R O Y & NEW ENQLAND R A ILW A Y .— A trolley road.
Road passed into hands of receiver Jan. 31 1906. On July 1 1907 contrr 1
iras acquired by the Del. Sc Hudson interests, all indebtedness was adjusted
ind receiver discharged. V. 85. p. 100.
ORGAN IZATION .— Incorporated Dec. 17 1889. Mostly private right
of way. F ran ch ises perpetual.
STOCK AND BONDS—
D a te .
I n te rest. O u tstanding.
M a tu r ity .
$180,000
See text
Stock $350,000 ($100)___________ ____________
First mortgage $160,000 gold? 1895
5 g F-A
160.000 Aug 1 1945
$500 ____________________ \Int. at office of company. Albany, N . Y .
D iv id en d s. — In 1910. Jan., 4 % . In 1911. Jan., 4% ; Dec., 4 )4 % .
In
1912. Dec.. 3 % . In 1913, 2 % . In 1914, 2>4% None since.
EA R N ING S.— For cal. years:
D e fic it
Y ea r —
‘
G ross.
N e t. Oth. I n c .C h g s .& T a x .
$303 $13,507 def.$23,390
1921
............. ........$4,967 def.$10,186
362
12,550 def. 17,143
1920 _______________ 39,442
def. 4,955
ROAD.— 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
eased).
OFFICERS.— Pres., L. F. Loree. New York; V.-Ps., W . H. Williams,
N. Y .t and H. B. Weatherwax, Albany; V.-P. Sc Asst, to Pres.. W. B.
Schofield, N .Y .; Sec.. F. M . Olyphant, N . Y .; Comp., W .E .E p p ler, Aud.,
D . L. Waters, Albany, Treas., O. A. Hoag, Albany; N. Y .; Gen. M gr.,
A. E. Reynolds, Albany.— V. 83, p. 437: V. 85. p. 100; V. 112, p. 563.
TUSCALOOSA, ALA.
TUSCALOOSA RAILWAY & UTILITIES CO.
O RGAN IZATION .— Incorp. In Oct. 1915 as a consolidation of the belt
railway formerly owned or controlled by the Birmingham-Tuscaloosa R y.
k Utilities C o., and the Tuscaloosa Ice Sc Lt. Co. The railway was operated
as a steam line until 1914. when it was extended and electrified; It Is strictly
a belt and terminal railway, handling freight and passengers to and from aU
railway stations and has Interchange tracks with all steam roads entering
Tuscaloosa; extends to the town of Holt; total miles operated, 14. Also
tupplles without competition electric light, gas and Ice to Tuscaloosa and
•uDurbs. Capacity of co's ice plant, 60 tons per d a y . The railroad fran ch ise
la perpetual and the gas and electric franchises are of 30 years' duration.
Has electric-lighting contract with the city of Tuscaloosa. Power Is pur
chased under long-term contract from the Alabama Pow. C o., the c o .’s own
plant being maintained as an auxiliary.
8TOCK AND BONDS—
D a te .
In te rest. O u tstanding.
M a tu r ity .
Stock $300.000...........- ..........................................
$300,000 ...................
First mtg $1,000,000 ($1,000,7 1915
6 g J-J
969.300 July 1 1949
$500 and $100) g old ..c*tf/R ep u b lic Trust C o.. Philadelphia, trustee.
B on d s. — Remaining bonds are reserved for exts.. equip, and lmpts. at
50% of cost. Red. at 102 and lnt. on any Int. date. See description of
bonds and property in V. 102, p. 1898.
EARNINGS.— For years ending Dec. 31:
Year—
G ross.
E x p . A T a x.
N et.
In terest.
S urplu s.
1921_________ $398,552
$281,808
$116,743 Tiv $60,000
$56,744
253.387
118,723 m 58,158
60,564
1920 _________ 372,110
- V . 103. p. 1120.
VICKSBURG, MISS.
VICKSBURG LIGHT & TRACTION CO.
New Control.— In Mar. 1923 H . C. Couch,1Pres, of the Arkansas Light
"
& Power Co. and Pine Bluff Co. and associates^acquired all the outstanding
stock o f the co. V . 116, p. 1052, 1412.
ORGANIZATION.— Incorp. In Miss, on July 1 1912, taking over tha
Vicksburg Trac. C o.. Vicksburg Lt. Sc Pow. C o.. Vicksburg Sc Yasoo Trac.
Oo. and Electric Power Oo. Operates the entire street railway and electriclighting business in Vicksburg and suburbs. Franchises In Vicksburg run
toia) street railway, 1948; (6) lighting. 1946. For railway outside the d ty
has 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*tf\Int. at Central Tr. C o. of 111.. Chic., trustee.
Debenture bonds $400,000/ 1920
6 M-S
278,000 Mar 1 1930
gold ($10001___
__r**fllnt at Gentral Tr. n o . or in Chic., trustee.
B onds. — 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.
EARNING S.— 12 months ending Dec. 31:
1922.
1921.
1920.
1919.
1918.
Gross_______________ $302,484 $293,802 $290,966 $245,192 $209,713
Net, after taxes_____ 109,192
89,713
82,888
82,888
53,528
ROAD.— Owns and operates 11 miles o f track; standard gauge; mostly
80-lb. T rails; 20 cars.
OFFICERS.— Pres., H. C. Couch; V .-P ., J. L . Longino; 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.
VINCENNES, IND.
VINCENNES ELECTRIC R A ILW A Y CO.
ORGANIZATION— Incorp. in N ov. 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. M a tu r ity .
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.
•
EARNINGS.— 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.
ROAEf.— 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. Sc
Sec’y, H. L. Bennett; Gen. M gr., & Treas., L . F. Gillett.
VIRGINIA, MINN.
MESABA RAILWAY CO.
ORGANIZATION.— Incorp. June 27 1914 in Mass, as a reorganisation
of the Mesaba Electric R y. Co. of Maine and the Mesaba R y . 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 Hlbbing, Chisholm, Buhl,
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
Mountain Iron, Virginia. Eveleth, and Gilbert, a distance of about 35 miles.
Stock $500,000 ($100)................... ........................
$500,000 ............... ..
Road
First mtge (See text) gold___/ 1902
4 g M -N
600,000 Nov 1 1932 tion. is on private right of way except in towns, with steam road construc
Placed in operation March 1 1913.
($ 1 .0 0 0 )_____________c* tf lin t, at Trenton Tr. Sc Safe Dep. C o., trustee
STOCK AND BONDS— D a te
In te rest. Outstanding.
M a tu r ity ,
The 1st M . was originally for $3,000,000, but has been closed at $600,000. Common $2,500,000 ($100)_______ .
_____ _____
________
Stock.— The $500,000 reported outstanding is held by the Pa.-N . J. Pf $1,250,000 ($100) 7% (c u m )........................... $1,575,000
685.000
........... ..
Ry. Oo.
Mesaba Ry 1st M $2,500,000/ 1912
5 g M-S
1,211,000 Mar 1 1932
R O A D .— Comprises 13.25 miles, as follows; N . J. & P. Trac. in Trenton
gold ($1.0001 sink fd ..c * t f lin t. at Amer. Trust C o.. Boston, trustee.
and Lambertville, 1.70 miles; Trenton Lawrenceville S Princeton R R .
c
Bonds.— $227,000 In sink. fund. Remaining bonds are reserved for future
9.66 miles; Tren. Law. S Princeton Extension R R ., 1.46 miles, and Prince adds., lmpts.. &c. Subject to call as a whole or In part for sinking fund
c
ton St. R y .. 0.53 mile. Gauge. 4. ft. 814 in-; 70 and 80-lb. T rail and 90-lb. at 105 and Int. 8k fd. 244% of total bonds certified, began Jan. 1 1917.
girder.
EARN ING S.— For years ending Dec. 31:
EA R N IN G S.— For year ending Dec. 31 1921 (Princeton Division)
Y ea r —
G ross. N et (.aft. T a x .) . I n te rest. M a in t . R es. S u rp lu s.
gross, $129,725; net, after taxes, $18,081. In 1919, gross, $123,339; net
1921 .....................$282,127
$93,589
$51,437
$1,878
$36,905
after taxes, $23,905»
j 1920 ___________ 326,823
131,836
53.567
7,349
67,599
OFFICERS.— Pres., Sydney L. Wright, Phila.; V.-P. & Gen. Mgr.
OFFICERS.— Pres., O. Mitchell; V .-P ., Clement R . Ford; Sec., Agnes
Gaylord Thompson, Trenton; Sec. & Treas., John M . Morrissey.— V . 113’ Carmody: Treas., L. E. Flint; Asst. Treas., J. O. Bergeson; Clerk, L. E.
p. 1251, 1471, 1675; V . 114, p. 1063; V . 115, p. 1632; V. 116, p. 1412.
Flint; Asst. Sec., R Haydock; Gen. M gr., L . W . Hayes.— V. 116, p. 176.
A pril, 1923.]
WARSAW, IND.
W INONA INTERURBAN RAILW AY CO.
D e fa u lt .— Oct. 1 1915 int. on Peru Div. bonds, and Jan. 1 1916 Int. on
Goshen Div. bonds defaulted. The proposed plan o f reorganizatlon(V.101,
p. 1190) was not approved by the committee for Goshen Div bonds.
Plan for Reorganization of Goshen Division.— In June 1922 a plan for the
reorganization o f the Goshen Division was announced. The plan provides
for the foreclosure o f the Goshen Division mortgage and the transfer of the
property and other assets taken in behalf o f the bondholders’ committee
(see below) to a new company to be organized in Indiana and to be known
as Winona Northern R.v. 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 o f Goshen Division bonds accepting the plan, 15 shares of stock
(par $50) and $250 o f bonds o f ohe new company. For further details see
V. 115, p. 75.
Receiver.— U. J. Munton was appointed receiver on July 25 1916 on the
petition of the First Trust & Savings Bank, Chicago, and E. K. Boisot.
trustees. In suit to foreclose mortgage on Goshen Division. V. 103. p. 408.
Committee for Gostim Dir. Ist Mtge. 5s.— J. D Mortimer. Pres North
American Co., N. Y ., 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. In
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 R y. ($10,000 stock and $44,000
bonds), operating 4M miles o f track, for 99 years from Jan. 1 1910.
STOCK AND BONDS—
D a te.
In te rest. O u tstan ding.
M a tu r ity
Common *600,000 (*100)____ ____
_______
See text __________
Pref *600,000 6% cumulative. ...........................
*150,775 ...................
Goshen Div 1st M *750,000 ' 1905
5 g J-J
750,000 July 1 1925
gold (*500 and *1.000)___ Int. at First Trust Sc Sav. Bank. Chic..trust.
Peru Division first mortgage 1906
A-O
1.593.700
Oct 1936
*2.000.000 gold................... Union Trust Oo., Indianapolis, Ind.. trustee
B on d s .— Goshen Division bonds are a lien only on the section of road be
tween Warsaw and Goshen. Of the amount reported outstanding. *52.000
are unsold but used as collateral for loans. Are subject to call at 105 and
Int. on any Int. date. Peru Division bonds are a lien only o i section of road
between Peru and Warsaw. Amount reported outstanding includes $290,200 bonds sold and $1,303,500 used as collateral for loans.
EARN INGS.— For year end ng Dec. 31 1922, gross, $298,750; net, after
taxes, $18,531. In 1921, gross, $310,309; net, after taxes, $19,933.
R O A D .—Operates 70 miles between Goshen and Peru. Leases 4 % 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.
WASHINGTON, D. C.
WASHINGTON RAILW AY & ELECTRIC CO.
In Dec. 1922 Eugene E. Thompson (of Crane, Parris & Co.) purchased a
block of 27,500 shares o f the c o .’s com. stock, previously held by the note
holders’ protective committee o f the Washington Utilities Co. V. 115. p.
2582. Compare V. 115, p. 2380.
ORGAN IZATION .— Incorporated as the Washington & Great Falls Elec
tric Ry Co. July 29 1892 by special Act o f Congress; name changed to Wash
ington Ry. & Elec. Co. F e b . 1 1902. In 1902 acquired control o f the Poto
mac Electric Power Oo. On Feb. 4 1902 purchased the assets of the Wash
ington Traction & Electric C o., sold at foreclosure Nov. 24 1901, and re
organized according to plan in V. 73, p. 554, and acquired the Colum
bia R y. and the Metropolitan RR. by deed In fee, subject to their mortgage
debt. The last two roads constituted 67.71 miles o f track. During 1912
merged with the Anacostia & Potomac River RR. (25.21 miles) and the
Brlghtwood Ry. (12.45 miles), both of whose stocks had previously been
owned. In 1912 also transferred to the Potomac Elec. Power Oo. the com
pany's Interest in the Great Falls Power Co. Company furnishes power
to the W a s h . B a lt . & A n n a p . E le c . R R . Co., the W a s h in g to n -V ir g in ia R y
C o., th e W a sh in g ton & Old Dominion R y. C o., and other local companies
Franchises p erp etu a l.
Valuation.— See V. 109, p. 1081. See also V. 110, p. 1094; V. 113 p.
2319, under “ Potomac Electric Power C o ."
In 1916 acquired control of Washington-Interurban R R . Co. (8M miles)
through purchase of its outstanding securities by the Washington & Rock
ville Ry. Co.
On Jan. 16 1915 the stockholders o f the Wash. R y. & Elec. Co. and the
Potomac Elec. Power Co. each authorized an issue of *1.000,000 gen. impt.
8% debenture bonds on accounts of exts., add'ns and impts. In M ay 1917
the P. U. Comm. auth. the Potomac Elec. Power Co. to issue $1 127 000
Gen. Impt. 6% Deb. bonds, o f which *750,000 were sold forthwith.
V. 104, p. 2122.
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» 54o, 1322, 1634.
Government Ownership Proposed.— V. 112. p. 2191.
Favorable Rate Decision.— See 1914 annual report in V . 100. p. 1251
In Feb. 1920 was auth. by the P. U. Comm, to Issue *341,000 gen.
Impt. 6s, proceeds to be used to reimburse co. for expenditures already
made and for the purchase o f equipment. V. 110, p. 1090. These had
not been issued to Oct. 1 1921.
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
Y 07.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 Nov. 1
1919 was auth. by the P. U. Coram. to increase fares to 4 tickets for 25
cents 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 M ay 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
Jan. 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 734 cents to 7 cents. V. 113, p. 732. On
Mar. 1 1922 the ticket rate was further reduced to 6 2-3 cents. V. 114, p.
1065.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Common $6,500,000 ($100)_
Q-M
*6.500.000
See text
Pref 5% cum *8,500,00 0(*1 00)____
Q-M
8.500.000
See text
Oonsol mortgage *17.500.000/ 1902 4
g J-D 11,642.350 Dec 1 1951
(*1.000 & *500) g o ld ..c * tf lin t, at U. S. M tg. 8c Tr. C o., N. Y ., trustee.
Gen mtge *5.000,000 ($500/ 1918
6 g J-D
1,000,000 Dec. 1 1923
and $1,000) g ________c*tf (Mercantile Trust & Dep. C o., Balt., Trustee
Met RR 1st mtge (Sl.850.-f 1895
5 g F-A
1,850,000 Feb 1 1925
000) gold (*1,000) not sub-1 Interest at Baltimore Trust 8c Guarantee C o.
ject to call___________ c*tf 1 trustee, Baltimore.
Anacostia & Potomac River f 1899
5 g A-O
2,978,000 Apr 1 1949
first mtge *3,000,000 gold jln t. at Baltimore Tr. < Guar. C o., trustee.
fc
(*1,000) sinking fu n d .c*tf 1 M ay be called at 11234.
Stock and Bonds.— The preferred stock became cumulative on June 1 1904.
fh e 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'
aotlce on any interest date at 105 & interest.
Of the 5-yr. gen. mtge. bonds, $150,000 in addition to the $1,000,000
outstanding has been issued and pledged for a loan o f $131,071 from the
U. 8. Housing Corp. Bonds may be issued for 75% o f the cash cost of
exta., addns. and betterm’ts, but only under certain restrictions. During
the life of these bonds no additional underlying bonds may be Issued.
Red. all or in part at 101 and int. upon 8 weeks’ notice. Listed on the
Washington Stock Exchange.
A portion of the property covered by the M et. R R . 1st mtge. may be
old and proceeds applied to a sinking fund for the retirement of the bonds
»t not exceeding 110 and int. Bonds cannot be drawn. Of the Anac. 8c
Potomac River bonds. *462,000 are guar., p. & I., by Washington R y. 8c
Elec. V 87. p. 36 *22 000 have been canceled.
Dividends.— On pref. at rate of 5% per annum from Dec. 1 1904 to and
incl. Dec. 1919. In Aug. 1920 234 % was paid. This represented the quar
terly divs. of 134% due Mar. 1 and June 1 1920. In Dec. 1920 234% was
go!d (representing the quar. divs. of 134% due Sept, and Dec. 1 1920).
V 111, p. 1754. Reg. quar. divs. of 134 % have been paid since to and incl.
Mar. 1923.
On com., 1st div. was paid Dec. 1 1909 ;in 1910, 2% ; In
1411, 2% ; in 1912. 4% ; in 1913, March 1%; .June, 134%: Sept., 134%;
Dec., 134% and 1% extra. In 1914 and since to and incl. 1916, 7 % . In
1917. 634%. In 1918. 5% . In 1919. March. 134%. None since.
P otom ac E lectric Power C om 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 .tflln t . at Oomm. T r. Oo.. Jersey City, trustee.
Oons mtge *7.000,000 goldf 1906
5 g J-J
5,300,000 July 1 1936
($1,000) gu p & I by W ashllnt. at Commercial Trust Oo., Jersey Oity.
Ry & Electric Oo_____c .t f l trustee.
Gen mtge $5,000,000 ($100,1 1918
6 g J-J
3.600.000 July 1 1923
*500. $1,000) gold______ tf (Guaranty Trust Oo., New York, trustee.
General & refunding mtge, f 1921
7 g A-O
2,070,700 Oct 1 1941
Series “ A ” ($100, $500,1 Int. at National City Bank, N . Y ., trustee.
$1,000 & $5,000)- -C*&r*tf [
Gen’ impt. debentures___ 1915
6 F-A 1
750,000 Jan 1 1925
Bonds.— The first mtge.bonds are red. any Int. date at 110 & Int.
Auth.
ssue was originally *4.000,000, but was subsequently reduced to *1,700,000.
Of the *7.000,000 new consols, *1,700,000 are reserved for prior Hens.
They are guar., prin. and Int., by Washington R y. & Electric Oo. A
sinking fund of 2% per annum of bonds outstanding began Jan 1 1908.
On Dec. 31 1922, $1,039,000 were held alive in sink. fund. See V. 85, p. 100.
The gen. mtge. bonds in the denom. of $1,000 are registerable as to princi
pal. $1,400,000 Series " A ” gen. & ref. 7s are held in treasury for 75% of
the cash cost of extensions, additions and betterments. The gen. mtge.
provides for a maintenance and depreciation fund of 16% of the company’s
annual gross operating revenue which began in 1918. Red., all or in part,
at any time on 8 weeks’ notice at 101 and int. Interest payable in N . Y .
or Washington, D. O. V. 107, p. 701. Add’l gen. & ref. mtge. 7s may be
issued in equal amount to retire outstanding underlying bonds and for 75%
of cost exts., add’ns, &c., under certain restrictions. Are red. on any int.
date on 30 days’ notice at 107 34 during first 5 years at 105 during the next,
10 years and at 103 during the last 5 years prior to maturity. Sink, fund of
3 % o f the bonded debt annually for the purchase or redemption and can
4
cellation of gen. and ref. mtge. bonds. Canceled to Dec. 31 1922, $129,300.
In addition, it requires an amount equal to at least 5% of the bonded debt to
be used annually for the adequate maintenance and replacement of the prop
erty. V. 113, p. 1896. 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 10234 on any int. date. Earnings o f the Potomac Electric
Power Co. have been as follows;
Calendar Year—
1922.
1921.
1920.
Gross receipts_______________________$5,373,364 $5,086,776 $6,466,728
Net available for interest___________
1,993,962
1,783,000
1,344,188
Annual interest charges on outstanding bonds, including the $2,070,700
gen. & ref. mtge. 7s, now amounts to $755,949.
Property, A c.— The Washington R y. 8c Elec. Oo. controls the principal
street railroads In the District of Columbia and also the Potomac Elec. Pow.
Oo. which alone Is operating, or authorized' to operate. In the national
capital and which controls the Great Falls Power Oo. with undeveloped
water power on Potomac River. The railroad companies have 176-80 m.
of track (all under electric traction), while the electric light company has
391 miles of subways with about 1,254.79 miles of ducts, besides many
miles of overhead wires. Owns 612 cars and 9 buses. N o. of meters
Dec. 31 1922, about 63,775. Generating capacity of power co., 120,600k.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. & Elec. Oo. up to Dec. 31 1921:
MileCapital
Amount
Am ’tNot
Name of Company—
age.
Stock.
Owned.
Owned.
Georgetown & Tenallytown R R
8.50
*200,000
$162,950 *37,050
Washington & Rockville R y ___ 14.46
275.000
275.000
None
xO ltr & Suburban Railway ..41.635
1.750.000
1,686 800
63,200
Washington & Glen Echo R R
200.000
197.150
2.850
Washington Interurban R R ----- 8-445
50,000
a50.000
______
_
WARREN, PA.
WARREN & JAMESTOWN STREET RAILWAY CO.
ORGAN IZATION .— Incorporate! In New York and Pennsylvania and
consolidated Jan. 15 1904. Private right of way, except In Jamestown,
where company has a 50-vear franchise and 3 or 4 miles of public right of
way, for which perpetual franchises are held.
In 1918 Issued 1100,000 10-year 6% bonds to retire a like amount of 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
(Interest at Warren (Pa.) Trust Oo., trustee.
2d mtge. gold bonds................ 1918
6%
100.000 Jan 1 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 .Tan. 1919 when 3% was paid: July 1919, 3 % . In
1920, 6% . In 1921, Jan., 3% ; July, 3 % . In 1922, Jan., 3 % .
EARN IN G S.— For years ending Dec. 31:
Year—
Gross.
Net Int.&Tax. Rents,&c.Divs.(ft%)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 T miles of track from vVarren, Pa., to Jamestown,
*
N . Y . Enters Warren over tracks of Warren Street B ». Does an express
business
Standard gauge
70-lb rails. 6 cars
OFFICERS.— Pres., David H. Siggins: Y .-P. & Sec., Homer M . Preston;
Jamestown, N. Y .; Treas. & Supt., H. A . Siggins, all of Warren.— V. 86,
p. 482.
129
ELECTRIC RAILWAYS
Total railroads............. ..
73-04
$2,475,000
Capital
Stock.
$2,371,900 $103,100
Amount
Am ’t\Not
Owned.
Owned.
Name of Company—
Lighting—
Potomac Electric Power_____________ *6,000,000 *6,000.000
Braddock Lt. 8c Power__________________
50,000
a50,000
None
____
Total all companies____ $8,525,000
$8,421,900 $103,100
a Owned entirely by Wash. 8c RockviUe R y. Oo. x Aug. 1 1919 Int. on
the *1.750,000 Oity 8c Suburban Ry. 1st M . 5s was paid N ov. 1 1919.
The Feb. 1 1920 int. on these bonds 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 . I l l , p. 588;
V. 112, p. 561.
The Washington R y. & Electric owns directly or Indirectly the foUowlng
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 8c 2d mtges. of the Georgetown 8c Tenallytown
Ry.; *180,000 out of a total issue of $185,000 1st mtge. bonds of the Wash.
& Rockville Ry. (remaining $5,000 being owned by the Wash. Ry. Relief
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. Co. (excl. sub. cos.) for cal. yrs.
1922
1921
1920
1919
Revenue passengers___ 61,943,410
64,178,738 65,873.540 69,874,290
Free passengers________ 19,231,868
19,822,811 19,410,342 16,987,251
Gross earnings__________ $5,022,967 $5,455,624 $5,371,308 $4,387,332
Exp., taxes &misc. items
4,137,526 4,235,082
4,477,866 3,715,388
Net earnings________
Other inc. (incl. Potom.
Elec. Pow. Co. d iv .)--
$885,441
$690,226
$1,220,542
$893,442
$671,944
654,512
534,194
582,811
Total income_________ $1,575,667
$1,875,054 $1,427,634 $1,254,754
Fixed charges_________
764,315
772,961
791,262
786,282
Div. on pref. stock (5%)
425,000
425,000
425,000
425,000
D iv. on common stock -.
------------------------- (1J£)81,250
130
OFFICERS.— Pres., W m. F. Ham; Y .-P. & Counsel, S. R. Bowen;
Treas., A . M . Fisher; Asst. Sec., W m. 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. 113, p. 732, 962,
1769, 1883: V. 114, p. 412, 1065, 1892, 2117; V. 115, p. 546, 1211, 1322,
1634, 2048, 2380, 2582; V. 116, p. 411.
W ASHINGTON & M ARYLAND R Y .
O RGAN IZATION .— Incorp. In Maryland as successor to Balt. 8c Wash
Transit Co. o f Maryland, sold under foreclosure.
The P. U. Comm, of the D. o f C. 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 co's lines
Proceeds o f the 6 % bonds will be used to complete purchase of the properties
of Balt. & Wash. Transit Co. In Maryland, and the 5>* % prior lien bond*
will be used as collateral for $ 25,000 1 -vr
notes, the proceeds of wh!c*
will be used for exts. and impts. Application has been made for $25,000
add’l bonds to refund advances for impts., &c.
ROAD.— Operates about 3 t* miles of track from 14th & Kennedy Sts
N. W ., to District line at Tacoma Park, M d. Extension of I 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.;
Y.-P., H. W. Williams, Baltimore, M d.; Sec., Guy H. Johnson; Aud.,
John E. Taylor, 231 Woodward Bldg., Washington, D . C.
CAPITAL TR AC T IO N .— An underground trolley road
O RGAN IZATION .— In the fall of 1895 absorbed the Washington &
Georgetown and Rock Creek companies. See V. 61. p. 283. 328. 588
O perating A g reem en t. — By an agreement entered Into on Feb. 20 191
the company took over the operation of the line of the Washington & Mary
land Railway Co. on May 2 1918.that company having completed the build
Ing of an extention to the sanitarium near Takoma, Md.
Valuation, V. 109, p. 1079.
F a res. — In 1918 was auth. by the P. U. Comm, to eliminate the rate of
6 tickets for 25 cents and to establish a straight 5-cent fare
Effectiv
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. Comm, 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 H cents
to 7 cents. V. 113, p. 729. On Mar. 1 1922 the ticket rale was further
reduced to 6 2-3 cents. V. 114. p. 1062.
P rop osed M erger P la n . — See V 109. p 1272: V. 110, p. 359; V. 112. p
2413; V. 113, p. 729, 959; V. 115, p. 542, 1320.
8 TOOK AND BONDS—
D a le .
In terest.
O utstanding
M aturity
Stock $12,000,000 ($1001.................
Q-J
$12,000,000 A p r ’23, l t f %
New first mortgage $6.000,-( 1907
5 g J-D
5,606.000 June 1 194
000 gold ($500)_________ c(Int. at Union Tr. Oo. of the D. of O.. Wash
l trustee.
B on d s. — Are not subject to call. Part of the bonds Issued were used t
redeem the $1,080,000 outstanding 4% bonds of the 1900 Issue $200.00(
of bonds are In co ’s treasury and $194,000 are In co.'s Ins reserve fund.
D ivid en d s. — In 1898. July 1. 75c.; Oct. I, 75c.; In 1899, four dividends o
75c. each; In 1900 . 311%; in 1901. 4% ; in 1902. Jan.. 1%. April, 1%
July, 1% . and on Aug. 20 an extra dividend of $4 per share was paid fron
proceeds of sale of old power house; Oct., 1%; In 1903. \ % %; In 1904. 5%
to 1905. 5 H % : 1906-1913 Incl . 6 % ann.;in 1914. Jan 1H % ; April. 1
July, 1J4%. In Oct. rate was reduced and 1 H % was paid; same rat
was paid quarterly to and Including July 1918. In Oct 1918 1 4 % » a
paid; same rate quarterly to and Incl. Jan. 1921. In April 1921, 1 H % wa*
aid.
since.
1917
?n Aug.Same rate quar.div. o f 4 In Dec. paid. an extra div. of 1 % was paid
1918 an extra
% was
RE PO RT.— For calendar years:
Calendar
Y ea r —
[V ol. 116.
ELECTRIC RAILWAYS
Cross
N et (after
Other
In terest.
Balance
E a rn in g s.
T a z e s ). In com e.
<%
e.
D ividends.
Surplus
1922___ $4,994,044 $1,390,739 $34,906 $320,653 (7%)$840,000 $264,991
1921___ 5,501,200 1,706,940 18,412 313,648 (7%)840,000 571,703
In 1922, 92,672,910 passengers were carried, against 95,199,401 in 1921.
R O A D .— Underground trolley, single track (incl. 2.023 miles operate
under trackage agreement). 47.436 miles; overhead trolley, 10.922 mile■ingle track. Total length of road (Incl 7 865 miles sidings and turnouts
69.410 miles of single track. Operates 359 closed motor cars, 120 opei
motor cars. 71 closed trailers. 99 open trailers 11 snow sweepers, 5 san<
cars. 31 miscellaneous: total. 698 cars. 80 to 104-lb. rail.
OFFICERS.— Prea.. Geo. E Hamilton: V.-P. In Charge of Operation
J. H. Hanna; V.-P., D. S. Oarll; Sec.-Treas.. H D. Orarnpton Asst. Sec
J. E. Heberle; Asst. Treas., C. B. Koontz.— V. 108. p. 2432 V. 109, p. 1079,
1272.1609.1700; V. 110, p. 359, 561, 1748; V. 112, p. 1023 1431.2113;
V. 113, p. 729, 959; V. 114, p. 1062; V. 115, p. 542. 1320; V. 116, p. 1759.
The old company was merged on Nov. 29 into the Wasa. Utilities C o.,
out was subsequently obliged to resume separate existence. See Wash.
Utilities Co above and V. 9<j. d . 691 *
Effective June 1 1919, was auth. to charge 2 cents additional for transfers.
V 108, p. 2434. 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: trans
fers between the c o .’s lines are free, while Inter-company transfers are subect to a charge of 2 cents. On May 1 1920 Che co. was authorized to
ncrease fares to 8 cents cash, with 4 tickets for 30 cents. These rates
continued until Aug. 31 1921. V. 110. p. 1749. At that time the ticket
rate was reduced from 7 Vi cts. to 7 cts. V. 113. p. 732. On Mar. 1 1922
the ticket rate was further reduced to 6 2-3 cts.
In terest .— The March 1 1919 Int. on the Wash. Alex. 8c M t. Vernon 1st
mtge. 5s was not paid until July 1919. The Sept. 1 1919 Int. on this Issue
was paid in Jan. 1920. V. 110. p. 168. Compare V. 109, p. 1081, 1274.
The Mar. 1 1920 coupon was paid Feb. 3 1921. V. 113, p. 1984. Int. due
Jan. 1 1921 on the Wash. Arl. & Church Falls 1st 6 s was paid in Feb. 1921;
int. on the 2d mtge 5s. due Oct. 1 1920, was paid in Feb. 1921; int. due
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.
See plan below. Compare V. I l l , p. 295, 1184.
The co. having faded to pay int. on the various underlying issues (see
above), the following committee was formed to protect the interests of
holders (largely Washington, Baltimore and Philadelphia bankers) of the
co.’s secured notes due Jan. 1 1922.
N oteholders’ C om m ittee .— Joseph Wayne Jr.; H. W . Goodall, Van Lear
Black, R. Golden Donaldson, C. F. Norment, and W. F. Ham. In May
1922 it was stated that over 90% of the notes had been deposited with the
committee, or were controlled by it and that practically all of the com.
and pref. stock had likewise been deposited. V. 114, p. 2242.
Com m ittee fo r W ash. A le x . & M t. V. 1st M . 5s.— Chairman, Lewis H.
Parsons; John W. Hamer, Samuel J. Steele, Wm. G Baker Jr.; Sec., L.
Schmidt. 435 Chestnut St., Philadelphia, Pa. Depositary, Penna. Co. for
Insur. on Lives & Or. Annuities, Phila., Pa. V. 113, p. 2186. 2407.
Com m ittee fo r W ash. A rlin g to n & Church Falls Ry. C o. 1st C on s. 5s.—
Chairman, Evan Randolph; Richard F. McKinley and James Trimble.
V. 114, p. 2242.
In Nov. 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 of the company were being administered under new management.
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.
V. 114, p. 2242] under the noteholders’ agreement, and the committee
agreed to raise $250,000 immediately to liquidate the more pressing financial
obligations of the co.. incl. $83,500 int. on underlying bonds, whch was due
Mar. 1 1920. accum. taxes of $77,000. int. on enuip. trust notes amounting
to $4,000, and current bills. The new management entered into a contract
with Day & Zimmerman under which that firm has taken over the financial
management. V. 111. p. 1951. See also V. 112, p. 1743.
STOCK AND BONDS— D a te .
Interest. O utstanding.
M a tu r ity .
JommoD $2,000,000 ($100)...............
M-N
$1,378,300
See text
^ref $1,000,000 ($100) see t e x t ____
M-N
1.009 non
See text
Yash Alex 8t Mt Var 1st M 1905
5 ft M-S
2.500,000 Mar 1 1955
*2,600,000 ($1,000) g _ c*(Int at Real Estate Tr Oo. Philadelphia.
_
Wash Arlington 8c Falls Ohurcn Ry Issues—
1st M $100,000 gold........... .. 1895
6 J-J
79.000 July 11924
2d mtge *350.000________ f 1903
6 A-O
250.000 April 1 1953
(Interest at Merchants' Tr Co., Phila., trust.
First consol mtge $1,000,-/ 1908
5g M S
602 000 Sept 1 1958
000 gold ($1.000)_____ c*( Int. at Girard Trust Oo Phila . trustee.
5%
See text
_______ _
General mortgage___________ _____
Secured notes Ser. “ A ” ______ ____ _
6%
8 > 0 4 0 0 Fan. 1 1922
6%
855.500 Jan. 1 1922
Secured notes, ser. " B ” ______ _____
Equip, trust certificates______ 1918
6%
225.000
See text
Stock. — Pref. Is entitled to cum dlvs. of 3% for year ending Nov. 1 1911.
4 % for next year and 5% yearly thereafter
>
Sf.oelr IUte<l In Phila A Wash.
B onds .— The Wash. Alex. Sc M t. Ver. 1st mtge bonds are subject
to call on any interest date at 110 and Int. upon 3 month** notice.
See V. 80. p 1176. $350,000 Wash. Arl. & t . O. 1st consols are
•served for prior Hens, $48,000 are In treas., remainder are for betterments,
fcc. Bonds were guar., p. 8c L. by endorsement by Wash. Alex 8c Mt. Ver.
Ry. Subject to call on any Int. date at 105 and Int. on a mus notice,
nt. on the Wash. Arl. 8c Falls Onurcn Rv 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.
N o te s .— The 6 % notes due Jan. 1 1922 are secured by a deposit o f $3,000,>00 gen. mtge. 5% bonds.
D ivid en d s .— Initial dir. on pref.— 1>*% —paid Mar. 15 1911; Nov
y i% .
In 1912, 4% .
In 1913, and since 5% .
On common, first
lly — 1% — paid March 15 1911; N ov., 11*%. In 1912 and 1913, 3% .
n 1914, M ay, 1H % - In Nov. rate was reduced and 1% was paid. In
916 M ay. 1% . No later Information.
EAR N ING S.— For 12 months end. Dec. 31:
Gross
E a rn in g s.
N et after
D ep recia tio n .
F ixed Charges
and Taxes.
B alance.
D eficit.
1922______________$908,653
$127,610
$295,211
$167,601
1921_______ ______ 938,103
75,004
311,496
236,492
ROAD.— Operates from Washington, D. C., to Alexandria, M t. Vernon,
Arlington, Ft. Meyer, Rosslyn, Clarendon, Vienna and Fairfax. Total
track, 63.36 miles. Standard gauge. 1 1 2 cars.
OFFICERS.— Pres., John E. Zimmerman; V.-P., N. C. Roosevelt;
Sec., C. A. McClure; Treas., Milward Oliver. Under management of
Day & Zimmerman, Philadelphia.— V. 109, p. 1610; V. 110, p. 168, 1749,
1850; V. i l l , p. 295, 1184, 1754, 1951; V. 112, p. 1743, 1868; V . 113, p.732.
1984, 2186, 2407; V. 114, p. 2242.
W ASHINGTON UTILITIES CO.— A holding company.
O R G A N IZA T IO N .— Incorp. In Virginia (as Maryland-Virginia R y .
N oy . 29 1911. amended Feb. 28 1912 and Nov. 7 1912, when the name wa*
Changed to the above. On Nov. 26 1912 merged with WasbIngton-VIrginIr
R y.. but the latter company (see statement below) was obliged to resume *
■eparate existence owing to refusal of the subsequently created Utiiiile*
Oomm of th e D ist o f C o lu m b ia to a llo w the m erged c o r p o r a tio n s t o I s -u 1
securities provided for In the merger agreement. Owns 150 shares of
Braddock Lt. & Pow. Oo. stock (valued at $20,000). $300,000 (of $300 350
WASHINGTON
Of Washington 8c Great Falls Ry. & Pow. Co stock, and $575,100 com and •Ingle-phase electric BALTIMORE & ANNAPOLIS ELECTRIC RR.— A
road.
$282,000 pref. stock of the Washington-Virginia Ry Oo
O R GAN IZATION .— Incorp. In Maryland on June 5 1905 as Baltimore
D efa u lt. — The June 1 1919 int. on the coll, trust 5% notes having been
Terminal Oo. On March 31 1911 amended its charter, changed its name
defaulted, the following protective committee (reorganized V. 109, p. 271) ;o Wash. Balt. 3c Annapolis Electric RR. and took over the Wash Balt. 8c
was formed:
Ynnapolis Elec. R ailw ay, sold at foreclosure (V. 92, p. 796 , 957), per plan
Com m ittee fo r Coll. Trust 5% N o tes. — Robert N. Harper, Chairman: Wm
V
Private right-of-way.
E. Cadwallader, W. T . Galliher, John Poole, Geo. W White and O W n The91, p. 1328, 1386. Utilities Oo. was incorp. in May 1912 as a sub. co.
Annapolis Public
Warden, all o f Washington, and Harold B. Thorne and Henry D. Harlan
and took over the Annapolis Gas & Elec. Co. In Feb. 1923 the M d. P. U.
both of New York City. Depositaries: Metropolitan Trust C o.. N. Y ., and Comm. auth. the Annapolis Pub. Utilities Co. to change its name to the
the American Security & Trust C o., Washington, D. C. Up to early In Severn Light & Power Co. and gave its approval of a proposed financing
Sept. 1919 $1,306,000 of the notes had been deposited with the committee
plan. See V. 116, p. 722 for details.
V. 109, p. 271. Compare V. 108, p. 2424. No later information.
A c q u is i ti o n o f A n n a p o l i s S h ort L i n e R R . — In 1921 the co. acquired the
Sale o f Collateral. — Default having occurred on the co.'s coll. tr. 5%
Ynnapolis Short
the Maryland Electric Rys. The
over
notes, the security pledged thereunder, viz., 27,500 shares Wash. Ry. & the outstanding Line from bonds of that co. and guaranteed co. tookother
1 st mtge.
certain
Elec. Co. common stock was sold Oct 1 1919 to the noteholders' committee bonds and car trust certifs.
For further details see V. 112, p. 850, 1284.
named above. V. 109, p. 1368. Compare V. 109, p. 1081. The com 1519.
mittee, however, in Dec. 1922 sold this stock. V. 115, p. 2269; also see
In Dec. 1921 brought out $1,600,000 1st M . 5% bonds, proceeds being
under “ Washington R y. & Elec. C o.” on a preceding page.
used to retire $1,400,000 7% notes due Mar. 1 1923 which were called for
payment M a r. 1 1922 at par and int. V. 113, p. 2722; V . 114 p. 80.
STOCK AN D BONDS— D a te .
I n terest.
O u ts ta n d in g .
M a tu r ity .
$382,000 additional 1st mtge. 5s were issued in May 1922 for add’ns
_________ $5,468,000
See text
S to c k ____________________________
V. 114, p. 2014.
Collateral trust notes $1,500.-/ 1917
5%
1,500,000 __________
On Oct. 15 1919 the stockholders auth. the issuance and sale of 20,885
000 ($1,000)______________(Metropolitan Trust C o., N. Y ., trustee.
Stock
N o te s . — Are secured by pledge of $2,750,000 com. stock of the Wast- shares of 6 % non-cum. pref. stock (par $50) at $37 50 per share
holders (both com. & pref.) were given the right to subscribe to the extent
Ry. & Elec. Co. Red. at par and int. on any int. date on 30 days’ notice
of 23.43% of their holdings. V. 109, p. 1610. 1793.
D ivid en d s. — Initial div. of 4 o f 1% paid July 1 1912. In 1913, I H .% In 1914. 2 % . In 1915, Jan., 1% . No later information.
STOCK AND BONDS—
D a te .
I n terest. Outstanding.
M a tu r ity .
E A R N IN G S.— For calendar year 1913, gross, $233,152; net, after de Common $3,000,000 ($50)_________
Q-J
$3,000,000
See text
ducting interest, &c., $132,473; dividends, $107,160; bal.. sur., $25,312.
Pref $2,500,000 ($50) 6 % n on -c____
6 Q-M
1,760.500 Apr ’23, X'A
First mortgage $7,500,0001 1911 5 M-S
7,308,000 Mar 1 1941
No later statement has been received.
($1.000)_________ c*&r*tf( Int. at Oleve. Trust Oo.. Oleve., or Safe Dep.
OFFICERS.— Pres.. Norman Grey: Sec. & Treas.. J. O Freeland.—
i & Trust C o.. Baltimore, M d.
V. 108, p. 2424; V. 109, p. 171, 677, 1081, 1368; V. 115, p. 2269.
Balt. & Ann. Short Line lst(
Mtge. ($1,000)-.................I 1906
5%
1,000,000 Aug. 1 1946
W A S H I N G T O N - V I R O I N I A R Y . C O . — Underground trolley in Wash A n n a p o lis S h o rt L in e R R . (
ington, overhead outside.
sk. fd. bonds ($1,000)___ | 1921
7%
704,000 Jan. 1 1930
^W ashington Utilities Oo. owns $575,100 o f the common stock and Annapolis Short Line R R . carl
$282,000 o f the preferred.
trust bonds ($1,000)______ j 1921
______
192,000
See text
S tock a n d B o n d s . — Pref. stock is red. at 110.
Bond* are subject co cal.
^ O R G A N IZ A T IO N .— Incorp. In Va. Oct. 15 1913 to take the place of
former 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 193J.
D iv i d e n d s . —On pref., initial a iv .— I >* % —paid ocs. 1912; D ec., 4 H % .
8c M t. Vernon R y. (stock $1,500,000) and Washington Arlington & Fail
Church R y. (stock $500,000). Has private right-of-way; franchises In making 6 % for the year. Has paid 1 M % quar. since to and Incl. Anr. 1923;
Initial div.— 3% — paid on com. Oct. 31 1917. In 1918. Jan., 3 % ; A pr., 2% .
cities perpetual.
A pril, 1923.]
ELECTRIC RAILW AYS
July, 2% : Sept., 2 % . In Jan. 1919 734% was paid in Liberty bonds
V. 107, p. 2377. In 1919, April, 2% ; July, 2 % ; Oct., 2 % . In 1920
Jan., 134%: April, 1% ; July. 1%: Oct.. 1% . In 1921. 4 % . In 1922,
4 % . In 1923, Jan., 1% . April 1923 dividend passed.
EARNINGS.— For years ending Dec. 31:
131
WAUSAU, WISCONSIN.
WISCONSIN VALLEY ELECTRIC CO.
ORGANIZATION.— Incorp. Aug. 28 1906 In Wisconsin, as the Wausao
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
B a lan ce,
I n t ., A c . .
Calendar
Gross
N et (a fter Other
$l,2OO,O00. In 1915 purchased the Merrill Ry. & Power Co. and the
for Div*.
Charges.
Y ears —
E a rn in g s.
T a x es).
In co m e
19 22.-_____________ $2,453,067 $711,367 $83,663 $564,877 $230,152 Lindauer Pulp & Paper C o.’s plant in Merrill. In N ov. 1916 purchased the
230.531 property of the Stevens Point Lighting Co. and Stevens Point Power Co.
1921________________ 2.512,540
559.968
651.878 138.622
Revenue passengers carried in 1922, 4,570,996, against 4,816,009 in 1921. In July 1922 purchased the property o f the Tomahawk Light, Telephone
& Impt. Co., Tomahawk, Wis.
R OAD.— Operates 146.6628 miles of track between Baltimore, Washing
Furnishes electric light and power in Wausau, Stevens Point, Merrill,
ton and Annapolis, o f which 13-33 miles are operated under contract. En Tomahawk and contiguous territory, and owns and operates an interurban
ters Washington over tracks o f Wash. Ry. Sc Elec. Oo. 80-lb T rails. street railway of 914 miles of track between Wausau and Rothschild; also
Standard gauge. Automatic block system In single-track or entire line, a gas plant at Stevens Point. F ran ch ises extend to 1940.
172 cars. Power is purchased from Potomac Electric Power Oo. of Wash
D iscon tin u an ce o f Service in M e r r ill. — In Dec. 1919 the company notified
ington.
the city of Merrill, Wis., that it would discontinue service In that city on
OFFICERS.— Pres., Geo. T . Bishop. Balt.; V.-Ps.. F. H. Ginn. Oleve. Dec. 31 1919, the date the company’s franchise expired. On Nov. 17 1921
O. N . Mason, N . Y .; V.-P. & Gen. M gr., J. J. Doyle, Balt.; Sec., Thos. service was discontinued.
Mason; Asst. Sec., W m. M . Garrett; Asst. Treas., Thos. Mason; Treas.,
STOCK AND BONDS.— D a te . In terest. O utstanding.
M a tu rity.
W m. M . Garrett, Balt.; Aud., W . H. Wright, Balt.— V. I l l , p. 2425; V.
$ 1 ,2 0 0 ,0 0 0
...............
112, p. 654, 850, 933, 1284, 1510, 1519; V. 113, p. 2615, 2722; V. 114, p. Common stock. $ 1 ,2 0 0 ,0 0 0 ...................................
Preferred stock, $1,200,000
____
_______
1,167,800 ---------------80, 855, 949, 1536, 2014; V. 116, p. 722, 1412, 1651, 1762.
First Sc Ref M . $15,000,000/ 1917
5 M -N
1,015,500 M ay 1 1942
($100. $500 & $1.000)c*_ lin t, at First Nat. Bk., Mllw., or Wisconsin
_
l Val Tr
Wansau T**nstee
WASHINGTON & OLD DOMINION RY.
Bon
O RGAN IZATION .— Incorp. in M ay 1911 In Virginia as successor to th» when ds. — Additional bonds may be issued for 80% of cost of Improvements,
net earnings are twice interest charges, including bonds to be issued.
Great Falls Sc Old Dominion R R .. operating a 15-mile line between Wash
1214% of
is
any part not so used t*
ington, D. O., and Great Falls, Va. Has leased for 50 years from June 1912 be added gross earnings d , to apply to maintenance, annually o f bonds out
sin kin g fu n
which amounts
%
and has electrified the Bluemont branch of the Southern Ry'., extending standing. toRedeemable at 102 and interest to 1any interest date.
on
from Alexandria to Bluemont, Va., about 54 miles. In 1912 completed a
12-mlle connection between Washington and Alexandria. Total road oper
EARNINGS.— For 12 months ending Dec. 31:
ated, about 81 miles Gross earnings for calendar year 1921, $649,682; in C a l.Y ea rs — Gross.
N et.
D ev r e . I n t..T a x .,S e c. D iv*.
B a l.,S u r.
1920. $652,701; in 1919, $660,920; in 1918, gross, $523,224.
1922______ $873,465 $508,236 $125,000 $174,896 $201,726
$6,614
OFFICERS.— Pres., Colin H. Livingstone; V.-Pres., Corcoran Thom; 1921______ 848,001 424,589
100,000 152,532
168,643
3,414
Sec.-Treas., A K. Stratton; Gen. M gr.. J. V. Davl*. Office, Washing
PR O PE R TY.— Owns hydro-electric generating plants at Wausau. Merrill
ton. D. C .— V. 95, p. 482: V. I l l , p. 1473.
Tomahawk and Stevens Point, and auxiliary steam generating plants at
Wausau, 9,494 miles track; 16 passenger and 2 other cars, 1 snow plow.
OFFICERS.— Pres., C. C. Yawkey; V .-P ., B. F. Wilson; Treas., C. S.
WATERLOO, IOWA.
Gilbert; Gen. Mgr. & Sec., Harold L. Geisse.— V. 104, p. 2013, 2553; V .
108, p. 482; V. 109, p. 2441.
#
W ATERLOO CEDAR FALLS & NORTHERN R Y .
Released fro m F ed eral'C on trol. — On Feb. 29 1920 the company , which for
ion. was re
a time had been operated by the U. S. Railroad Administrate:
leased from Government control.
WEBB CITY, MO.
Governm ent L oa n .— See V. 112, p. 63. 163; see also V. 113, p. 962. 2820.
SOUTHWEST MISSOURI RAILROAD CO.
O RGAN IZATION .— Incorporated in Iowa in 1895 as Waterloo & Cedar
ORGANIZATION.— Organized under the general railroad laws of MUFalls Rap. Transit; name changed to above in 1904 by amending articles
•ourl, and on Sept. 1 1906 acquired the Southwest Missouri Electric R y.
o f incorporation. Line opened between Waterloo and Cedar Rapldi
tnd the Webb Ofty Northern Electric RR.
Sept. 13 1914. Connects at Cedar Rapids, la ., with the Chic. Sc N. W
STOCK AND BONDS—
D a te .
I n terest.
O utstanding.
M a tu rity.
Ry. and Chic. Mil. & St. Paul Ry.
$3,500,000 8 ee‘ ‘ earns.”
itock $5,000,000............................. - ......................
F ra n ch is e .— The company accepted the franchise approved at a special
General and refunding m ort-f 1906
5 g M-S
1,027,000 Sept 1 1931
election held on Dec. 5 1917. which provides for a reduced rate of 13 tickets
gage $5,000,000 gold ($1.-1 Int. at Harrisburg (Pa.) Trust Oo., Trustee.
for $1, and special rates to school children. The franchise also provides
000)___________________ t fl or National Bank of Commerce, N. Y.
that whenever the gross Income for the whole line shall be 5 cents per car
Webb City Northern mtge/ 1905
5 g M-S
200.000
Sept 1923
mile in excess of cost o f operation, thereafter the company shall share with
$200:000 gold________ c t flln t. at Safe Dep. Sc Tr. C o., Pitta., Trustee.
the city on all such excess revenues on the basis o f 90% to the companj
soutnwest Missouri Electric! 1903
5 g M-S
1,150,000 Sept I 1923
and 10% to the city. V 105. p. 2186.
Ry refunding and exten-Z Harrisburg Trust C o.. Harrlsb., Pa., Trustee
In terest. — The July 1 1918 and Jan. 1 1919 int. due on the co.’s bonds wa
_
•Ion mtge $1,500.000_ t flln t . payable at Nat. Bk. of Commerce,N.Y.
not met when due, but has since been paid. Coupons due July 1 1919 and
Bon ds. — Of the $5,000,000 new bonds, $1,350,000 are reserved for prior
Jan. 1 1920 were extended 4 years by scrip certificates issued. Suhseouenl
lens and $2,623,000 for Improvements and extensions.
interest paid when due up to July 1 1921. None paid since. Jan. 1922 int
having been defaulted, the following committee was formed:
EARNINGS.— For years ending Aug. 31:
4up. 31
Gross
N e t (after Interest Renew als
B a lan ce.
Com m ittee for First M lg e. 5s.—Chairman Edward V. Kane, M . A. Devitt
Y ears — E a rn in g s. T a x es ).
Charges. A B ett's.
D iv id en d s.
Su rplus.
Arthur V. Morton and R. C. Wilsey. V. 114, p. 1768. Depositaries:
1918-19_____$953,876 $356,013 $128,330 ................................. .. $227,683
Penna. Co. for Ins. on Lives & Granting Annuities, 517 Chestnut St.. Phila.,
Pa., and First Trust & Savings Bank, 56 W. Monroe St., Chicago, 111. 1917-18_____ 741,727 245.981 125.388 ...................................... 120,593
70,00079,863
1916-17_____ 747,820 333,861 114,536 69.462 (2% )
Deposits have been called for. V. 115, p. 2794; V. 116, p. 1277.
N ew M ortg a g e .— The co. filed for record a gen. uiige. oo the First
ROAD.— Operates 91 miles o f track connecting Carthage, Oartervllle*
Trust & Savings Bank, Chicago and M . Traylor, Chicago, trustees, to securt
Webb City, Prosoerlty Porto Rico, Duenweg-Oronogo. Neck City. Purcell.
an Issue o f $15,OOO,OO0 gold bonds dated May 1 1920, due May 1 1950. but
Alba, Joplin. Villa Heights and Chitwood, all In Missouri, and Galena in
subject to prior redemption. The issue was created for refunding purposes
Kansas. An extension to Baxter Springs, Kan., 9 miles, was completed
$2,200,000 are held in treas. For further details see V. I l l , p. 794.
Feb. 21 1918 and to Picher, Okla., on June 10 1918.
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
OFFICERS.— Pres.................................................... ; V .-P .. E . Z. WaUIn loans from the U. S.; (2) to issue and sell at par for cash $700,000 common
iver, Harrisburg, Pa.; Sec., Geo. W , Reily; Treas., W . E. McMechanstock; and (3) to issue lease warrants or notes aggregating $132,159. in con
- V . 93. p. 752; V. 106, p. 716.
nection with the procurement of equipment. V. 113 p. 962.
Bus O pera tion .— In Jan. 1923 the co. took over the Johnson bus line,
doing business between Waterloo and Cedar Falls, for operation in con
WEST CHESTER, PA.
nection with its regular electric interurban service between the two cities.
V. 116, p. 517.
THE WEST CHESTER STREET RAILWAY CO.
STOCK AND BONDS—
D a te.
Interest. O utstanding.
M atu rity
ORGANIZATION.— Incorporated in Pennsylvania Aug. 4 1890. Own*
Common ($100) $3.335.000...............
.............. . $ 2 333.050 .................
the Chester Valley Electric Light, Heat Sc Power Oo. and the Ooatesville
Pref stock $1,665,000 cum_________
6%
664,000
See text
Hlectrlc Light, Heat & Power Co. Fran ch ises perpetual.
First mtge gold $6,000,000/ 1910
5 g J-J
5.773,000 Jan 1 1940
F a re s .— In April 1919 was auth. by the P. S. Comm, to Increase fares
($ 1 ,0 0 0 )____________ c*tf\Int. at First Tr. Sc Sav. Bk.. Chic., trustee
Detween Coatesville and adjacent points from 5 cents to 6 cents. In
2nd Mtge (closed)___________ _____
______
2,200.000
________
Nov. 1920 the P. S. Comm. auth. the co. to increase cash fares from 6 to 7
Gen mtge $15,000,000_______ 1920
______
See text May 1 195(
tents per zone. V. I l l , p. 1853.
4 year scrip__________________ _____
______
See text
Oar trust notes___________________
______
105,000
_______
8 TOOK AND BONDS—
D a te .
In terest.
O utstanding.
M a t u r it y .
Stock $1,000,000 ($50).........................................
$1.000,(XW ...................
B on ds. — Remaining bonds can be Issued at 8214% of cost of extensions
First mtg $1,000,000 ($1,000)7 1902
5 g F-A
900.000 Aug 1 1932
Subject to call upon 60 days' notice at 105 and Int. Annual sink, fund of
gold _________________ c* tflln t. at West End Trust Co. Phila.. Trustee.
2% of bonds out began with riscal year ending Dec. 31 1912. Louis Boisol
B o n d s . — Bonds not subject to call.
Originally $1,000,000 outstanding,
is also trustee. Car trust notes mature in small amounts over a period o'
but $100,000 purchased by the company and canceled. Sinking fu n d
years. V. 90, p. 850. 915: V. 93. p. 528, 591.
created of $10,000 annually beginning Aug. 1 1923, to purchase and cancel
bonds at the best prices obtainable. V, 115, p. 2269.
D ivid en d s. — 6 % per annum was paid on pref. stock from 1913 to 1916
incl.; 1917 div. deferred (V. 106, p. 398). None since.
EARNINGS.—
G ross.
N et.
I n t.& T a x . D ep rec.
Balance.
EARNINGS.— Cal. Y ears — 1921.
Calendar year 1922
$221,632 x$78,539
______ a$82,182 sur.$22,767
1920.
1920.
1919.
G ro s s _____________________________ $ 8 4 1 ,2 1 7
$85 7 ,4 5 7 $1,071,367 $875,529
Net (after taxes)_________ ____ 61,692
x After deduction of taxes, a Including depreciation but not taxes.
33,039
76,239
35,768
ROA D .— Owns and operates a line on private right-of-way from Waverly
ROAD.— Owns and operates line from Kenneth Square, through West
to Cedar Rapids. 83 miles, with a branch from Waterloo to Cedar Falls Chester to Downington and Coatesville, Pa. Length of line, 28.441 miles;
and Normal, 9 miles, and a belt line of 7 miles around Waterloo. Also sidings, &c., 1.048 miles; total track, 30 miles. Gauge 5 ft. 214 in. Rails
owns and operates under satisfactory franchises. 23 miles o f railway In tne 70-lb. T and 73, 90, 101 and 105-lb. girder. Passenger cars, 3; service
cities o f Waterloo and Cedar Falls; total track, 138.63 miles. Has joint cars, 3; flat cars, 4; snow plow, 1.
traffic agreements with the Chic. Sc North Western. C. M. & St. P , Chic.
OFFICERS.— Pres., Frank P. Jones, Jr.; V .-P ., A. M . Holding; Sec.
Gt. W est., Illinois Cent, and the C. R. I. & Pac. railroads for Interchange of
freight, passenger, mail and express business. 60. 75 and 85-lb. T rails. Jonas Rice; Treas., M . G. Woodside; all of Philadelphia.— V. 115, p. 2269.
70 passenger, 3 baggage and express and 162 freight cars, 9 electric engines,
and necessary work cars, snow plows, sweepers. &c.
WICHITA, KANSAS.
OFFICERS.— Pres., L. S. Cass; V .-P ., J. F. Cass; Sec., Treas. & Aud..
W . H. Burk; Gen. M gr., C. D . Cass.— V. 115, p. 2794; V. 116, p. 517.
ARKANSAS VALLEY INTERURBAN R A ILW A Y.
937, 1277, 1412, 1762.
ORGANIZATION.— Incorp. in Kansas In 1903 and owns and operates
an interurban electric railroad from Wichita to Newton and Hutchinson,
WATERVILLE, MAINE.
Kan. • Has long-term franchises In corp. limits, most Important extending
Deyond 2 0 0 0 ; rest on nrivate right-of-way.
W ATERVILLE FAIRFIELD & OAKLAND R Y.
STOCK AND BONDS—
D a te
In te re s t. O utstand ing.
M a tu rity.
ORGAN IZATION — Incorp. in Maine in 1902 as tne Waterville & Oak Common stock $2,100,000_________ .
.
_________ $1,500,000 _
land St. R y ., but in 1911 Increased its stock from $100,000 to $500,000 Pref 6 % cum $1,500,000......... ..........
......... ........
531.100 _____
I
($100) and changed name to present title. V. 93, p. 1602. The $400,000
First mtge $3,000,000 gold! 1916
5 g J-D
799,200 Dec 1 1936
additional stock was turned over to the Central Maine Pow. Oo. to pay that
($1.00 , $500, $100) c * cp t/In t. payable In N. Y . or Chicago.
company for having retired outstanding bonds of the Waterville Sc Oakland
Stock. — Pref. stock is redeemable $10,000 per ann.; $68,900 has been red.
St. Ry. and for procuring the conveyance o f the street railway property
formerly belonging to tne Waterville & Fairfield Ry. Sc L. Co. The Cen
BONDS.— $100,000 may be Issued for up to 50% of cash cost o f Impts.,
tral Maine Power Co. assumes and agrees to pay all liens, claims and In add'ns or exts.. remaining $2,000,000 for 75% of such cost under restric
cumbrances of every kind attaching to the property formerly owned by the tions. Callable at 103 and int. Sinking fund of 2% annually of bonds cer
Waterville Sc Fairfield Ry. Sc Light Co,, so that the Waterville Fairfield A tified began Dec. 1 1919 to purchase or call bonds at 103 & Int. $100,800
Oakland R y. now owns both railroads, which connect at Waterville
bonds were held in sink, fund April 1 1923. Cont. & Comm'l Trust & Sav.
V. 93, p. 1790. Waterv. Fairfield Sc Oakland Ry. has no bonds.
Bank. Chicago, trustee.
EARN INGS.— For year ending Dec. 31 1922, gross, $133,023; net, after
EARNINGS.— For calendar year 1922, gross, $514,527; net after taxes
taxes, $6,353. In 1921, gross, $136,399; net, after taxes, def., $5,529.
$142,782. In 1921, gross, $512,212; net, after taxes, $117,575.
ROAD.— Extends from Fairfield through Waterville to Oakland. 10.8
ROAD.— Owns and operates 60 miles single-track equlv.; standard
miles. Standard gauge. 58 to 90-lb. T and girder rail. 17 passenger gauge; 70, 80 and 85-lb. rail. Also operates under contract 214 miles in
and 2 snow-plows
Hutchinson. Power Is purchased from Kansas Gas & Electric Co.
OFF1CER8.— Pres., Harvey D. Eaton: V .-P ., Walter 8 . Wyman; Sec
OFFICERS.— Pres., George Theis Jr., Wichita; V.-Ps., C. H. Smyth
E. A. Ballantyne; Treas., Walter S. Wyman; Glen. M gr., Gerald C. Welch: and W . E. Brown; Gen.Mgr., R . B. Campbell; Aud.& Asst. Sec., O. Basse
Aud., John S. Everett.— V. 93, p. 1602, 1790.
— V. 115, p. 182.
133
ELECTRIC RAILW AYS
WILKES-BARRE, PA.
W ILKES-BARRE R A ILW AYS CO.
O RGAN IZATION .— Incorp. N ov. 26 1909. Auth. stock, $1,600,000; la
m ed, $900,000. Leasee Wilkes-Barre A Wyom. Val. Tr. Oo. for 800 yrs.
from Jan. 1 1910 at rental of $360,000 the let yr.. Increasing $10,000 every
two years until the maximum o f $400,000 is reached, and all obligations
In the way o f int., taxes, A c., o f W .-B . A W . V. Trac. Operates about
113 miles o f track.
Fare D ec is io n . — For decision o f P. S. Comm, upholding 8 -cent cash fare
see Y. I l l , p. 1662.
EARNINGS.— For cal. year 1921, gross, $2, 6 6 863; net. after oper
exp., rentals, taxes, &c., $91,765- In 1920, gross, $2.318.105; net, aftei
oper exn. rentals & taxes $53 320.
OFFICERS.— Pres., F, M . Kirby; V .-P ., A. G. esbitt; Sec. A Treas.;
O. W . Laycock; Gen. M gr., Wm. 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 ilkes-Barre & W yom ing Valley T ra ction .— The United Power A
Trans, owns 49.992 out o f the 50.000 shares o f stock.
L ea se. — Is leased to the Wilkes-Barre R y. Oo. (see above). V. 89. p.1598
O RGAN IZATION .— Incorporated Feb. 9 1891; controls street railway
lines In the Wyoming Valley, Pa., extending from Wilkes-Barre to Duryea
and Nanticoke on east side of Susquehanna River and Pittston and Ply
mouth on west side. In Dec. 1902 made collateral trust mtge. for $250,000
to purchase stock o f the Wilkes-Barre Dallas & Harvey’s Lake R y . Oo. and
for other purposes. On July 1 1904 leased the Plymouth A Larksvllle Street
Ry. for 999 years at 6 % on $75,000 stk. and Int. on $75,000 6 % bonds.
STOCK AND BONDS— D a te.
In terest. O utstanding.
M a tu rity .
Stock (par $100) $5,000,000— all but 8 shares owned by Un. 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 & Tr. C o., Phlla
Collateral trust and mortgage/ 1895
5 g J-J___
251,000 Jan. 1 1925
$325,000 gold___________ lin t at Anthracite Sav Bk., Wilkeebarre, Tr
Collateral trust and mtge g / 1902
6 g J-D
250,000 Dec 15 1932
($1,000) $250,000______ c* lin t.a t Real Est.,Title,Ins. ATr.Co.,Phila.Tr.
U nderlying Bonds on Roads P urchased —
WUkesbarre & Suburban b o n d s ____
5%
40,000 July 11928
G uaranteed Bonds —
Plymouth Br Oo 1st gold M / 1894
5 g A-O
85.000 Oct 1 1924
$150,000 guar prln & Int— jln t.at Anthracite Sav. Bk., Trustee, Wilkesbarre $10,000 subject to call In 1904 and $3,000 yearly thereafter.
5 F-A
90,000 Aug 1 1928
Wilkes-Barre & Kingston_________
Wilkes-Barre & East Side R y . ____
5
150,000 See (I)below
B onds .— The Wilkes-Barre & W yo. Vail. Trac. 1st M . bonds wer*
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 10244 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 bond*
extended to Aug. 1 1918 and again to Aug. 1 1928 at 5% . Int. on the
Wilkes-Barre A Suburban bonds reduced in 1903 to 4% and bonds extended
to July 1 1918: were again extended, this time to Ju'v 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 CON TROLLED IN SYSTEM .— The following table
shows tne several companies operated, their mileage, capital stock, and the
amount o f It owned by the Traction Company, their debt, and finally the
rental payable under 999-year lease; 6 % here meaning 6 % on the outstand
ing capital stock; and $1 meaning a nominal rental, the company having
only a nominal existence.
------- Stock ------N a m e o f C om pa n y.
M il e s .
Is su ed .
O wned.
D eb t.
Rental
Coalville Passenger Railway___7.65
$62,400 $36,300
None
6%
Nanticoke Street Railway_____11.99
6.000
6.000
None
$1
Pittston & Avoca St. R y ............. 2.25
13,500 13,500 $71,000
$1
42,000 42,000
None
$1
Pittst. Moosic A P. V. St. R y _ 1.49
Pittston Street O ar.................... 7.90
200.000 200,000
......
$1
.............
76,000
6%
Plymouth & Larksvllle R y ____ 3.76 75.000
Plymouth Street Railway______ 6.28
12.000 12.000
None
$1
West Pittston & Wyo. St. R y.C o 3.44
30,000 30.000
None
$1
1 Wilkes-Barre & East Side......... 3.28
150,000 150,000 *150,000
$1
Wilkesb. & Klngst. Pass. R y ._ . 8.50
100,000 99,700
90.000
6%
Wllkesb. & Plains. R y............... 4.00
24.000 24,000 225,000
$1
Wilkesb. & Suburban St. R y ._ .13.48 100,000 93,500
40,000
6%
Wllkesb. Dallas & Harvey’s L__ 14.68
200.000 193,750 150,000
(o)
Wilkes-Barre & West Side_____17.84
100,000 92.450
......
6%
Plymouth Bridge Oo__________ _____
76,000
75,000
85,000
...
T Entire stock and bonds deposited under collateral trust of 1895.
* Entire amount owned by the W. & 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 A
Wyoming Valley Traction Oo. owns all tne stock.
ORGA N IZA TIO N .— A reorganization In 1898, per plan In V. 6 6 , p. 1190
o f the WUkesbarre & 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 St Wyom ng
Valley Traction to Harvey’s Lake, P a., 14.68 miles,
STOCK AN D BONDS—
D a te .
In te re s '
O utstanding.
M a tu rity
Stock $200,000 ($50)________ — All stock owned by W.-B. A W . Val. Trac
1st mortgage $150,000 gold/ 1898
5 g M-S
$150,000 Sept 16 1928
($500)_________________ c*\Int. at Anthracite Sav. B k.. Wilkesb.. Tru*
— V. 69. p. 133.
WILMINGTON, N. C.
TIDEW ATER POWER CO.
C o n tr o l. — In April 1922 A . E. Fitkin A C o., N . Y ., acquired control
o f the company. V. 114, p. 1892.
ORGAN IZATION .— Chartered Feb. 1907 In North Carolina and has
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 oi
the Consolidated Rys., Light & Power C o., formerly controlled bv stock
ownership and leased. In Oct. 1922 acquired the St. Petersburg Lighting
C o., the Clearwater Lighting C o., and the Commonwealth Light A Power
Co. V. 115, p. 2047, 2159. Population o f territory served, 45,000. Has
a 10-year contract from 1916 with the city for street lighting. F r a n c h is e s , in
opinion of counsel, are without time limit and the railway franchise is
exclusive until 1937.
F a re In crea se. — In July 1918 was auth. by the N . O. Oorp. Comm, to
Increase fares In Wilmington and suburbs from 5 cents to 7 cents
Tickets
were sold at the rate o f 4 for 25 cents and 17 for $1. In Feb. 1922 a 7-cent
fare with no tickets was placed in effect.
M a tu rity .
8 TOOK AN D BONDS—
D a te .
In terest. O utstanding.
$600,000 Oct.’22.3 44 %
Common $600,000.-___- ____ . . . .
A-O
Pref $2,000,000 7% cum (see text) __ See text
905.000
See text
386.000
July 1 1933
Consol Rys, L A P Oo 1st M gf 1902
5 g J-J
(closed) ($50. $100. $500./Interest at Safe Deposit & Trust Co..
Baltimore.
$ 1 .0 0 0 ) ........... - ............— . c '
~ ---------- M d., Trustee.
6 g A-O
3,000,000 Oct 1 1942
First lien & ref mtge Ser “ A " . 1922
($500 & $1,000) gold- c * .tfjln t. at New York Trust C o., N. Y ., trustee.
15-year deb bonds $1,500,0001 1922 7 g A-O
1,500,000 Oct 1 1937
($100, $500 & $1,000)-C*.tf Jlnt. at Cleveland Trust C o., Cleve., trustee.
Stock .— In 1912, by consent o f common stockholders, pref. stock was made
a 6 % stock after the common received 7% in any year. The extra 1 % was
not cumulative. In Dec. 1919, however, the pref. stock was put on a 7%
basis and made cumulative. V. 109, p . 2440.
B o n d s . — The first lien & ref. mtge. Series “ A ” are additionally secured
by pledge of all the $1,000,000 St. Petersburg Ltg. Co. 1st Mtge. bonds and
all the com. stock of that company. S in k in g f u n d o f 1 % per annum of all
bonds certified under mortgage commences Dec. 1 1924. Callable only for
sinking fund at 107 l and int. until Oct. 1 1927, and thereafter as a whole
A
or in part at 10744 and int. through April 1 1928, and at 44 of 1 % less during
each succeeding year to maturity. Company agrees to refund Mass. State
income tax not in excess o f 6 ) 4 % and the Penn., Maryland and Conn. 4
mills tax. V. 115, p. 2268. The 7% debenture bonds have a s in k in g f u n d
commencing Jan. 1 1924 equal to 1% per annum o f the maximum amount
o f debenture bonds at any time outstanding. Red., all or part, on six
weeks’ notice up to and incl. Oct. 1 1927 at 110 and int., the redemption
[V ol. 116.
price decreasing 1 % for each year thereafter. Company agrees to refund
Mass. State income tax not in excess o f 644% , and the Penn., Maryland
and Conn. 4 mills taxes. V. 115, p. 2268. Consolidated Rys., Light &
Power Co. bonds have a sinking fund o f 1 % of bonds outstanding from
July 1 1904 to 1914; 1 44 % 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. $214,000 bonds have been retired.
D iv i d e n d s . — In 1908 and 1909, 6 %; thereafter to Jan. 1 1913 5% per
annum was paid on pref. (44 % monthly, omitting Jan. and July). On
Jan. 1 1913 began paying 6 % per ann. (44% ea ch month), which was con
tinued to and incl. Dec. 1921. Since divs. have been paid at the rate of
7% 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. 3 44% semi-ann. were paid
regularly to and incl. April 1918. In Oct. 1918, 244% (additional 1%
due was paid May 1 1919). In April 1919 344% was paid. Same rate
has been paid regularly since to and incl. Oct. 1922.
EARN ING S.— Of combined properties:
Y e a r s e n d in g —
J u n e 30’22 D e c . 31 ’ 21 D e c . 31 ’ 20 D e c . 31 ’ 19
G ross._____ ____________ $1,556,208 $1,612,682 $1,511,205 $1,189,332
N et------------------------------612,435
501,322
438,808
374,072
PROPERTY.— The power station has a total capacity of 6.300 k.w.
The gas plant has a 1.000,000 cu.-ft. daily capacity, brick buildings and
two-lift holders of 270,000 cu. ft. capacity; 4944 miles gas mains. Water
gas set with installed capacity of 810.000 cu. ft. daily. Of the 33.43
miles of track in the railway system 6 8 % are double tracked. 54 passenger
and 7 freight and miscellaneous cars. A new car house and shop were
built In 1916. Owns and leases to the Atlantic Coast Line RR. 1.5 miles of
track along the water front. Also owns a large amusement pavilion and
several cottages at Wrlghtsvllle Beach; controls through stock ownership
hotel at the beach, and owns a large auditorium seating 2 .0 0 0 . together
with three large tracts of improved real estate along the railway.
OFFICERS.— Pres., A. E. Fitkin; V .-P ., W . C . Harty; V. P .. F. A .
Mai the ,; Sec. & Treas.. T . B. Willard; Gen. M gr., R. Hunt.— 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, p. 177, 823, 1412.
YORK, PA.
Y ORK R A ILW A YS.— A trolley road.
Controlled by Municipal Service Co., which see under “ Philadelphia, Pa .’
on a preceding page.
O RGAN IZATION .— Incorporated In Pennsylvania Nov. 15 1907 as a
consolidation of properties operating in York and vicinity. V. 85, p. 1403.
Fran ch ise perpetual.
The following companies have been consolidated or merged:
York Street Railway C o.,
York Haven Street R y. Oo.
Wrlghtsvllle & York Street Ry. Oo. Red Lion & Windsor Street R y. Oo,
York & Dover Electric Ry. C o.,
Hanover A York Street Ry. Co.
York & Dallastown Ry. Co.
Owns entire capital stock of Edison Light & Power Co. (except H 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, M an
chester, Mount Wolf, Dover, Hallam and others. In July 1915 the Mer
chants' Electric Light. Heat & Power Oo. of York was purchased and with
five suburban lighting companies consolidated with the Edison Light &
Power Co. During 1916 a municipal lighting system was Installed In York
under a ten-year contract. Also owns entire stock of York Suburban Land
Oo. and York Steam Heating Oo. (V. 85. p. 1463).
R ates. — In Nov. 1918 filed with the Penna. P. S. Comm, new schedules.
Increasing trolley fares from 6 to 7 cents within the city zone and Increasing
rates for power. V 107, p. 1838
E x c h a n g e O ff e r . — In Dec. 1922 the 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— D a le . In terest. O utstand ing. M a tu r ity .
Common $2.500,000 ($50)_________ _______ $2,500,000
See text
Pref $2,000,000 5% cum ( $ 5 0 )____
Q-J
1,600,000 Apr '23,144%
1st m tg e* coll tr $10,000,000 1907 5 J-D
4,938,000 Dec 1 1937
gold ($1.000)________ c * tf IGuar. Trust A Safe Deo. C o.. Phila.. trustee.
Stock and B on ds. — Pref. stock s cumulative 3 years from date of issue.
The stock of the controlled Edison Light A Power Oo. 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. A c., In
V. 87. p. 40. Stocks and bonds are listed on the Phila. Stock Exchange.
V. 89. p 412; V 94. p 984
D ivid en d s. — Initial dlv on pref.— 1% — paid July 1911. In 1912. 4%
In 1913 and 1914. 5% . In 1915 the regular Jan. dlv. of 214% was paid In
5% scrip dated Jan. 30 and maturing Jan. 30 1918. but called for payment
on Jan. 30 1916. The July dlv. of 214% was paid in cash. In l9 1 6 .6 4 4 % .
In 1918 to 1921, incl., 5 % . In 1922, 5 % . In 1923, Jan., 144%; Apr.
144%. An initial quar. div. of 1 % was paid on the com. stock July 15 1922.
V. 114, p. 2826. In Oct. 1922 1% was paid. In 1923, Jan., 1% ; Apr., 1% .
EARNINGS.— Combined earnings for years ending Nov. 30:
N ov. 30
Gross
N et, after
F ixed
B a la n ce,
Y ear—
E a rn in gs.
T a xes <4 D ep rec'n .
Ch arges.
S u rp lu s.
1921-22__________ $1,810,787
$527,992
$224,661
$303,331
1920-21 — . ............ 1,720,417
436.292
229,290
207,002
1919-20.................. 1.679,123
466.658
230,055
236,603
N o te . — Taxes, deprec. and int. on bonds have 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 o f 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 tnterurban line between Hanover and York. 17.33 miles.
OFFICERS.— Pres. A Gen. M gr., Gordon Campbell; V .-P ., L . O.
Maver; V .-P., J. E. Wayne; Sec.. M G. Stees: Treas., E. A. Barnltz;
Aud., S. H. Ludwig.— V. 110, p. 360; V. 112, p. 1145; V. 114, p . 855, 2117,
2471,2826; V. 115, p. 456, 1534, 2582; V . 116, p . 297, 517.
YOUNGSTOWN, OHIO.
PENNSYLVANIA-OHIO ELECTRIC CO.— Subsidiary of RepubU#
Railway A Light C o., which see under “ New Y ork.”
YOUNGSTOW N & SUBURBAN R Y . 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 1910.
(V. 103, p. 940, 1033).
STOCK AND BONDS—
D a te.
In te re s t.
O utstanding.
M a tu r ity .
Common $750,000__________ ____ - _______ $350,000 _____ _____
Preferred (cum) $750,000_________
6%
470,000 _____ ____
1st M $1.500,000_______ c t f 1916
5 M-S
705,000 8 ept 1 1930
$30,000 pref. stock In treasury in addition to amount reported outstand'g.
B on ds.— $800,000 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 10214 and Int. annually, began Sept. 1 1919.
Guaranty
Trust C o., N . Y ., trustee.
EARNING S.— For 12 mos. end. June 30:
12 M o s .—
G ross.
N eta ft.T a x . F ixedC h ges.
D ep re c 'n .
B a lan ce.
1920-21..................$399,699
$77,457
$34,658
$24,611
$18,188
35.110
23,107
26.925
1919-20................. 311,249 • 85,142
ROAD.— Operates interurban road between Youngstown and Leetonia,
about 2 0 m.
12 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. Harvey; Oper. Mgrs., Day A Zimmermann.
I n c — V . 104. p. 1387. 1592. 1900. 2013; V . 113, p. 1889
133
ELECTRIC RAILW AYS
A pril, 1923.]
ELECTRIC RAILWAYS IN ISLAND POSSESSIONS
AND
FOREIGN COUNTRIES
HAVANA, CUBA.
HALIFAX, N. S.
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
O o.t Ltd., comprising all street railways, commercial electric light and power
and gas properties in Halifax; and (b) water power rights, lands, A c., on
the Gaspereaux River, 55 miies from Halifax, capable o f a hydro-electric
development o f approximately 1 2 ,0 0 0 h. p.
F ra n ch ises, in opinion of counsel, are perpetual
The stock was offered in Jan. 1917 In blocks o f 10 shares of pref. and 3
•hares com. stock for $1,000. V. 104. p. 164.
In acting upon the co.'s application for auth. to increase its capital stock
by $4,000,000 and to issue $975,000 in bonds, the P. U. Comm, in Dec. 1917
anth. items Involving a capital expenditure of $845,641, and held over
for further consideration items aggregating $569,686.
STOCK AND BONDS— D a te.
In terest. O utstanding.
M a tu r itv .
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%
l i t M $10,000,000 gold $ or £1 1916
5 g J-D
2.250.000 Dec 1 1946
($1,000 and $500) _ -c * -t ffln t In Now York. Montreal and London
Gen mtge Ser “ A ” ($500 and/ 1922
7 g A-O
1,500,000 Apr 1 1952
tie $1,000) gold___________ c*(Eastern Trust C o., trustee.
,
P referred Stock. — Divs. payable without deduction for any taxes imposed
by any taxing authority in Canada.
B on ds. — Remaining bonds may be Issued up to 75% o f cost of acquisitions
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
int. date on 60 days’ notice. Int. payable without deduction for Canadian
taxes or U. S. Federal taxes. Fixed exchange rate. $4 8 6 2-3 per £ sterling
Trustees. Union Trugi- f 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 1 0 2 and int.; thereafter
at 100 and int. $2,250,000 are reserved for prior liens. Annual sinking
fu n d 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.
D ivid en d s. — A dividend of 3% was paid on pref. stock In July 1917 thiD ec. 1917 dividend being deferred’* In 1918, 6 % . In 1919. 6 % . In 1920
Jan. div. omitted. V. 110, p. 167.
EA R N IN G S.— Of Halifax Electric Tramway C o., Ltd. (and consolidated
companies beginning with 1917) for calendar years:
1917
1918
1919
1920
1921
1922
Gross earn.$859,668 $998,702 $1,258,502 $1,461,039 $1,446,640 $1,419,471
N et.af.tax. 131,506 135,974 x211,510
y87,630 zl81,638 a320,686
a Balance after $207,648 int. and amortization charges, $113,038.
x Balance after $144,619 interest and amortization charges, and $62,364
preferred dividends of $4,527.
y Balance after $202,526 interest and amortization charges, def., $114,897.
z Balance after $204,781 interest and amortization charges, def., $23,143
P R O PE R TIE S.—23.32 miles of street railway single track equivalent
Standard gauge; 60-lb. T and 80-lb. girder rails. 38 passenger cars; 24 Bir
ney safety cars: 5 sweepers. 5 mlsc. cars, Ac : power house with 6 ,2 0 0 k. w
capacity (6,000 k. w. additional contracted from Provincial Hydro Develop
ment) lighting and power distribution system; gas plant, with about 39.13
miles o f nine line.
OFFICERS.—-Pres.. A. Stuart Pratt; V.-P., W . H. Covert, K .C .; Sec.,
J. D . Vickery; Treas., J. R. Blackett. Under management of Stone &
Webster, Boston, Mass. M gr., W. L. Weston.— V. 109, p. 270; V. 110,
p. 167, 2388; V. 114, p. 1408, 1766, 1891.
HAMILTON, ONTARIO.
DOMINION POWER & TRANSMISSION CO.
ORGANIZATION.— Incorp. In Canada on Jan. 11 1907.
and operates the following properties:
Hamilton Cataract P., Lt. & Tr.Co. Ham. Elec. Lt. & Power Co.
Hamilton Radial Elec. Ry..
Dundas Electric C o.,
Brantford & Hamilton Elec. Ry..
Lincoln Elec. Lt. & Power Co..
Hamilton Street Ry.,
Western Counties Electric Co..
Hamilton & Dundas St. R y.,
Welland Electrical Co.,
Ham Grimsby A Beamsville Ry.
Hamilton Terminal Co.
F a res .— In March 1922 the Hamilton St. R y. was auth. to charge a
straight 10-cent fare. V. 114, p. 1407. In Jan. 1923 fares on Hamilton
& Dundas St. R y. were increased. V. 116, p. 515.
STOCK A N D BONDS— D ate.
Interest. O utstanding.
M atu rity.
Ordinary $9,900,000 ($ 1 0 0 )-.- ...............................$7,714,500 Sept’20 . 1 %
Preference $10,000,009 ($ 1 0 0 )____
J-J
3.681.100 Jan ’23, 3 U
l it mortgage $25,000.000( 1907
5 g A-O
5 564,000
See text
($1,000) gold________ c*tf( Harris Tr. A Savs. Bk. of Chicago. Trustee
lNat. Trust Co., Ltd.. Toronto. Can., trust
Ham Oat P L A Tr Co, L td.f 1903
5 A-O
1,793,000 April 1 1943
1st A ref M $5,000,000 gold/ Int. In Hamilton A N. Y. Nat. Trust Co..
($1.000)___________ c*n tfl Ltd., Toronto, trustee. Callable at 110 A
l Int. beginning April 1 1923.
Ham Elec Lt A Cat Pow 1st) 1899
5 g A-O
670,000 Oct 1 1929
mortgage gold ($1,000) not/Int. payable in N . Y. or Hamilton Natfonal
callable ____________ c* tf! Trust Co., Toronto, Trustee.
Hamilton Street Ry 1st mtge. 1898 4 Vi J-D
300,000 Dec 22 1928
Ham Grims A B El Ry 1st M - . 1895 5 M-N
150,000
1925
B onds .— Of the $25,000,000 mortgage, $10,000,000 may be issued, with
the approval of the trustee, for not exceeding 8 0 % o f 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 107H and interest on any coupon date on 60 days' notice. The bonds
mature $60,000 annually from April 1 1914 to 1921 and $120,000 annually
from April 1 1922 to 1931. and the remainder are due April ’ 1932.
They are secured by all the property owned through deposit of itock
and bonds with trustee. Ac.
D ivid en d s .— On the preference stock 6 % was paid in 1907; in 1908, 3%
was paid. In Dec. 1908 it was decided to omit div. on both clasess of pref.
stock; see V. 87, p. 1478. None to Jan. 1911, when 3V$% was paid: July,
3 U % ; also paid in Dec. 1911 div. due Jan. 1909. 3% .
In 1912, Jan., 3 )4 %;
July, 344%: Aug., 3% (due June 1909). In 1913, Jan., 344%. A div
of 6)4% was paid Feb. 15 1913 in full of arrears: July, 344% • In 1914
an ! since, 7% peran n
Initial div. on com .—2 % —paid June 1916: Dec
2% . In Sept. 1917 paid quar. div. of 1% and same rate paid quarterly to
Sept. 1920. None since.
EA R N IN G S.— Including subsidiary companies:
C a le n d a r
* Y ear—
G ro s s
E a r n in g s .
N et
E a r n in g s .
B ond
I n t ., & c .
D iv s .
P a id .
B a la n c e ,
S u r p lu s .
1922________$3,830,559
$1,019,634
467,484
$258,837
$293,313
1921________ 3,758,947
912,659
505,302
257,677 149,680
ROAD.— Controls 33 miles of single track in Hamilton and 8 6 miles of
interurban lines, and also supplies light and power to Hamilton, Brantford
St. 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
of 80.000 h. p.
OFFICERS.— Pres., J. R. Moodie; V.-P., Cyrus A. Birge; Sec. A M an’g
Dir., Wm. C. Hawkins; Gen. M gr., Edward P. Coleman; Treas., James
Dixon; Aud., C. S. Scott; Asst. Sec., Geo. D. Fearman.— V. 106, p. 929,
2338; V. 108, p. 784; V. 110, p. 765;jV. I l l , p. 2141; V. 116, p. 515.
HAVANA ELECTRIC R A ILW A Y. LIGH T & POWER CO.
ORGANIZATION.— Incorp. in New Jersey on Mar. 26 1912, absorbing
Che Oompania de Gas y Electricidad de la Habana (Gas A 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 stockholders of the Havana Elec. R y.. L. A P. Co.
The Havana Electric Ry. stockholders approved the pian on M ay 27 1913
and od June 18 1913 articles of consolidation were filed. V. 96, p 1840.
To date 49,989 (out of 50,000) shares pref. and 74.885 (out of 75.000)
shares common stock of the Havana Elec. Ry. have been deposited for ex
change of securities of new company. The Havana Elec. Ry. owned entire
$100,000 stock of the Insular Ry. Co. Railway fra n ch ise runs until 1958.
Company also has right to carry freight ever parts o 1the system. Gas and
slectrie franchises perpetual
Stock I n c r ea se .— 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 Oompania de Gas y Electricidad de la Habana,
which were assumed by the Havana Elec. R y ., Lt. A P Co . and constituted
a lien 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 nro rata at oar and d<v. V 104 d 2118.
In July 1922 issued $3,600,000 gen. mtge. 5% bonds to provide for the
retirement of $1,500,000 5-year 7% serial conv. notes due Sept. 1 1926
(called for payment Sept. 1 1922 at 10214 and int.) and for additions and
betterments. V. 115, p. 543.
STOCK AND BONDS— D a te.
In terest. O u tstand ing.
M a tu rity
M -N
$15,000,000 M a y ’23,3%
Common $15,000,000 ($100).
Pf 6 % cum $21,000,000 ($ 1 0 0 )____
M -N
2 1 ,0 0 0 ,0 0 0 M a y '23,3%
Hav Elec Ry consol M $10.-/
1902 5 g F-A
8,069.570 Feb 1 1952
000,000 g ($1,000) s f_c*Ar\Central Trust C o., New York Trustee.
Hav El Ry L A P gen mtgef 1914 5 g M-S
9,499,000 Sept 1 1954
$25,000,000 ($1,000 A $5,--j Guaranty Trust C o.. N . Y ., Trustee.
000) gold___________ c*Arl
G a s & E lectric C o . issu es —
Gold mortgage_______________ 1904
6%
3,997,904 June 1 1954
‘English bonds” (£150,000).. 1906
5%
552,450
1943
Stock. — Pref. stock is red. at $115 per share and accrued divs. Both
eom. 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.
B on d s. — Of the Havana Electric Co. consolidated bonds reported out•tanding. $687 541 are in treasury. $1,127,889 have been canceled. A
sinking fu n d 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. 74,
p. 1251. Int. payable at company’s office. They are listed on N . Y . Stock
Exchange. V. 8 6 , p. 918.
The gen. mtge. bonds are red. on 30 days’ notice at 105. Sink, fu n d of
14£ % on outstanding bonds began in 1920. Interest payable in New York
without deduction of any tax except Federal income tax. Of the $25,000,0 0 0 auth., $ 8 , 1 0 0 ,0 0 0 are reserved to retire underlying liens, $312,000 held
by trustee under sinking fund, $2,350,000 are in treasury and the remainder
for additions and improvements, under certain restrictions. Listed on N . Y.
Stock Exchange. V. 102, p. 2254; V. 106, p. 715; V. 115, p. 543, 1532.
D iv id en d s. — Dividends on pref. stock were begun In Nov. 1912. An
initial dividend on the common stock, 2 44%, was paid in Nov. 1912. In
1913. 544%: in 1914. 5% : in 1915. 544%: In 1«16. 6 <v„: !„ 1Q1 7 . «<2 .t In
1918, 6 %; in 1919, 6 %; in 1920, 6 %; in 1921, 6 %; in 1922, 6 % . In 1923,
M ay, 3% .
R EPO RT.— For calendar years (1921 report in V. 114, p. 2011, 2140):
Cal.
G ro ss
N et (after Other
F ixed
P f. D iv . C o m .D iv s. Balan ce.
Y ear — E a rn in g s. T a x es ). I n c o m e. Ch arges.
(6 % ).
(6 % )
S u rp lu s.
$
$
$
%
%
g
$
1922*. 7,537,007 3,814,329 85,777 621.886x629,321 x448,324 2,200,575
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 47,784 968,759 1,258,709 896,901 1,952.901
1919.
_ 9,397,452 4.417,767 64.538
979,711
1,258,709 896,9041,346,982
* Seven months to July 31 1922. x 3% .
116,271,911 passengers carried in 1921. against 97,019,389 in 1920.
LATEST EAR N ING S.— For calendar years:
C a l. Y e a r —
G ross.
N e t a f t . T a x . Olh. I n c . I n t . , S .F ., & c.
B a l., Sur.
1922________$12,910,706 $6,601,736 $189,059 $1,370,525 $5,420,270
1921________ 12,882,654
5,506,310
122.767 1,264,800
4,364,277
ROAD, AO.— Railway system, 95.91 miles of single track. Also operates
a stage line. Has 587 cars. 185.12 miles gas mains. The consolidated
power Diant (capacity 37,500 k. w.) was completed in June 1916.
OFFICERS.— Pres. A Gen. M gr., Frank Steinhart; V.-Ps., R. R. Loening, Antonio San Miguel and Dionisio
Velasco;
Sec. A 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, 2011.
2112, 2140; V. 115, p. 543, 1532.
HONOLULU, HAWAII.
HONOLULU RAPID T R A N S IT CO., LTD.— Trolley.
O RGAN 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 ) 4 %
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)4 miles of
track); payment being made by the issue of $150,000 6 % bonds of the
Rapid Transit C o.; 910 shares of preferred stock and $59,150 in cash.
in Aug. 1916 capitalstock 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 onM ay 1 1917 to the
retirement o f 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 R T .— For years ending Dec. 31:
Calendar
C ross
N et
I n t ., T a x es,
D ivid en d s
B alance.
Y ea r.
E a rn in g s.
E a rn in g s.
D e p r c n ..& c .
(8 % ).
Surplus.
$386,765 x$191,217
$160,000 sur.$35,548
1922_________ -$989,521
1921__________ 960,992
325,003
266,579
160,000 def. 101,576
1920__________ 861,342
281,314
260,916
160,000 def.139,602
1919__________ 780.946
325.252
247.302
160.000 def. 82,051
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.
KINGSTON, JAMAICA.
WEST INDIA ELECTRIC CO.— A trolley road.
O RGAN IZATION .— Incorporated 1897 in Jamaica. In 1907 took over
the lighting business on a rental basis. F ran ch ise expires Jan. 1 1928.
STOCK AND BONDS—
D a te .
In terest. O utstand ing.
M a tu r ity .
Stock $800,000 ($ 1 0 0 )-........................................
$800,000 Apr ’23, 144
First
mortgage
$600,000/ 1898
5 g J-J
600,000
Jan 11928
($500) gold_____________Montreal Trust A Deposit C o., Trustee.
Not subject to call.
(Interest at Bank of Montreal, Montreal.
134
ELECTRIC RAILW AYS
D iv id e n d s .— First div. on stock— 1%— paid April 1 1908; 1% was again
paid July 1 and Oct. 1 1908. In 1909, 454%; thereafter 5% per ann. to
and fncl. Jan. 1923. In April 1923, 1 ) 4 % was paid. V. 116, p. 1192.
R E PO RT.— For years ending Dec. 31:
Y ea r —
G ross.
N e t.
In t.& R en ts . T a xes.
D ivid en d s.
Su rplus.
1922 _____$541,033 $161,836 $50,000 $14,471 (5%)$40,000 $57,365
1921 ------- 536,866 160,611
50,000 14,168
(5%)40,000
56,443
Passengers carried in 1922, 8,903,156, against 8,720,939 in 1921.
ROAD.— Operates 24 miles o f track in and around Kingston, Jamaica.
Gauge, 4 ft. 8 'A in. 90-lb. girder and 60-lb. T rails.
OFFICERS.— Pres., James Hutchison; V .-P ., G. J. Crowdy; Sec., H.
Ross-Engers; Comp., J. M . Clark; M gr., D. N. Barr.— Y. 104, p. 1168;
V. 108, p. 1166; V. 112, p. 1172; V. 115, p. 75; V. 116, p. 1192, 1661.
[V ol. 116,
MONTREAL, CANADA.
MONTREAL TRAM W AYS & POWER CO.— A holding company
ORGA N IZA TIO N .— Incorp. In London. England, in 1908, and control*
(he following:
Montreal Iramways C o.,
Montreal Public Service Corp.,
Canadian Light & Power C o.,
Montreal Hydro-Elec. C o., Ltd.
Montreal Tramways Co. and Can. Lt. & Power Co. stockholders received
1)4 shares of M ont. Tram. & Power Co. stock for each share of their stock.
V. 94. p. 417, 207.
In March 1919 issued $7,300,000 5-year 6 ) 4 % secured bonds to refund
an issue of $5,320,000 2-year notes due April 1 1919, a limited number of
holders of which were offered the privilege of exchanging their holdings for
the new bonds. V. 108. p. 784.
STOCK AND BONDS— D a t e .
In terest.
O u ts ta n d in g .
M a tu r ity .
............. $17,560,930 — .............
Stock $20,002,000-....................... .
LONDON, CANADA.
Sec bonds $7,300,000 ($100,7 1919
6 H gM -N
7,300,000 Mar 1 1929
LONDON STREET RA ILW A Y CO.— A trolley road. Incorp. under
$500 and $1,000) gold_c*(M ontreal Trust C o., Montreal, trustee.
laws of Canada in 1873. F ran ch ise expires 1925, at which time, or any fifth
B on
6 ) 4 % bonds are secured by $7,000,000
year thereafter, city has right to purchase the property (except Springbapk •tock d s . — The 5-year Tramways Co. and $2,500,000 5-year 6 %debenture
of the Montreal
bonds of
line) on an arbitration basis, by giving one year’s notice in advance.
the Montreal Tramways & Power C o., Ltd., which are in turn secured by
C ity Purchase P roposal D efe a te d .— See V. 116, p. 1411.
$2,100,000 com. stock of the Montreal Tramways Co. Redeemable, all
STOCK A N D BONDS—
D a te .
In terest.
O utstanding.
M a tu r ity .
or in part, at 101 and int., upon 30 days’ notice on and after Nov. 1 1921.
Stock $750,000 ($40).........................
J-J
$637,480
See text
interest payable at Merchants Bank of Canada, Montreal; Banque D ’ HocbFirst mortgage $750,000 gold/ 1896
5 g M-S
475,000 Mar. 8 1925 alaga, Montreal; Agency of the Merchants Bank of Canada, N. Y .— V. 108.
($1,000)_______________ c* (Toronto General Trusts C o., trustee.
0 784: V 100. p. 812. 1618; V. 104, p. 1264; V. 107, p. 2294; V. 108, p. 269.
Bon ds. — The remaining $50,000 can only be issued for 6 6 2-3% of actual 784; V. 116, p. 935.
cost o f additions and extensions, when net earnings are equal to 1 0 % of all
(1) Montreal Tramways Co.
bonds out, including those to be issued; but total debt must not exceed
ORGANIZATION.— Chartered in
acquired by merger the
$20,000 per mile o f single track. V. 78, p. 2384. Interest Is payable at the Montreal Street R y., Montreal Park &1911 and y. and Montreal Terminal
Island R
Canadian Bank of Commerce, Toronto. In each of the 10 years preceding Oo. (V. 93, p. 871, 1324), the last two companies being subsidiaries to the
maturity 5% o f bonds shall be drawn by lot and redeemed at par on 40 Montreal St. R y. V. 93, d . 1022, 1106. Owns and controls entire street
days’ notice. $225,000 have been retired.
railway system in Montreal and Island of Montreal, except about a mile of
D ivid en d s .— In 1901 8 % was paid; in 1902, 8 % ; 6 % In 1903, 1904, 1905 interurban line entering the cityand 1906. In 1907 dividends omitted on account o f strike. In 1908 to
N e w F r a n c h is e . — In Jan. 1918 representatives o f the co. and the city
1 9 1 5 , inclusive, 6 % per annum. In 1916, Jan., 3% (cash); July, 3% On
ilened a new franchise agreement, running for 35 years, which provides
stock). In 1917, Jan., 3% (cash); July, 3% (in stock). None to Dec. !a ) for the creation of a permanent Tramways Commission of three persons
1922, when 2 ) 4 % was paid.
with complete powers over the service, fares, finances, exts. and mainteR E PO RT.— Years ending Dec. 31:
aance; (b) fixes the valuation of the existing system at $36,286,295 for the
G ross.
N e t.
Charges.
D ep re c 'n .
B a l., Sur.
physical property, plus an unnamed amount to be specified by the* Com
1922 ___________ $594,584
$99,598
$34,621
$35,423
$29,554
mission as “ working capital,” (c) practically guarantees that the company
1921___________ 567,866
80,522
34,514
34,495
11,513 •hall be allowed at all times to make a profit of 6 % on the total investment
R O A D .— Operates 36.10 miles o f track. Standard gauge. 5 6 , 73. 75 thus arrived at and on such new capital as may from time to time be put in;
of 1 % in each year in
and 80-lb. T and girder rail. 58 motor cars, 5 trailers and 6 misc. cars. Has (d) allows the company a further remuneration of
which it does not exceed by more than 2 1 4 % the estimated operation charge*
contract for power with the Ontario Hydro-Electric Power Commission.
flow ed by the Comm. In effect, the company can calculate upon 6)4%
OFFICERS— Pres., Chas. Currie, Cleveland, O.; V.-Pres., R. G. Ivey; on its total investment as a guaranteed minimum earning power so long as
Sec. & Treas., L. Tait, London, Ont.; Gen. M gr., C. B. King, London, Ont. it is efficiently administered. The company can also look forward to a
—V. 106, p. 607. 2345: V. 108. p. 878: V. 110. p. 2076, 2568; V. 112, p. 1399: •hare of all surplus profits arising after the annual payment to the city of
V. 114, p. 306; V. 115, p. 183; V. 116, p. 1411.
$500,000 and the upkeep of certain maintenance and guarantee funds,
neither of which funds should be at all burdensome. The surplus after
these charges is to be divided. 20% to the company, 30% to the city trea»LONDON & LAKE ERIE R A ILW A Y & TRAN SPORTATION CO.
iry. and 50% to a fund for reduction of fares, which may take place when
On Oct. 15 1918 the company being defunct, ceased to operate, and
the fund accumulates to $ 1 ,0 0 0 ,0 0 0 , and must take place whenever it
according to official information, its assets have been scranped. See alss
tontains $2,500,000. (e) Dividend distribution Is limited to 10%. the
V. 108, p. 2528. Compare V. 109. p. 2263; V. 113. p. 1888. For history present rate, ( f) An appeal from the Comm, lies to the P. U. Comm,
see this publication o f Sept. 29 1918.
of Quebec. Wor further details see V. 106, p. 607.
D e b t to C ity . — V. H 2 . p. 653.
Two issues of Montreal :t. R y. debentures, due M ay 1 1922. were paid
MANILA, P. I.
off at. maturity. V. 114, p. 2013. $584,000 sterling debentures were
retired at maturity Aug. 1 1922. V. 115, p. 645.
THE MANILA ELECTRIC CORP.
STOCK AND BONDS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
O RGAN IZATION .— Incorp. in Connecticut June 26 1903 as the Manila
_________ *$4,000,000
See text
Electric Railroad & Lighting Corp. (name changed to present title in Oct. Stock common____________________
5%
17,650,000
See text
1921.) Owns entire stock o f Manila Electric Co., having a 50-year franchise Debenture stock____________ _____
1st & ref mtge $75,000,000 gl 1911
5 J-J
18.085,000 July 1 1941
from March 24 1903, practically the entire stock of the Union Truck Co
($500&$1,000) Pay in Lon-) Harris Tr. & Sav. Bk., Chic., Trustee. Nat.
and of the Compania de los Transvias de Filipinas, and the entire out
don p&i in £ = $ 4 8 6 2-3-C*) Tr. C o., Ltd., Montreal. Co-Trustee.
standing bonds ($3,000,000) o f the Manila Electric RR. & Light C o., which
* Including as of June 30 1922, $6,830 unpaid and subject to call.
have been assumed by the Manila Electric Co. Besides doing the streel
B o n d s . — Remaining 1st & ref. bonds are for extensions and additions at
railway business, supplies light and power for private, municipal and Gov
ernment use. Municipality may acquire property after 25 years on a not exceeding 75% of cost under certain restrictions. Red. as entire issue
valuation fixed by net earnings, the Supreme Court o f the Islands being (but not any part) at 105 and int. on any int. date. Int. payable in N . Y .,
referee. Stoek and bonds are listed o n N .Y . and London StockExchanges Chicago, Montreal and London. V. 93, p. 1463. Listed on the N . Y .
(V. 97, p. 1025), Montreal and London stock exchanges.
On Dec. 6 1909 increased authorized stock from $6,000,000 to $8,000,000
D iv i d e n d s . — On deb. stock 5% per annum since organization.
In April
new stock to be 6 % cum. nrcf. V. 90. p. 372.
No pref. stock outstanding at last accounts (Oct. 1922). Compare 1913 an interim div. of 5% was declared on the paid-up common capital
stock. A quar. div. of 2 1 4 % was paid Aug. 1913 (V. 96. p. 1840), and
V. 1 1 0 ,p. 2192; Y. I l l , p. 1472.
On Dec. 15 1922 stockholders voted to increase the auth. com. stock from 2 ) 4 % quar. to and incl. M ay 1918. In Dec. 1919 a div. of 2 ) 4 % t o r the
$6,000,000 to $10,000,000. V. 115, p. 2478, 2794. A stock div. of 40% second quarter of 1918 was paid. See V. 109, p. 2440. In 1920. M ar.,
was distributed to com. stockholders o f record Dec. 22 1922. V .115,p.2794. 2 l4 % : June, 2 1 4 % ’. Sept., 2 )4 % '. Nov., 2 l4 % - In 1921. 10%. In 1922.
Mar.. 2 H % , clearing up all arrears on the stock. V. 114, p. 1180. In
STOCK AN D BONDS—
D a le .
In terest. O utstanding. M a tu rity .
Aug. 1922, 2 ) 4 % was paid; N ov., 2 ) 4 % . In 1923, Feb., 2 )4 % '. M ay, 2 ) 4 %
Stock com $10,000,000 ($ 1 0 0 ) .................... ............$7,000,000 Apr 23, 2 %
S ta te m en t o f O p e r a tio n s U n d e r N e w C o n tr a c t — Y e a r s e n d in g J u n e 30.
Pref. $3,000,000 8% cum_________
_________
None
__________
First iien and coll fa $5,000,-/ 1903
r
5 g M-S
4,116,000 Mar. 1 1953
1922.
1921.
1920.
000gold ($1,000)_______ c*\Int. at Equitable Trust C o., N . Y ., trustee. Grossreceipts_________________ $11,712,525
$11,773,005 $10,782,470
5,769,403
6,327,841 5,849,912
B on d s. — A sin kin g fu n d o f )4 % o f bonds outstanding began Mar 1 1908 Operating expenses___________
47,960
47,442
46,606
and ran until 1917; now 1% o f bonds outstanding. The fund Is to be Operating profits______________
_ J579,200 __2,529,055 __ 2,190,557
Invested in the bonds at not more than 105 and interest, at which price they Maintenance, &c__________________ -_ 2
are subject to call for the purpose. Are redeemable as a whole at 105 and
Balance_____________________ $3,315”,962
$2,868,667 $2”695”,394
Interest on or after Mar. 1 1928. V. 82, p. 218. Bonds are listed on N. Y . Allowances due C o.: Int. on cap. value
2,177,178
2,177,178 2,177,178
Stock Exchange. $881,000 are in hands of trustee for sinking fund
Int. 7% on additions-------------145,684
118,859
69,827
$3,000 held by trustees in lieu of mortgaged property sold.
Int. 6 % on working capital____
6,596
12,491
23,833
N o te s .— Have a sinking fund of 1 2 ) 4 % of the auth. amount wnich must
Financing expenses----------------------181,43 1 ______181,431
18R341
be expended annually either for betterments and impts. to the property or
Balance, surplus___________
$805,073
$378,708
$243,124
for the retirement o f notes by purchase in the market or call by lot at not Payable when earned: City rental___
$500,000
$500,000
$500,000
exceeding the redemption price. No new mtge. other than purchase
Contingency reserve________
117,125
117,730
107,825
money mtges. shall be created on any of the c o .’s property without equally
Deficit_____________
sur$187,948
$239,022
$364,700
and ratably securing this issue. Notes are red. all (or in part for sink, fd.)
upon any int. date on 1 month’s notice at 102 and int. prior to Sept. 1 1921 C o m p a n y ’ s I n c o m e a n d P r o f i t a n d L o s s S ta te m en t f o r Y e a r s e n d e d J u n e 30.
and at 101 and int. thereafter. Tax refundable in Penna.
1921-22.
1920-21.
1919-20.
D ivid en d s .— In 1906 and 1907, 3% paid on com.; in 1908 to 1910 incl.. Allowance from contract_____________$2,377,418
$2,355,970 $2,317,445
4% in 1911, 5 K % ; in 1912, 1913 and 1914, 7% ; 1915 to Apr. 1922 incl. at Other revenue_____________________
64,061
55,359
58,135
the rate of 6% per ann. In July 1922 2 % was paid; same rate paid regularly
Gross revenue_____________________ $2,441,479 $2,411,329 $2,375,580
quar. since to and incl. April 1923. In Dec. 1922 a 40% stock div. (payable Interest on bonds__________________
1,043,100
1,082,418
1,044,169
in common stock) was paid on the common. V. 115, p. 2794.
Interest on debentures______________
857,500
850,313
850,000
R EPO RT.— For calendar years:
Other expenses_________________ '____
16,875
17.541
28,902
G ross.
N et (a ft. T a x ). I n t ., & c.
D ividends.
Surplus
Net income_______________________
$524,004
$461,057
$452,509
1922 ---$3,584,121 $1,642,232 $405,750
(?)
x$l ,236,482 Dividends____________________ -_(1 0%)$397,432(10)$38S,994(7 K )290,550
1921
3,681,398
1,450,058
503,827
(6%) 300,000
646,23J
Surplus for the year______________
$126,572
$72,063
$161,958
1920
3,418,405
1.201,182
382,354
(6%)300,000
518,828
x Available for dividends, &c.
ROAD.— Operates 267 miles of track. The company's steam power
jiant is to be enlarged from 10,000 h. p. to 60,000 h. p. V. 102, p. 345.
R O A D .— 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 59 In 1904 contract was made with the Montreal Light, Heat & Power Co.
single and 8 6 double-truck passenger cars and 21 service cars. Two 5,000 for a supply of power.
k.w. turbo-generators are now in service.
OFFICERS.— Pres., E. A. Robert; V .-P ., Hon. Geo. G. Foster; Sec.OFFICERS.— Pres., Charles M . Swift; Vice-Pres’ts, J. H. Pardee, Joseph Treas., Patrick Dubee; Gen. M gr., J. E. Hutcheson.— V. 113, p. 849, 960.
1053, 1156, 1465, 1471, 1675, 2313, 2405; V. 114, p. 79, 627, 1180, 2013;
K . Choate and R . B. Marchant, New York; Sec. & Treas., T . W. Moffat
Asst. Sec., C. A. Dougherty: Asst Treas.. H. B. Brown. Operated under V. 115, p. 645, 1529, 1731; V. 116, p. 721, 935.
management o f J. G. White M gt. Corp., New York.— V. 114, p. 2580, 2718;
• Canadian Light & Power Co
2>
V. 115, p. 2478, 2794; V. 116, p. 822, 937, 1760.
ORGANIZATION.— Incorp. in Canada on June 2 1904. See descrip
tion of company’s developments in V. 91, p. 591. and Y. 89, p. 848. Has
(1) Manila Electric C o.— All outstanding com. stock except directors,
h e perpetual right to distribute and sell power and light in Montreal and
shares is owned by Manila Elec. Corp.
jeveral adjacent counties. Distribution system in Montreal has been taken
iver by the Montreal Public Service Corp.
BONDS—
D a te .
In terest. O utstanding. M a tu rity
1st & ref M 7% ser due 1942) 1922
7 g M -N $2,500,000 May 1 1942
STOCK AND BONDS—
D a te .
In terest. O utstanding.
M a tu rity
$20,000,000 ($100, $500
Stock $7,000,000 ($100).............................................$6,000,000 .....................
1st & ref M 5% ser due 1 9 4 6 . . ____
5%
73,000
1946
first mortgage $6,500,0001____
5 J-J
6,500.000 __________
$1,000) g __________ c*&r*J Equitable Trust C o., N . \ ., trustee.
($500 and $1,000)________ \Royal Trust C o., Canada, Trustee.
Are guar. prin. and int. by Manila Elec. Corp. See details in V. 114
Bonds. — 1st mtge. bonds are subj. to call all or any at 105 at company’s
p. 1766. The 7% series due 1942 are listed on N. Y . Stock Exchange.
tption
Sink. fd. began July 1 1914. Int. payable in Montreal or London.
T. 116, p. 935.
P R O PE R TY.— Owns a new and modern hydro-electric plant at 8t.
(a) M anila S uburban Railw ays C o.—
Hmothee, 28 miles from Montreal; present development about 30,000 h. p .
Bonds —
D a te.
In terest.
O utstanding. M a tu rity.
Ultimate development, 75,000 h. p .— V. 89, p. 848,1283; V. 91, p. 59J
First mortgage $2,500,0001 1906
5 g M-S
$426,000 Sept. 1 1946
'S' M ontreal P ublic Service C orporation .
gold ($1,000)__________ c*/N ew York Trust C o., trustee.
This company (formerly the Saraguay Electric & Water Oo.) has acquired
B on ds. —Assumed by the Manila Electric Co. and are guar., p. & I.
h e Dominion Lt., Ht. & Pow., the St. Paul Electric Lt. & Pow. Oo. and
by The Manila Electric Corp. Are subject to call after Sept. 1 1928 and to the distribution system of the Can. Lt. & P-w Oo. in Montreal. Control*
purchase for sink, fund since Sept. 1 1911 at not to exceed 105 and int. at »n established business in various im por ant sections of the city and pro
which price bonds can be drawn by lot. See V. 80, p. 220. $62,000 are vides a market for a large amount of the power developed by the Can.
held in sink. fd. and notincl. in outstdg. amount as above. V. 113, p. 2 6 1 4
bight & Power Oo.
A pril, 1923.]
ELECTKIC RAILWAYS
135
STOCK A N D BONDS—
D a te. In terest.
O utstanding.
M a tu r ity
NIAGARA FALLS, CANADA.
Q-J
$3,000,000 Jan ’22, 1
Jommon stock $3,000,000.
NIAGARA ST. C A T H A R & T O R O N T O R Y .
?f $1,000,000 ($100) 7% cum.
Q-J
1.000.000 Apr ’23, 1
la operated by the Canadian National Railways.
1906
2,390,000 Nov 1 1931
ORGANIZATION.— incorporated in Canada in 1899. A consolidation First mortgage $3,000,000 (Int. at 5 M -N
($500) g o ld ______________(
Montreal Trust C o., Trustee.
o f the Niagara Central R y., the Niagara Palls Welsey Park & Clifton Tram
(Montreal and Halifax, or Bank of Nova Scotia.
way Co. and the Port Dalhousle St. Catharine’s & Thorold Electric Street Refunding general mortgage! 1912
5 M -N
£265,000 May 1 1962
R y. F ranchise perpetual. Owns and operates Niagara St. Catharne's
£1.500,000 (£100)______ c * lln t. in London, Montreal and Toronto; Monft Toronto Navigation C o.; also transports freight.
( treal Trust C o., Trustee.
Shareholders voted 1910 to make an issue of 2d mtge. bonds at rate of
B on ds .— First mtge. bonds are subject to call at 105. Sink. fd. of 1%
$10,000 per mile to Nat Tr C o.. Ltd Toronto, trustee. V . 90. d . 54. 1296
of bonds issued plus one year’s int. on canceled bonds began N ov. 1908.
M u n icip a l C ontrol .— On Mar. 30 1920 the City Council of Niagara Falls.
Ont., decided to take over the local line of the co. V. 110, p. 1749. No $610 000 bonds canceled. First Mortgage bonds are listed on Montreal
and Toronto Stock E xch. Of ref. gen. m tge. bonds £491,200 are reserved for
further information.
In Dec. 1921 it was reported that the Ontario Hydro-Electric Comm, had <«t M . bonds and £201,000 are in treasury; remainder for future require
Subject to call as a whole or for cum. sinkobtained on option on the purchase of the road for $3,544,374. As part ments under restrictions
payment the Hydro-Power Comm, would assume the co .’s $1,098,000 1st :ng fund (1% of bonds out beginning in 1937) at 105 and Int. V. 94, p.
Are listed on London Stock Exchange
M . 5s and would pay the remainder of the purchase price in Hydro-Power !566
H v iien d s .— First div. on pref.. 1J^%, paid Jan. 10 1910, and same
Comm. 4 1 4 % 50-yr. bonds guaranteed by the Province of Ontario
V.
113, p. 2505. Compare V. i l l , p. 294, 1370. The proposition was sub amount quarterly since to and including Apr. 1923. On com., 1st div., 1% ,
mitted early in 1922 to the people of the various municipalities served paid Oct. 1911. In 1912 and 1913 4 % . In 1914. Jan.. 1%: April. 1%:
by the line, but failed to carry. Compare V. 114, p. 307, 1064. Was again Inly, 1% . None to July 1920, when 1% was paid. In Oct., 1% . In
1921, 4 % . In 1922, Jan., 1% . None since.
voted down Jan. 1 1923.
R E PO RT.— For calendar years:
STOCK AND BONDS—
D a te.
In terest.
O utstanding.
M a tu rity
Y ear—
G ro s s .
N et.
Oth. R ev. I n t e r e s t .P r e f .D i v . C o m .D iv . S u r p lu s .
Stock $1.000,000_________________
_______
$925,000 _____ _____
1922 --$1,30,446 $516,839 $13,905 $186,275 $70,000
--------- $274,469
R ailway First mortgage gold ( 1899
5 g M -N
1,098,000 Nov 1 1929 1921 - . 1.332,486 465,715 42,877 188,920 70,000 120,000 129,672
($1,000) ($1,000 or £205{Int. at Canadian Bank of Commerce, Tor
1920 - - 1,402,736 563,070 54,484 191,463 70.000
90.000 266,091
9s 8 d )_________________ c*
onto, and Bank of Scotland, London.
Total surplus Dec. 31 1922 was $557,405; $150,000 for deprec’n reserve.
(National Trust C o., Ltd., Toronto, Trustee
6,089,237 passengers carried in 1922, against 7,143,810 in 1921.
Second mortgage____________ 1910
_______
None
_________
R O A D .— Operates from San Juan to Kio Piedras, 9 miles, electric.
Navigation Co First mort- ( 1903
5 g M -N
______
Nov 1 1929 Standard gauge. An extension of 18 miles to Caguas. which is being oper
gage $200,000 ($1,000 or(Int.atG anadianB k.ofO om .,Toronto& N . Y
ated hv steam, meter gauge, was completed in 1908£205 9s8d) gold________ c*(National Trust Co.. Ltd.. Toronto. Trustee
OFFICERS.— Pres., W . D . Ross; V .-P ., L. M . Wood; Sec., T . A.
B on d s .— Of the R ailway bonds $20,000 per mile Is authorized and issued
Spoor; Gen. M gr., Manuel V. Domenech, O.E.— V. 99, p. 463 . 895, 1367:
See V. 82, p. 869. The N avigation bonds are guaranteed by the Railway
V. 100, p. 902; V. 102, p. 1163; V. 104, p. 765; V. 106, p. 1901; V. 110, p.
p. Sc 1.. by endorsement. Neither issue is subject to call.
1188, 2568; V. 115, p. 183; V. 116. p. 1650.
ROAD.— Owns and operates 61.67 miles of track. Runs from Port Dal
housle on Lake Ontario, passing through St. Catharines, Merritton, Thorold
and Niagara Falls, Ont., to Fails View Ont. Hasan extfn.ion of 18.5 mile*
QUEBEC, CANADA.
from Thorold through Fonthill and Welland to Port Ccloorne; also an ex
OUEBEC RAILW AY LIGH T HEAT & POWER C O ., Ltd.
tension of 12.2 miles from St Catharines to Niagara-on-the-Lake. Mair
P roposed R eorganization. — In Oct. 1922 it was announced that as a pre
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. liminary step in the reorganization of the co. application is to be made
Permission to build several extensions has been granted by the Dominion “ for the incorporation of three companies, Quebec Power C o., Quebec Gas
Co. and Quebec Tramways C o.” V. 115, p. 1732. In April 1923 we were
Parliament.
advised tnat the Provincial Govt, had granted charters to 2 companies,
♦EARNINGS.— For cal. years:
namely the Quebec Power Co. and the Quebec Tramways & Gas C o., with
Cal. Y ears —
Cross. E xp en ses.
In t.
Charges. Surplus
.$926,390 $717,953 $208,437 $110,811 $97,626 power to a -quire any or all of the co.’s or its sub. co.’s properties.
1919-----------------ORGANIS ATION.— Incorporated in Canada on N ov. 19 1909 as a con
1918 ------------------------------- 766,422
569,961 196,462 135,873 60,589
1917 ------------------------------- 756.590 500,022 256.568 118.873 137.695 solidation of the following properties (V. 89, p. 1598):
Quebec Ry., Lt. & Power Co.
IQuebec Jacques Cartier Electric Co.
♦No longer reported separately. Are now included in accounts of Canadian
Quebec Gas Co.
Canadian Electric Light Co.
Northern System.
IQuebec County Railway Co.
OFFICERS.— Pres., Sir Henry Worth Thornton; V .-P ., G. A . Bell; Sec., Frontenac Gas Co. do an electric-light and power, gas and street railway
These companies
R. P. Ormsby; Gen. Supt., E. W. Oliver, Toronto.— V. 110, p. 1749; V. I l l ,
juslness in Quebec and surrounding parishes. Has contract with the
p. 294, 1370; V. 113, p. 2505; V. 114, p. 307, 1064.
Itadacon* Hvdraulic Co. for supply of power. V. 94. p. 1449.
Purchase by G overnm ent. — The Dominion Government has contracted to
oarchase .ownership to date back to July 1 1916) the following lines: (a)
OTTAWA, CANADA.
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
OTTAW A TRACTION CO.. LTD.— A holding company.
5) Quebec & Saguenay Ry. ext. from its junc. with the Quebec M ont. &
ORGANIZATION — Incorp. Oct. 23 1913, and acquired $1,860,100 Chari. Ry. to St. Joachim to Nairn Falls, 62.8 m. (acquir. in Mar. 1919); (c)
of the stock of the Ottawa Electric Ry.
Lotbiniere & Megantic Ry. (acquired Apr. 1 1920), extending from Lyster to
3t. Jean des Chaillons about 30 m. The purchase price of these properties
STOCK AND BONDS— D a t e .
In terest.
O u ts ta n d in g .
M a t u r it y
Is to be “ the value thereof as determined by the Exchequer Court of GanSsock $10,000,000 ($100)_________
Q-J
$5,581,500
See text
*da; said value to be the actual cost of said railways, less sub
D ivid en d s. — First div.— 1% — paid July 1 1914; same rate quar. since
sidies and less depreciation, but not to exceed $4,349,000, exclu
with 1% extra in January, making 5% per annum.
of outstanding
indebtedness, which is to be assumed by
OFFICERS.— Pres.. T . Ahearn; V .-P ., Warren V . Soper; bee a sive Government, but bondedexceed in all $2,500,000" [being the $2,500,000
the
Treas., G. L. Snelling.— V. 107, p. 803; V. 109, p. 2263; V. I l l , p. 2521; Quebec-Montmorencynot to1st M . 5s of 1899, due 19231. The lines are to
Ry.
V. 113, p. 2614; V. 114, p. 627.
be operated by the company until actual possession Is taken and the com
(1) Ottawa Electric Ry.— A trolley road.
panies must render an accounting to the Govt, from June 30 1916 until
ORGAN IZATION .— Incorporated in 1894. Is a consolidation of th* 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
Ottawa City Passenger Ry. and the Ottawa Electric Street Ry.
$4,000,000 for the purchase of the foregoing lines. During 1917 $332,255
in Nov 1912 increased its auth. stock from $2,000,000 to $4,000,000
was emended on the properties and on Sept. 6 1917 the House reM u n i c i p a l O w n e r s h ip V o te d D o w n . — The taxpayers on Jan. 3 1921 de
appropriated the remainder, $3,667,745. On Mar. 4 1919 the Govt
feated a by-law to purchase the co.'s property at the expiration of its fran icquired the Quebec & Saguenay R y. “ free and clear of charge, incum
chise in 1923. V. 112, p. 258. Compare “ Electric Railway” Supplement brances or claims,” purchase price being $3,489,313. V. 108, p. 974.
of Oct. 30 1920. On Jan. 3 1922 municipal ownership and operation were It was announced in M ay 1919 that the proceeds of this sale, after the pay
again voted down. V. 114, p. 307. In Jan. 1923 the c o .’s sale offer was ment of the contractor’s claim, would be used to reimburse the bondholders
rejected by the city of Ottawa. V. 116, p. 411. Compare V. 115, p. 2379. of the Saguenay R y., thus relieving the co. o f paying int. thereon. V. 108,
p. 1938.
V a lu a ti o n . — In Nov. 1921 the Hydro-Elec. Pow. Comm, of Ont. set a
The Quebec R y., L t., Ht. & Pow. Co. acquired the Quebec & Saguenay
.
valuation o f $4,110,922 on the c o .’s line and equipt. in Ontario. V. 113.
Ry. Co. in 1911 through purchase of its $2,500,000 stock and $3,000,000
p. 2313.
5% bonds and in turn issued its own bonds of 1911 and 1912 shown in the
STOCK AND BONDS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
sable below, to pay for same. V. 92. p. 882. 528. These bonds were lnStock $4,000,000 ($100)___________
Q-J
$1,877,200 See text
sended to provide for Quebec-Saguenay line, extending 56 ^ miles from
D iv id e n d s . — From 1893 to 1905, 8% per annum; in 1905, 2% extra:
Gape Tourmente to Murray Bay. In Sept. 1912 construction work on this
1906 to 1922, incl., 12% p. a.; in 1912, l& M %; since to and incl. 1921, 15%
line was stopped because o f non-payment by Saguenay Co. of claims of
EARNINGS.— For years ending Dec. 31:
sontractors for construction work (V. 95. p. 1040; V. 96, p. 203). Payments
C a len d a r
G ro ss
N et
I n t e r e s t , C o n tin g . D iv id e n d s B a la n ce .
were subsequently made but work was not resumed. The Dominion Govt,
Y ear—
E a r n in g s .
E a r n in g s . T a x e s . & c . A c c o u n t .
(15% ). S u r p lu s
completed construction of the road in 1918 and on Oct. 1 1920 operation was
1918x____ $1,323,830 $477,010 $117,182 $60,000 $281,580 $18,086
taken over by the Canadian Govt. Rys
*
1917_____ 1.240,627 535,289 125,623
110,000
281,580
18,248
On July 7 1917 the company was awarded $275,000 for the property
Passengers carried in 1918, 29,723.068, against 29,347,692 in 1917.
mown as the Ouebec Gas C o.’s land, which was expropriated by the
Federal authorities, according to a decision by the Exchequer Court.
x No later figures puDlished.
Cou pon Paym ents D ela y ed . — The interest due June 1 1913 and Dec. 1
1913 was not paid when due and in Sept. 1914 It was announced that the
ROAD.— Operates 52 miles of track In city, and to Hull, Rockliffe
coupons due June 1 1914 were not paid on time, the company following the
Britannia-on-the-Bay and Government Experimental Farm. Has a pari
of 60 acres at Britannla-on-the-Bay. Standard gauge. Rails, 72, 80. 94 policy of paying the coupons at Intervals through the three months grace
following the due date. V. 99. p. 748 Subsequent coupons have been
add 115-lb. T and girder.
the
OFFICERS.— Same as for T r a c tio n C o . — V. 112, p. 258; V . 113, p. 2313, paid within Dec. time limit allowed. V. 109, p. 776
Int. due
1 1914 on the Quebec-Jacques Cartier Elec. 1st refdg. 5s
2819; V. 114. p. 307. 2718; V. 115, p. 183, 2379; V. 116, p. 411.
was defaulted. A protective committee was formed with W. L. Hallahan;
111 Broadway, New York City, as Secretary, and bondholders ware 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
PONCE, PORTO RICO.
sequent coupons have been paid to date
PONCE ELECTRIC CO .— Organized in Porto Rico and on Feb. 1 1920
F a re I n c r e a s e . — On June 22 1918 was auth. by the City Council to sell
took over the property formerly controlled through stock ownership by the 5 tickets for 25 cents
7 workmen’s
instead of 6 and 8
Ponce Electric Co (a New Jersey corp.). Operatas the railway between tickets, respectively, andtheretofore. tickets for 25 cents Effective N ov. 15
as
V. 106. p. 2350.
Ponce and the Playa (Port) and does the entire lighting and power business 1919 was auth. to increase fares to 7 cents cash, with 4 tickets for 25 cents
of Ponce and the Playa. Railway f r a n c h is e expires in 1961, electric-Light and fl workmen’s tickets for 25 cents
fra n ch ise in 1963.
Rates — See V. I l l , p. 2141; V 115, p. 760.
STOCK AND BONDS.—
D a te
I n te r e s t
O u ts ta n d in g .
M a t u r it y .
Sockholders on April 12 1922 voted to change stock from $100 par
Com. stk. $l,t)00,000 ($100)_______
________ $500,000 ................... to shares o f no par value. V. 114. p. 1652.
In Feb. 1922 Quebec R y., Lt. & Pow. Co., a subsidiary, applied for an
Pref. $l,000,0(.o cum ______________
7%
400,000 __________
amendment to its charter authorizing it to issue bonds. V. 114, p. 948.
EA R N IN G S.— For 12 months ending Dec. 31 (’combined companies)Y ear—
G ross.
N e t a ft. T a x . I n t e r e s t .
S i n k .F u n d . S u r p lu s .
8 TOCK AND BONDS—
D a te .
In terest.
O utstanding
M aturity.
1922_____________ $280,881
$80,071
$5,110
______
$74,960 Stock SlO.oO >000 ($100)____ _____
Q-J 15 $9 99 1.500 Jan.15 12 1 %
1921_____________ 276,722
71,480
11
______
71,469 Consolidated mortgage $10,-f 1909
5 g J-D
6.5S9,0j0 Dec. 1 1939
000.000 g ($100 $500 and( Int, at Montreal Trust Oo.. M ont., trustee.
R OAD.— Operates 5.53 miles of equivalent single track; 54 miles of track
$ 1,000
_
___________
Bank of Scotland, London, Eng.
age; 12 cars; gauge, 1 metre. Power station has 2,050 k.w. capacity.
Q lebec-Jacques Cartier P ow f 1901
5 J-D
849.000 Dec 1 1941
OFFICERS.— Pres., Harry T . Edgar; V.-Ps., M . L. Sperry and Lewis A.
1st ref $1,000 000 ($1,000) 1Trust Oo. of America. N. Y., trustee.
Keen; Treas., Henry B. Sawyer; Sec., Victor D. Vickery; Gen. Mgrs., Stone
g interest In N Y _______ c* [Interest at company’s office, Quebec
& Webster Management Association.— V. 74, p. 268, 478.
M ortgages on lines to be taken over Oy Govt .—
Q tebec-Montmorency Ry M 1899
2,500,000 June 1 1923
5%
PORTO RICO R A ILW AYS CO.. LIMITED.
gold $2,500,000 ($100 $500) Int. at Bank of Montreal, Montreal, and
ORGAN IZATION .— Incorporated In Canada Oct. 1906 and has acquiree
$1,009 ________________ c*( Union Bank of Canada Quebec
the San Juan Light & Transit Co. and Porto Rico Power & Light Co. and Incom ebonds------------------------ -----------------3,323,634 Sept 1 1951
Oaguas Tramway Co. Controls all the electric railway, electric light and
donas —
Consol mtge. 5s of 1909 are red. at 105 and lui ou auy int. day
San Juan, San Turce and Rio
$3 .411.000
K wer business ofin cities of Comerio, Bayamon,Piedras; also controls entire $95,234 areof the consol, bonds are reserved to retire underlying bonds and
hting systems
Catano, Carolina, Caguas.
in treasury
Rio Grande, Fajardo. Humacao, Yabucoa, Gurabo, Juncos and other town*
-n tn a en d s .—Initial div.— 1% — paid April 15 1911; July, 1% : O ct.. 1% .
In east end o f island. Its lighting franchises in San Juan and San Turce ar» In 1912, Jan., 1%; none since
Gross
N et
perpetual. The Comerio Water Power and Caguas Tramway fra n ch ises
C h a rg es &
B a la n c e , 1
P e r io d —
are for 99 years from 1906. The street railway fra n c h is e runs until 1959
E a r n in g s .
E a r n in g s .
T a xes.
S u r p lu s .
An express service was inaugurated in 1908 in conjunction with Porto Rico Yr. end. Dec. 31 '22 --$2,858,607
$847,792 $761,691
sur.$ 8 6 ,1 0 1
a 18 months_________ .- 4,139,320
Express Co.
sur.101,708
1,034,480 x932,772
C on tract. — Has a 5-year street-lighting contract with the city o f San Yr. end. June 30 ’ 20- - . 2.372,034
602,471 \647,174
def.44,703
Jnan and with about 30 other towns for various periods.
a 18 mos. to Dec. 31 1921; fiscal year changed in 1921 to end Dec. 31
In June 1922 the capital stock was increased from $4,000,000 to $5,000,- Instead o f June 30. V. 113, p. 1983. x “ Misc. credits” not stated separately,
800. V. 115, p. 183. No further action taken up to April 1 1923.
but has been deducted from "charges and taxes.”
136
[V ol. 116.
ELECTRIC RAILW AYS
ROA D .— Owns 24.64 miles city track and 33.50 miles interurban.
56gand 70-lb. rails gauge. 4 ft. 8 14 in.
OFFICERS.— Pres., E. A. Roberts, Montreal; V .-P ., Hon. Lome C.
Webster; Sec., Arthur Lemoine, Quebec; Treas., R. A. Wilson; Gen. M gr.,
W. J. Lynch; Comptroller, H. G. Bosse.— V. 110, p. 562; V. I l l , p. 1279,
1366, 1662, 2141; 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.
SHERBROOKE, QUEBEC.
SHERBROOKE RAILW AY & POWER CO.
C on trol. — As o f March 1 1917 the Southern Canada Power Co. acquire'.'
more than 10,000 shares o f the co.'s stock on the basis o f 4 shares of Sher
brooke R y. & Power Co. stock for 1 share Southern Canada Power Co. 6%
preference stock, cumulative from Jan. 1920. V. 104. p. 74.
ORGAN IZATION .— Incorp. in 1910 in Quebec, Can., as successors to
the Sherbrooke Street Ry. In July 1911 acquired the Eastern Townships
Elec. Co. and the Stanstead Elec. Co. V. 93, p. 230. Also owns tin
Lennoxvile Light & Power Co. Controls major part of the electric light
and power business in the district between Sherbrooke and the International
Boundary.
In 1913 acquired the Burroughs Falls Power C o ., which controls the elec
tric light and power business in Ayers’ Cliff, Que. V. 97, p. 1824. In 1914
acquired the International Elec. Co., doing the electric light and power
business in Derby Line, Vt., and in 1915 acquired the lighting and power
business of Geo. Gale & Sons In Waterville and Compton. Quebec.
Franchise in Sherbrooke is for 40 yrs., exempting property from taxation
for 1st 20 yrs. At end o f 20 yrs. city may purchase street railway property
Consol, mtge. 5s were offered with a 40% stock bonus. V. 91, p. 95: V. 93
p. 590; V. 94. p. 1120.
STOCK AND BONDS—
D a te.
In terest. O utstand ing.
M a tu rity
8tock $1,500,000 ($100).....................
............
S I.127.000 _____ _____
1st M . $1,500,000 gold____f 1910
5 g J-J
1.213,000 July 1 1940
s f ($500 or £ equivalent) tf (Montreal Trust C o.. M mtreal Trustee
2d mtge. ($1,000)__________ f 1922
6%
500,000 June 30 ’27
(Messrs. Parent & Taschereau, Quebec, trus.
Sherbrooke Street Ry 1st M tf IH97
5g I 1
mo 000 j nr " 1 19 7
Bon ds. — Of remaining Snerbrooke Ry. & Pow. 1st mtge. bonds,$100,000
are to retire Sher. St. Ry. bonds and 320,000 are held as collateral security.
Int. at any branch o f the Canadian Bank o f Commerce in Canada, or at
National Bank o f Scotland, London, Eng. Red. as a whole at 105 and int.
en any int. day, or in part for sinking fund. Cum. sink, fund of 1 % began
July 1 1916. $167,000 held in sinking fund. Of the remaining Saerbrooke
Ry. & Power 2d mtge. bonds, $500,000 are held in treasury for future exts.
R E PO RT.— For years end. June 30 :
Ju n e 30
Total
N et
Bond
Other W ritten O ffice
B alance,
Y ea r — In co m e. Revenue. In terest.
In t. ■
O ff. d ec.,E x p .
Su rplus.
1919-20-.$268,358 $75,128 $53,952 $21,124
$26
_____
$26
1918-19. - 260,165 70.339
54,963 15,025
313
.........
38
x No longer separately reported.
R OAD.— Owns 1034 miles of track in Sherbrooke, Including 3-mih
extension to Lennoxvllle. Standard gauge, 70-lb. T rail.
OFFICERS.— Pres., W . O. Hawkins: V.-P. & Gen. M gr., J. B. W oodyat;
Sec. & Treas., L. O. Haskell. V. 101, p. 924; V. 103, p. 1668; V . 104, p
74, 664; V. 112, p. 1025; V. 114. p. 1767.
entire capital stock of the Toronto & Mimlco R y. (now the Toronto Power
C o.. L td.); Toronto & Scarboro Electric R y.. Light & Power C o.; Metro
politan Ry. (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 Ry.; Toronto & York Radial R y.; Toronto Power
Co., Ltd.: Electrical Develop. Co. o f Ontario, Ltd.; Toronto & Niagara
Power C o.; Toronto Electric Light C o., Ltd.; London Electric C o.. Ltd.
'now part of Toronto & Niagara Power C o.); Niagara Falls Electrical Transnission Co. (N . Y.) and Niagara Falls Gas & Elec. Lt. Co. (N. Y .). In
Jet. 1902 stock was Increased to $7,000,000, and In April 1906 to $8,000.100. On Aug. 14 1911 stockholders voted another increase to $12,000,000,
xnd also the payment of a stock dividend o f $1,000,000. Stockholders
were allowed to subscribe for $2,000,000 of the stock at par. V . 93, p . 230.
470. On May 29 1916 the shareholders voted to increase the stock to
$15,000,000 to provide funds for the financial require mentsof the company
%nd for necessary extensions and betterments for the subsidiary companies.
No action was taken by the directors as to disposition o f new stock. V.
102. p. 2078.
Paym ents to C ity . — As to annual payments to city, see "Supplement " o f
May 1898. Paid to city in 1919, $1,398,470; in 1918, $1,301,266; In 1917,
$1,187,031; in 1916, $1,113,010; in 1915, $1,064,072; in 1914. $1,122,914; in
1913, $1,089,708; in 1912, $942,049; in 1911, $822,233; in 1910, $727,480; In
1909, $640,281; in 1908, $578,995; In 1907, $542,091.
Suit by C ity. — See V . 112, p. 2191.
B on d s .— The co.’s 1st M tge. 4 'A % bonds due Aug. 31 1921 were paid off
in N ov. 1922 with accrued int. at the rate of 6% per annum. V. 115, p.
2159.
F a res. — On Oct. 10 1918 the Toronto Board of Control denied the co. per
mission to charge a straight 5-cent fare. V. 107, p. 1580. In N ov. 1920
lt was stated that the $1,000,000 notes due Dec. 1 would be paid off at
maturity. V. I l l , p. 2141. No later Information.
STOCK AND BONDS— D a te .
I n te re s t. O utstanding Last D iv . ^Stc
itock $15,000,000 ($100).............—
Q-J
$12,000,000
See text
D ivid en d s. — In 1898, 4% ; in 1899, 4 % ; in 1900, 4 % ; in 1901, 4 t f % ; in
1902 to 19Q5, Incl., 5% per annum; in 1906, 55* % ; in 1907, 6% ; in 1908,
5%; in 1909, 65*% : in 1910, 7% ; in 1911, Jan., 1*^%, April, 1 * 4 % . July,
1 * 4 % ; in Aug. declared a $1,000,000 stock dividend (V 93. d . 470): Oct.,
1% in 1912; to and incl. 1917, 8% per annum. In 1918. 5% .
In 1919,
Ian., 1% ; March div. passed. V. 108, p. 1061, 1166, 1276.
ROAD.— Operates 127.581 miles of track; 69, 73 and 90 lb. girder and
70-lti T rails. Owns 894 passenger cars, of which 762 are motor cars.
R E PO RT.— Of R ailw ay C o. for calendar year 1920 and 8 months ending
Aug. 31 1921 (report in V. 114, p. 624):
Calendar
G ross
N et
Total
D ivid en d s
B a la n ce,
Y ea r — E a rn in g s.
E a rn in g s.
D ed u ctio n s.
P a id .
S u rp lu s.
8 mos. ’ 21-$5.130,432 $347,942 $1,345,241
________ def.$997,299
1920 _____ 7,909,892
1.283,384
1,700,810
________ def. 417,426
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., Sir William Mackenzie; V .-P ., Frederic Nicholls*
M gr., Robt. J. Fleming; Sec. & Treas., J. C. Grace.— V. 113, p. 1472*
1569, 1575, 1773; V. 114, p. 624, 855; V . 115, p. 1101, 1322, 2159; V. 116p. 723.
(1) T oron to Power C o.
SYDNEY, NOVA SCOTIA.
Sale to H yd ro-E lec. P ow er C om m .— In Dec. 1920 the Toronto R y. sold lta
CAPE BRETON ELECTRIC CO.. LTD.
Interest in the co. to the Hydro-Elec. Power Comm, o f Ontario and the City
OR G A N IZA TIO N .— Incorporated in Nova Scotia and does the entire of Toronto. V. I l l , p. 2333. See under Toronto Ry. above for details.
Entire stock was owned by Toronto Ky $2.0011.000 directly and $1,000,electric railway and lighting business in Sydney; the entire electric lighting
business in North Sydney, the ferry business between Sydney and North 000 hrough a subsidiary company.
Toronto Power Co. owns all the $4,000,000 stock of the Toronto Elec.
Sydney, and operates an interurban line between North Sydney and Sydney
Mines. Also owns cap. stock and $220,000 of the $368,000 outstanding 1st Light Co. and $2,993,900 of the $3,006,100 common stock, $2,990,600 of
M . bonds of the Sydney & Glace Bay Ry. C o., Ltd., an interurban line 19 m. the $2,993,900 pref. stock and $5,014,000 1st M . 5% bonds of the Electrical
Development Co.
In length between Sydney and Glace Bay, which is operated under lease for
The franchise of the Toronto Elec. Lt. C o., dated N ov. 13 1889, gives
99 years from Jan. 1 1911. Guar, payment of said co.'s bonds, principal
the city the option of purchasing the property on Nov. 13 1919 on a basis
Interest and sinking fund. F ran ch ises expire 1931 and 1932. On May 5
tc be fixed hv arbitration. failing agreement as to price, on one vear’s notice.
1914 authorized pref stock was increased from *250.000 to *500.000
Option having not been exercised in 1919, city has no further rights of pur
F a re In crea se. — Effective Aug. 15 1920, fares were raised from 6 cents to
chase for 20 years. The Electrical Development C o.’s franchise extends to
10 cents cash, tickets to be sold at 4 for 30 cents. V. I l l , p. 1369.
1953, with privilege of renewal.
STOCK AN D BONDS—
D a te.
In terest. O utstand ing.
M a tu rity
On April 11 1922 holders o f the 4 l % cons. deb. stock of 1911 voted to
A
M -N
$1,125,000 N ov. 19,1H
Common $1,125,000 ($100)_______
exchange their present debentures bearing the guaranty of the Toronto R y.
M-N*
314,000 M e y ’23,3%
Pref 6% $500,000 ($100)..................
for a like amount o f debentures, bearing same int. rate, &c., but having
First mortgage $1,500,000/ 1902
5 J-J
1,096.000 Jan 1 1932
the unconditional guaranty as to prin., int. and sinking fund of the Hydrogold________________ C - n t f l l n t . at State St. Tr. C o., Boston, trustee
Sydney & Glace Bay 1st M J 1902
5 J-J
148,000 July 1 1932 Elec. Power Commission of Ontario, in turn guar, by the Province of
Ontario.— V. 114, p. 1661. Compare V. 114. p. 1195.
$500,000 guaranteed.c.ntfl Int. at Royal Trust Co Montreal, trustee
Stock. — Preferred stock is redeemable at 120. Capital stock autb by
STOCK AND BONDS—
D a te.
In terest.
O u tstand ing.
M a tu r ity
Charter, $2,000,000. Of the unissued portion as much may be preferred as Stock $3.000,000__________________
_________
See text ___________
the stockholders determine.
fo r Power Co cons deb stock f 1911
4!^ M-N 14.665.773
1941
B on d s. — Of the 1st mtge. bonds, $2,000 canceled for impt. fund. Impt.
$25,000,000 guar p & I by( British Empire Trust C o., L td., London.
fund o f 1% o f bonds issued. Red. at 105 and int. on any int. date
Of
Toronto Ry Co $ & £_____1 Trustee. Callable at 105.
the Sydney & Glace Bay 1st mtge. bonds, $72,000 have been canceled by
Tor Pow Co gu bds $4,250,-1 1914.
5 g J-J
4.100.000 July 1 1924
•ink. fund $220,000 held by Cape Breton Elec. Co. Red. as a whole at
000 ($100, $500 & $l,000)c*\lnt. in N. Y ., Nat. Tr. C o.. Ltd., T or., trus.
110 and int. on any int. date. Sinking fund of 1% per annum.
Elec Devel Co $10,000,000! 1903
5
9.547,000 Mar 1 1933
D iv id e n d s . — 6% yearly (M .-N . 1) on pref. stock. On com., 1st div.
1st mtge ($500) g ______ c* \Int. at C an. B k. of C om ., T or., N . Y . & Lon
U i % , paid N ov. 1910; in 1911, 4% ; in 1912, 4% & 1% extra; in 1913 and
Toronto Elec Lt 1st M $1,-/ 1916
5 g J-J
1.000.000 July 1 1919
1914. 6% . In 1915 and incl. N ov. 1 1919. 3% . None since.
000.000 geld ($1.000)_ c*llnterest payable in N. Y and Toronto
_
EARN IN G S.— For 12 months ending Dec. 31:
Toronto Power Co. bonds of 1914 are guaranteed, unconditionally,
Y ea r —
G ross.
N et (after Taxes)
Interest.
Surplus.
principal and Interest, by Toronto Ry. Co. They are callable at ICO
1922__________________$626,238
$73,554
$67,196
$6,358
and interest on any interest date on 3 months’ notice. Electrical Develop
1921__________________ 694,596
111,388
68,768
42,619
ment Oo. bonds have sinking funds which began In 1911 of $1 per year for
R O A D .— Cane Breton Elec.Oo., 12.8 miles; Sydney & Glace Bav 19.3 e»cn electrical h. p. sold. V. 88, p. 1316. Of the Tor. Pow. Co. cons. deb.
miles; total, 32.2 miles. Gauge. 4 ft. 81$ in. 22 passenger and 10 other stock $11,000,000 are reserved to retire like amount of Elec. Devel. and
for. Elec. Lt. bonds, and remainder is for extens. and impts. at 80% of
cars. Power stations have 1,975 k.w. capacity.
c )8t. Sink, fund began in 1913, calculated to retire whole of stock at maOFFICERS.— Pres., A. S. Pratt; V .-P ., Frederick S. Pratt; Sec., Victor
mrity at 105. Int. is payable in London and Toronto. See V. 93. p. 1328.
D. Vickery; Treas., H. B. Sawyer; Gen. Mgrs., Stone & Webster M gt. Assn., The Toronto Elec. Lt. bonds are red. as a whole or In part, but not less than
Boston; M gr., Claude O. Curtis.— V. 100, p. 1436; V. 102, p. 1718; V. 105, $500,000. at 101 and int. on any int. date after July 1 1917. V. 102, p. 2347.
p . 1103; V. 106, p. 1900; V. I l l , p. 1369; V. 112, p. 2536; V. 114, p. 2115.
RESULTS.— Of Toronto Elec. Lt. Co. for calendar years:
Y ea r—
1918.
1917.
1916.
1915.
Number of customers_____
26,616
27,510
26,531
25,844
TORONTO, CANADA.
Kilowatt hours sold.............. 73.935,304 71,592,832 5.931,137 51,395,537
THE TOR O N TO R Y .— A trolley road.
PR O PE R T Y.— Leases the Electrical Devel. C o.’s hydro-electric power
_T he T o ro n to R y. Co. fran ch ise expired Aug. 311921 and the proper plant at Niagara Falls, Ont., with a total generating capacity of 140,000 h.p.
ties were taken over by the C ity o f T o ro n to on th a t date. A rbitra
if which 15,000
in reserve, and
lines (4
tio n proceedings to establish the am ount to be paid the com pany by Into Toronto onh.p. held right of way two transmission Lt. Co. circuits)
private
The Tor. Elec.
owns a
th e C ity o f T oron to resulted in an upset price of $11,118,500 being
steam auxiliary power plant of 17,500 h. p. capacity. V. 103, p. 1987;
fixed by the board o f arbitrators. This award, however, is being
V. 105, p. 826; V. 111. p. 2050, 2141, 2333, 2432; V. 114, p. 1195, 1661.
con tested as excessive by the city . V. 116, p. 723.
Sale o f Toronto Pow er C o. — In Dec. 1920 the co. sold to the HydroElectric Power Commission o f Ontario and the City o f Toronto (subject
BRAZILIAN TR AC T IO N . LIG H T & POWER CO.. LTD.
to the ratification o f the Ontario Government and the approval of the
ratepayers o f the City o f Toronto [approved by ratepayers in Jan. 1921)
ORGANIZATION.— Incorp. July 12 1912 in Canada with $120,000,000
— V. 112, p. 258.) the Toronto Power C o., Toronto & York Radial Co.,
$100) auth. stock and has acquired through exchange of its stock for stock
Schomberg & Aurora R y. C o., Toronto & Niagara Power C o., Electrical of the newly acquired companies (on basis shown in V. 95, p. 175) the Rio
Development C o., Toronto Electric Light Co. V . 113, p. 1054, 1157, de Janeiro Tramway Light & Power C o., Sao Paulo Tramway Light &
1472, 1575. See also V. 115, p. 1101.
Power Co. and Sao Paulo Elec. C o., and through the first-named company
The consideration will, it is said, be $6,971,295 6% 20-year bonds of the controls entire capital stock of Rio de Janeiro & Sao Paulo Telephone Co.
city o f Toronto; $2,375,000 20-year 6% bonds o f the Hydro-Electric Power
STOCK AND NOTES—
D a te .
I n te re s t. O utstan d in g.
M a tu r ity .
Commission, and $612,528 20-year 5% bonds o f the Hydro-Electric Power
Commission, and the assumption by the Commission o f the underlying bonds Ordinary, $110,000,000-...................
Q-M $106,576,000
See text
o f the Toronto Power C o., $4,355,000 bonds o f the Electrical Development Pref 6% cum$10,000,000($100)____
6 Q-J
10,000,000 Apr ’ 23. \)4
C o., $13,558 bonds or debenture stock of the Toronto Power C o., $4,103,200
Stock .— The pref. stock Is conv. Into common stock at any time on basis
5% mortgage bonds o f the Electrical Development C o., $840,000 3-year 6%
of 1 1-5 shares pref. stock for 1 share of common. V. 96, p. 1421. Pref.
notes o f the Toronto Electric Light C o., outstanding stock of the Electrical stock listed on London and Toronto stock exchanges. Common stock
Developing C o., $13,100.
listed on Toronto, Montreal, Boston. Belfast and Brussels stock exchanges
Total purchase price________________________________________ $32,734,000 V. 97. p. 363
Obligations to be assumed___________________________________ 22,775,177
D ivid en d s. — 6% is being paid on the pref. stock. First div. on com .—
Bonds to be delivered_______________________________________ 9,958,822
m % — paid N ov. 15 1912. In 1913 and 1914, 6 % . In 1915 and 1910,
For further particulars see V. I l l , p. 2424; V. 112. o . 2750; V. 113, p.
4% . In 1917, March, 1% . In 1922, Sept., 1% was paid; Dec. 1% .
1472, 1575; V. 114, p. 855. See also V. 115, p. 1101, 1322.
In 1923, March, 1% ; June, 1% .
V aluation, & c . — See V. 113, p. 1472.
OR G A N IZA TIO N .— Incorporated in 1892 and acquired by purchase the
REPO RT.— For years ending Dec. 31:
old Toronto City Street Railways and the exclusive privilege to work street
Cal. Y e a r s —
Total In co m e. Charges.
P ref. D ivs.
S u rplus.
railways in the city o f Toronto for a term of 30 years from Sept. 1 1891 1 9 21...........
..$4,537,715
$1,300,033 (6%)$600.000 $2,637,682
(with the exception o f two small reservations in the Act which are believed 1920 ___________
7,243,443
1,248,320 (6%)$600,000 5,395,122
to be o f no Importance), a privilege which has since been ratified by Act of 19 19________________ 8,877,005
1,003,038
(6%)600,000 7,273,907
Che Legislature of Ontario. Owns, directly or Indirectly, practically the 19 18________________ 6,252,463
832,791
(6%)600,000 4,819,672
ELECTRIC RAILW AYS
A pril, 1923.]
LATEST EARNINGS (milreis).—
— 2 M o s . end. Feb. 28—■ — Y e a rs ending D ec . 31—
1923
1922
1921
1920
G r o ss--------- --------- ..136,401,000 $29 505,000 $170,867!000 $134,905,832
N e t--------- ---------------- 21,749,000 17,156,000
95,105,000
69,990,657
OFFICERS.— Chairman o f Board, Sir William Mackenzie; Pres , Sir
Alexander Mackenzie; V .-P .. Robt. C. Brown: Sec., J. M . Smith. Toronto.
— V. 114, p. 2716; V . 115, p. 431, 541, 759, 2045; V. 116, p. 294.
(I) Rio de Janeiro Tramway. Light & Power C o., L td.
For last statement published, see “ Electric Railway Supplement” of
Oct. 28 1922.
(J) The Sao P aulo Tram way, Light & Power C o., Ltd.
For last statement published, see “ Electric Railway Supplement” of
Oct. 28 1922.
(3) Sao P aulo E lectric C o.. Ltd.
For last statement published, see “ Electric Railway Supplement” of
Oct. 28 1922.
WINNIPEG, MANITOBA.
W INNIPEG ELECTRIC R Y .
O R G A N IZA TIO N .— Incorporated In Manitoba In 1904 and Is a consoli
dation of the Winnipeg Electric St. R y. and the Winnipeg General Power
Go. Controls Suburban Rapid Transit Co. and Winnipeg Selkirk & Lake
Winnipeg R y ., and guarantees bonds o f those companies, prln. and lnt.
V. 86, p. 1346; V. 101, p. 1466. Operates the entire street railway and gas
business in Winnipeg, the street railway In St. Boniface, and does the largest
part o f the electric power business in those cities and vicinity. Fran ch ises
either perpetual or for long terms and street railway franchise is exclusive
In Winnipeg until 1927 and in St. Boniface until 1943. City of Winnipeg
may purchase the property in 1927 upon 6 months’ notice at its physical
valuation (including cost o f paving done by company), to be determined by
arbitration: after 1927 city may exercise right to purchase at the end of each
succeeding 5-year period on 1 year’s notice. See also Y. 112, p . 746. For
proposed new franchise agreement, see V. 115, p. 2479.
The co. guarantees prin. and int. by endorsement, $7,500,000 1st M . 7%
bonds series “ A ” of the Manitoba Power Co., Ltd. V. 113, p. 1984.
In Oct. 1913 Judge Robson, the P. U. Commissioner at Winnipeg, denied
the application of the municipal power plant of Winnipeg to sell current
In 8t. Boniface without the consent of the latter city. It was held that
the Winnipeg Electric R y. supplied St. Boniface with current satisfactor
ily .
V. 97. D. 1288.
N ew Pow er D evelop m en t .— See V . 113, p. 1362, 1984.
Jitney C om petition A b olish ed .— In April 1918 the city authorities voted
to abolish jitney service, thus removing this form o f competition against
he co.
Effective Oct. 4 1919 was auth. by the P. U. Comm, to increase fares to
6 cents cash, or 9 tickets for 50 cents. Workmen’s tickets are to be sold at
5 for 25 cents and school children’s tickets at 7 for 25 cents.
109, p
1462. Effective Sept. 1 1920 was auth. by the P. U. Comm, to increase
fares to 7 cents cash, with 4 tickets for 25 cents. Workmen's tickets were
abolished under this order. V. I l l , p. 1085. Effective Aug. 1 1921 rates
were changed to cash fares o f 7-cents week days and 5 cents Sundays,
tickets 4 for 25 cents, children’s tickets 8 for 25 cents and workmen’s tickets
9 for 50 cents. Gas rates were also raised at the same time. V. 112, p. 1743.
V a lu a tio n .— Sae V. 109, p. 2264; V. 110, p. 1417.
The stockholders on Oct. 10 1921 auth. the co. (a) to enter into an
agreement whereby It will guar, the prln. & lnt. of $7,500,000 Manitoba
Power C o., Ltd., 7% bonds, due 1941; (6) on making a power contract
under which the street railway will take power from the power co. V. 113
p. 1676. Compare V. 113. p. 1362. 1413. 1984.
In Feb. 1923 issued $3,250,000 20-yr. gen. mtge. & coll. tr. 6% bonds to
retire curr. debt created for capital expenditures and for general corporate
purposes. Y. 116, p. 824.
STOCK AND BONDS— D a te.
M a tu rity
In terest.
O utstanding.
Com stock $11,000,000 ($100)See text
$11,000,000
Q-J
Preferred $3,000,000 $100 c u m ____
7% Q-J
3.000,000 Apr ’23, I K
Perpetual debenture stock_ j ____
_
4 h A-O 2
£900,000
See text
1British Empire Trust C o.. London, Trustee.
First refunding M $5,000,000/ 1905
5 g J-J
$4,273,500 Jan. 2 1935
gold sink fund ($1.000)._c*U nt. at Bank o f Montreal, Montreal t N . T
20-yr. gen. mtge. & coll, tr.f
$5,000,000 ($100, $500 &] 1923
6 g M -S
3,250,000 M a rl 1943
$l,0 00)g---------------------c*tf (Royal Trust C o., Montreal, trustee.
Win El St Ry mtge $1,000,-/ 1898
5 g J-J
1,000,000 Jan. 1 1927
000 ($500)_______________ {interest at Bank of Montreal, Montreal.
Slock.— The debenture stock Is repayable at no fixed date, but Is subject
to call at 105 and Interest. Y. 88, p. 626. Listed on London Stock Ex
change. V. 91, p. 1448. Pref. stock is pref. as to assets and divs. and has
voting power, V. I l l , p. 2326, 2522.
Bonds.— Of the $5,000,000 1st refund, bonds, $726,500 are reserved to
retire the first 5s. The Royal Trust C o., Montreal, is trustee. The new
bonds are not subject to call, but 1K % o f bonds outstanding Is payable to a
sinking fu n d from 1915 to 1924, incl.. and 2% from 1925 to 1934, incl.
See
V. 79, p. 2698. $516,655 Win. El. St. Ry. 1st 5s are In sinking fund. The
20-yr. gen. mtge. & coll. tr. 6% bonds are secured by depcsit of £1,343,000
Winnipeg Elec. R y. 4 )4 % peipetual consol, deb. stock. The iemaining
$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
days’ notice at 102 and int. on or before March 1 1924, the premium there
after decreasing J4 of 1% per annum to March 1 1927, and thereafter at
100 and int. Int. payable at Bank of Montreal, New York and Canada
without deduction for any tax or taxes which co. or trustee may be required
to pay or to retain therefrom under any present or future laws of any taxing
authority in the Dominion o f Canada or any Provice or municipality thereof
when held by residents of the U. S. Co. agrees to refund Penna. and
Conn. State tax up to 4 mills. V. 116, p. 824.
D iv id en d s .— On pref. 124% quar. has been regularly paid. Paid 2 K %
quar. on com. from Apr. 1908 to Apr. 1911. In July rate was Increased to
3% quar., which amount was paid to and incl. Jan. 1915; in April, July
and Oct. 1915, 2)4% each. In 1916, Jan.. 2% None paid since.
RE PO RT.— For years ending Dec. 31:
Y ea r —
Gross.
N e t.
Charges.
P r e f. D iv s .
B a l., Sur.
$1,990,362
$1,361,047
$210,000
$329,315
1922 ______ $5,517,078
2,020,050
1,472,162
182,367
365,522
1921______ 5,579,430
1920 ______ 5,310,400
1,881,503
1,345,977.
4.444
535,525
Revenue passengers carried in 1922, 60,399,419, against 61,515,325 in
1921, 65,248,840 in 1920, and 58,729,317 in 1919.
ROAD.— Operates 173.97 miles of track, including Suburban Rapid
Transit C o., and Winnipeg Selkirk & Lake Winnipeg R y. Has 341 motor
cars and 12 trailers, 45 misc. cars. Completed in 1907 a 30,000 h . p.
water-power plant, which, due to impts. in 1920, has been increased to
38,000 h. p. Installed a 12,000 h. p. steam turbine auxiliary plant in 1911.
OFFICERS.— Pres., Sir Augustus Nanton, Winnipeg; V.-P. & Gen*
Mgr. A. W . McLimont: Sec., F Morton Morse. Winnipeg; Treas.. J. 8
Mackenzie.— V. I l l , p. 1853, 2230, 2326, 2522; V . 112, p. 373, 746, 934*
1743, 2307; V. 113, p. 1362, 1473, 1676,1984, 2506; V. 114, p. 1536; V. 115*
p. 2479; V. 116, p. 824, 1277.
(1) Suburban Rapid T ransit Co.
ORGANIZATION.— Organized In 1902 In Manitoba. Charter givei
company right to operate the telephone and telegraph lines and to dispose
of electric light, heat and power. F ran ch ise, 35 years from 1902 and ii
exclusive. Winnipeg Electric R y. controls road through ownership of
stock.
STOCK AND BONDS—
D a te .
In terest.
O utstand ing.
M a tu r ity ,
_________
See text ________ __
Stock $100,000_____________ ____
5 F-A
$500,000 Jan. 31 193$
First mortgage ($1,000) g .c* 1908
Guaranteed, principal and- Royal Trust C o.. Montreal, trustee.
Interest, by Winnipeg Elec Interest at Bank o f Montreal, Montreal.
Toronto, New York or London. England.
tric Ry.
B on d s .— Additional bonds may be Issued at rate of not exceeding $20,000
per mile additional road built
EARN ING S.— For calendar year 1922, gross, $278,885; net, $44,048;
charges, $39,810; surplus, $4,238. In 1921, gross, $272,734; net, $48,509;
charges, $40,740; surplus, $7,769.
R OAD.— Embraces 21.31 miles of track from Winnipeg to Headin61y on
the north side of Assiniboine River and beyond the City Park on the south
side of river. V. 86, p. 1345.
(2) W innipeg Selkirk & Lake W in nipeg Ry.
ORGANIZATION — Incorp. by Act of Manitoba Legislature with
power to do a steam or electric railway and a lighting and power business.
Controlled through ownersulp of $490,000 of Its $500,000 stock by the
Winnipeg Electric Ry. F ran ch ises run to 1939 and 1942.
Has contract for power with Winnipeg Elec. Ry. running to M ay 31 1925.
Also has contracts with Selkirk to supply power for municipal purposes and
with Stonewall to do a general light and power business.
BONDS—
D a te.
In terest.
O utstanding.
M a tu r ity .
Gen M & ref bonds $1,400,000/ 1915
5 J-J
$662,200 July 1 1925
g ($100. $500. $1,000)-C*<kr\National Trust C o.. L td., Toronto, trustee.
Prior lien...............................................
5%
400,000
1933
$340,000 prior lien bonds have been exchanged for Gen. M . Sc Ref. bonds.
B on d s .— 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
Elec. R y. Sink, f u n z of 2% of bonds outstanding plus int. on bonds in
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., all or part, at 103 and interest.
EARNING 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.
ROAD.— Operates a line from Winnipeg on west side of Red River to
Selkirk. 2214 miles, witn a branch on private right of way from Middlechuch to Stonewall, 1 7 K miles (placed in operation Jan. 1 1915). 12 motor
and 27 misc. cars. V. 101. p. 924. 1466: V. 106. p. 2012.
GENERAL
Page.
berdeen (So. Dak.) R __________________
A bilene (Texas) Street R y _________________
R
*
*
IN D E X.
Page.
Amesbury & Hampton— See Massachusetts
Northeastern Street R y __________________ 53
Adamstown Sc Mohasvtlle Electric R y .— See
Anacostla & Potomac River R R .— See Wash.
Reading Transit Sc LightC o_______________ 112
Ry. & Electric____________________________ 129
Adrian Street R y____________________________ 88 Anderson Water. Light Sc Power C o.— See
Agamentlcus Electric Light— See Cumberland
Southern Public Utilities C o ________________ 23
County Power & Light C o ________________ 109 Androscoggin Electric C o____________________110
Akron Wadsworth & Western R y.— See North.
Androscoggin Sc Kennebec R y ______________ 109
Ohio Tract Sc Light C o___________________
2 Anniston Electric & Gas C o.— See “ Railway
Alabama City Gadsden Sc Attalla St. R y _____45
Sc Industrial” Section.
Alabama Traction C o________________________ *
Annapolis Public Utilities C o.— See Wash.
Alabama Trac.. Lt. & P.— See "Railway Sc
Balt. & Annapolis_________________________ 130
Industrial" Section.
Annapolis Short Line— See Wash. Balt. &
Alameda Oak Park & Pied. El.— See San Fran.
Annapolis Elec. R R ______________________ 130
Oakland Terminal Rys__________________ 90
Ardmore (Okla.) Street R y_________________
*
Albany R y.— See United Traction (Albany)_2
Ardmore (Pa.) Street R y ___________________ 105
Albany Southern R R ______________________ 3
Arkansas Central Power C o__________________ 64
AI hi a Light A Railway...................... ............... 3 Arkansas V lilev Inter urban Rv _
_
131
Alfred L t. & Pow. C o.— See York Utilities Co_ 59 Arkansas Valley R y., Light & Power Co.— See
Algiers By. Sc Ltg. Go.. New Orleans________
*
Southern Colorado Power C o______________ 111
Allegheny Sc Bellevue—See Fed. St. Sc PL V ..10 5 AsDury Park Sc Sea Girt R R .— See Atlantic
Coast Electric R y________________________ 5
Allegheny Belle. Sc Perrysvllle R y _________ 105
Allegheny Co. Lt. C o.— See Duquesne Lt. C o. 106 Ashaway Sc Westerly R y. C o.— See Shore Line
Allegheny St.— See Federal St. Sc Pleas. V a l..105
Electric R y ________________________________90
Allegheny Traction „ ______________________ 105
Asheville Electric Co.— See Asheville Pow. <
fc
Allegheny Valley St R y .— See West Penn.Rys. 107
Light C o.......................
112
Allentown El. L & P .— SeeLeh.Val Tran______ 3 Asheville Power Sc Light C o_________________ 112
Ashland (Wis.) Light, Power Sc Street R y.—
Allentown Sc Kutztown.— See Allentown &
Reading__________________________________ 4
See Ironwood Sc Bessemer R y. Sc Lt. C o____57
Allentown Sc Reading Traction C o ___________
4 Ashtabula Rapid Transit___________________
6
Allentown Sc Slatington— SeeLehlgh Val. Tran. 3 Atchison Ry. Light & P o w e r .._____ _______ 22
Allentown Bridge C o .— See Lehigh Val. Tr .Co. 3 Athens Elec. R y.— See Athens Ry. & El. C o . 88
Alliance Electric R y.— See Stark Elec. R R _
_ 4 Athens Hallway Sc Electric C o________________ 88
Athol & Orange St. R y .— See Northern Mass.
Alton Granite Sc St. L. Trac. C o.— See East St.
Louis & Suburban C o _____________________41
Street R y________ ._________________________ 51
Alton Jacksonville Sc Peoria__________________
* Atlanta Sc Carolina R y _____________________
*
Alton & Jacksonville R y____________________
*. Atlanta Consol. St. R R .— See Ga. Ry. & El_ 6
Alton Sc Northern R R ________________________ * Atlanta Gas Light C o.— See Ga. Ry. Sc E le c .. 6
Atlanta & Fairburn R R . & Electric________
*
Alton Ry. Gas & Elec. L t.— See East St. Louis
Sc Suburban C o__________________________ 41
Atlanta Sc Macon R y_______________________ *
Alton R y. & 111.— See E. St. Louis Sc Sub. C o . 41 Atlanta Northern R y.— See Ga. Ry. & El. Co. 6
Atlanta St. R R .— See Ga. Ry. & Elec. C o____ 6
Altoona Sc Logan Valley Electric R y------- 96
* Atlanta Water & Elec. Pow. Co.— See Ga. R y.
Altoona Northern R R ______________________
American Cities C o.— See Nat. Power & L t .. 80
Sc Power C o______________________________
6
American Electric Power C o-------------------------94
Atlantic Ave. R R .— See Bklyn. Rapid T ra n .. 15
Atlantic City Sc Ocean City Co.— See Atlantic
* See inside back cover.
City Sc Shore Co__________________________ 6
137
P age.
Atlantic City Sc Ocean City R R .— See Atlantic
City Sc Ocean City Co___________________ 6
Atlantic City Sc Shore C o ___________________ 6
Atlantic City Sc Shore R R .— See Atlantic City
Sc Shore C o______________________________
6
Atlantic Sc Sub.Ry.— SeeAtl.City& Shore Co. 6
Atlantic Coast Electric Ry__________________ 5
Atlantic Coast Elec. L t. C o.— See Atlantic
Coast Electric R y _________
5
Atlantic Shore Line R y .— See York Utilities C o. 59
Atlantic Shore R y.— See York Utilities C o____59
Auburn sc Northern Elec R R .— See Empire
State Railroad Corporation_______________ 126
Auburn & Syracuse Electric R R _________
126
Aug. Sc Aiken Ry -See Aug.-Alken Ry .Sc Elec. 8
Augusta-Aiken Ry Sc Elec. C o _______________ 8
Augusta (M e.) Hallowell & Gardiner R R .—
See Androscoggin Sc Kennebec R y __________109
Augusta (Ga.) R-y. Sc Elec. C o.— See Augusta
Aiken Ry. Sc Elec_________________________ 8
Augusta Wlnthrop Sc Gardiner R y .— See
Androscoggin & Kennebec R v _____________ 109
Aurora Elgin & Chicago— See Chicago Aurora
& Elgin____________________________________ 23
Aurora Elgin & Fox River Electric C o_______ 23
Aurora Plainfield Sc Joliet R y ________________ 58
Austin (Texas) Street R y ______ _____________ 8
O abylon (L. I.) R R _______________________
*
*-*aden Sc St. L. R R .— See United Rys. C o_ 116
_
Bahia Tramway, Light & Power C o--------------- *
Bakersfield Sc Kern Elec. R y.— See San
Joaquin Lt. & Pow. Corp__________________ 44
Baltimore & Annapolis Short Line— See Wash.
Balt. & Annapolis Elec. R R _______________ 130
Baltimore Catonsville Sc Ellicott’s Mills Pass.
R R .—See United Rys. Sc Elec. C o________ 8
Baltimore Halethorpe & Elkridge R y ________ 9
Baltimore Sc Northern Electric R y .— See
United Rys. & Elec. C o __________________ 8
Balt. Sparrows Point & Chesapeake R y _________ 9
Baltimore Term. C o.— See Wash. Balt. & Ann.130
Baltimore Traction— See United R ys. & Elec. 8
Baltimore Sc Washington Transit— See Wash
ington Sc Maryland R y ___________________ 130
Bamberger Electric R R ______________________ 118
Bangor (Pa.) & Portland Traction C o_______
*
138
INDEX TO KAIL W AYS
P a ge.
P a g e.
Bangor R y. & Electric Oo___________________ 9 Bucks County Interurban R y .— See Penn
Bangor Power Co.— See Bangor R y. A El____ 9
sylvania-New Jersey R y ____________________90
Barcelona Traction, Eight A Power C o______ * Buffalo Bellevue & Lancaster R y .— See Inter
Bar Harbor El. Lt. Co.— See Bangor R y . & El. 9
national R y ________________________________19
Bar Harbor A Union River Power C o.— See
Buffalo & Depew R y.— See Depew & Lan
Bangor Ry. & El. C o______________________ 9
caster Ry. Corp__________________________ 19
Barre & Montpelier Trac. A Pow.— See MontBuffalo Dunkirk A Western R R .— See Buffalo
. poller A Barre Light A Power______________ 9
& Lake Erie Traction C o__________________ 18
Bartlesville Gas A Electric___________________ 8 8 Buffalo Gardenvllle & Ebenezer R y.— See
Bath St. R y.— See Androscog. A Kenneb.Ry_109
Erie County Traction Corp________________ 19
Baton Rouge Electric Co_____________________ 10 Buffalo Ham. & Aur. R y.— See Erie County
Bay City Gas Oo.— See Consumers Power C o . 47
Traction Corp____________________________ 19
Bay State Street R y.— See Eastern Massa
Buffalo & Lackawanna Traction Co_______ - __19
chusetts Street R y. C o________
12 Buffalo & Lake Erie Traction C o______________ 18
Beaumont Trac. Co.— See Eastern Tex. Elec. 10 Buffalo Lockport & Rochester R y.— See Roch
Beaver Co. Light C o.— See Duquesne Light O0 IO6
ester Lockport & Buffalo R y ______________ 115
Beaver Valley Traction______________________ 106 Buffalo & Lockport St. R y.— See Inter. R y ._ 19
Bedford Lt.. Ht. & Power.— See Interstate
Buffalo & Niagara Palls Electric R y.— See In
Public Service C o __________________________ 53
ternationa] Railway________________________ 19
Beech Grove (Ind 1 Traction Oo_____________ * Buffalo R y.— See International Railway______ 19
Bellalre South Wr »em Trac. C o.— SeeWheeiBuffalo South. R y.— See Erie Oo. Trac.( orP- 19
Ing Traction_____________________________ 107 Buffalo Tonawanda St Niagara Palls Electric
Belt Line Ry. Corp__________________________ 84
R R .— See International Traction_____ _
19
Ben Avon & Emsworth St. R y ____________ -105 Buffalo Traction.— See International R y ___ _ 19
Bennington Elec. C o.— See Twin State G. A E . 14 Buffalo & Wllliamsville Electric R y______ __ 19
Bennington Water Power Oo.— See Twin State
Burlington Elec. Lt. & Pow _______________
G. & E. C o....................................................... 14 Burlington County R y.— See Burl. Oo T ra n .. 70
Benton Harbor-St. Joe R y. & Lighting________ 10 Burlington County Transit C o________________ 70'
Bergen Turnpike C o__________________________ 77 Burlington Gas Light C o.— See South Jersey
Berkshire Street R y_________________
79
Gas, Electric & Traction O o_______________ 76
Berlin (N . H.) Street R y ------------------------------- * Burlington (Iowa) R y. & Light C o.— See
Berwick & Nescopeck Street B y--------------------- *
United Utilities Corp_______________________ 20
Beth. A Nazareth— See Leh. Val. Transit_____ 3 Burlington (Vt.) Traction_____________________20
Beverly A Danvers— See Eastern Massachus
Butler Railways C o __________________________ 20
etts Street Railway Oo______________________12 Butte Electric R y ____________________________ 20
Biddeford & Saco Railroad------------------------------10
Big Creek Lt. & Pow.— See Coast Counties
adillac Gas Lt. C o.— See United Lt. & Rys_ 49
Gas & Elec. C o...................... - ..........- ........... 120 C adillac Water & Light Co.— See Consumers
Power O o________________________________47
Big Pour Elec. R y___________________________ *
Billings (M ont.) R y., Light A Power O o------ * Cairo City Gas Co— See Cairo R y. & Light
Biloxi El. Ry. & Power C o.— See Gulfport &
O o ________________________________________ 22
Miss. Coast Tract. C o_____________________ 52 Cairo Elec St Trac.—See Cairo R y. & Light
22
Binghamton Lest. A Union— See Bing. R y ------10
Cairo Ry & Lt O o _ _ _ __ . . _
_
_
______ 22
Binghamton Railway Oo____________________ 10 Cairo & St. L. R y.— See Cairo R y. & L t_____22
Birdsboro St. R y.— See Reading Tr. & Lt.
CalaiklMa ) Street Railway__________________ 20
C o _______________________________________ 112 Caldwell (Idaho) Traction C o _______________ *
Birmingham Ensley & Bessemer R y.— See
California Eastern & Northern R R __________
*
Birmingham Tidewater R y. C o ------------------11 California Pacific R y.— See Pac. Elec. R y _ _ 65
_
Birmingham Knoxville & Allentown Trac
California R y.— See San Fran.-Oak. Term. Ry 90
tion—See Pittsb. & Birmingham T r________ 105 California Ry. * Power______________________ 119
Birmingham Railway & Electric— See Bir
_
118
California Street Cable_ __________
24
mingham Ry. Lt. A Power------------11 Calumet Elec. 8 t. R y.— See Cal. Sc So. Chic
Birmingham Ry Lt. & Power-------------------------- 11 Calumet, * South Chicago R y _______
24
Blrmingham-Tlderwater Ry. C o -----------------------11 Camaguey Electric C o------------------------*
Black River (N. Y.) Traction Oo------------------- * Camden Gloucester * Woodbury R y ___________77
Bleecker St. & Pulton Perry R R -----------------------82 Camden Horse R R .— See Camden * Suburban 77
Bloomfield Street— See Pittsb. Tram. System 103 Camden Inter-8 tate R y.— See Ohio Val.El.Ry 97
Bloomington Decatur A Champaign R R .— See
Camden & Suburban R y______________________ 77
Illinois Traction, Inc---------------------------------- 21 Canadian Lt. Sc Pow ------134
Bloomington A Normal Ry El. A Heating Co.
Canal & Claiborne R R .— See N . O. Public
— See 111. Power A Lt. Corp--------- ------- -— 21
Service I n c ------------------------------------------------ 80
Canandaigua El. L t.* R R .— See N .Y St Rys 114
Bloomington A Normal R y. & Lt. Co.— See
HI. Power A Lt. Corp---------------------------------21 Omnarsle RR. Oo.— See N. Y. Consol. R R _ _ 17
_
Bloomington Pontiac A Joliet Elec. R y -------------58 Canton-Akron Cons. R y ____________________
2
Blue Grass Trac. Co.— See K y. Trac. A Term . 63 Ganton-Akron Ry.— See Oan.-Akr. Cons. R y . 2
Blue Hill Street R y ..................
20 Oanton-Masslllon Electric R y .— See CantonBlue Ridge Elec. Co.— See Georgia R y . & Pow. 6
Akron Cons. R y ---------------------------------------- 2
Canton-New Philadelphia R y.— See CantonBoise & Interurban R y.— See Boise Valley
Akron Coni. R y__________________________ 2
Tract ion C o _______________________________ 11
Boise (Idaho) R y ___________________________ * Cape Breton Electric Oo_____________________ 136
*
Boise Valley Traction Oo_____________________ 11 Cape Pear R y______________________________
Borden town Electric C o______________________75 Capital Traction____________________________ 130
Boston A Chelsea R R _________________________ 13 Carbondaie Ry.— See Scranton R y____________96
Boston A Eastern R R _______________________ * Carbon Transit C o.— See Mauch Chunk St
Lehighton Transit Co______________________67
Boston Elevated R y -------------------------------------- 11
Boston M il. A Brock.— See Eastern Massa
Carlisle (Pa.) & M t. Holly R R _______________ *
chusetts Street Railway Oo-------------------------- 12 Carolina Power A Light Oo__________________ 112
Boston A Northern St. R y .— See Eastern Mas
Carolina Traction Co. (Rock Hill. S. C .)____ *
sachusetts Street Railway Oo_______________ 12 Carolina & Yadkin River R y ________________ *
Boston A Revere Electric___________________ 13 Cascade El. Lt. & Power C o.— 8 ee Twin State
Gas & Electric C o __________________________ 14
Boston Suburban Electric Companies— See
Suburban Electric Securities C o--------------------12 Cascade Light & Power C o.— See Twin State
Gas & Electric C o_________________________ 14
Boston A Worcester Electric Companies----------- 14
Boston A Worcester Street R y------------------------ 14 Cass Ave. & Pair Gr. R y.— See United Rys. C ol 16
Cassville & Western R y --------------------------------- *
Boyerstown A Pottstown St. R y .— See Read
ing Transit & Light Oo------------------- - --------112 Catharine & Bainbridge Sts. R y ----------------------- 99
Braintree A Weymouth St. R y.— See Eastern
Catskill (N Y .) Traction Oo--------------------*
_
Massachusetts Street Ry. C o----------------------- 12 Cayuga Lake El. R y.— See Ithaca Traction_ 57
Cedar Rapids & Iowa City R y. & Light Oo.-—
Braintree St. R y.— See Eastern Massachusetts
See Iowa Ry. & Light C o------------------------- 20
Street R y. Oo_____________________________ 12
Cedar Rapids & Marion City R y ------------------- 51
Brantford A Hamilton R y.— See Dom. P A
Transm. C o ______________________________ 133 Central Arkansas Ry. & Light Corp.— See
Federal Light & Traction C o_______________ 84
Brantford Municipal R y ------------------------------- *
Central California Traction C o--------------------- 125
Brattleboro Gas Light C o.— See Twin State
Gas & Electric C o__________________________ 14 Central Crosstown R R .— See New York R ys. 81
Brazilian Traction, Light, A Power----------136 Central Electric Co.— See Somerset Union &
Middlesex Lighting C o------------------------------- 76
Bridge Operating C o.— See Bklyn. R. Tr. C o .. 15
Central Oeorgia Power O o----------------------------- 6 6
Bridgeport (Conn.) Trac.— See Conn. R y. &
Central 111. Lt. Co.— See Commonw. P. C orp. 46
Light, Oo ______________ ___
_ ______ 79
_
Bridgeton Elec.— See Am. Elec. Pow. C o--------94 Central Illinois Public Service C o--------------------- 67
Bridgeton A M ilv. T r.— See Am. Elec. Pow. Co. 94 Central Indiana Ltg.— See Inter-State Public
Service C o _________________________________56
Bridgewater Whitman & Rockland Sr, R y.—
See Eastern Massachusetts Street R y. C o— 12 Central Kentucky Trac. Co.— See Kentucky
Traction & Terminal C o----------------------------- 63
Bristol Sc Norfolk Street R v---- --------*
Bristol A Plainville Electric---------------------------- 14 Central Market St. R y.— See C ol.R y..P .& L t. 32
Central Mississippi Valley Electric Properties. 60
Bristol & Plainville Tramway (Conn.)— See
Bristol & Plainville Electric-------------------------14 Central New York Southern R R . Corp.— See
Ithaca Traction Corporation-----------------------57
British Columbia Electric K y-----------------------*
Broad Ripple Traction________________________ 56 Central Park North & East River R R .— See
Belt Line Ry. Corp------------------------------------ 84
Broad Ripple Natatorlum.— See Union Trac
tion Co. of Indiana_______________________ 5 Central Passenger R y.— See Central Traction.105
B'way & 7th Ave RR-------------------------------------82 Central Pennsylvania Traction Co.— See Har
risburg Railways----------------------------------------- 53
Broadway Surf. R R .—SeeB’y & 7th Ave.RR. 82
Central R v.— See United Railways 4 Electric. 8
Brockton Bridgewater & Taunton St. R y.—
See Eastern Massachusetts Street R y . Oo— 12 Central Railway— See 111. Power St Lt. C o r p .. 21
Central Texas Electric R y___________________
*
Brockton A East Brideewater St R y.— See
Eastern Massachusetts Street. R y C o----------- 12 Central Traction -------------------105
Centralia Gas & Elec. Co.— See HI. Pow. & Lt,
Brockton & Plymouth Street R y.— See Plym
C o rp ______________________________________ 21
outh & Brockton Street R y _______________ 108
Centre & Clearfield Street Ry_______________ *
Brockton Street Ky.— See Eastern Massachus
etts Street Ry. C o_________________________ 12 Chambersburg & Gettysburg Electric R y______ 21
Bronx Traction O o--------------------------- 83 Charabersburg Greencastle & Waynesboro St.
R y.— See Potomac Public Service C o_______ 52
Brooklyn Bath A West End R R .— See B. R. T . 15
Brooklyn & Bright. Beach— See Bklyn. R. T . 15 Charleroi & West Side Ry.— See United Trac.
Co. of Pittsburgh_________________________ 104
Brooklyn Cable C o.— See NassauElectric____ 18
Charleston City Ry.— See Charleston Consoli
Brooklyn City A Newtown R R .— See Coney
dated Railway, Gas & Electric______________22
Island A Brooklyn________________________ 18
Brooklyn City R R --------------------------------------- 14 Charleston Consolidated R y., Gas & Electric—
See Charleston Consol. Ry. & Ltg. C o______ 22
Brooklyn Crosstown R R .— See Brooklyn R. T . 15
Brooklyn Heights R R .— See Brooklyn R. T ._ . 15 Charleston Consol. Ry. & Lighting C o________ 22
B rooklyn* No. River R R .— 8 ee Third Av. R y . 83 Charleston-Isle of Palms Traction_____________22
Charleston Interurban R R ----------------------------- 23
Brooklyn Queens County & Suburban R R .—
See Brooklyn Rapid Transit________________ 15 Charlotte Elec. R y.— See Southern Pub. Util. 23
Brooklyn Rapid Transit_____________________ 15 Charlotte Electric R y., Light & Power Co.—
See Southern Public Utilities C o___________ 23
Brooklyn Union Elevated— See N . Y . Consol. 17
Charlotte (N. C.) Rapid Transit C o_________
*
Brownsville Avenue Street R y.— See Pitts. &
Blrm. Traction C o --------------105 Charlottesville & Albemarle R y _______________ 23
Brunswick (Ga.) & Interurban R y __________
* Chattanooga Elec. R y.— See Chatt. R y. & L t. 71
Chattanooga Gas Co.— See Un. Lt. & Rys. Co. 49
Brunswick Trac.— See Public Service R y _____76
Chattanooga Rys. Co.— See Chatt. Ry. & L t. 71
Brunswick & Yarmouth R y.— See Andro
scoggin & Kennebec R y ______________- ____ 109 Chattanooga Railway & Light________________ 71
Bryan (Tex.) & Central Texas Inter. R y ________ * Chautauqua Traction C o------------------------------- 57
Bryan College Interurban___________________
* Cheboygan Electric Light & Power C o----------- *
Chester & Eddystone— See Wilmington &
Philadelphia Traction Co__________________ 97
• See inside back cover.
[ V ol. 1 1 6 ,
P vg e.
Chester Darby & Phila.— See Wil. St Ches.Tr. 97
Chester & Media Elec. R y.— See Wil. & Ches
ter Traction________________________________ 97
Chester St Philadelphia R y ____________________99
Chester Street R y.— See Wil. & Ches. Trac---- 97
Chester Traction— See Wil. & Ches. Trac.C o . 97
Cheyenne Light, Fuel & Power Co.— See West
ern Light & Power C o---------------------------------89
Chicago Aurora & De Kalb R R ______________ *
Chicago Aurora & Elgin C o r p ________________ 23
Chicago Aurora & Elgin RR __________________ 23
Chic. Bloom. & Decatur R y.— See 111. T r., Inc. 21
Chicago City & Connecting Railways_________ 24
Chicago City Railway________________________ 24
Chicago Consol. Traction— See ChicagoRys__ 25
Chicago & Desplaines Val.— See Am. Elec.
Power C o __________________________________ 94
Chicago Elevated R ailw ays__________________ 26
Chicago Pox Lake & Lake Geneva__________
*
Chicago St Interurban Traction_______________ 25
Chicago & Joliet Electric R y ________________ 96
Chicago Junction R R _________________________27
Chicago Lake Shore St South Bend R y ______ 6 8
Chicago North Shore * Milwaukee R R ______ 25
Chicago * Oak Park Elevated R y ___________ 27
75
Chicago Ottawa Sc Peoria R y _________________ 22
Chicago Railways Oo____________________ ___25
Chicago South Bend * Northern Indiana R y __123
Chicago Surface Lines________________________ 23
Chicago Union Traction— See Chic. Rys. O o_25
Chicago * West Towns Ry___________________ 26
Chicago St West.— See Chic. City Sc Con. Rys. 24
Ohillicothe & Camp Sherman Electric R y ____ *
Chippewa Vail. Ry. Lt. * Pow.— See Wisconsin-Minn. Lt. Sc Pow. Oo____________________61
Choctaw Power A Light Oo____________________6 6
Christiana Sc Ooatesville Street R y .— See
Lancaster Oo. R y. Sc Lt. Oo_____ ________ _ 62
Christopher Sc Tenth Sts. R R _________________ 82
Cincinnati & Hamilton Electric.— See Cincin
nati St Dayton Traction C o_________________ 34
Cincinnati Covington Sc Erlanger.— See Cin
cinnati Newport Sc Covington----------------------- 35
Cincinnati St Dayton Traction Oo_____________ 34
Cincinnati Georgetown Sc Portsmouth R R ____28
Cincinnati & Hamilton Elec. C o.— See Cin
cinnati & Dayton Traction C o______________ 34
Cincinnati 4; Hamilton Traction Oo___________29
Cincinnati Lawrenceburg Sc Aur. Elec. St. R R . 28
Cincinnati Milford & Blanchester Traction_28
Cincinnati Newport Sc Covington L t.A T r.O o_. 35
Cincinnati Street R y_________________________ 29
Cincinnati Traction Oo____________________ _ 28
Oln.A Westw’d R R .— See Ind.A Otn.Trac.Oo. 56
Clnnimlnson Elec. Light Power A Heating Oo_
of Riverton N. J _______________________ __ 75
Cities Service Oo______________________________ 8 6
Citizens’ Electric Oo.— See Somerset Union A
Middlesex Lighting O o______________________76
Citizens’ Elec. Light, Heat A Power___________75
Citizens’ Elec. Lt. & Power— See Inter-State
Public Service C o_________________________ 56
Citizens’ Elec. St. R y.— See Massachusetts
Northeastern Street R y _____________________53
Citizens Elec. Ry. Lt. & Pow.— See Richland
Puolic Ser. C o ------------- . --------------------- 8 8
Citizens' Gas A Elec. Oo.— See Union R y .,
Gas A Elec. Oo_____________________________48
Citizens’ Gas & Fuel.— See United Gas & E l.C o .86
Citizens Lighting Co.— See 111. Traction______ 21
Citizens Pass. Ky.— See Harrisburg R ys____53
Citizens’ Pass. Ry., Norristown—See Schuyl
kill Valley Traction....................................... 113
Citizens' Pass. R y. (Phila.)__________________ 99
Citizens’ R y . & Lt. Co.— See Tri-City Ry .&Lt. 49
Citizens' R y., L. & P. C o.— See Newp. News
& Hamp. R y., G. & E. C o________________ 53
Citizens' Street R y. (Indianapolis, Ind.)— See
Indianapolis Street R y_____________________55
Citizens' Street R R .— See Memphis Street R y. 67
Citizens' Street R y. (Muncie. Ind.)— See
Union Traction of Indiana_______________ 5
Citizens’ T ra ction __________________________ 106
Citizens' Traction Co., Oil C ity______________ 92
Citizens' Water & Light— See Inter-State Pub
lic Service C o_______________________________56
City Electric Co., Albuquerque, N. M _______
*
City Electric Ry. (Port Huron. M ich .).-See
Detroit & Port Huron Shore Line___________39
City Electric Ry. (Rome, Ga.)— See Rome
Ry. & Light C o__________________________ 115
City & Elm Grove R R . Co.— See Wheeling
Public Service C o_________________________ 112
City Gas Oo.— See Norfolk Ry. A Light______ 114
City Light A Trac. Co. (Sedalia M o .)______ 8 8
City Railway (Dayton, Ohio) O o ____________ 37
City Ry of Los Anar.— ‘tee Ln« Ann. R y. Corn 65
City A Suburban Gas Co.— See West Virginia
Utilities C o_______________________________ 112
City A Suburoan Ry— See United Railways A
Electric Co. of Baltimore_________________ 8
City & Suburban R y.— SeeP ort.R y.,L .A Pow .llO
City & Suburban R y .— See Wash. R y. A E1..129
Clairton Street R y _______________________- __106
Claremont (N. H.) Ry. A Lighting C o _______ 112
Clarksville (Tenn.) A Dunbar Cave R y_____
*
Cleburne Traction C o_______________________ *
Cleveland Alliance A Mahoning Valley Trac__ *
Cleveland Berea Elyria A Oborlln R y.— See
Cleveland Southwestern A Columbus______ 30
Cleveland A Chagrin Falls R v . . _________ _ 31
Cleveland A Eastern Tract’on________________ 31
Cleveland A Elyria RR.— 8 <e Cleveland South
western A Columbus R R ________________ _ 30
Cleveland Electric R y.— See Cleveland R y_ 29
_
Cleveland Elyria A Western— See Cleveland
Southwestern A Columbus R y ______________30
Cleveland A Erie R y. C o____________________ 45
Cleveland Interurban R R ________________
*
*
Cleveland A Ohio Central Electric R y ______
Cleveland Painesville A Ashtabula R R ________30
Cleveland Painesville A Eastern R R _ ._ ___30
_
Cleveland Railway Company_________________ 29
Cleveland Rapid Transit R y ________________ *
Cleveland A Sharon Rapid Transit C o_______ *
Cleveland A Southwestern Traction Co.— See
Cleveland Southwestern A Col. R y_________ 30
Cleveland Southwestern A Columbus R y ____30
Cleveland A Youngstown R R ________________ *
Clifton Suspension Bridge— See Internal. Ry_ 19
Clinton Gas A El. Co.— See 111.Pow.A Lt.Corp 21
Clinton Street R y____________________________ 31
Coal Belt Electric Ry. C o___________________ 67
Coal Castle Electric R y.— See E. Penn. R y s . - l l l
Coast Counties Gas A Elec. C o______________120
Coast Counties Light A Power Co.— See Coast
Counties Gas A Electric__________________ 120
Coast Valleys Gas A Electric C o_____________119
Coeur d'Alene A Spokane R y.— See Spokane
A Eastern Ry. A Power C o________________ 123
Cohoes R y.— See United Traction C o________
2
Colorado Springs Electric Co.— See United Gas
A Elec trie Oo ______________________________ 86
Colorado Springs Light A Power C o.— See
L nited Gas A Electric C o__________________ 8 6
T
A p r il ,
INDEX TO RAILW AYS
1923.]
Pao .
Colorado Springs & Interurban R y ____________32
Colorado Springs Light, Heat & Power C o.—See United Gas & Electric__________________ 86
Colombia Canal C o.— See Columbia R y. Gas
& Electric C o_____________________________ 32
Columbia Elec. Lt., Ht. & Power— See Lan.
Co. R y. & L t_______________________________62
Columbia (S. C.) Elec. St. R y., Light & Power
— See Columbia R y., Gas & Electric_______ 32
Columbia & Montour Electric R y ___________
*
Columbia & Montour Elec. C o.— See Lehigh
Power Securities C orp____________________ 3
Columbia R y.— See Wash. Ry. & Elec. C o _ 129
_
Columbia (S. C.) R y., Gas & Elec. C o_______ 32
Columbia R y., Gas & Elec. Securities C o.—
See Col. R y., Gas & Elec. C o ______________32
Columbus Buckeye Lake & Newark Traction
— See Columbus Newark & Zanesville______ 34
Columbus Delaware & Marion Elec. R R .— See
Col. Delaware & Marion Elec. C o_ - _____ 34
_
Columbus Delaware & Marion Elec. C o_______ 34
Columbus Delaware & Marion Ry.— See Co
lumbus Delaware & Marion Electric C o ____34
Columbus Ed. C o .—See Col. Ry P. S Lt. Co. 32
c.
Columbus (Ga.) Electric C o.— See Columbus
Electric & Power C o_______________________32
Columbus Electric Sc Power C o_______________ 32
Columbus Grove City & Southwestern R y.—
See Indiana Columbus Sc Eastern__________ 33
Columbus Interurban Terminal C o___________ 33
Columbus Kenton Sc Toledo Traction________ *
Columbus Loudon Sc Springfield Ry.— See In
diana Columbus & Eastern________________33
Columbus Magnetic Springs & Nor. R y ______ 37
Columbus Marion & Bucyrus Ry. C o________ 67
Columbus New Albany & Johnstown Trac. Co. 35
Columbus Newark & Zanesville Elec. R y ____34
Columbus & Ninth Ave. R R .—See N Y. Rys_ 81
Columbus Northern Ry., Power & Equipment.
— See Columbus Delaware & Marion El. G o. 35
Columbus Power Co.— See Colum. Elec. &
Power C o__________________________ __ ____ 32
Columbus (G.) R R .— See Columbus Elec. &
Power C o_________________________________32
Columbus R y.— See Colum. R y., P. Sc L. C o . 32
Columbus Railway, Power & Light Co_______ 32
Columbus St R y.— See Col Ry.. Pow. Sc L t .. 32
Columbus Traction Co.— See Col. R y. Pow.
Sc Lt. C o __________________________________ 32
Columbus Urbana Sc Western Ry___________
*
Commonwealth Power. Ry. * Light C o ______ 46
Commonwealth Avenue St. R y.— See Eastern
Massachusetts Street Ry. C o_______________ 12
Commonwealth Power C o.— See Common
wealth Power Corp_________________________ 46
Commonwealth Power Corp__________________ 46
Commonwealth Power Co o f Naoraska.— See
Lincoln Traction C o________________________ 63
Compton Heights Union Depot & Merchants'
Terminal R y.— See United Railways C o____ 116
Concord Maynard Sc Hudson Street R y _______ 52
Concord Street R y___________________________ 35
Coney Island & Brooklyn R R ________________ 18
Coney Island & Gravesend— See Bklyn R. T . 15
Conestoga Realty C o.— Se Lancaster County
R y. & Light C o____________________________ 62
Conestoga Traction—See Lan. Co. R y. & Lt. 62
Connecticut Company________________________78
Connecticut Light & Power— See Connecticut
R y. & Lighting C o_________________________ 79
Connecticut Ry. & Lighting__________________ 79
Connecticut Valley Street R y________________ 51
Gonnellsville Suburban Street R y .— See West
Penn Railways C o________________________ 107
Conchohocken R y.— See Schuylkill V al. Trac 113
Consol. Elec. Light Co. o f Maine.— See Cum
berland County Power Sc Light C o ________ 109
Consolidated Gas Co. of Pittsburgh__________107
Consolidated Lt Ht Sc Power C o.— See Amer.
Electric Power C o_________________________ 94
Consolidated Power C o_______________________ 98
Consolidated Railway C o.— See Conn. C o ___ 78
Consolidated Rv. % Pow.— See Utah Lh & Tr.117
Consolidated Railways, Light & Power— See
Tidewater Power C o ______________________132
Consolidated Lighting C o.— See Montpelier Sc
Barre Light & Power C o __________________ 9
Cons. Secur. & Inv. C o .—See Den Tram Co_ 37
Con. Sub. St. R y.— See West Penn Rys. C o-.1 07
Consolidated Traction of New Jersey_________ 77
Consolidated Traction of Pittsburgh Pa . .1 0 5
Constantine Hydraulic Co.— See Michigan
Gas Sc Electric C o__________________________ 57
Consumers Light, Heat & Power C o.— See
United Electric Co. of New Jersey_________ 75
Consumers’ El. Lt. Sc Pow. Co. (New Orleans) 86
Consumers' Power C o__________ ____ . _ ____ 47
Consumers’ Water & Light C o.— See 111. Pow.
& Lt. Corp_________________________________21
Continental Passenger R y___________________ 99
Conway (Mass.) Elec. St. R y _______________ *
Copley Egypt Sc Iront m St. R y.— See Lehigh
Valley Transit____________________________ 3
Corning & Painted Post Street R y _ _ _________ 35
Corry-Deavitt-Frost Electric Oo.— See Mont
pelier & Barre L. & P. C o________________ 9
Cortland County Traction___________________ 35
County Tractioo Oo. (Chicago)— See Chicago
& West Towns R y_________________________ 26
Crawford County Railways Oo_______________ 42
Oreston Wlnterset & Des Moines R R ________ *
Orosstown St. Ry. (Buffalo)— See Inter. Ry__ 19
Orosstown St.— See Columbus Ry.,P.& Lt. Oo 32
Crown Point Elec. Co.— See Inter-State Pub
lie Service C o_____________________________ 56
Cumberland County Power & Light C o______ 109
Cumberland Electric R y ____________________
*
Cumberland (N . O.) R y. & Power Co.— See
Cape Fear Ry, Inc________________________ *
Cumberland Sc Westernport Electric R y. C o _88
rvallas Electric Term.— See Dallas R y. C o .. 36
■-'alias Interurban Terminal Association.—
See Dallas Railway Oo____________________ 36
Dallas Northwestern Traction C o ___________
*
Dallas Power Sc Light Oo____________________ 36
Dallas Railway C o___________________________ 36
Dallas Southwestern Traction C o___________
*
Danbury (Conn.) & Bethel Street R y ________ 36
Danville Champaign & Decatur R y. & Lt. Co.
— See 111. Pow. & Lt. Corp_________________ 21
Danville Consumers’ Coal Co.— See 111. Pow.
& Light Corp______________________________ 21
Danville & Eastern Illinois R y.— See 111. Pow.
& Lt. Corp____________ :__________________ 21
D anville & Northern— See 111. Pow. & L t. Corp. 21
Danville & Southeastern R y.— See 111. Pow.
& Lt. Corp_________________________________ 21
Danville (111.) Street R y. & Light— See 111.
Pow. & Lt. Corp___________________________ 21
Danville (Va.) Traction & Power Oo_________
*
Danville Urbana & Champaign R y.— See 111.
Trac., Inc_________________________________21
* S in e back cover.
ee sid
Page.
Darby Media & Chester R y.— See Phila. R . T . 98
Darby & Yeadon St. R y ____________________ 99
Dayton Covington & Piqua Traction_________ 37
Dayton & Northern Traction Oo.— See Indiana
Columbus & Eastern_______________________33
Dayton & Soldiers’ Home R R .— See City R y . 37
Dayton Springfield & Urbana Electric R y.—
See Ind. Colum. & Eastern________________ 33
Dayton Springfield & Xenia Southern________ 37
Dayton (O.) Street R y.— See City R y _______ 37
Dayton Traction.— See Cin. & Dayton Trac_34
Dayton & Troy Electric_____________________ 37
Dayton & West. Trac________________________37
Decatur Gas & Elec.—-See 111. Pow. & Lt. Corp. 21
Decatur Railway & Light Co.— See 111. Pow.
& Lt. Corp_________________________________ 21
D ecatur Trac. & Elec.— See 111. Pow . & L t. Corp. 21
Dedham (Mass.) & Franklin Street R y _______ *
De Kalb County Gas Oo.— S eelll.N o. Util. Co. 39
De Kalb-Sycamore Elec.— See Union R y., Gas
& Electric_________________________________47
De Kalb Sycamore & Interurban Trac.— See
Union R y., Gas & Electric_________________ 47
Delaware County & Philadelphia Electric R y . 97
Delaware & Maryland Trac. Securities Oo_
_
*
Delta Light & Traction C o__________________
*
Demerara Electric C o., Ltd., Halifax_______ *
Denison & Sherman Ry.— See Texas Elec. R y . 35
Denver City Tramway.— See Denv. Tram. Co. 37
Denver Consol. Tram.— See Denver Tram. Co. 37
Denver & Inter-Mountain____________________ 38
Denver & Northwestern R y__________________ 37
Denver Realty Co.— See Denver Tram. C o _ 37
_
Denver Tramway System_____________________37
Denver Tramway O o_________________________ 37
Denver Tramway Pow. Oo.— See Denver
Tram. C o__________________________________37
Denver Tramway Terminals Co.— See Denver
Tramway C o______________________________ 37
D-^pew & Lancaster Ry. Corp_______________ 19
Des Moines Sc Central Iowa Electric Oo______ 22
Des Moines, Central Iowa R R ________________ 38
Des Moines City R y ________________________ 38
Des Moines Electric Co.— See Des Moines Sc
Central Iowa Electric O o______________
22
Des Moines St. RR.— See Des M City R y . . . 38
Das Moines Sub. R y.— See Des M . City R y ._ 38
Detroit Almont & Northern R R ____________ 39
Detroit Electric Ry.— See Detroit United R y . 38
Detroit & Flint.— See Detroit United R y ___ 38
Detroit Fort Wayne Sc Belle Isle Ry.— See
Detroit United R y_________________________ 38
Datroit & Highland Park R R .—See Detroit
United Ry________________________________ 38
Detroit Jackson & Chicago___________________ 39
Detroit Sc Lake St. Clair Ry.— See Detroit &
Port Huron Shore Line R y_________________ 39
Detroit Monroe & Toledo Short Line R y _____39
Detroit & Northw.— See Detroit United R y _38
Detroit Pontiac & Owosio R v_______________ *
Detroit Sc Pontiac Ry.— See Det. United R y ._ 38
Detroit & Port Huron Shore Line___________ 39
Detroit R y.— See Detroit Electric R y ________ 38
Detroit Rochester Romeo Sc Lake Orion.— See
Detroit & Flint R y _________________________ 38
Detroit United Ry. (with map)_______________ 38
Detroit Ypsilantl Ann Arbor & Jackson R y.—
See Detroit Jackson Sc Chicago R y _________ 39
Dlghton Somerset & Swansea Street R y.— See
Eastern Massachusetts Street Ry. C o_______ 12
Dixie Terminal Co.— See Cincinnati Newport
& Covington______________________________ 35
Dixon Rock Falls & Southwestern R y_______ *
Dominion Power Sc Transmission O o_______ 133
Dominion Traction Sc Lighting C o., Ltd________ *
Dover Gas Light Oo.— See Twin States Gas Sc
Electric O o_______________________________ 14
Dover Sornersworth Sc Rochester______________ 53
Doylestown Sc Willow Grove R y______________ 99
Dry Dock East Broadway Sc Battery R R _____ 83
Du Bois Electric Sc Traction Oo______________ 40
Duluth Street R y .— See Duluth-Superior Trac. 40
Dubuque Electric Oo__________
40
Duluth-Superior Traction____________________ 40
Dunkirk & Fredonla R R .— See Buffalo Sc Lake
Erie Traction C o__________________________ 18
Duquesne Light C o_________________________ 106
Duquesne Traction_________________________ 106
Durham Public Service C o__________________ 88
Durham Traction Co.— See Durham Public
Service C o_________________________________ 88
p a s t Cleveland Ry.— See Cleveland R y______ 29
•^astern Massachusetts Street Railway Oo_ 12
_
Eastern Pennsylvania Rys. O o_______________ 111
Eastern Power & Light Corporation__________112
Eastern Texas Electric C o __________________ 10
Eastern Texas Traction O o_________________
*
Eastern Wisconsin Electric Oo_______________ 122
Eastern Wisconsin Ry & Light Oo.— See East
ern Wisconsin Electric Oo_________________ 122
East Jersey St. R y.— See Public Service R y _76
East McKeesport Street R y __________________105
East Middlesex Street R y___________________ 13
East Newark Gas Light____________________ 75
East Penn Electric C o_______________________ i l l
East Reading Elec. R y.— See Reading T ra c..113
East St. Louis Light Sc Power Oo.— See East
St. Louis & Suburban O o__________________ 41
East St. Louis Sc Suburban C o________________ 41
East Shore Sc Suburban R y.— See San Francisco-Oakland Terminal R y s________________ 90
East Side Traction C o.—See N.Y.State Rys__114
Easton Consolidated Electric C o_____________ 4
Easton Palmer Sc Bethlehem Elec. R y.— See
Easton Consolidated Electric______________ 4
Easton Sc South Bethlehem Trans. Oo.— See
Easton Consol. Electric G o______________
4
Eau Claire Gas Light C o.— See W isc.-Minn.
Light & Power C o ________________________ 61
_
Edison Elec Oo.— See Lan. Co. R y. Sc L t_ 62
Edison Elec. Illuminating— See Lane. Co.
R y. & L t__________________________________ 62
Edison Electric Illuminating— See Paterson Sc
Passaic Gas Sc Electric____________________75
Edison Electric of New Orleans.— See New
Orleans Public Service Inc_________________ 80
Eighth Avenue R R __________________________ 80
Electric City R y.— See Internal. R y. C o_____ 19
Electric Co. o fN . J _________________________ 97
Electric Devel. Co.— See Toronto Power C o__l36
Electric Properties Corp. (N . Y .) ___________
*
Electric Short Line R y______________________ *
Electric Traction (Philadelphia, P a.)__________99
Elgin Aurora Sc Southern Traction.— See Au
rora Elgin & Chicago_______________________ 23
Elizabeth Plainfield & Central Jersey.— See
United Street R y__________________________ 76
Elizabeth & Raritan River Street R y .— See
United Street R y_________________________ 76
Elizabeth & Trenton R R ______________________77
Elizabethtown & Florin Street R y .— See Lan
caster County Ry. Sc Light C o_____________ 62
Elmira Water, Light Sc Railroad______________ 41
El Paso Electric C o__________________________ 41
139
P a g e.
El Reno Interurban R y.— See Oklahoma R y ._ 92
Elwood Electric.— See Union Trac. of Indiana. 4
Elyria Grafton Sc Southern.— See Cleveland
South Western Sc Columbus R y ____________30
Elyria & Oberlin.— See Cleve. S. W . Sc C ol
30
Empire Passenger R y ________________________ 99
Empire State Railroad Corporation_____— 126
Englewood Gas & Electric— See Gas Sc Elec
tric Co. of Bergen County__________________ 76
Ephrata < Adamstown R y.— See Lancaster
&
County Ry. & Light C o____________________62
Ephrata Sc Lebanon Street R y _______________ *
Equitable Coke Co.— See Philadelphia C o____102
Erie Cambridge Union Sc Corry R y __________
*
Erie Sc Central Pennsylvania R y _____________ *
Erie County Traction Corp__________________ 19
Erie Electric M otor Oo.— See Buffalo Sc Lake
Erie Traction Oo_________________________ 18
Erie Rapid Transit Co.— See Buffalo & Lake
Erie Traction C o__________________________ 18
Erie Traction C o.— Sea Northw. Penn. R y ___42
Erie Southern R y___________________________
*
Escanaba (Mich.) Traction C o_ ____________ 42
_
Essex & Hudson Gas C o______________________75
Eureka Street R y ____________________________ 42
Evanston R y _________________________________ 26
Evansville & East. Elec. R y.— See Evansville
Sc Ohio Rys. C o______________
42
Evansville Electric R y.— See Commonwealth
Power Corp________________________________46
Evansville Gas & Electric C o.— See Common
wealth Power Corp________________________ 46
Evans. Hend. Sc Owensboro— See E v.& O .R y. 42
Evansv. Light C o.— See Common w. Pow. C orp. 46
Evansville Sc Mt. Ver. Elec. R y.— See Evans
ville Sc Ohio Rys. O o..........................................42
Evansville & Ohio Valley R v _________________ 42
Evansville Sc Princeton Traction Oo.— See
Commonwealth Power Corp________________ 46
Evansville Public Service Co.— See Common
wealth Power C orp_________________________ 46
Evansville & Southern Indiana Traction Co.—
See Commonwealth Power Corp____________46
Evansville Suouroan Sc Newourgu K y_ ____ 42
_
Evansv. Term. R y.— See Evans. & Ohio Val.
R y . C o____________________________________ 42
Everett R y. Sc Electric.— See Puget Sound
Power Sc Lt. C o___________________________ 121
Everett Ry. Lt. & Water Oo.— see Puget Sound
Power & Lt. C o ___________________________ 121
Exeter Hampton Sc Amesbury St. R y ________
*
Sc Westville R R
See Conn. C o.
F air Haven Clarksburg Trac..—o.— See Mononairmont Sc
C
78
gahela Valley Traction___________________ 43
Fairmont & Mannington Traction.— See
Monongahela Valley Traction_____________ ’43
Fairmount Park & Haddington Pass. R y.—
See Hestonville Mantua Sc Fairmount_____100
Fairmount Park Transit C o__________________ 98
Farmington Street Ry.— See Conn. C o______ 78
Fayetteville (N. C.) Light & Power Oo_________ *
Federal Light Sc Traction Oo_________________ 84
Federal Street & Pleasant Valley R y _________ 105
Felicity & Bethel R R .— See Cin. Georgetown
& Portsmouth_____________________________ 28
Ferries Sc Cliff House R y .— See Market St. Ry.119
Findlay Street R y .— See Toledo Bowling Green
Sc Southern Traction______________________ 127
Fishkill Electric R y __________________________ 43
Fitchburg & Leominster Street R y ____________43
Flint Gas C o.— See Consumer Power Oo______ 47
Flushing Sc College Point Elec. R y.— See N. Y.
& Queens Oo_______________________________64
Fonda Johnstown & Gloversville R R .— See
“ Railroad and Industrial" Section—
Fond du Lac St. R y. Sc Light.— See Eastern
Wisconsin Electric Oo_____________________ 122
Forest City Street R y.— See Cleveland R y____29
Fort Dodge Des Moines & Southern R R .— See
“ Railway and Industrial” Section.
Ft. George Sc Eleventh Ave. R R ______________82
Fort Pitt Traction— See Consol. Trac. (Pitts.) .105
Fort Scott & Nev. Lt., H t., W. & p Oo______ *
Fort Smith Light & Traction Co
__________ 43
Fort Wayne Sc Decatur Traction O o__________ 37
Fort Wayne Marion Sc Buffton Ty. Co.—
See Indiana Service Corp--------------------------- 43
Fort Wayne Sc Northern Indiana Traction
— See Indiana Service C orp_______________ 43
Fort Wayne Sc Northwestern R y ____________
*
Fort Wayne Power Oo.— See Indiana Service
C orp______________________________________ 43
Fort Wayne Traction Co.— See Indiana
Service Corp______________________________ 43
Fort Wayne Van Wfert Sc Lima Traction C o_ 34
_
Fort Wayne & Wabash Valley Trac. Co.
— See Indian^ Service Corp_______________ 43
Forty-Second St. Sc Grand St. Ferry R R ____82
Forty-Second St. Manhat. Sc St. Nich. Ave. R y . 83
Fostojja (O.) & Fremont R y _____________
44
Fox River Valley Electric Oo.— See Wise.
Tract.. Light. Heat Sc Power C o ___________69
Framingham Southboro Sc Marlboro Street
R y.— See Boston & Worcester St. R y _____14
Framingham Union Street R y .— See Boston &
Worcester Street R y ___________________
14
Frankford Sc Southwark Phila. City Pass. R y . 99
Frankford Tacony & Holmesburg R y ________ 101
FrajJklin Water, Light Sc Power— See Interf^rdSre Public Service________________________ 56
Frederick Gas & Electric Oo.— See Potomac
Bhiblic Service C o__________________________ 52
Frederick & Middletown R R .— See Potomac
Public Service C o__________________________ 52
Frederick R R .— See Potomac Pub. Serv. C o. 52
Freeport R y. Sc Lt. O o.— See 111. Nor. Util.
Oo________________________________________ 39
Freeport R y., Light Sc Power O o.— See 111.
Nor. Utilities Oo___________________________ 39
Fresno City R y.— See Fresno Traction Oo____44
Fresno Interurban R y _______________________ *
Fresno Traction C o __________________________ 44
Fries Mfg. & Pow. Oo.— See So.Pub.Util. Co. 23
Front Sc 5th St. R y.— See Read. Tr. tc l i g h t . . 112
Frontier Electric R y________________________ *
Frostburg Eckhardt Sc Cumberland Elec. Ry.
— See Cumberland Sc Westernnort El. R v . 8 8
Frostburg Illuminating Sc Mfg. Oo.— See Po
tomac Public Service C o___________________ 52
Fulton Elevated— See Brooklyn Rapid Tran_15
/TJalnesvUle R y. Sc Pow. Oo.— See Georgia Ry.
G
Sc Power C o .. ___________
6
Galesburg Gas & El. Oo.— See 111. Pow. &
Lt. Corp___________________________________ 21
Galesburg Sc Kewanee Electric R y _____________ 60
Galesburg Sc Western R R ____________________ 70
Galesburg R y., Ltg. Sc Pow. Oo.— See 111.
Power & Light Corp________________________ 21
*
Gallipolis (O.) & Northern Trac. C o ________
Galveston Elec. C o.— See Galv.-Hous. El. C o . 45
Galveston-Houston Electric C o _______________ 45
Galveston-Houston Elec. R y.— See GalvestonHouston Elec. C o__________________________ 45
140
IN D EX TO RAILW AYS
Page
Gardner Westminster A Fitchburg St. B y.—
See Northern Massachusetts Street B y ____51
Gary Connect. Rys.— See Gary St. B y. C orp. 45
Gary & Hobart T ra ction ___________________
*
Gary A Southern Traction C o_______________ *
Gary A Interurb. B y.— See Gary St. B y. Corp. 45
Gary Street B y.— See Gary Street B y. Corp_45
Gary Street Bailway Corporation_____________ 45
Gary Sc Valparaiso___________________________ 45
Gas A Electric Co. o f Bergen County________ 76
Gas Light Co. of New Brunswick— See New
Brunswick Light, Heat & Power____________76
Geary St. Park & Ocean B B _________________
*
cteneva Seneca Falls A Auburn R R . C o., I n c .. 45
Georgetown & Lexington Traction C o.— See
Kentucky Trac. A Term___________________ 63
Georgetown Bowley A Ipswich— See Eastern
Massachusetts Street B y ________________ 12
Georgetown A Tenallytown B y.— See Wash.
B y. & Elec________________________________129
Georgia-Carolina Invest. C o.— See AugustaAiken B y. A Elec. Corp___________________ 8
Georgia-Carolina Power C o.— See AugustaAlken By. & Elec. Corp___________________
8
Georgia Elec. Light Co.— See Ga. B y. A E lec. 6
Georgia Light, Power & Bailways_____________ 66
Georgia Bailway A Electric C o______________ 6
Georgia B y. A Power C o____________________
6
Germantown Passenger B y___________________100
Glendale Sc Montrose B y___________________
*
Glens Falls Sandy Hill & Ft. Edward Street
B B — See Hudson Valley B y ______________ 3
Globe Street B y.— See Eastern Massachusetts
Street B y _________________________________ 12
Gloucester Essex A Beverly— See Eastern Mas
sachusetts Street B y _______________________ 12
Gloucester A Bockport.— See Eastern Massa
chusetts Street B y __________________________ 12
Gloucester Street B y.— See Eastern Massa
chusetts Street B y ________________________ 12
G off’s Falls Lltch. A Hud.— See M an. Trac.
Light A Power____________________________ 67
Goldsboro (N . C.) Electric B y. C o__________
*
Goshen South Bend A Chicago B B .— See Gary
Street B y. Corp____________________________ 45
Gough Street B y.— See Market Street B y____119
Grafton A Upton K B .— See Milford Sc Ux
bridge St. B y ____________________________ 68
Grand Kaplds Ed. C o.— See Oonsum.Pow.Co_ 47
Grand Kapids Grand Haven Sc Muskegon B y . 49
Grand Bapids Holland & Chicago B y.— See
Michigan KK_____________________________ 47
Grand Kapids Holland & Lake Michigan By.
— See Gr. Kapids Holland Sc Chicago B y _ 47
_
Grand Kapids-Muskegon Power C o.— See Con
sumers’ Power C o__________________________ 47
Grand Bapids Ballway_______________________48
Grays Harbor By. & Light Co.— See Federal
Light & Traction C o _______________________ 84
Green Bay Gas & Electric Co.— See Wisconsin
Public Service Corp________________________ 51
Green Bay Trac. C o.— See Wise. Pub. Ser.Corp.51
Greene A Coates Sts.. Philadelphia Pass. B y .100
Greenfield Deerfield Sc Northampton St. By.
— See Connecticut Valley Street B y ________ 51
Greenfield & Turner's Fans d ■
reet B y.— See
Connecticut Valley Street B y ______________ 51
GreenpointA Lorlmer St.— See Bklyn. Bapid
Transit____________________________________ 15
Greensboro Electric C o .—tie# North Carolina
Public Service C o__________________________ 52
Greenville-Carolina Power C o.— See Southern
Public Utilities C o_________________
Greenville Spartanburg A Anderson B y.— See
Piedmont Sc Northern B y __________________ 23
Greenville (S. C.) Traction C o.— See Southern
Public Utilities C o..............................
Greenwich Sc Schuylersville Electric B B .— See
Hudson Valley B y ________________________ 3
Greenwich Tramway C o.— See Connect’t C o_78
Groton A Stonington St. B y.— See Shore Line
Electric R y ________________________________90
Gulfport & Mississippi Coast Traction C o ____52
Gutnrie-Edmond B y.— See Oklahoma B y ____92
P a g t.
Hawks Elec. Co.— See Inter-State Pub. Serv__ 56
Hazleton Steam Heating C o.— See Lehigh
Power Securities Corporation____________
3
Helena Light Sc Railway C o__________________ 54
Henderson Trac. C o__________________________ 42
Herkimer Mohawk Ilion Sc Frankf. Elec. R y.
— See New York State Railways___________114
He8tonville Mantua Sc Fairmount Pass. R y ___100
Hocking-Sunday Creek Traction_____________ *
Holyoke Street B y __________________________ 54
Honolulu Rapid Transit & Land Co__________133
Hoosac Valley Street Railway.— See Berkshire
Street R y __________________________________ 79
Hoosick Falls R R .— See Vermont C om pany.. 79
Hoosick Falls Illuminating C o.— See Twin
States Gas Sc Electric C o__________________ 14
Hoosick Falls Electric C o.— See Twin States
Gas A Electric C o________________________ 14
Hornell (N Y.) Traction C o________________ *
Hot Springs St. R y.— See Cent.Ark. Ry A L t. 84
Houghton County Gas & Coke C o.— See Michi
gan Gas & Electric C o______________________57
Houghton County Gas A Electric— See Michi
gan Gas & Electric________________________ 57
Houghton County Street R y. (M ich.).— See
Houghton County Traction C o _____________ 54
Houghton County Traction C o______________5 I
Houston Elec. C o.— See Galv.-Hous. Elec. Co 45
Houston Gas Sc Fuel C o_______________________ 8 6
Houston Lighting Sc Power Co. (1905).— See
National Power A Light C o_________________ 80
Hudson County Gas C o_____________________ 75
Hudson River & Eastern Traction C o________ 92
Hudson River Traction C o.— See N. J. Sc Hud
son River Ry. & Ferry C o_________________ 77
Hudson Valley R y __________________________ 3
Humboldt Transit C o.— See Eureka St. R y _ 42
_
Huntington & Charleston R R .— See Ohio
Valley Electric Ry C o _____________________97
Huntington (L. I.) Traction C o ____________ *
fdaho-Washington Light & Power Co.— See
1
The Wash Water Power Co. Svstem_____ 124
Illinois Cent. Trac. Co.'—-See 111. Trac., Inc_ 21
_
Illinois Northern Utilitias C o_________________ 39
Illinois Power Co.— See Commonw. Pr. C orp. 46
Illinois Power A Light Corp___________________21
llinois Traction C o___________________________ 21
Illinois Traction, Inc________ , ______________ 21
[llinois Valley Gas & Electric.— See ’ ‘ Rail way &
Industrial” Section.
Illinois Valley Ry. C o.— See Chicago Ottawa
& Peoria___________________________________ 22
Independence Neodesha & Topeka R y _______
*
Indiana Northern Traction C o.— See Union
Traction Co. of Indiana__________________
5
Indiana Columbus Sc Eastern Traction C o____33
Indiana Public Service— See Inter-State Public
Service____________________________________ 56
Indiana Bys. & Light (Kokom o)______________ 61
Indiana R y.— See Chicago South Bend Sc
Northern Indiana R y______________________ 123
Indiana Service Corp_______________________ 43
Indiana Union Traction C o.— See Union Trac.
Co. of Indiana____________________________
5
Indianapolis Chicago Sc Meridian R y ________
*
Indianapolis Sc Cincinnati Traction C o ________ 56
Indianapolis Coal Trac. C o.— See Terre Haute
Ind. Sc Eastern____________________________ 54
Indianapolis Columbus ASouthern Traction Co. 32
Indianap. Crawfordsv Sc Danv. Elec R y ___ 55
Indianapolis Sc Eastern R y. C o.— See Terre
Haute Ind. & East Traction C o ____________ 54
23
Indianapolis Sc Greenfield Rapid Transit— See
Terre Haute Indianap. A Eastern Trac. Co. 54
Indianapolis A Louisville Trac. R y .— See
Inter-State Public Service C o_______________ 56
23
Indianapolis Sc Martinsville Rapid Transit C o. 55
Indianapolis Newcastle Sc Eastern Trac. C o_____ 5
Indianap. Newcastle & Toledo El. R y.— See
Ind. Newc. Sc East. Trac. C o______________ 5
Indianapolis Northern Traction C o.— See
Union Traction Co. of Ind________________ 5
Indianapolis Sc Northwestern Traction C o_____ 55
Ind. Shelby ville Sc Southeastern Traction Co.
— See Ind.
ackensack Gas & Electric Co.— See Gas
H & Electric Co. of Bergen County________ 76 Indianapolis Sc Cin. Traction C o ______________ 56
& Southeastern Traction C o.—
See Ind. Sc Cin. Traction____________________56
Hackensack Gas Light Co.— See Gas A Elec
tric Co. of Bergen County__________________ 76 Indianapolis Street R y ______________________ 55
Indianapolis Trac. & Term. C o.— See Indian
Hagerstown Sc Boonsboro B y.— See Potomac
Public Service C o_________________________ 52 apolis Street Railway____________________ 55
Inland Empire R R . C o ____________________ 123
Hagerstown A Frederick B y.— See Potomac
Public Service C o__________________________ 52 Interborough Rapid Transit C o.— See “ Rail
way and Industrial” Section.
Hagerstown Sc Myersville B y.— See Potomac
Public Service C o__________________________ 52 Inter-Mountain R y.— See Denver Sc InterMountain R R _____________________________ 38
Hagerstown & Northern B y .— See Potomac
Public Service C o __________________________ 52 Inter-Mountain B y., Lt. Sc Pow. C o. (of Colo.) *
International Railway______________________ 19
Hagerstown L. & H. Co. of Wash. C o.— See
_
Lehigh Power Securities Corporation_________ 3 Internat. Trac. C o.— See International R y _ 19
Hagerstown B y.— See Potomac Pub. Serv. Co. 52 International Transit Co. (Sault Ste. M arie)_ *
Inter-State Consolidated Street R y ___________125
Halifax Electric Tramway.— See N ova Scotia
Tramways Sc Power C o____________________133 Inter-State Public Service___________________ 56
Hamburg B y. C o.— See Buff. Sc L. Erie T r a c .. 18 Inter-State Railways C o_____________________ 101
Inter-Urban R y. (Des Moines)— See Des
Hamilton, Cat., Power, Light & Tr. Co.— See
Moines & Central Iowa R R _________________38
Dominion Power & Transmission C o ______ 133
Interurban Ry. & Terminal C o _______________ 28
Hamilton Elec. Lt. Sc Pow. Co.— See Domin
ion Power Sc Transmition C o _____________ 133 Iola (Kansas) Electric R y ___________________ *
Iowa City Gas Sc Elec. C o.— See Tri-City By.
Hamilton Grimsby A Beans ville B y.— See
Sc Light C o_________________________________ 49
Dom. Pow A Trans C o___________________ 133
Iowa City Lt. Sc Pow. C o.— See Tri-City Ry
Hamilton Sc Lindenwald Electric Trans.— See
Sc Light C o ___________________________
49
Cincinnati Sc Dayton Traction______________ 34
Hamilton St. B y.— See Dom. Power A T. C o ..l3 3 Iowa Sc Illinois R y. C o.— See Tri-City Ry.ALt.49
Hammond Whiting Sc East Chicago B y _______ 25 Iowa Railway A Light C o_____________________20
Iowa Southern Utilities Co___________________ 20
Hampton Sc Langley Field B y.— See Newport
Ironwood A Bessemer R y. A L t_______________ 57
News & Hamp. B y., Gas & Elec. C o______ 53
*
Irwin-Herminie Traction C o_________________
Hampton Koads Trac. C o.— See Newp. News
& Hampton B y., Gas A Electric C o_______ 53
Ithaca Street R y.— See Ithaca Trac. Corp_____ 57
Hannibal Ry. A Electric C o_________________
* Ithaca Traction Corp_________________________ 57
Hanover & McSherrytown Street R y _________ 53
ackson Consolidated Traction Co — See
Harrisburg Electric Service C o.— See United
Gas Sc Electric Corporation________________ 85 J Mich. United Rys________________________ 47
Jackson A Battle Creek Traction C o.— See
Harrisburg Lt., Ht. & Power— See Harrisburg
Michigan United Rys_______
47
Light A Power_____________________________ 86
Harrisburg Light Sc Power C o________________ 86 Jackson Gas C o.— See Consumers Power Co. 47
Harrisburg Sc Mechanicsburg Electric R y.—
Jackson (Miss.) Lt. & Trac. C o.— See Jackson
Public Service C o_________________________ 57
See Valley Railways C o___________________ 53
Harrisburg Railways_________________________ 53 Jackson (Miss.) Public Service C o_____________57
Jackson (Tenn.) R y. A Light C o______________ 57
Hartford Manchester Sc Rockville Tramway.
— See Connecticut C o______________________ 78 Jacksonville (Fla.) Elec. C o.— See Jacksonv.
Traction C o________________________________ 57
Hartford A Springfield Street R y __________..1 2 7
Hartford Street R y.— See Connecticut C o_____ 78 Jacksonville Gas, Light A Coke Co.— See
Illinois Power & Light Corporation_______ 21
Harwood Electric C o.— See Lehigh Power
Securities Corporation____________________
3 Jacksonville R y. & Lt. C o.— See 111. Power
Hattiesb, Tr. C o.— See Meridian Lt. ARy C o, 88
& Light Corp_______________________________21
Havana Electric R y. (Cuba).— See Havana
Jacksonville (Fla.) Traction C o______________ 57
Electric R y., Light Sc Power______________ 133 Jamaica & Brooklyn R R .— See B. R . T _______ 15
Havana Electric R y., Light & Power C o_____ 133 Jamestown Street R y _________________________ 57
Haverhill A Amesbury Street R y .— See New
Jamestown Westfield A Northwestern R R _______ *
Hampshire Electric Railways_______________ 53 Janesville (Wis.) Traction C o.— See Union B y.,
Havervill & Andover.— See Eastern Massa
Gas A Electric_____________________________ 48
chusetts Street Ry. C o _____________________ 12 Jardin Botanico Tramway— See Brazilian Trac
Haverhill Georgetown Sc Danv.— See Eastern
Light & Power C o_________________________ 136
Massachusetts Street R y. C o_____________ 12 Jefferson City Light. Heat A Power_________ 22
Jefferson Division— See Pennsylvania A Ohio
* S in
ee side back cover.
^ T raction C o______________________________
6
[V ol.
116.
P a g e.
Jefferson A Lake Pontchartrain R y. C o.— See
New Orleans Public Service________________ 80
Jersey Central Traction C o _________________ 60
Jersey City A Bergen B B .— See Cons. Trac. C o. 77
Jersey City Harrison A Kearney R y. C o.—
See Consolidated Traction of New Jersey___77
Jersey City Hob. A Pat.— See Pub. Serv. B y _76
Johnstown Pass. R y.— See Johnstown T r a c .. 58
Johnstown Traction C o _______________________ 58
Joliet R R .— See Chicago A Joliet Electric B y . 96
Joliet A Eastern Traction_____________________ 58
Joplin A Pittsburg R y .C o ___________________102
■fanawha Traction A Electric C o____________ 93
“ ■anawhaValley Traction C o.— See Charleston
Interurban R R ____________
23
Kankakee Electric R y _______________________ *
Kankakee Urbana Traction C o______________ *
Kansas City, Clay County A St. Joseph______ 59
Kansas City Elev. R y.— See K. O. Rys
58
Kansas City Kaw Valley A Western R y _______ 59
Kansas City Leavenworth A Western R y ____59
Kansas City Light A Power Co.— See Kansas
City Power A Light C o_____________________59
Kansas City Power A Light C o_______________ 59
Kansas City Power Securities_________________ 59
Kansas City Outer Belt A Elec. R y .— See
"Railway A Industrial” Section.
Kansas City Railways C o_____________________ 58
Kansas City A Westport Belt R y .— See Kan.
City Rys.__________________________________ 58
Kansas City-Western R y.— See Kansas City
Leavenworth A Western R y -------------------------59
Kansas Electric Power C o___________________ 62
Kansas Electric Utilities C o.— See Kansas
Electric Power C o_________________________ 62
Keene (N. H.) Electric R y __________________
*
Kennebunk El. Lt.— See Cumberland County
Power A Light_________________ •
___________109
Kenosha Elec. R y .— See Wise. Gas A Elec. C o. 69
Kentucky Securities Corporation_____________ 63
Kentucky Traction A Terminal C o ____________ 63
Keokuk (Iowa) Electric C o.._________________ 60
Keokuk Elec. Ry. A Pow.— See Keokuk El. Co 60
Keystone Utilities C o_______________________ 121
Key West Electric C o_______________________ 60
Kingsbridge R y ______________________________83
Kings Co. Elevated— See N. Y . Consol. B B _17
Kings Co. Traction— See Nassau Electric-------- 18
Kingston City R R .— See Kingston Cons. B B . 60
Kingston Consolidated R R __________________ 60
Kittanning A Ford City— See West Penn R y s. 107
Knox County Electric C o _____ ______________ 115
Knoxville Power A Light C o__________________ 60
Knoxville Traction— See Knox. Power A Lt.
C o___________
60
Kokomo Marion A Western Traction C o.— See
Indiana Rys. A Light______________________ 61
Kutztown A Fleetwood Street R y .— See
Allentown A Reading______________________ 4
| ackawanna Vail. Trac.— See Scranton R y ___ 96
■^acka. A W yo. Vail. Rap. Tr. C o.— See
Scranton A Wilkes-Barre Trac___________ 121
Lacombe A Blindman Valley Electric R y _______ *
Laconia Street R y __________________________ 61
Lacrosse City R y.— See Wise. R y. Lt. A P r .. 61
Lafayette A Logansport Traction.— See Indi
ana Service Corp________________________ 43
Lafayette Street R y.— See Indiana Ser
vice Corp_________________________________ 43
Lake Charles R y. Light A Water Works------- 62
Lake Erie Bowling Green A Napoleon Elec.B y. *
Lake Erie A Northern R y ----------------*
Lake Erie Trac. C o.— See Buff. A L Erie .Trac 18
Lake Erie A Youngstown___________________
*
Lake Roland Elevated— See United Rys. A
Electric Co. of Baltimore_________________
8
Lake Shore Electric (Cleveland)______________ 31
Lakeside B y.. Mahanoy City, Pa.— See
Schuylkill Traction________________________ 46
Lake Street Elevated R R .— See Chicago A
Oak Park Elevated R y_____________________ 27
Lake View L. A Impt. C o.— See Canton-Akron
Cons. R y -------------------------------------------------- 2
Lake View Trac. C o.— See Memphis St. B y . . 6/
Lancaster City B B .— See Lan. C o. R y . A L t.
C o __________
62
Lancaster A Columbia— See Lane. C o . R y . A L t . 62
Lancaster County R y. A Lt. C o______________ 62
Lancaster A East. R y.— See Lane. Co. R y. A L t. 62
Lancaster Mechanicsburg A New Holland—
See Lane. Co. R y. A L t. C o________________ 62
Lancaster Gas Light A Fuel C o.— See Lan
caster County R y . A Light C o______________ 62
Lancaster Petersburg A Manheim— See Lan
caster Co. R y. A L t. C o____________________62
Lancaster A Quarry ville Street R y .— See Lan
caster Co. R y. A Lt. C o__________________ 62
Lancaster A Rocky Springs R y .— See Lancas
ter Co. R y. A Lt. C o ______________________62
Lancaster A Southern Street R y _____________ *
Lancaster Trac. Co.— See Lane Co. Ry A Lt 62
Lancaster Willow St. Lam. A Stras. R y.— See
Lancaster Co. R y. A Lt. C o________________ 62
Lancaster A York Furnace Street R y ---------------62
Lansing A Jackson R y.— See Mich. Un. R ys. 47
La Porte A M ich. City R y.— See Chic. 8. B.
A Nor. Ind. R y - - .............- .............................. 123
Las Vegas Transit C o.— See Fed. Lt. A T r__ 84
Laurel Electric Power A Light C o.— See Laurel
Light A Ry. C o____________________________ 62
Laurel Light A Railway C o------------------------------ 62
Lawrence A Reading.— See Eastern Massa
chusetts Street R y. C o -------------------------------- 12
Leav. Lt., Ht. A Power C o.— See United Gas
A Electric C o______________________________85
Lebanon Htg. Co.— See Inter-State Public
Service C o_______________________________ 56
Lebanon Valley St. R y ______________________ 113
Lehigh Navigation Electric Co.— See Lehigh
Power Securities Corporation______________ 3
Lehigh Power Securities Corporation________ 3
Lehigh Traction__________ „ _________________54
Lehigh Val. Trac.— See Lehigh Val. Tran. Co . 3
Lehigh Valley Lt. A Pow. Co.— See Lehigh
Power Securities Corp____________________
3
Lehigh Valley Transit < o ____________________
3
Leominster A Clinton St. R y.— See New Eng.
Invest. A Sec. C o _________________________ 124
Leominster Shirley A Ayer St. R y.— See Fitch
burg A Leominster Street R y ________________ 43
Lewisburg Milton A Watsontown Pass. R y ___68
Lewiston A Auburn Eiec. Lt. Co.— See An
droscoggin Electric C o_____________________110
Lewiston Augusta A Waterville St. R y.— See
Androscoggin A Kennebec R y _____________ 110
Lewiston Brunswick A Bath St. R y.— See
Androscoggin A Kennebec R y _____________ 110
Lewiston-Clarkst.on Transit C o__________
*
Lewiston Connecting Bridge— See Int. R y ---- 19
uewiston A Youngstown Frontier R y__________90
Lewistown A Reedsville Electric R y___________ 62
Lexington Avenue A Pavonia Ferry R y.—
See New York R ys________________
181
INDEX TO RAILWAYS
A pril, 1923.]
Paae
Lexington & Boston St. R y .— See Middlesex
Sc Boston Street R y _______________________ 12
Lexington Ice C o____________________________ 63
Lexington Sc lnterurban Rys.— See Kentucky
Securities Corporation______________________63
Lexington R y.— See Kentucky Trac. Sc Term . 63
Lexington Utilities C o________________________ 63
Licking River Br. C o.— See Cin. New. Sc C ov . 35
Lima Electric Ry. & Light____________________33
Lima Findlay Sc Toledo— See Western Ohio Ry 63
Lima-Honeoye Electric Light & R R __________ *
Lima-Honeoye Falls Light Sc R R _____________ *
Lima Sc Toledo Trac. C o.— See Ohio Elec. Ry_ 33
Lincoln (111.) R y . Sc Lt. C o__________________
*
Lincoln (Neb.) Traction____________________ 63
Llndell R y.— See United Rys. Co. of S t.L ou isll6
Linglestown & Blue M tn.— See HarrisburgRys. 53
*
Little Falls (N. Y.) & .Tohnstown RR .........
Little Rock Ry. Sc Elec. Co.— See Arkansas
Central Power C o__________________________ 64
Lockport Oas Sc Electric.— See United Gas Sc
Electric C o_________________________________ 86
Lockport Light, Heat & Power.— See United
Gas & Electric C o_________________________ 86
Lockport & Oicott— See Internat. Rys________ 19
Logan Rapid Transit C o.— See Utah-Idaho
Central R R _______________________________118
Lombard & South Street Passenger R y .—
See Frankford Sc Southwark Phila. City
Passenger Railway_________________________ 99
Lonaconing Midland & Frostburg R y.— See
Cumberland & Westernport________________ 88
London & Lake Erie R y. & Transportation___133
London & Port Stanley R y __________________ *
London (Canada) Street R y_________________ 133
Long Island Consol. Electrical Cos___________ 64
Long Island Electric R y.— See Long Island
Cons. Elec. Cos___________________________ 64
Long Island Trac.— See Brooklyn Rap. Tran. 15
Lookout Mtn. R y.— See Chatt. Ry. & Lt. C o. 71
Lorain & Cleve. R R .— See Lake Shore Elec_31
Lorain St. R R .— See Lake Shore Elec. R y ____31
Loramle & Minster Electric R R ______________ *
Los Angeles Hermosa Beach Sc Redondo— See
Pacific Electric R y _______________________ 65
Los Angeles Pacific Co.— See Pac. Elec. R y
65
Los Angeles Pac. R R .— See Pac. Elec. R y____65
Los Angeles R y.— See Los Angeles Ry. Corp_65
Los Angeles & Pasadena Elec. R y.— See Pa
cific Electric R y___________________________ 65
Los Angeles Ry. Corp________________________ 65
Los Angeles Sc Redondo R y.— See Pac. Electric
R y ________________________________________65
Los Angeles Sc San Diego Beach R y_________
*
Los Angeles Trac.— See Los Ang. Ry. Corp_ 65
_
Louisville & lnterurban R y.— See Louisville
Railway___________________________________ 66
Louisville & Nor. Ry. & Ltg. Co.— See InterState Public Service C o ____________________ 56
Louisville Railway Company_________________ 66
Louisville Sc Southern Indiana Trac. Corp.—
See Inter-State Public Service C o____________56
Lowell & Fitchburg Street R y_______________ 8
Lowell Lawrence Sc Haver.— See Eastern
Massachusetts Street Ry. C o______________ 12
Low Fare R y.— See Cleveland R y_____________29
Lynchburg Gas Co.— See Lynchburg Trac. Sc
Light C o_____________________________ — 96
Lynchburg Sc Roanoke— See American Elec.
Power C o__________________________________94
Lynchburg Trac. & Light_____________________ 96
Lynchburg Water Power Co.— See Lynchburg
Traction Sc Light C o_______________________ 96
Lynn & Boston R R .— See Eastern Massa
chusetts Street R y . C o____________________ 12
M acon Electric Light Sc R y .— See Macon
Ry. Sc Light Co....................................
66
Macon Gas C o._____________________________ 66
Macon Railway & Light C o______
66
Madison County Light Sc Power C o.— See 111.
Power & Light Corp------------------------------------ 21
Madison (Wis.) RailwaysCompany___________ 66
Mahoning & Shenango R y. & Light Co. (with
map).— See Republic Ry. Sc Light C o______ 84
Mahoning Val. S. E.— See Pennsylvania-Ohio
Electric C o________________________________ 85
Manchester & Derry St. R y.— See Man. Trac.
Light & Power____________________________ 67
Manchester Sc Nashua St. R y.— See Manch.
Trac., Light & Power C o__________________ 67
Manchester Traction. Light & Power C o_____ 67
Manhattan Bridge fN. Y.l 3-Oent Line
_____ 18
Manhattan City (Kan.) Sc lnterurban R y _______ *
Manhattan & Queens Traction Corporation. _ 65
Manhattan R y.— See “ Ry. Sc Ind. Section.”
Manila Electric C o__________________________ 134
Manila Electric Corp________________________ 134
Manila Electric RR. & Lighting Corp.— See
Manila Electric Corp______________________134
Manila Suburban Rys_______________________134
Manistee R y_________________________________49
Marcell us Sc Otisco Lake R y ._ ______ _____ *
_
Marlon Bluffton & East. Trac. Co.— See
Marion & Bluffton Traction Co_____________11
Marlon Sc Bluffton Traction Co_______________ 11
Marlon City Ry.— See Un. Tr. of Ind________ 5
Marlon Railway Light & Power Co.— See Col
umbus, Delaware Sc Marion Elec. C o_______ 34
Marion (O.) & Suburban R y_________________ *
Market Street Cable R y.— See Market St. Ry.119
Market St. El Pass. Ry.— See Philadelphia
Rapid Transit_____________________________ 98
Market Street R y ----------------------------------------- 119
Marlboro & Westboro Street R y.— See New
Eng. Invest. & See. C o___________________ 124
Marquette County Oas Sc Electric Co.— See
Michigan Gas & Electric___________________ 57
Marquette County Electric Railway C o_______ 57
Marseilles Water & Light Co.— 111. Power &
Light Corp________________________________ 21
Marshalltown (Iowa) Lt., Power Sc R y.— See
Iowa R y. Sc Light C o_______________________20
*
Martinez & Concord lnterurban R y_________
Maryland Electric R ys_____ _______________
9
Mason City Sc Clear Lake R R ._______________51
Massachusetts Consolidated R js ______________51
Massachusetts Elec. Companies—See Eastern
Massachusetts Street R y. Co#_____________12
Mass. Northeastern St. R y__________________ 53
Mass. North. Rys.— See Mass. Consolidated_51
Massillon Elec.& Gas C o.— See Cities Serv Co. 86
Mattoon City R y . Co.— See Cent. 111. P. S. Co. 67
Mauch Chunk & Lehighton Transit C o----------- 67
McGavock Sc M t. Vernon Horse R R .— See
Nashville R y. & Light---------------------------------71
Meadville & Conneaut Lake Traction.-—
See
North Western Pennsylvania R y _____ — 42
Meadville (Pa.) Trac.— See Northw. Penn.Ry 42
Medfield Sc Medway Street R y--------------------- *
Media Glen Riddle Sc Rockdale.— See United
Power Sc Transportation__________________ 101
Memphis Street R y __________________________ 67
* See inside back cover.
141
Poo*.
New Albany Water Works— See Inter-State
Public Service C o __________________________ 56
Newark Consolidated Gas C o________________ 75
Newark Gas Co.-See Newark Consolidated Gas 75
Newark & Marion Ry. (New York)_________
*
Newark Pass. R y .— See Consol. Trac. C o____76
Newark Plank Road.— See Cons.Trac. of N . J. 76
New Bedford & Onset Street R y _____________78
New Bedford Middleb Sc Brockton.— See
Eastern Massachusetts St. R y. C o________ 12
New Brunswick Light, Heat Sc Power C o____76
New Brunswick Power C o_________________
*
Newburg Electric R y.— See Orange Co. T rac. 89
Newburg & Orange Lake R R .— See Orange
89
County Traction_______________________
New Castle Electric C o.— See PennsylvaniaOhlo Electric C o___________________________ 85
New Castle Lt., Ht. & Power—See Inter-State
Public Service C o __________________________ 56
New Castle Trac.— See Penn.-Ohio Elec. C o_85
New England Investment Sc Security C o_____ 124
New Hampshire Electric Railways_________ 53
New Haven Sc Centr. St. R y.— See Conn. C o . 78
New Haven Street R y.— See Conn. C o_______ 7 8
New Holland Blue Ball < Terre Hill St. R y.—
&
See Lancaster Co. Ry. Sc Lt. C o _________ _ 62
New Jersey Sc Hudson River Ry. Sc Ferry____77
New Jersey Sc Pennsylvania Traction_______ 128
New Jersey Traction— See Con. Trac. Sys____75
New London Sc East Lyme St. R y.— See Shore
Line Electric R y _________________________ 90
New Loudon Street R y.— See Connecticut C o . 78
New Orleans Sc Carrollton RR. Light Sc Power
C o.— See New Orleans Public Service_______ 80
New Orleans City R R .— See New Orleans
Public Service Inc_________________________ 80
New Orleans City & Lake R R .—-See New Or
leans Public Service________________________ 80
New Orleans Gas Light C o.— See New Orleans
Public Service_____________________
80
New Orleans Sc Grand Isle Traction, Light Sc
Power____________________________________
*
New Orleans Sc Pont. R R .— See New Orleans
Public Service______________________________80
New Orleans Public Service Inc______________ 80
New Orleans Trac. C o.— See New Orleans
Public Service_____________________________ 80
Newport & Dayton Street R y .— See Cincin
nati Newport Sc 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 Sc Hampton R y .. Gas Sc Elec.
C o_________
53
Newport News & Old Point R y. Sc Elec.— See
Newport News & Hamp. R y. Gas Sc Elec.Co. 53
Newport Sc Providence R y ___________________ 90
Newtown R y.— See N. Y. Sc Queens Co. R y ._ 64
New Williamsburg & Flatbush R R .— See
Brooklyn Rapid Transit__________________ 15
New York City Interborough R y. C o_________ 83
New York Consolidated R R __________________ 17
New York & Harlem R R ______________________80
New York Sc Long Island Traction— See Long
Island Cons. Elec. Cos___________________ , 64
New York Municipal Ry C orp_________
18
N. / . N. H. & Hartford Ry. (trolley lines)_78
New York Sc North Jersey Rapid 1 ransit. ____ *
New York Sc North Shore Tract on (Roslyn)_115
New York & Queens County (L. I. O ity)._ 64
New York Sc Port Chester R y.— See New York
Westchester & Bost »n______________________ 79
New York Railways C om p an y_______________ 81
New York State R ailw ays__________________ 114
New York Sc Stamford R y ___________________ 79
New York Westchester Sc Boston R y _________ 79
N Y. Westchester Sc Conn. Trac. C o ________
*
Niagara & Erie Power— See Buff. Sc L. E. T r. 18
Niagara Falls Park Sc River— See Int. R y _ 19
_
Niagara Falls Sc Suspension Bridge R y.— See
International R y ___________________________ 19
Niagara Falls Whirlpool & Northern R y.— See
International R y ___________________________ 19
Niagara Gorge Ry. (Electric)_________________ 90
Niagara St. Catherines Sc Toronto R y ________ 135
Nichols Electric Light & Power_______________ 75
Ninth Avenue R R ___________________________ 82
Norfolk Sc Atlantic Terminal— See Va. Ry. Sc
Power C o ------- ------------------113
Norfolk Central St. R y.— See Eastern Mass.
St Ry. C o ______________
12
Norfolk Sc Portsmouth Trac. Co.— See Va.
Ry. Sc Power C o__________________________ 113
Norfolk (Va.) Ry. Sc Light__________________ 114
Norfolk Street R R .— See Norf. R y. Sc Lt. C o .114
Norfolk Sub. R R .— See Eastern Mass. St.
Ry. C o___________________________________ 12
Norristown Pass. R y.— See Schuylkill Valley
Traction__________________________________ 113
Norristown Trans O n — See Leh. V. Trans.Co. 3
Northampton Street R y _____________________ 90
Northampton Sc Amherst St. R y.— See Con
necticut Valley St. R y ________________
51
Northampton Easton Sc Washington Traction
— See Northampton Transit C o_____________40
Northampton Traction Co. f Easton, Pa.)— See
Northampton Transit C o _________________ 40
Northampton Transit C o____________________ 40
North Branch Transit C o__________________
*
North Carolina Public Service C o_____________ 52
North Hudson County R y.— See Public
Service R y_________________________________ 76
North Hudson Light, Heat & Power C o.— See
United Electric Co. of New Jersey_________ 7 5
North Jersey St. R y.— See Public Service R y . 76
North River R y.— See Hudson Valley R y ____ 3
Northern Cambria R y _______________________ 93
Northern Central Gas C o.— See Lehigh Power
Securities Corporation____________________
3
Northern Electric Street Ry. (Scranton).— See
Scranton Sc Bingharapton R y_______
10
[Washua Street R y___________________________ 71 Northern Illinois Light & Trac. C o.— See 111.
l” shvllle & Edgefield R R .— See Nashville Ry.
Power & Light C orp_______________________21
& Light Co________________________________ 71 Northern Indiana R y .—See Chicago South
Nashville Railway & Light C o________________ 71
Bend Sc Northern Indiana R y _____________ 123
Nashville St. R y.— See Nashv. R y. & L t. C o . 71 Northern Indiana Utilities— See Inter-State
Nashville Traction___________________________ 7 4
Public Service C o__________________________ 56
Nassau Electric R R _________________________ 18 Northern Massachusetts Street R y ____________51
Natchez Electric St. R y. & Power Co.— See
Northern Ohio Electric Corporation_________
2
Southern Ry. & Light______________________72 Northern Ohio Trac. & Light C o_____________ 2
Natick & Cochituate Street R y.— See Middle
Northern Ohio Traction— See Northern Ohio
sex & Boston Street R y ___________________ 12
Traction Sc Light C o_____________________
2
National Gas Elec. Lt. Sc Pow.— See Amer
Northern States Power Co.— Fargo & M oor
ican Electric Power C o______________________94
head Division_____________________________ 43
National Power & Light C o__________________ 80 Northern Texas Electric C o__________________ 4 4
National Properties Co.— See American Elec
Northern Texas Trac.— See Nor. Texas Elec_44
tric Power Co_____________________________ 9 4 Northumberland County Gas < Elec. C o.— See
&
Neptune Elec. Co.— See Atl. Coast Elec. Ry
Lehigh Power Securities C o_______________ 3
Navigation C o____________________________ 5 Northumberland County R ys_______________
*
Neversink Mountain R y.— See Reading Tran
Northwestern Electric Serv. Co. of Penna____42
sit & Light C o____________________________ 112 Northwestern Elevated (Chicago)_____________ 27
New Albany St. R y.— Inter-State Public Ser
Northwestern Ohio R y. Sc Power Oo__________109
vice C o_____________________________________ 56' Northwestern Pennsylvania R y _______________ 42
Poor.
Mercer Co. Traction.— See Trenton Street R y.128
Merchants' Electric Light Co.— See New Or
leans Public Service________________________80
Meriden Horse KK.— dee Connecticut C o___ 78
Meriden Middletown Sc Guilford Electric Ry_ *
Meriden Southington Sc Compounce Tramway
— See Connecticut Co______________________78
Meridian Light & Railway C o________________ 8 8
Mesaba Railw ay___________________________ 128
Metrop. Crosstown R R .— See New York Rys. 81
Metropolitan R R .— See Wash. Ry. & Elec__ 129
Metropolitan St. Ry. (N. Y .).— S eeN .Y .R ys. 81
Metropolitan West Side Elev. Ry. (Chicago)_27
Mexican Light & Power, Ltd________________ *
Mexico Santa Fe Sc Perry Traction_______ ___ *
Mexico Tramways C o________________ . _____
*
Miami (Fla.) Traction C o___________________
*
Miamisburg & Germantown.— See Cin. & Day. 34
Michigan City Traction C o.— See Chicago
South Bend Sc Northern Indiana___________123
Michigan Elevated R y _____________________ *
Michigan Gas Sc Electric C o__________________ 57
Michigan Light C o.— See Consumers Power Co. 47
Michigan Railroad___________________________ 47
Michigan Railway— See Michigan Railroad.. 47
Michigan Traction— See Mich. United Rys___47
Michigan United Rys. C o___________________ 47
Middleb Warenam sc Buzzard s Bay St. Ry.—
See New Bedford & Onset Street R y_______ 78
Mid-Crosstown Railway C o__________________ 84
Middlesex & Boston St. R y __________________ 12
Middlesex Electric Light Sc Power C o________ 75
Middlesex & Somerset Traction.— See Public
Service Ry_______________________________ 76
Middletown (Conn.) St. R y.— See Conn. Co_78
Middle West Util Co — See "R.v. and Ind." Sect.
Milford Attleboro & Woonsocket St. Ry. See
New England Invest. Sc Sec. C o___________124
Milford Holllston & Framingham St. R y.— See
Milford & Uxbridge Street R y______________ 6 8
Milford & Uxbridge Street R y ________________ 6 8
Miller's River Street Ry______________________52
Mlllvale Etna & Sharpsburg Street R y.— See
Allegheny Traction________________________ 105
Millville Traction____________________________ 6 8
Milwaukee Electric Railway Sc Light_________ 6 8
Milwaukee & Fox River Valley R y.— See
Eastern Wise. Elec. C o___________________ 122
Milwaukee Light, Heat & Traction— See Mil
waukee Elec. Ry. Sc L t_____________________6 8
Milwaukee Northern R y ______________________20
Milwaukee St. Ry.— See Milw. Elec. Ry.& L t- 6 8
Milwaukee Western Electric R y _____________ *
Minneapolis Anoka Sc Cayuna Range R R ____ *
Minneapolis Northfield Sc Southern__________ 70
Minneapolis Street Sc St. Paul City Railway.—
See Twin City Rapid T ra n sit______________ 69
Minneapolis & St. P. Sub.—See Twin C. R. T - 69
Minneapolis St. Ry.— See Twin City Rap. T r. 69
Minnesota Central R y ______________________
*
Mississippi Valley Railway & Power C o_____115
Missouri Sc Kansas lnterurban R y ____________59
Missouri Electric RR________________________ 117
Mobile Light & Railroad______________________70
Mobile Street RR.— See Mobile Light & R R . 70
Mohawk Valley C o.— See N Y . State Rys___114
Monmouth County Electric C o _______________64
Monocacy Valley R y.— See Potomac Public
Service C o_________________________________52
Monongahela Street Railway.________________ 106
Monongahela Lt. Sc Pow.— See Duquesne
Light C o----------------------------------------106
Monongahela Power & R y. Co.-—-See Monon
gahela West Penn Public Service____________43
Monongahela Valley Traction Co
See M o
nongahela West Penn Public Service________ 43
Monongahela West Penn Public Service C o___43
Monterey Sc Pacific Grove R y.— See Coast
Valley Gas Sc Electric C o_________________ 119
_
*
Monterey (Mex.) Railway, Light & Power_
Montgomery Co. Pass. Ry.-See Schuyl. V. Tr 113
Montgomery Light Sc Traction C o____________70
Montgomery Street R y.— See Montgomery
(Ala.) Light & Traction C o___________
70
Montgomery (Ala.) Traction C o.— See M ont
gomery Light & Traction C o_______________ 70
Montgomery Transit Sc Light C o_____________ *
Montoursville Passenger R y__________________ 70
Montpelier & Barre Light & Power__________ p
Montreal Public Service Corporation________ 134
Montreal Street R y.— See Mont Tram ways.. 134
Montreal Tramways C o _____________________ 134
Montreal Tramways & Power C o____________ 134
Montville St. R y.— See Shore Line Elec. Ry__ 90
Moose Jaw (Sask.) Electric R y______________ *
Morgantown (Va ) lnterurban R y ___________
*
Morgantown & Wheeling R y ________________ *
Morningside Electric Street R y______________ 106
Morris County Traction C o_________________ 70
Morris R R .— See Morris County Trac. C o . .
70
Morristown Gas Light C o____________________ 7 5
Mountain Lake Electric R R _________________
*
Mt Hood Ry & Power.— See Portland R y.,
Light Sc Power C o________________________ 110
Mt. Oliver Incline Plane R y.— See P. & B.
Traction System__________________________ 105
M t. Washington Street R y __________________ 104
Mt. Vernon (0.1 Elec. St. R y .. _ _________
*
Mousam River R R .— See York Utilities o _ 59
_
Muncie Hartford Sc Ft. Wayne Traction Co.—
See Union Traction Co. of Indiana________ 5
Muncie Sc Portland Traction C o __________
5
Muncie Sc Union City Trac. Co.— See Union
Traction Co. of Indiana__________________
5
Municipal Service C o________________________ 101
Muscatine Sc Iowa City R y _________________
*
Muskegon Traction & Lighting C o____________71
Muskogee Electric Traction Co______________ 71
Myersville & Catoctin R y.— See Potomac
Public Service C o__________________________ 52
Mystic Valley St. R y:— See Eastern Mass. St.
R y. C o____________________________________ 12
142
INDEX TO RAILWAYS
Page.
Norton Taunton & Attleboro Street R y ______ *
Norwalk Gas Sc Electric C o.— See Cleveland Sc
Southwestern Sc Columbus_________________ 30
Norwich St. R y.— See Conn. C o______________ 78
Norwich & Westerly Traction C o.— See Shore
Line Electric R y ___________________________ 90
Norwood Canton Sc Sharon Street R y ________
*
Nova Scotia Tramways Sc Power C o______ 133
Nueces Ry. (Texas)_________________________ *
Page.
Peoples’ Gas, Elec. & Htg.— See Inter-State
| Public Service C o_________________________56
People’s Incandescent Light Co.— See Craw
ford County Ry. C o______________________ 42
I People's Passenger Railway_________________ 100
People’s R R .— See New York State Railways. 114
People's Ry. (Dayton. O . ) ____
93
People’s Ry., Wilmington. Dei.— See Wilm.
& Phila. Traction C o_______________________ 97
People’s Street R y.— See Scranton R y ________ 96
Sc McDonald St. R y.— See West
Ry. (West Newbury,
O akdale Rys________________________________ 107 People’s Street Massachusetts Street Mass.)—. 12
Penn
See Eastern
R y. C o
Oakland Antioch & Eastern R R .— See San
People’s Traction (Philadelphia, P a.)________ 100
Francisco Sacramento R R __________________ 91 People's Tramway Co.— See Connecticut Oo__ 78
Oakland & Antioch— See San Fr.-Sacra. R R .. 91 Peoria Rloomlngton Sc Champaign Trac. Co.—
Oakland Railways— See San Fran. Oakland
See Illinois Traction, In c___________________ 21
Terminal Rys. ___________________________ 90 Peoria Gas Sc Electric C o.— See Common
wealth Power Corp_________________________ 46
Oakland San Leandro Sc Haywards Electric
See San Fran.-Oakland Terminal R y _______ 90 Peoria Light Co.— See Commonw. Pow. C orp. 46
Oakland Term. C o.— See San Fran.-Oak.Term. 90 Peoria Lincoln & Springfield R y.— See Illinois
| Traction, Inc______________________________ 21
Oakland Trac. Cons.— See San Fran.-Oak.
Term inal__________________________________ 90 Peoria R y. Co.— See 111. Power & Lt. Corp___21
I Peoria R y. Term. Co.— See ' Ky. & Ind. ' Sec.
Oakland Traction C o.— See San Fran.-Oak.
Term. Rya_____________
90 1 Perry Street Passenger R y.— See Federal
I Street & Pleasant Valley R y_____________ 105
Oakland Transit Co.— 8ee San Fran.-Oak.
Terminal Rys______________________________90 ! Petaluma & Santa Rosa R R _________________ 94
Oakwood Street R y. C o______________________ 37 Philadelphia Bristol & Trenton Passenger Ry.
— See Trenton Bristol Sc Phila. Street Ry_.102
Ocean Shore R R ____________________________
*
Philadelphia City Passenger R y _____________ 100
Ogden Lake Sc Idaho R R .— See Utah-Idaho
Centra] R R _______________________________ 118 Philadelphia Co. (Pittsburgh. P a.)___________102
| Philadelphia Sc Darby R y___________________ 100
Ogden Rapid Transit Co.— See Utah-Idaho
Central R R _______________________________ 118 Philadelphia & Easton Transit C o_____________40
Ogdensburg Street R y _______________________ * Philadelphia & Easton Electric Co.— See Phila
delphia & Easton Transit C o______________40
Ohio Elsctric Railway________________________33
| Philadelphia & Gray’s Ferry Passenger R y .,.1 0 0
Ohio Central Traction— See Cleveland South
western Sc Columbus R y ___________________ 30 Philadelphia Sc Garrettford St. Ry. Co.— See
Philadelphia Sc West Chester Traction______ 98
Ohio River Electric Railway Sc Power_______ 109
* i Philadelphia Sc Lehigh Valley Traction.— See
Ohio Service C o____________________________
Lehigh Valley Transit C o_________________ 3
Ohio Traction C o ____________________________ 28
Ohio Valley Electric R y ______________________ 97 i Philadelphia Railways C o___________________ 102
Oklahoma Electric Term. C o.— See Okla. Ry_ 92 Philadelphia Rapid Transit C o_______________ 98
Oklahoma Railway Co________________________ 92 Philadelphia Traction_______________________ 100
* Philadelphia Sc West Chester Traction________ 98
Oklahoma Union Railway___________________
Old Colony 8t. Ry.— See East.M ass.St.Ry.Co. 12 Philadelphia & Western R y_________________ 102
Olean Bradford & Salamanca R y______________ 92 Philadelphia & Willow Grove Street Railway .100
|Phoenixville Valley Forge & Strafford El. R y . *
Olean Rock City & Bradford R y.— See Olean
Bradford Sc Salamanca R y __________________ 92 Piedmont & Northern Railway_______________ 23
Piedmont Railway Sc Electric C o_____________ *
Olean Street R y.— See Olean Bradford & Sala
manca R y _________________________________92 Pine Bluff (Ark.) C o________________________ 102
Oley Valley R y.— See Reading Tr. Sc Lt. C o_112 : Pitcairn Sc Wilmerding Street R y.— See Mon
og a h ela Street R y________________________ 106
Omaha Sc Council Bluffs Ry. & Bridge________ 92
Omaha & Council Bluffs Street R v ____________92 j Pittsburgh Allegheny Sc Manchester Traction.
— See United Traction System_____________104
Omaha Council Bluffs & Suburban R y.— See
Omaha & Council Bluffs Ry. & Bridge Co__ 92 j Pittsburgh Sc Allegheny Valley Traction Co.—
See West Penn Railways_________________ 107
Omaha & Lincoln Ry. & Light C o_____________ 22
Omaha Lincoln & Beatrice Railway C o_______ 64 Pitts.&Beaver Lt.Co.— See Duquesne Light Col06
Omnibus Cable R y.— See Market St. R y _____ 119 Pittsburgh Sc Beaver Street R y______________ 106
Oneida Railway Co.— See N. Y. State Rys_ 114 j Pittsburgh Sc Birmingham Passenger R y.— See
_
1
Pittsburgh & Birmingham Traction_______ 105
Oneonta Sc Mohawk Val. R R .— See Southern
N. Y. Power Sc Railway C o________________ 35 Pittsburgh & Birmingham T raction_________ 105
JPittsburgh Butler & Harmony Consolidated
Ontario & San Antonio Heights.— See Pacific
& Power C o_______________________________108
Electric R y ________________________________65
Ontario Light Sc Trac.— 8ee N . Y . State R y e .. 114 I Pittsburgh Canonsburg & Washington R y____104
Orange County Traction C o__________________ 89 ! Pittsburgh & Charleroi Street R y ____________105
Orange Sc Passaic Valley R y __________________ 77 j Pittsburgh County R y.— See Choctaw Power
Sc Light C o________________________________6 6
Oregon Electric R y __________________________ 111
Orleans-Kenner Electric R y _________________
* Pittsburgh Crafton & Mansfield Street R y.—
Orleans R R .— See New Orleans Pub. Ser., In c. 80 1 See Pittsburgh Railways C o_______________ 103
_
Orono Water Co.— See Baugor Ky < Elec. Co. 9 j Pitts. Elec. St. R k .—’See Berkshire St. R y _ 79
&
Pitts Harmony Butler & New Castle St. Ky__108
Oskaloosa Trac. Sc Light C o.— See Des Moines
Sc Central Iowa Electric C o_________________ 22 |Pittsburgh Incline Plane.— See Pittsburgh &
Birmingham Traction System______________ 105
Ottawa (Canada) Electric Railway___________135
Ottawa Traction Co.. L t d __________________ 135 Pittsburgh Mars Sc Butler R y_______________ 108
Ottumwa Railway & Light C o________________ 93 Pittsburgh McKeesport Sc Connellsville R y.—
See West Penn. Rys. C o__________________ 107
Ottumwa Traction & Light Co.— See Ottumwa
Railway & Light C o________________________ 93 Pittsburgh McKeesport & Greensburg R y.—
See West Penn. Railways C o_______________ 107
Owensboro City R R __________________________ 42
Oxford Electric C o__________________________ 115 Pittsburgh Railways C o______________________103
Pittsburg (Kan.) R y. & Light C o.— See Jop
lin Sc Pittsburg R y________________________ 102
acific
Power Co.— See Puget Sound
P Power Coast C o ___________________________ 121 Pittsburg R R .(K an.)— See Joplin Sc Pitts. Ry_102
Sc Lt.
Pacific Electric R y___________________________ 65 Pittsburg Traction__________________________ 103
Pittsburgh Sc West End Passenger R y.— See
Pacific Gas Sc Electric Co.— See “ Railway &
Pittsburgh Railways C o____________________103
Industrial" Section
Pitts. & West Va. Gas Co.— See Phila. Co-__102
Pacific Traction Co.— See Puget Sound
Pow. & Lt. C o____________________________ 121 Pittsfield (Mass.) Electric Street R y .— See
Berkshire Street R y ________________________ 79
Paducah Street R y.— See Pad. Elec. C o_______ 93
Paducah City Ry. Co.— See Paducah Elec. Co. 93 Pittston Sc Scranton Street R y.— See Scranton
R y. C o ____________________________________ 96
Paducah Electric C o__________________________ 93
Pan Handle Trac. Co.— See West Penn R ys— 107 Pittston Street Car.— See Wilkesbarre Sc W yo
ming Valley Traction System______________ 132
Parkersburg Marietta Sc Interurban R y.— See
Kanawha Traction & Electric C o___________93 Plainfield Gas Sc Electric C o.— See Somerset
Union Sc Middlesex Lighting_______________ 76
Parkersburg (W .Va.) Sc Ohio Valley E lec.R y_ *
Park & Ocean R R .— See Market St. R y ______11 ’> Plainfield St. Ry.— See Public Service R y ____76
Plattsburg Traction C o______________________108
Park. P t. Trac. C o.— See Dul.-Sup. Trac_ 40
_
Plymouth Bridge Co.— See Wilkesbarre &
Parr Shoals Power Co.— See Columbia R y..
Wyoming Valley Traction_________________ 132
Gas & Electric C o_________________________ 32
Pasadena & M t. Lowe R y.— See Pac. EL Ry__ 65 Plymouth & Brockton Street R y _____________108
Passaic & Newark El Tr.— See Cons. Trac. Co 76 Plymouth Sc Sandwich Street R y_____________ *
Point Pleasant (N. J.) Traction C o _________ *
Passaic Lighting Co.— See Paterson & Passaic
_
Gas & Electric C o_________________________ 75 Poland St. R y.— See Penna.-Ohio Elec. C o_ 85
Ponce Electric C o___________________________ 135
Passaic Gas Light C o.— See Paterson Sc Pas
saic Gas & Electric C o______________________75 Pontiac Light Co.— See Consumer Power Co__ 47
Passenger Sc Belt R y.— See Ky. Trac. Sc Term. 63 Port Huron St. Clair Sc Marine City R y.— See
Detroit Sc Port Huron 8 hore Line____________39
Paterson City R y.— 8ee Public Service R y_ 86
_
Paterson & Passaic Gas Sc Electric C o________ 75 Port Jervis Traction C o______________________ 109
Portland Sc Cape Eliz. R y.— See Portland RR.109
Paterson Railway.— See Public Service R y _ 76
_
Paterson & State Line Traction C o____________77 Portland (M e.) Elec. C o.— See Oumb. County
Power Sc Light____________________________ 109
Pawtucket St. R y.— See United Elec. R ys____111
Peekskill Lighting & Railroad________________ 93 Portland Eugene Sc Eastern R y.— See Southern
Pacific Co. in “ Railway Sc Industrial” Sec.
Pelham Park & City Island_________________84
Pelham Park Railway_______________________ * Portland General Electric Co.— See Portland
Railway. Light Sc Power C o_______________ 110
Peninsular Railway_________________________ 120
Portland Lighting Sc Power.— See Cumber
Pennsylvania Ltg. Co.— See Lehigh Power
land County Power Sc Lt. C o______________ 109
Securities Corp___________________________ 3
*
Pennsylvania Light Sc Power-------------------------107 Portland Sc Oregon City R y __________________
Portland (M e.) R R _________________________ 109
Pennsylvania L t., Ht. & Power Co.— See
Penn. Lt. & Power C o____________________ 107 Portland Ry .Co.— See Portland R y . Lt Sc Pow .110
Penn Motor Co.— See Easton Cons. Elec. C o . 4 Portland R y., Light Sc Power C o_____________ 110
Portland (Conn.) St. R y.— See Conn. C o_____78
Pennsylvania & Mahoning Valley Traction Co.
See Pennsylvania-Ohio Elec. C o_____________85 Portland Sc Yarmouth Elec. R y.— See Port.RR109
Porto Rico Rys. C o., Limited________________ 135
Pennsylvania-New Jersey R y. C o_______ ____ 90
Portsmouth Dover Sc York Street R y _______59
Pennsylvania-Ohio Elec. C o_______ _________ 85
*
Pennsylvania-Ohio Power & L t_______________ 85 Portsmouth Electric R y ____________________
Penn. St. Pass. R y.— See Citizens T raction..106 Portsmouth & Exeter St. R y.— See New
Hampshire Electric________________________ 53
Pennsylvania Utilities C o.— See “ Railway and
Portsmouth Kittery & York Street R y.— See
Industrial” Section.
Portsmouth Dover & York Street R y _______ 59
Pennsylvania & Ohio R y.— See Penn. &
Ohio Traction C o________________________
6 Portsmouth (Ohio) Street R R . & Light C o____111
Pennsylvania & Ohio Trac. C o ._____________ 6 Potomac Elec. Power Co.— See W ash.Ry. & E.12.)
Potomac Public Service C o__________________ 52
Pennsylvania Power & Lt.— See Lehigh Power
Securities Corp----------------------------------------- 3 Pottstown (Pa.) Transit C o___________________ *
Pottsville& Reading R y.— SeeE. Penn. Rys_111
Penn Street Passenger R y. (Pittsburgh).— See
Citizens’ Traction_________________________ 106 Pottsville Union Traction.— See E. Penn. R y s .lll
* j Poughkeepsie Sc Wappingere Falls R y ________ 111
Penn Yan & Lake Shore Railway___________
Poughkeepsie City & Wappinger Falls Elec.
Pensacola Electric Terminal R y.— See Pensa
cola Electric C o___________________________ 94 R y.— See Pough. & Wappingere Falls R y ____111
Pensacola Electric C o________________________ 94 Powell Street R y.— See Market St. R y ______ 119
People's Elevating C o________________________ 77 j Power Transit Sc Light (California)— See 8 an
Joaquin Light & Power Corporation________ 44
People's Gas & Electric Co. (Burlington).— See
United Utilities Corp_______________________ 20 Presidio & Ferries R R _______________________ 120
Princeton Lt., Ht. & Pow. C o________________ 76
People’s Gas & Electric Co. (Mason City).—
See United Light & Railways C o------------------49 Prospect Park & Coney Island R y __________ 18
Providence & Burrillville Street R y.— See
United Electric Railways_________________ i l l
* See inside badk cover.
[V ol. 116,
P a ge.
Providence Securities Co.— See United El. R ys.l 11
Providence & Taunton St. R y.— See Eastern
Massachusetts St. R y. C o__________________12
Public Service Co. of Ind.— See Interstate
Public Service C o__________________________ 56
Public Service Company of Oklahoma________
*
Public Service Corporation (with m ap)_________74
Public Service Gas C o________________________ 75
Public Service Electric C o___ _________________ 75
Public Service Electric Power Co.— See Public
Service Electric C o_________________________ 75
Public Service Investment___________________ 14
Public Service Newark Term. R y .— See Public
Service R y ________________________________ 76
Public Service Ry (with map)__________________76
Public Service R R ___________________________ 77
Public Utilities Co.— See Commonw. P. C orp. 46
Public Works C o.— See Bangor R y. Sc Elec.Oo. 9
Puebla Tramway Lt. & Power C o____________ *
Pueblo Sc Suburban Traction & Light C o.—
— See Southern Colorado Power C o________ 111
Pueblo Traction & Lighting— See Southern
Colorado Power C o_______________________ 111
Puget Electric R y.— See Puget Sound Power
Sc Light C o _______________________________121
Puget Sound Power Sc Light C o ______________121
Puget Sound Traction, Light Sc Power Co See
Puget Sound Power * Light C o ___________ 121
Putnam Sc Westchester Traction C o___________9.3
O uakertown Tractf on— See Leh. Val.Tran.Co
uebec-Jacquee Cartier Elec.— See Quebec
»
R y. Lt. Ht. Sc Power____________________ 135
Quebec-Montmorency R y.— See Quebec R y..
Light, Heat Sc Power C o., L td_____________ 135
Quebec R y. Lt. Heat Sc Power_______________ 135
Quebec Sc Saguenay R y.— See Quebec B y..
Light, Heat & Power C o___________________135
Queens Ry. C o.— See New York Sc Qu. G o.R y. 64
Quincy (111.) Horse Ry. Sc Carrying— See
Quincy R y.— See 111. Power & Lt. C o r p ... . 21
Quincy R y .— See 111. Power & Lt. Corp
k__ 21
Oailroads & Power Development C o.— See
** United Railways Investment____________ 1 1 9
Railway & Lt. Securities (Boston)__________
*
Railways Realty Co.— See New Orleans Pub
lic Service, Inc_____________________________ 89
Raleigh St. R y.— See Carolina Power & L t.C o. 112
Rapid Transit St. Ry. of the City of Newark—
See Consol. Trac. C o_______________________ 7 7
Reading City Passenger R y.— See Reading T r . 113
Reading & Lowell— See Eastern Massachusetts
Street R y. C o_____________________________ 12
Reading & Southwestern R y.— See Reading
Transit Sc Lt C o._____________________
H2
Reading Sc Temple Electric R y.— See Reading
Traction__________________________________ 113
Reading Traction______________________
113 .
Reading Transit Sc Light C o__________________112
Reading Wakef. Sc Lynn— See Eastern Massa
chusetts Street R y. C o______________________ 1 2
Reading Sc Womelsdorf.— See Reading Transit
& Light C o________________________________ 1 1 2
Redlands Central R y.— See Pac. Elec. R y ____65
Redlands St. Ky.— See Pac. Elec. R y_______ 65
Red Wing Gas Light Sc Power C o.— See Wis
Minn. Light & Power C o__________________ 61
Reno (Nev.) Traction C o . . _________ ____ J__ *
Republic Ry. Sc Light C o_____________________ 84
Rhode Island Co.— See United Elec. R y s I I I I l 11
Rhode Island Suburban R y.— See United
Electric Railways_________________________ m
Richland Co.— See Richland P. S. C o_________ 8 8 Richland Public Service C o__________________ 8 8 Rlchmond Light, Heat Sc Power C o.— See
United Gas Sc Electric C o__________________ 85
Richmond Light & RR. C o___________________125
Richmond R y . Sc Elec.— See Va. Ry. Sc Power. 113
Richmond Sc Fairfield (Elec.) R y .___________ *
Richmond Sc Rappahannock River R y __
*
Kldge Avenue Passenger R y __________________100
Rjdgewood Gas C o __________________________ 7 5
Rio do Janeiro Tramway Light Sc Power__ 137
Rlttereville Hotel C o.— See Leh. Val. Tran.Co
3
Riverside & Arlington R y.— See Pac. Elec. R y. 65Riverelde Traction_______________________
77
Roanoke Ry. Sc Electric— 8 ee Roan. Tr.ScL t.. 97
Roanoke Traction & Light C o _________________ 97
Rochester Charlotte Sc Manltou R R .— See
Rochester Sc Manitou R R _______________
115
Rochester City Sc Brighton— See N . Y . 8 tate
R y s...................
114
Rochester-Oorning-Elmlra Traction C o____
*
Rochester Elec. R y.— See N . Y . State R ys____114
Rochester Sc Manitou R R ____________________ 115
Rochester Lockport Sc Buffalo R y _____________ 1 1 5
Rochester Ry. Sc Light— See N . Y . State R y s. 114
Rochester R y.— See N. Y . State R ys_________114
Rochester Sc Sodus Bay R y.— See N . Y . State
R ys-------------------------------------114
Rochester Sc Suburban R y.— See N . Y . State
R ys----------------------------------------------------------- 1 1 4
Rochester Syracuse Sc Eastern R R .— See Em
pire State Railroad Corporation___________ 126
Rochester Sc Syracuse R R ____________________ 126
Rockford Beloit Sc Janesville R R .— See Union
Railway, Gas Sc Electric C o________________ 48
Rockford City Traction C o _________________
*
Rockford Sc Freeport Electric R y .— See Union
Railway, Gas Sc Electric C o________________ 48,
Rockford Sc Interurban R y.— See Union Rail
way, Gas Sc Electric C o_____________________4 &
Rock Island Southern R ailroad — See Gales
burg Sc Western R R ________________________ 7 9
Rock Island Southern Railw ay — See Miss.
Valley R y. Sc Power C o ___________________ 115
Rockland & Abington Street Railway— See
Eastern Massachusetts Street R y. C o_______ 12
Rockland Thomaston & Camden Street R y.
— See Knox County Electric C o____________115
Rockport Street R y .— See Eastern Massachu
setts Street R y. C o_________________________ 12
Rockville Broad Brook & East Windsor St.
Ry.— See Hartford & Springfield St. R y___127
Rohrerstown Landisvllle Sc M t. Joy R y.— See
Lancaster County R y. & Light C o_________ 62
Rome (Ga.) Railway Sc Light C o_____________ 115
Roxborough Chestnut Hill Sc Norristown Ry_113
Rutland City Elec. C o.— See Rutland R y .. Lt.
Sc Power C o_______________________________116
Rutland Railway, Light & Power___________I l l 6
Rutland St. R y .— See Rutland R y ., Lt. & P. Co. 116
Sacramento Northern R R _____________
120
'-'acramento 8 hort Line R y.— See San Fran.Oakland Terminal Rys_____________________90
Sacramento Valley Electric R R ______________ *
Saginaw-Bay City Railway____________________48
Saginaw Valley Traction— See Saginaw-Bay
City Railway____________________________ 4 8
St. Albans & Swanton Trac. C o______________ 116
St. Clair Gas & Elec.— See 111. Pr. & Lt. C orp. 21
St. Charles St. R R .— See New Orl. Pub. Serv. 80
St. Francois County Electric________________
*
INDEX TO RAILWAYS
A pril , 1923.]
F o o t.
St. John (N. B.) B y ...........................................
*
St Johnsbury Klee. Oo.— See Twin States Gas
Sc Electric Oo_____________________________ 14
St. Joseph R y., Light. Heat Sc Power (M o .) .. S8
St. Louis & Belleville Elec. R y_______________ *
St. Louis Decatur & Champ. R y .— See 111.
Traction, Inc_____________________________ 21
St. Louis Sc East St. Louis Elec. R y _________
*
St. Louis East Side Belt Line Terminal R v ___ *
St. Louis Electric Bridge Co.— See 111. Trac. 21
St. Louis Elec. Term. R y.— See 111. Trac____21
St. Louis Lakewood Sc Grant Park Elec. By__ *
St.L. & Mer.River R R .— See United R ys.C o.116
St. Louis Sc Northeastern R y.— See St. Louis
Springfield & Peoria.— See 111. Trac., I n c .. 21
St. Louis R R .— See United Rya. Oo_________ 116
St. Louis Sc St. Charles Bridge Oo___________ 117
St. Louis St. Charles Sc Western R R .— See
Missouri Electric R R ______________________ 117
St. Louis & Spring. R y.— See 111. Trac., I n c .. 21
St. Louis Springfield & Peoria R R .— See
Illinois Traction, Inc_______________________ 21
St. Louis&Suburban R y.— SeeUnltedRys.Oo. 116
St. Lcrtiia Transit— See United Rys___________116
St. Paul City R y.— See Twin City Rap. Tran. 69
St. Paul Southern Electric R y----------------------- *
St. Tammany Sc New Orleans Rys. Sc Perry Oo. *
Salem Sc Pennsgrove Traction Oo_____________ 93
Salem & Wakefield— See Eastern Massachu
setts Street Railway O o_____________________12
8aline Elec. Oo.— See 111. Pow. & Lt. Corp— 21
Salisbury Sc Spencer R y.— See North Oar.
Public Service Oo__________________________ 52
Salt Lake & Og. R y .— See Bamberger El. R R .118
Salt Lake Sc Utah R R _____________________ 118
Salt Lake Terminal Oo— See Salt Lake &
Utah R R .....................
118
San Antonio Gas & Electric— See San Antonio
Public Service C o _________________________ 118
8an Antonio Traction— See San Antonio Public
Service O o________________________________ 118
San Antonio Public Service O o_______________ 118
San Benito Lt. Sc Pwr. C o.— See Coast
Counties Gas Sc El. O o____________________ 120
San Bernardino Valley Trac. Oo.— See Pac.
Elec. R y___________________________________ 65
San Diego Electric Ry_______________________ 118
San Diego Sc Southeastern R y _______________ *
Sandusky Norwalk Sc Mansfield Electric R y _90
Sandusky Fremont Sc Southern R y------------------31
Sandwich Windsor Sc Amherstberg R y .— See
Detroit United R y _________________________ 38
Sanford & Cape Porpoise R y .— See York
Utilities Oo________________________________59
San Francisco Elec. Rys.— See Market St. R y.119
San Fran. Napa <c Oaltstoga R y______________ 120
S
San Francisco Oakland Sc SaQ Jose Cons. Ry—
See San Fran.-Oakland Term Rys_________ 90
8an Franclsco-Oakland Term R.vs____________90
San Franclsco-Saoramento R R _ __________ 91
_
San Francisco Sc San Mateo Electric— See
Market Street R y _________________________ 119
San Joaqutn Light Sc Power Oorporatlon___ _ 44
San Joaquin Power C o.— See San Joaquin
Light & Power Corp________________________44
8anJo»e Sc Alum Rock R y .— See San Jose RRs 120
San Jose-Los Gatos Interurban R y.— See
Peninsular R y ____________________________ 120
8an Jose Railroads__________________________ 120
8anJose Sc Santa Olara R R .— See San Jose
R R s ............. ..................... . ..............................120
San Jose Short Line Ry.— See San Fran.-Oak.
Terminal Rys_____________________________ 90
San Jose Terminal R y _______________________ *
San Ramon Valley R R .— See San FranciscoSacramento R R ___________________________ 91
Santiago (Cuba) Elec. Light Sc Traction C o---- *
Sao Paulo Electric C o., L td_________________ 137
Sao Paulo Tram.. Lt. & Power Oo., Ltd___ 137
Sapuipa (Okla.) Sc Inter. R y _________________ *
Saratoga Traction— See Hudson Valley R y —
3
8avannah Electric Sc Power C o______________ 121
Savannah Electric Oo.— See Savannah Elec
tric Sc Power Oo__________________________ 121
Savannah River Power Oo.— See Georgia Ry.
Sc Power C o______________________________
6
Savannah Thunderbolt Sc Isle o f Hope R y.—
See Savannah Electric Sc Power Oo________ 121
Schenectady R y_____________________________115
Schuylkill Electric R y.— See East. Penn. R y s .lll
Schuylkill Gas Sc Electric O o.— See Lehigh
Power Securities C orporation_____________ 3
Schuylkill Haven Sc Orwtgsburg St. R y.— See
East. Penn. Rys__________________________ 111
Schuylkill Ry. O o____________________________ 45
Schuylkill Traction (Girardville, P a.)_________ 46
8chuylkill Valley Traction__________________ 113
Scioto Valley Traction Oo____________________ 35
Scranton Sc Binghamton R R .— See Scranton Sc
Binghamton R y__________________________ 10
Scranton Sc Binghamton R y__________________ 10
Scranton Sc Binghamton Trac. Oo.— See Scran
ton Sc Binghamton R R ____________________ 10
Scranton Sc Oarb. Trac.— See Scranton R y___98
Scranton Dunmore & M o. T k.— See Scranton
R y ..............
96
Scranton Montrose & Binghamton R R _______ 10
Scranton Pass. Ry.— See Scranton R y________ 98
Scranton Sc Pittston T r.— See Scranton R y _ 96
_
Scranton & Wilkes-Barre Traction___________121
Scranton R y _______________________________ 98
Scranton Traction.— See Scranton R y ________ 96
Sea Beach Ry.— See N. Y . Oonsol. R R _______ l7
Seaboard Elec. R y. o f Texas________________ *
Sea Coast Traction— See Atlantic Coast Elec. _ 5
Seashore Electric Ry., Asbury Park— See At
lantic Coast Electric R y__________________ 5
Seattle Electric Co.— See Puget Sound Power
& Light C o______________________________ 121
Seattle-Everett Trac. Co.— See Puget Sound
Power Sc Light C o_________________________ 121
Seattle R y.— See Puget Sound Power Sc Lt. C o .121
Seattle & Rainier Valley R y _________________ 122
Second Avenue R R . (New York)_____________82
Second Avenue Traction— See United TractionKM
Second & Third Streets Passenger R y _______ 100
Sedalia Lt. & Trac. Co.— See City Lt. Sc Tr.Co. 88
Selma Electric R y ___________________________ *
Seventeenth Sc Nineteenth Streets Pass. R y _100
Seventeenth St. Incline Plane C o____________106
Seymour Public Service Co.— See InterState Public Service C o ____________________ 56
Shamokin & M t. Carmel Transit C o__________122
Sharon Canton & Norwood Street R y ----------- *
Sharon & Newcastle Rys.— See Republic Rail
way & Light_______________________________84
Shawnee-Tecumseh Traction Oo_____________ 122
Sheboygan Gas Lignt Oo.— See Wise. Sec. Oo. 69
Sheboygan Electric Co.— See Eastern Wis
consin Electric Co________________________ 122
Sheboygan Ry. Sc Elec.— See East. W . E. Oo__122
Shelby Co. Water, Gas & Elec.— See InterState Public Service C o____________________ 56
* See inside back cover.
Page
*
Shelburne Falls Sc Colvain St. R y ________ ___.
Shenandoah Traction O o____________________ *
Sherbrooke St. R y.— See Sherbrooke R y. Sc
Power C o _________________________________ 136
Sherbrooke (Que.) Railway & Power________ 136
Shore Lighting Oo_________________________ 76
Shore Line Electric R R ___________________
79
Shore Line Electric R y. (Connecticut)_______ 90
Shreveport Railways Oo_____________________122
Sierra & San Francisco Power C o____________119
Sioux City Crystal Lake Sc Home Elec. Ry___ *
Sioux City Gas Sc Electric___________________ 123
Sioux City Service Oo________________________ 123
Sioux City Traction— See Sioux City Ser.
Co...................................................................... .123
Sixth Avenue R R ____________________________ 82
Slate Belt Electric Street R y _________________ 93
Slatington St. R y.— See Lehigh Valley T ra n .. 3
Snyder Ave. St. R y.— See Phila. Rap. T ra n .. 98
Somerset Lighting Oo.— See Somerset Union
Sc Middlesex Lighting C o__________________ 76
Somerset Union & Middlesex Lighting C o ___ 76
Somerville Horse R R .— See Boston Elevated. 11
South Bend Sc South. Michigan Ry.— See
Southern Michigan R y ____________________123
South Bethlehem Electric Light O o.— See
Lehigh Valley Transit O o_________________ 3
South Brooklyn R y.— See Brooklyn Rap. T r. 15
South Chicago City R y — See Cal. &So.Ch.Ry 24
South Carolina Gas & Electric_______________ 123
South Carolina Light, Power & Railways— See
South Carolina Gas & Electric_____________ 123
South Covington Sc Cin. St. R y.— See Cin
cinnati Newport Sc Covington R y---------------- 35
Southeastern Ohio R y. (Zanesville, O .)______ *
South Ferry— See Broadway Sc Seventh A v e .. 82
South Jersey Gas, Electric & Traction________ 76
Soutn Orange Sc Maplewood Traction-------------77
South Shore & Boston St. R y.— See Eastern
Massachusetts Street Ry. C o-------------------- 12
South Side Elevated R R .. Chicago_ _________27
_
South Side Gas C o__________________________ 107
South Side Passenger R y.— See United Trac
tion Co. of Pittsburgh_____________________104
South West Missouri Electric R y.— See South
West Missouri R R ________________________ 131
South West Missouri Railroad_______________ 131
Southeastern Ohio Ry. (Zanesville. Ohio)------ *
Southern Boulevard R R .— See Union R y___ 83
Southern Canada Power C o.— See Sherbrooke
Ry. Sc Power O o------------ *_____________ ___137
Southern Colorado Power C o________________ 111
Southern Elec. Ry.— See On. Rys. of St. L _ 116
_
Southern Ht., Lt. & Power Co.— See Duquasne Light O o________________________ 103
Southern Illinois Light & Power— See Illinois
Power & Light Corp---------------------------------- 21
Southern 111. Pr. & L t.— See 111. Pr. & Lt. Corp 21
Southern Illinois Ry & Power C o.— See Cen
tral Illinois Public Service O o_________
67
Southern Illinois & St. Louis R y ___________
*
Southern Indiana Gas & Electric— See Com
monwealth Power Corp____________________ 46
Southern Ind. Power.— See Inter-State Public
Service________________________________ . . . 56
Southern Light & Traction Co. (Natchez)— See
Southern Railway Sc Light C o------------------ 72
Southern Michigan R y ______________________123
Southern New York Power Sc Railway C o r p .. 35
Southern Ohio Traction.— See Cincinnati &
& Dayton Traction_________________________ 34
Southern Oregon Traction C o_______________ *
Southern Pennsylvania Traction C o______ ___97
Southern Public Utilities C o________________ . 23
Southern Railway & Light C o________________ 74
Southern Street R y __________________________ 24
Southern Traction Oo. (Bowling Green, K y.)_ *
Southern Traction (Dallas).— See Texas El.
R y ________________________________________36
Southern Traction Co. of Illinois___________
*
Southern Traction— See Pittsburgh Rys_____103
Southern Traction & Power C o______________ *
Southwest Missouri R R . C o_________________ 131
Southwestern Interurban R y__________________ *
South Shore (Long Lsland) Traction C o_________ *
Southwestern St. R y.— See Phila. Rys. C o_ 102
_
Southwestern (Tex.) Traction Oo____________ 127
Southwestern Traction— See London Sc Lake
Erie Ry. & Transportation C o _____. . . . . __133
Spokane & Eastern Ry. & Power O o-------------- 123
Spokane & Inland Empire Ry.— See Spokane
& Eastern Ry & Pow. O o ------------------------123
Spokane Terminal C o.— See Spokane Sc East
ern Ry. Sc Pow. C o____ __________________123
Spokane Traction Co.— See Spokane United
Rys C o___________________________________ 124
Spokane United Railways____________________124
Springfield Sc Central Illinois________________ *
Springfield (111.) Consolidated Railway— See
Union Railway, Gas & Electric--------------------47
Springfield & East. St. R y.— See Springfield
Street R a ilw a y ...________
.12^
Springfield Electric R y .. (Vermont).— See
Springfield Terminal R y. C o ______________ 125
Springfield Light Heat Sc Power C o ____ . 47
Springfield Sc Northeastern Traction C o.— See
Illinois Traction, Inc_______________________21
Springfield (Ohio) Railway_____________
96
Springfield (111.) Railway & Light Co.— See
Union Railway. Gas & Electric_____________47
Springfield Railway Companies.— See New
England Invest. Sec. C o _ ____
_
124
Springfield (M o.) Railway Sc Light O o -------------84
Springfield (Mass.) St. R y.— See New Eng
land Invest. Sec. C o_______________________ 124
Springfield Terminal R y. C o________________ 125
Springfield (O.) Terminal Ry. Sc Power C o__ 125
Springfield (M o.) Traction— See Springfield
Railway & Light O o ______________________ 84
Springfield Troy & Piqua R y.— See Springfield
Term. Ry. Sc Power Oo___________________ 125
Springfield (O.) & Washington R y ___________
*
Springfield & Xenia Railway________________ 125
Stafford Spgs. St. R y.— See Connecticut O o_. 78
Stamford Street R R .— See Connecticut C o___78
Standard Gas & Elec. Co.— See “ R y . & Ind.” Sect.
Stark Electric R R __________________________ 4
Staten Island Midland R y __________________ 125
Steinway R y.— See N. Y. & Queens Co. R y _64
Sterling Gas Sc Electric C o.— See Illinois Nor
thern Utilities C o__________________________ 39
Steub. East Liverp. & Beav. Valley Trac_____40
Steubenville Mingo & Ohio Valley Traction—
See Wheeling Traction____________________ 107
Steubenville Wellsburg & Weirton R y. Co.—
See West Penn Rys. C o____________________107
Steubenville & Wheeling Traction C o.— See
Wheeling Traction________________________ 107
Stillwater & Mechanicville— See Hudson Vai.
R y ....................................................................... 3
Stockton Electric R R _______________________ 126
Stockton Terminal & Eastern R R ___________
*
Stroudsburg El. L. Sc P .— See Lehigh Power
Securities Corp___________________________ 3
Suburban Electric Securities C o_______________ 12
143
P a ge.
Suburban Rapid Transit Oo. (Winnipeg)— See
Winnipeg Electric Railway________________ 137
Suburban Rap. Tran St. Ry. Pittsburgh, Pa_ 106
Sunbury (Pa.) Lewisburg & Milton R y______
*
Sunbury & Selinsgrove Electric R R --------------- *
Sunbury & Susquehanna R y _________________
*
Susquehanna R y., Lt. & Power Oo.— See
United Gas Sc Electric Corp________________ 85
Sutro R R .— See Market St. R y______________ 119
Sutter Street Ry.— See Market St. R y ______ 119
Sydney Sc Glace Bay Ry .Co.— See Cape
Breton Electric Oo______________
137
Syracuse Lake Shore & Nor. R R .— See Em
pire State Railroad Corporation___________126
Syracuse Northern Elec. R y _________________ 126
Syracuse Rap. Tran. R y.— See N .Y . State Rys. 114
Syracuse Sc Suburban R R ____________________ 126
T acoma Ry.<fe Pwr.— See Puget Sound Power121
& Lt. O o.........................................................
Tama Sc Toledo R y. Oo.— See Iowa R y. Sc Lt_ 20
Tampa Electric C o . . _______ - _____ _— ------- 127
Tamaqua Sc Pottsville Electric R R .— See East.
Penn. Rys_______________ . . . ------- . . . . . — 111
Tarrant County Traction Oo.— See Northern
Texas Electric C o__________________________ 44
Tarrytown White Plains Sc Mamaroneck R y.—
See Shore Line Electric R R . . . _____. . . ____ 79
Taunton & Brockton Street Railway.— See
Eastern Massachusetts Street Ry. C o._____ 12
Taunton Street R y.— See Eastern Massachu
setts Street Ry. O o---------------------------12
Taylor Avenue Railroad.— 8ee United Rys.
of St. L __________________________________ 116
Templeton St. R y.— See Nor. Mass. St. Ry__ 51
Tennessee Electric Power C o . . . — . — ------71
Tennessee Power C o____________________ . . . 74
Tennessee Railway, Light Sc P o w e r ..---------------7 1
Terre Haute Electric Oo.— See Terre Haute
Traction Sc Light__________________________ 55
Terre Haute Indianapolis Sc Eastern Traction
C o ___________________ - ---------------------------- 54
Terre Haute Traction Sc Light O o_____ ______ 55
Terre Haute & Western Ry. Oo.— See Terre
Haute Traction & Light------------------------------55
Texas Traction C o.— See Texas Electric R y . 36
Texas Electric Railway______________________ 36
Third Avenue Ry. (N. Y .) ___________________83
Thirteenth & Fifteenth Streets Passenger R y . 100
Thirty-fourth Street Orosstown R y---------------- 82
Three Rivers Gas C o.— See Mich. Gas &
Electric C o-------------------------------------------------- 57
Tidewater Power C o ------------------------------------- 132
Tidewater Southern Railway------------------------- 126
Tiffin & Fostoria R y ------------------------------------ *
Titusville Traction C o---- ------------- - - - - - ------ „ *
Toledo Bowling Green Sc Southern T ra ctio n ..127
Toledo Edison C o------------------------------- --— - 89
Tol. Fayette & Western.— See Toledo T rac.,
Light & Power_______
89
Toledo Sc Findlay St. R y.— See Toledo Bowl
ing Green & Southern--------- --------- — 127
Toledo Fostoria Sc Findlay----------------------- ---1 2 7
Toledo Fremont Sc Norwalk Street B y.— See
Lake Shore Electric_________ . . . . -------------31
Toledo Gas Elec. Sc Heat. Oo.— See Toledo
E dison-C o------------------------------89
Toledo Gao Light Sc Coke Oo.— See Toledo
Traction, Light Sc Power Oo------------89
Toledo Sc Indiana Railroad---------------------127
Toledo & Indiana Traction Oo.— See Toledo
Sc Indiana R R . C o ----------------------- - — ------- 128
Toledo Heat Sc Light Oo.— See Toledo Traction. Light & Power C o---------------------------- - 89
Toledo Ottawa Beach & Nor. R y --------------------89
Toledo Port Clinton Sc Lakeside R y. Oo.— See
Northwestern Ohio Ry Sc Power Oo----------109
Toledo Railways Sc Light Oo.— See Toledo
Traction, Light & Power Oo----------------------- 89
Toledo Traction, Light Sc Power------®9
Tol. Sc Western R y.— See T ol. T ., L. Sc P. O o. 89
Tonawanda Electric R R .— See Internat. R y . . 19
Tonawanda St. R R .— See International R y . . 1 9
Topeka Edison Co.— See Topeka Ry. Sc Lt.C o. 22
Topeka Railway--------------------------------------------- 22
Topeka Railway & Light Co---------------- - - ------ 22
Toronto Elec. Lt.— See Toronto Power O o._.1 36
Toronto (Canada) Railway---------------------------- 136
Toronto Power C o---- ------------------ --------- -— 13b
Toronto Suburban R y ------------------------------- - Toronto Sc York Radial R y.— See Toronto R y.
(Canada)------------------------ -— ------- --------- 136
Torrington Sc Win. 8t. R y .— See Oonn. Oo— 78
Transit Development Oo.— See Brooklyn Rap
id Transit Oo—
----------------------- -------— 15
Trans-St. Mary’s Traction Oo----------------------- *
Trappe & Limerick Electric____ . . . — --------113
Trenton Bristol Sc Bhiladelpma Street R y .--.1 0 2
Trenton City Bridge Co.— See New Jersey Sc
Pennsylvania Traction Oo------- --------- -— 128
Trenton Gas Sc Elect.— See So. Jersey Gas.
Electric Sc Traction---------- . . . -------- - - - - — 76
Trenton Ham. Sc Ewing— See Trenton St. Ry.128
Trenton Sc New Brunswick R R .— See Elizabeth Sc Trenton R R ________________________ 75
Trenton Lakewood Sc Seacoast R y - - ------ ------ *
Trenton Sc Mercer Co. Trac. Corp---------------- 128
Trenton Pass. R y .— See Trenton & Mercer
Co. Traction Corp-------------- . . . — -----------128
Trenton Pennington Sc Hopewell Street R y .—
See Trenton Street R y . . ______________ ...1 2 8
Trenton (N. J.) Street R y --------- . . . — -----------128
Tri-City R y.— See Tri-City R y. Sc Lt. C o------49
Tri-City Railway Sc Light C o------------------. . . 49
Tri-County Light & Power Oo.— See 111.
Northern Utilities C o-------------------39
Trinidad (Port of Spain) El. C o., Ltd------------- *
Trinidad Elec. Transm. R y. Sc G a s----------------84
Troy City R y.— See United Trac. (Albany)
2
Troy Hill Pass. R y .— See Fed. St. & P. Valley
P. R y ...........................
...1 0 5
Troy & New England R y ------------------------------ 128
Tucson Rap. T r.— See Fed. Lt. Sc T r a c ..------84
Tulsa (Okla.) Street R y _----------------------------- *
Tuscaloosa Railway Sc Utilities C o . . ------------- 128
Tuscarawas Trac. O o.— See Can.-A k.Cons. R y . 2
Twenty-Second St. Sc All. Ave. Pass. R y ------- 99
Twenty-eighth Sc Twenty-ninth Streets Cross
town R R . (N. Y .)— See Mid-Orosstown R y . 84
Twenty-third Ave. El. R y.— See San Fran.Oakland Term. R y _________________________ 90
Twenty-third Street R y ______________________82
Twin City Light & Traction Go______________ *
Twin Oity Rapid Transit_____________________69
Twin Falls (Idaho) R y _____________________
*
Twin State Gas Sc Electric Oo________________ 14
Tygarts Valley Traction C o-------------------------- *
Tyler City Light Sc R y ______________________ *
fTnion Consolidated Elevated R y ., C h icago.. 28
Union Depot R R . (St. Louis, M o .)— See
United Railways C o_______________________ 116
Union Electric Co.— See Dubuque Elec. C o___40
Union Elev. R R .— See Northwestern Elev____27
Union Gas Sc Electric_________________________ 86
144
Page I
Onion Gas Oo. (McKeesport)— See Phila. Co. 102 I
Onion Light, Heat Sc Power Oo.— See Cin
cinnati Newport & Covington______________ 35
Onion Loop— See Onion Elevated R R ________ 27
Onion Passenger Railway____________________1U0
Onion R y ., Gas Sc E le c ______________________48
Onion R y. o f New York______________________83
Onion R y.— See Wilmington Sc Chester Trac_97
Onion Street R y. (New Bedford. M ass.)_______ 78
Onion Traction Oo. (Ooffeyville, Kan.)_______ 31
Onion Traction Co. (Nashville, T enn.)_______ 74
Onion Trac. Oo.— See Coast Oountlee G.&E1.120
Onion Traction Oo. o f Indiana_______________ 5
Onion Traction Co. o f Morgantown_________
*
Onion Traction (PhlladelpMa, P a.)____________99
Onion Utilities Co.— See West Va. Utilities C o.112
United Electric Co. of N . J_________________ 75
United Electric Railways C o________________ 111
United Gas & Elec. Oo.— See Twin State Gas
Sc Electric Oo____________________________ 14
United Gas Sc Elec. Oo.— S e Inter-State
Public Service C o________________
59
United Gas & Elec. Co. (Litchfield).— See
Illinois Power & Light Corp________________ 21
United Gas * Electric Co. (New Jersey)_____86
United Gas Sc Electric Corporation____________85
United Lt. Sc Rys. (Grand Rapids) (with map) 49
United National Utilities Co.— See Ameri
can Electric Power C o_____________________ 94
United Power Sc Transportation_____________ 101
United Properties Co. of C alifornia___
*
United Railroads of San Francisco— See
Market Street Railway____________________119
United Rys. Sc El. Oo. o f Balto_______________ 8
United Rys. Investment Co. (San Francisco)_119
United Railways Oo. (St. Louis)_____________ 116
United 8t. R y. o f Cent. N . J .—See Pub. Ser.
Railway___________________________________ 76
United Traction (Albany)_________ .-_________ 2
United Trac. & Elec.— See United Elec. Rys__l 11
United Traction (Pittsburgh)________________ 104
United Traction (Reading, Pa.)— See Reading
Transit & Light Oo_______________________ 112
United Traction St. R R . Oo.— See Du Bois
Elec. Sc Trac. Co___________________________ 40
United Utilities Corp_________________________ 20
Urbana Bellefontaine Sc Northern R y.— See
Indiana Columbus Sc Eastern_______________33
Urbana & Champaign R y. Gas & Elec. C o.—
See Illinois Power & Light Corp___________ 21
Urbana Lt., Heat & Power C o.—-See Illinois
Power & Light Corp________________________21
Utah-Idaho Central R R _____________________118
Utah Lt. & Power— See Utah Lt. & Trac. C o . 117
Utah Light & R y. C o.— See Utah Lt. Sc Trac_117
Utah Llgbt Sc Traction_______________________ 117
Utah Power & Light_________________________ 117
Utica Belt Line St.R R .— See N .Y State R ys.114
Utica Sc Mohawk Valley R y.— See N. Y.
State Rys_________________________________ 114
Uxbridge & Blackstone St. R y.— See New
England Invest. & Sec. C o________________ 124
a/aldosta (Ga..) St. R y .____________________
v alley Electric Co.— See Duquesne Light C o.106
Valley Railways_____________________________ 53
Valley Street R y.— See Rep. Ry. Sc L t________ 84
ValleyTraction Oo.— See Valley Railways____53
Valparaiso Sc Northern R y.— See Gary & Val
paraiso R R ________________________________ 45
Van Brunt Street Sc Erie Basin R R ____________18
Vermont Company----------------------------------------- 79
Vermoni Power Sc Lighting C o.— See Mont
pelier V Barre Light & Power C o__________ 9
Versailles Traction C o_______________________ 107
Vicksburg Light Sc Traction O o________ _____ 128
Vincennes Citizens St. R y.— See Vin.Elec.Ry.121
!
Vincennes Electric Ry. C o__________________ 128
Vincennes Traction Co.— See Vin. Elec R y-_ 128
Vincennes Trac. & Lt Co.— See Vin. Elec. Ry.128
Virginia Elec. Co.— See Norfolk Ry. & L t___ 114
Virginia Passenger Sc Power C o.— See Virginia
Railway & Power_________________________ 113
Virginia Railway & Power---------------------------- 113
vyabash River Traction Co.— See Indiana
"
Service Corp___________________________43
Wakefield & Stoneham St. R y — See Eastern
Massachusetts Ry. C o-------------------------------- 12
Walden Sc Orange Lake.— See Orange County
Traction___________________________________ 89
Wallklll Transit C o..........._..................................68
Warren Sc Jamestown St. R y _________________ 129
Wash. Alexandria & M t. Vernon R y.— See
Washington-Virginia R y __________________ 130
Wash. Arlington Sc Falls Church R y.— See
Washington-Virginia R y ---------------------------- 130
Washington Baltimore Sc Annapolis Electric
R R ______________
130
Washington Sc Oanonsburg Railway Oo----------104
Washington Electric R y ------------------------------- *
Washington (D . O.) Interurban R y .— See
Washington R y. Sc Electric_______________ 129
Washington Elec. St. R y.— See Wash. &
Oanonsburg R y ___________________________ 104
Washington Sc Glen Echo R R .— See Washing
ton Railway Sc Electric_____________________129
* See inside back cover.
INDEX TO BAILW AYS
P a oe
Washington Sc Great Fails R y. Sc Power Oo___ *
Washington Sc Maryland R y________________ 130
Washington & Old Dominion________________ 131
Wash. & Rock. R y.— See Wash. Ry. & Elec_129
Washington Railway Sc Electric Oo___________ 129
*
Washington Spa Springs Sc Gretta R R _______
Washington Utilities O o _____________________130
Wash.-Virginia Ry. C o ___ ________________ 130
Washington Water Power, Spokane_________ 124
Washington Westminster Sc Gettysburg R R _
_
*
Wash. Woodside & Forest Glen Ry. & Power
C o.— See Washington Railway Sc Electric, _ 129
Waterbury Light Sc Pow. C o.— See Montpelier
& Barre Light Sc Power C o_______________ 9
Waterloo Cedar Falls & Northern Railway_131
Watertown Gas Sc Electric C o.— See Wise. Gas
Sc Electric C o_____________________________ 69
Waterville Fairfield Sc Oakland R y__________ 131
Waterville Sc Oakland St. R y.— See Waterville
Fairfield & Oakland R y __________________ 131
Watervliet Turnpike Sc Railroad.— See United
Traction (Albany)________________________ 2
Waukegan Rockford & Elgin Traction_______
*
Waverly Sayre & Athens Trac. C o___________ *
Way cross (Ga.) Street Sc Suburban R y _______ *
Webb City Northern Electric R y.— See South
west Missouri R R ________________________131
Webster & Dudley.— See New England In
vest. & Sec. C o___________________________ 124
Weehawken Contracting Co_________________ 75
Wells Elec. Light & Power— See Cumberland
County Power & Light C o________________ 109
Westchester Electric.— See Union R y., N. Y__ 8-3
West Chester Kennett Sc Wilmington Elec. Ry. 60
West Chester Street R y ______________________ 131
Westchester Street R R _______________________ 79
West End Passenger R y.— See Frankford Sc
Southwark Phila. City Passenger R y ______ 99
West End Rapid Transit C o.— See Cincinnati
Laureneeburg Sc Aurora Electric Street R y _28
West End Street R y.— See Boston E levated.. 11
West End St. R y.— See Lane. Oo. Ry. & L t___62
West End Traction, Pittsburgh, Pa.— See
Pittsburgh Railways Co______ ___________103
West Liberty Street Ry.— See Pittsburgh &
Birmingham Traction_____________________105
West Liberty Sc Sub. St.— See Pittsburgh R ys. 103
Western Light & Power C o___________________ 89
Western Mass. Street R y.— See New Eng.
Invest. & Sec. C o_________________________ 124
Western New York & Pennsylvania Trac. Co.
— See Olean Bradford & Salamanca R y ____92
Westernport & Lonaconing— See Cumb. &
Westernport Electric R y __________________ 88
Western Ohio Railroad_____________________ 63
Western Ohio Railway.— See West. Ohio R R .. 63
Western Railways Sc Light C o.— See' Illinois
Traction Oo______________________________ 21
West India Electric Co______________________ 133
West Liberty & Suburban St.— See Pitts. R ys.103
West Liberty Street R y.— See Pittsb. Sc Birm.
Traction C o_______________________________105
Westmoreland County R y ___________________ 38
West Penn C o_______________________________107
West Penn Monongahela_____________________108
West Penn Power Oo________________________ 108
West Penn Railways C o_____________________107
West Penn Traction— See West Penn R ys._167
West Penn Traction & Water Power Co.—
See West Penn C o________________________ 107
West Philadelphia Passenger Railway_______ lOl
West Roxbury Sc Roslindale Street R y.— See
Eastern Massachusetts Street R y. C o_____ 12
West Shore Railway__________________________ 79
West Side R R .— See ElmlraWater, Lt.& R R . 41
West Virginia Trac. Sc Elec. Co.— See West
Virginia Utilities C o_______________________ 112
West Virginia Utilities C o___________________ 112
West Water St. R R .— See Elmira Wat.,Lt.&RR41
Whatcom County Ry. & Lt.— See Puget
Sound Pow. & Lt. C o _________'__________ 121
Wheeling Bridge C o.— See Wheeling Trac. Co. 107
Wheeling & Elm Grove R R .— See Wheeling
Public Service C o_________________________ 112
Wheeling Public Service C o_________________ 112
Wheeling (W. Va.) Traction C o_____________ 107
Wheeling Sc Western Ry.— See Wheel.Trac__107
Wichita RR. & Light_________________________ 22
Wichita-Walnut Valley Interurban R y _______ *
Wilkes-Barre Oo.— See United Gas Sc Elec____ 85
Wilkes-Barre Dallas Sc Harvey’s Lake R y___132
Wilkes Barre Sc East Side R y.— See WilkesBarre Rys Oo___________________________ 132
Wilkes-Barre Gas Sc Elec. C o.— See United Gas
& Electric__________________
85
Wilkes-Barre & Hazleton R ailw ay _____________54
Wilkes-Barre Sc Hazleton R R _________________ 53
Wilkes-Barre Sc Kingston— See Wilkes-Barre
Railways C o_____________________________ 132
Wilkes-Barre & Suburban— See Wilkes-Barre
& Wyoming Valley Traction_______________ 132
Wilkes-Barre Railways C o__________________ 132
Wilkes-Barre Terminal R R ______________
54
Wilkes-Barre Sc Wyoming Valley Traction____ 132
Wllkinsburg Sc East Pittsburgh St. R y .— See
Monongahela Street Ry. Oo______________ 106
Wllkinsburg Sc Verona Street R y.— See
Monongahela Street R y. Oo______________ 108
Willapa Electric C o_________________________ *
[V ol. 116.
P a a t.
Willamette Falls Electric R y .— See Portland
R y., Light Sc Power______________________ 110
Willamette Valley Southern R y.— See ..Port
land Railway. Light & Power______________ 101
Williamsport Gas Oo.— See Lehigh Power
Securities Corporation_____________________ 3
Willimantic Traction Oo.— See Conn. O o_____78
Wilmington (Del.) City R y.— See Wilmington
Sc Chester Traction_________________________ 97
Wilmington City Electric Oo__________________97
Wilmington Sc Chester Traction C o___________ 97
Wilmington & Christiana Turnpike C o.— See
United Power & Trans. C o_______________ 101
Wilmington & Edgemore— See Wilm. Sc Ches
ter Traction________________________________ 97
Wilmington & Great Valley Turnpike C o.—
See United Power Sc Trans. C o_____________101
Wilmington Light & Power— See Wilmington
& Philadelphia Traction C o________________ 97
Wilmington Newcastle * Delaware City— See
Wilmington Sc Philadelphia Traction Oo_____ 97
Wilmington Sc Philadelphia Traction__________97
Wilmington & Philadelphia Turnpike— See
United Power Sc Trans. C o________________ 101
Wilmington Southern Traction Oo.— See Wil
mington Sc Philadelphia Traction Oo_______ 97
Winchester Ave. R y.— See Conn. Oo__________78
Windsor Locks Traction Oo.— See Hartford
& Springfield Street R y____________________127
Windsor Sc Tecum. Elec. R y.— See Detroit
United R y_________________________________ 38
Winnipeg Electric R y ________________________ 137
Winnipeg Selkirk & Lake Winnipeg Ry. See
Winnipeg Electric R y _____________________ 137
Winnipeg Electric Street R y.— See Winnipeg
Electric Railway__________________________ 137
Winnisimmet R R ___________________________ 13
Winona (Minn.) Ry. & Light C o.— See Wis
consin R y., Light & Power O o__ _ ________ 61
Winona Elec. Lt. & Power.— See Inter-State
Public Service C o__________________________ 56
Winona Gas Light Sc Coke— See Wisconsin
Minnesota Light & Power C o_______________ 61
Winona Interurban_________________________ 129
Winona Sc Warsaw R y .— See Winona Inter_129
Winston-Salem Power C o.— Sea So. Pub. Utili
ties C o ____________________________________ 23
Wisconsin Edison Oo_________________________ 68
Wisconsin Electric Power Co.— See Milwaukee
Electric Ry. & Light C o___________________ 68
Wisconsin Electric R y .—See Eastern Wis
consin Electric Oo________________________ 122
Wisconsin Gas Sc Electric_____________________69
Wisconsin Interurban R y ___________________
*
Wi8consin-Minnesota Light Sc Power O o______ 61
Wisconsin Public Service Co.— See Wiscon
sin Public Service Corp__________________ _ 51
Wisconsin Public Service Corp________________ 51
Wisconsin Railway, Light Sc Power Oo_______ 61
Wisconsin Securities Oo_______________________ 69
Wisconsin Traction Light HeatSc Power_______ 69
Wisconsin Valley Electric Oo_________________131
Woburn & Reading— See Eastern Massachu
setts Ry. C o ________________________________12
Worcester < Blackstone Valley St. R y .— See
&
New England Invest & Sec. C o____________ 124
Worcester & Clinton St. R y.— See New Eng.
Invest. & Sec. C o_________________________ 124
Worcester & Conn. East. R y.— See Conn. Co_ 78
Worcester Consolidated Street R y.— See New
Eng. Invest. & Sec. Oo____________________124
Worcester Sc Holden St. R y.— See New Eng.
Invest. & Sec. C o_________________________ 124
Worcester & Marlborough Street R y.— See
New Eng. Invest. & Sec. C o_______________ 124
Worcester & Southbridge St. R y.— See New
Eng. Invest. & Sec. C o_______
124
Worcester & Webster Street R y.— See New
Eng. Invest. & Sec. C o____________________124
Woronoco St. R y.— See New Eng. Invest. Sc
Sec. C o___________________________________ 124
Wyandotte Sc Detroit River R y .— See Detroit
United Railway_________________________ 38
adkin
Power O o________________
Y onkers River________________________________112
RR
83
York County Power Oo.— See Cumberland
County Power Sc Light O o_________________ 109
York Lt. & Ht. Oo.— See Cumberland County
Power & Light C o________________________ 109
York Railways______________________________ 132
York Utilities C o _____
59
Youngstown Sc Ohio River R R _______________ 62
Youngstown Park Sc Falls Street R y.— See
Republic Ry. & Light Oo__________________ 84
Youngstown-Sharon R y. & Light.— See Pennsylvani-Ohio Elec. C o______________________ 85
Youngstown Sc Southern R y.— See Youngs
town & Suburban R y ______________________132
Youngstown Sc Suburban R y ________________ 132
Ypsllantl Sc Saline R y.— See Det. Jack. St
Chic............................................................... ___ 39
(Janesville Electric Oo.— See C ol. Newark
^
Sc Zanesville____________________________ 34
Zanesville Electric R y .— See Col. Newark St
Zanesville__________________________________ 34
Zanesville Ry. Llgbt Sc Power Oo.— See Col.
Newark Sc Zanesville____________
34
@FedFRASER