Full text of Commercial and Financial Chronicle : March 29, 1919 : Electric Railway Section, Vol. 108, No. 2805

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E l e c t r ic R a il w a y
SECTION
OF THE

C ommercial & F inancial T hrowicle.
Copyrighted In 1919according to Act ofC ongrass.by W IL L IA M B .D A N A C O M P A N Y , in office of Librarian of Congress, Washington, D .C

Vol. 108.
E

NEW YORK, MARCH

l e c t r ic

R

a il w a y

S

e c t io n

.

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CHANGE IN DATE OF ISSUANCE OF THIS
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twice a year, on the last Saturday in March and
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1919.
___________
MAPS APPEARING IN THIS ISSUE.
For the purpose of showing in a graphic way the
location of their lines, a few of the more important
systems described in this issue of the “Electric Rail­
way Section” are accompanied by maps. The fol­
lowing furnishes a list of these maps, together with
the pages on which they appear.
•

LI ST OF M A P S .

Page.

Brooklyn Rapid Transit System--------------------------------- 14
Cumberland County Power & Light Co---------------------110
Detroit United Railway System----------------------------------- 41
Georgia Light, Power & Railways— -------- --------------- 08
Illinois Traction System---------------------------New York Municipal Railway Corporation___________ 15
New York State Railways........................................
110
Public Service Corporation of Now Jersey_____ 80 and 81
United* Light & Railways C c_________________________ 52
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:



29

,

1919

.

No. 2805 .

“ STOCK AND BONDS.” — Under those words are shown—
"Stock." — Tho amount of stock authorized immediately follows the word
"stock,” and against this Is the par value of single shares. For example,
"Stock, $200,000 ($100),” means stock, total issue authorized by charter
or by Act of Legislature, $200,000, divided into shares of $100 each; "f. p .”
following 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 duo and unpaid to bo paid in full for each
and every year before the common stock receives anything. “ Pref. 6 %
non-cum.” means simply that tho stock is entitled to 0 % 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 tho column headed "Maturity.”
"Bonds."— "M ort.,” “ mtge.” or “ M .” means mortgage. “ Consol.” or
"con. M .” means consolidated mortgage. “ Gen. M .” means general
mortgage. “ Ref. M .” means refunding mortgage. “ Coll, tr.” means
collateral trust. The amount next following Is the total authorized
amount that can be issued under the mortgage. Tho denominations in
which tho bonds are issued usually follow in parentheses. The word
"gold” is usually spelled out, but in some instances is contracted to “ g .,”
while “ cur.” means currency.
“ Conv.” means convertible into stock. “ S. f .” means sinking fund,
“ c ." means coupon; “ c*” means coupon but may bo registered as to prin­
cipal; “ r” means fully registered (no coupons); “ r*” means registered,
convertible into coupon bonds; “ c*&r*” means registerable in either form
and convertible from registered to coupon or the reverse; and “ cf& r” means
that registered certificates without coupons as well as coupon bonds are
outstanding. The letters "p .m .” mean per mile, so $15,000 p.m. means
that tho issue of bonds is restricted to $15,000 for each mile of track.
"G u ar.” means guaranteed, and “ guar. p. & i. (end.)” means guaranteed
as to principa and interest,’ the guaranty being endorsed on each bond.
“ Rod.” means redeemable. “ Trus.” or “ tr.” means trustee of the mort­
gage.
T A X E XE M P TIO N .— Where there is a provision in bond or mortgage
which would seem to make the interest free from the Federal income tax,
wo Indicate the fact in black-faced letters— tf, meaning tax-free. The
Federal Act approved Oct. 3 1917 provides, however, that only one normal
2% income tax shall be deducted at tho source and that all further Federal
Income taxes shall be met by the recipient of the income. See terms of Act
in V. 105, p. 1373. Where there is no tax covenant we insert tho letters
ntf, moaning 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 Until the courts have passed
both upon tho various features of the tax and tho effect of tho several tax
clauses In tho bonds and mortgages, it is impossible to give more definite
information.
“ D A T E .” — The date of issue on the face of the bonds is indicated
under the word "Date."
“ IN TER E ST.” — Under this heading is given the rate per cent yearly
of tho interest payable on the bonds or (if guaranteed) 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 quarterly
boginning 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 cases 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
trades, whether main line, siding, switch or second track. “ Rails are
80-lb. girder” means that each rail weighs 80 pounds to tho yard, “ k.w .”
means kilowatts and “ h.p.” means horsepower, “ k .v .a." means kilo-voltamperes. “ P-A-Y-E cars” means pay-as-you-enter or prepayment cars.
“ Exts., add’ns and impts." means extensions, additions and improve­
ments. "A uth.” means authority or authorized. "Oth. inc.” means
other income. “ Cal. year” means calendar year.
REFERENCES TO “ C H RON ICLE."— ThLs supplement is expressly
intended for use in connection with the investment nows 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. 107, p.
000), whero fuller Information may be found. Following also each state­
ment is given a reference to the latest news item in the "Chronicle” re­
specting the company. As every such Item contains a reference to the
last preceding item, the reader can run back at pleasure. Annual reports
aro in black-faced figures.

23

Electric R ailways.
S E C U R IT IE S

A N D

R E P O R T S

This is one of our six Sections or Supplements. In using the series it is to bo remembered that they are inter-dependent
publications, complete only as a whole. If utilized together, and with the fresh items of news the “Chronicle” contains from
week to week, the investor will have all the information he needs in seeking a safe and remunerative lodgment for his money.
A full Index showing where each company will be found is given in the closing pages of the book.
p. 1628, 1765. Neither Issue Is subjoct to call. Tho Canton-Now Phila
A K R O N , O H IO .
delphia bonds may be called as a whole at 105 and Int. on 3 mas.’ notice.
NORTHERN OHIO ELECTRIC CORPORATION.— A holding co.
Dividends.— Pref. stock was Issued In 1911 and dividends of 114% quur.
Incorp. In New York on Oct. 18 1916 and owns over 99% of the common
regularly paid. Dividends on com. wore begun In 1906 by the declara­
stock of the Northern Ohio Trac. & Lt. Co. Also controls the Kent Wator are
tion of 2% , payablo in quar. Installments of >3% from June 15 1906.
& Light Co.
V. 82. p. 1213. iu 1907 2% was again declared, payablo In quar. In­
C A PITALIZATION .— 75,000 shares of common stock (no par value) stallments from June 15 1907. In 1908, June, X %; Sept., X %: Dec., X %•
$6,000,000 6% cum. pref. stock (par $100): pref. as to assets and dlvs.; In 1909. H i %• In 1910. 2 )4 % . I n l 9 I 1 .3 X % . I n t 9 l 2 . 4 X % . In
callable at 105 and dlvs.; dlvs. payable Q .-M . Dividends on pref. stock,
1913 to 1916, 5% per annum. In 1917, March, 1 X % ; May, 1 X % : Aug.,
were begun Mar. 1 1917.
1 X % : N ov., 1 X % . Practically all of tho.common stock bolng owned by
Hodenpyl, Hardy & Co., Inc., N . Y .. and E. W. Clark & C o., Phila., tho Northern Ohio Electric Corp., dividends are no longer reported.
under whoso direct supervision and management the properties are oper­
PLA N T.— Line extends from Cleveland through Aaron, Canton. Mas­
ated. brought out the $6,000,000 pref. stock In Oct. 1916 on the basis of sillon
and New Philadelphia to (Jhrlcbsvllle In Tuscarawas County, with
10 shares o f prof and 5 shares common stock for $1,000
branches to Ravenna (via Kent), Co Wadsworth (via Barberton) and to
EARN INGS.— Of constituent companies for calendar years:
East Greenville from Massillon. On Dec. 31 1918 operated 248.91 miles of
Year—
Gross
Expenses
Net
Charges
Surplus. track, and operated 5 miles under trackage rights affording an entrance Into
1918............$7,293,811 $4,814,042 $2,479,768 $1,773,637
$706,131
Cleveland. Owns Lakeside Park In Akron and Meyers Lake Park in
1917________ 6,469,035
4,024,275
2,444,760 1,522,919
921,841 Canton. Also owns 1,011 acres of coal land in Noble County. Rails,
— V. 104, p. 362, 664, 1703; V. 106, p. 396, 1127: V. 107, p. 501.
70 to 114-lb., standard gauge. 81 Interurban, 265 city and 37 miscel­
laneous cars. Does the exclusive commercial electric light and power
Northern Ohio Traction & Light Co.
business In Akron and supplies energy, directly or indirectly, to 9 other
Over 99% of the com. stock Ls owned by the Northern Ohio Electric Corp. communities. 3 generating stations with an aggregate installed capacity
ORGANIZATION.— Incorp. In Ohio, In Dec. 1902 as successor to the of 52.875 k.w.; 17 sub-stations. An additional 20.000 k.w. turbine was
Northern Ohio Traction C o., having exchanged Its securities for the com­ placed in operation Oct. 1 1918. A 4-story office building and passongor
mon and prof, stock of the latter per terms In V. 75. p. 733. In 1906 terminal in Akron was opened May 1 1918.
acquired control of the Canton-Akron Consol. R y., and guarantees that
REPO RT.— For calendar years (1917 report in V. 106. p. 2117):
Gross
Net
Interest, Pref. Div. Com.Div. Balance,
company’s $2,500,000 consol. 5s, prln. and Int. V. 83, p. 435, 849. Also Calendar
owns entire capital stock o f Akron Wadsworth Sc Western Trac. Co. and
Year—
Earnings. Earnings. Taxes, A c (6 % ).
(5% ). Surplus.
...................................... .......................
guarantees Its bonds prln. and int. Common stock listed on N. Y . Stock 1918.............$7,224,142 $2,418,450
1917 ............. 6,389.609 2,161,938 $981,860 $290,196 $477,752 $412,129
Exchange In March 1909.
Franchises.— The electric light and power properties are operated under 1916 ............. 5,170,442 2.272,604 887,661 271,106 450,000 663,837
rights without specified limit as to duration. City railway franchises expire
OFFICERS.— Pros., B. C. Cobb. N. Y .; V .-P .. T . A. Konnoy, N. Y .
as follows: Akron. 1924: Canton, 1928; Massillon, 1932. 55% of the Inter­ V.-P. & Gen. M gr., A. O. Blinn; Sec., Chas. II. Lahr; Asst. Sec. Sc Asst.
urban trackage Is on private right-of-way or subject to franchises without Troas., S. E. W olff and Geo. Sprague Jr.; Gen. And., G. B. Dobbin.—
time limit; franchises for remaining Interurban mileage expire from 1919 V. 106, p. 2117. 2649; V. 107, p. 83, 906, 1748; V. 108, p. 480, 1061.
to 1931.
On Oct 19 1915 the Ohio 8upreme Court held that the franchise granted
for an Indefinite period by the Stark County Commissioners in 1892 (cover­
ing about 4 X miles between Canton and Massillon outside the city limits)
ALBAN Y, N. Y.
was not perpetual as claimed by the company—see V. 101. p. 1371. The
UNITED TRACTION COMPANY.
o ompany appealed to the U ■ S Supremo Court, and on Jan 28 1918 a de­
Entire
stock
(except
4
shares)
Is owned by The Delaware Sc Hudson Co.
cision in Its favor was rendered. V. 106, p. 608.
V. 81, p. 1552; V. 82. u. 160. Tho D. Sc H. also owns tho ontiro stock of the
In Oct. 1917 renewed for 5 years a contract for lighting city of Akron.
Troy
&
Now
England
R
R
.
and
the Plattsburg Traction Co. and a half
Shareholders Jan. 24 1914 sanctioned Increase in auth. amount of pref. lntorost in tho Schenectady Ry.. the
Now York State Rys. owning other half.
stock to 55,000,000 for financing further additions, extensions, &c
V. 98,
ORGANIZATION.—
Chartered
Dec. 30 1899 as a consolidation of the
p. 74. On Oct. 2 1916 auth. amount of pref. stock was further Increased
Albany Ry. (chartered ln 1850). tho Watorvllot Turnpike & RR. (chartered
to $10,000,000. V. 103. p. 1302.
Fares.— In Sept. 1917 filed a new schedule o f interurban passenger rates In 1862) and the Troy City Ry. (chartered in 1850). See V. 69. p. 1147.
with the Ohio I’ . U. Commission, raising tho rates generally to 2c. a mile. 1300; V. 70. p. 77. Operates under loases to the constituent companies,
V. 105. p. 998. In Sept. 1918 was auth. by the Ohio P. U. Comm, to the Troy Sc Cohoes RR.. Lanslngburgh Sc Cohoes RR ., Waterford Sc Cohoes
Increase interurban fares to 2 'A cents per mile where no local franchises RR ., Cohoes Ry. and the Capitol Ry. Owns 97% of tho stock of the
conflicted. On Jan. 27 1919 an ordinance was Introduced in tho Cleveland Hudson Valley Ry.. 71% of tho Waterford Sc Oohoos R R ., 80% of the
City Council asking for a 6-ccnt fare on tho company’s linos. V. 108, p. 480. Forest Park Ry. and all tho capital stock of the Capitol R y., Cohoes Ry.
In Mar. 1919 tho Railway Committee of tho City Council o f Canton, Ohio, and Groat Western Turnpike Road.
The Cohoes City Ry was sold at foreclosure ln 1904 and reorganized as
reported against an increase in fares for the co. V. 108, p. 1061.
Failing to find a market at 85 for $1,532,000 1st lion & ref. 5s authorized Cohoes Ry. Co., with $120,000 stock and $84,000 bonds; all of the stock
by the Ohio P. U. Comm., the Comm. auth. and in Dec. 1917 the co. and bonds are deposited with tho Contral Trust Co. of New York as security
Issued $1,000,000 secured serial 7% gold bonds at par, to pay for lrnpts. for bonds of tho Albany Ry.
Acquisition of Hudson Valley.— In Doc. 1906 acquired a majority of the
made In 1916 and 1917. V. 105, p. 2456.
In Juner 1918 was auth. by tho Ohio P. U. Comm, to issue $900,000 5% stock and bonds, of the Hudson Valley Ry. Co. and Increased its own stock
bonds and $160,000 pref. stock. These securities were subsequently issued. from $5,000,000 to $12,500,000 to finance tho purchaso. V. 84, p. 52.
Franchises perpetual except that of the Capitol Ry. (a short line on the
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
outskirts of Albany), which expires In 1951.
Stock, com, $10.000.000($100)___
______
Seo text
Sen text
Traffic Agreements.— Has traffic agreements with tho Albany Southern
Pref,$10,000,000($100)6% cum ___
Q-J
$5,298,100 Apl T9, 1H
1st lien Sc ref. mtge, g. ($100.1 1916 5 g F-A
4,539.000 Aug 1 1956 R R ., Schenectady Ry. and Hudson Valley Ry. by which cars of the first$500, $1,000, Scc.).c*Scr*. I Int. payaole In N. Y. or Cleveland.
named road are run into Albany from Rensselaer, cars of tho Schenoctady
Northern Ohio Trac. mortf 1899 5 g J-J
2,995,000 July I 1919 Ry. Into Albany, Troy and Watorvllot, and cars of the Hudson Valley Ry.
K.
$3,000,000 ($l,000)c*.tf'l Interest at Central Trust C o.. N .Y ., Trustee,Into Troy from Waterford and in Albany.
I or Citizens’ Sav. A Trust C o., Cleveland.
Electric powor Is furnished under contract by Adirondack El. Pow. Corp.
Northern Ohio Traction &( 1903 4& 5gJ-J
3,220,000 Jan 1 1933
Strike— Settlement— Wages.— In Juno 1918 a strike of tho co.’s employees
Light 1st consol ($1,000), Int. at Olt. Sav. & Tr. C o., Clove., Trustee, was terminated by Govt, intervention, tho men compromising on a wage
gold. $7,500,000____c * .t f
or at First Nat. Bank, New York.
increase of 6 'A cents per hour. V. 106, p. 2451; V. 107, p. 503.
Ak Wads & West mortgage,/ 1906
5*
See text July 1 1933
In Aug. 1918 was auth. by tho N. Y. P. S. Comm, to Increase fares In
$500.000guar ($1,000) . . t f !
Albany,
Troy, Rensselaer and other places from 5 to 6 cents and to 12
Secured serial b mds $1.450,-1 1917 7 g J-D
1,450,000
See toxt
conts
for some of tho longer rides. See V. 107, p. 697.
0 0 0 bds. ($1,000) gold__ c*/Guaranty Trust Co., New York, Trustee.
STOCK
AND BOND 8 — Date.
Interest. Outstanding.
Maturity.
Stock.— Of tho common stock, $9,000,100 is outstanding. In addition to
4 J-J$12,500,000
See toxt
which $999,900 has been subscribed for but not yet issued. The pre­ Stock (par $100). $12.500.000...........
Debentures,
$1,250,BOO,
gold)
1901
4*4
g
M-N
456,000
May
1 1919
ferred stock Is redeemable, all or part, at 110 and dlv. on any div. date after
($1,000).....................r .n t f/I n t. at National Commercial Bank. Albany,
April 1 1919. Is pref. as to div. and assets and has full voting power.
Cons
mtge.
$6,500,000.
gold)
1904
4X
g
J-D
2.620.000
June
1 2004
V. 92. p. 956; V. 95, p. 48; V. 97. p. 1116.
($1.000)__ __________ c « t f)ln t . at Central Trust C o., N. Y .. TruKtee.
Bonds.— Additional 1st Hon and rof. bonds may bo Issued (a) par for par, Albany
Ry
cons
M
($500.0001
1890
5
g
J-J
428.000
Jan
1
1930
for refunding or acquiring the $9,632,000 underlying bonds; (b) for 85%
gold ($1,000)______c*.ntf\Int. at Central Trust Co., N. Y ., trusteo.
of cost of new construction, additions, betterments and extensions and Albany
Ry gen M $750,000/ 1897
5 g J-D
498.000 June 1 1947
(c) for 85% of cost or replacement value of additional properties, under
gold___________________ tf\Int. at Contral Trust Co., N. Y ., trustee.
conservative restrictions. The bonds are secured by mortgage on entire
Turnpike Sc R R — 1 1889 6 M-N
350.000 May 1 1 91 9
property, subject to underlying liens, and by deposit of $4,000 of 5s and Watervllet
1st M guar__________ ntfJBoston Safo Dep. Sc Tr. C o., Trustee,
$1,276,000 or 4s of Nor. Ohio Trac. Sc Lt. bonds of 1933, $1,243,000 Canton2d
M
,
p
S
c
Int
guar------n
tff
1890
6 M-N
150,000 May 1 1919
Akron consol 5s of 1933, $200,000 Akron Wads. Sc West. 5s. $5,000 Nor.
Trust C o.. N. Y.. Trustee.
Ohio Tract. 1st 5s o f 1919, $5,000 Canton-Akron 1st 5s of 1922, $10,000 Can- Troy City 1st con M , gold.lI Metropolitan
1892
5
g
A-O
2.000.000
Oct 1 1942
ton-Massillon 1st 5s of 1920. Redeemable as a whole, or In part, on any Int.
$2,000,000__________ c*Jcr(Int. paid by Trustee. Contral Trust C o..N .Y .
date at 105 and interost. Tho mtge. provides for a maintenance and
Bonds.— Of tho consol, mtge. of 1904. $3,880,000 is reserved to retire prior
depreciation fund of 20% of gross earnings for maint. and replacements,
or for additions and betterments, against which no bonds may bo Issued; liens. No sk. fd. and bonds are not subj. to call. Directors may fix rate of
also provides for an Insurance reserve for damage claims, A c., of 4% of Int. on unissued bonds but not exceeding 6 %; present Issue Is at 4 Vi % . Tho
gross earnings until $100,000 ls reached, at which figure the fund Is to be debs, may bo called on any Int. date on 3 mos. notice at “ a 5% Int. rate for
maintained. Trustees are New York Trust C o.. N. Y., and Citizens Savs. the unoxplred torin as calculated In standard Int. tables.” V. 73, p. 1113,
The Albany Ry. general mortgage of 189) was for $750,000. of which
& Trust Co.. Cleveland. V. 103, p. 1210. The Northern Ohio Trac. 5s of
1899 were listed on tho Phila. Stock Exch. In Oct. 1901. Of tho $7,500,000 $254,000 was reserved, but consolidation made reservation Inoperative.
The Troy City leased roads Include Troy Sc Cohoes, stock $50,000 dlvs.
Northern Ohio Trac. Sc Lt. consols, $3,000,000 are reserved to rotiro the
under lease, 7% ; Lanslngburg Sc Cohoes, stock, $15,000: dlvs. under loaso,
North. Ohio Trac. bonds. $996,000 are 5s, all outstanding; tho rest 4s.
7%
. The Waterford Sc Cohoes R R . $25,000 stock recolvos 7% yearly
The serial bonds of 1917 are secured by deposit of $2,175,000 1st Lion Sc
Ref. Mtge. 5% bonds. As the bonds are paid off, 1st Lien & Ref. Mtge. under lease.
bonds may bo withdrawn to not over 133 1-3% of the retired bonds. They
DIVIDENDS.— First quar. dlv., IX % . was paid May 1 1900; same rate
mature Dec. 1 as follows: 1919. $25,000: 1920. $50,000: 1921. $100,000; continued up to and Incl July 1905. bor year 1906 6 X % was paid. On
1922 to 1925, incl., $150,000: 1926 to 1928, Incl.. $225,000. Red. all or Dec. 31 1906 stock was Increased from $5,000,000 to $12,500,000 and dlvs
in part upon 30 days’ notice at 101 and int. V. 105, p. 2456.
made semi-annual (J-J) and 2% paid July 1 1907. 2% Jan. 1 1908
On Jan. 24 1914 stockholders approved action of directors In providing and 2% each six months thereafter to and Incl. Jan. 1915. Nono since.
for the payinont o f Federal Income tax upon the various issues of the com­
ROAD.— Operates 62.85 miles of first main line track, of which 49.00
pany’s bouds.
miles are owned, and operates In all 112 01 mllos of track, of which 93.59
CANTON-AKRON CONSOLIDATED RAILW AY.
miles owned, connecting Albany. Troy, Cohoes, Rensselaer, Watorvllot,
Lanslngburg, Green Island, Waterford, &c. Rails, 47 to 141-lb. Girder
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Consol M $2,500,000. gold.! 1906 5 g J-J
$856,000 Jan 1 1933 and T. Standard gauge. Has 476 cars. Including 14 snow-plows, 12
guar p & 1 by North Ohio/ Int. at Citizens Sav. Sc Trust C o., Cleveland. sweopers and 23 service cars.
Trac & Light 1$ 1.000) c’ .t f l Trustee, or First Nat. Bank. New York.
EARNING S.— For cal. years:
Canton-Akron 1st mortgage,/ 1902 5 g M-S
1,146,000 Mar 1 1922 Year—
Gross.
Net.
Other Inc. Chqs.&Tax.
Deficit.
$2,000,000.g ($1 .000 )c*.tflln c. at Columbia T r.C o .. N. Y..Trustee
1918................... $2,530,057 $318,640 $190,740 $642,120 dof.$132,740
Oantoii-Masslllon 1st mortf 1900
5 g M-N
810.000 May l 1920 1917 ................ 2,458,848 403,653
161,160
660,168 def. 95,356
$1,000,000. g ($1,000) . -tfi Interest at Cleveland Trust C o., 'l'rusteo, or 1916__________ 2,444.058 472.387
155,627
640,510 def. 12.496
lat Guaranty Trust Co . New
York.
OFFICERS.— Pres., L. F. Loree, N. Y .; V.-P., W. H. Williams. N. Y.;
1st M Can & N P, $1,000.0001 1903 5 g F-A
565.000 Feb 11923
V
.-P
.,
F.
M
.
Olyphant,
N.
Y.;
V.-P.,
II.
B.
Weathcrwax,
Albany; V.-P. Sc
gold ($1.000)-----------c * .t flln t . at Am. Ln. Sc Tr. C o.. Boston. Trustee.
Asst, to Pres., W. B. Schofield: Asst, to V.-P., W. E. Epplor, N. Y.; Sec. Sc
Bonds.— Of tho $2,500,000 consolidated bonds, $1,243,000 aro pledged Act. Aud., D. L. Waters, Albany; Troas., O. A. Hoag; Comp., W. .11
under N. O. T . Sc L. 1st & rof. mtge., and $290,000 aro resorvod for extens. Davies, N. Y .; Act. Gen. M gr., A. E. Reynolds, Albany. Principal offico.
and Imp. at 85% of cost. S. Reed Anthony, Boston, ls also trustee. V.91, Albany.— V. 106, p. 2346, 2151, 2651; V. 107, p. 503, 607, 1188.




Ma r ., 1919. j

ELECTRIC RAILWAYS

(1) Hudson Valley Railway.
In Dec. 1906 the United Traction Co. of Albany acquired control through
purchase of a majority of tho capital stock.
ORGANIZATION.— lucorp. Aug. 14 1901 as a consolidation of tho
Glens Falls Sandy Hill Sc Fort Edward Street Ry., Warren County Ry.,
Stillwater & Mechanlcvtlle Street R y., Greenwich Sc Schuylorvllle Street
Ry., Saratoga Traction Co. and Saratoga Northern Ry.. the capital stock
of these roads bolng exchanged for stock In tho new company. V. 73, p.391.
Owns all tho stock ($200,000) and all tho bonds ($200,000) of the North
River Ity., a road operated In Saratoga by this co. Franchises perpetual.
Financial Readjustment.— A readjustment of tho company’s finances was
effected In 1906 without foreclosure as per plan In V. 82, p. 100, 1040. In
March 1906 $2,500,000 5% non-cum. prof, stock was created to provide for
tho convertible features of the debenture " B ” bonds. V. 82, p. 751.
Traffic Agreements.— Has traffic agreements with the United Trac. C o.,
and Greenwich & Johnsonville R y., by which cars of tho Hudson Valley
Ry. Co. aro run over the linos o f the United Trac. Co. from Waterford
to Troy and also In Albany, and cars of this company aro run over tho
Greenwich & Johnsonville at Thomson. N. Y.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common, $3,000,000, par $ 1 0 0 ____
_______
$2,978,300
Preferred ($2,500,000 ( s e e ) ____
_______
See text
__________
text), 6% non-cumulative.I
First consolidated mortgage/ 1901
5 g J-J
2,222,000 July 1 1951
$4,000,000 (denomination(Interest at Manufacturers' Nat. Bk., Troy.
$1,000 gold).................c*tf (May be called at 110 Sc Int. on any Int. date
Deb "A Income. $700.000.. 1906
fig
474,000 Jan 1 1951
Deb " B " Income. $2,500,000. 1906
2g
2,500,000 Jan 1 1951
Underlying Liens—
G F 9 H & F E 1st M (no opt) 1 1891
_Past
_ due
6 J-J
100,000
($500 and $1,000) gold.-.c/C entral Trust C o.. New York, Trustee,
do
2d M ($500) g old.cl 1893
6 J-J
50.000 past due
„
..U n t. at Merchants’ Nat. Bank. Glens Falls
do
3d M ($150,000) ntfl 1901
6 A-O
82,000 April 1 1921
. . . . ...
IMay be called at 100.
Still & Mech first m ortgage../ 1893
6 A-O
47,500 past due.
(Bankers Trust C o., New York, Trustee,
do
do
consol m tg e ..) 1898
6 A-O
202.500 past due.
$ 2 5 0 . 0 0 0 - - - . . - - - . . - . . — /Glens Falls Trust C o., Glens Falls, Trustee.
5*2*.
$4,000,000 M . of 1901. $482,000 are set aside for prior liens
ftnH.Sl .290.000 havo been deposited as coll, for temporary loans. The deb.
B bonds were conv. Into pref. stock at par to March 1 1917. Int. on
tho dob. A and B bonds Is neither cumulative nor obligatory. No int.
has boon paid on either class. The G. F. 8. H. & F. E. 1st M . Tell due
1 1911. hut was extended and Is now past due; 2d M . roll due July 1
1913. •,y£t;h,JLssuos ° r Stillwater Sc Mechanlcvillo bonds Tell due April 1 1913
EARNINGS—
Operating Net (after
Other
Interest Balance,
Year Ending—
Revenues.
Taxes.) Income. A Rents. Deficit.
a Dec. 3 1 1918............... $1,126,064 $234,890
$5,705 $358,959 $118,364
Dec. 31 1917 ............... 1,025,715
299,473
5,085
317,797 13,239
a For this year taxes were included in Interest and Rents.
ROAD.— Main line extends from Troy northward along the Hudson
through tho villages and towns of Watorford, Mechanlcville, Stillwater
8chuylerv!Ile, Thomson, Fort Edward. Sandy Hill. Glens Falls and Cald­
well to Warrensburg. The Saratoga Division, which branches off the
main line at Mechanlcville, provides a line from Troy to Round Lake,
Ba ston Spa and Saratoga, with a branch from Saratoga Springs to Glens
Falls, which branch was completed In Juno 1903. There is also a branch
line from Saratoga Springs to Kaydeross Park on Saratoga Lake and an­
other from Thomson to Greenwich. Total first track, 116.09 miles; second
track, 12.01 m.: sidings, 8.61 m.; making a total of 136.71 miles of track,
of which 124.24 miles aro ownod. Rails, T , girder and groovod. 48 to 141
lbs. Standard gauge; 70% on private right of way. Operatos 98 passenger
cars. 8 freight cars, 11 sorvlco cars, 8 snow plows, 2 electric locomotives and
9 express cars. Company owns Kaydeross Park, at Saratoga Lake, and
Ondawa Park, between Greenwich and Thomson.
OFFICERS.— Same as for United Traction Co.— V. 89. p. 286.
r
t
!
»
!
t
— Thi rd rail, except In cities.
ORGANIZATION.— Incorporated In Now York Sept. 14 1909 and Is a
reorganization of the Albanv & FTudson RR. Co. sold under foreclosure on
Sept. 8 1909 (per plan V. 89. p. 223/. On Sept. 18 1909 nihrged Albany Sc
Greenbush Bridge Co. V. 89, p. 720. Franchises are perpetual. Does a
passengor. freight and express business and supplies light and power
along route.
, In June 1918 was auth. by the N. Y . p. S. Comm, to Issue $2,151,000
1st Rof. M . 30-.vear 6% bonds, $1,451,000 to bo used to oxchango a like
^ ■ 5% bonds and $700,000 to be pledged as security for
*550,000 3-year notes, tho proceeds of tho notes being used to reimburse
tho treasury, to discharge floating debt outstanding, and for proposed new
construction work amounting to $190,683. V. 106, p. 2449. In March
1919 wo were informed that the $550,000 notes had been Issued, $700,000
1st Ref. 6s being pledged thereunder.
Fares.— In Nov. 1918 the I*. 8. Comm. auth. a now schedule o f rates
effective Dec. 1 1918, providing for a one-way rate o f 2 3
A cents per mile,
round trip rates to bo double the one-way fares.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Pref $2,100,000 5% n-c ($ 1 0 0 )___
F-A
2.029,000 A u g 'T f 44
First mortgage $1,500.0001 1909
5 g M-S
1.451,000 Sent 1 1939
gold (S1.000) . ,
c* tff Bankers Trust C o.. New York Trusted
First Rof Mtgo $3,000,0001 1918
6 g M-S
Seo text
Mar 11948
gold ($1,000)...................... /Empire Trust C o., Now York Trustee
Throe-year notes, $800,0001 1918
7 g M-S
550 000 Mar 1 1921
gold ($1,000)
------------ /Brooklyn 'Trust C o., Now York Trustee.
Bonds. — Recording tax paid, mating them tax-exempt in New York
Sink
fund of 14$% of bonds authorized from 1917 to 1921- 1922°to 1928
•
1929 to 1938. 3 % . $49,000 In sink, r.md Feb. 1 1 9 1 9
Callable' ns a
whojo at J06,and int. on any int. day. V. 89, p. 1140. Of the 1st Ref.
6s, $700,000 have been Issued and arc pledged under the’ 3-year 7% notes'
Ref. 6s. 110 3' ycar 7 % notcs aro secured by a deposit of $700?000 1st
DIVIDENDS.
1911. Aug.,
dlV ° n Pref- 1 H % ' pa,d Feb’ 1
R E PO RT.— For year ending Dec. 31:
Fiscal
Gross
Net (after
Interest,
Balance,
Year—
Earnings.
Taxes).
Rentals. Ac. Surplus.
$151,207
1918.......................................... $652,872
$105,156
$16,052
1917.......................................... 574,655
129,378
101,596
27,782
1916......................................... 529.814
142,624
99.595
12,929
ROAD.—Operated by third-rail svstem rrom Albany via Rensselaer
to
Hudson. Comprises 37 miles of main line and 9 miles o f sidings, with 2
additional miles of overhead trolley road In Hudson. Total 61 miles or
track. In Feb. 1900 mado contract giving It privilege to enter’ Albanv over
the tracks of tho United Traction o f Albany. Double-tracking of mad be­
tween Rensselaer and KInderhook Lake completed In 1910 Operatos 19
passengor cars, 6 freight and 2 express cars, 2 oxnross trailers’. 2 snow-plows
and 2 electric locomotives. Rails 70 and 80-lb. steel; standard gauge
Also owns the highway toll bridge over Hudson River at Albany and a large
amusement park at KInderhook Lake.
14
OFFICERS.— Pros., William Loob Jr.; V .-P., Richard Sutro; Sec. and
Treas.. Irvin W. Day; V.-P. and Gen. M gr., James E. Howes— V 103
p. 575; V. 105. p. 714; V. 106, p. 2449; V. 107, p. 80; V. 108, p. 169.
'
A L B IA , IO W A .

AI. BIA LI GHT & RAI L WA Y CO.

'ATION.—-incorp. ln o eiaware June 1916 as a reorganization
**}? ;9pu£horn Iowa R. ft Light Co. as per plan In V. 103, p. 9 3 9 . Does
the light, heat, power, railway and gas business of Albla, Hocking Hlteman and community serving a population of 12,000. Also supplier power
for the operation or 12 miles of the Centrevllle ft Albla Ry. Co. Wow power
units and 2 - miles of transmission lines wero placed in operation March 15
oxpir'o'b»1^94<2n*raC*18 t 0 ^urn s l P ° w e r for 4 largo coal mines. F r a n c h i s e s
STOCK
D a te.
In terest.
Outstanding.
M a tu r ity .
Com stock $400,000 ( $ 1 0 0 ) . . . ____
*400 0 0 0
*
Pf 6 % non-cumS 100,600 ($10)..........
6 —> "
TOO 000 ‘ "SeoV ext
1st M $500,000 gold ($1,000/ 1916
6 g J-J
350 000
1941
and $ 1 0 0 ) . . . . - .c& r.cp t 1 Int. at Empire Trust Co N Y .. trustee.
B on d s.
Of the bonds reported outstanding. $100,000 wore Issued to cover
now extensions. Remaining bonds aro for extensions and additions. No
sinking fund and not subject to call.
1 m , ^ dS’r.9U.artX ly E E i of
? n Pref- stock wero paid from Aug.
1 1917 to and Inch May 1918. None since.




3

EARNING S.— Years ending Dec. 31:
Cal. Year—
Gross.
Net,aft.Tax. Bond Int.
Surplus.
1918...........................................$104,268
$30,465
$16,250
$14,215
28,650
15,000
13,650
^ I J - - - - - - - - --------------------- 83,397
ROAD.— Operates 11 miles of street railway connecting Hocking, Albla
and Hiteman. 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. & Gen. M gr., Ralph
W. Boyer. Albia.— V. 103, p. 939; V. 105, p. 496.

A L L E N T O W N , PA .
LEHIGH POWER SECURITIES CORPORATION.
URBANIZATIO N.— Incorp. July 19 1917 In Del. and has acquired:
(a) All the stock of the Lohigh Navigation Electric Co. (formerly con­
trolled by the Lehigh Coal & Navigation C o., which seo ln V. 105, p. 720),
and through such acquisition control of the Harwood Electric Co. and other
subsidiaries; (6) a substantial majority of both classes or stock of the Lehigh
Valley Transit C o., and through such acquisition control of the Lehigh
Valley Light Sc Power Co.; (c) approximately all tho pref. and com. stocks
of companies formerly controlled by the Northern Central Co. The con­
trolled companies supply electric light and power to 31 cities and towns;
gas service to 13 cities and towns, and have charter rights in 70 townships;
17 townships are served by interurban railways. Franchises generally, in
the opinion o f counsel, are free from burdensome restrictions, and a very
substantial part of them is perpetual. For full description of properties,
&c., see V. 105, p. 498, and Lehigh Valley Transit Co. below. See also
V. 105, p. 290 and 818.
Lehigh Navigation Electric Co. Bonds.— In connection with the acquisition
of control of this co. by tho Lehigh Power Securities C o., the mortgage of
the Lehigh Navigation Electric Co. was closed, the Lehigh Coal Sc Navi­
gation Co. retaining ownership of tho $3,000,000 Series “ A” bonds Issued
thereunder, but giving the Securities Corp. an option on the purchase of
the same running to 1921.
•
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
Stock 605,000 shs (no par v a l ) . ____
_________ 305.000 shs . _
Secured gold notes, $50,000,-1 1917
6 g F-A
See text Aug 1 1927
000($100.$500<fcS1.000)c *t f / Int. in N. Y. Guar. Tr. C o.. N. Y .. trustee.
Bonds of Controlled Companies in Hands of Public as of June 30 1917—
Northern Central Group— Date.
Interest. Outstanding.
Maturity.
Northumb. Co. Gas Sc El. C o.—
1st M . s. f. bds., call. 105) 1911
6 g M-S
$1,1393)00 Sept 1 1946
any int. date__________ / Int. at office of Henry & West, Phila.
nagerstown L. & H. Co. of) 1912 5 g F-A
291.000 Aug 1 1962
Wash. Co. 1st M . call at Int. at office of El. Bond & Sh. C o., N . Y . O.
at 103 any int. date_______
Nor Cent Gas Co 1st * Ref 1912 5 g F-A
775,000 Aug 1T962
$4,000,000, call at 105 any Int. at office of El. Bond & S h .C o.. N . Y .O .
int. date_________________
Williamsport Gas Co 1st M _ .I 1899
5 g F-A
400,000 Feb 11939
_
\Interest at Girard Trust Co., Phila,
Columbia & Montour El. Co.—
1st M call 105 any int date! 1913 5 g F-A
577.200 Feb 11943
2d M call 105 any Int date.) 1913 5 g F-A
567.500 Feb 1 1943
(Int. at office o f El. Bond &8h. C o., N . Y . O.
Other Issues_________________ _____
fig var
20.300
1922-32
Lehigh Navigation Electric Group—
Leh N El Co ($10,000,000) 1st M :
“ A ” call 1074$ any int date. 1913
6 J-J
3,000,000 July 1 1943
“ B” call at 100 any int date. 1913
6 J-J
1,033,000 July 1 1943
Harwood Electric Co.—
1 st M call 1074$ any Int) 1909 5 J-J
1 0 0 , 11 . . July
_
769,700
1 1939
, “ ate - - - - - - - - - - - - ------/Interest at Girard Trust C o., Philadelphia”.
1st & Ref M ($10,000,000)1 1912 6 M-S
2,226,000 Mar 1 1942
callable at 1074$ - - - - - - /interest at Girard Trust Co , Philadelphia
5 J-J
25 000 Dec 15 199 P
Stroudsburg El L & P 1st M _______
Schuylkill Gas & El 1st M ....................
6
A-O
106.740 April 1 1 9 4 3
Hazelton Steam H ’ting C o ) -----6 M-N
3.000 Nov 1 1929
1st NT ea-llatole a.t 100------- /in t. at Hazleton (Pa.) National Bank.
,,
Valley Transit Group— See Lehigh Valley Transit Co. below.
Voting Trustees for Stock.— Irving W. Bonbright, Bonbright Sc C o., Ihc.George H. Frazier, Brown Bros. Sc Co.; S. Z. Mitchell, Pres. Elec. B on d *
Share C o.; Lewis E. Pierson. Chairman of Bd. of Irving Nat. Bank N Y •
8. i;>- Warriner, Pres. Lehigh Coal & Nav. C o.; G. M . Dahl, V.-p’. Chase
Nat. Bank, N. Y .; Alexander J. Hemphill, Chairman Guaranty Tr. Co
N. Y .; Thomas Newhall, Edw. B. Smith & Co.; Daniel E. Pomeroy V -P*
Bankers Trust C o.. N Y ., and William West. Henry Sc West. Phila. * *
Notes.— Over $18,000,000 notes havo been subscribed for. The terms of
subscription provide that 40% bo paid upon allotment and the remainder as
cal cd by the co. on written notice of at least 2 0 days, the subsequent in­
stallments to bo at least 30 days apart, and no one of said installment* to
be for more than 10% of the amount subscribed. Subscribers have the
right to anticipate all or any part of their subscriptions at any time As a
result of calls for payment and of payments in anticipation of future calls
the amount of notes outstanding as of May 31 1918 was $15,443,100. The
Electric Bond & Share Co. will deliver to each subscriber 4 shares or the
Securities Corp. stock with each SI ,000 o f notes when subscriptions have
been paid in full. The stock may be deposited in a voting trust
r
collateral for the notes includes (a) the entire capital stock o f the
I^hlgh Navigation Electric C o.; (b) a substantial majority of the stock of
the Lehigh Valley Transit Co.; (c) the bulk of the outstanding stock issues
of the Northern Central Gas C o., Columbia & Montour Electric C o., and
Northumberland Co. Gas Sc Elec. C o., as shown in V. 105 p 818
It Is
expected that the corporation from time to time will sell part ofthe securities
deposited under such trust agreement, the proceeds to Do used for the pur­
chase. redemption and cancellation of the notes, by purchase at the lowest
price, or at 10i% and Int., by lot. Notes are red., all or part, on any Int.
o int. Pennsylvania 4 mills tax refunded. V. 105. p. 818. 498.
EARNINGS.— Of combined properties for 12 mos. ended April 30 1918
cn
m
T
1* 9°iU
cfn^rarf
^ i e1^$<,489,934;
&11 r o s oper.
s from
other incomo, $219,026, total,
exp., oper”
taxes, *7.270,908:
maint.. & denlotlon
charges, $-1.615.905; not, $2,874,029: doprcc. allowance, $28-4,135: Int. and
disc., $1,535,419; balance, $1,054,476. Proportion of earnings, incl.
interest accruing to Lehigh Power Securities Corp. on the basis of securities
owned June 1 1918.
, . £ rop?,rtv' £ c,\—Generating plant* have a prosont capacity of 97,297 k. w.
432 miles high-voltage transmission lines (over 6,600 volts); gasholder
capacity 1,116,500 cu. ft.; 146 miles gas maims; 217 miles street and inter­
urban railway lines.
Management.— The company Is under the management of the Electric
Bond
Share Co.
F
V ‘"v«s’ V>Q c,E ' Glaflin, Wm. Darbeeand
V! 107,I p.1402?V.''l08. p'. 268!h: S°C‘ ' E '
Suramerson- ~ V - 106. p. 611;
Lehigh Valley Transit Co.
Control.— In July 1917 the Lehigh Power Securities Corp., which see
above, acquired a substantial majority of both classes or this company’s
^ ock on^thO(l)asis of $28 per share of com. and $48 per share of pref. stock.
ORGANIZATION.— Incorp. in Pa. on Nov. 3 1905 and Is a reorganiza­
tion under foreclosure of the Lehigh Valley Traction C o., the Phlladeiphla Sc Lehigh Valley Traction Co., the Allentown Sc Slatlngton and the
Coplay Egypt & Ironton Street Ry.. as per plan In V. 79. p 7 3 3 14«2
In Oct. 19)1 purchased the Montgomery Trac. Co. (V. 93, p. 940)'. all of
whose bonds and stock are deposited under the Lehigh Valley Transit ref Sc
Imp. mtge. of 1910: reconstruction of Mont. Trac. completed Dec. 12 1912.
cutting down running time between Allentown and Philadelphia (City Hall)
•rom 4 tj1 to 244 hours. An 8 -mlIe cut-off on this division was completed ln
f»14 and the running time between Allentown and 69th St. Terminal
Philadelphia, Is now 1 hour and 58 minutes.
purchased controlling Interest In stock of Easton Consoli­
dated Electric Co. (V . 96. p. 1022). On June 20 1913 shareholders author» « * *n Issue of collateral notes to pay for the purchase. V. 96. p 1489
I7 J2. Also has half Interest in Norristown Transit Co. Franchises perpet!
. ° n J?00' " I 1915 purchased the franchises and property of the Quakerf? win
(formerly leased) for the sura of $ 1 and the concellatlon 0 /
Its Indebtedness, all of which was owned by the Lehigh Vail. Transit Co.
Under agreement made In July 1907 the Lehigh Valley Transit has Its
Philadelphia terminal In the Philadelphia Rapid Transit station at Chestnut
Vi
%,•
D- " •
,n
made a contract for express service with
Adams Express Co. In 1918, however, upon the taking over of the express
?r0 n!Uonies
theFederal Govt., this express service was discontinued.
Philadelphia ‘ Conducts tro u g h freight service between Allentown and
Light and Power.— In March 1913 the Lehigh Valley Light Sc Power
Co. was organized as a consolidation of the Allentown Electric Light Sc
I ower Co. and numerous smaller companies, all previously owned by

4

ELECTRIC RAILWAYS

[Vol . 108.

the Transit Company. Stock authorized, $850,000 (par $100); out­ C o.. Phila., or at company'9 office. They are guar. p. Sc I. by endorsement
standing, $491,100, all owned by the Transit Co.
Does entire lighting by the Easton Consol. Elec. A sinking fund of 15.000 o. a. commenced
and power business In Allentown, Bethlehem, South Bethlehem. Slating- June 1 1908; $54,000 have been retired Bonds are subject to call at l05 and
ton, Catasauqua. Emaus and adjacent territory; power Is also wholesaled Int. V. 83. p. 323; V. 104, p. 2553.
REPORT.— For calendar years.
to Macungle and to several municipalities along the Transit C o.’s line.
Including Coopersburg, Sellorsvllle, Souderton and North Wales. In Calendar dross Earn. Net Inc. Net Inc. Total E. Bond Int. Dies. Balance,
Year— — Railway Dept.— Ed.Ill.Co. Con.El. Tax.,Ac. Paid. Surplus.
Aug. 1913 the company closed a contract to supply electricity to the Phil­
adelphia Suburban Gas & Elec. C o., a subsidiary of the Amer. Gas Co. 1916............$653,262 $206,160 $18,803 $224,963 $67,545 $60,000 $97,418
V. 97, p. 521. Also has numerous municipal street-lighting contracts. 1915............ 534,644 133.029 19.833 152,862 67,800 00,000 25,050
Franchises, with one minor exception, are perpetual.
1914........... 475.611 126,907 24,057 150,964 67,577 69.950 13.437
Latest Earnings.— Tho surplus earnings of the Easton Consolidated Elec­
Hates.— In M ay 1918 filed with tho Penn. P. U. Comm, a new faro sched­
ule, effective June 1 1918, providing for increases In local and limited tric Co. for the year ending Nov. 30 1918 woro $101,756 as against $159,700
passenger fares on tho Philadelphia and Slatington divisions, and increases for tho year ending Nov. 30 1917.
ROAD.— Embraces practically the entire street railway system of Easton
in all commutation rates on all divisions. V. 106, p. 2123. In July 1918
filed a now tariff, effective July 20 1918, providing for increases in all and West Easton, Pa., and Phlllpaburg, N. J.. with lines from Easton to
class rates and an increased minimum charge. V. 107, p. 291. In Sept. 1918 Bethlehem, South Bethlehem, Nazareth, and Phllllpsburg, N. J.
filed jointly with the Phila. Western Ry. a tariff Increasing fares to 6 cents total track, 54.389 miles, all standard gauge; oporates through cars from
Easton to Bethlehem, South Bethlehem and Allentown. 93 passengor
and creating several new zones. V. 107, p. 1101.
Owns the following stocks:
Cap. Stock. and 12 service cars.
OFFICERS.— Pres., H. R- Fehr, Allentown. Pa.; VIce-P., S. H
Name of Companu—
Oumed. Tot. issue.
Lehigh Valley Light A Power Co. (common)___________ $491,100 $491,100 Hackett; Sec. Sc Treas., F. A ’ Hazzard; Asst. Sec. & Asst. Treas., S. H.
Allentown Bridge Co__________________________________ 292,100 292,100 Sargent.— V. 97, p. 53. 301, 311; V. 98. p. 838; V. 99. p. 1300.
RIttersville Hotel C o............................................................. 100,000 100.000
ALLENTOWN & READING TRACTION CO.— A trolley road.
Easton Consolidated Electric Co. (50% paid)________ 1.498,8001,500,000
ORGANIZATION.— Incorporated April 25 1898 and leased the Allen
Norristown Transit C o__ ___ ___ ________ . . . __. . . . ___ 12.000
24,000 town Sc Reading Electric Street R y. for 290 years from June 4 1898. O d
Miscellaneous stocks__________________________________ 10,200 160.000 Feb. 0 1902 leased for 290 years the Kutztown Sc Fleetwood Street Ry.
Leases Beth, A Nazar. Pass. Ky. for 999 years at 5% on stock and bonds
Controls the Kutztown Light, Heat A Power Co. Connocts with United
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
Traction C o. tracks from Reading, tbus forming a through line from Allen­
Common, $3,000,000, par $ 5 0 . ____
$2,997,350 ................... town to Reading.
Q-F
PreT. $5,000,000, par $50- — l ____
4,979,087
See toxt
Notice of an increase In faro from 5 to 6 conts, except botwoon Roading
5% . cum after Nov 3 1910.1
and Rosodale, effective Jan. 1 1918, was filed with the P. S. Comm. In
PIrst mortgage, $5,000,0001 1905
4-5 g M-S 4,994,000 Dec 1 1936 Dec. 1917.
gold ($1,000)_________ ctf/Guaranty Trust C o., New York, Trustee
STOCK AND BONDS.
Dale.
Interest. Outstanding.
Maturity.
Consol, mtge, $7,500,000,1 1905 4-5 g .1 354,000 Dec
. 1 1935 Stock. 5750.000 (par $50).........................................
$250,000 ...................
gold ($1,000)__________ tffCommercial Trust C o., Phila., Trustee.
A llent&Kutz IstM $250,0001 1900
5 g J-J
$250,000 July 1 1930
Ref A imp mtge $15.000,000( 1910
5 g J-D
5.115.000 June 1 1900
g,
$100,3500 A SI,000-cpt| Interest at Fidelity Trust C o., Phila., trustee
gold ($500 and $1,000) c*tf|Lehigh Valley Trust C o., Allentown. Trustee First M Kutztown A Fleetw dl 1902 5 g J-J
200.000 Jan 1 1932
Beth. & .Nazar St Ry Stock__ _____
_______
150,000 5% guar
$200,000, guar p A 1__ cp tf
Bonds ($150,000)........... t f _____
5 M-N
150.000 May 1 1929 First consol mtge, $750.0001 1902 5 g J-J
300,000 July 1 1932
Norristown Transit Co. I s t M - ___
5 F-A
150,000 Fob 1 1942
g ($500 A $1,000) c A r .c p t /ln t . at Integ. T it. Ins. A Tr. C o., Phila..true
So Beth E L Co 1st M call a t ! ____
5%
15,000 Oct 11929 Second consol mtge $300.0001 1907
5 M -N
163,000 May 1 1937
105 at any Int date_______ /
A $1,000)___ c&r.tffBerks County Trust C o., Reading, trustee.
Allentown Bridge IstM ($500( 1912
5 J-J
218,000 July 11942
.— Of the $750,000 or new consols, $450,000 are reserved to retire
A $1,000) call at 105 anyfGuar. p. A 1. by Lehigh Valley Transit Co. prior liens. They are subject to call at par since July 1 1917; no sinking
Int. date__________ c**.tfllnt. at cots office or Brown Bros.& Co.,Phila. fund. The first mortgage bonds are redeemable at par
Lehigh Val L & P mortgage/ 1913 5 g A-O
604,500 April 1 1943
EARNINGS.— For year ending Juno 30 1916, grass, $183,825; not,
$2,000,000 ($1,000, $500 A j Lohigh Valley Trust C o., Allontown,Trustee. $86,401; other Income, $14,463; int., rentals, A c., $77,682; surp., $23,182.
$100) gold.................... c*tf (Int. a tc o ’sofficoor Brown B ro s.* C o.,Phil.
HOAD.— Operates 39,00 miles main line, 7.50 miles sidings—total,
Coll trust bonds, $925,0001 1913 0 g J-J
924,200 July 1 1923 47.10 miles; 43 cars.
($1,000.$500,$100)g c * n t fjInt. at Girard Trust C o.. Phila., Trustee
OFFICERS.— Pres., H. E. Ahrens, Reading; V .-P ., W. D. Mohn; Sec.,
5 M -N
34,000
See text S. K . Hoffman, Hamburg; Treas.. Geo. B Shaffer, Reading; Supt . W. J.
Equip trust "Ser A " _______ t f -----Equip tru st’ ‘Ser B " _________ _____
5 J-J
75,000
Soo toxt Bear. Kutztown.— V 81. p. 1492; V. 82. p. 210.
Equip trust “ Ser C ” ..........................
5 J-J
180,000
See toxt
Bonds.— Of the $5,000,000 firstmtge., $2,770,000 boar 4% Intorost and
A L L IA N C E , O H IO .
are all out, and $2,224,000 are 5s. Int. at the company’s office and Brown
STARK ELECTRIC RR.— An electric railroad.
Bros. A C o., Phila. Tho 1st M . bonds are redoemablo on any Int. date, tho
ORGANIZATION.—
Incorporated
In Ohio aud Is a consol Ida don In Dec.
4sat 105 and the 5s at 110. Of tho consols, $2,500,000 4s woro outstanding, 1902 of the Alliance Electric R y . and the
Stark Electric Ry.
but $2,147,000 have been exchanged for ref. A impt. bonds. Int. on consol,
In
Juno
1917
a
general
wage
lncroaso
of 5c. an hour was grantod.
bonds Is payable at office o f company or Brown Bros. & C o., Phila. Those
Rate Increases.— In Juno 1918 was authorized by tho City Council to
bonds are not subject to call. Or the $15,000,000 ref. A impt. bonds charge
6-cent faro; rate for tickets was Increased from 25 for $1 to 20 for
$5,000,000 are roserved to retire 1st M . bonds; $548,000 for consol, mtge. $1. V.a 106,
p. 2561. In July 1918 was authorized by tho Ohio P. U.
bonds ($354,000 to take up bonds shown in table and rest for bonds previ­
to increase passenger fares, effective Aug. 1 1918. V. 107, p. 403.
ously taken up); $3,334,000 for Improvements and $600,000 aro deposited Comm,
In
July
1918
applied
for authority to lncroaso freight rates by 25% . V.
with tho U. S. Housing Corp.; $548,000 aro In treasury. Bonds aro red. at 107, p. 83. This application
has been granted.
105 and int. on or beforo Juno 1 1920, and 110 and int. thereafter. V. 92,
STOCK AND BONDS.
Date.
Interest. Outstanding.
Maturity.
p. 187; V. 94, p. 698, 982: V. 95, p. 750. Int. is payablo at office of com­ Stock.
$1,500,000
($100)...................
Q-J
$1,250,000
See text
pany or Brown Bros. & C o., Phila. Bonds aro listed on tho Phila. Stock First mtge, $1,000,000. gold/ 1903
5 g J-J
806.000 Jan. 1 1928
Exchange. The coll, trust notes o f 1923 aro redeemable at par and Int. on
($1,000) sluklng fund. call-iOltlzens’ Sav. A Tr. C o., Cleveland, trustee.
any int. day.
able at 105___________ c t f l ln t . a t United Bank A Sav. C o., Cleveland.
Equip, trust "Series A ” aro payable $4,250 semi-annually, and "Series B "
Bonds.— Sinking fund of 1% per annum from Jan. 1 1911 to Jan. 1 1915
$5,000 semi-annually.
2% per annum thereafter. $134,000 have boon retired.
Lehigh Valley Lt. & P. bonds aro subject to call on any Int. date at 105 indDividends.—
First div.. H % , paid July 1908: M % paid quar. to and lncl.
and Interest. V. 97, p. 365.
Jan. 1916. In April 1916, 1%; samo rato quar. to aud lncl. Apr. 1917; none
Dividends.— Initial aiv. on pref.. 1%. paid Nov 10 1911- In 1912, since.
In
April
1910 also a stock dividonu of 25% . V. 90, p. 448. 700.
1913 and 1914, 2% . In 1915. 3 ^ % . In 1916 and 1917, 5 % . In 1918.
EARNINGS.— For years ending Dec. 31:
Fob., 1 14%. None since. V. 106, p. 2123; V. 108, p. 268. Total ac­
Surplus
Year—
dross.
Net.
Int.A Taxes.
Dies.
cumulated dividends, 19H % $194,161
$119,560
$68,793
None.
$50,766
EA R N IN G S.— For years ending Nov. 30 (1918 report in V. 108, p. 375): 1918..................
396,185
156.476 . 08,685
12.500
75.291
Fiscal
Operating Net afterOther Int.,Amort. Preferred
Balance, 1917...................
ROAD.— Operates 34 miles of track from Canton to Salem, Including
Year— Revenues. Taxes, Ac. Income. D isc.,A c. Dividends.
Surplus. Alliance
City
linos.
Standard
gauge.
67
aud
70-lb.
T
rails
and
70
and
1917-18..$3.320,145 $886,525 $142,835 $681,104 .......................$348,256
girder rails. Total mileage, Including double track, 38 miles. An
1916-17.. 2,875,074 1,034,654144,756 725,873 (5%)$248,983
204,555 90-lb.
extension
from
Alliance
to
Marlborough
and
Now
Baltimore
and
eventually
1915-16.. 2,471,872 1,104,087145,210 780,820 (5% ) 248,983
219,494 to Akron Is to be constructed; lino partly graded.
1914-15.. 2.056,875 1,018,887136,145 831,645 (3H ) 174,288
149,100
OFFICERS.— Pres., W. H. Purcell; V .-P ., Claus Grove; Sec., E. S.
R OAD.— Operatos 163.65 miles of railway, of which 151.47 miles owned Cook;
Treas., S. L. Sturgeon; Aud., O. K. Ayers Gon. M gr., F. L. Mowry.
and 12.18 miles leased. The road connects Allentown, Bethlehem, South — V. 102,
p. 977; V. 104, p. 2553; V. 106, p. 2561; V. 107, p. 83, 403.
Bethlehom, Hellortown, Nazareth, Siegfried, Northampton, Coplay, Cata­
sauqua, Egypt, Emaus, Macungle, Slatington, Quakertown, Perkaslo, LansAM STERDAM , N. Y ,
dalo, Norristown, Ambler and Phila. 80, 95 and 105-lb. T and 96 and 116-lb.
FONDA JOHNSTOWN & GLOVERSVILLE RAILROAD CO.—
girder rails. Owus a large amusement park about midway between Allon­
town and Bethlehem. Owns 188 passenger cars, 14 freight and 37 service Steam and electric road. See statement In "Railway A Industrial Sec."
cars. A 2,050-foot brldgo between Allontown and South Allentown was
A N D E R S O N , IN D .
built by the controlled Allentown Bridge Co. (auth. stock $300,000) and
UNION TRACTION CO. OF INDIANA.— A trolley road.
was formally opened Nov. 14 1913. See V. 97, p. 1426, 1428; V. 98. p. 154.
ORGANIZATION.— fncorp. on May 13 1912 as a consolidation of the
OFFICERS.— Chmti. of Board, Col. II. C. Trexler; Pres., Harrison R.
Fehr; V .-P ., E. M . Young; V.-P. A Gen. M gr., H. II. Patterson; Sec. A old Union Traction Co. of Indiana (lucorp. May 28 1903) and the Indiana
Treas., Chas. N. IVagner; Aud., \V. L. Davis.— V. 106, p. 2123; V. 107, p. 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
291, 1101; V. 108, p. 268, 375.
legality of the consolidation was upheld In a decision by tho Supreme
(1) Easton C onsolidated Electric.
In April 1913 the Lenlgh Valley Transit Co. acquired a controlling In­ Court of Indiana In the fall of 1915. Tho Indiana Union Traction Co.
terest in the stock and has since acquired all stock except (24) directors had previously acquired the Indiana Northern Traction Co. (V. 81, p.
1848), Muncle A Union City Traction Co. (V. 83, p. 96) and Muncle
shares. V. 96, p. 1021.
Dividend payments were: July 1900, 3)4% on $10 paid In; Sept. 1901 Uartf. A Ft. W. Ry. (V. 82, p. 805, 809. 1041). The latter company waa
and March and Sept. 1902, 3% on $15 paid In; March 1903 (paid In July) leased to the Indiana Union Trac. at a rental (In addition to operating
and Sept. 1903, 4% on $16 paid In. In Dec. 1905 declared a dividend of rxp.. Int. on bonds. A c.), equivalent to 5% on Mun. Uartf. A Ft. W. Ry.
$2 60 and at same time called an assessment o f $6 per share on tho stock; $500,000 cum. pref. stock; V. 83. p. 96. TheoW Union Trac. Co. of Indiana
the dividend was credited on the assessment, making the stock 60% pal(* In. was a consolidation of the Union Trac. C o. of Indiana (Incorp. In June 1899).
V. 81. p. 1791. Cash dividends resumed In Oct. 1900 with the paymont of and the Indianapolis Northern Trac. Co. (Incorp. In April 1902). Leases
2 H % - V. 83. p.687: 2 H % again paid April 1 1907 and 2H % Oct. 1 1907; the Broad Ripple Natatorlum Co. and owns $7,0OO of Its 5% bonds.
Also owns the $100,000 1st M. 6soutstanding and $49,500 of tho $50,000
then dividends were passed until N ov. 1911, when 2% was paid. In 1912
and 1913. 4% ; In 1914, M ay, 2% . Beginning with June 1914 began paying stock of the Traction Light A Power Co. and a ono-fourth intorost In tho
1-3 o f 1% monthly (V. 99, p. 300). Dividends no longer reported, as Unltod Tractions Coal C o., which owns and leasos valuablo coal lands to
Insure the co. an adequate coal supply. (Soo Shirley Roalty Co. of Ind
entire stock Is owned by Lehigh Valley Transit Co.
O RGAN IZATION .— Consolidation by stock ownership of the Easton in V. 104, p. 1805.)
Transit C o., the Edison Illuminating Co. of Easton, and tho Phllllpsburg
Tho Indianapolis Northern Traction assumed payment of the prln. and
(N. J.) Horse Car RR. Co. (name changod to Phllllpsburg Transit C o.). Int. of half ($200,000) of the bonds of the Broad Ripple Traction C o. (see
Incorporated In Now Jersey March 11 1899. Owns all the stock of the under Indianapolis).
Leases Indianapolis Newcastle A East. Trac. Co. for 99 years from Oct. 25
Penn. M otor Co.
Consolidation of Subsidiaries.— On Jaa. 3 1908 the (old) Easton Transllt 1912. Lease modified on Aug. 21 1914 and com. A prof, stocks of the
C o,, tho Easton A Bethlehem Transit C o., the Easton Palmer & Bethlehom Ind. New. A E. Trac. Co. formerly hold were transforrod In satisfaction
Street Ry. and the Northampton Central Street R y. were merged Into the of obligations Incurred In leasing that company and acquiring that stock,
(new) Easton Transit Co. (V. 85. p. 1401) and in 1909 the Easton A South and In building the Muncie-Newcastlo lino, and In consideration of farther
advances for Improving power facilities for that line, a total of about
Bethiehem Trans. Co. was also merged Into the (new) Easton Transit Co
$521,000 (V. 100. p. 975). Lease again modified as of June 30 1916 lb
Stock, $2,150,000; all owned by Easton Consolidated Elec.
For decision of tho Northampton County Court at Easton, P a..on Dec. connection with tho loaso of tho Munclo A Portland Traction Co. to the
28 1914 favorable to the Edison Illuminating Co. (a subsidiary), see Lehigh Ind. Newc. A Eastorn Trac. Co., which see bolow.
Fares.— In Dec. 1917 tho Ind. P. S. Comm, doniod tho co. an increase
Valley Transit Co. In V. 100. p. 140.
STOCK AND BONDS.— The collateral trust 5s were In Jan. 1900 listed In fare from 5 to 7 cents on the Broad Rlpplo lino boyond Fairfield Ave. and
increases to 6 conts on tho local linos in Anderson. Muncle, Marlon and
on the Philadelphia Stock Exchange.
Date.
Interest. Outstanding.
Maturity. El wood, but pormlttod it to lncroaso tho rato for miloago books on Its Unas
Stock $1,500,000 (par $50)—Stock (50% paid In) all owned by L . V .T .C o . to 2 cents per milo, commutation tickets to 1 cents per mile (from 1 \i
Collateral trust $1,300,000 g( 1899
5 g M -N $1,201,000 May 1 1949 cents) and school passengers to 1 1-5 conts a milo. Effoctlvo June 10 1918,
was auth. by the Ind. P. S. Comm, to lncroaso faros from 2 to 2H conts per
($1,000 and $500)____c*tf (Interest at Girard Trust C o.. Phila., trustee
Pennsylvania Motor Co lstj
1891 6 A-O
00.000 Apr 1 1941 milo for tho duration of tho war. V. 106, p. 2346. Early In 1918 was
mort. (cannot be called) tflL ack. Tr. A Safe Dep. C o., Scranton, trustee auth. to lncroaso freight rates. In July 1918 applied to tho Inter-State
Eas Palmer & Beth 1st gold/
1809 5 J-J
200,000 Jan 11919 Commerce Comm, for authority to Increase rates on both ono-way and
$200,000,cannotbecalledntf (Int. at U. S. M tg. A Tr. C o., N. Y., trustee round-trip tickets and to increase class and commodity ratas by 25%.
EasASo Beth Tr 1st M $500,-/
1900 5 g J-J
422.000 July 11930 V. 107, p. 83. On Jan. 10 1919 was auth. by tho Ind. P. S. Comm, to
increase fnterurban rates from 2 >4 to 2 M cents per mile, offectlvo till Juno 30
000 guar gold ($1,000) c*tf(Glrard Trust C o.. Philadelphia,
trustee.
Bonds.— The coll. bonds have no s. f. and are not subject to call. Of the 1919. V. 108. p. 172. Compare V. 108, p , 81.
STOCK AND BONDS.
Date.
Interest, Outstanding. Maturity.
total of $1,300,000, 560,000 Is reserved to retire the Penn. Motor bonds.
$2,000 In treas. and $1,000 reserved for small amt. of outstanding scrip of Common, $5.000.000................................................. $6,000,000 .....................
A-O
1,000,000
See toxt
Ed. 111. Co. Issue Is secured by pledge of $2,150,000 stock (entire Issue) of 1st pref, $1,000,000,5% c u m . ____
J-J 10
3,000,000
See text
(new) Easton Transit C o., 12.317 shares (entire Issue) of Edison Ilium, 2d pref, $3,000,000 (see text)...........
6 g A-O
1,620.000 July 11933
stock and 2,400 shares (the entire Issue) or Penn. Motor stock. Int. on fnd Un Traction 1st M $5,-11903
Easton Sc So. Beth. Transit bonds Is payable at office o f Edw. B. Smith &
000,000 ($1,000) g o ld ..tf/In terest at Girard Trust C o., Phila.. trustee.




S

STOCK A N D BONDS—
Dale.
Interest. Outstanding.
Maturity.
Union T r C o o f Ind 1st genM l 1899
6 g J-J
$1,623,000 Ju*y 11919
$5.000.000g($1.000)cJcr*tf/E quitable T r. C o .. New York, trustee
150.000 July 1 1919
Collateral trust notes
6%
62.000
.....................
C ar trust ctfs Series A _____
1897
6 g J-D
36,000 D ec 1 192-'
Citizens’ St Ry (M un) 1st M
$250,000 s f sub to call 105- Interest at Guar. Trust & Safe Deposit C o
1’ hlladelphla, trustee.
($500 and $1.000)............c»
6 g M -N
328.000 M ay 1 1919
Marlon C ity 1st M $400,000 1895
gold ($ t.0 0 0 )................... c t f Kquitable Trust C o ., New Y ork , trustee.
Indianapolis N orth T rac 1st 1902 5 g J-J
5,000.000 July 11932
mtge $5,000,000 g ($1,000) Equitable Trust C o .. N ew Y ork , trustee.
guar p & 1 b y Un T r a c c ’ tf
Inuiana North T rac l s t m t g e f 1903 5 g A-O
600,000 Oct
1 1933
$600,000 gold ($100, $500 Interest at Trenton (N . J.) Trust & Bare
and $1,000) guar_____ c * t f i D epoilt C o ., trustee.
M II Sc Ft VV pref stock c u m ._______
5%
500,000
See text
do
do
first mtge $1,-1
1905 6 g J-J
916.000 Jan
l 1935
000.000 gold ($1,0 00 ), c * t f lin t . a tG u a rd . Sav. & T r. C o ., O lev ., trustee
M uncle & Un C M $925,0001 1906 5 g J-J
925,000 July 1 1936
guar gold ($ 1 ,0 0 0 )__ c * t f | I n t .a t fid e lity T rust C o ., Phlla., trustee.
B ro a d R Ip p le N a ta to r lu m ls tM )____
5 M-S
35,500 M ar 1 1931
Guar, b y U n .T r .C o .o f I n d .jln t . at Security T r. C o ., Indianap., trustee.
Stock.— D lvs. on 2d pref. stock are cum . from l % semi-annually Id
1913, scaling upward to 3 % semi-annually In July 1918 and thereafter
Bonds.— O f the ln d . ll. T rac. bonds o f 1903. $3,380,000 were reserved
for extens. and lm pts., but under terms o f consolidation agreement o f 1912
these bonds have been canceled. $489,000 are held alive In the sinking fund.
Sinking fund, 1 )4 % per annum of outstanding bonds, becam e operative
on July l 1904. fu n d is to be invested in the bonds at not above 105 and
ln t., and bonds m ay be drawn at 105 and int. on any int. date. $173,000
Union T ra c. C o. o f Ind. Gon. M . bonds are in treasury, including $150,000
pledged to secure the collateral trust notes; remaining bonds are reserved
for underlying bonds. See V. 71, p. 1013. Bonds are listed on Phlla.
Stock E xch. Tho Indiana N orthern T rac. bonds are subject to call at
105 and int. on six weeks’ notice. T hoy are guaranteed principal and
intorost b y Indiana Union T raction C o. V. 82, p. 805. Tho M u n cie
Hartford & Ft. Wayne bond* can be called Jan. 1 1925, or after, at par. A
sinking fund on ibose bonds of 2 )4 % o f gross earns, per ann. began July 1
1905. See V . 80. p. 1059. $84,000 have been retired. T he M u n . & Union
C ity bonds a resu b j. to call at 105 and guar., p. & 1., by Ind. Un. Trac. The
Marlon C ity 1st M . bonds originally matured M av I 1915, but w»re ex­
tended to M a y 1 1919. T ho coll, trust notes wero issued to refund a like
am ount o f Anderson Elec. St. R y. bonds which matured in 1912. T hey
fell duo July 1 1917, but wero extended to July 1 1919. T hoy are secured
b y $150,000 U n. T rac. C o. o f Ind. Gon. M . bonds.
Dividends.— 5 % was paid on first pref. stock to April 1914. N one since.
D lvs. on second pref. stock have not been paid since July 1912.
R E P O R T .— For cal. year, incl. M uncie-Portland line:
Calendar
Gross
Net (after
Other
Bond
Sinking Balance,
Year— Earnings.
Taxes).
Income. In t., &c.
Fund.
Deficit.
1918......... $3,198,821
$823,424 $21,627 $880,048 $63,546
$98,543
1917......... 3,066,467
900,268
16,531
874,657 59,791
17,649
Passongers carried in 1918. 16,597,199, against 19,683,276 in 1917.
R O A D .— Owns the following llnas: M uncio-A nderson-Indianapulls,
66)$ miles; A nderson-M arion-W abash, 53)$ miles; A lexandria-ElwoodT lpton , 20 miles; Indianapolls-Kokorao-Logansport, 80 miles; K okom oPeru, 19)$ miles; M uncie-Unlon C ity , 33 miles; A ndorson-M Iddlotow n.
9>$ miles; also 10 miles o f city lines in Anderson; 14)$ miles in M arion;
16 miles In M uncie, and 4 miles in Elwood; total, 272 miles o f Interurban
and 44)$ miles o f city lines. Also leasos M unclo-H artford C lty-B luffton
line, 42 miles; Indlauapolls-Newcastlo-M uncle lino, 62)$ miles, and M unciePortland line, 32 miles; grand total, 453 miles. Through cars are run be­
tween Indianapolis and Fort W ayne In conjunction with the Fort W ayne &
N or. Ind. Trac. C o. Provides package freight service between Indlanappll*
and M uncie and Indianapolis and Logansport and Peru, and to all other
points on the system. Operates through freight service between In­
dianapolis and Fort W ayne. By contract until N ov. 1933 cars are run
over tracks o f Indianapolis Street R y. In Indianapolis. Carries express
matter per contract with W ells, Fargo Express C o.
A large central
power station, with necessary storage batteries at Anderson, operated on
a three-phase system , with 19 sub-stations, likewise equipped with storage
batteries, operates entire system .
E Q U IP M E N T .— Jan. 1 1918, 95 city cars, 53 suburban, 93 interurban,
30 freight and 89 service cars; total, 380.
O F F IC E R S .— Pros., A . W . B rady, Anderson; V .-P .. Philip M atter.
M arion; Sec. & Treas., W m . II. Forso Jr., Anderson; Gon. M g r., II. A .
N icholl. General officos, Anderson, In d .— V. 104, p. 1046; V. 105, p. 499;
V . 106, p . 87, 1G81, 2346; V . 107, p . 83; V . 108, p . 81, 172, 974.
(1) In d ia n a p o lis N ew ca stle & E astern T r a c t io n C o.
Leased to Union Traction C o. o f Indiana on O ct. 25 1912 for 999 years
T he lease provides for the paym ent o f all taxes. Interest on bouds, a sum
equivalent to 6% on tho prof, stock, and a definite annual paym ent of
$1,050 on tho com . stock. A further am ount, up to $10,420 a year, is
payable under certain conditions. C om pare V. 100, p . 975.
Leases the M unclo & Portland Traction C o. for 999 years from June 30
1916; see terms below .
O R G A N IZ A T IO N .— Incorp. in Indiana on June 10 1912 as successor to
the Indianapolis Newcastle & T oled o Elec. R y ., sold at foreclosure. Has
private right-of-w ay minimum width 66 ft ., except ki corporate limits,
where shortest franchise expires A pr. 7 1933. Under favorable contract
with Ind. T rac. & T erm . C o. extending to 1933, operates through city into
Indianapolis interurban terminal.
* STOCK A N D BON DS—
Dale.
Interest.
Outstanding.
Maturity
Com m on $500,000 ($100)____ ______
________
$500,000
See text.
Pref $500,000 5 % cum ($100)............
...............
500,000
See text.
First mtge $1,600,000 goldl 1912 6 g J-D
_________ Juno l 1919
1,200,000
$ 1 , 0 0 0 . . . ------ ------------c * t f /I n t . at Fidelity Trust C o ., Phlla.. Trustee
Bonds.— Remaining 1st M . bonds m ay bo issuod upon fulfilment o
certain covenants for 75% o f cost o f extensions, lm pts.. botterments or ac­
quisition o f unencumbered properties. Rod. as a whole (but not loss) on any
Int. date on 8 weeks’ n oticoa t 101)$ and int. V. 94, p. 1695. N o sink. fund.
R O A D .— Included in Union Traction C o. o f Indiana.— V. 94, p. 1565,
1626. 1695; V. 96, p. 135; V. 100, p. 982; V. 102, p. 2341.
(a) T h e M u n cie & P o rtla n d T r a c t io n .— A trolley road.
O R G A N IZ A T IO N .— Incorporated July 1905 In Indiana. Franchises In
cities and towns 50 years; in counties perpetual.
Lease.— Was leased as o f Juno 30 1916 for 999 years to the Indianapolis
Newcastle Sc Eastern T rac. C o. In connection therewith the c o .’s capital­
ization was changed from $1,000,000 stock, all o f one class, to $500,000
preferred and $500,000 com m on. T he loaso provides for the paym ent of
all taxes, a sum equal to 5 % on the pref. stock, a definite annual paym ent
o f $4,530 and tho paym ent o f a further amount up to $17,370 a year con ­
tingent upon certain conditions.
O F F IC E R S .— Pros., E. B. Ball; V .-P ., W . O. Ball: Sec., G . A. Ball;
Treas., F. C. Ball, all o f M uncie, Ind.: Asst. S ec., W . II. Forso Jr., Anderon, In d.— V. 82, p. 1438; V. 102, p. 2342; V. 106, p. 1037. 1901.
A N N IS T O N ,

ALA.

ASBU RY

PARK,

N.

J.

C O A S T E L E C T R I C R Y — Troll ey.

O R G A N IZ A T IO N .— Incorporated in New Jersey on D ec. 8 1905 as suc­
cessor to the Atlantic Coast Electric Railroad C o ., sold under foreclosure of
the general mortgage o f the latter. Luases the Soashore Electric R y . ol
Asbury Park until June 6 1937 at $10,000 per year and owns $150,000 o f the
$200,000 total capital stock o f that com pany (making net rental $2,500),
and owns all o f the stock o f the W est End & Long Branch R y . and o f the
Asbury Park & Sea Girt IIR .; the form er Is leased from Aug. 3 1896 until
July 17 1945 at a nominal rental, and tho latter for 99 yoars at 6 % on stock
from Aug. 27 1898; both stock and bonds o f Asb. Park & S. G . are owned.
Also ontiro stock ($100,000) o f the A tlantic Coast Eloctric Light C o ., which
supplies the electric lights o f Asbury Park, Alleuhurst, Belm ar, Ocean
Beach, C om o and Spring Lake. T he Seacoast T rac. C o. (capital $100,000),
running from Belmar to Spring Lake, 2 miles, has been leased to the Atlantic
C oast Elec. R y . for 99 years; its stock and bonds are owned. Franchise in
Belmar expires In 1947; in Asbury Park In 1937; In Long Branch, some ex­
pire In 1945 and others are perpetual; in Ocean Township .perpetual; in Sea
G lrt.expiro in 1926 and 1956; franchises o f Seacoast T ra c. C o . are perpetual.




Decision.— On D ec. 1 1916 the Supreme Court at Trenton set aside an
order o f the Board o f P. U . C om m , requiring tho com pany to give transfers
in Asbury Park and Bradley Beach, holding that the utility board cannot
violate a contract between the com pany and the city by imposing addi­
tional burdens or lowering rates, unless the com pany consents. T h o case
is now pending in the U. S. Supreme C ourt. V. 106, p. 2755.
Fares.— In D ec. 1918 the N . J. P. U. C om m ., in acting upon the com ­
pa n y’s application for a 7-cent faro, auth. an increase in fares from 5 to 6
cents. V. 107, p . 2187.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding.
Maturity.
Stock $1,000,000 ($100)...........................................
$1,000,000
See text
First mortgage gold $1,000 1 1895
5 M -N
800,000 M a y
1946
000____________________ n t f lin t , at C olum bia Trust C o .. N . Y . . Trustee.
General mortgage $1,000,0001 1906
5 g J-J
1.000,000 July 1 1945
gold ($1,000)_________ c t f |Interest at Central Trust C o ., N .Y ..T ru ste e .
Seashore Electric R y stock _________
-5
200,000 _____________
8eashore Electric Ry first! 1892
6 g J-J
200,000 Jan. 1 1920
mortgage $200,000_____ t f / I n t . a t N . Y . T rust C o ., N . Y .
Atlantic Coast Electric Light f ____
5 J-D
201,000 June 1 1945
first mortgage $500,0001 Int. at Asbury Park & Ocean G rove B ank.
g o ld ___________________ n t f l A sb. P k. M orton T r. C o .. N .Y ., Trustee.
Neptune Electric C o __________ _____
6%
36,000 ___________
Bonds.— O f the $1,000,000 1st 5s, $200,000 are reserved to retire a like
amount o f Seashore R y . 6s. T he latter are subject to call at 105. T hey
fell due originally in Jan. 1917, but were extended to Jan. 1 1919, and again
to Jan. 1 1920. Entire bonds ($50,000) and stock ($100,000) o f the A sbury
Park & Sea Girt and entire bonds ond stock o f the Seacoast T raction C o .
($100,000 each) are deposited under the new general m ortgage.
Dividends.— In 1906 and 1907, 6 % . In 1908 to 1916, 3 % ; none since.
R O A D .— Belt line in Asbury Park, 5.85 miles; Asbury Park to Pleasure
Bay and North Long Branch. 14.60 miles; Asbury Park to M anasquan.
14 16 miles: total track, 36.08 miles. Connects at Pleasure Bay with the
New York A Long Brauch Steam boat C o .
R E P O R T .— Years ending D ec. 31:
1917.
1916.
1915.
1914.
1913.
1912.
Gross ea rn in g s..$424,934 $420,708 $409,007 $428,763 $437,856 $427,883
Oper. e xp e n se s.. 373,711
273,299 255,872 248,953 236,783 225,683
Net e a rn in g s.. $51,224 $147,409 $153,135 $179,810 $201,073 $202,200
In 1917 mlsc. income $20,891 fixed charges, $107,685: deficit, $35,570.
O F F IC E R S .— Pres., S. F. Hazelrigg; Soc. Sc Treas. G . B . C ade.— V . 81,
p. 1435, 1722; V . 106, p. 2755; V. 107, p. 801, 2187.
A S H T A B U L A , O H IO .
ASHTABULA RAPID TRA NS IT CO.
In Feb. 1907 control o f this road was acquired by L . A . R obison. Pree.
of the Penn. Sc Ohio R y ., and associates.
O R G A N IZ A T IO N .— Chartered O ct. 7 1890.
ST O C K A N D B O N D S —
Dale.
Interest. Outstanding. Maturity.
Stock, $500,000 ..........................................................
$500,000 ....................
1st m tge.
$75,000,
gold 1 1891 6 g J-J
75,000 July 1 1921
($ 1 ,0 0 0 )____________ c*& r /I n t. at Central Trust C o .. Trustee, N . Y . O.
2d m tge, $500,000.................. ( 1 9 0 7 5 M -S
307,000 Sept 15 1927
(C itizens S. Sc T . C o ., Cleveland, trustee.
Bonds.— $75,000 2d m tge. bon d s are reserved for prior liens. 1st M .
bouds originally matured July 1 1911 but were extended 10 years to July 1
1921.
E A R N IN G S .— Years ending D ec. 31:
Cal. Years—
Gross.
N et.
Taxes.
Interest.
Bal., Surp.
1917...................... $104,242
$22,270
$6,898
$23,866
def.$8,494
1916.................... .. 100,195
32,720
6,751
23,217
2,752
1915.................. ..
80,711
22,733
........
........
............
R O A D .— Operates 5 miles o f track on 5)4 miles o f streot.
O F F IC E R S .— Pres. & T reas., L . A . R obison , C leveland; S ec., J. W .
C oltm an, Cleveland, O .; S upt., R obert Hughes, A shtabula.— V . 98, p . 761
P E N N S Y L V A N IA & O H IO R Y .— A trolley road.
T he same Interests control the Ashtabula Rapid Transit C o .
Receivership.— On June 16 1917 Judge R oberts o f the C om m on Pleas
C ourt at Connoaut, O ., appointed Supt. Palmer W ardman receiver, on
application o f the C itizens’ Savings & Trust C o ., m ortgage trustee. Press
dispatches stated that "th e action cam e abou t through efforts o f Conneaut
stockholders to defer tho paym ent o f interest now d u e .” V . 104, p . 2553.
O R G A N IZ A T IO N .— Incorporated M arch 17 1898ST O C K A N D B O N D S —
D a te.
In terest.
O utstanding.
M a tu r ity .
Stock ($100), $1,600,000 a u th .................................
$1,300,000 ....................
First mtge, $600,000. g o ld .l 1901
5 g M -S
600.000 M ar 15 1921
$500 each_______________c * /ln t . at Citizens’ Sav. & T r. C o .. C le v ., Trua.
Jefferson Division ($ 50 0 ),! 1902
5 g M -S
100.000 M ar 151922
$100,000 _________________ lin t , at Citizens' Sav. & T r. C o .. C lev ., Trua.
E A R N IN G S .— F or calendar year 1917, gross, $116,027; net, $20,759. In
1916, gross, $119,576; net, $37,328.
R O A D .— Owns and operates the Conneaut city line, 3 miles, and has
built westward from Conneaut to Kingsville Sc Ashtabula, 13 m iles, and
south from Ashtabula to Jefrersoa. 10 miles; total, 26 miles.
O F F IC E R S .— R oceiver, Palmer W ardm an; P res., L. A . R obison . P itts­
burgh: Sec. Sc T reas., W . B . M orris, P ittsburgh. O ffice at A shtabula.—
V. 82. p. 929. 987: V . 104, p . 2553.
ATLANTA,
QEOR GIA

GA.

R A IL W A Y & PO W ER CO.

O R G A N IZ A T IO N .— Incorp. in Georgia on O ct. 16 1911 to take over
the following properties (V . 93, p. 1191, 1725):
Atlanta Ilyd ro Elec. Power C o .
IInter-State Power C o .
Atlanta W ater Sc E lec. Power G o.
Savannah River Power C o.
Georgia Power C o.
I South Carolina Power C o.
In June 1916 purchased the Gainesville R y . Sc Power C o . (see p . 45 of
"E l. R y . Section” for M a y 1916) for about $180,000. V . 103, p. 144.
In Jan. 1917 the com pany acquired all tho interests o f the Franklin Light &
Power C o ., Broad River Power C o . and the J. B . M cC rary C o. at Hart­
well, Ga.
Also leases the Georgia Railway Sc Electric C o . (see below ).
In July 1917 Issued $2,500,000 6 % collateral gold notes to provide in
part for im provem ents and now construction estimated to cost $4,830,000.
See V . 105, p. 606; V . 106, p. 1569.
On A ug. 17 1918 the Georgia R R . C om m . auth. tho co . to increase its
electricity and gas rates, effective Sept. 1 1918, with the recom m endation
that the Atlanta C ity C ouncil permit the co . to increase city car-fares to
6 cts., the C om m , holding that it was without jurisdiction to pass on that
question. Instead o f authorizing the recom m ended increase in railway
fares the C ity Council, over the M a y o r’s veto, on A ug. 29 1918 instituted
injunction proceedings to stay tho proposed increases in electricity and gas
rates and asked that the C ourt decree tho action o f tho R R . C om m , to be
null and void . V. 107, p. 1003. On Sept. 27 1918 Judge Z . A . L ittlejohn
in the Superior C ourt at A tlanta refused to issue such decree holding that
tho C om m , had the right to instruct such increases and to change rates
even where a con tract existed. V . 107, p . 1384. T h e com pany has filed
a bill o f exceptions to the decision o f Judge G eo. L . Bell o f the Fulton Suierior C ourt, who refused to grant the m andamus absolute to com pel tho
IR . C om m , to take over and decide the question o f higher city railway fares.
T he co . has asked that the case be reviewed b y the Supreme C ourt. V. 107,
p. 1482. 2097. C om pare V . 107, p . 802, 905.
In Feb. 1919 the co . applied to the G a. R R . C om m , for auth. to issue
$633,000 o f R ef. & Im pt. M . bonds. V . 108. p . 784.
STOCK A N D BON DS—
Date.
Interest. Outstanding.
M aturity.
$15,000,000
C om m on. $15,000,000 ($100).........................
2,000,000
1st pf$2,000,000 6% cu m ($ 1 0 0 )-----.
.___ ____ ^ See text
Q-J
2d pf$10,000.000 4 % n - c ( $ 1 0 0 ).........................- 10.000.000
____
lst & rer m tge $30,000,000 g j 1914 5 g A-O
13,896,500 A pr 1 H)54
See text sinking fun d ___c * (I n t . at Fidelity T r . C o .. P hlla., Trustee.
Atlan W at & El P 1st M f 1903 5 J-J
1.400.000 Jan I 1943
(closed) g ($ 1 ,0 0 0 )..c * c p t /I n t . at Colum bia Trust C o ., N . Y .. Trustee.
Collateral gold notes $2,500.-1 1917
6 g F -A
2.500,000 Feb 1 1920
000 ($1.000).................... tfjln te r e s t at Drexel & C o ., I’ h ila., trustee.
Stock.— A fter the 2d pref. and com m on stocks have both received 4 %
per annum for 3 successive years, the 2d pref. stock becom es com . stock.
Bonds.— O f tno $30,000,000 First and R efunding M tge. bonds, $1,367,­
000 are reserved to retire prior liens, $3,334,000 are to be pledged as
and when issued on account o f additions as security for the collateral
gold notes, and balance is for future additions, & c., under p ro­
tective restrictions. Sublect to call at 102)4 and int. on April 1 1919 to
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

f

ANNISTON ELECTRIC & O A S CO.

Merged In M arch 1916 with the Alabama Power C o ., a subsidiary o f the
Alabama T ra c., Lt. Sc Pow . C o ., for statement o f which see our " R y . &
Industrial Section.”
ATLAN T IC

5

ELECTRIC RAILWAYS

Ma r ., 1919.|

ELECTRIC RAILWAYS

6

payments are as follows: 1919 to 1924. $75,000: 1925 to 1928, $100,000:
1929 to 1953. $125,000. Coupon bonds $1,000 or £205 15s. 3d. and $500
or £102 17s. 7 d. O f the $1,100,000 outstanding Blue Ridge Elec. C o. 1st
m tge. bonds, due July 1 1940, $863,500 were stam ped and purchased by
the Georgia K y . & Power C o. as per agreement mado b y Georgia Power C o.
dated O ct. 1 1916. Remaining bonds wore called for paym ent July 1
1917 at par and interest. B oth Savannah River Power mortgages were also
called for paym ent in 1917. T he Atlanta Water Sc Elec. Power bonds are
subj. to call at 105. Tho issue was originally for $1,500,000 but has been
closed at $1,400,000. Sk. fd. Jan. 1 1908 to Jan. 1 1917, incl., $5,000 por
ann.; thereafter until m aturity, $10,000 per ann. Seo V . 102, p. 1510.
$86,000 in sink. fd . Collateral notes o f 1917 are to bo secured by deposit of
$3,334,000 1st & R ef. M . bonds. Callable at par and int. in amounts n ot
less than $500,000. T h ey are freo o f any tax other than inheritance tax,
which tho com pany m ay be required to withhold.
Dividends.— An initial d iv. o f $4 7(Tper share was paid Jan. 20 1913 on the
1st pref. stock , covering the 9 2-5 months since it was issued (M arch 1912).
In Jan. 1917 p aid 3 % on account o f accumulations (2 4 % ). Has since
paid 4 % additional on account o f accum ulations. Regular quar. dlvs.
o f 1 H % have been paid since A pril 1917
R E P O R T .— O f com bined properties (1917 report in V . 106, p . 1569):
Calendar
Gross
N et (after
Other
In t., Rentals, Balance,
Year—
Earnings,
Taxes).
Income. Sk. Eds., A c . Surplus.
1918
...........$8,836,535 $2,984,505 $160,775 $2,527,792 $617,548
1 9 1 7 -................... 7,807,039
2,915,597
189,271
2.485,242
619,626
1916-------------0.985.709 3.076.929
120.359
2,383.681 813,607
Passengers carried (on city system ) in 1918, 85,481,204, against 72,076,­
392 in 1917.
P R O P E R T Y .— T otal miles single track, 248.376. Standard gauge.
70, 80 and 90-lb. rails. Owns wator power sites in Northoastern Georgia
capable o f an ultim ate developm ent o f ovor 577,900 h. p .; present d evelop ­
m ent, 160,800 h. p. Transmission aud distributing lines aggregate 676.85
miles. T h o Interurban line from Atlanta to Stone M tn . was com pleted in
N o v . 1913. T h o hydro-elec, plant at Tallulah Palls was placed in operation
April 1 1914. T ho sixth and last unit o f 12,000 k . w . o f this developm ent
was put into operation in M arch 1919.
„ O F F IC E R S .— Chair, o f Board, II. M . Atkinson; Pres., P. S. Arkwright;
V .-P . & Gen. M g r., G . W . Brine; V .-P . & Opor. M g r., W . II. Glenn;
S ec.. W . II. W right; T reas.. I. S. M itchell Jr.; A u d., II. Flynn; all o f
A tlanta.— V . 107, p . 1384, 1482, 2008, 2097; V . 108, p . 683, 784.
(1) G e o rg ia R a ilw a y & E le ctric C o.
Lease.— On Jan. 30 1912 the stockholders o f the Georgia R y . Sc E lec. C o .
•©proved the 999-year lease from Jan. 1 1912 to the Georgia R y. & Power
C o ., which provides that the latter com pany guarantee all the fixed charges
and dlvs. on pref. stock and dlvs. o f 8 % on com . stock, the holder o f each
$100 com . having received, as additional consideration for the lease, $3.12>j
In 1st pref. and $125 in 2d pref. stock o f Georgia R y. & Power C o ., V .9 4 ,
982, 1119. The sharos o f tne A tlanta Gas Light C o. aud o f the Atlanta
orthern R y . are not included In the premises demised under tho lease,
but the lessor assigned and transferred to the lessee, for and during the term
o f the lease, the Income arising from any and all o f the said shares.
, „ £ ? O A N IZ A T IO N -— Incorp. In Georgia on Jan. 28 1902, and on April 1
i 5 02^ oolc ,o ver the Atlanta R y . Sc Power C o ., the Atlanta R ap. Tran C o .,
the Georgia E lectric Light C o. and the Atlanta Steam C o. Franchise
for the greater part perpetual: others 50 years from August 1899. C om ­
prises the stroot railway, electric-light, gas, power and steam -heating
Interests o f Atlanta and Fulton C ounty. B y term3 o f the ordinance per­
m itting consolidation, the com pany paid the city o f Atlanta $50,000 In
cash, and agreed to pay a tax on gross receipts o f 1% for first 3 years, 2 %
for the next 20 years and 3 % thereafter. V . 74 , p. 397, 727. In Oct. 1902
both prof, and com . stock were listed on Boston Stock E xch. V .7 5 , p. 819.
T h oy are also listed on the Louisville Exchange.
_ In Juno 1903 acquired the entire capital stock ($600,000 6 % pref. and
$1,014,625 com .) or the Atlanta Gas Light C o ., com prising the gas business
or Atlanta and vicinity, b y exchange o f stock. $ for $. V. 76, p . 1406.
Ih e gas com pany, however, maintains a separate organization. Also owns
entire capital stock o f the Atlanta Northern R y.
In F eb. 1919 tho com pany applied to the Georgia R R . C om m , fo r auth.
to issuo $176,000 R ef, & Im p t. bonds
S T O C K A N D B O N D S—
Date.
Interest. Outstanding.
M a tu rity .
C om m on ($100)____________
Q-F
$8,514,600
See text a
Preferred 5 % non-cum ulative
6 Q-J
2,400,000
See texta
$2,400,000 (par $100)..........
R e f Sc imp m tge $20,000,000 1909
____
4 .795.000 Jan l 1949
5______
g J-J
„ gold ($1.000).....................c* Int. at Araer. T ru st C o ., B oston, Trustee.
First cons m tge $11,000,000 1902
5 g J-J
5.710,000 Jan 1 1932
. gold sink fund ($1,0 00 ). ,c * Int. at Old C olony Trust C o ., B oston, T r u s .
Atlanta Street Railroad first 1890
6 g J-J
225,000 July 1 1930
m ortgage gold (par $1,000) In t. payable In N . Y . at Fourth N at. Bank.
Central Trust C o ., N . Y ., Trustee.
Atl Cons St
R y ----------------1899
1st consM $2.------,
6 g J-J
1,875,000 Jan 1 1939
500.000 g($1.000each) „ . c * / l n t . payable In N . Y . a t, N . Y . Trust C o . and
at M erc. T r. Sc D ep . C o. o f B alt., Trustee.
Georgla Elec Light C o 1st M
1900
5 g J-J
1,350,000 July 1 1930
$2,000,000, gold , subject to Interest at Old C olon y Trust C o ., Boston,
call at 105_______________c*
Trustee.
Atlanta Gas-Light C o, 1st M
1897
5 g J-D
1.150,000 June 1 1947
$1,150,000, g ($ 1 .0 0 0 )-c * Interest at N ew York Trust C o ., Trustee, or
„
.
. ______
(Bank o f Scotland. L ondon, Eng.
B o n d s . — O f the $11,000,000 Georgia Railway he Electric C om pany bonds
(closed m tge.) o f 1902, $3,450,000 are reserved to retire underlying liens;
balance has beon retired. R ed. on any int. date at 110 and int. A
s i n k i n g f u n d became operative in 1907 which retires $10,000 o f bonds
each year from 1907 to 1911, Inclusive; $25,000 por annum from 1912 to
1916, inclusive, and $50,000 por annum thereafter. See V. 74, p. 629, 727.
A sinking fund o f $6 60 per $1,000 bond on tho Atlanta Gas Lt. C o. bonds
Is operative; $231,000 bonds in fund. A tl. Consol. St. R y . bonds are red.
as a whole at 107f t , but $25,000 In Jan. o f each year for sinking fund at
at 105. O f tho rof. Sc Impt. mtge. bonds, $11,230,000 are reserved to rotire
prior liens (including tho $400,000 Atlanta As Northern bonds) and re­
mainder for extensions and Improvements up to 7 5% o f actual cost. Bonds
are subject to call on 50 days’ notice at 105 and int.; a sinking fund o f
ou t b ?gan in 1910. $287,000 retired b y sinking Bind.
. ~ . . r ,ends'— D ividends are now paid under lease (see ab ov e). For record
0
Prior to loaso, soe this section for January 1917.
E A R N IN G S .— Included In report o f Georgia R y . Sc Power C o . a b o v e .
R O A D .— Owns 212.673 miles o f track (single-track basis). 70, 80 and
9 ° :lb -„rajJs - 329 passenger and 33 other cars. 2 power stations. •
O F F IC E R S .— Pres., Frank B. B lock; V .-P ., T . K . Glonu; Sec. Sc T reas..
W . II. W right.— V. 100, p. 733; V . 106, p . 710; V . 107. p. 401.
(a) A tla n ta N o rth e rn R a ilw a y C o .— A trolley road.
—.O R G A N I Z A T I O N .— Entire stock Is owned by the Georgia R ailw ay &
Electric C o ., which guarantees the bonds.
S T O C K A N D B O N D S —• D a t e .
In ter es t.
O u tsta n d in g .
M a tu rity ,
Stock, $100,000............................................................
3100,000 ................
Firat m ortgage $400,000 guarT 1904
5 g J-J
400,000 July 1 1954
($500 and $1,000) g o l d .. c * /l n t . at Old C olon y T r. C o ., Boston, Trustee.
B o n d s . - - Are guar., p. Sc 1., by end., b y th e G a . R y . Sc Elec. C o.
Are sub­
je ct to call on any Int. date at 110 and Int. A s i n k , f u n d o f $5,000 por ann.
In 1909: $62,000 bonds are held alive in sink. fu n d .V . 79, p . 680
E A R N I N G S .— F or years ending D ec. 31:

&

Y ^ or—

G ross.

N e t.

T a xes. I n t., A c .

'
Balance.

19J8....................................... $184,567 $52,283 $5,539 $28,795
sur.17,949
1917....................................... 141,537 33,220
5,430 28,385
dof.
595
I0 1 6 -.
126,207 27,932 5.528 27.503
def. 5.099
K O A O .— Operates 18 miles o f track from Atlanta to M arietta, 15.2 miles,
.J£,1„ ar0„ o "rned and m ostly on private right o f way. Has arrangements
with G a. R y . Sc El. C o . for terminals and trackago rights Into the city o f
Atlanta, p Standard gauge; 7 cars. Com m enced operation July 17 1905.
A T L A N T IC C IT Y , N . J.
A T L A N T IC C I T Y & S H O R E C O .
®
A .TIO N .— Incorporated In 1909 in Delaware. Owns 2,995 o f
the 3,000 sharos o f the Atlantic Sc Suburban R y. C o. stock and a m ajority
o f the stocks o f the Central Passenger R y. C o. (340,000 bonds) and A tlantic
C ity & Shore RR. C o. Also owns all o f the $591,100 outstanding 1st m tge.
bonds o f A tlantic Sc Suburban R y.
S T O C K A N D B O N D S—
D a te .
In ter es t.
O u tsta n d in g .
M a tu rity .
Outstanding.
S tock, $1,000,000..................................
$995,500 .
C oll trust, $591.100.............. t f 1910
4%
591.100
Soe text




[Vol . 108.

The collateral trust 4s are secured b y $591,100 A tl. Sc Sub. 1st m tge.
bonds and 2,995 out o f 3,000 shares o f stock o f that com pany. T hey fall
due Feb. 1 1928 or Feb. 1 1940.
O F F IC E R S .— Pres.. Harry E . Kohn; S ec., L . R . Isonthal; T roas.,
I. L . Stone.
(1) A tla n t ic C ity <& S h o re R R .— An electric road.
Default—Receiver.—'Int. due D ec. 1 1915 was defaulted, due largely to
losses caused by Jitney buses. Judgo Clarence L . C ole was appointed re­
ceiver. The following bondholders’ com m ittee was organized: G oo. Burn­
ham J r., Frank H . Bachm an, Tilghm an Johnson and John D . M cllh on n y.
V . 101, p. 1884.
O R G A N IZ A T IO N .— Incorporated In New Jersey O ct. 21 1905 with a
perpetual charter. Leases Atlantic C ity Sc Ocean C ity R R .— soe term s
below— and owns $218,500 o f the com m on stock o f the A tlantic C ity &
Ocean C ity Company, which holds all the stock and bonds o f the Atlantic
C ity & Ocean C ity R R . V .8 5 , p. 158. C ent. Pass. R y. is operated under
traffic agreement.
Contract with West Jersey A Sea Shore RR.— A n agreement has been
entored Into with the West Jorsoy Sc Sea Shore R R . by which the
Atlantic A ve. lino o f the latter road, running from A tlantic C ity to Longpbrt. 8 H m iles. Is operated by this com pany.
Fare Increases.— On N o v . 5 1917 the Bd. o f P . U .C o m m . o f N . J. auth.
the co . to raise the round-trip fare botween Ocean C ity and A tlantic C ity
from 50 to 60 cents, or doublo tho existing one-w ay fare. In M a y 1918
was auth. to increase the fares between A tlantic C ity and Pleasantvllle
2 cents and to increase rates in all other zones affected 1 cent for every faro
collected, tho sale o f strip tickets at 6 for 60 cents to be continued. V . 106,
p . 2122; V . 107, p . 290. On N o v . 1 1918 was auth. b y tho N . J. I*. U .
C om m , to increase fares from 5 to 6 cents as a war measure, which m ay be
rescinded whon conditions again becom e norm al. V . 107, p . 1836. C om ­
pare V. 107. p. 179, 801.
S T O C K A N D BON DS—
Date.
Interest.
Outstanding. Maturity.
Stock, $1,000,000 ($100)........................................
$1,000,000 .....................
1st m tge Sc coll trust deedl 1905
5 g J-D
..... ................„
„„
950,000
D oc _1 „1945
$1,000,000 ($1,000) g - c * t f / I n t . at Girard Trust C o .. Phlla., Trustee.
Bonds.— N o sinking fund, but can be called at any time at 110 and Int.
R O A D .— Operates 47.45 miles o f track In and around Atlantic C ity , In­
cluding a road through Pleasantvllle, LInwood and Somers P oint, to Ocean
C ity , the lattor two points being connected by 2 miles o f trestle and bridge
owned by the Atlantic C ity Sc Ocean C ity R R .
E A R N IN G S .— For cal. year 1915, grass, $452,678; deficit after d ed u ct­
ing taxes, rentals, and Int., $60,128. In 1914. gross, $632,728: net, after
taxes and rentals, $63,392; lu t., $47,500; surplus, $18,892. N o earnings
published since appointm ent o f receiver.
O F F IC E R S .— Pros., I. II. Silverman; V .-P ., Charles Evans; S ec., J. M .
Cam pbell; Treas., I. L . Stone; Gen. S upt., A . J. P urlnton.— V . 101. p.
1806, 1884; V. 106, p . 2122, 2343; V . 107, p . 179, 801, 1836.
,
----------- ----- ------------- ------- ------c _ ... was organized In Delaware
and owns the entire ($180,000) stock and all the ($180,000) bonds o f the
Atlantic C ity & Ocean C ity R R ., and has pledged them as security for tho
collateral trust bonds below. O f the com m on stock o f tho Atlantic C ity Sc
Ocean C ity Company, $218,500 is owned by the A tl. C ity Sc Shore R R . The
latter leases the A tl. C ity & Ocean C ity R R . for 999 years, the rental be­
ing $19,500 per annum, and an additional contingent sum equal to 33 1 -3%
o f the not surplus, but not to exceed $25,000 per annum.
STOCK A N D BONDS—
Date.
Interest.
Outstanding. Maturity.
C om m on, $350.000.....................................................
$220,000 .....................
Pref 5 % non-cum $250,000
____
________
175,000 ___________
Collateral trust gold $500,-1 1907
5 M -S
350.000 M ar 1 1947
000 redeemable 110 Sc Int t f /G irard Trust C o .. Philadelphia, Trustee.
Slock.— The pref. stock Is redeemable at par.
R O A D .— The Atlantic C ity Sc Ocean C ity R R . owns 2.61 miles o f road
from Somers Point, acrass Great Egg Harbor B ay. on bridge and trestles,
to Ocean C ity. Ralls. 85 lbs. V . 85, p. 158; V . 87. p. 165.
O F F IC E R S .— Pres., Penrose Fleishor; S e c., J . M . Cam pbell; T re a s.,
Irvin L . Stone.

(2) Atlantic & Suburban Ry.

O R G A N IZ A T IO N .— Incorporated In Now Jersey D ec. 7 1908 as a re­
organization o f the Atlantic C ity Sc Suburban T raction C o ., sold under fore­
closure o f 1st mtge. V . 87. p. 1237. 1532.
S T O C K A N D BON DS—
Date.
Interest.
Outstanding. Maturity,
Stock, $750,000 ($50).................................................
$150,000 .................__
First
m ortgage.
$650,0001 1909
4 g F-A
591,100 A ug 1 1929
($1,000) - .......................c * t f / l n t . at Cam bridge T r. C o ., Ohostor, P a .. T r.
Prior Hen M , $100,000, g u a r ) -----5%
100,000 Feb 1 1925
p Sc I. by A O Sc S C o ___t f I
Bonds.— Bonds have no sinking fund. V . 87, p . 1237.
E A R N IN G S .— For calendar year 1917, gross, $84,536; not, $22,155;
oth er incom e, $3,036; interest, taxes, & c., $37,812; loss, $12,621. N o later
figures furnished.
R O A D .— Operates 16.13 miles o f track from A tlantic C ity to Ploasantville, Somers Point and A bsecon. Standard gauge, 80-lb. T rail.
O F F IC E R S .— Pres., Harry E . Kohn; S ec., J. M . Cam pbell; T roas..
Irvin L . Stone.— V . 87. p. 1299, 1532; V . 88. p. 881; V . 90, p. 1424.
AUGU STA,

GA.

AUQUSTA-AIKEN RY. & ELEC. CORPORATION.
O R G A N IZ A T IO N .— Chartered In M arch 1906 under laws o f South
Carolina as Augusta Sc Colum bia R y . C o .; name changed to a bove In A pril
1911 and Is a consolidation o f the following com panies:
Augusta-Alken R y. Sc Elec. C o .
I Augusta R y. Sc E lec. C o .
Augusta & Aiken R y. C o .
| N orth Augusta EIoc. Sc Im pt. C o
Owns and operates entire railway systems o f Augusta, G a ., and N orth
Augusta, S. O ., and a line from Augusta to Aiken, S. O. Also furnishes
entire olectric light and power service in Augusta and its suburbs and owns
valuable roal estate In central part o f Augusta. R ailway franchise In
Augusta expires 1939; electric-lighting franchise runs until 1939 or longer.
Interurban division Is on private right o f way. V . 92. p. 1177. A lso owns
the $500,000 com . stock o f Georgia-Oarollua Pow . C o ., Incorp. In So. C aro,
to construct tho hydro-oloc. plant on Savannah R lvor, which was placod In
operation Feb. 6 1914 with an Initial Installation o f 14.000 h. p ., ultim ate
capacity about 28.000 h. p. Operation o f this plant was taken over by the
Angusta-Alken R y . & EL Oorp. on July l 1914. T h e com pany guarantees
prin. and Int. and sink, fund on the G a.-O arollna Pow. C o . 1st M .5s.
Early In the fall o f 1916 disposod o f Its holdings in tho N orth Augusta Hotel
C o . and N orth Augusta Land C o.
On June 23 1915 the stockholders authorized an Increase In the 6 % cu m .
pref. stock from $1,500,000 to $2,250,000, the new stock botng Issued In
exchange for the $750,000 prof, stock o f tho Ooorgla-Oarollna Invost. C o.
(a holding co . form orly controlling the G a.-C aro. Power C o .), which has
boon dissolved. V . tOO. p. 1830; V. 101, p. 283.
Fares.— On M ar. 1 1918 Increased faros from Augusta to Aikon, 8 . O .,
from 25 cents to 40 cents, with the approval o f the 8 . O . R R . Com m ission,
b u t subsequently reduced to 35 cents. In Sept. 1918 applied to tho Georgia
R R . C om m , for auth. to increase fares in Augusta from 5 cents to 10 conts,
but was granted auh. to increaso fares to only 6 conts.
S T O C K A N D B ON DS—
Date.
Interest. Outstanding. Maturity.
Com m on $2,250,000 ($ 1 0 0 )....................................
$2,250,000
................
P re f6 % cum $2,250,000 ( $ 1 0 0 ) ____
Q-M
2.250.000
Soe toxt.
First m tg $7,500,000 gold 1910 5 g J-D
2.891.000 D ec 1 19 3 5
($ 1 .0 0 0 ).................. c * * r * t f Central Trust C o ., N ew Y ork , Trustee.
Augusta Ry Sc Elec 1st M g 1900 5 g J-D
898,000 June 1 1940
$1,000,000 ($1,000) -c* n t7 Int. at M er. T r. Sc D ep . C o ., B alt., Trustee.
Ga-Caro Pow 1st M $5,000,­
000 g ($500 and $ 1 ,0 0 0 ).. .
1912 5 J-J
2.750,000 July 1 1952
g u- a r ...............................
c *--t f Central Trust C o ., N ow Y ork, Trustee.
------ ---------------------Bonds.— O f the $7,500,000 1st m tge. bonds, $233,000 aro in treasury,
and $129,000 in sinking fund (not incl. in am ount reported outstanding);
$898,000 are resorved to retire A ug. R y . & E lec, bonds and balanco is for
additions, &c. S ubj. to call as a whole (or in part for sink, fd.) at 105 and
int. on any int. day on 30 days’ notice. Interest Is payable at R edm ond
Sc C o .. N ew Y ork. Sinking fund began In 1916, providing for paym ont o f
$25,000 per ann. 1st 5 yoars. Increasing to $40,000, $50,000 and $05,000
for each successive period o f 5 yoars until m aturity o f bonds.
V. 92, p.
1177. Augusta R y. Sc Elec, bonds can be callod in 10, 20 or 30 years from
date at 105 and int. on 6 m onths’ notice; sinking fund o f H o f 1% began
Juno 1 1905 for 15 yoars, 1% for next 10 years and 2 % or remaining 10
years. $102,000 (not incl. In am ount outstanding) was hold in sinking fund
F eb . 1 1919.

Ma r .. 1919.j

ELECTRIC RAILWAYS

7

STOCK A N D BONDS—
Date.
Interest. Outstanding. D iv.or M at.
City & Suburban Ry Bonds— f 1892
5 g J-D
$3,000,000 June 1 1922
1st m tge, g ($ 1 ,0 0 0 )____ t f l l n t . at Alex. .Brown Sc Sons, Baltim ore.
(Safe D eposit Sc Trust C o ., B alt., Trustee.
Lake Roland Elevated— 1st f 1892 5 g M -S
1,000,000 Sept 1 1 9 4 2
consol
m ortgage,
gold{ Interest at A lex. Brown Sc Sons, B altim ore.
1X1.000)___________ c * & r t f ( Baltimore Trust C o ., Trustee.
Central Ry— Consol m ortgage! 1892
5 g M -N
700,000 M a y 1 1932
$700,000. gold ($1,000) n t f{ Int. at M erch .-M ech . First N a t. B k .. B ait.
(M ercantile T r. & D e p . C o . o f B alt., Trustee.
Ext and im p 1st m tge, | 1897
5 g M -S
600,000 M ar 1 1932
$600,000, g ($ 1 ,0 0 0 ).n tflB a ltim o re Trust C o ., Baltimore, Trustee.
(In t. at M erch .-M ech .F irst N a t. B k ., B ait.
Stock.— T he preferred stock reported above as outstanding is all that
remains o f tho original issue o f $14,000,000. the rest having been converted
Into incom e bonds. Authorized am ount o f com m on stock was increased
from $24,000,000 to $35,000,000 in Sept. 1917 to provide for conversion
feature o f notes o f 1917. C om m on stock listed on Baltim ore and Phila­
delphia Stock Exchanges. V . 96, p . 1631; V . 97, p . 667.
Bonds.— O f the $38,000,000 o f 1st consol, bonds $29,450,000 have been
Issued (o f which $3,000.00) are in treasury); $8,559,000 sot aside to retire un­
derlying securities
$23,000 incom e m tge. 4s are held b y trustee to retire
A U S T IN , T E X .
the outstanding pref. stock. Incom e funding bonds are red. on any int.
date at par and accrued int. $48,669 are held b y trustees. All bonds are
A U S T IN S T R E E T R Y — A trolley road.
O R G A N IZ A T IO N .— Incorporated in Texas on Jan. 3 1911 as successor listed on Balt. Stock Exchange and tho 1st C onsol. 4s and $14,000,000
Incom e 4s are listed on the Phila. Stock Exchange. $8,000 Central R y .
to tho Austin Electric R y . Franchise expires In 1942.
1st cons. 5s are in U. R ys. & EL C o .’s treasury.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
In Feb. 1916 Issued $2,750,000 5 % 5-yr. notes to retire the $500,000 Balt.
C om m on $750,000 ($100)____ _____
____ ____
$560,001)
See text.
Catonsville Sc E llicott's Mills 1st M . 5s due July 1 1916 and the $1,001,900
Pref $500,000 ($100) 6 % n -c....................................
250.000
See text.
5% coll. tr. notes due June 1 1916, called for paym ent M ar. 13 1916, and to
First Sc ref mtg $1,500,0001 1911 5 g J-J
689.000 Jan 1 1936 provide for certain capital impts. during the 5 years following. N o new
gold ($ 1 ,0 0 0 )________ c * t f ) I n t . at Equitable Trust C o .. N . Y ., trustee
mtge. can be created upon present property during life o f notes w ithout
Bonds.— $714,000 1st & ref. bonds are reserved for additions, & c. They
giving notes equal security with bonds issued under such new m tge. V.
are subject to call on any Int. date at 1024 . Annual sinking fund o f 2 %
102, p. 523, 610. $1,527,000 had been exchanged for con v. 5 % gold notes
o f bonds out began in 1915. V . 92, p. 185; V . 93, p. 1461. $97,000 (not due A ug. 15 1922 as o f A ug. 31 1918.
included in am ount reported outstanding) in sinking fund M arch 1 l9 l9 .
Convertible Notes.— Convertible at the option o f the holder into com . stock
Dividends.— Prior to 1915 paid 6 % on prof, and 4 % on com m on stock. at $30 per share within one year after A ug. 15 1919. at $33 during the next
N o later Information.
year and at $36 thereafter until Feb. 15 1922. $3,000,000 bearing 6 % int.
E A R N IN G S .— For years ending D ec. 31:
wore Issued for now equipment, extensions, & c., stockholders being given
Year—
Gross.
Net.
lnt.CA.Taxj Sink.Fd. Dcprec.
Balance.
preferential subscription rights; remaining $2,750,000, bearing int. at 5 %
1918_________ $273,184 $96,696 $64,327 $15,720 $23,748 def.$7,099
for exchange, par for par, for tho 5 % 5-yoar gold notes due Feb. 1 1921.
1917... ............. 257,363
97,712
59,536
15,720
17,654 sur. 4,802
See V . 105, p. 820, 910, 1523. $1,527,000 had been so exchanged up to
R O A D .— operates 22 milos o f track. 55 and 72-lb. rails; 42 cars.
A ug. 31 1918. Redeemable (subject to tho right o f conversion) at par and
O F F I C E R S — Pres., W . J. Jones; V .-l*., F . II. Watrlss; S ec., D . A . int. on 30 days' notice. Safe Deposit Sc Trust C o ., Baltim ore, trustee.
Bush, Austin, T ex .; Asst. S ec., G . P . Gannett, Augusta, M e.; Troas.
D IV ID E N D S .— Dividends o f 4 o t 1% wore paid In June 1899 and 2)4 % .
E . P. W llm ot; Asst. Troas., G . E. M acom bor, Augusta, M o .— V. 93. p,
In D ec. 1899, and 2 % each six months after that to and Including D ec. 1903,
526, 1461, 1531.
_____
on both the incom e bonds and tho pref. stock, the paym ent on the stock
(but not on the bonds) being subject to a deduction o f 4 o f 1% for taxes.
A Y E R , M ASS.
None thereafter until Juno 1911, coupons being funded. On June 1 1911
L O W E L L & F IT C H B U R G S T R E E T R Y .— A trolley road.
aid 2 % on both income bonds and pref. stock and 2 % has bean paid each
In 1913 W . W. Sargent, President o f tho Fitchburg & Leom inster Street
months since. On com . 1st d iv .— \ 4 % — paid M ay 1912; N o v ., 1 4 % R y ., and associates acautred control.
In 1913 and since, 4 % per annum.
O R G A N IZ A T IO N .— Incorporated In Massachusetts in 1903.
R O A D .— M iles o f track, 414; serviceable cars, 1,972: gauge, 5 ft. 4)4 in.
S T O C K A N D B O N D S — Date.
Interest.
Outstanding.
Maturity.
Rails, 70-lb. T and 9-in. and 124J4-lb. girder. C apacity o f (3) generating
Stock $275,000 ($100)...............................................
$275,000 In 1917. 6% stations, 34,755 k. w. (an additional 20,000 k. w. unit is being installed)
First m tge (see text) g old ! 1906
5 g J-J
275.000 Jan 1 1926 capacity o f (7) sub-stations, 45,200 k . w.
($1,000) no sinking fu n d .. (S ubject to call at 105 and interost.
R E P O R T for the year ending Dec :. 31 1917 in V . 106, p . 1679:
Bonds.— First m tge. was originally for $1,000,000. but has been closed
1916.
1915.
1914.
1917.
at $275,000.
C
ar
miles run__________ 33,705,804 31,397,513 29,522,100 30.250.194
Dividends.— In 1916, 2 % ; 1917. 6 % .
Revenue passengers____ 212,893,619 199,158,285 181.744,023 185.296,350
E A R N IN G S .— For years ending D oc. 31:
75,807,256 77,102,879
Cal. Year— Gross. N ct.afl.Tax. Other Inc. Int.
Dividends. Surplus. Transfers........................... 83,430,701 81,771,297
Operating revenues____ $10,560,837 $9,914,051 $9,028,144 $9,203,839
1917.............. $99,384 $31,002
$1,778
$13,750 (6% )$1 6 ,5 0 0 $2,530
4,567,950
4,142,699
4.312,439
Operating expenses________________ 5,267,395
1916.............. 58,278
20.472
1.764
13,750 (2 % )
5.500 2.986
495.702
410,548
469,395
528,042
R O A D .— Operates 14 miles between Nortli C helm sford, a suburb o f D epreciation___________
994,840
924,534
909,744
Taxes,
licenses,
&
c__________________
1,079,723
Low ell, and the village o f A yer, with a spur running from N orth Chelms­
ford to W estford; connects at N orth Chelmsford with Bay State St. R y.
$3,550,363
$3,512,261
N
et
oper.
incom
e____
$3,685,676
$3,855,559
and at A yer with Fitchburg & Leom inster St. R y. lia s 11 passenger Other incom e__________
24,721
8,333
96,101
92,000
cars, 1 snow plow and 2 other cars.
O F F IC E R S .— Pres., W . W . Sargent: V .-P .. O . F Baker: Sec. & T ro a s.,
$3,536,982
$3,558,696
$3,947,559
T
otal
net
incom
e____
$3,781,777
R . N . W allis, all o f Fitchburg. M ass.
Int. on bonds, rents, & c. $2,347,111 $2,280,355 $2,180,248 S 2,158,534
559,080
559,080
559,080
Int. on Income bds. (4 % )
559,080
920
920
920
Preferred divs. ( 4 % )___
920
B A L T IM O R E , M D .
818,448
818,448
818,448
818,448
Street railways o f Baltimore pay a park tax o f from 1% to 9 % o f gross receipts C om m on divs. ( 4 % ) —
from lines within City Limits, except on turnpikes and private rights o f way, and
N one
N one
Surplus for year_____
$56,218
$288,756
are required to pave between tracks and two feet on each side.
F F IC E R S .— Pres. & Chairman c f tho board, Thom as A . Cross: V . - P . .
UNITED RAILWAYS & ELECTRICCO. OF BALTIMORE.— Trolley. J. OPem
broke T hom ; V .-P . & G en. .VIgr., James R . Pratt: S ec.. W illiam
O R G A N IZ A T IO N .— Incorporated at Annapolis M arch 4 1899; com ­ E arly; T reas., J. T . Staub; A u d ., Is . E . Stubbs.— V . 106, p . 1578, 1679,
prises through consolidations tho following passenger railways in Balti­ 2451, 2759; V . 107, p . 292, 403, 907, 1386: V . 108, p . 172.
m ore C ity and Baltim ore, Anne Arundel and Howard counties, M aryland:
(1) Baltimore Sparrows Point & Chesapeake Ry.
Baltimore Catonsville Sc Ellicotts Central Railway C o.
O R G A N IZ A T IO N .— In Jan. 1903 was leased for 999 years to the Un.
Mills Passenger R R .
G w ynn's Falls Railway o f Baltimore
Rys. & Electric C o . o f Baltimore, which guarantees the bonds below , both
C ity.
Baltimore C ity Passenger R y . C o.
as to principal and Interest, and also owns all o f the stock. See V. 79, p.
Baltimore Consolidated R y . C o.
Maryland T raction.
2643. Has 33.541 m . o f single track, including a line 22 miles long connecting
Baltimore & Curtis Bay R y.
Pim lico & Pikesvlllo R R .
Baltimore with the Maryland Steel W orks at Sparrows’ Point, and extend­
B alt. Gardensville & Belalr Elec. R y. Shore Line Electric R y .
Baltimore Sc Northern Elec R y . C o. W albrook Gwynn-Oak & Powhatan, ing beyond along the shoro o f Chesapeake B ay . where summer resorts have
Also owns all the stock, and holds
lease o f the Baltimore Sparrows been established.
Point Sc Chesapeake R y. C o.
STOCK A N D BON DS—
Date.
Interest. Outstanding.
Maturity
Allied Company.— In Aug. 1906 the M aryland E le c .R y ., which had agreed Stock. $2,000,000.......................................................
$400,000 - ...................
to provide funds for needed improvem ents and acquisitions o f the United First m tge.. $2,000,000. gold I 1903
4 4 g F-A 2,000,000 Feb 11953
R y . Sc Elec. C o ., was consolidated with the Balt. Sc Annapolis Short Line,
($1,000) guaranteed, prln {F idelity Trust C o ., Baltim ore. Trustee.
thus form ing tho M aryland Elec. ltys. Seo statement o f tnat. co . below.
cipal and Interest____c* t f (Interest at Alex. Brown Sc Sons. B altim ore.
Power Contract.— In Fob. 1911 entered into a 15-yoar contract with Penn­
R E P O R T .— Operations Included In United R y*. Sc E lec. V . 80. p . 221
sylvania Water Sc Powor C o. for supplying power in conjunction with
United Railways C o. for operation o f cars. V. 92. p. 467.
(2) Baltimore Halethorpe & Elkrldge Ry.
Favorable Tax Decision.— On June 29 1909 tho C ourt o f Appeals o f M ary­
O R G A N IZ A T IO N .— Incorp. on D ec. 28 1905 in M aryland. S tock.
land held that the park tax o f 9 % on gross earnings o f linos within city
limits was Intended to be in lieu o f all other taxes, and that no further tax 1100.000; outstanding, $10,OOO. Has m adea$300.000 m tg. (n t f) to Fidelity
on the intangible property can bo levied without express legislative author­ Trust C o. o f Baltim ore, trustee. 20-year 5 % bonds, prln. and in t., payable
ity . The easements In 14 milos o f turnpikes In annoxed districts were held at Alexander Brown Sc Sons, Balt.; not guar, by United R ys. Sc Elec. C o .
None out. Owns 3.051 miles o f road, which is operated by United R ys. St
to bo taxable. V. 89, p. 44.
_______
In April 1913 Judge Bond in tho C ity C ourt at Baltimore decided that the Elec. C o .— V . 87, p . 543.
com pany must pay cost o f repaving streets between tracks and 2 ft. on
either side. Seo V. 96, p. 1090. On A ug. 5 1913, the C ourt o f Appeals of
THE MARYLAND ELECTRIC RAILWAYS CO.
M aryland reversed tho ruling and unanimously held that com p any’s obllO R G A N IZ A T IO N .— In 1906 the charter o f the M aryland E lec. R y . was
ation with respect to the track area was to repair and not to ro-pavo. In
'ob. 1916 the samo court again held that co . is required moroly to keep acquired by interest* frleudly to the United R ys. * Elec, for the purpose,
among others, o f uslag that com pany to finance the needs o f the United R ys.
its tracks in repair.
C o . for additional property, and charter amended b y Legislature In
In June 1914 the M aryland C ourt o f Appeals, reversing the lower C ourt, & Elec.
to adapt it to that purpose. In A ug. 1906 was consolidated with the
held that the State Roads Commission cannot recover from the electric 1906
Baltimore Sc Annapolis Short Line, which latter line has since been electri­
railway companies tho cost o f changing and re-locating tracks in building fied.
Tho M aryland Electric R ys. then acquired car-barn sites, term inals,
the system o f State highways. V. 98. p. 1995.
& c., and is erecting buildings, constructing extensions, purchasing equip­
Wage Increases.— V . 106, p. 1345, 2759; V. 107, p. 292.
ment.
&
c.. which Is leased to the United R y . Sc Electric C o . for an annual
Fares.— In Aug. 1918 tho co . announced that, effective O ct. 1 1918,
fares in Baltimore and suburbs would bo Inoroased from 5 cents to 6 cents. rental o f 6 % upon the actual cost o f the property. A t m aturity o f the
bonds of The M aryland E lec. R y s., the United obligates Itself
V . 107, p. 907, 1386. Com pare V. 107, p. 403. In Jan. 1919 tho 6-cent $8,000,000
faro was approved b y tho M aryland P. S. C om m , and will remain in effect to purchase the property so leased at a sum sufficient to retire the bonds.
plan In full in V. 83, p. 158. There is no guaranty endorsed on bonds,
until Jan. 1 1920. Half-fares for children havo been Increased from 3 See
hut the terms are such that rental will be more than sufficient to pay inter­
cents to 4 conts. V . 108, p. 172.
est. Stock listed on Baltimore Stock Exchange in Feb. 1908.
Interest. Outstanding. D iv.or M at.
STOCK AN D B bN D S —
Date.
S T O C K A N D B ON DS—
Date.
Interest. Outstanding.
M aturity.
C om m on, $35,000,000 ($50).............. 4 Q-J 15 $20,461,200 J u l y '19.1%
$1,164,000 J u ly ’0 8 .1 %
Stock. $1,200,000 ($ 5 0 )......... ..................................
4 J-D
23,000 D e c .’ 18 2%
Pref, cu m . $14,000,000 ($50)..........
5 g A -O
4.916.000 Oct 1 1931
Inc m tge, g. $14,000,000, f 1899
4 g J-D
13,977,000
1949 First m tge. $8,000,000. g o ld ] 1906
($1,000). sinking fu n d c* tf/M e rca n tile T r. Sc D ep . C o ., B alt., Trustee.
cum , M aryland T r C o.{P
•{ a y a b le at option o f co . after M arch 1 1949
Baltimore & Annapolis first/ 1906
5 g F-A
1,000,000 Aug 1 1946
Trus ($1,000)______ c * n t f(I n t . at A lex. Brown Ac Sons, Baltimore.
mortgage, $ 1 ,0 0 0 ,0 0 0 -.-tf{F ld e llty Trust C o ., Baltimore, Trustee.
1st con m tge, g, $38,000,0001 1899
4 g M -S
26,450,000 M ar 1 1949
(Interest at A lex. Brown <& Sons, Baltim ore.
($1,000); Continental T riin terest at Alex. Brown Sc Sons, Baltimore
Bonds.— A sinking fund o f 114 % on M aryland Elec. R y . 1st m tge. bonds
C o , Baltimore, T r u s ..c * t fl
began M ar. 30 1910. $687,000 (lncl. in am ount outstanding) held in
Incom e fdg bonds ($100. $500/ 1906
5 g J-D
3,920,000 June t 1936 out
gen. sink, fund Sept. 1 1918. Bonds are redeem able at 110 and int. on any
Sc $1,000), $3,920,000. . c t f I Maryland Trust C o ., Trustee.
int. date upon 90 days' notice. Int. payable at office o f A lex. Brown &
G old notes, $2,750,000 ($1.-) 1916
5 F-A
1,223,000 Fob. 1 1921 Sons. See V . 83, p . 818, 970.
000) red, all or part, at 101 {I n t. at A lex. Brown Sc Sons, Baltimore.
Dividends.— First dividend (1 1 4 % ) was paid In Jan. 1907 and 2 % was
Sc lilt, on 30 days n o tlco c* tf (Safe Deposit Sc T r. C o .. B alt., Trustee.
O onv gold notes, S5.750,000J 1917 5 & 6 % F-A $4,527,000 A ug 15 1922 paid July 1 1907. In 1908, Jan ., 1 % ; July, 1 % ; none since.
R O A D .— Operates 25.3 miles o f track from Baltimore to Annapolis, which
($100, $500. $1,0 00 )____ c*\ In t. at A lex. Brown Sc Sons, Baltim ore.
has been converted to electricity. T ho co . a iso owns a good deal o f track­
U N D E R L Y IN G S E C U R IT IE S .
Baltimore Tract— 1st m tgo;[ 1889
5 M -N
1,500,000 N ov 119 2 9 age which has been built for and leased to the United R ys. Sc E lec. C o.
O F F IC E R S .— Chairman o f board, John W ilson Brown; Pres., J. N .
($500,000) Trustee M ercanj Interest at M erchants’-M echanlcs’ First
Shannahan; V .-P ., T . C . Cherry; Sec. & T reas., Austin M cLanahan; G en.
tile T r Sc Doposlt C o .c n t f l N a t. B ank, Baltimore.
N B D iv 1st ($1,000) 5 s ,g ;( 1892
5 g J-D
1,750,000 June 1 1942 M g r., C . D . Porter; A ud. Sc A sst. T reas., G . S. Storrs.— V . 98, p. 1608.
1694. 1767; V. 105. p. 1419.
T ru sM e rT r& D o p C o .cn tflln t. at M erch .-M ech . First N at. B k, Balt.

T ho G a.-C aro. P ow . bonds are subject to call as a whole, or In part, for
sinking fund at 105 and tnt. §39,000 are held b y A .-A . K y. & E lec. C orp.
and 328,000 are held b y trustee for sinking fund (not Inch in amount
roported as outstanding). Sinking fund began h* 1918 and will be sufficient
to retiro all tho bonds at m aturity. T h ey are guar., p ., f. & s. f., by
A ugusta-Aiken R y . & E lec. C orp. V . 95, p . 179.
Dividends.— Initial dividend on preferred— 1 4 % — paid D ec. 30 1911
same rate quarterly to and inch Juno 1914. None since.
R E P O R T .— For years ending D oc. 31. (1917 report in V. 106, p. 2116.)
Calendar
Gross (A ll N et after Jnt. on Co. Int. on
Other
Balance,
Year—
Sources).
Taxes.
Bonds. Sub.Co.Bds. In t.,& c. Surplus.
1 9 1 8 ..........S I,023,044 $458,286 $190,262 $137,500 $10,555 $119,969
1917
925,524 402,424
193,189
137,500
9,781
61,954
R O A D .— Owns and operates 53.2 miles o f track, o f whicn 28.92 miles
are city lines and 24.28 miles lnterurban 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 .— Pros.. F. Q. Brown; V .-P ., J. II. Pardee and J. K . C hoate;
Sec. and Troas., D . II. Thom as; M grs., J. G . W hite M g t. C orp .— V . L03,
p . 318; V. 104, p . 1898, 2333; V. 106, p . 1343, 2010, 2117; V . 107, p. 1194.

S

f




ELECTRIC RAILWAYS

8

B A N G O R , ME.
BANOOR RAILW AY & ELECTRIC CO.
ORGAN IZATION .— Incorp. Feb. 16 1905 In Maine and la a consolida­
tion of the Bangor Orono Sc Old Town B y., Bangor Hampden Sc Winterport Ry., Public Works Oo., Old Town Electric C o., Brewer Water Co.
and Penobscot Water Sc Power Co. On Feb. 1 1907 purchased the Bangor
& Northern RR. V. 82, p. 383. Owns the entire capital stock of the
Bangor Power Co., the Orono Water Co. and (with the exception of one
share) of the Bar Harbor & Union River Power Co. Owns and operates
the electric railway lines In Bangor and Brower and tho lines connecting
Bangor, with Brewer, Hampden. Old Town, Charleston and Inter­
mediate towns. Also the entire electric lighting and powor business of
Bangor, Old Town, M ilford, Bradley, East Corinth, Orono, Brewer,
Hampden, Veazle, IConduskeag and Orrlngton. with the exception of the
municipal lighting In Bangor, and furnishes the water supply to Veazle,
Old Town, Stillwater, Milford and Brewer. In addition to the above the
company, through Its controlled companies, does the entire electric lighting
and power business In Ellsworth, Blue Hill, Bar Harbor, Seal Harbor, &c.
Also furnishes the water supply to Ellsworth and Orono. Population
served estimated at 65.000 (incl. controlled cos.).
Franchises. Franchise for about 8 miles of track in Bangor expires in
1937; franchise covering operation o f 2 miles of track In the city of Brewer
expires in 1940. All others are perpetual.
Fares.— In Dec. 1918 was auth. to increase faros from 5 to 6 cents as an
emergency measuro. V. 107, p. 22, 87.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Common, *2,000,000 (S100).............
Q-F
$2,000,000
See text
Prof *1,500.0007% cum (SlOO)____
7 Q-J
1,600,000
Jan 1919
1st cons M , gold, * 2 ,0 0 0 ,0 0 0 . 1, 1905 5 g J -J
2,000,000 July 1 1935
(*500. *1,000)-----------c*tf(G uaranty Trust C o.. New York. Trustee
PuA ^ V. ^ ^ 0 ’- 1.stx^9'dl W 00.1899 5 g A-O
599,000 April 1 1929
000 (*500, *1,000)-- c*n tf Jlnt. at Old Col.
Trust Co., Boston, Trus.
Bar Har & Un R Pow Co 1st & 1 1907 5 M-S
606,000 Sept 1 1935
ref. *2,000.000(*1.000)c*tf/Commercial Trust Oo. Phlla.. Trustee.
Bar Harbor Electric Light C o { 1901 4H M -N
100,000 May 1 1921
IstM *100,000 (*500) c n tf/In t. at Portland Nat. Bank, Portland, Me.
Bangor Power Co, 1st mtge.l 1911 See text
1,310.000 Sept 1 1931
$2,500,000 ($1,000)
c*tf(Central Union Trust C o., N. Y ., trustee.
Orono Water Co, first mort>-[ 1905 4)$ J-J
60,000 July 1 1926
gage, $60,000 gold, not( Int. at Portland (M e.) Nat. Bank. Union
subject to call ($ 600).cntf[ Safe Dep.& Tr. Co.,Portland, M e.. Trus
Bonds.— Tho first consol, bonds aro secured by deposit of all the stocks
(except 1 share o f pref.) and $386,000 1st & ref. mtgo. bonds o f the Bar
Harbor & Union River Power Co. They aro subject to call on 60 days’
notice at 107)4 and lnterost on any interest dato. Interest at office of
trustee. New York, or Eastern Trust & Banking Co., Bangor. See
particulars, bonds property. &c., V. 87, p. 1009. The Public Works Co.
bonds aro not subject to call; V. 80, p. 2456. $1,000 retired. $1,018,000
Bar Harbor & Union River Power Co. bonds have been issued, of which
$386,000 are deposited under Bangor Ry. & Elec. 1st cons. M ., $16,000 are
held in special funds by that company and $606,000 in hands o f the pub­
lic. Of the remainder, $100,000 are reserved to rotire the Bar Harbor
Electric Light bonds and $892,000 for extensions. &c., at 85% of cost of
Thev are guar., p. & 1., by Bangor Ry & Elec. Co. andarnanbiect to
call at 107)4 & Int. on any int. date on 60 days’ notice. Int. at trustoe or
Merrill Tr. C o., Bangor; also at J. & W. Seligman & C o., N. Y . Trustee of
Bar narbor Elec. Light Co. bonds is Union Safe Deposit Sc Trust Co.,
Portland. Me. Of Bangor Pow. Co. 1st M . bonds $750,000 Serins A (all
ou t), bore Int. at 4% to Sept. 1 1916; bear 4)4 % to Sept. 1 1921 & 5% there­
after to maturity. Series B. $1.750,000 auth. (Int., 5% ), 1560.000 Issued
and outstanding, and $1,190,000 reserved for extensions, betterments, &o..
at 85% o f cost o f same. Int. payable at office of trustee and at office in
Bangor. SubJ. to call at 105 & Int. on any Int. date on 60 days’ notice.
No s. f. Both serl® assumed by Bangor Ry. & El. Co.
Dividends.— 5% per annum paid on the old stock (all of one class) from
Oct. 1 1905 to Oct. 1909, when 1)4% (quar.) was paid, which rate was con
tlnued to Oct. 1910. In 1911, 7% . In 1911 stock was Increased and new
pref. stock was created, on which I H % has been paid quar. from Jan 1912
to and incl, Jan. 1919. On common initial dividend of J4 % was paid May 1
1914 and _)4^% quar. to and incl. Aug. 1918; Nov. 1918 div. omitted (V.
RE PO RT.— For years ending Dec. 31:
Calendar
Gross
Net (after Interest, Pref .Div.
Balance,
Year—
Earnings. Taxes).
&c.
(7% ).
Bur. or Def.
1918....................... $923,122 $326,387 $239,096 $105,000 def.$17,709
1917--------------------- 886,120
384.067
228,442
105,000 ___
sur. 50,625
Revenue passengers carried in calendar year 1917. 7,001,884; transfer and
non-revenue passengers, 579,426. In 1916, revenue pass., 6,480,418;
transfer and non-rovonue pass., 709,654.
R OAD.— Operates 66.46 mllos o f slngle-trcak equivalent. Ralls, 48
to 90-lb. girder and T standard gauge. 57 pass, and 21 froight cars, 3 grave!
cars, 7 snow-plows, 1 sprinkler and 5 misc. 3 hydro-electric plants with
12,260 k.w. (of which 1,525 k.w. can bo operated either by steam or water)
capacity and 1 steam station developing 600 k.w.
O F F IC E R S — Pros., E. C. Ryder; V .-P .. Frank Silliman Jr.; V.-P. Sc
Gen. M gr., E. M . Graham; Clerk & Treas., Howard Corning; Aud., C. A.
Pearson. Jr. Under management of E. W . Clark & Co.— V. 106, p. 497.
1460; V. 107, p. 801, 1747, 2287.

BARRE, VT.
M O N T P E L IE R & B A R R E L IG H T & P O W E R C O .

ORGAN IZATION .— Incorp. in Mass, on Nov. 12 1912 and owns 91%
o f the stock o f the Barro Sc Montpoller Trac. & Power Co. Also owns
all the stock o f the Consolidated Lighting C o., Vormont Power Sc Ltg. Co ,
Molly's Falls Elec. Lt. & Pow. C o., and Waterbury Lt. Sc Pow. Co.; also
assets o f Corry-Deavitt-Frost Elec. Co. Supplies electric light, heat and
power in Barre and Montpelier and in practically all of Washington County,
Vt. Franchises aro perpetual.
Fare Decision.— In Nov. 1914, the Vermont Supreme Court held that the
Barro & Montpelior Trac. & Pow. Co. is obliged to maintain a fare not to
exceed 5 cents within the city limits o f Barro and Montpelior and give
transfers so long as the franchise is In force. V. 9 9 , p. 1528.
STOCK AND BONDS.
Date.
Interest. Outstanding.
Maturity
Common *1,000.000 (S 1 0 0 ) . . ...................................$ 1 ,0 0 0 ,0 0 0 .. ................
Pref *3.810.000 ($100) cum ..............
6%
1.337.600 Jan. ’ 19 1)4
1st refund mtgo $2,500,000/ 1914 5 g A-O
479,400 Oct. 1 1944
($100 & $1,000)— c*& r*tflln t. at Amer. Trust C o., Boston, Trustee.
Barre & Montp Trac 1st M g f 1897
5 g M-N
100,000 Nov 11937
*100,000 ($500 each), not! Int. at American T r. C o., Boston, trustee,
subject to ca ll_______ tfc*l
Consolidated Lighting C o---------------- 5
J-J
700,000 Jan 1 1926
Vermont Power & Ltg C o................... 5
M -8
400,000 Mar 1 1927
Corry-Deavitt-Frost El C o . . . _____ 6
M-S
115,000 Mar 11930
Waterbury Light & Power C o--------5 M -N
94.000
See text
Stock.— $2,473,800 pref. stock is reserved for conversion o f 1st rof.
mortgage bonds. Tax-free in Massachusetts.
Bonds.— The above bonds of light and power companies are assumed
by the Montpelior & Barro Light & Power Co. $250,000 of the 1st ref.
bonds became convertible at holders’ option Into pref. stock at par on Mar. 1
1916. As of Aug. 1 1918 $27,600 had boon so converted. $257,000 addi­
tional bonds will become convertible Into pref. stock at par on Mar. 1 1921.
Red. as a whole at 105 and int. on any int. dato on 4 weoks’ notice. $1,149,­
0 0 0 bonds are reserved to retire underlying bonds and $844,000 for
additions and Improvements at 75% o f cost.
$205,000 Consol.
Ltg. Co. bonds and $97,000 Vermont Powor & Ltg. Co. bonds are held In
sinking funds (Incl. in amts, reported outstand.). Tho Waterbury Lt. Sc
P. Co. bonds mature $6,000 yearly to Nov. 1 1921; then $7,000 yearly to
Nov. 1 1931. Tho Barro Sc Montpelier Trac. 1st M . 5s originally fell due
N ov. 1 1917 but were extended for 20 years.
Dividends.— A div. of *2 50 was paid on the pref. stock Apr. 1 1913
covering the 5 months from date of organization on N ov. 12 1912 to April 12
1913: $1 50 paid July 15 1913 and $1 50 quar. slnco to and Incl. Jan. 1919
EARNINGS.— For years ending Doc. 31:
Dec. 31 Yrs.— Gross Earns.
Tot. Net Inc. Int. & Rents. Bal. for Div.
1918— .................7_
$205,079
$112,891
$92,187
1917......................... 401,237
203,755
104,109
99,646
PR O PERTY .— Power plants have an aggregate capacity of about 14,775
h.p., and 4,000 h.p. In addition Is available by contract; 11,450 h.p. Is
water power. The steam plants, under normal conditions, aro held largely




[Vo l . 108

as a reserve; 130 miles of transmission lines; undeveloped water power of
about 4,000 h.p. capacity. The Barro & Montpelier Trac. & Power Co.
owns 9.75 miles of track between Barro and Montpelier. 6 8 -lb. T rail.
Gauge 4 ft. 8)4 In.
»•
OFFICERS.— Ch. of Bd. of Directors. C. H. Tenney; Pres , H. T. Sands
1st V .-P ., A. B. Tonney; Clerk, H. P. Wood; Treas., E. A. Bradley; Asst.
Treas., I. S Hall; Aud., H. A. Gidney. Under management of Charles
H. Tonney & C o., Boston.— V. 104, p. 2015; V. 105, p. 1999.

B A T O N R O U G E , LA.
BATON ROUGE ELECTRIC CO.

ORGANIZATION, S ee. — Organized In Louisiana; does entire electrlo
railway, electric-lighting, power and gas business In Baton Rouge. Rallway franchise expires 1940; gas 1942, electric-lighting and power, 1988.
V •8 8 , p . 881*
STOCK AND BONDS.
Date.
Interest. Outstanding.
Maturity.
_______
*300,000 D e c ’ 18.4%
Common, *500,000 (*100) — ____
Pref, *250,000 ($100) 6 % ....
J-D
200.000 Dec ’ 18 3%
lst,.I? ^ tga§ei , s k55’000’ goIdI
1 9 0 9 5 F' A
499,500 Feb 1 1939
(*500 and *1,000)— c*. tf (Int. at Old Colony Trust C o.. Boston .trustee
Gold coupon notes, $300,000,1
1918 6 J-J
150,000 Jan 11920
($500 & $1,000)----------------JInt. at Old Colony Tr. Co., Bost.,
trustee.
Stock.— Div. on pref. Is cumulative from June 1912. Redeemable at 110.
Bonds.— $7,000 bonds, not Incl. in amount outstanding, aro In treasury of
company; remaining bonds may be Issued at not to exceed 80% of cost of
additions and improvements. M ay be called. In whole (or In part for sink,
fund) at 105 and int. on any Int. day. Sinking fund of 1% por ann. of
bonds out bogan Feb. 1 1914. $25,500 canceled. The 2-vnar notes are
callable as a whole at par and int. on 30 days’ notice. $6,500 aro hold
In treasury.
t
— On pref., 3% s.-a. from Dec. 1911 to and incl. Dec. 1918.
Initial div. o f 2% on com. paid Dec. 1915. In 1916, 7% . In 1917, 8 % .
Xn I.) 18, 8 to•
EARNINGS.— For 12 months ending Dec. 31:
.r J j;a r~

„ £ r2 s s -

M e t,a ft e r T a x e s .

In ter es t.

S in k .F u n d .

S u r p lu s

1918..................... $267,809
$121,156
$41,423
$5,005
$74,728
« - - - 231a965
112,551
37,676
5,060
69,815
ROAD.— Operates 6.23 mllos of track In form of a single belt through
Baton Rouge: 9 cars: standard gauge. Powor station capacity, 1 500 k.w.
OFFICERS.— Pres., Harry H. Hunt; V.-Ps., Edw. Godchaux, Samuel
Weis; Sec., Alvah K. Todd; Treas., Henry B. Sawyer; Gen. Mgrs., Stone Sc
Webster Mgt. Assn.; M gr., I. Maxwell Stover.— V. 101, p. 1806; V. 104, p.
1488.

BEAUM ONT, T E X .

EASTERN T E X A S ELECTRIC CO.

° ? 9 » ANIZ4 .T I°N .— Incorp. in Toxas in July 1918 as a consolidation of
tho Jofferson County Traction Co., Beaumont Elec. Light Sc Powor C o..
Port Arthur Light & Power Co. and Beaumont Traction Co., all of whose
stocks had been owned by the Eastern Toxas Electric Co. (of M o .), a hold­
ing company. V. 107, p. 695. Does tho entiro electric light and powor busi­
ness in Boauinont and Port Arthur, tho ontiro electric railway business in
Boamont and operatos an interurban electric railway betweon Beaumont
and Port Arthur, a distance of 20 miles. Light and powor f r a n c h i s e s in
Boaumont oxpiro in 1963; in Port Arthur in 1943; railway f r a n c h i s e in
Beaumont expires in 1961; interurban railway almost ontiroly on private
right of way.
In Aug. 1918 issued $750,000 3-yr. 7% notes to retiro $500,000 3-yr.
5% notes maturing Dec. 1 1918 (called for payment at par and int. Oct. 10
1918 at Stato Street Trust C o., Boston) and to reduco floating debt incurred
for additions and extensions. V. 107. p. 905.
F a r e s . — In Dec. 1918 a petition was presented to tho City Council of
Beaumont requesting it to rescind tho 6 -cont faro which had been granted
the company on Nov. 6 1918. V. 107, p. 2476.
STOCKS AND BONDS.— D a t e .
In ter es t.
O u ts ta n d in g .
M a tu rity .
Common, $1 400,000 ($100)---------5
$1,400,000 Jan.T 9 , 2)4
Prefcum $1,450,000 ( $ 1 0 0 ) - . - ----6 J-J
1,400,000 Jan.T9, 3 %
1st mortgage gold ($500 and/ 1912
5 g M -N
1.410,500 N ov 1 1942
$1,000)--------------c*& r*tf-\Int. at Stato St. Tr. Co., Boston, trustee.
Coupon notes $1,000,000 gold/ 1918
7 g F-A
750,000 Aug. 1 1921
($100, $500 & $1,000)-C*tf lint, at Stato St. Tr. Co., Boston, Trustee.
Boaumont Traction 1st M tgo/ 1903
5 g A-O
270,000 April 1 1943
$600,000 (call at 105) — tfjln t. at Interstate Tr. & Bank. Co., Trustee.
S t o c k . — Pref. stock is callable at 110.
$50,000 hold in trust for bonofit
of company (in addition to amount shown above).
B o n d s . — Authorized amount of bonds not limited.
Additional bonds may
bo issued for 75% of cost of acquisitions, impts.. add’ns. Sec., under certain
restrictions. Callable as a whole (or in part for sk. fd.) at 105 and int.

f u n d o f 1 % o f b o n d s o u t , p a y a b l e N o v . 1.
T h o 3 -y e a r c o u p o n n o te s a re
r e d e e m a b l e a s a w h o lo o n 3 0 d a y s ’ n o t i c e a t 101 a n d in t . p r i o r t o A u g . 1
1 9 2 0 a n d a t 100 a n d i n t . t h e r e a f t e r . N o f u r t h e r b o n d s m a y b e is s u e d d u r i n g
t h o l if o o f t h e s e n o t e s u n le s s t h e p r o c e e d s a r o a p p li e d t o t h e r e t ir e m e n t o f
n otes.
V . 107, p . 9 0 5 .
$ 3 3 0 ,0 0 0 B e a u . T r a c . 1st M . b o n d s a r o h o l d b y
th o E a ste rn T o x a s E le c . C o .
R e d . a ll o r in p a r t a t 105 a n d in t .
Dividends.— 6 % is b e i n g p a id o n p r e f . s t o c k . I n it ia l d i v . — 2 % — o n o l d
M a i n e c o r p o r a t i o n w a s p a i d in J u l y 1 9 1 6 .
In 1 9 1 7 a n d 1 9 1 8 , 5 % ; in 1 9 1 9 ,
J a n ., 2 ) 4 % .
E A R N I N G S . — F o r 12 m o n t h s e n d i n g D e c . 3 1 :

Year—

Gross.

Netl.aft.Tax) Oth.lnc.

Interest. Sink.Fund. Surplus.

1 9 1 8 .................$ 1 , 1 3 1 , 7 5 3 $ 4 6 9 ,5 9 3
$ 7 ,7 7 6
$ 1 4 8 ,9 3 2 $ 1 4 ,7 6 7
$ 3 1 3 ,6 7 0
1917- - —
9 3 8 ,0 7 4
4 2 1 ,0 8 2
1 9 ,8 1 8
1 2 2 ,0 8 1
1 5 ,0 3 9 3 0 3 ,7 8 0
P R O P E R T Y A N D P L A N T S .— C o m b in e d c a p a c it y o f p o w o r s t a t io n s
a t B e a u m o n t a n d P o r t A r t h u r , 9 , 5 0 0 k . w . ; p o w e r is a ls o s u p p l i e d t o P o r t
A rth u r T ra c. C o .
C a p a c it y o f ice p la n t a t P o r t A r th u r , 7 5 to n s p o r d a y .
M ile s o f e q u i v a l e n t s in g le t r a c k , 2 9 .8 : t r a c k a g e , 2 . 0 4 , s t a n d a r d gauge;
3 9 p a s s . , 4 t r a ile r s a n d 5 o t h e r c a r s .
T h e 2 0 - m il o o l e c t r i c r a i lw a y b e t w e o n
B e a u m o n t a n d P o r t A r th u r w as fo r m a lly o p e n e d o n D e c . 15 1 91 3.
V 97
p . 1822.
’
O F F I C E R S . — P r e s . , M a r s h a l l M . P h in n e y ; S e c . , G e o . A . P e ir c e ; T r e a s
II.
B . S a w y e r ; G e n . M g r s . , S t o n e Sc W e b s t e r M g t . A s s n . ; M g r . . A . f !
T o w n s e n d .— V . 107, p . 6 9 5 , 9 0 5 , 1192, 2 4 7 6 .

B E N T O N H A R B O R , M IC H .
BENTON H ARBOR-ST. JOE RAILW AY & LIGHT CO.
ORGANIZATION.— Incorporated In Michigan In Jan. 1906 and is a con­
solidation of the Benton Harbor Sc St. Joseph Electric Ry. & Light Co.
and the St. Joseph River Traction Co.
STOCK AND BONDS.
Date
Interest. Outstanding
Maturity.
Common (*100)____________ _____
_
$800,000
Preferred, *400.000 (*100)...............
6 F-A
400,000
Soe text
Refund mtge »2,500,000 gold! 1909
5g
_ M-N
499,500 Nov ____
1 1939
(*500 and *1.000)..........._c Interest at Columbia Tr. C o.. Loulsv.,trust.
1st cons M , * 1 ,0 0 0 ,0 0 0 , gold
1906
5 g M-N
825,000 Nov 1 1935
($500 and *1,000)----------- c Int. at Columbia T.r. C o.. Loulsv., trustee.
B II & S J El Ry Sc L 1st M , 1900
5 g M-S
114.000 Sept 1 1920
* 2 0 0 ,0 0 0 . gold
(SI.
„
.. 0 0 0 ).
.Int. at Am. Tr. Sc Sav. Bank. Chic., trustee.
Bonds.— Of the *1,000,000 1st consolidated bonds, *114,000 are re­
served to retire prior Hens.
They aro subject to call on any Int. day at
105. The bds. of the old co. after 1910 have a sk. fd. or *10,000 per ann.
but bonds cannot be called. See V. 71. p. 1268; V. 72. p. 282. Of the ref.
bonds, * 1 ,0 0 0 ,0 0 0 are reserved for prior liens.
Dividends.— Pref. dlvs. at rate of 6 % per annum are being paid.
EARNINGS.— For years ending Juno 30:
June 30
Oper.
Net (after Other Interest, Pf.Divs. Balance,
Year—
Revenues. Taxes).
Income. Rents,Ac. (6 % ).
Surplus.
1917-18................$508,566 $118,955
$240 $90,189 $24,000
$5,006
1916-17.........
486,051
132,833
468
91,039 24,000
18,262
Latest Earnings.— For cal. year 1918, gross, $509,003; not, after taxes,
$144,996. In 1917, gross, $494,402; net, after taxes, $147,910.
ROAD.— Operates 10.36 miles of single track In St. Joseph and Bonton
Harbor, with extensions of 25 miles through Eau Claire to Dowaglac and
11.33 miles to Watervliet; also operates 4.73 miles soeond track. 5.7 miies
sidings, &c., and 3 miles of leased line, making total mileage oporated, 60.12
mU?S™.^Q.,ZQaDt!J 3 ''b . ginler and rr rails. 44 passongor and34 other cars.
OFFICERS.— Pres., O. K. Mlnary. Benton Harbor, Mich.; V.-P., Hen­
ning Chambers. Louisville, Ky.; Sec., L. W. Botts, Louisville.— V.82.p.333.

mar.,

1919.1

ELECTRIC RAILWAYS___________

9

----------- -----------------------------------I QTnnK' A N n BONDS—
Date.
Interest. Outstanding. Maturity.
B ID D E F O R D . M E.
Gen M . ref.$ 1 0 .u ou .0 0 0 .[1 9 0 4
1.000 April 1 1954
BIDDEFORD & SACO R R . - A trolley road.
gold (*1.000).................C
*
Y
T r . Co !N ,y !
ORGANIZATION.— Incorporated Feb. 19 1887.
R«r & ezten M *25 000.000f 1907
6 g M -N
4.711.000 M ay 1 1957
STOCK AND BONDS
Date.
Interest. Outstandino. Mfltur ity.
(* i 000) gold sink, fund.c* I Interest at Old Colony Trust C o.. Boston,
s t a r k i l M l I l M W W . . . . . ...............
A-O
JiOO.OOO Oefc 18.5%
siiblect,to call.
I Trustee, and N . Y . agencyof company.
i^fc m o r t *300 000 (*1.000) f 1900 4 g J-D
150,000 June 11940 Mntes *2 000 000 ($1 .000) -C* 1917
6 A-O
1,200.000 Apr 1 1919
1 gold
N6 s f but <»n be Interest at Fidelity Trust C o.. Portland. ^ ^ - O f t h e new S25.000.000 bonds. S^SSO.OOOarerfflervedforprlor
in 1920 ________ tf ( M e., trustee.
__
- A1A
iiftnq SI 200.000 for the cost of new power house If first lien on same, ana
Dividends__During years end. June 30: 1900, 4% ; 1907-09, ®%: 19K). *g , oq qqq for 80% of the cost of additions if the net earnings are 1H
7
(changed to “ 4 1 : 1911 and 1912. 6% : 1913 and 1914. 6% ; 1915. 8% : J,9^ btheint on all bonds outstanding, incl. those to be i^ued and provided

W 13! “ 0

<

*

20%“ Aus- 119‘6- In ,917- 10%- 10 M» g .g “

E A R N fN O S .-F o r ^ le n d ^ years:
Dividends. Surplus
lnKfar
*8fi°815
$20,655
$9,820
$10,000
„$835
1918--------- : : : : : : : : 85,417
24,001
8,440
1 0 .0 0 0
6 .2 1 5
HOAD.— Operates 8 miles of track between Saco, Blddeford and Old
nmharH RpApn
^
° O F F IC E R S — President. O. H. Prescott, Blddeford: Secretary and
r S S S S X i . a . - v : 7 , . P. . o « Lv . 7 3 . p . 4 « .

»
«
Sept. 1 1918.

B IN G H A M T O N , N . Y .
SCRANTON & BINGHAMTON R Y .
C

m ^ h a ^ o n Rv. wefe a

n

*
«
*
f or ' si nf f i
t o b * held alive and interest thereon reinvested,
see v 87. p. 1003. Of the gen M . of
1 9 0 4 . no more bonds canFie issued.
Sinking fund of
bonds .°'it
Aim 1 1924 The bonds are sub. to coll at 105 & me. on any ins.
i f y on M days' notice.
For 1st 5s of 1894 $12,500 per ann. Is pay. into
S
:
g f i t f f f i i r e i E - i B K i S O jp g ’j l S S S Q l t
3g
s.-a. thereafter to andJncl .D e c . ig H : in June 19i5 ,injone, D e c . 3^%■

n

o

t a

8 S T S
$2,900,000 0% bonds duo in I960. V. 106, p. 24ol.
Committee for S. <& B. 6s.— Chairman, G. Tracjr, Rogers;
ton. William L. Foster. W. L Connell. V. L. Fuller and G.
Wilkos-Barro, attorney. V. 107, p. 182.
ORGAN IZATION .— Ineorp. in Delaware Oct. 15 1910.

t e

d

l | o i 9a|ou? t . of arr|rs“ p - i n3^

6no^

i ^

7° ^ b ^ n S

l . f e on°the l | &
(
Wf c J i g W
“ “ V
w „
vJnr
Earns
Taxes.
Oth. deductions, renew.,&c.
W . Wollor- Year—
$1.094 445
$838,486
$255,958
R. Bedford.
9183 6 .5 5 ,8 9 4
1,306.441
830,088 ,
476 353
n
nntiraliO AD "— Operates over 1.60 81 m. of single track In cities of Birmingham.
Owns enure
r u a u . uperaow uvo 1 u
reported that the co. will build

EEEEI^l^EE
or0tho Northern Electric

stock dow ned by the Northern

.

*

.

ssn

“ ^ K ^ I ^ T & T r M S 00"'

M i ? v v .i ^ ,g r s ^ W i M ^ T i ^ s r o S : xres
M Farcs.— In S e p t 918°filed with the Ponna. P. S. Comm, a now tariff
increasing fares in zonos in and out o f Scranton, the minimum charge in
Scranton being advanced from 6 to 8 cents. V. 107. p. 110...
STOCK AND BONDS—
Date. Interest.
Ouafandbw. Maturity.
l ^ * £ f f i i 0M S ^ -0 M 0 iS 6 0 i.i5 i6 6 - J - D ‘ 2 .9 0 0 :0 0 0 Juno 1*1900
S g*$ ,000 $K500 & 100) - -C ♦JInt at Anthracite S Bk Wllkes-Ban'e. trus
Northern Elec St Ry $1,200.-1 1907 5 J-D
T^20wn°lPfi/na?ro trus7
000 ($500 and $1,000)--C*JInt. at Anthracite S. Bk.. Wilkos-Uarre,trus
Bonds.— Scranton & Binghamton R R . bonds are callable1 since June. 1
1915 at 105 and int. Northern Elec. St. Ry. bonds are rod. at 105 and Int
Sinking fund o f $10,000 per annum began Dec. 1 1912.
T..n« tn
EARNINGS.— Or the combined properties for 12 mos.
3P
1917, gross. $1,009,614; net. $374,717. In 1916. gross. $886,742. net.

i

in

19091

.

Am^ T V ^ '. ^ N ^ h !

,w* v- m - *• "*•2559; Y- ,m- pBirm inzham -Tide water Railway Co.
■
•- ■
— * ^ M e ^ e r h t K . ^ m rmliiRham’ R 7 3 L t. & Power jCo.'ln
f f i f f i t o T o f J h . ! . « « • . w — our of th . p u n » ,« t of Prim and In., of
this company sbonds^
5 .— Charles H. Zehnder, J. D. Kirkpatrick,
Tfmvard R Taylor and Sec.! Joseph Diehl Fackenthal, 165 B ’way, N. Y .
Bowara k . 1 a>lor. a
,
» y o ld Colony Trust C o.. Boston, and
Depos‘ ^ ^ ^ ^ S m o r c : D e p o t s have been called for.
h m w n qty
Dale.
Interest. Outstanding. Maturity.
First rntze S4 000 000 gold! 1916 5 g J-J
$1,500,000 Jan 1 1940
[ ‘ ^ 0 0 and $1 000)
c* Int. at Empire Trust C o.. N. Y .. trustee.
boSds are rod.'on'any int. date at 101 and int. They are guar..

,

*3 ROAD.— 40 miles In operation botweon Scranton and Montrose, with a P 'r fJ i'u Lfowns1and operates 19.102 ml^s of 1st mainPtrack, 12.145 miles
branch to Lake Wlnola. The road as projected will extend to BinghamROAD. O •
P...
^
g gyg miles mlsc.: total. 32.788
ton N. Y . - V 0 100, p. 1833; V. 106, p. 2451; V. 107. p. 182. 1102.
^V^
SS-ib stce l^ ib i s T a n f f i
h I s 25 P-A-Y-E steel coaches
(1) Binghamton Railway C o .— A trolley road.
26 dump cars. 3 flat cars. 8 misc.cars. 1 Baldwin locomotive and 1 ten-ton
The Scranton & Binghamton RR. owns1 99% of the stock.
crane v 104> p . 1700.
________
Receiver Appointed.— On Oct. 8 1918 Judge Geo. W. Ray in the U. 8. I
.
rTTTnm!^T ttwt^
Dist. Court in Albany appointed William G. Phelps receiver for tho co. I
B L U i F T O N , IN D .
V ORGANIZATION .— Is a consolidation Sent. 30 1901 of the Binghamton
RR Co (chartered Aug. 11 1892 as a consolidation of all street railways In
city) and tlie Blng I.estershlre & Union RR. Principal franchises granted
by special Acts of Legislature, and are, perpetual and Practically “ Elusive

RG A N4 Z AT^O NF—Tncorpf 1 r!" hnllaiii J u n e lo H V a Organization
• »»ar|on Biuffton & Eastern Trac. C o., sold under foreclosure In
The old company was placed in receivership as a result of
J ^ J ® ” coUt lion 0n July 7 1912 In which four persons were killed and 60

issued an Jrder^ndtthV g'tLfrece?ver°to ask the P. S. Comm, for auth.
fo increase fares to 6 c e n t l - V . 108, p. 377.
STOCK AND BONDS—
Dale.
Interest.
Outstanding. Maturity.

o
r
i 9^18 was^uth. by tho Indiana P. S. Comm, to incrwise
fares f% m 2 to 2 ^ cents per mile, mileage books to be so d on a basis of
2 cents per mile and commutation books at 1.56 cents a mile. v . iuo , p.

q

Bfogh’amVon ° I U i ('c’ o °m'tgef 1893
5gW
S492.o|()
Sel text
“^ T O C K AND B O N D S - Date.
Interest. Outstanding. Maturity.
S900 000 *g ($1.000) - .c * tf l Int. atMetropol. Tr. C o., N. Y ., Trustee.
gtock $216,000 ( $ 1 0 0 ) - - - - - - - - - - --------*^04000 J u ly '1*1934
BingLest & Un 1st M $250.-,' 1895
5 g J-D
, 147,000 June 11925 l8t M gold *504.000 (Sl.OOO)J 1914
5 g J-J
5 0 4 .0 0 0 July 1 19^4
000 gold, principal and Interest at Metropolitan Trust. New York
Sink. fd. 1% per annum, lin t, at Ftetcher Sav.& T r; C o ..ln a ia n a p ..ir.
53o.oroo 20,<. ( . . . ( x,

m

i

■ t a a s f f i i m
i . i s .
, 9 S W 0i 9 , 7 f r , S o
yearly from Sept. 1 1918 to 1922 aud balance Sept. 1 1923. Of the Bing-

" s M i a s & f e s l s
m t
lng Gen. M gr., James S. Clark; T rees., J . S. Gilliland.— V. 106, p. 2J45.

bom l°nam /'th ot nunaOulrr l for' a°omisiUons, "oxtons.,
under carofol
riistrlctlons. They are subject to call at 110 and int. Exempt from N . Y .
State, county and municipal personal property taxos. See V. 73, p..1312,
V 78 n 701- V. 88, p. 748. Tho equipment trust certificates of 1915
mature $5,000 semi-annually. Thoy are secured by 20 double-truckcars,

BI.UFFTON GENEVA & CEL'NA TRACTION
consisting or 19 miles of track on Private i w a s
sold at rec^ve^s
and Geneva through
Cruz and Linn Grove, was solrt at remver^s
sa]o 0n Oct. 13 1917 to Thos. Fllnn for $118,000. At last accounts tne
dismantling of tho lino was under way .
____

C°D lividmds8.— 2% was paid Jan. 31 1902; 2% Mar. 3 1903; 2% April 11
B O IS E C I T Y , ID A H O .
1904 and 2% April 10 1905. A scrip dividend of 20% was paid April 18 n r»icp v a i i FV TRACTION CO
1905.
In 1906 to 1910 Inch. 2 X % yearly. In 1911. Sept.. 3% . In 1912
R ® 'tSr^ I h r o i ^ h stock ownership by the Idaho Power Co. (V. 104. p .
cbiui 1918. 4%* la 1914. Ecb , 2
Non8 since.
. K I . . im an whoso common stock except cl iroctors* shnres its in turn owned by
a ROAD.— Operates 49.25 milas of track. Connects Binghamton with jHo^kHnnalS^urlties Coro (V. 100. p. 1673. 2010). The Trac. Co. owns
Johnson City Hooper. Endlcott. Union and Port Dlckhis^on Standard
ai}°be ^tlway property of the old' tdaho Ry., Lt. & Power Co. except
g a u g e . 6 0 -lb. to 1 0 3 -lb. T and glrdor rial; 75 motor cars and 27 trail cars.
[h eB olse R R 'c o
Ltd. (now the Boise Ry.. V. 105. p. 715). There
&

ec$ 2 4 & 2 5 ^

oJ

6

®

S

»

™iak

f . J .1 S

r

fS ffi

— ■80 m"; osTO — MASSBIRMINGHAM R Y M J G I L r W E R . A L A ’
oItG A NUZA T kTN ^ C ha^forLg^nted in 1897 provides for an extensive
Controlled by the American Cities Co. (see under ‘‘Now Orleans ). which system of free transfers.
r . tnnw moreod In
owns 89*.62% m the common and 79.35% of the preferred stock.
" o n April 29 1903 leased f r o m Ol d Colony Street R y. <“ ow„?*
Receiver — On Jan. 23 1919 Judge Orubl) of the Federal Court appointed the Bay State St. Ry.) all that company s tracks In_ thei city’ or uosron.
Lee J C. Bradley receiver for this company and tho Birmingham lid e- amounting to 23.753 miles. ^ be lease is f o r y ® a l reolacement value
water Co upon petition of tlie American Cities Co. V. 108, j). 377. ,
besides paying taxes the Elevated Co will pay 6H % of replacement value
Committee for 6% Notes.— Chairman, Thos. J. Walsh; Morris K. Parker, (appraised at $353,979, less the rental
A p-A
1 0 0 3 aud
F,
S T R o llln s; HarrisStetson, Geo. Taylor; Sec., Miss D. Earl, 43 Exchange R a i s e d at *13,866) of the property leased as of date Feb. 16 1903. ana
Place, N. Y. City. Depositary, Equitable Trust C o., N. V . Deposits
“ “o r g a n i z a t i o n .— o bm oV atlon on Juno 13 ,901 or tbo Birmingham
a s«ojeloetrlc-light and power and steam hoat business of Birmingham and all the
Drincipal near-by cities and towns, including Brighton, Bessemer, Boylos an
Frondale: an innerurban line about 12 miles o f which is in operation from
East Lake to Ensley and Pratt City; does tho city lighting in Birmingham,
Bessomor and Brighton. Franchises covering gas. electric-light and power
business and stroot railway lines aro, with some unimportant exceptions.
sfotod to bo perpetual. lias a contract with tho Alabama Power <*Jo. by

Cmiolidatton will, T O

ulatemitH J^ne JO ^922^ ThcwaWerttieannua

iS fom

Inc^asV/hjccied.— In July 1918 the voters of Birmingham defeated a
^ovlslon1authorizing the co. to charge a 0-cent fare. V. 107. p. 905.
STOCK AND BOND8—
Date.
Interest. Outstanding.
Maturity,
C om m on($100). *3,900.000.............
J-D
*3.900.005
See text.
1894

S B

A V r , - - ° T nS»m




Jul y j f w f u ’.upU t

consolidation of Boston E lev.and West End St. y. stock°of Bost. Elev.
the present lease, on June 10 1922. 8% cum. Is i
• oar. icioate In any
(having the ordinary
p w « m , but n-at
fw S
wSt
increase or lssueof new 8^ c k . OTm. or pre . ).
decide)’ 2d prof (having
End pref. and 7% cum. (or 8% if arbitrator | ^ ^ lafe\v^ tPBnd. A f ^
an voting powers without exception) for cpm_ *
,
, -orinr or equal
the Lssue o f the new pref. shares no other stock ^ be I^mu «
p m r o r ep w

^ 3 r 9 , V ” ^ u , S d \ ' h T r c , F r , h . vB,„9nV Bi , ® MOT, to ^
consideration o f the guaranty of that company’s bond issue, principal aud

E

1

^ the 2d pref. has been

retired then said fund shall be ^PPli^ by theEleyated By- CfL to any
purpose for which
in V 93jP . 344. Sharenoiaers
the latter on Sept. 6
Ry. approved toe Act. ^ » ™ * rX t B n d com . and pref stock may on

5 8 J-J
1

t S S S S & iS 2»

i ™ M §'July ,2 ’t f f i » j y ( . jn n M 0 1 «
ld. r n « „ t . «
or B «.«. E. e „ common.

2

; . c t . ng

1 0

ELECTRIC RAILWAYS

M erger^ ct
<?1i$ bi 0l}?H 40 4^ 4 the constitutionality of the
tho wXit i^nVi
4 J “ ||U•,S' District Court sustained thedemurrer of
the West End St. R y . and dismissed the suit to prevent the merger. V . 95
folS ®V. ^ p y ^ a ^ d is m fe e d
End 8hareholder ,n France on Dec- 31
Subways.— in Dec. 1896 the West End Street Rv leased the right in nan
^ n ° n; S?e t0rms under West E n d ^ treet^ y 6
lK K «lhv t h » L l ? ^ ^
East Boston tunnel (under Boston Harbor) was
o^elmilnM nfBniltnnn^^ t®<? *}*■ US411 June 1 0 1 9 2 2 for » rental of « of 1 %
?ectw7a tgnil nf in nnl 0 wnod • leased or operated. The company also colkhed F eb 8 /oiR 'h v
SSOin’ whl.**«we?£ t 0 . t h e city, but tolls were abolbv act of'the
Perml“ ,n? the city to assume them each year
skit fd remfir^mLH rn ILappropr,^ ,ng 8Um su"*cient to cover lnt. and
fori tbe year. The tunnel was opened Dec. 30 1904.
It extends from the main land to East Boston, 1.4 miles and cost
*500 onn
1902 Washington Street Subway ^ { b ^ ^ a i f w . T ^ 'c it y
ElSvai^dt R v afnrU??°Jnf0r elevated trains and leased same to the Boston

[Vol. 108.

pp"afgB TSrlTI
m

Loans audb,Ms payable Dec 31 1918______
5 143 106
11942
stock'^tirhnh?a?^ofi ?tock outstanding will be subject to the 1st and 2 d*pref
F n rt s t
R v a Issued in exchango for tho pref. and com. stock o f the West
??**
consolidation in 1922. it is proposed that stock- shall
^e subject to r e f e r e n t at 105 and divs and in liquidation receive105 and
* t k A 2344‘ wLls?ed on Boston Stock Exch. V. 107. p. 400
f o n S r ^ io ii
coupon bonds are in denominations of 5500 and SI 000
ls<Tn«Par1«9 |n f t ' Yhlch are for $ 1 ,0 0 0 only), and registered bonds o f all
In D ^
ian«0 I?h»atiSns o ffc*1.000. *6.000. $10,000 and $50,000

r & r w & &f

1908?’
p Ti*4 7 7 ^aSllln8t0n S4reet tunnel began operation § o v . 30
Fl«v
M »ss. Legislature passed a law permitting the Boston
meet* t h e raCi tYu subways In Cambridge, and to Issue stock or bonds to JfioVt8 6 Wafair^ luc<Y4 and *n Eeb> 2% was paid. In July 1914 It was de­
rhfht
en£ o f 2 0 years the city o f Cambridge is to have the
(lends
v s'i n o ! Se subways by paying their cost plus 7% lnt.. less divi­
newan hwn-u-•i !■p ‘ 93‘ „ ° u 3 n 4 i.?,12 tho first through train was run In the
14 .'Jas °PeJ?e^ f° r public travel Mar. 23 1912. V. 94. d . 1 185
ntS0 j'on?t[ yf tion ° f Subways and Old Contracts Extended.— In July 1911 an initial dtv. of $2 50 was paid in Jan. 1919. In April 1 0 1 0 Hi 9 5 S
f c t
i t 't t i f 8
. 6!! an Act (accepted by the clty and Boston Elev
P 2i87?2288^V. 108,b pC f ^ agement antl Operation' 5 above and V 5 107.
sSbwavs 1 v i^ D orch^ p1? ^ ^ “ “ ‘ ruction by the city o f three addition? 1
K
J T u n n e l ,
Boylston St. Subway and East Boston 1917E h ? V T inftR ™
P°irKRof l ? 840.0 Elevated Ry. for year ending Dec. 31
1936 t h e ^ d S t a ^ o e x t e n s i o n of al existing contracts until July 1 Dec. 3 1 V 106, p - 1569, Ftscal vear Ranged in 1917 bg Legislature to end
ifipr Q . n i r i w h j c h contracts for new lines are to run. Annual rental
n „ ¥ ,e? ? i ending- -, ,
6 Afos. end.
Year end .
(seeiinde^wSS pf„ ,n d 1<S ni racts 40 be as follows: Tremont St. Subway
June lO
d u <^ p4 ^
0n
cost; East Boston tunnel (now expiring
JljPn0.J o 1922). 4 >4% on not cost (provision for tolls from passengers using Revenue miles run......... 53,0 2 1 ,8 ? 6 59*465,693 29C83.Wo3 ^SS 572 308
expiring
m w u i ™ ? 0 0 period); Washington St. tunnel “now
Earnings— carried-348,665.700 381.017.338 1891415.l s l 363:477:041
193d), 4>£% on net cost. Annual rental for new linns2P ?™ ra’
on net cost: thereafter 4)5%
« « «
■ » « .«
tensIon 4 U <7 o n ^ nnvfnd
4,unnels ^ d Ka«t Boston tunnel exS S tinueVtte?
lOTs'iinH??
£S4, al8° .Provides
that all notice
contracts
to
TOntmue
arter Jul
Julyyi1 1936
until terminated
by a two-years'
by are
either
- T o t a l - ................
20,976.965 19,733,876
9.797.880 18,686,972
--------- 2.980,867
Net earnings
6,186,752
3.167,154
6,606,976
85,728
K r t l « ht h ^ t o Uo n ^ f 9 iT d V 9 3 T i°78*“ ' eaSes were8lgDeti by Misc. interest, &c_____
84,531
43,764
^ Pl ^ L % b W o n ; h l c h work w u begun
T o ta l_______________. 3.066,595
6.271,283
“ «•
g d a g T K T fig ft iia is ^ o S ? i .Dtse
3,210,918
0,701,332
Deductions—
iTnJ' lU rnIlis
Th« K d 4he i
Gardens, westward toward Brook- lnt.
on West End debt. _. 1,011,729
928,500
The exte^ln^nr7hhp # b, n y
the city about $4,500,000 (V. 99. p.1213). Taxes,
438,970
867,196
West
End
546,204
554,106
Nov 2 0 1 0 1 9
S?840? fu nn el, on which construction was begun Taxes, Boston elevatedl.
290,136
530,871
371,312
326,397
159.794
from Central’9o^a?A r^mIb;''irICh
^ l 6 ' Permitting an 18-minute schedule Taxes on earnings______.
343,813
m a b v i S l i f f 6, Cambridge, to Maverick Square, East Boston. Estl82.786
158,801
Rental
of
subw
ay..
176,903
Hnn p f ^ perid t ^rei >n H1*3 Project, $2,400,000. V. 102. p. 1058. Construc183,958
93,292
184,687
on West End stock: 1,494,089
s ?hw°whm f t Chester Tunnel, which Is to be an extension of the Cambridge Dlvs.
1,483,857
726,580
1,453.160
Divs.
on
Som.
Horse
Ry.
9,180
9,180
waftslattrn?
3 0 191£ '
The operation of cars to the Broad4,590
9,180
lease rentals.
60,312
71.366
Z S Z ^ H & Z * * * * * Was beguu on Dec. 15 1917, and the Broad- Miscell.
35,249
69,825
fund, debt» 1,120.787
1,087,041
c ^ n io ,fpHeiT.Ki,uare secioP was opened for traffic on June 29 1918. Tho Int.onBos.EI.
531,719
1,004,625
lnt.
on
unfunded
d
e
b
t..
181,369
87,531
A m iV l^ oi 5Ufia ip a lcxpectcd 40,be ln operation before the end o f 1918. On Wash'ton St. tunnel rent
33,094
65,053
356,639
356,622
178,032
S ig n e r a n V w n?eref f anM ^e/ atirng^to Washington Station, just east o f the East Boston tunnel renti
355,568
>
76.322
71.366
D eon3eriQi1R M qpf.t».84a*t,?ins
^he Wasldngton Street Tunnel, and on
35,480
68,057
do
do
ext. renti
100,715
99,608
im staHnn
?JS4??n Un,der. - at Dewov Sq. and South Terminal Cambr
49,400
28,357
ge Connec. rent.
71,124
71,105
35,525
71,008
wards of, $9 .8 0 0 !0 0 0
“ “ tUnDel W,th° Ut equipraent ,a estimated at up- Boylston St. subw. rent.
215,527
210,840
104,361
207,515
22,343
12,299
1 n ?on n ecM n T /h i'E^
,i<m-~:T 1i.e Evrere“ elevated extension and bridge Miscellaneous______
4,649
13,846
Total deductions
K t DAprH
erS'i903
by Massachusetts Supreme Court. ^V.“ sss!
76, rp.™809.n M arrlrmed
1903
shfrehnir i^ n% et!£ nt and Operation— Service at Cost.— On June 3 1918 the

6,053.302

5,553,777

2 803 657

5

4 9 7 kao

s s a $ s s ^ -.-."v "-2^ s 8 t^ a s ^
1bf.M9.J21

sur.9,800

Road Dec. 31 1918 (“ R^ Stands for Rapid Tranist Track.)
31/f"4Jflo
Main 1st track (16.804 “ R-,)248.9750 Owned by West End_______ 425.462
^ ? .in 2d 0track (16.580 “ R ” )214.3230 Leases, trkge.,&c.(43.281“ R ” ). 109.400
Sidings, &c. (9.897 “ R ” ) . . . 71.5640
bv 1flvetri1 stend P ^ ^ ^ ju b s t a n tla lly as follows: ( 1 ) Road°to ^0° managed
\K t rs „ H ^
PaP? ' S by the Governor; (2) Period of public operation.
? r ^nger, at option of Commonwealth; (3 ) Trustees have nownr tA
h L s o T in t a ?
nHH'riaS P^r-.

^
o f p^f^stock a u S t
.(JOO^OOO to be used as a reservo fund and $ 2 ,0 0 0 0 0 0 for
“ i184 b 0 sufficient to meet c o s to f s S e p r e f !
* n”
^
divs. at rate o f S5 a share for first 2 vonr^
paymentfs to ho marto RIng bala,? ce o f Period o f public operation;®tho first
trustees shah
after commencement o f public operation; (6 )

f S ^ i e n t t o ^ e o t deficieb0^°l ° r befl0^ sald limits; (°9) If r^ w ve fu°nd'is
^mrdAnfedh-^tS^flodi?f public management and operation, road reverts H)
K d t w S ' f t 0 may cpntinuo to operate same on service-at-cost
road’ b v i * i M m h im Z 11' diYs,: L1.1* S,4a4° has °Ptlon o f taking over the
nai<i inV v^ho
kb
031 and paying in cash an amount equal to that
&ttor ha/airM^i^Chbo dors: also State may take over West End St. Ry if
chaso
merged into Boston Elevated, the West End purReport o f Mayor’s Committee.— V. 108. p . 876.
Report o f Trustees for 6 Afos. end. Dec. 31 1918__See V 108 n 6 7 8
‘ ‘ PuWic^OperaMon A ct” ^ Chairman bT°°n aSp<lint1Gd trustees under the

g

g w

S a 'i M

J S i M . 1 « , ‘s. $ k i-

I n J ^ o ^ q /s T h o ‘ m 1? BeSo mZntri n Property 1911-1916.— See V. 104, p.’ 862

fs s r ^ a r g h jr s a - a
S g 't b S i 1

p l o w *2288“ i57“ ’a “

'8' C8,,'• “ te

—534.862

Total (incl. 43.281 “ R ” )

m ote S i C d V o o ^ S t h e t e S r " i o to T f o s f “

2M

534 862

§ ? 'e' “ “

°M

C o m p a n i e s C o n t r o l l e d by B o s t o n E l e v a t e d R a i l w a y C o .
(1) West End Street Railway.— A trolley road.
»t^ 7 ^ ^ n ^ 1 ^ A'1' 1 <^^-- ]T1 <?S?ed 40 Boston Elevated R y. until June 10 1922
rentals
8% u°n
In addition to the payment of
1898 ^
’ slSfnSS.ether charges
Elevated assumed possession Jan. 1
Boston ^ lA v a fS R° V .6 5 . p. 1223. Consolidation authorized with the
In i ) , l o o L RZi ,u3ee, Particulars under latter company.
6
nf „??•. i 3 ? 6 Icasol the right to use the Tremont Street subway at 4 U %
third and K a h .w i™ aPProxImatoly as $5,786,000 ln Sept. 1898?when' the
ana iastsection was opened. Lease has been extended tn Tnlv i ioqa
?1 22 - 33 m
i l ^ with
w n a
r ftrackage
f bSSed of
DreCK
3 1 I 9 18?S$4?344?61^.
fengtlffs
mn'pX
about
5 miles. Seo V. 63,Entire
p. 1065
1117-

V-On’ip r 52 ! ‘lqSi 7°
forH^mnsIo,n of contract and new construc’n.’
Hon Inft Vnfa . b l J i ,b 9 4 sb.ares additional common stock were sold at aucIn Jan 1^18 A i C^ . rangi n8afr^m 51 * 40 52^ - v - P- 104. 1389.
to repay'th^Baston^iHfiv-P r S' ? ° mm: auth. the issue of $375,000 bonds
equip., costing $'102,367.' V?' 106Dap ’ fQgQPurchase o f 6 0 now cam and
In ?J u S l91 8i^ e d * ! « ? « «
of bonds duo Aug w l l S 81 '0V ° 1^ “

*• ™

7^

ai )ovo; a,so V> 106- P- 2451.
bon^s 4o refund a llko amount

. « . J B W S i i& i& ftR ;

STOCK AND BONDS—
Interest. Outstanding.
Maturity
Com stock ($50) $14,029,850- „
7 A-O
$14,029,850 A p r-19.3 H
Preferred ($50) $6.400.000...............
8 J-J
6.400.000 Jan -19.4%
5% bonds of 1914..................... 1 9 1 4
5 M-S
2.600.000 Mar 1 1944
Bonds ($1,000) ...................
1917
5 F-A
2.700.000 Fob 1 1922
Bonds ($1,000)............ c * .n t f 1902
4 F-A
6.709.000 Aug 1 1932
Bonds ($700^o60)...c& r.ntf 1908
4H J-J
700.000 Jan 1 1923
Bonds ($1,000).............c& r.n tf 1910
4H J-J
1.604.000 July 1 1930
Bonds..................................... n tf 1 9 1 2
5 M-N
600.000 Nov 1 1932
Bonds _______ _____
iqir
5 M-N
815.000 M ay 1 1919
Bonds ($ 1 ,0 0 0 ) ............... 1 9 5
5 F-A
!•581,000 Aug 1 1936
Bonds ($1,000)...........c*& r.n tf 1917
7 g F-A
1.581.000 Aug 1 1920
Bonds_______________
1917
7 M-S
570.000 Sopt 1 1947
Bonds ($1,000)________ Ic*&r~ 1918 7 F-A
1.581.000 Aug 1 1924
.............................1919
375.000 _Feb 1 1920
flYran/n i ntLr^ ° ?
fisuos Is payable at American T rus? 0 0 ° Boston^

S S ^ p S ;& i?,ro W „K <’fe o * S f *B^ton,°,ld8 Ct 1916 “,“1lw :
(2) Somerville Horse RR.
Owns 8.03 miles of track. Leased to West End Street Ry. for X9 isn
•6 % on $ 153.000 stock. Dividends are payable M . & & . Jn Boston.

8 ^ ° $ 2l 9 5 0 . 0 0 0 ? $ {« ))“ . . ° aU' InS
' . %
« '
Maturity
Pref stock, 7% cum ($1 0 0 ) - - yu
-jnnnnnn
4ex4‘
Debentures, g o ld ...c & r .n t f / 1905
4 g'M'-N
I f f i o o o M ay °l 1935
(Old Colony Trust C o., Boston. Registrar.




O R O A m Z A T K m BATh!EaL,n C T R ,C . G O M P A N IE S .-A trolley system.
U „„K
n„ \ i 9 1l ; ~ T h ,1,3 company Is a voluntary association formed in
on the same lines as tho Mass. Electric Companies
C'on4 fir0 UMl
ownership the Middlesex Sc Boston Street Ry (Into
which the Natick & Cochituate St. R y., the Wostboro & Honkln St Vtv
the Newton & Bos. St. R y.. the Newton St. Ry.Vnd the Lex & Bolton S t’
6 h^n JoOjfvRksacht,^? Purchased Norumboga Park anil Lexingi
I 2ton'Park
°^ * arK.
m luOo Massachu.sotts RR. Comm. susta!ne<i action Increasing
r*rH ^ f«^ ,e,yieS r0 f i4ut 8 Jlbsid*ary lines from 5 to 6 cents. V. 87, p. 34 5 **
Has acquired freight rights ln soveral of the towns along Its lines. fi3 ‘

Mar .. 1919. j

ELECTRIC RAILWAYS

STOCK — Shares have no par value, but In case c f liquidation the pre­
ferred shareholders will be entitled to $ 1 0 0 per share, with accrued dividends,
the common shares participating pro rata in the remaining assete. (See
V 7 3 n 1159,1263.) In 1904 15,635 shares o f preferred and 15,635 shares
of common wore offered to shareholders at $60 67 for one share of pref. and
one share of common Jointly. Listed on Boston Stock Exch. in Apr. 1905.
On May 22 1913 the stockholders authorized the cancellation of the 32,387
shares of cum. preL stock outstanding and the issue o f notes in place of
same, holders having the option of taking cash or notes for their stock.
V 'Fare Increase.— See Middlesex & Boston Street R y. below.
Dale. Interest. Outstanding. Maturity.
Common stock.................................. " A " ? -------- l? 'o o § fh ' —
Preferred stock. S4 per sh. c u m .____
Q-J
31,203 sh.
See text
Coupon not®. *2.000,000( 1909 4 J-D
$1,100,800
A p rl 1919
U ($100. $500 and $ 1 ,0 0 0 )-..(Interest at Boiton Safe Deposit & Trust Co.
Demand and time loans----------------- - -----------85.000
- - — -- —
Notes__The 1909 not® are not specially secured, but are simple obliga­
tions of’ the association, subject to call on any inter®t date on 60 days'
notice at 102>*. V. 89, p. 1008.
ROAD.— Companl® owned and controlled operate In the aggregate about
131 mil® of track from Needham on the south to Lowell on the north, and
connecting at five points with the tracks of the Boston Elevated R y. At
WMtboro connection Is made with the Worcester Consolidated.
Dividends.— First of $1 on preferred paid April 1902: also $1 July 1902
and $ 1 Oct! 1902. In 1903. $4: in 1904, $2 50: In 1905, $2; in 1906, $2 75:
In 1907 $3 1 Jan., April and July 1908 dlv. passed. In Oct. 1908 dlvs.
resumed and paid 75 cents. In 1909, $3. In 1910 to 1913, incl., $4. In
1914 *350? fn 1915. $3. In 1916, $3. In Jan. 1917. 50c.; April. 50c.
Nono since. Arrears of dividends, $19 50.
REPORT.— For years ending Dec. 31:
„
„
Period

I n c . fro m Securities.

E x p . & In t.

D iv s .

Su rp.

$85,367
...........
$2,515
Yer end Dec. 31 1918...........$87,882
59,194
31,203
24,556
Year end' Dec. 31 1917 ...........114.952
OFFICERS.— P r® .. Adams I). Claflin; V .-P .. Sydney Harwood: Treas..
nhos W Smith: Sec., A. A. Ballantine; Asst. Treas., G. M . Cox.— V. 102,
p. 152; V. 103, p ’ 60,1209; V. 104, p. 2640: V. 105, p. 2542; V. 106, p. 818.
(1) Middlesex & Boston Street R y.— Trolley.
ORGANIZATION.— Organized In 1907 and took over the South Middle­
sex Street R y., sold at receivers’ sale July 1 1907, and has since acquired
and merged the W®tborough & Hopklnton St. R y.. the Natick & Cochltuato St liy (V . 87. p. 1420), the Newton St. Ry. (Into which Waltham St.
Rv had been merged, and which had acquired Commonwealth Ave. St. Ry.
and Well®ley & Boston St. Ry j . V . 89, p. 778. and the Newton & Boston
St Ry. (V. 89. p. 993). On May 9 1912 Mass. R R . Commission granted
permission to absorb by consolidation the Lexington & Boston St. R y. and
tissue $525,000 stock In exchange $ for $ for stock of absorbed company;
V 'Far'ef.— In Aug. 1917 the co. accepted for a trial period o f 6 months a
modifiod fare schedule ®tablishing 6 , 7 and 8 cent fare units. These rat®
proving insufficient to moot its noeds, the co. on Mar. 18 1)18 filed a new
schedule with the Mass. P. S. Comm., effective July 1 1918, eliminating
fi-cont far® and strip tickets of 2 0 for $1 2 0 and establishing a 1-cent charge
for transfers from a 7 -cont to an 8 -cent lino, free transfers to bo issued
from an 8 -cent to a 7-cent lino. Comparo V. 99, p. 1366.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $ 1 987 000 .................................................
$ 1.987.000 In ’ 17.1H %
First and ref M , $5,000,000( 1912
4XgJ-J
1.483.000 Jan 1
sold ($1 000)
______ c iln t. at Boston Safe Dep. & Tr. C o., trustee.
Lex & Bost 1st M . $500,000, 1900
4>5 g A-O
500.000 July 1 1920
v f s l 000) callablo 105.. c*llnter® t at Beacon Trust C o., Boston, trustee
Current liabllltl® Dec. 31 1918—
— ----—
313,789 - - - - - - - - - Bonds.— Remaining first and refunding bonds are r®ervod for additions,
extension and Improvements. Callable on any lnter®t date on 30 A^Z8.
notice as follows: Jan. 1 1917 to July 1 1921 .inclusive, at 10714 andlnt^.
Jan. 1 1922 to July 1 1926, Inclusive, at 105 and lnt.; Jan. 1 1927 to
July 1 1931. Inclusive, at 10214 and Int. V. 94, p. 351.
EARNINGS.— For year ending Doc. 31 1918, gross, $970 571; net,
after taxes. $144,048; interest, &c., $156,302; def., $12,2o3.
•
ROAD.— Owns 95.904 mil® of track in Newton. Waltham, Water
town Natick. Well®ley. Framingham. Hopklnton. Needham. Westboro.
Shorburn. Wayland. Belmont and Ashland, connecting with the Worc®ter
Consolidated Street R y., the Boston Elevated Ry. (at 4 points), &c.
Forms a link In a through line from Boston to Worc®ter. Also owns 32.350
mil® of track, leas® 0.745 mile; total. 33.101 mil®, extending from Arling­
ton Heights (terminus of Boston Elov. system) through Lexington and Bed­
ford to Illllorlca, whore cars go through to Lowell without change, and also
to the Sullivan Square. Oharl®town, station o f the Boston Kiev. R y., with
branch® to Waltham and to Concord. Total track owned. 128.254 mil®.
204 pass, and 14 work cars; 2 0 snow plows. 00 to 75-lb. T . and 95-lb.
girder rails.— V. 101, p. 2071; V. 105, p. 607, V. 107, p. 181,^ 1004.

tion In Massachusetts. Com. stock and stamped pref. stock listed on
Boston Stock Exchange. T h e b a la n c e sh e et o f th e co n tr o lle d B a y S tate S t. R y .
showed runded debt June30 1917. $23,456,500. and not® for amounts due
Mass. Elec. Cos., $650,000.
..
D a le.

Common

stock,

par $ 1 0 0 1 ------

Pref. "stock, par $100 4% l

-

O u ts ta n d in g .

D iv id e n d .'.

-------------

R a te .

$14,293,100

-------------- -

4 J-J

24.130,315

See text

Coll trust coupon not®, gold! 1915
5 g A-O
3,000,000 April 1 1918.
($1,000) $3,500.000-C*c ptJOld Colony Trust C o.. Boston, Trustee.
The 1915 coupon not® are secured by $12,265,800 common stock of the
Bay State Street R y. V. 100, p. 733.
REPO RT.— For years ending Sept. 30 (1917 report In V . 105, P- 2361):
__ ending
ji
r~*-rVs\tsil
Tv%toroct
SUTVIUS
Year
Dies,—.
on Int. /vM
on
Total
Interest, 'Prpfarrpti
Preferred
_
__
__ _
or D e fic it.
Sept. 30— Stocks. Notes,&c. Income.
Exps.,&c. Dividends.
$35,729 $165,599
r ----- def.$129,870
1916-17— $14,706 $21,023
159,627 164,365
- def.$4.738
1915-16—
111.259 48,368
_____
591,557 192.079 (2)$484.128 def.84.650
1914-15— 513,068 78,489
1913-14— 1,077.291 77,552 1.154,843 177,693
(4)963,256 sur.8.894
Total profit and loss surplus Sept. 30 1917. $2,434,273.
D IVIDEN DS.— First dlv. on preL stock. 2 % . was paid Dec. 1 1899; also
2% June 1 1900. Dlv. period then changed to J&J and 2 1- 3 % paid Jan.
196l; July 1901. 2% ; in 1902, 1903 and 1904. 4 % . None to Jan. 1909.
when 1 % paid; July. 1H % . See V. 79. p. 2642, 2456; V . 85, p. 1646; V .8 7 .
p. 1420, and V. 89. p. 1597. In 1910, 3 M % . In 1911.4% . In 1912. 4 % .
(See above for payment of accrued dlvs. of 17 H % .) In *913 and 1914. 4 % .
In 1915. Jan.. 2 % . Tho July 1915 dlv. was omitted. See V. 100. p. 1832.
^O F F IC E R S .— Pr® ., Gordon Abbott: V .-P .. Chari® E. Cottlng; Sec..
Everett W. Burdett; Treas., J. H. Goodspeed; Gen. M gr.. P. F. Sullivan.
Gen. Auditor. H. H. Read. Executive Committee: Philip1 Dexter. Chair­
man; Gordon Abbott, Charles Francis Adams, Galen L. Stone, Percy
Parker. Philip L. Saltonstall and Chari® E. Dotting. O ffi® . 84 State St..
Boston.— V. 107, p. 1004, 1920,2013. 2290; V. 108, p. 683, 973, 1165.
(1) Bay State Street R y.— An electric road.
„.
..
Receiver.— On Dec. 12 1917 Judge Frederick Dodge In the U. S. Circuit
Court at Boston appointed Wallace B. Donham receiver on petition of
Archibald McNeil Sons & Co. of Bridgeport Conn., holders o f a claim of
$19,000 for coal. V. 105. p. 2364.
, , . r.
Receiver's C e r tific a te s . — I n te r e s t a n d R e n ta l P a y m e n ts .— A ll underlying
!nter®t and rentals, due Jan. 1 1918, were paid except the rental due the
Nashua Street Ity.. the lease of which was not adopted by the receiver. On
Jan. 4 1918 the Court auth. the receiver to issuo certificat® for the payment
of tax® due the State and inter®t on tho Ref. 4s or the Bos. & Nor. St.
Ry. and Old Colony St. Ry. The bondholders s committee, however,
considered it inadvisable to consent to the Issue of receiver s certificates
for tho payment of tax® and arranged for the advancement of the Jan. 1
1918 inter®t on the deposited bonds through the depositary. V. 106,
p. 606. Inter®t duo Feb. 1 1918 on the equipment notes was PJjUL
fnter®t duo Aug. 1 1918 on tlio equipment notes was also paid. The Dec.
1018 int ($15 175) on tho Lowell Lawrence & Haverhill St. Ry . 1st M . 5st
was paid through tho issuance of receiver’s certificat®, oxpressly auth. for
the purpose. V. 108, p. 682. The Jan. 1 1919 int. ($1.600) on the
Peopl® St. Ry. bonds is in default. V. 108, p. 682. In March 1918
Judge Dodge authorized tho receiver to discontinue the operation of 1-5
m il® of unprofitable lin® in his discretion, with the stipulation that the
public be given sufficient notice. V. 106, p. 1125. In N ov. 1918 notice
was given that as of Dec. 1 1918 tho company would cease to operate for the
winter 138 m il® of unprofitable lino. V. 107, p. 1918. A postponement
of this order until Dec. 31 1918 was ordered by Judge Morton in the U. S.

MASSACHUSETTS P.LECTRIC COMPANIES.—Street railways.
Reorganization Plans— State Control— See Bay State Street R y.
ORGANIZATION.— Formed In June 1899. Is not an incorporated
romnanv but a voluntary association managed by a board of fifteen trus­
tees who' hold the title to Its assets. The trust runs for 21 years, or until
inno 29 1920 at which time the affairs of the Association are to be liqui­
dated (the pref. shar® having a first claim upon the assets for $100 per share
together with all unpaid accumulations of dividends) unless prior to that
time at a meeting called for that purpose, two-thirds of the shares then out­
standing shall vote to continue ite existence. V. 97. p. 1823. Messrs. E.
Rollins Morse & Br. and Tucker, Anthony & Co. of Boston, who pro­
moted the combination, In June 1899. in offering some of the stock for pub­
lic subscription ($1,000 of pref. and $500 com. was offored for $1,050),
stated that “ the Declaration of Trust contains strict provisions against the
creation of any Indebtedness whereby any shareholder or trustee can be held
to any personal liability.” Comprised originally between 30 and 40 seprate properties, but through consolidation there Is now only one operating
romnanv namely, the Bay State St. Ry., whose entire common stock Is
owned bv’ the Massachusetts Electric Cos. The Ilydo Park Electlc Lt. Co.,
formerly
wastLo
soldDntr
on Qfotn
Jan. 3Qf.1912
Edisonhanlr
Elec.tha
Ilium.
^
. 7 •owned,
aw_into
R XTtohnmrhf
nnurnCo.
r» of Bos-,
and 70.

ami lsuwuui s »». x . , _^______ ________ _ with the street railway system or
Boston; also an oloctric-lighting property In Nowport, R. I. The cars or
tho Bay State St. Ry. run into tho subway of tho B®ton Elevated Ry. as far
res Scoilav So under a 99-year lease.
aSTho American Gas Coal Co. was Incorp. in Dec. 1917 in Ponna. with
*900 000 auth capital stock to take over certain coal lands o f the Mass.
El®.' C o.:l sSbsldlary. the New England Fuel & Transportation Co.
Paument of Accrued Divs. on Pref. Stock.— On Jan. 5 1912 prcL share­
holders were offered $3,649,000 In negotiable warrants for additional pref.
stock, to repr®ent accrued dlv donds o f 17H % on pref. shar®. Now pref.
shams Issiiod July 1 1912* V. 93* p» 1452* V •94* p. 6 8 .
Stock and Bondholders Organize for Protection.—•Deposits or tho various
securities outstanding have boon called for by tho following protective
C°'Preferred 'Stockholders' Committee.— Cb lirtnan Rob’t O. Morse; H. H.
Crapo, S. II. Fessenden. Hon. Freder.c A. Fisher, Alfred D F®ter,
Francis It. Hart. Geo. Wiggles worth. Soc’ y, Philip M . Reynolds. De­
positary. Old Colony Trust C o., Boston. V. 105, P -2 1 8 4 . Deposit
rocolpts listed on Boston Stock Exchange. V. 106, p. 2014.
Common Stockholders' Committee.—Galon L. Stone, F. L Higginson Jr.
and lohn O. Kiloy. Dep®itary. Old Colony Tnist C o., Boston. V. 105.
p. 2272. Deposit receipts listed on B®ton Stock Exchango. V . 106, p. 2014.
Committee for 5% Notes.— Chas. G. Bancroft, Chairman; Geo. H. Stuart
J. C. Neff, Arthur O. Raymond. Roger W. Babson and E. Elmer Foyo,
all of Boston. Tyler, Corneau & Earn®, counsel. Depositaries, Interna
tional Trust C o.. B® ton. and Girard Trust C o., Phila. V. 105, p. 2184,
2365. A majority o f tho notos liavo been deposited. Soo statement by
Roger W . Babson on reorganization plan in V. 108, P. 116o.
A committee consisting of II. II. Hold ir, Roger VV. babson, Robert C.
Morse and Gordon Abbott was also appointed, to confer with the manage­
ment and socuro Information regarding tho company’s financ®. For report
by this committee in March 1918, seo V. 100. p. 1036.
Reorganization Committee.— Seo Bay Stato Street Ry. below.
STOCK AND BONDS.— The share capital is represented by certificates
of participation which give the owners a proportionate inter®t In the sharet1
held by tuo truste®. Both class® of shar® are reported exempt from taxa




1 1

1919
Dist. Court ordered the entry of a decree for the foreclosure of the Boston
& Northern St. Ry. and tho Old Colony St. R y. Ref. 4% mtges. Thte is
a preliminary measure in completing the co. s reorganization for details
of which see below. V. 108, p. 876, 1059.
. ,,
° R e o r g a n iz a tio n P la n s — S la te C o n t r o l. — A plan for the reorganization of
this and tho Massachusetts Electric Compani® has been completed, and
when nut into effect, will enable tho acceptance o f the Special Act of the
Massachusetts Legislature adopted in 1918, and the formation o f a new
w m p a ^ T n d e r the protection afforded by said Act. The new company
successor by reorganization to tho Bay State Street R y., will be.known as
the Eastern Massashusetts Street R y., and has been Incorporated in M ass.
pursuant to terms of tho “ Special Act r®pecting tho Bay State Street R y.
las described below], to acquiro substantially all tlie assets of that^om paoy.
Leo Iligginson & Co. have underwritten the purchase of the $2,o00,000
(see offering in V. 108, p. 9 7 3 ) serial bonds of tho succ®sor company, issu­
able under tho plan and also $ 1 ,0 0 0 ,0 0 0 of tho cash subscriptions offered to
the stockholders provided the plan is finally approved by counsel and tue
several protective committo®, but only in caso $2,000,000 Is subscribed by
presen^ sharehohlers^
.
appeared in the March 8 and March 15
1 9 1 9 numbers of the “ Chronicle” (V 108, p. 972. 1059) and we reproduce
same herewith in condensed form. (For description of securities to be
issued in connection with this plan we refer the roader to the Chronicle
of March 29 1919):
_____ ___
.- - —
.
.— _ —
O u tlin e o f P la n , & c., as C o n d e n s e d from D igest b y L ee, H igg in so n
& C o . as o f M arch 5.

c npciai A ct.— (1) Provid® that tho now company shall bo managed for
10 years by 5 truste® to bo appointed by the Governor of Massachusetts.
The trustees appointed for tho first 5 years are:
Ilomer Loring, Chairman;
Arthur G. Wadleigii, Fred J. Crowley,
Isaac Sprague,
Earle P. Charlton.
(2) Giv® to the truste® absolute power to fix rat® and far® (free from
ing tax®,
Tmintenance and depreciation; auu a return on trio im witiutu, sufficient
to cover all inter®t requirements, the stated dividends on tho preferred
stocks and 6 % per annum on the common stock of the new company.
Based upon tho P. S. Commission’s appraisal of $40,282,340 as of Aug. 31
1916 plus subsequent additions, tho property valuation will bo about
$46
000,000, 6O%
$46,000.DUO,
7o on which,
wmen, or $2,760,000,
-jz,/oo.oo is approximately the permitted
r.liL
xL.rnl return on
mPnt,
initiall annual
on fVin
tho inuoct.
investment.
. , , - nrif.
(3) I’ ledg® tho credit of tho State for payment of principal of not ex­
ceeding $4 000 000 new Serial Mtge. bonds maturing within 10 years

a

; ®

mu«f bo rraU ,«l from solo o t o t h g new
securities for rehabilitation, &c. This mak® a total of $3,500,000 new
cash as a prerequisite.
Estimated Capitalization Under Plan.
[Based on an estimated $46,000,000 (approx.) of aB°wablo capitalization.]
n\ FirrdCharaes—
Par Amount. Ann.^nge.
$57,825
Massachusetts leased lin®. stks. & bds., undisturbed *5788,700
3,200
1st M . bonds, undisturbed, Peopl® Street R y . — - 94,000
250,950
1st M . bonds under option of exten. (see table 2 below)5,019,000
40,800
6% Extended 1st M .bonds (see table 1 below)--------o o ? ’nno
16.250
5% Extended 1st M . bonds (see table 1 below)------32o,000
Equip, not®, undisturbed (Bay State St. Ry. gold
70,620
6 % . due 1919 to 1927)- — - — ............................... 1,177,000
New Refunding Mtge. bonds (this mortgage socur®
also the old underlying bonds and authorizes,
under r®trictions, the issue of bonds o f other
seri® than those hero shown)—
(a) 6% Serial Ref. Mtgo. bonds sold to underwrit­
ers (seo offering East. Mass. St. R y.. V. 108,
p 973), with fixed inter®t charge ahead of other
Ref. Mtge. bonds (plan permits issue of $5,000,­
150,000
000 of such prior charge bonds.— E d .)-------------- 2,oUU,uuu
Total ...........................................................— $10,553,700
(2) Charges, contingent until June 30 1921 and fixed
thereafter—
. .
.
Wt s b ^ below)1tg° b °
—
— - — 14.956.000

j. 673.020

2 .8 7 1 .0 0 0

1 4 3 .5 5 0

(d) 6% Ref. Mtge. bonds due Sept. 15 1927 (seetable 3 below).............................................................
972,000
T o t a l a ll m o r tg a g e b o n d s an d p rior lien c h a r g ® . $29,352,700

$589,645

58
$1,464,535

J

12

ELECTRIC RAILWAYS

(3) Contingent Charges—
Two stocks, ranking equally and pro rata for divldends and in liquidation—
( a ) ‘S',n King Fund ? t0.ck- 6 % cum., callable at par
and divs.; may be increased only if necessary in
,^ rW
nTzation (see tablo 4 below)_______
3 3 239 0 0 0
(6> FiQ
rst Pref. Stock, 6 % cum., callable at 120 and '
'
9AVS- ()ffered to common shareholders of Mass.
iuec. Cos., Ac. (see tables 4 and 6 below)
855 nnn
Preferred B Stock, 6 % cum. [ranking after (a)‘ and 8 5 j’° ° °
e n i U h i o V n S pa/P & le 111 cash or common stock.
>j
=»?, fc> 1AP and dlvs* Offered to Hay state
Pref. shareholders (see table 6 bolow)____
2 998 500
zAdjustmont 5% (pref.) stock, dividends payable'in
oric 0 lPrmo1} *tock*P Callable at par and divs.
« 844,946 offered to pref. shareholders (see V. 108.
? V e i r *7.875.000 to bo used to secure now
3-year 6 % Trustees notes (see tablo 5 below)
8 719 000
Common stock (see table 6 below)____T111 7,232,750
T otal of

a11

§ 1 9 4 ,3 4 0

‘ 51,300
i1 79,910

435,950
433,905

securities...............................................§52,396.950 §2,760,000

z Option warrants giving right to purch. Adjustment
stock deposited as collateral for Three-Year 6 %
notes at *36 a share for first year, *38 for second
year, *40 for next year, plus Int. over dividends_*7.875,000
T
C/,\m? ? ny is ‘ P acquiro substantially all the assets o f the Hay
Si«reefc
C o., including tho Massachusetts leases", the Rhode
Island lease or its proceeds, and In the discretion o f the Reorganization
Ooan (senSiirifi?.rS
ai! or-,any o f *bo properties of the Nashua Street By.
” 60 li i d<;r
Nashua) on subsequent page). The “ Massachusetts
,ea?,cs aref J10 leases made by Boston & Chelsea It it. Co. in 1880 by Boston
fn m w ?™,
Iiy ' C °- in 1895, by East Middlesex Street Ity. Co
«h oh o Island lease
000 per year, or 1.88 times tho -SI,405,900 tixoci charges under thoVdin
f ° d , n addition will lie entitled to earn the full return on its future securities’
legally issued, including dividends of 6 % on common stock
’
§6,082,000 New Cash Required under Plan for Payment of Certain Overdue
Interest, Taxes, Reorganization Expenses, Ac.
1.
From sale of §2,500,000 Refunding Mtge. 6 % 1-10-year serial
§50 000 dint<H)2f
nnn19, maturing *50,000
192o!
1099
lo in tnii and *300,000 per year in each o f the years
S t i d t? i ^ 2 ? i[ 1C'K ,,SParaJlt.“ d ,Vl ?E e.c} , “ *?. Principal by tho
2f’?!'i<L^?eP_4c,t above). Secured (equally with the*otlier r'efunding bonds above vumuoia^u;
uy a
n mortgago
mortgage upon
noon all
an
enuinerated) by
umfcHyiVy huAu,ro Property, subject only to about *8,053,700
underlying bonds and securities and ranking for interest
ab0ad of a othcI bonds (about §18,799,000) issued by tho
new company under the refunding mortgago_____________ $2,500 0 0 0
2'

i ecurlti^ to holders o f Bay State Street Ry.
«rcV 2 2A?nLp ef; s!;arcs: Massachusetts Electric Cos. 242,063
prof, shares and 142,445 common shares, if deposited______ 3,582,633

sec^ritiesrfoflo°w^rCd b° nd and

n ° t0

hoIdors and a summary o f tho new

(1) Ponds to B
e Extended, Assumed and Further Securedunder Ref Mtge
(Bondholders to receive * 1 0 cash tor each 51.000 ot bonds so extended.)’

aProv y x6' BOna,S~Ry-Sept.
^ a D1lle'1918 $150,000
Amount. Sept.
Bon1ds1928
'll)1xl03
Price 6A%t. Sent
^‘pro1m
?
1918
i K S f S S i - ' ” ' ' m<> °°*000 J“ - 1 ">2 9 5 *
i !»!§

. „ & BanversSt. Ry-.Mar. 1 1919
d Bos.Mll.&Brock.St.Ry.July 1 1919

35,000 Sept. 1 1928 xl03 r,% Mar
100,000 Jan. I 1929 xl03 6 % Jan

1 1019
1 1910

/ New 8Be<*ord3 Middle-AUS 1 1919 3 3 5 ’° ° 0 ^
1 1929 * 103 ®*
1
& Brockton St. Uy.Jan. 1 1920 325,000 Jan. 1 1929 100 5% Jan. 1 1919
x Call price during last five years before maturity to be 101 and interest.
viz°: (a)*
l? f ‘C31’ *; mPo C/ 1yei ? ’ h*?vp ‘ ke following coupons attached,
19I9;(cr) jS y 1 1918 and subsequent*. (C) MarCh 1 191° : W) Jan' 1 1019: »
1
The accrued Interest on all these six Issues, a to / , will be paid in cash
T h o o n nrti> t 0 \K) State Street Tr. Co.; (.0 Boston Safe Dep. & Tr. Co'
The §64,000 Peoples Street Ry. 1st M . bonds, duo June 1 1923 are to
^-e new c°mpany and secured by the Refunding* Mtgo
Avr r , , par‘ 'cipati? n .in P,a?A Tho *1-177.000 Bay7State Street RybEquJpI
6 % gold notes, maturing 1919 to 1927, will also remain undisturbed.
ir»l2* 9 °nds Under Option o f Extension to bt Assumed and Further Secured
(Oepositors get * 1 0 per $ 1 ,0 0 0 bond and further $ 1 0 if option Is exercised.)
FirBonds— a° e
n
Total May be Extended Option
« f * ™ £ i k « o n B B ...D C C . 1
S s'S.O O O D & W f e , Dg T ? 9 2 3
b Low. Law. A Ilaverh.Juno 1 1923
607 000 June 1 1928 June 1 1 0 9 9
c Brockton Street R y .,O c t. 1 1924
689,000 Oct. 1 1929 Oct? 1 1923
(a? nn e'T T ohieB.e /M Ures resP(;Ct1vely hav e tho following coupons attached:
on fn) and
wii^K Jun? .1i 1 9 1 9 L(c) ^ pril 1 l919* The accrued interest
National Bank7BosR»n
CaSh‘ Depos,tary for a11 throu Issues. First
These bonds, if extended, will bo redeemable as gold bonds on m v
semi-annual interest day at 103 and int. up to and including interest dare
two yoars prior to npw maturity date and thereafter at 101 and int.
*
(3) Ponds andiV
otes Offeredin Exchangefor NewRefunding Mortgage Bonds
SL000 Principalof- O
utstand'g. NewRefund. Mtge. Bonds Interest from? B ^ .& ° N o f SPt3 R yMf S l8 ° ’° 00 «.°°0 °f4 H s,iu eJ a V 1 1948
x ^ r n .T m s
° m M 0!Reyr.S4s,Uw ' ^

) 14’ 7 7 6 ’000 Sl-0 0 0 o f^ sd u e J a n . 1 1918
xJan. 1 1919
) 830,000/81,142.85+ of 6 sdueSept. 15 ’27 ySept. 15 T 8
•notes, duo 1918../
I($1,000 for $875 notes—Total bonds $971 428 )
c•«•—Coupons attached (a) June l 1918: (b) and (c) Tan 1 iqis - (d\ u„h ir

,

to March 15 1918 and\atlG%'March’ 15 to\sept. ''lrfVoiS mbe^pald ^hTcash! &%

RaJSttUeS‘reel Rj-CouP°nNotes andBankloans Exchangeablefor Slock
<C°upon of 1'eb. 1918 attached)
(Or at option of holder of $1,000 1st pref stk ]
Bank loans.................... 1,425.000 $1,000 of 1st to 15th series
Feb. 15 1918
i .
.
(Or at option of bank, Si.000 1st nref st-k l
A ^ued Interest at the rate of 6 % p. a. to Fob. 15 1918 to be paid in both cases
oDtkm
° n !>f th° R0orK;‘ ntzation Managers, if necessary, in 1st pref stock
option warrants and common stock on basis offered for subscription.
’
(5)

S

S

Mass. Electric Cos.

W

- t

5%

Notes Exchangeable for New Notes_See Text

:c S 5 S !

abovo !uK u;t0v k 1 0 8 f p ° 9P7 2

Cd b / h° ‘derS ° f ° pt‘° n warranta a-s stated

( 6 ) Depositors^ of—
Numbor of * 1 0 0 shares.....................
If paving In cash per share held__
Total cash payments If all pay-----




Bay State
^

— Mass. Electric Cos 1-

29*1)85 m / 242°063 CoTOi-,
’*15
" “ 'sin
1,2,‘1«=
$149,775 $2,420,633
$ 7 1 2 ,2 2 5

[Vol . 108.

Will Receive in Exchange—
New Refunding Mtge. 5s, due 1948§4 4 9 ,7 7 5
$ 2 ,4 20 ,6 3 3
do
per share______
(§15)
($10)
New 1st pref. stock, 6% cumulative-.
do
per sharo...........
1st pref. B stock, 6 % cumulative__ * 2 ,9 9 8 ,5 0 0
.............
do
per sharo______ (§100)
...............
New adjustment stock, 5% cu m u -.I
3 5 9 ,8 2 0
484 ,12 6
do
per share______
(§12)
(*2)
Now common stock, 6 % ___________
-------------e s t.5 ,7 8 2 ,5 5 0
do
per share_____ I --------------- (e s t.* 2 4 )
Total of above (par value)_______ $3,808,095est.S 8,687,309
do
per share____II ($127)
(e st.$3 6 )
Option warrants_____________
..................
$ 6 ,0 5 1 ,5 8 5
do
per s h a r e ,IIIIIIIIII
..................
($25)

§857,586
(§6)

1 ,4 2 4,45 0

($10)

$ 2 ,2 8 2 ,0 3 6
(§ 1 6)
$ 1,4 2 4 ,4 5 0

($10)
„ IIlJlddcrs. ° f Bay Blato pref. stock who pay only tho first cash Installmentstock *fnr *S 5 ? vvu" receive orl° share ($100 per value) of the now pref. B
stock for each share surrendered and nothing more
Other denositnrs
who fail to pay in full will lose all their rights.
depositors
nr Tke dP*;101) warrants, as stated above, give tho right to mirchaso
now 5% cum. adjustment stdek (par valuo §100) at *36 *38 and * 1 0 ni>r
share during the first, second and third years, respectively, after reorgani­
zation, subject, in each case, to an interest and dividend adjustment .0
Cash Installments Due from
, 4 1)
(3)
„ (2>
Depositors of—
At Deposit.
On Call.
On Call.
Bay State Street Ry. pref. stock
$15 per share___________________
<$« oq
§6 00
$3 00
Mass. Electric Companies—
Pref. shares, S 10 per share_______
4 00
4 00
2
00
2 00
^
L
Common shares, $5 per share_____
2 00
1 uu
00
...
Ili(J,lls-— All classes of stock will have full voting rights excent
that the common stock will have no voting rights until Jan l 1921 nor
are7nfdc4aadtany Ume when 35 of dividenda upon tUo adjustment stock
^ Znderwriting.— Provided tho present s h a r e h o ld e r s snhscrlhn ^
of f[lu aforesaid $3,582,633 now casli on basis shown in exchange
u n ° v S l i e uiKlerwnters will be committed to purchase *2,500 000
l-lO-ycar Refunding Mtge. 6% serial bonds, guaranteed, in effect’ in
opinion of counsel, as to principal by State of Massachusetts and ’will
underwrite *1,000,000 of tho subscriptions offered to shareholders less any
excess of shareholders' subscriptions over *2,000,000.
.
’
y
1 ho now company will thus be assured of at least tho $5,500,000 now cash
t0 consummate tho plan), provided that the shareholder? sub­
scriptions amount to at least *2,000,000; otherwise tho plan will fail
there are threo classes of subscribing stockholders, tlio exact amount
p i t i e s which the underwriters commit themselves to take cannot
now bo determined
But in case all the Bay State prof, stockholders subfcnbe and none of the Massachusetts common stockholders subscribe' the
vido6 «i n0nnbnnns tuati°? tor the underwriters, the latter would then ’pro-Q^-999- receiving therefor (a) *870,408 Rof. Mtge 5s of 1 91 8
* 2 ?nn n’nn °.lsfcprcf- d % stock, (c) *174,082 adjustment 5% stock, (d)about
*2,100,000 common stock, (e) option warrants" on $2,435,204 adjust/h?l®tilK0=iC'i . ° r’ p°n £ acb *1-000 cash payment, (a) $870 41 5% bonds
io uln' 51 1st Prc f' 6% stock, (c) $174 08 adjustment 5% stock, (d) about
!2
a i 0204 3 l T o ? a&
^ f s S 00 (par Value)' plus O ption
Comparison of Capitalization and Fixed Charges Before and After Reorganiza’n.
nnJiiJ db!reok°,1S (,ncl- notes and bank loans)------$30,!{oo!200 S2<)!;{52,700
Total fixed charges' (fnclI $874,8'90""“ contingent ‘ * ' 1 t9" ! i8 23-°44,255
till June 30 1921 ) ___________
1 408 228
T dan kqk
Further particulars will bo given next"week'.— V. io s .’ p. 97 2.’ *’ 3 5
Committee for Boston A No. St. Ry. and Old Colony St. Ry. 4s.— John R
Macomber, Chairman; James Dean, Frederick H. Ecker, Wm. L Garrison
Jr., Jolm E. Oldham, Philip Stockton, Fredoric B. Washburn and W
v ! B105° ptC2364°r’ S° ° ' Deposttary- Boston Safe Dop. & Tr. Go., Boston.
r\-i^orHl^ \ tceJ orn jVlin & Boston 1st Mtge. 5s.— Roland F. Gammons. Olaf
Olsen, Chester B. Humphrey, Samuel II. Hollis, Wm. P. Goodwin Francis
A. Shovo Wm. D. Wyman, Leroy D. Peavoy, Sec. Depositary First
National Bank, Boston. V. 105, i). 2455; V. 106, p. 188* V 107 n ’ 9 3 7 8 *
Xrtho t P‘
c°-mrnittee will servo in a like capacity for the holders
of the Lowell Lawrence* Haverhill St. Ry. Co. 1st M . 5s, Brockton St Rv
Co. 1st M . 5s and the Peoples St. Ry. Co. 1st M . 5s. Deposlts of all mil
issues havo been called for. V. 108, p. 682
1
an jour
a
holders of Unsecured Notes.— J. Howard Leman, Chairman*
£ 'bert H. Beck, Francis E. hrothlngham, Albert L. Riplov Bernard W
Trafford, Thos. H. West, Jr., Arthur H. Gilbert Soc 3 5 Onnnr™
'
Ban1k,nBosrembO'v.e’l06abpfC82Y>Wart’ COunSo1' D«P «»*rir. First National
p J ieohjani i ation, Committee.— In Juno 1918 tho following committco rontbo principal security holders' protective commrtteos, warformed

^ S H ^ n , 1^e<f?lvOT'’^ ^ te c e IB!^onh'am ;^aJon]L fsStonee F rM id?R PHart'
v Toe ri. 27?;CV,ftl'07J,°l1
)n 1003M22C
90nbOr ^
H° Ward Leman (Socd’
Lynn & Boston R R .(incorp. In Mass
StP Rv6 and^nn a1 L 0 s foM 2 3 1901 uame changed to Boston & Northern
r+fir+.?i™Iid on
1 9 1 .1 narao was again changed to prosont title.
The
h'
i
0 '"P an 1Qs have been absorbed from time to time.
The latest of
thewo absorptions was In June 1911. when the Bos. & Nor. took over the
Old Colony and Issued 7,767 shares of prof, and 80 041 shares of com in
exchango for like amount of Old Col. Street Ry stock.
Beverly & Danvers.
Mystic Valley.
Boston Milton & Brockton.
Needham A Boston.
Braintree & Weymouth.
New Bedford MIddleb. A Brockton
Bridgew. Whitman & Rockland.
Norfolk Central.
*
Brockton Brldgew. & Taunton.
Norfolk Suburban.
Brockton & East Bridgewater.
North Woburn.
DIghton Somerset & Swansea.
Old Colony Street Ry.
East Side Brockton Jc Holbrook.
Providence A Taunton
Georgetown Rowley & Ipswich.
Quincy A Boston.
Globe Street Ry.
Reading A Lowell.
Gloucester Essex & Beverly,
Reading Wakofiold A Lynfleld
Gloucaster & Itockport.
Rockland A Ablngtou.
Gloucester Street Ry,
Rockport Street Ry.
Hanover Street Ry.
Salem A Wakefield.
Haverhill & Andover.
South Shore A Boston.
Haverhill Georgetown & Danvers
Taunton A Brockton.
Ilingham Street Ry.
Taunton Street Ry.
Lawrence A Reading.
Wakefield A Stonohnm.
Lowell A Woburn.
West Roxbury A Rosllndale
Lowell Lawrence A Haverhill.
Whitman Street Ry.
Lowell A Suburban.
Woburn A Reading.
Middleton A Danvers
r ^ ™ l e- ^ } nr) X? 0 3
Boston Elevated Ry. leasod all of the track or the
R y- (now a Part of the Bay State St. Ry.) In
taxM
w*°r 9 9 ye,ars- Phfi lease provides for the paym entof all
1?
.n r.e Placoment value (appralsod at $353,979, loss the
rental of certain short pieces of track appraised at $13,866) of pronortv
'^ l o n T ^ h ^ m F f h ' 19 ,19? 3- and 4% o n ‘all additions and^^ bettormente. 7
a!ile^ PorodssJon to do a freight business In a majority of the
kI*Wh?,,n F F ' h i e s south of Boston, ami Is now handling express ami freight
\?ootJ°i>ei> V(0F a considerable percentage of this track. I 11 Sopt. 1911
M *8?- R u * Commhwlon granted authority to carry coal In car-load lots or
!ess In Dracut, Methuen, Middletown and North Andover.
SeP?- 1 9 1 2 signed a contract by which the Boston Elovated brings the
termlnaf. 8 V ^ o f^ p ^ n M .10 Iloston ovor 1,10 former’s linos to a freight
„ . ^ : , s * Government Makes Advances.— In Nov. 1917 work was begun on
additional track to take care of tho Increasing traffic In Quincy duo to the
expansion of tho Bethlehom Shipbuilding plant. Tho cost It was stated
would bo §175 000, to bo advanced from tlio War Dopt. t a o r Ko w Fund
and to bo repaid to tho Govt, at tho rato of 1 cent from oach fare collected
On J,*ne 26 1918 tho receiver was auth. to borrow *82,000 from the IT s ’
Sb^P/ng Board Emergency Fleet Corp. to provide for ests , Ac™ for transl
portation of employees engaged at tho Fore Rivor shipbuilding plant
Tho
loan is payable In 5 annual installments boginning 6 mas. aftor the war and
receiver's certificates are to bo pledged as collateral. V. 106, p 2 7 5 5

Mar ., 1019.]

ELECTRIC RAILWAYS

Decision regarding carrying children for half-fare.— In May 1912the full
bonch of Mass. Supreme Court sustained the constitutionality of Chap. 570.
Acts of 1911, providing that street railways shall carry school children un­
der 16 years of age for half fare. V. 94. p. 1507.
Favorable Decision— For decision in Fall Uiver rate caso see V.105,p.2455.
Fares.— In June 1918 the Mass. P. S. Comm, approved a compromise
agreement between the co. and representatives of tho cities and towns
through which tho co. operates as to a readjustment of faros on a zone
system basis, for details of which see V. 100, p. 2648. In Aug. 1918 was
auth. by tho Mass. P. S. Comm, to increaso fares from 6 to 7 cents in cer­
tain localities where connections aro made with tho line of the Boston
Elevated Uy. V. 107. p. 500. On Sept. 19 1918 was auth. by the I.-S. C.
Comm, to increase rates (not to oxceou. however, thoso charged on steam
roads') between points on tho co.'s lines and points reached by it on the
Rhode Island C o .’s lines. V. 107, p. 1191. In Dec. 1918 was auth. by
tho Mass. P. S. Comm, to put into effect for a trial period o f two months
tho following rates: (a) In cities, 5 tickets may be sold for .5.) cents, with a
1 0 -cont cash faro to encourage the use o f these tickets: (b) oil country lines
tho charge per zone (zones averaging 2 miles In length) to be o cents, with
a minimum faro of 10 cents. V. 107, p. 2287: V. 108, l>. 169. Compare
V Rate 'increase!— In Juno 1918 filed with the Mass P. S. Comm, notice
of a 25% increaso in freight rates with a minimum chargo of 50 conts for
small packages. V. 106, p. 2755.
Wage Award by National War Labor Board.— V. 107, p. 2187.
STOCKS AND BONDS— Date. Interest.
OuManding. Last dlv..&t
Stock co union (par $100)-------------- - - - - - - - - *20'517.200
1st. nrof (*100)
c u m __________
F-A
4,014,300 Feb \7%6°/t
S i
notes. $2 000.000c.ntff 1912 5 F-A
1.''14.000 See text
(interest at Ainorican Trust C o.. Boston.
One-year notes____________ c 1917 5%
,
850.000 Mar. 15 T8
Rereivor’s^jertificates_______ — - --------- L),17o ---------------Kquhit niftesj $ 1.308.000 g - - - - 1917 O gF -A
1.308,000
See text
Bos & Nor ref mtge, $15,000,-1 1904 4 g J-J
yrp* 1954
000 gold ($1,000) -c * .n t fj Int. at American Trust C o., Boston, Trustee.
Lynn ’& Boston 1st mtge, g ,j 1894 5 g J-D
3J23.000 Dec 1 1924
$5 379.000 ($1,000) c* . ntf JInt. at Old Colony Tr. C o., Boston. Trustee
G I t '& I 1st mtge ($1,000),} 1900 5 g J-D
180,000 June 1 1920
$180,000. gold...............ntf/Interest at City Trust C o., Boston, Trustee
H G & D 1st mtge............ ntf 1899
5
35.000 Mch 1 1919
The Mystic Valley St. Ry. has out $60,000 gold 5s, due Jan. 1 1919.
Lowell Lawrence & Haverhill.
Date.
Interest. Outstanding. Maturity
BONDSLowell Lawrence & Haverhill f 1893
5 g J-D
$607,600 June 1 1923
1st mtge, $1,900,000, gold, Subj. to call for the sink, fund at 105 & Int
$1,000-.....................o*. ntf lin t, at American Trust Co. , Boston. Trustee.
People’s St Ry, Weet New-] 1898
5 J-J
.
bury Is tM , assum ed..ntflInterest at State Street Trust C o., Boston
OLD COLONY STREET R Y. SECURITIES.
BONDS—
Dale.
Interest. Outstanding. Maturity.
Rftf mtirft * 1 0 0 0 0 000 void 1 1904 4 g J-J
$6,780,000 July 1 1954
f i l 000) $ *
c* ntf I n H t Old Colony Tr. C o.. Boston. Trustee.
Brockton (Consol) St Ry 1st} 1894
5 g A ;0
689,000 Oct 1 1924
mort. $7 5 0 ,0 0 0 . g o ld -.-n tf/In t. at State Tr. C o.. cal 1able at 105 &,int.
Boston Milton & Brockton! 1899
5 J-J
100.000 July 1 1919
lot mtge. $100.000----- ntf lin t, at Internal. Tr. Co Boston. Truster
N Bedford M ’dleboro &Brock) 1900 5 g J-J
$325,000 Jan 1 1920
1st M , $325,000 ($1,000). lin t, at American Tr. C o.. Boston. Trustee
Of the'$io;ddo\bbO
y. ref.
51U.UUU.UUU Old
uni Colony
vmiuny St.
ou. R
ivy.
im. mtge.,
m«So., $2,201,500
.AArare •reserved
V
Remaining
can only
issued
for nt
50% of cost of
for prior liens.
liens
---------- *bonds
— "*-----------^ bo
*no/nf ‘'nat
additions & impr’ts. Those bonds are not subject to call. V . 93. p. 1784
G lobe Street Railway Securities.
Date.
Interest Outstanding._ Maturity
Prov & Taunton St Ry 1st g } 1898
5g M S
$150,000 Sept 1 1918
($1.000).auth.$200.000.n t f} American Trust C o., Boston. Trustee.
South Shore & Boston Street Railway Securities.
Dale.
Interest. Outstanding. Maturity.
Bonds. 1st M ($1,000), gold.} 1899
6 F-A
$338,000 Aug 11919
___ ntf lint, at American Trust C o.. Boston. Trustee
$1 000 OOd
Stock and Bonds— $377.000 Bos. & Nor. and Old Colony St. Ry. bonds
were held in Bay State St. Ry. Doc. 1 1917. By tho terms of purchase
of Old Colony by Boston & Nor. tho pref. stockholders of both cos. became
1st pref. stockholders of tho Bay State St. R y . Pref. stock Is sub]. to call at
120 Tax-exempt in Mass., incl. State income and normal I'Pd. income tax.
Listed on Boston Stock Exch. Of the $15,000,000 Bos*. & Nor. bonds, $4.­
481 000 aro reserved to retire prior liens. Remaining bonds can be issued
only for 50% of cost of add’ ns and impts. _ Those bonds have no sinking
fund and aro not subject to call. V. 93. p. 1784. OlI the $5,379,000 1st M
bonds of tho Lynn & Boston R R . R R .. $1,656,000 have been canceled.
Tho remaining coupon notes of 1912 mature on August 15th as follows.
1918. $57,000 (these were not paid at maturity), 1919, $64,000, 1920,
$72 000’ i 921 $80,000; 1922, $88,000; 1923, $97,000; 1924, $106,000;
1925 $116,000; 1926 $126,000; 1927. $136,000; 1928, $148,000; 1929,
$1 OOiOOO; 1930, $174,000; 1931. $188,000; 1932 $202,000. V. 95. p. 618.
■S1S6 000 havo been retired. The one-year notes o f 1917 aro socurod by
l l 4 1 7 0 0 0 Bot & Nor. and Old Colony St. Ry. bonds. Tho $150,000
1st M .’ bonds of tho Prov. & Taun. Strcot Ry. which matured on Sept. 1
1918 woro not paid at maturity.
. . .
. . ..
. ,
The equipment notes were Issued to provide, in part for the payment of
200 now semi-conv. P-A-Y-E cars, costing $1,631,000. Notes aro due
$131 000 annually Aug. 1 1918 to 1926, incl and $129,000 Aug 1 1927,
but callablo on any Int. dato at 100 and int. on 6 weeks notice. ’I he
$131 000 which fell duo on Aug. 1 1918 woro purchased by tho receive”
Interest at Old Colony Trust. C o., trustee. V. 105. p. 908.
D IV ID E N D S.— 6% was paid on pref. from 1908 to and incl. Feb. 1917
Aue 1917 div. was passed. In itia lu tv .o n B a y S ta to S t.R y .co m .— 3 % —
paid Dec. 30 1911: in 1912, June, 2% ; Dec., 3% ; in 1913, Juno. 2% %
Dec.. 3 % . In 1914, June, 2 M%: Dec.. 2 K % . Juno 1916, % % .
INCOME ACCOUNT.— Fiscal year has been changed to end Doc. 31.
— Years ending Dec 31------- Years ending .June 30—
1917.
1916.
.......................
1915-16.
1914-15.
..
Gross earnings________ $10,902,516 $10,413,618 $9,996,484 $9,538,407
Net earnings:....................$1,709,509 $2,440,817 $2,231,603 $2,640,655
62,812
66,459
Other income.................
54.422
62,431
Gross income
........... $1,763,931
$2,503,248 $2,294,415 $2,707,114
Int taxes, rentals, & c.
$1,419,250 $1,969,094 $1,949,441 $2,004,564
Common dividends___
None <&) 102,586(H)102,586(2^)512.930
First pref. dlvs. (6 % )-104,529
175,952
164,916
164,916

13

Outstanding. M aturitySTOCK AND BONDS—
Date.
Interest
$297,700 See text
8tock ($100). $300.000— . . . . . . . .
10
100.000 Jan 1 1922
Plain bonds, int guar (end) . . 1902
4 J-J
Interest at Old Colony Trust C o., Boston.
.. .
.
... _
The lessee in the lease agreed to stamp both issues of the bonds with a
guaranty of the interest— principal Is not guaranteed.— V. 67, p. 482.
id) Winnlsimmet (Street) RR .
r„
tr.
ORGANIZATION.— Owns 2.08 miles of main track. Leased to the
Lynn & Boston for 999 years from 1880 at $3,000 per annum. Capital stock
Is $50,000; par $50.
(e) Newport & Fall River Street Ry.
. .
1(,M Ti . .
ORGANIZATION.— Organized by special Act on Feb. 23 1898. July 1
1900 consolidated with Newport St. R y . Has also consol dated with New­
port Illuminating Co. Embraces 21.74 m. of main track In and between
Newport and Fall River; also electric lighting. Was leased on July 1 1901
for 99 years to the Old Colony St. Ry. (since merged in Boston & Northern,
now the Bay State St. Ry.) for a rental of 0% per annum and Int. on bonds.
The Mass. Elec. Companies disposed of its holdings In; Feb. 1902. •
In Oct. 1915 issued $50,000 additional stock and *123.000 bonds in ac­
cordance with lease to Bay State St. Ry.
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 liy.
STOCK. BONDS. ETC.— Date.
Interest. Outstanding. Maturity.
stork oar $ 1 0 0 ____________ _____
J-J
$1.050.000 See text.
Consol mortgage. $1,000,000,} 1904 4U J J
690,000 July 1 1954
gold ($1,000)...........c* & rtflin t, at Am. Trust C o.. Boston. Trustee.
Newport Illuminating Co 2 d ) -----6g
mortgage, g o ld ________ tf [Central Trust C o.. New York, Trustee.
Bonds.— Remaining consol, mtge. bonds are reserved to retire prior liens
Not redeemable. V. 79. p. 213, 501. 1462.
BOSTON & WORCESTER ELECTRIC COMPANIES.
ORGANIZATION.— This is a voluntary association organized under a
trust agreement dated Dec. 29 1902. Its property consists of the en­
tire Common stock. $60,000 preferred stock, $181,200 First Mortgage
bonds and $ 165(000 ’ ’notes payable” of the Boston fc W orw tor Street
Ry. It has issued 33,936 4% cumulative pref. shares and 34,614 common
shares, no par value, and $90,000 “ notes payable
In case of liquidation
pref shares receive $100 each before the participation of common. In
Jan. 1905 was listed on Boston Stock Exchange. Stock was increased to
present amount by the issue in July 1906 of 6,000 shares common and 6,000
pref which was offered to shareholders at $105 for a block of one pro]RE:1*0R'T!—-Fo?years cn di ng June 30 (1917-18 report in V. 107. p. 1666):
Fiirnl Dies on
Other
Total
Preferred Expenses Surplus
Year
B.AW.Stk. Income.
Income.
Dividends. % Taxes, or Deficit.
1917 18 $25 313
$19 014
$44,357
$.33,936
$6,349
sur.$4,072
'*16-17 ' 50 625
16 906
67 531
67 872
2,808
def. 3,149
7 RQ3 7
15 636
91 573
84 840
1,773
sur 4,960
DIVIDENDS.— First div. on pref. stock, $2. paid July 1 1 9 0 4 ; 1905 to
1908 Incl $4' In 1909 $2; in 1910. Jan., $1: 1911, none: 1912. to 1915.
Incl $2
In 1916. $2 50
In 1917. $2. In 1918. Jan.. S I. None since.
OFFICERS.— Pres., William M. Butler; v -'p --A - E. Childs: SW.. J F.
Bacon; Troas., A. E. Stone.— (V. 105, p. 1305, 1308; V. 107, p. 1579. 1666.)
Boston & W orcester Street Ry.— Trolley.
ORGANIZATION.— Incorporated in Massachusetts on Nov. 15 1901.
Franchise perpetual.
Owns the Framingham Union Street R y.. Framiugham Southborough & Marlborough Street Ry. and the Marlborough
& Vrarningharn St. Ry. In March 1907 Mass. R R . Commission granted
right to do an express and freight business over entire Hue.
On Feb. 21 1911 Mass. RR. Comm. auth. an issue of $397(200 6% cum.
($100) pref. stock (auth. by stockholders Feb. 2 1911). of which S297.000
was used to retire like amount of common Issued In 1910 (V. 90. p 625) and
remainder to fund floating debt. V . 92, p. 394. 525. 6.59. 7-4
In Nov. 1912 made a contract with the Boston Elevated Ry. for the
operation of express cars over that company s tracks to the freight express
terminal on Harrison Ave.
, , .
_ .
Rates.— In 1909 single-fare unit raised from 5c. to 6c. On Oct. 1 1917
adopted, with the approval of the Mass. P. S. Comm., a schedule based
on a rate of 2 cents a mile with a minimum of 6 cents for a sin0le ft.ro. V.
105 n 1308
In July 1918 fares were increased to 2H cents per mile,
minimum charge of 6 cents unchanged. Freight rates were also advanced
*"JOn Nov 24 1916 there were Issued 600 additional shares pref. stock at
$100 and $60,000 1st 4>4s at par for paying off floating debt incurred for
lmfn M ea y ei9?7 the E s T o S a u t h . the Issue of $270,000 additional pref.
stock and $40,000 additional 1st M . bonds (not issued up to Sept. l 2 1918).
Wage Axcard by National War Labor Board.— V. 108, p. 478, 682.
STOCK AND BONDS—
Date. Interest.
Outstanding . Maturity..
Pr^fk$4C5°7m2(W ($100) 6 %'<mm. ' I .
2 460 000 Aug^ 1 '1923
UO5S00%TO“ rgoW™$lt.W^)c* tf /interest at American Trust'Co., Bos.. Trus^
HYam
Sn &
\Iarl
---60,000
1J22
Fram So
&M
an 1st
ist mtf?
meg - tf
CI(f Interogt
at7%
American Trust
C o..J&Q
Bos..1Trus.
Notes payable July 1 1918 ................. . . - - - - - *245,000 ...................
* Of which $165,000 is held by B. & W. Electric Companies.
Bonds — The Fram. So. & Marl. 1st mtge. 7s were originally 5s and ma­
tured on Jan. 1 1919, but were extended for 3 years at 7% .
Dividends.— On pref. 3% semi-ann. from dato of issue to and incl. Sept.
1918. Nono since. On com. paid 3% July !904; also 3% semi-ann. until
Dec. 1908, when 1 M % was paid. In !W 9. June.
In 1910. Jan
114%- in 1911, Dec., 1% ; in 1912, June, 1 H % : Dec., 1 K % - In 1913,
2>|%. In 1 9 1 4 , 3 % . In 1915, 2 « % . in 1916, 3J*% . In 1917, June.
1 M % : Dec., 1 'A % . None since.
REPORT.— For years ending June 30:
Common
Balance,
Fiscal
Total
Net
Int. A Pref.Dm .
Dividends. Surplus.
Years— Revenue. Revenue.
Taxes.
(6% ).
(lM)$25.312df$15,085
1917-18.SM0.277 *216 302
*178.613 *27.432
( 2H) 50.625
16,265
1916-17. 806.180
312.921
170.946
2.3.832 (3 k ) 75.938 • 42.205
1915-16- 801,254
58.128
307,671
170.025
23,832 12%) 55,688
1914-15- 738.797
55.688
4.977
H3-14- 692.477
692,4Ti
251,859
167,362
23.832 12%) '75''''^L,
*15''
1913-14ROAD.— Owns and operates 83.619 miles of track, a considerable portion
over private right of way, between Boston and \Vorcester. including an
extension to Natick. Ralls. 75-lb. Has 91 « £ S - - V • 104. P.1700. 1800
V 105 p. 290, 1305, 1308; V. 106, p. 85, 2755; V. 107, p. 290, V. 108.
p. 478, 682.
______

ORGANIZATION 'E& S !^ o S n lM d T n M®ine In 1909 to hold and to deal
in
bonds! notes and other securities. On Oct 30 1913 stock was
Balance, surplus.........
$240,152
$255,616
$77,471
$24,704 increased from $2,000,000 each of pref. and common to $3,000,000 each.
ROAD & c __Tho Bay State St. Ry. owns 875.37 miles and leases 72 35 ^ STOCK—
Authorized. Par. D iv.Period. Outstand’g. Last Div.
miles, a total of 947.72 m. of main lino; owns and operates 2,130 passenger Common
000 000 $ 1 0 0 ................... $2,500,000 See text.
and 264 express cars. Power capacity 49 onglnes, 43,775 h.p., and 52 Pref. 6% cum III III $3
3.000.000 100 Quar.-Feb. 2.500.000 F e b ’ 1 9 l ) j
generators. 29.755 k.w.; 11 turblnos. 22,500 h.p. and 15,100 lc.w.
Stock — Preferred stock is redeemable at option of company at 115.
O FF IC E R S— Pres. Patrick F. Sullivan, Boston: V .-P .. R. B. Stearns;
V -P & Troas , O R. Rockwell; V.-P. & Gen. M gr., R. S. Goff.— V. 107,
p. 1481, 1579] 1836, 1918. 2007, 2187. 2287, 2374; V. 108, p. 169, 266,
682, 783, 876, 972, 1059, 1164.
Jacksonville Traction C o ..*350.000 Northern Texas El. C o____ *500,000
(a) Boston & Chelsea R R — Owns 4.37 miles of main track. Leased Houghton County E l. L. C o.*500.000 Pug. Sd. T r., L . & Pow .Co* 1,468.800
to Lynn & Boston Street Ry. Co. at $7,260 per annum, equal to 0% on Houghton County Trac. Co.* 100.000 Key West Electric C o--------a222.000
$121,000 stock, payable A. & O.
Columbus Elec. C o . . ---------a 115,000 Key West Electric C o_____ *374,100
El Paso Elec. Co_______ — *525,000
(b) Boston & Revere Electric Street Ry.
com m on stock,
block, a Preferred
rreierreu stock.
siw u . b Capital stock.
* Common
ORGAN IZATION .— Incorp. June 24 1889. Owns 3.78 miles of main
See statements of these companies (except the Blackstone Valley Gas
track. Leased from July 1 1895 for 99 years to Lynn & Boston (now Bay & Electric Co. and the Houghton County Electric Light Co.) on subseState Street R y .), which guarantees Interest on the $50,000 mtgo. of 1908
and dividends on $80,000 stock from July 1 1898 at 5% per annum.
QUDividends — On pref. 1M % Quar. since Aug. 1909 to and including Feb.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. 1919.
On com., 1st div.— 1><%— Feb. 1 1910; Aug..
IQ
Stock (par $ 1 0 0 )..-...........................
5 J-J
$50,000 See text
3 %.
In 1912. 3 H % . In 1913 and 1914. 4 % . In 1915. Feb., 2% *
Boston & Rovere Hlec St Ry} 1908
5 g M-S
50,000 Sept 1 1928
None since.
Jt
_
$50,000 gold ($ l,000)---c*JInt. at American Trust C o., Boston, Trustee.
INCOM E.— Years ending Dec. 31:
Surplus or
Total
Expenses
PrefJJivs. Com.Divs.
Bonds.— No sinking fund, but bonds may be called on any interest date Calendar
Deficit.
(2 % ).
Year—
Income.
A Taxes.
on bIx weeks’ notice.
sur.$25,049'
1917...............$184,145
$9,096
SlfO-RpO
8ur.24.285
(c) East Middlesex Street Ry.
.
,
179.858
5,573
150,000
ORGANIZATION.— Owns 19.35 miles of main track. Leased May 1 1Igift
def. 8.863:
$50,000
9 1 5 : : : : : : : : 1 9 7 :9 8 1
6 .8 4 4
„ 1 5 0 .0 0 0 .
893 to Lynn & Boston (now Bay State St. Ry.) for 99 years at a rental till
DIRECTO RS.— Henry G. Uradlee, Russell Robb, Ohas. A. “Stone.
-r - - •
Mav 1 1890 of $18,000 yearly In addition to fixed charges; then till May 1 Edwin S. Webster. Eliot Wadsworth (P res.).J oh n W . Hallo well, Dwight
1901 $24 000 yearly; and for remainder of lease $30,000 yearly. Eight P. Robinson.— V .9 5 . p ■ 111; V. 97, p. 1119, 1289, 1734; V. 101. p .292.
per cent dlvs. had been paid, but on May 1 1901 wore increased to 10% ■




14




ELECTRIC RAILWAYS

[V o l . 108

Ma r ., 1919.]




ELECTRIC RAILWAYS

15

16

ELECTRIC RAILWAYS

BRATTLEBORO , VT.
TW IN STATE QAS & ELECTRIC CO.
NATION.— Incorporated In Connecticut on A uk. 20 1906 and
acquired the Brattleboro Street Ky., the Brattleboro Gas Light Co thn
C°T(\i 83).p ’ 602) 'the Bennington El “ trie Co. and the
Hooslck Falls Illuminating Co. In Oct. 1913 acquired the St. Johnsbury
a r*
T4- P- II-__ /I ..
1.1 n . .J
Fi Z t% C o vRnd,inv.April 19 thP ?a?ade Lt. & I^ower Co and the Berlin
Elec. Co. Furnishes gas, electric light and power to Dover N. II and
Bennington and Brattleboro, Vt.; also electric Tight and power to Rochester
r i S 0N Fn ll3's ? 0 ll!!SfT (l' Somersworth. Berlin8 M ilan.O m h araan dTUnl
w ift r.’ ^ .YnSt■^^ob£s?,u^y• 8t- Johnsbury Center, Passumpsic Dan villa
anArm?r!.'n 1®v
u
’
Centre. West Brattleboro

[V o l . 108

annlfedtoS 0 n
£ S¥District
i L r f f f iCourt
n r’s Sfor
eTtifsi
r ? , n Jan22 1919
thothe
receiver
V; S’
authority
to borrow
upon
credit.
? the receivership estate the requisite amount of money [S16 859 357__Fd I
^ 7b^ P ! ? yedIf(?r.fth0 oWects and purposes herel^ set forth’fsee V 10^ p ]
o i l Ld.| and if necessary, to issue receiver’s certificates in order tn
procure the said funds, in such an amount, in such denominations and
^ s u ^ l t e S o ^ I m s Sa ^ o t thrcm frtrln* SUCh ‘'ait0 ° f ,lntorest. and secured
applte^for11the|reSeiver <w m 6a^thorizexiytef rMse^nimediately
the court authorizing him to use as collateral the Ref bonds in too con pa v\treasury; the remainder, it Is understood, will be required^ within 2 or 15
f f A
fuTlh, ! i T ^ p 0377hiV
le $16-859’357 wAl bo devoted1^
2 6 3 e373 narU Report ° f Receiver Presented Jan. 15 1919.— See V. 108, p*
«A?. efr?nViL°i

counsel as perpetual." Control Is held'b'y“ 'tV rN kT lon arT igh runeat
t l^ C o Pn Octnt1912f WV C95Wp ‘ i V s T acquired by the MIddl0 Wesb Utllb

sinking
nn thn
or\ nnnxV v T / 1 V u oy iiy m en i oi interest and
sinKing fnnrl
1unci on the $2,265,000 N. Y . Municipal liy . Corn. 1st mtue r»%
sinking fund bonds, Series A, due Jan. 1 1966, the following committee
Trust°CoiedRnhn^T^h^Ije holders of the aforesaid issues: Central Union
Sigler S l ’ Wa lhst W P e a b o d y
& Co.; Sec., Chas. E.
Wall S t t N Y City.' V. 108, pDf g 0S,tary: ° entral
Trust Co., 54
Stockholders’ Committee.— Albert H. Wiggin Chairman- Charles A
Boody . Frederick II. Ecker, Seward Prosser, GalVn L Tstone. Frederick
Strauss, L. B. Sweezy and Chellis A. Austin, Sec., 115 Broadway N Y
City . Depositaries; Mercantile Trust & Deposit Co N Y Citv "and"
Peoples Trust Co., Brooklyn N Y
V ins n 7*
u
called for. V. 108, p. 377, 1164. ’
193’ P" 7b" DcP°s*ts havo been

Outstanding. Maturity
CoS^ o CnK SA2N5 ? 0 ^ N ?,lF 0 )’
$1,250,000 ..............._
Pref(5%cum)$2.500.000 ($100) ____
5’Q-m ”
1.500,000 Juno’ 1 8 lii
ist & ref M $ 10,00°,000 goldl 1913
5 g A-O
1.940.500 Oct 1 1953
($1,000, $500 & $100)c*cpt\Guaranty Trust Co . N. Y.. Trustee.
4sY e«,^nxls^’600.000 g ($5001 1906 4K A-O
794,000 Oct 1 1 9 2 0
Secured notes, $300,000
"
-------40U.000
3($100 - v S n i I M P S J l U 9*18 G„ g J' JJ S
300.000 Jan.-28 1919
V i?- VI u ? 1•90°) c *tf/Metropolitan Trust Co., N. Y. Trustee
Dover Gas Light con mort-I 1905
5
10S nnn q « n . i inos
KaK0' *500 000
--------- tf (Union Safe Dep & Trust Co Trusted 1925

h9?? ,.6..

s-ssK^1*"

H ^ i V ° L f s - - W e - c t r i c - - ^ ° 0lUmb,a T ™ tC° - N«
W ater-P ow ^
C o ..« n . i

,

B e n n ^ to n O4li?e0r0?>0owegn y | Amer,Can L° aD & Tru8t
Bennington W t ° c 6

° ° - * ^ 6 T™

1935

gt'JohnibuFyEl'Co” l it M ^ t f S o n ” " * M ™ 81 C° ” N8n 000 M a f T l 929
Cascade Light & Power C o .. . 1905
.............
40 000 Anrll 1 1 92 5
Cascade ISlectrlc Light & 11921
.............
13 500 Apr 1 1 0 2 1
&
r- $i r117•108,000
5 8 000-f1st
, 7&iref.
- r 6s
slon
Safe
Depos,t
&
Trust5Co..
Trostee
are reserved to retire underlying
bond*
bonds may be Issued for Irnpts. and acquisitions at 80% of cost
provided net earns, are at least 1 H times the Int. charge on all bond* nnt
1923dantgi05Cand *lntt0 a® c.ert,rledi 1st & ref. 6s are red. on or aftor Oct.6]
! S n d S ? 8 M 0 U|: VA 1 0 2 Pp“ “ 8 °
' U" d ° ' 5%
»™ ‘

SM SSt

i

y :* V , a T i l " 100 “ d “ » • » » " “ " « “

»»

v . „ „ --------- - -v ,---- -**“ '* years ending June 30:
Years
Gross.
(Net (after Tax.) Bond Int.
Surplus
1 9 1 J ---................... $714,715
$266,606
$152,986
$113,620
J916-17................... 672.951
288,733
138,174
150,559
1915-16---------------- 570.123
270,801
139.942
elemHc^T * ? '— ? r?ra£0"s ® miles o f ‘track in Brattleboro
Owns^ycfro?
Prants a?. Gotham, Brattleboro, Bennington, St. Jolinsburv* and
“ n S r e r D o 1''1 ,'1 s,c2'n turbine plant at Dover. ’
aonnsoury and
ICERS.—-Pres..Samuel Insull; V.-l’r., II. L. Olds- Sec II IT Breii.
v ’osreaSVtm ’ xr' Fn?Test' n Gen. offices, Brattleboro, Vt.— V* 95- p 1 7 5 0
V. 98, p. 156; V. 102. p. 1988; V. 106, p, 608, 716, 1037, 1127.
P‘
_
BRISTO L, CONN.
THE BRISTOL & PLAINVILLE TRAM W AY CO.

4P99
derground system Installed in 1910. In addition to r.aiiwnv
an d^ w eH n ^ B JtotolJ^ ^ tv H le Md™1* ^
yillo, gas In Bristol, Forestville and Plalnvllle, and steam heat In Bristol

*Sr&s?ii^s4sra
^ c k ’T o ’ rata a tp a r
V 'l O ^ p . °1687
° r'ght 4° 8ubscrlbu for
STOCK AN D BONDS—
Stock; $lTOOT.dOO"(*i6oj“ .........D
.a
. [ e; Inq . f "$618.800
l8t(SW0&Sgiennm0,000,
^ W JInterest
i 1? 08 at Bristol National
540.000Bank
Nov Bristol
1 1946
($500& $ LOOO)............ntf

of a.rcceWcr and_tho default in tho pay-

th o°B C/R UT PZ n l (a ' T VT7r>ryL
;L
; cd 1ngs .haYc be,on instituted to foreclose
j e o M & o 'i i S s y s
w
a £ s
^ .°„rl ^Iarch 6 1919 Judgo Mayer at tho request of tho receiver revoked
k P o,V. ? Uf; 2- Sr authorizing the payment of int. on $3,850 000 current
ff?^«^A aCntn?itL’dn.ess’i t i1SYlngbeen ascertained that said int. would aggreJ i? 9 instead of $40,000. Tho receiver was also instructed to take
tbo ruc,f?very ° f $7,079,000 of tho company’s 1st Ref. Mtge. 4s
Pw??md nS s?cur.ity fo.r these bank loans, and of tho $29,000,000 B. R. T."
ConsoL bonds P'®d8ed as part security for the company’s secured notes of
t.n the latter case, it is claimed, tho bonds wero pledged without
ooif uuauit.
default d vV. m
s n
v V 0 Compare
n 0 price aV.
,r ",b
‘chp.tht’y
108,
p.V9i2.
108.
783.should be sold in caso
n„Vhn *ub ’
1919 Judge Mayer in tho U. 8. District Court at Now York
War
-irtment1'nf°
nV'f ?for
WlU
'd ,° •th,°
Moard
of API»’a‘sers
of tho
var 'D
Department
of $1,428,063
certain
dock
property
owned by
the
«rVo nnn0rrS?i!.'was stated in tho application to tho Court that
h H'P/ v r h iS su,m
( t*?° applied to tho payment of prin. and int. of
bonds of the Sea Beach R y. C o., all of which are owned by
tho Brooklyn Rapid Transit Co. V. 108, p. 783.
v ORGANIZATION.-Organlzetl Jan. 17 1898. per plan In ’‘Ohronlcle.’ rwV,,,’, P' 1
8u,cceed to.the property of the old Long Island Traction
havingDthBn°h^!2 1,1? ’ a sj-arilcate headed by the late ox-Governor Flower
5ay.n8 then bought control. Is not a railroad corporation, but was orfnrt h ^ n l i Y A ? , 0 flu.slnoss Gorporatlon law of New York to hold the stocks
Ir°ad companle8 and to aid In the construction and equlpment of railroads. On June , 1917 Gov. Whitman signed the Thompson
v!>iir>iYiak ,n^ iVos,s^lb ° khe consolidation of the holding company and its
V Ass F'^rsSi^mhie rint0 f sin.8le P'lblic utlllty corporation. V. 104, p.2342.
by the^Brooklyn^api^Transit sy stem ^ ec^ 3 1 *1 91 gk*48
b° UdN ° Wn6d
S toeks
\tOC,k Pr? ok'yn Heights RR. Co. (par).................
$200,000
Entire capital stock Bkln. Q ns Co. & Suburban R R . Co. (par)
2,000,000
com. stock of the Nassau Electric RR. C o., par
P
8.500.000

6.394.375
i7 nlnf ’
r? f h U*iS^ ^0^000 shares of the 5% non-cumulatlve
IQ?-Sob O?cku0f tbe I? ew. Yo°£k Consolidated RR. Co . par___
4.785.985
of ,}39.-000 shares of the common stock
of the New York Consolidated RR. C o., par
13.430.831
Enttre stock of Coney Island & Gravesend Ry .‘ Co;.' pari I I I ” *
350.000
64 841
047.87 shares of Brooklyn Rapid Transit Co., p a r . . . . ...............
r?cm 8 Eap ^a 8tock
South Brooklyn Ry... par__
600 000
9.800 shart-s out of 10,000 of the American Railway Traffic Co".
" U
(owned by Transit Development C o.), par________
980.000
capital stock of the Transit Development C o., par
600.000
9 °nonh?.re8 of 9*6 Hridge Operating Co., par................................
0„
ulHJ
50.000
2.000 shares of N. Y. Municipal Corp., p ar..
200
000
92o shares out of 1 000 shares of N . V. & Coney Isl. R R . Co” :
100 000
inaI h i? ut oft509 i t e 1’ ! 0"' 1>ark & s °uth Bklyn. It R. C o.
“’
50.000
20,810 sharw out of 29.839 shares Con. Isl. & Bklyn. RR
500 shares Bklyn. & North River RR. Co
" 2,086,500
50.000
100 shares DeKalb Ave. & No. Bklyn. RR. C o I I I I I I I I ...........
in ooo
25 shares Coney Island & Brooklyn Tormlnal C o.............
2
500
2.500
100 shares B way Subway & Home Bor. Car Adv. Co
10,000
27 shares Prospect Park and Coney Island RR. Co. ..........
2,700

JDfoldmds— Inat1 8 9 9 *tA T d n o ieaSiUre««?f State o f Connecticut,’ Trustee
and incl Feb. 1919 8% per9anium ’ 6% per annum: 1910’ 7% : 1911 t0
r ift M 6% bonds Bklyn. Queens Co. & Sub. R R . (par)_______f w ’.OOO’.OOO
EARNINGS. For cal. years 1918 and 1917 and years ending Juno 30‘ 1st
con M Bklyn. Q ns Co. & Sub.(owned by Bklyn. H ’tsO o )
50 000
Railway
Railway Gas & Elec. Interest
8
0
•
5% bonds Brooklyn City RR. (par)_____
*“ i 027 000
Year—
Gross'.
N e t.
Net
& Taxes. Dividends. Surplus. ! « emncdJln,l BoI.
d mtl<0- 4 %- Brooklyn City R R . . .............I -----925 000
1918 -..$151,748
$43,186
$90,315
$64,744
$49,502
$19,252 *Gpld 6% bonds Brooklyn Rapid Transit .
""
g oooo
1917 . . . 148,512
50,170
85,640
54,489
49,502
35,234 Ref mtg 4% bonds Brooklyn Rapid Transit C o____H I ” ......... 21 OSonoo
1916-17.-142,919
41.610
94.307
39,707
47.250
48.960 Ref mtg 4% bonds B R. T. (owned by Nassau EL R R .)
iV a i 000
1915-16.-119.311
40.464
54.728 * 30.500
45.000
19,692 Conso mtg 4% bonds Nassau Elec R B .. . . . . . . . . . . J........... 1 i« i non
Oonsol mtg 4 ^ bonds Sea Beach Ry. (see text above)
”
'flKA'rtilh
T-rail connecting Bristol with F o ^ tv ille . f f a i n ^
_____ 9___
tgl b o n d s ..;..
Jamaica & Brooklyn
mtge.
' .............
652
’n S
8.000
0 ? P 0 KR ^ ? r gauge, 34 cars, 3 snow plows°and ! workcar
N Y. Municipal Ry Corporation .
57.735.000
n o ? IV I p E ^ ' ' F 0ivr ^narl 2r board> Chas. H. Tenney; Pres.. A. B. Ten- Coney Island & Brooklyn first consol, mortgagell
7i13.000
a,000
Asst Treas Dp EA Ai?™ 'dW SeCA- Trea‘V \^Iorris L ’ Tlffany. Bristol, Conn , Coney Island A Brooklyn consol mortgageB B ........................
Brooklyn City & Newtown m o r t g a g e . I I I i : ; ; j ; ; i ; i
732>000
BRISTO L. TENN.
BRISTOL TRACTION CO.
^ , ? ulane,y> former President o f the road, and his associate*
on Sept. 17 1917 purchased tho property at foreclosure sale for X7 n nnn
£ ? ^ .ati° n, 0fi he clty, lines was discontinued a n d itls reportwlthat the carsv ?n oSr^Pd otP,?r equipment will be disposed of. It Is said that the Flolstmi
^ y S fib n e w ill also be discontinued. V. 106, p. 2755 Comnarc v in<?
p. 1801. Tho following bonds wero outstanding against the property: 10° ’

compose guaranty fund for performance of Brooklyn City RR. C o.'s lease’
as t ^ o w 6t^eVL m l , ^ ? ,h i0na’—/ n ,aBr.eernent was reached In May 1912

M ?r?g™ * . 39 9 ^ 0 ($1.000)i _ m i ' ’ 6 \ eo * 1'
0u$ m ^ o S 8 e S t ' ^ ttv
41
callable
at 105. 7k V mil™ *' S. Tnist Co., Washington, D. O., Trustee
PROPFRT>v

a

3

?g|f

5

5

S

g .g

B R O O K L Y N , N. Y.
BR O O K L YN RAPID T R A N S IT — (See Maps, paces 14 and 15)
Receirers/itp.— On Dec. 31 1918 Federal Judge Julius M . Mayer in tho
w'aio P lsfr,ct Court appointed Lindley M . Garrison (former Secretary of
War) temporary receiver ton Jan 15 1919 made p e r S e n f ^-ece^e?

fhpD^b?
t0r ^ a|'JW
pIIesf?urnl^Mrtl|dCTOmpanyIlnT
ship
becamem"
necessary
because
o f the company’s inabilitv to m hwli? i^ ST * t- e
d uo Jan. 1 1919 on $57,735,000 of 7% anefs% notcs and also“
in fre^h
capital for necessary now construction and improvements
V 10 X n 7 ct
On Jan 6 1919 Judge Edwin Louis Garvin In the U s District Poor
denied the application o f a stockholder to have an ancillkrv^ recSVS0*^'




Jo'ntlyby the Brooklyn Rapid Transit an^ the city, are as f o lC s T
t o ^ t h S ^ ^ ^ v ^ r S ? the n °r°u 8 h of Manhattan from tho Battery
Rlva-with
n?i.! i ,>Way,’,and connecting by tunnel under the East
b*tf?nWwimUbffl y ne8 ,n Brooklyn, with rights over the Brooklyn ManJuly 191'$ decldldU
to8 m2k«Hh«ensb0 r°M r,dg^ l JThe Board of Estimate In
under Iho river il!J2 maI<0 th® connection with the Queens lines by tunnel
‘ r ^,Ve/ ,nst?a ° f over the QueensboroBrIdge.com. V. 101 n 155 4
(contract for tunnel awarded In Sept. 1916. V 103 o 1033
Tf
nr
pected to bo completed in 1919. V. 106 p 1795 bnoration of tlm
I^and v?ad
anUV Streetlr°"L
Un,on„
Manhattan?
Coney
island
via they
the cCanal
subway
and Square,
Fourth 1Ave.
sub wav to
Brooklvn

SfC lS : ( 2 V ± r £ SS
N ^ a u M d ® IL l^ ?l’t2 0 nAf2 n f e ^ edI/ feront brM fesm d extended through
r?Hd ,K
Ianhattan. to a connection with the lower East
s (Uhs t
?°d
,4 th Ave. subway In Brooklyn, with extensions to
In operation Aug ° 4
o 7 ° n r ooTo*n S1*? Centre St. loop wore placed
oneratfnn
fmm time to time
^ during tho year
aiu 1914-15
°tber two
placed In
operation rrom
The were
ropnn«trnpfnH
and ^ h lr d Avenue P<?CConey°5siran!Ln ^

k ^

M

T

u

W

^

Mar ., 1919.]

ELECTRIC RAILWAYS

17

formally oponod June 22 1915 to Sixty-fifth Street. The extension
Advertising.— On the expiration of Its contract with the Inter-City Car
to 80th St. was placed In operation Jan. 15 1916. On June 24 1916 the Advertising Co. on April 30 1915, the company decided to handle the adver­
New Utrecht Avo elevated branch o f the Fourth Ave. subway was placed tising, vending and news privileges Itself, and on May 21 1915 the Broad­
In operation as far as 62d St.; on July 29 1916 line was extended to 25th way Subway and Home Boroughs Car Advertising Co. was Incorporated to
Ave. and to Coney Island connection on July 21 1917. Since early in carry out tho plan. Joseph P Day Is Pres. V. 100. p. 1831.
1918 trains over both the West End and the Sea Beach lines are run from
Atlantic Ave. Franchise.— In Feb. 1910 Mayor Mitchel refused to sign the
Times Square at 42d Street all the way to Coney Island.
franchise for a line on Atlantic Avo., Insisting upon the payment of the
(c) Subway lino extending from 6th Avo. and 14th St., Manhattan, franchise tax from which the co. wished to be absolved. Differences also
across Manhattan, under the East River, to North 7th St., Brooklyn, and arose over the Initial payment and the duration of the franchise
thence part subway and part elevated through the Eastern District by Met­ (see V. 101, p. 772).
ropolitan, Bushwlck, Johnson and Wyckoff Avia, to join the Cypress Hills
Fav noble Decision.—On Oct. 2 1915 Supreme Court Justice Erlangor
line. Contract for tunnel undor East River was signed Feb. 29 1916. dismissed the city s suit against the Brooklyn Queens County & Suburban
Construction Is expected to be completed in 1920. V. 108, p. 74.
HR., seeking to collect $829,578 for the operation of the co.'s lines in Brook­
(d) Subway line In Hrooklvn connecting Manhattan Rrtdgp with the lyn and over the Brooklyn and Queensboro bridges, being 5% ($361,753)
Brighton Beach RR. Expected to bo completed in Sept, or Oct. of 1919. of the company s earnings during 1901 to 1907. plus a penalty of $467,253.
V. 108, p. 74, 263.
on tho ground that the city is not entitled to more than its franchise reve­
In addition to tho above, the co. agreed to build several extensions nues and bridge tolls.— V. 101, p. 1271. This decision was affirmed by
as well as third track and make additions and improvements to its then the Appellate Division. Case is now pending in the Court of Appeals.
existing linos, most of which work has already been completed. See
Wage In crea ses.— V. 103, p. 8-13; V. 105, p. 2271; V. 107, p. 401.
V. 105, p. 399; V. 107, p. 703; also under “ Rapid Transit in New Y ork,” in
Mortgages of Constituent Companies to Secure Advances by Brooklyn Rapid
V. 104, p. 257; V. 106, p. 87, 296, 1462: V. 107, p. 2477. Tho cost of con­ Transit.—-In May 1907 the New York State RR. Comm, consented to the
struction to tho city o f lines in tho Dual Rapid Transit System under con­ Sea Beach Ry., the Oanarsle RR. and the South Brooklyn Ry. making
tracts Nos. 3 and 4 (Including both the Interboro and B. R. T. sec­ mortgages of $2,000,000. $2,000,000 and $4.000.000,respectively, tosecure
tions), now under construction, was originally estimated at $164,294,079 certificates of indebtedness Issued by those companies to the Brooklyn
(not incl. allowances for the expenses of tho I’ . S. Comm.), and the total Rapid Transit for moneys advanced for additions, betterments, Ac. In
cost of construction and equipment to the B. It. T. at $65,000,000. but June 1907 Brooklyn Union Elevated authorized a mtge. for $20,000,000
because o f additions to the work and increased costs duo largely to war and the Nassau Electric for $5,000,000 for same purpose: but In July 1908
conditions these amounts will bo exceeded. Tho total cost of tho whole Public Service Commission denied application for the approval of these lat­
undertaking was estimated at $330,000,000 but is now expected to run up ter two mortgages. See particulars V. 87, p. 224. No bonds will be Issued
to about $400,000,000, On tho B. R. T . system about 99 miles of now under any of these mtges., which are created simply to secure the certifi­
track had been added up to Jan. 1918 to the 115 miles in operation in cates of Indebtedness as Issued from time to time. The certificates cannot
1913, tho now facilities representing an investment of over $81,000,000. be Issued at less than par and are deposited under the Brooklyn Rapid
of which $54,000,000 by tho city and $30,000,000 by tho co. See undor Transit first refunding nitge. V. 84 p. 1181, 1240. 1550.
"Rapid Transit In N. Y .” In V. 106, p. 296, 1345, 1795. As of Juno 30
Tarc s . — I n J u l y 1 9 i 8 t h e c o . , o n b e h a l f o f i t s s e v e r a l s u b s i d i a r i e s , a p p l i e d
1918. the N. Y. Municipal Ry. Corp. had expended in contribution to t o t h e B o a r d o f E s t i m a t e f o r a u t h . t o c h a r g e , f o r t h e d u r a t i o n o f t h o w a r
city-owned linos $11,160,502: on account of equip, o f city-owned lines, a n d o n e y e a r t h e r e a f t e r , a 7 - c e n t f a r e o n a l l l i n e s w i t h t h e e x c e p t i o n o f
$11,245,213. and for add'ns, oxts. A impts. of existing lines, $36,094,162
th o s e r u n n in g t o a n d fr o m F lu s h in g , N o r t h B e a c h a n d C o n e y I s la n d , w h e r e
a total o f $58,499,877. Tho 3d track on tho Fulton St. lino botween o l d r a t e s w i l l p r e v a i l , a n d t o c h a r g e 2 c e n t s f o r t r a n s f e r s , n o t r a n s f e r t o b o
Manhattan Jet. and Nostraiul Avo. was placed in operation Dec. 27 1915. I s s u e d o n a t r a n s f e r . V . 1 0 7 , p . 1 8 0 . 2 9 0 , 4 0 1 . O n S e p t . 1 0 1 9 1 8 f i l e d w i t h
On Dec. 23 1916 tho ontiro third-tracking of tho Broadway Elovatorl was t h o 1 . S . C o m m , a s c h e d u l e p r o v i d i n g f o r a 1 0 - c e n t f a r e o n c e r t a i n l i n e s
placed in operation botween Marcy Avo. and Manhattan Jet. Operation w h o r e a l o n g h a u l is g i v e n t o t a k e e f f e c t 3 0 d a y s f r o m t h e f i l i n g o f t h e n o t i c . - .
of tho Liberty Avo. elevated extension was begun Sept. 25 1915. On May
I h o p r o p o s e d i n c r e a s e s a r e b a s e d o n t h e l e g a l r i g h t s a s e x p r e s s e d in t h e
27 1917 tho elovated extension to Jamaica was placed in operation between s e p a r a t e f r a n c h i s e s . ' T h e C o m m i s s i o n s u s p e n d e d t h e p r o p o s e d i n c r e a s e s
Cypress Hills and Richmond Hill. Operation of the Metropolitan Avo. a n d s e t a h e a r i n g o n t h e q u e s t i o n . V . 1 0 7 , p . 1 1 9 1 , 1 0 9 9 .
trolloy lino extending from Dry Harbor Road, Queens, to Jamaica Ave.!
W reck arul D am age. — A w r e c k o c c u r r e d o n N o v . 1 1 9 1 8 o n t h e B r i g h t o n
was begun Sept. 25 1917. On July 2 1918 operation of tho Jamaica Avo'. B e a c h l i n e , r e s u l t i n g i n t h e l o s s o f n e a r l y 1 0 0 l i v e s a n d i n j u r y t o m o r e t h a n
elovated lino from Greenwood Avo. to tho terminus in Jamaica was bogun. l . , 0 p e r s o n s . — V . 1 0 7 , p . 1 8 3 6 .
The new Culver rapid transit lino was put into operalion as far as Kings .
•— ! )n Jan. 3 1913 Increased Its auth. stock from $45,000,000
Highway on March 16 1919. In Dec. 1918 tho Comm, directed tho prepara­
$90,000,000. The new stock was Issued from time to time up to July 1
tion of a final order fixing the status o f this line as a branch of the; Fourth i»}4 . exclusively for the conversion of 4% bonds of 1902. V 90, p. 61.
Avo. Subway. See “ Rapid Transit in New Y ork,” V. 107, p. 2477.
In Feb. 1917 applied to P. S. Comm, for auth. to Issue $299,543 addi­
See N. Y. Municipal Ry. Corp.—organized to carry out company’s tional Brooklyn Queens Co. A Suburban RR. bonds.
agreement with city— on a subsequent page.
Suit A g a in st C ity. — I n D e c . 1 9 1 8 t h e N . Y . M u n i c i p a l R y . C o r p . a n d t h e
The Brooklyn City RR Co Is held under a 999 year lease dated Feb. H N . Y . C o n s o l i d a t e d R y . C o . b r o u g h t s u i t a g a i n s t t h e c i t y o f N e w Y o r k a n d
1893, guaranteeing all fixed charges, organization expenses, taxes and 10% t h e 1 . 8 . C o m m , t o c o m p e l c o m p l e t i o n o f t h e c i t y t r a n s i t s y s t e m i n a c c o r d ­
a n c e w ith t lio c o n t r a c t o f M a r c h 19 1 9 1 3 .
T h e p la in t iffs a lle g e t h a t , n o t ­
div. on $12,000,000 of stock (par $10). The loase Is nominally to the Bklyn
Heights RR. C o., but the Brooklyn Rapid Transit Co. owns the entire cap­ w i t h s t a n d i n g t h e e l a p s o o f 6 y e a r s s i n c e t h e e x e c u t i o n o f t h e d u a l c o n t r a c t s
ital stock of tho Brooklyn Heights Co. In 1898 the Heights Company t h e r e r e m a i n u n f i n i s h e d a n d s t i l l t o b o c o n s t r u c t e d o r c o m p l e t e d 4 7 m i l e s
leased tho Brooklyn Queens County & Suburban RR. The lease was re o t t r a d e o u t o f a t o t a l o f 1 1 5 , a n d 1 9 m i l e s o f r o a d o u t o f a t o t a l o f 4 1 o f t h o
newed year by yoar, rental being fixed charges, taxes and organization ex­ l i n e s w h i c h t h o c i t y a s s u m e d t o c o n s t r u c t b y J a n . 1 1 9 1 7 a n d w h i c h t h o
penses. On July I 1901 the B. Q C. A S. began operating separately again. c o . a g r e e d t o e q u i p a n d o p e r a t e . F o r f u r t h e r d e t a i l s s e e V . 1 0 7 , p . 2 2 8 8 .
On April 1 1899 the Heights Company temporarily leased the Nassau Elec
N ew M o rtga ge.— A t a s p e c i a l m e e t i n g h e l d M a y 2 3 1 9 1 8 , s t o c k h o l d e r s
trie UR. Later permanent leases were made, but on June 30 1904 presuma­ r a t i f i e d t h o c r e a t i o n o f a n o w m o r t g a g e f o r $ 1 5 0 , 0 0 0 , 0 0 0 t o t a k e t h e p l a c e o f
bly in consequence or a decision (V. 79, p. 102) compelling the Issuance of t h o p r e s e n t 1 s t & r e f . m t g e . o f 1 9 0 2 , t o w h i c h i t i s g e n e r a l l y s i m i l a r i n
transfers, the lease of the Nassau Electric RR was canceled.
a m o u n t, ch a ra cter a n d sco p e .
I t is p r o p o s e d t o u s e t h e n e w b o n d s a s
The Brooklyn Heights R li. in April 1899 leased for the period of 999 years f o l l o w s : ( a ) $ 7 , 0 0 0 , 0 0 0 f o r r e t i r e m e n t o f b o n d s i s s u e d u n d e r B . R . T . m o r t ­
the Prospect Park A Coney Island RR .. the Now York & Coney Island RR
g a g e o f O c t . 1 1 8 9 5 ; (6 ) $ 5 3 ,0 3 3 ,0 0 0 f o r t a k i n g u p , e x c h a n g in g o r r e t i r i n g
and tho Prospect Park A South Brooklyn R R ., but tho leases of those com
r ? „ n 3 s „o f c o n s t i t u e n t c o s . ; ( c ) $ 2 7 , 6 2 1 , 0 0 0 t o r e p l a c e B . I t . T . r e f u n d i n g 4 s
pantos wore assigned In March 1907 to South Brooklyn Ry .which had boon
( “ ) $ 2 9 , 6 1 9 , 0 0 0 a s c o l l a t e r a l f o r l o a n s ; (e ) 3 1 , 3 5 0 , 0 0 0 t o r e i m b u r s e t h o c o .
acquired by purchase tn Feb 1902. V. 74. p. 479. In July 1912. however
f o e t h e c o s t o f $ 6 2 5 ,0 0 0 C o n e y I s la n d A B k l y n . R R . C o . c o n s . M t g e . b o n d s .
the South Brooklyn Ry. acquired 495 out of 500 shares of P. 1’ . A So
$ 0 5 0 ,0 0 0 S e a B e a c h R y . C o . C o n s . M t g e . b o n d s , a n d 3 2 0 0 .0 0 0 B k l y n . C i t y
Bklyn. stock and 820 out of 1,000 shares of N. Y. & C. I. (V. 95 p. 47). R R . C o . 1 s t A R e f . M t g e . b o n d s ; ( / ) $ 3 1 , 3 7 7 , 0 0 0 f o r a c q u i s i t i o n s , a d d i ­
and In Oct. 1915 was auth. to purchase the P. P. & O. I. RR. (V 101 p
tio n s a n d im p r o v e m e n t s .
I n te r e s t r a te a n d r e d e m p t io n p r iv ile g e fo r n e w
1464). In Sopt. 1918, howovor, this transaction was still ponding, 't’he b o n d s w i l l b e f i x e d a t t i m e o f i s s u a n c e . S u c h o f t h o b o n d s a s m a y b e d e ­
South Brooklyn Railway owns tho double-track road oxtending from New t e r m i n e d b y t h o d i r e c t o r s m a y b e m a d e c o n v e r t i b l e i n t o t h e c o m p a n y ’ s
York Bay, near 38th St.. Brooklyn, to 38th St. near 9th Ave., Brooklyn
stock .
F o r fu r t h e r d e ta ils s e e V . 1 0 6 , p . 1 9 0 0 , 2 2 2 7 ; V . 1 0 7 , p . 7 0 3 .
and In June 1907 Increased Its stock from $150,000 to $500,000.
N o te E xten sion . — B e c a u s e o f a d v e r s o c o n d i t i o n s e x L s t in g a t t h e t i m e , t h e
Purchase of Coney Island A Brooklyn RR.— In Dec. 1913 the subsidiary c o . f o u n d i t s e l f u n a b l e t o t a k e u p t h o $ 5 7 , 7 3 5 , 0 0 0 s e c u r e d n o t e s w h i c h
Coney Island & Gravesend Ry. received permission from the P. S. Comm
m a tu r e d J u ly 1 1 9 1 8 .
T h e c o . a rra n g e d fo r a n a d v a n c e fr o m th e W a r
to purchase $2,637,000 of the $2,983,900 outstanding stock of the Coney F i n a n c e C o r p . o f $ 1 7 , 3 2 0 , 5 0 0 , o r 3 0 % o f t h e f a c e v a l u e o f t h o m a t u r i n g
Island & Brooklyn RR. V 96. p. 1020. 1088; V 97. p. 1897
n o t e s , f o r a p e r io d o f 3 y e a r s a t 7 % o n th e c o n d it io n t h a t h o ld e r s o f th e
On M ay 21 1904 the Brooklyn Heights Railroad Co. signed an agree
n o t e s e x c h a n g e a t le a s t 7 0 % o f t h e ir h o ld in g s fo r n e w 3 -y e a r 7 % n o t e s
The
ment with tho city for operation of trolley cars over the now Williamsburg c o - a c c p r d l n g l y o f f e r e d t h o n o t e h o l d e r s f o r e a c h $ 1 , 0 0 0 n o t e ( a ) $ 3 0 0 c a s h
Bridge. See V. 78, p. 2013, 2386.
Surface cars began to cross this a n d $ 7 0 0 f a c e a m o u n t o f n o w 3 - y e a r 7 % S e c u r e d G o l d n o t e s , o r ( 6 ) $ 1 , 0 0 0
Bridge In Nov. 1904. V. 79. p. 2084. Later the Bridge Operating Co
fa c e a m o u n t o f n ew n o te s.
H o ld e r s o f o v e r 9 4 % o f th o n o t e s h a v in g a c ­
was formed, with $100,000 capital (of which one-half is owned by the New c e p t e d t h i s o f f e r t h o p l a n w a s d e c l a r e d o p e r a t i v e J u l y 1 6 1 9 1 8 . U p t o
York Rys. Company) to operate local service on the bridge. See V 79
A u g ’A 2, 1 9 1 8 h o l d e r s o f $ 5 4 , 2 6 2 , 0 0 0 o f n o t e s h a d c h o s e n o p t i o n ( a ) a n d h o l d ­
p. 626. Through elevated train service over tho VVIllIainsburgh Bridge was e r s o f $ 1 , 9 6 7 , 0 0 0 o p t i o n ( 6 ) . V . 1 0 6 , p . 2 6 4 8 , 2 7 5 5 ; V . 1 0 7 . p . 2 9 0 , 6 9 4 .
Inaugurated Sept. 16 1908. On Aug. 31 1915 the contracts between the
STO CK A N D BO N D S—
Date. Interest.Outstanding.
Maturity.
companies operating over the Williamsburgb Bridge and the city namely
Q-J
$74,455,159
See text
the Brooklyn Heights RR., the Bridgo Operating C o., the Coney Island & Stock, $90,000,000 ($100)---- - - - - z3,439.000 July 1 2002
Brooklyn RR. and the Now York Railways, as assignee of the Now York Brook Rap Tr 1st ref mtge.f 1902 4 g J-J
$150,000,000, gold. c*Artf( Central Trust C o., N. Y ., trustee. Coupon
City Railways, wore terminated by Bridge Coram. Krackc, but operations
,
,
„
bonds ($1,000); registered ($1,000, $5,000)
aro being continued at the request of the city under temporary permits „ „ m
. T consol and ref mtge/ 1918 6%
See text
19>8
pending negotiations for a new contract. On Nov. 15 1912 the Appellate B
$lo0,000,000------------------- Central Unfon Trust C o., Trustee.
Division o f the Supreme Court, First Dept., affirmed the order of the P S
frommlssion reducing the fare charged over the Wililamsburgh Bridge from Br^ n n c " ^ n rran g0,a ni.tK?;{ A 895 5 8 A-O
16.970.000 Oct 11945
3 to 2 cents, or three tickets for 5 cents. V. 95, p. 1402. 1471.
D ?>7-i?00’®00Y ' ' r ’ 'iJ 8 CA ,Xt f l d Int- at Central Tr. C o.. N. Y .. trustee.
notes $60,000,-1 1912 5 g J-J
605,000 July 1 1 9 1 8
Decision in Suit Against Brooklyn City RR.— On Juno 8 1912 the Appellate B It T secured
($ 1.000). gold
C»tf 1Interest at Central Trust Co N Y trustee
Div. of N. Y. Supreme Court. 2d Dept., handed down a unanimous decision „B 000
R T secured notes $57,735.-/ 1918 7 g J-J
57,230.000 July 1 1 92 1
affirming, to the extent of $1,740,258 principal (with Int. from March 3
000(8100,$500A $ l,000)g t f \Central Union Trust C o., N. Y Trustee
1910, amounting to $1,616,680; total, $3,356,938), the judgment awardod Brooklyn
City RR—
by the lower Court (V. 90. p. 558; V. 80. p. 1174; V. 70. p. I 4 I) In theVuU
K e /u n d
mtge, 1 8 ,9 2 5 ,0 0 0 / 1900 4 g F-A
Z925.000 May 11950
(begun in April 1900) of Brooklyn Heights RR. against the Brooklyn City
($1,000)
....
ntflL ong Island L A Tr Co. Bklyn. trustee.
R R . to recover moneys which the Heights Co. claimed should have been
1st consol M .$6.000.000ntf 1891 5 J-J
1/4,373.000 July 1 1 9 4 1
expended by the lessor In fulfilment of the terms of the lease of Feb 14 1893
Heights Rli first/ 1891 5 A-O
250.000 Apr 1 1941
but modified the Judgment of the lower Court by excluding Interest leaving Brooklyn
mortgage $250,000 . . . . tf Int. at People's Tr. C o.. Brooklyn, trustee.
the amount of tho modified Judgment $1,740,258. V. 94, p. 1 5 0 5 1625K Brooklyn
Queens Co A Sub/ 1894 5 g J-J
e l.500.000 July 1 194 1
Both parties to the litigation then appealed to the Court of Appeals'
first M . $3,500,000 .n tflG u a r. Trust C o., New York, trustee
Brooklyn City Ry. In July 1910 reduced Its dividend to 2% quar. u of 1%
First consol M guar p A if 1894
5 g M-N m2.834.000 July 1 1941
being retained quarterly aud set aside in a special rund. V. 91 p 9 3
(end), $4,500,000..-ntfjC entral Trust C o., New York, trustee
Oct. 23 1913 agreement of settlement was executed by the Brooklyn 'Heights
Jamaica
A
Brook
RR
first/
1889
5
g J-J
/232.000 Jan 1 1930
R R . and tho Brooklyn City RR. providing for the payment of $1,650 000
mortgage. $246.000... tflCentral Trust Co ., New York, trustee.
o r which $900,000 was paid in cash on Nov. 1 1913 and tho balance was Brooklyn Union Elev 1st M .l 1899 5 g FYA
15.967.000 Feb 11950
payable in quarterly installments of $50,000 with lnt. at 5% (see annunl
guar. $10,000,000...— tf \Int. at Central Tr. C o., N. Y., trustee.
report for yoar ending June 30 1914 In V. 99, p. 348). Payments ' how­ Kings
Co Itlev first mtge.f 1899
4 g F-A
7 000 000 Aue 1 1Q49
ever, wero anticipated and the last $200,000 was paid during the 0 months
$7,000,000(31
at Central Trust C ^ S y . trusts
ending Dec. 31 1915. In July 1917 tho co. resumed the payment of the Nassau El RR 000),g(gu)ntf)lnt.
Co
cons
M
f
1898
4
g
J-J
p
10
347 000 Jan 1 1951
full 10% dividend.
bonds ($1.000).$15.000.-/Guaranty Trust Co./ST Y ^ trustee. Bondi
Tho Transit Development Co. was organized In April 1903 under the
000 ------------------- c*Artf guar, by end. by Bklyn. Heights R R .
First mtge bonds (closed) tf 1894 5 A-O
Business Corporation Law, with $25,000 capital, and Is owned exclusively
660.000 Apr 1 1944
In tho Interest of the Brooklyn Rapid Transit Co. It Is authorized to
Hamilton Trust C o., N . Y ., trustee.
manufacture and sell power and to do general contracting work
On Atlantic Ave. gen mortgage 1891 5 g A-O
C2,241,000 Aor 11931
gold (closed
ntf
March 1 1907 special arrangement was made by which tho company furnfshes
. lT
,
, )_______
----------------.Brooklyn
Trust Co., trustee.
power and takes charge of the maintenance and repair of all the railway
Atlantic Ave Improvement,/ 1894 5 g J-J
220,000 Jan 11934
properties In the Brooklyn Rapid Transit system. Including their equip­
...........tflCentral Trust C o., New York, trustee.
„ 8°,ld (closed)
ment. V. 84. p. 569. In June 1907 capital stock was increased to $500 000
B - B_j *
E. general( 1893
5 g A-O
121,000 Oct 11933
The Transit Dovelopmont Co. in Dec. 1913 acquired a tract of about
gold, $121,000.............tf Franklin Trust C o., N. Y .. trustee
90 acres In tho Gravesend section of Coney Island. V. 98. p. 72
Tho N Y Mun Ry Corp 1st Mtge 1912 5 g J-J
n2,265.000 Jan 11960
requirement to supply a power-generating plant for the operation of rapid
$100,000,000 ($1,000 and Interest at Central Trust C o.. New York.
transit lines having boon suspended by tho city, arrangements have been
$500) gold...............c*A rtf , Trustee.
made with tho Interborough Rapid Transit Co. and with tho Transit De­ Coney Isl A Bklyn 1st consol
velopment Co. for purchasing power In Manhattan and Brooklyn respec­
M $2,000.000 gold----- n tf IMercanttle KTrust Co.VNew*°York '^Trustee8
tively. Tho Transit Development Co. is accordingly largely increasing
its generating capacity.
8
Special Franchise Tax Settlements.— For decision allowing for obsolescence
Bklyn City A Newtown/
1889 5 J-J
51.993,000 July 1 1 9 3 9
In fixing special franchise tax, see V. 91, p. 1511. For settlement of taxes
„ 1st M $2,000,000..-ntflM ercantile Trust C o.. New York. Trustee
for years 1907-1912, Inclusive, see V. 102, p. 1162.
Real estate mortgages------- -------5%
409,502 .....................
Universal Transfers.— On Mar. 27 1914 Public Service Commission Issued
Rental payments in addition to payment of fixed charges—
an order providing for a universal system of transfers among surface Brooklyn City HR. stock $12,000,000. l6% Q.-J. 15. 999 yrs.$ 1,200.000
lines In Brooklyn, and this was accepted by the several operating companies Prospect Park A Coney Island R lt., yearly rental____________
45,000
In the Brooklyn Rapid Transit System, and became effective June 1 1914
, „ £ At!antlc Avenue general mortgage 5s of 1931 were subject to call In
The now onlor mado a total of 1,008 transfer points, as against 721 before 1909.
but many or them (how many Is not known) have been stanmed
the ordor became offoctlvo. V. 98, p. 911, 1070, 1692.
releasing them from the liability to call.
e ’




18

ELECTRIC RAILWAYS

d The Centra] Trust Co. o f New York was trustee of this mortgage until
Oct. 1903. when Colonial Trust Co. (since consolidated with Trust Co. of
America— latter being merged Into Equitable Trust Co.) was substituted.
e Not including $2,000,000 held by Brooklyn Rapid Transit Co.
/ Not Including $8,000 owned by B. R. T . Co.
h Not Including $7,000 held In treasury.
* Not Including $732,000 owned by B. R . T. Co.
/ Not including $30,000 owned by B. R. T. Co.
m Not including $50,000 owned by B. R. T . Co.
n Not including $57,735,000 owned by Brooklyn Rapid Transit Co.
p Not including $1,161,000 owned by B. It. T . Co.
s Not including $13,000 held In treasury.
I Entire amount owned by Brooklyn Rapid Transit Co.
y Not including $1,627,000 owned by B. R. T . Co.
e Not Including $24,182,000 owned by B . R. T . Co.
Stock.— In the reorganization of the Long Island Traction, the old $30,­
000,000 stock paid an assessment of $10 per $100 share, the old stock being
reduced to $20,000,000, and $7,000,000 o f 6% bonds being authorized,
against $3,000,000 o f Long Island Traction. $64,840 stock in addition
to amount reported outstanding is hold in treasury.
Dividends.— First div., 1% . paid April 1 1909; July, 1% ; Oct., 1% . In

paid during life o f 3-year notes.
Interest on Bonds. Where Payable.— Interest on the Brooklyn Rapid
Transit mortgage of 1902 for $150,000,000 and the two Elevated Issues is
payable at the Central Trust Co.; on the Brooklyn City R R . refunding bonds
at company’s office; on the Nassau Electric bonds. Including Atlantic Ave­
nue anu West Endlssues, at the Central T r. C o., N . Y .; on the Brooklyn
Queens County & Suburban mortgages and the Jamaica & Brooklyn first
mortgage at the Brooklyn Trust Co.. Bklyn. On the B. R. T. secured
notes or 1912 and on N. Y . Mun. Ry. Corp. 1st M . bonds at Central Trust
Co. Int. on all Coney Isl. & Bklyn. bonds is payable at Central Trust C o.,
N. Y . On Bklyn. Heights R R . 1st M . at Peoples’ Trust C o.. Bklyn.
Secured Notes.— The new notes aro secured by pledge of an equal amount
of First Mortgage 5s of Now York Municipal R y. Corp. and by $29,­
000,000 Consolidated & Refunding Mtge. 10-year 6% bonds. The in­
denture also provides for the exchange of the $10,000,000 B. It. T . Ref. 4%
bonds pledged as security for the old Issue for new 10-year 6% Consol. &
Ref. bonds as soon as the Ref. 4s can be released from the old Indenture.
During the life of the notes the co. may pay no dividends upon its capital
stock in cash or in securities or scrip unless such securities or scrip shall rank
subsequent to rights of noteholders. The notes aro red. all or in part on
any int. date on 30 days’ notice at a premium of H % for each 6 mos. which
tho notes may still have to run at the date o f redemption. V. 106, p. 2755.
The old notes are secured by pledge o f equal amount o f 1st M . 5s of the
New York Municipal Ry. Corp. and $10,000,000 B. R. T . 4% ref. bonds.
See V. 94, p. 1964, and V. 101, p. 1188.
Mortgage for $150,000.000.— Stockholders authorized March 20 1902
first refunding 4% gold convertible bonds for $150,000,000. $59,179,000
were reserved to retire bonds Issued, or to be issued, under mortgages of
in bonds or thoir proceeds be at all times at the disposal of tho company
for the purposes mentioned. See V. 74, p. 377. As this fund is re­
duced for any of the purposes authorized, more bonds may be authenticated
by trustee and delivered to the company on its order. These bonds were
convertible Into stock, par for par, before July 1 1914, and $29,619,000 were
so converted. They are subject to call on any Interest day until the year
2000 at 110 and Interest; after that at par and Interest. See listing applica­
tions In V. 81. p. 1856.1857. for list or securities pledged for the bonds; also
listing applications In V. 82. p. 517: V. 83. p. 1122; V. 85. p. 1623; V. 86.
p. 923: V. 90. p. 786.
Bonds.— Of the $7,000,000 50-year gold 6s of the Brooklyn Rapid Transit.
$3,000,000 went to stockholders for assessment. For description or prop­
erty covered by the mortgage, see V. 62, p. 1138. See also V. 67, p. 901.
Brooklyn City RR. mortgage of 1891 is for $6,000,000 and Is a first lion
on the old Brooklyn City road and a consolidated lien on the lines acquired
by consolidation In 1890. Of the $6,000,000 Issued, $4,373,000 are in the
hands of the public and the balance is held in the guaranty fund. The
bonds are subject to call.
Stockholders of the Brooklyn City RR. July 10 1906 authorized a new
mortgage for $6,925,000 to provide ror refunding. V. 82, p. 1437. These
bonds are subject to call at 110 and Interest.
The total authorized Issue of first consolidated mortgage gold 5s of the
Brooklyn Queens County & Suburban RR. Is $4,500,000, of which $1,616.­
000 are reserved for extensions, on which they will be a first lien. Of the
$2,884,000 outstanding. $2,255,000 in 1898 were endorsed with the guar­
anty or the Brooklyn Heights RR. Co. as to prin. and interest, and In Jan.
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.
The $650,000 Sea Beach Ry. 4% bonds due Sept. 1 1916 were taken up
at maturity by the B. R. T. V. 103, p. 843. Tne B. B. & W . E. 1st 5s.
due April 1 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 RR. Besides covering the mileage directly owned
they are a lien by a supplemental agreement upon the stock of the Coney
Island & Gravesend Ry. and will become a direct lien on this line should it
become merged In the Nassau Electric. Of the total of $15,000,000 bonds
authorized, the unissued remainder ($3,242,000) Is for prior liens. See
listing application In V. 72. p. 342.
In Dec. 1918 it was announced that tho Brooklyn Union Elov. 4-5%
bonds and tho Kings County Elev. 4% bonds would bo guaranteed upon
presentation on certain dates during tho year of 1919 by the Brooklyn
Heights RR. Co. V. 107, p. 2475.
Coney Island A Brooklyn Bonds.— Of the $10,000,000 bonds auth. by
mtge., $4,000,000 are reserved for prior lions and $3,768,000 are reserved
for ext. and Imps. No sinking fund, and bonds cannot be called.
MILEAGE.— The system includes:
..
„
,
First
Second Sidings,
Total
Name—
Track.
Track.
&c.
Miles.
Brooklyn Heights RR .......................... 3.156
1.851
0.198
5.205
Brooklyn City R R ...............
106.901
101.941
23.076 231.918
Bklyn. Queens Co. & Suburban R R .. 29.712
28.987
3.223 61.922
Nassau Electric RR............................. 69.323
67.564
7.507 144.394
Coney Island & Gravesend Ry.......... 3.950
3.188
.348
7.486
South Brooklyn Railway___________
.459
.459
4.468
5.386
Prospect Bark & Coney IslandRR____ 9.281
8.399
8.327 26.007
Coney Island & Bklyn. R R ................ 22,844
22.156
7.039 52.039
New York Consolidated RR. and
„ ,
New York Municipal Ry. Corp____ 50.004
49.974
41.703 141.681
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 Wiillamsburgh Bridge—
Surface lines....................................... 1.741
1.741
.218
3.700
N. Y . Mun. Ry.— Lessee City of N .Y . 22.434 22.386
20.002 67.822
Total miles operated.........................323.369 312.115 119.340 754.824
EQU IPM EN T, June 30 1917.—4.885 cars. Closed cars, 1,590; open
cars. 1,178; convertible. 669; semi-convertible, 892; mlscell., 556; total,
4,885. On Dec. 14 1916 tho P. S. Comm, ordered the co. to provide by
not later than Feb. 1 1918, 250 new surface cars o f the centre-entrance,
stepless typo, with seating capacity for 58. V. 103, p. 2340. The com­
pany protested and a re-hearing before tho P. S. Comm. In Feb. 1918
resulted in a compromise agreement for the immediate purchase of 100
large subway and elevated cars and 50 surface trailer cars and the con­
version o f 100 centre-ontrance cars for multiplo-unlt operation, at a total
cost of more than $3,000,000. V. 106, p. 714. Proceedings to compel
full compliance with original order were adjourned until Oct. 1918, the
Commission reserving all its rights. In Oct. 1918 the Commission denied
the co’s application for tho modification or postponement of tho order. On
Dec. 5 1918 Justice Russell Benedict in tho Kings County, N. Y ., Supreme
Court issued, upon application by tho N. Y . P. S. Comm., writs of man­
damus requiring tho co. to purchase the 250 cars as specified in the Com­
mission’s order. V. 107, p. 2187. Compare V. 107, p. 1919. On Dec.
19 1918 Supremo Court Justice Russell Benedict granted the co. an exten­
sion to Nov. 1 1919, by which time the co. must havo tho 250 cars in actual
operation. V. 107, p. 2375.
REPORT.— Annual report for 1917-18 will be found In V.107.p. 691,703.




[Vol. 108.

INCOME ACCOUNT BROOKLYN RAPID TRANSIT AND CON­
STITUENT COMPANIES— YEARS ENDING JUNE 30.
1918.
1917.
1916.
1915.
Passengers carried.........771,044,274 760,519.397 728,465,567 689,822,507
Revenue—
Transportation............... $29,879,309 $28,992,111 $27,557,279 $26,096,265
Miscellaneous.................
627,188
511,908
391,493
331,421
T o ta l........................... $30,506,497 $29,504,019 $27,948,772 $26,427,686
Expenses—
Maintenance of w a y ... $2,480,439 $2,505,288 $2,485,421 $2,391,815
Malnt. of equ ipm ent... 2,632,885
2,496,349
2,508,370
2,401,841Operation or power plant 2,667,809
2,041,617
1,725,308
1,553,178
Operation of cars........... 8,044,547
7,583.622
6,942,972
6,532.265
Damages & logal expense 1,194,715
1,040,685
925,121
922,260
General expenses______
811,023
768,991
797,652
819,754
Freight & mall expenses
280,100
304,666
302,103
338,414
Amer. Ry. Traf. Co.exp.
2S8
199
6,961
854
Taxes............................... 2,443,652
2,351,104
1,837,683
1.700.035
T o ta l........................... $20,555,457 $19,092,521 $17,531,591 $16,660,416
Net earnings................... 9.951.040 $10,411,498 $10,417,181 $9,767,270
Other income.................
407,729
427,815
438,706
438.715
Total income............... $10,358,769 $10,839,313 $10,855,887 $10,205,985
Fixed charges (net)____ 6,246,715
5.644.074
5,244,055
4,693.424
Surplus......................... $4,112,054 $5,195,239 $5,611,832 $5,512,561
D ividen ds..................... (3)2,233.659 (6)4,467,318 (6)4,467,318 (6)4,467,318
$727,921 $1,144,514 $1,045,243
Balance......................... $1,878,395
Latest Earnings.— For years ending Dec. 31:
.
Cal. Yr.
Cross.
Net.
Oth.Inc.
Taxes. Int.&Rents. Surplus.
1918.. $30,982,034 $10,946,244 $414,566 $2,613,750 $7,263,244 $1,483,816
1917.. 30,085,287 12,873,402 406,187 2,257,292 5,942,989 5,079,308
OFFICERS.— Gen. Mgr. under Receiver, Frod’k P. Royco; Chairman of
Board, Nicholas F. Brady; V.-P. & Treas., C. D. Meneely; V .-P ., John J.
Dempsey; Sec., J. II. Bennington; Comp., Howard Abol. Offices, 85 Clin­
ton St., Brooklyn.— V. 107, p. 1384, 1669, 1836, 1919, 2187, 2288, 2375.
2475; V. 108, p. 76, 170, 263, 373, 377, 478, 573, 578, 877, 1164.
COMPANIES CONTROLLED BY BROOKLYN R A PID TR AN SIT CO.
(1) New York C onsolidated RR.
Receiver Appointed.— See Brooklyn Rapid Transit above.
ORGANIZATION.— Incorp. at Albany on N ov. 30 1912 as a consolida­
tion of the Brooklyn Union Elevated R R ., Sea Beach Ry. and Oanarsie
RR. V. 95. p. 1608. Brooklyn Rapid Transit owns or controls $13,430,­
831 out of the $13,900,000 common stock and $4,785,985 out of the $5,­
000,000 preferred stock.
., .
Owns all the outstanding stock of the N. Y . Municipal Ry. Corp. (which
holds the contracts made with the City of New York fn 1913 for the opera­
tion of subways. &c.) and guar. Its bonds, p. & I., Jointly with B. R .T .
Lease.— All rights, &c.. of the N. Y. Municipal Ry. Corp. under Its con­
tract with the city have been leased and assigned to tho New York Consoli­
dated R R . For terms, see statement of N. Y . Municipal Ry. Corp. below.
The New York Consolidated In 1915 leased for 999 years the Nassau
Electric R R .’s terminal at Conoy Island, tho consideration being $226,000
upon delivery o f lease and $100 per annum from Aug. 1915 which theNew
York Municipal Ry. Corp. was authorized to charge against the cost of
construction under the dual system contracts. See V .101,p.447. Con­
tract for construction o f new terminal was let In March 1916. Two tracks
aro in operation from Sheepshead Bav to Culver Terminal. It is believed
that tho entire terminal willbo ready for uso early in 1919 with tho exception
of tho connection with the city-built Culver lino. Tho latter was put in
operation as far asr Kings Highway on Mar. 16 1919 and will finally operate
as a branch of tho Fourth Avenuo subway. V. 107, p. 2477.
Favorable Decision— In April 1918 the Appollato Division of tho Supreme
Court upheld tho decision or Supreme Court Justlco Erlanger In April 1916,
holding that under tho contract with the city, dated March 19 1913, tho
company was relieved from the obligation of paying tolls for the operation
of cars over tho Wiillamsburgh Bridge. V. 106. p. 1576.
.
Division of Earnings with City.— As the New York Consolidated holds,
under assignment and lease, all the rights acquired by the New York Munici­
pal Ry. Corp. In the latter’s contracts with the city, all the earnings will
accrue to it. The division of earnings will be on the following basis:
1. T o the company. $3,500,000. as representing the not earnings o f the
previously existing railroads which went to form part of tho now rapid
transit system. Out of this reservation tho company pays interest charges
on capital investments prior to Mar. 19 1913 In tho then existing railroads.
2. T o the company, 6% on its new investment In construction and equip­
ment prior to the beginning of permanent operation and thereafter Interest
and 1% sinking fund.
. .
^
„
3. T o the city, interest and 1% sinking fund on its investment in cost of
construction.
. .
. . .
j
.
4. Any surplus remaining, after making provision for a moderate contin­
gent reserve fund. Is to be divided equally between the company and the
city. The company’s preferential payments are to be cumulative.
Results of Temporary Operations of Lines Under Contract with the City.
Year end.
Year end. Aug. 4 13 to
June 30 ’ 18. June 30 '17. June 30 '18.
Total revenues...................................... $13,057,406 $11,371,282 $50,723,755
Total deductions...................................... $8,296,955 $7,012,831 $31,439,352
Company’s prefcrentials____________
5,166,201
4,608,823 20,727,431
T o t a l .................................................. $13,463,157 $11,621,654 $52,166,783
Deficit in company’s prefcrentials___
$405,751
$250,372 $1,443,028
Interest paid by city on its cost of con­
struction of property placed in op­
eration plus sinking fund of 1 % ___
1,428,610
2,238,516 4,985,854
Total deficit________
$1,834,361 $2,488,888 $6,428,882
Deficits in city’s charges during temporary operations to bo 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.
Com stock. $13,900,000 ($ 1 0 0 )___
Q-M
$13,900,000 D e c ’ 18 134
Pref stock, $5,000,000 ($100)...........
Q-M
5.000,000 D oc’ 18 IK
Bklyn Un El 1st M ,$16,000,-( 1899 5 g F-A
16,000.000 Feb 1 lOoO
000, gold. 4% till 1905,(Interest at Central Trust C o., New York.
since5% ($1.000)...........t fl Trustee.
Kings County El 1st M , gold,/ 1899 4 g F-A
7,000,000 Aug 1 1949
$7,000,000 ($1,000).c*ntf\Int. at Central Trust C o., N . Y .. Trustee.
Bonds.— Bonds of the Brooklyn Union and Kings County Elevated R R .
companies are guar. p. & 1. 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. The
$660,000 Sea Beach Ry. 4% bonds due Sept. 1 1916 were taken up at ma­
turity by the Brooklyn Rapid Transit Co.
DIVIDENDS.— The first dlv., of 2 % . on the old Bklyn. Union Elevated
R R . pref. stock was paid June 29 1901: in 1902 and 1903, 3% ; in 1904,3K %
In 1905. 4% : In 1906. 4 K % : in 1907 to 1911, lncl., 5% per annum; In 1912
com.,_________
1st dlv., 5%
June, 214%; D ec.. 6‘ %' . On
_______
.. . paid
.
„June 10 1910; D ec.,
In 1911, 5% . In 1912, June. 2 K % ; D ec.. 6 % . „
„
In Nov. 1912 became part of the N. Y . Consol. R R . Divs. on both
classes of stock of the latter have been as follows; In 1913. June. 5% ;
Sept., 1 K % : Dec., 1 K % • I n l9 1 4 ,8 K % - In 1915 to and lncl. July 1918
at the rate of 10% per annum. In Sept. 1918 and since 1 K % quar. has
been paid on both classes of stock.
. . . . ___ _
ROAD.— Embraces 209.503 milos of rapid transit track, of which 67.822
miles are leased. The New York & Brooklyn Bridge has 3.755 miles of
track in addition. When all the lines embraced In contract with the city
havo been completed, will consist of approximately 285 miles of track, in­
cluding trackage rights over the Astoria and Corona (Queen* County) line*
enjoved mutually with the Interborough Rapid Transit On.
OFFICERS.— rres.. John U. Iiallock; V.-P. & Treas., O. D . Meneely;
Sec.. J. H. Bennington; Comp., Howard Abol.— V. 103, P. 884.
(a) New York M unicipal Railway C orporation. ( S e e Map page 15.)
Receiver Appointed.— See B. R. T . above.
ORGANIZATION.— Incorp. In N . Y. on Sept. 27 1912 to operate the
enlarged transit system (elevated roads and subways) covered by the agree­
ment between the company and the city, and to construct and own such
parts of the system as are scheduled for private rather than public owner­
ship. V. 95, p. 818. The lines to bo constructed by tho cltv aro leased to
tho company for a period of 49 years from Jan. 1 1917 and aro operated
by the company in connection with tho previously existing railroads of tho
New York Consolidated RR. Co. (as enlarged and oxtendod) as one system,
and for a single fare. The city-constructed linos may be rocapturod by the
city after 10 yoars upon payment to the company o f a fixed percentage of
the latter’s investment in construction and oqulpmont (115% at tho end of

•>M%.

Mar . 1919. J

ELECTRIC RAILWAYS

10 years and a gradually diminishing amount In succeeding years), so that
the company will receive an amount which, with the accumulations or Its
•Inking fund, will at least make good Its investment.
In March 1913 the P. 3. Commission approved a contract with the Brook
lyn Heights RR. for tho use of the Luthoran Cemetery line. This line was
elevated and was placed in operation Feb. 22 1915. V. 100. p. 732.
LEASE TO N . Y . CONSOL. R lt.— On Mar. 20 1913 tho P. 8. Comm,
sanctioned the lease and assignment to the N. Y . Consol. R R . or all rights
under the contract with the city respecting new rapid transit lines. (See
V. 90, p. 300, 947). The company also transferred to tho N. Y . Consol.
R R . the certificates for extensions and additional tracks, as well as certain
real estate In Rrooklyn and the above-mentioned contract with the Brooklyn
Holghts RR. regarding the Lutheran Cemetery lino. The lease calls for
0% dividends on the N. Y , Municipal Ry. 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 o f requiring
the Consolidated Co. to do so on reasonable notlco.
In August 1913 th •P. S. Commission granted authority to Issue $400,000
additional stock, of which $100,000 was Issued In April 1915. Up to Dec. 31
1918 only $200,000 stock out. all owned by New York Consolidated RR.
In March 1910 the co. applied to P. S. Cfomm. for auth. to Issue $097,500
additional stock to reimburse the B. II. T. for commissions and foes for
counsol paid out in connection with the dual subway systom financing
Still ponding.
B
Default on Bond Int.— See B. R. T . above.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Stock. $2,000,000 ($100).................... All owned by N . Y. Consol. R R .------ First mortgage, $100,000,000/ 1912
5 g J-J
$2,205,000 Jan 1 1900
($1,000 Sc $500), g.c*& r_tf I Int. at Central Trust C o., N. Y .. Trustee.
Bonds.— Guar., p. Sc 1., by B. R. T . and N . Y. Consol. R R.$ 80,000,000
were Issued and pledged as security for B .R .T . secured notes. $2,205,000
o f said notes wore converted into bonds o f this Issue. Right o f conversion
terminated Jan. 1 1918. Semi-annual sinking fund began July 1 1918
(minimum, .3175%: maximum, 44%). Bonds are subject to call as t
whole, but not in part, except for sinking fund, at 10744 on 90 days’ notice
Soo V’ A2i:.p L'^ ed °n N. Y. Stock Exchange In Juno 1910. V
102. p.2255.— V. 90. p .3 0 0 ,803, 947, 1773: V. 101,p.2072; V.102, p.2255
(2) Nassau Electric R ailroad.— A trolley road.
O R G A N B A T r o N .-Chartered Mar. 13 1893 under the laws of New
XS.rkV Opened in July 1895 and In April 1890 leased the Atlantic Avenue
* c - r A 8,,8™ ted above, the Rapid Transit Co. owns or controls all
o f the $8,500,000 common stock o f the Nassau Electric and $0,394,375
out of the $0,500,000 preferred Btock.
Was formerly loased for 999 years from April 1 1900 to Brooklyn nolghts
Railroad, but, colncldently 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 above and under Brooklyn It. T. Co. In V. 101, p. 447
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
Common stock. $8,500,000-.. ...........................
$8,500,000
Preferred 4% cum. $0,500,000 -----M -N
8.500.000
"aee’texc
Bonds.— For details see Rapid Transit statement above.
ROAD,— Embraces 144.394 miles of single track.
Atlantic Avenue R R . (now part o f Nassau Electric) owned the double
track steam road (since converted to electricity) from Jamaica to Flatbush
Avenue Station in Brooklyn, 944 miles (19 miles of track), which Is leased
for 99 years from Juno 1 1877 to the Long Island RIt. Co., affording that
company entrance into the city o f Brooklyn— rental, formerly a percentage
of receipts, was changed in 1895 to $00,000 yearly. V. 01, p. 828. Liti­
gation has arisen with Long Island RR. regarding tho 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 takon no action
looking to the exercise of the right.
, D IV ID E N D .— First dlv. 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 o v .2 % .
In 1910and 1911,4%: In 1912, May, 2% ; N ov., 2% rog. and 4% on account
of arrears.
In 1913, M ay, 2% ; N ov., 4 % ; in 1914 and since. 4 % .
(3) Coney Island & Brooklyn RR.
In Dec. 1913 the Coney Island & Gravesend R y . (subsidiary o f the Bklyn.
Bap. Transit) received permission from the P. S. Comm, to acquire 20,370
snares o f the stock o f this company. Coney Island Sc Gravesend Ry. owns
$2,037,000 and the B. It. T. $49,500 o f tho c o .’s stock. Bklyn. Rap. Tran.
Co. owns $025,000 consol, mtge. bonds o f 1904.
ORGANIZATION,— Chartered Dec. 10 1880. Cars commenced run­
ning over the Brooklyn Bridge Feb. 15 1898. See V. 00. p. 383.
, J&;ookly.n
Newtown was leased In Nov. 1897 for 999 years. In
1900 acquired all the stock o f that company, but legal proceedings com ­
pleting merger with Conoy Island & Brooklyn were not effected until 1910.
STOCK AND BONDS— Dale.
Interest.
Outstanding. Last die Ac
Stock, $3.500,000 (par $ 100). . . . . . 0 Q-M $2,983,900 J u n e’ 1 ^ 'l H
„9£n52I,ldatod mortgage/ 1898 4 g J-J
xl,987,000 July 11948
$2,000,000, g o ld ...........n tf 1 Mercantile Trust C o., Now York, Trustee
Consol mortgage,$10,000,000/ 1904 4 g J-J
j / 2 , 125,000 Jan 1 1955
gold ($1,000).............. c * tf l Mercantile Trust C o., Now York, Trusteo
Brooklyn City Sc Newtown/ 1889 5 J-J
*1,993,000 July 1 1939
first mort $2,000,000..ntflM ercantlle Trust C o., ft. A , Trustee
Real estate mortgages------------------5%
288,002
x Not Including $13,000 held In treasury.
V Not Including $107,000 held In treasury.
t Not Including $7,000 owned by O. I. 4c B. R. R. Co.
Bond Interest.— Int. on all above bonds payablo at Cent. Tr. Co N Y
the *10,000,000 consol, mtge. bonds o f 1904 auth. by mtge '
$4,000,000 are reserved for prior Hens and $3,708,000 are reserved for exts!
and Impts.; $107,000 in treasury. No sinking fund and bonds cannot be
cal lea.
ROAD.— First track, 22.844 miles: 2d track, 22.150 miles: mlsc track
°Por;'„^?-Q3'J rniios. 400 passenger and 20 service cars!

V
’d
1904
there­
after
___________ w/wi___ | u %
Dec., 3 % . In 1910 and 1917 0% . I n 1 9 1 8 , M ar., 1 4 4 % ; ’ J u n o , ’ \ 'A % .
Nono since.
OFFICERS.— Pro)., J. J. Dompsoy; V.-P. 4c Troas., O. D. Monooly;
Sec., J. II. Bennington: Comp., Howard Abel.— V. 9 8 d 2 3 5 3 0 3 3 StP
V. 99. p. 1 2 1 4 : V. 1 0 0 . p. 9 2 4 .
5 ’ P’
. ’ JU J’
(4) Prospect Park & Coney Island RR.

ORGANIZATION.— In Oct. 1915 the P. S. Comm, auth tho South
B rM W ynR y- (controlled by B . R . T . ) to purchase at $200 per sharo the
1.70814 shares owned by the L. I. RR. and tho minority holdings from time
to time as offored. V. 101, p. 1484. In March 1919 this transaction
was still ponding. Road has been operated under lease at an annual rental
of $45,000. In consideration o f a guaranty by L. I. RIt.. annual int. on

STOCK AND BONDS—
Stock. $100.............................
Second mortgage, now first
($1,000 each)...............c*4cr
Third mortgage, now second,
gold ($1,000 each)__ c*4cr
Interest on above mortgages

Date.

Interest.
Outstanding, Maturity.
$250,000 __________
1880
444 F-A
340.000 Fob 1 1920
1880
8 F-A
100.000 Fob 1 1920
1891
90,000 Mar 1 1931
1891
a gr M -S
104.000 Mar 1 1931
payable at office of Treasurer of Penn RR
N . Y . City.
’
’’
Income bonds, non-cum......... 1880
0 M-N
250 000 Mav 1 iqoo
- ROAD.— Embraces 9.281 miles o f first track 8.399 m second tra?k
8.327 m. sidings, 4cc.; total, 20.007 miles.
ra’ Secona track
EARNINGS.— Now Included In those of B. R. T .__V. 101, p. 1371.

MANHATTAN BRIDGE THREE-CENT LINE.

ORGANIZATION.— Incorp. in New York. Began operat’g In Sept. ’ 12.
Franchise to operate from Flatbush Ave (Brooklyn) to Manhattan ap­
proved by the P. 8. Comm, on Aug. 14 1912.— V. 9 4 .p. 912: V 95 d 420
For two decisions handed down by tho Appellate Division of the Supreme
Court favorablo to the co., see V. 97, p. 1733. Seo also V. 108 d 1797
STOCK.— Authorized. $1,000,000; outstanding. $450,000. ’
Dividends.— Initial quar. dividend of 144% paid Mar. 1914 (V. 98 d 523) •
saino rato quar. to and Incl. March 191G. None to Juno 1918 whon l u %
was paid. Santo rate has b.-en paid regularly quar. since ’to and incl
Mar. 1919.




19

..r^WA*5-— Operates 4.14 miles of track from Canal St. and Bowery.
N. Y ., over Manhattan Bridge, through Flatbush Ave. extension to Ful­
ton St.. Bklyn. 12 cars.
\ear end.
Gross
Net
Other Tates.Rents. DidBalance.
June 30— Earnings. Earnings. Income. Amort.,Ac. dends.
Sur. or Def.
1917-18...$134,420 $46,118 $2,024 $24,940 (144)$5,625 sur.$18.177
J.AMHZ---- 134,741
42,409 1,055
20,146
............. ..
sur. 23,918
1915-10... 128.670
16,962 2,070
24,130 (444)20,250 def. 25.354
_ Total.surplus June 30 1918, $24,642. Passengers carried during 1917-18,
5,156,380, against 5,168,421 in 1916-17 and 4.908,477 in 1915-16.
9
CERS.— Pres.. Fred’k W. Rowe; V.-Pres., Frederick D. Mackay
and Chas. J. Edwards; Sec., Walter Hammitt: Treas.. Ed. T . Horwill.—
V. 96, p. 285, 1557, 1840: V. 97. p. 1733: V. 98, p. 523; V. 106, p. 1797.

VAN BRUNT STREET & ERIE BASIN RR.—A trolley road.
ORGANIZATION, &c.— Chartered Feb. 15 1801. Stock. $200,000. all
Issued: par, $10. Bonds. $75,000 1st mtgo. authorized: $31,000 out.
Track, 2.32 miles, changed to electricity in 1898. 6 pass. cars. For year
ending June 30 1917, gross, $67,462; net, after taxes, $19,144: other in­
come, $434; interest, &c., $1,950: surplus, $17,628.
OFFICERS.— Pres., John F. Murphy: V .-P ., D. W. Sullivan; Sec. and
Treas.. Wyllys Terry. Office. 264 Van Brunt St.. Brooklyn, N . Y.

BUFFALO, N. Y.
BUFFALO & LAKE ERIE TRACTION C O .— 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.
. . De/.au,t-— 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 Phlla. as sub-depositary.
The aforesaid committee also drew up a plan of reorganization (see
V. 97, p. 297. but In Dec. 1913 the plan was abandoned.
ORGANIZATION.— Incorporated in New York and Pennsylvania in
Dec. 1906 and Is a consolidation of the Hamburg R y., the Dunkirk Sc Fredonla R R ., the Buffalo Dunkirk Sc Western R R ., the Lake Erie Electric
Traction Co. and the Erie Rapid Transit Co. Leases the Erie Electric
Motor Co. for 999 years, which company leases the Erie City Passenger Rv
for 999 years from Oct. 1 1888 and tho Erie Reed Park Sc Lakeside Street
Ry. for 999 years from March 1 1901. In 1909 leased the Buffalo Sc
Lack. Trac. Co. for 999 years. V. 88, p. 1001. Also owns all the stock
or this company, and guarantees the bonds. Also owns all stock ($750 000
all out) of the Dunkirk St. R y., which company has a franchise in Dunkirk
and has built about 5 miles of track.
The Niagara Sc Erie Power Co. Is controlled by the Buff. Sc Lake Erie
Trac. Co. and the Niagara Lockport Sc Ontario Power Co. interests and
Its bonds are guar., p., 1. Sc sk. fd., one-half each, by these two companies.
Application to Abandon Portion of Road.— On April 19 1918 the receiver
applied to the N. Y . P. S. Comm, for auth. to abandon tho 28 miles o f
lino botweon Fredonia and the Pennsylvania State line, unless the co
be given permission to increase fares. In Dec. 1918 this petition was
de5 «
^
s - Comm., which held that in the interest o f the
public this line should not be abandoned. V. 10S, p. 77. On Dec 10 1918
was auth. to abandon service on a part of the road of the Dunkirk St Ry
Co. (leased by the c o .), provided the city bo given security for the payment
of all taxes and assessments. V. 107, p. 2476.
* *
Tho rocoiver has been authorized by tho County Court at Erie. Pa. and
Supremo Court at Buffalo, N. Y ., to Issue $1,544,200 receiver’s certificates
to provido funds for improvements and extensions, of which $1.310 000
were issued and outstanding March 1 1919.
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 faro 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.— In July 1918 applied to tho I.-S. C. Comm, for auth. to increase
passongor rates to 3 cents per mile and freight rates 25% . V 107 p 81
Tho c o .’s application for an increase in class and commodity rates'was
granted on Sept. 15 1918. Effective Jan. 27 1919, the New York P S
Comm. auth. the co. to increase interurban fares to 3 cents per mile the
now rato to remain in effect until 6 months after tho war. V 108 n 267
Compare V. 107, p. 1191.
‘
Default on Sub. Co.’s Bonds.— See Buffalo & Lackawanna Trac. Co below
The $148,000 Erie Elec. Motor Co. 1st mtgo. and $102,000 2d mtge bonds
duo Jan. 1 1919 were retired at maturity; $250,000 Erie Elec. M otor Co
1st Ref. 5s being issued in connection therewith.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common, $5,000,000_______ ............................... $5,000,000
Pref, 5% . $2,500,000, cum .......
................. 2,500.000
from July 1909__________ ,
1st and ref mtge, $12,000,­ I 1?00 ,
7,060.000 Nov 1 1930
000, gold ($1,000)------c* tf Interest at New York Trust Co., Trustee.
Erie El M 1st ref sink fund, t1?01 * 5, gx £ '° ^ 1.250.000 Apr 1 l«41
$1,250,000, gold ($1,000). Interest at New York Trust Co., Trustee.
Cannot be called_____c * tf
New York City.
Hamburg Ry 1st M , $750.­ 1906
4 g M -N
745,000 Nov 1 1920
000, gold ($1,000)...........tf Int. at Equitable Trust Co., N. Y „ Trustee.
Dun Sc Fred-----------------------ref M , $100,000,- 1902
---------------5 g J-J
39,000 July 1 1952
gold ($100, $500 Sc $1,000)/Fidelity Trust Co.. Buffalo, Trustee.
Niagara Sc Erie Pow 1st M ./ 1911
5 J-J
522,000 Jan 1 1941
$l,250,000g($l,000)gu p&i/Guaranty Trust Co., New York. Trustee
Receiver’s certificates_____________
_____
1,310,000 __________
Bonds.— Of the $12,000,000 new bonds, $2,034,000 are reservod to take
up a like amt. of underlying liens. These new bonds are subj. to call on any
interest date at 110 and interest. Tho Erie Elec. Motor ref bonds are
secured by deposit of entire stocks or the Erie City Pass. Ry. and the Erie
Reed Park Sc Lakeside St. Ry. A sink. fd. of 1% ann. on these bds began
Apr. 1 1900 and was Increased to 144% in 1916. The Hamburg Ry
bonds are no longer subject to call. The Dunkirk Sc Fredonia refunding
mortgage bonds are subject to call on any interest date at 103 The
Niagara Sc Erie 1st M. bonds are subj. to call, any or all, on any int day
at 105. Sk. fd. from Jan. 1 1916, 144 7o of bonds auth. Bonds are guar
p., I. Sc sk. fd.. by Buff. Sc Lake Bfrle Trac. and NIag. Lockp. & Ont’
Power Co., one-half by each. V. 92. p. 530.
EARNINGS.— For year end. June 30 1918, gross earnings, $1,824 651’
net, after taxes, $322,698; deficit, after deducting all interest charges (incl
Int. on Buff. & L. E. Trac. 5% bonds and sinking funds), &c.. $337,435!
ROAD.— Buffalo, N. Y .. to Erie, Pa., and Buffalo, N. Y ., to Hamburg
N. Y ., 98.52 m.; leased lines— Dunkirk (N. Y.) St .Ry., 4.21 m.; Erie (Pa.)
Electric Motor Co., 27.85 m.; Erie (Pa.) & Suburban Ry., 4.63 m.; Buffalo
(N. Y.) Sc Lackawanna Trac. Co., 3.90 m.— 40.59 m.; operated under
trackage rights (International Ry., Buffalo, N. Y .), 52 m.; total, 139.63 m
of which In New York (owned, 81.27 m.; leased, 8.11 m.; operated under
trackage rights, .52 m.), 89.90 m., and in Pennsylvania (owned, 17.25 m •
leased, 32.48 m.), 49.73 m. Second track (owned, 16.78 m.; leased 21 04
m.), 37.82 m. Sidings, &c. (owned, 5.74 m.; leased, 3.48 m.), 9.’22 in
Total track operated (owned, 121.04 m.; leased, 65.11 m.; operated under
trackage rights, .52 m.), 186.67 miles.
OFFICERS.— Receiver, Geo. Bullock: Pres, (vacant); V.-P. Sc Sec
M. D. Evans; Gen. Mgr., A. R. Myers; Treas. Sc Asst. Sec., A. F. Tidesweli’
— V. 107. p. 81. 500, 694, 1191, 2475; V. 108, p. 77, 267.
(1) B uffalo & Lackawanna T ra ction C o.
Receivership.— In Dec. 1918, upon application of the City Trust Co of
Buffalo, Harry Evers was appointed receiver for the co.; this action being
tho result of a petition of the Buffalo Sc 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 Sc Lake Erie Traction Co. defaulted
in tho payment of int. on tho co.’s $1,160,000 5% bonds. V. 107, p. 2475.
ORGANIZATION.— Incorporated In New York in June 1906 to furnish
an entrance into Buffalo for Buffalo Sc Lake Erie Trac. Co. In April 1909
was leased to Buffalo Sc Lake Erie Trac. for 999 years (but see above)
Stock, $100,000 authorized, of which $55,000 is outstanding and owned by
Buff. & Lake Erie Trac. Co. Has universal transfers throughout tho city
of Buffalo through contract with International Ry. Co.

2 0

ELECTRIC RAILWAYS

BONDS—
Date.
Interest. Outstanding. Maturity.
1st mtge, $1,500,000, goldj 1908
5 g J-D
$1,160,000 Dec 11928
($1,000), guaranteed, . c t f (Interest at New York Trust Oo., 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.
Bondsguar. prln. andlnt. by Buffalo & Lake ErieTrac. Oo. V. 90, p. 235.
ROAD.— 3.90 miles owned and .52 miles leased and used Jointly with
Int. Rys. Co.; total, 4.42 miles. Began operating Dec. 22 1909OFFICERS.— Pres., R. E. Grlscom: V.-Ps.. M . D. Evans and M . W.
Dodge; Sec., M . C. Evans; Treas., A. F. Tideswell.— V. 107, p. 2475.
BUFFALO & DEPEW R Y .- A trolley road.
Receivership.— In Jan. 1919 it was reported that the co. was in the hands
of a receiver. V. 108, p. 170. No further information.
ORGAN IZATION .— Incorporated on April 27 1897. Wm. B. Cutter
of Buffalo, N. Y ., owns about three-fourths of the stock and the entire
$350,000 bonds.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
Stock, $350,000 ($100)...................- .........................
$305,000 ...............
Buff & D 1st M , $350,000____1901
5 J-J
350,000 Jan 11931
EARN ING S.— For cal. year 1917, gross, $17,414; net, after taxes,
$13,671. In 1916, gross. $15,073; loss from operations, $10,724.
ROAD.— Operates a double-track road from Buffalo to Depew, 13.59
miles of track; 75-lb. rail; 5 cars.
OFFICERS.— Pros., Wm. B. Cutter; Treas., R . A. Pilklngton; Sec.,
Percy Eaton.— V. 79, p. 2 6 9 5 . ______
BUFFALO SOUTHERN RY. CO.— A trolley road.
Receivership.— Int. on bonds having been defaulted. N. A. Bundy was
appointed receiver Sept. 26 1913.
ORGAN IZATION .— Incorporated In New York on Aug. 26 1904 and Is
a consolidation of the Buffalo Hamburg Sc Aurora Ry. and the Buffalo
Gardenvllle & Ebonezer Ry. V ,7 9 , p.2146. Franchisesperpetual. Has
trackage rights In Buffalo over tracks of the International Traction Oo.
Strike.—The strike begun on May 24 1910 was called o ff Sept. 1 1910.
V. 103, p. 1031.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $2,000,000 ( $ 1 0 0 ) . . . .
$547,200
1st mtge, $2,000,000, gold] 1904
5 g A-O 15
600,000 Oct 15 1934
($1,000)__________ c V n tfU n t. at Seaboard Nat. Bank, N. Y ., or at
( Fidelity Trust Co., Buffalo, Trustee.
BONDS.— N o s. f., but from $50,000 to $100,000 bonds are subject to call
at 110 and Int. on any Int. date upon 3 months’ notice. $1,400,000 bonds
reserved for future extensions and equipment.
EARN ING S.— For cal. year 1917, gross, $95,699. In 1916, gross,
$59,426 (operation suspended from June 1 to Sept. 1 1916 on account or
strike). In 1915, gross, $86,377.
R OAD.— Operates from Buffalo to Hamburg, East Hamburg and Or
chard Park, 15H miles; also has a line from Buffalo through Gardenvllle
and Ebenezer to Lien's Park, 514 miles. An extension to East Aurora,
15 miles. Is under construction, 5& miles completed. 60-lb. T and 80-Ib.
girder rail.
OFFICERS.— Pres., Wm. J. Wheeler, Bklyn., N. Y.; V.-P., A. 8 . Mllldigg, Bklyn.; Sec., D. K. Harrington, Orchard Park, N. Y.; Treas. & Gen.
Mgr., N. A. Bundy, Buffalo.— V. 8 6 , p. 4 19: V. 103, p. 1031.
BUFFALO & W1LL1AMSVILLE ELECTRIC RY.

ORGAN IZATION .— Incorporated In Now York July 1 1891. In May
1904 auth. capital was Increased from $75,000 to $3,500,000, and In July
1904 new mtge. for $3,500,000 was made to provide extension to Rochester.
In May 1914 Batavia Traction Oo. purchased the tracks, rolling stock,
property, &c., of this company In Batava. V. 99, p. 269.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock ($3,500,000 au th orized)___
_________
$75,000 __________
1st mtge, $3,500,000, gold] 1904
5 g J-J
168.500 July 1 1944
($500 and $l,000)..c*& r*\lnt. at City Trust Co., Buffalo, Trustee.
Bonds.—Are subject to call on any Interest date at 105.
EARN INGS.— For cal. year 1918, gross, $88,959. In 1917, gross,
$95,699. In 1916, gross, $59,426 (operations suspended from June 1 to
Sept. 1 1916 on account o f strike).
n 1915, gross, $86,377.
ROAD.—6.65 miles of track, Buffalo to Wllliamsvlllo. Ralls 85-lb. T '
Gauge 4 ft. 8)4 inches.
OFFICERS.— President, L. L. Lewis Jr.; Sec. & Gen. M gr., Godfrey
Morgan; Treas., L. K. Warnick.— V. 99, p. 269.
INTERNATIONAL TRAC TIO N CO.

The United Gas & Electric Corp. (see statement o f company under New
York) owns over 60% of Internat. Trac. Co. com. stock. V. 94, p. 1383.
ORGAN IZATION .— Organized on Jan. 18 1899 under N. J. laws and
acquired all the electric railways connecting the cities of Buffalo Niagara
Falls, Lockport, North Tonawanda and Tonawanda, together with all the
street railway systems In all of said cities: also the electric railway connecting
the villages of Depew and Lancaster with Buffalo. It also acquired the
Canadian Electric Railway, traversing the entire length of the Queen Vic­
toria Niagara Falls Park and connected It with the American system by the
acquisition of the steel arch bridge at Niagara Falls and the Suspension
Bridge between Queenstown and Lewiston, which bridges have been
equipped with trolley tracks. Owns entire stock and $4,984,500 bonds of
the International Ry Co. Has traffic agreement with Niagara Gorge RR.
for the operation of cars over the latter’s 8 -mlle line. Contract runs to 1941.
In June 1917, purchased the Queenstown Coal Co. of East Brady, Pa., for
$150,000 In the Interest of 'he United Gas& Elec. Corp. V. 104, p. 2641.
In Dec. 1912 the Pub. Serv. Comm, approved the reorganization plan,
calling for exchange of old coll, trust 4s, $ for $, for new col. trust 4s of
Internat. Trac. Co. due July 1 1949, and limiting the Issue to $18,335.­
000 Instead of the $30,000,000 proposed. V .96. p .63. The few remaining
bonds of 1890 which did not assent to plan wore called lor payment on
July 1 1913 at 110 and int. V. 90. p. 1021.
New Preferred Slock.—On Oct. 10 1916 company filed an amendment to
It# charter permitting the consummation of the plan (V. 101. p. 527) for
retiring the $5,000,000 4% cum. prof, stock, with accumulated dlvs.
thereon (42%) by an Issue o f new 7% cum. pref. stock, share for share.
$4,468,600 o f the stock was so exchanged and In June 1910 the accumulated
dlvs. (42%) on the unexchanged stock were paid In cash. V. 102, p. 2100.
In April 1916 Issued $1,050,000 Serial 6 % secured gold notes to retire
floating debt and pay the accumulated dlvs. on the old 4% pref. stock un­
ch an ged.
New Line.— The P. S. Comm, has auth. the sale of $3,870,000 Interna­
tional Ry. ref. and Impt. 5% bonds, o f which $3,702,000 have been Issued,
to provide for the construction and equip, o f 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 Y. 107, p. 696.
Fares and Wages.— On Aug. 20 1918 the voters o f Buffalo, by a vote
of 35,661 to 7,044, failed to approve the City Council’s ordinance which
would have permitted a 6 -cent fare on the street railways of the city, despite
the fact that the company had Increased the men’s wages only upon re­
ceiving the permission of the City Council to raise the fares. In tho mean
time the National War Labor Board had awarded tho men still higher
wages, this award being conditioned upon tho company being granted an
increased fare. The men demanded the War Labor Board rates regardless
o f the fact that the company had not been granted higher fares: the resulting
strike, which lasted for 24 days, came to an end on Oct. 26 1918, when the
City Council granted a temporary increase in fares pending final determina­
tion by the P. S. Comm. On the strength o f this action the company
granted the War Labor Board wage rates. V. 107, p. 1837, 2097. In Jan.
1919 the N. Y . P. S. Comm, dismissed tho company’s petition for a 6 -cent
faro in Buffalo. V. 108, p. 268. In Feb. 1919 It was reported that an
agreement as to the physical valuation of tho company’s property in Buffalo
had been reached with the municipal authorities, tho amount as o f Dec. 31
1918, $22,792,759, being fixed as the basis o f a permanent agreement,
whereby the city will establish control over the company’s property similar
to the plan In effect In Cleveland (which see under Cleveland Railway Co.
on a subsequent page). Values o f intangibles claimed by tho company aro
to be arbitrated, neither party being bound by the decision o f tho arbitra­
tors. This agreement is subject to a referendum. V. 108, p. 878. Effec­
tive March 1 1919, the N. Y. P. S. Comm. auth. the company to increase
its faros in Lockport to 6 cents, to remain in effect for 1 year and thereafter
until further order o f the Comm. V. 108, p. 878. In Mar. 1919 the P. 8 .
Comm, suspended the operation o f new rates on four o f tho c o .’s divisions,
serving Lockport, Tonowanda, North Tonowanda and La Salle, until
April 30 1919. V. 108, p. 1060.




[V ol . 106.

Interest Deferred.— Because of a 24 days’ strlko (V. 107, p. 1837) and a
subsequent increase in wages the Nov. 1 1918 interest on the International
Ry. Ref. & Impt. Mtge. bonds was not paid until Jan. 1919 (V. 108, p.
480). Compare V. 107, p. 1837. Deposits of these bonds have been called
for by the following committee. The committee for tho International
Trac. Co. Coll. Trust 4% bonds has also called for deposits.
Committee for Ref. & Impt. Mtge. 5s.— Chairman. Chas. W . Beall,
Francis E. Frothingham, Arthur Perry, Richard B. Young; Sec., Raymond
Spellman, 61 Bway, N. Y. City. Depositary, Bankers Trust C o., N. Y .
V . 107, p. 2188, 2476.
Committee for Collateral Trust 4s.— Chairman Elliott C. M cDougall,
Jacob Gould Schurman, Thos. Dewitt Cuyler, Thos. E. Mitten and A. F .
Halstead, Sec., 62 Cedar St., N. Y. City. Depositary, Guaranty Trut C o.
V. 108, p. 268.
Buffalo Committee for Coll. Trust 4s.— Chairman II. T. Ramsdell, Wm. II.
Crosby, J. C. Dann, Charles R. Huntley, John II. Lascelles and L. P.
Williams, Sec., 284 Main St., Buffalo, N. Y. Depositary, Manufacturers
& Traders National Bank, Buffalo. V. 108, p. 578.
The last-named committee has stated that if the deposit agreement
of the committee headed by E. C. McDougal is properly modified, all the
bonds in their [the Buffalo committee’s] hands will be immediately deposi­
ted with said committee. V. 108, p. 578.
Interest. Outstanding.
Maturity
STOCK AND BONDS—
Dale
$10,000,000
See text
Stock, common. $1 0.00 0,00 0.___
' q -m '
Pref 7% cum $5.000.000...................
4.46S.000 Apr 18, W
Pref 4% cum................ ........... .........
Q-M
531.400 Apr ’ 18,1%
Coll trust, $18,335.000........... 1912
4JJ
18.399.000 July 1 1949
Serial debenture notes, $500.-f 1913
0 F-A
250,000
See text
000 ($1,000). g old ...............cl Int.at Chase Nat. Bank, N .Y .,o r Fidelity
l Trust Oo. of Buffalo. Trustee.
Serial secured notes $1,050.-] 1916
0 A-O
850,000
See text
000 ($1,000) gold___ c*cotlCentral Trust C o., New York, Trustee.
Coll trust gold notes, $5,000,-1 1917
6 g F-A
2.000.000 Aug 11920
000 ($1,000)...............-_-C*| Int. at Bankers Tr. Co.. N. Y ., Trustee.
Bonds and Notes.—$18,335,000 coll, trust bonds were Issued, but $1.940,­
000 have been re-acquired, and are pledged as collateral to tho Serial 0%
secured notes. The debenture notes or 1913 mature $50,000 annually
beginning Feb. 1 1914. $250,000 have boon retired. Callable at 100 & Int.
on any Int. date. The notes of 1916 are secured by $1,940,000 coll, trust
4% bonds due July 1 1949. They mature $100,000 annually on April 1
from 1917 to 1925 inch, and $150,000 on Apr. 1 1920, to be retlrod oither
through earnings or by sale of the pledged bonds at not less than 65.
$200,000 retired. Callable, all or part, at 101 and Int. on any Int. date on
30 days’ notice. Pennsylvania State tax refunded. V. 102, p. 1436. Coll,
trust notes of 1917 are callable at 1 0 0 and int. on any Int. date. Socured
by deposit of $2,667,000 Int. Ity. Ref. & Impt. Mtge. 5% gold bonds.
Co. pays normal Federal income tax to not exceeding 4% . V. 105, p. 497.
Dividends.— First dlv of 2% on old 4% pref stock was paid Fen 1 1913
also an additional 4% on account of accumulated dlvs.: July, 2% and 2%
add’ l. In 1914, Fob.. 2% and 2% add-!; July. 2% . In 1915, Feb.. 2 % ;
July, 2% . In Oct. 1915 new 7% pref. stock was offorod In exchange for
old stock with accum. dlvs. thereon. All but $531,400 of the stock was so
exchanged and In June 1916 the 42% accum. dlvs. on unexchanged stock
were paid in cash. 4% was paid regularly on tho old pref. stock to and incl.
April 1918; nono since. New 7% pref. stock is cumulative from Nov. 15
1915, and a div. of li % was paid thereon Jan. 15 1916; in March 1916 paid
l% % and samo rate quar. to and incl. April 1918. Nono since. Initial
quar. div. on com.— 1 % % — paid Juno 30 1916; Sept. ,1% ; Dec., 1 1 4 % .
In 1917, March, 1%; June, 1%; Oct., 1%. Jan. 1918 dividend passed.
Franchises.— Nearly four-fifths of the mileage In Buffalo, Including all the
most Important lines, is maintained. It Is stated, under franchises In per­
petuity or upon property directly owned, only 47 miles of minor trackage
being operated under franchises having less than 25 years (from 1910J to
run. The franchises of the lines outside of Buffalo are either for various
long-term periods or are without time limit.
Consolidation of Constituent Companies.— On Feb. 20 1902 the Interna­
tional Railway Company was Incorporated in New York with $10,120,500
stock, and in Aug. 1902 this was Increased to $17,000,000. of which $16.­
707.500 has been issued (all owned by the International Traction Oo.). as a
consolidation of the following companies, whose shares had previously been
held by the Traction Co.; V. 74. p. 127.
Buffalo Railway Co. (after Buffalo Traction and Buffalo Bellevue &
Lancaster had first been merged in the same).
Buffalo A Niagara Falls Electric Railway.
Buffalo & Lockport Railway (after Elmwood Ave. and Tonawanda Elec­
tric Railway had been merged).
Buffalo Tonawanda Sc Niagara Falls Electric R R . Oo.
Lockport & Olcott Railway.
Niagara Falls & Suspension Bridge Railway (after the Niagara Fall#
Whirlpool Sc Northern Ry. had been merged in It).
Niagara Falls Suspension Bridge Co.
On July 1 1902 the International Ry. Oo. acquired by purchase the
Niagara Falls Bark Sc River Ry.. the Clifton Suspension Bridge C o., the
Lewiston Connect. Bridge Co. and Queenston Heights Bridge Co. and In
Dec. 1912 merged the Electric City Ry.
In April 1913 the Orosstown
St. Ry. was also merged, thus leaving tho International Railway Co. tho sole
operating company and the International Trac. Oo. the holding company.
Liens of Constituent and Owned Companies.
BONDS—
Date.
Interest. Outstanding.
Maturity
Internat Ry ref & Imp rntgel 1912
5 g M-N $16,602,000 Nov 1 1902
$60,000,000. gold----- c*&r, Bankers Trust C o., New York, Trustee.
Buffalo Ry 1st con mtge 1891
5 g F-A
5,000.000 Feb 1 1931
($ 1 .0 0 0 ) $5 .0 0 0 .0 0 0 ,g. c*&r] Int. at Co.'s office. Buff., E.W . Clark Sc C o..
Phlla., or Bankers Tr. Co., N. Y ., Trustee.
aTonawanda St RR 1st M . 1892
0 J-J
00.()00 July 1 1922
(closed)--------------------------- Interest at company’s office, Buffalo.
aTonawanda Electric RR 1st 1895
6 A-O
40,000 April 1 1927
m tge...............- ................... , Interest at company’s office, Buffalo.
ftCrosstown St Ry 1st mtge, g , 1892
5 g M-N 52.974,060 May 1 1932
(closed) gu p Sc I . . . ____c* lint, at Metropolitan Tr. Co.. N. Y .. Trustee.
Buffalo Traction 1st mtge, 1898 5 g J-D
073,600 Dec 1 1948
(closed)_________________ Int. at Metropolitan Tr. Oo.. N .Y ., Trustee.
Buffalo Bellevue Sc Lancaster 1897
5 J-D
215,000 June 1 1927
mtge (redeemable at par). Int. at Buffalo Trust C o., Buffalo.
Buff Sc Nlag Falls Elec Ry—
1895
5gJJ
750.000 July 1 1935
1st M . $750,000. gold___ c Interest at Ilankors Trust Oo.. New York.
2d M , $175,000. g, s f. red 1890
5 g '-J
5,000 July 1 1921
aft 1901 at 105 ($1.000).c Int. at Bankers Trust Co., N. Y ., Trustee.
Buffalo & Lockport 1st mtge, 1898
5 g J-J
500,000 July 1 1938
gold. $500,000..................... Equitable Trust C o., New York, Trustee.
Lockport Sc Olcott Ry 1st 1900
5 g J-J
800,000 July 1 1920
mortgage .(closed), gold Int. at Guaranty Tr. C o., N. Y ., Trus.; also
at Buffalo. Guar., p. Sc I., by Inter. Trac.
($ 1 .W 0 ) ........................... c*
Niagara Falls Suspension 1897
5 g J-J
300,600 Jan 1 1928
Bridge, Clifton Suspension Toronto General Trusts Oorp., Trustee.
B ridg e................................. Int. at Amorlcan Exch. Nat. Bank, N. Y.
Lewiston Connecting Bridge 1898
6 g A-O
125,000 Oct 1 1928
Co. Queenston Heights Toronto General Trusts Corp., Trusteo.
Bridge C o............................. Int.
...... at American Exch. Nat. Bank. N. Y.
aNIag Falls & Susp Bridge R y. 1893
0 J-J
618.000 July 1 1923
aNlag Falls Whirlpool Sc No Ry 1894
0 J-J
22.500 July 1 1923
Real estate bonds'"and m o r t - f ___
0 M-N
250,060
1919
gages____________________ \Int. at Fargo Sc Cary Estate. Buffalo.
Real estate bonds and m tges.______
A-O
30,000
1921
a All owned by International Traction Oo.
6 Of this $350,000 owned by International Railway Co.
Bonds.— Of the International Ry. refunding and improvement bonds,
$11,001,500 are reserved torotiro prior Hen bonds and $2,667,000 are pledgod
as security for the notes of 1917; remaining bonds may bo issued only for
add’ns, impts., &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 tho company In
New York. Exempt from N. Y. Stato, county and municipal taxes. 8 k .fd. began In 1912 and will provide by July l 1949 sufficient funds to retire
all except $841,000 of the outstanding underlying bonds to a total par value
of $12,011,600. The bonds are secured by a 1st M . on about 43 miles of
track (Incl. 15M m. in Buffalo) and by a mtgo. on remaining property, subj.
to divisional bonds. They will also be a 1st M . on tho new line between
Buffalo and Niagara Falls. V. 96, p. 02; V. 103, p. 1032. The Tonawanda
Elec. RR. 1st 4s due originally on Apr. 1 1907, woro oxtonded as 4s to Apr. 1
1917 and In 1917 again extended to April 1 1927 at 6 % . Tho Nlag. Falls
Sc Suspen. Bdge. Ry. bds. of 1893 and Nlag. Falls Sc Whirlpool Nor. bonds
of 1894 given In the table above matured In 1903, but wero acquired by the
International Traction Co. and extended ten years, and then deposited with
the Guaranty Trust Co. of New York as additional security under the
International Traction Co. collateral trust mortgage. These were again

Mar ., 1919. J

ELECTRIC RAILWAYS

extended, maturity now being July 1 1923 and bearing Interest at 6 % . All
the outstanding stock and 81.344.000 ref. & Irapt. 6 s of the Internal. R y.,
800,000 Tonawanda St. Ry. 1st 0s, $40,000 bonds of Tonawanda Elec. R R .,
$618,000 bonds of the Niagara Palls Sc Suspension Bridge and $22,500 bonds
of the Niagara Palls Whirlpool & Northern are pledged as security for the
International Traction collateral trust loan.
R E PO RT.— For year ending Dec 31 (1917 report in V. 107, p. 398):
1917.
1916.
1915.
1914.
Total income.....................$8,255,279 $7,818,677 $6,839,974 $6,760,580
Operating expenses.........$4,765,267 $4,030,282 $3,480,543 $3,601,800
Taxes.......................................637,890
535,156
425,484
420,632
Operating income.........$2,852,122 $3,253,240 $2,933,946 $2,435,148
Int., rents, sink. fd s.,& c.$ l,901,700 $1,862,709 $.,866,960 $1,823,380
Renewals, &c., rosorvo-- $293,323
$522,708
$396,582
$359,244
7% pref. stock dividend.
312,802
312,452
38,657
4 % preferred dividends..
21,256
21,456
177,910
200,000
Common dividends__ (3%)300 000(4^)425,000
______
...
$23,041
$108,914
$453,837
S352.524
Balanco, surplus--------Earnings o f International Traction Co. for cal. year 1917: Income from
International Ry. stock, $1,127,756; other income, $344,982 total income,
$1,472,738; surplus applicable for note interest, $769,718.
Latest Karnings.— Of International Trac. System for cal. year 1918. gross.
$7,502,776; net after taxes, $1,058,905.
RO A D , &c.— Length of Hue, 224.359 miles (owned, 199.510; leased, 18.190;
trackage, 6.047): total miles of track, lncl. second track, crossovers, sid­
ings, &c. , 403 miles.
Gauge, 4 ft. 8 H in. Rail (steel), 45 to 145 lbs.
1,038 cars, of all classes. Including 851 passenger cars. Greater part of
electrical energy used Is purchased from the Niagara Palls Power Co. and
Its allied co., the Buffalo General Electric Co.
OFFICERS o f International Railway Co.— Pres., Edward G. Connette,
V.-P., E. J. Dickson; V.-P. & Gen. Counsol, Thomas Penney; Sec. & Treas..
Geo. W. Wilson; And., Charles A. Chavel.
OFFICERS of International Traction C o.— Pros., Rodman E. Grlscom,
V.-Ps.. E. G. Connette and A. P. Forbfs; Sec. & Treas., Goo. W. Wilson,
Aud., Chas. A. Chavel.— V. 107. p. 1482, 1670, 2476; V. 108, p. 268, 578

B U R L IN G TO N , IO W A .

31
C A L A I S , ME.

£& k^L?r,§T,!?EET RAILWAY.— A trolley road.
ORGANIZATION.— Stock. $50,000 com. and $50,000 pref.; first
<n^ t.?,aA eV „1 9 1 0
8 s- J-J - 8100.000 due July 1 1930.
REPORT.— Years ending June 30:
.J f i sc.al Year—
Gross.
Net. Int.&Tax. Dies. BaL.Sur.
$8,905
$6,072
$2,500
$333
1017-18------------------- ...$41,926
19
-A -7
------ i 2-411
8.773
5,791
2,500
482
ROAD.— Calais Street R y.. lower wharf to upper bridge, Calais, 4 miles;
St. Stephen Electric Ry.. Mllltown, N. B.. to St. Stephen, N. B., 3 miles;
total, 7 miles. The St. Stephen Electric Street Ry. Is a separate corpora­
tion, but Is owned entirely by the Calais company, 9 cars.
OFFICERS.— Pres., George A. Curran; Sec., Treas. Sc Gen. M gr.
Benjamin Y. Curran; Supt., C. F. Pray; all of Calais. Me.

C A N T O N , MASS.
BLUE HILL STREET RA ILW A Y.— A trolley road.
New Control.— On Nov. 1 1917 Michael A. Cavanaugh of Roxbury. Mass.,
purchased tho holdings of Stone & Webster (former Managers).
lares.— On Dec. 15 1918 the co. increased rates in one zone to 8 cents
and in 3 zones to 7 cents, fares in all other zones being raised 1 cent. Com­
pare V. 107, p. 1836.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $300,000 ($100).........................................
$300,000
First mortgage, $500,000, ( 1903
5 g A-O
250.000 Oct 1 1923
gold —
---------------------\Int. at Old Colony Trust Co., Boston. Trus.
S°.nf[,WvT5SUa b , ? . a8 a wbole at 115 and Int. Non-taxable In Mass.
EARN INGS.— For years ending Dec. 31:
, „ Year—
Gross.
Exp.&Tazes.
Net.
Int.,& c.
Deficit.
1918....................--.$78,304
$82,381 dcf.$4,077
$21,156
$25,233
i 9} 7 - - - - - - - - ......... 88,474
81,518
6,956
21,498
14,542
R O A D .—Operates 19.7 miles of track from Mattapan, where connection
Is made with the Boston Elevated Ry., to Canton and Stoughton, at which
latter point It connects with the Bristol & Norfolk Street Ry. and the Bay
Stato Street Ry. Standard gauge. 24 cars and 2 snow plows. Franchise
perpetual. Power station capacity, 487 lt.w.; also purchases power from
Bay Stato Street Ry.
OFFICERS.— Pres, and Gen. M gr., Michael A. Cavanaugh; V.-P. and
Treas., Ray O. Cavanaugh; Clerk, James P. Dunn, Taunton, Mass.—
V. 106, p. 85; V. 107, p. 1836.
_______

BURLINGTON RAILWAY & LIGHT CO.
ORGANIZATION.— Incorp. In 1912 In Delaware aud acquired the Peo­
ple's Gas & Elec. Co. and old Burlington Ry. Sc Light Co. Does entire
municipal and commercial electric lighting and power business In Burling­
ton, Delta, Martlnsburg, Fremont, Modlapolis, Wapello, What Cheer,
C A P E M A Y , N. J.
West Burlington, Sigourney, Hedrick, Thornburg, Winfield, Milton and
CAPE A1AY D ELAWARE BAY & SEWELL’ S POINT R AIL RO AD.
Morning Sun, all In Iowa. Also owns steam-heating and gas plants.
In
Dec.
1917
the
U.
S.
Navy took over the physical properties of this co.
Railway franchises aro perpetual, except for two suburban extensions of
and of the Ocean St. Passenger R y., extending from Capo M ay Point to
minor Importance. Lighting franchises in Burlington expire in 1927.
Sowell’s Point, 7 miles, which had been sold for junk at receiver's sale In
STOCKS AND BONDS— Date.
Interest. Outstanding
Maturity April 1917. V. 105, p. 1616, 2271.
Common, $3,000,000.......................
.............
$1,500,000 ......... ..........
Preferred $2,000,000 6 % cum ...........
6 J-J
1.000.000
............
CED AR R APIDS, IO W A .
First mortgage, $7,500,000. gl 1912
5 M-S
1.738.000 Mar 1 1932
($1,000) sinking f d ...c * t f j Int. at Eqult. Tr. C o., N . Y .. Trustee.
IOWA RAILW AY & LIGHT CO.
Bonds.— Remaining bonds aro for additions, betterments or extensions
ORGANIZATION.— Is a re-lncorp. In 1912 of the Cedar Rapids Sc Iowa
under certain restrictions, at 80% of cost. Callable at 105 and Int. on any City Ry. & Lt. Co. and has acquired the properties formerly owned by the
Int. day on 3 months’ notice. Sinking fund of 5% of gross earnings began following companies:
July 1914. V. 95, p. 078.
Bollo l’laino Elec. Co.
Nevada (Iowa) Electric Co.
EARN INGS.— For years ending Dec. 31:
Boone Electric Co.
Perry Elec. Lt., Pow. & Heat Co.
1917.
1916.
1915.
1914.
1913.
Cedar Rap. & Iowa Cy. Ry. & Lt.Co. Tama & Toledo Electric Power Co.
Gross revenue.............$431,580 $427,285 $405,352 $400,818 $366,614 Marlon Light, Heat Sc Power Co.
Traer Elec. Co.
186,703 182,508
182,373
177,349 Marshalltown Lt., Power Sc Ry. Co.
Net (after taxes)----- 176,124
ROAD.— Owns and operates about 23 miles of track In Burlington
Owns and operates entire electric light and power properties In Cedar
and Its suburbs. 60 to 85-lb. T rail. 62 passenger cars.
Rapids. Marshalltown. Boone, Marlon. Perry, Belle Plalne. Blairstown,
OFFICERS.— Pres., Geo. H. Higbee; V.-Ps., E. C. Walsh and M . A . Traer, Chelsea, Tama, Toledo and Nevada, and supplies moro than 50 towns
Walsh; Sec., Treas. & Gen. M gr., O. H. Walsh.— V. 95, p. 678, 1039.
through its high-tension lines: Interurban road between Cedar Rapids and
Iowa City and Cedar Rapids, Lisbon and Mt. Vernon; the local street rail­
ways in Marshalltown and Boone; the gas plant in Marshalltown and
B U RLIN G TO N , VT.
tho heating properties in Cedar Rapids, Boone, Marlon, Traer and Perry.
BURLINGTON TRACTION CO.
Interurban road is on private right of way. Also does a freight business,
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. exchanging freight with four steam roads.
Contract with City.— For contract with City of Cedar Rapids for the con­
Stock. $200,000 (par $100)...............
Q-F
$2 0 0 ,0 0 0 N o v .'18, 2 & struction
of a dam, &c., see V. 98. p. 235.
30-year bonds, $ 5 0 0 ,0 0 0 ...tf 1912
5%
350.000
1942
Also has a contract with the Iowa Electric Co. (V. 100. p. 2171) an allied
Bonds.— The remaining $150,000 bonds can only be issued with permis­
company, for the Interchange of power.
sion of Public Service Commission.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Dividends.— Previous to 1903. 4% yearly. From 1903 to 1912. 0%
_______
$1,700,000
See text
yearly. In 1912, 1913 and 1914, 8 % .
In 1915, Feb., 2 % ; M ay. 2L*%: Common $3.000.000______ _______ _
Pref, $5,000,000, 7% cum...............
Q-M
3,576.455 SeptT8.1J*
and samo rate quar. since to and incl. N ov. 1018.
5 g J-D
189,000 June 1 1923
Year ending June 30— Gross.
Net.
Charges. Dies.
Surplus. Ced Rap & Iowa City RA Lf 1903
lst^M $2,000,000 gold ( $ 1 Illinois Tr. Sc Sav. Bk., Chicago, co-trustee.
1917-18.............................. $153,947 $61,371 $17,500 $20,000 $23,871
0 0 0 ) - . - _______ __~ _...c*tf
* ‘
Int. at Harris T r. & Sav. Bank, Chicago.
1916-17 ............................... 152,261
61,434
17,500 20,000
23,934
1
st
& rer mtge $ 1 0 ,0 0 0 ,0 0 0 g 1912 5 M-S
4,721,000 Sept. 1 1932
1915-16 ............................... 147.690 62,435
17,500 20,000
24,936
($500 and $1.000)____ c*tf Harris Tr. Sc Sav. Bank. Chicago, trustee.
Latest Earnings.— 6 mos. ending Dec. 31 1918:
notes, $2 ,0 0 0 ,0 0 0 g, 1917 6 g F-A
825.000 Aug 15 1919
6 mos. end. Dec. 31 1918..$77,639
$17,777
$8,750 $10,000 def.$973 2 -year
($500 & $1,000)c*
.
___ .Harris Tr. Sc Sav. Bank, Chic., Trustee.
ROAD.— Owns 12 miles of track in city o f Burlington. Rails 60, 70
Bonds.— Of the remaining 1st & ref. bonds. $189,000 are reserved for prior
and 75-lb. T . Owns 14 closed cars, 17 open cars, 2 convertible cars, 2 snow
.lion, $1,149,500 are pledged as security for tho 2-year notes and remaining
plows, 1 sweeper.
OFFICERS.— Pres., Ellas Lyman; V.-P. & Treas., Jno. J. Flynn: Sec.. bonds 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
O. W. Brownell.— V. 94, p. 1185.
interest. Sinking fund 1% per annum of bonds out. Mar. 1 1916 to 1921;
1922 to 1926, 2% ; 1927 to 1931, 3% . Sink, fund to bo used for redemption
B U T L E R , PA.
of bonds or for extens. and betterments. V. 95. p. 750. Notes are call,
on 30 days’ notice at 101 and Int. prior to Aug. 15 1918 and at 100 'A and
BUTLER RAILWAYS CO.
thereafter. Interest Ls payable in N. Y. or Chicago. Secured by
ORGAN IZATION .— Incorp. July 1 1917 In Penn, as successor to int.
pledge of $1,149,500 1st & Ref. Mtge. bonds, tho notes being issued on the
the Butler Passenger R y., the City Division o f the Pittsburgh Sc Butler basts
of tho face value of bonds pledged. Remaining notes may be
Ry. (the Interurban Division of which was sold under foreclosure May 9 issuedofas72%
add’l 1st & Ref. Mtge. bonds aro pledged in tho foregoing ratio.
1917—sco Pitts. Mars Sc Butler Ity., successor co., under Pittsburgh)
On
Ced.
Rap.
Iowa City Ry. & Lt. 1st M . a sinking fund began April
The property or tho Butler Pass. Ity. was taken over by the holders of 1 1908 and bonds &
are subject to call at 107 M Sc int. See V. 77, p. 2279.
$500,000 1st mtgo. 5% bonds duo 1936 and reorganized.
Dividends.— 7% ls being paid on pref. stock. On common, in 1911 to
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity. 1914, 2% per annum. In 1915, 4 % ; In 1916 and 1917 at the rate of 6 %
per annum.
Stock $300,000 ($50) _ - - - - - - - - . . . .
- - - - - - __
$250,000
First mortgago $300,000 gold t 1? 18
EARNINGS.— Of combined properties year ending June 30 1918,
5.g J ' J
250;000 Jan 11948
($500 & $1,000)— c*&r.tf Int. payablo at Butler Co. Trust C o., trustoo. gross, $1,985,973; net, after oper. exp., taxes, maint. and renewals, $623,­
Butler, Pa.
786; annual Int. charge (Inch notes), $305,362.
Bonds. Not subject to cal and no sink. fd.
ROAD.— Operates an interurban road 45>4 miles long on private rightROAD.— Operatos 13.28 miles of track in Butler. Rail (girder, oxcopt of-way substantially 100 ft. wide between Cfedar Rapids. Iowa City and
Lisbon; also local street railways in Marshalltown, Boone and Cedar Rapids.
2>$ miles T ), 65-lbs. Gaugo, 5 ft. 2 In.
O F F I C E R S . — P r e s . , F o r d . I ie i b e r ; V . - P . , J . V . R i t t s ; Sec.-Treas. and 42 pass, cars, 30 freight; misc., 8 : total, 80 cars. Capacity of steam generat­
ing plant, 19,000 k. w. In the fall of 1917 completed the installation of a
G e n . M g r . , I t . E . S p r o n k lo .________ _
2,000 k. w. automatically controlled hydro-electric plant at Cedar Rapids,
tho first of its kind to be put In operation.
BUTTE, MONT.
OFFICERS.— Pres, and Gen. Man., William G. Dows; V.-P. and Treas.,
BUTTE ELECTRIC RAILW AY.— Trolley.
Isaac B. Smith- V.-P., John A. Reed: Sec., C. S. Woodward, all of Cedar
This company was Incorporated In West Virginia In December 1899 as Rapids.— V. 103, p. 1508; V. 105, p. 716. 818; V. 106. p. 602.
successor o f tho Butte Consolidated Ry.. sold at foreclosure.
Interest due on Mar. 1 1915 was pahf Sept. 1 1915 and subsequent cou­
pons due March 1 and Sept. 1 1915 and March 1 1916 wore paid 6 months
C E D A R B U R G , W IS.
aftor they became due. Subsequent coupons paid when due.
MILWAUKEE NORTHERN R Y .— An electric road.
Strike Settlement— Wages.— In Aug. 1917 a strike on tho c o .’s lines was
ORGANIZATION.— Incorporated In Wisconsin In 1905. Operates In­
settlod by tho adoption of a new wage scalo o f 47H cents, 50 cents and terurban system entirely on private right-of-way. Franchise In Milwaukee
53H cents per hour for men in tho c o .’s employ for one, two or moro years
expires Dec. 31 1934 and provides for 5-cent single fares and that 8 tickets
respectively, representing an incrcaso o f 12'A % over former wages. Effec­ be sold for a quarter within city limits. Port Washington franchise expires
tive July 16 1918 an Increase of 6 cents per hour was granted tho men as a Jan. 2 1950. All others perpetual. Enters Sheboygan over tracks of She­
temporary measure pending submission of tho wage quostion to tho National boygan Electric Co. under perpetual contract
War Labor Board. V. 107, p. 694.
Fare Increase.— In July 1918 increased rates from 8 tickets for 25 cents
Fares.— In Aug. 1918 applied for an increase in cosh faros from 5 to 10 to 6 tickets for 25 cents for the duration of tho war. V. 107, p. 82.
conts, tickets to be sold at the rate of 4 for 25 cents.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
_______
$1,000,000 __________
Stock, common, $ 1 ,0 0 0 ,0 0 0 --____
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
1st pref., $400,000, 0 % cum................................
400,000 Oct '18.3 %
Stock, $1,000,000 (par $ 1 0 0 ) .-----M-N
$1,000,000 Oct '06, 2%
M-S
600,000 M a r '13,3%
lit M , $900,000. gold. $1,000/ 1900
6 g M-S
900,000 Mar 1 1925 2d pref, $000,000. 6 % non-cum........
1st mtge $4,000,000 gold! 1911 5 A-O
1,595,500 Apr 1 1931
each............................ c * cp t\Interest at W. A. Clark Sc Bro.. Butte.
($500 and $1 000)____ c t f \lnt. at First Sav. Sc Tr. C o., Mllw.. Trustee.
Bonds.— May be called Tor payment on Mar. 1 1915, or on any Interest
day thereafter. Sinking fund of 10% par value of bonds liegan Mar. l 1910.
Bonds.— Remaining bonds may be issued only when net earnings are
Dividends.— In 1905. 4% ; In 1906, M ay, 2% ; Oct.. 2% ; none since.
twice Int. charges, lncl. bonds to be Issued, at not exceeding 75% of cost
EARN ING S.— Years ending June 30:
of extensions, additions, &c. Subject to call at 105 and int. V. 92, p.725.
Year—
Gross. Net {aft. Taxes). Depr’n.
Interest.
Balance.
Dividends.— Dividends of 3% paid 8 .-a. on 1st pref. from Sept. 1911 to
1917-18.........$700,866
$132,523
$53,758
$44,667
$34,097 Mar. 1914 (lncl.). None to Jan. 1916, when 1 44 % was paid. In May 1910
1916-17......... 722,357
106,097
51,435
42,687
sur.11.974
Vi% and \i% each month thereafter to Oct. 1910. In Dec. 1916 paid
1916-16......... 550.037
100.680
53,288
43.459
sur. 3.939
3 % . In April 1917, 3% . In 1918, 6 % . On 2d pref. paid 3% s.-a. from
Passengers carried In 1917-18, 16,237,664, against 16,138,557 In 1916-17 Sept. 1911 to Mar. 1913, incl. None since.
and 12,494,722 in 1915-16.
EARNINGS.— For years ending June 30:
ROAD.— Operates 39.0857 miles of track. 56-60-80-85-90-lb. T rails.
Year—
Gross.
Exp. A Tax.
Net.
Interest.
Surplus.
61 passenger and 4 work cars.
1917-18............$385,498
$240,309
$145,189
$79,775
$65,414
OFFICERS.— Pros., W. A. Clark. Butte: V .-P.. W. A Clark. Jr.; Sec. & 1916-17 ............ 359.589
197,465
162,124
79,775
82,349
Treas., J. II. Anderson, 20 Exchange Place, N. Y .— V. 107, p. 694.
1916-10 ............ 332,336
185,240
147,090
79,775
67,321




ELECTRIC RAILWAYS

2 2

ROAD.— Will be 120 miles long, running north from Milwaukee to Cedarburg, where It forks, one branch extending to Sheboygan via Port Washing­
ton and the other to Fond du Lac. Operates 69 miles of track. Including
6 H miles In Milwaukee, between Milwaukee, Oedarburg and Sheboygan
la double-tracking the line between Milwaukee & Cedarburg, 10 mllos
completed. Gauge, 4 ft. 81$ In. 70-lb. T rail.
OFFICERS.— Pres., Wm. A. Comstock; V.-P. and Gen. M an.. F. W .
Walker; Sec. and Treas., Henry A. Haigh.— V. 92, p. 725; V. 107, p. 82.

CENTERVILLE, IOWA.

(Vol . 108.

Subsidiary companies’ bonds in the hands of the public Aug. 1 1918
amounted to $51,138,500.
Interest. Outstanding. LastDitid.
STOCK AND BONDS—
Date.
________ $12,331,000 See texc
Common, $15,000,000 ($ 1 0 0 )------Q-J
7,289,500 Apr T9, 1}$
Pref 6 % cum $ 1 0 .0 0 0 .0 0 0 ($ 1 0 0 )-----(3,000.000 Feb 1 1925
5%
U .500,000 Jan
11926
Debenture gold bonds------------------l
62.000 Apr 1 1927
Western Railways A Light Co.—
„ , ori
. .
Pf cum 6% $3,500,000 ($ 1 0 0 ) .-----Q-J
S o etex t
Debenture gold bonds--------- tf — 5%
1,645.000 - - - - - - - - - ­
Stock .— Additional preferred stock can only bo Issued when not earnings
aro equal to 9% on preferred stock out and tho amount proposed to be
Issued. Preferred stock is listed on Montreal Stock Exchange.
Dividends.— 6% per annum is being paid on the preferred stock. First
div nn com H % paid May 15 1913: samo rate quar. to and Incl. Feb.
191*8- M ay 1918 div. omitted (V. 106, p. 1231, 2228). Dividends have
boon paid on Western Rys. Sc Light pref. stock since organization.
REPORT.— Of combined properties for calendar years (1917 report In

IOWA SOUTHERN UTILITIES CO.
ORGANIZATION.— Organized In Maine In 1905as the Centerville Light
Traction Co. Name changed to present title in 1916. In 1916 acqured
the property o f the Centerville Albia & Southern Ry. Owns and operates
without competition the street railways serving Centervillo, and interurban,
passenger and freight electric railways extending from Centervillo to Albia,
Iowa, with about 32 miles of interurban track. Has also acquired all the
property of tho Moulton Elec. C o., Leon Elec. C o.. M t. Ayr Lt. & Pow.
C o., Lenox Elec. Co., Clearfield Elec. Co. and Blockton Lt. & Pow. Co.,
thus owning all tho public utility properties serving more than 27 communi­
1918.
1917.
1916.
1915.
ties, with an estimated population o f 55,000, including Albia, Centervillo, y 'Gms's Earnings2—
Moulton, Moravia, Allerton, Leon, M t. Ayr, Clearfield and Lenox.
......; W
SS83B
‘ 1 :1 :1
Franchises run boyond life of bonds and contain no burdensome restrictions. —
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Common stock $1.000,000__ _____
_______
$580 000 __________
Heat, water & miscell-1,153,548
902,248
848,307
o26,818
Pref stock 7% $500.000.........................................
360.000 ...................
Serial debenture mortgago...............
6%
190.000
Serially
T’nfn.l izross earnings 815,414,730 $14,040,870 $12,566,447 $11,187,995
1st M $2,500,000 sk fd gold f 1916
6 g A-O
957.000 Oct 1 1933 Op^r e
x
g
a
n
d
o ’. MQ. m
7,489,797
6,657,569
($100, $500 & $1,000) c*.tf(In t. In N. Y. or Chicago. Central Trust Co.
redeem at 105 and Interest! of Illinois, trustee.
_____$4,447,732
$4,891,694 $5,076,650 $4,530,426
TsTot PTminffs
Bonds assumed____ ________ _____
_________
10,000 __________
Interest on bonds, &C-.
$3,880,261 $3,719,541 *3,606,418 $3,268,607
Bonds.— A direct rirst mtge. upon tho properties. &c., now owned and
hereaftor acquired. Additional bonds may be Issued up to 80% o f cost of
ermanent extens., &c., when net earnings are twice Int. charges on all
onds outstanding, including those proposed. A minimum malnt. charge
for railway properties of 17% of gross earnings from railway operations, Is au gfuJ .lled.'!c-u- " ! : : : : u &
\
provided. Sinking fund began March 1 1919, of 10% of not earnings
for tho previous year, but not less than 1 >£% of the average amount of disSuntth° In1m °7 athaeroVw.is d
e
d
u
c
t
^
and
1st M . bonds outstanding during the year to retire bonds or for permanent $82 140 for bond discount, against $505,565 and $(>.>,283, respectively, in
Improvements. V. 104, p. 73. The debenture bonds are secured by mort­ 1916. resulting in a deficit of $362,173 in 1917, against a surplus of $106,670
gage. subject to the first mortgage bonds.
EARNINGS.— For years ending Dec. 31:
1,1 R O A D — The Interurban lines comprise 625.61 m U w of track: city linos
Cal. Yr. Gross.
Net, aft. Taxes. Bond,Ac.,Int. Dividends. Sttrpltis. comprise 270 22 miles of track: total of all lines. 8)5.83 miles, in 1912
1918____$450,979
$124,953
.$81,591
$25,200
$18,162
entered Into a contract with Wabash RR. for a physical connection and
1917____ 375,019
109,120
61,747
24,500
22,873 general Interchange at Decatur. Has working agreement with all steam
PROPERTIES.— A steam plant at Centorville with 240 milos of high- roads In Its territory that can be of service, except tho 1 ennsylyanla and
tension transmission lines; steam heating systems at Centervillo and Loon: n ! Y . Central linos. Interurban lines have 197 passonger, 124 express,
a gas generating and distribution system at Centervillo; a short street rail­ 1 085 freight cars and 34 raise, cars, and 35 locomotives; city lines have
way in Centervillo, also electric railroads on private right-of-way connect­ 425 motor cars and 201 others; 4 central powor stations and 40 sub-stations
ing Centervillo with Albia and Mystic, which do a freight and express busi­ on interurban lines.
ness and aro connected with transcontinental railway lines.
Pres.. W. B. McKinley. Champaign; V.-P. and Gen. M gr..
OFFICERS.— Pres., D. C. Bradley; V.-P., John O. Meiners, Milw.; H.OFFICERS.—
E . Chubbuck. Peoria: V.-P. and Treas.. O e o M . Mattls.
Sec., L. C . Bernhard, Milw.; Treas. & Gen. M gr., Frank S. Payne; Aud., upC
. t B. Macaulay, Montreal.— V. 105, p. 2094. V. 106, p . ob, 1126,
G. E. Peck.— V. 104, p. 73.
1231, 2228. 2443, 2456, 2758; V. 107, p. 1287, 1384, 2476.

I S i:::::::::::::

1:21:15? 3 « : § i 3J :J ?

P

CHAMBERSBURG, PA.

CHAMBERSBURO & GETTYSBURG ELECTRIC R Y.
OROANIZATION.— Incorporated in Pennsylvania Dec. 4 1900
STOCK AND BONDS— Date.
Interest. Outstanding,
Maturity.
Stock $225,000 ($50).............................................
$225,000 ........... ........
1st mtge, $225,000 ($1,000),] 1903
5 M-N
225,000 M ay 1 1933
not red., no sink, fund ..c * l Int. at Northampton Tr. C o., Easton, Trust.
EARN ING S.— For calendar years:
Year—
Gross.
Net.
Oth. Inc. Int. A Taxes.
Deficit.
1917.................. $38,653
$9,073
$232
$11,733
$2,428
1916.................. 38,098
8,396
304
11,667
2,967
1915............... 35,930
5.509
195
11.896
6,192
ROAD.— Operates 13.25 miles of track between Ohambersburg, Stofferstown. Fayetteville. Greenwood and Mt. Onion. 60 to 80-lb. T and
girder rail. Gauge, 5 ft. 2 Ml in.
OFFICERS.— Pres.. T . B. Kennedy; Sec. and Treas., W. L. Ritchey
Supt., D. B. Fretz.— V. 105, p. 2271.

C H A M P A IG N . ILL.
ILLINOIS TRACTION C O .— (See Map on page 23 )
ORGANIZATION.— Incorporated in Maine on May 13 1904. On
Nov. 10 1913 Increased the auth. common stock from $10,000,000 to
$15,000,000, In order to acquire control of the allied Western Railways &
Light C o. Two shares o f Railway Sc Light com. were exchanged for one
of Illinois Traction com ., $4,510,400 of the $4,521,800 stock outstanding
being so acquired. Tho pref. stock of the Railways Sc Light Co. remains
outstanding. See V. 97, p. 1426,1604. Controls the following companies
•Atchison R y., Lt. Sc Power Co.
Jefferson City Bridge Sc Transit Co.
Bloomington Decatur Sc Champ. RR •Jefrerson City Lt., Ht. Sc Pow. Co
Bloomington & Normal Ry. & Lt.Co. Madison County Light & Power Co.
•Cairo City Gas Co.
Mills County Power Co.
•Cairo Electric Sc Traction Co.
Montezuma EL L t., Pow. & Htg. Co
•Cairo Ry. Sc Light Co.
Montlcello Electric Light Co.
•Cairo Sc St. Louis Ry. Co
•Mound City Light Sc Water Co.
Central Lighting Co.
New Valley Junction Water Sc Lt. Co.
•Chicago Ottawa Sc Peoria Ry. Co. •Northern Illinois Light & Trac. Co.
•Citizens'Ltg.Co., La Salle-Peru.
North Missouri Light & Power Co.
Citizens Pure Ice C o., Jacksonville. Omaha & Lincoln Ry. & Lt. Co.
Cilnton (111.) Gas & Electric Co.
Oskaloosa Sc Buxton Elec. R y. Co.
Colfax Electric Light Co. (Iowa).
Oskaloosa Light & Fuol Co.
•Consumers Water & Light Co.
Oskaloosa Traction Sc Light Co.
Danville Cham. Sc Dec. R y. Sc Lt.Co. Peoples’ Traction Co.
Danville Sc Eastern Illinois Ry.
Peoria Railway Co.
Danville & Northern RR.
•Quincy Railway Co.
Danville Sc Southeastern Ry. Co.
St. Louis Electric Bridge Co.
Danville Street Railway Sc Light Co. St. Louis Electric Terminal Ry.
Danville Urbana & Champaign Ry. St. Louis Springfield Sc Peoria R R .
Decatur Railway Sc Light Co.
Topeka Railway Sc Light Co.
Des Moines Electric Co.
Topeka Edison Co.
Des Moines Sc Cent. Iowa Elec. Co. Topeka Railway Co.
Galesburg Artificial Ice Co.
Urbana Sc Champaign Railway, Gas
•Galesburg R y., Lighting Sc Power.
& Electric Co.
Oalva (111.) Electric Light Co.
Urbana Light, Heat <& Power Co,
Illinois Central Traction Co.
•Wichita R R . & Light Co.
Jacksonville Railway Sc Light Co.
Companies marked with • formerly comprised Western Rys. & Lt. Sys.
In April 1907 obtained a 50-year franchise on certain streets of St. Louis
and was also given authority by the U. S. Government to build a bridge
across the Mississippi River between Venice.111., and St. Louis, M o. This
bridge was opened to traffic in N ov. 1910 and, with terminals in St. Louis,
represents an investment of over $6,000,000. V. 92, p. 259. On July 1
1911 began running express trains between St. Louis & Peoria, 174 miles,
with only two stops— at Springfield and Lincoln— the running time being
5M» hours, or about 32 miles an hour (V. 93. p. 44). In Aug. 1911 the
company opened offices in Chicago, with the purpose o f securing freight
from points between Chicago and St. Louis, though company has as yet
no direct entrance into Chicago. V. 93. p. 527.
Fare and Rate Increases.— On Dec. 4 1916 the I.-S. C. Comm, approved a
schedule o f fare between St. Louis, M o., and Venice, Madison and Granito
City, 111., which increased the average receipts per passenger from 5 to 7.2
cents. In Jan. 1918 the Illinois P. S. Comm, authorized tho company’s
subsidiaries to charge 2 cents a mile for passenger Service, instead of the
fixed rates within zones, effective Feb. 11 1918. In Sept. 1918 Judge
English in tho U. S. Dist. Court at Danville, 111., Issued a permanent in­
junction restraining the State o f Illinois from interfering with tho company
in the proposed increaso o f passenger rates above 2 cents per mile, with 3
cents per mile as the maximum chargo. V. 107, p. 1287. On Dec. 26
1918 was authorized by tho I.-S. C. Comm, to increaso passenger rates to
not to exceed 3 cents per milo.
V. 107, p. 2476.On M ay 16 1918 tho fol­
lowing faro and rate revisions were authorized by the 111. P. U. Comm,
(a) 6 -cent fare in Jacksonville and Cairo, with 20 tickets for $1; (b) Straight
5-cent fares in Danville. Decatur, Champaign, Urbana, Bloomington,
Quincy and Galesburg, (c) Increases per 1,000 cu. ft. of gas for tho first
5,000 cu. ft. consumed monthly as follows: Decatur, 10 cents; Danville,
20 cents; Champaign, Urbana and Galesburg, 25 cents. Tho M o. P. S.
Comm. auth. an increase in the chargo for gas supplied at Jefferson City,
M o. V. 106, p. 2228. On July 2 1918 the 111. P. U. Comm. auth. tho
Peoria Ry. to charge a straight 5-cent fare.




PROPERTIES CONTROLLED BY THE ILLINOIS TRACTION CO.
* 1 8 9 ? " tUo Atchison
B o c. 1
L. A F.
Co
Controls electric railway lighting and gas properties of AtcWaon.
Rafpo__in Sent. 1918 applied to tho Kansas P. U. Comm. ror a i cono
fare in Atchison, Kan., and an increaso of 20% in light and powor schedules.
V. 107, p. 1191. Authority not granted.
STOCK AND BONDS— Dale.
Interest. Outstanding.
Maturity.
Stock. $1,500,000 ($100).........- ................. - - - ........
*136000

lightfng;*lh289 etectrtc^ nd^J^ l^ as’m etra'ln ^ 6 . —
12) B loom ington Decatur & Champaign R R .
„ 0 i q i n a<,a oonORGANIZATION.— Incorporated in Illinois onjNov. 29 1910 as a con
solldatlon of the Chicago Bloomington & Decatur Ry. and St. Louis Decatur
Sc Champaign Ry. Operates on private right of way except througn cities
and towns (8 miles) where franchises extend to or beyond 19o3.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common. S3.000.000----.....................................
* i ’ ia 7 sn o ...................
U t& ^ fT n tg e !$15joOOJXM),"gf 1910
5*g M-N
H o o S S o T n ffl
($1,000 coup St $1,000 or Interest at Illinois Trust &
™anv '
General mortgage...................Central Trust Co. of .IUjnols. Trustee.
Stock.— Of tho pref. stock. $912,500 is Series ’ ’ A and $225,000 Is
8<I “ March 1916 issued $500,000 5% Sor. A prof, stock to retire a like
amflT d s -O f™ h™ Jl3 MW 0 0 0 ”Tst & ref.” bonds reserved for various pur­
poses, $6,750,000 aro reserved for acquisitions o f two
ji^asfoOO
marls (Danville Urbana & Champaign and Illinois Contra! 1 rac.; ,5 1 ,2 0 ^ *661/
to redeem the general mtge. bonds. $472,000 to replace Keooral i!& ,?£
issued in the future and $5 ,0 1 8 ,0 0 0 for 80% of c a £ cost o ’ »«WIttons »nd
improvements. These $5,016,000 b o n d s , excepting $500,000 (Issuable at
any time for 80% of cost of additions and improvements . with consent of
N . W . Halsey & Co.) can be Issuod only when the precMlng 12 months
gross earnings have equaled five times and net earnings 1 A
est charge on all bonds outstanding and those proposed to ho Issued. Bonds
are unconditionally guar., p. & I., by Illinois tr a c . Co. They are redeem­
able at 105 on any int. date. V. 92, p. 259. Int. on general mtge.bonds is
payable at office of Merchants’ Bank of Canada. Now York.
ROAD.— Owns and operates 106 miles of track (96 miles, main line, 10
miles sidings) extending from Bloomington through Decatur to Champaign
and Urbana. 60 and 70-lb. rails. Standard gauge. 248 cars and 6 loco­
motives.— V. 102, p. 65.
(3) Bloomington & Normal Railway & Light Co.
ORGANIZATION.— Incorporated in Illinois on Feb. 23 1906 as a con
solldatlon of the Bloomington & Normal R y., Electric & H w Mm O o.and
the Consumers Light & Heating Co. pf Bloomington. Doesna,i K i S n
railway and commercial electric light and power business In Bloomington
and Normal and operates hot-water and steam-heating system in Bloom­
ington. Principal railway franchise in Bloomington expires In 1929. in
this franchise city reserves right to purchase plant at an ^praised value
plus 10% of same. Railway franchises In Normal that are n<^ porpotual
expiro in 1922. Principal lighting franchises are perpetual. Mlnor franchlses in Bloomington for lighting and for steam and hot water heating
eX?nJan.11917 t th1e9authorized capital stock was Increased from SI•660.000
to $1,900,000. V. 101, p. 255. In Dec. 1917 tho Illinois I . U. Comm.
auth. the company to Issue $53,000 additional pref. stock and $66,000
bonds. Up to March 8 1919 tho bonds had not been issued.
Rates.— See Illinois Traction Co., above.
Outstanding
STOCK AND BONDS— Date.
Interest. Outstanding.
M aturity
$1,200,000 .........
Com stock. $1,200,000 ($100).....................- - - - 611.000 .........
Pref. stock, $700,000 . 6% c u m -----Q-F
1.200.000
Jan
1 1928
1st and gen mtge, $3,500,0001 1911
5 J-J
gold ($1,000)— ---c*& rtf (Illinois Trust Sc Sav. Bk., onicago, i t o i w .
B & N R E & H 1st mtge.l 1902
5 g J-D
600,000 June 1 1927
$6 0 0 ,0 0 0 ($ 1 ,0 0 0 ) g ,s f.c * t n ln t . at 111. Trust & Say. Bk.. Chic., Trustee.
Stock.— The pref. stock Is red. at 105 and accrued div. and Is guar. p. St a.
(end.) by the Illinois Traction Co. Tax exempt In Conn.. New Hamp8hfloriix.—'Of th e'$3,500,000 1st and gen, mtge. bonds, $600,000 are re­
served for prior liens and $1,700,000 for extensions and hunts. under care­
ful restrictions. Are guar. prin. and Int. and s. f. by 111. Trac. Co. int.
in N. Y . or Chicago. Callable as a whole or In part for s. f. at 1 0 2 X and
int. on any int. date. Sink. fd. 1% of bonds out annually, 1912 to 1919:
2% 1920 to 1928. Of the bonds outstanding, $87,000 are In sink. fund.
V. 93. p. 665. The R y., Elec. Sc Heating Co. bonds are subject to call at
110 and int. Sink, fd ., *10,000 annually,began June 1908; $141,000 art
In sink.fund and included In amount outstanding.
ROAD.— Operates 19 miles of track in, around and between Bloom­
ington and Normal. Rails 70 and 72-lb. Has 31 pass, and 5 misc. cars.
Power station has 3,300 k. w. capacity.— V. 104, p. 255; V. 106, p, 2648.

Mar ., 19J9.J




ELECTRIC RAILWAYS

23

A

C

K

E

I I

I

G

A

N

Oxford
Chatterton
inJWlnthrop
Kickapo*
JUD|YVlLLE
Independence
ATTICA
(muolavia)
Silica ’
Rob Roy
StoneblufT

VEEDERSBURG
....

. Yeddo
K in g m a n
I T a n g ie r
'fjo tt 1 W e s t U n io n
5 W e s t M e lc lie r
! M e cc a
l
I c o x v il l e

j

§ Sltosedale

•™* * * COAL BLUFF
Beech G ro ve
M c C le lla n d
C o m p to n
H arp e rs
Lan e

BRAZIL
Eureka
Watson
Ehrlich
Vaniialia
Ashhoro

iSAUNE CITY

.

i Eel niter
*Clay Citv
_ I Coal City
suLLtVAN
ubbell
-j IJohnstown
P j Welch
$ JKIliston
z l Plummer
< g Lester
Q3Slinkard
-A Kinora
/Hyatt
J Graham
5Jordan
/ Hawkins
'•rj Purcell
/WASHINGTON
|„
ffJlayville
I Cypress i Thomas
l Decker
/ Sandy Hook
5 liar,e,on
C f^ n
>! Miller v.* Clark
2 I Fatoka /iiosmer
/ Little
Princeton/ Massey
King / OAKLAND CITV
Gudgel
Fort / .Somerville
^ranc^J/ Mackey
Rosebud
Elberfeld
1
Klliott

/// k

,,,
;>(H -/

^
V

* St.George
‘/Straight Line Jc.
EVANSVILLE

:(U i<-'er X2 SS70 Henderson
E X P L A N A T IO N

Interurban Lines
• ••••• Electric LiQht Transmission Lines
Interurban Railway and Transmission Service
Street Railway, Electric Light, Gas, Heat and Ice
Street Railway, Electric Light, Gas and Ice

24

ELECTRIC RAILWAYS

(4) Cairo Railway & Light Co.— A trolley road.
ORGANIZATION.— Incorporated on Oct. 5 1908 In Maine to take over
the properties of the Cairo Elec. & Trac. Co. and the Cairo City Gas Co. V.
8 8 , p. 293, 374.
The Cairo Elec. & Trac. was a consolidation of the Egypt
Electric Co. and the Cairo Elec. Light Sc Power Co.
R ales. — See Illinois Traction C o., above.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity
Stock, com., SI,000,000 ($100) All owned by Western Rys. & Light Co.
Pref. stock $366,000--.......................
.................
$366,000 - - - - - - - - - ­
Cairo Ry & L tM $1.000,000 gntf 1908 5 g J-D........... 850,000 Dec 1 1938
O E & T 1st M . $300,000, gntf 11903 5 g J-D
150,000 June 1 1923
($500 and 11.000)............ cntf 1Int. at Central Trust C o.. Chic, Trustee.
Cairo City Gas Co $75,000 gold 1903
5 g J-D
75.000 June 1 1923
Bonds.— C. E. Sc T . bonds subj. to call on any lnt. date aft. 10 yrs. at 105.
ROAD.— Operates 9 miles of track In Cairo, together with the electric
lighting and power plant. 24 cars. Furnishes city with 119 arc and 196
Incandescent lights; also supplies 40 commercial arcs.— V . 8 8 , p. 293, 374.
(01 Cairo & St. Louis Ry.
O R G A N IZA T IO N — Incorporated in Illinois Oct. 1908 to construct a
line from Cairo to East St. Louis. Has a 50-year franchise in Cairo, Mound
City and Mounds.
_
„
„ , . „
, ..
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, $300.000
$300,000 - - - - - - - - - ­
First mtge. $250,000,g-C&rtf( 1908
5 g M -N
250,000 Nov 1 1938
lPortrd(Me.)Tr.Co.,Trus..&F.D.Lunt,Portl d
Bonds.— Coupon bonds are In $1,000 pieces and registered In any desired
amount. Int. at Portland (M e.) Tr. Co. No s. f. and not subject to call.
ROAD.— 11.37 miles of track completed and In operation; 10 cars; 1
engine.— V. 8 8 . p. 293.
( 6 ) C hicago Ottawa & Peoria Railway Co.
ORGANIZATION.— Bought outright In 1909 the Illinois Valley Ry.
Operates largely on private right of way. Franchises In various towns
mature mostly after 1950.
Rale In crea se.— In Aug. 1918 was auth. by tho 111. P. U. Comm, to in­
crease freight ratos 25%. V. 107. p. 603.
.
In Jan. 1919 applied to the 111. P. U. Comm, for authority to issuo $406,­
000 preferred stock at par. V. 108, p. 267.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock— $1,540,000 outstand'g— All owned by Wostern Itys. & Light Co
First cons and ref mtge, guar. / 1907
5 g J-D
$2,918,000 Dec 1 1937
$5,000,000 ($1,000)___ tf(Central Trust Co. of Illinois, Trustee.
Illinois Val 1st M , $2,000,000/ 1905 5 g M-S
1.070.000 Sept 1 1935
g ($500&$ 1,000).guarc . tflIn t. at Irving Nat. Bank, N. Y. City.
Bonds.—Ch. Ott. & Peo. 1st M . bonds are guar., p. Sc 1., by Wostern Rys.
& Lt. Co. $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 Can­
ada in N . Y. City. Illinois Valley bonds have a sinking fund of 1H % per
annum of amount out; mtge. was originally $2 ,0 0 0 ,0 0 0 , but on merger with
Chic. Ott. Sc Peoria the $500,000 unissued was canceled; $430,000 held In
sinking fund. Bonds are guar., p. & 1.. by Westorn Rys. & Lt., Portland.
(M o.) Trust Co. is trustee. Are subject to call at 105.
„
ROAD.— Operates from Princeton. 111., via Peru, La Salle, Utica, Ot­
tawa. Marseilles, Seneca and Morris to Joliet, about 117 ra., 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 Dee
1911; 108 cars; 3 locomotives.— V. 97, p. 594; V. 107, p. 603; V . 108, p. 267.
(7) Consumers W ater & Light Co.
, ____
, „
ORGANIZATION, &c.— Incorp.ln Illinois in 1913 to succeed the Mar­
seilles Water & Light Co. (successor In 1910 to tho Consol. Wat. Sc Lt. Co.)
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
S to c k ____- ____________ ____ _____
_- ___-_
$500,000 ------- ------First Sc ref M $500.000........... 1913
6 J-D
75.000 Dec 1 1938
Consol W & Lt bonds (n tf)...............
5%
30,000 Dec 1925
( 8 ) Danville Champaign & Decatur Ry. & Light Co.
ORGANIZATION.— Incorp. In Maine May 14 1913. Is a holding
company and controls substantially all the electric, gas, street railway
and public-heating systems In Danville, Decatur, Champaign and Urbana.
Franchises covering gas, electric and heating, with few exceptions, extend
many years beyond 1938. Street railway franchises expire at various dates
before 1938, tho laws of 111. not permitting long-time street ry. franchises.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock. $3,700,000 ($100)....................................
$3,688,000 ...................
Pref. 6 % cum, guar ($100)................... 6 Q-M
730.000
Seo text
Cons & ref coll tr $15,000,000/ 19135 g M-S
3,841,000 Mar 1 1938
g c*&r*, red at 104 and int,{ Int. at Boston Safe Deposit Sc Trust Co
guar prin and Interest__ tfl Trustee. II. D. Heathfleld also Trustee.
Stock.— Pref. stock is red. as a whole at 110 and div. Cumulative dlvs.
at tho rate o f 6 % and also $ 1 0 0 a share in tho event of Involuntary liquida­
tion or dissolution (and $ 1 1 0 per share otherwise), are guar, by endorsement
by the Illinois Traction Co. V. 103, p. 406.
Bonds.— Secured by all the stocks and bonds of constituent companies,
namely $1,454,000 Dec. R y .& L t.C o . Consol. & Ref. 5s: $1,074,000 Urbana
Sc Champ. Consol. & Ref. debs.; $1,400,000 Danville St. R y. & Lt.
C o. Consol.& Ref. ,5s and $10,000 Urb. Lt. (It. & Pow. Cons. Sc Ref. 5s.
There are $2,330,500 underlying bonds for payment of which a like
amount of cons. Sc ref. bonds Is reserved. Remaining $12,660,500
may be Issued for additions and Improvements to constituent companies
under certain restrictions. They are guar. p. & 1. by 111. Trac. C o., as are
also sub. co. bonds deposited under this mtge. All future Issues of stocks
and bonds by constlt. cos. must be pledged under above coll, trust Issue.
V. 96, p. 1422. Coupon bonds In denom. of $1,000; regis. bonds $1,000.
$ 5 ,0 0 0 , $ 1 0 ,0 0 0 or multiples of $ 1 ,0 0 0 .
Sinking fund will retire before maturity about 40% of total bonded debt
incl. underlying bonds; $93,000 (not incl. in amt. outstanding) in sink. fund.
EARNINGS.— Of constituent cos. for 12 mos. onding Dec. 31 1918.
gross, $2,539,121; net, $918,342; interest, $303,736; surplus, $614,606.
(a) Danville Street Railway & Light.
Controlled by Danville Champaign Sc Decatur Ry. Sc Light Co.
ORGANIZATION.— Incorporated In Dec. 1899 as a consolidation of all
the street railway, electric light, gas and steam-heating Interests.
In Doc. 1917 tho Illinois P. U. Comm. auth. the company to issue $129,­
0 0 0 additional bonds (not incl. in amount reported outstanding).
F a res. — In Feb. 1918 was auth. by tho 111. P. U. Comm, to eliminate
ticket fares.
Rates.— See Illinois Traction C o., above.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock, $1,500,000 ($100).......................................
$1,438,000 ...................
Refunding mortgage, $700,-1 1900
5 g J-J
640,000 Jan 1 '20-’25
gold ($1.000)________ c* tf/lnterest at N . W. Harris Sc Co.
Consol and rer debs, $7,500,-1 1913
5 M-S
1,603,000 Mar 1 1938
000 ___________________ tf (Central Trust Co. of 111.. Trustee.
Bonds.— Ref. bonds are due $6,000 annually Jan. 1 1910 to 1924 Inclusive
and remainder on Jan. 1 1925; $60,000 have been retired. Sinking fund of
$6,000 per year began Jan. 1 1910, bonds being drawn (at par and accrued
lnt.) In numerical order, beginning with No. 1. Mortgage trustee Is the
Illinois Trust & Savings Bank, Chicago. V. 70, p. 125. Of the consol. Sc
ref. debs, of 1913, $1,400,000 are deposited under D .O .& D. Ry. & Lt. M .
$646,000 are reserved to replace underlying bonds and $5,454,000 for cost
of new property.
COM PANY'S PR OPERTY.— The company owns the following: 1. Gas
works operated under special charter and a perpetual franchise. 2. An
electric-light plant is operated under a 9 9 -year franchise; also has dynamos
for furnishing power to street railway. 3. The entire street railway sys­
tem of the city, 16.37 miles of track, nearly sill laid In brick pavement,
running to threo parks, the fair grounds, cemetery and railway depots and
National Soldiers Home. Equipped with 50, 60 and 70-lb. Johnson T rails
with 26 motor cars (General Electric) and 12 others. Furnishes electric
current at Westville, Georgetown, Ridgefarm, Indianola, Sidell and
Ohrlsman.
OFFICERS.— Same as those for Danville Urbana Sc Champaign Railway
C o.— V. 106, p. 85.
(b) Decatur Railway & Light Co.
Controlled by Danvlllo Champaign Sc Decatur Ry. Sc Light Co.
ORGANIZATION.— Incorporated In Illinois In Dec. 1903, to take over
the property of the Decatur Traction Sc Electric C o., the Decatur Gas &
Electric Co. and the Decatur Steam Heating C o., owning all the street rail­
way. gas and electric-lighting business and steam-heating plant In Decatur
and suburbs.
In Dec. 1917 tho Illinois P. U. Comm, authorized tho Issuance of $180,000
additional stock and $60,000 In bonds (incl. in amounts reported out­
standing).
Rates.— See Illinois Traction Co., abovo.




[Vol . 108

STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Stock. $1,555,000 ($100)...............................- - - $1,555,000 - - - - - - - - - ­
Decatur Gas & Electric C ol
1899 5 M-N
105,000 Seo text
first mortgage.................tf/ln t . at Merch. L. & Tr. C o., Chic., Trustee.
Decatur Gas & Elec Co 2d M f
1899 5 J-J
90,000 Jan 1 1930
$4 0 0 ,0 0 0 ($300.000 reserved {Interest at Merchants Loan Sc Trust C o.,
for above ($1,000). gold t fl Chicago. Trustee.
Dec Trac & Elec 1st M $300.-1
1900 5 J-J
$212,000 Jan 1 1921
Dec Ry & Lt con Sc ref mtge) 1913
5%
1,504,000 Mar 1 1938
$7,500,000 (red at 105). tf/Oontral Trust Co of III., Trustee.
Bonds.— $1,225,000 Decatur Railway Sc Light Co. first and consols, are re­
served to retire an equal amount of prior liens as above. A sinking fund
of 10% of the net earnings, or not less than 1% of outstanding bonds. Is
to be invested In the bonds. Amount outstanding lncludos $209,000 bonds
held In sinking fund. These bonds are subject to call at 1074$ and lnt.
on any Interest date upon 60 days' notice. Of the Decatur Gas Sc Electric
Co. 1st M . bonds, $15,000 must be redeemed on May 15 1910 at 105 and
a like amount each year thereafter in numerical order. These bonds
are subject to call at. 105 and interest. Thd second mtge. bonds of the
Decatur Gas & Electric Co. are redeemable at any time at 105 and lnt.,
but there is no sinking fund on these bonds. Of tho Dec. Ry. & Lt. consol.
& ref. bonds, $1.504,000 are deposited under the Danv. Champ. & Dec. Ry.
& Lt. consol. & ref. mtge. $1,225,000 are reserved to retire underlying
bonds and $4,821,000 tor new construction.
, , _
ROAD.— Operates about 15 miles standard-gauge road in Decatur and
suburbs; 60 & 72-lb. T rails. 35 motor cars Sc 4 others.— V. 106, p. 85.
(c) Urbana & Champaign Railway, Gas & Electric Co.
Controlled bv Danville Champaign & Decatur Ry Sc Light Co.
ORGANIZATION.— A consolidation In 1897 of Urbana & Champaign
Electric Street, Champaign Electric Light & Power, Champaign & Urbana
Gas Light & Coke and West End Park companies. Owns perpetual gas
and steam charter. The underlying railroad charter is also perpetual.
Franchise In 1901 extended for 20 years.
R a t e s . — Seo Illinois Traction Co. above.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $836.000_____________ _____
_______
$836,000 ---------------Consol mortgage. $500,0001 1899
5 g J-I
^ 3 5 4 .0 0 0 July 1 1929
($1,000. gold_______ c .n t flln t . at Portland Tr. C o., Portland, M e.,rrus
U & C Ry G & E consol and/ 1913
5 M-S
1,099.000 Mar 1 1938
ref debs $4.000.000_____tfl Central Trust C o.. Chicago. Trustee.
Bonds.— Of the consol, mtge. bonds, sufficient are reserved to retire first
mortgage bonds. The bonds are subject to call on any interest day at 105
Of the U .& O . Ry.. G .& E . consol, and ref. dobs.. $1,099,000 aro deposited
under D. O. & D. Ry. Sc Lt. consol. & rof. M .. $354,000 are reserved
to retiro other bonds and $2,572,000 for additions and Improvements.
ROAD.— Operates 12.60 miles of track In and between Champaign and
Urbana. Has 32 motor cars and 5 others.— V. 105, p. 2544.
(d) Urbana Light, Heat & Power Co.
rT
Controls the electric lighting and steam-heating business of Urbana.
Entire stock Is owued by Illinois Traction Co.
R a t e s . — See Illinois Traction Co. above.
STOCK AND BONDS— Dale.
Interest. Outstanding.
Maturity.
Stock $185 000
. ________ _____
_________
$185,000 ---------------First mtge $56,000 ($500).ctf 1903
5 M -N
9 000
Soo text.
Second mortgage $200.0001 1909
5 J-D
90.000
See text.
($1.000)...........................tf (Central Tr. Co. of 111., Trustee. Int. in Chic.
Consolidated and refunding) 1913
5%
10.000 Mar 1 1938
mortgage.........................tf/Central Trust Co. of Illinois. Trustee.
Bonds.— First mortgage bonds mature $2,000 to $4,500 annually on
M ay 1 until M ay 1 1920. $47,000 retired up to Mar. 1 1919. Of second
mtge., $13,500 are reserved for prior bonds and $94,500 are for new con­
struction. Bonds mature on Mar. 1 yearly from 1918 to 1927. They
are guar, by Illinois Traction Co. V. 89. p. 167. The ontlre outstanding
amt. ($10,000) of consol. Sc ref. bonds are deposited under Danv. Cham. Sc
Dec. Ry. & Lt. mortgage.
„ .
OFFICERS.— Pros., W. B. McKinley; Sec., E. A. MacNutt; Troaa.
Geo. M . Matt la; Gen. M gr., II. E. Chubbuck.— V. 105, p. 2462.
(9) Danville 5c Eastern Illinois Ry.
Stock. $125,000. Temporary bonds to the amount or $50,000 (5% ) ara
outstanding, due 1927.
(10) Danville & Southeastern Ry. Co.
ORGANIZATION.— Incorporated In Illinois on Jan. 14 1909.
STOCK AND BONDS—
Date
Interest.
Outstanding. Maturity
stock
____________ All owned by Illinois Traction Co.
First mortgage $100,000 gold, ( 1909 5 g J-J
$60,000 July 11929
($1 000) _________ c&r t f/ln t . at Central Trust C o.. Chicago, trustee.
Bonds.— Subject to call at 105 and int. on any int. date. Guaranteed,
p. & 1., by Illinois Traction Co.
... „
, , . _
ROAD.— Operates 2.82 miles of road fromlDanvlIle City limits to Grape
Creek coal district. 70-lb. rails.
OFFICERS.— Same as those for Illinois Central Traction Co.
(11) Danville Urbana & Cham paign Ry.
ORGANIZATION.— Incorporated In Illinois under the railroad law on
July 28 1902. Owns the Danville Paxton Sc Northorn Ry. Mostly private
right of way.
, , , _
On Nov. 28 1917 the Illinois P. U. Comm, authorized tho company to
issue $550,000 preferred stock.
Outstanding. Maturity.
STOCK AND BONDS—
Date. Interest.
$250,000 ...................
Common stock $250,000------- ---------------- 550,000 ...................
Preferred stock$550,000------- -------— - -- 2,000.000 Mch. 1 1923
First mortgage $2,000,000/ 1903 5 g M-S
gold $1,000) guaranteed (interest at Agoncy of Bank of Montreal, N .Y .
c* tf ............................ ......( Northorn Trust C o.. Chicago, Trustee.
Second raortgago $500,000( 1905 6 g J-J
42,000 See text.
gold ($1,000) serial., .c* tf) Int. at Agoncy Merchants’ Bk. of Can., N.Y.
General mortgage b on d s ..tf 1910
6%
700,000
Nov. 1930
Bonds.— The first 5s have no sink, fd., but are subj. to call on any lnt. date
upon 90 days' notice at 105 Sc Int. Tho bonds are guar., p. Sc L, by end. by
Danv. St. Ry. Sc Lt. Co. and Urbana Sc Champaign Ry.. Gas Sc Elec. Co.
V. 81, p. 264. The 2d 6 s mature $50,000 on Jan. I 190$ and $50,000 each
Jan. 1 thereafter. Tho $50,000 duo on Jan. 1 1908 and $50,000 due Jan. 1
1909, as well as $42,000 of tho .$50,000 due Jan. 1 1911. wore extended.
$458,000 have beon retired. Thoy are subject to call at par on 30 days
notice. Are guar., p. Sc 1., by III. Trac. Co. Trustees are Montreal Tr. Je
Dep. Co. and Thos. Fyslle.
.
ROAD.— Operates 70.16 miles of track over private right or way, con­
necting the cities of Danvlllo, Urbana and Champaign, with branches from
Danville to Georgetown and ltldge Farm; Danvlllo to Oatlin and Ogden
to Ilomer. 70-lb. rails. Has 20 pass. cars. 23 oxpross cars. 175 froight
cars. 11 locomotives and 7 miscellaneous cars.
.. _
OFFICERS.— Pres.. W. B. McKinley: Sec., E. A. MacNutt; Treas..
eo. M. Mattis.— V. 83, p. 435; V. 84, p. 338; V. 8 8 , p. 563; V. 108, p. 85.
(12) Des Moines & Central Iowa Electric Co.— A holding company.
ORGANIZATION.— Controls the Iowa subsidiary properties of the
Illinois Traction C o., which include tho eloctric-light and power companies,
serving Des Moines, Oskaloosa. Colfax, New Valley Junction. New Sharon.
Prairie City and Montezuma and tho street railways In Oskaloosa. Con­
trols tho Des Moines Electric Co. and tho Oskaloosa Traction Sc Light Co.
The bouds of this co. are secured by pledge of $514,000 gen. mtge. 6 %
bonds of the Des Moinos Elec. Co. (total out) and all tho common and pref.
stock of the same co. Also $160,000 Ken. mtKo. bonds and all the stock of
the Oskaloosa Traction Sc Light Co. and bonds of various other cos. in an
aggregate amount of $249,000.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com stk, $1,000,000 ($ 1 0 0 )..All ownod or controlled by Illinois Trac. Co.
Prof stock SI50 000
.
do
do
do
do
Prej-StocK.
........... 7 1913
6 g M-S
$1,528,500 S op tll9 3 7
Sk
fd gold bonds. $10,000,000
($500 Sc $1,000) rod at 105 Interest at Thirst National Bank, Now York,
or tho Central Trust Co. ofllllnols.Trustee.
Sc Int guar p Sc I and s f by
end by Illinois Trac O o.c*
5 M -N
$2,731,000 Nov 1 1938
Des Moines Elec 1st M $5,-) 1908
000.000 ($1,000) s f ----- tf Interest at American T rust.C o.. Boston.
Osk T Sc Lt Co bds $300,000/ 1903
5 g J-J
224,000 Jan 1 1923
($1,000) gold sink fund c*l Int. at U. S. Mtgo. & Trust C o.. N. Y..Trus.
Bonds.— Additional sinking fund gold bonds can only bo Issued for 80%
of the cost of Improvements, &c.. to tho sub cos., and certain other restric­
tions. Annual sinking fund of 14$ % of bonds out began Sept. 1914.

Mar ., 19! 9.]

ELECTRIC RAILWAYS

25

STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
$40,000 (included In outstanding amount) hold in sinking fund. Des
...........$1,010,000 ...................
Moinos Elec. Co. 1st M . bonds arc subject to call after Nov. 1 1914 Com. stock. $1,010.000................._______
„ 505,000 ---------- —
at 105. Sinking fund. 1% of bonds Nov. 1 1914-21; 144% 1926-31; 2% Preferred stock_____________ _____
5 g F-A
2,459.000 See text.
1931-37. Oskaloosa Trac. Sc Light bonds have sinking fund of $5,000 to Klret & ref mtge, $3,600,000,1 1906
gold ($1,000)_______ c* tf lInterest payable In New York.
be delivered to trustee annually. V. 98, p. 839. 1536.
5%
908.000
1926
Earnings.—Of sub. cos. of the Des M . & C. I. E. Co. for 12 mos. end. General mortgage________ - tf 190
Bonds.— Of the $3,600,000 first and ref. bonds, $291,000 are reserved
Dee. 31 1918. gross. $1,333,528; net, $531,797; lnt., $184,618; surplus.
for additions and Improvements at 75% of cost; $755,000 have been retired.
$347,179.
They are guaranteed, p. Sc L, by endorsement by the Illinois Traction Co.
(13> Galesburg Railway, L ighting & Power Co.
„ ,
The bonds are secured by a first mortgage upon all properties and fran­
ORGANIZATION.— Incorp. in 111. Sept. 10 1913 and took over the Gales­ chises of the Peoria Railway Co. now owned or hereafter acquired. The
burg Ry. Sc Lt. Co., the Galesburg Gas & Elec. Lt. C o., the Knoxville trustee is the Illinois Trust & Savings Bank, Chicago. III. Remain­
Elec. Lt. Sc Pow. Co. and the Abingdon Lt. & Pow. Co.
ing bonds mature on Feb. 1 as follows: $105,000 in 1920. $110,000 in
Rates.— See Illinois Traction Co. above.
$115,000 in 1922. $120,000 In 1923, $125,000 In 1924. $130,000 in
In Mav 1917 auth. capital stock was increased from $3,500,000 to 1921.
1925, and the remaining $750,000 in 1926. They are subject to call on
$4,000,000. In Jan. 1919 the co. applied to the III. P. U. Comm, for au­ any lnt. date at 105 and Int. See V. 83. p. 38, 436;V. 89, p. 42; V. 90,
thority to issue $350,000 Consol. Sc Ref. Mtgo. bonds. V. 108, p. 268.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. P" ROAD.— Owns and operates 54 miles of standard-gauge track, 122 motor
cars. 23 other cars. Also owns valuable property near the centre of city and
Stock. $4,000,000 ($100)...................
- ............... $3,474,300 . . . . . . . . . .
Consol ref mtgo. $5,000.0001 1916
5 g J-D
840,000 Oct 1 1934 considerable other real estate. Including several amusement parks, estimated
($1,000) red at 105--C*&r/Int. at Merchants' Bank of Canada. N. Y. to be worth $500,000.— V. 100. p. 643. 902. 1079; V . 101, p. 213.
Galesb Ry & Lt 1st cons--------------------------781,000 ---------------(20) Quincy Railway Co.
Galesb G & IC1 Lt 1st M ...........................................
350.000 ...................
ORGANIZATION.— Incorp. In Illinois In 1912 as successor to the Quincy
Bonds.— Sufficient consol, ref. mtge. bonds are reserved for prior liens
Horse
Ry. Sc Carrying Co. V. 94, p. 1628.
,
and remainder for additions, &c. Bonds are guar., p. & I., by Western
Does entire (electric) street railway business In Quincy. Principal fran­
Rys. & Light Co. The Old Colony Trust C o., Boston, is trustee.—
chise
is
unlimited,
granted
In
1865.
and
exclusively
for
50
years.
Other
V. 104, p. 2117; V. 108, p. 268.
franchises mature from 1922 to 1937.
(14) Illinois Central T raction C o.— A trolley road.
Rates.— See Illinois Traction C o., abovo.
ORGANIZATION.— Incorporated In Illinois In 1903 under general
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
railroad laws. Mostly private right o f way.
Stock. $1,000,000___________ _____
- .........$1,000,000 ---------------In Jan. 1919 applied to the 111. P. U. Comm, for authority to issuo Bonds, $1.500.000...............tf 1912
5%
599.000 Feb. 1 1932
$245,000 pref. stock at par. V. 108, p. 268.
Quincy Horse Ry. & O. C o/ 1898
5%
400.000 Oct 1 1923
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
($550.000).............- ........... (Portland Trust C o.. Trustee
The Quincy Horse Ry. & Carrying Co. $400,000 5% bonds originally
Stock $1,100,000 ...........................- ......................
$1,100,000 ...................
1st mtgo, $2,000,000 ($1,-1 1903 5 g J-D
1.469.000 Dec 11933 matured on Oct. 1 1918, but were extended for 5 years.
000) gold, guar______c* tf/In t. at Olu Colony T r. C o., Boston, trustee.
ROAD.— Operates 22.85 miles of track: 51 cars.— V. 94. p. 1628.
Temporary general m ort__ t f ____ 5 & 6
746,000 1929 & 1931
(21) St. Louis Electric Bridge Co.
Bonds.— Are subject to call on any Interest date on 00 days’ notice at
ORGANIZATION.—
Incorporated in Jan. 1907. Owns a bridge from
1071$ and lnt. Are guaranteed, p. & I., by Illinois Traction Co. V. 82.
p. 804. A sinking fund of 10% of net earnings bocaine operative Dec. 1 Salisbury Street, St. Louis, to Venice. 111. In April 1909 company In­
creased
capital
stock
from
$2,500 to $1,000,000. V. 8 8 . p. 946. Stock all
190.8. but not to bo less than 1% o f bonds outstanding. $195,000 hold In s.fd
ROAD.—’Operates 45.5 miles or track from Decatur to Springfield, with owned by Illinois Traction. For franchise provisions, see V .8 5 .p . 100.
an extension from Buffalo to Mochanlcsburg, 70-lb. rails. Has 12 pass, Construction was started In Oct. 1907 and bridge was formally opened
___ __
cars, 6 express cars, 171 freight cars, 4 electric iocomotives and 2 mlsc. cars. on Nov. 10 1910. V. 85. p. 100: V. 8 8 , p. 946: V. 91. p. 1328.
First mtge. gold (5 % ).au th .,$3,500,000 ($1.000)tf;outstanding, $2,592.
OFFICERS.— Pres., W. B. McKinley; Sec.. E. A. MacNutt; Treas.
Geo. M . Mattls; Gen. M gr., M . E. Chubbuck.— V. 84, p. 339; V. 108,p.268. 000; date 1913; due Dec. 1 1929. E. Bentley Hamilton, Peoria, trustee.
This mtge. replaced the old (temporary) mtge. of 1909. V . 98. p. 74.
(15) Jacksonville Rnllway & Light Co.
(22) St. Louis Electric Term inal Railway Co.
ORGANIZATION.— Incorporated In Maine In Dec. 1905 and is a con­
solidation of the Jacksonville Ry. Co. atid the Jacksonville Gas Light &
Owns extensive freight and passenger terminal stations costing about
Coke Co. Franchise perpetual.
$5,000,000; also valuable real estate and a 50-year franchise giving the Illi­
Rates.— Sco Illinois Traction Co. abovo.
nois Traction an outlet In St. Louis. Also owns and operates city cars over
about 18 miles of street railway In Madison, Granite City and Venice.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Fare Increase.— See under Illinois Traction Co.
Stock, $500,000 ($100).........................................
$100,000 ...................
Jack Ry&Lt 1st cons M ,$1,-1 1906 5 g J-J
573.000 Jan 1 1931
STOCK AND BONDS—
Date.
Interest. Outstanding.
faturity.
000,000,gu.g ($l,000)c*-tf\Oentral Trust C o., Chicago, Trustee.
Common, $1.000.000________ All owned by Illinois Traction Co.
Jacksonv Gas Light & C o k e ! ____
5 J-J
118.000 Jan 1 1931
Preferred 5 % __________ - - - - - ____
_______
$1.000,000 ---------------Co first mortgage_____ntf\ lnt. at Merchants’ Loan & Tr. C o., Chicago.
First mtge. $3,500,000. gold! 1909
4-5 F-A
1,724.000 Dec 1 1929
Bonds.— o r the $1,000,000 1st consols. $118,000 aro reserved for prior
($1,000). guar p & 1___ tf I Int. at Merchants’ Bk. of Canada, Montreal.
liens. Are guar., p. Sc L. by Illinois Trac. Co. 2% of bonds out Is payable
Bonds.— First M . (temp.) bonds are subject to call at par on any Interest
annually to a sinking fund. Are sub. to call on any int. date at 105. Int. at day. No sinking fund. They are guar., p. & L. by Illinois Traction Co.
Merchants’ Bank or Oauada, N . Y. $82,000 Jack. Gas L. Sc O. retired.
(23) St. Louis Springfield & Peoria RR.
ROAD.— Operates about 7.65 miles o f track and also does electric lighting
ORGANIZATION.— Incorporated in Illinois Dec. 1 1909 as a consolida­
and gas business In Jacksonville. 14 motor cars and 9 others.— V. 95. p
tion of the St. Louis & Springfield Ry., the St. Louis Sc Staunton Ry., the
1542; V. 97. p. 1733, V. 99. 1748.
Trl-CIty Trac. Co. and the St. Louis Sc Northeastern Ry. Operates on
(15) Jefferson City Light. Heat & Rower Co.
OR G A N IZ’N, ScO.— Owns majority o f stock o f Jefferson City Bridge Sc private right of way except through cities and towns (about 17 miles), where
TransltOo. V . 9 7 ,p. 1666. Supplies gas and electricity to Jefferson City, franchises extend to or beyond 1953. In 1911 acquired the Springfield
M o., and furnishes current for operation o f the street railway. In Nov. ,,0/n 1912 acquired the Peoria Lincoln Sc Sprlngf. Ry. C o., the Peoria Bloom .
1915 made a 9-year contract wttn city for street lighting. lias $200,000 Sc Champaign Trac. C o., the Terminal Pow. C o. and the Springfield as
common stock, $120,000 pref. stock, $2 0 0 ,0 0 0 1st M . 5% bonds (cpt) due Northeastern Traction C o. (acquired Nov. 1 1913).
M ay 1925 and $189,000 1st Sc ref. bonds outstanding.
Has long-time contracts for use of bridge and terminals of St. Louis Elec­
tric Bridge Co. and St. Louis Electric Terminal R y.. enabling it to operate
(17) Madison C oun ty Light & Power Co.
Is a consolidation In 1906 o f the Edwardsvllle Light Sc Power Co. and the directly Into St. Louis.
,
...
In March 1916 issued $1,000,000 Ser. " A " 5% pref. stock to retire a like
Granite City-Venice Electric Co. Supplies light and power to Edwardsvillo. Granite City, Garlinville, Mauison, Venice, woodriver, Worden, amount of Gen. Mtge. bonds.
East Alton and sevoral smaller towns; also oloctric current to Livingston
Fare Increase.— See Illinois Traction Co. above.
and Williamson, and furnishes gas to Garlinville. Two of the principal
STOCK AND BONDS—
Date. Interset.
Outstanding. Maturity
franchises aro perpetual; none expires earlier than 1956, except the easement Common $6,000,000 ($100).................................
$6,000,000 ...................
undor which tho co. oporates in Granite City, which expires In 1925. In Pref. $3.572.000 ($100) 5 % ...................................
3.572,000
.......
Dec. 1912 increased Its stock from $100,000 to $335,000. Common stock Is 1st & ref mtge $15,000,000 g f 1909 5 J-D
5.045.000 Dec 1 1939
all owned or controlled by Illinois Traction Co.
($1,000 coup Sc $1,000 or{ Illinois Trust & Sav Bk, Chicago, trustee
Rates.— Sco Illinois Traction Co. abovo.
multiples reg.)___ c*&r* tf llnterest In New York, Chicago or London.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. St Louis Sc Springfield 1st M l 1903 5 g J-D
451,000 Dec 1 1933
($1,000) s f gold guar c*.tf/Interest at City Trust C o.. Boston, trustee.
Common stock, $335,000___ _____
_________
$335,000 ----------Preferred stock_____________ _____
_________
38,000 -----------StLSp&P genM $15.000,OOOtf-----_ 5
%_
2.932,000
1939
OVo
---- --------5 g J-D
145,000 Dec 1 1936
1st mtge $1,000,000 ($1,000)1 1906
5 g J-D
636,000 Dec 11936 Springfield & Northeastern' '1906
^
gold_________________ c ’ tflln t.a ta g c y . Merchants’ Bk. of Canada.N.Y
Traction 1st mtge $1,500,­ Int. at agency Merch. Bank of Can.. N . Y .
Central Trust Co. of Illinois. Trustee.
l Central Tr. Co. of Illinois, Chic., Trustee.
0 0 0 ($ 1 ,0 0 0 ) gold...........c*
280,000 Nov 1 1936
Bonds.— Remaining bonds aro for oxts. and add’ns. Sink, fund of 11$ % Peoria Bloomington Sc Cham 1906 5 g M-N
of bonds previously certified began Oct. 1 1916; bonds retired to be canceled.
Trac 1st M $3,000,000 gold Int. at agency Merch. Bk. of Candaa, N . Y .
Central Trust C o., Chicago, Trustee.
Guar. p. Sc I. (end.) by Illinois Traction Co. Can be callod on four weeks'
($ 1 .0 0 0 ) .......................c * tf
notlco on any int. day at 105.
Bonds.— Of the $9,955,000 1st Sc ref. bonds reserved for various purposes,
Earns. Cal. Yr. 1918.
1917.
1916.
1915.
1914.
1913.
$145,000 are reserved for Springfield Sc Northeastern Traction C o. bonds.
Gross earnings..$322,201 $258,616 $219,191 $179,321 $154,234 $137,859 $564,000 to retire prior liens, $2,932,000 to redeem a like amount of general
Not after taxes..$114,083 $96,429 $85,599 $68,496 $64,173 $57,610
mortgage bonds and 36,481,00Cr for 80% of cash cost of additions and ex­
Bond lnt.. Sec__ 31,700
29,860
27,200
26,550
27,790 Not sta’d tensions. The $6,337,000 and the $2 765,000 lor redemption of gen. mtge.
Property.— Reserve electric power plants In Edwardsvllle and Oarllnvillo. bonds (total $9.269,000), excepting $500,000 (Issuable at any time for 80%
a gas plant and gas-distributing system In the latter city; high-tonsion of cost of add’ns & Impts.) can be issued only when, for the preceding 12
transmission lines, sub-stations, &c. Tho company purchases, undor a months, gross earnings have equaled five times and net earnings I X times
contract oxtonding until 1947, electricity generated In tho power station the Interest charge on all bonds outstanding and those proposed to be issued.
at Venice, controlled by tho Illinois Traction Co.
Redeemable at 105 on any int. date. Bonds are unconditionally guar.,
p. Sc L, by Illinois Trac. Co. V. 90. p. 304; V. 95, p. 177. Are listed on
(18) Northern Illinois Light & T raction C o.— A trolley road.
ORGANIZATION.— Incorporated In Illinois and was successor In July Chic. Stock Exch. St. Louis Sc Springfield 1st M . bonds are subj. to call
1903 to tho Ottawa Ry.. Light Sc Power C o., sol undor foreclosure.
Fran­ on any lnt. date on 60 days’ notice at 10744 Sc Int. Are guar., p. Sc L, by
chise perpetual for lighting and until 1930 for railway, nas contract for III. Trac. Co.; $190,000 (not inch in outstanding amount) held in s. f.
Peoria Bloom. Sc Cham. Tr. 1st M . bonds are guar., p. Sc 1.. by III. Trac.
city lighting. Western Rys. Sc Light Co. owns all the stock.
Co. They are subject to call on any Interest, date at 105 on 30 days’ notice.
In Sept. 1913 Increased stock from $250,000 to $750,000. V. 97, p. 729
ROAD.— Extends from Venice, opposite St. Louis, to Peoria and Bloom­
Rates.— See Illinois Traction Co. abovo.
ington, with branches from Staunton to Hillsboro. Trackage, 210.49 miles;
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturiy
main track, 10.10 miles belt line, 0.29 miles second track, 23.06 miles of sid­
Com. stock, $750,000 i$!00).................................
$398,000 .............
ings and turnouts and 7.59 miles of Industrial tracks; total, 251.53 miles.
Preferred stock_____________ _____
_________
216,000 __________
gauge. Owns 64 passenger cars, 56 express cars, 488 freight cars
First mtge, $1,200,000, gold! 1903
5 g J-J
♦068,000 July 1 1923 9Standard
locomotives, 13 miscellaneous cars. V. 102, p. 6 8 ; V. 103, p. 1302.
($500 and $ l,0 0 0 )--c * ..t f \Int. at American T r. C o., Boston, Trustee
(24) Topeka Railway & Light Co.
General M ($1.000,000).....................
6%
84,000
1938
ORGANIZATION.— Incorp. In Maine and owns the Topeka R y. Co.
•All but $265,000 of these bonds are guar., p. Sc L, by endorsement, by
(see below) and the Topeka Edison Co. (V. 92, p. 730). These own and
Western Rys. Sc Light Co.
Bonds.— No sinking fund and bonds cannot be called. Remaining bonds operate without competition the street railway, commercial electric light
aro for 80% or cost o f additions, extensions and now properties, under con­ and power and steam-heating properties In Topeka and Oakland. Kansas,
Population served (1915 State Census), about 50,000. Franchises, with
servative restrictions.
Earnings.— For year ending Dec. 31 1918, gross, $461,888: net, after one minor exception, extend beyond Feb. 1 1933.
taxes, $128,082. In 1917, gross, $213,821; not, after taxes, $72,474.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
ROAD AND PLANT.— Operates 6.5 miles of lino, covering cue principal Common stock_____________ _____
_________ $1,500,000 -----------------streets of Ottawa, and runs out of the city to Ellis Park, a pleasure Preferred stock_____________ _____
_________
584.000 ---------------resort on the Illinois River. Also has extensions from Ottawa to Chautau
1st lien & ref M $7,503,000 g\ 1916 5 g F-A
1.301.000 Fob. 1 1933
qua Park. Equipment, 8 motor and 3 other cars. Also does entire olec($100, $500, $1.000,Ac)c*&r* Jlnt. In N. Y .. New York Trust C o., Trustee
trlc light and power business In Ottawa and wholesales power to local Topeka Edison Co mortgage! 1905
5 J-J
836,000 Sept. 1 1930
utility companies In La Salle, Utica, Seneca. Morris, and to tho Chicago
$1,250,000 ____________ tf Jlnt. at Cont.&Comm.Tr.&S.B., Chic., Trus.
Ottawa Sc Peoria Ry. At Marseilles owns a hydro-electric plant with steam Topeka Ry mtge (see that c o ). 1904
5 g J-J
1.085.000 Jan. 1 1930
auxiliary, having a capacity o f 8,000 li. p., and at La Salle has a 4,000 k. w.
Bonds.—The 1st lien and ref. bonds are secured by pledge of the entire
turbino generator with auxiliaries.— V. 97, p. 729.
capital stocks and, excepting $1,889,000 underlying Issues, all the bonds
of tho subsidiary cos. $2,142,000 are reserved to acquire or retire under­
(19) Peoria Railway C o.— A trolley road
ORGANIZATION.— Incorporated under general railroad laws of Illinois lying bonds, and remaining $4,057,000 may be issued to the extent-of 80%
In 1906 and Is successor to the Central Railway Co. lias acquired, owns of cost of additions and Impts. to the properties of the sub. cos., but only
and controls all street railway lines In Peoria and outlying suburbs of Avery- when annual net earnings are 1 X times the annual lnt. charges, lncl. the
vllle, Peoria Heights and East Peoria. The entire stock Is controlled by bonds proposed and all underlying bonds held by public. They are guar.,
tho Illinois Traction Co. Franchises In Peoria expire In 1926 and those In p. Sc L, by the 111. Traction Co. and are red., all or part, on any lnt. date
at 105 and Int. Sinking fund began Aug. 1 1917 of 144% per ann. to
adjoining districts In 1924.
Favorable Decision.— On Oct. 26 1911 tho Illinois State Supreme Court and lncl. 1929 and 1 % thereafter of the total amount of bonds outstanding
reversing tho Circuit Court, held that the City Councils could not grant a (lncl. underlying bonds), less amounts paid on account of sink. fund, re­
franchise to the Peoria Ry. Term. Co. over streets to which the Peoria R y . quirements of underlying mtges. (It Is estimated 32% of the $3,250,000
outstanding bonds will thus bo retired Feb. 1 1933.) $18,000 in sinking
already held a franchise. V. 93, p. 1535.
fund Mar. 1 1919. Bonds in fund are held alive. The Topeka Edison
Rates.— See Illinois Traction Co. abovo.




26

ELECTRIC RAILWAYS

Go. bonds have a sink, fund of S15.000 per ann., payable Dec. 15 §165,000
have boon retired. Beginning with the 2-year period ending M ay 31 1918,
and during each 2 -yoar period thereafter, there mast bo set aside for
maintenance and depreciation an amount averaging 1 2 % o f the combined
annual gross earnings of tho subsidiary cos. V. 104, p. 74.
.
— Year ending Dec. 31 1918, gross, 8918,821; net, after
■§259,221 ; int., 8158,359. In 1917, gross, 3891,862; net, after taxes,
$328,772; iut., $160,916.
PROPERTIES.— 39 miles of olactrlc street railway, largoly 70 to 79- b.
Trails; 51 double and singlo-truck motor cars, 28 trailers; power plant, gonOTatlng capacity, 5,893 h.p.; 255 miles of power and light-distributing lines
and 8,300 rnetors; exhaust steam system for heating purposes: miscellaneous
real estate.— V. 104, p. 74.
<a> Topeka Railway C o.— Controlled by Topeka Uy. & Light Co.
ORGAN IZATION .— Incorp. under general railway laws of Kansas in
1892; In 1903 absorbed the Vinewood Park R y., and made a new rntge. for
$1,250,000. On June 4 1903 obtained a new 30-year f r a n c h i s e , running from
that date, with the provision that $400,000 be expended within 3 years on
the system. Also has secured f r a n c h i s e s in perpetuity on county roads now
occupied, with privilege o f hauling freight. City agrees novor to reduce
rates to where company will earn lass than 10% on stock. The city Is to
receive 10% o f earnings remaining after 10% has been earned. Upon ex­
piration of f r a n c h i s e city has the right to acquire the property, but not
beforo. V. 76, p. 8 6 6 , 1302. On Juno 26 1916 authorized capital stock
was increased from 81.250,000 to 82.250,000. V. 103. p. 62.
,
1917 the Kansas P. U. Comm, granted auth. to Issue $81,001
1st Sc ref. mtge. bonds for tho purpose of paying off outstanding obligations
and for extensions and betterments. Up to Mar. 1 1919 theso had not
been issued.
F a r e s . — In Sept. 1918 applied to tho Kansas P. U. Comm, for auth.
to chargo a 6 -cent faro in Topeka and Oakland. V. 107, p. 1005. In Jan.
1919 tho Kansas P. U. Comm, dismissed this application giving tho co.
permission, however, to file a petition in Juno when further consideration
will bo given tho proposed increase. V. 108, p. 380.
STOCK A N D

BONDS—

D a te .

In ter es t.

O u ts ta n d in g .

M a tu rity .

Stock, $2,250,000 ($100).............................. ........
SI.250,000 f.p ........ ........
First mtge, Sl.250.000. goldf 1904
5 g J-J
1.085,000 Jan l 1930
($1.000)........................c* til Int. at Cent.& Cnmm.Tr.& S.B.,Ghic.,Trus.
5%
8 eo text.
Feb 1 1933
First & Refunding bonds----- i 1916
1New York Trust C o., Trustee.
Bonds.— Remaining bonds are reserved for 80% of cost of now power­
house and for betterments and additions. Subjoct to call at 105 and int.
$16o,000 have been retired. A sinking fund began Jan. 1 1910, which Is
sufficient to retire $15,000 per annum at 105 and interest. $120,000 bonds
of 1916 are deposited as collateral with tho Topeka Ry. & Lt. Co.
» ,£ .A ^ N I N a s _ ~D’or t h 0 year end. Dec. 31 1918, gross, 3450,081; not,
f 24,4 8 ; int., 361,000; surplus, $63,418. In 1917, gross, $457,781; not,
$164,211; m t., $01,750; surplus, $102,461.
R OAD.— See Topeka Railway Sc Light Co. above.
OFFICERS.— Pres., W. B. McKinley, Champaign, III.: V.-P. Sc Treas..
Geo. M . Mattis, Champaign; Sec., E. A. MacNutt, Montreal.— V. 90,
P - 915, 978; V 103, p. 62; V. 104, p. 74; V. 107, p. 1005: V. 108, p. 380.
(25) W ichita Railroad & L ight.— Trolley.
ORGANIZATION.— Chartered May 1 1900 for 30 years. Street rail­
way franchise oxpiros 1933, lighting in 1919. In 1910 entered Into a 20-year
contract for purchase o f powor from Kansas Gas Sc Elec. Co.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Com stock. $1,500,000 ($ 1 0 0 ) ...........
................. $300,000
...............
Prof, stock ($100) — ...................
.............
300,000
...........
First mortgage, $300,0001 1900
5 g A-O
300,000
Oct 1919
„ ($1,000), gold...........c ._ tf lint, at Portland Tr. C o., Portl'd, M e., Trus.
R ef.& cons.M ., $1,500,000.g.tf.l907 5 g A-O
1,193.000 Oct 1 1932
Blonds.—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; 90 cars.— V. 93, p. 941. 1192.

[Vol 108.

the Atlantic Coast, Incl. land at Isle of Palms, ferry, powor 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., Jamos Sottile; V .-P . Sc Gon. M gr., I. Blank.—
V.96. p. 201, 862.
^

C H A R LE STO N , W E ST V IR G IN IA .
CHA RLE ST ON INTERURBAN RR.

ORGANIZATION.— Incorp. in 1909 with $100,000 capital stock which
was increased on Nov. 10 1914 to $1,500,000 in part for the purchaso of
the Charleston Traction Co., a line from St. Albans to South Charleston,
taken ovor as of that date, and in part as a stock dividend, all earnings for
four years having gone into extensions and bettorments.
Lease.— Leasos tho Kanawha Valley Traction Co. (whoso $500,000 capital
stock is owned by the Ohio Valley Electric Ry.) for 99 yoars from Jan. 1
1910 at an annual rontal beginning with $ 1 0 ,0 0 0 tho first year and In­
creasing to $20,000 in 1916 and thereafter, and has assumed that company's
1st M. bonds.
Franchise of the Traction Co. in the city of Charleston explros in 1954;
interurban lines are operated almost entirely on private rights of way.
In Mar. 1919 issued $450,000 secured notes to refund a like amount of
1-year 6 % notas due at that time. V. 108, p. 1164.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maluritg.
Stock, $1,500,000 r$100)......... ............................ $1,500.000 Sen text.
Secured notes ($500 Sc $1,000) f 1919
6 g M -S 1 5
450,000 Mar 15 1922
g old ----------------------------- c*\Safe Deposit Sc Trust C o., Baltimore, Trus.
Kan Val Tr 1st M. $2,000.0001 1906
5 g J-J
1.000,000 Jan 11946
($1,000) golilc--------------tfftn t. at Fidelity Trust Co.. Phila.. Trustee.
Bonds.— Payment of prin. and Int. of tho Kanawha Vai. Trac. Co. bonds
has boon assumod by tho Charleston Interurban RR. $600,000 of tho
bonds havo been deposited as security for tho notes issued by tho Charleston
Interurban RR.
Ndtes.— Secured by deposit of $600,000 (assumed) Kanawha Valley Trac­
tion Co. 1st M . bonds. Red., all or in part, at 10044 and int. on any int.
dato upon 60 days’ notice.
EARNINGS— Gross.
Net (.after Bond. A c.
Balance.
Cal. Year—
Earnings.
Taxes).
Interest.
Rental.
Surplus.
1918-----------$578,189 $234,995
$114,116
$2 0 ,0 0 0 $100,878
1917.................... 418,855
176,215
95,523
20,000
60,691
1916.................... 326,149
162.602
88,812
20,000
53,790
ROAD.— Operates 38 miles of track between St. Albans and Oablu
Creek. Lino is to be oxtendod to Montgomery, about 10 miles further on.
70, 80 and 100-lb. T and girder rail. Standard gaugo. 40 passenger cars
(26 of P-A-Y-E type), 5 freight cars and 2 trallors. Powor Is obtained from
tho Virginian Power Co. under favorable long-torm contract.
OFFICERS.— Pres., W. A. MacCorklo; V.-P.. .1. E Chilton; Soc. and
Treas., F. M . Staunton.— V. 105, p. 1208; V. 106, p. 1125; V. 108, p. 1164.

C H A R L O T T E , N . C.

SOUTHERN PUBLIC UTILITIES CO.
Allied with the Southern Power C o., which see In our “ Railway and In­
dustrial" Soctlon
ORGANIZATION.— Incorp. in July 1913 in Maine as a consolidation
of tho Charlotto Eloctric Ry., Charlotte Gas Sc Electric Co. and Charlotte
Power Co. (these three forming prior to Jan. 1 1911, tho Charlotto Eloctric
Ry., Light Sc Power Co., which company issued tho bonds shown in tho
table.— Soe "Electric R y.” Sec. for May 1915); Greenville (S. O.) Gas Sc
Electric Light Sc Power Co.; Greonvlllo Traction Co.; Fries Mfg. Sc Powor
Co., Winston-Salem, N. O.; Winston-Salem Power Co : Anderson (S. O.)
Water, Light Sc Power Co., Chester (S. O.) Power Co , Thomasvllle (N . O.)
Powor Co., Groer (S. O.) Light Sc Power Co. and Thornton Light «
Powor
Co. (Hickory, N. O .). Owns ontire $250,000 common stock of
C H A R L E S T O N , S. C.
the Greonville-Carollna Powor Co. (thore Is also $200,000 6 % cum. prof,
CHARLESTON CONSOLIDATED RAILW AY & LIGH TIN G CO. stock outstanding) which owns and operatos a 3,500 h. p. hydro-oloctric
, ®°/,P££v. 31 1917 tho United Gas Impt. Co. owned $1,400,000 common plant near Groonvillo. The Charlotto Elec. Ry. in May 1915, through an
and $449,650 prof, stock.
amendment In Its charter, reduced its capital stock from 51,250,000 to $1.000.
ORGAN IZATION .— Incorporated In South Carolina on April 19 1910.
Franchises with one minor exception are either unlimited In time or run
Leases for a period of 99 years from June 21 1910 the Charleston Cons. R y., beyond July 1943.
Gas Sc Elec. Co. Lease guar. 6 % on pref. and 4% to July 1 1911. 5% to
Fare Increase.— In Aug. 1918 was auth. by tho North Carolina Corpora­
Jan. I 1913 and 6 % thereafter on com. stock; also int. on outstanding tion Comm, to Increase fares from 5 to 7 cents on linos in Charlotto, Dur­
bonds of the Char. Cons. R y., Gas Sc Elec.
ham and Winston-Salem. V. 107, p. 502.
Bates.— As a result of a compromise with the city, cheaper gas, electric
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
light and power rates were put into effect Nov. 1 1912. V. 95. p. 1206
Stock $5,000,000 ($100).............
$5,009,000 ...................
A p p l i c a t i o n f o r R a t e I n c r e a s e . — On April 1 1918 was auth. by the City
1st & ref M $30,000,000 gold! 1913
5 g J-J
4,487,000 July 1 1943
Council to increase gas rates from $1 to $1 10 por 1,000 cu. ft.
($l,000.$5,000.&c.)c*&r*.tf JInt. at Farmors' L. Sc Tr. C o., N Y .. Trustee
F a r e s . — On M ay i4 1918 tho City Council rojoctod the co.'s application
Underlying Bonds—
Tor auth. to increase fares from 5 cents to 6 conts.
5 g J-J
325.000 July 1 1929
if* Fob. 1919 it was reported that tho co. was considering an increaso of Char Elec Ry. L & P 1st M l 1899
$500,000
g ($1,000) sf c*ntf| Int. at Merc. Tr. Sc Dop. Co., Balt., Trustee.
81,o00,000 in its common stock, tho proceeds o f which are to provide for
Char Elec Ry, L& Pref Sc oxt\ 1906
5 A-O
466,000 April 1 1938
Impts. recently mado and now being installed. V. 108, p. 877.
M $2.000,000g (S1.000)c*tf /Int. at Merc. Tr. Sc Dop. Co.. Balt.,Trustee.
STOCK—
Par. Authorised. Outstanding. Dividends.
Fries M fg Sc 1‘ 1st M goldl 1900
5 g J-J
489.000 Jan 1 1940
Common.................................... $50 $1,500,000 $1,500,000
None
($1,000) optional at 1 1 0 . Int. at Equitablo Tr. C o., N. Y ., trustee.
Preferred ......... ..................
50
600,000
500,000
None
_______
382,500 __________
OFFICER 3 .— Pros., P. H. Gadsden; V .-P., Walton Clark; V .-P., Lewis Anderson Water Lt Sc P C o________
54,000 _______ ___
Liilie; V.-P. & Asst. Sec., C. M . Benedict; Sec., O. W. Curran; Treas., I. Winston-Salem Powor C o___ _____
Bonds of Controlled, A c., Cos.—
W. Morris: Asst. Sec.-Treas., M . C. C. Tessler: Aud., Chas. J. Bondt.
Groonv-Caro
Power
1st
M
gl
1905
5
g
M
-N
278,000
May 1 1935
V. 96, p. 862; V. 105, p. 1522, 2093; V. 106. p. 2227; V. 108, p. 877.
($ 1.00 0)---------------------- t f ) Int. at Old Colony Tr. C o.. Boston, trustee
ID C harleston C onsolidated R y., Gas & Electric Co.
Bonds.—
Of
the
1st
and
ref.
bonds,
$1,567,500
are
roserved
for
prior liens;
As of Dec. 31 1917 tho United Gas Impt. Co. owned $1,322,300 common remainder issuable for 70% of cost of extensions and acquisition
of other
and $457,900 pref. stock.
properties. Redeemable In wholo or In part at 105 and interest. The
ORGAN IZATION .— Organized Feb. 21 1899 as a consolidation of the Charlotte Electric Ry., Light Sc Power 1st M . bonds have a sinking fund,
Charleston City Ry. and Charleston Sc Seashore RR. under Special Act of operative July 1 1900, of 1% of bonds out: to ho invested In bonds drawn
So. Car. Legislature, granting perpetual charter and gas & elec, light powers. by lot at 10744 and int.. If not obtainable at lower figure in open markot;
“ O'ct. 1912 sold to James Sottlie the Soashoro division, incl. wharf prop­
have been canceled. Tho ref. and ext. mtge. bonds have a sinking
erties, ferryboats, tho railroad lino from M t. Pleasant to the Islo of Palms, $45,000
operative April 1907 of 1% of bonds Issued, for purchaso of bonds at
with Its equipment, and the power house on Sullivan Island. Sale was auth. fund
10744
and
int., if obtainable: otherwise, such Investments as trustoo dooms
by an Act of tho Legislature approved Feb. 12 1913 and formal transfer
V. 8 8 , p. 1252. $19,000 havo boon retired. A sinking fu nd of
was made Mar. 15 1913. V. 96, p. 862. See Charleston-Isle of Palms proper.
1% on tho Greenvillo-Carolina Powor Co. bonds began May 1 1910.
Traction Co. below.
EARNINGS.— For yoars ending Feb. 28:
Franchises are perpetual. Also owns the capital stock of the Charleston
Year—
Gross.
Net, after Taxes. Deprec.
Bond Int. Bal., Surp.
D ®8 Light Co. ($698,150) and the Charloston-Edison Light Sc Power Co.
$2,178,115
$882,023
$208,000
$317,810
$350,213
($ 1 0 0 ,0 0 0 ), and thus controls the whole field of light and transportation 1917-18
In Charleston. V. 92, p. 880.
1916-17-.. 1,860,813
757.584
110,898
311,520
335,160
On March 18 1914 shareholders authorized the Issuo of $500,000 new com­
PROPERTY.— Operates 70 milos of streot railway; 60, 70 and 90-lb. T
mon stock. V. 98. p. 999. 610.
and girder rails; gauge, 4 ft. 8 44 in. Power and light primary linos aggre­
Sopt. 1918 it was stated that tho co. would expend from $700,000 to gating 1.644 railas and serving 16 communities; 2 gas plants, serving Ohar$760,000 to doublo the capacity o f the Charlotto Streot electric generating lotto and Greenville with 87.5 milos of mains; water plant serving Anderson
station and for other impts., tho additional power to bo used in furthering with 26 milos of mains. Leases Savannah Powor Co.'s plant near Anderson;
essential war work. It was further stated that tho War Industries Board capacity, 3,000 h.p. Total capacity of plants operated, 24,000 h.p., of
will finance expenditures to the oxtent of $350,000. V. 107, p. 1191.
which 19.000 h.p. Is hydro-electric generation. Also has favorable con­
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maluritg. tract with Southern Power Co. for the purchaso of additional power.
Stock c ° rai s 3 ,0 0 0 °oo (S5 ° ) ...........
Q-J
$3,000,000 See text.
OFFICERS.— Pres., Z. V. Taylor: V.-P., A. V. Ilarrlll; Soc., W. O .
Pref 6 % cum, $500,000 ($50)...........
Q-J
500,000 See text.
Parker; Treas., E. C. Marshall; Gon. Mgr.. E. F. Taylor.— V. 97, p. 241.
° h£ r.1*^&n C,ty first
1898
5 g J-J
717,000 Jan 1 1923 180; V. 101, p. 1886; V. 104. p. 1046; V. 107. p. 502.
($1,000), $850,000 goldctf (Int. at M erc. Tr. & S. D. Co..Balt.
Consol mtge, gold. $2,500,-1 1899
5 g M-S
1,752.000 Mar 1 1999
PIEDMONT & NORTHERN R v 7 ~
000, coupon ($ 1 ,0 0 0 )..*tf/lnterest at Baltimore Trust C o., Trustee
ORGANIZATION.— Incorp. on Fob. 24 1911 In South Carolina, and on
_ Holders can also collect coupons at Carolina Savings Bank and People’s
or about July 1 1914 took over the properties of the Piedmont Traction Co.
National Bank. Charleston, if presented bofore the 10th of the month.
Bonds.— OJ the consolidated 5s, $717,000 are reserved to retire a like and tho Groenville Spartanburg & Anderson Ry. Co. Tho systom as pro­
amount or City Ry. first 5s. Charleston City 1st 5s have a sink, fund of jected is to extend from Durham, N. O., to Greonwood, S. O., 320 milos.
np"exceeding $7,350 per ann. for the purchaso or redemption of said bonds Powor Is obtained from Southern Powor C o., which is controlled by the
at 105 and interest.
samo Interests.
Dividends.— See dividends guaranteed under lease above.
Government Control.— This property came under Government control
R O A D .& c.— Owns 37.51 miles of electric road In Charleston. The com­ under tho President's proclamation of Doc. 28 1917. V. 105, p. 2509.
pany has consolidated its two power stations; both railway and light and E. II. Coopman was subsequently appointed Federal Manager and E. F
Parham, Fedoral Treasurer.
power divisions are being operated from same station.
OFFICERS.— Pres., Philip II. Gadsden; V .-P., Thoo. W . Passallaigue;
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Sec. & Troas., Chas. J. Bendt; Asst. Sec.-Troas., M . C. O. Tessler, ail or Stock $15,000,000 ($100).....................................$8,581,600 ......................
Charleston. Offices, No. 141 Meeting St., Charleston.— V. 107, p. 406. First mortgage $50,000.0007 1914
5 g J-J
36,000 July 11954
($1,000), gold---------c* n tflln t. at Farmers' Loan Sc Tr. C o., N. Y ., trus.
CHARLESTON-ISLE OP PALMS TRACTION CO.
1st M coll notes $8,500,000/ 1914
5 g J-J
6,286,900 July 1 1919
.,9 .£ ? ;6 £ J IAATION-— incorp. In S. O. Jan. 9 1913 with auth. capital of
g ($1,000 Sc $100) not interlint, at Farmers’ Loan Sc Tr. C o., N. Y ., trus.
$ 1 ,0 0 0 ,0 0 0 , to build railroads, steam or electric, street railways, &c..
Stock.— $1,415,400 additional stock Is hold In treasury.
operate steamboats, and to take over what was formerly the Seashore
Bonds.— $10,060,000 aro pledged as socurity for tho $8,500,000 notes.
division o f the Charleston Consol. Ry.. Gas Sc El. Co. Also does electric­ Rod. at option of co., in wholo or part, any int. dato sinco July 1 1914 at
lighting business.
105 and int. Of the notes $500,000 aro piodged as collateral and $1,713,100
ROAD. &c.— Owns 10 miles from M t. Pleasant (connecting by ferry with aro held In troasury; those roportod outstanding, it Is statod, havo boon
Charleston) to Sullivan's Island and Isle of Palms, a ploasuro resort on takon privately by the subscribers to the road.




Ma r ,. 1919.]

27

ELECTRIC RAILWAYS

EARNINGS.— For cal. yoars (1917 report In V. 107, p. 78):
Cal.
Gross
Net (after
Other
Interest,
Balance,
Year—
Earnings.
Taxes).
Income.
Ac.
Surplus.
1917.......... $1,523,074
$589,291
$8,360
$339,814
$257,836
518,595
9,653
346,023
182,224
1916______ 1,224,159
Passengers carried In 1917, 2,341,334; In 1916, 1,467,358; rovenuo tons
carried, 754.386 in 1917, against 717,296 in 1916.
R OAD.— Owns and operates 23H miles from Charlotte to Gastonia,
89.90 miles Spartanburg to Groonwood, S. O., with branches from Holton
to Andorsou, 11.30 miles, and from Belmont Jet. to Belmont, 3.19 miles
(opened March 1 1916), total mlloago o f track operated, incl. spurs and sid­
ings and 10.50 miles operated under contract. 204.69. Two army training
camps were located on the company’s lines during 1917— Camp Sevier,
5 mil os north of Greenville, S. C ., and Camp Wadsworth, 5 miles south of
Spartansburg. Equipment consists o f 23 motor-driven passenger cars; 16
trailers, 2 observation parlor cars, 8 baggage and express cars, 157 freight
cars, 3 street cars, 12 electric and 1 steam engine and 1 0 work cars.
OFFICERS.— Pres., J. B. Duke, N. Y.; V.-P., W. S. Lee; V.-P. &
Gen. M gr.. E. Thomason; Sec., N. A. Cocko; Aud. & Troas.. T. L. Black,
all o f Charlotte.— V. 105, p. 2366. 2453; V. 107, p. 78, 502, 1837.

C H A R L O T T E S V IL L E , V A .

R EPO RT.— For year ending Dec. 31 1917 (V. 106, p. 1571):

Gross
Net (after Other \DeducYear ending—
Earnings.
Taxes). Income, lions.
Dec. 31 1918 ......... a$2,140,210 S265.512 ____ $516,706
Dec. 31 1917.......... 2,159,349
595,449 $193
502,546

Bal., Surp.
fo r Year.
def.$251,194
93,096

a Including other income.
ROAD.— Operates from 5th Ave. station In City of Chicago, over tracks
of Metropolitan. West Side Elev. road, to 52d A ve., Chicago; thence on Its
own lino to Wheaton, with lines from Wheaton to Elgin, Batavia. Geneva
and Aurora; also from Elgin to Carpentersville, Dundee, St. Charles,
Genova, Yorkvlllo and Bristol, and a line from Wheaton through West Chi­
cago to Geneva. Total single track. 169 miles. Third rail, standard T ,
100 *bs.; track rails, 80 bs.; interurban and city lines, 60-100-lb. T and girder
rails; 142 passenger cars; 7 express cars; 6 snow plows and sweepers; 7 misc.
cars; 47 freight cars; total cars, 210.
OFFICERS.— Pres., L. J. Wolf, Cleveland; V .-P ., M . J. Mandelbaum;
V.-P. and Gen. M gr., Edwin C. Faber, Wheaton, 111.; Sec. and Treas..
H. O. Lang, Cleveland: Asst. Sec., A. Born; Asst. Treas., U. J. Manning;
Executive offices, Guardian Bldg., Cleveland, Ohio.— V. 107, p. 1098,
1579, 2374; V. 108, p. 377, 478, 577, 682, 971.

CHICAQO SURFACE LINES,
Under the title of Chicago Surface Lines the properties of the Chicago
Railways Co. and the Chicago City Railway Co. are now 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 tho properties remains
entirely separate and distinct, the combined earnings are divided upon an
agreod 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 tho income going to the Chicago City Ry. Co., including the
Calumet & South Chicago Ry. and the Southern Street R y.. and, begin­
ning with Feb. 1 1916 and until the expiration of Its franchise lo 1927, the
Chicago Railways Co. will receive 60% of the so-called "residue receipts,’ ’
and the Chicago City Ry. (including the Calumet & South Chicago and
the Southern Street R y.), 40%. The plan provides for a 5-cent fare
throughout the city on surface lines, also through routing of cars from one
division of tho city to another. See details of the ordinance and the
agreement for unified operations under date of Doc. 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 In
March 1915. V. 100, p. 1078.
Ordinance to Unite Surface and Elevated Lines.— See remarks under
Chicago Elevated Railways.
Application to Carry Freight.— See under "Chicago Elevated R ys.”
Decision.— On April 19 1917 tho 111. Supreme Court upheld the right of
tho State Public Utilities Comm, to regulate street car service in Chicago
regardless of tho provisions of the contract ordinances of 1907 between the
Chicago City Council and tho surface lines. Pursuant to this opinion a
decree was ontered by the Circuit Court of Cook County in favor of the
Comm., which was affirmed by the III. Supreme Court. An appeal taken
to tho U. S. Supreme Court is still pending.
Fares.— In Nov. 1918 the cos. applied for auth. to increaso fares to 7
conts. In Dec. 1918 the City of Chicago filed objections with the III.
P. U. Comm, to tho proposed raise. V. 107, p. 2097, 2187.
C H I C A G O , IL L .
R E PO RT.— Of entire system for years ending Jan. 31:
------ Of Which lo-----Residue
Gross
Operating
AURORA ELOIN & CHICAOO R R ,— Third-rail electric and trolley. Year ending
Receipts. Chic.C.Ry., Chic. Rys.,
Jan. 31— Earnings. Expenses.
ORGANIZATION.— Is a consolidation in April 1908 of the Aurora Elgin
& Chicago Railway, the Elgin Aurora & Southern Traction Co. and the 1918-19..........$34,710,098 $25,731,937 $8,978,161 $3,591,264 $5,386,897
Cook County & Southern RR. V. 82, p. 279, 691, 1155. Chartered In 1917-18.......... 35,114,633 23,101,696 12,012,937 4,805,175 7,207.762
Illinois under law applying to steam railroads. Pres. L. J. Wolf, In a letter 1916-17.......... 34,789,636 21,743,523 13,046,113 5,218,445 7,827,668
10,649.405
6,283.149
21.041.356
. . . .4.366,256
..
dated May 20 1909 (V. 8 8 , p. 1818),stated that system Is "In tho main on 1915-16.......... 31.690,761
Board of Operation.— Chairman Ilenry A. Blair, Leonard A. Busby,
private right of way or protected by 60-yoar franchises or grants without
limit.” Doos freight and express as well as passenger business. V. 83, Charles C. Ausit, Wallace Heckman, Uarrison B. Riley, John M . Roach,
p. 490. Has exclusive contract with tho Metropolitan West Side Elevated Frank O. Wetmoro.
Executive Committee.— Leonard A. Busby, Chairman: Ilenry A. Blair.
to operato over Its tracks.
„
Stockholders voted Oct. 18 1910 to purchase the Chic. Wheaton & West­
OFFICERS.— Pros., L. A. Busby: Sec. & Asst. Treas.. F. D. Hoffman:
ern R y ., which runs from West Chic, to Geneva, abt. 10 miles. V. 91, D.517 Treas., M . B. Ordo; Gen. Aud., jn o . J. Duck.— V. 107, p. 2097, 2187;
R a t e s . — On Feb. 1 1918 tho III. P. U. Comm. auth. an increase in faro of
V. 108, p. 683.
______
5 cents on tho c o .’s lines between Aurora and Chicago and botwoon Aurora
and Batavia, and a straight 5-cent fare within tho city limits o f Aurora
CHICAQO C ITY & CONNECTING R YS.— A collateral trust.
and Elgin. V. 106, p. 714. On July 5 1918 fares In Aurora and Elgin were
Ordinance to Unite Surface and Elevated Lines.— See "Chicago Elevated
Increased to 6 conts. At tho same time lighting ratos wero increased 25%, R ys.” bolow.
power ratos 33 1-3% and freight rates 25%. V. 107, p. 905. In Sept. 1918
Formed In 1910 under a trust agreement, to take over the stock of the
an increase o f 25% in passenger ratos was auth. by the I.-S. C. Comm. Chicago City Ry., together with the securities of the Calumet & South
V. 107, p. 1098.
Chicago Ry., the Southern Street Railway, the Hammond Whiting & East
I n t e r e s t P a y m e n t s . — Tho July 1 1918 interest on tho $3,079,000 1st &
Chicago Ry. and tho Chicago Sc Western. These properties comprise apRef. M . bonds was paid Oct. 15 1918. V. 107, p. 1579. Compare V. 106, nroxlmately 510.06 miles of street railway In southern division of Chicago
p. 2648. The Jan. 1 1919 interest on these bonds has been deferred on ac­ and vicinity. See outline of plan In V. 90. P- 558, 625. Trustee, Chicago
count of increased operating expenses. Tho management has expressed Title & Trust Co.
tho belief* however, that with a readjustment of suburban rates tho com­
On April 19 1913 the 111. Supreme Court affirmed the decision of the
pany will bo restored to its pre-war condition. V. 107, p . 2374. Tho Superior Court of Cook County in the suit brought by Clarence H. Venuer,
Dec. 1 1918 hit. on the $1,546,000 Elgin Aurora & Southern Traction Co. which hold valid the agreement dated Jan. 1 1910, creating the Chicago
1st Mtgo. 5s is also in default and tho holders o f tho $1,219,000 3-ycar City and Connecting Rys. Collateral Trust (V. 96, p. 1384, 1627). An
7'A% notes wero notified that tho March 1 1919 int. duo thoroon would not appeal was taken to tho U. S. Supreme Court, but In Nov. 1914 suit was
be paid. V. 108, p. 971. Tho following committee has called for deposits dismissed. Soe "Chic. City R y . I n V. 99. p. 1527.
of tho 1st & Ref. 5s and tho 3-ycar notes.
STOCK AND BONDS— Date. Interest.
Outstanding.
Maturity.
C o m m i t t e e f o r 1st & R e f . 5s a n d 0 - Y e a r C o l l . T r . 7'A% N o t e s . — Chairman,
R . M . Stinson; Goo. II. Stuart, Lowls B. Williams, W. T . Goodalo, A. B. Com part certs 150,000 s h a r e s .____
s-a
150,000 shs.
See text.
s-a
250,000 shs.
Sco text.
Conant; Secy., A. E. Pfahlcr, 319 North American Bldg., Phila., Pa. Pref part certs 250,000 s h a r e s .____
Depositaries: Girard Trust C o., Phila.; International Trust C o., Boston; Coll trust mtge $22,000,0001 1910 5 A-O
$21,351,000
Jan 1 1927
Citlzons’ Savings & Trust C o., Cleveland, O. V. 108, p. 971.
gold sinking fund c*& r*tf)In t. at 1st Tr.&S.B.Chic., Trus., or InN. Y.
$ F i n a n c i n g . — In Aug. 1918 tho co. created a now issuo o f $1,219,000 3-yr.
Participation Certificates.— Preferred participation shares have no par
7 U % Coll. Trust notes dated Sept. 1 1918, secured by 1st & Ref. M . bonds value but are entitled to preferential cum. dfvs. aggregating $4.50; also,
at 75 and the War Finance Corp. agreed to loan tho co. $219,000 provided: after com. partic. shares shall have received $4 In any year, the remaining
(1) That the maturity of tho $1,546,000 outstanding Elgin Aurora & South­ surplus, not exceeding In any year $ 1 ,0 0 0 ,0 0 0 . shall be paid ratably, A to
ern Traction Co. bonds bo extended from Juno 1 1919 to Sept. 1 1921. prof, and % to com., but In no case will the pref. certfs. be entitled to more
(2) That tho banks holding tho c o .’s $237,500 unfunded notes subscribe for than $ 7 each per annum; also have preference upon distribution of trust
$2 0 0 ,0 0 0 of tho now 7 A % notes at par and accept tho c o .’s unsecured notes fund to tho amount of $100 oach and accumulated dividends. Listed on
for tho balance. (3) That tho holders o f tho $800,000 6 % Coll. Trust notes Chicago Stock Exchango. In Dec. 1918 the div. due on the pref. partic.
maturing Sept. 1 1918 exchango their notes, par for par, for tho now 7 'A% certs, was deferred. V. 108, p. 263, 267.
notes. V. 107, p. 905. In March 1919 wo wero informed that this plan
Bonds.— Coupon bonds in denom. of $1,000; registered bonds $1,000 or
of financing hail been carried out.
multiples. A sink, fund of $105,000 of bonds p. a. began Mar. 1 1915.
L i t i g a t i o n . — O n Jan. 23 1919 the co. brought suit in tho U. S. Dist. Court
Bonds aro rodeom. for tho s. 7., or as a whole, at 105 and Int. $649,000 re­
at Chicago against tho III. P. U. Comm., seeking to enjoin the Commission deemed as of Mar. 1 1919. In caso of purchase of property of tho Chicago
from enforcing its order fixing 2 cents per mile as tho maximum faro. City Ry. by City of Chicago, or termination of trust agreement of Jan. 1
V. 108, p. 478. On Feb. 6 1919 Judgo Landis in tho U. S. District Court 1910, then bonds are redeemable at par and accrued int. See V. 90, p. 658,
at Chicago agreed to grant an injunction restraining tho P. U. Comm, 625. Bonds aro listed on N. Y. and Chicago stock'exchanges. V .9 4 ,p .lll8
from enforcing tho 2-cont faro limit. V. 108, p. 577.
Stocks and Bonds Deposited to Secure the Coll. Tr. Bonds.
STOCK AND BONDS—
Date.
Interest. Outsl'd'g. Div.Adue date
Stocks (par).
a Bonds (par)
Q-J
$3,100,000
See text.
Common, $3,HD,000 ($100).............
Chic. City R y .......................................... $16,971,900
None
Pref$ 3 . 1 0 0 .0 0 0 ($ 1 0 0 ) 6 % c u m -----Q-J
3.100.000
See text
Calumet & South Chicago R y ________*10,000,000
------------First and refunding mortgagef 1906
5 g J-J
3,079.000 July 1 1946 Southern Street R y _________________ *2,400,000
------------$15,000,000. gold ($ 1 ,0 0 0 ) {Int. at Clt. Sav. A Tr. C o.. Clove., and also Hammond Whiting & East Chic. R y ._ *1,000,000
*1,000,000 1st 5»
Soe t e x t - - . - . ____c*& r*tfl In N. Y. Trustee. North. Tr. d o .. Chic. Chicago & Westorn__________________
*72,000
________
Coll trust notes_______________ 1918
7K %
Sept. 1 1921
A E & O Ry first mortgagor 1901 5 g A-O 15 2.649,000 Apr 15 1941
T o t a l................................................... $30,443,900
$1,030,000
$3,000,000 ($1,000), gold!Amor. Tr. & Sav. Bank. Chicago, Trustee.
* Entire Issue.
cannot be called_______tf (Interest payable in Chicago and New York.
a Under provisions of the trust mortgage these respective Issues of bonds
Elgin Aurora & Southorn first f 1901
5 g J-D
1.548.000 Sopt. 1 1921 each as an entirety may be converted Into capital stock of the respective
mtge, $2,000,000 ($1,000){Int. at Amor. Tr. & Sav. Bank, Chicago. companies to an equal amount.
gold, sinking fund___ c U f l Trustee, and First Nat. Bk.. N . Y . City.
Dividends.— On pref. part. ctfs. $2.25 per share was paid seml-an.
Stock.— Prof, stock was 5% cum. until Anrll 1 1909: since 6 % cum. from Juno 1910 .to and Inch July 1914. In 1915, $2 50. In 1916, $1 75.
Bonds.— Of tho $15,000,000 (originally $25,000,000, but reduced in 1910) In 1917, Jan., $2 25 (V. 101, p. 72); July, SI 50. In 1918. Jan.. $1 50.
1st & ref’g bonds. $1,659,000 are In treas., $4,135,000 reserved Tor prior liens None since; V. 106, p. 2755: V. 108, p. 77. On common participating ctfs.
and tho balanco for Improvements, extensions and solf-supportlng acquisi­ $1 per sharo was paid semi-annually from June 1910 to and including
tions, undor rigid restrictions. They are not subject to call now. Hoe V. July 1912. Nono since.
8 8 , p. 1618. Collateral trust notes are secured by deposit of $1,626,000 1st
RE PO RT.— For calondar year 1918 (V. 108, p. 479):
and ref. mtge. 5% bonds. On tho Aurora Elgin & Chicago Ry. bonds a
Bond Other Dies, on Surp.
sinking fund of $50,000 per ann. began on April 15 1911. See V. 74, p. 726. Cal. ---------------Income---------------Bond
Divs.
Other.
Gross.
Interest. Redemp. Ded. Part.Shs. Inc.
$411,000 havo boon retired. Tho Elgin Aurora & South, bonds originally Yr.
$
$
$
$
$
$
$
$
matured Juno l 1916 but wero oxtonded to Juno 1 1919 and again to Sept. 1
1918.1,127,595 158,180 1.285,776 1,072,815 105,000 79,798
None 28,163
1921; remaining $154,000 held in sinking fund.
Dividends.— First dividend on pref.— 1)4% — paid July 1908 (V. 82, p. 1917.1,916,831 124,020 2,040,851 1,078,315 105,000 81,346 750,000 26,190
1436), and the same amount quarterly up to and Including April 1909. 1918.1,979,751 120,918 2,100,669 1,087.209 105.000 71.93$ 812,500 24.022
Committee.— Chairman, Uarrison B. Riley, 8 . M. Felton, James B. ForJuly 1909 dividend Increased to I A % and same amount paid quar. to gan,
John J. Mitchell, Samuel Insull, John A . Spoor, B. E. Sunny. Frank
Aug. 1 1915. Oct. 1915 dlv. omitted (V. 101, p. 1012) and nono paid since.
On common, first dividend— % % — Oct. 7 1907. In 1908 to 1913, Inch, O. Wetmoro and L. A. Busby.
3%fyearly. In 1914, Jan., & % ; April, M % ; July,
%; Oct. dlv. doforrod
OFFICERS.— Sec. &VTreas., W.TWJ Crawford;’ A u d .,'W . 'W .^H ill.—
(V. 99, p. 891, 968), and nono paid since.
V. 106, p. 2755; V. 107, p.11286; V. 10$. p. 77, 263,1267.1479, 1164.
CH ARLOTTE.SVI LLE & ALBEMARLE R Y.
ORGAN IZATION .— Organized in Virginia and formed by an agreement
of consolidation dated Nov. 24 1913 between the Redland Power Corpora­
tion and tho Charlottesville & Albemarle R y. A lighting and power com­
pany with a short Interurban railway as an adjunct. Light and power fran­
chises aro perpetual; County R y. franchises are perpetual, while city fran­
chise expires In 1944.
.
F a r e I n c r e a s e . — On Apr. 16 1918 was auth. by tho Va. Corporation Comm,
to eliminate tho 6 -for-a-quartor tickets and to increase children’s tickets
from 2 A cents to 3 cents. V. 106, p. 1688.
Maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding.
$509,000 D e c ’ 18.1%
Common stock $500,000 ($ 1 0 0 )----------------122,700 Dec ’ 18 .3H
Prof stk 7%eum$200,000($100)-----J-D
376.000
April 1 1943
First mortgage $750,000 gold 1 1915
6 g A-O
.
($1,000)______________c*cpt] Interest payable In Baltimore, M d.
Bonds.— Additional bonds may be Issued only for 85% of cost of Impts.
and oxts. ana only whon not earnings for the past 12 months are equal to
twice tho Intorost charges on tho bonds outstanding and those to bo Issued.
A spoclal depreciation and roservo fund Is provided out of gross earnings
for malnt., &c. $24,000 (not incl. In amount outstanding) aro hold in
the treasury. Red. at 105 and Int. on 60 days’ notce . V. 100, p. 1436.
Dividends.— 7% per ann. Is being paid on pref. stock. On common first
dlv. of 2% and 1% oxtra paid In Juno 1916. In Doc. 1916 paid 2 A % .
In 1917, Juno, 2 ^ % ’. Dec., 2 % . In 1918. Dec., 1% .
EARN INGS.— For years ending Dec. 31:
Pref. Dlv. Surplus.
Year—
Gross.
Net.
Other Inc.
Chgs.
$8,589
$13,340
1918_____$122,231
$53,203
$757
$32,031
8.589
22,719
60,279
264
29,236
1917____ 120,120
8.589
27,434
1916____ 114,819
63,600
495
28.072
ROAD.— Miles of track, 3.45; standard gauge. Ralls. 83-lb. girder and
60-lb. T . 12 cars. 1 D o w e r station.
OFFICERS.— l ’rcs., Norman James; V .-P., John L. Livers; See. &
Treas., W. R. M orton.— V. 103, p. 2428; V. 106, p. 606, 1688, 2289.




28

ELECTRIC RAILWAYS

[Vol . 108

(1) Chicago City Railway.— An electric road.
ROAD.-—Owns and operates 125.75 miles of track reaching South Chi­
Unified Operation of Surface Lines.— See "Chicago Surface Linos" for cago, Pullman, West Pullman, Auburn Park, Burnsido, Hegowisch and
details o f unification ordinance under which the lines of this company Manhattan Boach. Also oxtonds from Jackson Park to 106th St. and the
are operated jointly with those o f the Chicago Railways Co. as a single sys­ Indiana Stato Lino along Lako Shore and both sides of Calumet River.
tem under the control of a joint Board of Operation. For plan to unite the 70, 75, 83 and 85-lb. rails.
surface and elovated lines see "Chicago Elevated R ys."
OFFICERS.— Pros., L. A . Busby; V.-P., W. W. Crawford; Soc. & Treas.,
ORGAN IZATION .— Incorporated in Feb. 1859. and has extensive sur­ F. D. Hoffman; Aud., John J. Duck.— V. 100, p. 1831; V. 107, p. 1286.
face road privileges in the south division o f Chicago. Has a contract ex­
(3) Southern Street Railway Co.— A trolley road.
piring Jan. 31 1927 with the Commonwealth-Edison C o., for the supply of
Unified Operation of Surface Lines.— See “ Chicago Surface Lines” for
Its entire power requirements. The railway has abandoned its producing lotails of Unification Ordinance of 1914, under which the lines of this complants but retains its distributing plants.
oany are operated jointly with those of the Chicago Railways Co. as a sin­
New Ordinances and Franchises.— On Fob. 4 1907 the City Council passed gle system under the control of a joint board of operation.
ordinances providing for a settlement of the franchise quostion. These
Ordinance Embodying Unified Operation of Surface and Elevated Lines.—
ordinances were approved at the city election on April 2 1907 and formally See Chicago Elevated Rys. on subsequent page.
accepted by the company's board of directors on April 15 1907. Suit to
ORGANIZATION.—
Incorporated in Illinois as a reorganization of the
set aside franchise was dismissed In April 1912. V. 91, d . 1118. An ex
tended outline of these ordinances, one to the Chicago City Railway Co., <’hicago General Ry., which was bid in at foreclsoure sale on Sept. 30 1907'
hy
tho
Southern
Street
Railway
Co
V .8 5 ,p 803.
and covering the lines operated by that company, and the other to the Chi
Stock outstanding (par $100) $2,400,000. Bonds Issued undor 1st mtge..
cago Rys. C o., and covering the lines of the former Chicago Union Traction
1909 wore from time to time canceled and stock issued in exchange. No­
Co. (now the Chicago Railways C o.), was given In V. 81. p. 1123. The value of
of the tangible and intangible property o f the Chicago City Ry. at date of bonds now out.
EARNINGS.— Included In statement of Chicago City Ry.
the ordinances was fixed at $21,000,000. The city or any company au­
ROAD.— Included in Chicago City Ry.
thorized by it is given the right on Feb. 1 or Aug. 1 of any year, on six
OFFICERS.— Pres , L. A. Busby; V -P ..W . W Crawford- Sec. A: Treas..
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 F. D. Hoffman; Aud., Jno. J. Duck— V. 91, p. 1631, 1712; V. 107, p. 1288.
and extensions. Including fair allowances for construction, profit and
(4) Hammond W hiting & East C hicago Railway C o.— A trolley road.
brokerage” . But if the properties are acquired for operation by a pri­
All securities are owned by the Chicago City & Connecting Rys.
vate corporation, for Its own profit, the purchaso price is to be increased
ORGANIZATION.—
Incorporated In Indiana In Jan. 1910 as successor
20% — barring the case of a private company which might be willing to
turn over to the city all proffts above 5% on the cost or the Investment. to Hammond Whiting & East Chicago Electric Ity. Franchise expires In
The companies are limited during their operation to an Interest return 1954. Power Is furnished by the Calumet & South Chicago R v
Fares.— In Jan. 1919 tho P. S. Comm, denied the co. authority to in­
of 5% upon the agreed valuo plus the cost of rehabilitation and exten­
sions. All net profits above this are to be divided on the basis of 55% crease faros from 5 cents to 7 cents.
to the city and 45% to the companies, but a deficit in any year is to be
STOCK AND BONDS—
Dale. Interest.
Outstanding. Maturity.
made good out of the profits o f subsequent years. After April 15 1910 the Stock $1,000,000 ($100).........................................
$1,000,000
. .
companies are required to set asido 6% of the gross receipts for maintenance First mtge, $5,000,000. gold[ 1910 5 g F-A
1,000,000 Fob 11930
and repairs and an additional 8% of the gross receipts to cover renewals
($1,000) ...................c&rtf l Int. at First Trust & Sav. Bank, Chic.,Tnist.
and depreciation. Whatever portion of the two funds Is not used remains
Bonds.— Subject to call at 105 and Int. E. K. Bolsot Is also trustee.
in the funds and passes to tho city or its licensee upon purchase. But If
ROAD.— Owns 32.12 miles of track, extending from State line between
the two funds are not sufficient for the purposes named, the companies Illinois
and Indiana at 108th St., Chicago, to Whiting, East Chicago and
are obligated to supply additional funds. The franchises granted by the Hammond
in Indiana, and operates In connection with Calumet <& South
ordinances run until Fob. 1 1927. Purchase price of the property Jan. 31 Chicago Ry.
to 63d St. and Madison Ave., In Chicago. Standard gauger
1919. 553.741,634.
80-lb. T rail.
On Jan. 29 1912 City Council passed an ordinance providing for the ac­
OFFICERS.— Pres., O. G. Talmadgo; V .-P., Chas. L. Lawrence; Sec. &
quisition by Chicago City R y . o f city lines o f the Chicago & Southern Trac
Co. V. 94. p. 349, 629. The latter was sold at foreclosure in Feb. 1912 Troas., F. D. Hoffman; Aud., W. W. Hill.— V. 79, p. 103.
The lines outside the city were taken over by the Chic. & Interurban Ry.
CHICAGO & INTERURBAN TRACTION CO.
Decision as to Regulation.— See "Chicago Surfaco Lines.”
P.
U. Comm, has auth. the co. to issue $2,000,000 additional bonds for ORGANIZATION.— Incorp. in Illinois Feb. 14 1912 to take over the
fmpts., &c.
property of the Chicago & Southern Trac. Co. (sold at foreclosure) outside
city limits, tho lines within the city having been acquired by Onlc. City
STOCK AND BONDS— Dale.
Interest. Outstanding. LastDlv.,Ac. the
Ry, V. 94, p. 697.
Stock, $18,000,000 ($100)-------------- TextQ-M 30 $18,000,000 See text.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
1st m tge ($1,000) g ..c * & r * tff 1907 5 g F-A 33,900,000 Feb 1 1927 Stock,
$1,000,000 ($100)...............- ......................
$ 1 ,0 0 0 ,0 0 0 ...................
^
,,
(First Trust & Sav. Bk.. Chicago, Trustee.
5 g J-J
1,350,000 Jan 1 1932
1,700,000 ................... First mtgo, gold ($100, $500,7 1912
Notes payable Jan 31 1919_______ _ ________
#1,000), n o s f . .............c * tf(In t. at First Tr. & Sav. Bk.. Chic.. Trustee.
Bonds.— There is no limit to the amount o f bonds that may be issued
Bonds.— The auth. amount of 1st M. bonds Is not limited. Bonds are
under tho above mortgage. Under the Chicago citv ordinance, in case of
purchase by the city or its licensee, and only in such case, the bonds may be subject to call In whole or In part, beginning with lowest number, at 102
called as a whole, for payment at par and fnt., on any int. date before ina- on any interest day. There are also $378,000 bonds In treasury.
turity. V. 84, p. 1488,1550. Bonds are listed on Chicago Stock Exchange
EARNINGS.— For yoars ending Dec. 31:
( V•98, p. 386) •
Year—
Cross.
Expenses.
Net.
Int.ATaxes. Surplus.
$239,119
$77,363
$92,944 def.$ 15,580
D IVIDEN DS.— In 1893, 24% : 1894-1900. 12%; In 1901, 1045%; in 1918................ $316,483
212,370
125,788
94,769
31.0191902-09, 9% ; in 1910, 16%: In 1911, 1114%: In 1912, 11%; in 1913, 101*%. 1917................. 338.158
In 1914, 9% ; in 1915, 8% ; in 1916, 9 M%\ in 1917. 8% and *4% oxtra in
ROAD.— Consists of 50 miles of lino between 119th St. and Vincennes
1918.
Mar., 2% ; Juno, 2% ; Sept., 1%; Dec. div. Road.
omitted.
Chicago, to Kankakee. 111. Standard gauge. 70-lb. T rails.
(V. 107, p. 2475.) In 1919. March, 1 4 % .
OFFICERS.— Pres. & M gr., O. G. Talmadge; Sec. & Troas., W. W.
ROAD, &c. (incl. Southern St. R y .).— Company owns 332.37 miles of
single track, all now operated by electricity. System covers the South Side Crawford.— V. 100, p. 1167; V. 104, p. 1387; V. 106, p. 1577.
of Chicago, extending from the centre of the business district south to 79th
CHICAGO NORTH SHORE &*MILWAUKEE RR.
Street and between the South Branch of the Chicago River and tho Lake
ORGANIZATION.— Incorp. in 111. and on July 26 1916 .acquired tho
REPO RT.— For 12 months ending Jan. 31 1919, seo V. 108, p. 1157.
proportios of tho Chicago & Milwaukee Electric R R ., sold at foreclosure
The combined results o f tho “ Chicago Surfaco Lines” under the Unifica­ M ay 1 1916 (V. 102, p. 1718, 2077). V. 103, p. 664, 1687.
Franchises.— Owns right of way in Wisconsin as far as tho city limits of
tion Ordinance, which wont into effect Feb. 1 1914, wore: Gross, $34,710,­
Milwaukee: franchise In Milwaukee expires Dec. 31 1934. Owns right of
098: operating expenses, $25,731,937; residue receipts, $8,978,161.
way in Illinois outside of corporate limits and to a considerable extent within
Income Account Chicago City Railway.
corporate limits; the remainder Is covered by municipal franchises, soveral
„
,
1918-19.
1917-18.
1916-17.
being pemotual.
Proportion of residue recolpts.................................... *$3,591,264 *$1,805,175*$5,218,445
Valuation.— In Nov. 1917 tho Illinois P. II. Comm, determined the fair
Joint acc’ t exp. int. on cap. inv. and
value of the co.’s physical property in Illinois to bo not less than $5,100,000.
South St. R y. net earnings_______ 3,580.614
3,661.806
3,6163)23 The original cost of the property in both Illinois and Wisconsin as shown by
Net earnings....................
$10,651 $1,143,309 $1,602,422 the books was 813,918.862, but tho original cost of tho Illinois soction alone
City's proportion (5 5 % ).....................
5,858
628,853
881,332 could not be accurately ascertained. V. 10."). p. 1897.
In July 1917 Issued $885,000 6 % serial notes to reimburse tho company
Company’s proportion (4 5 % )_______
4,792
514,516
721.090
Interest on capital.x_______________ 2,668,057
2.623.510
2,558,167 for capital expenditures made or to bo made subsequent to July 1 1916.
Income from operation____________$2,673,450 $3,138,026 $3,279,257 In Aug. 1918 brought out an issue of $385.000 7% serial notes, dated June
15 1918, to retire $180,000 6 % serial notes which matured July 1 1918
Other Income__________
def.72,047
58,353
88,244 and
to reimburse tho co. for capital expenditures mado or to bo made sub­
Net in com e_______________________ $2,601,404 $3,196,384 $3,367,501 sequent to April 1 1918. V. 107, p. 694.
Interest on bonds___________________ $1,755,217 $1,695,000 $1,617,791
On Sept. 8 1917 tho III. P. U. Comm. auth. tho co. to increaso tho rate
Dividends__
........... (5)900.000(8)1.575.000(9 ft) 1666000 of fare in Illinois to 2 cents per mile. On Oct. 18 1918 was auth. by the
I.-S. C. Comm, to increaso ticket fares from 2 to 2.5 cents per mile.
Balance...............................................clef .$53,813 def.$73,615 sur.$84.710
* Representing 40% of residue receipts.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
x The “ interest on capital Investment" Is that certified bv board of Stock $100,000__ ________________
. . . ______ See text
________
supervising engineers, as provided by tho ordinance of Feb. l i 1907.
First M $10,000,000 g ($1,-7 1916
5 g J-J
$1,060,009 July 1 1930
000, $500 & $100)___ c*tf( Interest payable In N. Y. or Chicago.
OFFICERS.— Chairman Ex. Com., and Pres. L. A. Busily; Vice5%
400.000 Aug. 1 1936
Pres., II. B Flomlng; Sec. & Troas., F. D. Hoffmann: And., John Gen'l M $1,500,000 gold.........1916
Equipment notos gold ($1,-/ 1917 6 g J-J
127.500 Bee toxt
J. Duck.— V. 106, p. 1223; V. 107, p. 1286, 2475; V.108, p. 1157, 1164.
000 and $500)_________ c*|Int. at Chicago Northern Tr. Co., Trustee.
Serial gold notei $885,0001 1917 6 g J-J
705.000 Seo toxt
(2) Calumet & S outh C hicago R y.— Electric.
($100, $500. $ 1 .000 )..c*tflC on t.& Comm. Tr. & Sav. Bk., Chic., Trus.
Unified Operation of Surface Lines.— See “ Chicago Surface Lines" for Serial gold notes $385,0001 1918 7 g J-D 15
385,000 See toxt
details of Unification Ordinance of 1914. under which the lines of tills com­
($100, $500, $ l,0 0 0 )-.c*tf(C on t. & Comm. Tr. & Sav. Bk., Chic., Trus.
pany are operated jointly with those of the Chicago Railways Co. as a sin­
Stock.—
Tho
capital
stock
Is
In
tho
nominal
sum
of
$100,000, which has
gle system undor the control or a Joint board o f operation
been made the basis of tho foilowlug participation certificates of no par
Ordinance Embodying Unified Operation of Surface and Elevated Lines.— value: (a) 50,000 Illinois part, certfs., bearing $5 dividends a year, cumu­
Seo Chicago Elovated Rys. on a subsequent page.
lative, if earnod. from Jan. 1 1918, the dlv. on these cortfs, having priority;
ORGANIZATION.— Is a consolidation formed In 1908 of the Calumet (6 ) 58.000 Wisconsin part, certfs., bearing $5 divs. a year, cumulative, if
Electric Streot Ry. and South Chicago City Ry. in accordance with the earned, from Jan. 1 1918: (c) 62,900 common part, certfs., bearing such
terms of ordinance passed by the City Council Mar. 30 1908. Lines dividends as may be earnod and doclared. The stock will bo hold by George
are located in the south division of the City o f Chicago. The ordinance M. Reynolds, Samuel Insull and It. Floyd Clinch as voting trustees. For
grants franchises until Feb. 1 1927 and provides that the city Is to receive basis of exchange of bonds of old co. for certificates, soo V. 103, p. 604.
Bonds.— Tho 1st M. bonds are secured by a first lion on all tho property
65% of net receipts after allowing for operating exponses, taxes and deireciatlon and 5% on present value, together with amounts expended for owned and by pledge as additional security of the entire capital stock of tho
mprovements and extensions. Unification ordinance of 1914 establishes Chicago & Milwaukee Electric Ry. of Wisconsin, which owns the ter­
a 5-cent fare and universal transfers. City may purchase property on minal facilities in Milwaukee. $940,000 have boen issued and aro pledged
Feb. 1 or Aug. 1 o f any year upon six months' notice for present value, as security for tho notos of 1917 and $370,000 for tho notes of 1918;
which is fixed at $5,000,000, plus amounts expended for improvements, remaining $4,630,000 may be Issued at par for not exceeding 85%
additions and extensions, but only for municipal operation, where purchase of the cash cost of bottormonts, &c. Tho mortgago provides for a
Is made prior to Feb. 1 1927. With an addition o f 20% in price, city may maintenance, replacement and depreciation fund of 1 2 % of annual,
also purchase for the purpose o f turning property over to other parties (if grass income for first five years, 14% for second 5 yoars, 10% for third
purchased for Chicago City Ry. only 12% additional need be paid), but 5 years and 18% for tho last 5 years, to bo oxpended for maintenance,
this additional sum need not be paid where these other parties agree to pay &c., or for retirement of 1st mortgage bonds. The 1st mortgago bonds
over to the city ail o f the profits above 5% on the purchaso price. V. 86, aro callablo as a whole or part on any interest date at 105 and interest.
p. 1223. On Jan. 31 1919 certified value o f property andadditions thoreto Continental & Commercial Trust & Savings Bank, Chicago, is trus­
was $11,142,014
tee. V. 103, p. 1031. $240,000 Gen. M . bonds have boon canceled and
$480,000 are in treasury. The equip, notos mature $8,500 s.-a. July 1 1917
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
to Jan. 1 1927; secured by 15 steel passonger cars costing $200,000. Rod.
Stock. $10,000,000 ($100)..................................... $ 1 0 ,0 0 0 ,0 0 0 ...............
First mortgage rehabilitation/ 1908
5 g F-A
5,355,000 Feb 11927 as a wholo or in part at 100 ft and int. on any int. date on 30 days' notice.
The serial notes, dated July 1 1917, aro duo $345,000 July 1 1919; $360.­
„ ($1,000) gold, no s fc*& rtf\lnt. at First T r. & Sav. Bk.. Chic.. Trustee.
000 July 1 1920. $180,000 1-yoar notos woro rotirod July 1 1918. Int.
Notes payable. Jan. 31 1 9 1 9 - ........
.............
600,000 __________
payablo in N. Y. or Chicago. Call., all or part, upon 30 days’ notlco, the
Bonds.— The issue of 1st mtge. bonds Is Indotorminate, amount to be two-year notes at 10045 and int. and tho threo-yoar notos at 101 and Int.
limited to amount o f new work done on property. They are subject to for the first two years of their life and at 10045 and int. thereafter. Tlioy
call at any Int. date before July 1 1912 at 105 and Int.; thereafter only in are secured by deposit of $940,000 C. N. S. & Mil. RIt. 1st M . bonds.
caso city shall purchase property at par and Int. on any Int. date. No s. fd. V. 105, p. 388. Tho serial notos of 1918 aro duo $125,000 Juno 15 1919.
EARN ING S.— For years ending Jan. 31:
these being unsecured, and $260,000 Juno 15 1921, tho latter boing secured
Year ending *Int. on Other
Total
Bond
Dies.
Balance.
by $370,000 1st mtge. 5% bonds. Red., all or In part, at 100 and int. on
Jan. 31— Capital. Income. Income.
Interest.
Paid.
Surplus.
30 days' notlco. Int. payablo in Now York or Chicago. V. l07, p. 694.
1918-19........ $547,375 $11,438 $558,813 $292,938 $200,000 $65,875
EARNINGS.— Year end. Dec. 31 1918 (incl. Ctdcago & Milwaukee Elec*
1917-18........ 535,682 13,310
548,992
266,250 275,000
7,742 R y.-Milwaukee City Lines), gross, $2,809,975; net, after taxes, $867,585:
* Representing company's proportion o f 40% o f Chicago Surface Lines' fixed charges, $332,505: balance, $535,080. In 1917, gross, $1,751,373*
residue rocelpts pursuant to unification ordinance effective Feb. 1 1914.
not, after taxes, $516,040; fixed charges, $266,580; balance, $279,460. s J

f




MAR., 1919.]

ELECTRIC RAILWAYS

ROAD. &c.— Owns ana operates the electric railroad connecting Evans­
ton. 111., and Milwaukee. W is.. with a branch line extending from Lake
Bluff. III., to Area, III., embracing 84.54 miles o f road and 169.o7 miles
einglo track equivalent. The principal communities served are Evanston.
Wilmotte, Wlunetka, Glencoe. Highland Park. Lake Forest, North Chi­
cago. Waukegan and Zion City, 111., and Kenosha, Racine and M lwaukee
Wis.; also Fort Sheridan and Great Lakes Navai Training Station. 115
motor, combination, buffet, trailer, baggage and express cars, and 162
freight cars, 2 0 service cars, 4 electric locomotives and 1 work motor.
OFFICERS.— Chairman of the Board. Samuel Insull: Pres.. Britton I.
Rudd- V -P
R. Floyd Clinch: Sec.-Treas., W. V. Griffin.—
V. 105, p. 388, 1897; V. 106, p. 2449; V. 107, p. 401, 692, 694, V. 108, p.972
Dtaifird O p e r a t i o n o f S u r f a c e Lines.— See "Chicago Surface Lines for
details of Unification Ordinance of 1914, under which the lines of this
company aro oporatod jointly with those of the Chicago City Ry. as a
single system under the control of a joint board of operation. As to i>lan
for unification of surface and elevated lines, son Chicago Elevated Rys.
O rd in a n c e E m b o d y in g

U n ifie d O p e r a tio n o f S u r fa c e a n d E lev a te d L in e s .

' See Chicago Elevated Rys. on a subsequent page.
ORGANIZATION.— Incorp. In Illinois in Oct. 1903 and on Jan. 25 1908
acquired at foreclosure sale the pro per ty o f t bo®*1! ^hicago Unto n Traction,
comprising the lines of the North and West Chicago Street RB. .A*1® pur­
chase was made under a modified plan o f reorganization and readjustment
datod 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 P. 1402) and issued $22,554 bonds to cover cost.
Franchises— On Feb. 5 1907 the City Council passed ordinances providing
for a settlement of the relations between the city and the street railway
companies
V 84 p .338 .390 . The franchises granted by the ordinances
txpireFeb. 11 1927 and wero approved at the popular election held April 2
1 9 0 7 . On Oct. 10 1910 supplemental ordinance was passed expiring Feb.
1927 covering lines of Chicago Consol. I rac. properties. V. 91 ,p . 1025.
In the remarks concerning the Chicago City Ry. on a preceding pago of this
publication will be found a brief summary of the main terms, requirements
Ami conditions of these ordinances. A very extended outline of the same
was print edin 8 the "Chronicle'’ of May 11 1907 pages 1123. 1124 and 1125.
t0Thn m-d* nanco for the c'h ica go*R ^ O o ^
valuation of the
properties acquired shall be deemed and
h« r-Vfvf rdi'i^ sV*770
value fixed bv a board of expert engineers acting for the city) plus SI ,7/ Jt87o
for expenditures^ from the date of the valuation on June 30 1906 to Feb. 1
1907. making total valuation of properttas as recognized by ordinance
*80 779 875 as or Feb. 1 1907. With the expenditures already made, the
valuation of road. equipmont and franchises on Aug. 31 1918 was computed
Rt AU^expondltures for reconstruction and extensions are being made under
the direct supervision of a board of supervising engineers headed by Mr.
B ion 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 Fob. 1 1907 are to be added to the value of the
properties recognized by the ordinance, together with 5% of such expendi­
tures for brokerage. As compensation for its servlcos In construction
the company will receive an additional 15% of all expenditures for recon­
struction and extensions, exclusive of amounts contributed for subways.
The comnanv agreed to lowor and reconstruct the tunnels under the
Ohfcago River at Washington. La Salle and Van Buren streets.
[Unfit to Purchase by City.— Under tho 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
nrlor to the expiration of the 2 0 -year franchise granted the company
gy the ordinance The price to be paid by the city to be $30,779,875.
the valuation of the properties February 1 1907. as abovo mentioned,
plus all expenditures after that date for reconstruction, extensions and addi­
tions to tne properties, including any amounts advanced to the city for
tho construction of subways in the downtown business district. In case
the property shall not be purchased, as above stated, prior to 1927.the
expiration of tho franchise, the city covenants that It will not then grant
a franchise to any other corporation for the operation of a comnet tag system
in the company's territory unless such other corporation shall purchase
the property of the company at said price. The city also has tho option
of roqu£tag the company to soli its property to any other licensee corpora­
tion of tho city. or o f purchasing the property Use r for municipal ownership
(with no requirement as to municipal operation) at any tlmo during the
life of the franchise; but In case of such purchase by tho city or a licensee,
tho nrlro to be paid shall bo 2 0 % more than the price above mentioned;
but Rio liconsoo 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 tho company will attach to such cash as a first lien In
tho event of such purchase; or (2 ) such purchase (if made within said 2 0
years) must be consummated expressly subject to the Ilea o f the 1st mtge.
bonds.' but if made at the expiration or said 2 0 years, the amount thereof
must also be paid in cash.
C o m p e n s a tio n to City.— Provision is inado for special compensation
to the City o f Chicago, but this compensation is payable only out of
the surplus earnings of the company after paying or providing for all op­
erating expenses, including tho charges for maintenance and depreciation
prescribed in the ordinance and 5% upon tho valuation of the company’s
Drooerty at which it may be purchased by the city for municipal operation,
as a hove stated. Of tho surplus earnings so remaining, the City or Chicago
receives 55 % and tho company 45%. (See V . 99. p . 1831 for dispute with
city as to cortaln accounts).
Control by Trustees.— The trust indenture securing the participation
certificates providos that until Aug. 1 1912 and to the full extent thereafter
which mav bo permitted by law until all of the consolidated mortgage bonds
of the company shall bo frilly paid and discharged, the directors of the
rnmnanv shall 'bo olocted by trustees, now consisting o f Messrs. Harrison
B Ititov William O. Niblack, Abol Davis, Frank G. Gardner and Honry
J Tansley and provision is mado in tho trust dood securing tho 1st M .
bonds ifor tho appointment of a permanent flnanco committeo, now com­
posed of Mossrs. Henry A. Blair, Seymour Morris and B. A. Eckhart of
^U
A?auislllon of Chicago Consolidated Traction Properties.— On Deo. 27 1910
Judge Grosscup confirmed the sale of the Chic. Consol. Trac. Co. and Its
nlaht underlying companies on Nov. 30 1910 to Andrew Cooko and the
■ale bv tho latter of all properties within the city limits to the Chicago Rail
wavs CJo ( V . 01. p. 945. 1253. 1511). pursuant to an ordinance passed
net ill 1010 (placing valuation at $4,021,982), like In tenor, amendatory
■bd supplemental to ordinance of Feb. 11 1907 (V. 91. p. 1025. 1159)
floe reorganization plan, V. 90. p. 1613: V. 91. p. 37. The linos outside the
city were acqulrod by tho County Traction Co. (now the Chicago Sc West
Towns Ry ) which has no connection with the Chicago Railways Co.
An Nov 1 1910 a deposit agreement was entered into by tho holders of the
aecuritios ot tho Chicago Consolidated Traction and its subsidiaries, pro­
adding for tho exchange of the said securities for Chicago Rys. Co. Purchase
Money 4% to 5% bonds and Adjustment Income 4% bonds, both dated
Jan 1 1911 and maturing Feb. 1 1927. For description ot bonds and terms
of exchange, see V. 91. p. 1384, and compare V. 90. p. 1613; V. 91, p. 214.
Favorable Decision— In Oct. 1912 the U. S. Circuit Court of Appeals
affirmed the decision of Judge Kohlsaat. dismissing the suit brought to have
the compromise franchise of 1907 annulled. V. 95. p. 1206.
Settlement of Yerkes Suit.— In April 1914 the company arrangod a settle­
ment of the suit brought by the Yerkes (state on the guaranty of the bonds
of the Chic. Consol. Trac. Co. by the Union Trac. Co. V. 98. p. 1155.
Derision as to Reputation.— Sea "Chicago Surface Linas."
Waae Award by War Labor Board.— V. 107, p. 500.
The P. U. Comm, has auth. the co. to issue $2,230,000 additional 1st M .
5 % bonds for impts., &c. up to Sopt. 20 1918 those had not yet boon issued.
In Dec. 1918 applied to tho 111. P. U. Comm, for auth. to issue $1,995,414
o f 4% bonds. V. 108, p. 77.
STOCK AND BONDS— Date.
Interest. Outstanding.
taturlty.
stock Si 0 0 .000_________ - --------------------- See text. See text.
First mortgage (see text),
f 1907 5 F-A
$55,681,000 Feb 11927
1*1 000) ig o ld T — .c& rtf Int. at Harris Trust & Say. Bk., Chic.. Trus.
1 or at Harris, Forbes & C o., New York.
rinnsnl mtge. gold.................tf 1907
5%
See text. Feb 11927
Con3° Bonds Covering City Lines of Former Chicago Consol. Traction.
Purch-monoy M $6,000,000 gf 1910
5 J-J
4,073^000 Fob 11927
(*500 and $1,000)___ c * tf (Illinois Tr. & Say. Bank, Chic., Trustee.
Adjust inc M $2,500,000 gold] 1910
4 g May
2,500.000 Feb 1 1927
($100&$500) (non-cum)c* tf l Central Trust Co. of III., Chicago. Trustee.




29

Stock.— The capital stock ot the company, which is issued In the nominal
amount or $ 1 0 0 ,0 0 0 . has been made the subject of a trust agreement, dated
Aug. 1 1907 and executed Jan. 25 1908. by and between the Chicago Rail­
ways Co. and Messrs. Adolphus C . Bartlett, Chauncey Keep, Charles H.
Hulburd,Albert A. Sprague and Charles G.Dawes, as depositaries, and
Central Trust Co. or New York as custodian. Under this agreement
the stock serves as a basis for the Issue of the participation certificates,
representing in all 265.100 equal parts. Series 1 consists of 30.800 parts.
Series 2 of 124.300 parts. Series 3 of 60,000 parts and Series 4 of 50.000 parts.
Series I, 2 and 3 are entitled, in the order of priority named, to cumulative
dividends of $ 8 for each part, beginning with year ending Aug. 1 1908, and in
the distribution of capital to $100 for each said part. Series 4 Is entitled
to any remaining profits or capital distributed, V. 85. p. 1269.
Dividends on participation certificates Ser. 2 are limited to $4 on each cer­
tificate so long as more than 50% of Series O bonds remain outstanding,
and thereafter to $5 per certificate until the remainder of Series O bonds
have been redeemed. Series 2. however, is entitled to unpaid accumulation
on account of its $ 8 per certificate (beginning with the year ending Aug. 1
1908), but only when earned, and after payment of ail accumulations of
staking fund and of dividends on Series 1.
Bonds.— First mtge. bonds are Issued only to provide funds for rehabili­
tation, extensions, &c. They may be redeemed at par and accrued interest
on any Interest day. The bonds have a first lien on the entire prpperty.
rights and franchises of the company. The authorized issue Is limited to
the aggregate of the amounts approved from time to time by the board of
supervising engineers. $2,276,000 are held in treasury.
See full particu­
lars of bonds, property, &c., in V. 8 6 , p. 545; V. 8 8 , p. 1436; 1619; V. 90,
p. 302; V. 93, p. 162. Bonds are listed on N . Y. Stock Exch. V. 103, p. 238.
The consolidated mortgage bonds consist of the following: Series A,
issued. $17,403,800, of which $1,006,000 are in the treasury and can be
Issued only for acquisition of additional property; Series B, $17,164,­
475, and Series O. $903,336. Series O bonds have sinking fund of $250,­
000 per annum. If oarned. which began Aug. 1 1908. but cumulative until
paid
$1,196,000 Series A bonds have been retired. See particulars,
V . 8 6 . p. 1223; V. 93, p. 1724. Of tho remaining Series B. bonds, $228,000 are
In treasury. $3,098,664 Series C bonds have been retired by sinking fund
and cancellation; $250,000 deposited in sinking fund Aug. 31 1918 for
purchase of additional bonds. Bonds of three serios bore int. at 4% until
Fob. 1 1912; thereafter 5% .
„
Purchase Money Mtge. bonds bore int. at 4% per ann. during first 5 yra..
now 5% per ann. They are red. at par and tat. on auy Int date.
Adjustment Income Mtge. bonds are red at par and int. on any int.date.
Interest la payable only If earned and is not cumulative. Payments of
4 % each were mado on May 1 in 1913 to 1918 inclusive.
Interest on both purchase-money mortgage and adjustment income
mortgages payable at company’s office or at agency of company in Chicago.
D IV ID E N D .— An initial dividend of $4 was paid Nov 15 1908 on
Series 1 participation certificates. On Sept. 1 1909 $ 8 was paid on Series 1
certificates. None to Oct. 1912, when $ 6 was paid. In Feb. 1913, $6 :
May, 8 6 ; July. $6 ; Aug., $4. In 1914. Feb.. $4; Aug.. $8 , being full pay­
ment of all arroars. Feb. 1915 div. of $4 was paid June 5 (V . 100, p. 1671).
The Aug. 1915 div. of $4 was paid Sept. I 1915. In 1916. Aug.. $ 8 . In
1917, Aug., $8 . In 1918, none (see V. 107, p. 82). In Feb. 1914 initial
div. of $2 per share was paid on Series 2. In 1915, June, $2. In Feb.
1917 $2.
ROA D .—Comprises 582.45 miles ot track (Including 128 miles of the
former Chicago Consolidated Traction Lines).
EQUIPMENT.— Operates 1,907 double-truck "pay-as-you-euter” cars.
REPO RT.— The annual report for year eudlng Jan. 31 1918 will be found
In V. 106, p. 1568. Tho combined results of the "Chicago Surface Lines .
for the year wore: Gross, $35,114,638; operating expenses, $23,101,696:
residue rocoipts, $12,012,937.
Income Account for Years ending Jan. 31.
Share of *Adjust- Int., 5% , Balance, — —Of which to------Res. Reds.
ments.
on Inv.
Divisible. City .55% . Co. 45%
T 7-’ 18-$7,207,762 Dr.36S,206 $4,418,136 $2,421,421 $1,331,782 $1,089,639
’ 16-'17- 7,827,668 Dr. 290.685 4.319.783 3,217,200 1,769,460 1,447,740
’ 15-T6- 6,283,149 Dr. 20.327 4.230,975 2.031.847 1,117,516 914.331
* Applicable to previous years.
Income Statement (Non-Partnership Account) for Years ending Jan 31.
1918.
1917.
1916.
Chicago Railways, 4 5 % ______________$1,089,639
$1,447,740
$914,331
5% on investment__________________ 4,418,136
4,319,783 4,230,975
Miscellaneous interest______________
146,585
190,846
168,247
Gross Income_____________________ $5,654,360
Deduct—
Total interest on bonds______________$4,765,584
Sinking fund reserve account_______
250,000
Fed'! incomo tax on int. coupons___
60,000
Corporation expend. & adjustments168,800

$5,958,369 $5,313,553
$4,746,786 $4,625,950
250,000
250,000
30,000
17,828
153,568
89,203

Net incomo for Interest, See_________
$409,976
$778,015
$330,573
OFFICERS.— Chairman o f Board of Directors and Pres., Henry A. Blair.
VIco-Prosidents, Seymour Morris and J. E. Wilkie; Sec., F. L. Hupp;
Treas., M . B. Orde.— V. 107, p. 82, 500, 1286, 1481; V. 108, p. 77.
CHICAGO & WEST TOWNS RAILW AY CO.
ORGAN IZATION .— Incorp. in Illinois in 1913 as a consolidation of tho
County Traction Co. and the Suburban R R . Serves tho communities of
Oak Park, River Forest, M aywood, Cicero, Berwyn, Forest Park, Lyons,
Riverside, Brookfield, La Grange and others, having an estimated popula­
tion of over 135,000. Franchises contain no burdensome restrictions and
extend beyond 1920. About 10.5 miles of track on private right-of-way.
Fares.— In Oct. 1918 applied to tho 111. P. U. Comm, for auth. to
increase interurban fares from 5 to 7 cents. V. 107. p. 1384.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common, $1,000,000 ($100).................................
$1,000,000 ---------------Pref (cum), $1,000,000 ($ 1 0 0 )-----6%
1,000.000 ----------------First mortgage $1,000,0001 1918
7 M-S
750,000 Sept 1 1920
($500 and $1,000) g o ld ._ c * lHarris Trust & Sav. Bank, Chicago, trustee.
Remaining bonds may be issued for 75% of exts. and enlargements
with certain restrictions. Callable on the 1st day of any month at 101
and int.
EARNINGS.— For years ending Dec. 31:
„
Calendar Years—
Gross.
Net after Taxes. Int.,& c. Bal., Surp.
1918.................................
$594,773
$118,820
$50,488
$68,332
1917
................. ........
587,292
173,119
39,223
133,896
Road.— Owns 72.13 miles of track, of which about 5 miles leased for
operation by Chicago Rys. C o., and operates an additional 0.95 milo under
long-term lease.
OFFICERS.— Pros., Willard M . McKwen; Sec. & Treas., Charles N.
Hebner.— V. 106, p. 1230; V. 107. p. 1384.
EVANSTON RAILW AY CO
ORGANIZATION.— Incorp. Sept. 20 1913 In Illinois to take over the
linos in Evanston, III., formerly owned by the County Traction Co. (now the
Chicago Sc West Towns Ry.)
Franchise.— Tho company was granted a now 20-year franchise.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock. $500,000 ($100).....................................
$500,000 . . .
.
First mtge bonds, gold____c */ 1913
6 g F-A
299,500
1933
Redeom at 103 and Int____jln t. at Merch. Loan & Tr. C o..C hic., Trus
General mortgage bonds--------- -----------------110,400 — ---------Bonds.— Slaking fund of 2% of outstanding bonds began 1917.
EARNINGS.— For years end. Dec. 31:
Year ending
Gross
Exp., Taxes, Net
Inter- Balance,
Dee. 31—
Earnings. Depr.,&c. Earns.
est.
Surplus.
1918
........................... $171,491 $130,661 $40,830 $24,479 S16.351
1917
......................... 174.207
121,344 52,863
21,895
30,968
ROAD.— Length of single track. 10.3i miles. 85-lb. rail. Gauge. 4 ft
8M in.
OFFICERS.— Pros., Clement C. Smith, Milwaukee; V .-P ., J. P.
Pulliam, Milw.; Vice-Pros.. & ^ien. M gr., Charles F. Speed, Evanston;
Soc., Goo. J. Chaffee, Milwaukee; Treas., II. C. Mackay, Milwaukee.
CHICAGO ELEVATED RAILW AYS.— A voluntary
association
similar to Massachusetts Electric Companies.
Unification of Surface and Elevated Lines and Construction of Subioays, A c.
On Aug. 14 1918 tho City Council passed a proposed ordinance for the
unification of surfaco and elevated lines and for tho construction of sub-

30

ELECTRIC RAILWAYS

(Vol . 108.

ways, which was submitted to a referendum vote o f the people on Nov. 5 !??£c},3.,£,2£„c9ver the rest; of the Property as a second lien, subject to the
1918 and rejected by them. V. 107, p. 1836. For digest o f this ordinance $10,000,000 first ratge. V. 72. p. 1080; V. 75, p. 29; V. 8 6 , p. 1160.
see V. 107, p. 1292. The roads included were tho Chicago Railways Co.,
Has guaranteed $498,000 bonds of Union Consolidated Elovated.
Chicago City Railway C o., Calumet & South Chicago Ry. C o., Southern
LATEST EARNINGS.— See Joint statement under Chic. Elev. Rys.
Street Railway C o., Metropolitan AVost Sido Elevated R Il. C o., North­
No
separate reports now made for the subsidiary companies.
western Elevated RR. Co., South Sido Elevated R R . Co. and the Union
D IV ID E N D S.— For dividend record seo “ Electric Railway” Section for
Consolidated Elovated Railway Co. Tho ordinance provided for a
May
1916. Dividends not now reported as all the stock Is owned by
north and south subway systom, an east and wost subway system and
vast improvements and extensions of surface and elovated linos; $70,­ Chicago Elevated Rys.
943,020 was tho city purchase price set for the elovated roads as of June
ROAD.— From terminal station at 5th Ave. westerly about 6 H miles
30 1916 with additions to or deductions from capital account to dato of with branches: total length o f road (Including Douglas Park branch and’
effective dato o f ordinance. After the referendum rojection of the ordinance extension and Garfield Park branch), 23.65 miles. Miles of single track
the local Transportation Committee o f the Chicago City Council took up owned 45.29; under contract, 6.53: total operated. 51.82 miles of track,
the question of revising the ordinance and recommended a lease of tho exclusive of 7.77 miles of side tracks. Standard gauge. Right of way Is
traction properties and this is now being drawn for submission to a ref­ owned in fee. 286 motor cars, 283 coaches and 15 miscellaneous.
erendum vote.
On March 11 1905 the cars of the Aurora Elgin & Chicago Ity. began
On Apr. 19 1917 tho 111. Supremo Court upheld tho right o f tho State operating over this company’s lines to the 5th Ave. terminal under a traffic
Public Utilities Comm, to regulate street car service in Chicago regardless agreement, tho M et. West Side, In turn, securing tho right to the territory
of tho provisions of tho contract ordinances of 1907, between tho Chicago west of the 52d Ave. terminal on tho Garfield Park line as far as tho Dee
City Council and tho surface lines.
Plaines River, about 3.3 miles of double track. V. 79, p. 1704.
At midnight Nov. 2 1913 began through-routing north and south elevatod
OFFICERS.— Chairman of Board, Samuel Insull; Pros., B. I. Budd
trains, using the Loop for that purpose, and established freo transfer sta
Sec. & Treas., W . V. Grlfrin; Aud., T . B. McRae; Gon. M gr., E. O. Noe.
tlons between said trains and trains o f Metropolitan and Oak Park cos.
Office, 72 West Adams St., Chicago.— V. 107, p. 1004, 1237.
As tho project for uniting under one control tho elevated railway and sur
<3) Northwestern Elevated RR.
face roads of Chicago was not carried out by July 1 1914. the Common­
Ordinance Embodying Unified Operation of Surface and Elevated Lines.—
wealth Edison Co. purchased. from the syndicate which underwrote the
Seo
Chicago Elevated Railways above.
pref. shares approximately 200.000 shares o f Chic. El. com. stk. for about
ORGANIZATION.— Incorp. in Illinois. Road was formally opened
$6 ,0 0 0 ,0 0 0 in accordance with tho terras of an agreement said to have been
for business on May 31 1900. V. 70. p. 1049. Franchises extend beyond
entered Into in 1911.
Fares.— In Sept. 1918 applied to the 111. P . U. Comm, for auth. to in­ the maturity of tho bonds.
100 1 V10 9 nlon Elevated RR. was acquired.
The Chicago Ele­
crease fares from 5 cents to 7 cents. The Comm., however, auth. the co.
to charge only 6 cents, effective from Nov. 20 1918 to Dec. 31 1919. V. vated Rys. provided the cash to take up tho $18,000,000 Northwestern
107, p. 2008. In Jan. 1919 Judge Baldwin in the Circuit Court at Chicago Elevated 1st 4s which matured Sept. I 1911.
9S -,A u g :,.21 1911 stockholders authorized $25,000,000 1st M . 5s (V. 93.
denied the petition o f the municipal authorities for an injunction to restrain
7)’ Nono ot these bonds sold at the time, but In July 1914 $12,500.­
the co. from charging a 6 -cont fare. V. 108, p . 377. Compare V. 107,
000 wore sold (V. 98, p. 1920) to a syndicate of bankers and subsequently
p. 2187.
M
ORGAN IZATION .— Organized In 1911 to acquire stocks, ponds and dlsposod of by them.
Application for Higher Fares.— Seo Metrop. W. S. Elev. RR. above.
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
STOCK AND BONDS—
Date.
Interest. Outstanding.. Maturity.
$36,294,900 stock o f these companies— soe offers In V. 92, p. 1498. All Common srack. $5,000,000__ _____
_______
$4,916,400
the stocks have been turned in, a small remnant o f Northwest L pref. being I T e fs tk 5 % n-c $15.000,000 -----M-S
4.944,400 ' Seo'teVt'.'
bought In August 1913; V. 97, p. 728); also, if it so elects, tho stocks of tho 1st M $25,000,OuO red as a / 1911
5 g M-S
12.500,000 Sopt. 1 1941
Union Consol. Elev. R y.. Chicago & Oak Park Elev. Ry., Chicago & Oak
whole at 102 & Int on 30(111. Tr. * Sav. Bk., trustee, under mtgo.
Park Elev. RR. and Chicago & Elmhurst R y., which companies are con­
days notice ($ 1.000) ,c * tf ICentral Tr. C o.. N. Y .. trustee and. sup. M .
trolled by the afore-mentioned companies. These roads operate about Equipment trust certificates o f 1914—Seo under Chicago Elovated Railways
189.54 miles of track.
Tho 1st M . bonds are an absolute first lien, subj. only to the Union Elev.
In July 1914 the National City Bank offered the $14,000,000 gold notes RR. 1st M . 5s; also secured by doposit of $528,000 Union El. 5s. The re­
(V. 98. p. 1992), the proceods of which, together with tho sale of $7.000,000 maining $12,500,000 Northwestern bds. may bo issued only for cash cost of
tO-yr. 6 % debentures and $12,500,000 bonds of the Northwestern Elev. betterments, extensions and add’ns acquired after July 1 1914 under cortaln
RR. were used to retire the $30,000,000 3-yr. notes which matured July 1 conditions. Sinking fund of 1% outstanding bonds payable annually
boginning Sept. 1 1919.
1914. and to provide working capital.
Decision.— On Apr. 24 1914 tho Supreme Court affirmed the decision of
LATEST EARNINGS.— See Joint statement under Chicago Kiev. Rys.
No separate reports now made for the subsidiary companies.
Judge Scanlon o f the Circuit Court (V. 97, p. 1425) and dismissed the suit
of State Attorney Hoyne against the Met. West Sido, South Sido and Union
Dividends.—-An Initial dlv. of 1% was paid on pref. Oct. 18 1909 and 1%
elevated railroad cos., alleging that they violated their State charter by is­ quar. to April 1911; none thereafter to March 1912. when 2% was paid.
suing watered stock.
Diva, not now reported, as entire stock Is owned by Chicago Elevatod Itys.
ROAD.— Milas of single track: Owned, 40.64 m.; operated under con ­
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
tract. 16.64 m.; total. 57.28 m. (of which 7.62 in. side track). R ightofw ay
Common, 250,000 shares__________
_______ 250,000 sbs. __________
is
all
owned in fee except at street crossings.
Pref. 160,000 shares. 6 % c u m . ___
Q-M
160,000shs. See text.
Under an operating agreement with the Chicago Milwaukee Sc St. Pau
2-yr
notes (closed
issue)/ ____
1914
_ gold
_
,
6 g J-J
..................
. ..........
$14,000,000
July
1 1919
ay
matle ' Q 1907, this company’s service was extended May 16
($1,000), $14,000,000— c*iIllinols Trust & Sav. Bank, Chic., trustee.
Debentures $7,000,000 ($100/ 1914
6 g J-J
7.000,000 July 1 1924 1908 to Evanston over the Evanston Division of the former road. Ser­
vice on now track olevation to eliminate grade crossings was commenced
and $1.000)----------------c* tflln t. at National City Bank, New York.
Jan. 6 1916 on this division. Extension to Wilmette opened April 1912
Equip tr certfs gold Ser “ A " / 1914
5 g F-A
1,538.000 See text.
All track opor. (Incl. loop). 61.28 miles. 80-lb. T . rails. 230 motor cars.
do
do
Ser “ B” i
550,000 See text.
202 coaches and 4 miscellaneous cars.
guaranteed by endorsem’t . I Commercial Tr. Co. o f Phiia.. Trustee.
OFFICERS.— Samo as for Metropolitan West Sido Elov. R y.— V 100
Notes payable......... ............................
.............
1.3OO.O0O
p. 230, 399, 1079, 1350; V. 105, p. 2273; V. 107, p. 1004, 1288.
’
Stock.— Com. and pref. shares expressed at par value of $100 each, The
(a) Union Elevated Railroad.
pref. stock Is redeemable at $100 and accrued dividends.
Ordinance
Embodying
Unified
Operation
for
Surface
and
Elevated
L
ines__
Notes — Pending the formation o f a concrete plan for the unification of
surface and elevated lines and appropriate municipal action in the matter, Seo Chicago Elovated Railways abovo.
Is used by ail the Chicago elevated roads and Is owned by Nortnwestern
tho holders of $13,601,000 of the .$14,000,000 5% notes due July 1 1916 Elevated
RR.; receives He. for each passenger carried, besldas all expenses
consented to extending same to July 1 1919 at 6 % interest, with a cash for operating,
repairs and taxes. Franchise expires In 1945.
payment of $15 in respect of each $1.000 of extended notes (to provido which
tho trustees borrowed $1,300,000, giving their note therefor). In addition, .
Date.
Interest. Outstanding.
Maturity.
5 g A-O
$4,472,000 Oct 1 1 9 4 5
the value o f the security for the notes was materially increased and an agree­ lstM.$5,000,000,g($l,000)cpt 1895
Interest at Chase Nat. Bank, N. Y .,and 111. T ru st* Sav. Bank, Chicago.
ment made with the Commonwealth Edison Co. whereby all claims for
Bonds.— Of the $5,000,000 bonds Issued, $528,000 are deposited as se­
ower supplied to the railroad cos. after June 30 1916 and until maturity of
te extended notes will bo assigned to a trustee and will lie paid only if and curity for the $12,500,000 Northwestern Elov. 5s.
ROAD.— The loop is 2.00 miles In length, double-tracked (80-lb. rails)
as other floating debt of subsidiary cos. (except capital debt) Is not Increased
In case other collateral securities pledged for the extended notes shall upon and runs on Lake St. to Wabash Ave., to Van Buron St., to Fifth Ave., to
sale prove insufficient to pay such extended notes In full, tho said power Lake St. Road opened Oct. 10 1897. Trains of the C hicago* Oak Park.
claims then unpaid will be placed on a parity with the extended notes. V. Metropolitan West Side. Northwestern Elevated RR. and South Side
102, p. 2341; v. 103, p. 578. The notes are now secured by pledge o f sub­ operate over the loop. Northwestern Elev. also owns .15 mile of double
stantially all o f the stock o f the Northwestern Elev. Ry., the Mot. West track from connection with loop at Van Bureu & State streots to connection
V. 107. p. 1288.
Side Elev. Ry. and the South Side Elev. RR . having a total par vaiuo of with South Side El. R R ., which Is leased to tbe latter.
$36,292,500, and notes and claims against theso companies aggregating
(3) S outh Side Elev. R R .— (“ Alley Elevated” ).— An electric elevated
$1,070,000. Redeemable at par and int. on any Int. date on 30 days’ no­ road.
tice. Int. payable in N. Y. or Chicago. Int. at rate of 5% has boon _ ORGANIZATION.— Successor January 1897 to Chicago * South Side
paid on the unextended notes.
R. r . RR. (foreclosed per plan V .63, p. 1153). July 31 1900 the Appellate
Deb. notes are red., all or any part, when drawn by lot at par & Int. on any Court sustained the validity of the foreclosure (V. 71. p. 236). and on Feb.
int. date up to and incl. July 1 1919, after that at 102 44 on 4 week’s notice. 21 1902 that decision was concurred In by the State Supreme Court. V. 74.
V. 99, p. 195. The equip, trust as above Is Joint obligation o f the Metrop.,
p. 477. Franchise expires March 26 1938. Leases the Chicago Junction
Northwestern and South Sido Elev. cos. and not of tho Chicago Elevated R R ., which see below.
Itys. The Series " A " certificates are due In semi-annual Installments from
Application for Higher Fares.— Soe Metrop. Wost Sido Elov. R R . above.
Feb. 1 1917 to Aug. 1 1920. $102,000 each Fob. 1 and $103,000 each Aug. 1.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturtty.
They are guar, by end. on each certif. by tho Met. Wist Side Elovo.. North­ Stock,
$10.231.400............................
Q-M
$10,231,400
western Elev. and the South Side Elev. V. 100. p. 53. $512,000 retired.
First
mortgage.
$8,000,000.)
1904
4
H g J -J
8.000.000 July 1 1924
Series " B ” mature $110,000 semi-annually from Feb. 1 1927 to Fob. 1 1929.
gold ($1,000)------------ c * t f /ln t . at 111. Tr. * Sav. Bank. Chic., Trustee.
Dividends.— On pref.. Initial dlv.— 1H % — paid Dec. 1 1911. In 1912 Equipment
trust certrs.— Seo under Chicago Elevatod Rys.
and 1913.6% . In 1914. March. 144%: June. 144%. Nono since.
Bonds.— Are subject to call at 105 and interest.
REPO RT.— For year ending June 30 1918, In V. 107, p. 2184:
Dividends — See “ Electric Railway" Section for May 1918. Dividends
not now made public, as entire stock Is owned by Chicago Elevateu Rys.
Combined Earnings (.Inter-Company Rentals Deducted).
REPORT.— See Joint statement undor Chicago Elov. Rys. No separate
June 30
Gross
Net
Other
Interest,
DiviBalance,
separate
Year—
Income.
Earnings. Income. Taxes, A c.
dends.
Surplus. reports now made for subsidiary cos.
, ROAD.— Owns elevated road In operation In Chicago upon a purchased
1917-18.$9,777,164 $4,540,187 $150,490 $3,322,858 $1,198,395 $178,423
right-of-way
from
Congress
St.
to
Jackson
Park
and
to
Englewood.
Elec­
1916-17. 9,289,913 4.465,427 151,589 3,249,996 1 176 345 190,675
tricity was Introduced as motive power late in April 1898. Operates 430
1916-16- 8.435,008 4.099.947 135.693 2.969.522 1,135 543 130 575
motor
cars,
52
coaches
and
11
misc.
cars.
On
16.24
milos
of
structure
lias
Income Account of Chicago Elevated Rys. Collateral Trust.
a total or 36.50 miles of singio track main lino Incl. 6.22 m. leased. Also
Calendar
-Income
Gross
Interest A Balance, has 9^ 6 miles of side-track, making total track 46.16 miles.
Year—
Dividends.
Interest.
Income.
Expenses. Surplus.
V^"l0 T for 1‘gQgrop’ VVost 31(1(3 Elov. R y.— V. 93, p. 528:
1917................. .$1,196,702 $190,981 $1,387,682 $1,362,179 $25,50 4 V ° 1 0 1 p ’
1916............. ........ 1,218,991 153.483
1,372,47.5
1,248,674 123,801
(a) C hicago Ju n ction RR.
1915______ _____ 1,027,045 125,585
1,152,630
1,146,213
0,417
ORGANIZATION.—Organized In tho Interest of the South Side Elevated
OFFICERS.— Pres, o f constituent cos. Britton I, Budd; Sec. , AY, V
RR. to build lines to connect that company’s track with tho Stock Yards.
Griffin; C o m p .. Edward A . Brlon.
Only a nominal amount of stock has boon Issued ($50,000). which Is held In
TRUSTEES.— William G. Bealo and Samuel Insull.
trust for the South Side Elevated In case that company should at any time
E X E C U T I V E C O M M I T T E E .— S a m u e l I n s u ll, W . A . F o x a n d J . I I .
wish to absorb it. Is leased to the South Side Elovated for 50 years (with
G u lic k .
right
to purchase at cost within 20 yoars), rental being Interest on bonds
GOVERNING COM M ITTE E .— Samuel Insull, Chairman; Gilbert E.
taxes. &c. Franchises are without limit.
Porter, Britton t. Budd, J. II. Gulick and W. A. Fox.— V. 107. p 1286
1292, 1836, 2008, 2 18 4 , 2187; V. 108, p. 377.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
S to c k ______________________ _____ ______ .
See toxt. ’ ______
(1) M e tro p o lita n W est S id e Elev. R y .— A d e l e c t r i c r o a d .
1st mtge, $2,327,000, gold) 1905 4 g M-S
$2,327,000 Mch. 1 1945
Proposed Ordinance Embodying Unified Operation of Surface and Elevated
f$1.000), guar p * 1----- c*f First Trust * Sav. Bank, Chicago, Trustee.
Lines.— See Chicago Elovated Railways abovo.
Bonds.— Are subject to call at 105 and Int. in event of consolidation with
ORGANIZA'ITON.— Organized in Illinois Jan. 16 1899. Successor on South Side Elev., this Issue of bonds Is to be rotirod. V. 80, p. 871. Bonds
Feb. 3 1899 (per plan In V. 67. p. 126) to the Railroad Co. sold under fore­ are guar., p. & I.. by Chic. June. Rys. & Un. Stk. Yds. Co. See V. 82. p. 588.
closure on Jan. 4 1899. Franchise expires April 7 1942.
ROAD.— Consists of an elevatod road (from Junction with South Side
V. at 40th Street) to the Stock Yards, and a loop around tho same. 3.75
STOCK AND BONDS— Date.
Interest. Outstand'g. Maturity,Ac.
milos. Was completed in May 1908.
Common, $7,500.000. - - - ...................................
$7,462,800 Seo toxt.
Pref. 5% non-c, $9,0004)00...................................
8.707.500 Seo text,
OFFICERS.— Pras., A. E. Rawson: V .-P ., II. E. Poronto; Sec.. Thorn­
First mortgage. $10,000,000 1898
4 g F-A
10.000.000 Aug 1 1938 hill Broome; Treas. & Asst. Sec., J. W. Austin; Asst. Treas., B. O. Read’
($1,000). gold.............c*tf Cent. Trust C o., N . Y .. and G. Sherman, Tr. Aud., C. O. Chaco.— V. 87, p. 346.
'
Int. at Cent, Trust C o., N. Y. and Chicago.
Ext mortgage, $5,000,000 1901
4 >?J-J
a5.000.000 July 1 1938
CHICAGO
*
OAK
PARK
ELEVATED
RR.
($1,000). gold, red at 105 Northern Trust C o., Chicago, Trustee.
Embodying Unified Operation of Surface and Elevated Lines.
on any interest day on 4 Interest at company’s office in Chicago or — Ordinance
Seo Chicago Elevated Rys. abovo.
weeks’ notice________ c * tf
Central Trust C o.. New York.
Receivership.—On Nov. 13 1911 Judge Kohlsaat appointed Samuel
Equipment trust certificates—See under Chicago Elevated Railways
Insull receiver for the Railroad. V. 93, p. 1386. On Dec. 29 1911 roa $567,000 Included In this amount Is held by Chic. Elov. Rys. coll, trust, i ceiver was authorized to Issue $2,000,000 rocelvor’s'certlficatos for Imornve, l^be extension mortgage o f 1901 covers the extension as a first lien, I ments. V. 93, p. 1785. In Jan 1912 Francis v ’ Dohhins nf itnhurnv
also 6 8 cars, a 3,500 h. p. engine and the new down-town terminal; the 1 N. J., was appointed rocelver for the Railway Co. V. 91, p. 123.
y’

S




Ma r ., 1919.1

ELECTRIC RAILWAYS

Foreclosure.— Judge Kohlsaat In the U. S. District Court at Chicago, on
July 17 1913, ordered the foreclosure sale of the railroad. Tho ainouut
found to bedue was $5,080,984- Up to March l 1919 road had not beon sold.
Sale of Securities.— On June 20 1912 Geo. II. Church bid In for $250,000
tho following securities formerly owned by the Chic. & Oak Park Kiev, fly.;
$859,000 Lake St. Kiev. R li. 5% Inc. bonds; demand notes o f Chic. Sc
Oak Park Elev. lilt, variously dated from April 23 1904 to June 15 1910,
aggregating $1,989,528; $5,850 Lake St. Elev. HR. Inc. bonds scrip. At
Sheriff's sale In New York on Jan. 20 1912, M r. Church bid In for $2,000
all title of the U y.C o.In the foregoing bond and notes, also some $473,000
additional notes of the Railroad C o., and In certificates for 91,051 17-40shares of Chic. Sc Oak Park Elev. R R . V. 94, p. 1703.
The Chic. & Oak Park Elev. Rg. was Incorp. In New Jersey on April 22
1904 to hold the securities of the Chicago Sc Oak Park Elevated Railroad
C o., formerly the old Lake Street Elevated R R ., reorganized per plan In
V. 77, d . 1874; V. 78. p. 1392. Northwestern Elevated owns 51% or stock.
Franchise expires In 1930.
Application for Higher Fares.— Seo Metrop. West Side Elov. RR. above.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturitg.
S to c k ............................ ............- ............................ $10,000,000 ...................
Lake St El 1st M , $5,000,000, ( 1893 5 J-J
4,432,000 July 1 1928
guar by N W El________ t fi American Trust Sc Sav. Bank, Chicago, and
I Central Trust of Illinois, Chic., Trustees.
5%
128,600 ---------------Income mtge, $1,000,000-------------Equipment n otes_____________
184,000 ---------------Real estate mtges_____________
6,862 ---------------Receiver’s certfs, $2,000,000— -----1,206,000 ---------------Bonds.— First mortgage bonds assenting to reorganization were stamped
subject to call at 105 and Int. on any Interest dato. Tho old Income bonds,
with the exception of $128,600, are hold In treasury o f the railway company.
ROAD.— Owns a double track elevated railway from Fifth Avenue and
Lake Street to 52d St. and Lake St., with spur down Market St. to Madison
St. Trains began running around the loop In Oct. 1897. Chicago Sc
Harlem forms an extension comprising 4 miles more of double track. Total
single track, 22. 51 miles. 180 passenger cars.
REPORT.— For years ending June 30 for Railroad Co.
Year—
Gross.
Net.
Other Inc. Charges.
Deficit
1917-18_______
$949,753 $189,107
$4,304 $507,801 $314,390
1916-17........................ 938,288
259,122
4,496
484.221
220,003
1915-16 ....................... 873.207
222.310
4,198
449.907
223.459
1914-15 ....................... 843,682
240.288
4.362
433.845
189.195
1913-14 ..................... 878.805
249.224
3.714
430.749
177.811
RECEIVER.—-Samuel Insull.— V. 99. p. 1213; V. 105, p. 2271; V. 107,
I). 1286.
______ _
UNION CONSOLIDATED ELEVATED RY
Ordinance Embodging Unified Operation o f Surface and Elevated Lines.
— Soo Chicago Elevated ltys. above.
ORGAN IZATION .— Formed In 1890 and built from Union Elovatod at
6 th Ave. west to Market St.; thence to Metropolitan W. S. EL; total,
1-5 mile of track; Is operated by the Metropolitan West Side El. Franchise
expires Oct. 7 1945.
On July 7 1914 Judge Wlndes In tho Circuit Court hold that State Attor­
ney lloyne should be prevented from proceeding against the company on
the ground of overcapitalization. See Item under caption of Chicago
Elevated R ys." In V. 97. o. 1425. and also see V. 99. p. 199.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturitg.
S to c k .......................................................................
$1,000,000 ............... ..
Series “ A” 1st mtge, gold,l 1890 5 g M-N
453,000 Nov 1 1930
gu p &l by Met W S E l.c p tfO . Sherman, V .-P .C en .T r. C o., N .Y .,T rust
Mortgage $1,000,000. or which $500,000 series “ A ." V. 63, p. 1065
Of the $500,000 Series “ A ” bonds, $453,000 are outstanding (of which $40.­
000 held by Chicago Rys. Coll. Trust); $45,000 are In treasury and $2,000
unissued.
OFFICERS.— Pres., Samuel Insull; V .-P.. Gilbert E. Porter; Sec. and
Treas., W . V. Griffin.— V. 99, p. 199: V. 107, p. 1288.
C IN C IN N A T I, O H IO .
CINCINNATI Sc COLUMBUS TRACTION CO.— A trolley road.
Sale.— On Feb. 15 1919 tho property was sold at public auction for
$200,000 to tho Union Savings Bank & Trust C o., as trustee for tho bond­
holders. Compare V. 108, p. 267, 479. N o further details availablo.
Receivership.—The Union Sav. Bank & Trust Co. or Cincinnati, trustee
of both mortgages, was on April 12 1913 appointed receiver of company,
floods and Inability to meet maturing bond issues being assigned as the
cause. V. 90, p. 1166. Interest on both mortgages Is In default. On
Dec. 19 1916 Master Commissioner Richard O. Swing offered tho company’s
assets for sale, but received no bids (but see above).
ORGANIZATION.— Incorp. Jan. 21 1903. Franchises expire In 1930.
For decision of U. S. Supreme Court handod down on N ov. 11 1912. hold­
ing that tho B. & O. Southwestern and the Norfolk Sc Western (steam)
roads cannot be compelled to grant physical connection with the company,
see V. 95. p. 1402
Wage Award bg National War Labor Board..—V. 107. p. 2097.
Fares.— In Dec. 1918 was auth. by tho Ohio P. U. Comm, to Increase
fares to not exceeding 3 cents per milo. V. 107, p. 2375.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturitg.
Common, $1,250,000 ($100).................................
$979,500 ...................
Pf 6 % cum $1,250,000 ($100)...........
.............
925,500 ...................
First mortgage, $600,000,
1905
5 g J-J
600,000 July 1 1913
gold.................... ............. c*(Int. at Union Sav, Bk. & Tr. C o., Cin..Trust.
Second nffcge notes, $ 2 5 0 ,0 0 0 /-----6%
148.000 Jan 1 1914
(Int. at Union Sav. Bk. & Tr. C o.. Cincinnati
Bonds.— The denominations of the first mortgage bonds are, respectively
0 $60,000; 30 $5,000; 100 $1,000; and 100 $500. They can bo called at
any time at par. Bonds originally matured July 1 1909 but were extended
for 244 years. V. 89. p. 102, 720. On Jan. 1 1912 they wore again ex­
tended 18 months. Second mtge. notes fell due July 1 1912 but were
extended for 18 months to Jan. 1 1914.
EARNINGS.— For 12 months ending Dec. 31 1918, gross, $148,537; net
(deficit), $15,355. In 1917, gross, $150,571; net. $11,977.
ROAD.— Operates 63 miles of track between Cincinnati and Hillsboro
put In complete operation In Feb 1900. Standard gauge, 70 lb. 1’ rail
OFFICERS.— Pres., II. II. Hoffman; V .-P.. O. J. Goldborg; Aud..
H. E. Frost.— V. 107, p. 109J, 2097, 2375; V. 108, p. 267, 479.

31

ORGANIZATION.— Incorporated in N ov. 1898.
Franchise.— In Dec. 1917 was granted a now 20-year franchise authorizing
tho co. to construct a now line within city limits In lieu of a portion of Its
existing route, construction to begin within one year from date of acceptance
of franchise ordinance. Tho franchise gives the co. tho right to carry
passengers, freight, express matter, baggage, packages and U. S. mail and
provides for 5-cent and 10-cent fares with half fare for children. After 10
years the co. must pay tho city $1,500 per annum- V. 106, p. 394.
Receiver's Certificates.— in Feb. 1918 applied for authority to issue re­
ceiver’s certificates to cover cost of proposed improvements to reduce
operating costs. See V. 106, p. 715. Auth. to issue these has beon granted.
Fares.-—-In Dec. 1918 the receivers petitioned the County Commissioners
to request tho Ohio P. U. Comm, to examine the property and fix an
“ equitablo rate of fare,” this being made imperative, owing to a wage
award to tho company’s men by tho National War Labor Board. V. 108,
p. 77. In Feb. 1919 the company’s petition for an increase in intra-State
passenger rates was denied by the Ind. P. S. Comm. V. 108. p. 578.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturitg.
Common, $760,000__________ _____
_______
$750,000 ...................
Pref, 6 % cum, $250,000.....................
Q-J
58.900 ...................
First mortgage, $750,000___ f 1899
5 g J-J
750,000 July 11919
($1,000), gold----------------- (interest at tJn. Sav. Bk. A Tr. C o.. Cln., Tr.
STOCK.— Pref. stock was Issued for money assessed on capital stock.
No Interest has been paid.
EARN ING S.— For calendar years 1918 and 1917 and year ending June 30
1917:
Year—
Gross.
Net.
Bond Int. Balance.
1918................................................$129,328 $21,005 S37.500 def.S16,495
1917................................................. 125,015
17,710
37.500 def.19,790
1916-17-........................................... 124.490 28.142
______ def. 9.358
_____
37.500
ROAD.— Operates 39.14 miles of track from Anderson's Ferry. at Cin­
cinnati. to Aurora. Harrison and Lawrenceburg.
OFFICERS.— Receivers, C. E. nooven and Edgar Stark.-—V. 107, p.
1099; V. 108, p. 77. 578.
CINCINNATI MILFORD & BLANCHESTER TRACTION CO.
O RGAN IZATION .— Incorp. in Ohio on Oct. 24 1918 as successor to
the Cincinnati Milford & Loverland Traction (sold to the bondholders for
$136,000; for history see this publication for M ay 1918). The new company
has an auth. capital stock of $400,000.— V. 107, p. 1836.
I N T E R U R B A N R Y , & T E R M I N A L CO.— A trolley road.
Receivership.— On Oct. 1 1914, on application of the Westinghouse Elec.
Sc Mfg. Co., a creditor for $2,500, Charles S. Thrasher of Cleveland and
Charles M . Leslie of Cincinnati were appointed receivers. The Westlnghouso Co. charged that the company had defaulted In the payment of In­
terest on Its bonds and is Insolvent. The company joined In the applica­
tion. See V. 99. p. 969. and 1052.
ORGANIZATION.— Incorporated In Ohio on Nov. 3 1902 and Is a con­
solidation of the Cincinnati Sc Eastern Electric R y., the Rapid Railway Co.
and the Suburban Traction Co. In July 1907 obtained authority to Issue
$1,000,000 pref. stock, of which $900,000 was In exchange for an equal
amount of 1st mtge. bonds dated 1903. V. 85, p. 221. 409. The 1903
bond Issue was canceled. In 1908 a new mortgage made, as below.
Rate Decision.— On Nov. 19 1915 the Ohio Supreme Court affirmed the
the decision of the Circuit Court of Hamilton County holding that tho com­
pany Is obliged to carry passengers for a 5-cent fare between Pleasant Ridge
and Kennedy Heights and the business section o f tho city.
Fares.— In Feb. 1918 the Ohio P. U. Comm. auth. the co. to Increase
fares from 2 to 244 cents per mile. In July 1918 the receivers applied to
tho County Commissioners of Hamilton County, O., for a revision of tho
franchise granted by the county so as to remove restrictions as to rates
of faro. V. 107, p. 291, 802.
Decision.— On Nov. 26 1917 the Court of Appeals at Cincinnati, reversing
tho order of the Court of Common Pleas, held that the receivers have
no auth. to abandon the franchise between Cincinnati and Bethel as pro­
posed. Seo V. 105, p. 2272.
Dismantlement of Subsidiary Co. Line.— At last accounts (July 1918) the
property of the Suburban Traction Co. was being dismantled and the rails,
&c., being sold for Junk. V. 107, p. 402.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturitg.
Common, $2,500,000 ($100)......... ................... ..
$2,500,000
...........
Pref $1,000,000 ($100) 5 % ..................................
1,000,000 ...........
First mortgage, $1,650,000./ 1908
5 J-J
See text
1928
gold __________________ tflln t. at Citizens’ Sav. & Tr. C o., Clev.. Trus.
Btmds.— Only $122,500 of bonds were actually Issued, tho remainder
being used as collateral for loans, but on Feb. 7 1916 the Citizens’
Savs. & Trust C o., Cleveland, as trustee, sold at foreclosure $1,324,000
of the bonds used as collateral to the holder of a 6 % promissory note for
$1,300,000. dated Juno 12 1912.
Earnings.— For tho years ending Sept. 30 1917: Gross, $287,745: net
(after taxes), $4,081; in 1916, gross, $291,028; net (after taxes). $31,611.
ROAD.— Extends from Cincinnati to New Richmond, 22 miles; from
Cincinnati to Bethel, 33 miles (Including 9 miles jointly operated with New
Richmond line), and from Cincinnati to Lebanon, 33 miles. Owned track­
age, Incl. second, main, sidings. &c.. 77 miles. Operated trackage, incl.
traffic arrangement In Cincinnati, 89 miles. Gauge, 5 ft. 2 44 In. Cars
enter Cincinnati over the tracks of the Cincinnati Traction Co. 70-lb.
and 97-lb. T rail.
OFFICERS.— Pros., Geo. H. Worthington: V.-P.. J. M . Hutton; Sec.
and Treas., M . Ackermann.— V. 107, p. 291, 402, 802, 1101.

OHIO TRACTION CO.
ORGANIZATION.— Incorporated In Ohio on May 2 ‘ 1905 and owns
practically tho entlro capital stock of the Cincinnati Traction Co. and
Cincinnati Car Co., besides an interest in the common and preferred
stock of tho Cincinnati Dayton Sc Toledo Traction Co.
On July 6
1905 lease of tho Cln. & Hamilton Trac. Co. was aaslgned to this company
by the Cln. lnterurban Co. aud the latter company placed In liquidation.
This company also acquired the property of tne Traction Building C o.,
which went into liquidation.
STOCK—
Date.
Interest. Outstanding. Last Div.
Common, $10,000,000 ($100)...........
Q-J
$8,655,000 See text.
Prof, $10,000,000, 5% cum...............
Q-F
8,500.000 See text.
First mtge, $2,500,000, gold,/ 1911
5g
2,500,000
1936
sinking fund ($1,000)------- (Int. at Fidelity Trust C o.. Phlla.. Trustee.
Notes
$1,500,000
($1.000)____1915
6 M-S
700.000
See
text.
CINCINNATI GEORGETOWN & PORTSMOUTH RR.
Stock.— Further issues of stock can only be made for acquirement of
ORGAN IZATION .— Formerly a narrow-gauge steam road, but now other properties and additions to the present properties.
operated by both electricity and steam. Under Ohio law remains a steam
Bonds.— First mtge. covers holdings of stock of the Cincinnati Traction
road. Has no franchise limitations and Is located on private right-of-way
Co. and Cincinnati Car Co. owned and controlled by Ohio Trac. and all
In Soot. 1911 eutorod into a management agreement with tho Felicity <Ss other property and franchises exception Traction cos. ownership of stock In
Bethel RR. and tho Ohio River Sc Columbus R R . (a steam road). V. 93
Cincinnati Dayton & Toledo Traction Co. Bonds are redeemable as a
p. 790. On Jan. 1 1914. howover, inanagomont changed aud the Ohio whole or In part for sinking Tund on any Int. date at 103 and Int. Sinking
Rlvor Sc Columbus was again divorced from tho other two roads. Has fund provides for retirement of bonds at maturity. V. 92. p. 726. Amount
contracts to supply oioctric current for municipal distributing systems of in sinking fund Jan. 15 1918. $447,150. The notes mature Sept. 1 yearly
Georgetown and Bethel, Ohio.
as follows: 1916. $200,000; 1917 and 1918, $300,000; 1919 and 1920. $350.­
Fare Decision.— On Feb. 17 1914 tho Ohio Supreme Court sustained the 000; tho proportion of maturities and accrued Int. to be provided before
right of this company and the Intorurban Ry. & Terminal Co. to charge dlvs. are paid. Int. payable at Penn. Co. for Ins. on Lives Sc Granting
10 cents from Cincinnati to California (Ohio) and Coney Island (Ohio), Annuities, trustee. V. 100. p. 1259. $800,000 retired.
both now forming part of Cincinnati. V . 98, p. 010.
Dividends.— First div. on pref. stock— 144%— was paid Aug. 1 1905;
On Jan. 15 1918 tho Inter-Stato Commorco Comm. auth. an Increase of and same rate paid quar. to and Incl. Nov. 1915. The Feb. 1916 div. was
15% in passenger faros.
deferred. See Pres. Schoepf's letter In V. 102. p. 437. On Com., first
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturitg. div.— 1%— paid Nov. 1 1909. In 1910, Oct.. 1%. In 1911. July, 1% ;
Stock. $1,500,000...................................................
$1,500,000 ............... _ Oct., 1%. In 1912, Jan., 1%: April, 1%; July, 1% ; Oct., 1% ; Dec.,
1% . In 1913. April, 1% , None since.
1st mtge, $1,000,000. gold/ 1902
5 g J-J
1.000,000 Jan 11932
EARNINGS.—
Gross
Net
Fixed
Balance,
($1,000).......................... c*\Int.at Union Sav. Bk.&Tr.,Oln..Tr.,&inN.Y
Income.
Income.
Charges.
Surplus.
Fel & Both 1st M $100,000, g / 1905 5 g A-O
100.000 Oct 1 1935 Calendar Year—
$566,531
$512,303
197,000
$315,303
($1,000), not callable.__c*|Iut. at Union Sav. Bk. Sc T r., Cln., Trustee. 1917......... ........................
834.745
782,116
211.000
571,116
ROAD.— Operates 53.7 miles from Cincinnati southeasterly to Russel- 1916.....................- ..........
OFFICERS.— Pres., W. Kesley Schoepf; 1st V .-P., Chas. P. Tart; 2nd
vllto. Including branches of 3.5 m. to Batavia and 1.5 m. to Coney Island.
Tho Felicity & Bethel has 8.5 m. of track between the points named In Its V.-P., Dana Stevens; 3rd V.-P. and Sec., Walter A. Draper: Asst. Sec..
I). J. Downing: Treas., W. H. Mac Altster: Aud.. H. L. Sanders: Gen. M gr..
title.
OFFICERS.— Pres., Sc Treas.. Henry A. Ilalgh; V.-Pros.,W . J. Thom ­ A. Bonham.— V. 102. p. 437; V. 103, p. 579, 759; V. 104. p. 1593; V . 107
p. 803; V. 108, p. 873.
son; Sec., A. L. O. Henry; Gen. Mgr., A. II. Elfner.— V. 106, p. 295.
(1) The C incinn ati T raction Co.
CINCINNATI LAWRENCEBURG & AURORA ELECTRICSTREET
ORGANIZATION.— Incorporated In Ohio on Feb. 19 1901 with an auth.
R R .— A trolley road.
capital stock of $2 ,0 0 0 ,0 0 0 (which, all except 11 shares. Is owned by the
Receivership.— Tho company having suffored damago from tho 1913 flood, Ohio Trac. C o.), to take over under lease the Cincinnati Street R y. Co
Judgo Warner at Cincinnati on Juno 23 1913 appointed F. B. Shutts, of See V. 72. p. 391.
*
Florida, recolvor on application of Pros. J. C. Hoovon, who, it Is stated,
Franchise Ordinance.— On Aug. 23 1918 the Cincinnati City Council
loaned tho company $125,000. V. 90, p. 1839. On Doc. 28 1914 O. E. passed a revised franchise, which went Into effect upon Sept. 23 1918. The
Hoovon was appointed receiver upon the resignation o f F. B, Shutts. franchise was signed by tho Mayor, and thereby became a law, it having
Subsequently Edgar Stark was appointed co-receiver.
beon decided that the revised franchise would not be submitted to a referen-




33

ELECTRIC RAILWAYS

dum v ote.
V . 107, p . 1191.
T h e o r d in a n c e m o d ifie s t h e c o m p a n y ’s 5 0 y e a r fr a n c h is e g r a n t e d in 1 8 9 6 a s p e r m it t e d a t t h e e n d o f 2 0 a n d 3 5 -y e a r
p e r io d s a n d c o n t a in s t h e fo llo w in g m a n i fe a t u r e s : (a ) C it y c o n t r o l o v e r s e r ­
v i c e , e x t e n s io n s a n d a ll fe a tu r e s o f o p e r a t io n .
(6 ) A s lid in g s c a le o f fa r e s
b a s e d o n t h e c o s t o f s e r v ic e w it h 5 c e n t s a s t h e in itia l fa r o w it h u n iv e r s a l
tra n s fe rs ,
( c ) C o m p a n y is t o e s t a b lis h a r e s e r v e f u n d o f $ 4 0 0 ,0 0 0 t h r o u g h
s u r p lu s e a r n in g s ,
w h e n t h e r e s e r v e f u n d r e a c h e s $ 6 5 0 ,0 0 0 a n a u t o m a t i c
r e d u c t io n o f A c e n t in t h e r a t e o f fa r e w ill t a k e p la c e .
O n th e oth er h a n d ,
i f t h e r e s e r v o fu n d s h o u ld b e r e d u c e d t o $ 2 5 0 ,0 0 0 t h e r a t e w ill a u t o m a t i c a lly
in c r e a s e A c e n t ,
(d ) A f ix e d r e t u r n t o t h e c o m p a n y o n i t s in v e s t m e n t .
( e)
W h e n t h e r a t e o f f a r e is 5 c e n t s o r l e s s t h e c o m p a n y m a y r e t a i n 4 5 %
o f t h e s u r p lu s , t h e r e m a in in g 5 5 % g o in g t o t h e r e s e r v e fu n d ; w h e n th e
r a t e is in c r e a s e d t o 5 A c e n t s t h o c o m p a n y s s h a r e o f s u r p l u s w i l l b e r e d u c e d
t o 3 0 % , a n d w h e n 6 c e n t s is r e a c h e d t h e c o m p a n y m a y r e t a i n o n l y 2 0 % ;
w h e n t h e r a t e o f f a r e e x c e e d s 6 c e n t s t h e e n t ir e s u r p lu s is t o g o t o t h o
reserve.
( / ) F r a n c h is e t a x o f $ 3 5 0 ,0 0 0 p e r a n n u m t o b e p a id t o t h e c i t y .
(g )
C i t y t o h a v e r ig h t t o p u r c h a s e t h e p r o p e r t y e it h e r b y c o n d e m n a t io n o r
a t t h e a g r e e d v a lu a t io n o f $ 2 6 ,2 3 8 ,9 5 0 .
F o r fu r th e r d e ta ils se e V . 1 0 7 ,
p . 802, 1003, 1287.
F a r e s .— O n J a n . 1 1 9 1 9 t h e o r ig in a l 5 -c e n t fa r e p r o v id e d f o r u n d e r t h o
a b o v e o r d in a n c e b e in g fo u n d in a d e q u a te , th e r a t e w a s in c r e a s e d t o 5 A
cen ts.
V . 107, p . 2175.
S u it A t t a c k i n g V a lid ity o f O r d i n a n c e .— O n N o v . 1 3 1 9 1 8 a t a x p a y e r ’s
s u it w a s f il e d in t h e S u p e r io r C o u r t a t C in c i n n a t i a g a in s t t h e c i t y , t h o c o m ­
p a n y a n d t h e C in c in n a ti S tr e e t R y . a t t a c k in g t h o v a lid it y a n d c o n s t it u ­
t io n a l it y o f t h e a b o v e fr a n c h is e o r d in a n c e .
V . 1 0 7 ,p . 2 0 9 7 .
N O TES—
D a te .
In ter es t.
O u ts ta n d in g
M a tu rity
E q u ip n o te s S er " B ” $ 3 6 0 ,0 0 0 /
1910
5 g J -J
$ 5 4 ,0 0 0 S e e t e x t .
g o l d ( $ 1 , 0 0 0 ) ----------------------- c * I n t . a t F i d e l i t y T r u s t C o . . P h i l a . , T r u s t e e
E q u ip
n otes.
S e r ie s
“ O ,”
1911
5 g J -J
5 5 .0 0 0
S ee te x t.
$ 2 2 0 ,0 0 0 , g o ld ( $ l , 0 0 0 ) . c * F id e lit y T r u s t C o . , P h ila d e lp h ia , T r u s t e e
E q u ip
n o te s.
S e r ie s
" D ,”
1912
5 g A -O
1 3 6 .0 0 0
See te x t.
$ 3 4 0 ,0 0 0 , g o l d ( $ l , 0 0 0 ) . c * F id e lit y T r u s t C o . , P h ila d e lp h ia , T r u s t e e
E q u i p n o t e s S e r ie s “ E ” $ 2 0 0 .­
1914
5 g M -S
1 0 0 .0 0 0
See tex t
0____
0 0 ___—
g o l d ______________________
( $ 1 , 0 0 0 ) ............... c * I F i d e l i t y T r . C o . , P h i l a . . t r u s t e e .
E q u i p m e n t n o t e s S e r ie s “ F ” J 1 9 1 7
5 g F -A
4 6 8 ,0 0 0 S e e t e x t
$ 5 5 0 , 0 0 0 g o l d ________________ ( F i d e l i t y T r u s t C o . , P h i l a d e l p h i a , t r u s t e e .
E q u i p n o t e s S e r ie s “ G ” $ l , - f 1 9 1 9
6 g A -O
1 ,0 0 0 ,0 0 0
S eo te x t
0 0 0 ,0 0 0 £ $ 1 ,0 0 0 ) g o l d — c* \
S e r ie s " B " a r e a f ir s t m o r t g a g o o n 1 0 0 n e w c a r s a n d m a t u r e $ 1 8 ,0 0 0
e v e r y s ix m o n t h s f r o m J a n . 1 191 1 t o 1 9 2 0 , in c lu s iv e .
V . 9 1 , p . 154.
S e r ie s “ O ” n o t e s a r e a f ir s t m o r t g a g e o n 5 0 n e w c a r s .
T h e y m a tu re
$ 1 1 ,0 0 0 h a lf-y e a r ly fr o m J a n . 1 1 9 1 2 t o J u ly l 1 9 2 1 .
V . 93, p. 526.
S e r ie s
“ D ” a r e a 1 s t M . o n 7 6 n e w c a r s a u d m a t u r e $ 1 7 ,0 0 0 h a lf - y e a r ly f r o m A p r . 1
1913 to O c t . 1 1 9 2 2 , in c l.
V . 9 5 , p .8 8 9 .
S e r ie s ’ ’ E ’ ’ c o v e r s 6 0 n ow d o u b le ­
t r u c k c a r s a n d m a t u r e $ 1 0 , 0 0 0 s e m i - a n n u a l l y f r o m A u g . 31 1 9 1 4 t o F e b . 2 0
1924. V . 98, p . 689, 999.
S e r ie s “ F ” c o v e r s 1 0 0 n o w d o u b le t r u c k c a r s a n d
m a t u r e s s e m i- a n n u a ll y $ 2 7 ,0 0 0 o n J a n . 31 a n d $ 2 8 ,0 0 0 o n J u l y 3 1 .
S e r ie s
“ G , ” c o v e r 1 0 5 d o u b le - t r u c k c a r s a n d m a t u r e $ 5 0 ,0 0 0 s o m i-a n n . fr o m
O c t . 1 1 9 1 9 t o A p r il 1 1 9 2 9 .
R E P O R T . — F o r y e a r e n d in g D e c . 3 1 •
Y ear—
G ross.
N e t.
In t.
T axes.
R en ta ls.
S u r p lu s
1 9 1 7 ...................$ 5 , 7 4 2 , 7 6 1 $ 2 , 5 0 0 , 7 7 9 $ 4 0 , 6 3 7 $ 7 4 6 , 3 3 5 $ 1 , 1 3 4 , 3 3 7 $ 5 7 9 , 4 7 0
1 9 1 6 ................... 5 , 6 5 4 , 6 6 4
2 ,7 0 3 ,6 3 4
3 4 ,7 9 2
7 3 0 ,0 0 9
1 ,1 3 4 ,3 3 7
8 0 4 ,4 9 6
R O A D . — T h e C i n c i n . S t . R y . c o m p r is e s 2 2 7 .4 8 m ile s o f t r a c k in t h e c i t y
o f C in c in n a t i, O h io , e x t e n d in g a ls o t o a d jo in in g s u b u r b s .
G a u g e , 5 ft.
2 A in .
O F F I C E R S .— C h a ir m a n
E x e c u tiv e
C om m ,
and
P r e s .,
W .
K e s le y
S c h o e p f; V lc e -P r e s ., D a n a S te v e n s ; V ie o -P r e s ., W a lte r A . D r a p e r ; S e c ,,
D . J . D o w n in g ; T r e a s .. W . I I . M a c A lls t e r ; A u d ., H . L . S a n d e r s ; G e n .
M g r . , A . B e n h a m .— V . 1 0 7 , p . 1 1 9 1 , 1 2 8 7 ,2 4 7 5 ; V . 1 0 8 , p . 7 8 3 , 1 1 6 4 .
(a ) C i n c i n n a t i S t r e e t R a i l w a y ,— E le c tr ic .
W a s le a s e d o n F e b . 21 1 9 0 1 t o t h o C in c i n n a t i T r a c t i o n C o . f o r t h e u n e x lr e d t e r m o f t h e f r a n c h i s e g r a n t e d b y t h e C i t y o f C i n c i n n a t i o n A u g . 1 3
8 9 0 , a n d a ll s u c c e s s iv e r e n e w a ls a n d e x te n s io n s o f t h e s a m e .
T h e r e n t a l is
in t e n d e d t o p r o v id e d iv id e n d s o f 5 ) 4 % to r th e fir s t y o a r , 5 A % f o r t h e s e c ­
o n d , 5 A % f o r th e th ir d a n d 6 % fo r th e fo u r t h y e a r a n d t h e r e a ft e r .
V . 72.
p . 136.
F r a n c h i s e s , i t Is c l a i m e d b y c o m p a n y , m a t u r e A p r i l 2 2 1 9 4 6 .
F a v o ra b le T a x D e c is i o n .— I n J u n e 1 9 1 5 t h e U . S . C ir c u i t C o u r t o f A p p e a ls
a t C in c in n a t i, r e v e r s in g th e lo w e r c o u r t , h e ld t h a t th e G o v e r n m e n t w a s
o b l i g e d t o r e t u r n t o t h e C i n c i n n a t i S t r e e t R y . , D a y t o n Sc W e s t e r n T r a c . C o . ,
C o l u m b u s N e w a r k Sc Z a n e s v i l l e E l e c . R y . , F t . W a y n e V a n W e r t & L i m a
T r a c . C o . a n d I n d i a n a C o l u m b u s Sc E a s t e r n T r a c . C o . a b o u t $ 1 0 0 , 0 0 0
c o lle c t e d fr o m th e s e c o m p a n ie s u n d e r th e o ld F e d e r a l c o r p o r a t io n ta x la w
T h e q u e s t i o n a t is s u e w a s w h e t h e r t h e s e c o m p a n i e s c a r r lo d o n b u s in e s s
w ith in th e m o a n in g o f th e la w , h a v in g le a s e d th e ir p r o p e r tie s t o o t h e r c o r ­
p o r a t io n s , a n d t h e o n ly b u s in e s s d o n e b y t h e m b e in g t o c o ll e c t a n d p a y o u t
t h e r e n t a ls u n d e r t h e le a s e s .
T h e C o u r t h e ld t h a t t h e y t r a n s a c t e d b u s in e s s
■•only i n c i d e n t a l l y t o t h a t o f t h o l e s s o r c o m p a n i e s .
V . 101, p . 212.
V a lu a tio n .— S e e C in c i n n a t i T r a c . C o . a b o v e a n d in V . 1 0 3 , p . 5 7 8 .
L ea se o f " L o o p . " — S e e C in c in n a ti T r a c t io n C o . a b o v e .

?

O R G A N I Z A T I O N .— In c o r p o r a te d J u n e 21 1 8 8 0
M t . A d a m s Sc E d e n P a r k a n d M t . A u b u r n r o a d s .

a n d in 1 8 9 6 p u r c h a s e d

STO CK A N D BON DS—
P ar.
In ter es t.
O u tsta n d in g . L a s t d ie ., A c .
6 Q -J
$ 1 8 ,6 1 1 ,9 5 0
S ee te x t.
S t o c k , $ 2 0 , 0 0 0 , 0 0 0 ........................... $ 5 0
.
D i v i d e n d s .— T o a n d I n c l u d i n g A p r i l 1 9 0 1 , 5 % p e r a n n u m ; J u l y 1 a n d
O c t . 1 1901 a n d J a n . 1 a n d A p r il 1 1 9 0 2 , 1 .3 1 2 5 % e a c h ; J u ly 1 1 9 0 2 , O c t . 1
1 9 0 2 , J a n . 1 1 9 0 3 a n d A p r il 1 1 9 0 3 , 1 .3 7 5 % o a c h ; J u ly 1 a n d O c t . 1 1 9 0 3
a n d J a n . 1 a n d A p r il 1 1 9 0 4 , e a c h 1 .4 3 7 5 % ; J u ly 1 9 0 4 , 1 > * % ; O c t . 1 9 0 4 ,
I A % • D i v i d e n d s s in c o h a v e b e e n a t t h e r a t e o f 6 % p e r a n n u m a n d w ill
s o c o n t in u e t o t h e e n d o f le a s e a n d it s r e n e w a ls .
O F F I C E R S . — P r e s ., B . L . K il g o u r ; V . - P . , E d w a r d G o e p p e r ; S e c .
&
• T r e a s ., A . J . B e c h t . — V . 1 0 4 , p . 1 5 9 1 , 1 7 0 1 ; V . 1 0 6 , p . 9 2 4 ; V . 1 0 7 , p . 2 0 9 7

( 2 ) Cincinnati & Hamilton Traction.—A t r o l l e y r o a d .
.
O R G A N I Z A T I O N . — T h is c o m p a n y w a s o r g a n i z e d in A u g . 1 9 0 2 a s a
c o n s o lid a t io n o f th e M ill C r e e k V a lle y S tr e e t R y . a n d th e H a m ilt o n G le n d a le
& C in c in n a ti T r a c t io n .
V . 75. p. 497.
O n S e p t . 3 0 1 9 0 2 w a s le a s e d t o t h e
-C in c in n a ti I n t e r u r b a n C o . ( V . 7 5 , p . 9 0 6 ) , b u t o n J u ly 6 1 9 0 5 le a s e w a s
a s s ig n e d t o t h e O h io T r a c t io n C o . a n d th e C in c in n a t i I n t e r u r b a n C o . p la c e d
in li q u id a t io n .
R e n t a l, y e a r e n d . S e p t . 3 0 1 9 0 3 , $ 5 5 ,0 0 0 . in c r e a s in g to
$ 1 0 0 ,0 0 0 f o r 1 9 1 6 -1 6 a n d t h e r e a ft e r .
O n J u l y 9 1 9 1 4 J u d g e S a t e r In t h e U . 8 . D I s t . C o u r t a t C o l u m b u s h e l d
in v a lid th e o r d in a n c e p a ss e d b y th e C it y C o u n c il o n A p r . 2 7 1 9 1 4 , p r o v id in g
f o r a 6 -c e n t In ste a d o r a 1 0 -c e n t fa r e fr o m C in c in n a t i t o C a r t h a g o a n d H a r t­
w e ll (s e e V . 9 8 , p . 1 3 9 2 ) , a n d g r a n t e d a n i n ju n c t io n a g a in s t Its e n f o r c e m e n t .
V . 9 9 , p . 196.
S T O C K .— A u t h . a n d o u t s t a n d i n g , c o m m o n , $ 1 ,1 0 0 ,0 0 0 ; 5 % c u m u la t iv e
.p r o f., $ 1 ,1 0 0 ,0 0 0 .
P a r o f sh ares, $ 1 0 0 .
D lv s . p a y a b le Q .-J .
D i v i d e n d s . — 6 % p e r a n n u m is b e i n g p a i d o n t h o p r e f . s t o c k .
T h e fir s t
d iv . o n th e c o m . o f A % w a s p a id J a n . 1 1 9 0 4 a n d A % w a s a g a in p a id o n
A p r il 1 , J u ly 1 a n d O c t . 1 1 9 0 4 .
I n 1 9 0 5 , 1 % ; in 1 9 0 8 , 1 ^ % ; in 1 9 0 7 , 2 % ;
i n 1 9 0 8 , 2 % ; In 1 9 0 9 . 2 H % ; in 1 9 1 0 , 2 ^ % : In 1 9 1 1 a n d 1 9 1 2 , 3 % ; s i n c e .
1 % q u a r te r ly .
R O A D . — O w n s a n d o p e r a t e s 3 6 .6 7 m il e s o f t r a c k f r o m t h e " Z o o " In O i n ‘
c ln n a t i t o H a m ilt o n a n d 1 5 m ile s fr o m C in c in n a t i t o L o c k i a n d .
G auge6 ft . 2 A in .
O p e ra te s o v e r tr a c k s o f C in c in n a ti T r a c t io n C o . fr o m “ Z o o ”
t o F o u n t a in S q u a r e In C in c in n a t i.

n.

O F F I C E R S .— P r e s .,
H . H o ffm a n :
V .- P ., B . L . K ilg o u r ;
S ec.
T r e a s . , A . J. B e c h t . a i l o f C i n c i n n a t i . — V . 9 9 . p . 1 9 6 ; V . 1 0 6 , p . 9 2 4 .

C L E V E L A N D ,

&

O H IO .

CLEVELAND RAILWAY CO.
T h e r e c e iv e r s o f t h e M u n ic i p a l T r a c tio n C o . h a v in g b e e n d is c h a r g e d a n d
t h e d e b t s o f t h a t c o m p a n y p r o v id e d f o r . th e C le v e la n d R y . C o . o n M a r . 1
1 9 1 0 r e s u m e d p o s s e s s io n o f its lin o s u n d e r o r d in a n c e (s e e b e lo w ) o f D e c . 1 9 0 9 .
V . 9 0 . p . 6 2 6 . T h e le a s o t o M u n i c i p a l T r a c tio n C o . w a s c a n c e le d o f r o c o r d .
F r a n c h i s e O r d i n a n c e .— A n o w f r a n c h i s e o r d i n a n c e ( V . 8 9 . p . 1 6 6 7 ) w a s
p a s s e d in D e c . 1 9 0 9 b y t h e C i t y C o u n c i l , a n d a c c e p t o d b y t h o r a il w a y c o . ,
b a s e d u p o n t h e v a lu a t io n o f th e c o ’s p r o p e r t y a s fix o d b y J u d g e T a y l o r . T h e
o r d in a n c e g r a n t s fr a n c h is e s t o o p e r a t e o n o x is t in g r o a d s t o M a y 1 1 9 3 4 , s u b ­
je c t t o th e r ig h t o f th e c it y t o p u r c h a s e th e p r o p e r t y .
In ca se o f p u rch ase
t h e c i t y m u s t p a y th e c a p it a l v a lu e o f s a id p r o p e r t y , a s f ix e d b y S e c . 1 6 ,
p lu s a t t h e s a m e t im e 1 0 % o f s o m u c h o f t h o c a p it a l v a l u e a s is r e p r e s e n t e d
p y c a p i t a l s t o c k , a s s u m i n g a n d a g r e e i n g t o p a y . In a d d i t i o n t h e r e t o , a l l t h e
o b li g a t i o n s , in d e b t e d n e s s a n d lia b ilit ie s o f th e c o . . a n d a ll lie n s o t h e r th a n
b o n d e d d e b t u p o n its p r o p e r t y th e n e x is t in g , w h ic h b o n d e d d e b t th e c it y
s h a ll p r o v id e fo r b y a s s u m p t io n , b y p a y m e n t o r b y t a k in g t h e p r o p e r t y
s u b je c t t h e r e t o , a s m a y b e p r o v id e d D y la w a t t h e t im e .
O n a n d a fte r
J a n . 1 1 9 1 8 t h e c i t y m a y d e s i g n a t e a p u r c h a s e r o r l i c e n s e e In p l a c o o f
£ h e c it y o n p a y m e n t o f s a m e a m o u n t . O n F e b . 17 1 9 1 0 a t a r e fe r e n d u m e le c ­




[Vol . 108

tio n th e e le c to r s r a tifie d th e o r d in a n c e ( V . 8 9 . p . 1 6 6 7 ; V . 9 0 , p . 1 6 7 , 5 0 2 ).
O n J u ly 10 1911 C it y C o u n c il p a s s e d a n o r d in a n c e a m e n d in g t h a t o f D e c .
1 909 p r o v id in g , a m o n g o t h e r th in g s , fo r a d d itio n s to c a p it a l a s r e q u ir e d a n d
p a r t ic u la r ly fo r t h e I m m e d ia t e e x p e n d it u r e o f $ 2 ,5 0 0 ,0 0 0 fo r I m p t s ., e x t e n s .
a n d e q u lp t . T h e o r d in a n c e a ls o p r o v id e d t h a t th o r ig h t o f th e c it y t o p r o ­
p o s e e x t o n . , b e t t e r m 't s o r I m p t s . s h a l l t e r m i n a t e w h e n e v e r t h e u n e x p i r e d
t e r m o r a n y r e n e w a l t h e r e o f Is le s s t h a n 15 y e a r s , a n d a l s o t h a t d u r i n g s u c h
p e r io d t h e c o m p a n y m a y o p e r a t e a t t h e m a x im u m r a t e o f fa r e a n d f i x t h e
s c h e d u l e s s u b j e c t t o t h e p o l i c e p o w e r o f t h e c i t y . P r o v i s i o n Is a l s o m a d e f o r
t h e u s e o f s u r p l u s e a r n i n g s d u r i n g t h i s 1 5 - y r . p e r i o d , e i t h e r in t h e p a y m e n t o f
flo a t in g d e b t o r th e c r e a t io n o f a s . f. to p u r c h a s e s e c u r itie s a n d r e d u c e
c a p ita l v a lu e .
A t a r e fe r e n d u m e le c t io n o n N o v . 7 1 9 1 1 . th e e le c t o r s r a tifie d
th e o r d in a n c e a m e n d in g th a t o f D e c . 1 909.
H a s f r a n c h i s e In L a k e w o o d , e x p i r i n g M a y . 1 1 9 3 4 , w h i c h p r o v i d e s f o r a
3 - c e n t fa r e w it h in c i t y lim it s a u d a 5 - c e n t fa r e t o C le v e la n d , a u d g iv e s t h e
C i t y o f L a k e w o o d t h e r ig h t t o p u r c h a s e t h e c o m p a n y 's lin e s w it h i n t h e
c it y , s u b je c t , h o w e v e r , t o th e o p t io n o f th e c it y o r C le v e la n d t o p u r c h a s e
th e o n tir e p r o p e r t y o f th e c o m p a n y .
V a lu a tio n .— J u d g e T a y l e r p la c e d t h e v a lu e o f t h e p h y s ic a l p r o p e r t y o f t h e
C le v e la n d E le c . B y . C o . a t $ 1 7 ,5 1 1 ,8 5 6 a n d t h e fr a n c h is e v a lu e a t $ 3 ,6 1 5 ,­
8 4 4 ; t o t a l, $ 2 1 ,1 2 7 ,7 0 0 ; a g r e e d v a lu e o f p r o p e r t y p u r c h a s e d fr o m F o r e s t
C it y R y . C o . , $ 1 ,8 0 5 ,6 0 0 ; t o t a l v a l u a t io n . $ 2 2 ,9 3 3 ,3 0 0 .
T o t h i s is a d d e d
1 1 .1 5 8 .3 0 0
I n te r e s t o r r e n ta l a c c r u e d , m a k in g th o e n t ir e "c a p ita l v a l u e ”
$ 2 4 ,0 9 1 ,6 0 0
T h e b o u d e d d e b t o f $ 8 ,1 2 8 ,0 0 0 a n d flo a t in g I n d e b te d n e s s
a s o f J a u . 1 1 9 0 8 . $ 1 , 2 8 8 , 0 0 0 , o r $ 9 , 4 1 6 , 0 0 0 in a l l . Is d e d u c t e d , l e a v i n g
$ 1 4 ,6 7 5 ,6 0 0 .
T h e v a l u a t i o n Is t o b e i n c r e a s e d f o r t b e p u r p o s e o f f i x i n g t h e
p r ic e a t w h ic h t h e c i t y o r Its n o m in e e m a y p u r c h a s e t h e p r o p e r t y b y t h e
a m o u n t o f fu t u r e r e q u ir e m e n t s , I n c lu d in g c o s t o f n e w p a y -a s -y o u -e u t e r c a r s
a n d 7 5 % o f th e c o s t o f r e m o d e lin g o ld ca r s a s p a y -a s -y o u -e u t e r c a r s .
F ares. — F a r e t o E a s t C l e v e l a n d is s a m e a s c i t y f a r e .
F aro to o th e r
s u b u r b s 5 c e n t s , o r 11 t i c k e t s f o r 5 0 c e n t s , a c c o r d i n g t o c o n t r a c t s .
The
c o m p a n y 's s c h e d u l e s a n d r o u t e s a r e s u b j e c t t o t h o s u p e r v i s i o n o f t h e
c it y a n d th e ra te s o f fa r e t o b o fix e d s o a s t o n e t a r e tu r n o f in te r e s t a s s t a t e d
a b o v e o n th e c a p ita l v a lu e o f th e p r o p o r t y a n d p e r m it o f th e m a in te n a n c e a t
a ll t i m e s o f a s o - c a l l e d I n t e r e s t , f u n d o f a t l e a s t $ 5 0 0 , 0 0 0 .
V . 8 9 , p . 1667.
W h e n t h is a m o u n t fa ll s t o $ 3 0 0 ,0 0 0 t h is s h a ll b e p r im a f a c l o e v i d e n c e o f
th e n e c e s s it y o f r a is in g t h e fa r e t o t h o n e x t h ig h e r r a t e .
A n e x p e r im e n ta l
fa r e o f 3 c . . w it h 1 c. e x t r a f o r t r a n s fe r s w it h o u t r o b a t e . w a s t r ie d t o s e e i f
It w o u l d y i e l d t h e a u t h . i n t . o n c a p i t a l v a l . — 5 % o n b o n d s , 6 % o n f l o a t i n g
d e b t a n d c a p ita l s t o c k .
O n J u n o 1 1911 a u t h o r it ie s o r d e r e d th e fa r e r e ­
d u c e d t o 3 c . c a s h fa r e . 1 c. e x tr a fo r tr a n s fe r , b u t th e la t t e r t o b o r e b a t e d
w h en ta k en u p .
V . 92. p . 1498; V . 93, p. 1190.
O n S e p t. 1 1914. h o w e v e r,
th e o u e -c e n t c h a r g e fo r tr a n s fe r s w ith n o r o b a t e o n s u r r e n d e r w a s r e s t o r e d ,
a s t h e I n t e r e s t fu n d h a d fa lle n b e lo w t h e $ 3 0 0 ,0 0 0 m a r k .
V. 99. p. 808, 342.
O n D e c . 1 5 1 9 1 7 t h e I n t e r e s t f u n d h a v in g a g a in fa lle n b e lo w $ 3 0 0 ,0 0 0 ,
a ca s h fa r o o f 4 c e n t s a n d 3 tte k o ts fo r 10 c e n t s w ith a 1 -c o n t c h a r g e fo r
tr a n s fe r s w ith r e b a t e w a s m a d e e f f e c t iv e .
B e g in n in g D e c . 2 6 1 9 1 7 , th e
r e b a tin g o f th e tra n s fe r c h a r g e w a s d is c o n t in u e d .
V . 105, p. 2455; V . 106,
p. 85.
I n A p r . 1 9 1 8 a n o w s c h e d u le o f a 4 -c e n t ca s h fa r o , 7 tic k e ts f o r a
q u a r t e r a n d a 1 -c e n t c h a r g e fo r t r a n s fe r s , w ith r o b a t e . w a s p u t in t o e f f e c t .
S ee V . 10 6 . p . 146 1 .
T h o in c r e a s e w a s u p h e ld b y t h o O h io S u p r e m e O o u r t .
V . 106, p. 1796.
O n A u g . 4 1 9 1 8 r a te s w e r e In cre a se d t o 5 c e n t s c a s h fa r e
a n d 5 t i c k e t s f o r 2 5 c e n t s w i t h a 1 - c e n t charge f o r t r a n s f e r s w i t h o u t r e b a t o ,
a s a r e s u lt o f a n o r d in a n c e p a ss e d b y th e C it y C o u n c il o n A u g . 3 1 9 1 8 w h ic h
fix e s 5 n e w f a r o s c h e d u le s a n d p r o v id e s f o r in c r e a s e d o p e r a t in g a llo w a n c e s .
T h e o r d i n a n c e Is t o r e m a i n in e f f e c t u n t i l 6 m o n t h s a f t e r t h e w a r , w h e n t h e
s c h e d u l e s o f t h e T a y l e r o r d i n a n c e w ill a g a i n b e c o m o o p e r a t i v e .
T h o fa r e
s c h e d u le s a re a s fo llo w s :
( 1 ) 6 c e n t s c a s h fa r o , 9 t ic k e t s f o r 5 0 c e n t s ; (2 )
5 c o n t s c a s h f a r o , 5 t i c k e t s f o r a q u a r t e r ; ( 3 ) 5 c e n t s c a s h f a r o , 11 t i c k e t s f o r
5 0 c e n t s ; (4 ) 5 c e n t s c a s h fa r e , 6 t ic k e t s fo r a q u a r t e r ; (5 ) 4 c e n t s c a s h
fa r e , 5 tic k e ts fo r 2 0 c e n t s .
E a c h s c h e d u le p r o v id e s fo r a 1 -c o n t c h a r g o
fo r tr a n s fe r s w it h o u t r e b a te .
V . 107, p . 695.
O n D e c . 14 1 9 1 2 t h e C o u n c il o f C le v e la n d p a s s e d a n o r d in a n c e g i v in g t h o
c o m p a n y t h e r i g h t t o t r a n s p o r t f r e i g h t w i t h i n t h e c i t y l i m i t s In i n t e r u r b a n
c a r s a n d t o c h a r g e th e in te r u r b a n c o m p a n ie s 2 5 c . p o r c a r m ile .
O R G A N I Z A T I O N .— In 1 9 0 8 c h a n g e d n a m e fr o m th e C le v e la n d E le c ­
t r i c H a l l w a y C o . ( w h i c h h a d In 1 9 0 3 t a k e n o v e r t h e C l e v e l a n d C i t y R y . )
to C le v e la n d R a ilw a y C o . , a n d a u t h o r iz e d n e w s t o c k t o th e a m o u n t o f $ 3 5 ,­
0 0 0 ,0 0 0 .
T h e o ld s t o c k o f C le v e la n d E le c t r ic R y . w a s g lv u n a v a lu a tio n
o f $ 5 5 n o r s h a r e , o r $ 1 2 ,8 7 0 ,0 0 0 (h a v l u g f o r m o r ly b o o n $ 2 3 ,4 0 0 ,0 0 0 ) a n d
w a s p a i d f o r in n e w s t o c k I s s u e d b y C l e v e l a n d R a i l w a y a t p a r ( $ 1 0 0
v a lu a t io n .
T h e F o r e s t C it y R y . (w h ic h h a d fir s t a b s o r b e d th e L o w F a r e
R y .) w a s p u r c h a s e d f o r $ 1 ,8 0 5 ,6 0 0 s t o c k o f C le v e la n d R y . , t h e s h a r e s o f th e
F o r e s t C it y R y . b e in g a c c e p t e d a t th e ir p a r ($ 1 0 0 ) v a lu e .
O n J a n . 2 1 9 1 7 a b o a r d o f a r b it r a t o r s a u th o r iz e d th e c o . t o e n te r I n to a n
1 8 -y e a r c o n t r a c t w it h t h e C le v e la n d E le c t r ic I llu m in a t in g C o . fo r th e
p u r c h a s e o f p o w e r , w h ic h w a s a c c o r d in g ly d o n e .
W a ge A w a rd b y W a r Labor B oard. — V . 1 0 7 , p . 6 9 5 .
M u n ic ip a l Subway C om m issio n . — O n N o v . 1 9 1 9 1 7 M a y o r D a v i s a p ­
p o in t e d a c o m m is s io n o f f iv e C le v e la n d m e n t o t a k o c h a r g e o f t h e b u ild in g
o f a m u n ic ip a l s u b w a y s y s te m .
See V . 105, p . 2271.
T h e o r d in a n c e p r o ­
v i d i n g f o r s u c h a c t i o n w a s h e ld l e g a l b y t h e O h i o S u p r o m e C o u r t in A p r i l
1918.
V . 106, p . 1688.
I n M a r . 1 9 1 8 w a s a u t h . . b y t h o O h io P . U . C o m m , t o Issu e $ 2 ,7 0 0 ,0 0 0
n e w s t o c k ( n o t r e p o r t e d in a m o u n t r e p o r t e d o u t s t a n d i n g ) , o f w h i c h $ 1 , 2 3 0 , ­
0 0 0 w ill b o u s e d t o p a y f l o a t i n g d e b t a n d t h o r e m a i n d e r f o r I m p t s .
V . 106,
p . 1230.
S to c k h o ld e r s o f r e c o r d M a r . 1 1 9 1 8 w o r o o ffe r e d th e r ig h t t o
s u b s c r ib e fo r th e n e w s to c k p r o r a ta a t p a r .
V . 106, p . 607,
STO C K A N D B O N D S—
D a te .
In terest.
Outstanding.
M a tu r ity
Q -J
$ 2 8 ,7 1 6 ,4 0 0 A p r , ’ 1 9 ,1 ^
S t o c k ( $ 1 0 0 ) ........................................................
F ir s t m o r t g a g e $ 3 5 ,0 0 0 ,0 0 0 g l 1 9 1 1
5 M -S
5 ,4 9 5 ,0 0 0 M c h 1 1 9 3 1
( $ 1 , 0 0 0 ) ---------------------------- c * t f I I n t e r e s t in N e w Y o r k C i t y o r C l e v e l a n d .
B on d s. — O f t h e f i r s t m o r t g a g e o f 1 9 1 1 , $ 1 5 , 0 0 0 , 0 0 0 a u t h . m a y b e I s s u e d f o r
8 5 % o f c a s h c o s t o f e x t e n s i o n s , b e t t e r m e n t s , S e c ., a n d r e m a i n i n g b o n d s f o r
5 0 % o f s u c h c a s h c o s t , w h e n n e t e a r n in g s f o r p r e v io u s 1 2 r a o s . s h a ll h a v e
e q u a le d a t le a s t t w ic e t h e I n t . c h a r g e . I n c lu d in g b o n d s p r o p o s e d t o b e I s s u e d .
B o n d s a re r e d . o n a n y In t. d a t e a t 1 0 5 a n d in t . o n 9 0 d a y s ' n o t ic e .
C iti­
z e n s ' S a v i n g s Sc T r u s t C o . , C l e v e l a n d , a n d B a n k e r s T r u s t C o . , N . Y . .
tru stees.
D ividen d s. — F i r s t d l v . —
— u n d e r n e w fr a n c h is e o r d in a n c e o f D e c .
1 9 0 9 p a id A p r il 1 9 1 0 a n d I A % q u a r . s in c e t o a n d I n c l. A p r il 1 9 1 9 .

1A%

R E P O R T .— F o r c a le n d a r y o a r :

Calendar
Year —

Gross
E a rn in gs.

N et
E a rn in gs.

Other
In c om e.

I n t ., Ta xes &
D iv id en d .

6%

Balance,
S u rp lu s.

1 9 1 8 .............. . $ 1 2 , 3 3 8 , 9 0 6
$ 3 ,5 8 7 ,0 9 0 $ 1 0 5 ,0 1 4
$ 2 ,7 1 5 ,9 1 4
$ 9 7 6 ,2 2 0
1 9 1 7 .................. 1 0 , 1 7 6 , 1 2 6
2 ,6 1 3 ,7 8 7
8 0 ,3 8 9
2 ,5 7 1 ,9 6 4
1 2 2 ,2 1 2
Irom
th o s u r p lu s e s a s a b o v o t h e r e w a s d e d u c t e d $ 7 4 4 ,0 0 0 in 1 9 1 8 ,
a g a i n s t $ 5 2 1 ,0 0 0 in 1 9 1 7 , f o r o b s o l e t e e q u i p m e n t w r i t t e n o f f , l e a v i n g a
s u r p l u s o f $ 2 3 2 ,2 2 1 f o r 1 9 1 8 a n d a d e f i c i t o f $ 4 0 1 ,7 8 5 f o r 1 9 1 7 .
R O A D .— O p e r a te s 3 8 5 .3 0 0 m ile s o f s in g le t r a c k , o f w h ic h 3 6 0 .1 9 2 m ile s
are ow n ed .
M o s t l y 8 0 , 9 5 . 1 0 0 , 1 0 3 a n d 1 4 1 -lb . s t a n d a r d r a ils ; 1 ,4 6 4 p a s ­
s e n g e r ca r s ; 5 o th e r r e v e n u e ca r s a n d 1 9 4 s e r v ic o c a r s .
O F F I C E R S .— P re s , J . J . S t a n le y ; V .- P .. R . A . H a r m a n ; V .- P . & G e n .
M g r . . G e o . L . R a d c l i f f e S e c . Sc T r e a s . , H . J . D a v i o s ; A s s t . T r e a s . , W m . J .
M o a d ; A u d . . T h u s . P . I C llfo y le .— V . 1 0 6 , p . 1 7 9 6 , 2 7 5 6 ; V . 1 0 7 , p . 5 0 1 .
603, 695, 2187; V . 108, p . 1164.
________

C LEV E L A N D S O U T H W E S T E R N & CO LU M B U S R Y .
O R G A N I Z A T I O N . — I n c o r p o r a t e d i n O h i o o n M a r c h 4 1 9 0 7 a n d Is a
c o n s o l i d a t i o n o f t h e C l e v e l a n d Sc S o u t h w e s t e r n T r a c t i o n C o . , t h e C l e v e l a n d
A s h l a n d Sc M a n s f i e l d T r a c t i o n C o . a n d t h e O h i o C e n t r a l T r a c t i o n C o .
F or
te rm s o f e x c h a n g e s e e V . 8 3 , p . 1 5 9 0 .
A l s o o w n s t h e N o r w a l k G a s Sc
E le c t r ic C o .
I n J a n . 1 9 1 3 t h e E l y r i a G r a f t o n Sc S o u t h e r n R y . r e d u c e d I t s c a p i t a l s t o c k
fr o m $ 1 0 0 ,0 0 0 to $ 1 ,0 0 0 . a n d th e N o r w a lk G a s & E l e c . C o . fr o m $ 1 2 5 ,0 0 0
to $ 1 ,2 5 0 .
In M a r c h 1913 th e C le v e la n d S o u th w . & C o l. r e d u c e d th e
a u t h o r iz e d a m o u n t o f c o m m o n s t o c k fr o m $ 7 ,5 0 0 ,0 0 0 t o $ 4 ,2 3 6 ,0 0 0 .
In J a n . 1 9 1 7 a c c e p t e d a 2 5 -y e a r fr a n c h is e fr o m t h e C it y o f E ly r ia , p r o ­
v id in g fo r 2 0 -m in u te c it y s e r v ic e a n d 6 t lc k o t s fo r 2 5 c .
T h o O h i o P . S . C o m m , h a s f r o m t i m e t o t l m o a u t h . t h o c o . t o is s u e
$ 5 4 8 ,6 7 8 1 s t c o n s o l . M . 5 s a t n o t lo s s t h a n 8 5 t o r o l m b u r s o t h o c o . f o r e x ­
p e n d it u r e s f o r i m p t s ., & c . , a n d t o h y p o t h e c a t e t h e m p e n d i n g s a le .
I n J u n e 1 9 1 7 t h e G u a r d ia n S a v . & T r u s t C o . p u r c h a s e d $ 7 5 ,0 0 0 c a r t r u s t
6 s is s u e d a g a i n s t 8 n o w c a r s , m a t u r in g $ 1 0 ,0 0 0 o a c h y o a r t h e r e a f t e r o n
M a y 16 a n d N o v . 15 u n t il r e t ir e d .
Fare In crea se. — O n A u g . 1 1 9 1 8 a n o w f a r o s c h o d u l o w o n t i n t o e f f e c t
w h ic h p r o v id e d fo r a s t r a ig h t r a t o o f 3 c o n t s a m ilo , a n in c r o a s o o f A c e n t
a m ile .
V . 107, p . 401.
A n In c r o a s o o f 2 5 % In c la s s a n d c o m m o d i t y r a t e s
h a s b o e n a p p lie d fo r .
V . 107, p . 82.
In F e b . 1 9 1 9 t h e c o . a n n o u n c e d t h a t a s it w a s p r a c t ic a lly I m p o s s ib le t o
r e f u n d t h e $ 1 2 7 , 0 0 0 C l e v . B e r . E l y r . Sc O b e r l i n c o n s . M . 5 s , d u o M a r . 1
1 9 1 9 , it h a d a r r a n g e d t o e x t e n d s a m o t o A u g . 1 1 9 2 0 a t 6 % .
A cash p a y ­
m e n t o f $ 2 8 - 3 3 o n e a c h $ 1 ,0 0 0 b o n d s o e x t e n d e d w a s m a d e , t h u s n e t t i n g t h e
h o ld e r s a r e tu r n o f 7 % d u r in g th e p e r io d o f e x t e n s io n .
V . 108, p . 1060.

Mar ., 1919. J

ELECTRIC RAILWAYS

STO CK AN D BON DS—
D a te .
In te r e s t.
O u tsta n d in g .
M a tu rity
____________
$ 4 ,2 3 8 ,0 0 0
C o m m o n * 7 , 5 0 0 . 0 0 0 ( $ 1 0 0 ) ___________
$ 2 , 5 0 0 , 0 0 0 5 % c u m ( $ 1 0 0 ) .......................................
2 .4 1 2 ,0 0 0
F ir s t g e n e ra l c o n s o l m o r t g a g e !
1907 5 A -O
9 1 5 ,0 0 0 A p r il 1 1 9 2 7
$ 1 0 ,0 0 0 ,0 0 0 {$ 1 .0 0 0 )g c * A r c p t J I n t . a t C le v e la n d
C o ., C le v e ., T r u s te e .
C le v e la n d & E ly r ia fir s t m o r t -j
1895 6 Q -F
2 0 0 .0 0 0 A u g . 1 1 9 2 0
age on
18 m llo s ( $ 5 0 0 ) | I n t e r e s t a t C it i z e n s ’ S a v in g s A T r u s t C o .
u b jo c t to
c a l l ----------------c p t [ C l e v e l a n d , T r u s t e e
E ly r ia & O b e r lln fir s t r n o r t-)
1897 0 F -A
1 0 0 ,0 0 0 A u g 1 1 9 2 2
a g e o n 9 m llo s ($ 5 0 0 ) g o I d )I n t e r e s t a t C le v e la n d T r u s t C o . . T r u s t e e ,
u b je c t to
c a l l __________c p t l
O le v B o r E ly r A O b e r lln c o n s )
1899 5 g M -S
1 2 7 ,0 0 0 A u g . 1 1 9 2 0
M $ 5 0 0 ,0 0 0 g ($ 1 ,0 0 0 e a c h ) } I n te r e s t a t C le v e la n d T r u s t C o . , T r u s t e e .
S u b je c t to
c a l l __________c p t j
C le v e la n d E ly r ia & W e s te rn
1900
6 g F -A
1 ,0 7 3 ,0 0 0 A u g . 1 1 9 2 0
fir s t m o r t g a g o $ 1 ,6 0 0 ,0 0 0 I n t . a t C le v e . T r . C o . , C l e v e ., T r u s t e e , o r a t
( $ 1 , 0 0 0 ) g o l d ________ c & r c p t
N a t . B a n k o f C o m m e r c e In N . V . , M a y b e
c a lle d a t 1 0 0 .
E ly r ia G r a ft o n A
S ou th e rn
1902
5 g J -.I
1 0 0 .0 0 0 J a n . 1 1 9 2 2
Ity
fir s t m o r t g a g e g u a r ­ I n t e r e s t a t C le v e la n d T r u s t C o . . C le v e la n d
a n t e e d b y O E & W ($ 1 0 0 ,T r u s te e , a n d E q u ita b le T r u s t C o . . N . Y
0 0 0 ( 1 1 , 0 0 0 ) g o l d _____ c * c p t
C a n b e c a lle d a t p a r .
N o r w a lk G a s & E le c t r ic fir s t
1900
6 A -O
1 1 0 ,0 0 0 A p r il 1 1 9 2 0
m t g e , $ 1 1 0 ,0 0 0 ( $ 5 0 0 ) , g .- I n t . a t G u a r d ia n S . & T r . C o . , C l e v e l a n d
8 u b j. e c t t o c a l l __________ c p. t I
T r u s te e , o r C h a s e N a tio n a l B a n k , N . Y .
C le v e la n d
A
S o u th w e ste rn ( 1903
5 g F -A
1 .4 0 0 ,0 0 0
F o b 1 1923
fir s t a n d c o n s o l m o r t g a g e lln t . a t G u a r d ia n S a v . * T r . C o . , C le v e la n d
$ 3 ,0 0 0 ,0 0 0 ($ l,0 0 0 )g c A r c p t l
T r u s t e e , o r K q u lta b lo T r u s t C o .. N . Y .
O h io O T r a c fir s t m o r t g a g e ! 1 8 9 9
5 g J -D
9 5 .0 0 0 J u u e 1 1 9 1 9
c lo s e d ( $ 1 ,0 0 0 ), g o l d c * n t f J ln t . N . H a v e n T r . C o . , N . I f a v ., C o n n .. T r .
O h io C e n tr a l T r a c t io n c o n s o l-f 1903
5 g M -S
3 0 5 .0 0 0 M a r 1 1923
ld a t e d
m o rtg a g e
c lo s e d ! I n t . a t C le v e . T r . C o . , C le v e la n d . T r u s t e e , or
a t N a tio n a l B a n k o r C o m m o r c o . N . Y .
( $ 5 0 0 ) , g o l d __________ c * c p t (
O a r t r u s t s .................................................. 1 9 1 7
6 M -N
6 5 ,0 0 0
See te x t
B o n d s .— O f t h o * 1 0 ,0 0 0 .0 0 0 n o w b o n d s , $ 3 ,5 1 0 ,0 0 0 a r e r o s o r v o d f o r p r io r
H e n s , * 3 2 1 , 7 0 0 a r e in t r e a s u r y a n d $ 5 , 5 4 5 , 0 0 0 a r e f o r e x t e n s i o n s , i m p r o v e
m en ts, A c .
T h e y a r o s u b j . t o c a l l a f t e r 10 y e a r s a t 1 0 5 a n d a c c r u e d I n t .
T h o C le v e la n d A S o u th w e s te r n b o n d s o f 1903 a re s u b je c t to c a ll a t 105 a n d
I n t . * 1 ,6 0 0 .0 0 0 o f t ills Is s u e a r o r e s e r v e d t o r e t ir e c e r t a in u n d e r ly in g b o n d s
T h o C le v e la n d & E ly r ia 1 st M . 6 s o f 1 8 9 5 fe ll d u o M a y 1 1 9 1 5 , b u t w o r e
e x te n d e d to A u g . 1 1920.
C a lla b le a n y In t. d a t e o n 3 0 d a y s ’ u o t lc o , as
fo llo w s :
i n 1 9 1 7 . 1 0 ( W : 1 9 1 8 . 100 ! 4 : 1 9 1 9 , 1 0 0 !^ ; th e r e a fte r a t p a r & In t.
O f t h e C le v e la n d B e r e a E ly r ia & O b e r lln 5 s d a t e d M a r c h l 1 8 9 9 . $ 3 0 0 ,0 0 0
r e m a i n In r e s e r v e f o r t h e r e t i r e m e n t a t o r b e f o r e m a t u r i t y o f t h o d i v i s i o n a l
6 s t o a lik e a m o u n t .
T h e s e o r ig in a lly fe ll d u e o n M a r . 1 1 9 1 9 , b u t h a v e b e e n
e x ten d ed to A u g . 1 1920.
T h e e x te n d e d b o n d s a re r e d . a t p a r a n d in t. o n
a n y in t . d a t e .
O f t h e $ 1 , 5 0 0 , 0 0 0 C l e v e l a n d E l y r i a Sc W e s t e r n n o w
6 s , $ 4 2 7 ,0 0 0 a r e r e s e r v e d t o r e t ir e p r io r lie n s .
T h o O h io C e n tr a l T r a c . C o .
c o n s o l, b o n d s m a y b o c a lle d u p o n 3 0 d a y s ' n o t ic e a t 105 a n d I n t. T h o E ly r ia
& O b e r lln 6 s o f 1 8 9 7 fe ll d u e A u g . 1 1 9 1 7 b u t w o r o o x t o n d o d t o A u g . 1 1 9 2 2
E A K N I N G S .— F o r c a le n d a r y e a rs :
Y ea r—
G ross.
N e t (a fter T a x es) .I n t ., A c .
B a la n c e .

Prof

T r.

§
§

1917.............................. *1,407,768
1916.............................. 1,337,150
1915.............................. 1,242,100

S276.177
469,803
377.050

*340,995
332,284
330,370

def.S64.8l7
sur.137.519
sur.46.886

R O A D . — O p e r a t e s 2 0 9 m ile s o f t r a c k ( o f w h ic h 1 7 7 m ile s a r e o n p r i v a t e
r ig h t o f w a y ) lu a n d f r o m C l e v e l a n d t o B e r e a , E l y r i a , O b e r l l n , N o r w a l k ,
M e d in a , G r a ft o n , W e llin g t o n . N o r t h A m h e r s t. L o r a in . C r e s t o n , C h ip p e w a ,
L a k e , S o v lllo , W o o s t o r , L ln n d a le , P u r ita s S p r in g s , G a llo n , B u c y r u s , C r e s t ­
lin e , M a n s fie ld , A s h la n d , N a n k in , P o lk , W o s t S a le m , L o d i a n d L e R o y
6 0 , 7 0 a n d 1 0 0 -lb . r a ils .
S ta n d a rd g a u g e .
A ls o d o e s fr e ig h t a n d e x p re s s
b u s in e s s .
O p e ra te s 6 6 p a sse n g e r a n d 3 5 o th e r ca rs ; to t a l, 1 0 1 .
C om pany
o w n s P u r it a s S p r in g s a n d S e c c a lu m P a r k a n d r e a c h e s C h ip p e w a L a k o .
A l s o o w n s a n d o p e r a t e s e l e c t r i c - l i g h t i n g p l a n t In N o r w a l k .
O F F I C E R S . — P r e s . , F . E . M y e r s ; V . - P . , L . J . W o l f ; S e c . Sc T r o a s
J.
O . W ils o n ; G e n . M g r ., E . F . S c h n e id e r ; A u d it o r , M . E . M c G r a w .'
G e n e r a l o f f ic o , G a r fie ld B ld g ., C le v e la n d .— V . 1 0 5 , p . 1 8 0 , 3 8 9 , 1 3 0 9 .
1617, 2455; V . 106, p . 607; V . 107, p . 82, 401.

CLEVELAND PAINESVILLE & EASTERN

RR.

O R G A N I Z A T I O N , A c . — I n c o r p o r a t e d lu O h i o o n A p r i l 2 5 1 8 9 5 .
R oad
c o m p l e t e d In J u l y 1 9 0 8 .
F r a n c h is e s e x p ir e fr o m 1 9 2 0 t o 1 9 3 5 .
In J u n e
1 9 0 6 a c q u ir e d c o n t r o l o f t h e C l o v . P a in e s v . A A s h . R R . V .8 2 , p .1 3 2 2 . 1 3 7 9
I n 1 9 1 3 p u r c h a s e d t h e U n it e d L ig h t & P o w e r C o . ( s t o c k . $ 1 0 0 ,0 0 0
b o n d s , $ 1 0 0 ,0 0 0 ).
H a te I n c r e a s e . — L a t o In 1 9 1 7 w a s a u t h . b y t h e O h i o P . U . C o m m , t o
ln c r o a s e lig h t in g a n d p o w e r r a te s .
F a r e I n c r e a s e .— I n J u ly 1 9 1 8 w a s a u t h o r iz e d b y t h o O h io P . U . C o m m
t o In cre a so p a ss e n g e r ra te s , e ffe c t iv e A u g . 1 1 918.
V . 107, p. 401.
P r o p o s e d B o n d E x t e n s i o n . — O n S o p t . 16 1 9 1 8 t h e c o . a n n o u n c e d t h a t
b e c a u s e o f a b n o r m a l f i n a n c i a l c o n d i t i o n s It w o u l d b e p r a c t i c a l l y im p o s s i b le
to
r e f u n d a t t h a t t i m e t h o * 5 0 0 . 0 0 0 1 s t m t g e . b o n d s a n d t h o $ 1 ,1.31 ,­
0 0 0 1st c o n s o l, m tg e . 5s d u e O c t . 1 1 9 1 8 .
T h e c o ., th e re fo re , a rra n g e d fo r
a n e x t e n s io n o f t h e m a t u r in g is s u e s t o O c t . 1 1 9 2 3 a t 7 % , e x t e n d e d b o n d s
a r o r e d . a ll o r i n p a r t a t 1 0 0 a n d i n t e r e s t o n a n y i n t e r e s t d a t e o n 6 0 d a y s "
n o tic e .
STO CK AN D BO N D S—
D a te .
I n ter es t.
O u tsta n d in g .
M a tu rity .
S t o c k , $ 3 , 5 0 0 , 0 0 0 ( p a r $ 1 0 0 ) ..................
_______________
$ 2 ,5 0 0 ,0 0 0
F ir s t
m o rtg a g e ,
$ 5 0 0 ,0 0 0 ,
1896
5 g A -O
5 0 0 ,0 0 0
O ct 1 1923
g o l d ($ 1 ,0 0 0 e a c h ) . c * . c p t I n t e r e s t a t M o r t o n T r u s t C o . , N . Y . , o r
C le v e la n d T r u s t C o ., C le v ., T r u s t e e .
C o n s o l, m o r t . (c lo s e d
$ 1 ,­
1898
5 A -O
1 ,1 3 1 .0 0 0 O c t 1 1 9 2 3
6 3 1 .0 0 0 ( $ 1 ,0 0 0 ) . g o l d c p t I n t . a t C it i z e n s ' S a v . A T r . C o . , C le v e ,
T r u s t e e , o r T r u s t C o . o f A m e r ic a . N . Y .
R e f a n d e x te n s io n m t g e , $ 5 ,­
1908
5 g M -N
9 2 6 .0 0 0 M a y 1 194 8
0 0 0 ,0 0 0 . g o l d ($ 1 .0 0 0 ) c * c p t I n t . a t O le v e l T r u s t C o . , C le v e la n d . T r u s t e e
l
o r c o m p a n y 's a g e n c y l n N e w Y o r k .
B o n d s .— $ 5 0 0 ,0 0 0 c o n s o ls a r e r e s e r v e d t o r o t ir o u n d e r ly in g H en s
Tho
m t g e ., o r ig in a lly fo r * 2 ,0 0 0 ,0 0 0 . w a s c lo s e d a t $ 1 ,6 3 1 ,0 0 0 a n d th e b a la n c e
c a n c e le d .
T h o c o n s o ls , o r ig in a lly m a tu r e d O c t . 1 1 9 1 8 , b u t w e re e x te n d e d
to O ct. 1 1923.
O f th e r e f d g . a n d e x t e n s io n b u n d s , S I ,6 3 1 ,0 0 0 a r o r o s o r v e d
t o r e tir e p r io r H on s, a n d $ 2 ,4 1 5 ,0 0 0 a ro r e s e r v e d fo r fu t u r e e x t e n s io n s a n d
I m p r o v e m e n t s , t o b o Iss u o d o n ly w h e n n o t e a r n lu g s fo r p r e c e d in g 12 m o n t h s
h a v o b e e n n o t lo s s t h a n 2 5 % tn e x c o s s o f I n t e r e s t c h a r g e s o n o u t s t a n d i n g
b o n d s . I n c lu d in g t h o s e t o b e is s u e d . $ 2 8 ,0 0 0 a r e in t h o t r e a s u r y
S u b je c t
t o c a ll M a y 1 1 9 3 8 o r o n a n y in t o r o s t d a t e t h e r e a ft e r a t p a r a n d I n t e r e s t
o n 3 0 d a y s n o tic e .
T h o 1 s t m t g e . b o n d s o r i g i n a l l y fe ll d u o A p r
1 1916
b u t w e r e e x te n d e d to O c t . 1 1 9 1 8 , a n d a g a in to O c t . 1 1923
R E P O R T .— F o r y e a r s e n d in g D o c . 31 (e x c l U n ite d L ig h t & P o w e r C o )
C a len d a r
G ross
N et
O th er
In terest
B a la n c e .
Y ea r—
E a r n in g s .
E a r n in g s .
In com e,
an d T a xes.
S u r p lu s .
1 9 1 8 .......................... * 5 1 0 , 4 5 5
* 1 8 7 ,8 5 2
* 1 0 ,8 5 8
* 1 8 3 ,9 7 1
*1 1 7 3 8
1 9 1 7 ............................ 6 0 9 . 8 5 6
2 1 2 ,1 1 7
8 ,0 0 0
1 6 9 .6 5 6
50 791
T h o r e s u l t s o f t h e U n i t e d L i g h t Sc P o w e r C o . f o r 1 9 1 8 w e r e ' G r o s s
* 3 2 ,0 4 7 ; n e t, a ft e r t a x e s , * 1 1 5 ,5 7 9 .
In 1 9 1 7 , g r o s s , * 2 9 ,2 5 1 - n e t a ft e r
t a x e s , * 9 ,2 3 3 .

P u b lic S q u a r e , C le v e la n d , 5 m llo s .
T o t a l tr a c k o p e r a t e d (I n c lu d in g l u
m ile s o f d o u b l o ) , 4 6 > S m llo s .
W ith th o C lo v e . P a ln o s v . A A s h ta b u la fo r m s
a c o n t in u o u s lin o fr o m C le v e la n d to A s h t a b u la .
46 m o to r ca rs an d 8 oth er
cars.
P o w e r - h o u s e Is a t P a l n c s v l l l e .
C a r -h o u s e s a t W illo u g h b y a n d
N o ttin g h a m .
O F F IC E R S .— Pres., E. W . M oore; V .-P ., F. II. G off; V .-P Sc Gen

33

R E P O R T . — F o r y e a r s e n d in g

i n X ? a rs~

„ P r o ss-

} 9 } 8 - ............. S } 0 2 . 7 9 4
} 9 J 7 ....................1 5 4 , 7 7 2

D ec. 31:

JVel.
$ 1 4 ,9 6 4
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Other I n c .
*307
190

I n t .& T a x e s .
-

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* 7 8 ,4 3 4
7 7 .8 0 4

* 6 3 ,4 7 0
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1 9 k6o V i V
rJ 5 8 ’ 6 4 9
5 3 .4 6 4
213
7 8 ,0 4 7
2 4 ,3 6 4
„
— O p e r a t e s 3 0 m ite s t r a c k b e t w e e n P a ln e s v ille a n d A s h t a b u la .
P u t in f u l l o p e r a t i o n o n J u l y 3 0 1 9 0 4 .
7 0 - lb . T a n d g ir d e r r a il u s e d . T r a c k
sta n d a rd g a u g e .
C o n n e c t s a t P a ln e s v ille w ith t h e C le v e la n d P a ln e s v ille S
c
a t A s h t a b u l a w i t h t h e P e n n s y l v a n i a Sc O h i o R y .
O F F I C E R S .— S a m e a s C le v e la n d P a in e s v . & E a s t , a b o v e .— V . 9 2 .
p. 322; V . 98, p . 386; V . 104, p . 163, 256; V. 106, p . 2010; V . 107, p . 401.
£
m
r ^ ^ ^ ^
T R A C T I O N C O .— A tr o lle y r o a d .
O R G A N I Z A r i O N . — I n e o r u o r a t e d In O h i o o n M a y I S 1 9 1 0 t o s u c c e e d
t h e C l e v e l a n d Sc E a s t e r n d i v i s i o n ( V . 9 0 , p . 1 6 1 3 ) o r t h e E a s t e r n O h i o T r a c ­
t io n C o . p e r p la n in V . 8 9 . p . 1 5 4 1 , 1 5 9 6 .
O n M a y 3 1 9 1 5 s t o c k h o ld e r s v o t e d t o a m e n d th e c h a r t e r s o a s t o p e r m it
c o m p a n y t o o n g a g e In e l e c t r i c l i g h t a n d p o w e r b u s i n e s s . V . 1 0 9 p . 1 5 0 9 .
F a r e I n c r e a s e .— I n J u ly 1 9 1 8 w a s a u t h o r iz e d b y t h e O h io P . U . C o m m , t o
in c r e a s e t h o m ile a g e c h a r g e , e f f e c t iv e A u g . 1 1 9 1 8 .
V . 107, p . 401.
STO C K A N D B O N D S—
D a te .
I n ter es t.
O u tsta n d in g .
M a tu rity .
C o m m o n s t o c k ( $ 1 0 0 ) ..............................................................
$ 3 8 1 ,6 0 0
P r e f s t o c k , 5 % n - c ( S 1 0 P 1 .....................................................
4 6 5 .8 6 5 A p r . ’ 1 8 1 %
F ir s t
m ortg a g e.
* 7 6 3 2 0 0 .? 1 9 1 0
5 g J -J
7 6 3 .2 0 0 J u ly 1 1 9 3 2
g o l d ( $ 1 , 0 0 0 ) . --------------------- c * l l n t . a t G u a r d i a n S a v . S
cT r . C o . , C l e v . . T r u s .
B o tu ls .— B o n d s s u b j e c t t o c a l l , a n y o r a ll , o n a n y i n t . d a y , a t 1 0 3 a n d
in t .; b e g a n t o d r a w in t. J a n . 1 1 9 1 2 .
V . 91, p . 336.
D i v i d e n d s . — T h e f i r s t d l v . o n t h e p r e f e r r e d s t o c k — U % — w a s p a i d In
N o v . 1915.
In 1916 a n d 1917, 3 % ea ch .
In 1 9 1 8 , J a n . 1 % ; A p r il, 1 % ;
n o n e s in c e .
.
E A R N I N G S .— F o r c a le n d a r y e a r s :
,
G ross . N e t (a ft. T a x e s ).
In t.
D iv id e n d s .
S u r p lu s .
1 0 1 8 .............................. * 2 4 6 . 8 0 7
* 6 7 ,0 1 7
* 3 8 ,1 6 0
* 9 ,3 1 7
* 1 9 ,5 4 0
1 9 17 . 2 4 3 ,8 4 3
7 2 ,2 4 1
3 8 ,1 6 0
9 ,3 1 7
2 4 ,7 6 4
R O A D . — O p e r a t e s 4 0 m ile s o f t r a c k fr o m C le v e la n d t o C h a r d o n . B u r t o n
a n d M td d le fle ld . O h io .
S ta n d a rd g a u g e .
6 0 - lb . T r a ils .
O F F I C E R S .— P r e s .. H . P . M c l o t o s h ; V .- P ., H o r a t io F o r d ; S e c . a n d
G o n . M g r .. R o b t . D . B e a t t y : T r e a s .. O . A . T a y lo r .
O ffic e , 7 0 8 B e lm o n t
v ! df d & . p ? 9 2 4 f v . l o Y p * . 4 0 L

P> ^

V> 1 0 1 , P ‘

1 6 2 7 : V>

102’ P ’ 437:

C L E V E L A N D & C H A G R IN F A L L S R Y . C O .
O R G A N I Z A T I O N . — I n c o r p o r a t e d In O h i o o n F e b . I S 1 9 1 0 t o t a k e o v e r
t h o C l o v . & C h a g . D lv . o f th o E a s t. O h io T r a c ., s o ld F e b . 5 1 9 1 0 .
R e c e i v e r . — I n J u l y 1 9 1 7 J u d g e P h i l l i p s in t h e C o m m o n P l e a s C o u r t a t
C le v e la n d a p D o in te d S e c . & G e n . M g r . R o b e r t D . B e a t t y r e c e iv e r o n a p p l i­
c a t i o n o f t h e G u a r d i a n S a v i n g s Sc T r u s t G o . , C l e v e l a n d , O . , m t g e . t r u s t e e .
1 h e t r u s te e c la im e d t h a t th o r o a d w a s u n a b le t o p a y a ju d g m o n t o f * 5 0 .0 0 0
a w a r d e d t o a M r s . S t r o u p fo r d a m a g e s r e c e iv e d o n J u ly 19 1 9 1 5 w h e n h e r
a u t o m o b ile w a s s tr u c k b y o n e o f th e c o m p a n y ’s c a r s .
J a n - 1 9 1 8 c a p it a l s t o c k w a s r e d u c e d fr o m * 3 0 0 ,0 0 0 (p a r $ 1 0 0 ) t o
* 3 0 ,0 0 0 (p a r * 1 0 ) .
STO C K A N D B O N D S—
D a te .
In terest.
S t o c k , * 3 0 , 0 0 0 ( $ 1 0 ) ...................................................................

O u tsta n d in g .
$ 2 5 ,0 0 0

M a tu rity .
__

1910
8 g J -J
2 5 1 .9 0 0 J a n
11930
0 0 0 g ($ 1 0 0 & $ 5 0 0 ) — c * l l n t . a t G u a r d ia n S a v . S
cT r . C o ., C le v ., T ru s .
B on d s. — S u b j . t o c a l l a n y o r a l l o n a n y i n t . d a t e a t 102 X a n d I n t . ; * 4 8 , 1 0 0
a r e In t r e a s u r y .
E A R N I N G S .— F o r c a le n d a r y e a r s :
ir » X ? a r —
G ross. N e t {a ft. T a x es ).
In t.
S u r p lu s .
} 9 } g .................................... ............................$ 9 5 , 5 6 8
$ 2 3 ,2 9 2
* 1 5 ,1 1 4
$ 8 ,1 7 8
1 9 1 7 - - - - - - - - --------------------------- - - - - 8 5 . 4 1 1
1 6 ,4 8 4
1 5 ,1 1 4
1 ,3 7 0
R O A D . — O p e r a t e s 1 2 .0 1 m ile s o f li n e b e t w e e n C l e v e l a n d a n d C h a g r i n
F a ll* .
S ta n d a rd g a u g e .
6 0 a n d 7 0 - lb . 3’ r a il.
O F F I C E R S . — R e c e i v e r Sc G e n . M g r . , R o b e r t D . B e a t t y : P r e s . , I I P .
M c I n t o s h ; V .- P . , H o r a t io F o r d ; S e c . & T r e a s ., C . A . T a y l o r .— V . 9 9 p .
1909; V . 105, p . 715.
LAK E

SH O RE

E L E C T R IC

R ~

O R G A N I Z A T I O N .— T h e L a k e S h o r e E le c tr ic R y . w as I n c o r p o r a t e d o n
. Pj V ? 5 1 9 0 1 u n d e r l a w s o f O h i o a s a c o n s o l i d a t i o n o f t h o L o r a i n & C l e v e ­
la n d R y . , t h o S a n d u s k y & I n t e r u r b a n R y . , t h e S a n d u s k y N o r w a lk & S o u t h ­
ern R y . a n d th o T o le d o F re m o n t A N o r w a lk R R .
V . 73, p 784.
A bout
h a l f t h e r o a d is b u i l t o n p r i v a t e r i g h t o f w a y .
In N o v . 1917 th e c it y o f
a n e w f r a n c h is e t o t h e c o . a n d its s u b s i d i a r y , t h e L o r a iu
S t . R R . . w h ic h w a s r e je c t e d o n t h o g r o u n d t h a t t h e fa r e r a t e o f s ix t ic k e t s
f o r 2 5 c e n t s is I n s u f f i c i e n t f o r p r o f i t a b l e o p e r a t i o n .
O n M a r . 22 1918 th e
L o r a in S t. U R . o b t a in e d a n e w 2 5 -y e a r fr a n c h is e w h ic h p r o v id e s fo r a
s t r a ig h t 5 -c c n t fa r e , a n d o n M a r . 2 7 1 9 1 8 a 2 5 -y e a r fr a n c h is e w a s g r a n t e d
t o th o L a k o S h o r e E le c . R y .
C o n t r o l s t h e L o r a i n S t r e e t R R . a n d t h e S a n d u s k y F r e m o n t Sc S o u t h e r n
R y . w h ic h s e e b e lo w .
A l s o c o n t r o l s t h e P e o p l e 's L i g h t Sc P o w e r C o . a n d
t h e B e llo v u o I llu m in a t in g & P o w e r C o .
O n A u g . 1 1918 p u rch a sed 5 0 %
o f t h o c a p it a l s t o c k o f th e O h io S t a t e P o w e r C o .
( T h o o t h e r 5 0 % is o w n e d
b y t h o A m o r . G a s Sc E l e c . C o . o f N . Y . )
In 1907 m a d e c o n t r a c t t o s u p p ly
p o w e r t o th o T o le d o F ln d la y A F o s to r ia a n d s e v e r a l o th o r r o a d s . V .8 5 .p . 1 6 4 6 .
In 1 9 1 0 c h a r te r w a s a m e n d e d s o as t o tr a n s fo r m th e th e n e x is tin g 5% "
AM71J ! r e £ - " t o o l f o f $ 3 , 0 0 0 , 0 0 0 I n t o * 1 . 0 0 0 . 0 0 0 6 % c u m . 1 s t p r e f . a n d $ 2 . ­
0 0 0 ,0 0 0 5 % n o n -c u m
2 d p r e f. s t o c k ; V . 9 0 , p . 6 9 8 .
A t t h e s a m e t im e
a c c u m u la t e d d iv i d e n d s o n th e o ld p r e f . s t o c k ( p a r t o f w h ic h h a d b e e n
Iss u e d la t e r t h a n t h e r e s t) w e r e a d ju s t e d .
V . 9 0 . p . 1 1 7 0 , 1 2 9 6 : V . 9 1 , p .7 9 0 .
In J a n . 1 9 1 5 t h o a r t ic l e s o f I n c o r p o r a t i o n w e r e a m e n d e d t o e n a b l e t h e c o m ­
p a n y t o s e ll a n d d i s t r i b u t e e l e c t r i c i t y f o r l i g h t , h e a t a n d o t h e r p u r p o s e s
In c e r t a i n l o c a l i t i e s .
v
v
T h e O h io U t ilit ie s C o r a t n . h a s f r o m t im e t o t im e a u t h o r iz e d t h e c o m p a n y
t o s e ll a d d i t i o n a l g e n . m t g e . b o n d s , a g g r e g a t i n g $ 1 2 8 ,0 0 0 . w h ic h h a v e
b e e n I s s u e d a n d a r o h e l d In t r e a s u r y .
O n F e b . 10 1 9 1 5 In cre a se d a u th o r iz e d
a m o u n t o f 1st p r e f s t o c k fr o m * 1 .0 0 0 .0 0 0 to $ 1 .5 0 0 .0 0 0 .
F a r e I n c r e a s e .— I n J u ly 1 9 1 8 w a s a u t h o r iz e d b y t h e O h io P . U . C o m m
to
in c r e a s e t h o m ile a g e c h a r g e , e ffe c t iv e A u g . 1 1 9 1 8 .
V . 107, p . 402
’
STO CK AN D B O N D S—
D a te.
In terest.
O u tsta n d in g .
M a tu rity .
C o m m o n . $ 1 , 5 0 0 , 0 0 0 ( p a r $ 1 0 0 ) ..........
............
..................... _ _
$ 1 ,5 0 0 ,0 0 0
1 s t p f $ 1 . 5 0 0 . 0 0 0 ( $ l ( K ) ) 6 % c u m _____
Q J
1 .0 9 0 .0 0 0
See te x t
2 d p f $ 2 . 0 0 0 . 0 0 0 ( $ 1 0 0 ) 5 % n - c ............................................
2 .0 0 0 .0 0 0 N o d lv . y e t .
F ir s t c o n s m t g e , $ 4 ,0 0 0 ,0 0 0 ? 1 9 0 3
5 g J J
1 .6 9 0 .0 0 0 J a n
1 1923
( $ 1 , 0 0 0 ) . g o l d --------------- c * t f | I n t . a t C i t i z e n s ’ S a v . A T r . C o . . C l e v e l a n d
_
.
I
T r u s te e , o r T r u s t C o ., o f A m e r ic a . N . Y
G en eral
m tg e.
$ 7 ,0 0 0 ,0 0 0 ( 1903
5 g F -A
2 .2 5 5 ,0 0 0 F e b
11933
( $ 1 , 0 0 0 ) , g o l d .................. c * t f I n t . a t C i t i z e n s ' S a v . A T r . C o . , C l e v e l a n d
T r u s t e e , o r c o m p a n y ' s a g e n c y In N . Y
"
L o r a in A C le v e la n d 1 s t. g o ld
1897
5 g J -J
, 7 5 0 ,0 0 0 J u ly 1 1 9 2 7
( $ 1 , 0 0 0 ) . $ 1 . 0 0 0 . 0 0 0 _____ t f
lu t e r o s t a t C itiz e n s
Sav. A
T ru st C o .,
C l e v e l a n d , o r c o m p a n y ' s a g e n c y In N . y !
T F A N 1st M $ 1 ,5 0 0 ,0 0 0 g
1990 _ 5 g Jvj
1 .5 0 9 .0 0 0 J a n
11920
g u a r ( $ 5 0 0 . $ 1 ,0 9 0 ) . . c * t f U n t . a t U n io n T r u s t C o . . D e t r o it . T r u s t s
° a/
c e r t if ic a t e s , J 1917
6 J -J
1 5 8 .4 0 0 S e e t e x t
$ 1 7 6 , 0 0 0 - - - . . . ........................... \ G u a r d i a n S a v i n g s A T r u s t C o . , C l e v . , t r u s t .
B on d s.
O f t h o $ 1 ,0 9 0 ,0 0 0 fir s t c o n s o ls . $ 2 ,2 5 0 ,0 0 0 a r e r e s e r v e d t o r e t ir e
p r i o r I le u s ; * 6 0 . 0 0 0 h a v e b e e n c a n c e l e d ; $ 4 , 0 0 0 , 0 0 0 o f ( h e g e n e r a l m o r t g a g e
2 ,.R5r /S!?.n S9 “ c e r e s e r v e d t o r e t i r e t h e firs t- c o n s o l s a n d * 7 ) 5 , 0 0 0 ( o f w h i c h
* 4 2 8 , 0 0 0 h a v e b o o n c e r t i f i e d b y t h e t r u s t e e a n d a r e In t r e a s u r y ) f o r e x t e n ­
s io n s a n d I m p t s . a t 8 0 % o f c o s t .
N e i t h e r I s s u e Is s u b j . t o c a l l
A sin k in o
fu n d fo r th o fir s t c o n s o ls , c o m m e n c e d J a n . 1 1 9 0 9 , r e tir in g * 1 0 0 0 0 n er
a n n u m u n til 1 9 1 4 ; fr o m 1 9 2 0 to 1 9 2 2 . in c l ., * 3 0 ,0 0 0 b o n d s p e r a n n u m a r e t o
b e c a n c e le d .
T h e L . A C . b o n d s a r e c a lla b le s in c e J u ly 1 19 1 7 a t p a r a n d
In t.
T h e T . F . A N . b o n d s c a n b e c a lle d a t 1 1 0 a n d in t . o n a n y I n t. d a t e
u p o n 9 0 d a y s n o tic e .
A s in k in g fu n d o n t h e T . F . A N . b o n d s o f * 1 0 0 0 0
p e r a n n u m c o m m e n c e d In 1 9 0 5 a n d r u n s t o 1 9 0 9 , i n c l . ; f r o m 1 9 1 0 t o 1 9 1 4
8 2 0 ,0 0 0
p e r a n n .; 1 9 1 5 t o 1 9 1 9 , $ 3 9 ,0 0 0 p e r a n n .; * 3 2 5 .5 0 0 b o n d s w e r e 1h e ld

M g r., W . II. Douglas; Troas., E . V. Hale; Sec., Fred S. Borton; Asst Sec'
and T roas., John P. W itt, Cleveland. O .— V. 102. p. 885 1 8 1 F V 104
p. 1489; V. 106, p. 2010; V. 107. p. 82, 401, 1191.
’
(1)
C l e v e l a n d P a l n c s v l l l e & A s h t a b u l a R R . — A trolley road
En­
n^ in g f.u n r ,M a ,r - 1 1 9 1 9 T h 0 c a r tr u s t c e r tific a te s o f 1917 m a tu r e
tirely over private right o f way, except through some o f tho villages whore *Ln.TSl51
1 7 ,6 0 0 e a c h J u ly 1.
f r a n c h i s e s expire In 1927.
M e n .— T h e T . F . A N . b o n d s a r e a f i r s t l i e n o n t h e d i v i s i o n b e t w e e n
D e f a u l t — C o m m i t t e e . — Jan. 1 1917 and subsequent intorast Is In default
T o l e d o a n d N o r w a l k ; t h e L . A O . b o n d s a r e a f i r s t li o n o n t h e r o a d b e t w e e n
T he following com m ltteo Is asking deposits o f bonds with the Cleveland C
Trust C o.: A . G . Tam e, H. D . Mosslcfc and J. A. Houso, all o f Cleveland- l i nl eevs e al anndd aal snod a L soer caoi nn :d amn dt g et h. eo n1 s tt h ce o nd isvoils, i obnosn dnso tae d f i ra sbt o vl iee .n o n a l l o t h e r
S ec.. E. E. Newm an, care o f Cleveland Trust C o .. C love. V. 104 n our '
D i v i d e n d s .— I n i t i a l d l v . o n 1 s t p r e f . . I X % .
p a id O c t . 1 1 9 1 0 ; s a m e
O R G A N IZ A T IO N .— Incorporated In Ohio In 1902.
’
° '
a m o u n t q u a r t e r ly t o a n d in c lu d in g A p r il 1 9 1 5 .
J u ly 191 5 d iv id e n d o m it t e d
F a r e I n c r e a s e . — In July 1918 was authorized b y tho Ohio P. U. C om m to
(V . 101. p . 4 7 ).
N o n e s in c e .
Increaso the mileage charge, effective A ug. 1 1918. V. 107, p. 401.
R E P O R T .— F o r y e a r s o n d ln g D e c . 3 1 . e x c lu d in g L o r a in S t r e e t R R
STOCK AND BON DS—
D a le.
In ter es t.
O u tsta n d in g .
M a tu rity
u s k y t r e m o n t A S o u th o rn R y . a n d lig h t a n d p o w e r c o m p a n ie s .
S tock. $1,000,000 ($100)..........................................
$1,000,000 _ y u l u r u j - SY ae na dr —
G ross.
N e t t a ft . T a x .)
O th .I n c . '
I n ter es t.
S u r p lu s .
First mortgage $1,000.0001 1902
5 g J-J
1,000,000 July 1 1922 1 9 1 7 ................ $ 1 , 4 1 9 , 7 5 0
............. ..
$ 3 3 4 ,5 7 7
$ 4 6 5 ,0 2 6
$ 1 3 0 ,4 4 9
gold ($1,000)............c* c p t ) Int. at Cleveland Trust C o .. C love,, Trustee
1 9 1 6 ................ 1 , 2 5 2 , 2 3 4
4 4 8 ,6 3 4
$ 2 5 ,0 0 0
3 3 9 ,8 9 8
1 3 3 ,7 3 2
B o n d s . — N o sinking fund and bonds cannot bo called. See V. 75 p 549 '
1 9 1 5 ................ 1 , 0 9 7 , 0 4 2
3 7 7 ,9 8 2
2 5 .0 0 0
3 3 6 ,4 4 4




6 6 ,5 3

i

(Vol . 108.

ELECTRIC RAILWAYS

34

L a t e s t E a r n i n g s o f E n t i r e S y s t e m .— F o r c a l . y e a r s :
12
M o n th s—
G ross.
N e t, a ft. T a x.
In ter es t.
B a t ., S u r .
1 9 1 8 . - ......................................... $ 2 , 1 8 9 , 3 2 5
$ 5 9 0 ,2 4 2
$ 4 3 2 ,8 6 1
$ 1 6 3 ,3 8 1
1 9 1 7 . ............................................. 1 , 7 8 6 . 0 1 2
5 7 5 ,3 2 1
4 2 1 ,3 3 3
1 5 3 ,9 8 8
P a s s e n g e r s c a r r ie d in 1 9 1 7 , 6 ,2 4 1 ,3 5 0 ; in 1 9 1 6 , 5 , 7 6 8 ,8 9 9 .
E a r n in g s f o r 1 9 1 7 o f t h o P e o p le ’s L t . & P o w . C o . w e r e : G r a s s , $ 1 7 ,9 9 1 ;
n e t , a f t o r t a x e s , $ 5 , 0 2 3 ; a n d o f t h e B e l l e v u o 111. & P o w . C o . , g r o s s , $ 3 0 , 9 3 9 ,
n e t , a ft e r t a x e s , $ 1 0 ,2 6 1 .
R O A D . — O p e r a t e s 1 7 0 .1 3 m il e s , e x t e n d in g f r o m C l e v e l a n d t o T o l e d o a n d
S a n d u s k y , a n d f r o m S a n d u s k y t o N o r w a l k ; a ls o c i t y lin e s in S a n d u s k y ;
s ta n d a r d g a u g e ; 7 0 to 1 0 0 -lb . r a ils .
T h r o u g h lin e fr o m C le v . t o T o l e d o w a s
o p e n e d fo r b u s in e s s a b o u t A u g . 2 6 1 9 0 2 .
In a d d it io n o w n s t h e S a n d u s k y
F r e m o n t & S o u t h e r n , 2 0 m ile s , a n d t h e L o r a in S t r e e t H R . , 3 1 .7 7 m il e s ,
m a k in g a t o t a l o f 2 1 6 .7 7 m ile s .
114 p a ssen ger. 7 b a g g a g e , 52 w ork a n d
fr e ig h t c a r s .
T o ta l, 173.
O F F I C E R S .— P r e s ., E . W . M o o r e , C le v e la n d a n d N . Y . ; V .- P s ., F . I I .
G o f f a n d A . L o w e n th a l. C le v e la n d : V .- P . a n d G e n . M g r ., F . W . C o o n .
S a n d u s k y , O .; S e c . & T r e a s ., J n o . P . W i t t , C le v e la n d .— V . 1 0 4 , P - 1 2 6 3 .
1895, 2118; V . 105, p . 2184, 2543; V . 106, p . 2116. 2345, V . 107, p . 402.
(1 ) L o r a i n S t r e e t R a i l r o a d C o — A tr o lle y r o a d .
O R G A N I Z A T I O N . — I n c o r p o r a t e d I n O h i o o n A u g . 3 1 9 0 6 a n d Is a c o n
s o lld a t lo n o f th e L o r a in S t . R a ilw a y a n d th e A v o n B e a c h & S o u th e r n R R
E n tir e s t o c k o w n e d b y th e L a k e S h o re E le c . R y .
O p e ra te s o n p r iv a to
r ig h t - o f - w a y e x c e p t th r e e m ile s in L o r a in a n d E ly r ia , o n w h ic h fr a n c h is e s
u n u n til M a r c h
1943.
STO C K A N D B O N D S—
D a te .
In ter es t.
O u tsta n d in g .
M a tu rity .
r---------T ' l o o h
S t o c k $ 2 , 5 0 0 , 0 0 0 ( $ 1 0 0 ) ......................................... - - - - - L o r a in S t R R n o t e s ($ 1 ,0 0 0 ,1 1 9 1 5
6 Q -J
. 2 0 0 .0 0 0 J a n 1 1 9 2 0
$ 5 0 0 a n d $ 1 0 0 ) - - ..................... / I n t . a t C i t i z e n s S a v . & T r . C o . . C I o v . , T r u s ^
L o r a in S t R y 1st M $ 7 5 0 ,0 0 0 ( 1 8 9 9 5 g M - N
5 5 0 .0 0 0 N o v 1 1 9 4 9
g o l d ( $ 1 , 0 0 0 ) .................... c * . t f / I n t . a t G u a r a n t y T r u s t C o . , N . Y . , T r u s t e e
F ir s t c o n s o l m t g o $ 2 ,0 0 0 ,0 0 0 / 1 9 0 0
5 g J -J
^ S ee t e x t J u ly 1 1936
g o l d g u a r 3 1 , 0 0 0 ) _____ c * . t f ( I n t . a t C i t i z e n s S a v . & T r u s t C o . . C l e v e l a n d .
(
T r u s t e e , o r A g e n c y In N e w Y o r k .
B o n d s .— O f t h o $ 2 , 0 0 0 , 0 0 0 C o n s , b o n d s , $ 7 5 0 , 0 0 0 a r e r e s e r v e d f o r p r i o r
H en s a n d $ 7 5 0 ,0 0 0 fo r e x t e n s io n s . & c .
T h e y a re g u a r ., p rtn . a n d ln t ., b y
e n d o r s e m e n t b y th o L a k e S h o r e E le c t r ic R y .
T h o n o te s a re se cu re d b y
$ 2 0 0 ,0 0 0 L o r a in S t . R y . c o n s o l m t g e . 5 s (n o w a f ir s t lie n ) a n d $ 1 0 0 ,0 0 0 fir s t
c o n s o l. 5s o r 190 6 .
T h e y a r e g u a r . , p . & 1. ( o n d . ) b y t h o L a k e S h o r e E l e c
R y . a n d a r e c a ll a b le a t p a r a n d In t. o n a n y In t. d a t e o n 15 d a y s
n o t lc o .
C o n v . I n t o 1 s t M . 5 s u p o n a b a s i s o f 9 2 5 -$ . o r u p o n a d j u s t m e n t o f d i s c o u n t
a n d In terest.
T h e n o t e s w o r e Iss u e d t o r e t ir e $ 2 0 0 ,0 0 0 L o r a in S t . R y . 6 %
b on d s d u e Jan . 1 1915.
T h e y f e ll d u e o r i g l u a l l y in 1 9 1 8 b u t w o r e e x t e n d e d
fo r 2 y e a rs .
R E P O R T .— F o r c a le n d a r y e a rs :
„
„
_
,
C a l. Y r s — G r o s s l n c .
E xp . & T ax. N et E a rn s.
I n t.P a id .
S u r p lu s .
$ 1 9 9 ,6 2 8
$ 8 9 ,3 5 3
$ 5 7 ,1 0 8
$ 3 2 ,2 4 4
1 9 1 8 - ................ - - $ 2 8 8 , 9 8 0
1 9 1 7 ....................2 1 8 , 7 1 6
1 4 9 ,4 1 5
b 9 ,3 0 0
5 4 ,5 0 5
1 4 ,7 9 o
P a s s e n g e r s c a r r i e d i n 1 9 1 7 , 3 , 7 1 1 , 3 6 8 ; In 1 9 1 6 , 3 , 5 6 3 , 8 2 9 .
R O A D . — O p e r a t e s 2 4 .7 7 m ile s o f t r a c k b e t w e e n E l y r i a . L o r a in a n d
B each P ark .
S ta n d a rd g a u g e .
24 cars.
V . 105, p . 2184, 2543.
(2 ) T h o S a n d u s k
O R G A N IZ A T IO N
&a p a r t o f m a i n l i n e
T o le d o .
L a k e S h ore

y F rem on t & S o u th e rn
R y.
.— In c o r p o r a te d
in O h i o In A p r i l 1 9 0 6 .
Is o p e ra te d
o f L a k e S h o r e E le c t r ic R y . b e tw e e n C le v e la n d a n d
E le c . R y . o w n s e n tir e s t o c k .
P r iv a t e r ig h t o f w a y .

STO C K A N D BON DS—
D a te .
In ter es t.
O u tsta n d in g .
M a tu rity
S t o c k . $ 2 , 0 0 0 , 0 0 0 ..............................— O w n e d b y t h e L a k e S h o r e E l e c t r i c R y . —
F ir s t m o r t g a g e . $ 2 ,0 0 0 ,0 0 0 ,/ 1 9 0 6
5 g J -J
$ 6 4 5 ,0 0 0 J u ly 1 1 9 3 6
g o ld ( $ 1 ,0 0 0 ). g u a r - . . c * t f { I n t . a t C itiz e n s S a v . & T r u s t C o ., C le v e ..
I
T r u s t e e , o r a t A g e n c y In N e w Y o r k .
B o n d s .— A r e g u a r a n t e e d , p r l n . a n d i n t . , b y e n d o r s e m e n t , b y t h e L a k e
S h o r e E le c . R y .; n o t s u b je c t t o c a ll.
See V . 8 3 , p . 1099.
R E P O R T .— F o r c a le n d a r y e a r s :
. . .
„ ,
C a len d a r
G ross
E xp en ses an d
N et
In terest
B a la n c e .
Y ea r—
In com e.
T axes.
E a r n in g s .
P a id .
D e fic it
1918
...............$ 1 1 1 , 0 7 1
$ 9 3 ,8 7 7
$ 1 7 ,1 9 3
$ 3 2 ,2 5 0
d e f.$ 1 5 ,0 5 7
9 8 ,6 1 5
7 2 ,9 0 6
2 5 ,7 0 9
3 2 ,2 5 0
6 ,5 4 1
1 9 1 7 ...................
1 9 1 6 ...................
9 2 ,7 1 6
6 1 ,3 9 4
3 1 ,3 2 2
3 2 ,2 5 0
928
P a s s e n g e r s c a r r i e d in 1 9 1 7 , 3 4 5 . 0 8 0 : in 1 9 1 6 , 3 3 7 , 6 0 2 .
R O A D . — O p e r a t e s a lin e f r o m S a t id u s k y t o F r e m o n t , 2 0 m il e s .
14 c a r s .
— V . 8 3 . p . 97. 1099.
_
C L IN T O N ,

IO W A .

C L IN T O N S T R E E T R Y .
O R G A N I Z A T I O N . — I n c o r p . In I o w a F o b . 4 1 8 9 1 .
U n d e r it s c h a r t e r
t h o c o . Is a u t h . t o c o n d u c t a s t r e e t r a i l w a y , l i g h t , p o w o r a n d h e a t i n g b u s i ­
n ess.
F r a n c h i s e c o v e r i n g m a i n s t r e e t o f t h e c i t y is p o r p e t u a l ; o t h e r s
e x p ir e 1 9 3 5 a n d 1 9 3 8 .
STO C K A N D BO N D S—
D a te .
I n ter es t.
O u tsta n d in g .
M a tu rity .
S t o c k $ 1 0 0 0 . 0 0 0 ( $ 1 0 0 ) .....................................................
$ 5 9 6 ,6 0 0 S e e t e x t .
F ir s t m o r t a g e $ 4 0 0 ,0 0 0 g o ld \ 1 9 0 6
5 g A -O
# a
4 0 0 ,0 0 0 M a r 31 1 9 2 6
($ 1 0 0 0 )
- - _______ c * | I n t . a t I l l i n o i s T r . <& S a v . B k . , C h i c . , T r u s t e e
B o n d s .— C a l l a b l e a t 1 0 5 a n d i n t . o n a n y l n t . d a t e o n 9 0 d a y s ’ n o t i c e . A
s u p p le m e n t a l m o r t g a g e p r o v id e s t h a t b e g in n in g A p r il 1 1 9 1 8 a fu n d o f 2 %
o f t h e b o n d s o u t s t a n d in g o r r o tlr o d b y th is fu n d b e e s t a b lis h e d t o b e u s e d
fo r r o n e w a ls , b e t t e r m e n t s , & c ., o r fo r t h o p u r c h a s e o f b o n d s u p t o 1 0 5
a n d In te re st.
V . 104, p. 862.
_ _ ,
D i v i d e n d s .— P a i d 6 % d i v i d e n d s f r o m 1 9 0 7 t o 1 9 1 3 . i n c l . ( o x c o p t 5 % in
1 9 1 2 ).
In 1 9 1 3 th e s t o c k h o ld e r s a d v a n c e d a s u b s ta n tia l s u m fo r c o n s t r u c ­
t io n , & c ., a n d w a iv o d d iv id e n d s w h ilo t h is s u m w a s b e in g p a id o u t o f e a rn ln g E A R N l N °G S ^ F o r - y c a r * 'e n d i n g D e c . 3 1 1 9 1 8 , g r o s s , $ 1 8 3 , 6 9 8 ; n e t , a f t e r
t a x e s , $ 6 7 ,4 3 8 .
I n 1 9 1 7 , g r o s s , $ 1 8 2 ,4 1 5 ; n e t , a ft e r t a x e s , $ 7 0 ,2 3 6 .
R O A D , & c . — A b o u t 16 m ile s o f s in g le t r a c k e q u iv a le n t a n d 3 2 s in g le t r u c k
cars.
C u r r o n t Is p u r c h a s e d f r o m t h o C l i n t o n G a s & E l e c t r i c C o .
In te r­
u rb a n ca rs fro m D a v e n p o r t en ter t o ce n tre o f c it y o v o r th o c o m p a n y s
tra ck s u n d e r t r a ffic a g re e m e n t.
„
_
,
„
.
,
O F F I C E R S .— P r o s .. O . I I. Y o u n g ; V .- P ., R . O . L a n g a n ; S e c ., A . L .
S c h u y le r ; T r e a s ., C . O .C o a n ; G e n . M g r ., B e r n a r d B o h n s e n .
V . I 0 4 .P .8 6 2 .
O O F F E Y V IL L E ,

K A N .

T H E U N IO N T R A C T I O N C O .
o
t
no
.
rjr
.
„
„
O R G A N I Z A T I O N . — I n c o r p o r a t e d S e p t . 2 8 1 9 0 6 In K a n s a s .
In D e c .
1 9 1 6 w a s g r a n t e d a p o r m l t t o d o b u s in e s s In O k l a h o m a ,
tr a n c h ls e s e x p ir e
1957.
R o a d is o n p r i v a t e r i g h t o f w a y e x c e p t in O o f f e y v i l l e , I n d e p e n d e n c e ,
C h e r r y v a le a n d P a r s o n s .
.
,
,
- „
„
.
.
F a r e I n c r e a s e .— I n S e p t . 1 9 1 8 w a s a u t h . b y t h e I . - S . C . C o m m , t o
in ­
c r e a s e fa r e s b e tw e e n P a r s o n s a n d C o f f e y v lllo , a n d N o w a t a , O k la ., a n d
I n te r m e d ia te p o in t s t o n o t t o e x c e e d 2 .6 c e n t s p e r m ile .
V . 107, p . 1194.
8TO O K A N D BO N D S—
D a te .
In ter es t.
O u tsta n d in g .
M a tu rity
$ 5 0 0 ,0 0 0
See te x t.
S t o c k . $ 5 0 0 ,0 0 0 ,0 0 0
Jan l 1937
F ir s t m t g e , $ 1 ,0 0 0 ,0 0 0 , g o l d / 1 9 0 7
-5 J-J
_ 9 5 7^
( $ 1 ,0 0 0 ) , s in k in g f u n d . , t f ( W a r r e n ( P a .) T r u s t C o . , T r u s t e e .
_____
S e c o n d m o r t g a g e _______________t i 1 9 1 1
6 A -O
1 0 0 ,0 0 0
O c t 1 1921
B o n d s . — 1s t M . b o n d s a r e r e d . a n n . b y l o t a t 1 0 5 a n d I n t e r o s t s i n c o J a n .
1 9 1 2 , t h r o u g h s . f . ; $ 4 3 ,0 0 0 h a v e b e e n r e t ir e d .
3 . f . o f 1 0 % o f n o t e a r n in g s
a n n u a l l y b e g a n In 1 9 1 1 .
I n t. a t N a t . C it y B k .. N . Y .; C o m m e r c ia N a t .
B a n k , C h i c . , a n d T r a d e s m e n ’s N a t . B a n k , P h l l a .
S o e V . 8 8 . p . 1003^
D iv id e n d s .— A d i v . o f 6 % w a s p a id d u r in g t h e f is c a l y e a r e n d . J u n e 3 0 1 3 .
E A R N I N G S .— F o r y e a r e n d in g D e c . 3 1 1 9 1 7 , g r o s s , $ 3 8 2 ,0 5 9 ; n e t , a ft e r
t a x e s , $ 1 0 0 ,0 3 4 ; in t . o n b o n d s , A c . , $ 7 3 ,9 0 5 ; s u r p lu s , $ 2 6 ,1 2 9 .
R O A D . — O p e r a t e s 6 7 m ile s o f r o a d , o f w h ic h 9> $ in . in O o f f e y v i l l e , 7
m ile s In I n d e p e n d e n c e a n d 5 0 > $ m ile s o f I n t e r u r b a n r o a d b e t w e e n C o f f o y v ilio , I n d e p e n d e n c e , C h e r r y v a lo a n d P a r s o n s .
7 0 -lb . T r a ils .
P u rch ases
p o w e r fr o m th e K a n s a s G a s & E le c . C o .
_
.
,
O F F I C E R S .— P r e s ., D
I I . S ig g ln s , W a r r e n , P a .: S e c .. T I. A . S lg g ln s ;
T r e a s ., S a ra Q . S m it h .— V . 1 0 5 . p . 2 5 4 4 ; V . 1 0 7 , p . 1 1 9 4 , 2 3 7 7 .
C O L O R A D O

S P R IN G S ,

C O L .

COLORADO SPRINQS & INTERURBAN RY.
O R G A N I Z A T I O N — I n c o r p o r a t e d In A u g . 1 9 0 2 a s a c o n s o l i d a t i o n o f t h e
C o lo r a d o S p r in g s R a p id T r a n s it R y . a n d th e C o lo r a d o S p r in g s & S u b u r b a n
R y.
T h e c o n s o lid a t e d c o m p a n y h a s Issu ed $ 1 ,5 0 0 ,0 0 0 s t o c k , o f w h ic h
* 5 0 0 ,0 0 0 p r e f .
B o n d s ($ 1 ,0 0 0 , 5 . M . - S . . d u e S e p t . 1 9 3 2 , C e n t r a l T r u s t C o . ,
N .
Y . , t r u s t e e ) a u t h . a n d I s s u e d . $1 5 0 0 ,0 0 0 .
E A R N I N O S . — F o r c a l. y e a r 1 9 1 8 , g r o s s , $ 3 6 7 ,4 7 6 ; n e t , a ft e r t a x e s ,
$ 9 8 ,5 0 9 .
I n 1 9 1 7 , g r o s s , $ 3 8 6 ,4 4 3 ; n e t , a ft e r t a x e s , $ 9 9 ,0 5 8 .
R O A D . — O w n s 3 8 m ile s o f t r a c k .
_
,
O F F I C E R S . — P r e s . , I ) . 11. R i c e ; V . - P . . W
L e n n o x ; S e c ., W m . L lo y d .
T r e a s ., C . S . C h a m b e r lin .— V . 7 0 . p . 7 5 , 1 7 5 , 3 2 8 .




C O L U M B IA ,
S .
C .
C O L U M B IA R A IL W A Y , G A S & E L E C T R IC C O .
O R G A N I Z A T I O N . — D o e s th e e n tir e s tr e e t r a ilw a y , e le c t r ic lig h t in g ,
p o w e r a n d g a s b u s i n e s s In C o l u m b i a , S . O . — N a m o c h a n g e d f r o m C o l u m b i a
E le c t r i c S t r e e t R v . , L ig h t & P o w e r t o th e a b o v e o n M a y 15 1 9 1 1 .
V. 92,
p . 1374.
rs a c o n s o l i d a t i o n o n J u l y 1 1 9 0 5 o f t h e C o l u m b i a E l e c t r i c S t . R y . .
L t . & P o w . C o . a n d th e C o lu m b ia W a te r P o w . C o ,
T h e flr s t -m o n t lo n e d
w a s o r g a n i z e d In S o . C a r o . J a n . 6 1 8 9 2 a n d w a s a c o n s o l i d a t i o n o f t h e C o l u m ­
b ia E le c . & S u b u r b a n R y . C o . a n d t h e C o n g a r e e G a s & E le c t r i c C o .
A c­
q u ir e d th e C o lu m b ia & E a u O la lr e E le c t r ic R y .
O w n s a ll t h e s t o c k a n d
b o n d s o f t h e C o l u m b i a G a s L i g h t C o . , w h i c h Is a l s o l e a s e d .
O p e ra te s u n d er
r ig h ts g r a n t e d b y S t a t e o f S o . C a r o , (w h ic h o w n s t h o c i t y s t r e e t s ), e x p ir in g
D o c . 16 1 9 4 1 .
G a s fr a n c h is e s g r a n te d b y S t a t e a n d c i t y fr a n c h is e s c o v e r in g
a ll d e p a r t m e n t s a r e w i t h o u t l i m i t o f t i m e .
__ _
,,
I n J u n e 1 9 1 2 a c q u i r e d P a r r S h o a ls P o w e r C o . ( s t o c k $ 2 , 0 0 0 ,0 0 0 c o m . , a ll
o w n e d , a n d $ 3 0 0 ,0 0 0 p r e f . ) , w h ic h o n M a y 3 0 1 9 1 4 p l a c o d in o p e r a t i o n Its
n e w h y d r o - e le c t r i c s t a t io n (p r e s e n t c a p a c i t y 1 8 ,0 0 0 h . p . ; u lt i m a t e c a p a c it y
3 0 ,0 0 0
h .p .) o n t h e B r o a d R iv e r , n e a r A ls t o u , 8 . C . , 2 7 H m ile s n o r t h w e s t
o f C o lu m b i a , s u p p ly in g th e r e q u ir e m e n ts o f th o c o n t r o llin g c o . ( V . 9 5 , p .
1 1 2 2 ; V . 9 8 . p . 1 5 4 . 1 8 4 4 .)
O u ts ta n d in g .
M a tu rity .
STO C K A N D B O N D S—
D a te .
In ter es t
$2 ,0 0 0 , 0 0 0 Jan’ 19.M%
C o m m o n , $ 2 , 0 0 0 , 0 0 0 ( $ 1 0 0 ) -----------------------------8 9 4 ,0 0 0 J a n T 9 . I H
P r e f . , * 1 , 0 0 0 , 0 0 0 . 6 % c u m . l --------Q -J
, ,
( $ 1 0 0 ) ................................................I
F ir s t m o r t g a g e . $ 7 , 6 0 0 , 0 0 0 , / 1 9 1 1
5 J -J
_2 . 6 8 5 , 0 0 0 J u l y 1 1 9 3 6
g o l d ( $ 1 , 0 0 0 ) - - ............... c * t f { I n t . a t c o . s o f f i c e o r a t C h e m i c a l N a t . B k . ,
In . Y . C o lu m b ia T r u s t C o ., N . Y . , T r u s te o .
P a r r S h o a l s P p f d s t k $ 3 0 0 , 0 0 0 -------7%
3 0 0 ,0 0 0
- - - - - - - ­
P a r r S h o a ls P 1st m t g e . $ 3 . - / 1 9 1 2
5 g A -O
3 ,0 0 0 ,0 0 0
A p r 1 1952
0 0 0 ,0 0 0 ( $ 1 ,0 0 0 ) , g o l d c * t f ( C o lu m b i a T r u s t C o . . T r u s t e e .
6%
1 0 0 .0 0 0
J a n . I 1919
O o l C a n a l C o m t g , * 2 0 0 . 0 0 0 t f _____
B o n d s .— O f t h e o u t s t a n d i n g f ir s t m t g e . b o n d s o f 1 9 1 1 . $ 6 0 ,0 0 0 a r e d e p o s i­
ted t o g u a r . ln t . o n C a n a l C o . 6 s .
O f u n is s u e d b o n d s , $ 2 0 0 ,0 0 0 a r e r e s e r v e d
t o r e tir e C a n a l C o . b o n d s a n d $ 4 ,4 9 7 ,0 0 0 fo r I m p r o v e m e n t s , a d d it io n s , a c ­
q u is it io n s , & c ., u n d e r c e r ta in r e s t r ic t io n s .
B o n d s a r e s u b je c t t o c a ll o n a n y
In t. d a t e a t 1 0 5 a n d ln t .
S in c e J u ly 1 1 9 1 2 a n a m o u n t e q u a l t o 1 % o f b o n d s
o u t m u s t b e e x p e n d e d fo r lm p t s ., & c ., a g a in s t w h ic h n o b o n d s m a y th e r e ­
a fte r b e I s s u e d , a n d s in c e D e c . 15 1 9 1 5 a fu r t h e r 1 % fo r r e t ir e m e n t o f
bon d s.
See V . 93 , p . 229.
P a rr S h o a ls P o w e r b o n d s a r e g u a r a n t e e d .
. & 1 ., b y e n d . , b y t h e C o l u m b i a R y . . G a s & E l e c . C o .
S in k in g f u n d o f
Thoy
f t' o f 1 % s e m i- a n n u a lly o f b o n d s o u t fr o m 1 9 1 8 t o J a n . I 1 9 5 2 , ln c l .
_ . j s u b j. t o c a ll a t 1 0 5 & ln t . o n 6 0 d a y s ’ n o t lc o .
I n t . p a y a b lo In N . Y .
D i v i d e n d s .— F i r s t d l v . o n p r o f . — 3 % — p a i d J u l y l 1 9 0 6 : J a n . 1 9 0 7 . 3 % .
N o n o t o J u ly 1 9 1 1 . w h e n a c c r u o d
: l v s . w o r e p a i d u p In f u l l : l ^ %
n a ld
q u a r . s in c e t o a n d in c lu d in g J a n . 1 9 1 9 .
I n itia l d l v . o n c o m m o n — A % —
p a id O c t. 1 9 1 7 .
I n 1 9 1 8 , J a n . , 'A % \ J u l y , A % \ O c t . , > 5 % .
In 1 9 1 9 ,
J a E A R f f i N G S . — F o r c a le n d a r y e a r s :
Y ear—
G ross.
* N e l.
I n te r e s t. P r e f .D i v s . C o m .D iv s . S u r p lu s .
1 9 1 8 ................. $ 1 , 5 6 2 , 1 5 2
$ 3 1 5 ,6 2 4
$ 2 3 9 ,3 2 1
$ 5 3 ,6 4 0 $ 4 0 ,0 0 0 d e f$ 1 7 ,3 3 7
1 9 1 7 ................. 1 , 1 7 6 , 6 5 8
4 2 0 ,5 5 3
1 5 9 ,0 2 5
5 1 ,7 6 8
5 ,0 0 0
2 0 4 ,7 6 0
* A ft e r d e d u c t in g o p e r a t in g e x p e n s e s , ta x e s , in t . o n P a r r S h o a ls b o n d s
a n d d i v s . o n P a r r S h o a ls p r o f , s t o c k .
„
„
R O A D . — O p e r a t e s 2 5 . 15 m i l e s o f t r a c k ; 5 0 c a r s .
O w n s 2 p o w e r p la n ts
w ith a t o t a l c a p a c i t y o f a b o u t 1 8 ,0 0 0 h . p .
______ _____
„
O F F I C E R S .— P res, a n d T r o a s .. E . W . R o b e r ts o n : 1st V .- P ., H e n ry P a r ­
s o n s ; S e c ., R . C h a r it o n W r ig h t ; G e n . M g r ., A . L . K e n y o n .— V . 1 0 1 , p .1 3 7 0 ;
V . 102, p . 975, 1060, 1625; V . 104, p . 1489; V . 106, p . 924, 929.
C O L U M B U S ,

G A .

C O L U M B U S E L E C T R IC C O .
O R G A N I Z A T I O N . — I n c o r p o r a t e d In M a i n e o n F o b . 6 1 9 0 3 a n d o w n s a l l
th e s t o c k o f th o G a s L ig h t C o . o f C o lu m b u s ; th e e n tir e c o m m o n s t o c k
a n d $ 1 2 1 ,3 0 0 o f t h o p r e f. s t o c k ( o u t o f $ 3 5 0 ,0 0 0 ) o f t h e C o lu m b u s P o w o r
C o . a n d a ll t h o s t o c k o f t h e C o l u m b u s R R . C o . ; a ls o g u a r a n t e e s t n o b o n d s
o f th o C o lu m b u s P o w e r C o . a s t o p r in c ip a l, s in k in g fu n d a n d tn to r e s t.
T h o a b o v e c o m p a n ie s d o t h e e n tir e e le c t r ic r a ilw a y a n d lig h t iu g , g a s a n d
p o w e r b u s in e s s o f C o lu m b u s a n d v i c in it y a n d t h e a d jo i n in g t o w n s o f
P h o e n ix C i t y a n d G ir a r d , a n d a w h o le s a le p o w e r b u s in e s s in C o lu m b u s ,
N e w n a n , I lo g a n s v llle , L a g r a n g e , L a n o t t o . T r im b le , G r a n t v illo , M o r o la n d
a n d W e s t P o in t .
F r a n c h is e s p e r p e t u a l .
T h e f r e i g h t lin o s a r e le a s e d t o t h e
S e a b o a r d A ir L in e R y . fo r 5 0 y o a r s f r o m O c t . 17 1901 a t a r o n ta l o f $ 7 ,5 0 0
per an n .
$ 1 1 5 , 0 0 0 p r e f . s t o c k is h e l d b y t h o P u b l i c S e r v l c o I n v e s t m e n t G o ,
In J u ly 1 9 1 7 Iss u e d $ 1 ,5 0 0 ,0 0 0 2 - y r . 6 % g o l d n o t e s a n d $ 5 0 0 ,0 0 0 C o lu m b u s
P o w e r C o . 1 st M . 5 s . t o r o t i r e $ 2 ,0 0 0 ,0 0 0 6 % c o u p , n o te s d u o J u ly 1 191 7
STO CK A N D BO N D S—
D a te .
In ter es t.
O u tsta n d in g .
M a tu rity .
C o m . $ 1 , 5 0 0 , 0 0 0 ( $ 1 0 0 ) - - - ..................................................
$ 1 ,5 0 0 ,0 0 0
................
P r e f , 6 % c u m , $ 1 , 5 0 0 . 0 0 0 ( $ 1 0 0 ) _____
J -J
1 ,2 0 0 ,0 0 0
J a n 1 9 ,3 %
1st c o ll M . $ 1 ,5 0 0 ,0 0 0 , g o l d / 1 9 0 3
5 g A -O
7 5 8 ,0 0 0 A p r il 1 1 9 3 3
( $ 1 0 0 0 ) ________________ C * n t f I I n t . a t O l d C o l o n y T r . O o . . B o s t o n , T r u s t e e .
2 -y e a r n o t e s $ 1 ,6 0 0 ,0 0 0 g o l d ! 1 9 1 7
6 g J -J
1 ,5 0 0 ,0 0 0 J u ly 1 1 9 1 9
($ 1 0 0 , $ 5 0 0 & $ l , 0 0 0 ) - . c * / l n t . a t C o m m o n w e a lt h T r . G o ., B o s t ..T r u s t .
C o lu m b u s P o w 1st M $ 4 ,0 0 0 .-/ 1 9 0 6
5 g A -O
3 ,8 0 3 ,0 0 0 A p r il 1 1936
0 0 0 g o l d g u a r .................. c * t f l l n t . a t C o m m o n w . T r . C o . , B o s t o n , t r u s t e e .
B o n d s .— T h e b o n d s o f t h e C o lu m b u s E lo c t r l c C o . a r o s u b j e c t t o c a ll a s r
w h o le a t 1 0 5 & ln t .
$ 5 3 , 0 0 0 a r e In t r e a s u r y .
A n •’ I m p r o v e m e n t f u n d ” o f
2%
p e r a n n u m o f o u t s t a n d i n g b o n d s c o m m e n c e d in 1 9 0 5 .
T h o 2 -y o a r
n o t e s a r e c a lla b le a s a w h o le o n a n y ln t . d a y o n 3 0 d a y ’s n o t ic e a t 1 0 0 a n d
In t.
V . 105, p . 817.
T h e C o lu m b u s P o w o r C o . b o n d s a ro c a lla b lo as a
w h o l e ( o r In p a r t f o r s in k i n g f u n d ) a t 1 1 0 a n d I n t . o n a n y i n t . d a y .
A
sin k in g fu n d o f 1 % o f b o n d s o u t b e g a n A p r il 1 1 9 1 2 .
$ 1 9 7 ,0 0 0 p u r c h a s e d
f o r s in k in g fu n d a n d c a n c e le d .
B o n d s a r o g u a r ., p . & i ., a n d s . f . , b y
C o lu m b u s E le c t r ic C o .
_
.
D iv id e n d s .— F ir s t d i v . o n p r o f, s t o c k , 3 % , w a s p a id J a n . 1 9 0 7 ; 3 % h a s
b e e n p a id s e m i-a n n u a lly s in c e t o a n d in c lu d in g J a n . 1 9 1 9 .
. . . .
.
P R O P E R T Y . — 2 6 .3 m ile s o f e q u iv a le n t s in g le t r a c k , o f w h ic h 5 m ile s
le a s e d t o S e a b o a r d A ir L in o fo r 5 0 y o a r s .
4 9 ca r s ; 2 s te a m lo c o m o t iv e s
(le a s e d t o S . A . L . R y . ) .
S ta n d a rd g a u g e .
C o n t r o ls h y d r o - e le c t r i c p la n ts
w it h a c a p a c i t y o f 1 8 ,9 0 0 k . w . , a n d a s t e a m p la n t o f 9 ,0 0 0 k . w . c a p a c i t y .
E A R N I N G S . — F o r 12 m o n t h s e n d i n g D o c . 3 1 :
o
,
D ec. 31
G ross
N e t, a fter
In ter es t
S in k in g A
B a la n c e .
Y ear—
E a r n in g s .
T axes.
C h a rges.
Im p t. F d s.
S u r p lu s
1 9 1 8 ............$ 1 , 1 8 1 , 4 1 3
$ 6 1 4 ,1 0 0
$ 3 4 0 ,9 4 2
$ 5 0 ,2 4 3
$ 2 1 6 ,9 1 5
1 9 1 7 ................ 1 , 0 9 6 , 0 6 6
6 7 5 ,6 0 5
3 0 8 ,7 7 0
6 0 ,3 2 6
3 1 6 ,5 0 3
O F F I C E R S . — P r e s ., H a r r y I I . H u n t ; S e c . . A l v a h K . T o d d ; T r o a s . ,
H e n r y B . S a w y e r ; G e n . M g r s ., S to n o & W e b s te r M g t . A s s n ., B o s t o n .—
V . 1 0 4 , p . 1591; V . 1 0 5 , p . 8 1 7 ; V . 100, p . 3 9 5 ; V . 1 0 /, p . 1919.
C O L U M B U S , IN D .
IN D IA N A P O L IS C O L U M B U S & S O U T H E R N T R A C T IO N C O .
L e a s e . — I n D e c . 1 9 1 2 w a s l e a s e d f o r 9 9 9 y o a r s t o t h e I n t e r - S t a t e I’ u b l l c
S e r v ic e C o . , a s u b s id ia r y o r th o M id d le W e s t U tilitie s C o . , a t a r o n t a l o f 5 %
o n t h e c a p it a l s t o c k , o r $ 9 2 ,0 0 0 a y e a r a b o v e a ll t a x e s .
V .9 5 ,p .6 S 0 .
See
I n t e r - S t a t e P u b l i c S e r v i c e C o . In V . 9 5 , p . 1 7 4 5 : V . 9 0 . p . 1 1 6 7 .
O R G A N I Z A T I O N . — F o r m e r l y t h e I n d i a n a p o l i s G r e e n w o o d & F r a n k llD
R R . , w h ic h c o m p a n y w a s i n c o r p o r a t e d in I n d i a n a in 1 8 9 5 .
N a m e ch an ged
a s a b o v e i n J a n . 1 9 0 3 . In S e p t . 1 9 1 2 i n c r e a s e d i t s a u t h . s t o c k t o $ 1 , 8 4 0 , 0 0 0 .
S T O C K A N D B O N D S .—
D a te .
In ter es t.
O u tsta n d in g .
M a tu rity .
S t o c k , $ 1 , 8 4 0 . 0 0 0 - - - .................................___________
$ 1 ,8 4 0 ,0 0 0
S ee te x t
F ir tt
m ortg a g e.
$ 1 ,0 0 0 ,0 0 0 / 1 9 0 3
5 g F -A
9 3 2 .0 0 0 F e b
11923
g o l d ( $ 1 . 0 0 0 ) ..................... c * t f ( l n t . a t C o m m e r c i a l T r u s t C o . , P h l l a . , T r u s t .
B o n d s .— C a n n o t b e c a l l e d .
$ 6 8 ,0 0 0 a r e r o s e r v e d fo r e x t o n . a n d lm p t s .
a t n o t e x c e e d in g $ 1 5 ,0 0 0 p e r m il e .
Soe V . 76. p . 654; V . 8 2 , p . 1212.
R O A D .— O p e r a t e s 6 2 .3 8 m ile s o f t r a c k b e t w e o n I n d i a n a p o l is , F r a n k lin
a n d C o lu m b u s a n d S e y m o u r , o f w h ic h 3 .8 6 m ilo s b e lo n g t o ( n d . T r a c . & T e r .
C o.
S ta n d a rd g a u g e .
6 0 -lb . T r a il.
M o s t ly p r iv a t e r ig h t -o f-w a y .
It
c o n n e c t s w ith I n d ia n a p o lis & L o u is v ille E le c . I t y .. th u s fo r m in g a th r o u g h
lin e fr o m I n d ia n a p o lis t o
I r fiu ls v illo .
.
, _
„
. _
O F F I C E R S .— P r e s .. W m . G . I r w in : V .- P . . L . I . S w o e n e y ; S e c . & T r o a s .
H u g h M il le r , a ll o f C o lu m b u s , I n d — V . 8 6 . p . 4 2 1 ; V . 9 5 . p . 6 8 0 .
C O L U M B U S ,
O H IO .
N e w M a n a g e m e n t— In J a n . 1 9 1 9 M e s s r s . E . W . C la r k & C o ., P h ll a .,
w it h d r e w f r o m t h o m a n a g e m e n t o f t h e c o . in f a v o r o f C o lu m b u s in t e r e s t s .
C O L U M B U S R A IL W A Y . P O W E R & L IG H T C O .
O R G A N I Z A T I O N . — I n c o r p . in O h i o N o v . 1 9 1 3 t o s u c c e e d t h o C o l u m ­
b u s T r a c t io n C o . (I n c o r p . D o c . 2 6 190 6 as s u c c e s s o r t o th o C e n t r a l M a r k e t
S t . R y . . s o l d u n d e r c r e d i t o r 's b i l l I n F o b . 1 9 0 6 , s u b j e c t t o t h o $ 5 0 0 , 0 0 0
b o n d s ) a n d t o o k o v e r th o C o lu m b u s R y . C o . a n d th e C o lu m b u s E d is o n C o .
a s p e r p l a n in V . 9 6 , p . 1 8 3 9 .
T h e le a s e s b e t w e e n th e s o t w o c o s . a n a th e
C o lu m b u s R y . & L t . O o . w o r e th e n c a n c e le d .
T h o C o l u m b u s L t . , l i t . Sc l .
C o . w a s a c q u i r e d In J a n . 1 9 1 5 .
S e o " E le c . R y . S e c t io n ” fo r J a n . 1 9 1 5 .

M aii ,

ELECTRIC RAILWAYS

1910.]

Owns and oporatas the city street railway system of Columbus and sub­
urban lines to Marble Cliff and Westerville, and the commercial electric light
and power systems of the city and vicinity. F r a n c h i s e s for 20 81 mile*
of railway are perpetual; others expire in 1919, 192(5 and 1912. The fran­
chises provide for 8 tickets for 25 cents and universal transfers. Two of
the light and power franchises are perpetual; others expire in 1926 and 1923.
In Juno 1917 a now franchise for 25 years was granted on the Wostorvllle line, providing for a zone system with a sliding scale of faros ranging
from 24* to 6c. por zone. Tho 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 purchaso tho Westerville lino at an increase of
10% over the actual value at time of purchaso.
V a l u a t i o n . — On Mar. 18 1918 the co. submitted tho results of its appraisal
(ordered In Juno 1915 In connection with light and power rates) to the
Ohio P. U. Comm., placing a valuation o f $7,105,809 on tho properties
used In electrical operation (except in railway and district heating). V.
106, p. 1344. In May 1918 tho engineers of tho Ohio P. U. Comm, placed
a reproductive value of only .$0,240,04(5 and a present value o f $5,725,903
upon the samo property. V. 100, p. 2345. The physical property of tho
co. (exclusive o f allowance for going value, franchises and other intangible
values) has been appraised at $20,158,680. V. 107, p. 1287.
F a r e s .— O n F e b . 2 5 1 9 1 8 t h e C i t y C o u n c il o f C o lu m b u s , O ., t u r n e d
d o w n t h e c o . ’s a p p l i c a t i o n f o r a n in c r o a s o In t i c k e t fa r e s t o 0 t ic k e t s f o r
25 con ts.
T l i o y a ls o ig n o r e d t h o c o . 's o f f e r t o s u r r e n d e r it s p r e s e n t f r a n ­
c h is e in o x c h a n g o f o r a n o w f r a n c h is e g i v i n g t o t h o c i t y c o n t r o l o f t h o s e r v i c e ,
e x t e n s io n s , im p t s . a n d b o t t e r m ’ t s , o n a s lid in g s c a le o f fa r o t h a t w o u ld p a y
th o c o s t o f s e r v ic e , s u c h c o s t t o in c lu d e a r e a s o n a b le r e tu r n o n th e in v e s t ­
m e n t.
V . 100, p . 1030.
In A u g . 1 9 1 8 th o c o . b e g a n c h a r g in g a s tr a ig h t
5 -c c n t fa r e w ith a o n e -c e n t c h a r g e f o r tr a n s fe r s .
O n O c t. 27 1 918 th o

U. S. Dist. Court held that tho co. must adhere to its franchise obligations.
V. 107, p. 1747. Tho co. has carried the case to the U. 8. Supreme Court.
V. 108, p. 77. In Jan. 1919, however, after tho change in management,
the co. went back to the old rate of 8 tickets for 25 cents, but has applied
to the City Council for auth. to charge a 5-cent cash fare with 0 tickets for
25 cents and no transfers except on cash fares. The application was filed
in the form of an amended ordinance to tho franchises. V. 108, p. 878.
Compare V. 108, p. 207.
C i t y P u r c h a s e P r o p o s a l . — On Sept. 9 1918 a resolution was introduced in
tho Columbus City Council to request the Capital Issues Committee’s
approval of a bond issue by the city, the proceeds o f which to bo used
In acquiring tho company’s properties. See V. 107, p. 1192.

In J a n . 19 1 0 $ 3 ,5 0 0 ,0 0 0 1st r e f. & e x t . s in k in g fu n d b o n d s
E . W . C l a r k & C o . , I’ h l l a . , a n d K i s s e l . K l n n l c u t t & C o . , N . Y
$ 1 ,2 0 0 ,0 0 0 n o t e s a n d $ 1 ,4 3 9 ,0 0 0 u n d e r ly in g lie n s o n t h e p o w
p r o p e r tie s , a n d p r o v id e fo r im p r o v e m e n t s , e x te n s io n s , & c .
V.

w e re s o ld t o
. , t o t a lc o u p
e r a n d lig h t
102, p . 5 2 1 .

.

In March 1917 tho Ohio P. U. Comm. auth. tho co. to issue $508,200
Series A prof, stock at par and $1,846,000 ext. Sc ref. M . 5% bonds to reim­
burse tho troasury for impts made in 1910 and for now extensions (prin­
cipally tho construction of a now central generating station, costing ap­
proximately $1,000,000, o f which tho first section was put Into operation
about Mar. I 1918). V. 101. p. 951; V. 105, p. 600.
S t r i k e . — On July 2 1918 carmen who had struck on June 30 1918 fot
higher pay and shorter hours and the reinstatement of union carmen who
had been discharged, returned to work, agreeing to submit the controversy
• to the National War Labor Hoard. V. 107, p. 82.
In July 1918 issued $3,000,000 2-year 7% notes, part o f tho proceeds
boing used to pay o ff $677,000 1-yr. notes duo Aug. 1 1918 and tho re­
mainder for impts., &c. V. 107, p. 1287.
STOCK AN1J IIO N U 3 Date. Interest. Outstanding
Maturitu.
Common. $6.080.000...................................... ..
$0,042,130 Nov '17, l 54
Prior prof stock $3,145,000---- -------4%
13,000 Apr T8, 1%
" A ” prof, $1,720,000 ...........................................
1.635,100 Apr ’ 18. 15*
“ B” pref. $4,200,000.............4,193,400
F e b ’ 18,154
1st ref Sc ext sink fd M $25,-f 1915
5 g A-O
4.500.000 Oct 1 1940
000,000 g ($1,000)— c * tfjln t. at E. W .C la rk & C o ., Phila., or offico of
I co. at Columbus. Girard Trust C o.,
[

P h ila .,

T ru stoo.

6%
2 ,7 0 0 ,0 0 0
...........................
G e n e r a l M o r t g a g e ............................................
Cent Mar 1st mtge, $500,000,1 1902
5 g J-J
325,000 Jan 1 1922
gold ($1,000)---------c*.ntf/In terest at N. Y. Trust C o., N. Y.,Trusteo.
Col St Ky 1st, $3,000,000,/
1892 5 g J-J
3.000.000 July l 1932
gold ($1,000)___- - .c * . n t f ( Int.atco.’s office& E .W . Clark Sc C o.. Phila
(Columbla-Knlck. Trust Co., N. Y ., Trustee.
Orosstown 1st mtge, gold./
1893 5 g J-D
572,000 Juno 1 1933
($1,000) $572,000 - .c * .n t f (Columbla-Knlck. Trust Co., N . Y ., Trustoo.
Col Ity 1st consol mtge, $7,-/ 1899 4 Q-J
3.132,000 Oct l 1939
000.000 ($1,000), g. c* .n tf( Interest at Union Savings Bank & Trust Co
Bonds aro redeemable since | of Cincinnati, Trustee, at E. W. Clark fi
Oct 1 1914 at 105 and lnt.1 C o., Philadelphia, or at company's offico.
2-yr secured notes gold $3,000 ,­
000 - ....................................... 1918
7%
2,125,000 July 1 1920
S t o c k . — The prior pref. 4% stock Is Issuable only In oxchango for the
$3,145,000 Columbus Ky. Co. 4% bonds and Is exchangeable any time
prior to Oct. 1 1924 Into 1st ref. and ext. sink. fd. 5% bonds on tho basis
of $850 of bonds for $1,000 o f stock. As of Jan. 1 1919 $13,000 stock had
been Issued In exchango for Columbus Ky. bonds.
B o n d s . — Of tho First Refunding and Extension sinking fund bonds,
$0,659,000 aro reserved for underlying liens, $1,175,000 aro pledged as
security for tho 2-year notes, and tho balance is reserved for improve­
ments, extensions, A c., at 85% o f cash cost or fair valuation, which­
ever Is loss, under certain restrictions. Caliablo at 105 and interest on
any interest date on 60 days’ notice. Penn. State tax refunded on 00 day’s
notice. S i n k i n g f u n d of 1% per annum o f bonds outstanding begins
Oct. 1 1920. Tho $2,700,000 gen. Mtgo. 0s aro pledged as collateral under
tho 2-year notos duo July 1 1920. Central Market bonds aro redeemable at
any time at 110 & int. on 60 days' notice. S i n k i n g f u n d of 5% of gross earn­
ings bogan in 1907. $175,000 held in sinking fund. The Crosstown St. Ky.
mtgo. was for $2,000,000 but was closed at $572,000. Int. payable as
Columbus and E. W. Clark & C o., Phila. Columbus Ry. Co. mtgo. has
boon closod. $3,428,000 bonds woro issued thereundor, of which $283 000
woro cancoled. $13,000 had been exchanged for 4% prior pref. stock to
Jan. 1 1919- Aro caliablo at 105 and int. on any Interest date.
N o t e s . —Tho $2,500,000 notos aro socured by a pledge of $1,175,000 1st
ref. & ext. sk. fd. mtge. 5% bonds and $2,700,000 gen. mtgo. 0% bonds.
$375,000 notes aro in tho treasury. Any additional ref. & ext. bonds cer­
tified must bo substituted under this pledge for gon. mtge. bonds.
D i v i d e n d s . — An initial dlv. of 1>* % was paid on the Series “ A " prof, stock
April 1 1914; samo rato quar. to and Incl. Apr. 1918; none since. On Series
“ B” initial div. of 1 54 % paid in May 1914 and samo rato quar. since to and
Incl. Feb. 1918. None since. On prior prof, initial div. of 1% was paid In
Oct. 1915; samo rate quar. to and incl. Apr. 1918; none since. On common
initial div. of 154 % was paid in May 1914 and same rato quar. to and incl!
Nov. 1917. Feb. 1918 div. passed (V. 100, p. 498). None sinco.
REPORT.— For years ending Dec. 31 (1918 report in V. 108. p. 573)
1918.
1917.
1910.
1915.
Rovonuo passongers----- 54.455,021 07,498,715 00,050,414 01,002 006
Transfer passongers------ 11,131,350 15,737,432 15,924,043 15,154,460
Total passengers------- 05,580,971
83,230.147
Kilowatt hours sold ----- 09,825,731
50,391,893
Num ber o f cu sto m e rs..
29,975
27,942
Railway oner, revenues.
$2,119,163 $2,287,097
Power, light, heat, & c ..
2,145,322 1,737,089

82,575,057 70,210,520
40,772,239 31,020 852
25,081
21 257
$2,248,918 $2,039,383
1,288,482
1,073,792

Total gross revenues. $1,204,480 $4,024,180 $3,537,400 $3,113 175
Net, after taxes.............$1,151,417 $1,080,257 $1,432,275 $1,200,738
Interest, A c----------------$095,457
$558,589
$516,373
$476 281
Prior pref. stock ( 4 % ) ..
520
520
520
......
Pref. clivs. Scries “ A ” . .
98,091
98,091
70,218
75 978
Pref. divs. Scries " B ” . .
209,155
209,155
209,170
209 145
Common dividends............................ (3^)226,542 (5)300,705 (5)302,’ l00
Bal. for renew.,dcpr.,&c.
$148,191 dcf.513,210
$329,229
$203,228
ROAD, &C.— 149.34 miles single track. Including 14.21 miles operatod
under contract. 349 passenger, 2 freight and 63 other cars. 6 steam
power stations with 40,500 k. w. capacity.
OFFICERS.— Pres., Chas. 8. Kurtz; V.-P., Samuel Ungerleider; V -I>
Sc Treas., Norman M cD . Crawford; Sec. & Aud., P. V. Burington; Asst
Sec. Sc Asst. Aud., Herbert M . Burington; General Supt., C. C. Slater —
V. 107, p. 802, 1192; V. 107, p. 1287, 1747, 1919, 2475; V. 108, p. 77, 267,
378, 573, 878.
OHIO ELECTRIC RAILWAY CO.
ORGANIZATION.— Incorp. May 16 1907 in Ohio. On Aug. 31 1907
purchased the Lima & Toledo Traction C o., which owned tho line from Lima




35

to Toledo, and leased the Lima Elec. Ry. Sc Lt. Co. (this co. being pur­
chased on Deo. 31 1909). which operates in tho city of Lima, and the Ft.
Wayne Van Wert & Lima Trac.. with a line from Lima, O.. to Ft. Wayne,
tnd. Also acquired by lease the Indiana Col. A East. Trac.. which com­
pany assigned to it the leases of Col. Newark & Zanesville Elec. Ry. and
Dayton & Western Trac. On Feb. 1 1908 purchased the Cine. Northern
Trac. (subsequently dissolved) and acquired from that company Its lease
of Cine. Dayton Sc Toledo Traction (sold under foreclosure June 30 1917).
Including city lines in Zanesville, Newark, Lima. Hamilton aud other
points, operating mileage Is 613.45 miles extending from Zanesville on
the east via Newark to Columous (including line from Columbus to Orient
and Buckeye Lake and Newark to Granville branches), thence through
Springfield to Dayton, and from Dayton to Union City, where connection Is
made with Union Trac. Co. of Indiana for Muncie, Anderson and Indianap­
olis. L?
a,nc* from Dayton to Richmond, Ind.. where connection Is made
with T. H. I. Sc E. Trac. to Indianapolis, extending north from Springfield
through Urbana and Bellefontalne to Lima, and from Lima to Defiance; to
Toledo. O., and Ft. Wayne. Ind.; also from Dayton to Cincinnati. Including
Germantown. M t. Healthy and College Hill branches. Electric light and
power business is conducted In cities of Zanesville, Lima and West Alex­
andria and steam-heating plant in Lima
In May 1913 was granted authority to Issue $3,500,000 2d mtge. bonds,
provided $5,000,000 of outstanding stock was retired. This was accord­
ingly done. V. 90. p. 1365. 1840: V. 97. p. 299.
In July 1917 the Ohio P. U. Comm, authorized the Issue of $100,000
equipment notes, tho proceeds to be used to pay in part for 4 motor ex­
press cars, 10 flat cars and 16 box cars.
Wage Increase.— Effective Feb. 15 1918, wages of carmen on interurban
lines were increased 4 cents per hour. V. 106, p. 929. A general increase
of 5 cents per hour was granted in Aug. 1918. V. 107, p. 604
Fare Increase.— In July 1918 was auth. by the Ohio P. S. Comm, to
increase passenger fares effective Aug. 1 1918. V. 107, p. 402. In Oct. 1918
tho I.-S. C. Comm. auth. an increase to 2 y2 cents per mile between points
on tho c o .’s lines. V. 107, p. 1385. In June 1918 applied for authority to
raiso freight rates 25% . V. 106, p. 2649.
STOCK AND BONDS—
Date.Interest.Outstanding. Maturitu.
$8,000,000 .
Common, $8,000,000 ($100).................. ..............
Preferred, $6,000,000 5% non 1
.............
cum ($ 1 0 0 ).........................| ................................
3,000.000 See text.
1st & ref. mtge. $15,000,000! 1910 5 g J-J
4,200.000 Jan 1 1930
gold ($1,000) --------------- c*IInt. at Fidelity Trust C o.. Phila., Trustee.
2nd & gen mtgo $5,000,000,1 1913 5 g J-D
2,927,200 June 1 1943
gold ($100) ($500) ($1,000)/In t. at Fidelity Trust C o.. Phila.. Trustee.
Equip notos Series “ A $160.-1 1910 5 g J-J
24,000 See text.
OoO gold ($1.000)...........c* / Int. at Fidelity Trust C o.. Phila.. Trustee.
Equip notes Series’’ B’’$130,-! 1911 5 g J-J
$32,000 See text.
000 gold ($1,000)---------c*/Int. at Fidelity Trust C o.. Phila., Trustee.
Equip notes Series‘’O” $120.-i 1912 5 g J - D
42,000 See text.
000 gold ($1.000)...........c * ( int. at Fidelity Trust C o.. Phila., Trustee.
Equip notes Series “ D " $100.-/ 1914
5 g M-S
50.000 See text.
000 gold ($1,000)------------ Hnt. at Fidelity Trust C o.. Phila.. Trustee.
Equip notes “ E” $130,000/ 1917 6 g J-J
115,000 See text.
($1,000) g — ........ -.c H f /I n t . at Fidelity Trust C o., Phila., Trustee
S to ck . — Preferred Is red. at 105 on 30 days' notice.
Bonds.— $3,250,000 1st & ref. bonds are reserved to retire prior lien*
($1,250,000 bonds of Lima El. Ry. & Lt. Co. and $2,000,000 bonds of
Ft. Wayne Van Wert & Lima Trac. Co.) and $7,550,000 for additions,
betterments, Ac.
Entire Issue is subject to call on any Interest day
at 105 and interest on 53 days' notice.
No sinking fund.
The
2nd A gon. mtge. Issue is subj. to call on any Int. date for payment In cash
or for substitution of 1st & ref. mtge. bonds of 1910 exchangeable at par
ou 8 weeks’ notice. Bonds to be delivered for purposes of Impts., as ap­
proved by Public Service Commission of Ohio or other governmental
authority. No sk. fd. Mortgage covers rll properties and leasehold
estate, subj. to underlying lien. Series " A ” equip, notes mature $8,000
seinl-ann. commencing Jan. 1 1911. Series “ B” equip, notes are 1st
mtge. on 26 cars. They mature semi-ann. ($7,000 Jan. 1 and $6,000 July 1)
from Jan. 1 1912 to July 1 1921, incl. Series “ C ” equip, notes are 1st mtge.
on 43 cars and mature $6,000 semi-ann. beginning Dec. 1 1912. Series “ D ”
equip, notos mature $5,000 semi-annually beginning Sept. 1 1914. Series
" E ” equip, notos aro divided into Series “ FI 1" and Series “ E 2,” amounting
to $100,000 and $30,000, respectively, the former having priority. They
mature $5,000 s.-a. until Jan. 1 1928, when $15,000 is payable s.-a. to
maturity. All issues of equip, notes are guar., p. & i., by end. of Ohio El. Ry.
EARNINGS.— For cal. year 1917, gross from railway, $3,900,233; light
and power, $479,539: ruisc., $9,272; total, $4,389,044; net, after taxes
$1,299,938. In 1916, gross from railway, $3,721,059; light and power.
$409,426; misc., $18,433; total, $4,148,918; net. after taxes, $1,595,533.
OFFICERS.— Pres., W. Kcsley Schoepf; V .-P., Dana Stevens; Sec. &
Treas.. F. A. Ilealy; Gen. M gr., II. G. Gilpin. General offices. Interurban
Bldg., Springfield, Ohio.— V. 103. p. 1593; V. 105, p. 181, 1898; V. 106, p.
929, 2649, 2758; V. 107, p. 83, 402, 604, 1385, 1580; V. 108, p. 1165
(1) Colum bus Interurban Terminal Co.
Entire stock owned by Ohio Elec. Ry., which guar, bonds.
ORGANIZATION.— Incorp. In Ohio on May ,24 1910. Owns an4
operates since Jan. 11912 passenger and freight terminal stations Id Oolumb.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturitu
Stock $10,000 ($ 100)............................................
$1,000
First mtge $1,000,000 gold) 1910 5 g J-D
433.000 June 1 1935
($500) guar p & I.............c*/In t. at Clt. Tr. & Sav. Bk.. Columbus. Trust
Bonds.— Remaining bonds reserved for acquisition of additional cal’
estate, additions, Impts., Ac. Not subject to call.
OFFICERS.— Pres., Dana Stevens: V.-P.. J. H. Stindmaker; Secretary
& Treas., F. A. nealy.— V. 92. p 1564: V. 93. p. 1532. 1599.
(2) The Indiana Colum bus & Eastern T raction C o.— A trolley road.
Leased to the Ohio Electric Ry. Aug. 31 1907. Latter company guaranees Interest on bonds and 5% diva, on pref. stock and owns entire com stk
ORGANIZATION.— Incorporated In Ohio on April 14 1906 and has ac­
quired the Dayt n Springfield A Urbana Elec. R y.. tho Columbus London
& Springfield R y.. the Columbus Grove City A Southwestern R y. the
Urbana Bellefontalne A Northern R y., the Springfield A Western R y. the
Dayton & Northern Traction Co. and about 12 miles of the Dayto’n A
Muncie Traction C o., extending from Greenville to Union City on the
Indlana-Ohio State line. Has also acquired the Columbus Sc Lake Michigan
R R ., a steam road operating between Lima and Defiance, which has been
converted Into electricity.
Loasos tho Dayton & Western Traction Co. and the Columbus Newark Sc
Zanesville Elec, lty., which latter company had previously absorbod the
Columbus Buckoye Lake A Newark Traction Co. and the Zanesville Ry Lt
Sc Power Co. These leases were assigned to the Ohio Elec. Ry. Aug 31 1907"
The now general and refunding mortgage bonds were listed on the Phila­
delphia Stock Exchange In February 1907. V. 84. p. 339. See description
of bonds, property. A c., in V. 83, p. 37.
Favorable Tax Decision.— Seo remarks under Cincinnati Street Ry.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturitu
Common, $3,025,000 ($100).................................
$3,025,000 ...............
Preferred, $1,000,000 ($100).............
5%
1,000,000 See text.
Gen and ref mtge (see text)l 1906 5 g_M-N
0.650.000 May 1 1926
gold ($1,000)--------------- c*f Int. at Pa.Co.for Ins.on L.AG.A.,PhlIa.,Trus.
Col Lon & Spg 1st mtge, $1,-1 1900 6 g A-O
500,000 Oct 11920
600.000,
gold ($l,000)--C */ln t. at N .Y . Trust C o.. New York, Trustee
Day Spg & Urb 1st mtge.l 1898 6 g M-N
750.000 Nov 1 1928
$750,000, gold ($1,000)__ /Interest at N .Y . Trust C o., N . Y .. Trustee.
Bonds.— The gon. and ref. mtge. was originally for $12,000,000 but auth.
amount has been reduced to $10,000,000. Of the remaining bonds $250 000 aro treas. bonds deposited with trustee and are available for extens. A
Impts. when net earns, are equal to 14* thnos Int. charges on bonds out
and to be Issued; $1,250,000 are hold to retire the underlying llensgiven
in table above. The remaining $2,100,000 are reserved for future better­
ments, Improvements and extensions, and can only bo Issued as follows;
$1,100,000 when net Income Is equal to 1xi times Int. charges on all bonds.
Including thoso to bo Issued, and $1,000,000 when not Is equal to twice int.
charges, Incl. int. on bonds to be issued. These bonds are subject to call in
whole, but not In part, at 105 and Int. The Columbus London Sc Spring­
field bonds may he called at 110 and Int. A sinking fund on these bonaof 5% of gross earnings began with year ending Sept 30 1906. See V. 71.
n. 963. $192,000 In sink, fund Dec. 31 1917. TheD ay. Springfield Sc Ur­
ban* bonds are subj. to call at 110 and Int. A sink, fund of 6% of grosc
earnings began In 1903. $180,000 In sinking fund Dec. 31 1917.

36

ELECTRIC RAILWAYS

OFFICERS.— Pres., Dana Stevens; V .-P ., J. II. Sundmaker; Sec. and
Treas., F. A. Healy; Asst. Sec. & Asst. Treas., J. M . Pogue.— V. 85, p.
600; V. 88. p. 721; V. 87. p. 37.
(a) Dayton & Western T ra ction .— Trolley road.
ORGANIZATION.— Incorporated on June 20 1898. Was leased on June
15 1900 to Ind. Colum. & East. (V. 82, p. 1137). For terras, see below.
Favorable Tax Decision.— See remarks under Cincinnati Street Ity.
STOCK—
Div. Period. Outstand'g. Last Dividend.
Q-J
$072,500
See text.
Common. $900,000 ($100)...................
Pref. $850,000 ($100) 5% cum.............
Q-M
850,000
See text.
Dividends.— Lease taking effect June 15 1900 provided for 5% per annum
on pref. stock and 5% on com. stock In 1900 and 1907, 5Hi% In 1908 and
6% thereafter, but under modified lease dated Feb. 7 1910 the payment on
the com. stock was reduced to 3% . Earnings In excess of tno required
rental paymonts and $10,000 per annum for additions and betterments are
to be paid to the common stockholders up to an additional 3% per ann. for
1st 5 years. Beginning with the 0th year, the operating company Is en­
titled to receive. If earned, before paying the additional 3% on the com.
stock, $10,000 per annum as compensation for operations. As part of the
agreement, the Ohio Electric Ry. surrendered $75,000 Dayt. & W. com. stk.
ROAD.— Dayton. O., to Richmond, Ind., with branch from New West▼ille to New Paris, 39.54 miles. 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 o f 194 miles
OFFICERS.— Pres, and Treas., Valentine Winters; V .-P., F. A. Funk
houser; Sec., Henry Loy; Asst. Sec. & Treas., G. A. Funkhouser Jr., all
of Dayton. V. 82. p. 1437; V. 83. p. 30, 94. 379.
(b) Colum bus Newark & Zanesville Electric Ry. C o.— A trolley road.
ORGANIZATION.— Incorporated In Ohio on July 2 1902, and In April
1904 absorbed the Newark & Granville Street Ry. In June 1900 acquired
the Columbus Buckeye Lake Sc Newark Traction C o., the preferred share­
holders being given $500,000 in pref. stock for their holdings. Also took
over the Zanesv. Ry. Light & Power Co. and was then leased on June 23
1900 to the Indiana Colutn. & East. Trac. Co. for length of franchise and
renewals thereof. Rental Is Interest on bonds, an amount equal to 0% od
the preferred stock and $500 for organization expensos. V. 83, p. 025.
Private right of way from Newark to Zanesville; franchises on other lines
expire 1925 to 1928. Entire common stock Is ownod by Ohio Elec. Ry. Co
Favorable Tax Decision — See remarks under Cincinnati Street Ry
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
Common, $1,525,000 ($100).................................
$1,525,000 ...................
Pf. 0% cum. $500,000 ($100)........... 6 Q-J
500,000See text.
1st mtge, $2,000,000, gold! 1904 5 g M-S
1,250,000 Mch 1 1924
($1,000)_______________c * /ln t. at Columbia Tr. C o.. N. Y ., trustee.
Gen & ref mtge. gold, $0.-1 1900 5 g M-N
1.211,000 May 1 1920
250,000 ($1,000)______ c * /ln t. at Girard Trust C o., 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*/In t. at Columbia Tr. C o., N. Y .. trustee.
Zanesville R y, Lt & Pow 1st/ 1902 5 g M-S
750,000 Mar 1 1924
cons mortgage, $l,000,000{lnt. at Cent. Tr. & S. D. C o., Cine., Trustee.
($500, $1,000), gold___ c*l or Trust Co. of America, New York.
Registrar, Guardian Trust & Safe Deposit C o., Zanesville, Ohio.
Zanesv Eloc 1st mtge, $300.-f 1899 7 g F-A
250,000 Feb 1 1924
000, gold, subject to call {Interest at International Trust C o., Boston,
after 1903. $1,000 each .c( Trusteo.
Bonds.— Of the $0,250,000 gen. St ref. bonds, $3,493,000 are reserved to
retire prior lions and $1,540,000 for betterments and extensions. They are
subject to call after 5 years at 105 and lut. Under terms of this mtge., none
of the $750,000 1st mtge. bonds unissued can now bo Issued. Tne 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. St New. bonds are subject to
call on any lut. 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.
ROA D .—Operates 95.86 miles of track from Columbus to Zanesville.
Including the city lines In Zanesville. Newark and Granville and a branch
to Buckeye Lake. Operates lighting and power plants in Zanesville.
Standard gauge; 60 and 70-tb. T rail and 90-lb. girder. Also owns amuse­
ment park on Buckeye Lake. Owns and operates Its Hebron power plant
with its own natural gas.
OFFICERS.— Pres., Dana Stevens; V .-P.. J. H. Sundmaker: Sec. and
Treas., F. A. Healy.— V. 87, p. 37; V. 95, p. 47, 890, 1039; V. 106, p. 924.
(3) Lima Electric Railway & L igh t.— A trolley road.
Acquired by purchase by Ohio Electric Ry. Dec. 31 1909.
ORGANIZATION.— The company Is a consolidation completed Aug. 1
1900 of the Lima Ry. (incorporated Nov. 5 1890) and the Lima Electric
Light & Power Co. Was leased July 1 1905 to the Lima & Toledo Traction,
which lease was assigned to Ohio Electric Ry. Aug. 31 1907.
STOCK AND BONUS—
Date.
Interest. Outstanding. Maturity.
Stock. $5,000 ($ 1 0 0 )...........................................
$5,000
------2d c'n.(now 1st)mtg.$850,000,/ 1902
5 R A-O
350,000 Apr 1 1926
gold ($1,000).................. c*l Int. at Fidelity Trust C o.. Buffalo, Trustee.
Lima Elec Ry & Light, ref/ 1905
5 g M-S
900,000 Sept 1 1925
mortgage. $1,250,000. gold/Int. at Girard Tr. C o.. Phila., Pa.. Trustee
Bonds.— The bonds of 1902 are a lien on the electric-light and heating
plant, as well as on the railway. Cannot be called boforo maturity. $350,­
000 refunding bonds are reserved to retire prior liens.
ROAD.— Owus 10.91 miles of track, also a steam-heating plant (franchise
perpetual, operated in connection with the electric-lighting plant). Con­
tract ordinance for city lighting expires April 1919.
.
„
OFFICERS.— Pres.. Dana Stevens; V.-Ps., J. H. Sundmaker; Sec. &
reas., F. A. Healy, Springfield, Ohio.— V. 81. p. 155. 1100.
(4) Fort Wavno Van Wert & Lima Traction C o.— A trolley road
ORGANIZATION.— 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 Ry,
Aug. 31 1907. The latter company owns all the common stock. Incorpor­
ated In Indiana and Ohio. Road Is entirely on private right-of-way excepln towns, where It has 25 or 50-year franchises.
Favorable Tax Decision.— See remarks under Cincinnati Street Ry.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common, $1,000,000 ($100).................................
$1,000,000 ..................
Pref, $1,000,000,5% n-c($100) - - - .................- 1.000.000
. ..
First mtge, $2,000,000, gold/ 1905
5 g J-J
1,470,000 July 1 1930
guaranteed ($1,000)___ c*\lnt. at Fidelity Trust Co.. Phila., Trustee
Bonds.— Of the $2,000,000 bonds, $530,000 are reserved for extensions
and improvements. V. 82, p. 691. Are not subject to call.
ROAD.— 61.63 miles of electric track from Ft. Wayne via New Haven,
Monroeville, Van Wort. Mlddlepolnt, Delphos and Elida to Lima. Com­
menced complete operation Nov. 15 1905. Connects at Ft. Wayne with
the Ft. Wayne & Nor. Ind. Trac. and at Lima with the Ohio Eloc. R y.,
and forms part of through line from Ft. Wayne to Toledo. Dayton and
Columbus. Standard gauge. 70-Ib. T rails
OFFICERS.— Pros., Walter A. Draper; V.-P., J. H. Sundmaker; Sec.
and Treas., F. A. Healy.— V. 82. p. 691,804; V. 83. p. 37.

[V ol . 108

STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, $1,250,000...................................................... $ 1 , 2 5 0 , 0 0 0 ...........................
(? )
1938
1st & Ref. Cons. M tge______1918.
5%
Underlying Issues—
1,350,000
May
Southern Ohio Trac 1st cons 1900
5 g M -N
____
_
. 1 1920
$2,000,000 ($1,000), goldc* Int. at Cleveland Trust C o., Trustee, or at
Standard Trust C o., New York.
Gin & Ham Elec 1st g ($500)/ 1898
6 g J-J
400,000 July 1 1918
$500,000, not subj to ca ll., lin t, at CIt. Sav. & Tr. Co., Clove., Trustee.
Dayton Traction 1st M. g 1896
5 g J-J
250,000 May 1 1920
($1,000), int guar______c*\lut. 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 ,4 Interest at Cleveland Trust C o., Trustee.
000), int guar________ c */
_
„ ____
Miam & Germ 1st guar ($50,-/ 1901
5 g J-D
50,000 July 1 1922
000), gold ($1,000)_____c*llnterest at Cincinnati Trust C o., Trusteo
Bonds.— None of the underlying Issues is subject to call.
Of tho $2,000,000 South. Ohio Traction bonds. $050,000 are reserved to
retire Cin. & Ham. Electric bonds and Dayton Traction bonds. Issue
listed on Philadelphia Stock Exchange. The Dayton Traction 5s matured
originally on July 1 1916, but wero extended to M ay 1 1920. The Cin. &
Ham. Elec. 1st 6s due July 1 1918 had not been paid up to Sopt. 1918.
No later information.
,,
The Ham. & Lind. Eloc. Tran, and Miamisb. & Germ, bonds originally
fell due Dec. 1 1911, but arrangements were made at that tlmo to extend
them to July 1 1922. V. 93, p. 1380, 1387. Annual sinking fund of 5% on
Ham. & Lind, bonds began Dec. 1 1900, increasing 1 % each year up to 1911.
$57,000 in sinking fund May 1 1918.
ROAD.— Owns 91.07 miles of electric track, connecting Cincinnati with
Dayton, incl. Germantown, M t. Healthy and Collogo Hill branches and tho
Hamilton city lines. Carries freight and express.
OFFICERS.— Pres., J. M . Hutton; V.-P., O. Armleder; Sec., Claude
Ashbrook; Treas., Lea J. Van Lahr. Under management of tho Warren
Bicknell C o., Cleve., O — V. 106, p. 29 5,1900, 2122, 2756, V. 107, p. 291.

COLUMBUS DELAWARE & MARION ELECTRIC CO.
ORGANIZATION.— Incorp. in Ohio Juno 12 1917 to take ovor the
properties of the Columbus Delaware & Marion Ry., sold under foreclosure
on June 11 1917, subject to underlying mortgages aggrogating $1,533,000
(which, however, wero not assumed by the O. D. Sc M . Eloc. C o., tho rights
of such bondholders being uelthor onlargod nor diminished). Owns tho
ontire capital stocks of tho Columbus Delaware & Marion Eloc. RR. ($1,­
000,000), tho Marion By., Lt. & Power Co. ($300,000) and tho Columbus
Northorn Ry., Power & Equipment Co. ($390,000). Owns and operates
tho central station electric light and power business in Marlon, tho stroot
railways in Marion and Delaware, and the iuterurban railroad botween
Columbus. Delaware and Marion. Also furnishes electricity to tho vil­
lages of Prospect. Radnor and Greencamp. Ovor 76% of tho Interurban
track is on prlvato right of way. Has entranco to centre of Columbus over
tracks of tho Col. R y., P. & L. C o., 4.09 miles.
Franchises are satisfactory and contain uo burdensome restrictions.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,000,000 ($100).......................................
$700,000 ...................
Prof 7% cum $1,000.000 ($ 100)-----Q-J
“ 50,000 --------- —ss
First & Refunding Mtge 57.-1 1917
5%
367,000 Juno 1937
500,000................................./Cleveland Trust C o., Trusteo.
Underlying mortgages (soo
separate statements bolow).
5%
1.525.000 ---------------P r e f . s t o c k is non-taxable in Onlo, N. Y ., N. II. and Conn.
Rod. all or
part, at $115 and dlvs. Additional prof, stock cannot bo issued without
oho consent of cho majority of tho pror. stock, unloss tho net earnings avail­
able for dlvs. thoreon are doublo tho roquiremonts on tho prof, stock Issued
and proposed. No stock having priority can bo auth. oxcopt with consent
of 75% of pref. stock.
Bonds.— $1,525,000 of the 1st & Rof. M . bonds are rosorvod to rotire
underlying bonds.
EARNINGS. O p e r a t i n g O p e r a t i n g
— A n n . req u ire, fo r —
B a la n c e
Y e a r e n d in g —

R even u e.

June 30 1918...$621,460
Juno 30 1 9 1 7 ... 566,039
Juno 30 1916--- 490,159

In com e.

$163,120
194,935
185,210

B d .,A c .,I n t .

P r e f. D iv . fo r C om m on

$98,815
$45,500
$18,805
112,208
*45,500
37,228
.....................................................

♦Pref. stock outstanding only since July 2 1917, but shown hero for
comparison.
ROAD, &c.— 57 miles of single track equivalent; 28 city and 8 intorurban
passengor cars, 4 combination intorurban passongor and baggage cars,
4 freight and express cars, 3 freight box car trailors, 18 flat, dump and work
cars, and 2 motor snow plows. Has a complete olectrlc distribution system
in Marion and a steam power station at Stratford, capacity 2,800 k.w.,
and one at Marion, capacity 1,750 k.w.
OFFICERS.— Pres., Ell M . West; Sec., Treas. & And., W. H. David­
son; V.-P. & Gen. M gr.. A. F. Van Dionso.— V. 104, p. 2641; V. 105, p. 72,
180, 1898; V. 106, p. 715.
(1) Columbus Delaware & Marlon Electric RR.
Interest,due Nov. 1 1912 was paid May 1 1913; subsequent coupons to and
ncl. Nov. 1 1917 were paid 6 months after they matured. Nov 1918
coupon will probably be paid M ay 1 1919Committee for ls£ Af. 5s.— Rudolph Kleybolte. Chairman; Wra. R. Craven.
Frank C. Deerlng. Arthur B. Wells, Ed. E. Newman and John T. Tyler.
Offices, 18 E. 24th St., Cincinnati, and Room 1304. 00 B'way, N. Y .
Depositary. Cleveland Trust Co. V. 103, p. 1687, 1792.
In Oct. 1917 tho Cleveland Trust Co. made an offer to exchango tho
c o .’s bonds for 1st & Rof. M . 5s of tho Col. Del. & Marion Elec. C o., which
had the approval of a majority of tho bondholders’ committee, but was
opposed by Rudolph Kleybolte and John T. Tyler. In Nov. 1918 tho
latter brought suit against tho Cleveland Trust Co. and the committeo to
prevent this exchango and to compel the return of the bonds to tho original
owners and the ropavmont of the $25 per bond paid under protest, it being
alleged that the number of bondhloders agreeing to this exchange had beeu
misrepresented by the defendants. V . 10?, p. 1836.
ORGANIZATION.— Incorporated in 1901.
BONDS—
Date.
Interest. Outstanding.
Maturity.
1st mort., $1,000,000, gold! 1901 5 g M-N $1,000,000 May 1 1921
($1 000)
__________ c *{ln t. at Cleveland Trust C o.. Cleveland.
'
*"
[ Trusteo, or Bankers Trust Co. in N. Y.
Bonds.— See V. 75. p. 76.
ROAD.— Operates an electric railway (of which 33 miles over private
right of way) from Columbus to Marlon, passing through Franklin, Dela­
ware and Marlon counties. Also 4 mllas In tho City of Delaware, a total
of 57 miles.— V. 93, p. 1190; V. 105, p. 1418; V. 107, p. 905, 1836.
(2) Columbus Northern Ry. Power & Equipment Co.
ORGANIZATION.— Incorporated In Ohio on Oct. 24 1904 to erect a
power house at Delaware and sub-stations to supply electricity for power
and hoat. Tho March 1914 coupon and subsequent coupons wore paid
3 months after they matured. Mar. 1919 coupon will probably bo paid
Juno 1 1919.
CINCINNATI & DAYTON TRACTION CO.
,
Organisation.— Incorp. April 26 1918 with $1,250,000 auth. capital stock,
BONDS—
Date.
Interest. Outstanding.
Maturity.
as successor to the Cincinnati Dayton & Toledo Traction Co., whose 1st mortgage. $300,000, gold/ 1904
0 8 M-S
$235,000 Sept 1 1934
properties were sold at foreclosure on Juno 30 1917 to the committee for the
($1.000)............................ c lln t. at Guaranty TrustCo., N. Y ., Trustee.
$2,700,000 C. D. & T. 1st cons. 5s for $400,000, subject to $2,300,000
(3) Marlon Railway, Light & Power Co.
underlying mortgages. Holders of about $250,000 undeposlted bonds will
ORGANIZATION.— Incorporated In Ohio on June 24 1903 and Is a
receive about $148 for each $1,000 bond In settlement.
Has been auth. to issue $<1,500,000 20-year 5% bonds to cover Present consolidation of the Marion Street Railway Co. and the Marlon Electric
and futuro needs and provido for retirement of underlying bonds. V. 106, Light & Power Co. Jan. 1914 and subsequent coupons wore paid six
mos. after they matured. Jan. 1 1919 coup, will probably bo paid July 1T9.
p. 2122. Compare V. 106, p. 1461.
.
Management.— On July 1 1918 tho operation and management of the
BONDS
Date.
Interest. Outstanding.
Maturity.
line was placed in the hands of the Warren Bicknell Co. of Cleveland, O. 1st mtge. gold ($1,000)— c * / 1904
5gJJ
$300,000 July 1 1924
\Int. at Guaranty Trust C o,, N. Y .. Trustee.
V. 106, p. 2750.
, „
_ .
,
Committee for C. D. A T. 1st Cons. 5s.— Leo J. Van Lahr, James M.
Bonds.— No sinking fund and bonds cannot be called.
Button, (Maude Ashbrook, Edgar Frledlander and Otto Armloder. De­
ROAD.—4 miles of track In Marlon, Standard gauge. 00 and 704b.rail.
positary, Provident Sav. Bank & Trust C o.. Cincinnati. For statement by V. 107, p. 1837.
______
committee, see V. 102, p. 430. See also V. 102, p. 800.
Commitle' for Cine. A Ham. Elec. 1st 6s.— W. S. Hayden and E. V. Hale,
COLUMBUS NEW ALBANY & JOHNSTOWN TRACTION C O . - A
with Gardnor Abbott. Sec., 1215 Williamson Bldg., Cleveland. Deposi­ trolley road.
tary. Citizens' Sav. & Tr. C o., Cleveland. Committee arranged to ad­
ORGANIZATION.— Incorporated In Ohio on May 4 1899. In May
vance as a loan to depositing bondholders the amount of the unpaid coupon*.
Committee for S. O. T. Co. 1st Cons. 5s.— Chairman, It. M . Stinson; 1905 canceled old mtge. for $200,000 and made the new mortgage In tablo
below.
V. 80. p.2399. Franchises aro for 25 years.Livingston E. Jones and Edward E. Newman, Sec. Depositaries: Cleve­
On Feb. 7 1919 filed a certificate of decrease of capital stock from $600,­
land Trust Co. and Girard Trust Co. Tho May 1 1918 interest was not
000 to $575,000. V. 108, p. 781.
paid when due. V. 106, p. 2228; V. 107, p. 291. No later information.




Mar ., 1919. J

ELECTRIC RAILWAYS

STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common, $400,000 ($100)___ _____
_______
5 -100,000
Preferred, 6% cum. $ 2 0 0 ,0 0 0 /____
_______
200.000
($100)...................- ..............1
First mtge, $450,000, gold) 1905
5 g J-.J
None. Jan 1 1926
($500 and $1,000)------- n tflP rov. Sav. Bank A Tr. Co., Cine., Trustee
REPOUT.— For year ending Dec. 31 1918, gross, $87,274: not profits
$20,854; taxes and raise., $3,619; net gain from operation. $17,235.
ROAD.— Operates 8.8 miles of track from Columbus to Oatianna. Includ­
ing perpetual lease of 2.7 miles of tracks of the Columbus Ry. as terminal;
gauge, 5 ft. 2 in.; 65-lb. T ra il— V. 92, p. 1032, 1498; V. 108, p. 784.
SCIOTO VALLEY TRACTION I x L — Third rail.
ORGANIZATION.— Incorporated In Ohio with a perpetual charter in
1904. Built on private right of way. Franchises extend beyond maturity
of 1st mtge. bonds. In 1908 canceled $2,000,000 mtge. of 1903 aud made
new mtge. for $4,000,000, which see below. Stockholders voted Sept. 22
1908. authorizing $500,000 now 5% first preferred stock, which ranks
ahead of old preferred stock (V. 87, p. 481 and 615).
In Apr. 1916 tho Ohio P. U. Comm. auth. the issuance of the remaining
$200,000 5% 1st prof, stock to acquire the entire stock of tho Columbus
Depot Co., which was Incorporated In 1912 In the Interost of the company
to build a terminal In Columbus. V. 102, p. 1626.
In Jan. 1917 the co. leased from the State of Ohio for 25 years at an annual
rental of $6,000 the bod of the old canal feeder from tho Lockbourne Road
to Main St., about 11 miles, for a new entrance Into Columbus
Rate Increase.— On Aug. 20 1918 was auth. by the Ohio P. S. Comm,
to Increase freight rates 25%.
STOCK AND BONDS—
Date.
Interest
Outstanding.
Maturity
Common, $1,800,000 ($100).................................
$1,800,000
See text
1st prof, $500,000, 6% cum— ____
QJ
500,000 D ec.’ 18. 1)<
Pref, $1,200,000. 5% c u m l ____
Q-J
1.200.000 D ec.'18. 1M
($100).................................. I
________________
1st mortg, $4,000,000. gold/ 1908
5 M-S
1.488.000
Sept 1____
1923
($1.000)------- -------- - .c * t f lint, at Harris Tr. & Sav. Bk.,Chlc.. Trustee
Bands.— Additional 1st M . bonds can only be Issued for 75% of cash ex­
penditures, and for permanent extensions and additions to property, and
only whon net earnings are twice the lnt. charge on outstanding bonds and
those to bo Issued. Bonds have a sinking fund of 1% per anu. on bonds out
1913 to 1917; thereafter 2% per ann. $112,000 have boon retired. They are
not subject to call. See particulars, bonds, property, A c., In V. 87, p. 679.
Dividentls.— Dividends on old Issue of pref. stock were to accrue from
Oct. 1 1905, but amounts due Jan. 1 1900 and April 1 1900 were relinquished
by shareholders, and 1st dlv. (U f % ) was paid July 1900 and 1
Oct
1906 (V. 82, p. 1440); in 1907 and sinco, 5% per annum. On Oct. 15 1918
a dlv. of 1% (payable in U. S. Liberty Loan 4)4% bonds) was paid on the
common stock.
EARN INGS.— For 12 months ending Juno 30;
Year—
Gross.
Net.
Int..tax.,Ac Pref. Dlvs. Surplus.
1917-18......... $1,009,750
$337,292
$128,071
$84,405 $124,750
199,713
108,387
1916- 17 .......... 510,682
83.009
8.317
1915- 16 .......... 474.453
213.801
101,975
76.390
35.430
Rev. pass, carried in 1917-18, 1,797,504, agst. 1,394,728 in 1916-17.
ROAD.— Operates 72 miles of track from Columbus to Lancaster and
from Columbus to Chllllcothe. Isoperatod by third rail system. Standard
gauge, 70-lb. T rail. Within city limits of Columbus, company operates
over tracks of Columbus R y., Pow. A Lt. Co. under oper. agreement
OFFICERS.— Pres, and M gr., Frank A. Davis; V.-Pres. and Treas.,
Edwin R. Sharp; Sec., A. O. Moorhaus, Supt., O Skinner —V. 87. o. 481.
615, 679; V. 91. p. 871; V. 102, p. 1437, 1626; V. 107, p. 83.
C O N C O R D , N. H.
CONCORD STREET RA ILW A Y.— A trolley road extending from tho
central wards of Concord to Penacook. Comprise!! 12.71 miles of track.
In Juno 1901 control passed to tho Boston A Maine R R „ and In 1903 the
New Hampshire Legislature authorized the Concord A; Montreal R R .,
which Is leased to the Boston A Maine, to purchase the property and to
Issue stock and bonds to pay therefor.
C O O P E R S T O W N , N. Y .
SOUTHERN NEW YORK POWER & RAILW AY C O R PO R ATIO N .
ORGANIZATION.— Incorp. In New York in July 1909 as the Otsego A
Herkimer R R ., succeeding the Oneonta & Mohawk Valley RR. (V. 89
p. 41D. Name changed to above in July 1916. In 1917 acquired control
of tho Colliers Light, Heat A Power Co., Deposit Electric Co., Hartwick
Power Co. and Southern New York Power Co.
In .addition to operating an electric Interurban railroad tho co. servos
electric light, hoat and power In 24 cities and towns with a population in
excess o f 50,000. The railroad franchise is perpetual and otuors are per­
petual or extend beyond tho maturity of the bonds.
Valuation.— In 1916 the property, after deducting over $1,000,000 for
depreciation, plus recent construction, was appraised at $2,450,000.
In M ay 1918 was auth. by tho N. Y. P. S. Comm, to execute a mtge.
to tho Equitable Trust Co., N. Y ., 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 tho old issue. Has auth. t’o
Issue $48,000 add'l upon acquisition of a like amount o f capital stock of the
Southern Now York Power Co. Proceeds received by tho latter are to be
used In the acquisition of bonds of tho Deposit Electric Co. Remaining
bonds to be issued from time to time for acquisitions and extensions
V. 106, p. 1578, 2230.
The prof, stock was brought out In Fob. 1918 at par with a bonus of
20% In common stock. V. 106. p. 715, 822.
Rates.— In July 1918 applied to the I.-S. O. Comm, for auth. to increase
class and commodity rates 25% . In Jan. 1919 the N. Y. P. S. Comm, fixed
tho maximum faro on the co. s lines outsido o f Oneonta at 4 cents per mile
for cash and ticket fares and 3 lA cents for mileage book rates. V 108 p
270.
'
STOCK AND BONDS— Dale.
Interest. Outstanding.
Maturity.
Common $774,900 ($100).....................................
$774,900 - ­
Prof cum $500,000 ($100).................
7 Q-J............... 500,000 Apr '18, I %
First Mortgage $ 5 ,0 0 0 ,0 0 0 /-----6%
952.000
($1,000).............................c\Int. at Equitable Trust Co.. N. Y., Trustee.
Stock.— Of tho prof, stock reported outstanding, $125,000 is held by tho
Equitable Trust Co. of N. Y ., which has agreed to waive all divs. thereon
and also not to sell any part of It until earnings equal to 2 times the dlv
requirements on tho total amount outstanding. If such earnings do not
accrue boforo Jan. 1 1923 the trust co. agrees to surrender this stock to the
co. for cancellation, without receiving any compensation therefor. Addi­
tional pref. stock may bo issued only when net earnings applicable to preL
dlvs. aro at least twice the prof, stock div. requirements . Prer. stock Is
free of normal Federal income tax and Is tax exempt In N. Y . State. V
106, p. 822.
EARNINGS.— For years end. Juno 30 (incl. So. N. Y . Pow. C o.):
June HO Years—
Gross.
Net, (aft. Taxes). Bond lnt. Bal Sur
1917- 18— ................ $100,029
$100,363
$56,650
$43,713
1916- 17------------------- 354,292
103,178
56,650
46 528
ROAD.— Operates 62.04 miles main and 4.63 miles second track, 150
milos bolng on private right of way, between Oneonta, Cooperstown, Rich­
field Springs and Mohawk, from which point it operates over tho N. Y.
Stato Rys. to Utica, 15.10 miles, and to Herkimor, 1.40 miles. Total
operated, 83.17 miles. Rails 60 to 70 lbs.; 22 passenger and 5 freight cars;
1 locomotlvo; 4 snow plows; 2 service and 26 other cars. Has a 2,500 k.w.
hydro-electric power plant, a combined 500 k.w. hydro-eloctric and steam
lant and 2 steam plants with a combined capacity of 1,750 k.w. An addlonal 750 k.w. stoam turbine has boon ordered. Also owns 70 miles of
transmission lines. A now transmission line from Colliers to Walton and
Deposit Is planned which would enablo the co. to shut down the 250 k.w.
steam plant at Walton.
OFFICERS.— Pros., Jos. B. Mayer: V.-P. A Gen. M gr., C. L. Stone;
Sec., James L. do Rosset; Treas., II. R. Skirving.— V. 106, p. 2230;
V. 107, p. 83, 1921; V. 108, p. 270.

S

C O R N IN G , N. Y .
CORNING & PAINTED POST STREET R Y .— A trolley road.
ORGANIZATION.— Incorporated Dec. 11. 1894. Commenced opera­
tion Nov. 1 1895. Control changed hands In 1904. V. 80, p. 102.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock. $100,000 ($100)...........................................
$100,000 1905-06,4%
lot mortgage, $100,060----- - 1890
5 J-J
l66,OO0 Jan 1 1930
The bonds foil due originally In 1916 but wore extended for 20 years.




37

EARNING S.— For cal. years:
Gross
Net (.after
Other
Interest,
Balance,
Year—
Earnings.
Taxes).
Income. Rents, A c.
Surplus.
$26,645
$875
$10,703
sur.$16,818
1917.....................$73,712
1916
--------- 63,440
18,355
716
10,697
sur. 8,375
ROAD.—Owns 5.9 miles of track from Corning to Painted Post; 23 cars.
OFFICERS.— Pres., F. D. Underwood; V.-P. & Treas., David Bosman;
Sec., J. E. Packer, New York; Compt., A. L. Sorensen.— V. 80, p. 02.
C O R T L A N D , N. Y .
CORTLAND COUNTY T R A C T IO N .— Trolley.
ORGANIZATION.— Is a reorganization on June 22 1901 of the Cortland
& Homer Traction, sold at foreclosure on Apr. 23 1901. In June 1905 ab­
sorbed the Cortland A Homer Electric Co., previously controlled. Fur­
nishes light to the cities of Homer and Cortland and to the public. Carries
coal and freight as well as passengers.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, com. $320,000 ($100)................................
$320,000 ............... —
f 1901
4g A O
180,000 April 1 1921
First mtge, $180,000 ($500), ICounty Sav. Bk. A Tr. Co., Scranton. Pa.,
gold-----------------------------c*J Trustee. Int. at co.’s office. No sink. fd.
Can be called on 6 months' notice.
1905
5 g F-A
320,000 Aug 1 1935

(

Interest at Empire Tr. C o., N. Y ., Trustee.
1907
5 J-D
105,000 June 1 1957
Int. at Equitable Tr. C o., N. Y ., Trustee.
Bonds.— Of the $500,000 Issue of 1905, $180,000 are reserved to retire
prior liens. They are subject to call at 105.
ROAD.— Operates 16.18 miles of track (not including sidings and turn­
outs) between Cortland, Homer, Little York and Preble, and between
Cortland and McGrawvIlle. lias 33 cars.
EARNINGS.— For fiscal year ending Dec. 31 1918, net, from operation,
$22,451; other income (lighting dept.), $24,110; bond, Ac., int., taxes,
$37,762; surplus, $8,799.
OFFICERS.— Pres., Edwin Duffey; V.-Ps., D. W. Van Hoesen and
E. II. Brewer; Treas. A Gen. M gr., G. H. Garrison.— V. 81, p. 507.
CO VIN G TO N , R Y.
CINCINNATI NEWPORT & COVINOTON LIGH T & TRACTION
CO.—A trolley road.
ORGANIZATION.— Incorporated under the laws of New Jersey on
March 11 1902 and purchased all the stock of the Union Light, Heat A
Power Co. of Covington aud of the Cincinnati Newport A Covington Rail­
way. V. 74, p. 576. The latter was organized In 1892 to buy up and con
solldate all the roads on the Kentucky sldo of the river opposite
Cincinnati
Gas A Electric
Co
Lease.— The In
Union
PowerThe
Co. lessee
and the
Cine. Newp.
A Cov
(incorporated
Ohio)Lt.,
forHt.
45 Ayears.
guarantees
interest
on
Ry. (both
throughonstock
ownership
the
Cine. Newp.
A Cov
bonds
and controlled
4)4% per annum
preferred
stock. byOn
common,
dividends
are
Lt.beA3%
Tr.)forwere
from Apr. )41%1907
Columbia
' Is reached. which
to
firstleased
year. Increasing
eachtoyear
until 0%
Is to be the rate thereafter. See V. 84, p. 449, 930; also terms In V. 84, p.
1489. under Columbia Gas A Electric. Under agreement ratified In July
1915 the exts. and add’ns to Union Lt., Ht. A 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 tho Cincinnati company as provided under the old agree­
ment. V. 101, p. 694.
The controlled Cincinnati Covington A Erlanger St. R y., which was In­
corp. Sept. 1899 with $250,000 stock (shares $50), to build an extension to
Erlanger, 7H miles (about 3 milos completed) has also been leased to the
Columbia Gas A Electric.
In 1914 the Licking River Bridge Co. Issued $185,000 1st M. bonds to
cover cost of the 11th St. bridge betweon Covington and Newport, which
was completed April 1 1915.
Franchise Decisions.— On Oct. 19 1914 and Nov. 17 1915 Judge Cochran
In the U. S. District Court held that the franchise granted by the City
of Covington In 1882 to the South Covington A Cincinnati Street Ry.
was In effect perpetual. See V. 99, p. 1214. On Jan. 5 1915 the U. 8.
Supreme Court declared void, as an unlawful interference with Inter­
State commerce, the section of the Covington street railway ordinance
relating to overcrowding. See details in V. 100, p. 139. In Nov. 1916
the voters of Newport rejected the 20-year franchise granted by tho city
In July 1916. On Sept. 28 1917 Mayor Puchta approved a franchise granted
by tho City Council of Cincinnati which in tho case of so-called "temporary”
Covington and Newport routes, the former remained in force until Jan. 1
1919 and the latter continues until 24 mos. after ordinance takes effect.
In the case of other routes the grant will remain in force for 25 years after
the date the ordinance takes effect. For terms see V. 105, p. 1617.
On Nov. 19 1917 Federal Judge A. M . Cochran Issued a temporary In­
junction restraining the agents or employees of the city of Newport from
Interfering with tho operation of the So. Cov. A Cln. St. Ry. and from
tearing up any more tracks. Those which had been torn up were at once
replaced by the co. and operations resumed. The trouble arose out of
tho franchise litigation between tho co. and the city. In Aug. 1918 the
Covington Board of Commissioners adopted a resolution offering to enter
Into a new contract with tho co. whereby fares may bo Increased from
5 to 6 cents. V. 107, p. 905. Up to Mar. 1 1919 this had not been done.
On Apr. 15 1918 a decision was handed down in the U. S. Supreme Court
In favor of the So. Cov. A Cln. St. R y. Co., In the action brought by the
city of Covington to oust the co. from its streets. V. 106, p. 1688.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common. Se 000.000 ($100).............
Q-J
$5,000,000 Jan. 19.1)4
Pref, 4)4% non-cum. $5.-1
0 0 0 ,0 0 0 ($ 1 0 0 ) ...................../ -----4)4 Q-J
4.500,000 Jan. *19, 1 )4
Underlying Bonds—
SO CovACin cons M $500,000/ 1892
0 g J-J
150,000 Jan 1 1932
gold ($500. $1,000)_______ ICovingtoo Sav Bank A Tr. C o., Trustee.
Cincinnati Newport A Covington—
1st consol mtge, gold, S3.-/ 1892
5 g J-J
2,850,000 July 1 1922
000.000 ($1,000)--.c * A r -_ f Farmers' Loan A Tr. Co. of N. Y ., Trustee.
2d mortgago, $1,000,000, gf 1890
5 g J-J
859,000 July 1 1922
($1,000 each)___________ clFarmere' Loan A Trust C o., N . Y .. Trustee.
Union Light, Heal & Power Co.—
I 1901
4 g M -N See text
M ay 1 1920
1st mtge (closed), gold ($100.(Int. at Nat. Bank of Commerce, N . Y.: First
$500 A S1.000)_______ cArf National Bank, Cincinnati, or at Liberty
National Bank. Covington.
1918
6 g F-A 15 1.560.900 Feb 15 1920

I

Int. at Cent Tr. Co., Cin., Trustee, or at
Bankers Trust C o., N . Y.
New mtge ($5.000.000)........... 1915
5%
314,300
1965
Guaranteed Bonds—
Licking River Br Co 1st M l 1914 5 M-S
185,000
1939
$185,000 guar (see text) s f(
Bonds.— Of the first consolidated bonds of 1892 of the O. N. A O. R y.,
$150 000 are deposited with the trustee to retire underlying mortgage
bonds. The perpetual charters of constituent companies aro kept alive,
and their capital stocks are deposited with the trustee as collateral for the
first consols. Interest on those bonds Is payable at the National Bvuk of
Commerce, New York, First National Bank. Cincinnati, and Liberty Nat.
Bank, Covington. The Union Light, Heat A Power Co. notes were Issued
to refund a like amount of 1st M . 4% bonds due May 1 1918 which were
extended to M ay 1 1920 and deposited under the notes. The notes are
callable, all or in part, on any int. date upon 30 days' notice at 100 and int.
The Columbia Gas A Elec. Co. guar., p. A i., the 1st M . bonds of the Union
Lt., Ht. A Pow. Co. and the notes secured thereby. V. 106, p. 827. Addi­
tional U. L. II. A P. Co. bonds o f 1915 may be issued for add'ns and better­
ments; tho Col. Gas A Elec. Co. guarantees a sink, fund to retire alt bonds
at or before maturity. V. 101, p. 694. Licking River bonds are guaran­
teed by Columbia Gas A Elec. Co. and the South Covington A Cin.St. Ry.
DIVIDENDS.— On pref. 4)4% is being paid (1)4% quar.). On com­
mon stock first div. of % % was paid July 15 1907 and % % Oct. 15 1907. In
1908. 3)4% : In 1909, 3)4% ; In 1910, 4 )4%: In 1911. 454%: In 1912. 5 )4 % .
In 1913, 5 )4 % ; In 1914 and since, 6% per annum.
ROAD.— Connects Cincinnati, Covington, Newport, Bellevue, Dayton,
Clifton, Southgate, Fort Thomas, Port Mitchell, West Covington and
Ludlow. Total In operation, 68 miles; laid with 80-lb. Johnston girder
and 72-lb. " T ” rails.
OFFICERS.— Pres., James M . Hutton; V .-P ., Louis J. Hauck: Sec. A
Treas., George M . Abbott.— V. 105, p. 1617; V. 106, p. 821, 924, 1688;
V. 107, p. 905, 1099.

ELECTRIC RAILWAYS

38
DALLAS,
DALLAS RAILW AY CO.

TEXAS.

O R G A N I Z A T I O N . — T n c o r p . In T e x a s o n S e p t . 2 2 1 9 1 7 t o t a k e o v e r a n d
o p e r a t e t h e e le c tr ic r a i l w a y p r o p e r t ie s f o r m e r ly o w n e d b y t h e D a l l a s E l e c .
L t . & P o w . C o . ( s e e D a l l a s E le c t r i c C o . In th is S e c t io n fo r S e p t . 1 9 1 7 ) u n d e r
t h e " s e r v i c e - a t - c o s t " f r a n c h is e a p p r o v e d b y t h e c it iz e n s o f D a l l a s a t a n
e l e c t io n h e ld A p r i l 3 1 9 1 7 .
F o r m a l a c c e p t a n c e o f t h e fr a n c h is e w a s file d
S e p t. 27 1917.
V . 105, p . 1419.
T h e l i g h t i n g p r o p e r t ie s o f t h e D a l l a s
E le c tr ic L t . & P o w . C o . w ere ta k e n o v e r b y th e D a lla s P o w e r & L ig h t C o .,
w h ic h s e e b e l o w .
T h e c o m p a n y te a s e s w it h t h e r ig h t t o p u r c h a s e fo r $ 2 , 0 0 0 , 0 0 0 , t h e O a k
C l i f f lin es of. t h e N o r t h e r n T e x a s T r a c t i o n Co. a t a n a n n u a l r e n t a l in c r e a s in g
f r o m $ 1 1 5 , 0 0 0 f o r t h e f ir s t th r e e y e a r s t o $ 1 5 0 ,0 0 0 th o s e v e n t h y o a r a n d
th e re a fte r.
O n S e p t . 3 0 1 9 1 7 p u r c h a se d th e D a lla s In te r u r b a n T e r m in a l A s s o c ia ­
t i o n , w h ic h h a s a m o d e r n fi r e n r o o f e i g h t -s t o r y p a s s e n g e r t e r m in a l a n d
o f f i c e b u il d in g in t h e b u s in e s s d i s t r i c t o f D a l l a s , a n d a s s u m e d it s n o t e s .
T h e t e r m in a l f a c ilit ie s h a v e b e e n le a s e d fo r 2 0 y e a r s t o t h e t h r e e in te r u r n a n
lin e s e n t e r i n g D a l l a s .
T h e t e r m in a l w a s o p e n e d f o r s e r v i c e S e p t . I 1 9 1 0 .
F r a n c h i s e . — T h e fr a n c t h s e p e r m it s a r e tu r n o f 7 % o n t h e p r o p e r t y v a l u e ,
f ix e d a t $ 7 , 5 0 1 , 7 4 9 , a n d p r o v id e s f o r : (a ) a n in te r u r b a n n o t le ss t h a n 3 0
m ile s in l e n g t h , f r o m s o m e o u t s id e p o in t m t o D a l l a s , w o r k t o b e b e g u n
w it h in s ix m o n t h s f r o m t h e t i m e o f o p e r a t io n u n d e r t h o o r d i n a n c e , a n d lin e
t o b e p u t in a c t u a l s e r v i c e w it h in 1 3 m o n t h s f r o m t h a t d a t e u n le s s p r e v e n t e d
b y c a u s e s w h ic h c o u ld n o t h a v e b e e n r e a s o n a b ly a n t i c i p a t e d ; (ft) a n in te r ­
u r b a n n o t le ss t h a n 3 0 m ile s in le n g t h fr o m s o m e o u t s i d e p o in t in t o D a l l a s ,
w o r k t o b e g in w it h in s ix m o n t l is f r o m t h e t i m e w h e n t h e g r a s s e a r n in g s o f
t h e lin e s east, o f t h e T r i n i t y R i v e r , e x c lu d i n g i n t e r u r b a n s , s h a ll b e a r th e
s a m e p r o p o r t io n t o t h e t h e n p r o p e r t y v a lu e a s d id t h e g r o s s e a r n in g s t o
p r o p e r t y v a lu e in 1 9 1 3 : (c ) a n e x p e n d it u r e o f $ 1 , 0 0 0 , 0 0 0 in i a lt e r i n g , r e ­
c o n s t r u c t i n g , r e a r r a n g in g a n d I m p r o v i n g t h e p r o p e r tie s o r ig n a tly p u t in
o p e r a t io n b y t h e c o m p a n y , t h e c i t y t o r e c e iv e $ 2 0 0 ,0 0 0 d a m a g e s fo r fa ilu r e
t o c o m p l y w it h t h e a g r e e m e n t (s e e p r o g r a m o f i m p r o v e m e n t s , A c . , in
V . 1 0 5 , p . 2 2 7 1 ) ; ( d ) F a r e s — ( 1 ) c a s h fa r e 5 c . 2 2 t ic k e t s fo r $ 1 : ( 2 ) c a s h fa re
6 c . , 6 t ic k e t s fo r 2 5 c . ; ( 3 ) c a s h fa r e 5 c . , 7 t ic k e t s fo r 2 5 c . ; ( 4 ) c a s h fa r o 5 c . ,
8 t ic k e t s fo r 2 5 c . ; s a id s c h e d u le s t o b e a p p l i e d a s f o llo w s : W h e n e v e r a ft e r
p a y i n g o r p r o v i d i n g fo r th o r e t u r n o n p r o p e r t y v a l u e , t h o r e p a i r , m a i n t e n ­
a n c e a n d d e p r e c ia tio n r e s e r v e a n d t h e a c c id e n t r e s e r v e a r e n o t le ss t h a n
n o r m a l a n d t h e s u r p lu s r e s e r v e e x c e e d s n o r m a l b y 5 0 % , t h e fa r e s s h a ll b e
r e d u c e d t o t h e n e x t lo w e r s c h e d u le t h a n t h e o n e t h e n in fo r c e , a n d if a ft e r
o p e r a t in g s ix m o n t h s t h e s u r p l u s r e s e r v e e x c e e d s n o r m a l b y 3 0 % , t h e fa r e s
s h a ll a g a in b e r e d u c e d t o t h e n e x t lo w e r s c h e d u l e , a n d fu r t h e r r e d u c t io n s
s h a ll b o m a d e a t s ix m o n t h s i n t e r v a ls u n t il t h e s u r p lu s r e s e r v e s h a ll a m o u n t
t o le ss t h a n 1 0 % in e x c e s s o f n o r m a l.
W h e n e v e r t h e s u r p lu s r e s e r v e is
r e d u c e d t o o n e - h a l f o f n o r m a l , t h e g r a n t e e m a y a t s ix m o n t h s i n t e r v a ls
p u t in f o r c e th o n e x t h ig h e r s c h e d u le t h a n t h e o n e t h e n in fo r c e u n t il t h e
s u r p lu s r e s e r v e e q u a ls 9 0 % o f n o r m a l.
C h i l d r e n u n d e r 12 a n d s t u d e n t s
u n d e r 17 y e a r s o f a g o , s h a ll b e c a r r ie d fo r h a l f -f a r o .
F o r fu r t h e r d e t a ils
see V . 1 0 5 . p . 1 4 1 9 .
W a g e s . — O n F e b . 1 19 1 ,3 in c r e a s e d t h e w a g e s o f t r a i n m e n b y 2 c e n t s p er
hour.
I n a d d i t i o n t o th is in c r e a s e t h o m e n a r e t o r e c e iv e H o f w h a t o v o r
s u m t h e y m a y s a v e o u t o f a n a n n u a l a p p r o p r i a t i o n o f 4 4$ % o f g r o s s re­
c e ip ts fo r a c c id e n ts .
STOCK A N D BONDS—
D a le.
In terest.
O u ls ta n d in n .
M a tu rity .
C o m m o n , $ 2 , 2 5 0 , 0 0 0 ( $ 1 0 0 ) ...................
- ................. $ 2 , 2 5 0 , 0 0 0
......................
P r e f e r r e d $ 5 0 0 , 0 0 0 7 % ( $ 1 0 0 ) . ............................................
5 0 0 ,0 0 0
.....................
D a lla s E le c T e r m M
n o te s/ 1910
6 J -J
7 5 0 ,0 0 0 J an 21 1921
$ l ,0 0 0 ,0 0 0 ( $ 5 0 0 & $ l ,0 0 0 ) c * .U n t . a t S ta te S t . T r . C o ., B o s to n , T r u s te e .
U n s e c u r e d n o t e s ................................. 1 9 1 7
0%
2 , 6 0 0 , 0 0 0 A p r il 1 1 9 2 2
Stock.— P r e f . s t o c k is e n t i t l e d t o 7 % n o n - c u m . d i v s . u p t o S e p t . 3 0 1 9 2 0 ,
a n d to 7 % c u m . d iv s . th e re a fte r .
R e d . a t 1 1 0 a n d d i v s . o n 6 0 d a y n o t ic o .
Notes.— T h e D a l l a s T e r m . M . n o t e s h a v e b e o n a s s u m e d b y t h e D a l l a s
R y. Co.
R e d . a s a w h o le a t a n y t i m e a t 1 0 1 a n d i n t .
E A R N I N G S . — F o r c a l. y e a r 1 9 1 8 , g r o ss, $ 1 ,7 3 2 ,2 9 8 ; n e t , $ 2 4 8 ,8 3 8 .
1 9 1 7 , g r o s s , $ 1 , 3 3 1 , 0 9 5 ; n e t , $ 2 8 9 ,0 2 5 .

In

R O A D . — O w n s a n d o p e r a t e s 6 9 . 2 m ile s o f t r a c k In t h e c i t y o f D a l l a s a n d
s u b u r b s in a d d i t i o n t o t h e le a s e d O a k C l i f f li n e s . 2 3 7 c a r s . S t a n d a r d g a u g e .
O F F I C E R S .— C h a ir m a n o f B o a r d , C . W . I lo b s o n ; P r e s ., J . F . S tr ic k ­
l a n d ; V . - P ’s . , I I . M . H u g h e s , W . B . H e a d a n d C . B . H u m p h r e y ; S e c .T r e a s ., J . B . W a l k e r ; G e n . M g r . , R . M e r i w e t h e r .— V . 1 0 5 , p . 1 4 1 9 , 1 5 2 2 .
________
1617, 1707, 2271.
•

DALLAS POWER & LIGHT CO.
O R G A N I Z A T I O N . — I n c o r p . in T e x a s o n S e p t . 2 2 1 9 1 7 t o t a k e o v e r a n d
o p e r a t e t h e lig h t a n d p o w e r p r o p e r t ie s o f t h o D a lla s E l e c t r ic L i g h t & P o w e r
C o . f o r m e r l y c o n t r o ll e d b y Dallas E l e c t r ic C o .
(S e e th is s e c t io n f o r S o p t .
1917) u n d e r t h o fr a n c h is e a p p r o v e d b y t h e c it i z e n s o r D a lla s a t a n e le c t io n
h e ld A p r il 3 1 91 7 a n d f o r m a l l y a c c e p t e d o n S e p t . 2 7 1 9 1 7 .
T h o r a ilw a y
p r o p e r t ie s o f t h e D a lla s E le c . L . A P . C o . w e r e t a k e n o v e r b y t h e D a lla s
R y . C o . , w h ic h s e e a b o v e .
V . 105. p . 1423.
D o e s s u b s t a n t i a l ly a ll t h e e l e c t r i c lig h t a n d p o w e r b u s in e s s in D a lla s ,
s e r v in g a p o p u la t i o n o f a b o u t 1 4 0 .0 0 0 .
Franchise.— T h e fr a n c h is e p r o v i d e s f o r a n e x p e n d it u r e o f $ 2 , 0 0 0 , 0 0 0 in
a l t e r i n g , r e c o n s t r u c t i n g a n d r e a r r a n g in g a n d i m p r o v in g t h o d i s t r i b u t i n g
s y s t e m s , p o w e r p la n t s a n d p r o p e r t ie s a n d in m a k i n g a d d it i o n s a n d e x t e n ­
s io n s . $ 1 ,0 0 0 , 0 0 0 t o b o e x p e n d e d w it h in 18 m o n t h s a f t e r S e p t . 3 0 1 9 1 7 ,
a n d $ 1 ,0 0 0 , 0 0 0 w it h in t h e s u c c e e d i n g 4 2 m o n t h s .
F u r t h e r p r o v i s io n s c f
t h e fr a n c h is e a r e (1 ) a d e f in it e “ p r o p e r t y v a l u e " o n w h ic h t h e c o . is a u t h o r ­
iz e d t o e a r n 8 % p e r a n n u m .
T h is a u t h . r a t e o f r e t u r n is in c r e a s e d a u t o m a t ­
i c a ll y b y s p e c i fi e d p e r c e n t a g e s i f a n d w h e n t h e m a x i m u m r a t e f o r lig h t in g
Is r e d u c e d , a n d c o n v e r s e ly is d e c r e a s e d if, u n d e r c e r t a in c o n d i t i o n s , t h e
m a x i m u m rate, f o r l ig h t i n g Is I n c r e a s e d .
(2 ) T h e a g r e e d “ p r o p e r t y v a l u e ”
o n S o p t . 3 0 1 9 1 7 w a s p l a c e d a t a p p r o x i m a t e ly $ 4 .S 5 0 .0 0 0 p lu s a ll s u b s e q u e n t
a d m i t t e d a d d it i o n s a n d im p r o v e m e n t s , in c lu d in g t h e p r o c e e d s o f th e
$ 1 ,0 0 0 , 0 0 0 n o t e s s h o w n b e l o w , t h e r e w ill b e a " p r o p e r t y v a l u e " o f a b o u t
$ 5 ,8 0 0 , 0 0 0 .
(3 ) T h o r a t e s f o r s e r v ic e a r e u n d e r t n e ju r is d i c t io n o f t h e c i t y
a u t h o r i t ie s , b u t t h e m a x i m u m l ig h t in g r a t e c a n n o t r e m a in l o w e r t h a n
6 c e n t s p e r lc. w . h o u r u n le s s t h e c o . I s e a r n in g t h o fu ll r a t e o f r e t u r n o n t h o
" p r o p e r t y v a l u e ” a n d In a d d it i o n is m a i n t a in in g o u t o f e a r n in g s : (a) A
‘ ‘s u r p lu s r e s e r v e ” o f 8 % o n t h e “ p r o p e r t y v a l u e ; " (6 ; A n " a c c i d e n t r e s e r v e ”
o f 2 4 $ % o f t h o g r o s s r e c e ip t s ; (c) A ‘ 'm a i n t e n a n c e a n d d e p r e c i a t io n r e s e r v e "
o f 6 % o f th o " p r o p e r t y v a lu e .
( 4 i T h e t e r m o f t h e fr a n c h is e is te n y o a r s
f r o m A p r il 3 1 9 1 7 , a n d c o n t in u e s t h e r e a f t e r u n le s s a n d u n t il t h o c i t y o r its
lic e n s e o s h a ll p u r c h a s e t h e p r o p e r t y , in w h ic h e v e n t t h o c i t y s h a ll p a y t h e
c o . a t le a s t 1 0 5 % , o r t h o c i t y ’s lic e n s e e a t le a s t a t le a s t 1 1 0 % , o f t h o th e n
“ p r o p e r ty v a lu e .”
(5 ) P r o v i s io n f o r a r b i t r a t i o n o f d i s p u t o d m a t t e r s
b e tw e e n th e c it y a n d th e c o m p a n y .
STOCK AN D BON DS—
Dale.
Interest. Outstanding.
Maturity.
................... $ 2 ,0 0 0 , 0 0 0
..............
S t o c k , $ 2 ,0 0 0 , 0 0 0 ( $ 1 0 0 ) ......................
1 s t M n o t e s , s e r ie s “ A " (5 5 0 0 1 1 9 1 8
7 g F -A
1 , 0 0 0 ,0 0 0 F o b 1 1 92 0
a n d $ 1 ,0 0 0 ) g _____________ c * \ l n t . a t O ld C o l o n y T r . C o . , B o s t o n , T r u s t e e
U n s e c u r e d n o t e s ............................... 1 9 1 7
6%
4 , 0 0 0 , 0 0 0 A p r il 1 1 9 2 2
T h e $ 4 ,0 0 0 , 0 0 0 u n s e c u r e d n o t e s a n d $ 2 ,0 0 0 , 0 0 0 s t o c k ( e x c e p t d ir e c t o r s
q u a li f y in g s h a r e s ) a r e d e p o s i t e d u n d e r t h o c o l l . t r . M . , d u e A p r . 1 1 9 2 2
o f t h e D a ll a s E l e c t r ic C o r p o r a t i o n , w h ic h s e e a b o v e
E A R N S . — C a l. Years—
1917.
1916.
1915.
G r o s s e a r n i n g s .....................* $ 1 , 2 6 7 , 9 2 2
$ 1 ,1 4 3 , 0 6 5
$ 1 ,0 3 0 ,3 1 7
* 6 7 8 .7 0 8
6 0 9 .7 0 5
5 4 4 ,4 7 5
N e t e a r n i n g s .........................
♦ T h e p re s e n t c o . b e g a n o p e r a tio n s O c t . 1 1917.

1914.
$ 1 ,0 5 2 ,2 9 4
4 7 7 ,2 2 7

Notes.— P r i o r t o A p r i l 1 1 9 2 2 i n t . o n t h e $ 4 , 0 0 0 , 0 0 0 u n s e c u r e d n o t e s is
p a y a b le o n l y i f o a r n e d , b u t a n y u n p a id a c c r u e d in t . t h e r o o n , t o g e t h e r w it h
t h o p r i n . , w ill b e p a y a b l e in fu ll o n A p ril I 1 9 2 2 .
T h e 1st .VI. n o t e s w e r o
I s s u e d t o f u lfill fr a n c h is e r e q u i r e m e n t s .
T l i o y a r e a f ir s t m t g e . o n a ll t h e
c o m p a n y 's p r o p e r t ie s a n d f r a n c h is e s .
T h o a u t h . a m o u n t o f n o t e s is
$2,O0O.OOO b u t m a y b o in c r e a s e d t o $ 2 , 2 0 0 , 0 0 0 o n c o n s e n t o f b o a r d o f
co m m is s io n e rs, o r o th e r c it y a u t h o r it y .
T h o r e m a in in g $ 1 , 0 0 0 , 0 0 0
of
t h o a u t h o r i z e d n o t e s m a y b o is s u e d in s u b s e q u e n t s e r ie s h a v i n g d i ff e r e n t
I n t e r e s t r a t e s a n d d i f f e r e n t m a t u r it ie s b u t n o t t o m a t u r e e a r lie r t h a n
F e b . 1 1920.
T h e y m a y b o is s u e d o n l y t o i n c r o a s e “ p r o p e r t y v a l u o ” a n d
o n l y w h e n t h e n e t e a r n in g s f o r t h e p r e c e d i n g 12 m o s . h a v e b e o n a t le a s t
d o u b l e t h o a n n u a l I n t e r e s t c h a r g e s o n t h o 1st M . n o t e s o u t s t a n d i n g a n d
th o s e p r o p o s e d to b o issu e d .
C a ll a b l e a s a w h o le o n 3 0 d a y s ’ n o t i c o , a t
10014 a n d in t . V . 1 0 6 , p . 8 2 4 . T h e e n t i r e o u t s t a n d i n g d e b t s e c u r e d b y a
lie n o n t h o c o m p a n y ’s p r o p e r t y m a y n e v e r e x c e e d in t h o a g g r e g a t e 8 5 %
o f th e th e n " p r o p e r t y v a lu o .”
P R O P E R T Y . — P o w e r s t a t io n c a p a c i t y , 1 8 ,2 0 0 k . w .
H as o v e r 361
m ile s o f d i s t r i b u t i n g lin e s a n d o v e r 2 4 ,6 9 3 c o n n e c t io n s w it h c u s t o m e r s .
O F F I C E R S . — P r o s ., J . F . S t r i c k la n d ; V . - P s . , W . B . H o a d , I I . P .
G i b n e y a n d E . W. H ill; V . - P . & G e n . M g r . , F r e d . h i . L e g e , J r . ; S e c . &
T r e a s . , C . E . C a ld e r : A s s t . S e c . - T r e a s ., J . C . T h o m p s o n a n d C . L . C o x .
Management.— O p e r a t io n s a r e s u p e r v i s e d b v E l e c t r ic B o n d & S h a r e C o .
— Y . 1 0 5 . p . 1 4 2 3 , 1.524. 1 6 2 0 ; V . 1 0 6 . p . 1 7 1 7 , 8 2 4 .




[V o l . 108

TEXAS ELECTRIC RAILW AY.
O RGAN IZATION .— Incorp. In Texas July 5 1916 and is a consolida­
tion of the Texas Traction Co. and Southern Traction Co. (see V. 101. p.
362, 560), comprising a modern, high-speed electric Interurban railway sys­
tem serving a number of cities and towns In Texas, in and adjacent to tho
“ Black Waxy Bolt.” including Dallas, Waco, Denison, Sherman, Corsi­
cana, Waxahachie and McKinney. Also owns and operates tho local
street railway systems In all of these cities except Dallas. Present estimated
opulatlon connected and served, 250.000. Leases fo ■20 years from Dec.
7
1915 the terminal facilities of the Dallas Interurh <;i Term. Assn., which
see under Dallas Ry. above, interurban lines are located on private rightof-way; city franchises are satisfactory, and in the opinion of counsel with
two unimportant exceptions, extend well beyond 1917. Enters Dallas
over tracks of tho Dallas Railway Co. under long term contract.
Fare Increase.— in Nov. 1917 the company announced an increase in
passenger rates from about 2 4$ cents to about 24< cents per mile to cover
Federal taxes and Increased costs of operation.
Strike.— A strike begun Mar. 1 1918 was called off on May 9 1918, the
men returning to work under old conditions. V. 106, p. 2230.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
Com stock $6,000,000 ($100). ___
_________
$6,000,000
Q-.T
1st pf 7% cum $ 1.500,000(1100)____
700.000 Dec. IS,IK
2d pref stock 53.000.000: $1 00) ___
3.000.000 Dec. ' 18.H i
Q-F
1st & ref Mtge gold ($500 &\, 1917
5 _g J -J
5,570.000 Jan 1 1947
$1.000)____________ c*ntf I Harris Trust A Sav. Bank, Chicago, Trus.
Conv debentures $3,000.0001 1917 6 g J-J
2,100.000 Jan I 1912
($1,000 and $500)___ c*Scr int. at St. Louis Un. Tr. C o., trus., or N. Y.
Texas Traction 1st M sink fdl 1907 5 g J-J
1.258.000 Jan 1 1937
$3,000,000 ($l,000)gc*&rt(i >nt. at Old Colony Trust C o.. Boston, Trus.
Den A Sher first mortgage,/ 1902 5 J-J
149.000 July t 1927
$350,000 ($1.000)___ c * tf( lot. at Illinois Tr. * Sav. Bk.. Chic.. Trus.
Preferred Slock.— Remaining 1st pref. stock Is held In treasury. Roil, on
stiy dlv. date after Jan. I 1922 at 1074$ and dlv. on 30 days’ notice. The 2d
pref. stock Is callable on any dlv. date on 30 days’ notico at 107 4$ and dlv.
Ponds.— Additional 1st A ref. bonds may be Issued for only 75% of the
cost of extensions, Ac., provided net earnings are twice the total annual
Interest charge, Including bonds applied for. In addition to ordinary re­
serves for personal Injuries and damages, $75,000 bonds are provided usable
for this sole purpose. Provision Is also made for refunding underlying bonds
A special trust fund for malnt. and renewals Is provided out of gross earn­
ings ns follows: 1917, 11%; 1918, 12%; 1919, 13%; 1920, 14%: 1921 and
thereafter, 15%. Any part not so used may bo expend id for exts., Ac.,
or for the redemption or any outstanding bonds. Beginning Apr. I 1921
and yearly thereafter, cash equal to 1% of the 1st & rof. 5s and underlying
bonds outstanding on the previous Doc. 31, less amount of payments
to underlying sink. fils, during preceding year, shall bo deposited, usable for
extens., Ac., against which no 1st A rot. 5s shall bo Issued, or for tho retire­
ment of 1st A rot. or underlying bonds. Tho 1st A rof. 5s are rod. on any
Int. date up to and Inel. Jan. 1 1912 at 105 and Int.: thereafter at 102 4$ and
Int. Of tho amount reported outstanding $52,000 aro hold In treasury.
Interest is payable in Chicago and New York. See offering in V. 106, p.
397. The debs, are callable Jan. 1 1922 and any Int. date thereafter on
30 days’ notice at 1024$ and Int.; convertible on and after Jan. I 1922 Into
7% cum. first pref. stock, par for par, with adjustment of bit, and divs.
The Texas Traction 1st 5s can ho called at 110 A accrued Interest
on any int. date upon 30 days’ notico. $620,000 (not Inch In amount
reported outstanding) aro deposited under 1st & rof. mtgo. of the 3’oxas
Electric Railway Co.
A sinking fund of 5% of gross earnings began
July 1 1912, to bo used in the purehaso or bonds; $288,000 held in
sink, fund not inel. In amount outstanding above. Don. A Sher. 1st M.
bonds aro subieet to call since July 1 1917 at 105 atul interest on four
weeks' notice. A sinking fund began July 1 1905 of 2 % per annum of
bonds out until 1913, when amount payablo became 3% per annum until
1917; from 1918 to 1922, inel., 4% per annum; 1923 to 1926, Inel., 5% par
annum; $118,000 in sinking fund, not inel. in amount outstanding above;
$3,000 canceled; $2,000 in treasury and $38,000 held by trustee (not inel.
In amount reported outstanding).
Dividends.— Divs. on the first pref. stock wore begun Oct. 1 1917.
Dividends of 1M % quarterly on tho 2d pref. stock woro begun Nov. 1 1917.
EARNINGS for years ending Dec. 31:
Year—
dross.
Net (aft. taxes).
Interest.
Hal. surplus.
$915,217
$467,397
.8(77,820
1918-..................$2,381,475
1917.................... 2.138,268
990.636
474,788
515.848
R O A D .— Owns and operates Interurban lines botwoon Dallas and Deni­
son, 76.39 in.; Dallas and Waco. 96.89 m.; Dallas anil Corsicana, 56.19 in.;
2d main track, sidings and turnouts, 11.80 m.; local liuesin Sherman. Deni­
son, McKinney, Waco. Corsicana and Waxahachie. Tex., Inel. sidings, Ac..
34.43 m.; total. 279 38 m. (Inel. 9.98 in. of track, being entrance Into Dallas,
teased). Gauge 4 ft 84$ In. 70-80-lb. “ T " rail. 63 interurban passenger,
65 city passenger, 16 express and baggage and 44 work, A c., cars; total,
188; 11 sub-stations. Leases generating plant to'I'ox. l’ow. A Lt. Co. from
which it purchases power under contract, oxpiring at samo time as lonso.
OFFICERS.— i’ ri's., J. F. Strickland; V.-R. A Gen. Mgr., /birr Martin;
V.-R. & Treas., II. 1. Gahagan; Soc., Jas. P. Griffin; And., J. A. Wright.
— V. 106, p. 2230; V. 108, p. 581.

f

D AN BU RY, CONN.
DANBURY & BETHEL STREET RY.
Neto Control.— In Sopt. 1917 Stephen Crute, New York, and associates
acquired control. V 105. p. 1208.
fleceiter.— On Oct 30 1917 Judge James E. Walsh, of Greenwich, was
appointed receiver of the company on application of A. H. Flint, holder of
a 51.000 note, overdue. V. 105. p. 1801. Judge Walsh was superseded by
Atty. J. Moss Ives, of Danbury, in Dec. 1917. V. 105, p 2272.
Committee for 1st A Ilcf. 5s.— Chairman John McCarthy, Danbury,
Conn; Chas. E. Graham, New Haven, Conn., and R. Lo Itoy Harwood,
New London, Conn.— V. 106, p. 498.
ORGANIZATION.— Incorp. May 7 1888 under the laws of Connecticut.
Has a perpetual special charter, the only street car company serving the
city of Danbury and town of Bethel, its linos also extend to the Danbury
Fair Grounds and the pleasure resort of Lake ICenosla.
Power.— In Sopt. 1918 it was reported that tho Danbury A Bethel Gas
A Elec. Co. was negotiating with this co. with a viow to leasing tho latter’s
power plant and furnishing tho power to oporato tho street railway system.
STOCK AND BONDS—
Date. Interest. Outstanding. Last Die., he
-took. $623,000 (par $25).................
J-J
$320,000 Jan 12. 2%
First A ref mtge *600.0001 1913 5 B M -N
339.500 May 1 1943
($500 and *1.000) n * f._ - * /ln t . at American Trust Co.. Bos.. Tru-tee.
Consol mtge, $300,000, gold/ 1900
5 g M -N
100,000 May 1 1936
($500 and $1,000)________ \Iut. at American Trust C o., Boston, Trustee,
Debenture bonds, $75,000/ 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
80,000 Jan l 1921
Receivers’ ctfs $60,000------------------7%
55,000
Bonds.— The 1908 debs, are red. at 105 on any Int. date artor due no­
tico. Up to Mar. 15 1919 no action had beon taken towards tho retirement
or extension of this Issue. Of tho 1911 debentures, $75,000 aro rosorved for
like amount of debentures of 1908. Of tho 5s of 1913, $100,000 aro reserved
to retiro a like amount of consol. 5s and $150,000 for retirement of the
two debenture issues.
Dividends.— In 1898-97, 4% ; In 1897-98. 1%: In 1898-99, 2% : In 1899­
1900, 14$%; In 1900-01, H $% : In 1001-02, 3% ; In 1902-03, 3% : In
1903-04, 14$%: 1907 to 1911. 4% anti.: In 1912. Jan., 2% ; none since.
ROAD.—Trolley road In Uatibury. and from Danbury to Bothol, and to
Lake Kenoula, 15.031 miles In all' sidings, Ac.. 1.04 4 miles; total, 16.075
tulles. 42 passenger aud 7 other cars. Standard gauge.
REPORT.— For cal. yoars;
Gross.
Net.
Int. A Tares.
Balance.
1918................................... $128,878
$159
$11,194
def.$11.035
1917
141,653
19,165
37,371
dof. 18.387
J916 .................................. 165,321
37.9.35
50,234
dof. 12,299
OFFIOF.RS.— Pros A Oeu. Man., Stephen Crute, New York; Sec. A
Treas., Georgo II. Kiinzing, Danbury.— V. 106, p. 498, 715.
D A Y T O N , OH IO.
CITY RAILW AY CO.— A trollev road.
ORGANIZATION.— Chartered May 12 1893. Is a consolidation of the
Dayton Street RR ., tho Dayton A Soldiers’ Homo K it., the Fifth Streot
RR. Franchises run for 50 years from Fob. 8 1892 and April 19 1893.
STOCK — $2,400,000 ($100) com. auth.and Issued and $600,000 ($100;
6 % pref. auth. and issued.
Bond issues have boou paid off.

M a e ., 1919. J

39

ELECTRIC RAILWAYS
D E N V E R , COL.

QA%
. EARNINGS.— For calendar years:
Twc/ce Months— Gross.
Net.
Int. & Taxes.
Surplus.
1017
__ $777,443
$209,449
$74,452
$134,997
1 9 1 0 IIIIIIIIIIIII 700;311
305,124
54,551
250,573
BOA D .—Controls' and operates In all 35 948 miles of tract, namely: Third
Street Line. Firth Street Line. Green Line, Kammer Ave. Line and Dayton
& Soldier's Home Liao. Gauge 4 ft. 8 ^ lQ**. rails 70 and 80-lb. T and
70 and 90-lb. girder; operating 42 G. E. 07 and 50 G. E. 800 motor equip­
ments, 133 pass, cars, 3 sprinklers, 3 snow cars, 2 sand cars, 3 flat cars
^OFFICERS^— Pres., E. D. Grimes; 1st V.-P., G. G. Shaw; 2d V .-P .,
V Winters- 3d V .-P., G. II. Gorman; Sec., M . Hall; Asst. Sec., J. S. M c­
Mahon- Gen. Mgr., T. E. Howell. Office, Western and Auburn Aves..
D a y to n .-V 92. p. 1178. 1561: V . 99. p. 1909: V. 100, p. 53. 1256.
DAYTON COVINGTON & PIQUA TR AC TIO N .— A trolley road.
ORGANIZATION.— This was formerly known as the Dayton A Troy
Traction, but name changed to the above In Aug. 1901. The D. A 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 Plqua, about 38 miles. Company acquired tb<
right to use the tracks of the People’s Ry. In entering city of Dayton.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stockauth. $600,000 ($100) . . ...........................
...................
Pref 5% n-c. $550,000 ($ 1 0 0 )____
_______
550,000 ---------------First mortgage, $550,000, gf 1902
5 g A-O
490,000 April 1 1922
($1 000)_____ _____ c* ntfU n t. at Old Colony Tr. C o., Boston. Trusteo.
Second mortgage, $60,000. u t f -----6 g M-S
60,000 Sept l 1919
Bonds.— $60,000 1st mtge. bonds are reserved for extensions and Im­
provements; 2d mtge. bonds are subject to call on any lnt. date at 105.
EARNINGS.— For years ending June 30:
Year—
Gross.
Net, aft. Taxes. Interest.
Surplus.
1917-18_____________ $169,860
$40,199
$29,925
$10,274
49,016
30,324
18,692
1916-17.............. .......... 166,890
ROAD. —Total track 38 miles. Standard gauge. 70-lb. T , 80 and 90lb. girder rails. 11 passenger cars, 2 express cars and 7 other cars.
OFFICERS.— Pres., D. Dwyer; V.-P. A Gen. M gr., T . Russell Robin­
son; Supt., T. J. Ilronnan.— V. 77. p. 146.
DAYTON & TROY ELECTRIC R Y .— A trolley road.
ORGANIZATION.— 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 Plqua. Rails, 70-lb. T . Power house located
at Tippecanoe City, Ohio. Stock, $500,000 ($100) com. auth. and Issued
and $800,000 ($100) 5% cum. pref. auth.: $647,800 Issued. No bonds
contemplated. In May 1902 took over Miami Valley Ry. undor 99-year
lease at a rental of $9,600 per annum, which Is applicable to stock of
$300,000, mortgage having been canceled.
Dividends.— Ou the pref. stock 5% per annum Is being paid. On com..
Jan. 1 1904. 2% : In 1905, 6 % ; In 1906, 6 %; In 1907. 2% ; In 1908, none; in
1909. 5% ; In 1910. 0% : in 1911. 6 %; In 1912. M ar.. 1>* % . In 1913, Sept..
lW %: Dec., 1H % ; In 1914, June. 1 * % ; In 1915. Dec., 1 * % ; in 1916
and 1917, 5% each. Nono since.
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net.
Deduct'ns. Dividends. Surplus.
1918___________ $359,932
$96,731
$40,503
$32,390
$23,838
1917 .............
319,458
107,704
37,524
57.3S6
13,266
1916 ................... 316,122
139,822
59,930
57,372
22,520
R O A D . — Owns equivalent of 32.68 miles or single track betweon Dayton
and Troy. Leasos 14.25 miles betweon Troy and Plqua (Incl. 3.31 m. local
lines In Plqua); total oporatod. 40.93 m.
OFFICERS.— Pres., II. P. Clegg; Sec., L. C. Clegg; Treas. & Gen. M gr.,
r . a . Grume; Aud., F. Sprague.
General offico, Tippecanoe City, Ohio.
— V. 95, p. 1744; V. 99, p. 48; V. 102, p. 152.
DAYTON SPRINQFIELD & XENIA SOUTHERN R Y .—Trolley.
ORGAN IZATION .— Incorporated In 1909 as successor to the Dayton A
Xenia Transit Co., sold at foreclosure. Stock, auth. and outstanding.
$200,000 com. and $300,000 pror. Par $100. 1st M . auth. and Issued.
$500,000. Earnings for year ending June 30 1916, gross, $178,884; net.
* 3 ROAD.— Owns and operates about 24 miles o f track from Dayton to
Xenia and from Dayton to Beaverton. On Dec. 1 1917 operations betweon
Beaverton and Spring Valloy, 11A miles, having proven unprofitable,
wore discontinued and that portion of the line was subsequently dis­
mantled. Pres.. C. J. Ferncding; V.-P., T. A. Fernodlng; Soc. A Treas.,
H. L. Ferdeding, all of Dayton.— V. 89, p. 285; V. 105, p. 2272.
OAKW OOD STREET RA ILW A Y"C O .— A trolley road.
ORGANIZATION.— Incorporated July 22 1870 In Ohio. Franchise ex­
pires 1941. In Oct. 1909 the Ohio Supremo Court held the franchise valid
over the objections of the City Solicitor. Stock auth. and outstanding.
$500 000 (par $100). No bonds. Operates 8 miles of track In Daytou and
suburbs and leases (from Jau. 1 1916) the Oakwood RR .'s line In Oakwood
vlllago: total miles operated, 10.5 Standard gauge. Pres. & Treas.,
________; v .-P .; II. P. Clegg; Sec. & Gen. Mgr., Henry Gobhart,
all of Dayton.— V. 100, p. 1438.
D E C A T U R , IN D IA N A .
FORT WAYNE & DECATUR TRACTION CO.
ORGAN IZATION .— Incorp. on Juno 1 1916 to succeod the FortWayno&
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.
Fares.— In Jan. 1918 was auth. by the I.-S. C. Comm, to increase
passenger faros 15%. In Jan. 1919 applied to the Ind. P. S. Comm, for
auth. to increase fares from 2A to 2% cents per mllo. V. 108, p. 480.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
Stock $150,000 ($100)......................................
$150,000 ...................
First mortgago $200,000 gold] 1916
6%
160,000 Juno 1 1920
($1.00 0)_________ _______ lin t, at Tri-State L. A Tr.Co.,Ft.W ayne,trus
EARNINGS.— For years ending Dec. 31:
Cal. Years—
Gross.
Net, aft. Taxes. Interest.
Balance.
1918
........................ $57,303
$9,607
$9,360
sur. $247
1917
____________ 53,249
3,772
8,020
def.4,248
ROAD — Operates 21.6 miles between Decatur and Ft. Wayo. Total
track, 23.7 miles. 70-lb. T rail; gauge, 4 ft. 8 ^ .in .— V. 108, p. 480.
D E L A W A R E , OH IO.
COLUMBUS MAGNETIC SPRINGS & NORTHERN R Y.
Receiver.— On Aug. 24 1918 the Common Pleas Court of Dclawaro
County, Ohio, appointed Pres, and Treas. Chas. J. Finger receiver for tho
co
V 107, p. 1099.
Abandonment Authorized.— Tho Ohio P. U. Comm, has auth. tho co. to
abandon its lino operating from Delaware through Magnetic Springs on
Jan. 1 1919. V. 107, p. 2376.
Sale.— The property o f the company is to be sold under a decree of fore­
closure to satisfy tho first mtge. dated N ov. 1 1906. The date o f sale has
been sot for April 22 1919, the prlco to beat least two-thirds o f the appraised
value, which has been placed at $132,000. V. 108, p. 1164.
ORGANIZATION.— Incorporated In Ohio ou Oct. 15 1908, and Is a
consolidation of the Delaware St Magnetic Springs Ry. and tho Rlchwood
& Magnetic Springs Ry. Private right of way except In City or Rlchwood.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Common. $200,000 ($100).....................................
$130,000 ...................
Pref, 0% n-e, .1200,000........................................
100,000 ...................
C M S A N 1st M , $400,000. gf 1900
6 g M-N
250.000 Nov 1 1931
($1 000), cannot bo called. { Interest at Colonial Trust Co., Pittsburgh,
and’ no sinking fund _ c * tf' Trustee.
EARNINOS.— For year ending Juno 30 1917, gross. $23,637; riper exp.,
$20 778’ net,$2.859: taxes, $6,386; def., afi*r taxes, $3,527. lu 1915-16,
gross, $27,068; oper. oxp., $20,355; not, $6,713; taxes, $2,783; net, after
a^ 0 ’5?D .— Operates 18 miles of track from Delaware to Magnetic Springs
and Rlchwood.
, _
, T„
,
O FF IC E R S.—Pros, and Treas., Char J. Unger; V.-P., C. Magee Jr.,
Pitts.; Sec., Chas. J. Fifer, Rlchwood. O .—V. 107, p. 2376; V. 108, p. 1164.




THE DENVER TRAMWAY SYSTEM.
(1) Denver & Northw estern Ry.— A holding company.
ORGANIZATION. A c — In Mar. 1913 a syndicate headed by Boettcher,
Porter A Co. of Denver acquired a controlling Interest through purchase of
che stock (about $1,800,000) hold by Marsden J. Perry of Providence,
chls purchase making Its total holdings about a 75% lnt. V. 96. p. 863.
This company, since the plan In V.98. p. 1156. went into effect,. Is simply
a holding company, practically Its only asset being the $9,000,000 common
stock of the Denver Tramway C o., which Is pledged as security for the $6 .­
000,000 1st A Coll, bonds of this co., and its only liability being $6,000,000
of its capital stock outstauding In the hands of the public, the payment of
its bonds having been assumed by the Denver Tramway Co.
STOCK AND BONDS.— Dale. Interest. Outstanding.
Maturity.
Stock $8,000,000 ($100).....................
Q-J 10
$6,000,000
See text
First and collateral mtge (assumed by Denv. Tram. Co.— see below).
Stock.— $900 is in tho treasury.
.
Dividends.— Prior to July 1909 dividends were at rate of 6 % per annum.
In July 1909 quar. dlv. was Increased to 2% and same amount paid quar­
terly to July 1913. In Oct. 1913 rate was reduced and 1% was paid
(V. 97. p. 1115). Same rate quar. to and incl. April 191o. In July
1916 rate was further reduced to H of 1%. Oct. 1915 dividend omitted.
V. 101 p. 1188, 1370
Nono since.
. . . .
REPORT.— Of Denver Tramway System for fiscal year ending Dec. 31
(lnter-co. transactions eliminated). Report for 1917 in V. 106, p. 2444.
Fiscal
Uross
Net (after
Other
Deducbalance.
Year— Earnings.
Taxes. & c.).
Income.
lions.
Surplus.
$1,150,352
$19,818
$968,617
$201,553
1917 ..... $3,419,468
1916........ 3:275!877
1.384.661 „ 21.234
981.162
424.733
OFFICERS.—V .-P ., S. M . Perry; Gen. M gr.. F. W. Hlld; Sec., H. S.
Robertson; Treas., II. J. Alexander; Aud., W . A. Doty. V. 106, p. 2345.
(2) Denver Tramway Co .— Operating Gomvany.
The Denver Sc Northwestern Ry. owns S9.00O.OOO of the common stock.
ORGANIZATION.— Incorp. March 30 1914 In Colorado as successor
to the Denver City Tramway C o., which had previously absorbed the Den­
ver Tramway Power C o. and the Denver Tramway Terminals Co. Owns
entire $500,000 stock o f the Consolidated Securities A 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 A Inter-Mountain RR. See plan o f re­
organization under “ Denver A 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. 0 lu. and 4 ft. 8 H In., over all Its present lines within tho 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
peal 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 that
Its franchise Is perpetual. See decision In V. 95, D. 1472.
V a l u a t i o n . — In connection with fare hearings the co., in Nov. 1918.
placed tho reproduction cost of its properties at $26,931,365, as of Dec. 31
1917. The P. U. Comm.’s valuation of tho 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
* 1<
F a r e i n c r e a s e s .— On Sept. 6 1918 the Denver City Council passed an
ordinance auth. the co. to charge a 6 -cent faro on city lines. V. 107, p.
1003. On Sept. 12 1918 the Col. P. U. Cora. auth. the co. to put into ef­
fect a 6 -cont fare beginning Sept. 15 1918. An Increase of 3 cents in the
one-way and 8 -cents In the round-trip fares on the interurban lines to
Golden and Leyden was also authorized. V. 107, p. 1192. As a result
of a wage award made by the Nat’l War Labor Board to the co. s employees
tho co. asked for a 7 -ccnt faro with a 1-cent charge for transfers, this
petition being granted by tho Col. P. U. Comm, on Dec. 17 1918. V. 107,
p. 2376. Compare V. 107, p. 2097. On Dec. 23 1918, however the
city petitioned the Comm, for a rehearing on tho 7-cent fare. V. 108,
p. 77. On Jan. 15 1919 the Comm, suspended the 7-ccnt rate with a 1­
cent charge for transfers. V. 108, p. 378.
_
W a g e A w a r d b y N a t i o n a l W a r L a b o r B o a r d . — V. 107, p. 1977.
In March 1919 the company announced its Inability, caused by abnormal
conditions, to take up or refund the $2,000,000 1st M . 5s of the Denver
City Tramway Co. duo April 1 1919. The company has, therefore, offered
to extend these bonds at 6 % to April 1 1924. The extended issue will be
redeemable as a whole at 102H on any interest date. V. 108, p. 1060.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $ 1 0 .0 0 0 ,0 0 0 . .................... ............... $ 1 0 ,0 0 0 ,0 0 0 ....... ............
Pref stk $3,000,000 (7% cu m )----------- -------- Seo text
Oonv gold bonds $3,000,0001 1914
6 g A-O
2.500.000 Apr 1 1919
gold ($100. $500 A Sl.OOOHlnt. at Col. Tr. C o ., N. Y..trus., A in Denver
Denv A N W Ry 1st A coll M f 1902
5 g M -N
510,000 May 1 1932
g $6,000,000 ($500 andjlut. atBankers
Trust C o., New York.
$1,000 (assumed)______c* ( trustee; also office of co. In Denver.
Red. at 105 and int. on 90 days’ notice.
„„„ ..
,
Den City Tr Co 1st A ref M f 1908
5 g M -N J 1,157,200 N ov 1__1933
$25,000,000 g ($500 and Int. at Bankers Trust C o., New York,
trustee, and In Denver.
$ 1 ,0 0 0 ) sinking fu n d ..c*tf
5 g A-O
2,000.000 Apr 1 1919
Denv City Tram purchase 1899
money mtge g $2 ,0 0 0 ,0 0 0 Int. at Central Trust C o.. N. Y .. trustee.
($500 and $1,000)------c*tf l and in Denver (see text above).
5 g A-O
_ 1J67.000 Oct 1 1933
Denv Cons Tram cons mtgef 1893
$4,000,000 gold........ ...n tf ‘ Int. at Bkrs Tr .Co..N.Y..trustee A In Denver
Denv Tr Pow 1st impt mtgef 1903
5 g A-O
1,026,000 Apr 1 1923
$1,500,000 g ($1,000) guari Int. at Internat. Tr. C o.. Denver, trustee,
principal and Interest.. tf
or Guaranty Trust C o., New York.
Denv Tr Terra 1st mtge $ l.- ( 1910
5 g M-S
1,153,000
See text
500,000 g ($100 A $1,000) \Interest at Bankers Trust Oo., N . Y ., trusguar prlu A lnt_______ c*tf ( tee, and In Denver.
Notes payable. Dec. 31 1 9 1 7 - .-------------.
Y>......... h
Stock.— $9,000,000 common owned by Denver A Northwestern Ry. and
$750,000 Is held for conversion of Denv. Tramway conv. bonds, the remain­
ing $250,000 being set aside for expenses of organizing Denver T r. Co.
Preferred stock Is reserved for conversion of bonds.
Bonds.— Of the bonds reported outstanding as above, $838,500 Denver
City Tramway 1st A ref. 5s and $18,000 Denver Tramway Terminals 1st
5s are owned by the Denver Tramway Company. Convertible bonds
are redeemable at par and accrued int. on 90 days’ notice. Were convertible
up to April 1 1918 Into an equal amount o f 7% cum. pref. stock, accom­
panied by common in amount equal to 25% o f face value of the bonds con­
verted. Of the Denver A Northwestern 1st A collat. mtge. bonds $5.­
4 9 0 .0 0 0
have been exchanged for Denver City Tramway 1st A ref. os.
and $900 are in treasury of Denver Tramway Co. (not incl. In amount
reported outstanding). Of the Denver Consolidated Tramway 1st
cons. 5s, $163,000 have been canceled and $2,670,000 have been exchanged
for Denver City Tramway 1st A Ref. 5s. The Denver City Tramway
Co., prior to the sale of its properties, executed a mtge. upon all its physical
properties (other than those formerly belonging to the Denver A North­
western Ry. Co.) Junior to tho lien of its First A Ref. 8 . F. Mtge., as addi­
tional security for the l$6.000,0001 First A Collateral bonds of the Denver
A Northwestern Co., the payment of which Northwestern bonds the Denver
Tramway Co. has assumed. Denver City Tr. Co. 1st A Ref. bonds are
rod. at 105 A Int. after 1913 up to Nov. 1 1923; thereafter at 102 H A lnt.
ou 00 days’ notice. Sinking fund cT 1% of bonds out began Nov. 1 1914
until and Incl. Nov. 1 1923; thereafter 2% of bonds out; $656,000 retired
through sinking fund. The Denver Tramway Power Co. 1st Impt. Mtge.
bonds are subj. to call any lnt. d ite at 105 and lnt., sinking fund of $50,000
per annum, to retire bonds at 105 and lnt., commenced In 1908. and '>474,000 have been retired. Int. payable In New York and Denver. 1 he re­
maining Denv. Tram. Terra. Co. bonds are for impts. They mature
$60,000 annually Sept. 1 1916 to 1940. Red. as a whole on any int. day
at 105 A int. on 30 days’ notice. V. 98. p. 1156. $480.000 retired.
REPORT.— Of Denver Tramway Co. (1917 report in V. 106. p. 2444):
Dec. 31 Y e a r Gross N niaft.Tax..& c.) Olh. Inc. Deduc BaL Sur.
1917............................$3,279,576
$1,143,474 $2,412
$968,617$177,269
1910____ _________ 3.116.920
1.350.897
3.182
981,162378.917
ROAD AND EQUIPMENT.— Including tho Denver A Inter-Mountain
HR., owns 251.80 miles of electric track, or which there are 211.96 miles of
city Hues and 39.84 miles of Interurban lines; gauge. 3 ft. 6 In. and 4 ft.
In. 252 motor passenger cars, 141 trailers, 160 freight and b6 misc.
cars; total. 619 cars. All freight equipment leased to Denver A Inter­
Mountain RR. Co. Capacity of central generating plant, 19,200 k. w.
6 sub-stations, 2 of 1,500 k. w. each. 2 of 1,000 k. w. and 1 of 900 k. w.
OFFICERS.—Chairman of Boanl. < K. Boettcher: V .-P ., 8 . M . Perry;
Gen. M gr.,F. W . Hlld: Sec.,II. S. Robertson; Treas., II. J. Alexander;
Aud., Win.A.Doty.— V. 107, p. 2097. 2376; V. 108, p. 77, 378. 1060.

ELECTRIC RAILWAYS

40

(3) Denver & Inter-M ountain R R .— Operating Company.
The Consolidated Securities & Invest. Co. owns all the stock and notes.
Receivership— Default— In July 1918 Supt. W . II. Edmunds was ap­
pointed receiver, default being charged in payment of interest on the $500,­
000 1st M . 5% notes due 1938. The notos were issued in lieu of $500,000
1st M . 5s due 1938, which were canceled and cremated N ov. 1 1917.
ORGANIZATION.— Incorporated In Colorado about Oct. 29 1907 as
Inter-Mountain Ity., but on April 2 1909 changed name to present title.
Private right of way. Franchises In Denver and Golden are perpetual
Has freight traffic agreements with Denver Tramway Co. anu arrange­
ments fur Interchange of transfers on Denver City lines; also contract for
use of Tramway Co. a tracks In entering Denver.
Fare Increase.— On June 22 1918 filed with the Col. P. U. Comm, a
new tariff providing for a fare increase from 243 cents to 3 cents a mile
and an Increase of 1 0 % in commutation rates.
STOCK AND UONDS— Date.
Interest.
Outstanding. Maturity.
Stock. S i,000.000 ($100)............................ ..........
$1,000,000 ...................
1st mtge notes------------------------- 5%
500,000
1938
ROAD, &C.— Incl. In Denver Tramway C o.— V. 107, p. 82.

DERRY, PA.

[Vol . 108.

Bonds.— Other bonds may be Issued for acquisitions and extensions at
not over 80% of cost and at not over $16,J00 per mile for new road, but only
when net earnings equal 1 43 times all lnt. charges on bonds out and those to
bo Issued. Bonds are subj. to call at 105 ana Int. A sinking fund of 5%
of bal. of annual net earns., after payment of all charges, bocame operative
April 1 1906, and bonds so purchased are to be kept alive for purposes of tb J
fund; $26,000 Is hold In sinking fund,Included In amt.outstanding above 1
Debentures are red. on any Int. date at 101 and Int.
EARNINGS.— For year ending Dec. 31 1917, groa3 , $760,392; not,
after taxos, $119,638.
ROAD.— Operates 82.8 miles of track (Incl. sidings) connecting Des
Moines and Colfax, Dos Moines and Perry, with branch to Woodward.
Standard gauge; 60 and 70-lb. T rail. 12 pass, cars, 4 pass, coaches,
7 electric engines, 5 express, 3 caboose, 87 freight and 19 service cars. Cars
enter Des Moines over tracks of Dos Moines City Ry.
OFFICERS.— Same as for Des Moines City R y .— V. 74. p. 680.

D E T R O IT , M IC H .

DETROIT UNITED R A ILW A Y.— (.See Map page 41 )— Trolley.
WESTMORELAND COUNTY RAILW AY CO.
ORGAN IZATION .— Incorporated in Pennsylvania on Doc. 27 1904. Is
ORGANIZATION.— Incorporated In Michigan Dec. 31 1900 and took
a consolidation of the Bradenvllle & Derry Street Ry. and the Biairsvllle & over franchises and properties of the Detroit Citizens’ Streot Ity., the D e­
Derry Street Ry.
troit Electric Ity., the Detroit Ft. Wayne & Belle Isle and the Detroit Sub­
STOCK AND BONDS— Date. Interest.
Outstanding. Maturity. urban. V. 72, p. 44 , 1 8 3 . Embraces all the streot railway lines In Detroit.
Stock. $500,000 ($50).........................................
$500,000 ...................
Later absorbed by purchase the Detroit & Northwestern Ry., which la
First mortgage. $250,000, gf 1905
5 g M-S
207.900 Mar 1 1935 known as the Orchard Lake division, the Detroit & Pontiac Ry., known
($100)-------------------------- c*\lnt. at East End Sav. & Tr. C o.. Pitts., Trus. as the Pontiac division, the Wyandotte & Detroit River R y., known as the
M-S
7.200
See text
Oar trusts--------- ----------------- 1915
Wyandotte division, and tho Detroit & Flint, formerly the Dotrolt Roches­
Bonds.— No sinking fund and bonds are not subject to call. Of the ter Romeo & Lake Orion R y., and known as the Flint division.
amount reported outstanding $42,100 are held in treasury.
Owns entire capital stock of the Detroit & Port Huron Shore Line (Rapid
The car trusts mature $600 s.-a.. March and Sept. 15. $4,800 retired.
Railway Systemj; Sandwich Windsor & Amhorstburg R y. (acquired In
EA R N IN G S.— For years ending Dec. 31:
Aug. 1901): Detroit Monroe & Toledo Short Line Ity. (acquired In Fob.
Cal.Yr. Gross.
Net.
Oth. Inc. Interest. Taxes. Misc.Ded. Surplus. 1906) and the Detroit Jackson & Chicago Ry. The last-named Is a re­
1918-..$60,094
$29,895
$775 $11,875 $2,978 $21,191
$3,626 organization of the Detroit Ypsilantl Ann Arbor & Jackson R y., tho Jack­
1017 — 53,387
25,737
1,913 12,786
616
9,0005,248
son Ann Arbor & Detroit Ry. and the Detroit Plymouth & Northvllle Ity.,
Passengers carried in 1918, 1,201,889, against 1,056,113 in 1917.
which were acquired In Jan. 1907. Also owns the entire capital stock of
R O A D .— Operates 7 miles of track.
the Detroit Almont & Northern R R ., which It leases for 50 years from 1915.
OFFICERS.— Pres.. John E. Pottor; V.-Ps., F. Wm. Rudell and J. A. and guarantees and assumes Its bonds as a direct obligation, by endorsom’ t.
McComb; Sec. & Treas., II. S. Calvert, all of Pittsburgh; Supt., S. F.
In Aug. 1901 purchased 180 shares (all) of tho stock of the City Electric
Schwerdt, Derry.— V. 82, p. 50.
Ry. and the People’s Electric Light plant of Windsor, Ont.
Franchises.— On May 22 1916, Pres. J. O. Hutchins wrote: "Certain of
the franchises In Detroit have expired during the past soveral years. Those
DES MOINES C ITY RAILW AY CO.— A trolley road.
franchises, which relate to about 15% of the total mileage, have not been
Receivers Appointed.— In Doc. 1918 Judgo Martin A. Wade in the U. S. renewed, but the Detroit United Ry. continues to operate these lines In
D.st. Court, upon the co .’s application, named Homer A. Miller, and Emil question as heretofore, having made agreements with the city authorities
G. Schmidt (Pres.) to act as joint receivers of the co. V. 107, p. 2376.
for rates of fare (but see remarks below) and extensions of Its lines. Those
In March 1911 N. W. Harris of Chicago acquired practically all tho conditions havo created what may bo called an indotermlnate franchise,
stock not previously owned by him or the Des Moines City R y. Co. and which tho management anticipates will continue in force as liorotoforo so
of its allied corporation, the Inter-Urban R y. Co. V. 92. p. 794.
long as the co. furnishes Its present efficient service at existing low average
ORGANIZATION.— A consolidation In 1893 of the Des Moines St. R R . rates.” (See below.) For decisions relating to Fort St. franchise see V. 95,
Co. and tho Des Moines Suburban Ry. Co. Is authorized to carry freight. p. 890; V. 96, p. 947, 1556.
Franchise.— A now 25-year franchise was granted at an election on Nov. 29
Appraisal of Company's Property.— In Oct. 1915 Prof. Mortimer E. Cooley
1916 which places entire control of service In tho hands of a commission filed a report of his appraisal of the company's property, which fixed the
(one member appointed by city and the other by the co.) and orovidos for value in the one-fare zone on Jan. 1 1915 at $29,714,079, or loss deprecia­
arbitration when the commission cannot agree. Also provides for 6 tickets tion, at $23,608,665; physical value of ontire system. $48,400,764. with de­
for2 5 cts.. half-fare for children under 12 and 20 tickets for 50 cts. for hlgh- gree. considered, $43,051,662. Tho value of all franchises was placed at
school students. In June 1918 tho sale o f 6 -for-a-quarter tickets was $7,783,481. Total value of D. U. Ry. system, $56,184,165, or less deproc.,
suspended for tho duration of tho war in order to provide for Increased $50,815,063. V. 101. p. 1464. Compare V. 100, p. 139, 308wages of carmen. V. 106, p. 2559; V. 107, p. 401. Tho city, when em­
City Purchase Plan Defeated.— V. 101.p. 1553.
powered to do so, may purchase the property on 6 mos.' notice on tho basis
City Purchase Again Brought Up.— In July 1918 tho Dotrolt Streot R R .
o f a $5,000,000 valuation as of Aug. 1 1915. For further details, see
Comm,
rooponed negotiations with tho co. for tho purchaso of Its properties
V. 101, p. 1885. Tho franchiso also provided for rehabilitation and new
construction, the major portion of which has already boon aoemplished. upon soino agreeablo basis. V. 107, p. 181; V. 108, p. 378. On Fob. 12
Refinancing.— A now General & Refunding Mtge. was created in 1916 1919 tho co. declined tho city’s offer to purchaso tho system within tho
to carry out the terms of the abovo franchise and provide for future capital 5-cent fare zone for $29,653,936. Y. 108, p. 784. Tho co. a few days
expenditures. Owners of tho $2,202,000 5% Ref. M . bonds of 1901 de­ later made a counter proposal that tho city lease tho street railway proper­
posited with the committeo formed upon default of iut. due Apr. 1 1916 ties of tho co. at an annual rental of $2,010,000. This was rejectee! by
on said bonds (V. 100, p. 1348) were given the opportunity to (1) exchange the city officials and tho Street Ry. Comm. V. 108, n. 878. On March 10
certificates of deposit for new bonds. $ for $, and receive a bonus of 5 % 1919 an agreomont was reached botween the co. and tho city officials for
($50) In cash with adjustment of lnt. In cash or (2) receive payment In full tho sale of tho c o .’s properties to the city at a compromise price of $31 ,­
In cash. The committee waived all defaults under the Rof. M . (V. 100. 500,000. This agreement provides for the payment of $15,000,000 in cash,
P. 1348) and consented to the discharge of the receiver (V. 101. p. 130). tho remainder to be paid on a partial payment basis. V. 108, p. 1164.
V . 102, p. 712. All but $54,000 of the $2,413,000 Ref. M . bonds outstand­ Tho proposition will be submitted to the people for ratification on April 7
1919. V. 108, p. 1060.
ing have been acquired and deposited under the Gen. & Rof. Mtge.
Guarantees the Inter-Urban Ry. Co. 1st M . bonds, p & I. See below.
Report by Engineers to Board of Street Ry. Comm. See V. 106, p. 929.
New Preferred Stock.— On May 15 1918 stockholders voted to increase
Back Taxes Paid.— V. 97, p. 443, 1115.
the auth. capital stock from $3,000,000 common and $250,000 6 %
Fare Decision.— Tho United States Supreme Court on Dec. 11 1916 up­
non-cum. pref. stock to $3,000,000 common and $1,500,000 7% cum. prof, held tho c o .’s right to charge extra fares for transporting passongers boyond
stock. The now pref. stock carries the same voting powers as tho common the old city limits Into territory which has since been brought within tho
stock and is cum. from M ay 1 1918 and callable, ail or in part, on any div. city ns at present extended; also hold the co. need not sell reduced rato
date at 10743 and divs. V. 106, p. 2 0 1 0 .
"workingmen’s hour” tickets In the annoxed territory.
Fares.— In Feb. 1919 Judge Wade in tho Federal Court refused to auth.
Fares.— On Dec. 2 1917 tho company began charging a straight 5tho co.’s receivers to increaso the rate of fare. Tho court held that if cont faro, thus abrogating the 7 and 8-tickets-for-25-cts. agreomont
the co.’s earnings are not sufficient to meet tho fixed charges provided for ontered into with the city on Aug. 8 1913 (see V. 97, p. 443). Tho
in the franchiso, the service must be adjusted to tho incoino. V. 108, p. 878. higher rate of faro applies on all city lines excopt tho Sherman, Four­
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity. teenth, Crosstown and Harper lines, whore tho ola rates of 8 for 25c. and
Common, $3,000,000 ($100).. ........................ ..
$1,055,000 ______ .
6 for 25c. continue under a franchiso with 7 years to run.
By way of re­
Pref.,_7% cum., $ 1 ,5 0 0 .0 0 0 -...............................
250,000
prisal, the City Council on Dec. 4 1917 (a) adopted a resolution directing
Des Molnos Street RR 1st M
1889
6 g A-O
81,000 Oct. 1 1919 the company to pay a rental of $ 1 0 ,0 0 0 a day for tho use of streets on which
gold ($ 1 ,0 0 0 each)_____ntf
(See text)
franchises have expired; (6 ) rescinded permission to operato skip-stop on
Cont .SComm .Tr ,&Sav .Bk . , Chic.,trustee. practically all city lines; (c) recalled the resolution under which tho co. had
Des Moines City Ry refund'* 1901
5 g A-O
54,000 April l 1921 rerouted many linos downtown; (d) placed a fund of $35,000 at tho disposal
mtge. $3,000,000, gold lnt. at Harris, Forbes & C o., N. Y .; also of tho Municipal Railway Commission to employ engineers to determine
($ 1 .0 0 0 ) ................... c V n t f
Harris Tr. & S. Bk.. Chic. Trustee, 111. Tr. whether tho Increase Is Justified, and (e) instructed tho Corporation Counsel
A Sav. Bk. and Wm. II. Honkle of Chic.
to ascertain whether the co. has any right to operate freight and Interurban
Des Moines City Ry Gen A 1916
5 J-J
4,735,000 Jan 1 1936 cars within the city of Dotrolt. V. 105, p. 2365. At tho beginning of
Ref M . $15,000,000, gold
Harris Tr. & Savs. Bk., Chicago, Trustee. Aug. 1918 fares were increased to 6 cents, or 10 tickets for 55 cents. V.
($500 and $1,000)____c * -.
Interest at New York and Chicago.
107, i). 603. On Aug. 9 1918, however, tho Detroit Common Council
Debentures ($2,000,000) gold 1916
6 g M-S
1,100.000 Mar 1 1926 passed an ordinance fixing 5 cts. or 6 rides for 25 cts., with froo transfers, as
($
1 .0 0 0 ) ..................... c*ntf
-------------------------------..v.U nt. at 111. Tr. & S. Bk., Chicago, trustee. a reasonable chargo on tho co.’s linos. A restraining writ was applied for by
Bonds.— $160,000 Gen. & Ref. M . bonds of 1916 are reserved to retire un­ tho co. but Judgo Tuttle in the U. 8 . DLst. Court refused to hoar tho plea.
derlying lions. An additional $762,000 bonds may be Issued for the full Tho co. appealed to the U. 8 . Supremo Court and in Sopt. 1918 Justice
amount exponded for construction, reconstruction and rehabilitation,or for William R. Day rendered a decision donying the co.’s petition for an order
permanent oxts., enlargements and adds.; remaining $9 ,3 4 3 ,0 0 0 bonds may to-prevent tho Citv of Detroit from enforcing its 5-cont fare ordinance.
onlv be Issued for 80% of expend, for perm, exts., enlargements and addns. V. 107, p. 1192. Compare V. 107, p. 1003. On Sept. 24 1918 the c o .’s
under conservative restrictions. Bonds are red. on any lnt. dateat 105 motion for a dissolution of tho injunction restraining It from violating tho
and lnt. Mtgo. provides for an annual expenditure, beginning with 1920. above ordinance was denied by Judge Dlngeman in tho Circuit Court at
of 2 0 % of gross earnings for malnt., repairs and renewals for exts. Detroit. V. 107, p. 1287. On Jan. 13 1919 tho United States Supreme
and addns. for which no bonds may be Issued, or for tho purchaso or retire­ Court set aside the decisions of the lower courts and uphold tho c o . in the
ment of outstanding bonds. V. 102, p. 975. Of the $2,413,000 ref. mtge. controversy. Tho Supremo Court held that tho lower courts erred in not
bonds of 1901 outstanding, $2,359,000 have been acquired and deposited hearing tho case on its merits. V. 108, p. 268.
under the gen. & ref. M .. leaving $54,000 In tho hands of the public.
On Aug. 27 1918 was auth. by tho I.-S. C. Comm, to lncroaso IntorRef. M . bonds can be called on any Interost date at 106 and lnt. Sink, urban passenger faros by from 25 to 50%. Tho new rate is 2 cents per
fund $10,000 yearly on April 1 from 1908 to 1910, $15,000 from 1911 to mile plus a 5-cent fare in Dotrolt. All mileage and reduced tickets will bo
1915 and $25,000 from 1916 to 1920. The Dos Moines Street RR. 1st M . eliminated except school tickets and children s rates. V. 107, p . 905.
8 s are due $25,000 annually from Oct. I 1914 to Oct. 1 1918 Incl. and
Wage Award by War Labor Board.— V. 107, p. 501, 1977.
$100,000 due Oct. 1 1919. The debentures of 1916 are callable on any lnt.
On Feb. 6 1917 authorized amount of stock was increased from $12,500,­
date up to and Incl. Mar. 1 1921 at 10243 and lnt.; thereafter at 101 and lnt
000 to $15,000,000 and tho $2,500,000 now stock was offered pro rata to
R EPO RT.— For year ending Dec 31 1918, gross, $1,715,337; net stockholders of record Feb. 16 1917 at par. V. 104. p. 163, 559.
after taxes, $293,619
In Mar. 1918 Issued $4,500,000 coll. tr. notos to refund $3,500,000 notos
ROAD.— Operates 88.96 miles of track. 35 to 129-lb. rails. 153 pas­ which fell duo May 5 1918 and to reimburse tho co. for advances made to
senger, 32 service cars and 14 passenger trailers.
refund underlying bonds and for capital expenditures. V. 106, p. 1126.
OFFICERS.— Pres., Emil G. Schmidt; Sec., O. H. Bornd; Treas., F. M .
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Harris; Asst. Sec. & Asst. Treas., H. A. Dow.— V. 108, p. 2010, 2450, Stock
$15,000,000 ($100)................
Q M
$15,000,000 Mar 19,2%
2559; V. 107, p. 401, 802, 1287, 2376; V. 108, p. 268, 878.
1st consol mtgo. $25,000,000,1 1902
444 g J-J 14,555.000 Jan. 11932
gold ($1.000)---------- c*cpt{Ouaranty Trust Co., N. Y ., Trustee, lnt.
INTER URBAN RAILW AY CO.—A trolley road.
1 at Agency Bank of Montreal
ORGANIZATION.— Incorporated In Iowa to construct a system of
7 g A-O 1 4,500.000 April 1 1923
Interurban roads connecting with Des Moines. The Des Moines City Ry. Coll trust notes $4,500,000/ 1918
($1,000) gold_______c*.tf ICentral Tr. Co..N.Y..trusteo. Int. in N .Y .
Co. guarantees tho bonds, principal and Interest.
The location of Camp Dodge 11 miles outside of Dos Moines made it
Stock listed on tbeN . Y., Montreal. Detroit and Cleve. Stock Exchanges.
necessary for tho company to extend Its Perry line about 2 43 miles and to
Bonds.— Of the $25,000,000 first consolidated mortgage bonds authorized,
provide additional terminal facilities. Doublo-tracking of tho lino to the $7,105,000 aro reserved to retire underlying liens, $50,000 are with trust
camp was completed April 1 1918. Civilians pay 25 cents and soldiers company for conversion and $3,290,000 aro held in treasury. Callablo at
15 cents on this line.
105 and interost on any interest dato on 60 days' notice. See V. 73, p. 1111:
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity. V. 103, p. 320. Listed on N. Y. Stock Exchange. Tho collateral trust
Stock. $1,200,000 ($100)____
.............
$1,160,000 ..................... notos are secured by a deposit of $9,000,000 par value of stocks and bonds
1 st mortgage, sinking fund,
1901
5 g A-O
1.160,000 April 1 1921
of constituent companies. No additional Detroit United Ry. 443% cons.
gold ($ 1 ,0 0 0 ), guaranteed Cont. ft Comm. Tr. & Sav. Bk., Onlc., Trus. M . bends can be issued excopt for refunding purposos, nor can tho constit­
p. & I. by Des Moines City Int. at Harris, Forbes & C o., New York, and uent companies, whose shares aro pledged under these notos, increase their
Ry— ---------------- c*.ntf
Harris Trust & Savings Bank, Chicago.
bonded debt while any of theso notos remain outstanding. Notos aro red.
Debentures, $350,080 ($1,000 1913 6 J-J
250.000 Jan 11923 as a wholo or In amounts of not lass than $500,000 on 30 days’ notico at
and $500).......................ntf lin t, at Harris Tr. & Sav. B k „ Chic., Trustee
101 and lnt. to April 1 1922; thereafter at 10043 and int. V. 106, p. 1126

DES MOINES, IOWA.







ELECTRIC RAILWAYS

43

Detroit Electric.
„ . . „
Date. Interest. Outstanding. Maturity.
Detroit Ry 1st M . g ($1,000)/ 1895 5 g J-D
$1,450,000
1919-1924
on 50.34 miles---------- c*&r\Interest at Oloveland Tr. C o., Trustee.
Bonds.— First mortgage bonds of the Detroit Ry. numbered 1 to 000 ma­
ture In order o f numbers at $50,000 per annum, beginning Dec. 1 1912;
numbers 001 and above mature Dec. 1 1924; $350,000 have been retired.
Detroit Fort W ayne & Belle Isle,
mtge. gold. $1,200,000 / 1898
5 g A-O
$1,200,000 April 1 1927
$1.000)------------------- c*&rjNew York Trust C o., Trustee. Subject to
„ ,
„
_ .
I call at 105 and Int. on 00 days' notice.
Interest at Kean. Taylor <fe C o.. New York.
Detroit Sc Northwestern Ry.
Date.
Interest. Outstanding. Maturity
1st mtge. $1,000,000. gold/ 1901
4M g M-N $855,000 May 1 1921
($100. $1,0(H))-------------- c*1lnterest at Union Trust C o., Detroit, Trust.
Bonds.— Are guar., p. & 1., by Detroit United Ry. by end. and are sub
Ject to call at 105 and fnt. on 00 days’ notice. See V. 73, p. 494.
D etroit Sc Pontiac Ry.
Jet mortgage. $500,000, gold 1897
5 g F-A
$500,000 Feb 1 1 9 2 2
($ 1 .0 0 0 ) ...........................c* W ashington Trust C o ., N . Y ., Trustee.
Interest at People's State B ank. D etroit.

let con mtge. gold ($ 1 ,0 0 0 ), 1901
414 g J-D
000.000 June 1 1920
$„ 1 ,-1- 0. 0 ,0 0 0 .................c*&r
----------Int. at Washington T r. C o . N . Y .. T rustee.
Bonds.— $500,000 consolidated m tge. 414% bonds are reserved to retire

like amount o f 1st m tge. bonds. Bonds are subject to call at 105 and Inter­
est on 00 days’ notice after June 1 1911. Principal and Interest o f both
Issues guaranteed b y D etroit United b y endorsement.
_
_
D e tro it & F lin t R a ilw a y .
The Detroit & Flint R y . was organized to acquire the D etroit Rochester
R om eo & Lake Orion, together with the N or. D et. E lec. R y . and the D et.
Utica Sc R om eo R y . The consol. M . Is a 1st lien on these last two proD'tles.

Date.
Interest. Outstanding. Maturity.
D R R & L O Ry 1st mtge, 1900
5 g J-D
$1,100,000 June 1 1920
sinking fund, gold ($ 1 ,0 0 0 ), Interest at American Trust Sc Savings B ank,
$1,500,000; unissued bonas
Chicago, Trustee; also Guaranty Trust C o .
have been canceled_____c*
N ew Y ork.
Detroit Sc Flint 1st consol M . 1901
5 g F-A
1,400.000 A ug 1 1921
g. $3,000,000 ($ 1 ,0 0 0 ) - . c* lin t , at T r. C o. o f Am erica. N . Y .. Trustea
Bonds.— O f the consolidated m tge., $1,100,000 are resorved to retire

bonds o f like am ount o f the D . R . R . & Lake O . R y . and $500,000 have been
canceled. Consolidated bonds are subject to call at 100 and Interest
on 00 days’ notice. B oth Issues are guaranteed b y the Detroit United
R y .; see form o f guaranty In V . 70, p. 1300; as "additional collateral
security” on the Flint bonds 1st consol. 4 M % bonds o f the Detroit United
are deposited. $ for $, with the Guaranty Trust C o. o f N ew Y ork, and would
be available In the event o f default on the D etroit Sc Flint bonds.
R E P O R T .— Annual report for 1918 was in V . 108. p . 077.
’
D e tro it U n ited R y .. R a p id R y . S ys., S a n d w . W in d . & A m h orstb . R y .,
D et. M on roe & T o l. Sh. L in e R y. a n d D et. J a ck . & C h ic.

„
1918.
1917.
1916.
1915.
Revenue passengers-----319.843,176 356.208,429 335,599,802 275,576,409
Transfer passengers------- 103,608.353 119,962,125 119.S99.335 98,541,214
Gross earnings.................$19,014,018 $17,427,940 $16,036,669 $13,235,551
Operating expenses------- 14,758,339 13,259,791 11,215,802 9,331,804
Net earns, from oper. $4,255,679
Inc. from other sources.
449,735

$4,168,149
411,737

$4,820,867
351,335

$3,903,747
286,815

Inc. from all sources.. $4,705,414 $4,579,886 $5,172,202 $4,190,562
Interest and taxes_____$2,610,830
.
.
$2,404,355 $2,291,410 $2,229,801
Dividends ................ ( 8 r70 ) 1,200,000
“
(7 H ) 1118750 (6 M) 843.750 (6 % )750,000
Deprecia’n charged o ff..
600.000
800,000
800,000
750,000
Reserve for taxes_____
150.000
150,000
..................................
Total deductions------$4,560,830 $4,473,106 $3,935,160 $3,729,801
$144,584
$106,781 $1,237,042
$460,761
Surplus income-----------D IVIDEN DS.— First dividend of 1% on Detroit United stock was paid
March 1 1901 and 1 % quarterly thereafter until Aug. 1 1905, when rate
was raised to 1H % quarterly. On N ov. 1 1905 \\ i% . In 1906 5% . In
May, 1/4
%o ;. Aug.,
Mar. 1911,
*1907. Feb., i1H %
/ c I: inajr.
i?% 7
« u s ., li )ni ,%
7o .. None
isune to
cu iviar.
lu l l, when
\H% was paid; same amount quar. to and incl. Dec. 1912. In ft
March
1913 to and Incl. March 1910, 114% quar. In June 1916 to and Inc).
March, 1917, 1 H % . In June 1917 to and Incl. Mar. 1919,2% .
ROAD.— On Dec. 31 1918 operated 915.4624 miles of track, as follows
Detroit United, including Wyandotte & Detroit River R y., Detroit Sc
Northwestern, DotrnIt&Pontiac, Detroit & Flint, 538.5677 miles; D etroit*
Port Huron Shore Line, 138.2268 miles: Sandwich Windsor Sc Amherstburg
Ry.,45.3118milos; Detroit M onroe* Toledo Short Line, 82.8393 m iles,De­
troit Jackson Sc Chicago R y., 110.5168 miles. Rails,7 7 ,8 5 and 98-lb. steel,.
Does an express servlco. Haa 1,701 closed passenger care, 188 open passengor
cars, 282 freight and construction cars, 37 lino cars, 106express cars, 20 mis­
cellaneous cars, 4 locomotives, 4,551 motors and 3,771 trucks. There are
seven power houses, with a combined capacity o f 02,050 h. p ., 2 storage
batteries, with a combined capacity of 4.500 amperes and 19 sub-stations
with a combined capacity o f 21,750 k. w.
OFFICERS.— Chairman o f the Bd.. J. O. Hutchins, Detroit; Pres. &
Gen. M gr., F. W . Brooks, Detroit: V.-Ps., E. W. Moore, Cleveland, and
A. J. Ferguson, Montreal; V.-P. & Treas., Allen F. Edwards, Detroit: Sec.,
A. E. Peters, Detroit; Asst. Sec., Miss Emma Heiso. General offices,
Intcrurban Bldg., Detroit.— V. 107, p. 1287, 2008, 2097, 2289; V. 108, p.
268, 378, 578, 677, 784, 878, 1060, 1164.
(1) Detroit Sc Port Huron Shore Line R y.— A trolley road.
Entire outstanding capital stock is now owned by tho Detroit United Ry.
ORGANIZATION.— Incorporated In May 1900. Is a consolidation of
the Rapid Railway Co., tho Detroit M t. Clemens & Marine City R y. (the
purchaser of tho properties o f the M t. Clemens Sc Lakeside Traction Co. and
the Detroit & Itiver St. Clair R y .), the Port Huron St. Clair & Marine City
R y ., the Connors Creek * Clinton River Plank Road Co. and the City
Electric Ry. of Port Uuron. The new company owns the capital stock of
each road. The consolidated company operates all the tracks In M t. Olera
ens and Port Huron, and the through route from Detroit to Port Huron
running through M t. Clemens. Now Baltimore. Algonac. Marine City and
St. Clair. Also owns tbs capital stock ($25,000) o f tho Detroit & Lake
St. Clair R y.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity,
Stock, $2,500,000 ($100).
$2,000,000 _____
1st mtge, $2,500,000 ($1,000)/ 1900
_2,497.000 Jan
_ 1 1950
5 g J-J
cannot bo called, gold.c*&r{ Union Trust C o., Detroit, Trustee.
lint, at American Exch. Nat. Bank, N . Y.
Bonds.— Remaining $3,000 1st M . bonds are set aside to retire the bonds
of the Port Huron St. Clair Sc Marine City Ry. V. 98, p. 1693; V. 99, p.119
Port Huron St. Clair & Marine City Railway.
BONDS—
Date.
Interest. Outstanding.
Maturity.
1st mortgage, gold. $300,0001 1900
5 M-S
$3,000 Mar 1 1920
($500 and $1,000)________ /Union Trust Co., Detroit, Trustee.
The remaining $297,000 bonds have been canceled; $1,000 In Detroit
United R y. treasury as of M ar. 1 1919.
Detroit & Lake St. Clair Ry. Co.
BONDS—
Date.
Interest. Outstanding. Maturity.
1st mortgage. $400,000, gold! 1900
6 g A-O
$390,000 April 1 1920
($1.000)...........................c* /ln t. at Union Trust C o., Detroit, Trustee.
Bonds.— The bonds are guaranteed, principal and Interest, by the Detroit
Sc Port nuron Shore Lino R y., the Rapid Railway Co. and the Detroit Mt.
Clemens & Marine City Ry. They are not subject to call. Of the $390,000
reported outstanding, $100,000 were held by the Det. Unit. Mar. 1 1919.
ROAD.— Total Dot. Sc Port Huron System, 138.2268 miles.
EARNINGS.— Now Included In report of Detroit United R y.— V. 77. p .
34; V. 84, p. 338.
(2)
Sandw ich W indsor & Amherstberg Ry.— Trolley.
ORGANIZATION.— Incorporated under special charter from Province
of Ontario. Owns entire capital stock ($100,000) of tho Windsor Sc Tecumseh Electric R y . Entire stock of Sand.WInds. Sc Amh. Is owned by Det. Un.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock, $350,000 ($100).............. ....................... ..
$297,000 ...................
Consol Mtge, gold. $600,0001 1902
4 > 4 g J -D
600,000 Dec 1 1922
gold ($1,000)----------------c*/Natlonal Trust C o., Ltd., Toronto, Trustee.
Wind Sc Tec El. $300,000, 1907
5 g M-S 2
189,000 Sept 2 1927
gold ($1,000) gu p Sc l . . c ‘ /National Trust C o., L td., Toronto, Trustee,




[V ol . 108.

..Bonds.— S. W . Sc Amh. bonds are subj. to call arter Doc. 1 1912 at 105’
$110,000 of the bonds were In the Detroit UnltodjRy. treasury Mar 11919*
Windsor Sc Tecum, bonds are guar., p. Sc I.. by Sand. Windsor Sc Amherstb.
R y. They are redeemable since Sept. 2 1917 at 105 and Int. on 60 days’
notice. Interest on both mortgages Is payable at company’s office.
ROAD.— Operates 45.3118 miles of track In and between Windsor ,WaIkorvllle. Sandwich and Amherstberg. Including City Ry. of Windsor (2.52
miles). operated under lease.— V. 75. p. 1303, 1400.
(3) D etroit M onroe & T oledo Short Line Ry.
ORGANIZATION.— Incorporated In Michigan on Dec. 11 1902.
In Feb. 1906 entire stock was acquired bv Det. Unit. R y . V. 82. p. 392.
Fares.— In July 1918 applied to tho Ohio P. S. Comm, for auth. to In­
crease passenger rates to 2 J4 cents per mile.
On Jan. 24 1919 the city attorney of Monroe, M ich., filed an affidavit
o f contempt against the company, claiming that the company had violated
the terms of an injunction issued some time before, under which it could
not charge a higher fare between Detroit and Xvlonroe than that provided
for in the Monroe city franchise. V. 108, p. 480.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $3,000.000...................................................
$2,581,000 ...................
1 st
mortgage, $3,000,000,1 1903
5 g J-J
3,000,000 Jan 1 1933
gold ($ 1.00 0)-................c*/Unlon Trust C o., Detroit, Trustoe.
Bonds.— Interest Is payable In New York. No sinking fund and bonds
are not subject to call.
ROAD.— Operates 50 miles of road from Toledo to Detroit and 4 miles of
road from Monroe to Lake Erie; completed Nov. 5 1904. At Toledo con­
nection Is made with the Lake Shore Electric Ry. for Cleveland. Is of
steam road construction, on private right of wav; standard gauge, laid with
70-lb. T rails. Total track, 82.8393 miles. V. 107, p. 82; V. 108, p . 480.
(4) Detroit Jackson Sc C hicago Ry.
ORGANIZATION.— A holding co. organized in Mich. In 1907 by Detroit
United interests to take over the Det. Ypsil. Ann Arbor Sc Jack. R y., the
Jack. Ann Arbor & Det. Ry. and the Det. Plym. Sc Northvllle R y., paying
therefor $1,230,000. Entire stock owned by Detroit Unltod Ry.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock ($100)............................. ... ..........................
$014,000 ...................
First consol mtge, $4,000,000
'
1907
5 g F-A
2,000,000 Fob 1 1937
($1,000), gold.................c* Int. at Security Trust C o., Detroit, Trustee.
1st cons M Dot Y A Ar&Jack 1901 5 g F-A
1,616,000 Fob 1 1920
$2.0OO.OOO($5OO.$l,OOO)gc* Int. at Detroit Trust C o., Detroit. Trustee.
Det Yps Sc Ann Ar cons 1st M 1899 6 g F-A
330,000 Fob 1 1924
$1,000,000, g (5500 & $1.­ Int. at Union Trust C o., Detroit, Trustee.
000) sinking fund annually
Ypsilantl & Saline 1st M ...................
0 J-J
60.000 July 1 1919
The Det. Yps. & Ann Arbor Sc Jackson first consols cannot bo called.
Of the amount roported outstanding, $46,500 were in tho Detroit United
Treasury on Mar. 1 1919.
Bonds.— Bonds of Det. Jack. Sc Chic, are subject to call on any Interest
day at 105 and Int. Guar., p. Sc I., by the Detroit United Rys.; enough
txinda are reserved to retire bonded debt of the Dot. Yps. Ann Arbor & Jack.
Ry. V. 85, p.345. Of tho amount roported outstanding. $1,114,000 were
on Dec. 31 1918 in the Detroit United treasury. Of tho amount of Ypsilantl
Sc Saline 1st M . bonds roported outstanding, $16,000 were In tho Detroit
United treasury on Mar. 1 1919.
ROAD.— Completed and In operation from Detroit (through Wayne and
Ypsilantl) to Ann Arbor and to Jackson; making mileage 100 miles, of which
40 miles over private right of way. Total track, 110.5168 miles. Ralls
70 and 75-lb. T girder. Does a freight business.— V. 84, p. 51, 450.
(5) Detroit A.mont & Northern RR.
ORGANIZATION.— Organized under the General Railroad Laws of
Michigan. Is leased for 50 years from 1915 to the Detroit United Ry..
which owns its entire capital stock.
BONDS—
Date.
Interest. Outstanding. Maturity.
First mtge, gold. $2,500,000/ 1915
6 g F-A
$400,000 Fob 11940
($1,000 * $500)_____c* tf(int. at Union Tr. Co., Detroit, Trus., Sc N .Y
Tho bonds are guar, and assumed as a direct obligation, by endorsement,
by the Detroit United Ry., which, in the event of any now issuo of refund­
ing or general mortgage bonds being placed on the Dot. Un. Ry. or Its sub­
sidiaries, will reserve sufficient now bonds for the retirement of tho above
Issuo at maturity. Red. on and after Fob. I 1925 at 103 and Int. Re­
maining bonds to bear rate of Interest as fixed by tho directors when Issued
but not to exceed 6% .
ROAD.— Extends from Romeo, through Almont to Imlay City, about
20 miles; built on private right of way; 70-lb. rails.— V. 101, p. 130-

D I X O N , IL L .
ILLINOIS NORTHERN UTILITIES CO.
Controlled by tho Middle West Utilities Co., which see in our "Railway
Sc Industrial Section.”
ORGANIZATION.— Organized under tho laws of Illinois July 31 1916
as a consolidation of the Illinois Northern Utilities Co. (incorp. In April
1912), Tri-County Light & Power Co. (V. 97, p. 669), and tho Freeport
Railway & Light Co. (see this Section for May 1916). V. 103, p. 490.
Operates gas and electric properties In tho western half of tho northern
part of Illinois adjoining the territory served by tho Public Servlco Oorp.
of Northern Illinois. Also operates stroet railways In Sterling and Dixon and
an lnterurban lino between the two cities, total 1st track, 16.71 miles, and
9 milos of track In Freeport. Franchises In Frooport expire March 1 1923.
Has traffic arrangement for 50 yoars with the Rockford & lnterurban Ry.
Co., allowing cars of that company to ontor Frooport.
In March 1918 the 111. P. U. Comm. auth. tho co. to Increase gas rates
15 cents gross per 1,000 cu. ft.
In June 1918 applied to tho Illinois P. U. Comm, for authority to issue
$150,000 1st and ref. M . 5% bonds and $112,000 7% collateral notes.
V. 106, p. 2757.
STOCK AND BONDS—
Dale.
Interest.
Outstanding.
Maturity
Common stock...................... ...........
.............
$4,035,000 __________
First pref stock 6% cum.......................
Q-F
2,749.300 Fob. '19,1>4
Second preferred stock........................................ ..
250,000 ...................
First and ror M gold...........tf 1912
5 g A-O
4.455,000 Apr 1 1957
Underlying Bonds—
Do Kalb County Gas______________
5%
199,500 .................. ..
Sterling Gas Sc Electric.......................
6%
249.500 . . _____ __
Miscellaneous Issues_________ _____
_________
83,000
.
. . .
Freeport Ry Lt Sc P 1st mtge/ 1903
5 g M-N
286,000
See text
$350,000g ($1,000)------- c*\Ainerlcan Tr. * Sav. Bk., Chicago, trustee.
Freep Ry & Lt mtge $2,000,-/ 1910
5 M-N
175,500 Nov 11935
000 g ($100. $500 Sc $1,000) 1Int. at Oont. Sc Comm. Tr. * S. B .. Oh.,trus.
Stock.— In addition to amounts reported outstanding, $305,000 common
and $192,000 first preferred stock aro In treasury.
Bonds.— Tho 1st & ref. M . bonds of 1912 are rod. at 105. Additional
amounts may bo Issued (a) $1,268,000 to refund underlying bonds, (6) In
exchange, par for par, for mortgago debt existing at time of acquisition of
properties acquired In tho future; (c) for expenditures made In acquiring
future proporty to extent of 75% of cost thereof. V. 94, p. 1383: V. 95.
p.1123.
Int. on F. R. L. Sc P. bonds Is payablo at offices of Cont. Sc Comm. Trust
Sc Sav. Bank, Chicago. Aro subj. to call by lot at 105 & Int.; $04,000 have
been rotlred. Maturity of bonds Is as follows: $5,000 duo May 1 In each of
the years 1910. 1912 and 1913 and $5,000 annually from 1915 to 1921 incl.,
the remainder in 1922. Of the Frcop. Ry. & Lt. bonds, $350,000 are
reserved for prior liens. They are subject to call at 102/4 on 30 (lays’
notice from 1915. Sinking fund began In 1915; may be used for impts., &c.
V. 91, p. 716.
Dividends.— On pref., 1/4% quar. paid Nov. 1912 to and Incl. Feb. 1919.
EARNINGS.— Of Illinois Northorn Utllltio3 Co. and Storllng, Dixon Sc
Eastern Electric Ry. for 5 mos. ending Dec. 31 1910 (seo report in V. 104,
p. 2231): Gross, $536,157; net, $227,638; Interest, rentals, &c., $123,054:
pref. divs., 541,240; surplus, $63,344.
OFFICERS —Pres.. Samuel Insull; V.-P., E. D. Alexander; Sec. &
Treas., John II. GuIIck; Asst. Sec. & Asst. Treas., U. VV. Waite; Aud.
L. E. Jacobson.— V. 104, p. 2231; V. 106. p. 1036, 1132, 1582, 2757-

D O Y L E ST O W N , PA.
PHILADELPHIA Sc EASTON ELECTRIC RV. CO.— A trolley road.
Receivership.— On April 5 1912 Judge Ryan In Bucks County Court ap­
pointed A, H. SIckler (Pres, of Co.) and Godfrey Schmldbolser of Phlla.
receivers. V. 94. p. 099. 1057.
ORGANIZATION.— Organized In 1907 as successor to tho Philadelphia
& Easton Ry. (formerly the Doylostown Sc Easton Street Ry.), sold at
trusteo’s sale May 31 1907.

43

ELECTRIC RAILWAYS

MAB., 1919.J

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity*
Common, $265,000 ($50)-----------------------5258.800 ---------------Pref. $305,000, 5% non-cum. ...........................
353,800 ------- - - - - ­
1st M . 31.000.008 ($1.000,j 1907
5 g M-S
911.000 Sept 1 1927
$500 and $100). gold__ c*(Int. at Girard Trust C o., Phila.. Trustee.
Stock.— Preferred shares have no voting power.
Bonds.— Not sub. to call and no sink .fd. Int.was 4% to Sept. 11; now 5% .
EARN IN G S.— For year ending Dee. 31 1018, gross. $129,682: net,
$31,519. In 1917, gross, $118,052; not, $32,425.
ROAD.— Operates 32 miles of road between Doylestown and Easton.
Operates 8 cars.
OFFICERS.— Pres., A. II. Slckler, Phila.; V .-P ., Amos Johnson; Sec.
W. S. Chambers, Doylestown; Treas., II. G. Rush, Lancaster.— V. 85. p.
470- V. 94. p. 699, 1057._______ ______________
DU B O IS, PA.
DU BOIS ELECTRIC & TRACTION CO.— In N ov. 1916 control was
acquired by tho Keystone Utilities C o., which see under Scranton. Pa.
ORGAN IZATION .— Incorp. In New Jersey on Nov. 18 1901 as tho Amer­
ican Town Light Co. and name changed later as above. Owns all o f the
stock o f the Du IJois Elec. Co. and the Du Bols Trac. Co. V. 76. p. 972.
Franchises for both street railway and electric-lighting are perpetual and
exclusive.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $300,000 ($100)............—
----------$292,500 ...................
Oollat trust :mtge. $300,000/ 1902
5 g M -N
280,500 M ay 1 1932
($500) gold
_____c* n tflln t. at Columbia Trust C o., N . Y ., Trustee.
Bonds.— No sinking fund, but subject to call at any time at 105 and int.
E A R N IN G S — For years ending Dec. 31:

E A S T L IV E R P O O L , O H IO .
STEUBENVILLE EAST LIVERPOOL & BEAVER VALLEY TR AC ­
TION CO.
ORGANIZATION.— Incorp. in Ohio and Penna. on N ov. 1 1917 as a
merger of the East Liverpool Trac. A Lt. C o., the Steubenville & East
Liverpool Ry. & Lt. Co. and tho Ohio River Passenger Ry. For history
of merged companies see this Section for January 19l8.
Fare Increase.— In Jan. 1919 the I.-S. C. Comm. auth. a single-trip fare
of 10 cents and a commutation fare of 14 rides for $1 between East Liver­
pool, O., and Chester, W. Va., and dismissed a complaint against these
rates. V. 108, p. 481.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common, $2,000,000 ($100).....................................$2,000,000 ......... ............
Pref 5% cum $2,600,000 ($ 1 0 0 )------------------- 2,600.000
.............
First mtgo $3,000,000, gold/ 1917
5 g M-N
1,600,000 Nov 11947
($1,000)________________c\Int. at Comm'l Trust Co., Phila., Trustee.
Bonds.— Redeemable at 105 and int. after Nov. 1 1922.
ROAD.— Owns and operates 100.69 miles of track between Vanport, Pa.,
and Steubenville, O., and in Steubenville, East Liverpool and Wedsville,
O., and Chester, W. Va. Also operates in intervening towns, and operates
a through line between Steubenville and Beaver, Pa. 80 cars.
OFFICERS.— Pres., C. A. Smith. Chester, W. Va.; Gen. M gr., R . J.
McElravy, Chester, W. Va.; Sec. & Treas., Geo. H. Faulk, East Liverpool.
— V. 108, p. 481.
_

EASTO N , PA.

NORTHAMPTON TRACTION CO.
OR GA N IZA TION .—Incorp. in Penn. Oct. 3 1902 as a consolidation of
the Easton A Nazaroth Ry. and Easton Tatamy & Bangor Street R y.
Owns practically ail the stock ($1,250,000) of the Northampton Easton &
C a len d a r Y e a r s — G ro s s.
E xp . & T a xes.
N e t.
I n ter es t.
S u r p lu s .
Washington Trac. Co. (see that company below). Franchises perpetual.
19 7
...$149,945
.$112,240
$37,705
$14,025
$23,680
In the iattor part of 1915 absorbed the Bangor A Portland Ry. operating
19 16. " .......... 137,298
84,185
53,113
24,126
28,987
8 % miles botweon the points named, and Issuod $137,000 additional ref. A
OFFICERS.— Pres., J. J. Grace; V.-P., J. P. Rawson; Sec. & Treas., cons, bonds to effect the merger. V. 102. p. 345.
Ilatcs.— In Sept. 1918 increased local fares from 6 cents to 7 cents.
W. H. Davis. V. 89. p. 1667; V. 103, p. 2340.
Advances wore also made In freight rates. V. 107, p. 1004.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
DUBUQUE, IO W A.
Stock, $500,000 ($50)
..........
.............
$500,000 - - - - - - - ­
First mortgage $400,000
1 1903
5 g J-J............. 349,500 Jan 1 1933
DUBUQUE ELECTRIC CO.
g o ld _________________ c* tf/In t. at Northampton Tr. Co.(Easton), Trus.
ORGANIZATION.— Organized In Delaware June 3 1916 and acquired Ref
5%
437.000 Jan 1 1942
A cons mtge____________ 1912
the Union Electric C o., of Dubuque, (see “ E lec.R y." Section for M ay 1916).
Bonds.— A sink, fund of 10% of net earns, is nowoper. on Northampton
Does tho entire electric lighting, power and street railway business In Du­
Trac.
1st
M
.
bonds,
but
bonds
cannot
be
called.
buque and vicinity. Owns East Dubuque Elec. C o., serving East Dubuque
111. Also sells power to the Eastern Iowa Light & Power Co., serving 8
EARNING S.— Combined earnings of Northampton Trac. Co. and
communities within easy transmission distance of Dubuque.
Northampton-East. A Wash. Trac. for year ending Dec. 31 1917. gross,
$216,215; net. after taxes. $93,012: charges. $44,300; surplus. $48,712.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Latest Earnings.— For cal. year 1918, S232.371; net, $91,035.
Com stock $2,000,000 ($100)--------- - - - .........
5682,000 - - - - - - - - - ­
Prof 6% cum $2,000,000(3100)....... Q-M.................. 800,000
See text
R O A D .— Operates 33 X miles of track from Easton to Tatamy, Nazareth.
1st M $6,000,000 ($500 & $1.-1 1916
5 J -D
2,433.000 Juno 1 1925
Bangor and Portland, chiefly on private right-of-way. Standard gauge,
000) red at 101 A int on/Int. at Chicago or Now York. Central 65, 70 and 80-lb. steel rail.
,,
60 days’ notice_______ c p tl Trust C o., o f Illinosis, Trustee.
OFFICERS.— Pres.. David King; Treas.. Wm. L. Doyle: Gen. M gr..
S t o c k . — Prof. stock is callable at 110 and divs. and has equal voting power
W . O. Hay.— V. 92. p. 726; V. 94. p. 1384; V. 102, p. 345.
with common. V. 103, p. 410.
(1) N ortliam pton-Easton Sc W ashington T raction Co.
Bonds.— Secured by an absolute first and only mortgage on all the co s
ORGANIZATION.— Incorp. In 1910 In New Jersey and Is controlled
properties, rights and franchises. Add’l bonds may be issuod for only 80%
the Northampton Trac. Co. (see above).
of cast of permanent add'ns and impts. and thon only when not earns, for byFare
Increase.—On Mar. 11 1918 the Board o f P. U. Comm. auth. the co.
preceding 12 months have been at least 1M times the Int. on bonds out­
increase its fares from 5 to 6 cents, and in Doc. 1918 a further increase
standing and those to bo Issued. Sinking fund from June 1 1917, 10% of to
gross earns., either to purchase bonds or call them at 101 and Int.,or for to 7 cents was authorized. V. 106, p. 1127; V. 107, p. 2188.
STOCK AND BONDS—
Dale.
Interest.
Outstanding. Maturity.
Impts., Ac. V. 103. p. 410.
.............
$1,250,000 — ------. . . .
Dividends on pref. stock have been paid regularly from date o f organlzat n. Stock $1,250,000 ($100).....................
(closed)
g ($100,7 1010
5%
539,000 M ay
1050
Earnings— Year ending— Mar. 31 1918. Mar. 31 1917. Mar. 31 1916. 1st M
$500. $ 1 ,0 0 0 )____s f c*tflBankers Trust C o., New York, Trustee.
G ross........................................
$641,725
$614,401
$540,000
Refund A consol mortgage/ 1912
5%
200,000 Jan. 1 1942
203,530
224,466
230,572
Not after taxes_____________
$1,000,000_______________ (Easton Trust C o.. Trustee.
P R O PE R TY.— Power station with 9,500 It. w. generating capacity;
Bonds.— Northamp.-East. A Wash. Trac. bonds are callable. In whole or
about 220 miles of transmission and distributing lines; 20.7 miles of track
In
part, from May 1 1915 until 1925 at 110; thereafter until 1935 at
In city and suburbs, substantially all 70-lb. rail; 90 cars.
107Mi: thereafter until maturity at 105 and Int. Mtge. Is closed. Sink,
OFFICERS.— Pres.. I. O. Elston. Jr.. Chicago: V.-P.. II. B. Maynard, fund
1% annually of avge. amount of all bonds out from 1915 to 1925; 1 H %
Dubuque. Ia.; Gen. M gr.. O. II. Simonds.— V. 103, p. 410.
to 1940 and 2% thereafter. Bonds aro unconditionally guar., p. A L.
by Northampton Trac. Co. (V. 92, p. 726). Int. payable In N. Y . City.
There aro deposited to securo the Northamp.-East. A Wash. 1st M . 5a
D U L U T H , M IN N .
tho following bonds of the Northampton Traction Co.: $44,000 1st M ..
$100,000 2d M . (entire Issue) and $81,500 gen. M . (entire issue).
DULUTH-SUPERIOR TR A C T IO N .—Trolley.
EARNINGS.— Net earnings of the combined properties for the year
ORGANIZATION.— Incorporated in Connecticut in 1897. Owns entire
stock of the Duluth Street B y., the 1-akesldo Street Ry. and tho Superior ending Dec. 31 1917, after deducting Int. on the old bonds, wore $75,513.
ROAD.— 17 miles of track from Phllllpsburg. N. J.. to Washington, N. J.
Rapid Transit. The corporate existence of tiie Duluth Street Ry. Is main­
tained, but all of its stock ($2,000.000 authorized. $1,800,000 outstanding) — V. 105, p. 1802; V. 102. p. 1127; V. 107, p. 604, 2188.
Is held by tho Duluth-Superior Traction. This lattor company has no
bonded debt. Tho Duluth Street Ry. was organized under Act of Minne­
E A S T S T . L O U IS , IL L .
sota approved Nov. 17 1881 and possesses “ an exclusive franchise" which
THE EAST ST. LOUIS & SUBURBAN CO.
,
^
runs until 1931.
See decision with regard to franchises In Superior
.REORGANIZATION,
AC.— As per plan In "Chronicle of Dec. 20
in V. 80, p. 1911. On Dec. 18 1918 the company surrendered Its franchise
1913, p. 1822, this company was Incorporated Jan. 7 1914 In Delaware to
to operate in Superior; tho system now being operated on tho indeterminate succeed
tho old East St. Louis A Suburban Co. of N. J.In Oct. 1914 auth.
permit basis under which tho Stato, instead of city officials, has jurisdiction
of the latter was reduced from $14,000,000 to $1,000,000, consisting
over tho company. V. 107, p. 2476. On Sept. 1 1917 the Duluth St. Ry. capital
$60,000 pref. stock and $940,000 com. stock. See V. 100, p. 474.
acquired tho 3 Mi-milo line of tho Park Point Trac. Co. of Duluth, Minn. V. of Owns
all the outstanding capital stocks (with tho exception of directors'
105, p. 180. Tho Duluth-Superior Bridge between Duluth, Minn., and Su­
perior, Wis., is usod by the railway hut is a soparato corporation, and •hares) and bonds as stated of the following companies. Tbe amounts
has issuod 1st Mtgo. bonds for $650,000 and 2d Mtge. bonds for $300,000 pledged with the St. Louis Union Trust Co. as collateral for the East St.
Louis A Suburban Co. coll, trust bonds are also shown.
—nee bridge Items. V. 63, p. 310. 504.
-------------Stock------------------------- Bonds-----------Franchise Decision.— On May 23 1914 Judge Cant In the State District
Ovmed.
Pledged.
Ovmed.
Pledged.
Court handed down a decision favorable to the company In the suit brought
East
St.
L.
A
Sub.
R
y.
C
o..$3.850,000
$3,824,300 $4,000,000 $3,834,000
by tho city of Duluth to cancel the franchise grautod to the Duluth Street
Hv. on N ov. 17 1881 (V. 9$. p. 1694). and this decision was affirmed by the East St. Louis Ry. C o........... 1,889.700 1,805.500 1,889.000 1,799,000
St. L . A E. St. L. El. R y.C o,
600,000 499.500
500.000
500,000
Minnesota Supreme Court on Jan. 29 1915. V. 100, p. 473.
...........
750,000
750,000
Fares.— On Jan. 1 1918 reduced faros on Morgan Park line from 10c. to 5c. S t.L . A B ellev.E l. R y .C o ................. .
733.000
...............................
On Sept. 16 1918 tho Duluth Street Ry. applied to the Duluth City Council E & stSt.L .L t. A P ow erC o.. 1,100,000
Alton
Gran.
A
S
t.L
.
Tr.
C
o
.
3,189,000
...............
274,000
...............
for an increase In street car fares. V. 107, p. 1192. Up to March 5 1919
do
1 0 -y e a r n o t e s --------------------------------------1 0 0 ,0 0 0
------------------no hearing on this matter had been held.
599,000
------------Decision.— On Juno 12 1916 tho Wise. RR. Comm, rescinded its order Alton Gas A Electric C o____
do
1 0 -y e a r n o t e s ---------------------------------------9 0 ,0 0 0
------------------of Nov. 1912 requiring tho Duluth St. Ry. to establish a rale of 6 tickets
T h e s e c o m p a n i e s o w n a n d o p e r a t e a ll e l e c t r ic r a i l w a y lin e s In E a s t S t .
for 25c. on Its Superior linos. In addition to the 6-cent cash faro In force.
L o u is a n d A l t o n a n d In te r u r b a n lin e s t o B e l l e v i l l e , E d w a r d s v l l l e , C o l l i n s ­
STOCK A N D BONDS—
Dale.
Interest. Outstanding.
Maturity. v i l l e , C a s e y v l l l e , O 'F a l l o n , M a r y v i l l e , L e b a n o n . B r o o k l y n . V e n i c e , M a d i ­
Q-J
S3.500.000 O c t.’ 18. 1%
Common. $3,500,000 ($100)............
s o n , G r a n i t e C i t y a n d A l t o n , a n d t h e o n ly e l e c tr ic lin o a c r o s s t h e E a d s
Prof 4% cum.31,500.000($100)-----Q-J
1,500.000 A p r .’ 19,1%
B r i d g e , c o n n e c t i n g E a s t S t . L o u t s w it h S t L o u t s .
C a r s a r e o p e r a t e d over
Duluth St Ry M, $2,500,000,/ 1900
6 g MAN
2,500,000 May 1 1930 t h is b r id g e u n d e r a 5 0 - y e a r e x c l u s i v e c o n t r a c t e x p ir in g in 1 9 5 2 . T h r o u g h
gold ($1,000)........... -C* tf lint, at Cent. Trust C o.. N. Y .. Trustee.
a r r a n g e m e n t w ith I l lin o is T r a c t i o n C o . t h e I n t e r u r b a n c a r s f r o m A l t o n are
Dul St By gen M $2,500,000,/ 1910 5 M-N
1,305.000 May 1 1930
r u n i n t o t h e ir t e r m i n a l In S t . L o u i s .
A l s o d o e n t ir e e l e c t r ic l i g h t i n g a n d
gold ($1,000) Bk fa.-C *cpt\(nt. at Central Tr. Co., N. Y ., Trustee. p o w e r b u s i n e s s in E a s t S t . L o u i s a n d t h e e l e c t r i c , g a s a n d s t e a m h e a t i n g
b u s in e s s In A l t o n .
A la r g e c o a l b u s in e s s Is a ls o c a r r ie d o n .
S t o c k . — Both com. and prof, are listed on N. Y. Stock Exch. V. 90. p. 848Franchises In E a s t S t . L o u i s , E d w a r d s v l l l e , C o l l i n s v i l l e a n d B e l l e v i l l e
B o n d s . — The mtge. of 1900 covers all the mileage of tho Duluth Street R y .
the property of the Lakeside St. Ry. and of the Superior Rapid Transit e x p ir e In 1 9 4 7 . 1 9 4 8 a n d 1 9 5 2 : L e b a n o n a n d O ’ F a l lo n In 1 9 2 2 : C a s e y v l l l e .
having first boon conveyed to the Duluth St Ry. The gen. mtge. bonds are 1 9 1 9 . T h e A l t o n r a i l w a y , e le c t r ic l i g h t a n d p o w e r f r a n c h is e s e x p ir e In 1 9 4 8 ;
subj. to call on any int. day at 105 and int. $305,000 are held in treasury and t h e A l t o n g a s a n d s t e a m b e a t i n g fr a n c h is e s a r o p e r p e t u a l ; G r a u l t e C i t y a n d
$136,000 have been canceled. Remaining oonds may bo issued for addi­ M a d i s o n f r a n c h is e s e x p ir e In 1 9 2 5 ; V e n ic e in 1 9 2 0 ; B r o o k l y n in 1 9 2 1 . T h e
tions, extensions, Ac., tinder conservative restrictions. They aro guar., I n t e r u r b a n l in e to A l t o n , o u t s i d e o f c i t y l i m i t s , i s n e a r l y a l l o n p r i v a t e r ig h t
p. & 1.. by Duluth-Superior Trac. Co. S i n k i n g f u n d of
por annum of of w a v . C o u n t y fr a n c h i s e s c o v e r i n g r e m a in in g s u b u r b a n l in e s e x p ir e f r o m
bonds out began M ay 1913. Exempt from personal tax in Minnesota. 1 9 1 9 t o 1 9 4 8 . E l e c . l t . A p o w e r f r a n c h is e in E a s t S t . L o u i s e x p ir e s 2 0 0 7 .
Wage Aieard by War Labor Board.— V . 1 0 7 , p . 6 9 5 .
V. 90. p. 1296; V. 91, p. 270; V. 92, p. 186; V. 104, p. 1014.
Fares.— l i t D e c . 1 9 1 7 t h e A l t o n G r a n i t e A S t . L o u i s T r a c . C o . a p p l i e d t o
Dividends.— On the pref. stock 4% p. a. Is being paid. On com ., 1st dlv.
— 1% -Oct. 1909. Same amount quar. to and inch July 1910; In Oct. t h e I . - S . C . C o m m , f o r p e r m is s io n t o in c r e a s e it s r o u n d t r ip f a r e f r o m Alton
1910, 1 t(% . Same amount quar. to and Inch April 1913. In July 1913 I t o S t . L o u i s f r o m 9 0 c . t o $ 1 . I n J u n e 1 9 1 8 t h e A . G . _ A S t . L . T r a c . Co.
reduced to 1% (V. 96, p. 1772<; same amount quar. to and Incl. Jan. 1915. i w a s a u t h . t o in c r e a s e fa r o s f r o m 5 t o 7 c e n t s o n it s lin e s in G r a n i t e C i t y a n d
April dlv. omitted (V. 100, p. 900); payments changed to soiul-antiual A l t o n . V . 1 0 6 , p . 2 5 6 1 . A 7 - c e n t f a r e w a s i n a u g u r a t e d o n t h e c o n n e c t i n g
basis and a div. of 1% paid July 1915 (V. 100. p. ! 137) None to Oct. 1 ! lin e b e t w e e n t h e s e t w o p o i n t s o n A u g . 9 1 9 1 8 . V . 1 0 7 , p . 6 9 5 . I n S e p t .
1917. when 1% was paid. Same rate quarterly to and Inch Oct. 1 1918. 1 9 1 8 th o A . G. C . A S t . L . T r a c . C o . w a s a u t h . t o c h a r g e 2 X c e n t s p e r
m ile p lu s M is s o u r i R iv e r b r id g e fa r e s .
T h e c o . ’ s a p p l i c a t i o n h a d c a lle d
None since.
REPORT.— For calendar years (1917 report In V. 106, p. 1681):
fo r 3 c e n ts p e r m ile .
V . 1 0 7 , p . 1 1 9 2 . E ffe c tiv e N o v . 10 1 9 1 8 , w as a u th .
Calendar Gross
N el{aftcr
Years. Earnings. Deprec.)

Int. & Pref .D ies.

Common

Balance,

Taxes.
(4 % ).
Dicidends. Sur. or D ef. 1
--$1,686,485 $392,803 $273,746 $60,000 (3%)$105,000 def.$15,94.3
1917--- 1,644,387 582,116 296,319 60,000 (2% ) 70,000 sur.155,797 .
In 1918 carried 33,088,747 revenue passengers and 5,782,778 transfer
passengers, against 32,196,521 revenue and 5,239,439 transfer jtassengers j
1918.

^ ' r OAD.— T he system embraces about 104.05 miles of track and Includes
all the lines in Duluth and Superior. 151 passenger and 21 other cars.
OFFICERS.— Chairman of tho Board, A. E. Ames; Pres., A. M . Robert- I
son- V .-P ., Edmund Zacher; V.-P. A Gen. M gr., Herbert Warren: Sec. A :
Treas., S. L. Reichert.— V. 106, p. 1688; V. 107, p. 2476; V. 10.8. p. 1060.




b y th e

111. P .

S . C o m m , to c h a r g e 3 c e n ts p e r m i l j o n in te r u r b a n lin e s .

In J u a n o 1 9 1 8 t h o E a s t S t . L . A S u b . R y . a p p l i e d t o t h e 111. P . U . C o m m ,
fo r a u t h . t o c h a r g e a 7 - c e n t fa r o w it h a 1 - c e n t c h a r g e fo r t r a n s f e r s a n d to
r a is e f a r e s b e t w e e n S t . L o u i s a n d E a s t S t . L o u is f r o m 1 0 t o * 1 2 c e n t s .
In
S e p t . 191.8 t iie I . - S . C . C o m m . a u t h . t h e c o . t o in c r e a s o f a r e s r o m 1 0 cents
t o 11 c e n t s b e t w e e n S t . L o u ts a n d E a s t S t . L o u i s , I I I ., a n d n e a t b y p o i n t s In
I l li n o i s . V . 1 0 7 . p . 1 1 9 2 . In J u l y 1 9 1 8 w a s a u t h . b y t h e 111. I . U . C o m m ,
t o c h a r g e 2 c e n t s p e r m i l e f o r tick e t, f a r e s a n d 3 c e n t s p e r m i l e f o r c a s h f a r o s .
V . 1 0 7 , p . 4 0 ) . A u t h . t o c h a r g e a 6 - c e n t f a r e in E a s t S t . L o u i s w a s g r a n t e d
b y t h o C o m m . , e f f e c t i v e A u g . 1 0 1 9 1 8 . p e n d in g another'h e a r i n g o n t h e
7 - c e n t f a r o . V . 1 0 7 , it. 6 9 5 .
.iM

44

ELECTRIC RAILWAYS

[Vol . 108

In M ay 1918 tno East St. Louis Ry. applied to tho 111. P. U. Comm. for
EL PASO , T E X A S .
auth. to issuo $210,300 additional stock and $148,000 1st cons. M . bonds.
EL PASO ELECTRIC CO.— Incorporated In New Jersey and owns tho
Default.— In Aug. 1918 holders of tho A. G. & St. L. Trac. Co. 1st consol, securities of the El Paso Elec. Ry. C o., El Paso & Juarez Trac. Co. and Rio
mtge. bonds duo Aug. 1 1944 were notified that tho co. was unable to meet Grande Valley Traction C o., wlilch do the entire electric railway, eloctric
the Aug. 1 1918 Int. due thereon because of increased operating costs and lighting and power business In El Paso, Tex., and Juarez, M ex., and oper­
were urged to withhold action until the effects of fare increases recently ate an electric railway between El Paso and Yslota. Franchises In El
granted are known. V. 107, p. 603, 695.
Paso expire In 1951 and 1952. Railway franchise In Juarox explros In 1988.
Financing.— On Dec. 28 1918 the holders o f the $2,094,000 5-yr. 6 % Interurban almost outirely on private right-of-way. In 1909 Increased
conv. bonds, due Jan. 1 1919, were offered the privilege of exchanging their pref. from $500,000 to $1,000,000. V. 90, p. 109. In Mar. 1914 Increased
holdings of said issue for new 7% conv. bonds, dated Jan. I 1919 and due authorized amount of com. stock from $2,000,000 to $3,000,000. V. 98.
Jan. 1 1921, similar in other respects to the 5-yr. 6 s, at a cash discount of p. 839. $525,000 com. stock is owned by Pub. Service Investment Co.
1% . V. 108, p. 77. Under date of Mar. 21 1919 we were informed that a
STOCK AND BONDS—
Dale.
Interest.
Outstanding. Maturity.
large percentage had been so exchanged.
Common, $3,000,000 ($100).............
Q-M
$2,914,100 Mar. ’ 19 244
Interest. Outstanding.
Maturity
STOCK A N D B O N D S—
Date.
Pref $1,000,000 6 % n-c ($ 1 0 0 )____
6 J-J
1.000,000 J a n ’19,3%
............. S6 .0 0 0 .0 0 0
..................
Common. $10,000,000 ( $ 1 0 0 ) .____
Collat trust mtge $1,000.0001 1902
5 g J-J
1,000,000 Jan 1 1932
First pref, 6 % cum_________ _____
($1,000) gold_________ ctf ilnt. at State St. Trust C o., Boston, trustee.
Preferred $6,000,000 ($ 1 0 0 )1 ____
I ll" "
6JmOOO F e b ' i O i % 3-yoar gold notes $1,000,0001 1917
6 g F-A
300.000 Aug 1 1920
5% cum _________________I
($100, S500, $1,000)-.c*& r( Int. at State Street Trust C o., Boston, trust.
6 J-J
See text Jan 1 1919
Convert bonds $3,000,0001 1914
Stock.— $216,300 of tho preferred stock is in treasury.
($1,000, 5500 & $100)-c * t f( Penna. Co. for Ins. on L. & Gr. Ann.. Phlla..
Bonds.— Collateral trust bonds cannot be called and no sinking fund.
{ trustee. Int. at office of company.
Tho notes are callablo as a whole at 100 and int. on any Int. day on 30 days’
Convert bonds S3,000,0001 1919
7 J-J
See text Jan 1 1921
notice. They were Issued to provide for additions and Improvements.
($100, $500 & $1,000)-C*tf\Penna.Co.for Ins. on L. & Gr.Ann.,Phila.,tr.
Dividends.— First dlv., 3 % , on prer. stock, was paid Jan. 12 1903, and
Collateral trust mortgage $8 , - 1 1902 6 g A-O
8.000,000 April 1 1932 3% paid s.-an. since. On com., 1st dlv., 2% , Mar. 1910: Sept., 2; In 1911
000,000 gold ($1,000)-C* tfllnterest at St. Louis Union Tr. C o., Trustee. 5% ; In 1912. M ar.. 3% ; Sept., 344%; in 1913, M ar., 344%; in Juno 1913
( or at E . W . Clark & C o., Philadelphia.
began to pay quar. divs. and paid 2% ; also Sept.. 2% ; Doc., 2% ; Mar. 1914
E St L & Sub Ry impt dobsl
1916 5 J-D
55,000 See text
to Sept. 1915, 24i % quar.; Dec. 1915 to Mar. 1919. 244% quarterly.
5111,000 ($1.000)__ c * .tf!ln t. at office of company in East St. Louis.
EARNING S.— Of combined companies for 12 months ondlug Dec. 31:
A G & St Louis Trac Co 1st [1904
5 g F-A
2,500,000 Aug 1 1944
Gross.
Net (after Tax). Interest.
Sink.Fund Surplus
consol M . $3,000,000 goldtlnt. at Illinois State Tr. Co., East St. Louis. 1 9 Year—
.................... $ 1 , 2 5 7 , 6 3 3
$ 3 8 7 ,3 2 2
$ 7 9 ,6 9 4
$ 1 ,3 8 8
$ 3 0 6 ,2 1 0
($1,000)_____________e * t fl Trustee,
or at National City Bank, N. Y. 1 9 1178 ...................
1 ,2 8 3 .5 2 5
4 8 1 ,7 5 5
6 1 ,6 2 8
2 ,3 8 0
4 1 4 ,7 4 7
Alton Ry & Ilium first mtgol
1895 5 g A-O
250.000 Oct. 1 1939
R O A D . — 5 0 .5 m ile s o f e q u iv a le n t s in g lo t r a c k ; s t a n d a r d g a u g o .
86 p ass,
$250,000 g ($1.000)-.c* tf(In t. at Bankers T r. C o ..N .Y .. trustee.
c a r s , 6 tr a ile r s a n d 6 o t h e r c a r s .
P o w e r s t a t io n h a s c a p a c i t y o f 1 0 ,7 0 0 k .w .
Alton Ry Gas & Electric C of 1899
5 g A-O
250,000 Oct. 1 1939
O F F I C E R S . — P r o s ., M a r s h a ll M . P h in n e y ; V .- P . , J o s e p h
R e m ic k ;
mtge $500,000 ($1.000)jlnt. at Equitable Tr. C o., N . Y ., trustee.
gold (closed )_______c* n tf
No sinking fund; bonds cannot be called. TWr ee ba ss t. e, r HMe gn tr.y A Bs s. n .S—a wV y. e r1 ;0 5S. epc. . ,4 9G7 e: oV. . A1 .0 6 ,P ep i.r c3e9; 5 ,G2o0n1. 0 .M g r s . , S t o n e &
East St L Lt & Pow 1st M f 1910 5 g J-D
1,092,000 June 1 1940
X.
guar p & 1 ($1,000) c*tf{ Int. at Mercantile Tr. Co., St. Louis, Trustee,
E R I E , PA .
[ Chase Nat. Bk., N. Y ., and at c o .’s office.
NORTHWESTERN ELECTRIC SERVICE CO. OP PENNSYLVANIA
Stock.— The 6 % cum. pref. may be exchanged at any time for 60% of
ORGANIZATION.— Incorp. Feb. 29 1916 in Penn, for tho purposo of
8 % cum. pref. and 50% com. stock. The 6 % pref. takes precedence both
as to dividends and assets over the 5% pref. and the common stock. V. developing the light and power business adjacent to the Northwestern Penn.
Ry. C o.’s lines. Leases for 99 years from 1916 tho property of the Peoples
97, p. 1822; V. 98, p. 304, 155. Remaining $4,000,000 common stock re­ Incandescent
Light Co.
served for conversion of 5 % prof, stock and convertible bonds.
Wholesale power Is furnished to the Northwestern Pennsylvania Ry. C o.
Bonds.— Coll, trust bonds are redeemable on any Int. day at 105 and
the operation of its entire lines; to a local company for distribution at
Int. on 4 weeks’ notice. See V. 76. p. 382. Tho convertible 5s were for
Springboro and Conneautvllle; to tho Conneaut Lake-Exposition
convertible up to July 1 1918 into an equal amount of 6 % cum. pref. Albion,
Park Co. and to a local distributor for tho Borough of Conneaut Lake and
stock and in addition 33 1-3% in com. stock. The East St. Louis & Sub. territory
on oast side of lake. Has a contract for wholesale power service
Ry. improvement debentures mature $10,000 each Juno and Dec. to Dec. to the Borough
Girard. Negotiations were pending in Sept. 1918 for
1921. $105,000 have been issued, o f which $50,000 have been retired. tho sale of powor of
to tho Cleveland & Erie Ry. C o., operating betweon Erie
$500,000 of tho Alton Granite & St. L. Trac. first consols are rosorved and
Conneaut, Ohio. No later information.
for prior liens. They are also a lien on property of Alton Gas & Elec. Co.,
The directors of the Service Co. aro also directors of tho Railway C o.,
which was owned by tho Alton Granlto & St. LouLs Trac. Co., when the theroby
effecting Joint operation.
.
mtge. was made. $506,000 of the bonds have been assumed by tho Alton
Capitalization Sept. 1 1918—
Authorized. Issued.
Gas & Elec. Co. No sinking funds, but bonds are subject to call on any Common
stock____________________________________
None
Int. date at 110 and Int. upon 90 days’ notice. Tho Altou Ry. & Ilium. 1st Second preferred stock, 6 % non-cumulativo________ $1,500,000
500,000
M . 5s originally matured Oct. 1 1915, but were extended to October 1 First preferred stock, 7% cumulative...........................
500,000
$206,500
1939. East St. Louis Light & Power bonds aro guaranteed, princi­
An additional $100,000 of first pref. stock has been authorized by direc­
pal and Interest, by end., by East St. Louis & Sub. Co.; callable at 105 and
to be Issued and sold, the proceeds to bo used in payment for properties
Int. on any int. date on 30 days’ notice. Auth. Issue unlimited, but addi­ tors
purchased
and extensions and betterments. $2 0 ,0 0 0 has beon subscribed
tional bonds are issuable only for 80% of the cost of add'ns and imp'ts, and and paid, for
making $226,500 outstanding.
theu only when net earnings aro at least 144 times int. chargo on bonds
PROPERTY.—
50 miles of 33,000 volt transmission lino between Erie
out as well as those to be issued.
and
Harmonsburg.
with a branch between Erie and Kearsarge, Pa.
Dividends.— 6 % per annum was paid quarterly on old pref. from Its Issue Distribution lines inPa.,
Saegertown, Venango, Cambridge Springs. Edlnboro,
May 1 1906 up to and Including Feb. 1914. On new pref. 1st dlv.— 1 4i% — Middleboro
(McKean),
Falrview,
North Girard, Llnesville and Harmons­
was paid May 1914; Aug.. 141%: N ov., I 4 i% . In 1915, Feb., 14*%: to burg, all in Erie and Crawford countios.
Pa.
May rato was reduced to % % (V. 100, p. 1437); same rate quarterly to i it
OFFICERS.— Pros., F. F. Curtze; V.-Pres. & Gen. M gr., Chas. M .
inch Feb. 1918. None since.
Hatch;
Treas.,
A.
A.
Culbertson:
Sec.,
A.
O. Chapin.— V. 105. p. 499.
EARNINGS of operating companies for 12 mouths ending Dec. 31:
NORTHWESTERN PENNSYLVANIA RY.
Year —
G ross.
N et.a ft.T a x . Int., e t c. P ref. D ivs.
Surplus.
Financing— Plan Fails.— Tho offer of the Northwestern Eloctric Service
1918 - ...............$4,215,887 $912,570 $813,289 $300,000 def.$200,719
1917...
...... 3,692,472 1,210,952
785,382
300,000
125,570 C o., of Penn., to exchange Its common stock at par for Railway common
ROAD, &c.— Operates 190 miles of single-track, of which 4 miles stock at 30% of par, and to exchange Service Co. common stock for Railway
operated under lease. Has 182 passenger cars, 4 express cars. 829 freight pref. stock, par for par, was withdrawn through failuro of a majority of
cars, 21 work cars and 3 snow sweepers, 2 electric and 2 steam locomotives. Railway stockholders to accept same. Tho directors of the Service Co.
Passengers carried in 1917, revenue, 40,818,319; transfer and others, have beon continued as directors of tho Railway Co., theroby effecting joint
8,236,295; in 1916, rovenuo, 37,399,240; transfer and others, 6,836,885. operation. The offer of the Service Co. to exchange its 6 % non-cum. 2d
Has 2 power stations with 15,600 k.w. capacity. Has 95 miles o f hlgh-tonsion prof, stock at par for tho Railway C o.'s 2d mtge. bonds was also rejected.
ORGANIZATION.— Incorporated In Pennsylvania In March 1911 as
transmission lines. Also has contracts for power with Mississippi River
successor of the Meadvllle & Conneaut Lake Trac. C o., V. 92, p. 187 (aholdPower Co. and Union Elec. Light & Power Co.
OFFICERS.— Pres., O. M . Clark; V .-P., II. L. Clark; Sec., G. L. Esta- ing company), and its controlled company, the Meadvillo Trac. Co. (V. 92,
brook; Troas., T . W. Gregory; Asst. Sec., O. A. Pearson Jr. Under tho p. 262), taking over the entire capital stock of tho Meadvillo Connoaut Lake
management o f E. \V. Clark & Co. Mgt. Corp., Phila.— V. 107, p. 401, & Llnosville St. Ry. ($300,000); Crawford & Erie Ry. ($350,000), People’s
Incandescent Light Co. ($145,000) and Oak Park Co. ($20,000). Fran­
501, 603, 695, 1003, 1192, 1837; V. 108, p. 77, 784.
chises in Meadvllle expire in 1944. Interurban franchise perpetual. Affords
connection for Penn. RR. System with Meadvillo at Llnosville.
E L M I R A N. Y.
In the latter part of 1912 purchased the Erie Traction Co. and tho MoadELMIRA WATER, LIGHT & RAILROAD CO.— Controlled by the
vllle & Cambridge Springs Street Ry.
United Gas Sc Elec. C o .— See United Gas & Elec. Corporation under N Y
Franchises.— There aro 23 franchises, of which 16 are porpotual, 3 fo r99
OR-GAN 1ZATION .— Incorp. In New York May 26 1900 as a consollda
tlon of all the water, lighting, powor and street railway properties In Elmira. years, and the shortest does not expire until 1937.
Up to Mar. 15 1919 the $165,000 6 % coll. tr. notes due Mar. 1 1919 had
Own entire cap. stock of Rorick’s Glen Park Assn, and majority of stock ol
West Water St. RR. The latter co. operatod under 999-yr. leases. In April not been retired.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
1913 lt was stated that all franchises have at Ioast 72 years to run. while
............
$ 1 ,0 0 0 ,0 0 0 ....................
some of them are perpetual. In Feb. 1910 was auth. to acquire all stock Common $1,000,000 ($50)___ _____
.................
500,000
.............
Pref
$500,000
($50)
5%
non-c..........
ofM ontour Falls Electric Light Co. In Sept. 1914 absorbed the West Side
5 g M-S
650,000 Mch 1 1941
First mortgage $1,250,000? 1911
R R ., all of whose stock was owned. V. 99, p. 815.
gold ($1,<50(5)...............c* tflln t. at Central Trust C o., N. Y ., trustee.
On Mar. 17 1914 the stockholders authorized the creation of $3,000,000
People’s Incandescent Light/ 1900
5%
150.000 Doc 1 1920
7% cum. first pref. stock.
Co 1st mtge___________ tf\Doia. Co. Tr. Safe Dep. & Title Ins.Co.,trus.
In 1915 sold tno water supply system to tho city of Elmira for $1,600,000
250,000 Sept 1 1947
the proceeds, together with the proceeds from tho sale of $232,000 5% cons. 1st M (Erie Dlv) $1,500,000 tf 1912 5 J-D
305.000 Sept 1 1947
M . Bonds, being used to retire the $1,661,000 5% bonds due Jan. 1 1949, 2d M (Erie Dlv) S305.000-.tf 1912See toxt
Erie Trac (Erie Div) $500,000/ 1907 5 g J-J
500,000 July 11929
which were called for payment at 105 and Int. on July l 1915. V. 100 p 1592
g
old
_________________c*
tfl(n
t.
at
Recur.
Sav.
S
c
Tr.
Co., Erie, Trustoe.
In Juno 1916 the P. S. Comm. auth. (a) the absorption of tho Elmlrr.
6 M-S
165,000 Mar 1 1919
Transmission Co. and the Elmira Sc Seneca Lake Trac. Co. all of whose Collat trust notes $165,000/ 1913
($100. S500, $1,000). . .etf I Int. at the Sec. Sav. Sc Tr. Co.. Erlo. True.
stocks and bonds were owned, and (6 ) the Issuance of $100,000 1st cons. M
Equipment notes $60,000__ I 1917 6 F-A
50,000 See toxt
6 s at not less than 9244 and $125,000 1st pref. stock and $200,000 2d pref
\Erio Trust C o., Erlo, trusteo.
stock at par, to pay floating debt, for construction. &c.
Bonds.— Of the first mortgago of 1911, $150,000 are reserved to rotlre
In 1917 tho P. S. Comm. auth. the co. to Issue $450,000 additional 1st
prior liens, remaining bonds are for improvements, extensions and acquisi­
consol. M . 5s to provide for the construction of a gas plant.
tions under certain restrictions. Tax-exempt In Pennsylvania. Subject
STOCK AND BONDS—
Date.
Interest. Outstanding _ Maturity
$1,000,000 Sopt'17, 1% to call on any Interest dato at 105 and Interest. Annual sinking fund
Common $1,000,000 ( $ 1 0 0 ) ,.____
1st pf, $3,000,000 (7% cum ).............
7 Q-M
1.400.000 M ar.’ 19.1 H of 1% of bonds out began Nov. 1 1914. Bonds retired to be kept alive.
1.200.000 M ar.’ 19. 1 H V. 92. p. 1033, 1436. Or the $1,500,000 1st M . Erie Dlv. bonds, $500,000
2 d pref 5% cum $1,200,000__ _____
5Q M
5
4.107.000
1st con mortgage $5,000,000? 1906
_g
wM S
. _____ Sept 1 1956 are reserved to retire the Erlo Trac. bonds and $550,000 for extensions and
bettorments and $200,000 are In treasury. Sink, fund, 1% annually, com ­
($1.000)___________ gc*tf(Interest at Now York‘ Trust Co. Trustee
menced April 1917. Int. at Erlo Trust C o., Erie, trustoe. The 2d M .
Stock.— First prof. Is red. at option or co. at 115 and dlv.
bonds boar 2% Int. the first year, advancing 1% yearly to 5% . Int. J.-D. at
Dividends.— On 1st pref., I H % quarterly Is being paid. On 2d pref.
244% paid semi-ann. from Sept. 1907 to and Inch Mar. 1914. On July 1 Colonial Trust C o., Pittsburgh, trusteo. The Erlo Traction bonds have a
1914 1 2-3% was paid, covering four months, and In Oct. 1914 dlv. of 14/ % sinking fund of $20 for ovory $1,000 first mtge. bond, which began July 1
1917 (denom. $1,000, $5,000 and $10,000). The collateral trust notos are
was paid, the rate being 5% quar. instead of semi-ann. (V. 99, p. 608)
Same rate quar. since to Mar. 1919.
On common, 1st dlv.— 1%— paid secured by deposit of $200,000 purchase-money mortgage bonds. They
Oct. 1910. In 1911. 1912 and 1913, 4% . In 1914, Oct.. 2% . In 1915 originally matured on March l 1918, but wore extended for one year. Up
Jan., 2% ; April, 1%; July, 1%. In June 1916 paid 2% for 6 mos. ending to Mar. 15 1919 these had not been retired. Tho equipment notes mature
Dec. 31 191o (declared In Dec. 1915) and 2% for 6 mos. end. June 30 1918 $10,000 yearly Aug. 1 1918 to 1923.
ROAD.— Operates 10.3 miles of track In Meadvillo, 15.7 miles betweon
In Sept. 1916 paid 1%: Dec. 1916, 2% ; Sept. 1917, 1%: none since.
R O A D .& c.— Comprises 48,214 m.of single track in Elmira and connecting Meadvllle and Llnesville, including a 2-mile extension to Conneaut Lake
the suburban towns of Elmira Heights, Southport and Uorseheads, from and 40.2 miles between Meadvillo and Erlo. Sidings, 3.1 miles. Tota
Horseheads to Watkins (via Millport and Montour Falls), to Seneca Lake. track, 69.4 miles. Gauge, 4 ft. 844 In. 70 and 85-lb. girder and T rail.
Has 90 passenger and 18 other cars. 75 to 110-lb. T and girder rails. 46 cars (passenger 28, freight and express, 9, work 2, 1 snow-plow, 2 snowsweepers).
Owns Rorick’s Glen Park and Maple Avo. Driving Park.
EARNINGS.— For years ending Dec. 31:
Gas Department.— Has 74.5 miles of natural gas mains.
Gross
Net
Divs. Interest, Ac, Surplus or
Electric Dept.—Two 5,250 k.w. turbines and four 750 h.p. boilers. Old Calendar
Year—
Earnings. Earnings. Rcc’d.
Taxes,
Deficit
power station has 4.250 k.w. capacity, with now 823 h.p. boiler and three
$358,521 $43,959
______ $131,016 def.$87,057
-------------800 k.w. step-up transformers; total capacity 16,400 k.w. Electric dopt. 1918.
10.171
126,793 def. 77,124
serves Elmira. Elmira fits., Southport, Wellsburg, Chemung, Big Flats, 1917-!......................... 323,509 39,498
49,777
117,478 sur. 16,623
Horseheads, Pine Valley, Millport, Montour Falls and Odessa; sells power 1916............................. 296,564 84,324
OFFICERS.— Pres., F. F. Curtze; V.-P. & Gen. Mgr. Charles M .
to tho Corning Lt. & Pow. Corp. and tho Elmira Corning & Waverly Ry.
EARN INGS.—
Gross
Net (after
Fixed
Surplus for Hatch: Sec., A. O. Chapin; Troas., A. A. Culbertson. Gonoral office,
Erie, Pa.— V. 98. p. 74. 237. 1246: V. 105. p.499.
Cal. Year—
Earnings.
Taxes).
Charges. Renew., Ac
1918.................................. $1,399,559
$457,951
$247,060
$210,891
E SC A N A B A , M ICH .
1917.................................. 1,261,302
489.867
234,592
255.275
ESCANAFiA TRACTION CO.
1916................................... 1,199,873
512,155
234.224
277.931
ORGANIZATION.—
Reorganization in Aug. 1909 of Escanaba Eloctric
OFFICERS.— Pres., E. G. Connette; V.-I’ ., Geo. Bullock: 2d V.-P. &
Gen. Mgr., F. H. Hill; Sec. & Treas., C. A. Kolstad; Asst. Sec., .1. A. Mc­ St. Ry. and Escanaba Power Co. Controls the Escanaba Pulp & Paper
Kenna; Asst. Treas., A. L. Linn Jr.; And., A. M . Lewis.— V. 106, p. 601; Co. Does electric light and power business in Escanaba, Gladstone and
V. 107. p. 805.
Wells, Mich. Is allowod to carry freight.




STOCK AND BONDS—
Date.
Interest. Outstanding. Alaturitv.
Stock $500,000...........................................................
$500,000 ...................
1st A ref mtge 8600.000 gold! 1909...........5 J-J
550.000
See text
(SI 0 0 0 )__________ c*.cpt| ln t. at First Sav. A Trust C o.. Milwaukee.
Second mtge. $200,000 gold/ 1909
5 g A-O
200,000 Jan. 1 1934
($100 & SI,000).c*Ar.cpt{M Ichigan Trust C o., Grand Rapids, Trustee.
Red. at 103 and Interest__ (lnt. at First Trust C o., Milwaukee.
bonds.— 1st & ref. bonds mature $10,000 annually from 1914 to 1933.
Incl., remainder In 1934. $50,000 have been retired. They are subject to
call at 103 and lnt. on any lnt. date. Mtchiga i Trust C o., Grand Rapids,
rustce. V. 92. p. 1564; V. 103. p. 406.
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net.
*Oth. Inc.
Interest.
Surplus.
1917 .................... $183,251
$98,631
$5,000
$38,097
$65,534
1916 .................... 142,141
77.023
18.614
38.857
56.779
1915 ................... 124,784
71,997
10.931
31,303
51.025
♦Earnings from Escanaba Pulp & Paper Co
ROAD.— Owns and operates streot railway in Escanaba and an Inter­
urban road to Gladstone, which was placed in operation in July 1910. Power
plant capacity, 7,900 hrp. A now dam on Escanaba River, providing
3,400 additional h.p., was completed Jan. 1 1916.
OFFICERS.— Pres., J. K. Stack: V.-P., .1. C. Kirkpatrick; Sec. & Gen.
M gr.. I\ L. Utley; Treas.. M . N. Smith, all of Escanaba.— V. 103. p. 578.

E U REK A, CAL,
HUMBOLDT TRANSIT CO.
.
ORGANIZATION.— Incorporated In California July 31 1903.
Fare Increase.— In Sept. 1918 was autli. by the Nev. R lt. Comm, to
increase fares to 6 cents. V. 107, p. 1287.
. . . . .
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $1,000 X00 ($100).......................................
$500,000 ..................
1st mtge $1,000,000 ($1,000)1 -----5 g A-O
172.000 Oct 1 1934
gold ___________ eA r.ntl (Union Trust Co. of San Fran.. Trustee.
bonds are not sub), to call. A sk. fd. of 2% of bonds out began Oct. 1910.
In addition to amount reported outstanding, $48,000 of bonds are pledged
as collateral for a $20,000 note to the First National Bank of Eureka and a
$4,000 note to Win. Buttcrworth.
EARNINGS.— For years ending Dec. 31:
Cal. Year—
Gross.
Net (after Taxes). Deductions.
Deficit.
1918 ... ..........................$89,962
$182
______
_____
1917................................. 81,643
13,481
$15,912
$2,431
1916................................. 78.181
3,870
14,513
10,643
ROAD.— Comprises 13 miles of track in city of Eureka. 45-60-lb. T rails.
OFFICERS.— Pres., Win. Buttcrworth; V .-P ., Lloyd Baldwin; Sec. and
Treas., Horace R. Hudson; M gr., J. W. Hale.— V. 107, p. 1287.

E V A N S V ILLE , IN D .
EVANSVILLE & OHIO VALLEY RAILW AY CO.— Incorp. in Indiana
In Dec. 1918 and acquired on Feb. 20 1919 the properties o f the Evansville
Railways Co. (for history see this publication for Sept. 1918), in accordance
with the plan of reorganization set forth in detail in V. 107, p. 2289; with
the exception that the plan as revised by the Ind. P. S. Comm, provided
for the issuance o f only $300,000 com. stock and $200,000 pref. stock, in­
stead of $1,000,000 com. and $500,000 pref. as originally planned. The
co. has acquired the stocks of the Henderson Traction Co. and the Owenboro City HR. C o., both o f which had been owned by the Evansville Rys.
C o., and lias also acquired in fee tlio Evansvillo Henderson & Owensboro
Ry. C o., which operates a lino between Evansville, Ind., and Henderson,
Ivy.
Fare Increase.— In Sept. 1918 was autli. 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.
STOCK AND BONDS.—■ Date.
Interest. Outstanding. Maturity.
Common $1,000,000 ($100)-------------------------------$300,000 ...................
Pref. $500,000 n-cum ($100)_______
6%
200,000 ...................
1 st M $200,000 sk fd gold___ /
1919 6 J-J
See text Jan 11949
\Cont. & Comm. Tr. & S. Bk., Chic., trustee.
1 st & Ref $1,200,000 callable/
1919 5 J-J
750,000 Jan 11949
at 102'A on any int. d a te .. (Ain. Tr. A Sav. Bk., Evansville, trustee.
General Mtge Income bonds/
1919 see text
750,000 Jan 1 1949
$750,000________________rlMercantile Comra'l Bk., Evansv., trustee.
Collat trust notes $300,000)
1918 6 J-D
52,900 Dec 1 1929
callable at par___________ (Mercantile-Comm'l Bank, Evansv., trustee.
bonds.— None of the 1st Mtge. bonds have been Issued. 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 lie issued, then tlio sinking fund provided for their
retirement will be applied to the 1st A 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.
EARN ING S.— Of Evansville Railways Co. for cal. year 1918 (not incl.
Howl. Trac. and Owensboro City R R .), gross, $330,743; net, after taxes,
$07,955; in 1917, gross, $291,212; net, after taxes, $80,378.
ROAD. - Operates between M t. Vernon, Evansville, Henderson, Rich­
land and Grandview. Operates 70.68 miles of track, o f which 56 miles
are owned in fee, 7.22 miles are leased, 7.46 miles trackage rights, lias
4.32 miles of sidings; total mileago 75 miles. 70-lb. T-rall. Gauge 4 ft.
8 A inches.
OFFICERS.— Chairman, A. F. Hargos; Pres., W. If. McCurdy; V.-P.,
W. A. Koch; V.-P. A Gen. M gr., W. A. Carson; Sec. A Treas., C. II. Battin. V. 108, p. 378.
(1) H en d erso n T r a c tio n .— Street railway.
Acquired by Evansville Rys. (succeeded in 1919 by Evansvillo A Ohio
Valley Ry. Co.) in April 1913. V. 96, p. 1488.
O R G A N I Z A T I O N . — Incorp. in Kentucky Feb. 22 1907 as a successor
to the Henderson City Ky., 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
8149.800 ...................
Stock. $150,000 ($100)...........- ..............................
First mortgage, $150,000/ 1907
5 g A-O
105,000 A pr.15 1927
($ 1 ,000, $500, $100) gold tf (Int. at Ohio Bkg. A Trust C o., Henderson.Tr
bonds - 8133,000 bonds Issued but $28,000 held In treasury. Remaining
$17 000 are reserved for extensions and Improvements. Subject to call on
April 15 1922 at 105. No sinking fund
EARN
For cal. year
y
_ INGS.—
_
1918, gross, $39,735; net, $9,014; In 1917,
gross, $34,098; net, $10,099.
R O A D . — Operates 6 miles of street railway.
V. 90, p. 1363.
(2) O w ensboro C ity Railroad.— Street railway.
Acquired by Evansville Rys. (succeeded in 1919 by Evansvillo & Ohio
Valley lty. Co.) in April 1913. V. 96, p. 1488.
O R G A N I Z A T I O N . — Chartered In 1886.
Franchise runs till 1936 and
gives exclusive rights to operate street railway In said city
Arrangements were made In Nov. 1917 through which the holders of the
$200,000 0% Oen. Mtge. bonds will forego their interest for the next three
years, the S36.000 so saved to be used in improving tho system.
ST O C K a N I) B O N D S —
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. 1 1932
($1,000). cAr, not rod tf/Interest at Louisville Trust C o.. Trustee
General mortgage.$200,000tf, 1910 6 M N
200,000 May 11933
lAmer Tr A Sav Co . Evansv.. Ind . Trustee
E A R N I N G S — F o r c a l . y e a r 1918, g r o s s , $82,378; n e t , $17,062; in 1917,
g r o s s , $74,139; n e t , $25,032.
R O A D . —Owns 12^ miles of streot railway In Owensboro and suburbs
6 6 and 70 lb. rail; 30 motor cars, double West.. 6 8 G. E. 800; 7 trailers.
25 10 ton and 5 25-ton coal cars. Power house 000 k. w. capacity. V .90
p . 1364; V. 105. p. 2273.
_____
EVANSVILLE SUBURBAN & NEWBURGH RV.
O R G A N I Z A T I O N . — I n c o r p o r a t e d in I n d i a n a In Dec. 1888, with a peretual charter. Pass, business hauled by electricity and freight by stoain.
)oes a car-lot freight and express business. Has private right-of-way.
STOCK ANI) BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $500,000 ($100)...........- - - - . . .
$307,400 ................
1st mortgago, $500,000, gold/ 1901
IS K J-J
477,500 July 1 1934
($500 nnd $1,000)___ c* tf/ Interest at Evansville Trust A Sav. Co.
I Trustee, Or Nat. Bank of Commerce, N .Y .

f




45

ELECTRIC RAILWAYS

M ar ., 1919.

bonds.— A sinking fund of $2,500 per annum commenced July 1 1910,
which will retire bonds at 105. All or any part of bonds redeemable
after 15 years at 105. $22,500 have been retired. V. 96. p 1365E A R N IN G S — For year 1918, gross, $240,217; net, after taxes, $56,248.
In 1917, gross, $194,290; net, after taxes, $65,265.
ROAD.— Operates z5 miles of track from Evansville to Newburgh, with
t branch off the main line through Stevons Station and Chandler to Boonrllle: has also 5 miles of slde-traek: total, 30 miles. 70-lb. T rails
OFFICERS.— Pres. A Gen. M gr.. Ous Muhulhausen; V.-P. A Treas.,
Chas. W . Cook; Sec., Jas. E. Cox.— V. 83, p. 271; V. 96, p. 1365.

•

F A IR M O N T, W. VA.

M O N O N dA H E LA

VALLEY

T R A C T IO N

CO.

ORGANIZATION.— Organized in W. Va. on May 18 1912. Is a con ­
solidation of Fairmont & Clarksburg Trac. C o., Fairmont A Northern
Trac. Co. and Clarksburg A Weston Elec. Ry. On Dec. 1 1915 acquired
the Fairmont Gas Co. V. 101, p. 1465. On April 1 1917 absorbed by
merger the Fairmont A Mannington Trac. C o., formerly controlled, that
co.’s $600,000 5% pref. mortgago bonds dated Jan. 1 1906 (ail owned by
Monongaliela Co.) being canceled. On June 30 1917 acquired control of
tho Kanawha Trac. & Elec. Co. (now known as the Parkersburg-Marietta
Division) which see under "Parkersburg, W . V a.,” through ownership of
approximately 96% of its stock. V. 105, p. 290. The co. has since acquired
all the outstanding common and pref. stock of that co. Owns all the stock of
Fairmont By-Products Corp., incorp. in W. Va. in M ay 1918 to build a
$5,500,000 coke oven plant and an industrial city to cost $750,000. V. 106,
p. 2450.
,
Owms 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 othe,t
cities and towns extend for 50 years, the shortest expiring in 1952. Inter­
urban lines on private right of way. Franchises over county roads and
bridges In Marlon and Harrison counties are perpetual.
_
bate Increase.— Effective April 1 1918, was autli. by the W . Va. P. S.
Comm, to increase rates on tho interurban lines of the Lairmont-Clarksburg
Division an average of 20%.
.
In Sept. 1918 issued $5,500,000 5-year 7% gen. mtge. bonds to retire
$2,829,000 1-year notes due Feb. 1 1919 (called for payment on Oct. 7
1918 at par and int. at the Fidelity Trust Co. of Baltimore), complete the
construction of the S2,000,000 power plant being erected at Rivcrville
and for various other add'ns, extensions, Ac. V. 107, p. 1004, 1287,2009.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $12,000,000 ($25)...............
Q-J
$8,288,861 O c f i 8 . IK
Pref. 6 % cum. $4,000,000($25)____
6 Q-J
3.359,914 A p r’ IO.lK
First A ref M . 515,000,000. g( 1912
5 J-D
4,2 .0,000 June 1 1942
($500 A $1,000). _e*Ar* t f ) Fidelity Tr. Oo., Balt.. Trus. Int. In N .Y .
Gen mtge $15,000,000 ($100, \ 1918
7 g J-J
5,500,000 July 1 1923
$500 and $1,000) g ___ ctff/Central Union Trust Co. of N. Y ., Trustee.
Fairm A Clarksb 1st M , S2.-1 1903
5 g A-O
2,500.000 Oct 1 1938
500.000
g (S 1.000)..c*ntf lint, at Guaranty Trust C o.. N. Y .. Trustee.
Slock.— 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
of 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 tho
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, p. 290.
Application has been made to list both tho com. and pref. stocks on the
N. Y. Stock Exchange.
bonds.— Of the 1st (A ref.) bonds, $2,500,000 are reserved to retire prior
liens, S5,500,000 are deposited under the gen. mtge. and $2,250,000 are
for add’ns and ext's under certain restrictions. Red. at 105 and int. on
any int. day on or after Juno 1 1922. Tax refund, in Pa. See V. 102, p.
1346; V. 94, p. 1508. The gen. mtge. bonds are secured by pledge of
approx. 99% of the com. and 93% of the pref. stock of the Kanawha
Traction A Electric Co. and $5,500,000 1st A ref. mtge. bonds. As further
1st A ref. bonds are issued they also will be pledged under the general
mortgage and no additional Kanawha Trac. A Elec. 1st A ref. mtge. bonds
mav be Issued (except for refunding underlying bonds; unless pledged
under the general mortgage. $600,000 escrow' bonds are issuable for the
purpose of acquiring certain coal properties already contracted for. The
remainder may be issued for 75% or the cash cast of ext’s, add’ns and impts.
under certain conditions. A depletion charge of 20 cents per gross ton of
coal mined and 3 cents per 1,000 cu. ft. of natural gas sold is to be included
in operating expensos, these amounts to be paid into a sinking fund for the
purchase or redemption of gen. mtge. bonds. The co. also covenants to
expend or reserve annually for deprec. A maint. a sum equal to 20% of
railway gross earnings and 15% of gross earnings from the sale of electricity.
The $1,000 bonds may bo registered as to principal. Red. all or part on
4 weeks’ notice at 101 and int. Int. payable in New York or Baltimore.
V. 107, p. 1004. Fairmont A Clarksburg 1st mtge. bonds subject to call
at 105 and lnt. Listed on Philadelphia Stock Exchange.
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. 1919. See remarks above. Initial dividend on common
—2 % —paid Jan. 1913; July 1913, 1 K % : Oct., 1 K % . In 1914. M ar.,
I A % : July, 1 A % - In 1915. none. In 1916, 4 % . In Jan. 1917 paid
1% cash and an extra dividend of 6 % in common stock; April, 1 K % :
July, 1K % regular, and In Aug. an extra dividend of 1K % : Oct., 1K % •
In 1918, 5% . None since.
EARNINGS.— For year ending Dec. 31 (1917 report in V. 106, p. 2444):
Year—
Gross.
Exp. & Taxes.
Net.
Fixed Chas. Surplus.
1918..................$3,787,328 $2,613,660 $1,173,669 $581,865 $591,804
1,639,381 1,407,388
454,026
953.362
1917.................. 3,046.769
Total surplus Dec. 31 1917 after deducting pref. divs., $159,120; com.
divs., $144,605: 6 % stock div. on common stock paid Jan. 12 1917 and
$3,439 for adjustments, was $320,964.
ROAD.— Operates (exclusive of Kanawha Traction A Electric C o.,
which seo 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 Fairviow, 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 Wolf Summit,
2K miles, was placed in operation on July 12 1917. Standard gauge.
80 and 85-lb. T rail. The c o .’s new steam power plant, which is
located about 4 miles north of Fairmont, W. Va., will, it is estimated, cost
about S3,000,000 and will have an ultimate capacity of 50,000 k.w.; initial
instillation. 20,000 k.w. Present plant has 5,000 k.w. capacity. Initial
installation was to be ready for operation on April 1 1919.
OFFICERS.— Chairman of Board, S. D . Cam len. Pros., Jas. O. Watson;
V.-P., Smith Hood; Sec. A Treas., Walton Miller, Gen. M gr., E. B.
Moore; Aud., O. F. Lough.— V. 107, p. 1287, 2009, 2290; V. 10S, p.
480, 973.

FARGO, NORTH DAKOTA.
N O R TH E R N
STA TE S
PO W ER
V IS IO N
(S T R E E T
R A IL W A Y ).

C O .— F A R d O -M O O R H E A D

D I­
.

ORGANIZATION.— Fargo A Moorhead Street Ry. was Incorporated
July 19 1902 in North Dakota. In April 1916 the Northern States Power
Co. acquired ail of the physical property. See V. 102, p. 1441, 1543. In
June 1912 new 25-year franchises were granted in Fargo, Moorhead and
Dilworth. Operates in Fargo, N. D .. and Moorhead, Minn., and an
Interurban to Dilworth, Minn., a total of 15.584 miles. Standard gauge.
70-lb. T rail. General Managers, H. M . Byliesby A C o., Chicago, III.
V. 105, p. 2099; V. 107, p. 604.
________

F I S H K I L L - O N - T H E - H U D S O N , N, Y .
P IS H K IL L

E L E C T R IC

R A IL W A Y

C O .— A

tr o lle y

road .

Leases tho Citizens’ St. R R .. L A P., at a rental of $8,255 per annum.
Fare Increase.— On July 25 1918 was auth. by the N. Y. P. S. Comm, to
Increase faros from 5 to 6 cents. V. 107, p. 501.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
■Itock . $50,000............ ................... .......................
$50,000 ...................
First mortgage, $50.000_____ 1895
6 J-J
50.000
July 1925
EARNINOS.— For year ending Dec. 31 1916, gross, $56,130; net, after
taxes, $13,621; other income, $32; lnt., rentals, A c., $12,000; sur., $1,653.
ROAD. —Owns 4 K and leases 3 miles. Total. 7 K miles
OFFICERS.—Pres.. John T Smith- V . -P , W I Conklin; Sec., W. H,
Southard; Treas., G. W. Patterson.— V .107, p. 501.

46

ELECTRIC RAILWAYS
F I T C H B U R G , MASS.

FITCHBURG & LEOAUNSTER STREET RY.
In April 1905 absorbed the Leominster Shirley A Ayer Street R y. through
exchange of stock, share for share. V. 80, p. 1478. In Sept. 1907 Mass.
R R , Commission sanctioned Increase In stock from $450,000 to $700,000,
new stock to be Issued at 110. Company then petitioned Commission to
allow stock to be Issued at 100 (V. 85, p. 722) but In Sept. 1908 Commls
slon denied application. V 87. p 812.
Rates.— In Oct. 1918 filed with the Mass. P. S. Comm, a local and joint
class freight rate and minimum tariff, increasing rates by about 25%.
STOCK, BONDS, Ac.—
Date.
Interest. Outstanding. Maturity.
Stock $700,000 ($100)..............................................
$450,000
See text.
Fitch A Leo con mtge, $350.-1 1901 4 H P -A
300,000 Feb 11921
000 ($1,000)______________lint, at Boston Safe Dep. & Tr. C o., Trustee
L S A A 1st mtge, $100,000 ( 1905 5 g F-A
100,000 Feb 1 1921
gold ($1,000)__________ c*( Int. at Boston Safe Dep. & Tr. C o., Trustee
iGuar. p. A I. by Fitch. A Leom. Street Ry
Dividends.— For many yoars up to and incl. 1900-01, 8 % ; since, 0% p. a
ROAD.— Owns 41.51 miles of track. Road extends to Leominster,
Lunenburg, Shirley and Ayer. 31 closed passenger cars, 24 opon passenger
cars. 3 express cars and 5 snow plows.
EARNINGS,— For years ending Dec. 31:
Cal. Yr. Oross. Net, aft. Tax. Other Inc.
Int.
Dividends. Surplus.
1917 ..$402,180
$87,436
$1,372
$59,468
$27,000
$2,340
1916 . . 346,573
95,566
1,805
57,767
27,000
12,604
OFFICERS.— Pres., Supt. and Parch. Agent, W. W. Sargent; V .-P.
H. I. Wallaco; Clerk and Counsel, O. F. Baker; Treas., R. N . Wallis, all of
Fitchburg.— V. 87, p. 812: V. 103, p. 2238: V. 104. p. 663.

F O R T D O D G E, IO W A .
FORT DODGE DES AtOINES & SOUTHERN R R .— Soe "Railroad
Industrial" section.

F O R T SC O TT, KAN.
THE FORT SCOTT GAS & ELECTRIC CO.
Receiver.— In April 1918 wo wero Informed that this company was
the hands of a receiver. No later Information.
ORGANIZATION.— Incorporated In Kansas In 1900, and Is successor
to the Fort Scott Electric Light A Power C o.. Citizens’ Electric Streot Ry.,
Fort Scott Steam Heating Co. and Fort Scott Gas Co. Franchise expires
April 23 1922. Operated by the Light A Development Co. of St. Louis, Mo
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $350,000 ($100)...........................................
$350,000 ...................
1st mortgage $250,000 goldl 1903
5 g A-O
150.000 April 1 1922
($500), sinking fund.c*ntf JInt. at Chicago Title A Trust C o., Trustee
Ref mtge $300,000 ($500) n t f ) ____
6%
150,000 ...................
\Int. at Vandeventer Tr. Co., St. Louis. Mo.
Bands.— Of the 1st M . bonds, $50,000 have been rotlred. Sinking fund
began Apr. 1 1908 as follows: In 1908 and 1909, $3,500 per ann.; In 1910 and
1911, $4,000 per ann.; In 1912 and 1913, $4,500 per ann.; In 1914 and 1915
$0,000 per ann.; In 1916 and 1917, $7,000 per ann.; and from 1918 to 1921
Inch, $ 1 0 ,0 0 0 per annum.
ROAD.— 9 miles of track In Fort Scott.
^ OFFICERS.— Pres.. II. Wurdack. St. Louis; V.-P. & Treas., IToraco W.
Beck, St. Louis: Sec., Douglas Hudson, Fort Scott; M gr., A. L. Ablngton.
Ft. Scott.— V. 77, p. 1294.

F O R T SM ITH, A R K .
FORT SA1ITH LIGH T & TRACTION CO.
Standard Gas A Elec. C o., a holding company under the control and
management of H. M . Bylleshy A C o., Chicago, 111., owns $949,900 com.,
$798,700 pref. stock, $150,000 1st M . bonds and $300,000 dob. 0s of tht
company.
O RGAN IZATION .— Incorporated In Arkansas on April 13 1903 as a con
solldatlon of the Ft. Smith-Van Buren Light A Transit Co. and tho Ft. Smltl
Trac., Lt. A Pow. Co. Owns all physical proporty, contracts, rights and
franchises of Van Buren Fuel A Light Co. (now dissolved). Does tho entirr
electric-light, gas and street railway business of the city, and the electric
light and gas business of Van Buron: operates an interurban lino botweoi
Ft. Smith and Van Buren. In 1917 contracted to supply electricity t:
two public service corporations which supply towns, villages and coal
mines to tho south and east of Fort Smith. Street railway, gas and electric
light franchises in Ft. Smith expire in 1955. Gas and electric light Iran
chises in Van Buron expire in 1957; street railway in 1962.
In Jan. 1919 filed for record a mortgage to securo $1,000,000 5% bonds
dated Sept. 3 1918, due 1921. tho Continental Trust A Savings Bank,
Chicago, trustee. V. 108, p. 170.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common, $1,500,000 (3100).....................................
$950,000 .................
Pret $5,000,000 ($100) 7% cum........
Q-J 15
1.410.000
See tej!
First mortgage $0,000,000 gf 1911
5 g M-S
2.483.500 Mar l 193d
s f ($500and $1.000)____c*( Int. at Illinois Trust A Savings Bank, Chic.
( Trustee, or at agency of co. in N .Y . or Bos
Demand note_________ _____ ______
8 M -N
300,000 ....... ......... .
Slock and Bonds.— Pref. stock Is red. at any tlmo after 3 years from issue
at 110 and accrued dlv. Remaining 1st M . bonds can only be issued foi
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 anj
Int. day at 105 and Int. Cash sink. fd. of 1 % yearly 1914 and 1915, l AH
yearly 1916 to 1918, 2% yearly 1919 to 1923 and such ratablo amount*
thereafter as by July l 1935 will make total sk. fd. 40% of bonds certified
V. 92, p. 956. $216,500 have been retired.
Dividends.—-Pref. Is cum. from Jan. 1 1912. 1st dlv. on pref.— 1 H % —
aid April 15 1910; July, 1)4% : Oct., IH % and \H % quar. to and Includ
lg April 1913; none slnco.
EARNINGS.— For yoars ending Dec. 31:
Calendar Year— Cross.
Net, of. Taxes. Int. Cligs. (Net)
Deficit
1917............................$508,670
$154,266
$181,912
$27,646
1916............................ 486.704
154,179
167.788
13.6CS
Latest Earninos.— 12 mos. end. Aug. 31 1918:
1917-18.....................$649,765
$224,529
$195,861
$28,668
ROAD.— Owns and operates 32 miles of track on 12 miles of streets is
Ft. Smith and suburbs. Standard gauge, 60-lb. and 80Mb. T rail. 41 cars.
Owns a park of 110 acres. Also gas works for distributing natural and arti­
ficial gas (artificial gas plant Is hold In reserve) with 78 miles o f mains, and
electric power and lighting plant— generating capacity, 4.600 horso-powet
and pole line o f about 164 miles.
OFFICERS.— Pres., A. S. Iluoy; V.-P., n. M . Byllosby; VIce-Pres. A
M gr., D. C. Green; Sec. A Treas., R. E. Ballard; Gen. Mgrs., II. M.
Byllesby A C o., Chicago.— V. 107, p. 1747; V. 108, p. 170.

S

[Vol. 108

Default— Reorganization Proposed.— Int. duo Sept. 1 I9l7on $l,0 59,0 00
1st and ref. 5% bonds and $1,164,000 6 % collateral notes of tho Ft. Wayne
A Nor. Ind. Trac. C o., and on tho $0,966 000 Ft. Wayne A Wabash Valley
5s was defaulted. Tho holders of the 4 foil, notes have surrendered same
and taken the c o .’s $1,941,000 1st
ref. 5% bonds which wero pledged
as collateral. In tho opinion of the management it will bo necessary to
reorganize tho parent co., and to reduce tho bonded debt of it and some o(
Its constituent cos., particularly the Ft. Wayne A Wab. Val. Trac. Co. and
Lafayotto A Logansport Trac. Co. Soe V. 105, p. 1103.
Foreclosure Suit.— On Dec. 5 1917 thoCentralTr. Co., as trustee, brought
foreclosure suit against tho co. because of default on Sept. 1 1917 int. on
1st A ref. 5s and 6 % coll, notes.
Committee for Notes.— Geo. W. Davison. James O. Brady, Henry Sander­
son; Sec., Cnas. E. Sigler, 54 Wall St., N. Y .; depositary, Central Trust
Co. of New York.
Committee for Ft. IVagne A Nor. Indiana Trac. lsf A Ref. 5s, Pref. and
Common Stockholders and Holders of Dividend Certificates.— w in. A. Tucker,
Thos. E. Murray, J. Levering Jones, ja y Cooke, Randal Morgan, llonry
Sanderson. Depository. Central Trust Co., New York.
Committee for Ft. Wayne A Wab. Val. Trac. 5s.— P. M . Chandler, Chair­
man; E. W. Clark, C. S. Gray, A. A. Jackson, John II. Mason, C. S. W.
Packard, R. Lancaster Williams; Sec., J. K. Trimble, Franklin Bank Bldg.,
Phila. Depositories. Commercial Trust Co., l’hila., and Fidelity Title A
Trust Co., Pittsburgh. Pa. V. 105, p. 1419.
Committee for Lafayette A Logansport lsf Mtge. 5s.— Rowland Comly,
Chairman; Col. Sheldon Potter, Wm. B. Whelen and Edw. V. Kano,
all of Philadelphia. Depositary: Tho Logan Trust Co., Phila. V. 105.
p. 1522; V. 106. p. 296.
Fare Increases.— On Jan. 15 1918 was autli. by tho I.-S. C. Comm, to
increaso Its passenger fares 15%. On Mar. 4 1918 was autli. by tho Ind.
P. S. Comm, to put into effect, for tho duration of tho war, a straight
5-cent faro.
In Jan. 1919 applied to tho Indiana P. S. Comm, for autli.
to charge a straight 6 -cent faro in Fort Wayno, Logansport, Lafayette,
Wabash and Peru and to increaso interurban rates from 2 'A to 2 A cents
per milo. V. 108, p. 378. Comparo V. 107, p. 1192.
6*38
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
Common, $4,000,000 ( $ 1 0 0 ) .. ____
$4,000,000
Q-M
Pref,0% (cum),$4,000,000($100) . . .
2.500,000
Soe text
Dividend scrip____________________
abt.75,000
1st A ref mtge $15,000,000. tf 1911
5 M-S
3,000.000 Mar 1 1931
Ft W A W Val Tr 1st cons M l 1904 5 g M-S
_6.900,000 Mar 1 1934
$7,500,000 g ($1,000) _c*tf(Int. at Commercial Tr. Co. Phila., trustee.
Ft W A W Vail Tr car trusts—
5 F-A
10,000
See text
Series “ A ($1,000 o a c h ) .t f ____
I tW A N Ind Tr—
Series “ A ” ($ 1 ,0 0 0 ).._________
6 F-A
20,000
See text
Series “ B” ($1,000 e a c h ) .t f ____
5 M-S
8,000See text
Wabash Rlv Tr Co 1st mtgej
1901 5 g F-A
275,000 Aug 1 1931
$350,000 ($1,000) g . . ’ n tflln t. at N. Haven T r. C o.. N. Haven, trustee.
Ft Wayne Tr mtge $1,500.-/
1899 4 g A-O
29,000 Oct 11929
000gold ($1.000)_____c*tf lin t. at Guard. Tr. C o., Cleveland, Trustee.
Lafayette Street Ry 1st mtge/ 1893
5 A J-D
225.000 June 1 1923
($1,000 each) $225.000c* tf 1Int. at Real Estate Tr. C o.. Phila., Trustee.
Laf A Log Tr 1st M $1,000,-/ 1900
5 g J-D
849.000 June 1 1930
000 g ($1,000) gu p A Ic* t flln t . at Guar. Tr. A S. D. C o., Phila., Trustee
t W M A B 1st M $400,000) 1905
5gJJ
400.000 July l 1935
gold ($1,000) guar p A 1. tf (Int. at Guar. Tr. A 8 . D. Co .Phila., trustee
Ft W Power Co mtge.........t f / 1907
5 M-N
57.700 Nov 11937
Int. at Guar. Tr. A S. D. Co .Phila., trustee.
Bridgo bonds_____________________
_______
32,000
________
Paving bonds_____________________
_______
149,732
________
Stock.— Both stocks are listed on Phila Stock Exch. V .9 4 ,p . 820.
Bonds.— Of tho 1st A ref. M ., $8,807,000 are reserved to retiro underlying
bonds and remainder for acquisitions, extensions and additions. Sub­
ject to call as a whole on any intorest day at 105 and int In addition
to bonds noted above there aro $3,500 lost bonds of tho Loganspt Ry. out­
standing. due Sept. 1 1929. For lions of various issues see V. 10.5. p. 1103.
The Ft. W. A W. V. consols of 1904 aro not subject to call bofore maturity.
They are listed on Phila. Stock Exch. Tho Wab. Riv. Trac. Co. 5s of 1901
aro subject to call at any time at 105 A int. Lafayette A Logansport 1st
M. Is closed; no moro bonds can bo Issued.
The Lafayette St. Ry. 1st M . 6 s were extended for 10 yoars to Juno 1
1923 at 5H % Interest.
Ft. Wayne A Wab. Val. car trusts aro guar., p. A 1.. by ond. by Ft. Wayne
A Nor. Ind. Trac. Co. They mature $5,000 s.-a. to Sept. 1 1919. Trustee
s Fidelity Tr. Co., Phila. The Penn. Co. for Ins. on Lives A Granting
Annuities Ls trustee of Ft. W. A N. I. Trac. car trusts. Sor. “ A " maturo
$2,000 each Feb. and $3,000 each Aug. to Fob. 1923. Ser. “ B " maturo
$1,000 s.-a. to Mar. 15 1923.
Dividends.— On pref., I A % quar., from organization to Sept. 1912. In
May 1913 a scrip dlv. of 3% was paid, covering dlvs. payable Dec. 1912
and Mar. 1913. See statement In V. 96, p. 1422. Nono since.
ROAD.— Operates 209 m. main track connecting Ft Wayne, Hunting­
ton, Wabash, Peru, Logansport, Delphi, Lafayotte and Blufrton; also local
lines In Ft. Wayne, Wabash, Peru, Logansport and Lafayette. Total track,
J20 miles. At Logansport, Peru, Wabash and Bluffton connection Is
made for Indianapolis over tracks of Indiana Union Traction Co. In May
1906 began through service betwoon Ft. Wayno and Indianapolis over
tracks or Union Traction Co. of Ind. See V. 82, p. 1101. Ralls, 00, 70,
72, 80 and 90-lb. Owns 2 powor houses and 4 pleasure parks. Owns
180 pass, cars and 60 other cars.
REPO RT.— For calendar years ending Dec. 31:
Calendar
Gross
Expenses
Net
InterBalance,
Year—
Revenues,
and Tates. Revenues.
est.
Surplus.
1917....................... $2,020,349 $1,488,987 $539,362
$583,019dof$43057
1916......................... 1,777,680
1,101,786 615,900
584,274
31,620
1915......................... 1,654,605
1,070,693 583,912
582,555
1,357
OFFICERS.— Chairman of Board, J. Levering Jonos; Pros., Robert M .
Feustel; V.-P., Treas. A Sec., H. E. Vordermark, Ft. Wayno; Asst. Sec.,
H. J. Alker. Phila.— V. 104, p. 1800: V. 105. p. 909. 1103. 1419, 1522.
1998, 2272; V. 106. p. 295, 1126; V. 107, p. 1192; V. 108, p. 378, 784.

FORT W ORTH, TEXAS.

NORTHERN TE XA S ELECTRIC CO.— A holding company.
Of the common stock, $500,000 Is owned by Pub. Service Invest. Co.
ORGANIZATION.— Incorporated In Maine Nov. 10 1905 and owns tho
entire 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 city and Dallas, 35 miles, and the capital
stock of tho 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 tho line from
Cleburne to Denton, the rights of tho Fort Worth-Donton Intorurban Co.
having been acquired. V. 99, p. 121, 122. Also owns tho capital stock of
F O R T W A Y N E , IND.
the Arlington Light A Power C o., which does tho olectrlc light and power.
FT. WAYNE & NORTHERN INDIANA T R AC . C O — A trolley road
Ice and water business In Arlington, Tex.
Entors Dallas ovor Its own
Con'rolled by same Interests as the Ohio Electric Ry, and the Tetr« tracks. See V. 89. p. 411. Has leased for 20 years from Dec. 17 1915 tho
Haute Indianapolis A Eastern.
terminal facilities of the Dallas Intorurban Terminal Assn, which soe under
Receivership.— On Feb. 10 1919 Pres. Robt. M . Feustel was appointed Dallas Railway Co. on a procoding page. In 1917 leased (with tho right
receiver for the co., upon application of tho Evans Coal Co. It is stated to purchase for $2,000,000) the Oak Cliff lino to tho Dallas Ry. at an annual
that tho appointment of a receiver at this time is for tho purpose of bringing rental of $115,000 for first 3 yoars, $120,000 for fourth year, $125,000 for
about a satisfactory reorganization. V. 108, p. 784.
fifth year, $135,000 for sixth year and $150,000 thereafter.
ORGANIZATION.— Incorp. In Indianaon Feb. 13 1911 to take over the
Franchises of Northern Texas Trac. Co. In Fort Worth expire In 1973: In
Ft. Wayne A Wabash Valley Trac. Co. per plan In V. 92, p. 394, 6 9 4 . Dallas In 1937; others about 1950; has prlvato right-of-way outsldo of
The Ft. Wayne A Wabash valley Traction Co. had previously acquired cities. Tarrant County Traction Company In Fort Worth and Cleburne
through consolidation or purchase the following companies
expire In 1930: betwoen thoso cities has prlvato right-of-way oxcopt In
Ft. Wayne Marlon A Bluffton Tr.Co. Lafayotte Street Ry.
towns Ac., In which cases Its rights explro In 1961. V. 92, p. 1243. Road
Ft. Wayne El. Lt. A Power Co.
Logansport Railway Co.
was completed In Aug. 1912 and began operation In Sopt. 1912. Franchise
Ft. Wayne A Southw. Trac. Co.
Logans. Roch. A Nor. Trac. Co.
In Arlington expires In 1949.
Ft. Wayne Traction Co.
On FeD. 24 1913 Increased auth. prof, stock from $4,500,000 to $5,000,­
Wabash-Logansport Traction Co.
Lafayette A Logansport Trac. Co,
Wabash River Traction Co.
000 and the com. from $2,500,000 to $5,000,000 (V. 90, p. 488, 654), and
Also controls Fort Wayne Power C o., Carroll Electric Light Co. and holders of both classes of stock woro glvon tho right to subscribe for $050,000
Wabash Valloy Utility Co. Owns a one-fourth Interest In tho Unlteu now common stock at par. V. 96, p. 790.
Tractions Coal Co. which owns and leases valuablo coal lands to Insure th. i
In Sept. 1917 recelvod franchises for tho construction of additional track­
company an adequate supoly o f coal (see Shirley Realty Co. o f Indiana In age and terminal facilities to handle tho hoavy traffic Inchlont to tho army
V. 104, p. 1805).
activities of Camp Bowie, near Fort Worth; work was begun In N ov. 1917.
Furnishes electric light In Ft. Wayne, Roanoke and Delphi; municipal An expenditure of $100,000, lt Is stated. Is Involved,
franchises extend to 1935 and 1998. except In Ft. Wayne, which for more
In Nov. 1917 tho co. announced an incroaso In passonger rates from about
than *A of streot railway are perpetual, the balanco being tor outlying exten­ 2 A cents to about 2)1 conts per milo to cover Federal taxes and Increased
sions and extending to 1937. Lighting franchises In Ft. W. extends to 1935. costs of operation.




ELECTRIC RAILWAYS

M a r . , 1910.]

Interest. Outstanding .LastDiv .A c .
STOCK AND BONDS—
Date.
Q-M
$3,150,000 Mar. T 9 .1 %
Common $5,000,000 ($ 1 0 0 ) - - -----M &8
4,000,000Mar. T 9 ,3 %
Pref 0% n-c $5,000,000 ($ 1 0 0 )-----3.510,000 Jan 1 1940
6 g J-J
Coll trust M $10,000,000 gold 1 1910
sink fund (see toxt)c**r*tf I Int. at Commonwealth Tr. C o.. Bost., Trust.
No Tex Trac 1st M $3,500,000 [ 1903
6 g J-J
2,500,000 Jan 1 1933
($1,000) gold— no sinking) Int. at Citizens’ Sav. & Tr. C o., Clev., Trna.
fund _______________ c*tifl or at Chase Nat. Bank, New York.
Stock.—'The pref. stock Is redeemable at 110. V. 91, p. 1449. Both
classes o f stock are listed on the Boston Stock Exchange.
Hands.— Of the coll, trust bonds. $2,500,000 are roservod to retire North
ern Texas Traction 1st M . bonds; $250,000 have boon rotlrod. Coupon
bonds are In denom. o f $1,000; registered bonds, $1,000, $5,000 and
$10,000. Callabloas a whole or In part, for sink. fd. only, at 105 and lnt. on
any lnt. date. Sinking fund of 1% of bonds out began Nov. 1 1911. Bonds
aro secured by deposit of all the stock of 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 Intorest.
D IVIDEN DS.— First dlv. on pref. (1%) paid March 1 1906 and 2%
_ jpt. I 1906; since, 6% per annum. First dividend on common stock.
2% , paid Sept. 1 1909; In 1910. 5}* % ; in 1911 and 1 9 1 2 ,6 % ;J n 1913
In 1918.
0 U % ; in 1914, 7% ; In 1915, 4Vx%\ In 1910 and 1917, 4%
0% . In 1919, March, 1%.
EARNINGS.— Of combinod companies for 12 months ending Dec. 31:
Year— Gross.
Netiaft.Tax.) Oth.Inc. Interest. Sink.Fds. Surplus.
1918___ $2,929,760 .$1,015,927 $115,000 $302,317 $35,442 $823,138
1 9 1 7 --- 2,582,113
1,136,450
28,750
312,902
35,813
816,455
ROAD.— Subsidiary companies operate 162.7 miles of track, standard
gauge; 236 passouger, 30 trail and 16 other cars. In July 1916 completed
an i,800 ft. viaduct over the steam roads entering Union Depot in Dallas.
Power station lias capacity o f 10,800 k. w.; also purchases power from the
Dallas Power & Light Co.
OFFICERS.— Pres., Marshall M . Phinney; Sec., Georgo A. Peirce;
Troas.. Henry B. Sawyer; Gen. Mgrs., Stone Sc AVobstor Mgt. Assn., Bos­
ton.— V. 102, p. 154; V. 101, p. 1899; V. 106, p. 396, 818, 2340.

FOSTORIA, OHIO.

F O S T O R I A & F R EM ON T R A I L W A Y C O.

ORGANIZATION.— Incorp. in Ohio In 1909. Ownership Is largoly
represented by Interests Identified with the Lake Shore Electric Ry. Co.
and AVestorn Ohio Ry. Co. Besides passenger business, does a freight and
express business and handles coal for use by Ohio State Power Co. at
Fremont.
Fares.— In July 1918 was auth. by the Ohio P. S. Comm, to incroaso
passenger fares to 3-cents per mile. V. 107,, p. 401. Compare V. 107,
p . 82.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Com stock, $200,000 ($100)................................
$200,000 ...................
Pref stock $200,000 ($100)...................................
200.000 ...................
First mtge $250,000 ($1,000) f 1910
5 A-O
200,000 Oct 1 1930
gold___________________ c*JInt. 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;'subsequent
surplus earnings have gono Into the properties.
EARN ING S.— For years ending June 30:
12 Months—
Gross. Net, after Taxes. Int.
Dcpr.Rcs’ve. Surplus
1917-18.......................$75,859
$32,927
$8,370
$1,221
$23,330
1916-17---...............- 68,289
15,983
- ..............................................
1915-16__________ _ 58,823
21,105
............................
...........
LATEST EARNINGS.— For cal. year 1918, gross, $79,937; net, after
taxes, $28,501. In 1917, gross, $72,246; net, after taxes, $29,964.
ROAD, &C.— 21-38 miles of electric Interurban railway on privato rightof-way, connecting Fostoria and Fremont. Forms the connecting link
botwoon the Western Ohio Ry.. Toledo Fostoria & Findlay R y. and Lake
Shore Electric Ry., all of which use the lino under traffic contracts.
OFFICERS.— Pres., F. D. Carpenter, Lima, Ohio.— V. 107, p. 82. 40.

47

Bonds.— Of tho 1st & ref. bonds of 1910 roportod outstanding, $1,500,000
($1,419,000 held by public, $21,000 repurchased by the co. and $80,000
held alive in sink, fund) are Series A 6s; S799.000 aro Series B, bearing 5% .
and $2,125,000 aro Series B, bearing 6% , and $4,202,000 (of which $50,000
certified but not sold) are Series C 6s (V. 100, p. 73S). $2,920,000 First
& Refunding M . bonds are reserved to retire prior liens (incl. $186,000
held In or for sinking funds) and remaining $13,454,000 bonds m aybe
Issued at not exceeding 0% lnt. for add’ns, impts., &c., at 75% of cost
under certain restrictions. Series A callable at 10244, others at 105.
Tax exempt in California. First and refunding mortgage contains
sinking fund provisions calling for payments of $l45,O0O annually
(to be used partly for betterments and additions and partly for re­
demption of bonds, Series A bonds having preference over other series)
from 1915-1919; S150.000 annually from 1920-1924 and ranging there­
after from 244% annually of bonds out from August 1925-1929, incl.,
to 444% 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.
Tho debentures are redeemable, all or part, at any time
;)rior to May 1 1922 at 102 and intorest and thereafter at 101 and interest.
Jnder tho trust agreement the company covenants that no further
underlying bond3 are to be issued; that no further mortgage than existed
at May 1 1917 bo made; that debentures outstanding and floating
debt will not at any time exceed $4,800,000, and that no dividends
bo paid stockholders in excess of present rate when floating debt exceeds
$300,000. Provision for conversion into 6% cumulative preferred stock
willbomade. Security T ru st* Savings Bank, trustee. V. 104, p. 1903.
Of the $2,627,000 San Joaauin Lc. & Pow. Co. 1st 5s, $47,000 are held
by co. for sink. fd. purposes and $35,000 alive In sink. fd. $7l,000 Power
'l’ ransit & Light Co. 5s in addition to tho amount reported outstanding
aro held alive in sink. fd. 880,000 Bakersfield & Kern Elec. R y. 1st 5s are
held in sink, fund (in addition to those reported as outstanding).
Dividends.— Paid 444% on pref. stock in 1912; in 1913. 6% ; In 1914, 3% ;
none to June 1917, when 144% was paid; 114% quar. since.
REPO RT.— For calendar years (1917 report in V. 106, p. 2645):
Calendar
Gross
Expenses
Net
Charges
Balance,
Year—
Income.
A Taxes.
Income.
(Net).
Surplus.
1918-.................$2,658,854 $1,492,556 $1,166,299 $685,962 $480,337
1917...............
2,134,167
895,036
1,238,531 548,924
689,607
P R O PE R TY.— The co. owns power plants with 67,210 h.p.; operates
740 miles of high-tension transmission linos, 33 sub-stations and 2,605 miles
of distributing lines. Reservoir capacity, 51,000 acre feet. 90 miles
of gas mains. Operates 10.51 miles street railway track In Bakersfield,
supplemented by automobile bus lines in outlying territory.
OFFICERS.— Pres.. W . G. Korckhoff; V.-P.s, A. C. Balch and Ben. R .
Moyer; Sec.. L. M . Farnham; Troas. & Comp.. A. E. Peat: Gen. M gr.,
A. G. Wishon.— V. 107, p. 1102, 1485, 2015; V. 108, p. 685, 880.

FRESNO TRACTION CO.— A iruhey road.
In 1910 Southern Pacific assumed control and owns all the stock except
directors' shares.
ORGANIZATION.— Incorp. in Cal. Sept. 22 1903. Leases the Fresno
City Ry. Purchases power from San Joaquin Lt. Sc Power Co.
In Doc. 1916 the Cal. R R . Comm. auth. the co. to soli $49,597 bonds for
exts. (not Incl. In amounts reported outstanding).
F a r e s . — In Sept. 1918 was auth. by the Calif. R R . Comm, to Increase
faros from 5 to 6 cents and commutation rates by 10%. V. 107, p. 1192.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000--($100)..................................... .. $5,000,000 ...................
First mortgage. $5,000,0001 1904 5 J-J
709,000 July 1 1944
($1,000). gold______c .n t fjln t . at Union Trust C o., San Fran., Trustee.
Bonds of Leased Company—
Fresno City Ry first mtge/ 1902 0 g J-J
72,500 Jan 1 1922
$150,000 gold ($1,000) c*tf\Unlon Trust C o., San Francisco, 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 $17,600 per annum from 1939 to 1943.
F O X B O R O , MASS.
Frosno City bonds have a sinking fund of $3,000 per annum for first two
years. $5,000 per annum for next five years and $7,500 per annum for
NORFOLK & BRISTOL STREET R Y.
next 10 years, which began Jan. 1 1905. Bonds cannot be called. In­
ORGAN IZATION .— Incorporated In Massachusetts In November 1901
Fare Increases.— On Aug. 19 1915 the Mass. P. S. Comm, granted per terest payable In New York and San Francisco.
mlaslon to Increase the fares from 5 to 6 cents or 18 tickets for $1. 8e<*COM BINED EARNINGS.— Incl. Fresno City R y.:
V. 101, p. 694; V. 103, p. 1031. In Juno 1918 tlio co. notified the Mass.
Cal.
Gross
Net (after
Other
Interest.
Balance.
P. 8. Comm, of a faro incroaso from 6 to 7c. with 15 tickets for $1, effective Years—
Earnings.
Taxes).
Income.
Rentals. A c.
Deficit.
Juno 29 1918. In Nov. 1918 notified the P. S. Comm, of its intention to 1917................... $235,640
$32,014
$27,530
$110,083
$50,539
Increase fares from 7 to 8 cents and to make a corresponding incroaso In 1916................... 225,518
40,867
11,662
92,526
39,997
commutation rates. V. 107, p. 1837.
ROAD.— Mileage operated (Incl. 8.14 miles leased from Fresno City R y .).
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock, $200,000 ($100).........................................
$200,000 ................... 45.013 miles. Also owns 9.11 miles of single-track operated Dy Southern
1st mtgo. $200,000 ($1,000).) 1908
5 g J-J
189.000 July 1 1928 Pacific Co. Standard-gauge, 75-lb. " T ” rail. 33 electric motor passenger,
3 work cars; 2 trailers, and 1 electric locomotive.
g,
sink. fd. Red. at 105-- (lnt. at Amorican Trust C o.. Boston. Trustee
OFFICERS.— Pres., \V. F. Herrin. San Francisco; V .-P ., Paul Shoup,
Bonds.— $11,000 first mtge. bonds in addition to those reported out­
8ec. & Aud., II. A. Culloden. Los Angeles; Gen. M gr., F. W. Webster;
standing aro hold in sinking fund.
EARNINGS.— For 12 mos. end. Dec. 31 1918, gross, $95,157; not. def.. Frosno; Treas., Si. S. Wade, Los Angeles.— V. 78, p. 1222; V. 107, p. 1192.
after taxes, $7,182; bond lnt. & sink, fund, $12,000: loss for year, $19,182.
ROAD.— Owns 21.739 miles of track betwoon Norwood, Mansfield and
GADSDEN, ALA.
Wrentham; 21 passenger cars, 3 snow plows and 2 service cars.
OFFICERS.— Pres., Lawrence A.Ford; Treas., II.Elmer Townsend; Gen.
ALABAMA CITY GADSDEN & ATTALLA RY.
M gr., M . A. Cavanaugh.— V. 101, p. 094; V. 106, p. 2450; V. 107, p. 1837
ORGANIZATION.— Incorporated under a special charter from the State
of Alabama. Operates, besides street railway, a light plant, an Ice plant
and a coal yard.
F R E S N O , CAL.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
SAN JOAOU IN L IG H T & P O W E R C O R P.
$330,000 ...................
ORGANIZATION.— incorporated In California on July 19,1910 as a con­ Stock $500,000 ($100).................- ............................
$300,000 gold/ 1900
5 g M -N
298,000 Nov 11930
solidation of tlio San Joaquin Light & Power C o., the Power Transit Sc Light Mortgage
($1,000)______________ tf llnterest at Trust Co. of Amer.. N. Y .. Trust
Co. (Bakersfield) and the Merced Falls Gas Sc Electric Co. Absorbed the
Bonds.— The unissued bonds are reserved for further additions at 90%
Selma Water Works, Madera Water Works, Madera Lt. Sc Pow. C o., Lem
more Lt. Sc Power Oorp. and Bakersfiold Gas & Elec. Lt. Co. control! of cost. Subject to call on any Interest date at 105 and Interest.
ROAD.— Operates 11 miles of track, connecting the points named In the
through stock ownership tho Tule River C o., having plants on the Tule
River, Cal. The Midland Couutlos Public Service Corporation (V. 98, title. Standard gauge. 40 and 70-lb. T rail.
p. 1849), controlled In same Intorest, purchases all of Its power from the
OFFICERS.— Pres., E .T . Schuler, Gadsden, Ala.; V.-Pres., G. H.
San Joaquin Light Sc Power Corporation. In Feb. 1919 it was reported Schuler, Jacksonville, Fla.— V. 83, p. 817.
that tho Midland Counties Public Service Corp. would consolidate with tho
Han Joaquin Light Sc Power Corporation in tho near future. V. 108, p.
880. Franchises in cities aro perpetual; outside of cities, with two excep­
GALVESTON, TEXAS.
tions, extend beyond 1950. About one-half tho total length of transmis­
GALVESTON-HOUSTON ELECTRIC CO.— A holding company.
sion lines is on privato right of way. Supplies electricity for lighting,
ORGANIZATION.— Incorp. in Maine on May 8 1907. Controls
power and pumping purposes throughout the San Joaquin Valloy, including through
ownership of stock tue Galveston Electric Co. and the Houstbn
tho cities of Merced, Madera, Fresno, Selma, Hanford, Bakersfield Elec. Co.,
which companies do the entire electric railway and part of the
Sanger, Dlnuba and about 50 towns and small cities; population served, electric lighting
power business In Galveston and the entire electric
about 250,000. Distributes gas in Bakersfield, Kern, Merced and Selma; railway business and
In Houston. Also owns stock of Galv.-Hous. Elec. R y..
operates a street railway system in Bakersfield and Kern and furnishes an Interurban road
between Galveston and Houston, 50 miles, and guar­
water for domestic purposes in Selma and Madera.
Its bonds, p.. 1. and s. f. Franchises expire in Galveston In 1950; in
Hate In crea ses. — On April 22 1918 was auth. by tho Cal. RR. Comm, to antees
Houston, 1935. The Interurban is on private right-of-way. $500,000
put Into effect a new schedule of power and lighting rates. On May 28 com.
stock Is owned bv Public Service Investment Co.
1918 was auth. to put into effoct a surcharge of 10%. In Feb. 1919 auth.
In Sept. 1918 the Houston Electric C o., a subsidiary, was auth.
to add a surcharge of 15% to all bills was granted by tho Calif. R R . Comm. byFares.—
tho City Council to increase faros from 5 to 6 cents, tho new rate to be
V. 108, p. 685.
,
temporary and to be terminated by the City Council any time it
In Aug. 1918 was auth. by tho Cal. RR. Comm, to issuo and soil at not meroly
a referendum held in Nov. 1918, however, the ordinance
loss than 90 $113,000 series “ O ” 6% 1st Sc ref. mtge. bonds, proceeds to bo sees fit. At
the co. to increase fares from 5 to 6 cents was defeated by a vote
deposited and expended for acquisition o f property. V. 107, p. 611. authorizing
of
3,460
to
2,111.
V. 107, p. 1919. Tho co. thereupon filed a suit hold­
'I'licso have since been issued.
In Sept. 1918 was auth. by the Cal. RR.
that the Comm, had no auth. to delegate its rate-making powers to
Comm, to use tho proceeds from tho sale of $202,761 series “ O ” 6% bonds ing
tho peoplo and that the referendum election on the 6-cent fare ordinance
to finance construction expenditures. V. 107, p. 1102. In Oct. 1918 was
therefore illegal. In Feb. 1919 a decision adverse to the co. was
applied to tlio Calif. R R . Comm, for auth. to sell $118,449 Series " C ” 6% handed
down and the 5-cent fare restored. V. 108, p. 683.
bonds to reimburse tho treasury for capital expenditures. V. 107, p. 1485.
March 1919 issued $1,500,000 3-year 7% notes, proceeds to be applied
In Nov. 1918 was auth. to use tho proceeds of $112,551 Series “ C " bonds to to In
the
retirement
of the entire floating debt and other requirements. V.
financo capital expenditures. V. 107, p. 2015.
108, p. 1165.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
STOCK
AND
BONDS—
Dale. Interest. Outstanding. Last Die.Ac.
Common $15,000,000 ($100)................................. $11,000,000 ..................
M-S 16 $3,988,000
See text
Prof. $10,000,000($100)6%cum.__
Q— M15
6.500,000 M a r’ 1 9 .1U Common. $5,000,000 ($100).
M-S 16
3,000.000Mar. T 9 .3%
Gonv debs gold Series Al 1917
6 g M -N
942.000 M ay 1 1927 Pref $4,000,0006%cum ($ 1 0 0 )____
1905 5 g M-N 1,297,000
May 1 1940
$4,500,000 ($1,000) .-C *tf I Int. payable In Los Angeles or New York. Galv Electric 1st M $2,600,-1
000 gold ($1.000)___ c ’ t filn t . at Old Colony Trust C o..B oston, Trus1st & Ref mtge $25,000,000 gl 1910 5-0 F-A
8,020,000 Aug 1 1950
l tee.or at company's agency In New York.
($1,000) sink fund-C*&r*tf/Eqult. Tr. C o., N . Y .. trus.; Int. In N . Y.
1909 6 g A-O
2,851,000
O ct. 1 1954
San Joaquin L Sc E Co 1st M ( 1905 5 J-D
2.027.000 Juno 1 1945 Galv-Hous El Ry 1st M $5,-1
000,000 k guar_____c * * r t f (Int. at Old Colony Tr. C o., Boat., Trustee.
$3 .0 0 0 ,0 0 0 sf($ l,0 0 0 )c* n tf (Redeemable at 110 and Interest.
Hous Elec Co 1st M $2,500.-1 1900
5 g P-A 1.805.000
Aug. 1 1925
San Joaquin Bower Co — n t f ----- 5%
25.000
1942
000 g C$1.000) sk r d ..c * t f/I n t . at Internat. Trust C o.. Bost.. Trustee.
Power Trans Sc Lt M $2,500-1 1903 5 g J-D
73,000 June l 1933
7%
See text Mar 1 1922
000 gold ($1.000)______tfj Mercantile Trust C o., San Francisco, trustee Gen mtgo b o n d s ____________ 1919
7 g M-S
1,500,000 Mar 1 1922
Bakersfiold & Kern Elec Ryi 1901 5 g J-J
43,000 July 1 1931 Secured notes $3,000,000/ 1919
($500 Sc $1,000) g ___ c*tf/T lie Comm w'th Trust C o., Boston, trustee.
$250,000 gold ($1,000) ntf/U nlon Trust C o., San Francisco, trustee.
Block.— Pref. Is callable at 120 and accum. dlv. Both pref. and com.
Stock.— Capital stock cannot bo Increased without assent of three-fourths
arol lsted on Boston Stock Exchange.
of stock of both classos.




48

ELECTRIC RAILWAYS

Galveston Electric Co.— Of the bonds, $1,026,000 reserved for additions
JPiJ?
80 % of cost and $177,000 have been canceled. A sinking fund
of IM % of bonds certified began July 1 1906. Callable as a whole or In
part for sinking fund on any int. date at 110 and int. on 30 days* notice.
Hie v . o l , p. 975.
GaIveston-IIouston 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; $123,000 have been canceled. Denom.:
coupon. $500 and $1,000; registered, $1,000 and $5,000. Subject to call
on any Interest day In whole, or In part for sinking fund, at 105 and Int.
oinking fund of 1% or bonds to 1944; thereafter 1 U % . First five pay­
ments waivable. Bonds are guar., prin., Int. and sinking fund, by Galv.Hous. Elec. Co. See V. 90, p. 697.
’ '
Houston Electric Co.— Entire issue, but not any part, can be called on
any Int. dato at 107 f i and int. Sinking fund of lf$ % of bonds outstand­
ing, payable on Aug. 1 each year. See V. 74, p. 680. $695,000 of bonds
not outstanding was held by this fund on Dec. 31 1918.
Gen. Mtge. Bonds .— Are a lien on all the property o f the three operating
cos., subj. to underlying 1st mtge. bonds, $1,800,000; tho entire outstand­
ing amount are pledged under the 3-year 7% notes.
o J y ^ - T T Ar0 a direct obligation of co. and are secured by pledge of $1,­
800,000 Gen. .M tge. 7% bonds o f the three operating companies. No
additional underlying 1st mtge. bonds may be issued while any of these
notes are outstanding. Additional notes may bo issued only if each $1,000
note is secured by $1,200, o f Gen. Mtge. bonds. Red. as a whole, any time,
on 30 days notice at 102 and int. prior to Mar. 1 1920; at 101 and int.
thereafter to Mar. 1 1921, and at 100M and int. thereafter to maturity;
Int. payable in N. Y . and Chicago.
. V 1y iD K N D S ._ O n common, l ^ % 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 M % . In Sept, to 3% and In Mar. 1914 to 3 H % ;
l» 1 5 .M a r ..3 K % . » ePfc- 1915 dlv. omitted. (V. 101.p.845.)
EARN ING S.— Of the combined companies for 12 mos. ending Dec 3 p
m Yoar~
• Interest. Sinking Funds. Surplus.
1 R }§ ------- $841,082
$350,185
$122,450
$368,446
1917 . ---- 2,088,122
703,250
331,203
119,676
252 370
U9AVP-7TOp0ra,t?;‘l 16?-6 mi,es single track; standard gauge; 262 passon16 trailer and 37 other cars. Power stations have capac. of 6,582 k.w.
OFFICERS.— Pres., Marshall M . I’hinney; Sec., Geo. A. Peirce; Treas..
J!,cJlry, i \ ? a',vI cr: Gen. Mgrs., Stone & Webster M gt. Assn.— V. 106, p
395, 715; V. 107, p. 1100, 1195, 1482: V. 108, n. 1165.

G A R Y , IN D .
G A R Y STREET RAILW AY CORPORATION.
ORGAN IZATION .— Incorp. In Feb. 1918 In Va. as successor to the
P«a/ / , ^ Il?Ke-rurbalJ,^y - and East Chicago R y., sold at foreclosure Sept. 18
1917 (V. 10a, p. 1309), per reorganization plan in V. 106, p. 1230. Owns
tho entire $365,000 common stock o f the Gary Street Ry. (incorp. in In­
diana Sept. 26 1917), the operating company.
, Cort(rac( 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 tho Int. on the 20-year debentures for a period of five years
from Oct. 1 1917 (which guaranty is secured by deposit of $125,000 1st M .
bonds of the Calumet Electric C o., being one-half of tho present outstand­
ing Issue), the Calumet Electric Co. shall have an option for five years to
redeem or pay at par and int. all of said debentures and thereupon to re­
ceive all of tho common stock of the corporation. Tho Electric Co. is
further to have a renewal for fivo years of its contract for the furnishing
of power to tho properties, and, in the meantime, will control the manage­
ment through a voting trust agreement under which all of the common
stock of the corporation is to bo deposited with three voting trustees, of
whom ono shall bo a representative of tho old Gary & Interurban Ry.
bondholders and the other two of the Calumet Electric Co. In case tho
Electric Co. shall not redeem all of the debentures on or beroro Oct. 1 1922,
or in caso it shall default on its guaranty of tho payment of int. thereon,
then tho common stock of tho corporation shafl bo distributed ratably
among the bondholders of the voting trust certificates.
(The Calumet Electric Co. Is an Indiana corp. and secures all its elec­
tee power from tho Public Service Co. of Northern Illinois, selling and
distributing tho same in the Hammond, Whiting and Gary districts.I
lares.— In Aug. 1918 applied to tho Ind. P. S. Comm, for auth. to
chargo a 6-cent faro in and between Gary. East Chicago and Hammond
and an 8-cont fare in certain other localities. V. 107, p. 802. In Jan.
1919 the Comm, denied this application. V. 108, p. 268.
Upon consummation of the reorganization plan, tho following securities
will be outstanding (sanctioned by Ind. P. S. Commission):
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
Common $800,000 ($ 1 0 0 )-....................................
$800 000
...........
Pref 6% non-cum $72,5 0 0($1 00)---.........................
72,500
Gary Street Ry.—
Pref 6% non-cu $365,000($100).......
.................
365,000
F1^.t, ^ t§ erA onds, l “ ’^ ’000l 1917
5 g A-O
375,000 Oct ’ f 1937
($100, $500 and $1,000)-.-C e n t r a l Trust Co. of III. and Wm. T. Abbott.
De^ ? 5 9 ,tL
es„ „ S800>000 f?°ldl 1917 C°5 g A -0
800,000 Oct 11937
($100, $500 and $ 1 ,0 0 0 )-.-/
Stock.—-Preferred stock of both cos. is limited to tho auth. amounts
mentioned above. Both Issues aro red. as a whole at par on 30 days’ no­
tice. Dividends on the common stock of tho Gary Street Ry. Corp. ol
\a. are limited by voting trust to $10,000 per annum.
Voting Trust.— All the common stock (except directors' shares) Is held
under a voting trust agreement for 5 years to Oct. 1 1922. Trustees are
Mortimer N. Buckner, Frank J. Baker and Charlas W. Chase.
Ronds.— Remaining 1st M . bonds may bo 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% o f tho cash
cast of same. Callablo at 105.
Debentures.— Int. on debs, is guar, during life of voting trust agreement
by endorsement by tho Calumet Electric Co., said guaranty being secured
by pledge of $125,000 of that co .’s 1st M. bonds. Red. at par and Int.
on 30 days notice. The co. covenants, among other things, not to permit
any hen upon the property ahead o f the debentures except the First JVltgo.,
and to expend or set aside annually for maintenance and to offset deprecia­
tion 14% of gross earnings:
Dividends.— Divs. on com. stock of tho Corp. are restricted by voting
trust agreement to $10,000 per annum.
ft T )M iv r .a
6 Mos.End. — Yrs. end. June 30—
EARNINGS.—
Dec. 31 1917. 1916-17.
1915-16.
Gross earnings.......................................
$181,333
$318,171
$245,027
Net, after taxes.....................................
42,954
41 417
27 669
ROAD.— Operates 22 miles In Gary and between Gary and Hammond,
In/lv,7jPd^a 10-mile line between Gary and Indiana Harbor, Ind.
OFFICERS.— Pres., Frank J. Baker, Chicago; V .-P., Chas. W . Chase,
Gary Ind.; Sec. & Treas., R. M . Scheidt, Gary, Ind.— V. 106, p. 715,
V. 107, p. 802; V. 108, p. 268.
’ P
’
GA R Y & VALPARAISO RR.
ORGAN IZATION .— Incorporated in Indiana on Nov. 19 1917 with
authorized capital stock of $10,000 to operate tho linos of tho Gary Connect­
ing Rys. and tho Valparaiso & Northern Ry., which wero sold under foreclasure Sept. 18 1917, pending an appeal to restrain tho Junking of the
property.
ROAD.— Extends from Chesterton through Goodrum to Valparaiso
12 miles, and from Gary to Valparaiso, 16 miles (see above). Total mllo^
age operated 28 miles.— V. 105, p. 2272; V. 106, p. 295.

G E N E V A , N. Y.
FALLS & AUBURN RAILROAD CO .. INC.
ORGANIZA TION.— Incorp. May 28 1913 as successor of the Goneva &
Auburn Ry. sold at foreclosure March 14 1913. Public Serv. Commission
authorized the sale of $524,000 bonds at not loss than 85. V. 97 p 298
The Public Service Commission in May 1915 auth. the issue of $37 iso
6% serial notes maturing within 6 years, the proceeds to bo used for
additions. Improvements. Sec.
The Public Serv. Comm, authorized tho company to rovise the schedule of
Tares and put a now fare zono Into effect as of Nov. 1 1916, holding that the
company’s revenues were not sufficient to yield a fair return on tho property
nvestment.
v
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock. $200,000................................................. .
$157,100
Bonds. $524.000— ................... 1913
5%
504.000 July 1 1943
ST av'i? M r M ^ V --V ................ W l*
6%
17.000
See text.
EARNINGS.— For year end. Dec. 31 1918, gross, $105,813; net, aftor
ta^cs. $37,069. In 1917, $107,386; not, after taxes, $18,710.
ROAD.— Extends from Genova to Cayuga Lake Park through Waterloo
and Seneca Falls. Length o f main tracks 10.31 miles; sidings, .819 mile;




[V ol . 108.

miscellaneous .36 milo; total, 17.489 miles. Ralls, 70, 80. 90 and 100-lb.
T; track standard gauge.
B- Qiiay. Pittsburgh. Pa.; Sec., L. G. Hoskins,
Geneva, N . Y .; Supt., Treas. & Purch. Agt.. W . A. Shirley, Watorloo.
V - 97 : pGe298AUd" Th0s’ H ’ Werry Jr-- Pittsb., Pa.— V. 96, p. 1629;

G I R A R D , PA.
CLEVELAND & ERIE RAILWAY CO.
° 1J°..AS I.Z 4 J IOI? ’~ £ ncorPora,:ed 10 June 1909. Is successor to Oonneaut & Erie Traction C o., sold at foreclosure. Owns all the stock and
. °nnndB nnd 1®a?es
Conneaut & Erie Traction O i . of Ohio, which owns
l-99m !l«? of track. Franchises are for 999 years.
8tock°$:300A000n -BO.ND- - _
DateIntereSL OUt%
foO dOofr Malurit^
Flr,8.o r n tgeA *§™ -000- sold) 1909
5*J-J
500.000 j'u'ly‘ 1'1929
($260 and $ 5 0 0 ).----— c /In t. at Fidelity Trust C o., Phils., trustee.
Income bonds $500,000 ($250( 1909
5 July
600.000 July 1 1929
and $500).----- — ------- lint. at Fidelity Trust C o.. Pliila.. trustee.
Ronds.— Remaining first mortgage bonds aro reserved for extensions,
betterments. &c. Thoy are subject to call at 105 and Int. on 3 months,
notice. Int. on Income bonds is only payable If earned, and Is non-cum.
1 hev are subject to call at par. Bonds have no sinking fund. No Interest
has been paid on incomes.
EARNINGS.— For years ending Dec. 31:
v „„
n 0r?M _, Wet
, Other Int..Taxes
Depr.
Balance
, 7w r~
EJ W }”?*a E? m ln°s - Income. A Rentals.
Replace.
Deficit
1918--------- $ 1 6 4 ,5 0 9 $23,382
$1,328
$38,389
.............. $13,679
1917.............145.606 31,744
1,120
38,752
.............
5.888
Pa®8-carried during year end. Dec. 31 1918, 714,256; in 1917, 838,301.
KOAD.— Owns 31.29 miles of track. Operates botwoen Oonnoaut and
ErJe- _
Sjauge; 65 lb. rail: 8 passenger and 6 other cars.
OFFICERS.— Pres., O. E. Willock, Pittsburgh; V.-P.. H. E. Fish.
Erie. Pa.; Treas.. J. R. McDonald. Erie, Pa.; Sec., J. M . Smith, OIrard,
Pa.; M gr.. J. M . Smith, Girard. Pa.

G I R A R D V I L L E , PA.

SCHUYLKILL RAILW AY CO.
Reorganization Plan.— On June 10 1918 the following plan of reorganiza­
tion was presented to the holders of the $610,000 1st Consol. 5s by Pros.
Powell Evans, I’hila., who is the owner and holder personally of a substan­
tial majority of tho Consol. 5% bonds and of various amounts of tho other
issues included in the plan. The plan is subject to tho decision of tho court
in the co. s ponding litigation concerning its obligation to pay Schuylkill
Trac. Co. 1st M . 5s and tho effect of an adverse decision therein. For de­
tailed outline o f tho plan see V. 107, p. 1920. Tho provisions aro as follows:
(a) The lease of tno Schuylkill County Ry. to remain in effect.
(J)) Tho Schuylkill R y. Co. to purchase from me the entire issue of
Schuylkill County Ry. Co. stock (which I ow n), subject only to tho primary
pledge of the stock as security for the income bonds. (Seo below.)
(c) Holders of $640,000 Consol. 5% bonds to return to tho 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 tho treasury to provide for future betterments
and (or) extensions.
(d) The Schuylkill Ry. Co. to pay out of net operating income current
interest and obligations equally (except as temporarily under (c)) on:
Principal.
Existing Ronds (Consols Reduced as Aforesaid)—
Interest.
$760,000 underlying 1st & 2d M . bonds on system proper______ $36,025
375.000 Schuylkill County Ry. Co. 1st M . bonds_______ _
18 750
480.000 75% of outstanding $640,000 5% Consol, bonds______ 24,000

$1,615,000 Total bonds secured by Mtge.
Total interest. $78,775
$32,000 Existing Car Trust Certificates, principal (with interest)
due in installments ($4,000 semi-ann.)
Also interest on any expenditures on new capital supplied for betterments
required for tho proper operation of the entire railway system.
Also annually before any payment on Income bonds an amount at least
equal to 2% of all outstanding Schuylkill County R y. Co. bonds as a sinking
fund, but annually not less than_______________________
*g 000
(e)
The Schuylkill Ry. Co. to issue $600,000 New Income bonds, viz.:
$150,000 to retire Income bonds of like amount now outstanding;
160.000 to replace the scaling of Schuylkill Ry. Co. 5% Consols.
275.000 for purchase of entire capital stock of Schuylkill Co. Ry. Co.
15,000 to pay pro rata the past duo unpaid dividends on 2,400 shares of
tho preferred stock of Lakeside Railway Co.
■—it being understood that all the said Schuylkill County Ry. Co. stock so
purchased shall bo held primarily as collateral for said Income bonds.
(/) All distributable net income above that needed to pay minimum fixed
charges enumerated in clauso d herein, except as to $480,000 5% Consols,
on which 50% of interest is to be paid currently for surrendered coupons
from tho time this agreement takes effect, to be employed to carry out tho
reduction of bank loans, current bills payable and accounts payable (thereby
releasing the $78,000 of Consols now serving as collateral) until not more
than $10,000 remain unpaid, whereupon all current interest on $480,000
of Consols shall bo paid to the full extent of said net Income.
(g) The $78,000 of Consols released under clauso / above to be sold now
to me (at 75 as above) for all my said claims against tho company, and to
be subject to reduction as provided in clause c hereof.
(h) Any net profits distributable after taxes, interest charges and other
charges stated in clauses d and / above, maintenance, &c., have been paid,
to bo distributed to holders of Income bonds on an equal percentage oasis
until they have received 6% (without any arrears being duo or cumulative)
prior to any net profits being distributed to stockholders.
(i) Provisions hereunder to apply to various securities named herein
other than 1st and 2d M . prior liens and Car Trust Certificates from dates
of their last interest or dividend periods prior to Jan. 1 1918, respectively.
(j ) Upon consummation of all the provisions I and all parties hereto aro
to release to the company all other interest held by mo and them personally
and in every other capacity— leaving the company, on the basis abovo
described, with only nominal current obligations, with tho above minimum
fixed charges and provision for distribution of its net Income.
It is tho intent of this offer that either the said plan shall bo initiated or
tho proceedings for said reorganization by foreclosure shall bo begun within
one year from Sept. 30 1918.
All assenting Consols, together with all stock (if any) held by tho deposi­
tors of Consols, to be deposited with tho Commonwealth Title Insurance &
Trust Co. of Philadelphia, as depositary. V. 107, p. 1920.
ORGANIZATION.— Incorporated in Pennsylvania on July 20 1903 and
purchased the property of the Schuylkill Traction Co. and tho Lakcsido
Ry. Co. V. 80,p. 1729. Leases the Schuylkill County Ry. Co.
Fares.— In July 1918 tho Penn. P. S. Comm, sustained tho complaint
of the Borough of Ashland against tho company’s increaso in faros from
6 to 7 cents on May 28 1917 and ordered tho co. to rostoro tho old 6-ceut
rate. V. 107, p. 292.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
$400,000 ...................
Stock. $400,000 ($.50)......................................
First consol mtge. $1,450,000.1 1905
5 g A-O
640.000 April 1 1935
gold ($500 and $1.000)-.c*JInt. at Fidelity Trust C o.. Phlla.. Trustee.
Income bonds_______________ 1913
5 J-J
150,000 Jan. 1 1944
Car Trust Certificates_______ _____
________
30,000 __________
Bonds.— Of the remaining first consol, bonds, $760,000 are reserved to
retire the underlying dens in statement below and $50,600 aro In treasury
Aro subject to call at par and Interest. Tire Car Trust Ctfs. mature
$4,000 semi-annually.
EARNINGS.— For year ending Juno 30 1916, gross, $205,402; net,
$116,780; other incomo, $117; int. and taxes, $101,440; misc. deductions,
$26,380; def., $10,923.
OFFICERS.— Pres., Powell Evans, I’hila.: Sec. Sc Treas.. J. A. M cKee,
Phlla. Gen. M gr., \V. S. Leib, Pottsvllle.— V. 107, p. 292; V. 108, p. 1920.
(1) Schuylkill T raction C o.— A trolley road.
ORGANIZATION.— Chartered Sept. 26 1892, In perpetuity, under the
Motor Traction Act of March 22 1887. Road opened June 1 1893. On
Jan. 6 1893 leased for 999 years the Mahanoy City Shenandoah Glrardville
A Ashland Street Ry. On Oct. 6 1893 leased for 999 years the Ashland
Locustdalo & Centralia Elec. Ry. Owns all the stock of these two roads,
which Is pledged under the first mortgage. On April 27 1900 leasod for 999
yeare tho Lakeside Ry., which connects the two ends of tho company’s
routes from Mahanoy City to Shenandoah and purchased 2.600 of tho 5,000
shares of the capital stock. On Jan. 24 1901 leased the Shenandoah A
Pottsvllle Street Ry. (13 miles) for 999 yoars (Incorporated Aug. 1 1900),
and bought all of Its capital stock. Tho Lakeside Shonandoah & Pottsville stock Is pledged under consol, mtge.
Plan of Reorganization.— See Schuylkill R y. Co. abovo.

ELECTRIC RAILWAYS

Mar ., 1919.]

Interest. Outstanding. Maturity.
STOCK & BONDS— Miles. Date.
5500.000 April 1 1943
5 g A-O
1st M . $500,000. g.$500\22K 1893
A 51,000..................... Int. at Cont.-Kqult. T. A T .C o ., Trustee, PhIJa.
4 8 M-N
150.000 Nov 1 1923
1st M , Lakeside Ky, g, 5 X 1893
5150.000, guar'd by Int. at Cont.-Kqult. T . & T. C o.. Philadelphia.
Trustee.
Schuylkill Traction..
1901 _ 4)4 g J-J
105.000 July 1 1951
New consol ratgo, see ___
ellty Trust C o., Phlla., Trustee
text (51.000). g -~ .c* Interest at Fide)
...........
5,000 ................. .
Powor-house mortgage
Bonds.— The 1st M . bonds o f 1893 may be purchased for sink, fund at
105. Sinking fund of $10,000 per annum began April 1 1898. In June
1910 the trustee brought suit for an accounting of net profits from operation
of the properties under the mtge. and askod for the payment of 510,000 or
such part thereof as can be determined to be due, with Interest, for each
yoar from April 12 1905 In which net profits were earned, In accordance
with the sink, fund provisions. Auth. amount of consol, mtge. was 52.­
000 000, but mtgo. has been closed with 5105.000 out. Of the outstanding
bonds 536,000 aro held In the treasury. Subject to call at 105 and Interest.
Sinking fund of 1% of bonds out became operative Aug. 1 1907.
ROAD.— Schuylkill Traction Division, 22H miles of track, beginning at
Locustdale. thenco through Ashland. Ilolmosvlllo to Glrardvllle. forming
there a Y one branch running through Last Creek to Shenandoah and the
other branch to Malzevllle. Gllberton and Mahanoy City. Lakeside Divi­
sion 6H miles. Total, 28 miles. 00 and 70-lb. T rail. Extensions of 43
miles proposed and charters obtained. Operates 51 motor cars, 4 work
cars and 2 snow sweepers.— V. 80, p. 1729.

G L O V E R S V IL L E , N. Y .
FONDA JOHNSTOWN & QLOVERSVILLE RR. CO .— Steam and
•electric road.— See statement In “ Railway and Industrial” Section.

G R A N D R A P ID S , MIC H .
COMMONWEALTH POWER. RAILW AY & LIQHT CO.
ORGAN IZATION .— Incorporated In Maine Feb. 19 1910 to carry out
the plan outlined In V. 90. p. 108, 447, for amalgamating certain gas.
electric light, power and street railway enterprises In Michigan.
Controls through stock ownership tho following companies:
Consumers Power Co.
ISaginaw-Bay City Railway Co.
Grand Rapids Ry.
Grand Rapids Holland A Chic. R y.
Michigan Light Co.
ISprlugfield (O.) Lt.. lit. A Pow. Co
Michigan Railway Co.
ILnlon Railway. Gas A Electric Co.
Manistee Railway Co.
I
On Juno 30 1918 constituent companies had outstanding In hands of
tho public $77,000,000 bonds and $15,279,200 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 A Elec. Co. and the Springfield (O.) Light Co. (V. 90, p. 1298)
and tho Michigan Rys. Co. In July 1917 purchased a three-quarter Inter­
est In a coal mlno In Logan Co., W . Va. V. 105, p. 606. Later In 1917
purchased coal lands In Illinois.
Financing.— Finding itself unable, because o f abnonnal conditions, to
tako care or tho $8,047,000 6% conv. bonds which fell duo on M ay 1 1918,
tho company was granted an advance by tho War Finance Corp. o f $2,400,­
000 at 7% , to be repaid prior to May 1 1923, on the condition that holders
of the matured bonds take at least 70% o f a refunding Issue. Accordingly,
tho company offered for each $1,000 Dond: (n) $1,000 In new 5-year 7%
secured conv. gold bonds and $25 In cash, representing 2)4% discount on
tho new bonds; or (6) $700 in new 5-year 7% Donds, $17 50 in cash, repre­
senting discount at 2)4% on $700 new bonds, and $300 In cash, with int.
at 7% on $300 Trom May 1 1918 to and Incl. Sept. 29 1918. Holders of $500
and $100 bonds received proportionate amounts. V. 107, p. 291. Over
90% of tho bonds having been deposited under the plan, lt was declared
operative and delivery of the new bonds was begun Sept. 23 1918. V.
107, p. 1192. In Mar. 1919 we were informed that all of the old Issue had
been refunded.
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity.
Common (5 100).................................
Q-F
$18,585,910
See text
Preferred (0% cum) ($100)________
O F
17.953.000
See text
Secured conv bonds $8,047,000/1918
7 M -N
8,047,000 May 1 1923
($50, $100, $500 A $1,000)-(Bankers Trust Co., New York, trustee.
One-year secured notes g .........1918
7%
7,000,000 Nov. 1 1919
............... 1,074,696 Feb. 1 1924
Scrip...............- ...................................
Stock.—Preferred stock is redeemable at 105 and accrued dividends.
Bonds.— Bonds aro secured by $11,249,000 com. stock of the Consumers
Power Co. and are convertible into an equal amount of pref. stock at par.
„ Dividends.— Quar. dlvs. of 1)4% on prof, have been paid since organiza­
tion. Tho Feb. 1918 dlv. was paid In 6% scrip dated Feb. 1 1918 and due
on or before Feb. 1 1924. The M ay, Aug. and Nov. 1918 and Feb. 1919
divs. were paid In similar scrip. First div. on com.— 1%— paid M ay l
1913; same rate quar. to and lncl. Nov. 1917. Feb. 1918 div. was passed.
V. 106, p. 498. None since.
Condensed Earnings Statement for Years ending Dec. 31.
1918.
1917.
1916.
Earnings on sub. company stocks__ $1,176,818
$2,250,775 $2,866,667
Interest, Ac., earnings_____________
823,665
790,355
592,062
Gross earnings..................................... $2,000,484
Deduct—
Expenses and ta x e s .............................
$218,135
Interest charges...................................
811,186
Amortization o f debt discount--------20,260
Dividends on preferred stock_______ 1,077,180

$3,041,130 $3,458,729
$189,924
672,649
28,932
1,077,010

$151,080
626,975
28,932
1,019,170

Balance for common stock divs.
replacement and depreciation— dcf$126,277 $1,072,615 $1,632,572
Combined Earnings of Subsidiary Companies Year end. Dec. 31.
Year—
Gross.
Net (aft-Tax.) Int., Ac.
Pref. Divs.
Surplus.
1918..........$21,918,061 $6,988,216 $6,037,313 $1,077,180 def.$126,277
1917_____ 19,723,736 7,438,731
5,289,106
1,077,010
1,072,615
PR O PE R TY, &c.— Through its constituent companies, owns and oper­
ates electric railways serving 90 cities and towns witli 875 miles of single
track; revenue pass, carried during year end. Dec. 31 1918, 99,732,147
electric light ana power companies serving 160 cities and towns with sales
during the year ended Dec. 31 1918 of 424,138,677 k.w.h.; 21 hydro­
electric plants and 20 steam electric plants with an Installed capacity of
260 *
' ‘ I --------- ----------“ ”
‘ ..................
In h
Dec
OFFICERS.— Pres., Anton G. Hodcnpyl; V.-l*., C. M . Clark, Phlla.;
V .-P ., Geo. E. Hardy; See. & Treas., Jacob Hekma; Asst. Sec. & Asst.
Treas., C. A. Pearson Jr., Phlla., and Geo. Sprague Jr.— V. 106, p. 1796,
2450; V. 107, p. 501, 905, 1099, 1192; V. 108, p. 77, 578, 1056.
(1) M ichigan Railway.
ORGANIZATION.— Incorp. July 22 1909 as tho Michigan & Chicago
Ry. and on Mar. 21 1914 changed Its name to Michigan Ry. On Jan. 1
1910 loasod for 999 years tho Mich. United Rys. (formerly leased to Mich
United Traction Co.) and the Grand Rapids Holland & Chicago Ry.
Franchises.— The company owns In fee tho right of way on line from Grand
Rapids to Kalamazoo: from Allegan to Battle Creek and from Saginaw to
Bay City, and for 17 miles of Its line from Saginaw to Flint. Franchises
on the balance of the Saglnaw-Fllnt line are regarded as perpetual.
STOCK AND BONDS— Date.
Interest. Outstanding.
dalurity
Common stock 56.000,000. .................................*$4,392.000 .....................
1st mtge $15,000,000 goldl 1914
5%
See text Juno 1 1944
(51,000. 5500, & c).............IMIch. Tr. Co. and Frank A. Gorham, trust.
1st ben gold notes $7,000,000/ 1914
5 g J-D
6.500.000 Juno 1 1919
($1,000, 5500 A $100) guar]Bankers Tr. Co_,, N. Y ., and Detroit Tr.
prtn A Int---------------------c*l Co., Detroit. Trustees.
* All owned by Commonwealth Power Ry. A Lt. Co. and deposited as
security for the 6-year gold notes (V. 98, p. 1993).
Donds.— Of the 515,000,000 auth. bonds, $8,125,000 Is deposited as
part collateral for tho notes.
Notes.— The remaining $500,000 notes may be Issued only to extent
of 80% of cash expenditures for extensions, Impts., A c., under cortaln
restrictions (V. 98, p. 1993). Guar.prln. A Int. unconditionally by Common.




49

Pow., Ry. A Lt. Co. by endorsement. Int. payable In N . Y . or London at
$4.8665 per £. Red. on int. dates at 101 and int. $10,311,700 par value
of stock of several companies controlled by the Commonwealth I’ ow., R y. A
Light Co. is deposited as collateral security.
ROAD.— Owns and operates an interurban electric railway 48.96 miles
long, extending from Flint through Saginaw to Bay City, with branch to
Frankonmuth; one from Allegan to Battle Creek, 44.92 miles, and a new
high-speed interurban line, 58.01 miles, extending from Grand Rapids to
Kalamazoo. Construction on this line completed in Dec. 1914 and regular
service was begun May 17 1915. Leases the Michigan United Rys., 258.90
miles, and the Grand Rapids Holland A Chicago R y., 76.48 miles.
OFFICERS.— [’ res.. B. C. Cobb: V.-Ps., H. li. Crowell, Frank Silliman
Jr. and J. F. Collins; Sec., J. W . Glendening; Treas., A. G. Bray. Office,
Kalamazoo, M ich.— V. 107, p. 82, 181, 291, 697, 1004.
(a) M ichigan United Rys.— A third rail and trolley system. Leased to
Michigan Railway Co. for 999 years from Jan. 1 1916.
ORGANIZATION.— Incorporated In Michigan on March 31 1900 and
on May 1 1900 took over the Michigan Traction C o., the Michigan Traction
Extension C o., the Jackson A Battle Creek Traction Co. and the Lansing A
Suburban Traction Co. The Lansing A Jackson Railway Co. has also been
deeded to the Michigan Un. Rys.
In 1908 purchased Jackson Consolidated Traction Co. V. 84, p 1183.
and V. 87. p. 285. Latter company's franchises In Jackson expire In 1960.
The City or Jackson has the right to purchase the Jackson Consolidated
Traction at an appraised value In 1930 and each 5 years thereafter.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common, 50,000,000 (5100).....................................$6,000,000 ................. ..
Pref 51,000,000 (5100) 0% c u . . ____
M-S
1.000.000
See text
1st A ref mtge $12.500.0001 1900
5 g M -N
9.927,000 M ay 1 1930
gold ($1,000, $500, $250,(Int. at Columbia Tr. C o., N . Y ., trustee,
$100 and $50)_____cA r.tfl or Nat. Provincial Bk. of Eng., London.
Mich Trac 1stmtge............... f 1901
5 g J-J
238.000 Jan 11921
$700,000 ($1,000) g c*..ntf]Interest at New York Trust C o., Trustee.
Michigan TracExt 1st mtge; 1903
5 g J-D
289.000 Dec 1 1923
5500.000(51,000) g — c .t f‘ Int. at Columbia Tr. C o., N . Y ., Trustee.
Jackson A Battle Creek first 1903
5 g J-J
1.200.000 Jan 11923
mortgage, $1,200,000 (51,­ Interest at Citizens' Savings A Trust C o.,
Cleve., Trustee, or First Nat. Bk., N . Y .
000) g o ld ...................c*_tf
Jackson
Consol Trac 1st mtge , 1904
__________________________
5 g M-N
790,000 M ay 1 1934
51,000,000 gold ($100.5500j Interest at Guardian Trust C o., New York,
and $1.000).................c * t f ( Trustee.
Bonds.—Of the $12,500,000 first and refunding bonds, sufficient aro
resorved for prior Hens and remainder for addns., bettermts and Impts.
ubjoct 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 .9 0 .P .9 1 4 . The Jackson Consol.
Trac. Co. bonds aro subject to call on any hit. date at 105.
On the Michigan Traction Co. bonds a sinking fund of 5% of gross earn­
ings commenced In 1903. to be used In buying bonds at not to exceed 110:
otherwise to be Invested in other standard securities. V. 72. p. 391;
$462,000 M ich.Trac. 1st M .bonds and $211,000 Mich. Trac. Ext. 1st M .
bonds were held in sinking fund on Dec. 31 1918 and are not included in
the amounts above.
The Jackson A 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.
REPO RT.— Earnings are no longer reported separately.
ROAD.— Operates all city lines In Jackson, Battle Creek. Kalamazoo
and LangAng 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, 258.90 m.
Through service between Jackson and Lansing began In Nov. 1909. Op­
erates through service to Detroit over Detroit United Ry. lines under traffic
agreement, connecting from Jackson. V . 94. p. 68. 207: V. 96. p. 1423.
») Grand Rapids Holland & C hicago Ry.
om. Pow., Ry.ALt. Co. owns all the pref. and practically all the com. stk
Leased to Michigan Railway Co. for 999 years from Jan. 1 1916.
ORGANIZATION.— Incorporated In Michigan in July 1904 and Is a re­
organization on Aug. 1 1904 of the Grand Rapids Holland A Lake Michigan
Rapid Ry. See V. 79, p. 627. Power is supplied to company by Con­
sumers Power Co., but company maintains own station in readiness to
operate in case of emergency. Franchises in city of Holland and village
streets expire In 1928 to 1930; remainder on private rights of way.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common. $500,000__________ _____
_________
$487,900 __________
Pref. $850,000,6% .....................................................
836,800 ...................
1st mtgo, Grand Rapids IIol.f 1900 5 g F-A
1,475.000 Aug 11920
A Lake Mich, $1,500,000.1 Int. at American Tr. A Sav. Bank, Chicago,
gold ($500 and $1.000).ntfi Trustee, or at Guaranty Trust Co. N . Y .
Donds.— 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.
ROAD.— Operates 76.48 m. of track from Grand Rapids through Holland
to Macatawa and Saugatuck, with steamer connection at Holland for Chic.
- V 78. p 702; 768: V. 79, p. 627: V. 96, p 1422;. V.100. p. 140.
(2) Union Railway. Gas & Electric Co.
Merger.— Under the plan dated April 26 1913, practically all the 55.250,­
000 pref. stock was exchanged for $5,250,000 new pref. and $525,000 new
coin, stock of the Commonwealth Pow.. Ry. A Lt. C o., and the $8,000,000
com. for an equal amt. of new com. or $1.500.000 pref. and $4.500.000 com.
ORGANIZATION.— Incorporated in New Jersey June 29 1909 and
acquired practically all of stocks of Springfield (111.) Ry. A Light Co.
(which lias since been merged with this company), the Rockford (III.) A
Interurban Ry. Co., the Peoria Light Co., and tho Evansville Light C o.,
per plan In V. 88, p. 1501; also all the stock and bonds of the Janesville
Traction Co. ($125,000 stock, $50,000 bonds), and all the stock ($497,500)
and all the first refunding bonds ($382,000) of the De Kalb-Sycamore A
Interurban Traction Co. On Dec. I k 1916 the stockholders voted to
dissolve the Evansville Light Co., which owned the entire $3,000,000 com­
mon stock and $950,000 of the preferred stock of the Public Utilities Co.
Tho latter was incorp. In June 1912 and merged the Evansville A South­
ern Ind. Trac. (see "Elec. Ry. Sec.” of May 1912), Evansville Gas A Elec.
Lt. Co. and Evansv. Pub. Serv. Co. On Oct. 14 1912 Circuit Judge Wil­
liam IHakey sustained the demurrer of the Public Utilities Co. In a suit
brought to dissolve the company, holding that the consolidation was In ac­
cordance with the statutes (V. 95, p. 1040). and in Dec. 1912 he dismissed
tho suit. V. 95, p. 1717. The Union Ky. Gas A Elec. Co. owns $1.872,000
0% cum. pref. and all the 55.000.000 com. stock of the Cent. Illinois Lt. Co.
(V. 99, p. 1132) which was incorp. in April 1913. In March 1917 Cent. 111.
Light Co. increased its auth. cap. stock from $5,500,000 to $20,000,000. The
Union R y., Gas A Elec. sub. cos. own and operate street railway properties
In Springfield and Rockford, 111., Evansville, Ind., and Janesville, Wis., and
Interurban lines from Rockford to Freeport and Belvidere, 111., through
Beloit, Wis., to Janesville, W is., from De Kalb to Sycamore. III., and from
Evansville to Princeton and Patoka, Ind.; also gas, electric and steam­
heating properties In Peoria, Springfield and Pekin, 111., and Evansville,
Ind.; electric light and power and steam heat in De Kalb and Sycamore.
T!i . and electric properties In numerous other cities and towns In Illinois.
Sub. Co. Fare Increase.— In Dec. 1918 ticket fares on the Rockford A
Interurban Ry. were increased to 2.6 per mile and cash fares to 3 cents
per mile.— V. 107, p. 2477.
In Mar. 1919 wo wore Informed that the $3,000,000 5% notes due April 1
1919 would be retired at maturity, and that the co. would issue in connec­
tion therewith $1,500,000 6% notes dated Jan. 1 1919 and due Jan. 1 1922.
STOCK AND B o n d s — Date.
Interest. Outstanding.
Maturity.
Common $6,000,000 ($100).— .................- ............$6,000,000
See text
Pref$12.000,000 cum ($100)----------0 Q-J
5.250.000 Ju ly'18. IK
Collateral trust mtge. gold/ 1909
5 J-J
3 990.000 July 11939
($500 and $1,000)__ c*_tfICommercial Trust C o.. Phlla., Trustee.
Gold notes ($1.00())c*................ 1916 5 A-O
3.000,000 Apr. 1 1919
Springfield Ry. A Light Co.—
Springfield RyAI.t coll tr M f 1903
5 g J-D
3.076.000 June 1 1933
$5,000,000 g (51,000) c * .t f ) Fidelity and Columbia Tr. Co., Loulsv.,trus
Springfield Con Ry consol) 1893
5 g J-D
750,000 June 1 1933
mtg $750,000g($ 1.000) c.tflColum bla Trust C o.. Louisville. Trustee.
Rockford & Interurban Ry. Co.—
Rockford A Inter - Urban I 1902 5 g A-O
1.710.000 Oct 11922
1st mtge. gold ($500 and)Interest at First Nat. Bk.. N. Y ., or at Con$1,000) $3,000.000..C*..ntf I tlnen. A Com. T r. A Sav. Bk., Chic..trus.
Rockford A Freeport first) 1903 6 g M-N
551.000 May 1 1923
mtge, $750,000. gold. g u iln t.a tC on A Com. Tr. A Sav. Bk., Chicago
p A I ($1,000A$5OO)c*..ntf l Trustee.
Rockford Bel A Janesville 1st f 1905 5 g A-O
977.000 Oct 11930
mtge g ($1,000) s f „ c * _ t f ( Int. at Cont. A Com. Tr. A Sav. Bk., Chic.,
Trustee, or First Nat. Bank, New York.

a

ELECTRIC RAILWAYS

50

STOCK AND BONDS—
D a te.
In terest.
Outstanding.
M a tu r ity .
D e KalO -Sycam ore A inter urban Trac. C o .—
1)6 Kalb-Sycamure ElectricJ 1907
J-D
6.000
1922
first mortgage..............n tf 1Int. at Cont. Sc C o m . Tr. Sc S. Bk., Chic., Tr
Central Illin ois Light C o .—
Peoria Gas & Elec. Co. 1st M.J 1903
5 J-J
2.600.000 Jan 1 1923
$2,500,000 g ($1,000) ..c*tfl Bankers Trust Co.. New York, Trustee.
Cent 111 Lt 1st & ref M $15,-1 1913 5 g A-O
4.342,000 April 1 1943
000,000 ($100, $500. 31.­ Bankers Trust Co., New York, Trustee.
000)...................................c*
Citizens Gas & Electric 1st M 1902
5 P-A 15
4.000
1922
$200,000 .................... ntf lint, at Merchants’ Loan Sc Trust Co., Chic.
Public U tilities C o .—

Public Utilities Co 1st & Reff 1919 6 g J-J
3.000,000 Jan 11929
Mtge SIS,000,000 ($100,(Bankers Trust Co., N. Y ., Trustee.
3500 Sc $1,000) gold— c*tf 1
Pub Util prof 33.OUO.OOU cum...........
6 J-J
2,526,300 Juiy’ 1 8 .3%
Evansville El Ry 1st mtgef 1901 4 g M-N
1,200.000 May 1 1921
$1,200,000 g ($1,000) _c*tfl Int. at Farmers’ L .& T r Co.. N. Y .. trustee
Evansv Sc Prince 1st mtge 1 9 0 3
5 g A -O
2 8 0 .0 0 0 A p r il 1 1 9 2 3
$400,000 gold($1.000)sink- I n t . a t C I t . S a v . Sc T r . C o . , C l e v e . . T r u s t e e
lng fund__________ c*r..tf
o r a t F ir s t N a t io n a l B a n k . N e w Y o r k .
Evansv Gas & El Lt 1st & ref 1 9 0 2
5 J -D
1 ,1 9 0 ,0 0 0 J u n e 1 1 9 3 2
mortgage $1,250,000 gold I n t . a t C o n t . Sc C o m . T r . Sc S a v . B k . , C h i c . ,
T r u s t e e , o r a t F ir s t N a t . B k .. N e w Y o r k .
($1.000)..................._ c * .t f

Stock.— P r e f . s t o c k Is s u b j e c t t o c a l l a t 1 0 5 a n d a c c r u e d d i v i d e n d s .
Bonds.— T h e U n i o n R y . , G a s Sc E l e c . c o l l , t r u s t m t g e . Is s e c u r e d b y d e o s t t o f p r a c t ic a ll y a ll s t o c k s ( c o m . & p r e f .) o f s u b s id ia r y c o s .
A d d it io n a l
o n d s m a y b e Iss u e d o n ly u n d e r r ig id r e s t r ic t io n s ( V . 8 9 . p . 2 2 6 ) .
In te re st
Is p a y a b l o a t H o d e n p y l . H a r d y Sc C o . . N . Y . . a n d E . W . C l a r k Sc C o . , P h i l a .
B o n d s r e d e e m a b l e a t p a r Sc I n t . o n 6 0 d a y s ' n o t i c e .
T h e y a re c o n v e r tib le
In to p r e f. s to c k a t p a r .
V . 89, p . 226; V . 93. p . 628.
T h e 3 -y e a r n o te s
a r e s e c u r e d b y b o n d s o f t h e U I t .v . G . Sc E . C o . a n d u n d e r l y i n g c o m p a n i e s ,
a g g r e g a t in g $ 4 ,0 0 0 ,0 0 0 .
In te r e st p a y a b lo a t o ffic e o r a g e n c y o f c o m p a n y
in N e w Y o r k . B a n k e r s T r u s t C o . , N . Y . , t r u s t e e .
A d d itio n a l n o te s m a y
b e is s u e d w it h c e r t a in r e s t r ic t io n s .
See V . 102, p . 1541.
Springfield Railway A Light Securities.— O f t h e S p r i n g f i e l d R a i l w a y &
L ig h t c o lla t e r a l t r u s t m o r t g a g e o f 1 9 0 3 . $ 1 2 8 ,0 0 0 a r e r e s e r v e d fo r a d d i­
t io n s a n d I m p r o v e m e n t s t o c o n s t it u e n t c o m p a n ie s a n d $ 7 5 0 ,0 0 0 f o r p r io r
H ens.
T h e b o n d s a re s u b je c t t o c a ll o n 6 0 d a y s ' n o t ic e a t 1 0 7 5 4 a n d
In t.
I n t e r e s t Is p a y a b l e a t C o l u m b i a T r u s t C o . , L o u i s v i l l e , a n d a t H o d o n In t. on
p y l . H a r d y Sc C o . , I n c . , N . Y . , a n d E . W . C l a r k & C o . , P h i l a .
S p r i n g f i e l d C o n s o l . R y . b o n d s Is p a y a b l e a t F i d e l i t y a n d C o l u m b i a T r u s t
c o s . . L o u i s v i l l e , a n d a t H o d e n p y l , H a r d y Sc C o . , I n c . , N . Y .
Rockford A Interurban Ry. Securities.— Sinking fund on R o c k f o r d &
I n t e r - U r b a n b o n d s o f 5 % o f g r o s s r e c e i p t s c o m m e n c e d In 1 9 0 8 $ 3 2 6 .­
0 0 0 o f b o n d s in a d d ’ n t o t h o s e r e p o r t e d o u t s t a n d i n g a b o v e a r e h e l d In t h e
s in k . f d .
A d d ’ l b o n d s c a n b e Iss u e d fo r e x te n s io n s a n d I m p r o v e m e n t s a t
8 5 % o f co st.
T h e e n t i r e I s s u e Is s u b j e c t t o c a l l a t 1 0 5 a n d I n t e r e s t .
The
R o c k f o r d & F r e e p o r t b o n d s a r e a s s u m e d , p r l n . Sc I n t . , b y t h e R o c k f o r d Sc
I n t e r - U r b a n R a i l w a y C o . ; $ 7 4 , 0 0 0 a r e h e l d In s i n k . h i n d .
A s in k in g fu n d
e q u a l t o 5 % o f g r o s s e a r n in g s b e g a n In 1 9 1 0 .
B o n d s a r e s u b je c t t o c a ll
a t 105 an d In terest.
V . 78. p . 1276.
A sinking fund o n t h e R o c k f o r d
B e l o i t Sc J a n e s v i l l e b o n d s b e g a n In 1 9 1 5 o f 2 % o f g r o s s e a r n i n g s o f t h a t
d iv is io n .
T h e y a r e s u b je c t t o c a ll a t 1 0 254 a n d In te r e s t. T h e y a re g u a r ­
a n t e e d , p . & I ., b y t h e R o c k f . & I n t e r - U r b a n $ 2 3 ,0 0 0 In s . f . M a r . 1 1 9 1 9 .
De Kalb-Sucamnre Electric, . $ 1 1 5 , 0 0 0 in s i n k i n g f u n d .
Centra l Illinois Light Co. Securities.— P e o r i a G a s & E l e c t r i c b o n d s a r e s u b ­
j e c t t o c a ll a t 1 0 5 a n d In t.
I n t . t h o r e o n Is p a y a b l e a t H o d e n p y l , H a r d y &
C o ., I n c ., N . Y .
Sinking fund o f 5 % o f g r o s s e a r n i n g s b e g a n J a n . 1 1 9 1 0 .
Sinking fund m a y b o u s e d b y c o m p a n y f o r a d d i t i o n s t o p r o p e r t y a g a i n s t
w h ic h n o b o n d s h a v e b e e n I s s u e d .
O f C it iz e n s ' G a s & E le c t r ic b o n d s ,
$ 4 7 ,0 0 0 h a v e b e e n r e t ir e d t h r o u g h s in k in g T u n d .
C e n t r a l I llin o is L ig h t
b o n d s are r e d . a t 105 a n d a c c r u e d In t. o n 6 0 d a y s ’ n o t ic e .
O f th e r e m a in in g
b o n d s $ 2 ,6 0 0 ,0 0 0 a re r e s e r v e d t o r e tir e P e o r ia G a s ft E le c t r ic 1st M . 6 s ,
$ 4 , 0 0 0 t o r e t i r e C i t i z e n s ' G a s Sc E l e c , b o n d s , w h i l e r e m a i n d e r a r e r e s e r v e d
fo r a c q u is it io n o f n e w p r o p e r t y , a d d it io n s , im p t s ., & c .. u n d e r c e r ta in
r e s tr ic tio n s ( V . 9 9 , p . 1 1 3 2 ).
Sinking fund o f 54 o f 1 % p . a . b e g a n A p r i l 1
1 9 1 7 , o f t o t a l a m o u n t o f b o n d s o f t h is Iss u e o u t s t a n d i n g a n d a ll u n d e r l y i n g
Issu es fo r th e p u r c h a s e o f th e s e b o n d s (o r c a ll a t 1 0 5 ) o r fo r a c q u is it io n s ,
I m p t s ., & c .
V . 9 9 . p . 1132
P u b lic U tilitie s C o . S e c u r i t i e s 2 .6 8 0 ,0 0 0 1 s t & R e f . M . b o n d s a r e
r e s e r v e d t o r e t ir e a lik e a m o u n t o f u n d e r ly in g b o n d s .
A d d itio n a l b o n d s
m a y b o is s u e d in s e r ie s , a t d if f e r e n t r a t e s o f in t e r e s t n o t e x c e e d in g 6 % p o r
a n n u m , t o r e im b u r s e t h e c o . f o r 7 5 % o f c o s t o f a d d ’ n s , o x t ’s , & c . , u n d e r
c e r ta in r e s tr ic tio n s .
A g e n e r a l r e s e r v e f u n d is p r o v i d e d f o r u n d e r w h ic h
t h e c o . m u s t e x p e n d o r d e p o s i t in t h is f u n d in e a c h c a l. y e a r b e g in n in g
1 9 1 9 a n a m o u n t , e q u iv a le n t t o 2 0 % o f g r o s s e a r n in g s d e r iv e d fr o m th e
r a il w a y p r o p e r t i e s , 1 5 % f r o m t h e e le c t r i c lig h t a n d p o w e r , a n d 1 2 % fr o m
t h e g a s a n d s t e a m h e a t in g p r o p e r t ie s a n d o f a ll o t h e r in c o m e , t o b e e x p e n d e d
f o r m a in t e n a n c e , r e n e w a ls , e x t ’s , & c ., a n d t h e p u r c h a s e a n d c a n c e lla t io n
o f b o n d s o f t h is is s u e o r u n d e r ly in g b o n d s .
R e d . a t 102 a n d in t . o n a n y
I n t. d a t e t o a n d ln c l. J a n . 1 1 9 2 4 a n d th e r e a ft e r a t 101 a n d in t .
V . 108,
p . 269, 379.
T h e E v a n s v ille G a s & E le c t r ic L ig h t C o . m u s t c a ll a t 1 0 5
a n d in t . $ 1 0 ,0 0 0 a n n u a lly o n J u n o 1 1 9 1 3 t o 1 9 2 2 , in c lu s iv e , a n d $ 1 5 ,0 0 0
o n J u n o 1 1 9 2 3 t o 1 9 3 2 in c lu s iv e ; $ 6 0 ,0 0 0 h a v e b e e n r e t ir e d .
T h e y aro
s u b je c t t o c a ll a t 1 0 5 a n d in t e r e s t .
T h e E v a n s v ille & P r in c e t o n fir s t 5 s
h a v e a s in k in g f u n d o f $ 1 0 ,0 0 0 p e r a n n u m , w h ic h b e g a n F e b . 1 1 9 0 8 , s a id
f u n d t o b o in v e s t e d in t h o b o n d s a t 1 0 5 , b e g i n n in g w it h N o . 1 .
$ 7 0 ,0 0 0
h a v e been red eem ed .
W h o le Issu e o f th e s e b o n d s m a y b e c a lle d a t a n y
tim e a tllO a n d in t.
L . W . P r io r o f C l e v e l a n d Is c o - t r u s t e e o f t h i3 m o r t g a g e .
E v a n s v ille E le c . R y . b o n d s c a n n o t b e c a lle d .
Dividends.— F i r s t d l v . , l ^ % , o n p r o f , p a i d O c t . 1 9 0 9 a n d s a m e a m o u n t
q u a r . s in c e t o a n d I n c lu d in g J u ly 1 9 1 8 .
F ir s t d l v . o n c o m . — 1 % — p a id
A p r il 1 1 9 1 3 ; J u ly 1. 1 % ; O c t ., 1 % .
In 1 9 1 4 . J a u ., 1 % .
C o m . P o w .. R y .
Sc L t C o . o w n s p r a c t i c a l l y a l l t h e s t o c k a n d d l v s . n o l o n g e r m a d e p u b l i c .
E A R N I N G S .— F o r c a le n d a r y e a r s :
12
M o s .—
G ross.
O ver. E x p .
N et.
F ix e d C h g s . B a t., S u r.
1 9 1 8 ...................... $ 6 , 5 4 5 , 3 2 1
$ 4 ,2 5 9 ,0 6 7 $ 2 ,2 8 6 ,2 6 3
$ 1 ,7 5 3 ,3 9 8 $ 5 3 2 ,8 6 5
1 9 1 7 - - - - - - - - , 5 , 7 5 6 , 3 7 8 ______ 3 . 2 9 1 . 8 9 3 2 . 4 6 4 . 4 8 5
1 .6 2 4 .6 1 2 , 8 3 9 , 8 7 3

S

[V ol . 108

STOCK AND BONDS—
D a te.
Stock com $2,000,000 $100).............
Pref $2,000,000 cum 5 % ($ 1 0 0 )____

Interest. Outstanding.

_________
Q-F
5 g" J-D
' ~

M a tu r ity

$2,000,000 See text
2.000.000 Aug'18, 1 X
___________June________
3.700.000
1 1919

First m tge $5,000,000 gold ! 1916
($ 1 .0 0 0 )________________ c * /I n t . in N .Y . Bankers Trust C o ..N .Y .,tr u s t.
B o n d s . — Remainder can only be issued for 8 0% o f cash cost o f extensions,
enlargements and additions, when annual not earnings aro twice the total
interest charge, including bonds proposed to be issued. T ax-exem pt in
M ichigan. V . 103, p . 144.
D i v i d e n d s . — 5 % has been regularly paid on pref. stock slnco organization.
R E P O R T .— For years ending D ec. 31:
Y ea r—

G ross.

N e t (a ft. T a x .) .

C h a rges.

P r e f.D iv .

S u r p lu s .

$257,861
$233,087
$100,000 def.$75,226
1918......... $1,278,348
1917_____ 1,303.860
393,684
218,215
100,000
75,469
H OAD, ScO.— 28.48 miles double and 10.80 milos single track; total single,
track equivalent, 17. ) 6 miles. 153 passenger and 27 mlsc. and service cars.
2 pleasure parks, v.c. Power Is obtained from Consumers Power C o .
under satisfactory h n g -tim e contract.
O F F IC E R S .— Pres a n d Gen. M gr., B . S. nanchott; V .-P ., B . O. C obb;
Sec. & T reas., L . J. Do Lam artcr. O ffice, Grand Rapids, M ich .— V . 100,
p . 555, 1672; V. 103, p. 144; V . 106, p . 395, 499; V . 107, p . 2289.

(#) Saginaw-Bay City Railway Co.

Entire stock (except directors' sharos) Is owned b y C om .P ow .,R y .& L t.C o,
O R G A N IZ A T IO N .— This com pany Is a consolidation o f the Saginaw
Valley T raction C o. and railway dept, o f the Bay C ity T raction Sc Elec. C o.
F a r e I n c r e a s e . — In July 1918 was authorized to charge a 6-cont fare
in Saginaw. V. 107. p. 502.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $2.600.000____________ All owned b y C om m onw . Pr., Ity. Sc L t. C o .
First and refunding m ortgagol 1910
5 M -S
$1,133,000 M ar 11935
$5,000,000 ($1.000)
c * t f (M ichigan Trust C o .. Grand Rapids, Trustee.
Saginaw Val T r 1st M , $850,-1 1899
5 g F-A
627.000 Feb 1 1 9 2 0
000,
g ($1,000 e a ch )_ c * n tf( Int. at Boston Safe D ep . Sc T r. C o ., Trustee.
Bonds.— O f the 1st & ref. bonds, $850,000 are reserved to retire Sag. Val
Trac. bonds; remainder for 85% o f cost o f additions, &c. R ed. on any Int.
date on 60 days' notice at 105 and Int. Int. at H odenpyl, H ardy Sc C o .,
New York
A sinking fund o f $8,500 per annum on Sag. V al. T ra c. bonds begins Feb. I
1907 and runs for 5 years, after which $17,000 per annum Is payable, said
fund to be Invested in the bonds at not above 10744 aud Int. Sinking fund
hold on M ar. 1 1919 $223,000 o f bonds.
R O A D . — O p e r a t e s a b o u t 6 3 m il e s o r s t r e e t r a i l w a y t r a c k In S a g in a w
B a y C i t y , ln c l . I n t e r u r b a n lin e b e t w e e n t h e t w o c it i e s .

and

O F F IC E R S .— Pres., B. O . C o b b ; V .-P s., H . T . W ickes, J. E. Davidson
and J. A . Cleveland; S ec., J. W . Glendening; T reas., A . J. B ray; A sst. Sec.
& Asst. T reas., S. E . W o lff.— V . 95, p . 298, 481; V . 107, p . 502.

(6) M ich igan L ig h t C o.

All the com m on stock Is now owned b y C om . P ow ., R y . Sc Light C o .
O R G A N IZ A T IO N .— Incorp. In M ich . In 1914 and took over and con­
solidated the following companies:
Jackson Gas C o .;
IFlint Gas C o ..
I B ay C ity Gas C o .
Pontiac Light C o ..
|Saginaw C ity Gas C o .. (K alam azoo Gas C o.
As o f Jan. 1 1916 a c q u i r e d gas property o f the M a n i s t e e P ow . Sc L t. C o.
D oes entire gas business in Jackson, Saginaw, Kalamazoo, B ay C ity,
Flint- P ontiac, M anistee, Birmingham and R oyal Oak, M ich .
In Fob. 1916 Issued $1,125,000 1st Sc ref. M . bonds to rotlre $857,000
Saginaw C ity Gas C o. bonds due M ay 1 1016 and to reimburse tho co. In
part for perm anent oxts.. S e c ., m ade. In D ec. 1918 an additional $700,000
o f these bonds was Issued. V . 108, p . 84.
STOCK A N D BONDS—
Date.
Interest. O u t s t a n d i n g .
M a tu rity.
Com m on stock____________________
__________ $ 3 , 1 7 5 , 9 0 0
_
_
rreierreu
oy0
muul alative.....
P re fe r r e d 6
% c
c uum
t i v e ______________
Q -J
2 .7 5 1 .5 0 0 A p r . 19 1 H
1st Sc ref M gold
“ ($1,000,
---------1916
5 M -S
2 ,5 8 2 .0 0 0 M a r 1 1 9 4 6

$500 and $100)...............c*j
Bay City Gas 1st M , $500,000
g ($500 Sc $1.000)___ cHf
Flint Gas Co 1st M , $500,000
(5500 Sc $1.000)------c*ntf
Jackson Gas Co mtge, $350,­
000 gold ($1,000)__ c*ntf
Kal Gas Co 1st M . $450,000
($1.000)..................... c’ ntf
Pontiac Light Co consol mtge
$230,000. g ($l,000)._c*tf
.

U n io n T r u s t C o . , D e t r o it . T r u s t e e .
1900
5 g J -D
3 6 7 .5 0 0 J u n o 1 1 9 2 0
In te re st a t N e w Y o r k T r u s t C o ., T r u s te e .
1904
5 M -N
4 9 3 ,5 0 0 N o v
1 1924
I n t . a t M ic h . T r , C o ., G r d . R a p ., T r u s te e .
1897
5 A -O
3 4 0 .0 0 0 A p r il 1 1 9 3 7
Illin o is T r u s t & S a v . B a n k , C h i c ., T r u s t e e .
1900
5 J -J
3 8 8 ,0 0 0 J a n
11920
I n t . a t M ic h . T r u s t C o . , G r d . R a p ., T r u s t e e .
1902
5 J -J
1 7 9 .0 0 0 J a n
1 1927
lu t. a t M ic h . T r u s t C o ., G r d . R a p .. T ru s te e
B o n d s .— $ 1 ,7 6 8 ,0 0 0 1 s t & r e f . M . b o n d s a r e r e s e r v e d t o r e t ir e p r io r lie n s .
A d d itio n a l b o n d s m a y b e Issu ed fo r 7 5 % o f c a s h c o s t o f p e r m a n e n t e x t s .,
& c ., u n d e r c o n s e r v a t iv e r e s tr ic tio n s .
R o d . a t 105 S
cIn t. o n a n y In t. d a te
o n 3 0 d a y s ' n o t i c e ; t a x - e x e m p t In M i c h .
V . 102. p. 613, 890.
B a y C ity
a n d J a ck s o n b o n d s a re r e d . a t 110 & In t.
K a la m a z o o , P o n t ia c a n d F lin t
Issu es a re r e d . a t 1 0 5 & In t.
I n t . o n J a c k s o n G a s C o . b o n d s Is p a y a b l e a t
H o d e n p y l, H a r d y & C o .. N . Y .
D iv id e n d s o n p r e f. h a v e b e e n p a id r e g u la r ly s in c e o r g a n i z a t io n .
E A R N I N G S .— F o r 12 m o s . e n d in g D e c . 3 1 :
Y ea r—
G ross.
O per. E xp en ses.
N e t.
C hgs. A T a x.
S urp lus.
8 2 ,2 7 4 ,9 4 2
$ 5 4 7 ,6 5 3
1 9 1 8 _____ $ 2 , 8 2 2 , 5 9 5
$362,526
$185,127
1 9 1 7 _____ 2 , 3 9 3 , 4 1 1
1 ,7 4 0 ,3 5 6
5 5 9 ,0 0 4
249,226
403,829
S A L E S .— C a l. y e a r 1 9 1 7 , 1 ,9 1 6 ,2 7 8 ,4 0 0 c u . f t .
_________________________
Milos
of mains, 533.
O F F I C E R S . — P r e s . . B . C . C o b b . N . Y . ; V . - P s . , W . 11. B a r t h o l d a n d
T . A . K e n n o v : S e c ., J K . S w a n s o n : T r e a s . A . B . S lm o n e a u .— V . 1 0 2 . p .
613, 890; V . 106, p . 402, 1039; V . 108, p . 84.

(7 ) C o n s u m e r s ’ P o w e r C o .
A l l t h e c o m m o n s t o c k Is o w n e d b y C o m . P o w . , R y . S
c L t. C o .
O R G A N I Z A T I O N . — I n c o r p . I n M a l n o i n 1 9 1 0 . a n d In N o v . 1 9 1 4 m e r g e d
t h e f o l l o w i n g 11 c o m p a n i e s ( p r e v i o u s l y c o n t r o l l e d b y s t o c k o w n e r s h i p )
C o m m o n w . P o w e r C o . , G r a n d R a p ld s -M u s k o g o n P o w e r C o . . G r a n d R a p id s
E d is o n C o . , F lin t E le c . C o ., S a g in a w P o w e r C o .. B a y O l t j P o w e r C o .,
P o n t ia c P o w e r G o ., C o n s u m e r s ’ P o w e r C o . ( M i c h .) , E c o n o m y P o w e r C o ..
A u S a b le E le c t r ic C o . a n d C e n t r a l P o w e r C o .
T h is m e r g e r m a d e th e C o n s u m e r s ’ P o w e r C o . ( o f M a ln o ) a n o p e r a tin g
" " R O A D .— R o c k f o r d ^ T u T o r u r b a n - o p e r a t b s - 3 6 .2 8 * ™ r n !'o f t r o l l e y T n R o c k ­
c o m p a n y In ste a d o f a h o ld in g c o m p a n y a n d o n J u ly 2 0 1 9 1 5 lt w a s g r a n te d
f o r d , 13 m ile s b e t w e e n R o c k f o r d a n d B e lv id o r e ; a ls o 2 8 m ile s b e t w e e n R o c k ­
a c e r t i f i c a t e o f a u t h o r it y t o d o b u s in e s s in M ic h i g a n . V . 9 9 . p . 1 5 2 8 , 1 5 9 7 ;
f o r d a n d F r e e p o r t , a n d 3 5 m i l e s b e t w e e n R o c k f o r d , 111., a n d B e l o i t a n d
V . 101, p- 369.
A t th o s a m e t im e th e R R . C o m m , a p p r o v e d th o th o n
J a n o s v illo , W i s .; a ls o a 2 .8 9 -m ile e x t e n s io n
to C a m p
G ra n t.
T o ta l,
o u t s t a n d i n g Issu es o f c o m m o n a n d p r e fe r r e d s t o c k s a n d 1 s t lie n a n d r e f.
1 1 4 .8 6
m ile s .
S p r i n g f i e l d R y . Sc L i g h t C o . o p e r a t e s 4 3 . 2 9 m i l e s in S p r i n g ­ 5 % b o n d s a n d a u t h o r i z e d t h e c o m p a n y t o i s s u e a d d i t i o n a l b o n d s f r o m t i m e
fie ld .
J a n e s v ille T r a c t io n C o . o p e r a t e s 5 m ile s in J a n o s v ille , W l s . , a n d
t o t i m e u p o n p r o c u r e m e n t o r r e t i r e m e n t o f t h o u n d e r l y i n g b o n d s s h o w n in
D e K a lb -S y c a m o r o & I n t e r u r b a n T r a c t io n , 8 m ile s , c o n n e c t in g D o K a lb a n d
th e ta b le . V . 101, p . 3 6 9 .
S y c a m o r e . 111.
P u b l i c U t i lit i e s C o . o p e r a t e s a b o u t 6 9 m ile s In E v a n s v i l l e
I n J a n . 1 9 1 6 a c q u i r e d t h e C a d i l l a c W a t e r Sc L t . C o . a n d t h e e l e c t r i c
a n d b e tw e e n E v a n s v ille , P r in c e t o n a n d P a t o k a , I n d .
p r o p e r t y o f t h e M a n i s t e e P o w e r Sc L i g h t C o .
O F F I C E R S . — P r e s ., G . E . H a r d y ; V .- P s ., C . M . C la r k a n d B . C . C o b b ;
I n A u g . 1 9 1 7 t h e a u t h o r iz e d c a p it a l s t o c k w a s I n c r e a s e d f r o m $ 1 2 ,0 0 0 ,0 0 0
S e c . Sc T r e a s . , J a c o b H e k m a , N e w Y o r k . — V . 1 0 4 , p . 2 3 4 3 ; V . 1 0 6 , p . 6 0 8 .
c o m m o n a n d 5 1 0 .0 0 0 ,0 0 0 p r e f e r r e d t o $ 2 0 ,0 0 0 ,0 0 0 o f e a c h c la s s .
(3 )
S p r i n g f ie l d (O .) L ig h t , M e a t & P o w e r C o .
I n D e c . 1 9 1 8 t h e c o . c a lle d f o r r e d e m p t io n o n J a n . 17 1 9 1 9 a t 10 0 1 4 a n d
E n t i r e c a p i t a l s t o c k is o w n e d b y C o m . P o w . , R y . & L t . C o .
i n t . t h e $ 4 ,0 0 0 ,0 0 0 2 - y r . 6 % s e c u r e d n o t e s , d u o J u ly 1 1 9 1 9 ; t h o $ 5 ,3 3 4 ,0 0 0
1 s t lie n S
c r e f. b o n d s p le d g e d th e r e u n d e r b e in g o ffe r e d f o r s a lo . V . 1 0 7 ,
O R G A N I Z A T I O N .— I n c o r p o r a t e d in M a in e in A u g . 1 9 0 8 .
F r a n c h is e s
p . 2379.
e x te n d b e y o n d m a t u r it y o f b o n d s .
_
___
STO C K A N D BO N D S—
D a te .
In terest.
Outstanding.
M a tu r ity .
STO C K A N D BO N D S—
D a le.
J I n l e r e s t T " d u l h a ' n d i n g “ m~ t i i d i u n i y .
C o m m o n $ 2 0 , 0 0 0 , 0 0 0 ( $ 1 0 0 ) ...............................................
$11,250,000
C o m m o n s t o c k ( $ 1 , 0 0 0 , 0 0 0 ) ......................................... ..
$ 1 ,0 0 0 ,0 0 0
_______ _______
P r o f $ 2 0 . 0 0 0 . 0 0 0 ( $ 1 0 0 ) 6 % c u m _____
Q -J
10.043,100 Apr.'19,1 M
P r e fe r r e d s t o c k ( $ 1 ,0 0 0 ,0 0 0 ) - - . .
...................
4 9 3 ,7 0 0
_______________
1st H en a n d r e f M , $ 3 5 ,0 0 0 .-( 1911
5 g J -J
______________________
__________
22,252,000 Jan.
1 1936
S p r i n g L t , H Sc P g e n & r e f M f 1 9 1 3
5 A -O
6 0 3 .0 0 0 A p r il 1 1 9 3 3
0 0 0 , g o l d ( $ 1 , 0 0 0 ) _____ c * t f I n t . a t H a r r i s T r . Sc S a v . I l k . , C h i c a g o ,
$ 5 ,0 0 0 ,0 0 0 ( $ 1 ,0 0 0 ).
R e d (In t. a t N . Y . an d L o n d o n .
M ic h . T ru st
(
T r u s t e o , o r H a r r is , F o r b e s S
cC o . , N . Y .
a t 105 a n d I n t e r e s t ..c * n t f l
C o ., G r a n d R a p id s . T r u s te e .
Comm Pow 1st M , $4,000,­ 1904 5 J-D
1.079.000 Doc 1 1924
S p r in g fie ld
L ig h t .
H eat
& ( 1909
5 F -A
6 8 4 .0 0 0 F e b 1 1 9 2 9
000 g sink fd ($l,000)_c*tf Int. at First Trust* Sav Bk.. Chic.. Trusteo
P o w e r f i r s t m o r t g a g e . . . t f l i n t , a t S t a t e S a v . B k . Sc T r . C o . . C o I . . O . , T r .
Grd Rap-Musk Pow 1st M 1906 5 M-S
587,000 Mar 1 1931
Bonds.— S u f f i c i e n t g e n . a n d r e f . b o n d s a r e r e s e r v e d t o r e t i r e a t o r b e f o r e
$7,500,000. gold............ tf Int. at 1st Tr.&S.B., Chic., or lstN.B..N.Y
m a t u r it y th e o u t s t a n d in g 1st M , b o n d s .
R e m a in d e r fo r e x te n s io n s , e n ­
Cadillac
W
Sc Lt 1st M .I200----------------------------------1905
5
M-S
132
000 Sept. 1 1925
la r g e m e n ts a n d a d d it io n s a t 8 5 % o f c o s t w it h c e r t a in r e s t r ic t io n s .
See
000 ($500 Sc $1.000)..c*tf|Int. at Mich. Tr. Co.. Grd Rap.. Trusteo
V . 102. p . 1352.
$ 6 6 ,0 0 0 f i r s t m o r t g a g e b o n d s In s in k i n g f u n d .
Stock.— Pref. stock is red. on and after Jan. 1 1920 at 105 and accr. dlv.
E A R N I N G S .— Y e a r e n d in g D e c . 3 1 :
12
M b s .—
G ross.
O pcr. E x p .
N e t.
C h gs. A T a x .
S u r p lu s .
1 9 1 8 ...................$ 6 1 1 , 8 7 6
$ 3 6 5 ,3 6 9
$ 2 4 6 ,5 0 7
$ 1 1 5 ,3 5 6
$ 1 3 1 ,1 5 1
1 9 1 7 ................... 4 9 9 , 5 1 2
3 4 3 ,9 5 9
1 2 2 ,1 6 2
9 8 ,6 3 7
5 6 .9 4 6
— V . 100, p . 1923; V . 102, p . 6 1 4 , 8 1 0 , 1352; V . 106, p . 4 0 3 .

Sc

(4 )
G r a n d R a p id s R y .— T r o lle y .
A ll t h o c o m m o n a n d $ 5 0 0 ,0 0 0 p r e f. s t o c k
L ig h t C o .

Is o w n e d

b y C o m . P o w ., R y .

O R G A N I Z A T I O N , & C . — I n c o r p . In M i c h i g a n In A p r il 1 9 0 0 a s a s u c ­
c e s s o r c o m p a n y t o th e C o n s o lid a t e d S t . R y .
O w n s a n d o p e r a t e s t h e e n tir e
s tr e e t r a ilw a y s y s t e m o f G r a n d R a p id s a n d v ic in it y .
Franchises e x p i r e In
1 9 2 1 a n d in 1 9 2 9 .
Fares.— O n J u n o 3 1 9 1 8 a p p l i e d t o t h e C i t y C o m m i s s i o n f o r a u t h o r i t y
t o in c r e a s e fa r e s f r o m 5 c e n t s t o 6 c e n t s , a n d in S e p t . 1 9 1 8 t h is p o t it io n
w a s s u p p le m e n te d b y a r e q u e s t fo r a 7 -c e n t fa r e .
O n D e c . I 1918 th o c o .
w a s a u th . b y th o c o m m , to ch a rg e 6 ce n ts .
V. 107, p . 2289.




B on d s .— Of 1st Sc rof. bonds, sufficient aro rosorvod to retire underlying
bonds, and remainder Is reserved under certain restrictions for extensions
and add’ns at 80% of cost. SubJ. to call any Int. day at 105 Sc int. Sink.*
rund or 1% p. a. of bonds out began Jan. 1 1915. V. 92, p. 465, 526, 1458.
Up to July 3l 1918 no bonds were held In sinking fund.
D ividen d s on pref. have been paid regularly since organization.
EARNINGS.— For 12 mas. ending Dec. 31:
Yea r —
Gross.
E x p .& T a x e s .
N e t.
Charges. B a l., S urp.
1918....................$6,608,100 $3,815,505 $2,792,595 $1,350,862 $1,441,733
1917...... .............. 5.775,371 3,382,257 2,393,114
941,892 1,451,222
PROPERTY.— Owns and operates electric light and powor proper­
ties in Grand Rapids, Kalamazoo, Jackson. Flint, Saginaw, Bay City.
Pontiac, Battlo Creek, Muskogon, Cadillac, Owosso, Manlstoe, Marshall.
Albion, Charlotte. Grand Ledge. Allegan, and a number of Intermediate
cities and towns. Hydro-electric plants have about 106,000 h. p. and stoam
plants about 103.000 h. p. capacity. Total gonorating capacity about
209,000 h. p.

Ma r ., 1910.J

O F F I C E R S .— P r e s ., B . O . C o b b , N o w Y o r k ; V . - P . , E . W . C la r k , P h il a .;
V -P
G e o . E . H a r d y , N . Y . ; T r e a s . Sc S e c . , J a c o b H e k m a , N . Y . — V . 1 0 4 ,
p .' 2 5 5 2 ; V . 1 0 5 . p . 6 1 0 , 1 1 0 6 . 1 2 0 8 ; V . 1 0 6 , p . 3 9 9 ; V . 1 0 7 , p . 6 9 9 , 2 3 7 9 .
(8 )
M a n is te e R a ilw a y C o .
I n c o r p . i n M i c h . In M a r c h 1 9 1 3 .
S u c c e ss o r t o M a n is te e L t . & T r a c .
C o . , s o ld a t fo r e c lo s u r e In 1 9 1 2 .
T h e M a n i s t e e P o w . <5e L t . C o . t h e n t o o k
o v e r t h e g a s a n d e le c t r i c p r o p e r t i e s b u t in J a n . 1 9 1 6 t h o s e w e r e r e s p e c t i v e ly
c q u i r e d b y t h o M i c h i g a n L i g h t C o . a n d t h oe C o n s u m e r s ’ P o w e r rCt o~ .
F r a n c h is e
D o e s t h e s t r e e t r a i l w a y b u s i n e s s I n M a n i s t e e a n d........................
F lie r C i t y .
3 0 y e a rs fro m 1 9 0 4 .
,
, x
F a r e I n c r e a s e .— I n M a y 1 9 1 8 fa r e s w o r e I n c r e a s e d t o 1 0 c e n t s , w ith
c o m m u t a t io n tic k e ts a t 3 fo r 2 5 c e n ts a n d 7 fo r 5 0 c e n ts .
. s t o c k . — 'T h o c o m p a n y ’ s o n t i r e $ 1 0 0 , 0 0 0 c a p i t a l s t o c k a n d $ 6 0 , 0 0 0 1 s t
m t g o . 5 s , (lu o 1 9 4 3 , a re o w n e d b y th e C o m . P o w ., R y . & L ig h t C o .
R O A D . — O p e r a t e s 7 .0 4 m ile s o r t r a c k .
G a u g e 4 ft . 8 /5 In .
3 5 to 100
b.
T a n d 8 5 - lb . g ir d e r r a ils .
O p e ra te s a 5 0 -a c r o p a rk o n L a k e M ic h ig a n .
O F F I C E R S .— P r e s ., O . J . H o lm e s ; V .- P ., W . H . B a r t h o ld ; S e c .. G . B .
D o b b in ; T r e a s ., J . IV . G lo n d e n n in g .— V . 8 8 , p . 1 5 8 ; V . 1 0 6 , p . 2 2 2 9 .
-(S e e M a p , p a g e 5 2 .)
& R A IL W A Y S CO
o r a t e d i n M a i n e I n J u l y 1 9 1 0 , p e r p l a n In
.— In co:
o
f
t
h
o
c
o
m
m
o n s to c k s , o v e r 2 2 /5 % o f th e
over "
2 9 % o f b o n d s a n d n o te s o f th o fo llo w in g c o m p a n ie s :
L ig h t C o
L
, a Pn
o r *t “e ( iInnrdf . )> <
Gj a» «s x&, E
h il ™
ec. C o.
M a s o n C it y & C le a r L a k e ( l a . ) R R .
G as C o.
O ttu m w a (la .) G a s C o .
Cedar Rapids (la .) Gas C o.
Cedar Rapids Sc M a r i o n C i t y R y . C o . P e o p l e 's G a s & E l e c . C o . , M a s o n C ’ y .
F o r t D o d g e ( l a . ) G a s Sc E l e c t r i c C o . T r i - C i t y R a i l w a y Sc L i g h t C o .
Grand Rapids Grand H a v e n Sc M u s ­
kegon ( M i c h . ) R y . C o .
T h o G r a n d R a p l d s - G r a n d H a v e n Sc M u s k e g o n R y . w a s a c q u i r e d In J a n .
1912’ V . 94, p . 209.
T h o T r i - C i t y R y . & L i g h t C o . w a s t a k e n o v e r in J u n e
1912; V . 9 4 , p . 769.
T h e C e d a r R a p i d s Sc M a r l o n C i t y R y . C o . w a s
a c q u i r e d In J u l y 1 9 1 2 .
I n F e b . 1 9 1 3 p u r c h a s e d t h o P e o p l e 's G a s & E l e c t r i c C o . a n d t h e M a s o n
C i t y Sc C l e a r L a k e R I t .
In 1 9 1 3 a ls o a c q u ir o d th o I o w a & I llin o is R y .
a n d t h e I o w a Sc 111. R y . T e r m . C o . , b u t In J a n . 1 9 1 6 t h e s e t w o c o s . were
c o n s o lid a t e d w ith th o D a v e n p o r t & M u s c a t in e R y . ( fo r m in g t h e C lin t o n
D a v e n p o r t & M u s c a t in e R y .) u n d e r th e m a n a g e m e n t o f th e T r i- C i t y R y .
Sc L i g h t C o .
O P E R A T I O N S . — D o e s o n t i r e g a s b u s i n e s s In D a v e n p o r t , C e d a r R a p i d s
(s u p p ly in g a ls o s u b u r b s o f M a r io n a n d K e n w o o d P a r k a n d in t e r v e n in g
te r r ito r y ), F t . D o d g e , Io w a C it y , M a s o n C it y , B e tte n d o r f, O ttu m w a an d
M u s c a tin e , l a .; C a d illa c , M ic h ., L a P o r te , I n d ., R o c k I s la n d , M o lln o ,
E a s t M o l l n o , M i l a n , S i l v l s a n d W a t e r t o w n , 111.; a n d C h a t t a n o o g a , T e n n . ;
e n t ir e e l e c t r i c - lig h t a n d p o w e r b u s in e s s In D a v e n p o r t , F t . D o d g e , I o w a
C it y , M a s o n C it y a n d M u s c a t in e , la .; R o c k Is la n d , M o lin e a n d E a s t
M o l i n e . 111., a n d L a P o r t o , I n d .
H a s h o t w a te r a n d s te a m -h e a tin g s y s te m
in D a v e n p o r t a n d M a s o n C i t y , l a . , a n d L a P o r t e , I n d .
O p e ra te s stre e t
r a i l w a y s in C e d a r R a p i d s , M a r i o n , M a s o n C i t y , M u s c a t i n e a n d D a v e n p o r t ,
l a . , a n d R o c k I s l a n d . M o l l n o a n d E a s t M o l i n e , 111.; I n t e r u r b a n r a i l w a y s
a r o o p o r a t e d b e tw e e n C e d a r R a p id s a n d M a r io n , l a . ; M a s o n C it y a n d
C le a r L a k o , l a .; D a v e n p o r t a n d C lin t o n , l a ; D a v e n p o r t a n d M u s c a t in e ,
l a . ; D a v e n p o r t . l a . , a n d R o c k I s l a n d , M o l i n e a n d E a s t M o l l n o , 111., G r a n d
R a p id s , G r a n d H a v e n a n d M u s k e g o n . M ic h .
I n a ll . 5 5 c o m m u n it i e s , w ith
a p o p u l a t io n o s t lm a t o d a t 5 7 5 ,0 0 0 a r o s e r v e d .
F r a n c h is e s e x p ir e fr o m
1 9 2 0 t o 1 9 6 0 ; a p p r o x im a te ly 7 3 %
a r o in d e t e r m in a t e o r e x t e n d b e y o n d
1932.
In N o v . 1 9 1 7 Issu e d $ 1 ,5 0 0 ,0 0 0 6 %
B o n d S e c u r e d G o ld N o t e s , s e r ie s
" A , ” t o r e t lr o $ 7 5 0 ,0 0 0 6 % n o t e s m a t u r in g J a n . 1 1 9 1 8 a n d t o r e im b u r s e
th o tr e a s u r y fo r a d d it io n s , e x te n s io n s a n d I m p r o v e m e n ts .
V . 105. p. 2185.
I n A u g . 1 9 1 8 Is s u e d $ 1 ,2 5 0 ,0 0 0 7 % s e r ie s “ B ” n o t e s t o p r o v id e f o r , o r
r e im b u r s e th o c o . fo r a d d it io n s , e x t e n s io n s a n d I m p t s ., o r f o r a c q u is it io n
o f now p rop erty .
V . 107, p . 605.
F a r e s a n d R a te s .— T h e c o m p a n y h a s a p p l i e d f o r in c r e a s e s in r a t e s c o v e r i n g
a ll c la s s e s o f s e r v i c o a n d in O c t . 1 9 1 8 h a d a l r e a d y s e c u r e d in c r e a s e s t h a t
w ill a d d a b o u t $ 5 0 0 ,0 0 0 t o a n n u a l g r o s s o a r n in g s .
In D e c . 1918 a 6 -c e n t
fa r o fr a n c h is e w a s f a v o r a b ly a c t e d u p o n a t a c it y e le c t io n o f C e d a r R a p id s .
V . 107. p . 2178.
T r a n s f e r A g e n c i e s . — S t o c k t r a n s f e r a g e n c i e s a r o m a i n t a i n e d In N e w Y o r k
i n C h i c a g o a n d In G r a n d R a p i d s .
See V . 9 7 , p . 1358.
U N IT E D

51

ELECTRIC RAILWAYS

L IG H T

O R G A N IZ A T IO N
V . 91, p. 96.
Owns
p r e f. s to c k s a n d o v e r
C a d illa c (M ic h .) G a s
Chattanooga ( T e n n . j

In terest
O u tsta n d in g .
M a tu rity
S T O C K A N D B O N D S .—
D a te .
Q -J
$ 6 ,8 7 7 ,7 0 0 A p r
1 9 .1 %
C o m m o n $ 1 2 , 5 0 0 , 0 0 0 ( $ 1 0 0 ) ..................
1 st p r o f $ 1 2 ,5 0 0 ,0 0 0 ($ 1 0 0 )1
Q -J
1 0 ,1 3 2 ,0 0 0 A p r ’ 1 9 , 1 /5
6 % c u m ............................................ f ---------_ o l d ( $ 1 0 0 . ,( 1 9 1 2
5 g J -D
8 ,7 0 2 ,2 0 0 J u n e 1 1932
F ir s t & r e f m t g e g
$ 5 0 0 & $ 1 , 0 0 0 ) _____ c * & r . t f \ N e w Y o r k T r u s t C o . , N . Y . , T r u s t e o
C o n v d e b e n tu r e s g o ld ($ 1 0 0 ./ 1 916
6 g M -N
2 .0 0 0 .0 0 0 N o v
1 1926
$ 5 0 0 . $ 1 ,0 0 0 , & c ) . . c * & r * t f l i n t , a t N o w Y o r k T r . C o . , N . Y . , t r u s t e e .
N o t e s ( c lo s e d ) ($ 1 ,0 0 0 ,
$ 5 0 0 / 1915
6 g J -J
1 ,5 0 0 .0 0 0 J a n
1 1920
Sc $ 1 0 0 ) g o l d ............ ..............c * l I n t e r e s t a t N o w Y o r k T r u s t C o . , t r u s t e e .
S e c u r e d n o t e s .s e r " A ” (S 1 0 0 c ;f 1 9 1 7
6 g M -N
1 ,7 5 0 ,0 0 0 M a y 1 19 2 0
$ 5 0 0 & 1 , 0 0 0 c * ) g o l d ____t f l l n t . a t N o w Y o r k T r u s t C o . , N e w Y o r k .
S ecu red n o to s, ser. “ B ” ($ 1 0 0 /
1918
7 g A -O
1 ,2 5 0 ,0 0 0 A p r
1 1923
$ 5 0 0 Sc $ 1 . 0 0 0 ) ____________c * t f \ I » t . a t N e w Y o r k T r u s t C o . , N . Y . , T r u s t e e
C h a tta n oog a G as
fir s t m t g e f 1 9 0 7
5 J -J
5 4 1 ,0 0 0 J a n
1 1927
$ 1 , 5 0 0 , 0 0 0 g ( $ 1 , 0 0 0 ) _ c * t f I n t . a t C o n . Sc C o m . T r . Sc S a v . B k . , C h i c .
I
T r u s t e o , o r F ir s t N a t . B a n k , N o w Y o r k
P e o p l o ’ s G a s & F,1 G e n M t g e / 1 9 0 0
6 A -O
3 7 0 ,0 0 0 A p r il 1 1931
$ 5 0 0 , 0 0 0 . . .................................t f l I n t . a t C e n t r a l T r . C o . , C h i c a g o , T r u s t e o

D iv id e n d s o f 1 /$ % h a v e b e e n p a id q u a r . o n 1 s t p r e f . s in c e O c t . 1 9 1 0 t o
T h e s e c o n d p r e f. r e c e iv e d H .% q u a r . fr o m O c t . 1 9 1 0
a n d I n c ‘l . A p r . 1 9 1 9 .
W a s th e n c o n v e r t e d ln t o 1 st p r e f. a m f c o m . s t k . A s t o s t o c k
t o J u ly 1 9 1 5 .
o f 1 % o n c o m . w e re a id q u a r .
d lv . o n c o m ., see V . 9 4 , p . 1 2 5 0 .
D i v ss .
N o n e t o O c t . 1 9 1 . w h e n 1 %_
fr o m A p r il 1 9 1 3 u p t o a n d I n c l. J u ly 1 9 1 4 .
w a s p a id ; s a m o r a t e q u a r t e r ly s in c e t o a n d I n c l. A p r . 1 9 1 9 .
A s to c k d iv i­
d e n d o f 1 % , p a y a b l e in c o m m o n s t o c k , w a s p a id A p r il 1 1 9 1 4 In a d d i t io n
t o t h o r e g u la r d iv id e n d o f 1 % p a id o n t h e s a m o d a t o .
V . 98 , p. 525.
R E P O R T .— R e p o r t fo r c a le n d a r y e a r

1 9 1 7 In V .

106, p .

1789, 1804.

C o m b in e d E a r n in g s o f S u b s id ia r y C o m p a n ie s .
D ec. 31 Y ea r—
C ross.
E xp . A T ax.
N e t.
I n t., A c .
S u r p lu s .
1 9 1 7 ............................. $ 7 , 7 0 5 , 2 6 9 $ 5 , 0 4 6 , 9 0 8 $ 2 , 6 5 8 , 3 6 1 $ 1 , 4 9 4 , 6 8 8 $ 1 , 1 6 3 , 6 7 3
1 9 1 6 ............................. 6 , 8 8 5 , 7 7 9
4 ,2 1 9 ,3 8 6
2 ,6 6 6 ,3 9 3
1 ,3 9 0 .5 1 3
1 ,2 7 5 .8 8 0
I n c o m e A c c o u n t , U n i t e d 'L ig h t A R a i l w a y s C o . f o r Y e a r s e n d i n g D e c . 3 1 .
1917.
1916.
1917.
1916
In te re st
on
E a rn s, o n stk s.
bonds
and
o f s u b . c o s . $ 1 ,1 5 0 .3 6 9 $ 1 ,2 5 7 ,4 9 0
n o t e s _________ $ 7 0 3 , 0 5 0
$ 5 7 8 ,6 4 0
O th er In c o m e .
9 0 4 ,5 2 5
6 6 1 ,3 3 1
P r e fe r r e d d iv i­
5 9 5 .7 9 2
d e n d s _______
6 0 5 ,5 5 7
T o t a l ............... $ 2 , 0 5 4 , 8 9 4 $ 1 , 9 1 8 , 8 2 1
E xp s. & ta xes.
1 4 7 ,2 7 3
1 4 6 ,9 0 8
T o t a l d e d u c t . $ 1 ,3 0 8 ,6 0 7 $ 1 ,1 7 4 ,4 3 2
N e t e a r n s . . $ 1 .9 0 7 ,6 2 1 $ 1 ,7 7 1 ,9 1 3 B a l ., s u r p l u s .
$ 5 9 9 ,0 1 4
$ 5 9 7 ,4 8 0
O p e r a t in g S t a t is ti c s .— Y e a r s e n d e d A u g . 3 1 :
1915.
1916.
1917.
1918.
M .
c u . f t . o f g a s s o l d . . . 1 ,3 4 4 ,4 7 3
1 ,4 0 4 ,4 8 8
1 ,5 7 7 ,0 7 6
1 ,8 3 9 ,0 2 5
K . w . h . e le c , e n e r g y s o ld 9 0 ,7 6 5 ,7 7 4 1 0 5 ,8 9 6 ,3 3 9 1 2 0 ,7 5 6 ,2 6 3 1 5 2 ,9 1 6 ,0 1 9
R e v e n u e p a ssen gers:
U r b a n r a i l w a y s ................ 3 0 , 8 2 9 , 9 5 4
3 3 ,0 1 4 ,1 2 3
3 8 ,4 9 3 ,4 2 5
4 3 ,8 8 1 ,4 8 1
In te ru rb a n r a ilw a y s ..
2 ,9 9 2 .8 2 4
3 ,2 8 1 ,1 1 2
2 ,9 1 3 ,7 7 9
2 ,6 9 0 ,1 3 1
P R O P E R T Y . — E le c t r ic lig h t a n d p o w e r is fu r n is h e d fr o m 10 c e n t r a l
s t a t io n s w it h a t o t a l g e n e r a t in g c a p a c i t y o f 1 0 2 ,7 0 0 h . p . o f w h ic h 6 ,4 5 0
h.
p . is p u r c h a s e d w a t e r p o w e r ; 131 m ile s o f h ig h - t e n s i o n t r a n s m is s io n lin e s ,
2 ,6 9 4
m ile s o f d is t r ib u t in g lin e s , s u b - s t a t i o n s . S ee.
G a s is s u p p lie d fr o m
11 s t a t io n s w it h 9 3 1 m ile s ( 3 - in c h e q u i v .) o f g a s m a in s ; a n n u a l s a le s a r e in
o x c e s s o f 1 ,7 8 0 ,0 0 0 ,0 0 0 c u . f t .
T h e c o m p a n i e s c o m b i n e d h a v e o v e r 5 7 ,0 8 1
g a s a n d o v e r 3 6 ,1 7 0 e le c t r ic c u s t o m e r s .
T h e s tr e e t a n d in te r u r b a n r a ilw a y s
l a v o a t o t a l m ile a g e o f s in g lo t r a c k o f 2 7 6 .5 1 m ile s .
O F F I C E R S .— P r o s .,
F ran k
T .
H u ls w it,
C h ic a g o ;
V .-P s .,
R ic h a r d
S c h a d d e lc o , G r a n d R a p id s ; J . F . P o r t e r , K a n s a s C it y , M o .; C . M . H u r d a n d
T .
J . W o b e r , b o t h o f G r a n d R a p id s ; S e c ., L . I I. H e in k e , G r a n d R a p id s ;
T r e a s ., O . M . H u r d , G r a n d
lia p id s .
G e n e r a l o ffic e , P o r tla n d , M e .;
e x e c u t iv e o f f lc o , C h ic a g o ; o p e r a t in g h e a d q u a r te r s . G r a n d R a p id s ; o p e r a t in g
h e a d q u a r te r s fo r I o w a d is t r ic t , D a v e n p o r t , I o w a .— V . 1 0 6 , p . 1 9 1 , 711
1680, 1789, 1804; V . 107, p . 286, 605, 1838, 2478; V . 108, p . 481.
(1 )
G ran d
R a p id s G r a n d
H aven & M u sk egon
R y .— E le c t r ic r o a d .
T h ir d -r a il s y s t e m .
E n t i r e s t o c k o w n e d b y U n i t e d L i g h t Sc R y s . C o .
O R G A N I Z A T I O N . — I n c o r p o r a t e d in M ic h i g a n o n M a r c h 6 1 8 9 9 . O w n s
a n d o p e r a t e s a n e le c t r ic r o a d o n fe n c e d r ig h t o f w a y . c o n n e c t in g th e th r e e
c i t i e s n a m e d in t h e t i t l e , a d i s t a n c e o f 4 1 m il e s .
F r a n c h i s e s in a l l t o w n s
t h r o u g h w h ic h It p a s s e s e x t e n d t o 1 9 2 9 ; o t h e r w i s e p r i v a t e r i g h t o f w a y .
R a le s .— I n J u l y 1 9 1 8 a p p l i e d t o t h e I . - S . O . C o m m , f o r a u t h . t o in c r e a s e
c la s s r a te s fr o m p o in t s o n t h e lin o t o M ilw a u k e e , W is e ., b y 2 5 % .
In
J u ly 1 9 1 8 fil e d s u it in t h e U . S . D is t . C o u r t a t G r a n d R a p id s , s e e k in g t o
e n jo in th o S ta te fr o m e n fo r c in g th o la w fix in g t h o m a x im u m r a t e fo r in t c r u r b a n s in M i c h i g a n a t 2 c e n t s a m i l e .
V . 107, p . 291.
In D e c . 1918
J u d g e C . W . S e s s io n s , in t h e U . S . D is t r ic t C o u r t a t G r a n d R a p id s , M i c h . ,
h e ld v a lid t h e M ic h ig a n 2 -c e n t fa r e la w t h u s p r e v e n t in g t h e c o m p a n y fr o m
c o lle c t in g 3 c e n t s p e r m ile .
V . 108, p . 78.

*1.200.000

STO C K A N D BO N D S—
D a te .
In ter es t.
O u tsta n d in g .
M a tu r ity .
............................
S t o c k , $ 1 , 2 0 0 , 0 0 0 ( $ 1 0 0 ) ............................................. - - - - - 1st m t g e . $ 1 ,5 0 0 ,0 0 0 ($ 1 ,0 0 0 )1 19 0 1
5 g J -J
1 ,5 0 0 .0 0 0 J u ly 1 1 9 2 8
g o l d ________ _______ ________c * t f / I n t . a t G u a r a n t y T r u s t C o . , N . Y . , T r u s t e e .
S t o c k .— E n t i r e s t o c k , e x c e p t d i r e c t o r s ’ s h a r e s , d e p o s i t e d u n d e r U n i t e d
L i g h t Sc R y s . C o . 1 s t a n d r o L m t g e .
B o n d s .— T h o i n t e r e s t o n o u t s t a n d i n g b o n d s w a s g u a r a n t e e d f o r 5 y e a r s
b y th e S e c u r ity I n v e s t m e n t C o . o f P it t s b u r g h .
See V . 7 6 , p . 4 7 9 .
$ 2 ,0 0 0
o f o u t s t a n d i n g b o n d s h e l d b y U n i t e d L i g h t Sc R a i l w a y s C o .
R O A D . — E x t e n d s f r o m G r a n d R a p i d s In a n o r t h w e s t e r l y d i r e c t i o n t o
M u s k e g o n , w ith a b r a n c h t o S p r in g L a k o a n d G r a n d H a v e n .
C on n ects at
G r a n d H a v e n w it h G o o d r ic h L in e o f s t e a m e r s f o r C h ic a g o a n d C r o s b y L in e
o f s t e a m e r s f o r M i l w a u k e e , w h ic h a r e In o p e r a t i o n a ll t h e y e a r r o u n d . T o t a l
t r a c k , 5 1 . 4 8 m i l e s , o f w h i c h 4 . 2 2 m . in G r a n d R a p i d s a n d 3 . 4 3 m . i n M u s ­
k e g o n a ro o p e r a te d u n d e r fa v o r a b le t r a c k a g e a g r e e m e n t w ith th e G r a n d
R a p i d s R y . a n d t h e M u s k e g o n T r a c . Sc L t g . C o .
7 0 -lb . T r a il.
O p era tes
21 p a s s e n g e r , 1 2 e x p r e s s a n d 8 w o r k c a r s .
A ls o d o e s a fr e ig h t , m a il a n d
A m e r ic a n E x p r e s s b u s in e s s .— V . 1 0 0 , p . 9 0 1 , 1 6 7 2 ; V . 1 0 7 , p . 8 2 , 2 9 1 .

(2 )
T h e T r l-C lt y R a ilw a y & L ig h t C o .
In J u n e 19 1 2 c o n t r o l w a s a c q u ir e d b y th e U n ite d L ig h t i
R ys. C o.
T r i - O l t y R y . Sc L t . c o m . s t o c k h o l d e r s r e c e i v e d I n e x c h a n g e f o r t h e i r s h a r e s
$ 3 1 16 2 -3 c a s h , $ 1 6 6 6 2 -3 U n it e d R y s . 6 % 1 st p r e f. a n d $ 1 2 5 0 2 d p r e f .
3 % s t o c k .— V . 9 4 , p . 7 6 8 .
T h e U n ite d L t . & R y s . C o . o w n s $ 8 ,9 1 5 ,9 0 0
c o m m o n a n d $ 1 7 3 ,8 0 0 p r e fe r r e d s t o c k .
O R G A N I Z A T I O N . — i n c o r p o r a t e d In C o n n e c t i c u t M a r c h 3 1 9 0 6 a d d
oMwM
n s a l l t h e s t o c k: , e x c e p t d i r e c t o r s ’ s h a r e s , o f t h e f o l l o w i n g c o m p a n i e s
M o lin e -R o c k Isla n d M f g . C o .
T r i-C it y R a ilw a y C o . o r I o w a .
P e o p l e 's L i g h t C o .
T r i - C i t y R y . C o . o f I llin o is .
M o l i n e R o c k I s l a n d Sc E a s t . T r . C o . C l i n t o n D a v e n p . Sc M u s c a t . R y . C o .
M o lin e E . M o lin e & W a t e r t . R y . C o . M u s c a tin e L ig h tin g C o .
W a t c h t o w e r * C a m p b e lls ' U s . P k .O o .
P e o p le ’s P o w e r C o .
I o w a C it y L ig h t & P o w e r C o .
F o r s e c u r i t i e s c o v e r i n g r a i l w a y p r o p e r t i e s s e e s e p a r a t e c o m p a n i e s b e lo w
C o n t r o l s a ll g a s p l a n t s , e l e c t r i c - l i g h t i n g c o m p a n i e s a n d s t r e e t r a i l w a y
S t o c k . — F i r s t p r o f , s t o c k Is r e d e e m a b l e a t 1 0 5 a n d a c c r u e d d i v s .
The
lin e s In t h e c i t i e s o f D a v e n p o r t , I o w a C i t y , M u s c a t i n e , B e t t e n d o r f a n d
2 d p r e f . s t o c k w a s c o n v . i n t o 1 s t p r e f . o r c o m . s t o c k , s h a r e f o r s h a r e . In 1 9 1 5
R o c k in g h a m , l a . , a n d R o c k I s la n d , M o lin e , E a s t M o lin e a n d o t h e r s m a lle r
C o m . is o n l y s t o c k w i t h v o t i n g p o w o r .
V . 91, p . 96, 519; V . 92, p. 1110; V
to w n s in I llin o is , a n d a n I n te r u r b a n c o n n e c t in g M u s c a t in e , D a v e n p o r t a n d
9 5 , p . 4 2 1 . $ 3 1 5 , 4 0 0 a d d i t i o n a l c o m . s t o c k i s h e l d in t r e a s u r y .
$ 4 7 8 ,1 0 0 o f
C lin to n .
P o p u la t io n s e r v e d , a p p r o x im a t e ly 1 7 7 ,0 0 0 .
R a i l w a y franchises
t h o o u t s t a n d i n g C h a t t . G a s C o . p r e f . s t o c k is o w n e d b y t h o U n i t e d L i g h t Sc
e x t e n d t o 1 9 3 0 , 1 9 3 5 a n d 1 9 5 1 ; e l e c t r i c fra nchises t o 1 9 3 5 a n d 1 9 4 3 , a n d
R a ilw a y s C o .
g a s franchises t o 1 9 2 9 , 1 9 3 3 a n d 1 9 4 3 .
B o n d s . — I n t . o n T ir s t a n d r e f . m t g . b o n d s Is p a y a b l o a t o f f i c e o f t r u s t e e
I n J a n . 1 9 1 6 t h e p r o p e r t i e s o f t h e I o w a Sc I l l i n o i s R y . a n d I o w a Sc I l l i n o i s
o r C o n t i n e n t a l Sc C o m m e r c i a l T r u s t Sc S a v i n g s B a n k . C h i c a g o .
M o r t im e r
T e r m in a l R y . c o m p a n ie s (fo r m e r ly o w n e d b y th e U n ite d L ig h t & R y s . C o .)
N .
B u c k n e r is c o - t r u s t e e .
$ 4 , 0 0 0 , 0 0 0 b o n d s ( n o t I n c l u d e d in a m o u n t o u t ­ w e r e a c q u i r o d a n d m e r g e d w i t h t h e D a v e n p o r t Sc M u s c a t i n e R y . , f o r m i n g
s t a n d i n g a b o v e ) a r o d e p o s i t e d a s s e c u r i t y f o r 6 % | n o t o s a n d $ 1 3 8 , 5 0 0 a r e In
t h e C l i n t o n D a v e n p o r t Sc M u s c a t i n e R y .
A ll o f t h e $ 1 ,0 6 3 ,0 0 0 1 st M .
trea su ry.
A d d it io n a l b o n d s m a y b o Issu ed fo r r e fu n d in g u n d e r ly in g b o n d s
b o n d s o f t h o I o w a Sc I l l i n o i s R y . o u t s t a n d i n g h a v e b e e n a c q u i r e d b y t h e
a n d fo r 7 5 % o f p a r v a lu e o f p r e fe r re d s t o c k s o f u n d e r ly in g c o m p a n ie s r e ­
T r l-O i t y R a ilw a y & L ig h t C o .
d e e m e d o r p u rch a se d . 7 5 % o f c o s t o r b e tte rm e n ts, Im p rov em en ts a n d a d d !
W a g e I n c r e a s e s .— V . 1 0 6 , p . 2 7 5 8 .
In
..........
f ' .
’ . u n d‘ e r c e r t a i n r e s t r i c t i o n s
_______
. . .“
.*
.
F a r e s .— I n S e p t . 1 9 1 8 th e I llin o is P . U . C o m m is s io n s u s p e n d e d u n t il
R e d o e m a b l o> a s a w h o l e o r iIn p a r t o n a n .y i n t . d a y a t 1 0 2 / 5 a n d I n t . o n 6 0
J a n . 2 9 1 9 1 9 a p r o p o s e d a d v a n c e in s t r e e t r a i l w a y f a r e s i n M o l i n e , E a s t
d a y s ' n o t ic e .
A d e p r e c i a t i o n f u n d o f 2 % o n a ll b o n d s o u t b e
M o li n o , R o c k I s la n d , S ilv ls a n d M il a n .
V . 107, p . 12S8.
il nn ’ 1 9 1 7 .
S e e d e s c r i p t i o n o f b o n d s in V . 1 0 2 , p . 1 8 9 8 .
C h a tta n oog a G as
STO CK A N D B O N D S—
D a te .
In terest.
Outstanding.
M a tu r ity
C o . b o n d s h a v e a s in k in g fu n d o f $ 1 5 ,0 0 0 p e r a n n u m fr o m 19 1 2 t o 1 9 2 6
........................ $ 9 , 0 0 0 , 0 0 0 J a n . T 9 . 1 %
C o m m o n $ 9 , 0 0 0 , 0 0 0 ( $ 1 0 0 ) ......................
I n c lu s iv e , o n fir s t $ 5 0 0 ,0 0 0 b o n d s a n d 2 % a d d it io n a l o n a n y fu r t h e r b o n d s
P r e f $ 3 , 0 0 0 . 0 0 0 6 % c u m ( $ 1 0 0 ) _____
8 Q -J
3 ,0 0 0 .0 0 0 A p r . T 9 . 1 /4
Issu od .
S u b je c t t o c a ll a t 105 a n d In t.
V . 84, p. 805.
$ 6 ,0 0 0 o f b o n d s
C o ll t r u s t f ir s t lio n m o r t g a g e ! 1 9 0 6
5 g A -O
7 .2 2 7 .0 0 0 A p r il 1 192 3
r e p o r t e d o u t s t a n d i n g o w n o d b y U n i t e d L i g h t Sc R a i l w a y s C o .
$ 9 ,0 0 0 ,0 0 0
s f _______ c & r t f / l n t . a t N . Y . T r u s t C o . , N . Y . , T r u s t e e .
T h e $ 1 , 5 0 0 , 0 0 0 n o t o s or 1 9 1 5 a r o s e c u r e d b y d e p o s i t o f $ 2 , 0 0 0 , 0 0 0 1 s t
1 s t Sc r e f m t g e $ 2 0 , 0 0 0 . 0 0 0 1 1 9 1 0
5 g J -J
8 ,3 2 9 .0 0 0 J u ly 1 1 9 3 0
Sc r o f . 5 s , d u e 1 9 3 2 .
T h e y a r e r e d . a t 101 a n d In t. o n 4 w e e k s ’ n o t ic e .
g o l d ____________________c * « S c r * t f / i n t . a t C e n t r a l T r u s t C o . , N . Y . , T r u s t e e .
T h e b o n d s e c u r e d n o t e s . S e r ie s “ A ” o f 1 9 1 7 , a r e s e c u r e d b y $ 2 ,3 7 5 ,0 0 0
T r i - C i t y R a i l w a y 1 s t M _____ t f 1 9 0 2
5 M -S
5 4 .0 0 0 S e p t 1 1 9 2 2
( 1 3 3 1 - 3 % ) 1st & r o f. 5 s.
S e r ie s “ B ” o f 1 9 1 8 a r o s e c u r e d b y 1 s t & r e f .
Io w a C it y L ig h t &
P ow er
1912
5 M -S
4 0 0 .0 0 0 S e p t 1 1 9 3 2
5 s in lik e r a t io .
A d d it io n a l b o n d s o f th e s e o r s u b s e q u e n t s e r ie s m a y
r e fu n d in g m o r t g a g e
( $ l ,- ( In te r e s t a t C o n tin e n ta l & C o m m ’l T r u s t &
b o c o r t i f l o d o n l y u p o n d e p o s i t o f a d d i t i o n a l 1 s t Sc r o f . 5 s i n t h o s a m o
0 0 0 , 0 0 0 ( $ 1 . 0 0 0 ) ............. c * t f l
S a v . B a n k , C h ic a g o , T r u s te e .
r a tio .
S u b s e q u e n t s e r ie s m a y n o t m a t u r o e a r lie r t h a n M a y 1 1 9 2 0 , n o r
I o w a C i t y G a s Sc E l o c t r i c 1 s t / 1 9 0 9
6 M -N
2 3 8 ,5 0 0
S ee te x t
la te r th a n N o v . 1 1 9 2 7 .
P r o c e e d s f r o m s a le o f a d d i t io n a l n o t e s m a y b e
m o r t g a g e $ 1 0 0 . 0 0 0 ............. t f l l n t . a t C h i c . T r . Sc S a v . B a n k , T r u s t e e .
u s o d fo r a d d it io n s , & c ., a n d fo r a c q u is it io n s .
N o te s o u ts ta n d in g a t a n y
Stock. — P r e f . s t o c k Is r e d e e m a b l e a t 1 2 0 a n d a c c u m . d i v s .
See V . 827
o n o tlm o n o t t o o x c e e d $ 5 ,0 0 0 ,0 0 0 .
C o . w ill p a y n o r m a l F e d e r a l I n c o m e
p . 1213.
L is te d o n M o n t r e a l. T o r o n t o a n d L o u is v ille S t o c k E x c h a n g e s .
t a x n o t In e x c e s s o f 2 % ; P a . 4 - m l I l t a x r e f u n d e d .
S c r ie s " A ” n o to s r e d .
a ll o r p a r t , a t 1 0 0 /4 a n d i n t . o n 4 w e e k ’s n o t i c e .
V . 105, p. 2185.
S e r ie s
“ B ” a r o r e d o e m a b l o , a ll o r in p a r t , o n a n y i n t e r e s t d a t o o n f o u r w e e k s ’ n o t i c o
a t 101 a n d in t . p r io r t o O c t . 1 1 9 2 0 , a t 1 0 0 /5 a n d in t . t h e r e a ft e r t o O c t . 1
1 9 2 2 , a n d th e r e a fte r a t 1 0 0 a n d in t.
V . 107, p . 605.
D e b e n t u r e s .— T h o d i r e c t o b l i g a t i o n o f t h o c o .
N o m o rtg a g e m a y b o ere
a t o d J u n i o r t o t h o 1 s t Sc r e f . M . w i t h o u t e q u a l l y s e c u r i n g t h o d o b s .
A t no
t l m o s h a ll t h e r e b o o u t s t a n d i n g d e b s , in e x c e s s o f 7 5 % o f t h o t o t a l o f 6 %
p r e f. s to c k o u ts ta n d in g .
N o f u r t h e r d e b s , m a y b e is s u e d u n le s s e a r n s ,
a v a ila b le fo r In te r e st c h a r g e s a r e 3 tim e s th e r e q u ir e m e n ts o n th e d o b .
t h e n o u t s t a n d i n g , in c l . t h o s e a p p lie d f o r a s w e ll a s t h o in t . u p o n a n y u n
le c u r o d d e b t .
T h e y a r o c a lla b le , a ll o r p a r t , u p o n 4 w e e k s ’ n o t ic e t o N o v .
1 9 2 1 a t 102 a n d I n t ., a n d t h e r e a ft e r a t 101 a n d in t .
C o n v e r t ib le u p o n 10
d a y s ’ n o t ic e fr o m N o v . 1 1 9 1 8 t o N o v . I 1 9 2 3 I n c l. In to 6 % p r e f. s t o c k
a t t h o r a to o f $ 1 ,1 2 5 p a r v a lu e f o r e a c h $ 1 ,0 0 0 p a r v a lu o d e b .
P a . 8 ta te
ta x r e fu n d e d .
V . 103, p . 2079.
M a i n t e n a n c e a n d D e p r e c i a t i o n F u n d .— T h e c o . m u s t s o t a s l d o y e a r l y n o t
le s s t h a n 1 2 / 4 % o f Its g r o s s e a r n i n g s , a n y p a r t o f w h i c h n o t a c t u a l l y o x
p o n d e d In a n y c a le n d a r y e a r f o r m a ln t ., & c . , t o b e u s e d f o r e x t e n s io n s , a d
d i t i o n s , & c ., a g a in s t w h ic h n o a d d i t io n a l b o n d s m a y b o is s u e d .




B on d s. — O f t h o $ 9 , 0 0 0 , 0 0 0 c o l l , t r u s t b o n d s . $ 1 , 6 0 0 , 0 0 0 h a v e b e e n r e t i r e d
b y s in k . fd .
S u b J . t o c a l l o n a n y i n t . d a t e a t 10.5 a n d I n t . A sin kin g fu n d
o r $ 5 0 ,0 0 0 p e r a n n . fr o m J a n . 1 l 9 0 8 t o 1 9 1 3 ; $ 1 5 0 ,0 0 0 f o r s u c c e e d in g 5 y e a r s
t h e n $ 2 5 0 ,0 0 0 p e r a n n . t o m a t u r i t y .
C o u p o n b o n d s a r e In d e n o m i n a t i o n
o f $ 1 ,0 0 0 a n d r e g i s t e r e d b o n d s In $ 1 ,0 0 0 , $ 5 , 0 0 0 o r $ 1 0 ,0 0 0 a n d m u l t i p l e s .
T h e y a re liste d o n N . Y . S t o c k E x c h a n g e .
O f t h o 1 s t Sc r e f . b o n d s , s u f ­
fic ie n t a r e r e s e r v e d fo r p r io r lie n s , a n d r e m a in d e r fo r 8 5 % o f c o s t o f a d ­
d itio n s a n d im p r o v e m e n t s . S u b je c t t o c a ll a t 105 a n d in t . o n a n y in t . d a t e .
S in k in g fu n d o f 1 / 5 % o f b o n d s o u t b e g in s F e b . 1 1 9 2 4 .
V . 9 3, p . 1465.
$ 5 , 1 2 3 , 0 0 0 o f o u t s t a n d i n g 1 s t Sc r e f . b o n d s a r e o w n e d b y U n . L t . Sc K y s . C o .
O f t h o $ 5 4 ,0 0 0 T r i C i t y R y 1 s t M . 5 s , U n it e d L ig h t & R y s C o . o w n s $ 1 3 ,0 0 0 .
O f t h e I o w a C i t y L t . Sc P o w . C o . b o n d s , $ 2 3 8 , 5 0 0 a r e r e s e r v e d t o r e t i r e
p r i o r lio n s a n d $ 3 4 4 ,5 0 0 f o r n e w c o n s t r u c t i o n a t 8 5 % o f c o s t .
A ll t h e o u t ­
s ta n d in g b o n d s a re o w n e d b y T r i-C it y R y . & L ig h t C o .
T h e Io w a C ity
G a s & E le c , b o n d s m a t u r e s e r ia lly $ 4 ,0 0 0 t o $ 9 ,0 0 0 a n n u a lly fr o m M a y 1
1 0 1 2 t o M a y 1 1 9 2 7 a n d $ 1 3 5 ,0 0 0 in 1 9 2 8 .
S u b J . t o c a ll a t 1 0 5 a n d in t .
o n a n y in t . d a t o a ft e r M a y 1 1 9 1 9 .
A d d it io n a l b o n d s m a y b e is s u e d fo r
8 0 % o f c o s t o f e x te n s io n s a n d b e t t e r m e n t s .
$ 1 , 5 0 0 o w n e d b y U n . L t . Sc
R ys C o.

52




ELECTRIC RAILWAYS

[Vo l . 108.

m a r .,

1919.1

Dividends.— First dlv. on pref.. 114%. paid July 1906. and 1H % Quar.
since to and Including Apr. 1919. A dividend of 1 % was paid on the com
mon stock Jan. 1 1916 (practically all of this stock Is owned by United Light
Sc lty. Co. and provlous disbursements wore not made public), and quar.
to and Inch Apr. 1918. In Jan. 1919 1% was paid.
ItO AD.— Operates over 170 miles of standard-gauge track, connecting the
cities of Clinton and Davenport, Iowa, and Bock Island, Moline and East
Moline, III.; Including an extension to Muscatine placed In operation Id
1912 and city Hues In Muscatine. 80-lb. girder anil 60 to 76-lb. T rail.
OFFICERS.— Pres., B. J. Denman, Davenport; V.-P., Richard Schaddelee. Grand Rapids; V.-P., II. R. Toboy, N. Y.; Sec., II. E. Weeks; Treas.,
Frank T . Hulswit.—-V. 106, p. 2758; V. 107, p. 1288; V. 108, p. 78.

(3) Cedar Rapids & Marlon City Ry.
ORGANIZATION.— Incorp. May 1891 In Iowa. Franchise In Cedar
Rapids expires 1941 and Indeterminate on Interurban. The United Lt.
*
btedC° ‘ ° WnS 5 5 8 4 ,8 0 1 8tock’ $ 1 8 4 -0 0 0 bonds and $380 certificates of
*n ^VirMv—A t a city election of Cedar Rapids held on Dec. 17 1919 the co.
was auth. to increase fares to 6 cents.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
First*mtg^°$250 ? 0 $0 °(5 h 0 0 6 ) f ' 1891 _5 X - j '" '"
*1843)00 Juiy‘ i*193i
c .ntf lint, at Amer. Tr. C o., Boston. Trustee.
Certificates of indebtedness................................
. 16,528 Sept 1 1919
Bonds.— Of remaining bonds. $20,000 are In treasury and $40,000 are
held In sink. fund.
ROAD.— Owns and operates road 28.90 miles in length, extending from
Cedar Rapids, Iowa, to Marion; second track, 2.28: sidings. 3.17; total of
all. 28.90 miles. Ralls, 45, 60 and 80-lb. T.

STOCK.— Additional pref. sharos only to be Issued when net earnings for
12 mos. ending not more than 180 days prior to date of issue shall have bee*
144 times amount necessary to pay dlv. on shares out and applied for.
Divs. on pref. are 5% to Nov. 1 1914, Incl.; 544% to N ov. 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.
^Dividends.— On pref., 1912 to 1914. 5% per annum. In 1915 and 1916.
544%. Feb. 1917 div. passed. On common a dlv, of 44% was paid
Oct. 15 1913.
Ex_
mt
Nolg p re, DiV' Balance
EARNINGS.
Gross
Year ending— Income. penses. Income. Interest. (5 44%). Deficit.
$3,543
$2,886
$16,530
$9,688 S i) 133
Doc. 31 1917___ $6,428
32,277
13,963
6,476
38,753
Dec. 31 1916__ 20,439
43,516
. . . 7,216
____
11,979 def4,763
--------38,753
June 30 1916--Combined Earnings of Subsidiary Companies.
Year ending— Gross.
Net. Int. ATaxes. Pf.Div Com Div. Surplus.
Dec. 31 1917-S5S7.056 $135,124 $125,892 $9,450 None
def.$218
Dec. 31 1916. 548,359
149,122
116.028 16,200 14.396
2.498
June 30 1916. 529,484
148,676
116,508 16.200
3.747
12.221
OFFICERS.— Sec. & Treas.. D .P . Abercrombie Jr.; Greenfield, M ass.—
V. 97. p. 365, 951; V, 100, p. 1168.
V. 104. p. 1702 V. 106. p. 2011.
(1) C o n n e c tic u t V alley S tre e t R y ,— T rolley. The Masa. Consol.
Rys. owns 4,996 shares of the common stock.
____
ORGANIZATION.— Incorporated In 1899. Commenced Jan. 22 1900.
Is a consolidation on April 1 1905 of the Northampton Sc Amherst Street
Ry., the Greenfield Sc Turner's Falls Street Ry. and the Greenfield Deerfield
Sc Northampton Street R y.. as per plan In V. 80, p. 1111.
„
In May 1915 the Governor of Mass, signed a bill authorizing the Northern
Mass. St. Ry. to absorb the company by consolidation or purchase

(4) Mason City & Clear Lake Railroad Co.—A trolley road.

In Feb. 1913 the United Light & Itys. 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 betweon the two cities, 18.6 m. Handles all
freight coming over Minn. Sc St. Louis, Chic. R. I. Sc Pac., Chicago & North
—
"hie. Great West, railways between Mason City and Clear Lake.
West,
and‘ Oh
Franchises run until Oct. 31 1935.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
$400,000 ...................
Stock $1,000.000--.............................
316,000
June 1 1932
6
-b "
General mortgage $2,500.0001 1912
_ „g J
---.
gold ($1.000)_______ c*tf I Int. at First Tr. Sc Sav. Bk.. Chic., Trustoo.
Bonds.— Remaining bonds are for extensions and betterments at 75% of
cost, providing annual net earnings are l Si 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 betterment?
or for purchase of bonds. $8,500 of outstanding bonds owned by U. L. Rys
Co. V. 94, p. 1764.
_______
G R E E N B A Y , W IS.
WISCONSIN SECURITIES CO.— A holding company.
ORGANIZATION.— Incorp. In Wisconsin on Dec 12 1911 and Is pure­
ly a financing company (V. 94, p. 632). Controls Wisconsin Pub. Serv.
Co. Also owns the $150,000 outstanding common stock of the Sheboygan
Gas Light Co. (V. 100. p. 738) and a largo Interest in the Wisconsin R y.,
Lt. & Pow. Co., which see under "La Crosso, W is." In Dec. 1916 acquired
all tho stock of tho Manitowoc (Wis.) & Northern Traction Co., operating
an electric railway between Manitowoc and Two Rivers, about 10 miles.
V. 104, p. 75. Also owns the Calumet Service Co. o f Chilton, Wis., and
controls tho Marine Securities Co., which owns the Baltimore (Md.)
Dry Dock Sc Ship Building Co. V. 107, p. 503.
In July 1918 Issued $500,000 5-year 6 % secured,notes to partially reim­
burse tho company for money Invested In tho stock of tho Marino Securities
Co., additions, extensions, Improvements, &c. V. 107, p. 503,
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, S2.000.000 ............ .......................................$1,690,000
......
.
Notes $500,000 ($100, $5001 1918
6 J-J
500,000 July 1 1923
and $1,000)__________c.tf/W isconsin Trust Co., trustee.
Sheboygan Oas Light Co.—
_
„
,
Common. $250,000.............. ($150,000 out— All owned by Wise. Secur. Co.)
First mortgage $250,000 gold 1 1901
5 g J-J
250.000 July 11931
($1,000 Sc $500)______c ’ tf flnt. at Union Trust C o.. Detroit, Trustee.
Notes.— Tho notes are secured by pledgo of $105,000 Wise. P. S. Co.
1st Sc rof. 5s, $60,000 Shoboygan Gas Light Co. notes, $150,000 Marine
Sec. Co. 7% prof, stock, $7,000 Green Bay Gas & Elec. Co. 5% bonds and
$48,000 U. S. 2d Liberty Loan 4s. Callable on any Int. date on 40 days’
notice at 101 and int. up to and incl. July 1 1919; 103 and tnt. to July 1 1920;
102 and int. to July 1 1921; 101 and int. to July l 1922, and 100 and int.
thereafter. V. 107, p. 503.
OFFICERS.— Pres., Clement C. Smith; V.-Ps., Oliver C. Fuller and
Ludlngton Patton; Sec. Sc Treas., Howard Greene; Asst. Sec.-Troas., II. O.
M ackay— V. 94, p. 632; V. 100, p. 1924; V. 104, p. 75; V. 107, p. 503.
(1) W isconsin Public Service Co.
ORGANIZATION.— lucorp. In Wisconsin In Jan. 1912 as reorganization
and merger of the Green Bay Tract. Co. and Northern Ilydro Klec. C o.
Owns and operates entire city and Interurban railway system (oxcept about
1.86 m. of track) centering atGreon Bay. and furnishes gas, electric light and
power to Green Bay and suburbs. On Jan. I 1914 the entire property of
the Green Bay Gas Sc Electric Co. and tho Mlnahan Electric Co. was pur­
chased. For particulars of Green Bay Gas Sc El. C o., see V. 82. p. 573, 631,
and V. 8 6 . p. 172. Street railway franchise Is perpetual and exclusive.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Common. $1,000,000 ($100).....................................$1,000,000 ................... .
Pref. $600.000 8 % cum ($ 1 0 0 )...............- .............
600.000 ..................
1st mtge. Sc rof. $15,000,0001 1912
5 g J-J
2.438,000 Jau. 11942
gold ($1.000)________ c "tf Jlnt. at Wisconsin T r. C o., Milwaukee, trus.
Green Bay G Sc B 1st & ref M \ 1905
5 g M-N
437.000 May 1 1935
$750,000. g ($1.000)----- c* lln t. at Wisconsin T r. C o., Milwaukee, trus
Bonds.— Wise. Pub. Serv. bonds are subj. to call on any Int. day at 105
and Int. Remaining bonds are for acquisitions and to retire underlying
bonds under certain restrictions. See V. 9 4, p. 1697. Sinking fund of 2%
on bonds outstanding began In 1917. Tho Green Bay Gas Sc Electric
bouds are subject to call at 105 until 1924; thereafter at par; $57,000 have
been paid and canceled. $228,000 are pledged as additional security under
the wise. P. S. Co. 1st M . Sc ref. bonds.
EARNINGS.— Of combined properties for 12 mos. ending June 30:
Year—
dross. Netlaft.tax.) Oth.Inc. Bd.,Ac.,Inl. Skg.Fd. Surplus
1917-18..............$646,260 $204,120 $7,344 $158,546 $18,760 $4,159
1916-17.............. 558.418
254,839 6,153
156,407 24,380
80,205
ROAD, &c.— Owns and operates all linos In the city of Green Bay; also
a lino from Oroon Bay to East Do Pore, and branch to Duck Creek and a
lino from Green Bay to Wost Do Pore, Little Rapids, Wrightstown and
Kaukauna; total, 43-01 miles of track. 70 and 85-lb. “ T ” and girder rail;
23 motor cars; 4 trailers. Gas meters, 4,070: electric meters, 4,125.
O F F IC E R S — Pros., Clomont O. Smith, Milwaukee; V.-Ps., O. R. Phen.cio. Green Bay, and J. P. Pulliam, Milwaukee; Sec. Sc Treas., Howard
Groeno, Milwaukee; Gen. Mgr., J. P. Pulliam, Milwaukee.— V. 94, p. 1697.
G R E E N F IE L D , M ASS.
MASSACHUSETTS CONSOLIDATED RAILW AYS.
ORGANIZATION.— Organized In Boston on Nov. 16 1911 as the Massn
chusetts Northern Rys. In May 1913 name was changed to the Massau
Chusetts Consolidated Railways. Is a voluntary association managed by
a board of seven trustees. V. 93, p. 1462, 1599. 1787. Controls through
«tock ownership the following companies:
Concord Maynard <Sc Hudson St. Ry. IMillers River Street Ry. (proposed).
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 provldod. Rights of wav havo been partly secured on tho proposed line
from Orange to Millers Falls.
Shares—
Outstanding. Last Die.
See text
Common $1,640,300 ($100)...................................... $1,619,900
Pref $1,100,000 ($100) cum (see text) Q-F...............
704,600
See text.




53

ELECTRIC RAILWAYS

1671;

V ‘Ra(es.Li183 sept. 1918 filed with the Mass. P. S. Comm, a tariff, effective
Nov. 4 1918, under which the system was divided into 47 zones, each
approximating 1 mile long, the rate of fare to be 3 cents in each zone, with
a 6 -ccnt minimum charge. V. 107, p. 1099. In Oct. 1918 filed with the
Mass. P. S. Comm, a local and joint class freight rate and minimum tariff
increasing rates by about 25%.
,
Outstanding. Maturi y.
STOCK AND BONDS—
Dale.
Interest.
$500,000 Dec ’ 16. 1%
Stock, com. $500,000 ($100)....................... ..........
120.000
See text,
Prof,$ 120.000(6% cum) ($ 1 0 0 )-----M-S
120.000 Sept. 1 1920
Connecticut Valley St Ry 1st/ 1900
5 g M-S
120,000
mort gold ($1,000)..c*..ntf l Int. at Old Colony Trust C o.. Boston, Trust.
Northam & Amh 1st m tge,/ 1900
5 g M-S
180,000 Sept. 1 1920
$180,000 g ($ 1 .0 0 0 )..c..ntf l Int. at Old Colony Trust C o., Boston. Trust.
Greenfield Deerfield & North j 1903
5 g J-J
150.000 July 1 1923
first mort, $150,000, gold/ Int. at Mercantile Trust C o ., Boston. Trust.
$1,000 and $500)..c * ..n tf INo sinking fund and bonds cannot be called
Green&TurnFallsconsm$130,-/1903
5 g J-D
130,000 June 11923
000 g ($500. SI.000) c*.ntflInterest at Beacon Trust Co.. Boston. Trus.
Notes payable Dec. 31 1917--------------------300.000 - - - - - - - - Bonds.— The Northampton Sc Amherst bonds are subject to call at lOo
on 4 weeks’ notice, as are the bonds of the Connecticut Valley Street Ry.
The $120,000 Connecticut Valley bonds were Issued under the first mtge. of
the Northamp. A Amh. St. Ry., which was originally drawn for $300,000.
Dividends.—On pref., 3% seml-ann. since Sept. 1910 to and incl. March
1918 (paid May 1 1918). On com ., in 1906 (year end. Sept. 30), 2% : in
1907, 2% ; in 1912, 1%; in 1913. 244%: In 1914, 3 % . In 1915. Feb.. >A%
May. M%\ Aug.. H % . In Dec. 1916. 1% .
_.
0/v
EARNINGS.— For calendar year 1916 and years ending June 30.
Year—
Gross.
Net. Int. ATaxes. Pref.Div. Com.Div. Surplus.
1916...................$240,320
$64,171
$46,233 $7,200
$4,996 $5,742
1915-16............ 235,619
62,820
47,972
7.200
3,747
3.901
1914-15............ 242,633
77,515
51,733
7.200
14,988
3,594
Latest Earnings.— For cal. year 1917, gross, $252,569; net, after taxes,
* 4 ROAD.— Owns and operates 47.054 miles of track between Miller’s Falls
Turmer's Falls, Greenfield, Northampton and Amherst. 41 passenger
cars. 2 snow-plows, 5 other cars and 131 electric motors.
OFFICERS.— Pres.. O. W. Hazelton: V.-P. & Gen. M gr., D. P. Aber­
crombie Jr.; Treas., II. A. Crane; Supt., J. A. Taggart.— V. 97, p. 298;
V. 98, p. 1392; V. 100, p. 1167; V. 106, p. 2010; V. 107, p. 1099.
(2)
Northern M assachusetts Street Ry.— The Massachusetts Consol.
Rys. owns all the common stock ($350,000).
.
._ , .
ORGANIZATION.— Incorp. In Mass, on July 1 1894 as the Athol Sc
Orange Street Ry. Name changed to above on May 1 1913. In Jan. 1913
purchased the property and franchises of the Templeton Street Ry. and on
Mar. 1 1913 absorbed the Gardner Westminster Sc Fitchburg Street Ry.
As a result of these acquisitions, stock was increased from $74,500, all of
one class, to $500,000. of which $150,000 is 6 % cum. pref. stock.
The Governor of Mass, in May 1915 signed a bill authorizing the com ­
pany to absorb the Connecticut Valley St. Ry. by consolidation or purChRa1es.— In°May 1918 was auth. by the Mass. P. S. Comm, to eliminate
the 5 -cent faro limit and to adopt zones o f about 1 mile in length with a fare
of 5 cents for the first 3 zones or fraction thereof and 2 cents for each addi­
tional zone. V. 106, p. 2011. In Oct. 1918 filed with the Mass. P. S.
Comm, a local and joint class freight rate and minimum tariff, increasing
rates by about 25%. V. 107, p. 1482.
Outstanding. Maturity.
STOCKS AND BONDS— Date.
Interest.
$350,000 In'l4-*15.2K
Common $ 3 5 0 . 0 0 0 - . . - . - . - . . -----------150.000
See text
Pref 6 % cum $150,000.......................
Q-F
315.000 tMay
1943
1st & ref M $500,000 ($1,000 / 1913
5 g M -N
- -1 -red'l on 4H % Int bas .c * tf lin t, at American Trust C o., Boston, Trustee.
Gard
Ac Fitchburg lsti
lst/_ 1900
_ J85.000
ard Westm S
5 F-A
185,000 Feb 1 1920
Trustee.
mtge ($1,000) goId-_c*ntflInt. at Old Colony Tr. C o.. Boston, T
Notes
_-------------______
_ _ _ _ _ ---------300,000
fotes p&y&blo_
payable Dec. 31 1917.. __
Bonds.— Of the” $5003)00 1st & ref. bonds, $185,000 are reserved to
retire an equivalent amount of underlying bonds. No sinking fund.
Dividends.— The Aug. 1917 div. of 1H % on the pref. stock was deferred.
Nono since.
„
.
Com. Balance,
Int. A
Pref.
Year
Gross
Net
Divs. Deficit.
Taxes.
Divs.
endino— Earnings. Earnings.
Dec. 31 1916............$226,356 $60,517 $54,233 $9,000 ........... $2,716
371
9.000 ...........
52.137
June 30 1916........... 216,510
60,766
9,964
9.000 $8,750
June 30 1915........... 201,494
59.925 52,139
..
Latest Earnings.— For cal. year 1917, gross, $236,423; net, after taxes,
«39 gai
ROAD.— 47.7 miles of track.— V. 106, p. 2011; V. 107, p. 1482.
(3) C oncord Maynard & Hudson Street R y,— A trolley road. The
Mass. Consol. Rys. owns 2,319 shares of the stock.
__
ORGANIZATION.—Organized in Massachusetts Mar. 27 1901. A c­
quired Concord Sc Clinton St. Ry. Feb. 1 1902. On Aug. 25 1911 acquired
Lowell Acton Sc Maynard St. Ry. V. 93, p. 1786. Franchises perpetual.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $235,000 ($ 1 0 0 )---.........................................
$235,000 See earnings
1st mortgage $250,000 g o ld ..? 1902
5 g J-J
2 3 0 ,0 0 0 July
1922
($1.000)__________c&rntf\Int. at Amer. Trust C o., Boston, Trustee.
Notes payable Dec. 31 1917...................................85,000 - - - - - - - - - ROAD.— Owns 19 miles of track between Concord, Maynard, Acton,
Stow and Hudson. At Concord connects with Lexington & Boston, and
at Hudson with Worcester Consol, and Boston Sc Worcester.
Year ending—
Gross.
Net.
Int. ATaxes. Dividends. Surplus.
Dec. 31 1916............. $81,683
$24,434
$15,562
$9,400 def.$528
25.090
16,399
----8.691
June 30 1916 ............. 77.354
June 30 1915--.......... 76,517
26,759
17,315
9,400
_ 44
iMtesl Earnings.—Cal. year 1917, gross, $78,596; net, after taxes, $4,769.
(4) Millers River Street Ry.
,
Rights of way have been partly secured on this company s proposed line
between Millers Falls and Orange.
G R E E N S B O R O , N. C.
NORTH CAROLINA PUBLIC SERVICE CO.
D .
.
ORGANIZATION.— Chartered In North Carolina In 1909; Purchased
the Greensboro Elec. Co. and Greensboro Gas Co., the electric light plant
of the High Point Elec. Power Co. and the street railway system in High
Point. In 1913 built gas plant and distributing system In High Point.
In 1911 acquired majority or the stock of Salisbury Sc Spencer Ry. Co.,
whlch company lt also leases for 50 years. V. 93, p. 1324. Does entire gas,
electrlc-ligni and power and street railway business of Greensboro (and Its
suburbs of Proximity, Revolution. White Oak and Pomona). Salisbury,
Spencer, East Spencer and High Point and street railway business of
Concord. In 1910 franchises had the following number of years to run:
Greensboro, 28 years; High Point, 59 years; Salisbury, Spencer, East Spen­
cer and Concord, 60 years; also has a 30-year franchise in Guilford County
and township.

ELECTRIC RAILWAYS

54

- J % ! ? n fLeJ i.in S to c k — Shareholders on May 15 1917 voted to reduce the
§3,322,900 common stock to 81.500,000 by the exchange, pro rata, of
8500,000 nref. stock authorized for the purpose, said pref. stock to boar
4% dLv:.fi?e first y?ar' 5 % the second year and 0 % thereafter. Iloldors
or each 100 shares of existing stock received In exchange 15 shares (plus frac­
tion) of new pref. and 45 shares (plus fraction) or common stock. As of
Mar. 1 1919 about 95% o f the stock had been exchanged. This action will
result In considerable saving In Stato and Federal taxes.
Rale In crea ses. — Has been authorized by the Commissioners In tho City of
Greensboro to abolish all reduced-rate tickets and establish a straight 5-cent
fa,re I he N. C. Corp. Comm. auth. the co. to increase faros to 7 cents
with 4 tickets for 25 cents, effective Dec. 1918, and to increase its charge
for gas in Greensboro 25c. per 1,000 cu. ft. V. 108, p. 269.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Common $1,500,000 (8100).....................................
See text
Preferred 81.000,000 (8100)_______
See text
See text ....................
QT^ o s b El Oo 1 st m goldf 1902 5 g A-O
8170.600 Apr'llV 1932
(8500 & $ l,0 0 0 ) -_ -.- .c t f jln t. at Eqult. Tr. C o., N. Y .. trustee.
G‘u 1 « n n l t C.°,
,mP t .l 1 9 ° 6
6 g A-O
30,500 June 1930
M (8500 & 81.000)------ctf/In t. at Bankers' Tr. Co., N. Y .. trustee.
F 1£?/A ref ? 1.-*?.-500-000a00’) 1 9 0 9
5 A-O
2.126,900 Apr 1 1934
o
*1.000 - c**r* tflln t. at Equitable Trust C o., N. Y ., trustee.
8 al,?bn^ ^ n
I ff M Soldi 1905
5 g M-N
831.000 May 1 1945
81.000,000 (81.000)._c*tf(In t. at Mich. Trust C o., Grand Rapld 3 .
_ .
4. , , ,
, l trustee, or Equitable Trust C o., N. Y.
Bonds.— Of the 1st & ref. mtge., 8201.000 aro reserved to retire like
amount of mortgago bonds o f Greonsboro Elec. Co. and S I.172,100 aro re
served for future impts. and acquisitions under proper limitations. V. 8 8 .
V. 104. p. 2343; $17,500 canceled for account of sinking fund,
$193,000 hold in treasury and $17,500 in sk. fd. Subj. to call on any
Int. date at lOo and int. Sinking fund of 1% per annum o f gross Income,
July 1915 jjo 1919: 1H % July 1920-1924, and 2% 1925 to maturity. Tho
remaining $108,000 Salisbury & Spencer Ity. bonds aro reserved for future
extensions and impts. $61,000 aro hold in treasury.
Aro guar., p. & i.
by the North Carolina Public Service Co. Redeemable at 105 and int
on 6 months notice.
EARNINGS.— For year ending March 31 (1918 report in V. 107 p. 398):
Y ear

G ross.

N et. a ft. T a x.

Interest.

B a l.,S u r.

} 9}7 -1 8 .................................5041.270
8267,574
$168,492
$99,082
1916-17............ . - 080.492
241,382
159,507
81.875
3 936 8°2f' hi m (M 7 dUrng yeaX end ns March 3 1 1918>3,818,623. against
LATEST EARNINGS.— For years ending Doc. 31:
Calendar Y ea r —
-1 9 1 8 .................................

G ross.

N et after T axes.

Interest.

B a l., Snrp.

§703,982
§286,869
S169.810
$117,059
-------Y,- .. 025,451
2b0,300
162,492
97.808
ROAD.— Owns 27.41 miles o f track. 60 and 70-lb. T and 90-lb. girder
rails. Standard gaugo. 39 cars, 15 new “ Safety Ono M an” cars were
installed in 1917. Connecting extensions between tho various cities
are proposed. Electric plants capacity 2,800 horse power (also purchases
power trom Southern Power Co.); 160 miles transmission lines. Gas plants
^a 9 aeity 820,000 cu. ft. per day. 6 8 miles of mains; electric light customers,
5,232: power, 340: gas, 3,849; total, 9,421.
OFFICERS.— Pres., C . B. Hole; V .-l’ ., Wescott Roberson; Sec. & Treas.:
. H. Hole Jr.; Gen. M gr., R. J. Hole.— V. 107, p. 398; V. 108, p. 269.

G U L F P O R T ^ M IS S .
GULFPORT & MISSISSIPPI COAST TRACTION CO.
. . ? nn
AT
~Incorporated in Mississippi in 1905. Purchased
t .SJL0? Electric Ry. & Power Co. and the Gulfport Development Co.
In 1907 Increased auth. stock from SI.000,000 to $2,000,000.
>3— Date.
Interest. Outstanding.
Maturity.
$1.000 0 0 0
'
Stock $2,000,000 ($ 1 0 0 ) .........................................
1st ^
S 1 .0 0 0 .0 0 0 gold/ 1905
6 g A-O
1 ,000,000 Sept'30 1935
(81,000) - - - - - - - .........t flln t . at Hibernia Uk. & Tr. C o., N . Orl., Trus
2d M gold ($1.000)-----ctfl 1907
6 g J-J
692.000 July 11932
mi in „
.
I Hibernia Bank & Trust Co., Trustee.
BII. El. Ry. & P. 1st m tge.(g ./ 1003
6 g J-J
140 400 Jan 1 1Q24
(3100. 8500 & 8 1.000)---- t flln t . at Hibernia B k .& Tr C o., Now Orleans
Interost coupon d e b e n t u r e s .-/-----6 A-O
130,200 April 1 1927
,, .
,
.
(lut. at First Nat. Bank, Gulfport.
wndJ.
' bonds of 1905 are subject to call on Oct. 1 in any year at
105: no sink/.,* lund. Interest on 2d inort. is payablo at First Nat. Bank.
Gulfport, bonds have no s. f. and aro not subject to call. The Biloxi
w in J V '
* , ower bonds are subject to call at 106 and Interest,
ern ^ M ‘NrC,S'T l 1r0o^^e;}r endln" Juno 30 1918, grass, $283,361; not,
$269^736 H'ot^’ slo d ’ItJT’ ’ *nt-’ ®98,9*3’ deficit, $54,549. In 1917, gross,
,
1 — Gaerates 13 miles of track from Gulfport to Biloxi and 11 miles
10 I *** Christian; also 6 miles of track In Biloxi; total. 30 m.
OFFICERS.— Pros., W . r . Stewart; V.-l*., Jas. Van Olooster; Sec., J. O
Simpson; Treas. P A Stllwell; Gou. M gr., \V. F. Gorenflo, all of Gulfport.
— \ . {(•>, p. 95; V . 105, p. 290.

[Vol . 108.

EARN ING S.— For yoars ending Doc. 31:
^ fo ss.

N et.

Deductions.

Surplus.

} 9 }J .......................................$ 9 9 4 -7 1 1
$246,688
$184,766
$61,922
} 91« .........................- ........... .539-S05
224,556
165,819
58.737
------442.958
186,438
132.581
53,857
Operates street railways In cities of Hagerstown and Frederick*
M d.. and an lnterurban railway extending from Frederick to Hagerstown,
oh ii®^t6 ns»°ns from Frederick to Thurmout. M d.. also from Hagerstown to
Shady Grove, P a.. and with branch lines to Boonsboro and to Jefferson. M d.
Mileage operated aggregates 91.5 miles. The controlled Chambersburg
Greencastle & Waynesboro Street Ry. operates 31 miles oC track from Blue
a i i " n Si,imnlAt V1 Chambersburg. Tho extension from Chamborshurg to
Red Bridge Park was leased to the Chambersburg & Shippenburg liy. of
Charabersburv, Pa.
OFFICERS.— Pras., Emory L. Coblcntz, Frederick, M d.; V.-Ps., Henry
Holzapfer, Hagerstown, and F. Howard Warfield, Baltimore; Sec., M . P
Moller, Hagerstova; Treas., Thomas H. Haller, Frederick; Gen. Mgr

S . t f i n i j . W ' 1v' t0‘-'• "*•1S63-2010: v-

»•" * •

M (!,) £ h‘?,'?l^er2bu.r,s Greencastle & W aynesboro Street Rv — On
r l ' * Va
Ua«-;’st0'vn * Frederick Ry. acquired control.
OltGAN 1ZA I ION.— incorporated in Pennsylvania on June 17 1901; also
owns a turnnlke road, 4:. miles, capital, $100,000. and an electric-light
plant, capital, $30,000.
STOCK AND BONDS— Date.
Interest.
Outstanding.
Maturity.
Common 8100,000__________ ___ _________ ___
«300 000
Preferred 8300.000 n o n -c u m ..___
..
300 000
^ 1r/U!,A1?.0 r
t r?,?.0 0 0 0 0 sold/, 1 90 3 5 g J - i
300.000 J u lyT l'9 3 3
(8 100 and $ 5 0 0 )..-.
c»tf I Interest at Ohambersburg Trust Co., Trt.utee
Seen11,1 mortgage $300,000/ 1907 5 g A-O
299.500 Oct l 1937
( $ 1 0 0 and So00) gold
c U fjln t. at Chambersburg Trust Go., Trustee.
sl rtif 'J^fm 5 1 , 0 0 0 *0 0 0 ($100/ 191° 6 A-O
193.900 Apr 1 1940
rt.ai) $500).--------------.. . . t f l l n t . at Ohainbersburg Trust Co., Trustee.
fiun's,— First ratgo. bonds nave no sink. fd. and are not subj. to call.
2d mtge. bonds are subj. to call on any Int. period at 105. No sink. fund.
Remaining 1st ref. bonds are reserved to take up underlying bonds and for
extensions and improvements.
EARNING S.— Years euding Dec. 31:
, n ) .w r

Gross.

Net.

Charges

Surp'us.

} 9 7 ...........................................S ( 9 9 'S3 9

$90,458
$55,794
$34,664
............. 130.382
79,563
45,067
31.501
ROAD.— See Hagerstown * Frederick Ry. above.
OFFICERS.— Pros.. Emery L. Coblcntz; V.-P., W. L. Mlnlck; Sec*
P - N. Benedict; Treas., J. P. Shank; Asst. Treas. * Div. M gr., R. D
23e6;°V: 9 T p . ^ - V Mlb5A p P308°8!r: Gen‘ AUd- U' E> T ° Wn‘

V ‘ 90• p‘

H AM PTO N , VA.
N E W P O R T NE V VS & H A M P T O N

R Y .. G A S & E L E C T R IC C O .

Allen & I eck, Inc., of Syracuso. acqulrod control of the common stock
in June 1910 at $30 per share.
About 10,500 shares of tho common stock
have been placed In a voting trust for 5 years (to 1921). Voting trusteos
are; Moroau Ddano. New York; B. Howell Griswold Jr., Baltimore, and
O. Loomis Allan. Syracuse.
ORGANIZATION.— This company was organized In 1911 as tho consolldation of the Newp. News & Old Pt. Ry. & Elec. C o., Citizens’ Ry. Light
* 1 ower C o.. Hampton Roads Traction C o., Newport Nows Gas Co. and
the Hampton Phoebus & Fort Monroe Gas Corporation and provides rail*
way, gat and eleetrfc light and power facilities for the Virginia Peninsula.
Franchises.— For electric light and power, perpetual; for street railways,
practically none sxplres beforo 1944. Gas franchises In Newport News are
PS^6 ?tVal;,sub^ t 10
of Purchase of property by city (for 6 months in
1927): In Hampton, gas franchise expires In 1936. lnterurban llnosl argoly
on private right of way.
& Langley Field Ry. was Incorp. In Virginia In Fob. 1917
with $25,000 capital (Increased in Oct. 1917 to $100,000, to build a line

3.1 miles long between tho points named. T he lino will bo built and opera­
ted under traffic agreement by the Newport News & Hampton R y., Gas *
Electric Co.

In August 1917 tho authorized capital stock was Increased from $1,125 00°,
* 1 •250.000 6 % cum. pror. stock to $2 ,0 0 0 ,0 0 0 common
and $2 000,000 7% cum. p-of. stock. In Dec. 1917 tho $1,000,000 6 %
pref. stock outstanding was exchanged for $850,000 7 % pref and $150,000
com. stock. Tho pref. stockholders have agreed to take $250,000 addltlonal pref. stock at par, to be issued for coast ruction requirements, $6,900
of this stock had been issued to Dec. 8 1917. V. 105, p 2272.
STOCK AND BONDS— Dale
Interest. Outstanding
Maturity
Common $2.000,000---------------------------$1.275 000 Mav ’ 17 5 %
Preferred $2,000,000 7% cum...............................
856 900 See text
!st * ref M p fiOO.000« ($1001 19!4
5 g J-J
3.734.000 Jan 1 1944
$500 & 81 .0 0 0 )-....-C *.tf/M a ryla n d Trust Co. of Baltimore, Trustoo.
Newport News & Old Pt.Ru. c% El.—
F,^ V S n ^ gagZ?J9 0 0 ’ 0 0 0 g*o‘<l ( . 1 8 9 8
5 g M -N
900,000 Nov 1 1938
($1,000 each)
c « t f lInterest at Alex. B row n* Sons, Balt.. M d.
H A G E R S T O W N , MD.
Go,lie.r^ tg8 , 4 -0 0 0 ' 0 0 0 8 old/ 1901
5 g M-S
44.000 Mar 11941
(SI .0 0 0 each)__________ c* ’Int.
" at' Alex,
‘’
~
- ~
B row n*
Sons, -Baltimore, M d.
THE HA OER ST OW N & FREDERICK R Y. CO.
or at company s agency In Now York.
First mtge Citizens’ Ry L & P 1900
5 g M -N
69,000 M ay 1 1940
OR GAN IZA TI ON .-—Incorp. Apr. 7 1913 In Maryland as a consollda$800,000 ($ 1 ,0 0 0 ) g o ld ..c*
t on of the Frederick R R .. Frederick Gas & El. C o.. Myorsvllle & CatocMaryland Trust C o., Baltimore, Trustee.
Guaranteed
prln ...
& Int
----- -—
Interest at AIox. Brown & Sons, Baltimore.
H,n Ry.., Hageratown Ry., Hagerstown & Boonsboro RR ., Hagerstown &
Myersyillo R R .. Hagerstown A Northern RR. and Frederick & Hagerstown Hampton Road* Trac l»t M . . 1905
4 H J-J
68,000 Jan 1 1930
the flrat and raf. bonds, $1,081,000 aro reserved for prior liens
» Z 0rr , ^ V7. 9iV»p ' 917’ l T22t n, l a 1 9 1 Purchased properties of the Frostburg Ilium. & Mfg. Co. In 1916 acquired control of tho Potomac Lt. & m above $3,000 arei In treasury and the remaining $2,682,000 are for Impts.
Pow. Co., Martlnsburg W. Va. (V. 104. p. 163.) Franchises are per­ ® exta. Bonds subj. to call at 105 * Int. on any Int. day upon one month’s
petual or extend at least lo years beyond life of bonds.
4
notice. Int. payable at Alexander Brown & Sons. Baltimore, or company’s
° n Nov. 30 1917 acquired control of the Chambersburg Greencastle & agency In N. Y. The Maryland Tr. C o., Balt., Is trustee of both the rirst
Waynesboro Street Ry. C o., which see below, and issued $300,000 collateral and general mortgages of the Newport Nows & Old Point Railway A
Electric. The Newport Nows & Old Polut bonds of 1898 aro subject to
trust 5% gold notes in connection therewith. V. 105, p. 2365.
afc 110 on any Interest day at 60 days notice. Tho Citizens’ Railway
On May 7 1917 the shareholders unanimously approved tho plan preLight &_ Power Co. bonds aro subject to call at 110 on nny interest day on
n^?JveiL bJitlo12 rVnnkn,i^ rustees pi‘£‘,v ldi?P ^ for tho retirement of tho then 60
days notice. Remaining Newport Nows & Old Point Rv. * El. gen.
existing 31.225,000 5% convertible adjustment bonds, $635,000 7 % cum.
prof, stockand $2,000 000 com. stock; (o) Issuance in lion thoreof of $600,000 M . 5s, Citizens Ry. L. & P. lst M . 5s and Hampton Roads True. 1st M.
are deposited under the Newport News * Hampton R y., Gas & Elec
10-year 6 % notes, $842,500 6 % cum. prof, and $1,512,950 now com. stock. 4
Tho voting trust, Frank A. Iuirst, Henry Holzapcl and William H. McCar- let cc rof. M .
— d 1 ts- havo been paid regularly on prof, stock. A div. of
cleli trustees, was to bo di^olved. Tliis plan was consummated on May 9
7‘ .E,ar*y in 1918 Issued $228,000 1st & Ref. M . bonds which have been 3 ^??>xThTtr??Z?nn<?? 8tock was Paid July 1 1916; In 1917, M ay, 5% .
EARNINGS.— For year ending Doc. 31:
pledged for construction purposes.
Calendar
Gross
NctXafter
Other
Fares.— In July 1918 increased zono fares from 5 to 7 cents.
Interest,
Balance.
.Y e a r —
Earnings.
Taxes).
Income
Rents, ftc.
Surplus.
1917 .............$1,357,308
$510,284
$2,917
$255,918
*$287,284
C o n T S 2 ^ N0 0 , 0 0 0 S 7 . . . D^ e;
1916
..............1,013,712
419.650
3.273
234,491
*188.432
Proforred 6 % cum ulative($50)____
_____
’8427>n()
Latest Earnings.—’For 11 months ending Nov. 30:
1
8
m m 0 ■0 0 9 (* 109•I 1914
6 g A-O
1,329,000 A p r*T i944
1918 ............ $1,996,921
$536,947
$7,834
$227,268
$317,514
$500 & $1,000) g s f.c.cp t/F id elity Tr.Co..BaIt.,Tr. Int.pay.ln Balt. 1
917
---------------- . . . 1.223.444
472.752
2,828
231,531
244,049
H ager& Myers Ry 8125.000.. 1904
5%
120,000 July 1 1924
i le s>‘rPlus as abovo In 1917 and 1916 thoro was deducted $106,619
H a gers* Boonsb Ry 1st M / 1902
5 F-A
110,000 Feb 1 1922 and, I'JYII\t
$71,209,
respectively,
for
depreciation,
leaving
$180,665
in
1917
8120,000
(5500* $1,000)c*llnt. at Maryland S. & Tr. C o., Hagerstownagainst $117,224 in 1916.
H «?>«#?
H l gt mtgef 1908
5 g F-A
200.000 Mar 1 1927
Owns
and
operates
48.59
miles
of
track.
Power
plant
$200.000gold (81.000,$500/Int. at Maryland S. & Tr. C o., Hagerstowu
with 10.300 k. w. capacity; 2 ga# plants; electric-lighting system.
and 5100)
.........c*
Trustee. Wm. Jennings.
OFFICERS.— Pres., J. N. Shannahan; Vice-I’rcs. * Gen. M gr., E. F.
^Hdd,pl°wn lst mtge/ 1905
5 g J-J
126,000 Doc 11935 Peck;
Treas., Wm. Stewart; Sec., Richard M. Booker, ail of Hampton.
„ $250,000 gold (81,00 0)-.-cl Fidelity Trust C o., Baltimore, Trustee.
Peck-Shanahan-Cherry, Inc., oporato tho road.— V. 105, p. 716, 812, 998.
Fred Gas * Elec lst M $200,­ 1904
5 J-J
179,000 July 11929 2272;
V. 106, p. 602, 1231, 2117; V. 107, p. 1101, 1837.
0 0 0 ft (8500*31,000) g,p*l Interest at West End Trust C o., Philadel­
by Fred RR; not sub to call
phia, Trustee,
Mnnocac.v Valley Ry first IMS
«% . r
30.000
1925
H A N O VER, PA.
mortgago______
Steiner Schley A Leonard Waesche of PredHANOVER & McSHERRYSTOWN STREET RAI LWAY CO.
„
..
... . .
erick, M d., Trustees.
Nov. 1916 control w;is acquired by tho Keystone Utilities C o., which
Frostburg III * Mfg lst M 1899
5 J-J
60,000 July 1 1929 seoInunder
Scranton, Pa. Oporatod by Unltod Service Co.
30-year b o n d s ... ...........(in t. at First Nat. Bank, Frostburg, Md
ORGANIZATION.— Incorp. In Peuna. In 1392. Us charter runs for
Collateral gold notes $300,000c 1917
5 M-S
300,000 Sept 11932 909
years. Owns all the (5100.000) stock of the Hanover Light Heat &
N otes----------------- ---------------- 1 9 1 7
G%
600.000
1927 Powor
Oo.
block.—The pref. stock Is redeemable at par and dividends.
Fares.— In August 1918 increased fares to 6 conts.
Gf the new $10,000,000 mtge., $815,000 aro reserved to retire
STOCK
AND BONDS—
Date.
Interest. Outstanding. Maturity.
pZ' ?r. .
and remainder for additions, Impts., &c., under certain ro- Stock $200,000
($50)............................................
$135,000 D o c .’ 17, 9%
p ‘ *994:
104, p. 163). Reserved bonds when issued to
mtg $500,000 g ($1,000] l 1903
5 g J-D
400,000 Juno 1 1928
bear Int. at rate or rates not exceeding 6 % or less than 4% . Sinking fund First
subject
to
call
at
105-.c*tf
(
Interest
at
York
Trust
C o., York, Pa., Trus.
beginning Oct. 1 1919, payable semi-ann.; till Oct. 1 1926. 1% of 1st * ref.
Bonds.— Of remaining bonds 5100.000 aro resorvod for extensions, &c.
nn »Sd
,
l 93^ 9^ . 3 %- Ked. at 105 and Int.
Dividends.— In July 1891. 2 H%: In 1895. Jan.. 2H : 1897-1902 records
on any Int. dato. lax refund In Pa. I he Ilageratown
Boone.shoro Rv. lost.
1903land 1901 none. In 1905. Jan., 6 % . In 1906 and 1907. none;
bds. are red. at par. Hagers. & Nor. RR. bds. are subj. to call aft. 1917. Jan.
1908 to Jan. 1913. IncL. 6 % nor annum. In Julv 1913 50% stock
hrecl. * Midd. bonds are red. at 105 on any int. date. Fred. Gas & El
d
iv
Paid;
Jan. 1914 (rog.), 1%; July, 2% . In 1915, Jan., 3% . In Doc.
onds aro guar., p. & 1.. by Frederick RR.
1917, 9% ; none since.




U14.UIU

MAll.. 1910.J

ELECTRIC RAILWAYS

EARN INGS.— For calendar years:
Year—
Gross.
Net, after Tax. Bond Int., &c. Balance.
...........................
$122,890
$11,407
$20,399 sur.$21,008
1916.................................
46,242
20,293
20,603 def.
310
ROAD.— Owns 11.6 miles of track in and between Hanover, McSherrystown. Littles town and Oonewago Ohapol. Standard gauge. 65-lb. T and
1917

8 ,rOFFIOKRS.— Pros., J. E. Welssonfluh; V. P .. W. O. Sharp; Sec. &
Treas., F. B. Atherton.— V. 100. p. 1257; V. 103, p. 2340.

H A R R IS B U R G , PA.
HARRISBURG RAILW AYS.
„
ORGANIZATION.— Incorp. In Penn, on N ov. 29 1912 and merged
the Central Pennsylvania Traction Co. (see “ Electric Railway” Section of
Sept. 1912) and Its subsidiaries. V. 96. p. 202.
Strike.— On July 16 1918 the company’s men wont out on strike and
operations were hampered for about four weeks, but early In Sept. 1916,
Pres. Mussor reported that service and receipts were back to normal
Fares.— In Sept. 1918 filed with the Penn. P. S. Comm, a new tariff
providing for a 6-cent faro effective Oct< 1 1918. V. 107, p. 1192.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common S3,000.000..........................
- .........$3,000,000 — ............
Pref 6% cum $2.100,000---...........
See text
2.100.000 O et’ 17. 1%
First & rof. mtgo $10,000,0001 1912
6 J-D
3.169.900
1963
($1,000 and $500)_____ tf (Harrisburg Trust C o.. Trusteo.
Citizens' Passenger first tntgel 1894
6 g M-N
75.000 May 1 1924
$75,000 g o ld ____________ lint, at Com’w’ th Guar. Tr. C o.. Harrisburg.
STOCK.— Pref. stock was cum. at 5% until Jan. 1 1915; sluco, 6% .
Dividends.— 3?4% was oald on Drof. stock In 1913. In 1914, 5% . In
1915. April, 2 H % ;O c t., 1%. In 1916. April. 1M % . In 1917. April ,1J*%;
Oct , 1%- Nono since.
EARNINGS.— For 7 mos. end. July 31 1918 and calendar years:
Total
Net
Int.,Kents., Pref. Balance,
Period—•
Earnings. Earnings. Tax&Dcpr. Dios. Surplus.
7 mos. to July 31 1918-- $748,128 $328,399 $299,722
Nono $28,677
Calendar year 1917--------- 1,191,099 581,684 489,285 $57,750 34,649
Calendar year 1916---------1,033,802 569,264 489,991 31,500
47,773
ROAD.— Owns 12.47 milos and leases 61.04 miles of lino. Total op­
erated, 73.51 milos.
OFFICERS.— Pres. & Gen. M gr.. F. B. Mussor, Harrisburg; V .-P ..
B. F. Myers: Sec., John O’Connell. Offico, Harrisburg.— V. 96, p. 209;
V. 98, p. 155; V. 101, p. 1013, 1272; V. 101, p. 1591; V. 107, p. 1192.
VALLEY R AIL WA YS.

ORGANIZATION.— Incorporated In Pennsylvania In July 1912 and In
Sept. 1912, after Increasing Its stock from 810.000 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 & Mechanlcsburg Eleo. R y.. White
IIIll & Mocbanlcsburg Pass. R y., Carlisle & Mechanlcsburg St. R y., West
Fairvlow & Marysville Elec. St. Ryu.. Harrisburg & Riverton St. R y..
Falrvlew Sc Riverton Ry. and the United Electric Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $2,000,000 ($100).................................
$2,000,00(5 ...................
Pref cum $500,000 ($100).......... ....
6%
500.000 .....................
Collateral trust $1,700,000 ..tf 1912 5%
1,000,000 Aug 3 1952
Valloy Trac 1st M $700.000i 1903 6 g A-O
700.000 Oct 1 1933
gold ($100 & $500) -.c * n tf fln t. at Farmers' Tr. C o., Carlisle, Pa.. Trua.
Bonds.— Remaining coll, trust bonds ($700,000) are reserved to retire
prior liens. Valloy Traction bonds are subject to call at 110. A sinking
fund of $5,000 por annum commenced Oct. 1 1908.
EARN INGS.— For year ending Dec. 31 1918, gross, $378,843; net, after
taxes, $123,163. In 1917, gross, $329,809; not, after taxes, $133,813.
ROAD.— Operates 44 miles of road from Harrisburg to Marysville and
to Carlisle.
OFFICERS.— Pres. Sc Gen. M gr.. O. II. Bishop, Lemoyne, Pa.; Sec. Sc
Treas.. O. M . Davidson. General offices, Lemoyne.— V. 96, p. 64

55

Bonds.— All the bonds except $74,000 are owned by New Hampshire
Eloc. Rys. Co. Sink, fund or $5,000 per ann. began In 1904.
EARN ING S.— For cal. year 1918, gross, $112,414; net, after taxes,
$15,107. In 1917, gross, $118,379; net, after taxes, $17,972. In 1916,
gross, $116,161; net, after taxes, $22,748.
ROAD.— Owns and operates about 21 miles of line.
OFFICERS.— Same as for Massachusetts Northeastern St. Ry.
H A Z L E T O N , PA.
WILKES-BARRE Sc 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 Sc Hazloton Railway Co. (Pennsylvania Incorporation) and deposited
the same, together with $140,000 (entire Issue) of tho Lehigh Traction Co.’s
5% certificates of Indebtedness and $922,200 of the $1,000,000 stock of
the Lehigh Traction Co. as security for the Wilkes-Barre Sc Hazleton Rail­
road Co. issue of first collateral trust mortgage 5% gold bonds. V. 72.
n. 1281. Franchises are 999 years In and around Hazleton and perpetua'
from Hazleton to Wilkes-Barre.
,
.
.. ^
„
Interest on Bonds.— The May 15 1914 Interest on the collateral trust mtge.
of 1901 due May 15 1951 was not paid when due. In lieu of paying the
Interest bondholders were requested to surrender their coupons, due May 15
1914 to Nov. 15 1916. and in return the company issued non-lnterest-bearlng
certificates for the coupons as they become due. See Y. 98, p. 1539. The
default was the result of a strike of the employees of the Lehigh Traction
Co., a subsidiary. a he interest due May 15 1914 was paid June 15 1916,
and that duo Nov. 15 1914 was paid N ov. 2Q 1916. A supplemental agree­
ment, dated Feb. 15 1918, was made betwefen tho company and the bond­
holders by which tho remaining unpaid past-duo coupons wero extended for
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 N ov. 15 1916. 1917 and 1918 int.
paid when due.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
............
$2,500,000 ..................
Common $2,500,000 ($100)_______
185,600
Pref 6 % nou-cuin $700.000________
_______
__ ___
Collateral trust mortgage $2.-1 1901 5 g M-N 15 1,900.000 May 151951
600.000 gold ($1.000)--..c * lin t, at Guaranty Trust C o.. N .Y ..T ru stee
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 .\ .. Trustee.
Bonds and Slock.— 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 C o. 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 $ 1 0 ,0 0 0 per annum, which began
tn 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,
said bonds to boar 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.
1918........ $570,248 $222,660
$16,753 $189,218 $115,841
S99.152
1917
510,127 227,447
16,214
189,792
110,588
89,177
OFFICERS.— Pres., A. Markle; V.-P. A Gen. Mgr., O. B. Houck;
Sec., N . O. Yost; Asst. Sec., A. Markle Jr.; Treas., Wm. II. Remtck.—
V. 83. p. 1292; V. 87. p. 679; V. 98. p. 1539.
(1) Lehigh T raction C o.— A trolley road.
ORGANIZATION.— Chartered N ov. 7 1892. Franchise perpetual.
Owns, controls and leases for 999 years at an annual rental of $1 each the
Hazleton & Suburban Electric R y.. capital $30,000; Hazleton & South
Side Electric R y., capital $75,000; Hazleton & North Side Electric R y ..
eapltal $75,000. The $140,000 certificates of Indebtedness and $922,200
of Lehigh Traction stock are deposited as security for the Wilkes-Barre Sc
Hazleton R R . bonds of 1901.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity
$1,000,000 ------ - - - - - ­
Stock $1,000,000 ($100)__________
First mortgage $500,000 gold! 1893
5 g J-D______ 600,000 June 1 1923
($100. $500, $1,000)____c*JMarkle Bkg. Sc Tr. 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 ----- 1916
I'-A
39,000
1925
The equipment trust certificates cover 10 steel cars and mature $3,000
seml-ann. Penna. Co. for Ins. on Lives Sc Granting Annuities, Phila., Pa..
Is trustee.
ROAD.— Operates 22 miles of track, new 90-lb. steel T rails, oak ties, well
ballasted. Road extends from Hazleton to West Hazleton, to Yorktown
(connecting with Pennsylvania R R . and Lehigh Valley R R .), to M cAdoo
(south) and MUneavllle, Latimer Mines and Preoland (north).
OFFICERS.— Pres.. A. Markle; V .-P ., C. B. Houck; Sec. and Treas.
N. C. Yost; Gen. M gr., C. B. Houck.— V . 99, p. 984, 1598. 1673.
(2) W ilkes-Barre & H azleton R y.— A trolley, steam and third-rail road
ORGANIZATION.— Chartered Dec. 13 1899 under General Railroad
Law Act of April 4 186S. State of Pennsylvania. The Wilkes-Barre Sc
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 $1,500.0001 1901
6 g M-N
1.500.000 M ay 11951
gold_____________________ (Interest at Guaranty Trust C o.. N . Y .. I rus..
Equip trust ctfs, Series A ___ 1915
F-A
52,000
1925
The equipment trust certificates cover 10 new steel cars and mature
$4,000 scml-ann. Penna. Co. for Ins. on Lives Sc Granting Annuities.
Phila., Pa., Is trustee.
ROAD.— Owns 27 miles of road from nazleton 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 Geu. M gr., O. B. Houck;
Sec. and Treas.. N. O. Yost.
(a) Wilkes-Barre Terminal RR.
_ . „ ,
__
Entire stock and bonds owned by W . B. & nazleton R R .
ORGANIZATION.— Incorporated on Oct. 9 1903. Stock authorized
and outstanding. $35,000 (par $50). Bonds authorized. $600,000 (c&r);
Date 1905: due Oct. 1 1945. Int. (6 g. A-O) payable in New York.
ROAD.— 3 miles, between W . B. Ter. R R . June, and Wilkes-Barre.
Ralls, 95-lb. T ; gauge. 4 ft. 8 H In. Pres., O. J. Kirschner; Sec.-Treas..
N. O. Yost.

H A VE R H ILL, MASS.
NEW HAMPSHIRE ELECTRIC RYS.
ORGANIZATION.— A voluntary association succeeding the New Hamp­
shire Traction Co. on A u g.24 1905. Owns all the stock of tho following
companies: In New Hampshire. Dov.. Somereworth Sc Rochester St. Ry.
Co.; Rockingham County Light & Power Co.; Newmarket Electric Co.
ry. 103. p. 499); Granite Stato Land C o.; in Maine, Kittcry Eloctrlc Light
C o.; in Mass., Mass. Northeastern St. R y. Co. Also owns all the bonds of
tho Dover Somersworth & Rochester St. Ry. (except S74.000), of tho
Amesury Sc Hampton St. Ry. (except $47,000) and or the Citizens’ Elec,
St. Ry. (except $230,000).
STOCK—
Date.
Interest. Outstanding.
Last Div.
Common $4,000,000 ($100)— ...............................
$3,900,200 ...................
P ref 4 % n -c. $4,000,000 ($ 1 0 0 )____
J-J
3.390.500 J u ly ’ 17.1%
DIVIDEN DS.— Company paid 1% oach 6 mos. on pref. from July 1908
to and Inch Jan. 1910.; July 1910 to Jan. 1912. 1H % s.-a.; July 1912 to
July 1915, 2% s.-a. In July 1916, 2% . In 1917. 3% . Nono slnco.
OFFICERS.— Pres., D. A. Beldon, Haverhill; V .-l’ ., M . N . Buokner.
Now York; Sec. and Treas., F. J. Home, New York.— V. 103, p. 493.
(1) Massachusetts Northeastern Street Ry.
AH tho stock of this company Is owned by the Now Hampshire Elec. Rys.
ORGANIZATION.— A Mass, corporation. Owns and operates a local
and lntorurban railway in Northeastern Mass, and Southeastern N. U,
Maintains a through service between Haverhill, Lawrence, Lowell, Nashua,
Amosbury and Nowburyport. Power Is purchased from tho Rockingham
County Lt. & Pow. Co. under a contract extending beyond July 1 1934.
Fares.— On N ov. 1 1916 was authorized by tho P. S. Comm, to lncreaso
single cash fares from 5 to 6 cts. and the price on ticket books by 20%.
On July 1 1918, however, was auth. to go back to tho 5-cont faro and
adopt a zone system under which faro sections were divided into two zones
with a minimum cash fare of 5 cts. for each zone or portion thereof; tickets,
good for certain hours of tho day, are sold at the rate of 10 for 75 cts. On
Dec. 12 1918 was authorized by. tho I.-s. C. Commission to lncreaso
commutation rates over certain lines. Compare V. 107, p. 602. In
Sept. 1918 filed with tho Mass. P. S. Comm, a now tariff effective
Oct. 14 1918, increasing fares from 5 cents to 6 cents. V. 106, p. 1192.
In Nov. 1918 again filed a new tariff, effective Nov. 14 1918, increasing
fares from 6 to 7 cents. V. 107, p. 1920.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common stock ($100)-------------------------------- $1,500,000
__________
Pror 6 % cum ($100)...........................
6%
665,000 .....................
First and ref M $2,000,000? 1914 5 g J-J
807,000 July 11934
($1,000) gold--------------- c*iln t. at Araer. Tr. C o., Boston, Trustee
Citizens’ Elec St Ry 1st M j 1900 5 g J-D
230.000 Doc 1 1920.
$230,000 gold----------------- 1Beacon Trust C o., Boston, Trustee.
Amosbury A-. Hampton 1st M l 1899 5 g A-O
83,000 Oct 11919
gold $100,000 ($1.000)____lin t, at Beacon Tr. Co., Boston. Trustee.
HELENA, MONT.
Bonds.—The 1st At ref. £s of 1914 are red. at 110 and Int. on any Int. date
THE HELENA LIGHT Sc RAILW AY CO.— Trolley, electric light and
on 43 days' notice. Of tho remainder of these bonds auth., $293,000 are
reserved for prior liens and $900,000 reserved for cost of additions and power, gas light and fuel.
Impts. under certain restrictions (V. 1 0 0 , p. 5 5 ).
ORGANIZATION.— Incorporated in Connecticut in Sent. 1905 as sue*
EARNINGS.— For year ending Dec. 31 1918, gross, $782,204; net, after cessor to tho Helena Light & Traction Co. V. 81. p. 1043. Controls the
taxes, 887,710. In 1917, gross, $850,823; net, after taxes, $114,270.
Helena Gas Light Sc Coke Co.; comprises the city’s entire street railway,
ItOA D, A c.— Owns aud operates about 120 miles of single track (80 miles and ga9 and electrlc-llght plants. Franchises expire April 4 1926.
In Mass, and 48 In New Hampshire), extending east and west from Haver­
Decision.— The Montana Sup. Court In Feb 1913 held that city could
hill, Mass., entering on the east Nowburyport, Morrlmac, Salisbury and not enforce an ordinance which required the company to light Its tracks
Amosbury, Mass., and Plalstow and Newton. N. II., and on tho west within tho city limits without expense to tho city— see V. 96, p. 1422.
Lawrence, Methuen and Dracut, Mass., and Salom. Pelham and Hudson.
Pares.— In July 1918 applied to the Montana Utilities Comm, for auth.
N. II. EntcrsLowell and Nashua under trackage rights. Owns and oper­ to Increase fares from 5 cents to 10 cents.
ates local linos In Nowburyport and Amesbury. Connects with the Hay
STOCK AND BONDS— Date.
Interest. Oulslandinn. Maturity.
Stato St. R y.. Manchester A Nashua St. Ry. and the Exeter, Hampton Common
$900,000__________ _____
____
$561,000 Feb '18 1%
Sc Amosbury St. R y. Also owns a largo amusemeut park on Oanobie Lake Preferred $600,000
5% cu m ______
5 Q-F
374,000 N ov’ 18 IH
In Salem, N. H. 80 open and 49 closed cars and 25 work cars aud snow
First
mortgage
$1,500,0001
1905
5
g
M-S
1,043,000
Sept 1 1925
plows.
gold ($1.000)___ ______ c*/In t. at Columbia Tr. C o., N . Y .. Trustee.
OFFICERS.— Pres.. D. A. Belden: Treas.. F. K. Webster: G>*ii M gr.,
Bonds.— Tno 1st M . bonds are subj. to call at 105 and Int.; $219,000 are
Franklin Woodman.— V. 103, p. 2238; V. 107, p. 802, 402, 1192, 1920
reserved for extens. and impts., at 85% of cost, and $56,000 in addition to
(2) Dover Somersworth & R ochester St. Ry.
amount reported outstanding are In treasury. A sinking fund oT 1!S% per
All the stock and $226,000 bonds owned by Now Hampshire Eloc. Rys. ann. of bonds out commenced June 1 1908 and was increased to 2 H %
ORGANIZATION.— Chartered under the laws of New Hampshire. Is 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. $182,000 have been retired,
a consolidation of the Union Eleo. Ry. and tho Rochester St, Ry.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. j Dividends.— Five per cent per annum In quarterly Installments Is being
Stock $375,000 ($100)..............................
$375,000 ........... - - ­ i paid on pref. stock. First dividend on common, 1% . paid Oct. 31 1906.
First mtgo g $300,000 ($1,-1 1901
5 g J-J............. see toxt July 1 1921 ■ In 1907,3% . In 1909.3% . In 1910,4% . In 1911 and 19 12.5% . In
000); bds cannot bo called!Int. at Amor. Tr. Co., Boston, Trusteo. • 1913, 5% . In 1916 and 1917. 2% . In Feb. 1918, 1%. Nono since.




ELECTRIC RAILWAYS

56

EARNINGS—
Oross
Net {after
Interest,
Balance,
Calendar Year—
Earnings.
Taxes).
Ac.
Surplus.
1917...................................... 1316.836
$124,697
$78,212
$16,485
1916....................................... 329,195
111.339
70,225
41.118
Latest Earnings.— For 12 mos. ending June 30 1918:
1917-18...................................$334,026
$ 91,483
$67,788
$23,695
R OAD.— Operates 23.55 miles of track.
OFFICERS.— Pros., P. G. Gosslor; V.-Ps., J. H. Pardee, A. Coppell,
R. B. Marchant and O. W. McConnell; Sec. & Treas., T. W. M offat;
Asst. Sec., II. B. Brown (all of New York), and Asst. Sec. & Asst. Treas.,
A. B. Sibley, Helena. Oporated under the general management of J. G.
White Mgt. Corp., New York City.— V. 91, p. 1095; V. 96, p. 1422;
V. 106, p. 1035; V. 107, p. 181.

H O L Y O K E , MASS.
R A I L W A Y — Trolley,
ORGAN IZATION .— Incorp. In Mass. June 11 1884. Leases the M t.
Tom (Incline) RR. until Juno 1 1922 at 6 % per annum on the $100,000 stock.
In 1907 purchased tho Hampshire Street Ry. (previously leased). V. 85.
p. 40. In Aug. 1907 purchased the Amherst & Sunderland Street Ry. IV .85,
p. 294), giving a through connection from Holyoko to Amherst and Sun­
derland.
F a r e s . — On Feb. 17 1918 was aitth. by tho Mass. Public Servico Comm, to
Increase faro 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 tho revenue
by not more than $145,393 ^as authorized instead. V. 107, p. 2476.
STOCK—
Date.
Interest. Outstanding. Maturity, A c.
Stock ($100).......................................
J-J
$1,342,000
See text.
First mortgage. $2,500,000.1 1915
5 A-O
850.000 April 11935
gold ($1,000)__________ c* fln t. at Springf. Safe Dep. & Tr. Co., Trustee
Deb bds ($500, $ l,0 0 0 )c* .n tf 1899
5 A-O
85.000 Oct. 11920
Debenture b o n d s .............n tf 1903
5 A-O
265.000 April 11923
Leased line rental M t Tom RR
stock 6 % .........................................
6
1 0 0 ,0 0 0 ...................
Bonds.— $350,000 1st M . bonds are reserved to retire the debenture bonds,
remainder Issuable for additions and Impts. under certain restrictions. Red.
at 107 and lnt. on and after April 1 1920. V. 100, p. 982.
Interest on debenture bonds payable at nolyoke National Bank.
Dividends.— From 1892 to 1915, inch. 8 % yearly. In 1916. 6 % . In
Jan. 1917, 3% ; July, 1 \ i% . In 1918, Jan. 1M%; July div. omitted
(V. 107, p. 291).
ROAD.— Has 72.31 miles of track, including M t. Tom (Incline) RK.
4,900 feet long, and connecting with tho Woronoco Street Ry. to Westfield,
Mass.; with Sprlngrield St. Ry. to Springfield, Mass., and with Northamp­
ton St. Ry. to Northampton, Mass..and direct to Chicopee,Chlcopoe Falls.
South Hadley, Amherst and Sunderland. Passenger cars, 141: other ser­
vice cars, 27; snow-plows, 13: other vehicles, 7; electric motors, 269.
EARN INGS.— For years end. Dec. 31:
Cal. Y e a r —
G ross.
N e t.
I n i ..T a x ..A c . D iv id e n d s .
B a l., S u r.
None sur.$2,773
1918...................$706,281 $120,528 $117,755
1917--.............- 717,538
159,720
119,001
(4>d) 40,260
sur. 459
OFFICERS.— Pros. & Gen. M gr., Louis D. Pollisior; Sec. & Treas.,
S. D. Nevin: Asst. Gen. M gr., Geo. E. Pellisier: Aud., G. F. DInneen,
all of Holyoke.— V. 107, p. 1384, 2008, 2376, 2476.
HOLYOKE

STREET

H O U G H T O N , M IO H .
HOUGHTON COUNTY TRACTION CO.— Trolley road.
ORGANIZATION.— Organized In 1908 and took over noughton County
Street R y., which latter company was incorporated in 1899. Does an elec­
tric railway business in Hougnton and Kewoenaw counties, Mich., connect­
ing the cities and towns of Houghton, Hancock, Laurium, Red Jacket,
Lake Linden and Hubbell, and the mining locations of Quincy, Osceola.
Wolverine. Allouoz, Ahmeek and Mohawk. Franchises on public streets
expire in 1929, 1930, 1932, 1933 and 1938. Largely on private right o f way.
$100,000 common stock owned by Public Servico Investment Co.
Fares.— In Jan. 1919 tho Village Council of Houghton voted to permit
the co. to increase its fares from 5 to 6 cents. V. 108, p. 480.
STOCK AND BONDS—
Date.
Interest. Outstanding, Maturity.
____
Common $750,000 ($100)_________
$750,000
See text.
Pref 6 % cum $500,000 ($100)..........
A-O
207,200 Apr T9. 3%
1st consol mtge $l,600,000f 1908
5 g J-J
719.500 Jan 1 1937
($500 and $1,000) gold.. tf/In t. at Old Colony Trust C o., Boston, Trust
Hough Co St Ry mtge $750,-1 1900
5 g J-J
266,000 July 1 1920
000 ($1,000) assumed.c*tf ilnt. at Boston Safe Dep. & Tr. Co., Trustee.
Stock and Bonds.— Pref. stock Is redeemable at 110. $266,000 consol
mtge. bonds reserved for prior liens; $24,500 are In treas.; $417,000 for fu­
ture additions at 80% of cost: $83,000 owned by company: they are sub­
ject to call as a whole or in part at any timo for sinking fund at 105 and int.
Sinking fund 1)4 % of outstanding bonds, $90,000 have been canceled. The
Houghton County Street Ry. bonds can be called as wholo or in part at
105 and int. at any time. V. 87, p. 614. $484,000 have been canceled.
Dividends.— On pref. 3% s.-a. from Oct. 1908 to Apr. 1919 inci.
On
common, 2% Oct. 1909. In 1910. April, 2J^% and same amount s.-a.
to and Including April 1914. None since.
EARN INGS.— For 12 months ending Dec. 31:
Year—
Gross. Nel{aft.Tax.) Int.
Sk.Fd. Spec Res. Surplus
1918_________ $320,067 $104,579 $49,448 $10,823 $21,129 $20,179
1917_________ 343,134
126,682 50,309
----------------10,991
23;674
41,708
R OAD.— Miles o f 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, Bbston; V.-Ps., F. J. Bawden,
Houghton, and Fredk. P. Itoyce, Boston; Sec., Alvah IC. Todd, Boston;
Treas., Henry B. Sawyer, Boston; M gr., E. L. Milliken; Gen. Mgrs.,
Stone & Webster M gt. Assn., Boston.— V. 106, p. 395; V. 108, p. 480.

[V ol . 108.

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$9,100,000 ...................
Common $12,500,000 ($100)..............................
Preferred $12,500,000 ($ 1 0 0 ) ............................
9,100,000
See text
1st & ref mortgage $8,000,000) 1910 5 A-O
6,500,000 April 1 1945
gold ($1,000) 8 f______c*tf|Int. at Fidelity Trust Co., Phila., Trustee.
Indianapolis & Eastern lstf 1902
5 g J-J
See text July 1 1927
Cons M $1,000,000 gold}Int. at Mercantile Trust C o., N . Y ., or at
($l,900)slnklng fu n d ..c*tf l Central Trust C o., Indianapolis. Trustee.
Ind & Green 1st M , $300,000) 1899 5 g J-J
55.000 Jan 1 1929
($1,000) gold________ c * tflln t. at CIt. Savings & Trust C o., T r., Clove.,
j or at First National Bank, New York City.
Stock.— Pref. stock Is 5 % cum. after July 1 1910. Should com. at any
time pay 6 % , pref. will pay the same. V. 90, p. 1555.
Bonds.— Remaining 1st & ref. bonds are reserved for additions and Im­
provements, under careful restrictions. Callable as a whole from April 1
1915 at 105 and lnt., or In part, for sinking fund only at 10214 and lnt,
on any Int. date. $764,000 held In sinking fund March 1 1919­
S.
r. $55,000 p. a. first 5 years and $106,675 p. a. thereafter; bonds
acquired for s. f. to be alive and int. aded to s. f. V .9 0 ,p . 1491. (Tho pay­
ment of tho $106,675 duo Feb. 1 1919 has been deferred.)
Of the $1,000,000 Ind. & East, consols auth., $300,000 are resorved to
retire the Ind. & Oreenfleldlst 5 s, $80,000 have been canceled by sink. fund.
Of the remaining $620,000 out, $565,000 are owned by Terro Haute Ind. Sc
East. Trac. A sinking fund, 1% of bonds out, began July 1 1908. Fund Is
to be Invested In the company’s bonds if they can be bought at not more
than 105 and lnt. Bonds cannot bo called. See V. 75, p. 342. On the
Ind. & Greenfield bonds, $12,500 Is payable yearly to a sinking fund be­
ginning Oct. 1 1904. with which bonds beginning with N o. 1 are being pur­
chased at 105 aud accrued lnt.; $252,000 wero so purchased up to
March 1 1919.
Dividends.— Initial div., 1M % . on pref. paid Oct. 1910: same amount
quar. to and inci. Jan. 1914. None paid since. See V. 98. p. 914.
(excl. Ind. Tr. & Term. Co )
1916.
1917.
1918.
. . $3,882,516 $3,455,708 $3,331,487
2,025,129
. . 2,704,750
2,266,836
Sinking funds on leased lines..
Interest on underlying bonds.

.. $1,177,760
..
$563,050
..
43,415
..
3,550

B alan ce_________________________
.Interest on T . II. I. & E. T. bonds__..
Interest on Car Trusts and notes___..
Sinking funds_______________
..

$567,745
$288,541
48,289
167,109

$1,188,873
$563,008
43,097
4,675

$1,306,357
$553,150
42,089
5,725

$578,092
$290,269
36,777
158,281

$705,393
$303,123
38,566
150,302

B alan ce.............................................
$63,805
$86,766
$213,402
ROAD.— Operates a modern high-speed electric railway over lines
which comprise a continuous route from and Including the city of Parts In
Illinois through the city of Torro Haute and towns of Brazil, Greencastle
Amo, Clayton and Plainfield, to thocity of Indianapolis,and thence, through
the towns of Greenfield, Knlghtstown, New Castle and Cambridge City, to
the city of Richmond in Indiana; also a lino running south from Indianapolis
to Martinsville, Ind.; a line running west from Indianapolis to Danville,
Ind.; a lino running northwest from Indianapolis to Lafayette, with a
branch to CrawfordsvIIle; a line running northwest from Indianapolis direct
to CrawfordsvIIle and from’Terre Haute a lino north to Clinton, Ind., and a
lino south to Sullivan, Ind. Also operates the city lines in Indianapolis,
Terro Haute and Richmond. Total miles in singlo track: city lines, Indian­
apolis, 141.08; Terro Haute, 26.63; and Richmond, 12.76: total, 181.47;
interurban lines, total 369.80. Grand total, entire system, 551.27 miles.
OFFICERS.— Pres., Robt. I. Todd; V.-Ps., Marshall S. Morgan and
John J. Appel; Sec. & Treas., Jos. A. McGowan.
Directors.— Robt. I. Todd, Randal Morgan, 4Y. Kelsey Schoopf, Harry
S. Now, J. J. Appel and Jos. A. McGowan. V. 104, p. 1801, V. 106, p. 930,
1231. 1901. 2650; V. 107. p. 182. 1670; V. 108. p. 80.

(1) Indianapolis Traction & Terminal Co.
In April 1910 control was acquired by the Terro Haute Indianapolis 9c
Eastern Traction. V. 90, p. 1101, 1239.
ORGANIZATION.— Incorporated In Indiana on Aug. 4 1902 with
$500,000 capital, which was Increased In Jan. 1903 to $5,000,009 to lease
the Indianapolis Street Ry. and to provide terminal facilities for all In­
terurban electric roads now entering or yet to enter Indianapolis. Fran­
chise Is for 31 years, under the terms of which the company is to pay the
city 4 cents per car for the first 11 years, 6 cents for the next 10 years and 9
cents for the remaining 10 years. On Dec. 29 1902 leased for 31 years the
Indianapolis Street Ry. V. 75. p. 1301.
Interurban railways enter tho city under agreements by which they pay
3 cents per passenger for all passengers carried in the city limits and an
additional 1 cent for those using the terminal station. V. 81. p. 264.
Owns a one-fourth interest In tho United Tractions Goal Co. Insuring
the company an adequate coal supply. See Shirley Roalty Co. of Ind.
in V. 104, p. 1805.
Valuation.— In Aug. 1918, in a report to the Ind. P. S. Comm., tho co.
placod a valuation of $18,690,948 upon its tangible property and tho total
valuation, including other valuos claimed, at $29,000,000. V. 107, p. 698.
Fares— Decision.— On Nov. 15 1917 applied to the P. S. Comm, of
Indiana for auth. to establish a uniform 5-cent fare by abolishing the
rate of 25 tickets for $1 or 6 Tor 25 cents.
On Dec 13 1917 the
Comm, handed down the decision that it had no jurisdiction in tho matter.
On Jan. 2 1918 the Marion County Circuit Court sustained the demurrer
of tho Comm.
On July 30 1918 tho State Supreme Court reversed tho
docision of the Circuit Court, ruling that tho P. S. Comm, had
power to act, and dirocted the Commission to take up tho c o .’s
petition.
V. 107, p. 696.
Compare V. 106, p. 189, 2649.
On Doc.
28 1918 the Ind. P. S. Comm. auth. .the co. to charge a straight 5-cont
faro until 100 days after peace is signed. The c o .’s request for a 6 -cont faro
was denied atul the penny charge and rebate for a transfer auth. on Oct 14
1918 was abolished.tho Comm, asking the security holders to act voluntarily
on reducing fixed charges and sinking fund payments. V. 108, p. 78. Suit
has boon brought against tho co., tho Indianapolis Strcot Ry. and tho Ind.
P. S. Comm, to enjoin tho co. from collecting tho straight 5-cont fare be­
cause of its franchise agreement providing for tickets at 6 for 25 cents.
IN D IA N A P O L IS , IN D .
V. 108, p. 973.
TERRE HAUTE INDIANAPOLIS & EASTERN TRACTION.
STOCK AND BONDS—
Dale.
Interest. Outstanding.
Last Dio
ORGANIZATION.— Incorporated In Indiana on March 23 1907 and
$5.000,000................................
J-J
$5,000,00()Dec’ 13 1 « %
acquired by purchaso (1) Indianapolis & Eastern R y.; (2) Indianapolis Stock
mortgage $5,000,000 gold! 1903
5 g A-O
5,000,000 Jan 1 1933
Coal Traction; (3) Indianapolis & Western Traction, and (4) Richmond 1st($1,000)
sink fu n d ___ c*tf JInt. at Guaranty Tr. & S. D. C o., Phila., T r.
Street & Interurban Ry.
On March 25 1907 leased the Terre Haute Traction Sc Light Co. for 999
Bonds.— A sinking fund provides for the payment annually of 1 1-5% of
years (see terms under that company below), and In April 1907 leased Tor bonds outstanding, including those In the sinking fund. Soo V . 76, p. 1085.
999 years tho Indianapolis Sc Northwestern Traction and the Indianapolis &
Bonds may bo drawn for sinking fund at 102\4 and lnt. and are subj. to call
Martinsville Rapid Transit (see terms under respective companies).
at that price. See V. 81, p. 264. $1,167,000 (included In amount reported
T h e co . has purchased all of the stock of tht Indianapolis Traction & outstanding) hold in sinking fund Mar. 1 1919. (Tho payment of $60,000
Terminal Company, except directors' shares. Owns a one-fourth Interest to the sinking fund, due Jan. 1 1919, has been deferred.)
In the United Tractions Coal C o., Insuring the company an adequate coal
Dividends.— First dividend on stock, 1% , was paid Dec. 31 1908; In
supply. See Shirley Realty Co. of Indiana In V. 104. p. 1805.
On May I 1912 leased for 999 years the Indianapolis CrawfordsvIIle & 1909, 2% ; In 1910. 2% ; In 1911, 5% ; In 1912, July, 2% ; Doc.. 2% . In
1913, Juno, 2% ; Dec.,
None since.
Danville Elec. Ry. (see terms under latter company below). V .9 4 ,p . 1567.
Franchises.— In a letter to bankers In May 1910, President o f the com ­
ROAD, &c.— Has completed 24.39 miles o f singlo track and owns 9-story
pany said: "T h o great majority of tho franchises under which tho system Is office
terminal building, train-sheds and 3 freight depots centrally
operated extend well beyond the life of those bonds fist Sc ref. mtge.j. The locatedand
In Indianapolis; also real estate on which same aro constructed.
Franchises In tho city of Indianapolis expire In 1933."
This terminal Is used by all Interurban roads (13 In number) entering Indi­
On May 1 1918 purchased the stock of tho Wc.-t Indiana Utilities Co., anapolis.
A new freight terminal Is to be erected. Also leases tho Indi­
which operates lighting plants at West Terre Haute and Brazil, Ind.
Street Ry., 116.69 miles. Owns electrical and steam equipment of
Freight Rates.— On M ay 23 1918 the application of this co. for increased anapolis
7.000
k.
w.
capacity. Owns 299 double-truck passenger aud 113 service
freight rates was approved by tho I.-S. C. Commission.
Fares.— On Sept. 5 1918 the co. was auth. by the I.-S. C. Comm, to in­ cars. Also operates under lease 182 single truck and 52 doublo truck pas­
crease fares between points on its lines in Indiana and Illinois to a basis of senger cars and 5 service cars owned by the Indianapolis Street Ry.
2'A c. per mile. In Oct. 1918 tho Ind. P. S. Comm. auth. a straight 5c. fare
EARNINGS.— For calendar years:
in Terre Haute. V. 107, p. 1670. On Jan. 13 1919 tho Ind. P. S. Comm, Year—
Gross.
Net.
Charges.
Balance.
auth. an increase in passenger fares to 2 M cents per mile. The co. lias ap­ 1918....................$3,573,499
$1,156,092
$1,498,940
def.$342,848
plied for an increaso in passenger fares in Illinois to 2 Yx cents per mile. 1917...................... 3.654,634
1,442.621
1,467,838
dof.25,217
The c o .’s petition for a faro increase in Indianapolis was denied by the Ind.
OFFICERS.— Pres., Robt. I. Todd: V.-Ps., Marshall S. Morgan and
P. S. Comm, in Dec. 1918. The Comm, directed tho security holders of
the co. and tho underlying companies to consider and voluntarily act on John J. Appol; Sec. & Treas., \V. F. Milholland.— V. 105, p. 2272; V. 106,
proposed reductions in tho fixed charges. V. 108, p. 80.
p. 189, 499, 2619; V. 107, p. 181, 698. 802; V. 108, p. 78, 973.




1)4%.

Mar , 1919]

ELECTRIC RAILWAYS

(a) Indianapolis Street R y.— A trolley system.
ORGANIZATION.— Incorporated In Indiana March 7 1899. After
acquiring the Citizens' Street ItR. of Indianapolis and the City Railroad,
made a contract with the City of Indianapolis agreeing to surrender the
rights and franchises o f both companies and accept a new franchise running
only thirty-four years. The contract also provides that cash fares are not
to exceed five cents, with free transfers, and tickets are to be sold at tho rate
of six for twenty-five cents and twenty-five for one dollar (but see In­
dianapolis Traction & Terminal Co. above.)
^
The company also binds itself to pay over to the city (which Is to expend
it on the public works) tho sum o f $30,000 yearly from 1899 to 1925. and
*50,000 yearly from 1920 to 1932, inclusive, the contract expiring in 1 9 3 3 see V. 6 8 , p. 723. Tho city gets the right to purchase the property 'at
any time within two years and not later than one year before tho expiration
of this contract," nothing to be paid for the value of the franchise. Law
SUAs'to the*three^cent fare^caso, which the U. S. Court o f Appeals decided
in favor of the Citizens Co. In Dec. 1897, see Supplement of N ov. 1898, and
V. 04. p. 842, 1180; V. 65. p. 51, 181. 1172.
,
Guarantees the ($400,000) bonds of Broad Ripple Traction C o., and owns
76Lea°e.— 1On^Doc. 29 1902 was leased to the Indianapolis Traction & Ter­
minal Co. for 31 years. See V. 75, p. 1301. Loaso provides for dividend of
1 % Jan. 1 1603, then 3% in semi-annual installments for first year, 4% for
second year, 5% for third year and 6 % after July 1906.
Default.— Owing to decreased earnings and the refusal of the P. S. Comm,
to grant rolief, tho company was unable to meet tho Jan. 1 1919 interest
due on the $6,000,000 4% gen. mtge. bonds. V. 108, p. 78.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity,&cCapital stock ($100) — . .....................
J-J ,
53
*5>2S9’92Q Jan ' 1 9 . 3%
nalanapolls Street Ry genf 1899 4 g J-J
6.000,000 Jan 1 1933
mortgage $6,000,000 goldllnterest at Guar. Trust & SafeDeposit C o.,
($1,000) guar . . .
c*nt fl Philadelphia, Trustee.
Citizens' Street R y " ls t Tvf\ 1893
5 g M -N
4.000.000 M ay 1 1933
$4* 000,000 g ($l,000).c* tf/Central Trust C o., New York, Trustee.
Equ.p. certificates Series “ A " 1909
5 M -N
10,000 See text.
$200,000 ($1,000)...............(Fidelity Trust C o., Philadelphia, Trustee.
Equip, certificates Series " B " l 1911 5 J-J
20.000 See text
$100,000..............................(Fidelity Trust C o., Philadelphia, Trustee.
Equip, certificates Series “ C "l 1913 5 M-S
40.000 See text
$100,000
. . _________ /Fidelity Trust C o., Philadelphia, Trustee.
Equip, certificates Series " D ” l 1913 6 J-D
50,000
See text
$1(50.000...............................
Equip certificates Series " E " f 1916 5 J-D
100.000
See text
$125,000 ($1,000)...............iPa. Co. for las. on L & G Ann., Phil.,trust.
Interest on Citizens’ consols at Fourth Street Nat. Bank. Philadelphia.
The mortgage of 1899 was for $7,000,000, but $1,000,000 has been can­
celed. No bonds reserved for tho Citizens' consols. The company binds
Itself to pay to the Indiana Trust Co. a sum annually sufficient to redeem
at maturity the greater part o f tho entire Issue o f Indianapolis Street Ry.
bonds; this provision Is guaranteed by tho Indianapolis Traction & Terminal
Co See V. 76, p. 542. $1,013,000 (included in amount reported outstand­
ing) held in sinking fund Mar. 1 1919. Equipment certificates Series " A ”
mature $10,000 on May 1 and Nov. 1 each year until paid in full. $190,000
havo been retired. Thoy cover purchaso of 54 now cars. V. 8 8 , p. 1499.
Serios " B ” mature S5.000 on Jan. 1 and July 1 in each year until paid in
full. $80,000 havo been retired. They covor purchase o f 25 new cars.
Sories " C ” mature $5,000 on March 1 and Sept. 1 each year until paid
in fu li. Thoy cover 25 now cars. $60,000 havo been retired. Series D "
mature $5,000 on Juno 1 and Dec. 1 each yoar until paid. Covers 25
now cars. $50,000 havo been rotirod. Soitos “ E " mature $6,000 or
$7,000 on June 1 and Doc. 1 each year. Thoy cover 25 cars. $25,000

57

tho city of Indianapolis through the cities of Lebanon and Frankfort to the
city of Lafayette, with a branch from Lebanon to Crawfordsville, each of
which cities is the county seat of its respective county. Has trackage
rights to the business centres of Indianapolis and Lafayette.
Tho franchises run for 31 to 50 years from 1907 and permit the carrying
of froight, express and mail, as well as passengers.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $2,550,000.............................................
$2,550,000 ...................
Pref ($1,000,000) 5% cum...............
Q-J
450,000 , , 8eo,te,x^ n
First mtge S3,000,000 goldf 1903 5 g M-S
2,470.000 Mar 1 1923
($1,000)____________ c*tf/In t. at Columbia Tr. C o., N . Y .. Trus.
Bonds.— The remaining $530,000 for improvements, &c., at 50% and 75%
of cost. No s. f., but bonds can be called on any int. date at 110 and Int.
EARNINGS.— For years ending Dec. 31:
Cal.Years—
Gross. Net.aft.Tax. Oth.Inc. Deductions.
Balance.
19 18................ $516,947
$98,681
S500
$123,500
def.‘24,319
1917 ................ 462,274
118,643
500
123,500
def.4,357
ROAD.— Embraces 84.15 miles of track between Indianapolis, Zlonsvlllo, Lebanon, Frankfort and Lafayette, including a branch from Lebanon
to Crawfordsville. Standard gauge; 70-lb. T rail. Owns 20 passenger,
5 freight and 5 service cars.
Power house and car barn are at Lebanon.
V. 8 8 . p. 295; V. 92, p. 59.
OFFICERS.— Pres., Robt. I. Todd; V.-Ps., Chas. Murdock and Harry
5 New; Sec. & Treas., Jos. A. McGowan.
(4)
Indianapolis & Martinsville Rapid T ransit C o.— An electric road
Leased.— In April 1907 was leased to the Terro Haute Indianapolis &
East. Trac. for 999 years. The latter co. will pay the int. on the bonds; also
$500 per year for organization. V. 84. p. 749. The Terre Haute Ind. Sc
Eastern owns entire issue of stock except directors’ shares.
ORGANIZATION.— Incorporated in Indiana on April 24 1901. Oper­
ates on private right of way except in incorporated towns.
STOCK AND BONDS— Dale.
Interest. Outstanding. Maturity.
$750,000
.......
Stock $750,000 ($100)...........................................
First mtge, $750,000 ($1,000)1 1902
5 g J-J
, 750,000 Jan 1 1932
gold____________ c*&r ntf( Union Trust Co. and Security Tr. Co. of ln(dianapolis, Trus. Int. at Sec. T r. C o., Ind.
Bonds.— N o sinking fund, but bonds are subject to call after 10 years at
105 and Interest. See V. 78. p. 1223.
EARNINGS.— For calendar years:
Dec. 31 Year. Gross. Net.aft.Tax. Oth.Inc. Deductions.
Balance.
$51,365
$500
$37,500
sur.$14.365
1918 ........ ...$192,116
1917 ................. 172,403
34,010
500
37,500
def.2,990
ROAD.— Embraces 27.53 miles of track from Indianapolis to Martins­
ville, completed in May 1903. 70-lb. rails: standard gauge.
OFFICERS.— Pres., Robt. I. Todd; V.-Ps.. Harry S. New. Chas. M ur­
dock and John J. Appel; Sec. & Treas., Jos. A. McGowan. V. 84, p. 749.
( 6 ) Indianapolis Crawfordsville & Danville Electric Ry.
Lease.— On May 1 1912 was leased to the Terre Haute Indianapolis Sc
Eastern Trac. for 999 years. Under the lease the latter company guaran­
tees p. & I. of 1st M . bonds, 5% divs. on $200,000 pref. stock and semi­
annual divs. on com., viz.: 4 % from Nov. 30 1912 to May 31 1914. 1%
Nov. 1914 to May 1916, 1 4 % N ov. 1916 to M ay 1918 and 2% thereafter.
ORGANIZATION.— Incorp. In Indiana on April 20 1912 as successor to
the Indianapolis Crawforsdviilo & West. Trac., sold at foreclosure. Built
entirely on private right-of-way. In cities and towns has 50-year franchises
which permit tho carrying of freight, express and mail matter.
STOCK AND BOND3— Date.
Interest. Outstanding. Maturity.
Common $400,000 ($100).................
M -N
$400,000 See text
Pref $400,000 5% cum ($ 1 0 0 ) .____
J-D
200,000 See text
First mtge $2.500.000 goldl 1912 5 g M-N
1,000,000 M ay 1 1952
($1,000) guar p& i._c& r tf/Interest at Girard Trust C o.. Phila., Trustee.
Bonds.— Of remaining first mtge. bonds, 31.000,000 are for extensions
and $500,000 to be issued only under certain conditions. SubJ. to call as
a whole but not in part at 102,4 and int. on any Int. day. Sinking fund of
39,000 per annum on initial $1,000,000 bonds out commenced March 1 1913
When add’ I bonds are Issued fund shall be Increased by such amount as will
retire 2 - 3 of such add ! bonds issued. $6 6 , 0 0 0 held alive in sinking fund
March 1 1919.
EARNINGS.— For calendar years:
,
Year—
Gross. Net.aft.Tax.Oth.Inc. Deduc. Stnk.Fd.
Balance.
1 9 1 8 ................. $313,938 $74,554 $500 $50,000 $12,172 sur.$12,882
1917.................... 259.932
54,528 500
50.333 11,520
def.6.825
ROAD.— Operates 44.87 miles of road between Indianapolis and Crawfordsville. Standard gauge. 70 and 85-lb. T rails. An extension from
Crawfordsville to western boundary of Indiana east of City of Danville,
Ind., Is proposed.
OFFICERS.— Pres., John J. Appel: V .-P., Robert 1. Todd: Sec. & Treas.,
Jos. A. McGowan: Gen. M gr., Robt. I. Todd. V. 94, p. 1449, 1565. 1695.

lia8 tockland bonds listed on Phila. Stock Exchange. V. 69, p. 851.
ROAD.— 116.69 miles of track; 182 single-truck and 52 double-truck
passenger and 5 service cars. 90-lb. rail.
OFFICERS.— Pres., Henry Jameson: V . - P . , __________ : V .-P., H. J.
Hlbben; Sec. & Troas., Jos. A. McGowan; Asst. Sec. & Treas.. VV. F.
Milholland, Indianapolis.— V. 79, p. 151; V. 8 8 , p. 1499; V. 106, p. 2560;
V. 108, p. 78.
(2) Terre Haute T raction & Light Co.
L
eased.— In March 1907 was loased to tho Terre Haute Indianapolis &
Eastern Trac. Co. for 999 years. The latter company guarantees 6 % on
the outstanding pref. stock and 2% on common for 114 years, 3% for
1 year, 4% for 1 year, and 5% thereafter, and $1,000 per year for organi­
zation expenses. V. 84, p. 750.
The Torre Haute Ind. & East. Trac. owns ail the common stock except
directors' shares.
ORGANIZATION.— Is a consolidation in 1904 of the Terre Haute Elec­
tric Co. and the Torre Haute Electric Traction Co. Principal railway
franchises oxplro 1952; principal lighting franchise perpetual; other /ranchises average 30 years from Jan. 1 1900. Leases Terre Hauto & West.Ry,
BROAD RIPPLE TR AC TIO N ,— A trolley road.
„ . „
.
ORGANIZATION.— Organized as successor to the Indianapolis & Broad
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Ripple Transit C o., sold at foreclosure July 1899. The Indianapolis
Common $2,000,000 ($100)_______
M-S
$2,000,000
See text
Pref. $1,000,000 ($100 6 % c u . ) ___
M-S
1,000,000 Mar. '19 3% Street Ry. owns about 75% of stock, but organization is separate. Road
First cons mtge $5,000,0001 1904 5 g M-N
3,113.000 M ay 1 1944 Is Jointly operated by the Union Traction Co. of Indiana and the Indianap­
g o l d _________ _______ _ tf/Interest at State Street Trust C o., Boston. olis Traction & Terminal Co.
Torre Haute Electric 1st mtgl 1899 5 g J-J
1.500,000 July 1 1929
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$1,500,000 gold ($1,000) c*/In t. at Boston Safe Dep. Sc Tr. Co.. Boston. Stock $100 000 (Dar S1 0 0 )__ _____
_________
$100,000 __________
Car Tr Equip Co pref sto ck .. 1918
6 Q-J
161,500 See toxt
Mtg $400,000 g ($1,000) c * n t f.f 1899...........5 g J-J
400,000 July I 1933
\Int. at Guar. Tr. & S .D .C o.(Phila.),T rust.
Bonds.— The Union Trust Co. of Indianapolis and tho Boston Sato Deposit
Bonds.— Are guar. p. Sc 1. by Ind. St. Ry.
No s. f. and bonds cannot
& Trust Co. are Joint trustees of tho Terre Hauto Electric mtge. Of tho
$5,000,000 consols, $1,500,000 are reserved to retire prior liens. The now be callod. The Ind. Nor. Trac. Co. (subsequently consolidated with the
bonds are callablo as a whole at 110 and int. on any int. date. A sinking Union Tr. Co. of Ind.) guarantees p. & I. of half ($200,000) o f the bonds.
fund of 1% of outstanding bonds commenced May 1 1906. $387,000 was
ROA D .— 7 4 miles of track from Indianapolis to Broad Ripple Park.
held by this fund Mar. I 1919. Tho United States Trust Co. of Terre Haute
OFFICERS.— Pres., Robert I. Todd; Sec., Jos. A . McGowan; Treas,.
and ttio State Street Trust Co. of Boston are trustees of tills mortgago.
E.
B. Peck. V, 69. p. 180; V. 73. p. 137, 183; V. 78. p. 1167.
See V. 78. p. 2013.
Tho Car Trust Equipment Co. pref. stock is a first charge against 30
INDIANAPOLIS & CINCINNATI TRACTION CO.
cars. Tho stock matures $8,500 s-ann. V. 107, p. 182.
ORGANIZATION.— Incorporated In Indiana on N ov. 17 1910 as suc­
EARNINGS.— For calendar years;
cessor to the old Indianapolis & Cincinnati Trac. C o., sold at foreclosure
Year—
Gross.
Net.
Oth.Inc. Deduc'ns. Slnk.Fd.
Balance
Nov. 10 1910. V. 91. p. 1385, 1025.
,
^
„
/ ,, , _
1 9 1 8 .......... $1,571,977 $519,415 $1,000 $271,650 $31,243 $217,522
In 1911 acquired the Indianapolis Sc Southeastern Trac. Co. (all of whose
1917 ......... 1,489.038 649,860
1,000
204,883 31,577
354,400 com. and $30,000 1st M . bonds tho old Indianapolis & Cincinnati Trac. Co.
ROAD.— Embraces 87.28 miles of track in Torre Haute, including linos had owned and to which company the Ind. & Southeastern was leased) and
from Torro Haute to West Terre Haute, Clinton, Brazil, Sullivan and San­ canceled its com. stock. V. 92. p. 881. 956. Private right of way except in
ford, Ind. Rails, 60 to 80 lbs. Owns 138 city passonger and 15 Inter­ cities and towns. County franchises perpetual. Franchises In cities and
urban passenger cars, 6 freight and 2 0 service cars.
towns are for 50 years (the oldest being dated 1904). except in Indianapolis,
OFFICERS.— Pres.. Demas Doming; V .-P ., Itobt. I. Todd; Sec. & Treas.. which Is for 34 years from 1900. Has contract with Indianapolis Traction
6 Terminal Co. for 31 years allowing Its cars to enter Indianapolis.
Josopli A. McGowan.— V. 90, p. 1555; V. 98, p. 525; V. 107, p. 182.
In Nov. 1912 the I. & C. Light Sc Power Co. was incorporated with
(n) Terre Haute & W estern Railway Co.— An electric road.
nominal ($900) capital stock In the Interest of the Traction Co. to rurnisb
Leased to Terre Hauto Traction Sc Light Co. for 999 years from N o v .1907. light and power to the communities along the company’s route.
ORGAN IZATION .— Incorporated in 1907 in Illinois. Road extends
In Feb. 1913 the I. & C. Electric R R . was incorp. with $10.000 capital
from tho Indiana State lino near Sanford, Ind., to Paris, 111., 10.03 miles. stock. to extond thoTraction C o.'s lines from Itushvilie to Cincinnati by way
Began operation Oct. 25 1907. Is entirely on private right-of-way. Eutire of Brookvillo, Ind., and Harrison. O. It may later be merged with the
corn, and prof, stock owned by Terre Haute Did. & Eastern Trac. Co.
Cincinnati Harrison & Indianapolis Traction Co.
In April 1913 acquired control of the Cincinnati & Westwood R R .. a
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
narrow-gauge road extending from Westwood, ou tho boundary line of
Stock common $200,000-------------------------$200,000 __________
Cincinnati, to Brighton, within tho city. 5 1-3 miles. V. 90. p‘. 1297.
Preferred $150,000............ ....................................
150,000 ..................
First mortgage $250,000 gold) 1907
5 g M-N
250.000 Nov 1 1937
On Jan. 19 1918 was auth. by the Indiana P. U. Comm, to increase
guar p & i ($1,000)___c*tf|Int. at Now England Tr. Co., Boston, Trus
passonger fares from 2 to 2 4 cents per mile, and, effective Jan. 10 1919,
Bonds.— Are guar. p. & I. by endorsement by Terre Hauto Tr. Sc Lt. Co
to increase rates to 2 4 cents per mile.
Payments in Scrip.— On Oct. 1 1918 S15.000 of divs. on Ind. & Southeast­
EARN ING S.— For calendar years;
ern pref. stock being unpaid, the co. issued in lieu thereof a like amount
Dec. 31 Years—
Gross. Net,aft.Tax. Oth.Inc. Deductions. Bal.,Sur.
6 % ctfs. of indebtedness, due two years after tho close of the war.
On
1918............................ $50,380
$14,549
$500
$12,500
$2,549 Jan. 1 1919 $60,000 additional 6 % ctfs. of indebtedness were issued to pay
1917.......... - ................ 54,080
22.515
500
12,500
10.515
O F F IC E R S — Pres., E. M . Walker; V.-P., F. T . O’llair; Sec. & Treas., the $60,000 of bond interest due on that date. These ctfs. mature on
Jan. 1 1921. V. 108, p. 784.
John T . Beasley,— V. 90, p. 1555.
STOCK AND BONDS— Dale.
Interest. Outstanding. Maturity.
(3) Indianapolis & N orthwestern T raction C o.—-An electric road.
$2,000,000 ...................
Common $2,000,000_________ _____
_______
Lease.— In April 1907 was leased to the Terre Hauto Indianapolis & Pref $1,000,000 (see text).................
1,000,000 In 1912, 1%
J-J
Eastern Traction for 999 years. Tho latter company will pay tho fntorest First mtge $4,850,000 ($1,-1 1910
1,400,000
5 J-J
. -------- July 1 194
on tho bonds; also 1 4 % quar. or 5% per annum on the $450,000 pref.
000) gold (see text)_____c»/lnterest at Central Trust C o., N . Y ., Trus,
stock and $500 per year for organization. V. 84, p. 869.
I & S E pf stk $600,000 ($ 1 0 0 )____
A-O
600,000 In 1917, 5%
Entire Issue of common stock, except directors shares, is owned by the Ind & S E 1st M $ 1,000,000( 1905
5 g J-J
580,000 July 1 1935
Terre Haute Indianapolis & Eastern Traction.
old ($1,000)......................./In t. at Farmers' Loan & Tr. C o.,N .Y .,T ru s.
Shelbyv & Southeast lst{ 1902
5 g J-J
414.000 Jan 1 1932
ORGAN IZATION ,— Organized in 1902 in Indiana. Operates a modern
M $500,000 g ($1,000) s f . . }ln t. at Amer. Tr. Sc Sav. Bk., Chicago, Trus.
high-speed lutorurban railroad, standard-gauge, locatod upon private right
6%
75,000 See text
of way outside of the city corporate limits. Extends northwesterly from Certificates of in d e b te d n e ss..___




S

ELECTRIC RAILWAYS

58

Stock.— Ind. & CIn. Trac. pref. Is entitled to non-cum. dlvs. of 2% until
July 1 1911, then Increasing 1% yearly to July 1 1913; thereafter 5% per
annum. Ind. & S. E. prcf. 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 throo classes. A, B and O.
Class A, $1,300,000, all out; Class B, $200,000, none issued; and Class C,
$3,350,000 (of which $100,000 outst’g), reserved for extens., lmprovem’ 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 of different series, see V. 92, p. 956.
Of the $1,009,000 Ind. & S. E. bonds. $114,000 Is reserved for prior liens
They are subject to call on any lnt. date at 105 and lnt. Of the Ind. Shelby.
& S. E. bonds, tho entire Issuo may bo called on any lnt. date at 110. A
sinking fund on these bonds o f $10,000 per annum began Jan. 1 1908, for
which bonds can be called at 105. beginning with lowest number. $88,000
have been retired.
Dividends.— On prof, paid In 1911. 1?4%; In 1912, 1%.
EAItNINGS— For fiscal yoar ending Dec. 31 1918, gross, $532,113;
net, $142,626; other income, $3,730; interest, taxes and dividends on
I. & S. E. pref., $160,397 ($75,000 of tills amount was paid in scrip— (seo
above under “ Payments in scrip” ); deficit for year, $36,764.
ROAD.— Operates 58 miles of track from Indianapolis via Rushville to
Couuersvllle and 49 miles o f track from Indianapolis via Shelbyville to
Greensburg. Total, 105 miles of track. An extension from Rushville
via Harrison, O., to Cincinnati Is proposed. 60 and 70-lb. T rails. 20 pas­
senger cars and 4 express cars.
OFFICERS.— Pres., Chas. L. Henry, Indianapolis; V.-P., T . F. Rose.
Muncle; Sec., John J. Appel, Indianapolis; Treas., John F. Wild, Indian­
apolis. Offico, Indianapolis.— V. 106, p. 395; V. 108, p. 171, 784.

IRONWOOD, MICH.
IRONWOOD & BESSEMER RAILW AY & LIGHT CO.
In Jan. 1917 the L. E. Myers Co. o f Chicago, III., purchased control.
O RGAN IZATION .— Incorporated In Wisconsin in 1910 as the Gogebic
& Iron Counties Ry. & Light C o., the present name being assumed in Feb.
1911. Owns 59% o f stock of Ashland Lt., Pow. & St. Ry. Co. Controls
elec, light, power & street railway business in Ashland, Iromvood, Bessemer,
Wakefield, Hurley and Gile; tho gas business in Ashland, and tho water
supply In Irouwood, Hurley and Gile. Also owns some o f tho most valuable
natural water powers In Wisconsin. Franchises in Ironwood and Bossemor
expiro in 1941. In Wisconsin operates under Indeterminate franchise.
In Jan. 1913 Increased its auth. prof, stock from $200,000 to $400,000
In Dec. 1918 the co. brought out $247,000 1st mtgo. 5s, proceeds to be
used to reimburse tho co. for expenditures made in tho construction of tho
Superior Falls water power plant. V. 107, p. 2476.
STOCK AND BONDS— Date.
Interest. Outstanding. MaturityCommon $500,000 ($ 1 0 0 )..................................
$500,000
See text
Pref $400,000 ($100) 7% cum ..........
Q-M
397.000
See toxt
First mtge $2,500,000 goldf 1911
5 F-A
1,800,000 Feb 1 1936
sink fund ($ l,0 0 0 )-.c * .t f/ln t . at American Trust C o., Boston. Trustee.
Ash Lt P & St Rv 1st mtgof 1909
5 g J-J
781,000 Jan 1 1939
SI,000.000 gold ($1,000)1 rnt. at Chicago Sav. Bk. & Tr. Co., Trustee
Ponn tax refund— c& r.tfl (Leverett Thompson of Chic., Co-Trustee.
Bonds.— Remaining Ironwood & llessemor 1st M. bonds may be issued
for 75% of cost of new property under certain restrictions. Red. all or in
part on any lnt. date at 104 and int. for sinking fund. Sinking fund pro­
viding for retirement of 1 % of outstanding bonds at not exceeding 104 and
int. began with year ending Feb. 1 1916. Ashland Light, Power & Street
Ry. bonds aro subject to call on any int. dato at 101. Sinking fund of
1% of bonds out began in 1912. See V. 104, p. 450.
Dividends.— 7% per annum in being paid on preferred (Increased In 1916
from 6 % per annum). 8 % Is being paid on common stock.
EARN INGS.— For years ending Dec. 31:
Year—
Gross.
Exv. it Tates.
Net.
Bond Int.
Stirplus.
1916................ $290,197
$128,900
$261,297
$75,610
$85,687
1915................. 268,362
111.387
156,975
67,584
89,391
Latest Earnings.— For yoar ending Juno 30 1918, gross, $432,928; not,
after taxes, rentals * maint., $150,103. In 1917, gross, $281,717; not,
after taxes, rentals & maint., $124,103.
ROAD.— Owns 15 miles o f streot railway serving Bossomer, Ironwood,
Hurley and Gile: 2 water power sites capable o f 7,000 h. p. development,
located at Brownstone and Superior Falls; two developed hydro-electric
plants o f 2,650 h. p. at Mellen and Saxon Falls; 2 steam plants at Ironwood
and Bessemer. 113 miles transmission lines. In Sept. 1917 construction
work on a $100,000 1,200-h.p. plant was lwgun by the Ashland Lt. Pow.
& St. Ry. Co.
OFFICERS.— Pres. L. E. Myers; V .-P., L. N. Bolsen: Sec. & Treas.,
Wm. II. P. Weston. Office, 53 W. Jackson Blvd., Chicago, 111.— V. 104,
p. 452, 761; V . 107, p. 2476.

ISHPEMING, MICH.

[V ol . 108

lied steam road, by ownorshipof all the ($400,000) outstanding stock and all
($488,000) outstanding 1st & rof. 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. Prof, stock, auth. and outstanding, $725,000;and 1st and coll,
trust 5s due 1961. Auth. $4,000,000: out., $1,000,000. (V. 99. p. 538.)
Fare Increase.— In Dec. 1917 the N. Y. P. S. Comm. auth. the co. to
increase its fares to 6 conts. On Nov. 14 1918 the P. S. Comm, granted
auth. to charge a 7-cont faro with tho understanding that tho order may bo
reopened when it appears that the reasons for allowing tho increase no
longer exist. Tho co. had applied for a 10-cont faro. V. 107, p. 2008.
STOCK AND BONDS—
Date.
Interest. Outstamtiny. Maturity.
.........*$400,000
________
Capital stock, 51,000,000................
lst&ref M $2,000,000, g. redf 1914
5 A-O
*488.000 Apr 11964
any Int date at par&lntc*tf J Columbia Trust C o., N. Y ., trustee.
Ithaca Streot Railway 1st M l 1892
6 J-J
175,000 July 1 1922
$175,000 -------------------- t fj 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 Ry a t M .t f 1894
6 J-D
25.000 June 1 1922
* All owned by tho Central N. Y. Southern RR. Corp.
Bonds.— Of the 1st & rof. mtge. 5s, $488,000 are Issued and are all owned
by the Cent. N. Y. So. Remaining bonds are reserved for futuro require­
ments, Including the retirement of the three underlying prior lion as above.
EARNING S.— For years ending Dec. 31:
Dec. 31
Oper'g Net (after Other
Bond
Other Balance,
Year—
Revenue.
Tares). Income. Interest. Deduc. Surplus.
1917................... $196,086 $10,308 $1,125 $40,900 $2,153 def. 131.623
1916................... 196,577
42,358
1,144
38,819
2,029 sur. 2.653
1915........
176,685
39.084
1.661
36.642
1.472 sur. 2.611
ROAD.— Owns and operates 11.49 miles of track. Owns 41 motor cars
and 3 othor cars. Rails, 80-lb. “ T .”
OFFICERS.— Pros., R. B. Williams, Ithaca, N. Y .; 1st V.-P., & Gon.
Coun., Chas. E. Hotchkiss, 34 Nassau St., N. Y.;'2d V.-P. & Gon. M gr.,
J. C. Nelson, Syracuso; Sec. & Treas., S. C. Srivers, N. Y .— V. 107, p.2008.

JACKSON, MISS.
JACKSON LIGHT & TRACTION CO.
Controlled by American Public Utilities Co.
ORGANIZATION.— Incorp. in Miss, in May 1912 to combine local gas
electric light and power and street railway properties. Has contract for
city olectric lighting running to April 1923. Franchises oxtend boyoud
April 1 1922.
Ouster Proceedings.— In March 1919 it was reported that the city would
bogin proceedings for tho revocation of the co.'s charter for alleged failure
to give sorvico and because of poor quality of gas furnished. V. 108, p.1060.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1,000,000 ($100)..
.......................
$1,000,000 ...................
Pref 6 % cum $600,000................................ ........
600,000 ...................
First mtge $2,500,000 gold I 1912
5 A-O
930.000 April 1 1922
($100, $500, $l,000)sf.c*tf/C hicago Savings BankcSc Trust C o., Trustee,
Bonds.— Remaining bonds are for knots., add'ns and extens. under cer­
tain restrictions. Subject to call as a whole (or in part for sinking fund) on
any interest date at 105 and Int.
Sinking fund or 2% of bonds out bogan
Feb. I 1914. Interest in Chicago and at Now York offico of P. W. Brooks
& C o., Inc. Soe V, 94, p. 1566.
EARNINGS.— For 12 months ending Dec. 31:
Year—
Gross.
Em. A Taxes.
Net.
Interest.
Surplus.
1917.................. $325,492
$208,638
3116,851
$44,490
$72,304
, 1916................... 309,723
192.251
117.472
44.490
72,9.82
j 1915................ 279.785
193,271
86,514
45,485
41,029
ROAD.— Owns 14 miles of track. Standard gauge. l 8 passenger cars,
j — V. 101, p. 773; V. 103, p. 406, 6 6 6 ; V. 105, p. 1104; V. 108. p. 1060.

JACKSON, TENN.

JACKSON RAILW AY & LIGHT CO.
ORGANIZATION.— Incorporated in Tennessoe in July 1900, and Is suc­
cessor to tho Jackson & Suburban Street Railroad Co. Franchises expire
pi 1963. Also owns a park or 15 acres. Does lighting and power business
u addition to street railway.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $450,000 ($100).................
Q-F
$300,000 ...................
Preferred 6 % cum__________ _____
_______
250.000 ...................
First mtgo $600,000 ($1,000)1 1906
5 g J-J
______
__________
494.000
Jan 1 1937
N o s f . Redeem at I05 ..c/F id elity & Columbia Tr. Co., Louisville,Tr.
Stock and Bonds.— $150,000 com. and $106,000 bds. aro hold In troasury
EARNINGS.— For cal. year 1918, gross, $142,591; net, $40,047. In
1917, gross, $126,917; net, 345,530.
ROAD.— Operates 7M miles of track. 72 and 50-Ib. T rails.
OFFICERS.— Pres., C. E. Claggett; V.-P. & Oon. M gr., S. S. Bush;
Sec., Geo. W. Lewis; Treas., Fidelity & Columbia Trust C o., all of Louisvillo, K y .— V. 83. p. 9 5 . _____________________

JACKSONVILLE, FLA.

MICHIGAN GAS & ELECTRIC C O — Controlled by tho Middle
West Utilities Co.
JACKSONVILLE TRACTION C O — Trolioy.
ORGANIZATION.— Incorporated in Maine on Nov. 19 1906 as
ORGANIZATION.— Is a re-incorporatlon In Mass. In March 1911 (V.92,
the Houghton County Gas & Coke Co. Namo changed to the p. 881) of the Jacksonville Elec. Co., which was a consolidation of tho Jack'
abovo Feb. 14 1917. Tho company acquired, effective Jan. 1 1917. the sonvilloSt. Ry. C o., the Main St. RR. Co. and tho Jacksonville Elec. Lt.CoConstantino Hydraulic Co., Three Rivers Light & Power Co., Three Rivers Stock of old company was exchanged, skaro for share, for stock of now comGas C o., Milling & Power C o., and tho Marquette County Gas & Elec. Co.
tany. Railway franchise expires in 1932. Doos entire olectric railway bus(excluding the streot railway, which see below).
ness In Jacksonville. $350,000 com. stock Is hold by Pub. Serv. Invest. Co.
On Feb. 28 1914 shareholders authorized $500,000 additional pref. and
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $500,000 ($100).....................................
$500,000 ................... $500,000 additional common, making $1,000,000 prof, and $1,500,000
Pref cum $400,000 ($ 1 0 0 ) _________
6%
400,000 .................... common. V. 98. p 763, 690. O il.
Tlm co. being unable to refinance tho $750,000 6 % notes duo Mar. 1 1919.
First Sc ref $3,000,000 ($100,1 1917
5 g J-J
512,000 Jan 1 1932
$500, $1,000) gold__ c*.tf (Central Trust Co. of Illinois, Chicago, trustee. tho following protective committoo was formed and has issued a call
M Co O -fc El 1st M $1,000,-1 1910 6 g J-J
411,000 Jan 1 1930 for tho deposit of these notes.
Committee for 2-Year 6 % Notes.— Allan Forbes, Stedraan But trick,
000 ($1,000) gold___ c*.tf/F irst Trust & Sav. Bank, Chicago, trustoe.
Orrin G. Wood, Edwin S. Webster. Depositary, State Street Trust Co.,
Hough Co Gas
Coke Col
1906 5g F-A
81,000 Seo toxt.
$350,000 ($1,000) g --c*.tfjC on tral Trust Co. of Illinois, Chic., trusteo. Boston, Mass.
Constantine Hydraulic Col
1905 5g A-O
228,000 Apr 1 1925
STOCK AND BONDS— Dale.
Interest. Outstanding.
Maturity
$250,000 ($1,900) g oid .c.tf (Central Trust Co. of Illinois, Chic., trustee. Common $1,500,000 ( $ 1 0 0 ) ..____
$1,000,000
Soe toxt
Three Rivers Gas Co $75,000l
1907 5g A-O
59,000 Oct 1 1936 Pref 6 % cum SI,000,000(3100)___
6 Q-F
500,000
Sue toxt
($500)---------------------- c*.tf/D etroit Trust C o., Dotroit, M ich., trustee. First consol mtge S5.000.000l 1911 5 M -S
829,000 Mar. 1 1931
($500 and S1.000)___ c*tfj Int. at State Streot Trust C o.. Boston, Trus.
Bonds.— Tho 1st & ref. 5s aro secured, in addition to tholr lion on the
5 g M-N
1,245,000 May 1 1927
property, by pledge of ontiro capital stock (with exception of directors’ Jacksonv Elec 1st M (as-\ 1902
sumed) gold($l,000)c*.ntf / Int. at American Trust C o., Boston, Trustoe.
shares) of the Marquette County Elec. Ry. Co. Sufficient aro reserved to
750.000 Mar 11919
retire prior liens and the balanco for corporate purposes. Aro callable at 2-year coupon notes 51.000,-1 1917 6 M-S
000 g ($500 & $1,000) _ .c * /ln t. at Stato St. Trust C o.. Boston, Trusteo
102>4 « lnt. on or before Jan. 1 1927 and at 101 & int. from Jan. 1 1927 to
205,000 - .................
Jan. 1 1931 on threo weeks’ notice. Of the $411,000 Marquetto County Notes payablo Juno 30 1918-. ...............................
Stock.— *100,000 common stock not roported outstanding hold in troasury.
Gas & Elec. Co. 1st 6 s reported outstanding. $139,000 have been assumed
by tho Marquetto County Elec. Ry. Co. (see below), which has acquired Non-taxablo in Massachusetts.
Bonds.— Of the 1st consol, bonds, $1,245,000 are rosorved to retire Jack­
and owns a part of the property upon which tho mortgage Is a lion. Sfnkiug
fund of 1 % from 1913 to 1915 and 2% thereafter. Are callable at 105 on sonville Elec. 1st M . and 32,780.0o0 are for additions and Improve­
any int. date. Tho Houghton County Gas & Coke Co. 1st 6 s aro duo seri­ ments at 80% of cost. Subject to call on any Int. dato as a whoto or in part
ally on Feb. I as follows: 1920-24, $5,000 per anti.: 1925-29, $6,000 per ann.: for sinking fund at 105 and int. Futuro issues of these bonds may boar
in 1930, $10,000. and in 1931 tho remainder. Tho 1st M . 5s of tho Con­ interest at a lower rate than 5% if so determined by tho directors. Sinking
stantino Hydraulic Co. are subject to call at 105. Tho 1st M . 5s of tho fund, 1% por annum or bonds out bogan Mar. 1 1917. V. 92, p. 1564.
$20,500 fn sinking fund canceled and $125,000 in treasury. Jacksonville
Threo Rivers Gas Co. aro callablo at 105 on any int. dato.
Co. bonds aro subject to call as a whole at 105 and interest on any
• OFFICERS.— Pros., L. E. Myers; V.-P., J. O. Clayton; Sec., O. E. Elec.
date. A sinking fund of 1% annually of bonds out commenced
McCormick: Treas., R. W. Waite, Chicago, 111. Chief operating office, Interest
May 1 1907, which may bo used for extensions and improvements or In
72 West Adams St., Chicago, 111. General offico, Ishpommg, Mich.
purchase of bonds. $5,000 bonds have been canceled. Tho coupon notes
(a) T he M arquette County Electric Ry. C o.— Organized with $25,000 are callable as a wholo at 100 and interest on 30 days’ notice.
capital stock (all of which, with the exception of directors’ sharos, is owned
Dividends.— Paid 1H % quar. on pref. to May 1915: in Aug. T5 paid
%
by tho Michigan Gas& Elec. Co.) Property leased to tho Michigan Gas & and sarno rate quar. to and Ind. Nov. 1916. Feb. 1917 div. passed. (V. 104,
Elec. Co. under general contract which provides for payment of bond in­ p. 361). Nono since. On old Electric Co. com. 6 % ann. from Aug. 1 1905 to
terest, operating expenses and upkeep. The company has assumed $139, Aug. 1 1910, when rate was increased to 7% and same amount paid to
000 of the 1st M . bonds of the Marquette County Gas & El. Co.
Feb. 1911. On now Traction Co. com. initial div.— 1 '4% — paid in May
1911; same rate quar. to and Including Nov. 1914. Nono since.
EARNINGS.— For 12 months ending Dec. 31:
Year—
Gross. Net (.aft. Tax.)
Interest. Sk., Ac., Fds. Surplus.
1918.................$945,569
$235,902
$175,825
$23,242
S36.835
ITHACA TRACTION CORPORATION.
698,123
228,411
167,945
20,950
39,516
In Jan. 1913 Ford. Bacon & Davis, N. Y. City, acquired a substantial 1917.................
ROAD.—
Operates
6-1-1
mllos
of
equivalent
sltiglo
track.
Has
119
cars
Interest in tho Central N. Y. Southern RR. Corp., which controls tho Gauge 5 feet. Power plant capacity, 2.400 k. w.
Ithaca Traction Corporation.
OFFICERS.— Pres., Geo. J. Baldwin, New York; V.-Ps., Chas. F.
ORGANIZATION.— Incorp. In N. Y. Mar. 30 1914 as successor of the Wallace and Harry H. Hunt; Treas., Honry B. Sawyer; Clerk., Alvah K,
Ithaca Street Ry. sold at foreclosure under bondholders’ reorganization plan
Todd; M gr., Hardy Croom, Jacksonville, Fla.: Gen. Mgrs., Slone & Web­
Tho now co. Is controlled by tho Central N. Y. Southern RR. Corp., an al ster Mgt. Assn., Boston.— V. 102, p. 1625; V. 104, p. 301, 952. 1702.




f

ITHACA, N. Y.

59

ELECTRIC RAILWAYS

Mar., 1019.]
J A M E S T O W N , N. T .

JAMESTOWN STREET R A IL W A Y — Trolley.
ORGANIZATION.— Incorporated Oct. 18 1883. Franchise runs till 1982.
STOCK AND RONDS— Date.
Interest. Outstanding.
Maturity•
w s s n s s s -g o ia i
\ m s -ir -jc«i nooi
- ______c* IInt. at Guaranty Trust C o., N . \ Trustee
----------1,583,352 -------------Current liabilities Dec. 31 1917 -----EARNINGS.— For years ending Dec. 31:
Yenr
Gross
Net.
Oth. Inc. Chgs .iSsTaxes
Balance
1918
$444,913
$32,186
$28,308
$124,745 def.S04.200
1917.'.’ .'-’ ".’ - - 412,435
00,182
27,323
121,322
d ef.2,.8/6
ROAD.— Owns 26.545 miles or track, 61 cars, 2 sweepers.
OFFICERS.— Pres., A. N. Broadhead; Sec. <fc Treas., S. B. Broadboad; Gen. M gr., G. E. Maltby, all of Jamestown.
CHAUTAUQUA TRACTION C O — A trolley road.
ORGANIZATION.— Incorporated In Now York on March 7 1903. Is
controlled by the same Interests as the Jamestown Street Ry.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $500,000 ($100)----- . . . - - - 5500.000
----­
First mtge $600,000, goldl 1904 5 g A-O
600,000 April 1 1934
onnV 5lOUU’UJU’ 6 c Int atT itlo Guar. & Tr. C o., N . Y .. Trustee
Current liabilities Dec". 3 1 1 9 1 7 ----------- f
691,455 ...................
Bonds.— No sinking fund and are not subject to call.
EARNINGS.— For year ending Dec. .31:
Year-—
Gross.
Net.
Oth.Inc. Chgs.&Tax.
Deficit.
1918
____$132,265
$14,386
.........
$75,965
561,579
1 2 ,5 1 2
1 .0 1 0
1 7 ,8 4 3
4 8 ,2 8 0
I a n : : : : : : : ......... 1 4 1 ,0 8 9
R O A D __Operates 26.73 miles of track from Lakewood, whore connec­
tion is made with the Jamestown St. Ry., to Mayviile, there connecting
with the Pennsylvania lilt., and to Westfield, N . Y..connecting thoro with
the Lake Shore & Mich. So. and the N. Y. Chicago & St. Louis lty., and
from Westfield to Barcelona-ou-Lako Erie. Standard gauge; 80-lb. 'I rai'OFFICEK3.— Pres., A. N. Broadhoad; V .-P., Wm. Broadhead; Treas.,
S, B. Broadhoad; Sec., W. R. Reynolds; M gr.. Geo. E. Maltby;
J E R S E Y C I T Y , N . J.
PUBLIC SERVICE CORPORATION .
„
See statement and map under ‘ Newark. N . J.
J O H N S T O W N , PA.
JOHNSTOWN TRACTION CO.— A trolley road.
ORGANIZATION.— Incorp. In Pennsylvania on Feb. 24 1910. Was
lncornoratcd originally to take a lease for 18 years from Jan. 5 1910 of the
Johnstown Pass. Ry. from the American Rys. (Phlla.). In Jan. 1914 the
Johnstown Pass. Ry. and the Johnstown Trac. Co. were merged under tho
title of tho Johnstown Traction C o., tho American Rys. Co. having sold its
Interests. Franchises perpetual.
, „
, .
„
, ,
. ,,
Holders of tho Johnstown collateral 5s o f Amcr. Rys. had tho privilege
(until Jan. 15 1914) of exchanging their bonds for the new 1st & ref. 5s of
this company (seo American Railways under "Philadelphia” ); practically
all availed of the privilege.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $ 1,009,000 par $ 5 0 - - ---------------$875,01)0 -------------- Pf$l,000.000 77e cum ($100)...............................
1,000,000 ------- - - - - ­
First & ref M $5,000,000 s ft 1913
5 g J-J
2,000,000 July l 1943
($500,51,000) gold. . c *n t f/ Logan Trust C o., Philadelphia, Trustee.
JohnsPassRy conM ,$800,0001 1899
4 g J-D
399,000 Dec 1 1929
g($ 1 .0 0 0 )redany intdayc*tf JInt. at Guaranty Tr. C o., N. Y .. Irustoe.
Johns Pass Rv ref M $2,000,-) 1901
4 g J-D
1,601,000 Dec 1 1931
000 gold ($1,000).-.c*n tfjIn terest at Johnstown Trust C o., trustee.
Bonds.— Of tho first & ref. mtgo. $2,000,000 aro reserved to retire Johns­
town Pass. Ry. 4s; tho remainder ($1,000,000) reserved for future exten­
sions &c. Red. at 102 and int. Sinking fund of 1% annually began Oct. 1
1917. Of the Johnstown Pass. mtgo. of 1901, entire Issue may bo called
at any time at 105 upon six weeks' notice.
EARN INGS.— For years ending Dec. 31:
,
, ,
„
,
Year—
Gross.
Net (aft. Tax.). Bond Int.
Surplus.
1917 ................................ $802,287
$303,657
$180,971
$122,686
1916.................................... 772,219
360,424
180.000
180,424
ROAD, &C.— Owns and operates under perpetual charter and franchise
tho entire street railway system of Johnstown, Pa., and vicinity. Total
^ t)FFlOERs !— Pres., E. M . du Pont.— V. 97. p. 1823; V. 98, p. 155.

J O L IE T , IL L .
JOLIET & EASTERN TRACTION CO.
ORGANIZATION.— This company. Incorp. In 1914 in Illinois, repre­
sents tho reorganized portion of the Joliet & Southern Trac. Co., operating
between Joliet and Chicago iloights. This property was appraised by the
Illinois P. U. Comm., which authorized stock to bo Issued to tho amount of
$269,000 and additional $31,000 for cash received. There Is outstanding
$300,000 capital stock. No bonds.
Hate Increases.— Effective Sept. 16 1918 tho 111. P. S. Comm, granted
tho co. an incroaso in passenger and freight rates to remain in effect until
6 inos. after the war.
V. 107, p. 1385.
EARNINGS.— For year ending Juno 30 1918, gross, $61,507; in 1916-17,
gross, $66,055; In 1915-16, gross, $60,327.
ROAD.— Total length of all track, 25 miles, extending from Joliet to
Chicago Heights. 60-lb. T rail; standard gauge.
OFFICERS.—Pres., Joy Morton. Chic.; V.-P., Robt. T . Kelly, Joliet;
Sec. E. II. Stearns. Chic.; Treas., Daniel Peterkin. Chic.; Gon. Mgr ,
F. O, Kckmann, Joliet.— V. 99, p. 1832; V. 107, p. 1385.
AURORA PLAINFIELD & JOLIET RY.
This Is tho division of tho former Joliot & Southern Traction, extending
from Joliot to Aurora. 20 miles, and 2 miles of track In Joliot, purchased by
tho bondholders' committee at foreclosure sale in Feb. 1914. It Is being
operated for tho benefit of the bondholders. Total revenues for tho year
ended Aug. 31 1918, $99,099; net, $13,802. For tho division of tho old
Joliot & Southern Trac. C o., extending from Joliot to Chicago Heights,
seo Joliot & Eastern Traction Co. above. Pres., F. K. Shrader, Chicago:
______
Gen. Mgr., It. A. Moore.
BLOOMINGTON PONTIAC & JOLIET ELEC. R Y .— A trolloy road.
O R G A N I Z A T I O N . — Incorporated In 1903. Private right of way except
n cities, where franchises run 50 years.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $2,500,000 ($100)...............- ......................
S95.500 ...................
First mortgage $2,500,000 gl 1905
5 g M- 8
300,300 Sept 1 1935
($10J, $500 and $1,0 0 0 )--[Int. at Cont. Sc Comm. Tr. & 3. B ., Chic.,Tr.
Int. on bonds Is guar, from Mar. 1 1916 by the Pub. Serv. Co. o f Nor. Ill
E A R N I N G S . — For year ending Dec. 31 1916, gross, $25,756; net (after
taxes of $1,680), loss, $1,201. In 1915, gross, $24,441; not, (after taxes
of $1,698). loss, $61.
O F F I C E R S . — Pres., Frank .7. Baker; V.-P., Ohas. A. Munroo; Sec.
Paul D. Sexton; Treas.. John 11. Gullck, all of 72 W. Adams St., Chicago
ill. Office at Pontiac, III.— V .85 , p. 1004; V. 90, p. 235: V. 96, p. 651.

KANSAS C ITY , KAN.
KANSAS C ITY. KAW VALLEY & WESTERN RAILW AY.
ORGANIZATION.— Incorp. In Kansas July 28 1909. Tho lino between
Kansas City ami Bonner Springs was placed In operation July 20 1914, and
from Bonner Springs to Lawrence. Kan., on June 1 1916; total miles track
operated, 42.314. Gaugo, 4 ft. 8)4 in.; 70-lb. T rail. 7 passenger cars;
2 electric locomotives; 2 express and baggage, 8 box and 14 dump cars.
Tho road as projected will extend to Topoka, 26 miles beyond Lawrence
Connection Is made with the street railway system of Kansas City. Direct
freight connection at Kansas City with O. It. I. & P. Ry.. K. O.-S. Ry.
and K O. Terminal Ry. At IJonnor Springs with N. P. Rlt. and A. T.
& S V Rlt. Franchise in Lawrence extends to 1916.
Kansas City Interurban Freight Terminal.— Seo Kan. Olty Clay County
& St. Joseph Ry. below.




Fares.

— T h o I . - S . C . C o m m , in S e p t . 1 9 1 8 a u t h . a n i n c r e a s e in p a s s e n g e r
f a r e s t o 2 . 6 c e n t s p e r m il e .
V . 107, p . 1192.
O n O ct. 28 1918 w as a u th .
to in cre a s e fr e ig h t ra te s 2 5 % .
C o m p a re V . 106, p . 2649.
STOCK AN D BON DS—
Date.
Interest. Outstanding.
Maturity.
S t o c k . $ 1 , 5 0 0 , 0 0 0 ( $ 1 0 0 ) .........................
------* — .-T o o l
1st M $ 2 , 5 0 0 , 0 0 0 g o l d ($ 1 0 0 ) ( 1 9 1 4
6 g F -A
7 8 0 ,0 0 0
A u g 1 1924
$500
' P a n«d $ 1 , 0 0 0 ) - - - C * t f l i n t , a t F ir s t T r . & S a v . B k . . C h i c a g o . T r u s t .
G en era l m tg e , $ 8 1 2 , 5 0 0 g o ld l 1 9 1 4
6 g F -A
4 87,500
Aug 11924
\ In t. a t C o m . T r . C o . , K a n . C i t y , M o . , T ru s.
— T h o Issu a n ce o f fir s t m tg e . b o n d s fo r th o c o n s t r u c tio n o f th e
r o a d is l im i t e d t o $ 2 0 ,0 0 0 p e r m ile ; a d d it i o n a l b o n d s m a y o n l y b e Issu e d
f o r 9 0 % o f c o s t o f i m p r o v e m e n t s , b o t t o r m o n t s . a d d it i o n s a n d e x t e n s i o n s ,
u n d e r c o n s e r v a t i v e r e s t r i c t io n s .
R e d . , a ll o r p a r t , a t 101 a n a I n t . o n a n y
In t. d a t e o n 6 0 d a y s ' n o t i c e .
T h e g e n . m t g . b o n d s a r e l im i t e d t o $ 1 2 ,5 0 0
p e r m ile : c a l la b le a t 101 a n d i n t .
V . 102. p . 1625; V . 104, p . 452.
E A R N I N G S . — F o r y e a r s e n d in g J u n e 3 0 :
. . .
c
....
Year—
Gross.
Exp . & Taxes.
Net.
/ntem L
Surplus.

Bonds.

1917-18____$232,109
1916-17____ 208,864
1915-16____ 74.019

$160,892
129,352
40.769

$71,217
79.512
33,750

$76,050
71.313
19,200

— F or ca l. y ea rs:
1 9 1 8 ....................$ 2 4 7 ,1 3 8
$ 1 7 4 ,2 0 1

$ 7 2 ,9 3 8

__ _ „ „
S 7 6 .0 5 0

Latest Earnings.

1917_______

221,746

147,170

74,576

76,050

def.$4,833
8.196
14,550
, _
d e f .$ 3 ,1 1 2

def. 1,474

O F F I C E R S .— P r e s ., K . D . K le m m , K a n s a s C i t y , M o .; V .- P ., & G e n .
M g r . , W . R . T a y l o r , B o n n e r S p r in g s , K a n . ; S e c . & T r e a s . , E . S . B i g e l o w ;
A u d ., L . II. D a rrow s
O f f i c e , 9 1 9 B a lt i m o r e A v c . , K a n s a s C i t y , M o . —
V . 104, p . 3 6 1 , 4 5 2 , 2343; V . 105, p . 2184; V . 106, p . 264 9; V . 1 0 /, p . 1192.

K A N S A S C I T Y , MO.
K AN SAS

C IT Y

R A IL W A Y S.

O R G A N I Z A T I O N . — O r g a n iz e d u n d e r M is s o u r i la w s J u n e 6 1 9 1 4 a n d
o n F e b . 15 1 91 6 t o o k o v e r t h o p r o p e r t ie s o f t h e M e t r o p o l i t a n S t r e e t R y . .
K a n s a s C l t v E le v a t e d R y . a n d K a n s a s C i t y & W e s t p o r t B e l t R y . in a c ­
c o r d a n c e w it h t h e p la n o f r e o r g a n i z a t io n o f t h e K a n s a s C i t y R y . & L i g h t
C o . In V . 1 0 1 , p . 6 1 4 . 6 8 9 . 1 6 2 8 .
O w n s a u d o p e r a t e s e n t ir e s t r e e t r a ilw a v s y s t e m s e r v in g K a n s a s C i t y a n d I n d e p e n d e n c e , M o . , K a n s a s C i t y a n d
R o s o d a le , K a n . , a n d J a c k s o n C o u n t y , M o . ; p o p u la t i o n s e r v e d , o v e r 4 0 0 ,0 0 0 .
6c c . — 'T h e e x c l u s iv e 3 0 - y e a r fr a n c h is e g r a n t e d
b y K a n s a s C i t y J u l y 7 1 9 1 4 f ix e d t h o c a p i t a l v a l u e o f t h e p r o p e r t y In
M is s o u r i a t $ 2 5 ,0 4 8 ,8 0 6 . p lu s c a p i t a l a d d it i o n s a f t e r J u n o 1 1 9 1 3 .
(V a l­
u a t i o n p l a c e d o n p r o p e r t ie s In M is s o u r i a n d K a n s a s a s o f A p r i l 3 0 1 9 1 8 ,
$ 3 5 ,3 6 2 ,4 3 5 ) .
O n t h e M is s o u r i c a p i t a l v a l u e , $ 2 9 ,8 7 0 ,0 2 8 . t h o c o m p a n y
r e c e iv e s 6 % c u m u l a t i v e , a n y b a l a n c e o f M is s o u r i e a r n in g s , a f t e r t h o a p p li ­
c a t i o n o f $ 6 ,1 4 8 ,8 0 7 o f s u r p lu s e a r n in g s t o a d d i t i o n s a n d e x t e n s i o n s , t o b e
c r e d it e d t w o - t h i r d s t o t h e c i t y a n d o n e - t h ir d t o t h o c o m p a n y .
T h o c it y
h a v i n g n o i n t e r e s t in K a n s a s e a r n in g s , t h e i n c o m e f r o m o p e r a t i o n o f t h e
K a n sa s p r o p e r t y b e lo n g s e n tire ly to th e c o m p a n y .
N o t le ss t h a n 1 6 %
o f g r o s s e a r n in g s m u s t b e a p p li e d t o m a i n t . , r e n e w a ls , d o p r e e 'n , & c . , a n d
n o t lass t h a n 4 % t o d a m a g e c la im s .
F a re s (u n le s s r e d u c e d a t e x p e n s e o f
c i t y 's s h a r e o f s u r p lu s i n c o m e ) a r o f ix e d a t 5 c e n t s f o r a d u lt s a u d 2 >5 c e n t s
f o r c h i ld r e n b e t w e e n 8 a n d 12 ( b u t s e e b e l o w ) .
T h o c i t y h a s t h e r ig h t t o
p u r c h a s o t h o p r o p e r t y in M is s o u r i a t o r b e f o r e t h e e n d o f t h e 3 0 - y e a r p e r i o d
o n t h o b a s is o f a f o r e s a id v a l u a t i o n a u d s u b s e q u e n t a d d i t i o n s .
O p e r a t io n
o f t h e p r o p e r t ie s t o b o u n d e r t h e s u p e r v i s io n o f a B o a r d o f C o n t r o l , c o n ­
s is t in g o f P h ilip J . K e a l y f o r t h o R a il w a y s C o . a n d R o b e r t P . W o o d s f o r
th o c it y .
C i t y a l s o n o m i n a t e s 5 o f t h e 11 d i r e c t o r s .
S e o f r a n c h is e o r d i n ­
a n c e in d e t a il in V . 9 9 , p . 1 9 6 , a n d a l s o V . 9 9 , p . 1 1 9 .
— In A u g . 1918 b e g a n o p e r a tin g a n e x p r o s s a n d fr e ig h t
s o r v ic e b o t w e o n K a n s a s C i t y a n d I n d e p e n d e n c e , M o . , a n d Z a r a h , K a n .
S ee a ls o V . 107, p . 9 0 5 .
— V . 107, p . 4 0 2 , 1837.
— A s a r e s u lt o f a s t r ik e b e g u n o n D e c . 11 1 9 1 8 , J u d g e J o h n C .
P o l l o c k o f t h o U . S . D is t . C o u r t o f K a n s a s C i t y o r d e r e d U . S . M a r s h a l s t o
t a k e c o n t r o l o f t h e c o . ’ s p r o p e r t y in K a n s a s C i t y , K a n . , o n J a n . 2 1 9 1 9 .

Franchise Ordinance,

Freight Service.
Wage Increase.
Strike.

Fare’Increase.

— O n J u n o 2 1918 w as a u th . b y th e M o . I’ . S . C o m m , t o
in c r e a s e fa r e s f r o m 5 c e n t s t o 6 c e n t s , e f f e c t i v e J u l y 15 1 9 1 8 f o r o n e y e a r .
O n S e p t . 7 1 9 1 8 C h i e f J u s t i c e B o n d in t h e M is s o u r i S u p r e m e C o u r t o v e r ­
r u le d t h o ’ a c t i o n o f C i r c u i t J u d g e J o h n G . S la t e ( w h o r e fu s e d t o p e r m it t h e
c o . t o f il e a s u p e r s e d e a s b o n d in t h e 6 - c e n t fa r e c a s e , t h u s g i v i n g t h e c i t y a
5 - c e n t f a r e ,) a n d a u t h . t h e c o . t o c o n t in u e c h a r g i n g a 6 - c e n t f a r e , p e n d in g
f in a l d e c i s io n b y t h o S t a t e S u p r e m e C o u r t .
V . 107, p . 119 2.
T h i s d e c i s io n
w a s h a n d e d d o w n o n D e c . 31 1 9 1 8 a n d u p h e ld t h e r u l in g o f t h e M o . P . S .
C om m .
V . 108, p . 171.
T h e c i t y h a s a p p e a le d t o t h o U . S . S u p r e m e
C o u rt.
V . 108 , p . 171T h e c o m p a n y , b e i n g u n a b le t o p a y i t s m e n t h e
in c r e a s e d w a g e s a w a r d e d b y t h e W a r L a b o r B o a r d , f i l e d s u i t in t h e U . S .
D is t r i c t C o u r t a s k i n g i t t o c o n s t r u e t h e o r d e r o f t h e B o a r d a n d d e t e r m in e
w h e th e r o r n o t t h e c o m p a n y w a s r e q u ir e d t o p a y t h e in c re a s e d w a g e s o n
th o 6 -c e n t fa r o .
T h e C o u r t d e c id e d t h a t th o c o m p a n y w a s n o t o b lig a t e d to
p a y t h o in c r e a s e d w a g e s u n le'ss t h o S t a t e g r a n t e d t h e c o m p a n y a h ig h e r
fa r o .
T h e c o m p a n y t h e r e u p o n a p p li e d t o t h e M o . P . S . C o m m . , a s k in g
a u t h . t o c h a r g e a n 8 - c e n t f a r e in o r d e r t o m e e t t h e a w a r d o f t h e W a r L a b o r
B oa rd .
T h o S t a t e is o p p o s i n g t h is a c t i o n .
D e s p i t e t h e d e c i s io n o f t h e
U S D is t r ic t C o u r t , th o W a r L a b o r B o a r d u n d e r t o o k t o r e q u ir e th e c o m ­
p a n y t o p a y th e a d v a n c e d w a g e s , w it h o u t r e g a r d to in c re a s e d fa re s .
T h is
t h o c o m p a n y r e fu s e d t o d o .
In th o m e a n tim e th e o ld e m p lo y e e s h a d g o n e
o n s t r ik e , a n d in M a r c h 1 9 1 9 w a s o p e r t i n g w it h l o y a l e m p l o y e e s a n d n e w
m e n w h o w e re b e in g p a id th o w a g es p a id b y th o c o m p a n y p r io r t o th e
W a r L a b o r . B o a r d 's a w a r d .
In D e c . 1917 is su e d $ 1 ,0 0 0 ,0 0 0 6 % 2 - y e a r c o l l , n o t e s f o r e x p e n d it u r e s
a l r ° a d v m a d e o r t o b e m a d e f o r i m p r o v e m e n t s , e x t e n s i o n s . J cc.
I n F e o 191,3 t h o M o . I*. S . C o m m . a u t h . t h e c o . t o is s u e S I , 1 5 1 ,8 3 0 a d d i ­
t io n a l c a p i t a l s t o c k , r e p r e s e n t in g i m p r o v e m e n t s m a d e s i n c e M a y 1 1 9 1 5 .
U p t o S e p t . 10 1 9 1 8 t h is h a d n o t b e e n i s s u e d .
In J u l y 1 9 1 8 I s s u e d $ 7 ,7 5 0 ,0 0 0 3 - y e a r c o l l . 7 % n o t e s t o r e t ir e t h e $ 6 . ­
2 5 9 ,0 0 0
3 - y e a r n o t e s d u o J u l y l 1 9 1 8 , a n d t o p a y in p a r t f o r i m p r o v e m e n t s ,
e x t e n s i o n s c . p r c ^s r e p o r t s s t a t e d t h a t a l o a n o f $ 5 0 0 ,0 0 0 t o t h e c o . h a d
b e e n a rra n g ed b y K a n sa s C ity b a n k s.
V . 108, p 579.
STOCK A N D B O N D S —
Date.
Interest. Outstanding.
Maturity.
Cn.nlt.Al s t o c k
___ _______
A -O
See te x t
See te x t.
V st ratge g.)ld -*:::::c*& r*cp t 1915
5 g J-J
S i5,917.400 July 7 1941
1915
0 J -J
3 , 9 1 7 , 9 7 0 J u ly 7 1 9 4 4
2d M ($ 5 ,2 9 1 ,0 0 0 ) Seres A . ,
1915
5 J -J
1 .0 0 0 .0 0 0 J u ly 7 1944
do
do
S e r ie s B _ .
R e d e e m a b le a t 1 0 3 a n d In t. N e w Y o r k T r u s t C o . , N . Y . , tr u s te e .
1917
6 g J -D
1 ,0 0 0 ,0 0 0 D e c
11919
C o l l g o ld n o te s Spr " A ” ( $ 1 0 0 ,
1918
7 g M - N 1 5 7 , 7 5 0 , 0 0 0 M a y 1 5 '2 1
$ 5 0 0 a n d $ 1 , 0 0 0 ) -------- c * . t f
.C o n t i n e n t a l T r . & S . B k . , C h i c a g o , t r u s t e e .
D e fe r r e d in ju r y & d a m ’ g e c t f s . 1 9 1 5
S ee te x t
7 0 0 ,7 1 3 J u ly 1 1 9 4 4
Slock — T h e c a p i t a l s t o c k , r u lly p a id u p , is in th o n o m i n a l s u m o f $ 1 9 0 ,0 0 0
a n d is r e p r e s e n t e d b y 6 2 , 7 1 6 . 7 p r e fe r r e d a n d 6 3 . 0 2 0 . 5 c o m m o n p a r t s o f no
p a r v a lu e .
T r u s t e e s fo r t h o s t o c k a r e R o b e r t J . D u n h a m , C h a r l e s W .
A r m o u r a n d C h a r le s N . B la c k .
I t is p r o v i d e d t h a t w h e n e v e r a c o r p o r a t i o n
c a n b e l a w f u l l y f o r m e d w it h p r e f . a n d c o m . s h a r e s o f n o s p e c if ie d p a r v a l u e ,
w it h a u t h o r i t y t o t a k e o v e r t h e s t o c k o f a n o t h e r c o r p o r a t i o n a s i t s a s s e t s ,
t h o t r u s t e e s s h a ll c a u s e o n e t o b o o r g a n iz e d a n d s h a ll t u r n o v e r t o it t h e s t o c k
in th e ir c u s t o d y , th o b e n e fic ia l c e r t i fi c a t e s t o b e c a n c e le d a n d r e p la c e d b y
p r e f. an d c o m . sh a re s.
,
„
N otes .— T h o 3 - y e a r n o t e s a r c s e c u r e d b y $ 1 0 , 1 4 1 , 0 0 0 1 s t M . b o n d s , o f
w h ic h $ 8 , 0 7 6 , 0 0 0 w e r o o r i g i n a lly Issu e d a s 5 % b o n d s , b u t u p o n w h i c h t h e
c o . p a y s a n a d d i t i o n a l 1 % : t h e r e m a in in g $ 2 , 0 6 5 , 0 0 0 w e r o I s s u e d a s 6 s .
T h o fo r m e r a r e p le d g e d a t 7 5 % a n d t h o la t t e r a t 8 2 % .
A d d itio n a l n o te s
m a y b o is s u e d o n l y u p o n p le d g e o f a d d i t i o n a l 1 s t M . 6 % s in t h e s e r a t i o s ,
o r a t t h o c o . ’ s o p t i o n , u p o n p le d g e o f 1 st M . 5 s a t 7 0 % .
R o d . a ll o r in
p a r t u p o n 3 0 d a y s ' n o t ic e a t 1 0 0 H a n d i n t . p r io r t o N o v . 1 5 1 9 2 0 a m i a t
1 0 0 a n d in t. th e re a fte r .
T a x r e fu n d in I’ e n n .
T h e 2 -y e a r c o ll, n o te s o u t­
s ta n d in g aro sec u re d b y $ 1 ,2 1 9 ,6 0 0 6 % 1st M . b o n d s
R e d ., a ll o r p a r t ,
u p o n 3 0 d a y s ’ n o t i c e a t 1 0 0 Vi a n d i n t . b e fo r e J u n e 1 1 9 1 9 , a n d 1 0 0 a n d i n t .
th e re a fte r .
I n t . o n b o t h p a y a b l e in N . Y . o r C h i c a g o w i t h o u t d e d u c t i o n
o f n o rm a l F e d e ra l in c o m e ta x o f 2 % .
\ . 105, p . 25 43 ; \ . 107, p. 181.
First Mortgage Binds . — ■U f t h e 1s t M . b o n d s o u t s t a n d i n g . 8 1 0 . 1 5 0 , 2 0 0
w e r e is s u e d u n d e r p la n in r e t i r e m e n t o f s e c u r i t i e s o f p r e d e c e s s o r c o s . , a n d
$ 5 7 6 7 2 0 0 t o p r o v i d e fo r r e c e iv e r 's c e r t f s . , c a s h r e q u i r e m e n t s o f r e o r g a n i­
z a t i o n fo r r e t i r e m e n t o f t h o c o m p a n y 's 3 - y e a r n o t e s a n d fo r i m p r o v e m e n t s .
.88 0 7 6 0 0 0 1 st M . 5 % b o n d s (u p o n w h ic h t h e c o . c o v e n a n t s t o p a y a n a d d i ­
t io n a l 1 % p e r a n n u m ) a n d $ 2 , 0 6 5 , 0 0 0 1st M . 6 % b o n d s a r e p le d g e d a s
s e c u r i t y fo r t h o 3 - y e a r n o te s a n d $ 1 , 2 1 9 , 6 0 0 1 s t M . 6 % b o n d s f o r t h e 2 - y e a r
n o te s
A d d i t i o n a l b o n d s m a y b e is s u e d f o r n e w c o n s t r u e ., a d d o n s , e x t . , & c .

or K a n sa s C i t y .
C a l l a b l o a s a w h o le o r p a r t a t 1 0 3 a n d i n t . o n a n y i n t .
d a te o n 6 0 d a y s ’ n o tic e .
T r u s te o , C o n t . & C o m m . T r u s t & S a v in g s B a n k .
C liic a g o .
See V . 1 0 2 , p . 2 2 5 4 .

Second M ortgage B onds .— A s in k in g f u n d o f $ 1 0 5 ,8 2 0 p e r a n n u m , w h ic h
b e g a n J a n . 1 1 9 1 6 , Is e x p e c t e d t o r e t ir e is s u e b y m a t u r i t y .
$ 3 7 2 ,3 8 0 in
s i n k i n g f u n d a n d $ 6 5 0 in t r e a s u r y ( n o t in c lu d e d in a m o u n t r e p o r t e d o u t ­
s ta n d in g ) as o f M a r c h 1 1919.
D eferred In ju r y and D am age C ertificates .— I s s u e d a t p a r in e x c h a n g e f o r
a ll a p p r o v e d c la im s in fe r io r t o o l d b o n d s b u t s u p e r i o r t o t h e s t o c k , f o r
w h ic h n o o t h e r p r o v i s io n w a s m a d e in p la n .
C a ll a b l e a t p a r .
B ear 6 %
I n t e r e s t , c u m u l a t iv e , p a y a b l e o n l y o u t o f n e t e a r n in g s .
N o t a lie n o n p h y s i ­
c a l p r o p e r t y , b u t s t a t u s , a s a g a in s t o w n e r s o f t h e s t o c k , is s u b s t a n t i a l ly
s im ila r t o t h a t o f a p r e f e r r e d s t o c k .
D ivid en d s .— A n In itia l d i v i d e n d o f $ 2 5 0 o n t h e p r e f . b e n e f i c i a l c e r t i f ic a t e s
w a s p a id O c t . 1 1 9 1 6 .
In 191 7, A p ril, $ 2 50 ; O c t ., S2 5 0 .
A p ril 1918
d iv id e n d o m it t e d .
V . 106, p . 1577.
N o n e s in c e .
R E P O R T . — F o r y e a r e n d i n g J u n e 3 0 1 9 1 7 in V . 1 0 5 , p . 1 9 9 3 .
- Y e a r s ending June 3 0 - July 8 T 4 to
1916.
Jun e 3 0 ' 1 5 .
1 3 1 ,0 7 5 ,0 ,3 4 1 2 6 ,3 0 7 ,2 0 9
6 7 , 3 4 2 , 5 2 8 6 5 , 7 1 7 ,7 3 5
$ 7 , 0 5 6 , 5 0 4 $ 6 , 6 1 7 ,7 9 4
$ 2 ,8 1 3 ,2 3 6 $ 2 ,5 0 4 ,7 8 0
2 ,3 7 8 ,7 5 0
2 ,1 0 8 ,2 7 6
1 5 ,2 4 9
9 ,1 6 1

„
1917.
R e v e n u e p a s s e n g e r s c a r r i e d ...................... 1 3 7 ,3 9 4 ,1 4 3
T r a n s f e r p a s s e n g e r s . ..........................
6 9 ,5 1 6 ,5 1 5
T o t a l o p e r a t i n g r e v e n u e .................................$ 7 , 4 0 8 , 0 1 9
N e t o p e r a t i n g r e v e n u e . . .......................
$ 2 ,8 8 6 ,0 8 4
N e t , a f t e r t a x e s ................................................
2 ,4 1 2 ,9 3 4
M is c e l la n e o u s i n c o m e .....................
3 6 ,4 8 4

$ 2 ,3 9 3 ,9 9 9
$ 2 , 1 1 7 ,4 3 7
G r o s s i n c o m e ................................................. $ 2 , 4 4 9 , 4 1 9
I n t . o n M o . i n ju r y & d a m a g e c e r t i f s . .
3 4 ,3 4 2
___________
___________
D i v i s i b l e i n c o m e ......................................... $ 2 , 4 1 5 , 0 7 6
C i t y ’s s h a r e .........................................................
4 1 1 ,3 0 2

$ 2 ,3 9 3 ,9 9 9
5 0 6 .3 1 6

$ 2 ,1 1 7 ,4 3 7
3 0 5 .7 0 3

C o m p a n y ’s s h a r e ___________
C om pa ny’s In com e —
N e t f r o m M i s s o u r i p r o p e r t ie s .
N e t fro m K a n sa s p r o p e r t ie s ..
M i s c e l l a n e o u s __________________

$ 2 ,0 0 3 ,7 7 4

$ 1 ,8 8 7 ,6 8 2

$ 1 ,8 1 1 ,7 3 3

$ 1 ,6 5 2 ,7 2 2
3 2 0 ,5 9 9
3 0 ,4 5 3

$ 1 , 6 2 6 ,4 5 0
2 5 7 .3 8 2
3 ,8 5 1

$ 1 ,5 4 7 ,6 5 4
2 6 2 ,3 3 5
1 ,7 4 5

C o m p a n y ’s g r o s s i n c o m e .......................$ 2 , 0 0 3 , 7 7 4
D ed u ction s — B o n d i n t e r e s t ...................... $ 1 ,4 4 2 5 6 8
K a n s a s i n ju r ie s a n d d a m a g e s ( p a id
in c a s h ) . . . .................................................
16 8 6 4
1 3 ,6 0 0
O t h e r d e d u c t i o n s _____________________

$ 1 , 8 8 7 ,6 8 3
$ 1 ,2 6 9 ,7 2 4

$ 1 ,8 1 1 ,7 3 3
$ 1 ,4 5 9 ,7 4 1

1 9 ,9 9 6
2 ,1 9 3

3 8 ,0 3 4
1 2 ,7 0 2

N e t i n c o m o ....................................................
$ 5 3 0 ,7 4 1
$ 5 9 5 ,7 7 0
$ 3 0 1 ,2 5 5
T h e t o t a l p r o f it a n d lo s s s u r p lu s J u n e 3 0 1 9 1 7 , a f t e r d e d u c t i n g $ 4 0 0 ,0 0 0
d i v i d e n d s p a id a n d $ 1 1 2 ,9 4 4 a p p r o p r i a t e d f o r s in k i n g f u n d , w a s $ 1 9 4 ,8 4 4 .
F o r t h e c a l . y e a r 1 9 1 7 g r o s s e a r n in g s w e r o $ 8 , 0 0 5 , 9 5 5 a n d n e t e a r n in g s
$ 1 ,7 2 3 ,2 6 9 .
P R O P E R T Y . — O v e r 3 0 9 .4 7 7 m ile s o f s i n g le t r a c k e q u i v a l e n t , a b o u t 7 5 %
p a v e d ; r e m a in d e r o n b r i d g e s o r p r i v a t e r i g h t - o f - w a y ; 2 p o w e r h o u s e s , c o m ­
b i n e d c a p a c i t y 6 0 , 0 0 0 k . w . , a n d 11 s u b - s t a t i o n s ; 7 4 3 m o t o r c a r s a n d t r a il ­
ers in a d d it io n to w o rk ca r s .
D I R E C T O R S A N D O F F I C E R S .— R e p re s e n tin g th e c o m p a n y : R o b e r
J . D u n h a m ( C h a i r m a n ) , C h i c a g o ; P h il ip J . K e a l y ( P r e s . ) , J a m e s E . G ib s o n
( G e n . M g r . ) , C l y d o T a y l o r ( V . - P r e s . & G e n ’ l C o u n s e l ) , C h a r le s W .
A r m o u r a n d G e o r g o S . H o v o y , a il o f K a n s a s C i t y , M o .
R e p re s e n tin g
t h e c i t y : W i ll ia m T . K e m p e r , F r a n k C . N i l e s , D a v is M . P i n k o r t o n , J o h n
W . W a g n e r a n d J o h n H . W ile s , a ll o f K a n s a s C i t y , M o .
J . A . H a r d e r is
S e c . & T r e a s .— V . 107 , p . 1 8 3 7 , 2 0 9 7 , 2 2 9 0 , 2 3 7 6 ; V . 108, p . 7 9 , 17 1 , 268 ,

KANSAS CITY LIGHT & POWER CO.
O R G A N I Z A T I O N . — I n c o r p . J a n . 3 1 9 1 6 a n d in F o b . 1 9 1 6 t o o k o v e r
t h e l ig h t i n g a n d h e a t i n g p r o p e r t ie s o f t h e K a n s a s C i t y R y . & L t . C o . a s
p e r r e o r g a n i z a t io n p l a n .
See V . 101, p . 6 1 4 . 6 8 9 . 1628.
L ig h tin g f r a n ­
c h is e s a r e p e r p e t u a l.
T h e c o . h a s c o n t r a c t e d w it h t h e G e n e r a l E l e c t r ic C o . f o r t w o 2 5 ,0 0 0 k . w .
e n e r a t o r u n it s a s t h e f ir s t u n it f o r i n s t a lla t io n in a n e w p o w e r h o u s e
e s lg n e d f o r a n u l t im a t e c a p a c i t y o f 2 4 0 ,0 0 0 k . w . t o c o s t , in c lu d in g e q u i p ­
m e n t . $ 1 0 ,0 0 0 ,0 0 0 .
I n O c t . 1 9 1 7 t h e c o m p a n y p u r c h a s e d a 2 5 - a c r e s it e
o n t h o M is s o u r i R i v e r f o r t h e p u r p o s e . — V . 1 0 5 , p . 1 5 2 6 , 1 7 1 3 .
D e li v e r y
o f o n e g e n e r a t o r h a s b e e n m a d e a n d t h e o t h e r w a s t o h a v e b e e n d e l iv e r e d in
Jan . 1919.
C o n s tr u c t io n o f t h e p la n t w a s e x p e c t e d t o b o c o m p le t e d b y
A p ril 1919.
T h o c o . h a s b e e n p u r c h a s i n g it s p o w e r f r o m t h e K a n . C i t y
R y s . , b u t a s t h e l a t t e r ’ s p l a n t s a r e o v e r l o a d e d ft is p r o c e e d i n g t o c o n s t r u c t
Its o w n p o w e r p l a n t .
Rate In c r ea se .— O n A u g . 13 1 9 1 8 w a s a u t h . b y t h o M o . P . S . C o m m , t o
i n c r e a s o e l e c t r i c l ig h t r a t e s b y 1 0 % , e f f e c t i v e S e p t . 1 1 9 1 8 .
V . 107, p . 806.

g

S T O C K A N D B O N D S .—
S t o c k (s e e t e x t ,)
F i r s t m t g o r e d a t 1 0 3 a n d in t

D a te.

In terest.

O utstanding.

M a tu r ity .

1915
5 J -J
$ 3 ,0 6 0 ,0 0 0 J u ly 7 1944
C o u t . St C o m . T r . & S a v . B k . , C h i c . , t r u s t e e .
2 d m t g e $ l,9 l7 ,3 0 0 red a t par
1915
6 J -J
1 .8 7 8 .9 5 4 J u l y 7 1 94 4
a n d i n t e r e s t __________________' C e n t r a l T r u s t C o . , N o w Y o r k , T r u s t e e .
Stock .— W a s i n c o r p . w it h $ 2 ,0 0 0 n o m in a l c a p i t a l s t o c k , b u t in J a n . 1 9 1 7
w a s o r d e r e d b y t h e P . S . C o m m , t o i n c r e a s o it s s t o c k t o $ 4 , 9 7 7 , 3 0 0 t o c o n ­
f o r m w it h t h e a m o u n t o f 1 s t a n d 2 d m t g e . b o n d s a p p r o v e d in F o b . 1 9 1 6 .
O n M a r c h 16 1 9 1 8 t h e c o . i n c r e a s e d t h e a u t h . a m o u n t o f s t o c k t o $ 1 0 ,0 0 0 . ­
0 0 0 , o f w h ic h $ 5 , 0 0 0 , 0 0 0 is fu ll p a id ( $ 2 ,5 0 0 ,0 0 0 e a c h o f c o m m o n a n d 5 %
p r e fe rr e d ).
P a r, $10 0.
T h o c a p i t a l s t o c k is r e p r e s e n t e d b y 3 1 , 8 1 0 . 3
c o m m o n a n d 3 1 , 3 5 8 . 3 p r e f e r r e d p a r t i c i p a t i n g c e r t i f ic a t e s o f n o p a r
v a lu e .
J o h n I I . L u c a s , T . J . C o n n o r s a n d O s c a r F e n lo y a r o t h e
tru ste e s fo r th e s t o c k .
I t is p r o v i d e d t h a t w h e n e v e r a c o r p o r a t i o n c a n b e
l a w f u l l y f o r m e d w it h p r e f . a n d c o m . s h a r e s o f n o s p e c i fi e d p a r v a l u o w ith
a u t h o r i t y t o t a k o o v e r t h e s t o c k o f a n o t h e r c o r p o r a t i o n , a s it s a s s e t s , t h o
t r u s t e e s s h a ll c a u s o o n e t o b e o r g a n i z e d a n d s h a ll t u r n o v e r t o It t h e s t o c k
In t h e ir c u s t o d y , t h o b e n e f i c i a l c e r t i f i c a t e s t o b e c a n c e l e d a n d r e p l a c e d b y
p r e f. a n d c o m . sh ares.
B on d s .— A d d i t i o n a l 1 st M . b o n d s m a y b o I s s u e d , w it h I n t . t o b e d e t e r ­
m in e d a t t im e o f is s u e , n o t t o e x c e e d 6 % , f o r e x t s . , a d d ’ n s & i m p t s . , o n a
f i x e d b a s is .
A s in k i n g f u n d o n t h e 2 d M . b o n d s o f $ 3 8 ,3 4 6 p e r a n n . f r o m
n e t e a r n in g s o t h e r w i s e a v a i l a b l e f o r d i v s . , w h ic h b e g a n J a n . 1 1 9 1 6 , is e x ­
p e c t e d t o f e t l r e is su e b y m a t u r i t y .
$ 1 4 5 ,8 4 6 in s in k in g f u n d .
D ivid en d s .— A n In itia l d l v . o f $ 2 .5 0 u p o n e a c h p r e f . p a r t i c i p a t i n g c e r t i f i ­
c a t e w a s p a id O c t . 2 1 91 6.
S a m e a m o u n t s . - a . ( A . & O .) t o a n d in c lu d in g
A p ril 1 19 1 8 .
N o n e s in ce .
E A R N I N G S . — G r o s s e a r n in g s , y e a r e n d i n g D e c . 3 1 1 9 1 7 , $ 3 , 4 2 9 , 8 0 6 ,
a n d y e a r s e n d i n g M a y 31 1 9 1 7 , $ 3 ,3 9 2 ,8 2 5 ; 1 9 1 6 , $ 2 , 8 4 9 , 6 4 0 ; 1 9 1 5 , $ 2 , ­
5 1 3 ,4 2 4 ; 1 9 1 3 -1 4 , $ 2 , 4 0 8 , 7 3 6 : 1 9 1 2 -1 3 , $ 2 , 1 5 6 , 9 5 2 .
O F F I C E R S . — P r o s ., J o s e p h F . P o r t e r ; S e c . & T r e a s . , R . J . C l a r k . —
V . 104, p . 1804; V . 105, p . 121 4, 1 52 6, 1713; V . 10 6 , p . 8 2 5 , 158 1; V . 107,
p. 806.
K A N SA S C IT Y C L A Y C O U N T Y & ST . JO SE P H R A IL W A Y C O .
O n J u ly 5 1915 th e In te r s ta te R y . C o . w a s a w a rd e d a v e r d ic t fo r $ 1 ,5 0 0 .­
0 0 0 a g a in s t t h o c o m p a n y a n d t h e e s t a t e o f G e o r g o T o w n s o t id b y a j u r y In
t h e C i r c u i t C o u r t In Its s u i t a lle g in g t h a t t h e d e f e n d a n t c o m p a n y h a d
b u i l t its lin o b e t w e e n K a n s a s C i t y a n d S t . J o s e p h o n a p a r t o f t h e r i g h t - o f w a y o b ta in e d b y th o p la in t iff (V . 10 0 , p . 1 3 0 , 2 8 8 ).
C a so reversed und er
s t ip u la t e d a g r e e m e n t o f s e t t le m e n t .
O R G A N I Z A T I O N . — I n c o r p . In M is s o u r i in 1 91 1 u n d e r a 2 0 0 -y o a r c h a r ­
te r.
I n J a n . 1 9 1 3 t h o lin e f r o m K a n s a s C i t y t o E x c e ls io r S p r in g s , M o . , w a s
o p e n e d , a n d o n M a y 5 1 91 3 o p e n e d f o r o p e r a t i o n it s lin e b e t w e e n K a n s a s
C i t y a n d S t . J o s e p h , 524S m ile s .
V . 96, p . 1423.
A l s o h a n d le s f r e i g h t .
I n D e c . 1 9 1 4 t e r m in a l s e r v lc o w a s b o g u n t o K a n s a s C i t y f o r t h e Q u in c y
O m a h a & K a n . C i t y R R . ( O . B . & Q . s y s t e m ) . S e e d e t a ils In V . 9 9 . p . 1 9 1 0 .
V a lua tion .— O n O c t . 2 4 1 9 1 7 fil e d a r e g u e s t w it h t h e M o . P . S . C o m m ,
f o r a n a d d it i o n o f a b o u t $ 3 , 0 0 0 , 0 0 0 t o Its v a l u a t i o n o f $ 3 , 9 0 0 , 0 0 0 f ix e d
3 y e a r s p r e v i o u s b y t h e C o m m i s s io n .
T h e c o . asked th a t a p rop er a m o u n t
b e f ix e d f o r g o i n g v a lu e a n d f o r a n a d d it i o n a l a m o u n t f o r w o r k in g c a p i t a l.
&c.— V. 1 0 5 ,, p. 1 8 9 8 .
Com m utation Rates Ordered .— The Missouri P .S . Comm, on Dec. 7 1914

Issued an order requiring the company to issue commutation tickets begin­
n in g Jan. 1 1 9 1 5 between Kansas City and Liberty, 1 4 .4 miles, on tho Excel­
sior Springs Division, and to a distance of about 10 miles on the S t . Joseph
Division. O n Dec. 2 9 1 9 1 4 . however. Judge Van Valkenburgh in tho U . S .
District Court granted a temporary order preventing the Commission from
putting the new rates in effect. Y . 1 0 0 , p . 1 4 0 .
. F?e}o h t T erm in a l .— T h e K a n s a s C i t y F r o l g h t T e r m i n a l C o . w a s I n c o r p .
In F e b . 1 9 1 7 t o p r o v i d e f a c il i t i e s in t h o c i t y f o r h a n d li n g I n t o r u r b a n f r e ig n t
a n d express m a tte r.
S t o c k a u t h . a n d is s u e d , $ 1 0 0 ,0 0 0 : b o n d s a u t h , ,
$ 1 0 0 ,0 0 0 , o f w h ic h $ 7 5 ,0 0 0 o u t s t a n d i n g .
T h o s t o c k o f t h o c o . is o w n e d b y
I n t e r e s ts a s s o c ia t e d w it h t h o K a n s a s C i t y C l a y C o u n t y & S t . J o s e p h R y .




[Vol. 108.

ELECTRIC RAILWAYS

60

a n d t h e K a n s a s C i t y K a w V a ll e y & W e s t e r n R y .
T h ese c o s . an d th e K a n ­
sas C i t y W e s te rn R y . a n d th e K a n sa s C it y L a w r e n c o & T o p o k a R y . h a v e
e n t e r e d i n t o c o n t r a c t s f o r t h e u s e o f t h e t e r m in a l a n d h a v e g u a r a n t e e d a n
a n n u a l to n n a g e o f 3 1 ,0 0 0 to n s .
T h o t e r m in a l w a s o p e n e d O c t . 1 0 1 9 1 7 .
J . R . H a r r ig a n is P r e s .- J . F . H o l m a n , V . - P r e s .; E . S . B i g e l o w , S e c . &
T r e a s .— V . 105 . p . 2 1 8 4 .
STO C K A N D BONDS—
D a te.
In terest.
O utstanding.
M a tu r ity .
S t o c k c o m $ 1 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ......................................
$ 4 ,0 0 0 ,0 0 0
S ee t e x t
1st m t g o $ 1 0 ,0 0 0 ,0 0 0 ($1,-7 191 1
5 g M -S
3 ,0 7 9 .0 0 0 S e p t 1 1941
0 0 0 g o l d s f re d a t 1 0 5 a f t e r E q u it a b le T r . C o . , N . Y . . a n d J . F . D o w n S o p t . 1 1 9 1 5 ---------------- c * t f (
In g, K a n . C i t y , T r u s . I n t . p a y a b le N . Y .
Bonds .— O f t h o e s c r o w b o n d s , $ 3 6 5 ,0 0 0 m a y b o is s u e d f o r 8 0 % o f t h o c o s t
o f p e r m a n e n t a d d it i o n s a n d e x t e n s i o n s .
T h o r e m a in d e r c a n o n l y b e is­
s u e d f o r 8 0 % o f t h e c o s t o f p e r m a n e n t a d d it i o n s a n d e x t e n s i o n s , u n d e r
c o n s e r v a t iv e r e s t r i c t i o n s . Sinking fu n d o f 1 > 4 % o f b o n d s c e r t i f i e d , b e g a n
S e p t. 1 1917.
D ivid en d s .— I n 1 9 1 4 , 2 1 4 % p a i d ; 1 9 1 5 , J u n e , 1 H % .
In 191 6, 4 H % .
In 1917, 2 % % .
In 1918, 2% % .
E A R N I N G S .— F o r y e a r s e n d in g D e c . 3 1 :
C al. Y r .—
G ross.
N et. a ft. Tax. Interest, & c .. D ividends.
Su rplus.
1 9 1 8 ---------------- $ 8 3 8 ,0 6 0
$ 3 1 4 ,7 0 7
$ 1 5 6 ,1 1 1
$ 1 1 0 ,0 0 0
$ 4 8 ,5 9 6
1 9 1 7 - . - ........... 7 9 9 ,3 7 9
3 4 9 ,7 1 8
1 5 6 ,7 5 0
1 1 5 ,0 0 0
7 7 ,9 6 7
R O A D — O p e r a t e s 5 2 .5 5 m ile s b e t w e e n K a n s a s C i t y a n d S t . J o s e p h .
M o . , a n d 2 8 .2 4 m ile s b e t w e e n K a n s a s C i t y a n d E x c e l s i o r S p r i n g s , M o . ,
t o t a l 7 7 .6 1 m il e s .
70 a n d 8 0 -lb . T -r a il; s ta n d a r d g a u g e .
P a ssen ger
e q u i p m e n t . 2 0 c a r s , 5 e x p . m o t o r c a r s , 10 o x p r o s s t r a ile r s , 10 o t h o r c a r s a n d
1 A m e r ic a n e le c t r ic d it c h e r , 1 e le c t r ic lo c o m o t iv e .
O F F I C E R S . — C h a ir m a n o f B d . , A l l e n G . H o y t ; P r e s . , P h il ip L . S a i t o n s t a i l, B o s t o n , M a s s .; V . - P . & G o n . M g r . , J . R . H a r r ig a n ; S e c . & T r e a s . .
W . S . T u le y .— V . 104. p . 1702; V . 105. p . 1898, 21 8 4 ; V . 106 . p . 6 07 .
K A N S A S C I T Y - W E S T E R N R A I L W A Y . — A t r o ll e y r o a d .
F o r m e r ly t h e K a n s a s - C i t y - L e a v e n w o r t h R a il r o a d a n d n a m e c h a n g e d t o
K a n sa s C ity -W e ste r n R y .
H a s l o n g - t i m e fra n ch ises in t e r r i t o r y s e r v e d .
Freight T erm in a l .— S e e K . O . , C l a y C o u n t y & S t . J o s o p h R y . a b o v e .
STOCK AN D BON DS—
D a te.
In terest.
O utstanding.
M a tu r ity .
S t o c k $ 2 , 0 0 0 , 0 0 0 ( $ 1 0 0 ) ....................................................
$ 2 , 0 0 0 , 0 0 0 ..........................
1st r e f m t g e $ 5 , 0 0 0 , 0 0 0 g o l d f 1 9 0 5
5 g M -S
1 , 6 5 0 ,0 0 0 S e p t 1 1 9 2 5
(co u p
$ 1 ,0 0 0 . r $ 1 , 0 0 0 , { I n t e r e s t a t G u a r a n t y T r u s t C o , N e w Y o r k .
3 5 . 0 0 0 , $ 1 0 ,0 0 0 ) ............... t f l
T ru stee.
Stock and Bonds. — $ 1 , 4 0 0 , 0 0 0 o f b o n d s w o r e I s s u e d t o r e fu n d a lik e a m o u n t
o f b o n d s o u t s t a n d i n g o f o l d c o m p a n y , a ll b u t $ 4 2 ,0 0 0 o f w h ic h h a v e b o o n
r e t ir e d , $ 1 0 0 ,0 0 0 f o r g e n e r a l c o r p o r a t e p u r p o s e s a n d $ 1 5 0 ,0 0 0 f o r i m p r o v e ­
m e n t s ; r e m a in in g $ 3 , 3 5 0 , 0 0 0 t o b e Issu e d f o r a c q u i s i t i o n s , e x t e n s io n s a n d
i m p r o v e m e n t s u n d e r c u s t o m a r y r e s t r i c t io n s .
E n t i r e o u t s t a n d i n g is s u e is
re d . o n a n y in t. d a te a t 105 a n d in t.
V . 8 9, p . 1483.
R E P O R T . — F o r y o a r e n d in g J u n o 3 0 1 9 1 6 , n e t , a f t o r t a x o s , $ 5 5 ,6 2 0 ; i u t .
o n b o n d s , & c . , $ 8 2 ,7 1 2 ; d e f i c i t , $ 2 7 ,0 9 2 .
R O A D . — O w n s a n d o p e r a t o s 4 3 .7 5 m ile s o f r o a d , o f w h ic h a b o u t 18 m il e s
a r e w it h in t h e c i t y o f L e a v e n w o r t h a n d 2 5 M m ile s b e t w e e n F t . L e a v e n w o r t h
a n d K a n sa s C i t y , K a n . E n te r s K a n s a s C i t y , M o . , o v e r tr a c k s o f th o K a n s a s
C i t y V i a d u c t & T e r m i n a l R y . , w h ic h o w n s a n d o p e r a t e s a s t e e l a n d c o n ­
c r e t e v i a d u c t c o n n e c t i n g K a n s a s C i t y , K a n . , w it h K a n s a s C i t y , M o .
H as
s e c o n d e n tra n ce in t o K a n s a s C it y o v e r tra ck s o f th o M e t r o p o lit a n S tre e t R y .
O F F I C E R S . — C . F . n o l m e s , P r e s .; O . F . H u t c h i n g s , V . - P . a n d G e n . A t ­
to r n e y ; 8 . D . H u t c h in g s . S e c . a n d T r e a s .; J . G . H e r r lo n , S u p t.; W . M .
B o n a r . A u d . G en e ra l o ffic e , L e a v e n w o r th , K a n .— V . 9 0 , p . 1 1 0 , 3 6 8 .
M I S S O U R I & K A N S A S I N T E R U R B . R Y .— K n o w n as " S t r a n g L in e .”
O R G A N I Z A T I O N . — I n c o r p o r a t e d In K a n s a s u n d o r G e n . R R . l a w .
In
1 9 0 9 r e c e iv e r a p p o in t e d t h e p r o v i o u s y e a r w a s d i s c h a r g e d , a n d o l d c o m p a n y
re su m e d c o n t r o l.
V . 8 6 , p . 1467; V . 8 9 , p . 12 8 1 .
M o t lv o p ow er ch a n g ed
f r o m S t r a n g g a s o lin e c a r s t o e l o c t r i c it y In 1 9 0 8 .
V .8 7 , p .6 1 4 .
H a s p r iv a te
r ig h t o f w a y a b o u t 8 0 f e e t w id e f r o m K a n s a s C i t y t o O ia t h o .
STOCK A N D BON DS—
D a te .
In terest.
O utstand ing.
M a tu r ity .
S t o c k $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ....................................................
$ 1 , 0 0 0 , 0 0 0 ..........................
F ir s t m o r t g a g e $ 6 0 0 ,0 0 0 g o i d l 1 9 0 6
5 g J -J
6 0 0 ,0 0 0 J a n 1 1 9 5 6
( $ 1 , 0 0 0 ) ____________________ c / F i d e l i t y T r u s t C o . , K a n s a s C i t y , T r u s t e e .
E A R N I N G S . — F o r c a l . y e a r 1 9 1 6 , g r o s s , $ 1 1 5 ,0 4 9 ; n e t , $ 3 7 ,7 4 5 .
In
1 9 1 5 . g r o s s , $ 1 0 3 ,1 2 9 ; n e t , $ 3 8 ,7 2 1 .
R O A D . — O p e r a t e s 2 0 m ile s o f r o a d f r o m K a n s a s C i t y t h r o u g h S o u t h r id g e , M o r r i s o n R i d g e , M i i b u r n P l a c o , O v e r l a n d P a r k a n il L o n o x a t o O la t h e .
E n te rs K a n sa s C i t y o v e r tr a c k s o f th o K a n s a s C i t y R y s .
7 0 - l b . r a ils .
H a s 13 c a r s , in c lu d in g p a s s e n g e r a n d f r e i g h t .
C o n s t r u c t i o n o f a l in e f r o m
O ia t h o t o O t t a w a , 2 6 m il e s , is u n d o r c o n s i d e r a t i o n .
O F F I C E R S .— P r e s ., W . B . S tra n g ; V .- P . , H . O . B r e n t; S e c . & T r e a s .,
E . N . D a n ie ls : G e n . M g r . , T h o s . R i l e y .
G e n e ra l o f fic e s , O v e rla n d P a r k ,
K a n s a s .— V . 8 7 , p . 6 1 4 ; V . 8 9 . p . 1 2 8 1 .

K E N N E B U N K , ME.
A T L A N T IC S H O R E R A IL W A Y .
O R G A N I Z A T I O N . — I n c o r p o r a t e d in M a i n e o n J a n . 1 1 9 1 1 ( p e r p l a n in
V . 9 1 , p . 8 6 9 ) a s s u c c e s s o r t o t h e A t l a n t i c S h o r o L in e R y . ( s o ld a t f o r e ­
c lo s u r e D e c . 1 1 9 1 0 ) . w h ic h c o m p a n y w a s a c o n s o l i d a t i o n In A p r i l 1 9 0 6 o f
t h e o l d A t l a n t i c S h o r e L i n e R y . a n d t h e P o r t s m o u t h D o v e r St Y o r k S t r e e t
Ry.
T h e f o r m e r c o m p a n y in A p r i l 1 9 0 4 p u r c h a s e d t h e S a n fo r d & C a p e
P o r p o i s e R y . , t h e M o u s a m R i v e r R R . a n d t h o S a n fo r d P o w o r C o . I n J u n e
1 9 0 9 t h o A l f r e d L i g h t St P o w o r C o . w a s a c q u i r e d .
D o e s a f r e i g h t b u s in e s s .
S e c o n d Sc G e n . M . b o n d s w e r e I s s u e d a t 8 0 w it h 1 0 0 % s t o c k b o n u s .
D efa u lt .— T h e in it ia l o b l i g a t o r y c o u p o n , d u e O c t . 1 1 9 1 5 , o n t h e $ 6 4 1 ,7 5 0
4 % r o f. M . b o n d s w as d e fa u lte d .
V . 101, p . 1464.
A ll o t h o r c o u p o n s
d u e o n a n d a f t e r O c t . 1 1 9 1 5 a r e a ls o in d o f a u l t .
R ixeivers. — P r e s . F . O . O o n a n t a n d T r e a s . C o n s t a n t S o u t h w o r t h , b o t h
o f P o r t l a n d , w e re a p p o in t e d r e c e iv e r s b y t h o 17. S . C i r c u i t C o u r t , P o r t l a n d .
V . 101 , p . 1552.
Portsm outh Dover c% York St. R y .— O n M a y 1 1 9 1 7 W . G . M e l o o n , P o r t s ­
m o u t h , N . I I . , w a s a p p o i n t e d s e p a r a t e r e c e iv e r a n d m a n a g e r o f t h is c o .
T h e p r o p e r t y c o m p r is e s 4 2 m . o f t r a c k c o n n e c t i n g P o r t s m o u t h a n d IC lt te r y
w it h D o v e r a n d S o u t h B e r w ic k , in c lu d in g a lin o t o Y o r k B e a c h .
F a res .— O n A u g . 18 1 9 1 7 w a s a u t h . b y t h o M a l n o P . U . C o m m , t o i n c r o a s e
t h o n u m b e r o f it s f a r o z o n e s b y t h r e e .
I n J u n o 1 9 1 8 f il o d w it h t h o M a i n e
P.
U . C o m m , a n o w fa r e s c h e d u l o , e f f e c t i v e J u l y 7 1 9 1 8 , p r o v i d i n g f o r a n
i n c r o a s e in p a s s e n g e r fa r o s f r o m 6 t o 7 c e n t s ( e x c e p t in t h e z o n o b e t w e e n
S a n fo r d a n d S p r i n g f ie l d w h e r e a r e d u c t io n f r o m 6 t o 5 c o n t s w a s m a d e ) .
T h e s c h e d u lo a ls o p r o v i d e d f o r a n I n c r e a s o in t h e p r lc o o f s t r ip t i c k e t s ,
h a v in g 9 c o u p o n s , fr o m 5 0 t o 55 c o n ts .
V . 106, p . 264 8.
STOCK AN D BO N DS—
D ate.
Interest.
O utstanding.
Maturity.
S t o c k $ 1 . 0 0 0 ,0 0 0 ( $ 1 0 0 ) ...................................................... .
$1,000,000
__
G e n lio n M $ 1 5 0 ,0 0 0 r e d a t l 1 9 1 1
5 J -J
1 5 0 .0 0 0
J a u . 11931
1 0 2 and Interest__________ J
R e f u n d m t g e $ 2 , 6 0 0 , 0 0 0 ............ 1 9 1 0
See to x t
6 4 1 ,7 5 0 J a n . 1 1 94 1
A t l S h L in e 1st c o n s M $ 1 , 0 0 0 , - / 1 9 0 4
5 g A -O
3 6 1 ,5 0 0
A p r il 1 1934
OOOg ($ 5 0 0 , $ 1 ,0 0 0 ) c * - c p t i l n t . a t C o l u m b i a T r C o . , N . Y . , t r u s t e e .
A t l S h L i n e 1 s t M $ 1 2 5 ,0 0 0 c p t 1 9 0 4
5 J -J
1 2 0 .0 0 0 J a n . 1 1 9 2 4
A l f L t & P 1 st M $__________,
2 5 0 ,0 0 0 / 1M
905
5 ft J - J
2 5M
0 .0 0 0 J u l y 1 1 9 3 5
(8
m b i a T r . CCo o. ,. N . Y . , t r u s t e e .
. 5 0 0 a n d $J 1 ., 0- 0. (0 ■) _____c
L - - p- t- ). I n t . a t C_ o l u____________
S a n f A C a p e P o r p 's e 1st M - e p t 1 8 9 8
5 J -J
2 4 6 ,0 0 0 J a n . 1 1 9 2 8
M o u s a m R i v e r 1st m o r t g a g o . - 1 8 9 2
6 J -D
5 9 ,0 0 0
See tex t
Portsm outh D over & York St. R y .— Under Separate R eceiver . —
P D Sc Y 1 st M $ 6 5 0 ,0 0 0 / 1 9 0 3
4> 4 J - D
4 5 0 ,0 0 0 J u n o
1923
g o l d ( $ 1 , 0 0 0 ) ________________ \ S t a t o S t r e e t T ru s t, C o . , B o s t o n , t r u s t e e .
P D & Y 2d M an d e x t / 1905
5 g J -D
5 7 ,0 0 0 A p r il l 1925
$ 1 0 0 ,0 0 0 _________ ____________ ( I n t . a t A u g u s t a , M e . , T r u s t C o . , t r u s t e e .
P K Sc Y S t R y 1 st M $ 2 0 0 . - / 1 8 9 7
6 g M -S
2 0 0 ,0 0 0 M a r . 1 1 9 1 7
0 0 0 g ($ 5 0 0 a n d $ l , 0 0 0 ) - . \ l n t . a t W a t o r v l l l e , M o . , T r . C o . , t r u s t e e .
B on d s .— O f t h e r o f u n d . b o n d s , $ 1 , 8 9 3 , 5 0 0 ( I n t . r a t e n o t t o e x c e e d 6 %
a r e r e s e r v e d t o r e t ir e p r i o r lie n s , $ 6 4 ,7 5 0 ( i n t . r a t o 4 % ) a r o f o r I m p t s . a n d
a d d i t i o n s a n d r e m a in in g $ 6 4 1 ,7 5 0 a r e o u t s t a n d i n g a n d w e r o e x c h a n g e d f o r
s e c u r it ie s o f A t l a n t i c S h o r o L in e R y .
O u t s t a n d in g b o n d s b e a r I n t . a t 4 % ,
w h ic h w a s p a y a b le fo r f ir s t 5 y e a r s o n l y i f e a r n e d .
N o In terest w a s oarn ed
o n th o se b o n d s d u r in g th a t p e r io d .
T h o In itia l o b l i g a t o r y c o u p o n f a ll i n g
d u e O c t . 1 1915 w as d e fa u lte d .
V . 101, p . 1404.
T h o A tla n tic 8h ore
L in e c o n s o l s o f 1 9 0 4 a r e s u b j e c t t o c a l l , a ll o r a n y p a r t , a f t e r t e n y e a r s
at 105, to be d raw n b y lo t.
See V . 7 8 . p . 2 3 8 3 .
T h o A lf r e d L ig h t &
P o w o r b o n d s a ro s u b je c t to ca ll a t 105.
M o u s a n R iv e r b o n d s m a t u r e d D e c . 1 1 9 1 2 , b u t h a v e b o o n e x t e n d e d .
Portsm outh Dover
York St. R y .— T h e b o n d s o f 1 9 0 3 c a n b e c a l le d a t
1 0 5 a n d in t .
T h e 2 d 5s c a n b e c a l le d a t p a r o n a n y I n t . d a t o .
T h o 6s o f
1 8 9 7 c a n b e c a l le d a t 1 0 5 .

Mar.. 19)9)

ELECTRIC RAILWAYS

ROAD.— Operates 37 miles of track, connecting Sprlngvalo, Sanford.
West Kennobunk, Kennebunk, Kennebunkport and Gape Porpoise with
Blddeford and Saco; thence over connecting Hues to Old Orchard aud Port­
land
See V. 81, p. 1549. A link from York Beach to Konnobunk, 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 /0-lb. rail.
REPORT.— For calendar year:
.
.
_ ,
Calendar
Cross
Operating
Net
All
Interest on Balance
Year—
Earnings. Expenses. Earnings. Taxes. Bonds, A c. Deficit.
1018
*171,638 $151,045 $20,593 $5,915 $80,895 $66,217
19 7
231757
m ^ o
3 3 .3 1 7
6 .1 8 2
9 2 ,5 9 5
6 5 ,4 9 0
1916 ................. 351,216
291.379
59,837
7.741 117,106 65,010
Note.— On M ay 1 1917 the Atlantic Shore Ity. was divided east and west
of York Beach, Maine, the western end passing to the operating control of
the Portsmouth Dover & York St. Ity. The figures from May 1 1917 on,
aro for tho Atlantic Shore Ity. as at present constituted.
OFFICERS.—-Receivers. Frederick O. Conant and Constant Southworth;
Mgr. for Receivers, S. T. Dow.1—V. 101, p. 1464, 1552; V. 106, p. 2648.
K E N N E T T , PA.
WEST CHESTER KENNETT & WILMINOTON ELECTRIC R Y.
ORGANIZATION.— Incorporated In Pennsylvania on M ay 24 1905,
and is a reorganization of a company of tho same name sold under foreclosure
In Anril 1905. On Feb. 26 1908 absorbed tho formerly controlled Oxford
West Grove & Avondale St. Ry
See V. 86, p. 670.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
----------3o‘2o .000 ---------------Common $925,000-----------------------Prof fS75 000) 6% lio n -c u m ..____
_______
75.000 ---------------First mtge $1 000,000 gold! 1905
5 g J-D
420.000 Juno 1 1935
($500 and $ .000). - - . c tf/In t. at Integ. T .I.T r. & S.D. Co..Phila.. Tr.
EA R N IN G S.— For year ending Dec. 31 1918, gross, $63,588; net, after
taxes, $1,758. In 1917, gross, $65,971; net, after taxes, $10,476.
KO AD._About 20 miles of track botween West Grove, Avondale, Kennett Square and Wilmington, connecting at Konnett for West Chester.
Tho extension from Avondale to Oxford, 124 miles, has boon 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, Phlla.; V .-P ., Clarence L. Harper,
Phila.; Sec. & Treas., Philip E. Guckos, I’liila.; Gen. M gr., B. F. Wickersham, Konnott Squaro, Pa.— V. 94, p. 831; V. 95, p. 177.

i

61

K E Y P O R T , N . J.
JERSEY CENTRAL TRACTION CO.— Trolley.
Control.— The American Railways C o., which see under Philadelphia, Pa.,
owns all the common stock.
ORGANIZATION.— A consolidation in May 1917 of the old Jersey
Central Traction Co. (see "Electric R y ." Sec. for May 1917) and the
Central Jersey Traction Co. (incorp. Feb. 1 1917 to lease the property and
franchises of the Jersey Central Traction C o.). At the same time the
Middlesex & Monmouth Electric Light, Heat & Power C o., which was
controlled by tho 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 tho American
Rys. C o., which in turn is controlled by the United National Utilities Co.
The Lighting Co. purchased the power house, transmission lines and sub­
stations formerly owned and operated by the Traction Co. and sells power
to tho 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
6 cents per zone.
V. 107, p. 2290.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($100)-.................................
$531,400 ------- -------Pref 6 % cum $600,000 ($100)...........
6%
600,000 ...................
First mtge gold $5,000,0001 1917
5 g M-S
800,000 Mar 1 1947
($1,000)_______ _____ ..t f /I n t . at Com'l Trust C o., Phila.. trustee.
Stock.— Preferred stock Ls redeemable at 105 three years after issue.
Bonds.— Guaranteed, p. & 1., by the American Rys. Co. Callable in
wholo or part after March 1 1922 at 1 0 24- Additional bonds may be
Issued for additions, extensions, &c.
RE PO RT.— For calendar year 1916 (Inch Middlesex & Monmouth El.
Lt., Ht. & Pow. C o.), gross, $347,138; net, after taxes, $144,834; Int., &c.,
$98,819; surplus, $46,014.
ROAD.— Owns and operates 36.03 miles of road from South Am boy,
Keyport and Belford to Red Bank; Belford through Atlantic Highlands to
Highland Beach; Freneau through Matawan to Keyport, N. J. Standard
ango 60-lb. T and 70-lb. girder rails. Nearly all over private right of way.
2
passenger cars, 29 freight cars and 1 snow-plow. An extension from
South Amboy through Meehanlcsvlllo 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. Sc V.-Pres., II. J. Crowley; Sec. & Treas., Walter W . Perkins.—
V. 101. p. 452, 1702, 2235; V. 105, p. 3S9, 1309; V. 107, p. 1004, 2290.

t

K E Y W EST, FLA.
KEY WEST ELECTRIC CO.— A trolley road.
ORGANIZATION.— Incorporated In New Jersoy In 1898 and does entire
electric railway and electric-light and power business of tho city; also owns
franchises for manufacture of gas. Franchise expires 1997. In June 1906
was acquired by Stone & Webster of Boston and ro-capitallzed as below.
V. 82, p. 1496. Public Service Investment Co. owns $374,100 common
stock and $2 2 2 ,0 0 0 preferred stock.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $500,000 ($100).....................................
$500,000 ...................
Pref $350,000 ($100) 6 % cum...........
Q-M
270.000 ...................
First mortgage 51,000.0001 1906
5 g F-A
463,000 Aug 1 1956
g old ___________________ tf/In t. at State Street Trust C o., Boston. Tr.
I'ref. Stock.— Remaining $80,000 prof, stock Is held In trust for the benefit
of the company. Redeemable at 110.
Bonds.— Are subj. to call as a whole or In part for s. f. at 105 and Int. at
any time. A sink, fund of 1% of bonds out began Dec. 1 1907, If earned;
on Doc. 1 1912 becamo obligatory.
$83,000 In treasury not Incl. In out­
standing amount. $47,000 canceled.
EARNINGS.— For years ending Dec. 31:
*n Stock’, auth. and outstanding: Common, 7,500 shares (no par value)
Year—
Gross.
Netiaft.Tax.) Interest. Sink. Fund.Surplus.
6% cum. pref. stock (par $100—red. at 110), $750,000. No bonds.
1918....................... $202,873
884,364
$24,260
$5,530
$54,574
EARNINGS.— For years ending Juno 30 (combined companies):
1917______ ______ 146,087
50,829
24,037
5,598
21,194
Year.
Cross. Neti.aft.Tax). Interest. Sink.Fund. Surplus.
ROAD.—Operates 5.41 miles of track; 10 cars. Gauge 5 ft. 2 4 In.
1917-18................ $325,079
$86,225
$26,671
$5,000
$54,554
Power station capacity. 1,170 k.w.
1916-17 ................. 298,802
91,644
20,111
5,000
66,533
OFFICERS.— Pres., George J. Baldwin, Now York; V .-Ps., Henry G.
Dividends.— An Initial divldond of 1 4 % was paid on the prof, stock.in Bradloe and Harry H. Hunt; Sec., Alvah K. Todd; Treas., Henry B.
March 1914: same rate quar. to and incl. Sept- 1917. Nono since.
Sawver, Act. M gr.; Bascom L. Grooms, Key West, Fla.; Gen. Mgrs., Stone
ROAD.— Miles of equivalent single track, 7.99; trackage, 6.14; standard Sc Webster Mgt. Assn., Boston.— V. 82, p. 1496; V. 94, p. 1508.
guage; cars, 20 passenger and 1 other. All powor is purchased from the
Mississippi River Power Co.
_ „ „
„
K I N G S T O N , N. Y .
OFFICERS.— Pres.. Geo. nigglnson, Jr.; V .-P ., Harry T. Edgar: Sec..
Joseph L. Valentine, Chicago, 111.; Treas., II. B. Sawyer; Asst. Sec., Guy L.
KINOSTON CONSOLIDATED RR.
Weymouth. Gen. Mgrs., Stone & Webster Mgt. Assn.— V. 98, p. 72, 610.
ORGANIZATION.— This is a consolidation on D e c .11 1901 of the Kings­
ton City RR. and the Colonial City Traction.
(1) Keokuk Electric Co.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity
ORGANIZATION.— I ,corp. in III. on Dec. 5 1911 as successor to the Common
$200,000 ($100).....................................
$200,000 ...................
Keokuk Elcc. Ry. & Pow. Co.; Keokuk Gas & Elec. Co.; Hamilton Lt.
4% cum $200.000........................ .......
200,000 Aug. T7, 3%
& Power Co. and Keokuk & Western Elec C o., control of which was Preferred
First
consolidated
mortgage}
1901
5
g
J-J
532,000 Oct 9 1951
purchased In 1911 by Stone & Webster Mgt. Assn. Does the entire electric
$700,000 ($1,000) gold c*tf [Int. at Bankers Trust C o., N. Y ., Trustee.
railway, eloctrie lighting, power and gas business In Keokuk, la.; tho entire Second
mortgage $250,0001 1909 5 J-J
None Jan 1 1939
electric railway and olectrfc lighting business in Hamilton and Warsaw, 111.,
($1,000)...............................[Int. at Bankers Trust C o., N , Y .. Trustee.
and operates an lnterurban electric railway botween Keokuk, Hamilton and
Kingston City RR.— 1
Warsaw (largoly on leased lines).
Consol $150,000 ($1,000) not 1 1893
5 M-S
149.000 Mar 1 1923
Franchises.— See Cent. Miss. Valloy Elec. Properties above.
subj to call before mat’y -t f [Int. at Farmers’ Loan Sc Trust C o., N . Y.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Mortgage on car barn_______ _____
5 quar.
6.000 On demand.
Common $650,000 ($100)— . — Q-F
$650,000 Nov T7, 1
Bonds.— $156,000 of the $700,000 consolidated mortgage is reserved to re­
Pref $250,000 ($100) 8% c u m . -----Q-F
250,000 M ay’ 18, 1
tire the Kingston City RR. underlying liens; $12,000 have been canceled.
Keokuk El Ry & Pow 1st M l 1901
5 J-J
160.000
See text
Dividends.— 4% was paid yearly on pref. stock from consolidation up to
$250,000 (closed mtgo) .n tf (Cent. Trust Co. and II E. Ambler. Trustees. 1908, when 2% was paid Aug. 1. None to Jan. 1 1911, when 4% was paid.
First & Ref. Mtgo. $100,000) 1918
6 g J-J 15
150,000 Jan 15 1923 None up to Sept. 1 1914, when 3% was paid. In 1915, April, 3% ; Aug.,
($100, $500 and Si ,000) - ./ln t . at First Tr. & S. Bk., Chicago, trustee 6 %. In 1916, Aug., 3% . In 1917, April, 3% : Aug., 3% . Nonesince.
Notos payablo Juno 30 1918 ---------------------143,500 ---------------ROAD.— Embraces 8 miles of track. Ralls, 70. 80 and 90-lb. 40 cars
Stock.—Common stock Is all owned by Cent. Miss. Vail. Elec. Properties
2 snow plows.
Pref. stock is red. at 110. Both classos o