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P ublic U t il it y C o m pen d iu m
A SECTION OF THE
( C o m m e r c ia l ^
P
in a n c ia l
( ^ h r o n ic l e
Copyrighted in 1924, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. O.
VOL. 120.
N E W Y O R K , M A Y 2 1925.
This publication is issued to replace our former “Electric
Railway” Section.
As the change in name implies, the new publication is much
more comprehensive than the old, both in character and scope.
The “ Public Utility Compendium” is indeed all-embracing. It
is now truly representative of the public utility field. It covers
public utilities of every kind and description. Light and power
companies are now represented, as well as the electric railways,
and in addition we include water and gas companies and tele
graph, telephone, cable and radio corporations. Such of these
latter as have heretofore appeared in our “ Railway & Industrial”
Compendium now find a place in the new publication. Very
many others appear for the first time.
In one particular the change has been forced upon us.
The operation of the electric railways, urban and interurban,
is now quite generally combined with the light and power busi
ness, and it is no longer possible to differentiate between the
two. The development has grown out of the wonderful exten
sion in the use of electricity which is the distinctive feature of
recent times. Many small undertakings began by furnishing
electricity for the running of local trolley lines, and then, in
order to promote economy of operation and be able to furnish
electrical energy at reduced cost, entered the light and power
business. The latter grew so fast that the electric railway has
now become subordinate to the larger field of work. The next
step was to unite the local units so that they might serve larger
areas, and out of these undertakings have grown in turn the
big combinations which, by reason of their splendid achieve
ments in electrical development and in serving the advanced
needs of man, are exciting the wonder and the admiration of
the world.
This is a progressive age and the application of electricity
to the varied service of an ever-expanding population constitutes
the foremost exponent of this progress. The field is an enormous
one, the capital already invested in it of huge proportions and
the capital still to be engaged for its growth and development
of even greater magnitude. We shall hope to keep pace with
the development and expansion, and make the “Public Utility
Compendium” a serviceable medium for furnishing accurate and
up-to-date statements regarding the companies whose resources
and activities are being employed in the prosecution of the work
which is of such inestimable benefit to the country. In the
course of time also it ought to be possible to compile some general
statistics to show the changes from year to year in the ceaseless
flow in this great line of human endeavor.
N O. 3123.
Public
U tilities
DETAILED COMPANY REPORTS
This is one of our six Sections or Supplements.
publications, complete only as a whole.
In using the series it is to be remembered that they are inter-dependent
If utilized together, and with the fresh items of news the “ Chronicle” contains
from week to week, the reader will at all times be able to keep fully informed regarding the operations, the finances and
the income of the various companies included.
A full Index showing where each company will be found is given in the closing pages of the book.
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CHICAGO OFFICE.— 208 South La Salle Street.
LONDON OFFICE.— Edwards & Smith, 1 Drapers’ Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
EXPLANATIONS OF TERMS AND ABBREVIA
TIONS USED.
The following is an explanation of the terms and
abbreviations used on succeeding pages in the pre
sentation of the statements of the different com
panies :
“ STOCK AND BO ND S.”— Under these words are show n:
“Stock.”— The amount of stock authorized immediately
follows the word “ stock,” and against this is the par value
of single shares. For example, “ Stock, $500,000 ($ 10 0),”
means stock, total issue authorized by charter or by Act of
Legislature, $500,000, 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 due and
unpaid to be paid in full for each and every year before the
common stock receives anything.
“ Pref. 6 % non-cum.”
means simply that the stock is entitled to 6 % per annum if
earned, but that if unearned in any year or not declared, no
claim on tne earnings of subsequent years exists for such
year’s dividend. “Div.” means dividend. The last dividend
paid is shown under the column headed “Maturity.”
“Bonds.”— “ Mort.” “ mtge.” or “M .” means mortgage.
“ Consol.” or “con. M ” means consolidated mortgage.
“ Gen. M.” means general mortgage. “ Ref. M.” means re
funding mortgage. “ Coll, tr.” means collateral trust. The
amount next following is the total authorized amount that
can be issued under the mortgage. The denominations in
which the bonds are issued usually follow in parenthesis.
The word “gold” is usually spelled out, but in some instances
is contracted to “g.,” while “cur.” means currency.
“ Gonv.” means convertible into some other form of secu
rity. “ S. f.” means sinking fund, “c.” means coupon; “c*”
means coupon but may be registered as to principal; “ r”
means fully registered (no coupons) ; “ r*” means registered,
convertible into coupon bonds; “c*&r*” means registerable in
either form and convertible from registered to coupon or the
reverse; and “c*&r” means that registered certificates with
out coupons as well as coupon bonds are outstanding.
“ ($100, & c)” signifies that denominations are $100 and
larger. The letters “p. m.” mean per mile, thus $15,000 p. m.
means that the issue of bonds is restricted to $15,000 for
each mile of track. “ Guar.” means guaranteed, and “guar,
p. & i. (end.) ” means guaranteed as to principal and interest,
the guaranty being endorsed on each bond. “ Red.” means
redeemable. “Trus.” or “ tr.” means trustee of the mortgage.
T A X E X E M P T IO N .— Where there is a provision in bond
or mortgage which would seem to make the interest free
from the Federal income tax, we indicate the fact in black
faced letters— t f meaning tax-free. The Revenue Act of
1924, like the Revenue Act of 1921 and the Revenue Act of
1918, provides, however, that only 2 % income tax shall be
deducted at the source and that all further Federal income
taxes shall be met by the recipient of the income. Where
there is no tax covenant we insert the letters n t f , meaning
not tax free,
t ff means free from normal Federal income
tax up to 4 % , though, as already stated, the law allows a
deduction of no more than 2 % . Where we have no knowl
edge other than that the company has assumed or is paying
the tax, we insert the letters c p t , which means that company
pays tax, at least for the present. Only very general differ
entiations like this are possible. Tax exemption features of
mortgages are so varied and diverse that more definite in
formation is out of the question.
“D A T E .”— The date of issue on the face of the bonds is
indicated under the word “Date.”
“IN T E R E S T .”— Under this heading is given the rate per
cent yearly of the interest payable on the bonds or (if guar
anteed) 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 Au gu st;
“M -S” means March and September, and so o n ; while “ Q-J”
m e a n s q u a r t e r ly beginning in January, and “ Q-F” quarterly
beginning in February.
(The day when the interest pay
ment 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 AD .”— The word “ track” means in street railway par
lance all tracks, whether main line, siding, switch or second
track. “ Rails are 80-lb. girder” means that each rail weighs
80 pounds to the yard, “k.w.” means kilowatts, and “h.p.”
means horsepower.
“k.v.a.”
means kilo-volt-amperes.
“P-A-Y-E cars” means pay-as-you-enter or prepayment cars.
“ Exts., add’ns and impts.” means extensions, additions and
improvements.
“Auth.” means authority or authorized.
“ Oth. inc.” means other income. “Cal. year” means calendar
year.
R EFE R EN CE S TO “ CH R O N IC LE.”— This Compendium
or supplement is expressly intended for use in connection
with the investment news and official reports published
from week to week in the “ Chronicle.” Frequent reference
is therefore made to the volume and page of the “ Chronicle”
as (V. 119, p. 000), where fuller information may be found.
Following also each statement is given a reference to the
latest news item in the “ Chronicle” respecting the company.
As every such item contains a reference to the last preceding
item, the reader can run back at pleasure. Annual reports
are in black-faced figures.
3
POWER, LIGHT AND EAILW AY
M at , 1925.]
LILLEY, BLIZZARD & CO., PHILADELPHIA
Bid
.1948 9934
.1941 103
.1950 10234
.1949
.1955
Kentucky Utilities 634s.....
K entucky Utilities 7s.........
K entucky A W . Va. Pr. 7s
Kewanee Pub. Ser. 6s.
Keystone Power 6s
Keystone Power 6 34s
Keystone Power 7s
Keystone Tel. (Phila.) 5s,
Keystone Tel. (Phila.),
K ey System Transi
K ey W est Elec. 5j
Kingsport Utili
Kingsport Uti
Kingston G
Kingston
,UfS
Kinloch-I
Kinloch,
Asked
10134 Lockport Lt., Ht. A Pwr. 534s ...1954
10434 Lockport A Newfane P. A W . 6s ..1954
103^ Logan Co. Lt. A Pr. 6s..................... 1934
T
Beach Gas Lt. 5s..................... 1956
ter 6s..................... 1959
(s’. V „
lOf
2Of
1936 9334 9934
1948 102
1C3
1949 25
35
1934 99*4 10034
1939 99
9934
96
97
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96
97
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96H
95H
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10134
7934
8634
£>,
94H
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85
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98
100
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9834
102>4 105
60
70
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%
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3
QUOTATIONS ON 2000
PUBLIC U TILITY
AND
INDUSTRIAL BONDS
Our regular quarterly booklet, giving current quotations or»
2 00 0 issues, will be ready on June 15th and will b e
supplied without charge to Dealers in Investment Secriuties,
If you are not on our list, write us and become acquainted with some of the features of our
SERVICE TO DEALERS
L
il l e y
, B
M EM BERS
l iz z a r d
P H IL A D E L P H IA
P A C K A R D BLDG
STOCK
- -
Madison Ry. 5s.........1934
Gas A Elec. 6s......... .1937 92
Rwy. A El. 5s........... 1933 97
Rwy. A El. 6s........... 1938 98
o
.
P H IL A D E L P H IA
P H IL A D E L P H IA
Tel.
Rittenhouse 2324—Race 3384
Litchfield A
Little Rock
Little Rock
Little Rock
O C
EXCHANGE
N EW YORK
Hanover 0 8 8 0 —Whitehall 1994
_
Er w^.T" ... !?!!!??!!TW
RPHjy
. Ry. 5s.......................1945 73
Memphis Telephone 5s...................1936 95
Mercer Co. Trac. 5s........................ 1944 40
Merchants Elec. Lt. A Pr. 56........Serial 99
TOT
76
97
50
101
M
[V ol. 120.
PUBLIC UTILITIES
4
American Telephone
Securities
K id d e r , P e a b o d y & C o .
ESTABLISHED 1865
Members of New York and Boston Stock Exchanges
Boston
Providence
N e w Y ork
Correspondents of
B aring B rothers & C o., Ltd. London
M ay , 1925.]
TELEPHONE AND TELEGEAPH
5
Telephone & Telegraph Cos.
U N IT E D S T A T E S A N D F O R E IG N
AMERICAN TELEPHONE & TELEGRAPH CO.
ORGANIZATION".— Owns a large interest, generally a majority interest,
in the capital stock o f the leading local cos. operating under the Bell patents
in the U. S. (V. 107, p. 2100; V. 88, p. 1554); also owns the systemof long
distance telephone lines by which they are united. Pupin patents, V . 72, p.
677; V. 76, p. 332, 596; V . 77, p. 39; V. 92, p. 796, 1312. The major op
erating companies, greatly reduced in number of late years by consolidation,
have had their shares largely exchanged for stock o f Am .T .& T .C o . V .9 7 ,
p. 446.
FIELD OF O PERATION AND CHARACTER OF BUSINESS.—
The chief subsidiaries are; Illinois Bell Tel. C o., Cumberland Tel. & Tel.
C o., New York Tel. C o., Ohio Bell Tel. C o., Mountain States Tel. & Tel.
C o., Bell Tel. Co. o f Pa., Indiana Bell Tel. Co., Ches. & Pot. Tel. C o.,
Southwestern Bell Tel. C o., Wisconsin Telep. Co., Northwestern Bell Tel.
C o., Cincinnati & Sub. Bell Tel. C o., New England Tel. & Tel. C o.,
Michigan Bell Tel. C o., Southern Bell Tel. & Tel. C o., Southern New
England Telephone Co. and Pacific Tel. & Tel. Co. V . 112, p. 1033.
Also owns over 98% o f the common stock of Western Electric C o., Inc.,
New York, manufacturer o f electric and telephone supplies. In Sept. 1919
offered $100 in its own stock for each $114 28 of the minority stock of Moun
tain States Tel. & Tel. Co. or for $100 in stock and $14 28 in cash. V. 109, p.
478. Automatic switchboards, extension o f toll cable system, and Key WestHavana telephone cables. See V. 110, p. 979. In M ar. 1920 formed the
205 Broadway Corp. as a holding company to handle the real estate of the
A . T . & T . Co.
In Sept. 1921 organized the Bell Telephone Securities Co. V . 113, p. 1254.
The company also operates a radio broadcasting station in New York City.
BELL SYSTEM .— On Dec. 31 1924 there were 15.906,550 telephones
connected with the Bell System, which owned 11,242,318 and connected with
4,664,232 owned by connecting companies and rural associations. The
caoital obligations in the hands o f the public Dec. 31 1924 were $1,846,670,777, while the book costs o f the net assets devoted to earning a return on
these outstanding securities amounted to $2,549,000,000. The surplus and
reserve aggregate S«78 837,592
Net plant additions during 20 years to
Dec. 31 1924. $1,948 229 910. See annual report in V. 120. p. i217.
List o f advances to sub. cos. as of Dec. 31 1924, see V. 120, p. 1879.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
Stock $1,500,000,000 ($100)_______
_______ $891,532.9')0Apr’25,2M %
Collateral trust mtge ($1,000)1 1899 4 g J-J
78,000,000 July 1 1929
g old ------------------------ c*n tf/01 d Colony Trust C o., Boston, trustee.
Bonds (no longer convertible) 1 1906 4 g M-S
2,589,000 M ar 1 1936
($1,000, &c.) g ----- tfc*& r*/01d Colony Trust C o., Boston, trustee.
Convertible bonds
($100,1 1913 A'A M-S
1,899,400 Mar 1 1933
& c.)--------------------------- n tf/O ld Colony Trust C o., Boston, trustee.
Sinking fund collateral trustl 1916 5 g J-D
73,205,000 Dec 1 1946
bonds ($100 & c)---------gold/Old Colony Trust C o., Boston, trustee.
Convertible bonds $50,000,-1 1918 6 g F-A
4,274,300 Aug 1 1925
000 ($100 &c) gold--------- c*/01d Colony Trust C o., Boston, trustee.
Sinking fund debenture bonds) 1923 5 K g M -N 99,023,600 N ov 1 1943
($100 &c) gold-------- c*n tf (Bankers Trust C o.. New York, trustee.
Sinking fund debenture bonds/ 1925
5 g J-J
125,000,000 Jan 11960
($100, &c, c*; $1,000, &c,r*{ Central Union Trust C o., N . Y ., trustee,
g old -------------------------------- 1
West T & T Co coll tr bonds f 1902 5 g J-J
9,969,000 Jan 1 1932
(assumed)$10,000,000($500{Interest at Old Colony Trust C o., Boston,
&c) gold____________ c*n tf 1 trustee.
195 Broadway Corp mortgage— For details see text.
Stock.— The authorized capital stock was increased on April 1 1920
from $500,000,000 to $750,000,000. on March 28 1923 to $1,000,000,000,
and to $1,500,000,000 on April 1 1925. As to convertible bonds of 1906
and 1913, see below, and V. 101, p. 1630. V. 92, p. 47, 166, 231, 798, 1192.
In M ay 1924 offered to stockholders of record June 10 1924 additional stock
for subscription at par ($100) in the proportion of one share for each five
shares then held. Payments for the new stock were spread over a period of
eight months, from Aug. 1 1924 to Apr. 1 1925. Compare V. 118, p. 2575.
Collateral Trust Mortgage of 1899 is secured by collateral shown below
(compare V . 92, p. 397). On additional collateral further bonds may
be issued to an amount not exceeding 75% of the estimated value of collat
eral; and the issue at any time outstanding must not exceed the amount of
the company’s capital stock then paid up. Int. payable in New York,
Boston, London and Amsterdam. V. 69, p. 1195, 1249; V . 70, p. 40;
V. 85, p. 1398; V. 80, p. 999, 1113; V. 92, p. 190, 397; V. 93, p. 347.
These bonds are a direct obligation of the company and secured by de
posit with trustees o f the following stocks and bonds o f associated cos., par
$120,413,000 (est. value, $118,328,052; V . 105, p. 1710; V. 97, p. 446), viz.:
Shares— Collateral Mar. 31 1925 for Col. Trust 4s of 1899.
Par Value.
228,130 Illinois Bell Telephone C o___________________________ $22,813,000
258.000 Mountain States Telephone & Telegraph C o ________ 25,800,000
250.000 Southern Bell Tel. & Tel. C o______________________ 25,000,000
67.000 Southern New England Tel. C o_____________________
6,700,000
200.000 Michigan Bell Tel. C o______________________________ 20,000,000
200.000 New England T . & T . C o___________________________ 20,000,000
--------- Home Long Distance Tel. C o. (San Francisco) 5%
bonds due 1932----------------------------------------------------100,000
The convertible 4s of 1906 ($150,000,000 original issue) are a direct obli
gation o f the company but not secured by mortgage. They have been sub
ject to call since March 1 1914 at 105 and were convertible into stock from
March 1 1909 to March 1 1918. See V. 82, p. 394, 571,699; V. 83, p. 438;
V . 84, p. 105, 160, 273, 933, 1369, 1489; V. 86, p. 171, 1411; V. 87, p. 1013,
1481, 1535, 1606; V. 88, p.453, 508, 566. 627; V. 93, p .4 7 ,2 3 1 . Outstand
ing issue was reduced from $150,000,000 to $2,589,000 by conversion into
stock. Int. payable in N . Y ., Boston and Amsterdam. Y. 101, p. 1630.
The 20-year 4
bonds of 1913 were convertible (a) into stock at
120 M ar. 1 1915, to Mar. 1 1925, or (b) into an equal amount of stock upon
payment o f $20 per share. They are redeemable at Sept. 1 1925 and there
after at par. Amount out reduced by conversion from $67,000,000 to
$1,899,400 Mar. 31 1925. Int. payable in N . Y ., Boston and Amsterdam.
V. 96, p. 204, 364, 792; V. 100, p. 644, 1630; V. 120, p. 1087.
The (closed) $80,000,000 5% 30-year sinking fund collateral trust bonds of
1916 have a sinking fund o f 1% per annum and are redeemable at 105 and
int. Int. payable in New York and Boston. See V. 103, p. 1982, 2081,
2157, 2344; V. 105, p. 1710.
Security for 5% Collateral Trust Bonds of 1916 as of Mar. 31 1925.
$13,620,000 stock o f New England Tel. & Tel. Co. (V. 103, p. 498).
43.100.000 com. stock o f N . Y . Tel. Co. (Y. 103, p. 1122: V. 102, p. 708).
15.020.000 stock o f Southern Bell Tel. & Tel. Co. (V. 102, p. 1986).
17.500.000 stock o f Northwestern Bell Tel. Co.
21,590,100 pref. stock of Pacific Tel. & Tel. Co. (V. 102, p. 1883).
1,000,000 bonds Home Long Dist. Tel. Co. o f San Fran. 5 % , due 1932.
Convertible bonds of 1918.— An issue of $50,000,000 6% 7-year con
vertible bonds was offered to the stockholders in July 1918 for subscription
at 94 and interest, in the proportion o f $100 in bonds for each 10 shares
held and (or) any fraction o f 10 shares. These bonds have been con
vertible since Aug. 1 1920 into stock at 106. Int. payable in N . i . and
Boston. V. 106, p. 2651; V. 107, p. 84, 292, 698; V . 108, p. 271.
The debenture bonds of 1923 are red. all or part at 110 and int. on any
int. date prior to M ay 1 1941; thereafter at 100 and int. A sinking fund
o f $1,000,000 annually is to be set aside in semi-ann. installments beginning
M ay 1 1924, such fund to be used in purchasing debentures of this issue if
obtainable at not exceeding 105% and int.; otherwise to be used for capital
expenditures. Int. payable in N . Y . or Boston. For security, &c..
compare V. 117, p. 2112.
The debenture bonds of 1925 are red. all or in part at 110 & int. on any int
date on or prior to July 1 1956; thereafter at 100% & int. A sinking fund
of $1,250,000 annually is to be set aside in equal semi-ann. installments,
beginning July 1 1925, such fund to be used in purchasing debentures of
this issue if obtainable at not exceeding 102 A & int.; otherwise, to be used
for capital expenditimes. Int. payable in N. Y . or Boston. In Jan. 1925
$125,000,000 5% debentures were sold by J. P. Morgan & C o., Kuhn,
Loeb & C o., Kidder, Peabody & C o., &c., &c., at 95 & int., to yield over
5.30% . V. 120, p. 207.
Western Telep. & Teleg. Co. coll. tr. bonds of 1902 were assumed in Sept.
1912 and will, on application to trustee, be endorsed with the agreement
to pay prin. and int. Their collateral consists of (stock) $3,900,000 Cin. &
Sub. Bell Tel. C o., $1,700,000 Mountain States Tel. & Tel. C o., $8,070,600
(com.) Wisconsin Tel. Co.; (bonds) $200,000 Home Long Dist. Tel. Co.
of S. F. 5s, due 1932.
Dividends.— July 1900 to July 1906, incl., 7j^% p. a.; Oct. 1906 to
April 1921, 8% p. a. (Q.-J.). July 1921 to April 1925 paid (or declared^
2M % quar., increasing the annual rate to 9 % . V. 112, p. 2196.
195 B’way Corp. mtge.— The Prudential Insurance Co. of America has
made a loan of $8,400,000 on the company’s new 28-story building at Broad
way and Dey St., N . Y . City. The loan is for a term of five years and
bears interest at the rate o f 6 % . The mortgage was made by the 195
Broadway Corp. realty holding company for the American Tel. & Tel. Co.
RE PO RT.— For 1924 in V. 120, p. 1217, showed:
1924
1923.
1922.
Dividends received_________________ $63,559,326 $54,078,663 $44,972^929
Telephone operating revenue________ 75,513,106 71,840,735 65,324,890
Int. & other rev. from associated cos. 15,010,404 13,371,563 12,509,901
T otal----------------------------------------- $154,082,836$139,290,961$122,807,720
Expenses----------------------------------------- 46,463,473 43,901,043 41,139,280
Net earnings--------------------------------$107,619,363 $95,389,918 $81,668,440
Interest------------------------------------------- 16,573,041 13,697,737 15,498,012
Dividends---------------------------------------- 70,918,227 63,274,388 52,971,252
Carried to reserves__________
3,000,000
3,000,000 5,000,000
Carried to s u r p l u s . . ___________ $17,128,094 $15,417,793 $8,199,176
Earnings for the Three Months Ending March 31.
*1925.
1924.
1923
1922
D ividen ds---- $17,714,718
$14,193,847 $12,401,664 $10,788,493
Interest------- 4,637,164
3,886,590 3,192,705
3,116,225
Telephone oper. revenue 20,589,870 18,584,233 17,885,107 15,443,368
Miscellaneous revenue..
125,615
125,894
103,612
43,602
Total------------------------ $43,067,367 $36,790,564 $33,583,088 $29,391,688
E xp., incl. prov. for Fed.
9,272,833
and other taxes______ 11,869,923 11,156,792 10,298,788
Net earnings------------- $31,197,444 $25,633,772 $23,284,300 $20,118,855
5,287,804
4,178,589
3,208,125 4,123,328
Deduct interest________
Deduct dividends______ 19,065,675 16,754,947 15,096,787 12,493,993
B alan ce------------------- $6,843,965 $4,700,236
$4,984,388 $3,501,534
* Subject to minor changes when final figures for March 31 are available.
OFFICERS.— Chairman, H. B. Thayer; Pres., Walter S. Gifford; V .-P.,
David F. Houston; Sec., A. A. Marsters; Treas., H. Blair-Smith; Compt.,
C. A. Heiss.
DIR E C TO RS.— Jas. S. Alexander, Arthur Lyman, H. B. Thayer, Edwin
F. Greene, George F. Baker, Henry S. Howe, Chas. E. Hubbard, John I.
Waterbury, Eugene V. R . Thayer, William A. Gaston, Charles F. Adams,
G. P. Gardner, Philip Stockton, W . Cameron Forbes, David F. Houston,
Walter S. Gifford. George F. Baker Jr., W . W . McClench, Chas. F . Choate
Jr. Offices, 195 Broadway, N. Y ., and 125 Milk St., Boston.— V . 120, p
207, 327, 451, 954, 1087, 1196, 1200, 1217, 1455, 1745, 1880, 2009.
BELL TELEPHONE CO. OF PENNSYLVANIA (THE).
Controlled by American Telephone & Telegraph Co.
ORGANIZATION.— Organized in 1879. Owns the entire capital stock
of the Diamond State Telephone Co. In 1923 acquired the properties of
the Pittsburgh & Allegheny Tel. Co. and the Chartiers Telephone Co. On
D ec. 22 1924 the I .-S. C . Com m . auth. the c o . to acquire certain properties
of the Lehigh Telephone Co. and the Lehigh co. to acquire certam proper
ties of the Bell Co. and also auth. the Bell co. to acquire control of the
Lehigh Telephone Co. by purchase of capital stock. V. 120, p. 327.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns and operates a system of exchange and toll lines located in Pennsyl
vania, reaching every part of the State and connecting directly or indirectly
for the interchange of traffic with all the other companies of the Bell Sys
tem throughout the U. S. aDd Canada.
STOCK A N D BONDS.— Date.
Interest. Outstanding. Maturity.
Common $90,000,000________ _____
_________ x$80,000.000 M a r ’252%
Pref $20,000,0006 M % cum________
6M % $19,445,100 A p r'25 1M
1st & ref mortgage series “ B ” l
1923 5 gJ-J
34.950,000 Jan 11948
($100, Ac) g ------------ e*&r*/Int. at Bankers Trust C o., N . Y ., Trustee.
Cent Dist Tel 1st mtge (ass’d) \ 1913 5 g J-D
9,339,500 Dec 11943
$25,000,000 ($500, &c) gc*JFidelity Title & Tr. C o., Pittsb., trustee.
Pitts & A Tel 1st mtge (guarf 1899 5 gJ-D
1,370,000 Dec 1 1949
p & i), $1,500,000 ($1,00*){Maryland Trust C o., Baltimore, trustee.
g o ld ___________________ c* 1
x All owned by Amer. Tel. & Tel. Co.
Bonds.— The first & ref. Ser. B bonds are red. as a whole only on and
after Jan. 1 1944 at 100 and int. Free from Penna. State tax. V. 116,
p. 180.
The Central District Tel. lsi s. f . 5s have a sinking fund of Vi % per annum
of the amount of bonds issued. Are red. at 105. Idt. payable in Pitts
burgh and New York.
Pittsburgh & Allegheny Tel. Co. 1st Mtge. 5s are red.'at 135. Int. payable
in Pittsburgh and Baltimore.
PUBLIC UTILITIES
6
Dividends.— On Com. from 1916 to 1920 at the rate o f 6% per annum.
From 1921 to 1924 paid 8% per annum. In 1925, March, 2 % .
R EPO RT.— For 1924 showed:
d n lp r tr ln r "V pn rv—
1 Q94.
1Q9^
1Q99
Telephone operating revenue_________$46,531,023 $41,145,358 $37,223,878
Oper. expenses, maint. & deprec’n ___ 35,437,310 32,352,776 27,764,437
Taxes and uncollectibles_____________ 1,642,486
1,424,407 1,759,606
Operating income___________
Non-operating revenue (net)____
.
$9,451,226
1,671,990
$7,368,175
1,609,892
$7,699,835
1,272,207
Gross income________________
Interest charges, &c___________
Preferred dividends____________
Dividends paid ($8)___________
$11,123,217
. 4,602,101
. 1,035,949
. 5,200,000
$8,978,067
3,704,396
$8,972,042
2,896,604
4,800,000
4,800,000
Calendar Years—
_
Other appropriations_
Credits to surplus (net).
Sinking fund, &c_______
Dividends________ _____
[V ol. 120
1924.
______
______
______
1,749,993
1923.
178,000
Cr.377,995
______
1,078,125
1922. ______
______
411,000
345,000
1921.
____
____
____
____
Surplus....................
$694,079
$443,765
$11,126 def$17,135
OFFICERS.— Pres., B. S. Read; 1st V.-Pres. & Treas., J. M . B . Hoxsey;
V .-P. & Counsel, Hunt Chipley; V .-P ., C. O. Bickelhaupt; Sec. & Asst.
Treas., Addison Maupin; Gen. Aud., C. J. Holditch. Office, Atlanta, Ga.
— V. 119, p. 1175; V. 120, p . 828, 1201.
DAKOTA CENTRAL TELEPHONE CO.
ORGANIZATION.— A Bell sub-licensee organized in South Dakota in
1904.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Owns and operates a system of telephone toll lines and exchanges covering
South Dakota east of the Missouri River (except a small district around
Sioux Falls) and extending into adjacent sections in North Dakota. The
toll lines serve the entire territory without competition, and the cities,
towns and villages in the territory are served either by the company's own
(THE) CHESAPEAKE & POTOMAC TELEPHONE CO. exchanges or by locally-owned connecting exchanges from which the com
pany receives the toll business.
ORGA N IZA TIO N .— Incorp. in N . Y . July 2 1883, succeeding the
National Capital Telephone Co. o f Washington, D. C ., and the Telephone
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Exchange Co. o f Baltimore, M d.
___________$1,694,292 A p r ’25, 2%
Common $3,000,000 ($100)_
_
Q-J
123,950 Apr ’25, 1H
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— Pf 6% cum $2,000,000 ($100). ____
1915
6 g J-D
1,174,500 June 1 1935
Operates in territory which includes the district o f Columbia. Stations First mtge $2,500,000 ($500
$1,000) gold----------------- c*l Int. at Boston Safe Deposit & Trust Co.,trus.
Dec. 31 1924, 115,767 (not including 1,438 service and private line stations).
Rates and valuation, V. I l l , p. 899. Increased rates denied. V.120,p.85.
Stock.— $38,700 pref. stock in addition to amount outstanding held in
treasury.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity
Bonds.— The first mtge. 6s are redeemable at 107K and int. on any int________ x$13,000,000 ___________
Stock $15,000,000_________________
Consolidated mortgage $1,-1 1899
5 J-J
1,142,000 July 1 1929 date. Sinking fund of 1 % per annum of the outstanding bonds. In addi
500,000 ($1,000)______ c*/In t. at Am. Sec. & Tr. C o., W ash.,D .C ., tr. tion to outstanding bonds, $155,500 held in sinking fund and $18,000 held
in treasury. In July 1915 $1,000,000 were offered by Merrill, Oldham &
C o., Boston. V. 101, p. 290.
x All owned by the American Tel. & Tel. Co.
Dividends.— Quar. divs. at the rate of 6% per annum paid regularly on
Bonds.— Red. at 103 and int. on any int. date upon 3 weeks’ notice.
Sinking fund 2% annually of outstanding bonds. $358,000 retired by skg.fd. pref. .ince 1904. Quar. divs. paid on com. at the rate of 6% per annum
from 1904 to Oct. 1 1924, and at the rate of 8% per annum since to and incl.
EARNINGS..—-For calendar years:
Apr. 1925.
12 Months Ended Dec. 31—
1924.
1923.
EARNING S.— For years ended Dec. 31:
Gross revenues___________________________________ $6,294,903 $6,007,484
Calendar Years—
1924.
1923.
1922
Operating expenses, taxes, &c_____________________ 4,871,093
4,638,933 Total telephone revenue____________ $1,143,167 $1,163,939 $1,128,081
1,638,933 Operating expense
Net earnings_____________________________________ 1,423,810
$422,295
$438,247
_
_ ____
$370,585
Interest________________ ____ _____________________
96,485
82,233 Current maintenance_______________
159,344
165,659
163,785
Dividends (8 % )--------------------------------------------------- 1,040,000
1,040,000 Depreciation_______________________
188,287
207,153
196,145
Other appropriationsfrom netincome______________
107,049
____
87,669
104,512
Taxes _ .
________
---101,274
Balance for surplus_______________________________
180,276
246,318
$270,486
Net telephone earnings_ _ ______
_
$295,258
$264,488
OFFICERS.— Pres., A. E. Berry; V .-P. & Gen. M gr., Burdett Stryker:
3,323
5,424
_
4,070
V.-P. & Gen. Aud., Philip O. Coffin; V .-P ., John C. Koons; V .-P ., Samuel Sundry net earnings_ __ . ______
M . Greer; Sec., D. S. Porter; Treas., Thos. B. Clarkson. Office, 725
$269,912
$273,809
Total net earnings.
__________
$299,328
13th St., N . W ., Washington, D . C .— V. 120, p. 85.
69,644
72,448
72,987
Deduct interest .
_ _____ __
142,532
142,980
142,980
Dividends, preferred and common_
_
Balance, surplus_________________
$285,167
$473,671 $1,275,438
Earnings for quarter ended Sept. 30 1924, in V. 119, p . 2177.
OFFICERS.— Pres., L. H. Kinnard; Gen. M gr., C. I. Barnard: Sec.,
J. Heron Crosman Jr.; Treas., C. L. Ritchie. Office, Philadelphia, Pa.—
V. 120, p. 84, 327, 581, 954.
(THE) CHES. & POTOMAC TELEPH. CO. OF VA.
ORGAN IZATION .— Incorp. in Va. in 1905 as Southern Bell Telephone
and Telegraph Co. o f Virginia. Name changed to the Chesapeake & Po
tomac Telephone Co. o f Virginia in 1912.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates in State of Virginia. Stations Dec. 31 1924, 108, 662 (not incl.
49,719 service, connecting, &c.).
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $10,000,000 ($100)_____ ____
______ x$9,000,000
______
1st mtge $5,000,000 ($100 &c) f 1913 5g M -N
4,562,300 M ay 1 1943
gold----------------------------- c*iIn t. at State & City Bk & Trust C o., RichI mond, Va., trustee
x All owned by Amer. Tel. & Tel. Co.
Bonds.— Red’ble as a whole, on or after N ov. 1 1918 at 103. Sinking
fund, M o f 1% semi-annually beginning M ay 1 1914. $437,700 retired
through sink fd. V. 98, p. 765. 915; V. 100, p. 558.
EARN ING S.— For 12 months ended Dec. 31:
1Q9"i
Calendar Years—
1924.
Telephone operating reven u es______
_______$5,165,514 $4,962,931
Telephone operating expenses ___________ ............ 3,587,328
3,397,101
Uncollectible operating re v e n u e s .__ _ _ . _______
14,285
20,843
_
Taxes assignable to operations_ ____ __
_______
476,455
435,160
Operating in c o m e _________ ___________ _ _______ $1,087,447
Net non-operating income _
_
______
30,154
$1,190,827
18,500
Total gross income____________________
Rent and miscellaneous deductions________
Interest
_____
_____
________
Dividends________ ___________
$1,128,32/
116,182
325,582
591,822
_______ $1,117,601
_______
129,003
_______
319,824
_______
675,000
Balance ___________ __________________ _______ def$6,225
sur$94,741
OFFICERS.— Pres., Albert E. Berry; V .-P . & Gen. M gr., Burdett
Stryker; V .-P. & Gen. Aud., Philip O. Coffin; V .-P ., John C. Koons;
V .-P ., Samuel M . Greer; Sec., D. S. Porter; Treas., Thos. B. Clarkson.
Office, 725 13th St., N. W ., Washington, D. C.— V. 119, p. 1629; V.
'20, p. 1585.
CUMBERLAND TELEPH. & TELEGRAPH CO., INC.
ORGAN IZATION .— Incorp. in Kentucky in 1883. Southern Bell Tele
phone & Telegraph Co. and American Telephone & Telegraph Co. own about
99% o f stock. V . 95, p. 684. Acauisition o f additional properties author
ized. V. 119, p. 1175. See also V . 120, p. 1201.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates under perpetual and exclusive license from American Telephone &
Telegraph Co. through the entire States o f Mississippi and Louisiana,
Tennessee and Kentucky. On D ec. 31 1924 owned stations, 376,668,
connecting subsidiary stations, 153,333.
STOCK A N D BONDS—- Date.
Interest. Outstanding. Maturity.
Capital stock $25,000,000 ($100)— $7,749,600 owned by Amer. T . & T .,
and $17,248,400 by Southern Bell T . & T.
First & gen mtge $15,000,0001 1912
5 J-J
$14,969,000 Jan 1 1937
($500 & c ) -------------- c*r*.tf/In t. at Irving Bank-Col. Tr. C o., N . Y.,trus.
Memphis Tel & Tel 1st M (en-t 1906 5 J-J
366,800
1936
dorsed prin & int) ($100&c)/Int. at Union & Plant. B. & Tr. Co.,M emph.
Memphis L D Tel 1st M (en-\ 1904 5 J-J
21,000
1934
dorsed prin & int) ($100,&c.) Int. at Union & Plant. B. & Tr .Co., Memph.
Louisville Home Tel 1st m tge/ 1902 7 J-J
1,440,700
1925
sinking fund ($100, & c.)_ \Int. at Cont. & Comm. T r. & S. B ., Chicago.
_
Louisville Home Tel collateral/ 1909 5 Q-J
414,400
1933
($100, & c.)_______________\Int. at U. S. Trust C o., Louisville, K y.
Bonds.— After cancellation o f $12,000,000 o f the $15,000,000 5s of 1912,
the remainder may be called as a whole at 105 and int. on 8 weeks’ notice.
The greater part o f the issue was acquired by Amer. Tel. & Tel. Co. and
by it changed for Cumberland stock, which has been canceled. V . 93, p.
1467; V . 94, p. 210, 354.
D ivs.- \ ’99. ’00. ’01. ’02-’07. ’08. *09-’ 12. ’ 13. ’ 14-’20.’ 21. ’22. ’23. ’24.
C ash(%)| 5 H GH GH 7 yrly. 7 K 8 yrly. 7 6 yrly. . .
2 6M 7
Also 2% in stock of American Tel. & Tel. Co. Sept. 15 1909.
R E PO RT.— Report for year 1924, in V. 120, p . 828, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Tel. operating revenue..$18,696,111 $16,455,638 $15,650,433 $14,676,976
Net oper. inc. aft. taxes. $3,694,291 $2,808,033 $2,221,994 $1,374,907
Non-operating revenue.
138,144
52,918
82,261
69,754
Gross income________ $3,832,435 $2,860,950 $2,304,255
Interest, rent, &c______ 1,388,363
1,539,055 1,537,129
Net income_________ $2,444,072
$1,321,895
$767,126
$1,444,661
1,461,796
def$17,135
$61,633
$54,484
Balance for surplus _ __________
$83,361
OFFICERS.— Pres., W . G. Bickelhaupt; V .-P ., C. N. Herreid; Sec.B. C. Lamont; Treas., E. E. Ingham; Aud., G. A. Anderson; Gen. M gr.,
W . J. Brazell— V . 81, p. 157, 616; V . 101, p. 290; V. 120, p. 1881.
ILLINOIS BELL TELEPHONE CO.
ORGANIZATION.— Incorp. in niinois Jan. 14 1881 as the Chicago
Telephone Co. On Dec. 1 1920 the Chicago Telephone C o. purchased the
telephone plant and property of the Central Union Telephone C o., within
the State of Illinois, and in view o f its wider field of operations the name
of the Chicago Telephone Co. was changed on Dec. 23 1920 to Illinois
Bell Telephone Co. V. I l l , p. 2232, 2427; V . 112, p. 378. Suit seeking to
void merger of 1920 filed. V. 120, p. 211. American Tel. & Tel. Co. owns
over 98% of the stock. City of Chicago franchises granted 1907, expiring
Jan. 8 1929, provides that 3% of gross earnings are to be paid to city an
nually. Tentative valuation, V . I l l , p. 1854. Rates, V . 120, p. 1326.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESSl^Co. provides telephone service over its own lines and those of its connecting
cos. throughout the entire State of Illinois (with the exception o f East St.
Louis and the territory immediately adjacent thereto) and throughout
Lake and Porter Counties, Ind.
STOCK A N D BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $70,000,000 ($100)__________
Q -M 31 $70,000,000 M a r ’25,2%
1st & ref mtge Ser “ A ” ($100,1 1923
5 g J-D
49,222,200 June 1 1956
&c) gold__________ .c*& r*/First Trust & Savings Bank, Chicago, trustee
Bonds.— The 1st & ref. mtge. Ser. A bonds are red. as a whole only upon
60 days’ notice on June 1 1929 or on any int. date thereafter at the following
prices with accrued int.; if on or prior to Dec. 1 1952 at 105, and if subse
quent to Dec. 1 1952 at par. (For security, sinking fund provisions, &c.,
see V. 116, p. 2772.) Int. payable in New York and Chicago.
Dividends.— For many years 10% yearly; since Dec. 1908 2% quar.
(stock div. Oct. 1908, 20% ); 1909 to M ar. 1925, 8% per annum (Q .-M .).
R E PO RT.— For 1924, in V. 120, p. 702 and 826, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Telephone oper. revenue $55,798,975 $51,635,444 $47,667,284 $44,469,882
Total gross income_____ 10,334,489
9,350,773
8,628,893 7,849,120
Rent and miscellaneous.
482,667
709,141
203,229
180,841
Interest_______________ 2,614,126
2,789,402
2,072,036 2,042,327
D ividen ds_____________ 5,401,752
4,803,408
4,000,000 3,600,000
Balance, surplus_____$1,835,943
$1,048,820 $2,353,629 $2,025,952
OFFICERS.— Pres., W . R . A bbott; V .-P . & Gen. M gr., F. O. Hale;
V .-P ., B. S. Garvey; Sec., E . G. Drew; Treas.; W . J. B oyd. Office,
Chicago, IU.— V. 120, p. 211, 702, 826, 828, 1089, 1326, 1881.
LINCOLN TELEPHONE & TELEGRAPH CO.
A sub-licensee of the Amer. Tel. & Tel. Co.
ORGAN IZATION .— Incorp. in Nebraska Jan. 2 1909 as a consolidation
of the Lincoln Telephone Co. and its allied toll line, the Western Tele
phone Co.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates a comprehensive physically connected exchange and telephone
system in 22 counties in Nebraska, located south of the Platte River and
lying east of the west line o f Adams and Webster counties. Serves the
cities of Lincoln, Hastings, Beatrice, York, Nebraska City, Fairbury and
a large number of other small cities and towns.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $3,500,000 ($100)_ _____
_
_________ $2,939,225 J a n ’25, 2%
Pref 6% cum $100,000 ($100)________
6Q-F
31,850 F e b ’25, 1H
Sp 5% c m p f $7,500,000($100)_____
5Q-F
3,934,550 F e b ’25, 1H
1st mtge $10,000,000 ($500 &\ 1916
5-6g
J-J2,000,000
$1,000) gold___________ c*/Harris Trust & Savs Bk, Chicago, Trustee.
Stock.— The special 5% cum. pref. is non-voting.
Bonds.— 1st mtge. bonds are red. at 103 and int. Of the $2,000,000
outstanding $1,700,000 are 5s and $300,000, are 6s. Additional bonds
may be issued under certain restrictions and may bear interest at not ex
ceeding 6% per annum. Int. payable in New York. In Jan. 1916 a block
of 1st mtge. 5s was offered by N . W . Harris & Co. and Merrill, Oldham &
C o., Boston, at 99 and interest. V . 102, p. 349. In Mar. 1925 $500,000
1st mtge. 5s were sold by Harris Trust & Savings Bank, Chicago, and
Merrill, Oldham & C o., Boston, at 94 and int. V . 120, p. 1458.
Dividends.— On special 5% pref. paid 5% 1912 to 1922 and 6% 1922 to
and incl. Mar. 1925 (payable Q .-F.). On 6% pref. quar. divs. of 114%
paid regularly since organization. On com. quar. divs. of 1M % were paid
regularly from organization to Oct. 1 1922; 2% paid regularly quar. from
Oct. 1 1922 to and incl. Jan. 1925.
Jan
11946
M ay , 1925.]
TELEPHONE AND TELEGKAPH
7
Maturity.
Interest. Outstanding.
STOCK AND BONDS.— Date.
See text
_______ x$204,692,000
Common $250,000,000 ( $ 1 0 0 ) .____
Pref. 6 y2% cum. $75,000,000
($ 1 0 0 ) ..._______________________
Q-J 15
25,000,000 Apr ’25 1H
1st & Gen Mtge $75,000,0001 1909
4 M g M -N 63,332,180 N ov 1 1939
($ & £) gold_____ c*&r*tf/Farm ers’ Loan & Trust C o.. N .Y ., trustee.
6 g A-O
49,659,000 Oct 11941
$2,538,928 $2,512,580 $2,417,619 $2,378,305 Ref mtge Ser “ A ” ($100, &c)\ 1921
gold________________ c*&r*/Bankers Trust C o., New York, trustee.
Expenses— Operation__
$780,sOO
$708,282
$694,738
$711,145
6 g F-A
22,610,000 Feb 1 1949
449,873 Debentures sk. fd. $25,000,-1 1919
Current maintenance.
433,008
460,085
475,123
000 ($100, &c) gold c*&r*/Guaranty Trust C o., New York, trustee.
523.990
Depreciation________
566,368
540,906
555,313
Underlying Bonds—
153,301
T axes______________
181,000
175,500
163,000
5 F-A
207,000 Feb 1 1926
N Y & Pa T & T 1st M g__ntf
4 M -N
424,000 N ov 1 1929
General mortgage gold__ntf
$1,915,735 $1,900,674 $1,848,059 $1,907,904
6 J-J
11,000 Jan 11927
470,401 Albany Home T Co 1st M g .t f
Net telephone earnings.
611,906
569,560
623,193
24,869 Cohoes-Waterf Home Tel 1st
Sundry net earnings____
43,841
26,030
62,581
6 J-J
11,500 Jan 1 1927
M gold__________________ tf
x All owned by American Tel. & Tel. Co.
Total net earnings_
_
$495,270
$655,747
$595,590
$685,774
103,759
Deduct interest________
116,648
113,850
111,369
Bonds.— The “ First & Gen. M tge.” made in 1909 is limited to $75,r
000,000 (all issued and $11,522,650 retired by sinking fund), having a first
$391,511 lien on entire property (including real estated valued at approximately
Balance net profits_
_
$569,126
$541,897
$484,221
390,127 $61,461,932) plant, lines, underground conduits, franchises, &c. This
Divs. (Pref. & Common)
471,990
469,391
411,454
mortgage, however, is subject in part to the outstanding mortgage in
$1,384 debtedness of bonds listed above, covering properties acquired from other
Balance for surplus_
_
$72,767
$97,136
$72,506
to call in whole, but not in part, at
OFFICERS.— Pres., Frank A . Woods; V .-P ., S. H. Burnham; V .-P ., companies. &Issue subject provides annual sinking fund, of 1% .110 and int.
on any M .
N . Mtge.
V. 89, p.
Thos. C. Woods; Sec. & Treas., C. P. Russell: Gen. M gr., R . E . Mattison; 849, 924, 1351; V. 90, p. 773; V. 91, p. 131; V. 94, p. 1510; V. 95, p. 548,
Aud., W . L . Lemon.— Y . 115, p. 1329; V. 120, p. 1458.
753; V. 102, p. 1815; V. 103, p. 1122. Int. payable in N . Y ., Boston.
London and Amsterdam.
The $50,000,000 refunding mtge. Series A bonds are redeemable as a
whole only on or after Oct. 1 1931 at 105 and int. Int. payable at office
or agency of company in N . Y . City.
MICHIGAN BELL TELEPHONE CO.
Mtge. covers all the real estate and telephone plant and appurtenances of
ORGAN IZATION .— Incorp. in M ich. Jan. 30 1904 (Y. 75. p. 33, 1034). the company in State o f New York now or hereafter owned; also securities of
Amer. Telep. & Teleg. Co. owns practically all o f the stock. The stock a book value of $29,151,630, including controlling interest in stocks, as well
holders in Sept. 1923 voted to change the name o f the co., effective Jan. 1 as stocks, bonds and other securities of other corporations (except those
1924, to Michigan Bell Telephone Co. (formerly M ich. State Telephone Co.) operating telephone properties in New Jersey and Connecticut) now or
Contract with Amer. Tel. & Tel. upheld; rate cut declared invalid. See hereafter owned, subject to indebtedness aggregating $63,986,180, of which
V. 119, p. 2179, for details.
$63,332,180 constitute the company’s 1st & gen. mtge. 4j^s, due 1939.
The mortgage is to secure ratably with the bonds issuable thereunder (incl.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity• Series A bonds), the outstanding $22,610,400 30-year sinking fund 6%
Common $50,000,000 ($100)_______
Q-M 31 $50,000,000
See text debentures due 1949 (see V. 108, p. 176).
Detroit River Tel Co 1st Mtge 1 1910
6 M-S
11,000 Sept 1 1930
Mortgage provides for sinking fund payments to trustee at rate oi $250,000
assumed_________________ lint, at Detroit Trust C o., Detroit, trustee.
quarterly, beginning Jan. 1 1922. such payments to be used in purchasing
Valley Home Tel Co 1st Mtgel 1912
5 M -N
114,500 N ov 11932 Ser. A bonds if obtainable at not exceeding 102M and int. V. 113, p. 2191.
assumed ($100, & c)_______ flnt. at Detroit Trust C o., Detroit, trustee.
The $25,000,000 6% debentures sold in Jan. 1919 are to be secured by
Citizens Tel Co 1st Mortgage 1 1916
5-7 J-D
1,431,100 Dec 11936 any new mortgage ratably with any other indebtedness secured thereon.
assumed ($100, & c)_______ /Int. at Michigan Tr. C o., Gr. Rapids, trustee
Since Oct. 1 1921 equally secured with ref. mtge. series A , noted above.
On Dec. 31 1924 the co. owed the American Tel. & Tel. Co. $7,015,000 The sinking fund to which $375,000 must be paid annually will, it is said,
with interest on the amounts retired, suffice to redeem the entire issue by
on demand notes.
176, 274.
Bonds.— Citizens Tel Co. 1st M tge. provides for sinking fund of 1% per maturity. V. 108, p. $2,389,600. Reacquired to Dec. 31 1924 and held
in part
annum o f bonds outstanding. Of the amount outstanding $300,000 carry alive in sinking fund, 110 and int. Are call, all orat office on any int. date
on 60 days’ notice at
Int. payable
of Treasurer of
2% extra int. Remainder are 5s. Call, on any int. date on 60 days' company in New York City.
notice at 102 and interest.
Dividends.— From 1910 to and incl. 1924 paid 2 % quar. on common stoek.
Dividends.— A div. o f 1 % on the common stock was paid Mar. 30 1923;
R
this being the first payment since Sept. 1914; June 29 1923 paid 1 H % • Cal. E PO RT.— For 1924: after
Gross
Net
Other
Interest
Balance,
Further dividends not reported.
Year. Earnings. Taxes, &c. Income.
Charges. Dividends. Surplus.
$
$
S
$
$
$
EARNINGS.— For years ended Dec. 31:
1924—141,338,231 17,691,917 6,913,217 9,674,422 17,968,881df3038,169
Calendar Years—
1924.
1923.
1922.
1921.
416,562
Telephone oper. revs___$24,444,567 $21,128,906 $18,113,277 $16,788,184 1923 — 124,858,684 16,744,119 9,637,234 8,390,850 17,573,941
153,741
Telephone oper. exp___ 17,042,566 14,890,797 12,638,794 12,416,968 1922—109,612,620 13,873,822 11,739,184 8,643,174 16,816,091
1921.. 99,608,262 11,404,519 9,988,517 8,148,493 12,841,247 403,296
Net teleph. oper. revs. $7,402,001 $6,238,109 $5,474,483 $4,371,216 1920— 87,906,465 5,483,026 6,681,549 6,094,502 12,000,000df5929,927
OFFICERS.— Chairman, Howard F. Thurbcr; Pres., James S. M o
Uncollectible oper. revs.
$114,337
$119,044
$174,718
$126,833
T ax es_________________ 2,135,335
1,555,967
1,341,190
1,016,946 Culloh: Treas., Walter Brown; Sec., Waldron Hoppins: General Auditor,
J. S. Wiley. New York office, 15 Dey St.— V. 120, p. 704, 829, 2012.
Operating income____$5,152,329
$4,563,098 $3,958,574 $3,227,436
Net non-oper. revenues.
126,478
107,207
143,456
89,789
EARN INGS.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
Exchange revenue______ $1,793,011 SI ,740,148
Toll revenue.
___
____
702,753
---------730,780
Miscell. oper. revenues.
41,652
43,164
_
Total gross income_ $5,278,807
Rent & misc. deductions
210,430
Interest deductions_ _ . 1,322,868
_
2,625,000
D ividends____________
Other appropriations_
_
________
$4,670,305
199,670
1,620,442
1,322,000
1,337,219
1922.
$1,688,694
686,259
42,666
1921.
$1,660,956
680,602
36,747
$4,102,030
186,872
1,961,270
780,000
629,329
$3,317,225
185,221
1,813,089
Balance, surplus_____$1,120,509
$190,974
$544,559 $1,318,915
OFFICERS.— Pres., Franz C. Kuhn; V .-P ., Dudley E. Waters; V .-P&iGen. M gr., George M . Welch; Sec. & Treas., W . I. Mizner; Gen. Aud.,
H. J. Booth. Office, 1365 Cass Ave., Detroit.— V. 119, p. 2179, 2411
3010; V. 120, p. 211, 582, 703, 1203.
NEW ENGLAND TELEPHONE & TELEGRAPH CO
ORGAN IZATION .— Incorp. in N . Y . Oct. 19 1883. Effective July 1
1921, the company acquired direct control and operation o f the Providence
Telephone Co.
FIE LD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Does a telephone business in Maine, New Hampshire, Vermont, Rhode
Island and Massachusetts. Telephone stations owned Dec. 31 1924,
1,071,880 connecting 84,875; total, 1,156,755. The Amer. Telep. & Teleg.
C o. owns a majority o f the capital stock.
STOCK A N D BONDS.— Date.
Interest. Outstanding.
M aturity
8 Q— M x$83,025,400 M a r’25,2%
Stock $100,000,000 ($100)_________
First mortgage Series “ A ” ) 1922 5 g J-D
35,000,000 June 1 1952
($100 &c) gold------- c*&r*/First Nat. Bank, Boston, trustee.
B onds$l,000,000 ($1,000) ntf\ 1900 4 J-J
1,000,000 Jan 1 1930
/American Trust Co., Boston, trustee.
Bonds $10,000,000 ($1,000)1 1912 5 g A-O
10,000,000 Oct 1 1932
gold--------------------------- n tf/In t. at Old Colony Trust C o., Boston, trus.
y N o t e ..------------------------------- --------------------820,000 __________
x Amer. Tel. & Tel. Co. owns a majority, y Secured by underlying
real estate mortgage.
Bonds.— The first mtge. Series A gold bonds are redeemable as a whole
only on and after June 1 1949 at par and int. Int. payable in New York
and Boston. V. 114, p. 2366.
Debentures.— These are now equally secured with the co.’s 1st 5s of 1952.
Have no sinking fund and are not subject to call. V. 95, p. 1043.
Divs. t’96. '97. ’98-’09. '10. ’ l l .
1912 to June 1920. Sept. '20 to Mar. ’25.
% / 5 5H 6 yly. 6 GH 7% yly. (1M % Q.-M .)
2% quar.
R E PO RT.— For 1924, in V. 120, p. 703, 824, showed:
Calendar
Total
Net (after
Balance,
Year—
Revenue.
Taxes, &c.
Interest.
Dividends.
Surplus.
1924_______ $48,418,279 $7,240,676 $3,508,373 $6,311,048 *$2,578,745
1923---------- 45,027,835 5,841,497
2,647,294
5,318,096 *2,123,893
1922----------- 42,320,747 8,152,617
1,959,449
5,317,886
875,282
1,012,449
5,317,816
668,579
1921---------- 37,312,788 6,998,844
1920----------- 34,273,897 6,726,080
588,535
4,984,207 1,153,338
* Deficit.
Earnings for 9 mos. ended Sept. 30 1924 in V. 119, p. 1965.
OFFICERS.— Pres., Matt. B. Jones; Treas., John Balch; Sec., Carl F. A.
Siedhof. Office, 50 Oliver St., Boston.— V. 119, p. 1634, 1965, 2073,
2878; V. 120, p. 583, 703, 824.
NEW YORK TELEPHONE CO.
O RGAN IZATION .— A consolidation in September 1909 o f all the “ Bell”
telephone companies operating in State of New York. See V. 91, p. 151,
157; V. 93, p. 1263. Owns all the stock of the Delaware & Atlantic Teleg.
& Teleph. Co. (V. 96, p. 556). Controls Empire City Subway Co. (V. 92, p.
1569: V. 93, p. 167, 474, 1263). Total stations in service Dec. 31 1924,
2,250,356. Federal T . & T. system of Buffalo was taken over Mar. 1 1918,
V. 107, p. 86; V. 106, p. 1039; V. 103, p. 1215, 1415. Installation of auto
matic telephone system in N . Y . City in progress; V. 110, p. 1532; V.
115, p. 1845; V. 118, p. 3074. New headquarters building V. 118, p. 3074.
Rate increase upheld, V. 119, p. 587. Application for increase in service
rates in northern New Jersey denied. V. 120, p. 331. The co. appealed
and an order for a review o f the Commission’s action has been obtained.
V. 120, p. 704; but see also V. 120, p. 829.
NORTHWESTERN BELL TELEPHONE CO.
ORGANIZATION.— The co. is successor of several important companies
o f the Bell Telephone system operating a comprehensive net-work of lines,
in Iowa, Nebraska, Minnesota, South Dakota and North Dakota. Amer.
Tel. & Tel. Co. owns the entire $42,150,000 outstanding stock. V. 112,
p. 264. Valuation, V. 113, p. 1060.
In March 1925 the stockholders voted to increase the auth. capital stock
from $60,000,000 to $65,000,000. Co. has applied for auth. to issue $22,850,000 add’l com. stock at par. V . 120, p. 1460.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock. $65,000,000 ($100)_________
________ x$42,150,000 ___________
x All owned by American Tel. & Tel. Co.
Bonds.— The 1st mtge. 20-year 7s, series “ A ,” dated Jan. 15 1921, were
called for payment Feb. 1 1925 at 107K and int. at the New York Trust
C o., 100 Broadway, N . Y . City. V . 119, p. 2530. Compare V . 112,
p. 264, 379.
RE PO RT.— For calendar year 1924 showed;
1924.
1923.
Gross________________________________________
$24,111,726 $23,223,939
Operating income_____________________________
5,512,864
5,296,446
Other income_________________________________
1,040,717
952,721
Rent, &c_____________________________________
329,476
309.603
Bond interest_________________________________
2,098,434
2,100,000
Other interest_________________________________
88,873
91,916
Net income___________________________________ $4,036,798 $3,747,648
Dividends______________________________________
3,372,000 2,529,000
Balance, surplus______________________________
$664,798 $1,218,648
OFFICERS.— Pres., W . B. T . Belt; V .-P . & Gen. M gr., A. A. Lowmani
V .-P .. Guy H. Pratt: Sec.. C. E. Hall: Treas., J. R. MacDonald. Office
Des Moines, Iowa.— V. 118, p. 2711; V. 119, p. 2530; V. 120, p. 583, 1460
OHIO BELL TELEPHONE CO.
All the common stock except directors’ qualifying shares and over $16,000,000 of the pref. owned by American Telephone & Telegraph Co.
OR GA N IZA TION .— Incorp. in Ohio in 1921 as a merger and consoli
dation o f the Ohio Bell Telephone Co. (incorp. 1880) and the Ohio State
Telephone Co. (incorp. 1914).
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Part of the Bell system. C o.’s property embraces telephone exchanges in
all of the large cities in Ohio, except Cincinnati, and its extensive system
of toll lines extends throughout most of the State.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $50,000,000 ($100)_______
________ x$28,500,000 __________
Pref7% cum $50,000,000 ($ 1 0 0 )____
7% Q-J
28,216,000 Apr’25,1 % %
1st mortgage notes__________ _____
6%
110,000 JunelO 1925
1st mortgage notes__________ _____
5H %
85,000
See text
Ohio State Telephone cons &1
ref mtge Series “ A ” ______[ 1914
■
5 g J-J
609,000 July 1 1944
Series “ B ” _______________I 1914
5 g J-J
4,786,000 July 1 1944
($100, &c) sk fd gold.c*&r*j Bankers Trust C o., New York, trustee.
U S Tel Co 1st mtge ($1,000) \ 1899 7 g J-J
2,155.000 July 1 1941
gold____________________c*/Cleveland Trust C o., Cleve., O., trustee.
Cuyahoga Tel Co 1st mtge)
1899 7 g J-J
2,676,000 July 11941
($1,000) gold---------------- c*/Union Trust C o., Cleveland, O., trustee.
Independent Tel Co 1st m tge.
1906 5 g J-D
20,000 Dec. 1 1926
x All except directors’ shares owned by Amer. Tel. & Tel. Co.
Stock.— Pref. is red., all or in part, on any div. date on 30 days’ notice
at 105 and dividends.
Mortgage Notes.— The 6% mtge. notes (payable at any time) are secured
by land and building at 104 N . Third St., Columbus, O.
The 6% mtge. notes due N ov. 10 1926 are secured by certain land located
on Huron Road, Cleveland, Ohio.
Bonds.— Ohio State Tel. cons. & ref. mtge. 5s, Ser. “ A ” and Ser. “ B ,”
are call, on any int. date as a whole or in lots of $500,000 at 105 and int.;
also red. at 102 and int. if moneys from sale of released property are applied,
and at 100 and int. for sinking fund purposes. Semi-ann. sinking fund o f
M of 1 % of aggregate amount of bonds issued under this m tge. provided fo r .
United States Tel. 1st Mtge. bonds were originally 5s and matured Jan. 1
1919, but have been extended to July 1 1941 at 7 % . Call, as a whole, but
but not in part, on and after July 1 1926 at 103H and int.
8
PUBLIC UTILITIES
Cuyahoga Tel. Co. 1st Mtge. bonds were orginially 5s and matured Jan. 1
1919, but have been extended to July 1 1941 at 7 % . Call, as a whole,
but not in part, on and after July 1 1926 at 103M and int.
Independent Tel. Co. 1st Mtge. 5s are call, on any int. date at 105 and int.
Dividends.— On pref., 1M % paid regularly (Q.-J.).
EARN ING S.— For year ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
Telephone operating revenues________ $26,773,788 $24,685,134 $22,956,375
Telephone operating expenses________ 19,592,735 18,425,914 16,721,485
Net telephone operating revenue____$7,181,053 $6,259,220
$7,181,053
Uncollectible operating revenues________________ $222,000
$222,000
$201,561
Taxes assignable to operations_________________ 2,219,515
2,219,515
2,177,886
$6,234,890
$251,973
2,129,590
Operating income__________
Net non-operating income_____
$4,739,538
286,893
$3,879,773
371,241
$3,853,327
216,404
Total gross income_______________ $5,026,432
Rent and miscellaneous____________
$497,192
Bond interest, &c__________________ 1,461,191
Reserves_____________________
Miscellaneous appropriations. _
Employees benefit fund_______
Preferred dividends___________
1,975,786
Common dividends___________
855,000
$4,251,014
$428,684
1,296,498
$4,069,731
$355,720
1,203,406
155,197
22,705
1,975,772
285,000
142.212
1,975,772
Balance for corporate surplus________________ $237,263
$237,263
$242,355
$237,425
OFFICERS.— Pres., C. P. Cooper; V .-P . & Gen. M gr.. Randolph Eide;
V .-P . & Gen. Aud., John Uprichard; Sec. & Treas., C . L. McNaughton;
Asst. Sec., E . J. Farrell.— 'V. 118, p. 1783; V . 120, p. 1328.
PACIFIC TELEPHONE & TELEGRAPH CO. (THE).
„ ORGAN IZATION .— Incorp. in Calif. Dec. 31 1906. V. 84, p. 54, 163.
Stations Dec. 31 1923, 1,269.339. In March 1912 purchased the Bay Cities
Home Telep. Co. for $985,000 cash, $1,300,000 Pac. Tel. & Tel. stock and
$7,080,000 Home Long Distance Telep. Co. bonds guar, by the Pacific
Tel. & Tel. Co. V. 95. p. 180, 1406; V. 96. p. 207, 291. In 1917 was auth.
to purchase pref. stock v. t. c. o f U. S. Long Distance T . & T . Co. V. 105,
p. 1314, 1807. In M ay 1918 purchase o f San Diego Home Telep. Co. for
$650,000 was pending. V. 106, p. 2014. During 1920 acquired the proper
ties o f the Golconda Telephone & Power C o., Utah Nevada & Idaho Telep.
C o. and the Nevada Cons. Tel. & Tel. Co. During 1922 purchased the
telephone property of the Mason Valley Tel. & Tel. Co. As to Southern
California Telep. Co., see V. 102, p. 1441. 1631: V. 103. p. 1986; V. 106. p.
1692; V. 120, p. 212. As of Dec. 31 1924 there were 1,387,557 telephones
connected to the system, of which 1,109,728 were co. stations.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
______ __x$53.000.000 M ay’25.1 K
Common $53,000,000 ($100)_______
Pref 6% cun$82,000,000($100)____
6 Q-J 15 x82.000.000 Apr’25, m
1st mtge $35,000,000 ($1,000,1 1907
5 g J-J
32,442,000 Jan 2 1937
&c) gold----------------c*&r*tf/Mercantile Tr. C o., San Francisco,
R ef mtge Series “ A " ($100,{ 1922” 5 g M -N 25.000.000 M ay 1 1952
&c) gold-------------- c*&r*tf/Bank o f California, N. A ., San Francisco.
Home Long Distance Tel C of 1912 5 J-J
6,978,000 Jan 2 1932
1st mtge assumed ($1,000)(Int. at Nat. City Bank, N . Y ., and Anglo„ g ° l d ----------------------------- tf l California Trust Co., San Francisco.
Home Tei& Tel Co, Spokane, ( 1906
5 g M-N15 3,000,000 M ay 15 ’36
1st mtge sk fd $200, & c)(Title Ins. & Trust Co., Los Angeles, Calif.,
g o l d --------------------------c* tf I trustee.
Southern Calif Telep Co 1st & 1917 5 g M -N
6,293.000 May 1 1947
ref $12,000,000 ($1,000)(Pacific-Southwest Trust & Savings Bank,
g o ld ---------------------------------I Los Angeles, Calif., trustee.
Home Tel & Tel Co, Los Ang, (1 9 0 2 5 g J-J
1,254,000 Jan 1 1933
1st mtge ($1,000) g o ld .. n tf( Int. at Nat. City Bank, N . Y ., also payable
I in Los Angeles.
Home Tel & Tel, Los Angeles, 1 1905
5 J-J
552,000 July 11945
1st & ref_________________ /
_ x American Tel. & Tel. Co. owns a majority.
” Bonds.— First & collateral trust 5s o f 1907 have a sinking fund which
commenced in 1912 and will retire about 30% by maturity. Red. at 110.
Int. payable at U. S. iVitge. & Trust Co., N . Y ., and in San Francisco.
V. 88, p. 825; V. 90, p. 854; V. 91. p. 720; V. 92, p. 1569; V. 93, p. 349, 412:
V. 95, p. 180: V. 97, p. 954: V. 98. p. 309, 391.
The ref. mtge. 5% gold bonds Series A are red. as a whole only on M ay 1
1932, or on any int. date thereafter, at the following prices with int., if on
or prior to M ay 1 1942, at 107 K : if subsequent to May 1 1942 and on or
prior to M ay 1 1949, at 105: and if subsequent to M ay 1 1949. at 100.
M tge. will provide for sinking fund payments to a trustee at the rate of
$125,000 semi-annually beginning N ov. 1 1922, such payments to be used
In purchasing Series A bonds, if obtainable at not exceeding 100 and int.
int. payable in N . Y . and San Francisco. V. 114. p. 2022.
Home Long Distance Tel. 1st 5s are guar. prin. & int. by the Pacific
Tel. & Tel. Co. Are red. as a whole, but not in part, at 105 & int. Mtge.
provides for sinking fund.
Home Tel. & Tel. Co. o f Spokane 1st Mtge. 5s are guar. prin. & int. by
the Pacific Tel. & Tel. Co. Red. all or in part on any int. date on 60 days’
notice.
Southern California Telephone C o. 1st & ref. mtge. o f 1917 guar. prin.
& int. by Pacific Tel. & Tel. Co. Call, at 105 & int. M tge. provides for
sinking fund. See V. 108. p. 486: V. 112, p. 569.
Home Tel. & Tel., Los Angeles, 1st mtge. 5s are not subject to call.
M tge. provides for sinking fund o f 2% o f bonds outstanding. V. 83, p.
216.
Home Tel. & Tel., Los Angeles, 1st & ref. 5s are call, at 105 & int. Sink
ing fund 2 % .
Dividends.— On pref. paid regularly. On com. an initial quar. div. of
1 K % was paid in M ay 1925.
RE PO RT.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Operating revenues.........$57,860,649 $51,755,565 $46,577,858 $40,576,457
Operating expenses_____ 43,204,551 40,184,831 35,827.109 31,437,292
Net revenue-------------- $14,656,098 $11,570,734 $10,750,750 $9,139,165
Deduct— Uncoil, op. rev.
451,000
209,000
205,9001
Taxes assign, to oper. 4,144.190
3,573,367
3,121,912/ 2,800,704
Operating income____$10,060,907
Non-operating incom e..
940,120
Gross income...$11,001,027
Less— Rent & misc. chgs. 3,625,414
Bondinterest_ 2,267,846
Other interest_
606,900
Pref. dividends ( 6 % ) . . .
4,357,500
$7,788,367
1,094,918
$8,883,284
549,217
3,672,501
1,121.991
3,420,000
$7,422,938
1,036,591
$6,338,460
726,231
$8,459,529 $7,064,692
490,982)
3,259,892 ) 3,944,058
908,502
2,670,000 1.920,000
Balance, s u r p lu s .....
$143,367
$119,574 $1,130,152 $1,200,643
OFFICERS.— Chairman, G. E. McFarland; Pres., H. D ., Pillsbury;
V .-P ., A. H. Griswold; Sec., Theo. V. Halsey; Treas., Geo. J. Petty.
Office, San Francisco, Calif.— Y. 118, p. 2712; V . 119, p. 1852; V. 120,
p. 88. 331, 705, 829, 958, 1090, 1204, 1328, 1748.
[V ol.
120.
charge o f all bonds outstanding during the previous year. A sinking fund
o f 1 % o f bonds issued will be used yearly to cancel bonds if purchasable at
or under par. Call, as a whole but not in part at 105 and int. T o Apr. 1
1925 $2,428,500 o f the $18,000,000 issued had been canceled. V . 91, p .
1714; V. 95, p. 684, 893, 1212; V. 107, p. 2295.
Dividends.— 6% yearly 1906 to 1922; in 1923, 7 % % ; in 1924, 8 % .
R E PO RT.— For 1924 showed;
Calender Years—
1924.
1923.
1922.
1921.
Operating revenue_____ $18,098,388 $16,660,252 $15,476,008 $14,249,745
4,502,967
4,117,973
3,540,520 2,329,876
Operating income______
Gross income___________ 6,002,139
5,453,196
4,174,017 2,524,560
Rent and miscellaneous- $452,270$435,141
$146,507
$396,112
Other approp’ns, &c_
_
________
236,904
167,203
________
Interest----------------------964,162
1,269,248
1,643,447 1.408,280
D ividen ds-------------------- 3,600,000
2,925,000
1,800,000 1,800,000
B alan ce-------------------- sur$985,707 sur$586,904sur$116,86Cdf$l,079,832
OFFICERS.— Pres., B. S. Read; 1st V .-P . & Treas., J. M . B. Hoxey;
V .-P . & Counsel, Hunt Chipley; V .-P ., O. O. Bickelhaupt; Sec., Addison
Maupin. Office, Atlanta, Ga.— V. 118, p. 3089.
(THE) SOUTHERN NEW ENGLAND TELEPHONE CO.
O RGAN IZATION .— Incorp. in Conn, in 1882. American Tel. & Tel.
Co. owns about 33 1-3% of the stock outstanding.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Holds license from American Telephone & Telegraph Co. to operate as
p art of the Bell Telephone System in the entire State of Connecticut, with
the exception of the Town of Greenwich and the Village of Pawcatuck.
STOCK AND BONDS.—
Date.
Interest.
Outstanding. Maturity.
Stock $30,000,000 ($100)__________
8 Q— J x$21.000,000 A p r’25, 2%
First mortgage ($500 &c)\ 1898 5 J-D
1,000,000 Dec 1 1948
g old _____________________ /T he Union & New Haven Trust C o., New
Haven, trustee.
x Amer. Tel. & Tel. Co. owns about 33 1-3% of the stock outstanding.
Bonds.— Int. of 1st 5s is payable at Merchants Nat. Bank, New Haven,
Conn.
Dividends.—Dividend rate has been as follows: From Jan. 1883 to
Oct. 1888 averaged 6% p. a.; July 15 1891 to Jan. 15 1912 at rate o f 6%
p. a.; increased to 7% p. a. with div. o f April 15 1912, and to 8% p. a.
Oct. 15 1920.
1921.
1922.
Earnings Cal. Yrs.—
1924.
1923.
Total revenues________ $10,040,350 $9,211,314 $8,383,985 $7,780,747
2,141,488
1,876,137
1,619.448
1,474,968
Net earnings__________
184,341
Interest_______________
161,l7 l
186,177
189,796
_
100,000
Empl. appropriation_
100,000
Dividend appropriations 1,678,000
1,440,000
1,316.704
1,196,794
.Balance, surplus_____
$202,317
$149,960
$112,948
$93,833
OFFICERS.— Pres., James T. Moran; V.-P. & Gen. M gr., Harry C
Knight; Sec. & Treas., Charles B. Doolittle. Office, 157 Church St.
New Haven, Conn.— V. 119, p. 84; V. 120, p. 706.
SOUTHWESTERN BELL TELEPHONE CO.
ORGANIZATION.— Incorp. in Missouri in 1882. Also owns over 90%
of the capital stock of The Dallas Telephone Co. The I.-S. C. Commission
on March 15 1924 authorized the company to acquire control of the Kansas
City Telephone Co. by purchase of capital stock. V . 118, p. 1531. In
creased rates applied for. V. 119, p. 2412.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns and operates the properties of the Bell Telephone System throughout
the States of Missouri, Kansas, Arkansas, Oklahoma and Texas.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $100,000,000 ($100)______
________ x$75,000.000 ---------------P f7 % cum $100,000.000($100)____
7 Q-J
21.775.100 Apr’25 I K
First & ref mortgage Series A \ 1924 5 g F-A
49,741.700 Feb 1 1954
($100, &c) gold._c*&r*ntf/Guaranty Trust C o., N . Y ., Trustee.
x All owned by American Tel. & Tel. Co.
Stock.— Pref. stock is red., all or part, at 105 to and incl. April 1 1925;
110 thereafter to and incl. April 1 1930. and thereafter at 115.
Of the pref. stock, $45,000,000 has been authorized for issuance and
approved by the P. S. Commission. Of this amount. $5,705,000 was used
for the conversion of a like amount of the 5-year 7% conv. gold notes,
which were called for red. April 1 1923. Of the remainder, $11,762,800
have been sold and $4,217,300 issued for acquisition of telephone property.
Bonds.— The amount of bonds authorized to be issued under the 1st &
ref. mtge. will be limited so that the amount thereof at any time outstanding,
when added to the then outstanding prior bonded debt as defined in the
mtge., shall not exceed twice the amount o f the then outstanding capital
stock. Bonds will be issuable under the mtge. to refund the existing under
lying obligations and any bonds or other obligations which may hereafter
become underlying debt through the purchase of property subject to debt.
Subject to the above limitation in amount, bonds will also be issuable for
the acquisition of add’l property necessary or useful in connection with the
business of the co. (incl. stocks, bonds and securities of other corporations)
and for betterments; but if at any time the amount o f outstanding bonds
seemed by this mtge., when added to the prior bonded debt (if any) o f the
co., shall exceed the amount of the then outstanding capital stock, a d d !
bonds will be issuable for not exceeding 75% of the expenditures for such
add’l property and betterments. After $25,000,000 of bonds have been
issued on account of the acquisition o f stock or unsecured obligations of
other corporations, or in respect of additions to their property where not
seemed by first mortgage, bonds may not be issued for such purposes in
excess of one-third of the amount of bonds issued on account of additional
property and then outstanding.
The mtge. provides for sink, fund payments to a trustee at the rate of
$500,000 a year, payable semi-ann. beginning Aug. 1 1924, such payments
to be used in purchasing ser. A bonds, if obtainable at not exceeding par
and int., otherwise to be used for capital expenditmes with respect to
property to be covered by the lien of the mtge.
The ser. A bonds are red. as a whole only upon 60 days’ notice, on Feb. 1
1934, or on any int. date thereafter, at the following prices with accrued int.
if on or prior to Aug. 1 1950 at 105, and if subsequent to Aug. 1 1950 at
par. Int. payable in New York and St. Louis. V. 118, p. 562.
Dividends.— Divs. at rate of 7% per ann. paid regularly on pref.
R E PO RT.—
Earnings {of the Southwestern Bell System Properties Now Owned) , Cal. Years.
Gross Rev.
xNet Earn.
Int. Chges.
Net Income.
1924 ________ $47,159,629
$11,968,986
$2,859,390
$9,109,596
1923 ________ 43,887,812
11,221,789
1,922,111
9,299,678
1922 ________ 40,015.490
10,636.735
3,618,069
7,018,666
8,652,675
3,658,932
4,993,743
1921_________ 37,388,394
1920 ________ 34,066,796
6,846,301
21795,504
4,050,797
x Net earnings after deducting operating expenses, incl. charges for
depreciation, taxes, rentals and miscellaneous income charges.
OFFICERS.— Pres., E . D. Nims; V .-P ., A . B. Elias; V .-P., T . D .
Bowen; V .-P ., Jas. F. Noble; Treas., R . A. Nickerson; Sec., J. P. Crowley.
Office, 314 North Broadway, St. Louis, M o.— V. 118, p. 3209; V. 119, p.
2412; V. 120, p. 830.
SOUTHERN BELL TELEPHONE & TELEGRAPH CO.
O RGAN IZATION .— Incorp. in New York in Dec. 1879.
FIELD OF OPERATIONS AN D CH A R A C TE R OF BUSINESS.—
Controls Bell telephone system in southeast coast section o f United States,
Including North Carolina, South Carolina, Georgia, Alabama and Florida.
Also owns $17,248,400 Cumberland Telephone & Telegraph Co. of Ken
tucky stock, operating in Kentucky, Tennessee, Mississippi, Louisiana, &c.
STOCK A N D BONDS.— Date.
Interest.
Outstanding.
Maturity.
Stock $50,000,000 ($100)__________
_______ x$45,000,000 See text
First mortgage sinking fund) 1911 5 g J-J
15,571,500 Jan 1 1941
($500 &c) gold____c*& r*tf/ln t. at Bankers Trust Co., N . Y ., trustee.
x All owned by American Teleg. & Tel. Co.
Bonds.— Authorized issue, $50,000 000; after $21,400,000 have been
issued, the remainder ($28,600,000) can only be issued to an amount not ex
ceeding the cash paid in on further issues o f stock, provided that, during the
previous year, the company shall have earned net at least twice the interest
THE BELL TELEPHONE CO. OF CANADA.
ORGAN IZATION .— Incorp. in 1880 b y Act of the Parliament of the
Dominion o f Canada.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Owns and operates the principal telephone system in the Provinces of Quebec
and Ontario, covering a territory of 831,837 square miles and serving
5,500,000 population, including Montreal and Toronto, the largest cities
in Canada; and Ottawa and Quebec, the capitals of the Dominion and
Province of Quebec, respectively. Co. stations, Dec. 31 1924, 536,848;
connecting and miscell. stations, 126,409; total stations, 663,257.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Cap stock, $75,000,000 ($100)______
_________ $48,497,200
Apr’25,$2
1st M ser " A ” $30,000,000/
($500 & $1,000 c* & $1,000,{ 1925
5 g M -S
25,000,000 Mar 11955
$5,000 & $10,000 r*) g ___ (The Royal Trust C o.. Montreal, Trustee.
Stock.— Listed on the Montreal and the Toronto Stock Exchanges.
Bonds.— 1st Mtge. Ser. “ A ,” limited to $30,000,000. Additional bonds
issuable under certain restrictions. Subsequent series may be of such
denominations, bear such int. rates, have such dates o f maturity and
callable prices and be payable at such place or places and in such currency
or currencies, and may have such tax provisions, sinking fund provisions,
convertible privileges or other provisions, not inconsistent with the terms
o f this mortgage, as may be determined by the board of directors at the
time o f issue.
Ser. “ A ” 5s are not call, prior to 1940. Call, on any int. date on 60 days’
notice at the following prices, plus accrued int.: 105 during the years
1940 to 1951, incl., and at par during the years 1952 to 1954, incl. Prin.
& int. payable in U. S. gold coin at the Agency o f the Bank of Montreal,
in N. Y ., or, at the option o f the holder, in Canadian gold coin at the
Bank o f Montreal, Montreal or Toronto. In Jan. 1625 Lee, Higginson
& C o., Royal Securities Corp., Ltd., and Harris, Forbes & Co. sold $25,000,000 ($10,000,000 o f which were placed in the Canadian market) at
98, yielding over 5.13%. Y. 120, p. 581.
Dividends.■
—Divs. at the rate o f 8% per annum paid continuously from
.Tan. 1 1891.
EARN IN G S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Telephone revenues___ $24,208,411 $22,225,714 $20,245,823 $18,561,829
Exp. maint.,depr.& taxes 19,812,754 18,044,455 16,484,983 16,519,936
Net telephone earnings $4,395,657
Sundry net earnings____
719,482
$4,181,258
695,876
$3,760,840
208,472
Total net earnings_ $5,115,139
_
Deduct interest_______ 1,348,043
Dividends (8 % )___ 1 3,215,039
Employees’ benefit fund
______
$4,877,135
1,067,176
3,135,921
200,000
$3,969,312 $2,276,421
1,035,644 1,168,800
2,457,740 1,883,630
-----------------
$2,041,863
234,528
Balance to su rp lu s...
$552,057
$474,038
$475,928 def$776,009
OFFICERS.— Pres., L. B. McFarlane; V.-P. & Gen. M gr., C. F. Sise;
V .-P ., K. J. Dunston; Sec., W. H. Black; Treas., Joseph Jones; Compt.,
E. Palm.— V. 119. p. 2067, 2758; V. 120, p. 327, 581, 954, 1088, 1201,
2144.
TRI-STATE TELEPHONE & TELEGRAPH CO.
O RGAN IZATION .— Incorp. in Maine in 1903.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates without competition a telephone exchange and toll
system in 38 counties in southern Minnesota. Principal cities served are
St. Paul, Winona, Faribault, Owatonna, Austin, Albert Lea and Red Wing.
Through an agreement with the Northwestern Bell Telephone C o., the toll
and long-distance lines o f the Bell system are available for all subscribers
o f the company.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Common $5,000,000 ($10)_________
_________ $4,519,000 D e c .’24.4%
Pref 6% cum $10,000,000(110)____ 6 Q-M
5 728 8 'f'Mar 25 W -%
1st & ref mtge Ser “ A ” ($100./ 1922 516 g M -N 4,750,000 M ay 1 1942
_
$500 & $1,000) gold_ c*tf (Harris Tr. & Sav. Bank, Chicago, trustee.
Twin City Tel 1st mtge ($10 ),/ 1901
5 g J-J
537,000
See text
$500 & $1,000) gold______ c\Central Trust Co. o f 111., Chicago, trustee.
Stock.— Pref. is call, all or in part at 110 & int. on 60 days’ notice.
Bonds.— 1st & Ref. Mtge. Ser. " A ” 514s are red. on any int. date from
M ay 1 1932 to & mcl. M ay 1 1933 at 105 & int., thereafter decreasing
M % eoch 12 months. Int. payable at office o f Harris Trust & Sav. Bank,
Chicago, Capital Trust & Savings Bank. St. Paul and at Harris, Forbes &
G o., N. Y . Penna. 4-mill tax refunded. In M ay 1922 Harris, Forbes &
Co. offered $4,500,000 1st & ref. mtge. Ser. “ A ” 5T£s at 102 M & int., to
yield about 5.30% . V. 114, p. 2250. An additional $250,000 Ser. “ A ”
5Ms were sold in July 1924 at 102.05.
Twin City Tel. 1st Mtge. 5s are guar. prin. & int. by Tri-State Tel. &
T el. Co. $40,000 are due July 1 1925 and $497,000 July 1 1926. Call, at
105 & int. on any int. date. Int. at office of trustee, Chicago, and at
Kountze Bros., New York.
Dividends—
’03 t o ’08.
’09 to ’15.
’ 16 to ’21.
’22 to ’24.
Preferred___________
6%
6%
6%
6%
G om m on___________
None
x6%
None
8%
x In 1912, in addition to the regular dividend o f 6% on common a stock
div. o f $400,000 (equal to 10% on the outstanding com.) was paid.
EARNINGS.— For calendar years:
1923.
1922.
Calendar Years—
1924.
Telephone operating revenue_________ $4,874,051 $4,686,068 $4,323,659
3,148,853
2,935,518
Telephone oper. exp. (incl. deprec.) — 3,174,592
Net revenues____________________ $1,699,459
15,031
Uncollectible operating revenue_____
356,793
Taxes assigned to operations________
$1,537,215
7,503
274,238
$1,388,141
28,105
218,689
Operating income________________ $1,327,636
Non-operating income_____________
112,795
$1,255,473
126,547
$1,141,348
157,367
Gross income____________________ $1,440,431
$170,511
Deduct— Rents, &c_________________
284,946
Interest for funded debt__________
12,024
Other interest____________________
. 5,713
Amort, o f debt discount & exp., & c.
$1,382,021
$193,821
285,000
12,157
6,198
$1,298,716
$163,448
416,394
16,830
11,070
$967,237
327,817
361,520
$884,846
327,633
361,520
$690,972
191,568
361,520
Net income______________________
Preferred dividends (6 % )___________
Gommon dividends (8 % )___________
Balance
$277,900
$195,693
$137,884
OFFICERS.— Pres. & Gen. M gr., G. W . Robinson; V .-P ., J. H. Lock
hart; V .-P ., E. P. Wells: Sec. & Asst. Treas., C . B. Randall; Gen. Aud.,
A. C. Cragg.— V. 118, p. 1678; V. 120, p. 1587.
(THE) WESTERN UNION TELEGRAPH CO., INC.
ORGAN IZATION .— Organized under the laws of New York State on
April 2 1851 and present name adopted in 1856FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Since incorporation the company has acquired and controls by purchase,
lease or stock ownership, some 535 telegraph corporations and properties,
o f which about 57 corporations maintain their corporate identity and
organizations. V . 97, p. 1903; V. 98, p. 301, 392, 615, 1076, 1998.
On Dec. 31 1924 the capital stock o f subsidiary cos. not owned by the
Western Union Telegraph Go. aggregated at par value only $1,771,675, viz.:
Companies controlled by perpetual leases, $1,341,875; companies controlled
b y stock ownership, $429,800. The bonds o f subsidiary cos. assumed or
guaranteed Dec. 31 1924 (see table below) aggregated $6,500,000, of which
$3,143,000 were held in W . U. treasury; balance, $3,35^,000.
The “ deferred non-int. bearing liabilities,” as shown in balance sheet of
D ec. 31 1924, “ in respect o f proceeds o f sales o f securities and other proper
ties held under leases for terms expiring in 1981 and 2010 from cos. in
which the W . U. Co. has, for the most part, a controlling int., payable only
-on the termination o f the leases,” aggregated $12,987,953.
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $100,000,000 ($100)_________
7 Q-J
$99,786,727 Apr’25 ,1^
G oll tr bonds ($1,000) .c*ntf\ 1888
5 J-J
8,637,000 Jan 11938
f
T l q u l f p f q ^IV n o f, L ! n
\T
"V
^ IV n c f p p
1900 4 M gM-N '20,000,000 M a y 'l 1950
O U ($1,000 &c) g__c&rntf/Farm ers’ Loan & Trust C o., N .Y ., Trustee.
U
15-year bonds $15,000,000\ 1921
6K g F-A 15,000,000 Aug 11936
($500 &c) gold- _c*&r*ntf (Chase National Bank, N . Y ., Trustee.
M utual Un Tel Co 1st M (ext) \ ____
5 g M -N
1,857,000 M ay 1 1941
guar p & i ($1,000)____ntf/C entral Union Trust C o., N . Y ., Trustee.
Northwest Tel Co 1st M (ext) 1 ____
4M J-J
1,500,000 Jan 11934
guar p & i ($500)_____ntf/Equitable Trust C o., N . Y ., Trustee.
Bonds.— On Dec. 31 1914 the following stocks (par value) were pledged
fo r the collateral trust bonds: Gold & Stock Telegraph, $1,111,800; Inter
national Ocean Tel., $1,961,500; N . Y . Mutual Tel., $2,387,700; Maine
Telegraph C o., $111,OO ; Washington & New Orleans Teleg. C o., $30,000,
O
and bonds. Mutual Tel. 6s, $3,143,000. Int. at office o f Treasurer, 195
Broadway, New York City.
9
TELEPHONE AND TELEGKAPH
M ay , 1925.]
Int. on the funding and real estate 4 Ms payable at the office o f Treasurer,
195 Broadway, N . Y . City. Y . 70, p. 384, 1203; V . 71, p. 750; V . 74,
p. 785; V . 78, p. 1451; V. 80, p. 226; V. 97, p. 1827.
Int. on the 15-year 6M % bonds payable at office of Treasurer, 195
Broadway, New York City.
The Mutual Union Tel. Co. 1st 5s were originally 6s and matured M ay 1
1911, but have been extended for 30 years at 5 % . Guar. prin. & int. by
Western Union. Int. payable at office of Treasurer, 195 Bway., N . Y .
The Northwestern Tel. 1st 4Ms, originally matured in 1904 but have
been extended to 1934. Guar. prin. & int. by Western Union. Int. pay
able at office of Treasurer, 195 Broadway, New York City.
Dividends—
f ’08. ’09-’ 13. ’ 14. ’ 15. ’16. ’ 17. ’ 18. 1919—A p r.’25.
3 y r ly 3 M 4 M
5 5M 6H 7y rly .(lM Q .J )
R egular-............- - - % / 1
Extra______________% l2 M s t _____ . . . .
14
1
1 ______________
R E PO RT.— For 1924, in V. 120, p. 1581, 1627, showed:
1924.
1923.
1922.
Calendar Years—$
$
$
Gross operating revenue_____________ 112,861,555 111,733,560 105,447,748
Net operating revenue______________ 13,279,999 14,020,846 13,796,473
Income from loans and investments._ 2,374,008
1,894,910
1,668,557
Net income_______________________ 15,654,007
15,915,756 15,465,030
Bond interest____________
2,317,325
2,306,850 2,306,850
Appropriated for ocean cable develop. 1,000,000
2,000,000 2,000,000
Cash dividends (7 % )_______________ 6,982,929
6,982,797 6,982,694
Adjustments (net)__________________ D r.188,432Cr.334,060 Deb.384,641
5,165,321
4,960,169 3,790,845
Balance, surplus_
Results for Three Months Ended March 31 (March 1925 Estimated).
1925.
1924.
1923.
1922.
Gross revenue, incl. divi
dends and interest_ $29,286,590 $27,453,384 $27,783,508 $24,114,955
_
M aint., repairs & reserve
$4,707,813 $4,382,265 $4,299,522
for depreciation______ $4,760,072
Oth. per. exp., incl. rent
of leased lines & taxes. 20,739,876 19,263,121 19,295,11S 17,225,837
Interest on bonded debt.
583,159
578,025
576,712
576,713
Net income_________ $3,203,483 $2,904,425 $3,529,413 $2,012,883
Miles of Miles of N o. of
Receipts.
Profits.
Year— Poles,&c. Wire, &c. Offices. Messages.
$
$
183,832 7,072 18,729,567 10,034,984 3,399,510
1 8 7 6 ..-------- 73,532
1893________ 189,936
769,201 21,078 66,591,858 24,978,443 7,496,037
1916________208,474 1,625,862 25,234 Not stated 63,621,601 14,893,679
1920________214,233 1,447,105 24,881 N ot stated 121,473,686 14,634,972
1923 ______ 214,318 1,528,583 24,678 Not stated 113,628.470 15.915,756
1924 ______ 214,431 1,562,499 24,478 Not stated 115,235,563 15,654,007
DIR E C TO RS.— Newcomb Carlton (Pres.), Oliver Ames, William Vin
cent Astor, Henry A . Bishop, Chauncey M . Depew, R. S. Lovett, Donald
G. Geddes, Chauncey Keep, Paul M . Warburg, Henry Tatnall, Howard
Elliott, Julius Kruttschnitt, Charles B. Seger, Edwin G. Merrill, Henry
W. deForest, William Fahnestock, Percy A . Rockefeller, William K . Van
derbilt, Mortimer L. Schiff, William H. Truesdale and Albert H. Wiggin.
Sec. is Andrew F. Burleigh; Treas., G. K. Huntington. Office, 195 Broad
way, New York.— V. 119, p. 1520, 2289, 2534, 2764; V . 120, p. 333, 455,
960, 1581, 1627, 1750, 1883, 2014.
AMERICAN TELEGRAPH & CABLE CO.
ORGANIZATION.— Owns two cables between Nova Scotia and Eng
land. Leased until 1932 to Western Union, which pays rental o f 5% on
outstanding stock.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $14,000,000 ($100)__________ 5 Q-M
$14,000,000
See text
—V. 117, p. 2656.
NEW YORK MUTUAL TELEGRAPH
ORGANIZATION.— Successor to the Mutual Union Telegraph Co.
The stock carries dividends of 6% per annum under a lease for 99 years
from Feb. 15 1883 (with privilege o f renewal for 999 years from 1883) to
Western Union Telegraph.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $2.500,000__________________
6%
$2,500,000 See text
Mutual Union Tel 1st 5s_____See descrip, under W . U. T . C o., Inc., above
— V. <*, p. 108.
NORTHWESTERN TELEGRAPH.
Owns 10,000 miles of wire and is leased for 99 years from July 1 1881 to
Western Union, which guarantees dividends at 6% on $2,500,000 stock
(par $50) and principal and interest on bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding. MaturityStock $2,500,000 ($50)— __________
6 J-J
$2,500,000
See text
1st mtge guar prin & int (seel 1904
4M g J-J
1,500.000 Jan 1 1934
text) gold ($500)_________ /Equitable Trust C o., N . Y ., trustee.
— V. 106, p. 710.
SOUTHERN & ATLANTIC TELEGRAPH CO.
ORGANIZATION.— Leased to Western Union for 999 years from Oct. 1
1876 (which at last accounts owned $390,975 of the $949,050 stock) and
stock guaranteed by rental 5 % , payable A. & O.
FIELD OF OPERATIONS.— Company owns 3,778 miles of telegraph
wires running from Washington, D. O., south and west through the States
o f Virginia, North Carolina, South Carolina, Georgia, Alabama and Florida,
and reaching such important cities as Richmond, Charleston, Charlotte,
Savannah, Atlanta, Augusta, Montgomery, Jacksonville, Mobile, &c.—
V. 120, p. 332.
ALL AMERICA CABLES, INC.
O RGAN IZATION .— Incorp. in N . Y . Feb. 1 1881 as Central and South
American Telegraph Co. but name changed to All America Cables, Inc.,
Mar. 10 1920. Owns the entire outstanding stock of the Mexican Tele
graph Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— The
co. in conjunction with the Mexican Telegraph Co. owns, maintains and
operates lines of cables and connecting land lines extending from the City of
New York to the Canal Zone, touching at Santiago, Cuba, Santo Domingo
and the Island of Porto Rico, thence southward through the South Ameri
can republics on the west coast of South America to the Argentine Republic,
thence through Uruguay, connecting with Montevideo to Santos and
Rio de Janeiro, in the Republic of Brazil, also from the Argentine by
direct cable to Rio de Janeiro, Brazil; and aiso extending from the City of
Galveston in the State of Texas, and from the City of New Orleans in the
State of Louisiana, through the Republic of Mexico and the republics of
Central America and connecting with the cables of the said companies in
the Panama Canal Zone and South America. The All America Cable
system comprises over 26,000 nautical miles of cables and land lines.
STOCK—
Date. Interest.
Outstanding. Last Div.
Common $40,000,000 ($100)______
_______ $26,892,760 Apr. ’25,1 M
No funded debt.
Stock.— Divs. payable at 89 Broad St., N. Y . City.
Dividends.! ’97. ’98.-15. 1916. ’ 17. ’ 18. ’ 19. ’20-’22. ’23-’24
1925
Cash % . . \ 6M ’6 yrly. 6&3ex. 6
6 6M 7 yrly. 6 6 A p r .l » * %
In stock.— 1890, 20%; 1907, 25% ; 1917, 47M % ; 1922, 20%.
REPO RT.— For 1924, in V. 120, p. 1579, 1637, showed:
Cal. Year— Total Inc. Net Income. War Tax. Dividends. Bal. Surp.
1924-------------- ------------ $4,054,636 $465,598 $1,679,603 $1,909,435
1923-------------- 7,330,951
3,343,148
391,116 1,611,697
1,340,335
1922-------------- 7,929,867
3,820,923
440,576 1,451,206
1,929,141
1921-------------- 8,867,229
4,672,124
660,000 1,548,999 *1,706,795
1920-------------- 9,664,901
5,010,696
950,000 1,545,790
2,514,906
* After deducting $756,330 inventory adjustment.
Latest Earnings.— Three months ended March 31 1925 and 1924 in V . 120,
p. 1584.
GFFICERS.— Chairman. W . Emlen Roosevelt; Pres., John L. Merrill;
Treas., Frank K . Warren; Sec., Henry de la Montagne Jr.; Comp., G. Lin
coln Jost. Office, 89 Broad St., New York.— V. 119, p. 1397. 2283, 2875;
V. 120, p. 84, 1579, 1584, 1637.
[V ol. 120,
PUBLIC UTILITIES
10
COMMERCIAL UNION TELEGRAPH CO.
ORGAN IZATION .— Postal Telegraph Cable Co. guarantees 6% (J. & J.
on stock.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($ 2 5 )______________
6 J-J
$500,000
See text
INTERNATIONAL TELEPHONE & TELEGRAPH
CORPORATION.
ORGAN IZATION .— Incorporated under laws of Maryland June 16 1920.
Subsidiary companies are the Cuban Telephone Co., Porto Rico Telephone
C o., Havana Subway Co. and Compania Telefonica Nacional de Espana
(V. 119, p. 1849, 1963; V. 120, p. 453, 1586.)
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
The business o f the corporation, in accordance with the terms of its charter,
is to carry on a general telephone, telegraph, cable and wireless business,
and businesses incidental thereto in the States, Territories or dependencies
o f the United States, except the State o f Maryland, and specifically to
transact such business in Cuba, Porto Rico and other islands of the West
Indies, Mexico, Central America and South America, as well as in other
foreign countries.
Stockholders o f record Feb. 24 1925 were given the right to subscribe on
or before April 1 1925 to 89,975 additional shares of capital stock (par
$100) at $83 a share. V. 120, p. 829, 1586.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $50,000,000 ($100)__________
6 Q-J $26,412,900 Apr ’25 1)4%
Bonds of Subsidiary Companies—
Cuban Telphone Co 1st mtge \ 1911
5 J-J
3,797,752 Jan 1 1951
(£20, & c.)______________c* /In t. at Equitable Trust Co.. N . Y ., trustee.
Cuban Telephone Co first lien\ 1921
7)4 M-S
4,355,300 Sept. 1 1941
andrefunding ($100, & c.)c*/Int. at National City Bank, N . Y ., trustee.
P orto Rico Telephone Co. lst\ 1914
6 J-D
878,600 Dec. 1 1944
mtge ($100, & c.)_______ c*/Interest at Royal Bank of Canada.
Hav Sub Co 1st M (pledged)-. 1907
6 J-D
500,000 Dec. 31 ’36
Bonds.— The Cuban Telephone Co. 1st mtge. 5s are redeemable at 105
on any interest date. $4,696,430 pledged as security for first lien & ref.
7K s. Sinking fund, 1% per annum. Interest payable in New York,
London, Paris and Havana.
The Cuban Telephone Co. first lien & ref. 734 s are secured by pledge
o f $4,696,430 first mtge. 5% bonds. Mortgage provides for semi-annual
sinking fund o f 1% . Redeemable, all or in part, on any interest date on
30 days’ notice at 107)4 and interest, between Sept. 1 1931 and Sept. 1
1936, both inclusive, and at 105 and interest thereafter to maturity.
The Porto Rico Telephone Co. first mtge. 6s are redeemable, all or in part,
through sinking fund at 105 and interest. Mortgage provides for sinking
fund o f 1% from 1918 to 1920, 1 )4 % , 1921 to 1925, and 2% from 1926 to
maturity.
Dividends.— Initial dividend o f 1)4% was paid in Oct. 1920; since to
Apr 1925 paid 1)4% quar.
R E PO RT.— For 1923, in V . 118, p. 2969, showed;
Calendar Years—
1923.
1922.
4,415,638 3,847,808
Operating revenues_____________________________
Non-operating revenues.-------------------------------------287,596
367,705
Total gross earnings___________________________ $4,703,234 $4,215,513
Maintenance, taxes, &c___________
$1,870,036 $1,758,740
Interest, amortization, &c_______________________
592,892
620,441
Depreciation____________________________________
579,141
522,758
56,532
64,478
Dividends, prior stock__________________________
Preferred dividends Cuba Telephone C o________
l26,0OO
120,000
Preferred dividends Porto Rico Telephone C o ____
20,583
20,667
Common dividends_____________________________
966,067
892,339
Balance, surplus______________________________
$497,983
Profit and loss surplus__________________________ $1,140,183
Latest Earnings.— For 3 months ended March 31:
Quarter Ended March 31—
1925.
1924.
Operating revenues_________________ $1,433,878 $1,252,299
Non-operating revenues_____________
234,936
81,983
Total revenues____________________ $1,668,815
Operating expenses_________________
651,895
Interest deductions_________________
188,051
D epreciation_______________________
200,895
Pref. divs. & minority interest in sur
plus net income of subsidiaries___
76,953
$216,090
$626,109
1923.
$1,076,441
95,341
$1,334,281
541,496
147,368
150,422
$1,171,782
457,465
164,197
132,543
52,912
66,624
Balance, surplus_________________
$551,520
$442,083
$350,953
Preliminary report for 12 mos. ended Dec. 31 1924 in V. 120, p. 829.
OFFICERS.— Pres., Sosthenes Behn; V .-P . & Treas., Henry B. Ordo;
Sec., Logan N . Rock. Offices, 41 Broad St.. New York, and Havana,
Cuba.— V. 119, p. 2646; Y . 120, p. 453, 829. 956, 1586. 2012, 2146.
(THE) MACKAY COMPANIES.
ORGA N IZA TIO N .— A voluntary association formed under trust deed
of Dec. 19 1903 and managed by 10 trustees, elected annually. Present
trustees are: Clarence H. Mackay, F. L. Polk, M . W. Blackmar, Charles
H. Sabin, Lewis L. Clarke, William J. Deegan, Morton S. Paton, John
~’ oldhaminer (New York), Charles R . Hosmer (Montreal), Sir Thomas
kinner (London, England).
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns entire $25,000,000 stock o f Commercial Cable Co. and the entire
capital o f the Postal Telegraph system; also capital stock in other cable,
telegraph and telephone companies in United States, Canada and Europe.
See V. 84, p. 448; V. 85, p. 407; V. 86, p. 476; V. 89, p. 848. Rights of
stock, V. 84, p. 870. Govt, valuation in 1918, V. 106, p. 1465, 1581. In
Jan. 1922 the company announced the completion of a contract with the
German Atlantic Cable Co. for a direct cable from this country to Germany.
V. 114, p. 312. See also V . 119, p. 1847. A new transatlantic cable of
the heaviest type ever laid was completed between New York and Havre,
France, via Canso, Nova Scotia, and the Azores Islands, during 1923.
In Aug. 1922 entered into a cable alliance with All America Cables, Inc.
V. 115, p. 1106. In Sept. 1922 entered into an agreement with Radio Corp.
of America "V. 115 p* 1329*
On July 31 1919 the Government surrendered control of all the telegraph
cable and telephone lines held by it. V . 108, p. 1775, 1825, 1940, 2123,
2438, 2532; V . 109, p. 482. As to Government demands, see V . 109, p.
1992; Y . 110, p. 870, 1936; V . 112, p. 854. Under I.-S. C . Comm, juris
diction, V . I l l , p. 595.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
$41,380,400 A p r ’25, 1 %
Common $50,000,000 ($100)_______
Q-J
Preferred 4% cum $50,000,000
\
50,000,000 A p r ’25, 1%
($100)--------------------------------------- / 4 Q-J
Stock.— Preferred is redeemable at 106.
Dividends—
{ ’07-’10. ’ 10-’ 16. ’17. ’ 18-’22. 1923.
’24.
On common_______________% \ 4 y ’rly 5 y ’rly 5M 6 y ’rly 7&10 ext. 7
RE PO RT.— For calendar year 1924, in V . 120, p. 957, showed;
-------- Year Ended--------- 11 Mos.End. Year End.
Dec. 31 ’24. Dec. 31 ’23. Dec. 31 ’22. Feb. 1 ’22.
Receipts________________ $4,787,286 $4,898,564 a$8,623,181 $4,309,253
292,489
164,272
82,771
Oper. exp., Fed. tax., &c
173,955
4,596,502
8,439,248
4,180,341
Dividends paid________ 4,601,561
Balance, surplus_____
$11,770
$9,573
$19,661
$46,141
a Includes $4,138,040 received from the accumulated reserves of sub
sidiary companies.
(The policy of the Mackay Companies is to obtain from the subordinate
companies only enough money to meet the divs. of the Mackay Company
shares, all surplus earnings being left in the treasuries of the subordinate
companies for extensions and the development of the business and the in
crease of reserves.)
OFFICERS.— Pres.. Clarence H. Mackay; V .-P . & Sec., W m. J. Deegan.
Treas., Milton W . Blackmar. Offices, 100 State St., Boston, and 253
Broadway, New Y ork.— V. 119, p, 1402; V. 120, p. 957.
PENINSULAR TELEPHONE CO.
ORGAN IZATION .— Incorp. in Florida in 1901. In Oct. 1923 acquired
the property of the West Coast Telephone Co. of St. Petersburg, Fla.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Owns and operates, without competition, the central station telephone
systems in Tampa, St. Petersburg, Port Tampa and 16 surrounding cities
and towns, all o f which are connected by toll lines of the co. The toll lines
extend to 11 other nearby cities and towns of South Florida. Connections
are made with the long-distance lines of the American Tel. & Tel. Co.
under contract. On Dec. 31 1921 operated 32,931 telephones.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_______
$9 0 601 Apr’25,1 %
Common ($100)______________ ____
Pref 7% cumul Ser A ($100)-- ____
_
750,000 Feb'25.1M
lst Mtge Series B ____________ [ 1914
6 g J-J
858,500 Jan I 1943
Series B __________________ 1 1914
6 g J-J
123,900 Jan 1 1931
($100 & $1,000) gold____ c*( Int. at Irv. Bk.-Col. Tr. C o.. N. Y ., trustee
1,250,000 Apr 11934
10-yr. conv. deb bds Ser A 1924 6)4 g A-O
($500 & $1,000) gold._c*tf\ Int. at BankersTrust C o., N . Y ., trustee.
West Coast Tel 1st M Ser A . _ ____
8%
100,000
1942
Stock.— Pref. is red. all or in part on any div. date on 60 days’ notice at
110 & divs. In N ov. 1923 $300,000 7% cumul. pref. Series A was offered by
Coggeshall & Hicks, N . Y ., at 100 & div. V. 117, p. 2002.
Bonds.— 1st Mtge. 6s, Series A and Series B are call, on any int. date on
4 weeks’ notice at 105 and int. $136,500 Series A and $126,100 Series B,
not ini. in amount outstanding, have been purchased by the sinking fund.
$220,000 1st Mtge. Series A 6s were sold in N ov. 1921 by Coggeshall &
Hicks, N . Y ., at 87 and int. to yield over 7.20% . V. 113, p. 2192.
10-year conv. deb. 634 % bonds, Sreies A, will be convertible into common
stock at the option of the bondholder after March 31 1926 and before April 1
1931 on the following basis: The first $450,000 principal amount of deb.
bonds to be presented for conversion will be converted on the basis of ten
shares of stock for each $1,000 bond, the next $450,000 on the basis o f 934
shares for each $1,000 bond, and the next $350,000 on the basis of 9 shares
for each $1,000 bond. Are red. all or in part on any int. date on and after
Oct. 1 1926 upon 30 days’ notice at 105 up to and incl. April 1 1929, and
thereafter at 100 plus )4 of 1 % for each full year or fraction thereof prior to
maturity. $1,250,000 Series A 6)4% conv. debentures were sold in June
1924 by Coggeshall & Hicks and Bodell & C o., N . Y ., at 98 and int., to
yield over 6M % . V. 118, p. 2835.
Dividends.—
f ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’ 20. ’21. ’22. ’23. ’24.
On com non, cash .per cent . 2
4
6
6
3
7
6
6
6)4 7
On common, stock .per cent .1 . .
-- . . 5
~
. . 10
. . 20
EARNINGS.-—For 12 months ended Dec. 31:
Cal. Years—• 1924.
Cal. Years— 1924.
1923.
1923.
Gross revs. $1,161,653
$852,058 Bond&oth.int. $74,647
$62,89
Oper. expenses 416,076
285,168 Pref. stk. divs.
51,518
25,99
Maintenance
293,208
194,733 Res’ve for dep. 200,454
171,39”
452,369
372,158 Balance, surp.
Net _______
125,750
111,87.
OFFICERS.— Pres. & Gen. M gr., W . G. Brorein; V .-P . & Sec., C. D
Brorein; Treas., O. E. Dunan.— V. 118, p. 2835.
W e Specialize in
Peninsular Telephone
Company
Edward B. Smith & Co.
5 Nassau Street
NEW YORK
(Tampa, Florida)
1411 Chestnut St.
PHILADELPHIA
ALL ISSUES
C
o g g esh a ll
&
H icks
Members New York Stock Exchange
128 B R O A D W A Y
NEW YORK
M ay , 1925.]
RADIO CORPORATION OF AMERICA.
ORGANIZATION.— Incorp. in Oct. 1919. Has contracted to use the
patented radio, &c., devices belonging to the General Electric Co.; also
acquired all the property o f the Marconi Wireless Telegraph Co. of America
(except its manufacturing plant, which was sold to the General Electric
C o.), its claims against U. S. Government and claims against individuals
on infringements account. V. 109, p. 1704. The plan was ratified by the
stockholders o f the Marconi Wireless Telegraph Co. o f America on N ov. 20
1919 and the latter company was dissolved.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
The following international radio communication circuits are operated:
(1) Great Britain, (2) Norway, (3) Germany, (4) France, (5) Italy, (6) Po
land, (7) Japan, (8) Hawaii, (9) Hawaii-Japan, (10) Argentina, (11) Sweden.
Operates oroadcasting stations in N . Y . City and Washington, D . C. The
new transoceanic communication station o f the co. at Rocky Point, L. I.,
said to be the most powerful in the world, was opened for public use on
N ov. 5 1921. V. 113, p. 2087, 2625. Other transoceanic communication
stations are located at Riverhead, L. I.; Chatham and Marion, Mass.;
New Brunswick and Tuckerton, N . J.; Bolinas and Marshall, Calif., and
Kahuku and Koko Head, Hawaii. The co. owns and operates a number
o f marine coastal radio stations for communication with ships at sea, the
marine station at Chatham, Mass., being the most powerful marine station
on the Atlantic Coast.
In Sept. 1922 entered into an agreement •with the Postal Telegraph Cable
Co. for use o f the latter’s land line system all over the United States for the
collection and delivery o f trans-Atlantic radio messages. V. 115, p. 1331.
Interest in Federal Telegraph Co. o f Delaware. V. 115, p. 1435.
Announced in Aug. 1921 that the co. had acquired control o f all the coastal
stations o f the International Radio Telegraph Co. V. 113, p. 1061, 1162.
The Federal Trade Commission, in a complaint issued Jan. 28 1924,
charged monopoly in radio apparatus and communication. Compare
V. 118, p. 515.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 1,500,000shs (n o p a r )____
_________ l,155,400shs. --------------Pref stock 7 % cum Ser “ A ”
825,000,000 ($50)_______________
7 Q-J
$19,779,870 A p r ’25, 1M
Stock.— The stockholders on M ay 6 1924 amended the charter of the cor
poration so as to reduce the number o f shares o f auth. pref. stock from 5,000,"
000 (par $5) to 500,000 (par $50) and the auth. no par value common stock
from 7.500,000 to 1,500,000 shares. The pref. stock will be known as “ A "
11
TELEPHONE AND TELEGRAPH
pref. stock, for which the old pref. will be exchangeable at 10 shares for one
share of the new stock, and to exchange the old common stock at the ratio o f
5 shares for one share o f the new or “ A ” common stock. The “ A ” pref. stock
will be entitled to receive 7% divs., payable quarterly, cumulative from
Jan. 1 1924. The “ A ” common stock and the “ A ” preferred are listed on
the New York Stock Exchange.
R E PO RT.— For 1924, in V. 120, p. 594, 1090, showed:
Calendar Years—1924.
1923.
1922.
Gross sales_________________________ $50,747,202 $22,465,091 $11,286,489
From transoceanic communication
3,358,584
3,191,559
2,914,283
From marine service________________
742,345
738,140
630,084
Total gross income_______________ $54,848,131 $26,394,790 $14,830,857
Deduct— Gen. oper. & admin, exp.,
depreciation and cost of sales_____ 45,838,398 21,833,040 12,126,465
Balance__________________________ $9,009,733
Other income______________________
493,709
$4,561,750
176,024
$2,704,392
270,188
Net income_______________________ $9,503,442 $4,737,774 $2,974,580
Applied as Follows:
Reserve for amortization o f patents. _ $989,907
$931,460 $2,480,576
270,000
Reserve for Federal tax_____________ 1,100,000
500,000
224,004
Propor’n of organiz’n exp. written o ff.
275,000
277,805
Amount written off for losses, &c____ x l,356,357
______
Reserve against foreign investment. .
414,236
____
Amt. written off constr., goodwill, &c.
626,699
______
Reserve for preferred dividend______ 1,384,591
1,384,591
Transferred to surplus--------------------- 3,356,651
1,643,918
x Including (1) $768,513 written off on account of ascertained losses sus
tained on investments in associated and subsidiary companies taken over
from the Marconi Wireless Telegraph Co. of America, and (2) $587,844 set
aside for reserve against account due by Marconi Wireless Telegraph Co.
of America.
LATEST E A R N IN G S.— For 5 mos. end. M ay 31 1924, gross sales*
$14,288,593; oper. income, $3,064,752; other income, $174,451; net income*
$3,239,204. Y . 119, p. 1517.
OFFICERS.— Chairman, Owen D . Young; Pres., James G. Harbord:
Y.-P. & Gen. M gr., David Sarnoff; V .-P . & Gen. Attorney, W m. Brown;
Sec., Lewis MacConnach; Treas., Geo. S. De Sousa.— V. 119, p. 1517, 2074,
2298; V. 120, p. 594, 1090.
12
PUBLIC UTILITIES
[V ol. 120
Gas and Water Companies
L O C A T E D IN U N IT E D S T A T E S
CONSOLIDATED GAS CO. OF NEW YORK.
ORGANIZATION.-—Organized N ov. 11 1884 as a consolidation, and
in 1899-1900 secured Control o f all the other gas cos. and o f all the electric
lighting properties in Manhattan, N . T . City. V. 78, p. 105, 1964; V. 79,
p. 105, 629; V. 83, p. 1414; V. 84, p. 219; V. 86, p. 282; Y. 92, p. 257; V. 97,
p. 240, 301; V. 112, p. 165. Stock holdings Dec. 31 1917, V. 107, p. 600.
Franchise taxation, V. 102, p. 253. The N . Y . P. S. Comm, in Aug. 1922
granted the New York Mutual Gas Light Co. permission to transfer its
plant and system to the Consolidated Gas Co. for $9,012,275. V. 114,
p. 2725; V. 115, p. 190, 995. 1216.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— The
co. directly and through its subsidiaries does practically the entire gas and
electric light and power business in the boroughs of Manhattan, Bronx
and Queens, and in Westchester County.
In 1906 a law was passed reducing the price in New York City to 80 cents
per 1,000 cu. ft., beginning M ay 1 1906, except in outlying districts.
V. 82, p. 572, 807, 931; V. 90, p. 301. In Jan. 1909 the U. S. Supreme
Court held 80-cent feature o f law to be valid until given a fair trial. In
Jan. 1919 the company brought suit to have the 80 cent rate declared con
fiscatory. Final report declaring the 80-cent rate confiscatory was handed
down by Special Master Abraham S. Gilbert in M ay 1920. A temporary
injunction restraining the authorities from enforcing the 80-cent rate was
banded down on June 29 1920. V . I l l , p. 76. Federal Judge Learned
Hand on Aug. 4 1920 and Judge Julius M . Mayer in April 1921 handed down
decisions upholding in nearly all respects the recommendations of Special
Master A . S. Gilbert in the case of the company to the effect that the 80-cent
gas law was confiscatory. V. I l l , p. 592; V. 112, p. 162o.
The company, acting on a decree signed on Feb. 28 1921, by Federal Judge
Hand refusing the application of the State and city officials that the court
fix a definite rate for the continuation o f the supply of gas after March 1.
announced that the rate for gas would be increased from $1.20 to $1.50 per
1,000 cu. ft., effective March 1 1921. Beginning Aug. 1 1921 it was
announced rates would be reduced to $1.25 and beginning Oct. 1 1922 the
rate was further reduced to $1.15. V. 115, p. 1104.
The U. S. Supreme Court in a unanimous decision handed down March 6
1922 held that the 80-cent gas law o f 1906 is confiscatory. The Supreme
Court also rendered a similar decision in the case of the New York & Queens
Gas Co. and the Kings County Lighting C o., holding in their case that
the $1 rate of 1916 was also confiscatory.
The Court also ordered that all impounded funds be promptly released
to the gas companies subject only to deductions of such costs as are clearly
assessable to the prevailing party. The case was remanded back to the
lower court for further proceedings in conformity with the decree. [The
full text o f the decision is given in V. 114, p. 1023.]
In future, according to the decision, the N. Y . P . S. Commission shall
fix rates that are not confiscatory and that are in conformity with the
Court’s decision. V. 114, p. 1023, 1067. Compare V. 119, p. 2877
V. 120, p. 329.
Adoption o f B. T . U. standard, V. 115, p. 1104; V. 116, p. 520.
James G. Graham, special master, appointed by the Federal District
Court to hear the action brought by the N. Y . & Queens Gas Co. and
by the Bronx Gas & Elec. C o., against the Public Service Commission and
Attorney-General Carl Sherman in Jan. and in June 1924, handed down an
opinion in which he holds that the $1 gas law passed by the New York
State Legislature at the 1923 session is unconstitutional and confiscatory
as applied to the plaintiff companies. V. 118, p. 440. Opinion of special
master upheld by Federal Court. V. 120, p. 2145.
STOCK A N D BONDS.— Date.
Interest. Outstanding. Maturity.
Stock, 3,600,000 shs (no par)_______ Q-M 15
3,600,000shs. A lar'25 $1.25
Partic p f 6% cum $15,000,000
($ 5 0 )___________________________
Q-F
$15,000,000 Feb’25 1 U
20-yr debentures ($500 &[ 1925 5 A g L A 50.000,000 Feb 11945
$1,000 c* & $1,000, $5,000{lnt. at National City Bank, New York,
& $10,000 r) gold_________ i trustee.
Bonds of Companies Controlled—
N Y E d - N Y G & B L H & P l 1898 5 g J-D
15,000.000 Dec 11948
1st Mtge $15,000,000 ($1.-1
000) g _______________c*& rllnt at Guaranty Trust Co, N Y , Trustee
N Y Ed 1st lien & ref ser “ A ” _ (
1921 6 M A -0
30,000,000 Oct 11941
Series “ B ” _______________ -j
1924 5 g A-O
30,000,000 Oct 11944
($500, & c)__________ c*& r*(Int. at National City Bank, N. Y ., Trustee
Purch money mtge $21,000,-1
1899 g g F-A
20,888,000 Feb 1 1949
000 ($1,000) gold_______ c* /In t at Central Union Trust Co, N Y , Trus
Edison Elec 111 N Y 1st cons) 1898
5 g J-J
2,188,000 July 1 1995
M $15,000,000($l,000)g-C*/Int at Guaranty Trust Co, N Y , Trustee
United Elec Lt & Pow Col 1921 0 A A-O 30,000,000 Oct 1 1996
1st mtge_________________ lint, at National City Bank, N . Y ., Trustee
New Amster'm 1st cons $20,-1
1898 5 g J-J
10,635,000 Jan 1 1948
000,000 ($1,000 &c) g.c*&r/Central Union Trust C o., N . Y ., Trustee
Bonds Assumed by New Amst. G. Co.—
3,500,000 Mar 1 1932
Equit G Lt cons (now 1st) \ ____
5 g M-S
M ($1,000) gold________ fln t. at Central Union Trust C o., N . Y ., Tr.
N Y & E River Gas 1st M l 1894
5 g J-J
3,500,000 Jan 1 1944
($1,000) gold________ c*/In t. at Guaranty Trust C o., N . Y ., Trustee
ist cons M $5,000,0001 1895
5 g J-J
1,500,000 Jan 11945
($1,000) gold______c*/Irving Bank-Columbia Tr. C o., Trustee
Cent Un Gas guar p & i N 1 1898
5 g J-J
3,500,000 July 1 1927
Y & E Riv ($1,000)_c*/Central Union Trust C o., N . Y ., Trustee
Standard Gas Lt 1st M $1,-1 1890
5 g M -N
1,195,000 M ay 1 1930
500,000 ($1,000) gold___ c /ln t . at Bankers Trust C o., N . Y ., Trustee
Westch Ltg 1st M assumed) 1900 5 g J-D
8,528,000 Dec 1 1950
$10,000,000 ($1,000) g _ .c* /In t. at Equitable Trust C o., N . Y ., Trustee
N Y & W L gen M $10,000,-) 1904
4 g J-J
10,000,000 July 1 2004
000guar p & i ($1,000) g-C */lnt. at Central Union Trust Co., N. Y ., Tr.
Debentures$2,500,000guar) 1904
5 g J-J
2,500,000 July 11954
prin & int ($1,000) gold_ /Int. at Central Union Trust C o., N. Y ., Trus
_
10-year debentures___________ 1921
7 J-J
3,390,000 Jan 1 1931
Nor Westchester Ltg Co 1st]
1905 5 g J-D
618,000 June 1 1955
cons $1,000,000($1,000)gc*/lnt. at Equitable Trust C o., N . Y ., Trustee
Sing Sing Elec Ltg bonds_ 1896 5 F-A
_
25,000 Feb 1 1926
Peekskill Ltg & R R .— See further below—
N Y & Queens El Lt & P 1st! 1900 5 g F-A
2,350,000 Aug 1 1930
M $2,500,000($l,000)g-C*/Int. at Central Union Tr. C o., N . Y ., Trus.
N Y & Q Gas Co 1st & gen M\
1904 5 g F-A
816,000 Aug 11934
$1,000,000 gold________ c* /In t. at Mech. & Metals Nat. Bk., N . Y ., Tr.
Stock, &c.— The preferred stock will participate in any distribution of
earnings above $4 per share per annum on the no par value common stock,
at the rate o f 1 % per annum for each $1 o f additional dividend above $4
per share per annum paid on the no par value common stock. Compare
V. 115, p. 2271; V. 116, p. 181.
Debentures.— The 20-year 5 A % debentures are red. all or in part at any
time upon 30 days’ notice at 106 to & incl. Feb. 1 1930: at 105 thereafter
to & incl. Feb. 1 1935; at 103 A thereafter to & incl. Feb. 1 1940. and there
after te maturity at 101A plus int. to date of redemption. In Feb. 1925
$50,000,000 were sold by the National City C o., N . Y ., at par & int. V.
120, p. 701.
Bonds.— For additional details of various bond issues see under separate
companies listed below.
Dividends—
/ ’06. ’07-’09. ’ 10. ’ 11-T4. T5. ’ 16-’21. ’22. ’23.
On common___________ % ] 5 4 yearly A A 6 y ’rly 6 *4 7 y ’rly 7 A $5
:
On new stock of no par value Mar. 15 1924 paid $1 25 and same amount
regularly quar. since to and incl. Mar. 1925. Initial div. on pref. stock
of 1% % paid M ay 15 1923; same amount paid quar. to Feb. 1 1925.
R E PO R T .— For 1924, in V. 120, p. 577, showed:
Combined Earnings Statement (Incl. Subs. & A ffil. Cos.) Calendar Years1924.
1923.
41,448,992
Gas sales (1,000 cu. f t .) _____________________ 41,612,084
Electricity sold (k. w. h .)________________________1661106123 1543732692
Gross earns., incl. misc. op. & non-op. revenue_ $126,459,961$123,741,998
_
Oper. & non-oper. exp., incl. retirem’t exp. & taxes 90,963,272 87,933,228
Net earnings__________________________________ $35,496,689 $35,808,770
Interest on funded and unfunded debt___________
7,521,772
7,555,521
Surplus earnings______________________________ $27,974,917 $28,253,250
Divs. paid Consol. Gas C o.’s common stock______ $17,933,442 $14,883,785
Preferred stock________________________________ 1,001,970
508,153
Dividends paid on affiliated c o .’s stock__________
40,681
47,813
Balance carried to surplus account____________ $8,998,823 $12,813,499
OFFICERS.— Pres., George B. Cortelyou; V.-Pres’s, W alterR. Addicks,
C. G. M . Thomas, H. M . Brundage, G. E. Woods and O. H. Fogg; Sec.,
H. C. Davidson; Treas., Benjamin Whiteley; Asst. Sec., F. H. Nickerson,
F. R. Barnitz and C. M . Carbonell; Asst. Treas., J. R . Fenniman, M . M .
Graham and W . C. Phelps. Trustees: Percy A. Rockefeller, Geo. F.
Baker, Lewis B. Gawtry, Samuel Sloan, Moses Taylor, W . R . Addicks,
Donald G. Geddes, N . F. Brady, Geo. B. Cortelyou, J. A . Garver, Jas. N .
Jarvie, John D. Ryan, Louis M . Greer and J. D . Ryan. Office, i30 East
15th St., New York.— V . 119, p. 2285, 2759, 2877; Y. 120, p. 210, 329,
577, 582, 701, 828. 2145.
CONTROLLED COM PANIES.
(1) NEW AMSTERDAM GAS CO.
Incorporated Nov. 1 1897 and consolidated N . Y . & East River and
Eq. Gas Light, per plan Y . 66, p. 133.
SECURITIES.— The stock authorized is $13,000,000 of com. stock.
$10,000,000 of 5% pref., cumulative. Par, $100. The Consolidated Gas
Co. owns $12,16] ,800 com. and $8,997,500 pref. stock. Int. on New
Amst. Gas 1st cons. mtge. 5s of 1898 is payable at National City Bank,
N . Y . V. 70. p. 897, 948, 1052, 1197, 1252; V. 80, p . 1855, 2224
Bal.sur.or def
Cal.Year. Gross.
Net.
Other Inc.
Int., &c.
$25,127 $1,741,685 def$467,845
1924 ______ $5,870,783 $1,248,713
def165,400
1923 ______ 6.148,112
1,564,893
30,464
1,760,757
surl49,199
1922 ______ 6,292,193
1,881,254
31.104
1,763,159
def871,558
1921______ 5,866,186
777,689
103,871
1,753,118
233,024
94,250
1920 ______ 4,735,932
1,631,365 def1,304,091
(2) NEW YORK EDISON CO.
Organized M ay 1 1901 as a consolidation of the N . Y . Gas & Elec. Light
Heat & Power Co. and the Edison Elec. Ilium. Co. of N . Y . Owns large
power plant located on 1st Ave., between 38th and 40th streets. V. 69,
p. 704; V. 68, p. 1025; V. 70, p. 283, 482; V. 80, p. 1915; V. 84, p. 219.
Capital stock outstanding Dec. 31 1923, 2,014,826 snares common, no par,
owned by Consolidated Gas Co. of New York. V. 90, p. 562, 773; V. 91,
p. 1516; V. 92, p. 191; V. 97, p. 301, 448, 1464.— V. 114, p. 529.
Bonds.— The first 5s of 1898 ($15,000,000) were secured by a first lien
on the company’s power plant and other property owned and pledge of
various securities; list, see V. 68, p. 773, 824, 1025; V. 76, p. 268. The 4s
of 1899 are secured by a purchase-money lien on the former Edison Electric
Ilium, property, subject to bonds of 1890 and 1895 and by a second mortgage
lien on the remaining property. V. 72, p. 939, 1038; Y. 81, p. 35. Real
estate mortgages, $524,412.
The first lien & ref. mtge. Ser. A 6 A % bonds due 1941 are red. on and
after Oct. i 1936 at 105. Secured by deposit of a new issue of $30,000,000
1st mtge. 6 A % bonds due in 1996 of United Electric Light & Power Co.
and over 99.99% of the capital stock of that company (aggregating $5,295,900). Also secured by direct mortgage, subject to prior liens, on entire
property now or hereafter owned. Auth. issue unlimited. Series with same
or different interest rates, dates, &c., may be issued. V. 113, p. 2410.
1st lien & ref. mtge. Ser. B 5s due 1944 are red. on 60 days’ notice on any
int. date at 105 to & incl. Oct. 1 1943; at 104 thereafter to & incl. Oct. 1
1936; at 103 thereafter to & incl. Oct. 1 1939; at 102 thereafter to & incl.
Oct. 1 1941, and thereafter prior to maturity at 101. In Feb. 1925 the
National City Co. sold $30,000,000 at par & int. V. 120, p. 703, 829.
REPORT for year ending Dec. 31 1923 showed:
Cal.
Operating Net, afterOther
Int., ReDividends Balance,
Years. Revenues. Taxes, &c. Income, serves, &c.
Paid.
Surplus.
S
$
$
S
$
$
1924.-.53,494,241 19,996,537 3,797,243 10,946,415 10,074,130 2,743,235
1923--.50,496,493 19,378,174 4,640,068 9,456,641 10,074,130 4,487,471
_
1922_ 44,842,306 14,879,485 4,022,723 9,173,651 8,520,423 1,208,130
1921_ 42,736,349 13,582,846 2,138,832 5,391,925 5,163,856 5,165,896
_
1920.-.33,806,849 8,494,043 1,935,961 4,195,705 4,677,428 1,556,871
V. 119, p. 81, 2648; V. 120, p. 703, 829.
(3) STANDARD GAS LIGHT CO.
Organized in 1886. Owns 202 miles of gas pipes north of 13th St., New
York. The Consolidated Gas Co. owns $4,799,800 of the $4,955,700 com
mon and $4,102,100 of the $4,293,600 preferred.
Dividends— f’02-’05. ’06. ’07-’09. TO. ’ l l . ’ 12-T6. T7. ’ 18-’22. ’23. ’24Common (% )_] 6 yrly. 1A
0
2
4 3 yrly. A None
3
Preferred (% ) [ 6 yrly. 6
6
6
6 6 yrly. 3 None
5 4%
In 1917, June, % % on com. and 3% on pref.; none thereafter to Jan. 2
In 1924, 4% was paid
on preferred.
Balance.
Interest. Dividends.
Year—
Gross.
Net.
$68,519 $171,744 def. $24,036
1924 ----------- -.$3,102,778 $216,227
363,351 sur. 48,176
482,918
71,391
1923 ________ - - 3,347,511
104,432 ________ sur. 558,337
662,769
1922 ________ . . 3,440,252
151,308 ________ sur. 25,751
177,060
1 9 21________ - - 3,348,685
89,110 ________ def. 421,669
1920 ________ - - 2,476,660 df332,559
None
def. 115,050
84,239
2,161,934 df30.810
1 9 19________
Office, 130 East 15th St., New York.-- V . 94, p. 1630; V. 100, p. 1253.
(4) UNITED ELECTRIC LIGHT & POWER CO.
Practically all of the outstanding stock is owned by New York Edison
C o — V. 116, p. 526; V. 120, p. 584.
(5) CENTRAL UNION GAS CO.
See V. 100, p. 1253;. V . 107, p. 600.
(6) NORTHERN UNION GAS CO.
See V. 100, p. 1253; V. 107, p. 600.
(7) WESTCHESTER LIGHTING CO. (N. Y. & Westchester Light Co.)
Supplies gas and electricity in Westchester County north of New York
City. See V . 71, p. 1023, 1175. The Consolidated Gas Co. owns the
$12,500,000 (application to increase filed—-V. 120, p. 1461) capital stock.
See V . 79, p. 160, 217, 594, 1706. In 1909 permission was obtained to
purchase the $804,000 Northern Westchester Lighting Co. stock, all the
.$500,000 Peeksidll Light & KR. com. stock and 50% o f the pref. stock.
V. 87, p. 617; V. 89, p. 108, 1486; V. 96, p. 731.
Bonds.— New York & Westchester Lighting $10,000,000 gen. mtge. bonds,
subject to call at par and int. (V. 79, p. 1706, 1957), are guaranteed, prin.
and int., by the Consolidated Gas C o., as are also the $2,500,000 of 5%
debentures. V. 88, p. 1623; V. 92, p. 123, 265; V. 98, p. 389. The 5%
debentures are red. at 110. The underlying bonds not shown in the table
above (Westchester 5s being reserved to retire N. Y . & Suburban 5s) are:
Bonds (V. 81, p. 1609)—
Interest. Outstanding.
Maturity.
New York & Suburban Gas 1st Mtgel 5g M-S
a$212,000 Mar 1 1949
gold guar p & i by Am Gas C o_ JSubj. to call at 105&int.since M ar.1’09
_
Hudson River Gas & Elec 1st M .n t f 5M & N
b250,000 M ay 1 1929
White Plains Lighting 1st M _____n tf 5J & D
335,000 June 1 1938
a V. 68, p. 474; V. 70, p. 844. b V. 68, p. 824; V. 70, p. 844.
REPORT for year 1924: Gross, $9,262,340; net, $3,112,792; other inc.,
$134,610; int. $1,676,857; bal., $1,570,545. In 1923, gross, $8,620,411;
net, $2,754,214; other inc., $138,363; charges, $1,545,897; bal., sur.,
$1,351,680 — V. 120, p. 1461.
(8a) NORTHERN WESTCHESTER (N. Y.) LIGHTING CO.
ORGAN IZATION .— Incorp. in New York May 1905 as a consolidation
o f companies operating in Ossining, Croton, Briarcliff Manor, &c., in West
chester County, N . Y . (V. 81, p. 238). The entire capital stock, $804,000,
is owned by the Westcnester Lighting Co.
Bonds.— Authorized first consols, $1,000,000; balance unissued is reserved
for additions, &c. Are callable at 105. V. 89, p. 1486.
(9) NEW YORK & QUEENS ELECTRIC LIGHT & POWER CO.
Supplies Borough o f Queens outside of Rockaway. See V . 72, p. 1039.
The capital stock was increased in Dec. 1922 from $2,500,000 to $9,600,000. Of the additional $7,100,000 stock (all common), $3,700,000 was
turned over to the Consolidated Gas Co. in liquidation o f advances. The
balance o f the new stock was exchanged, par for par, for the outstanding
$3,400,000 10-year 7% debentures (owned by Consolidated Gas C o.).
Dividend on pref., 2 )4 % . paid Dec. 1 1904; 1907 to 1911, 5% ; 1911, 4)4 %'.
1912 to 1920, 4% ; 1921-23, 5% . V. 92, p. 1439: V. 100, p. 1253.
R E PO RT.— For calendar years:
Year—
Gross.
Net.
Interest. Dividends.
Balance.
1924_______ $8,498,465 $2,956,603 $382,268 $647,000 sur .$1,927,335
1923______ 6,971,390
2,334,838
272,145 647,000
sur.1,415,693
1922______ 5,536,855
1,571,453
499,533
230,500
sur.841,420
1921______ 4,502,913
1,268.057
632,240
59,375
sur.576,442
718,558
433,251
50,000
sur.235,307
1920______ 3,535,690
—V. 117, p. 2441.
(10) NEW Y O R K & QUEENS GAS CO.
Supplies Flushing, College Point, Whitestone, Bayside, Douglaston
and Little Neck, N . Y . Stock, $600,000. The Consolidated Gas Co. owns
all the outstanding stock, which it acquired under order o f P. S. Comm,
dated M ay 1913. V. 96, p. 1493. The first and general mortgage 5s are
red. at 110. For calendar year 1924, gross, $688,160 (exclusive of $238,868
charged for sales of gas in excess of $1 rate); net oper. deficit, $30,496
deductions, $149,913; bal., def., $180,409. Pres., M . Taylor; V.-P.& M gr.,
M . H. Spear; Sec., H. S. Romaine; Treas., H. C. Davidson. Office, Gas &
Electric Bldg., Flushing, N . Y .— V. 118, p. 3087.
AMERICAN GAS COMPANY.
Proposed Merger.— In March 1925 announcement was made of the pro
posed acquisition and merger of the company by the United Gas Improve
ment Co. For particulars see V. 120, p. 1455, 1879.
ORGAN IZATION .— Incorp. in New Jersey in 1892.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Through the ownership of the entire com. stock of its subsidiaries, operates
electric light and power and gas properties serving 126 communities in the
East and Middle West, representing a population of over 800,000, engaged
in widely diversified activities. Among the principal subsidiaries are the
following: (a) Philadelphia Suburban Gas & Elec. C o., supplying electricity
and gas to the greater part of the suburban territory immediately adjacent
to the City of Philadelphia. (6) Luzerne County Gas & Elec. Co., supplying
electric power and light and gas in the rich anthracite coal district of Penna.
(c) Rockford Gas Lt. & Coke C o., supplying 17,500 customers with gas in
the City o f Rockford, HI. (d) Burlington Lt. & Pow. Co., furnishing elec
tricity and gas to the City of Burlington, V t., and electricity to the munici
palities o f Essex Jet., Richmond and Winooski, (e) Central Iowa Power &
Light C o . (see separate statement on a subsequent page).
The properties owned and operated by the subsidiaries incl. electric gen
erating stations having an aggregate installed capacity of 100,000 k.w. with
500 miles of high-voltage transmission lines and electric distributing systems
in over 100 cummunities; also 16 modern gas plants having a daily capacity
o f 30,000,000 cu. ft., with 1,254 miles of gas mains. In order to supply the
increasing demand, there is now under construction 20,000 k.w. add’l elec
tric generating capac. and 2,000,000 cu. ft. daily add’l gas producing capac.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common $15,000,000 ($100)_______
_________ $13,S46,300
See text
100-year 6% bonds Series “ A ” / 1916 6 g J-J
3,000,000 Jan. 12016
($500 and $1,000) g _____c*\Int. at Girard Trust Co., Phila., trustee.
10-year conv bonds ($100, J 1918
7 g J -J 1 5
2,268,700 Jan.15 1928
$500 & $1,000) g ____c*&r*\lnt. atB k . o f N o. Am. & Tr. C o., Phila., tr.
10-year secured bonds ($500f 1924
7 g J-J
2,500,000 Jan. 1 1934
and $1,000) g ________c*tf\Int. at Pa. Co. for In.L.&Gr. Ann., Phil., tr.
Stock.— Common is listed on Phila. Stock Exchange. V. 119, p. 944.
American Gas Company
and
Underlying Securities
BO UGH T— SOLD—Q VOTED
BIOREN & CO.
Established 1865
410 Chestnut St.
13
GAS AND WATEK
M ay , 1925.]
PH ILA D E LPH IA
Bonds.— 100- Year 6s, Ser. “ A ,” are call, as a whole on any int. date at
110 and int.
10-Year Convertible Bonds are conv. at par into stock at any time prior
to 10 days before redemption or maturity date. Call, at 102 and int. on
60 days’ notice. Pennsylvania 4-mills tax refunded.
10- Year 7% Secured Bonds are seemed by pledge of entire com. stock
of the Philadelphia Suburban Gas & Elec. Co. Mtge. provides for sink. fd.
of $50,000 annually, payable Jan. 1 of each year commencing Jan. 1 1925.
Red., all or part, on 30 days’ notice at 105 to and incl. Jan. 1 1926; there
after at 104 to and incl. Jan. 1 1928; thereafter at 103 to and incl. Jan. 1
1930; thereafter at 102 to and incl. Jan. 1 1932, and thereafter at 101 prior
to maturity, plus accrued int. in each case. Penna. 4-mills tax, Connecticut
4-mills tax, Maryland securities tax not exceeding 4)4 mills, or Mass, in
come tax not exceeding 6% per annum on income derived from bonds
refunded. In Feb. 1924 $2,500,000 10-year seemed 7% bonds were sold at
99 and int., yielding over 7.10% , by Bioren & Co. and Stroud & C o.,In c.
Dividends.— Quar. divs. of 1J^% are being paid on common. A stock
dividend of 22)4% was paid in April 1925. V. 120, p. 1455.
R E PO RT.— For calendar year 1924, in V. 120, p. 1324, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earns., sub. cos----$10,573,097 $10,230,821 $9,539,604 $9,128,061
Oper. expenses, sub. cos. 5,147,125
5,279,139
5,448,846
5,298,393
Oper. inc., sub. cos
$5,425,971
Depreciation, &c_______ 1,617,834
$4,932,428
1,601,560
$4,260,464
1,312,360
$3,679,215
1,222,079
Net operating income. $3,808,137
_
123,179
Miscellaneous income_
$3,330,868
106,330
$2,948,104
89,017
$2,457,136
208,048
Total income sub. cos. $3,931,316
Bond interest, sub. cos _ _ 1,683,528
Miscellaneous deductions
143,499
Pref. dividends sub. cos.
517,033
$3,437,198
1,485,022
$3,037,121
1,391,973
$2,665,184
1,302,986
254,546
59,760
10,866
Total rev. Am. Gas Co $1,587,255
Other income__________
729,538
$1,697,628
369.691
$1,585,388
326,580
$1,351,333
263,799
Total income_________ $2,316,793
General expense_______
462,052
Interest on bonds______
544,344
Interest on loans_______
46,465
Deferred charges_______
______
Contingent reserve_____
______
Smplus reserved by subs.
237,577
Dividends_____________
487,740
$2,067,320
398,834
401,368
111,292
$1,911,968
328,647
441,091
62,273
82,628
$1,615,130
234,731
543,225
111,779
228,568
63,000
468,246
78,041
$919,287
$496,826
Surplus for year______
$538,613
$622,581
OFFICERS.— Pres., Morris W . Stroud; V .-P ., John C. Lowry; Gen.
M gr., S. P. Curtis; Sec., Johns Hopkins; Treas., Jos. B. Townsend 3d.—
V. 119, p. 77, 944, 2283, 2644; V. 120, p. 1324, 1455, 1879, 2009, 2144.
THE BIRMINGHAM WATER WORKS CO.
Entire common stock owned by American Water Works & Electric Co
Inc.
ORGANIZATION.— Incorp. in Alabama in 1885.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Supplies the city of Birmingham, A la., and submbs with water for domestic
and public use without competition to a population of over 238,000. During
1923 sold 5,198,355 gallons. 505 miles mains, 1,219 hydrants.
Purchase by the City.— Under the contract now in effect between the city
and the company, the city has an option to purchase the properties of the
company at any time upon six months’ notice at a “ basis price” as of
Jan. 1 1921, plus the cost of additions and extensions made subsequent
thereto, which on Aug. 31 1924 was $9,152,315. .
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,829,700 ($100)________
_______ x$1.829,700 __________
Pref cum $6,200,000_______________
_______
1,700,000 __________
First mtge Series “ A ” ($100,1 1924 5 V g A -0 5,500,000 Oct 1 1954
*
$500 & $1,000) g gu. _c*.tf 1United States Mtge. & Trust C o ., N .Y . ,trus.
x All owned by American Water Works & Electric Co.
Bonds.— Additional 1st Mtge. bonds may be issued under certain restric
tions. Series “ A ” are guar., prin. and int., by American Water Works &
Electric Co., Inc. Are redeemable, all or in part, upon four weeks’ notice
to and including Oct. 1 1929, at 105 and int.; thereafter to and including
Oct. 1 1934 at 103 and int.; thereafter to and including Oct. 1 1939 at 102
and int.; thereafter to and including Oct. 1 1349 at 101 and interest; and
thereafter at 100 and interest. In the event the city purchases the com
pany’s property and pays the full purchase price thereof in cash, the bonds
will be declared due and payable at 100 and interest. Reimbursement of
the Penna. and Conn. 4 mills tax, Maryland 4)4 mills tax and Mass, income
tax not in excess of 6)4% to holders upon proper and timely application.
Interest payable in New York City or Chicago. $5,500,000 Series “ A "
o)4s were sold in Oct. 1924 by P. W. Chapman & C o., Inc., Halsey, Stuart
& C o., Inc., and H. M . Payson & C o., at 99M and interest, to yield over
o f i % . V. 119, p. 2067.
EARNINGS.— For 12 months ended Aug. 31 1924 and calendar years
1923 and 1S22:
12 Months Ended—
Aug. 31 '24. Dec. 31 ’23. Dec. 31’22.
Gross revenue-------------------------------- $1,174,371 $1,108,029 $1,007,585
Operating expenses, maint. and taxes
411,298
400,488
394,298
Net earnings_____________________
$763,072
$707,541
$613,286
OFFICERS.-—Pres., J. C. Adams; V.-P. & Treas., H. H. Horner; V .-P .,
D. M . Watt; Sec., T. T. Davis.— V. 119, p. 2067; V. 120.-p- 328, 1456.
BRIDGEPORT HYDRAULIC CO.
ORGANIZATION.— Incorporated in Connecticut in 1857.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Supplies water to Bridgeport, Stratford, Fairfield, Southport and parts of
Shelton and Trumbull in Connecticut, under a franchise which is both per
petual and exclusive, existing by special Acts of the Legislature o f Conn.
Co. serves a population of about 175,000. Owns the Shelton Water Co.
and the Westport Water Co. Property includes 17 reservoirs with a stor
age capacity of nine billion gallons, 2 pumping stations, 12,643 acres of
land and 307 miles of mains, serving about 23,000 customers.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
_______
$6,000,000
See text
Stock $10,000,000 ($100)__________
1st M Ser A ($500 & $l,000c*l 1924 5 g J-D
5,000,000 June 1 1944
& $1,000 & mult r*)g__tf/Bridgeport Trust C o., trustee.
Bonds.— In addition to the $5,000,000 1st mtge.Series” A ” 5soutstanding
$1,000,000 o f bonds o f other series can be issued against property owned on
April 1 1924 and additional bonds can be issued only for not exceeding
66 2 3% of the cost or fair value (whichever is less) of add’l property or
impts., on which this mortgage is a first mortgage. Total issue of bonds is
further restricted by the c o .’s charter, which requires that bonds shall not be
issued to an aggregate amount exceeding one-half the fair value of the c o .’s
property and rights as they exist at the time action is taken by the co. to
create such issue and as evidenced by a certificate endorsed on each bond by
the commissioners o f the co. appointed by the General Assembly in the
State of Connecticut. Series “ A 5s are call, as a whole at any time or in
part on any int. date on 30 days’ notice, at 105 and int. up to and incl. June 1
1934; thereafter decreasing )4% annually to 101 after June 1 1941. Int.
payable in New York and Bridgeport. Exempt from Conn. State tax. In
M ay 1924 $5,000,000 1st mtge. Ser. “ A ” 5s were offered by Lee. Higginson
& C o.; Estabrook & Co.; Hincks Bros. & C o., &c., &c., at 100 and int.
V . 118, p. 2184.
Dividends.— Divs. of 8% per annum have been paid since July 1903.
EARN ING S.— For years ended Dec. 31:
Calendar Years—
Gross Inc.
Net Inc
Int. Chges.
Balance.
1924 ___________________ $1,120,675
$682,162
$235,876
$446,286
1923 ....................
1,069,449
673,848
228,182
445,666
1922 ..................
846,722
511,298
219,792
291,506
1921
789,839
454,424
208,464
245,960
OFFICERS.— Chairman of Board, De Ver H. Warner; Pres., Samue P
Senior; V.-P. & Treas., Albert E. Lavery; Sec., F. C. Brotherton.— V 118
p. 2184.
u
PUBLIC UTILITIES
each full year which elapses subsequent to M ay 31 1953, in every case plus
accrued interest. Company will refund the Penn. 4 mills tax and Conn,
personal property tax not exceeding 4 mills per $1 per annum. In April
1923 Bodell & C o., N . Y ., brought out $1,009,000 of this issue at 98)4 and
interest, to yield 6.10% . V. 116, p. 1765Dividends.— In 1913, 3% ; 1914 to 1916 inci., 6% ; 192Jr 6% ; 1922, 7M % .
In 1923, divs. 50c. a share quar. were paid and divs. of same amount paid
regularly quar. since to and incl. April 1925.
EAR N ING S.—
1924.
1923.
1922.
Amount of gas sold (1,000 cu. f t .} ____ 1,173,588
1,080,363
922,621
Total receipts from.sale of gas_______ $1,513,119 $1,389,914 $1,224,568
Operating expenses_________________
971,415
934,032
836,441
AMERICAN LIGHT & TRACTION CO.
United Light & Power Co. (M d.) owns a large amount o f the company’s
common stock. V. 120, p. 1088.
ORGAN IZATION .— Incorp. in N. J. May 13 1901. V. 72, p. 724, 871,
987; V. 73, p. 235, and V. 75, p. 343. Owns practically all o f the stock of
the following companies:
Milwaukee Gas Light C o., Grand Rapids (Mich.) Gas Light C o., Madison
(Wis.) Gas & Elec. C o., St. Joseph (M o.) Gas C o., St. Paul (M inn.),
Gas Light Co. (V. 106, p. 2759); Binghamton (N. Y .) Gas Works, Detroit
City Gas C o., St. Croix Power C o., Somerset, Wis.; San Antonio P. S. Co.
(V. 105, p. 390); Muskegon (Mich.) Trac. & Ltg. C o., South St. Paul Gas
& Elec. Co.
STOCK AN D BONDS.—
Date. Interest. Outstanding.
Maturity.
Common $40,000,000 ( $ 1 0 0 ) - - ____ ______ $32195,,900
See text
P f 6 % cum $25,000,000 ( $ 1 0 0 ) .____ 6 Q -F
14,236,200 M a y ’2 5 ,lH %
DIVS. (% ) ( '0 5 . ’06. ’07. ’08. ’09. ’ 10.’ 11-’ 19. ’20. 1921 to *F eb’25
♦Com.(cash)( 3H 4H 5 H 6M 9
9K 10 yly. 7 H 4 yly. (Q-F)
*do (stock) (
..
. . 12H 10 10 yly. 8H 4 yly. (Q-F)
* In M ay 1925 a quarterly cash dividend o f 13 % was paid on common.
A
Previously quarterly dividends o f 1% in cash and 1% in stock were paid.
V . 120, p. 1879.
Pref. divs. have been paid regularly since organization.
R E P O R T — For 1924, in V. 120, p . 697. showed:
Calendar Years—
1924.
1922.
1921.
1923.
Earns, on stocks of sub
companies owned___ $4,097,361 $3,624,924 $3,636,335 $2,985,532
Miscellaneous earnings. . 1,148,913
885,746
1,276,201
1,293,345
Gross earnings______ $5,246,274
Expenses and taxes____
418,558
Int. & disct. on 6% notesi
180,611
$4,510,670
301,016
300,611
$4,912,536
529,986
330,000
$3,909,043
10,338,927
$4,052,550
9,462,317
Net earnings from operations______
Other income_______________________
Income tax (estimated)
$455,883
46,417
$388,127
37,066
$585,886
$502,300
$425,193
215,856
228,036
213,269
$274,264
34,076
$211,924
26,298
Surplus for the year at $ I 30 r a te .- $322,583
$240,188
$185,626
Rate reserve-----------------------------------$348,701
$191,964
______
OFFICERS.— Pres., Richard L. Austin; V .-P ., John Gribbel; Sec. &
Treas., Clayton E. Platt. Office, Coney Island, N . Y . Treasurer’s
office, 1105 Franklin Bank Bldg., Phila., Pa.— V. 120, p. 1585, 1745, 2010
$3,510,902
9,036,336
Previous surplus___
$541,704
44,182
$370,029
47,446
Deducting fixed charges, viz., int. on
bond, debt, taxes, retirem’t exp_
$4,278,877
407,975
360,000
$4,647,104
. 10,977.787
[V ol. 120.
BROOKLYN UNION GAS CO. SYSTEM (THE).
O RGAN IZATION .— Incorp. in N . Y. Sept. 7 1895, per plan V. 61,
p. 831, and V. 62, p. 1141; V. 64, p. 887; V . 80, p. 1854. For properties
owned and controlled, see V. 109, p. 2359. Sale of Flatbush Gas Co. electric
properties to Brooklyn Edison C o., Inc., see V. 119, p. 2284. The P. S.
Comm, in Oct. 1922 adopted an order changing the candle power standard
to a standard of 537 B. T . U. per cu. ft. In M ay 1923 the New York State
Legislature passed the $1 gas law and increased the standard of gas to 659
B. T . U. per cu. ft. The co. has started proceedings to declare the $1 gas
law unconstitutional. Final report o f Special Master filed March 21 1925
declares $1 gas law to be confiscatory and unconstitutional. V. 120’, p.
1585. Compare V . 120. p. 85.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, 600,000 shrs (no par) ____ _______ 483,016 shs A p r ’25, $1
1st cons Mtge $15,000,000/
1895 5g M -N
$14,736,000 M ay 1 1945
($1,000) gold______ c*ntf(G uaranty Trust C o., N . Y ., trustee
1st lien & ref mtge Ser “ A ’’ \ 1922 6g M -N
6,000,000 M ay 1 1947
($500, &c) gold___c*& r*tf/Int at N at’l City Bank, N . Y .
10-year convert debentures/
1922 7 M -N
1,169,500 M ay 1 1932
($100 &c)________________ (In t. at Nat’l C ity Bank, N. Y.
Debs conv on & after Nov 11
1919 7 M -N
258.700 N ov 1 1929
1924 into stock ($100 & c)-_/In t. at Chase Nat’l Bank, N. Y .
Citizens Gas Lt cons Mtge\
1890 5 F-A
264,000 Feb 1 1940
($1,000)__________________/In t. at Peoples Trust C o., Bklyn, N . Y .
Bonds.— Int. on 1st cons. M tge. 5s of 1895 is payable at Chase N at’l
Bank. N . Y .
The debenture bond's of 1922 are convertible into capital stock since N ov . 1
1924 on the basis of two shares of stock of no par value for each $109 deben
tures. V . 114, p. 2017, 2245, 2363, 2473; V . 117, p. 2437. Up to Dec. 31
1924, $4,409,500 had been converted.
The 10-year debentures of 1919 are convertible into stock, at holders
option, since November 1 1924 on the basis o f two shares of stock o f no par
value for each $100 o f debentures. V. 109. p. 1528, 1082; V. 108, p. 1391;
V. 117, p. 2437. Up to Dec. 31 1924, $1,741,300 had been converted.
Late Dies.— 1909-11. 1912(0 1917. 1918. 1919. 1920-21. 1922. 1923.
Per cent_____ 6 yrly. 6 & 2 ext. yrly. 6
6
None
4
8
Paid in 1924: Jan. 2 ,2 % ; Apr. 1, $1 per share on new stock of no par val.:
July 1, $1 per share, Oct. 1, $1 per share. In 1925, Jan., $1 per share;
A pr., $1 per share.
Total surplus________ $15,624,891 $14,247,970 $13,514,867 $12,547,238
Preferred dividends___
$854,172
$854,172
$854,172
$854,172
Common cash dividendsi 1,257,210
1,208,006
1,160,884
1,115,374
Stk. divs. on com. stk__. 1,257,210
1,160,884
1,208,006
1,115,374
$12,256,299 $10,977,786 $10,338,927 $9,462,317
OFFICERS.— Pres., Alanson P. Lathrop; V .-P ., W . F. Douthirt; V .-P.
Treas. & Sec., James Lawrence; Asst. Sec.-Treas. & Aud., T . M . Leahy;
Asst. Sec.-Treas., F. M . Dennis; Asst. Sec.-Teas., R . B. Martin. New
York office, 120 Broadway.— V. 119, p. 1736, 177, 2283; Y . 120, p.
207, 697, 1088, 1455, 1879.
BROOKLYN BOROUGH GAS CO.
ORGAN IZATION .— Incorp. in New York in 1898. Has franchises in
terms exclusive and of unlimited duration.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Serves gas to the 31st Ward o f the Borough o f Brooklyn, which includes
Coney Island, Sheepshead Bay, Manhattan Beach and Brighton Beach.
Owns a modern water gas plant. Daily capacity 7,000,000 cu. ft. An
other unit now being installed which when completed will increase the
daily capacity to 10,500,000 cu. ft. About 181.55 miles o f mains; 38,193
meters.
Interest. Outstanding. Maturity.
STOCK AN D BONDS— Date.
40,000 shs Apr ’25, 1?£
Com stock 50,000 shs (no par) --------Q-J 10
6 H % Partic pref $500,000
Q-J
$492,100 Apr ’2:
($50) cum_________________ _____
5 g M-S
297,000 Mar 1 1938
First mtge $500,000 (closed) 1 1908
($1,000) gold_______ c .n tf/In t. at Title Gu. & Tr. C o., N . Y ., trustee.
Gen & ref mtge Ser “ A ” ($5001 1923
6 g A-O
1,300,000 Apr 1 1963
& $1,000 c* & $1,000 r*) g tf/In t. at Title Gu. & Tr. C o., N . Y ., trustee.
Bonds.— In addition to first mtge. 5s reported as outstanding $203,000
are held in treasury.
The gen. & ref. mtge. 6s Series “ A ” are callable on any interest date upon
60 days’ notice at 110 up to and including April 1 1943; thereafter at 107M
up to and including April 1 1953, and thereafter at 105 less K of 1% for
American Light & Traction
Company
Controlling, through its ownership of stock,
Public Utilities Properties
in the following communities
Milwaukee, Wisconsin
San Antonio, Texas
Muskegon, Michigan
South St. Paul, Minnesota
Detroit, Michigan
St. Paul, Minnesota
Grand Rapids, Michigan
Binghamton, New York
St. Joseph, Missouri
Madison, Wisconsin
West Allis, Wisconsin
Wauwatosa, Wisconsin
Serves a population in excess of 2,700,000
American Light & Traction Company
120 Broadway
-
-
-
-
-
-
New York
REPO RT.— For 1924 showed:
1924.
1923.
1922.
Gross earnings___________
$20,236,590 $21,989,601 $21,543,233
Net after taxes______________________ 1,629,521
3,449,145 4,898,252
Fixed charges_____________
1,756,079
1,787,882 1,543,273
Dividends__________________________
1,513,763
1,440,000 1,080,000
Surplus______ _____
def947,057
730,491 2,732,558
In 1923, because of litigation over new rate statute, income of $1,345,046
is held in suspense and not incl. in above figures. Income in suspense for
1924 is $2,875,945.
OFFICERS.-—Pres., James H. Jourdan; V.-Pres., A . F. StamfordV.-Pres., C. E. Paige; Sec., Henry E. McGowan; Treas., E. R . ChapmanOffice. 176 Remsen St., Brooklyn, N . Y .— V. 119, p. 2284, 2876; V. 120.
p. 85, 701, 1585, 1875.
CITIZENS GAS CO. OF INDIANAPOLIS.
ORGAN IZATION .— Incorp. in Indiana in M ay 1906. Leases the
property o f the Indianapolis Gas Co. (see separate statement below) for
99 years.
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.—
Controls without competition the entire gas business o f Indianapolis.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock v t c $2,000,000 ($25)------------------------- $2,000,000 M a r ’25 3
Pref 7% cum $1,000,000 ($ 1 0 0 )____
_________
1,000,000 M ar’25 1%
5 g J-J
3,417,000 July 1 1942
1st & ref mtge $10,000,000 1912
($500 & $1,000) gold----- c* Int. at Bankers Trust C o., N . Y ., and Union
Trust C o., Indianapolis, Trustees.
7 g M -N
>859,000 M ay 1 1927
Gen & ref mtge $1,000,000 1922
($1,000) gold__________ c* Int. at Fletcher-American Nat. Bank, In
dianapolis, Trustee,
x Called for payment M ay 1 1925.
Stock.— Both classes of stock are listed on the Indianapolis Stock Ex
change. Y. 116, p. 2012.
Bonds.— 1st & Ref. Mtge. 5s are call, at 108 & int. on any int. date on 30
days’ notice. Mtge. provides for sinking fund o f Y o f 1% per annum in
1915 and 1916 and X o f 1% per annum thereafter. $411,000 not incl.
in amount reported outstanding held in sinking fund. $650,000 are pledged
as security for the gen. & ref. mtge. 7s.
Gen. & Ref. Mtge. 7s are secured by pledge o f $650,000 1st & ref. mtge. 5s
Callable at 104 & int. All outstanding gen. & ref. mtge. 7s have been
called for payment M ay 1 1925.
Dividends.—-Two divs. o f I X % each were paid on com. Jan. 1 1911.
In Mar. 1911, 3% : Sept. 1911, 3% . In 1912, M ar., 3 X % ; Sept., 3 X % .
In 1913, M ar., 3X%\ Sept., 3 X % - In 1914, Mar., 3 X % : Sept., 3 X % .
In 1915, M ar., 3 X % : Sept., 3 X % - In Mar. 1916, 5% was paid and divs.
at same rate were paid regularly semi-annually to and incl. Mar. 1921.
None to Mar. 1924, when 3% was paid. In Aug. and Dec. 1924 divs. of
3% were paid. In 1925, M ar., 3% .
EARN IN G S.— For year ended Dec. 31 1924;
Total earnings________________________________________________ $5,798,436
N e t___________________
1,985,299
Deduct— T a x e s ______________________________________________
366,687
Depreciation______________________________________________
440,055
Fixed charges__________________ :--------------------------------------719,584
Balance, surplus__________________________________________
458,973
OFFICERS.— Pres., John R . Welch: V .-P., C. L. Kirk; Sec., F. G. Rastenburg; Treas., G. A. Efroymson.— V . 119, p. 328: V. 120, p. 209.
(a) INDIANAPOLIS GAS CO.
O RGAN IZATION .— Incorp. in Indiana in 1890. Was leased to the
Citizens Gas Co. o f Indianapolis in Oct. 1913 for 99 years. Under terms
o f the lease that company guarantees int. on the Indianapolis Gas Co. 1st
Mtge. 5s, their refunding at maturity and 6% divs. on the company’s
$2,000,000 capital stock.
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
6 J-J
$2,000,000
See text
Stock $2,000,000 ($50)_______ _____
1st mtge $7,500,000 ($1,000)/ 1902 5 g A-O
5,628,000 Oct 11952
g o ld ___________________ c*\Int. at Equitable Trust C o., N . Y ., trustee.
Stock.— Divs. are guar, by Citizens Gas Co. o f Indianapolis under terms
o f lease (see text above).
Bonds.— Interest and refunding o f 1st mtge. 5s at maturity guaranteed by
Citizens Gas Co. o f Indianapolis. In April 1915 Blodget & C o., Boston
& N. Y ., offered a block o f 1st mtge. 5s at 96 & int. V. 100, p. 1514. In
July 1916 the same bankers offered a block at 97% & int., yielding about
5.15% . V. 103, p. 148.
Dividends.— Paid regularly semi-ann. (J. & J.) under terms of lease.
OFFICERS.— Pres., W m. G. Irwin: V .-P., Fred C. Dickson; Sec., Wm.
J. Yule; Treas., Arthur V. Brown.— V. 119, p. 332.
CONSOLIDATED WATER CO. OF UTICA, N. Y.
O RGAN IZATION .— Incorp. in N . Y . in N ov. 1899 as a consolidation.
Franchise perpetual.
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Controls practically all the available sources o f water supply for the city
o f Utica and adjacent towns. 246 miles of mains and 18,546 meters.
STOCK A N D BONDS—
Date.
Interest. Outstanding Maturity.
Common $2,500,000 ( $ 1 0 0 ) - - - ___
_________ $2,436,100 Mar ’25, I X
ls t p f 7% cum $2,500,000($100)____
7 Q-F
600,000 Feb '25, 1 %
-------------563,900 Mar '25, 1 X
N-cum 5% pf$l,000.000($100)-----First mortgage ($1,000) gold. \ 1899 5 g J-J
2,500,000 Jan 1 1930
c*/N ew York Trust C o., New York, trustee.
Second mortgage
(closed)! 1906 5 g J-J
1,500,000 Jan 11930
($1,000) gold__________ c*/Utica Trust & Deposit C o., Utica. N.Y.,trus.
Stock.— The 5% non-cum. pref. is convertible, share for share, into com.
stock.
Bonds.— Int. on 1st Mtge. 5s is payable at Mechanics & Metals National
Bank, New York.
Int. on 2d mtge. 5s is payable at Mechanics & Metals National Bank,
New York. Are callable at 105 on 60 days' notice.
DIVIDEN DS.—
’ 10. ’ l l . ’ 12. ’13. ’ 14. 15. ’ 16. ’ 17. ’ 18. ’ 19-’24.
First preferred_____ - - . 7
7
7 7% yly
Preferred _ _________
_
5
5
5 ’5
5
5
5
5
5 5% yly
1
2
2
3
4
1 ..
5 6% yly
EARN ING S.—
1924.
1923.
1922.
1921.
Operating revenue_____
$735,695
$738,263
$670,416
$663,985
182,293
194,221
Operating expenses_____
190,506
186,290
N et operating revenue
Taxes ________ _____
$553,402
95,417
$.544,041
102,000
$479,910
98,351
$477,694
88,918
Operating income___
Miscellaneous income_
_
$457,985
7,640
$442,041
9,428
$381,558
16,479
$388,776
24,148
Gross corp. income_
_
Deductions from income
$465,625
200,000
$451,470
200,323
$398,037
208,027
$412,924
225,538
N et corporate income.
$265,625
$251,146
$190,010
$187,385
OFFICERS.— Pres., F. C. Hopkins; V .-P ., R . W . Bacot; V.-P. C. R.
Dewey; Sec., P. A . Sittig; Treas., H. B.Miles.— V. 118. p. 1017.
DETROIT CITY GAS CO.
ORGA N IZA TIO N .— Organized in March 1898. The Detroit City
Council decided not to exercise the right to purchase the property o f the
company at the expiration o f the latter’s franchises Oct. 31 1923. The
American Light & Traction Co. owns over 99% o f the stock. V. 82, p.
283, 989. On Aug. 1 1913 acquired the physical property of Detroit &
Suburban Gas Co., subject to $930,000 20-year 5s due Dec. 1 1928. V. 97.
p. 731.
F IE L D -O F OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns all the gas properties in Detroit, Mich. Rates, V. 117, p. 2217, 2438;
V. 118, p. 1916, 2185; V. 119, p. 202, 584
15
GAS AND WATER
M ay , 1925.]
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$9,507,880 ---------------Stock $15,000,000 ($100)__________
Pref 8% cum $5,000,000------- -------------------------- ---------------First mtge Series “ A ” ($100,1 1922
6 g J-J
13,500,000 July 1 1947
&c) gold_________ c*&r*.tf Jlnt. at office of Amer. Lt. & Tr. C o., N . Y .
Detroit & Suburban Gas Co.\ 1908
5 g J-D
930,000 Dec. 1 1928
first mtge ($1,000) gold-_c*JInt. at Citizens’ Sav. & Trust Co., C leve.,0.
Stock.— The stockholders in April 1921 authorized the issuance of
$5,000,000 8% cumulative preferred stock. V. 112, p. 1870.
Bonds.— The first mtge. Series A 6% bonds are redeemable, all or part,
at 107X to and including July 1 1932; at 105 thereafter to and incl. July 1
1942; at 101 thereafter to and incl. July 1 1947, and after July 1 1946 at
par and interest. V.115, p. 187. Pennsylvania 4 mills tax refunded.
Detroit & Suburban Gas Co. 1st mtge. 5s are redeemable at 103 and int.
OFFICERS.— Pres., Alanson P. Lathrop; V.-P. & Gen. M gr., Chas. W ,
Bennett; Sec. & Treas., Chas. S. Ritter. Office, Detroit, Mich.— V. 119,
p. 202, 584.
EAST BAY WATER CO.
ORGANIZATION.— Formed N ov. 13 1916 in California.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Engaged in the production, distribution and sale of water for domestic and
industrial purposes. The territory served includes the cities of Oakland,
Berkeley, Alameda, Piedmont, Emeryville, Albany and San Leandro,
in Alameda County, and Richmond and El Cerrito in Contra Costa County,
Calif. Combined population estimated at 460,000.
In March 1925 the company applied to the Calif. R R . Comm, for auth.
to issue $7,125,000 of Unifying & Ref. Mtge. bonds to net not less than
$6,982,500 and $2,375,000 of Class” A” 6% Cum. pref. stock to net not less
than $2,098,900, or in lieu of said stock and bonds to issue short-term unse
cured notes not to exceed $9,500,000, and to use the proceeds thereof for
the construction of its proposed Sacramento River diversion project.
V. 120, p. 1746.
STOCK AND BONDS—
Date
Interest. Outstanding. Maturity.
Common $500,000 ($100)__________
_________
$ 100,000 __________
Class “ A ” pref 6% cumulative l -----Q-J 15
7,568,800 Apr’25, I X
$ 10 , 000,000 ($ 100 ) _______
Class “ B ” pref 6% non-cumu
Q-J 15
2,987,200 Apr'25,114 %
$5,000,000 ($100)________ —
1st mtge $15,000,000 ($1,000) 1916
5 X g J-J
In t. at Union Tr.
g o ld ___________________ c*
Calif.,, Trustee.
Unifying & refunding mtge—
Unif & ref mtge Ser “ A ” ($100
1921
$500 & $1,000)_________ I 1921
7 X g M-S 2.480.500 Sept 1 1936
1922
6 g M-S
Ser “ B ” ($500 & $ 1 ,0 0 0 ) - - - ] -----2.976.500 Mar 1 1942
6 g M-S
Ser “ C " ($500 & $1 ,0 0 0 )-.- 1924
2.000.
000 Mar 1 1944
6 g M-S
Ser “ D ” ($500 & $1,000)._ 1925
3.000.
000 Mar 1 1955
$50,000,000 gold_____c*tf Int. at Mercnatile 1
3-year notes ($1,000) gold-tf] .1925
____
5 X g F-A 1,000,000 Feb 11928
,Int. at American Bank, San Fran., trustee.
Bonds.— 1st Mtge. 5 X s are call, at 105 & int. Mtge. provides for sinking
fund of 1% of outstandiig bonds each Jan. 1 1922 to 1925, incl.; since
1J£% annually. $4,932,100 in addition to amount reported outstanding
are deposited under the unifying & ref. mtge.
Unifying & ref. mtge. bonds are secured by deposit of $4,932,100 1st
mtge. 5Xs .
Ser. “ A ” 7YzS are red. at 105 on any int. date. $2,500,000 were offered
in July 1921 by Cyrus Peirce & Co. and Blyth, Witter & Co., San Fran
cisco, at 100 and int. V. 113, p. 540.
Ser. “ B" 6s are red. all or in part on any int. date on 60 days’ notice at
110. In May 1922, $3,000,000 were offered in M ay 1922 by Blyth, Witter
& Co. and Cyrus Peirce & Co. at 102 & int. V. 114, p. 2246.
Ser. “ C" 6s are callable all or in part on any int. date on 60 days’ notice
at 105. $2,000,000 were offered in March 1924 by Blyth, Witter & Co.
at 99X & int., yielding over 6% . V. 118, p. 1141.
Ser. “ D " 6s are red. all or part on any int. date on 60 days’ notice at 105
and int., provided, however, that in case of the sale to or other acquisition
of the c o .’s properties by any public corporation, the co. may at its option
and upon like notice redeem these bonds as a whole at 103 & int. In Feb.
1925, $3,000,000 were offered by Blyth, Witter & C o., Peirce, Fair & Co.,
Mercantile Securities Co. of Calif, and American Securities Co. at 101X &
int. V. 120, p. 955.
The 3-year 5 X % notes are red. as a whole only on any int. date on 30
days’ notice at 101 & int. up to and incl. Feb. 1 1926, thereafter at 100X
& int. up to and incl. Feb. 1 1927, and thereafter at 100 & int. $1,000,000
were offered in Feb. 1925 by Blyth, Witter & Co., Peirce, Fair & Co.,
Mercantile Securities Co. of Calif, and American Securities Co. at 100 & int.
V. 120, p- 955.
EARNING S.— For years ended Dec. 31:
Calendar Years—1924.
1923.
1922.
1921.
Gross oper. revenues
$3,478,811 $3,202,441 $2,887,160 $2,526,184
Oper. exp., taxes, depr_- 1,812,161
1,597,059
1,453,590
1,307,775
Net oper. revenue____$1,666,650 $1,605,382 $1,433,570 $1,218,409
Non-oper. rev. (net)-----19,622
9,776
25,786
28,961
Net revenue__________ $1,686,272
Interest________________
961,648
Class “ A ” pref. divs____
444,208
Class ” B ” pref. divs____
149,360
Federal income tax------50.349
$1,615,158 $1,459,356 $1,247,370
919,354
894.219
813,733
404,516
387,016
320,669
149,360
112,020
______
52,184
50,033
(See x)
Net to surplus----------$70,707
$89,743
$16,068
$112,968
x Federal income tax included, year 1921, as deduction from gross
operating revenue.
OFFICERS.— Pres., Edwin O. Edgerton; V .-P. & Gen. M gr., G. H.
Wilhelm; 1st V .-P ., J. Y . Eccleston; 2d V .-P ., R . M . Fitzgerald; Sec. &
Treas., S. M . Marks.— V. 120, p. 828, 955., 1746, 2146.
EMPIRE GAS & FUEL CO. (DELAWARE).
ORGA N IZA TIO N .— Incorp. in Delaware June 1919. The following are
some of the subsidiary cos.: Empire Refining C o., Empire Gasoline C o.,
Empire Gas & Pipe Line C o., Empire Natural Gas C o., Empire Petroleum
Co. and (by controlling ownership) Indian Territory Illuminating Oil Co.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Produces high-grade refinable crude oil and also owns and operates a natural
gas system. Its oil properties are located in the Mid-Continent field in
Kansas, Oklahoma and Texas, and the natural gas business is conducted
principally in Kansas, Oklahoma and Missouri. Its business combines
production, transportation, refining and marketing, and the natural gas
operations include production and trunk line distribution to numerous
markets. Owns leases on 60,000 acres o f proven land; also owns or controls
oil and gas leases on other lands for future operations of approximately
1,100.000 acres. Owns 3,100 producing oil wells and 291 producing gas wells.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $75,000,000------------ All owned by Cities Service Co.
Pref 8% cum $500,000,000
8%
x$30,357,270 __________
non-voting ($100)_________ _____
1st & coll trust mtge (closed) f 1916
6 g M -N
2,300,000 M ay 1 1926
guar ($500, &c) gold___ c*lBankers Trust C o., New York, trustee.
lst&refcv$50,O00,OO0Ser“ A ” f 1922 7 y2 g M -N 40,487,700 M ay 1 1937
Ser “ B ” $10,000,000______! 1923 7 g M -N
8,800,000 M ay 1 1926
($100, &c) gold_____c*&r*[Bankers Trust C o., New York, trustee.
Empire Refining Co 1st mtge | 1917 6 g F-A
1,784,000 Feb. 11927
& coll tr ($500, &c) guar-j Guaranty Trust C o., New York, trustee,
prin, int & skg fd, gold____l
x Of the amount outstanding a majority owned by Cities Service Co.
Bonds.— The 1st mtge. & coll, trust 6s are guar., p. & i., and skg. fu n d '
by Cities Service Co. Semi-ann. skg. fund (M . & N.) retires over $1,700,000 annually. Red., all or part, until M ay 1 1923 at 103 and int., and
thereafter until maturity at 104 and int. V. 102, p. 1542.
The 1st & ref. conv. bonds Ser. “ A ” (V. 114, p. 1895) are red., all or part,
at 115 & int. during first year, and thereafter at 115 & int. less 1 % for each
expired year from date of issue, but at par last six months.
Conv. into the 8% cum. pref. stock on the basis of the prevailing skg.
fund call price for the bonds and par for the pref. stock, with adjustment
for interest and dividends.
16
PUBLIC UTILITIES
Co. obligates itself to maintain a minimum sinking fund for Ser. “ A .”
bonds, operating through Halsey, Stuart & Co., Inc., the amount of which
is calculated to retire about 60% of the series by maturity, the skg. fund
operating quarterly, beginning Aug. 1 1922, through the purchase of bonds
in the market or by call by lot at 107 *4 and int. during first year, less
34 % for each expired year from date of issue, but at par last six months.
The Ser. “ B ” bonds are red., all or part, at 102/4 and int. less 34 % for
each expired 6 months from and incl. M ay 1 1923. Conv. par for par with
adjustment for int., at any time up to 30 days prior to maturity or redemp
tion (except by skg. fund) into 1st & ref. conv. 7 34 % bonds, Ser. “ C ,” hav
ing same maturity date, conv. privilege, &c., as outstanding Ser. “ A ” bonds.
Interest is payable in New York and Chicago.
The co. will provide a sinking fund to retire these Ser. “ B ” bonds at the
rate o f 4 % o f the issue annually by the purchase of bonds in the market up
to and incl. the prevailing call price or by call by lot at such call price.
Co. further will provide a purchase fund available to purchase at not exceed
ing par and int. bonds at rate of 6% o f issue annually, such purchase fund to
be applicable from time to time in discretion o f Halsey, Stuart & C o., Inc.
Interest payable in New York and Chicago.
These bonds, in opinion o f counsel, are secured (subject to existing and
future pledges of oil in storage, purchase money and existing liens on prop
erty hereafter acquired) by a 1st mtge. on a part of the properties and, upon
retirement o f $9,309,000 underlying bonds due 1923 to 1932 (mortgages
closed), by a 1st mtge. on all the properties now owned or hereafter acquired
by the parent co., and by a first lien upon all o f the stocks of the subsidi
aries owned by the co. Y . 114, p. 1895.
The Empire Refining Co. 1st mtge. & coll. tr. skg. fund 6s are guar.,
prin., int. & skg. fund, by Empire Gas & Fuel Co. skg. fund; retires over
$1,000,000 annually. These 6s are call, at 104 till Feb. 1921; then till
Feb. 1 1924 at 106; thereafter at 108. V. 104, p. 365.
EARN IN G S.— For 4 mos. ended Mar. 31 1924, showed: Gross, $14,403,515; net, $3,972,039; other income, $153,158; total net earnings, $4,125,19$.
OFFICERS.— Pres., Henry L. Doherty, New York.— V. 119, p. 1740,
2877; V . 12C, p . 1326, 1585.
GAS & BY-PRODUCTS CO.
O RGAN IZATION .— Incorp. in Delaware. Controls and operates the
following companies: Dallas Gas Corp. (owning all of the com. stocks of the
Dallas Gas Co. and County Gas Co-., Dallas, Tex.); Natural Gas Producing
Co. o f Louisiana; Excelsior Pipeline Co.; Morehouse Natural Gas C o., Inc.,
Bastrop, La.; Panola Oil & Gas C o., Panola County, Tex.; and the IT. S.
Carbon C o., Bastrop, La.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Through subsidiaries, distributes gas to the city o f Dallas and its environs,
serving a population of 248,000. Also produces and distributes natural
gas from the Monroe field in northern Louisiana. Has 495 miles of dis
tributing mains and 45,991 meters in service. The company also, through
subsidiaries, owns a pipe line and gas distributing organization and a carbon
black manufacturing company.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ($100)_______
_______
$7,438,500 ---------------Pref 7% cum $6,300,000($100)____7 Q-J
[2,700,000 __________
First lien coll $3,000,000($100\ 1924
7 g J-J
3,000,000 Jan 1 1939
$500 and $1,000) gold.c*.tfJN ew York Trust Co., N. Y ., trustee.
Stock.— Pref. is callable, all or in part, at any time at 110 and dividends.
Bonds.— First lien collateral 7s are secured by the pledge of the first mtge.
7% demand bonds of the following-named companies, which in effect make
these First Lien Coll. 7% bonds a direct first mortgage on the properties of
each: Natural Gas Producing Corp. o f Louisiana, $1,953,500 (total, $2,000,000); Excelsior Pipeline C o., $500,000; Morehouse Natural Gas Co., Inc.,
$25,000; Panola Oil & Gas C o., $400,000; U. S. Carbon C o., $500,000
In addition to the foregoing, these bonds are secured by a deposit of all
(except directors’ shares) of the com. stocks of the Dallas Gas Corp., Excel
sior Pipeline C o., Morehouse Natural Gas C o., Inc., U. S. Carbon Co.,
Panola Oil & Gas Co., and over 97% o f the com. stock o f the Natural Gas
Producing Co. o f Louisiana. Are convertible into 7% cum. pref. stock on
the basis of 12 shares of pref. stock for each $1,000 face value of the bonds.
Are redeemable on the first day of any month on 30 days notice at 107 34 and
int. to and including Jan. 1 1929; 105 and int. after Jan. 1 1929, and on or
before Jan. 1 1935; thereafter at a premium becoming 1% less each year to
101 and int. during the last year o f life. $3,000,000 were offered in April
1924 by Gladney & Watson, New Orleans, at 96 34 and dividend, to yield
over 7.40% (with 50% bonus in com. stock). V. 118, p. 1916.
EARN IN G S.— Preliminary earnings for the 12 months ended Dec. 31:
1924.
1923.
Gross earnings___________________________________$4,237,312 $3,299,028
Oper. exp., maint., taxes and prior fixed charges_ 3,663,948
_
2,840,353
Net earnings___________________________________ $573,364
$458,675
Annual interest on first lien bonds------------------------ $210,000
OFFICERS.— Pres., H. D . Walbridge; V .-P ., F. P. Hepburn: V .-P .,
F. E. Haag; V .-P ., A. C. Morris; Sec., L. A. Wood; Treas., A. E. Wal
bridge.— V. 118, p. 1399, 1916.
HACKENSACK WATER CO.
ORGANIZATION-— Incorporated under laws o f New Jersey in 1869
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS —
Supplies water to 51 cities and towns in Hudson and Bergen counties, New
Jersey. Miles o f mains, 643.
Maturity.
STOCKS AN D BONDS— Date.
Interest. Outstanding.
$5,125,000 D e c ’24 3%
Common $6,000,000 ($25)-------------J-D
2.375.000 Dec ’24 334
7 J-D
Pref 7% cum $4,000,000 ($25)______
4.750.000 July 1 1952
1st mtge $6,000,000 ($1,000)1 1902
4 g J-J
gold_____________________ /Hudson Trust Co Hoboken, N. J., trustee.
Debenture bonds series of 1936
2,000,000 Dec. 15 1936
($100 &c) gold__________ c tf 1921
7 g J-D
Stock ■ 7 % preferred stock is cumulative and participating
—
Redeemable
at 110 after three years from date o f issue
..j. -c E s g t ra ra ig rc a
The Dallas Gas Company
Firs; M o.ta;ae 6s. due 1S41
County Gas Company
First Mortgage 6s. due 1941
Gas and By-Products Company
First Lien Collateral 7s. due U 39
1% Cumulative Preferred Stock
Common Stock
[V ol. 120.
Bonds — 1st Mtge 5s are call at 105 and int The 7 % gold debenture
bonds o f 1936 are red. as a whole at 10534 on or before June 15 1929; at 104
to June 15 1931; at 103 to June 15 1933; at 102 to June 15 1935, and at 101
to June 15 1936. V. 113, p. 2726.
Dividends.— On pref., 3 34 % s.-a. to Dec. 1924. On com ., 314% s.-a.
from Dec. 1917 to Dec. 1920; June 1921 div. passed; Dec. 1921 paid 3 % :
Dec. 1922, 4 % ; June 1923, 3% ; Dec. 1923, 3 % ; June 1924, 3 % ; Dec.
1924, 3% .
OFFICERS.— Pres., Robert W . de Forest; V .-P s., Hamilton F . Kean
and Henry L. de Forest; Sec. & Treas., Earle Talbot.— V . 120, p. 2146.
HARTFORD CITY GAS LIGHT CO.
ORGANIZATION.— Incorp. in Conn, in M ay 1848.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Does the entire gas business in Hartford, West Hartford, East Hartford
Fire District, Wethersfield and Manchester, Conn. Also sells gas to the
company which supplies Windsor Locks, Thompsonville and E n f i e ld H a s
249 miles of mains; 45,205 meters. Franchises are stated to be unlimited
as to time.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
_______
$2,250,000 Mar ’25,50c
. ..
Common stock ($25)______
____
8%
750,000 Mar ’25,50c
Preferred 8% ($25)__________ _____
4 g J-J
750,000 July 1 1935
1st mtge $1,000,000 ($1,000)\ 1905
g o ld ___________________ c*/In t. at Hartford-Connecticut Trust C o .,
[ Hartford, trustee.
R E PO RT.— For years ended Dec. 31:
Cal. Years—
1924.
1923.
1922.
1921.
Gas made (1,000 cu. ft .).
1,503,654 1,461,159
1,296,120 1,248,638
Gas sold & used (M .cu .ft)
1,414,717 1,349,647
1,162,035 1,113,926
Gross income____________$1,689,654 $1,617,095 $1,412,156 $1,421,037
Total, expenditures_____ 1,245,975
1,302,412
1,108,329 1,138,582
Earnings___ ___________
443,679
314,683
303,827
282,454
Dividends paid________
220,000
200,000
200,000
200,000
Appliances sold________
3,539
2,909
3,284
2,579
Unaccounted for gas____
5.91%
7.64%
10.31%
10.80%
OFFICERS.— Pres., E . B. Bennett; V .-P ., F. R . Cooley; V .-P . & Gen.
M gr., E. E. Eysenbach; Sec. & Treas., John A . McArthur.— V. 118, p. 913;
V. 120, p. 453.
INDIANAPOLIS WATER WORKS SECURITIES CO.
ORGANIZATION.— Incorporated in Delaware Dec. 30 1912. Owns
practically the entire $5,000,000 com. stock of the Indianapolis Water Co.
(see statement below).
STOCK AND BONDS—
Date.
Interest. Outstanding. . Maturity.
Common $2,000,000 ($100)________
_______
$2,000,000 ---------------P f 7% cum $2,500,000 ($100)______
7 A-O
1,500,000 Apr’25,334
Coll trust $2,500,000 ($1,000)1 1913
6 g A-O
2,500,000 Jan 1 1948
gold___________________ c*/In t. at Pa. Co. for Ins. on L ., &c.,Phila., trus.
Stock.— Pref. is redeemable at 105 and divs. on any div. date on 30 days
notice.
Bonds.— The coll, trust 6s are secured by deposit of practically entire
$5,000,000 com. stock of Indianapolis Water Co. Sinking fund is provided
for. Callable, all or in part, for sinking fund at 102/4 & int. on any int.
date.
OFFICERS.— Pres., C. H. Geist; V .-P ., H. S. Schutt; Treas., H. ALang; Sec., C. H. Weak.— V. 96, p. 139, 422.
(1) INDIANAPOLIS W ATER CO.
Practically entire com. stock is owned by the Indianapolis Water Works
Securities Co. (see above).
ORGANIZATION.— Incorporated in Indiana in 1881.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Supplies water to Indianapolis, Ind. Company obtains its supply of water
from the White River, supplemented by Fall Creek and approximately
64 driven wells.
Rates.— V. 120, p. 330.
In Feb. 1925 the co. applied to the Indiana P . S. Comm, for auth. to
change its $5,000,000 com. stock, par $50, into 500,000 shares of com.
stock of no par value. V. 120, p. 828.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($50)_________
_______ x$5,000,000 ----------1st & ref mtge $10,000,0001 1910 4/4 g J-J
3,731,000 July 1 1940
($1,000) gold__________ c*/Int. at Bankers Trust C o., N. Y ., trustee.
First lien & ref mtge ($500 &\ 1923
5/4 g M-S 5,288,000 Mar 1 1953
$1,000) gold___________ c* JInt. at Fidelity Trust C o., Phila., trustee.
x Practically all owned by Indianapolis Water Works Securities Co.
Bonds.— First & ref. mtge. 4Z4s are callable at 104 and int. on any int.
date. $4,712,000 are pledged as security for the first lien & ref. mtge.
534s. Albert Baker, Indianapolis, co-trustee.
First lien & ref. mtge. 534s are secured by deposit of $1,712,000 first &
ref. mtge. 434s. Redeemable, all or part, on any interest date on four
weeks’ notice, at 105 & int. to and including March 1 1933; thereafter at
10234 & int. to and including March 1 1943; thereafter at 101 & int. prior to
maturity. Company agrees to reimburse holders resident in Penna. for the
4 mills tax. In March 1923 Drexel & C o., Phila., and Brown Bros. & C o.,
N . Y ., offered $4,500,000 at 96 & int., to yield about 5.80% . V. 116, p.
1185, 1282.
EARN ING S.— For the 12 mos. ended Dec. 31 1924: Operating revenues,
$2,141,953; net, after taxes, &c., $970,036; other income, $27,728; int.,
amortiz., Inc., $455,533; bal., surp., $542,232.
OFFICERS.— Pres., C . H. Geist: V .-P ., H . S. Schutt; Treas., H. A.
Lang; Sec., F. C. Jordan; Gen. M gr., C. E. Davis.— V . 119, p. 1741;
V. 120, p. 86, 330, 828.
KANSAS CITY GAS CO.
Controlled by Cities Service Co.
O RGAN IZATION .— Incorp. in Missouri in 1906. In 1920 purchased
the property of the Kansas City, M o ., Gas Co.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
The company supplies natural gas in Kansas City, M o., where it operates
without competition, serving an estimated population of over 350,000 per
sons . Property includes gas holders with an aggregate capacity of 7,000,000
cu. ft., regulator stations, pumping apparatus and a distributing system
with 561 miles of high and low pressure mains.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock ($100)------------ -------------- - ,®§}2’>!R ---------------R
1st pref 6% cum ($100)--------- -------Q-J
f , 217,000 ----------------------I ’RRR’RRR 'r i V i 'i i i S
2d pref non-cum ($100)--------- -------1st mtge Ser “ A ” ($500 &f 1922
6 g F-A
2,500,000 Feb 1 1942
$1,000 c* and $1,000, $5,-Unt. at National C ity Bank, N . Y ., and
000 & $10,000 r*) g _____t f [ Commerce Tr. C o., Kansas City, M o.,trus
Stock.— Common stock entitled to dividends prior to 2d pref.
Bonds.— The first mtge. 6s, Series “ A ,” are non-redeemable prior to ma
turity. Penna. 4-mill tax refunded. In Feb. 1922 National City Co.
offered $2,500,000 at 9734 & int., yielding over 6.20% . V . 114, p. 634.
EARN ING S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
_ 1922. _^
Operating revenue__________________ $4,001,084 S I,039,232 $3,663,464
3,266,836
2,905,538
Operating expenses, incl. taxes______ 3,288,753
Non-operating revenue______________
Pask & Walbridge
Fourteen Wall Street
New York City
$712,330
156,633
$772,395
159,366
$757,925
139,738
$897,664
$931,762
Gross income____________________
$868,963
206,700
206,700
Less amt. res. for replace. & renewals.
210,800
188,146
148,419
Less first mortgage interest-------------146,985
502,817
576,643
Net income_________________________
511,178
318,020
318,020
Dividends p a id .----------------------------414,020
258,623
184,797
Surplus__________________________ - 97,158
& Gen. M gr., C . W .
OFFICERS.— Pres., Geo. E. Nicholson; V .-P .
Green; Treas., J. M . Kemper; Sec., M . J. Barry.- -V . 119, p. 586.
M ay , 1925.]
LACLEDE GAS LIGHT CO.
ORGANIZATION.-—Incorp. in 1857 and in 1889 secured control of all
the other gas companies in St. Louis. Operates under perpetual franchises.
In June 1909 the $7,400,000 common stock held hy the North American
Co. was sold to a syndicate. V . 88. p. 1563; V. 76, p. 545, 922; V. 78, p.
1273; V. 80, p. 1000. On M ay 1 1924 a majority o f the com. stock was
acquired by the Laclede Gas Light.
The Missouri P. S. Commission in Feb. 1923 directed the company to
make a reduction of 5 cents per 1,000 cu. ft. in its gas rates, which at that
date were $1 05, 95 cents and 85 cents for various quantities used. V . 116,
p. 944.
To segregate electric light and power properties from gas system. See
V. 119, p. 1963.
STOCK AN D BONDS.— Date.
Interest. Outstanding.
Maturity.
Common $37,500,000 ($100)_______
Q— M
$10,700,000 M ar’25, 2%
Pref 5% cum $2,500,000 ($ 1 0 0 )___
5 J -D
2,500,000 D ec’24, 2'A
Ref & ext mtge $20,000,000/ 1904 5 g A-O
10,000,000 April 1 1934
($1,000) gold_________ c*tf/Bankers Trust Co., N . Y ., and Miss. Valley
Trust C o., St. Louis, trustees.
1st mtge coll & ref Series “ C ” \ 1923
5K g F-A 17,500,000 Feb 11953
($100, &c) gold------c*& r*tf/In t. payable in New York and St. Louis.
Bonds.— Ref. & exten. 5s o f 1904 ($20,000,000 auth. issue), In addi
tion to $10,000,000 reported outstanding, $10,000,000 are pledged to secure
the 1st mtge. coll. & ref. bonds. Listed on the New York and St. Louis
stock exchanges. See V. 78, p. 1273, 1395; V. 79, p. 1644; V . 80, p. 470;
V. 83, p. 1169; V. 91, p. 1331; V. 92, p. 666; V. 93, p. 1195.
The first mtge. collateral & refunding bonds o f 1919 (V. 108, p. 273)
must at no time exceed the auth. issue of capital stock as from time to time
fixed; they are issuable in series with such maturities, interest rates and re
demption and conversion rights as may be determined for each series.
The Series C bonds are red., all or part, as follows: Prior to Feb. 1 1933,
at 105; on and from Feb. 1 1933 to Feb. 1 1943, at 103; on Feb. 1 1943 and
thereafter, at 102, except during last 6 months, when bonds will be red. at
100. Free from Penna. State tax. V. 116, p. 184.
Additional amounts o f the bonds may be issued as follows: (1) To refund
a like amount o f Refunding & extension mtge. bonds due April 1 1934,
$10,000,000; (2) for general corporate purposes, $3,000,000; (3) for perma
nent impts., &c., or new property for not exceeding 80% o f cash cost, pro
vided net earnings are not less than 1 % times the annual interest charge on
all bonds, including those applied for; or (4) instead the company may, at
its option, issue bonds at 75% o f cost when net earnings are not less than
1K times interest charges.
LATE DIVS. 1 ’ 11-’ 16. ’17. ’18. T9. ’20-’21. ’22.
1923.
1924.
7 1% None 5 M 7&7extra 7)4&1 extr.
Common----------- / 7 y ’rly. 17
Also paid 10% extra in stock in 1911.
Paid in 1925: March 15, 2% .
R E PO RT.— For calendar year 1924, in V. 120, p. 829, 957 showed:
Year—
Gross.
Net.
Interest. Pref.Div. Com.Div. Bal.,Sur,
1924------- $8,146,866 $3,340,019 $1,573,083 $125,000
$882,750 $759,186
1923------- 7,984,350 3,345,556 1,584,643 125,000 1,498,000 137,912
1922------- 7,869,188 2,796,907 1,707,262 125,000
561,750 402,896
1921 ------- 7,137,481 1,536,196 1,740,141
125,000
*328,945
* Deficit.
OFFICERS.— Chairman o f Board, Chas. A. Munroe; Pres. C . L.
Holman; V.-P. & Gen. M gr., G. B. Evans; V.-P. & Sec., W. H. Whitton;
Treas., W . S. Dodd. Office, Eleventh & Olive Sts., St. Louis, M o.—
V. 119, p. 1963, 2287. 2411. 2647; V. 120, p. 331, 829, 957.
LOS ANGELES SUBURBAN GAS CORPORATION.
ORGAN IZATION .— Incorp. in Dalaware Apr. 9 1923. Owns 14,989
shares (being entire amount except 11 directors’ qualifying shares) of the
outstanding com. stock o f the Southern Counties Gas Co. of Calif, (see
below) and $1,250,000 1st Mtge. 6% bonds and 20,000 shares of com.
stock (being the entire outstanding bonded debt and capital stock) o f the
Industrial Fuel Supply Co.
CH ARACTER OF BUSINESS.— A holding company.
STOCK AN D BONDS—
Date.
Interest. Outstanding.. Maturity.
Common 43,000 shs (no p a r ) _ . ____
_________ 54,000 shs
See text
1st lien coll tr $4,000,000/ 1923
7 g M-S
$3,810,000 Mar 11938
($100, $500 & $1,000//Central Trust Co. o f Illinois, Chicago,
g o l d --------------------------c*tf ( trustee.
Bonds.— 1st lien coll, trust bonds are secured through pledge of all the
outstanding 1st mtge. bonds and capital stock, by first lien upon the fixed
properties of the Industrial Fuel Supply Co. and by pledge of the entire
common capital stock, less directors’ qualifying shares, o f Southern Coun
ties Gas Go. o f California. Sinking fund is provided for under indenture
which obligates the co. to pay to the trustee semi-annually, first payment
to be made Sept. 1 1923, an amount equivalent to $400,000 annually, such
payments to be used as far as necessary to pay int. and the balance to retire
bonds either by purchase in the open market or call at not exceeding the
redemption price. Red. all or in part on any int. date up to and incl.
Sept. 1 1927 at 105 & int., the premium decreasing )4 o f 1% on each Mar. 1
thereafter until a redemption price o f 101 & int. is reached, which continues
to maturity. Penna. and Conn. 4-mill tax and Maryland securities tax
and Mass, income tax not in excess of 6% refunded. In April 1923 $4,000,000 were offered by Central Trust Co. o f Illinois, H. T . Holtz & C o., Chi
cago, and Hambleton & C o., N . Y ., at 100 & int.
Dividends.-—-Regular quar. divs. of 75c. per share (payable Q.-J.) paid
since organization.
OFFICERS.— Pres., Rufus C. Dawes; V .-P., Rawleigh Warner; Sec. &
Asst. Treas., Arthur T Leonard; Asst. Sec., C. R . Stevens; Treas., Philip
P. P ag e— V. 116. p. 1769.
SOUTHERN COUNTIES GAS CO. OF CALIFORNIA.
Controlled by Los Angeles Suburban Gas Corp.
ORGANIZATION.— Organized in 1911 to acquire the properties and
business of predecessor cos. engaged in distributing gas for domestic and
industrial purposes in Orange and Los Angeles counties. Subsequently
acquired other properties.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Territory served includes 46 communities and towns in Los Angeles, Santa
Barbara, San Bernardino, Orange and Ventura counties. Has 263 miles
of high pressure transmission mains and 1,471 miles of distribution mains.
Has 17 holders; storage capacity, 6,130,000 cu. ft.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common, $12,500,000 ( $ 1 0 0 ) -____
__________ $1,500,000 __________
Pref, 8% cum $1,250,000($100)____
_________
1,250,000 __________
Pref 7% cum $11,250,000($100)___
-------------- 1,250,000 __________
1st M tge $10,000,000 ($100,1 1916
5M g M -N 8,312,000 M ay 1 1936
$500 & $1,000) g o ld -.c* tf(In t. at Central Tr. Co. o f 111., Chicago and
| Jp3,C - Southw. Tr. & S. Bk., Los Ang., Tr.
10-year conv coll tr $1,000,-| 1920 , 8 g J-D
623,800 Dec 1 1930
000 ($100, $500 & $1,000) _c Int. at Pac.-Southwest Tr. & Savs. Bk., Los
l Ang. , & Cent. Tr. Co. o f 111., Chic., 111.
Bonds — 1st mtge 5 J^s have sink, fund equal to 2% o f the outstanding
bonds. Are call, at 102K and int. on any int. date. In June 1916 E. H.
Rollins & Sons and Powell, Garard & Co. offered $2,500,000 1st mtge. 5J^s
at par and int. V. 102, p. 2081. In March 1922, Girvin & Miller, Inc.,
and Blyth, Witter & C o ., San Francisco, offered at 90 and int., to yield about
6.60% $400,000 1st mtge. 5Ms. V. 114, p. 956. In Sept. 1922 $340,000
were offered by Blyth, Witter & C o., N . Y\, &c., at 95)4 and int., yielding
about 6% . V. 115, p. 1218. In June 1923 Blyth, Witter & C o., E. H.
Rollins & Sons and First Securities Co. offered $1,000,000 at 92)4 and int.,
yielding about 6 )4 % . V. 116, p. 3007. In Sept. 1923 Blyth, Witter &
Co., E. H. Rollins & Sons and First Securities Co. offered $800,000 at 2)4
and int. V. 117, p. 1471.
The 10-year conv. coll. tr. 8s are conv. into 1st mtge. 5)4s at par for 85
for the first 5 years, and par for 90 for the last 5 years. Secured by deposit
of 1st mtge. 5)4s equal in amount to 131.25% o f the par value of coll. tr. 8s.
are call, on any int. date at 102. $400,000 were offered in Dec. 1920 by
Gervin & Miller, San Francisco. V. I l l , p. 2431.
17
GAS AND WATEK
EARNINGS.— For years end. Dec. 31:
Calendar Years—
Gas earnings_____________________________
Miscellaneous income____________________
1924.
$5,204,081
59,438
1923.
$5,710,445
94,422
Total income______________________
Operating expenses_________________
Taxes, including Federal income taxes.
Depreciation________________________
Bond and miscellaneous interest, & C - .
Preferred dividends (8 % )____________
Common dividends (1 4% )__________
$5,263,519
3,084,968
536,409
380,170
597,332
100,000
210,000
$5,804,867
3,888,020
520,457
350,610
548,437
99,182
210,000
$354,639
$188,161
Balance, surplus______________________________
Profit and loss, surplus__________________________ 1,387,335 1,212,402
OFFICERS.— Pres. & Gen. M gr., F. R. Bain; V .-P ., Rufus C. Dawes;
V .-P ., C. H. Dickey; V .-P ., A. S. Bradford; Sec. & Aud., Walter S. M c
Farland; Treas., T. H. Dudley.— V . 119, p. 2763; V. 120, p. 1882.
MASSACHUSETTS GAS COMPANIES.
ORGANIZATION.— A voluntary association formed in October 1902,
per plan in V. 74, p. 1311. The Massachusetts Gas Cos. own $16,247,600
of the $16,259,600 stock of Boston Consol. Gas Co.; also the $25,500,000
capital stock of the New England Fuel & Transportation Co. (see V. 109,
p. 1705), $1 268,000 stock of Citizens GasLt. Co. of Quincy .M ass.. 71,269)4
shares o f stock of Beacon Oil C o., &c. V. 100, p. 1575, 1690; V. 108, p. 274.
Effective June 30 1917 the New England Fuel & Transportation Co. (of
M ass.), whose capital stock is all owned by the Massachusetts Gas Cos.,
took over all the property of the New England Gas & Coke C o., Boston
Tow Boat Co. and Federal Coal & Coke Co.; and the capital stock and all
the property of New England Coal & Coke Co. (except business of purchas
ing and selling coal). Early in 1924 acquired the entire capital stock of the
M ystic Steamship Co. V. 105, p. 2189, 2003, 613; V. 104, p. 2122; V. 99,
p. 1455; V. 93, p. 232.
The New England M fg. C o., the munition co. (in process of liquidation)
retired during 1920 2,225 shares at $100 per share, leaving outstanding
275 shares of which 13054 shares are held by Massachusetts Gas Cos.
Beacon Oil (_ o. was organized early in 1919 with a capital of $2,500,000 to
enable the Massachusetts Gas C o.’s owning stock control to enter the^oil
refining business. V. 108, p. 2334; V. 112, p. 476.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Boston Consol. Gas Co. operates gas generating plants at Everett, Com
mercial Point, Calf Pasture, Allston, &c. Gas is sold and distributed
for consumption in Boston and suburbs.
STOCK AND BONDS.—
Date. Interest.
Outstanding.
Maturity.
Common $25,000,000 ($100)_
Q-F
$25,000,000 May '25 1 )4
Pref. 4% cum. $25,000,000
($100)----------------------------4 J-D
25,000,000 D e c ’24 2%
Sinking fund bonds ($1,000)1
1909 4)4 g J-J
3,522,000 Jan 1 1929
gold______________c*&rntf (Int. at Old Colony Trust Co., Boston, trustee
Debentures gold ($1,000) red)
1911 4)4 g J-J
4,000,000 Dec 1 1931
at 105________________n tf (Int. at Old Colony Trust Co., Boston, trustee
Coup gold notes ($1,000, &c)l
1924 5 g A-O 15 5,000,000 Apr 15 1927
Call at 100_______________/in t. at Old Colony Trust C o ., Boston, trustee
Bonds.— The $6,000,000 4)4s of 1909 have a sinking fund of $120,000 per
annum for first 5 years and $180,000 thereafter. No mortgage or pledge of
assets can be made without equally securing the bonds. Are red. at 105.
V. 88, p. 104, 161. Debentures, see V. 93, p. 1671; V. 94, p. 283. Threeyear gold notes, V. 118, p. 2050.
Dividends.— I ’07-’ 10. ’ 11-’ 12. '13. ’ 14-’ 16. ’ 17. ’18-’20. ’21. '22. ’23. '24.
On common % /3 yrly 4 yrly. 4)4
5
6)4
7
6)4 5
5
5 .
R E PO RT.— For 1924, in V. 120, p. 2147, showed:
Calendar
Total
Int., &c.. Preferred
Common
Balance,
Years—
Income.
Charges.
Dividends. Dividends. Sur. or Def.
1924_________ $3,143,097 $767,780 $1,000,000 $1,250,000 sur$125,317
618,465
1,000,000
1,250,000
sur570,317
1923_________ 3,438,782
1922_________ 2,947,983
641,655
1,000,000
1,250,000
sur56,328
691,775
1,000,000
1,541,666
def263,175
1921_________ 2,970,267
1920_________ 3,474,946
620,466
1,000,000
1,750,000 surl04,480
OFFICERS.— Pres., James L. Richards; V .-P ., R . Grant: Sec., A . SBull; Treas., E. N. Wrightington. Office, M inot Bldg., Boston.
TRUSTEES.— Robt. Winsor, Chairman; Charles F. Adams, Leverett
Saltonstall, Joseph B. Russell, Frederic E . Snow, Edwin S. Webster,
James L. Richards, H. Wendell Endicott, E. M . Richards, Robert Grant.
— V. 120, p- 454.
METROPOLITAN GAS & ELECTRIC CO.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A holding company. Controls, among other companies, the Central
Indiana Gas Co. and M obile Gas Co. (see separate statements below).
Also controls M t. Clemens Gas Light Co.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Common $6,000,000 ($10)_________
_______
$3,999,580
See text
Pref 6% non-partic. $6,000,000
($100)__________________________
_______
2,295,300
See text
N o funded debt.
Dividends.— On preferred regular dividends at rate of 6% per annum
paid. On com. (dividends prior to 1917 not available) paid 3% in 1917;
in 1918, 1%; none to 1924, when 4% was paid.
OFFICERS.— Pres., Rufus C. Dawes; V .-P . & Treas., R . Warner; Sec.,
H. B. H u rd — V. 102, p. 2258, 2345.
(1) CENTRAL INDIANA GAS CO.
Controlled by Metropolitan Gas & Electric Co.
ORGANIZATION.— Incorporated Feb. 7 1888 in Indiana.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Supplies manufactured and natural gas in the east-central part of Indiana
and operates in Grant, Blackford, Madison and Delaware counties, Ind.
The company distributes natural gas from West Virginia fields through its
artificial gas distributing system.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common $5,000,000 ($100)............_______
$5,000,000 __________
Pref 7% cum $1,900,000________
7%
323,500 ___________
Pref 8% cum $1,412,900 ( $ 2 5 ) ___
_______
100,000 __________
First mtge $5,000,000 ($1,-/ 1911
5 g M-S
2,358,000 Sept 1 1931
000) gold sink fu n d _ .c * .tf/in t. at Cont. & Comm. Tr.& S.B., Chic,trus.
Debenture $1,000,000 ($100,/ 1915 6 g M -N
475,000 N ov 1 1925
$500 and $1,000)_________ /In t. at Central Trust Co. of 111., Chic., trus.
Bonds.— The first mtge. 5s are redeemable at 102 and int. on any int.
date. Mortgage provides for annual sinking fund to retire bonds beginning
Jan. 15 1917 of a sum in cash equal to 7% of all bonds certified. Frank H.
Jones, co-trustee. Penna. 4-mill personal property tax refunded. In June
1916 $2,100,000 first mtge. 5s were offered by E. H. Rollins & Sons and
A. B. Leach & C o., New York and Chicago, at 94)4 & int. V. 102, p. 2256.
The debenture 6s are red. at 101 and int. on any int. date.
Dividends.— Arrears on 7% pref. paid up in 1917. Regular divs. on 8%
and 7% pref. paid since. On com. 1% was paid in 1917. In 1920, 2% ;
in 1921, 1M%; in 1922, 2% ; in 1923, 2% ; in 1924, 2% .
Earnings.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross________________________________$1,395,560 $1,464,794 $1,344,173
Net, after taxes____________________
367,615
355,697
334,344
Bond interest_______________________
147,314
149,827
151,384
220,301
205,870
182,960
Balance, surplus___________________
OFFICERS.— Pres., J. H. Maxon; V .-P .. H. R . Maxon; Treas., F. B.
Tracey; Sec., Geo. W . Cromer.—-V. 116, p. 2641.
18
PUBLIC UTILITIES
(2) MOBILE GAS CO.
Controlled by Metropolitan Gas & Electric Co.
O R GAN IZATION .— Was established in 1834.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Company does, without competition, the entire gas business in the city of
Mobile and suburbs.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 6,000 shares (no p a r ) ____
_______
6,000 shs. __________
Pref 8% cum S I,000,000__________
_______
$500,000 __________
1st mtge Ser “ A ” $5,000,000] 1921
7 g J-D
1,439,000 . Dec 1 1951
($500 & $1,000) gold. _c*.tf (Central Trust Co. o f Illinois, Chicago, trust.
Bonds.— The first mtge. Series “ A ” 7s are redeemable on any int. date
at 110 and int. up to and including Dec. 1 1926, and thereafter up to ma
turity at 105 and int. Interest payable at First National Bank, N . Y ., or at
office o f trustee, Chicago. In N ov. 1923 H. T . Holtz & Co., Chicago, offered
$725,000 Series “ A ” 7s at 100 and interest. V. 117, p. 2331.
Dividends.— Regular dividends are being paid on pref. stock. No divi
dends have been paid on present common.
EARN IN G S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
$481,221
$468,480
$469,190
Gross______________________________
Net, after taxes____________________
168,186
167,108
135,849
Bond interest______________________
100,730
104,496
97,518
Balance, surplus___________________
67,456
62,612
38,331
OFFICERS.— Pres., R . C. Dawes; V .-P . & Treas., R . Warner; Sec.
H. B . Hurd.— V . 118, p. 1529, 2313.
MINNEAPOLIS GAS LIGHT CO.
United Gas Improvement Co. owns one-half of the common stock.
Receivers Discharged.— On Oct. 9 1924 C . T. Jaffray and A . T . Rand
were discharged as receivers for the company by order o f the U. S. District
Court. V . 119, p. 2072.
ORGA N IZA TIO N .— Incorporated in 1870 in Minnesota.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Furnishes gas without competition to the city of Minneapolis. Property
includes a coal and water gas manufacturing plant with a daily capacity of
17,000,000 cu. ft., four holders with a capacity of over 8,700,000 cu. ft., and
682 miles o f mains serving 109,870 customers.
STOCK AN D BONDS—
Date. Interest.
Outstanding Maturity.
Common $2,500,000 ($50)_________
_______
$800,000 Oct’2448%
Preferred 7 % ________________ _____
7 Q-M
1,000,000 ---------------First gen mtge $10,000,0001
1903 5 g M-S
5,439,000 Feb 1 1930
($1,000) gold__________ c* /In t. at Equitable Trust C o., N . Y ., trustee.
Secured notes ($500 & $1,000)1
1924 6 g F-A
2,000,000 Feb 1 1930
g old _________________c*.tf/M innesota Loan & Tr. C o., Minneap., trus.
Stock.— Auth. amount o f pref. is $2,500,000. M ay be issued in series
and the different series may bear different div. rates. Has no voting power
except whenever four full quar. divs. are in arrears and until all defaulted
divs. have been paid in full. The 7% pref. stock is red. all or in part on
any div. date at 110 and divs. V. 120, p. 2012.
Bonds.— The first gen. m tge. 5s are callable on any interest date at 105 and
interest. A supplemental mortgage provides for the annual payment of
$147,000 to the trustee to redeem these bonds at 1023d and int. $2,200,000
are deposited as security for the $2,000,000 6% secured notes. In March
1910 E ..H . Rollins & Sons, Chicago, offered $3,000,000 first gen. mtge. 5s
at a price to net 5% income. V . 90, p. 631.
Notes.— Are secured by deposit o f $2,200,000 first gen. mtge. 5s. Addi
tional notes may be issued for 100-110-ths o f first gen. mtge. bonds so
deposited. Redeemable, all or part, on any int. date on 30 days' notice at
10214 and int. up to F eb .-l 1925, with successive reductions of 3d of 1%
o f the principal on each Aug. 1 to Aug. 1 1929, on which latter date the
notes are redeemable at 100 and int. Penna. 4 mills tax, Conn. 4 mills tax,
District of Columbia and Maryland 43d mills tax and Mass. 6% income
tax refunded. In Sept. 1924 E . H. Rollins & Sons, N . Y .; Minnesota Loan
& Trust Co. and Minneapolis Trust Co. offered $2,000,000 secured 6% notes
at 100 and int. V. 119, p. 1403.
EARN IN G S.— For 12 months ended Dec. 31:
1921.
1923.
1922.
Gross income____________$3,667,840 $3,640,076 $3,355,332 $3,829,944
2,691,659
2,599,186
2,724,013
Expenses and taxes------- 2,702,179
174,194
163,286
154,107
Depreciation.__________
180,840
349,704
338,503
352,853
Interest charges, &c----374,422
______
9,000
210,959
______
Sinking fund__________
$424,519
$245,357
$388,012
Net income_________
$410,399
OFFICERS.— Pres., Alonzo T . Rand; V .-P ., A. H. Rand; V .-P ., A. R.
Rand; Sec., E . W . Brace.— V. 119, p. 2647; V. 120, p. 957, 1328, 2012.
MUNICIPAL GAS CO.
OR GA N IZA TION .— Organized in N . Y . in 1885.
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Does entire commercial electric light and power and gas business in
Albany, N . Y ., and in adjacent communities.
STOCK AN D BONDS—
Date.
Interest. Outstanding
Maturity.
$7,500,000
Common $10,000,000 ($100). —
2,000:000 Apr 1 1952
1st M tge Ser “ A ” $5,000,0001 1922 53d g A-O
($1,000) gold__________ c*JCentral Union Trust C o., N . Y ., Trustee.
Stock.— Stockholders of record Feb. 2 1925 were given the right to sub
scribe to $1,500,000 additional capital stock at par ($100) in the ratio of
1 new share for each 4 shares owned. V. 120, p. 1204.
Bonds.— 1st mtge. Ser. “ A ” 5 )ds are red. all or in part after 30 days’
notice, on any int. date on or prior to April 1 1937, at i073d and int., and
on any int. date thereafter at 3d of 1% less for each year or fraction thereof
after April 1 1937. In March 1922 $2,000,000 were offered by White,
Weld & C o., N . Y ., and New York State National Bank, Albany, at 10433
and int., to yield about 5.20% . V. 114, p. 1294.
OFFICERS.— Chairman o f Board, R. C. Pruyn; Pres., N. F. Brady;
V .-P . & Gen. M gr., Carl H. Graf; Sec. & Treas., W . G. Furlong; Aud.,
Thos. H. Powers.— V. 119, p. 2179; V . 120, p. 1089, 1204.
NATIONAL FUEL GAS CO.
O RGAN IZATION .— Incorp. Dec. 8 1902 in N . J., succeeding Natural
Gas Trust. Owns all or a majority interest in the capital stocks of
seven gas producing and selling companies with markets in N . Y .,
Penna. and Canada. V . 108, p. 1799; V. 106, p. 1799, 1800.
STOCK A N D BONDS.— Date.
Interest.
Outstanding.
Last Div
Stock $37,000,000 ($100)................... Q-J 15
$37,000,000 A pr'25,133 %
N o funded debt.
Dividends.— At rate of 10% per annum to Jan. 15 1923. On Dec. 30 1921
paid an extra dividend o f $4 a share in Liberty bonds. On Dec. 30 1922
paid 100% in stock. On Apr. 16 1923 paid 13£% on increased capitaliza
tion; July 16 1923 paid 133%; Oct. 15 1923 paid 133%: Jan. 15 1924 paid
133% quar. and 1% extra; April 15 to Oct. 1924 paid 133% quar. In
1925, Jan., 133%.
R E PO R T .— For 1923, in V. 118, p. 2188, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Total earnings_________ $15,110,752 $12,767,045 $10,781,845 $9,860,830
Net earnings, after taxes 6,243,347
4,688,400
3,630,352
4,577,071
Res. for depr. & adju st-- 1,068,363
1,398,566
1,269,260
1,961,798
Pres., W . J. Judge; V .-P ., Glenn Ford McKinney; Sec. & Treas., H. P.
Smith. N . Y . office, 26 Broadway.— V . 118, p. 2188.
[V ol. 120,
NEW HAVEN GAS LIGHT CO.
ORGA N IZA TIO N .— Incorporated in Connecticut in 1847.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Supplies New Haven, East Haven, North Haven, West Haven, Woodmont,
Hamden, M ilford and Branford, Conn.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
8 Q-M 31 $5,500,000
See text
Stock $10,009,000 ($25)______ _____
No funded debt.
Dividends.— Quar. divs. of 2% (payable Q-M 31) paid regularly since
1903. In Dec. 1924 an extra of 1% was paid.
EARN ING S.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
1922.
Net income to profit and loss_______
$618,194
$529,732
$556,419
OFFICERS.— Pres., Chas. H. Nettleton; V .-P ., G. D . Watrous; Sec. &
Treas., J. Arnold Norcross; Aud., C . V . Dimock.— V. 119, p. 2287;
V. 120, p. 212.
NEW HAVEN WATER CO.
ORGANIZATION.— Incorporated in Connecticut in 1849. Controls
Milford Water Co.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Supplies water to New Haven, Cheshire, East Haven, Branford, North
Haven, Hamden, Orange, Woodbridge and Stony Creek, Conn.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($50)____________
_______
$3,500,000 Jan’25, 4%
Conv debentures ($100, $500\
1912 43d J-J
750,000 July 11962
and $1,000)____________ c* JIn t. at New Haven Bank, N ew Haven, Conn.
First mortgage $1,750,0001
1915 4 A J-J
600,000 July 1 1945
($1,000)________________ c*/In t.at Union & New Haven Tr. Co.,New Ha( ven, Conn., trustee.
Guaranteed Bonds.—
Branford Water Co first mtge f
1913 43d A-O
80,000 Apr 1 1943
$200,000 ($1,000)______ c * jln t. at Union & New Haven Trust C o.,
( New Haven, Conn., trustee.
Bonds.— The conv. debentures of 1912 are conv, into stock, at the option
of the directors, before July 1 1925, but not afterward, at the rate o f $150
of debentures for $100 of stock. V . 92, p. 1114.
$750,000 first mtge. 4 J^s are reserved for the $750,000 conv. debenturesS
The Branford Water Co. first mtge. 43ds are guar. prin. & int. by the
New Haven Water Co. Are callable at any time at 102 and interest.
Dividends.— Divs. at the rate of 8% per annum paid without interruption
for over 40 years (now payable semi-ann. J.-J.).
EARN ING S.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
1922.
$955,269
Income from operation_______________ $1,040,969 $1,053,851
Operation and maintenance________
$207,945
$201,108
$193,864
General expense____________________
178,491
159,742
145,179
Taxes paid_________________________
105,153
94,827
94,505
Reserve for income tax______________
45,942
53,487
44,064
Bond and other interest_____________
70,421
64,325
64,904
Balance for depreciation, &c_____
$433,016
$480,362
$412,752
OFFICERS.— Chairman, Eli Whitney; Pres.. G. Y . Gaillard; V .-P .,
Jas. English; Sec., F. A. White; Treas., A . F. Hemingway; Gen. M gr., E. E .
M inor.— V. 92, p. 1114; V . 94, p. 1769.
PEOPLES GAS LIGHT & COKE CO. (THE).
ORGANIZATION.— A consolidation on Aug. 2 1897 of the companies
forming the old Chicago Gas Trust. V. 64, p. 1088; V. 65, p. 2358. In
Feb. 1907 the Ogden Gas Co. and the Universal Gas Co. were leased for
about 38 years, the Ogden C o.’s $6,000,000 bonds being guaranteed. V. 84,
p. 394; V. 78, p. 1785; V. 72. p. 244, 91; V. 97. p. 1508; V. 108, p. 680;
V. 104, p. 658. 2348. In 1924 acquired one-third interest in the Chicago
& Illinois Western R R . V. 120, p. 824.
Rates, V. 114, p. 313, 745; V. 117, p. 448.
Valuation of property, V. 107, p. 297; V. 110, p. 654; V . I l l , p. 596,
2145; V. 114, p. 1295; V. 116, p. 84. Tax ruling, V. 107, p. 2482. Refund
suit, V . 110, p. 654. To take entire output of Chicago By-Product Coke
Co. V. 113, p. 1162. Acquisition of Chicago By-Product Coke Co.
proposed. V. 120, p. 829.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $50,000,000 ($100)......... ..........
Q-J
$38,500,000 A p r .’25,2%
First cons mtge $10,000,0001 1893
6 g A-O
4,900,000 Apr. 1 1943
($1,000) gold__________ c*/In t. at Central Union Trust C o., N . Y ., trus.
Refunding mtge $40,000,0001 1897
5 g M-S
20.554,000 Sept. 1 1947
($1,000) gold________ c*&r (Farmers Loan & Trust C o.. N. Y ., trustee.
en & ref mortgage ($1,000)1 1913
5 J-D
1,712,000 Dec. 1 1963
gold______________________(Illinois Merchants Trust C o., Chicago, trus.
Secured notes Series “ A ” l 1924
6 g M-S
5,750,000 Mar. 1 1927
($1,000) gold_________c .tf (Illinois Merchants Trust C o ., Chicago, trust.
Chicago Gas Light & Coke 1st! 1887
5 g J-J
9,929,000 July 1 1937
mtge ($1,000) gold______ c(Fidelity Trust C o., Philadelphia, trustee.
Consumers’ Gas first mtgel 1886 5 g J-D
4.196,000 Dec. 1 1936
($1,000) gold___________ cfCentral Union Trust C o., N. Y ., trustee.
Mutual Fuel Gas first mtgel 1897
5 g M -N
4,886,000 N ov. 1 1947
(assumed) gold___________ (Central Union Trust C o., N . Y ., trustee.
Bonds Guaranteed—
Ind Nat Gas & Oil ref mtgel 1906
5 g M -N
6,000,000 M ay 1 1936
(closed) gup&i ($1,000) g__ (in t. at Central Union Trust Co., N . Y ., trus.
Ogden Gas 1st m $6,000.0001 1900
5 g M -N
6,000,000 M ay 1 1945
guar p &i ($1,000) gold_ (Int. at Farmers’ Loan & Tr. C o., N . Y ., trus.
_
Chic By-Prod Coke 1st M serl 1920
7 g F-A
11.261,000 T o Feb 1'38
bds gu p&i ($1,000) g_c*.tf (Union Trust C o., Pittsburgh, trustee.
Chic & Illinois West R R __________
6%
196,333 July 1 1947
Bonds, &c.— The following bonds are listed on New York and Chicago
Stock Exchanges First cons. 6s of 1893, ref. 5s of 1897, gen. & ref. 5s of
1913, Chicago Gas Light & Coke 1st 5s of 1887, Consumers’ Gas 1st 5s of
1886, and Ind. Nat. Gas & Oul ref. 5s (guaranteed) of 1906.
Mutual Fuel Gas 1st 5s of 1897 are listed on New York Stock Exchange
and unlisted in Chicago.
Ogden Gas 1st 5s of 1900 (guaranteed) are listed in Chicago.
Of the $40,000,000 issue of 1897, the $19,446,000 unissued are reserved to
retire prior bonds. Interest payable at Central Union Trust C o., New
York. V. 65, p. 572; V. 79, p. 155; V. 84, p. 1555; V. 91, p. 792, 876;
V. 94, p. 702; V. 97, p. 954; Y . 98. p. 842.
The stockholders on N ov. 14 1913 authorized a new gen. & ref. mtge.
(unlimited in amount) to secure 50-year 5% bonds to provide for new con
struction at not over 75% of cost, and to refund all old bonds, &c. Are
callable at 105 and int. $7,188,000 pledged to secure 6% notes of 1924.
V. 97, p. 954, 1119, 1508, 1738; V. 98, p. 76.
Chicago Gas Light & Coke 1st 5s assumed by People’s Gas Light & Coke
Co. Int. payable at Central Union Trust C o., New York.
Int. on Consumers Gas 1st 5s payable at Central Union Trust C o., New
York.
Mutual Fuel Gas 1st 5s assumed by People’s Gas Light& Coke Co. Int.
payable at office of trustee in New York.
Guarantees, prin. and int., Indiana Natural Gas & Oil ref. 5s. V. 84, p.
388, 1430; V. 88, p. 1317, 1433; V. 104, p. 168; form, V. 87. p. 1302.
The company guarantees jointly with the Koppers Co. of Pittsburgh
$11,266,000 first mtge. 7% serial gold bonds of Chicago By-Products Coke
Co. Due $867,000 each Feb. 1 1925 to 1937, and $862,000 Feb. 1 1938;
redeemable on and after Feb. 1 1926 at 102 and interest. Free from Penn.
State tax. Interest payable at office of trustee in Pittsburgh and at
Guaranty Trust C o., New York. Compare V. 110, p. 873; V. 113, p. 1162.
The company purchased one-third interest in the Chicago & Illinois
Western R R . and has assumed a guarantee of the principal and interest on
$196,333 of that company’s bonds.
Notes.— The 3-year secured gold notes. Series “ A ,” of 1924, are redeem
able prior to Sept. 1 1926 at 101 and int., and on and after Sept. 1 1926 at
100 and int. Seemed by pledge of $7,188,000 gen. & ref. mtge. 5% bonds.
V. 11 8,p. 916.
Divs 1 ’06. ’07. 08. '09. '10-T2. ’ 13. ’ 14-Y5. ’ 16. ’ 17. ’ 18-’21. ’22. ’23. ’24.
P .c t ( 5
6
6
6M 7 yrly. 734 8 yrly. 63d 33d None 5
6
7
M ay , 1925.]
GAS AND W ATEE
Peoples Gas Shows Good Growth
The Chart Tells the Story
This chart shows the percentage of
increase in gas sales as compared
with increase in Chicago population
1910 to 1924.
The percentage in
crease in sales is twice that of
population.
GAS is rapidly being recognized as the best means of obtaining heat either for indus
trial or domestic purposes. It can be safely predicted that it will become, in cities
at least, the fuel of the future.
This company is now on an 8 per cent per annum basis. The immediate needs
of the business have been provided for, the future studied, and the permanence of
the higher rate reasonably assured.
The Peoples Gas Light and Coke Company is to a greater extent then ever before
a safe, sound, substantial business in which to invest.
Send for “ Year Book 1925”
The Peoples Gas Light & Coke Company
Chicago, Illinois
If It’s Done With Heat— You
Can Do It Better With Gas
19
PUBLIC UTILITIES
20
[V ol. 120,
In M ay 1916 the dividend was reduced from 2% quar. to 1 )4 % quar.; in
M ay and Aug. 1917 to 1% ; then none until Jan. 17 1922, when 1M % was
paid: same amount paid quar. to Oct. 17 1922: Jan. 17 1923 to Oct. 17 1923
paid 1Yi % quar.; Jan. 17 1924 to Oct. 17 1924 paid 1% % quar. In 1925
Jan., 2% was paid. In Apr., 2% .
R E PO RT.— For 1924, in V. 120, p. 824, shows:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings____$31,329,895
$30,615,188 $29,645,778 $31,927,065
Operating expenses_ 20,091,261
19,521,334 19,890,396 21,448,548
Depreciation_____ 1,297,679
1,232,020
1,155,332 1,117,187
Uncollectible oper. rev__
152,062
223,926
218,187
330,204
Taxes assn, to operation 2,259,324
2,289,238
2,001,895 1,649,462
In April 1924 acquired the Columbus Gas & Fuel C o., the Federal Gas
& Fuel Co. and the Springfield Gas Co. from the Columbia Gas & Elec. Co.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Q-J 15 $39,626,000Anr’25.1 K %
Stock, $40,000,000 ($25)__________
Columbus Gas Co 1st mtgel 1892
5 g J-J
1,300,000 July 1 1932
($1,000) gold_______c*ntf/C entral Union Trust C o., N . Y .. Trustee.
Springfield Gas Co 1st mtgel 1896
6 J-J
400,000 Jan 1 1925
($100, &c)________________ jln t. at First Nat. B k., Springfield, Ohio.
Bonds.— Columbus Gas 1st 5s are red. at 110. Int. payable at Equitable
Trust C o., N . Y .
Dividends—
’04-’09. '10. ’ 11-’ 16. ’ 17.
’ 18.
T 9-’24.
Per cent_________
10
9 ft
8
9)3 1 0 & 2 % U S b d s .
text
In Oct. 1909 a special disbursement was made of one share (par $1) of
Net operating incom e. $7,529,569 $7,348,670 $6,379,968 $7,341,663 Ohio Fuel Oil stock to each share of Ohio Fuel Supply stock held. In July
Other income__________
1,163,128
895,181
918,027
992,947 1919 an extra div. of 50% was paid in 6% debenture bonds (all called for
Deductions____________ 1,773,915
1,687,487
1,678,148 1,490,062 redemption on or before Jan. 1 1917.) In 1919, Jan.Jand July, 2)4% and
Interest_______________
2,643,433
2,357,853
2,357,850 2,360,538 2% extra in Liberty bonds; April and Oct., 2 34 % ; Jan. 1920. 2 % and 2%
Dividends paid________ 2,791,250
2,983,750
1,924,980
____
extra in Liberty bonds; April 1920, 2 J4 % ; July and Oct. 1920 and Jan. 1921'.
2 )4 % and 2% extra in Victory Loan notes; April 1921, 2)4% and )4%
Net income_________ $1,484,098 $1,214,764 $1,337,017 $4,484,009
extra in Victory Loan notes; July 1921, 2 )4 % ; Oct. 1921 to Jan. 1923
DIR E C TO RS.— Samuel Insull, Stanley Field, James A. Patten, Martin paid each quarter 2 )4 % and 2% in Liberty Loan bonds or Victory Loannotes. Stockholders o f record Mar. 17 1923 receiv’ d a 100% stock dividend.
Insull, John J. Mitchell.
OFFICERS.— Pres., Samuel Insull; Sec. & Asst. Treas., Albert L . In April 1923 paid 1 fi % quar. and 1 % in Liberty bonds: July and Oct. 1923
Tossell; Treas., W m. R . Weldon; Compt., W m. I. Coble; Aud., W m. C. paid 2)4% quar.; Jan. 1924 to July 1924 paid 2)4% quar.; Oct. 1924
Langston; Asst. Treas., Robt. Blair. Office, Chicago, 111.— V. 119, p. 463; paid 1 )4 % . In 1925, Apr., 1)4% .
R E PO RT.— For 1923 showed:
2411; V. 120, p. 705, 824, 829.
Calendar Years—
1923.
1922.
1921.
1920.
Gross income___________ $16,682,255 $12,431,125 $13,578,159 $16,188,981
Net, after taxes, &c_____ 4,636,509
3,977,535
4,254,695 5,640,596
PEOPLES GAS CO. (N. J.)
D ividends_____________ 3,567,449
3,550,716
3,125,898 3,159,715
ORGAN IZATION .— Incorporated in New Jersey in 1922.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Supplies gas to 50 communities in the counties of Camden, Gloucester,
Salem and Cumberland, N . J. Main plant at Glassboro, N . J., and gas
holding stations located at Vineland, Swedesboro and Penns Grove, N. J.
The territory served has a population of approximately 100,000. Has 310
miles o f mains and 11,650 meters. Gas sales for year ended N ov. 30 1924,
237,970,700 cu. ft.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $500,000 ($100)------- -----------------$500,000 ---------------P f 7% cum $1,500,000 ($100)______
7%
480,700 ____________
First mtge 6% series due 19541 1924
6 g J-D
1,300,000 Dec 1 1954
($500 and $1,000) gold.c*tf/P rin. & iht. payable in N . Y . and Phila.
Bonds.— First mtge., 6% series, due 1954, have annual sinking fund,
beginning with the 12 months period ending Dec. 1 1935, at the rate of 46
of 1% per annum of the aggregate amount of first mtge. bonds issued and
outstanding, to be used for permanent additions and improvements, which
could otherwise be made the basis for the issuance of additional bonds under
this mortgage, or for the retirement o f bonds. Are redeemable, all or in
part, on any interest date after 30 days’ notice until Dec. 1 1944, at 105 and
interest, and thereafter at 105 and interest less 4£ o f 1% for each year or
part thereof, that the bonds shall be outstanding after Dec. 1 1944. Penna.
4 mills tax refundable. In Dec. 1924 $1,300,000 were offered by Taylor,
Ewart & C o., Inc., and Halsey, Stuart A C o., Inc., at 100 and interest.
V. 119, p. 2879.
EARN ING S.— For year ended N ov. 30 1924:
Gross earnings_________________________________________________ $489,932
Operating expenses and taxes___________________________________ 326,061
Surplus______________$1,069,060
$426,819 $1,128,797 $2,480,881
Latest Earnings.— For 6 mos. end. June 30 1924, gross income, $9,721,378;
net, after taxes, deprec., &c., $3,077,301; divs. paid, $1,981,300; bal.,
sur., $1,096,001. V. 119, p. 588.
OFFICERS.— Pres., Geo. W . Crawford; V.-Pres., F. W . Crawford,
J. M . Garard and L. B. Denning; Sec. & Treas., J. B. W ikoff. Offices.
2017 Farmers Bank Bldg., Pittsburgh, Pa.— V . 119, p. 1404.
(b) MANUFACTURERS LIGHT & HEAT CO. (THE).
Controlled by Ohio Fuel Corp. (see above).
ORGANIZATION.— lncorp. in Pa. April 21 1903 as a consolidation o f a
number of natural gas cos. operating in Allegheny, Washington and Greene
Counties, Pa. V. 88, p. 503; V . 90, p. 1428; V . 92, p. 524; V. 91, p. 1633, 217.
STOCK A N D BONDS—Date.
Interest. Outstanding.
Maturity.
Q-J
$23,000,000 A p r '25. 2%
Stock $25,000,000 ($50)___________
No funded debt.
Late Dividends— f T 4 .T 5 . T 6 . 1917. T 8. T 9. ’20. ’21. ’22. ’23. ’24r.
Per cent___________ \7M 8 8 8&2ex. 8
8
10 8
8
10
8
Paid in 1925: Jan. 15, 2% ; April 15, 2 % .
RE PO RT.— For 1923, in V. 118, p. 915, showed:
x Calendar Years—■
1923.
1922.
1921.
1920.
Gross earnings_______ '--$12,445,899 $11,322,423 $10,006,137 $12,095,133
Oper. exps. and taxes...*10,227,013 *8,900,568 *8,257,711 *9,586,084
Net surplus before divs- 2,422.701
2,569,171
1,975,152
2,553,574
Dividends______________ 1,840,000
2,300,000
1,840,000
1,840,000
Net earnings applicable to interest and depreciation__________ $163,871
Annual interest requirements o f first mortgage bonds outstanding 78,000
OFFICERS.— Pres., C. H. Geist; V .-P ., H. S. Schutt; Sec., C. H. Weak;
Treas., H. A. Lang.— V. 119, p. 2879; V. 120, p. 583, 705.
$582,701
$269,171
$135,152
$713,574
Balance, surplus------* Operating expenses, including depreciation and depletion,
x Publication of annual reports discontinued.
OFFICERS.— Pres., Thomas B . Gregory; Sec. & Asst. Treas., H. ESeibert; Treas., G. W . Ratcliffe; V .-P ., L. A . Meyran, J. I. BuchananMain office, Columbia Bank Bldg., Pittsburgh, Pa.— V . 119, p. 1402,2072'-
OHIO FUEL CORP.
PROVIDENCE GAS CO.
ORGAN IZATION .— lncorp. Sept. 3 1924 in Delaware.
ORGA N IZA TIO N .— Organized in Rhode Island in 1847.
CH ARACTER OF BUSINESS.— Is a holding co., which has no plant
FIELD OF OPERATIONS A N
or properties at the present time, having been organized to acquire the stocks Supplies gas without competition inD C H A RACTER OF BUSINESS.—
Providence, . I., and
of Manufacturers Light & Heat C o., Ohio Fuel Supply Co. and Union gas plant has generating capacity of 7,500,000 Rcu. ft. ofvicinity. The
coal gas and
Natural Gas Corp. This acquisition was effected through an offer of 6,000,000 cu. ft. o
exchange by the Ohio Fuel Corp. on Sept. 15 1924 to stockholders of the cu. ft. Company f water gas per 24 hours. Holder capacity, 13,600,000
has 488 miles of gas mains.
above named corporations upon the following terms;
In Jan. 1925 the company applied for authority to increase its capital
(а) One share o f the stock of Manufacturers Light & Heat Co. for 2.08694
stock from $10,000,000 to $15,000,000. V. 120, p. 583.
shares of the stock of Ohio Fuel Corp.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
(б) One share of the stock of Ohio Fuel Supply Co. for 1.28703 shares of
Stock $10,000,000 ($50)____- ______
_______ $9,205,950
See text
the stock of Ohio Fuel Corp.
5)4 g J-J
3,500,000 Jan 11942
(c)
One share o f the stock of Union Natural Gas Corp. for 1.2195 shareslstM 2 0 -y rb d sS er A $3,500,-/ 1922
000 ($500 & $l,000c* & ( Rhode Island Hospital Trust C o., Provi■
of the stock o f Ohio Fuel Corp.
fl.OOOr*) g ____________ t f [ dence, R . I., trustee.
Under these terms of exchange, over 96% of the stocks o f the three cos.
Bonds.— 1st M tge. 5)4s are red. all or in part on any int. date on 30
has been deposited at last accounts with Union Trust Co. o f Pittsburgh,
days’ notice on and after Jan. 1 1932 at 105%, less )4 of 1% for each full
whicn acted as the depository.
year of expired life after Jan. 1 1932. In Jan. 1922 Bodell & Co.; Brown,
Dividends.— An initial div. o f 2% was paid Jan. 15 1925.
OFFICERS.— Geo. W . Crawford, Pres.; F. W. Crawford and T . B. Lisle & Marshall; Davis & Davis., &c., &c., Providence, offered $3,500,000
Gregory, V.-Ps.; L. B. Denning, V .-P. & Sec.; Geo. W. Ratcliffe, Treas.— 1st Mtge. 5)4s, Series A at par and int. V. 114, p. 86.
Dividends.— 1881 to 1917, inclusive, 8% per annum; 1918 to 1919, 4%
V. 119, p. 1290, 1404, 1965, 2073, 2411, 2879.
per annum; 1920, 6% ; 1921 to 1924, inclusive, 8% . In 1925, Jan., 2%r
(a) OHIO FUEL SUPPLY CO. (THE).
Apr., 2% .
Controlled by Ohio Fuel Corp. (see above).
EARN ING S.— For calendar years:
1924.
1923.
1922.
lo21
ORGAN IZATION .— lncorp. in Ohio M ay 15 1902 and acquired various
properties engaged in the production, purchase and distribution of natural Gross operating earnings.x$3,192,159 $3,160,676 $3,150,244 $3,187,2881,842,269
1,812,180 2,329,402
gas and petroleum oil for light, heat, power and fuel; also lease covering Operating expenses_____ 1,881,367
122,001
75,232
124,893
208,771
over 1,023,691 acres o f oil and gas territory in Ohio. Also owns the $5,- Interest_______________
300,000
300,000
251,856
146,007
550,050 stock o f N. W . Ohio Natural Gas C o., and $4,410,000 of the Depreciation___________
$10,000,000 stock o f United Fuel Gas Co. See that company below. The Dividends (8 % ).............
736,476
736,476
696,013
631,031
Ohio P. U. Commission in March 1920 approved the sale o f the equipment
Balance, surplus_____
$152,315
$206,698
$265,302 def$127,923ana distributing system o f the Logan Natural Gas & Fuel Co. at Logan
x Includes $55,882 other income.
to the company.
The stockholders on Dec. 14 1922 authorized the directors to carry out
OFFICERS.— Pres., Chas. H. Manchester; V .-P ., H. D . Sharpe
the segregation o f the natural gas business o f the company. The business V .-P ., Frederick C. Freeman; Sec. & Treas., Arthur F. Short.— V . 120
will be transferred to a new company known as the Ohio Fuel Gas C o., the p. 331, 583, 1205.
$25,000,000 capital stock o f which will be held by the Ohio Fuel Supply Co.
ST. LOUIS COUNTY GAS CO.
Peoples Gas Company
(New Jersey)
First Mortgage 6% Gold Bonds
Maturing December 1, 1954
Inquiries Invited
^AYLOIU.TWARX &. COMPANY
*
O
IN C O R PO R A T E D
«
4
Investment Securities
New York
Kansas City
St. Louis
Chicago
Minneapolis
Milwaukee
Controlled by the North American Co.
ORGA N IZA TIO N .—-lncorp. Mar. 27 1912 in Missouri.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does entire gas business in St. Louis County, serving the following citiesand towns: Kirkwood, Maplewood, Webster Groves, Ferguson, Glendale.
Clayton, University City, Shrewsbury, Richmond Heights, Uniondale and
other municipalities. Franchises permit extensions in City of St. Louis and
the entire county. Principal franchise for St. Louis County claimed toextend to Feb. 3 1954. C o.’s water gas plant, located at Shrewsbury, M o .,
has a daily output of 2,203,000 cu. f t ., and storage holders of 1,500,000 cu. ft.
capacity. Owns and operates high and low pressure distributions sytems,
comprising approx. 340.81 miles of mains and serving 22,134 consumers.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
_______
x$700,000 __________
Capital stk $1,400,000 ($100)______
1st M $30,000,000 ($100, $500/ 1912
5 g A-O
1,500,000 Apr. 1 1951
& $1,000) gold_______ c*tf (Harris Tr.& S. Bk., Chic., and F. J. W ade.tr
x All except directors' shares owned by the North American Co.
Bonds.— Remaining bonds may be issued for 85% of the cost of impts.,
exts. or addns. under certain restrictions. Are call, at 105 and int. on 4
weeks’ notice. Int. payable at 60 Broadway, N . Y . City.
R E PO RT.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
1920.
Operating revenue_______ $838,565 $736,772 $651,741 $641,612 $590,357
Operating expenses_______ 452,593 415,746 376,526 378,602 425,659>
Taxes____________________ 58,700 66,942
52,139
22,456 20,662
Net operating revenue..$327,272 $254,084 $223,076 $240,554 $144,036Non-operating revenue
18,585
31,792
24,944
20,605
13,529
Gross income__________ $345,857 $285,876 $248,020 $261,159 $157,565
Interest charges.............. 52,440
52,823
56,344
56,357
52,250
Bal. for depr.,divs.& sur.$293,417 $235,053 $191,676 $204,802 $105,315OFFICERS.-—Pres., Louis H. Egan; V .-P ., F. J. Boehm; V .-P ., Edwin
Gruhl: Gen. M gr., E. H. Lewis; Sec., H. Spoehrer; Treas., Dudley Sanford.
V. 119, p. 2074.
SALT RIVER VALLEY WATER USERS’ ASSOCIATION
ORGANIZATION.— A corporation organized in 1903 under the statutes
o f the State of Arizona.
r FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates the Salt River Project, a Federal irrigation project comprising
240,000 acres, in the Salt River Valley o f Arizona. The Roosevelt Dam
•was constructed by the U. S. Government at acost of over $11,000,000, and
■completed in 1911. In 1917 the Association took over the maintenance and
operation of t e dam under the advisory supervision of the U. S. Reclama
tion Service. The present hydro-electric plants of the Association have an
Installed capacity of 33,500 h. p., which will be increased to 73,500 h. p.
through the construction of an additional plant and another dam over
300 feet in height. The new plant will utilize the storage capacity of
Roosevelt Lake, using the same water that passes through Roosevelt Dam
power house before being finally used for irrigating the 240,000 acres of
productive farm lands o f the Association, the stockholders of which are all
land owners in Salt River Valley. The entire 40,000 h. p. output of the
new plant has been sold under a 25-year contract to Inspiration Consolidated
Copper C o., the largest consumer of electric power in Arizona.
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
Stock— See text. Stockholders are all land owners in Salt River Vail.)
Serial bonds ($1,000) g o ld .c* / 1923 6 g F-A
$1,800,000 See text
\Int. at Citizens Tr. & S. B., Los Ang., trust.
Serial bonds ($1,000) geld-C*/ 1924 6 g F-A
2,500,000 See text
\Anglo-California Trust Co., San Fran., trust.
Stock.— One share o f stock is allotted to each acre o f land and cannot be
separated from it.
Guaranteed Bonds.— The Association also guarantees as to principal and
interest $665,000 6% bonds of the Roosevelt Agricultural Impt. Dist. No. 1
(due $35,000 yearly on Aug. 1 from 1936 to 1954 incl.) and $1,578,000 6%
bonds o f Agricultural Impt. Dist. N o. 2 (due serially 1939 to 1954), for
details o f which see V. 119, p. 1659, and our “ State and Municipal” Com
pendium, Part I I ., o f Dec. 27 1924 (p. 101).
Bonds.— The serial bonds listed above are a direct and general obligation
o f the Association and a first charge against the power revenue developed
by these issues ranking equally with the Impt. Dist. bonds guaranteed by
the Association. They are additionally secured by an assessment, already
levied, against all the lands of the stockholders o f the Association. This
assessment is a hen against the land, ranking equally with the assessments
to repay the U. S. Government construction charges and prior to all mort
gages, including those which secure Federal Land Bank and Joint Stock
Land Bank bonds. Both issues of serial bonds are non-callable.
The bonds o f 1923 mature $180,000 annually Feb. 1 1928 to 1947.
$1,800,000 were offered by Banks, Huntley & Co., M . H. Lewis & Co.,
Carstens & Earles, Inc., &c., in M ay 1923, at 99 and interest, to yield
about 6.10% . V. 116, p. 2018.
The bonds o f 1924 mature serially Aug. 1 1938 to 1943. Interest at
Farmers’ Loan & Trust Co., New York City, and Anglo-California Trust
C o ., San Francisco. $2,500,000 were offered in Oct. 1924 by Rutter &
C o., New York, Anglo London Paris C o., San Francisco, &c., &c., at
100 and interest.
OFFICERS.— Pres., F. A. Reid; Sec., F. C. Henshaw.— V. 116, p. 2018
V . 119, p. 950, 1635.
SOUTHERN CALIFORNIA GAS CO.
'ORGANIZATION .— Incorp. in Calif, in 1910 as a consolidation.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Serves artificial and natural gas in Los Angeles, San Bernardino and River
side counties, including 43 cities and towns with a combined population of
1,500,000. In Los Angeles County proper the co. supplies 30% of the city’s
needs, exclusive o f i ts wholesale deliveries to the Los Angeles Gas & Elec.
Co. Owns two modern plants for the manufacture of gas with a daily ca
pacity of 23,000,000 cu. ft. The distribution system consists of 1,905 miles
o f mains, serving 121,721 domestic meters and 387 industrial and whole
sale meters.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $6,000 000 ($100)_-. . ____
__________$ 6 , 000,000 ____________
Pref 6% cum$4,000.000($100) -----6 Q-J 15
1,399,000 __________
1st mtge $10,000,000 ($1,000 1910 6 g M -N
4,460,000 Nov 1 1950
&mult) gold________ c*&r* Int. at Equitable Trust Co., N. Y ., trustee.
1st & ref mtge Ser “ A ” ______ 1921
7 g M-S
2,500,000 Mar 1 1951
Series “ B ” _______________• 1922
5 A g M -S 2,000,000 Sept 1 1952
Series “ C ” _______________ 1923
6 g J-D
4,000,000 June 1 1958
($500 & $1,000) gold___ tf Union Bk. & Tr. Co. of Los Ang., trustee.
Stock.— Pref. is listed on San Francisco Stock & Bond Exchange.
Bonds.— 1st Mtge. 6s are call, as a whole or in part for sinking fund at
105 &,int. on any int. date upon 60 days’ notice. Mtge. provides for annual
sinking fund commencing N ov. 1 1921 as follows: 1921 to 1925, $60,000;
1926 to 1930, $75,000; 1931 to 1935, $90,000; 1936 to 1940, $110,000;
1941 to 1945, $125,000; 1946 to 1950, $140,000. Mtge. provides that onehalf o f sinking fund is to be used to retire bonds and balance for new con
struction, &c., under certain restrictions.
1st & Ref. Mtge. provides for an annual sinking fund commencing Mar. 1
1927, amounting to 2 A % of the par value of the largest amount of bonds
at any time outstanding, incl. 1st mtge. bonds, to be used for the retire
ment o f bonds or acquisition or construction o f additional property. Int.
on all series payable in Los Angeles, San Francisco and New York. Ex•empt from personal property tax in California.
Series “ A ” 7s of 1951 are red. at 107 A & int. for the first 10 years and at
105 & int. thereafter. $1,500,000 were offered in April 1921 by Cyrus
Peirce & Co., Blyth, Witter & Co. and Banks, Huntley & Co., at 97 & int.,
to yield 7M % - V. 112, p. 1625. An additional block of $1,000,000 was
offered by Blyth, Witter & Co. in Oct. 1921 at 99 & int., to yield about
7.10% . V. 113, p. 1780.
Series “ B” 5 A s of 1952 are red. at 105 & int. for the first 10 years and at
102A & int. thereafter. In Oct. 1922 $2,000,000 were offered by Cyrus
Peirce & C o., JBlyth, Witter & Co. and Banks, Huntley & Co. at 9 8 &
int., to yield about 5.60% . V. 115, p. 1641.
Series “ C” 6s of 1958 are red. at 105 & int. $2,500,000 were sold in June
1923 by Cyrus Peirce & Co., Blyth, Witter & Co., N. Y ., and Banks,
Huntley & C o., Los Angeles, at 99 & int., to yield about 6.10%. V. 116,
(p. 3007. In Jan. 1924 the same bankers sold an additional $1,500,000 at
98 & int. V. 118, p. 320.
EARN IN G S.— For years ended Dec. 31:
Calendar Years—
1923.
1922.
1921.
$5,737,095 $4,268,335
•Operating revenue--------------------------- $7,349,607
4,202,966
3,151,534
Operating expenses and taxes_______ 5,285,645
> Net operating income------------------- $2,063,962 $1,534,129 $1,116,801
Non-operating income--------------------54,393
50,336
38,294
Gross income-------------------------------- $2,118,355
Interest, bond discount & expense_
_
687,155
D epreciation---------------------------------380,704
$1,584,465 $1,155,095
534,274
392,882
295,600
209,099
Balance, surplus--------------------------$1,050,496
$754,591
$553,114
OFFICERS.— Pres., W . G. Kerckhoff; V .-P., A. C. Balch; V.-P. & Gen.
M gr., A. B. Macbeth; V.-P. & Sec., L. M . Farnham; Treas. & Compt.,
A. E. Peat.— V. 118, p. 320, 1677.
SPRING VALLEY
WATER CO., SAN FRANCISCO.
ORGA N IZA TIO N .— Successor April 24 1903, per plan, V. 76, p. 216,
'977, to Spring Valley Water Works. V. 78, p. 827.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Company, or its predecessor in interest, has supplied the City of San Fran
cisco with water for municipal and domestic purposes since 1858. Operative
properties consist o f 62,312 acres o f land owned in fee and riparian rights
to 33,343 acres, together with water sources, lakes, reservoirs, pipe lines
and distribution mains, forming a complete water system which supplies
the entire city and county o f San Francisco. Population, about 675,000.
Valuation.— The operative properties of the company were appraised on
(March 1 1920 by the California R R . Comm, at $37,000,000, to which have
been added approximately $2,500,000 in improvements, extensions and
additions since that date.
An agreement has been entered into with the city and county of San
(Francisco whereunder the company will operate on completion the Bay
21
GAS AND WATER
M ay , 1925.]
Division of the Hetch Hetchy project, and the city for 12 years holds an
option to purchase the company’s operative properties at Railroad Com
mission valuation plus additions since that date.
Stockholders to vote on increase capital stock. See V . 120, p. 1882.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $28,000,000 ($100)__________
Q-M 31 $28,000,000 Mar .’25,1 A
First mtge $22,000,000 ($1,-T 1923
5 g M -N 22,000,000 M ay 1 1943
000) gold________ c*.tf/U nited Trust Co., San Francisco, trustee.
Bonds.— The first mtge. 5% gold bonds due 1943 are callable, all or part ,
at 102 A during first 10 years, and therafter at A % less each year, but at
not less than par. In the event of the purchase of the company’s operative
properties by the City of San Francisco, the bonds may be called at par,
provided the municipality does not desire to assume as a municipal obliga
tion the then outstanding bonds. Interest payable at Union Trust C o.
San Francisco, and The Equitable Trust C o., New York. V. 116, p. 85.
Listed on New York Stock Exchange.
1914. 1915. 1916. 1917. 1918. 1919-1922. 1923. 1924.
Late Dividends— $2 50 $3 $3 50 %3A
4
5 yearly. 5 A
6
Paid in 1925: March 3 1 ,1 A % RE PO RT.— For 1924, in V. 120, p. 2150, showed:
1922.
Calendar Years—
1923.
1924.
Revenue___________________________ $5,903,955 $5,738,638 $5,233,026
1,146,437
Operating expenses_________________ 1,443,689
1,178,379
830,738
Taxes______________________________
903,323
855,118
714,360
Interest on bonds___________________
1,050,491
1, 100,000
150.000
Interest on 3-year 6% notes________
14,381
108,518
Interest on loans___________________
134,312
161,114
Cr.6,248
Interest charged to construction_____ Cr.40,548
Cr.24,210
300.000
300,000
Depreciation and obsolescence______
300,000
131,010
Amortization______________________
162,276
162,276
4,398
Uncollectible bills and accts. receiv..
5,762
5,060
1,206
7,195
Miscellaneous______________________
9,347
1,400,000
Dividends______________________ ___ 1,680,000
1,470,000
$227,197
$537,432
$452,607
Balance, surplus_________________
OFFICERS.— Chairman, W . B . Bourn; Pres., S. P. Eastman; V.-Pres.,
A . H. Payson, E. J. McCutchen and G. A. Elliott; Sec., John J. Sharon;
Treas., Benjamin Bangs; Compt., F. P. Muhlner. Office, 425 Mason St.,
San Francisco.— V. 118, p. 2316; V. 119, p. 2764; V . 120, p . 2150.
(THE) UNITED GAS IMPROVEMENT CO.
Merger Proposed.— In Mar. 1925 it was announced that the co. proposed
to acquire and merge the American Gas Co. For details of plan, see
V. 120, p. 1461, 1749.
ORGANIZATION.— Organized 1870 in Pennsylvania as Union Contract
Co. Name changed in 1885 to Union Co. and again in 1888 to present title.
Charter is perpetual and business is the building, leasing and operating
of gas works, &c. (see list in 1900, V. 70, p. 1000, 944). See data as
to the various properties in V. 109, p. 894; V. 107, p. 399, 400; V . 79,
p. 498, 2090; V. 80, p. 2342; V . 81, p. 977, 1727; V. 82, p. 1160, 1444; V. 83,
p. 42. 499. 1360, 1541; V .84 , p. 107, 395, 936, 1112, 1304, 1373; V. 8 5 ,p .4 4 ;
V. 89, p. 1000; V. 90, p. 1682; V. 91, p. 219; V. 92, p. 1699; V. 95, p. 116,
819; V. 100, p. 404, 647; V. 103, p. 1597. See statement of capitalization
and securities held of subsidiary companies in V. 107, p. 399. In 1918
organized the U. G. I. Contracting Co. of which it owns the entire capital
stock. The new company will take over all the construction business, &c.,
of U. G. Improvement Co. V . 108, p. 1719.
In Sept. 1920 the company sought a readjustment of its lease of the City
Gas Works, V. I l l , p. 1190, 1860; V. 113, p. 89, 427, 544, 635, 738, 1162,
1259. Report of Gas Commission, V . 112, p. 2314.
Stockholders to vote on increasing capital stock. See V. 120, p. 1882.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common, $61,072,800 ($50)_______
Q-J
61,029,800 A pr’25,2%
7 Q-M
6,103,000 June’2 5 ,1 ^
Pref 7% cum $15,000,000 ($ 5 0 ) ____
Stock.— Pref. stock has equal voting rights with com. and is red., all or
part, at $55 per share and div. V . 110, p. 1979, 2574.
Dividends.— From 1888 to 1920 8% per ann., payable quar. Jan. 15
1921 to Oct. 14 1922 paid 1% quar.; Jan. 15 1923 to Oct. 15 1923 paid 1 A %
quar.; Jan. 15 1924 to Oct. 15 1924 paid 1 A % quar. On Jan. 15 1925 paid
2% ; on April 15 1925, 2 % . In Jan. 1896 paid extra 15% in convertible
scrip; also 10% extra Mar. 1 1920 in scrip convertible into stock to June 30
1910. Also in April 1917 2% extra from profit on sale o f securities. V. 104,
p. 1050. On pref. paid l% % quar. Sept. 15 1920 to June 15 1925.
R EPO RT.— For 1924, in V. 120, p. 830, showed:
1924.
1923.
1922.
1921.
x v u ^ u ia r m u . i r u m
le a s e u
works and investments $9,326,510
Profits on sale of securs.
235,933
Total income_$9,562,443
Expenses, taxes, int.,&c.
1,310,707
Loss on op. Phila. G. A .
154,480
Dividends paid_ 4,699,440
$8,483,135
18,288
$7,767,382
---------
$7,402,113
---------
$8,501,423 $7,767,382
1,247,346 1,437,669
820,121
895,682
4,089,024 2,868,429
$7,402,113
1,948,234
2,736,847
2,856,083
Balance, surplus_____$3,397,816 $2,344,931
$2,565,603 def$139,040
DIR E C TO RS.— Chairman, Randall Morgan; Effingham B. Morris,
Jr., Samuel T. Bodine (ex-officio), E . T . Stotesbury, W m. W ood, W m. C .
Dickerman and Morris L. Clothier. Pres., Samuel T . Bodine; V .-P . &
Gen. M gr., Lewis Lillie; Treas., I. W . Morris; Sec., Geo. W . Curran,
Broad and Arch Sts.. Phila.— V. 119, p. 2077, 2764; V. 120, p. 584, 830,
1461. 1749, 1882. 2150.
WASHINGTON GAS LIGHT CO.
ORGAN IZATION .— Incorp. by Act of Congress in 1848.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Does entire gas business in Dist. of Columbia except to the extent that its
subsidiary, the Georgetown Gas Light C o., similarly serves that portion of
the District known as Georgetown. Co. directly or indirectly controls
certain small companies which supply gas to several adjacent communities
in the States of Maryland and Virginia. Owns 2 gas manufacturing plants
having a combined daily capacity of about 25,000,000 cu. ft., from which gas
is distributed through over 602 miles of gas mains, serving 88,829 meters and
through 157 miles of sub. cos.’ mains serving 13,121 meters.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,600,000 ($20)_______ _____
_______
$2,600,000 N ov ’24.90c
Gen. (now 1st) mtge ($500)1 1910
5 g M -N
5,199,612 N ov 1 1960
gold___________________ c*JInt. at Amer. Sec. & Tr. C o., Wash., trustee.
10-year mtge bonds Series A f 1923
6 g A-O
4,000,000 April 1 1933
$15,000,000 ($100, $500
Riggs National Bank, Washington, D . C .,
$1,000) g _ __________c*tf [ Trustee.
_
Bonds.— The \0-yr. 6% Mtge. bonds Series “ A ” are non-callable. Int.
payable in New York and Washington, D. C. In M ay 1923 Harris, Forbes
& Co. and National City Co. offered a portion of this issue at par and int.
V. 116, p. 2156.
EARNINGS.— For years ended Dec. 31
Calendar Years—
1924.
1923.
Operating revenues__________________ '__________ $4,892,881
$4,889,104
Operating expenses______________________________ 3,296,685
3,543,033
Net operating revenue_________________________ $1,596,197 $1,346,072
Other income___________________________________
99,653
87,225
Total income___________________________________ $1,695,850
Taxes and uncollectible consumers’ bills_________
$387,653
Interest____________
507,066
Amortization o f debt discount andexpense_______
17,642
Other deductions_______________________________
16,592
Dividends______________________________________
468,000
x Net corporate income________________________
$298,897
$1,433,297
$306,379
488,841
66,935
14,771
468,000
$88,372
x After setting up $100,000 to apply on income tax for the year 1924 and
$70,771 in 1923.
OFFICERS.— Pres., Ord Preston; V .-P ., Robt. D . Weaver; Sec., W m.
B. Orme: Treas., Lawrence Townsend; Compt., S. N . Whitwell.— V. 118,
p. 807, 2962; V. 120, p. 707
22
PUBLIC UTILITIES
[V ol. 120.
coupons attached bearing 2% int., making the rate 7% , and remainder are
WILMINGTON GAS CO.
5s. Callable at 105 and int. on any int. date as a whole and since Sept. 1
ORGAN IZATION .— Incorp. in Del. in Aug. 1909 as a consolidation of 1924 for sink, fund. Sink, fund of $25,000 per annum began June 1 1924.
Wilmington Gas & Fuel Co. and Wilmington Gas & Electric Co.
Penna. 4-mill tax refunded. In Jan. 1922 $50,000 1st & ref. mtge. 5s were
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— offered by Davidge, Heald & C o., N . Y ., at prices to yield 6.50% .
Supplies gas in Wilmington, New Castle, Elsmere, Oak Grove, Richardson
Dividends.— On pref. semi-ann. divs. o f 3% (M .-S.) are being paid.
Park, Ashley, Glynrich, Brock Ex, Roselle, Claymont and Forest Park,
Del. Daily capacity, 4,250,000 cu. ft. 172 miles o f mains.
EARNINGS.-—For years end. Dec. 31:
STOCK AN D BONDS—
Date. Interest.
Outstanding.
Maturity.
1923.
1924.
Calendar Years—
Common 30,000 shares (no p a r ) ____ _______
30,000 shs. __________
$1,180,631 $1,181,716
Gross____________________________________
395,643
Pref 6% cum $1,500,000 ($ 1 0 0 )____ 6 M-S
1,240,800 Mar'25 3% N et______________________________________
388,850
168,778
1st & ref mtge $5,000,000 \ 1909 5-6-7 g M-S 3,260,000 Sept 1 1949 \ Interest and other deductions____________
180,896
$226,865
($1,000) gold________ c * tf/In t. at Girard Trust C o., Phila., Trustee. | Balance, surplus_________________________
$207,954
Stock.— Pref. is call, on any div. date on 30 days’ notice at 105 and divs.
OFFICERS.— Pres., C. H. Geist: V .-P ., Edmund Mitchell; Treas.,
Bonds.— Of the 1st A ref. mtge. bonds $300,000 have additional coupons
attached bearing 1% int., making the rate 6% ; $349,000 have additional H. A. Lang; Sec., C. H. Weak; Gen. M gr., H. S. Schutt.— V. 114, p. 88.
POWER, LIGHT AND RAILW AY
M ay , 1925.]
23
N ew E n g l a n d S ta te s
P O W E R , L IG H T A N D R A I L W A Y
MAINE
NATIONAL ELECTRIC POWER CO.
Management.— Properties operated under the general supervision and
management of Albert Emanuel Co., Inc., o f New York.
ORGANIZATION.— Incorp. in Maine March 3 1925, as a holding com
pany, and acquired over 98% of the com. stock o f the Cumberland County
Power & Light Co. o f Portland, Me. (see statement below), and all of the
com. stock o f the Northwestern Public Service Co. (V. 119, p. 1744).
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Through its subsidiary operating companies serves a population estimated
at 310,000, embracing 134 communities in Maine, South Dakota and
Nebraska, with light and power. Gas is manufactured and distributed in
five communities, and a street railway system is operated in and about
Portland, M e., under a lease expiring in the year 2011.
The operating subsidiaries have a normal installed generating capacity of
66,949 k.v.a., o f which 22,750 k.v.a. is hydro-electric. The companies
operate 719 miles o f transmission lines; 59 substations o f 72,621 k.v.a.
capacity; 8,582 street lights; serve 58,388 electric consumers; and operate
104 miles of electric railway (single track equivalent).
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Com Cl “ A ” 10.000 shs(no p a r ) ____
_______
None
__________
ComCl B 150,000 shs(no p a r ) . ____
_______ 150,000 shs __________
Pf 7% cum $5,000,000 ($100)______
Q-J
$1,500,000 __________
Pf 7% n-c $1,000,000 ($100)_______
_______
1.000,000 ---------------20-yr sec bds ser of 1925($100,? 1925
6 g M-S
3,750,000 Mar 1 1945
$500 & $1,000) gold..c*.tf(E qu itable Trust C o., New York, trustee.
Stock.— Pref. 7% cum. stock has preference over the 7% non-cum. pref.
stock and the com. stock both as to assets and cum. divs. Callable at 110
and divs. on 30 days’ notice. Full voting power is vested in the comClass “ B ” stock unless four quarterly dividends are in arrears, in which case
the cumulative preferred has voting power. $1,500,000 was offered in
March 1925 by A. C. Allyn & C o., Inc,, and Howe, Snow & Bertles, Inc., at
95 and div. V. 120, p. 1586.
Pref. 7% non-cum. stock has preference on liquidation over Class “ A ”
and Class “ B ” common as to assets only.
Common Class “ A ” stock is non-voting. Participates equally with Class
“ B ” common in dividends and assets. None issued up to April 1 1925.
Common “ Class B” stock has full voting power. Participates equally with
Class “ A ” common in all dividends, and upon liquidation, in assets.
Bonds.— 20-year bonds are secured by pledge o f 29,440 shares com. stock
o f Cumberland County Power & Light Co. and entire com. stock except
directors’ shares of Northwestren Public Service C o . Additional bonds may
be issued in principal amount, not to exceed 75% of the cost of additional
securities acquired, under certain restrictions. Sinking fund, 1% annually
o f greatest amount outstanding during preceding year for five years begin
ning March 1 1927, 1 K % annually for five years beginning March 1 1932,
2% annually for five years beginning March 1 1937, and 2 K % annually
beginning March 1 1942 to maturity. Callable, all or in part, on 30 days
notice at 105 and interest to March 1 1926, less
o f 1% each year there
after to March 1 1944. Penna. 4 mill tax, Maryland 4 K mill tax, and
Mass. 6% income tax refundable. $3,750,000 were sold in March 1925 by
A . C. Allyn & C o., Inc., Howe, Snow & Bertles, Inc., and R . E. Wilsey &
C o., Inc., at 97 and interest, to yield over 6 K % . V . 120, p. 1459.
R E PO RT.— Combined earnings o f Cumberland County Power & Light
Co. and Northwestern Public Service Co. for years ended Dec. 31:
Calendar Years—
1924.
1923.
Gross revenues__________________________________$5,436,235 $5,307,729
Operating expenses and taxes___________________ 3,115,322
3,228,920
Fixed charges______ ____________________________
$2,320,913
1,047,561
$2,078,809
906,016
Net earnings__________________________________$1,273,352 $1,172,793
Preferred dividends_____________________________
233,478
, 171,654
Balance for depreciation and surplus__________ $1,039,874 $1,001,139
OFFICERS.— Pres., Albert Emanuel; V .-P ., Victor Emanuel; Sec., D . L.
McDaniel; Treas., C. B. Zeigler.— V . 120, p. 1459, 1586.
CUMBERLAND COUNTY POWER & LIGHT CO.
CONTROL.— Controlled by National Electric Power Co. (see above)
Compare V. 120, p. 955.
[This statement is as o f Dec. 31 1924.1
ORGAN IZATION .— Incorp. in Maine March 14 1907. On Feb. 1 1912
leased for 99 years the Portland R R . Co. V. 94, p. 826. In July 1912
acquired all the properties, rights and franchises o f Consolidated El. Lt. Co.
of Maine, Portland Lighting & Power Co. and Portland Electric C o., which
cos. were previously controlled through stock ownership. On Dec. 18 1912
purchased capital stock o f the Ossipee Valley Power Co. On Feb. 1 1913
acquired practically all the common stock of the York Power C o., con
trolling the York Lt. & Ht. Co. V. 97, p. 368. Owns approximately onethird o f the capital stock of the Androscoggin & Kennebec R y. Co. (see
on another page). In April 1913 the Ossipee Valley Pow. Co. and the York
Pow. Co. were merged, forming the York Co. Power Co. In 1923 the
York County Power Co. and the Westbrook Elec. Co. were merged. V. 117,
p. 552. Compare V. 116, p. 75, 1761, 1759.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does entire electric light and power business o f Portland and vicinity.
Through subsidiary companies operates street railway systems of Portland
and South Portland, with lines to Yarmouth, Cape Elizabeth, Saco, Old
Orchard, Westbrook, Gorham and South Windham. The electric light
and power business in Biddeford, Saco, Old Orchard, Kennebunkport,
York Harbor, Alfred, Sanford, Springvale, Freeport, Westbrook, Gorham;
also gas in Biddeford and Saco On July 12 1917 the co. placed in operation
the first section, containing a 3,000 k. v. a. unit o f a new generating plant
on the Saco River at Hiram Falls, which is to have an ultimate capacity
of 20,000 k. v . a. In addition, the co. owns or controls 5 hydro-electric
power plants on the Saco and Presumpscot rivers within 25 miles of Port
land and 6 steam power plants, combined capacity 28,100 k.w ., with
transmission lines to Portland, covering entire city and suburbs; also to
Sanford, M e., aggregating 106 m. The single-track mileage of the con
trolled railways is 271.
Franchises.— The franchises under which the companies operate are
stated to be exceedingly liberal and to have no burdensome restrictions
In 1924 the auth. com. stock was changed from $1,350,000 (par $50) to
30,000 shares of no par value, of which 26,968 shares were issued in ex
change, share for share, for the outstanding 26,968 shares o f $50 per.
Compare V. 118, p. 663.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Q-M
26,968 shs Sept’ 17 ,1%
Common 30,000 shs_________ _____
Pref ($100) 6% cum red a t ) ____
Q-J
$4,523,300 Aug ’24 ,I K
120 & accr div___________ /
1st & ref mtge $10,000,000) 1912
5 M -S
4,529,000 Sept 1 1942
gold ($1,000)_________ c*tf/E m pire Trust C o., N . Y ., Trustee.
5-year collateral trust bonds) 1921
8 J-D
600,000 June 1 1926
($500 and $1,000)--------- c/Fidelity Trust C o., Portland, M e., Trustee.
Port El Co pref stk $ 5 0 0 ,0 0 0 )____
Q-F
500,000 See text
($100) 6% cum (seetext)ntf/C . O. Bancroft, Portland, Trustee.
Port Elec Co IstM $1,500,000/ 1906 5 g F-A
930,000 Aug 11926
g ($1,000) sink fund—c*tf lin t. at Portland Trust C o., Portland, Trus.
Portl Ltg & Pow first mtge) 1901
7 A-O
500,000 April 1 1931
$750,000 (cl’sd) ($ l,000 )ctf/In t. at American Trust C o., Boston, Trustee.
York County Power Co.—
Agamenticus El Lt 1st M .c t f 1910 5 g J-J
46,000 July 1 1930
Wells El Lt & P 1st M ___ ctf_ 1910 5 g J-J
<7,500 Jan 11930
Kennebunk El Lt 1st M —c n t f 1910 5 g J-J
63,000 July 1 1930
York Lt & Ht 1st cons ref MJ 1907 5 A-O
313,000 April 1 1927
(closed) ($500 & $l,000)ctf \Int. at Un. S. D . & T . C o., Portland, Trus.
York Co Pow 1st & ref M $2,-1 1913 5 g J-D
816,000 D ec 11943
500,000 ($500&$l,000)c*tf'jlnt. at Portland, M e., and N. Y . City.
[ Fidelity T r. C o., Portland, M e., Trustee.
York Co Pow pref stock c u m ) ____
6 Q-J
383,000
Guar.
(guar b y C C P & L ) ______ /
Stock.— Both classes o f stock are listed on the Boston Stock Exchange.
V. 95, p. 1206. Pref. is tax free to holders in Maine. In Aug. 1924
Beyer & Small and other Portland, M e., bankers offered $1,000,000 6%
pref. at 86 and div., to yield about 7% . V . 119, p. 810. The company
has the option at any time to redeem all or part of the Portland Electric
Co. pref. stock at 115 and accrued div. on 15 days’ notice, and may at
any time, with consent of owner, red. pref. stock at less than 115. Pref.
stock o f the Portland Elec. Co. falls due and is payable on Aug. 1 1926
at par and accrued dividends.
Bonds.— Of the remaining first and refunding mortgage bonds, $3,000,000
are reserved for prior liens, and $2,782,000 are for ext., impts., &c., under
certain restrictions. $400,000 are pledged under the 5-year coll, trust
8% notes and $122,000 are held in treasury. Callable as a whole on
any interest date at 105 and interest on 60 days’ notice. Bonds have a
depreciation and trust fund from July 1 1915 of 1% per annum of bonds
outstanding, but not less than $20,000 a year for purchase o f bonds at not
over 105 and int. or for replacements, extensions and additions. Interest
payable at A . B. Leach & Go., N . Y . V .9 5 ,p .3 6 1 . In July 1924 $478,000
were offered by Bond & Goodwin, Inc., at 93K , to yield about 5.60% .
V. 119, p. 454.
Portland El. 1st mtge. bonds are callable at 110 and accrued interest on
5 weeks’ notice as follows: Nos. 1 to 125 on and after Aug. 1 1911; 126 to
250 on and after Aug. 1 1916 and 251 to 375 on and after Aug. 1 1921.
Sinking fund of 1% p. a. of bonds out began Aug. 1 1911, inclusive, any
bonds purchased for or redeemed by sinking fund. V . 90, p. 1243.
The $2,500,000 York County Power bonds are guaranteed by the Cumber
land County Power & Light C o., and o f this amount $816,000 are out
standing, $179,000 in treasury, $508,000 are reserved for underlying liens
and $960,500 for additions and impts. Bonds are red. at 105 on any int.
date upon 60 days’ notice. Sinking fund of K of 1% of bonds out began
Dec. 1 1917; $36,500 are in sinking fund. V . 99, p. 1451, 1597.
$43,000 Agamenicus El. L t., $22,500 Wells El. L t. & Pow. Co. and
$37,000 Kennebunk El. Lt. Co. bonds, in addition to the amounts reported
outstanding, are held by trustee of the York Co. Pow. Co. All three
mtges. are closed. Guar, by York Co. Pow. C o.; int. payable at Union
S. D . & Tr. Col., Portland, trustee; York Lt. & Ht. Co. 1st cons. ref.
bonds have a sinking fund which began April 1 1911 of 2% of gross income;
$78,000 are held in sinking fund.
The Portland Ltg. & Pow. Co. 1st mtge. bonds are a direct obligation of
the Cumberland County Power & Lt. Co. and sufficient of that c o .’s 1st
6 ref. 5s due 1945 are reserved for the retirement o f these bonds. The
Portland Ltg. & Pow. bonds were originally 4K s and matured April 1 1921,
but were extended for 10 years at 7% , are call, as a whole on any int. date
at 105 on or before April 1 1926; at 103 before April 1 1928; at 102 before
April 1 1929, and at 101 before April 1 1930. V. 112, p. 1399.
Notes.— The 5-year 8% coll. tr. bonds are secured by $400,000 Cumber*
land County Power & Light Co. 1st & ref. 5s, 1942; $86,000 Portland R R .
1st Lien & Consol. 5s 1945; $426,000 Androscoggin & Kennebec R y. 1st
Pref. Cum. 6% stock; $490,000 Androscoggin & Kennebec R y. 2d pref.
5% stock. The com. & pref. stocks are represented by certificates of
beneficial int. Int. payable in Boston or Portland, M e. V . 112, p. 2189.
Dividends.— 6% p. a. was paid on the pref. stock from Feb. 1 1912 to
M ay 1 1918, both incl. The M ay 1 1918 dividend was paid in scrip. None
to Feb. 1921, when 6% was paid. Initial div. of 1% paid on com. Dec. 1
1916; same rate quar. to Sept. 1917. None since.
EARNING S.— Of combined properties for 12 mos. ending Dec. 31:
Dec. 31
Cross
Net (after De- Interest, Preferred Balance,
Year—
Earnings, prec. & Taxes). &c.
Dividend. Surplus.
1924-------------------- $3,857,706 $1,418,921 $746,589 $199,419 $472,913
1923 — . . ------------- 3,771,968 1,298,242
747,341 159,549
391,352
1922--------------------- 3,467,564 1,231,999
719,472 159,646
352,881
— V . 115,p. 435; V . 116, p.75, 822, 1176, 1759; V . 117, p . 207, 552,
1461, 2652: V. 118, p. 663, 793; V. 119, p. 454, 810, 3009; V . 120, p. 329,
452, 955,. 1457.
(1) PORTLAND RAILROAD.
Lease.— Leased for 99 years from Feb. 1 1912 to the Cumberland County
Pow. & Lt. C o., lease providing for all interest and other current charges
and 5% divs. on capital stock.
ORGANIZATION.— Incorp. M arch 1860 under laws o f Maine. Ab
sorbed the properties of the Portland & Cape Elizabeth R y., Cape Shore
R y ., Cape Elizabeth St. R y., Portland & Yarmouth Elec. R y. and West
brook Windham & Naples. Franchises contain no objectional restrictions;
many are unlimited as to time.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.— A
trolley road.— Operates 104.52 miles of track, comprising the entire street
railway systems o f Portland and South Portland, with suburban lines to
South Windham, Saco, Westbrook, Cape Elizabeth, Gorham, Old Orchard
and Yarmouth, where connection is made with the Androscoggin & Kenne
bec R y. 140 passenger 2 express and 30 others. One steam power plant
with 1,600 k .w capacity
Seven sub-stations.
24
PUBLIC UTILITIES
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
5 F-A
$1,999,000 See text
Stock $2,000,000 5% gu ($ 1 0 0 )____
1st cons (now 1st) $3,000,000/ 1901
3 M g J-J
1,600,000 July 1 1951
($1,000 & $500) gold--c*tf\In t. at Portland T r. C o., Portland, Trustee
First lien & cons $7,500,000/ 1915
5 g M -N
2,045,000 N ov 1 1945
gold ($1,000 & $ 5 0 0 )..c* tf \Int. at New York Trust C o., Trustee.
Bonds.— Remaining $1,400,000 first cons, (now 1st) M . bonds are pledged
as security for the first lien & cons. M . 5s. Are callable at par and int.
on any int. date after July 1 1931. V . 73, p. 139; V. 91, p. 871.
Of the remaining first lien & cons. M . 5% bonds, $1,600,000 are reserved
for retirement o f prior lien bonds and remainder for extensions, impts., &c.
Outstanding bonds are secured by deposit o f $1,400,000 1st cons, (now 1st)
mtge. 3 Ms; are callable as a whole or in part at 105 on any int. date.
Dividends.— The following divs. are on old stock prior to lease.
Year—
’95-’99. ’00. ’01. ’02. ’03. ’04. ’05. ’06. ’07-T1. Since.
Percent-------------- 6% 5
6
3
3
3
3 3M 4 y ’ly. 5 yearly
ANDROSCOGGIN ELECTRIC CO.
Controlled by Central Maine Power Co.
ORGAN IZATION .— Incorp. in Maine Oct. 26 1914 and purchased the
properties o f the Lewiston & Auburn Elec. Lt. Co. and the Portland Lewis
ton Interurban R R .
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates three hydro-electric plants and one steam reserve sta
tion, with a combined rated capacity of 18,987 h. p. Supplies electric
energy to the following cities and towns: Auburn, Greene, Leeds, Lewiston,
New Gloucester, Wales and Webster. Also owns and operates 30.76 miles
of high-speed interurban road connecting Lewiston, Auburn and Portland.
Enters these cities over tracks o f the local street railway companies under
operating agreements. 9 passenger cars, 12 other cars and 1 electric loco
motive. The interurban road is on private right-of-way for 28 miles and
on the highway for 2 miles. Charters and franchises liberal. Has con
tract with City o f Auburn for lighting streets and ways and pumping water
supply.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $1,500,000_________
_________ $1,500,000 ____________
Preferred stock $500,000__________
_________
500,000 __________
1st & refund mtge $5,000,000/ 1914
5 A-O
2,946,500 Oct 11934
($1,000 & $500) gold_ •-tf/Int. at Union Safe Dep. & Trust C o., Port_
l land, trustee.
Lewiston & Auburn El Lt m t g e ____
5%
1,200,000 June 1 1939
6% debentures_____________________
6%
120,000 Serially
Bonds.— $1,200,000 1st & ref. M . 5% bonds are reserved to retire the
Lewiston & Auburn bonds; remainder may be issued for 80% of cost of new
work under conservative restrictions. Not subject to call. V. 102. p
607.
$250,000 were offered in March 1925 by E . H. Rollins & Sons at
94M & int., to yield about 5M % . V . 120, p. 1200.
Lewiston & Auburn El. Lt. 1st 5s are call, as a whole on any int. date at
105 & int. No sinking fund.
The 6% debentures are due serially to M ay 1 1925.
EARN IN G S.— For calendar years:
Cal. Yrs.— Gross Inc.
Net.
Interest.
Pref. Divs. Bal., Surp.
1924----------- $958,884
$390,780
______
______
______
1923----------982,943
387,115
203,756
30,000
153,359
919.958
370.151
198,412
30,000
141,739
1922...........
OFFICERS.— Pres., Harvey D . Eaton; Treas., W . S Wyman; Gen.
M gr., Geo. S. Williams; Clerk, E. A . Ballantyne.— V. 120, p. 1200.
BANGOR HYDRO-ELECTRIC CO.
ORGAN IZATION .— Organized in 1924. Has acquired all of the
properties formerly owned by the Bangor Ry. & Electric C o., Bangor
Power C o., Bar Harbor & Union River Power Co. and other smaller proper
ties formerly part o f the Bangor R y. & Electric system. For listing of
Bangor R y. & Electric Co. see “ Public Utility” Compendium.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. serves with electric light and power the principal cities and towns in
Penobscot and Hancock Counties, M e., including Bangor, Brewer. Orono,
Old Town, Lincoln, Ellsworth, Bar Harbor and other towns, with about
17,100 customers and a population served o f about 76,000. Also furnishes
railway service in Bangor and vicinity.
The principal power plants, all hydro-electric, are located at Milford
and Veazie on the Penobscot River, and at Ellsworth on the Union River,
with an aggregate generating capacity o f 24,450 h.p. Additional power
can be developed at existing plants and at owned undeveloped water power
sites.
STOCK AN D BONDS—
Interest. Outstanding. Maturity.
Date.
Comm on. _
- $2,000,000
Preferred, 7%
- 2,500,000
1st lien & ref M conv bds, serl
of 1949.($500 & $1,000 c* & f 1924
See text Sept 1 1949
5M M-S
$1,000 & m ultr*)_______ tf, National City Bank, New York, Trustee.
Bangor R y & El 1st cons M g' 1905
5 g J-J
x2,000,000 July 1 1935
$2,700,000 ($500, $1,000) c *tf Guaranty Trust Co., New York, trustee.
B Ry & El conv notes $300,-' 1920
8 g M -S l
259,000 Sept 1 1930
000 ($500 and $1,000) goldc First National Bank, Bangor, trustee.
Pub Wks Co 1st gold $600,000 1899
5 g A-O
599,000 April 1 1929
($500, $1.000)_____ c* n tf Int. at Old Colony Trust C o ., Boston, truste
Bar Har & Un R Pr Co 1st & 1907
5 M-S
x l ,522,000 Sept 1 1935
ref $2,000,000 ($1,000) c* tf Commercial Trust C o., Phila., trustee.
Bangor Power Co 1st mtge 1911
See text x l,392,000 Sept 1 1931
$2,500,000 ($1,000) . . . c * t f Central Union Trust C o., N . Y ., trustee
x Holders o f these issues were offered in exchange for Bangor HydroElectric Co. 1st lien & ref. mtge. conv. 5s upon varying terms. This
exchange is now being effected. For details o f exchange offer see V. 120,
p. 1455.
Bonds.— There will be presently outstanding $3,500,000 Bangor Hydro~
Electric Co. ls< lien & ref. M. conv. 5 Ms in accordance with terms of exchange
offer, for details of which see V. 120, p. 1455. All bonds so acquired by
exchange will be pledged under this issue. Are conv. into com. stock at
$110 per share. Are non-callable to March 1 1935. Callable thereafte
in whole or in part at 105 to Sept. 1 1943, and thereafter at 102 M to maturity
Int. at office of co. in Bangor, M e., or at National City Bank, N . Y.
V. 120, p. 1455.
f Bangor Ry. & Elec. 1st consol, bonds are secured by deposit of all the
stocks (except 1 share of pref.) and $56,000 1st & ref. mtge. bonds of the
Bar Harbor & Union River Power Co. They are subject to call on 60 days’
notice at 107M and int. on any int. date. Int. at office of trustee, New
York, or Eastern Trust & Banking C o., Bangor. See particulars, bonds,
property, &c., V. 87, p. 1009.
The Public Works Co. bonds are not subject to call; Y. 80, p. 2546. $1,000
retired.
Of the Bar Harbor & Union River Power Co. bonds $329,000 are pledged
to secure the 8% conv. notes o f the Bangor R y. & Elec. Co. $149,000 are
held in treasury. Remainder are for extensions, &c., at 85% of cost of
same. Are subject to call at 107M and int. on any int. date on 60 days’
notice. Int. at trustee or Merrill Trust C o., Bangor; also at J. & W.
Seligman & C o., New York.
Of Bangor Power Co. 1st mtge. bonds, $750,000 Series A (all out) bore
int. at 4% to Sept. 1 1916; 4 M % to Sept. 1 1921 and 5% since. Series B,
$1,750,000 auth. (int. 5 % ), $611,000 issued and outstanding, and $1,139,000
reserved for extens., betterments, &c., at 85% o f cost o f same. Int.
payable at office o f trustee and at office in Bangor. Subject to call at 105
and int. on any int. date on 60 days’ notice. No sinking fund. Both
series assumed by Bangor R y. & Electric Co.
Notes.— Bangor Ry. & Elec. 8% conv. notes are secured by $329,000
Bar|Har. & Un. Riv. Power Co. 1st & ref. 5s. Red. at 101 and int. on any
int. date on four weeks’ notice.
L, Dividends.— An initial div. o f 1 H % was paid on com. M ay 1 1925.
[V ol. 120,
E A R N IN G S.— For years end. Dec. 31:
Calendar Years—
1924.
Gross earnings_______________________$1,542,293
Operating expenses and taxes_______
737,509
Depreciation_______________________
117,557
1923.
1922.
$1,535,212 $1,488,936
757,351
751,010
115,532
127,274
Net earnings_____________________
$687,227
$662,329
$610,652
Fixed charges______________________
306,651
285,727
284,734
OFFICERS.—-Pres., E. M . Graham; V .-P ., H. L. Clark; Clerk & Treas.,
Howard Corning; Aud., C. A. Pearson Jr. Under management o f E. W .
Clark & C o.— V. 120, p. 1455, 2010.
ANDROSCOGGIN & KENNEBEC RY.
The Cumberland County Power & Light Co. owns approximately onethird of the company’s capital stock.
ORGANIZATION.— Incorp. in M e. on Sept. 30 1919 as successor to the
Lewiston Augusta & Waterville St. R y. as per reorganization plan outlined
In V. 110, p. 1089. The co. is now the owner of the properties formerly incl.
under the Lewiston Augusta & Waterville St. R y. 1st & ref. mtge. (ex
cepting the franchise of the Turner line, which line we understand has
been taken over by the town of Turner, V. 110, p. 1188,) subject to the
underlying liens found in the table below. Holders o f each $1,000 Lewis
ton Augusta & Waterville St. R y. 1st & ref. bonds received in exchange
therefor $500 1st pref. and $581 2d pref. stock of the present co. For
•tatement o f predecessor co. see “ Electric Railway” supplement o f N ov.
15 1919.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates a system in and between Waterville, Augusta .Winthrop, Togus,
Gardiner, Sabattus, Lewiston, Auburn, Mechanic Falls, Brunswick, Free
port, Yarmouth and Bath. 157.488 miles of single track; 80 passenger,
54 freight and express cars, 11 snow plows and 13 miscellaneous cars; total,
158 cars. Has one steam plant with an installed capacity of 500 k. w.
STOCK AND BONDS—
Date. Interest.
Outstanding. MaturityCommon, $1,354,500________________ _______
None
______
1st pref. (see text)$l,468,500 ($100)
6%
$1,468,500
Seetext
2d pref. non-cum,$1,708,200 ($100)
5%
1,708,200
Seetext
1st mortgage bonds__________ 1920
6%
834.500 Mar 1 1940
Securities of the Aug. Win. & Gar. Ry.—
4ug. H. & G. gen. mtge. con-/ 1901
4 g J-J
55.000 July 1 1951
vertible ($500$1,000) c n t flln t. at Augusta Tr Op., Augusta, Trustee.
4ug. H. & G. pref. stock__________
4%
195,000 July 1 1951
\ugWin & Gard 1st M $150.-/ 1902
4 g J-J
53.000 July 1 1952
f)00conv($l ,000&$500)gcntf /In t. at Augusta Tr. C o.. Augusta. M e.,Trus.
4ug Win & Gard pref s to ck .. ____
4%
97,000 July 1 1952
4ug Win & Gard gen M $125.-/ 1905
5 g J-J
100,000 Jan. 1 1 936
000 ($500 $1,000) gold c n t flln t. at Augusta Trust C o., Trustee.
Stock.— The co. expects during three to five years from the date o f organ
ization to expend about $900,000 upon its system for equip., impts., and
rehabilitation. Pending the completion of this program the $1,468,500 1st
pref. and the $1,708,200 2d pref. stock is to be held by the Lewiston Augusta
k Waterville St. R y. 1st & Ref. M . bondholders’ committee in a voting
trust. When the rehabilitation program has been completed (or sooner with
the committee’s consent) the stock will be released from the voting trust and
listributed as per the reorganization plan. See above and also V. 110.
p 1089. The 1st pref. stock is cumulative:
Bonds.— The co.’s 1st M . bonds due 1940 were issued in exchange for a
like amt. of Lew. Brims. & Bath St. R y. 1st M . 5s, due Mar. 1 1920.
All the underlying mortgages are closed mortgages. The Augusta
Winthrop & Gard. Ry. gen. mtge. 5% bonds of 1905 are subject to call at
par on any Int. day on 60 days’ notice. The Aug. Winth. & Gard. R y .
1st M . 4% bonds are exchangeable for 4% pref. stock of the same co.,
vhich stock has the same security as the bonds and matures at the same
time. $97,000 have been exchanged. Subj. to call at 104 and Int. on any
Int. The Aug. H. & Gar. gen. M . 4% bonds are exchangeable for 4%
pref. stock of the same co., having the same security as the bonds and ma
turing at the same time. $195,000 have been exchanged. Callable at
104 and int. on any int. date.
Dividends.— On 1st pref., 3% paid June 1 1921 and same rate paid
regularly seml-ann. since. On 2d pref., 2M % was paid in Oct. 1922. In
1923, April, 2 M % ; Oct., 2 M % .
EARNINGS— For years ending Dec. 31:
Balance
Gross.
Expenses Net Aft.
Sur. or Def.
Taxes
Int.,& c
Earnings
& Taxes
$875,395 $180,239 $ 72,235
$108,003
1924___________ $1,055,633
196,124
72,259
969,007
1923.... .............. 1,165,131
123,865
1922- - ........... 1.236,027
966.369
269,658
86.554
183.104
10,639,045 passengers carried in cal. year 1924, against 12,753,996 in 1923.
OFFICERS.— Pres., Wm. B . Skelton; V.-P. & Counsel, Wm. H. Newell;
Treas., Miss C . E . Fitz, all of Lewiston, M e.; Gen. Mgr. & Clerk, Alfred
Sweeney— V. 116, p. 1273; V. 118, p. 1134. 2302.
BIDDEFORD & SACO RR.
ORGAN IZATION .— Incorporated Feb. 19 1887.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. Operates 8 miles of track between Saco, Biddeford and Old
Orchard Beach.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50) $100,000_______________
A-O
$100,000 Apr ’25. 3%
1st mtge $300,000 ($1,000)/ 1900
4 g J-D
150,000 June 1 1940
gold c*. No s f but can be/Interest at Fidelity Trust C o., Portland,
called in 1920__________ t f [ M e., trustee.
Dividends.— During years end. June 30; 1906, 4 % ; 1907-09, 5 % ; 1910*
7M % (changed to s.-a.); 1911 and 1912, 5% ; 1913 and 1914, 6% : 1915, 8 % :
1916, 10% and special div. of 20% on Aug. 1 1916. In 1917, 10%; in 1918,
10%; in 1919, 10%; in 1920, 10%: in 1921, 10%; in 1922, 9% ; in 1923, 8% ;
in 1923, 8% ; in 1924, 8% ; in 1925, Apr.. 3 % .
EARNING S.— For calendar years:
Year.
Net.
Gross.
Balance.
Int., &c. Dividends.
1924____ ____ $105,017
$11,947
$5,720
$8,000
def.$1,773
22,121
6,000
8,000
sur. 8,121
1923_________ 117,506
1922_________ 119,171
9,000
sur. 1,442
16,443
6,000
OFFICERS.—-Pres., H. P. Garland; V .-P ., C . F. Verry; Sec., Treas. &
Gen. M gr., J. Burton Stride.— V. 70, p. 1048; V . 73, p. 494.
CALAIS STREET RY.
ORGANIZATION.— Incorporated in Maine in 1893.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. Calais Street R y., lower wharf to upper bridge, Calais,
4 miles; St. Stephen Electric R y., Milltown, N . B ., to St. Stephen, N . B .,
3 miles; total, 7 miles. The St. Stephen Electric Street R y. is a separate
corporation, but is owned entirely by the Calais company. Nine cars.
CAPITALIZATION.— Stock, $50,000 com. and $50,000 pref.; first
mortgage, 1910 (n tf), 5s, J-J, $100,000. due July 1 1930.
R E PO RT.— Gross earnings for cal. year 1923, $42,460; ia 1922, $45,445:
in 1921, $57,968; in 1920, $55,697; in 1919, $50,882.
OFFICERS.— Pres., George A . Curran; Sec., Treas. & Gen. M gr.,
Benjamin Y . Curran; Supt., C. F. Pray, all of Calais, M e.
YORK UTILITIES CO.
O R G A N IZA TIO N .— Organized early in 1923 in Maine, and on Feb. 1
1923 took over the property of the Atlantic Shore R y. (for history see
“ Electric Railway” Supplement of Oct. 28 1922) as per plan outlined in
V. 116, p . 615. N o provision was made for the stock or non-assenting
bondholders of the predecessor company.
M ay , 1925.]
POWER, LIGHT AND RAILW AY
25
FIELD OP OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 37 miles o f track, connecting Springvale, Sanford, West Kenne- Owns and operates a local and interurban railway in northeastern Mass,
bunk, Kennebunk, Kennebunkport and Cape Porpoise with Biddeford and and southeastern New Hamp. Maintains a through service between Haver
Saco: thence over connecting lines to Old Orchard and Portland. See V. 81, hill, Lawrence, Ames bury and Newburyport. Power is purchased from
p.1549. Built 2.1 miles o f track in Sanford in 1923. Also operates buses. the Portsmouth Power Co. under a contract extending beyond July 1 1934.
V . 119, p. 581. Owns 2 water power plants. Has 22 passenger cars, 3 Owns and operates about 88 miles of single track (65 miles in Mass, and 23
express cars and 3 electric locomotives. 60 and 70-lb. rail.
in New Hamp.), extending east and west from Haverhill, Mass., entering
on the east Newburyport, Merrimac, Salisbury and Amesbury, Mass., and
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Plaistow and Newton, N . H ., and on the west Lawrence and Methuen,
Common____________________ _____
--------------- and Salem, N. H. Owns and operates local lines in Newburyport
-------------------------------- $481,775
Mass.,
Preferred 5 % cumulative__________
5% cum 179,100 J’ne’23,1 2-3
and Amesbury. Connects with the East Mass. St. R y. and the Exeter
First mtge Ser “ A ” $1,000,000 1923
5%
469,200
- Hampton & Amesbury St. R y. Also owns a large amusement park on
Second mortgage_____________1923
5%
344,900
--------------- Lake in Salem, N . H. 61 open and 60 closed cars, 6 Birney (oneCanobie
Calendar
Gross
Operating
Net
All
Interest on Balance man) and 30 work cars and snow plows.
In June 1921 the Mass. Dept, of P. U. approved an extension to June 1
Year—
Earnings. Expenses. Earnings. Taxes. Bonds,&c. Deficit.
1924................. $180,856 $170,314
$10,54i
$7,989 x$40,930 $38,143 1922 at 8% of $230,000 Citizens’ Elec. St. R y. 1st mtge. 5s originally due
1923----------------- 227,808 214,405
13.403
8,309 x41,605 36.511 Dec. 1 1920. Compare V . I l l , p. 2135, 2140. The company has further
1922----------------- 236,837 180,806
56,031
7,662
81,795 33,427 extended this issue to June 1 1924 at 7% . Comnare V . 114, p . 2214.
1921----------------- 224,651 203,247
21.404
6,967
80,895 66,458 Again extended to July 1 1934 at 6% . V . 119, p . 2287.
1920----------------- 223,383 198,522
24,861
5,867
80,895 61,901
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
_________ $1,500,000 ____________
Common stock ($100)______ _______
x Including $225 in 1924 and $900 in 1923 for ‘ ‘other deductions.”
Pref 6% cum ($100)_______________
6%
665.000 ----------------5 g J-J
919,000 July 1 1934
OFFICERS.— Pres., F. O. Conant: V .-P ., Constant Southworth: Treas., First and ref mtge $2,000,0001 1914
($1,000) gold----------------c * ) Int. at American Trust C o ., Boston, trustee.
Geo. S. Hobbs; Gen. M gr., W . M . B . Lord.— V. 118, p. 1667; V. 119, p . 581.
Citizens’ Elec St R y 1st mtgel 1900
6 g J-D
230,000 July 1 1934
$230,000 gold_____________/Beacon Trust C o., Boston, trustee.
Car trust notes_________________ 1921 7%
30,000 Ser to 1924
Car trust notes_______________ 1924 6%
50,000 Ser to 1928
WATERVILLE FAIRFIELD & OAKLAND RY.
Bonds.— The 1st & ref. 5s of 1914 are red. at 110 and int. on any int. date
ORGANIZATION.— Incorp. in Maine in 1903 as the Waterville & Oak on 43 days’ notice. Of the remainder of these bonds auth., $2.30,000 are
land St. R y., but in 1911 increased its stock from $100,000 to $500,000 reserved for prior liens and $851,000 reserved for cost of additions and
($100) and changed name to present title. V. 93, p. 1602. The $400,000
under
additional stock was turned over to the Central Maine Power Co. to pay that impts.St. R v. certain restrictions (V. 100, p. 55). The $230,000 Citizens’
Elec.
i«:t mtge. bonds were
T^ec. 1 1920,
company for having retired outstanding bonds o f the Waterville & Oakland but were extended to June 1 1922 atorieinallv 5s and matured Were further
8% . V. 112, p. 2414.
St. R y. and for procuring the conveyance o f the street railway property
formerly belonging to the Waterville & Fairfield R y. & L. Co. The Cen extended to June 1 1924 at 7% , and again to July 1 1934 at 6 % . V .
tral Maine Power Co. assumes and agrees to pay all liens, claims and in 119, p. 2287.
EARNINGS.— For year ending Dec. 31 1924, gross, $679,288; net, after
cumbrances o f every kind attaching to the property formerly owned by the
Waterville & Fairfield R y. & Light C o., so that the Waterville Fairfield & taxes, $69,068. In 1923, gross, $904,755; net, after taxes, $ 8,816.
Oakland Ry. now owns both railroads, which connect at Waterville.
OFFICERS.— Pres., J. I. Mange; V.-Ps., J. M . Daly and L. H. McCray;
V . 93, p. 1790. Waterville Fairfield & Oakland R y. has no bonds.
Treas., F. E. Webster; M gr., R. D. H ood.— V. 117, p. 1775, 2542, 2890
V. 118, p. 85, 1392; V. 119, p. 2287, 2762, 2878; V. 120, p . 331. .
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
Extends from Fairfield through Waterville to Oakland, 10.8 miles. Stand (21 DOVER SOM ERSW ORTH & ROCHESTER STREET R A ILW A Y.
ard gauge. 58 to 90-lb. T and girder rail. 17 pass, cars and 2 snow plows .
All the stock and $143,000 bonds owned by New Hampshire Elec. Rys.
Fares.— See V. 118, p. 2306.
O R G A N IZA TIO N .— Chartered under the laws of New Hampshire. Is
EARN INGS.— For year ending Dec. 31 1923, gross, $140,591; net, after a consolidation of the Union Elec. R y. and the Rochester Street R y.
taxes, $4,036. In 1922, gross, $133,023; net, after taxes, $6,353.
R O A D .— Owns and operates about 20 miles of line.
co. in
OFFICERS.— Pres., Harvey D . Eaton; Sec., E. A. Ballantyne; Treas., V. Status.— For statement bearing on condition ofElectric March 1924 see
118, p. 1392, under caption “ New Hampshire
Railways.”
Walter S. Wyman; Gen. M gr., Gerald C. Welch.— V. 93, p. 1602, 1790
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
V. 118, p. 2306.
_________
$300,000 __________
Stock $300,000 ($100)______________
1st mtge bonds, Series “ A ”
1921
6%
128,000 July 11931
1st mtge inc bonds, Ser “ B ” _- 1921
6%
79,000 July 11931
Bonds.— Series “ A ,” call, at par and int. on any int. date on 60 days’
notice since July 1 1922. Series “ B " call, on 60 days’ notice any Jan. 1
or July 1 since July 1 1922 at par plus any declared and unpaid int. to the
June .30 of the calendar year next preceding the date of redemption, plus
int at tfie rate of 6% per annum after such June 30 to date of redemption.
EARNINGS.—-For calendar year 1924, gross, $90,209: deficit after taxes,
$1,099. In 1923, gross, $100,308; deficit after taxes, $310.
MANCHESTER TRACTION, LIGHT & POWER CO.
OFFICERS.— Same as for Massachusetts Northeastern Street R y.
ORGAN IZATION .— Incorporated in 1901 in New Hampshire and com
prises the several light, power and street railway properties in and around
Manchester and the light, power and gas property in Nashua. The com
pany owns the stock o f the Manchester St. R y., Manchester & Nashua St.
LACONIA STREET RY.
R y. (name changed from Goffs Falls Litchfield & Hudson St. R y. in Feb.
1907) and Manchester & Derry St. R y. In Jan. 1918 purchased the water
ORGANIZATION.— Formerly the Laconia & Lakeport Street R y., but
rights o f the U. S. Bobbin & Shuttle Co.
name changed to above in 1894.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
FIELD
OF BUSINESS.—
The different roads controlled comprise 65.515 miles o f track, as follows: Owns 8.87 OF OPERATIONS AND C H A R ACTERStandard gauge. 11
miles o f track
Manchester St. R y., 42.812 miles; Manchester & Nashua St. R y., 14.335 passenger and 2 other cars. from Laconia to Weirs.
miles; Manchester & Derry St. R y., 8.368 miles. 121 passenger and 17
Early in Sept. 1919 we were informed that the bonds, due M ay 1 1919,
miscellaneous cars. Four hydro-electric plants, present capacity approx. “ were not taken up but are held subject to readjustment of securities which
13,400 k .w .; a steam reserve station at Manchester,with a combined capacity
It is
the 1st mtge.
o f approx. 12,500 k. w. and 1 steam reserve station at Nashua with capacity is under way.” 1929. reported thatinformation. bonds have been extended
No further
o f approx. 1,500 k. w. Also owns water rights along the Merrimac River. for 10 years to
STOCK, &c.—
Date.
Interest. Outstanding. Maturity.
For proposed improvements to power plants see V . 118, p. 1773.
____
_________
$100,000 __________
$100,000 (par $50)
Franchises perpetual. Interurban roads and main transmission lines Common cum $40,000 ($100)_______
Pref 6%
_________
40.000
.............
on private right-of-way, except through cities and towns.
First mortgage $91,000 ($1,-1 1899
5 M -N
91,000 M ay 1 1919
STOCK—
Date. Interest.
Outstanding. Maturity.
000)_____________________ /Interest at American Trust C o., Boston.
Stock $5,000,000 ($100)______ ------ Q-J- 15
$4,958,300 Apr ’25 2%
Second mortgage $40,0001 1904
5 M -N
40,000 M ay 1 1919
Manchester & Nashua 1st M l 1906
($1,00 0)_________________ /Interest at People’s National Bank, Laconia.
5 g J-D
200,000 June 1 1926
gold $300,000 ($l,0O O )-.tf/ Int. at American Tr. C o., Boston, trustee.
Dividends.— In 1893-94 paid 5% ; in 1894-95 paid 4% ; none since.
Man & Derry St R y 1st mtgel 1907
5 J-D
125,000 Dec 1 1927
EARNING S.— For year ending Dec. 31 1922, gross, $40,073: net. after
$500,000 ($1,000) guar__tf / Int. at American Tr. C o., Boston, trustee.
First ref M sink fund g $15,-1 1917 See text
5,615,000 Aug 1 1952 taxes, int., &c., $2,265.
000,000 ($500 & $1,000 c* ;[ Int. at American Tr. C o., Boston, trustee.
$5,000 r )_______________ tfj
Bonds.— The Manchester & Nashua St. R y. and the Manchester & Derry
NASHUA STREET RY.
St. R y. bonds are guaranteed, prin. & int., by Man. Trac., Lt. & Pow. Co.
ORGANIZATION.— Incorporated Aug. 14 1885.
Both mortgages are closed.
The first refunding bonds are (since Apr. 1 1921) a first mortgage on allFIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
property owned. Of the amount reported as outstanding, $4,701,000 are Trolley road. Owns and operates 16.14 miles of main track.
5s and $914,000 are 7s. Additional bonds may be issued for refunding and
the
for acquisitions under certain restrictions, but not in excess o f twice the par P. Temporary Lease.— In March 1924 the company was auth. by the N . H.
S. Comm, to
a temporary lease
Mass.
value o f outstanding stock. Sinking fund o f 1% o f bonds outstanding on Northeastern St. operate under Hudson Bridge andthe lines of
y., between
Hudson Centre, con
each Aug. 1 began 1919 and is applied to purchase o f bonds at not to exceed necting with the cR.’s lines. The co. was also auth. to purchase the prop
o
105 and int. $254,000 5s (incl. in amount outstanding) held in sinking fund erty o f the Northeastern co. later if thought desirable. V. 118, p. 1392.
April 1 1925. Bonds purchased are to be held alive. Callable at 105 and
STOCK A N D BONDS—
Date.
Interest. Outstanding. Div. A Mat.
int. V. 105, p. 909; V. 112, p. 562. In Dec. 1924 Dillon, Read & Co. and
_________
$325,000
See text
Stock $325,000 (par $100)_________
Tucker. Anthony & Co. offered $1,000,000 1st & ref. mtge. 5s at 95 and
1st mtge $150,000 ($1,000)7 1901
4 g A-O
150.000 Oct 11931
int., to yield about 5.35% . V. 119, p. 2647.
g o ld _________________ c*tf\Int. at Old Colony Tr. C o., Boston, trustee.
Dividends.— First div. o f 3% on July 15 1901; paid 6% per annum to and
Bonds.— Entire issue may be called at 105 and accrued interest.
incl. 1905; 7% in 1906; since 8% per annum. 5% extra dividend in 1912.
Dividends.— Under the lease to the Bay State St. R y. dividends of 6%
REPO RT.— Of the Manchester Trac., Lt. & Power C o., and subsidiary
p. a. were being paid, but payment due Jan. I 1918 was defaulted— see
companies for years ending Dec. 31:
Year end.
Gross
Net
Interest
Balance for remarks above.
Dec. 31—
Earnings.
Earnings.
Ac.
Divs. Ac.
EARNING S.— For cal. year 1919, gross, $131,691. For last II months
1924 ----------------- ----------$2,561,753
$989,953
$267,424
$722,529 o f 1918. gross, $110,240.
1923 ...........................
2,560,842949,247
259,450
689,797
OFFICERS.— Pres., George A . Fernald, Boston; Treas., J. E . Tobias,
1922 ------------------------------ 2,297,871
798,679
296,467
502,212
1921 ------------------------------ 2,429,865
782,808
312,160
470,648 Nashua. N. H.— V . 106, p. 86, 607. 1036; V. 110, p. 1973: V. 118. p. 1392.
OFFICERS.— Pres., E. C . Foster; V .-P ., Walter F. Norton; V .-P. &
Gen. M gr., J. Brodle Smith; Treas., Geo. S. West; Asst. Treas., A . Cun
ningham and Reed P. Anthony; Clerk, Allan M . Wilson.— V. 114, p. 1890,
2359, 2717: V. 116, p. 1275: V. 117, p. 670; V. 118, p. 1773; V. 119, p.
198, 694, 2647; V. 120, p. 2147.
NEW HAMPSHIRE
VERMONT
NEW HAMPSHIRE ELECTRIC RYS.
Control.— Early in 1925 the Associated Gas & Electric Co. acquired control
of the company. V. 120, p. 331. Compare V. 119, p. 2762, 2878.
O R G A N IZA TIO N .— A voluntary association organized as successor to
New Hampshire Trac. Co. on Aug. 24 1905. Co. owns $143,000 bonds and
all o f the com. capital stock o f the following companies: Mass. N. E. St. R y.,
Dover Somersworth & Rochester St. Ry. and Granite State Land Co.
STOCK—
Date.
Interest. Outstanding. Last Div.
Common $4,000,000 ($100)............._________ $3,900,200 ____________
Pref 4 % n -c $4,000,000 ($100)______
J-J
3,399,500 July ’ 17,1 %
Dividends.— Company paid 1% each 6 mos. on pref. from July 1908 to
and incl. Jan. 1910: July 1910 to Jan. 1912. I H % s.-a.; July 1912 to July
1915. 2% s.-a. In July 1916, 2% . In 1917, 3 % . None since.
OFFICERS.— Pres., J. I. Mange; V .-P ., John M . Daly, New York;
Treas., F. E. Webster, Haverhill, Mass.— V. 118, p. 1392.
(1) MASSACHUSETTS NORTHEASTERN STREET RY.
All the stock of this company is owned by the New Hampshire Elec. Rys.
OR GA N IZA TION .— A Massachusetts corporation.
MONTPELIER & BARRE LIGHT & POWER CO.
ORGANIZATION.— Incorp. in Mass, on N ov. 12 1912 and owns 91%
o f the stock of the Barre & Montpelier Trac. & Power Co. Also owns
all the stock of the Consolidated Lighting C o., Vermont Power & Ltg. C o.,
M olly’s Falls Elec. Lt. & Pow. C o., and Waterbury Lt. & Pow. C o.; also
assets of Corry-Deavitt-Frost Elec. Co.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
lies electric light, heat and power in Barre and Montpelier andinpracy all o f Washington County. Vt. Power plants have an aggregate
capacity of about 16,183 h. p ., and 4,000 h. p .in addition is available
by contract.
The
steam plants under normal .conditions are
held largely} as a reserve; 130 miles o f transmission lines; unde
veloped water power o f about 8,000 h. p. capacity. The Barre & M ont
pelier Trac. & Power Co. owns 9.75 miles of track between Barre & M ont
pelier. 58-lb. T rail. Gauge 4 ft. 8 A in. Franchises are perpetual.
Sub. Co. Receivership, Ac.— See under Barre & Montpelier Traetlon C o.
in V. I l l , p. 222” : V. 112, p. 61.
a
26
PUBLIC UTILITIES
STOCK A N D BONDS—
Date.
Interest.
Outstanding. Maturity.
Common $1,000,000 ($100)_ ____
_
______ $ 1 ,000,000
___________
Pr pref 7 % cum $275,000 ($100) ____
7%
275,000 ___________
Pref $3,810,000 t$100) cum — ____
6%
1,337,800
See text
1st refund mtge $2,500,000/ 1914 5 g A-O
1.172,200 Oct 11944
($100 & $1,000)
c*&r*tf 1Int. at Amer. Trust C o., Boston, trustee.
10-year notes $750,000 g o l d ../ 1920 8 g M-S15
500,000 Sept 15 1930
\Prin. & int. payable at American Trust Co.
Consolidated Lighting C o____ ____ 5 J-J
700,000 Jan 1 1926
Vermont Power & Ltg C o _____ ____ 5 M-S
400,000 Mar 1 1927
Corry-Deavitt-Frost El C o _ ------ 6 M-S
_
115,000 Mar 1 1930
Waterbury Light & Power C o . ____
5 M -N
49,000
See text
Stock.— $2,472,200 pref. stock is reserved for conversion o f 1st ref. mort
gage bonds. Tax-free in Massachusetts.
Bonds.— The above bonds o f light and power companies are assumed
by the Montpelier & Barre Light & Power Co. $250,000 of the 1st ref.
bonds became convertible at holders’ option into pref. stock at par on
Mar. 1 1916. As of Apr. 1 1925 $27,800 had been so converted. $400,000
additional bonds became convertible into pref. stock at par on Mar. 1 1921.
$45,000 became convertible after Mar. 1 1923. Red. as a whole at 105 and
int. on any int. date on 4 weeks’ notice. $1,098,000 bonds are reserved to
retire underlying bonds and $202,000 for additions and improvements at
75% o f cost.
$387,000 Consol. Ltg. C o. bonds and $194,000 Vermont Pr. & Ltg. Co.
bonds are held in sinking funds (incl. in amounts reported outstanding).
The Waterbury Lt. & Pr. C o. bonds matured $6,000 yearly to N ov. 1
1921; since $7,000 yearly to N ov. 1 1931. $76,000 had been redeemed up
to Apr. 1 1925.
Dividends.— A div. of $2 50 was paid on the 6% 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. to and incl. Jan. 1921. In
July 1921 l j j % was paid. Jan. 1925 a quar. div. of $1 50 per share was paid
on the 6% pref. and in addition $19 50 per share was paid on account of
accumulated dividends. V. 120, p. 86.
EARN INGS.— For years ending Dec. 31:
Dec. 31 Yrs.— Gross Earns.
Tot. Net Inc. Int.,Rents.Ac. Bal.forDivs.
1924-----------------------$817,155
$289,402
$173,274
$116,128
1923............
724,987
236,559
157,256
79.303
1922_______________ 495,576
169,710
154,878
14,832
1921_______________. 529.530
_
205.915
148.691
57,224
OFFICERS.— Ch. o f Bd. o f Directors, C. H. Tenney; Pres., H. T . Sands
1st V .-P ., A . B. Tenney; 2d V .-P ., D . Edgar Manson; Clerk, H. P. Wood;
Treas., E. A. Bradley; Asst. Treas., R . C. Tenney; Aud., I. S. Hall. Under
management of Charles H. Tenney & Co.. Boston.—V. 105, p. 1999;
V. 117, p. 96, 2441; V. 119, p. 2762, 2878; V. 120, p. 86
RUTLAND RAILWAY,
LIGHT & POWER
CO.
Control.— It was reported in M ar. 1925 that the Insull interests had
acquired control of the co. V. 120, p. 1461.
ORGAN IZATION .— Is a consolidation in Feb. 1906 o f the Rutland
Street R y., the People’s Gas Light C o., the Vermont Internal Improvement
Co. and the Chittenden Power Co. In Sept. 1906 acquired the entire
$180,000 stock and $120,000 bonds of the Rutland City Electric Co. V. 83,
p. 626. In March 1908 consolidated with the latter company, thus com
pleting consolidation o f all the Rutland public utilities. V. 86. p. 1044.
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns 28.3 miles of track in Rutland and West Rutland, extending to Fair
Haven and Poultney on New York State line. Standard gauge. 60-lb. T
rail. 32 passenger cars and 10 freight and express cars.
Trolley Operations Discontinued.-—In Jan. 1925 the trolley lines in and
around Rutland were supplanted by buses. V. 120, p. 583.
Franchises have been granted by special Acts of Vermont Legislature and
are perpetual.
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
_______
$1,700,500
See text
Com stock $2,000,000 ($100)_ ____
Preferred stock______________ ____ 7%
111,200 Apr ’25, 1%
First mortgage $2,000,0001 1906 5 g M-S
1,874,000 Mar 1 1946
gold ($1,000)............. ..c*f Int. at M ech. & Met. Nat. Bk., N . Y ., trus.
Bonds.— Bonds are redeemable at 110 and interest, as a whole or in
amounts of not less than $50,000, on any interest day. Sinking fund began
March 1 1916, providing for annual payments increasing from 14% to 2%
o f bonds out.
Dividends.—-On pref. divs. of \% % quar. are being paid regularly. On
A
common, 1913, 4% ; 1914, 3.35% ; 1915, none; 1916, 2 K % ; none since.
EARN ING S.— Years ended Feb. 28;
12 Months Ended Feb. 28—
1925.
1924.
Operating revenue________________________________ $527,031
$546,567
Net, after taxes and rentals________________________
137,483
141,630
Other income________________i ___________________
25,868
25,089
Interest and other deductions_____________________
93,993
95,361
7,784
7,784
Provision for dividend on preferred stock__________
Balance, surplus________________________________
$61,575
$63,574
OFFICERS.— Pres., W . S. Barstow; V .-Ps., Lucien H. Tyng, E . L
West; Gen. M gr., J. G. Menut; Treas., W . Buchsbaum; Clerk & Asst
Treas., G. H. Lawson; Asst. Treas., J. P. Campbell; Sec., C . N
Wilson. Gen. Mgrs., The W . S. Barstow M gt. Assn., Inc.— V. 110, p
2658; V. I l l , p. 589, 1084. 1662; V. 112, p. 258; V. 115, p. 544; V. 116, p
1533 . 2257; V. 118, p. 1666; V . 120, p. 332, 583, 1461.
VERMONT COMPANY.
On M ar. 31 1925 the N . Y . N . H. & H. owned 6,500 shares o f stock and
$846,000 1st mtge. bonds (tf).
O RGAN IZATION .— Was leased to the Berkshire St. R y. for 99 years
from Feb. 1 1911, but lease was canceled on Dec. 31 1922. Owns all the
stock o f the Hoosick Falls R R .
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates 19.55 miles o f line (serving Bennington and Pownal), being that
part o f the former Bennington & North Adams St. R y. lying within the
State o f Vermont.
EARN IN G S.— For 12 mos. end. Dec. 31 1924, gross, $83,793; net, after
taxes, def., $13,805; other income, $219; deductions, $45,870; bal., def.,
$59,456.
(1) HOOSICK FALLS RR.
lncorp. in 1910 to acquire that portion o f the former Bennington & North
Adams St. R y. lying in New York State. On Feb. 1 1913 was leased to
the Vermont Co. for 99 years. All the stock is owned by Vermont Co.
Operates 7.11 miles o f line serving towns o f Walloomsic, North Hoosick
and Hoosick Falls, N . Y .
BURLINGTON TRACTION CO.
ORGAN IZATION .— Incorporated in Vermont.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns 12 miles o f track in city o f Burlington. Rails 60, 70 and 75-lb. T.
Owns 15 closed cars, 17 open cars, 2 convertible cars, 2 snow plows, 1 sweeper
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $400,000 (par $100)_________
Q-F
$200,000 Aug’24, 114
30-year bonds $500,000____ t f . 1912
5%
350,000
1942
Bonds.— The remaining $150,000 bonds can only be issued with permis
sion o f Public Service Commission.
Dividends.— Previous to 1903, 4% yearly.
From 1903 to 1912, 6%
yearly. In 1912, 1913 and 1914, 8 % . In 1915, Feb., 2% ; M ay, 2'A %,
and same rate quar. to and incl. Nov. 1921. In Aug. 1922, 1 % % was paid.
N ov. 1922, 1 14%, and same rate paid regularly quar. since to and incl.
Aug. 1 1924.
12 Mos. ending—
Gross.
Net.
Charges.
Divs. Sur. or Def.
Dec. 31 1924___________$202,538 $39,059 $17,500 $24,000 def.$2,440
Dec. 31 1923___________ 219,956 41,810
17,500
24,000 sur.
310
Dec. 31 1922___________ 206,007 41,200
17,500
21,000 sur. 2,700
OFFICERS.— Pres. & Treas., Jno. J. Flynn; V.-P. & Sec., C . WBrownell.— V. 94, p. 1185; V. 109, p. 676. 981; V. 112, p. 161.
SPRINGFIELD TERMINAL RAILWAY CO.
W ORGAN IZATION .— As o f Jan. 1 1923 acquired the entire property of
the Springfield Electric R y. Co.
[V ol. 120.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Length of road, 6 14 miles (9 miles of track) from Springfield, V t., to Charles
town, N . H. Freight and passenger road. Carries freight in standard
cars. Connects with Boston & Maine R R .
CA PITA LIZA TIO N .— Capital stock, common, $100,000; pref. $82,500;
1st mtge. 7% bonds, $164,000.
EARNING S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross______________________________
$110,937
$112,058
$81,346
Net, after taxes____________________
27,616
37,423
19,681
OFFICERS.— Pres., E . S. French; V .-P ., E . A . Davis; Treas., C . G.
Staples.— V. 61, p. 1043; V. 70., p. 93; V. 106, p. 2124; V . I l l , p. 2230.
MASSACHUSETTS
EDISON ELEC.
ILLUM.
CO.
OF BOSTON
(THE).
O R GAN IZATION .— lncorp. in 1886. V. 81, p. 157; V . 88, p. 454,
1132; V. 94, p. 1190; V. 95, p. 422.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Does lighting and power business of the City of Boston and 41 surrounding
cities and towns.
The stockholders of record N ov. 5 1923 were given the right to subscribe
on or before Dec. 5 1923 to the new 64,881 shares of capital stock at $140
per share, in the proportion of one new share for every five old shares now
held. V. 117, p. 2115. Holders of record N ov. 5 1924 were given the
right to subscribe to 77,857 additional shares of stock at $155 per share in
the proportion of one new share for every five old shares held. V . 119, p.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $46,714,100 ($100)__________
Q-F
$46,714,100 M a y ’25 3%
3-yr coupon notes ($1,000) f 1925
4 'A g J-J 30,000,000 Jan 15 1928
g o ld ____________________ c\Int. at Old Colony Trust C o., Boston.
Notes payable (secured)______ _____
_________
1,315,000 ___________
Stock.— Stock is listed on the Boston Stock Exchange.
Notes.—’The notes of 1925 must be secured by any future mortgage. In
Jan. 1925 $30,000,000 were sold by Lee, Higginson & C o., Old Colony
Trust C o., F. S. Moseley & C o., &c., &c., at 99.31 & int., to yield about
4M % - V . 120, p. 329.
Dividends—
11903-06.
1907 to 1909.
1910. 1911 to N ov 1924.
S nee 1901_____% U 0 y r ly . 10 yrly. & 1 ext. 1114 12 p. a. (3% Q-F)
R EPO RT.— For 1924, in V. 120, p. 701, 1585. showed;
Calendar Years—
1924.
1923.
1922.
Operating revenues__________________$19,494,784 $17,877,963 $15,885,820
Operating expenses__________________ 9,333,352 $9,106,172 $8,292,20$
Uncollectible operating revenues____
30,000
36,000
59,933
T a x e s ______________________________ 2,470,000
2.225,000 2,010,000
Net operating income_______ _____$7,661,432
Non-operating income _
_____
74,711
$6,510,791
58,935
$5,523,679
77,226
Gross income
_ ________ . .
$7,736,143
Interest, &c., deductions_ __ ____$1,173,288
_
Dividends p a i d _
_
_____ 4,667,964
$6,569,725
$1,354,041
3,890,610
$5,600,903
$1,555,646
3,241,428
Balance, surplus_________________ $1,894,891
$1,235,074
$803,829
OFFICERS.— Pres., Charles L. Edgar; V .-P ., Walter C. Baylies; Treas.,
T . K. Cummins. Office, 70 State St., Boston, Mass.— V . 119, p. 1739,
1961,2069, 2179, 2286, 2760, 3009; V. 120, p. 210, 329, 701, 1088, 1585.
EDISON
ELECTRIC ILLUMINATING
BROCKTON.
CO.
OF
O R GAN IZATION .— lncorp. in Massachusetts in 1884.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Does the entire electric lighting and power business in Brockton and in the
adjacent towns of Whitman, Avon, Hanson, Bridgewater, East and West
Bridgewater, Stoughton and Easton, and furnishes power to The Electric
Lt. & Pow. Co. of Abington and Rockland. Power house capacity, 19,000
k. w.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $3,228,000 ($25)_______ _____
_________ $3,228,000
See text
1st mtge $200,000 (closed) f 1900
5 g J-D
200,000 Dec 1 1930
gold ($1,000)__________ c*\lnt. at Bos. S. D . & Tr. C o., Boston, trustee.
Slock.— Non-taxable in Massachusetts. 5,000 shares were offered in
Nov. 1924 by Blodget & Co. and Stone & Webster, Inc., at $53 per share.
V. 119, p. 2528.
Bonds.— 1st M tge. 5s are call, all or in part at 110 & int. on any int. date.
Divs.— Year— 1910.
1911-1919. 1920. 1921.
1922. 1923. 1924.
Regular divs. paid.7K %
8 % p .a .
8%
10%
10 % 10%
10%
Extras_________________________
5%
___________
3% 4% 2%
In 1925, Feb.. 214%; M ay, 2 14%.
EARNING S.— For 12 mos. end. D ec. 31 1924:
Gross earnings_______________________________________________ $1,572,415
Operating expenses and taxes_________________________________ 1,013,497
Net earnings______________________________________________
♦Income from other sources__________________________________
$558,917
14,073
B alan ce_____
Interest charges.
$572,991
16,347
B alan ce__________________________________________________
Dividends: Capital stock, 10% ______________________ $306,660
Capital stock, 2% extra__________________ 64,560
$556,644
371,220
Balance for reserves and retirements_______________________
$185,424
* Interest on funds advanced to Montaup Electric Co.
OFFICERS.— Pres., Fred’k B. Howard; V .-P ., A. Stuart Pratt; Clerk,
Victor D. Vickery; Treas., Henry B. Sawyer. Under management of
Stone & Webster, Inc.— V. 119, p. 3009.
FALL RIVER ELECTRIC LIGHT CO.
ORGANIZATION.— lncorp. in Mass, in March 1883. Owns 18,944
shares com. and 5,000 shares pref. stock of the Montaup Electric Co.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Does entire commercial electfic light andpower business in the city of
Fall River and vicinity. Also serves the towns of Somerset, Swansea,
Dighton and Westport. Has 15,000 k. w. steam power plant.
STOCK AND BONDS—- Date.
Interest. Outstanding.
Last Div.
Common $5,250,000 ($25)_________
_________ $5,229,175 A p r '25, 2%
Employees stock $50,000 ($ 1 0 )____
_______
50,000 __________
No funded debt, but see V. 120, p. 2146.
Dividends.— Divs. at the rate of $% per annum paid since 1905.
E A R N IN G S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Sales from lighting_____
$849,562
$773,218
$696,956
$615,534
Sales from power_______
990,349
1,175,169
1,098,589
874,189
Miscellaneous oper. rev.
4,765
1,329
______
______
Total oper. revenue.. $1,844,677
Expenses— Operating_
_
1,094,440
T axes__________
198,030
$1,949,717
1,111,267
212,685
Total expenses________ $1,292,471
Net operating income___
552,206
Non-oper. income______
74,625
Other credits__________
60
$1,323,953
625,764
14,087
1,620
$1,165,399
630,146
13,471
5,867
$641,471
$649,485
Total incom e..............
$626,892
$1,795,546
978,667
186,732
$1,489,724
815,408
162,254
$977,663
512,061
16,019
____
$528,080
POWER, LIGHT AND RAILW AY
M ay , 1925.]
Cal. Years (Concl.)—
Deductions— Interest . .
Miscellaneous-----------
1924.
22,676'
40,108
1923.
22,878
8,100
1922.
31,527
15,322
1921.
49,806
7,313
Net income-------------Dividend, 8 % -------------Res. for renew. & replace
$564,107
380,114
174,839
$610,492
283,951
163,393
$602,635
282,747
154,778
$470,960
278,795
143,675
Surplus for 12 mos___
Surplus forward-----------
$9,153
488,678
$163,147
325,531
$165,110
160,421
$48,489
111,931
Total surplus-----------$497,832
$488,678
$325,531
$160,421
OFFICERS.— Pres. & Gen. M gr., Roy F. Whitney; V .-P ., James EOsborn; Clerk & Treas., Andrew P. Nichols.— V. 118, p. 557; V. 120, p.
2146.
LAWRENCE GAS & ELECTRIC CO.
ORGAN IZATION .— Incorporated in Massachusetts in 1849. Known
as Lawrence Gas Co. up to Mar. 26 1925, when name was changed to
present title.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Does the entire commercial electric light and power and gas business in
Lawrence and vicinity.
The co. has applied for auth. to increase the capital stock from $3,200,000
to $4,000,000. Has also asked permission to call the 1st mtge. 7s on
Aug. 1 1925 and to refund samejwith 5% bonds. V. 120, p. 1881.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock $3,200,000 ($ 2 5 )____
_________ $3,200,000
See text
1st Mtge ($500 & $1,000)1 1920
7 g F-A
1,500,000 Aug 11940
gold-------------------------- c*&r }Int. at Boston Safe Dep. & Tr. C o., Bost.,Tr.
Bonds.— Callable all but not in part, on 60 days’ notice on any int. date
from Aug. 1 1925 to and incl. Feb. 1 1930 at 109; thereafter to and incl.
Feb. 1 1935 at 106; thereafter to and incl. Aug. 1 1937 at 103, and there
after at 101K - $1,500,000 were offered in July 1920 by Harris, Forbes &
Co. and Parkinson & Burr, Boston. V. 119, p. 498.
Dividends.— Have been paid without interruption since 1858 at the
rate o f 6 % or over and during this period numerous extra divs. have been
paid. Divs. are now being paid at the rate o f 8% per annum.
EARN IN G S.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
1922.
Operating revenues_________________ $2,176,090 $2,185,174 $1,952,522
Operating expenses___________ _____ 1,643,202
1,423,306
1,358,523
Net operating income.
Non-operating income..
$532,888
17,453
$761,868
16,323
$593,999
15,854
Gross income________
Deductions— Interest__
$550,341
137,063
$778,191
123,312
$609,853
157,675
Income balance---------------------------$413,278
$654,879
$452,178
OFFICERS.— Pres., Irvin M cD . Garfield; V .-P ., Fred H. Sargent!
Treas., R. W. Emmons 2d; Clerk, H. R. Peverlv.— V. 118, p. 2710; V. 120>
p. 957, 1203, 1459, 1747, 1881.
THE LOWELL ELECTRIC LIGHT CORP.
ORGAN IZATION .— Incorporated in Massachusetts in 1881.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Does the entire electric lighting and power business in Lowell and in the
adjoining towns of Billerica, Chelmsford, Dracut, Tewksbury and Westford.
Also supplies a portion o f the town of Tyngsboro and sells power to the
town of Littleton. Power house capacity, 23,700 k. w.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Stock $3,091,500 ($25)_____________
$3,091,500May25,2K%
No funded debt.
Stock.— Stock is non-taxable in Massachusetts.
EARN INGS.— For 12 months ended Dec. 31 1924:
Gross earnings------------------------------------------------------------------------- $1,541,362
Operating expenses and taxes__________________________________ 1,008,741
Net earnings----------------------------------------------------------------------Interest charges______________________________________________
$532,620
19,113
Balance------------------------------------------------------------------------------Divs.; Capital stock, 10%, $287,075; 3% extra, $92,745_______
$513,507
379,820
Balance for reserves and retirements_________________________ $133,687
OFFICERS.— Pres., Harry Dunlap; V .-P ., A. Stuart Pratt; Clerk.
Victor D. Vickery: Treas., Henry B. Sawyer. Under management of
Stone & Webster, I n c — V. 119, p. 204, 1070, 3009; V. 120, p. 1203.
NEW BEDFORD GAS & EDISON LIGHT CO.
O RGAN IZATION .— Incorporated in Massachusetts in 1850.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does the entire electric and gas lighting and heating and industrial power
business in the city o f New Bedford and several neighboring towns, including
Freetown, Lakeville, Acushnet, Fairhaven, Dartmouth and Mattapoisett.
Owns and operates a 92,000 k. w. steam power station located in the city
of New Bedford at tidewater. Current is distributed in the city by means of
an extensive underground system, in the outlying districts by overhead lines,
and is delivered to the neighboring towns by means o f high-tension trans
mission lines. Company’s combined oil and water gas plant has an installed
generating capacity o f 7,500,000 cu. ft. Has 32,910 gas meters; 221.9 miles
gas mains; 29,203 electric meters; 1,978.9 miles electric overhead lines,
250.1 miles underground cables.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $4,579,200 ($25)______
See text
$4,579,200
1st mtge Ser “ A ” ($500 &
$1,000) gold________ c*.tf 1918
6 g J-J
885,000 Jan 1 1928
Series “ B ” gold ($1,000)-- 1918
7 g J-J
477,000 Jan 1 1928
Series “ C ” gold ($l,0G0)tf 1918
572,000 Jan 1 1938
6 A g J-J
Series “ D ” ($1,000) g .c*.tf 1918
5 g J-J
1,500,000 Jan 1 1938
Series “ E ” ($1,000) g -c * .t f 1918
5 g J-J
1,145,000 Jan 1 1938
New Bedford (Mass.) Safe Deposit Nat’l
Bank, trustee.
Bonds.— Int. on all series of first mtge. bonds is payable at office of trustee
or at the First National Bank o f Boston. First mtge. Series “ A ” 6s are
redeemable, all or in part, by lot on any interest date on 40 days’ notice at
107 A to and including July 1 1925, and at 105 thereafter. $408,000 Series
“ A ” 6s were offered in Feb. 1918 by Coffin & Burr and Harris, Forbes &
Co. at 100 and interest. V. 106, p. 505, 611.
First mtge. Series “ E ” 5s are callable, all or in part, on 30 days’ notice, at
105 and interest prior to maturity. In June 1923 Harris, Forbes & Co.
offered $1,145,000 Series “ E ” 5s at 100 and interest. V. 116, p. 3004.
First mortgage Series “ C ” 6K s are callable at 107A and interest to
July 2 1925, and at 105 and interest thereafter. In July 1921 White,
Weld & C o., Boston and New York, offered $572,000 Series “ C ” 6 A s at
104.65 and int., to yield 6.05% . V. 113, p. 425.
First mortgage Series “ B ” 7s are call, at 107 A & int. to and incl. July 1
1925 and at 105 & int. thereafter. In Sept. 1920 E. H. Rollins & Sons
offered this series at 100 & int.
First mtge. Series “ D ” 5s are redeemable on 30 days’ notice on any inter
est date up to and including July 1 1925 at 107 A and interest, and thereafter
on any interest date prior to maturity at 105 and interest. Guaranty Co.
o f New York in M ay 1922 offered $1,500,000 Series “ D ” 5s at 103.29 and
interest, to yield 4.70% . V. 114, p. 2022.
Dividends.— Late dividends have been paid as follows: 1899, 6 A % ,
1900, 7% : 1901, 7 ^ % : 1902, 6% ; 1903, 10A % ; 1904, 8% ; 1905, 9% ; 1906;
10%; 1907, 11%; 1908, i 'H % ; 1909, 31% ; 19'0, 11%; 1911, 1 3 A % : 1912,
12%; 1913, 14%; 1914, 13% % ; 1915, 13%; 1916, 15%; 1917 to 1924 incl.,
12 %.
27
EARNING S.— For 12 months ended Dec. 31:
Calendar
Gross Oper.
Int.
DepreDivi-Balance,
Year.
Revenue.Expense.
&c.
Taxes,
ciation. dends. Surplus.
$
$
$
$
$
$
$
1924______ 3,544,485 1,861,699 311 930 399,756 295,873 549,504 125,723
1923
3,658,153 2,026,459 283,627 368,339 288,593 549,504 141,631
1922______ 3,357,232 1,847,477 312,630 335,266 268,410 412,128 181,321
The surplus account as o f Dec. 31 1924 was $886,277 31 and the deprecia
tion reserve was $1,475,516 16.
OFFICERS.— Pres., Oliver Prescott; V .-P ., F. H. Gifford; Treas. &
Clerk, C. R . Price; Gen. M gr., W. H. Snow.— V. 118, p. 440, 1673.
TURNERS FALLS POWER & ELECTRIC CO.
ORGANIZATION.— Organized in Massachusetts.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Distributes electric power in the Connecticut River Valley from Turners
Falls to Springfield, Mass. (excl. only the City of Holyoke). Principal
hydro-electric power plant is located at Turners Falls on the Connecticut
River, present installed generating capacity about 50,000 k. w. Auxiliary
steam plant has 30,000 k. w. 6 substations. Principal transmission lines
Include two 66,000-volt steel-tower lines extending between Turners Falls
and Springfield, Mass. Also steel-tower line to Pittsfield and inter
connections with Hartford (Conn.) Elec. Lt. Co. and New England Pow. Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock________________ _____
_______ $10tOOO,OOOMar.’25 1 A %
_________
46,750 M ar. 25 l5c
Em ployees__________________ _____
1st mtge ser A ($l,000c* &\ 1922
5 g J-D
3,000,000 June 1 1952
$1,000, $5,000 & $10,OOOr*) { Int. at Merch. Nat. Bk. o f Boston, trustee,
gold--------------------------------- {
Bonds.— 1st mtge. 5s, series A, are call, on any int. date at 110 and int.
on or before June 1 1932, the premium thereafter decreasing % of 1% s.-a.
In June 1922 Lee, Higginson & Co. and Coffin & Burr, Inc., offered at 103
and int., to yield over 4.80% , $3,000,00d 1st mtge ser. A 5s. V . 114, p.
2479.
Dividends.— 6% paid from organization to and incl. 1917; 8% paid in
1918 and 1919; 6% in 1920 and at same rate regularly since (payable Q .-M .).
EARNING S.— For calendar years:
1923.
1924.
Results for Calendar Years—
$2,193,812
Net sales
_ ________ ______ ________ ____$2,200,677
1,187.768
Operating expenses _________ _____________ ____ 1,006.271
_
Net operating p r o f i t _ _________________ ____$1,194,406
37,374
Other income _
_
_
____ ____________ ____
$1,006,044
51,667
Total earnings
_ - __________ ____$1,231,780
_
$203,790
Interest_____
- _ Federal income and State franchise t a x e s ____ ___
67,563
Dividends_____
- - __________ ____
580,643
$1,057,711
$158,502
49,000
579,695
Balance, surplus______________________________
$379,784
$270,515
Profit and loss surplus Dec. 31__________________
$524,376
$352,340
OFFICERS.— Pres., Geo. W. Lawrence; V .-P ., Alvah Crocker; V .-P .,
W . Rodman Peabody; Clerk & Treas., Fred. C . Abercrombie.— V . 119,
p. 1407, 1746, 2531; V. 120, p. 959.
UNITED ELECTRIC LIGHT CO.
ORGANIZATION.-—Incorp. in Mass, in 1887. Owns all o f the common
stock o f Indian Orchard Co.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Does entire electric lighting and industrial power business in Springfield
and Longmeadow, and practically all in West Springfield, Mass. C o.’s
equipment includes 58,750 installed h. p ., about 226 miles o f duct conduits
and about 985 miles of overhead lines.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock ($ICO)_______________
Q-M 31
$4,000,000 M a r’25,3%
No funded debt.
Dividends.— Paid 6% to June 1900; 8% to June 1909; 10% to June 1917;
12% Sept. 1917 since to and incl. March 1925 (payable Q.-M . 31). In
Dec. 1924 an extra of 2% was paid.
EARN ING S.— For calendar years:
1922.
Calendar Years—
1924.
1923.
Gross revenues_____________________ $3,031,319 $2,799,869 $2,532,925
1,449,134
Operating expenses and taxes
. _ _ 1,768,849
1,662,119
Net operating in c o m e _______
$1,262,470
Other in c o m e ___ _____
_________
783
$1,137,750
352,283
$1,083,791
3,636
Total income________ ____________ $1,263,253
Fixed charges. ___________________
71,293
$1,490,033
95,201
$1,087,427
112,911
$1,191,960
288,873
$1,394,832
259,746
$974,516
257,899
$903,087
534,215
$1,135,086
384,000
$716,617
384,000
Depreciation .
_ ____ ____________
_
Dividends paid.
. -
- _________
$751,086
$332,617
Surplus
.
. ________
$368,872
OFFICERS.-—-Pres., R . W . Day; V.-Pres., Treas. & Clerk, W. L. Mulli
gan; Gen. M gr., L. J. Scott.— V. 118, p. 678; V. 120, p. 333.
BOSTON ELEVATED RAILWAY.
ORGANIZATION.— Charter granted in 1897; provides for an extensive
system of free transfers. Leases for 99 years from 1903 23.753 miles
Old Colony Street R y. track. The latter company has since been merge,d
into the Eastern Massachuetts Street Ry. (formerly the Bay State Street
R y .). On June 10 1922 the Boston Elevated and the West End Street
R y. were consolidated under terms of an Act passed by the Mass. Legis
lature in July 1911. Prior to the consolidation the West End St. R y. had
been leased by the El. Co. Under terms o f the consolidation Act holders
o f West End pref. stock ($50 par) received in exchange for each 2 shares
thereof one share o f Boston El. 1st pref. 8% stock ($100 par), and holders
of West End common received for each 2 shares ($50 par) one share Boston
El. 2d pref. 7% stock ($100 par). For full particulars o f the consolidation
Act and history o f West End St. Ry. see “ Electric Railway” Supplement
o f April 29 1922.
Effective July 1 1918 under the terms o f the "Public Operation A ct,”
the co. was placed under the management o f five trustees appointed by the
Governor. The Act provides for public operation for a period o f 10 years
or longer, at option o f Commonwealth, trustees have power to regulate
fares and service, fares must be sufficient to meet cost o f service, pref. divs.
at 7% and com. divs. at rate o f $5 a share for first 2 years, $5 50 for next
2 years and $6 during balance o f period o f public operation. State has
option o f taking over road by assuming liabilities and paying in cash an
amount equal to that paid in by stockholders. For full details see “ Electric
Railway” Supplement o f April 26 1924.
On May 1 1920 the State gave to the co. $7,868,000 in payment for the
Cambridge subway. We understand that the subway is rented to the co.
at a rate equivalent to K o f 1% more than the int. on the bonds issued by
the State on account o f the purchase o f the property. See also V. 110,
p. 1414. The extra A % to be used to retire the bonds serially; the co. Is
to pay rental at rate o f 4 A % annually on the amount retired.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates a system of rapid transit and surface lines serving a
territory which includes the cities of Boston, Cambridge, Somerville,
Malden, Everett and M edford, and the towns of Brookline, Arlington, Wat
ertown and Belmont and portions of the cities of Chelsea and Newton.
Total miles of track, 513.292. 2,120 passenger cars.
In March 1925 the co. was auth. by the Mass. Dept, o f P . U. to issue
$2,141,000 notes or bonds, payable in not exceeding 30 years, and to bear
int. at a rate of not more than 6 % . V. 120, p. 1201.
28
PUBLIC UTILITIES
[V ol. 120,
Interest Outstanding. Maturity.
STOCK A N D BONDS—
Date.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Common (see text) par $100-______
_______
$8,460,850 ___________
Stock, $23,950,000 ($100)_________
Quar.
$23,879,400 See text.
F-A 15
4,128,300 F e b ’25, 3%
ls t p r e f8 % cum ($100)______ _____
8 J-J
6,400,000 Jan ’25, 4% First pref cum ($100)________ _____
2d pref 7 % cum ($100)_______ _____
6 F-A 15
28,000 F e b ’25, 3%
7 M-S
13,266,100 Apr ’25. 3)4 S kfdstk $3,239,000 cu m ($ 1 0 0 )____
Pref stock 7% cum ($100)______
F-A 1
2.997,800 Feb ’25, 3%
________ 3,000,000
Jan '25,3)4Pref B stock cum ($100)______ _____
Debentures, gold_____c&r.ntfJ1905
5 A-O 8,711,200 Apr’25,$2.50
,
4 g M -N 8,500,000 May 1 1935 Adjustment stock cum ($ 1 0 0 ) - ___
6%
1,200,000 See text
(Old Colony Trust Co., Boston, Registrar. 6% serial ref mtge bonds $5,-1 1919
Debentures, gold-------- c& r.n tf 1907
4)4 A -0
000,000($l,000)Ser“ SA” .c*j01d Colony Trust C o.. Boston, trustee.
4.800.000 Oct 1 1937
6%
437,500
See text
Debentures, gold___ c*& r*_ntf 1911
4)4 M-N 5.000. 000 Nov 1 1941 Series “ S C ” _________________ _____
1919
Debentures, gold.._c*& r*_ ntf
1912 5 J-D
8.286.000 Dec 1 1942 4)4 % ref mtge bonds________ 1919
4)4 J-J 1 14,303,000 Jan 1 1948
2,708,207 Jan 1 1948
10-yr bonds gold ($1,000) c*&r
1923 6 g J-D
1919
5 J-J 1
3.000. 000 June 1 1933 5% ref mtge bonds__________ 1919
/107,400 Sept 15 1927
6 M-S
10-yr bonds gold ($1,000) c&r* 1924
6 g M-S
2.098.000 Mar 1 1934 6% ref mtge bonds Series“ C ” _ 1918
\864,600 Jan 1 1948
10-yr bonds gold ($1.000)c*&r* 1924
5)4 g F-A 1,581,000 Aug 11934
6 A-O
6 % ref mtge bonds Series “ D ” 1919
Securities o f West End St. By.—
713,750 Jan 1 1948
6 M -N
500.000 Jan 1 1948
5% bonds o f 1914_____________ 1914
5 M-S
2.600.000 Mar 1 1944 6% ref mtge bonds Series “ E ” _ 1919
6 g F-A
391.000
See text
1917
Bonds ($1,000)--------------c * .n t f 1902
4 F-A
5.709.000 Aug 1 1932 Bay State St R y equip notes._ l9 l7
'
3,352,000 yDec 1 1929'
5 g J-D
Bonds ($1,000)------------c& r.n tf 1910
4 K 1-J
1.604.000 July 1 1930 Lynn & Boston 1st mtge gold' 1894
$5,379,000 ($1,000) _c*.n tf/In t. at Old Colony Tr. C o., Boston, trustee
B on d s-------------------------------n tf 1912
5 M -N
600.000 N ov 1 1932
B on d s---------------------------------- 1916
5 M -N
6%
35,000xSept 1 1928
815.000 M ay 1 1936 H G & D first mtge______ n tf 1899
7 M-S
B ond s---------------------------------- 1917
6%
60,000xJan 11928
OTp
570.000 Sept 1 1947 M ystic Valley Street R y g o l d . . ____
64,000 Jan 1 1928
5 J-J
B on d s---------------------------------- 1922
6)£%
2.700.000 Feb 1 1927 People’s St R y, West New-1 1898
bury 1st M assumed_ n tf /Interest at State Street Trust C o., Boston.
_
B ond s---------------------------------- 1922
6%
1.956.000 M ay 1 1927
Boston Milton & Brockton/ 1899
6 J-J
93,000xJan 1 1929
Stock.— The pref. stock is subject to the 1st and 2d pref. stock, and is
mtge $100,000___ tf/In t. at
Nat. Bank, Boston, trustee.
callable at 105 and divs. and in liquidation receives 105 and divs. V. 106, N first M ’dleboro & Brockn1st) 1900 First J-J
Bed
5g
x331,000 Jan 1 1929
p. 2344 Listed on Boston Stock Exchange. Y. 107, p. 400.
M $325,000 ($1,000) g -n tf/In t. at American Trust C o., Boston, trustee.
Bonds.— The Boston Elevated debentures are coupon bonds, are in denom. Prov & Taunton St Ry 1st g\ 1898
6 g M-S
150,000xSept 1 1928
o f $1,000 and registered bonds o f all issues are in denominations o f $1,000,
($1,000) auth $200,000.ntf/Am erican Trust C o., Boston, trustee.
$5,000, $10,000 and $50,000. The $1,581,000 10-yr. 5)4% bonds due So Shore & Bos St R y 1st M l 1899
6 F-A
331,000xFeb 1 1929
Aug. 1 1934 were offered in July 1924 by Paine, Webber & C o., Blodget &
($1,000) g $l,0 00,000-_ntf/Int. at American Trust C o., Boston, trustee.
C o., &c., at 101
and int., yielding about 5.35%. V . 119, p. 323.
Interest on all West End St. R y. issues is payable at American Trust
x These issues have been extended to the dates here given in accordance
C o., Boston, except on the 6-year bonds o f 1918, which is payable at Old with plan. The extended issues, which in all cases formerly bore 5% int.,
Colony Trust C o., Boston..
now bear 6% with the exception o f the New Bedford Middleboro & Brock
, Dividends.— First div., 2 H % , was paid Aug. 15 1898. In 1899, 554%; ton St. R y. 1st 5s which continued at the old interest rate. These issues,
m 1900,4)4 %; in 1901, 5H %; in 1902 to 1913, incl., 6% yearly; in 1914 rate with the exception o f the last mentioned, are callable at 103, and during the
was reduced and in Feb. 2% was paid. In July 1914 it was decided to pay five years preceding maturity at 101 and int. The New Bedford Middle
dividends quarterly (V. 99, p. 341), and in Aug. 1)4% was paid; Nov., boro & Brockton 1st 5s are callable at par.
1)4% . In 1915, 514%. In 1916, 5% . In 1917, Feb., 1)4% ; M ay, )4 % ;
y Originally matured Dec. 1 1924 but company exercised option provided
Aug., 1)4% : Nov. div. passed (V. 105, p. 1897). Under public control an in reorganization plan, and extended $3,352,000 of this issue for five years
initial div. o f $2 04 1-16 on pref. was paid in Jan. 1919. In July 1919 $3 50 to Dec. 1 1929, the balance being paid off. The extended bonds are red.
was paid and same amount paid semi-annually since. In July 1922 a semi on any int. date At 103 and int. up to and incl. date two years prior to
annual div. o f 4% was paid on the 1st pref. stock issued in exchange for the maturity, and thereafter at 101 and int, V . 117, p. 2542.
old West End St. R y. Co. pref. stock. In 1923, 8% . In 1924, 8 % .
Stock.— All classes o f stock have full voting rights, except that the com .
In 1925, Jan., 4 % . In Oct. 1922 3 )4 % was paid on the 2d pref. stock,
issued in exchange for West End St. R y. Co. com. stock. In 1923. 7% . stock had no voting rights until Jan. 1 1921, nor has it thereafter at any time
In 1924, 7 % . In 1925, Jan., 3 )4 % . On com. an initial div. of $2 50 when $5 of divs. upon the adjustment stock are in default. Common stock
was paid in Jan. 1919. In April $1 25 was paid and same amount paid is issuable under the plan to the amount permitted by the special act as
regularly to and incl. July 1920. On Oct. 1 1920 $1 37)4 was paid. Same determined by reorganization manager and for any further amounts found
amount paid reg. quar. to and incl. April 1922. In Oct. 1922 $1 50 was necessary by the reorganization managers for other purposes. ' The 1st pref.
stock and the sinking fund stock are cum., ranking equally and pro rata for
paid. In 1923, $6. In 1924, $6. In 1925, Jan., $1 50. A pr., 1)4% .
dividends and in liquidation, and preferred as to dividends, and also as to
REPO RT.— Report o f Boston Elevated R y. for years ending Dec. 31;
par and accrued dividends in liquidation, over the pref. B stock, the adjust
Years Ending—
Dec. 31 ’24. Dec. 31 ’23. Dec. 31 ’22. Dec. 31 ’21. ment stock and the com. stock. Issue of 1st pref. stock is not limited and
Revenue miles run------- x55.988,679 x54,049,665 x50,575,088 x49,706,697 may be called all or in part (when drawn by lo t), on any dividend date at
Revenue pass, carried..382,888,848 382,149,697 356,593,942 337,252,080 120 and divs. Any subsequent issue o f this stock shall be entitled to such
Earnings—
$
$
$
$
divs. as shall be fixed at time o f issue thereof. Stock o f this issue in addition
Passenger--------------------- 33,403.253 33,282,042 31,817,072 32,237,396 to the amount shown as outstanding may be issued (a) in exchange, $ for $,
Mails, rents, adv., &c__
642,329
664,971
635,761
615,657 for Bay State R y. bank loans and coupon notes whose holders amy choose
1st pref. in preference to sinking fund stock: (b) $ for $ for Bay State claims
T o t a l ----------------------- 34,045,582 33,947,013 32,452,833 32,853,053 not otherwise provided for; (c) compensation o f committees, &c. The
Net earnings__________
8,823,448
9,816,759 10,364,375 10,009.996 sinking fund 6% stock is callable, all or in part, on dividend day at par and
Miscell. interest, &c___
129,791
149,801
246,343
423,972 int. in order o f series, numbers 1 to 21, inclusive, by a sinking fund to which
the company is to pay each year an amount equal to the series due Feb. 15
T o t a l ---------------------8,953,239
9,966,560 10,610,718 10,433,968 o f such year, before declaring any dividends on or making any purchase o f
Deductions—
any preferred B stock, adjustment stock or common stock . The shares to
Taxes on railway oper’ns 1,623,996
1,688,140
1,587,187
1,546,758 be redeemed shall be determined by lot in case funds are not available for
Rent for leased roads_
_
48,551
52,512
1,314,745
2,862.207 the payment o f any series in its entirety. Of the sinking fund stock $1,Miscellaneous rents___
2,125,594
2,026,937
1,927,151
1,781,225 425,000, including all o f the first six series and part each of series 7 to 15,
Net loss on miscellaneous
were allocated to bank loans and divided among the bank creditors in pro
physical property____
53
8,732
6,960 portion to their claims. Series 1 to 14 are for $150,000 each. The remain
2,430,789
Int. on funded debt___
2,289,215
1,831,394
1,292.800 ing $1,814,000 o f this stock being the remainder o f Series 7 to 15, and all
Int. on unfunded d e b t..
172,102
26,812
59,921
201,458 of Series 16 to 21, were allocated to the coupon notes in the order o f the
Amortization o f discount
maturity o f the notes, beginning with $57,000 o f the 7th series far the 1918
on funded debt______
43,366
51,121
31,468
31,468 maturity, and increasing gradually to $202,000, being the whole of the
Miscellaneous d e b its ...
18,469
19,127
24,816
16,280 21st series, for the 1932 maturity. Under the terms of a readjustment plan
all sinking fund slock with the exception of $28,000 par has been converted
Total deductions_____ 6,462,921
6,153,864
6,785.415
7.739,157 into 1st pref. and the sinking fund features eliminated. Pref. B stock ranks
Balance, surplus_______ 2,490,319
3,812,698
3,825,304
2,694,812 ahead of the adjust, stock and the com. stock. Dividends on this Pref. B
1st preferred dividends. (8%)512,000 (8)512,000 (4)256,(00
are payable in cash or in com. stock. Call, all or in part (when drawn b y
2d preferred dividends.(7%)972,251 (7)978,302(3)4)491,046
lot) on any div. day at 110 and int. The rate of the dividends on this stock
Preferred divs. (7 % )._ .
210,000
210,000
210,000
210,000 which in any year are paid in com. stock (1) shall not exceed the rate of
Common dividends..(6%) 1,432,764 (6) 1,432,764(5M) 1456069(5K )1313 367 the divs. on the adjust, stock which in such year are paid in com . stock;
unless all the divs. on the adjust, stock in such year if any. are paid in
Balance, surplus-----------def.636,696
679,631
1,412,189
1,171,445 com. stock, and (2) shall be less by at least 2% than the rate of the divs.
TVote.— The reports for 1924, 1923 and 1922 designate the dividends as on the com. stock which in such year are paid in com. stock, unless all the
Boston Elevated R y. Co. dividend rental,” but have been separated by us divs. on the com. stock in such year, if any, are paid in com. stock. The
for comparative purposes. The amounts given in the reports are $3,127,015 5% adjust, stock is preferred over the com. stock. Call, all or in part at
for 1924, $3,133,065 for 1923, and $2,413,115 for 1922— Ed.]
par and int. on any div. date. The rate o f the divs. which in any year are
x Passenger revenue miles (incl. for 1924 motor bus mileage, 890,901).
paid in com. stock shall be less by at least 2% than the rate of the divs.
on the com. stock which in such year are paid in com. stock, unless all
Latest Earnings.— For 12 months ended Dec. 31:
divs. on the com. stock in such year, if any, are paid in com. stock. Stock
12 Months Ended Dec. 31—
1924.
of this issue, in addition to the amount shown above as outstanding, could
Revenue passengers carried— 10c. passengers________________ 283,676,978
do
do
do
— 5c. passengers_________________ 89,662,095 be issued in exchange, par for par, for claims against Massachusetts Electric
do
do
d®
— 6c. passengers_________________
9,549,775 Companies participating in the plan other than claims in respect of securi
ties expressly provided for.
Total revenue passengers carried__________________________ 382,888,848
Bonds.— The serial ref. mtge. 6s, ser. “ S A ," mature $50,000 each Jan. 1
Total receipts from direct operation o f road__________________ $34,045,582
Interest on deposits, income from securities, &c_____________
129,738 1920 and 1921 and $300,000 1922-1929, inclusive, $1,300,000 have been re
tired. Ser. “ SC” mature Feb. 1 of each year 1925 to 1928 incl. and Jan. 1
Total receipts_____________________________________________ $34,175,320 1929. These bonds are issued under c o .’s ref. mtge., which will cover sub
stantially all of the properties subject to less than $10,000,000 underlying
Cost of Service—■
Maintaining track, line equipment and buildings_____________ $3,823,124 bonds and undisturbed securities. The interest on the serial 6s is a charge
Maintaining equipment, cars, shop, &c_____________________
4,156,222 ahead of the interest on approximately $18,900,000 ref. mtge. bonds issued
P o w e r ..-------------------------------------------------------------------------------- 2,819,283 under the same mtge. Call, at 105 on any interest date on 60 days’ notice.
Transportation exp. (incl. wages o f car service men)________ 11,833,101 The 4)4% ref. mtge. bonds are red. at 105 and int. on any int. day up to
Salaries and expenses o f general officers_____________________
85,330 and incl. July 1 1943, at 104 and int. in 1944, at 103 and int. in 1945, at
Law exp., injuries and damages, and insurance______________
1,249,839 102 in 1946. at 101 in 1947. The 5% ref. mtge. bonds are red. at 110 and
Other general operating expenses_____________________________
1,255,233 int. on any int. day up to and incl. July 1 1938, at 109 and int. in 1939, at
Federal, State and municipal tax accruals___________________
1,623,996 108 in 1940, 107 in 1941. 106 in 1942, 105 in 1943, 104 in 1944, 103 in 1945,
Rent for leased roads (incl. divs.)____________________________ 3,175,567 l62 in 1946, 101 in 1947. The 6% ref. mtge. bonds are red. at 103 and int.
Subway & tunnel rentals to be paid to City o f Boston________ 1,748,834 on any int. date up to and incl. Sept. 15 1926 and at 100 and int. on March
Cambridge subway rental to be paid to Commonwealth______
376,760 15 1927.
Additional ref. mtge. bonds other than the ref. mtge. serial bonds, and
Interest on bonds and notes_________________________________
2,602,891
Miscellaneous items_________________________________________
61,835 the other bonds issuable under the plan, may be issued to an amount not
exceeding at par value 60% of the cost of future add'»s and impts., but
Total cost o f service_______________________________________ $34,812,016 only when the annual net earnings available for the payment o f interest
Excess o f cost o f service over receipts_______________________
$636,696 on the ref. mtge. bonds are at least 1% times the interest charges on all
bonds outstanding and
prior lien
OFFICERS.— Gen. M gr., Edw. Dana; Treas., Henry L. Wilson; Gen. ref. mtge.earnings provision may, applied for and on all Higginson issues.
This net
by the firm of Lee,
& Co.
Aud., J. H. Moran.— V. 118, p. 309, 430, 549, 901, 905, 1134, 2946, 3075 ; as now or hereafter constituted, Harris, Forbes & C o., Inc., or its suc
V. 119, p. 72, 323, 941, 1281, 1842, 1951, 2063, 2177, 2409, 2644. 2758, cessor, and the firm of William A. Read & C o., as now or hereafter con
2876; V. 120, p. 451, 700, 1201, 1449
stituted, be waived in respect of any issue made before Jan. 1 1929. In
the discretion of the reorg. mgrs. the ref. mtge. may provide that it shall
for a
years, and in such event a
EASTERN MASSACHUSETTS STREET RAILWAY CO. not be foreclosedsubjectperiod of 10mtge. and covering the samegen. mtge.
shall be created
to the ref.
properties^
ORGANIZATION, &c.— Incorp. early in 1919 in Massachusetts pur and seeming prin. and int. o f all ref. mtge. bonds other than ref. mtge.
suant to terms o f the “ Special A ct” respecting the Bay Stete Street R y. [as serial bonds, and in the discretion of the reorg. mgrs. the int. or prin. or
described in “ Electric Railway” Supplement o f April 26 1924] and has both of the ref. mtge. serial bonds. Int. on the ref. mtge. serial bonds soacquired substantially all the assets o f that company, including the leases far as seemed by this gen. mtge. may be accorded priority thereunder over
o f the Boston & Chelsea R R . Co., the Boston & Revere Electric St. Ry. Co., any other obligation seemed thereby, but subject to this exception all
the East Middlesex St. R y. C o., the Winnisimmet R R . Co., which see obligations seemed by said gen. mtge. shall be equally secured thereby.
under separate headings below. The stocks and bonds o f these companies The said gen. mtge. shall be subject to foreclosme at any time in case o f
remained undisturbed. Various underlying liens were extended at higher default.
The Bay State St. Ry. equip, notes were issued to provide, in part, for
interest rates and these appear below.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— the payment of 200 now semi-conv. P-A-Y-E cars, costing $1,631,000.
Notes are due $131,000 annually Aug. 1 1918 to 1926, incl., and $129,000'
Operates 674 miles of line; also operates buses. Power capacity 19 engines,
1 1927,
any int.
100
6 weeks’ notice.
22,425 h.p., and 19 generators, 15,050 k.w.; 6 turbines, 33,750 h.p. and Aug.$131,000but callable on on Aug. date at wereand int. on by the receiver.
The
which fell due
1 1918
purchased
22,500 k.w.
Interest at Old Colony Trust C o., trustee. V. 105, p. 908. The $131,000Payment o f Divs. on Com. and Arrears on Adj. Stock Sought.— On Aug 1 due each Aug. 1 in subsequent years, being retired when due.
1923 a bill in equity and a petition for a writ o f mandamus were filed in the
EARN ING S.— Condensed income statement for cal. years:
Mass. Supreme Court at Boston by L . Sherman Adams, against the co.
Total Rev.
Net after Taxes. Int. & Rentals.
Bal., Surp.
and its trustees, seeking to compel them to pay certain divs. on the com.
and adjustment stocks. V. 117, p. 522. Answer was filed by the company 1924
$9,745,501
$2,164,057
$1,362,658
$801,39910,712,706
2,276,686
1,398,152
878,534
and its trustees in Oct. 1923. For details see V. 117, p. 1662. N o further 1923
developments up to April 1 1925. (Case still being heard.)
1922
10,712,663
2,557,749
1,497,955
1,059,792:
M ay , 1925.]
POWER, LIGHT AND RAILW AY
DIRECTO RS.— Chairman o f Board, Roger W. Babson; Walter L.
Haehnlen, W . Eugene McGregor, J, Howard Leman, J. O. Wardell,
Eliot Spalding, J. W . Farley, Chas. E. Ober and E. Sohier Welch. V . 112,
p . 2083.
OFFICERS.— Y .-P . & Gen. M gr., R . B . Stearns; V .-P ., Fred A . Cum
mings; Sec., Wm. A. Howard; Asst. Treas., H. S. Nowell; Gen. Counsel,
Philip G. Carleton.
PUBLIC TRUSTEES.—-The co. is operated by a board of five public
trustees appointed by the Governor o f Massachusetts: Chairman, Arthur
■G. Wadleigh, Fred J. Crowley, Earle P. Charlton, George M . Bryne and
-George P. Bullard.— V. 118, p. 2041, 2178, 2947; V. 119, p. 197, 693, 1174,
1394, 2063, 2286. 2760. 3009; V. 120, p. 1088, 1202, 1326, 2011.
(а) BOSTON & CHELSEA RR.
Owns 4.37 miles o f main track. Leased to Lynn & Boston Street R y. Co.
■(subsequently the Bay State St. R y. and now the Eastern Mass. St. R y.)
at $7,260 per annum, equal to 6% on $121,000 stock, parable A . & O.
29
ORGANIZATION.— Is a voluntary association and was organized on
June 25 1906 to take over the street railway properties in Massachusetts
formerly controlled by the Consolidated Railway Co. V. 83, p. 492.
SECURITIES OW NED.— The following is a list o f stocks held by the
New England Investment & Security Co. (see V. 83, p. 1100):
Milford Attleboro & Woonsocket St. R y.— $315,000 capital stock.
Worcester Consolidated St. R y.— 3,919 shares (out o f 45,000) 1st pref.
stock (par $80) and all the common stock.
Worcester & Shrewsbury St. R y. Co.— $20,000 capital stock.
Worcester & Shrewsbury R R . Co.— $36,700 capital stock.
Springfield Railway Cos.— 68,000 shares (entire issue) of common stock
(Springfield R y. Cos. owns 46,497 opt of a total of 46,547 shares of Springfield Street Ry.)
Various street railway company bonds, $379,800, and notes, $509,100.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common____________________ _____
_________
$100,000 J u ly '14 5%
Pref 4% ($100)___________________
4 J-J
111.500
Jan. 1925
Funding gold notes_______ tf.. 1909
See text
13,115,000 Apr 1 1924
Stock.— Dividends of 4% per annum on the pref. stock are cumulative
(б) BOSTON & REVERE ELECTRIC STREET RY.
and are guaranteed by the New York New Haven & Hartford R R ., and
ORGANIZATION.— Incorp. June 24 1889. Owns 3.78 miles o f main also $105 per share in case of liquidation. V. 83, p. 492. See form of guar
track. Leased from July 1 1895 for 99 years to Lynn & Boston (subse anty in V. 83, p. 1102. This stock may be called as an entirety at any time
quently the Bay State Street Ry. and now the Eastern Mass. St. R y .), at 105 and accumulated dividends. Supreme Court of Errors in Connecticut
which guarantees interest on the $50,000 mtge. o f 1908 and dividends on sustained validity of guaranty. V. 88, p. 1002.
$50,000 stock from July 1 1898 at 5% per annum.
Notes.— N . Y . N . H. & H. guar., p. & i., $5,000,000 of the notes. Int.
on notes for first 5 years, 3% ; for the next 5 years 4% and for the last 5
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
years 5% , but, by agreement with holders of the notes, they have received
Stock (par $100)____________ _____
5 J-J
$50,000
See text
in payment of coupons due to April 1 1917, incl., cash at rate of 3% and for
Boston & Revere Elec St R y) 1908
5 g M-S
50,000 Sept 1 1928
Oct. 1
coupon at
an
.
& Sec.
$50,000 gold ($1,000)_ c*/In t. at American Trust C o., Boston, Trustee. Co. for1917 difference. 2 % , taking dueobligation of the N 1 E. Invest. April 1
_
the
Coupons
April 1 and Oct.
1918 and
Bonds.— No sinking fund, but bonds may be called on any interest date 1919 were settled in obligations of the Investment Co. A cash payment of
$34,000 was made on coupon due Oct. 1 1919 and the balance of that
od six weeks’ notice.
coupon and the coupons due on and after April 1 1920 were also settled
in obligations. Original issue, $16,250,000, of which $3,135,000 redeemed
(c) EAST MIDDLESEX STREET RY.
ORGANIZATION.— Owns 19.35 miles o f main track. Leased M ay 1 and canceled.
EA R N ING S.— For calendar years:
1893 to Lynn & Boston (subsequently the Bay State St. R y. and now the
Divs.A DeducNet
Int. on
Pref.
Balance,
Eastern Mass. St. R y.) for 99 years at a rental till M ay 1 1896 of $18,000
Year—
Int.Rec’d.
Hons.
Income.
Notes.
Divs.
Sur.orD ef.
yearly in addition to fixed charges; then till M ay 1 1901 $24,000 yearly
and for remainder o f lease $30,000 yearly. Eight per cent divs. had been 1924 ________ $83,553 $19,169 $64,384 $567,224 $4,460 def.$507,300
15,838
80,067
None
4.480 sur. 75,587
paid, but on M ay 1 1901 were increased to 10%, but were again reduced to 1923 ________ 95,905
1922
92,305
18,326
73,979
None
4,484 sur. 69,495
8% in 1923. The $100,000 4s due Jan. 1 1922 were retired at maturity.
1 9 21________ 51,465
16,575
34,890
None
4.484 sur. 30,406
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
OFFICERS.— Chairman of the Board, Francis H. Dewey, Worcester,
Btock ($100), $300,000____________
8%
$297,700
See text
Mass.; Pres., Clark V . W ood, Springfield, Mass.; Vice-Pres., Chas. E.
Ware, Fitchburg, Mass.; Sec., W m. F. Crowe, Springfield, Mass.; Treas.,
(d) WINNISIMMET (STREET) RR.
Leverett Candee, Springfield, Mass.; Gen. Counsel, Bentley W . Warren,
ORGANIZATION.— Owns 2.08 miles o f main track. Leased to the Boston, Mass.; Aud., Chas. T . Converse, Springfield, Mass.— V. 104,
Lynn & Boston (subsequently the Bay State St. Ry., now the Eastern Mass. p. 2559; V. 106, p. 1689, 2757; V. 108, p. 2433; V . 109, p. 776, 1987, 2176;
•St. R y.) for 999 years from 1880 at $3,000 per annum. Capital stock V. 110. p. 970; V. 113, p. 960; V. 114, p. 1063.
is $50,000; par $50.
(1) SPRINGFIELD RAILWAY COMPANIES.
A holding company.
ORGANIZATION.— Formed in March 1905 to hold a majority of the
BERKSHIRE STREET RAILWAY.
stock of the Springfield Street R y. Is managed by a board of trustees
On Dec. 31 1924 N . Y . N . H. & H. owned all the stock, the entire consisting of seven members. V. 80, p. 1363.
($200,000) issue o f debentures and $3,333,0J0 notes.
STOCK—
Interest.
Outstanding.
Last Div.
Proposed Sale of Stock.— The entire capital stock o f the Berkshire St. R y.
and 6,500 shares o f stock o f the Vermont Co. (see below) owned by the Common_____________________ All owned by New Eng. Inv. & Secur. C o.—
Pref 4% cum guar ($100)____
4 J-J
$3,128,200 Jan.’25, 2%
New Haven Co. were to be sold before July 1 1919, provided sale was auth.
Stock.-—The
at 105 and accr.
divs.
b y State o f Mass, or Court, but in March 1919 Judge Julius M . Mayer guar, by the N .pref. stock is red. . C o., successor to divs. These as wellare
Y . N H. &
RR
Consol.
as
granted an extension o f time until July 1 1921. A further extension to April 1 their payment at 105 .in case H. liquidation or call. See V. 80, R y.,
of
p. 1363, 1914;
1923 was granted. Since further ext. to April I 1924, then to April 1 1925, V. 105, p. 2095.
and again to April 1 1926.
(a) SPRINGFIELD STREET RY.
O RGAN IZATION .— Incorp. in Mass, on June 11 1901. Franchise per
A trolley road.
petual. In 1906 absorbed the Hoosac Valley St. R y. through exchange of
ORGANIZATION.— Incorp. M arch 16 1868. In 1909 acquired the
stock. In M ay 1910 took over the Pittsfield Elec. St. R y., issuing $300,000 Western Massachusetts Street R y. (V. 89, p. 1484), and in 1910 purchased
stock in exchange for stock o f that company. V. 90, p. 1295.
the Springfield & Eastern St. R y. (V. 91, p. 277, 1513.) In M ay 1917
In March 1912 Mass. R R . Commission approved the 99-year lease of the made a contract with the Turners Falls Pow. & Elec. C o. for the purchase
Vermont Co. to the Berkshire Street R y., but this lease was canceled on of its entire power requirements. V. 104, p. 2119.
D ec. 31 1922.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.— Owns 187.93 miles (incl. 40.33 miles of 2d track) of main track and 15.07
Owns and operates 88.4-i miles o f road, serving the cities o f Pittsfield and miles of sidings. Total, 202.44 miles, and 0 56 miles trackage rights.
North Adams and the towns o f Williamstown, Clarksburg, Adams, Cheshire, Has 428 cars (incl. 123 one-man cars). Also owns and operates 9 buses.
Lanesboro, Dalton, Lenox, Lee, Stockbridge, Great Barrington, Mass.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
105 passenger and 35 other cars.
Stock
($100)__________
Text
$4,654,700 July’24, 2%
In April 1925 we were advised that the $200,000 Berkshire St. Ry. R ef & $4,654,700 $5,000,000f 1920 7%
gen mtge
226.300 Sept 1 1940
debenture 5s, which matured March 1 1925, were “ not yet extended, but
($100, $500 & $1,000)_gntf( 1920 6%
2,134,000 Sept 1 1940
expected to be soon.”
tint, at Old Colony Trust C o.. Boston, Trust.
West Mass St R y first mtgeT 1906
5 g F-A
200,000 Feb 1 1926
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
(closed) gold ($1,000)_ tf (Int. at Springfield S. D . & Tr. C o., Trustee.
_
Stock $5,398,100 ($100)___________
_________ $5,398,100 -----------------330.000 Jan 1 1927
First mortgage ($800,000 gold! 1902
7 g J-D
777,000 June 1 1927 Springfield & Eastern 1st M l 1902 7 g J-J
(closed) g ($1,000)-C*ntf JTnt. at Springfield S. D . & Tr. C o., Trustee.
($1.000)__________ c* . n tf / Girard^Trust C o., Philadelphia, trustee.
Current liabilities Dec. 31 1924__________________
695.800 __________
Berkshire Street R y deb
t f . 1905 5 g M-S
200,000 Mar 1 1925
Hoosac Valley ref mtge $400,-1 1904 7 g M-S
300,000 Sept I 1929
Bonds.— The ref. A gen. mtge. 6s A 7s are call, at 105 and int. on 30-45000 gold ($1,000)____n tffln t at Berkshire L. & Tr. C o., Pittsf., trus. days’ notice.
Pittsfield Elec St Ry 1st mtgei 1904
7 g J-J
242,000 July 11928
Western Mass. St. Ry. bonds are subject to call on any interest day at
g $300,000 ($1,000)-C*.ntf lint, at Berkshire L. & Tr. C o., Pittsf., Mass. 108 and interest on 60 days’ notice.
Due N Y N H & H R R Apr 1 1925.......................... 3,333,000
.................
Springfield A Eastern bonds originally bore interest at 5% and matured
Jan. 1 1922, but were extended for five years at 7 % . V. 113, p. 2313.
Bonds.— The $800,000 ls« Mtge. bonds originally bore int. at 5% and ma
Dividends.— In years 1893 to June 30 1910 incl., 8% per ann. In 1910-11
tured June 1 1922, but were extended for 5 years to June 1 1927 at 7% . to 1913-14 incl., 7% ; 1914-15, 6 )4 % ; in 1915-16, 6 )4 % : in Dec. 1916,
V. 114, p. 2358. 2467. 2716. Are not subj. to call. Int. payable and bonds 1M % - In 1921, Jan., 2% ; July, 1% . In 1922, Jan., 2% ; July, 2 % .
may be registered at office o f N . W . Harris & Co., Boston.
In 1923, Jan., 3% ; July, 3 % . In 1924, Jan., 2% ; July, 2% .
The Berkshire St. By. debs, are guar, by Consolidated R y. Co.
EA R N ING S.— For calendar years:
The Pittsfield Elec. St. Ry. 1st Mtge. bonds were originally 4s and matured
Gross
Net
Interest, Dividends Surplus or
Total
July 1 1923, but have been extended for 5 years to July 1 1928 at 7 % .
Year— Earnings.
Earnings. Tax.,Ac. Paid.
Deficit.
Surplus.
The Hoosac Valley ref. mtge. bonds were originally 4s and matured Sept. 1 1924-.$3,173,616 $413,051 $279,205 $93,094 sur .$40,752 $613,358
618,951
329,877 232,735 sur.$56,339
677,637
1924, but have been extended to Sept. 1 1929 at 7 % . The extended bonds 1923--$2,433,786
735,268
283,514 232,735 sur.219,019
648,941
are call, on and after Sept. 1 1925 at 104 and int., reducing 1% annually 1922-- 3,420,854
1921
3,438,317
480,913
216,147 139,641
sur.125,125
488,591
until maturity. V. 119, p. 1171.
— V. 109, p. 777, 899; V. 110, p. 765, 1850; V. I l l , p. 295; V. 113, p. 535,
2186, 2313; V. 114, p. 1064; VT 115, p. 760, 1211; V. 116, p. 296; V . 118,
EARNINGS.—For years ending Dec. 31:
Other
Interest,
Net (after
Balance, p. 312, 2706, 3080; V. 119, p. 580, 1626, 1627.
Operating
Dec. 31
Income. Rentals, Ac.
Taxes).
Deficit.
Revenue.
Year—
(2) WORCESTER CONSOLIDATED STREET RY.
$1,778
$294,983
$177,835
$928,578
$115,370
1924.x______
59,522
277,916
3,535
340,973
O R GAN IZATION .— Incorporated in 1886 as the Citizens’ Street R y
1923-y--------- _ 1,084,257
182,354
1,849
332,791
148,587 Co. and has absorbed the following companies:
1922............... - 1,046,774
2,206
319,975
129,989 Clinton & Hudson Street Ry
Worcester & Clinton Street R y.
187,781
1921________ 1,098,355
Fitchburg & Suburban Street R y.
Worcester & Holden Street Ry.
x N o t incl. operations o f Vermont Co. y Operations of Vermont Co. Leominster & Clinton Street R y.
Worcester & Marlboro Street R y.
included for comparative purposes, although operated independently from Marlboro & Westboro Street R y.
Worcester & Southbridge Street R y.
Wore. & Blackstone Val. St. Ry.
Worcester & Suburban Street Ry.
Jan. 1 1923.
Franchises perpetual. In 1895 leased for 99 years the North End St. R y.
OFFICERS.— Pres., E. G. Buckland; V .-P ., L. S. Storrs; Clerk & M gr.,
C . Q. Richmond; Treas., A. S. May; Compt., H. S. Palmer; A ud., I. A. of 5.14 miles, at a yearly rental of $8,000. The North End has $110,000
M ay.— V. 114, p. 2358, 2467. 2716; V. 115, p. 1836: V . 117, p. 552; V. 118, ($100) capital stock and $75,000 5% 1st mtge. bonds due Feb. 1 1915; int.
F. & A . Also leases for 99 years from July 1 1896 both the Worcester &
p. 1770' V . 119, p. 1171’ V. 120, p. 1880.
Shrewsbury St. R y. and the Worcester & Shrewsbury R R .
3,919 shares 1st pref. and 33,260 shares common stock are owned by the
N . E . Inv. & Sec. Co.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
NEW ENGLAND INVESTMENT & SECURITY CO.
Trolley. Operates 292.34 miles of track, comprising the entire street rail
CON TROL.— The $100,000 common stock o f this company formerly way mileage of Worcester, together with lines radiating from Worcester to
held by Sanderson & Porter was acquired by a preferred stockholders’ Leominster, Fitchburg, Clinton, Berlin, Northboro, Marlboro, Millbury,
committee (V. 99, p. 1215) in Oct. 1914. Holders of about 34,000 shares Northbridge, Uxbridge, Millville, Spencer, Webster, Dudley, Grafton and
o f pref. stock subscribed $10 for every share o f pref. owned in order to effect Southbridge. Also auth. to operate buses. V . 120, p. 2150.
the purchase. V . 99, p. 609, 675, 1215.
In Nov. 1924 applied for auth. to issue $5,355,000 20-yr. mtge. under
The New England Navigation Co. owns the $13,115,000 funding gold a $7,000,000 mtge. auth. by the stockholders. V. 119, p. 2289. Com
notes, and in pursuance of the order of the U. S. Department of Justice the pare V. 119, p. 2181.
notes were to have been sold by July 1 1919, but in March 1919 Judge
Date. Interest. Outstanding. Maturity.
STOCK AND BONDS—
Mayer granted an extension o f time to July 1 1921. A further extension to Common $3,326,000 ($100).
___
__________ $3,326,000 Dec’ 17, 3%
April 1 1923 was granted. No further information.
Pref (see text) $3,600,000 ($80)
-------------------------------- 3,600,000See text
In Aug. 1921 the co. acquired from the N. Y . N . H. & H. R R . $594,000 Wore Consol St 1st & ref mtge 1910
4 K g F-A x l,499,000 Aug 1 1930
par value o f above notes formerly held by the New Eng. Nav. Co. V. 113,
With 3% add 1 cou _ _
witn 2% add’l coup_
1910
g F-A x2,116,000 Aug 1 1930
p. 960.
$5,000,000 g ($ l,0 0 0 ).c*tf Old Colony Trust C o., Boston, Trustee.
EXCH AN G E OF P R E F E R R E D STOCK.— By vote o f the trustees on Worcester Consolidated deb/ 1907 5 M -N
x l,200,000 Nov 1 1927
Sept. 20 1917 the plan to exchange the $4,000,000 4% pref. stock (par $100)
$1,364,000 ($1,000)_ n tfl Old Colony Trust C o., Boston, Trustee.
_
for an equal number o f shares of 1st pref. stock o f the Worcester Consol. Worcester & Clinton 1st mtge 1899 7 g J-J
83,000 Jan 11926
St. R y. became operative. The latter has a par value o f $80 per share and
gold ($1,000)_________ n tf American Trust C o., Boston, Trustee.
is entitled to $105 per share in the event o f liquidation and to cumulative Wore & Blackstone Val 1st M 1906
4H g F-A
200,000 Aug 1 1926
,divs. o f $5 per share. Exchange of the former stock relieves the N . Y . N .
$200,000 g ($1,000)_ entf Int.at Mechanics Nat. Bk., Worcester .Mass.
_
H. & H. R R . o f its guaranty of dividends thereon. V . 104, p. 2559; V . 105.
Uxbridge & Blackst deben 1907
5 A-O
40,000 Oct 1 1927
Interest at office of company.
jp. 1618. As o f Apr. 1 1925, 38,885 shares had been exchanged.
($1,000) ___________ tf
30
PUBLIC UTILITIES
[V ol. 120,
BOSTON & W ORCESTER STREET R Y .
Marlb & Westb 1st M $160,-/ 1901
7 g J-J
160,000 July 1 1926
000
g ($l ,000)red 105 c* n tf [Int. at Amer. Trust C o., Boston, Trustee.
Wore & South 1st mtge (see/ 1902
7 g M-S
500,000 Sept 1 1927
text) gold ($1,000)_ c*ntf\lnt. at First Nat’l Bank, Boston, trustee.
_
Worcester & South mtge (seel 1905
g J-D
200,000 June 1 1925
t e x t ) ________ _________n tfj
Leased to Worcester Consolidated—
Webster & D u d ley /S tock _________
_________
50,000 __________
(M ortgage./1919
5 M -N
30,000 N ov 1 1939
(Int. at Old Colony Trust C o., Boston.
Leased to Webster & Dudley, oper. by Wore. Consol.—
Wore [S tock_________________ _____
_________
150,000 __________
& U stM $150,000($1,000)/ 1919
5 g J-D
93,000 Dec 11939
Web I g o l d _________ c * n tf[In t. at State Street Trust C o., Boston.
Current liabilities Dec. 311924 (incl. all sub. cos.)__ 1,023,641 __________
x Equally secured.
Preferred Stock.— The pref. stock is entitled to cum. divs. o f $5 per share
p. a. (J. 30 & D . 31) and $105 per share in case o f liquidation. While any
matured div. on 1st pref. stock is unpaid or while the unfunded and current
debt o f the co. shall exceed 25% o f the entire capital stock, 1st pref. share
holders may elect a majority o f the directors. The 1st pref. stock may not
be increased without consent o f 2-3 o f its holders except that in case of con
solidation with Springfield St. R y . $2,750,000 may be issued without such
consent. V. 104, p. 2344.
Bonds.— Wore. Consol. R y. 1st & Ref. 4 X % bonds are sub. to call on any
int. day at 110 & int. Int. is payable at co.’s office or at its agency in
Boston.
$2,116,000 Wore. Consol. R y. 1st & ref. mtge. 4 H % bonds with add’l
coupons at the rate o f 2% per annum attached were offered in Feb. 1925 by
Harris, Forbes & C o., Inc., Blodget & C o., Paine, Webber & Co. and Old
Colony Trust C o., Boston, at 97J£ & int., yielding 7 % . V. 120, p. 830.
The extra coupons are secured, in opinion o f counsel, by a gen. mtge. on
entire property.
The two issues o f bonds o f the Worcester & Southbridge Street R y.
are secured by the same mtge., the mtge. providing that bonds can be issued
up to $1,000,000, and are to bear date o f issue and be payable 20 years after
dzte. The $500,000 1st mtge. bonds originally fell due Sept. 1 1922 and
bore 4 l % int., but have been extended to Sept. 1 1927 at 7 % . V. 114,
A
p . 1892.
The Worcester & Clinton 1st M . bonds were originally 5s and were due
Jan. 1 1919, but were extended to Jan. 1 1921 and again to Jan. 1 1926
at 7% . V. 108, p. 2242; V. 121, p. 64.
The Marlb. & Westb. 1st mtge. bonds were originally 5s and matured
July 1 1921, but were extended for 5 years at 7% . V. 112, p. 2307.
Dividends.— The June 1918 dividend on the preferred stock was post
poned. V. 107, p. 403. None paid to April 1922, when $2 50 was paid.
V. 114, p. 1181. In June 1922, $2 50; in Oct., $2 50; D ec., $2 50. In
1923, April, $2 50; June, $2 50; Oct., $2 50; Dec., $2 50. In 1924, April,
$2 50" June, $2 50" Dec., $2 75.
EARN ING S.— For calendar years:
Year—
Gross.
Net.
Charges. Dividends. Surplus.
1924________________ $3,990,854 $675,408 $312,904 $348,750 $13,754
1923________________ 4,565,920
811,284
320,749
450,000 40,535
1922 ______________ 4,421,076
974,980
482,682
450,000 42,298
1921 __________
4,406,451828,200 452,372
None 375,828
— V. 114, p. 1892; V. 115, p. 75, 1101, 2795; V. 116, p. 517; V. 118, p. 1522,
3081; V. 119, p. 1174, 2181, 2289; V. 120, p. 830, 1588, 2150.
(3) MILFORD ATTLEBORO & WOONSOCKET STREET RY.
Receivership.— On July 2 1924 Clark V. Wood of Springfield was appointed
receiver for the company by Judge Wait in the Mass. Supreme Court.
See Y. 119, p. 75. The receiver was auth. to discontinue operations.
V. 119, p. 1733. Ceased operations Oct. 3 1924.
To be scrapped. See V . 120, p. 703.
ORGANIZATION.— Incorporated in Massachusetts on April 14 1898.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates 26.27 miles o f track. 24 passenger cars and 8 other cars.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $315,000_______________All owned by New England Inv. & Secur.Co.
First M $300,000 g ($1,000)/ 1899
6 A-O
$300,000 Oct 1 1924
not subject to call_____n tf [Int. at Old Colony Trust C o., Boston, trustee
Bonds.— The $300,000 1st M . bonds were originally 5s and matured Oct. 1
1919, but were extended for 5 years at 6% . V. 109, p. 1080.
Cal. Yrs.— Gross.
Net.
Int. & Tax. Divs.
Balance.
1923 _________$138,032
$21,675
$22,657
...........
def. - $972
1922 ................. 142,450
27.502
23,562
______
sur. 3,940
— V. 112, p. 2307; V. 113, p. 2 9 3 ^ . 119, p. 75, 1733; V. 120, p. 703.
INTER-STATE CONSOLIDATED STREET RY.
Receivership.— In Aug. 1924 Zenas W. Bliss was appointed receiver for
the co. by the Mass. Supreme Court. V. 119, p. 693. The receiver has
been authorized to discontinue operations, but see V. 119, p. 1624; also
V . 120, p. 1202.
Sale.— The road was sold at receiver’s sale on Jan. 30 1925 to Hemphill
& Wells, N . Y . City. The purchasers, it is stated, have also concluded
negotiations for the purchase o f the Attleboro Branch R R . and propose to
operate both properties as a single system. F. 120, p. 1202.
ORGA N IZA TIO N .— Organized as successor in Massachusetts to the
Inter-State Consolidated of Rhode Island. Has permission to carry freight.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns 24.10 miles o f track and 1.87 miles o f sidings, from Rhode Island
State line to North Attleborough, Attleborough and Plainville, Mass.
STOCK—
Interest. Outstanding. Last Div.
Stock $275,000 (par $100)---------------- ----------$275,000
See text
Current liabilities Dec. 31 1923_____ _______
145.993 __________
Dividends.— First div., 11%, for 2 years, paid April 1 1904; in 1905
7% ; in 1906, 7% ; in 1909, 5% ; in 1910 to 1912, incl., 4% ; in 1913, 5% ; in
1914, June, 6% ; Dec., 2 % . None since to Mar. 1923, when 4% was paid.
Year Ending—
Gross.
Net.
Charges. Divs.
Balance.
Dec. 31 1923__________ $225,256 $18,529 $7,563 $11,000 def.
$34
Dec. 31 1922__________ 224,889
58,356 19,203
sur. 39,153
Dec. 31 1921__________ 238,330
46,759 15,811
sur. 30,948
Dec. 31 1920__________ 248,236
21,674 13,049
sur. 8,620
OFFICERS.— Pres., C. V. W ood, Springfield; V .-P ., Francis H. Dewey,
Worcester; Gen. M gr., H. C. Page, Worcester; Treas., L. Candee, Springfield; Clerk, Wm. F. Crowe, Springfield; Counsel. B. W . Warren. Boston,
Mass.; Aud., Chas. T . Converse, Springfield, Mass.— V. 113, p. 1311:
119, p. 693, 1172, 1395, 1510, 1624, 3009; V. 120, p. 1202.
BOSTON & WORCESTER ELECTRIC COMPANIES.
ORGAN IZATION .— Tnis is a voluntary association organized under a
trust agreement dated Dec. 29 1902. Its property consists of the entire
common stock, $60,000 pref. stock, $181,200 1st mtge. bonds and $247,000
“ notes payable” of Boston & Worcester St. Ry. It has issued 33,936 4%
cum. pref. shares and 34,614 common shares, no par value. In case of liqui
dation 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 o f 6,000 shares common and 6,000
pref., which was offered to shareholders at $105 for a block of one pref.
plus one common share.
Reorganization.— See Boston & Worcester Street Ry. below.
R E PO RT.— For years ending Dec. 31:
Calendar
Divs. on
Other
Total
Pref. Expenses Balance,
Year—
B. & W. Stk. Income. Income. Divs. & Taxes. Surplus.
1923__________
None
$25,365 $25,365 None $12,394 $12,971
1922-_________ . None
25,206
25,206
None
11,218
13,988
Dividends.— First div. on pref. stock, $2, paid July 1 1904; 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., $1; none since.
OFFICERS.— Pres., William M . Butler; V .-P., A. E. Childs; Sec., J. F.
Bacon; Treas., Arthur W . Clapp.— V. 107, p. 1668; V. 116, p. 2992; V. 118,
p. 2436; V. 119, p. 2876.
Receivership.— In Feb. 1925 Franklin P . Miller, Pres., was appointed
receiver for the co. by Judge Sanderson of the Mass. Supreme Judicial
Court. V. 120, p. 828.
$
Foreclosure Proceedings.— See V . 120, p. 581.
ORGANIZATION.— Incorp. in Mass, on N ov. 15 1901. Franchises
perpetual. Acquired the Framingham Union St. R y., Framingham Southborough & Marlborough St. R y., and the Marlborough & Framingham St.
R y.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates 83.619 miles of track, a considerable portion over
to Natick. Rails, 75-lb. Has 91 cars. Also operates buses.
In Marcn 1907 Mass. R R . Commission granted right to do an express
and freight business over entire line. In N ov. 1912 made a contract with
the Boston Elevated R y. for the operation of express cars over that com
pany’s tracks to the freight express terminal on Harrison Ave.
New Reorganization Plan.— A new reorganization plan dated July 16 1924
superseding the plan dated June 1923 (for summary see “ Public Utility
Compendium” of N ov. 1 1924) has been formulated. Briefly the plan is
intended to accomplish the following results:
(1) The exchange of $2,460,000 1st Mtge. 4 X % bonds o f Boston &
Worcester St. R y. and $60,000 1st mtge. extended 7% bonds of Framing
ham Southborough & Marlborough St. R y., which matured Aug. 1 1923,
for an equal amount of new 1st mtge. 20-year 5% or 6% bonds, dated
Aug. 1 1924, callable at par.
(2) The provision of $296,940 for improvements to the street railway
and for new cars, busses, or both.
(3) The waiving of the accrued and unpaid dividends on the pref. stock
of the street railway company to the date the new pref. stock becomes
cumulative.
(4) The exchange of 600 shares of the pref. stock of the street railway com
pany, now held by the electric companies, for 600 shares of common stock.
(5) The exchange of $115,000 unsecured notes of the street railway com
pany, now held by the banks, for $115,000 10-year 6% income debentures.
(6) The payment of $47,000 notes of the street railway company, held
by the electric companies from the proceeds of 470 shares of common
stock of the street railway company. For full details see V. 119, p. 2876;
V. 120, p. 581.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock common ($100)________ _____
_________ $2,025,000 D e c ’ 1 7 ,lJ i
Pref $457,200 ($100) 6% cum______
M-S
457.200 Sept T 8 ,3%
Boston & W or 1st mtge $2,-\ 1903 4 X g F-A
A
2,460 000 Aug 1 1923
500,000
gold ($1,000) c*tf lint, at American Trust C o., Boston, trustee.
Framingham Southborough & 1 ____ 7%
60,000 Aug 1 1923
Marlborough 1st mtge
tf /Int. at American Trust C o., Boston, trustee.
Notes payable Jan. 1 1924--------------------------*362,000 ---------------♦Of which $247,000 is held by B. & W . Electric Companies.
Bonds.— The Fram. Southb. & Marlb. 1st mtge. 7s were originally 5s
and matured on Jan. 1 1919, but were extended for 3 years at 7 % , and
again to Aug. 1 1923 at the same rate of interest. V. 113, p. 2817.
Dividends.— On pref. 3% semi-ann. from date o f issue to and incl. Sept1918; none since. On com. paid 3% July 1904; also 3% semi-ann. until
Dec. 1908, when 1 X % was paid; in 1909, June, 1 X % ; in 1910, Jan., I X % .
in 1911, Dec., 1% ; in 1912, June, 1 H % ; D ec., 1 X % ; in 1913, 2?^% ; in
1914, 3% ; in 1915, 2 H % ; i n 1916, 3H % \in 1917, June, I X %; D ec.. 1 X %1
none since.
RE PO RT.— For years ending Dec. 31:
Calendar
Total
Net
Int. and Pref. Divs. Common Balance,
Years—
Revenue.
Revenue.
Taxes.
(6 % ). Dividends. Surplus.
1923........ -.$1,164,556 $195,647 $177,150
None
None $18,497
1922_______ 1.105,497 245,557
181,250
None
None 64,307
— V. 113, p. 2817; V. 115, p. 1209, 2045; V. 116, p. 1410, 2992; V. 117, p.
438, 781, 1991, 2108, 2436; V. 119, p. 196, 1063, 1394, 2063, 2876; V. 120,
p. 581, 828.
SUBURBAN ELECTRIC SECURITIES CO.
ORGANIZATION.— This company is a voluntary association formed in
Jan. 1921 as a reorganization to succeed the Boston Suburban Electric
Companies; also a voluntary association (for history see “ Electric Railway
Supplement” of Oct. 30 1920) as per plan outlined in V . 112, p. 164. Con
trols through stock ownership the Middlesex & Boston Street R y . (into
which the Natick & Cochituate St. R y ., the Westboro & Hopkin St. R y.,
the Newton & Boston St. R y., the Newton St. R y. and the Lex. & Boston
St. R y . have been m erged). Owns all cap. stk. of Norumbega Park Co.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Companies owned and controlled operate in the aggregate about 115
miles of track from Needham on the south to Lowell on the north, and
connecting at five points with the tracks of the Boston Elevated R y.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock____________________
_______
50,296 sh. ---------------1st pref 6% cum__________________
6 Q-F
2,076 sh.
See text
_______
31.203 sh.
See text
2d pref stock $4 per share_________
10-yr coll tr bonds call at 1051 1921
8%
$775,600
1931
and interest______________/Boston Safe Deposit & Trust C o., trustee.
Stock.— Shares have no par value, but in case of liquidation the 1st pref.
shareholders will be entitled to $100 per share, with accrued divs., prior
to all other shares, the 2d pref. has a like priority over the common shares.
Bonds.— Are secured by $870,000 notes and $150,000 of the mtge.
bonds of the Middlesex & Boston St. R y ., with provision for the substitu
tion of other collateral and for a release of a proportionate part as bonds are
retired. Annual sink, fund 5% o f amount of issue, to gradually retire same.
Dividends.— On pref. divs. are being paid regularly (Q .-F.).
R E PO RT.— Of Electric company for years ending Dec. 31:
Inc. from Sec. Exp.& Int.
Dividends.
Surplus.
1924__________________ $103,300 $78,250
$12,456
$12,594
1923_________
109,019
86,624
12,456
9,939
1922__________________ 169,571
92,196
12,456
64,991
OFFICERS.— Pres., Adams D . Claflin; Treas., Chas. W . Smith: Sec.,
John C. Carr; Asst. Treas., Frank E . Frykstrand. V. 118, p. 2961; V .
120, p. 333, 2149.
(1)
M ID D L E S E X & B O S T O N S T R E E T R Y .— T ro lle y .
O R G A N IZA TIO N .— Organized in 1907 and took over the South Middle
sex Street R y., sold at receiver’s sale July 1 1907, and has since acquired
and merged the Westborough & Hopkinton St. R y ., the Natick & Cochit
uate St. Ry. (V. 87, p. 1420), the Newton St. R y. (into which Waltham St.
R y. had been merged, and which had acquired Commonwealth Ave. St. R y.
and Wellesley & Boston St. R y .), V. 89, p. 778, and the Newton & Boston
St. Ry. (V. 89, p. 993). On M ay 9 1912 Mass. R R . Commission granted
permission to absorb by consolidation the Lexington & Boston St. R y. and
issue $525,000 stock in exchange, $ for $, for stock of absorbed company:
V. 94, p. 1317. In June 1924 took over for operation from the Boston
Elevated R y. that c o .’s tracks in Trepelo Road in Belmont, Mass. V .
118, p. 3078.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns 92.704 miles of track in Newton, Waltham, Watertown, Natick,
Wellesley, Framingham, Hopkinton, Needham, Sherburn, Wayland, Bel
mont and Ashland, connecting with the Boston Elevated R y. (at 4 points),
&c. Also owns 27.776 miles of track, leases 0.745 mile; total, 28.511 miles,
extending from Arlington Heights (terminus of Boston Elevated system)
through Lexington and Bedford to Billerica, where cars connect with
Eastern Mass. St. R y. lines for Lowell and also at Arlington Heights, where
cars connect with Boston Elevated R y. for Cambridge subway to Boston,
with branches to Waltham and to Concord. Total track owned, 120.470
miles; 264 passenger cars and 21 work cars; 26 snow plows. Has 12 passen
ger motor buses. 60 to 75-lb. T and 95-lb. girder rails.
In Dec. 1923 the co. was auth. by the Mass. Dept, of P. U. to operate
buses over certain routes. V . 117, p. 2653.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock, $1,987,000_________________
_______
$1,987,000 - - - - - - - - - First and ref M $5,000,000[ 1912 4 X g W
1,983,000 Jan 1 1932
gold ($1,000)___________ c/In t. at Boston Safe Dep. & Tr. C o., trustee.
Bonds.— Remaining first and refunding bonds are reserved for additions,
extensions and improvements. Callable on any interest date on 30 days,
notice as follows; Jan. 1 1917 to July 1 1921 inclusive, at 107X and int.;
Jan. 1 1922 to July 1 1926 inclusive, at 105 and int.; Jan. 1 1927 to July 1
1931 inclusive, at 102
and int. V . 94, p. 351.
M ay , 1925.]
POWER, LIGHT AND RAILW AY
EARN IN G S.— For years ending Dec. 31:
Cal. Year—Gross.
Net, after Taxes.
Int., &c.
Balance.
1924--------------- $1,185,431
$136,862
$169,135
def$32,273
1923.................- 1,265,978
103,902
172,277
def 68,375
239,872
174,503
sur 65,368
1922-................ 1,304,955
— V. 114, p. 1766; V. 116, p. 2256; Y. 117, p. 2653; V. 118, p. 551, 2704,
3078; V. 119, p. 579; V. 120, p. 582, 703.
FITCHBURG & LEOMINSTER STREET RY.
ORGANIZATION.— In April 1905 absorbed the Leominster Shirley &
Ayer Street R y . through exchange of stock, share for share. V . 80, p . 1478;
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns 41.51 miles o f track. Road extends to Leominster, Lunenburg,
Shirley & Ayer. In Dec. 1924 co. abandoned operations on the line between
Fitchburg and Lunenberg, Mass. V. 120, p. 86. 31 closed passenger
cars, 24 open passenger cars, 3 express cars and 5 snow plows.
In M ay 1920 was auth. to issue $225,000 o f new 7% cum. pref. stock
(par $100), proceeds to be applied to the payment and cancellation of a like
amount o f outstanding notes (Y. 110, p. 1748, 2387), but in Aug. 1923
this order was modified so that the div. rate authorized be not to exceed
8% , the co. having been unable to market the stock bearing the 7% div.
rate. V . 117, p. 893.
STOCK, BONDS, &c.—
Date. Interest.
Outstanding. Maturity.
Stock $700,000 ($100)_______ _____
_______
$450,000
See text
Fitch & Leo con mtge $ 3 5 0 ,1 9 0 1
7 F-A
300,000 Feb 1 1926
000 ($1,000)______________/In t. at Boston Safe Dep. & Tr. C o., trustee.
L S & A 1st mtge $100,0001 1905
7 g F-A
100,000 Feb 1 1926
gold ($1,000)__________ c * jln t. at Boston Safe Dep. & Tr. C o., trustee.
(Guar. p. & i. by Fitch. & Leom. Street R y.
Dividends.— For many years up to and incl. 1900-01, 8% ; since, 6% p. a.
EARNINGS.— For year ending Dec. 31 1920, gross, $542,997; net, after
taxes, $96,890; other income, $22; int., &c., $72,747; divs., $22,500; sur
plus $1,665.
OFFICERS.— Pres., Supt. and Purch. Agent, W . W . Sargent; V .-P .,
H. I. Wallace; Clerk and Counsel, C . F. Baker; Treas., R . N . Wallis, all of
Fitchburg.— V. 117, p. 893; V. 118, p. 550; V. 119, p. 2410; V. 120, p. 86.
LOWELL & FITCHBURG STREET RY.
In 1913 W . W . Sargent, President o f the Fitchburg & Leominster Street
R y., and associates acquired control.
ORGANIZATION.— Incorporated in Massachusetts in 1903.
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
A trolley road. Operates 14 miles between North Chelmsford, a suburb
o f Lowell, and the village of Ayer, with a spur running from North Chelms
ford to Brookside; connects at North Chelmsford with Bay State St. R y.
and at Ayer with Fitchburg & Leominster St. R y. Has 11 passenger
cars, 1 snow plow and 2 other cars.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $275,000 ($100)_______ _____
_______
$275,000 In 1920, 4%
First mtge (see text) gold) 1906 5 g J-J
275,000 Jan 1 1926
($1,000) no sinking fu n d --/S u bject to call at 105 and interest.
Bonds.— First mtge. was originally for $1,000,000, but has been closed
at $275,000.
Dividends.— In 1916, 2% ; in 1917, 6% ; 1918, 6% ; 1919, 3% ; 1920, 4 % .
EARNINGS.— For year ending Dec. 31 1921, gross, $78,208; net, after
taxes, $2,510; in 1920, gross, $91,977; net, after taxes, $9,979.
OFFICERS.— Pres., W . W . Sargent; V .-P ., C. F. Baker; Sec. & Treas.,
R. N . Wallis, all o f Fitchburg, Mass.
MASSACHUSETTS CONSOLIDATED RYS.
For last statements published covering Mass. Consol. Rys. and its
chief subsidiaries, the Connecticut Valley St. R y. (V. 119, p. 1732), North
ern Mass. St. R y. (V. 119, p. 1734), Concord Maynard & Hudson St. R y.
(V. 119, p. 1732), and the Millers River St. R y., see “ Electric Railway"
Supplement of April 26 1924.
HOLYOKE STREET RAILWAY.
ORGANIZATION.— Incorp. in Mass. June 11 1884. Leases the M t.
Tom incline) R R . until June 1 1937 at 6% per annum on the $100,000 stock.
In 1907 purchased the Hampshire Street R y. (previously leased)
V. 85, p.
40. In Aug. 1907 purchased the Amherst & Sunderland Street R y. (V. 85,
p. 294). giving a through connection from Holyoke to Amherst and Sunder
land. In N ov. 1924 the co. sold its power plant to the Turners Falls
Power & Elec. Co. for $400,000 and now purchases its energy from the
latter co. under contract. V. 119, p. 2287, 2529.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Trolley road. Has 72.9 miles o f track, including M t. Tom (incline) R R .
4,900 feet long, and connecting with the Springfield Street R y. to Westfield,
Mass.; with Springfield St. R y. to Springfield, Mass., and with Northamp
ton St. R y. to Northampton, Mass., and direct to Chicopee, Chicopee Falls,
South Hadley, Amherst and Sunderland. Passenger cars, 148; other ser
vice cars,15; snow plows, 12; other vehicles, 7; electric motors, 456. Also
operates buses.
STOCK A N D BONDS— Date. Interest.
Outstanding. Maturity.
Stock ($100)------------------------J-J
$1,342,000 Jan’25,3%
First mortgage $2,500,000) 1915
5 A-O
850,000 April 1 1935
gold ($1,000)----------------c* /In t. at Springf. Safe Dep. & Tr. Co., trustee.
Series “ B ” -------------- --------- 1920 6%
85,000 April 1 1935
6%
465,000 April 1 1935
Series “ C ” ------------------------ -------Leased line rental M t Tom RR
stock 6 % ________________________
6
100.000 __________
Bonds.— Remaining 1st M . bonds issuable for additions and improvements
under certain restrictions. Redeemable at 107 and int. V. 100, p. 982.
Dividends.— From 1892 to 1915 incl., 8% yearly; In 1916, 6 % . In
Jan. 1917, 3% ; July, 1 A % - In 1918, Jan. 1 A % ; July div. omitted
(V. 107, p. 291). None to Jan. 1920, when 3% was paid. July 1920, 3%
In 1921, Jan., 3% ; July, 3 % . In 1922, Jan., 3% ; July, 3 % . In 1923'
Jan., 3% ; July, 3% . In 1924, Jan., 3% ; July, 3 % . In 1925,, Jan. 3%\
EARN INGS.— For years end. Dec. 31:
Cal. Year—
Gross.
Net. Int.,Tax.,&c. Divs.
Bal., Sur.
1924________________ $955,442 $208,024 $123,438
$80,520
$4,066
1 9 2 3 --------------------- 1,121,749
208,764
121,590
80,520
6,654
1922----------------------- 1.122,317
197,152
111,614
80.520
5,018
OFFICERS.— Pres. & Gen. M gr., Louis D . Pellisier; Sec. & Treas.,
S. D. Nevin; Asst. Gen. M gr., Geo. E. Pellisier; Aud., G. F. Dinneen,
all of Holyoke.— V. 118, p. 1772; V. 119, p. 1624, 1732, 2287, 2529.
MILFORD & UXBRIDGE STREET RY.
ORGANIZATION.— Incorporated in Massachusetts in 1901. On July
10 1902 consolidated by purchase of entire capital stock with the Milford
Holliston & Framingham St. Ry.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Trolley road. Owns 36 miles of track, from South Framingham to Uxbridge
and from Milford to Medway and Hopkinton. Also operates the Grafton
& Upton R R . from Hopedale to North Grafton, 13.427 miles. 48 pass,
cars, 8 snow plows and 4 miscellaneous; 180 electric motors.
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
Stock com $440,000 ($100)_ ------ A-O
_
$440,000 See text
Preferred $100,000 ($100)____ ------ J-J
100,000 See text
Mil„ „Holl & Fram 1st mtge) 1898 7 g J-J
„
165,000 Jan 11928
$165,000 ($1,000) g __c*n tf/In t. at Amer. Trust Co., Boston, trustee
Milford & Uxb gold bonds) 1902 7 g J-J
335,000 Jan 11928
($1,000) gold-----------c* n tf/In t. at Amer. Trust C o., Boston, trustee.
The above bonds were originally 5s and fell due Jan. 1 1918, but were
extended to Jan. 1 1923 at 7 % , and again to Jan. 1 1928 at the same rate
o f interest. V. 115, p. 2267.
„ Dividends.--O n pref., in 1910, A %; in 1911, 5% ; in 1912 and to and incl.
1918, 6% per ann. None since. On com. in 1901 to 1903, 6%- 1904
1 A % ; 1907, 3% ; 1908, 1% ; 1909, 3% ; 1910 and 1911, 4% ; 1912, 5 A %■
thereafter to Oct. 1916, 5% per annum. None since.
31
EARN ING S.— For fiscal years:
Year
Gross Net (.after DeducPf.Div. Com.Div. Balance,
Ending—
Earnings.
Taxes).
tions.
(6 % ).
(5% ) Survlus.
$3,605
Dec. 31 1924___$275,018 $41,256 $37,651
35,901
$9,556
Dec. 31 1923___ 323,678
45,457
9,394
Dec. 31 19 2 2 -.. 341,554
52,775
43,381
Dec. 31 19 2 1 -.. 355,280
45,869
1,458
47.327
OFFICERS.— Pres., D. E. Manson, Boston, Mass.; V .-P .- & Sec.,
Wendell Williams, Milford, Mass.; Treas., J. E. Walker, Milford; Supt.,
W . L. Adams, Milford, Mass.— V. 115, p. 2267; V . 117, p. 439; V. 120, p. 86.
NEW BEDFORD & ONSET STREET RY.
ORGAN IZATION .— Incorporated in Massachusetts in 1901. This com
pany is owned in the same interest as the Union St. R y. Co. In June 1906
issued $50,000 new stock in exchange for the $150,000 stock of the Taunton
& Buzzard’s Bay St. R y ., which was a reorganization of the Middleboro
Wareham & Buzzard's Bay St. R y. V. 82, p. 1438.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— A
trolley road. Owns 39.98 miles of track between Fairhaven and Onset and
in Middleboro and to Buzzard’s Bay. Also operates motor buses, 27 passen
ger cars, 4 snow plows, 5 miscellaneous, 81 electric motors and 4 motor
buses.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, $550,000 ($100)____________
_________
$550,000 Feb ’23, 2%
First mortgage,
$500,000/ 1902 6 g J-J
340,000 Jan 11927
gold ($1,000)_______ c*n tf jIn t. at International Tr. Co., Boston, Trus.
I No sinking fund and not subject to call.
M W & B B 1st mortgage/ 1901 6% g A-O
150,000 Oct 1 1926
$150,000 ($1,000) g -.cn tf\ In t. at Federal Trust C o., Boston, Trustee.
Bonds.— The Middleboro Wareham & Buzzard's Bay bonds have no sinking
fund. See V. 73, p. 1313. Interest was formerly 5 % , but on consolidation
with New Bedford & Onset was reduced to 4 % . Originally matured Oct. 1
1921, but were extended for five years at 6 % . The New Bedford & Onset
Street Ry. first mtge. bonds were originally 5s and matured Jan. 1 1922, but
were extended for five years at 6% . V. 113, p. 2819.
Dividends.— 2% paid in Feb. 1922. In 1923, Feb., 2 % ; none since.
EARN ING S.— For years ending Dec. 31:
Int. * Taxes. Bal.. Surp.
Cal. Year—
Gross.
Net.
$19,378
$20,908
def$l ,530
1924_____________ $246,396
1 9 2 3 -...................- 304,409
29,979
23,478
6,500
40,899
24,094
16,805
1922_____________ 277,358
In 1923 carried 1,438,680 revenue passengers against 1,527,158 in 1922.
O F F IC E R S — Pres., H. H. Crapo; V .-P ., E . S. Wilde; Sec., E. T. Pierce
Treas., E. F. Nicholson; Supt., Geo. P. Dole.— V. 107, p. 2376; V. 108,
p. 379; V. 113, p. 2185, 2819; V. 116, p. 1649; V. 117, p. 2770; V. 118,
p. 2704.
UNION STREET RY.
ORGANIZATION.— Incorporated in Massachusetts on Mar. 18 1887
as a consolidation of Acushnet St. R y. and New Bedford & Fairhaven St.
R y. On N ov. 1 1910 consolidated with Dartmouth & Westport St. R y.
V. 91, p. 465, 519, 718, 1096. In 1921 the company purchased from the
Eastern Mass. St. R y. its controlled line in New Bedford running from
Lunds Corner to the city line.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. Owns and operates 60.57 miles in New Bedford and adja
cent towns, and connects New Bedford and Fall River. 191 passenger
cars, 10 miscellaneous cars, 17 snow plows and 3 motor buses.
STOCK AND BONDS— Date.
Interest. Outstanding. Last div.,&c.
Stock $2,437,500 (par $100)________
Q-F
$2,437,500 Feb’25, 2%
First M $2,000,000 ($1,000)/ 1914
4 A g J-J
250,000 Jan 1 1934
gold no sinking fund_ n tf [Int. at Old Colony Trust C o., Boston, trustee
_
Bonds.— Redeemable since Jan. 1 1919 at 110. Issued to retire consol,
mtge. of 1894, due Jan. 1 1914. V. 97, p. 1584, 1664.
Dividends.— In 1896-97, 10%; in 1897-98, 6% : in 1899. 8% and same rate
to and including Feb. 1925.
EARN ING S.— For years ending Dec. 31:
Cal. Yr.— Gross.
Net.
Int. & Taxes. Divs. (8 % ).
Surplus.
1924_______$1,456,767
$257,723
$113,538
$195,000 def.$50,815
1923______ 1,629,020
405,213
133,313
195.000
76,901
1922______ 1,611,924
438,786
149,659
______
____
195.000
94,126
Rev. passengers carried in 1924, 27,239,312, against 30,225,114 in 1923.
OFFICERS.— Pres., H. H. Crapo; V .-P ., E . S. Wilde; Sec., E. T.
Pierce: Treas.. E. F. Nicholson: Supt., E. S. Wilde, all of New Bedford.—
V . 112, p. 258, 2750’ V. 116, p. 1651, 2131’ V. 118, p. 2825’ V. 120, p. 1587.
NORTHAMPTON STREET RY.
O R G A N IZA TIO N .— Chartered Feb. 26 1873. In M ay 1924 it was
reported that the co. would shortly acquire and operate the discontinued
line of the Connecticut Valley system between Northampton and Hatfield,
Conn. V. 118, p. 2573.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
A trolley road. Owns 43.42 miles of track, including extension to Holyoke
and extension from M t. Tom Junction in Easthampton; Northampton to
Amherst and Northampton to Hatfield. Operates 47 passenger cars, 4
snow plows and 159 electric motors.
STOCK, &c.—
Interest. Outstanding. Divs., &c
Stock $850,000 (par $100)---------------- ----------$850,000
See text
Notes payable Jan. 1 1925_________
_______
100,000 __________
Dividends.— 1901, 8% ; in 1902, 8% ; in 1903, 8% ; in 1904, 6% : in 1905,
6% ; on Dec. 27 1905, 3A%\ in 1906, 3 A%\ in 1907, 7% ; in 1908, 6% ; in
1909, Jan., 2A%\ in 1910, Oct., 2% ; in 1911 and 1912, 5% . In 1913,
5 A % - In 1914 to and incl. Oct. 1917 at the rate of 5% per annum. None
to 1920. when 3% was paid. In 1921, July. 3% ; Dec.. 3%. In 1922.
July, 3% ; Dec., 3 % . In 1923, July, 3 % . In 1924, Jan., 3% ; July, 3 % .
E A R N IN G S .— For year ending Dec. 31:
Year—
Gross.
Net.
Int.. Taxes, &c.
Balance.
$24,303
sur .$52,715
22,124
sur 52,686
20,165
sur 55,814
OFFICERS.— Pres., H. M . Tyler; Treas. & Gen. M gr., L. D. Pellissier,
both of Northampton.— V. 92, p. 322; V. 96, p. 554, 1840; V. 99, p. 675:
V. 107, p. 83, 604: V. 18, p. 172; V. 118, p. 2573.
1924 ........
$306,208
1923 _______________ 333,948
1922 _______________ 336,532
$77,018
74,810
75,979
PLYMOUTH & BROCKTON STREET RY.
ORGANIZATION.— Organized in Mass, in 1922 and acquired the prop
erty of the Brockton & Plymouth St. Ry. (for history see “ Electric Railway
Supplement” o f April 29 1922) which was sold at foreclosure in July 1922.
V. 115, p. 435. Holders o f each $1,000 of the old c o .’s 1st mtge. 4 A %
bonds received in exchange $500 in 1st mtge. 6% bonds, $500 in 6% income
bonds, and $500 in com. stock o f the new co. as per plan o f reorganization
outlined in V. 115, p. 644.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Does electric railway business from Brockton to Plymouth and in the
intervening towns. Is authorized to do a freight business in the towns of
Whitman, Hanson and Pembroke. Franchise perpetual. Road extends
from Plymouth through Kingston, Pembroke and Hanson to Whitman,
24.3 miles of track. [In June 1924 the co. discontinued operations between
Mayflower and Kingston, Mass. (V. 118, p. 3078).] 28 pass, and 9 other
cars. Standard gauge. Power station capacity, 825 k. w.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity,
Common------------------------------------------------$300,000
1st mtge. $170,000...................c 1922 6 J-J
130,000 Ju ly"T 1 932
Income mtge. $130,000--------- c 1922 See text.
130,000 July 11932
Stock.— $60,000 of the com. stock is held in voting trust. V. 115, p. 644.
Bonds.— Remaining $40,000 1st mtge. bonds may be issued for additions,
exts., and impts. under certain restrictions. Int. on coupon bonds la
payable annually on July 1 when earnings are sufficient. Sink, fund of
$5,000 per annum to retire income bonds is provided for. Int. on the
income bonds when earned and the annual sink, fund payment when
earned can only be postponed by the vote of 75% of the entire board o f
directors.
32
PUBLIC UTILITIES
The interest on the income bonds, whether or not earned, and the an
nual payment o f $5,000 for the sinking fund, whether or not earned, shall
be cumulative, so that no divs. can be paid until all o f such unpaid accumu
lated int. and unpaid accumulated sink, fund installments have been fully
paid. Income bonds acquired with sink. fund money trill remain alive and
draw int. for the benefit o f the fund. V. 115, p. 644.
OFFICERS.— Pres., A Stuart Pratt; V.-P. & Gen. M gr., O. W . Gifford
Clerk, Wm. T . Crawford; Treas., Henry B. Sawyer; Gen. Mgrs., Stone J
r
.
Webster M gt. Assn.; M gr., Montelle C. Smith.— V. 118, p. 3078.
COLONIAL GAS & ELECTRIC CO.
Controlled by Utilities Power & Light Co. (see on another page).
ORGAN IZATION .— Owns approx. 80% o f the com. stock of the Newport
Electric Corp.
C A PITA LIZA TIO N .— Common stock, 100,000 shares (no par) auth.
and outstanding (75,000 shares owned by Utilities Power & Light Co
Pref., 7% cum., auth., $5,000,000; issued, $100,000 ($100 par).
OFFICERS.— Pres., A. L. Linn, Jr.; V.-P. & Treas., F. W . Drury;
V .-P ., H. T. Pritchard; V.-P. & Sec., Wm. P. Sheffield.
(1) NEWPORT ELECTRIC CORPORATION.
T Control.— Controlled by Colonial Gas & Electric Co. (see above).
O RGAN IZATION .— Incorp. in Rhode Island on Feb. 23 1898 as the
Newport & Fall River Street R y. Co. In 1920 name was changed to New
port Electric Corp. Was leased to Old Colony Street R y. Co. (now Eastern
Mass. St. R y .), but lease was canceled Oct. 1 1921 and property turned back
to stockholders. V. I l l , p. 1661FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Does all the electric light and power business in Newport, Jamestown,
Middletown and Portsmouth ana operates street railway in Newport and
the interurban between Newport and Fall River. Miles of track owned;
Main line, 18.79 miles; 2d track, 2.02 miles; sidings, &c., 1.41 miles; total,
22.22 miles. 53 motor pass, cars, 3 motor service cars, 6 other motor cars,
17 buses. Also operates city type buses in Newport and interurban type
buses between Newport, Fall River and Providence.
STOCK, BONDS, E T C .— Date.
Interest. Outstanding. Maturity.
Com stock $3,0 0,000 par $ 1 0 0 ____
_______
$1,191,000
See text
Preferred 7% cumulative__________
7%
169,644 Mar ’25, 1 %
Consol mortgage $1,000,0001 1904
4 l J-J
A
696,000 July 1 1954
gold ($1,000)_____c*&r.tf lint, at American Trust C o., Boston, trustee.
Newport Illuminating Co s e c - 1 ____
6g
63,500 Oct 1 1925
ond mortgage g o ld ______tf/Central Trust C o., New York, trustee.
7%
100,000 See text
Newp Elec Corp secur n o t e s . . ____
Newp Elec Corp deb n o t e s ! ____
8%
103,000 Oct 1 1927
callable at 120___________ /Newport Trust C o., trustee.
Bonds.— $240,000 consol. 4 )4s are pledged as security for the $100,000
5% notes. Remaining consol, mtge. bonds are reserved to retire prior hens.
N ot redeemable.
The f% notes mature Oct. 1 1925.
Dividends.— On pref., \% % quar. from Sept. 1 1922 to and incl. Mar.
1925. On com., 2% paid in 1922, 1923 and 1924.
REPO RT.— For calendar year 1924, gross, $626,083; net, after taxes,
$191,039; interest, &c., $50,971; depreciation, $51,661; bal., sur., $88,407
OFFICERS.— Pres., A. L. Linn Jr.; V .-P., J. T. O’Connell; V .-P., E. P.
Gosling; Sec. & Treas., W m. P . Sheffield Jr.— V. 118, p. 1268, 2824, 2949
V. 119, p. 198; V. 120, p. 2012.
RHODE ISLAND
BLACKSTONE VALLEY GAS & ELECTRIC CO.
[V ol. 120.
NARRAGANSETT ELECTRIC LIGHTING CO.
ORGAN IZATION .— Incorporated in Rhode Island in M ay 1884.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Controls the Westerly Light & Power C o., the Wickford Electric Light &
Water C o., the Narragansett Pier Electric Light & Power C o. (these three
companies are to be consolidated into the South County Public Service Co.
V . 118, p. 1021), Bristol County Gas & Electric C o., East Greenwich Elec
tric C o., Seekonk Electric C o. and M ystic Power C o. The companies
furnish electric current to many cities and towns in Rhode Island and
Connecticut; also furnishes gas to Westerly and Pawcatuck, Conn., and
Bristol and Warren, R . I.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Q-J
$19,584,000 A pr’25.2%
Stock $20,000,000 ($50)___________
Dividends.— Dividends of 8% per annum have been paid since 1886.
RE PO RT.— For calendar years:
Calendar Years—
1924.
1923.
1922.
1921.
K. W . H. generated----278,187,870 359,746,610 277,993,260 299,667,600
Total rev. (all sources).. $6,736,432 $6,636,601 $5,574,826 $5,049,066
Operating expenses------- 4,408,818
4,383,314
3,504,438 3,237,058
Depr., obsolescence, &c_
560,069
496,719
520,917
553,592
Int., &c., d edu ction s...
91,159
160,719
230,806
235,849
Dividends--------------------- 1,501,440
1,302,456
1,234,440
984,975
$174,946
$293,393
$85,225
$37,593
Balance, surplus_____
OFFICERS.— Pres., E . A . Barrows; V .-P ., W m. W . Douglas; Sec.,
Treas. & A ud.. Franklin L . Hall.— V 120, p. 454, 1089.
UNITED ELECTRIC RAILWAYS CO.
OR G A N IZA TIO N .— Chartered in Rhode Island in April 1919. In
June 1921 acquired the property of the Union Railroad C o., Providence
Cable Tramway Co., Rhode Island Suburban R y. and Pawtucket Street R y.,
formerly controlled through stock ownership by United Traction & Elec. Co.
and in Aug. 1921 purchased the Woonsocket lines of the Rhode Island C o.,
as per plan outlined in V 112, p. 564. See also V 113, p. 961. In Oct.
1921 acquired the property of the Providence & Danielson R y. Co. Com
pare V. 113, p. 1773.
FIE LD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates over 349 miles of track. Also operates buses.
In Jan. 1924 the co. was auth. by the R. I. P. U. Comm, to issue $1,455,000 25-year 6% prior lien bonds and'$624.200 additional capital stock, pro
ceeds to be used to reimburse treasury for expenditures made for better
ments, improvements, &c. V. 118, p. 204.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock________________ _____
Prior lien mtg $5,000,000 Ser A 1921
1,000,000 Jan 1 1946
6%
Ser B ($100, $200, $500 and
1,973,300 Jan 1 1946
$1,000 )-------------------------- 1921
4%
Series “ C ” _________________ 1921
6%
*450,000 Jan 1 1946
Gen & ref mtge $11,000,000—
Ser A ($100, $200, $500 and
$1,000 )__________________ 1921
5%
8,501.300 Jan 1 1951
Ser B ($100, $200, $500 and
$1,000)__________________ 1921
4%
2,466,600 Jan 1 1951
* Nominally issued and held in tre sur y .
Bonds.— The $1,550,800 remaining prior lien bonds bearing not over
7 % interest may be issued from time t.0 time for 70% of cost of extensions,
additions, improvements. &c., under certain restrictions.
Dividends.— In Julv 1923 the regular quar. div. was reduced from 1 % %
to 1% . In Oct. 1923 div. was omitted. None since.
EARN ING S.— Years ended Dec. 31:
Year Ending
Total
Net (after
Balance,
Dec. 31.
Revenue.
Taxes).
Interest, &c. Surp. or Def.
1924______________ $8,196,695
$338,188
$696,909
def.$358,721
1923______________ 8,104,043
624,652
677,342
def. 150,532
OFFICERS.— Pres., Albert E. Potter; V .-P ., Clifford Whipple; V .-P .,
E . J. Dickson; V.-P. & Asst. Sec., H. B. Shartoe; V .-P ., W . O. Slade;
Treas., Geo. H. Newhall; Sec., Harvey A. Baker; C om pt., D . L . Waters.
— V. 117, p. 1993, 2434; V. 118, p. 204, 1393; V. 119, p . 1511, 2288; V. 120,
p. 89, 584, 1749.
ORGANIZATION.— Incorp. in Rhode Island in April 1912.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Through direct ownership and control o f the Pawtucket Gas C o., does the
entire gas, electric lighting and power business in the Blackstone Valley
o f Rhode Island, including the cities o f Pawtucket, Woonsocket and Cen
tral Falls, the towns o f Cumberland, Lincoln and those adjacent. The
generating plants o f the co. have a combined capacity o f 38,400 k.w. The
gas plants nave a combined daily capacity o f 7,700,000 cu. ft. A 14-mile
high-pressure line connects the Woonsocket and Pawtucket plants, the gas
plant in Woonsocket being held as reserve capacity.
On Jan. 30 1925 the Senate o f the State of Rhode Island passed a bill
NEWPORT & PROVIDENCE RAILW AY CO.
auth. the co. to increase its auth. capital from $16,000,000 to $32,000,000.
V. 120, p. 700. Bill passed by R . I. House of Representatives in March
ORGA N IZA TIO N .— Incorporated in 1892.
1925. V. 120, p. 1324.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Operates about 15 K miles of track from Newport to Bristol Ferry, where
Common ($50)____________________
_________ $6,487,250 M ar’25, 2>£
connection is made by ferry to Providence; 70 and 90-lb. T and girder rail.
Preferred 6% cum ($100)__________
J-D
1,294,200Dec ’24, 3%
19 cars.
1st & gen mtge $5,000,000/ 1912
5 g J-J
4,578,000 Jan 1 1939
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
($1,000) gold__________ c*\Int. at Industrial Trust C o., Slater Branch,
Common $300,000 ($100)-----------------------$300,000 — ----------( Pawtucket, R. I., trustee.
Pref $150,000 ($100) n o n -c u m ____
_______
150.000 ---------------2-yr notes$2,700,000 ($1,000)/ 1924
5 g M -N
2,700,000 M ay 1 1926 1st mtge $300,000 ($500) sub-1 1912
5 g J-J
300,000 July 1 1932
g o l d ________________ c*tf lin t, at State Street Trust C o., Boston, trust.
ject to call at par___ ccp t/In t. at Augusta (M e.) Trust C o., trustee.
Pawtucket Elec consol m tge/ 1908
5 g J-J
176,000 Jan 1 1938
EAR N ING S.— For years ending D ec. 31:
$2,000,000 ($1,000) gold c*\Int. at Old Colony Tr. C o., Bost., trustee.
Year End.— Gross.
Net.
Taxes. Int.dk Dear. Sur. or Def.
Pawtucket Gas Co (N J) 1st 1902 4 g M -N
1,400,000 M ay 1 1932
$17,503
$3,493
$29,160
def.$15.150
M tge $2,000,000 gold ($500/Int. at Industrial Trust C o., Slater Branch, 1924___________ $104,932
1923..........
114,948
14,183
3,565
29,160
def.18,542
& $1,000)______________c*
Pawtucket, R. I., trustee.
15,284
3,222
29,160
def. 17,098
Woonsocket El Mach & P ow / 1901
4H J-J
90,000 Jan 1 1931 1922___________ 106,157
1st M $200,000 gold______ lin t. at First Nat. Bank of Boston, trustee.
OFFICERS.— Pres., Edward A . Brown, Newport; Sec., Clark Burdick;
Woonsocket El Mach & Pow / 1903
g A-O
171,000 April 1 1943 Treas., Geo. E. Macomber, Augusta, M e.; Sept., Geo. M . Towle. Newport.
Consol M tge gold________ \Int. at First Nat. Bank o f Boston, trustee.
—V 95, p .140 3.
Stock.— Non-taxable in Rhode Island. Pref. is red. at 115.
Bonds.— lsi & Gen. Mtge. 5s have sink, fund o f 1% per annum of bonds
outstandiag, payable Jan. 1. $,22,000 not incl. in amount reported out
standing have been cancelled by sinking fund.
Pawtucket Electric Co. 5s are call, all or in part at 105 & int. on any int.
date. $574,000 cancelled.
Pawtucket Gas Co. of N . J. 1st M . 4s are call, as a whole at 110 & int. on
any int. date.
Woonsocket Elec. Machine & Power lsi M . 4 fis have sink, fund of $4,000
per annum, payable Jan. 1. $110,000 in sinking fund cancelled.
Woonsocket Elec. Machine & Power Consol. Mtge. 4 fis are call, on April 1
THE BRISTOL & PLAINVILLE ELECTRIC CO.
1933 or on any int. date thereafter at 100 & int. Mtge. provides for sink,
ORGANIZATION.— Incorp. Sept. 21 1893 in Conn, as the Bristol &
fund o f $3,177.42 per annum, payable Apr. 1. $79,000 not incl. in amt.
outstanding held in sinking fund not cancelled. $50,000 held by Blackstone Plainville Tramway C o., name changed to present title M ay 16 1921.
Franchises perpetual. Road first opened Aug. 12 1895; merged with Bristol
Valley Gas & Electric Co. and $90,000 reserved to retire underlying bonds.
Notes.—-2-yr. 5% notes are call, all or in part on M ay 1 1925 at 100M & Elec. Lt. Co. Mar. 31 1897; steam heating plant installed in 1902; Terryville
int. and on N ov. 1 1925 at 100 & int. In M ay 1924 Estabrook & Co. and branch opened in 1903. Woodland St. branch opened in 1906; gas plant
Stone & Webster, Inc., sold $2,700,000 2-yr. 5% notes at 99.54 & int., to installed in 1906; underground system installed in 1916.
yield about bU.%- V. 118, p. 2441.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
In addition to railway service, furnishes electric light and power in Bristol,
EARN ING S.— For 12 months ending Dec. 31 1924:
Forestville and Terryville; gas in Bristol, Forestville and Plainville, and
Gross earnings_______________________________________________ $4,627,311
steam heat
Operates 12.9 miles of track laid with 56, 60 and
3,081,504 72-lb. T-rail in Bristol. Bristol with Forestville, Plainville, Lake Compounce
Operating expenses and taxes________________________________
connecting
and Terryville. Standard gauge; 37 cars, 3 snow plows and 1 work car.
Net earnings______________________________ _______________ $1,545,807
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
a Income from other sources________________________________
45,016
Stock $5,000,000 ($100)___________
Q-F
$990,000 Feb ’25, 2M
4 K g M -N
540,000 N ov 11945
$1,590,823 1st mortgage $600,000 gold/ 1905
B alan ce__
($500 & $1,000)_______ ntf/Interest at Bristol National Bank, Bristol.
105,500
b Deductions
Subject to call at par_____[Treasurer o f State of Connecticut, trustee.
$1,485,323
B alance_______________________
Dividends.— In 1899 to 1909 incl., $6% per annum; 1910, 7% ; 1911 to
Interest and amortization charges.
377,294 1919, 8% per annum. In 1920, 1921 and 1922, 10%. In 1923, 11% .
In 1924,' 10%. In 1925, Feb., 23^%.
B alan ce________________________
$1,108,029
EARNING S.— For calendar years:
Dividends— Preferred stock (6 % )----------------------------------------77,652
Railway
Railway Miscell. Interest
DiviOth. Surp. SurCommon stock (10% )__________________________
583,485
Year. Gross.
Net.
Net.
eft Taxes, dends. Deduc'ns.
plus.
Balance for reserves and retirements-----------------------------------$446,892 1924-$186,869 $21,286 $226,997 $85,625 $94,875 $19,658 $48,125
1923- 186,320
24,407 203,090
81,782
90,750
4,734 50,230
1922. 164,485
19,003 189,441
71,642
82.500
29.911 24,391
a Interest on funds advanced to Montaup Electric Co.
OFFICERS.— Chairman o f board, Chas. H. Tenney; Pres., A. B. Ten
b Interest charges on bonds and dividends on $990,000 outstanding 5%
ney; V .-P ., 1). E. Manson: Sec.-Treas., Morris L. Tiffany, Briston, Conn.;
Preferred stock of the Pawtucket Gas Co. o f New Jersey.
OFFICERS.— Pres., David Daly; V .-P ., Wm. McGregor; V .-P ., Marcy Asst. Treas., E. A . Bradley. General Managers, Chas. H. Tenney & Co.,
L. Sperry; Sec., W m. T. Crawford; Treas., H. B. Sawyer. Operated under Boston, Mass.; Local M gr., G. E. Cockings.— V. 103, p. 1687; V. 110, p.
management o f Stone & Webster, Inc., Boston.— V. 120, p 700, 1324.
359; V 1 1 2 ,p 256.
CONNECTICUT
POWER, LIGHT AND RAILW AY
M ay , 1925.]
CONNECTICUT LIGHT & POWER CO.
ORGAN IZATION .— Chartered in Connecticut in 1905.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Supplies electric light and power to a population of about 306,000 in the
cities of Waterbury and New Britain and the Naugatuck Valley district.
Has an installed generating capacity of 145,506 h.p., o f which 34,600 h.p.
is hydro-electric (2 plants); about 200 miles of high-tension transmission
lines; 21 substations, and distributing systems in about 20 cities and towns.
STOCK AND BONDS—
Date. Interest.Outstanding. Maturity.
_________ $8,486,000 ____________
Common $15,000,000 ($100) — ____
Pref 8% cum $7,500,000 ($100) ____ 8 Q-M
4,000,000
________
4,500,000
________
Pref 7% cum $7,500,000 ($100) ____ 7 Q-M
2d pf 8%cum$5,000,000 ($100) ____
_________ 2,500,000 __________
1st & ref Mtge— Ser “ A ” ____( 1921 7 g M -N
6,285,500 M ay 1 1951
1924 5 3 ^ g F -A
5,874,000 Feb 1 1954
($500 & $1,000 c* and $1,- Bankers Trust C o., New York, trustee.
000 & mult r*) g _______tf I
5 g F-A
1,000,000 Aug 11932
New Milford Power 1st M tgef 1902
($1,000) gold__________ c*\ Int. at Central Union Trust C o., N. Y ., trus.
Stock.— 7% and 8% pref. stocks are call., all or in part, on any dividend
date at $120 and dividends.
Bonds.— 1st & ref. mtge. provides for annual sinking fund of 1 % of all
bonds outstanding, bonds acquired by sinking fund to be kept alive. Mass,
income tax not in excess o f 6% and Penna. 4-mill tax refunded. Int.
payable in New York, Boston and Chicago.
Series “ A ” 7s are call, for sinking fund (only)on any int. date to and incl.
N ov. 1 1931 at 110, thereafter decreasing 1)4% annually to 100)4 on
Nov. 1 1950. $6,500,000 were offered in May 1921 by Lee, Higginson &
C o., Estabrook & Co., &c., &c., at 95 and int., yielding about 7.40% .
V. 112, p. 1981.
Series “ B” 5 Ms are call, as a whole at any time on or after Feb. 1 1934
or in part for sinking fund only on any int. date since Feb. 1 1925; prior to
and incl. Aug. 1 1939 at 107)4; thereafter decreasing J4% annually to
100)4 on Aug. 1 1953. $5,874,000 were offered in Feb. 1924 by Lee,
Higginson & C o., Estabrook & C o., Putnam & Co., &c., &c., at 96)4 and
interest, yielding about 5% % . V. 118, p. 669.
Dividends.— On 8% pref. paid 8 1-3% in 1921. In 1922 paid 8% ; 1923,
8% ; 1924, 8% . On 7% pref., 7% paid in 1923 and 1924. On 2d pref.,
8% stock paid 8% in 1923 and 1924. On com., 10)4% in 1919. In 1920,
7% ; 1922, 7 )4 % ; in 1923, 6% ; in 1924, 5% .
EARN ING S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross earnings_____________________ $5,656,131 $5,151,859 $4,426,621
2,779,730
Operating expenses and taxes_______ 3,427,794 3,375,457
Net earnings__________ ___________$2,228,337 $1,776,402 $1,646,891
Other income_______________________
112,109
441,498
160,777
Net income.
$2,340,446 $2,217,900 $1,807,668
OFFICERS.— Pres., Lewis Lillie; V .-P ’s., Irvin W . Day, James T.
Hutchings and J. Henry Roraback; Sec. & Treas., Chas. L. Campbell.
— V. 118, p. 669; V. 119, p. 1629, 2759; V. 120, p. 210.
HARTFORD ELECTRIC LIGHT CO.
ORGAN IZATION .— Incorp. in Conn, in 1881. Owns almost entire
Com. stock o f the Connecticut Power Co. (see below).
FIELD OF OPERATIONS & CHARACTER OF BUSINESS.— Supplies1
electric light and power in Hartford and a large section of central and
northwestern Connecticut.
Pref. and com. stockholders o f record Jan. 6 1925 were given the right
to subscribe to $4,000,000 3-year 7% notes in the ratio of one $100 note to
each three shares o f stock held. The new notes will mature Feb. 25 1928
and are convertible at maturity into com. stock, par for par. Proceeds are
to be used to retire $3,000,000 7% notes due Sept. 1 1930. These notes
were called for payment Mar. 1 1925 at 102)4 and int. Y. 120, p. 453.
STOCKS AND BONDS— Date.
Interest.
Outstanding. Maturity.
Common ($100)___________________
_______ $10,000,000 ---------------Pref 5% cum ($100)___________________ 5 Q-F
2,000,000 ---------------10-yr notes ($500 & $1,000)/ 1920
7 g M-S
x3,000,000 Sept 1 1930
gold_________________ c* tf (Security Trust C o., Hartford, Conn., Tr.
x Called for payment March 1 1925.
Stock.— Pref. stock is convertible into com. after Feb. 1 1926 upon 30
days’ notice.
Notes.— The 10-yr. 7% notes are call, or or in part at any time upon 30
days’ notice at 102)4 on or before Sept. 1 1925; at 102 thereafter to Sept. 1
1926; at 101)4 thereafter to Sept. 1 1927; at 101 thereafter to Sept. 1 1928;
at 100)4 thereafter to maturity, plus int. It. payable in New York and
Boston. In Sept. 1920 Lee, Higginson & C o., Richter & Co. and Estabrook
& Co. sold $5,000,000 10-yr. 7% notes at 95.68 & int., yielding about 7 b % ,
A
V. I l l , p. 993. All the outstanding notes due Sept. 1 1930 were called for
payment at 102 )4 on March 1 1925.
Dividends.— Dividend record since 1900 is as follows:
Cap'l Stock
Cap’l Stock
Div.
Outstanding
Div. Outstanding
Rate.
Dec. 31. Year—
Rate.
Dec. 31.
Year—
$3,600,000
1900------------------ 6)4% $1,050,000 1914_______ - . - 1 0 %
1,400,000 1915_______ ------10%
3,600,000
1901___________ 7%
1,400,000 1916_______ ------10%
4.500,000
1902___________ 7%
1,400,000 1917_______ ----- 10%
6,000,000
1903----------------- 9)4%
1,600,000 1918_______ - - - . 8%
6,000,000
1904___________ 8%
1,800,000 1919_______ — - 9)4%
7,500,000
1905___
8%
1,800,000 1920_______ ----- 10%
1906___________ 8%
8,250,000
2,100,000 1921. ___ - - - 10%
10,000,000
1907___________ 8%
2,400,000 1922----------- ----- 10%
10,000,000
1908 _______ - 8%
2,400,000 1923______ ----- 10%
10,000,000
1909___________ 9%
3,000,000 1924_______ ----- 10%
10,000,000
1910___________ 10%
3,000,000 Preferred—
1911___________ 10%
3,000,000 1923_______ ___ $3.55
2,000,000
1912___________ 10%
3,600,000 1924 ______ ------5%
2,000,000
1913___________ 10%
E A R N IN G S.--F o r years ended Dec. 31:
1924.
1922.
1921.
Calendar Years—
1923.
Sales (electric current) - _ $4,724,400 $4,718,000$ 4,066,200 $3,411,100
___
2,267,700
2,522,600
2,116,100
1,870,500
Expenses
Taxes_____ ___
_
385,000
340,000
276,000
227,000
Net incom e..
Other income_
_
$2,071,700
128,500
$1,855,400
162,000
$1,674,100
162,600
$1,313,600
153,100
Total income
$2,200,200
Interest and dividends. . 1,350,100
$2,017,400
1,341,600
$1,836,700
1,397,700
$1,466,700
996,500
B al. for reserves & sur. x$850,100
$675,800
$439,000
$470,200
x From this balance the sum of $225,000 has been appropriated to cover
premium and amortization charges incident to the retirement on March 1
1925 o f $3,000,000 7% notes, and appears as a current liability.
OFFICERS.— Pres., Samuel Ferguson; V .-P ., T . H. Soren; V .-P ., D . N.
Barney; Sec. & Treas., J. E. Lynch; Gen. M gr., A . D. Colvin.— V. 119,
p. 2878, 3009; V . 120, p. 453, 956.
(1) CONNECTICUT POW ER CO.
Controlled by the Hartford Electric Light Co.
ORGAN IZATION .— Incorp. in Conn, in M ay 1899. Was known as
the Marina Power Co. up to June 9 1905 when name was changed to present
title.
FIELD OF OPERATIONS & CHARACTER OF BUSINESS.— Does
the entire electric light and power business in New London, Middletown
and Thomaston, Conn., and furnishes wholesale power to manufacturing
and public utility companies in va(ious othe( Connlcticut towns.
33
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
_______ $2,250,000 __________
Common $2,500,000 ( $ 1 0 0 ) - - - ____
Preferred 6% cum ($100)__________
Q-M
1 250,000 ___________
1st & con M ($500 & $1,000 c * / 1913
5 g A-O
1,833,500 Apr 1 1963
& $5,000 mult, r * )______ g .lln t. at Old Colony Trust Co., Boston, Tr.
5-yr. notes, $500,000 ($100,1 1921
7 g J-D
500,000 Dec. 1 1926
_
$500 & $1,000) gold_ c*tf\Int. at United States Secuirty Trust C o.,
Hartford, Trustee.
Conn. Pow Co 1st M (assum-/ 1906
5 g J-J
517,000July 1 1956
ed ($1,000) gold________ c*l Int. at Equitable Trust Co., New York, Tr.
New London Gas & Elec 1st ( 1897 5 g A-O
276,500 Apr 1 1927
M closed ($500 & $1,000) |Int. at New York Trust Co., N . Y ., Trustee.
New London Gas & Elec 2d M / 1899
5 g A-O
76,000Apr
1 1929
closed ($1,000) gold______cl Int. at New York Trust C o., N. Y. Trustee.
New London Gas & Elec, ls tf 1903
5 g J-J
375,500 July 1 1933
cons & ref ($500 & $1,000)1 Int. at Equitable Trust Co., N. Y ., Trustee.
gold_____________________c I
Bershire Pow Co 1st M $100,-/ 1904
5 g J-D
71,000 Dec. 1 1934
000 ($1,000) gold_______ c*\ Int. at United States Security Trust C o.,
Hartford, Conn., Trustee.
Stock.— Pref. stock is red. at 115 & divs.
Bonds.— 1st & cons. M tge. 5s have sink. fd. of 1% of bonds outstanding.
$157,500 canceled by sink. fd. Call, all or in part for sink, fund at 107)4
& int. on any int. date.
The Conn. Pow. Co. 1st M . 5s have been assumed by the consolidated co.
New London Gas & Elec. 2d M . 5s are call, at 105 & int. on any date.
$49,000 canceled. Assumed by Conn. Pow. Co.
New London Gas & Elec. 1st consol. & ref. 5s have been assumed by
Conn. Pow. Co.
Bershire Power Co. 1st M . 5s have sink. fd. of 2% annually. $29,00
canceled by sink. fd. Assumed by Conn. Pow. Co.
Notes.— The 5-yr. 7% notes were offered at 100 & int. in Dec. 1921 by
Roy T . H. Barnes & C o., Hartford and the Chas. W . Scranton C o., New
Haven. V. 113, p. 2508, 2618.
OFFICERS.—-Pres., Samuel Ferguson; V .-P. & Gen. M gr., Viggo E,
Bird; V .-P .. Townsend H. Soren; Sec. & Treas., John E. Lynch. V. 119
D. 460.
NEW YORK NEW HAVEN & HARTFORD RAILWAY
(Trolley Lines).
The New York New Haven & Hartford’s interests in trolley lines have
been very extensive, but under an agreement reached with the U. S. Gov
ernment in 1914 the company has pledged itself to dispose of the same.
♦The investments in the trolley companies held by the N . Y . N. H. & H .,
which are to be disposed of under the decree of the Federal Court (date by
which New Haven is to dispose of these holdings has been extended from
year to year, latest extension being to April 1 192 '), are as follows:
Berkshire Street R y.
The Vermont Co.
Connecticut Co.
Westchester Street R R .
New York & Stamford R y.
Shore Line Electric R R . of N. Y .
The Hoosick Falls R R . Co.
* The Rhode Island Co. was originally included in this list, but the stock
of that company was sold on Sept. 3 1920 at public auction—see that com
pany on subsequent page.
The N . Y . N. H. & H. also owns $4,984,938 of the $5,005,250 stock of the
N Y . Westchester & Boston R y., an electric road, which it is under no obli
gation to dispose of and which will be developed as part of the New Haven
system.— V. 99, p. 270, 604. 1125. 1210; V. 100, p. 642; V. 104, p. 2010.
CONNECTICUT COMPANY.
Control Passes to Trustees.— On Oct. 27 1914 the $40,000,000 capital stock
of this co. held by New England Navigation Co. was transferred to five
trustees, pursuant to the requirements of the U. S. Dept, of Justice. V. 99,
p. 1451. The New Haven Co. has bound itself to sell the stock, and the
trustees were to use their best endeavor to complete the sale before July 1
1919, but in March 1919 Judge Julius M Mayer granted an extension
of time until July 1 1921. V. 108, p. 1275
In April 1921 Che time was
again extended, by order of the Federal Court, to July 1 1922. V 112,
p. 1616. In March 1922 the court further extended the time to April 1
1923. Since extended to April 1 1924, then to April 1 1925 and again to
April 1 1926. The trustees are: Judge Walter C. Noyes of Old L'"ne,
Leonard M . Daggett of New Haven, Charles Cheney of South Manchester,
Morgan B. Brainard of Hartford and Chas. G. Sanford of Bridgeport. See
remarks under N. Y . N. H. & H. R R . Co. above and V. 98, p. 1000, 1245.
This is the company which operates the trolley lines in Connecticut
controlled by the N Y . N. H. & H , and which formerly were comprised in
the Consolidated Railway Co.
Return of Line to N. Y. N . H. & H. R. RR. Suggested.— See V. 112, p. 1977;
compare V. 116, p. 720.
ORGANIZATION.— Incorp. in Connecticut. Entire $40,000,000 stock
and $1,000,000 debentures owned by New Haven Co. June 1 1907 began
operating the lines comprising the Consolidated Railway (merged in 1907
in the New York New Haven & Hartford); Feb. 28 1910 purchased sub
stantially all the various street railway properties of the N. Y . N. H. &
Hartford in Connecticut.
The following companies have been absorbed or are leased or controlled:
Branford Lighting & Water Co. V. Middletown Street Ry. V. 79, p. 268.
♦Montville Street Ry. V. 79, p. 268.
81, p. 155, 210.
Connecticut Railway & Lighting Co. New Haven St. Ry. V. 79, p. 989.
New Haven & Centreville Street Ry.
V. 83, p. 1524.
Danielson & Norwich Street R y.
V. 78, p. 989.
New Hav. & W . Haven Horse R R .
V. 79, p. 268.
E. Hartford & Glastonbury St. Ry. ♦New London St. R y. V. 79, p. 268.
Fair Hav. & Westv. R R . V .78,p.989. ♦Norwich Street Ry. V. 79, p. 268.
Farmington Street Ry. V. 69, p. ♦Putnam & Thompson Street Ry.
Stafford Springs Street Ry.
283; V. 89, p. 593, 1542.
Greenwich Tram. Co. V. 80, p. 118. Stamford Street Ry.
Hart.M an.&Rockv.T.Co.V.82,p.280 Torring. & Win. St. Ry. V .85,p .1463.
Wallingford Tramway Co.
Hartford & Middletown Street Ry.
Waterbury & Pomperaug Val. St.Ry.
Hartford Street Ry.
Meriden Electric Ry. V. 79, p. 268. West Shore Ry. Co. V. 78, p. 989.
Meriden Horse R R . V. 79, p. 268. ♦Willimantic Trac. Co. V .81,p .1176.
Meriden Southington & Compounce Winchester Ave. R R . V. 78, p. 989.
Tramway Co. V. 83, p. 1524.
* These roads were leased in 1912 to Shore Line Electric R y., which see.
This lease was annulled by order of the Court in Jan. 1920 and properties
were taken over for operation by the Connecticut Co. in April 1920.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 808 468 miles of line (of which 503.015 miles are owned, : Ou.806
miles leased and 4.647 miles operated under trackage rights), serving the
following cities and towns: Cities of New Haven, Hartford, Bridgeport,
Waterbury, New Britain, Meriden, Middletown, Stamford, Norwalk,
Rockville, Derby, Shelton, Ansonia, New London, Norwich, Willi nantic,
Putnam, and the towns of East Haven, Brantford, North Haven, Walling
ford, Hamden, Orange, Southington, Plainville, Farmington, Po 'land,
Middlefield, Cromwell, Rocky Hill, Wethersfield, West Hartford, Bloom
field, Windsor, Stafford, East Hartford, East Windsor, South V indsor,
Manchester, Vernon, Glastonbury, Greenwich, Stratford, Milford, Hunt
ington, Fairfield, Westport, Norwalk, Darien, Naugatuck, Wateitown,
Middlebury, Thomaston, Torrington, Winchester, Beacon Falls, Sey,.
a.
Cheshire, Newington, Waterford, Montville, Unicasville, Thamesvi’ le.
Taft, Jewett City, Plainfield, Wauregan, Danielson, Killingly, Dayville,
Elliott, South Coventry, South Windham, Greenville, Baltic, Central
Village and Berlin, Conn. Standard gauge. Cars operated Feb. 28 1925,
1,428 passenger and 307 freight, &c., cars; total, 1,735.
Fares.— See "Electric Railway” Supplement o f April 26 1924.
Supreme Court Decision.— Decision of State Supreme Court holding that
the co. must protect holders of the Consolidated R y. C o.’s debentures
will be foundi n V. 109, p. 581. See also V. 109, p. 1527, and V. I l l , p.
990, under caption “ N. Y . N. H. & H. R R .”
The N . Y . N . H. & H. R R . offered to exchange $100 of its stock for $200
of certain issues of the Consol. Ry. C o.’s debentures. See V. 82, p. 803,
and V. 83, p. 1037. $17,347,000 of debentures have been so exchanged for
$8,673,500 N . Y . N . H. & H. R R . stock. The following shows the details
for each issue o f debentures:
34
PUBLIC UTILITIES
Debentures of The Consolidated Railway Company— All Tax Free.
Ex. for Stk. or
Authorized.
Issued. Pur. cfe Cancel. Still Out.
50-yr.,4g J-J $5,000,000 $5,000,000
$745,000 n$4,255,000
50-yr.,4g J-J 4,000,000
4,000,000
1.691.000 «2 ,309,000
50-yr.,4g A-O 3,500.000 *3,500,000
2.160.000 a l,340,000
50-yr.,4g J-J 10,000,000 *10,000,000
7.989.000 a2,011,000
10-yr.,5%con.l5,000,000
5,000,000
5,000,000
______
Issue—
July 1’04,
Jan. 2’05,
Apr. 1’05,
Jan. 1’06,
Mar. 1’07,
Total exchangeable...$37,500,000 $27,500,000 $17,585,000
6Feb. 1 1905, 25-year,
now 4 g F-A see text). 1,000,000
1,000,000
28,000
$9,915,000
972,000
Total o f all__________ $38,500,000 $28,500,000 $17,613,000 $10,887,000
* Guaranteed principal and interest by N . Y . N . H. & H. R E . a These
amounts cannot be increased, as remainder o f issues has been cancelled.
6 Not exchangeable for stock.
The deb ntures are in coupon form o f $1,000 each and fully registered
debentures o f $10,000 each, which are non-inter changeable.
BONDS—
Dale.
Interest. Outstanding. Maturity.
Equipment notes Series “ C ” _ . 1920 6 J-J
$9,000 __________
Equipment notes Series “ D ” __ 1920
6 M -N
13,000 __________
5 A-O
Equipment notes Series “ E ” . . ____
128,000 __________
Equipment notes Series “ F ” _ / 1922
6%
337,500
See text
\U. S. Security Tr. Co., Hartford, Conn, tr.
Equipment notes Series " G ” _) 1924
6 g J-D
405.000
See text
($1,000) not call_______ c*\U. S. Security Tr. Co., Hartford, Conn, tr.
N H & Centerv 1st M g assum’d! 1893
5 g M-S
283.000 Sept 1 1933
t f/
'b y N Y N H & H ______nitfj
New Haven Street RR.—
Hartford Street R y, now /
1900 4 g M-S
2,500,000 Sept 11930
1st mortgage $2,500,000{Conn. T r. & Safe Dept. C o., Hartford,
($1,000) g __________ c* n tf i trustee. Int. at Hartford or Boston.
Hartford St R y deb “ M ” ._ n t f
1900 4 J-J 15
165,000 Jan 1 1930
Mer South & Comp 1st M gl
1898 5 g J-J
175,000 July 1 1928
_
•
Optional at 110 and interest.
$200,000 ($1,000)_ c* n tf }
callable at 110 since 1903-. Jlnt. at Equitable Trust Co...New York.
Greenwich Tramway first f
1901 5 g J-J
320,000 July 1 1931
mtge $400,000 ($1,000) ( Interest at New York Trust C o., New York.
gold________________ c* n tf IState Treasury o f Connectitu, trustee.
5 J-J
400,000 July 11956
Stafford Spgs St R y 1st M g . t f ____
Provisional debentures_______ 1916
5%
1,000,000 __________
Securities of Lines formerly Leased to Shore Line Elec. Ry.—
W ore & Conn East 1st M s f g ) 1902
4K g J-J
1,992,000 Jan 11943
$3,100,000 ($1,000)_ c*tf/Interest at New York Trust C o., trustee.
_
Bonds.— The Consolidated Ry. debentures are not subject to call. All
the debentures have printed on their face the statement that if a mortgage
is made on any or all of the company’s property which was owned on Jan. 1
1905, except to renew existing mortgages, the debentures shall participate
in the security o f such mortgage. The debentures are at present secured
under the terms and lien o f the 1st & ref. mtge. o f the N . Y . N . H. & H.
R R . C o., dated Dec. 9 1920, but they are entitled to such security only
while and so long as they are not secured by a mortgage as recited on the
face of each debenture. The debentures due in 1930 bore 3% interest
from Feb. 1 1905 for the first 5 years and 3 H % for next 5 years. From
Feb. 1 1915 to maturity bear 4 % . They were issued to pay for acquiring
the Berkshire St. R y. (V. 80, p. 471), which co. was subsequently acquired
by the New Engl. Inv. & Security C o ., then in turn re-acquired by the N . Y .
N . H. & H. The $3,500,000 debentures due April 1 1955 were issued to ac
quire the Hartford Street R y. The $10,000,000 debentures of Jan. 1906
were issued to the N . Y . N . H. & Hartford for advances.
Of the Worcester & Connecticut Eastern bonds, no more will be issued.
A sinking fund on these bonds commenced in 1908 o f not to exceed 1% of
bonds outstanding. Bonds cannot be called, but may be bought on a 3%
basis or better, and kept alive for sinking fund. See Y . 75, p. 1204;
$440,000 in sinking fund not including amount reported outstanding.
$130,000 held in treasury New York New Haven & Hartford R R .
Equip, notes Series “ F ” are due $50,000 semi-ann. Jan. 1 1924 to Jan. 1
1928, and $37,500 July 1 1928. V . 116, p. 2992.
Equip, notes Series “ G ” are due serially $45,000 semi-annually June 16
and Dec. 16. Are exempt from State o f Connecticut 4-mill tax. In June
1924 $450,000 6% equip, trust notes, Series “ G ,” were sold at 100 and int.
by Putnam & C o., Hartford, Conn. V . 119, p. 196.
EARN IN G S.— Of Connecticut Co. for year ending Dec. 31:
Dec. 31
Operating
Net (after
Other
Interest,
Balance,
Year—
Revenue.
Taxes).
Income, Rentals,&c. Surplus.
1924________ $14,347,839 $2,195,646
$50,434 $1,543,611
$702,469
1923________ 14,717,233
2,467,107
62,618
1,504,478 1,025,247
2,741,210
44,831
1,475,625 1,310,415
1922— ______ 14,477,611
Latest Earnings.— For two months ending Feb. 28 1925: Operating reve
nue, $2,238,825; net (after taxes), $597,456; other income, $5,846; interest,
rent, &c., $249,087; balance, sin-plus, $354,215.
OFFICERS.— Pres. & Gen. M gr., J. K . Punderford; V .-P ., Walter J.
Flickinger; Sec., Victor S. Curtis; Treas., E. T . Chapman; Compt., I. A.
M ay; all o f New Haven.— V. 116, p. 2881, 2992; V. 117, p. 1461; Y . 118,
p. 310, 1134, 1772, 2572, 2947, 3196; V. 119, p. 196,11952; V. 120, p. 1325,
1881.
(1) CONNECTICUT R A ILW A Y & LIG H TIN G CO.
Lease.— Leased for 999 years from Aug. 1 1906 to the Consolidated R y.
C o., which latter has since been merged in the N . Y . N . H. & H. R R . Co.
Rental amounted to $975,000 for the year 1906-07 and increased gradually
until it reached $1,400,000 in 1915. The common shareholders paid the
Colonial Trust C o., trustee, $10 per share on their stock, which, with
the surplus rental received under the lease, provides a fund which, it is
announced, is sufficient to pay 4% per annum on both com. and pref.
shares. All the stock assented to this arrangement. Preferred share
holders agreed to accept 4% dividends during the term of the lease, instead
of 5% . V. 84, p. 507. On Aug. 15 1917 rate was increased to 4 X % per
A
annum on both pref. and com. stocks. Pref. stock was issued in satis
faction of unpaid accumulations o f dividends on pref. shares to Aug. 1 1906
ORGAN IZATION .— Originally chartered in Connecticut July 2 1895 as
the Gas Supply Co. Charter amended and name changed March 2 1899 to
Connecticut Lighting & Power Co., for the purpose of uniting various street
railway and light and power properties in Connecticut. Name changed as
at present on Jan. 10 1901. V. 71, p. 1269; V. 72, p. 44. It is a consolida
tion o f the following companies:
Bridgeport Traction Co.
Norwalk & So. Norwalk El. Lt. Co.
Central R y. & El. Co. of New Brit.
Norwalk Street Railway Co.
Norwalk Tramway Co.
Cheshire Street Railway Co.
Shelton Street Railway Co.
Derby Street Railway Co.
Greenwich Gas & Electric Ltg. Co. Southingt’n & Plantsv. Tramway Co.
Thomaston &W atertownElec .R y .C o.
M ilford Street Railway Co.
Waterbury Traction Co.
Naugatuck Electric Light Co.
Naugatuck Valley Electric R y. Co. Westport & Saugatuck Street R y . Co.
Norwalk Gas Light Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns 170.982 miles main, 80.427 miles second and 9.093 miles side tracks;
total, 260.502 miles, reaching M ilford, Bridgeport, Stratford, Southport,
Shelton, Derby, Ansonia, Seymour, Westport, Saugatuck, Norwalk, South
Norwalk, New Britain, Darien and Stamford; also lines in Naugatuck,
Waterbury, &c. System connects with the Fair Haven & Westville R R .
into New Haven from Bridgeport and Derby, and company also has traffic
contract with the Hartford Street R y. for reaching Hartford. Gauge,
4 feet 8K inches. 35 to 95-lb. rails. Total cars, 474; closed passenger,
199; open passenger, 201; miscellaneuos, 74. Car barns, 20; also 4 complete
electric-light plants; also owns gas plant at Norwalk.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock ($100)_______
_______
$8,977,200
See text
Pref 5% cum after Jan 1 19041
($100) (reduced to 4% un-|
Q-F 15
8,142,900
See text
der lease to New Haven Co
but inc. to
% in 1917). J
1st & ref $15,000,000 gold) 1901
4M g J-J 13,257,000 Jan 11951
($1,000) sinking fu n d .c* tf/In t. at Equitable Trust C o., N . Y ., trustee.
Connecticut Ltg & Pow _ n tf 1899
_
5 J-J
209.000 Jan 1 1939
[V ol. 120.
Bonds.— Of the 1st & ref. mtge. bonds, $209,000 reserved to retire theprior bonds. The remainder was reserved for extensions or betterments,
but under lease to the New Haven road cannot be issued for any purpose
without consent of lessee. V . 84, p. 507. Statement to New York Stock
Exchange in V. 73, p. 852; also V. 79, p. 2745; also V . 85, p. 921.
Bonds were formerly not subject to call, but on June 23 1904 a supple
mental mortgage was made giving the right to call bonds on any interest
date at 105 and interest and establishing a sinking fund o f
o f 1 % per an
num on bonds outstanding; bonds acquired by the sinking fund are to b e
kept alive and bear interest. $2,315,349 bonds in sinking fund. Bond
holders assenting to the supplemental mortgage had their interest guaranteed
by the United Gas Improvement Co. by endorsement. See V . 79, p. 626,
for form of guaranty. Offer expired Oct. 1 1904 and was accepted by
$11,448,000 of outstanding bonds. See V . 83, p. 969.
R E PO RT.— For calendar years;
Year
Rentals &
Int. on General
Sink.
DiviBalance,
Ending— Int.Rec'd. Bonds.
Exps.
Funds. dends. Sur.&def.
Dec. 31 1924.$1,456,287 $610,545 $9,630 $62,755 $770,404
$2,953
Dec. 31 1923. 1,456,287 610,545
9,617
62,755
770,404
2,804
Dec. 31 1922. 1,455,637 610,545
8,174
62,755
770,404
3,759
Dec. 31 1921. 1,455,867 610,545 10,748
62,755
770,404 su rl,415
Dec. 31 1920. 1,448,332 610,545
6,133
62,755
770.404 def 1,505
OFFICERS.— Pres., R. A. C. Smith; V .-P ., Walton Clark; Sec., G. W .
Curran; V .-P ., Lewis Lillie; Treas., I. W . Morris. Office, New Haven,
Conn.— V. 84, p. 1366; V. 85, p. 921; V. 86, p. 228; V . 106, p. 601; V. 107,
p. 401.
(2) W EST SHORE RA ILW A Y.
ORGAN IZATION .—-Organized Dec. 15 1893. Leased on Dec. 14 1895
to Winchester Ave. R R . for 99 years for int. on bonds and 5% div. on stock.
Lease assumed Feb. 28 1910 by the Connecticut C o., which operates the
property.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, $200,000 ($25)________ _____
_______
$80,000
See text
ROA D .— Owns 7.42 miles of track. Standard gauge.— V. 107, p. 503.
NEW YORK & STAMFORD RAILWAY CO.
On Dec. 31 1924 N. Y . N. H. & H. owned entire capital stock and the
$322,996 notes.
The New Haven Co. was to sell on or before July 1 1919, pursuant to the
decree o f the U. S. Govt., 5,000 shares o f the stock and $678,000 bonds, but
in March 1919 Judge Julius M . Mayer granted an extension o f time until
July 1 1921. A further extension to April 1 1923 was granted. Since fur
ther extended to April 1 1924, then to April 1 1925 and again to Apr. 1 1926.
The New Haven company intends merging this company with the West
chester Street R R . and the Shore Line Electric R R . and will dispose o f
all the securities whenever a reasonable price may be realized.
Lease.— In Jan. 1924 leased from the Connecticut Co. for 5 years, at
$10,000 a year, trackage in Stamford, Conn., extending to the New York
State line. V. 118, p . 311.
ORGANIZATION.— Chartered in New York on Aug. 3 1901 as a con
solidation o f Port Chester Street R y. and Larchmont Horse Ry.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 37.009 miles o f line (of which 23.634 miles are owned, 11.035
leased and 2.340 operated under trackage rights), serving cities o f Stam
ford, Conn., and New Rochelle, N . Y ., and towns o f Greenwich, Conn.,
and Rye, Port Chester, Harrison and Mamaroneck, N. Y . 68 passenger
and 7 other cars and 3 snow plows.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000____________________
_______
$500,000 In 1912,1M %
First mtge $450,000 ($1,000)1 1901
5 g A-O
426,000 Oct 1 1931
g o ld ________________ c*n tf lint, at New York Trust Co., N . Y ., trustee.
First & ref mtge $2,000,0001 1908
4%
925,000 N ov 1958
gold __________________ tf jGuar., p. & i., by N . Y . N. H. & Hartford.
N Y & Stamford Ry notes_ _ 1921
_
218 432
Town ofGreenwich,Conn,notes____
2,820/ Serially to
\ N ov 1930
EARNINGS.— For year ending Dec. 31:
Dec. 31
Operating
Net (after
Other
Bal.,Surp.
Interest,
Year—
Revenue.
Taxes).
Income. Rentals, &c.
or Def.
1924________ $513,807
$94,959
$3,806
def$13,290
$112,055
1923_________ 525,613
76,594
532
100,278
def. 23,152
1922________ 541,999
81,147
1,395
101,522
def. 18,979
OFFICERS.— Pres., L. S. Miller; V .-P ., L. S. Stores; Treas., A. S.
M ay; Sec., A . E. Clark; Aud., C. L. Nagle.— V. 109, p. 270; V. 110, p.
270; V. 110, p. 1188, 2193; V. 118, p. 311, 1773; V . 120, p. 1204, 1881.
WESTCHESTER STREET RAILROAD.
Receivership.— On Feb. 29 1920 Supreme Court Justice Morschause*
appointed Leverett S. Miller receiver for the company, on complaint of the
Farmers’ Loan & Trust C o., New York, which is seeking to foreclose the
mortgage. V. 110, p. 972. See also V . I l l , p. 590.
Under the decree of the Federal Court the N . Y . N . H. & H. was to sell
the 7,000 shares of stock and $222,000 of .bonds owned by it on or before
July 1 1919, but in March 1919 Judge Julius M . Mayer granted an extension
of time unti / July 1 1921. A further extension, however, to April 1 1923
granted. Since further extended to Apr. 1 1924, then to Apr. 1 1925 and
again to Apr. 1 1926.
The New Haven Co. intends to merge this company with the New York &
Stamford R y. and Shore Line Elec. R R . and to dispose of all the securities.
ORGANIZATION.-—Incorp. in New '5'ork on D e c .31 1909as successor
7
to the Tareytown White Plains & Mamaroneck Ry. sold at foreclosure
(V. 89, p. 1282) in three sections, two of which form the road of this com
pany. V. 89, p. 1484.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 17.612 miles of line serving towns of Tareytown, Elmsford, Greenburg, White Plains, Harrison and Scarsdale. Has 18 passenger cars and
4 others. 3.132 miles in village of Mamaroneck (not in operation). Stand
ard gauge; 70-lb. and 125-lb. rails. See also Shore Line Electric R R . below.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $700,000_______________All owned by the N . Y . N . H. & H. R R . Co.
First mtge $2,000,000 gold) 1914
5 g M-S
$168,000 Sept 1 1944
($1,000)________________c*/In t. at Farmers’ L. & Tr. C o., N .Y ., trustee.
6%
17,400 __________
Receiver’s certificates________ _____
Bonds.— Subject to call at 102 from Sept. 1 1915 on 60 days’ notice.
Remaining $1,614,000 issuable only t o reimburse the company for cost o f
future additions, improvements. &c.
EA R N ING S.— For year ending Dec. 31:
Dec. 31
Operating Net (after
Other
Interest,
Balance,
Year—
Revenue.
(Taxes).
Income. Rentals, &c.
Deficit
1924__________ $216,649 def.$5,767
1923_________ 223,002
def.6,206
1922_________ 230,833
16,633
$1,176
1,232
1,452
$33,437
32,762
33,522
def.$38,028
def.37,736
def.15,437
OFFICERS.— Pres., E. G. Buckland; V .-Ps., E . J. Pearson; Treas., A.S.
M ay; Sec., A . E. Clark; Aud., C. L. Nagle.— V . 112, p. 373, 471, 934, 2307;
V. 113, p. 1889; V . 118, p. 1775; V . 119, p. 200, 581; V. 120, p. 333, 1833.
SHORE LINE ELECTRIC RR.
Merger, &c.-—For reference to merger with Westchester Street R R . and
N . Y . & Stamford R y. and disposition of securities, see latter co. above.
In Aug. 1920 the co. was ordered to show cause before Supreme Court
Justice Morchauser why it should not be dissolved. V. I l l , p. 589.
In Apr. 1925 we were informed tnat dissolution was still pending Court
order.
ORGANIZATION.— Incorp. in New York on Dec. 18 1909 to take over
the section of the Tareytown White Plains & Mamaroneck R y. (sold at
foreclosure) between Mamaroneck and Larchmont, a distance of 1.46 miles.
Leased to Westchester Street R R . from July 1 1913. Stock auth., $300,000
In Aug. 1913 the New York P. S. Comm, authorized the N . Y . N. H. & H.
R R . to acquire all the capital stock of the company to be authorized by
the Commission.— V. 97, p. 597; V. 107, p. 803; V. I l l , p. 589.
M a y , 1925.]
POWEK, LIGHT AND RAILW AY
NEW YORK WESTCHESTER & BOSTON RY.
35
GROTON & STONINGTON TRACTION CO.
ORGANIZATION.— Organized early in 1923 and took over from the
On Dec. 31 1924 the N . Y. N . H. & H. owned $4,984,938 stock.
Shore Line Electric R y. Co. (see above) what was known as the Groton &
ORGANIZATION.— Incorp. June 8 1915 as a consolidation of the West Stonington Division and owns in fee the track from the ferry landing in
chester Northern R R . and the old N. Y. W . & B. Ry. fSee “ Electric Rail Groton to the junction with the Connecticut Co. property in New London
way” Section for Sept. 1915). The franchise to operate in N . Y . City was and owns in equity the trackage from the ferry in Groton through to the
signed by Mayor McClellan on Aug. 2 1904. V. 79, p. 628. Lines from Rhode Island State line in Stonington. V. 116, p. 616.
180th St., New York, to New Rochelle and from Mount Vernon to White
Default.— The
failed
Plains put in operation on M ay 29 and July 1 1912, respectively, and from July 1 1924 on itscompany havingbonds, to pay the interest due Jan. 1 and
first mtge. 5%
the following protective committee
Harlem River to 180th St., New York, on Aug. 3 1912. V. 94, p. 1508, was formed;
1627; V. 95, p. 48, 298.
Committee for First Mtge. 5s.— Clarence E. Thompson, C. Royce Boss
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.— P. Le R oy Harwood and Lucius E. Whiton. Depositaries: National
An electric road. Total miles o f road operated, 23-07 miles. Line com Tradesmen’s Bank & Trust C o., New Haven, Conn., and Winthrop Trust
mences at Harlem River Station o f the N . Y . N. H. & H. in New York, ex C o., New London, Conn.— V. 118, p. 311.
tending to 174th St. Junction, where the N . Y . W. & B. R y. diverges from
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
the New Haven and on its own four tracks extending northerly to line of
________
481,000 __________
N . Y . City, then through Mount Vernon to Columbus Ave. June., at which Capital stock_______________ ______
1904
5
475,000 July 1 1924
point the line diverges into two double-track lines, one extending through First mtge gold ($1,000)____c )(Interest at g J-J
International Trust Co., Boston.
Mount Vernon, Pelham and New Rochelle to Larchmont; the other line
Bonds.— Have
but
subject to call at any time at 120
extends from Columbus Ave. June, to White Plains, passing through and interest.— V.no sinking fund 118, are311.
116, p. 616; V.
p.
Mount Vernon, Eastchester, New Rochelle, Scarsdale and White Plains.
See also V. 93, p. 346; V. 79, p. 501; V. 97, p. 1824; V. 106, p. 1689.
NEW HAVEN SHORE LINE RY.
STOCK AN D BONDS— Dale.
Interest. Outstanding. Maturity.
Stock $6,000,000 ($100)___________
_________ $5,005,250 ____________
ORGANIZATION.— Incorp. in Conn, in 1923 and acquired that part
First mtge $60,000,000 gold) 1911
4K J-J
21,390,000 July 1 1946 of the Shore Line Electric R y. Co. (see above) from Saybrook. Conn., to
Series 1 (see text)______ t ffln t. on $ bds. in N . Y .; on £ bds. in London.
New Haven. Conn., and rehabilitated and commenced operation (July 17
D u eN Y N H & H R R Dec 31. 1924
_________ 25,133,313 . . . ......... ..
1923) on that part of the line between New Haven and Guilford. Com
Bonds.— Remaining bonds are reserved for construction. Par, c* $1,000, menced operating to Saybrook Sept. 1923.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
or £200 and £100; r* $1,000 and multiples. Bonds o f £200 or multiples
.................
$500,000 __________
convertible into $ coupon bonds at $4 85 per £, with adjustment of interest Capital stock $500,000 ($100).
at current exchange rates. Any series or not less than $5,000,000 of one First mtge bonds $500,000) 1923
6 J-J
450,000 July 11948
($100. $500 & $1,000)_____ lint, at Union New Haven T r. C o., New
or more series redeemable on any int. date at 110. Guaranty Trust C o.,
1 Haven, trustee.
N . Y .. trustee. Bonds are unconditionally guar., p. & i., by endorsement
________
40,000 __________
by N . Y . N . H. & Hartford R R . See V. 93, p. 346. Bonds are listed 1st M tge. on ext. into N. L o n . ____
Bonds.— Callable since Jan. 1 1924 on any int. date at 105 and int.—
on N . Y . Stock Exchange. V. 94, p. 768.
V. 117, p. 1664, 1884.
EARN ING S.— For year ended Dec. 31:
Calendar
Operating Net (after Other
Interest,
Balance,
HARTFORD & SPRINGFIELD STREET RY.
Year—
Revenue.
Taxes).
Income. Rents., &c.
Deficit.
1924____________ $1,521,446 $318,233 $10,628 $l,963,790def$l,634,929
Receiver Appointed.— On
W S. Case in the Superior
1923____________ 1,452,943
282,830
5,931
1,905,4751,616,715at Hartford, Conn., Sept. 30 1918 Judge B . .Freeman receiver for the
Court
appointed Harrison
1 9 2 2 ................... 1,354,009
94.134
6.299
1,847.4251,746,992
co. upon application by W . C. Mason & Co. of Hartford, holders of a
OFFICERS.— Pres., Leverett S. Miller, N . Y .; V .-P ., E. J. Pearson; $2,500 unpaid claim for coal. V. 107, p. 1384. Compare V. 107, p. 1287.
Default.— In June 1921 the bondholder’s committee named below an
Treas., A. S. M ay; Sec., A. E. Clark; Aud., C. L . Nagle.— V. 112, p. 563;
nounced that the $600,000 1st mtge. 5s due July 1 1921, would not be paid
V. 113, p. 2819; V. 114, p. 2013; V. 115, p. 309, 1210; V. 118, p. 1774.
when due. V. 112, p. 2747.
Committee for Hartford Springfield St. Ry. 1st Mtge. 5s.— Chairman, F. R .
Cooley; A . A . Montgomery, F. J. Kingsbury. A t last accounts deposits
had not been called for. V. 112, p. 2747.
The Windsor Locks first mtge. 5s, due July 1 1924, have been extended
DANBURY & BETHEL STREET RY.
by consent of bondholders, but to no definite date.
Control.— In Sept. 1917 Stephen Crute, New Y ork, and associates
Reorganization Planned.— See V . 120, p. 330.
acquired control. V. 105, p. 1208.
ORGANIZATION.— Was formerly known as the Enfield & Longmeadow
Receiver.— On Oct. 30 1917 Judge James E. Walsh, o f Greenwich, was Electric Ry. (which was incorporated on Feb. 11 1895), but in M ay 1901
appointed rceiver o f the company on application o f A . H. Flint, holder of stockholders voted to change the name as above, and to reconstruct and
a $1,000 note, overdue. V. 105, p. 1801. Judge Walsh was superseded by re-equip road. Connects with the Hartford Street R y. in Hartford and the
Attorney J. Moss Ives, o f Danbury, in Dec. 1917. V. 105, p. 2272.
Springfield Street R y. in Springfield, Mass. In June 1901 purchased the
Foreclosure Sale.— The road was sold at foreclosure on Jan. 16 1925 by East Windsor Street R y. Co. Franchises perpetual. Controlled the Som
order o f the Superior Court and was bid in by the bondholders’ .protective ers & Enfield Electric R y. C o., which on April 1 1904 was merged in the
committee for $75,000. V. 120, p. 452. Compare V. 120, p . 86.
Hartford & Springfield Street R y. Y . 78, p. 1446. Also purchased the
Committee for First & Ref. 5s.— Chairman, John McCarthy, Danbury, property of the Windsor Locks Trac. Co., subject to its mortgage. In
Conn.; Chas. E . Graham, New Haven, Conn., and P. Le R oy Harwood, July 1906 absorbed the Rockville Broad Brook & East Windsor Street
R y ., which operated 14 miles of track from Warehouse Point to Rockville.
New London, Conn. V . 106, p. 498.
V. 8 3 ,p. 213.
ORGAN IZATION .— Incorp. M ay 1 1886 under the laws o f Connecticut"
Lease.— In June 1919 the company completed arrangements to operate
Has a perpetual special charter.
the Suffield Street R y ., extending from Spencer’s Corner, Suffield, to the
State line, under a lease from the Connecticut C o. V . 108, p. 2629.
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
FIE LD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Only street car company serving the city o f Danbury and town o f Bethel.
Its lines also extend to the Danbury Fair Frounds and the pleasure resort Trolley road. Owns 13 miles of track from State line to East Windsor
of Lake Kenosia. Trolley road in Danbury, and from Danbury to Bethel, Hill, which was formally opened on Jan. 15 1902, and 7.80 miles (formerly
and to Lake Kenosia, 15.031 miles in all; sidings, &c., 1.044 miles; total, Somers & Enfield Electric R y.) from Thompsonville to Somers. Also a line
from Suffield to a connection with the Hartford Street R y ., 9.70 m ., and a
16.075 miles. 42 passenger and 7 other cars. Standard gauge.
line from Warehouse Point to Rockville, 14.45 miles. Has trackage
STOCK AN D BONDS—
Date.
Interest. Outstanding Last Div.,&c. rights in Hartford and Springfield, making total mileage operated, including
sidings, 44.95 miles. Standard gauge. 56, 60 and 70-lb. T rail. 46 cars.
Stock $623,000 (par $25)__________
J-J
$320,000 J a n ’ 12, 2%
Also operates a bus service.
First & ref mtge $600,000) 1913
5 g M -N
339,500 M ay 1 1943
($500 and $1,000) n s f- .c * /I n t . at American Trust Co., Boston, trustee.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Consol mtge $300,000 gold)
1906 5 g M -N
100,000 M ay 1 1936 Common $500,000 ($100)_
_
$500,000 __________
($500 and $1,000)________ JIn t. at American Trust C o ., Boston, trustee. Preferred $500,000 6% non6 M -N
285,000 N o v ’ 12,2%
Debenture bonds, $75,000)
1908 6 M-S
63,000 M ar 1 1918
cum redeemable at 110____
($1,000 and $500)-----------c /In t. at City National Bank o f Danbury.
5 g J-J
_ .
.....
. , 1901
. _
600,000 July 1 1921
_
*6 J-J
86,000 Jan 1 1921
Debenture bonds $150,000_ 1911
gold--------------------------- c*tf( Interest payable at American Trust C o.,
Receivers’ certificates $60,000
7%
55,000 ___________
( Boston; Treas. of Connecticut, trustee.
Locks
5 g J-J
161,000 July 1 1924
Bonds.— The 1908 debentures are redeemable at 105 on any interest date Windsor($1,000) 1st M $300,-) 1904
000
i_c*tf/Interest at American Trust C o., Boston.
after due notice. Up to April 1921 neither the $63,000 debentures due R ockvgB B & E gu p & 1st M ) 1906
Wind
5 g A-O
200,000 April 1 1926
M ar. 1 1918 nor the $86,000 due Jan. 1 1921 had been retired. Of the 5s
$300,000 g gu ($1,000) _c*tf / Int .at Am .Tr .C o. ,Bos.;Treas .of Conn. .trust.
o f 1913, $100,000 are reserved to retire a like amount o f consol. 5s and
Bonds.— See Y. 78, p. 1223. The Windsor Locks bonds are guaranteed,
$150,000 for retirement o f the two debenture issues.
prin. and int. by the Hartford & Springfield Street R y. Trustee, Treas. of
Dividends.— In 1896-97, 4% ; in 1897-98, 4% ; in 1898-99, 2 % ; in 1899- State o f Conn. These bonds are subject to call at 110 and int. on any int.
1900, W 2 %\ in 1900-01, l ^ % ; i n 1901-02, 3% ; in 1902-03, 3% ; in 1903-04, date.
1 H % ; 1907 to 1911, 4% ann.; in 1912, Jan., 2 % ; none since.
Rockville Broad Brook & East Windsor Street R y. bonds are guar., prin.
& int., by Hartf. & Springf. St. R y. They are subj. to call at 110 & int.
R E PO RT.— For calendar years;
Dividends.— On pref. in 1906, 6% ; in 1907, 6% ; none to M ay 1910, when
Calendar Years—
Cross.
Net.
Int. & Tax.
Balance.
1% was paid; N ov., 2 % . In 1911, 5 % . In 1912, M ay, 2% ; N ov., 2 % .
1923____________________ $190,397
$27,631
$30,952
def. $3,321
None since.
1922____________________ 182,025
24,708
31,275
def. 6,567
EA R
OFFICERS.— Pres. & Gen. M gr., Stephen Crute, New York; Sec. & Year— N ING S.— For years ending Dec. 31:
Gross.
Net.
S u r.orD
Treas., Geo. H. Klinzing, Danbury.— V. 114, p. 1890; V . 120, p . 86, 452. 1923----------------$357,478 Exp. & Tax. def$26,630 Interest. ________ .ef.
$384,108
..
1922---------------- 400,399
390,834
9,565
$48,658 def$39,093
1921---------------- 447,982
431,783
16,199
48,656 def 39,500
OFFICERS.— P r s
T . C Perkins, Hartford.
THE SHORE LINE ELECTRIC RY. CO. (Connecticut). Conn.; Gen. M gr., J.e T.,-----------------------; V .-P ., Point,. Conn.; Treas., Geo.
. Hambleton, Warehouse
The company abandoned all operations on Sept. 27 1924. For history S. West, Boston, Mass.; Asst. Treas., Lester E . Flint, Boston, Mass.—
see “ Public Utility” Compendium of N ov. 1 1924.
115, p . 183; V. 116, p . 515; V . 118, p. 550; V. 119, p. 1952; V. 120, p . 330.
36
[V ol. 120
PUBLIC UTILITIES
Middle and Middle Western
P O W E R , L IG H T A N D R A I L W A Y
CITIES SERVICE CO.
W ORGAN IZATION .— Incorp. in Delaware Sept. 2 1910 as a holding
company for stocks and bonds o f electric light and power, natural and arti
ficial gas, steam heating, water, electric railway and kindred properties.
In N ov. 1924 Cities Service Co. segregated all its public utility properties,
rouping them under the ownership o f one company, namely, the Cities
ervice Power and Light Co., substantially all the stocks o f which are owned
by Cities Service Co. V. 119, p. 2178.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
On Dec. 31 1924 the company owned directly or indirectly a majority of
the com. stock of more than 60 gas, electric light, heat and power,
electric railway and water and o f more than 40 oil producing and refining
properties, operating in 19 States of the United States, and in the Dominion
o f Canada. Through associated cos. and subsidiaries properties are being de
veloped in Mexico. In South America the Barco Concession in Colombia,
comprising more than 800,000 acres, is controlled. The public utility prop
erties serve over 600 communities with a population o f more than 3.500,000.
As o f Dec. 31 1924, Cities Service Co. subsidiaries owned 342 miles of
track, 688 cars, 1,851 miles o f artificial gas mains (on 3-inch basis), 7,103
miles of natural gas mains, 2,178 gas wells, and 3,r'18 oil wells. During
1924 carried 84,077,050 passengers, sold 7,166,345,000 cu. ft. of artificial
gas, 43,278,540,000 cu. ft. o f natural gas and 1,004,181,394 k. w. hours
and produced 9,308,237 bbls. o f oil
CAPITALIZATION OF SU BSIDIARY COMPANIES.— The following
cable shows the securities o f the subsidiary companies owned or controlled
by the Cities Service Co. as o f Dec. 31 1924 [par of shares: a $100, 6 $50,
c $25, d $20, e $5 25, / $1, g no par value, h $5, i $10.]
-------- Bonded Debt----------------------- StockBonds
Cities
Amount
Cities
Outstanding. Service Co. Outstanding. Service Co.
%
_______
c32,000
99.75
American Eagle Oil C o___
_______ _______ cl,942,950 100
Carson Petroleum C o_____
_______
c5,000 xlOO
Carson Petrol Co (Tex).
Petrol Import & Expt Co _______ _______ cl,700,000 xlOO
_______ a2,500,000
99.916
♦Central Ohio Gas & El Co _______
x7.5
Cities Service Pr & Lt Co
99.942
♦Chesebrough Building Go 3,620,655 IIIIIIII of,206I666
_______
al0,
000,000 100
Cities Fuel & Power C o_
_
_______
O50.000 x99
American Pipeline C o_
_
A00.000 X99.995
Franklin Co Pipeline Co _______
Gl0,000,000 xlOO
♦Ohio & Northern Gas Co 1,605,800
a200,000 x99.65
Mfrs Natural Co, Ltd _______
o99,600 xlOO
Northwest N Y Gas Co
53,000 a3,374,600 xlOO
Republic L , H & P Co
404,000
xl5.04
South Ont Gas Co, L td.
100
"'c s '.o o o
Cities Service Export Oil Co
0625,000
99.856
455,000
331,150
Cities Service Oil Co (Ohio)
(7124,750 100
Cities Service Oil Storage Co
92.498
Cities Service Pow & Lt Co 20,000,000 20,000,000 o65,000,000
15,000,000
100
Preferred stock--------a30,000 x98.333
Adrian Street R y C o—
75,000
0150.000
X99.533
Arkansas Valley Gas Co
al25,000
x93.04
240,000
Athens Gas Lt & Fuel Co
a750,000 x99.18
867,900
Athens R y & Elec C o _
_
300,000
Preferred stock--------a2,000,000
x99.975~
Atlas Chemical C o_____
C443.550 x99.938
674,000 _____
Bartlesville Gas & El Co
0300.000 X99.833
______________ Elec C o._
____
425,000 ------Bristol Gas &
Brush Electric C o ______ 1,265,000 ------------ a2,000,000
x99.865
x99.91
Capital Gas & Elec C o .. 1,300,000 ------------ 01,063,086
500.000 xlOO
Preferred stock
x99.93
C ity Light & Tract C o .. 1,395,000 ------------ a l ,000,000
C ity Light & Water C o . 1,000,000 ________ a l ,000,000
x99.85
_______
_______
100,000
x50
Preferred stock______
Cumberland & Western1,000
6625,000 x93.832
655.000
port Electric R y C o ..
Danbury & Bethel Gas &
____
C600.000 x99.954
756.000
Electric Light C o___
________
400,000
Preferred stock--------a300,000
x99.7
Durham Pub Service Co 1,900,000
________
300,000
Preferred stock--------________ a l ,500,000
x99.82 "
Electric Bond Deposit Co ________
________
1,500,000
Preferred stock--------x56l432~
Ozark Pow & W at Co 2,000,000 ________ a l,500,000
500.000 xlOO
Preferred stock-----11,000 a3,000,000 x99.95
Empire District Elec Co 5,744,000
2,431,900
Preferred stock--------alOO.OOO xioo"
901500
Carthage Gas C o_____
100.000 xlOO
Preferred stock-----W ebb City & Cartera300,000 xlOO
152.000 --------ville Gas C o----------Fremont Gas, Electric
41,000
al37,300
x70.867
Light & Power C o ..
a812,500
x63.668
Kansas City Gas C o------ 2,439,000
________
5,817,000
Preferred stock--------430.000
a300,000 x86ll66‘
Knoxville Gas C o --------________
________
100,000 x40
Preferred stock--------386.000
ilOO.OOO x99.97
Lenawee Co Gas & El Co
x99.965
Meridian Light & R y Co 2,605,494 ________ a2,000,000
a500,000 xlOO
681,000
Hattiesburg Tract Co
X99.978
■Ohio Public Service C o . 29,599,426 ------------ a7,689,000
8,637,300
Preferred stock--------9,100 a20,500,000 x99‘.989"
■Public Service Co o f Colo 40,505,400
_____
7,308,597
Preferred stock-------------------Cheyenne Light, Fuel
175,000 ________ a l,500,000 xlOO
& Power C o_______
Boyd Lake Reservoir
& Irrigation C o-----.................................
a400,000 xlOO
Eastern Colo Power
------alO.OOO xlOO
& Irrigation C o____
........
10,000 xlOO
Preferred stock-----133,500
------a200,000 xlOO
United Hydro-Elec Co
------200,000 xlOO
Preferred stock-----Green&ClearLakesCo
------i25,000 xlOO
643,900
------a300,000 X99.833
Pueblo Gas & Fuel C © ..
------402,300 xlOO
Preferred stock______
iSt Joseph R y , L, H & P Co 5,695,000 ------------ a3,500,000 x95.117
........................- ..........
1,560,000 ...............
Preferred stock---------
g
-------- Bonded Debt-------Bonds
Cities
Outstanding. Service Co.
$
$
Spokane Gas & Fuel C o . 1,643,000 ________
Preferred stock______
________
________
Summit County Pow Co
333,000 ________
Toledo Beach C o_______
________
________
Toledo Casino C o______
145,000
Toledo Ottawa Beach &
Northern R y C o_____
450,000
Toledo Trac, Lt & Pr Co 7,309,000
Preferred stock______
Anchor Realty C o____ ________
Toledo Edison C o ___ 19,565,400
Preferred stock____ ________
Toledo Suburb El C o. 1, 100,000
Citizens Lt & Pr Co
Preferred s to ck ..
Watauga Power C o_____
300,000
Western Distributing Co
Wyandotte Co Gas C o .. l l 5481000
Preferred stack______
Cities Service Refining C o. 2,500,000
Preferred stock________
Cities Service R ef Tr Co
338,512
Cities Service Transp C o_.
313,807
Colombian Petroleum C o.
Compania Colombiana
Del Petroleo________
________
Compania de Gas y Com
bustible “ Imperior,” S A ________
Compania Emmex de Pe
troleo y Gas___________
________
Compania Terminal "Im perio.” S A ____________
________
Cia de Terrenos Petroliferos
“ Imperio," S A ________
________
Crew-Levick C o_________ 3,336,200
Preferred stock________
________
Warren Company______
________
♦Dominion Gas C o_______ 4,915,000
Sou them Ont Gas Co, Ltd ________
Brantford Gas C o--------85,000
2,500
Dominion Natural Gas
Co, L td____________
________
Ingersoll Gas Light C o ._
30,000
United Gas Cos, Ltd___ ________
Woodstock Gas Lt C o ..
________
EmpireGas&FuelCo(Colo) ________
Empire Gas & Fuel Co (Del) 62,201,431 7,506,000
________
Preferred stock________
Cities Serv Oil Co (Del)
________
Cities Serv Oil Co (111). ________
Cities Serv Oil Co, L td .
Cities Serv Oil Co (WVa)
850,000
348,000
Consumers Gas C o_____
EmpireGas&FuelCo(Me)
Planet Petroleum C o.
Empire Gas & Pipeline Co
Empire Gasoline C o-----Empire Natural Gas C o.
Winfield Nat Gas C o.
Empire Petroleum Co _
Empire Refining Co (Del) 1,784,000
Empire Pipeline Co - Empire Refineries, Inc
Producers Refining Co
Preferred stock___
Fifty-Nine Osage Oil Co
Indian Territory Illumi
nating Oil C o ________
Delmar Oil C o_______
Osage-ProducersGasCo
Pawhuska Oil & Gas Co
Western Oil C o______
Kansas Natural Gas C o.
Midland Oil C o________
Steyner Oil C o_________
Empire Gas & Fuel Co, Inc
(K entucky)___________
EmpireGas&FuelCo(Ohio)
Empire Leasing & Drill Co
Empire Oil & Gas Co, Inc.
Empire Refining Co (111) __
Empire Refining Co (M e).
5,000
Empire Tank Line C o___
912,950
H. L. D. Realty Corp____
575,000
Interstate Oil C o_________
Lakeside Construction C o.
Lebanon Gas & Fuel C o_
_
40,000
311,000
Oil Warehouse Co, Inc____
♦Southern Ont Gas Co, Ltd 3,984,000
'841000
Union Public Service C o._
870,000
Preferred stock________
Securities of sub co’s_
_
283,461
Preferred stock______
________
Western Oklahoma Gas &
Fuel C o_______________ ________
Consolidated Cities Light,
Power & Tr Co bonds
secur. by pledge of com.
stock in cos. marked ♦_ 10,000,000
20,000
Amount
Cities
Outstanding. Service Co.
%
%
a2,000,000
x99.935
•mn non
aSOO.ono x72.58
c5,000
x98.5
a4,000
x87.5
a l,500,030
x99.967
a7,849,0Q3
x98.221
6,723,025
alO.OOO x95
al3.87R.000
x96.945
7,537,200
0500.000
x99.90
a75,ooo
x99.07
25.000 xlOO
O300P00
x99.833
x99.6
al75.000
al87.500
x67.466
700 000
01,707,975
57.768
2,335.000
010.000 J
GOO
alOl .000
98.317
a5,000,000
74.51
a200,000 xlOO
6100,000
99.7
6500,000
100
650,000
99.97
650,000
100
a3,001,500
99.963
2.500.000 •1 00
0250,000 xlOO
a3,000,000
99.983
x4.75
dl21,820
x86.620
al ,250.000
d40 000
a300.000
d86,l 20
al .700
a75.000 000
30.357,270
a800,000
a l .000
a,350.000
alOO.OOO
C 6 0 .0 0 0
al .000.000
alOO 000
a5.000
a2.000.000
al0.574.000
alOO.OOO
a2,000,000
alO.OOO.000
a500,000
a4,500,000
O4O0.000
400.000
/25.000
x99.96
x99.75
x96
X99.883
100
99.994
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
/7 ,560.60S
/ ] 0.000
f50,O00
/2 50.000
f 10,000
66,000.000
a500,000
al78,000
X63.908
xlOO
xlOO
xlOO
x87.5
x99.7625
xlOO
xlOO
alOO.OOO
a2,000.000
al ,000,000
a3,000,000
a.500,000
a500,000
al ,000.000
al .000,000
c442,775
alO.OOO
a500,000
a2,500
a4,987,800
a200.000
135.000
1,500
400
97.3
99.975
100
100
99.86
100
100
100
100
100
27.5
100
80.196
98.75
6.75
—
alOO.OOO
99.5
a254,100
98.386
...............
Total.............................253,656,675 28,405,750 428,012,319
* The stock owned in these companies is largely pledged to secure the
$10,000,000 bonds of the Consolidated Light, Power Se Traction Co.
x Owned by Cities Service sub-holding companies.
Summary of Capital Stock and Funded Debt of Sub. Cos. as of Dec. 31 1924.
Common
Preferred
Bonds and
Stock.
Stock.
Funded Notes.
Owned directly by Cities Serv. C o .$176,896,036 $43,154,221 $28,405,751
Securities owned by sub-hold’g cos. 147,654,113 11,172,045
11,251,194
Bonds and funds in sinking fund___
________
________
4,955,624
Outstanding in hands of public____ 7,232,178 41,903,726 209,044,107
T o ta l....................................................$331,782,327 $96,229,992 $253,656,676
M ay , 1925.]
POWER, LIGHT AND RAILW AY
Stockholders were to vote in April 1925 on issuing 5 shares of new common
stock in exchange for each present com. share and one share of new com.
for 2 “ Bankers” shares. V. 120, p. 451.
Stock, tSic., Outstanding Dec. 31 1924.
STOCK, E TC.—■
Date.
Interest. Outstanding. Divs.&Mat.
Com stock ($100) $400,000,000 ____
Monthly $46,045,854
See text
Pref stock 6% cam ($100)
$150,000,000 ___________________
Monthly
80,308,046
See text
P fB B stk 6% cam $60,000,000 ____
Monthly
1 082,500 __________
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
P f B stk 6% cum $40,000,000
(par $10)__________________ _____
Monthly
4,591,920
See text
Conv 5% debs Series “ A ” _________
_________
21,986 __________
Conv 7% debs Series “ B ” ( 1918
See text
1,191,830 Jan. 1 1966
(closed) gold_________ c*r.tf/Bankers Trust C o., New York, trustee.
Conv 7% debs Series “ C ” \ 1919
See text
8,893,060 Jan. 1 1966
$17,500,000 gold. _c*&r_tf/Bankers Trust C o., New York, trustee.
Conv 7% debs Series “ D ” \ 1919
See text
15,028 700 Jan. 11966
$30,000,000 gold__c*& r.tf/N ew York Trust C o., New York, trustee.
C onv8% debser“ E ” g_c*&r_tf 1922
See text
1,759,840 Jan. 1 1966
See text
x
See text
Bankers’ shares (par $10)____r ____
Dividend scrip____________________
See text below
x Included in common stock outstanding.
Stock.— On N ov. 17 1919 an amendment was made to the charter which
provides that the company shall have the right to redeem its first pref.
stock, all or in part, at 112. Preference B and Preference BB stocks are
redeemable, all or in part, at 106. V. 109, p. 1990. All classes of stock are
listed on the Boston Stock Exchange. V. 120, p. 85.
Dividends.— Divs. on the pref. stock commenced with the date of or
ganization Sept. 2 1910 and were paid monthly at the rate of 6% per annum
until Aug. 1 1914. Divs. at the same rate were resumed on Jan. 1 1916
and the accrued accumulated divs. were paid in convertible debentures,
practically all o f which have since been converted. Cash divs. paid regu
larly to and incl. June 1 1921. Divs. were then paid in non-interest bearing
scrip up to Sept. 1 1922, when cash divs. were resumed. The scrip was
redeemed either through payment in cash or conversion into 8% conv.
debentures “ E .” V. 115, p. 649. Subsequent divs. of A of 1% monthly
have been paid regularly in cash. An initial div. of A of 1% was paid
Jan. 1 1920 on the 6% Preference B stock. Same rate paid regularly to
and incl. June 1921. Divs. were then paid in non-interest-bearing scrip
up to Oct. 1 1922, when cash divs. were resumed. The scrip was redeemed
either through payment in cash or conversion into 8% conv. debentures
“ E .” V. 114, p. 649, 873. Subsequent divs. o f A of 1% monthly have
been paid regularly in cash. Cash divs. on com. stock began with the date
of organization. Sept. 2 1910, and were paid monthly up to Aug. 11914 at the
following rates per annum: 3% , 1910: 3 % , 1911; 4 % , 1912: 5% , 1913; 6% ,
1914, and were then suspended until Jan. 1 1916, at which time a distribu
tion of 6% of convertible debentures was made, and on July 1 1916 a further
distribution o f 3% o f convertible debentures. Since that time to and
including June 1 1921, cash dividends were paid on the common stock at the
rate o f 6% per annum. Dividends were then paid in non-interest-bearing
scrip to March 1 1925, when monthly cash dividends were resumed and com.
cash scrip was redeemed in cash. V. 120, p. 451. On Sept. 1 1916 a
dividend of 2% in common stock was paid and on Dec. 1 a dividend of
4% in common stock was paid. During 1917 the company declared a
dividend of 6% payable in common stock- in 1918, 9% in common stock,
and in 1919, 12% in common stock. The company paid a dividend of
1 A % in common stock on Feb. 1 1920, placing the dividend at an annual
rate of 15% . Stock dividends at this rate were paid regularly to and incl.
June 1 1921. Dividends were then paid in non-interest-bearing scrip to
Mar. 1 1925, when monthly stock divs. of A o f 1% were resumed, and
all common stock scrip was converted into com. stock. V. 120, p. 451.
Divs. (cash) on “ Bankers’ Shares” : In 1919, $4.11; in 1920, Jan., 46.1c.;
Feb., 55.9c.; March, 54.7c.; April, 50.2c.; May, 53.8c.; June, 49c.; July,
46.2c.; Aug., 45.6c.; Sept., 42c.; Oct., 40.75c.; N ov., 41.5c.; D ec., 43.5c.;
In 1921, Jan., 39c.; Feb., 34c., March, 361|c.; April, 35c.; M ay, 35c.;
June, 35.5c.; July 1 1921 and since to date in scrip.
“ Bankers' Shares.” — The co. deposited with the Bankers Trust Co., N . Y .,
30,000 shares (par $100) o f common stock o f the co., against which were
issued 300,000 non-voting ctfs. known as “ Bankers’ Shares,” each share
representing l-10th o f a share o f said com. stock. Holders of the Bankers’
shares have the right to surrender their holdings and receive therefor 1 share
o f com. stock (SlOO) for each 10 shares of Bankers’ shares deposited prior to
July 1 1921. The stock divs. accruing to the com. stock deposited were sold
each month and the proceeds, together with the cash divs. on such stock,
paid the holders o f these Bankers’ shares each month. Beginning July 1 1921
all divs. were paid in scrip. Additional shares may be issued at the option of
the company or H. L. Doherty & C o., its fiscal agents. V. 108, p. 881.
Convertible 7% Debentures, Series “ B .” — Denom. (1) coupon (c*) bonds,
$500 and $1,000, int. J. & J.; (2) reg. bonds, $5,000, $1,000, $500 or $100,
int. payable by check, at buyer’s option, either monthly, Q.-J., J. & J. or
annually Jan. 1; (3) reg. bonds, $10 or multiples thereof, less than $100, int.
payable annually Jan. 1. Each $100 of principal amount is convertible, at
the option of holder since Jan. 1 1920, on the first day of any month, into
$80 par value of pref. stock, and $20 par value o f com. stock, together with
an amount o f cash and stock equal to the divs. paid on an equal amount of
com. stock from Jan. 1 1918 to the date o f conversion, $3,348,020 are owned
by co. not incl. in amount outstanding. Call., all or in part, by lot or by dis
tinctive numbers at 102 and int. on 4 weeks’ notice. If called for red., the
right to convert is secured for at least 30 days prior to red. date. Int. payable
without deduction o f normal Federal income tax. V. 106, p. 1126; V. 107,
p. 607, 699. This issue has been closed. Up to Dec. 31 1924 92,909 shares of
com. stock had been deposited against which 929,090 Bankers’ shares
have been issued.
Convertible 7% Debentures, Series “ C.” — Denom. coupon bonds, $500 and
$1,000, int. J. & J.; reg. bonds, $5,000, $1,000, $500, $100, $10 and multi
ples o f $10, int. payable by check, monthly, quarterly, semi-ann. or annually
at option o f holder; except that on bonds o f less than $100 principal amount,
int. is payable annually on Jan. 1 only. Each $1,000 principal amount of
these debentures is convertible (at option of holder) into 9 shares of Cities
Service pref. stock and 1 share o f Cities Service com. stock, together with
the accumulated cash and stock divs. on the latter amount of com. stock
from Jan. 1 1919 to time o f conversion. $7,477,870 owned by the co. not
incl. in amount outscanding. Red., all or in part, at any time at 102 and
int. If called for red., the right to convert is secured for at least 30 days
prior to red. date. Int. payable at office o f H. L. Doherty & C o., N. Y .,
or office o f Cities Service Co. in London, without deduction of normal
Federal income tax. V. 108, p. 82.
Convertible 7% Debentures, Series “ D .” — Denom. (c*) $1,000 and $500;
int., J. & D .; (r) $5,000, $1,000, $500, $100, $10 and multiples of $10; in
terest payable by check monthly except that on bonds of less than $100
principal amount, interest is payable annually on Dec. 1 only. Each $1,000
principal amount is convertible since Jan. 1 1922 into $925 par value of
either 6% cum. preference B stock or 6% cum. preference BB stock and $75
par value com. stock, together with the amount o f accumulated cash and
stock dividend on $75 par value com. stock after Dec. 1 1919 up to time of
conversion. $7 450,300 owned by company not included in amount out
standing. Additional debentures of this issue may be authorized under cer
tain restrictions. $3,000,000 are deposited with the Bankers Trust Co. for
the conversion o f the Toledo Trac. Light & Power Co. conv. 7 % debentures.
Through operation o f an investment fund there is available for purchase in
the open market at a price not exceeding 105 and interest for account and
benefit o f holders of these debentures, a sum each month equal to the cash
dividends paid on the amount of common stock into which these debentures
are convertible. Callable, all or in part, at 102 and interest; when called
the right o f holders to exercise their privileges o f conversion is secured to
them either on the redemption date of a date a reasonable time prior to
such redemption date, which must be fixed by published notice. Interest
payable at offices o f H. L. Doherty & Co.. New York, or company’s offices
in London, Eng. Y. 109, p. 2174. $2,500,000 were sold in Jan. 1925 by
Pearsons, Taft C o., Chic., at 99A & int., to yield over 7% . V.120, P.J451J
Convertible 8% Debentures, Series “ E ."— Denom. (c*) $1,000, $500 ana
$100. Int. M . & S.; (r) $1,000, $500, $100, $10 and multiples of $1,000.
Interest payable by check monthly, except that on bonds of $10 denom.
interest is payable annually. Are convertible at any time, at option of
holder, as follows: Each $100 bond may be exchanged for $85 of Cities
Service preference stock and $15 par value common stock, together with all
dividends paid on com. stock from date of issue of the debentures up to time
o f conversion. $3,210,300 owned by company not included in amount
outstanding. Redeemable at 115 during first year o f life and at a premium
diminishing 1% each six months down to par, at which price these deben
tures may be called for redemption after 7 A years. V. 115, p. 649.
Bonds of Consolidated Cities Light, Power & Traction Co.— These bonds
remain out as a lien on the securities pledged therefor (see * in the foregoing
table). The bonds are subject to call at 105 on any interest day and are
guar., prin. & int., by the Cities Service Co. On or before Jan. 1 the
37
company will in each year either (l)'p a y to sinking fund 1% of bonds out,
or (2) deliver to trustees bonds of the present series equivalent at 105 and
int. to the above payment. All cash in sinking fund will be applied either (1)
for purchase of these bonds at or under 105, or call at that figure; or (2) in
purchasing bonds of companies whose stocks form part of security for present
series. All bonds so purchased will be kept alive for sinking fund. $841,500
bonds in sinking fund. Maryland and Pennsylvania State tax refunded
See also V 95, p. 679, 110; V. 103. p. 1983.
„ . „
First lien mtge gold (see text) f 1912
5 g J-J £$10,000,000 July 1 1962
($100, $500 and $1,000, or {Int. at office of H. L. Doherty & C o., N . Y .„
£ equivalent) $10,000,0001 or Lloyd’s Bank, Ltd., London.
authorized___________c*.tf (Bankers Trust Co., New York, trustee.
x $40 000 of this amount is owned by Cities Service C o., and $1,500,000
Pledged under mortgage of Cities Fuel & Power Co.
EARNINGS OF CITIES SERVICE CO.— For the 12 months ending
Dec. 31 1924 (annual report for 1924 in V. 120, p. 2137, 2164).
The “ earnings” as here shown include both the dividends and interest
received and the company’s proportion in the undivided surplus earnings
of the subsidiary companies for the periods in question, based on its holdings
in said companies.
,
-----Month of February----------12 Mos. End. Feb. 28—1925.
1924.
1925.
1924.
Gross earnings__________ $1,561,189
$1,604,481 $17,689,768 $16,604,856
Expenses______________
60,841
37,162
739,612
508,573Net earnings_________ $1,500,348
$1,567,319 $16,950,156 $16,096,283
Interest on debentures._
$165,406
$163,696 $1,921,237 $2,514,073
Preferred dividends____
429,862
418,321
5,132,917
4,999,560
Net to common stock.
$905,080
$985,303 $9,896,002 $8,582,650'
Combined Income Account of Subsidiary Companies.
Calendar
Gross
Net (after Interest
Preferred
Surplus for
Year— Earnings.
Taxes, &c.) Charges.
Dividends. Com.Stock.
1924___ $117,207,692
$34,755,054 $17,214,829 $7,281,699 $10,258,526
1 9 2 3 --. 109,982,157 30,613,226
15,629,215
6,162,210
8,821,801
1 9 2 2 --. 99,194,394 27,589,481
14,490,575
5,796,492
7,302,414
1 9 2 1 -.85,128,432 23,704,543
11,906,508
5,491,724
6,306,311
OFFICERS.—-Pres., H. L. Doherty; V.-Ps., Thomas I. Carter and E. H.
Johnston; Sec., Paul R . Jones; Treas., Louis F. Musil. New York office,
60 Wall St.— V. 120, p. 85, 318,451,828,955, 1325, 1456, 1746. 2010,
2137, 2146.
C IT IE S S E R V I C E P O W E R & L I G H T CO.
Control.— Cities Service Co. has acquired substantially all of the c o .’s
stocks outstanding.
* O RGAN IZATION .— Incorp. in Delaware N ov. 3 1924. Has acquired
from the Cities Service Co. (see above) its entire holdings of com. stocks o f
electric power and light cos. and substantially all its holdings of com. stocks
of gas distributing and street railway companies.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
The controlled cos. comprise a diversified group of public utility operations
in 15 States, serving a population of more than 2,800,000 in over 330 com
munities. Among the larger cities served are Toledo, Sandusky, Warren,
Massillon, Elyria, Lorain, Alliance and Mansfield, O.; Denver, Boulder,
Pueblo and Ft. Collins, Colo.; Kansas City, Joplin, Sedalia and St. Joseph,
M o., and Kansas City and Topeka, Kan. For descriptions of a number of
these controlled properties see separate statements below.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $65,000,000______________
$65,000,000 ---------------Preferred $10,000,000______________
10,000,000 ---------------2d preferred $5,000,000_______
5,000,000 ---------------20-yr sec bonds series A ($100, f 1924
6 g M -N 20,000,000 N ov 1 1944
$500 & $1,000) gold.-_c*tflC en tral Union Trust C o., N. Y ., trustee.
Stock.— Substantially all the stock outstanding is owned by Cities Service
Co.
Bonds.— The 20-yr. secured series A 6s are secured by pledge with the
trustee of an amount of pref. stocks of certain cos. and of more than 95%
of the com. stocks of the following cos. (with the exception of com. stocks
of Kansas City Gas Co. and Wyandotte County Gas C o., of which more
than 60% of each is pledged): Ohio Public Service C o., Toledo Traction,
Light & Power Co., Public Service Co. of Colo., Kansas City (M o.) Gas C o.,
Wyandotte County Gas Co., Empire District Electric C o., St. Joseph
(M o.) Ry Light, Heat & Power Co. In addition to these com. stocks, there is
similarly pledged with the trustee (a) 97% of the pref. stock of Toledo
Traction, Light & Power Co.; (6) all of the com. stock, except directors’
shares, of the Atlas Chemical Co., and (c) all of the com. stock, except
directors’ shares, and 99% of the pref. stock of Electric Bond Deposit Co.
The operations of the latter two cos. are supplementary to the Toledo and
Empire District properties, respectively.
Additional series A bonds, not exceeding $5,000,000, may be issued
without pledge of additional collateral, subject to certain restrictions, in
cluding the following: (1) For 36 consecutive months out of 45 months pre
ceding the application for issuance of such additional bonds, annual earnings
applicable to pledged collateral must have averaged at least 3 times annual
int. charges on bonds to be outstanding after proposed issue; (2) for such 36
months period, annual earnings applicable to pledged collatera, after all
charges (except int., amortization of discount, deprec. and d ivs.), must have
averaged at least 1 A times the sum of (a) annual int. charges on bonds to be
outstanding after proposed issue, and (b) the average annual int. and divs.,
paid or accrued, on securities which rank ahead of pledged com. stocks but
are not part of the pledged collateral; and (3) for a varying period, as pro
vided in the indenture, annual cash income from pledged collateral must
have averaged at least two times annual int. charges on bonds to be out
standing after proposed issue.
A dd’l bonds of other series, ranking equally with ser. A bands, may be
issued under substantially the same restrictions as above, but only upon
pledged of add’l collateral having a value of at least 150% of the princiapl
amount of the add’l bonds proposed to be issued. Bonds of other series may
differ from ser. A bonds as to maturity dates, int. rates, redemption, sink,
fund, &c. Upon the retirement of bonds of any series, otherwise than
through the ser. A sink, fund or through release of pledged collateral, bonds
of any other series of like prin. amount may be issued in substitution therefor.
Ser. A bonds have a semi-ann. sink, fund beginning M ay 1 1925, to retire
each year 2 A % of ser. A bonds issued, by purchase if obtainable at or below
102 and int. to and incl. N ov. 11940, and thereafter at or below 101 and int.,
unexpended balances reverting to the co. at expiration of each six months
period. Call, all or in part by lot, on any int. date at 105 and int. on or
before Nov. 1 1928, with successive reductions in the call price of 1 % during
each 4-year period thereafter. Penna. 4-mill tax, Mass, income tax up to
6% and Maryland 4 Mi-mill securities tax refundable. In Nov. 1924 $20,~
000,000 series A 6s were offered by Dillon, Read & Co., A. B. Leach & Co.)
Inc., New York, and Federal Securities Corp., Chicago, at 94A and intJ
to yield about 6 A % - Y. 119, p. 2178.
EARNING S.—-Based on the results of subsidiaries’ operations for the 12
months ended June 30 1924, adjusted to give effect to subsequent financing,
the combined income applicable to interest is as follows:
Combined earnings and income of subsidiaries for the 12
months ended June 30 1924________________________________ $49,100,222
Net earnings after operating exp., maintenance and all taxes.- 16,780,610
Fixed charges and preferred stock dividends of subsidiaries— - 10,016,703
Depreciation (assumed at rates in mtges. of larger subsidiaries) _ 1,620,769
Balance_____________________________________________________$5,143,138
Proportion of above balance applicable to common stocks to be*|
«
owned by Cities Service Power & Light C o--------------------------$4,898,632
862,289
Other income of Cities Service Power & Light C o.*---------------Amount applicable to interest______________________________ $5,760,921
Annual interest requirements on series A bonds----------------------- 1,200,000
♦Annual income derivable from other investments in subsidiaries acquired
by Cities Service Power & Light Co.
OFFICERS.— Pres., Henry L. Doherty.— V . 119, p. 2178; V. 120, p.2010
COM PANIES CONTROLLED B Y CITIES SERVICE POWER &
L IG H T CO.
(1) ADRIAN (MICH.) STREET RAILWAY CO.
ORGAN IZATION .— Incorp. in Michigan on Feb. 13 1900 as a reorganl
zation of the Adrian Street R y. Co. Cities Service Power & L igh tC o. own*
98.333% capital stock outstanding and all of the $75,000 first mtge. o%
bonds.
Operations Discontinued.— On June 28 1924 the company ceased operation
of its cars. V. 119, p. 196.
Franchise.— Expires in 1935)
38
PUBLIC UTILITIES
[V ol. 120,
Bonds.— The ref. mtge. 7% bonds have an annual sinking fund beginning
Apr. 1 1925 o f a sum equal to 1% o f the largest amount of these bonds and
any underlying bonds outstanding to be used for retirement of ref. mtge.
bonds or underlying bonds by purchase in the market or by call by lot.
Ser. “ A ” are red. all or in part on any int. date on 60 days’ notice to and
incl. Apr. 1 1929 at 107K , thereafter to and incl. Apr. 1 1934 at 105,
thereafter to an incl. Apr. 1 1939 at 1 0 2 and thereafter at 102K less
H of 1% for each year or part thereof expired, plus int. in each case.
Penna. 4 mills tax, Maryland 4 K mills tax and Mass. 6% tax refundable.
(2) A T H E N S (G A .) R A I L W A Y & E L E C T R IC C O .
ORGAN IZATION .— Incorp. in Georgia on April 1 1910. Purchased Int. at office or agency of co. in N . Y . Listed on Boston Stock Exchange.
Athens Electric R y. Co. Leased for 99 years from M ay I 1911 the James V. 119, p. 197. In April 1924 A . B. Leach & C o., Inc., and P. W . Chapmand & C o., Inc., offered $1,500,000 Ser. “ A ” 7% bonds at 99H and int.,
White Power plant. V. 90, p. 1101, 1423.
to yield over 7 % . V. 118, p. 2185.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
EARN ING S.— Year ended Dec. 31 1924, gross, $734,041; net, $257,5701
Hydro-electric stations at Mitchell’s Bridge, Tallassee Shoals and Barnett
bond int., $125,000; bal., sur., $132,570.
Shoals (James White power plant); steam station in Athens. Owns and
operates entire street railway, electric light and power systems in Athens.
OFFICERS.— Pres., H. L. Doherty; V .-P . & Gen. M gr., R . L. Lindsey;
Wholesales energy at Jefferson, Ga. Population served, over 20,000. V .-P ., T. I. Carter; iec. & Treas., A. W. Grady. Office, Durham, N . C.
Owns 8.93 miles of track. Standard gauge 60-lb. A. S. C. E ., 70-lb.T rails, — V. 113, p. 2405; V. 118, p. 2185; V. 119, p. 197, 454.
15 motor passenger and 2 motor work cars; 2 other cars; 4 power plants,
(7) MERIDIAN LIGHT & RY. CO.
7,850 k. w. capacity. Franchise unlimited in time.
Control.— In April 1925 it was reported that control of the co. had been
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
acquired by the Southeastern Power & Light Co. V. 120, p. 2147,
Stock com $750,000 ($100)-.1
$750,000
ORGAN IZATION .— Incorporated in Mississippi in Feb. 1901 as a
Stock pref (5% cum) $300,000/
( $ 100) ______________________
Q-J
300,000 Oct '23, \ M reorganization o f the Meridian St. R y. & Power Co. Does entire street
First & ref M $2,000,000,____ „ ____
_________ gold! 1910
5 g J-J
338,000 July 1 1950 railway, artificial gas and electric business in Meridian. Owns all the
sink fund ($1,000)-- c* cp t/In t. at Farmers’ Loan & Tr. C o.,N .Y ., trus. stock of the Hattiesburg Traction Co.
Gen mtge & coll trust Ser “ A ” { 1921
8%
149,990 June 1 1936
FIE LD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
$3,500,000----------------— tf (Colonial Trust Co., Philadelphia, trustee.
Franchises are for 50 years from Oct. 4 1895 for street railway and from
Athens Electric Railway first! 1901
6 g A-O
388,000 Oct 1 1931 Dec. 1900 for gas and electricity. Contract for lighting streets. Popula
mortgage $400,000 ($1,000) { Interest at Title Guar. & Trust Co., Atlanta, tion served, 27,000. 11.128 miles of track, standard gauge, 70-lb. T rad
gold----------------------- c* .c p t( trustee, or Old Colony Trust C o., Boston.
and 73 to 98-lb. girder and groove. 12 motor and 2 other cars. Power
Stock.— Preferred stock is redeemable at 105.
station capacity, 5,220 k. w., 88.4 miles distribution line. Has 30.52
Bonds.— Of the first and ref. bonds, $388,000 are reserved to retire under" miles of gas mains.
lying bonds, $179,000 are pledged to secure the gen. mtge. & coll, trust
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Series “ A " 8s and $996,000 for acquisitions and improvements at 75% of Common $2,000,000 ($100)________
_______
$2,000,000 __________
cost, but only when net earnings are 1 ]4 times interest on all bonds out and 1st mtge $750,000 gold ($5001 1904
5 g M -8
750,000 Mar 1 1944
those to be issued. $50,000 are in treasury. $49,000 have been retired.
and $1,000------------------- c* tint. at First Nat. Bank of Mobile, trustee.
Sinking fund o f 1 % began in 1915. Bonds are subject to call at 110. V. 93, Gen mtge s f $5,000,0001 1910
5 M-S
1,166,000 Mar 11945
p. 665.
($1,000) g _________ c*cpt/First National Bank of Mobile, trustee.
The gen. mtge. and coll, trust 8% bonds. Series “ A ,” have a sinking fund
Bonds.— A sinking fund of 1% of 1st M . bonds became operative Sept. 1
which will retire 90% o f these bonds by maturity. Are callable on a 6%
basis. Tax refund in Pennsylvania, Maryland and District of Columbia. 1906. $243,000 o f outstanding bonds are held in sink. fund. Bonds are
subject to call on 3 weeks’ notice at 105. V. 92, p. 1311. $750,000 o f gen.
V. 113, p. 70.
Of the Athens Electric R y. first mtge., entire issue, but no lesser part, mtge. bonds are reserved to retire 1st mtge. bonds and $3,026,000 may be
drawn for 85% of impts., &c. Sinking fund of 1% of gen. mtge. bonds
may be called at 106 and interest. See V. 73, p. 1311.
out is operative provided that the earnings are sufficient after the payment
Dividends.— On pref., 6% per annum in 1904 and 1905, 5K % _in 1906, of semi-annual int. on both the 1st mtge. bonds and gen. mtge. bonds.
6% 1907 to 1910, 5% in 1911 and to and including April 1923. Dividends Red. at 105 on 4 weeks’ notice. Int. at office o f trustee or office or agency
on common stock are no longer reported as Cities Service Power & Light of company in New York.
C o. owns over 99.8% o f same.
OFFICERS.— Pres., C. W . Soule; V .-P ., T . J. Lyle Jr. and Louis ThreeOFFICERS.— Pres., C. D . Flanigen; V .-P ., Dale B. Carson and B. foot; Gen. M gr., Sec. & Treas., W . R . Phipps.— V. 92, p. 1113; V. 107,
Phinizy; Sec. & Treas., J. M . Billings. Office, Athens, Ga.— V. 107, p. p. 603; V. 110, p. 248; V. 112, p. 2537; V . 115, p. 2580; V. 120, p. 2147.
1191; V. 108, p. 169; V. 113, p. 70, 1052; V . 119, p. 2644; V . 120, p. 700.
(a) HATTIESBURG TRACTION CO.
(3) B A R T L E S V IL L E G A S & E L E C T R IC C O .
Meridian Light & R y. Co. owns all the stock.
ORGANIZATION.— Organized in 1905 as Hattiesburg Traction, Light
ORGANIZATION.— Entire stock (except directors’ shares) owned by
Cities Service Power & Light Co. This company was formerly known as & Fuel Co. Name changed to above in N ov. 1906. Sept. 2 1907 purchased
the Bartlesville Interurban R y. Co. Name was changed to present title Hattiesburg Gas Co. and Hattiesburg Light & Power C o., giving company
on Oct. 1 1919, and property o f Bartlesville Gas & Oil Co. was acquired. control of artificial gas, street railway and electric light and power business
As o f same date, company transferred its railway property to the Bartles of city.
ville Interurban Co. (Railway service discontinued July 15 1920. See
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
V. 110, p. 1860.)
5.965 miles of track. Standard gauge, 70-lb. and over A. S. C. E.— T rail.
12 motor and 3 other cars. Power house capacity, 2,100 k. v. a.; 39.32
(4) C I T Y L I G H T & T R A C T I O N C O .
miles distribution lines. Has 17.28 miles of gas mains. Electricity and
ORGAN IZATION .— Incorp. in July 1912 in Missouri as successor to the street railway franchise 25 years from 1906; gas franchise expires in 1930.
Sedalia Lt. & Trac. Co., sold at foreclosure. V. 95, p. 419. See plan under Has contract for lighting city streets. Population served, 17,000.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Sedalia Lt. & Trac. in V. 94, p. 1058. Purchased Sedalia Ice, Lt. & Fuel Co.
$500,000 - ...............FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— Stock $500,000 ($100)-----------------------------------6 J-J
221,000 Jan 11928
Does entire artifical gas, electric light and power, and electric railway 1st mtge $300,000 ($1,000)1 1908
gold---------------------r& c*cpt/Int. at Guaranty Trust Co., N . Y ., trustee.
business in the city of Sedalia; also manufactures and sells ice. Population
6 J-J
466,000 July 11952
served over 25,000. Owns and operates 8.6 miles of track. 21 motor pass, Gen lien mtge $2,500,000 gold! 1912
($1,000)------------------- c*cpt j Int. at office or agency o f co. in N . Y ., or at
cars and 6 trailers; 2 other cars. Standard gauge, 50 and 70-lb. rails.
[ First National Bank, M obile, trustee.
Has steam power plant with 4,000 k. w. capacity. 50 miles distribution
lines. Has 29.56 miles o f gas mains.
Bonds.— Sinking fund retires 1st mtge by purchase $5,000 bonds annually,
beginning Jan. 1 1909, at a premium up to a 5% basis, bonds cannot be
Franchises.— Gas expires in 1926; electric in 1940, and railway in 1940.
called. V. 87, p. 97. $85,000 have been retired. Of gen. lien bonds,
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
$300,000 are reserved to retire 1st mtge. bonds. Additional bonds may be
Common $1,000,000 ($100)________
_______
$1,000,000 __________
drawn for 85% of impts. Bonds are callable at 105 and int. on any int. date
First mortgage $2,500,000/ 1912
5 J-D
1,395,000 June 1 1952 on 4 weeks’ notice. Sinking fund, 1% , began July 1 1916.
old sink fd ($100, $250,{Int. at office o f co. or H. L. Doherty & Co.,
OFFICERS.— Pres., H.
Y .,
500, $1,000)-----------c*cpt| N . Y .; New York Trust C o., N . Y ., and and R. E. Burger, N . Y .; L. Doherty, N . Y .; V .-P ., M . R . Bump, N . gr.,
Howard M cDavid:
M
I
Sedalia Trust Co., Sedalia, M o., trustees. Sec. & Treas.,679; V . 107, p . 802; V. Gen. p.198.
E . E. Armstrong.— V. 93, p. 731; V. 95, p.
114,
Stock.— Pref. stock is convertible into bonds, $ for $, under certain
restrictions.
(8) S T . JO S E P H R A IL W A Y , L I G H T , H E A T & P O W E R C O .
Cities Service Power & Light Co. owns over 95% of the common stock
Bonds.— Sinking fund o f 1% o f bonds out began June 1 1922; red. at 105
and int. on 4 weeks’ notice. Additional bonds may be issued for 85% and guarantees the 5% dividend on the outstanding preferred stock.
o f improvements.
. ORGANIZATION.— Incorp. in Missouri on N ov. 8 1895 as a consolida
Dividends.— Divs. on pref. were paid for the year 1913 at the rate of 1 % , tion of the St. Joseph Traction & Lighting C o., People’s R y ., Light &
and increased by 1% each year until 1917, when 5% was reached. Divs. Power C o., Citizens’ R y. Co , Union R y. C o., St. Joseph & Lake R y. Co.
and W yatt Park R y. Co. In Jan. 1923 was auth. to purchase all the prop
are payable June and Dec. Divs. are guar, by Gas Securities Co.
erty of the Savannah (M o.) Electric Light & Power Co. V. 116, p. 78.
OFFICERS.— Pres., H. L. Doherty; V .-P ., T. I. Carter; V .-P ., Gen
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.— *
Mgr. & Treas., H. C. Feuers; Sec., Allen O’Bannon.— Y. 107, p. 1384Controls the entire electric light and power and central heating business,
V. 109, p. 1891; V. 110, p. 167; V. 113, p. 627; V. 114, p. 853, 1650.
and owns and operates the street railway system in St. Joseph, M o., and
(5) CUM BERLAND & W ESTE RN PO R T ELECTRIC R Y.
an interurban line between St. Joseph and Savannah, M o. Sells energy
O R GAN IZATION .— Organized in Maryland on April 11 1902 by special at wholesale for distribution in following communities: Savannah, De Kalb,
Act o f the Legislature, as successor to the Frostburg Eckhart & Cumberland Wathena (Kan.), Amazonia, Curzon, Forest City, Bigelow and Oregon.
R y. Has absorbed the Lonaconing Midland & Frostburg R y. and the 59.02 miles of track. Standard gauge; 50-70-lb. T and girder rails; 98
motor and 32 other cars. Generating plant capacity, 22,600 k. w.;
Westernport & Lonaconing. Population served over 51,500.
miles
Principal
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— 23.40 miles of primary and 217.85 expire distributing lines. Franchise
perpetual; others
Operates 27.40 miles (2.50 operated under trackage rights) of track be railway franchises areunlimited in point of from 1935 to 1958.for heating
for electric service
time. Franchise
tween Cumberland, Eckhart, Frostburg, Lonaconing and Westernport, service expires in 1944.
passing through other communities; 60, 75 and 92-lb. T and girder rail;
During 1912 a contract was made with the Kansas City Clay County &
standard guage. 20 motor cars (15 pass.) and 6 miscellaneous cars.
St.
R y. (see under “ Kansas C ity” ),
Valuation.— In Dec. 1920 valuation was placed at $1,888,304. V. I l l , carsJosephKansas City are operated over the under which that company’s
from
tracks of this company.
p . 2520.
Fares.— See “ Electric Railway” Supplement of Oct. 28 1922.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock: $1,000,000 ( $ 5 0 ) - - - - - - - - rrr
$625,000
Valuation.— Early in 1920 the M o. P . S. Comm, fixed the value of the
West’p ’t & Lonac’g $225,0001 1903
5 J-J 15
225,000 Jan 15 1928 c o .’s holdings for rate making purposes at $5,800,000, while the co. holds
($500 & $1,000)---------c*pt/In t. at Real Estate Trust Co., Phila., trus. that $11,521,639 is the fair valuation. V. 110, p. 872. The co. has
Frost Eck& Cum 1st M $250,-1 1901
5 g J-D 15
230,000 June 151926 appealed.
000g ($500&$1,000)_c*cpt/Int. at Real Estate Trust Co., Phila., trus.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Lonac M id & Frost 1st m tgel 1901
5 g J-D 15
200,000 June 15 1926 Com stock $3,500,000 ($ 1 0 0 ) .____
_________ - $3,500,000
See text
$200,000 g ($ l,0 0 0 )-_c*cp t/ln t. at Real Estate Trust Co., Phila., trus. Pref stock 5% cumulative/ ____
5 Q-J
1,560,000 Oct ’23, IM
Bonds.— The above bond issues are callable at 105 and interest.
$2,500,000 ($100)_______ 1
5 g M -N
5,000,000 N ov 1 1937
OFFICERS.— Pres., H- L. Doherty; Sec.-Treas., Hugo Scott; V.-P. & First mtge $5,000,000 gold) 1902
($ 1,00 0)----------------- c*cpt{Interest payable in New York.
M gr., D . D . Price.— V. 104, p. 2451; V. I l l , p. 2520.
1st & ref mtge ($15,000,000) 1916
5 g J-J
695,000 July 1 1946
gold ($100, $500, & $1,000)\Interest payable in New York.
(6) D U R H A M P U B L IC S E R V IC E C O .
c*tfj
ORGAN IZATION .— Incorp. in N . C. Jan. 29 1901 as Durham Traction
Bonds.— The 1st & ref. mtge. bonds are a first lien on the interurban
Co. (name changed to present title early in 1921). Cities Service Power &
line between St. Joseph and Savannah, M o., and a general lien on remaining
Light Co. owns all the common stock.
to
. 5s, for retirement of
FIE LD OF OPERATIONS AND CH ARACTER OF BUSINESS.— property, subjectref. $5,000,000 1st M Additional bonds may which an equal
5s is reserved.
be issued only
Company owns and operates all the street railway lines and does an amount of 1st & add’ns, exts., &c., under conservative restrictions, or for
electric light, power and artificial ice business in the City of Durham, for 85% of cost .ofbonds retired through the supplemental sinking fund.
1st
N . C. Population served, 35,000. 11.6 miles o f track; 22 passenger motor 85% of fund, M
Sinking
1%
for
of bonds of this issue
cars, 1 motor service car and 2 other cars. Standard gauge. 60-lb. T at 102M, or o f 1stof bonds out, 105;purchase or red. co., 2% for construc
M . bonds at
or, at option of
and 80-lb. girder rail. Overhead trolley.
tion, acquisitions, add’ns or impts. While any 1st M . bonds are out
In April 1924 issued $1,500,000 7% ref. mtge. bonds, ser. “ A ,” proceeds
as a supplemental sinking fund, an additional
being used to retire $642,600 gen. mtge. 8% bonds, ser. “ A ,” due April 1 standing, the co. must pay,of that issue outstanding,
1 % of the
above
1936 (called for payment Oct. 1 1924 at 102 and int.), and for additions, set forth, amount of bondsin construction 1% of the to be applied as bonds
or may expend
amount of the
&c. V. 118, p. 2185.
outstanding. 1st & ref. M . bonds canceled in sink, fund but 1st M . kept
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
alive until all bonds have been deposited with the trustee. First & ref.
Common $1,000,000 ($100) _ _____
_
_
_
$300,000 ..................
bonds are red. on any int. date at 1 0 2 and int. Trustees are Bankers
Pref cum $2,000,000 ($100)________
6-J
300,000 ---------------- Trust C o., N . Y ., and Mississippi Valley Trust C o., St. Louis. Legal
Kef. mtge ser. “,A ” ($500 & l -----7 - ----o
_______i v 1924
• g A-O
1,500,000 Apr 1 1949 investment for Maine savings banks. V . 103, p. 1302.
$1,000 & mult) g ------- c*tfjN ew York Trust Co., New York, trustee.
Trustees for the 1st M . bonds are Equitable Trust C o., N . Y ., and
Durham Trac Co 1st M l 1901
5 g M -A 1
400,000 Mar 1 1941 Missouri Valley Trust C o., St. Joseph. Bonds cannot be called. V . 75,
$400,000 lcumu (closed)) Maryland Trust C o., Baltimore, trustee.
p. 1032. The 1st M . bonds are listed on the Philadelphia and Louisville
($1.0001 not call______c*tfj
stock exchanges.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does the entire electric railway business in Adrian, Mich. 3.89 miles of
track and 4 passenger and 1 other motor car. 50-70-lb. T and girder rails;
standard gauge.
OFFICERS.— Pres., Frank R . Coates; V.-P. & Gen. M gr., B. C. Adams;
Sec., Henry T . Ledbetter; Treas., A . C. Van Driesen.— V . 110, p. 2567;
V. 112, p. 561; V. 119, p. 196.
f
M ay , 1925.]
Dividends.— 5% per arm. has been regularly paid on pref. stock since Oct
1902. First div. on com. stock paid Dec. 1908, 1% ; in 1909. 2% ; 1910, 2% ;
In 1911,2% . In 1912, M ar., A %; June, A%\ Sept. ,A%". Dec., A % . A
dividend at the rate o f 2% per ann. was paid Feb. 1 l9 l3 for the 2 months
succeeding the regular payment in Dec. 1912; dividends were paid quarterly
to Sept. 1919. None since.
EARN INGS.— For 12 months ending Dec. 31:
Calendar Years—■
1924.
1923.
•Gross earnings__________________________________$2,485,423 $2,521,868
■Operating expenses_____________________________
1,858,846
1,922,735
Net earnings for int., depreciation, &c_______
Bond interest___________________________________
Other interest___________________________________
$626,577
284,750
179,099
$599,133
284,779
162,056
Net to stock and reserves_____________________
Preferred stock dividends________________________
$162,727
78,000
$152,298
---------
Net to common stock and reserves____________
$84,727
OFFICERS.— President, H. L. Doherty; V.-Pres. & Gen. M gr., S. B.
Irelan; Sec. & Treas., F. R . Harrington, St. Joseph.— V . 107, p. 2098;
V. 108, p. 270; V. 109, p. 2440; V. 110, p. 872, 2568; V. I l l , p. 494, 2230,
2325: V . 112, p. 1867; V. 116, p. 78. 516, 2885.
(9) TOLEDO, OTTAWA BEACH & NORTHERN RY. CO.—
ORGAN IZATION .— Incorp. in Ohio on Oct. 27 1906 as a consolidation
o f the Toledo & Point Place R y. Co. and Ottawa Beach & Southern R y.
Co. Franchise expires in 1929. Cities Service Power & Light Co. owns
over 99% of the company’s $1,500,000 (auth. and outstanding) capital stock
and all of the outstanding $450,000 1st M . 5% bonds ($1,500,000 auth.).
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates an electric railway between Toledo and Toledo Beach, M ich.;
also operates a branch line connecting Toledo with Point Place, O. Sup
plies energy for light and power service along right o f way. 16.99 miles
o f track (9.84 operated under trackage rights); standard gauge 60 and
70-lb. T-rail; cars leased from Community Traction Co.
OFFICERS.— President, Frank R . Coates; Vice-Pres. S General M gr.,
c
B. C. Adams; Sec., H. T . Ledbetter; Treas., A . C. Van Driesen.— V. 114,
P. 1653.
(10) TOLEDO TRACTION, LIGHT & POWER CO.
Cities Service Power & Light Co. has acquired over 98% of the outstand
ing common and over 98% o f the preferred stock. V . 103, p. 1119.
ORGAN IZATION .— A holding co. Incorp. in Maine on Jan. 30 1913
to acquire the stock and bonds of the Toledo Rys. & Lt. Co. (now Toledo
Edison Co.) in connection with the re-organization o f that company as
per plan in V. 95, p. 1040; Y. 96, p. 361.
The Toledo Traction. Light & Power Co. owns (a) $13,368,200 (over
Irelan; Sec. & Treas., F. R . Harrington, St. Joseph.— V. 107, p. 2098;
96% ) Toledo Edison Co. com. stock (6) $7,207,000 Community Traction
Co. 1st mtge. 6% bonds; (c) all Community Traction Co. 8% cum. pref.
stock; (d) 4,990 shares com. stock (no par) and $1,100,000 6 A % bonds
o f the Toledo Suburban Electric Co.; (/) $9,500 (95%) com. stock of the
Anchor Realty Co.
STOCK A N D BONDS—■ Date.
Interest. Outstanding. Maturity.
_________ $7,966,250 ____________
Common $9,200,000 ($100)________
Pref $8,000,000 ($100) 6% c u m ____
See text
6,723,025 __________
3-yr secured notes $6,500,000) 1922
6 g F-A
6,143,000 Aug 11925
($500 and $1,000) gold- _ c t f /Harris Trust & Sav. Bank, Chicago, Trustee.
2-yr secured notes $2,000,000\ 1923 6 A g F-A 1,100,000 Aug 11925
($500 & $1,000) g o ld . - C * t f /Harris Tr. & Sav. Bk., Chicago, Trustee.
Notes.—
-'The 3-yr. 6% notes are secured by pledge o f $7,303,000 1st
mtge. 6% bonds of the Community Trac. Co. and $l3,OOO,OO0 com. stock
o f Toledo Edison Co. Sinking fund of over $200,000 per annum is provided
for. $357,000 retired by sink. fund. Call, on 1st day o f any month on
30 days' notice at 101A and int., during first year, at 101 and int. during
second year, and at 100)4 and int. during third year. Penna. & Conn.
4-mills tax refunded. V. 115, p. 646.
The 2-yr. 6)4% notes are secured by pledge of $1,100,000 1st mtge. &
coll. 6)4% bonds and all the outstanding capital stock (except directors’
shares) o f the Toledo Suburban Electric Co., and are further secured by a
charge on the $7,303,000 1st mtge. 6% bonds of the Community Traction
Co. and the $13,000,000 com. stock o f the Toledo Edison C o., subject
only to the pledge thereof as security for the 3-yr. 6% notes. Are call, on
the 1st day of any month on 30 days’ notice at 101 'A & int. prior to Aug. 1
1924, and at 101 & int. thereafter to maturity . Int. payable in N . Y . City
or Chicago. Company agrees to refund Penna. and Conn. 4-mills taxes.
V. 117, p. 1349.
OFFICERS.— Pres., H. L. Doherty; V.-Ps., Frank R. Coates and Dale
B. Carson; Sec., Edgar E. McWhiney; Treas., Louis F. Musil.— V. 116,
p . 617; V. 117, p. 440, 1349; V. 119, p. 943; V. 120, p. 455.
(a) TOLEDO EDISON CO.
ORGA N IZA TIO N .— Controlled by Toledo Trac., Lt. & Power Co
Incorp. July 1 1901. Name changed from Toledo Rys. & Light Co. to
present title in Oct. 1921, at which time the new generating station and other
property of the Acme Power Co. was acquired. As o f June 1 1924 acquired
the Defiance Gas & Elec. Co., the Swanton Light & Power Co. and the
Holgate Lt. & Power Co. V. 118, p. 2837; Y. 119, p. 335.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
The co. supplies without competition electric light and power in Toledo and
suburbs, operates a central station heating plant and distributes by-product
gas. Population served, approximately 300,000. Operates 4 electric gen
erating stations in Toledo, with total installed generating capacity of 135,080
k. w., including a recently installed 20,000 k. w., unit at the new Acme
power plant. The Acme power plant, with a present installed capacity of
40,000 k. w ., is designed for an ultimate generating capacity of from 200,000
k. w. to 300,000 k. w., and is planned to be eventually the main source of
supply o f electric power for Toledo and vicinity. Company now serves
over 75,294 electric customers, having a total connected load of over 150,785
k. w. Gas is distributed to over 11,696 customers and the heating plants
supply over 7f'0 customers. Franchises are all unlimited as to time and
contain no burdensome restrictions. On Feb. 1 1921 the company’s street
car lines in Toledo were taken over for operation by the Community Trac
tion Co. under the terms of a 25-year service-at-cost franchise. Toledo
Edison Co. is supplying at wholesale under a long-term contract all power
required by Community Traction Co. See below.
Service-at-Cost— Community Traction Co.— The Community Traction Co.
was organized Aug. 22 1919 and as of Feb. 1 1921 took over the operation of
the street car lines in Toledo of the Toledo Railways & Light Co. under the
Milner service-at-cost 25-year franchise, which was approved by the voters
on N ov. 2 1920 (V. I l l , p. 2042). The new co. is capitalized as follows:
■Common stock, $10,000,000; 8% preferred stock, $1,043,140; first mortgage
6% 25-year bonds, $8,000,000.
Under the terms of the franchise the $8,000,000 bonds were delivered to
the Toledo Rys. & Light Co. in exchange for the street railway properties.
The rate of return to which the co. is entitled will be an amount sufficient
to pay 6% upon its bonds and 8% upon its pref. stock outstanding. The
■entire issue o f com. stock is held by the City o f Toledo Sinking Fund Trustees.
Further details o f new- franchise and Community Traction Co. will be
found in V. I l l , p. 2042; V. 112, p. 652, 654, 1399; V. 117, p. 1774.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
•Common $15,000,000------------ -------_________ $13,875,000 Sept ’23, 2%
Preference $10,000,000 7 % cum
Series A ($100)------------------- -------7%
5,185,700
Monthly
Prior pref $3,000,000 8% cum
Series A ($100)------------------8% Q-J
2,351,500 Apr ’25, 2%
Prior pref $3,000,000 6)4%
cum Series B ($100)________
6)4 %
None __________
1st M (see text) gold $500 and ( 1921
7 g M-S 1 13,500,000 Sept 1 1941
1st mtge “ series due 1947” _
_
1921
5 g M -S
2,690,000 Mar 1 1947
$1,000 c* & $1,000 r*— tf [Bankers Trust C o., N. Y ., trustee.
Toledo Gas Elec & Heat Co 1905
5 A-O
1,875,400 Oct 11935
mtge $2,500,000 ($1,000, ■{Interest at Ohio Savings Bank & Trust C o.,
$500 and $100) not redeem. I Toledo, trus., or Nat. Bk. of Comm., N .Y .
Defiance Gas & El 1st M ___ _
5%
906,600 Sept 1 1942
Defiance Gas & El 1st 1 & ref_ 7%
593,400 Sept 1 1942
39
POWER, LIGHT AND RAILW AY
Stock.— Prior pref. stock. Series “ A ,” red., all or part, on any div. date
on 30 days’ notice at 115 and divs. Company is required to retire on each
div. date since April 1 1922 at least 1 % of the largest amount of Series A
prior pref. stock at any one time outstanding, if stock is tendered up to
$105 a share. $148,500 has been retired. The 7% preference stock, Series
“ A ,” is red., all or part, on any div. date on 30 days’ notice at 110 & divs.
V . 116, p. 1907. $1,500,000 7% pref. stock, Series “ A ,” was offered in
Aug. 1924 by Henry L. Doherty & Co. at 98 and div., to yield about 7.14% .
$13,451,100 common stock is owned by Toledo Trac., Lt. & Power Co.
Bonds.— 1st mtge. bonds may be issued in different series, having such in
terest rates, &c., as directors shall determine. Add’l bonds may be issued
for 75% of cost of permanent additions, &c., under certain restrictions.
Bonds may also be issued to refund an equal amount of any other series s a
whole or to refund divisional bonds. A sinking fund of 1% p. a. o f the
outstanding 1st mtge. bonds, payable s.-a., began Sept. 1 1922, to be
used to retire 1st mtge. bonds if purchasable at or below 103 and int. If
not so purchasable, such funds must be used to acquire property which
might otherwise be made the basis for the issuance of bonds. The inden
ture further provides that, initially, amounts totaling 12% of the gross oper.
revenue from the electric dept., 10% of that from the gas dept., and 25%
of that from the heating dept, shall be either expended or appropriated from
each year’s earnings for maintenance and replacements. The 7 % bonds due
1941 are callable at 110 and int. on any int. date on 4 weeks’ notice, to and
incl. Sept. 1 1926; thereafter at 107)4 and int. to and incl. Sept. 1 1931;
thereafter at 105 and int. to and incl. Sept. 1 1937; and thereafter at a
premium of 1% for each year, or fraction thereof, of unexpired life. The
5% bonds “ series due 1947” are call, since Sept. 1 1922 on any int. date on
4 weeks’ notice at prices which, except for redemption, would equal a 4 K %
yield basis if bonds were held to maturity, plus int. Pennsylvania 4-mills
tax refunded. V. 113, p. 1368; V. 114, p. 2833.
The Toledo Gas, Electric & Heating Co. bonds are guaranteed by endorse
ment by the Toledo Edison Co. $624,600 retired or canceled. They are
not subject to call.
EARNING S.— Of the Toledo Edison Co.:
Calendar Years—
1924.
1923.
1922.
Kilowatt hours sold___________ 235,441,088
234,878,220 182,358,530
Cubic feet gas sold_____________ 1,916,450,000 1,812,573,000 1,615,672,000
Gross earnings-----------------------Operating exps. & maintenance.
Federal taxes.________________
$8,015,230
4,682,881
159,115
$7,491,890
4,331,270
160,487
$6,588,960
3,869,150
128,322
Net operating income_______
Other income_________________
$3,173,234
111,048
$3,020,134
63,308
$2,588,488
81,198
Total income_______________
Interest---------------------------------Reserve for replacements______
Preferred dividends___________
Common dividends___________
$3,284,282
1,338,033
855,433
408,395
1,248,750
$3,083,442
1,220,174
730,294
307,271
277,500
$2,669,686
1,137,630
686,738
302,500
69,375
$548,203
$473,443
S u r p lu s ...__________________ def.$566,330
OFFICERS.— Pres., F. R . Coates; V.-Ps., Dale B . Carson and Rathbun
Fuller; V .-P. & Gen. M gr., C . L. Proctor; Sec., H. T . Ledbetter; Treas.
A. C. Van Driesen.— V. 118, p. 562, 678, 918, 2317, 2837; V. 119, p. 335
075, 1292, 2649; V. 120, p. 333, 584, 959, 1329, 1587, 1746.
(11) OHIO PUBLIC SERVICE CO.
All the common stock except directors’ shares owned by Cities Service
Power & Light Co.
ORGANIZATION.— Incorp. in Ohio Oct. 11 1921 and acquired a num
ber of public utility cos. operating in that State. In 1924 acquired the
roperties of the Sandusky Gas & Electric Co., the Port Clinton Electric
right & Power C o., Northwestern Ohio R y. & Power Co. and Central
Ohio Gas Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Co. does substantially the entire electric light and power business without
competition in Warren, Mansfield, Lorain, Elyria, Ashland, Massillon
Sandusky, Port Clinton and Alliance. In addition, the co. furnishes electric
power at wholesale to cos. distributing it to outlying communities. Does
the gas business at Alliance, Sandusky, Lima, M edina, Coshocton, Berea,
Cranville and Mansfield and owns and operates a small street railway in
Mansfield and an interurban line connecting Mansfield and Shelby and
Toledo and Bay Point, and connecting by ferry with Sandusky and Cedar
Point.
The generating stations now owned have a combined installed capacity
of 138,710 k. w. The physical property also includes 52 sub-stations with
207,960 kva. capacity and 395 miles of high-tension transmission lines.
The gas property includes a large and valuable natural gas acreage,
adequate and modern compressor stations and over 1,557 miles of pipe line.
E
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Common $15,000,000 ($100)_______
_________ $7,689,000 ____________
1st pref 7% cum $25,000,0001
($100)----------------------------- / ------7%
10,159.900 __________
1st mtge & ref— Series “ A ” - , f 1921 7)4 g A-O 4,682,600 Oct 11946
Series “ B” ---------------------1922 7 g F-A
3,714.100 Feb 11947
6 g M-S
4,637.600 Mar 11953
Series “ C” ---------------------- { 1923
Series “ D ” _______________| 1924
5 g M -S
10 490,700 Sept 11954
($100, $500 & $1,000 c*IInt. at Halsey, Stuart & Co., Inc., Chicago,
& $1,000 r*) gold— tf 1 or company’s office. New York.
Divisional Bonds—
i
Ashland Gas & Elec Co 1st M I 1909
5 g J-J
92,000 July 11929
($100, $500 & $1,000) g _c* [Int. at Union Trust Co., Cleve., Ohio, trust.
Massillon Elec & Gas Co 1st I 1916
5 g J-J
549.000 July 1 1956
mtge ($100, &c) gold___ c* [New York Trust C o., N. Y ., trustee.
Richland Public Service Co 1917 ■ 5 g A-O
731,500 Oct 11937
1st & ref mtge ($100, $500 {Union Trust Co., Cleveland, trustee.
& $1,000) gold_________ c*
Trumbull Pub Serv Co 1st M J 1911
6 g J-D
1,084,800 June 1 1929
($500 & $1,000’) gold___ c* 1Union Trust C o.. Cleveland, trustee.
Alliance Gas & Pr 1st & ref M_ 1907
5 g J-D
351,500 June 1 1932
Sandusky Gas & Elec 1st M _ _ ____
5%
37,000
1929
Sandusky G & El ref & impt M ____
5%
1,293,000
1945
Berea Pipe Line 1st mtge__________ '
6%
50,000 Serially
Stock.— 1st pref. is red. all or in part on the 1st day of any month on 30
days’ notice at 115 and divs. In Jan. 1925 $3,000,000 1st pref. 7% Ser.
“ A ” was sold by Dillon, Read & C o., A . B. Leach & Co. and Federal Se
curities Corp. at $100 & div. V. 120,_j). 454.
Bonds.— 1st mtge. & ref. indenture provides for a maintenance and de
preciation fund and also for a special fund of 1 % of gross earnings per annum
to be used for permanent add’ns, impts., &c., or for the purchase and re
tirement of outstanding 1st & ref. mtge. bonds. Reimbursement of the
Penna. 4-mills tax, the Conn, personal property tax not exceeding 4 mills
per dollar per annum, and the Mass, income tax on int. not exceeding 6%
to resident holders.
Ser. “ A ” red. all or in part on 30 days’ notice at 110 and int. on or after
Oct. 1 1931, and to and incl. Oct. 1 1936: decreasing thereafter 1 % each year
to maturity.
Ser. “ B ” call, all or in part on 30 days’ notice at 120 to and incl. Feb. 1
1932, at 110 to and incl. Feb. 1 1937, and thereafter decreasing 1% each
year to maturity.
Ser. “ C ” red. all or in part on 30 days’ notice at 110 and int. to and incl.
Mar. 1 1933; thereafter decreasing A % each year to and incl. Mar. 1 1952;
thereafter at 100 and int. to maturity.
Ser. “ D ” red. all or part on 30 days’ notice at 105 and int. to and incl.
Mar. 1 1932; thereafter at 104 and int., less 1% of the principal amount for
each expired 5-year period to Mar. 1 1952; and thereafter at par and int.
to maturity. In Oct. 1924 Halsey, Stuart & Co., Inc., offered $9,000,000
Ser. “ D ” 5s at 89 and int., to yield over 5 % % . V. 119, p. l744.
Divisional Bonds.— Ashland Gas cfe Elec. 1st. 5s are call, on 4 weeks’ notice
at 105 & int. Mtge. provides for sinking fund of 1 % of outstanding bonds
yearly.
Richland Public Service 1st & Ref. 5s are call, all or in part at 102 and int.
.
Mortgage provides for sinking fund.
Trumbull Public Service Co. Is* 6s callable all or in part by lot at 105 and
int., also in part at 102 and int. fo- .unking fund. Sinking fund of 2% of
bonds issued provided for
40
PUBLIC UTILITIES
EARN ING S.— For year end. Dec. 31 1924:
Gross operating revenue________________ .,___________________ $10,525,813
Operating expenses, maintenance and taxes___________________
6,667,347
Net operating revenue______________________________________ $3,858,466
Non-operating revenue_________
55,139
Gross income_______________________________________________ $3,913,605
Fixed charges— Int. on fund, debt & other oblig’ns__$l,530,062
Amortization of bond and note discount_________
94,088
------------1,624,150
Balance available for dividends andreserves________________$2,289,456
Note.— Incl. full 12 months’ earns, of properties acquired during year.
OFFICERS.— Pres., H. L. Doherty: V.-P. & Gen. M gr.. T. O. Kennedy;
Sec., R. E. Cuthbertson; Treas., H. A . Fountain.— V. 119, p. 1744, 2074;
Y. 120, p. 88, 454, 1089.
(12) PUBLIC SERVICE CO. OF COLORADO.
All common stock except directors’ shares owned by Cities Service Power
& Light Co.
ORGAN IZATION .— Incorp. in Colo. Oct. 2 1923 as a merger of the Den
ver Gas & Elec. Co. and the Western Light & Power Co. In Sept. 1924 the
Colorado Power Co. was merged into the company.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Is the largest gas and electric company in Colorado. Supplies without
competition electricity for light, heat and power to Denver and to a number
o f substantial communities, including Boulder, Sterling, Leadville, Salida
and Fort Collins, Colo., and also supplies electric, gas and steam heating
service through a subsidiary to Cheyenne, Wyo. Also supplies electricity
at wholesale at Greeley, Longmont, Englewood and other communities in
Colorado. Gas and steam heating service is supplied to Denver and the
street railway system is operated in Boulder, Colo. Population served
estimated at 400,000. Company has a total installed generating capacity
o f 74,080 k. w., which will be increased before the end o f 1924 to 94,080
k. w. by the completion of the first 20,000 k. w. unit o f a new central station
generating plant o f 200,000 k. w. ultimate capacity nearing completion at
Valmont, Colo. This station and other principal steam stations of the comany will be connected by 1,215 miles o f high tension transmission lines to
ydro-electric generating stations o f the company having an installed
capacity of 72,550 k. w.
STOCK AND BONDS—
Date.
Interest. 'Outstanding. Maturity.
Common $25,000,000 ($ 1 0 0 )_ _ ____
$20,500,004 __________
7,30 s ,507
ls t p f 7% cu$25,000,000($100)
7%
First mtge & ref Series “ A ” _
1923
6 g M-S
5,375,000 Sept 1 1953
Series “ B ” _______________ 1924
5M g M-S 10,000,000 Sept 1 1954
($100, $500 & $1,000 c* and Int. at Haisey, Stuart & Co., Inc., Chicago
and office o f company, New York.
$1,000, &c, r*) gold_____tf
10-year 7% conv debs ($100,/ 1923
7 g A-O
2,219,000 Oct 1 1933
$500 and $1,000) gold_ c*\Irving Bank-Columbia Trust C o.,N .Y .,trus.
_
Denver Gas & Elec gen mtgef 1903
5 g M -N
6,157,600 May 1 1949
($100, «&c) gold________ c*\Equitable Trust Co., New York, trustee.
D en vG & E L Co 1st & r e fM f 1911
5 g M -N
9,324,000 M ay 1 1951
($100, $500 & $1,000) g__c* [Bankers Trust C o., New York, trustee.
Colo Pow Co 1st M ($100, & c,f 1913
5 g M -N
4,198,300 M ay 1 1953
c*, and $1,000, &c, r*) gold! Int. at Irving Bank-Col. Tr. Co., N. Y ., trus.
Stock.— First preferred callable, all or in part, at 110 and dividends.
Bonds.— First mortgage and refunding bonds secured by a first mortgage
lien on certain property and are further secured by pledge of $3,589,000 of
divisional bonds. Mortgage provides for improvement fund of 2% of first
and refunding mortgage bonds outstanding. Mortgage provides for reim
bursement of the Penn. 4 mills tax and the Conn, personal property tax not
exceeding 4 mills per dollar per annum, and the Mass, income tax on int.
not exceeding 6% per annum to resident holders, if requested within 60
days after payment upon proper application.
Series “ A ” are redeemable, all or part, on 30 days’ notice at 105 and int.
to and including Sept. 1 1933; thereafter decreasing \i % each year to
Sept. 1 1952; and thereafter at par and interest to maturity. $5,000,000
Series “ A ” 6s were offered by Halsey, Stuart & Co., Inc., and A. B . Leach
& C o., Inc., at 93 and interest, to yield about 6.55%.
Series “ B ” are redeemable, all or part, on 30 days’ notice at 105 and int.
to and including Sept. 1 1932; thereafter decreasing 1 % each expired 5-year
period or fraction thereof to Sept. 1 1952, and thereafter at the principal
amount and interest to maturity. In Oct. 1924, $10,000,000 Series “ B ”
5Jis were offered by Halsey, Stuart & C o., Inc., and A . B. Leach & Co.,
Inc., at 93 and interest, yielding over 6 % . V. 119, p. 1291.
Ten-year 6% convertible debentures are convertible at any time at holder’s
option into 7% cum. first pref. stock at $100 for pref. stock and $105 for
the debentures, with adjustment o f dividends and interest. Quarterly
sinking fund o f $125,000 per annum commenced Oct. 1 1924. Are callable,
all or part, at any time on 30 days’ notice at the following prices and interest:
A t 107 l up to and including Oct. 1 1926; at 105 after Oct. 1 1926, and up
A
to and including Oct. 1 1927; and decreasing 1% for each succeeding year
or part thereof during the next five years, and at par thereafter to maturity.
Penna. 4 mill tax, Conn, personal property tax not exceeding 4 mills, and
Mass, income tax on the interest not exceeding 6% per annum refunded.
In Oct. 1923 $2,250,000 debentures weer offered by A. B. Leach & C o., Inc.,
New York, and Federal Securities Corp., Chicago, at 98M and interest, to
yield about 7\ f% .
Denver Gas & Electric general mortgage (now first) 5s assmued by Public
Service Co. o f Colorado. Have annual sinking fund o f 1% of outstanding
bonds. $/ 07,400 retired by sinking fund. Are callable, all or in part, at
105 and interest. Interest payable at office of H. L. Doherty & C o., N. Y .
Denver Gas & Electric Light first and refunding 5s are callable at 105 and
interest. Sinking fund of 1% o f outstanding bonds annually. $749,100
held in sinking fund. Interest at office o f H. L. Doherty & C o., N . Y .
Colorado Power Co. first 5s are callable either as a whole or for sinking
fund at 105 and interest. Sinking fund of M o f 1% yearly of bonds out
standing for eight years commencing 1918, and 1% from 1926 to 1952, incl.
E A R N IN G S.— Of Public Service Co. of Colorado and subsidiary (as
now constituted) for 12 months end. Dec. 31 1924:
Gross earnings from operation_______________________________ $9,426,754
Operating expenses, maintenance and taxes__________________ 5,505,522
g
[V ol. 12(f.
OFFICERS.— Pres., H. L. Doherty: V .-P. & Gen. M gr., C la re 'N .
Stannard; Sec., J. E. Loiseau; Treas.. H. T . Hughes.— V. 119, p. 1291, 1517.
2648, 3011- V. 1209, p. 1090.
E L E C T R I C B O N D & S H A R E CO.
Control.— In Jan. 1925 the Electric Bond & Share Securities Corp. was
formed to take over all the com. stock of the Electric Bond & Share Co.
held by the General Electric Co. Holders of General Electric Co. com.
were allotted stock in the new co. share for share. V . 120, p. 86, 329.
ORGANIZATION.— Incorp. Feb. 28 1905 in New York.
CH ARACTER OF BUSHS ESS.— Takes a financial interest in electric
power and light enterprises; buys, holds and sells securities issued on such
properties and renders expert assistance in connection with the financing
and operation of cos. controlling and operating such properties. The co.
also furnishes the necessary capital and manages consolidations and reorg
anizations of properties of the above-mentioned character.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $25,000,000 ($100)_______
_________ $25,000,000 M ar’25, 2%
Pref 6% cum $25,000,000($100)____
6 Q-F
25,000,000 M ay’25,1M
Stock.— Pref. is call, as a whole on any div. date on 90 days’ notice at 110 &
divs. Pref. and common stock have equal voting power. In Dec. 1924
Bonbright & C o., Inc., offered $2,600,000 6% pref. at 102 & divs., to yield
5.88% . V. 119, p. 2760'.
Dividends.— Divs. at the rate o f 5% per annum were paid regularly on
the pref. stock from organization up to Oct. 31 1911, at which time the regu
lar rate was increased from 5% to 6% per annum, and have been paid
regularly at this rate since then. Common stock has regularly paid divs.
of not less than 8% per annum since July 15 1909.
EA R N ING S.— For years ended:
Common AccumuVed
Gross
Net
Preferred
Income.
Income. Dividends. Dividends. Income.
$
$
$
$
$
Oct. 31 1924____ 13,925.517 9,525,147 1,335,167 1,860,242 13,006,447
Dec. 31 1923____ 11,410,693 7,469,358 1,123,197 1,399,609 9,736,053
676.667 *3,904,35S 4,789,496
Dec. 31 1922_____ 6,141,511 3,741,469
606.667 *1,000,000 5,629,051
Dec. 31 1921____ 3,968,973 2,377,514
588,580
800,000 4,858,204
Dec. 31 1920___ 3,564,734 2,127,600
Dec. 31 1919_____ 3,114,872 1,697,472
563,525
778,730 4,119,184
* Includes special divs. on common stock, $200,000, paicl in 1921 and
$3,000,000 in 1922; all in addition to the regular divs. at the rate o f 8%
per annum on the Common stock.
OFFICERS.— Pres., S. Z. Mitchell; V .-P ., F. A. Farrar; Sec., H. M .
Francis; Treas., A. C. Ray.— V. 119, p. 2760, V. 120, p. 86, 329, 956.
G E N E R A L G A S & E L E C T R I C C O R P.
O RGAN IZATION .— Incorp. in Maine Aug. 2 1922 (V. 95, p. 110).
Owns control o f public service properties under management of The W . S.
Barstow M gt. Assn.. Inc.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— Th®
subsidiary companies include: Metropolitan Edison C o.. Pennsylvania
Edison Co., Metropolitan Power C o., Easton Gas Works, N . J. Powe"
& Light Co., Bingham Light, Ht. & Power C o., Interurban Gas Co.<
Reading Transit & Lt. C o., Oley Valley R y. C o., York Haven Water &
Power Co., Sayre Elec. C o., Eastern Utilities Coal Co., Hanover Power C o.,
Hanover & McSherrytown Street R y. C o., Gettysburg Electric C o., North
Carolina Public Service C o., Inc., The South Carolina Gas & Electric C o.,
Columbia Railway Gas & Electric C o., The Parr Shoals Power C o., Florida
Public Service Co., Owego Light & Power Co., Susquehanna County Light
& Power Co., Cumberland Valley Light & Power Co., Birdsboro Electric
Co., Newton Gas Co., New Jersey Power Corporation. Formerly controlled
the Rutland R y. Light & Power C o., the Vermont Hydro-Electric Corp.,
and the Pittsford Power C o., but in March 1925 those properties were
acquired by the Insull interests. V. 120, p. 1458.
Controls direct or through subsidiaries by stock ownership and long term
leases 48 public utility companies, serving important communities in the
Eastern and Southeastern sections of the United States with electric light
and power, gas and interurban and street electric railway service. Proper
ties controlled direct or through subsidiaries are mainly electric light and
power, and are located in Pennsylvania, New Jersey, New York, Vermont,
New Hampshire, North Carolina, South Carolina and Florida.
The combined physical properties include 46 electric generating plants
with an installed capacity of 253,685 k.w ., 1,601 miles of high tension
transmission lines, 3,924 miles of distribution lines, gas properties with
390 miles of mains and electric railway properties with 287 miles of track.
Population served is in excess of 2,000,000.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity'
Com stock 150,000 shs (no p a r ) ____
________ 45,274 shs ---------------Pref class “ A ” $8 cum 130,000
.
__
shs (no par)____________________
$8 Q-J
62,650 shs Apr 25, $2
Pref class “ B ” $7 cum 70,000
.
shs (no par)____________________
$7 Q-J
32,500 shs Apr ’25 $ 1 ^
Conv pref $6 non-cum 100,000
shs (no par)_______________ _____
________ 40,259 shs ---------- - - Sink fund bonds ser “ A ” $4,-1 1922
7 g M -S
$2,020,200 Sept 1 1952
700,000 ($100, &c) gold-C*)lnt. at New York Trust C o., N .Y ., Trustee
1st lien conv $20,000,000 ($1,-1 1912
5 g J-J
840,000 July 1 1932
000) gold___________ c*& r*/Int. at Equitable Trust C o., N . Y ., Trustee
Secured 6% bonds $4,700,0001 1919
6 g M -S
1,564,150 Sept 1 1929
($100, &c) gold______c* tf/In t. at New York Trust C o., N . Y ., Trustee
Principal Bds., &c., of Sub. Cos.—
.
. _ _
_
Penna Edison Co 1st M $50,-1 1916
5-6gA-0
7,355,500 Apr 1 1946
Net from operation___________ j ___________________________ $3,921,232
000,000 ($100,&c) g.c& *r*/B k. of No. Amer. & Trust C o., Phila., Trus.
197,680
Non-operating income_______________________________________
10-yr 2d M notes ($100,1 1916
6 M -N
814,000 M ay 11926
&c) gold_________________ /Fidelity Trust C o., Phila., Trustee
Net earnings available for interest and reserves___________ $4,112,912
Annual interest requirements on funded debt outstanding____$2,172,403
Public ServiceCo. of Col.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n g or P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n t r a l I ll in o i s P o w e r C o .
C e n tra l I n d ia n a G as C o.
C e n tra l I n d ia n a P o w e r C o.
C in c in n a t i G as & E le ctric C o .
C in cin n a ti G as T ra n s p o r ta tio n
C o lu m b ia G as & E le ctric C o .
C u m b e r la n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l i c S e r v ic e C o .
E a st O h io G a s C o .
G e o r g ia L ig h t , P o w e r & R y s .
In d ia n a E le ctric C o r p o r a tio n
J e r s e y C e n t r a l P r. & L t . C o r p .
L in c o l n G a s & E l e c t r i c L i g h t C o .
M i c h i g a n L ig h t C o .
M id d le W e s t P o w e r C o .
M id d le W e s t U t i li t ie s C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h io P u b l i c S e r v ic e C o .
O m ah a & C b u n cil B lu ffs S t. R y.
O zark P ow er & W a ter C o.
P o r tla n d E le ctric C o.
S h a w in ig a n W a te r & P o w e r C o .
U n io n L ig h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W est P e n n P ow er C o.
We have been identified either as principals or
jointly in the financing of the above companies
A. B. Leach & Co., Inc.
NEW YORK
BOSTON
PHILADELPH IA
CHICAGO
Bonbright & Company
Incorporated
Investment Securities
New York
Boston
Detroit
Philadelphia
Chicago
St. Louis
Bangor
Davenport
Elmira
New Orleans
Milwaukee
Pittsburgh Portland
Providence Rochester
San Francisco
Springfield
Washington
Worcester
Scranton
Baltimore Albany
New Haven Grand Rapids
May, 1925.]
41
POWER, LIGHT AND BAIL W A Y
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
N J Pow & Lt C o 1st M tgel 1916
5 g F-A
2,490,000 Feb 1 1936
($1,000, &c) gold______ c * /ln t . at Guaranty Trust C o., N . Y ., Trustee
Bing L H & P Co 1st ref M\ 1916 5 g A-O
4,679,000 Feb 1 1946
($1,000) gold__________ c* /In t. at Guaranty Trust C o., N . Y ., Trustee
Met Ed ref & impt ser “ A ” l 1920
8 g M -N
1,593,000 N ov 1 1935
Series “ B ” ________________ -i 1922
6 g F-A
6,080,000 Feb 1 1952
Series “ C ” . _ ....................... 1923 J-J
3,150,000 Jan 11953
($100, &c) gold_____c*&r*iGuaranty Trust C o., N . Y ., Trustee
Metropolitan Elee Co 1st ski 1909 5 g A-O
2,454,500 Apr 1 1939
fd ($500, &c) gold_____ c * / Girard Trust C o., Pbila., Trustee
gold ($100, $500 & $1,000). I
Y o rk H a v W & P C o 5 0 -y rb d sl
1901 5 g J-D
1,500,000 June 1 1951
($500 & $1,000) gold______ jln t. at Land Title & Trust C o., Phila., trus.
York Hav W & P Co 5% b d s l ____
5 g M -N
1,374,000 M ay 1 1957
($1,000) gold____________ /In t. at Land Title & Trust C o., Phila., trus.
6 g J-D
281,000 June 1 1928
Hanover Power1st M Ser “ A” f ____
Series “ B " ______________ ] ______
6g
J-D
93,000 June 1 1941
Series “ O” ____________________
6g J-D
474,900 June 1 1941
($100, $500 & $1,000) gold. (in t. at York Trust C o., York. Pa., trustee.
Owego\L&P Co genM Ser“ A ” f 1923 6 g M -N
159,000 M ay 1 1963
Series “ B ” ___________ 1923
6 g M -N
41,000 M ay 1 1963
gold______________________(Int. at First N at’l Bank of Owego, trustee.
Susq’County L & P Co 1st M l
1913 6 g J-J
600,000 Dec 15 1943
($100 and $590) gold______ jln t. at Scranton Tr. C o., Scranton, Pa., trusg
Rutland Ry Lt & Power Co]
Reading Transit & Light Oo|
North Carolina Pub Serv, Inc See separate statements.
Columbia R y Gas & Elec C o]
Florida Public Service Co.
South Carolina Gas & Elec Co)
Stock.— The pref. class “ A ” shares are pref., with class " B ” pref. stock,
oyer all junior stocks, in liquidation or dissolution, to the amount o f $100
per share and such further amounts as are provided by the terms of the
certificate o f organization. Class “ A ” shares carry also a participating
privilege in that after the payment in any cal. year o f all divs. provided
for the pref. stocks and at the rate o f $6 per share on the com. stock, any
additional amounts declared in that year as divs. shall be divided pro rata
among the stocks of each class then outstanding. In Feb. 1925 Pynchon &
Co. and Jackson & Curtis sold 20,000 shares cum. pref. Class “ B ” stock at
$95 per share, to yield 7.37% V. 120, p. 1088.
The conv. pref. stock is convertible into com. stock o f the corp., share
for share.
Bonds.— Sink, fund bonds series “ A ” are secured by deposit of $2,060,100
10-yr. 6s, due 1929. Sink. fd. 1923 to 1926, incl., 1% ; 1927 to 1930, incl.,
1 K % ; 1931 to 1933, incl., 2% ; 1934 and 1935, 2 H % ; 1936 , 3% ; 1937 and
1938, 3 f i % ; 1939 to 1942, incl., 4% ; 1943 to 1949, incl., 5% ; 1950 and
1951, and on Aug. 1 1952, 6 % . Are red. at 105.
Conv. bonds o f 1912, auth., $20,000,000; issued and outstanding Dec. 31
1924, $840,000; they are convertible, $ for $, into pref. stock. Additional
bonds under certain conditiens, V. 95, p. 1210. Are callable at 105.
Of the $4,700,000 6% bonds due Sept. 1 1929 (callable at par and int.)
$450,000 are reserved to retire the 10-year bonds due 1925. Free from
Penna. State tax. Are secured by pledge o f stocks o f subsidiary cos.
The 7% non-cumulative income bonds due Oct. 1 1934 were called for
payment Feb. 2 1925 at par and interest. V. 120, p. 86.
Penna. Edison Co. 1st 5s and 6s are call, at 105 Int. payable in N . Y .
and Phila.
Penna. Edison 10-yr. 2d mtge. notes are call, at 110. Int. at office of
trustee in Phila. and Bankers Trust C o., N. Y .
Bing. L. H. & P. Co. 1st ref. M . 5s are call, at 105. V. 102, p. 1719.
$1,500,000 were offered in April 1925 by Halsey, Stuart & Co., Inc., at
97 and int., to yield about 5 M % . V. 120, p. 2144.
The Metropolitan Edison Co. 1st & ref. gold 6s, series “ B ,” are call,
as a whole or in part to Aug. 1 1931 at 110; thereafter to Aug. 1 1941 at
107. and thereafter to Aug. 1 1951 at 105. Series “ C ” bonds are callable
as a whole or in part on any int. date at 105 and int. and for the last six
months prior to maturity at par and int. Int. on all series payable in
N . Y . and Chicago. Free from Penna. State tax.
Metropolitan Elec Co. 1st 5s are red. at 110. Sink, fund 1% ann. 1914
to 1918; 1*4% from 1919 to 1927; 2% from 1928 to 1938, Int. at Colonial
Trust C o., Reading, Pa. Free from Penna. State tax.
1
Vermont Hydro-Electric Corp. first mortgage Series “ A ” 6s are callable, al
or in part, on any interest date upon 40 days’ notice at 101 and interest.
Series “ B” 6s are callable, all or any part, on 40 days’ notice on any interest
date from Jan. 1 1924 to and including July 1 1931, at 107)4% , Jan. 1 1932
and July 1 1932, at 107%, and on any interest date in each succeeding
calendar year at percentages decreasing )4 % for each calendar year to and
including 1939; on Jan. 1 1940 and July 1 1940, and on any interest date in
each succeeding calendar year at percentages decreasing *4 % for each
calendar year to and including 1951, and on Jan. 1 1952 at 100 34 %; on July 1
1952 and on any interest date thereafter at 100% and interest to date of
redemption.
York Haven Water & Power Co. 5s due M ay 1 1947, are callable, all or in
part at any time at 105% and interest.
Hanover Power Co. first mortgage bonds are callable, all or in part, on any
interest date upon 60 days’ notice at par and interest and a premium of such
amount as may be required to make the redemption price equal to the value
thereof on a 5M % basis. Bonds may be called for the purpose of the
sinking-fund on any date before maturity upon 15 days’ notice upon the
payment of the principal and interest and a premium at the then current
redemption rate.
Susquehanna County Light & Power Co. ftrst mortgage 6s are callable, all or
in part, on any interest date upon 60 days’ notice at l05 and interest.
(THE) UNITED GAS AND ELECTRIC CORPORATION.
ORGANIZATION.— Incorp. in Conn, on July 20 1923 as a consolida
tion o f The Berkshire Corp. and The United Gas & Elec. Coro, (as per plan
outlined in V. 116, p. 1761). Owns entire common stocks of the following
companies (Y . 94, p. 1388, 1696; compare also V. 97, p. 726):
[Gretna (La.) Lt. & Pow. C o., Inc.,
United Gas & Electric Co. of N . J.
Lancaster (Pa.) Co. R y. & Lt. Co. | United Gas & El. Eng. Corp. (and
through it the Central River Coal
Consumers’ Electric Light & Power
& Supply Co. and the Union Gas &
C o., New Orleans.
Harrisburg (Pa.) Light & Power Co.
Elec. Co. of Bloomington, 111.).
Berkshire El.Co.,Sinking Spring,Pa.
Houston (Tex.) Gas & Fuel Co.
Delta Elec. Power C o., Delta, Pa.
Sale of Oil Properties.— In Feb. 1922 sold the United Central Oil Corp.
to the White Oil Corp. For terms, &c., see V . 114, p. 861, 1065.
Also controls the Elmira Water, Light & R R . C o., which see under
“ Elmira, N . Y .”
United Gas & Electric Engineering Corp.— This co. was organized in 1913
for the purpose o f acting as consulting, contracting and operating engineers
and as purchasing agents for the U. G. & E. Corp.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
_________ 310,464 shs. ________
Preferred ($100)______________ _____
Q-J
$6,499,400
See text
Collateral trust sink fund gold f 1915
6 g A-O
8,550,100 April 1 1945
bonds Ser “ A ” $15,000,000]Int. at Guaranty Tr. C o., N . Y ., trustee.
($1,000 and $100)____c * tf( and Penn. Co. for Ins. on L.&Gr.An..Phil.
Stock.— The pref. is to bear cum. divs. at the rate of 5% per annum to
July 1 1925: 6% thereafter to July 1 1927 and 7% thereafter,
tion of The Berkshire Corp. and The United Gas & Elec. Corp. (as per plan
Bonds.— Of a total of $9,669,000 6% coll, trust sinking fund bonds, due
1945, outstanding, $8,550,100 are in the hands of the public, $378,000
are owned by a subsidiary company, $688,200 are held in the sinking fund
and $52,700 have been reacquired for sinking fund purposes. Of the
original issue of $10,098,000, $331,000 have been canceled and retired and
$98,000 are held in the treasury. $4,902,000 may be issued for 75% of
the cost of acquisitions under certain restrictions. The coll, trust bonds
are secured by com. and pref. stocks of the sub. cos. Red. as a whole or
in part at 102)4 and int. on 4 weeks’ notice. A cumulative sinking fund
which began July 1 1918 will retire over 70% of the bonds at maturity.
V. 100, p. 2091. Tax refund in Pa.
Dividends on Pref.— An initial div. on pref. at rate o f 5% per ann. (for
period July 20 1923 to Oct. 1 1923) was paid Oct. 1 1923. See also V. I l8 ,
p. 1137. Divs. at same rate paid regularly quar. since to and incl. Apr. ’25.
i v u r u n i .— Ljaieuuar years:
Calendar Years—
1924.
1923.
1922.
1921.
x R e ceip ts........................ $1,221,094
$1,161,393
$776,422
$982,680
Int. & amortization____
592,981
649,819
674,841
710.935
Profit on securities, & c._
43,475
lossl,414 loss71,968
____
Preferred dividends____
324,970
yl44,431
______
______
Surplus.
$346,618
$365,729
$29,613
S ubsidiary Companies*
Calendar Years—
1924.
1923.
1922.
Gross earnings_____________________ $12,297,568 $11,655,651 $10,361,597
Oper. expenses (incl.m aintenance).. 7,228,488
6,845,333 5,960,987
Taxes______________________________
666,834
640,023
609,648
Fixed charges_______________________ 1,596,030
1,455,610 1,441,571
Renewal and replacement reserve____
769,032
807,169
640,850
Bal. avail, for financing and d iv s._ $2,037,184
$1,907,516
Operating income________________ $5,444,028
Other income______________________
538,247
$4,123,161
432,588
$3,497,969
160,358
Total income____________________ $5,982,275
Int. on funded debt (sub. cos.)______ 2,638,974
do General Gas & El. Corp______
328,844
Other interest and miscell. charges, .
160,645
211,872
Amort, o f discount & expense, &c_
_
Divs. on stocks o f subsidiary cos___
1,093,295
Divs. G. G. & E. Corp. pref. cl. A stk.
368,193
do
do
cl. B stk.
x476,131
$4,555,749
1,789,785
347.965
87,204
150,522
900,570
178,745
$3,658,327
1,622,826
375,871
117,224
180,144
565,694
48,240
$704,321
$1,100,958
$748,328
Balance, surplus_________________
x Includes current and accumulated dividends. Requirements for annual
divs. on class B com. stock outstanding Dec. 31 1924 amounts to $122,500.
Latest Earnings.— For year end. Feb.J28]1925 in Y. 120, p. 2011.
OFFICERS.— Pres., William S. Barstow; V .-P ., Lucien H. Tyng and
William Buchsbaum; Sec., O. Clement Swenson; Treas., John P. Campbell;
Asst. Sec. & Treas., Arthur A. Cano. Office, 50 Pine St., New York
— V. 119, p. 2529; V. 120, p. 86. 1088. 1458. 2005, 2011, 2039.
$1,708,541
OFFICERS.— Chairman of B d., Geo. T . Bishop: Pres., E. G. Connette;
V .-P ., A. N. Woodhead; Sec. & Treas., J. A. McKenna: Asst. Treas. &
Asst. Sec., H. P. Van Iderstine.— V. I l l , p. 598, 1662, 1860; V. 112, p. 569,
1618: V. 114, p. 861, 1065, 2014; V. 116, p. 1412, 1761, 2258, 2638, 2648,
2994; V. 117, p. 440, 670, 1463, 1557, 2900; V. 118, p. 86, 1137. 1393, 2180,
2706; V. 119, p. 1173, 1397, 2764; V. 120, p. 584, 2150.
(1) UNITED GAS & ELECTRIC C O .
ORGANIZATION.— Incorp. in Dec. 1901 in New Jersey. All the com
mon stock was acquired by the Susquehanna R y., Lt. & Pow. C o., which
on June 6 1912 was consolidated with United Gas & Elec. Corp. and which
on July 20 1923 was consolidated with the Berkshire Corp. Owns and
controls the following gas and electric properties:
Citizens Gas & Fuel C o., Terre |Lockport (N. Y .) Light, Heat &
Haute, Ind.
Power C o., and through it the
Colorado Springs (Colo.) Light, Heat
International Power & Transmis
& Power C o., and through it the
sion C o., Lockport, N. Y .
Citizens Light, Heat & Power C o., Richmond (Ind.) Light, Heat &
Power Co.
Colorado Springs, Colo.
Empire Water & Power C o., Colo
rado Springs, Colo.
In March 1919 holders of the Col. Springs Lt., Ht. & Power 1st & Ref.
M . 5s due Aug. 1 1920 approved an extension for 1 year of the $300,000
1st M . 5s due April 1 1919 at 7% . V. 108, p. 1277.
Owing to the uncertainty regarding the co.’s franchise and the fact that
the co.'s entire bonded debt matured in 1920, the following committee was
formed to protect the interests of the holders of securities of the Colorado
Springs Light & Power Co. In Aug. 1924 it was reported that the c o .’s
entire electrical distribution system had been sold to the City of Colorado
Springs for $600,000. V. 119, p. 945, 1286. In N ov. 1924 J. Frank Dostal
Dividends.— On class “ A " preferred, in full to Apr. 1 1925. On class “ B ”
pref. paid initial div. of $1 75 on July 1 1924, and same amount paid regu
larly quar. since to and including Apr. 1925. On Dec. 5 1924 $49 per share
was paid on Glass “ B ” pref. in payment of additional dividends, to which
holders were entitled, and in payment o f accumulated divs. V. 119, p.2529.
RE PO RT.— For 1924 showed:
1922
Calendar Years—
1924.
1923.
Operating revenue__________________ $18,373,851 $15,715,317 $13,099,360
8,125,312
Operating expenses and taxes_______ 9,011,759
6,824,649
Maintenance and depreciation______ 3,517,460
3,069,919
2,377,388
Rentals____________________________
400,604
396,924
399,354
$271,745
x Dividends of subsidiary companies actually declared during the year
and miscellaneous direct earnings (net) after deducting expenses, y Covers
period from July 20, date o f reorganization, to Dec. 31 1923.
Lo
v e
,M
acom ber
49 WALL STREET
&
Co.
NEW YORK
Underwriters and Distributors
of Corporation Issues
SPECIALIZING IN
PUBLIC
UTILITIES
42
PUBLIC UTILITIES
and Ivor Wingren were appointed receivers for the Col. Spgs. Lt., Ht. &
Power Co. V. 119, p. 2285.
General Protective Committee.— Chairman, Geo. K . Reilly; Francis T .
Homer, John H. Mason, Geo. P. Bissell, E. G. Connette, E. O. Delafield.
A. L Linn Jr., John H. Mason, Arthur V. Morton, Jonathan C. Neff;
Sec., L. H. Cubberley, 1607 Walnut St., Phila., Pa. Depositories: (a) 1st
mtge. 5% 20-yr. bonds o f Colorado Springs Lt. & Pr. Co., as extended at
7% at Bank o f America, N . Y . City. (6) 1st mtge. 5% 20-yr. bonds of
Colorado Springs Electric C o., at Pennsylvania Co. for Ins. on L. & Grant.
Ann., Phila. (c) 1st & ref. mtge. 10-yr. 5% bonds o f Colorado Springs
Lt., Heat & Pr. Co. at Bank o f North America & Trust C o., Philadelphia.
id) and (e) non-cum. 6% pref. stock and the com. stock o f Colorado Springs
Lt., Ht. & Pr. Co. at N . Y . Trust C o., N . Y . City. Deposits have been
called for. For circular o f committee seeV . 110, p. 1418. For statement
o f committee dated Oct. 31 1923 regarding status o f Colorado Springs
property at that time see V. 117, p. 2114.
Neither the Col. Springs L ., H. & P. 1st M . 5s due Aug. 1 1920, the Col.
Spgs. Elec. Co. 1st M . 5s due Apr. 20 1920, nor the Col. Spgs. Lt. & Pow.
1st M . 7s due Apr. 1 1920 had been retired up to time o f going to press.
Int. at the rate o f 7 % , however, is being paid on all three issues and a sink,
fund o f $10,000 semi-ann. began Dec. 1 1923 on Colorado Springs Elec. Co.
1st mtge. 5s, bonds purchased by sink, fund to be canceled. $24,000 bonds
retired through sink, fund up to Oct. 1 1924. V. 117, p. 2114.
Sale of Properties to City.— In Aug. 1924 it was reported that the Colo
rado Springs Light, Heat & Power Co. had sold to the city its plant and dis
tribution system within the city limits for $600,000. In Sept. 1924 the
Colorado Springs City Council offered the co. $800,000 for all its property
and rights outside the city limits. V. 119, p. 945, 1286.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock common 40,000 shares.
. 36,210 shs.
See text
Stock preferred $1,500,000_
_
J-J
$1,195,800 Jan ’25, 2 A
Securities of controlled gas and electric companiesCitizens G & F 1st ref M $2,-f 1910
. . , ____
5 J-J
594,500 Jan 1 1960
000,000($100,$500&$1000).jlnt. at New York Trust C o., New York,
— i ------- 1
— ^
o - i tf
red as a whole® 105&int. ■* ( trustee.
Col Spgs El Co IstM $1,000,- 1900
7 A-O
976,000 Apr 20 1920
000 red at 110 & int__c*tf \New York Trust C o., New Y ork,*trustee.
Col Spgs Lt & Pow 1st mtge/ 1899
7 A-O
300,000 April 1 1920
$300,000($500&$1,000) c tflln t. at New York Trust C o., N . Y ., trustee.
Col Springs L H & Power lstf 1910
7 g F-A
1,284,000 Aug 1 1920
& ref mtge $3,500,000 gold-,Interest at New York Trust C o., trustee.
($100, $500 & $l,0 0 0 ).c*tf [ M . N . Buckner is also trustee.
Lockp L H & P 1st M ser “ A ” 1 1924
5 « g M - N 1,100,000 N ov 11954
_
($500 & $1,000) gold_ ctfjN e w York Trust Co., N . Y ., Trustee.
Rich L H & P 1st M $3,000,- 1914
5 M-S
400,000 Mar 1 1939
000($100,$500&$1,000)c&rtf jIn t. at New York Trust C o., N . Y ., trustee.
red @ 105 and interest____( Demas Doming is also trustee.
Bonds.— Of Citizens’ Gas & Fuel first & refunding mortgage bonds,
$284,000 are held in treasury and $1,121,500 are for acquisitions, extensions,
improvements, &c., and can only be issued for 85% o f cost o f same. Paul
N . Bogart is also trustee.
$1,300,000 o f Colo. Springs Light, Heat & Power Co. first & ref. bonds
reserved to retire underlying bonds and $916,000 are for additions, exten
sions, &c., at 85% o f cost thereof. Redeemable at 105 and int. on Feb. 1
1917 and at 102 A and int. on any interest day thereafter. V. 91, p. 466,
1097.
Lockport Light, Heat & Power 1st mtge. ser. “ A ” 5 Ms are red. all or
in part by lot on any int. date on 4 weeks’ notice at 105 and int. on or before
N ov. 1 1929, and thereafter at 1% less for each 5-year period to and incl.
N ov. 1 1949, and thereafter to and incl. N ov. 1 1951 at 100M and int.,
and thereafter at 100 and int. Company agrees to refund Penna. 4-mill
tax. In Oct. 1924 Tucker, Anthony & Co. and Spencer Trask & Co.
offered $1,100,000 at 99X (less an amount equal to int. at rate of 5M %
per annum from date o f payment to N ov. 1 1924), to yield about 5.55% .
V. 119. p. 1632.
Dividends.— On pref. 5% has been regularly paid since incorp. On com .,
in 1906 and 1907, 2% ; 1908, 4% ; 1909, 2% ; 1910, 4% ; 1911, 4% ; 1912,
4 % ; 1913, 4M % ; 1914, 4M % ; 1915, 4% ; 1916, 7 X % ; 1917, 4% ; 1918,
2M % ; 1919, 1M % : 1920, 1M % . In 1921 none paid. In 1922 common
stock was changed from $100 par to shares o f no par value. In 1922, 60c.
per share was paid on the new stock. In 1923. $2 50. In 1924, M ar., 50c.
June, 65c.; Sept., $1. In 1925, M ar., 60c.
EA R N IN G S.— Year ended Dec. 31 1923, earnings (less expenses), $307,484; pref. div., $59,790; surplus, $247,694.— V. 93, p. 1783; V. 101, p. 48;
V. 107, p. 1288; V. 108, p. 487, 789; V. 114, p. 1418.
(2) H A R R ISB U RG LIG H T & POW ER CO.
ORGAN IZATION .— Incorp. July 22 1912 to take over the Harrisburg
Light, Heat & Power Co. and Paxtang Elec. C o., ■whose franchises are per
petual. In Feb. 1913 the Harrisburg Light & Power Co. purchased the
Harrisburg Steam, Heat & Power Co. In Aug. 1913 acquired Steelton
Light, Heat & Power Co. V. 97, p. 179.
FIE LD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Serves with light and power the city o f Harrisburg and the adjacent com
munities o f Steelton, Dauphin, Penbrook, Paxtang and Riverside; also
serves the main business section o f Harrisburg with steam heat.
C A PITA LIZA TIO N .— Stock outstanding, $2,000,000 common and
$1,250,000 6% cum. pref. stock. All the common owned by The United
Gas & Electric Corporation.
BONDS—
Date. Interest. Outstanding. Maturity.
Harrisburg L & P 1st & ref M l 1912
5 g F-A
$5,277,000 Aug 1 1952
$10,000,000 gold ($100 and (Fidelity Trust C o., Philadelphia, trustee.
$1,000)__________ c*tf. j
Bonds.— Remaining Harrisburg Light & Power first & ref. bonds are re
served for improvements, extensions, & c., under certain restrictions. Red.
at 105 and interest on any interest day.
EA R N IN G S.— Year ending Feb. 29 1924: Gross, $1,880,657; net, after
taxes, $757,057; charges, $356,251; surplus, $400,806.— V. 120, p. 1585.
(3) CONSUMERS’ ELECTRIC LIGHT & POWER CO.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates an electric light and power system in New Orleans.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,000,000_________ All owned by United Gas & Electric Corp.
Preferred $500,000 (7% cum )______
Q-M
$500,000 Mar ’25,1 M
First mtge $2,500,000 gold) 1911
5 g J-J
1,885,000 Jan 1 1936
($100, $500 and $1,000)_c*/Int. at Columbia Trust C o., N . Y ., trustee.
Stock.— Preferred stock 7% cumulative from April 1 1913.
Bonds.— Remaining bonds are for extensions, improvements and better
ments. Subject to call at 105 and interest. No sinking fund.
EARN INGS.— Year ending Feb. 29 1924, gross, $838,025; net, after
taxes, $294,709; charges, $104,418; surplus, $190,291.
(4) HOUSTON GAS & FUEL CO.
Entire common stock is owned by United Gas & Electric Corp.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Does entire gas business o f Houston and vicinity. Has acquired Houston
Gas Co. Franchise runs until July 1 1955.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,500,000_________ All owned by United Gas & Electric Corp.
Preferred (7% cum) $ 5 5 0 ,0 0 0 -____
7 Q-J
550,000 D e c ’24,lM
Ref & im pt mtge $6,000,000-. 1912 5 M-S
2,870,000 Sept 1 1932
Stock.— Preferred stock is callable at 110 and dividends.
Bonds.— Additional bonds can be issued only for 80% o f cost of extensions
and improvements when annual net earnings are double the interest on bonds
including those to be issued.
EARN ING S.— 12 mos. ending Feb. 29 1924: Gross, $1,400,736: net, after
taxes, $545,806; charges, $155,807: surplus, $389,999.— V. 106, p. 818;
V. 110, p. 974; V. 115, p. 551; V. 120, p. 453. 1881.
(5) UNION GAS & ELECTRIC CO.
ORGAN IZATION .— Incorp. July 6 1899 under the laws of Illinois for
99 years. Acquired physical property, franchises and capital stock of the
Bloomington Gas Light & Coke Co. and the Citizens’ Gas Light & Heating
Co. Practically all common and all preferred stock owned by United Gas &
Electric Engineering Corporation.
[V ol. 120,
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$750,000 Sept’24, 1%
Common stock $1,000,000_________
Pref stock (7% ) $1.000,000.
____
7%
401,900 Sept ’24,1 X
First mortgage $750,000 ($1,-1 1905
5%
515,000 Sept 1 1935
000)___________ __________Jlnt. at First Trust & Sav. Bk., Chic., trustee.
Bonds.— The $93,000 additional bonds can be issued for 75% o f cost o f
extensions and improvements when net earnings are twice interest on bonds,
including those to be issued. Redeemable at 105 and interest on any inter
est date. Annual sinking fund of 5% o f gross receipts on and after Oct
1912. Up to Oct. 1 1924, $142,000 retired.
EARNINGS.— For year ending Feb. 29 1924, gross, $321,684; net, after
taxes, $97,841; charges, $27,207; balance, $70,634.
ELMIRA WATER, LIGHT & RAILROAD CO.
Controlled by the United Gas & Electric Corp. See above.
ORGAN IZATION .— Incorp. in New York M ay 26 1909 as a consolida
tion of all the water, lighting, power and street railway properties in Elmira.
Owns entire capital stock of Rorick's Glen Park Ass'n and majority of stock
of West Water St. R R . The latter co. operated under 999-year leases. In
April 1913 it was stated that all franchises have at least 72 years to run,
while some of them are perpetual. In Feb. 1910 was authorized to acquire
all stock of Montour Falls Electric Light Co. In Sept. 1914 absorbed the
West Side R R ., all of whose stock was owned. V. 99, p. 815.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Comprises 53.8 miles o f single track in Elmira, Elmira Heights, Horseheads
and from Horseheads to Watkins (via Pine Valley, Millport and Montour
Falls). In Oct. 1923 was authorized by the P. S. Comm, to abandon a
portion of this latter line. V. 117, p. 1774. Has 94 passenger and 22 other
cars. 56 to 122-lb. T and girder rails. Owns Rorick’s Glen Park and Maple
Ave. Driving Park. Has 80.7 miles o f natural gas mains. Two 5,250 k.w .,
one 5,000 k.w., one 2,250 k.w. and one 2.000 k.w. turbines and 7 h.p.
boilers. Serves Elmira, Elmira Heights, Horseheads, Millport, M ontour
Falls, Odessa, Chemung, Wellsburg and Big Flats; sells power to Coming
Light & Power Corp. and thd Elmira Coming & Waverly R y. Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity♦
Common $2,000,000 ($100)_ _____
_
_________ $1,000,000
See text
1st pref $3,000,000 (7% cum )______
7 Q-M
1,798,400 Mar ’2 5 ,1 X
2d pref 5% cum $1,200,000________
5 Q-M
1,200,000 Mar ’25.1 X
1st con mortgage $5,000,0001 1906 5 g M-S
4,741,000 Sept 1 1956($1,000)____________ gc*tf/Interest at New York Trust C o., trustee.
Stock.— First preferred is red. at option of co. at 115 and dividend.
Dividends.— On 1st pref., 1 X % quarterly is being paid. On 2d pref.,
2M % paid semi-ann. from Sept. 1907 to and incl. M ar. 1914. On July 1
1914, 1 2-3% was paid, convering 4 months, and in Oct. 1914 div. of I X %
was paid, the annual rate being 5% , payable quar. instead of semi-ann.
(V. 99, p. 608). Same rate quar. since to Mar. 1925. On com ., 1st div.—
1%— paid Oct. 1910. In 1911, 1912 and 1913, 4 % . In 1914, Oct., 2 % . In
1915, Jan., 2% ; April, 1% ; July, 1% . In June 1916 paid 2% for 6 mos. end.
Dec. 31 1915 (declared in Dec. 1915) and 2% for 6 mos. end. June 30 1916.
In Sept. 1916 paid 1%; Dec. 1916, 2% ; Sept. 1917, 1% ; none to June 1923,
when 1 M % was paid; in Sept., 1 M % : D ec., 1 % . In 1924. March, 1 M %;
June, 1M % ; Sept., lM % :D e c .. 1M % . In 1925, M ar., 1M % .
EARNINGS— Gross
Net (.after
Fixed
Surplus for
Calendar Years— Earnings.
Taxes).
Charges.
Renew., &c.
1923 ____________$2,211,604
$789,797
$300,850
$488,947
1922
1,839,323
674,338
283,184
391,154
564,645
286,608
278,037
1921____________ 1,679,247
OFFICERS.— Pres., E . G. Connette; V .-P ., Geo. Bullock; 2d V .-P . &
Gen. M gr., F . H. Hill; Sec. & Treas., Harry B. Cleveland; Asst. Sec.,
J. A . McKenna; Asst. Treas., J. A. McKenna.— V . 112, p. 1024; V . 116,
p. 1649; V. 117, p. 1016, 1774; V. 119, p. 2877.
ADIRONDACK POWER & LIGHT CORP.
O R GAN IZATION .— Co. is the result o f a consolidation in 1920 of the
Adirondack Electric Power Corp. and the Mohawk Edison C o., Inc.
The latter c o ., prior to consolidation, was conti oiled by the General Electric
C o., which now owns a substantial part of the com. stock of the present co.
Co. owns all the stock of the Kanes Falls Electric Co. and o f Adirondack
& Southern Inc.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.— The
co. generates and distributes electricity in the Mohawk and Hudson River
Valleys, N . Y . Furnishes exclusively electric light and power to Schenec
tady, Amsterdam, Watervliet, Oneida, Saratoga Springs, Glens Falls and
many other communities. Co. also furnishes, under long-time contracts,
all of the electricity used by the distributing companies in Troy, Mechanicville and Canajoharie and by the electric railway systems in and about
Albany, Schenectady, Troy, Gloversville, Utica and Rome, including
practically all the interurban roads in the territory. In addition, the co.
does the gas business in Schenectady, Saraotga Springs, Oneida, Glens
Falls and Hudson Falls.
The hydro-electric plants are located principally on the Hudson and
Hossic rivers and East Canada Creek and have a total present installed
generating capacity of over 86,450 k. w. The recently completed steam
station near Amsterdam, on the Mohawk River, has a present installed
generating capacity of 60,000 k. w. The co. also purchases the entire
output of the new 30,000 k. w. hydro-electric p ’ant of the International
Paper Co. at Sherman Island, and the entire output of the new 6,000 k. w.
hydro-electric plant of the Moreau M fg. Co. at Feeder Dam. The co.
also has contracts for the purchase of over 30,000 k. w. of additional energy
for supplementary purposes to be used when necessary. Has over 500
miles of high-tension transmission lines; 27 sub-stations, and over 200 miles
gas mains.
STOCKS A N D BONDS— Date. Interest.
Outstanding. Maturity.
_______ x$9,269,200 ____________
Common $12,000,000 ($50)________
P f 7% cum $10,000,000 ($ 1 0 0 )____
7 Q-J
x8,083,200 Apr ’25 I X
P f 8% cum $3,000,000 ($100)______
8 Q-J
2,554,700 A p r ’25 2%
1st & ref M ser of 6s due 1950 f 1920 6 g M-S
14,346,000 M ar. 1 1950
Ser of 5 A s due 1950_____\ 1920
55^ g M -N 4,500,000 M ar. 1 1950
($500 & $1,000c* $l,000c* &[Guaranty Trust Co., N . Y ., Trustee,
r * )---------------------------- g .tf l
Adirondack El Pow Corp 1st/ 1912 5 g J-J
5,000,000 Jan 1 1962
M ($1,000 c* & r*) gold_ (Int. at New England Trust C o., Boston, Tr.
_
Debentures__________________ 1920.
5%
394,100
1930
Convertible debentures
/ 1924
6 A-Q
5,000,000 Apr 1 1929
($1,000)_____________ c*tf\New York Trust C o., N . Y ., Trustee.
x In addition there is outstanding $73,300 com. stock and $2,700 pref.
stock of the Adirondack Electric Power Corp. for the retirement of which;
a like amount of the com. and 7% pref. stock, respectively, of the Adiron
dack Power & Light C orp. is reserved.
Stock.— The 7% pref. is call, at 115 & div. on 30 days’ notice. In April.
1924 $1,000,000 7% pref. stock was offered by Bonbright & C o., Inc., at
97X & divs., to yield over 7.15% . V . 118, p. 1776.
Bonds.— The 1st & ref. mtge. Ser of 6s due 1950 are call, all or in part
on any int. date on or before Mar. 1 1930 at 106K & int., thereafter reduc
ing 1 % every 5 years to and incl. Mar. 1 1949; thereafter at 101A and int.
$1,250,000 Series of 6s were offered by Harris, Forbes & Co., Coffin & Burr,
Inc., and E. H. Rollins & Sons in June 1923 at 99H & int., to yield over
6% . V. 116, p. 2886. In Mar. 1924 the same bankers offered $1,150,000
at 100 & int. V. 118, p. 1667. An additional $925,000 were offered by
these bankers in M ay 1924 at 100 & int. V . 118, p. 2826.
The 1st & ref. Mtge. Ser of 5K s due 1950 are call, all or in part on any
int. date to and incl. N ov. 1 1927 at 105Ai & int., thereafter to and incl.
N ov. 1 1932 at 104A & int., and so on, reducing 1% every 5 years to & incl.
N ov. 1 1942; thereafter at 101A & int. Int. payable at New York Trust
C o., N . Y . $2,500,000 Ser of 5 A s were offered in Dec. 1922 by Harris,.
Forbes & C o., Coffin & Burr & C o., Inc., and E . H. Rollins & Sons at 96X
& int., to yield about b % % . V . 115, p. 2688. In Dec. 1924 the same
bankers offered $2,000,000 add’l of this issue at 100 & int. V . 119, p. 2644.
Adirondack Elec. Pow Corp. 1st M tge. 5s are call, at 105 & int. on any
int. date.
Debentures.— The 5% debentures of 1920 are call, as a wholelon any intdate on 30 days’ notice at 101 & int.
M ay , 1925.]
POWER, LIGHT AND RAILW AY
43
Date.
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
$7,248,200 Mar ’25, 2)4
_
Common $8,250,000 ($100)_
2,997,800 M a r ’25, 1
P f 5% cum $3,000,000 ($100)_____
Pref cumul ($100)—
________________ 3,994,800Mar ’25, 1 %
Ser B 7% cum $4,000,000. . - - ________________ 1,489,700M a r ’25. 1)4
Ser C 6% cum $3,000,000______
5 g J-J
10,921,000 July 11954
Cons mtge $4,000,000 ($500) 1904
& $1,000 c* & $500, & cr*)gj Security Trust C o., Rochester, trustee.
Gen M “ B ” $7,000,000($500) 1921
7 g M-S
7,000,000 M a rl 1946
&$l,000c*& $1,000,&cr*)g/Bankers Trust C o., New York, trustee.
Gen M “ C ” $4,000,000 ($500) 1923
5)4 g M-S 4,000,000 Sept 1 1948
& $1,000 c* & $1,000 r*)gtf/Bankers Trust C o., New York, trustee.
Munic Gas & Elec 1st M $1,-) 1902
4)4 g A-O
1,400,000 Apr 1 1942
500,000 ($1,000) gold_c*/In t. at Central Union Trust C o., N . Y .. trus.
Canandaigua El Lt & RR 1st) 1897
3M -6
178,500 June 301927
M $200,000 ($500) gold._c/R ochester Tr. & S. D ., Co., Rochester, trus.
Stock.— The 5% cum. pref. has the same rights as Series “ B ” 7% pref.
Gross income______________________$2,434,461 $1,998,955 $1,716,429 and Series “ C ” 6% pref., except as to rate of dividend and redemption price.
Interest and income deductions______ 1,470,905
1,134,828 1,050,465 All classes of pref. have equal voting power with com. Series_“ B ” and
Series “ C ” pref. are redeemable on any div. date on 60 days’ notice at 105
Balance, surplus_________________
$963,556
$864,127
$665,964
and divs.
Bonds.— Cons. mtge. tJ are callable on any interest date on 90 days
OFFICERS.— Pres., J. Ledlie Hees;
1st V.-P. &
Gen. M gr.,
Chas. S. s
Ruffner; V.-P. & Sec., Darius E. Peck; Treas., J. M . Brucker; Gen. Aud., notice at 110 and interest. $1,660,000 are pledged as security for the gen.
J. M . Leay.— V. 119, p. 2644; V. 120, p. 84, 207, 327, 581, 700, 1200, 1745. mtge. Series “ B ” 7s.
Interest payable in Rochester and New York City.
Gen. mtge. Series “ B ” 7s are callable on any interest date on and after
Sept. 1 1931 at 105 and interest. Are additionally secured by deposit of
BUFFALO GENERAL ELECTRIC CO.
$1,640,000 consol, mtge. 5s, due 1954. Are listed on N . Y . Stock Exchange.
ORGANIZATION.— Incorp. Aug. 19 1892 in N . Y . as a consolidation. In July 1921 J. P. Morgan & Co. offered $7,000,000 gen. mtge. series B 7s
In 1915 acquired the properties o f the Cataract Power & Conduit Co. at 96 interest, to yield about 7.35% . V. 113, p. 190.
Gen. mtge. Series C 5 J s are redeemable only as a whole on Sept. 1 1933
4
Owns entire capital stock o f Niagara Electric Service Corp.
listed on N. Y Stock
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— Sup or on any int. date thereafter at 105 and int. CAre First National . Bank,
Dec. 1923 J. P.
o.,
plies all the public and commercial electric light and power in Buffalo, and Exchange. In Co., &c., &c., sold Morgan & gen. mtge. Series C 5)4s at
National City
$4,000,000
also furnishes electric service in several adjacent cities and towns. C o.’s 95)4 and int., to yield about 5.85% . V. 117, p. 2661.
power is in considerable part hydro-electric obtained from the Niagara
Municipal Gas & Electric first mtge. 4)4s are callable at 102)4 and int.
Falls Power Co.
any interest date on
On Feb. 2 1925 the stockholders changed the auth. capital stock from onOf the Canandaigua three weeks’ notice.
R.
250,000 shares, all one class (par $100), to 1,250,000 shares of com. (no 3)4s and $35,000 are 6s. Elec. Light & R and1st mtge. bonds, $143,500 are
Callable at par
interest on four weeks’ notice.
par value) and 400,000 shares o f pref. ($25 par). Five new shares of no
Dividends.— Divs. on the 5% pref. stock have been regularly paid since
par value com. are to be issued in exchange for each share of capital stock
the incoporation of the co. in 1904, and on the 7% and 6% pref. stocks since
(par $100) held. V. 120. p. 701.
issuance; payments Q.-M . On com., 5% paid Jan. 15 1908; 8% Jan. 15 1909
STOCK AN D BONDS—
Dale. Interest. Outstanding. Maturity.
7% each 1910 to 1918 incl.; 8% in 1919; 5% in 1920; 8 % , 1921 to 1923 incl.;
Stock $25,000,000 ($100)__________
_________ $14,747,700 Mar ’25, 2%
were
on the
in
1st mtge $2,400.000_________ \ 1899
5 F-A
2,375,000 Feb 11939 10%, 1924. Extra divs.of like declared on said com. stock and applied in
as follows: 15%
($10 & $1,000)............. _.c*JInt. at Fidelity Tr. C o., Buff., N. Y ., trust. payment of assessments in 1913;amount in 1915, stock,2>4% in 1916. The
1911; 5% in 1912; 5%
2)4%
and
First refdg mtge $10,000,0001 1909
5 g J-J
7,029,000 April 1 1939 stock is now full paid.
($1,000) gold----------------- c* lint, at Irving Bk.-Col. Tr. Co., N.Y.,trust.
Cataract Power & Conduit lst f 1897
5 g J-J
644,000 Jan 1 1927
EARNING S.— For calendar years:
M tg $2,000,000 ($1,000)___ -jlnt. at Metropolitan Trust C o., New York.
Calendar Years—
1924.
1923.
1922.
g o ld ------------------------------- c* (
Operating revenues___________
Bonds.— Of the 1st ref. mtge. 5s, $2,375,000 are reserved to retire an equal Operating expenses_________________ $9,635,946 $9,098,199 $8,108,754
5,531,466
5,345,744
4,932,963
amount o f 1st mtge. 5s. The 1st & ref. mtge. 5s are call, all or in part on
any int. date at 105 and int.
$4,104,480 $3,752,455 $3,175,791
In addition to Cat. Pow. & Cond. 1st mtge. 5s outstanding, $740,000 are Non-operating income.
55,867
82,801
103,973
held in sinking fund.
Dividends.— Divs. at the rate o f 4% per annum were paid Oct. 15 1895
$4,160,347 $3,835,256 $3,279,764
to July 15 1899; 5% , Oct. 15 1899 to Apr. 15 1902; 4 % , July 15 1902 to Taxes_________________________
913,876
944,890
826,505
Oct. 15 1903; 5% , Jan. 15 1904 to Apr. 15 1906; 4 % , July 1 1906 to Jan. 1 Uncollectible bills____________
39,154
32,340
39,788
1907; 5% , Apr. 1 1907; 6% , June 30 1907 to Sept. 30 1913; 4% , Dec. 31 Interest on funded debt____________
1,338,219
1,088,017
1,094,419
1913 to Apr. 30 1914; 6% , June 30 1914 to Apr. 30 1917; 7% , June 30 1917 Other interest_________________
14,628
18,090
8,550
to Apr. 33 1918; 8 % , June 30 1918 to and incl. Mar. 1925.
Miscellaneous deductions______
60,974
56,665
53,825
EARN ING S.— For years ending Dec. 31:
$1,793,496 $1,695,254 $1,256,675
Calendar Years—
1924.
1923.
1,863,065
1,567,196
1,316,231
Total revenues___________________________________ $9,610,657 $8,818,623 Previous surplus___________________
Net, after taxes___________________________
3,058,876
2,983,022
$3,656,561 $3,262,450 $2,572,906
126,383
151,598
Other income_________
$1,554,685 $1,359,457 $1,273,351
Interest, discount, &c___________________________
716,883
770,458
18,985
47,240
45,965
Balance, surplus________________________________
2,468,376
2,364,162 Surplus charges_______________
Surplus credit_________________
768
7,313
313,606
OFFICERS.— Pres., C. R. Huntley; V .-P ., Geo. Urban Jr.; V .-P ., W . R.
Huntley; Treas., Horace L. Mann; Sec., Walter P. Cooke. V. 118, p. 797;
Profit and loss s .rplus___________ $2,083,659 $1,863,065 $1,567,196
V. 120, p. 209 , 701, 954, 1585.
OFFICERS.— Pres., R. M . Searle; V .-P ., W . N . Kernan; V .-P ., E. G.
Miner; V.-P. & Gen. M gr., Herman Russell; Asst. Gen. M gr., C. L. Cadle;
Sec. & Gen. Aud., J. C. Collins; Asst. Sec., H. L. Reichert; Treas., M . S.
THE MOHAWK VALLEY CO.
Barger; Aud., E . C. Scobell.— V. 119, p. 83, 590, 704; V. 120, p. 1329.
Controlled by New York Central R R .
ORGANIZATION.— Incorporated in New York Feb. 6 1905.
CHARACTER OF BUSINESS.— A holding company. Controls through
stock ownership the Rochester Gas & Elec. Corp., the M t. Morris Water
(THE) NIAGARA FALLS POWER CO.
Power Co. and the M t. Morris illuminating Co.
ORGANIZATION.— Under this title consolidated Oct. 31 1918 the old
STOCK A N D BONDS—
Date.
Interest. Outstanding. Last Div.
Niagara Falls Power C o., the Hydraulic Power Co. and Cliff Electrical
Stock $7,500,000 ($100)___________
_______ x$7,500,000 See text
Distributing C o., per plan in V . 107, p. 1291. Compare A ct of New York
x $5,114,300 owned by New York Central R R .
State Legislature. &c., V . 106, p. 2455, 2564; V. 107, p. 1924. 2193, 2294.
Dividends.—-6% in 1912 to 1917 incl.; none in 1918, 1919 and 1920; The Federal Power Commission on March 2 1921 issued a 5()-year license
5% in 1921; 6M % in 1922; 8% in 1923; 12% in 1924. In 1925, 3% paid to the company for the diversion o f 19,500 cu. ft. o f water per second from
in April.
the Niagara River above the Falls for power development. V. 112, p. 1030.
Including the plant of its subsidiary, the Canadian Niagara Power C o.,
EARN IN G S.— For calendar years (incl. Rochester Gas & Elec. Corp.):
Ltd., the co.. as limited by treaty restrictions, has an average oatput
Calendar Years—
1924.
1923.
1922.
1921.
Earns, from operations. $9,590,190 $9,098,200 $8,108,755 $7,426,595 of about 500,000 h. p ., with 180,000 h. p. installed capacity in reserve,
Expenses (incl. deprec.). 5,523,376
5,354,180
4,941,753
4,249,532 making it the largest power installation in the United States. In Jan. 1925
Taxes & uncollec’le bills.
967,854
990,715
870,707
877,878 was auth. by the N . Y . P. S. Comm, to purchase the capital stock of the
Niagara Gorge Ry. V. 120, p. 454.
Net income_________ $3,098,959 $2,753,304 $2,296,295 $2,299,185
STOCK- AND BONDS’—
Date.
Interest. Outstanding. Maturity
Non-operating revenue.
108,067
84,929
106,416
79,064
Common 800,000 shares with
Q-M 15 716,420 shs. M a r'2 5 ,50c
out par value___________________
Gross income__________ $3,207,026 $2,838,233 $2,402,710 $2,378,249
Pref 7% cum $20,000,000 ($ 2 5 )____
7 Q-J 15 $16,649,900 Apr ’25, U i
Deduct—
Interest, rentals, &c____
1,413,074
1,162,773
1,166,060 1,219,903 1st & cons. M $75,000,000— See text—
Series “ A A ” $15,000,0001 1920 6 g M -N
10,000,000 N ov 1 1950
Dividends on subsidiary
($500, &c) gold_ c*&rtf (Marine Trust C o., Buffalo, N . Y ., Trustee.
_
stocks not owned_____
410,760
360,472
274,244
213,747
Bonds
%Issuable on Constituent Properties—
Dividends-------------------(12%)899,616 (8)599,744(6M)506,034
(5)374,840 Niagara Issued < Co (old co .)l 1891 5%
Falls Pr
9,862,500 Jan 1 1932
1st M ($500. &c) gold_ tf (Central Union Trust C o., N . Y ., Trustee.
_
$483,576
$715,244
$456,372
$569,759
Balance, surplus_____
Ref & gen mtge $20,000,0001 1909 6 g A-O
7,685,000 Jan 11932
OFFICERS.— Pres., Walter N . Kernan; V .-P ., Robt. M . Searle; Sec. &
($1,000, &c) gold.c*& r*tf (int. at Bankers Trust Co., N . Y ., Trustee.
Gen. Aud., H. L. Reichart; Treas., M . S. Barger.— V. 119, p. 2878; V. Hydraulic Power Co 1st & ref 1 1910
5 g J-J
3,500,000 July 11950
120, p. 957, 1327.
M gold ($1.000)_____c*tf (Marine Trust C o., Buffalo, N . Y ., Trustee.
Reg & impt $10,000,0001 1916 5 g A-O
6,500,000 Oct 1 1951
(1) ROCHESTER GAS & ELECTRIC CORPORATION.
($1,000) gold_______rtf/M arine Trust C o., Buffalo, N . Y .. Trustee.
Mohawk Valley Co. owns practically entire outstanding common stock.
Stock.— The capital stock of the consolidated co. was limited upon the
ORGAN IZATION .— Incorporated in New York in 1904 as Rochester consolidation under the State law to an amount not exceeding the aggregate
R y. & Light Co.; name changed to present title in 1919.
share capital, surpluses, undivided profits and unimpaired reserve funds o f
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS — the constituent cos. V. 106. p. 2455.
Is the only public utility corporation supplying gas and electricty in the
Bonds.— The 1st & consol, mtge. of 1919 (V. 108. p. 2532; V. 109, p. 583)
cities o f Rochester and Canandaigua, in the villages o f East Rochester and
Pittsford and towns of Gates, Brighton, Irondequoit, Greece, Chili, Pitts- is limited to not exceeding $75,000,000 nor less than the total bonds of the
ford and Perinton, all in New York State. Gas only is furnished in the constituent companies issued or issuable, as shown in table above; these
village o f Fairport, N. Y ., while electricity only is supplied in the villages of old bonds outstanding Dec. 31 1924, aggregating $27,399,500. The
Manchester, Shortsville, Victor, East Bloomfield and Holcomb, N. Y ., underlying bonds are to be exchangeable at option of holders for Series A
and towns o f Webster, Canandaigua, Manchester, Hopewell, Farmington, bonds of the new issue for like principal sums and bearing interest at 5%
Penfield, Parma, Ogden, Henrietta, Mendon, Victor, East Bloomfield and per ann. Series “ A A ” bonds ($10,000,000), issued in Dec. 1920 and M ay
Walworth, N. Y ., or throughout a region of over 400 square miles. The 1921. Mortgage provides for sinking fund. Callable at 105. Interest
company also supplies steam for heating and industrial purposes to many payable in N. Y . and Buffalo. V. I l l , p. 2235; V. 112, p. 2089.
Int. on bonds of old Niagara Falls Power Co. is payable at office of Wins
industries adjacent to its steam power stations. The New York State Rys.
Int. on coupon bonds payable J-J; on
is supplied with electric power for the operation o f its entire system in low, Lanier & C o., N . Y . City.
For details of ref. & gen. mtge. 6s, see V . 88, p.
Rochester and suburban territory, under a long-term contract. The co. registered bonds Q-J.
also supplies electric current to the Scdus Gas & Electric Co., the Northern 1441; V. 88, p. 1316; V. 90, p. 240, 632, 1209.
Wayne Electric Light & Power Co. and the Hilton Electric Light, Power &
Hydraulic Power
5s are
110 and
Heat Co. for distribution in the following territories: Webster, Ontario, Marine Trust Co., Co. 1st & ref.Bankers call, at o., N. Y .int. Int. at
Buffalo, and
Trust C
V. 103, p.
Williamson, Sodus, Sodus Point, Wolcott, Red Creek, Rose, North Rose,
2341; V. 107, p. 295, 699; V. 92, p. 1639. Ref. & impt. 5s are call, at 105.
Alton, Wallington and Hilton.
Int. at Marine Trust C o., Buffalo, and Bankers Trust C o., N . Y . V. 107.
The co. owns 96% o f the water rights within the Rochester city limits
and has several hydro-electric stations on the Genesee River, with a total p. 2193, 2381.
Dividends.— On old Niagara Falls Power Co.— April 1910 to July 1918,
generating capacity o f 39,585 k. w., supplemented by steam generating
capacity o f 63,975 k. w. and transforming capacity o f 177,090 k. w. Popu incl., 8% per ann. In Oct. 1918 paid 2% and 3% ext. V. 107, p. 909.
On new Niagara Falls Power Co. pref. stock Jan. 1919 to Apr. 1925 paid
lation served, about 400,000. Miles of overhead lines, 3,227; miles of under
ground cable, 1,654; miles o f electrical subway duct, 1,243; number of street 154 % quar. Initial dividend on common of 1% paid March 15 1919; June
arc lamps, 1,317; number of street incandescent lamps, 11,895: miles of gas Sept, and Dec. 1919, 1% each; March 15 1920 to June 15 1923. 1 J4% quar.;
main. 583; number of consumers’ meters, gas, 90,700; electric, 70,715. Gas Sept. 15 1923 to Mar. 15 1924 paid 2% quar. On June 16 1924 paid 50c.
plants have a total daily capacity of 6,180,000 cu. ft. of coal gas and per share on its com. shares without par value. Same amount paid quar
since. Also paid 1% extra on Dec. 15 1922 and 1923.
12,710,000 cu. ft. of water gas.
The 6% conv. debentures o f 1924 are conv. at option of holder on 10
days’ notice on July 1 1925 or any int. date thereafter to & incl. maturity
or redemption date, into an equal par value of 7% cum. pref. Are call,
on any int. date on 60 days’ notice at 102 A & int. to and incl. Apr. 1 1925,
the premium reducing 'A point on Apr. 2 1925 and annually thereafter to
maturity. In June 1924 Harris, Forbes & Co., Coffin & Burr, Inc., and
E. H. Rollins & Sons offered $5,000,000 6% conv. debentures at 99Vs
& int., to yield about 6.20% . V . 118, p. 2826.
Dividends.— Divs. paid regularly on 7% pref. since organization. Divs.
on 8% pref. paid regularly since issuance in 1921. No divs. have been
paid on common.
EARNINGS.— Twelve months ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross earnings_______________________$7,378,502 $6,902,447 $5,767,841
Oper. exp., maint., taxes, deprec. &
rentals___________________________ 4,944,041
4,903,492 4,051,412
44
PUBLIC UTILITIES
RE PO RT.— For calendar years (1924 report in V. 120, p. 1460):
20,
Calendar Years—
1924.
1923.
1922.
1921.
Total operating revenue. $8,256,313 $7,121,928 $6,601,690 $6,083,713
3,696,986
Net operating revenue..
4,952,502 4,285,745
4,116,566
Non-operating revenue.
381,483
420,338
380,682
312,858
1,725,342
Interest on funded debt.
1,950,929 1,709,127
1,722,896
812,719
Pref. dividends ( 7 % ) . . .
1,157,432 1,107,267
1,055,908
869,510
Common dividends_____ 1,420,906
1,299,834
1,015,542
U. S. and Can. taxes,&c_
479,134
434,570
318,707
379,945
$325,584
$155,285
$322,957
$283,567
Balance, surplus_____
Latest Earnings.— For quarter ended Mar. 31 1925, in V. 120, p. 2149.
OFFICERS.—Chairman, J. F. Schoelkopf: Vice-Chairman, C . P. Hugo
Schoellkopf; Pres., Paul A . Schoellkopf; V.-Ps., A. H. Schoellkopf, Morris
Cohn Jr., Ross R . Coddington and Alex D . Robb: Sec., Fred’k L. Lovelace;
Treas., W. Paxton Little. Office, Niagara Falls, N . Y .— V. 119, p. 1851,
2287; V. 120, p. 454, 1460, 2149.
NIAGARA
LOCKPORT
& ONTARIO
POWER
CO.
(.See Man.'S
O R G A N IZA TIO N .— Incorp. in N . Y . M ay 211894 under special charters.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns transmission lines over which it supplies numerous operating cos. and
manufacturing plants with power received from Ontario Power Co. of Niag
ara Falls, N . Y ., at western end o f its system; also at eastern end owns and
operates hydro-electric plant on Salmon River at Altmar, N . Y ., and modern
steam plants at Lyons and Olean, N . Y .. and under long-term lease hydro
electric plant on Oswego River at Minetto, N . Y . Has long-term contracts
for supplying 13 public service corporations, which operate 1,100 miles of
road in Oswego, Syracuse and Rochester, and interurban roads extending to
points between Rochester, Buffalo and Erie, &c. V. 106, p. 2753; 612; V. 95,
p . 1691; V. 89, p. 1415; V. 88, p. 1317: V. 109, p. 771, 892; V. 94, p. 1692;
V. 92, p. 530. T o interconnect transmission facilities with Pennsylvania
Electric C orp. See V . 119, p. 1516.
In Jan. 1918 absorbed its subsidiary, the Salmon River Power Co. (own
ing 35,000 h.p. hydro-electric plant 42 miles northeast o f Syracuse.) V . 98,
p . 1320: V. 99. p. 53; V. 102, p. 1442, 1991; V. 103, p. 1036: V. 105, p. 2278.
In 1915 leased from Northern New York Power Corp. a 12,000 h.p. plant
a t Minetto, N . Y ., on Oswego River, with $900,000 1st M . serial 6s of 1915
<$2,590,000 auth.), guar., p .& i ., by Columbia Mills. V. 100, p. 1082, 1597.
During 1922 company absorbed its subsidiary, Niagara & Erie Power C o.,
and acquired and now owns all o f the issued and outstanding capital stock,
•except directors’ shares, o f the following companies: (a) Western New York
Electric C o., (6) Bradford Electric C o., (c) Livingston-Niagara Power Co.
In April 1925 applied to the N. Y . P. S. Comm, for auth. to acquire and
merge the Olean Electric Light & Power Co. V. 120, p. 1882.
^Recapitulation— Sources of Power Supply, Aggregating 217,000 h.p.
Niagara River (power purchased from Ontario Power C o. and
Niagara Falls Power C o .)________________________________ 130,000 h.p.
Power plant on Salmon River fcompany's own plant)________ 35,000 h.p.
Power plant at Minetto (leased from Nor, N . Y . Power Corp.) 12,000 h.p.
Steam plant at Lyons, N . Y _________________________________ 40,000 h.p.
Connected high-voltage three-phase circuits_________________ 1,360 mile.
* Also interconnections with hydro-electric and steam electric installations
o f Penn Public Service Corp. o f Penna. and Adirondack Power & Light Corp.
and hydro-electrie installations o f Northern New York Utilities, Inc.
P rin cipal C ustom ers— P opu lation o f D istrict Served, a b o u t 2,000,000.
(1) Public Utilities Corporations in Oswego, Syracuse, Auburn, Geneva,
Rochester, Batavia, Lockport, Depew, Lancaster, Hamburg, Jamestown,
Lackawanna, Dunkirk and numerous smaller municipalities.
(2) Electric Railroads having a total length approximating 1,100 miles.
(3) Leading Manufacturers— Lackawanna Steel C o., Niagara Smelting
O o., Atlas Crucible Steel C o., American Locomotive C o., Gould Coupler
C o. and other large industrial plants.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Common 300,000 shs (no p a r ) . ____
_________ 299,925 shs
See text
P fstk7% cum$10,000,000($100)____
7 Q-J
$5,983,300 Apr ’25, 1U
1st M & ref ser A ($500c and/
1925 5 g A-O
15,000,000 Apr. 1 1955
$l,000c*&r) gold_______ tf/B uffalo Trust Co., Buffalo, N . Y ., trustee.
Convertible notes ($100, &c) \ 1923
6 g J-D
x2,132,900 June 1 1926
gold_________________ c*tf/B uffalo Trust C o., Buffalo, N. Y ., trustee.
Salmon R iv P o w C o lstM $5,-\ 1912 5 g F-A
4,356,000 Aug 11952
000,000 gu p& i($,£,& c)g.tf /Irving Bank-Columbia Tr. C o., N . Y ., trust.
Niagara & Erie Power 1st M\ 1911
5 g J-J1,070.000 Jan 11941
$l,250.000($l,000)goldc*tf /Int. at Guaranty Trust C o., N . Y ., trustee.
Bradford Elec 1st M & coll!
1919 6 g J-J
1,441,400 Jan 1 1929
Ser “ A ” ($100,&c)gold c*tf fGuaranty Trust Co., N . Y ., trustee.
Livingston-Niag Pow Co 1st M 1912
6%
153,000
1932
Olean Elec Lt & Pow Co 1st M 1911
5%
54,000
1951
Olean El L & P lst&ref M ser A ____
5%
21,900
1943
x Called for payment June 1 1925 at 101 and int. V. 120, p. 10899.
Stock.— Pref. is red., all or in part by lot, at 115 and dividends.
Bonds.— All the outstanding 1st mtge. 5s due Nov. 1 1954 were called
for payment M ay 1 1925 at 110 and int. V. 120, p. 1328.
1st Mtge. & Ref. Series A 5s are red. all or in part on any int. date at
105 and int. until Apr. 1 1945, the premium reducing thereafter % of 1%
for each 6 mos. elapsed. Int. payable in New York and Buffalo. Exempt
from personal taxation in New York State. Co. agrees to refund Penna.
and Conn, personal property taxes not exceeding 4 mills each and Mass,
income tax not exceeding 6% per annum on the int. $15,000,000 were sold
in M ar. 1925 by Blair & C o., Inc., N. Y ., and Schoellkopf, Hutton &
Pomeroy, Inc., Buffalo, N . Y ., at 98K and int., to yield about 5.10% .
V . 120, p. 1460.
Salmon River Power Co. 1st guar. 5s of 1912, $644,000 bonds are in the
sink. fund. Call., all or in part, at 110 and int. V. 108, p. 84; Y. 95, p. 1043;
V . 99, p . 53, 411: V. 103, p. 1036: V. 104, p. 769; V. 105, p. 2461.
Niagara Lockp. & Ont. Power Co. and Buffalo & Lake Erie Traction Co.
guarantee 50% each o f Niagara & Erie Power Co. 1st 5s and annual sinking
fund payments o f 14£%, beginning Jan. 1 1916. Red. at 105. V . 94, p.
1692; V . 92, p. 530.
Notes.— The conv. gold notes o f 1923 are red., all or part, in lots of not
less than $100,000 on June 1 1924 at 102 and int.; on Dec. 1 1924 at 101M
and int.; on June 1 1925, at 101 and int.; on Dec. 1 1925, at 100 and int.
Notes are conv. since June 1 1924 into 7% cum. pref. stock on the basis
o f 10 shares o f stock (par $100) for each $1,000 or notes. Co. shall not be
required to convert notes in excess o f $1,000,000 (exclusive o f notes called
for redemption) prior to June 1 1925, and not in excess o f $2,000,000 (ex
clusive o f notes called for redemption) prior to Jan. 1 1926. Co., however,
has waived these limits. V. 116, p. 2645. Notes have been called for
payment June 1 1925 at 101 and int. V. 120, p. 1089.
Dividends.— Paid 50 cents per share on common stock Jan. 2 1924.
Same amount paid regularly quar. since to and incl. Apr. 1925. In Jan.
1925 an extra o f 25 cents per share was paid. V. 119, p. 2648.
REPO RT — For 1924 showed:
1922.
Calendar Years—
1924.
1923.
Gross rev. from sale of elec, power_ $5,971,740
_
$5,550,258 $4,158,994
2,216,812
1,620,865
Cost of electric power sold__________ 2,040,707
490,958
Operating expenses_________________
879,589
726,890
[ V ol.
120.
Latest Earnings.— For three months ended Mar. 31:
Three Months Ended Mar. 31—
1925.
Sales of electric energy___________________________ $1,683,979
Cost of energy sold_________________________
529,917
Operating expenses_____________________________
247,317
1924.
$1,541,843
634,130
204,679
Net earnings___________
Other income____________
$906,745
14,969
$803,034
11,292
Gross income__________
Taxes, rentals, &c________
Interest on funded d e b t...
Appropriations to reserves.
$921,713
165,433
211,748
87,416
$814,326
164,736
243,465
77,472
Surplus for period____________________________
$457,117
$328,653
OFFICERS.— Chairman, George T . Bishop; Pres., Fred. D . Corey:
V .-P., Langdon Albright; V .-P. & Gen. M gr., Stefaan Piek; Treas., R obt. C.
Board; Sec., Wilhelmine K . Koester. Executive offices, Lafayette Bldg.,
Buffalo, N . Y .— V. 119, p. 1516, 1851, 2179, 2411, 2648, 2763; V. 120, p.
829, 1089, 1328, 1460, 1587, 1882.
BROOKLYN EDISON CO., INC.
ORGANIZATION.— Incorp. as the Kings County Electric Light &
Power Co. under N. Y . laws June 26 1890. Brooklyn Edison C o., Inc.,
is successor by change of name, effective Jan. 10 1919, to the Kings County
Electric Light & Power C o., and by merger effective Jan. 27 1919, to the
Edison Electric Illuminating Co. o f Brooklyn. Acquisition of electric
properties of Flatbush Gas Co. Y. 119, p. 2284; V. 120, p. 825.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Does all the electric light and power business in the Borough ofBrpoklyn,
City of New York, serving a population of over 2,000,000.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
_________ $59,754,400 Mar ’25, 2%
Stock $75,000,000 ($100)_____ ____
Gen M $100,000,000 Ser " A ” )
1919
5 g J-J
30,500,000 Jan 1 1949
6 g J-J
3,000,000 Jan 11930
Ser “ B ” ($500,"&cj 11 Ic*&r l 1920
G old___________________ tfj Int. at Central Union Trust C o ,N Y , Trus.
Underlying Bonds—
Edison Elec 111 cons M (now)
4,275,000 Jan 1 1939
1st) $10,000,000 ($1,000) 1898 4 g J-J
c*J Int. at Guaranty Trust Co, N Y , Trustee
5 g A-O
2,500,000 Oct 11937
Kings Co Elec Lt & Pr 1st M l 1897
$2,500,000 ($1,000) g -c n tf JInt. at Equitable Trust Co, N Y , Trustee
6 g A-O
5,176,000 Oct 11997
Kings Co El Lt & Pr Co Purch 1 1898
M oney M tge ($1,000) g.c*J Int at Central Union Trust Co, N Y , Trustee
Bonds.— The Gen. M tge. bonds are secured by a mortgage on all the c o .’s
real and personal property (subject to prior lien of Kings Co. Elec. Light
& Power Co. 1st M . 5s and Purchase M oney 6s and Edison Elec. 111. Co.
of Brooklyn 4% bonds), including three steam generating plants with an
installed capacity of 343,775 k. w., and 10,326 miles of transmission and
distribution lines, of which 4,567 miles are underground. They also cover
all other property hereafter acquired.
Provisions of General Mortgage Applicable to Series " A " and “ B”
Bonds, and to Additional Bonds Issuable.
Aggregate face amount of bonds at any time outstanding shall never
exceed $100,000,000. Bonds may differ as to interest rate, maturity and
redemption rate and may have the privilege of conversion into capital stock
as shall be determined by the company. Bonds are the direct obligations
of the Brooklyn Edison C o., Inc., and are secured equally by a mortgage
on all its real and personal property now owned or hereafter in any way
acquired, subject only to the liens of the mortgages securing the above
enumerated outstanding $11,951,000 in mortgage bonds of the Edison
Electric Ilium. Go. of Brooklyn and the Kings County Elec. L t. & Power
Co., which underlying mortgages are closed by the gen. mtge. so that no
more underlying bonds may be issued. Bonds are issuable only upon
authorization by Public Service Commission of the State of New York.
Are listed on N. Y . Stock Exchange. V. 119, p. 2527. Series " A ” and
“ B ” are call, at 105 and int. $2,000,000 Ser. “ C ” 7s, due Jan. 1 1930,
were called for payment Jan. 1 1925 at 105 and int. V . 119, p . 2177.
$8,000,000 Ser. D ” 7s, due Dec. 1 1940, were called for payment Dec. 1
1924 at 107 H and int. Y. 119, p. 2067.
The remaining bonds under the gen. mtge. may be issued for future—
(1) Refunding or acquisition of the above enumerated underlying bonds
and debentures in the aggregate amount of $12,196,600 or other obligations
constituting a lien upon the mortgaged property at the date o f the mortgage
or other obligations secured by a lien upon property subsequently acquired
by the company and become subject to the lien o f the mortgage.
(2) Construction, completion, extension, development or improvement
of or additions to plants and facilities.
(3) Acquisition of the whole or any part of the properties, rights, privi
leges and franchises of any corporation supplying light, heat or power by
or other means in the present territory of N . Y . City and Nassau and
Suffolk counties.
(4) Acquisition of securities o f other corporations supplying light, heat
or power by electricity or other means in said territory, provided the com
pany be or thereby becomes the owner of at least two-thirds of the out
standing capital stock of any such corporation.
(5) Reimbursement of the co. for expenditures made subsequent to the
date of the mortgage for any of the purposes for which bonds are issuable
under (2), (3) and (4) above or to meet indebtedness of the co. contracted
for any of such purposes.
Provided, however, that except for refunding or acquisition of underlying
bonds, debentures and obligations under (l) above, bonds shall not be
issuable at face amount in excess of 80% of the actual cost or reasonable
value (whichever may be less), of the property or securities acquired, or the
extensions, developments, improvements or additions made, nor issuable for
the acquisition of securities under (4) above if thereby more than 25% of
the actual cost or the reasonable value of the property subject to the Gen.
Mtge. (after deducting the face amount of all underlying liens) would consist
of stock, bonds or other obligations acquired by the use of bonds issued
under the gen. mtge., nor unless net earnings of the co., as defined in the
gen. mtge., shall have been at least twice the annual interest charges upon
all outstanding underlying bonds, the outstanding bonds secured by the
gen. mtge. and those applied for.
In N ov. 1924 Guaranty Co. of N . Y ., National City Co. and Dillon,
Read & Co. sold $25,000,000 Ser. “ A ” 5s at 100 and int. V. 119, p . 2067.
e*'Dividends.— June 1900 to March 1906, 4/4 % quar.; since to M arch 1925,
2% quar. __
_ _______
_______ _ _ _ _ _ _
“ R E P O R T F o r 'l 924T in' vT 1207*p. 701 and 825, showedr^'3* ’ 1
”7 °°"
Cal.
Cross
Total Net
Bond
Fixed,die.
Divs.
Balance,
Year. Earnings.
Income. Discount. Charges.
(8 % ).
Survlvs.
1924 -$26,030,840 $9,192,049 $154,796 $2,769,993 $4,084,307 $2,182,952
1923 - 23,422,314 7,670,329 137,912 3,397,373 3,171,518
963,526
1922 . 19,326,489 6,229,163 137,804 3,313,182 1,805,812
972,364
1921 . 16,515,098 4,825,336 132,903 3,047,656 1,389,702
255,075
1920 . 13,308,868 3,082,949
92,068 1,450,163
1,387,366
153,353
OFFICERS.— Chairman, N. F. Brady; Pres., M . S. Sloan; V .-P ., J. C.
Brady; V .-P. & Gen. M gr., W. F. Wells; Sec., E. W. Kells; Treas., E . A .
Net revenue_____________________ $3,051,445 $2,606,556 $2,047,170
Baily; Aud., R. O. Launey. Office, Pearl and Willoughby streets, Brook
Other income credits________________
81,009
46,871
46,476 lyn, N. Y .— V. 119, p. 1737, 2067, 2177, 2284, 2527; V . 120, p. 85, 701,
825, 1088, 1201, 1585.
Gross income_______________ $3,132,454
$2 653,426 $2,093,646
517,631
502,270
Taxes, rents, &c_____________
515,206
COHOES POWER & LIGHT CORP.
898,099
771,452
Interest on funded debt, &c_
_
944,248
______
69,725
Contractual charges________________
______
ORGANIZATION.— Incorp. in N . Y . in 1916 as successor to Cohoes
71,805
______
Debt discount and expenses___
96,980
Co. and the Cohoes Gas Light Co. Franchises unlimited as to time.
Depreciation__________________
175,409
140,038
147,963
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Provision for other reserves___
92,302
89,950
______
Company supplies electric energy for
28,124
10,599 Albany, Waterford, Colonie and Half lighting and power uses, in Cohoes,
Extraordinary repairs and losses____
53,449
M oon. Plant has capacity of over
Federal tax adjustments____________
______
13,657
______
50,000 h. p. Company has transmission line connecting the Cohoes plant
Loss on bds. purch. through sk. fid s ..
33,613
33,502
______
with Albany. Also owns a modern gas plant as well as distribution system
Dismantling cost___________________
______
______
16,339
Preferred dividends________________ (7 % )311,813 (7%, 1137,824 (1M)33,486 for gas in Cohoes, Waterford and Colonie. Company has contract to supply
Common dividends_________ ($2.25)574,661
($2. i384,531 ($1.50)237260 electricity to Municipal Gas Co. (Albany).
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Sundry adj. appl. to prior period (net)
166,108
15,596
45,801
Stock $5,000,000 ($100)___________
_______
$2,500,000 __________
1st M ser “ A ” $10,000,000/ 1918 6 g J-J
4,000,000 Jan 1 1929
Surplus for period________________
$168,661
$322,669
$258,741
($100, $500 & $1,000 c * ,■
)Interest at Central Union Trust C o., New
Surplus forward____________________
1,359,465 1,036,796
734,285
$1,000 & 10,000 r*) g - .t f ( York, trustee.
Miscellaneous credits_______________
______
______
43,770
Bonds.— First mtge. Series “ A ” 6s are callable all or in part at 105 and int.
on any interest date on 30 days’ notice. In Jan. 1919 the First National
Profit & loss surplus Dec. 31______ $1,528,126 $1,359,465 $1,036,796
M ay,
1925.]
POWER, LIGHT AND RAILW AY
ift
46
PUBLIC UTILITIES
Bank and Hemphill, Noyes & C o., N . Y . City, offered $2,500,000 at 102H:
and int., yielding over 5.65% . V. 108, p. 272. $725,000 additional were
offered in Feb. 1921 by Potter Bros. & Co. and Coffin & Burr, Inc., New
York, at 91 and int. V. 112, p. 747. In April 1922 Paine, Webber & Co.
and Halsey, Stuart & C o., Inc., New York, offered $675,000 additional at
101K and int., yielding about 5.75% . V. 114, p. 1656. In July 1924
K. W. Clucas & Co. offered an additional $100,000.
Dividends.— In Dec. 1919 paid 3% ; Dec. 1920, 3 % . In 1921, 6% quar.
1922 to 1924, incl., 8% quar.
OFFICERS.— Pres. & Gen. M gr., Frank M . Tait; V .-P ., C. A. Davis;
Sec. & Treas., H. I. Olwine; Aud., E. Brownhardt.— Y . 114, p. 1656;
V. 116, p. 1537.
ASSOCIATED GAS & ELECTRIC CO.
Fixed charges, &c., de
ductions of sub. & affil.
companies___________
Net income available
for Associated C o____
Fixed charges, &c., de
ductions of Assoc. C o.
Res. for renew. &replac’t
[V ol. 120.
1923.
1922.
435,665
308,215
81,906
68,642
$886,661
$653,865
$400,442
$308,988
163,644
125,046
148,344
56.374
150,626
37,008
129,448
179,822
1921.
1920.
Inc. available for divs.
$577,391
$365,174
$195,724
$121,354
Divs. on preferred stock.
$119,459
$62,979
______
______
Latest Earnings.— See V. 120, p. 2010, for earnings for 12 mos. end.
Jan. 31 1925.
OFFICERS.— Pres., J. I. Mange; V .-P. & Treas., H. C. Hopson; V .-P .
& Gen. M gr., S. J. Magee; Sec.. M . C. O’Keeffe. Properties are under
supervision of J. G. White Management Corp.— V. 119, p. 2527, 2644, 2875,
3008; V. 120, p. 208, 1201, 1324, 1455, 1585, 1745.
(See M ap.)
OR GA N IZA TION .— Incorp. in 1906 in New York and its subsidiary
and affiliated companies own, control or operate public utility properties
which supply electricity and (or) gas to over 130,000 consumers, serving a
NEW YORK STATE GAS & ELECTRIC CORP.
total population estimated at more than 600,000 in more than 400 com
munities in New York, Massachusetts, Connecticut, Vermont, New
ORGANIZATION.— Incorp. in New York in 1852 as Ithaca Gas Light
Hampshire, Maine, Ohio, Kentucky and Tennessee.
C o., and present name adopted in 1918. Has at various times acquired
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.— the properties formerly owned by the Ithaca Electric Light & Power C o.,
The properties include electric power stations with a generating capacity Norwich Gas & Electric Co., Oneonta Light & Power Co., Homer & Cort
of 82,600 k. w. and 1,124 miles o f high tension transmission lines with land Gas Light C o., Ovid Electric Co., Tompkins County Power C o.,
additional lines under construction; gas plants with a daily capacity of Standard Light, Heat & Power Co., Madison Power Co., Inc., Waterville
4,280,000 cu. ft., and 210 miles of mains. The properties are divided Gas & Electric C o., Moravia Electric Light, Heat & Power C o., New Berlin
territorially into four groups as follows:
Light & Power C o., Southern New York Power Co., Sullivan County Light
&
(a)
New York.— Upstate operating properties serve electricity and (or) Power Corp., Fleischmanns Light, Heat & Power C o., Pine Hill Electric
Plant, West Branch Light & Power C o., Delaware County Electric Light &
gas to more than 70,000 consumers in 293 communities.
Staten Island property serves without competition over 30,000 consumers Power Co.
on the whole of Staten Island, Borough of Richmond, New York City.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
It also has contracts and will soon furnish power for the operation of all The properties consist of steam and hydro-electric power plants with a
the railways there.
combined capacity of 15,979 k. w., and gas plants with a combined daily
The total population served in New York is 425,000. The combined capacity of 2,990,000 cu. ft., together with 543 miles of high tension trans
properties include steam and hydro-electric plants with a generating ca- mission lines and 1,535 miles of gas mains. Supplies without competition
acity of 60,000 k. w. connected with 760 miles of high tension transmission over 35,000 consumers in 177 communities in central and southern New
nes with additional lines under construction and gas plants with a daily York, having a population of approximately 135,000.
capacity o f 3,130,000 cu. ft.
STOCK AND BONDSDate.
Interest. Outstanding. Maturity.
(b)
Kentucky-Tennessee properties serve over 17,000 consumers in 42
Common 100,000 shs (no par)
46,484 shs
communities with a population of approximately 90,000. The generating First mtge 5 A % series____t f
1962
1922
5 A A-O
$6,646,500
plants have a capacity of 6,050 k. w. Electricity is distributed over 184 First mtge 6% series_____ t f
1922
6 J-J
1952
491,000
miles of transmission lines, 156 o f which are owned by the company; the First mtge 5% series_____ t f
5 M-S
1925
125,000 Mar 1 1926
gas plants have a daily capacity of 550,000 cu. ft.
Divisional Liens—
(c)
Massachusetts, New Hampshire and Maine.— Electricity is distributed
(Equitable Trust C o., New York, trustee.
to over 6,800 consumers in the southern portion of Cape Cod and on
Stand L H & P 1st deb 6s____( 1900
6 M -S
11,500
1930
Martha’s Vineyard, with a population estimated at 40,000 and to 7,055
{
2d debenture 6s_________ ■ 1903
6 M -S
21,500
1930
consumers in 18 communities in Massachusetts, New Hampshire and
trustee.
Maine, serving a population of about 47,000. The generating plants have Ovid Electric Co first m tge/ (Unadilla 6National Bank, 10,500
1913
J -j
1943
a capacity o f 16,550 k. w- h.
Sullivan Co L &P Corp
1st M (
1913
6 J-J 93,000
(d)
Ohio.— Gas is distributed in the city o f Van Wert, Ohio, with a
(Orange County Trust C o., Middlet’n.N.Y.
population o f 8,100. The plant has a daily capacity of 600,000 cu. ft. and Madison Power Co first m tge/ 1921
6 J-J
,
97,500
1951
serves over 1,800 consumers.
(Citizens Trust Co'., Utica, N. Y ., trustee.
Solsville El Lt & Pow gold_
_
1919 6 g J-J
16,500
1934
STOCK AND BONDS— .Date.
Interest. Outstanding. Maturity.
Citizens Trust C o., Utica, N. Y ., trustee.
Class “ A ” 300,000 shs (no p a r ) ____
Q-F
200,000 shs See text
Waterville Gas & Elec 1st M . ’ 1918
5 g’ J-J
9,700
1948
Class “ B ” 300,000 shs (no p a r ) ____
_________ 300,000 shs. See text
Citizens Trust C o., Utica, N. Y ., trustee.
$3.50
120,000 shs. Apr’25 87^
Pref cum 200,000 shs (no p a r ) _ ____
Moravia Elec L, H & P 1st M l 1916 6 F-A
7,500
1956
Pref cum $6 div series 125,000
First National Bank of Moravia, trustee.
shares (no par)____________ _____
$6 Q-M 30,000 shs
---------------_
38,200
1926
Sec bonds conv series o f 1924\ 1924
6 A g J-J $3,212,500 July 1 1954 West Branch L & P 1st M _ I 1906 5 A-O
.National Bank of Stamford, trustee.
6% series due 1955________ _____
6%
839,500
1955
Bonds. First mtge. bonds are additionally secured by pledge of $1,447,$100, $500 & $1,000) g .c*tf (Chase National Bank, New York, trustee.
Southern New York Power &
Stock.— Class “ A ” stock is listed on Boston Stock Exchange. V . 120, p. 100 face amount (of a total of $1,500,000) of1928. Additional first mtge.
Railway Corp. first mtge.
1324. Original pref. stock is non-voting and is entitled to cum. divs. of bonds may be issued in series6% bonds, due
with interest rates, maturity dates, redemption
$3 50 per share per annum and extra divs. o f 50c, a share per ann m. V. provisions, & c., to be determined from time to time as series are issued, for—
119, p. 2409. Has liquidation value of $50 per share. Redeemable at $60
(a)
per share. In Dec. 1924 John Nickerson & Co. offered 20,000 shares ture. 80 % of the net amount of additional property as defined in the inden
original preferred stock at $50 per share and dividend. V. 119, p. 2875.
(b) Retirement of
Preferred stock $6 dividend series ranks equally with original preferred. certain restrictions. prior liens on property subsequently acquired, under
Penna. 4 mills tax refunded. Are redeemable as
Redeemable, all or in part, on any dividend date on 30 days notice at follows: 6% series, from Jan. 1 1932 to Jan. 1 1942, inclusive, at 110 and
105 and dividends. Entitled in liquidation to $1,000 per share and divi
months.
a
decreasing A % every
dends before any distribution is made to the Class A and Class B stocks. interest and thereafter at 31premium 107 A . tnereafter less six % annually to
5 A % series— To Oct.
1932 at
A
In March 1925 John Nickerson & Co. offered 30,000 shares preferred $6
dividend series at $84 per share and dividend, to yield about 7.14% . V. maturity.
5% series on first day of any month at par and accrued interest.
120, p. 1585, 1745.
. ,
$700,000 series 6s offered March 1922 by J. G. White & C o., N. Y ., and
Dividends on Class A stock are non-cum. Class A has priority over
A and int.; $650,000
s offered
Class B both as to assets and dividends. Class “ A ” is entitled to priority Janney & C o., Phila., at 9 iMarshall Field, Glore, series 5 ACo., N. YNov.
1922 by Janney & Co., and
Ward
., at
dividends of $2 per annum when and as declared. After the full priority 97A & int.; $2,350,000 series 5 A s offered Jan. 1924 by&
Marshall Field,
dividend on Class stock shall have been declared and set apart for the cur Glore, Ward & Co. and Janney & Co. at 92 A & int.
rent dividend period and dividends for the Class B stock shall have been
Dividends.—
declared and set apart for the same dividend period to the extent of the total since at rate of Pref. stock created in June 1922. Dividends paid regularly
amount required for such priority dividends on the Class A stock, one-ha,lf paid regularly. $7 per share per annum. Dividends on common stock being
o f the amount of any further dividends in such dividend period shall be paid
EARNING S.— Consolidated earnings of plants now operated:
to Class A stock and one-half to Class B stock. Class A stock has priority Years End. Dec. 31—
Gross.
Net for Int., &c. Bond Interest.
in liquidation or dissolution over the Class B stock up to $35 per share. 1924______________
$2,168,326
$872,050
$280,752
After this preferential payment to the Class A stock is provided for and 1923______________
2,065,252
731,304
205,857
provision has been made for the distribution to the Class B stock of an
OFFICERS.— Pres.,
V .-P ., G.
amount equal in the aggregate to the total o f such preferential payment to O’Keeffee; Treas., O. E. S. J. Magee; 119, p. 463, A . Strain; Sec., M . C.
Wasser.— V.
2762; V. 120, p.k1089.
the Class A stock, one-half of the remaining assets shall be distributed
ratably among the holders of the Class A stock and one-half among the
holders o f the Class B stock. In Jan. 1925 John Nickerson & Co. offered
THE CORTLAND COUNTY TRACTION.
200,000 shares Class “ A ” stock at $26 per share. V. 120, p. 208. Class
“ B ” stock was issued in exchange for old com. stock in Jan. 1925. V . 120,
ORGANIZATION.— Is a reorganization on June 22 1901 o f the Cortland
& Homer Traction, sold at foreclosure on Apr. 23 1901. In June 1905 ab
p. 208.
Bonds.— Secured bonds conv. Series o f 1924 are secured by pledge with sorbed the Cortland & Homer Electric C o., previously controlled.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
the trustee o f all com. and pref. stocks o f subsidiary companies, now owned
and all voting stocks thereof hereafter acquired. No interest in the stock Furnishes light to the cities of Homer and Cortland and to the public.
of the Staten Island Edison Corp. is included in the pledged securities. Are Carries coal and freight as well as passengers. Operates 16.18 miles of
convertible at option o f holder on and after April 1 1927 into non-voting track (not incl. sidings and turnouts) between Cortland, Homer, Little York
cum. pref. (without par value), with adjustment for interest and dividends and Preble, and between Cortland and McGrawville. Has 33 cars.
The 1st mtge 4s, which matured Apr. 1 1921, were, we understand,
and for fractional shares on the following bases; Each $1,000 bond will be
entitled to convert on or before Mar. 1 1932 into 22 shares of pref. stock purchased by interests connected with the company and are being carried
until $500,000 o f bonds of this series shall have been converted; thereafter along at 7 % interest.
STOCK AND BONDS—- Date. Interest.
Outstanding. Maturity.
and to and including March 1935 into 21 shares of pref. stock until an addi
- .........$320,000 ___________
tional $1,000,000 of bonds o f this series shall have been converted, and Stock com $320,000 ( $ 1 0 0 ) - - - -----f 1901
4 g A-O
180,000 Apr 1 1921
thereatfer until maturity into 20 shares o f pref. stock for all remaining out
First mtge $180,000 ($500) County Sav. Bk. & Tr. C o., Scranton, Pa.,
standing bonds of this series. Semi-annual sinking fund of an amount
gold___________________ c*l trustee. Int. at c o .’s office. No sink. fd.
equal to 1% of bonds outstanding, commences July 1 1925 for the o A s
[ Can be called on 6 months’ notice.
and Jan. 1 1926 for the 6s. Are redeemable, all or part, on the first day
320,000 Aug 1 1935
o f any month upon thirty days’ notice at 105 on or before June 1 1934; New mortgage $500,000 gold) 1905 5 g F-A
($500 and $1,000)_______ c/Interest at Empire Tr. C o., N . Y ., trustee.
at 104 thereafter and on or before June 1 1939; at 103 thereafter and on
5 J-D
105,000 June 1 1957
or before June 1 1944; at 102 thereafter and on or before June 1 1949; 1st & ref mtge $2,000,000____1 1907
(In t. at Equitable Tr. C o., N . Y ., trustee.
at 101 thereafter and on or before Dec. 1 1953; at 100A thereafter to
Bonds.-—Of the
of
maturity, plus interest in each case. Company agrees to refund per prior liens. They $500,000 issue call1905, $180,000 are reserved to retire
are subject to
at 105.
sonal property tax paid by residents of Pennsylvania and Connecticut,
Dividends.— In 1920, 1% ; 1921, 1% ; 1922, 3% ; 1923, 1% ; 1924, 2 A % .
not exceeding 4 mills, and of Maryland not exceeding 4 A mills, and of
EARNING S.— For fiscal year ending Dec. 31 1923, gross, $370,497; net
Kentucky not exceeding 5 mills, per dollar of taxable value per annum, and
net from operation, $74,651; other income,
Massachusetts income tax not exceeding 6% per annum on income derived after taxes, $37,690. In 1922,$35,962; surplus, $41,052.
from these bonds. In July 1924 $3,500,000 were offered by John Nickerson $2,363; bond, &c., int., taxes,
OFFICERS.— Pres., Edwin Duffey; V .-P., A . W. Garrison; Treas. &
& C o., Hambleton & Co., and Federal Securities Corp., at 94 A and interest, Gen. M gr., G. H. Garrison.— V. 81, p. 507.
to yield 6.94% . V. 119, p. 327.
Dividends.— Dividends of 6 % per annum paid on old pref. stock from April
15 1910 to July 15 1917; initial dividend on new, $3 50 per share per annum
PEEKSKILL LIGHTING & RAILROAD.
pref. paid Jan. 1 1922, and regular quarterly dividends o f 87 A o. per share
In 1909
Lighting C o.,
Co. of N . Y .,
paid since to and including April 1925. An initial quarterly dividend of purchased Westchestercommon stock controlled by Consol. Gas the Peekskill
and a
of pref.
1-40 o f a share in Class “ A ” stock or, at option of holder, a cash dividend Lighting &the entire Westchester Lighting block V. 89, p. of
R R . See
C o.,
108.
of 50c. per share was declared on Class “ A ” and “ B ” stocks, payable
ORGANIZATION.— Incorp. as the Peekskill Lighting Co. on July 12
M ay 1 1925. V. 120, p. 2010.
1900; subsequently purchased the Peekskill Gas Light Co. and Peekskill
R E PO RT.— For 12 months ended Dec. 31:
Electric Light & Power Co. Name changed as above upon purchase of the
Peekskill Traction on Aug. 31 1900.
1920.
1921.
1922.
Gross Earnings—
1923.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
$778,661
$898,154
$1,832,130
Electric________________$2,561,156
514,534 Comprises all the gas, electric light, power and street railway interests o f
600,150
611,756
Gas_ _________________
639,570
21,379 Peekskill. Owns and operates 10.71 miles of track in Peekskill and to
30,102
335,788
Miscellaneous__________
62,631
Lake Mohegan and Verplanck’s Point, with branch to State Camp. Fran
Total________________ $3,263,357 $2,779,674 $1,528,406 $1,314,574 chises oi electric-lighting plants and railways are perpetual. Gas fran968,925
1,077,657
1,894,340
Oper. exp., maint. & tax. 2,154,740
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$500,000
1910,4%
$345,648 Common $500,000 ($100)...........................................
$450,749
$885,334
Net earnings________ $1,108,616
6 J-D
130,500 Dec T 7, 3%
31,982 Preferred $150,000 6% cum.............
31,599
76,746
213.710
Other income__________
1st mtge $750,000 ($1,000) ( 1900 5 g A-O
646,000 Oct 11930
gold sinking fund_______ c*/Interest at N . Y . Trust C o., N . Y ., Trustee.
$377,630
$482,348
$962,079
Gross income________ $1,322,327
S
1943
P O W E R , L IG H T A N D R A I L W A Y
M a y , 1925.]
48
PUBLIC UTILITIES
Stock.— $19,500 par value pref. stock has been reacquired by the co.
Bonds.— Whole issue (but no fractional part) can be redeemed on any
interest date at 110 and interest. Sinking fund, is provided at the rate of
$10.80 per bond outstanding, beginning Oct. 1903. The remaining bonds
can only be issued for extensions, &c., at 75% o f actual cost, and only when
net earnings of the previous 12 months are equal to at least twice the interest
on the outstanding bonds and the proposed issue. See V . 71, p. 913.
$14,000 are in treasury.
Dividends.— 6% per annum paid on pref. stock up to Dec. 1917. None
since. On common, in 1906, 1% ; in 1907, 3 Y % ; in 1908, 4% ; in 1909,
4% ; in 1910, 4 % . None since.
EARN INGS.— For years ending Dec. 31:
Cal.Yrs.— Gross.
Net aft. Tax. Other Inc. Fixed Chges.,&c. Balance.
1924______ $494,096
$53,625
$2,085
$70,384 d ef.$ll,674
1923______ 466,263
47,671
404
66,718
def.18,643
1922______ 419.169
60,744
914
63,031
def.1.373
OFFICERS.— Pres., F. A . Stratton, M t. Vernon; V.-P., & Gen. M gr
W . C . Fisher, Ossining; Sec., Dr. B. W . Stillwell; Treas., H . M . Brundage;
Asst. Treas., H. D. Swain, Ossining. General office, Peekskill, N. Y .
— V. 106, p. 190; V. 108, p. 2529: V. 113, p. 2080; V. 115, p. 2906; V. 116,
p. 1412.
STATEN ISLAND EDISON CORPORATION.
O RGAN IZATION .— Incorp. Feb. 14 1923 in N . Y .a n d as of Aug. 1 1923
acquired from the Richmond Light & R R . Co. (see below) the properties
which do the entire electric light and power business in the Borough of
Richmond (Staten Island), N . Y . Owns over 98% of the outstanding
capital stock of the Richmond Light & R R . C o., which co. In turn owns all
o f the capital stock and bonds of the New Jersey & Staten Island Ferry Co.
and over 51% of the capital stock o f the Southfield Beach R R .
Maturity.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
57 230 shs.
See text
Com stock 60,000 shs. (no p a r ) ____
_______
--------2 312 sh
Pref., 10,000 shares, $7 c u m . . ____
$7
R ef & impt M Ser “ A ” ($100, f 1923
m b j - j $3 752 200 July 1 1053
Series ** **
1924
1 592 000 July 1 1964
6 g J-J
$500 & $1,000 ' and' '$1,000.1 Irving Bank-Columbia Trust C o., New
$5,000 & $10,000)____g .tf ( York Trustee.
232,000
Equipment trust certificates. ______
Bonds.— The ref. & impt. mtge. bonds are additionally secured by pledge
o f $700,000 Richmond Light & R R . Co. coll, trust 4s and over 98% of the
capital stock o f the Richmond Light & R R . Co. The 6M>s, Series “ A ” ,
are redeemable, all or in part, on the first day o f any month upon thirty
days’ notice at 107 Y and interest during the first ten years, at 105 and
interest during the next ten years and at Y o f 1% less diming each suc
ceeding year. Series “ B ” 6s are redeemable, all or in part, on the first
day of any month upon thirty days’ notice at 107 Y and interest during
the first ten years, at 105 and interest during the next ten years, and
at yi o f 1 % less for each succeeding year. A sinking fund is to be provided,
amounting annually to 1 % o f the maximum amount o f bonds of this issue
at any time theretofore issued and outstanding. All cash received by the
sinking fund will be used for the purchase o f these bonds at not exceeding
their callable price, or, if not so purchasable, for the call o f these bonds by
lot at their redemption price. Interest is payable in New York and Chicago.
Penna. and Conn. 4 mills taxes and Mass, income tax o f 6% refunded. In
July 1924 Marshall Field, Glore, Ward & Co., Spencer Trask & Co., and
Estabrook & Co. sold $1,600,000 ref .& impt. mtge. 6% bonds, Series “ B ,”
at 98Yi and interest, to yield 6.10% . V . 119, p. 84.
Dividends.— An initial dividend o f $1 50 per share was paid on common
in June 1924.
EAR N IN G S.— For years ending Dec. 31:
Calendar Years—
Gross.
*Net.
Int.,&c.
Bal.,Sur.
1924 __________________ $2,768,661
$756,367
$352,568
$403,799
1923 __________ _______ 2,619,649
769,223
225,806
543,417
* After operating expenses, rentals, &c.
Management.— Properties under the management o f the J. G. White
Management Corp.-—-V. 118, p. 3089; V. 119, p. 84, 2412; V . 120, p. 332.
(1) RICHMOND LIGHT & RAILROAD CO.
Over 98% of the co .’s outstanding capital stock has been acquired by the
Staten Island Edison Corp.. whieh see above.
Receiver Discharged.— On July 31 1923 Judge E. L. Garvan of the TJ. S.
Dist. Court discharged the receiver for the co., who bad been in charge of
the property since April 28 1920. V. 117, p. 555.
O RGAN IZATION .— This company was formed as a reorganization on
Aug. 18 1902 o f the Staten Island Electric R R ., New York & Staten Island
Electric Co. and the Richmond County Power Co. Owns the entire capital
o f the New Jersey & Staten Island Ferry Co. For terms of reorganization
and complete statement o f plan, see V . 74, p. 1091. Franchises are perpetual.
As o f Aug. 1 1923 the co. transferred to the Staten Island Edison Corp.
all the lighting and other properties not exclusively devoted to railroad and
ferry operations. The street railway and ferry properties will remain in the
possession of Richmond Light & R R ., as the subsidiary o f Staten Island
Edison Corp., but may be subsequently vested in a new strictly railroad
corporation (already organized) under the name of Richmond Railways, Ine..
which would then become a subsidiary of the Staten Island Edison Corp.
"F IE L D OF OPERATIONS AN D CH A R A C TE R OF BUSINESS.—
Miles o f track, 33.32; 90-lb. girder Cambria and 85-lb. girder Johnson steel
rails; 130 passenger cars.
STOCK A N D BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $3,000,000 ($100)_____ ______
_____- $2,866,650
-----First collateral trust mtgeT 1902
4 g JJ
1.438,000 July 1 1952
$2,500,000 gold________ t f Jlnt. at Guaranty Trust Co., N . Y ., Trustee
Equipment trust c e r t ific a t e s ..____
6%
232 000 ---------- - - Bonds.— $700,000 are pledged under Staten Island Edison Corp. ref. &
impt. 6>^s.
OFFICERS.— Pres., J. H. Pardee: V .-Ps., J. K . Choate, H. C. Hopson
and J. I. Mange; Sec. & Treas., T . W . M offat.— V. 117. p. 326, 555, 1018;
V. 118, p. 1521.
NEW YORK CENTRAL ELECTRIC CORPORATION.
[V ol. 120,
$600,000 5 Y % Ser. of 1950 were offered by Manufacturers’ Trust C o.,
N . Y ., at 97 and'int., to yield over 5.70% . V. 119, p. 820.
Dividends1 Divs. on pref. paid regularly since issuance in 1924.
—
RE PO RT.— Combined earnings 12 months ended Dec. 31 1924:
Gross earnings_______________________________________________ $1,039,836
Operating expenses, taxes and maintenance:__________________
731,632
Net earnings__________________
Interest charges_____________________________________________
Amortization, &c____________________________________________
$308,204
128,295
34,892
Surplus for year____________________________________________
$145,017
OFFICERS.— Pres., Geo. W . Olmsted: V .-P ., Ellis L. Phillips; Treas.,
R. F. Van D oom ; Sec., Henry R. Frost; Asst. Treas., John W . Little.
— V. 119, p. 1850, 2073, 2179, 2287, 2411.
LONG ISLAND LIGHTING CO.
O R GAN IZATION .— Incorp. in N . Y . Dec. 31 1910 as a consolidation
of a number of cos. which had been operating on Long Island over a long
period of years. Has since absorbed various other co’s, incl. Nassau Light
& Power Co., and has acquired substantially all of the com. stock of Queens
Borough Gas & Electric Co.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Supplies substantially the entire electric light, power and gas service in the
County of Suffolk and the entire electric light and power service in the
central and northern parts of the County of Nassau. This territory repre
sents an area of over 1,100 square miles, having a population of over 200,000
normally and over 300,000 in summer. The service is furnished under
favorable franchises, the majority of which extend beyond the maturity
of the bonds.
The co. owns electric generating stations at Northport, Glenwood,
Amityville, Babylon, Huntington, Port Jefferson, Riverhead, Southampton
and Glen Cove; also gas plants at Bay Shore, and Huntington. Total
electric generating capacity 26,845 k.w.; gas producing capacity per 24
hours, 3,295,000 cu. ft.
Co. owns 298 miles of high tension transmission lines. A line has been
constructed to connect the Northport and Glenwood plants so that current
can be furnished to the entire territory from either of these plants, both of
which are located on the waterfront. Length of distribution lines, 2,109
miles.
Annual electric output (generated) in 1924 was approx. 58,362,229 k.w.h.
This is the net combined total of A .C . and D .C . current. Number of
electric meters in service Dec. 31 1924 was 48,556.
The co. has 36 miles of high pressure gas mains, delivering gas to sur
rounding territory from the main generating station at Bay Shore. Length
of distribution mains, 153 miles. Annual gas output (produced) in 1924
was about 343,850,100 cu. ft. Number of gas meters in service Dec. 31
il924 was 7,780.
In Jan. 1925 the co. changed its auth. common stock from 100,000 shares,
par $100, to 1,000,000 shares, of no par value. V. 120, p. 86.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common 1,000,000 shs (no p a r ) ____
223,550shs
Seetext
Pref7%cum $10,000,0 0 0 ($ 1 0 0 )____
7 Q-J
S4.Q28.700
See text
1st mtge $6,000,000 ($100,? 1911
5 g M -S
3,923.800 M ar. 1 1936
$500 and $1,000) g --------- c* lln t. at Bankers Trust C o., New York, trust.
ls tr e f M Ser “ A ” ($100, $500f 1923
6 g J-J
3,000,000 Jan. 11948
&$l,000c*&$l,000&cr*)gtf lint. at Amer, Exch. Nat. Bk., N . Y ., trust.
Nassau Pow & Lt 1st m tge/ 1907
5 g A-O
756,000 Oct. 1 1927
$1,000) gold___________ c*\Int. at M etrop. Trust C o., N . Y ., trustee.
Stock.— Pref. is red. at 110 and divs. on any div. date after 3 years from
date of issuance.
Bonds.— 1st mtge. 5s have sinking fund of 1% per annum.
1st ref. mtge. provides for an “ Improvement Fund” of 1 % annually com
mencing Jan. 15 1926 of bonds issued under this indenture. Ser. “ A ” 6s
are red., all or in part, on any int. date, o n 3 0 days’ notice at 110% dming
the first 15 years and at 1 % less during each year of the following 10 years
plus accrued int. in each case. Co. agrees to refund the Penna. and Conn,
personal property taxes legally, assessed against and paid by the holder
not exceeding 4 mills per ann. in either State upon application within 30
days after such payment by the holder thereof. $3,000,000 were sold by
W . C. Langley & Co. and Bonbright & C o., Inc., in Jan. 1923 at 97 Y and
int., to yield about 6.20% . V . 116, p. 83.
Dividends.— 7% per annum paid regularly (Q.-J.) on pref. since issuance
n 1919. On com ., 5.6% in 1912; none 1913; 4% 1914, 5 Y % 1915, 6%
1916 to 1921, incl.; 8% 1922 to 1924, incl.
R E PO RT.— Latest statement of earnings available showed;
Twelve Months Ended—
Dec. 31 ’24. Dec. 31 ’23. Dec. 31 ’ 22.
Gross income______________________ $3,761,584 $3,276,110 $2,577,830
1,799,836
1,585,890
Oper. exp., maint. and taxes_______ 2,073,002
Netincom e_______________________$1,688,582 $1,476,274
$991,940
OFFICERS.— Pres., E. L. Phillips; V .-P ., G. W . Olmsted; Treas., R . F.
Van Doom ; Sec., H. R . Frost; Asst. Treas., A. M . Hallock.— V. 117,
p. 899; V. 120, p. 86. 70C.
(1) QUEENS BOROUGH GAS & ELECTRIC CO.
Substantially all of the com. stock is owned by Long Island Lighting Co.
(see above).
ORGANIZATION.— Incorp. in N .Y . in 1902 as a consolidation of Queens
Boro. Elec. Lt. & Pow. Co. and Town of Hempstead Gas & Elec. Lt. Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Furnishes without competition electric light and power and gas in the Fifth
Ward (Rockaway district), N . Y . City, and in the adjacent portion of the
Town of Hempstead, Nassau County, incl. Lawrence, Cedarhurst, Lynbrook, Malverne, Inwood, Woodmere, Hewlett, Valley Stream, Oceanside
and East Rockaway.
STOCK AND BONDS—
Date.
Interest. Outstanding.
daturity.
Common $2,000,000 ($100)— ____
________ - $2,000,000
See text
Pref 8% cum $2,450,000 ($ 1 0 0 )___
________
2,450,000
See text
Ref mtge 6% Ser of 19531 1923
6 g M-S
2,000,000 Sept. 1 1953
($100, $500 & $1,000 c*(Guaranty Trust Co., New York, trustee.
& $1,000 &cr*) g _______ t f J
1,600,000 July 1 1952
General mortgage ($1,000)' 1902
5 g J-J
g old ___________________ c*\Guaranty Trust Co. , New York, trustee.
Queens Borough Elec Lt & / 1898
5 g A-O
.
250,000 Oct. 1 1928
Pow 1st M gold_______ n tf (Equitable Trust C o., New York, trustee.
Town of Hempstead Gas &1
Elec Lt Co 1st M g _______ / 1901
5 g F-A
150,000 Feb. 11931
Bonds.— Ref. mtge. provides for impt. fund 6% Ser. of 1953 are red., all
or part, on any int. date on at least 30 days’ notice at 107 on or prior to
Sept. 1 1927 and at 1 % less during each period of 4 consecutive years there
after up to and incl. Sept. 1 1951, and at par thereafter to maturity, plus
int. in each case. Co. agrees to refund Penna. and Conn, personal property
taxes, assessed not exceeding 4 mills per ann. in either State. In O ct.1924
$2,000,000 6% Ser. of 1953 were offered by Bonbright & C o., Inc., and
W . C . Langley & C o. at 99 and int., to yield over 6 % . V . 117, p. 1564.
Dividends.-—Paid regularly on pref. since issuance. Com ., 4% in 1916,
1917, 1918; 6% , 1919; 7 % , 1920; 7 % . 1921; 7 % , 1922, 1923 and 1924, 8% .
RE PO RT.— Latest statement of earnings shows:
12 >
donths Ended—
Dec. 31 ’24. Dec. 31 ’23. Dec. 31 ’22. Dec. 31 ’21.
Gross income___________ $2,470,099 $2,335,815 $2,067,234 $1,750,507
Oper. exp., maint. & tax. 1,577,665
1,573,221
1,452,531
1,252,996
(See M ap.)
O RGAN IZATION .— Incorp. in New York Dec. 2 1921, as Wyoming
Electric Corp. Present name adopted N ov. 2 1922. In 1924 absorbed
the Perry Electric Light C o., Warsaw Gas & Electric Co., Hornell Electric
Co., The Dansville Gas & Electric C o., Wayne Power C o., Yates Electric
Light & Power C o., Corning Light & Power Corp., The Canaseraga Electric
Co., Inc., Distributors Electric C o., Inc., and Springwater Electric Light
C o., Inc. On Jan. 27 1925 acquired all o f the outstanding com. stock of
the Empire Gas & Electric Co.
FIELD OF OPERATIONS AN D CH A R A C TE R OF BUSINESS.—
Supplies territory located in the central part of New York State, furnishing
the entire electric light and power service in Corning, Hornell, Dansville,
Perry, Warsaw and many other communities; the principal electric light
and power service in Penn Yan; entire gas service in Dansville; also some
gas service in Corning and a steam heating service in Hornell.
Operating Statistics—
1924.
Number o f electric meters in service Dec. 31-------------------------14 ’? lo
Net income_________
$892,434
$762,594
$614,703
$497,511
Number of gas meters in service Dec. 31-----------------— - - 1,143
OFFICERS.— Chairman of board, E. L . Phillips; Pres. & Gen. M gr.,
Electric output (generated & purch.) k.w.h. year end. Dec. 31. 18,605,933 Carleton M acy; V .-P ., H. Hobart Porter; V .-P ., G. W . Olmsted; Sec.,
Gas output (produced & purch.) cu. ft. year ended Dec. 3 1 -- 79,784,000 E. B. Sanford; Treas., J. W . Little.— V. 118, p. 917; V. 120, p.1455.
Electric generating plant capacity k.w.h. Dec. 3 1 - - - — --------d,472
Gas producing plant capacity cu. ft. per 24 hours Dec. 31-----375,000
NEW YORK STEAM CORPORATION.
STOCK A N D BONDS—
Date. Interest.Outstanding.
Maturity.
ORGANIZATION.— Incorp. in N . Y . in July 1921, as successor to the
Common $5,000,000 ($100)---------------------$931,200 - - - - - - - New York Steam Co. as per plan in V. 000, p. 0000.
Pref 7% cum $5,000,000 ($ 1 0 0 )-----7 Q-J
2,538 200
See text
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
1st M 5 M % Ser o f 1950 ($100,1
1924 5 M g M -S
2,100,000 Mar 1 1950 Supplies steam for power and heating purposes in New York’s downtown
$500& $1,000c*and $1,000, [-New York Trust C o., N . Y ., trustee.
financial district and in uptown commercial and residential sections, serving
$5,000 & $10,000 r*) g - t f j
many of the largest and most important buildings in N . Y . City. The
Hornell, Dansville 1st & r e f - - -----5%
123,400
-----franchise under which the corporation operates is without limit as to time
Note ______________________________
6%
1,000,000
-----and grants the right and privilege to lay mains and pipes in any of the
Stock.—Pref. is non-voting. Red. all or in part on any div. date after streets on the island of Manhattan and to supply steam for power, heating
3 years from issue at 110 and divs. $2,000,000 7% pref. was offered in and cooking. Also has contract with N . Y Edison Co,, for purchase of steam.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Oct. 1924 by W. C . Langley & Co. and Bonbright & Co. at 07 Y and div.,
Common (30,000 shs (no p a r ) . ____
_______
30,000 shs __________
to yield 7.18% . V. 119, p. 1850.
Bonds.— 1st mtge. 5M % bonds Ser. o f 1950 are red. all or part on any Pref $7 cum Ser A 100,000 shs.
(no par)___________________ _____
$7 Q-J
42,421 shs. ---------------int. date on 30 days notice at 106 on or prior to Mar. 1 1928, and at_l%
6 g M -N $5,882,500 M ay 1 1947
less during each period o f four consecutive years thereafter up to and incl. 1st M ser A ($500 & $1,000c*[ 1922
and $1,000, $5,000 and?Int. at Nat. City Bank, N . Y ., trustee.
M ar. 1 1948 and at 100 thereafter, plus int. in each case. Penna. and Conn,
$10,000r*) g ----------------- tf [
personal property taxes not exceeding 4 mills refunded. In Aug. 1924
P O W E K , L IG H T A N D R A IL W A Y
1925.]
May,
50
PUBLIC UTILITIES
Stock.— Pref. ser. “ A ” is red. all or in part on any div. date on 30 days
notice at 115 a share & divs. Listed on 1S . Y . Stock Exchange. In
T
Oct. 1924 5,000 shares were offered by the National City Co. at 96 flat,
to yield about 7.29% . In April 1925 10,u00 shares add’l were offered by
the National City Co. and Cassatt & Co. at $99 per share, yielding over
7.05% . V. 120, p. 1881.
Bonds.— The 1st mtge. ser. “ A ” 6s (non-redeemable prior to 19.32) ar®
red. on any int. date on 60 days’ notice at 107 A from M ay 1 1932 to N ov.
1936 incl.; at 105 from M ay 1 1937 to N ov. 1 1941 incl., and at 102)4
thereafter, but prior to maturity. Mortgage provides for sink, fund of 2%
annually. Four mills tax in Penna. refunded. Listed on New York Stock
Exchange. $5,000,000 1st mtge. ser. A 6s-were offered in June 1922 by
the National City Co. at 94 and int., to y eld about &A % • V . 114, p.
2831; V. 115, p. 81. An add’l $800,000 were offered by the National City
Co. in Oct. 1924 at 98, to yield about 6.16% . V. 119, p. 1851.
EARN IN G S.— For years ended June 30:
Operating Revenues.—
1924.
1923.
1922.
1921.
Downtown district_____$2,389,353 $2,309,880 $1,994,442 $2,013,238
1,285,048
1.400,473
1,239,201
1,261.853
Uptown district________
Total oper. revenue.. $3,674,401
Non-oper. revenues____
23,584
$3,710,353
21,062
$3,233,643
14,592
$3,275,091
8,475
Total gross earnings_ $3,697,985
Operating e x p e n se s._ $2,255,559
_
Maintenance expenses..
270,520
General taxes _ ______
144,600
Federal taxes .
41,000
$3,731,415 $3,248,236
$2,446,865 $2,069,423
2-,.6,868
286,098
138,3401
145,626
30,875/
$3,283,566
$2,360,670
355,616
110,900
Net earnings
Bond interest-
_____
_____
Bond disc. & expense_
_
Preferred dividends____
$986,307
$309,384
7,312
23.330
86,981
$848,468
$299,475
9,719
23.258
68,127
$747,089
$300,000
$456,380
$300,000
20,000
70,000
20.000
70.000
Balance, s u r p lu s ._
_
$559,299
$447,887
$357,089
$66,380
The surplus account June 30 1924 shows: Surplus balance, $401,108
Add surplus net Income before deprec. & common divs., $559,299; total
surplus, $960,407. Deduct approp. for renewal & replacement res.,
$325,000; surplus charges, incl. provision to place no par pref. stock at
minimum liquidation price, $110,609: surplus June 30 1924, $524,799.
OFFICERS.— Pres.. James D . Hurd; V .-P ., Charles A Gillham; Treas.,
Geo. S. Beith; Sec., F. E . Pendleton.— V. 119, p. 2762; V. 120, p. 1586,1881.
THE POWER CORPORATION OF NEW YORK.
ORGANIZATION.-—Incorp. in N . Y . in 1922 to own, develop and
operate water power plants in New York State. In 1924 acquired approx.
85% o f com. stock o f Northern New York Utilities, Inc. (see separate
statement below). Has acquired developed and undeveloped water power
In St. Lawrence.
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Lewis and Jefferson counties in New York State. Owns approx. 85% of
the common stock of the Northern New York Utilities, Inc., a public
utility serving a large section o f northern and central New York. Com
bined properties include developed powers totaling 175,800 h. p ., of which
over 94% is either hydro-electric or hydro-mechanical, and undeveloped
hydro-electric properties of over 130,000 h. p. Number of hydro-electric
power plants, 17; nydro-mechanical power plants, 4; steam plants, 2; miles
o f high-tension transmission lines, 1,350: miles o f distributing lines, 1,131;
substations, 34; gas plants, 2, having daily combined capacity of 5,770,000
cubic feet.
STOCK A N D BONDS—
Dale. Interest. Outstanding. Maturity.
Common 600,000 shs (no par). ____
Q-J
394,396 shs Apr '25, 25c
Pref 7% cum $10,000,000($100)____
7 Q-F
$3,000,000
See text
1st mtge Series “ A ” ________ ( 1922
6 A g M -N 4,939,000 N ov 1 1942
Series “ B ” _______________ 1923
6 g M -N
900,000 Nov 11942
($500 & $1,000) gold._c*tf [Equitable Trust Co., N . Y ., trustee.
3-year debentures $1,000,000/ 1924
6K g F-A 1,000,000 Feb 1 1927
($500 & $1,000) gold-_c*tf (Equitable Trust Co., N . Y ., trustee.
Stock.— Pref. is red. all or in part on any div. date at 115 & divs. $1,000,000 7% pref. was offered in Jan. 1923 by E. H. Rollins & Sons and F. L.
Carlisle & C o., Inc., at 98 & div., to yield about 7.15% . V. 116, p. 305.
An additional $2,000,000 was offered in June 1924 at 96 & divs., to yield
7.25% , latter issue carrying com. stock warrant entitling holder to pur
chase one share com. stock at $25 up to Dec. 31 1924; from Jan. 1 1925 to
Jan. 30 1925 at $30; from July 1 1925 to Sept. 30 1925 at $30; from Oct. 1
1925 to Dec. 31 1925 at $40. Warrants have also been issued to holders of
previous issues o f preferred stock.
Bonds.— 1st M tge. bonds (both series) are call, as a whole on 60 days’
notice at 110 & int.. less A % for each year of expired term, or in part for
sinking fund at 105 & int. Co. agrees to refund Penna., Maryland, Con
necticut and Dist. of Col. 4-mills taxes. Int. payable in New York City,
or Watertown, N . Y .
Series “ A ” 6 A s have sinking fund which retires by purchase or by call
by lot $50,000 Series “ A ” bonds annually from 1924 to 1928 incl., $75,000
annually from 1929 to 1933 incl., $100,000 annually from 1934 to 1938 incl.,
and $125,000 annually from 1939 to 1942 incl. $5,000,000 Ser. “ A ” 6 A s
were sold in N ov. 1922 by E. H. Rollins & Sons and F. L. Carlisle & C o.,
Inc., New York, at 100 & int. V. 115, p. 2055.
Series “ B” 6s have sinking fund which retires by purchase or by call by
lot $10,000 Ser. “ B ” bonds annually from 1924 to 1928 incl., $15,000 an
nually 1929 to 1933 incl., $20,000 annually 1934 to 1938 incl., and $25,000
annually 1939 to 1942 incl. In M ay 1923 E . H. Rollins & Sons and F . L.
Carlisle & C o., Inc., offered $1,000,000 Ser. “ B ” 6s at 94J3 & int., to yield
about 6 A % . V. 116, p. 2397.
Debentures.— The 3-Yr. 6 A % debentures are red. all or in part at any time
at 100 & int., plus A of 1% for each year of unexpired term. Penna. 4-mill
tax and Maryland 4 A -mill tax, Conn, personal property tax not exceeding
4 mills, Dist. o f Col. tax not exceeding 5 mills and Mass, income tax on int.
P O W E R C O R P O R A T IO N O F N E W Y O R K S Y S T E M
The Power Corporation of New York
Northern New York Utilities, Inc.
We are identified in the financing of these
Companies and will answer inquiries regarding
the securities upon request. Write for our
illustrated booklet 1 Power and Light Bonds.”
1
E. H. Rollins & Sons
Founded 1876
BOSTON
2C0 Devonshire St.
N EW Y O R K
43 Exchange PI.
PHILADELPH IA
1421 Chestnut St.
CHICAGO
231 So. LaSalle St.
SAN FRANCISCO
300 Montgomery St.
LOS ANGELES
1000 California Bank Bldg.
DEN VER
315 International Tr. Bldg.
[V ol. 120,
not exceeding 6% of such int. per annum refunded. Int. payable in New
York City or Watertown, N. Y . $1,000,000 3-yr. 6 A % debs, were offered
in Feb. 1924 by E. H. Rollins & Sons and F. L. Carlisle & C o., Inc., at
99 A & int., to yield about 6.70% . V . 118, p. 676.
Dividends.— Regular quar. divs. of 1% % (Q.-F.) are being paid on pref.
On com ., quar. divs. of 25c. per share (Q.-J.) are being paid. V. 120, p.
1461.
EARN ING S.— For year ended Dec. 31 1924 (including subsidiaries, with
inter-company items eliminated):
Gross earnings________________________________________________ $4,040,918
Operating expenses, incl. maintenance and local taxes---------------- $1,480,814
Subsidiary interest, amortization, &c__________________________
685,071
539,735
Subsidiary dividends and minority interest____________________
Interest, amortization, &c____________________________________
463,864
Federal taxes_________________________________________________
157,239
Depreciation_________________________________________________
159,952
116,667
Preferred dividends paid diming 1924__________________________
B alan ce____________________________________________________ $437,576
OFFICERS.— Pres., John N . Carlisle; V .-P ., W . P. Creager; V .-P .,
D. M . Anderson; V .-P ., H. G. Davis; V .-P . & Sec., R . B. M altby; Treas.,
F. A . Rogers; Asst. Sec. & Asst. Treas., C. B. Martin: Asst. Sec. & Asst.
Treas., R. K . Ferguson.— V. 119, p. 2880; V. 120, p. 455, 1205, 1461.
NORTHERN NEW YORK UTILITIES, INC.
ORGANIZATION.— Incorporated in New York in 1913.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates electric light, power and ga? properties in northern and
central New York serving a population of more than 100,000. Company
does the entire electric light and power business in Rome, Watertown and
46 adjacent communities, the entire gas business in Rome and Watertown,
and furnishes power on a wholesale basis to the Utica Gas & Electric Co.
under a long-term contract, calling for the delivery of up to 33,000 h. p.
Has a transmission line which connects the properties of the company
with those of the Niagara Lockport & Ontario Power C o., providing
for the interchange of power under existing contracts. Company
has a total generating capacity in hydro-electric and steam plants, in
cluding those owned, leased and under construction, of 124,680 h. n. Of
this total 107,405 h. p. is derived from hydro-electric plants owned by the
company and located on the Black, Beaver and Oswegatchie rivers, of which
26,480 h. p. is under construction, and 9,775 h. p. from two steam plants
located at Watertown and Deferiet. Company purchases under contract
over 7,800 h. p. hydro-electric power from Power Corp. of New York and is
under contract to lease 7,500 h. p. of hydro-electric generating capacity at
High Falls now under construction, the completion of which is expected
early in 1925. Construction work on the 26,480 h. p. hydro-electric pro
jects now under way at Soft Maple and Sewall’s Island should be completed
during the early summer of 1925. Company also owns three undeveloped
power sites having a potential generating capacity of over 16,000 h. p. The
gas plants located in Rome and Watertown have a daily capacity o f 5,770,000 cu. ft.
Outstanding. Maturity.
STOCK AND BONDS—
Date. Interest.
$4,000,000 M ir 25 75c
Common $4,000,000 ($25)-----------------------5,750,000May’25 1H %
Pf 7% cum $10,000,000 ($ 1 0 0 )-----7 Q-J
____
. _
2, 90,500 July 1 1963
.................. .......
5 g J-J
1st mtge & ref (closed) ($500 1913
and $1,000) gold_______ c* Irving Bank-Columbia Tr. Co., N. Y ., trus.
7 g M -N
1,200,000 M ay 1 1946
First lien & ref Series “ A ” ___ 1921
6 g M -N
1,356,300 M ay 1 1947
Series “ B ” _______________ 1922
6 g M -N
3,980.400 M ay 1 1943
Series “ C ” _______________ 1923
5 A g J-D 1,750,000 ____________
Series “ D ” _______________ 1924
($500&$1,000c*,$1,000r*)g tf (Equitable Trust Co., New York, .trustee.
___________________________ _____
5%
2,569.000 ___________
Divisional bonds
Stock.— Pref. is redeemable at any time at $110 and divs. In Dec. 1924
$750,000 7% cum. pref. was offered by E. H. Rollins & Sons and F. L.
Carlisle & Co., Inc., at 102 & div., to yield 6.85% . V. 119, p. 2648.
Bonds.— First and ref. mtge. 5s are callable on any interest date at 105 and
interest. Mortgage provides for sinking fund of A % annually of the total
outstanding first & ref. mtge. bonds from July 1 1916 to July 1 1938, inclu
sive, and 1% annually thereafter to maturity, to be applied to the purchase
or redemption of bonds of this issue at not exceeding 105 and int. Interest
payable at First National Bank, New York, and the Northern New York
y .
Trust Co W3it)6rtown
First lien and refunding mortgage Series “ A ” 7s cannot be called.
First lien and refunding mortgage Series “ B” 6s cannot be called.
First lien and refunding mortgage Series “ C” 6s are callable as a whole at
110 and interest, less A of 1% , for each full year of expired term, or in part,
at 105 and interest, up to and including M ay 1 1933, and thereafter at the
same rate as when redeemable as a whole. The redemption of part shall not
exceed A of 1% annually of the entire outstanding amount of this issue
from 1924 to 1932, inclusive, and thereafter shall not exceed 1% annually
of such amount.
First lien and refunding mortgage Series "D 5 A s are callable as a whole
on 45 days’ notice at any time during the years 1925 to 1929, inclusive, at
105’ 1930 to 1934, inclusive, at 104' 1935 to 1939, inclusive, at 103’ 1940 to
1944, inclusive, at 102' thereafter to maturity at 101. Callable in part at
103 and interest up to and including 1939, and thereafter at the same rate
as when redeemable as a whole. The redemption of part shall not exceed
A of 1% annually of the entire outstanding amount of this issue from 1925
to 1933, and thereafter shall not exceed annually 1% of such amount. In
Nov. 1924 $1,750,000 Series “ D ” 5 A s were offered by E. H. Rollins & Sons
and F. L. Carlisle & Co., Inc., at 97A and interest, to yield about 5.70% .
V. 119, p. 2530.
J
m
Interest on all first lien & ref. mtge. bonds is payable at Equitable Trust
Co., New York, or Northern New York Trust Co., Watertown, N . Y .
Penna. State tax of 4 mills refunded.
DIVS. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
7
7
7
Pref., % . .
7
7
7
7
7
7
12
12
18
Com., % 5
8
10
7 A U X 12A
6H
EARNINGS.— 12 months ended Dec. 31:
1922.
1923.
Calendar Years—1924.
$1,979,175 $1,571,170
Gross earnings--------------------$3,145,751
831,132
627,833
Oper. exp., maintenance and ta x es.. 1,467,986
483,991
397.614
Int., amortization, Federal taxes, &c.
759,048
Bal. avail, for divs. and deprec’n . .
$918,717
$664,052$545,723
OFFICERS.— Chairman of Board, F. L. Carlisle- Pres., J. N . Carlisle;
V .-Ps., C. C. Burns, H. S. Lewis, W . P. Creager and H. G. Davis; Sec.,
S. F. Smith; Treas., F. A . Rogers.— V . 119, p. 2287, 2530, 2648.
INTERBOROUGH RAPID TRANSIT CO.
O R G A N IZA TIO N .— Incorp. M ay 6 1902 in New York.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Operates municipal tunnel and elevated lines in New York City; also leases
Manhnirtan (Elevated) R y.. which see on a following page.
Mileage as of June 30 1924.
Five
Length
Two
Three Four
Division—
of Road Track. Track. Track. Track.
Subway—
7.18
85.28
7.50
Contracts Nos. 1 and 2------- 25.72 10.41
Contract No. 3:
0.27
0.11
Atlantic Ave
..
— __ __
6.87
2.02
0.31
2.33
Astoria Line
. ..
__ 21.99
0.12
3.19
5.68
2.37
Brooklyn L in e..
.. __ __ 12.39
0.52
3.69
4.21
Corona Line
. .
__ __ __
4.67
2.31
Clark St. Tunnel Line----- 2.31
__
18.89
0.20
Jerome Ave. L i n e ------- ... 6.04
__ 5.59 4.42 0.25 21.15
0.08
0.45
Lexington Ave. L in e ------- 5.00
__ __ __ __
0.55
0.55
149th Street Loop
__ __ __
5.55
2.70
2.70
Nostrand Ave. Branch----___
__ 21.60
0.34
6.81
Pelham Bay Park Line------ 7.15
____
____
0.24
5.96
2.40
Queensboro Subway----- --- 2.64
___
___
3.28
0.83
15.73
4.19
Seventh Ave. Line—
___
19.15
0.18
4.37
0.33
4.88
White Plains Road Line—
2.84
6.79 27.39
0.16 128.31
Manhattan Division
------- 37.18
____
____
____
1.26
0.62
8th Ave. & 162d St. Connec 0.62
____
____
____
2.73
1.35
Queensboro Bridge Line_
_ 1.35
____
____
5.33
0.03
1.71
Webster Ave. Line. . . - 1.74
—
—
—
1.00
0.50
West Farms Subway Conn. 0.50
Totals.
114.79
31.97
58.96
21.47
1.19
378.68
M ay , 1925.]
POWER, LIGHT AND RAILW AY
Owns stock of N. Y . & Queens County R y., 73 miles, and (jointly with
Long Island R R .) the N . Y . & L. I. Trac. Co. and Long Island Elec. R y.,
total 68 miles. V. 80, p. 2621; V. 83, p. 818; V. 86, p. 1100. Announced in
Jan. 1923 that trolley lines in Queens would be dropped. V. 116, p. 295.
“ Outside assets” in Dec. 1917, V. 103, p. 2365.
New Lines.— On Mar. 19 1913 an agreement was signed between the city
and this company (V. 94, p. 1507, 1565; V. 96, p. 62, 359, 1701) and the
B .R .T . Co. (now B. M . T .), providing for the establishment of compre
hensive dual systems of rapid transit serving all boroughs.
The official statement to the N. Y . Stock Exchange, dated June 30 1913,
was published in “ Chronicle” o f Aug. 16 1913, pages 450 to 455, giving full
particulars as to new contracts, bonds, &c. See also V. 97, p. 744, 1024.
Subway Leases, New and Old, to Run 49 Years— Re-Capture.
The lease by the city to the co. o f the new subways is for 49 years from
Jan. 1 1917, but if their completion should be delayed through no fault of the
c o ., the beginning of the term will be correspondingly postponed (date now
set Jan. 1 1919); subject ..however, to city’s right of recapture after 10 years.
The leases o f the original subways as modified expire contemporaneously
with the lease o f the new subways, but are not subject to termination by
notice except as portions thereof may be taken over in substitution for the
7th Ave. branch or the Lexington Ave. branch of the new subways in order
to complete a direct longitudinal line, either upon the East Side or upon the
West Side o f the city. As to the old contracts, Nos. 1 and 2, see “ Railway
A Industrial” Supplement o f Feb. 1913 and V. 96, p. 1701.
The authorizations and licenses for the elevated railway extensions and
additional tracks are for 85 years from the beginning o f operation, and are
respectively subject to the right of the city to purchase and take the prop
erty at any time after 10 years upon payment therefor.
tinder the pooling agreement with the city which became effective Jan. 1
1919, all the receipts o f the old and new lines of Interborough system, with
the exception o f the old elevated lines, will be placed in a common pool, from
which will be deducted taxes, maintenance, oper. expenses, depreciation,
the c o .’s preferential and interest and sinking fund payments upon the city’s
and the c o .’s investments in the new lines. After these charges are paid
the amount o f revenue remaining will be divided equally between the city
and the company. V. 107, p. 501, 401.
Interest on the securities issued to construct and equip the new lines was
a charge to construction until, and to the extent of, the completion and com
mencement o f operation o f the new lines. Under its contracts with the city
the co. was reported in Jan. 1919 to be entitled to take, on basis of convert
ible note issue o f 1918, out of the revenues of the I.R .T . system, an annual
sum which, with $500,000 other corporate income, will provide $17,620,072,
as compared with $13,101,255 required for interest and sinking fund on
all bonds and notes outstanding in the hands of the public; but in Jan. 1919
not over $9,700,000 of the sum last named was expected to be a charge
against the earnings of the year 1919, owing to the delay in putting the new
lines in operation. See below and V. 108, p. 171, 268; V. 107, p. 1100.
The amounts payable to the co. out o f the revenues o f its subways (com
pound int. being allowable on any deficiency in any fiscal year) are to be paid
before the city becomes entitled to the int. on its investment under its 1913
subway contract with the co. The amounts payable to the co. out of the
revenues o f its elevated lines (compound int. being allowable on any de
ficiency in any fiscal year) are to be paid before the city shares any profit
from the operation o f the elevated lines.
When the profits from the operation of the subway system exceed the
amount of the c o .’s annual prior claim, and after all accumulated deductions
(with int. thereon) shall have been made up to the co., the profits then re
maining are to go to the city until the percentage of the city’s return upon
its investment shall eoual the percentage of the return received by the co.;
and thereafter excess profits will be divided equally between the city and the
co. The profits from the elevated system and connections, after all the c o .’s
accumulations shall have been made up, are to be divided equally between
the city and the co.
Readjustment Plan, Dated May 1 1922.
The plan o f readjustment for the Manhattan Elevated and Interborough
properties, outlined below was accepted by the security holders con
cerned. (V. 115, p. 1730.) The main purpose of the plan was to provide for
the capital requirements and arrears o f the Interborough system, estimated
at about $30,000,000, and to readjust the Manhattan dividend rental.
Under the plan the Interborough Consolidated Corp., which is the successor
to the Interborough-Metropolitan Co. as the holding co. controlling the
Interborough Rapid Transit C o., will disappear with its $45,740,500 o f pref.
stock and its 932,626 no par shares of com. stock and its $63,808,000 of coll
trust
% bonds. In place of these securities the $35,000,000 of Interboro.
Rapid Transit Co. stock will remain. V. 114, p. 2011; V. 115, p. 2159.
Summary of the Main Features of the Plan.
Manhattan Rental.— The Manhattan rental is to be payable out of the
earnings o f the combined systems after the payment o f interest charges
and is to be at the following rates:
For the fiscal year beginning July 1 1922, 3% .
For the fiscal year beginning July 1 1923, 4% .
For the fiscal year beginning July 1 1924, and subsequent years, 5% .
These preferential payments are to be cumulative and must be made to
the Manhattan stockholders if the earnings exist.
In case 4% divs. should be paid in any year upon Interborough stock,
any further distribution o f divs. for that year is to be divided upon a pre
scribed basis between the Interborough stock and the Manhattan stock until
the total divs. upon the Manhattan stock for that year have reached 7% .
Interborough Dividends Limited to 7 % .—-No divs. shall be paid upon the
capital stock o f the Interborough Co. (a) before July 1 1926, nor (6) out of
income accruing prior to that date, nor (c) unless and until the foregoing
Manhattan cumulative div. rental and all taxes upon the Manhattan prop
erty and all div. rentals accruing to and incl. July 1 1922 shall have been
paid in full. The divs. to be paid upon the stock o f the Interborough Co.
in any year prior to July 1 1950 shall not exceed 7% .
After July 1 1950 no div. shall be paid in excess o f 7% per annum, and
no other distribution o f corporate assets shall be made if such payments
reduce the aggregate net value o f the assets of the Interborough Co. below
$35,000,000 unless such div. or distribution shall have received the con
sent of the Manhattan directors.
Existing Current Obligations and Arrears to be Paid.— Provision is to be
made for the payment o f all existing current obligations, including the
arrears o f rentals at the present rate and taxes under the Manhattan
lease down to July 1 1922, the beginning o f the next fiscal year.
Maintenance and Improvement of Manhattan Property.— Provision is to
be made to insure the application of a proper amount to the maintenance
and improvement of the Manhattan property, including the installation
o f turnstiles at stations and pneumatic control doors for cars.
Sinking Fund of Interborough Bonds Waived Five Years.— The interest
payments on the Interborough 5% first mtge. bonds and on the secured
notes is to continue uninterrupted, but in order to increase the amounts
available for the improvement o f the Interborough properties and other
capital purposes, the sinking fund in respect o f the Interborough 5%
mortgage bonds is to be waived for a five-year period.
Notes.— 90% o f the Inter borough secured notes due Sept. 1 1922 were
for 10 years, the remaining 10% being paid in cash.
A new issue o f $15,000,000 6% notes was auth., o f which $10,500,000
were issued to provide for capital expenditures.
T o carry out provisions o f the plan a voting trust was established. Voting
trustees are: Frank Hedley, Guy E. Tripp and Frank L. Polk. The
voting trust is to continue in force until Oct. 1 1927.
For further details of plan, compare V. 114, p. 2011, 2240.
VALU ATION .— V. 114, p. 1765.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Stock ( v t c ) $35,000,0 00($1 00)___
________ $35,000,000 Jan’1 9 ,2 ^ %
1st & ref mtge $300,000.0001
1913 5 g J-J
162,106,000 Jan 1966
($1,000 &c) gold___ c*&r*/Guaranty Trust C o., N . Y ., Trustee.
Secured conv notes ($100 & c)l 1922
7 g M-S
34,296,600 Sept 1 1932
g o l d _________________ c*tf/Bankers Trust C o., N . Y ., Trustee.
10-yr gold notes $15,000,0001 1922 6 g A-O
10,500,000 Oct 1 1932
($100, & c)________ c*&r*tf/Guaranty Trust Co., N . Y ., Trustee.
Equipment trust certificates] 1923
6 g M-S
1,120,000 Mar 15 '28
($ 1 ,0 0 0 )_______________c*/N ew York Trust C o., N. Y ., Trustee.
Equipment trust certificates/ 1924 6 K %
1,800,000 See text.
Series B ___________________ (New York Trust C o., New York, Trustee.
Equipment trust certificates/ 1924
6%
2,850,000 ---------------Series C __________________ iNew York Trust C o., N . Y ., Trustee.
Bonds.— T h e “ First and R efunding M ortgage” o f 1913 is lim ited to
$300,000,000, o f which $170,000,000 was underwritten early in 1913,
kin June 1923 $162,106,000 was outstanding and a further $59,602,000
51
had been pledged to secure the secured convertible 7% notes due in 193
Listing, V. 108, p. 2629.
The bonds became, N ov. 1 1913, a first lien on all leasehold and othst
rights of the company in (a) the existing subways and elevated lines (in
cluding power houses, sub-stations, equipment, real estate, &c., owned
directly by the Interborough Co. subject to the city’s rights under the lease)
and (6) in the new subway and elevated line extensions and in the author
ized additional tracks on the present elevated lines. Cumulative sinking
fund of not less than 1% yearly of amount out began July 1918, and is to
retire entire issue. Sinking fund waived for 5 years (see readjustment
plan above).
In case the city shall exercise its right of re-capture of any of the new lines,
after 10 years from commencement of operation, the moneys so payable
will retire all outstanding bonds issued for constructing and equipping same.
Int. payable at Treasurer’s office, 165 B ’way, N. Y . City.
Secured Convertible Notes.— 90% o f the $38,144,000 Interborough secured
notes, maturing Sept. 1 1922, were extended as per plan for a period of
ten years, the remaining 10% being paid in cash. The ext. notes are
secured by deposit of $59,602,000 1st & ref. mtge. bonds of 1966 and are
convertible into 1st & ref. 5s at 80 during the first 3 years, at 85 during the
second 3 years, and at 90 during the last 4 years. Red. in whole or in part
at par and int. and a premium of M of 1 % for each unexpired semi-annual
period of the ten-year term. Int. at office of J. P. Morgan & C o., N. Y.
Ten-Year 6% Notes.— Until the payment of these notes the co. will not
sell or issue any 1st & ref. mtge. bonds, except upon the conversion o f its
secured conv. gold notes (or reneawls or extensions thereof) or for the
purpose of paying the principal of these 10-year 6% gold notes. Red. at
par and int. plus a premium of
of 1% for each unexpired semi-annual
Interest period of the ten-year term. Int. at Treasurer’s office, 165 B ’way,
N. Y . City.
In addition to the notes shown in table above, there were outstanding on
June 30 1923 three-year secured convertible 7% gold notes, dated Sept. 1
1918, as follows: Extended at 8% . $711,400; not extended, $44,600.
6% Equipment Trust Certificates of 1923 are due $280,000 annually. Int.
payable at office of J. P. Morgan & Co., N. Y .
6H % Equipment Trust Certificates Series B are due $450,000 each Jan. 1
to and incl. Jan. 1 1929.
DIVS.—
1907 to 1910. 1911. 1912. 1913. 1914 to 1917. 1918. x919.
Since 19 06---% 9 yearly
10fi
15
12
20% yrly.
15
2^
In July 1918 reduced div. to 2M % quar. (10% p. a.) and in Oct. 1918
and Jan. 1919 paid at that rate. In Feb. 1919 failed to declare any divi
dend for April 1. See V. 108, p. 878.
RE PO RT.— Year ending June 30 1924, V. 119, p. 2172, 2755.
1 Q 9 q _9 4 .
1 0 9 9 -9 9
1 Q 9 1 -9 9
1 0 9 0 91
Gross oper. revenue____ $57,773,775 $55,559,436 $53,540,859 $55,031,941
Operating expenses-------- 33,841,415 34,392,509 32,272,509 36,024,646
Taxes--------------------------- 2,763,530
2,662,311
2,802,824
2,735,694
Operating income___ $21,168,830 $18,504,617 $18,465,527 $16,271,601
402,763
573,850
652,875
639,123
Other income--------------Gross income------------ $21,571,593 $19,078,467 $19,118,402 $16,910,724
Income deductions------- 20,500,416 19,210,262 21,885,199 21,375,551
Net deficit.........-.zsur$l,071,177
$131,795
Previous surplus----------- def524,783 def524,866
Other credits---------------- \defl54,860/
145,638
Appropriations------------- /
\
13,760
$2,766,797
2,242,878
19,343
20,291
$4,464,827
7,093,101
34,779
y420,174
Profit and loss--------- surx$391,534defx$524,783defx$524,866sur$2242,878
x Stated excl. of accruals under Contract No. 3 and related certificate
payable from future earnings, y Incl. $394,757 loss on sale of Liberty bonds
z Stated excl. of expenditures for maint. in excess of contractual provisions
aggregating $1,430,203, leaving a balance (deficit) after actual maint. of
$359,026 for the year.
Results by Divisions for Years Ended June 30.
-1924—— ------------------------ 1923Manh. Ry.
Subway
Manh. Ry.
Subway
Year ended June 30— Division.
Division.
Division.
Division.
Passengers carried------- 359,410,056 714,933,187 348,524,700 676,650,431
Daily aver. pass, carried
981,995
1,953,369.
954,862
1,853,837
Rev. from transporta’n.$17,978,402 $35,749,520 $17,443,964 $33,837,513
Other street ry. op. rev. 1,402,738
2,643,114
1,771,214
2,506,746
Gross oper. revenue. .$19,381,140 $38,392,634 $19,215,177 $36,344,258
Operating Expenses—Maint. of way & struc. . $1,221,012 $2,937,037 $1,210,556 $2,780,336
Maint. of equipment___. 1,492,348
3,589,711
1,479,569
3,398,188
T ra ffic ________________
410
742
586
250
Transportation expense.. 8,228,530 13,847,799
8,834,589 14,201,328
General expenses______
942.482
1,581,343
912,070
1,575,036
Total oper. expenses.. .$11,884,782 $21,956,633 $12,437,370 $21,955,139
Net operating revenue-. . $7,946,358 $16,436,002 $6,777,807 $14,389,120
. 2,168,267
595,263
2,211,334
450,976
$5,328,091 $15,840,739
318,492
84,270
$4,566,473 $13,938,143
80,881
492,970
Gross income________ $5,412,362 $16,159,231
Int. & sk. fd. on city bds.
2,610,999
Int. on I. R. T . Co. 1st &
R ef Mtge 5% bonds____ 1,438,169
6,628,823
Sk. fd. on I.R .T . Co. 1st
& Ref. M . 5% bonds.
524,472
1,646,085
Int. on 7% notes_______
1,291,500
954,920
Int. on 10-yr. 6% notes.
18,271
242,638
Int. on equip, tr. ctfs_
_
70,420
Int. on Manh. Ry. Cons.
Mtge. 4% bonds_____ 1,627,320
Int. on Manh. Ry. 2d
Mtge. 4% bonds_____
180,920
Man. Ry. rental (organ.)
50,000
Div. rental on Man. R y.
Co. stock___________
2,723,877
Int. on inv. of depr. res.
48,800
Int. on unfunded d e b t..
68,726
109,817
Other rent deductions. _
238,485
26,174
$4,647,354 $14,431,113
2,584,035
Non-operating income..
1,403,267
6,628,823
496,390
936,681
2,546
1,639,662
1,366,395
62,600
390
1,627,320
180,920
50,000
1,710,000
105,587
269,293
48,800
70,314
27,239
Total inc. deductions. 7,825,160 $12,675,256 $6,782,004 $12,428,258
Net corporate income.def$2,412,798 $3,483,975 df$2,134,650 $2,002,855
“
Maint. expend, in excess
of contrac’l provisions 1,305,487
124,715
584,820 defl47,923
Balance------- --------- def$3,718,286 $3,359,260 df $2,179,470 df$2,150.478
Earnings for 9 mos. ended M ar. 31 1925 in V. 120, p. 17 7, 2146.
OFFICERS.— Chairman of Board, Pres. & Gen. M gr., Frank Hedley
V .-P., Earl E. Starbard; Sec. & Treas., H. M . Fisher. Office, 165 Broad
way, N . Y .— V. 119, p. 1733, 1843, 1953, 2063, 2172, 2287, 2529, 2755,
2761; V. 120, p. 211, 582, 1202, 1326, 1586, 1747.
M A N H A T T A N R Y . (ELEVATED).
ORGANIZATION.— Lease.— The Interborough Rapid Transit Co.
leases the road for 999 years from 1875. Divs. were originally guaranteed
at rate of 7% per ann., but under terms of readjustment plan rental was
reduced as follows: For fiscal year beginning July 1 1922, 3% ; for fiscal
year beginning July 1 1923, 4% ; for fiscal year beginning July 1 1924 and
subsequent years, 5% . These preferential divs. are payable out of the earn
ings of the combined Interborough R . T . and Manhattan R y. systems after
the payment of interest charges, and are to be cumulative. In case 4%
divs. should be paid in any year upon I. R . T . stock, any further distribu
tion for that year is to be divided upon a prescribed basis between the
Interborough stock and the Manhattan stock until the total divs. upon the
Manhattan stock for that year have reached 7 % . See Interborough Rapid
Transit Co. above.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Owns elevated railroads in the boroughs of Manhattan and the Bronx,
N . Y . City, main line and branches, 37.67 miles, with 92.52 miles o f 2d,
3d, 4th and 5th track, sidings, &c.; total track, 130.19 miles; 3d rail electric.
The 2d, 3d and 9th Ave. lines, under agreement with the city made in March
1913, have been largely 3-tracked, the Interborough Rapid Transit Co.
supplying the funds.
52
PUBLIC UTILITIES
Decision.— Supreme Court Justice Ford, in a decision handed down
Feb. 18 1924 in a Manhattan stockholder’s suit to recover from the Inter
borough company back dividends on the Manhattan guaranteed stock,
held that the Interborough company must pay the 7% dividend rental to
stockholders who declined to participate in the Interborough-Manhattan
readjustment plan. V. 118, p. 794. A similar decision was handed down
by Justice Mullan in M ay 1924. V. 118, p. 2437. Affirmed by Appellate
Division o f N . Y . Supreme Court April 3 1925. Interborough to carry
case to Court o f Appeals. V . 120, p. 1747.
Stockholders’ Committee.— Alvin W . Krech, Chairman; William A . Day,
J. H. McClement, Bertram Cutler and Frederick Strauss. Sec., Lyman
Rhoades, 37 Wall St., N . Y . V. 109, p . 1891; Y. 113, p. 1156.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
See text $60,000,000Apr’25,l M %
Stock $60,000,000 ($100)__________
Manhattan Elev cons (now/ 1890
4 g A-O
40,683,000 Apr 1 1990
first) mtge ($1,000, &c)| Central Union Trust Co. .N ew York, trustee,
g o ld ---------------------- c*&rtf t
2d mtge $5,409,000 gold/ 1913
4 g J-D
4,523,000 June 1 2013
callable at 105___________ (Equitable Trust Co., N . Y ., trustee.
Bonds.— Consols beyond $40,000,000 may be issued for extensions at
$300,000 per mile o f single and $600,000 per mile o f double track. Of the
bonds, $12,712,000 are tax-exempt. Int. payable at 165 B ’way, N . Y . City.
After all the $5,409,000 2d M . bonds have been issued, all further capital
expenditures must be financed b y the Interborough R . T . Co. V. 103,
p. 1118; V . 51, p. 248; V. 87, p. 285.
In Feb. 1916 $4,523,000 4 % 2d M . bonds were sold to reimburse the Inter
borough R. T . Co. for improvements and additions furnished under lease,
&c. The 2d mtge. is made superior in lien to the lease to the Interborough.
Int. payable at 165 B ’way, N . Y . City. V. 106, p. 822; V. 103, p. 1118;
V. 102, p. 609, 712, 800; V. 97, p. 1115, 1504.
Dividends.— On Jan. 1 1923 paid 1K %; also paid 5M % in scrip warrants
of I.R .T . Co. payable on N ov. 1 1923, being arrears o f divs. at 7% per ann.
up to and incl. div. due July 1 1922 (V. 115, p. 2580); Apr. 2 1923 paid M %
quar.; July 2 1923 paid 60c. per share; Oct. 8 1923 paid 1 % quar.; Jan. 1924
dividend was omitted; Aprif 1924 paid 1%- July 1924 paid 1% quar. and
15 cents balance due on account o f July 1923 dividend; Oct. 1 1924. paid
1% . being payment deferred in Jan. 1924; Nov. 1 1924 paid 1M % : Jan. 1
1925 div. deferred. On April 1 1925 paid 1 \i%.
R EPO RT.— See report o f Interborough Rapid Transit Co. above.
OFFICERS.— Pres., William Roberts; Asst. Sec.-Asst. Treas., P. V.
Trainque.— V. 119, p. 1510, 173, 2287, 2762; V. 120, p. 1327, 1747.
BROOKLYN CITY RR. CO.
ORGAN IZATION .— Incorp. in New York in 1853. Was leased on
Feb. 14 1893 to the Brooklyn Heights R R . Co. for 999 years, the lease
guaranteeing all fixed charges, organization expenses, taxes and 10% divi
dend [Oct. 1919 and subsequent dividends not paid— see B. R . T . below] on
$12,000,000 o f stock (par $10). The lease was nominally to the Brooklyn
Heights R R . C o., but the Brooklyn Rapid Transit Co. (now B .-M .-T .)
owned entire capital stock o f the Brooklyn Heights Co. The Brooklyn
Heights R R . Co. was placed in the hands o f a receiver July 14 1919, and in
accordance with the decree o f U. S. District Court, dated Oct. 16 1919, dis
affirmed the lease and returned the property to the Brooklyn City R R . Co.
Oct. 19 1919. In Oct. 1923 we were informed that the Brooklyn Heights
Co. was being liquidated. No further information.
FIELD OF OPERATIONS.— Owns 211 miles o f track and operates
approximately 219 miles. Has approximately 946 motor passenger cars
and 145 motor service cars. Power is purchased from B. M . T .
Guaranty Fund.— Under the terms o f the lease it was provided that a fund
of $4,000,000 should be deposited with certain trustees by the Brooklyn
Heights R R . Co. as a guarantee o f the performance of the terms o f the lease.
It was further provided that in the event o f the termination o f the lease by
reason o f any breach, default or omission, the “ said guaranty fund of
$4,000,000 . . . shall at once become the sole and absolute property
of the lessor.” This guaranty fund consisted o f the following: $2,000,000
Brooklyn Queens County & Suburban first mtge. 5% bonds; $1,627,000
Brooklyn City R R . first 5s; $125,000 Brooklyn City R R . refunding 4s;
$25,000 B. R . T . first 5s; $250,000 B. R . T . first refunding 4s.
By agreement dated N ov. 19 1923, the Guaranty Fund controversy was
adjusted as follows: $275,000 Brooklyn City R R . ref. 4s held by the B. M . T .
were substituted for the $250,000 B. R. T . ref. 4s and $25,000 B. R. T . 1st
5s. All the Brooklyn City R R . bonds, consisting o f $1,627,000 5s and
$400,000 4s, were delivered free and clear to the Brooklyn City R R . Co.
$2,000,000 Brooklyn Queens County & Suburban 1st mtge. 5s were delivered
to the B. M . T . under a stipulation that the Brooklyn City R R . should
receive a $2,000,000 offset against any recovery on the so-called $10,000,000
construction suit. It was further provided that if there should be no re
covery on the construction suit, then Brooklyn Queens County & Suburban
bonds should be returned to the Brooklyn City R R . Co. or the pro rata
amount o f the recovery, should it be less than $2,000,000.
The company has no power houses of its own but has a contract with the
receiver for the B. R . T . by which it is supplied With power. The company
makes weekly payments of the amounts which is- estimated will be found
due for power. The amounts are not fixed and vary from time to time.
The company has a claim against the B . R . T . for the demolition o f the
Brooklyn City power house.
Suit.— The receiver for the B . R . T . brought suit against the company to
recover $10,000,000, alleged to have been expended by the Brooklyn
Heights C o. under its lease. The company in its answer denies any lia
bility. Y . 113, p. 2612.
Objections to Valuation of Transit Commission.— V . 114, p . 1285.
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
Date.
_______ $16,000,000 See text.
Cap’l stock $16,000,000 ($10)--------4 g F-A
Z525.000 Aug 1 1956
Refunding mtge $6,925,0001 1906
n tf JInt. at Brooklyn Trust C o., Brooklyn, trust.
( $ 1, 000)
1/4,373,000 July 1 1941
First consolidated mortgage! 1891
5 J-J
n tf (Int. at Kings County Trust C o., Bklyn.,trus.
$6 .000 ,000 . .........
Equip trust certifs Series A\ 1925
5 g J-J
3,750,000
See text
($500 & $1,000) gold._c*tf /Brooklyn Trust Co., Brooklyn, N . Y ., Trus.
x $400,000 owned by company and held alive (see “ Guaranty Fund”
above). y $1,627,000 owned by the company and held alive (see “ Guaranty
Fund” above).
Bonds.— Mortgage o f 1891 is for $6,000,000 and is a first lien on the old
Brooklyn City road and a consolidated lien on the lines acquired by consoli
dation in 1890. The bonds are not subject to call.
The refunding bonds are subject to call at 110 and interest. V . 82, p.1437
Equip, trust certifs. Series A are due $375,000 each Jan. 15 1926 to 1935.
Principal and divs. payable in New York and at office of Halsey, Stuart &
C o., Inc., in Chicago. $3,750,000 were sold in Jan. 1925 by Halsey,
Stuart & C o ., In c., at prices ranging from 96.21 and divs. to 100.46 and div.,
to yield from 4J-£% to 5 H % , according to maturity. V. 120, p. 328.
Dividends.— Following the termination o f the lease (see above) in Oct.
1919, no dividends were paid until Dec. 15 1922, when a dividend of 20c. per
share was paid. V. 115, p. 2158. In 1923: March, 20c.; June, 20c.; Sept.,
25c.; Dec., 25c. In 1924, M ar., 25c.; June, 25c.; Sept., 25c.; Dec., 20c.
and 5c. extra. In Mar., 1925, 20c. In Sept. 1924 a stock div. of 33 1-3%
was paid. V. 119, p. 323, 809.
EARN IN G S.— Report for years ended June 30:
12 M os.—
Over. Rev. Net after Tax Other Inc. Deduc’ns. Bal.,Surp.
xl923-24______$12,063,099 $2,356,296 $163,160 $517,736 $2,001,720
x l922-23______ 11,986,253 2,625,612
210,942
581,338
2,255,215
x Including earnings o f the Brooklyn City Development Corporation.
Latest Earnings.— For 6 mos. end. Dec. 31 1924 and 1923 were given in
OFFICERS.— Chairman o f Board, rank Lyman; Pres., H Hobart
Porter; Vice-Pres. & Gen. M gr., Clinton E . Morgan: V'ce-Pres. & Treas,,
Geo. W . Jones; Sec., S. B. Olney; Aud., E. H. Reed.— V. 118, p. 2302; V.
119, p. 323, 454, 577, 809, 1281, 1393, 1509, 2177: V . 120, p. 208, 328,
581, 701. 2145.
NEW YORK RAILWAYS CO.
Receivership.— On March 20 1919 Judge Mayer in the U. S. District
Court appointed Job E . Hedges temporary receiver for the company, upon
application by the American Brake Shoe C o., holder o f an overdue claim
for $36,806. On March 31 1919 the receivership was made permanent
V. 108, p. 1391. Compare V . 108, p. 1165. On July 11 1924 Job E. Hedges
resigned as receiver for the company, and Hugh J. Sheeran was appointed
as his successor. V. 119, p. 198. On April 21 1919 Judge Mayer in the
U. S. District Court denied the applications of the Eighth and Ninth
[V ol. 120.
Ave. R R . Cos. for an order directing the receiver to turn back the properties
to the lessor companies. Judge Mayer also refused to order the receiver to
pay the rentals due the complaining companies. V. 108. p. 1721. On
July 15 1919, however, Judge Mayer issued a formal order separating the
Eighth Ave. R R . from the receivership of the New York Railways C o. T he
order instructed the receiver and the Eighth Ave. R R . Co. to make an agree
ment that, as long as Commissioner Nixon’s two-cent transfer order (sea
below) exists, fares shall be the same as if the separation had not been made.
IT, however, the order is contested, the Eighth Ave. line is to be considered
absolutely independent and no transfers will be given. V. 109 fS. 270.
[This order was modified on Sept. 26 1919, and, effective Oct. 1 1919, all
transfers between the Eighth Ave. R R . and the New York Rys. C o. were
discontinued.— Ed.] Compare V. 109, p. 1079. On Sept. 11 1919 Judge
Mayer resolved to return the Ninth Ave. R R . to its owners. V. 109, p.
1080. Effective Jan. 31 1920, Judge Julius M . Mayer ordered the Fourth 3k
Madison Ave. Line, which had been leased to the company, returned to it*
parent company, the New York & Harlem R R . V . 110, p. 360. The 1st
real estate and refunding bondholders have asked the receiver to surrender
four more leases, viz., B ’way & 7th Ave., Sixth Ave., Christopher & 10th
St. and Bleecker St. & Fulton Ferry. In Jan. 1924 the receiver was ordered
by Federal Judge Mayer not to adopt the lease of the B-way & 7th Ave.
R R . The receiver, however, is to continue to operate the road and w ill
render a separate accounting to the Court. V. 118, p. 432.
Receivership to End.— See V . 120, p. 2148.
PLAN OF RE O R G A N IZA TIO N .— M any objections having been raised
to the tentative plan of reorganization announced in October 1923 (for
details see “ Electric Railway” Supplement of Oct. 27 1923 and V . 117, p.
1775), a revised plan was drafted and was approved by Judge Mayer on
July 10 1924. The Transit Commission on July 8 1924 authorized the reor
ganization o f the company as per the proposed plan. The protective com
mittees for the various securities listed Delow have also approved the plan:
(а) New York Railways Co. 30-year first real estate & ref. mtge. 4 %
gold bonds.
(б) New York Railways Co. adjustment mtge. 30-year 5% income bonds..
(cj Lexington Avenue & Pavonia Ferry R R . 1st mtge. 5% gold bonds.
(d) Stock of Forty-Second Street & Grand Street Ferry R R .
(e) Stock of (1) Sixth Avenue R R .; (2) Broadway & Seventh Avenue R R .;
(3) Bleecker Street & Fulton Ferry R R .; (4) Twenty-Third Street R y.; and
(5) Christopher & Tenth Street R R .
It was later announced (V. 120, p . 704) that the plan had also been ap
proved by the protective committees representing the following bond issues:
(a) Broadway & Seventh Ave. R R . 1st consol, mtge. 5% gold bonds
due Dec. 1 1943.
(5) Broadway Surface R R . 1st mtge. 5% bonds, due July 1 1924.
(c) South Ferry R R . 5% 1st mtge. bonds, due April 1 1919.
The plan in brief (for adjustments provided for in agreement dated Aug. 5
1924 between the committee for the B ’way & 7th Ave. R R . 1st consol. 5s
and the reorganization committee, see Y. 120, p. 704) provides for the forma
tion of a new corporation, or if deemed wise, one or more corporations, toacquire through mortgage foreclosures and creditors’ sales in pending legal
proceedings all the assets of New York R y s., so far as desirable (bought in for
reorganization committee at sale held July 7 1924— V. 119, p. 198) now in
the hands o f the receiver, used for the operation of street railroads (with cer
tain exceptions), subject, as to certain items, to certain underlying bonds,
but free from the lien or claim o f the following mortgages now in process o f
foreclosure: (a) Refunding mtge. (of New York R y s.); (6/ Lexington Avenue
mortgage; and free from certain claims of other creditors o f New York
Railways, now asserted in the receivership proceedings.
The assets thus acquired by the new company will not include property
owned by the New York Railways not used in operation of the street railway
system. The new company will therefore control all the present trolley
service in Manhattan except that of the Third Avenue R y. (which is under
independent management) and of the Ninth, Eighth and Fourth & Madison
Ave. lines, operated by the New York & Harlem R R ., which were formerly
under lease to the New York Railways.
It may be determined by the refunding bondholders committee that it is
not advisable that the new company acquire any interest in the lines of rail
road now subject to the Columbus & Ninth mortgage or now owned by the
Christopher Street C o., or either o f them, or it may be deemed advisable
that such lines of railroad or either of them be acquired by separate com
panies which may or may not contract for their operation with the new
company on such conditions as the committee may determine.
The new company will also acquire through such foreclosure and creditors’
sales the following stocks of former subsidiary and lessor companies.
(a) Bleecker Street Co., 8,536 shares (par $100 each) out of a total issue
of 9,000 shares.
(6) 23d St. C o., 5,075 shares (par $100 each) out of a total of 6,000 shares.
(c) Broadway C o., 14,002 shares (par $100 each) out of a total of 21,000
(d) 42d & Grand C o., 4,000 shares (par $100 each) out of a total of 7,480
shares.
(e) 34th St. C o., 10,000 shares (par $100 each), being the entire capital
stock of that company.
The new company does not propose to acquire at reorganization any out
standing bonds of the above companies (except $50,000 23d St. First bonds),
but it proposes to acquire the remainder of the outstanding stocks of the
lessor and subsidiary companies owned by the public by offering its ownsecurities to individual owners in exchange for their present stock holdings.
The new company proposes to acquire all the common stock, or all the
physical properties represented by such stock, of the Sixth Ave. Co.
The new company will not, in connection with the reorganization, make
any offer of securities in the reorganization in exchange for properties not
now being operated in the receivership (although previously owned or oper
ated under lease by New York Railways, e. g.. Eighth Ave. R R ., Ninth
Ave. R R ., New York & Harlem R R .), but securities of the new company
may be reserved for that purpose.
The assets held by the receiver which the new company will not acquire
consist generally of assets not used for railroad purposes (and the proceeds
o f such assets heretofore or hereafter disposed o f), and bonds o f lessor and
subsidiary companies of New York Railways. These assets are to be
separately administered (not by the new company) for the benefit o f the
holders of the Lexington Ave. bonds and the refunding bonds (of New York
Railways), respectively entitled thereto.
Digest of Reorganization Plan.
Bonds of Lessor and Sub. Cos. to Remain Undisturbed— Total, $11,303,000
Broadway Consolidated bonds_________________________________ $8,150,000
34th Street bonds_____________________________________________ 1,000,000
Bleecker Street bonds_________________________________________
700,000
23d Street impt. bonds, $1,500,000, less $47,000 in sinking fu n d -- 1,453,000
Bonds Which It Is Proposed to Offer the Privilege of Conversion at Par into
Broadway Consolidated Bonds— Total, $2,850,000.
Broadway Surface bonds_______________________________________$1,500,000
South Ferry bonds____________________________________________
350,000
Broadway First bonds (now in process of foreclosure)__________ x l ,000,000
x If the balance of $500,000 face amount and arrears of interest be paid,
are to have the privilege of such conversion. I f such payment and con
version be not made, $1,500,000 of the Broadway First bonds are to remain
outstanding as a prior charge.
Securities to Be Extended— Total, $600,000.
Central Crosstown bonds________________________________________$250,000
23d Street First bonds_________________________________________ x200,000
23d Street debentures__________________________________________ 150,000
x Aggregate face amount, $250,000, of which it is expected that $50,000
will be acquired by the new company.
The 23d Street First bonds and 23d Street debentures will be extended, at
the same rates of interest respectively, without change or addition of lien,
until the maturity of the new prior lien bonds issued in the reorganization.
Treatment of Broadway Bonds, Broadway Surface Bonds and South Ferry Bonds.
The reorganization does not propose any change in the corporate structure
of the Broadway Co. in the reorganization. An offer of exchange of new
company securities for Broadway stock is made as stated. It is proposed
that the Broadway Co. take the necessary corporate action (subject to the
necessary approval of public authorities, if any) so that under the terms o f
its consolidated mortgage there may be issued (if the trustee of that mort
gage consent thereto) additional Broadway Consolidated bonds to carry but
the conversions proposed in the plan (i. e., of Broadway First bonds, Broad
way Surface bonds and South Ferry bonds) and to make payment o f the
alance of the Broadway First bonds and arrears of interest thereon. T he
proposed conversions may be carried out during or after completion of the
reorganization as the committee or the new company may determine.
M ay , 1925.]
53
POWER, LIGHT AND RAILW AY
New York Railways Company
O l d Is s u e s
BONDS
Bleecker St. & Fulton Ferry 1st 4s______________
Broadway & Seventh Ave. 1st Consol. 5s_______
Broadway Surface Railroad 5s__________________
Central Crosstown R R . 1st 6s___________________
Columbus & 9th Ave. R R . 1st 5s_______________
Twenty-third Street R R . Improvement 5s_______
Thirty-fourth Street Crosstown 1st 5s____________
Lexington Ave. & Pavonia Fy. 1st 5s___________
New York Railways 1st Real Estate & Ref. 4s__
New York Railways Adjustment Income 5s_____
South Ferry Railroad 1st 5s_____________________
1950
1943
1924
1922
1993
1962
1996
1993
1942
1942
1919
STOCKS
Bleecker St. & Fulton Ferry R R . Co. Stock
Broadway & Seventh Avenue Railroad C o . Stock
Christopher & Tenth Street Railroad Stock
Forty-second St. & Grand St. Ferry R R . Stock
Sixth Avenue Railroad Company Stock
Twenty-third Street Railway Company Stock
N e w Is s u e s
“ When Issu ed
”
BONDS
Sixth Ave.
New York
New York
New York
R R . Co. Purchase Mtge. 5% Bonds
Rys. Co. new Prior Lien 6% Bonds
Rys. Co. new 6 % In co m e B on d s
Rys. Co. P a rticip a tion R eceip ts
STO CK S
Lexington B uilding C o r p o r a tio n S t o c k
New York Railways Co. New Preferred Stock
New York Railways Co. New Common Stock
BO U G H T — S O L D — Q U O T E D
As a Specialist in the New York City Public Utility Issues, I am pre
pared to furnish actual markets or reliable information on the securi
ties of the various Gas, Electric Light, and Traction Companies.
IN Q U IR IE S
IN V IT E D
T£2iCarnegie Eiren
Specialist in New York City Public Utilities
2 Wall Street
Telephone Rector 3 2 7 3
New York City
54
PUBLIC UTILITIES
Terms of Exchange of Old for New Securities.
---------------------------Will Receive----Existing Securities
6th Ate. Prior Iden
Income
Pref.
Com.
Outstanding—
Pur. Bds. Bonds.
Bonds.
Shares. Shares.
Lexington Ave. 5s, 55,000,000................................... c$3,300,000
Each $1,000..........................
c$660
alstR .E .* Ref. 4s, $18,022,198 _____
bl3,877,092 .......... 90,200
5
Each $1,000____
770
Adj. Inc. 5s, 530,609,487....................................................... ......... 153.047 ____
Each $1,000______________
5
Broadway stock, $699,800____
174,950
5,248 ........
Each $100-...........................
25
X
23d Street stock, $92,500-........................................
27,750
648 ........
Each $100-............................
30
7-10
55,680
Bleecker Street stock, $46,400-. _____
Each $100..........
120
Sixty Ave. stock, $2,000,000--.5300,000
2 ,000,000
Each $100..............................
15
100
2d & Grand stock, $348,000—. .......... $348,000
..............
100
Each $100.............................
Christopher St. stock, $650,000 ..........
6,500
Each $100.........................
1
Claims, new moneys, reorgani
zation, & c......................................... 3,452,000
19,387
Total............................... .$300,000 $3,800,000 d$19,435,472 dl48,830 90,200
a With coupons maturing July 1 1919 and subsequent coupons attached. This
amount ol $18,022,198 includes $1,000,000 as collateral for loan to N. Y. Rys. Co.
b Refunding bondholders shall also receive a participation receipt representing
pro rata Interest in assets (not acquired by the new company) held for liquidation
for the pro rata benefit of all holders of refunding bonds who shall participate in the
plan. These assets will Include new prior lien bonds and new common stock. The
committee reserves the right as to loans made by New York Railways which are se
cured by pledge of refunding bonds to treat such refunding bonds so held In pledge
as issued and outstanding and permit participation thereby In the reorganization on
the same terms as other refunding bonds.
c It Is contemplated that title to the Lexington Building, situated between 25th
and 26th streets, Lexington and Third avenues, which Is subject to the Lexington
Ave. mortgage, shall be acquired by a new company to be organized in New York
under the name of Lexington Building Corporation, with an authorized capital stock of
$2,000,000 (par $100) ,all of one class, all of which shall be deposited with F. J. Fuller,
M. C. Laffey and J. A. Barbey as voting trustees under a voting trust agreement
which will continue for a period of ten years from Its date, and by the terms of which
the voting trustees shall be authorized to consent to the execution and delivery by the
Lexington Building Corp. of a mortgage to secure such an amount of bonds or other
obligations of said corporation as may in the Judgment of the voting trustees be
necessary or desirable, and to consent to the sale of the property of said corporation,
and that voting trust certificates for the shares of stock of said corporation (together
with the income bonds of the new company to the amount herein stated) shall be
distributed among those holders of Lexington Ave. bonds and certificates of deposit
therefor who shall have complied with the conditions of the plan at the rate of four
shares of said stock for each $1,000 of Lexington Ave. bonds.
The Lexington Building Corp. will rent to the new company the present railroad
facilities and the space now used for railroad purposes in the Lexington Building, at a
rental to be determined by arbitration, the arbitrators to be appointed, one by the
Lexington Building Corp. and one by the new company, and, In the event of their
failure to agree, by a third arbitrator to be selected by the other two.
d $1,564,528 Income bonds and 15,170 shares of preferred stock are reserved for
contingencies in addition to totals above stated.
Central Crosstown Bonds.— For agreement reached with committee for
Central Crosstown R R . 1st M tge. 6s see V. 120, p. 2148.
Payment to Tort Creditors.— See Y . 120, p. 2148.
Comparison of Capitalization and Charges of New Company and Old Company.
Fixed
Annual
Ann. Chgs
Charge
Total
Fixed
incl.Int.on
Securities.
Principal.
Charges.
Inc.Bonds.
New co. capitalization--$19,353,000 $40,163,622
$967,500 $2,133,628
Old co. capitalization.__ 43,261,898 91,366,445
2,098,059
3,628,533
Decrease in new com
pany capitalization.$23,908,898 $51,202,823 $1,130,559 $1,494,905
For detailed outline of proposed plan, giving description o f new securities
to be issued thereunder, provisions for treatment o f tort elaims. general
reditors, &c., see Y. 118, p. 2438, 2705; V. 119, p. 198, 579, 694, 1172;
V. 120, p. 704, 2148.
Statement of John Candler Cobb, Chairman of Committee for Adjustment 5s.
See V. 119, p. 579.
Committee Advises Broadway & Seventh Ave. RR. Minority Stockholders Net
to Accept Securities Offered in Reorganization Plan.— For statement of com
mittee, see V. 119, p. 323.
Mortgage Opinion.— For opinion o f Federal Judge Mayer in N ov. 1921 as
to what property is covered by the first mortgage, see V. 113, p . 2406.
Decision on Lien of Columbus & Ninth Ave. RR. 5s.— See V . 116, p . 2007.
Compare V . 116, p. 2006, under caption “ Columbus & Ninth Ave. R R .”
Sale of Real Estate.— Various parcels o f real estate have been sold from
time to time at public auction, and the following references give complete
details o f the various sales: V. I l l , p . 1851; V. 114, p. 738, 1063; V . 116,
p. 2256; V. 117, p. 208, 895; V. 118, p. 85; V . 119, p. 694.
Special Franchises and Real Estate Sold to Satisfy Tax Liens.— V. 109, p.
1366.
Purchase o f Franchise Tax Liens by City.— See V. 112, p. 2414.
Central Crosstown Ry. First Mtge. 6s Not Paid.— The receiver having been
ordered by the Court not to pay the principal and interest on the Central
Crosstown R y. 1st mtge. 6s, due N ov. 1 1922, and the trustees finder the
mortgage securing the bonds having gone out of existence, the following
committee was formed and has called for deposits (V. 115, p. 2047):
Committee for Central Crosstown Ry. First Mtge. 6s.— Chairman, Henry W .
George: John W . Platten, W m. Carnegie Ewen; Sec., Robt. P. Brown,
55 Cedar St., N . Y . City. Depositary, United States Mortgage & Trust
C o., N . Y . City. V. 115, p. 2045.
Committee for Adjustment Mortgage Income 5s.— John Candler CobbChairman; Oscar Cooper, Haley Fiske, Frank L. Hall, Duncan A. Holmes.
Ernest Stauffen Jr. and Richard H. Swartwout, with B. W. Jones as
Secretary, 16 Wall St. Depositary, Bankers Trust C o., N . Y . Agents,
Old Colony Trust C o., Boston, and Comm. Trust C o., Phila. V. 108, p.
1061. Deposits have been called for. V. 108, p. 1275, 1512, 2023.
Committeefor First Real Estate & Refunding Mortgage 4s.— Harry Bronner,
Chairman; William A . Day, Caspar W . Morris, Charles A. Peabody, W . H.
Remick, Frederick H. Shipman and Harold Stanley, with Geo. L. Burr as
Secretary, 140 Broadway, N . Y . City. Depositary, Guaranty Trust C o.,
N . Y . Y . 108, p. 1061. Deposits were called for and up to Oct. 1919 “ a
large majority” had been deposited with the committee. V. 109, p. 1610.
Compare V. 108, p. 2023; V. 109, p. 1273.
Committeefor Lexington Ave. & Pavonia Ferry 1st 5s.— F. J. Fuller, N . Y .,
A. R. Horr, Reginald Foster; Secretary, Chas. E. Sigler, 80 Broadway, N. Y.
City. Depositary, Central Union Trust C o., N . Y . V. 110, p. 2658:
V . I l l , p. 294.
Committee for Columbus & Ninth Ave. RR. lsf 5s.— C. Robert Adams,
Frank Coehen, G. E . Warren; Secretary, Arthur N . Hazetline. Depositary,
Columbia Trust C o., N . Y . V. I l l , p. 74; V . 114, p. 1286. For statement
by committee, see V. 116, p. 2006.
Tort Crecitors’ Committee.— Chairman, Samuel Seabury, John V. Bouvier
Jr., Robert H. Ernst, Charles Steckler. V. 108, p. 2241.
Valuation by Stone & Webster.— V. 110, p. 562.
ORGAN IZATION .— Incorp. on Dec. 29 1911, and at midnight on
Dec. 31 1911 took over the lines o f the old Metropolitan Street Ry. sold at
foreclosure (V. 93, p. 1787) on Dec. 29 1911, per plan in V. 93, p. 1533
(formally approved by Public Service Commission on Jan. 24 1912). See
Y. 94, p. 977. The sale did not include the leases o f the Central Park
[V ol. 120,
North & East River R R ., 28th & 29th Streets, the Second Ave. R R . and
Fulton St. R R . The latter road was abandoned in 1908. V. 90, p. 1675.
In 1913-14 acquired a half-interest in the Bridge Operating C o., which,
under an agreement with the cityd ated M ay 21 1904, operates local cars
over the Williamsburg Bridge. With the Third Avenue Railway and the
Brooklyn Rapid Transit Co. controls the Brooklyn & North River R R .,
operating over Manhattan Bridge. (This line ceased operating on Oct. 4
On July 24 1918 purchased, with the P. S. Commission’s approval, the
property of the Central Crosstown R R . (including lease o f the old Christo
pher & Tenth St. R R .) at foreclosure for $2,114,000. V . 107, p. 402, 501,
On N ov. 30 1914 the Public Service Comm, authorized the company to
purchase the $600,000 capital stock o f the 23d Street R y. at $350 per share
and to issue first real estate & ref. 4s to pay for same. $507,500 of the stock
has been so purchased. The authority was given on condition that the
company shall provide for an amortization of 20% o f the face value of the
bonds, representing the discount on the bonds. Has acquired 8,536 shares
of the stock o f the Bleecker St. & Fulton Ferry R R . at $28 50 per share.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Underground trolley. On June 30 1918 (no later information available)
owned 42.756 miles o f track of which 29.58 miles were underground electric
and 13.176 miles storage electric; leased 96.646 miles (92.788 underground
electric and 3.858 storage electric); operates under agreement 11.615 miles
(11.138 underground electric and 0.477 storage electric); total track,
151.017 (133.506 underground electric and 17.511 storage electric). As
o f June 30 1920 the receiver stated that of this mileage only 95 miles re
mained in his possession, and o f this only 80 miles were being operated.
V. I l l , p. 1746. Owned and controlled 1,977 passenger (1,861 electric
and 116 storage battery) and 141 service (130 electric and 11 horse); total,
all cars, 2,118. Main power station equipped with 11 3,500-k. w. generating
units and 5 substations and distributing systems, including 1,615 miles o f
single-power transmission ducts.
Franchises.— M ost o f the franchises are perpetual. In Oct. 1917 the
company rejected a franchise drawn by the city permitting the operation
of a line in West 86th St. V. 105, p. 1618.
Suit under Adjustment Mortgage.— The suit brought by the New York
Life Insurance C o. to recover unpaid interest on the bonds since Jan. 1 1912
(approximately $50 for each $1,000 bond, including coupon due April 1
1915) was dismissed in 1915, but G. B. Leighton, of Boston, representing
the bondholders’ committee, intervened (V. 100, p. 1349, 1918: V . 101, p1973). In N ov. 1915 the Appellate Division o f the Supreme Court, re
versing a lower court, rendered a decision giving M r. Leighton the full
standing that the New York Life Insurance Co. previously had in the case.
Guaranty Decision.— In M ay 1917 the U. S. Supreme Court affirmed the
decision of U. S. District Judge Hough, o f New York, dismissing the action
brought by the bondholders’ committee of the old 28th & 29th Streets R R .
(property foreclosed and now known as Mid-Crosstown R y.) against the
New York Railways Co. on the ground that the Federal Courts had no juris
diction. On Nov. 14 1918 a settlement agreement was made with the bond
holders’ committee and the litigation (case had been carried into the State
Court) terminated.
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
Stock $17,500,000 ($100)__________
_______ $17,495,060 __________
1st real est & ref mtge gold! 1912 4 J-J
18,061,290 Jan 1 1942
(see text)_________ c*&r*tf/Guaranty Trust C o., New York, trustee.
Convertible scrip____________ _____
4%
2,250 ___________
Adjust inc M $33,000,000 g\ 1912 5 A-O
30,609,487 Jan 1 1942
non-cum (see text).c*&r*tf/Farm ers’ Loan & Trust C o., N . Y ., trustee.
First real estate & ref. and adjustment income coupon bonds are in denom.
of $1,000; registered bonds are for $1,000, $5,000 or $10,000. Int. on both
issues payable at office of company or its agency in New York City.
oLexington Ave & Pavonia! 1893 5 g M-S
5,000,000 Sept 1 1993
Ferry 1st M gold..c*& rn tf /interest at office of company in New York.
aColumbus & Ninth Avenue! 1893 5 g M -S
3,000,000 Sept 1 1993
first mortgage gold.c&rntf/Colum bia Tr. C o., N . Y . City, sub-trustee.
350.000 April 1 1919
aSo Fy 1st gu $350,000($1,000) 1889
5 A-O
Broadway Surf R R first m t g e . ____
5 J-J
1,500,000 July 1 1924
250.000 N ov 1 1922
flCentral Crosstown 1st m tg e.. 1882
6 M -N
_______
Bills payable June 30 1918_________
400.000 ...................
Company separately operated—
a34th St Crosstown first m tge. 1896
5 A-O
1,000,000 April 1 1995
Lessor Companies—
Broadway & 7th Ave con mtge 1893
5 g J-D
z$8,150,000 Dec 1 1943
Bleecker St & Ful Fy 1st m tge. 1876
4 J-J
700,000 Jan 1 1950
Christopher & 10th Sts 1st M_ 1898
4 A-O
210,000 Oct 1 1923
♦Eighth Ave certs of indebt
1914
6 F-A
750,000 Feb 1 1929
Twenty-third St R R mtge____1912
5%
1,500,000 Jan 1 1926
a Int. on these bonds paid at office of company, 165 Broadway, N . Y . C .
* Interest on the $750,000 certificates o f indebtedness of the Eighth Ave.
R R . is paid out o f the $215,000 rental which the New York Rys. pays the
Eighth Ave. R R . (but see under separate heading above). x There are also
outstanding $1,500,000 B ’way & 7th Ave. R R . 1st M . 5s which fell due in
1904 and are all held by New York Railways.
First Real Estate < Refunding Mtge. is not limited as to amount of auth.
%
issue, but further bonds may be issued to refund or acquire underlying
bonds, subsidiary bonds and other bonds, any obligations secured upon
mortgaged or leased properties; to acquire securities of other companies to
be pledged under mtge. and for add’ns, exten’s and impts. See purposes
for further issue in full in V . 94, p . 977. Red. on any int. date on 12 weeks'
notice at 105 and int. See V. 94, p. 977. Bonds are listed on N . Y . Stock
Exchange. V . 94, p. 827, 977; V. 101, p. 2145.
Div. on Income Bonds.— Initial div. of $7 71 (0.771%) paid Oct. 1 1912.
(V. 95, p. 544). In 1913, April $22 50 (2 )£% ); Oct., $16 36 (1.63% ).
In 1914, April, $23 45 (2.34% ); Oct., $12 88 (1.288%). In 1915, April,
$17 69 (1.769%); Oct., $13 70 (1.37% ). In 1916, April, $31 94 (3.194% );
Oct., $19 81 (1.981%). None since. See V. 106, p. 929.
Lexington Ave. < Pavonia Ferry 5s and Columbus
%
Ninth Ave. 5s were
fully described in V. 60, p. 1146. Both were guar, and later assumed by
the Metropolitan Street R y. Co. (now New York Railways).
Christopher 10th St. 1st M . 4s.— Originally fell due Oct. 1 1918, but were
extended for five years to Oct. 1 1923.
Amortization Fund.— On Dec. 10 1912 P. S. Commission modified its
order of Feb. 27 1912 (see V . 94, p. 698) by striking out the provisions
requiring the setting aside each year of a specified amount as an amortiza
tion fund, as it found it did not have power to make such requirement. It
re-affirmed, however, its order requiring the setting aside each month,
beginning Jan. 1 1912, for maintenance and depreciation, of a sum at least
equal to 20% of gross operating revenue for such month. V . 95, p. 1608;
V. 94, p. 698. On Jan. 18 1918 the Appellate Division o f the Supreme
Court dismissed the writ of certiorari granted by Supreme Court Justice
Platzek on April 17 1913 to review the order. V. 106, p. 396. In M ay 1918
the N . Y . State Court of Appeals reversed the decision of the Appellate
Division. V. 106, p. 2560. An application for a modification of the order
so that it should provide for the setting aside of 20% o f the gross passenger
revenue only instead of 20% of the gross operating revenue was denied
by the P . S. Comm, on July 27 1915. V. 101, p. 370.
Adjustment Income Mortgages are redeemable on any Jan. 1 or July 1 in
whole but not in part at par and int. Holders of adjust, mtge. bonds
shall have the power, by vote of a majority thereof, to elect one less than a
majority of the members of the board o f directors until the full 5% per ann.
shall have been paid to holders annually for 3 successive years, and again
thereafter, during a like period, whenever a failure to pay such annual int.
shall occur. During such periods, also, the holders of said bonds shall have
full power in respect of all other questions, upon which stockholders may
vote, to cast one vote for each $100 of the prin. of the bonds held by them.
V. 94, p. 977. Bonds are listed on N .Y . Stock Exch. V . 94, p. 827, 977.
For twelve months ending Dec. 31 1924: Operating revenue, $8,645,190;
net, after taxes, $885,532; other income, $494,667; interest, rents, &c.,
$2,945,215; balance, deficit, $1,565,016.
For results of operations under receivership, see reports appearing in
V. I l l , p. 1746; V. 112, p. 1024, 1137; V. 114. p. 849.
OFFICERS.— Receiver, Job E. Hedges; Gen. M gr. fo receiver, Frank
Hedle- •° : Io- receiver, F. 1 W ood; ’•'-eas., J ri Out* be'1-G en Atty.
for receiver, J. L. Quackenbush. General offices, 165 Broadway, N . Y .—
V. 118, p. 85, 432, 664, 794, 2438, 2705; V. 119, p. 198, 325, 579, 694, 1172,
1733, 1953; V. 120, p. 331, 583, 704, 2148.
M ay , 1925.]
POWER, LIGHT AND RAILW AY
COM PANIES CON TROLLED B Y N EW Y O R K RA ILW A YS.
(1) B LE E C K E R S T . & F U L T O N F E R R Y R R .— Horse and electric.
The New York Railways owns 8,536 shares of the company’s stock.
Reorganization.— See New York Railways Co. above.
ORGANIZATION.— Chartered Dec. 12 1864. Leased to 23d Street
R y. Co. Jan. 10 1876 for 99 years; lease assigned to Metropolitan Street
R y. (now New York R ys.). Rental is interest on $700,000 bonds, 1 >4 %
per annum on stock, taxes and corporate expenses o f $600.
STOCK AN D BONDS— Par.
Interest. Outstanding. Maturity.
Stock_______________________ $100
1 H M J -J
$900,000
See text
1st M gold, were formerly 7s, 1 1,000 4 g J-J
700,000 Jan 1 1950
extended in 1900 as 4s_n tf (Guaranty Trust C o., New York, trustee.
Of the $900,000 stock outstanding, $853,600 is owned by the N . Y .
Railways Co.
ROAD.— Owns 5.25 miles o f track. V. 90, p. 913; V. 104, p. 1700,
1898, 2450: V . 105, p. 72, 496, 1522, 2364.
(2) B R O A D W A Y & S E V E N T H A V E N U E .— Change to underground
electric occurred in August 1901.
Receivership.— In Oct. 1919 Job E . Hedges was made receiver for the co.
for the purposes o f the foreclosure suit noted below. V . 109, p. 1366.
Lease to be Surrendered.— In Jan. 1924 Federal Judge Mayer directed the
receiver for the N . Y . Rys. Co. not to adopt the lease o f the co. The re
ceiver, however, is to continue to operate the road and will render a separate
accounting to the Court.
Reorganization.— See under New York Railways above.
ORGANIZATION.— Chartered M ay 26 1864. Leased M ay 13 1890 for
unexpired term o f charter, and for any extensions o f the same, to Houston
West St. & Pavonia Ferry, now New York Railways. Franchises perpetual.
REN TA L.— Interest on bonds and 10% on $2,100,000 stock, of which
New York Rys. owns $1,400,200, besides taxes and corporate expenses.
The following committee has been formed to protect the interests of the
minority stockholders;
Stockholders' Committee.— C. Robt. Adams, Joseph Walker Jr., Harrison
K. Bird, Harry M . Curtis and Geo. C. Warren. Depositary: Columbia
Trust C o., 60 B ’way, N . Y . City. Deposits have been called for. V.
110, p. 464; V. 109, p. 2355. For statement of committee advising minority
stockholders not to accept securities offered in reorganization of N . Y .
Rys., see V. 119, p. 323.
Committee for South Ferry 1st M . 5s.— C. W. Beall, P . C. Krauthoff;
Sec., Fredk. S. Burroughs, 56 William St., N . Y . City. Depositary, Cen
tral Union Trust C o., N. Y . City. V. 108, p. 1166. See also V. 120, p.
704, under caption “ New York Railways.”
Committee for B'way 7th Ave. 1st Cons. Mtge. 5s.— Chairman, Harold B.
Thorne; C. W . Benson, Frank Coenen, Robt. Kelly Prentice, Joseph P.
Bradsahw, Roger H. Willimas; Sec., Jas. F. McNamara, 60 Wall St.,
N . Y . City. Depositary, Metropolitan Trust Co.. N . Y . Deposits have
been called for. V. 112, p. 2747; V. 113, p. 70, 847; V. 116, p. 2881. See
also V. 120, p. 704, under caption “ New York Railways.”
Committee for Broadway Surface RR. 1st Mtge. 5s.— Chairman, Louis Y.
Bright, Edwin C. Jameson, Henry L. Finch; Sec., Robert Smyth, 160
Broadway, N . Y . City. Depositary: Lawyers’ Title & Trust C o., l60
Broadway, N . Y . City. V . 113, p. 2310. Deposits have been called for.
For report o f committee on situation in regard to reorganization, &c., see
V . 118, p. 662. Also V. 120, p. 704, under caption “ N. Y . R ys.”
Foreclosure.— The proposition of Receiver Hedges to extend the $350,000
South Ferry 1st 5s, due April 1 1919, for one year (with interest) was de
clined. On Sept. 30 1919 the Guaranty Trust Co., N . Y ., brought suit in
the U. S. District Court to foreclose a mortgage for $1,500,000 made in 1883
by the B ’way & 7th Ave. R R . C o., o f whichit is now successor trustee. The
bonds secured by this mortgage fell due June 1 1904 and were then taken up
without cancellation, and later, in 1912, when the New York Railways Co.
made its 4% first real est. & ref. mtge. they were pledged as part security
thereunder as shown in V. 94, p. 978. See V. 109, p. 1366; V. 113, p. 1154.
Compare V. 109, p. 1273. In M ay 1923 Judge Mayer in the U. S. Dist.
Court handed down a decision upholding the validity o f the B ’way & 7th
Ave. 1st Mtge. 5s (as to the principal and interest from Sept. 1919), which
the co. had contended should be considered as having been retired, but
which under the decision referred to are held by the Court to be enforceable.
See under “ N. Y . R ys.” in Y. 116, p. 2389. The protective committee for
this issue has appealed (int. from 1904 to 1919 having been disallowed).
See V. 118, p. 662.
STOCK AN D BONDS—
Par.
Interest. Outstanding.Maturity.
10 Q-J
$2,100,000
See text
Stock $2,100,000 ($100)______$100
1st M (all held by N Y R ys)_______
5%
1,500,000
1904
Broadway Surface first g u a r.. 1,000 5 J-J
1,500,000 July 11924
South Ferry first guaranteed-- 1,000 5 A-O
350,000 April 1 1919
Bway & 7th Ave cons mtge) 1,000 5 g J-D
8,150,000 Dec 1 1943
o f 1893 for $12,500,000-ntf/Int. at Guaranty Trust C o., N . Y ., trustee
Of the consolidated mortgage o f 1893 for $12,500,000, $3,350,000 is re
served to retire at maturity the other bonds in the table. The Broadway
Surface 2d mtge. bonds, due in 1905 (all held by the N . Y . Rys. Co.) were
canceled in 1914. The consols were guaranteed, prin. and int., under the
terms o f the m tge. by M etrop. Street R y . C o ., since foreclosed. They cover
the road owned in fee and also the right to use the tracks on Broadway from
15th St. to the Battery; they are also a direct lien on the cable (since changed
to electricy), &c. Closed issue except for refunding purposes.
The Bway & 7th Ave. assumed the Broadway Surface 1st M . bonds for
$1,500,000 and payment o f int. on the 2d M . bonds for $1,000,000 (now
retired) for use o f tracks between 15th St. and the ferry. South Ferry 5s
assumed under lease.
ROAD.— Comprises 10.31 miles o f track. V. 113, p. 1250, 2310; V .
116, p. 2881; V . 117, p. 207; V . 118, p. 662, 2436; V . 119, p. 323. 692.
(3) C H R IS T O P H E R & T E N T H S T R E E T S R R .— Electric.
Reorganization.— See New York Railways on a previous page.
ORGANIZATION.— Chartered April 25 1873. Leased to Central Cross
town (purchased July 24 1918 by New York Railways at foreclosure)
April 26 1890 for unexpired term of its charter at 8% on stock, interest on
bonds, taxes, &c., and not more than $1,500 per ann. for organization exp.
The Central Crosstown R R . was purchased by the N . Y . Rys. Co. on July
24 1918. The company’s $210,000 1st mtge. bonds are all owned by the
N . Y . Railways Co. The bonds originally matured on Oct. 1 1918, but
were extended to Oct. 1 1923. See annual report o f “ N . Y . Rys. C o .,”
in V . 107, p. 1745, and V . 107, p. 1836.
STOCK A N D BONDS—
Par.
Interest. Outstanding. Maturity.
Stock ($100)_________________ $100
8 Q-J
$650,000
See text
First mortgage extended ini 1,000 4 A-O
210,000 Oct 1 1923
1898 (V. 67, p. 370)_ ntf/G uaranty Trust C o., New Y ork, trustee.
_
R O A D .— Track owned is 4.15 miles. V. 117, p. 1774; V . 118, p. 2437.
(4) F O R T G E O R G E & E L E V E N T H A V E . R R .— Underground-trolley.
O R GAN IZATION .— Incorporated Nov. 19 1898 in the interest of the
M et. St. R y. (now N . Y . Rys.) to build a line from 130th St. and 11th Ave.
along 11th Ave. to 175th St. and another from 145th St. and 11th Ave.
easterly through 145th St. to the Harlem River. Has constructed 2.06 m.
projected on Broadway and is operating 1.69 m. of track on 145th St. be
tween Lenox Ave. and Broadway. Stock auth., $3,000,000, all owned by
the New Y ork Rys. V. 67, p. 1109. Franchise granted Dec. 1889 for 25
yrs., with privilege o f renewal for another 25 years, 4% gross receipts to be
paid the first 5 years, 6% the second 5 years, 8% the third 5 years and 10%
the remaining years of operation. The road to become the property of the
city at the termination o f franchise (whether original or renewed) upon
payment for the same in accordance with definitely prescribed rules.
(5) F O R T Y -S E C O N D S T . & G R A N D S T . F E R R Y R R .— Horse and
electric.
Reorganization.— See New York Railways Co. on a previous page.
Suit by Minority Stockholders.— See V. 118, p. 3197.
ORGAN IZATION .— Chartered Feb. 16 1963. Leased to M et. St. R y.
C o., now N . Y . Rys., from April 6 1893 for duration o f charter and renewals
thereof, at 18% on stock, all taxes and corporate expenses. Stock, $748,000
($100). of which $400,000 is owned by N . Y . Rys. 1st M . 6% bonds (due
1909) o f 42d St. & Grand St. Ferry R R ., formerly deposited under M et.
St. R y. ref. mtge.. have been canceled.
ROAD.— Owns 5.77 miles o f track. V. 118, p. 2437, 3197.
55
(6) S IX T H A V E N U E R R .— U nderground trolley.
Receivership.— On M ay 12 1922 Federal Judge Mayer appointed Job E .
Hedges receiver for the company by extending the original order designating
a receiver for the New York Railways. See that company above. V . 114.
p. 2117; V . 115. p. 309.
Rentals Unpaid.— In Sept. 1919 Judge Mayer stated that the Sxith Ave.
line “ has continued to be operated without a single dollar o f rental being
paid.”
Reorganization.— See New York Railways Co. on a previous page. See
also V. 119, p. 2180.
Stockholders' Protective Committee.— Chairman, James B. Mabon; J. Y . G
Walker, Adrian H. Larkin; Sec., Daniel A. Hohman, 80 B ’way, N . Y . City.
Depositary, Central Union Trust C o., N . Y . City. Deposits have been
called for. V. 117, p. 670. On Oct. 22 1923 the committee announced
that a majority of the stock had been deposited. V. 117, p. 1887.
On Mar. 5 1923 the stockholders auth. the abandonment of the franchises
and tracks of the co. on Lenox Ave. from 110th to 116th Sts. V. 116, p.
1051.
ORGANIZATION.— Leased to M et. St. R y ., now New York R ys.,
Feb. 1 1892 for 800 years. Rental $145,000 per ann., which is 7 H % on
stock, besides all taxes. Stock, $2,600,000, par $100. An extra div. of
38 % was paid in Aug .1901 out of proceeds of sale of stable property at Sixth
Ave. and 43d St. Road, incl. Lenox Ave. branch (track operated), 12.14
miles. In Feb. 1899 began operating underground trolley all the way to
Battery Place. V. 117, p. 670, 1887; V. 118, p. 2439; V. 119, p. 2180.
(7)
T H I R T Y -F O U R T H S T R E E T C R O S S T O W N R Y .— Underground
electric.
Reorganization.— See New York Railways C o., on a previous page.
ORGANIZATION.— Chartered March 18 1896, being a consolidation o f
the 34th St. R R . Co. and the 34th St. Ferry & 11th Ave. R R . Co. Entire
stock of the 34th St. Crosstown R y. Co. is owned by the New York Rys.
Operated under agreement dated Dec. 21 1896, guaranteeing principal
and interest of the bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$1,000,000 __________
Stock ($100)______________________
1st mtge ($1,000) guar prin\ 1896
5 A-O
1,666,666 April 1 199&
& int by N Y Rys_____ntf/C entral Trust C o.. New York, trustee.
R O A D .— Track owned is 1.66 miles. V. 71, p. 135; V . I l l , p. 794.
(8) T W E N T Y -T H I R D S T R E E T R Y .— Underground trolley.
Reorganization.— See New York Railways Co. on a previous page.
ORGANIZATION.— Chartered June 29 1872. Leased from Apr. 25 1893
to the M et. St. Ry. Co. (now N . Y . Rys.) for the unexpired term of the
charter and for any extensions o f the same. Rental is 18% on stock (in
default since M ay 1 1919), all taxes, assessments, water rents and charges.
The N . Y . Rys. owns all of the debentures due 1966, all of the 1st M . bonds
due 1969 and $507,566 of the $600,060 stock, for which it gave $350 of its
own 1st real estate & ref. 4s due July 1 1942 for each $100 o f stock.
Interest.— The int. due July 1 1920 on the c o .’s impt. & ref. mtge. 5s
was not paid until Aug. 1920. V . I l l , p. 897. N o further information.
STOCK AND BONDS—
Date.
Interest. Outstanding.Maturity.
Stock ($100)_________________ ____
18 Q-F
$600,000 18% per an
6 J-J
250.000 Jan 1 1909
First mortgage $250,000_____1896
Debentures ($1,000)_________ 1886
5 J-J
150,000 Jan 1 1906
Impt & ref mtge $1,500,000) 1912
5 g J-J
1,500.000 Jan 1 1962
($1,000) gold guar______ c*/Bankers Trust C o., New York, trustee.
Bonds.— The impt. & ref. mtge. bonds are guar. p. & i. b y N . Y . Rys. Co
and are red. in whole or in part at the option of the company or for the sink
fund on any int. date at 107 and int. on 4 weeks’ notice. Sinking fund o
$1,102 85, payable semi-annually, with accretions; when $400,000 bonds
shall have been acquired they shall be canceled. Tax exempt in N . Y .
R O A D .— Including 14th St., Bleecker St. and Canal St. branches, track
owned, 4.21 miles. Rails, 47 to 113 lbs., standard gauge.— V . 100, p. 2011
2168; V. 106, p. 500; V . I l l , p. 74. 295, 794, 897, 2521; V . 118, p. 2439.
THIRD AVENUE RY.
O RGAN IZATION .— Incorp. in New York on April 20 1910 and on
Jan. 1 1912 (Court of Appeals having affirmed the decision of the Appellate
Division of Supreme Court, which reversed the order of the Public Service
Commission, refuding to approve reorganization plan; subsequently ap
proved by the Commission on Jan. 17 1912. V . 94, p. 209; V. 93, p. 1464;
V. 92, p. 1637, 1567; V. 91, p. 338.) Took over the property of the old
Third Avenue R R ., sold at foreclosure on Mar. 1 1910. V. 93, p. 1535.
Owns all or practically all of the stock of the following: Union Railway,
Dry Dock East Broadway & Battery, 42d Street, Manhattanville & St.
Nicholas Ave., Yonkers R R ., Westchester Electric, Southern Boulevard,
Kingsbridge R y., New York City Interborough, New York Westchester &
Connecticut Traction C o., Mid-Crosstown R y. C o., Inc., Belt Line Railway
Corporation, Pelham Park & City Island R y ., Bronx Traction C o., Third
Avenue Bridge Co., Hastings R y. C o., Inc., also the $1,487,000 outstanding
2d mtge. income bonds of 42d Street Manhattanville & St. Nicholas Ave.
R y., the $2,164,000 bonds of the New York City Interborough R y. and the
$1,750,000 5% bonds of the Belt Line Railway Corporation. With the New
York Railways, the Coney Island & Brooklyn R R . and the Brooklyn Rapid
Transit C o., controls the Brooklyn & North River R R ., operating over
Manhattan Bridge. (This company ceased operating on Oct. 4 1919. V.
109, p. 1461.)
FIELD OF OPERATIONS.— Underground trolley.
ROAD— Operated—
Miles.
'Miles.
Third Ave. R y. C o_________ 36.534 Bronx Traction C o_________ 24.042
Kingsbridge R y. C o________ 7.341 N. Y . City Interboro. R y . Co 39.541
42d St. M . & St. N. Ave. R y . 20 112 Southern Boulevard R R ____10.205
Dry Dock E. B. & B. R R . . . 13.677 Westchester Elec. R R ______ 39.399
Belt Line Ry. Corp________ 3.801 Yonkers R R ________________ 42.826
♦Mid-Crosstown R y. C o___
5.635 N. Y . West. & Conn. T r a c .. 5.973
Union R y. Co. of N. Y . City.108.586 ♦Pelham Park & City Isl. Ry 3.283
Hastings R y ________________ 2.479
---------T otal____________________ 363.434
* Ceased operating Aug. 8 1919. x Suspended operations Aug. 31 1919.
CARS.— Owns 1,133; controls 510; total, 1,643 cars.
Valuation.— For appraisal of system in 1918, see V. 106, p. 1462.
Objections to Valuation of Transit Commission.— V . 114, p. 1288.
STOCK AND BONDS—
Date.
Interest. Outstanding Maturity.
Stock $16,590,000 ($100)__________
_________ $16,590,000
See text
3d A v RR 1st M g ($ l,0 0 0 ).tf 1887
5 g J-J
5,000,000 July 1 1937
lnt. at Farmers’ Loan & Tr. C o., N . Y .
1911
4 J-J
21,990,500 Jan 11960
i
Int. at Central Tr. C o., New York, Trustee.
1911
5 A-O
22,536,000 Jan 1 1960
Int. at U. S. M tge. & Tr. C o., N . Y ., Trus.
stock and bonds all listed on N . Y . Stock Exchange.
Bonds.— Coupon bonds of both issues are in denom. $500 and $1,000,
registered bonds are for $500 and $1,000 or multiples of $1,000. Of the
1st ref. bonds, $10,071,500 are reserved for underlying bonds and re
mainder for future extensions and improvements, under proper restrictions.
Of the bonds reported outstanding, $2,520,500 are in the depreciation and
contingency fund at the disposal of the company. Redeemable on any
int. date at 105 and int. on 3 m os.’ notice. See V. 94, p. 706. Int. on
income bonds is cum. after Dec. 31 1912. Inc. bonds are red. as a whole
but not in part on 1st day of any month on 3 m os.’ notice at par and int.
$320,000 have been purchased by the company. V. 102, p. 887. Adjust,
inc. mtge. holders to Bonds.— An initialpowers until 1M % int.,the adjustincluding
Dividends have beenhave full voting dividend of full
accum. shallon Income paid for for successive years. See on
inc. bonds was paid April 1 1913 fivethe 6 mos. end. Dec. 31 V. 94, p. 706.
Also V. Regular semi-annual divs. of 2 K % each were paid1912. Y. 96,
p. 136. 117, p. 1778.
to and incl.
Apr. 1917. In Oct. 1917 paid 1M % . Apr. 1918 int. passed. V. 106,
p.930. None to Apr. 1922, when 1 M % was paid. V. 114, p .948. Oct. 1
1922, paid 3M % - Tn 1923. April. 3% ; Oct., 3 % . In 1924. April, 2% % :
Oct., 2 f$ % . In 1925, April, 1 K % .
Dividends on Stock.— Initial quar. div. of 1% was paid Jan. 1 1916, April,
1% ; July, 1% ; Oct., 1% . The Jan. 1917 div. was omitted on account
o f the strike in 1916. V . 103, p. 2079. None since.
56
R E PO R T .— Years ended June 30:
1923-24.
1922-23.
$
$
Total op. rev. 14,649,265 14,406,785
Total op. exp-11,173,480 10,726,984
Net op. rev. 3,475,785
T a x es_______
988,048
3,679,800
968,044
1923-24.
$
Interest r e v ..
276,603
Gross revenue 2,764,340
Interest, rents,
& c ________ 2,689,078
D ividen d s------------
1922-23.
$
287,349
2,999,105
2,697,829
---------
Oper. i n c .. 2,487,737 2,711,756
BaL.surp..75,262
301,276
LATEST EARN ING S.— 12 months ended Dec. 31:
12 Mos. ended
Total Oper. Net After
Other
Int. Chges., Balance.
Dec. 31—
Revenue.
Taxes.
Income.
&c.
Surplus
1924-...........-$14,711,897 $2,386,250 $275,718 $2,695,761 def$33,793
1923----------- 14,422,140
2,602,819
281,338
2,692,322
191,836
OFFICERS.— Pres., S. W . Huff; V .-P ., Leslie Sutherland; Sec., Garrow
T . Geer; Treas., A . D . Sage; Auditor, W . Farrington.
D IR E C TO RS.— Adrian Iselin, A . R. Horr, George W . Davison, H. P
gano, W . Emlen Roosevelt, John W . Flatten, S. W . Huff, Joseph H Sea
man, E . A. Manice, J. N . Jarvie, Lionel F. Straus, W m. Carnegie Ewen and
Alexander S. W ebb.— V. 115, p. 1938, 1943, 2159 V . 116, p. 936; V. 117.
p. 89, 1665, 1778. 1881. 2544; Y . 118, p. 552, 1013; V . 119, p. 1066, 1950,
1954, 2288; V. 120, p. 333, 584, 1091, 2150.
(1) D R Y D O C K E A S T B R O A D W A Y & B A T T E R Y R R .
O R G A N IZA TIO N .— Incorporated Dec. 8 1863. Third Ave. R y. owns
$1,198,000 o f the stock. In Jan. 1906 began operating Grand St. line by
electricity. On Oct. 1 1911 changed from horse cars to storage-battery
cars on Avenue B and Canal St. lines. V. 93, p. 1105. On Oct. 25 1912
received permission from P. S. Commission to electrify road on Canal St.
V. 95. p. 1206.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates 13.677 miles o f track.
STOCK AN D BONDS—
Par.
Interest. Outstanding. Maturity.
Stock $1,200,000____________ $100
6 Q-F
$1,200,000 See text
General mtge gold 1 8 9 2 -.n tff 1,000 5 g J-D
950,000 D ec 11932
{Farmers’ Loan & Trust C o., Trustee.
Gen refund mtge series B _________
4 J-J
528,000 Jan 1 1960
Gen refund mtge ser C _ c&r$100&c
_
Text
1.300.200 Jan 11960
Bonds.— Of the general ref. mtge. bonds, $1,500,000 are ser. A 5% bonds,
o f which $950,000 are reserved to retire the general M . 5s, due 1932, and
$550,000 may be issued to acquire additional property and for betterments,
but only upon the joint consent o f the holders o f at least 75% o f the agreegate par value o f series B and series C bonds then outstanding, or after
due notice and failure o f holders o f more than 25% o f series B and O to
•object thereto. Series A bonds are a prior lien and preferred as t« prin. &
int. Series B bonds are a prior lien over, and preferred both as to prin. &
int. over, series C bonds. Series C bonds to bear int. to and incl. July 1
1925 at such non-cumulative rate not exceeding 6% per ann. as earnings per
mit. On and after Jan. 1 1926 are to bear int. at the fixed rate of 4%
with an additional 2% if earned. V. 105, p. 497: V. 106, p. 715.
R E PO RT.— See Third Avenue R y. above.
IN D E X .— V. 103, p. 239; V. 105, p. 497, 1522; V. 106, p. 715; Y . 107p. 1192; V. 118, p. 2703; V. 119, p. 73.
(2) F O R T Y -S E C O N D S T R E E T M A N H A T T A N V IL L E & S T . N IC H O
L A S A V E N U E R A IL W A Y .
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A horse road, but N ov. 11 1900 changed to electricity. Operates the
Third Avenue Bridge Co. 20.112 mileS o f track.
ORGAN IZATION .— Chartered Aug. 29 1878. In N ov. 1895 contro
was purchased by the Third Avenue R R . See Y. 61, p. 926.
In Dec. 1899 began to use undergruond electric system from Fort Lee
Ferry to Boulevard, then to Fifty-ninth Street.
$2,471,300 stock and all the $1,487,000 outstanding 2d mtge. incomes
are owned by Third Avenue R y.; the remaining $113,000 2d mtge. bonds
'have been retired.
On June 21 1912 Public Service Commission granted authority to extend
for 30 years to Mar. 1 1940 at 5% the first mtge. 6s matured Mar. 1 1910.
V. 94, p. 1695.
Nothing is being paid on 2d mtge. 6s— all o f which are held by Thir
Avenue R y.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
_______
$2,500,000 ---------------Stock authorized $2,500,000.. $100
First mortgage gold 1 8 8 0 -.tfU ,000
5 M-S
1,200,000 Mar 1 1940
Red at 110 any int date. flnt. at Central Trust C o., N . Y . City .trustee
Second mtge income 6s 1885\ 1,000
6% as earned See text Jan 1 1915
$1,600,000_____________ tf/Central Trust Co., New York, trustee.
RE PO RT.— See above.— V. 95, p. 679; V . 107, p. 1192; V. 118, p .2703.
(3) U N IO N R A IL W A Y C O . O F N E W Y O R K . C I T Y .— A trolley road
ORGAN IZATION .— Owns $58,100 (all the outstanding stock) of tP*
Bronx Traction Co.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates from 129th St. and Third Ave. through the Borough of the Bronx,
and with subsidiary lines continuing thence to and through M t. Vernon
Operates 108.586 miles o f track.
New Franchises.— On July 2 1914 the Board o f Estimate and Apportion
ment granted the company a franchise to cross the Willis Ave. bridge over
the Harlem River to 125th St., and along 125th St. to the Fort Lee Ferry.
The Public Service Commission in approving the franchise exempted the
company from exchanging transfers with the Third Ave. and 42d St. M . &
St. N . Ave. companies at intersecting points in said franchise. V. 99, p. 50.
STOCK AND BONDS—
Par.
Interest. Outstanding.LastDiv., &c
Stock ($100) all owned by 3d Ave.
$2,000,000 ---------------First mortgage 1892 gold_-tf\ 1,000
5 g F-A
2,000,000 Aug 1 1942
/In t. payable at Central Tr. C o., N . Y . City.
Guaranteed Loans—
Westchester 1st M gu p & i\ $1,000 5 g J-J
500,000 July 1943
gold 1893_____________n tf/I n t. at Bankers Trust C o., New York, trust.
Southern Boulevard RR l s t { ____
5 g J-J
250,000 July 1 1945
gold 1895______________ tf/Central Trust Co., New York, trustee.
Yonkers RR first mortgage
____
_______
See below __________
RE PO RT.— See Third Avenue Ry. above.— V. 99, p. 50, 1971; V. 113,
p. 1252.
(a) BRONX TRACTION CO.
A trolley road.
ORGANIZATION.— Incorp. on M ay 12 1904, and is a consolidation of
several small companies. See V . 78, p. 2333. Entire stock owned by
Union R y.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns 24.042 miles o f track, operated by Union R y., from Bronx River by
West Farms Road to Westchester Village; from Bronx River by Southern
Westchester Turnpike to Westchester Village; from Main St., Westchester
Village, to Eastern Boulevard, and from West Farms Road to Bleecker St.
Standard gauge; 109-lb. rails.
(4) Y O N K E R S R A IL R O A D .— A trolley road.
Operating Agreement with Union Railway.— On M ay 25 1911 Pub. Serv.
Comm, approved the terms o f an agreement whereby cars of the Yonkers
R R . wouldrun over certain tracks o f the Union Railway to the terminals of
the New York City subway and elevated lines. This reduced from 15 to 10
cents the fare from Yonkers to lower Manhattan, restoring the old rate as
before the breaking up o f the Metropolitan Street R y. system. V. 92, p.
1245, 1438.
ORGAN IZATION .— The Union R y. guarantees the $1,000,000 bonds,
prin. & int. V. 67, p. 635. $992,500 stock owned by Third Ave. System.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns 42.826 miles o f track.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($100)___________
- ...........
$1,000,000 ---------------First mtge gold $1,000,0001 1896
5 A-O
1,000,000 April 1 1946
guaranteed____________n tf (Bankers Trust C o., New York, trustee.
— V. 118, p. 3081; V. 119, p. 2181.
(6) K IN G S B R ID G E R A IL W A Y .
ORGAN IZATION .— Incorp. Jan. 25 1898. The franchise, the terms of
which are 4% o f gross receipts for the first five ears, 6% for the second, 8%
£or the third and 10% thereaf5er. is for 25 y ars. with privilege of renewal
[V ol. 120,
PUBLIC UTILITIES
under certain conditions for another 25 year
A t the and o f the term the
city acquires the property, paying for it in accordance with definitely
prescribed rules for fixing its value. V. 69, p. 1248. Work on this line was
begun in July 1901 and completed In 1902. Entire $8,600 stock owned by
the Third Avenue R y., which company also operates the property.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Runs from Amsterdam Ave. and 162d St. to Broadway and 225th St.,
making 7.15 miles additional.
(6) N E W Y O R K C I T Y IN T E R B O R O U G H R Y .— A trolley roa d .
The Third Ave. R y. owns $4,652,900 stock and $2,164,000 1st M . bonds.
ORGANIZATION.— Incorp. in New York on March 24 1902, in the in
terest of the Interborough Rapid Transit Co., to build an extensive system
o f feeders for the subway and elevated lines in the Bronx, and to afford
street railway connections across the Harlem River bridges.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
_______
$5,000,000 ---------------First mortgage $5,000,000\ 1905
4 g M -N
2,164,000 M ay 1 1928
sinking fund gold_______ t f/U . S. Mortgage & Trust C o., N . Y ., trustee.
Bonds.— Of remaining first mortgage bonds, $87,000 are in sinking fund
and $836,000 are in treasury .
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
39.541 miles of track.— V. 93. p . 1191: V. 94, p . 279; V. 95. p. 544. 1274:
V. 109, p. 1366.
(7) B E L T L IN E R A I L W A Y C O R P O R A T IO N .— Storage b attery and
electric.
ORGANIZATION.— Incorp. at Albany on Dec. 24 1912 to take over
t h « Central Park North & East River R R ., sold at foreclosure on N ov . 14
1912 to Edward Cornell (V. 95, p. 1331, 1402; V. 104, p. 1701). See also
V. 120, p. 1585. In March 1913 was taken over by Third Avenue R y.
V. 96, p. 864, 948.
In March 1913 Public Service Comm, authorized the making o f a mort
gage for $4,000,000 first mtge. 5s and the issuance of $1,750,000 bonds there
under at not less than 95. Entire stock and bonds owned by Third Ave. R y .
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Owns road on 59th St., East and West. All electric on 59th St. Owns 26
cars.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $750,000____________________
_______
$734,000 ___________
1st mtge $4,000,000 gold red) 1913
5%
See text
Jan 1 1943
as a whole at 105_______ tf/Central Trust C o., New York, trustee.
Bonds.— Are guaranteed by Third Avenue Ry.
— V. 107, p. 2474; V. 112, p. 1028. 1398; V. 114, p. 2467.
(8) M ID -C R O S S T O W N R A I L W A Y C O . — Storage-battery cars.
Acquired by the Third Avenue R y. late in 1913.
Discontinued.-—On Aug. 8 1919 the company discontinued the running of
cars, due to its inability to “ borrow any more m oney.” V. 109, p. 578.
Judgments.— In N ov. 1919 judgments against the company, aggregating
$231,188, had been entered in the Supreme Court by the Third Avenue R y..
and certain of its subsidiaries. V. 109, p. 1793.
O R GAN IZATION .— Incorp. in New York on Feb. 14 1912, in the inter
est of the reorganization committee, as successor to the 28th & 29th Streets
Crosstown R R ., sold at foreclosure on Jan. 4 1912 (V. 94, p. 69; V . 104, p.
1703, 2119 See plan o f reorganization in V , 93. p. 1790.
In Feb. 1914 the Public Service Comm authorized the Third Avenue Ry.
to acquire and hold the $150,000 stock of the Mid-Crosstown R y . C o ., In c.,
and in April 1914, in payment therefor, the Third Avenue R y. Co. issued
$180,000 of bonds, and gave its 4% promissory note for $250,000, payable
in three equal annual installments, and canceled claims amounting to
$34,442 against the Mid-Crosstown Co. V. 99, p. 1447.
Stock, authorized and outstanding, $150,000 ($100).
R O A D .— Track, 5.635 miles.— V. 109, p. 578, 677, 1793.
(9) P E L H A M P A R K & C I T Y IS L A N D R A I L W A Y C O ., IN C .
Operation Suspended.— On Aug. 8 1919 the company suspended opera
tions. V. 109, p. 677.
ORGANIZATION, &c.— Incorp. M ay 10 1913 in New York and on
July 9 1914 the Third Avenue R y. acquired control. Authorized common
stock, $125,000: outstanding, $45,000. Length of road, 3.283 miles, from
Belden Point, City Island, to Eastern Boulevard, or New Rochelle Road.
Operation by storage battery was begun Aug. 18 1914.— V . 99, p. 610;
V. 109, p. 677.
B R O O K L Y N -M A N H A T T A N T R A N S IT CORP.
O R GAN IZATION .— Organized in New York in M ay 1923 as per plan
outlined in “ Electric Railway Supplement” of April 28 1923, to succeed
the Brooklyn Rapid Transit C o., sold at foreclosure. For history of
Brooklyn Rapid Transit Co. see “ Electric Railway Supplement” o f April
28 1923. Stockholders of the old B. R . T . were assessed $35 a share
under the plan and received upon payment o f such assessment $21,875
new 6% bonds, $13,125 new 6% pref. stock and also 1 share of new no
par value stock of the B .-M .-T . The receivership of the Brooklyn Queens
County & Suburban R R . (in effect since July 14 1919) was terminated
Dec. 2 1923. V. 117, p. 2888; V. 118, p. 1011The B .-M . T . Corp. owns the following stocks and bonds of its sub
sidiary companies, which are held as free assets in the treasury of the
co., except the bonds and stocks o f the N . Y . Rap. Transit Corp. and the
Williamsburg Power Plant Corp., which are pledged as security for the
c o .’s rapid transit security bonds (description further below):
Stocks.
xOwned by
Auth. Issued. B.-M . T.
Shares. Shares.
Shares.
N . Y . Rapid Transit Corp. com _____________189,000 189,000 al88,138
Williamsburg Power Plant Corp. com _______ 10,000 10,000 alO.OOO
Nassau Electric R R . Co. com _______________ 85,000 85,000
85.000
Preferred-------------------------- •
----------------------- 65,000 65,000
63,947.75
Bklyn. Queens Co. & Sub. R R . Co. com ____150,000 20,000
20.000
Coney Island & Bklyn R R . Co. com _______ 30,000 29,839 b26,865
South Brooklyn R y. Co. com _______________ 5,000
5,000
5,000
3,500
Coney Island & Gravesend R y. Co. com ___ 3,500
3,500
Coney Island & Bklyn Term. Co. com _____
150
25
25
Bonds.
Total
Owned by
Outstanding. B.-M . T.
N . Y . Rap. Tr. Corp. ref. M . 5% s. f. Series A_.$93,508,500 a$93,352,000
Wmsb. Pow. Plant Corp. gen. M . 5% s. f. Ser. A . 17,885,600 al7,885,600
Bklyn. Queens Co. & Sub. R R . 1st M . 5% bonds 3,500,000
2,000,000
Coney Isl. & Bklyn R R . cons. M . 4% 50-yr. bds. 2,125,000
625,000
Bklyn. Heights R R . Co. 1st mtge. 5% bonds____
250,000
C250.000
x Incl. directors’ shares, a Pledged as security for B .-M . T. rapid
transit security bonds, b Beneficially owned by B .-M . T . as pledgee,
c Incl. one bond still to be deposited under reorganization plan.
The co. also owns $525,000 of a total outstanding of $925,000 Bklyn.
City R R . ref. 4% bonds. Also has substantial real estate holdings in
Brooklyn.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
A holding company.
Miles of Track in B. M . T. System—
Miles of
Rapid Transit lines:
Track.
New York Rapid Transit Corporation— Owned_________________172.004
Leased (including trackage rights)___________________________ 124.089
Surface lines*— The Nassau Electric R R . C o ____
Brooklyn Queens County & Suburban R R . Co.
The Coney Island & Brooklyn R R . C o________
South Brooklyn R y. C o______________________
Coney Island & Gravesend R y. C o ___________
296.093
.144.013
. 67.522
. 52.488
. 24.516
- 7.697
296.236
T o ta l------------------------------------ ------------- --------------------------------- 592.329
*Not including tracks owned by the Brooklyn Heights R R . Co. (in liqui
dation) or operated by its receiver over Brooklyn Bridge.
Equipment.— Cars owned by system: Surface passenger cars, 1,889;
elevated passenger cars, 907; subway passenger cars, 900; service and mis
cellaneous cars, 343; total, 4,039.
M ay , 1925.]
POWER, LIGHT AND RAILW AY
New Subways and Extensions.— An agreement was reached in M ay 1912
as to how the routes o f the new dual subway system in lower Manhattan
should be apportioned between the Interborough and Bklyn. Rapid Transit,
and the Court of Appeals at Albany having on June 30 1912 affirmed the
decision o f Justice Blackmar (V. 94, p. 1057) holding to be constitutional
the terms o f the proposed contracts with the Interborough and B. R. T .,
formal contracts were drawn up by the P. 8. Comm, and were signed on
Mar. 19 1913. V. 96, p. 862. See caption “ Rapid Transit in New York
C ity’’ in Y. 94, p. 1384, 1449, 1566: V. 95, p. 48, 111, 237, 1040; V. 96,
p. 63, 136, 488, 716, 864. For description of new subway lines, built and
to be built jointly by the Brooklyn Rapid Transit (now B .-M . T .) and the
city, see “ Electric R y. Supplement” o f Oct. 28 1922 under B. R . T . See
also V. 120, p. 1088.
Brooklyn Bus Co. Formed.— See V . 119, p. 577. City bus franchise asked.
V. 119, p. 809.
Suit Against Bklyn. City RR.— The receiver for the old B. R . T. brought
suit against the Bklyn. City R R . to recover $10,000,000 advanced to that
company prior to the designation o f the receivership. V. 113, p. 2612.
This case is still pending.
Suit Against City.— In Dec. 1918 the N . Y . Municipal R y. Corp. and the
N . Y . Consolidated Ry. Co. brought suit against the city o f New York and
the P. S. Comm, to compel completion o f the city transit system in accord
ance with the contract o f March 19 1913. The plaintiffs alleged that, not
withstanding the elapse o f 6 years since the execution o f the dual contracts
there remained unfinished and still to be constructed or completed 47 miles
of track out of a total of 115, and 19 miles o f road out o f a total o f 41 of the
lines which the city assumed to construct by Jan. 1 1917 and which the
company agreed to equip and operate. For further details see V. 107, p.
2288- In April 1922 the receiver for the N. Y . Municipal Ry. Corp. and
the N. Y . Cons. Ry. Co. filed a bill of complaint in the U. S. Dist. Court
to compel the carrying out of these contracts and to recover alleged damages
incurred as a result of the city’s alleged failure to perform its contract
obligation. V. 114, p. 1764. The city has filed an answer asking the dis
missal of the suit. For details see V. 114, p. 2358. M otion to dismiss
suit was denied on Oct. 21 1924 by Federal Judge Knox. Y. 119, p. 1951.
In July 1923 B .-M . T. took over handling o f suit from counsel for re
ceiver. See V. 117, p. 322. On Jan. 3 1924 Judge Mayer granted a
motion o f the New York Rapid Transit Corp. to intervene in this suit.
V. 118, p. 85. The city and the Transit Commission appealed to the U. S.
Supreme Court from the order granted by Judge Mayer permitting the
Rapid Transit Corp. to intervene, but on June 2 1924 the appeal was dis
missed by the U. S. Supreme Court, which ruled that it was without
jurisdiction. V. 118, p. 2823. Compare V. 118, p. 1268. See also V. 119,
p. 2409.
Plan of Transit Commission for Merger of New York City Street Railways.—
The N . Y. Transit Commission on Sept. 29 1921 made public a plan for the
readjustment and merger of street railways and rapid transit lines of Greater
New York with eventual city ownership. For extended outline of plan
see V. 113, p. 1431. See also V. 117, p. 670 under caption “ Rapid Transit
n New York C ity.”
Advertising Contract.— On Feb. 28 1924 the Transit Commission approved
a contract between the corporation and Barron G. Collier, Inc., for the
advertising and vending privileges o f the subway and elevated lines of the
system, under terms o f which the latter agrees to pay a minimum of $15,000,000 for 15 years as follows: $900,000 a year for the first 5 years, $1,000,000 a year for the second 5 years, and $1,100,000 a year for the third 5
years. V. 118, p. 1267.
Valuation.— See V. 117, p. 2006, under caption “ B. R . T .”
Payment of Tort Claims.— See V. 117, p. 1346; V. 118, p. 2946.
Upon completion o f reorganization the capitalization will be approxi
mately as follows:
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
Com. 850,000 shares (no p a r ) . ____
. . . ____*769.911 shs. ___________
Pref., 350,000 shares—
Series “ A ” $6 cum. after
July 1 1926, 250,000 shs________ $6
x249,468 shs. A pr’25 $1.50
Rapid Transit Security 6%
s f bonds gold____Series A
1923 6%
$92,698,000 July 1 1968
Brooklyn Queens Co. & Sub./
1894 5 g J-J
1,497,000 July 11941
first M . $3,500,000-ntf (Guar. Trust C o., New York, trustee.
First consol M , guar p & if 189
5 g M -N
2,803,000 July 1 1941
(end), $4,500,000— n tf (Central Trust Co., New York, trustee.
Jamaica & Brook RR first) 1889 5 g J-J
231,000 Jan 1
mortgage. $240,000 _ t f (Central Trust C o., New York, trustee.
_
Brooklyn Union Elev 1st M ./
1899 5 g F-A
15,956,000 Feb 1 1950
guar. $16,000,000-----------t flln t . at Central Tr. C o., N . Y ., trustee.
Kings Co Elev first m tge,/ 1899 4 g F.A
6,980,000 Aug 1 1949
$7,000,000($l,000),g(gu)ntf (Int. at Central Trust Co., N . Y ., trustee.
Nassau El RR Co cons M ( 1898 4 g J-J
10,337,000 Jan 1 1951
bonds ($1,000), $15,—
[Guaranty Trust C o., N . Y ., trustee. Bonds
000,000__________ c*&rtf Iguar. by end. by Bklyn. Heights R R .
First mtge bonds (closed)tf/ 1894 5 A-O
660,000 Apr 1
(Hamilton Trust C o., N . Y ., trustee.
Atlantic Ave gen mortgage) 1891 5 g A-O
2,241,000 Apr 1 1931
gold (closed)_______ n tf (Brooklyn Trust C o., trustee
Atlantic Ave improvement, I 1894 5 g J-J
215,000 Jan 1
gold (closed)_________tf/Central Trust Co., New York, triustee.
B B & W E general gold,) 1893 5 g A-O
118,000 Oct 1 1933
$121,000 ____________ t f (Franklin Trust C o., N . Y ., trustee.
Coney Isl & Bklyn 1st consol) 1898 4 g J-J
1,986,000July 11948
M $2,000,000 gold_____n tf (Mercantile Trust C o., New York, trustee.
Consol mortgage $10,000,-/ 1904 4 g J-J
1,500,000 Jan 1 1955
000 gold ($1,000)— c* tf (Mercantile Trust C o., New York, trustee.
Bklyn City & Newtown/ 1889 5 J-J
1,988,000 July 1
1st M $2,000,000— n tf (Mercantile Trust C o., New York, trustee.
* To be further increased b y issuance o f add’l shares in exchange for N . Y .
Consol. R R . stock, x To be further increased to take care of unsecured
claims.
Stock.— Pref. is Issuable in series, each series (subsequent to ser. " A ” )
to carry divs. at such rate and cumul. from such date, and to be red. on
such terms, as directors may determine at the time o f the creation thereof.
Pref. as to assets on distribution to the amount of $100 per share and divs.
Pref. stock shall have the same voting rights as holders o f common stock
(one vote for each share held). Ser. “ A ” entitled to divs. at the rate of
$6 per share per ann., but no more, cumul. without int. from and after
July 1 1926 and red., all or part, at $100 and divs. Voting trust certifs.
for both classes o f stock are listed on N . Y . Stock Exchange.
Voting Trust.— Has been formed to provide for representation o f public
authorities on board o f directors. Voting trustees are Albert H. Wiggin,
G. M . Dahl and Frederick Strauss.
Bonds.— The Rapid Transit Security sink. fa. 6% bonds are to be secured
by pledge o f $93,352,000 face amount o f N . Y . Rapid Transit Corp. ref.
mtge. 5% bonds (see that co. below); $17,885,600 face amount of Williamsburgh Power Plant Corp. gen. mtge. 5% bonds ser. “ A ,” 188,138 shares
(no par) o f the capital stock of N . Y . Rapid Transit Corp., and 10,000
shares (no par; o f the capital stock o f the Williamsburgh Power Plant Corp.
The Rapid Transit Security sinking fund 6% bonds, series “ A ,” are re
deemable at 105 and interest. A cumulative sinking fund of 2-3% per
annum on the maximum amount o f bonds at any time outstanding, pay
able semi-annually, first payment to be made Jan. 1 1927, to be applied to
the purchase or redemption (at above redemption price) o f the bonds of this
series, the co. to have the right to tender bonds for purchase by the sik. fd.
at current market prices. If any div. be paid on the pref. or com. stock
o f the co. prior to Jan. 1 1927, then the sink, fund payments shall commence
not later than the date o f the payment f such dividend.
Interest on Bonds, Where Payabh
merest on the Bklyn. Union Elev.
1st 5s and on the Kings Co. Elev. 1st 4s is payable at Central Union Trust
Co.; on Nassau Electric bonds, incl Atla tic Ave. and West End issue, at
the Chase National Bank, New Yorki on tne Brooklyn Queens County &
Suburban mortgages and the Jamaica & B ooitlyn first mortgage at the
Chase Nat. Bank, N . Y . Int. on ah Coney Island & Brooklyn bonds
is payable at Central Union Trust b o , N Y .
The total authorized issue o f 1st consol, mtge. gold 5s o f the Bklyn.
Queens Co. & Suburban RR is $4,500,1)00, o f which $1,616,000 are reserved
for extensions, on which they will be a first lien. Both B. Q. C . & S.
loans are subject to call from 1916.
The Nassau El. 1st consol. M . bonds, besides covering the mileage
directly owned, are a lien by a supplemental agreement upon the stock of
the Caney Island & Gravesend R y. and will become a direct lien on thi
line should it become merged in the Nassau Electric. Of the total of
57
$15,000,000 bonds authorized, the unissued remainder ($3,242,000) is for
prior liens. See listing application in V. 72, p. 342.
Coney Island & Brooklyn Bonds.— Of the $10,000,000 bonds auth. by
mtge., $4,000,000 are reserved for prior liens and $3,768,000 are reserved
for ext. and imps. No sinking fund, and bonds cannot be called.
Dividends.—A div. of $1 50 per share was declared on the pref. stock,
payable M ay 15 1924. $1 50 per share was paid on pref. July 15 1924;
Oct. 15 1924 $1 50 was paid. In 1925, Jan., $1 50; April, $1 50.
R E PO RT.— Results for year ended June 30 1924 (B .-M . T. System and
affiliated companies:
Net rev. from operation.$13,572,918
Rev. from Transporta'n—
Passenger______________$38,376,581 Taxes accr. on oper. prop. 2,738,947
F reigh t________________
650,173
Operating income____$10,833,871
Chartered car revenue_
874
Non-Oper. Revenue—
Misc. transp. revenue_
517
Rents accrued from lease
of road_______________
$61,467
T ota l------------------------ $39,028,144
Other St. Ry. Pepr. Rev.—
Miscell. rent revenues___
297,376
$534,390 Interest revenues_______
428,865
Advertising____________
62
Other car & sta’n privil’s .
297,476 Dividend revenues______
Rent, of bldgs. & prop__
147,573 Profits from operation of
Rent of equipment______
170
oth ers_______________
12,318
151,367
Rent of tracks & terminal
22,284 Miscellaneous__________
Miscellaneous receipts..
42,290
T ota l________________
$951,456
T o ta l------------------------ $1,044,182 Non-oper. rev. deduc.:
Rent expenses_______
1,000
Total revenues_______ $40,072,326
Operating Expenses —
Net non-oper. income.
$950,455
Maint. of way & struc_$3,742,677
Maint. of equipment____ 6,671,802
Gross income________ $11,784,426
71p d i j t'f i
g- ■
Oper. of power plant____ 3.428,726
Trainmen's wages______ 6,514,423 Interest deductions_____$7,431,050
Other expenses_________ 3,908,714 Rent for lease of other
road and equipm ent..
25,000
Damages_______________ 1,277,772
Legal expenses in connec
Other deductions_______
306,310
tion with damages____
174,478
General law expenses____
105,334
Total deductions------- $7,762,360
Other general exps______ 1,156,119
Freight expenses_______
519,304 Balance_________________ $4,022,065
36,006
Am. R y. Traf. Co. exp_.
60 Less accr’g to minor, in t.
Net income____________$3,986,059
Total oper. expenses. .$26,499,409
Note.— The foregoing figures include the result of operation of the Brook
lyn Heights Railroad Co. still in receivership.
Results of operations under the Contract wtih the City for the Year Ended
June 30 1924 and 11-Year Period from the Commencement of the
Contract, Namely, Aug. 4 1913 to June 30 1924.
Year Ended Aug. 4, 13 to
Period—■
June 30 ’24. June 30 '24.
R evenu e______________________________________ $27,707,952 $182,485,439
Oper. deductions and company’s First Preferential 23,463,471 170,443,917
23,463.471
Balance available for return on new money in
vested under contract________________________ 4,244,481
12,041,523
Company’s Second Preferential, representing inter
est and sinking fund on company’s contribution
27,667,841
to construction and equipment under contract. 5,316,510
Deficit representing amount by which revenue
failed to equal interest and sinking fund on com
pany’s contribution to construction and equip
15,626,318
ment under contract_________________________ 1,072,029
C ity’s Preferential, representing interest and sink
ing fund on city’s contribution to construction
32,917,232
under contract, unearned and unpaid_________ 4,076,919
Deficit, representing amount by which revenues
failed to equal company’s and city’s interest and
sinking fund on contributions to construction
48.543,550
and equipment______________________________
5,148,948
Latest Earnings.— For 3 mos. end. Sept. 30 1924 and 1923, see V. 119,
p. 1951.
OFFICERS.— Chairman of Bd., G. M . Dahl; Chairman o f Finance C om
mittee, A . H. Wiggin; Pres., W m. S. Menden; V .-P . & Gen. Coun., Geo. D .
Yeomans; V .-P .. Travis H. Whitney: Sec.-Treas., Frederick C. Marston;
1930
Compt., Howard Abel; Asst. Sec., Otis Everett.—V. 119, p. 454, 577, 692,
809, 1394, 1951, 2177. 2409, 2523. 3008; V. 120.'p. 451, 1088.
COM PANIES CONTROLLED B Y BR O O K LYN -M A N H A TTA N
TR AN SIT CORP.
(1) NEW YORK RAPID TRANSIT CORPORATION.
ORGANIZATION.— Organized in New York on June 9 1923 as a con
solidation o f the New York Consolidated R R . and the New York Municipal
R y . 1944 succeeding those companies as per B. R . T . reorganization plan,
Corp.,
for details of which see “ Electric Railway” Supplement o f April 28 1923.
For history o f N. Y . Consol. R R . and the N . Y . Municipal Ry. Corn, up to
time1934
o f reorganization also see “ Electric Railway” Supplement of April 28
1923. The co. as now constituted owns and operates the rapid transit
lines of the B. R . T. system (now B .-M . T . Corp. For digest of readjust
ment plan and particulars regarding exchange of securities under plan see
V. 116, p. 2130.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns 172.004 miles of track; leased (incl. trackage rights), 124.089 miles;
total, 296.093 miles. Leases for 999 years from 1915 the Nassau Electric
1939
R R .’s terminal at Coney Island. See “ Electric Railway” Supplement o f
April 28 1923 for terms of lease.
Division of Earnings with City.— As the Corp. now holds all the rights
originally acquired by the New York Municipal R y. Corp. in the latter’s
contracts with the city, all the earnings accrue to it. The division of
earnings is on the following basis:
1. To the company, $3,500,000, as representing the net earnings o f the
previously existing railroads which went to form part of the new rapid
transit system. Out of this reservation the company pays interest charges
on capital investments prior to Mar. 19 1913 in the then existing railroads.
2. To the company, 6% on its new investment in construction and equip
ment prior to the beginning of permanent operation and thereafter interest
and 1 % sinking fund.
3. To the city, interest and 1 % sinking fund on its investment in cost of
construction.
4. Any surplus remaining, after making provision for a moderate contin
gent reserve fund, is to be divided equally between the company and the
city. The company’s preferential payments are to be cumulative.
Suit Against City.— See under B .-M . T . above.
Upon completion of readjustment and reorganization the co. will be
capitalized approximately as follows:
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ 189,000 s h . __________
Stock 189,000 shares (no p a r ) . ____
1st & ref mtge $50,000,000_________
_________
(0)
__________
Ref mortgage Series " A ” _____ 1922
__________$93,508,500
x 1968
Bklyn Un El 1st M , $15,967,-/ 1899 5 g F-A
15,967,000 Feb 1 1950
000, gold, 4% till 1905,{Interest at Central Trust C o., New York,
since 5% ($1,000)______ t fl Trustee.
Kings County El 1st M , g old ,/ 1899
4 g F-A
7,000,000 Aug 11949
$7,000,000 ($1,000)--C * n tflin t, at Central Trust C o., N . Y ., Trustee.
x All pledged under B ,-M . T . Corp. Rapid Transit security 6 % sinking
fund bonds Series “ A " (see that co. above).
Bonds.— The 1st & ref. mtge. bonds will constitute a lien (ahead of the
ref. mtge. and subject only to the existing underlying elevated railroad
bonds on certain of the properties) on the rights existing under Contract
No. 4 and allied certificates and on all the other properties of the N . Y .
Rapid Transit Corp. The bonds are to be issued only for the purpose of
providing (after the exhaustion of the moneys— $5,000,000 improvement
fund for future improvements already deposited— provided in the reorganiza
tion for such purpose) for the cost of additional equipment and additions and
betterments for the rapid transit lines or power house properties, provided
after July 1 1923 under Contract N o. 4 and the allied certificates, and also
for the purpose of refunding any bonds previously issued and outstanding
under this mortgage and any o f the existing underlying elevated railroad
bonds. None of these bonds will be issued in reorganization. Pending
the consummation o f the proposed Inclusion of the power plant properties
under Contract N o. 4 and (or) the allied certificates and the transfer o f
58
PUBLIC UTILITIES
those properties accordingly, the reorganization committee may authorize
the creation of a power plant 1st mtge. of substantially the same character
as the N. Y . Rapid Transit Corp. 1st & ref. ratge. Such mortgage may be
created and the bonds thereunder issued either by the new co. itself, if the
title to the power plant is permitted to remain therein, or by a subsidiary
co., if title to the power plants be vested in a subsidiary. None of these
bonds will be issued in reorganization.
Bonds of the Brooklyn Union and Kings County Elevated RR. are listed
on New York Stock Exchange.— Y . 117, p. 1347, 1556, 1664, 2323, 2543;
V. 118, p. 85, 1268.
(2) NASSAU ELECTRIC RAILROAD.
A trolley road.
In accordance with B.R .T. reorganization plan (see ‘‘ Electric Railway”
Supplement of April 28 1923 under B .R .T .), the co. was taken over by the
Brooklyn-Manhattan Transit Corp. (successor to B.R.T.) on July 13 1923
See V. 117, p. 322, under caption‘‘ Brooklyn-Manhattan Transit Corp.”
Receivership Terminated.— In April 1924 we were informed that the
receivership of the Nassau Elec. RR. had been terminated.
ORGANIZATION.— Chartered Mar. 13 1893 under the laws of New
York. Opened in July 1895 and in April 1896 leased the Atlantic Avenue
R R., &c. As stated above, the B.-M . T. Corp. owns or controls all
of the $8,500,000 common stock of the Nassau Electric and $6,394,775
out of the $6,500,000 preferred stock.
Was formerly leased for 999 years from April 1 1900 to Brooklyn Heights
Railroad, but, coincidenbly 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.
FIELD OF OPERATIONS.— Embraces 144.013 miles of single track.
Atlantic Avenue RR. (now part of Nassau Electric) owned the double
track steam road (since converted to electricity) from Jamaica to Flatbush
Avenue Station in Brooklyn, 9H miles (19 miles of track), which is leased
for 99 years from June 1, 1877 to Long Island RR. Co., affording that
company entrance into the city of Brooklyn— rental, formerly a percentage
of receipts, was changed in 1895 to $60,000 yearly. V. 61, p. 828. Liti
gation has arisen with Long Island RR. regarding the use of Atlantic
Avenue. See V. 74, p. 1139. In Oct. 1910 N. Y . Court of Appeals decided
that the city had the right to tear up rails, but city has taken no action
looking to the exercise of the right.
Leases Coney Island terminal to the N. Y . Rapid Transit Corp., formerly
the N . Y . Consol. RR. (see N. Y . Rapid Transit above).
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $8,500,000_________
_________ $8,500,000 ____________
Preferred 4 % cum $ 6 ,5 0 0 ,0 0 0 - ____
M -N
6,500,000
See text
Bonds.— For details see B.-M . T . statement above.
D ivid en d s. — First div. on pref. under lease was paid Dec. 31 3900, 4 % .
1901 to 1907 incl., 4% per annum; in 1908, Nov., 2% ; in 1909, Nov., 2% .
In 1910 and 1911,4% ; in 1912, May, 2% ; Nov. 2% reg. and 4% on account
of arrears. In 1913, May, 2% ; Nov., 4 % ; 1914 to 1917 incl., 4% ; none since.
—V. 112, p. 744; V. 114, p. 306,1286, 1534: V. 116, p. 721, 1649.
(a) CONEY ISLAND & GRAVESEND RY.
ORGANIZATION.— Incorp. in N. Y . in 1893. Owns'$2,637,000 stock
ithe Coney Island & Bklyn. RR. (see below).
FIELD OF OPERATIONS.— Operates approximately 7 K miles of
track. Standard gauge.
STOCK AND BONDS— Date.
Interest. Outstanding. Dividends.
Stock $350,000 ($100)_______ All owned by the B-M. T.
Bonds______________________ No funded debt.
(a) CONEY ISLAND & BROOKLYN RR.
Under terms o f B. R. T . reorganization, the co. will be taken over as
part o f the system b y the Brooklyn-Manhattan Transit Corp.
Reorganization Plan.— See Brooklyn-Manhattan Transit Corp., above.
Receiver Discharged.— The receivership o f the co. was terminated at mid
night March 31 1924. V. 118, p. 1664.
In Dec. 1913 the Coney Island & Gravesend R y. (see above) received
permission from the P. S. Comm, to acquire 26,370 shares of the stock
o f this company. Coney Island & Gravesend Ry. owns $2,637,000 and
the B .-M . T. Corp. $49,500 o f the c o .’s stock. B .-M . T . Corp. owns
$625,000 consol, mtge. bonds of 1904.
ORGAN IZATION .— Chartered Dec. 10 1860. Cars commenced run
ning over the Brooklyn Bridge Feb. 15 1898. See V. 66, p. 383.
Brooklyn City & Newtown was leased in Nov. 1897 for 999 years. I d
1900 acquired all the stock o f that company, but legal proceedings com
pleting merger with Coney Island & Brooklyn were not effected until 1910.
FIELD OF OPERATIONS.— First track, 23.178 miles; 2d track, 22.490
miles; misc. track, 5.948 miles; total oper., 52.616 miles, 460 passenger
and 26 service cars.
STOCK A N D BONDS.— Date. Interest. Outstanding. Last div. &c
Stock, $3,500,000 (par $ 1 0 0 ) - - ____
6 Q-M
$2,983,900 J u n e‘ 18 1 >
4
Bonds.— See B .-M . T. above.
D IV ID E N D S.— In 1895, 6% ; in 1896, 5% ; in 1897. 6% : in 1898, 814%
V. 67, p. 955. In 1899 and 1900, 10%; in 1901, 1314%: in 1902, 1903, and
1904, 16%; in 1905, 10%; in 1906, 8% ; in 1907, Feb., 2 % . None there
after to Jan. 1914, when 6% was paid. In 1915, Jan., 6% ; June, 1H % :
D ec., 3% . In 1916 and 1917. 6 % . In 1918, M ar., 114%; June, 114%.
None since.
OFFICERS.— Sec., J. H. Bennington; Comp., Howard Abel.— V. 109.
p. 72, 278. 887; V. 110, p. 969; V. 112, p. 743; V. 113, p. 2818; V. 114, p
1286, 1650; V. 116, p. 721, 1648; V. 117, p. 552; V. 118, p. 1664.
(4) BROOKLYN QUEENS COUNTY & SUBURBAN RR.
ORGAN IZATION .— Incorporated in 1893.
Receiver Discharged.— On July 14 1919 Lindley M . Garrison was appointed
receiver for the co., but on Dec. 2 1923 the receivership was terminated
and the receiver discharged.
FIELD OF OPERATIONS.— Has 67.522 miles o f track (incl. 2d track,
sidings, &c.). Standard gauge.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $15,000,000 ($100)__________
_________ x$2,000,000 __________
Bonds.— See B .-M . T. above.
x All owned by B .-M . T.
(5) SOUTH BROOKLYN RR.
ORGANIZATION.— Incorporated in 1900.
In Sept. 1923 the Transit Commission approved the application of the
South Brooklyn Ry. for authority to purchase the outstanding capital stock
o f the Prospect Park & South Brooklyn R R . and the N. Y . & Coney Island
R R ., and to merge those cos. and the Prospect Park & Coney Island R R .
into itself. See V. 117, p. 1347. This merger was consummated in
Sept. 1923.
STOCK AN D BONDS.— Date. Interest. Outstanding. Maturity
Stock, $100--------------------------- -----------------x$500,000
-----------x All owned by B .-M . T. Corp.
EARN ING S.— Now included in those o f B. M . T .— V. 113, p. 534.
(6) WILLIAMSBURGH POWER PLANT CORPORATION.
ORGAN IZATION .— Organized in accordance with reorganization plan
as the power plant subsidiary o f the B .-M . T. Auth. capital, $50,000.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Gen mtge sk fd Ser “ A ” _____1 1923 5%
$17,885,600 July 1 1968
R edati07>4 & int__________ /Chase N at’l Bk., N. Y ., trustee.
U N I T E D T R A C T I O N CO.
Control.— Entire stock (except 4 shares) is owned by The Delaware &
Hudson Co. V. 81, p. 1552; V. 82. p. 160.
O R G A N IZA T IO N .— Chartered Dec. 30 1899 as a consolidation of the
Albany R y. (chartered in 1863), the Watervliet Turnpike & R R . (chartered
in 1828) and the Troy City R y. (chartered in 1866). See V. 69, p. 1147,
1300; V. 70, p. 77. Operates under leases to the constituent companies
the Troy & Cohoes R R ., Lansingburgh & Cohoes R R ., Waterford & Cohoes
R R ., Cohoes R y. and the Capitol R y. Owns 97% o f the stock of the
Hudson Valley R y ., 71 % o f the Waterford & Cohoes R R ., and all the cap
ital stock of the Capitol R y., Cohoes R y. and Great Western Turnpike Road.
The Cohoes City Ry. was sold at foreclosure in 1904 and reorganized as
Cohoes Ry. C o., with $120,000 stock and $84,000 bonds; all of the stock
{ V ol. 120.
and bonds are deposited with the Central Trust Co. of New York as security
for bonds of the Albany R y.
Acquisition of Hudson Valley Ry.— In Dec. 1906 acquired a majority o f the
stock and bonds of the Hudson Valley R y. Co. and increased its own stock
from $5,000,000 to $12,500,000 to finance the purchase. V. 84, p. 52.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 59.343 miles of first main line track and operates in all 109.73
miles of track, of which 92.736 miles owned, connecting Albany, T roy,
Cohoes, Rensselaer, Watervliet, Lansingburgh, Green Island, Waterford,
&c. Rails, 25 to 141-lb. girder and T . Standard gauge. Has 327 cars; 265
owned and 62 leased.
Franchises perpetual except that of the Capitol R y. (a short line on the
outskirts of Albany), which expires in 1951.
Traffic Agreements.— Has traffic agreements with the Albany Southern
R R ., Schenectady R y. and Hudson Valley R y ., by which cars o f the firstnamed road are run into Albany from Rensselaer, cars o f the Schenectady
Ry. into Albany, Troy and Watervliet, and cars o f the Hudson Valley R y.
into Troy from Waterford.
Electric power is furnished under contract by Adirondack Power & Light
Corp.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock (par $100) $12,500,000_______
_________ $12,500,000
See text
Debentures $1,250,000 gold? 1901
4K g M -N
456,000 M ay 1 1919
($1,000) _____________r n t flln t . at National Commercial Bank, Albany.
Cons mtge $6,500,000 gold) 1904
4K g J-D 2,620,000 June 1 2004
($1,000) ____________ c * tf lin t, at Cent. Un. Trust C o., N . Y ., trustee.
Albany R y cons M ($500,000) J 1890
5 g J-J
428,000 Jan 11930
gold ($1,000)_______ c*ntf\Int. at Cent. Un. Trust C o., N . Y ., trustee.
Albany R y gen M $750,000,f 1897 5 g J-D
496,000 June 1 1947
g o ld ___________________ t flln t . at Cent. Un. Trust Co., N. ’ ., trustee
Watervliet Turnpike & R R — J 1889 6 M -N
350,000 M ay 1 1919
1st M guaranteed______n tf (Boston Safe Deposit & Trust O , trustee.
2d M prin & int g u a r.-n tf f 1890 6 M -N
150,000 M ay 1 1919
(Metropolitan Trust C o ., N . V .trustee.
Troy City 1st con M gold] 1892
5 g A-O
2,000 000 Oct 11942
N Y ., trustee.
$2,000,000 __________ c*&r\Int. at Cent. Un. Trust. O
Bonds.— Of the consol, mtge. of 1904, $3,880,000 is reserved to retire prior
liens. No sk. fd . and bonds are not subj. to call. Directors may fix rate of
int. on unissued bonds but not exceeding 6% ; present issue i at4 J4%- The
debs, may be called on any int. date on 3 m os.’ notice at “ i % int. rate for
the unexpired term as calculated in.standard int. tables.” V. 73, p. 1113,.
The Albany R y. general mortgage o f 1897 was for $1 X),000, o f which
$254,000 was reserved, but consolidation made reservation inoperative.
The Troy City leased roads include Troy & Cohoes, ■toc.k $50,000, divs.
’
under lease 7% ; Lansingburgh & Cohoes, stock $15.00* divs. under lease
7 % . The Waterford & Cohoes R R ., $25,000 stoc ,
ceives 7% yearly
under lease.
D IV ID E N D S .— First quar. div., 1M % , was paid M ay 1 1900; same rate
continued up to and incl. N ov. 1905. For year 1906, 6M % was paid. On
Dec. 31 1906 stock was increased from $5,000,000 to $12,500,000 and fdivs.
made semi-annual (J. & J.) and 4% was paid in 1907, 2% Jan. 1 1908 and
2% each six months thereafter to and incl. 1913. I n l 9 l 4 ,2 % . Nonesince.
E A R N IN G S.— For calendar years:
Year—
Gross.
Net.
Other Inc. Chgs.&Tax
Deficit.
1924__________$3,205,856
$466,448 $276,535 $1,078,688
$335,705
1923_________ 3,234,149
394,212
276,249
972,323
301,862
1922__________ 3,085,291
507,066 275,920
960,492
177,506
1921_ 1,199,783 def1,579,887
275,416
903,938
2,208,409
OFFICERS.— Pres., L. F. Loree, N. Y .; V .-P ., W. H. Williams, N. Y»,
V .-P ., H. B. Weatherwax. Albany: V .-P. & Asst, to Pres., F. W . Leamy.
N . Y .; Sec., J. W . Coon, N . Y .; Aud., W . A . Biasing, Albany; Treas., F. W .
Dingley, Albany; Comp., W . E. Eppler, N . Y .; Gen. M gr., Ernest Murphy,
Albany. Principal office, Albany.— V. 113, p. 1362, 2407, 2722; V . 114,
p. 411, 2117; V. 115, p. 184, 2380; V . 116, p. 2390.
(1) HUDSON VALLEY RAILWAY.
In Dec. 1906 the United Traction Co. of Albany acquired control through
purchase of a majority of the capital stock.
OR G A N IZA TIO N .— Incorp. July 1 1901 as a consolidation of the
Glens Falls Sandy Hill & Fort Edward Street R y ., Warren County Elec.
R y., Stillwater & Mechanicville Street R y ., Greenwich & Schuylerville St.
R y., Saratoga Traction Co. and Saratoga Northern R y., the capital stock
of these roads being exchanged for stock in the new company. V . 73, p. 391.
Owns entire capital stock of Warren County Elec. L t. Ht. & Pow. Co. and
all the stock ($200,000) and all the bonds ($200,000) of the North River
Ry., a road operated in Saratoga by this co. Franchises perpetual.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Main line extends from Waterford northward along the Hudson through
the villages and towns of Waterford, Mechancisville, Stillwater, Schuyler
ville, Thomson, Fort Edward, Glens Falls and Lake George to Warrensburg. The Saratoga Division, which branches off the main line at Me
chanicville, provides a line from Waterford to Round Lake, Ballston Spa
and Saratoga. Glen Falls division provides a line from Saratoga Springs
to Glens Falls, which was completed in June 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, 121.27 miles; second
track, 18.78 m.; sidings, 8.77 m .; making a total of 148.82 miles of track,
of which 123.36 miles are owned. Rails, T , girder and grooved, 48 to 141
lbs. Standard gauge; 70% on private right-of-way. Operates 122 cars,
including 2 freight, 16 exp. and 27 service cars. Company owns Kaydeross
Park, at Saratoga Lake, and Ondawa Qark, between Greenwich and
Thomson.
Financial Readjustment.— A readjustment of the 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. pref. stock was created to provide for
the convertible features o f the debenture “ B ” bonds. V . 82, p. 751.
Traffic Agreements.— Has traffic agreements with the United Trac. Co.
and Greenwich & Johnsonville R y., by which cars of the Hudson Valley
Ry. Co. are run over the lines of the United Trac. Co. from Waterford
to Troy, and cars of this company are run over the Greenwich & Johnson
ville at Thomson, N . Y .
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
_________ $2,978,300
Common $3,000,000 par $ 1 0 0 - ____
Preferred ($2,500,000) ( s e e f ____
_________
See text
text) 5% non-cumulative_-l
First consolidated mortgage? 1901
5 g J-J
2,222,000 July 1 1951
$4,000,000 (denomination?Int. at Manufacturers’ Nat. Bank, Troy.
$1,000) gold_________ c * tf [M ay be called at 110 & int. on any int. date.
Deb “ A ” income ($700.000)_ 1906 5 g Mar. 1
_
474,000 Jan 11951
Deb “ B ” income ($2,500,000). 1906 2 g Mar. 1 2,500,000 Jan 11951
TTi flprhiiw n T
t
pyi g —
G F S H & F^E 1st M (no opt) [ 1891 6 J-J
100,000
Past due
($500 & $1,000) gold_____clC ent. Union Trust C o., New York, trustee.
do 2d M ($500) gold___ c f 1893 6 J-.T
50.000
Past due
[Int. at the National Bank of Glens Falls,
do 3d M ($150,000)-_ n t f / 1901 6 A-O
82,000
Past due
M av be called at 100.
1893 6 A-O
47,500
Pastdue
i
Bankers Trust C o., New York, trustee.
1898 6 A-O
202,500
Pastdue
Glens Falls Trust C o., Glens Falls, trustee.
Bonds.— Of the $4,000,000 1st consol, mtge. o f 1901, $482,000 are set
aside for prior liens and $1,290,000 have been deposited as coll, fdr tem
porary loans.
The deb. “ B ” bonds were conv. into pref. stock at par to Mar. 1 1917.
Int. on the deb. “ A ” and “ B ” bonds is neither cumulative nor obligatory.
No int. has been paid on either class.
The G. F. 8. H. & F. E. 1st M . fell due July 1 1911. but was extended
EA now past due; 2d M
Net
Other
Charges &
Balance,
and isR N S.— Operating . fell due July 11913 and the 3d M . April 1 1921.
Cal. Years.— of Stillwater & Mechanicvillerbonds fell due April 1 1913.
Earninas.
In o w
Taxes
Deficit.
Both issues Revenues.
1924.......
$910,215 def$24,810
$73,683
$478,407
$429,534
1923__________ 962,772
57,778
75.337
460.822
327,707
1922__________ 1,245,843
180,003
39.263
469,463
250,197
OFFICERS.— Same as for United Traction C o.— V. 89, p. 286; V. 108,
p. 1274; V. 113, p. 730. 1772.
M ay , 1925.]
POWER, LIGHT AND RAILW AY
INTERNATIONAL RAILWAY CO.
ORGAN IZATION .— Incorp. in N . Y . on Feb. 20 1902 with. $10,120,500
stock, and in Aug. 1902 this was increased to $17,000,000, and in Aug.
1920 further increased to $17,500,000, o f which $16,707,500 has been
fesued (all o f which was owned by the International Traction Oo. up to
1920— see V. I l l , p . 1752), as a consolidation of the following companies,
whose shares had previously been held by the Traction Co. V . 71, p. 427.
Buffalo Railway Oo. (after Buffalo Traction and Buffalo Bellevue &
Lancaster had first been merged in the same).
Buffalo & Niagara Falls Electric Railway.
Buffalo & Lockport Railway (after Elmwood Ave. and Tonawanda Elec
tric Railway had been merged).
Buffalo Tonawanda & Niagara Palls Electric R R . Co.
Lockport & Olcott Railway.
Niagara Palls & Suspension Bridge Railway (after the Niagara Palls
Whirlpool & Northern R y. had been merged in it ).
Niagara Falls Suspension Bridge Co.
On July 1 1902 the International Ry. Co. acquired by purchase the
Niagara Palls Park & River R y ., the Clifton Suspension Bridge C o., the
Lewiston Connect. Bridge Co. and Queenston Heights Bridge Co. and in
Dec. 1912 merged the Electric City R y. In April 1913 the Crosstown
St. R y. was also merged.
For history o f International Traction Co. which formerly held all the co.’s
stock, see “ Electric Railway” Supplement o f April 30 1921.
FIELD OP OPERATIONS A N D CHARACTER OP BUSINESS.—
Total miles o f track, incl. second track, crossovers, sidings, &c., 419.114
miles. Gauge, 4 ft. 8 Jz in. Rail (steel) 45 to 145 lbs. 1,062 cars of all
•classes, incl. 894 passenger cars. International Bus Corp., subsidiary,
■operates 30 buses on 3 lines in the City o f Buffalo. See V. 119, p. 1844.
Greater part o f electrical energy used is purchased from the Niagara Palls
Power Co. and its allied company, the Buffalo General Electric Co.
Franchises.— Nearly four-fifths o f 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 o f minor trackage
being operated under franchises having less than 25 years (from 1916) to
Tun. The franchises of the lines outside o f Buffalo are either for vsrious
long-term periods or are without time limit.
Fares— V. 118, p. 2572; V. 120, p. 828, 1202, 1747
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
fltocks $17,500,000 (v t c ) _________
_______ $16,707,500 __________
Internat R y ref & imp mtge( 1912
5 g M -N
15,229,200 N ov 1 1962
$60,000,000 gold------- c*&r/Bankers Trust C o., New York, trustee.
internat R y 5-yr coll t r b d s - .. 1920
7%
226,000 July 1 1925
Buffalo R y 1st con mtge? 1891
5 g F-A
4,784,000 Peb 11931
($1,000) $5,000,000 g-C*&r(lnt. at c o .’s office, Buff., E . W . Clark & Co.,
m
( Phila., or Bankers T r . C o ., N . Y ., trustee.
«aTonawanda St RR 1st M { 1892
6 J-J
60,000 Jan 11926
(closed)----------------------------/Interest at company’s office, Buffalo.
aTonawanda Electrie RR 1st] 1895
6 A-O
40,000 April 1 1927
m tg e ------------------------------ /Interes at company’s office, Buffalo.
bCrosstown St R y 1st mtge gl 1892
5 g M -N
2,533,000 M ay 1 1932
(closed) gu p & i ------------ c* /In t. at Metropolitan Tr. C o., N . Y ., trustee.
Buffalo Traction first mtge \ 1898
5 g J-D
673,000 Dec 11948
(closed)--------------------------- / Int. at Metropolitan T r . C o ., N . Y ., trustee.
Buffalo Bellevue & Lancaster/ 1897
5 J -D
199,000 June 1 1927
mtge (redeemable at par) - -/Interest at Buffalo Trust Co , Buffalo.
Buffalo & Niag Palls Elec R y{ 1895
5 g J-J
572,000 July 1 1935
1st mtge $750,000 gold— c/Interest at Bankers Trust C o., New York.
Buffalo & Lockport 1st mtge! 1898
5 g J-J
500,000 July 11928
gold $500,000------------------- /Equitable Trust Co., New York, trustee.
SLOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Niagara Palls Suspension/ 1897
5 g J-J
100,000 Jan 11928
Bridge, Clifton Suspension {Toronto General Trusts Corp., trustee.
Bridge----------------------------- lint, at American Exch, Nat. Bank, N . Y .
Lewiston Connecting Bridget 1898
5 g A-O
125,000 Oct 11928
C o., Queenston Heights/Toronto General Trusts Corp., trustee.
Bridge C o . . ---------------------[Int. at American Exch. Nat. Bank, N . Y .
•nNiag Falls & Susp Bridge R y , 1893
6 J-J
488,000 Jan 11926
oNiag Falls W hirlpA No R y-_ 1894
6 J-J
22,500 .Tan 11926
Real estate mortgages________ ____
6-7%
283,082
1925
Bonds.— Of the International R y. ref. & impt. bonds, $10,017,500 are
reserved to retire prior lien bonds and $339,000 are pledged as security for
the 5-year 7% coll, trust bonds; remaining bonds may be issued only for
additions, improvements, &c., with consent o f the P. S. Comm. Coup,
bonds in denom. o f $1,000 and reg. bonds of $1.000 and multiples. Red. on
any int. date at 110 and int. Int. payable at office or agency of the co.
In New York. Exempt from N. Y . State, county and municipal taxes.
Sk. fd. began in 1912 and will provide by July 1 1949 sufficient funds to
retire all except $640,500 of the outstanding underlying bonds to a total par
value o f $12,651,500. $2,364,800 ref. & imt. bonds and $527,000 prior lien
bonds have been acquired by sink. fund. The bonds are secured by a 1st
mtge; on obout 43 miles o f track (incl. 15}4 m. in Buffalo) and by a mtge. on
remaining property, subj. to divisional bonds. Thev are a 1st mtge. on the
line between Buffalo and Niagara Falls. V. 96, p. 62; V. 103, p. 1032.
The International R y. 5-year 7 % coll, trust bonds are secured by $339,000
International R y. ref. & impt. 5s.
The Tonawanda Elec. R R . 1st 4s, due originally on April 1 1907, were
extended as 4s to April 1 1917, and in 1917 again extended to April 1 1927
at6 % ■
The Tonawanda Street R R . 1st 6s originally due July 1 1922, were
extended to Jan. 1 1926 at 6% .
The Niagara Palls & Suspension Bridge R y. bonds o f 1893 and Niagara
Palls & Whirlpool Northern bonds of 1894 given in the table above matured
m 1903. These were extended, maturity to .July 1 1923 at 6% and again
to Jan. 1 1926 at that rate.
RE PO RT.— Of International R v. for vears ending Dec. 31:
Years Ending—
Dec. 31 ’24. xDec. 31 ’23. xDec. 31 ’22. Dec. 31 ’21.
Total income---------------- $10,322,556 .-,839,907 $7,398,767 $10,900,982
Operating expenses------- ) 9,509,345
(8,617,421
9,460,265
8,583,472
T axes_________________ /
! 676,485
584,389
718,443
Gross income________
$813,210
$546,001def$2645,887 51,599,067
Interest, rents, &c________________ 1,479,724
1,499,956
1,573,240
1,525,959
$99,111
Balance over chges_adef$666.513def$1027,238def$4171,846
. _______________ _____________ _____ _______ __
a $87,106 credited to fixed charges, being the amount contributed by
I. R . C. stockholders through return o f int. on underlying bonds held by
voting trustees, x Loss o f revenue in these years attributed to strike.
OFFICERS.— Pres., H. G. Tulley; V .-P., B. J. Yungbluth; V .-P ., H. L.
Mack; Sec. & Treas., C. A. Weber; Aud., Charles A. Chavel.—-V. 117,
p . 86, 208, 1017, 1884, 2109. 2432, 2542; V. 118, p. 84, 794, 2437, 2572;
V. 119, p. 693, 1844, 2410; V. 120, p. 453, 828, 1202, 1747
NEW YO R K STATE R AILW AYS.
Of the common stock, $13,604,300 (also $600 pref.) owned by New
York Central R R .
O R GAN IZATION .— Incorporated in New York on March 22 1909 as a
consolidation o f the Rochester Ry. Co., the Rochester & Sodus Bay R y. Co.
and the Roch. & Eastern Rapid R y. Co. (as per plan V. 88, p. 53, 823,945),
and on Oct. 17 1912 the P. S. Comm, approved the further merger with the
Utica & Mohawk Valley R y., Oneida R y., Syracuse Rapid Transit Ry. and
Rochester & Suburban R y., all o f whose stocks had already been owned.
V. 95, p. 1040. Aug. 28 1919 the co. merged into itself the East Side Tractoon C o., the entire stock o f which had been owned since 1912. Compare
V. 108, p. 683.
The following is a list o f the stocks owned by the N . Y . State Railways:
Schenectady Railway C o________ $2,050,000 or 50%
o f whole amount
Syracuse Land & Steamboat C o ..
10,000 “ 100%
Syracuse & Valley Land C o_____
4,450 “ 100%
Glen Haven Improvement C o___
14,500 “ 100%
Ontario Light & Traction C o_____
100,000 “ 100%
Rochester Electric Railway C o __
176.600 “ 88.30%
Rochester Rys. Co-Ord . Bus Lines
1.50.000 “ 100%
East Ave. Bus Co., In c__________
6.800 “ 66%
Utica Ry. Co-Ord Bus Line, Inc
30,000 “ 100%
Miscellaneous.
Also owns $55,000 City o f N\ Y . 414% coup. “ Corp.” stock, $232,000
railroad bonds and $64,000 Liberty Loan 4J£% bonds.
FIELD OP OPERATIONS AN D CHARACTER OP BUSINESS —
On Dec. 31 1924 operated 338.93 miles o f railway, o f which 277.57 miles
owned, 60.96 miles leased, and .40 trackage rights. Miles main single
59
track, 544.62 (of which 428.81 miles owned, 115.03 miles leased and .78
miles trackage rights): sidings, &e., 52.53 miles; total track mileage. 597.15.
Miles of railway owned, leased and operated by subsidiary cos., in addition
to mileage operated directly by N . Y . State Railways:
Owned.
Leased.
Operated.
a Rochester Electric R y ____________________ 4.71
____
____
a Ontario Light & Traction C o______________2.53
____
____
6 Schenectady Railway C o______________:___60.29
12.99
73.28
T otal___________ ______ ______ ______ ..67.53
12.99
73.28
a Leased to N . Y . State Rys. b N . Y . State Rys. owns a half interest.
Has 784 passenger, 17 express and 148 other cars (including 1 electric
locomotive) and 39 snow plows; total, 988.
Franchises in Rochester are practically perpetual and exclusive, with
exception of a few extensions which run for 50 years.
Contract for Power.— Power for Rochester lines is supplied under a long
term contract with the Rochester Gas & Electric C orp., whose entire com.
stock is owned by Mohawk Valley Co. (in turn owned by N. Y . Central R R .)
Power for Syracuse lines supplied by Niagara Lockport & Ontario Power Oo.
and Utica-Oneida lines supplied by Adirondack Power & Light Corp.
Valuation.— At a hearing held before the P. S. Comm, on Peb. 26 1919
the appraised valuation of the co. was given as $53,326,235. For valuation
of the c o .’s property in Syracuse see V. I l l , p. 1472. See also V. I l l ,
p. 2521. For valuation of Utica lines see V. 112, p. 63. For valuation by
Board o f Appraisers for the city o f Rochester, in Aug. 1921, see V. 113,p.849.
Fares.— See “ Electric Railway” Supplement of April 26 1924.
Co. Authorized to Operate Buses.— See V. 116, p. 2389. See also V. 117,
p. 1236, 2110; V. 118, p. 552, 1392, 1774.
STOCK AND BONDS— Date.
Interest
Outstanding. Maturity.
Q-J
$19,952,400
See text
Common$19,997,700/$100).............
Pref $3,862,500 ($100) 5 % c u m ____
Q-J
3,862.500 See text
1st cons M SerA .B 50.000.000 / 1912 4«-6K gM -N 16,457.000 Nov 1 1962
gold ($1,000)_____c*&r*tf( Security Trust Co. of Rochester, trustee.
(Interest at Treasurer’s office, New York.
Rochester R y Consolidated f 1890
5 g A-O
2 495,000 April 1 19/-0
Mortgage $3,000,000 ($l,-{Interest at Treasurer’s office. New York
000) g o ld ______________c* (Bankers Trust C o., New York, trustee.
Roch Ry 2d M $1,500.0001 1893
5 g J-D
1.500,000 Dec 1 1933
gold ($1,000)__________ c*\Int. at Treas. office. Sec.Tr.C o.,R och., true.
Utica & Mohawk Vail 1st M 1901
41$ g M-S 2,268,000 Sept 1 1941
$4'000,000 gold ($1,000) Interest at Harris, Forbes & C o., New York;
c*________ cannot be called
New York Trust C o., New York, trustee.
Utica Belt 1st mtge $500,000 1889
5 M-N
500.000 Nov 1 1939
______ Int. at Treas. office. N .Y .T r.C o., N .Y.,trus.
gold ($1,000)
- ____
Utica Belt 2d mtge $200,000/ 1891
5 J-J
39.000 Jan 1 1931
gold ($500)---------------------c lln t. at Treas. office. N .Y .T r.C o., N .Y.,trus.
Berk M o Ilion & Frankfort/ 1895
6 g J-»
150.000 Jan 1 1926
mtge g $150,060 ($l,000)c*lln t.at Treas.office.Farm .Ln.&Tr.Co.,NYtr.
S y ra cR T 1st M ($3,250,000) f 1896
5 g M-S
2,500,000 Mar 1 1946
gold ($1,000)__________ c*\Guaranty Trust C o.. New York, trustee.
do 2d mtge $750,000 ($1 ! 1900
5 g J-J
654.000 Jan 1 1930
000) g o ld ______ _____ _ • Int. atTreas. office. Union Tr. C o., Cleve.,tr
East Side Traction 1st M 1899
5 J- D
250.000 June 1 1929
$250,000 ($1.0001 g o ld .. Int. atTreas. office. Union Tr. C o., Clev., tr.
Real estate mortgages______
___
36.000
Stock.— Preferred stock can be increased only with consent of twothirds of outstanding preferred stock, and holders are to have right to take
their proportionate shares of such increase. Stock is subject to call at 110
upon any div. day on 30 days’ notice. V. 88, p. 945. Both stocks are
Ikted on N . Y . Stock Exch. See official statement, V. 92, p. 951.
Bonds.— Of the first consol, bonds outstanding, $3,000,000 (ser. “ B ” ) bear
int. at 6)4% and $13,457,000 (ser. “ A ” ) at 4H % . $10,561,000 are reserved
to retire underlying bonds. V. 114, p. 1651. The remaining bonds may be
issued for equipment, impts., &c., to the extent of 90% of the cost, and for
acquisitions at actual cost, provided in each case that the annual net
income (including net income on securities owned) shall be one and onehalf times the annual interest charge on all bonds, including underly
ing bonds then outstanding aud any add’l 1st consols, desired to be issued,
ler. A . bonds are red at 105 A ini. on 60 days’ notice. V 95. p. 1208; are
isted on N. Y. Stock Exchange; exempt from Federal, State, county and
municipal taxes.
Rochester Ry. cons. & 2d mtge. bonds cannot be called.
Syracuse Rap. Tran. 2d M . bonds are subject to call on any interest date.
Dividends.— \% % on pref. paid July 1909 and quar. to and incl. April
1918. None to July 1922 when \ M% was paid together with 5% on acct.
of arrears. In Oct. 1922, \ M % and 5% on acct. of arrears. In Jan. 1923,
134 % and 10% on acct. of arrears, clearing up all accumulated divs. in
arrears. V. 115,p . 2686. In Apr. 1923. 134%: J u ly .\ % % \ O c t ..1 )4 % .
In 1924, 5% . In 1925, Jan., 1)4% ; Apr., 134%. On com., 134% quar.
from July 1910 to July 1914; Oct. 1914, 1% . V. 99, p. 894. In 1915,
4% ; in 1916, 4 )4 % ; in 1917, Jan., 1%; April 1%; July, 1% . None to
Jan. 1923, when 134% was paid. In April 1923 M o f 1% was paid. In
July 1923 34 of 1%; Oct., 34 of 1% . None since.
R E PO RT.— Combined statement for years end. Dec. 31 (after allowing
for inter-company charges)— 1924 report In V. 120, p. 958:
Calendar ;Gross
Net, after Other
Deduc- Sink.Divi- Bal.,Sur.
Year Revenue. Taxes, &c. Income. tions.
Fund,
dends. or Def.
1924-.-10,358,864 2,389,814 125,072 1,478,479 34,636 193.125 808,646
1923--.10,803,000 2,297,700 76,869 1,451,177 34,130 641,887 247,374
1922.--10.50l.765 2,109,365 97,422 1,435,518 34,740 492,300 244,229
OFFICERS.—Pres , Tames F Hamilton: V .-P .’s, Walter Kernan, Utica,
and Benjamin E. Tilton, Syracuse; Treas., H. L. Reichert; Sec. & Asst.
Treas., J. C. Collins. Rochester, N. Y .; Gen. Aud., J. M . Joel, Rochester,
N. Y .— V. 115, p. 1731. 1838, 1942, 2268, 2686; V. 116, p. 823, 936, 1178,
2389, 2637, 2767; V. 117, p. 1236, 2110; V. 118, p. 552, 907, 1392, 1774,
2439; V. 120, p. 958, 2012.
(1) SCHENECTADY RA ILW A Y.
Entire stock is owned jointly by the N . Y . State Rys. and the Del. &
Hud. C o., one-half by each. V. 80, p. 652; V. 87, p. 286, 545; V. 88, p. 54.
ORGANIZATION.— Incorporated in New York. A reorganization on
Feb. 11 1895 of Schenectady Street R y. C o., which was chartered in 1886.
Controls the entire street railway business in Schenectady and owns and
operates double-track lines to Albany, Troy and Ballston Spa, and, under
traffic agreements with the Hudson Valley Ity., from Ballston Spa to
Saratoga Springs. Has trackage rights over the United Traction C o.’s
tracks into Albany and Troy. Franchises perpetual
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
A trolley road. Operates 140.64 miles of track, of which 115.40 miles owned
and 25.24 miles operated under traffic agreements. 70, 75, 78 and 80-lb. T
girder rail. Has agreement with Fonda Johnstown & Gloversville Ry. Co.
(electric division) whereby latter company operates its cars into Schenec
tady. Operates 142 motor and 27 other cars.
Fares.—-See “ Electric Railway” Supplement of April 26 1924.
To Operate Buses.— V. 116, p. 1761.
8TOCK AND BONDS— Date.
Interest. Outstanding
Maturity.
Stock $7,000.000 ($100)___________
_______
$4,100,000
See text
first mortgage $20,000,000/ 1916
5 g M-S
2,676,000 Mar 1 1940
gold ($1,000)_________ c M U . S. Mtge. & Trust C o., N. Y ., trustee.
Bonds.— $324,000 additional bonds may be Issued to retire floating debt
tnd for other corporate purposes. Remainder of first $5,000.000(Ser.“ A ” )
may be issued from time to time for cash cost of extensions and permanent
Improvements. Bonds in excess of $5,000,000 may only be Issued for 80%
of cost of extensions, &c.. under conservative restrictions, and may bear
Interest, not exceeding 6 % , and be callable under such terms and conditions
\s the directors may determine. Ser. " A " bonds are callable at 102H and
int. on any int. date. Exempt from N . Y . State, county municipal per
ianal property taxes. V. 102, d . 887.
Dividends.— Initial dlv.— 2 44 % —in 1906: 1907 and 1908. none, In 1909;
4% ; 1910. 614%; 1911 to 1915, 6 % . In 1916. 5 % . In 1917. 3 )4 % .
None since.
EARNINGS.— Gross
Net (after Other(net) DeducBalance,
Cal. Year—
Earninos.
Taxes)
Income.
tions.
Sur.orD ef.
1924____________ $1,688,475 $150,371
$2,218 $205,994
def.$53,405
1923____________ 1,194,656df 686,742
1,818
161,612 def.846,536
1922...................... 1,776,451
234,740
1,905
147,047
sur .89,598
OFFICERS.— Pres., Edwin M . Walker; Sec. & Treas., J. B. Mahan;
Aud., W . F. Smith.— V. 113, p. 1472, 1888, 2722; V. 114, p. 1181, 1409;
V. 115, p. 437, 2687; V. 116, p. 1761, 2390; V. 117, p. 670. 1348, 1463,1665;
V. 118, p. 312.
60
PUBLIC UTILITIES
E IG H T H AVENUE RR.
ORGAN IZATION .— Chartered Jan. 10 1855. Road was leased to Met.
St. R y., now New York Railways, for 99 years from N ov. 23 1895 at rental
of $215,000 per annum, which provided for interest on the scrip and 16%
dividends on stock, besides all taxes. This lease was terminated, however,
by an order o f Judge Mayer in the U. S. District Court as of Aug. 1 1919,
separating the company from the receivership of the New York Railways.
The company is now operated by its stockholders. Transfers are neither
given nor accepted. V. 109, p. 1271; V. 109, p. 172. See also V. 109, p.
270. Underground electric traction system used betweem 158th St. and
Cortland St. V. 67, p. 178, 956.
Suit.— On Aug. 23 1921 the company brought suit against the Sixth Ave.
R R ., the New York Rys., and others, to obtain judgment for an immediate
partition and distribution o f the property known as “ Church Farm.” V.
113, p. 960.
On N ov. 28 1913 the P. S. Comm, authorized the issuance of $750,000
6% 5-year certificates, dated Feb. 1 1914, replacing the same amount of
certificates issued in 1884 and due Feb. 1 1914. The $750,000 scrip of 1914
originally fell due in Feb. 1919 but has been extended to Feb. 1929.
In March 1922 the company obtained a mortgage loan from the Farmers’
Loan & Trust Co. on certain real estate. V. 114, p. 1179.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Underground trolley company operating in New York City. Total track
owned and operated, 20.389 miles.
STOCK AND BONDS—
Par.
Interest. Outstanding. Maturity.
Stock------------------------------------ $100
Quar.
$1,000,000 See text.
Scrip of 1914________________
100 6 F-A
750,000 Feb 1929
Scrip o f 1914 replaces same amount of scrip of 1884 which fell due Feb. 1
1914. Again, in 1919, extended to Feb. 1929. Redeemable any int. day.
EARN INGS.— For calendar years:
Cal. Year— Gross.
Net.
Taxes.
Int.Deduc.
Bal.,Def.
1923------------ $1,266,960
$11,547
$99,620
$133,892
$221,964
120,259
91,932
115,703
87,376
1922------------ 1,291,369
Latest Earnings.— For year ending June 30 1924: Gross, $1,181,891:
net, def., $27,810; taxes, $101,030; int., ded., $133,685; bal., def., $174,151.
— V. 109, p. 1272; V. 112, p. 2413, 2747; V. 113, p. 960, 2719; V. 114 ,p.H79.
T H E N I N T H A V E N U E R R . CO.
Not Included in Reorg. Plan of New York Rys. Co.— See Y . 118, p. 2439.
ORGANIZATION.— Chartered July 29 1859. The road was leased to
Che Houston West St. & Pavonia Ferry R R ., now New York Railways, for
99 years from March 12 1892, but on Sept. 26 1919 Federal Judge Mayer
ordered the receiver o f the New York Railways to return the line to its
owners for independent operation beginning Oct. 1 1919. Transfers are
now exchanged with the Sixth Avenue R R . and the Columbus & Ninth
Ave. R R . See V. 113, p. 293. Compare V. 109, p. 1273; V. 116, p. 1050.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS —
A subsurface contact electric road. Cortland St. to 126th St., total track
owned and operated 16.883 miles.
Suit to Recover Rentals.— In July 1921 the company brought suit in the
Supreme Court against the 42d St. Manhattanvilie & St. Nicholas Ave. Ry
and the Third Avenue R y. to recover $42,000, representing rentals for the
nse of certain trackage said to have accrued from Oct. 3 1919 to July 1 1921
See V. 113, p. 293. for details.
C A P IT A L IZ A T IO N — Stock, $800,000, par $100; dividends Q.-J.
EARN INGS.— For cal. years:
Cal. Yrs.
Gross.
Net.
Taxes.
Int.Deduc. Bal..Def.
1923------------$508,298
def$48,191
$58,531
$18,143
$124,865
1922------------.514,878
def 30.078
53,800
17.700
101.578
Latest Earnings.— For year ending June 30 1924: Gross, $491,696; net,
def., $13,074; taxes, $56,883; int. deduc., $44,791; bal., def., $114,579.
— V. 114, p. 1064; V. 116, p. 1050; V. 117, p. 1778; V. 118, p. 2439.
SECOND AVENUE RR.
Receivership.— In Sept. 1908 Justice Bischoff in Supreme Court appointed
George W. Linch separate receiver in suit by Guaranty Trust Co. to fore
close consolidated mortgage. At midnight on N ov. 12 1908 receiver
took possession of the property. Charles E. Chalmers is now receiver.
Div on stock due June 1908 was defaulted. Default of int. on bonds
occurred as follows: 1st (gen.) mtge., Nov. 1 1908 (subsequently retired;
V. 91, p. 1255); first consols, Aug. 1 1908; debentures, July 1 1908. A
committee was formed to protect the interests o f the first consol. 5%
bonds. V. 87, p. 347, 1238. On Oct. 1 1910 Justice Amend in Supreme
Court authorized receiver to issue $2,500,000 receiver’s certificates to be
used to retire $1,280,000 gen. consol. 5s and $500,000 receiver’s ctfs. due
Oct. 1 1910, and for franchise taxes, impts. and equip. V. 91, p. 946.
In Jan. 1911 $500,000 additional ctfs. were authorized for impts. and equip.
V. 92, p. 264. As these matured, various other issues were made from time
to time. In Oct. 1913 $3,200,000 1-year 6% receiver’s ctfs. were author
ized to retire $3,140,000 falling due Oct. 1 l9 l3 , which have been extended
from year to year. V. 105, p. 1310; V. 107, p. 1386; V. 119, p. 457. The
interest due April 1 1918 on these ctfs. was deferred until M ay 1 1918
(V. 106, p. 1578). Oct. 1918 interest was paid when due. V. 107, p. 1386.
The Oct. 1 1919 int. was not paid when due. V. 109, p. 1462.
Anticipating the default in the payment of the Oct. 1 1919 int. on the
$3,140,000 6% receiver’s certificates, the following committee was formed
in July 1919 to protect the Interests o f the holders (V. 109, p. 1462, 2357):
Committee for 6% Receiver's Certificates.— Chairman, George E. Warren;
A. A. Jackson, Geo. E. Barstow Jr., Herman D. ICountze, J. F. B. Mitchell;
Sec’y, Arthur W . Hutchins, 60 B ’way, N. Y. City. Depositaries, Irving
Bank-Columbia Trust C o., N . Y ., and the Girard Trust C o., Phila. In
Dec. 1919 $2,787,000 (about 90% ) o f these ctfs.had been deposited with
the committee. V. 109, p. 2357.
Foreclosure Suit.— On Dec. 16 1919 a summons and complaint in a suit
for the foreclosure of receiver’s certificates were filed on behalf of the pro
tective committee (see above). For details see V. 109, p. 2357. The .N Y.
Supreme Court ordered the sale of the property under this suit on Sept. 1
1921, but sale has been postponed. Y. 113, p. 732, 1054.
Reorganization.— In July 1924 it was reported that plans for the reor
ganization of the co. had virtually been completed and that the plan would
probably be effected in the late summer or early fall. V. 119, p. 457.
No further information however up to Apr. 1, 1925.
Sale of Real Estate Under Foreclosure.— As a result o f foreclosure pro
ceedings against the co., the southwest corner o f 2d Ave. and 127th St., a
vacant plot, was sold at auction in 1921. Compare V. 112, p. 163.
ORGAN IZATION .— Chartered Jan. 21 1853. Was formerly leased to
Metropolitan Street R y. V. 66, p. 185.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—An
underground electric road. Track operated, 23.90 miles.
SECURITIES—
Par.
Interest.
Outstanding. Maturity.
Stock $2,500,000 ($100)___ $100
9 Q-M
$1,862,000
See text
Receiver’s certificates____ c n tf / 1000
6 A-O
3,140,000
See text
iCallable at 100 and interest.
Debentures o f 1889________ n tf 1000
5 J-J
38,000 Jan 1 1909
First cons M gold $7,000,000/ 1000
5 g F-A
5,682,000 Feb 1 1948
1898 guar p & i end_ c*tf/Guaranty Trust C o., New York, trustee.
_
Of the new first consol. 5s, $1,369,000 were reserved to retire securities
o f earlier date. V. 66, p. 900. For mistake of trustees in exchanging some
5s o f 1909 for consolidated 5s o f 1948, see Y. 76, p. 654.
EARN IN G S.— For fiscal year ending June 30:
June 30
Total
Net (after
Surplus or
Year—
Receipts.
Taxes.
Interest. Rents.
Deficit.
1923-24 _______ $1,087,139
$92,500 $216,927 $1,268 def.$122,377
1922-23 _______ 1,018,206
26,368 207,936
1,268 def. 180,416
1921-22 _______ 1,013,703
def.42,937 192,899
1,268 def.237,105
1920-21 _______
961,026
def.100,981 188,400
1,271 def. 290,652
For calendar year 1922, gross, $1,001,942; net after taxes, $39,228. In
1921, gross, $986,664; net, after taxes, def., $91,835.— V. 110, p. 563;
V. 112, p. 163; V. 113, p. 732, 1054; V. 114, p. 1288; V. 116, p. 78; V. 119,
p. 457.
„ N E W Y O R K & HARLEM R AIL R OA D.
ORGA N IZA TIO N .— Chartered April 25 1831. Owns also a steam road
leased to New York Central, its securities, which cover the electric roads as
well as the steam line, being described under the title New York & Harlem
among steam railroads in our “ Railway and Industrial” Section.
[V ol. 120.
The electric (formerly horse) lines (18.95 m. o f track) were leased to the
Metropolitan St. R y.. now New York Rys., for 999 years from June 11
1896 but the rental due Dec. 26 1918 having been defaulted. Judge Mayer or
dered the New York Rys. Co. to terminate this lease and return the line to
the company effective Jan. 31 1920. V. 110, p. 360. Dividends from
rentals of street railway lines discontinued since Oct. 1918 due to non
payment of rentals in question.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
An underground electric railroad. Line oper. electrically from M arch 1898
from City Hall to 135th St.
Minority Stockholders' Committee.— Henry Evans, Graham F. Blandy,
William D. Scholle and Edwin Thorne. For notice sent out by committee
see V. 118, p. 2438.
EARNING S.— For cal. year 1923, gross, $1,489,113; net, after taxes,
$82,588. In 1922, gross, $1,554,312; net, after taxes, $129,321.— V . 110,
p. 360; V. 114, p. 410, 854, 1287; V. 117, p. 1775; V. 118, p. 2438, 2573.
M A N H A T T A N B R I D G E T H R E E - C E N T L IN E .
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. S. Comm, on Aug. 14 1912. V. 94, p. 912; V. 95, p. 420.
See also V. 114, p. 2823. See decision regarding franchise in V . 116, p . 296.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 4.02 miles of track from Canal St. and Bowery, N . Y ., over
Manhattan Bridge, through Flatbush Ave. Extension to Fulton St.,
Brooklyn. 16 cars.
STOCK.— Authorized, $1,000,000: outstanding, $450,000.
Dividends.— Initial quar. dividend of 134% paid Mar. 1914 (V. 98, p. 523);
same rate quar. to and incl. March 1916. None to June 1918, when 1 fi %
was paid. Same rate paid regularly quar. to and incl. March 1923.
None since.
Year end. Gross.
Net
Other Taxes, Rents,
DiviBalance,
June 30— Efurnings. Earnings. Income. Amort,&c.
dends.
Sur. or Def.
1923-24--$277,074 $37,479 $5,282 $40,580
None
$2,181
1922-23-. 284,898
42,610
5,115 39,795(3M%) 16,875
def.8,945
1921-22-. 285.059
62,474
4,192 41,832
(5%)22,500 sur. 2,334
1920-21
292.705
64,727
3,914 42,462
(5%)22,500 sur. 3,679
Total surplus June 30 1924, $12,941. Passengers carried during 1923-24,
10,929,372; in 1922-23, 11,247,763; in 1921-22, 11,251,873 were carried,
against 11,560,501 in 1920-21.
OFFICERS.— Pres., Fred’k W . Rowe; V.-Pres., Frederick D . Mackay
Sec. & Treas., Walter Hammitt.— V. 98, p. 523: V. 106, p. 1797; V . 114i
p. 2823; V. 116, p. 296, 2767.
V A N B R U N T S T R E E T & E R IE B A S I N R R .
O R G A N IZA T IO N — Chartered Feb. 15 1861.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
A trolley road. Track 2.32 miles, changed to electricity in 1898. Sis
passenger cars.
CAPITA LIZA TIO N .— Stock, $200,000, all issued; par, $10. Bonds.
$75,000 1st mtge. authorized; $31,000 out.
EARNINGS.— For year ending June 30 1922, gross, $66,461; net after
taxes, $748; other income, $974; int., &c., $2,137; bal., def., $415.
OFFICERS.— Pres., John F. Murphy; V .-P ., D . W . Sullivan; Sec. and
Treas., Wyllys Terry. Office, 264 Van Brunt St., Brooklyn. N . Y .—
Y. 108, p. 2331; V. 109, p. 677; V. I l l , p. 390.
EASTERN
NEW
YORK
UTILITIES
CORP.
ORGANIZATION.— Incorp. in New York Sept. 14 1909 and is a reor
ganization of the Albany & Hudson R R . Co. sold under foreclosure on
Sept. 8 1909 (per plan, V. 89, p. 223). Was known as Albany Southern
RR. up to Oct. 1924, when name was changed to present title. On Sept.
18 1909 merged Albany & Greenbush Bridge Co. V . 89, p. 720. Fran
chises are perpetual.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Does a passenger, freight and express business and supplies light and power
along route and gas in cities of Rensselaer and Hudson. Operated by
third-rail system from Albany via Rensselaer to Hudson. Total, 61 miles
of track. Enters Albany over the tracks of the United Traction o f Albany.
Operates 18 passenger cars, 5 freight box cars, 6 freight'flat cars and 2
express cars, 2 express trailers and 2 electric locomotives convertible into
snow plows. Rails, 80-lb. steel; standard gauge.
In Oct. 1924 filed a certificate increasing the auth. capital stock by
25,000 shares of prior preference stock, no par value. V. 119, p. 1951.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1,375,000 ($100)________
_______
$1,375,000 __________
Prior preferred___________________
_______
$285,000 ---------------Pref $2,100,000 5% n-c ($100)______
F-A
2,029,000 Aug’ ll ,J 4 %
First mortgage $1,500,000/ 1909
5 g M-S
1,261,000 Sept 1 1939
gold ($1,000)________ c*.tf/Bankers Trust C o., New York, trustee.
First ref mortgage $3,000,0001 1918
6 g M-S
See text Mar 1 1948
gold ($1,000)____________ /Empire Trust C o.. New York, trustee.
Notes.— The 3-year 7% notes which originally matured Mar. 1 1921, but
were extended for one year to Mar. 1 1922, were canceled on that date and
the $700,000 1st ref. 6s pledged thereunder were returned to the company’s
treasury.
Dividends.— Initial semi-annual dividend on pref., 134%. paid Feb. 1
1911; Aug., 34%; none since.
R E PO RT.— For year ending Dec. 31:
Cal.
Gross
Net {aft. Tax,
Interest,
Balance,
Year—
Earnings.
Deprec. & Rents).
&c.
Surplus.
1924
$1,134,064
$218,280
$73,056
$145,224
1923
1,100,485
172,522
72,965
99,557
1922
998,828
173,838
78,680
95,159
OFFICERS.— Pres., William Loeb, Jr.; V .-P ., Richard Sutro; Sec..
William A . Ross; Treas., Irvin W . Day; Y .-P . & Gen. M gr., James E •
Hewes— V. 119, p. 1952; V. 120, p. 702, 1325.
FONDA
JOHNSTOWN
Steam and electric road.
Section.
&
G LOVERSVILLE
RR.
CO.
See statement in “ Railway & Industrial"
SCRANTO N & B IN G H AM TO N RY.
ORGANIZATION.— Incorp. in Delaware Oct. 15 1910. Owns entire
stock of the Scranton Montrose & Binghamton R R . (see below).
Has capital of $6,000,000 stock authorized and issued. No funded debt.
— V. 110, p. 2388; V. 112, p. 1742.
(1)
SCRANTON MONTROSE & BINGHAMTON R R .— Controlled by
Scranton & Binghamton R y.
ORGANIZATION.— Successor to Scranton & Binghamton R R . Owns
the entire stock of Scranton & Binghamton Traction C o., a controlling
interest in the Northern Electric R y., which owns entire stock of the
Northern Electric Street R y. The Northern Electric Street R y. is leased
for 900 years from July 1 1910 to the Scranton & Binghamton Traction C o.,
which has assumed the former’s bonded debt.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Fifteen miles in operation between Scranton and Montrose, with a branch
to Lake Winola. The road as projected will extend to Binghamton, N . Y .
22 passenger cars. 5 freight and 3 service cars. Gauge, 4 ft. 834 inSTOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
__________ $3,000,000
Stock $3,000,000_________ _
6 A-O
5,500,000 Oct 1 1949
1st mtge sink fund $10,000,000 1919
_________
400,000 Oct 1 1949
6% income bonds____________ 1919
5 J-D
1,200,000 June 1 1957
Northern Elec St R y $1,200,-/ 1907
000 ($500 & $1,000)_____c*\ Int.at Anthracite S. Bk., Wilkes-Barre.trus.
Bonds.— Northern Electric Street R y. bonds are redeemable at 105 and
interest. Sinking fund of $10,000 per annum began Dec. 1 1912.
OFFICERS.— Pres., H . S. Fleming; V .-P ., R . W. Day; Sec., A . W iddowfield; Treas., F. A. Wollerton: Aud., Jas. J. M offitt.— V. 115, p. 645j
POWER, LIGHT AND RAILW AY
M ay , 1925.]
(a) BINGHAMTON R A ILW A Y CO.
The Scranton & Binghamton R R . (now Scranton Montrose & Binghamton
R R .) owns over 90% o f the stock.
Receiver Discharged.— The receivership (in effect since Oct. 8 1918) was
lifted Feb. 23 1924 by order o f the Court and the receiver discharged.
New Refinancing Plan.— In Feb. 1924 applied to the N . Y . P. S. Comm,
for auth. to issue $700,000 5-year 6% bonds for refunding the debts of the
co. and refinancing the entire co. V. 118, p. 793, 905. N o further infor
mation.
Committee for First Cons. 5s.— Chairman, Thos. B. Lockwood; Frank B.
Newell, Harry T . Ramsdell, John T . Steele; Sec., Perry E . Wurst, 291
Elm St., Buffalo. Depositary, Fidelity Trust C o., Buffalo, and Peoples
Trust C o., Binghamton. Y. 110, p. 2386.
ORGANIZATION.— Is a consolidation Sept. 30 1901 ofthe Binghamton
R R . Co. (chartered Aug. 11 1892 as a consolidation o f all street railways in
city) and the Bing. Lestershire & Union R R . Principal franchises granted
by special Acts o f Legislature and are perpetual and practically exclusive.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— A
trolled road. Operates 50.25 miles o f track. Connects Binghamton with
Johnson City, Hooper, Endicott, Union and Port Dickinson. Standard
gauge, 60-lb. to 103-lb. T and girder rail; 81 motor cars.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,150,000 ($100)___________
4 F-A
$978,995
See text
Bing Lest & Un 1st M $250,-( 1895
5 g J-D
147,000 June 1 1925
000 gold prin & int guar_tf|Interest at Metropolitan Trust C o., N . Y .
I Binghamton Trust C o., trustee.
Bing R y 1st consol mtge $2,-f 1901
5 g M -N
1,833,000 Nov 1 1931
500,000 gold ($1,00<>)-C*tf jln t. at Fidelity Trust C o., Buffalo, trustee.
[ or Seaboard Nat. Bank, New York.
Equip trust certfs Ser A ______ 1915
6 F-A
18,000
See text
Equip trust certfs ser “ B” _________
6%
31,500 __________
Bonds.— Of the Binghamton R y. 1st consol, mtge. enough are reserved
to retire underlying bonds and the remainder for acquisitions, extensions,
&c., under certain restrictions. They are subject to call at 110 and int.
Exempt from N . Y . State, county and municipal personal property taxes.
8ee Y. 73, p. 1312; V. 78, p. 701; V. 88, p. 748.
The equip, trust certfs. Ser. A o f 1915 mature $5,000 semi-annually.
They are secured by 20 double-truck cars, costing $118,503.
Dividends.— 2% was paid Jan. 31 1902; 2% Mar. 3 1903; 2% April 11
1904 and 2% April 10 1905. A scrip dividend of 20% was paid April 18
1905. In 1906 to 1910 incl., 2 H % yearly. In 1911, Sept., 3 % . In 1912,
and 1913, 4 % . In 1914, Feb., 2 % . None since.
EARN INGS.— For year ending Dec. 31:
Year—
Gross.
Net.
Int. & Taxes. Bal., Sum
1923 — ............. - ......... --$1,073,723
$325,733
$217,107
$108,626
1922— ------------------------ 1,027,057
316,628
211,294
106,334
1921 ---------------------------987.130
285,036
198,593
86,443
OFFICERS.— Pres., F. L. Fuller; V .-P ., R . W. Day; Sec., W. H. Hecox;
Treas., E . M . White. Office, Binghamton, N . Y .— V. 110, p. 2386, 2567;
V. I l l , p. 1660; V. 113, p. 1469; V. 114. p. 1532; V. 116, p. 514; V. 117,
p. 1128; V. 118, p. 549, 793, 905, 1770; V. 120, p. 700.
B U F F A L O & E R IE R Y .
Control.— In Dec. 1924 International Utilities Corp. (V. 119, p. 2411)
acquired ontrol of the co. V. 119, p. 2876.
ORGAN IZATION .— Incorp. in N . Y . in July 1924 and acquired as per
plan for reorganization o f the Buffalo & Lake Erie Traction Co. (outlined
In V. 118, p. 1770; see also V. 119, p. 1732) the interurban division of that
co. extending from Six Mile Creek in Pennsylvania to a point on the Ham
burg Turnpike at the westerly city line of the city o f Buffalo, N. Y . For
history o f Buffalo & Lake Erie Trac. Co. and summary of reorganization
plan, see “ Electric Railway” Supplement o f April 26 1924.
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
The co. operates a total of 120.03 miles from the business centre of Buffalo,
N . Y ., to the business centre o f Erie, Pa., and will acquire title to 96.23
miles consisting of 81.34 miles o f main track, 36.43 miles being over private
right-of-way owned in fee simple and 44.91 miles on streets or public ways;
and 14.89 miles o f second track, sidings and spurs. The balance o <12.25
miles located within the city limits o f Buffalo and Erie will be operated
under trackage contracts or other arrangements over the city lines. Other
property includes 6 substations, 2 car barns, 398 miles o f telephone, feeder
and distribution lines, and equipment consisting o f 30 passengers cars,
6 freight motor cars, 14 trailer freight cars and 7 service cars. Has terminal
facilities for passengers and freight at Erie, Pa.; Westfield, N. Y ., and
Buffalo, N . Y . City lines are operated in Dunkirk and Fredonia, N . Y .
Exchange Offer.— For offer to pref. stockholders to exchange their holdings
for “ A ” and “ B ” stock of the International Utilities Corp., see V. 120, p.954.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 30,000 shs. (no p a r ) . ____
_______
30,000 shs.
Pref 5% non-cum $1,500,000
( $ 100 ) ___________________________________ ____________ ______
$700,500 __________
1st mtge sk fd $1,500,0001 1924
6 J 4 g J -J
88>,000 July 1 1954
($500 & $1,000) g o ld -.c * tf [Metropolitan Trust C o., N . Y ., trustee.
Equip tr tfs Ser “ A ”
1924
6 g J-D
See text
200,000
and $1,000) gold_________ (Corn Exchange Nat Bk. o f Phila. Trustee.
Bonds.— Remaining 1st mtge. 614s are reserved for additions, improve
ments, &c., under certain restrictions and for retirement of car trust
notes or obligations, par for par. Are redeemable on 30 days’ notice
on any interest date at 105 and interest up to July 1 1929, decreasing
thereafter by 1% for each 5 years’ period of expired life of bonds. A
sinking fund o f 2% per annum o f the total bonds issued will become operative
from July 1 1925. Free o f the Penna. State tax. Co. will refund the
N . Y . State income tax up to 3% on income, the Mass, income tax up to
6% on income and the M d. State tax up to 4 M mills. Interest payable
at the Bank o f North America & Trust C o., Phila., at Metropolitan Trust
C o., N . Y ., or Banque d’ Hochelaga, Montreal, Can. In July 1924 Geo.
Beausoleil & Co., Montreal offered $850,000 at 94.90 and int. (Canadian
funds) to yield 6.90% . V. 119, p. 577.
Equip, tr. ertifs., Ser. “ A ,” are payable in semi-ann. installments of
$10,000 each from June 15 1925 to De . 15 1934. Red. as a whole only
on any div. date on 30 days notice at 103 and divs. for certifs. maturing
more than 5 years from the red. date, and at a premium o f
of 1% for
each year or fraction thereof o f unexpired life for certifs. maturing less than
5 years from the red. date. In Dec. 1924 Bown & C o., Phila., offered
$200,000 at prices ranging from 100 and int. to 100H and int., to yield
from 4 % to 6% , according to maturity. V. 119, p. 3008.
EARN ING S.— Of reorganized co. for period Sept. 15 to Dec. 31 1924
and predecessor co. for previous calendar years:
Sept. 15 to
Ttpr
31
1Q93
1Q99
1 Q 91
-i n o n
Gross revenue___________ $182,665 $760^,328 $715,848 $800“.4()7 $838,797
Oper. exp., incl. taxes___ 178,461 649,197 610,222 690,737 740,624
Net income___________
$4,204 $111,131 $105,626 $109,670
— V. 119, p. 577, 1394, 2876, 3008; V. 120, p. 954.
$98,173
E R IE R A I L W A Y S C O M P A N Y .
^ O R G A N IZ A T IO N .— Incorp. Sept. 27 1924 and took over (per plan in
V. 118, p. 1770) the property formerly owned and operated by the Buffalo
& Lake Erie Traction Co. (for history see “ Electric Railway” Supplement
o f April 26 1924) in the City o f Erie, Pa., and adjacent townships.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Does the entire street railway business in the city and certain suburbs
serving a population estimated at 125,000. Co. owns and operates a total
o f about 67 miles of modern electric street railway lines in Erie, Pa. Also
owns and operates 100 passenger cars together with adequate and up-to-date
operating properties, including car shops, barns, &c. Co. operates without
competition under an 8c. fare or 6 tickets for 45c.
Interest.
Outstanding.
STOCK AN D BONDS.— Date.
Maturity.
60,000 shs. _____
Common 60,000 shs (no par)— ____
Pref 7% cum $1,500,000 ($ 1 0 0 )____
$1,050,800 _____
1,000,000 Oct 1 1954
1st & ref mtge $5,000,000' 1924 6 g A-O
($500 & $1,000) g ___ c*tf Equitable Trust Co., N . Y ., Trustee.
Erie El M 1st rer sink fund 1901
5 g A-O
1,250.000 April 1 1941
$1,250,000 gold ($1,000). Interest at New York Trust C o., Trustee.
New York City.
Cannot be called_____c * tf
Erie,& Sub R y mtge_________ — .........................
861,800 ...................
Car trust certificates________ ............... — ..........
53,000 ...................
61
Bonds.— 1st & ref. mtge. 6s are red. all or in part on any int. date at 105
and int. beginning April 1 1929, the call, price decreasing 1 % each 5-year
period thereafter to maturity. Maint. and renewal fund provided for.
Int. payable in New York. Free of Penna. 4-mill tax. In N ov. 1924
Myron S. Hall & Co., N . Y ., sold $1,000,000 at 95 and int., to yield 6 M%.
V. 119, p. 2286.
The Erie Elec. Motor ref. bonds are secured by deposit of entire stocks ®f
the Erie City Pass. R y. and the Erie Reed Park & Lakeside St, R y. A
sinking fund of 1% annually on these bonds began April 1 1906 and was
increased to 1J^% in 1916. $340,000 have been acquired by sinking fund.
OFFICERS.— Pres., A. R . Myers: Sec.-Treas., A . F. Tideswell.—
V. 119, p. 1394, 1624, 1732, 2286' V. 120, p. 1881.
BUFFALO & W IL L IA M S V IL L E ELE CTRIC R Y .
OR GA N IZA TION .— Incorporated in New York July 1 1891.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
6.65 miles of track, Buffalo to WiUiamsville. Rails, 85-lb. T . Gauge,
4 ft. Sy2 in.
STOCK AND BONDS—• Date.
Interest. Outstanding Maturity.
Stock ($3,500,000 a u th oriz ed )-____
_______
$75,000 __________
First mtge $3,500,000 gold? 1904
5 g J-J
168,500 July 1 1944
and $1,000_ i _____ c*& r*jlnt. at City Trust C o., Buffalo, trustee
_
Bonds.— Are subject to call on any interest date at 105.
EARNINGS..—For cal. years:
12 Mos. End. Dec. 31—
1924.
1923.
1922.
G ross._______ ______________________
$50,508
$48,110
$44,512
Net income_________________________
4,195
8.158
7,150
OFFICERS.— Pres., L. L. Lewis Jr.; Sec. & Gen. M gr., Godfrey
Morgan: Treas., L. K. Warnick.-—V. 99, p. 269; V. 110, p. 658.
E R IE C O U N T Y T R A C T I O N C O R P O R A T I O N .
ORGANIZATION.— Incorp. in N . Y . on N ov. 24 1919 to take over the
property of the Buffalo Southern R y. (for history, see “ Electric Railway”
Supplement of Nov. 15 1919. The new company assumed control Jan. 1
1920. The holders of the $600,000 Buffalo Southern Ry. 1st M . 5s received
for each $1,000 bond $250 par value of income bonds and $750 stock of the
new company. Franchises perpetual.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road operates from Buffalo to Hamburg, East Hamburg and
Orchard Park, 15 14 miles; also has a line from Buffalo through Gardenville and Ebenezer to Lien’s Park, 514 miles. An extension to East Aurora,
15 miles is under construction, 514 miles completed. 60-lb. T and 80-lb.
girder rail.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $450,000___________________
_________
$450,000 __________
First mortgage, $100,000_____ 1920
6%
100,000 Jan 1 1970
Income bonds, $150,000_______ 1920 (when earned) 150,000 Jan 1 1950
EARN ING S.— For cal. years:
12 Mos. End. Dec. 31—
1924.
1923.
1922.
1921.
$120,455
$128,018
$120,597
$131,695
G ross---------N e t------- -------def.15,918
def.5,744
18
13,925
DEPEW & LANCASTER R A IL W A Y CO RPO R ATIO N .
ORGANIZATION.-—Organized in 1921 to take over the line of the
Buffalo & Depew R y., which was bid in by John J. Lenahan & Son, Buffalo,
for $6,250, plus taxes due to various towns and villages, aggregating about
$40,000. It was reported that the villages and towns along the line had
agreed to waive the back taxes in return for an agreement from the new
company to operate the railway for a period o f at least three years. V. 112,
p. 2642.
The new company is said to be capitalized at $200,000. For further
details see V. 112, p. 2642. For history of predecessor company see this
section for April 30 1921.
OFFICERS.— Gen. M gr., Nelson H. Brown.— V . 113, p. 2642; V . 113,
p . 1674.
SO U TH ER N N EW Y O R K POW ER & R A IL W A Y CORP.
ORGANIZATION.— Incorp. in New York in July 1909 as the Otsego &
Herkimer R R ., succeeding the Oneonta & Mohawk Valley R R . (V. 89, p.
411). Name changed to above in July 1916.
FIE LD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates an interurban electric railway. Has 62.04 miles main and 4.63
miles second track, 50 miles being on private right o f way, between Oneonta,
Cooperstown, Richfield Springs and Mohawk, from which point it operates
over the New York State Railways to Utica, 15.10 miles, and to Herkimer,
1.40 miles. Total operated, 83.17 miles. Rails, 60 te 80 lbs.; 17 passenger
and 5 motor freight cars; 1 electric locomotive; 4 snow plows; 1 sweeper; 3
service, and 25 other cars. The railroad franchise is perpetual.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $774,900 ($100)_________
_______
$774,900 __________
Pref cum $500,000 ($100)_________
7 Q-J
500,000 Apr ’22, 1 ^
No bonded debt.
Stock.— Preferred stock is free of normal Federal income tax and is taxexempt in New York State. V . 106, p. 822.
EAR N ING S.— For years ended Dec. 31:
Calendar
Gross
Net (after
Bond
Other
Balance,
Years— Earnings.
Taxes).
Interest. Interest,&c. S ur.orD ef.
1923_______ $479,129
$111,104
$93,000
$24,364
def. $6,261
1922_______ 498,962
184,227
64.500
26,186
sur. 93,541
OFFICERS.— Pres., J. J. Mange; V.-Ps., S. J. Magee and Cl A. Grsenidge; Treas., I. M . Moser; Sec., M O. O’Keeffe: Gen. M gr., A. J. Stratton.
Under the management of the J. G. White Management Corp.— V. 107, p.
83, 1921; V. 108, p. 270, 1512, 2123: V. 112. p. 163, 2749; V . 115, p. 74, 2159:
V. 116, p. 617; V. 117, p. 88, 209, 327, 1129.
C O R NIN G & PAINTED POST STR EET R Y.
O RGAN IZATION .— Incorporated Dec. 11 1894. Commenced opera
tion N ov. 1 1895. Control changed hands in 1904. V. 80. p. 162.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
A trolley road.
Owns 5.25 miles of track from Corning to Painted Post; 27 cars.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $100,000 ($100)_____________
_______
$100,000 D e c ’23, 4%
1st mortgage $100,000_______ 1896 5 J-J
100,000 Jan 1 1936
The bonds fell due originally in 1916 but were extended for 20 years.
EAR N ING S.— For calendar years:
Gross
Net (after
Other
Interest,
Balance,
Year—
Earnings.
Taxes).
Income. Rents, A c. Sur. or def.
1923 --------------------$65,980
$13,186
$807
$5,750 sur$8,243
1922 _____________ 66,511
7,647
1,781
5,900 sur3,527
OFFICERS.— Pres., F. D . Underwood; V .-P . & Gen. Counsel, Geo. F.
Brownell; V .-P . & Sec., G. H. Minor; Asst. Sec., J. E. Packer; Treas.,
W. J. M oody; Com p., C. P. Crawford.— V. 80, p. 62.
F I S H K I L L E L E C T R I C R A I L W A Y CO.
Leases the Citizens’ Railroad, Light & Power Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $50,000____________________
_______
$50,000 __________
First mortgage $50,000______ 1895 6 J-J
50,000 July 1925
EARNING S.— For year ending Dec. 31 1923, gross, $78,706. In 1922gross, $79,045. In 1921, gross, $79,774. In 1920, gross, $73.881;£net.
after taxes, $6,454; interest, rentals, &c., $12,000; deficit, $5,526.
OFFICERS.— Pres. & Gen. M gr., W. E. Conklin; V .-P ., Jas. G. Meyer:
Sec. & Treas., B. L. Smith.— V. 107, p. 501.
G E N E V A S E N E C A F A L L S & A U B U R N R R . C O ., IN C .
O R G A N IZA TIO N .— Incorp. M ay 28 1913 as successor of the Geneva &
Auburn R y .sold at foreclosure March 14 1913. V 97, p. 298.
63
PUBLIC UTILITIES
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.—
Extends from Geneva to Cayuga Lake Park through Waterloo and Seneca
Falls. Length of main tracks 16.31 miles: sidings, .819 mile: miscellaneous,
.36 mile; total, 17.489 miles. Rails, 70, 80, 90 and 100-lb. T; track,
standard gauge.
(BESTOCK AND BONDS—
Date. Interest.
Outstanding.
Maturity.
Stock $200,000_______________ _____
$157,100 ---------------Bonds $524,000______________1913
5%
504,000 July 1 1943
EARNINGS.— For years ending Dec. 31:
Calendar Years—
Gross.
Net.aft.Taxes. Deduc.
BaL.DeJ
1921............................... ............$104,508
_____
$48,194
$13,426
45,256
47,799
2,543
1920------------------------------------ 127,288
OFFICERS.— Pres., R. R. Quay, Pittsburgh, Pa.; Sec.. L. G. Hoskins,
Geneva, N. Y .; Supt.. Treas. & Purch. Agt., W. A. Shirley. Waterloo,
N. Y .— V. 97, p. 298: V. I l l , p. 1278: Y. 119, p. 197: V. 120, p. 211.
FONDA JOH NSTOW N
&
GLOVERSVILLE
RR.
CO.
Steam and electric road — See statement in ‘ Ry. & Industrial” Section.
IT H A C A T R A C T IO N CO RPOR ATIO N.
In Jan. 1918 Ford, Bacon & Davis, N . Y . City, acquired a substantial
Interest in the Central N . Y. Southern R R . Corp., which controls the
Ithaca Traction Corp. (but see V. 116, p. 615).
Receivership.— In June 1924 Supreme Court Justice Leon F. Rhodes of
Binghamton appointed Dexter S. Kimball receiver for the co. V. 118,
p. 3197.
ORGANIZATION.— Incorp. in N . Y. Mar. 30 1914 as successor of the
Ithaca Street R y., sold at foreclosure under bondholders’ reorganization
plan. The new co. is controlled by the Central N. Y. Southern R R . Corp.,
an allied steam road, by ownership of all the ($400,000) outstanding stock
and all ($488,000) outstanding 1st & ref. bonds.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns and operates 11.47 miles of track. Owns 29 motor cars and 3 other
cars. Rails, 80-lb. “ T .”
Default, A c.— The company having defaulted in the payment o f principal
o f (1) $175,000 Ithaca Street Ry. 1st Mtge. 6% gold bonds due July 1 1922
(2) $75,000 Ithaca Street Ry. 2d Mtge. 6% gold bonds due July 1 1922:
(3) $25,000 Cayuga Lake Electric Ry. 1st Mtge. 6% gold bonds due June 1
1922, and the interest on the $488,000 Ithaca Traction Corp. 1st Refg.
Mtge. 50-Year 5% gold bonds due April 1 1964, the following protective
committee was formed and has called for deposits:
Bondholders’ Committee.— Chairman Mynderse Van Oleff, Fredk. J
Platt, Sec., Ohas. D . Bostwick. Depositary, Ithaca (N. Y .) Trust Co.
V. 115, p. 1837.
Reorganization Plan.— A plan for the reorganization of the co. dated
Nov. 1 1923 provides for the exchange and payment of present outstanding
securities on the following basis:
Table of Exchange of Old for New Securities and Cash.
-------- Will Receive------Existing Securities—
Outstanding.
Cash.
New 1st 6s.
$138,000
37,000
Ithaca St. R y. 1st 6s-------------------- 175,000
Ithaca St. R y. 2d 6s----------------------75,000
_______
75,000
Cayuga Lake Elec. R y. 1st 6s------25.000
_______
25,000
The $138,000 cash paid to the holders o f Itahca St. R y. 1st mortgage
bonds (remaining $37,000 owned by Cornell University) is to’ be realized
as follows: $52,500 from the sale to Cornell University o f the Apartment
House, the water power rights, old pipe lines, &c., located in the gorge ad
joining the Apartment House property: $85,500 from the sale of new 1st
mtge. Ithaca Traction Corp. bonds at par.
Holders of the $488,000 1st & ref. 5s (which are all owned by Central
New York Southern R R . Corp.) will accept some form of stock in exchange
for those bonds and the mortgage will be discharged.
The reorganized co. shall have capital stock in such amount and shall be
divided into pref. and com. stock as the co. shall determine, subject to the
approval of the P. S. Comm. For further details and description of new
securities to be issued under the plan see V. 117, p. 2889.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock $1,000,000__________
_________ *$400,000 __________
1st & ref M $2,000,000 g red( 1914
5 A-O
*488,000 Apri. 1 1964
any int date, par&int c*tfiIrving Bk.-Col. Tr. C o., N . Y ., trustee.
Ithaca Street Railway 1st M l 1892
6 J-J
175,000 July 1 1922
$175,000 _______________tf [Int. at Farmers Loan & Tr. C o., N. Y.
2d mortgage $75,000-----------t f 1894
6 J-J
75,000 July 1 1922
Cayuga Lake El Ry 1st M _ .t f 1894 6 J-D
25,000 June 1 1922
* All owned by the Central N . Y. Southern R R . Corp.
Bonds.— Of the 1st & ref. mtge. 5s, $488,000 are issued and are all owned
by the Cent. N. Y . So. Remaining bonds are reserved for future require
ments, including the retirement o f the three underlying prior liens as above.
EARN ING S.— For year ending Dec. 31 1921: Gross, $245,318; net, after
taxes. $10,521. In 1920, gross. $299,666: net. after taxes, $19,420.
OFFICERS.— Pres., R . B. Williams, Ithaca, N . Y .; 1st V .-P . & Gen.
Counsel, Chas. E. Hotchkiss, 34 Nassau St., N. Y .; 2d V.-P. & Gen. M gr.,
J. C . Nelson, Syracuse: Sec. & Treas., S. C. Stivers, New York.— V. 115,
p. 73,1837; V. 116, p. 615; V. 117, p. 553, 2769, 2889; V. 118, p. 3197.
JAMESTOWN STREET R A IL W A Y .
OR GA N IZA TION .— Incorp. Oct. 18 1883. Franchise runs till 1982.
FIE LD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
A trolley road. Owns 26.545 miles o f track, 61 cars, 2 sweepers.
W e are advised that the $300,000 1st mtge. 6% bonds, which matured
Jan. 2 1923, were being retired through local banks. Int. at the rate of
6% per annum is being paid on any bonds still outstanding.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $250,000 (par $50)__________
_________
$250,000 ---------------First mortgage $300,000 gold) 1893
6 g J-J
219,000 Jan 2 1923
($1,000)________________ c*JInt. at Guaranty Trust C o., N . Y ., trustee.
Current liabilities D ec. 31 1923 ____
_________ 2,483,907 __________
Bonds.— $219,000 1st mtge. 5s have been retired.
EARN IN G S.— For years ending Dec. 31:
Year—
Gross
Net.
Other Inc. Charges A Tax. Bat.,Def.
1923____ $399,923
$49,477
$69,407
$126,135
$7,252
1922____ 408,487
42,313
85,902
132,512
4,297
1921____ 417,540
29,568
97,165
154,681
27,948
OFFICERS.— Pres., A . N . Broadhead; Sec. & Treas., S. B. Broadhead;
Gen. M gr., G. E. M altby, all o f Jamestown.
C H A U T A U Q U A T R A C T I O N CO.
ORGAN IZATION.— Incorporated in New York on March 7 1903. Is
•ontrolled by the same interests as the Jamestown Street R y.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
A trolley road operates 26.73 miles o f track from Lakewood, where connec
tion is made with the Jamestown St. R y., to Mayville, there connecting
with the Pennsylvania R R ., and to Westfield, N. Y ., connecting there with
the Lake Shore & Mich. South, and the N . Y . Chicago & St. Louis Ry.
Standard gauge; 80-lb. T rails.
STOCK AN D BONDS— D a te .
In te rest. O utstanding.
M a tu rity .
Stock $500,000 ($100)................... ..
.............
$500,000 ...................
First mtge. $600,000, gold! 1904
5 g A-O
600,000 April 1 1934
($1,000)________________ c iln t at Title Guar. & Tr. C o., N . Y ., Trustee
Current liabilities Dec. 311923 ____
_______
919,266 ---------------B onds. — No sinking fund and are not subject to call.
EARNINGS.'—For year ending Dec. 31:
Year—
Gross.
Net.
Other Inc. Charges & Tax.
Deficit.
1923_______ $151,682 def.$46,542
______
$91,083
$137,626
1922............. 180,361 def. 7,340
______
85,659
92,999
OFFICERS.— Pres., A. N . Broadhead: V.-Pr., Wm. Broadhead: Treas.,
S. B - Broadhead: Sec., W. R . Reynolds; M gr., Geo. E. M altby.
K IN G S T O N C ONSOLIDATED RR.
O RGAN IZATION .— This is a consolidation on Dec. 11 1901 of the Kings
ton City R R . and the Colonial City Traction,
[V ol . 120.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Embraces 8 miles of track. Rails, 70, 80 and 90-lb. 41 cars, 2 snow plows.
The stockholders on March 16 1925 voted: (1) to extend the powers o f thecorporation by adding the following: This corporation shall have power to
purchase, acquire, hold and dispose of the stocks, bonds and other evidencesof indebtedness of any corporation, domestic or foreign, and issue in ex
change therefor its stock, bonds or other obligations; (2) to reduce the par
value of the outstanding 2,000 shares of pref. stock from $100 each to
$50 each; and (3) to change the shares of com. stock o f $100 par value
each to com. stock without par value, by providing an authorized issue
of 2,000 shares of com. stock without par value to be exchanged share for
share for the com. shares now outstanding.— V. 120, p. 1881.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
________
$200,000 __________
Common $200,000 ($100)___________
Preferred 4% cum $200,000_________
________
200,000 O c t ’22, 3%
First consolidated mortgage) 1901
5 g J-J
532,000 Oct 9 1951
$700,000 ($1,000) gold c * tf/In t. at Bankers Trust C o., N . Y ., trustee.
6% Notes___________________ 1923
6%
45,000 See text.
Bonds.— $120,000 of the $700,000 consolidated mortgage bonds are
pledged as security for the 6% notes.
Notes.— The 6% notes are secured by first consol, mtge. 5s in the ratio
of 150%. Notes mature $10,000 annually.
Dividends.— 4% was paid yearly on pref. stock from consolidation up to1908, when 2% was paid Aug. 1. None to Jan. 1 1911, when 4% was paid.
None up to Sept. 1 1914, when 3% was paid. In 1915, April, 3 % ; A ug.,
6 % . In 1916, Aug., 3 % . In 1917, April, 3% ; Aug., 3% . In 1921, N ov.
3% . In 1922, April, 3% ; Oct., 3 % . None since.
REPO RT.— For years ending Dec. 31:
Cal. Year—
' Gross.
Net.
Taxes.
Interest.
Balance.
1924____________$204,619
$41,584
$15,748
$31,004 def$5,16&
1923____________ 221,530
53,745
14,645
31,687
7,413
1 9 2 2 ...------------ 228,920
57,869
13,965
32,428
11,476
OFFICERS.— Pres., Fred. T . Ley, New York City, N. Y .; V.-Pres.;
Henry C. Page, Worcester, Mass.; Sec., G. B. te Bow, Kingston, N . Y .;
Lreas., Abm. Hasbrouck, Kingston, N. Y .— V. 108, p. 2528; V. 112, p . 372
V. 118, p. 2949; V. 120, p. 1881.
M A NH ATTA N & QUEENS TR A C T IO N C O R POR ATIO N.
Receivership.— On N ov. 15 1917 Arthur C. Hume and William R. Begg
were appointed receivers by Judge Chatfield in the U. S. Dist. Court for the
Eastern Dist. of N. Y . In N ov. 1917 a judgment against this company for
$1,158,522 was awarded the Gas & Elec. Securities Co. on account of unpaid
promissory notes.
ORGANIZATION.— Incorp. in N. Y . on Nov. 4 1912 to take over the
rights and property of the South Shore Trac. Co. in New York City (see
under Patchogue, and also under Manhattan & Jamaica Ry. in V. 95, p.
1207, 420; V. 94, p. 1696).
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Has a franchise in the City of New York to operate a street surface rail
road over the Queensboro Bridge from the Manhattan terminal thereof,
along Thomson Ave., Hoffman Boulevard, and other streets and avenues
in the Borough of Queens to the boundary line between the City o f New
York and the County of Nassau, together with the right to operate upon
the Queensboro Bridge. The line has been completed and cars are in oper
ation to the intersection of Sutphin Road and Lambertville Ave. in Queens.
The extension from the L. I. R R . station at Jamaica to Lambertville Ave.
was completed April 26 1919. Total miles single track equivalent. 21.
"C A P IT A LIZA TIO N .— Asked Public Service Comm, for permission to
issue $1,500 stock and $1,500,000 1st M . 5% bonds, but on March 10 1914
the P. S. Comm, authorized only $765,000 capital stock and recommended
the issue of $807,000 bonds at 85. No stock outstanding; only $20,000
subscription stock. Action on the bond issue was deferred until the com
pany should have filed its proposed mtge. for an auth. amount o f $10,000,000, of which the co. proposed presently to issue said $1,500,000 with the
permission of the P . S. Comm V. 96, p. 790; V. 98, p. 523.
EARNING S.— For years ending June 30:
Interest. Sur. or Def.
12 M os.— Gross. Net aft. Tax. Oth. Inc. Rents.
1923-24 ..-$402,677
$81,020
$2,676 $35,927 $89,047 def .$41,278
92.928 def. 25,310
19 22-2 3-.- 400,174
101,082
2,328
35,792
92.928 def. 60,439
19 21-22--. 361,155
63,468
2,170
33,692
OFFICERS.— Gen. M gr., B . Walter Duncan; V .-Ps., R . F. Carbutt and
H. B. Weaver; Sec. & Treas., Lindley G. Coleman; Asst. Sec. & Asst.
Treas., F. H. Adler.— V. 116, p. 2129; Y. 117, p. 325, 1992.
T H E L O N G ISLAND C O N S O LID A TE D ELE CT R ICAL
C O M P A N IE S .
O RGAN IZATION .— Entire stock is owned by the Long Island R R . In
corporated in New York. Owns one-half the stock (the Interborough Rapid
Transit Co. owning the other half) and bonds of N . Y . & L. I. Trac. and
Long Island Elec. Ry.
Stock $25,000 ($100)________ All owned by Long Island R R .
OFFICERS.—-Pres., Ralph Peters; V .-P ., C. L. Addison; Sec., Frank E
Haff; Treas., J. F. Fahnestock.— V. 83, p. 890.
(1) LONG ISLAND ELECTRIC RY.
Receivership.— In N ov. 1924 Gen. Lincoln C. Andrews was appointed
receiver for the co. V . 119, p. 2179. In Jan. 1906 control passed to the
Interborough Rapid Transit Co. and Long Island Consolidated Electrical
Companies, each owning one-half the stock and bonds.
ORGA N IZA TIO N .— Chartered March 13 1897 as New York & North
Shore R y. On Oct. 11 1899 was consolidated with the former Long Island
Electric R y., new company having $2,100,000 capital stock and $2,100,000bonds. On M ay 7 1902 the lines north of Jamaica were sold under fore
closure to the Queens R y. C o., which company was then merged in the
New York & Queens County Ry. On Aug. 28 1903 old name of “ Long
Island Electric R y .” was resumed. In Aug. 1909 stock was reduced from
$1,100,000 to $600,000 by cancellation of $1,500,000 stock originally issued
to represent the piece of road which subsequently became the Queens R y.
and now forms part of the N . Y . & Queens County R y. V. 89, p. 42, 593.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
A trolley road. Comprises 25.23 miles of track on 16.30 miles of road
from Crescent Ave., Brooklyn (at the terminus of the Kings County Ele
vated) , to Jamaica, Hollis and Queens, and from Jamaica to Far Rockaway.
36 passenger cars and 8 others.
Reorganization Planned.— In M ay 1923 the Transit Commission an
nounced that plans were being formulated for the reorganization and re
adjustment of the company. V. 116, p. 2388.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
________
$600,000 ---------------Stock $600,000 ($100)_______________
L I Elec 1st M $600,0001 1895
5 g J-D
600,000 June 1 1925
($1,000)__________c&r.ntf-jHamilton Trust C o., Brooklyn, trustee.
( Interest paid by Treasurer, New York.
EARNING S.— For years ending Dec. 31:
Cal. Year— Gross.
Net (aft. Tax.)
Oth. Inc. Int.,Rents, Ac. Balance.
1924_______ $401,606
$3-585
$501
$49,701
def.$45,6151922
385,093
48,543
342
52,716
def. 3,832
— V. 119, p. 2179, 2411.
(2) NEW YORK & LONG ISLAND TRACTION.
On June 20 1905 control was purchased jointly by the Interborough
Rapid Transit Co. and the Long Island Consol. Elec. Cos. V. 80, p. 2622.
Receivership.— On Dec. 21 1923 Justice Van Siclen in the Queens Supreme
Court appointed Chas. L. Addison of Hempstead, receiver for the co. For
further details see V. 117, p. 2890.
Service Suspended.— In Mar. 1924 the co. suspended service from Brooklyn
city line at Grant Ave. to Lynbrook, L. I. V . 118, p. 1520.
ORGANIZATION.— This was formerly the Mineola Hempstead & Free
port Traction (incorp. Feb. 27 1899), but name changed as above Sept. 22
1902, and stock increased from $125,000 to $1,000,000.
FIE LD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road. Operates an electric line connecting Mineola, Hempstead
and Freeport ,7.84 miles. Also operates line from Hempstead west 5.58 miles
to Queens, where connection is made with the tracks of the Long Island Elec
tric R y. Co. Also a line 17.01 miles long from Freeport westerly via Rock
ville Centre, Lynbrook and Valley Stream, to a connection with the Kings
County Elevated R y. at Brooklyn. Also a line from Queens to Mineola
M ay , 1925.]
POWER, LIGHT AND RAILW AY
via Jericho Turnpike, 5.86 miles. Total, 36.29 miles. Total, including
second track, 41.31 miles. 36 passenger and 8 other cars.
Fares.— See V. 94, p. 1696; V. 99, p. 407; V. 118, p. 3198.
STOCK AND BONDS— Date.
Interest. Outstanding. Last Die.
Common. 1750,000 ($50)................................. .
$750,000 ............ ..
Pref 6% cum $250,000 ($50)_______
_______
250.000 No dlv. yet
First mtge $1,000,000 gold/ 1902
O i g M - N 1,000.000 N ov 1 1942
($1,000)_________ cA r.ntfU nterest paid by Treasurer, New York.
ICitliens' Sav. & Tr. C o., Cleveland, O..Trus.
Bonds.— Are subiect to call at 10/ on 30 days’ notice, but no sinking fund
EARNINGS.— For years ending Dec. 31:
Year—
Gross. Net(aft.Tax.) Oth. Inc. Tnt.,Rent. &c. Deficit
1924___________ — .$453,234
$43,713
$749
$81,106
def.$36,644
OFFICERS.— Pres., C L. Addison, Penn. Sta., N . Y .; Gen. M gr.,
Gen. Lincoln C. Andrews; Sec. & Treas., Frank E. Haff.— V. I l l , p. 1084;
V. 116, p. 616; V. 117, p. 554, 2890; V. 118, p. 1520, 3198; V. 119, p. 2179.
63
STOCK AND BONDS—
Date. Interest. Outstanding.Maturity.
Stock $150,000 ($25)_______________
_________
$150,000 ---------------Pf $175,000 6% n-cum ($25)_______
— _______
175,000
--------First and refunding mortgage/ 1910 5 J-J
264,000 July 11960
$750,000 ______________ t f (Union Trust C o., Albany, Trustee.
Newb Elec 1st M ($250,000)./ 1894 5 g M -N
250,000 M ay 1 1944
gold ($500) not red_____tf lin t. at Columbia Tr. C o., Trus., N . Y . City.
Walden & Orange Lake first/ 1895 5 g J-D
100,000 June 1 1945
mtge gold guar p & i____t f lin t, at Hamilton Trust C o., Brooklyn.
Newb & Orange Lake 1st M / 1894 5 g J-J
75,000 July 1 1944
g ($500) p & i g u a r..c*tf \lnt. at Columbia Tr. Co., Trus., N . Y . City.
Bonds.— $425,000 1st & ref. bonds are reserved to retire prior liens and
remainder for improvements, &c. V. 90, p. 1425; V. 92, p. 1566. Int. on
all above bonds is also payable at Quassaick Nat. Bank, Newburgh, N . Y .
EARN ING S.— For year end. Dec. 31 1922, gross, $218,120; net, after
taxes, $20,238. In 1921, gross, $251,762; net, after taxes, $42,689.
OFFICERS.— Pres., B. B. Odell: V .-P ., A . L. J. Miller; Treas., H. B .
Odell; Sec., B. Bryant Odell; Gen. M gr., Frederick S. Berry.— V. 100, p.
1511; V. 111. p. 2141; V. 112, p. 1618; V. 116, p. 936; V. 117, p. 1993.
NEW Y O R K & QUEENS C O U N T Y R Y .
32,048 shares out o f total issue o f 32,350 owned by the Interborough
Rapid Transit C o., which also owns one-half o f the stock o f the Long Island
Electric Ry. and the New York & Long Island Traction.
Receivership.— Following the announcement that the Interborough Rapid
Transit Co. would no longer advance funds to the co. to meet deficits, &c.,
Gen. Lincoln C. Andrews was appointed receiver for the co. on Jan. 18
1923 by Justice James C. Van Siclen in the Supreme Court, Long Island
Oity, on petition of the Bankers Trust Co., trustee for the outstanding
onds. This receivership does not include the so-called Steinway lines (see
below under caption “ Receivership o f Steinway R y.” ). V. 116, p. 296.
Receivership of Steinway Ry.— On Apr. 27 1922 Justice Callaghan in the
Queens County Supreme Court appointed S. W . Huff and R . C. Lee receiv
ers for Steinway R y. upon application o f Guaranty Trust C o., trustee under
1st Mtge. of the Steinway R y., int. on which was defaulted. The order
provided that the receiver take over only the property which originally
belonged to the Steinway Co. (V. 114, p. 1891). The receivers put into
effect a separate 5-cent, fare on that part of the system against the orders
of the Transit Commission, but the action of the receivers was sustained by
the Court. V. 114. p. 2116, 2360.
Creditors’ Claims, &c.— See V. 117, p. 1556.
ORGANIZATION.— Incorporated June 29 1896 and reorganized on
June 30 1899. Purchased the various lines o f railroad in Long Island City
known as the Newtown Ry. Co., the Riker Ave. & Sanfords Point R R ., the
Steinway R y., the Long Island City & Newtown Ry. and the Flushing &
College Point R y. In M ay 1902 the Queens Ry. was consolidated with it,
and thereupon increased its stock from $2,500,000 to $5,000,000. The
Queens R y. succeeded to the property sold at foreclosure of the New York
& North Shore R y., comprising a line o f 6 miles from Flushing to Jamaica,
with franchises for lines between Flushing and College Point, Flushing and
Bayside and Manhasset. V. 74, p. 1197.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The system, with the Queens R y., embraces main line, 23.59 miles; second
track, 19.03 miles; sidings, 1.51; total, 44.13 miles. Rails, 70 to 116 lbs.,
standard gauge. 96 passenger cars, 32 others.
The new Queensboro Bridge across Blackwells Island was opened in
1909. On Sept. 19 1909 the City o f New York’s municipal trolley across
the bridge began operation. On Dec. 16 1909 New York & Queens County
R y. was granted a permanent franchise to run cars over the bridge. Opera
tion began on Feb. 15 1910. V. 90, p. 373. Through passengers only are
carried across the bridge and no extra fare is charged.
In view o f the default in the payment o f the int. due Jan. 1 1922 on the
Steinway Ry. 1st M . 6s and the then impending default of prin. & int. due
July 1 1922, two committees were formed to protect interests of holders of
these bonds. One committee was headed by H. B. Thorne (V. 113, p. 2819)
and the other by Geo. W. Davison (V. 114, p. 80). The first named com
mittee arranged to pay the Jan. 1 1922 coupon. V. 114, p. 80. Later the
two committees were consolidated. The committee resulting from the con
solidation is composed of:
Committee for Steinway Ry. lsf Mtge. 6s.— Geo. W. Davison, Roswell
Eldridge, Walter E. Frew, Harold B. Thorne and Wm. Carnegie Ewen.
Depositary, Central Union Trust C o., N. Y . City. V. 114, p. 307.
Int. due Apr. 1 1922 on the N . Y . & Queens County 1st cons. mtge. 4s
having been defaulted (V. 114, p. 1766), the following committee was
formed:
Committee for N . Y. & Queens Co. lsf Cons. Mtge. 4s.— Chairman, Fredk.
Osborne; C. Stevenson Newhall and James H. Perkins. Depositaries:
Farmers Loan & Trust Co., N. Y ., and Penna. Co. for Insur. on Lives &
Granting Annuities, Philadelphia. V . 114, p. 1766.
Int. due Dec. 1 1921 and June 1 1922 on the $50,000 Flushing & College
Point 1st Mtge. 5s and on the $150,000 Newtown Ry. 1st Mtge. 5s was not
paid when due. V. 114, p. 2580.
Fare Increase.— See V. 118, p. 3198.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)......................................
$3,235,000 ..................
Flushing & College Point lst\ 1895
5 g J-D
50,000
1925
mortgage $50,000 gold____(New York Trust C o., Trustee.
Newtown R y first mortgage! 1894 5 g J-D
150,000 Dec 1 1924
$150,000 g o ld ___________ (New York Trust C o., Trustee.
8telnway R y first mortgage! 1892 6 g J-J
1,500,000 July 1 1922
$1,500,000 ($1,000) g___c*/lnt. at Guaranty Tr. C o., N . Y . City, Trus
New York & Queens County f 1896
4 g A-O
1,300,000 June 29 1946
first consol mtg $3,000,000/Bankers Trust C o., New York, Trustee.
gold $1,000 each_________ ( Interest at office of company, New York
First & refunding mtge, $10,-1 1906
4 g M -N
See text Nov 1 1936
000,000 gold ($1,000)_ c*(Windsor Trust Co.. New York, Trustee.
_
Current liabilities Dec. 3 1 1922 ...........................
*6,818,539 ............... ..
• Includes $6,788,316 bills and accounts owing associated companies
Of the new $10,000,000 mtge., $2,086,827 are deposited as collateral for
loans from Interborough Rapid Transit and $3,000,000 are reserved for
prior liens. No sinking fund and bonds are not subject to call. Under the
N . Y . & Queens Co. 1st cons. M . there were originally $2,500,000 bonds out
standing, but the company having defaulted in payment o f int., reorganiza
tion was made, under which the holders surrendered $1 ,200,600; interest
was reduced to 4 % . The said bonds are redeemable at 105 and int. V. 69,
p. 609.
R E PO R T .— For calendar years:
Cal. Year—
Gross.
Net.
Other Inc. Int.,Tax.,& c.
Deficit.
1924 _______ $716,859
$87,511
$3,852
$317,770
$226,407
1923_________
661,951
70,967
1,191
349,486
277,328
OFFICERS.— Receiver, Lincoln C. Andrews; Gen. M gr. to Receiver.
E. A. Roberts; V.-P. & Treas.. W . L. Pepperman; Sec.. H. M . Fisher.
— V. 114, p. 2825; V. 115, p. 183; V. 116, p. 296, 516; V. 117, p. 208, 1556;
V. 118, p. 2438, 2824, 3078, 3198; V. 119, p. 75, 198.
W A L L K I L L T R A N S I T CO.
The New York P. S. Commission has given permission for the road to be
scrapped. Another company is now operating buses under a new franchise.
For history see “ Public Utility” Compendium of N ov. 1 1924.
O R A N G E C O U N T Y T R A C T I O N CO.
Foreclosure Sale.— In Oct. 1923 the road was sold at foreclosure under the
1st & ref. mtge. and was bid in by B. B . Odell for $10,000. For further
details see V . 117, p. 1993.
ORGAN IZATION .— Organized Oct. 16 1901 and acquired the Newburgh
Electric R y. C o., sold under foreclosure. The Newburgh Electric 1st
mortgage bondholders and the Walden & Orange Lake R R . and the New
burgh & Orange Lake R R . agreed to a reduction in their interest from
6% to 5% . See V. 73, p. 138.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns 20.606 miles o f track; 45 passenger and 10 other cars.
Bus Operations.— In Feb. 1923 it was reported that the co. was preparing
to get rid o f its electric railway system and to supplant the entire line with
buses. V . 116, p . 936.
N IAG ARA G ORG E RY.
We are advised that control of the company has changed hands and that
at the end of 1924 the road “ was in the process of being refinanced.”
ORGANIZATION.— Incorporated in New York June 3 1899 as successor
to the Niagara Falls & Lewiston, sold at receiver’s sale M ay 23 1899. Ex
tends from Onondaga St., Lewiston, along the bank of the Niagara River
to the City of Niagara Falls. Was formally opened July 1 1899. Also con
trols the franchises of the Buttery Whirlpool Rapids C o., the Niagara
Rapids View Co. and the Niagara Whirlpool Rapids Elevator C o. Has
agreement with the Niagara Falls Park & River R y. Co. allowing cars o f the
Gorge road to run over that company’s lines across the arch and Suspension
bridges to Table Rock and Dufferin’s Island. Leases the Lewiston &
Youngstown Frontier R R . and owns all of its stocks and bonds.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Owns 15.8 miles of track from Niagara Falls to Lewiston and leases Lewiston
& Youngstown Frontier R y., 7.5 miles; total operated, 23.3 miles. Also
has trackage rights over 1 mile of double track of International R y. in
Niagara. 53 passenger cars, 17 service cars and one snow plow.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $1,000,000 ($100)__________
_______
$1,000,000 __________
First mortgage $1,000,000/ 1907
5 g J-D
949,000 June I 1927
($1,000) gold_________ c& r/Int. at Commonwealth Tr. C o., Buffalo, tr.
Bonds.— $51,000 bonds are in treasury.
Latest Earnings.— For calendar year 1923, gross, $181,992; net before
taxes, $27,505. In 1922, gross, $141,559; net before taxes, $1,548.
OFFICERS.— Pres., Mrs. Joseph T. Jones; V .-P. & Gen. M gr., Bert L.
Jones; Sec. & Treas., G. L. Corliss, all of Buffalo; Aud., H. L. Murdock,
Niagara Falls. General offices. Niagara Falls, N . Y .— V. 84, p. 868.
(1) LEWISTON & YOUNGSTOWN FRONTIER RY.
ORGANIZATION.— Chartered August 1895. Is leased by the Niagara
Gorge R R ., which also owns all o f its stock and bonds.
FIE LD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns from Lewiston to Youngstown and Ft. Niagara, 7.5 miles; sidings
and switches, 2 miles; total 7.7 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $150,000 ($100)____________
_______
$134,000 __________
First
mortgage
$150,000/ 1896
6 g J-D
150,000 June 1 1916
($1,000) gold__________ c *)ln t. at Buffalo L. T . & S. D . C o., Buff., tr.
H U D SO N RIVE R & EASTER N T R A C T I O N CO.
O RGAN IZATION .— Incorp. in N . Y . on Feb. 14 1906.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
On M ay 23 1911 Pub. Serv. Comm, granted permission to build an extension
from Ossining through Briarcliff Manor, Pleasantville and Sherman Park
to Whife Plains, 17 miles. 3 miles in Ossining are in operation.
On Dec. 27 1911 Pub. Serv. Comm. auth. $806,000 additional bonds to
complete extension to Whife Plains (V. 94, p. 68), o f which $55,000 have
been issued.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $400,000___________________
_________
$84,000 __________
1st mortgage $1,000,000 gold/ 1907
5 g F-A
130.000 Feb 11957
($ 1,00 0)___________ c& rtf/In t. at Equitable Trust C o., N . Y .. Trustee.
Bonds.— Are subject to call on any int. day at 105 and int.
EARN ING S.—-For year ending Dec. 31 1924, gross, $29,810; net, after
taxes, def., $91; interest, &c., $9,716; bal., &ef., $9,807. In 1923, gross,
$29,480; net, after taxes, $825; interest, &c., $9,887; bal., def., $9,062.
OFFICERS.— Pres., O. G. Bennett, Ossining; V .-P ., Winfield Pos
Ossining; Sec., Henry D . Swain, Ossining; Gen. M gr., W . L. Stratton
Treas., C. E. Hallett.— V . 110, pJ 561; V . 112, p. 1740.
OLEAN BR AD FO R D & SA LAM A NCA R Y.
O R GAN IZATION .— In accordance with plan (V. 113, p. 1252) for reor
ganization of Western N .Y . & Penna. Trac. Co. (for history see “ Elec. R y .’
Supp. of Oct. 22 1921) that c o .’s property in N. Y . was sold on June 4 1921
and in Penna. on June 15 1921. Companies were organized in both States
to take over the properties and were merged into the present Olean Bradford
& Salamanca R y. which was incorp. in N. Y . on or about Oct. 8 1921.
Under the plan unsecured creditors and the stockholders in the Western
N. Y . & Penna. Trac. Co. received no share in the new corp.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates between the cities of Olean, N . Y ., Salamanca, N . Y ., and
Bradford, Pa., with branches from Salamanca, N . Y ., to Little Valley,
N. Y . (permission to abandon operation of this division granted— V. 120, p.
1089), from Bradford, Pa., to Lewis Run, Pa., from Olean, N . Y ., to
Bolivar, N . Y . [in July 1924 applied to the N . Y . P. S. Comm, for auth.
to discontinue this branch. V . 119, p. 325.], and to Shinglehouse, Pa.;
total, 100.8 miles of road. Does a general passenger, heavy freight, mail,
express and baggage business. Main lines, 70-lb. rails. 5 electric loco
motives, 27 passenger cars, 25 freight cars and 10 service cars.
Fares.— See V. 117, p. 1664.
CA PITA LIZA TIO N .— The company has issued $264,000 (of which
$40,000 in treasury) first & ref. mtge. (total authorized $5,000,000),
$1,120,000 7% non-cum. pref. stock, $2,688,000 of com. stock, in accord
ance with plan in V. 113, p. 1252. On D ec. 31 1924, $20,206 7% car
trust notes were outstanding.
EARN ING S.— For 12 months ended D ec. 31 1924, gross, $461,719; net,
after taxes, interest and rents, def., $16,561. In 1923, gross, $471,473; net,
after taxes,iinterest and rents, $8,644. In 1922, gross, $534,934; net, after
taxes, interest and rentals, def. ,$26,671.
ROA D .— Operates between the cities o f Olean, N . Y ., Salamanca, N . Y .,
and Bradford, Pa., with branches from Salamanca, N . Y ., to Little Valley,
N . Y ., from Bradford, Pa., to Lewis Run, Pa., from Olean, N . Y ., to Boli
var, N . Y ., and to Shinglehouse, Pa.; total, 100.8 miles o f road. Does a
general passenger, heavy freight, mail, express and baggage business.
Mainlines, 70-lb. rails. 5 electric locomotives, 27 passenger cars, 25 freight
cars and 10 service cars.
OFFICERS.— Pres., C. N . Mason; V .-P. & Gen. M gr., C. A . Graves,
V .-P ., J. P. Quigley; Sec. & Treas., J. P. W aite.— V. 113, p. 2407; V. 114,
p. 79, 948; V. 117, p. 1664; V. 119, p. 325, 1396; V. 120, p. 1089.
P U T N A M & W E S T C H E S T E R T R A C T I O N CO.
O R G A N IZA T IO N — Incorp. in New York in July 1906.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Road 4 miles from Peekskill to Oregon, Putnam County.
C A PITA LIZA TIO N .— Stock authorized and issued, $75,000; par, $100First mortgage, authorized, $200,000; outstanding, $71,000 cold (c* tf) 5%
J.-J., due July 1 1937; interset at Columbia Trust C o., New York, trustee.
Subject to call at 105 and interest.
64
PUBLIC UTILITIES
EAR N IN G S.— For year ending Dec. 31 1922, gross, $13,288; net, after
taxes, $1,330: fixed charges, $3,596; deficit, $2,266. In 1921, gross, $12,394
net, after taxes, $1,111.
OFFICERS.— Pres., Geo. E. M cCoy; V.-P., Frank M . Data; Treas.,
Alfred J. Mason; Sec., H. D . Swain; Asst. Treas. & Asst. Sec., Chas. Le
Clair.— V. 106, p. 190; V. 108. p. 2529.
P L A T T S B U R G T R A C T IO N CO.
The company discontinued operations Mar. 31 1925.
“ Public Utilities” Compendium o f N ov. 1 1924.
For history see
P O UG H K EEP SIE & W A P P IN G E R S FALLS R Y .
ORGA N IZA TIO N .— Incorp. in N . Y . M ar. 22 1894 as the Poughkeepsie
City & Wappingers Falls Electric R y. Name changed to above July 1917.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns 15.15 miles o f road, leases 1.5; second track, 1.76 miles; sidings, 1.07
miles; total, 19.48 miles of track. Standard gauge. 40 cars.
Fare Increase.— Y. 119, p. 2412.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $750,000 (par $100)_________
_________
$750,000 __________
1st mtge $2,000,000 ($100,1 1918
6 g J-J 1
586,000 Jan. 11958
$500 & $1,000) g _____c n tf /Int. at Equitable Trust C o., N . Y , trustee
Bonds.— The unissued bonds are reserved for extensions, improvements,
acquisitions, &c., at not exceeding 80% o f cost thereof under certain re
strictions. Sinking fund o f 1% each year on Jan. 1. Retired by sink,
fund, $34,000; held in treasury, $106,000. Call, at 105 and tat. on any
tat. day upon 6 weeks notice.
EARN ING S.— For years ending Dec. 31:
Period—
Gross.
Net, Aft. taxes. Int., &c.
Balance
Calendar year 1923______ $273,260
$58,539
$54,560
sur.$3,979
Calendar year 1922______ 276,161
92,760
53,817
sur.38,943
O FFIC E R S.— Pres., Mrs. M ary M . Hinkley; V .-P ., Miss M ary Hinkley;
Sec. & Treas., T . W . M offat; Asst. Treas., H. B. Brown; Asst. Sec., G. W.
Comfort; Gen. M gr. & Asst. Sec., C . A . Brooks; Aud., J. A . Nilan. Under
management of the J. G. White M ft. Corp.— V. I l l , p. 1370; V . 112, p.
1399; V . 113, p. 418; V. 118, p. 1268, 3078; V. 119, p. 2412.
EARN IN G S.— For calendar year 1923, gross, $16,805; net after taxes,
def., $17,679. In 1922, gross, $21,035; net after taxes, def., $11,139.
In 1921, gross, $26,384; net after taxes, def., $7,642.
OFFICERS.— Pres., Palmer York; V .-P. & Treas., Chas. Whetstone;
M gr., Chas. O. Wagner.— V . 88, p. 296; V. 99, p. 271; V. 119, p. 2412.
N E W Y O R K & N O R T H S H O R E T R A C T I O N CO.
Property sold at public auction In 1922 and in Jan. 1923 it was stated that
the purchasers had commenced dismantlement. V. 116, p. 176. In Aug.
1923 the Union Trust Co. o f Cleveland, trustee for the 1st mtge. bonds
announced that it had funds on hand to pay a liquidating div. at the rate of
$50 on each $1,000 face amount of bonds outstanding. V. 117. p. 782.
See letter o f Federal Judge R . A. Inch to special master regarding resump
tion of operation on certain portions of the line in V. 118, p. 1520. See also
V. 120, p. 331. For history of company see “ Electric Railway" Supple
ment o f April 28 1923.
TR O Y & NEW ENGLAND R A IL W A Y.
The company discontinued operations Mar. 31 1925.
•
‘Public Utility” Compendium o f N ov. 1 1924.
For history see
ROCHESTER
RR.
& BUFFALO
CORP.
ORGA N IZA TIO N .— Incorporated in New York on April 4 1919 as sue
cessor to the Buffalo Lockport & Rochester Ry. (for history see “ Electric
Railway Supplement” o f March 29 1919) as per reorganization plan In
V. 108, p. 682. The 1st Mtge. bonds of the old co. were exchanged foi
$500 pref. and $750 common stock of the present company for each $l,00<
bond, while the 2d Mtge. bonds of the predecessor co. received $500 In 'neu
pref. and $500 in new common stock for each $1,000 bond. The common
and pref. stocks of the old co. did not participate In the plan.
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS —
Operates about 58 miles between Rochester and Lockport. Rails, 70 to
STOCK AN D BONDS— Date.
Interest.
Outstanding. Maturity
Common $2,200,000_________ _____
_______
$2,199,250
6%
1.499,500 Jan ’25, 3%
Preferred $1,500,000 cum-------------Stock.— Preferred stock is pref. as to assets and dividends. The by-laws
provide that no mortgage shall be placed on the property or assets of the
co. in priority to the pref. stock, without the consent o f the holders of twothirds o f the outstanding pref. stock. V. 108, p. 682.
E A R N IN G S.— For years ending Dec. 31:
Gross
Net (.after
Other
Rentals,
Balance.
Cal. Year—
Earns.
Taxes).
Income.
&c.
Sur .or def.
1924 ------------------------ $508,160
$80,171
$10,847
$26
$90,992
1923 ------------------------ 546.439
87,885
5,728
26
93.587
1922 ............. - .............. 504.520
86.087
6,528
526
92,089
OFFICERS.— Pres., E. R . W ood, Toronto, Ont.; V .-P ., A . S. Muirheac
Toronto, Ont.; Sec., Treas. & Gen. M gr., W . W . Foster, Rochester N V
— V . 108, p . 1512.
R OCHESTER & M ANITOU RR.
O RGAN IZATION .— Incorp. on Aug. 12 1908. Acquired property of
the Rochester Charlotte & Manitou, sold at foreclosure July 21 1908.
_
BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $60,000 ($ 1 0 0 )..______ _____
_______
$60,000
V
F^ t-„1 ortgage 860,000 gold) 1909
?
5 g M -N
58,000 M ay 1 1929
($500 and $1,000)— c * n tf/In t. at Security Trust C o., Rochester, trustee
Bonds.— $2,000 bonds remain unissued. No s t a k i n g fund. Bonds are
subject to call at 105 and int. on 8 weeks’ notice.
EA R N IN G S.— For year end. Dec. 31 1922, gross, $27,487; net after
axes, def., $1,923. In 1921, gross, $9,786; net after taxes, $8,101.
OFFICERS.— Pres., Henry W . Wedel; Sec. and Treas., Kendal] B.
Castle; Supt., Geo. M . Wegman.— V . 87. p. 545; V. 88, p. 1314.
R O C H E S T E R & S Y R A C U S E R R . C O ., IN C .
O RGAN IZATION .— Incorp. in N . Y . Sept. 17 1917 as successor to the
Rochester Syracuse & Eastern R R . (part of the Empire United R ys., Inc.,
system) sold at foreclosure Aug. 28 1917 and separately reorganized as per
plan in V. 104, p. 2119. See V. 106, p. 1231.
In Dec. 1922 acquired control of the Empire State R R . Corp. by pur
chase of a majority of its capital stock. V. 115, p. 2581; V. 116, p. 616.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Extends from Rochester to Syracuse, N . Y ., passing through East R o
chester, Fairport, Macedon, Palmyra, Port Gibson, Newark, Lyons,
Clyde, Savannah, Port Byron, Weedsport, Jordan, Memphis and Warner,
N. Y . Length of line, first track (owned), 157.04 miles; 2d track (owned),
1.50 miles; siding, &c. (owned), 1.70 miles; trackage rights, 8.8 miles;
total length of line operated, 169.04 miles. Gaug6, 4 ft. 8
in. Rail,
70 and 90-lb. T. Operated by overhead trolley. Power purchased from
Niagara, Lockport & Ontario Power Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
________ $1,469,100 ____________
Common $1,500,000 ($100).......... — _
Preferred $3,000,000 ($100)_________
6%
2,448,500 M ar’24, 1%
First mtge conv $5,000,6661 1917
5 g M -N
2,448,566 M ay 1 1957
($500 & $1,000) g ____c*n tf/F irst Trust & Deposit Co., Syracuse, trustee.
Bonds.— The 1st M . 5s are convertible into pref. stock at par, $ for $
between M ay 1 1919 and M ay 1 1929: this privilege may be terminated by
the co. in case of merger or consolidation with any other co. under N . Y.
laws, or of the lease of its property. They are callable, all or in part since
M ay 1 1922 at 105 and int. The remaining bonds may be issued for impts.
add’ns, exts., &c., under certain restrictions.
Dividends.— An initial div. of 1% was paid on the pref. stock in Mar.
1921. Same rate quar. to and incl. Mar. 1924. None since.
EARNING S.— For years ending Dec. 31:
Calendar
Net, after Taxes
Year—
Gross.
and Deprecia’n. Interest.
Adjust. Bal., Surp.
1924______ $981,392
$211,406
$136,000
______
$75,406
1923______ 1,101,559
254,623
136,377
3,367
114,879
1922______ 1,065,342
250,084
125.555
--------124,529
OFFICERS.— Pres., A. H. Cowie; V.-Pr. & Gen. M gr., T . C. Cherry;
Aud. & Treas., W . K . Zinsmeister; Sec., Mercer V. White. Peek-Shanahan-Cherry, Inc., operate the road.— V. 108, p. 1823, 2123; V. 109, p.
73; V. 112, p. 850; V. 113, p. 534;V. 115, p. 2581; V . 116, p. 616; V. 118,
p. 2825.
E M PIR E S T A T E R R . C O R P .
PO R T JERVIS T R A C T I O N CO.
Receivership.— On N ov. 17 1924 Harry T . Crist was appointed receiver for
the company. V. 119, p. 2412. Company ceased operation in N ov. 1924.
ORGAN IZATION .— Incorp. in N. Y . on June 1 1910 to take over the
railway business of the Port Jervis Elec. Lt., Power, Gas & RR. Co.,
sold at auction on Jan. 27 1909. The Port Jervis Light & Power Co.
($118,000 stock, $188,000 bonds) was also incorp. to take over the light
and power business. The oonds o f the Traction Co. are owned by the
Orange County Public Service C o., Inc.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates 3.915 miles of track. 70-lb. T and 93-lb. girder rails. 4 cars.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
-------------$19,985 __________
Stock $20,000------------------------ -------Mortgage $70,000 gold------c * . -----5 g A-O
70,000
1960
Int. payable at Orange County Trust Co., Middletown, N . Y ., trustee.
Bonds.— Subject to call at 105 on any interest day.
LOCKPORT
[V ol. 120,
New Control.— In Dec. 1922 the Rochester & Syracuse R R . acquired
control of the co. by purchase of a majority of the stock. V. 115, p. 2580.
ORGANIZATION.— Incorp. in New York Oct. 27 1917 as successor
to the Empire United Rys., Inc., sold under foreclosure per plan in V . 104,
p. 863; V. 105, p. 909- The new co. took over, subject to underlying bond
issues, the Syracuse Lake Shore & Northern and Auburn & Northern divi
sions. The Rochester Syracuse & Eastern division was separately reor
ganized as the Rochester & Syracuse R R . (which see above).
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates from Syracuse to Oswego, 37 8 miles. Oswego city lines, 8.83 m .;
Auburn to Port Byron, 7.62 m.; Auburn city lines, 1.42 m.; Fulton city
lines, 0.6 m.: total length of road, 56.27 miles; second track, 21.25 m.; carhouse and other sidings, 5.08 m.; total trackage, 82.60 miles. Gauge,
4 ft.
in. Rail, 70 and 90 lbs. 56 passenger cars, 4 express cars, 7
work cars, 5 snow plows, 2 snow sweepers. Has contract for power with
Niagara Lockport & Ontario Power Co. Has 4 substations with a total
capacity of 2,900 k. w.
Fare Increase.— V. 120, p. 330.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $1,436,635 ............. ........
Common $1,500,000 ($100)________
Pref “ A ” 6% cum $1,000,000
($100)__________________________
_________
205,426 Sept’24, U4
Pref B 6% non-cum $1,250,000
($100)__________________________
_________
1,249,912 June’23, 1%
Syracuse Lake Shore < Northern RR—
%
1st mortgage $2,500,000 gold/ 1907
5 g M -N
2,500,000 M ay 1 1947
($1,000) ____________ c*tf\Int. at Columbia Tr. C o., N . Y ., trustee.
Auburn
Northern Electric RR.—
1st mortgage $1,000,000 gold/ 1905
5 g M -N
241,000 M ay 1 1945
($1,000) ____________ c*tf\Int. at Equitable Trust C o., N. Y ., trustee.
Stock.— Series “ A " pref. stock is redeemable at 105. Series “ B ,” after
it has received 5 years’ consecutive dividends at the full rate of 6% , is
entitled to rank pari passu with or be converted into Series “ A .”
Bonds.— The bonds of the Syracuse Lake Shore & Nor. R R . are subject
to call since M ay 1 1917 on any tat. date at 110 and tat. upon 60 days’
notice. No sink, fund.
The Auburn & Northern bonds are subject to call at 110 on any int.
period on 60 days’ notice. No sinking fund.
Dividends.— On pref. “ A ” divs. at the rate of 6% per annum paid from
Oct. 1917 to and incl. Sept. 1924. None since. On pref. “ B ” 1% paid in
June 1923; none since. No divs. have been paid on common.
EARN ING S.— For calendar years:
Cal. Year— Gross.
Net aft. Tax. Interest, &c. Adjustm'ts. Bal., Surp.
x$137,227
$140,257
Cr$18,690
$15,660
1924 ______ $734,610
1923 ______ 861,495
198,638
144,041
______
54,596
x After taxes and depreciation.
OFFICERS.— Pres., A. H. Cowie; 1st V .-P ., T . C. Cherry; 2d V .-P .,
C. A. Chase; Treas. & Aud., W . K . Zinsmeister; Sec., M . V. White.— V . 106,
p. 189; V. 107, p. 2097; V. 109, p. 72; V. 110, p. 1289, 1526, 2057; V. I l l , p.
1369, 2041, 2520; V. 112, p. 1399; V. 113, p. 532; V. 114, p. 2579; V. 115,
p. 2580; V. 118, p. 1392; V. 120, p. 330.
S Y R A C U S E N O R T H E R N E L E C T R I C R Y . , IN C .
ORGANIZATION.— Incorp. in N . Y . M ay 12 1917 as successor to the
Syracuse & South Bay Electric R R . and the Syracuse Watertown & St.
Lawrence River R R ., bid in at foreclosure sale on N ov. 1 1916 by the
reorganization committee. Sale confirmed in March 1917. The company
was organized as per plan in V. 103, p. 580, as modified and approved by
the P. S. Comm, by an order dated April 26 1917.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 12.18 miles of single track equivalent over private right of way
from Syracuse to Oneida Lake, and a single track branch line to Brewerton,
6.2 miles. Has traffic agreement with N w York State Railways Co. to
enter Syracuse. New road began operations April 26 1917. 85-lb. T
rail. Gauge, 4 ft. 8 14 inches. 16 cars. All private right-of-way. Power
is purchased from Niagara Lockport & Ontario Power Co .
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $150,000 ($100).........................................
$150,000 __________
First pref $600,000 ($100)................
6%
480.000 A u g ’24 1%
6%
420,000 ___________
2d pref $500,000 ($100).....................
First mtge $600,000 gold ($25,1 1917 5 g M -N
153,750 M ay 1 1946
$100 and $1,000)_________ Jlnt. at Tr. & Dep. C o., of Onon.
Stock.— All classes of stock have equal voting power. Stock is held in a
five-year voting trust. The successor voting trustees are Arthur W. Loasby
A . H. Cowie and Ferdinand W . Roebling Jr.
Bonds.— Are subject to call in whole or in part on and after N ov. 1 1917
at 110 and tat. Int. on $25 bonds payable M ay 1 only. Int. payable
without deduction other than Federal income tax.
Dividends.— On 1st pref. in Feb. 1923, 1% was paid. In Aug. 1923, 1% .
In Aug. 1924, 1% .
EARNINGS.— For calendar years;
12 Months ended Dec. 31—
1924.
1923.
1922.
Gross------------------------------------------------- $141,241
$143,260
$137,895
8,668
13,338
Net income___________________________ 14,535
OFFICERS.— Pres. & Gen. M gr., Taimadge C. Cherry; Treas., W . K.
Zinsmeister; Sec., H. C. Beatty. Peck-Shanahan-Cherry, Inc., operate
the road.— V. 105, p. 499; V. 106, p. 1231; V. 109, p. 777; V. 115, p. 1211.
M ay , 1925.]
POWER, LIGHT AND RAILW AY
A U B U R N & S Y R A C U S E E L E C T R IC R R .
ORGAN IZATION .— Organized Sept. 30 1902 as a consolidation of the
Auburn City R y. and Auburn Interurban Elec. R R . Franchise perpetual.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
A trolley road. Operates 40.94 miles o f road (64.76 miles o f track),
including 13.90 m. in Auburn and 27.1 m. from Auburn to Syracuse. Has
trackage agreement with New York State Rys., allowing it to enter Syracuse
Owns Lake Side Park, about 33 acres, on Owasco Lake; 59 passenger cars,
2 express, 3 work, 1 service, 2 sweepers and 6 snow polws; total, 73 cars.
Voting Trust.— Extends for five years from Dec. 1 1921. Trustees are
Edwin Nottingham, Arthur W . Loasby and F. W . Roebling Jr. Compare
V. 102, p. 1895.
Date.
Interest. Outstanding. Maturity.
STOCK AN D BONDS—
____
_______
$1,250,000 __________
Common $1,250,000 ($100)— .
Q-J 15
712,000
See text
Pref 6% n-cum $750,000 ($100) _
5 g A-O
1,752,000 Oct 11942
Auburn & Syracuse first and/ 1902
refunding mortgage $2,--lint. at Harris, Forbes & C o., New York.
000,000 gold ($1,000)- C * t f (Equitable Trust C o., New York, trustee.
4 mos. notes_____________________
6%
8,250
------Bonds.— Of the $2,000,000 authorized, $248,000 is reserved for future
extensions, but only when net earnings are double interest charges; subject
to call at 110 and interest. See V . 75, p. 1201.
Dividends.— First dividend on preferred stock— 1% — paid N ov. 1 1904then 1% Feb. 1 1905, M ay 1 1905 and Aug. 1 1905; N ov. 1 1905, 1 K %
paid (see Y . 81, p. 1609). In 1906, 5 M % ; 1907 to 1913 inch, 6% per
annum. In 1914, Jan., 1J^%; April, 1M % ; July, 1 )4 % . None since.
EARNINGS .— For years ending Dec. 31:
Taxes.
Int., * c .
Surplus.
Gross.
Net.
Year—
$90,750
$108,287
$24,163
sur .$875
1 9 2 3 --........... $601,831
24,817
92,665
112,328
sur .3,574
1922_________ 583,702
OFFICERS.— Pres., T . C. Cherry, Syracuse; V .-P ., Harold G . M et'
calf. Auburn; V .-P. & Gen. M gr., \V. J. Harvie; Treas., Aud. & Asst. Sec.’
L . E . Lippitt, Auburn; Sec., H . C . Beatty, Syracuse. Peck-Shanahan•
Cherry, Inc., operate the road.— V . 110, p. 764; V. I l l , p. 790, 2323:
V. 112, p. 160, 2304; V . 113, p. 1469; V . 114, p. 2467; V . 117, p . 1554.
SYR AC U SE & EASTERN RR.
ORGAN IZATION .— Organized in N . Y ., and on April 28 1923 took
over the property o f the Syracuse & Suburban R R . as per plan o f reorgan
ization dated Jan. 16 1922. (For outline o f plan see V. 114, p. 1064.)
For history o f Syracuse & Suburban R R . up to time o f reorganization see
“ Electric Railway” Supplement o f April 26 1924.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.— A
trolley road. Operates 18.52 miles of track from Syracuse to Edward
Falls with branch from Orville to Jamesville. Standard gauge; rails, 60
and 90-lbs.; 10 passenger and 7o ther cars.
Upon completion o f reorganization the co. will be capitalized approxi
mately as follows:
65
STOCK AND BONDS—
Date.
Interest. Outstanding.
laturity.
Stock.............................................................................
$300,000 ...................
1st mtge bonds_______________ _____
5%
512,000 __________
Voting Trust.— The stock is to be held for a period of five years/by voting
trustees. V. 114, p. 1064.
EARNINGS.— Of Syracuse & Suburban R R . for years endiDg Dec. 31:
Year—
Gross. Net (aft. Tax.). Oth. Inc. Charges. Sur. or Del.
1922
$107,940
def.$727
$319
$5,929 def.$6,338
1921
91,746 def.17,447
260
3,609
def.20.796
OFFICERS.— Pres., Edward Powell; V .-P ., J. M . Steere; Treas., J. E .
Gere; Sec., W . W . Cheney Jr.; Gen. M gr., H. D . Gros; Aud., G. W .
Avery.— Y. 116, p. 2131.
S T A T E N IS L A N D M ID L A N D R A I L W A Y C O .
Receivership.— In Jan. 1920 Federal Judge Chatfield appointed Jacob
Brenner receiver for the company. V. 110, p. 360. Following the deathfof
Jacob Brenner in Oct. 1921, Mortimer Brenner was appointed receiver.
V. 113. p. 1889,2186.
OPERATION.— As a result of a contract signed N ov. 10 1920, operation
of the company’s lines under the supervision of New York municipaljauthorities was begun on Dec. 1 1920. Under the contract the Richmond
Light & R R . Co. permits the city to use its tracks through St. George and
Tompkinsville and supplies the city with electric current at cost for^the
operation o f the lines. V. I l l , p. 2042, 2230.
ORGANIZATION.— Incorp. in New York on Jan. 16 1907 as a reor
ganization of the Staten Island Midland Railroad Co. sold under sequestra
tion proceedings on Jan. 3 1907. V. 84, p. 222.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns 28.68 miles of track. Rails 65 to 70-lb. T and 90-lb.(girder. 41
passenger cars.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $1,000,000 ($100)___________
_______
$1,000,000 ---------------S I Mid RR 1st mtge $1,000,-1 1896 5 g J-J
1,000,000 Jan 21 1926
000 gold ($1,000)___ c * .tf/In t. at Farmers’ L. & Tr. C o., N .jY ., trustee.
Equipment trust certifs Ser A ] 1915 6 g J-J
31,000 See text
$135,000 ($500) gold-_c*&rjInterest at Bankers Trust C o., trustee.
Bonds.— Sinking fund after 5 years but bonds cannot be called.
The equipment trust certificates mature $7,000 each Jan. 1-and $6,500
each July 1, beginning July 1 1915. They are subject to call at 102£and
interest. Secured by 32 double-truck closed cars.
EARN ING S.— ForXyears ending June'30:
Year—
Gross.
Net (aft. Tax.) Other Inc. Int. dt Rents.
Deficit.1
1919-20 x ___ $218,869
def.$80,615
$604
$70,177
$150,188
1918-19_____ 307,534
def. 80,346
1,363
68,094
147,076
x No later available.
OFFICERS.— Pres., C. W . Hotchkiss, 55 Wall St., New York City;
Sec., A. M . Stilwell, New Brighton, N . Y .— V. I l l , p. 74, 295, 897, 991,
1280, 1657, 1662, 2042, 2230; V. 113, p. 1889, 2186.
66
PUBLIC UTILITIES
NEW JERSEY
P U B L IC S E R V IC E C O R P O R A T IO N O F N E W J E R S E Y .
(See M ap on pages 72 and 73.)
O RGAN IZATION .— Incorp. in New Jersey on M ay 6 1903 and controls,
through ownership of stock, Public Service Ry. Co., Public Service Electric
& Gas C o., P u b ic Serv ce R R . C o., Public Service Transportation Co.,
Public Service Production C o., Public Service Electric Power C o., Orange
& Passaic Valley R y. Co., and New Jersey & Hudson River R y. & Ferry
C o. The stockholders o f the Orange & Passaic Valley R y. Co. and United
EIec»ric Co. o f New Jersey and also the stockholders o f certain of the cos.
out o f w jich Public Service R y. Co. was subsequently formed (namely North
Jersey Strec t R y. C o., Jersey City Hoboken & Paterson St. R y. Co. and
Elizabeth Plainfield & Central Jersey R y. Co.) were given certificates
described below in exchange fcr their stock. See plan in V. 76, p. 865,
and also p. 1249. The Fidelity Union Trust Co. of Newark financed the
transaction.
On Jan. 15 1925 the Public Service Stock &Bond Co. was incorp.inN . J.
with an auth. capital of 500,000 shares of no par value, to specialize in the
securities of the Public Service Corp. o f N . J. and its subsidiary and under
lying cos. All the outstanding stock is held by Public Service Corp. of
N. J. V. 120, p. 455.
Merger of Subsidiaries.— In 1907 North Jersey Street R y. C o., Jersey
C ity Hoboken & Paterson Street R y. Co. and United Street R y. Co. of
Central Jersey were consolidated under the name of Public Service R y. C o.,
which see below. V. 85, p. 406 and 470. T o Public Service R y. Co. also
have been transferred the leases o f various railways formerly held by Public
Service Corp. On Dec. 28 1915 the merger of the Public Service Ry. and
the P. S. Newark Terminal R y. was ratified.
Consolidation of Electric and Gas Cos.— See “ Public Utility” Compendium
of N ov. 1 1924.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Public Service Corp. of N. J., through its subsidiary companies, operates
all o f the electric power and light, gas and street railway business in the
larger cities and more populous sections of the State of-New Jersey, excepting
the shore resorts, the gas service in Elizabeth and the street railway in
Trenton. The territory served extends from the Hudson River opposite
New York City, southwest across the State to the Delaware River opposite
Philadelphia, and includes Newark, Jersey City, Paterson, Trenton, Cam
den, Elizabeth, Bayonne. Hoboken, Passaic, the Oranges, Perth Amboy,
West Hoboken and New Brunswick.
Newark Terminal.— See Public Service R y. below.
Holders of the 7 % and 8% pref. stocks of record Jan. 16 1925 were given
the right to subscribe at par ($100 a share) & div. for 7% pref. stock to the
extent of 1 share for each 10 shares held. V. 120, p. 212, 705.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock com 2,000,000 shares
(no par)___________________ _____
Q-M 30
824,080 shs. See text
Pref8% cum $25,000,000($100)____
8 Q-M
$21,508,600 M a r ’25,2%
Pref 7 % cum $50,000,000 ($ 1 0 0 )____
7 Q-M
10,373,200 Mar ’25,1 M
Preferred 6% $25,000,000
_____________________ None
_
Trust certfs $20,200,000-- n t f f l 903
6. M-N_
20,111,910 Perpetual
Fidelity Union Trust C o., Newark, trustee.
General mortgage $50,000,000 , 1909
_ _ _________
5 g A-O
2.742,000 Oct 1 1959
gold ($1,000) sink fund c*tf-lint, at Fidelity Union Tr. C o., Newark, trus.
( or at office o f J. P. Morgan & Co.
Secbds6% serdue 1944 (500 &f 1924
6 g F-A
20,000,000 Aug 11944
$1,000c* & $1,000 & cr*)gtf (Fidelity Trust C o., Philadelphia, trustee.
P.S Newark Term Ry 1st M l 1915
5 g J-D
5,000,000 June 1 1955
$5,000,000 g ($ l,0 0 0 )--c* tf [in t. at Fidelity Un. Tr. C o., Newark, trustee
Stock.— Both the pref. and com. stocks are listed on N . Y . Stock Exch.
C om . stock is also listed on Montreal Stock Exch. and Chicago Stock Exch.
Pref. stock has full voting powers and is pref. as to assets and divs. Pref.
stock consisted originally o f 500,000 auth. shares (par $100; of 8% cum.
pref., but in Dec. 1922 was divided into two series— 250,000 shares8%
cum. pref. and 250,000 shares 7% cum. pref. V. 115, p. 2380, 2478, 2794.
On Apr. 11 1923 was divided into 3 series— 8% cum. pref., $25,000,000,;
7% cum. pref., $50,000,000; 6% cum. pref., $25,000,000. all pref. being
in shares o f $100 par.
Bonds.— The trust certifs. bore 2% int. (dating from June 1 1903) the first
two years, 2 H % the third year, and increased by Yi % each following year
until 6% was reached in the tenth year, which is the rate now paid. See
V. 80, p. 164. The following shows the terms upon which the stocks of the
constituent companies were exchanged for the trust certificates. The
stocks acquired are pledged as security for the trust certificates.
New Total Ctfs.
Total
Total
Certifi- if all Stock
Stock.
Deposited, cates. Exchanged.
•North Jersey Street R y .........$15,000,000 $14,994,400 40% $6,000,000
•Jersey City Hoboken & Pat
erson Street R y ----------------- 20,000,000 19,984,600 35% 7,000,000
•Elizabeth Plainfield & Cen
tral Jersey R y. C o _________ 3,000,000
3,000,000 30%
900,000
Orange & Passaic Val. R y. C o . 1,000,000
995,000 30 %
300,000
xUnited Electric C o_________ 20,000,000 19,736,800 30% 6,000,000
[V ol. 120,
and Bonbright & Co., Inc., sold $20,000,000 6% series due 1944 at 96 and
int., to yield over 6.35%. V. 119, p. 580.
The P. S. Newark Term. R y. bonds are unconditionally guar, as to
prin., int. and sink, fund by endorsement of the Public Service Corp. o f
New Jersey. Sinking Fund of $30,000 annually began April 15 1920.
Red. as a whole on or after June 1 1920 at 105 and int. on six weeks’ notice;
also callable for sinking fund on June 1 each year since 1920 at 10234
(V. 100. p. 2011).
Dividends.— An initial monthly div. o f 2-3 of 1 % was paid on the 8% pref.
stock on March 31 1919. In June 1919 2% was paid and same rate has been
paid regularly quarterly since to and incl. Mar. 1925. An initial div. of
134 % was paid on the preferred stock in March 1923. Same rate paid
regularly quarterly since, to and including Mar. 1925. On com ., first
div. of 1% was paid June 29 1907; 1% was paid Sept. 30 1907 and 1%
Dec. 31 1907. I d 1908, 4 % . In 1909, 434%- In 1910, 5 % . In 1911
to 1914, 6% . In 1915, 634%* In 1916, 734%. In 1917, 8 % . In 1918,
6% . V. 107, p. 1385, 2377. In 1919, March, 134%; June, 134%: Sept.,
134%- Dec. 1919 div. passed. (See V. 109, p. 2357.) In 1920, 4 % .
In 1921, 4 % . In 1922, March, 134%; June. 1>3%; Sept., 134%: D ec.,
2% . In 1923, March 2 % . In April 1923 the com. was changed from
shares of $100 par to shares o f no par value, and two shares o f no par stock
were given in exchange for each share o f $100 par outstanding. In June
1923 $1 was paid on the no par shares. Divs. of $1 per share were paid
regularly quar. to and incl. Sept. 1924. In Dec. 1924 $1 25 per share was
paid. In 1925, March, $1 25.
REPO RT.— For calendar year 1924, report in V. 120, p. 1578, 1614:
Revenues—
1924.
1923.
1922.
1921.
Transportation prop___ $28,257,177 $23,105,004 $27,544,510 $27,404,868
Electric properties_____ 34,889,633 31,188,596 27,660,026 24,390,321
Gas properties_________ 24,542,644 24,814,283 23,152,426 23,516,318
$87,689,453 $79,107,882 $78,356,963 $75,311,508
$58,357,745 $53,037,094 $52,581,870 $51,769,628
5,425,292
4,893,957
Amortization charges. .. . 6,642,972
5,949,666
$65,000,718 $58,986,760 $58,007,162 $56,663,584
$238,258
$314,758
$292,874
. $1,001,279
$23,690,015 $20,413,588 $20,664,559 $18,647,923
P. S. Corp. of N.J.,incl.
from securities pledged
i
1,859,057
and from misc. sources; 2,742,240
1,957,326
1,953,115
Total income________ $26,432,255 $22,366,703 $22,621,885 $20,745,238
Deduct—
Int. & rentals of leased &
controlled companies.$13,247,068 $12,838,264 $12,914,110 $12,856,151
Fixed chgs. P .S . Corp
4,182,564
4,137,535
4,294 458
5,326,066
Other deductions______ Cr. 153,997 Cr.321,460 D r.282,775 Dr. 107,986
Dividends P. S. Corp.
2,400,000(613) 1950000 (4) 1,999,984
Common stock______ 2,959,330
1,930,156
1,317,479 (8)852,968
Divs.P.S.Corp.pref .stk. 2,430,046
Balance, surplus_____$2,623,742
$1,337,179 $2,019,986
$633,691
OFFICERS.— Pres., Thos. N . McCarter; V.-Ps., Percy S. Young*
Edmund W . Wakelee, Dudley Farrand and John L. O’Toole; Sec., Chas. M Breder; Treas., T. W . Van Middlesworth; Comp., W m. S. Barker.— Y . 118p. 1517, 1541, 1774, 1912, 2043, 2180, 2705, 3198; V. 119, p. 76, 456, 580*
694, 943, 1065. 1626, 1734, 2288, 2648; V. 120, p. 212, 455, 705, 13281578, 1587, 1614, 1882.
P U B L IC S E R V IC E E L E C T R IC & G A S C O M P A N Y .
All the com. stock is owned by the Public Service Corp. of N . J.
ORGANIZATION.-—-Formed in 1924 as a consolidation of the Public
Service Electric C o., Public Service Gas Co. and United Electric Co. of
N . J. as per plan outlined in V. 118, p. 1268, 2705. It is planned eventually
to merge into the consolidated co. all stock-owned electric and gas companies
and to vest in it the ownership of leasehold estates which comprise the
balance o f the electric and gas systems. It is further planned to offer to
the stockholders of certain gas! and electric cos. leased the opportunity
to exchange their stocks for other securities, so that, eventually, these cos.
also may be consolidated with Public Service Elec. & Gas Co. These
consolidations are not an essential part of the plan, however, as the leases
in question extend in practically all cases for terms upwards of 900 years
In accordance with these plans, however, 7 companies previously operated
under lease were merged into the co. on Dec. 3 1924. Notes due June 3
1925 and bearing interest at 6% were given by Public Service Electric &
Gas Co. in exchange for the stock of the merging companies as follows:
Par Value. Amt.ofNotes.
Shares.
‘
"
Burlington Electric Light & Power C o_
_ 351
$17,550
$17,550
41,400
Citizens Elec. Lt., Ht. & Power C o _____1,656
41,400
175,000
Middlesex Electric Light & Power C o_ 1,750
_
175,000
367.500
Morristown Gas Light C o______________7,350
367.500
Nichols El. Lt. & Pow. C o., Nutley, N . J. 500
25,000
25.000
Princeton Light, Heat & Power C o _____2,450
122.500
122.500
Weehawken Contracting C o., com m on..1,400
70.0001
41,050
do
do
do preferred.. 621
41,050/
The entire capital stocks of these companies, with the exception of 8
shares of the stock of Princeton Light, Heat & Power Co., were owned
by Public Service Corp. of N. J. Y. 119, p. 3011. For histories as separate
organizations of Public Service Elec. C o., Public Service Gas C o., United
Electric Co. of N. J., and above-mentioned leased cos. merged, see “ Electric
Railway” Supplement of April 26 1924.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Co. serves with electricity and gas a population in New Jersey estimated
at over 2,600,000, or over 80% o f the population of the State. The territoryT o t a l..------- ----------------- ---------------------------------------------$20,200,000 served includes the larger cities and more populous sections of the State.
* Now merged in Public Service Railway Co., which see below, x In The territory extends from the Hudson River opposite New York City,
1924 the United Elec. Co. com. was exchanged for a like amount of 7% pref. southwest across the State to the Delaware River opposite Philadelphia,
stock of the Public Service Gas & Elec. Co. and the Public Service Corp. and includes Newark, Jersey City, Paterson, Trenton, Camden, Elizabeth,
agreed to pay to the trustee for the perpetual interest-bearing certifs. the Bayonne, Hoboken, Passaic, the Oranges, Perth Amboy, West Hoboken
sum o f $197,368 annually as a sinking fund to be applied to the purchase of and New Brunswick.
The company’s electric system as o f Dec. 31 1924 included 14 generating
the certifs. at not more than 110%, the certifs. so purchased to be held
alive for the benefit of the sinking fund and int. thereon added to the stations with an aggregate rated capacity of over 550,000 h.p., 1,061 miles
amount of the fund pending their eventual retirement when all have been of transmission lines and 27,804 miles o f distribution wire, serving over
acquired. I f certifs. cannot be purchased at or below 110, the unexpended 525,500 electric customers. Its gas system included 10 generating plants
with an aggregate capacity of 81,950,000 cubic feet daily and 3,646 miles
balance in the sinking fund can be returned to the corporation.
The trust deed provides that the stocks pledged shall not be used so as to of mains, serving over 643,050 gas customers.
increase the capital stock o f any of the companies nor create any new
Franchises.— With, minor exceptions, the franchises under which the
liens upon the respective companies except to take up existing debt of any company operates are, in the opinion of counsel for the company, perpetual
such company or of underlying or subsidiary companies.
and contain no burdensome restrictions.
The 20-yr. secured bonds are secured by pledge with trustee of 4,283,334
Valuation.— The property o f the co. and its leased cos. (not incl. any of
shares of com. stock of the Public Service Elec. & Gas Co. and indenture
provides that not less than 2-3 of the com. stock of Public Service Elec. that leased from the Public Service Electric Power Co. or the electrical
& Gas Co. at any time outstanding shall always be pledged thereunder. property leased from Public Service R y.) was valued by Day & ZimmerAgainst the 4,283,334 shares now pledged $21,400,000 bonds o f the 6% mann, Inc., engineers, as o f Jan. 1 1924, at over $245,000,000. V. 119,
series due 1944 may be issued. $20,000,000 are at present outstanding. p. 589.
STOCK AND BONDS—
Date.
Bonds may be issued in any other series to an amount not exceeding $10,Interest. Outstanding. Maturity.
6,°25,000shs__________
700,000 against pledge of the remaining 2,141,666 shares of such common Com 20,000,000 shs ( d o p a r ) . ____
stock owned by the Public Service Corp., and to an amount not exceeding P f 7% cum $20,000,000($100)______
7%
$20,000,000 Feb '25, I K
50% of the cash realized by Public Service Electric & Gas Co. from add’l Pref 613 % cum $10,000,000
( $ 100) ____________________________
com. stock thereafter issued and pledged. Bonds may be issued also to
None __________
613%
refund bonds of any outstanding series par for par. Future issues m ay be Preferred 6% cum $70,000,000
in one or more series in such amounts and bearing such rates of int. and
($100) 1925 series_________ _____
6 Q-M
15,000,000 Mar ’25,113
having maturity dates and such other provisions within the limitations of 1st & ref M 513 % ser due ’59] 1924
26,586,000 Oct 1 1959
513%
the indenture as the board of directors of the corporation may from time
513% serdue 1964________ / 1924
513 g A-O 15,0u0,000 Oct 1 1964
to time determine. 6% ser. due 1944 has sinking fund which provides
(S500&S1,000c*&$l ,000 &c. IFidelity Union Tr. C o., Newark, N.-J., Trus.
r*) gold________________tfl
for semi-annual payments on M ay 1 and N ov. 1 in each year beginning
M ay 1 1925 of a sum equal to 34 of 1 % o f the total amount of bonds of Un El Co 1st M $20,000,000 g\ 1899
4 g J-D
18,617,500 June 1 1949
($500 and $ l,0 0 0 )...c * n t f/I n t . at N. J. Title Gu. & Tr. C o., J. C ., Trus.
this series outstanding, the moneys to be applied by the trustee to the
purchase o f bonds o f this series at or below the redemption price existing Con Lt Heat & Pow $1,000,-1 1898
5 g J-D
308,000 June 1 1938
at the next ensuing int. date, or, if not so purchasable, to their call by lot
000 ($500) gold-------------- tf/I n t . at N . J. Title Gu. & Tr. C o., J. C ., Trus.
at such redemption price on such int. date; all bonds so purchased or re Nor Hudson Lt Heat & Pow\ 1898
5 g A-O 367,000 Oct 1 1938
deemed by the sink. fd. are to be held alive and int. thereon added to the
$2,000,000 ($1,000)_____t f/ln t . a tN . J. Title Gu. & Tr. C o., J. C ., Trus.
fund. Red., all or part, at any time and for the sink. fd. on any int. date, Pub Serv Elec Co equip t r u s t ! ____
8 F-A
780,000
See text
certfs Series “ A ” _________ (Philadelphia Trust C o., Phila.. trustee.
in either case on not less than 40 days’ notice at a premium of 7 34 % on or
before July 31 1930, said premium to be reduced by 34 of 1% commencing Pub Serv Elec Co car e q u i p /____
M-S
90,000
See text
Aug. 1 1930, with a like add’l reduction commencing on Aug. 1 of each year
bonds ___________________ (Bankers Trust C o., New York, trustee.
thereafter until Feb. 1 1944, on and after which date the redemption price Pub Serv Gas Co 8% notes_ j ____
_
8 A-O
200,000
See text
shall be par; in each case with accrued int. Int. payable in N . Y. or Phila.
lin t, at Union Trust C o., Pittsburgh, Pa.
C o. has agreed to refund the Penna. 4 mills, the Conn. 4 mills tax, the Pub Serv Gas Co 6% notes___f ____
6 F-A
344,000
See text
Maryland securities tax not exceeding 4 34 mills and the Mass, income tax
(Int. at Union Trust C o., Pittsb., trustee.
not exceeding 6% per annum on income derived from the bonds. Listed Weehawken Contr Co 1st M l 1908
6 g F-A 20
_30,000 Feb 20 1928
on N . Y . Stock Exchange. V. 119, p. 2288. In July 1924 Drexel & Co.
$30,00 gold ($250)------c* tf// Interest at Wee'
F
Weehawken Trust C o., trustee.
M ay , 1925.]
POWER, LIGHT AND RAILW AY
W STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Princeton L H & P 1st ref M f 1909
5 g F-A
132,000 Feb 1 1939
$250,000 gold s f ($100,/In t. at Eauitable Trust C o.. N . Y .. trustee.
$1,000 or frac)________ c* tf l
Middlesex Elec Lt & Pr 1st M 1 ____
5 J-J
181,000 Jan 11955
$200,000_________________ /Fidelity Union Trust C o., trustee.
Real estate mortgages________ _____
_______
1,469,793 __________
Stock.— All the com. stock is held by the Public Service Corp. of N . J.
■6% pref., 1925 series, is red. all or in part on any div. date after 3 years
from date of issue thereof, upon 30 days’ notice at 110 and divs. Penna.
4fmills tax refunded. Listed on N . Y . Stock Exchange. V. 120, p. 1328.
In Jan. 1925 Drexel & Co., Phila., and Bonbright & C o., Inc., N. Y .,
offered $15,000,000 6% pref., 1925 series, at 95 and div., to yield 6.32%.
V.B120. p. 332.
Bonds.— 1st & ref. mtge. will be secured by lien upon all the mortgageable
property o f the co., and all underlying bonds and bonds and stocks of
leased companies (now or hereafter owned). $31,834,000 5 A % ser. due
1959 were issued in exchange for a like amount o f Public Service Corp. of
N. J. gen. mtge. 5% bonds outstanding in the hands o f the public. The
5 A % series due 1959 has been closed and $5,248,000 have been retired,
leaving $26,586,000 outstanding as shown in table above. Sinking fund
o f $300,000 a year (payable $150,000 J-J), applicable to the 5 A % series
due 1959 beginning Jan. 1 1925, should retire all o f said bonds before their
maturity. Listed on N . Y . and Phila. stock exchanges. V. 119, p. 1180,
1291.
o l % ser. due 1964 have sink, and impt. fund which provides for semi
A
annual payments beginning July 1 1925 at the rate o f K o f 1% of the total
amount of bonds o f this series theretofore issued, the moneys to be used
for add’ns and impts. or for the purchase or redemption aDd cancellation
o f bonds of this series. Red., all or in part, upon 30 days’ notice at the
following prices and int.: To Sept. 1 1929 at 105; on and from Sept. 1 1929 to
Sept. 1 1934 at 104; on and from Sept. 1 1934 to Sept. 1 1939 at 103; on
and from Sept. 1 1939 to Sept. 1 1944 at 102: on Sept. 1 1944 at 101A , and
thereafter at 10134 less 34 o f 1 % for each full year elapsed to Sept. 1 1947,
on and from Sept. 1 1947 to Sept. 1 1948 at 100/4- Subsequent to Aug. 31
1948 they will be red. at par. Co. will agree to reimburse the holders of
5 /4 % ser. due 1964 bonds for the Penna. and Conn. 4 mills and M d. 4/4
mills taxes and for the D . o f C. personal property taxes not exceeding 5
mills per dollar per annum, and for the Mass, income taxes on the int. of
the bonds not exceeding 6% of such int. per annum. Listed on N . Y . Stock
Exchange. Y. 119, p. 3011. Drexel & Co. and Bonbright & C o., Inc.,in
Sept. 1924 offered $15,000,000 1st & ref. mtge. 5 /4 % series due 1964 at
96/4 and int., to yield over 5.70% . V. 119, p. 1405.
Int. on 1st mtge. 4s o f United Electric Co. o f N. J. is guaranteed by
Pub. Serv. Corp., which also agrees to provide for payment of prin. by
extension, refunding or otherwise. V. 90, p. 114. United Elec. Co. ©f
N. J. 1st mtge. bonds are reserved to retire Cons. Lt., Ht. & Pow. and
North Hudson Lt., Ht. & Power bonds. In addition to $367,000 North
Hudson Lt., Ht. & Pow. Co. bonds above $1,633,000 are deposited under
United Elec. Co. o f N . J. mtge. In addition to the above there are $115,000
Con. Lt., Ht. & Pow. bonds in hands o f trustee (unissued) and $577,000
are deposited under United Elec. Co. o f N . J. mtge.
Public Service Electric u o . equip, trust ctfs. Ser. “ A ” are due $65,000
•each Feb. 1 and Aug. 1.
Public Service Elec. Co. car equip, bonds are due $45,000 each Mar. 1
and Sept. 1.
Public Service Gas Co. 8% notes mature $36,000 each month to and incl.
June 1 1925 and $20,000 July 1 1925.
Public Service Gas Co. 6% notes are due $18,000 each month to and incl.
July 1 1926 and $20,000 Aug. 1 1926.
EARN ING S.— Of Public Service Electric and Gas C o., Public Service
Electric Co. and Public Service Gas Co:
Combined Income Account for the Twelve Months Ending Dec. 31 1924.
Gperating revenues— Electric department_________ $34,889,633
Gas department_______________________________ 24,542,644
-----------------$59,432,276
Operating expenses— Electric department_________ $12,874,782
Gas department_______________________________ 12,166,265
---------------- $25,041,047
Maintenance— Electric department________________ $3,143,198
Gas department_______________________________
1,744,157
---------------- 4,887,355
Taxes— Electric department____________$3,255,836
Gas department____________________
2,780,167
---------------- 6,036,003
Amortization charges— Elec, dept_____$4,022,498
Gas department____________________ x l ,200,958
............. 5,223,456
Oper. revenue deduc’ns— Elec, dept___$23,296,313
Gas department____________________ 17,891,548
---------------Operating income— Electric dept______ $11,593,319
Gas department____________________
6,651,095
---------------Non-operating revenue________________
$870,207
Non-operating revenue deductions________________ 29,960
41,187,862
$18,244,414
Non-operating income_______________________________________
840,247
Gross income_______________________________________________ $19,084,661
Income deduc’ns (bond int., rentals & miscell. int. charges)_ 7,906,877
Net income__________ _________________________ __________ $11,177,784
Appropriation accts.— Adjust, of sur. acct. (excl. of divs.) (debit) *1,567,380
Divs. on outst’g stocks— Paid to P. S. C. o f N. J.:
Common capital stocks_________________________ $7,649,911
7 % cumulative preferred capital stock________
698,987
Paid to unaffiliated interests:
Common capital stocks_________________________
7 % cumulative preferred capital stock__________
$9,610,405
$8,348,898
89
1,013
-----------------
8,350,000
Net increase in surplus-------------------------------------------------------- $1,260,405
x Includes $208,077 Camden Coke Co. amortization. * Includes charge
to surplus of $1,710,512 in connection with financial reorganization and
credit to surplus of $74,169 from intercompany sale of real estate.
OFFICERS.— Pres., Thos. N . McCarter; V.-Ps., Percy S. YoungEdmund W . Wakelee, Dudley Farrand, John L. O ’Toole, Edgar Allegaert
and Henry D . Whitcomb; Sec., Chas. M . Breder; Treas., T. Wilson Van
Middlesworth.— V . 119, p. 2288, 2531, 2880, 3011; V. 120, p. 88, 332,
829, 959, 1328, 1587.
PUBLIC SERVICE ELECTRIC POW ER CO.
Organized in April 1923 and is to construct a steam electric power plant
near Newark, N. J., with an initial installed capacity o f 200,000 h. p. The
new plant will be leased to the Public Service Electric Co. (now Public Ser
vice Elec. & Gas Co.) for 999 years.
C A PITA LIZA TIO N .— Stock.— Common, auth., 1,000,000 shares; out
standing, 300,000 shares. Pref. 7% cum., auth., $20,000,000; outstanding,
$6,000,000. Bonds.— 1st mtge. 6% , dated April 1 1923, due April 1 1948;
auth., $15,000,000; outstanding, $14,000,000. Complete description of
these issues will be found in V. 116, p. 1659, 1770; V. 117, p. 97, 1463, 1564;
V. 118, p. 804, 1531.
STOCK A N D BONDS— Date.
Interest. Outstanding.
laturity.
Stock ($200,000)__________________
_________
$175,000 __________
First mortgage ($200,000)/ 1905
5 g J-J
181,000 Jan 1 1955
g o ld ___________________ tf/Fidelity Union Trust C o., Newark, trustee.
Bonds.— Of the bonds, $19,000 are reserved for improvements
CINNIM INSON ELEC. L T ., PR. & H T G . CO. OF RIVER TO N , N. J.
ORGAN IZATION .— Incorp. N ov. 28 1892 and leased to Public Service
Elec. Co. (now Public Service Elec. & Gas Co.) April 1 1914 for 46 years at
a rental consisting of the amount necessary to maintain the corporate or
ganization of the lessor , the interest on bonded indebtedness of lessor,
and $100 per annum, payable each April 1.
All stock ($50,000 auth. and $20,000 outstanding) and bonds ($40,000)
owned by Riverside Traction Co.
67
B O R D EN TO W N ELECTRIC CO .
ORGANIZATION.— Incorp. M ay 28 1912 and is leased to Public Service
Elec. Co. (now Public Service Elec. & Gas Co.) April 1 1914 for 46 years
for $100 per annum and amount necessary to maintain corporate organiza
tion o f the lessor. All the $50,000 auth. and outstanding stock of this
company is owned by the Riverside Traction Co. N o bonds.
ESSEX & HUDSON GAS CO.
ORGANIZATION.— Incorp. in N ov. 1898 in New Jersey and on Dec. 1
1898 assumed the lease of Newark Consol. Gas Co. to United Gas Improve
ment Co. for 999 years from Dec. 1 1898. Essex & Hudson Gas Co. was
leased to Public Service Corp. for 900 years from June 1 1903 and lease
assigned Oct. 1 1909 to Public Service Gas Co. (now Public Service Elec. &
Gas C o .). Under lease, div. rate is now 8% per annum. Stock authorized
and outstanding, $6,500,000. V . 67, p. 1002, 1160; V . 107. p. 406.
NEWARK CONSOLIDATED GAS CO.
ORGAN IZATION .— Incorp. N ov. 30 1898 in New Jersey. Consolidation
of Newark Gas C o., Montclair Gas & Water C o., Summit Gas Light C o.,
People’s Gas Co. of Irvington and Clinton Gas Co. Owns entire capital
stock of Orange Gas Light Co. and practically all the stock of The East
Newark Gas Light Co. Leased all its property to United Gas Improvement
Co. of Philadelphia, Pa., for 999 years from Dec. 1 1898, and on same date
lease was assigned to Essex & Hudson Gas Co. and by last-named co. to
Public Service Gas Co. (now Public Service Elec. & Gas Co.) Oct. 1 1909.
Lease provides for payment of all fixed charges and divs. on stock commenc
ing A % July 1 1900 and increasing l % yearly until 5% was reached in
A
1910; since, 5% per annum.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $6,000,000 ($100)___________
_________ $6,000,000
See text
Newark Cons Gas cons mtge) 1898
5 g J-D
6,000,000 Dec. 1 1948
$10,000,000g ($1,000) c*n tf /Int. at Fidelity Union T r . C o., Newark, trus.
Newark Gas 1st M $4,000,000/ 1895
6 Q-J
3,999,700 April 1 1944
($100, $500 & $ l,0 0 0 ).c* tf/In t. at Fidelity Union Trust C o., Newark.
Bonds.— Of the $10,000,000 Newark Cons. Gas bonds, $4,000,000 are
reserved to retire bonds of Newark Gas Co.
THE EAST NEWARK GAS LIGHT CO.
This company was leased to Public Service C orp. for 999 years from Sept. 1
1909 for annual rental of 6% on stock, and lease assigned Oct. 1 1909 to
Public Service Gas Co. (now Public Service Elec. & Gas C o.).
ORGAN IZATION .— Incorp. in New Jersey. Stock $60,000 ($25), all
out; no bonds. All of the stock (except directors’ shares) is owned by Essex
& Hudson Gas Co. and Newark Consol. Gas Co.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Operates in Harrison, Kearney, Arlington, North Arlington and E. Newark.
HUDSON COUNTY GAS CO.
This co. was leased to Public Service Corp. for 900 years from June 11903.
Oct. 1 1909 lease was assigned to Public Service Gas Co. (now Public Service
Elec. & Gas C o.). Under lease div. rate is now 8% per annum.
ORGANIZATION.— Incorp. in New Jersey in Oct. 1899, and is a con
solidation o f the various gas plants in Jersey City and Hoboken.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Controls all gas plants in Jersey City, Hoboken and Bayonne, and the gas
distribution system throughout Hudson County.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $10,500,000 ($100)__________
_________ $10,500,000 ---------------First mortgage $10,500,000/ 1899
5 g M -N
10,500,000 N ov. 1 1949
g old __________________ n tf / N . J . Ti tie G u. & T r. Co. .Jersey C ity, trustee.
— V. 78, p. 770; V . 84, p. 1555; V. 107, p. 407.
RIDGEWOOD GAS CO.
ORGANIZATION.— Incorp. April 24 1900. Is leased to Public Service
Gas Co. (now Public Service Elec. & Gas Co.) for 999 years from July 1 1910
at rentals of $2,000 per annum. All the outstanding bonds were acquired
by the Public Service Electric & Gas Co. on M ay 1 1925.
THE PATERSON & PASSAIC GAS & ELECTRIC CO.
This co. was leased to Public Service Corp. for 900 years from June 1 1903.
Under lease, div. rate was gradually increased and is now 5% per ann. In
Oct. 1909 gas part of lease assigned to Public Service Gas Co. and in July
1910 electric part of lease assigned to Public Service Electric Co. These
two cos. consolidated in 1924 and now known as Public Service Elec .&GasCo.
ORGAN IZATION .— Incorp. Feb. 28 1899. Is a consolidation of the
various gas and lighting properties of Paterson and Passaic.
Public Service Elec. & Gas Co. owns $269,700 of the stock, which is
pledged under its first & ref. mtge.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
J-D
$5,000,000 ------------------Consol mortgage $5,000,000/ 1899
5 g M-S
4,099,000 M ar. 1 1949
gold ($1,000)_______ c*n tf/ Int. at First Nat. Bank, Paterson, or First
I National Bank, New York.
Edison Electric Ilium 1st/ 1895
5 g J-J
585,000 July 1 1925
mortgage $600,000___ ntf/Paterson National Bank, trustee.
Bonds.— Of the n#w $5,000,000 mtge. of 1899. $901,000 is reserved for
underlying liens. The bonds are not subject to call. Of the amount re
ported outstanding, $50,000 owned by Public Service Elec. & Gas Co.
The Paterson National Bank is trustee.— V. 107, p. 403.
SOMERSET UNION & MIDDLESEX LIGHTING CO.
ORGANIZATION.— Incorp. in New Jersey on Dec. 1 1903 in the interest
of Public Service Corp. as a consolidation of Somerset Lighting Co. of Som
erville, N. J.; Plainfield Gas & Elec. Lt. Co. of Plainfield N . J., and Citizens’
Elec. Co. of North Plainfield (V. 78, p. 107). On Dec. 30 1903 Central Elec.
Co. was also merged in the same. Public Service Elec. & Gas Co. owns
$422,400 of the stock, $573,700 Som. Un. & M id. Ltg. bonds, $21,000
Somerset Ltg. Co. 1st 5s and $20,700 Central Elec. Co. 5s, all of which are
pledged under its first & ref. mtge.
LEASE.— The co. was leased to Public Service Corp. for 900 years from
Dec. 31 1903 on the following terms, viz.; All interest, expenses and taxes
to be paid by Public Service Corp., and, as rental, a div. on the stock accru
ing as follows: From Dec. 1 1905, 1 %; Dec. 1 1906, 1A %; Dec. 1 1907, 2% ;
Dec. 1 1908, 2A % '. Dec. 1 1909, 3% ; Dec. 1 1910, 3 A % : Dec. 1 1911 and
thereafter, 4 % . So much of lease as relates to manufacture and distribution
of gas has been assigned to Public Service Gas Co.; remainder o f lease apply
ing to electric properties has been assigned to Public Service Electric Co.
These two companies were consolidated in 1924 and now known as Public
Service Electric & Gas Co.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
J-D
$1,050,000
See text
Stock $1,050,000 ($100)___________
Somerset Un & M id Lt Co M\ 1903
4 g J-D
1.974.809 Dec 1 1943
$2,750,000 ($1,000) g .c *n tf/In t. at Fidelity Union Tr. C o., Newark, trus.
Underlying Bonds Assumed—
Plainfield Gas & Elec Light/ 1900
5 A-O
500,000 April 1 1940
gen mtge $500,000_____ tf/Guaranty Trust C o., New York, trustee.
Somerset Lighting Co first/ 1899
5 F-A
150,000 Feb 1 1939
mortgage $150,000______tf/F idelity Union Trust C o., Newark, trustee.
Cent Elec con nowlstM $750,-/ 1900
5 g J-J
750,000 July 1 1940
000 ($500 & $1,000) g .c * .tf/I n t . at Fidelity Union Tr.Co..Newark, trus.
Bonds.— $1,128,809 of the 1903 bonds have been issued in exchange for
the stocks of the companies consolidated and $846,000 for extensions and
improvements; $66 is reserved for Central Electric stock not yet acquired
(the company having previously obtained the remainder of the $750,000
total stock of that company), $775,000 to retire the underlying bonds and
$125 for future additions and improvements. N o sinking fund, and bonds
cannot be called.
Central Electric bonds are subject to call at 110 and interest.— V . 78, p.
107; V. 107, p. 84.
SOUTH JERSEY GAS, ELECTRIC & TRACTION CO.
This company was leased to Public Service Corp. for 900 years from
June 1 1903 (at a graded rate of dividend, the maximum of 8% per annum
having been reached in the eighth year), and on O ct. 1 1909 so much of the
lease as relates to the manufacture and distribution of gas was assigned to
the Public Service Gas C o., and its electric business was leased to Public
Service Electric Co. (these two companies were consolidated in 1924 and
are now known as Public Service Electric & Gas C o.): its traction business
is leased to the Public Service R y. Co. Public Service Elec. & Gas Co
68
PUBLIC UTILITIES
owns $3,507,000 o f South Jersey Gas, Electric & Traction 1st mtge. 5s,
which are pledged under its first & ref. mtge.
ORGAN IZATION .— Incorp. Aug. 31 1900 to bring under one control the
gas, electric light and trolley interests in Southern New Jersey.
Also owns the entire capital stock ($600,000) o f the Camden Gloucester
& W oodbury R y ., which has been leased to Public Service R y. Co.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $6,000,000 ($100)___________
J-D
$6,000,000
See text
First mtge $15,000,000 gold[ 1903
5 g M-S
12,994,000 Mar 1 1953
($1,00 0)---------------- c* n tf / jln t. at Fidelity Union Tr.Co.,Newark,trust.
Trenton Gas & Elec 1st mtge) 1899
5 g M-S
1,998,000 Mar 1 1949
$2,000,000 gold ($ l,0 0 0 )_ tf/ln t. at Equitable Trust C o., N . Y ., trustee.
Bonds.— Of the new $15,000,000 issue, $2,006,000 are reserved to retire
prior liens. N o sinking fund and bonds cannot be called.— V. 76, p. 332,
1144, 1250; V . 78, p. 1449; V . 86, p. 1530; V . 95, p. 1685; V. 105, p. 1314.
NEW BRUNSWICK LIGHT, HEAT & POWER CO.
O RGAN IZATION .— Incorp. in New Jersey on Dec. 7 1899. Owns all
the stock of The Gas Light Co. of New Brunswick, except directors’ shares.
Interest on bonds is paid by Public Service Gas Co. (now Public Service
Electric & Gas Co.) through lease o f The Gas Light Co. o f New Brunswick.
See latter company below.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($100)________ _____
J-J
$400,000
See text
First mortgage $500,000 gold/ 1899
4 g J-D 15
500,000 Dec 15 1939
($500 and $ 1 ,000 )_ c* n tf [in t. at Fidelity Union Tr. C o., Newark,trus.
_
(a) THE GAS LIGHT CO. OF THE CITY OF NEW BRUNSWICK.
ORGAN IZATION .— Incorp. on March 18 1851. Stock authorized and
outstanding, $400,000, all owned by New Brunswick Light, Heat & Power
Co. except directors’ shares. Was leased to the Public Service Corp. for
900 years from Jan. 1 1905 (June 1 1906 lease assigned to South Jersey Gas,
Electric & Traction C o.), rental being payment of interest on bonds of New
Brunswick Light, Heat & Power Co. and dividends on stock of Gas Light
Co. o f City o f New Brunswick, as follows: 2% in each o f the years 1905 and
1906, 2 K % in 1907 and 1908, 3% in 1909 and 1910, 354% in 1911, 4% in
1912, 45-6 % in 1913 and 5% in 1914 and thereafter. The company is now
controlled by Public Service Gas Co. (now Public Service Electric & Gas
Co.) by reason of assignment o f lease o f gas properties of South Jersey Gas,
Electric & Traction Co.
GAS & ELECTRIC CO. OF BERGEN COUNTY.
Lease.— Was leased to the Public Service Corp. for 999 years from Jan. 1
1905. Dividends are 2% for first two years, 234 % for the next year, 3%
for the next two years, 4 % for the next four years and 5 % thereafter. O ct. 1
1909 so much o f lease as relates to manufacture and distribution of gas
was made over to Public Service Gas C o., and in July 1910 lease of elisctric
properties was assigned to Public Service Electric Co. These two com
panies were consolidated in 1924 and now known as Public Service Elec
tric & Gas Co.
ORGANIZATION.— Incorp. M ay 31 1899. Is a consolidation of several
small gas and electric light companies. Public Service Elec. & Gas Co.
now owns $1,846,000 o f gen. mtge. N o. 2 bonds, which are pledged under
its first and refunding mortgage.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 ($100)______ _____
_______
$2,000,000
See text
Gen mtge N o 1 $5,000,000/ 1904
5 g M -N
38,000 N ov 1 1954
gold ($1,000)__________tf [Equitable Trust Co.. New York, trustee.
General mortgage N o. 2 $5,-) 1904
5 M -N
3,462,000 N ov 1 1954
000,000________________ tf[Fidelity Union Trust C o., Newark, trustee.
Consolidated mortgage $1,-) 1899 5 g J-D
1,443,000 June 1 1949
500,000 gold------------- n tf [Fidelity Union Trust C o., Newark, trustee.
Englew G & El 1st mtge__ntf_ 1899 5 J-J
23,000 Jan 1 1939
Hack Gas & El gen m tge.n tf _ 1895 5 J-J
10,000 July 1 1935
Hack G L 1st M ($ l,000)cntf. 1894 5 J-J
24,000 July 1 1934
Bonds.— Of the general mortgage for $5,000,000. $1,538,000 is reserved to
retire prior liens. The gen. mtge., o f which the Equitable Trust Co. is
trustee, was superseded by the similar mtge. o f which the Fidelity Union
Trust Co. is trustee. V. 106, p. 1130.
P U B L IC S E R V IC E R A IL W A Y C O .
(See map on pages 72 and 73.)
Controlled by Public Service Corporation through ownership of all but
26 shares of stock. No lease.
Receivership Denied.— On Oct. 2 1923 Vice-Chancellor Backes in the
Chancery Court at Newark refused to appoint a receiver for the company
on petition o f a stockholder. V . 117, p. 1557. Compare V. 117. p. 1129.
ORGAN IZATION .— Organized Aug. 20 1907 as a consolidation o f the
North Jersey Street R y. C o., Jersey City Hoboken & Paterson St. R y. Co.
and United St. R y. Co. of Central Jersey. V. 85, p. 406. For basis of ex
change o f stocks o f these companies for stock o f new company, see “ Electric
Railway” Supplement for Sept. 1915. North Jersey St. R y. in, Jan. 1898
absorbed the Newark & So. Orange. The Jersey City H o b o k e n P a te rs o n
was a consolidation in N ov. 1899 o f the following: Jersey City Hoboken &
Rutherford Elec. R y. C o., Palisades R R . Co., Paterson Central Elec. Ry.
C o., Paterson Horse R R . C o., Paterson Passaic & Rutherford Elec. Ry.
C o., Saddle River Trac. C o., White Line Trac. Co. (formerly the New Jer
sey Elec. R y. C o.). In 1901 it absorbed Paterson R y. Co. and North
Hudson County R y. Co. United Street Ry. Co. o f Central Jersey was a
consolidation in July 1907 o f Elizabeth Plainfield & Central Jersey R y. Co.
(which was chartered in 1900 as a consolidation o f Plainfield St. R y. Co.
and other companies) and Elizabeth & Raritan River Street Ry. Co. (which
was a consolidation on April 30 1904 o f Middlesex & Somerset Trac. Co. and
East Jersey St. Ry. C o., which latter company had previously absorbed
Raritan Traction C o., Perth Amboy R R . Co. and East Jersey Trac. C o .).
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns (including Public Service Railroad) 530.834 miles first main track,
298.161 miles 2d main track and turnouts and 59 277 miles o f connections,
loops, yard track, &c. Total, 888.272 miles o f track, 399 open and 1,897
closed cars.
Passengers carried in 1924, 507,212,087 (of which 427,828,444 trolley
and 79,383,643 bus passengers), against 356,146,992 in 1923 (of which
354,194,933 trolley and 1,952,059 bus passengers).
Sale of Newark Terminal Authorized.— In M ay 1924 the co. sold its Newark
terminal to the Public Service Corp. for $2,500,000 and the assumption
o f a $5,000,000 mortgage. Compare V. 118, p. 2706.
Public Service R y. leases Consolidated Traction C o., South Orange &
Maplewood Traction Co., Bergen Turnpike Co., Orange & Passaic Valley
R y. Co., Camden & Suburban R y. C o., Camden Gloucester & Woodbury
R y. C o., New Jersey & Hudson River R y. & Ferry Co. and Riverside
Traction C o., which companies see below. Also owns all stock of People’s
Elevating Co.
Completed in 1912 a terminal station at Sip Ave., Jersey City, connect
ing with the Penn. R R . station and also with the tunnel station there.
A terminal station at Hoboken connecting with the D. L. & W . R R .
station, and also with tunnels terminating there, was completed in M ay 1910.
Sale of Bergen Turnpike.—-See Bergen Turnpike Co. below.
Rate Decision.— See V. 113, p. 2706, 2950.
Valuation.— For summary of valuation by Ford, Bacon & Davis, engi
neers, N . Y ., fixing reproduction cost as of Jan. 1 1921 at $125,000,000, see
V. 112, p. 1742. Compare V. 112, p. 1867; V. 113, p. 293, 418. Compare
appraisal of $170,000,000 by Prof. Henry C. Anderson in V. 114, p. 1409.
See report o f Special Master to Court in V. 116, p. 2767; also V. 117, p.
88; V. 118, p. 2706.
In April 1924 the company applied to the New Jersey P. U. Comm, for
auth. to change par value o f stock from $100 to no par. V. 118, p. 1912.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
faturity.
Stock 500,000 shs. no par__________
_______
365,625 s h s . __________
Car trust ctfs Series “ D ” ___ f 1917
5 M -N
220,000
See text
[Int. at Phila. Trust C o., Phila., trustee.
Car trust ctfs Series " E ” _____ I 1920
7M F-A
700,000 ----------------[Bankers Trust Co., trustee.
Car trust ctfs Series “ F ” ____ :/ 1923
6 M -N
340,000
See text
[Fidelity Union Tr. C o.. Newark, N.J..trus.
Real estate mortgages________ _____
_________
299,435 ----------------
[V ol. 120
Car Trust Certificates.— Series “ D ” certificates are secured on 150 cars and
mature $44,000 s.-a.. M ay 31 and N ov. 30. Ser. “ E ” are secured on equip,
costing $2,434,000 and are guar. prin. & int. by the Public Service Corp. of
N . J. They mature $140,000 semi-ann. since Feb. 1 1922 to Aug. 1 1925,
and $42,000 semi-ann. thereafter to Aug. 1 1930. V . 113, p. 1361. Series
“ F ” are secured on 50 double-truck double-end passenger cars and are
payable $20,000 M ay 1 and N ov. 1 each year with premium of 2 A % to
and incl. M ay 1 1928; premium reduced A % from M ay 2 1928 and 34 %
each M ay 2 thereafter. Are guar. prin. and int. by P. S. Corp. o f N . J.
SECURITIES OF N OR TH JERSEY STREET R Y .
Date.
Interest.
Outstanding, futurity.
First mortgage $15,000,000 ( 1898
4 g M -N $15,000,000 M ay 1 1948
gold ($1,000 each)______ tf{ Bankers Trust C o., New York, trustee.
(Int. at Fidelity Union Tr. C o., Newark,N.J.
Of the 1st mtge. bonds, $7,230,000 are owned by Public Service Elec. &
Gas Co. and pledged under its 1st & ref. mtge.
SECURITIES OF JERSEY C IT Y HOBOKEN & PATERSON ST. R Y .
Date.
Interest. Outstanding. Maturity.
Jersey City Hoboken & Pater-f 1899
4 g M -N $14,061,000 N ov 1 1949
son 1st mtge gold $20,000,-{Interest at New Jersey Title Guarantee &
000 ($1,000)_________c * n t f[ Trust C o., Jersey City, trustee.
Bonds of Constituent Cos.—
North Hudson County R y f 1888
5 J-J
2,998,000 July 1 1928
consol (now 1st) mortgage/Int. at First Nat. Bank, Hoboken. S. B.
$3,000,000 _________ c *n tfl Dod, trustee.
North Hud Co R y impt mtge) 1894
6 M -N
1,291,000 M ay 1 1926
$1,292,000 ($1,000)_____tf (in t. at Fidelity Union Tr. C o., Newark,trus.
Weehawken Extension M ort-) 1895 5 F-A
100,000 Feb 1 1945
gage$100,000_________ n tf [Fidelity Union Trust C o., Newark, trustee.
Paterson Ry Con M (now 1st) j 1891
6 g J-D
1,250,000 June 1 1931
g $1,250,000 ($l,000)--c.tf\Irving Bank-Columbia Tr. Co., N .Y ., trust.
Paterson R y 2d genmortgage) 1894 5 A-O
300,000 Oct 1 1944
$300,000 red at any time [Fidelity Union Trust Co., Newark, trustee.
($500 and $1,000)____cntf)
Bonds.— $5,939,000 J. C. H. & P. 1st 4s are reserved for prior liensOf the J. C. H. & P. bonds outstanding, $1,498,000 are owned by PubService Corp.
The impt. mtge. bonds of the North Hudson County R y. were originally
5s and expired M ay 1 1904, but were extended until M ay 1 1924. See
V. 78, p. 1392. See also V. 97, p. 1664, 1899. Were again extended at
maturity in 1924, this time to M ay 1 1926, and int. rate raised to 6% .
Extended bonds are red. on any int. date on 30 days’ notice at 101 and int.
Are guar. prin. and int. by endorsement of Public Service Corp. of N . J.
V. 118, p. 2179.
The Weehawken Extension mtge. bonds were due Feb. 1 1915, but were
extended for 30 years. V. 100, p. 399.
The Paterson R y. 2d gen. M . 6% bonds fell due Oct. 1 1914, but were
extended for 30 years at 5% . V . 98, p. 1993; V. 99, p. 1053. Red. A p r il!
1931 and on the first day of any succeeding Oct. or April by Public Service
R y. Co. in manner provided in mortgage.
SECURITIES OF UN ITED ST. R Y . CO. OF C E N TRAL JERSEY.
daturity.
Bonds of Constituent Cos.— Date. Interest.Outstanding.
Eliz Plain & Cent Jer mtge 1900
5 g J-D
$2,400,000 Dec 1 1950
$2,500,000 ($1,000) g c * n t f Int. at Fidelity Union Trust C o., Newark,
trustee.
N o s f & cannot be called
6% J-J
100,000 July 1 1942
Plainfield Street Ry 1st mtgej 1892
($1,000) call in 1904_c*ntf 1Int. at Fidelity Union Tr. Co..Newark,trust.
Elizabeth & Raritan River Stl 1904
5 g M -N
1,500,000 M ay 1 1954
Ry gen M $3,500,000_--tf<Fidelity Union Trust C o., Newark, trustee.
Brunswick Trac M g ($1,000) J 1896
5 g J-J
500,000 July 1 1926
Cannot be called___ c*n tf Fidelity Union Trust C o., Newark, trustee.
Middlesex & Somerset Trac g] 1900
5 g J-J
1,000,000 Jan 11950
M $l,500,000($l,000)c*ntf Int. at Fidelity Un. Tr. C o., Newark, trustee
East Jersey 1st mtge $500,- 1904 5 g M -N
500,000 M ay 1 1944
000 gold guar p & i ______ tf 1Perth Amboy Tr. C o., Perth Am b., trustee
Bonds.— Of the total issue of Eliz. Plain. & Cent. Jer. R y. C o. bonds dated
1900, $100,000 is held to provide for like amount of Plainfield Street R y. Co.
bonds. See V. 71, p. 1310.
The$ 100,000 Plainfield St. R y. 1st mtge. 5% bonds originally fell due
July 1 1922, extended to July 1 1942 at 6 % . V. 115, p. 74. Annual
sinking fund $2,920.
Of Eliz. & Raritan River St. R y. Co. gen. mtge. o f 1904, $2,000,000
are reserved to retire prior liens. Pub. Serv. Corp. owns $154,000 Eliz.
PI. & Cent. Jer. 5s and $274,000 Eliz. & Rar. River St. R y. bonds.
Dividends.— First div.— 2-3% — paid Dec. 31 ’08; in ’09, D ec., 2%
in ’ 10, 2% ; in ’ l l , Dec., 1J4%; in '12, Dec., 1)4% : in ’ 13. D ec., 1 )4 % :
in '14, Dec., 154%. Practically entire stock owned by Public Service
Corporation and dividends no longer reported.
OFFICERS.— Same as for Public Service Elec. C o., except that M . R.
Boylan is V .-P . in charge of operation.— V. 118, p. 1269, 1521, 1912,
2180, 2439, 2706, 2825, 2950; V, 119, p. 325, 456, 1734; V. 120, p. 1587.
(1)
CO N SO LID ATED T R A t-Y IO N C O M PAN Y.—
Incorporated Mar. 15 1893. On June 1 1898 leased to North Jersey
Street R y. for 999 years, and lease has now passed to Public Serv. R y. Co.
V. 66, p. 1141. Validity of lease was affirmed in Feb. 1902 (V. 74, p. 380)
and again in Feb. 1903. V. 76, p. 382.
Dividends under lease are now 4% per annum.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates about 190 miles o f track, including the N .J . Traction C o., Newark
Passenger R y., J. C. & Bergen R R ., Passaic & Newark Elec. Trac. C o.,
J. C. Har. & K . R R . and Newark Plank Road, all of whose stocks are
owned.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Stock all paid in ($100)______ _____
J-J 15
$15,000,000
See text
Underlying bonds— see b e l o w .____
_________
7,308,000 ___________
First mortgage gold $15,000,-/ 1893
5 g J-D
15,000,000 June 1 1933
000 ($1,000)______:____ tf [Interest at Bankers Tr. C o., N . Y ., Trustee
The gold bonds of 1893 are secured not only by mortgage, but also by
deposit of $1,000,000 stock of J. C . & Bergen R R ., $161,625 stock of
Newark Plank Road C o., $6,000,000 stock Newark Passenger R y. and
$99,100 stock of Jersey City Harrison & Kearney R y. Co.
Stock, debts and mileage of the leased and controlled lines:
Miles.
Stock.
Funded Debt.
New Jersey Traction C o______________ None
$500,000
____
Newark Passenger R y ________________ 83
6,000,000
$6,000,000
Rapid Transit Street R y _____________ 12
504,000
500,000
Jersey City & Bergen R R ____________ 4154
1,000,000
x258,000
_
*100,000
________
Jersey City Harrison & Kearney R y _ 10
Newark Plank Road__________________ 4 4-5
162,000
________
Passaic & Newark Electric Traction___ 10M
1,000,000
550,000
Port Richmond & Bergen Point F e r r y . . _
_ 40,000 shares
________
* On this $18,000 has been paid in. x Owned by P. S. Corp. of N . J.
(a) JERSEY CITY & BERGEN RAILROAD —
ORGANIZATION.— Controlled by Consolidated Traction C o., all the
stock being deposited as part security for the Traction Co. 1st mortgage.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns from Jersey C ity to Bergen Point, &c., total track, 4134 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock_______________________ _____
_________ $1,000,000 f. p . _______
Bonds.— The $258,000 454% bonds due Jan. 1 1923 (originally 7s, due
Jan. 1 1903) were purchased by the Public Service Corp. of N . J. at maturity
and are still a lien against the property. V. 115, p. 2905.
(b) NEWARK PASSENGER RAILWAY.—
ORGANIZATION.— Incorp. June 16 1890. On July 29 1893 leased to
New Jersey Traction for 999 years, and so controlled by the Consolidated
Traction Co. of New Jersey, N . J. Traction Co. having been leased to
Cons. Trac. Co. Jan. 2 1894 for 999 years. Charter said to be perpetual.
LEASE AND REN TA L.— Rental under the lease, $105,000 yearly.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— An
electric railway. Embraces about 83 miles o f track.
STOCK AND BONDS—
Par.
Interest. Outstanding. Maturity.
Stock_______________________ $100 Text
$6,000,000 Own.byC.Tr
Newark Pass Ry 1st cons M / 1,000 5 g J-J
6,000,000 July 1 1930
1890 $6,000,000 g old_.c*tf IN. J. Title Guar. & Trust C o., Trustee.
M ay , 1925.]
POWER, LIGHT AND RAILW AY
69
Bonds.— N . J. & Hud. River Ry. & Ferry Co. bonds can be called on any
Int. day at 105 and int. upon six weeks’ notice. V. 80, p. 998. Hudson
River Traction bonds are subject to call on any Int. date at 110. $67,000
are owned by N. J. & H. R . R y. & Ferry Co.
R E PO RT.— Included in Public Service R y.— V. 92, p. 462; V . 99, p. 407
(9) RIVERSIDE TRACTION CO.
Lease.— Co. is leased for 999 years from April 1 1912 to Public Service R y.
The lease provides for int. on bonds, 5% divs. on outstanding pref. stock and
a div. on com. amounting to $14,193 the first year, increasing annually until
7th year, when maximum of $20,169 will have been reached. V . 94, p. 699.
ORGANIZATION.— Incorp. in New Jersey June 20 1910 as successor to
Camden & Trenton R y ., sold at foreclosure. See plan, V . 88, p. 1126.
Oivns 392 out of 400 shares (par $50) of the capital stock of the Cinnaminson Elec. Lt., Pow. & Htg. Co. of Riverton, N. J., which supplies the
towns of Beverly, Delanco, Riverside, Riverton and Palmyra, with light.
Also owns $49,600 of the $50,000 capital stock of the Bordentown Electric
C o., which supplies light to Bordentown and vicinity.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
(d) PASSAIC & NEWARK ELECTRIC TRACTION CO.—
A trolley road. Comprises 32.96 miles of track between Trenton and River
ORGANIZATION.— Incorp. April 30 1895 and acquired all the $1,000," ton (where connection is made with Camden & Suburban R y . tracks). By a
contract between this co. and the Camden & Suourban, the Riverside Trac.
000 stock of Passaic & Newark Electric Ry. Consolidated Traction Co
cars run direct to Philadelphia Ferry at Market and Federal Sts., Camden.
owns all the stock and guarantees the bonds.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$747,150 ............... ..
Stock $1,000,000 ($100)___________
_________ $1,000,000 - ........... ........ Common $1,100,000 ($50)_________
5%
266,500 __________
1st M $1,000,000 guarjp & if 1897
5 g J-D
550,000 June 1 1937 Preferred $400,000 ($50)__________
5 g J-D
1,500,000 June 1 1960
by Consol Trac of N J _ ..tf\ ln t. at N . J. Title Gu.&Tr.,Jersey City.Trus 1st M $1,500,000g ($100, $5001 1910
and $1,000) call at 110_ tf /in t. at West End Trust C o., Phila., trustee.
_
Bonds.— Subject to call, all or any, on any int. day at 110 and int. Int. is
(2) SOUTH ORANGE & MAPLEWOOD TRACTION CO.—
This company was leased on Oct. 1 1903 to North Jersey St. Ry. Co. (now guar, by Public Service R y. V. 93, p. 408; V . 94, p. 280, 352, 699.
merged in Public Service Ry. C o.) in perpetuity, the rental being $2,000
(10) PATERSON & STATE LINE TRACTION CO.
on the preferred stock for first year and increasing $500 yearly until ninth
Stock all owned by the Public Service R y. Co.
year, when $6,000 is paid, which amount is to be paid thereafter. Rental is
ORGAN IZATION .— Incorp. in New Jersey N ov. 15 1901. Stock auth.,
guaranteed by Public Service Corp. o f New Jersey. V . 77, p . 824.
$300,000 (increased in July 1913 from $100,000, V . 97, p. 522); out, $150,000
ORGAN IZATION .— Consolidation in July 1901 o f South Orange &
BONDS—
Maturity.
Maplewood Tr. Co. and South Orange & Maplewood St. R y. Co. Stock 1st mortgage $300,000 g o ld ..} Date. Interest. Outstanding. June 1 1964
1914 5 J-D
$150,000
auth. and out., com., $75,000; pref., $150,000. No bonds.
/Fidelity Union Trust C o., Newark, trustee.
(3) BERGEN TURNPIKE CO,
P U B L IC S E R V IC E R A IL R O A D .
Leased to Public Service R y. Co. Jan. 1 1908.
ORGANIZATION.— Originally chartered on Oct. 27 1802 with $51,990
ORGAN IZATION .— A consolidation (under agreement dated June 30
capital ($10 shares). Jersey City Hoboken & Paterson (now merged in the 1913) of the Elizabeth New Brunswick & Trenton R R . and the Trenton
Public Service R y. Co.) owned a majority o f the stock and guaranteed its Terminal R R . Capital stock authorized, $500,000; outstanding, $285,000,
$1,000,000 5% bonds, dated 1901, due July 1 1951; interest J-J (tf); prin. all owned by Public Service Corp. of New Jersey except directors’ shares.
and int. payable New Jersey Title Guar. & Trust C o., Jersey City, Trustee. Regular trolley service between Newark and Trenton July 1 1913, and
In Dec. 1915 the turnpike between Hackensack and the Hudson County service between Newark and Perth Amboy inaugurated about July 1 1914.
line, south o f Fairview, over which an electric road was constructed in 1902 Y . 97, p. 522. The branch line to Roosevelt Borough was placed in opera
was turned over to the Bergen County Board of Freeholders for the sum of tion Dec. 8 1915.
$1, the P. S. Corp. giving a bond assuring the payment o f the $1,000,000
(1) ELIZABETH & TRENTON RR.
5% bonds due 1951. V. 101, p. 1974. In July 1921 the turnpike in Hudson
Lease.— Leased to Trenton Terminal R R . (subsequently merged in
County was deeded over to the county in consideration o f $1.
Public Service R R . Co.) for 999 years from April 1 1912. Rental 5% on
outstanding pref. stock, and, beginning with the year ending April 1 1915,
(4) ORANGE & PASSAIC VALLEY RAILWAY CO.
1% on outstanding common, with additional 1% annually until 4% is paid.
Leased for 900 years from N ov. 1 1903 to Public Service Corporation for V . 94, p. 697.
interest on the trust certificates issued in exchange for stock. Lease was
ORGAN IZATION .— Incorp. in New Jersey on M ay 19 1910 as successor
assigned to North Jersey Street Ry. Co. July 23 1907 and now held by to the Trenton & New Brunswick R R . and the New Jersey Short Line R R .,
Public Service R y. Co
$995,200 of the stock owned by Pub. Serv. Corp.
both sold at foreclosure. See plan in V . 89, p. 1282, 1349.
ORGAN IZATION .— Incorporated in 1898 as successor of Suburban
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Traction C o., sold in foreclosure July 6 1898.
Owns 49.644 miles equivalent single track; standard gauge.
BONDS—
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock__________ _________ ________
_________ $1,000,000 ____________ Common $900,000 ($ 50).------- -------A-O
$811,350 ___________
1st mtge $1,000,000...........tf f 1898
5 J-D
833,000 Dec 1 1938 Pref $300,000 5% cum ( $ 5 0 ) _ .____
A-O
180,300 __________
(N . J. Tit. Gu. & T r. C o . o f Jersey City, Trus. First mtge $1,200,000 gold) 1912
5 g A-O
990,000 Apr 1 1962
$83,000 o f outstanding bonds are owned by Public Service Corporation.
($ 1 ,0 0 0 )_____________ c * tf/ln t . at Fidelity Trust C o., Phila., trustee.
Bonds.— First mortgage bonds are subject to call as a whole on any interest
(5) CAMDEN & SUBURBAN RAILWAY CO.
day at 110 and interest. Principal and interest are guaranteed under terms
Was leased on M ay 1 1904 to Public Service Corporation for 999 years’ of lease by the Trenton Terminal R R ., whose obligations are guaranteed in
rental being (in addition to fixed charges) $30,000 for first year (1905). turn by the Public Service R R . and the Public Service Corporation.—
$36,000 the second year, $42,000 the third year, $48,000 the fourth year, V. 90, p. 1362; V. 94, p. 697.
$54,000 the fifth year, $72,000 the sixth year, $84,000 the seventh year,
$96,000 the eighth year, $108,000 the ninth year and $120,000 the tenth
year and thereafter. V. 78, p. 2383. Lease was assigned to Public
P U B L IC S E R V IC E T R A N S P O R T A T IO N C O .
Service Railway Oo. Sept. 24 1907.
ORGANIZATION.— Incorp. N ov. 14 1917 under the name o f New Jersey
ORGANIZATION.— Formed in 1896. Controls Camden Horse R R - Transportation Co. Name changed to present title June 5 1923.
(which is leased) and West Jersey Traction Co. (stock $60,000).
C H A R ACTER OF BUSINESS.— Operation o f motor buses.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
C
Capital: tock outstanding 765,000 shares (no
Operates 91.3 miles o f track. Connection through to Trenton is made par A PITALIZATION .—directors’ shares) owned by Public Service Corp.
value). All (except
■over Riverside Traction (now leased by P. S. R y.).
of N . J.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $3,000,000 ($25)_______ _____
Q-F
See text
See text
U T IL IT IE S P O W E R & L IG H T C O R P .
1st mortgage $3,000,000 gold/ 1896
5 J-J
$1,940,000 July 11946
($1,000)_______________ c tf (Int. at First Nat. State Bk. o f Camden, Trus
ORGANIZATION.— Incorp. in Virginia in 1915 as Utilities Develop
Stock.— The stock is all outstanding; 20% paid in.
ment Corp. Name changed to present title in 1922. Among the cos.
Bonds.— Of the 1st mtge. bonds, $l,O0O,OO0 are reserved to retire stock of controlled are Interstate Power Co. (W is.), operating in southern Minne
•Camden Horse R R . and $60,000 are for extensions.
V. 94, p. 1185. sota, northeastern Iowa and southwestern Wisconsin, and owning the entire
— V. 78, p . 1781, 2383; V. 88, p. 1126; V. 89, p. 154; V. 94, p. 1117, 1185.
common stock of Dubuque (la.) Electric Co. (see separate statement on a
subsequent page). Eastern New Jersey Power Co. (see separate statement
(а) CAMDEN HORSE RR. CO.
below), operating in the communities along the Atlantic Coast o f eastern
ORGAN IZATION .— Incorp. March 23 1866. Stock, $250,000 ($25). New Jersey; Atlantic Coast Transportation Co.; Electric Light & Power C o.,
Leased to Camden & Suburban R y. from April 1 1896 for 999 years. Rental, Hightstown, N. J., and Jamesburg (N. J.) Electric Co. In April 1925
&c., received, $60,000 per annum, from which is paid 24% on stock. All acquired the Colonial Gas & Electric Co., which carries with it control of
bonds have been canceled.
the Newport Electric Corp. V. 120, p. 2013. The co. also has an equity
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.— in the Utilities Building Corp., owning a modern 12-story office building
in the “ Loop” district of Chicago, 111.
Has 30.11 miles o f track.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
(б) CAMDEN GLOUCESTER & WOODBURY RY. CO.
Controls directly or through subsidiaries public utility systems operating
in the States of Iowa, Minnesota, Wisconsin, Illinois and New Jersey. The
Leased to Public Service R y. Co.
more
following
ORGANIZATION.— Entire $600,000 stock is owned by South Jersey systems furnish over 275 communities with one or steam of the water and
public utility services: Electric light and power, gas,
heat,
Gas, Electric & Traction C o. All bonds have been canceled.
electric railway. The population served is approximately 560,000.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
STOCKS AND BONDS— Date.
Interest. Outstanding. Maturity.
•Comprises 25 miles o f road.
Q-J
150,000 shs
See text
Cl “ A ” stk 150,000 shs(no p a r ) ____
Cl “ B ” stk 300,000 shs(no p a r ) ____
_________ 300,000 shs ___________
(7) PEOPLE’S ELEVATING CO.
Pref 7% cum $10,000,000_________
_________ $1,000,000 ____________
ORGANIZATION.— Incorp. in New Jersey M ay 31 1899. Stock is all
Stock.— Divs. on the Class A stock are non-cum. Is entitled to priority
owned by Public Service R y. Co.
divs. of $2 per annum over Class B stock. After the full priority div. on
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Class A stock shall have been declared and provided for in any year and
Stock $250,000 ($100)______________
_________
$250,000 __________
divs. for the Class B stock shall have been declared and provided for in that
First mortgage $250,000 gold) 1899
5 g A-O
175,000 Oct. 1 1939 year to the extent of the total amount required for such priority div. on
($1,000)_____________ c* tf/In t. at N . J. Title Gu. & Tr. C o., J. C ., trust.
the Class A stock, one-half of the amount of any further divs. in such year
shall be paid to Class A stock and one-half to Class B stock. Class A stock
(8) NEW JERSEY & HUDSON RIVER RY. & FERRY CO.
has priority in liquidation or dissolution over the Class B stock up to $35
Public Service Corp. has acquired $2,446,350 o f the $2,500,000 common per share. After this preferential payment to the Class A stock is provided
and $4,633 o f the $750,000 pref. stock. V. 91, p. 95. Is leased to Public for and provision has been made for the distribution to the Class B stock of
Service R y . for 900 years from M ay 1 1911 for interest on bonds and 6% an amount equal in the aggregate to the total of such preferential payment
to the Class A stock, one-half of the remaining assets shall be distributed
on both common and pref. stocks.
ratably among the holders of the Class A stock and one-half among the
O RGAN IZATION .— Incorp. on Feb. 25 1910 as a consolidation of New holders of the Class B stock. In Dec. 1924 150,000 shares Class A stock
Jersey & Hudson River Ry. & Ferry Co. and Hudson River Traction Co. were sold by Pynchon & C o., West & Co., W . S. Hammons & Co. and
This co. owns the entire capital stock and bonds o f The Riverside & Fort John Nickerson & Co. at $25 per share. V. 119, p. 2880.
Lee Ferry C o., owner of the West 130th St. Ferry. These securities are
Dividends.— An initial quarterly div. of 50c. per share was paid on
all deposited under the $5,000,000 mortgage. Franchises perpetual except Class A stock April 1 1925. V. 120, p. 584.
one for 50 years and one for 99 years. Chiefly private right-of-way.
Earnings.— Consolidated statement of earnings 12 months ended July 31
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.— 1924 (of corporation and companies owned or controlled on Dec. 1 1924):
Owns and operates 31.33 miles o f track from Edgewater, N . J. (terminal of Gross income_________________________________________________ $5,047,367
W . 130th St. ferry, N . Y . City), to Englewood, Hackensack and Paterson; Operating expenses, maintenance, renewals and replacements
also 17.11 miles of track from Hackensack to Hasbrouck Heights, W ood
and taxes, including reserve for Federal tax_________________ 2,890,424
ridge, Rutherford to Arlington and a branch line from Hasbrouck Heights
Net income------------------------------------------------------------------------- $2,156,943
to Lodi. The cars o f this co. operate to the business centres of Newark,
Int. on funded debt and divs. on pref. stocks of sub. cos. as well
Passaic and Paterson.
as proportion of sub. co. earnings applicable to their common
STOCK A N D BONDS—
Date.
Interest. Outstanding. Dividends.
stocks held by public------------------------------------------------------------ a l , 129,364
Stock com $5,250,000 ($100)_______
$2,500,000
Seetext
Stock pref $750,000 6% c u m . . ____
6 F-A
750,000
Seetext Earnings accruing to U. P. & L. Corp. after reserves for Federal
tax, but before amortization of debt discount & expense.-$1,027,578
N J & H R R y & F Co 1st M\ 1900 4 g M -S
4,011,000 Mar. 1 1950
70,000
$5,000,000 g ($ l,0 0 0 ).c* tf/in t. at U. S. M tge.&Tr.Co., N .Y ., trustee. Annual dividend on $1,000,000 7% pref. stock U. P. & L. C orp,
Hudson River Trac 1st mtge\ 1902
5 g M-S
631,000 Mar. 1 1950
Balance_____________________________________________________ $957,579
$1,000,000 gold ($ l,0 0 0 ).tf (Int. at U. S. M tge.&Tr.Co., N .Y ., trustee.
a Deductions are on the basis of annual interest charges and div. requreStock.— Pref. stock is redeemable at 115 and accrued dividends. $1,500 ments on sub. co. securities outstanding with public immediately following
.pref. stock in treasury.
sale of the Class A stock in Dec. 1924.
The $6,000,009 stock is all deposited as security for the Consolidated
Traction Oo. first mortgage.
Interest on consol. 5s is payable at First National Bank, Jersey City.
The consols are guar. p. & 1. by Consol. Trac. Co. and in Feb. 1895 the
guaranty was stamped on bonds. V. 59, p. 969; V. 81, p. 900.
(c) RAPID TRANSIT ST. RY. CO. OF THE CITY OF NEWARK.—
ORGAN IZATION .—June 1 1893 leased to Newark Passenger R y. for
999 years, and included with It in lease to New Jersey Traction, and so
forms part o f Consolidated Traction system.
The 1st mtge. bonds were originally 5s and matured April 1 1921, but
were extended for 20 years at 8 % . V. 112, p. 1399.
STOCK, BONDS, E T C .— Par.
Interest. Outstanding.Last div.,&c.
See text
Stock.................................... ................ 11% J-D 30 $504,000
First mtge $500,000 g ..c * n t f ($1,000 8 g A-O
500,000 April 1 1941
Red. through sk rd at 105 (Int. at Fidelity Union Trust C o., Newark, Tr
Dividends o f 11% % yearly are guaranteed by the Newark Passenger and
New Jersey Traction companies upon the stock.
70
PUBLIC UTILITIES
OFFICERS.— Pres., H. L. Clarke; V .-P ., J. N. Cansoon; V .-P ., W . C.
Van Allen; Sec., A. G. Cooper.— V. 119, p. 2764, 2880; V. 120,p.584. 2013.
EASTERN N E W JERSEY PO W ER CO.
ORGANIZATION.— Organized early in 1924'and is a result o f a complete
rearrangement o f the properties of; (a) Atlantic Coast Electric Ry. and its
owned and operated companies, the Seacoast Traction Co., West End &
Long Branch R y., Seashore Elec. R y. and Asbury Park & Sea Girt Ry.;
(6) Atlantic Coast Electric Light Co.; and (c) New Jersey Water & Light
Co. For history o f Atlantic Coast Electric R y. up to time of change, see
“ Electric Railway” Supplement o f Oct. 27 1923. Under these arrange
ments the Eastern New Jersey Power Co. acquired all the electric light and
power properties. The railway properties were conveyed to the Coast
Cities R y. (see below), all the stock and bonds of which are owned by the
company and are pledged under its 1st Mtge. bonds. The water properties
were also similarly conveyed to a new subsidiary and all the securities of the
water company are likewise owned and pledged under the first mortgage
bonds o f the Eastern New Jersey Power Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS —
Co. owns and operates electric light and power properties serving Asbury
Park, Bradley Beach, Belmar, Avon, Deal, Allenhurst and adjoining
communities. Supplies power to and operates through subsidiaries, an
electric railway line o f about 16 miles, and the water distributing system in
Deal. The properties of the company include an electric generating station
in Allenhurst with an installed capacity of 12,500 k.w., and a system of
overhead and underground transmission lines in all the communities served.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common (no par)___________ _____
_______
10,000 shs. __________
Preferred 8% cum___________ _____
Q-J
$1,250,000 A p r ’25, 2%
1st M Ser 1949 ($100, $500 & f 1924
6 g J-J
3.250,000 Jan 1 1949
$1,000 c*. & $1,000, $500 & ! American Exchange Nat. Bank, N . Y ., trus.
•
$10,000 r*) g ___________ tf l
Stock.— Pref. stock is red. at 115 & divs. at any time after 3 years from
the issue thereof. Pref. stock originally shared at the same dividend rate
with com. in cash dividends in excess o f $7 per share paid in any calendar
year on com., but in Jan. 1925 the stockholders voted to issue 8% cum. pref.
in exchange for the 7% cum. partic. pref. outstanding. T. 120, p. 329.
$1,250,000 was offered by W . C. Langley & Co. at 92 V, and dividend, to
yield about 7.57%. V. 118, p. 2955.
Bonds.— First Mtge. 6s are further secured by pledge o f all the outstanding
bonds and capital stock 'except directors’ qualifying shares) of the Coast
Cities Ry. (see below) and the water company subsidiary above referred to.
Are redeemable, all or in part, after 60 days’ notice, on any int. date at 105
up to and incl. Jan. 1 1945; at 104 thereafter up to and incl. Jan. 1 1946; at
103 thereafter up to and incl. Jan. 1 1947; at 102 thereafter up to and incl.
Jan. 1 1948; and at 101 on July 1 1948: plus interest in each case. Company
agrees to refund Penn, and Conn, personal property taxes not exceeding 4
mills per annum, the Maryland security tax not exceeding
mills per
annum, and the Mass, income tax not exceeding 6% per annum, on income
derived from the bonds. Free of personal property taxes in New Jersey.
Int. payable at office or agency o f company in New York and Chicago.
V . 118. p. 1017.
Dividends.— Dividends on pref. paid regularly since issuance.
R E PO R T .— Of Eastern New Jersey Power Co. and subsidiary companies
and (or) predecessor companies for years ended Dec. 31:
1924.
1923.
1922.
1921.
1920.
Gross income_____$1,212,982 $1,131,296 $1,106,217 $1,057,083 $863,269
Oper. exp., maint.
and taxes______
695,490
692,071
677,666
712,550 705,955
Net income_____ $517,492 $439,225 $428,551
$344,533 $157,314
— V. 120, p. 328.
Management.— The operation o f the properties is under the supervision of
the Utilities Power & Light Corp.
OFFICERS.— Pres.. H. L. Clarke.— V . 118, p. 1142, 2955; V. 119,
p. 79, 330, 2760; V. 120, p. 329.
(1) COAST CITIES R A ILW A Y.
ORGANIZATION.— Organized early in 1924 to take over and operate
all the electric railway properties formerly operated by the Atlantic Coast
Electric R y. (for history, see “ Electric Railway” Supplement of Oct. 27
1923). All the bonds o f that company (V. 118, p. 1909) and its various
underlying issues were retired and the power and light properties were
transferred to the Eastern New Jersey Power Co. and its traction properties
were conveyed to the Coast Cities Railway. Franchise in Belmar expires in
1947; in Asbury Park in 1937; in Long Branch, some expire in 1945 and
others are perpetual; in Ocean Township, perpetual; in Sea Girt, expire in
1926 and 1956.
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Belt line in Asbury Park, 5.85 miles: Asbury Park to Pleasure Bay and
North Long Branch, 14.60 miles; Asbury Park to Manasquan, 14.16 miles;
total track, 36.08 miles. Connects at Pleasure Bay with the Long Branch
Steamboat Co.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock________________All owned by Eastern New Jersey Power Co.
First Mtge. bonds, $850,000--All owned by Eastern New Jersey Power Co.
N A T IO N A L P U B L IC S E R V IC E C O R P .
•
(See Map on opposite page.)
ORGA N IZA TIO N .— Incorporated in Virginia in 1923 as the Jersey
Central Power & Light Co. Name changed to present title on March 17
1925. Owns entire com. stock o f the Jersey Central Power & Light Co.
(see separate statement below), Keystone Public Service Corp., Florida
Power Corp. and Kennett Gas C o., and 90% o f the com. stock of the
Tidewater Power Co. (see statement on another page).
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Through its subsidiary local operating companies the company furnishes
electric light and power, gas and water, to 181 communities, serving 60,312
electric and 24,105 gas and 1,425 water customers. The street railway
system serves a population o f 432,000.
[V ol. 120.
STOCK AND BONDS.—
Date.
Interest. Outstanjng. Maturity.
Class “ A ” com 500,000 shares
(no par)___________________ _____
Q-M
261,748 shs __________
Class “ B " com 500,000 shares
(no par)___________________ _____
_______ 135,000 shs __________
Partic pref 7 % cum ($100)___ _____
7%
$4,098,700 __________
Coll trust bonds Series “ A ” ) 1925
6}4 g F-A 6,000,000 Feb 1 1955
($500 & $1,000) g old.c*.tf/New Y •k Trust C o., New York, trustee.
Stock.— Subject to the rights of tl 7% cum. partic. pref. stock, the
Class A common stock is entitled:
(a) To priority as to divs. to the extent of $1 60 per share per annum over
the Class B common stock, and such divs. at the rate o f $1 60 per share
are cumulative to the extent earned in any calendar year.
(5) In each cal. year after all cum. divs. are set apart or paid on Class A
common stock to share equally as a class with the Class B common stock
considered as a class, regardless of the number of shares o f either outstand
ing, after Class B com. stock as a class shall receive an amount equal to $1 60
per sh. on outstanding Class A com. stock or $300,000, whichever is greater.
(c) T o priority in liquidation or dissolution over the Class B com. stock
up to $30 per share plus divs. at the rate o f $1 60 per share to the extent
earned but unpaid on the Class A com. stock, and after distribution to the
Class B com. stock of an amount equal to $30 per share on the Class A com.
stock, excluding the divs., to receive as a class one-half of the remaining
assets. In April 1925 120,000 shares Class A com. stock were offered by
Howe, Snow & Bertles, Inc., A. L. Chambers & C o., Inc., A. E . Fitkin &
C o., and Mark C. Steinberg & C o. at $21 per share. V 120, p. 1747.
The participating feature of the 7 % cumulative.partic. pref. stock is noncum. and is limited to 3% additional in any year.
Bonds.— Are specifically secured by the deposit with the trustee o f all
the com. stocks of the subsidiary companies owned, which represents, in
every case, not less than the voting control of such companies. The trust
indenture provides for equal semi-annual payments for interest and sinking
fund of $231,000 to the trustee, beginning Feb. 1 1926, and semi-annually
thereafter. The balance remaining after the payment of interest on out
standing bonds of this issue shall be used for the purpose of sinking fund for
the retirement of bonds. Series “ A ” are callable at any time on 30 days’
notice at 105 & int. up to and including Feb. 1 1936, reducing M of 1%
for each year elapsed from Jan. 31 1936 up to maturity. Conn. 4 mill tax,
Penna. 4 mill tax, Maryland 4)4 mill tax, District of Columbia 5 mill tax,
and Mass, income tax on int. not exceeding 6% of such int. refunded. In
March 1925 $6,000,000 Series “ A ” 6)4s were sold by E. H. Rollins & Sons;
Blyth, Witter & C o., &c., &c., at 97)4 and int., to yield about 6.70% .
V. 120, p. 1459.
EARNING S.— Consolidated earnings 12 months ended N ov. 30 1924
(National Public Service Corp. and subsidiaries):
Gross earnings_______________________________________________ $10,264,481
Operating expenses, maintenance and taxes___________________ $6,287,912
Interest charges of subsidiaries*______________________________
1,779,838
Pref. divs. of subsidiaries and allowances for min. int. & deprec.
839,494
Balance before Federal taxes and amortization_______________$1,357,237
Annual interest on $6,000,000 30-year 6J^% sinking fund col
lateral trust gold bonds___________________________________
390,000
Balance
$967,237
* Not including interest on $1,150,000 notes of Keystone Public Service
Corp. and subsidiaries which are non-interest-bearing up to Jah. 1 1926.
OFFICERS.— Pres., A. E. F itk in — V. 120, p. 1204, 1328. 1459. 1747.
J E R S E Y C E N T R A L P O W E R & L IG H T C O .
Controlled by the National Public Service Corp. (see above).
ORGANIZATION.-— Formed in N. J. in March 1925 by the merger of
the following electric power and light and gas cos.: Central Jersey Power
& Light C o., Consolidated Gas Co. of New Jersey, Lakewood & Coast
Electric C o., Coast Gas C o., Monmouth Lighting Co., Shore Lighting C o.,
Toms River Electric C o., Tri County Electric C o., Lakewood Gas C o.,
City Gas Light C o., and Shore Gas Co. (see V. 120, p. 1326). C o.ow ns
all outstanding securities of Lakewood Water Co.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Furnishes without competition electric power and light service to 78 com
munities and gas service to 31 communities in northern and eastern New
Jersey. The territory served has an aggregate population of 214,000 and
includes Morristown, Summit, Lakewood, Spring Lake, Long Branch,
Asbury Park, South Amboy and Red Bank.
The electric power and light system includes steam electric generating
stations with a total installed generating capacity of 31,500 h. p ., and
197 miles of high-tension transmission lines with distributing systems aggre
gating 1,016 miles of line serving 35,324 consumers. All the territory served
is or is about to be interconnected with electric transmission lines, the
connection between the northern and southern territory to be through the
Public Service Electric & Gas Co. of New Jersey.
The gas properties include plants for the generating of artifical gas, with
an aggregate daily generating capacity of 13,100,000 cu. ft., and 314 miles of
gas mains serving 19,116 consumers. During the year ended Nov. 30 1924,
51,042,500 k. w. h. of electric energy and 817,597,000 cu. ft. of gas were
generated. All the territory supplied with gas except Ocean City is inter
connected with gas transmission lines to the gas plants located at Long
Branch and Belmar.
Lakewood Water Co. furnishes water service to 1,425 customers in
Lakewood and vicinity.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Common stock (no par)______ _____
_______
58,700 shs. __________
Pref cum, 7% series_________ _____
7 Q-J
$4,000,000 ___________
1st Mtge & ref Series A ($500/ 1925
5 l g F-A 11,500,000 Feb 1 1945
A
& $1,000) gold________ c*tf\Bank of America, N . Y ., trustee.
Divisional bonds (closed)__________
5%
3,206,500
_________
Stock.—-Pref. is entitled to 110 & divs. in the event of voluntary liquida
tion and $100 per share & divs. in involuntary liquidation. Red. all or in
part after 3 years from issuance at 110 & divs. In April 1925 $4,000,000
offered by E. H. Rollins & Sons, Blyth, Witter & C o-, Eastman, Dillon &
.
C o., &c., &c., at 97 & divs., to yield over 7.20% . V. 120, p. 1747.
NATIONAL PUBLIC SERVICE CORPORATION
Jersey Central Power & Light Company
W e are id en tified in the fin a n c in g o f these C o m p a n ies and
w ill an sw er in q u iries regard in g the secu rities u p o n requ est.
W r ite f o r ou r illu stra ted booklet “ P ow er an d L igh t B o n d s .”
E. H. Rollins & Sons
Founded 1876
BOSTON
200 Devonshire St.
DENVER
31S International Tr. Bldg.
NEW YORK
43 Exchange PI.
PHILADELPHIA
1421 Chestnut St.
LOS ANGELES
1000 California Bk. Bldg.
CHICAGO
231 So. LaSalle St.
SAN FRANCISCO
300 Montgomery St.
M ay , 1925.]
71
POWER, LIGHT AND RAILW AY
ELECTRIC 8c GAS PROPERTIES
OF
N A T ZONAL PU8L/C SE#V/C£ CO20
LEGEND
STEA M GENERATING ETA TION
GAS PLAN TS
0
HYDRO-ELECTRIC STATION
mmmm TRANSM ISSION LINES
■■■■ PROPOSED TRANSM ISSION LIN ES
mmiwn GAS M AIN S
--------- OTHER COM PANIES LINES
--------- OTHER COM PAN IES PROPOSED LINES
■V iT irr.-i
\ _ ' W
OgD)
twp
..
V " \ < BURG
,JAMES
H O P E jW E L L
.3
[ V o l . 120,
C
(
■
■
p
■\' y
/ ,a y/ \ ,-/ }«$
•
f
. w K
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/
"V
CRANBURY /
/
MARLBORO
/
LA
TWP.
C \EAT° N v ' W
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long I
I
I
m ' twp. brancht^ / .
' MONROE
/ manalpan
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I
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Tw p
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J FREEHOLD ------------------------
/
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OC E A N
-
MAP
H
iA
OF
P U B L IC U T IL IT IE S
Electric Railway Lines
Controlled by
PUBLIC SERVICE CORPORATION
OF NEW JERSEY
LEGEND
------------------- PUBLIC SE R V IC E R A ILW A Y CO. L IN E S
-------------------PUBLIC S ER VIC E R A ILR O A D CO. L IN E S
-------------------C O N N E C T IN G L IN E S
SCALE OF MILES
O
N
J
m ptford
V
n
V
_
V J , _ -L
5
lO
15
20
<
P O W E R , L IG H T A N D R A I L W A Y
1925.]
May,
74
PUBLIC UTILITIES
Bonds.— 1st mtge. & ref. Series A 5 Ms are red. all or in part at any time
on 30 days’ notice, at 105 and int., reducing M o f 1 % for each year elapsed
from Jan. 31 1925 up to maturity. Mtge. provides for sink. fund. Conn.,
Penna., Maryland and Dist. o f Columbia mill taxes at rates not exceeding
the rates in each case as existing on Feb. 2 1925 and also Mass, income tax
not exceeding 6% on the int. thereon refunded. $11,500,000 Series A 5 Ms
were sold in March 1925 by E. H. Kollins & Sons; Blyth, Witter & Co.,
&c., &c., at 97M and int., to yield over 5.70% . V. 120, p. 1458.
EARN INGS.—
Earnings—-12 Months Ended Nov. 30 1924.
Gross earnings________________________________________________ $4,054,539
Operating expenses____________________________________________ $2,307,221
Annual interest requirements on mortgage bonds_______________
792,825
Balance____________________________________________________
OFFICERS.— Pres., A . E. Fitkin.— V. 120, p. 1458, 1247.
$954,493
ATLANTIC CITY & SHORE CO.
ORGAN IZATION .— Incorp. in 1909 in Dela. Owns 2,995 of the 3,000
shares o f the Atlantic & Suburban R y. Co. stock and a majority of the
stocks o f the Central Passenger R y. Co. ($40,000 bonds) and Atlantic
City & Shore R R . Co. Also owns all o f the $591,100 outstanding 1st mtge.
bonds o f Atlantic & Suburban R y.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock_____________________
________
$740,800 ----------Preferred stock_____________________
________
254,700 ----------Coll trust, $591,100________ t f 1910
4%
591,100 See text.
The collateral trust 4s are secured by $591,100 Atl. & Sub. 1st mtge.
bonds and 2,995 out of 3,000 shares o f stock o f that company. They fall
due Feb. 1 1928 or Feb. 1 1940.
OFFICERS.— Pres., Harry E . Kohn; V .-P ., H. S. Silverman; Sec., L . R .
Isenthal; Treas., A . W . From.
(1) ATLANTIC CITY & SHORE RR.
ORGANIZATION.— Incorp. in N . J. Oct. 21 1905 with a perpetual
charter. Leases Atlantic City & Ocean City R R .— see terms below— and
owns $218,500 of the common stock o f the Atlantic City & Ocean City
C o., which holds all the stock and bonds o f the Atlantic City & Ocean City
R R .. Y. 85, p. 158. Operates over the Central Pass R y. Co. tracks under
traffic agreement.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates 47.45 miles of track in and around Atlantic City, including a road
(Shrough Pleasantville. Linwood and Somers Point, to Ocean City, the
latter two points being connected by 2 miles o f trestle and bridge owned by
the Atlantic City & Ocean City R R .
Contract with West Jersey & Sea Shore RR.— An agreement has been
entered into with the West Jersey & Sea Shore R R . by which the Atlantic
Ave. line o f the latter road, running from Atlantic City to Longport, 8M
miles, is operated by this company.
STOCK AN D BONDS—
Date.
Interest. Outstanding
Maturity.
Stock, $1,000,000 ($100)___________
________ $1,000,000 ___________
1st mtge & coll trust deed) 1905
5 g J-D
950,000 Dec. 1 1945
$1,000,000 ($1,000) g -_ c * tf/In t. at Girard Trust C o., Phila., trustee.
Bonds.— N o sinking fund, but can be called at any time at 110 and int.
EARN IN G S.— For years ending Dec. 31:
Calendar Year—
Gross.
Net.
Rents, A-c.
Balance.
1924_________________$1,282,539
$282,487
$242,529
sur.$39,958
1923___________
1,354,015336,969
271.233
sur. 65,736
1922___________
1,227,160296,618
252,668
sur. 43,950
OFFICERS.— Pres., I. H. Silverman; V .-P ., A. J. Purinton; Sec., J. M .
Campbell; Treas., A. W . From; Gen. Supt., A. J. Purinton.— V . 109, p. 981:
V. 110, p. 2386; V. I l l , p. 188; V. 113, p. 291; V. 118, p. 3195; V. 119, p. 72.
(a) ATLANTIC CITY & OCEAN CITY CO.
ORGAN IZATION .— The Atlantic City & Ocean City Co. was organized
ki Delaware and owns theentire ($180,000) stock and all the ($180,000) bonds
o f the Atlantic City & Ocean City R R . and has pledged them as security
for tne collateral trust bonds below. Of the common stock of the Atlantic
C ity & Ocean City C o., $218,500 is owned by the Atlantic City & Shore
R R . The latter leases the Atlantic City & Ocean City R R . for 999 years,
the rental being $19,500 per annum, and an additional contingent sum equal
to 33 1-3% of the net surplus, but not to exceed $26,000 per annum.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
The Atlantic City & Ocean City R R . owns 2.61 miles o f road from Somers
Point, across Great Egg Harbor Bay, on bridge and trestles to Ocean City
Boardwalk. Rails, 85 lbs. V. 85, p. 158; V. 87, p. 165.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common, $350.000_________________
________
$220,000 ......... ..........
Pref 5% non-cum $250,000— -----------------175,000 ---------------Collateral trust gold $ 5 0 0 ,1 9 0 7
5 M-S
350,000 Mar 1 1947
000 redeemable 110 & int tf/G irard Trust C o., Philadelphia, trustee.
Stock.— The preferred stock is redeemable at par.
OFFICERS.—-Pres., L . R . Isenthal: Sec., J. M . Campbell; Treas.,
A . W . From.
(2) ATLANTIC & SURBURBAN RY.
ORGA N IZA TIO N .— Incorp. in New Jersey Dec. 7 1908 as a reorganiza
tion o f the Atlantic City & Suburban Traction Co., sold under foreclosure
o f 1st mtge. V. 87, p. 1237, 1532.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 16.13 miles o f track from Atlantic City to Pleasantville, Somers
Point and Absecon. Standard gauge, 80-lb. T rail.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $750,000 ($50)_______________
________
$150,000 ---------------First mortgage,
$650,000) 1909
4 gF-A
591,100 Aug 1 1929
($1,000)______________c* tf/In t. at Cambridge Tr. C o., Chester, Pa., Tr.
5%
100,000 Feb 1 1925
Prior lien M , $100,000, g u a r ) _____
p & i, by A C & S C o -----tf /
Bonds.— Bonds have no sinking fund. V. 87, p. 1237. Originally ma
tured Feb. 1 1925. but were extended to Feb. 1 1940.
W e specialize in the securities o f
Jersey Central
Power & Light Co.
Ea
s t m a n
, Di l l o n &
Co.
120 Broadway, New York
EARN ING S.— For calendar year 1924, gross (all sources), $103,425,'
net, after oper. expenses & fixed charges, def., $48,988. In 1923, gross
(all sources), $110,625; net, after operating expenses and fixed charges,
def., $57,125.
OFFICERS.— Pres., I.. R. Isenthal; Sec., J. M . Campbell; Treas., A. W .
From.— V. 90, p. 1424; V. 110, p. 1288; V. 113, p. 2078; V. 120, p. 84.
MILLVILLE TRACTION.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. Operates 5.20 miles of track in Millville, 0.536 miles in
Vineland and 5.541 miles in Township of Landis; total, 11.277 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $175,000___________________ __________. .
$175,000 ___________
1st mortgage $400,000 gold) 1894
5 g F-A
208,000 Aug 1 1914
($1,000 each)__________ c* /In t. at Land Title & Trust C o., Phila., trus.
Bonds.— Not subject to call.
EARNING S.— For cal. year 1922, gross, $69,507; def. from operation
(after taxes), $19,808. In 1921, gross, $68,811; def. from operation (after
taxes), $32,954.
OFFICERS.— Pres., George W ood; V.-Pres., R . D . W ood; Sec., Hartle
S. Haines; Treas., Daniel C . Lewis.
BURLINGTON COUNTY TRANSIT CO.
O RGAN IZATION .— Incorporated in New Jersey on July 1 1910, as
successor to the Burlington County R y. Co. V. 90, p. 1612.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
A trolley road. About 14 miles of track from Burlington through M ount
Holly and Hainesport to Moorestown. 60-lb. T rail. Gauge, 5 ft.
C A PITALIZATION .— Stock authorized and issued, $120,000 ($50).
No bonds.
EARNING S.— For year ending Dec. 31 1923, gross, $79,310; net after
taxes, def., $7,403. In 1922 gross, $78,388: net after taxes, def., $6,247.
OFFICERS.— Pres,, Albert Haines: V .-P ., John D. Johnson Jr.; Sec.Treas., Armitt H. Coate; Gen. M gr., Maurice B. Comfort.
MORRIS COUNTY TRACTION.
Receivership.— On July 24 1923 Joseph K . Choate and Joseph P. Tum ulty
were appointed receivers for the company.
ORGANIZATION.— Incorporated in New Jersey in 1899. Charter
gives company right of eminent domain. Built mostly on private right-ofway. Franchises through towns are perpetual or for 35 years.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Owns 44.01 miles road, 58.33 miles of track. Road is in operation from
Maplewood to Danforth Road, Madison, 10.89 miles: Morristown to Lake
Hopatcong, 21.81 miles. Branch lines, Springfield to Elizabeth, 5 34 miles;
Denville to Boonton, 4.90 miles; Dover to Wharton 1 mile. The 2.69
miles of road between Danforth Road and Morristown are owned by the
Morris R R . and are operated under lease; also operates under lease branch
line, Morris Plains to State IIospital, 1.36 m . Total road operated, 65.98 m .
Gauge, 4 ft. 8M in. 70-lb. T rail in country; 80-lb. girder in cities.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock common____________________
_______
$300,000 __________
First mortgage
$3,000,000)1905
5 g J-D 15 3,000,000 June 15 '35
($1,000) gold callable at)Int. at People’sSav. & Trust C o., Pitts110 and interest___ c*&rtf ) burgh, trustee.
Income
debenture
bonds) 1917
5 g J-D
1.179,000 June 16 '48
($100)___________________ /In t. at People’s Sav. & Tr. C o., Pitts., trus
EARN ING S.— For calendar years:
Years end. Dec. 31—
1924.
1923.
Gross____________________________________
$508,936
$507,291
39,857
17,441
Net after taxes___________________________
OFFICERS.— Pres., Joseph K. Choate, New York; V .-Ps., Geo. R .
Hann, Pittsburgh, Pa., and H. O. Rea; Sec., Treas. & Gen. M gr., O. G .
Schulz, Morritsown; Supt., Chas. Fields.— V . I l l , p. 588: V . 115, p. 74:
V. 116. p. 516; V. 117, p. 440; V. 118, p. 2305; V. 119, p. 811.
SA L E M & P E N N S G R O V E T R A C T I O N C O .
ORGANIZATION.— Incorp. in New Jersey Sept. 14 1915.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Completed a line from Pennsgrove to Salem, N. J., 14 miles long, of which
3 l miles between Pennsgrove and Deep Water Point has been in operation
A
since Aug. 15 1916, and the whole line to Salem (14 miles) since Jan. 22
1917. 70-lb. T rail; gauge, 4 ft. 8 M in. 14 passenger cars, 1 combination
snow plow and work car.
Voting Trust.— The stock has been placed in a voting trust for five years,
under which dividends are restricted to 6% per annum until at least half
of the 2d mtge. bonds and all of the 1st M . bonds outstanding in excess
of $225,000 have been retired.
STOCK AND BONDS—
D a te .
In te r e s t.
O utstanding. M a tu rity
Stock $850,000 ($ 1 0 0 )...------------------------------$187,500 __________
let mtge $750,000 gold ($100,) 1915
6 g J-D
398,700 Dec 1 1936
$500 and $1,000)_____c*tf/In t.a t Pa. Co. forlns.on Lives,&c..Phila.,tr.
Second mortgage $100,000) 1915
6 g J-D
92,000 Dec 1 1936
gold ($1.000)_________ c * tf / Int. at Wilmington (Del.) Trust C o., trustee.
Bonds.— Remaining first mtge. bonds are issuable for additional equip
ment, power plant and other property. The mortgages provide that the
company’s net income be applied— 80% to the 1st M . and 20% to the 2d M .
bonds— to the purchase of bonds at not over par and interest, or to their
call at that price, the bonds to be canceled. This sinking fund, however,
is not to exceed $50,000 in any one year and is to be reduced to 2% of
bonds outstanding when half the 2d M . bonds and all 1st M . bonds out
standing in excess of $225,000 have been retired. The fund became opera
tive July 1 1917. $33,700 1st M . and $7,000 2d M . bonds have been
retired. Both issues are redeemable, all or part, at par and Int. on any int.
date on four weeks’ notice.
The second mtge. bonds are all owned by E. I. du Pont de Nemours & Co.
EARNING S.—
Gross
N e t a fter
B ond
B alance.
P eriod Covered —
E a rn in g s. T a x .,D e p r .,& c .
In t.
S u rplu s.
Year ending Dec. 31 1924---$106,754
$7,753
$29,442 def.$21,689
Year ending Dec. 31 19 2 3 -.. 107,723
3,675
29,442 def. 25.767
Year ending Dec. 31 19 2 2 --. 107,010 def. 22,984
29,457 def. 52,441
OFFICERS.— Pres., O. N. Martin; V .-P ., W . W . Hepburn; Sec. &
Treas.. W . E. E rvin — V. 102, p. 886; V. 104, p. 765; V. 110, p. 1090, 1527.
NEW JERSEY INTERURBAN CO.
Members New York Stock Exchange
Members Philadelphia Stock Exchange
Packard Bldg.
Philadelphia
[V ol. 120.
43 N. Sixth St.
Reading, Pa.
O R G A N IZA TIO N .— Organized in N . J. in 1923 to take over the proper
ties of the Northampton Easton & Washington Traction Co. (for history
see “ Electric Railway” Supplement o f April 23 1923) sold at foreclosure in
N ov. 1922 as per plan outlined in V. 114, p. 1651.
FIE LD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
17 miles o f track from Phillipsburg, N . J., through Washington, N . J ..
to Port M urray, N . J.
The co. has been auth. to issue $100,000 com. stock, $480,000 income
mtge. bonds and $100,000 1st mtge. bonds. For terms of exchange o f these
securities for obligations of predecessor co. see V. 114, p. 1651.
Ceases Operation.— In April 1925 we were informed that the company
ceased operations definitely on Jan. 27 1925.
STOCK A N D BONDS.— Date.
Interest. Outstanding. Maturity.
Com m on________________ ) — ____
_________
$100,000 __________
1st mtge $1,000,000.........-.- 1 1 9 2 2
7 J-J
100.000 Jan 11953
[Coal & Iron Nat. Bk., N. Y . City, trustee.
Income bds $500,000 (int. at) 1922
_________
480,000 April 1 1953
rate of 5% p a, payable be-iCoal & Iron National Bank, New York City,
ginning Apr 1 1924 if earned I trustee.
Stock.— All o f the com. is held under a 5-year trust agreement. Trustees:
Warner Marhsall, R . A. Pritchard and L. M . Symmes.
Latest Earnings.— For period from M ay 1 1924 to Jan. 31 1925: Gross.
$42,635; oper. exp., $42,062; taxes, $6,142; int., $6,867; bal., def., $12,441*
M ay , 1925.]
POWER, LIGHT AND RAILW AY
OFFICERS.— Pres., Warner Marshall; Y .-P . & Counsel, R . A . Pritchard;
V .-P ., E . Hawley Van W yck: Sec.-Treas., L. M . Symmes; Gen. M gr. &
Asst. Treas., W . L. Doyle.— V. 117, p. 1462.
TR E N TO N & M ERCER C O U N T Y T R A C T IO N CO R P.
ORGANIZATION.— Incorp. on Oct. 5 1910 in New Jersey with $10,000
stock ($100), increased in Nov. 1911 to $400,000, of which $200,000 is pref.
V. 93, p. 1260. On Oct. 15 1910 leased for 990 years Trenton Street R y.,
Mercer County Trac., Trenton Ham. & Ewing Trac., and Trenton Penning
ton & Hopewell St. R y., at a rental of $80,000 the 1st year, $82,500 the 2d,
$85,000 the 3d, then increasing $5,000 yearly until the maximum of $150,000
Is reached.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and controls by lease about 73.93 miles of track, comprising all local
street railway in Trenton and interiorban lines to Yardville, Trenton Junc
tion, Pennington, Hopewell, Lawrenceville, Princeton and Hamilton
Square. Also operates buses. V. 119, p. 812.
In Jan. 1918 failed to pay rental on the Trenton Street Ry. properties,
but was granted an extension o f time until April 1 1918 and then to July 1
1918, in which to make payment. Resumed payment o f current rentals on
July 1 1923. (Accrued rentals unpaid on Oct. 1 1924 amounted to
$733,792.)
To Build Terminal in Trenton.— See V. 118, p. 2306.
Equipment Trust Certificates.— See V. I l l , p. 494; V. 119, p. 1173.
Valuation.— Reproduction cost new o f the property as a going concern
was estimated in April 1921 by Ford, Bacon & Davis, engineers, New York,
at $9,391,228, based on Sept. 1 1920 prices for labor and material. For
further details see V. 112, p. 1268.
EARNINGS.— For calendar year 1923, gross, $1,701,034; net, after taxes$352,299. In 1922, gross, $1,689,896; net, after taxes, $311,780.
OFFICERS.— Pres., Rankin Johnson; Trease., F. E. Matthews.— V. 108,
p. 974, 1512; V. 110, p. 79. 262, 563; V. I l l , P. 494; V. 112, p. 1868, 2750;
V. 115, p. 1943; V. 118, p. 2306; V. 119, p. 812, 1173, 2065.
(1) TRENTON STREET RY.— Trolley. The United Power & Trans
portation Co. owns 19.969 out of the 20,000 shares of stock outstanding.
Lease.— Is leased to Trenton & Mercer County Traction Corp. (see above).
V. 91, p. 1513.
ORGANIZATION.— Formed June 29 1898 by consolidation of the Tren
ton^SjPassenger R y ., Mulberry Street Passenger R y ., Pennington Avenue
Passenger R y. and Ewing Passenger Ry.
On June 19 1899 the Mercer County Traction Co. was formed with a
capital o f $100,000 to enable the Trenton Street Rialway Co. to build an
extension o f 11.42 miles into Princeton and in the city o f Trenton. The
entire stock is owned by the United Power & Transportation Co. Is oper
ated as a part o f Trenton Street R y. system.
STOCK AN D BONDS—
Interest. Outstanding. Maturity.
Date.
________
$ 1,000,000 ___________
Stock$2,500,000 (par $50)-----90,000 X1920-1925
Trenton Passenger first mtge
6 g A-O ($15,000 due yly Sept. 30
$840,000 g o l d
($1,000 1891
100.000 1926-1930
each)__________________ c*
($20,000 due yly Sept. 30
Interest at Mechanics Nat.
650.000 Sept 30 1931
Bank, Trenton, N. J____
75
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity
Consolidated mortgage gold) 1898
5 g J-J
1,159,000 July 1 1938
$2,000,000 ($1,000)_____c*j Interest in Trenton at Mechanics National
I Bank; Girard Trust C o., trustee.
Trenton St R y general mtge I 1911
6 J-D
500,000 June 1 1941
$500,000 gold ($1,000)_c*[Bankers Trust C o., New Y o r k ^ r u s te ^ ^
Guaranteed Bonds—
Trenton Pennington & Hope ( 1903
5 g J-D
349,000 June 1 1943
first mortgage $350,000]Int. at Fidelity Trust Co., Newark, trustee.
,
gold guaranteed__________ I Guar., prin. & int., by Trenton Street R y.
Trenton Hamilton & E 1st M l 1905
5 g M -N
500,000 N ov 1 1955
$500,000 ($1,000) g old -.c* tint, at Real Est. T . I. & Tr. C o., Phila., trus.
Mercer Co Tr 1st M $300,0001 1904
5 J-J
292,000 July 1 1944
gold ($1,000) guar p & i.c*)R eal Est. Tit. Ins. & Tr. C o., Phila., trustee,
x Holders of bonds maturing Sept. 30 1920 to 1924 have agreed to hold
bonds at same rate of interest.
Bonds.— $840,000 consolidated 5s of 1898 are reserved to retire first 6s.
Trenton Street R y. gen. mtge. bonds are subject to call at 105 and int. on
any int. day. Y. 93, p. 797. Are listed on Phila. Stock Exchange.
Mercer County Traction, Trenton Pennington & Hopewell and Trenton
Hamilton & Ewing Traction bonds are guar., p. & i., by endorsement by
Trenton Street R y. V . 94, p. 826, 1696.
OFFICERS.— Pres., John A. Rigg; Sec. & Treas., T . W . Grooket Jr.—
V. 93, p. 797; V. 94, p. 828; V. 105, p 2273; V. 106. p. 1901, 2230.
T R E N T O N -P R IN C E T O N T R A C T I O N C O .
Controlled by Bucks County Syndicate.
ORGANIZATION.— Incorp. in New Jersey on Sept. 29 1922 as a con
solidation of the New Jersey & Pennsylvania Traction C o., Trenton Law
renceville & Princeton R R ., the Trenton Lawrenceville & Princeton Ex
tension R R . and the Princeton Street Ry.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Comprises 12.56 miles from Warren and Hanover Sts., Trenton, N . J..
to Princeton, N . J.
Franchises are perpetual except in Trenton, which runs to 1953.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $200,000 ($100)______________
_________
$200,000 __________
First mortgage_______________ 1923 6 M -N
400,000 M ay 1 1943
Bonds.— In addition to amount outstanding, $100,000 bonds issued
but reacquired.
E A R N IN G S.—For year ending Dec. 31 1924 (Princeton Division),
gross, $127,105; net, after taxes, $18,776. In 1923, gross, $127,258; net,
after taxes, $24,136. In 1922, gross, $132,048; net, after taxes, $19,719.
OFFICERS.— Pres., Sydney L. Wright, Phila.; V.-P. & Gen. M gr.,
Gaylord Thompson, Trenton; Sec. & Treas., John M . Morrissey.— V. 114,
p. 1063; V . 115, p. 1632; V . 116, p. 1412; V. 118, p. 312, 2573.
PUBLIC UTILITIES
76
[V ol. 120
COM BINED EARNINGS OF CONTROLLED COM PANIES.
Calendar Years-—
1924.
1923.
1922.
Operating revenues__________________$19,906,902 $20,803,892 $19,342,698
_
Operating revenues & depreciation_ $13,107,873 $13,802,395 $13,302,912
Taxes________
1,001,492
1,024,373
973,789
$5,797,536
Operating income...............
Non-operating income______________
154,960
PENNSYLVANIA
Gross income........................................$5,952,497 $6,058,000 $5,158,509
Interest, rentals, & c ._ ______ _______ $3,2 *2,898 $2,986,712 $2,663,643
Sinkin gfun d.................
270,795
232,937
68,613
AMERICAN ELECTRIC POWER CO.
(See Map page 60.)
Control.— In M ay 1924 the American Gas & Elec. Co. and Appalachian
Power Co. offered to purchase not less than 75% of the com. stock of the
eo. outstanding in the hands o f the public at a cash price of $62 50 net per
share. V . 118, p. 2823. In July 1924 it was announced that approxi
mately 95% o f the com. stock had been acquired under terms of the offer.
V. 119, p . 72. Compare V. 118, p. 2946, 3194.
ORGAN IZATION .— The American Rys. Co. was incorp. under laws of
N . J. In 1900 as a consolidation o f the former American Rys. Co. and the
United States Electric R y . & Light C o., which latter had only $1,000 of
outstanding stock. Name changed from the American Railways Co. to
present title on Feb. 13 1923. V . 116, p. 615.
For list o f securities owned by the co. as of Dec. 31 1923, see “ Electric
Railway” Supplement o f April 26 1924.
Sale of Subsidiary Companies Proposed.— See V. 120, p. 1324.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Total track about 420.5 miles; about 776 cars. See also Wilmington &
Phila. Trac. C o. on a subsequent page. Also owns land for parks in Altoona
and Joliet.
The company has called for redemption the following issues:
(1) On Sept. 1 all of the outstanding $570,000 American Railways Jersey
Central 6% Gold bonds, dated March 1 1917, at 102X and interest at the
Bank o f North America & Trust C o., trustee, Philadelphia, Pa.
(2) On Sept. 1 all of the outstanding $1,750,000 American Railways Co.
5% Collateral Trust Gold bonds, dated Feb. 7 1917. at 102 X and interest at
the Continental-Equitable Trust C o ., Philadelphia, Pa.
Bondholders are privileged to present the above bonds at any time before
the redemption date and receive therefor the 102 X and interest to the date
o f surrender.
(3) On July 1 all o f the outstanding $851,900 National Gas, Elcetric
Light & Power Co. Collateral Trust 6% bonds, Series “ A ,” at 102 and inter
est at the Integrity Trust C o., Philadelphia, Pa.
(4) On July 1 all o f the outstanding $1,224,100 National Gas, Electric
Light & Power Co. 6% Secured Gold bonds, Series “ B ,” at 101 and intreest
at the Integrity Trust C o., Philadelphia, Pa.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
J-D 15
$9,460,000
See text
Common $17,000,000 ($50)________
1st pref 7% eum $8,000,0001
($100).................................../ ____
7 Q-F
4,936,593
See text
5-year 8% notes___________ _____
8%
930,500
1925
Coll trust $1,750,000 gold____1917
5 M -S
1,750,000 M ar 1 1927
Oollat trust $2,500,000 gold/ 1911
5 F-A
879,500 Aug 1 1931
conv ($500 & $l,000)--C*tf\Int. at Merchants’ Un. T r. Co.,Phila..trust.
Income bonds (see text)______ _____
7%
1,143,250
1940
Jersey Central Trac coll trust/ 1917 6 g M-S
342,700 Mar 11947
$570,000gold ($1,000)-C*tf\Int. at Commercial Tr. C o., Phila., trustee.
Car trust certificates ser “ A ” __ 1923
6 J-J
315,000 ---------------Oar trust certificates ser “ B ” l 1914 6 F-A
26,000
See text
............._ c* n tf/
($1,000)
Car trust certificates ser “ C ” / 1916 5 F-A
48,000
See text
($ 1 ,0 0 0 )________________ clLogan Trust Co. o f Philadelphia, trustee.
Car tr ctf ser “ D ” ($1,000)c*tf 1917 6 A-O
65,000
See text
Stock.— Pref. stock is red. at any time at 110. Pref. & com . stocks are
listed on Philadelphia Stock Exch. The pref. stock was auth. by share
holders on Oct. 17 1912 (V. 95, p. 889, 1038, 1206) and the auth. amount of
ommon stock was reduced from $25,000,000 to $21,000,000.
Notes.— 8% 5-year notes are secured by deposit of $2,894,000 bonds of
subsidiary companies.
Bonds.— The collateral for the bonds o f 1917 consists o f $1,475,000 stock
o f Altoona & Logan Val. Elec. Ry. and $1,975,000 stock of Scran. R y. Co.
Coll, trust bonds o f 1911 have no sinking fund but bonds are subject to
call on any int. date at 102. The collateral for the bonds consists of $2,250,000 stock (out o f $2,500,000 issued) o f the People’s R y. o f Dayton and
The Jersey Central Trac. coll, trust 6s are secured by $531,400 com. stock
o f the Jersey Cent. Trac. Co. and $305,000 com. stock o f the Monmouth
Lighting Co. Redeemable at 102 X and int. on any int. date.
Car Trust Certificates.-—Of Series “ A ” $35,000 mature July 1 each year.
Series “ B ” 11 certificates mature Aug. 1 1915 to 1925 incl.; 15 mature
Aug. 1 1926. Series “ C ” certificates mature $12,000 yearly Aug. 1 to 1928.
They were issued by the Logan Trust Co. and unconditionally guar., p. & i.,
(end.) by the American Rys. Co. V . 103, p. 1031. Series “ D ” certifi
cates mature $21,000 each July 1 from 1918 to 1926 and $23,000 July 1 1927.
R E PO R T .— For fiscal period:
Years Ended Dec. 31—
1924.
1923.
1922.
1921.
Gross income, all sources $2,317,338 $2,826,167 $2,475,897 $1,964,499
Interest, taxes, &c_____
949,580
1,117,809
1,341,377
1,400,416
Net income_________ $1,367,758 $1,708,358 $1,134,520
Common dividends------------------------------Preferred dividends (7% )
343,854
a287,052
---------
$564,083
-----------------
Surplus................. ........$1,023,904 $1,421,306 $1,134,520
$564,083
a In Feb. 1923 paid 1 9 X % in pref. stock, clearing up all accumulations
on that issue. In M ay, June and Aug. 1923 dividends o f 1 X % payable in
ref. stock) were paid. In N ov. 1923 a cash dividend o f I X % was paid,
a 1924 regular quarterly cash dividends o f I X % were paid.
E
American Electric Power
Company
and
Underlying Securities
B0 UGHT— S0LD — Q VO TED
BIOREN & CO.
Established 1865
410 Chestnut St.
$5,977,124 $5,065,997
80,876
92,512
P H ILA D E LPH IA
Net income............................................ $2,478,803 $2,838,350 $2,426,253
Dividends.— Quarterly divs. of I X % each on pref. stock were begun
in Feb. 1913 and paid regularly to and incl. M ay 1920. Aug. 1920 div.
deferred. None to Feb. 1923, when 1 9 X % (payable in pref. stock) was paid,
clearing up all accumulations. In M ay, June and Aug. 1923 divs. of 1X %
payable in pref. stock) were paid. In N ov. 1923 cash dividends o f l X %
were resumed. In 1924, 7 % . In 1925, Feb., 1 X % . First dividend
on common stock— 1%— Dec. 1900. In 1901 paid 1% each in March,
June and Sept.; in Dec. paid 1 X % - In 1902 paid I X % each in March,
June and Sept.; in Dec. 1902 div. was increased to 1X % . which rate was con
tinued up to and incl. Sept. 1914. In Dec. 1914 rate was reduced to 1 X %
(V. 99, p. 1450). In 1915, March, 1 X % : June, 1 X % ; in Sept. 1915 rate
was further reduced to 1% (V. 101, p. 526): D ec., 1% . In Jan. 1916 dividend periods were changed to June and Dec. 1915. V. 102, p.436. In 1916
and 1917, 4 % . June 1918 dividend passed. V . 106, p. 2227, 2343. None
to June 1919, when I X % was paid. In Dec. 1919, I X %• None since.
V . 110, p. 2386.
OFFICERS.— Pres., Van Horn Ely; V .-P s., Geo. N . Tidd and C. L. S
Tingley; Sec. & Treas., Frank J. Pryor Jr.; Asst. Treas. & Comp., H. DAnderson; Asst. Treas. & Asst. Comp., C. R. Beddows; Asst. Treas., H. PCarr; Gen. Counsel, H. B. Gill. General offices, Packard Building, 111 S13th St., Philadelphia, Pa.— V. 118, p. 905, 1259, 1282, $663, 2178, 2571.
2702, 2823, 2946, 3194; V. 119, p. 72, 691; V. 120, p. 84, 207, 954, 1324.
1584,1879.
(1) PEOPLE’S R A ILW A Y (D A Y TO N ).
Acquired in 1899 by the American Railways Co. (now American E lec
tric Power C o.).
ORGANIZATION.— Incorp. in Ohio June 18 1896. The American
Electric Power Co. owns entire capital stock.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. Has 32.6 miles of track in D ayton, Ohio; operates 124 cars.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
Stock $2,500,000 ($100)___________
_______
$2,500,000 __________
First mtge “ White Line” / 1895
5 g A-O
300,000 Oct 1 1925
$300,000 ($500) gold red{ Interest at Union Savings Bank & Trust Co.,
Oct 1 1900 at 110--------- n tf I Cincinnati, trustee.
First mtge “ People’s R y ” | 1897
5 g J-J
200,000 Jan 1 1927
$200,000 ($500) gold red!Interest at Union Savings Bank & Trust C o.,
at 110________________ n tf l Cincinnati, trustee.
EARN ING S.—-Year ending Dec. 31 1924, gross, $697,443; net, after
taxes, $156,806; int., deprec., &c., $60,592; bal., sur., $96,214.
OFFICERS.— Pres., J. Sprigg M cM ahon, Dayton; V .-P ., C . L . S.
Tingley, Phila.; Sec. & Treas., Walter W . Perkins, Phila.; Asst. Sec .-Treas.
& Compt., Frank J. Pryor Jr.; Gen. M gr., V. R'. Powell; Asst. Treas. &
Asst. Compt., H. D . Anderson; Asst. Treas., Henry P. Carr.— V. 86, p.
1530; V. 97, p. 176.
(2) SPRINGFIELD (OHIO) R A ILW A Y.
ORGANIZATION.— Incorporated in Ohio Oct. 20 1892; 9,944 shares of
the common stock and 5,000 shares of the pref. stock have been acquired
by the American Elec. Pow. Co. For details o f franchise under which co.
operates see “ Electric Railway” Supplement o f April 24 1920.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.— A
trolley road. Owns 40.7 miles of track. Oper- urs 80 passenger cars.
STOCK A N D BONDS—
Date.
Interest, outstanding. Maturity.
Common (par $100)_________ _____
_______
$1,000,000 ___________
Preferred $500,000________________
6%
500,000
........... ..
First mtge $5,000,000 ($100,1 1914
5 g M-S
1,437,800 See text
$500 & $1,000) g s f_c*n tf/In t. at Real Est. T . & I. T r. C o., Phila., T r.
Bonds.— $400,000 of the above outstanding bonds provided for b y serial
maturity, i. e., $12,500 due Sept. 1 1914 to 1923, incl., $25,000 due Sept. 1
1924 to 1934, the remaining bonds ($4,600,000) due Sept. 1 1935.
Sinking Fund.— When more than $1,250,600 bonds outstanding, sinking
fund of 1 % to 1923 and 2 % thereafter of bonds outstanding over and above
the $1,250,000 of original issue. The escrow bonds ($3,756,000) reserved
for extensions, betterments, & c., at 80% of cost. Redeemable any interest
date at 102 and interest. V . 98, p. 1609.
EARNING S.— For year ending Dec. 31 1924, gross, $565,770; net, after
taxes, $80,780; int., deprec., &c., $137,160; bal., def., $56,380.
OFFICERS.— Pres., Paul C. Martin; V .-P ., C. L. S. Tingley; Sec. &
Treas., W . W . Perkins; Asst. Sec., Asst. Treas. & Compt., Frank J. Pryor
Jr.; Asst. Treas. & Asst. Compt., H. D . Anderson and Henry P. Carr:
Gen. M gr., P. E . O’Brien.— V . 115, p. 1839; V . 117, p. 1993.
(3) ALTOONA & LOGAN VALLEY ELECTRIC R A ILW A Y.
The American Elec. Pow. Co. owns entire stock Altoona & Logan Valley
Electric R y. and $454,000 consolidated mortgage bonds.
Acquisition by Jersey Central Power < . Light Corp. Proposed.— See V . 120
&
p. 1324. At time of going to press,we were advised property had been sold.
ORGANIZATION.— Incorp, in Penna. Aug. 5 1903. Owns the entire
$65,000 stock of the Lakemont Park C o., also $58,000 of the $59,000 stock
of the Home Electric Light & Steam Heating Co. of Tyrone (into which
the Blair Electric Co. incorp. in 1908 to do a lighting business, having
perpetual franchise and 10-year contract to light town o f Bellwood, was
merged in 1910-11) and leases that company for 99 years from July 1 1903;
$54,000 of this stock is deposited as additional security for the consolidated
mortgage. In Aug. 1903 absorbed by consolidation the City Passenger R y.
and the Tyrone Electric R y. (previously owned) and increased its capital
stock from $500,000 to $1,500,000. V . 77, p. 1745. In 1912 acquired the
Logan Light & Pow. Co. of Tyrone, and operates same in conjunction with
the Home Elec. Lt. & Steam Htg. C o. V . 94, p. 696.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— A
trolley road. Operates 57. 6 miles o f track, connecting Altoona, Bellwood,
Hollidaysburg and Tyrone. Gauge, 5 ft. 3 in. Operates 124 cars.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Last div.,&c.
Stock $1,500,000 ($50)_____________
_________ $1,500,000
See text
Consol mtge $4,000,000 goldf 1903 4 X g F-A15 4,000,000 Aug 15 1933
($500 and $1,000) guar by {Interest at Equitable Trust C o., PhiladelAmer Elec Pr C o _ c&r.tf I phia. Trustee.
_
Logan Lt & Pr 1st mtge______ 1907 5 A-O
43,000 Oct 11937
The bonds are guaranteed, p. & i., by endorsement by American Elec.
Power Co. No sinking fund and not subject to call.
EARN ING S.— For year ending Dec. 31 1923, gross, $1,431,959; net,
after taxes, $517,426; int., deprec., &c., $249,160; bal., sur., $266,266.
OFFICERS.— Pres., Van Horn Ely; V .-P ., C . L. S. Tingley; Sec. &
Treas., Walter W . Perkins; Asst. Sec.-Treas. & Compt., Frank J. Pryor Jr.;
Asst. Treas. & Asst. Compt., H. D . Anderson; Asst. Treas., Henry P. Carr;
Gen. M gr., S. S. Crane.— V . 80, p. 2619; V. 82, p. 333, 391, 803; V . 94,
p. 699; V . 112, p . 1976; V. 117, p. 1016; V . 118, p. 1134.
(4) SCRANTON RA ILW A Y.
American Electric Power Co. owns practically all of the stock.
Acquisition by Jersey Central Power & Light Corp. Proposed.— See V. 120.
p. 1329. At time o f going to press we were advised property had been sold.
O RGAN IZATION .— On Jan. 1 1897 assumed all the assets and liabilities
of the Scranton Traction C o., &c. V. 63, p. 1064; V . 64, p. 85. As at
present constituted, is a merger of 21 companies.
Operates, practically without competition, in the Lackawanna Valley
from Forest City, in Susquehanna County, to Pittston, in Luzerne County,
serving, among others, the cities of Scranton, Pittston and Carbondale,
and the boroughs of Archbold, Blakely, Dickson City, Dunmore, Jermyn,
Mayfield, M oosic, Old Forge, Taylor, Throop, Vandling, Avoca, Duryea,
Forest City.
POWER, LIGHT AND RAILW AY
1925.]
M ay,
78
PUBLIC UTILITIES
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates all the street roads in and around city o f Scranton.
Owns 92.3 and operates 103.3 miles. Operates 176 cars.
Franchises perpetual.
Valuation— See V. i l l , p. 1662; also V. 112, p. 1867; V. 113, p. 629;
V. 116, p. 1761.
P STOCK A N D BONDS—
C
Date.
Interest. Outstanding. Maturity.
_________ $2,000,000 _______
Stock ($50)________________________
Scranton Ry lst&ref M $15,-7 1917
5 F-A
3,095,000 Feb 11947
000,000 g ($ l,0 0 0 )-.c* rtf/In t. at Merch. Un. Tr. C o., Phila., Trustee.
Scran Trac 1st M $1,000,0001 1892
6 g M -N
1,000,000 N ov 1 1932
($1,000) gold no o p t._ c * tflin t, at Merchants’ Union Trust C o., Phila.
Scranton R y 1st cons m tge/ 1897
5 g J-J
1,100,000 N ov 1 1932
$2,500,000 g ($l,000).c*tf\N ew York Trust Co., N. Y . City, Trustee.
Scranton R y gen mtge $1,-] 1910
7 M -N
1,000,000 N ov 1 1925
000,000 gold ($1,000)_ tf tint, at Equitable Trust C o., Phila., Trustee.
_
Scranton & Carb’d 1st mtgef 1893 6 g J-J
150,000 Jan 1 1938
$1,000,000 g ($ l,000 )_c*tf{ln t. at Lack. T . & S. D . C o., Scranton,
Free o f State tax.
I Trustee.
1st M Carbondale Tractionf 1892
6 g J-J
150,000 July 1 1942
Co, $150,000, gold ($500{Interest at Central Trust C o., New York,
and $ 1 ,0 0 0 )._______ c*&r( Trustee.
Carbondale R y gen mtge gold/ 1910 5 J-J
800,000 Jan 11933
_
$800,000 guar p & i _ c tf (Provident Life & Trust C o., Phila., Trustee.
Peoples St Ry gen mtge $100,-1 1891 6 J-D
100,000 Dec 11926
^ ) 0 0 - - - - - - - - - _____ ____ (Farmers Loan & Trust Co, N .Y ., Trustee..
Bonds.— Of the"$3?500,000 Scranton Ry. mortgage 5s o f 1897, $1,400,000
are reserved to retire prior bonds at maturity. Scranton Ry. gen. M . bonds
o f 1910 are subject to call at any int. period at 102 and int. Originally
matured N ov. 1 1920 and bore int. at 5% but were extended for 5 years
at 7 % . V. I l l , p. 1662.
First mortgage of Carbondale Traction has a sinking fund of $2,500 per
annum after July 1 1895, but bonds cannot be called. The bonds, originally
matured July 1 1922 but were extended for 20 years. V. 115, p. 74.
Carbondale R y. mtge. for 1910 is unconditionally guar., p . & i., by Scranton
R y. Subj. to call on any int. date at 105 and int. V. 93, p. 1785. Scran
ton & Carbondale 1st mtge. 6s originally matured Jan. 1 1923, but were
extended to Jan. 1 1938.
The 1st & ref. 5s of 1917 are callable since 1922 at 102 H and int. Guar.,
p. & i., by endorsement, by American Elec. Power Co. $4,600,500 are
reserved for underlying bonds and $7,604,000 for impts. under certain
restrictions. V . 104, p. 1703.
EARN IN G S.— For year ending Dec. 31 1923, gross, $2,439,796; net,
after taxes, $624,674; int., deprec., &c., $543,121; bal., sur., $81,553.
O F F IC E R S — Pres., Van Horn Ely; V .-P ., C. L. S. Tingley; Sec. &
Treas., Walter W. Perkins: Asst. Sec.-Treas. & Compt., Frank J. Pryor Jr.;
Asst. Treas. & Asst. Compt., H. D . Anderson; Asst. Treas., Henry P. Carr;
Gen. M gr., Jilson J. Coleman.— V. 113, p. 629; V. 115, p. 74; V. 116, p.
1761; V. 117, p. 209, 1018, 1463; V. 118, p. 86, 1269; V. 119, p. 1734.
(5) CONSOLIDATED POW ER & L IG H T CO.
Entire common stock owned by American Electric I ’ower Co.
ORGAN IZATION .— Incorp. in Feb. 1923 as successor to Consolidated
Light Heat & Power Co. (V. 104, p. 75). Acquired all the com. stock
equity held by the American Rys. (now Amer. Elec. Pr. Co.) in the follow
ing cos.; Ohio Valley Electric R y., Ironton Elec. Co., Boyd County Elec.
C o., Lynchburg Trac. & Lt. C o., Roanoke Trac. & Lt. Co.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Company and subsidiaries own and operate the entire electric power and
light business in Huntington, W. Va., and Lynchburg, Va., and all the
electric power and light business in Roanoke, Va., as well as the gas and
electric power and railway business in Lynchburg. Cos. own and operate
the electric railway business in Roanoke, the electric railway business in
Huntington and surrounding communities, and the entire electric light
and power and railway business in Ironton, Ohio, Ashland and Catlettsburg,
K y., and the intermediate territory. Population served is in excess of
220 , 000 .
Capitalization of the New Company Upon Completion of .he New FinancingCommon stock (no par value)_______ ______________________ 100,000 shsPreferred stock______________________________________________ $2,480,000
First mtge. & ref. lien 6)4% bonds__________________________ 8,039,500
EARN IN G S.— For years ending Dec. 31 (incl. sub. cos.):
Calendar Years—
1924.
1923.
1922.
1921.
Operating revenues_____$6,215,756 $5,964,188 $5,164,154 $4,550,471
Oper. exp. and taxes____ 3,822,751 3,940,251
3,388,090
3,110,290
Net operating revenue $2,393,000
Other income__________
60,039
$2,023,937
114,192
$1,776,064
72,274
$1,440,181
70,711
Gross income_________ $2,453,044
Interest on funded debt838,308
Other int., amortiz., &c64,221
$2,138,129
760,108
83,482
$1,848,338
458,837
83,508
$1,510,892
444,334
111,731
$843,590
$542,345
$556,065
Balance---------------------$1,550,514 $1,294,539 $1,305,993
Depreciation reserves_
_
429,196
389,075
2.53,058
Total deductions_____
$954,827
169,944
Net income_________ $1,121,318
Preferred dividends____
164,104
$905,464 $1,052,935
67,840
20,748
$784,883
20,748
$837,624
$764,135
Bal.for res.& com.divs.
$902,529
$957,214
$1,032,187
(a) LYNCHBURG TRACTION & LIGHT CO.
Consolidated Power & Light Co. owns entire capital stock and $1,223,000
o f Lynchburg Trac. & Light consol, mtge. bonds.
ORGAN IZATION .— Incorp. in Virginia, and is a consolidation on May
1 1901 o f the Lynchburg Electric Ry. & Light, the Lynchburg & Rivermont
St. R y. (franchise perpetual) and the Lynchburg Gas Co.
Owns all the stock o f the Lynchburg Water Power C o., and has assumed
the $500,000 1st mtge. 5% bonds of that company.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Comprises all the street railways, gas works and electric light plants of
Lynchburg and hydraulic power development at Reusens, Va. Owns and
operates 19.8 miles o f track in city and suburbs, 60 to 100-lb. T and girder
rails. Standard gauge. Operates 39 pass, cars, 3 other; 1 sweeper. Owns
Rivermont Park.
Valuation.-—For details of valuation by A . L. Drum & C o., engineers,
Chicago, placing reproduction cost at $4,252,876 as of Feb. 1 1921, see
V. 112, p. 2191.
Decision Regarding Valuation.— See V. 113, p. 1773.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($50)___________
J-D
$750,000 Seetext
First mtge $1,000,000 sink fdf 1901 5 g M -N
688,000 M ay 1 1931
($1,000) gold_______ c*ntr (Real Estate Trust Co., Philadelphia, Trustee
Lynchb Trac & Lt con m tge/ 1911
5%
1,223,000 June 1 1931
$1,750,000 ___________ ntf (Real Est. Title Ins. & Tr. C o., Phila., Trust.
LynchDurg Gas Co first m ort-/ 1900 5 M-S
111,000 Mar. 1 1930
gage $250,000...................tf lint at Real Estate Trust C o., Phila., Trust.
Lynchburg Water Power first/ 1902 5
396,000 July 1 1932
mortgage $500,000___ ntf (Real Estate Trust Co., Philadelphia, Trustee
Bonds.— Of the 1st mtge. bonds, $111,000 are reserved to retire bonds of
like amount o f Lynchburg Gas Co. due 1930, and of which no more are to be
issued. Sinking fund o f 1% per annum became operative in 1906, which
was increased in 1916 to 1 y2 % . Entire issue can be called at any time.
EA R N IN G S.— For year end. Dec. 31 1924, gross, $1,093,578; net, after
taxes, $522,268; int., deprec., &c., $278,073; bal., sur., $244,195.
OFFICERS.— Pres., Van Horn Ely; V .-P ., C. L. S. Tingley; Sec. &
Treas., W . W . Perkins; Asst. Sec.-Treas. & Compt., Frank J. Pryor Jr.;
Asst. Treas. & Asst. Compt., H. D. Anderson and Henry P. Carr; Asst.
Sec., W . R . Power.— V. 114, p. 1063, 2359; V. 117, p. 1555; V. 119, p. 1625.
(b) ROANOKE T R AC TIO N & L IG H T CO.
The Consol. Power & Light Co. owns $975,000 of the $1,000,000 stock.
O R G A N IZA TIO N .— A holding co. Incorp. in Va. July 28 1908. Own9
the Roanoke Water Power C o., the Bedford Power Co., the James Rivet
Water Power Co. and the Roanoke Heat, Light & Power Co., and controls,
through ownership of all the capital stock, the Roanoke Railway & Elec. Co
V. 87, p. 1089, 1160.
[V ol. 120.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $2,000,000 ($100)___________
_________ $1,000,000 -----------------First mortgage and collateral f 1908
5 g F-A
2,128,000 Aug 1 1958
trust $3,000,000 ($1,000){Int. at Bioren & C o., Phila., or Baltimore
g o ld ________________ c*n tf [ Trust C o., Baltimore, trustee.
Bonds.— $750,000 bonds are reserved to retire a like amount’o f bonds of
tne Roanoke R y. & Elec. Co. Bonds are subject to call on any int. day at
105 and int. Sinking fund of 1% of outstanding bonds, payable Feb. 1
1919 to 1928; 1H % thereafter.— V. 115, p. 309; V. 117, p. 88.
(1) ROANOKE RAILWAY & ELECTRIC JCOe
ORGANIZATION.— The Roanoke Street R y. and the Roanoke Electric
Light & Power were both sold at foreclosure Aug. 1 1899. The present
company was incorporated in Virginia. Franchises expire in 1935 and some
are perpetual.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Does all lighting and railway business in and about Roanoke, Salem and
Vinton. Operates in Roanoke, also extensions to Salem and Vinton, Va.,
a total of 33.2 miles of track. About 53 passenger cars, 4 other cars. 50,
60Jand 72-lb. rail.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $500,000 ($100)________ _____
J-D
$500,000
See text
First consolidated mortgage/ 1903
5 g F-A
618,000 Feb 1 1953
$750,000 ($1,000) g s f-c * t f (Int. at Real Estate Tr. C o., Phila., trustee.
Bonds.— Sinking fund was 1% of outstanding bonds annually payable
eb. 1 to 1920; now, 1)4% ,
EA R N ING S.— For year ending Dec. 31 1924, gross, $1,434,88 ; netj
after taxes, $602,573; int., deprec., &c., $226,462; bal., sur., $376 11*
(c) OHIO VALLEY ELECTRIC RAILWAY CO.
In 1911 acquired by the American Railways (now Amer. Elec. Pow. C o .),
but see Cons. Pow. & Lt. Co. above. V. 92, p. 1437; V. 93, p. 470.
ORGANIZATION.— Incorp. in W . Va. in 1899. Franchises run until
1957 in W . Va.; in Ky. and Ohio in Dec. 1916 ran for nearly the full term
allowed by statute, 20 and 25 years, respectively. In Feb. 1908 name was
changed from Camden Inter-State Ry. to the Ohio Valley Elec. R y. Owned
entire stocks of Consolidated Light, Heat & Power C o., Ashland Elec. Lt.
& Pow. Co. (now Boyd County Elec. Co.) and Ironton Elec. C o., but at
time of acquisition by Amer. Rys. (now Amer. Elec. Pow. Co.) these were
turned over to latter company. Co. owns entire stocks of the Ashland &
Catlettsburg St. Ry. and Ashland Interurban Ry.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.— A
trolley road. Operates 49.7 miles of track in and between Huntington and
Kenova, W . Va., Catlettsburg and Ashland, K y., and Ironton, Ohio.
Operates 74 pass, cars, 15 other cars.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $2,000,000 ($100)_ _____
_
_________ $2,000,000
See text
Pref 6% cum $400,000 ($100)______
J-J
345,800
See text
1st M $2,200,000 gold guarf 1916
5 g J-D
1,891,000 Dec 1 1946
($1,000) ____________ c*tf \Penn. Co. for Ins. on L. & G. A ., Phil., trust.
Bonds.— The outstanding bonds were issued to take up $1,350,000 Cam
den Inter-State Ry. 5s due Mar. 1 1921; $175,000 Hunt. & Charleston 5s
due 1936; $100,000 Cons. Lt. & Rys. 6s due 1922, and $50,000 Ashland &
Catlettsburg 6s due 1919. Remaining $309,000 are for exts. and better
ments under restrictions. Red. since Dec. 1 1921 at 102)4 and int. Penn.
State tax refunded. Guar., p. & i., by end. by Am. Rys. Co. V. 103, p.
2342.
EARN ING S.— For year ending Dec. 31 1924, gross, $879,414; net after
taxes, $250,932; int., deprec., &c., $150,610; bal., sur., $100,322.— V. 111.
p. 1950; V. 117, p. 895.
(6) ELECTRIC CO. OF NEW JERSEY.
The American Elec. Power Co. owns entire outstanding stock and bondsORGANIZATION.— A merger July 5 1916 of a number of electric light
cos. in Gloucester, Salem and Cumberland counties, N. J., along the Dela
ware River opposite Wilmington, Del., and Chester, Pa. On M ay 1 1919
the Bridgeton Electric Co. was merged into the Electric Co. of New Jersey,
which assumed the $250,000 1st mtge. 5% bonds of the former company,
of which there are now $22,000 outstanding.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Supplies electric current for electric light and power in municipalities of
Salem, Pennsgrove, Woodstown, Mullica Hill, Pitman, Glassboro, Williamstown, Paulsboro, Clementon, Laurel Springs, Berlin, Elmer, Clayton,
Quinton, Swedesboro, Pedricktown, Pennsville, Harrisonville, Mickleton,
Clarkesboro, Wenonah, Bridgeton, Port Norris and many other smaller
places.
Bonds offered in exchange for 1st mtge. 5s of Bridgeton & Millville
Trac. Co., see under that co. in V. 114, p. 1405.
In April 1925 was auth. by the N . J. P. U. Comm, to issue $225,000
1st mtge. bonds and $107,300 in com. stock. V. 120, p. 2011.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common stock $475,000___________
_________
$592,700 ---------------P referred___________________ _____
_________
172,400 ---------------First mtge $5,000,000 gold/ 1917
5 g M -S
1,229.000 Mar 11947
($1,000) _________ c*& r.tf/In t. at Comm’l Trust C o., Phila., trustee.
Bridgeton Electric Co 1st Ml
($ 1 ,0 0 0 )_________________ / ____
5 g J-J
22,000 Jan 11930
EARNING S.— For cal. year 1924, gross, $901,582; net, $262,211; int.,
deprec., &c., $109,493; pref. div., $10,229; bal., sur., $142,488.— V. 103,
p. 937; V. 104, p. 1390, 1493; V. 117, p. 2894; V. 120, p. 2011.
W IL M IN G T O N
&
P H IL A D E L P H IA
T R A C T IO N
CO -
Controlled by the American Electric Power Co.
ORGANIZATION.— Incorp. in Delaware June 27 1910. Owns all stock
of Southern Penn. Trac. C o., Chester & Eddystone St. R y. C o. and Wilm.
Lt. & Pow. Co. On June 1 1915 acquired control of People’s Ry. of Wilming
ton, Del. (stock, $1,500,000), and in Oct. 1915 purchased Wilm. Southern
Trac. Co. and Wilm. New Castle & Delaware City R y. and consolidated
them under name of latter. (Stock, $600,000.) Leases for 990 years from
July 1 1910 Wilm. City R y., Wilm. & Edgemoor Elec. R y., Gordon Heights
R y., Front & Union St. R y. and Wilm. City Elec, and New Castle County
Elec. Co. at a minimum annual rental of $79,010 to a maximum of $120,610
in 15 years.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Comprises street railway lines in Wilmington, New Castle and Delaware
City, Del., and Chester and Media, Pa., and interurban lines connecting
these places with each other and with Philadelphia, a total of 140 miles of
track; also does electric light and power business in Wilmington, New Castle,
Delaware City, Newark and vicinity in Delaware, the southeastern part of
Delaware Co., Pa., and Elkton, Chesapeake City and vicinity in Maryland.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $4,060,000 ____________
Common stock____________________
Preferred stock_____________ _____
_________
500,000 __________
Wilm & Phila Trac 1st m t g e / ____
F-A
4,449,000 __________
& coll trust $25,000,000_/Equitable Trust C o., New York, trustee.
People’s Ry 1st M $3,000,000/ 1915
5 g J-D
1,650,000 June 1 1965
gold ($1,000) guar______c*/In t. at Fidelity Trust C o., Phila., trustee.
Wilm So Trac 1st M gold/ 1915 5 g A-O
173,000 Oct. 1 1965
$300,000 ($1,000) guar___ /Int. at Wilmington (Del.) Trust C o., trustee.
W N C & D C 1st M $2,000,-/ 1915 5 g J-J
None Jan. 1 1966
000 g ($1,000) guar. _c*tf/In t. at Fairm. Sav. Tr. C o., Phila., trustee
Chester & Eddystone 1st M / 1916 5 g M -S
53,000 Sept. 1 1946
gold $100,000 ($1,000) gu/In t. at Phila. Trust C o., Phila., trustee.
Wilm Lt & Power 1st m t g e / ____
5 A-O
1,900,000 -----------------$2,000,000 _______________/Wilmington (Del.) Trust C o., trustee.
Bonds.— All 4 issues are guar., p. & i., by Wilm. & Phila. Trac. Co. Re
maining People’s Ry. and Wilm. So. Trac. bonds reserved for impts. at
85% of cost.
People’s R y. bonds are red. on any int. date at 105.
$300,000 Wilm. N . C. & C. D . bonds are reserved for the Wilm. So. Trac.
| bonds; remainder may be issued for exts. and impts. at 85% of cost. Red.
at 102 on any int. day.
M ay , 1925.]
POWEK, LIGHT AND KAILW AY
EARN INGS. Including Southern Pennsylvania Traction C o.:
Cal. Years—
Gross Earns
Net Earns.
Chgs. & Tax.
Balance.
1924--------------------- $4,482,031
$1,795,402
$1,256,743
$539,659
1923--------------------- 4,730,157
1,866,641
1,244,812
621,830
1922______________ 4,444,517
1,680,366
1,232,281
448,085
1921______________ 3,683,562
1,582,277
1,112,241 sur.470,036
829,945
854,037
def.24,092
1920--------------------- 3,212,369
OFFICERS.— Pres., Van Horn Ely, Phila.; Vice-Pres. & Gen. M gr..
T . W . Wilson, Wilmington; Sec. & Treas., H. D . Anderson, Phila.: Aud.,
C . E. Yost, Wilmington.— V . I l l , p. 897. 1185, 1371.
(1) WILMINGTON & CHESTER TRACTION.
United Power & Trans. Co. owns 39,995 out o f 40,000 shares o f stock.
Lease.— Part o f this co.’s lines are leased to the Wilm. & Phila. Trac. Coand part to the Southern Penna. Trac. Those in Delaware, viz., Wilm. City
R y., Gordon Heights R y., Front & Union St. R y. and Wilm. & Edgem. El.
Ry. are leased to Wilm. & Phila. Trac. (see above); those in Penna., viz.,
Chester Trac. and its subsidiaries are leased to South.Penn.Trac.(see below).
ORGA N IZA TIO N .— Incorp. March 1898. Has acquired all the stock o?
the Wilm. City R y. ($519,930), the Gordon Heights Ry. ($51,500), the
Front & Union St. R y. ($299,930) and the Chester Trac. Co. ($500,000), all
o f which are deposited under the coll, trust mtges o f the Wilm. & Chester
Trac. Co. Owns $50,000 stock o f the Chester & Delaware St. R y.; also owns
$150,000 debenture bonds of Front & Union St. R y. and $45,000 1st mtge.
bonds o f Gordon Heights Ry. The Chester Trac. C o. holds all the stock of
the Union R y. C o., $100,000; Chester & Media stock, $35,000; Chester
Darby & Phila. stock, $65,000; total, $200,000. The Chester Trac. pays as
rental (besides int. on bonds) 6% on the $100,000 stock o f the Chester &
Media and on the $100,000 stock of the Chester Darby & Philadelphia.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 ($50) full paid Listed on Phila. Ex. $2,000,000 D ec’ 12, 60c.
C oll trust gold $4,000,0001 1898
6 g A-O
2.291,500 April 1 1933
($500 and $1,000 each).c*t/Provident Trust C o., Philadelphia, trustee.
C o l l a t e r a l t r u s t g o l d ! 1912
5
536,625 April 1 1952
$5,500,000 guar________ tf / Wilmington Trust C o., Wilmington, trustee.
Securities o f Subsidiary Lines—
Wilmington City 1st mtge\ 1911
5 M-S
600,000 Sept. 1 1951
$600,000 ($ l,0 0 0 )..c * _ n tf/ln t. at Eq. Guar. & Tr. C o., W ilm., trustee.
Chester Traction 1st mtge) 1894 5 g M -N
250,000 M ay 1 1944
gold $250,000________ c * tf/Iu t. at Guar. Tr. & Safe Dep. C o., Phila.
Wilming & Edgemoor 1st M\ 1906
5 g J-D
400,000 June 1 1946
_
$400,000 ($1,000) g _ c * tf/In t. at RealEst. Title Ins. & T r., Phila., trus
Leased to Chester Traction—
Union R y Co 1st mtge g__ctf 1913
5 g J-J
200.000 Jan. 1 1943
Chester St R y stock ($50) . . t f ____ 10 J-J
150.000 rental 10%
Chester & Media El R y g o ld .tf 1913 5 g J-J
100.000 July 1 1943
Chester Darby & Phila g o ld .tf 1913 5 g J-J
125.000 July 1 1943
The Wilmington & Edgemoor bonds are guar, as to both principal and
interest by the Wilmington City R y.
Interest on Union R y., Chester Street R y., Chester & Media payable
at Delaware County Trust C o., Chester, Pa., on Chester Darby & Phila.
Ry. C o., payable at Continental-Equitable Title & Trust C o., and interest
upon all the latter guaranteed by Chester Traction Co.
Bonds.-—$1,695,000 coll, trust 5s of 1898 reserved to retire underlying se
curities and guar, stock. They matured originally in April 1918 and bore
int. at 5% , but were extended for 5 years at 6% and again for 10 years to
Apr. 1 1933 at the same rate of int. Are guar., prin. & int., by the Wilm. &
Phila. Trac. C o. Red. at 101 and int. on any int. date. Are listed on Phila.
Stock Exchange. V. 106, p. 1902, 2012; V. 116, p. 824, 1052; V. 118, p. 86.
Of the coll, trust o f 1912, $4,000,000 are reserved for like amount of coll,
trust o f 1898. Wilmington City bonds are subject to call at 105 and int.
V. 93, p. 667.
The Chester Traction bonds were extended in 1914 for 30 years. V. 106,
p. 1902. 2012, 2451; V. 116, p. 296, 824, 1052, 1533; V. 118, p. 86.
(2) WILMINGTON CITY ELECTRIC CO.
Lease.— Was leased on July 1 1910 for 990 years to the Wilm. & Phila.
Trac. C o., the latter assuming all int. & fixed chgs. o f Wilm. City Elec. Co.
ORGANIZATION.— Incorp. in Delaware in 1895. Franchise perpetual.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does an electric light and power business in Wilmington.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock_____________________________
_________
$255,000 __________
First mtge $1,000,000 gold) 1911
5 M -N
1,000,000 May 1 1951
($1,000) guar p & i___ c * tf/In t. at U. S. Mtge. & Tr. C o., N . Y ., trustee.
Bonds have been redeemable since M ay 1 1921. Guaranteed, prin. & int.,
by Wilm. & Phila. Trac.— V. 92, p. 1441; V. 94, p. 567.
•
(3) SOUTHERN PENNSYLVANIA TRACTION CO.
ORGAN IZATION .— Incorp. in Penna. in June 1910 with $10,000 stock,
all owned by Wilm. & Phila. Trac. Co. Leases for 990 years from July 1
1910 Chester Trac. C o., Delaware County & Phila. Elec. Ry. and Media
Glen Riddle & Rock. E. St. R y. Co. at a minimum annual rental of $71,990
to a maximum o f $106,990 in 15 years.— V. 98, p. 1073, 1158.
(a) DELAWARE COUNTY & PHILADELPHIA ELECTRIC RY.
In M ay the United Power & Transportation Co. acquired the road,
paying $166 66 per share for the stock in its 4% trust certificates secured
by a deposit o f stock.
Lease.— On July 1 1910 leased for 990 years to Southern Pennsylvania
Traction Co. at a rental o f $4J,000 per annum.
ORGAN IZATION .— Incorp. M ay 11 1892.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Completed from Media, Pa., to Baltimore A re., Clifton Heights, in Jan.
1895; connects with the Chestnut & Walnut St. cars of the Union Trac.
system. Owns 12 miles o f track. Rails, 80-lb. T and girder.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 authorized_________
_________
$300,000
See text
First mortgage $6 4 ,0 0 0 ..n tf/ 1913
5 J-J
64,000 July 1 1943
lin t, at Cont.-Equit. Title & Tr. C o., Phila.
1st M . bonds matured July 1 1913, but were extended for 30 years at 5% .
Dividends.—-Paid in dividends in 1899-1900, $36,000; in 1900-01, $27,000;
1901 to 1908 incl., $21,000 per ann.; in 1909 and 1910, none; in 1911,
$21,000; in 1912, July, $15,000; none since.
P H IL A D E L P H IA
E L E C T R IC
CO.
(T H E ).
ORGAN IZATION .— Incorporated in Pennsylvania Oct. 27 1902. The
company’s principal subsidiary is the Delaware County Electric Co. V.
73, p. 496, 680; V. 86, p. 977; V . 90, p. 1047; V. 99, p. 820; V. 105, p.
1425; V . 104, p. 261, 367; V . 105, p. 1807.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns or controls all electric light properties in Philadelphia and Chester,
and in all the large towns in Delaware County. Has long lease of conduit
space from Keystone Telephone Co. at a graduated rental rising to $125,000
yearly, with option of purchase at end o f lease. V . 104, p. 2558; V. 100.
p. 737. Rates, V. 102, p. 1254; V. 106, p. 92, 612; V. 108, p. 586; V. 105,
p. 1527, 2004; V . 106, p. 1683; V. 116, p. 1541. Owns 7 generating stations
and 28 substations in Philadelphia and Chester, Pa., and vicinity. Plans
for hydro-electric development at Conowingp Falls, V. 119, p. 1180; V. 120,
p . 212, 1748. Approved by stockholders, v . 120, p. 1882.
The Phila. Elec. Co. o f N . J. (holding co.) was dissolved in Dec. 1917;
its $24,987,750 stock, except $6,575. has been exchanged for stock of the
Phila. Elec. Co. o f Pa., each $25 share for a new $25 share. V. 105, p.
1425. 1622; V . 103, p. 326, 1416; V. 104, p. 261, 367.
STOCK A N D BONDS.— Date.
Interest. Outstanding.
Maturity.
Common $85,000,000 ($25)_ _____
_
Q-M
$59.824 350 M a r ’25 2%
Pref 8% cum $15,000,000 ( $ 2 5 )____
8 Q-M
5,224,940 M a r ’25 2%
1st mtge sk fd $60,000,000/
5% bonds________________ 1916
5 g A-O
35,741,600 Oct 11966
4% bonds________________\ 1916
4 g A-O
1,633,300 Oct 11966
($100 &c) gold----- c*&r*tf IInt. at Land Title & Trust C o., Phila., trust.
1st lien & ref M 6s due 1941-- [ 1921
6 g J-D
12,146,600 Dec 11941
5 K s d u e l9 4 7 _ -................... 1922
5 A g J-D 7,353,100 June 1 1947
5 ^ s due 1953____________ \ 1923
5 A g M-N 9,905,000 N ov 1 1953
5s due 1960 ($500 & $1,000) - 1925
5 g J-J
12,500,000 Jan 1 1960
($100 &c) gold_____c* tf [Int. at Girard Trust C o., Phila., trustee.
Stock.— The pref. stock has equal voting rights with the common stockand is convertible into common stock at par at any time; redeemable at
$28 at any dividend period. Common is listed on Phila. Stock Exchange.
79
Bonds.— The 1st M . bonds o f 1916 (see V . 104, p. 565) were to cover
the entire property (and all after-acquired property except stocks and
securities) then embracing all the public electric light and power plants in
Philadelphia. In Dec. 1924 $18,750,000 were pledged and $2,915,000
deposited with trustee under 1st lien & ref. mtge. V . 106, p. 2762; V . 108,
p. 586.
Reserved bonds can only be issued for 85% of the cash cost and fair
o f acquisitions, permanent additions, extensions, &c., and then only when
the net earnings are 1 % times the interest charges on all bonds issued and
to be issued. Sinking fund of $212,000 yearly plus accumulations. $921,700 5s and $38,400 4s in sinking fund not incl. in amount outstanding. Are
call, at 110 for the 5% bonds and at 105 for the 4% bonds. Are free from
Pennsylvania State tax.
1st lien & ref. mtge. bonds in addition to being secured by a gen. M .on entire
property, are secured by $21,665,000 Phila. Elec. Co. 1st M . sinking fund
5s, due 1966, and $15,000,000 1st M . demand bonds and all of the capital
stock (excepting directors’ shares) of the Delaware County Elec. Co. Sink
ing fund 1 % per annum of total amount of bonds outstanding. Free from
Pennsylvania State tax. V. 113, p. 2411.
The 1st lien & ref. mtge. 6% bonds due 1941 are call., all or part, from
Dec. 1 1926 to 1931 at 1 0 7 during succeeding 5 years at 105; and there
after at a prem. of 1% for each year of unexpired life.
The 5 A % bonds due 1947 are not call., except for sinking fund at 107l ,
A
until June 1 1927. Call, thereafter at 107A to and incl. June 1932, and
thereafter at a prem. of A % for each year or part thereof of unexpired life.
The 5 A % bonds due 1953 are call., all or part, at a prem. of 7 A % on or
before N ov. 1 1927; thereafter at a prem. of 7% on or before N ov. 1 1931;
thereafter at a prem. o f6 A % on or before N ov. 1 1935; thereafter at a prem.
of 6% on or before N ov. 1 1939; thereafter at a prem. of 5 A % on or before
N ov. 1 1943; at a prem. of 5% on M ay 1 1944; said prem. to be reduced by
A of 1% commencing N ov. 1 1944, with a like additional reduction com
mencing on Nov. 1 of each year thereafter until maturity.
The 5 % bonds due 1960 are red. all or in part on any int. date on 30 days’
notice and for the sinking fund on Jan. 1 of any year, in both cases at a
premium of 5% on or before Jan. 1 1947; said premium to be reduced by
A of 1% commencing July 1 1947, with a like add’l reduction commencing
July 1 of each year to & incl. July 1 1956, on which date and subsequent int.
dates to maturity the bonds shall be callable at par in each case with accrued
int. In Dec. 1924 Drexel & C o., Brown Bros. & Co. and Harris, Forbes
& Co. sold $12,500,000 5s due 1960 at 99H & int., to yield about 5.03% .
i
V. 119, p. 2879.
Dividends—
f ’ 02-’07. ’08. ’09-’ 12. ’ 13. ’ 14-’21. ’ 22. ’23. ’24On amounts paid in____%| 5 yrly. 5% 6 yrly. 6M 7 yrly. 7M
8 8
$1 $1.50 $1.50
---Also extra, paid in stock ._ I ____
Paid in 1925: March 15, 2 % .
Initial dividend on new preferred of 45c. a share was paid Dec. 15 1920;
March 15 1921 to March 15 1925, paid 2% quarterly.
R E PO RT.— For 1924, in V. 120, p. 1748, showed;
Calendar Years—
1924.
1923.
1922.
1921.
Gross income, all c o s ...$30,296,117 $28,022,013 $23,807,746 $21,573,189
Net, after taxes, &c____ 11,083,627 10,409,484 8,330,350
7,390,970
Fixed charges, &c______ 4,533,152
4,188,283
3,533,801
3,587,311
D iv id en d s..____________ 4,802,770 3,980,878
3,468,823
2,826,082
Surplus______________$1,747,705 $2,240,323 $1,327,726
$977,577
OFFICERS.— Chairman, Joseph B. McCall; Pres., W . H. Johnson.
V .-Ps., Arthur B. Huey, Chas. J. Russell, W m. C. L. Eglin and Horace T ,
Liversidge; Sec. & Asst. Treas., A. V. R . Coe; Treas., H. C. Lucas. Office,
1000 Chestnut St., Philadelphia, Pa.— V. 119, p. 1965, 2879, 3011; V. 120,
p. 88, 212, 1587, 1748, 1882.
P H IL A D E L P H IA
SUBURBAN
G A S & E L E C T R IC
CO
Controlled by American Gas Co.
ORGAN IZATION .— Organized July 3 1923 in Penna. as a consolida
tion of a co. of the same name and other operating cos.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns and operates electric and gas properties serving territory adjacent
to Philadelpfua, including over 40 communities with a population estimated
at 500,000.
The electric property includes an electric generating station having a rated
capacity of 30,000 kilowatts and auxiliary electric plants with an aggregate
rated capacity of 3.340 kilowatts. In addition company has a contract
with Philadelphia Electric Co. under which it purchases electricity to sup
plement that generated in its own stations. Its gas system includes two
gas plants which have a daily capacity of 10,975,000 cu. ft., and other gas
plants with an aggregate daily capacity of 7,250,000 cu. ft. C o. also
operates a small steam heating plant in West Chester. C o.’s high-tension
electric transmission lines are over 200 miles in length and with its distribu
tion system supplies 28,087 customers. Its gas distribution system in
cludes over 666 miles of mains and serves 54,243 customers.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common stock (no par)______ _____
_________ x45,157 sh s.___________
Pref $7 cum 75,000 shs(no p a r ) ____
$7 Q-F
67,870 shs.
See text
1st & ref mtge (closed) ($500/ 1910 5 g F-A
$7,233,000 Feb 1 1960
& $1,000) gold________c* lin t. at Girard Trust Co., Phila., trustee.
Gen mtge $50,000,000 ($500/ 1919 6 g J-D
844,500 Dec 1 1969
& $1,000) gold_________ c * lln t. at Fidelity Trust C o., Phila., trustee.
1st & consol M 6% ser due ’43/ 1923 6 g J-D
6,155,500 Dec 1 1943
5 A % Ser due 1955_______ / 1925 5 A g F-A
2,100.000 Feb 1 1955
($500 & $1,000) g old-_c*tf (Bk. of N o. Am. & Tr. Co., Phila., trustee.
Phila Suburban Gas 1st M / 1901
5 M-S
88,000 Mar 1 1901
($1,000)_________________ c\Int. at Real Estate Tr. C o., Phila., trustee.
Suburban Gas Co of Phila 1st/ 1902
5 g A-O
1,482,000 April 1 1952
cons M ($1,000) gold___ c*\lnt. at Real Est. Tr. C o., Phila.. trustee.
Jenkintown & Cheltenham/ 1903 5 A-O
373,000 Oct 1 1933
Gas Co 1st ref ($1,000)_ c/In t. at Real Estate Tr. Co., Phila., trustee
_
.Hunt Valley Lt & Pr 1st M / ____
5 g J-D
256.000 June 1 1947
($500 & $1,000) gold_____c lln t . at Phila. Trust, Safe Deposit & Insur.
( C o., Philadelphia, trustee.
Chester County Pub Service) 1911
5 g J-D
257,000 June 1 1941
1st M ($500 & $1,000)/Int. at Chester County Trust C o., West
gold___________________ c*l Chester, Pa., trustee.
Consol Schuylkill Gas 1st M / 1899 5 A-O
150,000 Oct 1 1929
($ 1 .0 0 0 )_______________c*\Int. at Real Est. Trust C o., Phila., trustee.
x All owned by American Gas Co.
Stock.— Pref. is callable all or in part at 105 and int.
Bonds.— ls< Ref. Mtge. 5s are call, at 105 & int. on any int. date on 60
days’ notice. Guar. prin. and int. by endorsement by American Gas Co.
Gen. Mtge. 6s are call, all or in part on any int. date on 30 days’ notice
at 105 & int. Guar. prin. and int. by endorsement by American Gas Co.
$5,517,500 are pledged as security for the 1st consol, mtge. bonds.
lsi & Consol. Mtge. bonds are guar, as to prin. and int. by endorsement
by American Gas Co. and are additionally seemed by pledge of $5,517,500
gen. mtge. 6s. Penn. 4-mills tax, Conn. 4-mills tax, the Maryland \A~
mills tax and Mass, income tax not exceeding 6% per annum on income
derived from the bonds refunded.
6% Ser. due 1943 are red. all or in part on any int. date on 30 days’ notice
at a premium of 7 A % on or before June 1 1929, and premium to be reduced
by A of 1 % commencing Dec. 1 1929, with a like additional reduction com
mencing Dec. 1 or each year thereafter until maturity. In Dec. 1923
$3,650,000 were sold by Drexel & Co. and Stroud & C o., Inc., Philadel
phia, at 96A & int., to yield over 6.30% . V. 117, p. 2551.
5 A % Ser. due 1955 are red. all or in part on any int. date on 30 days’
notice at a premium of 6% on or before Aug. 1 1943, said premium to be
reduced by A of 1% commencing Feb. 1 1944, with a like additional re
duction commencing on Feb. 1 of each year thereafter to maturity, in each
case with accrued int. $2,100,000 were sold in Feb. 1925 by Drexel & C o.,
Bioren & Co. and Stroud & C o., Inc., at 98 & int., yielding about 5.64% .
V . 120, p. 958.
Suburban Gas Co. of Phila. lsf consol. M. 5s have annual sinking fund of
1% of bonds issued. Are call, at 108 & int.
Huntingdon Valley Lt. & Pr. ls( M . 5s are call, at 105 & int., or for sinking
fund at 102 & int.
Chester Co. Pub. Serv. 1st M . 5s are call, all or in part on any int. date on
4 weeks’ notice at 105 & int. M tge. provides for sinking fund.
Consolidated Schuylkill Gas lsi Mtge. 5s are callable at 105 & int.
Dividends.— $7 per annum being paid regularly on preferred.
80
PUBLIC UTILITIES
EA R N IN G S.— Earnings years ended Dec. 31:
1924.
Gross earnings_________________ ________________ $5,250,500
Operating expenses, maintenance and taxes_______ 3,171,076
1923.
$4,978,682
3 ,111,358
Net earnings__________________________________$2,079,424 $1,867,324
Fixed charges___________________________________
947,349
730,920
Balance_________ _____________________________$1,132,075 $1,136,404
O F F IC E R S — Pres., M . W . Stroud: V .-P ., S. P . Curtis: Sec. & Asst.
Treas., Johns Hopkins; Treas. & Asst. Sec., Jos. B. Townsend 3d.—
V. 119, p. 1517: V. 120, p. 958.
U N IT E D R A IL W A Y S * IN V E S T M E N T C O .
r Control.— In Dec. 1924 it was reported that the Standard Power & Lt.
Corp., organized by H. M . Byllesby & Co., had acquired control of the
United Rys. Invest. Co. V. 119, p. 2880.
O RGAN IZATION .— Incorp. in New Jersey Feb. 17 1902. In Sept.
1906 filed an amendment to its charter changing its name from United
Railways Inv. Co. of San Francisco to its present title. V. 83, p. 689.
Owns all the outstanding common and preferred stock o f the California
Railway & Power Co.
Acquisition of Philadelphia Company.— In Feb. 1906 acquired $21,000,000
of the common stock of the Philadelphia Co. of Pittsburgh, giving $37 50
in new collateral trust bonds and $20 in common stock of the Investment
C o. for each $50 share of the Philadelphia Co. See V. 82, p. 393, 988.
For statement made in listing these bonds on the Philadelphia Stock Ex
change, see V. 83, p. 1235. Now controls through Pittsburgh Utilities
Corp. $24,600,000 Philadelphia C o. common stock (see plan below).
Financial Readjustment.— In March 1923 a plan (declared operativ®
April 11 1923— V. 116, p. 1651) was submitted to the stockholders for
approval which provided for the formation of a new corporation to b e
known as the Pittsburgh Utilities Corp., to take over from the company
480,000 shares of the common stock (par $50) of the Philadelphia C o
now pledged under the coll, trust bonds due M ay l 1926. The stock of the
Philadelphia Co. was delivered to the new corporation in exchange for the
following issues of the new corporation:
(1) 240,000 shares of com. capital stock of no par value, being all of such
com . stock to be presently issued and to remain in the form of voting trust
certificates free in the treasury of the Investment Co.
(2) 385,000 shares ($10 par) of the 7% cum. pref. stock of the new cor
poration, which pref. stock was sold by the Investment Co. to provide funds
for retirement of its 4-year notes, dividend certificates and $2,000,000 of
its 5% bonds.
In April 1923 stockholders were given the right to subscribe at the rate
of $10 per share for shares of the 7% cum. pref. stock of the Pittsburgh
Utilities Corp. (see plan above) equivalent in par value to 9% of their
holdings. V . 116, p. 1533, 1651, 1762.
STOCK AN D BONDS—- Date.
Interest. Outstanding. LastDiv.,&c
_________ $20,400,000 __________
Common $31,000,000 ($100)_______
Pref 5% cum from Apr 1 1 9 0 2 1 ____
_________ 15,830,000Jan’07,2H&c
$25,000,000 ($100)_______ I
1st lien collateral trust mtge_ Assumed by Pittsb. Util. Corp.; see below.
_
Stock.— The preferred stock can be retired at 110. $830,000 of the
pref. stock out bears divs. from Sept. 1 1909.
Dividends.—-First div., 114%, on pref. stock paid Jan. 3 1903; 1 4 %
July ’03; in Jan. ’04, 1 4 % ; July, 1M % ; in ’05, 4% ; in ’06, Jan., 214%
(V. 81, p. 1667); April, 4M % (owing to the earthquake and fire this div.
was paid in int.-bearing scrip instead o f cash; V . 82, p. 988). In July 1906
another scrip dividend of 2)4% paid (V. 82, p. 1381), and in Jan. ’07 an
other o f the same amount. V. 84, p. 1429. None since.
R EPO RT.— Years ending Dec. 31:
Total
Interest on Balance,
Year
Divs. Rec’d
Other
Expenses. Bonds, cfee. Surplus.
Ending—
on Stocks.
Income.
$61,925 ________ $751,803
Dec 31 1924______ $708,000 $105,729
$97,188 $520,000 $385,925
Dec. 31 1923.........- $704,543 $298,570
113,448 1,017,953
631,397
290,861
Dec. 31 1922______ 1,471,937
*’ OFFICERS.— Pres., Mason B . Starring; V .-P ., H. B. Lake; Treas.,
B. S. Guinness, N . Y .; Sec. & Asst. Treas., P. M . Hoskins.— V. 113, p.
1774, 1884, 2186; V. 114, p. 1654; V. 115, p. 75, 2380; V. 116, p. 1051, 1179,
1277, 1533, 1651, 1762, 2008, 2258; V. 117, p. 209, 671, 1463, 2655; V. 118,
p . 312, 1521, 1775,2825; V. 119, p. 1511, 2649, 2880; V. 120, p. 1749,2150
(1) PITTSBURGH UTILITIES CORPORATION.
A holding co. All the common stock outstanding is owned by th
United Railways Investment Co.
ORGAN IZATION .— Organized in N . Y . on Mar. 26 1923 and has ac
quired 492,000 shares of com. stock o f the Philadelphia C o.. 480,000 shares
o f which had been pledged as security for the 1st lien coll, trust mtge. 5%
bonds o f the United Rys. Investment C o., which bonds the Pittsburgh
Utilities Corp. has assumed. See full details of plan in Y . 116, p. 1533,
1651, 1762.
STOCK AN D BONDS—
Date.
Interest Outstanding. Maturity
See text
_______ _ 240.000 shs.
Common 500,000 shs (no p a r ) . ____
$7,500,000
See text
Pref 7% cum $10,000,000 ( $ 1 0 ) ___
7%
United Rys Inv 1st lien collat f 1906 _ 5 g M -N 10,367,000 M ay 1 1926
_
trust mtge $20,250,000 gold/Int. at Guar. Trust & Safe Dep. C o., Pbila.,
_
($1,000) sinking fund_ c*( or N . Y . Trust Co., N . Y ., trustee.
Voting Trust.— See V. 120, p. 1090.
Bonds.— The United Rys. Invest, coll, trust bonds have been assumed
by the co. and are secured by deposit o f 484,000 shares of com. stock of the
Phila. Co. They are subject to call on any int. date at 105 and int. A
sinking fund o f 1% per annum o f bonds outstanding began M ay 1 1911,
said fund to be invested in the bonds at not more than 105 and int. The
amount reported outstanding as above excludes $7,033,000 held by trustee
in sinking fund. Authorized amount of bonds may be increased for pur
chase o f additional shares o f com. stock o f Phila. Co. Bonds are listed on
N . Y . and Phila. Stock Exchanges.
Dividends.— An initial semi-ann. div. o f 1 4 % was paid oil pref. in N ov.
1923 and in addition an extra div. o f 2 4 % was paid. Semi-ann. divs. of
3 4 % and extras o f 2 4 % were paid on pref. in M ay 1924 and like divs.
paid regularly semi-ann. since to and incl. M ay 1925. In N ov. 1923 a
semi-ann. div. o f $1 per share was paid on com. and an extra div. on the
total com. was also paid amounting to $96,250. Same regular and extra
divs. also paid M ay 1 and N ov. 1 1924. In May 1924 $1 per share was
paid on com. and an extra div. on the total com. o f $187,500 was also
paid. V. 120, p. 1587.
INCOM E ACCOUNT.— For year ended Dec. 31 1924, total income,
$1,983,627; expenses and taxes, $58,031; interest charges, $598,374; pref.
divs., $462,000; com. divs., $672,500; bal., sur., $192,723.
OFFICERS.—-Pres., Mason B. Starring; V .-P ., Jas. H. Reed and
Jas. D . Gallery; Treas., Harry B. Lake; Sec. & Asst. Treas., P . M . Hoskins.
— V. 119, p. 296, 1517, 1745, 2879; V. 120, p. 331, 829, 1090, 1587.
(a) PHILADELPHIA COMPANY.
Control.-—In 1906 the United Railways Investment C o. (see above)
acquired control. $24,600,000 common stock is now owned by the United
Railways Investment Co. through the Pittsburgh Utilities Corp. (see above)
ORGAN IZATION .— Organized on M ay 24 1884, and was originally a
natural gas company. Operates under special Act of the Legislature of
Pennsylvania (conferring many valuable rights and privileges) granted to its
predecessor, the Empire C o., in March 1871. Franchises of the company
and its subsidiaries, with a few minor exceptions, are perpetual or for 999
years.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Company’s business may be classed under the following heads:
(1) Natural Gas and Oil.— Philadelphia C o., through its own lines and
those o f a number of companies controlled by it, supplies nearly all the natu
ral gas consumed in the city o f 'Pittsburgh and the manufacturing towns
lying along the Monongahela and Allegheny rivers. Company owns or
controls by lease 381,940 acres of gas and oil lands in West Virginia and
Western Pennsylvania. In 1913 the Pittsburgh & West Virginia Gas Co.
purchased the Monongahela Natural Gas Co. by the issue of $1,500,000
collateral trust notes. The principal natural gas companies controlled are:
The Philadelphia v^o. o f West Va. [Pittsburgh & West Virginia Gas Co.
Equitable Gas Company.
(Monongahela Natural Gas Co.
p During the 12 months ending Dec. 31 1924 company sold 28,304,734,900
cu. ft. o f gas andiproduced 119,926|bbls. of oil.Ji.On Dec. 31 1924iowned
[V ol. 120,
or controlled 1,772 gas wells and 3,791 miles o f pipe. Also owned or
controlled 176 oil wells.
(2) Electric Light and Power.— The Philadelphia C o. controls through
stock ownership the Duquesne Light C o., which forms the electric light and
power division. See statement on a subsequent page.
(3) Street Railways.— These comprise about 640.23 miles o f track, all oper
ated (as a matter of convenience and economy) by the Pittsburgh Railways
Co. (except the Clairton Street R y. C o., the Beaver Valley Traction C o. and
the Pittsburgh & Beaver Street R y. C o., which are operated separately).
The Phila. Co. in Jan. 1908 offered to guarantee 4 % per ann. from Aug. 1
1907 on the $2,000,000 pref. stock of Consol. Gas C o. (entitled to 6% cu m .),
provided additional earnings be divided equally between the two classes of
stock, but pref. not to receive more than 6 % in any event. Holders o f 75%
of the $2,000,000 pref. stock having agreed to the proposition, the plan
was adopted. V. 86, p. 54, 605.
Proposed Reorganization Plan.— See under Pittsburgh Railways C o. below
♦SCHEDULE OF C A PITA L STOCK OF OTHER CORPORATIONS
OWNED A N D POSSESSED ON DEC. 31 1924.
Shares.
Total Issue.
Consolidated Gas Co. of the City of Pitts
burgh (owns stock of AUegh. Illg. C o .). z80,000 Common out of
80,000
Consolidated Gas Co. of City of P ittsb ..
4,162 Preferred “
40,000
“
39,927
Equitable Gas Co. of Pittsburgh_______ 39,927 Common
Equitable Gas Co. of Pittsburgh_______
5,975 Preferred
“
5,975
Pittsburgh & West Virginia Gas C o_____ 37,500 Common
“
37,500
do
do
do
______ 22,500 Preferred
“
22,500
Consolidated Traction_____________ j/233,117
Preferred
“
240,000
Consolidated Traction_____________ 2/286,880
Common
“
286,980
United Traction Co. of Pittsburgh______
67 Preferred
“
60,000
Harwick Coal & Coke C o___________
2,750
Common
“
2,759
Preferred
“
59,990
Pittsburgh Railways C o____________ 50,9o9
Pittsburgh Railways C o____________ 59,000
Common
“
39,999
Duquesne Light C o________________ 200,000
Common
”
290,000
do
do
________________ 109,000 Partic. pref. “
100,000
Philadelphia Oil C o _________
40,020 Common
”
40,020
5,000 Common
Seventeenth Street Incline Plane C o____
Pittsburgh & Beaver Street R y _____
4,790
Common
Equitable Sales C o _____________________
4,653 Common
Equitable Auto C o _____________________
1,659 Common
Equitable Real Estate C o______________
100 Common
Equitable Towing & Transportation Co..
2,259 Common
Morningside Electric Street Railway Co_
480 Common
The Philadelphia Co. of West Virginia_ z20,000 Common
_
Beaver Valley Traction C o_____________ 21,500 Common
Six miscellaneous companies___________
1.352 Common
All of the above shares marked thus, x, are in the hands of the Maryland
Trust Co., trustee under the first mortgage, and collateral trust dated
March 1 1899. Those marked y (with the exception of 39,646 shares Con
solidated Traction common and 157 shares Consolidated Traction preferred
held in treasury of Philadelphia C o.), are held as security for the collateral
trust bonds of 1901, and these latter bonds are also a second lien on the
shares marked x.
* On Dec. 31 1924 the value of securities of other companies owned was
$69,198,810.
♦SECURITIES OUTSTANDING (AS OF A PRIL 1 1925.)
STOCK A N D BONDS—
Date. Interest.Outstanding.
LastDiv., &c
Stock com $48,650,900 ( $ 5 0 )- _ ____
_______ $46,443,000
See text
Pref stock $25,000,000 ($ 5 0 )1 ____
6 M -N
14,587,000 M ay’2 5 ,3%
6% cumulative__________ /
Pref stock 5% non-cum ($50)______
5 M-S
1,442,450 M ar’25,2 4
1st ref & coll tr M $100,000,-1 1919 6 g F-A
13.259.900 Feb 1 1944
000 ($100, $500 & $1,000 c*iGuaranty Trust C o., New York, trustee,
and $l,000r*) g Ser “ A ” -t f I
Phila Co 1st & coll tr M $6,-\ 1899 5 g M-S
2,282,000 Mar 1 1949
500.000 gold ($l,000)_c*.tf/M aryland Trust Co., Baltimore, trustee.
Phila Co con M & coll tr $20,-1 1901 5 g M -N
12,918,000 Nov 1 1951
_
379.000 g ($1,009)_ c*.tf/Continental Trust C o., Baltimore, trustee.
15-yr conv deb bds $10,000,- 1923 5 4 g M-S
9,970,000 Mar 1 1938
000 ($100, $500 & $1,000 c* (Chase National Bank, New York, trustee.
$1,090 & multipier*) g__tfj
Union Gas Co of McKeesport ( 1899 5 g
145,000 Oct 1 1929
first mortgage guar p & i-jUnion Trust Co., Pittsburgh, trustee,
gold sinking fund_________ [Interest at Mellon Nat. Bank, Pittsburgh.
* This table does not cover such properties as are separately reported
further on.
For increase in com. stock and purposes for which issued see “ Electric
Railway” Supplement of April 26 1924.
Com. stock has been listed
on the New York Stock Exchange since Oct. 1886, and is also listed on
the Phila. Exchange. See application to the N . Y . Stock Exchange in
V . 70, p. 1198, and also in “ Chronicle” of Feb. 22 1902. See also V. 116,
p. 1412. In March 1911 stock was listed on the Paris Bourse. V . 92,
p. 726.
On April 29 1912 shareholders voted to authorize $25,000,000 ($50) 6%
cum. pref. stock. Of the new stock $6,000,000 was for exchange of existing
pref. stock (upon basis of share for share and a cash payment to the co. of
$2 50 per share) and $10,000,000 for conversion of convertible debentures.
See financial plan in V. 94, p. 417, 488; also V. 94, p. 560. See also “ Elec
tric Railway” Supplement of April 26 1924. Listed on the New York
Stock Exchange.
Bonds.— The bonds of 1899 are listed on the Phila. and Pittsburgh Stock
Exchanges. Of the $20,379,000 bonds of 1901, $6,500,000 are reserved
to take up the $6,500,000 1st coll, trust bonds and $352,000 to acquire
pref. stock of Consol. Traction Co. In 1918 the Brunot Island property
which was under the lien of this mtge. was sold to the Duquesne Light C o.
and the proceeds ($4,000,000) deposited with the trustee of this issue.
$500,000 was used for additions to the property, and out o f the balance
$2,218,000 bonds of this issue had been acquired and retired up to Apr. 1
1925. They are free of Pennsylvania State tax. For security for the
bonds see V. 102, p. 801. Listed on Phila. Stock Exchange.
Under a plan dated Feb. 27 1917 (see V. 104, p. 953) sinking funds were
established beginning March 1 and M ay 1 1918, respectively, to retire and
cancel bonds by purchase or call, by applying thereto each year a sum equal
to 2% of the principal amount of such of the $6,500,000 outstanding
1st mtge. and coil, trust 5s due N ov. 1 1951 as agreed to the plan. Assent
ing bonds are stamped as subject to call as a whole or when drawn by
lot for the sinking fund at 107 4 and int. for the 1st mtge. and 102 4
and int. for the consols. $5,703,000 1st mtge. and coll. tr. 5s and $14,157.000 con. mtge. and coll. tr. 5% bonds were so stamped, but $3,824,000
1st M . and coll. tr. 5s and $2,230,000 consol. M . and coll. tr. 5s have been
cancelled through operation of the sinking funds, leaving $1,879,000 and
$11,927,000, respectively. Stamped bonds have been listed on the Phila.
Stock Exchange. In case the bonds are called as a whole, they may be
canceled or kept alive, as the co. may elect.
For security for the 1st & ref. coll. tr. M . bonds, see V. 108, p. 683.
Of the $100,000,000 auth. amount sufficient bonds are reserved to refund,
par for par, all underlying securities. Additional bonds may be issued
for 70% and 75% of the cost of additions, improvements, &c., under
certain restrictions. Ser. “ A ” limited to an issue of $25,000,000 6%
bonds, incl. the $16,000,000 outstanding and $9,000,000 add’l issuable
against the present properties. Ann. sink, fund of 3 cents per 1,000 cu. ft.
of gas sold, minimum 3% p. a. of total 1st ref. & coll. tr. mtge. bonds
issued, to be used for purchse or call and retirement of the bonds. Are
call, all or in part at 105 and int. during the 5 years end. Feb. 1 1927;
103 4 during next 5 years; 102 4 during next 5 years; 101 during next
6 years, and, 100 4 during last year prior to maturity, plus int. in each
case. Int. payable in N . Y ., Boston, Chicago and Pittsourgh. Free
from Penna. State tax. V. 113, p. 1888. Listed on N . Y . Stock Ex
change. V. 114, p. 1891.
The 15-year 5 4 % deb. bonds are conv. since March 1 1924 into noncallable 6% cum. pref. stock, par for par. The debs, are call, all or part
at any time on and after March 1 1924 on 30 days’ notice, at 102 4 and
int. during the 9 years to M a r ch ! 1933 and thereafter at 4 % less premium
each year to maturity. Int. payable in New York, Boston, Chicago and
Pittsburgh. Free of Penna. State tax. V . 116, p. 936.
DIVS.—
I ’95. ’96. ’97. ’98. ’99. ’00. ’01. ’02-’09. '10. ’ l l . ’ 12. ’ 13.
4 4H 5 5% 6% yly 7
7 04 7
Per cent______\ 5 None
The foregoing divs. are for the com. stock. The old 5% non-cum. pref
was created in 1899, and first semi-ann. payment of 2 4 % was made in Sept.
1899 and have been regularly continued since then. 1st div. on new 6%
cum. pref.— 3% — paid M ay 1 1913; same amount semi-ann. since to and
Incl. M ay 1925. On com. in 1914, Feb., 1%%', M ay, 1M %; Aug., 1 H % .
The N ov. div. was paid in scrip bearing int. at 7 % . The Feb. 15 1915
div. was also paid in scrip (V. 100, p. 141). Both series o f scrip were
called for payment on Feb. 1 1916 at par and int. V. 102. p. 345. In
M ay 1915 a cash div. of 1 4 % was paid; Aug., 1 4 % ; N ov., 1 4 % . In
May , 1925.]
1916, 6% % . In 1917. 7 % . In 1918, 6% . In 1919, 6 % . In 1920,
6 % . In 1921, 6 % . In 1922, 6 % . In 1923, Jan., 1 X % ; April, 1 H % ;
July, 2% ; Oct., 2 % . In 1924. Jan., 8 % . In 1925,Jan., 2% ; April, 2% .
REPO RT.— Report for 12 months ending Dec. 31 1924 in V . 120, p. 1580,
1775.
Income Account Year Ended Dec. 31 1924 (.Philadelphia Company Only.)
[Being a statement o f dividends, interest and rentals received during the
year from subsidiary companies, and miscellaneous income, together with
expenses, taxes and income charges.]
1924.
1923.
Dies. & Int. from Inv. Securities—
$1,308,260 $2,320,050
Natural gas cos_________________________
200,100
120,060
Oil company___________________________
2,145.956
2,793,560
Electric light and power company______
35.051
641,507
Street railway cos_______________________
192,463
146.388
Miscellaneous cos_______________________
298,441
364,247
Interest from other sources______________
3,819,007
2,732,190
Rents from lease o f gas properties______
1,304
3,040
Rents from lease o f other properties (net)
521
345
Miscellan eous__________________________
Total revenues.!_____________________________ $8,109,597
97,067
General administration expense_________________
64,633
Other general expense__________________________
251,110
Taxes__________________________________________
Depreciation___________________________________
$9,012,895
147,371
61,695
67,899
1,187.856
Gross income________________________________
Rent for lease o f gas properties_________________
Interest on funded debt_________________________
Interest on unfunded debt_____________________
Guaranteed div. on Cons. Gas Preferred stock_
_
Amortization o f debt discount & expense_______
$7,696,787
877
2,164,929
148,080
71,676
178,729
$7,548,074
877
2,120,358
155,247
71,707
184,857
Net income_________________________________
Previous surplus_______________________________
Additions to surplus____________________________
$5,132,496
13,606,498
315,224
$5,015,027
12,659.084
160,684
Gross surplus_______________________________ .$19,054,218 $17,834,795
946,658
946,692
Dividends on Preferred s t o c k .._________________
3,166,718
3,715,075
Dividends on Common stock___________________
105,721
244,985
Amortization o f debt discount & expense_______
9,200
Miscellaneous__________________________________
Surplus Dec. 31
$14,147,466 $13,606,498
Philadelphia Co. and Affiliated Operating Companies. Summary of Consolidated
Income fur the Year Ended Dec. 31 1924 (with lnler-Cumpany
Items Eliminated.)
Gross earnings from operations______________________________ $58,157,220
Operating expenses, maintenance, depreciation and taxes--------- 42.514.978
Net earnings______________________________________________ $15,642,242
796.060
Other income (net)_________________________________________
$16,439,302
Gross income.
Income Charges—
Rent for lease o f properties_________________________ $2,663,227
Interest on funded debt____________________________ 5,257,597
Interest on unfunded debt_________________________
101,146
Guar. div. on Consolidated Gas Co. of the city of
Pittsburgh preferred capital stock_______________
71,676
360,175
Amortization o f debt discount and expense________ M iscellaneous..___________________________________
336,760
$8,785,582
Total.
Net income for the year_____________________________________ $7,652,720
Appropriated for dividends:
Duquesne Light Co.— Preferred capital stock___ $1,219,167
Philadelphia Co.— Preferred capital stocks_______
946,693
Philadelphia Co.— Common capital stock________ 3,715,075
---------------- 5,880.934
Balance available for corporate purposes___________________ $1,771,785
OFFICERS.— James D. Callery. Chairman of the Board; A . W . Thom p
son, Pres.; James H. Reed, V .-P.; A . W . Robertson, V.-P.; C . S. Mitchell,
V.-P. & Comp.; C. J. Braun Jr., Treas.; W . B. Carson, Sec.: Alfred Hurlburt, Gen. Mgr. Office, 435 Sixth Ave., Pittsburgh, Pa.— V. 118, p. 208,
1013, 1136, 1521, 1660, 16,86, 2180. 2305; V. 119, p. 694, 2180; V. 120,
p. 829, 1205, 1328, 1680, 1748. 1775.
E L E C T R IC LIGH T AND POW ER.
DUQUESNE LIGHT CO.
Entire common and participating preferred stocks are owned by the
Philadelphia Co.
ORGAN IZATION .— Incorp. on Aug. 25 1903 under the laws of Penn
sylvania.
Owns the entire stock and bonds o f the Allegheny County Light Co., the
entire stock and bonds o f the Southern Heat, Light & Power C o., the Alle
gheny County Steam Heating Co. and $500,000 bonds (entire issue) of
the East End Electric Light Co. On Dec. 31 1912 leased for 50 years
the Allegheny County Light C o., which in turn leases the Southern Heat,
Light & Power Co. and Monongahela Light & Power Co. for 900 years
from Jan. 1 1902. On Jan. 1 1921 the co. acquired from the City of Pitts
burgh the North Side light plant at the price of $378,652. V . I l l , p. 2141.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
As of Dec. 31 1924 had a power station generating capacity o f 294,900 k. w.,
15,358.94 miles of distributing lines, 739.77 miles o f transmission lines, and
103.66 o f underground conduit, 205.463 customers; supplies 25,509 street
lamps. Output for 12 months ending Dec. 31 1924, 943,899,403 k.w.h.
Has contract extending to 1963 to supply all electricity used by the Pitts
burgh Railways. Also has contract with the city o f Pittsburgh for street
and other municipal lighting and power purposes. Franchise is perpetual.
City Lighting Contract.— On N ov. 19 1917 the Pittsburgh City Council
adopted an ordinance to authorize a contract with the company to furnish
light to 20 wards of the city for ten years, the contract being based on normal
prices for labor and supplies; contract has since been signed. See also
V. 114, p. 1185.
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
Common $25,000,000 ($100)-. _
Monthly $20,000,000 See text
1st pref $150,000,000 Ser “ A ”
7% cumulative_________________
7 Q-M
30,000,000 M a r'25,1 M
Partic (2d) pref $125,000,000
Series “ A ” 8% c u m u la tiv e -.____
8%
10,000,000 F e b ’25, 2%
First mtge & coll trust Ser “ A ”
$100,000,000______________ 1919
6 g J-J 1
31,718,500 July 1 1949
Series “ B ” _____________________
5)4 S J-J 10,000,000 July 1 1949
($500 & $1,000) g-c*&r*.tf_Bankers Tr. C o., N . Y ., trus. Int. in N . Y .
Bonds of Leased Companies—
Monongahela Lt & P 1st M / 1899 5 g J-D
$1,700,000 June 1 1949
$1,700,000 ($1,000) g old .tf JInt. at Mellon National Bank, Pittsburgh.
(Union Trust Co. o f Pittsburgh, trustee.
Stock.— The first pref. 7% stock. Series “ A ,” is callable, all or in part, at
$115 and divs. Exempt from Penna. 4 mills tax. $15,000,000 7% 1st
pref. was sold in Mar. 1923 by Lee, Higginson & C o ., Ladenburg, Thalmann
& Co. and Hayden, Stone & Co. at 103 and div., to yield 6.80%. V. 116,
p. 1056. In Oct. 1924 same bankers offered an additional $15,000,000 7%
1st pref. at 106 and divs., yielding 6.60%. V. 119, p. 1631. Listed on
New York Stock Exchange. V. 117, p. 898. Listed on Pittsburgh Stock
Exchange. V . 118, p. 316.
Bonds.— The 1st mtge. & coll, trust bonds are secured by a first mtge. on
all property owned in fee and by a first lien on the co .’s leasehold interests
and on certain bonds and virtually all the stocks o f its subsidiaries.
81
POWEK, LIGHT AND KAILW AY
Remaining bonds may be issued under certain conditions for purposes
enumerated in V. 109, p. 176. The mtge. provides for a maintenance
and depreciation fund of not less than 15% of the gross operating revenues
of the system. Registered bonds in the $1,000 denom. only. Both ser. ‘ ‘A
and ser. “ B " are red. on any int. date at 105 and int. Free Penn. 4-mills
tax. V. 109, p. 176; V. I l l , p. 298; V. 118, p. 1525. Listed on the N . Y .
Stock Exchange. V . 112, p. 474: V. 119, p. 460.
Dividends.— First div. on 7% pref. stock, 1 % % , paid M ay 1915; same rate
quar. since. First quar. div. on com., \ % % . paid March 31 1913; June
1913,
Sept., 1 i i % . From Oct. 1913 to and including August 1922
dividends of 7-12 of 1% were paid each month; Sept, to Dec. 1922 at the
rate of 5-6 of 1%; Jan. 1923 and thereafter to and including Sept. 1923 at
the rate of 2-3 of 1% monthly.
R E PO RT.— For years ending Dec. 31:
1924.
1923.
1922.
1921.
Operating revenues____ $20,339,750 $19,383,622 $16,928,746 $16,092,270
Operating expenses____ 11,727,372 11,933,202
9,869,966 9,555,238
T ax es_________________
1,026,592
659,941
459,553
774,594
Net earnings________ $7,585,785 $6,790,479 $6,599,227 $5,762,438
Net earnings other oper.
581,492
421.760
182,257
345,544
Other income__________
374,715
140,876
231,900
Grossincome................. $8,167,277 $7,586,955
Rentals, &c___________
226,480
241,202
Interest on funded debt.
2,295,246 2,279,577
Int. on unfunded d e b t ..
14,455
58,131
Amort.of debt disc.&exp.
118,216
128,320
Miscellaneous_________
______
______
$6,922,360 $6,339,882
243,280
265.498
2,272,754 1,816,034
16.758
31,855
156,435
193,029
488
488
Net income__________ $5,512,880
Previous surplus_______ 4,454,778
Miscellaneous credits_
_
181,523
$4,232,734 $4,032,977
5,089.674 3,030,413
19,984
151,571
$4,879,724
6,542,461
25,878
Total surplus..............$10,149,180 $11,448,064 $9,342,392 $7,214,962
Deduct—
395,503
373,882
Preferred dividends____ 2,219,167
1,362,498
1,549,210
Common divs. (cash)_
_
1,793,560
1,640,340
1,640,340
do
do
(stock)_ 1,774,000
11,733
Loss on fixed capital____
662.151
288,607
Rent of property_______
33,333
Pref. on pf. stk. red’m ’d
760,549
110
Prem. on bds. redeemed
663,829
Amort, debt disc. & exp.
728,652
Exp. in connection with
issue of pref. stock s..
207,500
1,403,285
168.732
Miscellaneous_________
126,416
90,224
145,527
Surplus Dec. 31______ $4,028,537 $4,454,778 $6,542,462 $5,089,674
OFFICERS.— Chairman of the Board, James D . Callery; Pres., A . W .
Thompson; V .-P ., J. H. Reed; V.-P. & Gen. M gr., Jamas M . Graves; Sec.,
W. B. Carson; Treas., C. J. Braun Jr.; Com p., C. S. Mitchell.— V. 115, p.
2586; V. 116, p. 182, 941, 1046, 1407, 1537, 2519. 2642; V. 117, p. 330, 673
898; V. 118, p. 316, 1017,1397, 1525; V. 119, p. 460,1069,1630,1739,1848
V. 120, p. 1202, 1580.
1
A R TIF IC IA L GAS.
CONSOLIDATED GAS CO. OF PITTSBURGH.
All the common stock and $208,100 o f the preferred stock owned by Phila
delphia Co. $1,053,000 o f the outstanding bonds are owned by the
Equitable Real Estate C o., a subsidiary of the Philadelphia Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
The Consolidated Gas Co. .nder a perpetual charter is the only gas
manufacturing company in the city of Pittsburgh and the exclusive right
to manufacture illuminating gas is vested in it. Yhis co. discontinued
operations in June 1919.
Exchange of Bonds for 6% Preferred Stock of Philadelphia Co.— See “ Elec
tric Railway” Supplement o f April 26 1924 for details.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $4,000,000 ($50).....................................
$4,000,000 _____ _____
Pref 4% cum $2,500,000 ( $ 5 0 ) ____
4 F-A
2.000.000 F eb '25. 2%
First mortgage $1,062,000] 1898
5 g F-A
See text Feb 1 1948
($1,000) gold__________ tf/M aryland Trust C o., Baltimore, trustee.
Interest on bonds is payable at Brown Bros. & C o., New York, and Alex.
Brown & Sons, Baltimore.
STREET RAILW AYS.
1. PITTSBURGH R AILW AYS CO.
Receivership Terminated.— On Jan. 30 1924 Federal Judge Thompson at
Pittsburgh signed a decree ordering a return of the properties o f the com
pany to the owners and lifting the receivership, which had been in effect
since April 23 1918. at midnight Jan. 31 1924. V . 118. p. 552. Compare
V. 118, p. 432; V. 117. p. 2139.
Proposed Reorganization Plan.— A plan for the reorganization o f the
system embodied in an agreement proposed to be executed by the City of
Pittsburgh, the Philadelphia Co. ana the Pittsburgh Rys. C o., was pre
sented to the Pittsburgh City Council July 25 1921. The plan contemplates
She reorganization of the co. or the formation of a new co. to take over all
its assets. The new co. would be limited to $62,500,000 in the issuance of
securities in substitution of securities now outstanding amounting to
1156,000.000. An annual return of 6% for 10 years is allowed on the new
capitalization, which Is the value o f the railways properties as fixed by the
P. 8. Comm, (see below under “ Valuation” ). The city is given a voice In
the control of the co. The proposed plan was printed and copies distributed
by the Municipal Law Dept, of the City of Pittsburgh. For full details of
plan see V. 113, p. 533, 731. Nineteen boards of trade, chiefly outlying
districts entered into a joint protest against the proposed plan, but it is un
derstood that no appeal will be made to the Superior Court. V. 114, p.1288.
V. 113, p. 1252. The above plan was approved by the Pittsburgh City
Council, with certain amendments (see V . 113. p. 2721), and signed by the
Mayor and A . W . Thompson, Pres, of the co., in Dec. 1921 (V. 113, p.
2721). On Feb, 14 1922 the Penna. P. 8. Comm, approved the plan.
V. Ii4 , p. 855. No details as to the actual basis of the proposed financial
readjustment are as yet available. V. 114, p. 1288. See also V. 115, p.870,
2268, 2378, 2686: V. 116, p. 1412, 2516; V. 117, p. 1018, 1664, 1778; V.
118, p. 1666;. V. 119, p. 1845.
Default— Subsequent Payments.— The company failed to pay the Jan. 1
1918 interest on the bonds o f a number o f subsidiaries and the directors of
the Philadelphia C o., which was already a creditor o f the Railways Co. for
4 large amount, refused to make it further loans. All the Jan. 1 1918
coupons, except on the United Traction 5s. were paid in March 1918.
V. 106, p. 930, 1232. Coupons on the United Trac. 5s have since been paid
from time to time. V. 113, p. 2722; V. 114, p. 80.
Holders o f $343,000 Pittsburgh & West End Passenger R y. 1st Mtge.
5s due July 1 1922 were asked to convert their holdings into West End
Traction gen. mtge. 5s, due Jan. 1 1938. For details see V. 115, p. 183.
Up to A pr./l 1925 $29,000 had been so converted, balance of $314,000 being
paid int. at the rate o f 5% . Compare V. 117, p. 1993.
The company as o f Apr. 1 1925 was in default in the payment o f the
following rentals due subsidiary companies:
Due Nov. 1 1920 to Nov. 1 1923. I Due April 1 1919 to Oct. 1 1923.
Consolidated Traction Co.
IMorningside Electric St. Ry.
Claims for Rentals.— See V. 115, p. 760.
Valuation.— In March 1918 the Public Service Commission appointed
« committee to ascertain the physical valuation of the c o .’s properties and
to recommend fare rates which will yield lt a fair return on its investment,
fn Aug. 1918, under orders from the P. S. Comm., the receivers ap
pointed a board of three (A. J. Kelly, Henry P. Haas and J, W . Cree) to
make the valuation. V. 107, p. 697. According to the report to the P. 8.
Comm, in Aug. 1919, physical value of the co. in the opinion of engineers
for the city is $48,000,000, and in the opinion of engineers for the co. either
$60,889,804 or $70,120,804. V. 109. p. 776, 1367. In March 1920 the
P. 8. Comm, fixed $62,500,000 as the value ot the co.’s property, this being
a compromise between the above mentioned valuations. V. 110, p. 1290.
The city, however, carried an appeal to the Superior Court of Penna., but
this was withdrawn by agreement.
ORGANIZATION.— This was formerly the Southern Traction C o., but
in accordance with the authority vested in it by the terms of its charter,
82
PUBLIC UTILITIES
the directors o f the Southern Traction Co. on Dec. 30 1901 voted to change
the name o f the company to the Pittsburgh Rys. Co. The Philadelphia
Co. had previously acquired all the stock, com. and pref., o f the Southern
Traction, in accordance with the terms in V . 73, p. 1112.
The Southern Traction Co. was chartered in i900 to take over, extend
and operate the West End Traction lines, which were purchased In Aug. 1900
tor $4,500,000.
Leases the Pittsburgh & Castle Shannon BR. for 99 years, rental belm
$15,000 per annum. See V. 81 p. 778.
The following stocks (being In each case the entire issue) are owned •
Schedule of Capital Stock Shares of Other Corporations Owned at Dec. 31 1924.
Shares
Shares
Issued.
Owned.
United Traction Co. o f Pittsburgh, common_____________340,000 340.000
60,000
Preferred____________________________________________ 58,999
50.000
West End Traction C o., preferred_____________________ 50,000
50.000
C om m on ____________________________________________ 50,000
50.000
Pittsburgh & Charleroi Street Railway C o., common___ 50,000
30.000
M t. Washington Street Railway C o., common__________ 30,000
20.000
Washington & Canonsburg Railway C o., common______ 20,000
5.000
East McKeesport Street Railway C o., common________ 5,000
5.000
5,000
Allegheny Bellevue & Perrysville R y. C o., common___
2.000
Ben Avon & Emsworth Street R y. C o., common----------- 2,000
1,590
Pittsburgh Canonsburg & Washington R y. C o., common. 1,590
600
Clairton Street R y. C o., common______________________
600
500
West Shore Electric Street R y. Co., common__________
500
480
480
Washington & Claysville Street R y. Co., common_______
400
Pittsb. Banksville & M t. Lebanon StreetRy. C o ., com m on
400
400
400
McKees Rocks & Ingram Street R y. C o., com m on:_____
300
Allenport & Roscoe Electric Street R y. Co., common___
300
300
McKees Rocks & Neville Island St. R y. C o., common-----300
200
Rosslyn Street Railway C o., common__________________
200
174
Bon Air Street Railway C o ., common___________________
174
168
Pine Run Street Railway C o., common_________________
168
160
M cKees Rocks & Allegheny Street Ru. C o., common___
160
120
Ambridge Dixmont & Emsworth Street R y. C o ., common.
120
120
120
Grafton & Chartiers Valley Traction C o., common______
120
Clairton & Blair Street Ru. C o., common_______________
120
120
120
Virginia Avenue Street R y. Co., c o m m o n ..____________
120
West Liberty & Suburban Street R y. C o., common______
120
210
Weills Place Co., common_____________________________
109.2
Consolidated Traction C o., preferred__________________
100 240.000
100
Carnegie Bridge Co., common_________________________
100
80
80
Cedar Avenue Street Ry. C o., common_________________
80
Superior Ave. & Shady Ave. Street R y. C o., common---80
24
Tustin Street Railway C o., common___________________
24
By the terms of an operating contract, effective Jan. 1 1902, the Pitts
burgh Rys. Co. assumed control o f all the properties o f the Consolidated
Trac. C o., the United Trac. Co. o f Pitts, and their underlying companies.
Operates jointly with the West Penn Rys. Co. a trolley freight service known
as the Consolidated Electric Freight. V. 119, p. 694.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
The Pittsburgh Railways Co. operates 592.06 miles of track in Pittsburgh
and outlying boroughs. Total cars, 1,583. In 1924 carried 272,315,161
revenue passengers. Has long-time contract with Duquesne Light Co. for
supply o f light and power.
Bus Operation.— See V. 119, p. 456.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $2,500,000 ($50)— ----------------- .. $2,500,000
2.500.000
Pref 5% cum $2,500,000 ($50)______
________
2.539.000
1953
Gen mtge $20,000,000 red at/ 1913
5 A-O
105 & int guar p & i _____t f (Guaranty Trust Co., New York, trustee.
Serial notes__________________ _____
6%
2,000,000 ---------------f 1913
6 M -S
22,000
See text
Car trusts $450,000 ($1,000)-(In t. at c o .’s office. Fidelity Title & Trust
tf f C o., Pittsburgh, trustee.
Car trusts $110,000 ($1,000). I 1916
5 A-O
11,000
See text
(Colonial Trust Co., Pitts., Pa., trustee.
Car trusts ($1,000) free o f P a/ 1924
6 g F-A
2,800,000
See text
4-mill tax gold_______ c* tf lint, at Un. Tr. Co., Pittsburgh, trustee.
Car trusts Ser. ‘B ’ ($1,000) g ./ 1925
6 g A-Q
1,200,000 See text
free o f Pa. 4-mill tax __c*tflIn t. at Un. Tr. Co., Pittsburgh, trustee.
Bonds.— Of the gen. mtge. bonds, $4,000,000 are to retire Southern Tracbonds and $13,461,000 (of which $3,461,000 in treasury) are for extens.betterments and improvements. V. 97, p. 444, 666. $1,968,000 are guar'
anteed, prin. & int., by Philadelphia Company.
Car trusts of 1913 mature Mar. 1 1914 to Sept. 1 1925, incl. $428,000
have been retired.
Car trusts o f 1916 mature $11,000 annually Apr. 1 1917 to 1926. $99,000
have been retired.
Car trusts o f 1924 mature $200,000 each Feb. 1 from 1925 to 1939 incl.
Prin. and int. payable at the office of trustee. In April 1924 $3,000,000
were offered by Union Trust Co. o f Pittsburgh and Brown Bros. &
Co. at prices yielding from 5.22% to 6% , according to maturity. V. 118,
p. 2042. $200 000 have been retired.
Car trusts Ser. “ B ” o f 1925 are due, $80,000 annually Apr. 15 1926 to
1940, incl. Prin. and int. payable at office o f trustee. $1,200,000 were
offered in April 1925 by The Union Trust C o., Pittsburgh at prices ranging
from 101 & int. to 101A & int., to yield from 4.95% to 4.85%, according
to maturity.— V . 120, p. 2013.
Guaranteed Bonds—
Date.
Interest. Outstanding.
Maturity.
West Liberty & Sub St 1st M /
1908 5 g J-J
$250,000 Jan 1 1938
$250,000 ($1,000) g _____tf\Int. at Colonial Trust Co., Pittsb., trustee.
Debt of Old Southern Trac. Co.—
So Trac 1st M coll trust gold/
1900 5 g A-O
4,000,000 Oct 1 1950
$4,000,000 ($1,000)_ c*tf\lnt. at Union Tr. Co., Pittsburgh, trustee.
_
West End Traction gen m tge/
1898 5 J-J
1,013,000 Jan 1 1938
$1,500,000 ____________ tf\Int. at Union Tr. C o., Pittsburgh, trustee.
Underlying loans of West End Traction—
Pittsburgh Crafton & M ans-/ 1894
5 J-J
173,000 July 1 1924
field 1st mtge__________ t flln t . at Pittsburgh Trust C o., Pittsburgh.
Pitts & West End 1st mtge__tf 1892 6 J-J
314,000
See text
Bonds.— The Southern Traction mortgage cannot be called before ma
turity. Philadelphia Co. owns $126,000. The Farmers’ Deposit NatBank of Pittsburgh offered the bonds for sale in Oct. 1900. See V. 71, p .864Of the portion o f the 5s of 1898 o f the West End Traction still unissued.
$487,000 are reserved to retire underlying bonds.
Bonds o f the West Liberty & Sub. St. are guaranteed by Pittsburgh Rys.
Co., are not subject to call and have no sinking fund.
At time of going to press we were advised that the $175,000 Pitts. Crafton
& Mansfield 1st mtge. 5s, due July 1 1924, would probably be ext. at 5% .
Pittsburgh & West End 1st mtge. 5s matured July 1 1922 but holders were
asked to convert same into West End Trac. gen. mtge. 5s due Jan. 1 1938.
Up to Apr. 1 1925 $29,000 had been converted and co. is paying int. on the
remaining $314,000 at the rate of 5% .
R E PO RT.— For year ended Dec. 31 1924:
[Prepared in accordance with the terms of the agreement between city
of Pittsburgh, sundry other municipalities, Philadelphia Co. and Pitts. Rys.]
Gross revenue from street railway operations--------------------------$22,063,777
Operating expenses— Maint. o f way and structures, $2,685,011;
maint. o f equipment, $2,513,962; traffic, $160,226; power,
$2,034,877; transportation, $7,440,744; general, $761,236;
miscellaneous, $1,764,847; taxes, $668,018; total---------------- 18,028,919
Net revenue from operations______________________________ $4,034,858
Revenue from auxiliary operations (net)____________________
56,750
Revenue from other operations (net)_______________________
317,934
Gross income_______________________________________________ $4,409,542
Income charges (a) Items under agreement:
Return of 6% on property valuation o f $62,500,000________ $3,750,000
Return o f 6% on additional capital of $5,000,000 for new
property________________________________________________
300,000
Payments to city o f Pittsburgh and other municipalities in
lieu o f licenses, paving assessments, &c_________________
331,019
(6) Items not under agreement:
Interest on judgments and settlements____________________
15,463
Rental of Seventeenth Street Incline Plane_________________
2,985
Net income for the year___________________________________
$10,075
OFFICERS.— Chairman of Board, J. D. Gallery; Pres., Arthur W .
Thompson; V .-P ., J. H. Reed; Gen. M gr., T . Fitzgerald; Sec., W . B. Car
[V ol. 120.
son; Treas., C. J. Braun, Jr.; Comptroller, C. S. Mitchell.— V. 118. p. 312.
432, 522, 1666. 2042, 2439; V. 119, p. 456, 694, 1845, 1953, 2763. V.
120, p. 1531, 2013
(a) MOUNT WASHINGTON STREET RY.
ORGANIZATION.— Incorp. in Penna. on Oct. 8 1901 and later absorbed
the Sycamore Street R y. Also owns the entire ($500,000) capital stock o f
the Mount Washington Tunnel C o. Stock of the M ount Washington Street
Ry. is owned by the Pittsburgh Rys. The road is leased to the Pittsburgh
Railways Co. for 995 years from April 1 1903 for all charges, incl. bond int.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
A trolley road. Operates 12.765 miles of track from Pittsburgh to Mount
Lebanon. Gauge, 5 ft. 2 A in.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
_________ $1,500,000 ____________
Stock $1,500,000 ($50)____________
1st mortgage and coll trust ( 1903
5 g A-O
1,500,000 April 1 1933
$1,500,000 gold ($1,000){Penn. Co. for Insurances on Lives & Grantguar prin & int_______ c * tf [ ing Annuities, Philadelphia, trustee.
Bonds are guaranteed prin. & int. by endorsement by the Philadelphia Co.
Int. payable in New York, Pittsburgh and Philadelphia. No sinking fund
and bonds cannot be called. The stock of the Tunnel Co. has been pledged
as collateral under this mortgage. See V. 76, p. 1143; V . 80, p. 222;
V. 108, p. 379.
(b) WASHINGTON & CANONSBURG RY.
Default and Subsequent Payment.— See Pittsburgh Railways above.
Stock all owned by Pittsburgh Rys.
ORGANIZATION.— Incorp. in Pa. on June 2 1902. Successor on June 2
1902 to Washington Elec. St. Ry. In Jan. 1909 Pitts. Rys. began operat
ing the property. Franchises perpetual. Leased in 1907 the Pitts. Canons
burg & Wash. St. Ry.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
A trolley road. Operates 16.64 miles in and between "Washington, Tylerdale and Canonsburg.
STOCK AND BONDS—
Date. Interest. Outstanding.Maturity.
Stock $1,000,000 ($50)____________
_________ $1,000,000 -----------------Wash Elec St Ry 1st M ________ 1897 5 g
125,000 Feb 11927
First
mortgage
$650,000/ 1902 5 g J-J
437,000 July 11932
g o ld _______________c&rtf_\Int. at Colonial Tr. Co., Pittsburgh, trustee.
Second mortgage $500,000/ 1913 5 J-D
185,000 Dec 11943
($1,000) red at 102 & int on{ Int. at office of company or at Colonial Trust
10 weeks’ notice________ tf / C o., Pittsburgh, trustee.
Bonds.— On 1st mtge. bonds a sinking fund of $5,000 per annum became
operative after 5 years; $88,000 have been canceled, $125,000 of the new
bonds are reserved to retire the bonds of the Washington Electric St. R y.
The 2d mtge. bonds outstanding are owned by Pittsburgh Rys. C o.—
V. 87, p. 348; V. 88, p. 626; V. 106, p. 88; Y. 116, p. 411.
(c) PITTSBURGH CANONSBURG & WASHINGTON RY.
Default and Subsequent Payment.— See Pittsburgh Railways above.
ORGANIZATION.— In 1907 was leased for 30 years to the Washington
& Canonsburg R y., which guarantees bonds, principal and interest.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
A trolley road. Operates 12.02 miles of track between Canonsburg and
Castle Shannon. 80-lb. rails
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock (1,590 shares, all owned by Pittsburgh Railway)
1st mtge $750,000 ($1,000)/ 1907 5 J-J
$750,000 July 11937
g o ld ___________________ tf{Safe Deposit Trust C o., Pittsburgh, trustee.
I Int. at company’s office, Pittsburgh.
Second mortgage $500,000/ 1913 5 J-D
89,000 Dec. 1 1943
($1,000); red at l02 & int{ln t. at office of co., Pittsburgh, or Safe
on 10 weeks’ notice______tf / Deposit & Trust C o., Pittsburgh, trustee.
Bonds.— 1st mtge. bonds are redeemable at 105 and int. on any int. date;
guar., p. & i., by Washington & Canonsburg R y. and Pittsburgh Rys.
Second mortgage bonds outstanding are owned by Pittsburgh Rys. C o.—
V. 106, p. 87, 1231; V. 108, p. 2630.
(d) OTHER CONTROLLED PROPERTIES.
Bonded Debt.— Under date o f Dec. 1 1913 the following named companies
controlled by the Pittsburgh R y. C o., as shown above, filed mortgages to
secure issues of 1st mtge. 5% gold bonds (int. J. & D .c*tf), due Dec. 1 1943
(par $1,000), but callable, all or part, at 102 and int. on 10 weeks’ notice.
The outstanding amount in each case is owned by the Pittsburgh Rys. Co.
Name of Company—
Total Auth. Total Issued.
Trustee.
Cedar Avenue Street R y. C o____$40,000 $39,000 Col. Tr. C o., Pittsb.
Bon Air Street Ry. C o_________ 100,000
45,000 Col. Tr. C o., Pittsb.
West Shore Elec. Street R y. Co-,100,000
85,000 Col. Tr. C o., Pittsb.
Superior Ave. & Shady Ave. St. Ry. 65,000 65,000 Col. Tr. C o., Pittsb.
Allenport & Roscoe Elec. St. Ry_500,000 127,000 Union T r. C o ., Pittsb.
(2) UNITED TRACTION CO. OF PITTSBURGH.
ORGANIZATION.— Incorp. on July 27 1896, and in June 1897 purchased
all the property and franchises of the Second Ave. and North Side traction
companies, and secured control of the Pittsburgh Allegheny & Manchester
through a lease for 950 years and the purchase of its stock. V. 65, p. 27.
The Federal St. & Pleasant Valley Pass. R y. is controlled through its lease
for 950 years to the North Side Traction. In 1902 leased the Pittsb. & Birm.
Trac. C o., East McKeesport St. R y. and the Pittsb. & Charleroi St. Ry.
In March 1899 the Philadelphia Co. offered to give $6,375,000 of its com.
stock in exchange for the $17,000,000 com. stock of the United Trac. See
V. 68, p. 479: In Oct. 1899 exchange o f stock under this plan was begun and
all shares have been acquired and are now owned by Pittsburgh Railways.
On Jan. 1 1902 the Pittsburgh Railways Co. took over this property,
and, under the terms of the operating contract, agrees to pay current divi
dends of 5% on the pref. stock. The agreement was until Jan. 1 1907 and
thereafter until terminated by three months’ notice from either party.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Controls 236.83 miles of track in all.
STOCK AND BONDS—
Date. Interest.
Outstanding Div. or Mat.
Com stock $17,000,000 ($50)----------J-J
*$17,000,000July’ 12,M %
Pref cum $3,000,000 ($50)___ _____
5 J-J
3,000,000
See text
United Trac gen mtge goldf 1897
5 g J-J
4,797,000 July 1 1997
$10,000,000 ($l,000)--c*tf(M aryland Trust C o., Baltimore, trustee.
I Interest is payable in New York City.
Pitts Alleg & M a n c h e s te r ..tf____
5
1,489,000 Oct. 1 1930
Second Ave Traction mtgel 1894 5 g J-D
2,020,000 Dec. 1 1934
gold ($1,000)________ c*tf/M aryland Trust C o., Balt., M d., trustee.
Interest at Brown Bros. & C o., N. Y ., or A . Brown & Sons, Baltimore.
2d Ave Traction Co m tg e .-tf 1893
5 J-J
392,000 July 1 1933
Loans payable Dec 31 1924_ _____
_
_________
1,585,671 __________
* All owned by Pittsburgh Railways Co.
The United Traction receives the entire earnings of the North Side
Pitts. A. & M . and Second Ave. traction companies, subject only to annual
charges of $259,800.
Dividends.— On preferred divs. at the rate o f 5% annudlly were paid to
July 1914. Jan. 1915 div. passed. V. 100, p. 55. None since. See re
marks above. On common, l % paid July 2 1903, and A % each 6 months
A
to and including Jan. 1912. In July 1912, fi % • None since.
Bonds.— The new United Trac. mtge. is limited to $10,000,000; bonds
cannot be redeemed before maturity; Maryland Trust Co. of Baltimore is
trustee. Of these bonds, $5,196,000 are reserved to retire the divisional bds.
above mentioned. Bonds are listed on Phila. and Balt. Stock Exchanges.
REPO RT.— Not now an operating company.
OFFICERS.— Pres., A . W . Thompson: V .-P ., J. H. Reed; Sec., W . B.
Carson; Treas., C. J. Braun Jr.; Comptroller, C. S. Mitchell. Office, Pitts
burgh, Pa. Financial agents, Alexander Brown & Sons, Baltimore, M d.—
V. I l l , p. 2141; V. 113, p. 2722; V. 114, p. 80, 1288, 1892.
LINES CONTROLLED B Y U N ITED TR AC TIO N CO. OF PITTSB.
(a) FEDERAL STREET & PLEASANT VALLEY RY.
Default and Subsequent Payment.— See Pittsburgh Railways above.
ORGANIZATION.— Incorp. Feb. 20 1868, and has since consolidated
its various subsidiary companies. The franchise is perpetual.
The North Side Traction Co. on July 20 1896 leased the Federal Street &
Pleasant Valley for 960 years, assuming its debt, and agreeing to pay as
rental all taxes, rentals. &c., and also $70,000 yearly in cash, payable
M a y , 1925.]
POWER, LIGHT AND RAILW AY
83
Jan. 15 and July 15, equal to 5% on the $1,400,000 stock, o f which it owns
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
$750,000. V. 63, p. 31, 76, 189.
Operates 8.27 miles.
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
STOCK, $250,000 ($50). 1st M . 5% gold bonds, $250,000 (tf) ($1,000).
A trolley road. Embraces 34.39 miles of track (including sidings) on about Dated Dec. 1 1899. Due Dec. 1 1929. Int. J. & D. at Fidelity Title &
17 miles o f street.
Trust C o., Pittsburgh, trustee.
The $88,000 5% bonds of the Federal Street & Pleasant Valley, due
(3) CONSOLIDATED TRACTION.
July 1 1919, were extended for 2 years at 6% , but had not been taken up
as of Oct. 1 1924, but interest was being paid at the rate o f 5% .
ORGANIZATION.— Chartered July 15 1895. The company absorbed
As of Oct. 1 1924 no arrangements had been made for the retirement or the Fort Pitt Traction C o. (a consolidation of Fort Pitt Pass. B y., Gross
extension o f the 4 issues of underlying bonds maturing N ov. 1 1920.
Street R y., Highland Park Street R y. and Negley Street R y .), and assumed
its leases of the Citizens’ and the Allegheny Traction companies, and has
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock (par $25) full paid______ _____
5 J-J
$1,400,000
See text acquired the control of the Pittsburgh, the Duquesne and the Central Trac
Consol mtge $1,250,000 gold! 1892
5 g J-J
1,087,000 M ay 1 1942 tion companies. In 1902 leased the Monongahela St. R y. and the Subur
($1,000) on 28 miles--C*tf (Int. at Fidelity Title & Tr. C o., Pittsburgh. ban Rapid Transit Street R y. Owns all stock of the Ardmore Street R y .
and guarantees its bonds, prin. and int. V. 88, p. 882.
Underlying Mortgages—
Federal St & Pleas Val mtge tf 1889
6 J-J
$83,000 July 1 1921
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Allegheny & Bell 1st mtge__tf 1890
5 J-J
15,000 N ov. 1 1920 A trolley road. Controls 224.21 miles of track in all.
Allegheny Street 1st m tg e .-tf 1890
5
27,000 N ov. 1 1920
On Dec. 4 1901 the stockholders of Philadelphia Company approved
Perry Street 1st mortgage_tf 1890
5 J-J
1,000 N ov. 1 1920 plan for absorbing the shares of the Consolidated Traction. See terms
5 J-J
37,000 N ov. 1 1920 in V. 73, p. 1112. 286,880 shares common and 233,117 shares preferred
Troy Hill 1st mortgage____tf 1890
Bonds.— The consolidated mortgage o f 1942 is for $1,250,000, of which have been so exchanged.
Interest Decision.— See V. 113, p. 847.
the balance unissued is in the hands of trustee to retire all the other issues;
mortgage trustee is the Fidelity Title & Trust C o., Pittsburgh. All the
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
above issues are guar., prin. & int., by United Traction C o.— V. 106, p. Common stock ($50)_________ _____
J-J
$15,000,000 July T2, 1 %
85, 929, 230.
Pref stock 6% cum ($50)__________
6 M -N
12,000,000 Nov '24, 3%
Car trust bonds $200,000 gold/ 1916 5 g A-O
20,000
Seetext
(b) PITTSBURGH & BIRMINGHAM TRACTION.
($1,000) Series “ C ” _ c*tf (Colonial Trust C o., Pittsburgh, trustee.
_
On Jan. 1 1902 leased for 999 years to the United Traction C o., which has Car trust bonds $800,00d gold/ 1916 5 g A-O
120,000
See text
($1,000) Series “ D ” _____t f (Union Trust C o., Pittsburgh, trustee.
agreed to pay all interest, taxes, &c., and also $150,000 annually as rental
Lease is guaranteed by the Philadelphia Co.
Car trust bonds $200,000 gold/ 1917 5 M -N
84,000
Seetext
($1,000) Series “ E ” _______ (Fidelity Title & Tr. C o., Pitts., Pa., trustee.
ORGANIZATION.— Incorp. Aug. 15 1889; N ov. 19 1889 leased P . & B.
1,000,000 Dec 2 1935
Passenger R y., including South Side Pass Ry. Co. Also leased and oper Fort Pitt Trac mtge $1,000,-/ 1895 5 g J-D
000 ($1,000) g not red .c*tf (Int. at Pittsburgh Tr. C o., Pittsb., trustee.
ated from Dec. 1891 Pittsburgh Incline Plane C o. and M t. Oliver Incline
_________
1,516,057 __________
Plane Co.; operated also Birm. Knoxville & Allentown Traction Co. In Notes payable Dec 31 1924_________
Aug. 1900 purchased the $400,000 capital stock o f the West Liberty Street
Stock.— The pref. stock carries cum. divs. of 6% per annum and has the
R y. and constructed a line to M t. Lebanon. V. 71, p. 343.
right to participate equally with the com. stock when that has received 6% .
All arrears of divs. were paid up in Jan. 1903. V . 46, p . 48. First div. of
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
1% on common paid Jan. 2 1903; then 1 % July 1905; 1904 to 1911 incl., 2%
A trolley road. Operates 30.44 miles o f track, laid with 90-lb. rails.
per annum. In 1912, Jan., 1% ; July, 1% .
STOCK AN D BONDS—
Dale. Interest.
Outstanding. Maturity.
Bonds.— The equipment trust certificates, Series " C ,” mature in ten
Stock ($50)__________________ _____
See text
$3,000,000
See text
1st M guar p & i by United/
1889 5 g M -N
1,500,000 N ov 1 1929 annual installments of $20,000 each from April 1 1917 to April 1 1926 incl.
$180,000 have been retired. They are secured by 50 cars costing $221,000.
Tr. Co ($1,000)_____ e+tf Fidelity Trust Co. o f Philadelphia, trustee.
The South Side Pass Ry 1st M /
1913 5 A-O
10,000 Oct 1 1953 Free from Penna. State tax. V. 102, p. 608. The Series “ D ” car trust bonds
mature $40,000 each 6 mos. from April 1 1917 to Oct. 1 1926 incl. $680,000
($1,000) not sub to call__tf\lnt. at Colonial Trust C o., Pitts., trustee.
have been retired. They are secured by 175 cars costing $900,000. The
Guaranteed Bonds—Birm Knox & A 1st mtge gold ( 1891 6 g M-S
500,000 Sept 11931 Series “ E ” car trust bonds are to be secured by 50 cars costing $225,000.
They mature in 11 annual paym’ts commencing Nov. 1 1918. $116,000retired.
interest guaranteed_______ (Fidelity Trust C o., Philadelphia, trustee.
The Fort Pitt Trac. bonds are seemed by the deposit of the shares of the
Brownsville Ave St Ry 1st M __
1896 5 F-A
300,000 Aug 1 1926
West Liberty St R y 1st m tg e ./
1900 5 g J-J
400,000 July 11930 constituent companies out of which the Fort Pitt Co. was formed, namely;
$300,000 Fort Pitt Pass. R y. stock, $100,000 Gross St. Ry. stock, $100,000
( Pittsburgh Trust C o., trustee.
ANNUAL R E PO RT.— N ot now an operating company.— V. 72, p. 776. Highland Park St. R y stock, $100,000 Negley St. R y. stock.
OFFICERS.— Pres., A . W . Thompson: V .-P ., J. H. Reed; Sec., W . B
LINES LEASED TO PITTSBU RGH & B IR M IN G H A M T R A C . CO. Carson; Treas., C . J. Braun Jr.; Com p., C . S. Mitchell.— V. 119, p. 2759'
(a) ARDMORE STREET RY.
MT. OLIVER INCLINE RY.
Owned, leased and operated by Pittsburgh & Birmingham Traction Co.
ORGAN IZATION .— Incorp. in Pennsylvania on Oct. 31 1907. Road
Stock, $100,000. Bonds, 1st M . 6s (cpt) M . & N ., due M ay 1 1954, $41,- mostly on private right-of-way. Franchises in boroughs are perpetual.
500. Red. at 105 and int. Colonial Trust C o., Pittsburgh, trustee.
Consolidated Traction owns all the stock and guarantees the bonds, princi
Default and Subsequent Payment.— See Pittsburgh Railways above.
pal and interest. V. 88, p. 881. Philadelphia Co. owns $26,000 bonds.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
PITTSBURGH INCLINE PLANE.
Operates 8.22 miles of track between Wilkinsburg and East Pittsburgh.
Leased for 999 years to Pittsburgh & Birmingham Traction Co. at rental
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
equal to interest on bonds and 10% on $150,000 stock, free o f tax; dividends
_________
See text __________
were 9% yearly for some time, balance being carried to surplus, but were Stock $14,000 ($50)__________ _____
First mortgage $1,250,000( 1908
5 g A-O
$1,032,000 April 1 1958
increased some time prior to Jan. 1 1902 to 10%. The $150,000 1st M . 6s
gold ($1,000)_________ c* tf/In t. at Colonial Trust C o., Pittsb., trustee.
due July 1 1919 and the $100,000 2d M . 6s have been purchased by the
Philadelphia Co.
Bonds.— Remaining bonds are reserved for extensions and betterments.
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.— No sinking fund, ut subject to call at 105 and interest.— V . 88, p. 881.
A trolley road. Road extends from Forty Hill, Pittsburgh, on Bradford
LINES CONTROLLED B Y CONSOLIDATED TR AC TIO N CO.
Street to Washington A ve., on top o f hill.
(a) ALLEGHENY TRACTION.
STOCK A N D BONDS—
Date.
Interest.
Outstanding. Maturity
Stock (par $100) full paid_____ _____
Q-F
$150,000
See text
ORGANIZATION.— Incorp. July 23 1890. April 1 1896 this eo. was
1st mtge ($1,000 e a c h )..c * tf. 1889
6 J-J
150.000 July 1 1919 leased to the Fort Pitt Traction Co. for 950 years at a rental of $25,000 per
Second mortgage____________ _____
6%
100.000 ....... ..... annum. Lease assumed by Consol. Traction Co.
— V. 106, p. 87; V. 108, p . 2529.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Including Mill vale Etna & Sharpsburg, 21.755 miles of road.
(c) PITTSBURGH & CHARLEROI STREET RY.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Stock owned by Pittsburgh Rys.
____
5%
$500,000
See text
ORGANIZATION.— Incorp. April 19 1902 and took over the Charleroi Stock $500,000 (par $ 5 0 ).-Guaranteed Bonds—
& West Side R y.; is leased to the United Traction C o. for 900 years from
5gM
M ay 15 1902. Rental is $1,000 per year. Bonds are guaranteed prin. and Millvale Etna & Sharpsburg) 1893 Pittsb. -N C o., 741,000 N ov. 1 1923
1st mtge $750,000____g .t f/ln t . at
Tr.
Pittsburgh, trustee.
int. by the United Traction Co. and the Philadelphia Co.
Dividends.— The semi-annual
of
was
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.— passed, the proceeds being useddividend off 214% , due June 1 1901,1902,
to pay
the floating debt. In
A trolley road. Operates a road between Pittsburgh and Allenport, by
way o f Castle Shannon, Finleyville, MoDongahela City and Charleroi, a 414%; 1903 to 1920 incl., 5% per annum.
distance o f 50.268 miles. Completed in Sept. 1903.
(b) CENTRAL TRACTION.
The $55,000 1st M . 5s o f the Charleroi & West Side R y ., due Sept. 1
Default and Subsequent Payment.— See Pittsburgh Railways above.
1919, were extended for 2 years at 6% , and again to Sept. 1 1922, but had
Lease.— Incorp. Dec. 21 1888. Leased from April 2 1896 to the Consoli
not yet been taken up as o f Apr. 1 1925, although int. at the rate o f 6% per dated Trac. Co. for 950 years at 3% per ann. on par value of $1,5#0,000
annum was being paid regularly.
stock (see V . 61, p. 1154): and in M ay 1896 stockholders were offered privi
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
lege o f exchanging their stock for receipts, which were redeemed at $30 per
Stock $2,500,000 ($50)_______ _____
_________ $2,500,000 ____________ share on Oct. 1 1896 in Consol. Trac. Co. pref. stock at par. 29,173 shares Of
Charleroi & West Side 1st M . t f ___
6%
55,000 Sept 1 1922 Cent. Trac. stock (out of 30,000) have been so exchanged. V. 62, p. 1087
Pitts & Charleroi 1st M $2,-/ 1902
5 g M -N
2,427.000 M ay 1 1932
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
500,000 gold ($1,000)_c*tf lin t, at Union Trust C o., Pittsburgh, trustee.
Pitts & Charleroi 2d M $1,- 1913
5 J-D
522,000 Dec I 1943 9.27 miles of track, of which it controlled by ownership of capital stock
000,000 ($1,000) red at 102]Int. at company’s office or Union Trust C o., Central Passenger R y. 334 miles. 1st Mtge. 6s due Oct. 1 1924 were not
The $125,000 Central Pass. Ry.
& int. on 10 weeks’ notice tf I Pittsburgh, trustee.
Bonds.— Of the Pittsb. & Charleroi 1st M . bonds, $55,000 is reserved to retired at maturity. See V. 119, p. 1845, under caption “ Pittsburgh Rys.
retire a like amount o f Charleroi & West Side bonds. See V . 74, p. 1039. C o.”
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Second mtge. bonds outstanding are owned by Pittsburgh Rys. Co.— V. 74,
Stock ($50) see text__________ _____
3% A-O (30,000 shs.l
See
p. 1039, 1090; V. 76, p. 752.
(30 paid up J
text
(d) ALLEGHENY BELLEVUE & PERRYSVILLE RY.
1st mtge $350,000 cable line) 1889
5 J-J
$325,500 July 1 1929
ORGANIZATION.— Incorp. in Pa. on Feb. 8 1900. Entire stock is
$500__________________ ntfjInterest at Union Trust C o., Pittsburgh.
owned by the Pittsburgh Rys. Is leased to the United Traction Co. for
Bonds of Central Passenger Ry. Controlled—
995 years from Mar. 1 1905 at a rental o f 10% on the stock.
1st mortgage $250,000 ($1,-) 1894
6 A-O
125,000 Oct. 1 1924
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
000)__________________ ntfjlnterest at Union Trust C o., Pittsburgh.
Operates 16.688 miles o f track from Allegheny via Westview to Bellevue.
Dividends.— Feb. 1 1892, $2 50 in stock; in 1896, Feb., 2% in cash; in
Gauge, 5 ft. 2 fi in.
.1898, N ov., 114% in cash; in 1899 and since, 3% per year.— V. 62, p. 948,
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
1087.
Stock $250,000 ($50)_________ _____
10%
$250,000
See text
(c) CITIZENS’ TRACTION.
1st mtge $500,000 gold guar / 1905
5 g A-O
500,000 April 1 1935
($1,000) _____________ ctf )Pa. Co. for Ins. on L. & G. A ., Phil., trustee.
ORGANIZATION.— Incorp. July 6 1887. On Sept. 1 1887 purchased
Bonds.— Are guaranteed, prin. & int., by Phil. Co. Interest is payable the entire capital stock ($200,000) of the Citizens’ Passenger R y., which
at company’s office or by Brown Bros. & Co., N . Y ., and Phlla. No sink it now holds. Also owns stock of Aspinwall Street R y.
ing fund and bonds are not subject to call.
Lease.— Leased from N ov. 1 1895 to Fort Pitt Traction Co. (now Consol.
(e) BEN AVON & EMSWORTH STREET RY.
Traction) for 950 years at 6% per annum on $3,000,000 capital stock. In
ORGAN IZATION .— Incorp. in Pa. on June 17 1903. Entire stock s addition the lessee agreed to pay a floating debt o f $175,000 and at maturity
owned by Pittsburgh Rys. Is leased to United Trac. Co of Pittsburgh for mortgage debt. V. 61, p. 661.
995 years from April 1 1906 at 5% on stock.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
FIE LD OF OPERATIONS A N D C H ARACTER OF BUSINESS.— A trolley road. Owns 37.8 miles o f track on 15 miles of street.
The
June
Operates 5.3332 miles o f track from Avalon to Dixmont. Gauge, 5 ft. 2)4 retired $250,000 Penn. St. Pass. R y. 1st M . 5s, due April 1 1922, were not
at maturity and had not been retired up to
1 1925.
in.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50) fully paid------------ -------6 M -N
$3,000,000f.p. See text
Stock $100,000 ($50)_______________
A-O
$100,000
See text
1887
5
686,000 Oct. 11927
1st mortgage $300,000 gold f 1906
5g
300,000 April 1 1930 1st mtge ($1,000) not subject) id . Title A-O
to call--------------------------- tf/F
& Tr. C o., Pittsburgh, trustee.
guar___________________ tf]Fidelity Title & Trust C o., Pittsb., trustee.
Bonds of Lines Whose Stocks Are Owned—
I Interest at company’s office.
y 1st mtge____ 1892 5 J-D
250,000 June 1
2d M $100,000 ($1,000) subj f 1913
5 J-D
79,000 Dec 1 1943 Penn St Pass Rdividends payable at Union Nat. Bank, Pittsburgh, 1922
Interest and
Pa.
to call at 102 and int on 10 /Int. at c o .’s office or Fidelity Title & Trust
V. 106, p. 818.
weeks’ notice___________ tf ( C o., Pittsburgh, Pa., trustee.
(d) DUQUESNE TRACTION.
Bonds.— 1st M . bonds are guaranteed, prin. and int., by the Philadelphia
Default and Subsequent Payment.— See Pittsburgh Railways above.
C o. 2d M . bonds outstanding are owned by Pittsburgh Rys.
Lease.— Incorp. Jan. 25 1890. Leased from April 2 1896 to the Consoli
dated Traction for 950 years at 4% on the $3,000,000 stock, but divs. for a
(f) e a s t McK e e s p o r t s t r e e t r a i l w a y .
year and a half were withheld for payment of floating debt of $180,000. In
Entire stock is owned by Pittsburgh Railways.
M ay 1896 stockholders were allowed to exchange their stock for receipts,
ORGAN IZATION .— Incorp. in Pa. on June 26 1899. Is leased to redeemed Oct. 1 1896 at $37 per share in 6% pref. stock of Consol. Trac. Co.
United Traction Co. o f Pittsburgh for 900 years from Jan. 1 1902.
at par. 52,635 shares out of 60,000 have been so exchanged. See V .62,p .1087*
84
[Vol. 120.
PUBLIC UTILITIES
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.A trolley road. At time o f lease in 1896 controlled II companies having a
present 37.1995 miles o f road.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50) fully paid_______ . 1 -----Text
$3,000,000
See text
_.
(D iv. payable at Fidel. Tit. & Tr. C o., Pitts.
First mortgage-------------- c * t f/ 1890
5 J-J
1,368,000 July
1930
(Fidelity Title & Trust C o., Pitts., trustee.
Dividends were 5% (J.-J.), but in 1893 and 1894 none paid; in 1895, 4% ;
to 1896, none; in 1898, 3% ; in 1899 and since, 4% yearly. — V. 62, p. 948.
1087, V . 106, p. 85, 1230.
(e) FORT PITT TRACTION.
See Consolidated Traction Co.
(f) MONONGAHELA STREET RY.
ORGAN IZATION .— On M ay 26 1898 absorbed by consolidation the
Schenley Park & Highland, Homestead & Highlands, Braddock & Home
stead and the Braddock & Duquesne.
In Dec. 1901 the Monongahela Street R y., the Wilkinsburg & East Pitts
burgh Street R y., the Wilkinsburg & Verona Street Ry. and the Pitcairn &
Wilmerding Street B y. (construction o f latter 2 roads completed during the
year 1903-04) were merged in the Monongahela Street Ry. and stock was in
creased from $1,000,000 to $7,000,000. See V. 73, p. 1112. On Jan. 1 1902
the Monongahela St. R y. was leased for 999 years to the Consol. Trac. Co.
for int., taxes, &c., and an annual rental beginning with $165,000 the first
year and increasing $18,750 each year until $315,000 is reached. Lease is
guar, by Philadelphia Co. First div. under lease (2%) was paid in July 1904.
See V. 7 9 , p . 269. In 1905, Jan., 1 K % ; July, 1 3-5% ; in 1906, 3.26%; in
1907, 3 H % ; 1908, 3.86%: 1909, 4.12% ; 1910, 4.37%; 1911 & since. 4 K % .
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns 70.4 miles o f track, including branches; 90-lb. rails.
Default and Subsequent Payment on Pitcairn
Wilmerding 5s.— See Pitts
burgh Rys. and United Traction C o. above.
STOCK & BONDS—
Miles. Date. Interest. Outstand'g.
Maturity.
See text
Stock $7,000,000-------------- . . ____See text $7,000,000
Mon St Ry 1st mortgage/ 17
1898 5 g J-D
998,000 June 1 1928
$1,000,000 gold------- tf\Union Trust C o., Pittsburgh, trustee.
Wilk & E P mtge $2,000.-1
OOOg ($1,000) gucr _&tf /
1899 5 g M-S
1,991,000 Sept. 1 1929
Wilk & Ver mtge $700,-\
1901 5 g J-D
620,000 June 1 1931
OOOg ($1,000 _ c& rtf/
_
Pitc & Wil mtge $700 ,-\ . .
1901 5 g J-J
588,000 July 1 1931
000 g ($1.000).-.c & r tf/
Bonds.— The Union Trust Co. o f Pittsburgh is trustee o f all mortgages
and interest is payable at Mellon National Bank. The Wilks. & Ver. bonds
are guaranteed, prin. & int., by Wilk. & E. Pitts. St. Ry. Co., Monongahela
St. Ry. C o., Consol. Traction Co. and Phila. Co. of Pittsburgh.
R E PO RT.— Not now an operating company.
OFFICERS.— Pres., W . L. Mellon; V .-P ., A. W . Mellon; Treas., W. 8
Mitchell.— V. 72, p. 776; V. 79, p. 269, 627, 735.
(g) PITTSBURGH TRACTION.
ORGAN IZATION .— Incorporated April 30 1887.
LEASE.— Leased from April 2 1896 to the Consolidated Traction for 950
years at 7% on the $2,500,000 stock (see V. 61, p. 1154) but I K years
dividends were used to pay floating debt of $250,000. The full 7% is now
being paid. In M ay 1896 stockholders were offered receipts for their stock,
which were redeemed at $70 per share on Oct. 1 1896 in preferred stock of
Consol. Traction Co.; 49,500 shares out o f 50.000 have been so exchanged.
See V. 62, p. 948. Pittsburgh Traction owns the $250,000 capital stock
o f Bloomfield Street Ry. and guarantees the bonds.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Owns 18.51 miles o f track.
The $250,000 Bloomington St. Ry. 1st mtge. 5s due Aug. 1 1923 had not
been retired up to Oct. 1 1924.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $2,500,000 ($50)_______ _____
7 A-O 31 $38persh.pd.in.Seetext
1st mtge 5s------- ----------- c* tf j 1887
5 A-O
$686,000 Oct 1 1927
(Fidelity Title & Trust Co., Pittsb., trustee.
Guaranteed Bonds—
Bloomfield Street Ry 1st! 1893
5 F-A
250,000 Aug 1 1923
cur__________________ c*tf/Interest at Pittsburgh Trust C o., trustee.
Stock.— Issued 50,000 shares, on which $38 each has been paid.
Dividends.— At company’s office, Pittsburgh. Dividends in 1895 6%
In 1896, none—see above; in 1898, 5 K % ; in 1899 and since, 7%.'— V. 119,
p. 2763.
(h) SUBURBAN RAPID TRANSIT STREET RY.
ORGAN IZATION .— Was leased on Jan. 1 1902 to Consolidated Traction
Co. for 900 years at an annual rental o f $56,000, as well as paying all
charges, including interest and taxes.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates 11.88 miles of track on 6 miles o f street.
STOCK A N D BONDS— Date.
Interest. Outstanding.
daturity.
Stock $1,400,000___________ ______
J-J
$1,400,000
See text
First mortgage $200,000 g f 1913
6 g M -S
200,000 Sept 1 1953
($1,000)_______________ctf-jlnt. at Farmers’ Dep. Nat Bank, Pittsb.,
( Colonial Trust C o., Pittsburgh, trustee.
Dividends.— In 1903, 4% ; in 1904, Jan., 2 % ; July, I K %; since, 4% p. a.
(i) M ORNINGSIDE ELECTRIC STREET R Y.
O R GAN IZATION .— Incorporated in Pennsylvania on July 14 1904.
Entire stock is owned by Philadelphia Co. Is leased to the Consolidated
Traction Co. for 995 years from Sept. 30 1905 at a rental of 5% on stock
and interest on bonds.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 3.31 miles of track. Gauge, 5 ft. 2K in.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
daturity.
Stock $24,000 ($50)_______________
5 A-O
$24,000
See text
1st mortgage $200,000 gold f 1905
5 g A-O
200,000 Oct 1 1935
($1,000) guar prin and int-jInt. at office o f Brown Bros. & C o., Phila.
by Phila C o__________ c* tf [Pa. Co. for Ins. on Live & G. A ., Phila., trus.
— V. 107, p. 2188.
(4) SEVENTEENTH STREET INCLINE PLANE CO.
ORGANIZATION.— Is a reorganization on Dec. 28 1904 o f the Penn.
Incline Plane Co. Entire stock is owned by the Philadelphia C o. Was
operated by the Pittsburgh Rys. Co. up to ’ Jan. 16 1918, then operated
separately up to Aug. 1924 when property was leased to Pittsburgh Railway
Cos., it has been separately operated.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $250,000 ($50)--------------------------- ---------$250,000 __________
1st mtge $125,000 ($1,000) ( 1905
5 cur M-S
120,000 Mar 11935
guar-------------------------- c * tf/ln t. at Colonial Tr. Co., Pittsburgh, trustee.
Bonds.— No sinking fund, and bonds are not subject to call. Are guaran
teed. prin. & int., by the Philadelphia Co.
EARNINGS.— For year end Dec. 31 1924, gross, $24,322; net after
taxes, $2,857; other income, $1,729; int., &c., $4,243; bal., surp., $344.
OFFICERS.— Pres., A. W . Thompson; V.-Ps., J. H. Reed and W . B.
Carson; Sec., E. W . Washabaugh; Treas., C. J. Braun Jr.; Comptroller.
C. S. Mitchell.
(5) BEAVER VALLEY TRACTION.
In July 1905 entire stock was acquired by the Philadelphia Co. of Pitts
burgh. V. 81. p. 506.
ORGANIZATION.— Incorporated in Pennsylvania in perpetuity June 29
1891 and owns entire stock of Beaver Valley St. Ry. and of Central Electric
St. Ry. Co., purchased Aug. 8 1891. operating them as one road under
999-year lease. Charter and franchise perpetual.
In 1900 stock was increased from $300,000 to $1,000,000 and then pur
chased the stock and property of the People’s Electric Street R y . of Roches
ter, the College & Grandview Electric Street R y., the Rochester & Monaca
Electric St. Ry. and the Beaver & Vanport Electric St. Ry.; also owns en
tire capital stock of Riverview Electric St. Ry. Co., the Freedom & Conway
Electric St. Ry. Co. and the Vanport Electric St. Ry. C o., none of which
has any separate bond issue. In Jan. 1902 authority was given to in
crease stock from $1,000,000 to $1,500,000.
Consolidation.— The Penna. P. S. Comm, in March 1922 approved the
sale of the corporate powers, franchises and property of the following street
railway cos. to the Beaver Valley Traction Co. under a consolidation of trac
tion interests; People’s Electric, General Electric, Beaver Valley St. R y..
Rochester & Monaca Electric, Freedom & Conway Electric, Riverview Elec
tric, College & Grandview Electric, Beaver & Vanport Electric and Vanport
Elec. St. Ry. We are officially informed that the consolidation into Beaver
Valley Trac. Co. of a number of subsidiary street railway cos. is merely legal
consummation of a step which has been in practical effect for a considerable
time. It entails no change in operating methods or accounting. V. 114,
p. 1285.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates 47.17 miles of track, connecting the various towns and
boroughs in the Beaver Valley from Morado Park southerly, via Beaver
Falls, to Beaver and Vanport, and to Rochester and Conway. Laid with
90-lb. and 73-lb. girder rails. Owns 43 passenger cars and 10 miscellaneous
cars. Also operates buses.
STOCK AND BONDS—
Date.
Interest. Outstanding. daturity.
_______
$1,075,000 __________
Stock $1,500,000 (par $50)________
First con mortgage (closed) f 1900
5 g A-O
675,000 Oct 1 1950
gold-------------------------- c * tf jln t. at Pa. Co. for Ins. on Lives & Granting
( Annuities, Philadelphia, trustee.
General mortgage $3,000,0001 1903
5 g M -N
957,000 Nov 1 1953
($1,000) gold_________ c * tf/In t. at Northern Trust C o., Phila., trustee.
Car trust bonds gold $72,000( 1917
5 J-J
24,090
See text
($1,000)--------------------------- /Fidelity Title & Tr. C o., Pittsburgh, trustee.
Bonds.— Of the gen. mtge. bonds, $675,000 are reserved for prior liens
and the remainder for extens. and impts. at 75% of cost. See V. 77, p. 2158.
$232,000 owned by Phila. Co. Both issues redeemable at 110 and int.
The car trust bonds mature $6,000 each Jan. 1 to 1929 and are secured
by 12 motor cars. $48,000 retired.
EARNINGS.— For year ending Dec. 31 1924 (including Pittsburgh &
Beaver Street Ry. C o.), gross, $648,765; net, after taxes, $167,615; other
income, $1,622: interest, rents, &c., $159,780; discount on securities sold,
$1,304; balance, surplus, $8,153.
OFFICERS.— Pres., A. W . Thompson; V.-Ps., W . B. Carson and E. EHamilton; Sec., E. W . Washabaugh; Treas., C. J. Braun Jr.; Compt., C. 8M itchell— V. 109, p. 675; V. 112, p. 1143, 1616, 2413; V. 114, p. 1285,
2239; V. 116, p. 2992; V. 117. p. 552; V. 118, p. 2571; V. 119, p. 2875.
(6) PITTSBURGH & BEAVER STREET RY. CO.
ORGANIZATION.— Incorp. in Penna. Jan. 23 1908.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
A trolley road. Operates 14.98 miles in and between Baden, Beaver County
and Leetsdale, Allegheny County, Pa. Franchises perpetual.— V. 117, p.
1018, 1664,
C A PITALIZATION .— Capital stock $235,000 ($50 par) all owned by
Philadelphia Co. Bonds authorized, first mortgage gold, $1,500,000,
issued, $750,000. all owned by the Philadelphia Co.; dated July 1 1908;
due July 1 1958 (tf). Int. 5% , payable Jan. & July at company’s office.
Pitts. Union Tr. C o. of Pitts., trustee. Are guar. p. & i., by Phila. Co.
(7) CLAIRTON STREET RAILWAY CO.
ORGANIZATION.— Incorp. in Pennsylvania M ay 5 1904.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Operates one mile of track in the Borough of Clairton, Allegheny County.
C A PITALIZATION .— Capital stock $30,000 ($50) all owned by Pitts
burgh Railways Co.
t
A M E R IC A N W A T E R W O R K S & E L E C T R IC C O ., IN C .
ORGANIZATION, &c.— Incorp. in Va. April 27 1914 (per plan in
V. 98, p. 914, 1074) , as successor of the American Water Works & Guarantee
Co. V. 101, p. 372, 769; V . 105, p. 1519; V. 107, p. 1477.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Properties owned or controlled: (a) Water-works supplying cities and
towns in U. S.; (b) West Penn Co.; (c) 26,000 acres o f land in Sacramento
Valley. V. 107, p. 1477.
The company owns stocks in other companies as follows:
We have been identified with the financing of
W ater Companies
controlled by
A
We invite inquiries concerning
American Water Works
& Electric Co., Inc.
W orks
& Electric Co ., Inc.
m e r ic a n
W
ater
and Subsidiaries
As specialists in the underlying bonds
of these companies we invite inquiry.
D
A
P.W. CHAPMAN & COJNC
42 Cedar Street
N EW YORK
116 So. La Salle Street
C H IC A G O
o m in ic k
&
D
o m in ic k
Members New York Stock Exchange
115 Broadway
New York
-----1ncorporated--------- Cap. Stock Issued— Owned l
A .W . W.i
Where.
When.
E. Co.. Inc.
Ajax Farms Corp__N. Y . M ay 4 1915 Common
$50,000
$50,000
Amer. Construct. &
1,000,000 1 , 000,000
Securities C o_____Del. Feb. 10 1913 Common
56,000
56,000
Arkansaw W at. C o.A rk. N ov. 29 1880{Preferred
{Common
1,549,400 1,549,400
Birmingham Water
/Preferred
1,190,100
1,829,700 1,829,700
Works C o_______ Ala. Feb. 13 1885\Common
235.200
Butler Water C o____Pa. N ov. 2 1877 f Preferred
[Common
421,500
421,500
City Water Co.
/Preferred
838.200
(Chattanooga)..Tenn. Apr. 16 1869[Common
1,740,300 1,740,300
321,000
Clinton W . W . Co__Del. N ov. 6 1906 Common
321.000
Commonw’lth W at.
J2d pref.
240.000
500.000
& Light C o______ N . J. Mar. 19 1904\Common
500.000
277.000
277.000
Connellsville W . Co__Pa. M ar. 21 1883 Common
Bast St. Louis & In17% pref.
596,100
terurban Wat. Co..111. Aug. 15 1916lCommon
4,750,000 4,750,000
Huntington Water
227.000
227.000
Corp____________ Del. M ay 24 1917 Common
800.000
800.000
Joplin W .W . C o___ M o. Feb. 6 1893 Common
Keystone Power &_____
{Preferred
1,352,100
44,085 shs. 44,085 shs.
Light C o________ Del. Dec. 22 1922 [Common
150.000
Kokomo Wat. Wks.
[8% pref.
--------105,800
Co...................... __Ind. M ay 30 1887{7% 2d pref
105,800
Common
200,000
200.000
Preferred
50.000
60,000
Common
1,000 shs. 1,000 shs.
Preferred
617.000
617.000
Common
3,319.900 3,319,900
James Mills Hold
50.000
50.000
ing C o_________ N . Y . M ay 20 1915 Common
45.000
45.000
Mingo Jet. Wat. G o -.O . June 24 1898 Common
5,000
5.000
Missouri Sew. C o_ Del. Oct. 15 1912 Common
_
15.000
15.000
Monongahela Valley
{Preferred
250.000
250.000
Water C o______ Pa. Oct. 25 18971Common
x225
4,621,821
a Monon. West Penn
/Preferred
8,279,661 x8,024,488
Pub. Serv. C o .W . Va. M ay 17 1912 [Common
249,900
MuncieWater Wks.
{Preferred
281.000
281,000
Co______________ Ind. Mar. 24 18851Common
2,203,200
539,200
Potomac Edison Co.
/Preferred
2,275.450 2,275,450
& Sub. C o s_____ M d. Dec. 31 1923/Common
3.250.000 3,250,000
St. Joseph Wat. C o .M o . Dec. 9 1879 Common
250,000
34,450
South Pittsburgh
{Preferred
2.750.000 2,056,700
Water C o________ Pa. July 15 1904 [Common
22 124 700 4.668,500
a West Penn C o_.W . Va. July 11 191 l/Pxeferred
[Common 225.000 sh. 163,441 sh.
9.047,800
281,800
a West Penn Rys C o.P a. M ay 23 1917 {Preferred
10 ,000,000
*
[Common
2.272.000 2,272,000
Wichita Water C o ..D e l. Dec. 27 1911 Common
*A11 owned by West Penn Co. x Owned by West Penn Monongahela
C o., practically the entire stock of which is owned by West Penn Co. a See
separate statement below.
Co-operative agreements for mutual exchange o f power, V. 118, p. 1395
On N ov. 21 1924 the stockholders approved a change in the par value of
common stock from $100 to $20, the issuance of 5 new shares for 1 old and
an increase in the auth. common stock from $10,000,000 to $50,000,000.
V. 119, p. 2408. Compare V. 119, p. 1846, 1956.
Retirement o f partic. pref. stock contemplated, V. 120, p. 700.
Interest. Outstanding
Maturity
STOCK AND BONDS—
Date.
.$10,000,000 M ay’25,1 A
Common $50,000,000 ($20)lst pref. 7% cum. $10,000,000
7 Q-F 15
9,050,000 M ay ’25 1:
($ 100) --------- ---------------------------6% partic. pref. $10,000,000
10,000,000 Feb. ’25 1 A
($100)__________________________
See text
13,265,400 Apr. 1 1934
Coll. tro. $20,000,000 ($100,11914
5 g A-O
&c) gold____________ _x*tf {Bankers Trust C o., N . Y ., trustee.
Bonds of subsidiary cos. in hands o f public Dec. 31 1924, $133,404,315.
Stock.— 1st pref. stock is red. at 110. The 6% partic. pref. stock is
entitled to share with the com stock in any divs. over 6% declared n
any year on both. Redeemable at 105. Both com. and pref. listed on
New York Stock Exchange.
Bonds.— Of the coll. tr. 5s in addition to amount outstanding, $604,800
are in treasury and $2,744,900 purchased and pledged with trustee. Call
at 102 A .
Dividends.— The accumulated dividends having been discharged (com
pare V. 106, p. 50), 1 % % was paid quarterly Aug. 25 1917 to Nov. 15 1924
on the 7% cum. 1st pref. stock. On 6% partic. pref. stock paid initial
div. o f 1% on M ay 15 1923’ same amount paid quarterly to Feb. 15 1924
on M ay 15, Aug. 15, Nov. 15 1924 and May 15 1925, paid 1)4% quar. An
initial div. o f 1 )4 % was paid on com. on Feb. 16 1924. V . 120, p. 451. In
May 1925, 114% was paid.
R E PO RT.— For 1924, in V. 120, p. 1873, showed:
Consolidated Income Account (Including Subsidiaries).
Calendar Years—
1924.
1923.
1922.
Gross operating earnings___________ $38,355,679 $36,380,326 $25,254,499
Oper. exp., taxes and maintenance-. 20,859,862 20,059,908 14,085,480
Federal taxes....... ..................................
708,838
754,276
447,581
(
Gross income_______________ $16,786,979
$15,566,142 $10,721,439
Interest and amortizationo f discount $8,211,449 $7,175,179 $5,728,678
Preferred dividends of subsidiaries___ 2,947,769
2,184,357 1,300,867
Minority interest______________
441,404
695,653
409,766
2,575,919
2,186,941 1,541,116
Depreciation________________ ___ _
Net in c o m e ...........................
$2,610,437
Previous surplus___________________ 5,452,437
Other credits______________________
79,685
$3,324,012 $1,741,012
4,058,332
3,341,180
79,700
79,685
Total surplus...................
$8,142,559 $7,462,044 $5,161,877
Deduct—
Credits to savings fund______________
$79,685
$79,685
$79,685
Disc. & exp. on sale o f railway stocks
178,664
351,990
528,406
Special appropriation for depreciation
830,000
925,000
175,000
Sundry adjustments________________ Cr.27,981
165,751
128,285
Applicable to minority interest______Cr.201,656 Cr.398,719 Cr.224,798
Divs. paid Am. W . W . & Elec. Co.—
First preferred stock______________
633,500
585,900
416,967
Participating preferred___________
550,000
300,000
---------
pref. stock in exchange therefor, share for share. V. 117, p. 1237, 2111.
Up to D ec. 31 1924, 64,917 shares had been issued in exchange for West
Penn Rys. 6% preferred.
Outstanding Last Div.
STOCKS AND BONDS—
Date. Div.Paid.
_______
225,000sha See text
----------Common 500,000 shs (no p a r ) . -----7 Q-F15 x$22,124,700 _ See text
Pref7 % cum$50,000,000 ($ 1 0 0 )___
3-year 'debentures $2,500[000 [ 1922
6 g J - D 15 2,439,600 June 151925
($500 & $1,000) gold-_c*tf (Equitable Trust C o., N Y .. Trustee.
Buckhannon L. & W . Co. lst\ 1906
6 g J-D
81,500 Dec. 1 1926
M $100,000 ($500)_ c .tf/In t. at Security Trust Co. of Wheeling, tr.
_
The company has also an obligation of $776,637 50, consisting of purchase
certificates representing deferred installments on purchase o f minority inter
est in com. stock of West Penn Monongahela C o. These certificates were
issued under indenture dated as of June 30 1923 to the Equitable Trust Co.
of New York as trustee, and bear interest at the rate of 5% per annum,
nayable semi-annually J. & J. 15. The stock was purchased at a price o f
$5 per share, of which $2 50 has been paid in cash and the remaining $2 50
in serial certificates payable $1 25 on the 15th days o f July 1925 and 1926.
Stock.— The 7% cum. pref. is subject to redemption in whole or in part
upon 30 days’ notice at $115 per share plus accrued dividends, and in the
event of liquidation, is entitled to par and accrued dividends in preference
to com. stock. It has no voting power except that in case four quarterly
dividends are in default it shall have equal voting power, share for share,
with the com. stock until the defaulted dividends have been paid. No
additional pref. stock may be issued unless the consolidated surplus net
earnings of the co. and its sub. cos. applicable to divs. for 12 consecutive
months within the 15 calendar months immediately preceding issuance,
shall have been at least twice the div. requirements on the pref. stock then
outstanding and that proposed to be issued. In Feb. 1925 Dominick &
Dominick offered $1,500,000 7% pref. at 96M to yield 7.25% . Both com .,
and pref. shares are listed on New York Stock Exchange. V. 117, p. 441.
Debentures— The 3-year debentures are redeemable, all or in part, on 30
days’ notice at 101 and int. Sinking fund to retire $100,000 of debentures
annually if purchasable at or below par, provided for, any unexpended
portion to revert to the company. Debentures so purchased to be cancelled.
Int. on debentures is payable at the office or agency of the company in
New York or at the agency of the company in Chicago. Penna. 4 mills
tax refunded.
The Buckhannon Light & Water Co. 1st Mtge. 6% bonds are call, on
4 weeks notice at the principal amount and accrued interest.
Dividends.-—
Dividends on the pref. stock are being paid regularly (Q.-F.
15). On com. quarterly divs. of $1 each were paid during 1924.
EARNINGS.—-Report of The West Penn Co. for years ending Dec. 31
(including subsidiaries):
1921.
1922.
1924.
1923.
Calendar Years—
Gross earnings_____
.$24,081,801 $23,230,740 $17,323,089 $14,189,777
8,571,542
Operating expenses..
9,736,651
. 13,561,371 13,066,819
Depreciation______
1,092,334
1,000,000
. 1,723,205- 1,469,013
Ordinary & Federal taxes
673,136
. 1,403,882
1,029,060
1,408,426
$7,286,481
1,094,666
$5,465,045
638,216
$3,945,100
566,158
$8,781,478 $8,381,147
. $4,676,637 $4,125,333
Divs. accr. on pref. stock
3
of subsidiaries in hands
1,262,430
of public____________ . 1,308,458
Income of subs, applied
10,153
20,426
to minority interest-_
Divs. on preferred stock . 1,325,939
481.063
.($4)900,000 ($2)450,000
$6,103,261
$3,377,843
$4,5H,258
$2,438,561
946,875
608,188
35,456
483,282
y808,282
. $7,393,343
. 1.388,134
Balance, surplus_____
$560,292 $2,041,894 $1,259,805
$656,226
x Excluding interest charged to improvement account, $534,224 in 1924,
$388,273 in 1923, $115,083 in 1922 and $227,151 in 1921. y These divi
dends on the preferred stock include: (a) Four regular quarterly dividends
of 1)5% paid during the year out of surplus and net profits; (6) three divi
dends of 1 M % each upon 65,000 shares of the 6% cumul. pref. stock which
were outstanding Mar. 16 1914 on account of unpaid dividends accumulated
upon said shares, aggregating at the beginning of the year 16)4% .
OFFICERS.— Pres. A. M. Lynn: V.-P.. O. P. Billings; V.-P. & Sec..
R. B. Keating; Compt., J. W . Glendening; Treas. & Asst. Sec., O. O.
McBride; Asst. Sec., W . K. Dunbar and G. E. Murrie; Asst. Treas., C. F.
Kalp, R. C. Lightcap and W . K. Dunbar; Gen. Aud., M . W . Glover,
Pittsburgh.— V. 117, p. 1994, 2111, 2214, 2324; V. 118, p. 86, 204. 312,
1775, 2181, 2574; V. 119, p. 812, 1511, 1954; V . 120, p. 707 1749, 2014.
W E S T PEN N R A I L W A Y S C O .
All of outstanding com. stock is owned by The West Penn Co.
ORGANIZATION.— A consolidation on M ay 23 1917 of the old West
Penn Railways Co. with the Brownsville Street Ry. C o., Greensburg &
Southern Electric St. R y. C o., Latrobe St. Ry. C o., Lntrobe Hecla St. Ry
C o., Masontown-Morgantown St. R y. C o., Pittsburgh McKeesport &
Connellsville R y. C o., Uniontown Radial St. R y. C o., West Penn Interurban Ry. Co., West Penn Traction C o., McKeesport & Irwin Ry. Co.,
Pittsburgh McKeesport & Greensburg R y. C o., and White Electric Traction
Co. (for terms of consolidation see V. 104, p. 1704). Owns all of the
outstanding capital stock of the Allegheny Valley St. R y. C o., Pittsburgh
& Allegheny Valley Trac. C o., Oakdale & McDonald St. R y. Co., Kittan
ning & Leechburg Rys. C o., Pan Handle Trac. C o., Steubenville Wellsburg
& Weirton Ry. C o., The Steubenville R y. C o., Wheeling Trac. C o., The
Brooke Electric Co., West Virginia & Maryland Power C o., and West
Virginia Power & Transmission Co.; also $11,100,000 of the $14,100,000
com. stock of West Penn Power Co. In addition, the West Penn Rys. Co.
controls indirectly through subsidiaries Allegheny Valley Light C o., Alle
gheny Pittsburgh Coal C o., The West Maryland Power C o., The Wheeling
& Western Ry. Co., The Bellair e-Southwestern Traction C o., The Steuben
ville & Wheeling Trac. C o., The Steubenville-Mingo & Ohio Valley Trac.
Co., Wheeling Bridge Co. and The Steubenville Bridge Co.
We invite inquiries concerning
Profit and loss surplus_________ $6,100,348 $5,452,436 $4,058,323
OFFICERS.— Pres., H. Hobart Porter: V.-Ps., J. H. Purdy, W . S.
Finlay Jr., and W . R . Voorhis; Treas., Philip L. Ross; Sec. & Asst. Treas.,
W. K . Dunoar; Asst. Sec. & Asst. Treas., E . S Thompson: Asst Sec
T. B. Davis; Comp., A. A . Adams. Office, 50 Broad St., New York.—
V. 119, p. 2408,2527,2644,2758; V. 120, p . 451,700, 954,1873, 2144.
T H E W E S T PENN
The W est Penn Co.
West Penn Power Co.
CO.
O RGAN IZATION .— Controlled by American Water Works & Electric
C o.. Inc. Incorp. in W . Va. July 11 1911, as Black River Water & Power
Co. The name was changed to West Penn Traction & Water Power Co.
April 20 1912 and to The West Penn Co. June 21 1922. Owns all o f the
outstanding com. capital stock ($17,091,700) of the West Penn Rys. Co.,
$3,000,000 o f the $14,100,000 com. stock of West Penn Power C o., and all
o f the outstanding pref. stock ($2,369,000 par value) and as of Dec 31 1924
(964,330) o f the 968,832 outstanding com. shares without nominal or par
value o f the West Penn Monongahela Co. Consolidation of all electric
light and power companies o f the West Penn system within the States of
W . Va., Ohio and Maryland into one company. See V. 120, p. 707.
On July 9 1923 the stockholders approved and ratified a plan which
enlarged the corporate powers and purposes o f the co. and increased Its
auth. capital to $50,000,000 o f pref. stock (par $100) and 500.000 shares
of common stock, no par value. The pref. to consist o f 419.453 shares
($100 par) new 7% cum. pref. and 80,547 shares o f 6% cum. pref. then
outstanding. Holders o f the outstanding 6% cum. pref. were given the
right to exchange their stock par for par for the new 7 % cum. pref. Holders
orold common were asked to exchange their stock share for share for new
common stock o f no par value. V . 117, p. 209. All but 5 shares of 6%
pref. stock has been exchanged. In Sept. 1923 the company offered holders
o f the 6% cum. pref. stock of the West Penn Rys. Co. its own 7% cum.
85
POWER, LIGHT AND RAILW AY
M ay , 1925.]
D
o m in ic k
&
D
o m in ic k
Members New York Stock Exchange
115 Broadway
New York
86
PUBLIC UTILITIES
Of the companies listed above, Pittsburgh & Allegheny Valley Trac. C o..
Oakdale & McDonald St. fty. Co. and Kittanning & Leechburg Rys. Co.
are leased to and operated in the name o f the West Penn Rys. Co.; and
Pan Handle Trac. Co.. Steubenville Wellsburg & Weirton R y .O o .. The
Steubenville & Wheeling Trac. Co. and The Steubenv'lle R y. Co. are
leased to and operated by the Wheeling Trac. Co.
In 1917 the rights and properties theretofore owned and controlled bj
Hydro-Electric Co. o f W. Va , incl. the partially developed water powei
project at State Line on the Cheat River were taken over and are now
owned by the West Virginia Power & Transmission Co. Construction
work at Cheat Haven has been resumed and will be completed by 1927.
Franchises are largely perpetual. Practically all track outside of munici
palities is on private right-of-way.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
The physical property owned by the West Penn Railways Co. and sub
sidiary co. (exclusive o f the West Penn Power Co.) includes 338.71 miles of
track (measured as single track), 5 ft. 2)4 in. and 4 ft. 8)4 iu- gauge. 281
motor passenger cars, 46 work cars, 17 express and freight cars, 11 sweeper
and 7 other cars. Power station at Connellsville (leased to West Penn
Power C o.), and Wheeling, W . Va. (leased to The Brooke Electric C o.),
112.97 miles o f 25,000 volt transmission lines (of which 7.60 miles are leased
to the West Penn Power C o.), 3.31 miles of 33,000 volt lines and 73.69
miles of 66,000 volt transmission lines, exclusive of low tension distribution
lines in cities and towns; and 18 substations having a transformer capacity
o 131,550 k. w.
Exchange Offer to Holders of Pref. Slock.— In Sept. 1923 The West Penn
Co. offered holders of the c o .’s 6% cum. pref. stock the privilege of exchang
ing same share for share for The West Penn Co. 7% cum. pref. V. 117. p.
1018, 2111. Up to Dec. 31 1924, 64,917 shares had been so exchanged.
See also V. 119, p. 326.
In April 1924 issued $3,500,000 3-yr. 634 % debentures, proceeds being
used to reimburse co. for add’ns, inpts., &c., and for other corp. purposes.
V. 118, p. 1775.
Interest. Outstanding.
Maturity.
STOCK AND BONDS— Date.
_______ $17,091,700 -------------- Common $20,000,000 ( $ 1 0 0 ) - - ___
Q— M 15 3,497,200 M ar.’25,134
Pref 6% cum $10,000,000($100)____
6)4 g A-O 3,500,000 Apr 1 1927
3-yr. deb. $3,500,000 ($100,1 1924
$500 & $1,000) gold__ c*tf/In t. payable in N . Y., Chicago & Pittsburgh.
[Vtol . 120.
$90,000 Oakdale & McDonald bonds owned by West Penn Rys. C o., in
addition to amount reported outstanding. Are guaranteed prin. & int.
by West Penn Rys. Interest is payable at agency of company in New
York City.
$10,000 Alleghany Valley Street R y. 1st M . bonds (not included in
amount outstanding) are held in treasury of Allegheny Valley St .R y., are
secured by a pledge of entire capital stock of Allegheny Valley Light Co.
$12,000 Versailles Traction 1st 6s are owned by West Penn Railways.
Panhandle Traction first mtge. bonds are subject to call on any interest
date ar par and interest on 30 days’ notice.
The equipment notes of 1919 are due serially $10,000 per annum each
Oct. 1 to 1929. Are secured by 9 passenger cars. $50,000 have been
retired. The 8% equipment trust certificates are due $10,000 semi
annually. $30,000 have been retired.
Dividends.— Dividends on pref. stock are cumulative. Initial dividend
paid Sept. 15 1917. Paid regularly quar. since to and incl. M ar. 1924.
EARNINGS.— For years end. Dec. 31 (incl. sub. cos.):
Calendar Years—
1924.
1923.
1922.
1921.
Gross oper. earnings____ $18,646,895 $18,059,445 $15,029,132 $14,189,777
Oper. exp. & maint_____ 10,600,113 10,158,721
8,437,079
8,571,364
Taxes (incl. F ed eral)... 1,034,409
1,053,262
860,567
656,185
Depletion & deprec_____ 1,569,344
1,409,717
1,075,000
1,000,000
0636,360 0564,031
Miscellaneous income___ Crl,426,270 01,052,438
Total income_________ $6,869,299 $6,490,183
Int. & amort, of d is c t ...
3,243,852 2,806,935
Div. accr. on pref. stk. of
West Penn Pr. Co. in
hands of public______
740,100
517,746
Inc. appl. to com. stk. of
W . P. Pr. Co. owned.
505,182
278,882
$5,292,846 $4,526,258
2,755,604 2,403,379
359,291
203.253
______
______
Old
Net avail, for divs. on
stock of West Penn
Rys. C o__________ $2,380,164 $2,886,620 $2,177,951
$1,919,626
OFFICERS.— Pres., A . M . Lynn; V .-P. & Sec., R . B. Keating; V .-P .,
H. L. Mitchell; Comp., J. W . Glendening; Treas. & Asst. Sec., C. C. M c
Bride; Asst. Treas., C. F. Kalp, R . C. Lightcap and W . K . Dunbar; Asst.
Sec., G. E. Murrie and W . K. Dunbar; Gen. Aud., M . W . Glover.— V. 115,
p. 2048; V. 116, p. 723: V. 117, p. 1018, 2111; V. 118, p. 1775, 2306; V.
119, p. 326, 1066; V. 120, p. 1749.
First equipment trust certifs-1921 8%
140,000' See text.
Preferred Stock.— After 1918 no dividend can be paid on the common stock
unless in addition to payment o f the pref. stock dividends in full, there has
been reserved annually an amount equal to 3% on the then outstanding
pref. stock. No additional pref. stock can be issued at any time unless
the earnings applicable to pref. divs. are twice the annual requirements
therefor, including the proposed issue. Stock is prefererd as to assets and
dividends and is callable at 105. Pref. stock is listed on the Louisville and
Pittsburgh exchanges.
Debentures.— The 3-year 634 % debentures are red. all or in part on 30
days’ notice at 101 & int. to April 1 1925, at 100 l & int. to Oct. 1 1925,
A
and thereafter at par & int. Int. payable at office of Halsey, Stuart & Co.,
Inc., in Chicago, at The Union Trust Co. o f Pittsburgh, and at the agency
o f the co. in N. Y . City. Co. agrees to reimburse holders if requested
within 60 days after payment for Conn, personal property tax not exceeding
4 mills, the Maryland securities tax not exceeding 4 )4 mills, the District of
Columbia personal property tax not exceeding 5 mills per dollar per annum,
and for the Massachusetts income tax on int. not exceeding 6% of such
int. per annum. Are also free o f Pennsylvania 4-mills tax. V. 118, p. 1775.
Bonds.— Of the West Penn Traction Co. 1st mtge. bonds, $9,175,000 are
reserved to retire the bonds of constituent companies and balance for exten
sions and betterments at 90% of cost. As additional security all the out
standing collateral trust bonds o f 1910 o f West Penn Railways and other
securities owned are deposited under the mortgage. Through this deposit
these bonds are secured on the properties of the subsidiary companies, sub
ject to the outstanding underlying issues. $591,500 are held in treasury and
$6,620,000 re-deposited under the mortgage at 80% o f face value. The
bonds are not subject to call. Tax-exempt in Pennsylvania. See descrip
tion o f bonds and property in V. 92, p. 597.
The West Penn Railways Co. first mortgage bonds of 1905 are not subject
to call. Listed on Philadelphia, Louisville, Pittsburgh and Baltimore
Stock Exchanges.
.
Pittsburgh McKeesport & Greensburg first 5s not subject to call. Total
outstanding $1,500,000, o f which $1,127,000 owned by West Penn Rys.
$500,000 P. M cK . & O. first consols are reserved for extensions and
improvements, and $88,000 to retire Versailles Traction Co. bonds.
The Connellsville Sub. bonds were guaranteed principal and interest by
the (.old) West Penn Rys. Co., and are callable at 105 and int. on 30 days
notice. Tax-free in Pennsylvania.
(a) WHEELING T RACTION CO.
On Oct. 1 1912 control was acquired by the West Penn Traction Co. (now
West Penn Railways), which now owns all of the outstanding stock.
ORGANIZATION.— Incorp. Oct. 1900 in West Virginia. Owns entire
capital stock of and operates The Bellaire-Southwestern Traction Co. and
the Wheeling & Western R y. Co. Owns entire capital stock of and operates
under lease the Steubenville & Wheeling Traction Co.; also operates under
lease Steubenville Wellsburgh & Weirton R y. Co. and the Steubenville R y.
Co. and Panhandle Traction Co. Controls Wheeling Bridge Co.
FIE LD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns or controls and operates (incl. leased lines) 104.08 miles of track
in Wheeling and suburbs, extending to Barton, Shadyside, Rayland
and Wellsburg, Moundsville, Bellaire and Martin’s Ferry.
Also has
lino from Steubenville to Brilliant. Gauge, standard and 5 ft. 2)4 in.
Power station at Wheeling leased to The Brooke Electric Co.
STOCK AND BONDS— Date.
Interest. Outstanding. LastDiv., &c
Stock $2,500,000 ($100)___________
_______
$2,336,300
See text
Wheeling Traction 1st mtgef
1901 5 g J-J
2,500,000 Jan 1 1931
$2,500,000 ($1,000, $500)) Int. at Cleveland Trust C o ., Cleveland, trus.
__ctf [ and at Nat. Bank of Commerce, N. Y.
gold.
30-year gold 5s $10,000,000)
1913 5 J-J
170,000 Jan 1 1943
c& r/Int. at Colonial Trust C o., Pittsburgh, trus.
■Wheeling Bridge Co $200,000/
1921 7 g J-J 1
200,000 Jan 1 1931
1st M callable at 105-c*.tf 11nt. at Dollar Sav. & Tr. C o., Wheeling, trus.
Wheeling Bridge collat notes/ 1921
8% F-A
90,000 Feb 1 1926
8% callable at 101____c .tflln t . at Dollar Sav. & Tr. C o., Wheel’g, trus.
182,000 M ay 1 1926
Wheeling & Western R y Co f 1906
5 g M -N
1st M 5s $500,000 ($1,000)-jlnt. at Dollar Sav. & Tr. Co., Wheel’g, trus.
redeemable at 102_ c* .n tf I Guar., p. & i., by Wheeling Traction Co.
_
Bellaire Sw Trac Co 1st mtge f 1906
5 g M -N
_ 50,000_Nov 1 1926
$500,000 ($1,000)___ r&c*-jlnt. at Dollar Sav. & Tr. Co., Wheel’g, trus.
Redeemable at 102 and int. i Guar. p. & i. by Wheeling Traction Co.
Steub & Wheel Trac 1st mtgef 1905
5 g M -N
496,000 M ay 1 1935
$650,000 gu g($l,000)c*ntf\lnt. at Dollar Sav. & Tr. C o., Wheeling,trus.
First equip tr of 1924 ($250,-) 1924
6 A-O
237,000
See text
000 ($1,000)____________ c /D iv . at Dallas S. & Tr. C o., Wheeling,W.Va
Bonds.— First mtge. bonds are red. on any int. day at 105 and interest
upon 30 days’ notice. V. 95, p. 619.
The 30-year gold 5% bonds are for retiring 1st M . bonds of Wheeling
Trac. C o., Bellaire Sw. Trac. C o., Wheeling & Western R y. C o., Panhandle
Trac. C o., Steub. & Wheeling Trac. C o., and for extensions and better
ments. Red. at 105 and accrued int. at any int. period. V. 96, p. 1491.
The $170,000 outstanding are all owned by the West Penn Rys. Co.*
The Wheeling Bridge 8% coll.("notes are secured by $15,000 Wheeling
Bridge Co. bonds in sinking fund.
$53,000 of Wheeling & Western bonds, $15,000 of Bellaire-Southwestern
bonds, $3,000 Steub. & Wheeling Trac. Co. bonds, and $265,400 stock of
Wheeling Bridge Co. owned by Wheeling Traction Co. (not incl. in amount
reported outstanding).
Of the $650,000 Steub. & Wheel. Trac. 1st Mtge. bonds, $117,000 are
reserved for prior liens, $37,000 (not incl. in amount outstanding) owned
by Wheeling Traction Co. Are subject to call at 102 and int. They are
guar., prin. & int., by Wheeling Trac. Co.
First equipment trust notes were issued in 20 series, A to T , of $13,000
and $12,000, alternately, maturing Series A April 1 1925, Series B Oct. 1
1925, the remaining series consecutively on April and Oct. 1 of each year
to and incl. Oct. 1 1934. Are callable on any div. date on four weeks’
notice at 100 and div. Secured by 21 double truck, sem-steel motor
passenger cars.— V. 113, p. 2407: V , 114, p. 199; V, 115, p. 2048, 2795:
V. 119, p. 812,
W P Tract 1st M $25,000,0001 1910
5 g J-D
5,251,500 June 1 1960
gold ($1,000 & $500)--C*tf Jlnt. at Equitable Trust Co., N . Y., Trustee.
W P R y s 1st M $6,000,0001
1905 5 g A-O
5,667,000 Jan 11931
($500 & $ 1,000)_____ c *tf l In t. at Equitable T r. Co., N . Y .. Trustee
P McK & O 1st con mtgef
1901 5 J-J
2,912,000 Jan 1 193)
$3,500,000 ($1,000) gold-.-I Interest at Colonial Trust Co.. Pittsburgh.
Cannot be called______ ctf 1 Trustee.
Pitts McK & Greensburg 1st) 1901
5 g J-J 1
373,000 July 1 1931
Mtge $1,500,000 ($1,000)[Interest at Harrisburg Trust Co., Harrisgold _________________ ctfl burg. Pa., Trustee.
Con Sub St Ry mtge $175,-/ 1902 5 g J-J
175.000 Jan 1 19?2
000 guar p. & i ______ c tf\In t. at Colonial Trust C o.,Pittsb., Trustie.
K itt& Ford C 1st M $50,000/
1898 6 J-D
27,500 Dec 1 19V8
gold ( $ 5 0 ) _____________c\Pittsburgh Trust Co.. Pittsburgh. Trustei
Alleg Vail St 1st Mtge $2.1906 5 g F-A
1,680,000 Feb 1 1 9 1 6
000,000 g not redeemable)Interest at Union Trust Co., Pittsburgh
($ 1 ,0 0 0 ).____________ c * tfl Trustee.
Versailles Traction Co first) 1897
6 g M-S
88.000 Sept. 1 192:
mortgage gold______ c n tf flnt. at Pittsburgh Trust Co.,Pittsburgh, tru*
Oakdale & McD StR y 1st Ms/ 1906
5 J-J
60.000 Jan 1 193',
g gu p&i by W P R ys_c*tf lin t . at Colonial Tr. Co., Pittsburgh, trustee
Pan H Trac 1st M $500,000 g \ 1902 5 g A-O
500,000 Oct 1 1932
($1,000 and $ 5 0 0 )___ c *tf/In t. at Columbia Tr. Co., N . Y., trustee.
Equip, trust notes__________ 1919 6 A-O
50,000
See text
Steubenville W & W Ry first 1 1911 5 A-O
700,000 April 1 195)
mortgage$700 ,0 0 0____ ctf/In t. at Wash. Tr. Co . Wash’ton, Pa.. tru»
W E S T PEN N P O W E R C O .
West Penn Power Co.
A m e r ic a n P u b l i c S e r v ic e C o .
j B a n g or P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n tr a l Illin o is P o w e r C o.
C e n tra l In d ia n a G as C o.
C e n tra l In d ia n a P o w e r C o.
C in c in n a t i G a s & E le ctric C o .
C in c in n a ti G as T ra n s p o r ta tio n
C o lu m b ia G a s & E le ctrie C o.
C u m b e r l a n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l i c S e r v ic e C o .
E a s t O h io G a s C o .
G e o r g ia L ig h t , P o w e r & R y s .
I n d ia n a E le c tr ic C o r p o r a t io n
J e r s e y C e n t r a l P r. & L t . C o r p .
L i n c o l n G a s & E l e c t r i c L ig h t C o .
M i c h i g a n L ig h t C o .
M id d le W e s t P o w e r C o .
M id d le W e s t U t i li t ie s C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h io P u b l i c S e r v ic e C o .
O m ah a & C o u n c il B lu ffs S t. R y .
O zark P ow er & W a te r C o.
P o r t la n d E l e c t r i c C o .
P u b l ic S e r v ic e C o . o f C o l o r a d o
S h a w in ig a n W a te r & P o w e r C o .
U n io n L ig h t , H e a t & P o w e r C o.
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W e have been identified either as principals or
jointly in the financing of the above companies
A. B. Leach & Co., Inc.
N EW Y O R K
BOSTON
PH ILADELPH IA
CHICAGO
$11,100,000 com. owned by West Penn Rys. Co. and remaining $3,000,000
owned by The West Penn Co.
ORGANIZATION.— Incorp. Mar. 1 1916, in Penna., as a merger of
53 electric light and power companies.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Was organized for the purpose of consolidating under single fee ownership
the principal electric light and power properties within the State of Penna.
formerly controlled by West Penn Traction Co. The company’s chartered
territory in western Pennsylvania exceeds 5,000 square miles. 410 cities and
towns are served, the population being estimated in excess o f 525,000.
The physical property owned by the West Penn Power Co. includes 6 electric
generating stations with an aggregate installed capacity of 211,360 k. w.
173 substations having a transformer capacity of 236,291 k.w., and 891
pole miles of high-tension transmission lines (145 miles 132,000 v ., 746
miles 25,000 v .), exclusive of low-tension distribution lines in cities and
towns. In addition to the foregoing the co. leases the power plant of the
West Penn Rys, C o., located at Connellsville, Pa., which has an installed
generating capacity of 55,500 k.w. The co. also leases 7.60 miles 25,000
volt transmission lines.
The franchises under which company operates, with exception of those
in a few smaller towns from which the company derives less than 4% of
gross earnings, are unlimited as to duration.
Government Advance for Power Plant.— For particulars see “ Electric Rail
way” Supplement of Oct. 30 1920.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
_______ $14,100,000 __________
Common $20,000,000 ( $ 1 0 0 ) - - ____
Q— J
12,255,200 M a y ’25,1%
P f 7% cum $25,000,000 ($100)
5 M-S
8,500.000 Mar 1 1946
First mtge gold series " A ” _
1916
6 g J-D
5,593,000 June 1 1958
First mtge gold series “ C ” ___ 1916
7 g F-A
6.000,000 Mar 1 1946
1916
_
First mtge gold series “ D ” _
5%
12,500,000 Mar 1 1963
First mtge gold series “ E ” ___ 1916
5)4 g A-O
7,500,000 Oct. 1 1953
First mtge gold series “ F ”
1916
(Series “ A ” & “ O” . $1,000; [Equitable Trust C o., New York, trustee.
Ser “ D ,” “ E ” & “ F ,” $100,
$500 & $1,000 )--- c*&r*tf l
M ay , 1925.]
POWEK, LIGHT AND RAILW AY
87
STOCK AND BONDS—■ Date.
Interest. Outstanding. Maturity.
Lehigh Power Securities Corp.—
12 Mos.end. — 12 Mos. end. July 31—
Contractual obligation to the) 1918
5 & 6%
904,500
Serially
Dec. 31 ’24.
1924.
1923.
U S Oovt (5% per annum to-j Due $150,000 per annum Mar. 31 1923 to
& incl Mar 31 1928, there-1 1929 incl., and bal. ($154,500) Mar. 31 Propor. of above earns, applic. to
Lehigh Power Sec.............................$1,801,341 $2,250,962 $2,683,468
after 6 % --------------------------( 1930
Miscellaneous income_______________
543,182
631,816
203,555
75.000
Serially
First Equip Trust o f 1920 _ tf 1920 _______
Stock.— Pref. stock is red. as a whole or in part at 115 and accrued div.
_
Total_ ____ _ ____________
$2,344,523 $2,882,778 $2,887,023
on any dividend date upon six months’ notice. See V. 102, p. 2082,
78,978
_
_
77,018
76,357
Exempt from Penna. 4 mills tax. In Aug. 1924 W. A. Harriman & Co.. Expenses, including taxes_ __ _
Inc., Dominick & Dominick, N . Y ., and Union Trust Co. of Pittsburgh
Balance _ _ _ _ _ _
_
$2,267,505 $2,806,421 -$2,808,045
offered at $103 per share $2,063,000 7% cum. pref. stock. V. 119, p. 695.
Interest on 10-year 6% gold notes_
852,172
_
645,632
748,211
Hands.— The bonds are a first mortgage on all the physical property
rights and franchises now owned or hereafter acquired. Additional bond*
B a la n c e ______
_
— $1,621,873 $2,058,210 $1,955,873
may be issued at par for 75% of the actual cost o f permanent improve
409,855
329,284
284,580
ments, add’ns or extens. under certain restrictions. Series “ A ” bonds are Other interest and d ed u ction s_____
redeemable as a whole or in part since Mar. 1 1921 at 105 & int. on 4 weeks’
Combined undistributed income_ $1,337,293 $1,728,926 $1,546,018
_
notice. Int. on Ser. “ A ,” “ O " and “ D ” payable at American Water Works
& Elec. C o., N . Y ., or Cont. & Comm. Tr. & Sav. Bank, Chicago. TaxManagement.— The operations of the co. and its subsid. cos. are under the
exempt in Penna. The series “ C ” 6s are red. all or in part beginning June 1 supervision of the Electric Bond & Share Co.
1923 on the 1st day o f M ar., June, Sept, or Dec. upon 4 weeks’ noticOFFICERS.— Chairman
S.
Pres.,
at 106 and int. V. 107, p. 403. Series “ D ” 7s are red on and after Aug. 1 V.-Ps., Wm. Darbee, P. B.of board,and Z. Mitchell; Treas., E . K . Hall;
Hill;
A. C. Ray;
1926, all or part on 4 weeks’ notice, to and incl. Feb. 28 1931 at 105; there Sec., E. P. Summerson.— V. Sawyer 854, E. W . V.
2469;
after to and incl. Feb. 29 1936 at 104; thereafter to and incl. Feb. 28 1941 p. 431. 2042, 2832; V. 119, p. 114, p.V. 120, p. 331. 115, p. 1837: V. 118,
693 ;
at 102K, and thereafter to maturity at 101. V. I l l , p. 390; V. 113, p. 739.
(1) LEHIGH VALLEY TR AN SIT CO.
Series “ E ” bonds are red., all or in part, on 4 weeks’ notice at 105; Mar. 1
Control.— In July 1917 the Lehigh Power Securities Corp., which see
1923 to Mar. 1 1948 at 102j^; Mar. 1 1948 to Mar. 1 1958 and thereafter
at par. Series “ F ” 5>£s are redeemable, all or in part, upon 4 weeks’ above, acquired a substantial majority of both classes of this company’s
notice at the following prices and interest: On or before Oct. 1 1928 stock on the basis of $28 per share of com. and $48 per share of pref. stock.
at 10746; thereafter to and including Oct. 1 1938 at 105; thereafter to and V. 105, p. 606.
including Oct. 1 1948 at 10246, and thereafter to maturity at par.
ORGANIZATION.— Incorp. in Pa. on Nov. 3 1905 and is a reorganiza
V. 118, p. 2772. The mortgage provides for an annual expenditure for tion under foreclosure of the Lehigh Valley Traction C o., the Philadel
maintenance as follows: 1916-20, 1>6% o f bonds out; 1921-25, 2% ; 1926-46, phia & Lehigh Valley Traction C o., the Allentown & Slatington and the
2)4% ; also for a depreciation fund of 2% o f bonds out beginning with 1916 Coplay Egypt & Ironton Street R y., as per plan in V. 79, p. 733, 1462.
for additions, improvements, &c., against which no first mortgage bonds In Oct. 1911 purchased the Montgomery Trac. Co. (V. 93, p. 940), all of
may be issued. V. 102, p. 891. All series are listed on N . Y . Stock Exchange. whose bonds and stock are deposited under the Lehigh Valley Transit ref. &
Compare V. 108, p. 1827; V. 117, p. 2772.
impt. mtge. of 1910. In April 1913 purchased controlling interest in stock
$6,500,000 Ser. “ E ” 5s were offered in April 1925 by Halsey, Stuart & of Easton Consolidated Electric Co. V. 96, p. 1022. Also has half inter
Co., The Union Trust Co. o f Pittsburgh, W . A. Harriman & Co., Inc., est in Norristown Transit Co. Franchises perpetual.
and W . C. Langley & Co. at 97)4 and int., yielding about 5.18%.
Owns, among others, the following stocks:
Cap. Stock.
The car trust notes o f 1920 mature serially to June 15 1930.
Name of Company—
Oivned. Tot. Issue.
Dividends.— Diva, on pref. stock nave been paid since organization
Allentown Bridge C o_________________________________ $292,100 $292,100
EARN ING S.— For years ending Dec. 31 (incl. sub. cos.):
Easton Consolidated Electric Co. (50% paid)_________ 750,000 750,000
Norristown Transit C o_______________________________ 12,000
Calendar Years—
1924.
1923.
1922.
1921.
24,000
xGrossoper. earnings.__$12,828,329 $11,978,606 $9,653,904 $8,928,323 Miscellaneous stocks_________________________________ 74,000
74,000
Leases Beth. & Nazar. Pass. Ry. for 999 years at 5% on stock and bonds.
Oper. exp. and m a in t... $7,056,674 $6,804,849 $5,512,144 $5,362,761
Deprec., depletion, &C-_ 1.017,819
891,217
626 327
553 608 Also leases Easton Transit Co. for 99 years.
Taxes (incl. Federal) — .
674,175
603,550
465,400
360,611
On Dec. 31 1915 purchased the franchises and property of the QuakerMiscellaneous income.Cr.1,243,929 Cr.972,145 Cr.612,747 Cr.540,247 town Trac. Co. (formerly leased) for the sum of $1 and the cancellation of
its indebtedness, all of which was owned by the Lehigh Valley Transit Co.
Total income_________ $5,323,590 $4,651,135 $3,662,880 $3,191,590
Under agreement made in July 1907 the Lehigh Valley Transit has its
Int. & amort, o f d is c t ... 2,026,809
1,807,179
1,679,236
1,327,805 Philadelphia terminal in the Philadelphia Rapid Transit station at Chestnut
Rentals________________
182,324
182,965
182,965
186,009 Hill. V. 85, p. 99.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Net avail, for di vs____$3,114,457 $2,660,990 $1,800,678 $1,677,776
Operates over 215 miles of railway. The road connects Allentown, Bethle
x Including sales of $1,800,180 to affiliated companies in 1924, $1,634,653 hem, South Bethlehem, Hellertown, Nazareth, Northampton, Coplay,
in 1923, $1,455,675 in 1922 and $1,300,204 in 1921.
Catasauqua, Egypt. Emaus, Macungie, Slatington, Quakertown, Perkasie.
Lansdale. Norristown, Ambler and Philadelphia. 80, 95 and 105-lb. T
OFFICERS.— Pres., A . M . Lynn; V.-P. & Sec., R. B. Keating; V.-Ps.,
G. M . Gadsby and J. S. Jenks; Compt., J. W. Glendening; Treas. & Asst. and 96 and 116-lb. girder rails. Conducts through freight service between
Sec., C. C. McBride; Asst. Sec., G. E. Murrie and W. K. Dunbar; Asst. Allentown and Philadelphia. V. 97, p. 521. Owns a large amusement
Treas., C. F. Kalp, R. C . Lightcap and W. K. Dunbar; Gen. Aud., M . W. park about midway between Allentown and Bethlehem. Owns 348
Glover.— V. 117, p. 89, 209, 441, 1557. 1665, 2214, 2434, 2772; V. 118, passenger, freight and service cars. A 2,650-ft. bridge between Allentown
and South Allentown was built by the controlled Allentown Bridge Co.
p. 1521, 2306, 2951; V. 119, p. 77, 695, 1954: V. 120, p. 1750, 2150.
(auth. stock $300,000) and was formally opened Nov. 14 1913. See
V. 97, p. 1426, 1428; V. 98, p. 154. Also has numerous municipal streetighting contracts. Franchises, with one minor exception, are perpetual.
W E ST PENN M O N O N G A H E LA CO.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Controlled by The West Penn Co.
Common $3,000,000 (par $ 5 0 )_ ____
_________ $2,997,350 ____________
ORGAN IZATION .— Incorp. June 14 1922 in Delaware. Formed by
Pref $5,000,000 (par $50) 5 % \ ____
Q-F
4,979,687
See text
The West Penn Co. to take over control o f the Monongahela Pr. & R y. Co.
cum after Nov 3 1910_____j
(now Monongahela West Penn Public Service Co.— see under “ West Vir First mortgage $5,000,000) 1905 4-5 g M-S 4,994,000 Dec 1 1935
ginia” on another page).
gold ($1,000)__________ ctflGuaranty Trust C o., New York, trustee.
4-5 g J-D
354,000 Dec 11935
CAPITAL STOCK.— Auth., $3,000,000 pref., par $100, and 1,000,000 Consol mtge $7,500,000 gold) 1905
($1,000) _______________tf (Commercial Trust C o., Phila., trustee.
shares com. o f no par value. Outstanding, $2,369,000 pref. and 968,832
Ref & imp mtge $15,000,000) 1910
5 g J-D
5,115,000 June 1 1960
shares com. The W est Penn Co. owns all of the outstanding pref. and
gold ($1,000)_________ c*tf (Lehigh Valley Trust C o., Allentown, trustee.
964,330 shares of the common. For offer of The West Penn Co. to pur
_________
150,000
5% guar
Beth & Nazar St Ry stock_________
chase remaining shares o f common outstanding see V. 117, p. 441.
Bonds ($150,000)________ t f 1899 5 M -N
150,000 M ay 1 1929
Norristown Transit Co 1st M _ . 1912 5 F-A
200,000 Feb 1 1942
Allentown Bridge 1st M ($500 f 1912 5 J-J
218,000 July 11942
& $1,000) call at 105 any in~{ Guar. p. & i. by Lehigh Valley Transit Co.
L E H IG H P O W E R S E C U R IT IE S C O R P O R A T IO N .
terest date___________ c*tf [Int. at c o .’s office or Brown Bros. &Co.,Phil.
ORGANIZATION.— Incorp. July 19 1917 in Del. and then acquired
trust
_
5 J-D
15,000
See text
(a) all the stock of the Lehigh Navigation Electric Co. (formerly con" Equipment trust “ Series B ” _ _____
“
_ _____
5 J-D
50,000
See
trolled by the Lehigh Coal & Navigation Co., which see in V. 105, p. 720) > EquipmentOf the Series C ” _ 1st mtge., $2,770,000 bear 4% interest text
Bonds.—
$5,000,000
and
and through such acquisition control of the Harwood Elecrtic Co. and other are
Int. at the Guaranty Trust Co. of N.
subsidiaries; (6) a substantial majority of both classes o f stock of the Lehigh Theall out,. and $2,224,000 are 5s. on any int. date, the 4s at 105 and the Y .
1st M bonds are redeemable
5s
Valley Transit Co., and through such acquisition control of the Lehigh
110.
Valley Light & Power Co.; (c) approximately all the pref. and com. stocks at Of the consols.,
but $2,146,000 have been
o f companies formerly controlled by the Northern Central Co. In June pledged for ref. & $2,500,000 4s were outstanding,bonds is payable at Com
impt. bonds. Int. on consol,
1920, however, the Penna. P. S. Comm, approved the joint agreement of
consolidation and merger of eight electric and gas companies (seven of which mercial Trust C o., Phila. &These bonds are not subject to call.
Of the $15,000,000 ref.
impt. bonds, $5,000,000 are reserved to retire
were controlled by the Lehigh Power Securities Corp.) into the (new) Penn
1st M . bonds and $2,500,000 to retire equal amount of
sylvania Power & Light Co., which see below. The Lehigh Power Securi $2,624,000 in addition to am t. reported outstanding areconsol, mtge. bonds.
Bonds
ties Corp. controls the Pennsylvania Power & Light Co. through ownership are redeemable at 110 and int. V. 92, p. 187; V. 94, in treasury. V. 95,
o f all its common stock, except directors’ shares. In 1924 purchased the p. 750. Int. is payable at office of company or Brown p. 698, 982; Phila
Bros. & C
Montoursville Passenger R y. and the Montoursville Electric Light Co. delphia. Bonds are listed on the Philadelphia Stock Exchange.o.,
V. 118, p. 2832.
Equip, trust Series “ B ” fall due $5,000 semi-annually, and Seires “ C ”
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The controlled companies supply electric light and power to 189 com $10,000 semi-annually.
Dividends.— Initial div. on pref., 1% , paid N ov. 10 1911. In 1912.
munities and gas service to 18 cities and towns. Generating plants have
1914, 2% . In
346%. In
and 1917,
. In
a present capacity of 195,907 k. w. 867 miles of high-voltage transmission 1913 and % . Nonesince.1915, 106, p. 2123;1916108, p. 268; 5% 110, p.1918,
Feb.,
V.
V.
V.
261.
lines (over 11,000 volts); distributing lines, 2,880; gasholder capacity, Total I K
accumulated dividends, 4834: % •
3,474,000 cu. ft.; 296 miles gas mains; 239 miles street and interurban
EARNINGS.— Of consolidated cos. for years ending Dec. 31:
railway lines. Franchises generally, in the opinion o f counsel, are free from
burdensome restrictions, and a very substantial part o f them is perpetual. Calendar
Operating Net after
OtherInt.,Amort., Pref.
Balance,
Year—
Revenues. Taxes, &c. Income. Disc., &c. Divs. Surplus.
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.
1924_______ $4,975,240 $1,297,766 $119,995 $885,227
$532,534
499,069
1923_______ 5,268,507 1,577,327 125,932 1,204,190
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
1922_______ 5,331,305 1,569,581 122,220 1,245,111 ----------- 446,689
Stock 605,000 shs (no par v a l ) - ____
_________ 310,445 sh s.__________
OFFICERS.— Pres., P. B. Sawyer; V.-Ps., E. M . Young and C. E.
Secured gold notes $50,000.-) 1917
6 g F-A
$7,566,800 Aug 1 1927
000($100,$500&$1,000)c*tf \Int. in N . Y* Guar. Tr. C o., N .Y ., trustee. Groesbeck; V.-P. & Gen. M gr., H. H. Patterson; Sec. & Treas., Chas. N.
Wagner; Aud., W . L. Davis.— V. 108. p. 268, 375; V. 109, p. 2263; V. 110,
Lehigh Valley Transit Croup.— See Lehigh Valley Transit Co. below.
Voting Trustees for Stock.— Irving W . Bonbright, Bonbright & C o., Inc.; p. 261, 465, 2387; V. 112, p. 372, 1280; V. 113, p. 1053; V. 114, p . 1286,
George H. Frazier, Phila.; S. Z. Mitchell, Pres. Elec. Bond & Share Co.; 1765; V. 116, p. 516; V . 117, p. 86; V . 118, p. 1392; V. 120, p. 2147.
(a) EASTON CONSOLIDATED ELECTRIC.
Lewis E. Pierson, Chairman o f Board, Irving Bank-Columbia Trust Co.;
S. D . Warriner, Pres. Lehigh Coal & Nav. Co.; G. M . Dahl, Chairman of
In April 1913 the Lehigh Valley Transit Co. acquired a controlling interest
Board of Brooklyn-Manhattan Transit Corp.; Thomas Newhall, Phila.;; in the stock and has since acquired all stock except (24) directors shares.
F. N. B. Close, V.-P. Bankers Trust Co., N . Y .; and William West, V. 96, p. 1021.
West & C o., Phila.
ORGAN IZATION .— Consolidation by stock ownership of the Easton
Notes.— Over $18,000,000 notes were subscribed for, ofwhich$10,843,600
Transit C o., the Edison Illuminating Co. of Easton, and the Phillipsburg
have been called for payment and retired. Subscribers to notes received
(N. J.) Horse Car R R . Co. (name changed to Phillipsburg Transit C o.).
4 shares o f common stock with each $1,000 o f notes. The stock is de
Incorporated in New Jersey March 11 1899. Also owns all the stock of
posited in a voting trust.
The collateral for the notes includes all com. stock o f the Penn. Pr. & Lt. che Penn. M otor Co.
Lease.— In M ar. 1922 leased to the Lehigh Valley Transit C o . the property
C o ., and a substantial majority of both classes of stock of Lehigh Val. Tran
if the Easton Transit C o., a subsidiary, for 99 years. Compare V.114,p.l286.
sit Co. It is expected that the corporation from time to time will sell part of
Consolidation of Subsidiaries.— On Jan. 3 1908 the (old) Easton Transit
the securities deposited under such trust agreement, the proceeds to be used
for the purchase, redemption and cancellation of the notes, by purchase at Co., the Easton & Bethlehem Transit C o., the Easton Palmer & Bethlehem
the lowest price, or at 101% and int., by lot. Notes are red., all or part, Street R y. and the Northampton Central Street R y. were merged into the
(new) Easton Transit Co. (V. 85, p. 1461) and in 1909 the Easton & South
on any int. date at 101 and int. Pennsylvania 4-mills tax refunded. V.
Bethlehem Trans. C o. was also merged into the (new) Easton Transit Co.
105, p. 818, 498.
Stock, $2,150,000; all owned by Easton Consolidated Elec.
REPO RT—
12 Mos.end. —42 Mos. End. July 31—
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Subsidiary Companies—
Dtc. 31 1924.
1924.
1923.
Stock $1,500,000 (par $50) — Stock (50% paid in) all owned by L . V. T . Co
Gross earnings______________1..........'.$20,826,769 $20,392,690 $19,107,671
5 g M -N $1,237,000 M ay 1 1949
Operating expenses_________________ 13,095,670 12,432,887 11,633,198 Collateral trust $1,300,000 g\ 1899
($1,000 and $500)___ c*tf/Interest at Girard Trust C o., Phila., Trustee.
Pennsylvania M otor Co 1st) 1891
6 A-O
60,000 April 1 1941
Netearnings___________________ — $7,731,099 $7,959,803 $7,474,473
mtge (cannot be called) tf/L a ck . Tr. & SafeDep. C o., Scranton, Trust.
Other income---------------------------------247,575
376,128
342,253
East Palmer & Beth 1st mtge) 1898
6 J-J
200,000 Jan 1 1939
gold $200,000__________ tf jU . S. M tge. & Trust C o., N . Y ., Trustee.
Total income---------------------------------$7,978,674 $8,335,931 $7,816,726
5 g J-J
389,000 July 1 1936
Int«, disct. & other deductions______ 2,690,642
2,810,704
2,440,834 E & So Beth Tr 1st M $500,-( 1906
000 guar gold ($1,000) c*tf/G irard Trust Co., Philadelphia, Trustee.
Renew. & replacement appropriations 2,113,355
2,130,402
1,829,245
Bonds.— The coll, bonds have no s. f. and are not subject to call. Of the
Balance
$3,174,677 $3,394,825 $3,546,647 total of $1,300,000, $60,000 is reserved to retire the Penn. M otor bonds.
88
[V ol. 120.
PUBLIC UTILITIES
§2,000 In treas. and $1,000 reserved for small amt. o f outstanding scrip of
Ed. 111. Co. Issue Is secured by pledge o f $2,150,000 stock (entire issue) of
(new) Easton Transit C o., 12,317 shares (entire issue) o f Edison Ilium,
stock and 2,400 shares (the entire issue) o f Penn. M otor stock. Are listed
on Philadelphia Stock Exchange.
Int. on Easton & So. Beth. Transit bonds is payable at office of Edw. B.
Smith & C o., Phila., or at company’s office. They are guar. p. & i. by
endorsement by the Easton Consol. Elec. A sinking fund o f $5,000 p. a.
commenced June 1 1908: $87,000 have been retired. Bonds are subject to
call at 105 and int. V. 83. p. 323; V . 104, p. 2553.
Dividends.— Payments were: July 1900, 334 % on $10 paid in; Sept. 190*
and March and Sept. 1902, 3% on $15 paid in; March 1903 (paid in July)
and Sept. 1903, 4% on $15 paid in. In Dec. 1905 declared a dividend of
$2 50 and at same time called an assessment o f $5 per share on the stock;
the dividend was credited on the assessment, making the stock 50% paid in.
V. 81, p. 1791. Cash dividends resumed in Oct. 1906 with the payment of
234%. V . 83, p. 687; 234% again paid April 1 1907 and 234% Oct. 1 1907;
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
1-3 o f 1 % monthly (V . 99, p . 300). Dividends no longer reported, as entire
stock is owned by Lehigh Valley Transit Co.
OFFICERS.— Pres., P. B. Sawyer; V.-Pres., S. H . Hackett; Sec. &
Treas., C . N . Wagner.— V . 97, p. 53, 301, 311; V . 98, p. 838; V . 99, p. 1300.
(2) PENNSYLVANIA POW ER & L IG H T CO.
Lehigh Power Securities Corp. owns all the common stock, except
directors’ shares.
ORGAN IZATION .— Incorp. June 4 1920 as a consolidation and merger
of the following companies: The Lehigh Valley Light & Power C o., the
Northern Central Gas C o., the Columbia & Montour Electric C o., the
Northumberland County Gas & Electric C o., the Harwood Electric Co.
the Schuylkill Gas & Electric C o., the Pennsylvania Power & Light Co. (old
company) and the Pennsylvania Lighting Co. into the (new) Pennsylvania
Power & Light Co. All of the companies (except the Pennsylvania Lighting
Co.) entering into the merger were controlled by the Lehigh Power Securities
Corp. (compare V. 110, p. 1973). Controls Hagerstown Light & Heat Co.
o f Washington County and East Penn. Elec. Co. (see below).
Offer to East Penn Electric Co. Stockholders.— In Jan. 1925 the company
offered to acquire the capital stock of the East Penn Electric Co. and to issue
in exchange therefor its own cum. pref. shares on the following basis:
(а) For each share o f pref. stock (carrying dividends from Jan. 1 1925
at the rate o f $7 per share per annum) or 2nd pref. stock (carrying dividends
from Jan. 1 1925 at the rate o f $8 per share per annum) so deposited— one
share o f cum. pref. stock o f Pennsylvania Power & Light Co.
(б) For each share of Com. stock so depssited— two-thirds of one share
o f cum. pref. stock o f Pennsylvania Power & Light Co.
Unless 85% or more of the outstanding shares o f each class o f stock o f East
Penn Electric Co. accept this offer, the company is not obligated, but it has
the option, to acquire in exchange such o f the shares as may have accepted
the offer. V. 120, p. 454.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns electric generating stations with an installed capacity o f 158,990 k.w.
Gas properties owned or through subsidiaries include 8 plants with an
aggregate daily generating capacity o f 9,815,000 cu. ft.
Suit by Minority Holders of Harwood Elec. Pref. Stock.— See V. 118,
p. 1780, for details.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common____________________ _____
_________ 466,877 sh __________
Pref. cumulative------------------- -------$7
229,377 sh Apr’25,$l 75
Bonds of Pennsylvania Power & Light Co. and Controlled Companies in
Hands of Public as of Dec. 31 1924—
Penna Pow & Lt Co 1st & ref]
‘A ” _______________I 1921
$8,000,000 Feb 1 1951
7 g F-A
‘B ” _______________} 1922
5 g A-O
7.000. 000 Oct 1 1952
•C” ________---------- 1 1923
6 M-S
4 .non.000 Sept 1 1953
Series ’D ” _______ ............ 1 — 5 g M-S
8.000.
000 Sept 1
($500 & $1,000 c*, $1,000(Guaranty Trust C o., New Y ork, Trustee.
& $5,000 r*)- ________ tf)
Northumb Co Gas & El Co—
1st M s f bonds, call 1051 1911
5 g M-S
$1,103,000 Sept 1 1946
any int date___________ /Int,. at office of West & C o., Philadelphia.
Nor Cent Gas Co 1st & ref
1912 5 g F-A
775,000 Aug 1 1962
$4,000,000, call at 105 any [Int. at office of E l. Bond & S h .C o .,N .Y .C .
int date__________________ J
Williamsport Gas Co 1st M -_ / 1899 5 g F-A
400,000 Feb 11939
(Interest at Fidelity Trust C o., Phila.
Columbia & Montour El Co—
1st M call 105 any int date/ 1913 5 g F-A
577,200 Feb 1 1943
2d M call 105 any int date, j 1913 5 g F-A
567,500 Feb 1 1943
(Int. at office of El. Bond & Sh. C o., N . Y . O
Pennsylvania Ltg Co 1st m t g e . ___
5%
1,240,000 ___________
So Beth E L Co 1st M call at\ 1899 5%
15,000 Oct 1 1929
105 at any int date_______ /
Leh N El Co ($10,000,000) 1st M :
“ A ” call 107 34 any int date. 1913 6 J-J
2,894,000 July 1 1943
“ B ” call at 100 any int date. 1913 5 J-J
766,000 July 11943
H lst°M ca1
lTt107S< any Inti 1909 5 J-J
>
652,500 July 1 1939
date_______________ ../In te re st at Girard Trust C o., Philadelphia
1st & ref M ($10,000,000)1 1912 6 M-S
1.C02.000 Mar 1 1942
callable at 10734_______ /Interest at Girard Trust C o., Philadelphia
Lehigh Val L & P mortgage/ 1913 5 g A-O
604,500 April 1 1943
$2,000,000 ($1,000, $500 &■{Lehigh Valley Trust C o., Allentown, Trustee
S
$100) gold___________ c*tf lint, at c o .’s office or Brown Bros. <cCo..Phila
Schuylkill Gas & El 1st M ____1913
6 A-O
100,100 April 1 1943
Wilkes-Barre 1st & ref_______ _____
5%
1,986,300 ----------------Wilkes-Barre G & E con m t g e . ___
5%
3.000.000 --------------Stock.— The cum. pref. stock is red. at $110. In July 1924 the Guaranty
Co. o f N . Y ., and Brown Bros. & Co. sold a block of 25.000 shares cum.
pref. (purchased from the Lehigh Power Securities Corp.) at $100 and divs.
V. 119, p. 463.
Bonds.— For description o f 1st & ref. mtge. bonds o f the Pennsylvania
Power & Light C o. see V . 114, p. 659, 751. for Series “ A ” ; V . 115, p. 1542.
for Series “ B ,” and V . 117, p. 1672, for Series “ C ” .
PENN PUBLIC SYSTEM
Pennsylvania Electric Corporation
W e are identified in the financing of this
Company and will answer inquiries regarding
its securities upon request. Write for our
illustrated booklet “ Power and Light Bonds.”
E. H. Rollins & Sons
Founded 1876
BOSTON
200 Devonshire St.
N EW Y O R K
43 Exchange PI.
PHILADELPH IA
1421 Chestnut St.
CHICAGO
231 So. LaSalle St.
SAN FRANCISCO
300 Montgomery St.
LOS ANGELES
1000 CaliforniaiBk. Bldg.
DENVER
315 International Tr. Bldg.
Series “ D ” are redeemable, all or in part, on any interest date upon 30
days’ notice at 105 and interest on or before Sept. 1 1928, 104 in the next
5 years, 103 in the next 5 years, 102 in the next 5 years, 101 in the next 5
years, and at 10034 thereafter prior to maturity. Interest payable uithout
deduction of Penna. 4-mill tax. $8,000,000 Series ” D ” 5s were sold in
Feb. 1925 by the Guaranty Co. o f N . Y ., Harris, Forbes & C o., Halsey,
Stuart & C o., and Brown Bros. & C o., at 9534 and interest, to yield over
5.30%. V. 120, p. 1089.
Lehigh Valley Lt. & Power bonds are subject to call on any int. date
at 105 and int. V. 97, p. 365.
Latest E a rn in g s. — For years ending Aug. 31:
N e t (A ft e r
Other
In te rest.
B alan ce,
O ross.
T a x es ).
In c o m e .
<%
c.
S u rp lu s.
1923-24 ...$15,463,041 $6,217,851
$572,993 $1,983,858 $4,806,986
1922-23 . . . 13,428,332
4,880,943
444,405
1,554,876
3.770,472
Under supervision of Electric Bond & Share C o.— V . 118, p . 1923; V .
119, p. 463, 2411; V. 120, p. 454, 1089.
PENNSYLVANIA ELECTRIC CORPORATION.
(See M a p on o p p o site p a g e .)
ORGANIZATION.— Incorp. in Delaware in 1922 to control and operate
public utilities Owns 97% of the common stock of Penn Public Ser
vice Corp. (see separate statement below), over 74% of the common stock
of Clarion River Power C o., and all the common stocks of Venango Public
Service Corp., Youghiogheny Hydro-Electric Corp., Clarion Water C o.,
Penelec Water Co. and County Realty C o.; also $2,500,000 convertible
notes of Youghiogheny Hydro-Electric Corp. and $1,540,000 notes of the
Venango Public Service Corp. All these securities are deposited as security
for the co.’s 30-year 634% debentures.
STOCK AND BONDS—
D a te .
In terest. O utstanding. M a tu r ity .
159,745 shs.
Common stock (no par)
$4,407,800
7%
Preferred 7% cumulative
30-year 634 % debentures___ f 1924
634 g A-O 4.969,500 Apr 1 1954
2,500.000 Apr 1 1955
{
6 g A-O
30-year 6% debentures_____ • 1925
($500 & $1,0001 g o ld ..c * .tf (Bank of America. New York, trustee.
Debentures.— The 30-yr, debentures are secured by deposit of the various
securities described under “ Organization” above. The trust indenture
provides for semi-annual payments to be applied first to the payment of
interest on the debentures outstanding, and the balance remaining to be
used for the retirement of the debentures by purchase or by call. Penna.
4-mill tax. District of Columbia 5-mill tax and Mass, income tax on interest
not exceeding 6% of such interest per annum refunded.
The 6 34 % debentures are redeemable on the first day of any month on
60 days notice at 105 and interest to and including April 1 1935, and
thereafter at par and interest plus a premium of 34 of 1 % for .each year
or portion thereof of unexpired term. In April 1924 $5,000,000 were
offered by E. H. Rollins & Sons, Edward B. Smith & C o., and Marshall
Field, Glore, Ward & Co. at 93H and interest, to yield about 7 % . V. 118.
P- 1783.
The 6 % debentures are redeemable on first day of any month on 45 days
notice at 105 and interest to and including April 1 1936, and thereafter at
par and interest, plus a premium of 34 of 1 % for each year or portion thereof
of unexpired term. In April 1925 $2,500,000 were offered by E. H. Rollins
& Sons, Edw. B. Smith & Co. and Marshall Field, Glore, Ward & C o., at
93 and interest, to yield over 634%. V . 120, p . 1882.
EARN ING S.— For 12 months ended Dec. 31:
Calendar Years—
1924.
15?3.
Gross earnings___________________________________ $9,362,107 $8,^03,147
Pper. expenses, incl. prior charges of sub. cos____ 7,335.027
6,847,883
Net earnings___________________________________$2,027,080
Interest__________________________________ - _____
243,750
$1,855,264
--------------
Balance for dividends, depreciation, &c________ $1,783,330
--------------OFFICERS.— Chairman of Board, H. D. Walbridge: Pres.. F. T . Hep
1953
burn: V .-P ., F. E. Haag: Sec., L. A W ood, Treas., A. E. Walbridge.—
V. 119, p. 1404, 1516; V. 120, p. 1587, 1882.
PENN PUBLIC SERVICE CORPORATION.
Over 97 % of the common stock is owned by the Pennsylvania Electric
Corp. (see above).
ORGANIZATION.— Incorp. in Penna. in June 1919.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates an electric light and power system which serves over
65 communities, including Johnstown, Warren and Erie, located in Cam
bria, Somerset, Indiana, Clearfield, Centre, Westmoreland, Jefferson,
Warren and Erie counties in western Pennsylvania. Also does some inci
dental artificial gas and steam-heating business and through a subsidiary
renders natural gas service in Johnstowh and its suburbs. Population esti
mated to exceed 700,000.
Electric system includes 12 steam electric generating plants having an
installed generating capacity of 138,177 h. p. Principal plants are at Sew
ard. Johnstown. Philipsburg, Rockwood, Warren and Erie.
The Penelec Coal Corp., a subsidiary, owns five producing coa mines
near Clearfield, Philipsburg, Seward, Johnstown and Rockwood, respec
tively. and has an aggregate coal reserve estimated to exceed 20.000,000
tons of coal on lands owned or held under lease. The entire supply of steam
coal for all except the Warren and Erie plants is secured without the use of
railroad equipment.
The transmission system of co. and subsidiaries now includes approxi
mately 1.100 miles of high-tension lines. The electrical distribution system
consists of approximately 5.000 miles of aerial wire in addition to under
ground distributing systems in the cities of Johnstown and Erie. The
electric system serves in the aggregate 79.000 customers.
The artificial gas plant at Clearfield serves 545 customers, while the
Johnstown Fuel Supply Co., the entire capital stock of which (no funded
debt) is owned, distributes natural gas to 12.344 customers.
The Penn Public Service Corp. guarantees payment of prin. and int. on
$2,700,000 outstanding 634% bonds o f the Clarion River Power Co.
STOCK AND BONDS—
D a te .
In terest. O utstanding. M a tu rity .
Common $40,000,000 ($100)----------------- ------------- $4,186,375 -----------------Pref 7% cum$30.000,000($ 1 0 0 )-----7 Q-M
5.647.420 .................. Pref 6% cum$30,000,000($100)____
6 Q-M
1,507.300
..........- - -
We are interested in the securities of
Pennsylvania Electric
Corporation
and its subsidiaries
RUFUS W A PL E S & CO.
Established 1891
322 Chestnut Street
PH ILA D E LPH IA
M a y , 1925.]
P O W E R , L IG H T A N D R A I L W A Y
0©
90
PUBLIC UTILITIES
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
1st & ref mtge Ser “ A ” _____ I 1919 6 g J-D
4,750,000 Dec 1 1929
Series “ C ” ______________ - 1919 6 g M -N
7,000,000 M ay 1 1947
Series “ D ” ______________ I 1919 5 g J-D
4,000,000 Dec 1 1954
Ser " A ” $1,000; c* Ser. “ O ’ IBankers Trust C o., New York, trustee.
&“ D ” $500&$1,000 c*)g t f15-year conv debens $6,000,- ) 1923 6M g M-S
4,000,000 Mar 1 1938
000 ($500 & $1,000) g_c*tf (Bankers Trust Co., New York, trustee.
Underlying Divisional and Subsidiary Bonds Outstanding with Public,
$7,949,000.
Stock.— Both classes o f pref. have the same preference as to assets and
divs. Are red. at 103 and divs. on any div. date.
Bonds.— The 1st & ref. mtge. provides for a maint. and impt. fund of not
less than 12% of gross oper. revenues o f the co. for each year.
Series “ A ” 6s are call, on 1st day of any month on 30 days’ notice at 103 M
and int. to and incl. Dec. 1 1924 and thereafter prior to maturity at 101M
and int.
Series “ B " 7 Ms were called for payment Jan. 1 1925 at 108 M and int.
V. 119, p. 2530.
Series “ C” 6s call, at H IM and int. on M ay 1 1927 and thereafter on any
Int. date at a premium decreasing M % each year to 107M an M ay 1 1932,
and thereafter decreasing M % each year to 100K and int. during the last
year of life. Free of the present Pennsylvania 4-mills tax.
Series “ D " 5s are callable on the first of any month on six weeks’ notice at
105 and int. through Dec. 1 1940; thereafter at a premium decreasing M
point each year to 102M and int. during 1950, and thereafter prior to
maturity at a premium decreasing M point each year to 100M & int. during
the last year o f life. Free o f the Penna. 4 mills tax and the Conn, personal
property tax not exceeding 4 mills per $1 per annum refunded. In Nov.
1924 $4,000,000 were offered by Harris, Forbes & C o., and E. H. Rollins &
Sons at 94 and interest, to yield over 5.40% . V. 119, p. 2411.
Debentures.— The 15-Year 6M % Debentures are conv. since Mar. 1 1924
to Mar. 1 1937, both incl., at par for par into the 7% cum. pref. stock. If
debentures are called for redemption, they shall nevertheless be convertible
as above up to and incl. the redemption date. Call, on the first of any
month on 30 days’ notice at 105 and int. to and incl. Mar. 1 1929; there
after at a premium becoming M of 1% less each year. Free of present
Pennsylvania 4-mills tax.
EARN ING S.— See Pennsylvania Electric Corp. above.
OFFICERS.— Chairman o f Board. H. D. Walbridge; Pres., F. P.
Hepburn; V .-P ., F. E. Haag; V .-P ., P. J. Morrissey; V .-P ., S. C. Pohe;
V .-P ., F. B. Hofft; Sec., L. A. W ood; Treas., A. E. Walbridge.— V. 118,
p . 1783, V. 119, p. 2411, 2530.
NORTHWESTERN ELECTRIC SERVICE CO. OF PENNSYLVANIA.
Control.— In 1924 the Pennsylvania Electric Corp. acquired control of
the company. V. 118, p. 1774.
ORGAN IZATION .— Incorp. Feb. 29 1916 in Pennsylvania for the pur
pose of developing the light and power business adjacent to the Northwestern
Pennsylvania Ry. C o.’s lines. In Feb. 1923 the following companies were
consolidated with and into the Northwestern Electric Service Co. of Penn
sylvania (as per plan outlined in V. 115, p. 1731); the Northwestern Penn
sylvania R y. (for history see “ Electric Railway” Supplement of April 28
1923), the Northwestern Connecting R y., the Crawford County Rys. (for
history see “ Electric Railway” Supplement o f April 28 1923) and the
People’s Incandescent Light Co. (formerly leased).
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Consists o f 50 miles of 33,000 volt transmission line between Erie and
Harmonsburg, Pa , with a branch between Erie and Kearsarge, Pa. Dis
tribution lines in East Springfield, West Springfield, Plateau, Cambridge
Springs, Edinboro, McKean, Fairview, North Girard, Linesville and Har
monsburg, all in Erie and Crawford counties, Pa. Owns and operates 43.7
miles between Meadville and Erie; 15.7 miles between Meadville and Lines
ville (including a 2-mile extensin to Conneaut Lake); and 8.3 miles of track
In Meadville. 60, 70, 85-lb. T and girder rail. Standard gauge.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,000,000 ($100)_ _____
_
_______
$346,300 __________
P ref7% cum $1,000,000 ($ 1 0 0 )____
7%
466.500
______
First mtge bonds $ 2 ,0 0 0 ,0 0 0 -.-----6%
460,000
______
Erie Traction first mortgage! 19075 g J-J
500,000 July 1 1929
$500,000gold------------ c * .tf/ln t. at Secur. Sav. & Tr. C o., Erie, trustee.
Crawf Co Rys 1st M $370,000 1921
6 g J-J
370,000 July 1 1941
($500 & $1,000) gold----- c*/Columbis Trust Co., New York, trustee.
People’s Incandescent Light! 1900
7%
150,000 Dec 1 1925
Co first mortgage_______ tf /Dela. Co. Tr. S. D . & Title Ins. C o., trustee.
Bonds.— Of the company’s first mortgage 6s, $1,020,000 are held in
treasury to retire underlying bonds.
The Erie Traction bonds have a sinking fund o f $20 for every $1,000 first
mortgage bond, which began July 1 1917 (denom. $1,000, $5,000 and $10,000).
The Crawford County Rys. first mtge. 6s are tax-exempt in Pennsylvania.
Subject to call on any interest date at par.
P E N N S Y L V A N IA W A T E R & P O W E R C O .
ORGA N IZA TIO N .— Incorp. in Penna. in 1910. Owns all the capital
stock and all the bonds of the Susquehanna Transmission Co. of Pa. and
the Susquehanna Transmission Co.
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.—
Owns and operates a large hydro-electric plant located on the Susquehanna
River at Holtwood, Pa. Co. under contract with the United Rys. & Elec.
Co. and the Consolidated Gas, Elec. Light & Pow. Co. o f Baltimore supplies
a large portion of the electric current used in Baltimore. Also supplies
nearly all o f the electric current used in the City of Lancaster, Pa., and
vicinity, under contract with the Edison Elec. Co. of Lancaster. Has con
tracts with the Edison Light & Power Co. o f York, Pa., and the Chester
Valley Elec. C o. o f Coatesville, Pa., to furnish the major part of the power
used by these companies. Total population served by these companies is in
excess o f 900,000.
The Holtwood plant contains 10 main generating units with a total
capacity o f 150,000 h. p. Has two new steel-tower transmission lines, one
to York, Pa., about 23 miles long, and one to Coatesville, Pa., about 30
miles long.
Pennsylvania Electric
Corporation
CONTROLLING:
Penn Public Service Corporation
The Clarion River Power Company
Youehioeheny Hydro-Electric Corp.
Venango Public Service Corporation
Clarion Water Company
Penelec Water Company
Pask & Walbridge
Fourteen Wall Street
N e w V 'rk City
[V ol. 120.
STO CK A N D BONDS —
Date.
Cap stock ($13,500,000 ($ 1 0 0 )____
Interest.
_______
Outstanding. Maturity.
$10,746,200 Apr ’25 2%
11,702,000 Jan 11940
£205 9s 8d) g ----------------c*\Irving Bank-Columbia Trust C o., N . Y ., tr.
1st mtge $12,500,000 ($1,000,1 1910
5 g J-J
Istre fM $50,000,000 Ser “ A ” 1 1923
5M g A-O
3,000,000 Oct
11953
($1,000) gold-------------- c*tf iNew York Trust C o., N . Y ., trustee.
Stock.— Listed on Phila. Stock Exchange. V . 119, p. 1291.
Bonds.— 1st mtge. 5s have sink, fund for purchase of bonds at not over
105 of $100,000 per annum. $798,000 retired by sink. fund. Int. payable
In N . Y ., Montreal and London. Free from Penna. State tax.
1st ref. mtge. 5Ms Series “ A ” are call., all or in part, at any time on 30
days’ notice at 107 and int., prior to Oct. 1 1926, the premium decreasing
M % each year from Oct. 1 1926 to maturity. Sink, fund for retirement of
Series “ A ” bonds beginning with the year 1927, an amount in each year
equivalent to 8% of the annual int. charges upon all bonds of Series “ A ”
theretofore issued; after the expiration o f 5 years the amount payable to
the sink, fund is increased to 12% of the int. charges and after the expiration
of a further 5-year period it is increased to 16% . Add’l bonds may be
issued (a) to refund underlying bonds, (6) upon the basis of 80% of
the cost of ‘add’l properties, and (c) upon the basis of the.acquisition of
securities of other corporations in accordance with restrictions ocntained in
the mortgage. Are listed on Phila. Stock Exchange. V. 119, p. 950, 1180.
In N ov. 1923 $2,000,000 Series “ A ” 5Ms were offered by Aldred & C o.;
Minsch, Monel! & C o., Inc., New York; Chase & C o., Boston, and Joseph
W. Gross & Co., Phila., at 95M and int., to yield 5.80% . V. 117, p. 2222.
T n July 1924 Chase & C o., Boston: Joseph W . Gross & C o.. Phila., and
Minsch, Monell & C o., Inc., New York,5offered an add’l $1,000,000 Series
“ A ” 5Ms at 99 and int., to yield over 5.55% . V. 119, p. 334.
R E PO RT.— For cal. year 1924 in '. 120, p. 820, 843, showed;
1923.
1922.
1921.
Gross inc. (all sources) - - $2,686,466 $2,124,428 $2,003,478 $1,962,252
Exp., maint., tax., &c_774,359
594,404
547,078
595,837
Net earnings_________ $1,912,107 $1,530,024
Interest on bonds_________________ $648,133
$548,150
D ividen ds------------------ (8%)820,620 (7)639.250
Balance, surplus_____
Total all prev. surplus.Deduct— Contingent f ’d D epreciation fund____
Sinking fund________
$443,354
444,218
$130,000
210,010
100,000
$342,624
344.274
$93,000
175,410
75,000
$1,456,400
$535,144
(7)594,650
$1,366,415
$524,938
(7)594,650
$326,606
329,860
$80,000
173,210
75,000
$246,827
248,379
170,125
75,000
$3,254
$864
$1,650
$4,207
Surplus Dec. 31______
OFFICERS.— Chairman of Board, J. E. Aldred; Pres., Chas. E. F.
Clarke, N. Y .; V .-P., J. A. Walls; Sec., F. J. Allen; Treas., J. L . Rintoul.
— V. 119, p. 950, 1180, 1291; V. 120, p. 820, 843.
DU B O IS E L E C T R IC & T R A C T IO N C O .
Dissolution.— The co. is in the process of dissolution. The collatera
trust bonds have been made a direct lien on the property of the Du Bois
Elec. Co. and all of that co.’s property, subject to the above lien, has been
purchased by the Penn Public Service Corp. The stocks and bonds of the
Du Bois Traction Co. were purchased by the Penelec Coal Corp. For his
tory see “ Public Utility” Compendium of Nov. 1 1924.
L A N C A S T E R C O U N T Y R A I L W A Y & L IG H T .
Controlled by The United Gas & Elec. Corp.— See on another page.
ORGANIZATION.— Incorp. on June 15 1901 in New Jersey. Owns
and controls the following railway, gas and electric properties, whose stocks
are placed under the mortgage of 1901:
Conestoga Traction Co.
IEdison Electric Co.
Lane. Gas Light & Fuel Co.
Also controls the Lancaster Elec. L t. Ht. & Pow. Co. The Lancaster
Gas Lt. & Fuel Co. controls the Columbia Gas Co.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
The Conestoga Traction Co. (the operating company) leases 133.91 m. of
track, incl. the Lancaster & Columbia, 9.16 m.; Lancaster & Lititz, 9.19
m.; Lancaster Mechanicsburg & New Holland, 20.80 m.; the New Holland
Blue Ball & Terre Hill St. R y., 4.99 m.: the Rohrerstown Landisville & M t.
Joy R y., 13.87 m.; the Lancaster & Eastern R y., 17.74 m.; the Lancaster &
Quarryville R y., 8.44 m.; the Elizabethtown & Florin St. R y., 6.40 m.; the
Christiana & Coatesville St. R y., 11.04 m.; Lancaster Willow ' treet Lam
peter & Strasburg R y., 11.23 m.; the Lancaster Petersburg & Manheim R y.,
8.45 m.; the Ephrata & Adamstown, 7.99 m.; the Lancaster & Rocky Springs
4.61 m.; Denver & Ephrata R y., Lancaster & New Holland Turnpike, and
the Lancaster & Marietta Turnpike.
Lines Leased to Conestoga Traction Co.
Stock.
Rental (% ). Miles.
Name of Company—
20.80
Lancaster Mechanicsburg & New Holland
$300,000
8
13.87
6
Rohrerstown Landisville & M t. Joy________ . 440,000
7.99
6
Ephrata & Adamstown____________________ . 225,000
4.61
6
Lancaster & Rocky Springs________________. 200,000
4.99
5
New Holland Blue Ball & Terre Hill_______. 120,000
17.74
6
Lancaster & Eastern_______________________ . 430,000
8.44
6
Lancaster & Quarryville____________________. 225,000
225.000
6.40
Elizabethtown & Florin____________________ . 220,000
6
11.04
6
Christiana & Coatesville___________________ . 400,000
8.45
6
Lancaster Petersburg & Manheim____________175,000
. 175,000
11.23
Lane. Willow St. Lampeter & Strasburg___ . 225,000
6
9.16
20
Lancaster & Columbia_____________________ . 37,000
9.19
Lancaster & Lititz Turnpike_____
—
6
Denver & Ephrata R y_____________________ . 10,000
Lancaster & New Holland Turnpike________ ______
-----Lancaster & Marietta Turnpike- ____________ ______
Does all the gas and electric lighting in cities of Lancaster and Columbia
and practically all in Lancaster County. Franchises are perpetual.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock com 100,000 shares_________
Q-M
64,710 shs.
See text
1,218,100 M ar’25, 1M
Q-M
Pref $1,248,100 ($50) 5% cum
1,000,000 July 1 1951
Mtge $1,000,000 gold $500' 1901
5 g J-J
and$l,000)_________ c*ntf(Interest at Lancaster Trust Co., trustee.
10-yr notes $2,500,000 ($50,1 1922
6 Q-J
1,009,500 July 1 1932$100. $500 and $1,000)___ |lnt. at Lancaster Trust C o., trustee.
Securities of Lines Controlled—
1,662,500 Jan 1 1950
Conest Trac 1st M $2,000,000J 1900
4 J-J
($100, $500 & $1,000)-c*tf lin t, at Prov. Life & Tr. C o., Phila., trustee
225,000 Apr 1 1923
Lancaster Trac 1st M ($100,/ 1893
5 A-O
$500 and $1,000)_____c*tf ilnt. at Lancaster Trust C o., Lancas., trus.
222,000 M ay 1 1958
Conestoga Realty Co 1st M / 1908
5 M -N
$500,000 sink fund g c__tf]In t. at Lancaster Trust Co.. Lancas., trus
100,000 Jan 1 1936
Lane G L & F 2d M $400,000/ 1906
5 J-J
_c*tflin t, at Lancaster Trust Co., Lancaster, trus.
( $ 1 ,000 )
100,000 Jan 1 1936
Third mtge $100,000 gold/ 1911
J-J
($1,000)______________c*tf lin t. at Lancaster Trust C o., Lancas., trus.
75,000 Jan 1 1941
Columbia Gas Co 1st m tge/ 1911
5 J-J
$200,000 ($1,000)_ c*tf lin t. at Farmers’ Tr. C o., Lancaster, trustee.
_
2,863,800 Feb 1 1943
Edison Elec Co 1st & ref M / 1913
5 F-A
$5,000,000 ($100 & $1,000)!Int. at Lancaster Trust Co., Lancaster,
gold _______________c*&r*l
trustee.
125,000 May 1 1935
Col El L H & P 1st M gold] 1905
5 M -N
$125,000 ($1,000)- C & r t f lin t, at People’s Trust C o., Lancaster, trust.
Conest Ter Co 1st M guar/ 1924
5M
800,000 June 1 1954
p & i gold ($1,000)______tfliGirard Trust C o., Philadelphia, trustee.
Bonds.— Of Conestoga Traction 1st mtge. bonds, $112,500 reserved to
be used for the reduction of rentals and remainder are reserved to retire
prior liens or are pledged as collateral for bank loans.
Lancaster Gas Light & Fuel 3rd mortgage bonds are red. at 105 and
int. on any int. date on 3 months’ notice. Col. Gas Co. bonds are red.
on any int. date at 105 and int. on 90 days’ notice. $125,000 reserved for
future improvements at 85% of cost thereof.
Of Edison El. Co. 1st & ref. bonds, $125,000 reserved to retire underiylng
bonds; remainder held in treasury for impts., extensions, &c., at 85% of
cost thereof: red. as a whole, but not part, at 105 and int. on any int. date.
Tax free in Penna. In Dec. 1924 $572,300 were offered by Tucker, Anthony
& Co. and Spencer Trask & Co. at 99 & int., to yield over 5.05% . V. 119,
p. 2760.
Columbia Elec. Light, Heat & Power bonds are red. at 110 and int. on
any int. date. The bonds are guar, by the Lane. County Ry. & Lt. Co.
M a y , 1925.]
POWER, LIGHT AND RAILWAY
Conestoga Realty Co. bonds are red. at par and int. on any Int. date
upon 3 months' notice. Sinking fund an amount set up monthly sufficient
to retire bonds at maturity.
Conestoga Terminal 1st mtge 5H s are guar, jointly and severally by en
dorsement as to prin. and int. by Edison Electric Co. of Lancaster and the
Conestoga Trac. Co. A sink, fund of 1 Y % per annum, payable semi-ann.,
commences Dec. 1 1924. Red. at 100% and int. on 60 days’ notice.
Free from Penna. State tax. In July 1924 Reilly, Brock & Co. sold
$800,000 at 99 Y and int., to net about 5.53% . V. 119, p. 460.
Dividends.— The first div. on the pref. stock (3% ) 'was paid on July 1
1904 and 3% was again paid on Oct. 1 1904. In 1905, Jan., 3% (see Y. 79,
p. 2796); July, 3% ; Dec., 415%. I n l9 0 6 ,6 H % . In 1907, 7 % . In 1908
and since, 5% . On com., in 1908 to 1912, incl., 10%; in 1913, 12%; in 1914,
1134%; in 1915, 14H % ; in 1916, 15%; in 1917, 1754%; in 1918, 13Y %\in
1919, 15%; in 1920, 15%; in 1921, 15%. In 1922, June, 97c. per share was
paid on com. shares o f no par value: Sept., 97c.; Dec., 96c. In 1923, M ar.,
$1 40: June, $1 70; Sept., $1 70: Dec., $1 50. In 1924, M ar., $1; June,
$1 70; Sept., $1 53. In 1925, March, $1.
R E PO RT.— For year ending Dec. 31 1921, earnings (less expenses and
proportion o f surplus o f sub. cos.), $572,264; bond interest, $50,000; pref.
div., $62,405; balance, $459,859.
Combined Results of Subsidiary Companies— Calendar Years.
Year—
Gross.
Net {after Tax.). Charges.
Balance.
1 9 2 1 --._____________ $3,501,769
$1,345,492
$503,650
$841,842
1,301,761
500,858
800,903
1920________________ 3,511,722
OFFICERS.— Pres., W . W . Griest; V.-Ps., George Bullock and E. G.
Connette; Treas., A. L. Linn Jr.: Sec. and Asst. Treas., J. A. McKenna;
Asst. Sec.-Treas., Anna E. Ranck.— V. 105, p. 2543: V. 106, p. 396; 602;
V. 109, p. 371; Y. 112, p. 2414; V. 114, p. 306; V. 116, p. 410.
E A S T PEN N E L E C T R IC C O .
Controlled by Pennsylvania Power & Light Co. (see “ Offer to Stock
holders” below.)
ORGANIZATION.— Incorp. in Pennsylvania July 6 1922 as per finan
cial plan of Eastern Pennsylvania Rys. (for history see “ Electric Railway”
Supplement of April 28 1923 and statement of Eastern Pennsylvania Powei
& Ry. Co. in “ Elec. R y .” Supp. of Oct. 27 1923) outlined in V. 114, p.
2717, and now owns in fee the property of the Eastern Pennsylvania Rys.
Co. and its subsidiaries and the Lykens Valley Light & Power C o., and
controls Pine Grove Elec. L t., Ht. & Pow. Co. by ownership of entire out
standing stock.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The co. supplies practically all the electric lighting and power and electric
railway facilities in and adjacent to Schuylkill County, Pa., and operates
a small gas plant at Tamaqua. Has power stations with generating capacity
o f 33,000 h.p. and 13,000 h.p. in reserve. Operates 72 miles of track con
necting Pottsville with Yorkville, Minersville, Palo Alto, Belmont, Cumbola. Mount Carbon, Port Carbon, St. Clair, New Philadelphia, Middleport, Schuylkill Haven, Adamsdale, Orwigsburg, Coal Castle, Glen Carbon,
Tumbling' Run, Brockton, Tuscarora, Tamaqua, Lansford, Summit Hill,
Nesquehoning and Mauch Chunk. Standard gauge. 70-lb. T and 73-lb. gir
der rails. 53 pass, cars, 4 sweepers, 10 repair cars, 1 snow plow, 1 freight car.
All franchises are perpetual or for a long term and the street railway lines are
In a large measure built on private right-of-way; population served exceeds
approximately 150,000.
Offer to Stockholders.— In Jan. 1925 the Pennsylvania Power & Light Co.
offered to acquire the co .’s capital stock and to issue in exchange therefor
its own cum. pref. shares on the following basis:
(а) For each share o f pref. stock (carrying dividends from Jan. 1 1925
at the rate of $7 per share per annum) or 2d pref. stock (carrying dividends
from Jan. 1 1925 at the rate of $8 per share per annum) so deposited— one
share o f cum. Pref. stock o f Pennsylvania Power & Light Co.
(б) For each share of common stock so deposited— two-thirds of one
share o f cum. pref. stock o f Pennsylvania Power & Light Co.
Unless 85% or more o f the outstanding shares o f each class of stock of
East Penn Electric Co. accept this offer, Pennsylvania Power & Light Co.
is not obligated, but it has the option, to acquire in exchange such of the
shares as may have accepted the offer. V. 120, p. 453.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
CommoD 150,000 shares______ _____
______
103 807 shs.
1st preferred 50,000 shares_ _____
_
($7)
19,827 shs.
2d preferred 10,000 shares_________
($8)
9,i43 shs.
1st Mtge lien & ref ($o00 and T 1923
6 g J-J
$2,500,000 Jan 1 1953
$1,000) gold_________ c*.tf|lvring Bank-Colurcbis Trust Co., trustee
E P Rys Co 1st M $6,000,000,/ 1906
5 g J-J
4,446,000 July 1 1936
g ($500 and $l,000)-.c*.tf(C entral Trust Co., New York, trustee.
Pottsv. & bead, first oatge, gi 1895
6 g F-A
96.000 Feb J 192’
$100,000 ($ 1,00 0)-.___ c* (ln t at Real Estate Tr. Co. Phila.. Trustct
Schuyl El Ry 1st M $500,000./ 1895
6 g F-A
289,000 Feb. 11921
($500 and $1,000) gold.c*tf 1Int at Real Estate Tr. Co Phila.. Trust**
Lykens Vail Lt & Pr 1st m tge.- 1915
6 g M-S
351,000 Sept 1 1945
STOCK.— First pref. stock Is cumulative. Divs. Q.-J. Red. all or
part on any div. date at $115 per share and divs. Preferred as to assets to
extent of $100 per share, and also as to dividends.
Bonds.— 1st mtge. lien & ref. 6s are red., all or part, on any int. date at
110 up to and incl. Jan. 1 1933; at 107 M up to and incl. Jan. 1 1943; at 105
up to and incl. Jan. 1 1948; at \92Y up to and incl. Jan. 1 1951, and at 102
thereafter. Tax-free in Pennsylvania.
Sufficient Eastern Pennsylvania Rys. 1st mtge. bonds of 1906 are reserved
to retire the $385,000 prior lien bonds outstanding: the unissued portion is
reserved for future extensions and improvements; $333,500 have been can
celed. Registered bonds are re-convertible into coupon bonds. Are subject
to call at 110 and int. on 4 weeks’ notice. Int. payable in N . Y . See descrip
tion o f bonds and property, V . 89, p. 103; V . 94, p. 279.
E a RNINGS.— Of East Penn Elec. Co. and predecessor cos. for years
ending Dec. 31:
Cal.
NetSoft.Tax.
Bond
Other
Replace, &
Year
Gross.
& Rentals.
Interest. Deductions.Renew.Res. Surplus.
1924 --$3,179,359 $1,486,140 $416,652 $44,930 $400,349
$624,209
1923 - 2 943,988
1,168,175
295,855 27,471
245.568
599.233
1922 - - 2.414,320
923.159
399.991
______
271,697
16.106
235.365
PFFICERS.— Pres., P. B. Sawyer; V .-P., E. W. Hill; V .-P ., J. .S Wise
Jr.; Sec. & Treas., C. M . Walter; Gen. M gr., C. A . Hall.— V. 117, p. 2542;
V. 118, p. 1519; V. 120, p. 86, 453.
W E S T V I R G IN IA U T IL IT IE S C O .
All the common stock is owned by the Southern Cities Utilities Co.
ORGAN IZATION .— Incorp. in 1920 and acquired the Morgantown prop
erties of the West Virginia Trac. & Elec. Co. (for history see “ Electric Rail
way” Supplement of April 24 1920), as per plan outlined in V. 110, p. 1416.
Owns all the $500,000 capital stock of Wheeling Public Service C o., which
took over Wheeling-Elm Grove properties o f West Va. Trac. & Elec. Co.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
With its sub. co. owns and operates the electric light, power and water
supply systems in Elm Grove and neighboring towns; an electric railway
from Wheeling through Elm Grove to West Alexander. Pa., connecting
adjacent suburban towns; electric light, power, gas and water in M or
gantown, W . Va. Serves 29 communities with railway and electric service,
26 with water and 8 with natural gas. Holds under lease over 7,000 acres
o f natural gas fields, about one-quarter developed, with extensive systems
o f gas wells and distribution equipment. Also has 1,600 acres of gas and
oil lands under development. With its controlled co. has 2 electric power
plants aggregating 6,000 h.p. capacity; 1 water pumping station; 1 gas
pumping station; 120 gas wells; 2 oil wells; 152 miles of electric lines; 179
miles of gas pipe lines; 74 miles o f water pipe lines; 45 miles of urban and
suburban railways, largely on private right-of-way. Standard gauge,
91 cars. Franchises. One expires 1927; others extend beyond 1942 or
are perpetual.
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
_
_________
$500,000 __________
Common $1,000,000 ($100)_ _____
Pref $1,500,000 ($100) cum___
7%
997,950 Oct ’24, 1%
15-year general mtge bonds!
1920 6%
1,395,500 Jan. 1 1935
$5,000,000 gold__________ /
Un Utilities 1st mtge $1,500,-/ 1909 5 g J-J
639,000 July 11944
000 gold ($1,000)_ c * c p t ( Int. at Farmers’ L. & Tr. C o., N . Y ., trustee.
_
Stocks.— N o. div. shall be paid on com. for 2 years from date of issuance,
net income for that period to be carried to surplus; thereafter not more than
91
Yi the sum which subsequently becomes available for divs. to be paid as
such, balance to be carried to surplus; with protective provisions for maint.
and depreciation. Pref. stock has equal voting power, share for share,
with the com. stock, preferred both as to divs. and assets, red. at option of
company, all or part, from time to time at 105 and dividends.
Bonds.— The c o .’s gen. mtge. 6s are a 2d lien on the Morgantown prop
erties and a 1st lien on the stock of the Wheeling Public Service Co.
Of Union Utilities 1st mtge. bonds not included in amount outstanding,
$10,000 are in the treasury, $554,000 are held alive in sinking fund, and
remainder are reserved for improvements and extensions at 80% of cost.
Red. at 105 and int. on any int. day on 30 days’ notice. Sinking fund 1%
semi-annually of bonds outstanding and in sinking fund. After setting aside
1% semi-ann. and payment o f 7% on pref. and 10% on common, sinking
fund shares equally with any further dividend on common. V . 90, p. 373.
EARN ING S.— For 12 months ending Dec. 31:
Cal. Years. Oper. Rev. Net, aft. Tax. Other Inc. Deductions.
Balance.
1924_______ $1,246,313
$409,438
$37,584
$149,766
$297,257
1923 _____ 1,110,026
386,017
35,357
143,566
277,808
1922 ______ 1,002,092
375,207
30,918
136,676
269,449
1921 ______
793,303
235,481
24,718
137,033
123,166
OFFICERS.— Pres., Fred Anderson; V .-P ., J. K. Buchanan; Treas., Geo.
B. Adams; Sec., Ira Lloyd Letts; Asst. Treas., R . A . Bruce.— V. 115, p. 989;
V . 116, p. 1179, 1277, 1894: V. 117, p. 1349, 2324, 2772.
(1) WHEELING PUBLIC SERVICE CO.
All the common stock is owned by the West Virginia Utilities Co.
O RGAN IZATION .— Organized in 1920 and acquired the Wheeling-Elm
Grove properties of the West Virginia Traction & Electric Co. (for history
see “ Electric Railway” Supplement of April 24 1920), as per plan outlined
in V. 110, p. 1416. Owns 3,940 out of 4,440 shares of City Railway Co.
Owns all the common stock of the Bus Transportation Co. of Wheeling.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $500,000___________ All owned by West Virginia Utilities C o.
City & Elm Grove cons coll/ 1906 5 g J-J
188,000 July 1 1936
tr M $2,500,000 g ($1,000) _ (Int. at Union Trust C o., Pittsburgh, trustee.
Wheeling & Elm Grove 1st/ 1898 5 M-S
120,500 Mar. 1 1928
mtge $225,000 ($500)_____j
Sinking fund retires $5,000 annually
Wheeling & Elm Grove m tge/
1901 5 A-O
794,500 April 1 1931
(seetext) (SI ,000&$ 100)g c*(ln t. pay. at Dollar Savs. & T r. C o., trustee.
Wheeling Pub Serv Co 1st m t g e ___
6%
982,000 Oct. 1 1952
Bonds.— Of the City & Elm Grove consol, coll, trust bonds, $l,O0O,0OO
105 reserved to retire prior liens. Are subject to call on any int. date at
are and int. V. 83, p. 491.
The authorized amount of Wheeling & Elm Grove R y. mtge. was origi
nally $1,250,000, but was reduced in Feb. 1906 to $1,000,000.
EARN ING S.— For 12 months ending Dec. 31.
12 Months—
Oper. Rev. Net, aft. Tax. Other Inc. Deductions. Balance.
1924 ___________ $628,683
$178,188
$2,462
$119,042
$61,607
1923 ___________ 633,184
176,917
3,780
117,431
63*266
1922 ___________ 595,343
168,721
2,723
105,964
65,480
1921
545,790
105,291
330
103,940
1,681
Property, Ac.— See West Virginia Utilities Co. above.— V . 115, p. 1943:
V. 116, p. 937, 1894, 2517; V . 117, p. 1349, 2772; V. 119, p. 812.
R E A D IN G
T R A N S IT C O M P A N Y .
All the common stock and $550,000 Class “ B ” preferred owned by
General Gas & Electric Corporation.
ORGANIZATION.— Incorp. July 1917 as a merger of the old Reading
Transit & Light Co. (which then ceased to exist) with the United Traction
Co. (Reading), Boyertown & Pottstown R y., Birdsboro Street R y ., Read
ing & Womelsdorf Electric R y., and Front & Fifth Streets R y., all of these
properties having been operated under lease. Was known as Reading
Transit & Light Co. up to Jan. 1925, when name was changed to present
title. V. 120, p. 88. Controls through stock ownership the Oley Valley Ry.
and Neversink Mountain Ry. Leases the Lebanon street railway system
and the properties of the Reading Traction Co., Adamstown & Mohnsville
Elec. R y., Schuylkill Valley Trac. Co. and Reading & Southwestern R y.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns or controls and operates the street railway systems in and about
Reading and Lebanon, and the system of street and interurban railways
extending from Reading through Norristown to Philadelphia, serving a
population of about 400,000. 203.12 miles track. 237 passenger and 50
service cars; 3 power plants having 43,000 h. p. generating capacity, 426
miles electric pole lines. Principal leases contain options to purchase, also
satisfactory provisions for refunding underlying obligations. Franchises
are without time limit and unrestricted with unimportant exceptions.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_______
$2,900,000 Sept’23, 1%
Common $6,000,000_______________
_______
36.850 A u g ’23, 1H
Preferred Class “ A ” $ 7 0 0 ,0 0 0 -____
Preferred Class “ B ” $2 300.000 ___
_______
1,540,500 Aug’ 23, 1 %
1st & ref M ser “ A ” ($100, $500/1924
6 g M -N
1,250,000 Nov. 1 1954
and $1,000( gold_-C*&r* tf(Colonial Trust C o., Reading, Pa., trustee.
Old Reading Trac. & Light Co.—
Equipment bonds____________ / 1920 7 Q-J
$17,500! Serially to
(int.at U.S.M .& Tr.Co.,N .Y.C./ April 1925
Car trust certificates
“ A ” / 1916 5 J-J
40,000 Seetext
$100,000 ($1,000)------------ lin t, at Girard Trust C o., Phila., trustee.
Car trust certificates
“ B ” / 1917 5 M -N
20,000 See text
$50,000 ($500)----------------- (in t. at Pa.Co.for Ins.on Lives,&c.,Phila.,tr.
Read-Womelsd°lstCM $400,-/ 1895 5 g J-J
400,000 Jan 1 1925
000 ($100, & c.)----- c*.cp t(in t.a t Real E st.T .I.& Tr.Co..Phila., trustee.
Birdsboro St R y M $250,000/ 1904 5 g J-J
250,000 Jan 1934
gold ($500 & $l,0 00)_c.cp t(ln t. at Colonial Trust C o., Reading, trustee.
Boyer & P St R y 1st M $300,-/
1906 5 g F-A
300,000 Aug 1 1936
000 ($500 & $1,000) g.c*cp tl Int. at Colonial Trust Co., Reading, Pa.,trus
Front&5th St R y 1st M $50,-/
1903 5 g J-J
50,000 July 11933
000 g ($100 & $500)_c*.cpt(lnt. at Colonial Trust C o., Reading, trustee.
Oley Valley R y first mortgage/ 1901 AY g J-J
250,000 July 1 1931
$250,000 g ($1,000)-C*.cpt(lnt. at Real Est. T. I.&Tr.Co.,Phila..trustee
Neversink Mountain b o n d s - - / ___
4 J-D
53,000 June 1 1931
(interest at Company’s office, Reading, Pa.
STOCK A N D BONDS—
Date.' Interest. Outstanding.Maturity.
Leased Line Securities—
Adam & Mohn first mortgage/
1904 5 g J-J
$75,000 Jan 1 1935
$75,000 g ($ l,000 )--r*.cp t\ ln t. at Colonial Trust C o., Reading, trustee.
Read-SW first mtge $100,000/
1900 5 F-A
100,000 Aug 1 1931
($500 and $1,000)--C *.cpt(lnt. at Penna .Trust C o., Reading, trustee.
See separate statements for Reading Traction, Schuvlkill Valley Traction,
and Lebanon Valley Street R y. below.
Bonds.— 1st & ref. Mtge. ser. “ A ” 6s are call., all or in part, on any int.
date on 30 days’ notice at 105 and int. up to Nov. 1 1929, the call price
decreasing 1 % each 5-year period thereafter to maturity. Sinking fund
payable annually commencing Nov. 1 1925 and thereafter to N ov. 1 1953
of 1 % of the principal amount of bonds outstanding. Free of Penna. State
tax. $1,250,000 were offered in Dec. 1924 by the co. through its local
investment department at Reading, Pa., at 98 and int., to yield 6.15% .
V. 120, p. 88.
Old Reading Transit & Light Co. car trust certifs , Series “ A ,” mature
$10,000 annually to July 1 1926; subject to call on any interest date at 101
and interest on 30 days’ notice. $80,000 have been retired. Secured by 25
cars, title remaining with trustee until entire issue is paid. Reading Transit
& Light Co. car trust certificates, Series “ B ,” mature $5,000 annually to
Nov. 15 1927; subject to call on any interest date at 101 and interest on 30
days’ notice. Secured by 9 cars.
United Traction Co.— Birdsboro Street Railway bonds may be called
at 105.
Front & Fifth St. bonds are red. at 105. They are guar., p. & i., by
endorsement by United Traction Co. (now Reading T . & L. C o.).
The Boyertown & Pottstown bonds are guar., p. & i., by endorsement
by United Traction (now Reading T . & L. C o.).
Adamstown & Mohnsville bonds are redeemable at 105.
EARNING S.— For years ending Dec. 31:
Calendar
Gross Earns. Net, after
Fixed
Preferred
Balance,
Year—
(Incl.oth.Inc.). Taxes.
Charges. Dividends. S u r.orD ef.
1923
$3,117,309 $648,559 $409,654 $117,701 sur.$121,204
1922
2,959,516
654,204
413,456 117,115 sur. 123,633
1921 ----------------- 3.007,465
664,028
416,743 117,115 sur. 130,170
OFFICERS — Pres., E. L. West; V .-P ., Thos. Cheyne; V .-P ., Lucien H.
Tyng; Treas., W . Buchsbaum; Sec., C. N . Wilson.— V. 120, D. 88.
92
PUBLIC UTILITIES
(a) READING TRACTION.
ORGANIZATION.— Incorp. March 9 1893 in Penna. to operate the
Reading City Passenger R y. and East Reading Electric R y., which it
equipped with electricity and leased for 99 years, the former from April 1
1893, and the latter from M ay 1 1893. On Oct. 1 1894 leased the Reading
S Temple Electric R y., for 99 years. The Reading Traction was leased on
c
Jan. 1 1896 to the United Traction (now Reading Transit & Light Co.) for
900 years at a rental o f $10,000 annually for first three years, $20,000 for
next two years, and $30,000 thereafter, and all bond interest.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— A
trolley road. Leases 48 miles o f track. Gauge 5 ft. 2 X in. Rails, 90 lbs.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 auth ($50)_______
J-J
$1,000,000 Jan’25, 75c.
First mtge $600,000 gold gu\ 1893
6 g J-J
500,000 Jan 1 1933
Not subject to call __c*cpt (Provident Life & Trust C o., Phila., Trustee.
Interest is payable in Reading at the Colonial Trust Co. Bonds are
listed on the Philadelphia Stock Exchange. V. 88, p. 749.
Dividends.— In 1900, 2% ; in 1901, 2 X %; in 1902 and since, 3% per ann.
Date.
Interest Outstand’g.Last Div., <0,c.
Reading City Passenger R y—
Stock ($350,000) (par $50). —
J-J
$350,000
See text
East Reading Electric R y—
A-O
100,000
See text
1897
5 J-J
25,000 July 1 1937
[V ol. 120
tion below.) For details of various franchises and history of co.’s relations
with city, see “ Electric Railway” Supplement of Apr. 26 1924.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Total trackage Dec. 31 1923, incl. all lines leased and operated, 697.289
miles. Owns 3.453 cars of all kinds.
Subway has been built In Market St. from 23d St. to Delaware Ave..
dlevatea structure on Market St. west of the Schuj lklll River, and on Dela
ware Ave. from Market St. to South St. V. 74, p. 528, 989: V. 76. p. 1301;
7. 81, p. 265. In March 1907 began operating on that portion of the elerated from the Schuylkill River west to the Upper Darby terminal station,
t distance of about 4 miles. V. 84. p. 571. On Aug. 3 1908 the entire
lubway from 2d St. to 23d and Market St. was placed In operation, thus
completing line through to 69th St. V. 87, p. 347. On Oct. 6 1908 ele
vated lines on Delaware Ave to South St. Station was placed In operation,
completing entire line. V. 87. p. 936.
In July 1902 acquired all the stock of the Doylestown * Willow Grove
Ry. Co. Also owns entire stock ($10,0001 of the Motor Real Estate Co.,
which owns property costing approximately $4,000,000.
On July 1 1906 the Phila. Morton & Swarthmore Ry. and the Media Mldiletown Aston & Chester Elec. Ry. were consolidated, forming the Darby
Media & Chester Ry. The new company, embracing 25 miles of track, was
'hereupon leased to the Phila. Rapid Transit Co. for 999 years, rental being
$8,500 for first year, $17,000 for second and third years. $25,500 for fourth
rear. $34,000 for fifth year and $42,500 for sixth year and thereafter.
Broad St. Subway.— “ City-Company Plan.” — See V. 116, p. 1050.
Lease.— In May 1922 the ordinance embodying the lease between the city
and the co. for the operation of the Frankford elevated line and Bustleton
7 A-O
73.700
See text
5 A-O
1894
73.700 Oct 1 1934 surface line by the co. was approved by the City Council and the Penna.
P. S. Comm, and was signed by the Mayor and the co. officials. These
Dividends on Leased Line Stocks.— The Reading City Passenger stock lines are leased beginning Nov. 5 1922 for a period of five years.
The co.
received dividends, 1896 to 1899, inclusive, 10%; 1900 and thereafter 12%. pays rental of 1% during 1923 on construction cost of Frankford Elevated;
East Reading stock received dividends: 1896, $6,500; 1897 to 1900, inclusive, rental to be increased 1% annually until a maximujm of 5% is reached.
$7,000; thereafter, $8,000. Reading & Temple Electric pays 7% annually This contract may be extended by the city so as to terminate in 1957 with
in dividends, A. & O.
the 1907 city agreement. A summary of the principal features of the lease
Bonds.— Reading Trust Co. is trustee for East Reading Elec. Ry. bonds will be found in V. 114, p. 2241.
Loss to Company from Operation of Frankford “ L” in 1923.— See detailed
subject to call in 1927 at par. Int. on Reading & Temple bonds is payable
at Reading Trust Co., trustee. Coupon ($100, $500 and $1,000). Originally statement in V. 118, p. 2180.
Leases Approved.— In Oct. 1923 the P. S. Comm, approved the lease of
matured Oct. 1 1924, but were extended to Oct. 1 1934.— V. 88, p. 749.
the Champlost St. Connecting Ry., Tioga & Frankford St. Ry., Pelham &
(b) SCHUYLKILL VALLEY TRACTION.
Frankford St. Ry., Wayne Junction Connecting Ry. and Frankford Con
The United Power & Transportation Co. owns all of the $500,000 capital necting Ry. V. 117, p. 1664.
Power Contract.— In March 1912 entered Into a 10-year contract with the
stock.
Phila. Electric Co. for additional power. V. 94, p. 768. A new agree*
Lease.— Leased for 900 years from April 1 1910 to Reading Transit Co.
(succeeded by Reading Transit & Lt. C o .). Rental, $5,000 1st and 2d years, ment was entered Into Dec. 12 1920 for a period of 3 years from Nov. 15 1922
New Line.— in Sept. 1911 the Snyder Ave. St. Ry. was chartered in the
$15,000 annually thereafter, and $1,000 annually for maintaining organiza
tion. Reading Transit & L t. Co. also assumes all obligations of Schuylkill Interest of the Phila. Rap. Tran., with $140,000 stock, to operate 7.66 miles
or line on Snyder Ave. Line was placed In operation Jan. 1912.
Valley Trac. and its leased lines.
Excise Tax.— On Aug. 2 1915 Judge Dickinson in the U. S. Diet. Court
ORGAN IZATION .— Incorp. in Pennsylvania Sept. 8 1893 as the Norris
under lease were not
town Bridgeport & Conshohocken Traction C o., ana on Jan. 5 1895 charter held that the company's subsidiaries operated tax law of 1909 and carrying
the meaning
excise
ed as present company. Since Jan. 15 1895 has controlled and operated on business within the tax. On of the22 1917 the Market Street therefore
to
Oct.
Elevated
the Conshohocken R y ., the Montgomery County Passenger R y., the were not liable Union Traction Co. and the Philadelphia Traction Co. ap
Pass. Ry., the
Citizens’ Passenger R y., the Collegaville Electric Street R y. and the pealed to the U. 8. Dlst. Court for restitution of $73,768 and interest col
Norristown Passenger R y. The corporate existence of the several companies lected from them in the years 1911 and 1912.
is to be maintained, but their bonds will be taken up as rapidly as possible.
Income Tax Litigation.— On July 15 1918 the various leased line cos.filed
In Jan. 1902 leased for 950 years the Roxborough Chestnut Hill S Norris
c
Tran. Co. to
and excess profits
town R y., including that company’s leases o f the Wissahickon Electric salts against the Phila. Rap. protest. V. recover Income Compare V. 108,
taxes paid by them under
107, p. 402.
Passenger R y. and the Trappe & Limerick Electric Ry.
p. 2451. On Nov. 20 1918 a ruling was handed down by Common Pleas
FIELD OF OPERATIONS A N D CH ARACTER OF BU SIN ESS— A Court No. 3 (and In Feb. 1919 affirmed by the Pennsylvania Supreme
trolley road. Operates 57.03 miles o f track, including lines of above- Court) under which the Phila. Rapid Transit Co. is held responsible under
mentioned companies, and also Roxborough Chestnut Hill & Norristown. the terms of the several leases for the payment to the Govt, of the incomeGauge, 5 ft. 2 M in. Rails, 60 and 100-lb. T & girder. 91 cars.
excess profits taxes of the following leased line corporations: Philadelphia
Trac. Co., Germantown Pass. Ry. Co.. 13th & 15th Streets Pass. Ry. Co.,
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Philadelphia City Pass. Ry. Co., Union Trac. Co., Ridge Ave. Pass. Ry.
Stock$500,000 ($50)_______________
_________
$500,000 __________
First mortgage $500,000 g\ 1895
5 g F-A
320,000
Aug 1945 Co., Frankford Sc Soutnwark Philadelphia City Pass. Ry., Falrmount Part
S Haddington Pass. Ry. Co., Citizens' Pass. Ry. Co. and the Hestonvllle
c
($1,000) ___________ c .c p t /in t . at West End Tr. < S. D. C o., Phila., Tr.
&
Of the $500,000 first mortgage dated 1895, $100,000 has been retired and Mantua & Falrmount Pass. RR. Co. On the other hand, however, lt
was ruled that the following companies must assume liability for theij
destroyed, $80,000 reserved to retire the Citizens’ Pass. R y. bonds.
The securities o f the subsidiary companies are as follows, including both Federal taxes: Continental Pass. Ry. Co.. Philadelphia & Darby RR. Co.
and Green Sc Coates Streets Phila. Pass. Ry. Co. V. 107. p. 2009; V.
those held by the public and by the parent company.
108. p. 785.
STOCK A N D BONDS—
Miles.
Interest. Issued.
Maturity.
Validity of Rentals Upheld.— In Dec. 1920 the Superior Court of Penna.
Citizens’ Pass Ry stock ($50)- 6)4
$79,400 __________
handed down a decision denying the order of the P. S. Comm, requiring
1st mtge ($500) $80,000 g o l d f ____
5 g F-A
80,000 Feb 1 1925
companies to file answers to averments
guaranteed__________ cp t) Subject to call at 105 on any interest date. the underlying business men’s associations with regard made by the city
to rentals of the
[Int. at Norris’n Title, Tr. S S. D. C o., Trus. and two local
c
underlying companies. V. I l l , p. 2521; V. 112, p. 163. The city, the
Conshohocken R y stock ($50)_ b X
___________
145,900 __________
P. S. Comm, and business associations appealed, and on July 1 1921 the
1st M guar, prin & i n t i ____
5 g J-J
100,000 July 1 1924
Penna. Supreme
Superior Court but only
$250,000 __________ cp t/S u b j. to call at 105. Norristown Tr. C o., Tr. on a technicality.Court reversed the decision of thethe case should not have
The Supreme Court held that
Montgomery Co Pass R y stock 1H
___________
150,000 __________
P.
1st mtge $150,000_____c p tl I X
6 J-J
15,000 Nov 1 1923 gone to the Superior Court; but maintained that the 113,S. Comm, had no
For details see V.
p. 183. 293.
/in t. at Albertson Tr. & S. D. C o., Trustee. right to attack rental paymentsl , p. 389: also V. 114, p. 522. 627, 739, 1181.
Split in Directorate.— Sea V. i l
Norristown Pass Ry stk ($50). 4)4
75,000 __________
Fares.— Effective Sept. 14 1924 was auth. by the Pa. P. S. Comm, to
Bonds.— The Conshohocken R y. bonds ($100,000) and the Montgomery increase cash fares to from 7c. to 8c., with 2 tickets for 15c., pending
County Passenger R y. issue ($15,000) are held by the Schuylkill Valley final determination of the Commission. V. 119, p. 1283, 1396. This
Traction Co.— V . 70, p. 281.
increase was upheld in Dec. 1924 by the Pennsylvania Superior Court.
V. 119, p. 2763.
(a) ROXBOROUGH CHESTNUT HILL & NORRISTOWN RY.
Property Valuation.— On Apr. 30 1924 the Pa. Supreme Court refused to
The United Power & Transportation Co. owns 4,959 out o f the 4,968 allow the City of Phila. to appeal against the decision of the Superior Court
shares o f the capital stock. In Jan. 1902 was leased for 950 years to the in upholding the finding of the Pa. P. S. Comm, in the P. R. T. Co. valua
Schuylkill Valley Traction at a rental o f $4 50 per share, payable semi-ann. tion case. The P. S. Comm, in June 1923 had found the value of the co.’s
ORGAN IZATION .— Incorp. Dec. 2 1895 in Penna. In 1898 leased the property to be substantially upwards of $200,000,000. V. 118, p. 2305.
Wissahickon Electric, 3 X miles, for 950 years; rental to be 2% on the
Proposed Plan of Consolidation.— For proposed plan of consolidation made
$145,842 stock for the first two years, 3% for the next six years, 4% for public by Pres. Mitten in Aug. 1920, see “ Electric Railway” Supplement
the next seven years and 5% for the rest o f the term. Also owns the of April 26 1924.
$250,000 stock of the Trappe & Limerick Electric Street R y. and leases that
Stockholders on March 18 1925 approved an issue of $3,000,000 pref,
company for 950 years.
stock. Compare V. 120, p. 331.
FIELD OF OPERATIONS AN D C H A R A C TE R OF BUSINESS.— A
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity •
trolley road. Total track, 20X miles; gauge, 5 ft. 2 X in. rails, 70 to 90-lb. Com $30,000,000 ($50).................
J-J
(600.000 sh(
8ee
girder.
\ Full paid)
text
$3,000,000 __________
Pref 7% cum ($50)-----------------------7%
CAPITALIZATION .— In June 1896 filed a mortgage for $450,000 to the
4.277,000 Feb 1 1967
5 g F-A
Real Estate Title Insurance & Trust C o., Philadelphia, securing 5% gold Coll crust mtge $5,000,000! 1908
$1.000) gold_______ c*cpt-i Int. at Penn. Co. for Ips. on Lives S Granting
c
bonds ($1,000) J. & D. (cp t), due June 1 1926. Issue reduced to $396,000,
I Annuities. Philadelphia, Trustee.
of which $371,000 was outstanding on Dec. 31 1923. Capital stock auth.,
Sink fund mtge $10,000,0001 1912
6 g M-S
9,566,000 Mar 1 1962
$450,000; issued, $248,400; par, $50.
g ($1,000) guar p & i.c * . cp t (Bank of North Amer. & Tr. C o., Phila., trus.
Trappe & Limerick Elec. St. R y. 5% gold stock certfs. due July 1 1931.
4 g M -N
10.000.000 May 1 195$
Int. (J. & J.) at Real Estate Title Ins. & Trust C o., trustee. Auth., Market St El 1st mtge $10.-1 1905
000.000 gu g ($1,000) c* cp t/ln t. at Land Title S Trust C o.. Phila., Trus.
c
$250,000, and outstanding, $249,000. Secured by deposit of $249,000
Jarby Media S Ches 1st M i 1906
c
4 X g J-J
$991,000 July 1 1936
stock o f the Trappe & Limerick Street R y.— V. 62, p. 1042.
$1,500,000 ($1,000) g c c p t jln t. at Land Title Sc Trust C o.. Phila., Trus.
(6) TRAPPE & LIMERICK ELECTRIC STREET RY.
Oar trust certificates Series 1 1919
F-A
36,000
1929
ORGAN IZATION .— Incorporated in Pennsylvania on July 25 1899.
“ D"
t.f./F id elity Trust C o., Phila., Trustee.
Was leased on Dec. 31 1901 to Roxborough Chestnut Hill & Norristown Ry.
Jar trust certificates Series! 1919
______
145,000
1929
for 950 years at a rental equal to 5% per annum on capital stock, interest on
“ E ” _________________ t.f. (Fidelity Trust C o., Phila., Trustee
bonds, taxes and $100 maintenance expenses.
Oar trust efts. Ser. “ F ” $3,-1 1922
6 F-A
2,25(5,000
1923-32
000,000 ($500 & $ l,0 0 0 ).c* fln t. at Fidelity Trust C o., Phila., Trustee.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Equip, tr. ctfs. Ser. “ G " $4,-\ 1923
5H F -A
4,275,000 See text
Length o f line, 13.35 miles.
750,000
($500 & $1,000)-C*/Dlvs. at Commercial T r . C o.. Phila., trustee.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Equip tr ctfs Ser “ H ” $2,-f 1924
5 X g J-D 2,700,000
See text
_________
$250,000
See text
Stock $250,000 ($50)______________
7,000,000 ($1,000)____c*tf(D iv s. at Penna. Co. for Ins. on Lives &
First mortgage $250,000 gold! 1901
4 X g J-J
250,000 July 1 1931
[ Grant. Ann., Philadelphia, Trustee.
($ 1,00 0)___________ c* cp t/ln t. at Company’s office, Reading, Pa.
Real estate mortgage________ _____
________
150,000
________
Bonds.— Are guar., p. & i., by Roxborough Chestnut Hill & Norristown.
Real est. 1st mtge. $3,500,0001 1924
6 J-J
2,500,000 Jan. 1 1944
(c) LEBANON VALLEY STREET RAILWAY.
($500 S $1,000)--------- c*tf (Int. at Penna. Co. for Ins. on Lives S Grantc
c
1
ing Annuities, Philadelphia, Trustee.
Lease.— Leased to Reading Transit & Lt. Co. for 900 years from April 1
1910. Annual rental o f $40,000 and yearly payment of $500 for organiza
Funded debt of underlying companies Dec. 31 1923, $56,302,447.
tion, as well as taxes and interest on bonds.
Stock.— Com. was listed on the Phila. Stock Exchange in July 1902 and
ORGAN IZATION .— Incorp. on June 28 1899 as a consolidation of the Feb. 1905 on N . Y . Stock Exchange. See also V. 110, p. 872. Pref. is
Lebanon & Annsville Street R y. and the Lebanon & Myerstown Street Ry. call, at $55 per share. V. 120, p. 1090.
The United Power & Transportation Co. owns all the 10,000 shares of the
Bonds.— Collateral trust bonds are secured by deposit with trustee of
capital stock.
lecurities owned by Phila. Rapid Transit and also securities of Union Trac.
FIELD OF OPERATIONS AN D C H A R A C TE R OF BUSINESS.— A Oo. and Phila. Trac. Co.; entire issue subject to call at 105 on 6 weeks’ pub
trolley road. Owns 22.08 miles o f track. Gauge 5 ft. 2 X in. Rails, lished notice on and after Feb. 1 1912. A sinking fund, which win re
50. 75, 90 and 100 lb. girder. 23 cars.
tire all bonds by Feb. 1 1957, began to operate Feb. 1 1912. The Market
Street Elevated Ry. bonds cover the subway and the elevated road on
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Market St. See V. 80, p. 652. They are guaranteed, principal and
Stock $500,000 (par $50)_____ _____
_________
$500,000
See text
First mortgage 10-30s gold! 1899
5 g J-J
500,000 July 1 1929 Interest, by endorsement by the Phila. Rapid Transit Co. Are subject
($100, $500 & $ l,0 0 0 )c_ cp tjln t. at Real Est. T. Ins. & T r. C o., Phila.,Tr to call on any int. date at 102 X end int. V. 84. p. 749; V. 86. p. 547.
The Darby Media S Chester Street Ry. bonds are guar., p. S 1.. by enc
c
lorsem't by Phila. Rap. Tr. Co. Can be called at 102X A Int.
Both the collateral trust bonds and Market Street Elevated bonds were
PHILADELPHIA RAPID TRANSIT.
listed on the Philadelphia Stock Exchange in April 1909. V. 88. p. 946.
ORGAN IZATION .— Incorp. in Pa. on M ay 1 1902 to take over under
The sinking fund mortgage bonds of 1912 are callable on any March 1
ease the Union Traction Co. for 999 years from July 1 1902, and to acquire as a whole or for sinking fund at 105 and interest. Cumulative sinking
and hold shares of other corporations. (For terms o f lease, see Union Trac fund of $35,000 per annum began Jan. 15 1917. Of the $10,000,000
M a y , 1925.]
POWEE, LIGHT AND RAILW AY
authorized $9,566,000 are reported as outstanding. $434,000 have been
retired by sinking fund. Were originally 5s. These bonds, as to principal,
sinking fund payments and interest at 6% , are the direct obligation of
P. R. T. Co. The principal, sinking fund payments and 5% interest are
further secured by: (a) Direct mortgage lien on all property of Market Street
Elevated Passenger Ry.; (b) pledge of the entire outstanding capital stock
and lease for 997 years from 1903 of Market Street Elevated Passenger Ry.;
(c) guarantee by endorsement of Union Traction Co. of Philadelphia. In
March 1925 Dillon, Read A Co. sold $8,975,000 at 99 and interest, to yield
6.06%. V. 120, p. 1460. Compare V. 94, p. 827, 699.
*8
The real estate 1st mtge. 6s are secured by first mortgage on three car
terminals (see V, 118, p. 203 for details) and are guar. prin. A int. by the
Phila. Rap. Tran. Co. A sin kin g fu n d sufficient to retire $75,000 bonds
per annum is provided for, payable on Jan. 1 of each year, beginning
Jan. 1 1927, to be applied to the purchase of bonds in the open market,
at or below the current redemption price, or if not so obtainable, to call
by lot at that price. Are red. all or in part on any int. date on 30 days’
notice, beginning Jan. 1 1927 until Jan. 1 1937 incl. at 105 & int. thereafter
on any int. date at 102)4 and int. Penna. 4 mills tax assumed by company.
Car T ru sts .— The Ser. “ B” car trusts mature $175,000 s.-a. beg. Sept. 1
1913 and ending Mar. 1 1925. Red. at 102)4 and int.
Ser. “ D ” mature $8,000 Feb. 28 in 1920 and 1921 and $9,000 each Feb.
28, thereafter to 1929. Red. at 102)4 and int.
Ser. “E ” mature $28,000 Oct. 14 1920 and 1921 and $29,000 each Oct.
14 thereafter to 1929. Red. at 102)4 and int.
• -:< i
Ser. “ F” mature in equal semi-ann. installments, Feb. 15 1923 to Aug.
15 1932, incl. V. 115, p. 760.
Equip, trust ctfs. Ser. “ G” mature in equal semi-ann. installments Feb. 1
1924 to Aug. 1 1933, incl., and are non-call, prior to maturity. V. 116,
p. 411.
Equip, trust ctfs. Ser. “ H” mature in equal annual installments Dec. 15
1925 to Dec. 15 1934, incl. $2,700,000 were offered in Dec. 1924 by Dillon,
Read A Co. at the following prices: 1925 maturity, 100.75 to yield 4.75%;
1926 maturity, 100.50, to yield 5.25%; 1927 to 1934 maturities, 100, to
yield 5.50%. V. 119, p. 2879.
D iv id en d s .—-On com., an initial div. of $1 per sh. was paid in Oct. 1916.
In 1917, $2 50 per sh. In 1918, $2 50 per sh. In 1919, $2 50 per sh.
in 1920. Jan., $1 25 per share July 1920 div. deferred. V. I l l , p. 389.
494. None to July 1922, when $1 50 per share was paid, viz.: Quar. div.
No. 1 for period Jan.-Mar. 1922, 75c.; No. 2, for April-June, 75c. V. 1 1,
p. 2825. Quar. div. No. 3 was paid in Oct. 1922. In 1923 Jan., 75c.;
April, 75c.: July, 75c.: Oct., 75c. In 1924, Jan., 75c.; April, 75c.; July,
75c.; Oct., 75c. In 1925, Jan., 75c.; April, $1.
ANNUAL REPORT.— For year ended Dec. 31 1924 was given in V. 120,
p. 1452.
Calendar Y ea rs—
1924.
1923.
1922.
1921.
Passenger earnings_____$45,002,700 $44,249,361 $41,758,763 $41,514,830
Other receipts_________
652,317
681,130
770,780
905,775
93
New Companies.— Since 1920 the following companies have been incorp.
-----Capital Stock----Date of
Name—
Incorp'n.
Auth d. Paid In.
Germantown Loop R y. C o____________ Mar. 31 1920 *$32,000 $32,000
Sansom St. Connecting R y. C o________N ov. 18 1920
lO,O00
10,000
Champlost St. Connecting R y. C o____ Jan. 10 1923
10,000
10,000
Frankford St. Connecting R y. C o____ M ay 25 1923
20,000
20,000
Pelham & Frankford St. R y. C o ______ M ay 25 1923
99,000
99.000
Tioga & Frankford St. R y. C o________M ay 25 1923
75,000
75.000
Wayne Junction Connecting R y. C o ..M a y 25 1923
30,000
30,000
All of the above companies are leased to the Philadelphia Rapid Transit
Co. for 999 years.
* By authority of the stockholders at a meeting held Sept. 22 1921, the
capital stock of the Germantown Loop R y. Co. was reduced from $32,000
to $23,000 (from 640 shares to 460 shares, par $50).
U N IO N T R A C T I O N .
Lease.— The Onion Traction Oo. has been leased for 999 years from July 1
1902 to the Philadelphia Rapid Transit Oo. Lease rental (payable is
gold) is $900,000 per annum (equal to 3% on the face value of the $30.000.
000 stock) for the first two years, $1,200,000 per annum (equal to 4% on
•tock) for the next two years, $l,500,OO0 per annum (equal to 5% on stock)
for the next two years and $1.800.000Lper annum (equal to 6% on stock)
thereafter. The stockholders of the Union Traction Oo. were given the
right to purchase 15O.00O shares of the new Rapid Transit Oo. stock. V .
74. p. 989. Included at the time all the leading street passenger railway
lines within the city of Philadelphia.
ORGANIZATION.— Chartered Sept. 6 1895, and acquired on or about
Oct. 1 1895 all the shares of the Electric Traction and People’s Traction com
panies, in place of which were Issued collateral trust certificates secured by
the shares placed in trust. In 1896 leased these properties for 998 years and
3 months from July 1 1896. On Oct. 1 1895 leased for 999 years the Phila
delphia Traction at 8% on Its capital stock. V. 61, p. 663. Leases (from
Jan. 1 1898) Hestonville Mantua & Fairmount Passenger Ry. for 999 years
at 6% onpref. and 4% on com. stock. See V. 66, p. 236. The Lehigh Ave.
Ry. Co. ($1,000,000 stock) was leased for 995 years from July 1 1899
See terms of consolidation, Ac., In statements for the constituent companies
and V. 61, p. 152, 197, 283, 663. For change in terms of lease see V. 89
p. 594. The Philadelphia Rapid Transit now operates the road.
Also owns entire stock of the Philadelphia A Willow Grove Ry. Oo.
Union Traction shareholders in Oct. 1908 gave their assent to the use of
certain securities owned by the Union Trac. Oo. to be pledged as collateral
for the $5,000,000 loan of the Phila. Rapid Transit Co. V. 87, p. 1110.
The shareholders voted June 20 1910 (formally ratified Sept. 21 1916;
V. 91, p. 337) to purchase the equipment of the Phila. Rapid Transit, and
lease same to that company on terms as stated under Phila. Rapid Transit,
and make the equipment the basis of an issue of $1,500,000 car trusts. On
Total________________ $45,655,017 $44,930,491 $42,529,543 $42,420,605 Feb. 26 1913 they voted to purchase additional equipment and lease It to
E xpenses —•
the Philadelphia Rapid Transit Oo. and to issue $4,200,000 car trust certlfs
Maintenance__________ $8,560,400 $8,560,400 $8,560,400 $8,560,400
(Series B) as a result of the transaction. In May 1913 a further issue of
Oper. of power plants_
_ 3,772,643
4,416,307
3,475,307
3,252,188 #1.944,060 car trusts (Series O) was put out. See under Phila. Rapid
Operation of cars_______ 14,313,232 14,003,087 13,383,431 13,330,471 Transit and V. 96, p. 555. and V. 97, p. 803.
General------------------------ 4,593,019
4,060,159
3,548,379
3,291,710
On Feb. 28 1911 shareholders voted to guarantee new Phila. Rapid Transit
Taxes.________
2,760,903
2,695,708
2,586,001
2,798,821 $10,000,000 mtge. See V. 91, p. 1575; V. 92, p. 324, 463, 596. Stock
holders in Feb. 1925 to increase interest rate on these bonds from 5% to 6 % .
Total expenses_______ $34,000,199 $33,735,661 $31,553,518 $31,233,589 Compare V . 120, p. 455.
Operating income______$11,654,817 $11,194,830 $10,976,026 $11,187,016
In co m e Tax D e c is io n . — See under Phila. Rapid Transit Oo. above.
Non-operating income..
560,470
621,540
706,429
490,435
8TOCK AND BONDS—
D a te .
In terest. O utstanding.
M a tu r ity .
J-J
J600.000shs.\ Jan’25. 3%
8tock $30,000,000 (par $ 5 0 ) - / ____
Net earnings________ $12,215,288 $11,816,369 $11,682,455 $11,677,451
($17.50 pd.inj
Interest------------------------- $1,371,252 $1,161,637 $1,020,090 $1,029,245
1896
4 g A-O $29,730,114 Red. after
. g'
Rentals------------------------ 8,853,671
8 ,6 7
4,732
8,683,087
8,720,913
Oct 1 1946
guar., p. A 1 by Union
Sink, fund city contract.
180,000
180,000
150,000
120,000
Trust Co
-cpt Int. at Pa. Oo. for Ins. on Lives A Granting
Dividends----------------(6%)1,799,575 (6)1,799,148 (6)1,799,148
None
Annuities. Trustee.
______
__________
4
1,149,000 July 1 1953
Balance, surplus_____
$10,789
$852
$30,130 $1,807,293 Collateral trust first mortgage 1902Title g J-J
$1,600,000 gold_______ cptfLand
A Trust Co.. Philadelphia. True
Latest E a rn in g s .— For 3 mos. and Mar. 31 1925 in V. 120, p. 2149.
Trust C ertificates. — The trust certificates are not the direct obligations
S .—Chairman of the Board, T. E. Mitten; Pres., W . C. Dim- of the Union Traction Co., but were Issued by the Pa. Co. for Ins. on Lives
bar; V.-Ps., Leon Jewell, R. T. Senter, W . K. Myers and R. F. Tyson; Sec.,
fc Granting Annuities, to pay for the shares of the Electric and People’s TraoF. B. Ellis; Treas., G. W . Davis; Aud., W. D. Witt.— V. 117, p. 1556, 1664, tlon companies purchased and are secured by a deposit with the Trust Oo.
2213, 2324, 2654, 2770; V. 118, p. 203, 312, 432, 1264, 1666, 2042, 2180, of all the shares of the stock of the Electric Traction Co. and the People’s
2305, 2574; V. 119, p. 456, 811, 1173, 1283, 1396, 1953, 2763, 2879, 3011; Traction Oo. thus acquired. See description of certificates in V. 64. p. 136.
V. 120, p. 331, 454, 705, 1090, 1205, 1452, 1460, 2149.
They are guar., prin. and int., by the Union Traction Co., and are redeem
able at the option of that company on and after Oct. 1 1945.
(1) DOYLESTOWN & WILLOW GROVE RY. CO.
Collateral Trust B on d s.
ORGANIZATION.— In July 1902 was acquired by the Philadelphia the floating debt and are— The collateral trust bonds were Issued to fund
secured by the
Rapid Transit throughpurchase of the entire capital stock ($500,000) for common stock of the Hestonville Mantuadeposit of the 35.000 shares of ths
A
RR. Subject
$20,000. The Rapid Transit Co. guarantees interest on the bonds. See to call at 105 and accrued int.; $351,000 hasFairmount Pass.sinking fund.
been retired by
V. 79, p. 1331.
OFFICERS.— Pres., Jeremiah J. Sullivan; 1st V.-P., Ohas. A. McManus:
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Trackage, 13.589 miles, from Doylestowh to Willow Grove, Sec. A Treas., T . M . Cleary.— Y. 117, p. 2771, 2891; V . 120, p. 455.
running over the old turnpike between those places, which is leased for 999
LINES CONTROLLED BY UNION TRACTION CO.
years.
(1) CATHERINE & BAINBRIDGE STREETS RY.
STOCK AND BONDS— D a te .
In terest. O utstanding.
M a tu rity
ORGANIZATION.— Incorporated May 14 1889, and leased to the Phila
Stock $500,000 ($50).............................................
$500,000 ...................
delphia Traction Oo. Mar. 1 1890 for 99
lease of that
First mtge $500,000 ($1,000)1 1900
4 g J-D
500.000 June 1 1930 company to the Union Traction Oo. Oct.years, and Included interm of lease
1 1895; in Sept. 1895
gold guaranteed__ c*. cpt ILand Title A Trust Co., Phila.. Trustee.
was Increased from 99 to 999 years and stock from $150,000 to $400.00$
BARNINGS.— Included In Phila. Rapid Transit Oo.— V. 79. p. 1331.
(all owned by Phila. Trac. Co.); rental is $24,000 yearly, besides Interest
and taxes.
(2) 22D STREET & ALLEGHENY AVE. PASSENGER RY.
FIELD OF OPERATIONS.— A trolley road. Aggregates 5.389 miles
ORGANIZATION.— Chartered 1890. On Dec. 9 1903 the following
coe. were merged with the 22d St. & Allegheny Pass. Ry. Co., Fisher’s o f track.
The $150,000 1st M . 5s due April 1 1920 were extended for 10 years
Line Ry. Co., Lindley Ave. Ry. Co., Chelten Ave. Pass. Ry. Co., German
town & Fairmount Park Ry. Co. and the Phila. & Trenton Rapid Transit at 6% .
St. Ry. Oo. Is leased to the Phila. Rapid Transit Oo. for 6% per annum
STOCK AND BONDS— D a te.
In terest. O utstanding.
M a tu rity .
•n paid-in capital.
Stock (par # 5 0 )....................... ..........
6% M-S
$400,000 See text
1st M $150,000 ($1,000) c.cpt 1890
6% A-O
150.000 April 1 1930
STOCK.— Auth. amount, $1,302,000 ($50); 22,456 shares outstanding
_______
234,698
________
Due lessee Dec. 31 1922— ________
$25 paid In. “Amount due other companies’’ Dec. 31 1923, $880,802.
Bonds are not subject to call. Interest at Penn. Oo. for Insurances on
ROAD.— Trackage 67.932 miles.
Lives, Ac., trustee.
(3) DARBY & YEADON STREET RY.
Dividends.— Dividends of 6% are paid.
ORGANIZATION.— Entire stock ($5,000) Is owned by the Philadelphia
(2) CITIZENS’ PASSENGER RAILWAY.
Sapid Transit Oo.
ORGANIZATION.— Incorp. Mar. 25 1858. Leased to Frankford A
FIELD OF OPERATIONS.— From the Philadelphia County line to Southwark Phila. City Pass. R R . Co. April 1 1892 for 999 years; rental
Darby, 2.486 miles.
now $140,000 per annum, equal to 28% on stock, or $14 per $56 share.
STOCK AND BONDS—
D ate.
In terest. O u tstanding.
M a tu rity .
This lease was assumed by the Electric Traction Co. on Aug. 17 1893.
Stock all owned by Union Traction Co.
effective from July 1 1893. Operated by Phila. Rapid Transit Oo.
First mortgage $200,000 gold) 1904
4)4 g J-D
$200,000 Dec 1 1934
In co m e T ax D e c is io n . — See under Phila. Rapid Transit Co. above and
guar ($1,000)______ c*.cptl Int. at Lana Title A Tr. Co.. Phila.. Trustee.
V 108, p. 784.
B on d s .— Are guaranteed, prin. A int.. by endorsement by the Phila. Rap.
Stock authorized, $500,000; par ($50); paid in, $192,500— $20 on 8,500
Transit Co. Are subject to call on any interest date at 105 and interest.
•hares and $15 on 1.500 shares. 11.097 miles of track.— V. 108, p. 784.
(4) CHESTER & PHILADELPHIA RY. (Chester Short Line).
(3) CONTINENTEL PASSENGER RAILWAY.— A trolley road.
Is operated by Phila. R. T. under 30-year agreement dated Feo. 14 1911.
Leased Jan. 1 188$
ORGANIZATION.— Incorp. in Penn, on June 29 1910 as successor to toORGANIZATION.— Incorporated Sept. 3 1873.rental of $6 per share
Union Passenger Railway Oo. for 99 years at
the Phila. A Chester Ry., sold at foreclosure (V. 92. p. 1243). Inconsldera- per annum, interest, taxes and operating expenses; lease assigned to Phila
tion of an agreement to operate the line the Phila. Rapid Transit received delphia Traction Oo. June 30 1884. Operated by Phila. Rapid Transit Oo.
51% of Chester A Phila. stock. The Chester A Phila. receives 35% and Stocks owned, per balance sheet Dec. 31 1923. $600,000.
Rapid Transit 66% of gross earnings, for which the Rapid Transit assumes
Income Tax Decision.— See under Philadelphia Rapid Transit Oo. above
all costs of operation. The 36% to be applied to int. on bonds and dlvs. and V. 108, p. 784.
on stock. F ran ch ises are unlimited as to time.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
$6 J-J
f 20,000 shs.,1
16.861 miles of track, incl. main line from Chester to Phila. and branches Stock (par $50)....................................
($29_______ , See text
___ paid in./
from Essington to Moore Station and Essington to Philadelphia.
First mortgage ($500 and! 1879
4 2 J-J
$286,000 July 1 1959
STOCK AND BONDS—
D a te .
In te rest. O u tstanding.
M a tu rity .
$1,000) go ld .._______ cAri Land Title A Tnn-i Co., Phila.. trustee
Stock $486,000 ($50).............................................
$485,000 ...............
Due lessee for additions Dec. 31 1923. $672,260.
1st M $600,000 gold ($100.-1 1910
6 g J-J
600.000 July 1 1940
Bonds were originally 6 % , but in 1909 were extended for 50 years at 4 % .
$600 and $1.000)___ c*_tf JInt. at Real Est. Tit. Ins.ATr.Co.,Phila.,1 r
T
int. payable at office of company. Not subject to call. Bonds were listed
B onds. — Red. on any int. date at 105 and int. on four weeks' notice
In 1909 on Phila. Stock Exch. V. 88, p. 822. Trackage, 11.576 miles.—
Free from Penn. State tax. Sinking fund of one-half the surplus earnings V. 115, p. 2579; V . 116, p. 2636: V . 117, p. 2652; V. 118, p. 2823.
over 4% on the stock shall either purchase and retire bonds or be used fo>
(4) ELECTRIC TRACTION.
new construction. V .10 4 . p .763. Listed on Philadelphia Stock Exch.
ORGANIZATION.— Incorp. M ay 8 1893 and acquired control of the
EARNINGS.— For years ending Dec. 31:
Citizens’ Pass. Ry., the Frankford A Southwark Phila. City Pass.R.R.
Calendar
G ross
Rental
Other
Total
I n te rest. B alance
and the Second A Third Streets Passenger Ry. On July 1 1896 leased for
Y ea r —
E a rn in g s.
(35%). Reels. R eceip ts. T a x e s ,A c . Surplus.
999 years the Citizens’ Clearfield A Cambria St. Ry., the Citizens’ East End
1923.................... $444,367 $155,385 $10,540 $165,925 $52,674 $113,251 St. BY.. *the Brown A Parrish St.. Ry. and the Citizens’ North End St. Ry.
1922.................... 342,654
119,859 8,349
128,208 51,397
76 810
In 1895 the Union Traction Oo. acquired all the stock at the rate or
1921.................... 434,038
151,913 6,965
168.879 54,619 104 360 $85 per share for each share, on which $50 had been paid, and $70 p r
<
V. 92, p.1310: V .104, p.763.
share for each share on which $30 had been paid, the Pennsylvania Oo. fir
94
PUBLIC UTILITIES
Insurances on Lives & Granting Annuities issuing therefor its guaranteed
trust certificates. On July 1 1896 the Union Traction Co. leased the
property for 998 years and 3 months. See V. 61. p. 197. and also “ UnioD
Traction" above.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Mileage. 130.775 miles. Rail, 90 lbs.
C A P ITA L IZA T IO N . — Stock authorized, 175,000 shares o f $50 each;
issued, 152,396 shares o f $30 paid and 22,604 shares of $30 paid, making
total $8,297,920 — V. 63, p. 557.
(5) EMPIRE PASSENGER RY.
O RGAN IZATION .— Incorporated Feb. 10 1869. Leased Dec. 26 187b
to Citizens' Passenger Railway Company and the Seventeenth & Nine
teenth Street Passenger Railway Company for 999 years. Transferred
Oct. 1 1895. along with all right to dividends on 6.090 shares of its stock
(then held by the Union Passenger Railway Co. as trustee and lessee), by
lease of Philadelphia Traction to the Union Traction Co. Dividends are
$1 50 per $50 share each June 30 and Dec. 30—that is 6% per ann
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Mileage, 12.872 miles.
A trolley road.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity
Stock (par $50)______ (Allowned by Phila. Trac.)
$600,000 ................
I«t M gold $200.000._ .c .c p t _ 1900
3 J 4 g J -J
200.000 Mar 1 1930
Bonds.— The new 3)4s were issued to retire a like amount of 7s. due
July 1900. Land Title & Trust C o.. Phila . Trustee
Due lessee company for additions Dec. 31 1923, $705,715.— V. 70, p.
1150.
„ (6) FRANKFORD & SOUTHWARK PHILADELPHIA CITY PAS
SENGER RR.
ORGAN IZATION .— Incorporated April 4 1854. Acquired stock of
Lombard & South Streets Passenger Railway in 1890. Leased to the
Electric Traction Co. for 999 years from July 1 1893; dividends for the
several years named below being guaranteed per share:
1st
2d
3d
4th
5th
6th
7th 8th 9th 10th and aft#
$12 $12.50 $13 $13.50 $14 $14.50 $15 $16 $17
$18
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Trackage, 70.502 miles.
Income Tax Decision.— See under Philadelphia Rapid Transit Co. abovr
and V. 108. p. 784.
STOCK AN D BONDS— Miles. Date. Interest. Outstanding Last div.,Scc
Stock (par $50)......................................... .
Q-J
$1,875,000
See text
Debt oj Controlled Lines (assumed by Electric Traction Co.)
Lombard & South Streetsl 10 1881 3>4 J-D $150,000 Dec 1 1951
Pass first mtge $500
Interest at Real Estate Title Insurance & Trust
$1,000)----------------c .c p t j C o., Trustee.
West End Pass Ry mtge)
9 1875
4 A-O
132.100
Oct 1 1936
ext $150,000 ($100 and (Phila. Trust, Safe Deposit & Ins. C o., Trustee
$500)---------- ------- c .c p t j Interest at Land Title & Trust Co.
The Lombard & South Sts. pass, issue of $150,000 was originally 5%
but was called at maturity and then extended for 50 years from Dec. 1 1901
at 3 Vi %
The West End Pass. Ry. mtge. matured Ort. 1 1905 but was
extended for 30 years at 4 % . V .8 1 ,p . 156; V. 108, p.784.
(7) GERMANTOWN PASSENGER RY.
ORGAN IZATION .— Incorporated April 21 1858. Leased Oct. 1 1881
to the People’s Passenger R y. Co. for 999 years, but rental modified in
1893; stock since 1897 receives dividends yearly o f $5 25 per share.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
A trolley road. Trackage, 44.413 miles. Extension of 2,000 feet from
Hillcrest Avenue to city line, completed in Sept. 1898, forms with tne
Roxborough Chestnut Hill & Norristown Passenger R y., a through line to
Norristown.
C A PITALIZATION .— Stock authorized, $1,500,000 ($50); paid in,
$572,860.— V. 69. p. 695.
Income Tax Decision.— See under Phila. Rapid Transit Co. above
V. 69, p. 695.
(8) GREEN & COATES STREETS PHILADELPHIA PASSENGER
RY.
ORGA N IZA TIO N .— Incorporated April 21 1858. Leased to People’ *
Passenger R y . for 999 years from Sept. 1 1881 at an annual rental of $60,000
Interest on bonds (since fallen due) and expense of management.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Trackage, 5.299 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
7. 108. p. 784.
Stock. 10,000 shares (par value, $50), $15 paid in. Dividends are 12%
per an. (Q-J); on par or 40% on amount paid in (but see V. 107, p. 1384)
— V. 107. p. 1384: V. 108, p. 784.
(9) HESTONVILLE MANTUA & FAIRMOUNT PASSENGER RR.
ORGAN IZATION .— lncorp. April 6 1859. Franchise is perpetual.
LEASE.— Hestonville M . & F. road leased from Jan. 1 1898 to Union
Traction for 999 years at a rental o f 6% on the preferred and 4% on the
common stock. By the terms of the lease the Fairmount Park & Hadding
ton.lease is assigned to the Union Traction, which assumes the dividends
guaranteed on that stock.
FIELD OF OPERATIONS.— Trackage, 18.565 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
V. 108. p. 784.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock par $50___________
4 J-J $1,966,100 f.p. See text
Preferred stock par $50___________
6 J-J
533 .000 f.p See text.
Consolidated M $1,250,00011894 5 (4 g M -N *1,250,000 M ay 1 1934
g $500 & $1,000_____c* x tf/In t. at Girard Trust Co., Phila., trustee.
Guaranteed rental 999-year lease—
Fairmount Pk & Haddington 1 _____
6 g F-A 300,000
8eetext
Pass R y stk par $50______ /
"Leased Equipment Account, Dec31 1923____
241,968
Due leased lines Dec. 31 1923___________________
100,000
Interest is payable in Philadelphia, x Free o f tax.
* Of the $1,250,000 outstanding, $124,500 were issued Jan. 1901 as 3J4*
to take up bonds o f like amount o f the Fairmount Pass. R y. due at that
time and $75,000 on Mar. 1 1902. to take up a like amount of 2d mortgage
6s maturing on that date and the remaining $1,050,000 were issued as 5s.
This issue originally matured M ay 1 1924, but was extended to M ay 1 1934
at 5)4 %• The extended bonds are red. all or in part on any int. date on
30 days’ notice at 102)4 and int. Penna. 4 mills tax refunded. In April
1924 Dillon, Read & Co. sold at 100 and int. $1,250,000 extended cons,
(now 1st.) M tge. 5 ) 4% bonds. V. 118, p. 2179.
Common stock authorized, 39,322 shares; preferred, 10,678 shares; par
value o f each, $50; stock outstanding as in table.— V. 118, p. 1519, 2179,
2304, 2825.
(10) LOMBARD & SOUTH STREET PASSENGER R Y.— See
Frankford & Southwark Passenger R R .
(11) PEOPLE’S PASSENGER RY.
ORGANIZATION.— Chartered Apr. 15 1873. The People’s Trac. Co
an Apr. 15 1893 acquired the entire capital stock of this road at $70 per
(hare. The Traction Co. then leased the People’s Passenger Ry. By *
tripartite agreement this lease was on July 1 1896 assigned to the Union
Trac. Co. for 998 years and three months. Rental is 10% per annum on
capital stock ($2 50 per share) as below shown, nearly all of which is pledged
or People’s Pass. R y. trust certificates.
FIELD OF OPERATIONS.— An electric road. Trackage, 1.847 miles.
STOCK AN D BONDS—
D a te .
In te rest.
O utstanding.
M a tu rity
Common stock ($25)________ _____
10% M-S 31 a60.000shs. See text
Preferred stock ($25)________ _____ 10% M-S 31 o23,000shs. See text
Pint mortgage ($l,000)c.cpt 1874 4 J-J 16
$219,000 Jan 15 1936
Second mortgage $500,0001 1881 4 J-J
285,000 July 151961
($1.000)____________c.cptjlnt. at Guar. Tr. Sc 8. D. Co., Phila.. Trus
Consolidated mtge $1,125.-1 1882
4 M-S
246,000 Mar 1 196S
000 ($1,000)____c&r.cptflnt. at Guar. Tr. Sc S. D. Co.. Phila.. Trus
a Total stock paid in $924,056.
Int. on 1st M . bonds at Land Title Sc Trust Co. The 1st M . bonds ma
tured Jan. 15 1905. but $219,000 of the $250,000 were extended as 4s to
1935, the remaining $31,000 being canceled. The 2d M . bonds matured
July 15 1911. but were extended as 4s to 1961. Consol, mtge. bonds were
[V ol. 120.
originally 5s and fell due Mar. 1 1912, but were extended for 50 years as 4s.
Due People’s Traction Co. Dec. 31 1923 for construction and equipment.
$5,947,202.
The stock acquired by the People’s Traction Co. was pledged as security
for trust certificates. See People’s Traction. Y . 63, p. 557; V. 92, p. 1500.
(12) PEOPLE’S TRACTION.
An electric road.
ORGANIZATION.— A Pennsylvania corporation chartered March 6
;893 to operate and equip with trolley the People’s Passenger Ry.. the
jntlre capital stock of which it purchased on or about April 15 1893. In
Jet. 1895 the Union Traction Co. acquired all traction stock at $76 per
■hare, the Pennsylvania Co. for Insurances on Lives and Grant. Ann.
issuing therefor Its guaranteed trust certificates. On July 1 1896 the Union
Fraction Co. leased the road for 998 years and three months.
STOCK, &c.—
D a te .
In terest.
Issu ea .
M a tu r ity .
Capital stock ($30) (Seel ____
See text.
(200.000 s h s .l______
text_____________________ {
\ Full paid J
Trust certificates gold 1893 1893
4 g F-A
$5,807,970 Feb 1 1943
not subject to call ($1.-] In te rest, tax free, payable at Pennsylv. Co.
0 0 0 )_________________ cptl for Insurances on Lives. &c., Phila, True.
Trust certificates were Issued by Pennsylvania Co. for Insurances. See.,
ind are secured bv pledge of People’s Passenger Ry. stock (see that company
ibove) and by contract of People’s Traction Oo.. which guarantees principal
and Interest. Issue limited to $1,000 for 14 2-7 shares deposited, making
total authorized. $5,810,000. Of this, $5.042,000 outstanding. Sinking
fund $25,000 yearly, began Feb. 1 1903
(13) PHILADELPHIA CITY PASSENGER RY,
ORGANIZATION.— Incorporated Mar. 26 1859. Leased to West Phila
delphia Passenger Railway Oo. for 900 years from Jan. 1 1884 for interest
m bonds, $2,500 per year for organization and dividend of $7 50 per share.
Transferred under lease of Philadelphia Traction Co. Oct. I 1895 to th*
Onion Traction Oo. The 1st mtge. 4% bonds due Jan. 1 1960 were origi
nally 5% bonds, and fell due Jan. 1 1910. but were extended at 4% without
tption of prior redemption. V. 89. p. 1543.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Trackage, 9.549 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above, and
/ . 108. p. 784.
STOCK AND BONDS— D a te .
In terest.
O u tstanding.
M a tu r ity .
Stock $1,000,000 ($50).....................
7X J-J
(20.000 shs.l See text
\$23 75 paid/
First mortgage
extended! 1861
4 J-J
$200,000 Jan 1 196$
($500) c ______________cptfLand Title & Trust Co., Trustee.
Debentures ($500 &c) c . c p t j -----5 M-S
100,000 Mar 1 1935
(Interest at Land Title Sc Trust Co., Phila.
V. 89, p. 919, 1543; V. 108, p. 785.
(14) PHILADELPHIA & DARBY RY.
ORGAN IZATION .— Incorporated April 28 1857. Leased to the Philalelphia City Passenger Railway Co. for 999 years from Jan. 1 1870, for
$8,000 per annum and Interest on bonds. Transferred under lease of
Philadelphia Traction Co. Oct. 1 1895 to Union Traction Oo.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
A trolley road. Trackage, 17.658 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
7. 108. p. 784.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock (par $50)_____________ --------4 J-J
$200,000
See text
First m ortgage_______ c .c p t, ' -----4 M-N
100.000 M ay 1 1927
Int. at Land Title Sc Trust C o., Phila.. Pa
Y. 108, p. 784.
(15)
PHILADELPHIA & GRAY’S FERRY PASSENGER RY.
O RGAN IZATION .— Incorporated April 9 1858. Leased to Philadelphia
Traction Oo. for 999 years from Jan. 1 1891 at rental, first five years,
$43,225, or $3 50 per share per annum, and $49,400. or $4 per share per
annum thereafter, the lessee to pay all taxes, running expenses. Sec. Oper
ated by Phila. Rapid Transit Co. On Jan 20 1903 absorbed the Scbuylki!
River Pass. Ry. and Increased capital stock to $1,000,000. V. 76. P. 854.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. Trackage, 10.204 miles.
C A PITALIZATION .— Stock auth.. $1,000,000 ($50); outstanding.
12,388 shares, about $25 paid in.
Dividends at Real Estate Title Insurance & Trust Co.
(16) PHILADELPHIA TRACTION.
ORGA N IZA TIO N .— Incorporated Aug. 22 1883 and secured control of
an extensive system of roads in Philadelphia, Pa., winch it held either by
lease or ownership of securities, not in fee. Under the lease to the UnioD
Traction Co., dated Oct. 1 1895, all the leases and the securities owned were
assigned to the Union Co., which assumes all liabilities for rentals, &c.
The lease to Union Traction Oo. is for 999 years from Oct. 1 1895, and
provides for dividends of $4 (8% ) per annum on each $50 share, payable In
gold coin, free of taxes. See V. 6 l, p. 663. for extracts from lease. Phila
delphia Traction stockholders were allowed to subscribe for new Union
Traction stock. See V 61. p. 197.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
A trolley road. The system assigned to the Union Traction Co. aggregated
(on Dec. 31 1923) 339.880 miles, consisting o f the following “ Passenger
Railways” :
M iles
Miles.
Onion Passenger R y _________ 79.790 17th and 19th Street*_______ 13.846
West Philadelphia Pass. R y _73.572 22d & Allegheny_____________ 67.932
Ridge Avenue Passenger Ry_.15.973 Catharine & Balnbridge Sis___ 5.389
Philadelphia & DarbyPass.Ryl7.658 Huntingdon St. Connect..__________ .169
I3th & 15th Streets__________19.596 Kessler St. Connect_____ ___
.156
Philadelphia & Gray’s F erry..10.204 Ridge Ave. Connect_________
221
Continental Passenger R y ____11.576 Walnut St. Connect_________ 1.377
Empire Passenger R y _______ 12.872
Philadelphia City Passenger Ry9.549
Total of a ll.......................... 339.880
Income Tax Decision.— See under Phila. Rapid Transit Oo. above, ana
Y. 108, p. 785.
Stock, auth. and outstanding, $20,000,000 (par $50). Open account*
Dec. 31 1923. $16,121,241.
Dividends—
( ’85. ’86. ’87. ’ 88. "89. ’ 90-’83. ’94. ’ 95. ’96 and since
Per cent-----------l 2
3 6 5 4
6
8 8 8% per annum
Under lease, dividends of 8% are guaranteed. V. 61. p. 683; V. 73, p. 288
— V. 93, p. 408; V. 97, p. 951; V. 105, p. 925; V. 108. p. 785: V. 110
2568; Y. 113, p. 1252; V. 114, p. 1181.
(17) PHILADELPHIA & WILLOW GROVE STREET RAILWAY CO.
O R G A N IZA TIO N .— Is a consolidation In 1904 of the Phila. S Willo*
c
Grove Street R y. and the Glenside & Willow Grove Street Ry. Entlr*
stock is owned by the Union Traction Oo. The Phila. Rap. Tran. Oo
guarantees the bonds, prin. and int.. by endorsement. See guaranty
V. 79. p. 904.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Trackage from intersection of Weaver St. or Cherry Lane with Montgomery
County line to Willow Grove Park, 15.443 miles.
ST u C k AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $1,000,000------- ----------------------------- $1,000,000
______ __
First mtge $1,000,000 guar/ 1904
4 ^ 8 J-J
1.000.000 July 11934
gold ($1,000)______ c * .c p t (Int. at Land Title & Tru. C o .. Phila., Trustee
Bonds.— Bonds are subject to call on any interest date at 105 and interest
upon 30 days’ notice. A sinking fund began after 5 years: of $10,000 per
annum for 5 years, $15,000 per annum for following 5 years and $20 000
per annum for the ensuing 15 years. See V. 79, p. 904.— V. 81, p. 32.
(18) RIDGE AVENUE PASSENGER RY.
ORGANIZATION. Consolidation of Girard College Passenger R y. and
the Ridge Avenue & Manayunk Passenger Ry. on March 8 1872. Leased
G the Philadelphia Traction Co. for 999 years from Sept. 11892 for dividend
o
of $10 per share per annum to Sept. 1895 and $12 per share thereafter.
Operated by Phila. Rap. Transit Oo.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Trackage, 15.973 miles.
Income Tax Decision.— See under Phila. Rapid Transit Oo. above and
V. 108, p. 785.
M a y , 1925.]
POWER, LIGHT AND RAILW AY
STOCK.— Authorized and outstanding. $750,000 ($50); about $25
per share paid in.
On account of some old debts, dividends for 1896 were continued at $10
per share instead of the $12 as noted above. Tn 1897 dividends were in
reased to $12 per share.— V. 108, p. 785; V. 109, p. 73.
(19) SECOND & THIRD STREET PASSENGER RY.
ORGAN IZATION .— Incorp. April 10 1858. Leased Jan. 1 1893 to
the Frankford & Southwark Phila. City Pass. RR. Co. for 999 years for the
folio win ( guaranteed dividends per share par annum:
1893. 1894-95.
1896-97.
1898-99.
1900. 1901. 1902 & after
$8 50
$9
See below
$10
$10 50
$11
$12
Dividends in 1896 and 1897 were to be $9 50 per annum, but the dividend
for 1896 and for the first half of 1897 was at the rate of $9 per share instead
of $9 50. the balance being applied to the payment of the debt of $27,00C
incurred for paving. V. 62, p. 785. The full $12 per annum, however
has been paid since.
This lease was assumed by Electric Traction Co. July 1 1893.
Stock issued. 21.204 shares (par $50); $771,076 paid in.— V. 107. p. 2377.
(20) SEVENTEENTH & NINETEENTH STREETS PASSENGER RY.
ORGAN IZATION .— Incorporated April 12 1859. Leased to the Oonci
uentai Passenger Railway Oo. for 99 years from July 1 1879 at a rental o'
$15,000 per annum, being 6% on $250,000 amount paid in (10,000 shares at
$25) par $50, interest of bonds, taxes, expenses, &c. Transferred under
lease o f Philadlphia Traction Co. Oct. 1 1895 to the Union Traction Co.,
all rights o f the Philadephia Traction Co. to dividends on the 10,000 shares
of the 17th & 19th Streets road, which were then held by the Union Passen
ger Railway Co. as trustee and lesses, being also transferred to the Union
Oo. Stock all owned by Continental Pass. Ry. Oo.
FIELD OF O P E R A T IO N S — Trackage, 13.846 miles.
STOCK AND BONDS— Date.
Inter ese. Outstanding.
Maturity
Stock (par $50)— .............................
3 J-J
/lO.OOOshs.l
See tex
\ $25 paid /
First mortgage ($500) exten-f 1876 5 H J-J
$100,000 July 1 1929
d e d ________________ c .c p t )I n t . at Fidelity Trust C o., Phila., Trustee
The bonds originally bore int. at the rate of 5% per annum and matured
July 1 1919, but were extended for 10 years at 5 H % .
Due lessee for additions Dec. 31 1923. $.554,289
(21) THIRTEENTH & FIFTEENTH STREETS PASSENGER RY.
ORGAN IZATION .— Incorporated April 8 1859- Leased Jan. 1 1892 u
Philadelphia Traction Oo. for following rental: From Jan 1892 to Jan. 1894
19 per share per annum; 1894 to Jan. 1897. $10 per share; 1897 to Jan
1900, $11 per share; and from Jan. 1900 $12 per share. Lease transferrer:
to Union Traction Co O n . 1 1895
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road. Trackage, 19.596 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
V. 108, p. 785.
STOCK AND BONDS— D a te .
In te rest.
O u tstanding.
M a tu tity 9Coek $1,000,000 (par $50)...............
$12 J-J $334.529pd. in
See tex>
$436,000 Jan 1 1934
Is M tge. ($500,000)___c .c p t 1894 5 & 3 j* J-J
Real estate mortgages____c p t ____ _______
55,000 _________
The 1st Mtge bds. are guar., prln. and int., by the Phila. Traction Co
and the coupons are payable tax free: $36,000 of these are 3H s and werr
exchanged for old 7% bonds o f like amount due Oct. 1 1903. V. 77. p 695
Interest and dividends are payable at office o f the Fidelity Trust Oo.
the trustee o f both mortgages.
Dividend tn July 1895. $5 per share; the Jan. 1896 dividend was not paid
owing to payment o f city's claim for paving. V. 61, p. 1155. In Julj
1896 paid $4 per share; in 1897 $10 50 per share; in 1898, $11 per share; ii
1899. $11 per share; in 1900. $11 50 per share; 1901-1907, incl., $12 pei
ihare ner arm. Tn 1QO .Tan.. $6 Tulv $6 and $1 extra <
S
paid on* of acr'.rv.
ulated surplus); 1909 and since, $12 per share per annum.— V. 86, p. 1531:
V. 108, p. 785.
95
Bonds.— Of the $750,000 of new consols, $450,000 are reserved to retire
prior liens. They are subject to call at par since July 1 1917; no sinking
fund. The first mortgage bonds are redeemable at par.
EARN ING S.— For year ending Dec. 31 1924, gross, $287,868; net,
$59,750; bond interest, $45,650; other interest and discount, $1,694; bal.,
sur., $12,406.
OFFICERS.— Pres., Geo. B. Shaffer.— V. 81, p. 1492; V. 82, p. 216;
V. 109, p. 675.
B U TLE R R A IL W A Y S CO.
ORGANIZATION.— Incorp. July 1 1917 in Penn, as successor to
the Butler Passenger R y., the City Division of the Pittsburgh & Butler
Ry. (the Interurban Division of which was sold under foreclosure M ay 9
1917—see Pitts. Mars & Butler R y., successor co., under Pittsburgh).
The property of the Butler Pass. Ry. was taken over by the holders of
$500,000 1st mtge. 5% bonds due 1936 and reorganized.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 13.28 miles of track in Butler. Rail (girder, except 2 Yi miles T ),
65-lbs. Gauge, 5 ft. 2 in.
STOCK AND BONDS.— Dale.
Interest. Outstanding. Maturity.
Rock $300,000 ($50)______________
— ...........
$250,000 ............... ..
;,lrst mortgage $300,000 gold f 1918
5 g J-J
250.000 Jan 11948
($500 & $1,000)___c*& r.tf{Int. payable at Butler Co. Trust C o., trustee.
[ Butler, Pa.
Bonds.— Not subject to call and no sink. fd.
EARNINGS.— For cal. year 1921, gross, $106,072: net (before taxes).
$23,822; int. & taxes, $15,709; bal., sur., $8,114. In 1920, gross, $152,054;
net, after taxes and deprec., $2,696. In 1919, gross, $126,286; net, after
taxes and deprec., def., $9,829.
OFFICERS.— Pres______________ ; V .-P .. J. V. Ritts; Sec.-Treas. and
ten. M gr.. R. E . Sprenkle.— V. 110, p. 1748.
C H A M B E R S B U R G & G E T T Y S B U R G E L E C T R IC R Y *
ORGANIZATION.— Incorp. in Pennsylvania Dec. 4 1900.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 12.90 miles of all track between Chambersburg, Stofferstown,
Fayetteville, Greenwood and Caledonia. 60-girder rails. Gauge 5 ft.,
2)3 in.
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*/In t. at Northampton Tr. C o., Easton, Trust
_
EARNINGS.— For calendar years:
Year—
Gross.
Net.
Oth.Inc.
Int. & Tax.
Balance.
1922_________ $48,713
$4,445
$325
$11,959 def.$7,188
53,015
8,189
513
12,119 def. 3,417
1921............
1920-------------- 59,067
19,537
251
13,512 sur. 6,276
OFFICERS.— Pres., M . C . Kennedy; V .-P ., T . B. Kennedy; Sec. and
Treas., W. L. Ritchey; Aud., F. J. Fell, Jr.; Supt., D. B. Fretz.— V. 105,
p. 2271.
T H E N O R T H A M P T O N T R A N S IT C O .
ORGANIZATION.— A reorganization in 1921 of the Northampton
Traction Co. (for history see "Electric Railway" Supplement of April 29
1922) sold at foreclosure June 1 1921
Holders of 1st Mtge. 5% bonds of
the old co. received a like amount of new Northampton Transit Co. 1st
Vlfge. 6% bonds, as per plan In V. 115. p 760
(22) UNION PASSENGER RAILWAY.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
ORGAN IZATION .— incorporated April 8 1864. Leased to Philadelphia.
Owns and operates road extending from Easton, Pa., to Tatamy, Nazareth
Traction Co. for 999 years from June 30 1884 at an annual rental of $285,000
and Bangor, Pa.
or $9 50 per share on stock, and interest, taxes, &c. There are outstanding
s t o c k AND BONDS—
Date. Interest. Outstanding.
laturity.
30.000 shares ($1,500,000) of stock, on which $30 83 1-3 has been paid in
Common 3,000 shares (no p a r ) _______________
3,000 shs. __________
on each share, or a total of $925,000. $302,300 o f the stock is owned by
Dt Mtge $400,000 red at 105) 1921
6 J-J
400,000 July 1 1941
the Philadelphia Traction Oo. Its lease of the Continental Passenger Ry
& Interest------------------------ /Northampton Tr. C o., Easton. Pa., Trustee.
was assigned to the Philadelphia Traction Co. and from Oct. 1 1895 to
M Mtge $250,000 red at 105) 1921
6 J-J
150.000 July 1 1941
May 1 1902 operated by the Union Traction Co. The Union Passenger
& Interest________________ /Northampton Trust C o., Easton, Pa., Trust.
Railway Co. is still holding, as lessee and trustee 6.090 shares Empire
Passenger Ry. stock and 10.000 shares o f 17th & 19th Streets Passenger Ry
Bonds.— $ 100.000 2d mtge. 6s held In treasury.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
OFFICERS.— Pres., Chester Snyder.— V. 115, p. 760.
A trolley road. Trackage, 79.790 miles.
STOCK AND BONDS— D a te .
In terest.
O u tstan ding.
M a tu r ity
Stock $1,500,000 (par $50)_ _____ $9 50 J-J
_
See text.
See text.
P H IL A D E L P H IA & E A S T O N T R A N S I T C O .
First mortgage ($100 and) 1881
4 A-O
$500,000 Mar 31 1961
$ 5 0 0 )______________ c .c p t IPennsylvania Co. for Insur. on Lives, Trus
ORGANIZATION.— Incorp. July 30 1921 In Penna. as successor by
8econd mortgage ($100 and) 1884
4 A-O
250.000 Mar 31 1960
reorganization (see plan in V. 114, p. 80) to Philadelphia & Easton Electric
$500)_______________ c .c p t (Int. on both loans at Land T & T . C o.. Phil
Ry., for history of which see “ Electric Railway” Supplement of Oct. 22 1921
Due lessee company for additions Dec. 31 1923, $6,655,262.
Under the plan outlined in V. 114, p. 80, the holders of 1st Mtge. 5% bonds
The 1st mtge. bonds were originally 5s and matured March 31 1911. but
in Jan. 1911 arrangements were made with Drexel & C o., Phila., to pur In the old co. received 40% in new 1st Mtge. 5% bonds, 30% in Pref. and
chase the bonds, and they were extended for 50 years at 4% without option 30% in Com. stock of the new co. in exchange ror same. The Com. and
tocail. V .9 2 ,p .l 9 0 . The 2d M . bonds o f 1884 were formerly 5s, and ma Pref. stocks of the predecessor co. were without value under the terms of the
tured Mar. 31 1910. but were extended for 50 years at 4% without right of reorganization, no consideration being given them.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
orior redemption. V 90 p. 628
Land Title A Trust Co. ba« been
Operates 32 miles of road between Doylestown and Easton; “ T ” rail;
substituted trustee.— V. 117, p. 2655; V. 118, p. 2825; Y. 119, p. 2649.
gauge, 5 ft. 2)3 in.; 8 cars.
(23) WEST PHILADELPHIA PASSENGER RAILWAY.
The protective committee for the Phila. & Easton Elec. R y. 1st Mtge
ORGA N IZA TIO N .— Incorp. May 14 1857- Leased from Jan. 1 1884 to 5s consisted of William Pearson, Chairman. Harrisburg, Pa.; L. B. Hillard
Wilkes-Barre, Pa.; A. O. Patterson, Philadelphia, Pa.; Henry G. Rush
the Philadelphia Traction Oo. for 999 years at an annual rental of $150,000.
Lancaster, Pa. Depositary: Northern Trust & Savings Co., Lancaster, Pa
or 20% on stock, and interest, taxes, &c.; transferred Oct. 1 1895 to Union
Traction Oo. The Philadelphia Traction Co. owns $392,950 of the $760.STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity
000 stock.
Common, $300,000 ($50)__________
_______
$273,300
Pref6%non-cum $300,000($50)____
_______
273.300 __________
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.—
1st Mtge $500,000 ($100, $500)1921
5 A-O
364,400 Oct 1 194C
A trolley road. Trackage, 73.581 miles.
and $1,000)----------------tf.c*/In t. at Northern Tr. & Sav. Co., Trustee
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
Stock.— The pref. stock is non-cum., without voting power, subject to
Stock (par $50)______________ _____
$10 J-J
$750,000
See text
First mortgage ($1,000)
7 1876
3 ^ A-O
246,000 April 1 1956 redemption at any time. The common stock has exclusive voting power.
The plan recommended that the common stock be placed in a voting trust
gold________________ c.cptlG ira rd Trust C o., Philadelphia, Trustee
for five years.
Second mtge ($1.000).c .c p t 1886
5 M -N
750,000 May 1 1926
Free from tax.
) Pennsylvania Co. for Ins. on Lives & GrantBonds.— Additional bonds may only be issued for exts., lmpts.. See. Int.
I lng Annuities. Phila . Pa.. Trustee.
payable free of Penna. State tax. V. 114. p. 80.
Bonds.— Interest on 1st mtge. bonds payable at Girard Trust C o., Phila.
EARNINGS.-—For years ended Dec. 31:
Int. on 2d mtge. bonds payable at Land Title & Trust C o., Philadelphia.
Calendar Years—
1924.
1923.
1922.
1921.
Pa. The first mortgage 6s matured April 1 1906 but were extended for Gross---------------------------------$94,970 $110,898 $143,637
$167,797
50 years at 3 )3 % .
N et------------------------------------3,604
6,604
20,029
34.988
Due lessee for additions to Dec. 31 1923, $2,508,827.— V. 117, p. 2655;
OFFICERS.-—Pres. & Gen. M gr., A. H. Sickler; V .-P ., Lord Butler
V. 118, p. 2825; V. 119, p. 2649.
Hillard; Sec. & Treas., W . S. Chambers.— V. 114, p. 80.
A L L E N T O W N & R E A D IN G T R A C T I O N C O .
O RGAN IZATION .— Incorp. Apr. 25 1898 and leased the Allentown &
Reading Electric Street Ry. for 290 years from June 4 1898. On Feb. 6
1902 leased for 290 years the Kutztown & Fleetwood Street R y. Controls
the Kutztown Light, Heat & Power Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Operates 39.60 miles main line, 7.50 miles sidings— total,
47.10 miles; 43 cars. Connects with United Traction Co. tracks from
Reading, thus forming a through line from Allentown to Reading.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$250,000 __________
Stock $750,000 (par $50)__________
Allent & Kutz 1st M $250,000/ 1900 5 g J-J
250,000 July 1 1936
g $100, $500 & $l,0 0 0 -cp t [Interest at
Fidelity Trust C o., Phila.,
1st M Kutztown & Fleetw’dl
1902 5 g J-J
200,000 Jan 1 1932
$200,000 guar p & i ------c p t /
1st consol mtge $750,000 gold/ 1902
5 g J-J
300,000 July 11932
($500 & $1,000)--C & r_cpt)lnt. at Integ. Tit. Ins. & Tr. C o.,P hil. .trust.
2d consol mtge $300,000 ($500/
1907 5 M -N
163,000 M ay 1 1937
& $1,000) __________ c&r_tf [Berks County Trust C o., Reading, trustee.
W E STM O R ELA N D C O U N T Y R A IL W A Y CO.
ORGANIZATION.— Incorp. in Penna. on Dec. 27 1904. Is a con
solidation of Bradenville & Derry St. R y. and Blairsville & Derry St. R y.
FIELD OF OPERATIONS.— Operates 7 miles o f track.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, $500,000 ($50)________ ______________ ____
$500,000
First mortgage, $250,000, g / 1905
5 g M-S
179,900 Mar 1 1935
($100)-------------------------- c*)In t. at East End Sav. & Tr. C o., Pitts., Trus.
Bonds.— No sinking fund and bonds are not subject to call.
EARNINGS.— For years ending Dec. 31:
Cal. trustee Gross.
Yr.—
Net.
Oth. Inc.
Interest. Taxes, A c. Surplus.
1923............$63,087
$12,009
$404
$9,102
$2,085
$1,226
1922______ 59,714
14,159
6.489
9,732
1,140
9,776
1921_______ 67,357
25,661
____
10.601
14,295
765
OFFICERS.— Pres., John E. Potter; V .-P ., F. W m. Rudell; Sec. &
Treas., H. S. Calvert, all of Pittsburgh; Supt., S. F. Schwerdt, Derry.
— V. 82. p. 50.
96
PUBLIC UTILITIES
M U N IC IP A L S E R V IC E C O .
Management.— Under management o f Day & Zimmermann, Inc.
ORGAN IZATION .— Incorp. in Maine on Feb. 14 1912 as a holding co.
In March 1917 acquired control o f the Citizens Traction Co. (which see
below). In July 1917 acquired the Youngstown & Suburban R y. Co.
(which see under “ Ohio” ) by exchange o f stock and bonds, as per offer in
V. 104, p. 2235.
Also controls through stock ownership the Chester Valley Electric Co.,
Coatesville, Pa.; Alexandria Co. (Va.) Light & Power C o.; Valdosta (Ga.)
Lighting C o., and York (Pa.) Rys. Co. (see below). In Dec. 1923 the co.
purchased all the outstanding stock o f the Titusville Light & Power Co.
V . 117, p. 2770. In Feb. 1924 it was reported that the co. had acquired the
Ware County Light & Power Co. o f Waycross, Ga., and the Bainbridge
(Ga.) Ice C o. V. 118, p. 907. The properties are operated by Day &
Zimmermann, Inc., Philadelphia.
Valuation.— The valuation o f the c o .’s various properties (not incl. York
Railways Co.) was placed at $7,100,000 by Day & Zimmermann in July
1920. V. I l l , p. 294.
Offer to Stockholders.— See V. 120, p. 1881.
STOCK AN D BONDS.
Date.
Interest. Outstanding. Maturttt
Q-J
50,000 shs.
See text
Common 100,000 shs ( n o p a r ) .____
Pref cum 6% $2,000,000($100)____
Q-F
2,909,200 M ay’25 1J4
10-yr deb bonds $1,500,000/ 1918
6%
678,000 Dec 1 1928
___
($500 & $1,000) g _____c tfflR e d . at 101 on any int. date.
First Lien Coll Trust M tgef 1917 5 M-S 1
3,898,500 M ar 1 1942
$20,000,000 ($500 and $ 1 ,-/Interest payable in Boston and Philadelphia
000)_______________c* c p t (Philadelphia Trust C o., Trustee.
Bonds.— The 1st lien & coll, trust bonds are secured by $4,390,000 mtge.
bonds, $1,276,000 pref. stock and $2,041,600 com. stock of sub. cos. A dd’l
bonds may be issued only for acquiring and placing under the mortgage
at least an equal amount of mortgage bonds of subsidiaries now outstand
ing, or, further, at the rate o f 85% for those to be issued by subsidiaries
for construction, but under certain earnings requirements. Sinking
fund of 6 % o f net earnings of subsidiary companies after payment of operai
lng expenses, taxes and renewal reserves, less sinking fund payments or
present sub. co's. mtges. from Mar. 1 1918 to Mar. 1 1925, and 5% there
after. Subject to call in whole or part on any int. date at 103 and int
Additional debentures may be issued only under certain restrictions. Tar
refund in Penna. and Mass, to amount not in excess o f laws in effect at
time o f issuance. V. 108, p. 171.
Dividends.— 6% is being paid on pref. stock. Of the $2,322,700 pref.
stock outstanding, $586,500 is entitled to extra divs. o f 2 K % per year.
Initial dividend o f 1% on common stock paid in April 1914; in 1915, 3% ;
1916 and 1917, 4% . None to 1922. when $1 was paid. In 1923, M ay, 25c.;
Aug., 40.; N ov., 40c. In 1924, $2. In 1925, Jan., 50c.; A pr., 50c. In
Oct. 1923 a stock dividend o f 19-81 o f a share o f common was also paid.
EARN IN G S.— Consolidated statement for years ended Dec. 31;
1923.
bl922.
1921.
1920.
Gross revenue_____________ $4,823,589 $3,665,903 $2,496,643 $2,551,105
Oper. exp., &c., incl. rent,
int. on bonds o f sub. cos. in
hands of public, minority
stock int. taxes (excl. of
Federal income tax)______. 3,476,860 2,645,330 1,804,868 a2,048,906
Gross income____________ .$1,346,729 $1,020,573
j
$502,199
$691,775
Total fixed charges M . S. C o .. 277,752
282,853
272,663
235,418
Balance__________________.$1,068,977
j
$737,720 $419,112
$266,781
Income deduct., amort, of
42,342
49,865
45,984
33,881
discount and expenses____
6,043
11,892
Bad debts reserve_____
6,781
10,137
. 422,508
315,321
148,816
Renewal reserve______
138,067
. $471,631
$371,229 $206,692 $182,085
. $597,346 $366,491
$212,420
$84,696
Federal income tax___
63,862
92,198
8,710 --- ------Balance___________ ______ $505,148
$302,629 $203,710
$84,696
a Includes Federal income tax. b Includes earnings o f York Rys. Co.
from July 1922, when control was acquired.
Latest Earnings.— For cal. year 1924: Gross, $5,206,300; net (aft. tax.),
$1,908,868; total deductions, $800,960; bal., surp., $1,107,907.
OFFICERS.— President, Geo. B. Baker V.-Pres., Charles Day; Sec.,
John E. Zimmermann; Treas., L . B. Harvey; Asst. Sec., C . A. McClure
Asst. Treas., Jos. W. Swain Jr. General office. Land Title Bldv Phils
—V. 118, p. 907, 1392: V. 119, p. 2287; V. 120, p. 331, 1328, 1881.
Y O R K R A IL W A Y S .
Controlled by Municipal Service C o., which see above.
O RGAN IZATION .— Incorp. in Penna. N ov. 15 1907 as a consolidation
o f properties operating in York and vicinity. V. 85, p. 1403. Franchise
perpetual.
The following companies have been consolidated or merged:
York Street Railway Co.
York Haven Street R y. Co.
Wrightsville & York Street R y. Co. Red Lion & Windsor Street R y. Co.
York & Dover Electric R y. Co.
Hanover & York Street R y. Co.
York & Dallastown R y. Co.
Owns entire capital stock of Edison Light & Power Co. (except ^ of 1
share), incorporated in April 1913 to take over the lighting and power sub
sidiaries o f the York Railways and other properties, including the Edison
Electric Light C o., the lighting companies o f West York, North York, Man
chester, M ount W olf, Dover, Hallam and others. In July 1915 the Mer
chants’ Electric Light, Heat & Power Co. of York was purchased and with
five suburban lighting companies consolidated with the Edison Light &
Power Co. Duriug 1916 a municipal lighting system was installed in York
under a 10-year contract. Also owns entire stock o f York Suburban Land
Co. and York Steam Heating Co. (V. 85, p. 1463). In Aug. 1923 organized
the York Transit Co. for the purpose o f operating buses.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A trolley road. Owns and operates about 84.57 miles o f track centring in
D
a y
& Z
im m e r m a n n
, In
c
EN G IN EERS
Management and
PEN N C E N T R A L L IG H T & P O W E R C O .
Management.— Under management of Day & Zimmermann, Inc.
OR GA N IZA TION .— Incorp. M ay 26 1902 in Pennsylvania as Citizens*
Electric Light, Heat & Power C o.; name changed to present title in 1910.
Consolidation of the Citizens Electric Light, Heat & Power C o., Edison
Electric Illuminating C o., Altoona, Pa.; Hollidaysburg Electric Light &
Power C o., Huntingdon Gas C o., Mifflin County Gas & Electric C o..
Lewistown, Pa., Lewistown Light, Heat & Power C o., and Wilson Electric
Co. o f Huntingdon, Petersburg and Alexandria, Pa., M t. Union Light &
Power C o., M t. Union, Pa. On March 23 1920 the old Penn Central Light
& Power Co. was merged with the A . B. Electric Co. into the present Penn
Central Light & Power Co. Company acquired in the latter part of 1923
all o f the property and assets o f Penn Central Power C o., Ebensburg Light,
Heat & Power C o., Penn Central Power & Transmission C o., and Northern
Cambria Light, Heat & Power C o., the securities o f which companies had
been owned.
FIE LD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Does the electric light and power business in an important Industrial, mining
and agricultural territory with an area of approximately 4,000 sq. miles in
central Pennsylvania. Territory served includes Blair, Cambria, Hunting
don and M ifflin counties, and parts o f Indiana, Bedford, Franklin and
Juniata counties. Total population estimated at 327,000. Artificial gas is
supplied in Lewistown and Huntingdon. Property of the system includes
3 steam electric generating plants, with an aggregate rated capacity o f
approximately 46,500 k. w ., and a hydro-electric generating station with a
rated capacity of 2,000 k. w. Company has 358.5 miles of high tension
transmission lines, a large part being of steel tower construction and prac
tically all located on private right of w ay. It also has artificial gas plants in
Huntingdon and Lewistown, having an aggregate rated manufacturing
capacity of 480,000 cu. ft. daily, together with 27 miles of distribution
mains. There are 33,053 electric customers connected to system and 2,584
gas customers. Company owns substantially all o f the capital stock o f the
Raystown Water Power C o., and a majority of the bonds and all the capital
stock of the Lewistown & Reedsville Electric R y. Co. and the Pennsylvania
Hydro-Electric Co. Also owns a coal property with about 10,000,000 tons
of undeveloped coal.
Franchises.— All important franchises are, in the opinion of the company’s
counsel, without time limit and free from burdensome restrictions.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock (no par)______ _____
_______
59,348 shs See text
Preferred stock (no par)______ _____
_______
79,971 shs See text
First and ref mtge (closed)/ 1910 5 g A-O
$2,239,500 Apr 1 1950
($500 & $1,000) g old --c* .tf lin t, at Penn Co. for Ins. on L. & G. A.,trust.
First & ref M 6% Ser due 1953 ( 1923 6 g J-J
10,300,000 Dec 1 1953
Series due 1964___________ • 1924 5 K %
(
1,000,000 July 11964
($500 & $1,000 c* & $1,000 |
Penna. Co. for Insur. on Lives & Granting
&c r*) gold____________ tfl Annuities, Phila., trustee.
Mifflin Gas & Elec Co 1st M / 1906 5 g A-O
142,000 Apr 1 1936
($500 and$l ,000)_____ c .tflln t. at office of W . W . Cunningham, Lewis-
( town. Pa., trustee.
Bonds.— First and ref. mtge. 5s of 1910 are callable on any interest date
at 105 and interest. Annual sinking fund of 1 % of outstanding bonds each
April 1 to be used for purchase or redemption of bonds at not exceeding 105
and interest. $2,239,500 retired through sinking fund up to M ar. 31 1924.
First and ref. mtge. 6% series due 1953 are redeemable as a whole at any
time or in part and for the sinking fund on any interest date on 30 days’
notice at a premium of 5% on or before N ov. 30 1944, said premium to be
reduced b y K of 1 % commencing Dec. 1 1944, with a like additional reduc
tion commencing on Dec. 1 of each year thereafter until maturity. Annual
sinking fund o f 1% of outstanding bonds beginning Oct. 1 1928, to be used
for purchase or redemption of bonds not exceeding 105 and interest. Penna.
4 mills tax, Conn. 4 mills tax, Maryland securities tax not exceeding 4K
mills per annum and Mass, income tax not exceeding 6% per annum on
income derived from the bonds refunded. In N ov. 1923 $10,300,000 6%
series, due 1953, were sold by Drexel & C o., Brown Brothers & C o., W . H.
Newbold’s Son & C o., Robt. Glendenning & C o., and Edward B. Smith &
C o., at 98 and interest, to yield about 6.15% . V . I l7 , p. 2332.
Dividends.— In Jan. and Apr. 1925 paid on pref. quar. divs. of $1 per
share and extras of 10c. per share. On com. paid quar. divs. of 37K c.
and extras of 10c. in Jan. and Apr. 1925.
Comparative Income Accounts Years Ended Dec. 31.
1924.
1923.
Gross earnings_____________________ _________ $3,689,337 $3,329,354
Operating and maintenance expenses____________
1,722,103
1,773,869
Earnings, less operating and taxes____________ $1,840,705 $1,466,499
Total fixed charges.......................................................
809,090
403,644
Public Utilities
Balance.....................................
$1,031,615
Income deductions______________________________
48,490
Renewal reserve__________________________
249,018
$1,062,855
17,855
327,919
T o ta l________________________________________
CHICAGO
$297,507
$345,772
Balance________________ ______________________
Federal income tax______________________________
PH IL A D E L P H IA
York, of which 25.35 miles are within the city of York. Interurban lines:
York & Windsor, 12.62 miles; York & Wrightsville, 10.49 miles; York &
Dover, 8.28 miles; York & York Haven, 10.44 miles, and York & Hanover,
17.39 miles.
Exchange Offer.— In Dec. 1922 the Municipal Service Co. offered to give
stockholders in exchange for each 12 shares of York Rys. common stock
(par $50) 5 shares of 6% cum. pref. stock of the Municipal Service Co
(par $100). V. 115, p. 2582.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,500,000 ($50)_________
________ . $2,500,000 Apr ’25,114
1.600.000 Apr ’25 ,I K
Pref $2,000,000 5 % cum ($50)______
Q-J
4.938.000 Dec 1 1937
1st mtge & coll tr $10,000,000/ 1907
5 J-D
gold ($1,000)_________ c*tf (Guar. Tr. & Safe Dep. C o., Phila.. trustee.
Stock.— Pref. stock is cumulative 3 years from date of issue. Stocks are
listed on Phila. Stock Exchange.
Bonds.— The stock of the controlled Edison Light & Power Co. and York
Suburban Land Co. are deposited as additional security for the bonds.
$1,178,000 bonds in treasury. Remaining bonds can only be issued under
certain restrictions. No sinking fund. See particulars of bonds, property,
&c., in V. 87, p. 40. Bonds listed on Phila. Stock Exchange Y. 89, p.412;
V. 94, p. 984.
Dividends.— Initial div. on pref.— 1%— paid July 1911. In 1912, 4% .
In 1913 and 1914, 5 % . In 1915 the regular Jan. div. of 2 K % was paid in
5% scrip dated Jan. 30 and maturing Jan. 30 1918, but called for payment
on Jan. 30 1916. The July div. of 2K % was paid in cash. I n l9 1 6 ,6 K % In 1918 to 1924, incl., 5% . In 1925, Jan., 1 U %: April, 1M % • An initial
quar. div. of 1 % was paid on the com. stock July 15 1922. V. 114, p. 2826.
In Oct. 1922 1% was paid. In 1923, 4 % .
In 1924, Jan.. 1% ; April,
1% ; July, 1% ; Oct.. 1 H % . In 1925, April, I H % .
E A R N IN G S.— Combined earnings for years ending N ov. 30:
Net, after
Fixed
Balance,
Nov. 30
Gross
Taxes & Deprec.
Charges.
Surplus.
Year—
Earnings.
$607,879
$226,208
$381,672
1922-23_________ $2,007,462
527,992
224,661
303,331
1921-22___________1,810,787
436,292
229,290
207,002
1920-21_________ 1,720,417
Wole.— Taxes, deprec. and int. on bonds have been adjusted in accordance
with the results arising from an agreement with York Haven Water &
Power C o., whereby it assumes certain fixed charges of the c o .’s steam
power plant.
OFFICERS.— Pres., John E. Zimmermann; V .-P ., L. C. Mayer; V .-P .,
& Gen. M gr., J. E. Wayne; V .-P ., L. B. Harvey; Sec., M . G. Stees; Treas.,
E. A. Barnitz; Aud., S. H. Ludwig.— V. 114. p. 2471, 2826; V. 115, p. 456.
1534, 2582; V. 116, p. 297, 517, 2258, 2995; V. 118, p. 312, 433, 1522;
V. 119, p. 1512.
Earnings, less operating.........................................$1,967,233 $1,555,485
126,528
88,987
T a x e s ..------- ----------------------- -------- ---------------------
Valuations of
N EW Y O R K
.
[V ol. 120,
$734,108
89,300
$717,083
91,734
Balance applicable to dividends, surplus, &c____
$644,809
$625,349
OFFICERS.— Pres., James Collins Jones, Phila.; V .-P ., H . M . Watts,
Phila.; V .-P . & Asst. Treas., Mil ward Oliver, Phila.; V .-P ., J. H. Shearer,
Altoona; Sec. & Treas., J. E . Zimmermann, Phila.; Asst. Sec., C . A .
McClure. Phila.: Gen. M grs., Day & Zimmermann, Inc.— V . 119, p. 588,
1852, 1965, 2648; V. 120, p. 1204.
L E W IS T O W N & REEDSVILLE ELE CTRIC R Y .
Controlled by the Penn Central Light & Power C o. o f New Jersey (V. 96,
p. 493), and operated In connection with the Penn Central Light & Power
Co. (Penna.). All o f the stock and somef ofthe bonds are subject to the lien
o f the mortgages o f the Penn Central Light & Power Co.
ORGANIZATION.— Incorp. in Pennsylvania on March 24 1892.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS —
Operates 10.24 miles of track flrom Lewistown to Reedsville and Lewistown
Junction, with a branch to Burnham. 67 and 85-lb. T rail. Has 17 closed
1852, 1965, 2648; V. 120, p. 1204.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $150,000 ($50)______________
_______
$150,000 ’07-’08,’5%
1st mtge gold ($500 & $1,000) 1 1899
6 g J-J
150,000 July 1 1929
$150,000 not callable.c& rtf/Int. at Merchants Union Tr. C o., Phila.,trus
Second mortgage $125,000_ / 1902
_
5%
125,000 M ay 1 1949
i Commonwealth Tr. C o., Harrisburg,Pa.,trus
Refunding mortgage $500,000/ 1917 5 A-O
68,000 Oct 1 194«
1Philadelphia Trust Co., Philadelphia, trustee
The first mortgage bonds originally bore interest at the rate of 5 % and
matured July 1 1919, but were extended for 10 years at 6 % . V . 109, p.1179.
Second mortgage 5s originally fell due M ay 1 1917, but were extended to
M ay 1 1949. They are owned or controlled by Penn Central Light & Power
Co. All the outstanding refunding mortgage bonds are owned by the Penn.
Central Light & Power Co. They were issued for extensions, impts., &c.
Dividends .— 1902 to 1908, inclusive, 5% per annum. None since.
OFFICERS.— Pres. & M gr., J. I. Quigley, Lewistown; V .-P ., Chas. Day,
Phila.; Sec. & Treas., John E. Zimmermann, Phila.; Asst. Sec., C. A.
McClure, Phila.; Asst. Treas., Mil ward Oliver, Phila.; Supt., C. E. Gossard,
Lewistown.— V. 88, p. 1128; V. 89, p. 919; V. 96, p. 487; V. 109, p. 1179.
C I T I Z E N S ’ T R A C T I O N CO.
In March 1917 control was pm-chased by the Municipal Service Co.,
a Maine holding corporation (see on preceding page).
ORGAN IZATION .— Incorporated in Pennsylvania N ov. 10 1899. Owns
and operates the Citizens’ Light & Power C o., the Monarch Park Hotel Co.
(an amusement park with 60 acres of ground), the Big Rock Bridge Co.,
the Reno Bridge Co. and the Citizens Transit Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
A trolley road. Operates 35 miles o f track in Oil City, Franklin.
Rouseville. Siverly and Reno, and connecting routes on both sides of the
Allegheny River. 65-lb. and 70-lb. T rail and 85-lb. girder rail. Has 54
motor cars, 5 motor service cars, 8 service trailers and 2 snow sweepers.
Also operates buses. The controlled Citizens’ Light & Power Co. fur
nished electric light and power for Oil City, Franklin and vicinity.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common $1,000,000 ($50)_________
_______
$1,000,000
See text
Q-J
*1,000,000 See text
Preferred $1,000,000 ($50)___ _____
First mtge $2,500,000 gold)
1912 5 A-O
1,280,000 April 1 1942
($1,000) sinkingfund__c*tf (Pa. Co. for Ins. on L. & G. A ., Phila., trus
Refunding mortgage $2,500,-]
1917 6 M -N
926,000 M ay 1 1942
000________ ___________ rtf/P a . Co. for Ins. on L. & G. A ., Phila., trus
*Of the $1,000,000 outstanding, $400,000 are in the treasury; remainder
owned by Municipal Service Co.
Bonds.— 1st M . closed. Red. at 105 and int. in whole on or after April 1
1917, or in part for sink, fund began July 1 1918 Sink, fund of 1% per
ann. became operative July 1 1918. An improvement fund of A of 1 % per
annum became operative on Jan. 1 1923. See V. 94, p. 1118, 697. Int. at
office o f trustee. $1,280,000 ref. M . bonds reserved to retire 1st M . _ Re
maining bonds to be issued for add’ns & extensions under certain restrictions.
Dividends .— First div. on pref.— A % — was paid Jan. 2 1913; July 1913
2% . In 1914, Jan., 2% ; July,
In 1915, Jan., 3% ; in April paid a
quar. div. of
and same rate quar. to and incl. Oct. 1918- In Apr
1919,
July,
and same rate quar. since to and incl. Dec. 1920.
In 1921, Jan., 3% ; April,
July,
Oct.,
In 1922, 6% :
in 1923, 6% . Initial div. on com .,
paid Nov. 1915. In 1916, 1
in 1917,
in 1918, April 1%; July,
In 1919, July,
Oct.,
A % - In 1920, Jan., M % ; April, 2 H%\ July, 1% . In 1921, Jan., 1%;
April,
July,
In 1922, April, 1% ; July, 2 % . In 1923, Jan..
4 % ; April, 3% ; July, 3% ; Oct., 3 % .
EARN ING S.— For 12 mos. ending June 30 (incl. subsidiaries):
3% 1A%
;
1A%:
1A%;
1% :
%
Gross.
1%
2
2A%.
1A%: 1%,1A%;
A%N et after Taxes.
1A%.
Fixed Chas., & c.
A%\
H%
:
Balance.
1924............$978,216
$436,013
$134,734
$301,279
1923........... 968,644
430,697
122,410
308,287
OFFICERS.— Pres., John E. Zimmermann; V .-P ., Chas. Day; Sec.,
C. A. McClure; Treas., L. B. Harvey; Asst. Treas., J. W . Swain. Oper
Mgrs., Day & Zimmermann, Inc., Philadelphia, Pa.— V. 106, p. 818;
V. 112, p. 2413; V 115, p. 644; V. 116, p. 2388; V. 119, p. 1063.
C L E V E L A N D & ERIE R A I L W A Y CO.
R eceivership. — On Sept. 20 1920 A. O. Chapin, Erie, Pa., was appointee
receiver for the co. V. 111. p. 1277.
Operations Discontinued— Sale.— We are officially advised that the co
discontinued operations on Sept. 16 1922. In N ov. 1922 It was reported
that the road had been sold at receiver's sale and was being dismantled
V. 115, p. 2476. No recent information.
ORGANIZATION.— Incorporated In June 1909. Is successor to Oonoeaut & Erie Traction Co., sold at foreclosure. Owns all the stock and
bonds and leasee the Conneaut & Erie Traction C o . of Ohio, which owm
1.99 miles of track. F ranchises are for 999 years.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns 31.29 miles o f track. Operates between Conneaut and Erie. Stand
ard gauge; 65-lb. rail; 8 passenger and 6 other cars.
STOCK AND BONDS.— D a te .
In terest. O utstanding.
M a tu rity
Stock. $300.000................................................. — $300,000 ................. .
First mtge, $800,000. gold! 1909
5 J-J
500.000 July 1 192
($250 and $500)________ c/Int. at Fidelity Trust Co., Phila., trustee
Income bonds $500,000 ($2501 1909
5 July
500.000 July 1 192
and $500)________________ /Int. at Fidelity Trust Co.. Phila.. trustee
B onds. — Remaining first mortgage bonds are reserved for extensions.
betterments, Ac. They are subject to call at 105 and Int. on 3 month*
notice. Int. on Income bonds Is only payab' i If earned, and Is non-cun>
They are subject to call at par. Bonds have no sinking fund. No Interes
has been paid on Incomes.
E A R N IN G S.— For years ending Dec. 31:
Gross
Net
Other Int..Taxes Depr. A Balanct
Year— Earnings. Earnings.
Income. A Rentals. Replace. Deficit
1921............$153,047
$9,690 $1,548
$8,425
--------$2,814
1920......... . 151,776 df24,862
1,640
29,909
______
53,131
Pass, carried during year end. Dec. 31 1921, 529:006; In 1920, 559. 146
OFFICERS.— Receiver, A. O. Chapin, Erie, Pa.; Mgr. for Receiver
J. M . Smith, Girard, Pa.— V. 11 , p. 2115: V. 115, p 1428, 2476.
co. To March 31 1925, $1,200,000 out of an outstanding issue of $1,227,000
had accepted the c o .’s plan by exchanging their unpaid coupons for pref. stk.
STOCK A N D BONDS— Date.
Interest. Outstanding. M aturity.
Common $2,500,000 ($100)_______
_________ $2,500,000 -----------------Pref 6% non-cumi$700,000_______ ______________
447,340 __________
Collateral trust mortgage $2 ,-\ 1901
5 g M -N 15 l,900.000M ay 15 ’51
500.000 gold ($1,000)_ c * /ln t. at Guaranty Trust C o., N . Y ., Trustee.
_
Collateral trust mortgage $1,-11905
5 g A-O
1,227,000 Oct 11945
500.000 gold ($1,000)____c/In t. at Guaranty Trust C o., N . Y ., Trustee*
Stock.— Preferred stock can, at option of company, be changed at any
time into the bonds of the company, at par, said bonds to bear not less
than 5 % . or may be red. at par in cash.
Bonds.— Of the authorized issue of $2,500,000 coll. tr. bonds o f 1901,
$600,000 are reserved to retire all bonds o f the Lehigh Traction Co. A
sinking fund of $20,000 per annum, which began June 1 1908, is to be
invested in the coll. tr. bonds or in bonds purchasable’ by savings banks in
New York State. See V. 72, p. 1281; V. 78, p. 289.
The coll. tr. bonds of 1905 have a sinking fund of $10,000 per annum,
which began in 1910. Bonds can be called at 110
EA R N ING S.— For calendar years (including allied companies):
Year —
Gross.
Taxes.
Interest. Res. A D ep . D eficit.
1924_________$912,872 $315,731 $18,552 $181,637 $137,802 $22,261
1923________ 899.180
317,358
16,034
189,000
130,460
18,137
277,152
19,576
182,532
128,104
53,060
1922________ 774,290
OFFICERS.— Pres., A. Markle; V.-P. & Gen. M gr., C. B. Houck
Sec., A. Markle Jr.; Treas., Geo. W . Hodges.— V. 83, p. 1292; V. 87, p. 679;
V. 98, p. 1539; V. 116, p. 2258.
(1) LEHIGH TRACTION CO.
ORGANIZATION.— Chartered Nov. 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..
capital $75,000. The $140,000 certificates of indebtedness and $926,200
of Lehigh Traction stock are deposited as security for the Wilkes-Barre &
Hazleton RR. bonds of 1901.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— A
trolley road. Operates 20 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
McAdoo (south) and Milnesville. Latimer Mines and Freeland (north).
STOCK AND BONDS—
D a te .
In terest. O utstanding. M a tu r ity .
Stock $1,000,000 ($100)___________
_________ $1,000,000 ............. ........
First mortgage $500,000 gold] 1893
5 g J-D
500,000 June 1 1933
($100, $500, $1,000)____c*/M arkle Bkg. & Tr. Co., Hazleton, Trustee.
Certificates of in d eb ted n ess..____
_________
140,000 __________
Hazle Park bonds, $ 6 0 .0 0 0 ... 1895 5 g A-O
60,000
1925
Equip trust ctfs. Series A ____1915
5 F-A
6,000
1925
B onds. — In Feb. 1923 the co. announced a plan for the extension o f the
1st mtge. 5s, due June 1 1923, for 10 years. V. 116, p. 1649; V. 117, p. 781.
The equipment trust certificates cover 10 steel cars and mature $3,000
semi-ann. Penna. Co. for Ins. on Lives & Granting Annuities, Phila.,
Pa., is trustee.
OFFICERS.— Pres., A. Markle; V .-P ., O. B. Houck; Sec. and Treas..
A. Markle Jr.; Gen. M gr., C. B. Houck.—V. 116, p. 1649; V. 117,p. 670,781
(2) WILKES-BARRE & HAZLETON RY.
ORGANIZATION.— Chartered Dec. 13 1899 under General Railroad
Law Act of April 4 1868, State o f Pennsylvania. The Wilkes-Barre &
Hazleton RR. owns the entire stock and bonds.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— A
trolley, steam and third rail road. Owns 27 miles of road from Hazleton
to Wilkes-Barre, and uses for terminals 1 mile Lehigh Traction Co. track
at Hazleton and 3 miles Wilkes-Barre Terminal R R . Co. track at WilkesBarre; total, 31 miles. Entire road placed in operation M ay 1 1903.
Rails, 95 lbs.
STOCK AND BONDS—
D a te .
In terest. Outstanding. M a tu r ity .
Stock $1,500,000 full p aid -________
_________ $1,500,000 ... ................
First mortgage $1,500,000] 1901
5 g M -N
1,500,000 M ay 1 1951
gold______________________/Interest at Guaranty Trust C o ., N . Y . , Trus.
Equip trust ctfs. Series A ___ 1915
F-A
8,000
1925
The equipment trust certificates cover 10 new steel cars and mature
$4,000 semi-ann. Penna. Co. for Ins. on Lives & Granting Annuities.
Phila., Pa., is trustee.
OFFICERS.— Pres., Alvan Markle; V.-P. and Gen. M gr., O. B. Houck;
Sec. and Treas., A. Markle Jr.
(a) WILKES-BARRE TERMINAL RR.
Entire stock and bonds owned by W .-B . & Hazleton R R .
ORGANIZATION.— Incorporated on Oct. 9 1903.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
3.80 miles, between W .-B Ter. R R . June, and Wilkes-Barre. Rails, 95-lbT .; gauge, 4 ft. 8 A in.
CAPITALIZATION.— Stock authorized and outstanding, $35,000
(par $50). Bonds authorized, $600,000 (c&r). Date 1905; due Oct. 1
1945. Int. (5 g A-O) payable in New York.
O FFIC E R S.—Pres., C. J. Kirschner; Sec.-Treas., A. Markle Jr.
N
et.
H AR R ISBU R G RAIL W AYS.
ORGANIZATION.— Incorp. in Penn, on Nov. 29 1912 and merged the
Central Pennsylvania Traction Co. (see “ Electric Railway” Section of Sept
1912) and Its subsidiaries. V. 96, p. 202.
FIELD OF OPERATIONS.— Owns 12.47 miles and leases 61.56 miles
line. Total operated 74.03 miles.
STOCK AND BONDS—
D a te .
In terest.
O utstanding.
M a tu rity.
Common $3,000,000............. ..................................
$3,000,000 ...................
Pref 8% cum $2,100,000_________
See text
2,100,000
See text
First & ref. mtge $10,000.0001 1912
5 J-J
3.169,900
1963
($1,000 and $500)_____ tf/Harrisburg Trust Oo„ Trustee.
D a y & Z i m m e r m a n n , In c .
E N G IN E E R S
Management and
Valuations of
W IL K E S-B A R R E & H A ZL E TO N RR.
ORGA N IZA TIO N .— Incorp. In N . J. M ay 1901 and acquired the entire
($1,500,000) capital stock and ($1,500,000) bonds of the Wilkes-Barre &
Hazleton R ailw ay Co. (Penna. incorporation) and deposited the same,
together with $140,000 (entire issue) o f the Lehigh Traction C o.’s
certificates o f indebtedness and $926,200 o f the $1,000,000 stock of the
Lehigh Traction Co. as security for the Wilkes-Barre & Hazleton Railroad
Co. Issue o f first collateral trust mortgage 5% gold bonds. V. 72, p. 1281.
F ran chises are 999 years in and around Hazleton and perpetual from Hazle
ton to Wilkes-Barre.
In Oct. 1922 the co. notified holders o f the coll. tr. 5s (due 1951) that It
would be impossible to pay the M ay 15 1915 to N ov. 15 1916, in cl., coupons
and offered in payment 6% non-cum. pref. stock o f the co. To March 31
1925, $1,438,000 out o f an outstanding issue of $1,900,000 had accepted
the co .’s plan by exchanging their unpaid coupons for pref. stock.
Holders o f the coll. tr. terminal 5s (due 1945) were also notified in Oct.
1922 that it would be impossible to pay the Oct. 1 1915 to April 1 1917,
ncl., coupons and were offered in payment 6% non-cum. pref. stock of the
97
POWER, LIGHT AND RAILW AY
M a y , 1925.]
5%
Public Utilities
P H IL A D E L P H IA
NEW YORK
C H IC A G O
98
PUBLIC UTILITIES
Stock.— Pref. stock was cum. at 5% until Jan. 1 1915; since, 6% .
Dividends.— 3 H.% w a s D a i d on D r e f . stock In 1913. In 1914. 5%
In
1915, April, 2 H % ; Oct 1% In 1916. April 1 H % In 1017 April .1 /4 % ;
O ct., 1% . In 1921, April, 3 % . In 1922, 6% .
8% . In 1925, April, 4 % .
EA R N IN G S.— For calendar years:
Calendar
Years—
Gross
Earnings.
N et, after
Taxes.
Other
Income.
In 1923, 8% .
In 1924,
Fixed Chgs.
&c.
[V ol. 120.
EARNINGS.— For calendar years:
Year —
Gross.
N et,aft.T ax. B ond.In t.,& c.
Balance.
1921________________$78,210
$26,625
$21,143
sur .$5,482
1920________________ 88,412
38,439
21,142
sur.17,297
OFFICERS.— Pres., E. H. Ramsbothan; V .-P ., F Helnbokel: Sec. &
Treas., G. L. Bascome.— V. 100, p. 1257; V. 103, p. 2340; V. 115, p. 307.
Balance,
Surplus.
$56,289
$314,855
$164,219
1924________ $1,692,234
$422,785
50.176
318,176
245,676
1923________ 1,747,586
513.676
39,311
318,103
222,233
1922------------ 1,668,1S6
501,025
OFFICERS.— Pres. & Gen. M gr., F. B. Musser. Harrisburg; Sec. &
Treas., John O’Connell. Office, Harrisburg.— V. 98, p. 155; V. 101, p.
1013,1272; V. 104, p. 1591; V. 107. p. 1192; V. 110, p. 970; V. 116, p. 2516.
VALLEY RAILW AYS.
ORGAN IZATION .— Incorp. in Pennsylvania in July 1912 and in Sept.
1912, after increasing its stock from $10,000 to $2,500,000 (of which
$500,000 is 6% cum. pref.), purchased control of the Valley Traction C o.,
which in turn controlled the Harrisburg & Mechanicsburg Elec. R y., White
Hill & Mechanicsburg Pass. R y., Carlisle & Mechanicsburg St. R y., West
Fairview & Marysville Elec. St. Rys., Harrisburg & Riverton St. R y.,
Fairview & Riverton R y., and the United Electric Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates 41 miles o f road from Harrisburg to Marysville and to Carlisle.
Valuation.— See V. 109, p. 1181.
Offer to Purchase Common Stock and Bonds.— See V. 119, p. 2533.
STOCK AND BONDS—
Date. Interest.
Outstanding.M aturity.
_______
$2,000,000 __________
Common $2,000,000 ($100)________
Pref cum $500,000 ($100)_____
6%
500,000
_______
-Collateral trust $1.700.000__tf 1912 5%
1,000,000 Aug 3 1952
Valley Trac 1st mtge $700,0001 1903 5 g A-O
700,000 Oct 1 1933
gold ($100 & $ 5 0 0 )-.c* .n tf Jlnt. at Farmers’ Tr. C o., Carlisle, Pa., trus.
Bonds.— Remaining collateral trust bonds ($700,000) are reserved to retire
prior liens. Valley Traction bonds are subject to call at 110. A sinking
fund of $5,000 per annum commenced Oct. 1 1908.
EARN IN G S.— For years ending Dec. 31:
1923.
1922.
Calendar Years —
1924.
$473,596
$483,394
Gross______________________________
$44 5,599
Net after taxes______________________
85,191
93,229
85,351
OFFICERS.— Pres. & Gen. M gr.. C . H. Bishop, Lemoyne, Pa.; Sec. &
Treas., C. M . Davidson. General offices, Lemoyne.— V. 119, p. 2533.
J O H N S T O W N T R A C T I O N CO.
ORGANIZATION.— Incorp. in Pennsylvania on Feb. 24 1910. Was
Incorporated originally to take a lease for 18 years from Jan. 5 1910 of the
Johnstown Pass. Ry. from the American Rys. (Phila.). In Jan. 1914 the
Johnstown Pass. Ry. and the Johnstown Trac. Co. were merged under the
title of the Johnstown Traction C o., the American Rys. Co. having sold its
Interests. Franchises perpetual. Through its subsidiary, the Traction
Bus Co., operates bus lines as feeders. V. 116, p. 515. 1411.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates under perpetual charter and franchise the entire street
railway system of Johnstown, Pa., and vicinity. Total trackage, 43 miles.
STOCK AND BONDS—
D a le .
interest. O utstan ding.
M aturity
Common $1,000,000 par $50_______
_______
$875,000 ___________
Pf $1,000,000 7% cum ($100)..... .......................
1.000.000 - ................ —
First & ref M $5,000,000 a fl 1913
5 g J-J
2.000.000 July 1 1943
($500. $1,000) gold.-C *ntf/L ogan Trust C o.. Philadelphia, Trustee.
JohusPassRy con M .$800.0001 1899
4 g J-D
399.000 Dec 1 1929
g($l,000)redany int day c*tf jln t. atGuaranty Tr. C o., N . Y ., Trustee.
Johns Pass Ry ref M $2,000,-1 1901
4 g J-D
1.601.000 Dec 1 1931
000 gold ($1,000)___c*ntf) Interest at Johnstown Trust C o., Trustee.
Bonds.— Of the first & ref. mtge. $2,000,000 are reserved to retire Johns
town Pass. Ry. 4s: the remainder ($1,000,000) reserved for future exten
sions, &c. Red. at 102 & int. Sink, fund of 1% ann. began Oct. 1 1917.
Of the Johnstown Pass. mtge. of 1901, entire issue may be called at any
time at 105 upon six weeks’ notice.
EARNINGS.— For years ending Dec. 31:
Gross.
LANCASTER
S C H U Y L K I L L R A I L W A Y CO.
ORGAN IZATION .— Incorp. in Penna. on July 20 1903 and purchased
the property of Schuylkill Traction Co. and Lakeside R y. C o. V. 80, p.
1729. Leases the Schuylkill County R y. Co.
Reorganization Plan.— For details o f reorganization plan made public
In June 1918 (not consummated, however, up to April 1924), see “ Electric
Railway” Supplement o f April 26 1924.
Sale Proposed.— See V. 109, p. 1462.
STOCK AN D BONDS— D ate.
Interest. Outstanding. Maturity.
_________
$400,000 ------- ------Stock $400,000 ($50)_______________
First consol mtge $1,450,000/ 1905
5 g A-O
640,000 April 1 1935
gold ($500 & $1,000)____c*[In t. at Fidelity Trust C o., Phila., trustee.
Income bonds________________ 1913
5 J-J
150,000 Jan 1 1944
Series B ___________________ _____
_________
16,500 ---------------Bonds.— Of the remaining first consol, bonds, $760,000 are reserved to
retire the underlying liens in statement below and $50,000 are in treasury.
Are subject to call at par and interest.
EARN IN G S.— For year ending Dec. 31 1924, gross, $508,657: net, after
taxes, $175,859; deficit after charges $14,186 on 1923, gross, $494,525; net,
after taxes, $100,083. In 1922, gross, $450,542; net, after taxes, $7,640.
In 1921, gross, $581,828; net^after taxes, $13,983.
________
""^OFFICERS^— 1
’res.. Powell Evans, Phila.; V.-Ps., Jas. D . Evans and
Thos. Evans. Phila.; Sec. & Treas.. C . E. Hanna, Phila.; Gen. M gr.,
O. Sims Bailey, Girardville; Aud., E . Suransky.— V. 109, p. 1700; V. I l l ,
p. 1950; V. 117, p. 1665, 2654.
(1) SCHUYLKILL TRACTION CO.
O RGAN IZATION .— Chartered Sept. 26 1892 in perpetuity under the
M otor Traction Act o f March 22 1887. Road opened June 1 1893- On
Jan. 6 1893 leased for 999 years the Mahanoy City Shenandoah Girardville
& Ashland Street R y. On Oct. 5 1893 leased for 999 years the Ashland
Locustdale & Centralia Elec. R y. Owns all the stock o f these two roads,
which is pledged under the first mortgage. On April 27 1900 leased for 999
years the Lakeside R y., which connects the two ends o f the company’s;
routes from Mahanoy City to Shenandoah, and purchased 2,600 of the 5,000
shares o f the capital stock. On Jan. 24 1901 leased the Shenandoah &
Pottsville Street R y. (13 miles) for 999 years (incorporated Aug. 1 1900).
and bought all -of its capital stock. The Lakeside Shenandoah & Potts
ville stock is pledged under consol, mtge.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Schuylkill Traction Division. 22 /4 miles of track, beginning
at Locustdale, thence through Ashland, Holmesville to Girardville, forming
there a Y , one branch running through Lost Creek to Shenandoah, and the
other branch to Malzeville, Gilberton and Mahanoy City. Lakeside Divi
sion, 514 miles. Total, 28 miles. 60 and 70-lb. T rail. Extensions of 43
miles proposed and charters obtained. Operates 51 motor cars, 4 work
cars and 2 snow sweepers.
Plan o f Reorganization.— See Schuylkill R y. Co. above.
$150,000 Lakeside R y. 1st mtge. 4s matured N ov. 1 1923, but the prin
cipal was defaulted. Int. however is being paid regularly.
Committee for Lakeside Ry 1st Mtge. 4s.— Chairman, Brandon Barringer
G. W . Davis and Francis Ralston Welsh. V . 117, p. 2654.
; STOCK & BONDS— Miles. Date.
Interest. Outstanding. Maturity.
1st M $500,000 g $500 & /22/4 1893
5 g A-O
$500,000 April 1 1943
$1,000_______________ (Int. at Cont.-Equit. T. Sc T . C o., trustee, Phila.
1st M Lakeside Ry gold/ 5/4 1893 4 g M -N
150,000 Nov 1 1923
$150,000 guarant’d byJInt. at Cont.-Equit. T . & T . C o., Philadelphia
Schuylkill Traction_ ( trustee.
_
New consol mortgage (see/____1901
454 g J-J
105,000 July 1 1951
text) ($1,000) gold-.c*(Interest at Fidelity Trust C o., Phila., trustee.
Power house m ortgage.______ _____
_________
5,000 ^_________
Bonds.— 1 he 1st M . bonds o f 1893 may be purchased for sink, fund at
T
105. Sinking fund o f $10,000 per annum began April 1 1898. In June
1916 the trustee brought suit for an accounting of net profits from operation
o f the properties under the mtge. and asked for the payment of $10,000 or
such part thereof as can be determined to be due, with interest, for each
year from April 12 1905 in which net profits were earned, in accordance
with the sinking fund porvisions.
Auth. amount of consol, mtge. was $2,000,000, but mtge. has been closed
with $105,000 out. Of the outstanding bonds, $36,000 are held in the
treasury. Subject to call at 105 and int. Sinking fund o f 1% of bonds out
became operative Aug. 1 1907.— V. 80. p. 1729.
N et,aft.Tax.
Bond Int.
B al.,Surv.
1922 ............................ ...$1,194,573
$270,059
$185,166
$84,893
1921___________________ 1.253,777
280.953
188.600
92.353
ROAD, &C.— Owns and operates under perpetual charter and franchise
she entire street railway system of Johnstown, Pa., and vicinity. Total
trackage, 43 miles.
OFFICERS.— Pres., E . M . du Pont.— Y . 116, p. 1411, 2993; V. 119, p.
811.
& YORK
FURNACE STREET
RY.
ORGA N IZA TIO N .— Incorp. May 17 1916 In Pennsylvania as successor
«o old Lancaster & York Furnace Street Ry. (incorp. July 22 1901). bought
In bv the bondholders on Apr 15 1916 for $125, subject to the mortgage for
$150,000 (Y. 101, p. 212: V. 102, p. 1540).
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
A trolley road. Operates 12/4 miles of track between Millersville and York
Furnace. 60-lb. T rail. Gauge 5 ft. 2/4 in.
STOCK AND BONDS—
D ate.
interest. Outstanding.
M aturity.
Stock $100,000 ($ 5 0 ).................................................
$100,000 ....... ............
Ut M gold $150,000 ($100/ 1908
5 g J-J
150,000 Jan 1 1928
$500 St $1,00)
c& rntf(Int. at Northern Tr. & Sav. C o., Lane..trust.
Bonds.— Are not subject to call and have no sinking fund.
OFFICERS.— Pres. & Treas., E. H. Myers; V.-P. & Sec., John H. Myers;
Gen. M gr., H. M . Stauffer.— V. 92. p. 187; V. 101. p. 212, 2145: Y. 102.
0. 153, 1249, 1540, 1625, 2077.
MAUCH C H U N K & LE H IG H TO N T R A N S IT CO.
ORGANIZATION.— Organized in 1919 as successor to the Carbon
Transit Co. (for history see “ Electric Railway” Supplement of March 29
1919) sold at foreclosure on Jan. 20 1919. V. 108, p. 377.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
A trolley road. Comprises 12 miles of track; 10 cars. Owns about 425
acres of real estate, including 75 acres on “ Flagstaff Heights.”
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
Common $150,000___________ _____
_______
$150,000 _________ _
Preferred $50,000_________________
7%
35,150 ...................
40-year bonds $150,000______ 1919
6% M-S
70,300
1959
Carbon Transit Co 1st mtge) 1908
5 g F-A
150,000 Aug 1 1933
$150.000($100&$500)g.c*tf Jlnt. at Mauch Chunk Trust C o., trustee.
Bonds.— First 5s of the Carbon Transit Co. are callable at 105 and interest
on any interest date.
EA R N ING S.— For calendar years:
Years ended D ec. 31—
1924.
1923.
1922.
Gross______________________________
$56,616
$53,612
$62,917
Net after taxes--------------------------------1,555
21
def3,957
OFFICERS.— Pres.. Verne M . Wolff; V.-P. & Gen. M gr.. H. T . Ely;
Sec. & Treas., H. L. Pobst.— V. 118, p. 1520; V. 119, p. 2179.
L E W I S B U R G M I L T O N & W A T S O N T O W N PASS. R Y .
ORGANIZATION.— Chartered Sept. 3 1897.
In 1910 Whittaker &
Diehl of Harrisburg purchased control from the Railways Company General.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
A trolley road. 10 miles of track between points named in title. 12 over
head operation cars, 2 storage battery cars run from Montandon to M ifflinburg. Under contract with Pennsylvania R R ., the Lewisburg Milton &
Watsontown Pass. Ry. agreed to install storage-battery cars on some 11
miles of track between Montandon and Mifflinburg, and to operate a line
in conjunction with steam use of that section of road, connecting with
present trolley line at East Lewisburg.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
Stock $150.000____________________
_______
$150,000 ___________
First mortgage $300,000 gold! 1910
5 g F-A
175,000 Feb 1 1940
($500)_________________ c * /ln t. at Land Title & Tr. C o., Phila., trustee.
Bonds.— Remaining bonds can only be issued for improvements and ex
tensions at 80% of cost. Subject to call as a whole on any int. date at par.
EARNING S.— For 12 months ending Dec. 31 1922, gross, $56,584; net,
after taxes, $9,633. In 1921, gross, $59,063; net,'after taxes, $3,437.
OFFICERS.— Pres., John F. Whittaker; V .-P ., L. G. Brown; Sec. &
Treas., D . L. Diehl; Asst. Sec. & Treas., W . B. Rankin.— V. 90, p. 1363.
MO N TOU RSV ILLE PASSENGER R A IL W A Y .
The company closed operations as of Aug. 31 1924 and in Apr. 1925 we
were advised that the company was in the process of dissolution. For
history see Public Utility Compendium of N ov. 1 1924.
P E N N S Y L V A N IA -N E W J E R S E Y R A I L W A Y CO.
HANOVER
& M cSHERRYSTOWN
S T R E E T R Y . C O.
All the outstanding stock is owned by the Hanover Power Co.
O R GAN IZATION .— Incorp. in Pennsylvania Sept. 30 1892. Its charter
runs for 999 years.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns 11.9 miles o f track in and between Hanover, McSherrystown, Littlestown and Conewago Chapel. Standard gauge. 65-lb. T and girder rails.
STOCK AND BONDS—
Date.
Interest. Outstanding.
M aturity
Stock $200,000 ($50).........................
.............
$135,000 1918, 10%
1st M demand bds $100,000______
________
30,000 __________
Dividends .— In July 1894. 2 /4 % ; In 1895, Jan., 2 /4 ; 1897-1902 records
lost
1903 and 1904 none. In 1905. Jan.. 6 % . In 1906 and 1907. none:
Jan. 1908 to Jan. 1913, Incl., 6% per annum. In July 1913 50% stock
div. paid; Jan. 1914 (reg.). 4% : July. 2% . In 1915. Jan., 3 % . In Dec
1917, 9% ; in 1918, 10%; 1919, 10%; 1920, 11%.
Controlled by the Bucks County Syndicate.
Default—-Sale, & c. —-The co. having defaulted in the payment of int. due
July 1 1924 on its 1st mtge. 6% bonds, the property is to be sold at auction
Nov. 17 1924. V. 119, p. 1845.
ORGANIZATION.— This was formerly the Bucks County Interurban
R y., but corporate title changed under date of M ay 15 1917 to Pennsyl
vania-New Jersey Ry. Co. The Bucks County Interurban was incorpor
ated M ay 13 1913 in Penna. as a consolidation of the Bucks County Electric
R y., Trenton New Hope & Lambertville St. R y., Yardley Morrisville &
Trenton St. R y. and Newtown & Yardsley St. R y. V. 96, p. 1555.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 23.82 miles extending from terminal in Trenton through Morris
ville and Yardley, Pa., to New Hope, Pa., and Lambertville, N . J., from
Yardley to Newtown. Service between Yardley and Lambertville and
between Yardley and Newtown was discontinued Sept. 21 1924. Has
trackage rights over Trenton City bridge and tracks of Trenton-Princeton
M a y , 1925.]
99
POWER, LIGHT AND RAILW AY
Traction Oo. in Trenton to terminal at Warren nd Hanover. Gauge.
5 ft. 2 H in.
To Operate Buses .— In July 1924 commenced operation of a bus line
between Trenton, N. J., and Morrisville, Pa., in co-operation with the
present electric railway service. Compare Y. 117, p. 1993.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Common $500,000 ($50)___________
_______
$99,450 ..................
Pref 6% cum $500,000 ($50)_______
6%
500 000 __________
1st mtge bonds $500,000______ \ 1924
6%
200.000 Jan 1 1954
/Northern Trust Co., Phila.. trustee.
EARN INGS.— For 12 mos. ending Dec. 31 1923, gross, $209,788: net,
after taxes, $23,158. In 1922, gross, $229,451; net, after taxes, def., $9,602.
OFFICERS.— Pres., Sydney L. Wright; V .-P. & Gen. M gr., Gaylord
Thompson; Sec. & Treas., John M . Morrisey. Phila. office, 133 S. 5th St.
— V. 119, p. 75, 1845.
S L A T E B E L T T R A N S I T C O.
Receivership.— In Feb. 1922 O. J. Mutchler was appointed receiver fo
the co. on application of First Nat. Bank of Bangor. V. 114. p. 948, 1288
In Aug. 1922 the receiver was auth. to issue $21,000 receiver's ctfs. V. 115
p. 870.
R eorganization P rop osed . — See Y . 115, p. 870.
ORGANIZATION.— Incorp. in Penna. on Feb. 14 1899. Name changed
to present title in 1921. Was formerly leased to Lehigh Valley Trac. Co.,
but lease canceled on May 10 1904, owing to default in payment of rental
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
A trolley road. Operates 18 miles o f track from Nazareth to Bangor.
67-lb. rails. 10 cars. 6 miscellaneous cars.
C om m ittee fo r 2d M . 4s.— George K. Mosser, Allentown, Pa.; Alan O
Dodson, Bethlehem, Pa.; W . W. Doughten, Brown Bros. Bldg., I h ladel
phia. Pa.; Thomas A. Keck, Falmouth, Mass.; Frank M . Horn, Catasau
qua, Pa.; Hubert E. Rogers Sec. & Counsel, 60 Wall St., N . Y . City
Depositary; New York Trust C o., N . Y . See V. 103, p. 2156.
STOCK AND BONDS—
D a te .
In te rest. O u tstanding.
M a tu rity
Btock $360,000 ($50)______________
_______
$360,000 __________
First mtge. $130,000 gold/ 1912 5 g J-J
130,000
1942
($500 & $1,000)______c* tf lin t, at the E. P. Wilbur Tr. Co.,So.Beth.,Tr
Second mtge. $270,000 gold/ 1912 4 g J-J
270,000
1942
($100, $500 & $1,000)-c*tf lin t, at E. P. Wilbur Tr. C o., So.Beth., Tr.
B onds. — First mtge. bonds are callable at 102 on any interest date.
Second mtge. bonds are subject to call at par on any interest date.
Interest on 2d mtge. bonds is in default.
EARN ING S.— Year ending Dec. 31 1922, gross, $103,417; net, after
taxes, $5,574. In 1921, gross, $122,660; net, after taxes, $21,535.
OFFICERS.— Pres., A. H. McAdams, Phila., V .-P .. Dr. J. O. Keller;
Sec., G. A. Schneebeli; Treas., Thomas J. Ryan; Gen. M gr., J. T . Hami)
ton.— V. 103, p. 2156; V. 104, p. 765; V. 114, p. 948. 1288; V. 115, p. 870
N O R T H E R N C A M B R I A R A I L W A Y CO.
ORGANIZATION.— Organized as successor to the Northern Cambria
Street R y. C o., sold under foreclosure March 31 1918. V. 106, p. 2229.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates 13 miles between Patton, Carrolltown, Spangler, St. Benedict
and Barnesboro. Standard gauge, 70-lb. T and girder rails.
EARNINGS.— For calendar year 1922, gross, $63,210; net, $1,082. In
1921, gross, $85,450; net, $12,527.
OFFICERS.— Pres., Jas. H. Allport; V .-P ., C. C . Adams; Sec., O. L.
Calahan: Treas., C . A. Sharbaugh.—-V. 106, p. 2229, 2450.
F A I R M O U N T P A R K T R A N S I T CO.
ORGAN IZATION .— Incorp. in Delaware in Sept. 1916 as successor to
the Fairmount Park Transportation Co. in accordance with plan of reor
ganization outlined in this publication o f Sept. 29, 1918. The assets o( th<
old co. (for history see "Elec. Ry. Section” for Sept. 1918) were purchased
subject to $750,000 1st M. 5s (see below).
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates an electric line in Fairmount Park, Philadelphia, together with
the Woodside Real Estate Co. (capital stock $100,000), which owns Woodside Park. The license from the Park Commission expires July 24 1939.
Operation from Nov. 30 to M ay 1 is optional. Miles of track operated,
8.83. Gauge, 5 ft. 2H in. Rails, 90-lb. T . Cars, 9 closed, 50 open.
STOCKS AND BONDS—
D a te .
In terest. O u tstanding. M a tu rity.
Stock common ($10)_________ _____
_______
$400,000 __________
Stock preferred ($10)________ _____
7%
79.686
See text
First mortgage $750,000 goldl 1912
5 A-O
750.000 April 1 1937
($ 1 ,0 0 0 )___________ c*ntf/Girard Trust Co.. Philadelphia, Trustee.
Bonds.— 1st mtge. bonds are callable at 105 and lot. on any int day on
60 days’ notice. Cumul. sinking fund, $13,000 per annum, began Oct.
1918, bonds co draw Interest for the fund. V. 65. p 480,
Dividends.— During 1923 28% was paid on account o f cum. pref. divs.
due at the rate of 7% par ann. for 1917, 1918, 1919 and 1920; regular div.
o f 7 % for 1923 was also paid.
REPO RT.— For 12 mos. ending Dec. 31:
Year —
Gross.
N et.
Charges. &c.
Balance.
1923__________________ $453,309
$188,948
$46,396
$142,552
1922__________ _______ 364,056
149,440
46,730
sur. 102.7 io
1921__________________ 235.075
93,654
44,831
sur. 48.823
OFFICERS.— Pres., N . S. Alexander; Sec. & Treas., Clayton E . Platt.
—V. 107, p. 1670.
of $75 for each $25 share, payable in collateral trust bonds. $3,592,200 of
this stock was exchanged for bonds on this basis.
Leases o f Controlled Properties.— The leasing of the underlying companies
was consummated in 1910 upon satisfactory terms. The subsidiaries are in
four groups, Wilkes-Barre, Reading. Trenton and Wilmington. The
Wilkes-Barre Rys. C o., the Reading Transit Co. (succeeded by Reading
Transit & Light Co. in March 1913, control of which was acquired by East
ern Power & Light C orp.), the Trenton & Mercer County Traction Corp.,
the Southern Pennsylvania Traction and the Wilmington & Philadelphia
Traction Co. were formed to take over the various properties. V. 91, p.
1512; V. 92, p. 261. Statements for these companies will be found else
where in this publication.
The aggregate annual income under the above leases is as follows (but see
remarks below):
1924 _____________________$818,54211916 and thereafter annu1925 _____________________ 826,0431 ally_____________________$830,000
Fixed Charges to Be Paid Out o f Above Rental Plus A n y Other Incom e.
T n t n n 4?
T/jrno
'T 'n tn l
$7,432
$282,072
Inter-State Railways_______________ x$274.640
United Power & Transportation_____
x229,860
3,297
233,157
T otal____________________________
$504,500
$10,729 “ ““$515,229
N ote. — The above figures do not include the Federal income tax, which
must be added thereto, x Includes interest on 4s held in treasury as in
vestments.
Default in Rental, & c.— Divs. on pref. stock were passed from 1918 until
July 1 1924 due to the failure of the Trenton & Mercer County Treation Co.
to pay its rentals, due to increased operating expenses. On July 1 1924,
however, the accumulated divs. of 42% were paid.
STOCK AND BONDS— Date.
Interest. Outstanding. M aturity.
_______
50 000 shs.
See text
Common $385,000 shs (no p a r ) ___
Collateral trust gold $10,781 ,-\ 1903
4 g F-A *9,470,000 Feb 1 1943
250____________________ c*JInt. at Real Est. Title Ins. & Tr.. Phila..trus.
Stock.—-Common stock was listed on the Philadelphia Stock Exchange in
April 1903. V. 92, p. 1243; V. 93, p. 164. Preferred stock redeemed and
canceled. See V. 119, p. 324, 455. Cancellation of common stock in
treasury, see V. 119, p. 1281.
Bonds.— Are dated Feb. 1 1903 and are secured by deposit of United
Power & Transportation stock. They bear 3 % interest the firsr year, 3j^ %
the second and 4% the third and subsequent years. Denominations $100,
$500 and $1,000. Are subject to call at 105 and int. on 30 days' notice.
Dividends.— Initial div. on pref.— 3% — paid July 1913; same rate semi
annually to and incl. July 1917. Jan. 1918 div. passed. None until
July 1 1924, when accumulated divs. of 42% were paid. Pref. stock has
been all redeemed and canceled (except $4,000). On com. an initial div.
of 1 % was paid Nov. 1 1924. In 1925, F eb., 1 % . On no par com. a cash
div. of 25c. and a stock div. of 1-25 of a share was paid M ay 1 1925.
R E PO RT.— Year ending Jan. 31:
Fiscal
Year —
Total
Receipts.
Interest
Coll.Trust.
Expenses & Preferred
Taxes.
Dividends.
Balance,
Surplus.
1923-24________$325,994
$284,640
$27,777
______
$13,577
1922-23------------ 337,271
306,640
17,718
______
12,913
OFFICERS.— Pres., John A. Rigg; V .-P., Walter A. Rigg: Treas. and
Ass't ec., T. W. Grooket, Jr.; Sec. & Asst. Treas., J. W. Goodwin. Office,
411 Market St., Camden, N. J.— V. 117, p. 2652; V. 118, p. 2825: V. 119,
p. 324, 455, 1281, 1624; V. 120, p. 330. 1881.
U N ITE D P O W E R & T R A N S P O R T A T IO N CO.
ORGAN IZATION .— Incorp. April 20 1899 under New Jersey laws to
construct,-develop and own street railways, power companies, &c., and do
a general business (V. 68. p. 929). In Dec. 1902 stock was acquired by
Inter-State Rys. C o., which see above.
On Oct. 1 1924 owned the following stocks and bonds. We show also
the total amounts outstanding of each issue:
Owned. Total Stock.
Stocks—
Shares.
Shares.
Delaware County & Philadelphia Electric R y _________
5,993
6,000
Lebanon Valley Street R y. C o________________________ 9,992
10,000
Mercer County Traction C o __________________________
975
1,000
Media Glen Riddle & Rockdale Electric Street R y _____ 1,632
1,640
Roxboro Chestnut Hill & Norristown R y. C o__________ 4,951
4,968
Schuylkill Valley Traction C o------------------------------------- 9,995
10,000
Trenton Hamilton & Ewing Traction C o______________ 1,975
2,000
Trenton Pennington & Hopewell Street R y. C o _______
4,993
5,000
Trenton Street R y ----------------------------------------------------- 19,969
20,000
Wilkes-Barre & Wyoming Valley Traction____________ 49,992
50,000
Wilmington & Chester Traction______________________ 39,995
40,000
Wilmington City Electric____________________________
5,095
5,100
Wilmington & Great Valley Turnpike C o______________
978
1,040
Wilmington & Philadelphia Turnpike_________________
1,035
1,200
644
680
Wilmington & Christiana Turnpike C o_______________
C A PIT A L IZA T IO N .— Stock auth., $3,593,750; shares, $25. full paid. In
March 1902 outstanding stock was increased from $3,125,006 to $3,593,750
(V. 74, p. 682), the additional shares being sold to stockholders at $35 per
$25 share.
Bonds.— 4% coll, trust ctfs. are in two series, which we have marked (a)
and (6) below. [Stock and bonds listed on Phila. Stock Exchange.]
(а) Under a trust agreement between the United Power & Transporta
tion Co. and the New York Trust C o., trustee, dated M ay 1 1899, and a
supplemental agreement dated July 26 1917, there are issued $4,927,900
United Railways gold trust certificates secured by deposit of 19,953 shares
Trenton St. Ry. C o., 39,993 shares Wilmington & Chester Traction Co..
5,089 shares the Wilmington City Electric Co. and 49,911 shares the WilkesBarre & Wyoming Valley Traction Co. Pursuant to the supplemental
trust agreement dated July 26 1917, the amount of outstanding certificates
was reduced from $7,918,000 to $4,927,900 by acquisition
P H I L A D E L P H I A & W E S T C H E S T E R T R A C T I O N CO. subsequent cancellation of $2,545,200 thereof through the by the co. and
sale of certain
ORGAN IZATION .— Cnartered in Pennsylvania on April 24 1895. Mu
assets pledged as security therefor, as follows: 79,991 shares of the United
nicipal franchises are perpetual. In Jan. 1902 leased the Ardmore & Llan
Traction Co. of Reading and 35,800 shares of the Edison Elec. Ilium. Co.
erch St. R y., a line between the points named, 314 miles; it has no bonds or of Lebanon, Pa., which, together with the remaining shares of said cos.
other debt. Rental is 5% on the outstanding stock ($400,000 auth., $383.
in the treasury, were sold for a consideration of $1,250,000 par value United
350 outstanding) and payment o f taxes and organization expenses. Leases Railways gold trust ctfs. and $2,760,000 cash, 4,925 shares of Roxborough
the Philadelphia & Garrettford St. R y. (which it also controls) at 5% on Chestnut Hill & Norristown R y., 9,975 shares of Schuylkill Val. Trac. Co.,
funded debt and $500 per annum for salaries and organization expenses
1,600 shares Media Glen Riddle & Rockdale Elec. St. R y. Co. and 14,992
In <"'ct. 1923 the co. was auth. by the Penna. P. S. Comm, to acquire the shares of Holmesburg Tacony & Frankford Electric R y. (sold under fore
capital stock of the Aronimink Transportation Co. V. 117, p. 1993.
closure in 1910 and reorganized with no realization on its capital stock)
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.— (see Frankford Tacony & Holmesburg R y. below) were also withdrawn from
Operates 52.504 miles of track from 63d and Market Sts., Philadelphia, to collateral for the trust certificates and are held in company’s treasury.
West Chester, 26.685 miles; Llanerch to Ardmore, 6.263 miles; 69th St., The cash received by the company was invested in United Railways and
Upper Darby, Pa., to Sharon Hill and Media, 19.556 miles, of which 25.819 Delaware County R y. gold trust certificates. V . 106, p. 87.
(б) $818,600 Delaware County R y. gold trust certificates under a trust
miles are leased. Gauge, 5 ft. 2)4, in.; 58, 60, 70 and 80-lb. T rail. 63 cars.
greement between the United Power & Transportation Co. and the Real
Fare Increases.— See V. 118, p. 1013; V 119, p. 580.
Estate Title Insurance & Trust Co. of Phila., dated M av 1 1899, and has
STOCK AND BONDS—
D a te .
In terest. Outstanding. L ast div. .&c ■ deposited with said trust co. as trustee 5,993 shares Delaware County &
Stock $1,400,000 (par $50)________
A-O
$1,303,700 O c t '24, 3%
Phila. R y. C o., original issue $998,950; subsequently purchased and can
Mtge bonds $1,000,000 goldl 1904 4-6 g J-J
1,000.000 Jan 1 1954
celed, $180,356.
($1,000) ____________ c * tfjln t. at West End Trust Co., Phila., Trustee.
The principal of both series (which are in $100, $500 and $1,000 pieces)
Phila & Gar 1st M $3,000,0001 1905
5 g K-A
3 000,000 Aug 1 1656 is due at option of holder on July 1 1949 and thereafter on any Jan. 1 or
gold ($1.000)__________ ctf flnt. at West End Trust C o.. Phila.. Trustee
July 1 at the option of the United Power & Transportation Co. For both
Bonds.— Of the $1,000,000 bonds o f 1904 outstanding $534,000 are 4s series, also, the semi-annual interest (J. & J.) and the principal are payable
and $466,000 6s. Can be called at any time at 105 and int. No sinking in gold coin, free of tax, at the office of the Real Estate Title Insurance Sc
fund. Phila. & Garr. bonds are red. at 105 and int. on any int. day.
Trust Co. of Philadelphia, trustee.
R E PO RT.— Year ending Dec. 31;
Dividends.— On Jan. 20 1900 a dividend of 50c. per share was paid;
In terest,
Surplus
D ec. 31.
Gross
N et
Other
also same amount July 16 1900: in 1901, Jan. 21, $1; July 10, $1; in 1902,
Rentals, & c . fo r Y ear.
Year —
Earnings.
Earnings.
Income.
Jan. 20, $1; July 10, $1; in 1903, Jan. 20, $1; in 1904, Jan. 16, $2 66; in
$280,875
$79,702 1905, Jan. 24, $2 39; in 1906, Jan. 26, $3 10; in 1907, Jan. 24, $3 20; in
---------$341,961
$18,616
1924_______ $1,090,808
328,565
12,801
231,750
109,615 1908, Jan. 30, $3 31; none to July 1911, when $1 10 was paid; in 1912, Jan.
1923 _________ 983,363
330,404
12,169
229,186
113,387 30, $1 40; July 29, $1 41; in 1913, Jan., $1 79; July, $1 26; in 1914, Jan.,
1922 _________ 929,089
OFFICERS.— Pres., A . Merritt Taylor, Philadelphia; V .-P ., H . H. $1 52; July, $1 40; in 1915, Jan., $1 54; July, $1 34; in 1916, Jan., $1 55;
Aikens; Treas., C . L . Rihl. Office, Upper Darby, Del. C o., Pa.— V . 98. July, $1 43; in 1917, Jan., $1 55; July, $1 23; in 1918, Jan., $1 32; July,
p. 237; V. 106, p. 397; V . 107, p. 1193; V . 108, p. 80; V. 113, p. 2313; V. $1 20; in 1919, Jan., 50c.; in 1920, Jan., $1 95; in 1921, Jan., $1 60; in 1922.
Jan., $1 85; in 1923, Jan., $1 94; in 1924, Jan., $2 26.
117, p. 1993; V. 118, p. 1013; V. 119, p. 580.
R E PO RT.—
From
Interest
Taxes,
D ivs.
Sur. after
Cal. Year.
Investments. on 4s.
& c.
Paid.
Divs
IN TER -STA TE R A IL W A Y S .
1923 ------------------------ $589,606 $232,120
$32,252 $324,875
$359
247,656 33,202
278,875
456
O RGAN IZATION .— Incorp. in New Jersey on Dec. 4 1902 with very 1922 --------- -------- ------ 560,189
broad powers. Is empowered to purchase, acquire, develop and construct
OFFICERS.— Pres., John A. Rigg; V .-P ., Walter A. Rigg; Treas., T . W .
street railways, electric light and power, water and gas companies.
Grooket Jr.; Sec. Sc Asst. Treas., J. W . Goodwin; Counsel, John M . Frame.
In Dec. 1902 obtained control of the United Power & Transportation Co. General offices, 411 Market St., Camden, N. J.— V . I l l , p . 75; V. 112 d
through purchase o f the outstanding ($3,593,750) capital stock, on a basis > 471,563; V. 114, p. 411, 628; V . 116, p. 517, 722, 2132; V. 117, p. 2111.
PUBLIC UTILITIES
100
FR AN K FO R D T A C O N Y & HOLMESBURG R A IL W A Y .
Receivership.— In Feb. 1925 Hamilton Disston, Jr., and Henry J. Rebman were appointed temporary receivers for the company on application by
the Tacony Trust Co., trustee, for the first mtge. 5s, on which interest due
July 1 1924 was defaulted. Y. 120, p. 702. Compare V. 120, p. 453.
Committee for First M tge. 5s— City Purchase Proposed.— A bondholders’
protective committee has been formed and through its Secretary, Charles T.
Brown, has requested a meeting with Mayor Kendrick of Philadelphia to
urge the purchase by the city o f the properties of the company. The city
will be asked to acquire the road under the loan o f Jan. 17 1924, which makes
$750,000 available for such a purpose. V. 120, p. 702, 1585.
ORGANIZATION.-—Incorp. in Pennsylvania on July 11 1910 as a
reorganization o f the Holmesburg Tacony & Frankford Elec. R y., sold at
foreclosure June 1 1910. For terms of exchange of bonds o f old company
for new company bonds, see V. 91, p. 276. Franchise perpetual.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— A
trolley road. Operates 17.29 miles o f track between Philadelphia, Frank
ford, Bridesburg, Tacony, Holmesburg and Torresdale, o f which 1 mile
(in Phila.) is leased. 60-lb. T and 80 & 105-lb. girder rails. Gauge 5 ft.
2M in. 24 motor cars and 7 miscellaneous cars.
Valuation.— In Oct. 1920 the co. filed with the Penna. P. S. Comm, a
valuation of $1,403,709 for its entire property. V. I l l , p. 1752.
Interest Payment.— Coupons due Jan. 1 1924 on the co .’s 1st mtge. 5%
bonds were paid in June 1924. V . 119, p. 74. Bondholders were requested
to hold coupons due July 1 1924 until notified to present them for payment.
Interest due July 1 1924 defaulted. V . 120, p. 453.
STOCK AN D BONDS—
Date.
Interest. Outstanding. M aturity.
Stock $500,000 ($50)______________
_________
$500,000 ---------------First mortgage $500,000 goldf 1910
5 g J-J
400,000 July 1 1940
($500 and $1,000)____c*tf [Int. at Tacony Trust C o., Phila., Trustee.
Bonds.— Remaining $100,000 bonds are reserved for extensions and bet
terments. Bonds are not subject to call. They are listed on Phila. Stock
Exchange. V. 93, p. 105.
Earnings
Cal. Y rs .—
Gross
Earns.
N et, after
Taxes,&c.
Bond
Interest.
Balance,
Surplus.
Revenue
Passengers.
1923 ________$204,452
$21,386
$20,000
sur .$1,386
3,191,173
1922
196,375
19,676
20,000 def.
323
3,083,899
OFFICERS.— Pres., W m. Milnes; V .-P ., James M . Castle; Sec. &
Treas., Jacob M .V ogdes.— V. l l l . p . 1752; Y. 113, p. 1250; V. 114, p. 1407;
V. 118, p. 84; V. 119, p. 74; V . 120, p. 453, 702, 1585.
T R E N T O N B R IS T O L & PH ILADELPHIA STR E E T RY.
ORGAN IZATION .— Incorp. in Penna. as successor to the Phila. Bristol
& Trenton, sold at foreclosure on Aug. 2 1909 to a bondholders committee.
V. 89, p. 349, 780. For distribution of securities o f new company by said
committee to holders o f certificates o f deposit o f predecessor company in
Dec. 1915, see V. 101. p. 1975.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns and operates 17 P miles o f track from Torresdale to Morrisville.
S
Rails, 60 and 90-lb. girder and 72-lb. T; gauge, 5 ft . 2 > inches; 11 passenger
jj
cars, 1 freight car, 2 work cars, 2 snow plows, 1 engine and 1 generator,
400 k.w. capacity.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50)__________________ _____
_________
$410,800 ---------------1st mtge $750,000 ($1,000,( 1913
5 g M-S
413,800 Mar 11943
$500 and $100) g____c*tf (Union Trust Co. of M d „ Balt., Trustee.
Remaining bonds are reserved for corporate purposes. Subject to call
as a whole on any int. date at 105 and int. No sinking fund.
EARN INGS.— For years ending Dec. 31:
Year —
Gross.
N et.
Taxes. Interest. Deprec.
Surplus.
1924
_______ $85,612
$8,945 $2,600 $24,559 x$l,670 def.$19,884
1023
91,201
15,700
3,600
24,233
xl,670 def. 13,8u3
1922
90,516
22,104
3,600
24,365
xl,670 def.7,531
106,159 33,415
5,270
24,996
5,280 def.2,131
1 9 2 1 ............
x Discount on 1st mtge. bonds.
OFFICERS.— Pres., Carl N . Martin; V .-P., John Redwood; Sec. &
Treas. W . E. Ervin; Gen. M gr., M . J. Hill, Bristol, Pa.— V. 100, p. 1594;
V. 101, p. 1975; V. 104, p. 766; V. 110, p. 466; V. 112, p. 1284.
P H I L A D E L P H I A R A I L W A Y S CO.
ORGANIZATION.— Incorporated in Pennsylvania on May 13 1911 as
successor to the Southwestern Street Ry. sold at foreclosure April 21 1911.
V. 92, p. 1375.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— A
trolley road. Owns and operates 16 miles o f track within limits of Phila
delphia. Also operates branch o f Chester & Phila. Rys. Co. from Bow
Creek to Essington, 3M miles. Gauge, 5 ft. 2 f i in.
STOCK AN D BONDS—
Date.
Interest. Outstanding. M aturity.
_________
$400,000 ---------------Stock $400,000 ($50)______________
1st mtge $400,000 gold ($500) (1 9 1 1
5 g M -N 15 400,000 M ay 15 1941
and $1,000)...................c*tf\Int. at RealEst. Tit. Ins. & Tr., Phila., Trus
Bonds are red. on any int. date at 105 and int.
EARN INGS— Gross
N et
Interest &
DepreSurplus or
Cal. Year —
Incom e.
Incom e.
Taxes.
ciation.
Deficit.
x l 918
.............$205,420
$645 $25,992
$6,458 def.$31,805
_________ 137,073
28,776
24,024
6,000
def.1,248
1917 '
19161_____________ 122,431
30,866
23,646
7,000
sur .220
x No later published.
OFFICERS.— Pres., I. H. Siverman; V .-P ., L. R. Isenthal; Sec., Alvin
W From; Treas., Chas. F. Wagner Jr.— V. 92, p. 1375; V . 100, p. 475;
V. 106, p. 2560.
_
P H I L A D E L P H I A & W E S T E R N R A I L W A Y C O.
O RGAN IZATION , &c.— Incorp. June 6 1907 in Pennsylvania as suc
cessor to the Philadelphia & Western R R . Co. In 1910 control was acquired
by a syndicate headed by Edw. B. Smith & Co. of Philadelphia and N . Y .
Owns one-half o f the capital stock of the Norristown Transit C o., which
road connects the Lehigh Valley Transit Co. with the Philadelphia & West
ern, and the entire capital stock o f the Philadelphia & Western Home
Owners’ Association and the Main Line Transfer Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates a high-speed double-track 3d rail road 17.33 miles long between
Philadelphia. Norristown and Strafford, entirely on private right-of-way and
connecting with Phil. Rapid Transit C o.’s subway-elevated system at
69th & Market Sts., Philadelphia, and with Penn. R R . main line at Straf
ford Sta. An extension from Villa Nova into Norristown was placed in
operation on Aug. 26 1912. On Dec. 1912 connection was made with the
Lehigh Valley Transit C o.’s lines at Norristown via Norristown Transit
Co. and a through service established between Allentown and Philadelphia,
Total tracks, 38,19 miles; gauge, 4 ft., 8 H in. 85-lb. rail; 26 passenger cars,
2 express and 3 flat cars, 1 snow plow; total, 31.
In 1918 entered into a 10-year contract with the Counties Gas & Elec.
Co. (a subsidiary o f the United Gas Impt. Co.) under which the latter sup
plies the company with all its power,
Date.
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
...............$4,000,000 ................. ..
Com m on$4,000,000 ($50)----Pref $2,000,000 5% cum from
Q-J
2,000,000 A p r ’25, H i
Jan 11916 ($50)
First mortgage $4,000,000 f 1910
5 g J-J
2,630,000 July 1 1960
gold (#1 000) _______ c*tf(Int. at Phila. Tr. C o., Phila., trustee, or at
goiu » i , u w ;
| Edw. B. Smith Co., Philadelphia.
The com. & pref. stocks were listed on the Phila. Stk. Exch. in M ay 1917.
Bonds .— Of remaining bonds $370,000 are in treasury. Subject to call
at 10214 and interest on any interest date on 60 days’ notice.
Dividends .— First dividend on preferred stock— U £ % — paid April 15
1916, same rate quarterly since.
jars ending Dec. 31:
EAR N IN G S.— F
1922.
1921.
1924.
1923.
Calendar Years —
$870,854
$825,459
$812,240
$895,943
Operating revenue .
478,354
440,517
486,647
479,828
Operating expensesInterest & tax accruals.
$416,115
xl68,034
$392,500
166,008
$384,942
163,626
Federal taxes__________
Preferred dividends (5%)
$226,492
20,500
100,000
$221,316
19,800
100,000
$159,392
14,780
100,000
Passengers carried during year ending Dec. 31 1924, 5,030,157, against
4,620,817 in 1923.
OFFICERS.— Pres. & Gen. M gr., J. J. Adams; V .-P ., C. J. Ingersoll;
Sec. & Treas., W . J. Curry; Gen. Supt. & Aud., C. S. Mountz. Offices,
Norristown, Pa.— V. 109, p. 578, 981, 2357; V. I l l , p. 693; V. 112, p. 1978,
2084; V. 114, p. 1652; V. 116, p. 1276; V. 118, p. 908; V. 119, p .456; V. 120,
p. 1090.
PITT SB U R G H BUTLER & H AR M O N Y CONSOL. R Y .
& P O W E R CO.
ORGA N IZA TIO N .— Incorp. in Delaware. Has acquired $2,745,00®
of the $3,000,000 capital stock o f the Pittsb. Har. Butler & Newcastle R y
C o., all of the $1,000,000 capital stock o f the Pittsburgh Mars & Butler
Ry. Co. and 2,300 shares of the 3,285 shares capital stock o f the North
Pittsburgh Realty Co. All the capital stock o f Ohio Harmony Elec. Oo,
Harmony Realty Co. and Harmony Short Line M otor Transportation Oo.
In March 1920 an announcement was made of a profit-sharing plan by
which $1,000,000 com. stock would be set aside under a trust agreement for
the benefit o f the co’s. employees. V. 110, p. 1416.
STOCK.—
Date.
Interest. Outstanding.
M aturity
Common $4,500,000.........................
.............
$4,500,000 __________
Preferred $2,000 ,0 0 0 __________________________
1,836,000 __________
OFFICERS.— Pres., David I . McOahill; V .-P . & Gen. M gr.. H. Ethe
ridge; Treas., R . M . Glick.— V. 109, p. 1274; V. 110, p. 1416; V . 120, p. 705.
(1) P IT T S B U R G H MARS & B U T L E R R Y .
ORGANIZATION.— Successor to the Pittsburgh & Butler St. R y ., tb*
interurban division of the Pittsburgh & Butler R y .. which was sold at fore
closure M ay 9 1917. V . 104, p. 1900.
CA PITA LIZA TIO N .— On Sept. 5 1917 made a mortgage to the Dollar
Savings & Trust C o., Pittsburgh, securing an issue of $1,250,000 bonds to
provide for improvements, &c. Pittsburgh Butler & Harmony Consol. R y .
& Power Co. owns all the $1,000,000 stock of the company.
EARN ING S.— For calendar years:
12 M onths Ended D ec. 31—
1924.
1923.
1922.
Gross______________________________
$357,655
$392,229
$388,893
Net, after taxes and interest________
13,520
423
41,674
OFFICERS.— Same as Pitts. Butler & Harmony Consol. R y. & P o w . C «
above.— V. 105, p. 998: V. 106, p. 1578, 2346.
(2) P IT T S B U R G H H A R M O N Y B U T L E R & N E W C A S T L E R Y . C O .
ORGA N IZA TIO N .— Is a consolidation in 1906 o f several small com
panies. Owns all the cap. stock o f the Harmony Elec. Oo. and the ElwoodKoppel Bridge Co. In Feb. 1910 authorized stock was increased from
$3,000,000 to $3,500,000. Pitts. Butler & Harmony Consol. R y . & P ow .
Oo. owns $2,745,000 o f the cap. stock.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS —
Operates 68.5 miles o f track from Pittsburgh, via W exford, Evans City,
Harmony and Ellwood City, to New Castle, with a branch from Evans City
to Butler. Enters Pittsburgh over the tracks of the Pittsburgh Railways
Co. On Dec. 3 1913 placed in operation an extension from Ellwood City
to Beaver Falls, 0'A miles.
STOCK AND BONDS—
D a te.
In terest. O utstanding
M a tu r ity .
Stock $3.5 00 ,0 0 0 ........................ .................................
$3,000,000 .............. ..
1st m tge $3,500,000 g o ld f 1906
5 g J -D
2,900.000 June 1 1936
($ 1 .0 0 0 ) ______________c* tf\ In t. at U nion Trust C o ., Pittsburgh, Trustee
Bonds. — T he $600,000 unissued are reserved for future extensions.
EARNINGS.— For 12 months ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross_____________ _____ ___________
$954,470 $1,029,168 $1,040,063
Net, after taxes and interest________
29,464
1,351
142,548
OFFICERS.— Same as Pitts. Butler & Harmony Consol. R y. & Pow. Oo.
above.— V. 107, p. 2377; V. 108, p. 2529; V. 109, p. 1274; V. 112, p. 2306.
SCRANTON
$44,612
Balance, surplus_____
$125,981
$105,992
$101,516
.. Interest on bonds in 1924 amounted to $131,500; tax accruals, $32,500;
hire o f equipment, $177; amortization of discount on funded debt, $2,384.
&
W IL K E S-B A R R E
TRACTION
CORP.
O RGAN IZATION .— Incorp. In Virginia In 1913 as a reorganization (pe*
plan V. 96, p. 1701) of the Lack. & W yom. Valley Rapid Transit Co. (sold
at foreclosure;, which company owned all the securities of the Lackawanna
k Wyoming Valley R R ., the Scranton k Northeastern R R ., the Lacka
wanna Tunnel Co. the Central Valley R R . and the Wilkes-Barre R R .
These latter five companies were merged into the Lack. & W yom. Valley
RR. Co. (the operating company) with $2,150,000 stock and $5,000,000
bonds, all of which is owned by the Scranton & Wilkes-Barre Trac. Corp.
and deposited under that company’s refunding mtge., subject to $888,000
L. & W . V. Rapid Transit coll, trust bonds. The Railroad Co. owns all the
itock of the Lack. & Wyom. Valley Pow. C o. Power franchises perpetual.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
A holding company. The Lackawanna & Wyoming Valley R R . operates
23.40 miles of first track, 21.39 miles of second track and 9.08 miles of yard
track and sidings. Double track, laid with 90-lb. rail. Standard steam
construction, private right of way. A standard-gauge tunnel, about 5,000
feet long, was completed in Scranton in Oct. 1905. This removed that only
heavy grade on the line between Scranton and Wilkes-Barre. 30 passenger,
41 freight cars, 4 motor express cars, 1 motor work car and 3 electric freight
locomotives. Freight and passenger business is exchanged with all railroads
entering the terminal cities.
In Sept. 1922 the c o .’s auth. capital stock was increased from $2,500,000
to $5,000,000. Compare V . 115, p. 1211.
iBacon ci *>avfe
incorporate
E n g in e e r s
D
e s ig n
&
C
o n s t r u c t io n
»/
Hydro ^electric Developments
Steam Power Plants
$325,593
166,201
$248,081
22,100
100,000
[V ol. 120,
$
$
N ew York
Philadelphia
Chicago
San Francisco
M a y , 1925.]
POWER, LIGHT AND RAILW AY
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity
C om m on-----------------------------------------------$2,400,000 __________
Pref cu m ___________________ _____
See text
990,500
See text
L & W V Rap Tr Co coll trust? 1901
5%
783,000 Aug 1 1951
5% gold bonds______ c* tf(In t. at Guaranty Trust C o.. N . Y ., trustee.
■Refunding mtge (see text) g f 1913
5%
1,931,700
Aug 1951
($1,000)------------------- c* tf (Guaranty Trust C o., New York, trustee.
Coll trust sink fund gold bdsf 1914
6 g A-O
875,000 Apr 1 1934
$1,000,000 ($1,000)____c*(Guaranty Trust C o.. New York, trustee.
Stock.— Divs. on pref. 6% per annum until June 30 1917 and 7% there
after. Cumulative from June 30 1914. Pref. stock is redeemable at 105.
Pref. and common have equal voting power.
Bonds .— Refunding mortgage bonds are callable at 105 and int.; sinking
fund o i \ i % per annum o f outstanding bonds began N ov. 1 1917; $783,OO0
are reserved to retire underlying bonds. The mortgage was authorized
originally for $5,000,000. but was subsequently closed at $3,000,000.
The L. & W . V. Rapid Transit Co. 5% bonds are secured by deposit of
$2,150,000 stock and $5,000,000 first mtge. 5s, due 1951, of the Lack. &
Wyoming Valley R R . Co. Under a supplemental indenture, dated N ov. 1
1917, a sinking fund o f $15,000 per annum which began M ay 1918 was
created and the bonds were made subject to call at 105 and interest. V.
105, p. 2094. A s of Oct. 1 1924, all but about $24,000 o f the bonds had
been stamped by the trustee with the callable feature sinking fund agree
ment. V. 105, p. 2455.
The collateral trust 6s o f 1914 are red. at any interest period at 100 and
accrued interest. Sinking fund (cumulative) o f 1% o f outstanding bonds
annually from March 1 1916 to March 1 1933. These bonds are secured by
the same collateral as the first and refunding mortgage. V. 98, p. 1246.
Dividends.— 6% was paid on preferred stock from July 1913 to and includ
ing April 1917. In July 1917 began paying 7 % and same rate has been
paid regularly since.
EARNINGS.— Years ending Dec. 31:
101
cost of rebuilding borough track with heavier rail, in concrete and lump
sum payments to boroughs for permanent release from paving obligations,
final payment having been made in June 1923. Also replacement o f com
pany’s only wooden bridge with steel structure, d Equipment depreciation
reserve included in operating expenses, e After crediting $26,410 for bonds
purchased at discount and canceled.
OFFICERS.— Pres., Chas. B. Cooke Jr.; V .-P ., A . M . Holding; Sec.
& Treas., Thos. L. Hodge; all of Philadelphia.— V. 119, p. 458, 2649.
THE
W IL K E S-B A R R E
R AIL W AY
CO RPOR ATIO N.
ORGANIZATION.— Incorp. June 3 1924. Owns all the shares of stock
of The Wilkes-Barre R y. (see below) and its unfunded debt. The WilkesBarre R y. C o., as of July 1 1924, assigned to The Wilkes-Barre R y. Corp.
the leases o f all the street railways operated by it prior to said date, viz.:
The Wilkes-Barre & Wyoming Valley Traction C o.,
Wilkes-Barre & Luzerne Street Railway Co.,
Wilkes-Barre & Hanover Street Railway Co.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates 115 miles of street railways in the City of Wilkes-Barre, and
various other places in Luzerne County, Pa.
CA PITA LIZA TIO N /— Common stock, authorized, $1,500,000; issued,
$950,000. Preferred stock, authorized and issued, $750,000. The pre
ferred stock is 6% cumulative.
Dividends .— Dividend N o. 1, of 3% , was paid Jan. 1 1925, out of earn
ings for the first six months of operation.
EARNINGS.— The properties were operated for the first six months of
the year ended Dec. 31 1924 by The Wilkes-Barre Railway Co. and for the
last six months by The Wilkes-Barre Railway Corp., the consolidated
earnings being as follows:
Calendar Year —
1924.
Operating revenues____________________________________________$2,520,702
Out.
Operating Other In c. Exp. &
Balance
Bond
Pref.
Operating expenses (including depreciation reserve)_________ - 1,672,305
Vtar — Income. (H old.Co .). Taxes.
Divs.
Surplus
Interest.
Net operating revenues_____________________________________ $848,397
1924 ...$416,348
$369
$124,490
$18,176
$204,812
$69,239
110,302
1923 . . .
402,484
984
205,562
165.426 T axes________________________________________________________
66,535
15,945
1922 . . .
410,189
946
206,312
126,448
15,046
63,329
Operating income__________________________________________ $738,094
1921 . . .
430,431
371
151,006 Non-operating income___________
59,936
12,797
9,226
207,063
OFFICERS.— Pres., Wm. O. Sproul: Chairman Exec. Comm., Frank R.
Gross income_______________________________________________ $747,302
Ford; V .-P .. W. H. Lippincott; V.-P. Sc Sec.. S. O. Stivers; Treas., F. W
621,807
Rent for leased roads_________________________________________
V. 98. p. 1158. 1246. 1539; V. 101. p. 1190; V. 105. p. 910. 1309. Interest on unfunded d e b t -.________________________________
24,680
2094: V. 115, p. 1211.
Net income________________________________________________ $100,833
OFFICERS.— Pres., Abram G. Nesbitt: V.-Pres. & Gen. M gr., W m. S.
SH A M O K IN & MT. CARM EL T R A N S I T CO.
Bell; Sec. & Treas., C. W . Laycock.
ORGANIZATION.— Is a consolidation in July 1906 of the Shamokln &
1. W ILKES-BARRE R AILW AYS CO.
M t. Carmel Electric By. and the Ashland A Centralla Electric R y. V . 83,
O R G AN IZATION .— Incorp. Nov. 26 1909. Formerly leased the Wilkesp. 273.
Barre & W yom. Val. Tr. Co. for 800 years from Jan. 1 1910 at rental of
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.— $360,000 the 1st year, increasing $10,000 every two years until the maximum
of $400,000 is reached, and all obligations in the way of int., taxes, &c., of
Operates 19.5 miles o f track between Ashland and Shamokin.
Valuation .— In April 1921 the Penna. P. 8. Comm, placed the valuation W .-B . & W . V. Trac., but as of July 1 1924 lease was assigned to The WilkesBarre R y. Corp. (see above).
of the c o .’s properties at $1,300,000. V. 112, p. 1519.
CAPITALIZATION.— Auth. stock. $1,500,000: issued. $900,000.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity
EARNINGS.— For cal. year 1923, gross,
after oper.
IZ20-000................................................. $529,750 Sept. '24, 1% exp., taxes, deprec., rentals & int., $93,817. $2,482,165: net. $2,267,309,
In 1922, gross,
261,850 Sept’24.1H %
Pref $300,000 6% non-cum..................................
net, after oper. exp. & taxes (but before rentals, &c.), $652,375. In 1921.
New mortgage $600,000_____/ 1906
5%
415,000
1936
oper. exp., rentals, taxes, &c., $91,765.
(Penn. Co. for Ins. on L. & G. A ., Phlla.. trust gross. $2,566,863: net, after .
Pres., F. M
V.-P.,
Sec. & Treas.,
EARNINGS.— For year ending Dec. 31 1923, gross, $305,029; net, C. OFFICERS.—V.-P. & Gen. Kirby; Wm. S.A. G. Nesbitt; p. 957; V. 103,
W. Laycock;
M gr.,
Bell.— V.
after taxes, bond int., &c., $51,865. In 1922, gross, $242,468; net, after p. 2343; V. 107, p. 1102; V. I l l , p. 1662; V. 112, p. 1400;92, 115, p . 2380.
V.
taxes, $13,612.
j.
(a) WILKES-BARRE & WYOMING VALLEY TRACTION.— The
OFFICERS.— Pres. & Gen. M gr., W m. Kiefer, M t. Carmel, Pa.; Sec.,
J. D . McConnell; Treas., Fred Kiefer, M t. Carmel, Pa.— V. 106, p. 2650; United Power & Trans, owns 49,992 out of the 50.000 shares of stock.
Lease .— Is leased to the Wilkes-Barre R y. Corp. (see above).
V. 89,
V. 112, p. 1519, 2538; V. 118, p. 665.
p . 159*.
ORGANIZATION.— Incorporated Feb. 9 1891; controls street railway
W A R R E N & J A M E S T O W N S T R E E T R A I L W A Y CO.
lines in the Wyoming Valley, Pa., extending from Wilkes-Barre to Duryea
Control.— In March 1924 the Venango Public Service Corp. (controlled by and Nanticoke on east side of Susquehanna River and Pittston and Ply
Pennsylvania Electric Corp.) acquired control o f the company. V. 118, mouth on west side. In Dec. 1902 made collateral trust mtge. for $250,000
to purchase stock of the Wilkes-Barre Dallas & Harvey’s Lake R y. C o. and
p. 1775. Compare V. 118. p. 1393.
for other purposes. On July 1 1904 leased the Plymouth & Larksville Street
ORGANIZATION.— Incorp. in N. Y . and Penna. and consolidated Ry. for 999 years at 6% on $75,000 stk. and int. on $75,000 5% bonds.
Jan. 15 1904. Private right of way, except in Jamestown, where co.
STOCK AND BONDS—
Date.
Interest.
Outstanding. M aturity.
has a 50-year franchise and 3 or 4 miles o f public right o f way, for which Stock (par $100) $5,000,000— all but 8 shares owned by Un. P. & T . Co.
perpetual franchises are held.
1st mtge $1,500,000 gold/ 1891 7 g A-O
$1,500,000 April 1 1931
($ 1 ,0 0 0 )_______________c* (Interest at Provident Life & Tr. C o., Phila.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
245,000 Jan 1 1935
Operates 21H miles of track from Warren, Pa., to Jamestown, N. Y . Collateral trust and mortgage/ 1895 6 g J-J
$325,000 gold_____________(Int. at Anthracite Sav. Bk., Wilkesbarre, Tr.
Enters Warren over tracks of Warren Street R y. Does an express business.
Collateral trust and mtge g / 1902 6 g J-D
239,000 Dec 15 1932
Standard gauge. 70-lb. rails. 6 cars.
($1,000) $250,000______ c* 1Int.at Real Est.,Title,Ins.& Tr.Co.,Phila.,Tr
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
Bonds on Roads
Stock $200,000 ($100)_____ — -----$200,000
Seetext Underlying& Suburban b o n Purchased—
Wilkesbarre
d s ____
5%
40,000 July 1 1928
First mortgage $300,000_ - ( 1904
_
5 J-J
300,000 July 11934
Guaranteed Bonds—
(Interest at Warren (Pa.) Trust C o., Trustee.
Wilkes-Barre & Kingston__________
5 F-A
90,000 Aug 1 1928
2d mtge gold bonds_______ - . 1918 6%
100.000 Jan 1 1928 Wilkes-Barre & East Side R y . ____
5
150,000 See(z)below
Dividends .— In 1908, 4% ; in 1909, 8% ; in 1910, 8% ; in 1911, Jan., 2% ;
Bonds.— The Wilkes-Barre & W yo. Vail. Trac. 1st M . bonds were
In 1912, D ec., 2% ; in 1913, July, 4% ; in 1914, 8% : in 1915 and 1916, 6% ; originally 5s and matured April 1 1921, but have been extended for 10 years
In 1917, 6% . None to Jan, 1919. when 3% was paid; July 1919, 3% . In at 7% . Are call, as a whole on any int. date at 102>£ and int. prior to
1920, 6 % . In 1921, Jan.. 3% ; July, 3 % . In 1922, Jan., 3% .
April 1 1926 and at par thereafter. V. 112, p. 1400.
EARN ING S.— For years ending Dec. 31:
Interest on the Wilkes-Barre & Kingston bonds reduced to 5% in Aug.
Year —
Gross.
1903 and bonds extended to Aug. 1 1918 and again to Aug. 1 192$ at 5% .
N et.
Int.& Tax Rents.&c. D ivs. (6% ) S ur.orD ef.
Int. on the Wilkes-Barre & Suburban bonds reduced in 1903 to 4% and
1920 ___ $183,340
$40,547
$29,701
$2,932
$12,000 def.$4,086
1919___ 159,474
40,091
27,305
2,865
12,000
def.2,080 bonds extended to July 1 1918; were again extended, this time to July 1
1918. at 5% .
OFFICERS.— Pres..David H. Siggins; V.-P. & Sec., Homer M . Preston.
coll.
were
Jamestown. N . Y .; Treas. < Supt., H. A. Siggins, all of Warren.— V. 86. 5s The Wilkes-Barre & Wyoming Valley been tr. bonds of 1895years originally
k
and matured Jan. 1 1925, but have
extended for 10
to Jan. 1
p. 482: V. 118, p. 1393, 1775.
1935 at 6% . Extended bonds are call, on 60 days’ notice at 102 and int.
on any int. date prior to July 1 1926, and at par on July 1 1926, or on any
int. date thereafter. Free from Pennsylvania State tax of 4 mills. V. 120,
T H E W E S T C H E ST E R STR E E T R A I L W A Y CO.
p. 89.
Control.— It was announced in M ay 1923 that Kelly. Cooke & Co.,
The Wilkes-Barre & Wyoming Valley coll, trust bonds of 1902 were
engineers, had acquired control o f the co. V. 116, p. 2008.
originally 5s and matured Dec. 15 1922, but were extended for 10 years to
Dec. 1
are
as a whole on
int.
ORGAN IZATION .— Incorporated in Pennsylvania Aug. 4 1890. Owns date on 1932 at 6 % . Extended bondsprior callable 15 1926; and at any and
60 days’ notice at 102 and int.
to June
par
the Chester Valley Electric Light, Heat & Power Co. and the Coatesville
int. on June 15 1926 or on any int. date thereafter. V. 115, p. 2380.
Electric Light, Heat & Power Co. In July 1924 acquired the Coatesville
COM PANIES CONTROLLED IN SYSTEM .— The following table
Trolley Road Co. V. 119, p. 458. Also owns the Peoples Transportation
Corp., operating motor buses between various communities in Chester and shows the several companies operated, their mileage, capital stock, and the
amount of it owned by the Traction company, their debt, and finally the
Delaware counties. Pa., and Wilmington, Del. Franchises perpetual.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— rental payable under 999-year lease; 6% here meaning 6% on the outstand
ing
Owns and operates interurban lines from West Chester to Downington onlycapital stock; and $1 meaning a nominal rental, the company having
a nominal existence.
and Coatesville and Kennet Square. Pa. Has purchased an existing railway
-------- -Stock--------line from Kennett Square to Avondale and West Grove to operate as an
M iles.
Issued.
Owned.
Debt.
Name f Company
Rental
extension of the West Chester-Kennett Square Division. This extension Coalville oPassenger —
Railway.
None
6%
is owned by the Chester County Trac. C o., ail o f whose nominal capital Nanticoke Street R a ilw a y _ _. 7.65 $62,400 $36,300
_ .11.99
6,000
6,000
None
$1
stock ($20,000) is owned by the West Chester St. R y. Co. (V. 119, p. 2649). Pittston & Avoca St. R y _____ . 2.25
13,500
13,500
$65,000
$1
Length o f line, incl. extension, 36 miles; sidings, & c., 1.15 miles. Total track, Pittst. Moosic & P. V. St. Ry . 1.49
42,000
42,000
None
$1
37.15 miles. Gauge, 5 ft. 2>£ in. Rails, 70-lb. T and 73, 90, 101 and 105-lb. Pittston Street Car
____ 7.90
$1
girder. Passenger cars, 13; service cars, 2; flat cars, 4; snow plow, 1. Plymouth & Larksville R y _ . 3.76 200.000 200,000
_
75,000
75,000
6%
Also operates through sub. cos. 20 motor buses over about 160 miles of Plymouth Street Railway_____ _ 6.28
12,000
None
.
12.000
$1
route located in southeastern Pennsylvania and northern Delaware.
West Pittston & Wyo.St.Ry.Co . 3.44
30,000
30,000
None
$1
STOCK A N D BONDS.— Date. Interest. Outstanding. M aturity.
z Wilkes-Barre & East Side____ . 3.28 150,000 150,000 *150,000
$1
Stock $1,000,000 ($50)__________ __
_________ $1,000,000 ____________ Wilkesb. & Kingst. Pass. R y _ . 8.50 100,000
99,700
90,000
6%
1st mtge. $1,000,000 ($1,000)7 1902
5 g F-A
888.000 Aug 1 1932 Wilkesb. & Plains. R y ________ . 4.00
24.000
24,000
218,000
$1
gold----------------------------c* tf (Int. at West End Trust C o., Phila., trustee.
Wilkesb. & Suburban St. R y .. .13.48 100,000
93,500
40,000
6%
(a)
150,000
Bonds.— Bonds not subject to call. Originally $1,000,000 outstanding, Wilkesb. Dallas & Harvey’s L . .14.68 200,000 193.750
92,450
6%
but $112,000 have been purchased by the co. and canceled. Sinking fund Wilkes-Barre & West Side___ .17.84 100,000
z Entire stock and bonds deposited under collateral trust o f 1895.
o f $10,000 annually since Aug. 1 1923, to purchase and cancel bonds at the
* Entire amount owned by the W. & W. Valley Trac.
best prices obtainable. Free o f Penna. State tax. V. 115, p. 2269.
a Dividends in this case are dependent upon earnings.— V. 120, p. 89.
EARN IN G S.— For years ended Dec. 31:
(a) W ILKES-BARRE DALLAS & H A R V E Y ’S LAKE R Y .— The
Yrs.End. Gross O p er.E xp .
N et
In t. on
Surplus
Wilkes-Barre & Wyoming Valley Traction Co. owns all the stock.
D ec. 31. Earns.
& Taxes. Earnings. Bonds.
D eprec.
fo r Year.
ORGANIZATION.— A reorganization in 1898, per plan in V. 66, p . 1190,
1923--b$222.806 c$144,757
$78,049 $44,750
d
$33,299
the Wilkesbarre & Northern R
by Sheriff
Sept. 1898.
1922 ...a 2 2 1 ,632 cl43,093
78,539
48,760
$33,422
e22,767 o f FIELD OF OPERATIONS R N ., sold A R A C TE RinOF BUSINESS.—
A D CH
1921_ a232,942 cl73,336
_
59,606
50,000
13,025
def.3,419
Road, partly
1920 . --a252,410 cl95,675
56,735
50,000
12,126
def.5,391 company fromconstructed, was completed and electrically equipped by new
Luzerne. Pa., there connecting with Wilkes-Barre & Wyoming
1919---a225,153 cl28,544
96,609
50,000
13.228
33,381
*
1918 .- - a l 8 5 ,464 cl22,911
62,553
50,000
13,448
def.895 Valley Traction to Harvey’s Lake, Pa., 14.68 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
1917---a l9 1 ,5 5 0 C123.432
68,118
50,000
14,082
4,036
Stock $200,000 ($50)_________ — All stock owned by W .-B. & W . Val. Trac.
5 g M-S
$150,000 Sept 15 1928
a Exclusive o f net income from lease o f light and power properties. 1st mortgage $150,000 gold/ 1898
($ 500)_________________ c*(In t. at Anthracite Sav, Bk., Wilkesb., True.
b Exclusive o f earnings o f M otor Coach System established in 1923 and
operated by subsidiary company, c Operating expenses 1917-1923 include — V. 69. p . 133.
PUBLIC UTILITIES
102
MARYLAND
CO N S O LID A TE D G AS ELECTRIC L IG H T & P O W E R
CO. O F B A L T I M O R E .
[ V ol. 120.
R E PO RT.— For 1924, in V. 120, p. 1221, showed:
Calendar Years—
1924.
1923.
Gross operating revenue_________________________ $21,459,699 $21,953,136
Net, after taxes__________________________________ $8,395,696 $9,291,794
Other income___________________________________
252,230
341,313
Fixed ch a rg e s...________________________________ 3,074,365 3,232,095
Reserve for deprec., renewals, &c________________
1,484,000
1,495,000
D iv id e n d s .... . . . _______________________________ 2,085,324
1,858,168
Balance, surplus________________________________ $2,004,237 $3,047,844
OFFICERS.— Chairman of Board, J. E . Aldred; Pres., Herbert A . Wag
ner; V .-P ., Chas. M . Cohn and Ohas. E . F. Clarke: Treas., John L . Bailey;
Sec. & Asst. Treas., W m. Schmidt Jr.: Asst. Sec. & Asst. Treas., R . F.
Bonsall. Office, Lexington Bldg., Baltimore.— V. 119, p. 1629, 1959,
2068, 2286, 2410, 3009; V. 120, p. 1196, 1221, 1457.
ORGAN IZATION .— Incorporated June 20 1906. V. 82, p. 1441.
Owns the entire capital stock o f tne following companies: Roland Park
Electric & Water C o., M t. Washington Electric Light & Power C o.,
Patapsco Electric & M fg. C o. o f Maryland, Patapsco Electric & M fg. Co.
of Delaware, The Baltimore County Elec. Co., Northern Electric C o., The
P O T O M A C E D IS O N CO.
Consolidated Power Co. o f Baltimore and Maryland Securities Co. The
Control
last-named co. owns all the common stock of the Baltimore Electric Co. of Co.. Inc. .— Entire com. stock is owned by American Water Works & Elec.
Baltimore City. All the above companies, with the exception of the M ary
ORGANIZATION.— Organized Dec. 31 1923 under the laws o f Maryland
land Securities C o., are operated under lease by the Consolidated Gas El as a consolidation o f the Potomac Edison Co. and the Potomac Public
ectric Light & Power Co o f Baltimore. Also owns the entire capital stock of Service Co. (formerly the Hagerstown & Frederick R y. C o.). For history
The Baltimore Co. o f Baltimore City and the entire common stock of The o f Potomac Pub. Service Co. up to time o f consolidation see ‘ ‘ Electric
Public Service Bldg. C o., which company has erected a 20-story office build Railway Supplement” of Oct. 27 1923.
ing in Baltimore. The Consol. Gas Electric Light & Power Co of Baltimore
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS —
has leased this building for a period o f 26 years from Aug. 2 1915.
Has acquired all of the $2,500,000 Baltimore Elec. Co. of Baltimore City The consolidated co. through its subsidiaries— Northern Virginia Power C o.,
com. stock (through the Maryland Securities C o .), the property being leased Potomac Light & Power Co. and Chambersburg Greencastle & Waynes
for 999 years at a rental providing for inc. and sink, fund on anv outstanding boro St. R y. Co. (see statement below) and Waynesboro Electric C o.—
5% bonds and divs. on the $1,000,000 5% pref. stock. V. 85, p 1341; V. owns and operates a power and light system in northern Virginia, the north
86, p . 112. In Jan. 1907 purchased the en tire stock of the Roland Park Elec. eastern portion of West Virginia and the adjacent section of Pennsylvania,
& Water Co. and guarantees its first mortgage 5% bonds. V. 91, p. 721. serving an aggregate population of about 300,000. C o: also does a gas
business in Frederick, M d., and operates and controls street and interurban
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— railways in western Maryland and a portion of Pennsylvania. Has elec
Does the entire gas, electric light and power business in the City of Baltimore tric generating plants with a total installed capacity of 64,000 h. p ., incl.
and the surrounding territory, and also supplies all the power for the opera 4 hydro-electric plants with capacity of over 6,500 h. p. Has steam sta
tion o f the entire street railway system in this area. Total population served tion at Williamsport designed for ultimate capacity of 240,000 h. p. Has
about 825.000. Company has exclusive use of output, for Baltimore and 500 miles of high-tension transmission lines and 26 sub-stations. In Dec.
vicinity, of Susquehanna River plant of Pennsylvania Water & Power Co. 1924 placed in service 66,000-volt line between Williamsport and Cumber
V. 84, p 627; V. 85, p. 163; V . 90, p. 377, 1557; V. 91, p. 468, 947; V. 92, land, M d., 53 miles. Operates street railways in cities o f Cumberland,
p. 464, 1241: V. 112, p. 376
Hagerstown and Frederick, M d., and an interurban railway extending
On Oct. 21 1924 the stockholders voted to change the auth. common stock from Frederick to Hagerstown, with extensions from Frederick to Thurmont,
from 300.000 shares, par $100. to 1,200,000 shares of no par value. Four new M d., also from Hagerstown to Shady Grove, Pa., and with branch lines to
no par shares were issued in exchange for each common share (par $100) Boonsboro and to Jefferson, M d. Mileage operated aggregates 100.14
outstanding. V. 119, p. 2286.
miles. Controls all of the stock of the Blue Ridge Transportation Co.,
which operates a line of buses, through western Maryland, Virginia, W . Va.
STOCK AND BONDS—
Date.
Maturity
Interest. Outstanding.
Com 1,200,000 shs (no p a r ) _ _ ____
701,288 shs Apr.’25, 50c. and southern Penna. The controlled Chambersburg Greencastle & Waynes
Q-J
boro Street Ry. operates 31 miles of track from Blue Ridge Summit to
Pref Ser A 8% cum $5,000,000
Chambersburg. The extension from Chambersburg to Red Bridge Park
( $ 100) _______________________________
5.000.
000 Apr. ’25 2%
Q-J
was leased to the Chambersburg & Shippenburg R y. of Chambersburg, Pa.
P refS erB 7% cum $2,000,000
($100) _____________________________
2.000.
000 Apr. ’25 1U STOCK AND BONDS—
Q-J
Date.
Interest. Outstanding.
M aturity.
PrefSerC 6 H % cum $18,000,Common (no par value)_____ ____
_________ 75,000 shs. __________
000 ($ 100 ) ________________ ______
Q-J
x4,000,000 Apr ’25,19-6 Preferred stock____________
-------------- $2,435,300 ... ..................
Gen M U5.000.000 ($1,000)/ 1905 4H g J-J
13,845,000 Feb 14 1935 1st mtge(& ref) Ser “ A ” ($500 1923
5)4 g M -N 3,900,000 M ay 1 1948
gold____________________c*(Int. at Continental Tr. C o., Baltimore, trus.
& $1,000) gold________ c*tf
1st ref mtge Series A
1919 6 g F-A
11,233.000
Feb
11949
Series “ B ” _______________ 1923 6)4 g M -N 2,000,000 M ay 1 1948
Series D __________________ 1921
6 H g A-O 8,522,500 Oct 1 1951
Series “ C ” _______________ 1923 6 g M -N
1.000,000 M ay 1 1949
Series E__________________
1922
5 H g M -S 5,000,000 Sept 11952
U. S. M tge. & Trust C o., N. Y ., trustee.
$500, &c) gold______c*&r*tf Bankers Trust Co., N . Y ., trustee.
Pot Pub Serv 1st & ref mtge 1914
6-7 g A-O 4,901,200 April 1 1944
United Elec 1st cons mtge / 1899
_
4>6 g M -N 4,428,000 M ay 1 1929
closed($100, $500 & $1,000) Fidelity Trust Co., Baltimore, Trustee.
(closed) ($1,000) gold_ c*\Maryland Trust C o., Baltimore, trustee.
_
gold sinking fund___ c-cy t
Interest payable in Baltimore & N. Y .
Consol
Gas cons 1st
m tge/ 1889
5 g J-J
3,400,000 July 1 1939
Hagers & Nor RR 1st mtge 1908
5 g F-A
200,000 Mar 1 1927
(closed) ($1,000) g__c*ntf (Mercantile T r. & Dep. C o., Balto.. trustee.
$200,000 gold ($1,000, $500 Int. at Maryland S. & Tr. C o., Hagerstown.
Consol
Gas genM (closed)/
1904
4 )4 g A-O
6,100.000 April 1 1954
and $100)_____________ c*
Trustee, Wm. Jennings.
($1,000) gold----------------c*\lnt. at Fidelity Tr. C o., Balto., trustee.
Fred & Middletown 1st mtge 1905
5 g J-J
126,000 Dec 1 1935
closed gold ($1,000)______clFidelity Trust C o., Baltimore, trustee.
Guaranteed Issues —
5 J-J
179,000 July 1 1929
Balt Elec M (closed) guar p if 1907
5 g J-D
3 943,000 June 1 1947 Fred Gas & Elec 1st M closed 1904
g ($500 & $1,000) gu p & i{Interest at West End Trust C o., Philadel& sink fund ($1,000) g--C*\Int. at Northern Trust C o., PhiJa., trustee
by Fred RR; not sub to call! phia, trustee.
Pref stock 5% guar ( $ 5 0 ) - . ____
5 J-J
1.000.000 Jan 25 2)4
5%
30,000
1925
Pub Serv Bldg Co 1st mtgef 1915
5 g F-A
795.500 Aug 1 1940 Monocacy Valley R y first! 1908
m ortgage________________ (Steiner Schley & Leonard Waesche o f Fred(closed) guar prin & int] Int. at Mercantile Trust & Deposit Co.,
I erick, M d., trustees.
($500) gold___________ -c* ( Baltimore, trustee
Frostburg 111 & M fg 1st M 1899
5 J-J
50.000 July 1 1929
Pref stock 6% cum guar
30-year bonds____________ (Int. at First Nat. Bank, Frostburg, M d.
$700,000 ($100 ) _________ _____
6 Q-F
676.700 F e b ’25 1 14
Pol Pub Serv coll gold notes
Roland Pk El & Wat Co ls t f 1907
5 g F-A
300 000 Feb 1 1937
$300.000_________________ c 1917
5 M -8
250.000 Sept 1 1932.
(closed) guar prin int& sink] Int. at Continental Trust C o., Baltimore,
Stock .— Entire com. stock owned by American Water Wks. & Elec. Co.
fund___________________ c*( trustee
Bonds.— Additional 1st mtge. (& ref.) bonds may be issued par for par
x Includes $374,900 par value subscribed but not issued or fully paid for
for refunding o f the underlying and divisional bonds, for impts., add'ns and
as o f Dec. 31 1924.
extensions under certain restrictions and for the acquisition o f new prop
Stock.— Pref. stock may be issued in different series, the fixed preferential erties or subsidiaries under certain conditions. Series “ A ” & Series “ B "
divs. upon which shall in no case exceed 8% per annum. Ser. A red. at 125. bonds are red. on any int. date at 105 and int. to M ay 1 1938; thereafter at
Series B red at 110. Series C red. at 110.
102 !4 and int. to M ay 1 1943; thereafter at par and int. to maturity. Ser.
Bonds, & c .—As to the $15,000,000 gen. M . 414s, see table and V . 103, • ’ ’ are red. on any int. date at 105 & int. to M ay 1 1939, thereafter at
‘C
p, 2158; V. 80, p. 1731. 714, 1481; V. 88, p. 233: V. 91, p. 41. 1632; V. 92, 102)4 & int. to May 1 1944; thereafter at par & int. to maturity. Interest
p. 1376, 1502. 1568: V. 93, p. 1791: V. 96, p. 1704; V. 98, p. 239; V. 105. payable in N. Y . or Chicago. Co. agrees to reimburse holders o f these
p. 1306. The $1,155,000 in addition to amount shown as outstanding are bonds if requested within 60 days after payment for the Penna. 4 mills tax.
the Maryland Security tax not exceeding 4 yi mills, the District o f Columbia
pledged under the Baltimore Electric 5s.
personal property taxes not exceeding 5 mills per $1 per annum and for the
First Refunding Mortgage 0/1919.
Mass, income tax on the int. not exceeding 6% o f such int. per annum.
The 1st Ref. Mtge. o f 1919 covers all property now owned or hereafter V . 118, p. 441. E. H. Rollins & Sons, Halsey, Stuart & C o., Inc., &c.,
acquired. Auth. issue not to exceed $100,000,000 at any one time. Int. offered in June 1924 $1,000,000 1st mtge. and ref. 6% bonds Series “ O”
on all present series payable at Bank of Manhattan C o., N . Y . City; at 95 & int., to yield 6.40% . V. 118, p. 3088. Of the $4,901,200 Potomac
Alexander Brown & Sons, Balto., and at Midland Bank, Ltd., London, Eng. Pub. Serv. 1st & ref. mtge. bonds outstanding $2,686,700 are 6% bonds
Series A are red. on 60 days’ notice, viz.: Prior to Feb. 1 1929 at 10734 and and $2,214,500 (issued under supplemental indenture in 1922) bear int. at
Int.: next 15 years at 105 and int.; last 5 years before maturity at 102 & int. 7 % . V. 114, p. 1767. Sinking fund from Oct. 1 1919. payable semi-ann.
Series O bonds ($8,752,500 outstanding) were called for payment July 1 till Oct. 1 1926, 1% o f 1st & ref. 6s and prior liens; 1927-1934, 2 % ; 19351944, 3 % . Red. at 105 and int. on any int. date. Tax refund In Penn,
1924 at 102 and int.
The Series D 614 % bonds are call, as a whole (or in part for sinking fund and Conn.
Hagerstown & Norf. R R . bonds are subject to call after 1917.
only) on 60 days’ notice at 110 prior to Oct. 1 1936, at 107 during the next
Fred. & Midd. bonds are red. at 105 on any int. date.
five years, 105 during next five years, 102)4 during next three years and
Fred. Gas & Elec, bonds aer guar., p. & i., by Frederick R R .
101 during last two years before maturity, with accrued int. in each case.
Notes.— The Potomac Pub. Serv. coll, trust notes o f 1917 are secured
Series E are red., all or part on 60 days’ notice, at 107)4 and int. prior to
Sept. 1 1932, at 105 and int. during next ten years and at 102)4 and int. by pledge o f stock of the Chambersburg Greencastle & Waynesboro St. Ry.
during last ten years before maturity. Subsequent series to bear int.. Co., which said notes were issued to purchase. Sinking fund provides for
mature at such times (not larter than Feb. 1 1999) and be red. at such prices retirement o f $10,000 annually.
as may be fixed. Y. 113, p. 1475.
EARN ING S.— Of Pot. Edison Co. and subs, for years end. Dec. 31:
Provision is made in the indentures for the refunding o f all underlying
Total
N et, after Int.Sub.Co. D epreBalance,
securities o f the co. and o f its subsidiaries. The portion o f the authorized
Revenue.
Taxes. P f.D iv.& Am or ciation. Surplus.
Year —
issue not reserved for refunding purposes is issuable only for 80% of the cost 1924___________ .$3,621,846 $1,713,692$1,028,669 $368,535 $316,487
o f additions, improvements or securities acquired Annual sinking fund 1923_____________ 3,630,199
1,652,780
802,571
349,011
501,199
equal to 1 % o f the total of these bonds from time to time outstanding, to pur 1922____________ 3,172,566
1,357,702
717,051
334,139
306,512
chase or call them for cancellation began Aug. 1 1923; $467,500 Series D
OFFICERS.— Chairman of Board, Emory L. Coblentz, Frederick, M d;
6)4 % bonds have been acquired, retired and will not be reissued.
C. M .
Henry
Jr., and
Interest on United Electric Power & Light 1st 4)4s of 1899 is payable Pres., M . F. Riley; V .-Ps.,Waters: Harris, & Asst. Holzapfel E . Town:W . S.
Finlay Jr.; Sec.. Chas. C.
Treas.
Sec., R.
Gen.
at Alex. Brown & Sons, Baltimore.
M
Int. on Consol. Gas cons 1st mtge. 5s is payable at Farmers & Merchants p. gr., R. Paul Smith.— V . 118, p. 2190, 3088; V. 119, p. 2074, 2879; V. 120,
1205.
National Bank, Baltimore.
(a) CHAMBERSBURG GREENCASTLE & W AYNESBORO ST. R Y .
Of the 50-yr. gen 4)4s o f 1904 o f the Consol. Gas Co. o f Baltimore City,
Controlled by Potomac Edison Co.
$6,100,000 have been issued. N o further bonds can be issued except to
retire the 5s due 1939. V. 78, p. 1964, 2014. 2387; V . 79, p. 1643; V. 88.
ORGANIZATION.— Incorp. in Pa. on June 17 1901. Owns the Waynes
p. 103; V . 90, p. 1173, 1493; Y . 91, p . 41; V. 96, p. 363, 491, 718, 949: boro Electric Co. Capital, $50,000.
V . 99, p. 1050.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
The Baltimore Electric Co. 5s ($7,500,000 authorized (issued closed at
$3,950,000] Northern Trust Co. o f Phila., trustee), are secured by a first See Potomac Edison Co. above.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
lien on the property and $1,156,000 Consol. Gas El. L. & P. Co. gen. 4J4s. Common $300,000___________ _____
_________
$300,000 __________
V. 85, p. 598, 1271, 1340; V. 87, p. 741; V. 108, p. 1166. Are red. at 110.
Preferred $300,000 n on -cu m ____
_________
300.000 ---------------The Public Service Bldg. Co. has erected a 20-story office building which is
5 g J-J
300,000
11933
leased to the Consol. Gas El. Lt. & P. Co. of Balt, for 25 years from Aug. 2 First mortgage $300,000 gold/ 1903 at Chambersburg Trust July trustee.
'■$100
C o.,
1915 under an annual charge sufficient to pay int. and sink, fund on the Second and $500)______c*tf (Interest 5 g A-O
mortgage $300,000/ 1907
299.500 Oct 1 1937
bonds, divs. and sink, funds on the pref. stock, oper. exp., taxes, maint., &c.
($100 and $500) gold--C*tf \Int. at
There are outstanding $676,700 pref. stock and $655,300 com. stock. The 1st ref mtge $1,000,000 ($100/ 1910 Chambersburg Trust C o., trustee.
5 A-O
193,900 April 1 1940
1st mtge 5s are red. at 105. See V. 101, p. 1017; V. 103, p. 764. The
and $500)-______________tf\lnt. at Chambersburg Trust C o., trustee.
entire common stock is owned by the C . G. E. L. & P. Co. of Baltimore.
Bonds.— First mtge. bonds have no sink, fund and are not subj. to call.
The Consolidated Power Co. o f Baltimore 1st mtge. 5% gold bonds,
2d mtge. bonds are subj. to call on any int. period at 105. No sink. fund.
authorized, $15,000,000; issued, $13,750,000. All o f the $13,750,000 bonds
Remaining 1st ref. bonds are
issued are deposited tinder 1st ref. mtge. against the issuance of $11,750,000 extensions and improvements: reserved to take up underlying bonds and for
1st ref. bonds. Company leased to Consol. Gas Elec. Lignt & Power Co.
EARNINGS.-—Years ending Dec. 31:
o f Baltimore for a term o f 25 years, beginning in 1917.
Year —
Gross.
N et aft. Tax. Deductions.
Surplus.
D IV S . — ]1910. 1911. 1912. 1913. 1914. 1915. 1916. 1917. 1918-1924
1924_________________ $317,143
$86,609
$68,066
$18,543
On com % _ / 4
454
5
5H
6H
7
7
7H
8 yrly.
1923..............
332,101
91,016
69,884
21,132
On no-par common, Jan. and April 1925, 50c. per share.
85,069
72,870
12,199
The dividend rate was increased from t '-'A to 2% quar (8% p. a.) with 1922_________________ 299.129
OFFICERS.— Chairman o f board, Emery L . Coblentz; Pres., M . F.
the April 1917 distribution and so continued and incl. Oct. 1924. On no
Riley; V.-Ps., W . L. Minick and C. M . Harris; Sec., D . N . Benedict;
par value shares 50c. was paid in Jan. 1925. In April 1925, 50c.
POWER, LIGHT AND RAILW AY
M a y , 1925.]
Gen. M gr., R . Paul Smith; Treas. & Asst. Sec., R . E. Town.— Y. 90, p. 236,
Y . 90, p. 236; V. 92, p. 186; V. 105, p. 388.
UNITED
R A I L W A Y S & E L E C T R I C C O . OF
BALTIM OR E.
ORGANIZATION.— Incorporated at Annapolis March 4 1899; com
prises through consolidations the following passenger railways in Balti
more City and Baltimore, Anne Arundel and Howard counties, Maryland:
Baltimore Catonsvllle & Elllcotts Central Railway Co.
Mills Passenger RR.
Gwynn’s Falls Railway of Baltimore
Baltimore City Passenger R y. Co.
City.
Baltimore Consolidated R y. Co.
Maryland Traction.
Baltimore & Curtis Bay Ry.
Pimlico & Pikesyllle R R .
Balt. Gardensville & Belalr Elec. Ry. Shore Line Electric Ry.
Baltimore & Northern Elec R y. Co. Walbrook Gwynn-Oak & Powhatan
Acquisition & Lease o f Maryland Electric Railways.— Early in 1924 the co.
acquired all the common stock o f the Maryland Electric Rys. (stock so
acquired is to be pledged under the mtge. o f the United Rys. & Elec. Co.)
Which had recently consolidated with the Baltimore Halethorpe & Elkridge
R y. and Baltimore Sparrows Point & Chesapeake R y ., which had formerly
been leased to the United Rys. & Elec. Co. The co. thereupon entered
into a lease o f the properties o f the consolidated co . for a term of 999 years.
Under the terms o f the lease the United Rys. & Elec. Co. will pay an un
conditional annual rental sufficient to cover maintenance, insurance, taxes,
interest, and other charges, and a sum o f not less than 2% per annum of
outstanding Series “ A ” bonds o f the Maryland Elec. Rvs. to cover sinking
fund and a fund for improvements, depreciation and obsolescence. For
further details see description o f the Maryland Electric Rys. below.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Miles of track, 413; serviceable cars, 1,927; gauge, 5 ft. 4M in. Rails,
60-lb. to 129-lb. T and girder.
Power Contract.— In Feb. 1911 entered into a 15-year contract with Penn
■ylyanla Water & Power Co. for supplying power in conjunction wiil
United Railways Co. for operation o f cars. V. 92, p. 467. Also see below
Sale o f Power House — Contract, Ac.— On Jan. 12 1921 entered into a per
petual power contract with the Consol. Gas, Elec. Lt. & Power Co. of Balto
The transaction involved the sale of the Railways, Pratt St. power housf
to the Gas Co. for $4,000,000. (Transferred on M ay 24 1921.) V. 112
p . 373.
Favorable Tax D ecision. — On June 29 1909 the Court of Appeals of Mary
land held that the park tax of 9% on gross earnings of lines within city
limits was Intended to be in lieu of all other taxes, and that no further ta>
on the intangible property can be levied without express legislative author
Ity. The easements in 14 miles of turnpikes in annexed districts were hale
to be taxable. V. 89, p. 44.
In April 1913 Judge Bond in the City Court at Baltimore decided that th
company must pay cost of repaving streets between tracks and 2 ft. ot
either side. See V. 96, p. 1090. On Aug. 5 1913, the Court of Appeals o
Maryland reversed the ruling and unanimously held that company's obli
atlon with respect to the track area was to repair and not to re-pave It
'eb. 1916 the same court again held that co. is required merely to keei
Its tracks in repair.
Fares.— Effective June 1 1924, was auth. by the M d. P. S. Comm, to
increase cash fares from 7 to 8 cents, with two tickets for 15 cents. V. 118,
p. 2706. See also V. 119, p. 581.
In M ay 1922 holders o f the 1st & cons. mtge. 4% bonds were offered
the privilege o f exchanging the 4% coupon sheets on a limited portion of
their holdings for 6% coupon sheets, upon the payment o f $250 per $1,000
bond. Up to April 1 1924 $2,684,000 bonds had taken advantage of this
offer. V. 114, p. 2361, 2580; V. 115, p. 184.
STOCK AND BONDS—
Date.
Interest. Outstanding. Div or M a t.
4 Q-J 15 $20,461,200 F e b '25 1 w
Common. $35,000,000 ($50)_______
Inc mtge. g. $14,000,000, f 1899
4 g J-D
14,000.000
1949
cum, Maryland Tr Co, j Payable at option of co. after March 1 1949.
Trus ($1,000)______ c*ntf(Int at Alex. Brown & Sons, Baltimore
1st con mtge, g, $38,000,0001 1899 4-6 g M-S 32,450,000 Mar 1 194*
($1,000); Continental Trjlnterest at Alex. Brown & Sons, Baltimore
Co, Baltimore, Trus._c*tfj
Income fdg bonds ($100. $500; 1906
5 g J-D
3,920,000 June 1 193t
A $1,000), $3,920,000. -Ctfl Maryland Trust Co., Trustee.
5-year notes ($500 and/ 1922 6 g F-A
2,500,000 Aug. 1 1927
$1,000)______________ c*tf 1 Safe Deposit Co. of Baltimore, trustee.
U N D E R LY IN G SECURITIES.
Baltimore Tract— 1st mtge;[ 1889
5 M -N
1,500,000 Nov 1192*
($500,000) Trustee Mercanj Interest at Merchants'-Mechanics’ First
tile Tr & Deposit C o .c n t f l Nat. Bank, Baltimore.
N B Div 1st ($1,000) 5s. g;{ 1892
5 g J-D
1,750,000 June 1 194V
TrusM erTrADepOo.cntf IInt.. at Merch .-Mech. First Nat. Bk. Balt
Lake Roland Elevated— 1st 1892
5 g M-S
1,000.000 Sept 1 1945
consol
mortgage,
gold- Interest at Alex. Brown & Sons, Baltimore
($1,000)__________ c*&r tf
Baltimore Trust C o., Trustee.
Central Ry— Consol mortgage 1892
5 g M-N
700.000 May 1 1935
$760,000. gold ($1,000) n t f Int at Merch.-M ech. First Nat. Bk.. Balt
Mercantile Tr. & Dep. Co. of Balt., Trustee
Ext and Imp 1st mtge. 1897
5 g M-S
600,000 Mar 1 1935
$600,000, g ($1,000). n t f Baltimore Trust C o., Baltimore. Trustee
Int. at Merch .-Mech .First Nat. Bk., Bait
Stock.— There was originally an issue o f $14,000,000 4% pref. stock out
standing, but in Sept. 1920 the last of this issue was converted into income
bonds. Authorized amount of common stock was increased from $24,000,000 to $35,000,000 in Sept. 1917 to provide for conversion feature of
notes o f 1917. Common stock listed on Baltimore and Philadelphia Stock
Exchanges. V. 96, p. 1631; V. 97, p. 667.
Bonds.— Of the $38,000,000 of 1st consol, bonds, $5,550,000 set aside to
retire underlying securities. Of the $32,450,000 outstanding 1st mtge.
$23,766,000 bear 4% int. under the 1st cons, mtge., while $8,684,000
issued under a supplemental indenture bear the company’s promise to pay
additional int. at the rate o f 2% per annum, making the rate 6% . V. 114,
p. 1653, 2361, 2580: V. 115, p. 184. Bonds are not callable. Incomejfunding bonds are redeemable on any int. date at par and accrued interest$18,820 are held by trustees. All bonds are listed on Baltimore Stock Ex.
Change and the 1st consol. 4s and $14,000,000 income 4s are listed on the
Phila. Stock Exchange. $6,000 Central R y. 1st cons. 5s, $2,000 ext.
& impt. 5s, $23,000 income 4s and $27,300 funding 5s are in United Rys.
& Electric O o.’s treasury.
N otes. — The 5-yr. 6% notes are red. at any time on 30-days’ notice at
100 & int. plus a premium of 46 % for each year or fraction thereof from
date o f redemption to date of maturity. Int. payable at Alex. Brown &
Sons, Baltimore. V. 115, p. 437.
Dividends.— Dividends o f
o f 1% were paid in June 1899 and 2 K % in
Dec. 1899 and 2% each six months after that to and incl. Dec. 1903, on
both the income bonds and the pref. stock, the payment on the stock
(but not on the bonds) being subject to a deduction o f f i of 1% for taxes.
None thereafter until June 1911, coupons being funded. On June 1 1911
paid 2 % on both income bonds and pref. stock and 2 % has been paid each
six months since. (The last of the pref. stock wsa converted into income
bonds in Sept. 1920.) On com., 1st div.— \ A %— paid M ay 1912; Nov.,
In 1913 and to and incl. Jan. 1919 at the rate o f 4% per annum.
April 1919 dividend postponed (V. 108, p. 1391). None to Aug. 1922, when
1 % was paid. In N ov. 1922, 1 % and dividends at same rate, paid regularly,
quarterly since to and including Feb. 1925.
RE PO RT for the year ending Dec. 31 1924 in V. 120, p . 2013:
1924
1923
1922
1921
Carm ilesrun___________ 35,973,691 35,873’841 34,964,036 35,708!863
Revenue passengers____ 228,423,774 238,658,380 233,732,146 238,090,980
Transfers______________ 91,879,977 92,838,315 90,808,955 91,259,537
Operating revenues_____ $16,453,254 $16,461,799 $16,122,592 $16,332,865
Operating expenses_____ 9,815,263
9,799,312
9,622,992 9,965,331
Depreciation___________
822,663
823,090
806,130
816,643
Taxes, licenses, &c_____
1,656,074
1,800,335
1,740,512 1,710,109
f
1M %
Net operating incom e. $4,159,255
Other income__________
143,976
$4,039,062
160,029
$3,952,957
156,246
$3,840,782
104,179
Total net income------- $4,303,231 $4,109,091 $4,109,203 $3,944,961
Int. on bonds, rents, & c. $2,776,183 $2,663,744 $2,750,854 $2,750,650
Int. on income bds. (4% )
559,080
559,080
559,080
559,080
Common dividends____(4%)818,448(4%)818,448(2%)409,224
______
Surplus
$149,520
$157,818
$390,045
$635,231
103
OFFICERS.— Pres., C . D . Emmons; V .-P ., J. Pembroke Thom,
V .-P ., Thos. A . Cross; V .-P . & Gen. M gr., L. H. Palmer; Sec., William
Early; Treas., J. T . Straub; Aud., N . E. Stubbs.— V. 116, p. 1651, 1762,
2995; V. 117, p. 209, 327, 1463, 2324, 2544; V. 118, p. 312, 552, 1296, 1775,
2181, 2706; V. 119, p. 581, 2880; V. 120, p. 455, 2013.
(1) THE M AR YLAN D ELECTR IC R A IL W A Y S CO.
ORGANIZATION.— A consolidation in 1924 of the Baltimore Sparrows
Point & Chesapeake R y. and the Baltimore Halethorpe & Elkridge R y.
with the Maryland Electric Rys. Co. (1906). The consolidated properties
have been leased to the United Rys. & Elec. Co. of Balt, (see above) for 999
years, renewable forever, for an unconditional annual rental sufficient to
cover maint., insur., taxes, int., and other charges, and a sum of not less
than 2% per annum ©f outstanding Series A bonds, to cover sink. fd. and a
fund for infpts., deprec. and obsolescence.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
The co.’s properties now embrace about 57 milas of track, incl. the “ St.
Paul Street Boulevard Line,” the Guilford and Halethorpe lines, the
Stadium extension, and the “ Sparrows Point Line,” extending from Balti
more to Sparrows Point, at which are located plants of the Bethlehem
Steel Co.; 170 cars and an equity in 132 additional cars; 10 car houses;
7 substations having a total capacity of 36,625 k. w.; Bay Shore Park, a
salt-water bathing beach near Baltimore.
Franchises .— The tracks of the co. are either on private rights-of-way or
are operated under franchises which are perpetual with the exception o f
those covering about 8 miles of track, which are on the basis of 25 years,
renewable for 25 more.
STOCK AND BONDS.— Date.
Interest. Outstanding.
M aturity.
Stock— All owned by United Rys & Electric Co of Baltimore.
1st mtge (closed) gold ($1,000)1 1906 5 g A-O
$3,352,000 Oct 11931
sinking fund_________c*tf/M ercantile Tr. & Dep. C o., Balt., trustee.
1st & ref mtge ser “ A ” ($5001 1924
6M g J-J
4,000,000 Jan 1 1957
& $1,000) guar gold-_c*tf (Safe Deposit & Trust Co. of Balt., trustee.
Balt Spar Pt & Ches Bay lstf 1903
AM g F-A 2,000,000 Feb 1 1953
mtge $2,000,000 g ($1,000){Fidelity Trust C o., Baltimore, trustee,
guar prin & interest_ c*tf {Interest at Alex. Brown & Sons, Baltimore.
_
Stock.— All owned by the United Rys. & Elec. Co. o f Balt.
Bonds .—-A sinking fund of 1 A % on Maryland Elec. R y. 1st mtge. bonds
out began Mar. 30 1910. $1,594,000 (not incl. in amount outstanding)
held in gen. sink, fund Oct. 1 1924. Bonds are redeemable at 110 and inton any int. date upon 90 days’ notice. Int. payable at office of AlexBrown & Sons. See V. 83, p. 818, 907.
The total issue of 1st and refunded mortgage bonds is limited to $25,000,000, including bonds for refunding purposes, unless there shall have been
a consolidation or merger of the United Co. and the Maryland C o., in which
event additional bonds may be issued for refunding United securities and
for capital improvements to the extent of 80% of cost, as set forth in the
mortgage. In addition to the Series “ A ” bonds outstanding, $3,800,000
1st and Refunding Mortgage bonds, Series “ B ,” was set aside and such
amount thereof as may be required will be exchanged for, or used to redeem,
$3,352,000 outstanding Maryland Electric R y. 1st Mtge. 5s, Oct. 1 1931,
and $2,000,000 1st & Ref. Mtge. bonds will be reserved to redeem $2,000,000
Baltimore Sparrows Point & Chesapeake Ry. 1st Mtge. 434 s, Feb. 1 1953.
Series “ A ” 6 A % bonds are guaranteed prin. and int. by endorsement of
United Rys. & Elec. Co. An annual sinking fund of 1% of all 1st & ref.
mtge. bonds, Series “ A ,” from time to time outstanding, first payment to
be made not later than Jan. 1 1925, to be used for purchase or call and re
tirement of bonds of this issue is provided for. This is in addition to a fund
of not less than 1 % per annum o f such bonds outstanding for impts., deprec.
and obsolescence. Series “ A ” bonds are red. all or in part on any int. date
upon 60 days’ notice at 105 and int. on or before July 1 1936, and thereafter
at 100 and int. plus a premium of 1% for each 5 years or portion thereof
from date of redemption to date of maturity; the bonds, however, to bo
red. Jan. 1 1956 and thereafter at 100 and int. Listed on Baltimore Stock
Exchange.— V. 120, p. 1459. Int. payable at office of Alex. Brown &
Sons, Baltimore, or the agency of the company in New York.— V . 11. ,
p. 849; V. 118, p. 551, 1268; V. 120, p. 1459.
DIST. OF COLUMBIA
W A SH IN G TO N & M ARYLAN D RY.
ORGANIZATION.— Incorp. in Maryland as successor to Baltimore &
Washington Transit Co. of Maryland, sold under foreclosure.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates about 3 M miles of track from 14th & Kennedy Sts., N . W ., to
District line at Tacoma Park, M d. Extension of 1 mile built from District
line and through service operated by the Capital Traction Co. since M ay 11
1918. 60 and 100-lb. T rail; girder rail on new extension. Direst service
over Capital Traction Co.
C A PITALIZATION .— The P. U. Comm, of the District of Columbia has
authorized the company to issue $66,000 gen. 6% 30-year bonds and $30,000
prior lien 6% bonds; has also approved a contract by which the Capital
Traction Co. will operate the company’s lines. Proceeds of the 6% bonds
will be used to complete purchase of the properties of Baltimore & Washing
ton Transit Co. in Maryland, and the 5 H % prior lien bond will be used
as collateral for $25,000 1-year 6% notes, the proceeds of which will be used
for extensions and improvements. Application has been made for $25,000
additional bonds to refund advances for improvements, &c.
OFFICERS.— Pres. & Treas., Chas. Selden Jr., Washington, D . C .;
ec., John E. Taylor, 231 Woodward Building, Washington, D . O.
W A S H I N G T O N U T I L I T I E S CO.
O R GAN IZATION .— Incorp. in Virginia (as Mars lard-Virginia R y.)
Nov. 29 1911. amended Feb. 28 1912 and Nov. 7 1912. when the name wax
changed to the above. On Nov 26 1912 merged with Washington-Virginia
Ry., but the latter company (see statement below) was obliged to resume a
separate existence, owing to refusal of the subsequently created Utliitiei
Comm, of the Dist of Columbia to allow the merged corporations to Issue
lecurities provided for Id the merger agreement. Owns 150 shares of
Brad dock Lt. & Pow. Co. stock (valued at $20,000). $300,000 (of $300,350)
o f Washington A Great Falls Ry. A Pow. Co stock, aDd $575,100 com. ana
$282,000 pref. stock of the Washington-Virginia Ry Co
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A holding company.
Default. — The June 1 1919 int. on the coll, trust 5% notes having been
defaulted, the following protective committee (reorganized V. 109, p. 271)
was formed:
Committee for Coll. Trust
N otes. — Robert N . Harper, Chairman; Wm.
E. Cadwallader, W, T . Galliher, John Poole, Geo. W. White and O. W .
Warden, all of Washington, and Harold B. Thorne and Henry D. Harlan,
both o f New York City. Depositaries: Metropolitan Trust C o., N. Y ., and
the American Security A Trust C o., Washington, D. O. Up to early in
Sept. 1919 $1,306,000 o t the notes had been deposited with the committee.
V. 109, p. 271. Compare V. 108, p. 2424. No later information.
Sale o f Collateral.— Default having occurred on the c o .’s coll. tr. 5%
notes, the security pledged thereunder, viz., 27,500 shares Wash. R y. A
Elec. Co. common stock was sold Oct. 1 1919 to the noteholders’ committee
named above. V. 109, p. 1368. Compare V . 109, p. 1081. The com
mittee, however, in Dec. 1922 sold this stock. V. 115, p. 2269; also see
under “ Washington R y. & Elec. C o.” on a preceding page.
STOCK AND BONDS— Date.
Interest. Outstanding. M aturity.
R o c k ---------------------------------- --------------------- $5,468,000
See text
Collateral trust notes $1,500,-7 1917
5%
1,500,000 ...................
000 ($1,000)______________{Metropolitan Trust C o., N. Y .. trustee.
N otes. — Were secured by pledge of $2,750,000 com. stock of the Wash.
Ry. A Elec. Co. Red. at par and int. on any int. date on 30 days’ notice.
Dividends .— Initial div. o f M o f 1% paid July 1 1912. In 1913. I H % .
tn l9 1 4 ,2 % . In 1915. Jan.. 1% . No later Information.
EARN ING S.— For calendar year 1913, gross, $233,152; net, after de*
luctlng Interest, A c., $132,473; dividends, $107,160; bal., sur., $25,312.
No later statement has been received.
OFFICERS.— Pres.. Norman Grey; Sec. A Treas.. J. O. Freeland.—
V. 108, p. 2424; V. 109, p. 171. 677. 1081. 1368; V. 115, p. 2269.
5%
104
PUBLIC UTILITIES
W A S H I N G T O N - V I R G I N I A R Y . C O.
Receivership.— On N ov. 23 1923 Judge Samuel O. Brent in the Circuit
Court o f Fairfax County, Va., appointed Arthur L. Reynolds, receiver for
the company, on petition o f five trust companies of Philadelphia, in the in
terest o f the bondholders o f the company. V. 117, p. 2434.
O R G A N IZA TIO N .— Incorp. in Virginia Oct. 15 1913 to take the place of
former company o f the same name which was incorporated in Virginia on
June 22 1910. The old company on Oct. 20 1910 merged into the Washing
ton Alexandria & M t. Vernon R y. (stock $1,500,000) and Washington
Arlington &FallsChurch R y. (stock $500,000). Has private right-of-way.
Franchises in cities perpetual.
The old company was merged on N ov. 29 into the Washington Utilities
C o ., but was subsequently obliged to resume separate existence. See
Washington Utilities Co. above and V . 98, p. 691.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Underground trolley in Washington, overhead outside. Operates from
Washington, D. C ., to Alexandria, ivlt. Vernon, Arlington, Fort Meyer,
Rosslyn, Clarendon, Vienna and Fairfax, mostly on private right of way.
Total track, 58.976 miles. Standard gauge. 109 cars.
Interest.— The March 1 1919 interest on the Wash. Alex. & M t. Vernon
1st mtge. 5s was not paid until July 1919. The Sept. 1 1919 interest on this
issue was paid in Jan. 1920. V. 110, p. 168. Compare V . 109, p. 1081,
1274. The March 1 1920 coupon was paid Feb. 3 1921. V. 113, p. 1984.
Interest due Jan. 1 1921 on the Wash. Arlington & Church Falls 1st 6s was
paid in Feb. 1921; interest on the 2d mtge. 5s, due Oct. 1 1920, was paid
Feb. 1921; interest due March 1 1920 on the first consol. 5s was also paid in
Feb. 1921. V. 114, p. 2242. In July 1920 interest on the Washington
Alexandria & M t. Vernon 5s was overdue. See plan below. Compare
V. I l l , p. 295, 1184.
The company having failed to pay interest on the various underlying issues
(see above), the following committee was formed to protect the interests of
holders (largely Washington, Baltimore and Philadelphia bankers) of the
company’s secured notes due Jan. 1 1922.
Noteholders’ Committee.— Joseph Wayne Jr., H. W . Goodall, Van Lear
Blank, E. P. Rawle, R . Golden Donaldson, C. F. Norment and W . F. Ham.
In M ay 1922 it was stated that over 90% o f the notes had been deposited
with the committee, or were controlled by it, and that practically all of the
common and pref. stock had likewise been deposited. V. 114, p. 2242.
Committee for Washington Alexandria A M t. Vernon First M tge. 5 s .—
Chairman, Lewis H. Parsons; John W . Hamer, Samuel J. Steele, W m. G.
Baker Jr.; Sec., L. Schmidt, 435 Chestnut St., Philadelphia, Pa. Deposi
tary, Penna. Co. for Insurances on Lives & Granting Annuities, Philadelphia,
Pa. V . 113, p. 2186, 2407.
Committee for Washington Arlington A Church Falls Ry. Co. First Cons. 5s.
— Chairman, Evan Randolph; Richard F. McKinley and James Trimble.
V. 114, p. 2242.
In N ov. 1920 it was stated that the plan for the reorganization and finan
cial rehabilitation of the company formulated by the noteholders’ protective
committee (see V. I l l , p. 1184, for details) had been completed, and the
affairs o f the company were being administered under new management.
Of the outstanding capital stock, 75% had been deposited [in M ay 1922
it was stated that practically all the com. and pref. stock had been deposited.
V. 114, p. 2242] under the noteholders’ agreement, and the committee
agreed to raise $250,000 immediately to liquidate the more pressing financial
obligations of the company, including $83,500 interest on underlying bonds,
which was due March 1 1920, accumulated taxes o f $77,000, interest on
equipment trust notes amounting to $4,000, and current bills. The naw
management entered into a contract with Day & Zimmermann, Inc., under
which that firm has taken over the financial management. V . i l l , p. 1951.
See also V . 112, p. 1743.
Sale o f Collateral.— The $3,000,000 Washington-Virginia R y. first lien and
ref. mtge. bonds, pledged as security for the company’s 6% secured notes,
were sold at public auction on N ov. 28 1923 to Edward P. Hopkinson Jr.,
representing the noteholders, for $2,000. V. 117, p. 2434. Compare V.
17. p.2214,
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,000,000 ($100)___________
M -N $1,378,300 See text
Pref $1,000,000 ($100) see t e x t ____
M -N
1,000,000 See text
Wash Alex & M t Ver 1st M l 1905 5 g M-S
2,590,000 Mar 11955
$2,500,000 ($1,000) g _ c * /ln t . at Real Estate Trust C o., Philadelphia.
_
Wash Arl & Falls Ch R y issues—
First mtge $100,000 g o l d ... 1895 6 J-J
74,000 July 1 1925
Second mtge $350,000___ / 1903 5 A-O
250,000 April 1 1953
\lnt. at Merchants' Trust C o ., Phila., trustee.
First cons mtge $1,000,000] 1908
5 g M-S
650,000 Sept 11958
gold ($1,000)------------ c* /In t. at Girard Trust C o., Philadelphia, trust.
General mortgage_________________
5%
See text __________
Secured notes Series “ A ” __________
6%
759,400 Jan 1 1922
6%
666,500 Jan 1 1922
Secured notes Series “ B ” _____ _____
Stock.— Pref. is entitled to cum. divs. o f 3% for year ended N ov. 1 1911,
4% for next year and 5% yearly thereafter. Stock listed in Philadelphia
and Washington.
Bonds.— The Washington Alexandria & M t. Vernon first mtge. bonds are
subject to call on any interest date at 110 and interest upon three months’
notice. See V. 80, p. 1176.
$350,000 Washington Arlington & Falls Church first consols are reserved
for prior liens, $48,000 are in treasury; remainder are for betterments, &c.
Bonds were guar., p. & i., by endorsement by Washingotn Alexandria &
M t. Vernon R y. Subject to call on any int. date at 105 and int. on a
month’s notice.
Interest on the Washington Arlington & Falls Church R y. first mtge.
bonds, payable in Philadelphia. Walter Hinchman, New York, is trustee.
Notes. — The 6% notes due Jan. 1 1922 are secured by a deposit of
$3,000,000 gen. mtge. 5% bonds (collateral has been sold at public auction
—see above under “ Sale o f Collateral.’ ’).
Dividends.— Initial dividend on preferred— 114%— paid March 15 1911:
N ov ., 1 )4 % . In 1912. 4 % . In 1913 and since, 5 % . On common, first
dividend— 1 % — paid March 15 1911: N ov., 1 )4 % . In 1912 and 1913, 3% .
In 1914, M ay, 1 )4 % . In November rate was reduced and 1% was paid.
In 1915, M ay, 1% . No later information.
EARN INGS.— For 12 months ended Dec. 31:
cl923
1922
1921
1920
Gross earnings_________
$937,035
$908,653
$938,103 $l,049,'l75
Oper. expenses & taxes.
790,364
a781,043
a863,099
a902,738
Net earnings________
Fixed charges___i _____
Balance..................
$146,671
b285,013
$127,610
295,211
$75,004
311,496
$146,437
289,309
-def$138,342 def$167,601 def$236,492 def$142,872
a Including depreciation, b Estimated for period from N ov. 23 1923
to Dec. 31 1923. c Includes result o f operations of receiver from N ov. 23
1923 to Dec. 31 1923.
OFFICERS.— Pres., John E. Zimmermann; V .-P ., F. W . Woodcock;
Sec., C. A . McClure; Treas., Milward Oliver. Under management of
Day & Zimmermann, Inc., Philadelphia.— V. 109, p. 1610; V . 110, p . 168
1749. 1850; V . I l l , p. 295, 1184, 1754, 1951; V. 112, p. 1743, 1868; V . 113
p. 732, 1984, 2186, 2407; V. 114, p. 2242; V. 117, p. 2214, 2434.
W A S H IN G T O N BALTIM OR E & AN NA PO LIS
E L E C T R I C RR.
ORGAN IZATION .— Incorp. in Maryland on June 5 1905 as Baltimore
Terminal Co. On March 31 1911 amended its charter, changed its name
to Washington Baltimore & Annapolis Electric RR. and took over the Wash
ington Baltimore & Annapolis Electric Railway, sold at foreclosure (V. 92,
p. 796, 957), per plan in V. 91, p. 1328, 1386. Private right of way.
The Annapolis Public Utilities Co. was incorp. in M ay 1912 as a sub. co.
and took over the Annapolis Gas & Elec. Co. In Feb. 1923 the M d. P. U.
Comm. auth. the Annapolis Public Utilities Co. to change its name to the
Severn Lt. & Pow. Co. and gave its approval of a proposed financing plan.
See V. 116, p. 722, for details. On April 10 1923 name changed again to
“ The Annapolis & Chesapeake Bay Power C o.” See V. 118, p. 434, for
bond offering.
Acquisition o f Annapolis Short Line RR.— In 1921 the co. acquired the
Annapolis Short Line from the Maryland Electric Rys. The co. took over
the outstanding 1st mtge. bonds of that co. and guaranteed certain other
bonds and car trust ctfs. For further details see V. 112, p. 850, 1284, 1519.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
A single-phase electric road. Operates 146.6628 miles o f track between
Baltimore, Washington and Annapolis, o f which 13.33 miles are operated
[V ol. 120.
under contract. Enters Washington over tracks o f Washington R y. &
Electric Co. 80-lb. T rails. Standard gauge. Automatic block system
in single-track on entire line. 181 cars. Power is purchased from Potomac
Electric Power Co. of Washington.
Interest. Outstanjing. M aturity.
STOCK AND BONDS—
Date.
Q-J
$3,000,000
See text
Common $3,000,000 ($50)___ _____
6 Q-M
1,760,500 Apr ’24, D *
Pref $2,500,000 ($50) 6% n o n -c ___
5 M-S
7,308,000 Mar. 1 1941
First mortgage $7,500,000 f 1911
($1,000)__________ c*&r*tf Int. at Cleveland Trust Co., Cleveland, or
( Safe Dep. & Trust C o., Baltimore, M d.
Balt. & Ann. Short Line 1st]
5 F-A
1,000,000 Aug. 1 1946
mortgage ($1,000)-------------1906
Annapolis Short Line R R .'
7J J
675,000 Jan. 1 1936
sk. fd. bonds ($1,000)_____I 1921
Annapolis Short Line R R . car]
7 J-J
168,000
See text
trust bonds ($1,000)________ 1921
Stock and Bonds.— Pref. stock is red. at 110. Bonds are subject to call
at 105 on any int. date. The Annapolis Short Line R R . car trust bonds
are due $24,000 Jan. 1 1922 and $24,000 each Jan. 1 thereafter to 1931.
Dividends.— On pref., initial div.— 1 )4 % — paid Oct. 1912; D ec., 4 ) 4 % ,
making 6% for the year. Paid 114% quar. to and incl. April 1924; none
paid since. Initial div.— 3% — paid on com. Oct. 31 1917. In 1918, Jan.,
3% ; April, 2% ; July, 2% ; Sept., 2% . In Jan. 1919, 7 ) 4 % was paid in
Liberty bonds. V. 107, p. 2377. In 1919, April, 2% ; July, 2 % ; Oct., 2% .
In 1920, Jan., 1 )4 % ; April, 1% ; July, 1% ; Oct., 1% . In 1921, 4 % . In
1922,4% . In 1923, Jan., 1% . April 1923 div. passed. None paid since.
EARNINGS.— For years ending Dec. 31-.
Calendar
Years—
Gross
Earnings.
N et (.after
Taxes).
Other
Incom e.
Interest. A c ., Bal. for
Charges. D ep .A D ivs.
1924______ $2,818,085
$683,696
$29,440
$550,540
$157,595
610,028
102,314
542,674
169,669
1923______ 2,420,187
1922______ 2,443,067
711,367
83,663
564,877
230.152
Revenue passengers carried in 1924, 4,429,387, against 4,644,472 in 1923.
OFFICERS.— Pres., Geo. T . Bishop, Baltimore; V .-P ., F . H. Ginn.
Cleveland; V.-P. & Gen. M gr., J. J. D o/le, Baltimore; Sec. & Asst. Treas.,
Geo. F. M cKay; Treas. & Asst. Sec., Wm. M . Garrett; Aud., W. H. Wright.
Baltimore— V. 112, p. 1510, 1519; V. 113, p. 2615, 2722; V. 114, p. 80, 855,
949, 1536, 2014; V. 116, p. 722, 1412, 1651, 1762; V. 118, p. 433. 1775;
V. 119, p. 77.
W A S H IN G T O N & OLD D OM INIO N R Y .
ORGANIZATION.— Incorp. in M ay 1911 in Virginia as successor to the
Great Falls & Old Dominion R R ., operating a 15-mile line between Wash
ington, D . C .. and Great Galls, Va.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Leased June 1912, and has electrified, the Bluemont branch of the Southern
R y., extending from Alexandria to Bluemont, Va., about 54 miles. In
1912 completed a 12-mile connection between Washington and Alexandria.
Total road operated, about 81 miles.
EARNING S.— Gross earnings for calendar years: 1922, $607,056;
1921, $649,682; 1920, $652,701; 1919, $660,920.
OFFICERS.— Pres., Wilton J. Lambert; V.-Pres., Corcoran Thom;
V.-P. & Gen. M gr., J. V. Davis; Sec.-Treas., A. K . Stratton. Office,
Washington, D. O.— V 95, p. 482; V. I l l , p. 1473.
W A S H IN G T O N R A I L W A Y & E LE CT R IC CO.
In Dec. 1922 Eugene E. Thompson (of Crane, Parris & Co.) purchased a
block of 27,500 shares of the company’s common stock, previously held by
the noteholders’ protective committee of the Washington Utilities Co.
V. 115, p. 2582. Compare V. 115, p. 2380.
ORGANIZATION.— Incorp. as the Washington & Great Falls Electric
R y. Co. July 29 1892 by special Act of Congress; name changed to Washing
ton Ry. & Elec. Co. Feb. 1 1902. In 1902 acquired control of the Potomac
Electric Power Co. On Feb. 4 1902 purchased the assets of the Washington
Trac. & Elec. Co., sold at foreclosure Nov. 24 1901, and reorganized accord
ing to plan in V. 73, p. 554, and acquired the Columbia Ry. and the Metro
politan R R . by deed in fee, subject to their mortgage debt. The last two
roads constituted 57.71 miles of track. During 1912 merged with the Anacostia & Potomac River R R . (25.21 miles) and the Brightwood Ry. (12.45
miles), both of whose stocks had previously been owned. In 1912 also
transferred to the Potomac Elec. Power Co. the company’s interest in the
Great Falls Power Co. In 1916 acquired control of Washington-Interurban
R R . Co. (8)4 miles) through purchase of its outstanding securities by the
Washington & Rockville Ry. Co. The following shows the total outstanding
stock of the companies controlled and the amount of the total shares acquired
in each instance by the Washington R y. & Elec. Co. up to Dec. 31 1924:
M ile-
Name o f Company—
age.
Georgetown & Tennalytown R y
8.50
Washington & Rockville R y ______14.46
x City & Suburban R y ____________41.635
Washington & Glen Echo R R ___________
Washington Interurban R R ----------- 1.65
Capital
Stock.
$200,000
275.000
1,750,000
200.000
50,000
Am ount
Owned.
$169,700
275,000
1,687,800
197.150
a50,000
Total railroads_________________ 66.24 $2,475,000 $2,379,650
Lighting Companies —
Potomac Electric Power________________ $6,000,000 $6,000,000
Braddock Light & Power________ ______
50,000
a50,000
A m ’t N ot
Owned.
$30,300
None
62,200
2.850
--------$95,350
None
---------
Total al companies__________________ $8,525,000 $8,429,650 $95,350
a Owned entirely by Wash. & Rockville R y. Co. x Aug. 1 1919 int. on
the $1,750,000 City & Suburban R y. 1st mtge. 5s was paid N ov. 1 1919.
The Feb. 1 1920 int. on these bonds was paid on April 29 1920. V. 110,
p. 1972. The Aug. 1 1920. Feb. 1 1921 and Aug. 1 1921 int. was paid
when due and all subsequent int. being paid when due. V . I l l , p. 588;
V. 112, p. 561.
„
.
The Washington R y. & Electric owns directly or indirectly the following
bonds of the constituent companies, which, together with the shares of
stock owned above, are pledged under the $17,500,000 consol, mtge.;
$100,000 (entire issue) 1st & 2d mtges. of the Georgetown & Tennalytown
Ry.; $180,000 out of a total issue of $185,000 1st mtge. bonds of the Wash.
& Rockville Ry. (remaining $5,000 being owned by the Wash. R y. Relief
Association); $200,000 1st mtge. and $50,000 2d mtge. (entire issues) of
the Washington & Glen Echo R R .; $150,000 (entire issue) Washington
Interurban R R . 1st mtge. bonds. Total, $680,000.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Company furnishes power to the Wash. Balt. & Annap. Elec. R R . C o.,
the Washington-Virginia Ry. C o., the Washington & Old Dominion R y.
Co., and other local companies. The Washington R y. & Elec. Co. controls
the principal street railroads in the District of Columbia and also the
Potomac Elec. Pow. Co. which alone is operating, or authorized to operate,
in the national capital and which controls the Great Falls Power Co. with
undeveloped water power on Potomac River. The railroad companies
have 170.80 m. of track (all under electric traction), while the electric light
company has 494 m. of subways with about 1,604 m. of ducts, besides
many miles of overhead wires. Owns 577 cars and 23 buses. N o. of meters
Dec. 31 1924, about 87,899. Generating capacity of power co., 118,000 k. w.
Franchises perpetual.
Valuation.— See V . 109, p. 1081; V . 118, p. 665. See also V . 110, p.
1094; V . 113, p. 2319; V. 120, p. 88, under “ Potomac Electric Power C o.”
Fares.— See “ Electric Railway” Supplement of Apr. 26 1924.
In June 1924 public offering was made of $2,496,000 gen. & ref. mtge.
6% bonds dated N ov. 1 1923 and it was announced that payment would be
accepted in Potomac Elec. Power Co. gen. impt. 6% bonds due Jan. 1
1925, or in Metropolitan R R . 1st mtge. 5% bonds due Feb. 1 1925. V.
118, p. 3199.
In Dec. 1924 the company was authorized by the District of Columbia
P. U. Comm, to issue $1,850,000 10-year gen & ref. mtge. 6% bonds for
the purpose of financing the payment of $1,850,000 Metropolitan R R . 1st
mtge. 5s due Feb. 1 1925. V. 119. p. 2880; V. 120. p. 584.
STOCK A N D BONDS —
Date.
Interest.
Outstanding. M aturity.
Common *6,500.000 ($100)________
Q-M
*6,500,000 See text
Pref 5% cum $8,500,000 (* 1 0 0 )____
Q-M
8,500,000 See text
Consol mortgage *17.500,000/
1902 4 g J-D
11,642,350 Dec 11951
($1,000 & *500) g o ld .. c * tftin t, at U. S. Mtge. & Tr. Co., N . Y ., trustee.
10-yr gen & ref M *10,000,000/
1923 6 g M -N
2,496,000 N ov 11933
($500 & *1,000) g_____c*tf\Amer.Sec. & Tr.
Co., Wash., D. C ., trus.
Anacostia & Potomac River f 1899 5 g A-O
2,977,000 Apr 1 1949
first mtge $3,000,000 gold/Int. at Baltimore Tr. C o., trustee. M ay be
($1,000) sinking fu nd .c*tf [ called at 112/3.
Stock.— The preferred stock became cumulative on June 1 1904.
Bonds.— The remainder o f the consol, bonds ($5,857,650) are reserved
for the retirement o f underlying liens. Entire issue is subject to call upon
3 months’ notice on any interest date at 105 and interest.
Of the Anac. & Potomac River bonds, $462,000 are guar., p. & i., by
Washington Ry. & Elec. V. 87, p. 36. $23,000 have been canceled.
The gen. & ref. mtge. 10-year 6% bonds have a sink, fund requiring semi
annual payments equal in each case to at least 1 % o f the amount of gen. &
ref. mtge. bonds outstanding in hands o f the public on the date of payment.
*32,500 held alive in sinking fund April 1 1925. Are callable at any time
on 60 days’ notice at 104 and int. if redeemed on or before N ov. 1 1928,
and at 102 and int. if redeemed thereafter, but prior to maturity.
Int.
payable in Washington, D. C ., or New York City. *2,496,000 were
offered in June 1924 by National City Co.; Harris, Forbes & C o., and
Crane, Parris & Co. at 99 and int., to yield over 6 h % . V. 118, p. 3199.
Dividends.— On pref. at rate o f 5% per annum from Dec. 1 1904 to and
Incl. Dec. 1919. In Aug. 1920 2/3 % was paid. This represented the quar
terly divs. of 1 M % due Mar. 1 and June 1 1920. In Dec. 1920 2/3 % was
paid (representing the quar. divs. o f 1/4 % due Sept .and Dec. 1 1920),
V. I l l , p. 1754. Reg. quar. divs. of 1/3 % have been paid since to and incl.
Mar. 1925. On com., first div. was paid Dec. 1 1909; in 1910, 2% ; in
1911, 2% ; in 1912. 4% : in 1913, M ar., 1% ; June, 1 /3 % ; Sept., 1/3 % ;
Dec., 1/3% and 1% extra. In 1914 and since to and incl. 1916, 7% . In
1 9 17,6 /3% . In 1918, 5% . In 1919, Mar . 1 /3 % . None to June 1923,
, eP,1 ^ % was Paid and 1/3% paid regularly quarterly since to and includ
ing March 1 1925.
POTOMAC ELECTRIC POWER CO.
BONDS —
Date.
First mortgage (see text) gold/ 1904
Interest.
5 g J-D
Outstanding. Maturity.
$1,700,000 June 1 1929
($1,000)--------------------- c tf (Int. at Comm. Tr. Co., Jersey City, trustee.
°o n s mtge $7,000,000 gold/ 1906
5 g J-J
5,300,000 July 1 1936
($1,000) gu p & i by W ash/Int. at Commercial Trust C o., Jersey City,
R y & Electric Co______c tf I trustee.
General & refunding mtge 1921
7 g A-O
1,809,900 Oct 1 1941
Series " A ” ($100, $500,
*1.000 & $5,000) ..c*& r*tf 1923
6 g A-O
4,000,000 June 1 1953
Series “ B " ---------------------- /Int. at National City Bank, N. Y ., trustee.
Bonds.— The 1st mtge. bonds are red. any int. date at 110 & int. Auth.
issue was originally $4,000,000, but was subsequently reduced to $1,700.000.
Of the $7,000,000 new consols, $1,700,000 are reserved for prior liens.
They are guar., prin. and int., by Washington R y. & Electric Co. A
nnkvng fund of 2% per annum o f bonds outstanding began Jan. 1 1908.
On Dec 31 1924, $1,259,000 were held alive in the sinking fund. See
V • 85,
100.
Additional general and refunding mtge bonds may be issued in equal
a™olln,t to retire outstanding underlying bonds and for 75% of cost of
extensions, add’ns, &c., under certain restrictions. Are red. on any
to", d a te on 30 days’ notice at 107/3 during first 5 years, at 105 during the
Jfe j 10 years and at 103 during the last 5 years prior to maturity. Sinking
fund of Z3 % of the bonded debt annually for the purchase or redemption and
series of gen. & ref. mtge. bonds. Canceled to Dec. 31
1924, *390,100. In addition it requires an amount equal to at least 5%
of the bonded debt to be used annually for the adequate maintenance and
replacement o f the property. V. 113. p. 1896. In addition to the series
□ •
^ ^ef. mtge. 6s outstanding, $1,760,000 are held'in treasury.
Senes B red. on any int. date on 30 days’ notice at 107 Z on or before
3
April 1 1933, at 105 thereafter to and incl. April 1 1943, and at 102 )4 there
after prior to maturity. Earnings o f the Potomac Electric Power Co. have
been as follows:
Calendar Years—
1924.
1923.
1922.
G r o s s r e c e ip ts ---------------------------------$6,633,886 $5,971,830 $5,373,364
Net available for interest_____________ 2,681,250 2,153,589
1,993,962
Annual interest charges on outstanding bonds, including the gen. & ref.
mtge. Series A and B, now amount to *716,693.
EARNINGS.— Of Washington R y. & Elec. Co. (excl. sub. cos.) for cal. yrs.
„
1924.
1922.
1923.
1921.
Revenue passengers____ 58 116 808 60,851,385 61,943,410 64,178,738
Free passengers------------ 18 788 998 19,400,669 19,231,868 19,822.811
Gross earnings__________ $4,759,244 $4,957,215 *5,022,967 $5,455,624
Exp., taxes &misc. items 3,820,622
4,137,526
4,089,015
4,235,082
Net earnings------------$938,622
$868,200
$885,441 $1,220,542
Other inc. (incl. Potomac
Elec. Pow. Co. d i v .) ..
858,802
690,226
654,512
707,758
Total in c o m e -........... $1,797,424
$1,575,958 $1,575,667 $1,875,054
Fixed charges-------------$790,676
*755,879
$764,315
*772,961
Div. on pref. stock (5%)
425.000
425,000
425,000
425,000
Div. on common stock..
325,000
243,750
____________
OFFICERS.— Pres., Wm. F. Ham; V .-P. & Counsel, S. R . Bowen;
V.-P. & Comp., A. G. Neal; Treas., A . M . Fisher; Asst. Sec.-Treas., W m. L.
Clarke; Sec., H. M . Keyser; Asst. Sec., H. W . Kelly; Asst. Treas., V. D.
Brooke. General offices, 14th and C Sts., N . W ., Washington.— V. 115, p.
2582; y . 116, p. 411, 1894 , 2390; V. 117, p. 555, 1130, 1463, 2434, 2544;
V. 118, p. 665, 2306, 3080, 3199; V. 119, p. 77, 581,2880; V. 120, p. 584, 707.
C APITAL T R A C T IO N .
ORGANIZATION.— In the fall of 1895 absorbed the Washington &
Georgetown and Rock Creek companies. See V. 61. p. 283, 328, 588.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
An underground trolley road. Single track (incl. 2.023 miles operated
under trackage agreement), 48.304 miles; overhead trolley (incl. 6.653 miles
operated under lease), 17.613 miles single track. Total length of road
(incl. 8.139 miles sidings and turnouts), 74.056 miles of single track. Oper
ates 687 cars and 11 motor buses. 80 to 122-lb. rail.
O perating A g ree m e n t. — By an agreement entered into on Feb. 20 1917
the company took over the operation of the line of the Washington & Mary
land Railway Co. on May 2 1918, that company having completed the build
ing of an extension to the sanitarium near Takoma. Md.
V a lu a tion .— V. 109,, p. 1079.
F a res. — See “ Electric Railway” Supplement of April 26 1924.
P roposed M e r g e r P la n . — See V. 109, p. 1272; V. 110, p. 359; V. 112, p
2413; V. 113, p. 729, 959; V. 115, p. 542, 1320.
STOCK AND BONDS—
D a te .
In terest.
Outstanding. M a tu r ity .
Stock $12,000,000 ($100).................
Q-J
$12,000,000Apr’25,l % %
New first mortgage $6,000,-/ 1907
5 g J-D
5,606,000 June 1 1947
000gold ($500)__________ cjlnt. at Union Tr. Co. of the D. of C.,
• Washington, trustee.
j
B onds. — Are not subject to call. Part of the bonds issued were used to
redeem the $1,080,000 outstanding 4% bonds of the 1900 issue. $200,000
of bonds are in co.’s treasury and $194,000 are in co.’s ins. reserve fund.
D ivid en d s. — In 1898, July 1,75c.; Oct. 1, 75c.; in 1899, four dividends of
75c. each; in 1900. 3 H % ; in 1901, 4% ; in 1902, Jan., 1%; April, 1%;
July, 1% , and on Aug. 20 an exra dividend of $4 per share was paid from
proceeds of sale of old power house; Oct., 1 % ; in 1903, 4/4 %; in 1904, 5%
in 1905. 594%; 1906-1913, incl., 6% ann.:in 1914, Jan.. 1 /4% ; April, 1/4% ;
105
POWER, LIGHT AND RAILW AY
M a y , 1925.]
July, 1 /4 % . In Oct. rate was reduced and 1/4 % was paid; same rate
was paid quarterly to and including July 1918. In Oet. 1918 1/4 % was
paid: same rate quarterly to and incl. Jan. 1921. In April 1921, 1M % was
paid. Same rate quar. since. In Dec. 1917 an extra div. of 1/4 % was
paid. In Aug. 1918 an extra div. of Z4% was paid.
RE PO RT.— For calendar years:
Calendar
Gross
N et (after
Other
Interest,
Balance,
Year — Earnings.
Taxes).
Incom e.
Ac.
Dividends.
Surplus.
1924____ $4,614,338 $1,148,105 $32,391 *324,712 (7%)*840,000 $15,783
1923____ 4,842,619 1,305,401 34,725 321,774 (7%)840,000 178,353
1922____ 4,994.044 1,390,739 34,906 320,653 (7%)840,000 264 991
In 1924, 86,424,993 passengers were carried, against 90,149,315 in 1923.
OFFICERS.— Pres., Geo. E. Hamilton; V .-P . in i harge o f Operation,
J. H. Hanna; V .-P ., D. S. Carll; Sec.-Treas., H. D . Crampton; Asst. See...
J. E. Heberle; Asst. Treas., C. B. Koontz.— V. 110, p. 1748; V. 112, p.
1023, 1431, 2413; V. 113, p. 729, 959; V. 114, p. 1062; V. 115, p. 542, 1320:
V. 116, p. 1759, 1892; V. 117, p. 552; V. 118, p. 310, 1267. 1391. 2041.
COLUMBIA G A S & ELECTRIC CO.
(See M a p on page 107.)
ORGANIZATION.— Incorp. in West Virginia in Sept. 1906. Owns 51 %
o f the $30,000,000 stock of United Fuel Gas Co. (see below) and 51% of the
$890,200 stock of the Virginian Gasoline & Oil Co. Leases the Cincinnati
Gas Transportation Co. and owns that company’s $3,000,000 pref. stock.
Controls by practically 100% com. stock ownership or lease the following
operating companies: The Union Gas & Electric Co., the Union Light, Heat
& Power C o., the Cincinnati Newport & Covington R y. C o., the Ohio Gas
& Electric C o., the Hamilton Service C o., the Dayton Gas C o., the Dayton
Power & Light C o., the Loveland Light & Water C o., the Gas & Electric
Appliance C o., Columbia Gas Supply C o., Huntington Development &
Gas Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.— In
conjunction with sub-companies controls (compare V. 103,p. 1324): (a) The
gas business in Cincinnati and in 17 municipalities in Hamilton County,
Ohio, and the electric business in Cincinnati and 37 adjoining Ohio munici
palities; (6) the electric-light and power business in 14, the gas business in
10 and the water supply business in three communities in the Kentucky
district, opposite Cincinnati; (c) a 66-mile system of electric street railways
operating exclusively in Covington, Newport and other of said Kentucky
municipalities and connecting the same with Cincinnati; (d) a 183-mile
system of pipe lines for natural gas, connecting (e) gas lands held by the
company and its subsidiaries under leases, contracts, agreements, royalties,
and ownership in fee totaling 1,334,990 acres of land in Southwestern West
Virginia and eastern Kentucky; (f ) the gas business of Dayton, Ohio, and its
suburbs and the electric business of Dayton, Xenia, Piqua, Wilmington,
Ohio, and 60 suburban communities; (?) the gas business of Middletown,
Ohio, and the electric business of Middletown and 19 adjoining Ohio com
munities: (h) part of the electric business of Hamilton, Ohio: (j) the gas
business of Franklin, Ohio, and six neighboring communities: (k) the gas
business of Huntington and Charleston, W. Va., Ashland, K y ., Ironton,
Ohio, and 68 other communities in West Virginia, Kentucky and Ohio.
The stockholders on April 8 1924 approved plans for providing a mortgage
on the company’s property to secure a bond issue, and also authorized an
issue of $25,000,000 pref. stock, par $100. For details see V. 118, p. 1017.
$23 206 200 of the preferred issued. See V. 119. p. 1398.
STOCK AND BONDS—
Date. Interest.
Outstanding.
M aturity.
Com stk 1,500,000 shs(no par) ____
Q-F
1,500.000sh.M ay’25,65c.
Pref Ser “ A ” 7% cum ($100)_______
7 Q-F
*23 206 200 M ay’25$l 75
First mortgage $25,000.0001 1907 5 g J-J
11,104,000 Jan 11927
($500 &c) gold_________ c*/In t. at Irving Bank-Col. Tr. C o., N . Y ., trus.
Debentures $2,850,000 ($5001 1913 5 J-J
2,588,640 Jan 1 1927
&c)______________________ /In t. at Central Union Tr. C o.. N . Y ., trus.
3-year notes $25,000,000 ($1,-/ 1925 5 g M -N
10,000,000 M ay 1 1928
000 c* & $1,000, &c, r*) g./G uaranty Trust C o., New York, trustee.
Cine Gas Transp Co 1st mtge] 1908 5 g J-J
1,566,000 July 1 1933
$5,000,000 ($1,000) g -.n t f /I n t . at Provident S. B . & T . C o., Cin.. trus.
Dayton Gas Co 1st mtgel 1910 5 g M-S
1,314,000 Mar 11930
($1,000) gold____________ /Union Trust C o., Cleveland, trustee.
6%
1,238,600 M ay 1 1946
Ohio Gas & Elec Co first m t g e . ____
6% debentures__________________
6%
196,500 June 1 1926
Huntington Dev & Gas 1st M _ ____
6%
3,391,000 June 1 1936
Hunting’n Gas Co coll tr n o t e s ____
_______
39,389 July 1 1934
Stock.— Series " A ” pref. is redeemable at 115 and dividends on any divi
dend date on 30 days’ notice. Listed on New York Stock Exchange. V.
119, p. 2759. *15,000,000 offered to shareholders at par and 90% was taken
through exercise of rights, remainder being disposed of privately by a syndi
cate headed by the Guaranty Co. of New York at *104 and dividend, to
yield about 6.73% . Balance of *8,206,200 issued in acquisition of practi
cally all com. stock of Dayton Power & Light Co.
Bonds .— Of the $25,000,000 1st mtge. 5s, $7,984 000 have been can
celed and *3.170,500 are held in treasury. Mtge. provides for sinking fund.
Are red. all or in part at 105 and int. on any int. date on 4 weeks notice.
V. 93, p. 1467; V . 101, p. 49: V. 106, p. 1140.
The 5% debentures are red. all or in part at par and int. on any int. date
on 60 days notice. V. 96, p. 170, 1631.
N otes .— The 3-year 5% notes are redeemable, all or in part, at any time
on 30 days’ notice to and including M ay 1 1926 at 102 and int.; thereafter
to and including Jan. 1 1927 at 101 and int.; and thereafter at 100 and int.
*10,000,000 were sold in Apriltl925 by Guaranty Co. of New York, J. & W.
Seligman & C o., W . E. Hutton & C o., &c., &c., at 100 and int., to yield
5% . V. 120, p. 2010.
Cine. Gas Transport. Co. 1st M tge. 5s have sink. fd . of $250,000 per
annum since 1911. Are guar., prin., int. and sink. fd. by Columbia
Gas & Elec. C o. Are call, at 110 and int.
Dayton Gas Co. 1st 5s have sink., fd . of $20,000 per annum. Call, at 105
and int. Interest payable at office of Harris, Forbes & C o., N . Y . $185,000
canceled by sinking fund. $1,000 owned by Columbia Gas & Electric Co.
and affiliated companies.
Dividends .— On series “ A ” pref. an initial div. o f $1 75 was paid N ov 15
1924. An initial div. of 1% was paid on the $50,000,000 stock May 15
1917; Aug. 1917 to Nov. 1919, 1% quar.; Feb. 15 to Nov. 15 1920 paid
1/4% quar. On Jan. 25 paid 1% extra. Feb. 15, M ay 16, Aug. 16 and
Nov. 15 1921, 1 /4 % each. Feb. 15 1922 paid 1% ; M ay 15 1922 to Feb.
1923 paid 1/4% quar.; M ay 15 1923 paid *1 95; Aug. 15 1923 to M ay 15
1925 paid 65 cents quar. on new shares of no par value.
REPO RT.— For 1924 in V . 120, p. 1026, 1472, showed:
Gross Earnings —
1924.
1923.
1922.
Electrical....................
..$11,316,068
$9,949,484 $8,170,831
Gas______ ________________
13,118,9368,759,9298,173,433
Railways and other operations______ 2,292,575
2,293,586
2,248,429
Total gross earnings______________ $26,727,581 $21,002,999 $18,592,693
Oper. exp., taxes and depreciation___ 15,395,051 11,538,669 10,367,897
Net earnings after depreciation____ $11,332,529
Other income________________________ 2,387,601
$9,464,330 *8,224,795
2,019,204
1,819,267
Total gross income after deprec’n . .*17,720,131 $11,483,534 $10,044,063
106
PUBLIC UTILITIES
Deductions —
1324
Rentals to Cincin. Gas & Elec. C o_ $3,620,773
_
Rentals to Cine. Gas Transport’n C o.
672,835
Rentals to Cincinncati Newport &
_
8* Covington Light & Traction C o_
1,052,660
Rentals to Hamilton Utilities C o____
15,105
1923
$3,427,231
680,695
1922
$3,393,546
690,802
1,025,829
6,293
1,030,658
$5,361,373
$5,140,050
$5,115,007
$8,358,757
$6,343,483
$4,929,055
Fixed Charges—
Subsidiary companies’ bond interest
and preferred stock dividends_____
Columbia Gas & Elec. Co. bond int__
Columbia Gas & Elec. Co. debenture
and other unsecured debt interest. .
$530,521
556,283
$34,026
559,890
564,679
193,626
130,825
$1,651,484
$787,544
$695,475
564,650
$6,707,273 $5,555,939 $4,233,580
$91,877
3,653,839 $3,000,000
3,873.545
For 12 months ended Mar. 31 1925, gross earnings, $25,584,051; total in
come, $13,237,690; lease, rentals, &c., $4,702,245; interest charges and pref.
divs. o f subs., $636,568; fixed charges (Col. G. & E. C o.), $940,483; bal.,
sur., $6,958,394. V. 119, p. 1846, 1958, 2178, 2528, 2749; V. 120, p. 452,
1088. 1201, 1325, 1447, 1472, 1746, 2010, 2145.
Preferred dividends.
L E A D IN G CONTROLLED PROPERTIES.
C IN C IN N A T I GAS TRAN SPORTATION C O — A W . Va. corporation,
having capital stock o f $3,000,000 5% pref. and $2,000,000 com. stock and
outstanding $1,566,000 5% 1st M . bonds. (V. 88, p. 1375.) Owns 183 miles
o f steel pipe line, running from the Columbia company’s natural gas field
in southwestern West Va., connecting with Covington and Newport, K y.,
&c., and Cincinnati and surrounding towns. Leased by the Columbia com
pany for 30 years. Rental, all maintenance charges, taxes, &c., bond int.,
sk. rd. o f $20,833 1-3 monthly beginning Aug. 1 1911, and divs on com. stock
at 10% per annum. The pref. stock (owned by Columbia Gas & Elec. Co.)
is to receive a dividend o f 5% per annum after all Transportation bonds
have been canceled. V. 86, p. 1532. The $3,000,000 pref. stock was
purchased by the Columbia Gas & Elec. Co. during 1920-— V. 119, p. 2759;
V. 120, p. 328, 1325, 1881.
C IN C IN N A T I COM PANIES.— The Columbia Co. owns the entire
175,000 shares o f common stock o f Union Gas & Elec. Co. of Cincinnati
(V. 89, p. 230; V. 103, p. 1046), which operates under a 99-year lease the
properties, &c., of Cin. Gas & Elec. Co. (which see). V. 83, p. 274, 892,
1231; V. 88, p. 1375; V. 95, p. 752; V. 97, p. 53, 240; V. 118, p. 435. New
steam electric plant, capacity 120,000 k.w. V. 114, p. l0?7. Rates in
Cincinnati, V. 114, p. 1077.
OTHER OHIO U TILITIES.— The Columbia Co. owns all the common
stock o f the Ohio Gas & Electric Co. and the Hamilton Service C o., which
do all the electric and gas business o f Middletown and part of the electric
business o f Hamilton, all the capital stock o f the Loveland Light & Water
Co., which does the electric and water business of Loveland. Through its
subsidiary Columbia Corp., Columbia Gas & Electric Co. has acquired
control o f all the com. and practically all the pref. stock o f the Dayton Gas
C o., which does all the gas business o f Dayton, all the capital stock of
Columbia Gas Supply C o., which does a wholesale and retail gas business
between Centerville, Ohio, and Cincinnati, and practically all the com. stock
o f the Dayton Power & Light Co., which does the electric business in Dayton, Xenia, Piqua, Wilmington, and 60 other Ohio communities. Through
its subsidiary, Huntington Gas C o., has acquired practially all of the capital
stock of the Huntington Development & Gas Co., a producer and distributor
o f natural gas in West Virginia.
KE N TU CK Y PROPERTIES.— Cincinnati Newport & Covington Light
& Traction Co. controlled under a 90-year lease. (See on another page.)
[V ol. 120,
ORGANIZATION.— Incorp. in Ohio in 1837 as Cincinnati Gas L t. &
Coke Co. Name changed to present title in 1901. Operated b y Union
Gas & Elec. C o., a subsidiary of Columbia Gas & Elec. Co. (which see
below) under a 99-year lease dated Sept. 1 1906, which, as amended,
Provides for payment of all Interest and sinking fund charges and dividend
o f 5% upon the $34,563,600 capital stock (par $100 a share) and annual
payment o f $100,000 for retirement o f outstanding capital stock. Per
formance of lessee company is guaranteed by deposit of $3,750,000 in cash
and securities with trustees. (See V. I l l , p. 2232.)
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Owns generating stations and distributing systems supplying gas and
electricity to Cincinnati and suburbs.
Sale of 30,000 shares of pref. stock of Cincinnati Gas Transportation Co.
to Columbia Gas & Elec. Co. See V. 110, p. 80.
STOCK AND BONDS—
Date. Interest.Outstanding. M aturity.
__________ $34,563,600
See text
Stock $36,000,000 ($100)___________
ls tM tg e $ 1 5 ,000,000 ($1,000,1
1916 5 g A-O
8,692,000 Apr 119 5 6
&c) gold----------------- c*&r*/Irving Bank-Columbia Tr Co, N Y , Trustee
Prior lien & ref mtge $50,000,- f
000 Ser “ A ” --------------------- \
1921 7%
7,433,000 Jan 1 1961
Ser *‘B ” ($500,&c).c*&r*tf I 1921 5 ^ g A - 0
5,942,000 Jan 11961
Ser “ C ” -------------------------------- 1921 6%
1,481,000 Jan 11961
Free from Penna State tax. (New York Trust Co, N Y , Trustee
Bonds.— 1st mtge. bonds have sinking fund of not less than 1% per
annum of bonds outstanding. In addition to amount outstanding $3,000,000 are pledged under the prior lien & ref. mtge. and $767,000 have been
acquired and are held alive in sinking fund. Are call, at 102. Int. payable
in N. Y . and Cincinnati.
See V. 104, p. 266, 1901, 1014; V. 105, p. 74, 391, 501, 1524.
The prior lien & refunding mtge. bonds may be issued from time to time
as authorized by the directors, bearing such int. rates as they shall deter
mine, for additional capital expenditures and for retiring the bonds issuable
under the present 1st & ref. mtge. Mtge. provides for annual sinking fund.
of 1% of bonds outstanding. V. I l l , p. 2232; V. 112, p. 65.
The series “ A ” bonds are call, as a whole or by lot for sinking fund at
110 during the first 10-year period to Jan. 1 1931; at 107)4 during the second
10-year period to Jan. 1 1941; at 105 during the third 10-year period to
Jan. 1 1951, and at 102 )4 thereafter to maturity (plus accrued int. in
each case). Of the Ser. “ A ” bonds reported outstanding $2,390,000 are
owned by Columbia Gas & Elec. Co. and affiliated cos. Int. payable in
New York or Cincinnati.
The series “ B ” bonds are red. for sinking fund or, at option o f co., all
or part, on any int. date upon 30 days’ notice at 105 up to and incl. Oct. 1
1928; thereafter at 104 up to and incl. Oct. 1 1936; thereafter at 103 up to
and incl. Oct. 1 1944; thereafter at 102 up to and incl. Oct. 1 1952, and
thereafter at 101 up to and incl Oct. 1 1960 (plus int. in each case). V. 114.
p. 2473. Int. payable in N. Y . or Cincinnati.
Entire $1,481,000 Ser. “ C ” 6s outstanding are owned by Columbia Gas
& Elec. Co. and affiliated cos.—-V. 118, p. 2955; V. 120, p. 1746.
D A Y T O N (O.) P O W E R & L I G H T CO.
Control.— On Feb. 25 1925 purchase o f the company by the Columbia Gas
& Electric Co. was announced.
V. 120, p. 1088.
ORGAN IZATION .— Incorp. in Ohio March 23 1911.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Supplies electric light and power in Dayton, Ohio, covering the entire city,
also in numerous neighboring municipalities in the Dayton, Xenia, Piqua,
Wilmington and Preble districts.
U N ITED FUEL GAS CO.— Controls, together with Virginia Gasoline &
Oil C o., 922,770 acres o f gas rights and 608,767 acres o f oil rights in West
Virginia and Kentucky. With about 1,741 miles of pipe line, compressors,
&c., supplies gas direct to 51,695 consumers in about 70 cities, incl. Charles
ton, Huntington, Ravenswood, Glendenin, Spencer, Ripley, W . Va.; Ironton
and Portsmouth, Ohio, and, through its subsidiary, Warfield Natural Gas
C o., serves Ashland and Catlettsburg, Ky. Further sells large quantities
o f gas to Columbia Gas & Electric C o., Ohio Fuel Supply C o., Louisville
Gas & Electric Co. and Central Kentucky Natural Gas C o., Portsmouth
(Ohio) Gas C o., Hope Natural Gas Co. and Pittsburgh & West Virginia
Natural Gas Co. Population served directly about 110,000; by other
companies using its gas wholly or partly, about 1,800,000. V. 106, p.
1140. The directors on April 8 1920 voted to increase the capital stock
from $10,000,000 to $30,000,000, and declared a stock dividend of 200%.
Outstanding Dec. 31 1924, $30,000,000, o f which Columbia Gas & Electric
owns $15,300,000.
__ _
“ Tn“ l 915-16 United PiieTT^as uoTretired all”old bonds^and maue a new
$15,000,000 6% 1st M . under which $9,474,500 bonds are outstanding.
See statement to N . Y . Stock Exchange in V. 103, p. 1133; V . 104, p. 869;
also V. 102, p. 816. 1354: V. 105. p. 711.
STOCK A N D BONDS—- Date.
Interest. Outstanding. M aturity.
Com stock $12,000,000 ($100)______
Q-F
$3,053,000 A p r ’25, 1%
6 Q-J
6,500,000 Apr '25, 1 H
Pfstk 6% cum $8.000,000($100)____
First & ref mtge $20,000,0001 1911 5 g J-D
9,505,000 June 1 1941
($1,000 gold------------------c*/In t. at Irving Bank-Col. Tr. C o., N .Y ., trus.
Dayton Ltg Co 1st ref mtge\ 1907
5 g M-S
1,469,000 Mar 1 1937
assumed ($1,000) gold_ c*/In t. at Equitable Trust C o., N . Y ., trustee.
_
Stock.— Preferred is callable at 110 and dividends.
Bonds.— First & ref. mtge. 5% bonds, $20,000,000 auth., are callable at
105 on or before Dec. 31 1936, and decreasing 1% for each succeeding year
to 101 in 1940 and 1941.
OFFICERS.— Pres, and Chairman, P. G. Gossler; V.-Pres., W . W . Free
man, H . G. Scott and H. A. Wallace; Sec. & Asst. Treas., Polk Laffoon,
Treas. & Asst. Sec., Edward Reynolds, Jr.; Asst. Sec.-Treas., A . Sherlock
and B . De Witt Bleecker. Office. Charleston, W. Va.— V. 119, p. 1512.
R E PO RT.— For 1924:
Calendar Years —1924.
Gross earnings---------------- $5,756,407
Total income---------------- 2,206.416
Charges, &c----------------1,250,278
Preferred dividends____
334,377
Common dividends------122,120
C I N C I N N A T I G A S & E L E C T R IC C O.
Operated under lease by Union Gas & Electric C o., a subsidiary of
Columbia Gas & Electric Co.
Sinking fund 1% , 1924: 1 )4 % , 1925 to 1932; 2 % , 1933 to 1940. See
V. 94, p. 282; V. 105. p. 822; V. 106, p 824.
Dayton Lighting Co. first & ref. mtge. 5s are callable at 107
Dividends.— Divs. on pref. stock from Oct. 1911 to April 1925, inclusive,
6% per annum (1)4 % Q.-J.). Initial div. on com. o f 4% paid Feb. 10 1920
and 4% per annum paid regularly since (now payable Q.-J.).
1923.
1922.
1921.
$5,105,314 $4,535,304 $4,183,954
1,869,330
1,518.908
1,319,076
1,124,688
951,733
765,093
267,455
245,167
217,583
122,120
122,120
122,120
Balance, sin-plus------$499,641
$355,067
$199,887
$214,281
OFFICERS.— Pres., F. M . Tait; Sec. & Treas., O. E. Howland. Office
20 South Jefferson St.. Dayton, Ohio.—V. 119, p. 945; V. 120. p. 955, 1088
R E P U B L IC R A I L W A Y & L I G H T C O .
Cincinnati G . & E. Co.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n g or P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n tr a l Illin o is P o w e r C o .
C e n tra l In d ia n a G as C o.
C e n tra l In d ia n a P ow er C o.
C in c in n a ti G as T ra n s p o r ta tio n
C o lu m b ia G as & E le ctric C o.
C u m b e r l a n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l i c S e r v ic e C o .
E a st O h io G a s C o .
G e o r g ia L ig h t , P o w e r & R y s .
I n d i a n a E l e c t r i c C o r p o r a t io n
J e rse y C e n tr a l P r. & L t. C orp .
L in c o l n G a s & E l e c t r i c L ig h t C o .
M i c h i g a n L ig h t C o .
M id d le W e s t P o w e r C o .
M id d le W e s t U t i li t ie s C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h io P u b l i c S e r v ic e C o .
O m a h a & C o u n c il B lu ffs S t. R y .
O zark P ow er & W a te r C o.
P o r t la n d E l e c t r i c C o .
P u b l i c S e r v ic e C o . o f C o l o r a d o
S h a w in ig a n W a te r & P o w e r C o.
U n io n L ig h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W est P en n P o w e r C o.
We have been identified either as principals or
jointly in the financing of the above companies
A. B. Leach & Co., Inc.
NEW Y O R K
BOSTON
PHILADELPHIA
CHICAGO
N ew Holding Co. Proposed. — See V. 120, p. 705.
ORGANIZATION.— A holding co. Incorp. in New Jersey on June 27
1911. This co. owns all of the common and pref. stock o f the Penn-Ohio
Edison C o., which acquired the interest formerly held in the PennsylvaniaOhio Electric Co. by the Republic R y. & Lt. CoJ
* STOCK AND BONDS—
D a te™ '"In ter esC~~Outstanding'. M aturity ™
Common $7,500,000 ($100)________
_________ $6,206,000
See text
Pref6%cum $10,000,000($100)____
Q-J 15
5,191,400 A p r '20, 1 )4
Stock.— Common stock is held in voting trust.
Dividends.— On pref. 114% quar. was paid from organization to and incl.
April 1920. No action was taken on the June 1920 div. V. 110, p. 2568.
None since. Quarterly divs. on common of 1% paid from Jan. 1917 to and
ncl. July 1918. Oct. 1918 div. omitted. V. 107, p. 1193. None since.
R EPO RT.— Consol, income acct. of sub. cos. (inter-co. items eliminated):
Calendar
Year —
Gross
Incom e.
N et, after
Taxes.
Deduclions.
Divs. on Sub. Balance,
Co. P f. Stks. Surplus.
1924----------------- $10,546,268 $3,552,635 $2,013,210
$836,882 $702,543
1923------------------- 9,935,925 3,280,372 1,973,868
608,557
697,947
1922 ----------------- 8,405,882 2,679,780 1,631,529
490,889
557,362
Passengers carried in 1924, 41,727,759, against 43,614,575 in 1923 and
46,542,961 in 1922.
Property, &c.— See Penn-Ohio Edison Co. below.
EXECU TIVE C O M M IT T E E .— J. H. Pardee, Herbert L. Dillon, R . P.
Stevens, Anson W . Burchard and Landon K . Thorne.
OFFICERS.— Pres.. R . P. Stevens; V .-P s., John T . Harrington and
H. A. Clarke; Sec., F. P. Smith; Treas., E. W . Freeman.— V. I l l , p. 693,
1084, 1950; V. 112, p. 470, 1519; V. 113, p. 1983, 2506, 2819; V. 114, p. 739;
V. 115, p. 2380; V. 116, p. 1533, 1650; V. 118, p. 1912, 2305,3198; V. 119,
p. 580, 1065, 1396, 1954, 2531; V. 120, p. 705, 1084.
M ax , 1925.]
POWER, LIGHT AND RAILW AY
107
Electrical Properties Controlled
by
Columbia Gas & Electric Company
Columbia Gas & Electric Company controls, through stock ownership or lease, and supervises the operations
of, a group of electrical properties centering around Cincinnati, Ohio.
The acquisition by Columbia Gas & Electric Company of a controlling interest in The Dayton Power & Light
Company, as of April 1, 1925, has greatly broadened the territory directly served with electricity by Columbia
System companies, extending to the east and north beyond the boundaries of the map reproduced above and now
covering an area of approximately 5,000 square miles.
As a result of this step, the extensive electrical generating facilities of the older Columbia System companies
and those of the Dayton Company are being unified. A greatly strengthened public utility service, including
both electricity and gas, is thereby insured to the actively progressive and unusually diversified industrial terri
tory in the Ohio and Miami River Valleys, with Cincinnati as the center of this definite superpower development
of Southwestern Ohio.
108
PUBLIC UTILITIES
(1) P E N N -O H IO E D IS O N C O .
Controlled by Republic R y. & Light Co.
ORGAN IZATION .— Organized in 1923. Owns practically all o f the
com. stock o f the Pennsylvania-Ohio Elec. C o., (formerly the Mahoning &
Shenango Ry. & Light Co.) and the Pennsylvania-Ohio Power & Light Co.
Has also acquired practically all o f the common stocks o f the Ohio River
Edison C o., Pittsburg District Electric Co. and Salem Lighting Co.
Also owns over 86% o f the preferred stocks o f the Pittsburgh District
Elec. Co. and all the outstanding bonds o f Salem Lighting Co.
F 'F IE L D OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Through its sub. cos. supplies electric light, power and gas to Youngstown
and other communities in the Mahoning and Shenango River Valleys, in
eastern Ohio and western Pennsylvania, midway between Pittsburgh and
Cleveland. The Pennsylvania-Ohio Electric Co. also owns urban and interurban railway lines in the same locality. At the present time the total
aggregate generating capacity o f controlled cos. is 105,540 h.p. and there
are 337 miles o f hieh-tension transmission lines and 1.106 miles o f distribut
ing lines. This is exclusive of the new 88,000 h.p. station completed in
March 1925 at Toronto and the 39 miles o f transmission lines therefrom.
A gas plant serves the city of Youngstown, O., through 28 miles of distribut
ing mains. The railways division has a total of 178 miles o f track, 75 miles
o f which are interurban trackage and 103 miles o f which are city trackage.
There is in addition an auxiliary bus system totaling 80 buses.
Franchises.— Practically ah Pennsylvania franchises are in force for 99
years or are without limit as to time. The principal power and lighting
franchises in Ohio extend beyond 1940. The most important railway
franchises in Ohio extend until 1943, that in the city o f Youngstown being
on a “ service-at-cost” plan permitting the co. to earn a return based on
the valuation o f the property. All franchises are said to be free from
objectionable and burdensome conditions.
A brief description o f the properties not described under separate headings
further below follows:
Ohio River Edison Co. completed in Mar. 1925 a modern steam-electric
power plant on the Ohio River near Toronto, O., with an initial installed ca
pacity of 88,000 h.p. Output will be distributed by Penn.-Ohio Pow. & Lt.
Co. and the new plant is connected with the transmission lines of Pennsyl
vania-Ohio Pow. & Lt. C o., near Boardman, O., by a high-voltage steeltower transmission line o f approximately 39 miles, constructed and owned
by a subsidiary of Ohio River Edison Co. New plant, transmission line
and substations leased to Pennsylvania-Ohio Pow. & Lt. Co. for a term of
999 years, at a net and unconditional annual rental which, after deducting
all charges, will leave a balance for dividends on the stock. V. 117, p. 2111.
Salem Lighting Co. supplies Salem, O ., with electric light and power.
Population served, 10,000.
Pittsburgh District Electric Co. controls, through ownership o f all out
standing securities, companies furnishing electricity for light and power to
the cities o f Kinsman, O., and Greenville, Mercer, Shenango and James
town, Pa. Population served, 30,000.
STOCK A N D BONDS.— Date. Interest. Outstanding. M aturity.
Com. 300,000 shs. (no par)________
_______ 248,240 shs.
Pref. $7,500,000 6% c u m ..................
6%
$6,359,500
30-yr deb bonds $6.000.000... 1923
6H %
6,000.000
1953
3
6H g J-J
3,250,000 Jan 1 1927
lM~yr sec notes $3,250,000 1923
($100, $500 & $1,000 c* and Int. at Central Union Tr. C o.. N . Y ., trustee
$1,000, $5,000 & $10.000r*)
-------------------------------------g .t f
N otes. — Secured by pledge o f the entire issues o f com. stock (except
directors’ qualifying shares) o f Pennsylvania-Ohio Elec. C o., Ohio River
Edison Co., Salem Lighting C o., Pittsburgh Dist. Elec. Co. (except 13
shares) and Pennsylvania-Ohio Pow. & Lt. Co.; subject in the latter case, to
prior pledge under the 1st & coll, trust mtge. of Pennsylvania-Ohio Elec. Co.
Further secured by pledge of all outstanding bonds of Salem Lighting Co.,
which bonds constitute a first lien on that property, and by pledge of over
86% o f the pref. stock o f Pittsburgh Dist. Elec. Co. Are red. all or in part
on any int. date on 30 days’ notice at a prem. of 3% on or before Jan. 1
1924. and thereafter at A % prem. for each 6 months of unexpired life, in
each case with accrued int. Co. has agreed to reimburse noteholders resi
dent in Penna. for the 4-mills tax assessed in that State, and to refund the
State tax in Conn, up to 4 mills annually, and the Mass, income tax not
exceeding 6% per annum on income derived from the notes.
OFFICERS.— Pres., James D. Andrew; V .P ., H. A. Clarke; V .-P .,
R . J. S. Pigott; Sec., F. P. Smith; Treas. & Asst. Sec., E. W . Freeman.
— V. 117, p. 440, 1236, 2111.
(a) PENNSYLVANIA-OHIO ELECTRIC CO. (TH E ).
Controlled by Penn-Ohio Edison Co.
O RGAN IZATION .— Incorp. in Penna. Nov. 19 1914 and in Ohio on
Aug. 20 1917. Was known as the Mahoning & Shenango R y. & Light C o.,
but name changed to present title early in 1920. Has ownership or control
o f the following properties:
Akron-Youngstown Bus Co.
The New Castle Electric Co.
New Castle Electric St. R y. C o.
The New Castle & Lowell R y. Co.
New Castle & Lowell Realty Co.
New Castle & Mahoning St. R y. Co.
New Castle Traction Co.
Penna. & Mahoning Valley R y. Co.
West End Traction Co.
Penna-Ohio Coach Lines
East End Traction Co.
Youngstown Municipal R y. Co.
[V ol.
120.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Supplies, through its subsidiaries, electric light and power to New Castle
and vicinity in western Pennsylvania, and with its subsidiaries owns 116.39
miles of urban and interurban railway lines in and between Youngstown,
Girard, Niles and Warren, Ohio, and N ew castle, Pa. Purchases electric
power from Penn.-Ohio Power & Light Co.
Franchises.— Practically all the Pennsylvania franchises are perpetual.
Railway franchises in Youngstown expire 1943. The most Important
interurban franchises in Ohio expire from 1945 to 1950 and Ohio lighting and
power franchises in 1937 and 1942.
Sale o f Youngstown Interurbans.— In 1923 transferred certain interurban
lines to two new subsidiaries. The line from Girard through Warren and
Niles, Leavittsburg and Mineral Ridge, together with branches, was
transferred to the West End Traction Co. (see below) and the lines from
East Youngstown to the State line at Lowellville, with branches, were
acquired by the East End Traction Co. (sea'below). V. 117, p. 1236.
Operation o f Buses by Co.— See V. 118. p. 1268.
Operation at Cost.— See “ Electric Railway Supplement” o f Oct. 28 1922.
In M ay 1924 was authorized by the Ohio P. U. Comm, to issue $640,000
64£% ref. bonds at not less than 94 to capitalize treasury expenditures
and for extensions and improvements. V. 118, p. 2305.
Interest. Outstanding. M aturity.
STOCK AND BONDS—
Date.
________ $10,628,300 ______ _____
Common $11,000,000 ( $ 1 0 0 ) . . ____
Q-M
4,238,900 M a r ’25 1 J i
Pref 7% cu $10,000,000($100)______
1st mtge & coll tr sk fd ($100,
6 A g M-S 2,836,400 Sept 1 1938
$500 & $1,000) gold— c*tf 1922
733,500 Sept 1 1938
6 A g M-S
Series “ A ” _______________■ 1923
Series “ B” _______________ Bankers Trust Co.. N . Y ., Trustee.
New Castle Traction 1st mtge/ 1897
5 g M -N
470,000 M ay 1 1927
$500,000 gold ($1,000) c*tf lin t, at Union Trust C o., Pittsburgh, trustee.
N C Elec Co 1st M $200,000/ 1897
5 g M-S
200,000 Mar 1 1927
g o ld ___________________ tf lint, at Union Trust C o., Pittsburgh, trustee.
Poland St Ry 1st M $200,000/ 1913
5 J-D
170,000 June 1933
($1,000) guar p & i _____n tf (Union Trust Co. o f Pittsburgh, trustee.
Stock.— The entire com. stock is owned by the Penn-Ohio Edison Co.
The pref. stock has full voting power. Free of Penn, and Ohio State tax
Callable as a whole at 110 & divs. Of the amount reported outstanding
$51,000 owned by Penn-Ohio Edison Co.
Bonds.— 1st mtge. & coll. tr. 64$% bonds are secured by (1) a
1st mtge. on Youngstown City Lines (not incl. "Park & Falls Line ).
subject in part to $170,000 closed 1st mtge. underlying bonds; (2) pledge o f
all the bonds and all of the capital stock of New Castle Electric Co. (except
ing $200,000 1st mtge. 5% bonds of 1927); (3) pledge of entire outstanding
$6,000,000 com. stock of Pennsylvania-Ohio Power & Light Co. An annual
sinking fund equal to 2% of total amount of ser. “ A ” and ser. “ B ” bonds
issued is provided for. $163,600 ser. “ A ” and $16,500 ser. “ B ’ retired
by sink. fd. Ser. " A ” are red. all or part on any int. date on 4 weeks
notice at 110 and int. on or before Mar. 1 1932, and thereafter at 110 and
int., less 1 A % for each full year elapsed after Mar. 1 1932. Ser. “ B are
red. all or in part on any int. date on 4 weeks’ notice at 105 on or before
Sept. 1 1934, the premium decreasing at the rate o f 1 % each Mar. 1 there
after. Penna. 4 mill tax refunded. Int. payable in New York and Chicago.
V. 114, p. 1535; V. 117, p, 2213.
The Poland St. R y. bonds are guar., prin. & int., by the Penn-Ohio
Edison Co. Red. at 100 and int. on 30 days’ notice.
EARNING S.— For calendar years:
Twelve Months Ended Dec. 31—
Gross earnings______________
Operating expenses and taxes.
Interest on funded debt_____
Other interest and discount-..
Preferred dividends__________
Balance for depreciation and common dividends
1924.
$5,074,908
4,290,376
266,702
38,759
296,919
X1923.
$4,812,500
3,998,394
238,355
53,877
296,564
$182,152
$225,310
x Revised for comparison with 1924, to reflect operating results o f Pennsylvania-Ohio Electric Co. as now constituted.
OFFICERS. Pres., J. T. Harrington; V.-Pres., O. S. MacCalla and
H. A . Clarke; V .-P ., Treas. & Asst. Sec., E. G. Dunlap; Sec., F. P. Smith;
Aud., F. E. Wilkin; Asst. Treas., A . R . Hughes; Asst. Sec., E. W . Freeman.
— V. 115, p. 74, 1100, 1732; V. 116, p. 2638, 2994; V. 117, p. 88, 326, 1018,
1236, 2213; V. 118, p. 1268 , 2180 , 2305 , 3198; V . 120, p. 1090, 1205.
(a) WEST END TR AC TIO N CO.
Controlled by Pennsylvania-Ohio Electric Ce.
ORGAN IZATION .— Incorp. in Ohio Jan. 11 1923 and purchased the
interurban properties of the Pennsylvania-Ohio Elec. Co. (see above)
running from Girard through Warren and Niles, Leavittsburg and Mineral
Ridge, together with branches.
For details o f new franchises and fare increases see V. 118, p. 204, 552.
STOCK A N D BONDS.— Date. Interest. Outstanding. M aturity.
Stock $380,000 ($100)_____________
_________ x$369.500 ---------------1st M . $2,000,000 g ($10,0001 1923
7 g J-J
x948,000 July 1 2023
Lawrence Sav. & Tr. C o., New Castle, trust.
x All stocks and bonds are owned by Pennsylvania-Ohio Electric Co.
OFFICERS.— Pres., C. S. MacCalla; V .-P ., J. T . Harrington and H. A.
Clarke; Treas., E. G. Dunlap; Sec., F. E. Wilkin.— V . 117, p. 1888; V. 118,
p. 204, 552.
(6) E A S T EN D T R A C T I O N C O .
Republic Railway & Light
Company
Penn-Ohio Edison Co.
Pennsylvania-Ohio Electric Co.
Pennsylvania-Ohio Power & Light Co.
Controlled by Pennsylvania-Ohio Electric Co.
ORGANIZATION.— Incorp. in Ohio Jan. 11 1923 and purchased the
Interurban properties o f the Pennsylvania-Ohio Elec. Co. (see above)
running from East Youngstown to the State line gat Lowellville, with
branches.
STOCK AND BONDS.— Date.
Interest. Outstanding. M aturity.
Stock $125,000 ($100)_________ ________________ x$114,900 ....... ............
1stM . $ l .000,000 g ($10,000)} 1923
7 g J-J
x278,000 July 12023
/Lawrence Sav. & Tr. C o., New Castle, trust.
x All stocks and bonds owned by Pennsylvania-Ohio Electric Co
OFFICERS.— Same as for West End Trac. Co. above.— V. 117, p. 1347.
(b )
H A R P E R & T U R N ER
Members Philadelphia Stock Exchange
Stock Exchange Bldg.
PHILADELPHIA
RITTENHOUSE 6200
P E N N S Y L V A N IA -O H IO P O W E R & L I G H T C O . (T H E ).
All the common stock is owned by the Penn-Ohio Edison Co.
ORGANIZATION.— Incorp. in Ohio Oct. 13 1920 and purchased from
the Pennsylvania-Ohio Electric C o.— see above (in accordance with the
plan outlined in V. I l l , p. 1661)— all the electric light and power property
and business in Ohio formerly owned by the Penna.-Ohio Electric C o..
Including the power stations at Lowellville and North Ave., Youngstown,
all transmission lines in the State of Ohio, the electric railway lines running
from Youngstown, O., to the Pennsylvania-Ohio State Line near Sharon,
and also the stocks and bonds owned by that co. in the following companies
Shenango Valley Traction Co.
|
Sharon & New Castle St. R y. (Pa.)
Shenango Valley Electric Light Co. IPennsylvania Power Co.
Sharon & New Castle Ry. Co. (Ohio), j Mahoning County Light Co.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
With subsidiaries owns and operates a modern electric light and power
system with 3 power plants o f a total of 98,183 h. p. present installed
generating capacity, with transmission lines and distribution systems.
M ay , 1925.]
Electric railway lines comprise 61.94 miles. Of this mileage 49.35
miles is interurban, o f which about 40 miles is on private right-of-way
There are 307 miles o f high-voltage electric power transmission lines and
extensive distribution lines in Youngstown. Girard and Struthers, O.,
Sharpsville, Farrell, Ellwood City and Sharon, Pa., and vicinity.
Lease .— The new plant, transmission line and substations of the Ohio
River Edison Co. are to be leased by the co. for 999 years. V. 117, p. 1236.
The principal franchises in Ohio extend beyond 1940 and practically all
those in Pennsylvania are without limit of time.
In July 1924 the co. issued $19,000,000 1st & ref. mtge. 5 K % bonds.
Series “ A ,” and $2,700,000 15-year 6% debentures, proceeds being used for
new property and to retire $12,806,000 1st & ref. mtge. 7 l % bonds due
A
N ov. 1 1940 (called for payment Sept. 2 1924 at 110 & int.); $2,000,000
3-year secured 6% notes due June 1 1926 (called for payment Aug. 20 1924
at 101 K & int.), and $2,798,900 8% secured notes due N ov. 1 1930 (called
for payment Aug. 20 1924 at 107 & int.); all these issues have been elimin
ated from table below.— V. 119. p. 76, 456.
Stockholders voted N ov. 5 1924 to reclassify the $2,000,000 auth. and
unissued 8% cum. pref. stock into 7.2% cum. pref. stock.— V. 119, p. 1953.
STOCK AND BONDS—
D ate.
Interest. Outstanding. Maturity.
Common stock____________________
________ *$6,000,000 ......... ..........
2.952.000 __________
Prof 8% cum $8.000 000 ($ 1 0 0 )____
8 Q-F
154 9^0 ___________
7.2%
Pref 7.2% cum $2,000.000_________
1.450.000 M ay’25,1 %
Pref 7% cum $5,000.000__________
7%
1st & ref mtge Ser “ A ” ($5001 1924
5 l g J-J 19.000,000 July 1 1954
A
& $1,000 c* & $1,000 & [Guaranty Trust Co., New York, trustee
multiples r*) gold______ t f )
15-year debentures gold Penn/ 1924
6%
2,700,000 July 1 1939
4-mills tax refunded_____tf (N at’l City Bank, New York, trustee.
Underly’g bonds (closed m tg e s )____
_________
1,628,000 ---------------* Entire $6,000,000 com. stock is owned by the Penn-Ohio Edison Co.
Stock.— All three pref. stock are callable at 115 and accrued divs.
Bonds .— The 1st & ref. mtge. bonds have an annual impt. and sink, fund
of 1% per annum o f total 1st & ref. mtge. bonds outstanding, to be used at
the co .’s option for add'ns & impts. which could otherwise be made the basis
for the issuance o f 1st & ref. mtge. bonds, or for retirement of underlying
bonds, or for retirement of 1st & ref. mtge. bonds. 5 A % Ser. “ A ” are call,
all or part at any time on 30 days’ notice at 105 & int. prior to July 1 1930,
the premium thereafter decreasing 1 % each 6 years to maturity. Int.
payable at offices o f Lee, Higginson & Co. in New York, Boston and Chi
cago. Penna. 4-mills tax refunded. In July 1924 Lee, Higginson & C o.,
Nat City Co., &c., offered $19,000,000 1st & ref. mtge. 5 A % bonds.
Ser. “ A ,” at 98 & int., to yield about 5.65% . V. 119, p. 76.
15-year 6% debentures are call, all or in part at any time on 30 days’
notice at 105 and int. during the first 3 years, the premium thereafter de
creasing 1% each 3 years to maturity. In July 1924 Lee, Higginson & Co.,
Nat. City Co.. &c., offered $2,700,000 15-year 6% debentures at 97 l
A
and int., to yield over 6==%. V. 119, pi 76.
EARN ING S.— For calendar years;
1922.
Tw Iv Months End d Dec. 31—
1923.
1924.
Gross earnings__________ _____ ____ $5,078,419 $5,059,702 $4,284,097
2,962,898
2,488,390
Operating expenses and taxes 2.931,250
$1,795,707
458,458
Net income________________
. . $2,147,168
Other Income__________________ ____
563.446
$2,096,804
518.293
T otal____________________________ $2,710,614
Interest on funded debt____________ $1,333,759
Other interest___________________ . . Cr.18,452
Discount on b o n d s ___________ __ 145,885
Preferred dividends_________________
332,449
$2,615,098 $2,254,165
$1,343,198 $1,295,320
Cr.4.381
4,665
127,312
112,089
295.387
201,395
Balance for deprec’n & com. d iv s ..
$916,973
$844,535
$694,741
— V. 118, p. 3198; V. 119, p. 76. 199, 325, 456, 811, 1953, 2180. 2531, 3011;
V. 120, p. 1090.
AMERICAN GAS & ELECTRIC CO.
Proposed. Consolidation .— For particulars regarding proposed consolidation
with Appalachian Securities Corp., bringing control o f Appalachian Power
Co. and Virginian Power C o., see v. 120, p. 451.
ORGANIZATION.— Incorp. in N . Y. Dec. 20 1906, per plan V. 83, p.
1349, 1473, 1592; V. 101. p. 2168; V. 102, p. 137; V. 106, p. 298, 398.
Controlled by interests affiliated with General Electric Co. New 30,000
k. w. generating plant at 'Windsor, W. Va. (Central Power C o.); V. 107, p.
2291; V . 106. p. 298; V. 105, p. 821, 1524. In 1916 purchased Citizens’
Electric Co. of Pittston, Pa. V. 102, p. 1719. In Sept. 1923 acquired
the West Virginia Water & Electric Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns public service corporations located in six States, supplying electric
light and power in 137 communities, including Canton and Newark, O.;
Muncie, Marion and Elwood, Ind.; Scranton, Pa.; Wheeling, W . Va.;
Atlantic City, N. J.; and Rockford, 111.; serving an aggregate population
of approximately 1,770,000.
Ohio Power Co .— Name changed from The Central Power Co. on N ov. 20
1919, is a consolidation o f the electric light and power companies in Ohio
controlled by the American Gas & Electric Co. Operates in the richest
manufacturing, coal and oil producing, and farming sections of Ohio,
serving 55 cities and towns with electric light and power. See V. 118,
p. 2711; V. 119, p. 1965.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. M aturity.
_______ 1,235 966 shs
See text
Com 1,750,000 shares (no p a r ) ____
Pref 6% cum $25,000,000‘ ( $ 5 0 )____
6 Q-F
$16,436,050 M ay ’25.1 A
Collat mortgage $6,282,0001 1907 5 g F-A
6,282,000 Feb 1 2007
($100, &c) gold______ c*& rjlnt. at Guaranty Trust Co., N . Y ., trustee.
Debenture bonds (Amer series) 1914
6 g M -N 39,404,000 M ay 1 2014
($100, &c.) gold_____c*& rjlnt. at Guaranty Trust C o., N . Y ., trustee.
Stock.— The common stock o f no par value was issued in place of out
standing shares of common ($50 par) in the ratio of 5 shares o f common, no
par value, for each share o f common stock, par $50, Preferred stock is
redeemable at 120.
Bonds .— The collateral trust 5s are secured by pledge of common stocks of
certain subsidiaries. Ara callable at 105. V. 83, p . 1349.
Debenture 6% bonds (American series) are redeemable at 110. Penna.
4 mills tax refunded. V. 99, p. 51, 122; V. 115, p. 1635; V. 119, p. 1067.
In Feb. 1924 $9,000,000 were offered by Bonbright & Co., Inc., at 97
and interest, to yield 6.15%. V. 120, p. 954.
Dividends .— On preferred, 1 K % M ay 1 1907 and same rate quarterly
since. On common stock o f no par value paid on July 2 1923 and Jan. 2
1924 a quar. div. o f 25 cents per share and an extra div. of one-fiftieth o f a
share o f com. stock. On Oct. 1 1923 and April 1 1924 paid 25 cents quar.
On July 1 1924 paid 25 cents and an extra dividend o f one-fiftieth of a share
of common. Oct. 1 1924 paid 25c. quar. In Jan. 1925 paid regular quar.
div. o f 25c., an extra div. o f 1-50 o f a share in com. stock and a special
extra div. o f 50% in com. stock. In April 1925 paid quar. div. of 25c.
E A R N IN G S.— Years ended Dec. 31:
1924.
1923.
1922.
Gross earnings, subsidiary companies.$36,845,628 $33,931,273 $21,738,994
*Net earnings, subsidiary companies. 5,966,416
5,097,571
3.400,100
Earnings A. G. E. C o....................................... ........
1,084,261
992,094
A . G. E . Co. fixed charges and pref.
______
1,979,551
1,358,970
stock dividend___________________
Balance, surplus_________________
______ $4,202,281 $3,033,224
* Net earnings are after deducting all operating, maintenance, deprecia
tion, fixed charges, preferred stock dividend, &c.
OFFICERS.— Chairman o f Board. R. E. Breed; Pres., George N. Tidd;
Y .-P. & Sec., Frank B. Ball; Treas., F. W . Drager. Office. 30 Church St.,
N . Y .— V . 119, p. 1397, 1955, 2644; V. 120, p. 451, 954, 1324, 1879.
NORTHWESTERN OHIO RAILWAY & POWER CO.
In Sept. 1924 was merged into the Ohio Public Service Co. (see statement
on another page). For history o f Northwestern Ohio R y. & Pow. C o.,
see “ Public Utility” Compendium of N ov. 1 1924.
109
POWER, LIGHT A
JSTD RAILW AY
OHIO RIVER POWER CO.
ORGANIZATION.— Organized in 1924 and took over from the bond
holders’ committee at a price of $477,570, the properties of the Ohio River
Electric Ry. & Power Co. (for history see “ Electric Railway” Supplement
of April 26 1924).
C APITALIZATION , &C.— The company has been authorized to Issue
4,860 shares (no par value) common stock with a nominal value of $24 per
share, $252,000 in 7% pref. stock and $100,000 10-year 7% notes or bonds
at not less than 85. The reorganization plan calls for following distribution
of securities:
Bondholders receive for each $1,000 old bond $800 new pref. and 4 shares
com. Old pref. and com stocks wiped out. V. 118, p. 3087.
COLUMBUS RAILWAY, POWER & LIGHT CO.
Control.— In 1924 Continental Gas & Elec. Corp. (see on another page)
acquired control of the company.
ORGANIZATION.— Incorp. in Ohio N ov. 1913 to succeed the Columbus
Traction Co (incorp. Dec. 26 1906 as successor to the Central Market Street
Ry., sold under creditor’s bill in Feb. 1906, subject to the $500,000 bonds)
and took over the Columbus Ry. Co. and the Columbus Edison Co. as per
plan in V. 96, p. 1839. The leases between these two companies and the
Columbus Ry. & Light Co. were then canceled. The Columbus Light,
Heat & Power Co. was acquired in Jan. 1915. See “ Electric Railway Sec
tion" for Jan. 1915 In Sept. 1921 the company acquired stock control of the
Columbus New Albany & Johnstown Traction Co., and purchase of property
effected January 1924. V. 118, p. 663, 23u3. In March 1922 the company
acquired 6 miles of track from tne Columbus Delaware & Marion Electric
Co. V. 114, p. 519, 1062.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Owns and operates the city street railway system of Columbus and suburban
lines to Marble Cliff, Westerville, Gahana and Worthington, and the com
mercial electric light and power systems of the city and vicinity. 149.22
miles single track, 14.49 miles operated under contract. 257 passenger, 4
freight and 54 other cars. 4 steam-electric power stations with 84,000 k. w.
capacity. Franchises for 20.50 miles of railway are perpetual; others expire
In 1926. The franchises provide for 6 cents cash fare or 5 tickets for 25
cents, and universal transfers. Two of the light and power franchises are
perpetual: others expire in 1926 and 1928.
For franchise on Westerville line see “ Electric Railway” Supplement of
April 26 1924.
Valuation .— See V. 106, p . 1344, 2345.
Capitalization .— For details of recapitalization plan approved by stock
holders Feb. 10 1925. See V. 120, p. 209, and V. 120, p. 955, for amend
ments adopted.
STOCK AND BONDS—
Date.
Interest.
Outstanding. M aturity.
Common $6,080,000_________ _____
_______
$6,041,230
dee text
“ A " preferred $2,112,500...................
6%
2,027.293 Apr ’2 5 .I K
“ B” preferred $5.038,700__________
5%
5,028,745 Aug ’24.2J4
Prior preference $1,913,800_ _____
_
4%
First ref & ext sinking fund ( 1915 5 g A-O
4,682,006 Oct T 1940
mortgage $25,000,000 gold]Int. at E . W. Clark & C o., Philadelphia, or
($ 1 ,0 0 0 )......................c*.tf
office of company at Columbus. "Girard
Trust Co., Philadelphia, trustee.
Ref M Ser 6s due 1941 ($500 & ,i 1921
6 g J-D
6.652.500 Dec 1 1941
$1,000 c* & $1,000 r*) g .t f [Harris Trust & Sav. Bank, Chicago, trustee.
Columbus Street Ry first , 1892 5 g J-J
3.000,000 July 1 1932
$3,000,000 gold ($1,000)] Int. at co.’s office & E.W.Clark & Co.,Phila.
c * .n tf IColumbia-Knick. Trust C o., N . Y ., trustee.
Crosstown first mortgage gold 1893 5_g J-D _
..
___________
' ‘
572,000 June 1 1933
($1,000) $572,000_ c * .n tf [Columbia-Knick. Trust C o .. N. Y ., trustee!
_
Col R y. 1st consol mtge $7,-1 1899
4 Q-J
3,132,000 Oct 1 1939
000,000 ($1,000) g__c*.ntf [interest at Union Savings Bank & Trust Co.,
Bonds are redeemable since
o f Cincinnati, trustee: at E. W. Clark &
Oct 1 1914 at 105 and in t .. . C o., Philadelphia, or at company’s office.
Bonds .— Of the First Refunding and Extension sinking fund bonds,
16.704,000 are reserved for underlying liens, $6,000,000 are pledged as
security for the $5,000,000 ref. mtge. 6s series due 1941, and the balance is
reserved for improvements, extensions, &c., at 85% of cash cost or fair
valuation, whichever is less, under certain restrictions. Callable at 105 and
int. on any int. date on 60 days’ notice. Penn. State tax refunded on 60
days’ notice. Sinking fund o f 1% per annum o f bonds outstanding began
Oct. 1 1920.
The refunding mortgage 6% bonds series due 1941 are secured by pledge
of $6,000,000 1st & ref. ext. 5s due 1940. Additional ref. mtge. 6s may be
issued to refund the $4,682,000 1st ref. & ext. bonds outstanding in the
hands of the public and to reimburse the company for extensions and addi
tions under certain restrictions. Callable after Dec. 1 1926 on any int. date
on 60 days’ notice at 110 and int. to and incl. June 1 1931; thereafter at
105 and int. to and incl. June 1 1937; and thereafter at a premium o f 1%
for each year of unexpired life to maturity. Penna. 4-mill tax refunded to
holders resident in Pennsylvania. V . 113, p. 2719.
The Crosstown Street R y. mortgage was for $2,000,000, but was closed at
$572,000. Interest payable at Columbus and E .W . Clark & C o., Phila.
Columbus Railway Co. mortgage has been closed. $3,428,000 bonds
were issued thereunder, of which $296,000 were canceled. Are callable at
105 and interest on any interest date.
Dividends .— An initial div. o f 1 K % was paid on the Series “ A ” pref*
stock April 1 1914; same rate quar. to and incl. April 1918; none to July
1922, when cash divs. were resumed and back divs. paid up in Series “ Ar‘
pref. stock. V. 114, p. 1406. Cash divs. o f 1 K % paid regularly since to
and incl. Apr, 1925. On Series “ B ” initial div. o f 1 K % paid in May 1914
and same rate quar. since to and incl. Feb. 1918. None to M ay 1922.
when cash divs. were resumed and back divs. paid up in Series “ B ” pref.
stock. V. 114, p. 1406. A div. o f 2 K % was declared on “ B ” stock, payable Nov. 1 1923. In 1924, Feb., 1 K % . On c o m ..__________ __ I H %
initlal div. of
was paid in M ay 1914 and same rate quar. to and incl. Nov. 1917. Pel
Feb.
1918 div. passed (V. 106, p. 498). None to Jan. 1923, when a special div.
of 2 K % was paid. V. 116, n. 175. In 1923 cash divs. amounting to 6%
were paid on common. In 1924, March, 1 K % : June, 1 K % : Sept., 1 K % .
R E PO RT.— For years ending Dec. 31:
Years end. Dec. 31—
1923.
1922.
1921.
1920.
Revenue passengers------ 70,177,236 68,495,083 68,921,646 75,112,652
Transfer passengers------ 17,342,632 17,093,730 16,524,837 16,647,663
Total passengers____ 87,619,808 85,588,813
Kilowatt horn’s sold_ 149,471,052 114,664,813
_
Number of customers. _
57,123
50,346
Revenues—
$
$
Railw ay______________
3,702,222
3,611,590
Power, light and heat. .
4,749,234
3,880,440
Non-operating________
11,269
7,312
85,446,483 91,760,315
97,231,398 101,434,834
44,273
38,807
$
S
3,581,555
3,523,768
3,386,611
3,200,608
8,875
3,744
Total gross_________
Oper. expenses & taxes.
8,462,724
z5,794,988
7,499,343
4,497,289
6,977,041
4,366,757
6,728,120
4,672,292
Gross income_______
2,667,735
806,733
13,355
62,042
233,650
3,002,054
818,554
12,342
77,627
245,846
x l,227,996
y279,242
2,610,284
738,719
4,375
130,162
2,055,828
713.288
3,187
72.894
Other deductions.
Sinking fund_____
Common dividends.
Depreciation______
Bal., surp. for y ea r..
422,635
360,354
z
768.966
972,000
528,000
528,000
def631,554
1,209,029
738,459
x Includes $392,376 paid in 6% Series “ A ” pref. stock and $835,620 In
5% Series “ B ” pref. stock on account of accumulations on these stocks
(V. 114, p. 853, 1406). y Includes $91,227 paid in cash on the 6% Series
A pref. stock and $188,015 on the 5% Series “ B ” pref. stock, z Depre
ciation included in operating expenses.
ROAD, &c.— 149.22 miles single track, 14.49 miles operated under con
tract. 257 passenger, 4 freight and 54 other cars. 4 steam-electric power
stations with 84.000 k. w. capacity.
OFFICERS.— Pres., ------------------- ; V.-P. & Treas., Norman M cD .
Crawford; V.-P., Cyrus E. Eaton; Sec., Lyle F. Babbitt; Asst. Sec. & Asst.
Aud., Herbert M . Burlington; Gen. M gr., C. C. Slater.— V. 114 p. 519
853, 1062, 1178, 1406; V. 115, p. 988, 1837; V. 116, p 175, 603, 1531,1759,’
2388; Y. 117, p. 1774; V. 118, p. 663, 1770, 1910, 3077, 3195; V. 119, p.
1623, 1843; V. 120, p. 209, 955, 1325,12011.
110
PUBLIC UTILITIES
(THE) COLUMBUS DELAWARE & MARION ELEC. CO.
ORGANIZATION".— Incorp. in Ohio June 12 1917 to take over the
properties o f the Columbus Delaware & Marion R y., sold under foreclosure
on June 11 1917.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns and operates the central station electric light and power business in
Marion and supplies several villages with electrical energy, the street rail
ways in Marion and Delaware, and the interurban railroad between Colum
bus, Delaware and Marion. Also furnishes electricity to the villages of
Essex and Richwood. 59 51 miles o f single track equivalent; 23 city and
Prospect,Waldo, Powell, Radnor, Greencamp, Caledonia, Meeker, Stratford,
12 interurban passenger cars, 4 freight and express cars, 11 freight box car
trailers, 18 flat, dump and work cars, and 2 motor snow plows. Has a
complete electric distribution system in Marion and 3 steam power stations
having an aggregate capacity o f 12,050 k.v.a. Over 89% of cos. own
interurban track is on private right-of-way. Has entrance to centre of
Columbus over tracks o f the Col. R.y., P. & L. C o., 4.09 miles.
Franchises contain no burdensome restrictions.
STOCK AN D BONDS—■ Date.
Interest. Outstanding. Maturity.
Common $3,000,000 ($100)________
_______
$1,200,000 __________
Pref 7% cu m $3,000,000 ($ 1 0 0 )____
7 Q-J
998,000 Oct ’24, IK
First & Refunding Mortgager 1917 5%
1,741,000 July 1 1937
Stamped to bear 6 % ______ j 1917 6%
1,750,000 July 1 1937
$7,500,000 ($1,000)______ clCleveland Ttust C o., trustee.
10-yr conv deb bds Ser A j 1925 6 g A-O
1,250,000 Apr 1 1935
($500 & $1,000) g o ld ._ c* tflin t, at office or agency o f co. in Boston.
Stock.— Pref. is non-taxable in Ohio, N . Y ., N . H. and Conn. Red. all or
part at 115 and, divs. Additional pref. stock cannot be issued without
the consent o f the majority o f the pref. stock, unless the net earnings avail
able for divs. thereon are double the requirements on the pref. stock issued
as proposed. N o stock having priority can be auth. except with consent
o f 75% o f pref. stock.
Bonds.— $1,741,000 1st & ref. mtge. bonds bear 5% int., while $1,750,000
are stamped to bear 6 % . The additional int. o f 1% per annum is to be
secured by any gen. m tge. which the c o . may execute in the future. Y . 115,
p. 1531. $540,000 o f the first & ref. mtge. bonds are reserved to retire
under lying bonds. Additional bonds may be issued for 80% of the actual
cost o f additional properties and permanent extensions, additions, improve
ments or betterments, but only under certain conditions. Sinking fund of
1% o f outstanding bonds annually began Jan. 1 1920. The 5% bonds are
red. at 102 and int. on any int. date upon 30 days’ notice. The 6% stamped
bonds are red. all or in part on any int. date on 30 days’ notice at 107 14 and
int on or before Jan. 1 1927 and thereafter at 100 plus a premium of 5%
less H o 11% for each full year o f expired life after July 1 1927. V. 115, p
1531. Int. it also payable at Bankers Trust Co., N . Y . City.
10-year conv. deb. Series A 6s are convertible at any time before April 1
1935, into the com. stock, at the option of the holder, on the following basis:
The first $250,000 of debentures to be presented for conversion will be con
verted on the basis o f six shares o f stock for each $100 of bonds, the next
$500,000 on the basis o f five shares for each $100 of bonds and the bext
$500,000 on the basis o f four shares for each $100 of bonds. Are call., all
or in part, on any int. date on or before April 1 1933 upon 30 days’ notice
at 103, and thereafter at 100 and int. Penna. and Conn. 4-mills taxes
refunded. In April 1925 $1,250,000 were sold by Bodell & Co., N. Y .,
at 96 and int., to yield over 6K % . V. 120, p. 2145.
Dividends.— Divs. were paid on pref. stock as follows:
Date.
Divs.
Principal
D ivs. \ _Paid.
Principal
Am ount. Rate. Paid.
Date.
Am ount. Rate. Paid.
1 K % $11,375 June 1921 $1,000,000 1 K % $17,500
li
17.500
11.375 Sept. 1921 1,000,000 I K
17.500
1
11.375 Jan. 1921 1,000,000 1 K
17.500
11.375 Mar. 1922 1,000,000 1 K
Oct. 1917 $650,000
Jan. 1918
650.000
Mar. 1918
650.000
June 1918
650.000
Sept. 1918
650.000
Jan. 1919
650.000
Mar. 1919
650.000
June 1919
650.000
Sept. 1919
710.000
Jan. 1920
725.000
Mar. 1920
725.000
June 1920
774,800
Sept. 1920
929,600
Jan. 1921 1.000.
Mar. 1921 1.000.
Divs. were paid on
Date.
K
11.375 June
11.375 Sept.
11.375 Jan.
11.375 Mar.
12,425 June
12.687 Sept.
1
12.687 Jan.
13,559 Mar.
16,268 June
17.500 Sept.
000
000 1%17.500
com. as follows:
IK
IK
K
IK
IK
IK
IK
Prin.Am t. Rate. Divs.Pd.
1922
1922
1923
1923
1923
1923
1924
1924
1924
1924
Date.
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
K
IK
1%
1
IK
IK
1K
IK
IK
IK
IK
17.500
17.500
17.500
17.500
17.500
17.500
17.500
17.500
17.500
17.500
P rin.A m t. Rate. Divs.Pd.
Apr. 1 ’20 $700,000 2% $14,000]Apr. 1 ’2181,200,000 2% $24,000
24,000 [Oct. 1 ’21 1,200,000 1%
12,000
Oct. 1 ’20 1,200,000 2%
— A n n. Require, for — B al.forDep.
EARN ING S. Operating xOperating
B d.,& c.,Int. P ref.D iv. Com.Stk.,A.c
Year ending— Revenue.
Incom e.
$371,438
$290,258
$69,895
$11,285
1924_________$1,202,788
1923_________ 1,194,102
355,243
264,182
69,895
21,166
x After taxes and depreciation.
OFFICERS.— Pres. & Gen. M gr., A. F. Van Deinse: Sec., Treas. &
Aud., C. C. Martindill. V. 117, p. 1235; V. 118, p. 1910; V . 120, p. 2145.
NORTHERN OHIO POWER CO.
OR GA N IZA TION .— A holding company incorp. in Maryland Jan. 3
1925 and as of Feb. 1 1925 acquired all the assets of the Northern Ohio
Electric Corp. (for history, see “ Public Utility” Compendium of N ov. 1
1924) under the reorganization plan o f that corporation dated Dec. 30
1924 (V. 120, p. 87), including over 99% of the com. stock of the Northern
Ohio Traction & Light Co.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
_______ 430,000 shs __________
Com stock 50,000 shs no p a r .______
10-year 7% bonds___________ 1925 7 F-A
$2,800,000 Feb 1 1935
Options*____________________ _____
_______
70,000 Aug 1 1926
* Each ten options calling for the delivery of a $100 bond and ten shares
stock upon payment to the company o f $100 in cash.
Period End. M a r. 31— 1925— 3 M os — 1924.x
1925— 12 M os. — 1924.
Gross earnings_________ $2,873,258
$2,450,778 $10,503,477 $9,876,176
Oper. exp., incl. taxes &
maintenance________ 2,108,354 1,830,084
8,126,280
7,606,989
Gross income________
Fixed charges (see note).
$764,904
548,804
$620,694
487,858
y Net income________
$216,100
$132,836
$2,377,196
2,129,790
$2,269,187
1,907,330
$247,406
$361,857
N ote .— Fixed charges prior to Feb. 1 1925 have been computed for
comparative purposes to include interest o f the Northern Ohio Power Co.
for expired periods of 1925 and for year 1924 and include interest charges
and divs. on outstanding pref. stock of subsidiary companie.
x In Feb. 1924 earnings were adversely affected by non-operation o
Akron City lines for 27 days, y Available for replacements, depreciation
and corporate purposes.— Y. 120, p. 583, 705, 958.
NORTHERN OHIO TRACTION & LIGHT CO.
ORGAN IZATION .— Incorp. in Ohio in Dec. 1902 as successor to the
Nor. Ohio Trac. C o., having exchanged its securities for the com. and pref.
stock o f the latter per terms in V. 75, p. 733. In 1906 acquired control of the
Canton-Akron Consol. R y., and guarantees that c o .’s $2,500,000 consol. 5s,
prin. & int. V. 83, p. 435, 849.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Electric railway line extends from Cleveland through Akron, Canton,
Massillon and New Philadelphia to Uhrichsville in Tuscarawas County
with branches to Ravenna and Warren, where connection is made for
Youngstown, to Wadsworth (via Barberton) and to East Greenville from
Massillon. Operates a fast freight service having operating agreements
with various other electric lines and steam roads. On Dec .311924 operated
291.46 miles o f track, and operated 5 miles under trackage rights, affording
an entrance into Cleveland. Has purchased franchise rights of ClevelandAkron Bus Co. V. 119, p. 2180. Owns Lakeside Park in Akron and
Meyers Lake Park in Canton. Also owns 1,011 acres of coal land in
Noble County. Rails, 70 to 114-lb., standard gauge. Has 513 inter
urban and city railway cars, incl. 25 passenger trailers, 50 freight cars
and 37 service cars, also 76 passenger motor buses to supplement city rail
way service and 37 motor coaches on interurban lines (see also V. 118,
p. 1774). Does the exclusive commercial light and power business in
Akron and supplies energy, directly or indirectly, to 30 other communities.
Cleveland-Akron transmission line placed in operation M ay 1924. Two
generating stations with an aggregate installed capacity of 92,500 h. p. A
4-story office bldg, and passenger terminal in Akron was opened M ay 1 1918.
[V ol. 120.
Franchises .— The electric light and power properties are operated under
rights without specified limit as to duration. City railway franchises expire
as follows: Akron, 1928; Canton, 1928; Massillon, 1932. 55% of the inter
urban trackage is on private right-of-way or subject to franchises without
time limit; franchises for remaining interurban mileage expire from 1922 to
1944. See V. 114, p. 1064. New street railway franchise in Akron be
came effective N ov. 12 1924. Compare V. 116, p. 1050.
In March 1925 the co. was auth. by the Ohio P. U. Comm, to issue
$7,000,000 in bonds and notes to reimburse the treasury for capital ex
penditures. The issue is to be divided as follows: $2,500,000 First Lien
& Ref. 5% M tge. bonds. $2,500,000 6% bonds due in 1947, and $2,000,000'
in 2-year 6% notes dated Feb. 1 1925. Compare V. 120, p. 87.
Stockholders’ Suit.— See V. 120, p. 2149.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
See text
See text
Stock com $10,000,000 ( $ 1 0 0 ) .____
________
Pref 6% $5,451,800cum ___________
6%
$4,612,100
See text
7%
Pref 7% $4,548,200 cum --------- -------2,272,600
See text
1st lien & ref mtge g ($100, {1 9 1 6
5 g F-A
4,616.000 Aug. 1 1956
$500. $1,000, & c)_ c*&r*\lnt. payable in New York or Cleveland.
_
Northern Ohio Traction &[ 1903
4&5 g J-J 3,219,000 Jan. 1 1933
Light 1st consol ($1,000)(Int. at Union Trust C o., Cleveland, trustee.
gold $7,500,000-----------c*tf ( or at First National Bank, New York.
Nor Ohio Trac & Lt Ser “ A ” | 1922
6 g M -S
11,090,500 Mar. 1 1947
gen &ref M ($.500&$ 1,000) c * VInterest at National City Bank, New York.
$1,000, $5,000 & $10,000 r*J trustee,
g o ld ------------------- ----------t f l
Gen & ref mtge 6% ser due/ 1924
6 g M-S
1,288,000 M ar. 12 26
1926 ($500 & $1,000) g_c*tf\lnt. at National City Bank, N . Y ., trustee.
Nor Ohio T & Lt secured n o t e s ____
7K %
750,000 D ec. 1 1928
Akron Wads & West mortgage! 1906
5g
See text July 1 1933
$500,000 guar ($ l,0 0 0 )--tf{
Secured 6% bonds (see text)\ 1919
6 g J-D 1 1,856,000 June 1 1926
($100, $500 & $1,000) gc*tfjB ankers Trust Co. New York, trustee.
Stock.— The pref. stock is red., all or part, at 110 and div. on any div.
date. Is pref. as to div. and assets and has full voting power. V. 92, p. 956;
V. 95, p. 48; V. 97, p. 1116; V. 112, p. 1741, 2191; V. 113, p. 629.
Bonds .— Additional 1st lien and ref. bonds may be issued (a) par for par
for refunding or acquiring the $3,991,000 underlying bonds; (b) for 85% of
cost of new construction, additions, betterments and extensions, and (c) for
85 % of cost or replacement value of additional properties under conservative
restrictions. The bonds are secured by mortgage on entire property, subject
to underlying liens and by deposit of $4,000 of 5s and $4,277,000 of 4s of
Nor. Ohio Trac. & Lt. bonds of 1933, $1,438,000 Canton-Akron con. 5s
of 1933, $200,000 Akron Wadsworth & Western 5s, $855,000 Canton-Akron
Ry. 1st 5s, due 1922; $2,320,000 are pledged as security for the $1,856,000
7-year 6% bonds, and $11,819,500 under the gen. & ref. mtge. 6s, Ser. “ A ,”
and 6% “ Ser. due 1926.” Red. as a whole or in part on any int. date at
105 and int. The mtge. provides for a maintenance and depreciation fund
of 20% of gross earnings for maint. & replacements, or for additions & bet
terments, against which no bonds may be issued; also provides for an insur
ance reserve for damage claims, &c., of 4% of gross earnings until $100,000
Is reached, at which figure the fund is to be maintained. Trustees are N. Y.
Trust Co., N. Y ., and Union Trust C o., Cleveland. V. 103, p. 1210.
Of the Northern Ohio Traction & Light consols, $996,000 are 5s, all
outstanding; the rest 4s.
The Northern Ohio Trac. & Lt. gen. & ref. mtge. 6s are issuable in differ
ent series at various rates of interest, maturities, &c., under certain restric
tions. Series “ A ” and 6% “ Series due 1926” are secured by a pledge of
$11,819,500 1st lien & ref. mtge. 5s, which amount of pledged bonds is to
be increased by $2,320,000 upon retirement of the secured 6% bonds, due
June 1 1926. A sinking fund of K % semi-annually, of total gen. & ref.
mtge. bonds outstanding began Dec. 1 1922. $301,500 canceled by sinking
fund up to Dec. 31 1924. A general reserve fund for maintenance and re
placement of the property is provided for. Series “ A ” are red. on any int.
date on 30 days’ notice at 110 on or before March 1 1932; at 107 K thereafter
to and incl. March 1 1942, and at 102(4 thereafter, but prior to maturity.
The 6% “ Series due 1926” are red. on any int. date on 30 days’ notice at
101 on or before March 1 1925; at 100(4 on Sept. 1 1925, and at 100 on
March 1 1926. $1,250,000 were offered in June 1924 by the National City
Co. at 99 and int., to yield over 6.54%. V. 118, p. 3078. Four mills tax
In Penna. refunded. V. 114, p. 1180. Listed on N. Y . Stock Exchange.
Y. 115, p. 74. The 7-year 6%, bonds are secured by a pledge of $2,320,000
1st lien & ref. 5s. Additional 7-year bonds may be issued from time to time
under certain conditions upon the deposit of cash or the pledge of 1st lien
& ref. 5s in the ratio of 125%. V. 108, p. 2433.
On Jan. 24 1914 stockholders approved action of directors in providing
for payment of Federal income tax upon the various issues of the c o .’s bonds.
CANTON=AKRON CONSOLIDATED RY.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Consol mtge $2,500,000 gold/ 1906 5 g J-J
$772,000 Jan. 1 1933
guar p & i by North Ohio-(Interest at Union Trust Co., Cleveland,
Trac & Lt ($1,000)____c * tf [ trustee, or First Nat. Bank, New York.
Bonds .— Of the $2,500,000 consolidated bonds, $1,438,000 are pledged
under Nor. O. Tr. & Lt. 1st & ref. mtge. and $290,000 are reserved for extern
and impt. at 85% of cost. Wm. Baldwin, Boston, is also trustee. V. 91,
p. 1628, 1765. Certain of the Canton-Akron Consol. 5s are red. at 102(4
and int. on 4 weeks’ notice and others at par and int.
Dividends.— Pref. stock was issued in 1911 and divs. of 1(4 % quar. have
been regularly paid. In 1921 a 7% cum. pref. stock was created (see above)
and divs. on this issue are being regularly paid. Divs. on com. were begun
In 1906 by the declaration of 2% , payable in quar. installments of (4 % from
June 15 1906. V . 82, p. 1213. In 1907 2% was again declared, payable in
quar. installments from June 15 1907. In 1908, June, (4% ; Sept., (4 % ;
Dec., K % . In 1909, 1(4% . In 1910, 2(4%_. In 1911, 3 (4 % . In 1912,
4 K % . In 1913 to 1916, 5% per ann. In 1917, M ar., 114%; M ay. 1 K % ;
Aug., 1(4% ; N ov., 1 (4 % . Practically all of the com. stock being owned
by the Northern Ohio Power C o., dividends are no longer reported.
REPORT.— For calendar years
Calendar
Year —
Gross
Earnings.
1924________ $10,080,997
1923_________ 10,105,175
1922------------ 9.263.152
Calendar
Years—
N et aft.Taxes
< M aint.
ft
Fixed
Charges.
$2,177,564 $1,428,949
2,339,529 1,310,534
2,426,621 1,356.239
Elec. Sales.
K .W .H .
Electric
Customers.
Preferred
Dividends.
$431,751
412,360
374,592
Balance.
Surnlus.
$316,864
616.635
695,790
-R ev. Passengers CarriedCity
Interurban
Systems.
Systems.
1924____________ 176,245,654
51,516
48,563,053
14,076,387
1923_________
157,468,263
48,328
54,112,423
16,658,235
1922____________ 135,397.186
45,496
50.632,248
17.117,064
OFFICERS.— Pres., B. C . Cobb, N . Y .; V .-P ., T . A. Kenney, N . Y .;
Y.-P., J. C. Weadock; V.-P..& Gen. M gr., A. C. Blinn; Sec., Chas. H.
Lahr; Compt., P. Murdoch; Treas., L. I. Wells; Asst. Treas., E. E. Nelson
and O. Wigand; Gen. Aud., H. G. Kessler.— V. 115, p. 74, 183, 760, 1100
1429, 1838, 2794; V. 110, p. 410, 1050, 1650, 2389; V. 117, p. 1556, 1886
V. 118, p. 203, 311, 664, 1013, 1136, 1521, 1774, 1912, 2042, 2305, 3078
V. 119, p. 580, 1282, 2180; V. 120, p. 87, 1204, 2109.
CLEVELAND RAILWAY CO.
The receivers of the M unicipal Traction C o. having been discharged and
the debts of that company provided for, the Cleveland R y. Co. on March 1
1910 resumed possession of its lines under ordinance (see below) of Dec. 1909.
V. 90, p. 626. The lease to M unicipal Traction Co. was canceled of record.
Franchise Ordinance— Valuation .— For particulars see “ Electric Railway”
Supplement of April 26 1924.
ORGANIZATION.— In 1908 changed name from the Cleveland Elec.
R y. Co. (which had in 1903 taken over the Cleveland City R y .) to Cleveland
R y. C o., and authorized new stock to the amount of $35,000,000. The
old stock of Cleveland Elec. R y. was given a valuation of $55 per share,
or $12,870,000 (having formerly been $23,400,000) and was paid for in
new stock issued by Cleveland R y. at par ($100 valuation). The Forest
City R y. (which had first absorbed the Low Fare R y.) was purchased for
$1,805,600 stock of Cleveland R y ., the shares of the Forest City R y.
being accepted at their par ($100) value.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates 424.9736 miles of single track, of which 378.3145 miles are
owned. M ostly 80, 95. 100, 103 and 141 lb. standard rails; l,469passenger
cars and 212 service cars.
POWER, LIGHT AND RAILW AY
M a y , 1925.]
On Jan. 2 1917 a board o f arbitrators authorized the co. to enter into an
18-year contract with the Cleveland Electric Illuminating Co. for the
purchase of power, which was accordingly done.
Increased Interest on Capital Stock Voted D ow n .— The Cleveland City
Council on Dec. 29 1919 formally granted an increase in the company's
interest rate from 6 to 7% in accordance with the recommendations of a
majority of a Board of Arbitration (V. 109, p. 2262; V. 110, p. 261) who
conducted an inquiry into this question. On Aug. 10 1920, however, this
question was submitted to a referendum vote and defeated. Y. I l l , p.
692, 1565. Compare V . 110, p. 2387; V. I l l , p. 389.
The company on April 1 1920 paid 1% % , but subsequent int. payments
are being paid at the old rate o f \ )4 % quarterly. The city has brought
suit to compel the company to pay back into the interest fund the $72,000
paid out in int. over the regular rate on April 1 1920. V. I l l , p. 1182.
1277, 1565. In Apr. 1925 the case was pending.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $35,000,000 ($100)__________
Q-J
$29,046,500
See text
First mortgage $35,000,000 g ( 1911
5 M-S
5,495,000 Mar 1 1931
($1,000) ____________ c*tf/Interest in New York City or Cleveland.
Bonds .— Of the first mortgage o f 1911, $15,000,000 auth. may be issued for
85% o f cash cost of extensions, betterments, &c., and remaining bonds for
50% o f such cash cost, when net earnings for previous 12 mos. shall have
equaled at least twice the int. charge, including bonds proposed to be issued
Bonds are red. on any int. date at 105 and int. on 90 days’ notice. The
Union Trust Co. (formerly Citizens Sav. & Tr. ) ,Cleveland, and Bankers
Trust C o., N. Y ., trustees.
Interest on Capital Stock.— First payment— \ % % — under new franchise
ordinance of Dec. 1909 paid April 1910 and 1 K % quar. to and includ
ing Jan. 1920. On April 1 1920 1M % was paid. V . 110, p. 2487. Subse
quent payments are being made at the old rate of 1 % quar. (see above).
R E PO RT.— For calendar year:
Calendar
Year —
Gross
Earninas.
N et
Earninas.
Other
Incom e.
Int..T axes & Balance,
6% Div.
Sur. or D' <
1924________ $17,313,549 $3,052,068 $146,666 $3,302,212 def.$103,478
1923________ 16,342,104
2,018,380
152,208
3,100,606 ef$930,0l8
1922________ 16.893,034
4.810.624
189,360
3,398.829 surl.601,154
OFFICERS.— Pres., J. J. Stanley; V .-P ., J. H. Alexander; Gen. M gr.;
R . W . Emerson; Sec., Paul E. Wilson; Treas., W . J. Mead; Asst. Treas.,
Paul S. Schreiner; Aud., Thos. P. Kilfoyle.— Y. 114, p. 197, 1062, 2115,
2359, 2716; V. 115, p. 182, 435, 1099, 2045; V. 116, p. 822, 1048. 2006:
V. 117, p. 1016, 2432; V. 118, p. 1770, 2303; V. 119, p. 1952.
OHIO TRACTION CO.
111
1982, 2078, 2184, 2818; V. 114, p. 305, 409, 1650, 2716; V. 115, p. 435, 759’
V. 116, p. 515, 1275; V. 117, p. 85, 781, 1236, 1346, 2768; V. 118, p. 1011.
1391,3076.
(a) CINCINNATI STREET RAILWAY.
Was leased on Feb. 21 1901 to the Cincinnati Traction Co. for the unex
pired term of the franchise granted by the city of Cincinnati on Aug. 13
1896, and all successive renewals and extensions of the same. The rental is
intended to provide dividends o f 5 M % for the first year, 5 K % for the
second, 5 % % for the third and 6% for the fourth year and thereafter. V . 72,
p. 136. In Feb. 1924 it was reported that a settlement had been arrived at
whereby the Cincinnati Traction Co. would surrender its lease o f the com
pany’s properties. For terms o f reported settlement see V. 118, p. 1011.
Franchises, it is claimed by company, mature April 22 1946.
ORGANIZATION.— Incorporated June 21 1880 and in 1896 purchased
M t. Adams & Eden Park and M t. Auburn roads.
STOCK AND BONDS—
Par.
Interest. Outstanding. Last div.,A c .
6 Q-J
$18,738,950
See text
Stock $20,000,000___________ $50
Dividends.— To an including April 1901, 5% per annum; July 1 and
Oct. 1 1901 and Jan. 1 and April 1 1902, 1.3125% each; July 1 1902, Oct. 1
1902, Jan. 1 1903 and April 1 1903, 1.375% each; July 1 and Oct. 1 1903
and Jan. 1 and April 1 1904, each 1.4375%; July 1904, I M % ; Oct. 1904.
1 M % ■ Dividends since have been at the rate of 6 % per annum and will
so continue to the end of lease and its renewals.
OFFICERS.— Pres., Chas. W . Dupuis; V.-Ps., Geo. W . Lewis and
Samuel Assur; Sec. & Treas., A. J. Becht.— V. 108, p. 1511; V. 112, p. 1282;
V. 113. p. 416; V. 118 p. 1011 1519; V. 119 p. 2528; V. 120 p. 701.
(2) CINCINNATI & HAMILTON TRACTION.
ORGANIZATION.— This company was organized in Aug. 1902 as a
consolidation of the Mill Creek Valley Street R y . and the Hamilton Glendale
& Cincinnati Traction. V. 75, p. 497. On Sept. 30 1902 was leased to the
Cincinnati Interurban Co. (V. 75, p. 906), but on July 6 1905 lease was
assigned to the Ohio Traction Co. and the Cincinnati Interurban Co. placed
in liquidation. Rental, year end. Sept. 30 1903, $55,000. increasing to
$100,000 for 1915-16 and thereafter.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.— A
trolley road. Owns and operates 36.74 miles of track from the “ Zoo” in
Cincinnati to Hamilton, incl. branch Hartwell to Lockland. Gauge.
5 ft. 2 in. Operates over tracks of Cincinnati Traction Co. from “ Zoo”
to Fountain Square in Cincinnati.
Stock.— Auth. and outstanding, common, $1,100,000; 5% cumulative
pref., $1,100,000. Par of shares, $100. Divs. payable Q.-J.
Dividends.— 5% per annum is being paid on the pref. stock. The first
div. on the com. of M % was paid Jan. 1 1904 and Vs % was again paid on
April 1, July 1 and Oct. 1 1904. In 1905, 1% ; in 1906, 1 H % ;in 1907, 2% ;
in 1908, 2% ; in 1909, 2)4% \ in 1910, 2)4% ; in 1911 and 1912, 3% ; since,
1% quarterly.
OFFICERS.— Pres., B. L. Kilgour: V .-P ., Geo. W . Lewis; Sec. & Treas.,
A. J. Becht, all of Cincinnati.—-V. 106, p. 924; V. 118, p. 549.
ORGANIZATION.— Incorp. in Ohio on May 22 1905 and owns practi
cally the entire capital stock o f the Cincinnati Traction Co. and Cincinnati
Car Co. On July 6 1905 lease o f the Cin. & Hamilton Trac. C o. was as
signed to this co. by the Cin. Interurban Co. nad the latter company placed
in liquidation. This co. also acquired the property o f the Traction Build
ing C o., which went into liquidation.
Decision Placing A ll Lines in Cincinnati under Service-at-Cost.— V. I l l , p.
1567.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ($100)__________
Q-J
$8,555,000
Seetext
Pref $10,000,000 5% cum_____________
Q-F
8,500,000
Seetext
LAKE SHORE ELECTRIC RY.
First mtge $2,500,000 gold f 1911
5g
2,500,000
1936
ORGANIZATION.— The Lake Shore Electric R y. was incorporated on
sinking fund ($1,000)_____(Int. at Fidelity Trust C o., Phila., trustee.
Sept. 25 1901 under laws of Ohio as a consolidation of the Lorain & Cleve
Gen & ref conv bonds gold____ 1920
6H %
2,648,000 Jan 11945
Stock.— Further issues o f stock can only be made for acquirement of land R y., the Sandusky & Interurban R y., the Sandusky Norwalk & South
ern R y., and the Toledo Fremont & Norwalk R R . V. 73, p. 784. About
other properties and additions to the present properties.
half the road is built on private right of way.
Bonds.— First mtge. covers holdings o f stock o f the Cincinnati Traction
Controls the Lorain Street R R . and the Sandusky Fremont & Southern
Co. and Cincinnati Car Co. owned and controlled by Ohio Trac., and all
Other property and franchises. Bonds are redeemable as a whole or in part Ry., which see below. Also controls the People’s Light & Power Co. and
for sinking fund on any int. date at 103 and int. Sinking fun d provides for the Bellevue Illuminating & Power Co. On Aug. 1 1918 purchased 50% of
retirement of bonds at maturity. V. 92, p. 726. Amount in sinking fund the capital stock of the Ohio State Power Co. (The other 50% is owned by
the American Gas & Elec. Co. of New Y ork). In 1907 made contract to
Apr. 1 1925, $1,119,000.
Gen. & ref. conv. 6)4 % bonds are secured by pledge o f 19,989 shares of supply power to the Toledo Findlay & Fostoria and several other roads.
Cincinnati Traction C o .’s capital stock, 14,995 shares of Cincinnati Car V. 85, p. 1646. In Jan. 1915 the articles of incorporation were amended to
C o.’s capital stock and the Traction Bldg., all subject to 1st mtge. 5s. enable the company to sell and distribute electicity for light, heat and other
The gen. & ref. 6 45s have a sinking fund of $53,520 per ann., payable semi- purposes in certain localities.
ann., to be invested in said bonds at 101 or lowest offering price, payments
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS —
began Jan. 1 1924. $82,917 in sinking fund Apr. 1 1925.
Operates 180 miles, extending from Cleveland to Toledo and Sandusky, and
Dividends.— First div. on pref. stock— 1 %— was paid Aug. 1 1905. from Sandusky to Norwalk; also city lines in Sandusky; standard gauge; 70
and same rate paid quar. to and incl. Nov. 1915. The Feb. 1916 div. was to 100-lb. rails. Through line from Cleveland to Toledo was opened for
deferred. See Pres. Schoepf’s letter in V. 102, p. 437. On com ., first business about Aug. 26 1902. In addition owns the Sandusky Fremont &
div.— 1%— paid N ov. 1 1909. In 1910, Oct., 1% . In 1911, July, 1%; Southern, 20 miles, and the Lorain Street R R ., 24.77 miles, making a total
of 216.77 miles. 114 passenger, 40 express and other. 52 work and freight
Oct., 1% . In 1912, 4 % . In 1913, Jan., 1% ; April, 1% . None since.
cars; total, 206.
EARN INGS.—
Gross
N et
Fixed
Balance,
On M ay 14 1923 the stockholders authorized the creation of $2,000,000
Cal. Years.
Incom e.
Incom e.
Charges.
Surplus. 7% cum. prior pref. stock to be sold from time to time to reduce floating
1924-------------- 1--------- $1,068,701
$880,420
$21,275
$859,145 debt, retire bonds, and for improvements, &c. The reduction of the author
1923--------------------------i , 149,312
993,152
316,933
676,219 ized amount of first preferred 6% stock from $1,500,000 to $1,000,000 was
1 9 2 2 .................. .......... 1,194,324
1,040,482
327,942
712,540 also approved. V . 116, p. 2255. Compare V. 116, p. 2129, 2007.
OFFICERS.— Pres., W. Kesley Schoepf; Vice-P., Walter A. Draper;
STOCK AND BONDS—
Date.
Outstanding. M aturity.
Yice-P. & Chief Eng., T . H. Schoepf; Vice-P. & Treas., H . L. Sanders;
$4,500,000
Sec., J. W . Nicholson; Asst. Sec., C. Hein; Gen. M gr., A. Benham.— Common $4,500,000 (par $ 1 0 0 )____
V. 104, p. 1593; V. 107, p. 803; V. 108, p. 873, 2630; V. 109, p. 776; V. Prior pref $2,000,000 ($100)
7% cumulative___________ _____
See text
Q-J
110, p. 562; V. I l l , p. 1279, 1370, 1567: V. 112, p. 1742, 1867; V. 114. p.
1st p f $1,000,000 ($100) 6% c u m ___
1 , 000,000
See text
Q-J
1891; V. 116, p. 410; V. 117, p. 440, 553: V. 118, p. 311, 1013.
2d p f $2,000,000($100)5% n-c______
2,000,000 N o div. yet
(1) THE CINCINNATI TRACTION CO.
First consol mtge $4,000,000/ 1903
1,600,000 Jan ______
1 1933
____________ ,
_
6 g J-J
......
($1,000) gold________c* .tf {Int. at Union Trust C o., Cleveland, trustee,
ORGANIZATION.— Incorp. in Ohio on Feb. 19 1901 with an auth.
l or Trust Co. of America, New York.
capital stock of $2,000,00d (which, all except 11 shares, is owned by the
5 g -F A
2,255,000 Feb 1 1933
Ohio Trac. C o.), to take over under lease the Cincinnati Street Ry. Co. General mortgage $7,000,000/ 1903
($1,000) gold________c* .tf jln t. at Union Trust Co., Cleveland, trustee,
See V. 72, p. 391. In Feb. 1924 it was reported that an agreement had
[ or company’s agency in New York.
been reached whereby the street railway interests, the Cincinnati Traction
5 g J-J
750,000 July 1 1927
Co. and the Ohio Traction Co. would be sold to the Cincinnati Street Rail Lorain & Cleveland first goldf 1897
($1,000) $1,000,000_____tf-jlnt. at Cleveland Trust Co., Cleveland, or
way Co., conditioned on the City of Cincinnati passing a new franchise
( company’s agency in New York.
ordinance. This had not been done up to April 1 1925. For terms of
T F & N 1st M $1,500,000 g / 1900
6 g J-J
1,115,000 Jan 1 1933
reported settlement see V. 118, p. 1011.
guar ($500, $1,000)__c*.tf {Int. at
Detroit, trustee.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— Car trust certificates $176,000/ 1917 Union Trust C o., 70,400 See text
6 J-J
The Cincin. St. Ry. comprises 240.77 miles of track in the city of Cincinnati,
{Guardian Savings & Trust C o., Cleve., trus.
Ohio, extending also to adjoining suburbs. Gauge, 5 ft. 2 45 in
7%
17,440 __________
Has 20-year contract effective Sept. 1 1921 with Cincinnati Gas & Elec. Car trusts___________ - ______ 1920
Bonds .— Of the $4,000,000 first consols, $2,250,000 are reserved to retire
Co., which supplies one-half the co .’s electrical requirements. V. 113, p.531
prior liens, $150,000 have been canceled; $4,O0O,O0O of the general mortgage
Franchise Ordinance.— Went into effect Aug. 23 1918. For details see
reserved to
$745,000 (of which
“ Electric Railway” Supplement of April 26 1924, and also V. 107, p. 802. 5 per cents arebeen certifiedretire the first consols and treasury) for exten
$428,000 have
by the trustee and are in
1003, 1287; V . 110, p. 561.
sions and improvements at 80% of cost. Neither issue is subject to call.
Fares.— See “ Electric Railway” Supplement of April 26 1924, and V. 118. The first consols were originally 5s and matured Jan. 1 1923, but were
p. 3076.
extended to Jan. 1 1933 at 6% .
NOTES—
Date.
Interest. Outstanding. Maturity.
The L. & C . bonds are callable since July 1 1917 at par and interest.
Debentures $2,250,000_______ 1920
6%
See text
1945
The car trust certificates of 1917 mature $17,600 each July 1.
Equipment notes Series “ F” f 1917 5 g J-J
138,000
See text
L ien .— The T . F. & N . bonds are a first lien on the division between
$550,000 gold------------------- (Fidelity Trust Co., Philadelphia, trustee.
Norwalk; the L. & C . bonds are a first
between
Equip notes Series “ G -l" $1,-/ 1919 6 g M-S
400,000
See text Toledo andand Lorain: and the first consol.bonds lien on the road all other
Cleveland
a first lien on
000,000 ($1,000) gold_ c*\Union Trust Co., Cincinnati, O., trustee.
_
also a second mortgage
Eq notesSer “ H -I” $725,000/ 1922 6 g June 30
580,000
See text lines and 5s but have been extendedon the divisions noted above. Were
originally
to Jan. 1 1933 at 6% . The extended
($100, $500 & $1,000)_ tf {Northern Trust C o., Chicago, trustee.
_
145.200
See text bonds are call, on any int. date at 100 and int. V. 119, p. 3009.
Equip notes Series “ H-2” _____ 1922 6 June 30
Dividends .— Initial div. on first pref., 114% , paid Oct. 1 1910; same
Series “ F ” covers 100 double-truck cars and matures semi-ann., $27,000 amount quarterly to and including April 1915. July 1915 dividend omitted
on Jan. 31 and $28,000 on July 31.
Series “ G -l” are a first mtge. on 105 double-truck cars and mature $50,000 (V. 101, p. 47.) None since.
R EPO RT.— For years ending Dec. 31, excluding Lorain Street R R .,
semi-ann. (A. & O.) to April 1 1929.
Series “ H - l” mature $72,500 annually July 1 1923 to 1932, both incl. Sandusky Fremont & Southern R y. and light and power companies:
Year —
Gross.
Interest.
Surplus.
Red, all or part on 30 days’ notice at 101 and div. for certificates having 1923-------- $2,235,663 N et (aft.Tax) .Other Incom e. $340,999
$525,773
________
$184,774
more than five years to run from date of redemption, and at 100M and div. 1922--------- 2,064,609
516,078
________
327,944
188,134
for certificates having five years or less to run. Penn. 4-mill tax refundable.
Passengers carried in 1923, 6,967,058; in 1922, 6,963,861.
Divs. payable in New York or Chicago. V. 115, p. 759.
Earnings for 1923 of the People’s Light & Power Co. were; Gross, $71,800;
Series “ H-2” mature $48,400 annually. Northern Trust C o., Chicago, net, after taxes, $26,147; and of the Bellevue Illuminating & Power C o.,
trustee.
gross, $70,274; net, after taxes, $20,590.
R E PO RT.— For years ending Dec. 31:
OFFICERS.— Pres., E . W . M oore, Cleveland; V .-P ., A . Lewenthal,
Years.
Gross.
N et after Tax. Rentals.
Interest. Bal., Surp.
V .-P
F. W. Coen, Sandusky,
1924 ................ ..$9,326,095 $2,581,115 $1,234,937 $534,537 $811,641 Cleveland; 2192;., Sec.-Treas. & Gen. M gr.,1740: V. 114. p. 2823; V. Ohio.—
V. 110, n.
V. 112, n.
116,
1923 __________ 8,390,762
2,117,703
1,234,937 569,536
313,229 822, 2007, 2129, V. 111. o. 792; 117, p. 208. 2542; V. 119, p. 455, 3009. p.
2255, 2637; V.
1922 __________ 8,189,045
2,545,503
1,234,937 551,263
759,303
(1) LORAIN STREET R A ILR O A D CO.
OFFICERS.— Chairman Executive Comm, and Pres., W . Kesley
Schoepf; V.-P., Walter A . Draper; V.-P. & Chief Eng., T. H. Schoepf;
ORGANIZATION.— Incorp. in Ohio on Aug. 3 1906 and is a consolida
V.-P. & Treas., H. L. Sanders; Sec., J. W . Nicholson; Asst. Sec., C . Hein; tion of the Lorain Street R y. and the Avon Beach & Southern R R . Entire
Gen. M gr., A. Benham; Aud., B. Frankland-— V. 113. p. 1573. 1887, stock owned by the Lake Shore Electric R y.
112
PUBLIC UTILITIES
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
A trolley road. Operates 26.9 miles o f track between Elyria, Lorain and
Beach Park. Standard gauge. 24 cars. Operates on private right-of-way
except three miles in Lorain and Elyria, on which franchises rim until
March 1943.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 ($100)___________
_______
$2,000,000 __________
Lorain St Ry 1st M $750,0001 1899
5 g M -N
550,000 N ov 1 1949
gold ($1,000)------------ c* .tf(In t. at Guaranty Trust C o., N . Y ., trustee.
First consol mtge $2,000,0001 1900
5 g J-J
See text
July 1 1936
gold guar ($1,000)____c * .tf { Int. at Union Trust C o., Cleveland, trustee,
| or agency in New York.
Bonds.— Of the $2,000,000 consolidated bonds, $750,000 are reserved for
rior liens and $750,000 for extensions, &c. They are guar,, prin. and int..
y endorsement by the Lake Shore Electric R y.
R E PO RT.— For calendar years:
E
Cal. Years— Gross In c. E xp. & Tax. N et Earns.
In t. Paid.
Balance.
1923_______$281,947
$263,570
$18,377
$51,819
def.$33.441
204.124
19.187
53,146
def. 33.959
1922......... .. 223.311
Passengers carried in 1922, 2,899,331, against 3,834,399 in 1921.— V. 105,
p. 2543: V. 109, p. 2357.
(2) THE SANDUSKY FREMONT & SOUTHERN RY.
O RGAN IZATION .— Incorp. in Ohio in April 1906. Lake Shore Electric
Ry. owns entire stock.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Is operated as part o f main line of Lake Shore Electric R y. between Cleve
land and Toledo. Operates a line from Sandusky to Fremont, 20 miles.
14 cars. Private right-of-way.
STOCK AND BONDS—
D ate.
Interest. Outstanding. Maturity.
Stock $2,000,000____________ — Owned by the Lake Shore Electric R y .—
First mtge $2,000,000 gold/ 1906
5 g J-J
$645,000 July 1 1936
($1,000) guar________ c * .t f( Int. at Union Trust C o., Cleveland, trustee,
( or at agency in New York.
Bonds.— Are guaranteed, principal and interest, by endorsement, by the
Lake Shore Electric R y.; not subject to call. See V. 83, p . 1099.
R E PO RT.— For calendar years:
Calendar
Year —
Gross
Incom e.
1923................... -$114,797
1922..................... 111,692
1921___________ 120,034
— V . 83. p. 97. 1099.
Expenses and
Net
Taxes.
Earnings.
$108,156
98,779
107,736
$6,641
12,912
12,298
Interest
Paid.
$32,250
32,250
32,250
Balance,
Deficit.
$25,609
19,337
19,951
STARK ELECTRIC RR.
ORGAN IZATION .— Incorp. in Ohio and is a consolidation in Dec. 1902
of the Alliance Electric Ry. and the Stark Electric Ry.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
An electric road. Operates 34 m of track from Canton to Salem, including
Alliance City lines. Standard gauge. 67 and 70-lb. T rails and 70 and
90-lb. girder rails. Total mileage, including double track, 36 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock, $1,500,000 ($100)___________
Q-J
$l,25O,O0O
See text
1st mtge $1,000.000 g ($1000)/ 1903
5 g J-J
750,000 Jan 11928
skg fund call at 105___ c tf (Int. at Union Trust C o., Cleveland.
Bonds.— Sinking fund 2% per ann. $250,000 have been retired.
Dividends.— First div., % %, paid July 1908; % % paid quar. to and incl.
Jan. 1916. In April 1916, 1 %; same rate quar. to and incl. Apr. 1917; none
to Oct. 1919, when a div. of 1% was paid. Same rate has been paid regu
larly quarterly since to and incl. July 1922. Oct. div. passed. In Jan.
1923 1% was paid; none paid since. In April 1910 also a stock dividend of
25% . V. 90, p. 448, 700. In Jan. 1921 an extra div. o f H of 1 % was paid.
EARN INGS.— For years ending Dec. 31:
Year —
Gross.
N et aft Depr. Fixed Chgs.
Divs.
Balance.
1923______ - — $571,948
$105,328
$75,662
--------$29,665
84,022
77,546
$37,500 def.31,025
1022____ ____ — 542,541
OFFICERS.— Pres., M . S. Milbourne; V .-P ., A. L. Atkinson; Sec.,
William E. Davis; Treas., S. L. Sturgeon.— V. 107, p. 83, 403; V. 114, p.
1892. 2117; V . 115, p. 437; V. 118, p. 432, 2306, 3080.
PENNSYLVANIA & OHIO TRACTION CO.
Sold.— The greater portion o f the company’s property was sold M ay 27
1924 to junk dealers at a price said to be $46,115. V. 118, p. 2950.
history see “ Electric Railway" Supplement of April 26 1924.
For
SCIOTO VALLEY RY. & POWER CO.
ORGANIZATION.— Incorp. in Ohio with a perpetual charter in 1904.
Was formerly known as the Scioto Valley Traction C o., but name was
changed to present title June 8 1923. V. 116, p. 2768. Built on private
right-of-way. In 1916 acquired entire stock of the Columbus Depot Co.
V. 102, p. 1626. Franchises extend beyond maturity of 1st mtge. bonds.
In Jan. 1917 the co. leased from the State of Ohio for 25 years at an annual
rental o f $6,000 the bed of the old canal feeder from Lockbourne to Main
St., about 11 miles, for a new entrance into Columbus. Leases the Ohio
Southern Interurban & Terminal Depot Co. property for 99 years.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates 77 9 miles of track from Columbus to Lancaster and from Colum
bus to Chillicothe. Is operated by third-rail system. Standard gauge,
70-lb. T rail. Within city limits of Columbus company operates over
tracks o f Columbus R y., Pow & Light Co. under operating agreement.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$1,800,000
See text
Common $1,800,000 ($100)---- -----------------1st pref $500,000 5% cum-------------Q-J
489,300 M ar’25, 1M
1.200.000 June’24, 1H
P re f$ l,200,000 5% cum ($ 1 0 0 )-----Q-J
20-year 1st mortgage $2,500,- f 1923 _6 g J-D
1.400.000 June 1 1943
000 ($500 and $1,000) sink-]Int. at Huntington Nat. Bank, Columbus,
ing fund g ___________ c*tf ( trustee, or at First Nat. Bank, N . Y .
Bonds.— Remaining 1st mtge. bonds may be issued for 75% of the cash
cost of additions and capital impts. under certain restrictions. An annual
sinking fund commencing N ov. 15 1925 and sufficient to retire $400,000
bonds between 1925 and 1942 is provided for. The sinking fund will be
used to purchase bonds in the market up to and incl. 102. I f unobtainable
at this figure bonds will be called by lot at 102. A sinking fund of 1H %
will be applied towards any additional bonds issued in accordance with the
provisions o f the m tge. Are call., all or in part, on any in t. date on 30 days ’
notice at 105 or by lot for sinking fund purposes at 102. Penna. and Conn.
4-mill tax refunded. V. 116, p. 2994.
Dividends.— Dividends on old issue o f pref. stock were to accrue from
Oct. 1 1905, but amounts due Jan. 1 1906 and April 1 1906 were relinquished
b y shareholders, and first div. (1M %) was paid July 1906 and 1 14. % Oct.
1906 (V. 82, p. 1440); in 1907 and since, 5% per annum. On Oct. 15 1918
and again on Apr. 15 1919 divs. o f 1 % (payable in U. S. Liberty Loan
bonds) were paid on the common stock.
EA R N IN G S.— For 12 months ending Dec. 31:
Year —
Gross.
N et.
In t.,ta x .,A c. Pref. Divs. Surplus.
1924__________ $674,026
$213,423
$158,419
$54,465
$539
1923 ..............
723,922
257,338
157,038
84,465
15,836
1922 _________ 716,262
242,272
140,015
84,465
17,792
Paid passengers carried in 1924, 992,172, against 1,134,657 in 1923.
OFFICERS.— Pres. & M gr., Frank A. Davis; V.-P. & Treas., Edwin RSharp; Sec.. F. K . Young; Supt., P. F. Thompson.— V. 107, p. 83; V. 113,
p. 850; V . 116, p. 2258, 2768, 2994: V . 118, p. 2180.
[V ol.
120.
properties were sold at foreclosure on June 30 1917 to the committee for the
$2,700,000 C. D. & T . 1st cons. 5s for $400,000, subject to $2,300,000
underlying mortgages. Holders of about $250,000 undeposited bonds
received about $148 for each $1,000 bond in settlement.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Owns 91.07 miles of electric track, connecting Cincinnati'with Dayton,
including M t. Healthy and College Hill branches and the Hamilton city
lines. Carries passengers, freight and express. Standard gauge, 60,
70 and 73-lb. T and girder rails.
Committee fo r C. D . & T. 1st Cons. 5s.— Leo J. Van Lahr, James M .
Hutton, Claude Ashbrook, Edgar Friedlander and Otto Armleder. De
positary, Provident Sav. Bank & Trust C o., Cincinnati. For statement by
committee, see V. 102, p. 436. See also V. 102, p. 800.
Committee for Cine. & Ham. Elec. 1st 6s.— W. S. Hayden and E. V. Hale,
with Gardner Abbott, Sec., 1215 Williamson Bldg , Cleveland. Deposi
tary, Citizens’ Sav. & Tr. Co., Cleveland. Committee arranged to ad
vance as a loan to depositing bondholders the amount of the unpaid coupons.
Committee for S. O. T. Co. 1st Cons. 5s.— Chairman, Joseph H. Taulane,
Livingston E. Jones, G. M . Cummings and A. E. Pfahler, Sec. Deposi
taries: Cleveland Trust Co. and Girard Trust Co. The M ay 1 1919
interest had not been paid to Nov. 1 1919, at which time the period of
grace provided for in the indenture expired and as a result of this default
the committee requested the trustee to apply for a receiver and to file a
bill of foreclosure. For details see V. 109, p. 1986. For statement of co.
dated July 30 1924 see V. 119, p. 692. See also letter of committee to bond
holders dated Oct. 6 1924 in V. lift, p. 1842.
Foreclosure Proceedings .— The Cine. & Ham. Elec. 1st mtge. 6s being in
default of prin. and int. from July 1 1918, the trustee has brought suit in
foreclosure jointly with the trustee of the overlapping mtge. securing the
Southern Ohio Trac. 1st cons. 5s upon which the M ay 1 1919 int. is in de
fault. On Sept. 28 1920 a decision was rendered in effect that neither
Southern Ohio Trac. mtge. nor underlying issues cover (1) the power house,
(2) the terminal from College Hill into Cincinnati; but only main line from
Dayton to College Hill. Neither do the mtges. cover equipment. M ort
gagors can, if they elect, have a receiver appointed for the property covered
by mtge. This leaves the co. in complete possession of power house, ter
minal and rolling stock. A rehearing on error was asked. V. I l l , p. 1565.
In Dec. 1920 the court ruled that transmission lines are a part of the power
house and are not covered by mtge. For further rulings of the Court regard
ing liens, &c., see V . I l l , p. 2423. In M ay 192i, however, the Court o f Ap
peals at Cincinnati, it was reported, handed down a decision holding that the
underlying bondholders are entitled to have their rights restored to the con
dition they were in when the system was operated as the Cine. Dayton &
Toledo Trac. C o., or to have such an interest in the new power house as
would equal the cost of such restoration. V. 112, p. 1977. A final appeal
was taken to the Supreme Court. See also V. 113, p. 2078. For statement
regarding final decree see V . 113, p. 2613.
Defaults .— A s of Oct. 1 1921 the co. was in default of principal and int.
on the Southern Ohio Trac. 1st cons. 5s, the Cine. & Hamilton Elec. 1st 6s
and the Dayton Trac. Co. 1st 5s. Regarding tho $250,000 5% bonds o f the
Hamilton & Lindenwald Elec. Trans., due July 1 1922, W . E. Hutton &
Co. in July 1922 stated: “ These bonds are 1st mtge. on Hamilton, O., city
lines, on which the Southern Ohio Trac. Co. bonds are 2d mtge. and Cin. &
Dayton Trac. Co. are 3d mtge. The entire matter now tied up in court,
nothing can be done until court hands down decision.” V. 115, p. 307.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
Stock $1,250,000.................................
.............
$1,250,000 __________
1st & ref cons mtge----------------1918
5%
(?)
1938
Underlying Issues-—
Southern Ohio Trac 1st cons f 1900
5 g M -N
1,350,000 M ay 1 1920
$2,000,000 ($1,000) gold.c*(In t. at Cleveland Trust Co., trustee, or at
( Standard Trust Co., New York.
Cin & Ham Elec 1st g ($500) f 1898
6 g J-J
400,000 July 1 1918
$500,000 not subj to cali— (Int. at Cit. Sav. & Tr. Co., Cleve., trustee.
Dayton Traction 1st m tge/ 1896
5 g J-J
250,000 M ay 1 1920
gold ($1,000) int guar— c*(Int. at Finance Co. of Penn., Phila., trustee.
Ham & Lindenwald El Tran] 1901
5 g J-D
250,000 July 1 1922
1st mtge s f $250,000 gold(Interest at Cleveland Trust C o., trustee.
($1,000) int guar_______ c*J
Bonds.— None of the underlying issues is subject to call.
Of the $2,000,000 South. Ohio Traction bonds, $650,000 are reserved to
retire Cin. & Ham. Electric bonds and Dayton Traction bonds. Issue
listed on Philadelphia Stock Exchange.
The Dayton Traction 5s matured originally on July 1 1916, but were
extended to M ay 1 1920, but have not yet (Oct. 1 1923) been paid.
The Cin. & Ham. Elec. 1st 6s due July 1 1918 had not been paid up to
Oct. 1 1923 (see above).
The Ham. & Lind. Elec. Tran, bonds originally fell due Dec. 1 1911, but
arrangements were made at that time to extend them to July 1 1922. V. 93,
p. 1386. 1387. Not paid at maturity. (See above.) Annual sinking fund
of 5% on Ham. & Lind, bonds began Dec. 1 1906, increasing 1% each
year up to 1911. $67,000 in sinking fund Oct. 1 1923.
OFFICERS.— Pres., J. M . Hutton; V .-P ., O. Ar‘ aledor; Sec., Claude
Ashbrook; Treas., Lea J. Van Lahr; Gen. M gr., M . Ackerman; Aud., L. P.
Longon.— V. 115, p. 307; V . 117, p. 439: V . 119, p. 692, 1842.
FORT WAYNE VAN WERT & LIMA TRACTION CO.
Receivership.— In Jan. 1921 Henry C . Paul was appointed ancillary
receiver for the company.
ORGANIZATION.— On M ar. 1 1906 was leased, until expiration of fran
chises and renewals thereof, to Lima & Toledo Trac. C o., which guaranteed
the int. V. 82, p. 691. Lease was assigned to Ohio Elec. R y. Aug. 31 1907.
In 1916 a new lease was entered into (see “ Electric R y .” Supp. of Apr. 30
1921 for details), but on Aug. 5 1921 lease was abrogated by order of Federal
Court and property has since been operated separately. V . 113, p. 848.
The Ohio Elec. R y. Co. owns all the common stock. Incorporated in
Indiana and Ohio. Road is entirely on private right-of-way except in
towns, where it has 25 or 50-year franchises.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A trolley road. 61.63 miles of electric track from Ft. Wayne via New
Haven, Monroeville, Convoy, Van Wert, Middlepoint, Delphos and Elida
to Lima. Commenced complete operation Nov. 15 1905. Connects at
Ft. Wayne with the Indiana Service Corp. and at Lima with the Lima &
Toledo R R ., the Western Ohio R y. and the Indiana Columbus & Eastern
Trac. C o., and forms part o f through line from Ft. Wayne to Toledo,
Dayton and Columbus. Standard gauge. 70-lb. T rails.
Interest in Default.— The co. having failed to pay the int. due Jan. 1 1920
on its 1st M . 5s (subsequent int. also in default), the following committee
was formed and has called for deposits:
Committee fo r 1st M . 5s.— Chairman, J. C. Neff; George K . Johnson,
George deB. Greene, Thomas J. Walsh, A . C. Robinson, T . H. Atherton;
Secretary, 325 Chestnut St., Philadelphia. Depositaries: Fidelity Trust
C o., Philadelphia, and Peoples Savs. & Trust C o., Pittsburgh, Pa.
STOCK AND BONDS—
D ate.
Interest. Outstanding. Maturity.
Common $500,000 ($100)___ _____
_________
$500,000 __________
Pref $500,000 5% n-c ($100)_______
_________
500,000 __________
First mtge $2,000,000 gold/ 1905
5 g J-J
1,470,000 July 11930
guaranteed ($1,000)------c*(In t. at Fidelity Trust C o., 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.
EARNINGS.— For year end. Dec. 31 1924:
Gross earnings________________________________
$431,011
Operating expenses and taxes__________________
394,474
Depreciation_________________________________
31,367
Gross income_________________________________
5,169
Interest ______________________________________
77,156
D e fic it_____________________ _______ ______________________
$71,987
OFFICERS.—
-Pres., Frank H. Cutshall; Sec. & Treas., Harry E.
Vordermark; Asst. Sec. & Asst. Treas., F . A . Healy.— V . 110, p .‘ l64;
V . 112, p. 469, 2190; V . 113, p. 848.
INDIANA COLUMBUS & EASTERN TRACTION CO.
CINCINNATI & DAYTON TRACTION CO.
Receivership.— In Dec. 1920 Geo. P. Sohngen was appointed receiver for
the co. by Judge Clarence Murphy. V . I l l , p. 2423, For rulings of court as
to rights under various liens see below under “ Foreclosure Proceedings.”
ORGAN IZATION .— Incorp. April 26 1918 with $1,250,000 auth. capital
■stock, as successor to the Cincinnati Dayton & Toledo Traction C o., whose
Receivership.— In Jan. 1921 J. Harvey McClure was appointed receiver
for the company.
Was leased to the Ohio Electric R y. Aug. 31 1907 and that company
guaranteed interest on bonds and 5% divs. on pref. stock (the dividend due
Dec. 31 1915 and subsequent unpaid), but on Aug. 5 1921 lease was abro
gated and property has since been operated separately. See V . 113,
p. 848, for details.
M a y , 1925.]
113
POWER, LIGHT AND RAILW AY
Committee for Gen & Ref. M tge. o's. — Chairman, R . M . Stinson; Alba
ORGAN IZATION .— Incorp. in Ohio on April 14 1906 and has acquired
the Dayton Springfield & Urbana Elec. R y., the Columbus London & 8 . Johnson and Claude A. Simpler. Depositary; The Land Title & Trust
Springfield R y., the Columbus Grove City & Southwestern R y., the C o.. Phila., Pa. Deposits have been called for. V. 109, p. 1986; V.
Urbana Bellefontaine & Northern R y., the Springfield & Western R y., the 110, p. 167. In June 1921 It was stated that over 84% ($1,026,000) of
Dayton & Northern Traction Co. and about 12 miles o f the Dayton & this Issue had been deposited. V. 112, p. 2536.
Muncie Traction C o., extending from Greenville to Union City on the
Reorganization Plan .— The committees representing the Columbus Buck
Indiana-Ohio State line. Has also acquired the Columbus & Lake Michigan eye Lake & Newark Traction Co. 1st mtge. 5s and the Columbus Newark
R R ., a steam road operating between Lima and Defiance, which has been S Zanesville Electric Ry. 1st mtge. 5s and gen. mtge. 5s (see above) have
t
converted into electricity. Entire common stock owned by Ohio Elec. Ry. adopted a reorganization plan dated Dec. 30 1922 (declared operative
Sale o f Lima-Defiance Branch.— The Lima-Defiance branch was sold on
March 21 1924, V. 118, p. 2571) and will assign and transfer to the re
Jan. 31 1923 to C. G. Taylor, Norwalk, O., at the upset price of $125,000. organization managers ( _______________________ _ Livingston E. Jones
(Sale confirmed in May 1923— V. 116, p. 2388.) The Lima & Defiance RR. and Claude A. Sempler), and deliver to the general depositary, the Penn
has been formed to take over the line and proposes to issue $175,000 1st sylvania Company for Insurances on Lives & Granting Annuities, Phila
mtge. bonds and $75,000 pref. stock. Control passed to the new co. on delphia, the bonds now or hereafter deposited, of such holders as shall
June 1 1923. V. 117, p. 86. George Bayly has been elected Pres, of the assent to the plan.
The committee for the Zanesv. R y., Lt. & Pow. 1st
new company. V. 116, p. 934, 1411, 1760, 2388.
const, mtge. 5s (see above) has also approved the plan and entered into and
Leased the Columbus Newark & Zanesville Elec. R y., which company agreement with the reorganization managers. V. 116, p. 409.1
had previously absorbed the Columbus Buckeye Lake & Newark Traction
The plan provides that the property is to be bid in at foreclosure sale
Co. and the Zanesville R y., Light & Power C o., but this lease was assigned (sale held Feb. 8 1925— V. 120, p. 955) by the reorganization managers,
to the Ohio Elec. Ry. Aug. 31 1907, and was abrogated by order of Federal and if the bid of the managers is accepted the properties so acquired are to
Court in Aug. 1921. Y. 113, p. 848.
be transferred to the Columbus & Zanesville Power
Railway (a new co. to
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— A be incorp. in Ohio) and such other new corporations sa the managers may
trolley road. Columbus to Orient, Columbus through Springfield to determine. Owing to the detail of the plan we are unable to give a com
Dayton, Dayton to Union City; Springfield to Lima, through Lima to plete summary of same in this Compendium, but the following table will
Defiance, O. Total miles o f track (electric) owned, 217.2, standard gauge. show the approximate basis of exchange of old for new securities and a de
18 sub-stations. 136 cars.
tailed resume of the whole plan will be found in V. 116, p. 294. In March
1924 the plan was declared operative and in M ay 1924 it was announced
~ In terest in Default.— Interest due N ov. 1 1919 and subsequent interest
that foreclosure proceedings had been instituted and that it was hoped to
on the company’s gen. & ref. mtge. 5s is in default.
have the reorganization completed before the close of 1924. V. 118, p. 2571.
Sale o f Collateral.— It was announced in July 1924 that the $1,000,000
Columbus London & Springfield 20-year 5% bonds pledged as security for Approximate Table o f Exchange o f Old for New Securities [Compiled by ed ito r]’
the gen. & ref. mtge. 5s of the Ind. Col. & East. Trac. Co. were to be
------------------ Will Receive--------------------sold at public auction on Aug. 11 1924. V. 119, p. 324. Compare V. 118,
Existing Securities OutstandingM tge. Bds. Pref. Stock. Com. Stock
p. 1520.
$310,750
$310,750 $1,180,850
Int. being in default on the Dayton Springfield & Urbana E. R y. 1st B uckeye 5s, $1,243,000____________
x Each $1,000 paying $252 50___
250
250
950
mtge. 5s, the following protective committee was formed and has called for
y Each $1,000 paying $20________
600
deposits. (Coupons due Nov. 1 1921 were paid Oct. 1 1922. V. 115,
First mortgage 5s, $1,250,000_______
312,500
312,500
1,187.500
p. 1532. May 1 1922 coupons were paid with int. in Jan. 1923. V. 116,
x Each $1,000 paying $252 50___
250
250
950
p. 515. N ov. 1 1922 coupons were paid with int. on May 1 1923. V. 116,
y Each $1,000 paying $20________
600
p.1893. M ay 1 1923 coupons were paid with int. on N ov. 1 1923. V. 117,
302,750
302.750
605.500
p.1992. N ov. 1 1923 coupons were paid with int. on M ay 1 1924. V. 118, General mortgage 5s, $1,211,000___
x Each $1,000 paying $252 50____
250
250
500
p.2179. May 1 1924 coupons were paid with int. on June 14 1924. V. 118,
y Each $1,000 paying $20________
100
p.2948. N ov. 1 1924 coupons were paid with int. on Dec. 31 1924. V. 120,
Preferred stock. $500,000__________
125,000
125,000
125.000
p. 86.
z Each $100 paying $25 25_______
25
25
25
Committee for Dayton Spring. < i TJrb. 1st M tge. 5s.— Chairman, Valentine
S
x Each subscriber paying 2% assessment and subscribing to new bond*
Winters; Wm. R. Craven, Chas. W . Slagle, Richard S. Wilcock, John C.
Haswell and Costello C. Converse. Depositary: New York Trust Co., »t 93 for each $1,000 bond will pay $252 50 and receive securities as stated,
y Each $1,000 bond paying 2% assessment but not subscribing for new bonds
N . Y . V. 113, p. 2720.
will only receive com. stock, z Each pref. stockholder who pavs $2 per
Committee for Ind. Col.
East. Gen. & Ref. M tge. 5s.— Chairman, C. S. W.
share for right to subscribe to new bonds at 93 for each $100 of stock will
Packard; Wm. P. Gest, Sidney F. Tyler, Chas. S. Patton, R . B. Young. pay $25 25 and receive securities as stated.
Depositary, Penna. Co. for Ins. on Lives & Gr. Annuities, Phila., Pa.
Non-Assenting Bondholders, Stockholders and Creditors.— No provision Is
Deposit agreement amended. See V. 114, p. 1407.
made in the plan for any holder of any of the above bonds who does not
The $500,000 Col. Lon. & Spg. 1st M . 5s, due Oct. 1 1920, had not yet deposit under the respective deposit agreements, and assent to the plan and
been taken up as of Oct. 1 1923. Int. now accrues on this issue at 6% .
pay his assessment: nor is any provision made for any com. or pref. stock
holder of Columbus Buckeye Lake & Newark Traction Co. or Columbus
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Newark & Zanesville Electric R y., except such pref. stockholders of the
Common $3,025,000 ($100)
____
_______
$3,025,000 __________
latter co. as may purchase the right to subscribe to the securities of the new
Preferred $1,000,000 ($100)_ _____
_
5%
1,000,000 See text
Gen and ref mtge (see text) i 1906 5 g M - N
6,650,000 M ay 1 1926 co. The plan contemplates the payment of the general creditors of the
Columbus Newark & Zanesville Electric Ry. Co. in full. Complete outline
gold ($1,000) ______ c*tf jln t. at Pa.Co.for Ins.on L.&G.A.,Phila.,Trus.
Col Lon & Spg 1st mtge $1,-1 1900 5 g A-O
500,000 Oct 1 1920 of plan in V. 116, p. 294, 409, 933. See also V. 118, p. 2571.
500,000
gold ($1,000) c* n tf Jlnt. at N. Y. Trust C o., New York, Trustee. STOCK AND BONDS—
D a te . In te rest.
O utstanding.
M a tu r ity .
Day Spg & Urb 1st mtgel 1898 5 g M -N
750,000 N ov 1 1928 Common, $1,525,000 ($100)— ____ ________
$1,525,000 __________
$750,000 gold ($1,000)-ntf/Interest at N. Y . Trust Co., N . Y ., Trustee Pf, 6% cum, $500,000 ($100)........... 8 Q-J
500.000 See text.
Receiver’s certificates_______ ______
_________
200,000 __________
1st mtge, $2,000,000. gold! 1904 5 g M-S
1.250.000 Mch 1 1924
($1,000)------------------- c * tf/ln t . at Columbia Tr. C o., N . Y .. trustee.
Bonds.— The gen. and ref. mtge. was originally for $12,000,000 but auth.
1,211.000 May 1 1926
amount has been reduced to $10,000,000. Of the remaining bonds $250,- Gen & ref mtge, gold. $6.-1 1906 5 g M-N
250,000 ($1,000)------ c * tffln t. at Girard Trust C o.. Phila., Trustee.
000 are treas. bonds deposited with trustee and are availaole for extens. &
5 g M -N
1,250,000 N ov 1 1921
impts. when net earns, are equal to 1 H times int. charges on bonds out C B L & N 1st mtge, $1,500,-1 1901
000, gold ($1,000)------c * tf/in t. at Columbia Tr. Co., N. Y ., Trustee.
and to be issued; $1,250,000 are held to retire the underlying liens given
997,000 Mar 1 1924
in table above. The remaining $2,100,000 are reserved for future better Zanesville R y, Lt & P ow .lstf 1902 5 g M-S
ments, improvements and extensions, and can only be issued as follows:
cons mortgage, $1,000,000/Int. at Cent. Tr. & S. D . Co., Cine., Trustee,
($500, $1,000), gold_-C*tfl or Trust Co. of America, New York.
$1,100,000 when net income is equal to 1 % times int. charges on all bonds,
7 g F-A
3,000 Feb 1 1924
including those to be issued, and $1,000,000 when net is equal to twice int. Zanesv Elec 1st mtge, $300, - 1 1899
charges, incl. int. on bonds to be issued. Are further secured by pledge of
000, gold, subject to call/Interest at International Trust C o., Boston,
after 1903, $1,000 eachcntf [ Trustee.
$1,000,000 Col. Lon. & Spg. 1st mtge. 5s. (See above under “ Sale of
Collateral.” ) Are subject to call in whole, but not in part, at 105 and int.
Bonds .— Of the $6,250,000 gen. & ref. bonds, $3,493,000 are reserved to
" ’he general and refunding mortgage bonds were listed on Che Phila retire prior liens and $1,546,000 for betterments and extensions. They are
delphia Stock Exchange in February 1907. V. 84, p. 339. See description subject to call after 5 years at 105 and int. Under terms of this mtge., none
or bonds, property, &c., in Y. 83, p. 37.
of the $750,000 1st mtge. bonds unissued can now be issued.
The Columbus London & Springfield bo»ds may be called at 110 and int.
The entire issue of Col. New. & Zanesv. 1st 5s can be called at 110 and
$1 000,000 are pledged under the Ind. Col. & East. gen. & ref. mtge. 5s int. on any int. date. V. 80, p. 1234.
(see above under “ Sale of Collateral” ). A sink, fund on these bonds of
The Col. Buckeye Lake & New. bonds are subject to call on any int. date
5 % o f gross earnings began with year ended Sept. 20 1906. See V. 71,
at 110 and int. on 3 months’ notice.
p. 963. $240,000 in sink, fund Apr. 1 1925.
Zanesville R y., Lt. & Power bonds fell due Oct. 1 1912, but were extended
The Dayton Springfield & Urbana bonds are subject to call at 110 and to March 1 1924.
int. A sink, fund of 5% o f gross earnings began in 1903. $229,000 in
The Zanesville Electric 1st 7s were originally 4s and fell due Feb. 1 1919,
sink, fund Apr. 1 1925.
but were extended to Feb. 1 1924 at 7 % . V. 108, p. 1165.
Receiver’s Report.— For year ended Dec. 31 1924, gross rev., $1,397,226;
EARNINGS.— For calendar year 1923: Gross, $1,214,333; net, $163,762;
oper. exp., $1,219,061; net, $178,165; misc. income, $8,917; taxes, $66,974;
other income, $5,069; taxes, $46,327; int., &c., $250,404; bal., def. ,$127,900.
int., &c., $150,710; balance, deficit, $30,602.
OFFICERS.— Receiver, J. H. McClure; Pres., John E. Zimmermann,
OFFICERS.— Pres., Chas. Day; V.-P. & Gen. M gr., R . Z. Zimmermann;
V .-P ., John S. Bleecker; Sec. and Treas., F. A. Healy. The road is now Sec. & Treas., L. W. Van Bibber.— V. 112, p. 561, 1143, 2536: V. 113, p.
operated by Day & Zimmermann.— V. 116, p. 1893, 2388; V. 117, p. 86, 627: V. 115. p. 1837: V. 116. p. 294, 409. 933, 1411; V. 118, p. 2571; V. 119,
1017, 1992; V. 118, p. 1520, 2179, 2948; V. 119, p. 324, 2287; V. 120, p. 86.
p. 1952, 2759; V. 120, p. 955.
COLUM BUS N E W A R K & ZA NESVILLE ELECTRIC R Y .
Receivership .— On Sept. 25 1924 John S. Bleecker, Richards Building.
Zanesville, Ohio, was appointed receiver for the company on petition of
Irving Bank-Oolumbia Trust Co., New York, for the purpose of carrying
out the reorganization plan summarized below. V. 119, p. 1953.
Foreclosure Sale.— The road was sold at foreclosure Feb. 8 1925 as two
parcels. See V. 120, p. 955, for details.
ORGANIZATION.— Incorp. in Ohio on July 2 1902, and in April 1904
absorbed the Newark & Granville Street R y. In June 1906 acquired
the Columbus Buckeye Lake & Newark Traction Co. Also took over
the Zanesville R y., Light & Power Co. and was then leased on June 23
1906 to the Indiana Colum. & East. Trac. Co. for length of franchise and
renewals thereof. This lease was assigned to the Ohio Electric Ry. In 1907
but was abrogated by order of the Federal Court on Aug. 5 1921 and
property has since been operated separately. Rental was interest on bonds
an amount equal to 6% on the preferred stock (none paid subsequent to
Sept,. 1 1919) and $500 for organization expenses. V. 83, p. 625. Private
right of way from Newark to Zanesville; franchises on other lines exp.
1925 to 1928. Entire common stock is owned by the Indiana Columbus &
Eastern Traction Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A trolley road. Operates 95.85 miles o f track from Columbus to Zanesville,
incl. the city lines in Zanesville and Newark and a branch to Buckeye Lake.
Also owns the bus lines operating in the City of Newark, Ohio. Operates
lighting and power plants in Zanesville. Standard gauge 60 and 70-lb.
T rail and 90-lb. girder. Also owns amusement park on Buckeye Lake.
Interest Payments.— The int. due N ov. 1 1919 on the co’s. gen. & ref.
mtge. was not paid until Feb. 1920. V. 110, p. 561. Compare V. 109,
p. 1986; V. 110, p. 167. M ay 1 1920 int. was paid when due. None paid
since. Int. due N ov. 1 1920 on the $1,243,000 C. B. L. & N. Trac. 1st M tg.
6s was not paid when due; V. I l l . p. 2010. In a notice sent to bondholders
in Mar. 1921 the committee for the C. B. L. & N. Trac. 1st 5s stated that
default had occurred “ in connection with the int. on all o f the bonds cover
ing the various divisions of the C. N . & Z. Elec. R y .” V. 112, p. 1143.
Committee for Zanesv. Ry., Lt. & Pow. 1st Consol, dtge. 5s.— Chairman,
Arthur V. Morton; John O. Platt. Arthur E. Newbold Jr.; Sec., R . U.
Frey, 517 Chestnut St., Phila., Pa. Depositary, Philadelphia Trust Co.
Committee for C. B. L. & N . Trac. 1st 5s.— Chairman, Wm. A. Law;
Franklin R. Chesley, W. P. Goodale, Robt. D. Kemp; Sec., L. W. Steeble,
530 Walnut St., Phila., Pa. Depositary, Phila. Trust C o., Phila., Pa.
Deposits have been called for, V. I l l , p. 2040; V. 112, p. 561. Up to March
1921 $820,000 o f the bonds had been deposited. V. 112, p. 1143; V. 118,
p. 2571.
Committee for 1st M tge. 5s.— Chairman, Livingston E. Jones Wm. A.
Law A. A .Montgomery ;Sec., J. M Johnston. Depositary, Girard Trust
Co ..Phila. ,Pa . Deposits have been called for. V. I l l , p. 2139.
CINCINNATI GEORGETOWN & PORTSMOUTH RR.
ORGANIZATION.— Formerly a narrow-gauge steam road, but now
operated by electricity. Under Ohio law remains a steam road. Has no
In Sept. 1911
entered into a management agreement with the Felicity & Bethel R R .
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Supplies electric current for distributing systems of Georgetown, Bethel,
Batavia, Williamsburg, Amelia, Forrestville and Hamersville. Also sup
plies current to the Southwestern Ohio Power Co. which serves New
Richmond, Hamlet, Bantam, Feesburg, Felicity, Russelville and Ripley.
Operates 53.7 miles from Cincinnati southeasterly to Russelville, including
branches of 3.5 miles to Batavia and 1.5 miles to Coney Island. The
Felicity & Bethel has 8.5 miles of track between the points named in its title.
STOCK A N D BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock $1,500,000__________
-----------$1,500,000 ____________
First mtge $1,000,000 gold/ 1902
. .
_
,
jJ -J
1,000,000 Jan 11932
($ 1 ,0 0 0 )---------------------- c*\lnt.at Un. S.B.&Tr.Co.,Cin.,trust.,& in NY
Fel & Beth 1st M $100,000 gf 1905
5 g A-O
100,000 Oct 1 1935
($1,000) not callable----- c*\Int. & Union Sav. Bk. & Tr., Cin., trustee.
Equip trust certifs Series “ A ” . 1922 7 %
33,600 See text
Equipment trust certificates._ 1924 7%
17,000
Equipment trust certificates Series “ A ” are due $4,200 semi-annually,
commencing M ay 15 1923. V. 115, p. 2648.
. EARNING S.— For calendar years:
franchise limitations and is located on private right-of-way.
Cal. Year.
Gross.
N et.
Taxes.
Int.,R ent.& c.
Balance.
1924-------------- $314 823
$93 795
$13 889
$66 805
$13 100
1923-------------- 296,605
76,593
14,593
65,690
def. 3,690
1922-------------- 318,218
71,335
16,219
62,175
def. 7,059
OFFICERS.— Pres. & Treas., L. G. Van Ness; V.-Pres., Thos. Elliott
Sec., Chas. T . DeHore; Gen. M gr., F. A. Nichols.— V. 118, p. 2302, 2437'
CINCINNATI LAWRENCEBURG & AURORA
ELE CT R IC STR E E T RR.
Receivership .— The company having suffered damage from the 1913 flood
Judge Warner at Cincinnati on June 23 1913 appointed F. B. Shutts, of
Florida, receiver on application of Pres. J C. Hooven, who, it is stated,
loaned the company $125,000. V . 96, p. 1839. On Dec. 28 1914 C. E .
Hooven was appointed receiver upon the resignation of F. B. Shutts,
Subsequently Edgar Stark was appointed co-receiver.
Plan to L ift Receivership .— See V . 114, p. 2115.
ORGAN IZATION .— Incorporated in N ov. 1898.
114
PUBLIC UTILITIES
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A trolley road. Operates 31.97 miles o f track from Anderson’s Ferry, at
Cincinnati, to Aurora, Harrison and Lawrenceburg. In M ay 1922, the
West End Terminal & R y. C o. was incorp. in Ohio with a capital of $10,000
to operate the proposed extension from Anderson's Ferry to the Dixie
Terminal, 6 % miles. The cost has been estimated at approximately
$750,000. V . 114, p. 2240. Compare V. 113, p. 2504. See also V. 116,
p. 2515.
The $750,000 1st mtge. 5s, due July 1 1919, had not been paid up to
Oct. 1 1923. N o plan o f reorganization had been formulated to that
date, but see V . 114, p. 2115. N o further information.
STOCK AN D BONDS—
D ate.
Interest. Outstanding. Maturity.
Common $750,000___________ _____
_______
$750,000 __________
Pref 6% cum $250,000_____________
Q-J
58,900
- .................
First mtge $750,000 ($1,000)/ 1899
5 g J-J
750,000 July 11919
gold______________________(Interest at Un. Sav. Bk. & T r. C o., Cin., tr
Stock.— Pref. stock was issued for money assessed on capital stock. No
interest has been paid.
EARN IN G S.— For calendar years:
Year —
Gross.
N et aft. Tax. Bond I n t.
Balance
1922
........................$187,630
$39,749
$37,678
sur$2,071
1921__________ _____ _____ 180,975
31,214
39,296
def8,082
OFFICERS.— Receivers, C. E. Hooven and Edgar Stark; Gen. M gr. fo
receivers, L . G. Van Ness.— V . I l l , p. 73, 294, 1277; V. 113, p. 959, 2504;
V . 114, p. 2115, 2240; V . 115, p. 182; V . 116, p. 2515; V. 118, p. 3076.
CINCINNATI MILFORD & BLANCHESTER
TRACTION CO.
ORGAN IZATION .— Incorp. in Ohio on Oct. 24 1918 as successor to
the Cincinnati Milford & Loveland Traction (sold to the bondholders for
$136,O O for history see "Electric Railway” Supplement for M ay 1918).
O;
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Track owned, 32.58 miles.
C A PITALIZATION .— Authorized capital stock, $400,000.
EARN ING S.— For cal. year 1923, gross, $137,926; net, after taxes
$20,469; miscell. income, $5,247; bond int., $20,000; bal., sur., $5,716.
OFFICERS.— Pres., I. W . Pettingill; Sec. & Treas., Henry Kroger
— V . 107, p. 1836; V. 109, p. 1986; V. 110, p. 167: V. 113, p. 1771.
CLEVELAND & SOUTHWESTERN CO.
A holding company.
ORGAN IZATION .— Was organized as per plan (V. 114, p. 2578) for reor
ganization o f Cleveland Southwestern & Columbus R y. as a holding com
pany for the Cleveland Southwestern R y. & Light Co. (see below), the
operating successor company under the plan. Owns entire com. stock of
that company.
CAPITALIZATION —
Date.
Interest. Outstanding. Last Div.
Common stock (no par)______ _____
_______
18,330 shs __________
Pref 5% cum $4,000,000__________
5%
$3,666,000 __________
Stock.— All the com. and pref. stock may be placed in a voting trust
for a period o f years. For further particulars regarding holding company,
see V. 114, p. 2578.
OFFICERS.— Pres., F. H. Wilson; V .-P ., J. P. Harris; Sec. & Treas.,
C. J. Mayers.
(1) CLEVELAND SOUTHWESTERN RAILWAY & LIGHT CO.
ORGAN IZATION .— Incorp. in Ohio March 7 1924 as successor to the
Cleveland Southwestern & Columbus R y. (for history see “ Electric Railway
Supplement" o f April 26 1924), and as per plan of reorganization (V. 114,
p. 2578) took title on M ay 3 1924 to the properties of that company which
had been sold at foreclosure in accordance with terms o f the plan. Under
the plan certain underlying issues o f the old company were extended for
30 years and accrued interest paid in cash (see Group " A ,” bond issue,
below), while others were exchanged for Gen. and cons. mtge. 5s of the new
company and accrued interest paid in scrip. No provision was made for
the com. and pref. stocks o f the old company.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates over 200 miles in and from Cleveland to Berea, Elyria, Medina,
Grafton, Wellington, North Amherst, Lorain, Creston, Chippewa, Lake,
Seville, Wooster, Linndale, Puritas Springs, Galion, Bucyrus, Crestline,
Mansfield. Ashland, Nankin, Polk. West Salem. Lodi and LeRoy. In addiSeccaium Park and reaches Chippewa Lake. Operates 209 miles of track
(of which 177 miles are on private right-of-way). 60, 70 and 100-lb. rails.
Standard gauge. Operates 66 passenger and 35 other cars; total 101. Also
does commercial light and power business over entire property.
Interest Payments on General and Consolidated Mortgage Bonds Deferred .—
Net earnings not having been sufficient to pay interest currently on the
gen. and cons. mtge. bonds o f the company, interest coupons on that issue
for the 5-year period from Mar. 1 1924 to Mar. 1 1929 were made deferrable
until the last 5-year period o f the mortgage, and will not be paid on the
regular interest dates unless earned and payment authorized by the direc
tors. V. 118, p. 3076.
Capitalization.— Common Stock.— $4 000 000, all held by Cleveland South
western Co. (see above).
Common Stock.— $4,000,000, all held by Cleveland Southwestern Co. (see
above).
Bonds.— 1. Prior lien bond issue, $800,000 25-year sinking fund, dated
Mar. 1 1924, due Mar. 1 1949, bearing interest at the rate of 6)4 % , interest
due Mar. 1 and Sept. 1 of each year. 2. Group “ A ” bond issue, $1,500,000
divisional mortgage, dated M ar. 1 1924, due Mar. 1 1954; covers former
issues of Cleveland & Elyria Electric ($200,000), Elyria & Oberlin Electric
($100,000), Cleveland Berea Elyria & Oberlin ($127,000), Cleveland Elyria
& Western, ($1.073,000); bearing interest at the rate of 6 %; interest payable
Mar. 1 and Sept. 1 o f each year. 3. Group “ B ” bond issue, $2,200,000,
gen. and consol, mtge. Interest rate 5% : 30-year bonds, dated Mar. 1
1924, due Mar. 1 1954. Covers former issues o f Elyria Grafton & Southern,
Cleveland & Southwestern Traction, Ohio Central Traction N o. 1, Ohio
Central Traction No. 2, Norwalk Gas & Electric. Interest on this issue
deferred for a period o f five years from Mar. 1 1924 to Mar. 1 1929. This
deferred interest shall be payable on Mar. 1 and Sept. 1 o f each year begin
ning Sept. 1 1949 (see text above).
EARN IN G S.— For cal. year 1924, gross, $1,662,791; net income, def.
$31,059. In 1923, gross. $1,763,511; net after taxes, $215,516.
OFFICERS.— Pres. & Gen. M gr., Frank H. Wilson; V .-P ., J. P. Harris;
Sec. & Treas., C. J. Mayers.— V. 118, p. 1909, 2437, 3077.
CLEVELAND PAINESVILLE & EASTERN RR.
ORGAN IZATION , &c.— Incorp. in Ohio on April 25 1895. Road com
pleted in July 1908. Franchises expire from 1920 to 1935. In June 1906
acquired control of the Cleve. Painesv. & Ash. R R . V. 82, p. 1322, 1379.
In 1913 purchased the United Light & Power Co. (stock, $100,OO0; bonds,
$ 100, 000) .
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns road from Euclid, Ohio, to Painesville and Fairport (line from Painesville to Fairport abandoned M ay 3 1923), 24.02 miles (“ Main Line” ), and
uses Cleveland Electric R y. from Euclid to Public Square, Cleveland, 10
miles; also owns “ Shore Line,” extending from Willoughby to Cleveland
(St. Clair Ave. and 110th St.), 14.89 miles, and uses the Cleveland Electric
R y. C o.’s track from that point to the Public Square, Cleveland, 5 miles.
Total track operated (including 4)4 miles o f double), 46)4 miles. With the
Cleveland Painesville & Ashtabula forms a continuous line from Cleveland
to Ashtabula. 46 motor cars and 8 other cars. Power house is at Paines
ville. Car houses at Willoughby and Nottingham.
STOCK A N D BONDS—
Date.
Interest. Outstanding. M aturity.
_______
$1,250,000 __________
Common (par $50)__________ _____
Preferred stock ($100)_____________
_______
1,111,500 __________
First mortgage $500,000 gold/ 1896
6 g A-O
500,000 Oct 1 1933
($1,000 each)______ c*.cpt[Interest at Guaranty Trust C o., N . Y ., or
[ Cleveland Trust C o., Cleveland, trustee.
[V ol. 120,
STOCK A N D BONDS—• Date.
Interest. Outstanding.
M aturity.
Consol mortgage closed $1,— 1898
f
6 A-O
1,131,000 Oct 1 1933
631,000 (gold) gold_ cp t( Int. at Citizens’ Sav. & Trust C o., Cleveland
_
i
trustee, or Equitable Trust C o., N . Y .
Refunding & extension mort-f 1908
5 g M -N
926,000 M ay 1 1948
g a g e $5,000,000 g o 1d (In t. at Cleveland Trust C o., Cleve., trustee,
($1,000)------------------c*.cp t l or company’s agency in New York.
Bonds.— $500,000 consols are reserved to retire underlying lsens.
The
mortgage, originally for $2,000,000, was closed at $1,631,000 and the bal
ance canceled. The consols originally matured Oct. 11918 and bore interest
at 5% but were extended to Oct. 1 1923 at 7 % , and again to Oct. 1 1933,
but this time at 6 % . Extended bonds are redeemable, all or in part, at
100 and interest on any interest date. V. 117, p. 1461.
The first mortgage bonds originally fell due April 11916 but were extended
to Oct. 1 1918, and again to Oct. 1 1923; in the latter case the interest rate
was raised from 5% to 7 % . On Oct. 1 1923 these bonds were once more
extended, this time to Oct. 1 1933, but the interest rate was reduced to 6 % .
Extended bonds are redeemable, all or in part, at 100 and interest on any
interest date. V. 117, p. 1461.
R E PO RT.— For years ending Dec. 31 (excl. United Light & Power C o.):
Calendar
Year —
Gross
Earnings.
N et after
Taxes.
Other
Incom e.
Interest,
&c.
Balance,
Sur. or D ef.
1924..........-.-$546,743
$84,416
$1,925
$102,891 def.$16,550
1923-------------- 631,346
126,435
1,733
156,242
def.28,074
168,293
2,092
166.844
sur.3.542
1922......... ....... 663,344
1921....... .......... 701,026
163,893
2,948
166,262
sur. 579
The results of the United Light & Power Co. for 1924 were: Gross, $88,785;
net after taxes, $38,742. In 1923, gross, $77,948; net after taxes, $33,722.
OFFICERS.— Pres., E. W . M oore; V .-P . & Gen. M gr., W . H. Douglas;
Currie, Willoughby, Ohio.— V. 104, p. 1489; V. 106, p. 2010; V. 107, p. 82.
401, 1191; V. 108, p. 1274; V. 109, p. 676; V. 112, p. 2747; V. 114, p. 2240;
V. 116, p. 2255, 2992; V. 117, p. 1461; V. 118, p. 2572; V. 120, p. 1457.
(1) CLEVELAND PAINESVILLE & ASHTABULA RR.
ORGANIZATION.— Incorp. in Ohio in 1902. Entirely over private
right-of-way, except through some of the villages, w here franchises expire in
1927.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
A trolley road. Operates 30 miles track between Painesville and Ashtabula.
Put in full operation on July 30 1904. 70-lb. T and girder rail used. Track
standard gauge. Connects at Painesville with the Cleveland Painesville Sc
Eastern R R .. and at Ashtabula with the Pennsylvania & Ohio Ry.
Default. —’Jan. 1 1917 and subsequent interest as well as principal due
July 1 1922 is in default on 1st mtge. 5s. Compare V. 104, p. 256; V.
1 1 5 ,p .1 8 2 .
STOCK A N D BONDS— Date.
Interest. Outstanding. M atu rity.
Stock $1,000,000 ($100)___________
_____
$1,000,000 __________
First mortgage $1,000,000/ 1902
5 g J-J
1,000.000 July 1 1922
gold ($1,000)-----------c*.cpt\lnt. at Cleveland Trust C o., Cleve., trustee.
Bonds.— No sinking fund and bonds cannot be calle<J. See V. 75, p. 549.
RE PO RT.— For years ending Dec. 31:
Years —
Gross.
N et (aft. Tax.) Other In c. I n t.,& c .
D eficit.
def.$7.297
1923— ................ .$153,287
$505
$75,588
$82,380
1922_______
161,115
4,489
392
74,283
69,402
1921_____________ 162,876
def.6,610
248
72,706
79.068
OFFICERS.— Same as Cleveland Painesville & Eastern above.— V. 98,
p. 386: V. 104, p. 163, 256: V. 106, p. 2010; V. 107, p. 401: V. 115, p. 182.
C L E V E L A N D & E A S T E R N T R A C T I O N CO.
ORGANIZATION.— Incorporated In Ohio on May 18 1910 to succeed
the Cleveland Sc Eastern division (V. 90, p. 1613) of the Eastern Ohio Trac
tion Co. per plan in V. 89, p. 1541. 1596.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 40 miles of track from Cleveland to Chardon, Burton and M iddlefield, Ohio. Standard gauge. 60-lb. T rails. On M ay 3 1915 stockhold
ers voted to amend the charter so as to permit company to engage in elec
tric light and power business. V. 100, p. 1509.
Committee, & c .— In July 1924 the following committee appointed to dis
pose o f or liquidate the property of the co. called for deposit of the 1st mtge.
bonds.
The same committee, serving in tha same capacity for the Cleve
land & Chagrin Falls R y., has asked for deposit of that c o .’s 1st mtge. 6s
(see statement of that co. below): E. W. M oore, H. P. M cIntosh Jr.,
Carl W . Brand; Sec., Alonzo M . Snyder, 914 Williamson Bldg., Cleveland,
Ohio. Depositary, Guardian Savings & Trust C o., Cleveland, Ohio.
V. 119, p. 323.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
_______
$381,600
______
Common stock ($100)_______ _____
Pref stock, 5% n-c ($1001.....................................
465.865 Feb ’21 1 %
First mortgage, $763,200./ 1910
5 g J-J
763.200 July 11932
gold ($1,000)---------------- c*llnt. at Guardian Sav. Sc Tr. Co., Olev., Trus
Bonds.— Bonds subject to call, any or all, on any int. day, at 103 and
Int.; began to draw int. Jan. 1 1912. V. 91, p. 336.
Dividends.— The first div. on the preferred stock— )4% — was paid in
Nov. 1915. In 1916 and 1917. 3% each. In 1918. Jan. 1%: April, 1%;
none to Jan. 1920, when 1% was paid. In 1921, Feb., 1% . None since.
EARNINGS.— For calendar years:
Year—
Gross. Net (aft. Taxes). Int.
Dividends. Surplus.
1923
...........--$222,857
def.$6,937
$38,160
None def.$45.097
1922
---------- 270,833
36,033
38,160
None def. 2,127
OFFICERS.— Pres.. H. P . McIntosh: V.-P Horatio Ford: Sec. and
Gen. M gr., Robt. D . Beatty; Treas., C. A. Taylor.» Office, 708 Finance
Bldg., Cleveland, O.— V. 102, p. 437; V. 106, p. 924;%V. 107, p. 401;
V. 109, p. 676 V. 118, p. 549; V. 119, p. 323, 1394, V . 120, p. 1325.
CLEVELAND & CHAGRIN FALLS RY. CO.
O RGAN IZATION .— Incorporated in Ohio on Feb. 18 1910 to take over
the Clev. & Chag. Div. o f the East. Ohio Trac., sold Feb. 5 1910.
FIE LD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 10.1 miles o f line between Cleveland and Lynnfield, Ohio. Stand
ard gauge. 60 and 70-lb. T rail.
Status.— See Cleveland Sc Eastern Trac. Co. above under caption “ Com-1
mittee," also V. 119, p. 323.
STOCK AND BONDS— Date.
Interest. Outstanding.
M aturity.
Stock, $30,000 ($10)-------------- -----------------$25,000 ________
Olev Sc Oh Falls 1st M $300,-/ 1910
6 g J-J
251,900 Jan
1930
000 g ($100 Sc $500) — c*\Int. at Guardian Sav. Sc Tr. C o.. Olev,, Trus.
Bonds.— Sub], to call any or all on any int. date at 102)4 and int.; $48,100
are in treasury.
EA R N ING S.— For calendar years:
Year —
Gross. N et (aft. Taxes). In t.
D ies.
Sur. or D ef.
1923-................. $69,772 def.$3,795
$15,114
_____
def.$18,909
1922................... 86,038
732
15,114
.........
def. 14.382
OFFICERS.— Gen. M gr., Robert D . Beatty; Pres., H.
_
McIntosh;
V .-P ., Horatio Ford; Sec. & Treas., O. A . Taylor.— V. 99. p. 1909; V. 105
p. 715: V. 109, p. 676: V. 118, p. 549; V 119, p. 323, 1394
STEUBENVILLE EAST L IV E R P O O L !* BEAVER
VALLEY TRACTION CO.
ORGANIZATION.— Incorp. in Ohio and Penna. on N ov. 1 1917 as a
merger of the East Liverpool Trac. & Lt. C o., the Steubenville Sc East
Liverpool R y. & Lt. Co. and the Ohio River Passenger R y. For history
of merged companies, see “ Electric Railway” Section for Jan. 1918.
FIE LD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns and operates 100.69 miles of track between Vanport, Pa., and Steu
benville, O., and in Steubenville, East Liverpool and Wellsville, O., and
Chester, W . Va. Also operates in intervening towns and operates a through
line between Steubenville and Beaver, Pa. 80 cars. Through the Valley
M otor Transportation C o., a subsidiary, operates buses in East Livernoo
and Steubenville. V. 118, p. 2306.
v
M ay , 1925.]
POWER, LIGHT AND RAILW AY
Date.
Interest.
Outstanding.
M aturity.
STOCK AN D BONDS—
Common, $2,000,000 ($100)-- ....................................... .. $ 2 , 000,000 .........................
....... .......... 2.600.000 ...................
P-ef 5% cum $2,600,000 ($100) .......
5 g M -N
1,600,000 Nov 1 1947
First mtge $3,000,000, gold/ 1917
($1.000)------------ -------- —c\ Int. at Gomm'l Trust C o., Phila., Trustee
Bonds.— Redeemable at 105 and lnt. since N ov. 1 1922. $117,000 of
tile bonds reported outstanding are held in the treasury.
EARN INGS.— For year ending Dec. 31 1923, gross, $884,836; net, after
taxes, $50,551. In 1922, gross, $504,520; net, after taxes, def., $74,002.
OFFICERS.— Pres., J. H. Maxwell, Beaver, Pa.; Gen. M gr., O. A
Smith, Chester, W . Va.; Sec. & Treas., Geo. H. Faulk, East Liverpool.
— V. 116, p. 78, 722, 1051, 2390; V. 118, p. 2306; V. 120, p. 332.
CITY RAILWAY CO.
ORGAN IZATION .— Chartered May 12 1893. Is a consolidation or the
Dayton Street R R ., the Dayton & Soldiers' Home R R ., the Fifth Street
RB. Franchises run for 50 years from Feb. 8 1892 and Apr!' 19 1893.
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
A trolley road operating in Dayton, O. Controls and operates in all 39.664
miles of single track, namely. Third St. Line, Fifth St. Line, Green Line
and Hammer Ave. Line. Gauge, 4 ft. 8 4 in.; rails, 70 and 80-lb. T and
70 and 90-lb. girder; operating 94 pass, cars, 3 sprinklers, 3 snow cars.
2 sand cars and 2 work cars.
STOCK.— $2,400,000 ($100) com. auth.anl issued and $600,000 ($100
8% pref. auth. aud issued. Bond issues have been paid o f.
Dividends.— 6% per annum Is being paid on pref. On common. In 1900
to 1903, Incl., 6% ; also 16 2-3% ($250,000 In new stock at par or in cash),
declared Nov. 1903, paid Jan. 1 1904; In 1904, 6% ; in 1905, 6t*% ; 1906 tc
1810, Inclusive, 7% per ann.; In Feb. 1907 paid a special dlv. of 5%
(V. 83. p. 1590); In 1911. 7 % . and in April 1911 a special dlv. of $9 09 1-11
(V. 92, p. 1178); In 1912. Jan., 1 4 % . In March 1912 began paying divs
.-M . Instead o f Q.-J.. and on March 31 paid 1 4 % : June. 2% ; Sept., 2%
ec.. 2 % . In 1913. 8 % . In 1914. 1 4 % . In 1915, 6 % . In 1916
6 H % . In 1917. 7% . In 1918, 6% . In 1919. 6%
Tn 1920.
In 1921, 6% . In 1922, 3 4 % . In 1923, 3% . In 1924, 3 % . In 1925,
March, 4 of 1% .
EARN INGS.— For year ending Dec. 31 1924, gross, $973,632; net, after
taxes, $116,729. In 1923, gross, $993,672; net, after taxes, $115,288.
OFFICERS.— Pres., Valentine Winters; V .-P ., G. G. Shaw; Sec., W. S.
W . Edgar; Treas., H. E. Ross; Gen. M g r.,'T . E. Howell; Supt., E. H.
Hartman. Main office, Winters Bank Bldg., Dayton.— V. I l l , p. 294;
V . 113, p. 292, 627, 1052.
g
DAYTON COVINGTON & PIQUA TRACTION.
Receivership.— In Mar. 1922 T . Russell Robinson. V.-P. & Gen. Mgr.
Boston, and W. Kessler, West M ilton, Ohio, were appointed receivers tor
the co. V. 114, p. 1178.
ORGANIZATION.— This was formerly known as the Dayton & Tro>
Traction, but name changed to the above In Aug. 1901. The D. & T
Traction was Incorporated In Ohio in Jan. 1900 to build a street railwa)
from Dayton to Troy, but route was changed, and road constructed from
Dayton to Covington and Piqua, about 38 miles. Company acquire' r.n
right to use the tracks o f the People’s R y. in entering city of Dayton
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. Total track, 38 miles. Standard gauge. 70-lb. T, 80 and
90-lb. girder rails. 11 passenger cars, 2 express cars and 7 other cars.
The $60,000 2d mtge. 6sdue Sept. 11919 were we understand, extended
to April 1 1922 at the same rate oNeither the 1st nor 2d mtge. bonds
f int
had been paid o ff up to Oct, 1 1922.
Outstanding. M a tu m ,
STOCK AN D BONDS—
Date.
Interest.
$600,000 .................
Stock auth, $600,000 ( $ 1 0 0 ) - - ____
_______
550.000 .................
Pref, 5% n-c, $550,000 ($ 1 0 0 )...........................
490.000 April 1 1921
First mortgage, $550,000, g f 1902
5 g A-O
____
($1,000)___________c*-n tf\ In t. at Old Colony Tr. C o.. Boston. Trustee
Second mortgage. $60,000-n t f ____
6 g M-S
60.000 April 1 1J2
Bonds.— $60,000 1st mtge. bonds are reserved for extensions and im
provements; 2d mtge. bonds originally matured Sept. 1 1919 but were we
understand, extended to April 1 1922. Not paid o ff up to October 1922
EARN ING S.— For years ending June 30:
Interest.
Surplus
Year —
Gross.
N et, aft. Taxes.
1920-21_______
$236,788
$16,164
$29,697 def .$13,533
29.706
21,350
1919-20_______________ 241,184
51,056
31,124
17,959
1918-19_____
215,691
49,083
OFFICERS.— Pres., W . Kessler; V .-P ., F. L. Chapin; Gen. M gr., T
Russell Robinson; Supt., T. J. Brennan.— V. 77, p. 146; V. 114. p. 1178
D A Y T O N & T R O Y ELE CTRIC R Y .
OR G A N IZA TIO N .— Incorp. 1900. Is built on both public and private
right-of-way. Completed in Dec. 1901. In M ay 1902 took over Miami
Valley R y. under 99-year lease at a rental of $9,600 per annum, which is
applicable to stock o f $300,000, mortgage having been canceled.
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
A trolley road. Owns equivalent o f 32.68 miles o f single track between
Dayton and Troy. Leases 14.25 miles between Troy and Piqua (incl. 3.31
miles local lines in Piqua); total operated, 46.93 miles. Rails, 70-lb. T.
Has a freight station in Dayton which is used jointly with the Dayton &
Western Traction. Power is purchased from Dayton Power & Light Co.
C A PITA LIZA TIO N .— Stock, $500,000 ($100) com. auth. and issued,
and $800,000 ($100) 5% cum. pref. auth.; $647 800 issued. N o bonds
contemplated.
Dividends.— On the pref. stock 5% per annum paid to Dec. 31 1919
In 1920. M ar., 1 4 % . None since. On com., Jan. 1 1904. 2% ;in 1905
6 % ; in 1906. 6% ; in 1907, 2% ; in 1908, none; in 1909, 5% ; in 1910, 6%
in 1911, 5% ; in 1912, M ar., 1 * % . In 1913, Sept.. 1 4 % : Dec., 1 4 %
In 1914, June, 1 4 % : In 1915, D ec.. 1 4 % : in 1916 and 1917, 5% each
None since
EAR N IN G S.— For years ending Dec. 31:
Year —
Gross.
N et.
Deduct’ns
Dividends.
Surplus
$89,781
...........
...........
...........
1922 .............$403,440
1921...
.. 391,513
99,267
61,316
--------37.950
1920 ......... . 417.674
90,611
48,245
8,098
34,268
OFFICERS.— Pres., H. P. Clegg; V.-P. & Gen. M gr., R . A . Crume
Sec. & Treas., L. C. Clegg; Aud., J. F. Keller. General Office, Dayton
Ohio.— V. 102, p. 15 ; V. 114, p. 305; V . 115, p. 988, 2477.
DAYTON SPRINGFIELD & XENIA SOUTHERN RY.
Receiver Appointed.— In Oct. 1923 Judge Smith Hickenlooper, in the
U. S. Dist. Court at Cincinnati, O., appointed Robt. R . Landis of Dayton,
O., receiver for the co. on application o f the Wisconsin Trust Co., M il
waukee, Wis. The co. defaulted Oct. 1 1923 on the prin. and int. due at
that time on the 1st Mtge. 5% bonds. V . 117, p. 1883. Compare V . 117,
p. 1883.
ORGA N IZA TIO N .— Incorp. in 1909 as successor to the Dayton & Xenia
Transit C o., sold at foreclosure.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS —
A trolley road. Owns and operates about 24 miles of track from Dayton to
Xenia and from Dayton to Beaverton. On Dec. 1 1917 operations between
Beaverton and Spring Valley, 11 4 miles, having proven unprofitable,
were discontinued and that portion of the line was subsequently dismantled.
Tax suit.— V. 119, p. 1063.
C A PITA LIZA TIO N .— Stock auth. and outstanding, $200,000 com.
and $300,000 pref. Par, $100. 1st M . auth. and issued, $500,000. (Prin.
and int. in default; V. 117, p. 1662.)
EARN IN G S.— For year ending Dec. 31 1919, gross, $267,589; net,
after taxes, $43,940. In 1918, gross, $221,484; net, after taxes, $40,154.
OFFICERS.— Pres., C. J. Ferneding; V .-P., T . A . Ferneding; Sec.
H . L. Ferneding; Treas., Edw. Canby, all o f Dayton.— V. 89, p. 285
V . 105, p. 2272; V. 113, p. 70, V. 117, p. 1662, 1883; V. 119, p. 1063.
115
DAYTON & WESTERN TRACTION.
ORGANIZATION.— Incorporated on June 26 1898. Was leased on
June 15 1906 to Ind. Colum & East., but lease was abrogated and the pro
perty turned back to the co for operation on April 25 1920.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
A trolley road. Operates from Dayton, Ohio, to Richmond, Ind. At
Richmond connection is made with Terre Haute, Ind. & East. Trac., mak
ing possible the operation of through cars from Indianapolis via Dayton to
Columbus, a distance of 194 miles. Operates 3 fast cars between Dayton
and Indianapolis without change. Has a freight station in Dayton which
is used jointly with the Dayton & Troy Elec. Ry. Has spur track to plant
of the Greenville Gravel Co. Purchases power from the Dayton Power &
Light Co. Has 3 automatic sub-stations.
STOCK—
Div. Period. Outstand’g. Last D ividend.
Common, $900,000 ($100)___________
Q-J
$672,500
See text.
Pref. $850,000 ($100) 5% cum_______
Q-M
850.000
See text.
Dividends.— Were paid under the terms of the lease up to March 1920.
None since. For terms of lease see “ Electric Railway” Section for April
1920.
EARNING S.— For 12 mos. ended Dec. 31 1922, gross, $264,524; net.
after taxes, $57,150. In 1921, gross, $275,253; net, after taxes, def., $4,940.
OFFICERS.— Pres, and Treas., Valentine Winters; Sec., J. H. Winters;
Gen. M gr., Henry Gebhart; Aud., P. A. Hommel.— V. 82, p. 1437; V. 83.
p. 36, 94, 379; V. 110, p. 2192.
OAKWOOD STREET RAILWAY CO.
O RGAN IZATION .— Incorp. July 22 1870 in Ohio. Franchise expires
1941. In Oct. 1909 the Ohio Supreme Court held the franchise valid over
the objections of the City Solicitor.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. Operates 8 miles of track in Dayton and suburbs and
leases (from Jan. 1 1916) the Oakwood R R .’s line in Oakwood village;
total miles operated, 10.5. Standard gauge.
CAPITA LIZA TIO N .— Stock auth. and outstanding, $500,000 (par
$100). No bonds.
OFFICERS.— Pres. & Treas., H. P. Clegg; V .-P ., J. H. Winters; Sec.,
Harry C. Weingartner; Supt., F. P. Snyder, all of Dayton.— V. 100, p. 1438;
V. 113, p. 72.
F O S T O R I A & F R E M O N T R A I L W A Y C O.
ORGANIZATION.— Incorp. in Ohio in 1909. Ownership is largely
^presented by interests identified with the Lake Shore Electric R y. Co.
and Western Ohio R y. Co.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Besides passenger business, does a freight and express business and handles
coal for use by Ohio State Power Co. at Fremont. 21.38 miles of electric
interurban railway on private right-of-way, connecting Fostoria and
Fremont. Forms the connecting link between the Western Ohio R y.,
Toledo Fostoria & Findlay R y. and Lake Shore Electric R y., all of which
use the line under traffic contracts.
STOCK AND BONDS—
Date.
Interest • Outstanding.
M aturity.
Oom stock. $200,000 ($100).................................
$200,000 ... ...............
Pref stock $200,000 ($100)...................................
200.000
See text
First mtge $250,000 ($1,000)1 1910
5 A-O
85,000 Oct 1 1930
gold___________________ c*/In t. at Cleveland (O.) Trust C o., trustee.
Bonds.— Normal Federal income tax paid at source.
Dividends.— Paid a dividend of 3% on pref. stock in Jan. 1913. In 1917.
Dec 6%
In 1918. Dec 3%
In 1919. Dec 3%
Tn 1920 Dec. 6% .
In 1921, Dec., 6 % . In 1922, Dec., 3 % . In 1923, D ec., 3 % . Nonesince
EARNINGS.— For years ending Dec. 31:
12 Months —
Gross.
Net.aft Taxes.
Int.
Depr.Res
Qurvlus.
$18,395
$6,620
$1,680
$10,095
1924 _______________ $90,786
1923 ______________ 87,509
13,833
6,770
1,909
5,154
1922 .......................... 91,448
15,289
6,248
1,450
7.591
OFFICERS.— Pres.. F. D . Carpenter, Lima, Ohio.— V. 107. p. 82. 40.
LIMA-TOLEDO RAILROAD CO.
ORGANIZATION.— Organized in 1922 and took over the interurban
line from Lima to Toledo, formerly controlled by the Ohio Electric R y.
Capitalization.— Common stock, $650,000; 7% pref., $750,000; first mtge.
25-year 6% bonds, $1,000,000— V. 115, p. 2046; V. 116, p. 1049.
LIMA CITY STREET RAILWAY CO.
ORGANIZATION.— Incorp. in Ohio on Aug. 12 1922 and acquired the
street car system in Lima, O., in Nov. 1922. formerly controlled by Ohio
Electric R y. Co. The interurban line from Lima to Toledo was taken over
by the Lima-Toledo R R . Co. (see that company below).
Capitalization.— Stock, $380,000; bonds, 1st mtge. 24-year 6% , $350,000.
— V. 116, p. 2388; V. 117, p. 1017, 1555.
WESTERN OHIO RR.
ORGANIZATION.— A holding co. Incorp. in Ohio on June 7 1910 to
take over under lease the Western Ohio Ry. but lease was canceled by vote
of stockholders on June 28 1915 and the company’s electric light and power
plant at Sidney sold to the Standard Power & Equipment Co. and all its
other property and assets to the Western Ohio Railway Co. except the stock
of that co. owned. Holders of com. stock of Western Ohio Ry. had right
to exchange before Jan. 1 1911 their stock for stock of Western Ohio RR.
on basis of 3 shares of Ry. for one share of RR. V. 90, p. 1556. 29,702
shares were so exchanged. Stock auth., $1,000,000; issued, $990,900.
(1) WESTERN OHIO R Y .
Foreclosure Suit.— The Union Trust C o., Cleveland, has filed a formal
bill of foreclosure in the State Court at Lima, Ohio. V. 114, p. 739.
ORGANIZATION.— Incorp. in Ohio on Oct. 11 1900. This road
forms a link in the through car service from Cleveland to Dayton and
between Detroit and Dayton. Outside of municipalities has private rightof-way. Franchises in towns are for 25 years. Owns entire com. and pref.
stock of the Lima Findlay & Toledo Ry. V. 83, p. 97, 157, 381. Has
contract to furnish power until Jan. 15 1928 to Ohio Power Co.
Was leased to the Western Ohio RR., by which it is controlled through
stock ownership, but lease was canceled in 1915. See remarks above.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.— A
trolley road. Operates from Lima through Wapakoneta and St. M ary’s to
Celina; from St. Marys to Minster, and from Wapakoneta to Piqua; a total
of 82.01 m.; also Lima to Findlay, 31.97 m.; thus completing a through
line to Toledo. Total, 113.98 m ., single track. Standard gauge. Owns
18 pass, motor cars,7 freight motors cars and 66 freight and express trail cars.
Bond Interest Deferred — Default, & c. — Due to severe weather conditions
during the winter of 1917 and the resulting increased cost o f operation, the co.
found itself unable to meet the bond int. due M ay 1 1918 on its 1st M .
bonds. Payment of same was made on Sept. 1 1918. V. 107, p. 1288.
Compare V. 106, p. 1797. The N ov. 1 1918 int. on these bonds was paid
April 30 1919. M ay 1 1919 interest was not paid when due. but has since
been paid N ov. 1 1919 Int. was paid about April 30 1920. The May 1920
coupon was paid N ov. 1 1920. The coupon due N ov. 1 1920 was not paid
when due but has since been paid. Int. for 6 mos. ended Oct. 31 1922 was
paid Nov. 1 1922, while int. for 6 mos. end. April 30 1923 was paid M ay 1
1923, while coupon No. 39, due April 30 1921, was paid Dec. 31 1923,
leaving unpaid coupon N o. 40, due Oct. 3l 1921, and 6 mos. int. due
April 30 1922. V . 116, p. 2132. In Sept. 1921 two committees (since
consolidated) were formed to protect the interests of the holders of the
1st mtge. 5% bonds, owing to the company’s inability to pay same at
maturity, N ov. 1 1921 (see below).
Committee fo r 1st M tge. 5s. — Chairman, J. P. Harris; A. M . Chambers.
I. F. Freiberger, E. J. B. Huntoon, L. J. Wolf; Secretary, Thos. H. Jones.
Depositary, Union Trust C o., Cleveland; Sub-depositaries, Fidelity Trust
Co., Baltimore; State Street Trust C o., Boston; MTarine Trust Co.. Buffalo:
Empire Trust Co., N Y . City. In Jan. 1924 it was reported that $2,494,000
of the $2,500,000 had been deposited. V. 114, p. 739. For two protective
116
PUBLIC UTILITIES
committees as originally constituted, which were merged into the above
see this Section for Oct. 22 1921.
Temporary Extension.— 'file committee named above in a circular an
nounced a temporary extension program under which the 1st mtge. 5s are
allowed to run as past due for the present at 5% Interest.
STOOK AND BONDS— Date.
Interest. Outstanding. Maturity
Common $30,000 ($1)_______ _____
_______
$30,000 __________
1st pf $500,000 ($100) 7% c u m ............................
476,000 Apr’ 17.1/4%
2d pf $500,000 ($100) 6% c u m ............................
450,000 Jly’ 14.1 >4%
1st M $3,000,000 g ($1.000)f 1901
5 « M -N
2,500,000 Nov 1 1921
$26,500 per m_____ c’ &rtf/Int. at Union Trust Co.,
Cleveland.
I Trustee, or First National Bank, N. Y.
Collateral trust mortgage/ 1910
6%
24.000 July 1 1930
$500,000_______________tflCleveland Trust Oo., Trustee.
t F 4 T 1st mtge $600,000/ 1905
5 g J-J
324,000 July 1 1925
gold ($1,000)_________ ct flin t. at Citizens’ Sav. & Trust Oo.. Clevei land. Trustee, or in New York.
6%
See text __________
General M $500,000_________ 1918
Stock.— 1st pref. is red. at 107/4.
Bonds.— The West Ohio 1st M . bonds have no sink. fd. and bonds are
not subject to call. $476,000 have been canceled.
See V . 76, p. 160, for
agreement among bondholders.
Coll, tr bonds are convertible into 1st pref. stock and are secured by
deposit o f $24,000 1st 5s. $476,000 have been converted. No sink, fd.;
red. on N ov. 1 1921 at 110. As bonds are converted, proportionate
amounts o f the 1st 5s which are collateral will be canceled.
The Lima Findlay & Tol. bonds have a sin kin g fund of $10,500 per an n .,
which began in 1911. Are subject to call at 105. $76,000 have been re
tired. V. 80. p. 2344.
Dividends .— On 1st pref. quar. divs. were paid regularly to and Incl
Apr. 1917. None since. On 2d pref. first div., 144%, paid Oct. 1910.
tad same amount quar. to and inci. July 1914. None since.
EARN ING S.— For year ending Dec. 31:
Gross '
E arnings.
Y ea r—
N e t (a fter
T a x e s ).
In terest.
P referred
D iv id en d s.
B alance.
S urplus
1924_______ .$1,019,018
$211,576
$162,283
$49,293
1923______ - 1,052,415
116,993
283,243
166,250
1922----------- 950,643
216.733
160.595
56.138
1921............. - 1,005.488
163,884
75.803
239.686
1920............. - 1.158.808
27.358
163,868
191.226
OFFICERS.— Pres., F. D. Carpenter, Lima: V .-P ., A. Born, Cleve.;
Sec. & Treas., H. C. Lang.— V. 107, p. 83, 403, 1288, 1748; V. 113, p. 1252,
1362. 1676, 2186, 2506: V. 114, p. 739: Y. 116, p. 2132: V. 118, p. 2825.
YOUNGSTOWN & OHIO RIVER RR.
ORGANIZATION.— Incorporated in Ohio on Dec. 8 1905. In 1906
leased for 99 years Salem RR. from Pittsburgh Lisbon & Western RR. C o.
for $6,000 per annum; the former runs between Salem and Washingtonvllle .
7 m . In 1910 road was recapitalized and new securities Issued as below.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— A
trolley and steam road. Freight service operated by steam; passenger
service by electricity. Operates from the terminus of the Stark Electric R y .,
in Salem, Ohio, through the city o f Salem to a connection with the Salem
R R ., and over the Salem R R . from Salem through Washingtonville, Leetonia, Lisbon and West Point to East Liverpool, Ohio, a distance of 36
miles. A t Leetonia, O., connection is made with the Youngstown &
Southern Ry. Owns 29.19 miles of track and leases 6.81 miles. Standard
gauge, mostly 70-lb. T rail. Pass, equip., 7 cars; freight, 3 locomotives,
15 cars.
STOOK AN D BONDS— D a te .
In terest. O utstanding.
ia tu r ity .
Stock common $1,000,000_________
_______ $1,000,000
See text
Preferred $1,000,000 5% c u m ............................
1,000,000 M ar'24,1/4 %
First mortgage $2,500,000/ 1910
5 A-O
1.200.000 Apr 1 1935
gold ($1,000)__________ c * iln t. at Citizens’ Sav. & Tr. C o., Cleveland
( Trustee, or First National Bank. N . Y .
Stock.— Pref. stock div. is cumulative from July 1 1913.
Bonds.— Subject to call on any int. date at 105 and int. Remaining
bonds are reserved for acquisition and extension under certain restrictions.
D ivid en d s. — Dividends on pref. began In 1910 and in that year 134 % was
paid. In 1911, 3 /4 % ; In 1912. 4 /4 % ; In 1913 and 1<>14, 3 /4 % ; in 1915,
4 /4 % . In 1916, 5% and 3% extra, paying up all accumulations. In 1917,
5% . In 1918, 5% . In 1919, 3 /4 % . In 1920. March, 1 /4 % ; June,
1/4 % : in 1921, 5 % . In 1922, 5 % . In 1923. 5% . In 1924, M ar., 1 34%.
Initial div. on com. o f 1% paid in Dec. 1916. None to Sept. 1920, when
1% was paid. In Dec., 1% . In 1921. 4 % . In 1922, 1% . In 1923. 1%S
EARN IN G S.— For years ending Dec. 31:
Y ea r en ding
Gross
E x p ., T axes
N et
Bond
Balance
D e c. 31—
E a rn in g s.
< k R entals.
S
E arnings.
In terest.
for Divs
1924 _____ ....$ 3 3 6 ,4 3 0
$326,243
$10,187
$60,000def$49,813
413,791
124.035
60,000
64,034
1923 _________ 537.826
1922 .............— 478.401
356,790
121,611
60,000
61.611
OFFICERS.— Pres., Chas. S. Thrasher; V.-P. & Gen. M gr., J. D,
Dewees; Sec. & Treas., Warren Bicknell; Aud. & Asst. Treas., R. F. Miller
Operating Mgrs., Warren Bicknell Co. Operating office. Leetonia, O.executive offices, 2024 B. F. Keith Bldg., Cleveland, O.— V . 112. p. 1145
V. 113, p. 419, 629; V. 114, p. 1409; V. 116. p. 2132; V. 117, p. 555, 796.
YOUNGSTOWN & SUBURBAN RY. CO.
In July 1917 control was acquired by Municipal Service C o., a Maine
holding corporation. V. 104, p. 1387, 1592, 1900, 2013.
ORGAN IZATION .— Incorp. in Ohio in Jan. 1916 and acquired the prop
erty o f the Youngstown & Southern R y ., sold at foreclosure Sept. 2 1916.
V. 103, p. 940, 1033.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates interurban road between Youngstown and Leetonia, about 20 m.
14 passenger, 11 freight and express, 1 work car and 1 snow plow, and 1
electric locomotive. Also operates buses.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common $750,000_________________
_______
$350,000 __________
Preferred (cum) $750,000------- -------6%
470,000 -------- --------First mtge $1,500,000-—c . t f . 1916
5 M-S
825,000 Sept 1 1936
$30,000 pref. stock in treasury in addition to amountr eported outstanding.
K Bonds.— Remainder are reserved for extensions and additions under cer
tain safeguards. Red. at 102/4 and interest at any time. Sinking fund to
retire $5,000 at 102 h and interest annually, began Sept. 1 1919. Guaranty
Trust Co., New York, trustee.
EARN IN G S.— For 12 months ended Aug. 31:
f 12 Months—
Gross.
N et aft. Tax. Fixed Chgs. Balance
1922-23________ _____ ______ $255,321
$59,537
$45,039
$14,498
1921-22____________________ 257,103
50,788
39,760
11,028
OFFICERS.— Pres., Fred Todd; V .-P ., Jos. W . Swain Jr.; Sec., John E.
Zimmermann; Treas., L . B . Harvey; Oper. Mgrs., Day & Zimmermann,
Inc.— V . 104, p. 1592, 1900, 2013; V. 113, p. 1889; V. 116, p. 2008, 2390.
COLUMBUS MARION & BUCYRUS RY.
ORGAN IZATION .— Incorp. in Ohio Mar. 25 1914 as a reorganization
of the Columbus Marion & Bucyrus RR., sold under foreclosure per plan,
V. 96, p. 1488, 1839.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $350,000____________________
_______
$350,000 -----------First mortgage $100,000— tf 1914 6% g
47,000
1934
Gen & ref M $350,000 g o ld --tf 1914 5%
250,000
1944
Bonds.— The first mtge. 6s are red. at 102/4 and int. on any int. day.
Remaining $48,000 is held by trustees; $5,000 are held in treasury.
$100,000 gen. & ref. mtge. bonds are reserved to retire first mtge. bonds.
V. 96, p. 1488, 1839.
EARN ING S.— For calendar year 1924, gross, $55,908; oper. expenses,
$49,482; net, $6,426; fixed charges, $18,769; bal., def., $12,343. In 1923,
gross, $54,975; net, after taxes, $13,495. In 1922, gross, $60,154; net,
after taxes, $14,990.
OFFICERS.— Pres. & Gen. M gr., Geo. Whysall; V .-P ., Jas. H. Caldwell,
Troy, N . Y .; Sec. & Treas., H. B. Hane; Aud. & Asst. Treas., John J. Hane.
— V. 101, p. 1013. 1713; V . 110, p. 764, 2657.
[ V ol. 120,
PORTSMOUTH STREET RAILROAD & LIGHT CO.
Was acquired in 1924 by the Portsmouth Public Service C o., which
was in turn acquired by the Virginian Power Co. (which see). For history
of Portsmouth St. R R . & Lt. Co. see “ Electric Railway’ ’ Supplement
of April 26 1924.
SPRINGFIELD & XENIA RAILWAY CO.
ORGANIZATION.— Incorp. in Aug. 1906 to succeed the Springfield &
Xenia R y., which was organized in 1904 to succeed the Springfield & Xenia
Traction C o., which had been sold under foreclosure. V. 83, p. 214.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 20 miles of track connecting Springfield and Xenia. Rails,
70-lb. T; five cars.
STOCK.— Common, auth. and issued, $300,000; preferred, 5% cum.,
auth. and issued, $300,000. Par, $100. $1,200 of each class held in treas.
Dividends.— First div. on pref., 4 % , was paid Oct. 1 1908. In 1909,
5 /4 % . In 1910,4/4 % • I n l9 1 1 ,8 /4 % . I n l9 1 2 ,6 /4 % . In l9 1 3 ,M a r .,
1 /4 % ; June, 1 /4% ; Sept., 1 /4 % ; D ec., l /i '% regular and 2% extra, which
paid accumulations in full to Jan. 1 1914. In 1914 to 1920, inclusive, 5 % .
In 1921, 5 % . In 1922, 5 % . In 1923, March, 1 / 4 %; June, 1 /4 % . In
1924, March, 1 /4 % . Initial dividend on common of 2% paid Dec. 1913.
In 1914, 1915 and 1916, 3 % . In 1917, Dec., 2 % . None to D ec. 31 1919.
when 1 % was paid. None since.
EARN ING S.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Car miles operated_____
268,455
256.003
244,267
243,048
Pay passengers carried-373.268
391,427
394,693
434,382
Gross earnings_________
$95,072
$106,867
$105,608
$112,528
Operating expenses_____
$106,001
$104,496
$94,055
$101,684
T a x es.......... ..................
4,595
5,596
6,982
6,421
Net earnings________ def$15,523
def$3,225
$4,570
$4,423
OFFICERS.— Pres., Warren Bicknell, Cleveland; V .-P ., Geo. A . Coulton;
Sec. & Treas., Chas. S. Thrasher; Oper. Mgrs., The Warren Bicknell Co.—
V. 101, p. 2072; V. 105, p. 2367; V. 116, p. 2131; V. 120, p. 1461.
TOLEDO BOWLING GREEN & SOUTHERN
TRACTION CO.
ORGANIZATION.— Incorp. in 1901 as a consolidation of the Findlay
Street R y., the Toledo Bowling Green & Fremont R y., and the Hancock
Light & Power Co. of Findlay, Ohio. Formerly leased to the Toledo Urban
& Interurban R y ., but rental due Apri 11 and July 1 1908 having been de
faulted, lease was canceled.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Comprises 51 miles from Toledo to Findlay. 60-lb. and 72-lb. T and girder
rails. Owns 21 passenger and 5 freight motor cars, 13 freight non-motor
cars and 3 work cars.
STOCK A N D BONDS—
D ate.
Interest. Outstanding. Maturity.
Common $1,500,000_______________
_______
$1,125,000 __________
Pref $750,000 (non-cum)__________
Q-F
750,000
See text
First mtge $1,500,000 gold/ 1901
6 g M -N
940.000 M ay 1 1941
($1,000 and $500)_____n tf lin t, at Central Trust C o., Cincinnti,trustee.
Toledo & Findlay mortgage/ 1910
5 J-J
480,000 Jan 1 1935
$500,000 gold_________ n tf (Union Sav. Bank & Trust Co., Cin., trustee.
Bonds.— The bonds of 1901 were originally 5s but at maturity in 1921
were extended for 20 years at 6% . Compare V. I l l , p. 2326, 2521.
The Toledo & Findlay mortgage is a first mortgage on the property o f the
acquired Toledo Urban & Interurban R y.
Dividends.— On pref., 1/4 % quar. from Aug. 1910 to and including
Aug. 1914. None to N ov. 1923, when 1/4 % was paid.
E A R N IN G S.— For years ending Dec. 31:
Cal. Years —
Gross.
N et, aft. Taxes. B ond,& c.,Int.
BaL.Surp.
1924-_____ ________ $841,342
$188,612
$96,004
$92,608
1923_______________ 849,345
228,611
94,680
133.931
1322_______________ 744,312
194,358
99,259
95,099
1921______________ 701,794
156,646
94,615
62,013
OFFICERS.— Pres., Frank A. Rothier; V .-P. & Gen. M gr., Chas. F.
Smith; Sec. & Treas., A . J. Becht, all of Cincinnati. Offices, Findlay, O.—
V. 112, p.933, 1618,2085,2307; V. 114, p. 1409,2471; V . 115, p. 75; V . 118,
p. 204, 1013.
TOLEDO FOSTORIA & FINDLAY RY.
ORGANIZATION.— Incorp. in 1900. In N ov. 1916 purchased the
11 /4-mile line of the Lake Erie Bowling Green & Napoleon R R ., between
Pemberville and Bowling Green (bid in at receiver’s sales on Aug. 5 1916
oy the bondholders. V. 103, p . 666, 1032; V . 103, p. 1889).
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates 64 miles between Bowling Green, Toledo, Fostoria and Findlay.
Portions between Pemberville and Toledo put in operation in June 1908.
STOCKS A N D BONDS—
D ale.
Interest. Outstanding. Maturity.
Stock common ($100)------------ -----------------$700,000 _______ • _
_
Stock pref 5% cum ($100)_________
Q-J
800,000 See text
First mortgage $450,000 gold/ 1900
6 g A-O
354,000 Oct 1 1940
($ 1,00 0)---______________c\Int. at Cleveland Trust C o., Cleve., trustee.
Bonds.— May be called at any time. Originally matured Oct. 1 1920 and
bore 5% interest but were extended for 20 years at 6 % . Sinking fund began
July 1 1905. $96,000 bonds have been retired.
Dividends.— 1/4% is being paid quarterly on preferred stock.
EARN ING S.— For calendar years:
Calendar Years —
1920.
1919.
1918.
Gross_______ ______ ________________
$384,943
$307,611
$267,494
Net, after interest and taxes________
53,107
45,452
35,223
OFFICERS.— Pres., H. O. Greer, Morgantown, W . Va.; V .-P ., C . C.
Fernsell, Jr., Dover; Sec. & Treas., A . J. Krantz, Dover; M gr., E . Smith,
Fostoria— V . 118, p. 86, 432; V . 119, p. 1954, 2065, 2288.
TO LE D O & IN D IA N A R R . CO.
Sale.— On July 11 1924 all the property and assets of the Toledo & Indiana
R R . Co. were sold to the Lake Shore Power C o., title to railroad property
being taken by a new corporation of the same name, the Toledo & Indiana
RI1. C o., title to electric light and power property, power house, transmis
sion lines, &c., being retained by the Lake Shore Power Co.
ORGANIZATION.— Incorp. in Ohio in Jan. 1911, and on June 29 1911
took over the Toledo & Indiana Traction Co. (V. 93, p. 230), assuming al
of latter’s liabilities, &c. The Toledo & Indiana Traction on Feb. 8 1910
was successor of the Toledo & Indiana Railway sold under foreclosure on
Jan. 18 1910. V . 90, p. 237, 448. M ost of road is on private right o f way.
Franchises are perpetual except one for road crossings in Fulton County,
expiring in 1935.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
A trolley road. Operates 55.77 miles o f track from Toledo westerly to
Bryan. Enters Toledo over tracks of Community Traction Co.
STOCK A N D BONDS— D ate.
Interest. Outstanding. Maturity
Stock 5,000 shares----------------- -------Q-J
5,000 shs
See text
Tol & Ind Trac 1st mortgage/ 1911
5 g J-J
$400,000 Jan 2 1931
$400,000 gold ($ l,0 0 0 )--c* (ln t. at Columbia Trust Co., N . Y ., trustee.
Bonds.— Toledo & Indiana Traction first mtge. bonds are subject to call at
102/4 and interest on any interest date. V. 92, p. 1244, 1375.
Dividends.— Dividends at the rate of 4% per annum were paid to and
including Dec. 1916. None since.
EARN ING S.— For calendar years:
Cal. Year —
Gross. N et aft.Taxes. Oth.Inc. Fixed Chgs.
Balance
1923____________ $386,933
$11,165
$150
$21,251
def.$9,936
1922____________ 372,429 def.36,784
-----22,087
def.58,871
OFFICERS.— Pres., L. G. Van Ness; V .-P ., Chas. T . De Hore; Sec. &
Gen. Counsel, Leroy E . Eastman; Treas., Marion M . Miller; A ud., J. P,
Longon.— V . 108, p. 1166; V . I l l , p. 390; V. 118, p. 2306, 2951.
POWEE, LIGHT AND BAIL W A Y
M a t , 1925.]
CLEVELAND ELECTRIC ILLUMINATING CO.
Controlled by North American Edison Co.
ORGAN IZATION .— Incorp. Sept. 29 1892 in Ohio.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates in Cleveland and adjacent industrial and suburban territory,
serving with electric light and power a total estimated population of over
1,250,000. Also supplies steam for heating purposes. Street lighting is
furnished to 20 municipalities and current for domestic and commercial
purposes to 40 political sub-divisions comprising Cleveland and suburbs.
Property includes 2 steam generating stations.
STOCK AND BONDS—
Date.
Interest.
Outstanding. M aturity.
Common $19,200,000 ($100)_______
__________ $16,626,000June'252H%
Pref6% cum serof 1892-97($100) . . .
6 Q-F
800,000June'25U£%
Preferred 6% cum auth 1923
6 Q-M
$40,000,000 ($100)______________
15,281,700June’2 5 1 H %
1st Mortgage $30,000,0001 1909
5 g A-O
18,500,000 Apr. 1 1939
($500 and $1,000) gold, .c * (Citizens Savings & Trust C o., Cleveland,
( and Acosta Nichols, New York, trustee.
General Mortgage Ser “ A ” ( 1924
5 g M -N 11,500,000 Nov. 1 1954
$30,000,000 ($1,000) g.c*tf/Guaranty Trust Co. o f N. Y ., trustee.
20-year deb bonds $5,000,0001 1921
7 g F-A
5,000,000 Aug. 1 1941
($1,000) gold_________ c*tf/U nion Trust C o., Cleveland, trustee.
Stock.— 6 % pref., auth. 1923, is red., all or in part, on any div. date upon
30 days’ notice at $110 and div., and in case o f liquidation is entitled to
$110 per share and divs. before any distribution is made to the holders of
common stock. 20,000 shares 6% pref., auth. 1923, were offered in March
1925 by The Union Trust C o., Cleveland; Hayden, Miller & C o., &c., &c.,
at $103 30 per share. V. 120, p. 1456.
Bonds.— $11,500,000 ls< M tge. 5s are pledged as security for the Gen.
Mtge. 5s, Ser. “ A .” Call, at 107A and int. on April 1 1924 and on any
int. date thereafter at a price decreasing at the rate o f A o f 1 % yearly to
maturity. Int. payable in New York and Cleveland. $4,000,000 were
offered in Nov. 1917 by Spencer Trask & Co. and the National City Co.
of New York at 90 and int. V. 105, P- 2186.
Gen. M tge. 5s are secured by pledge o f $11,500,000 1st Mtge. 5s. $18,500,000 Gen. Mtge. 5s are reserved to retire a like amount of 1st Mtge.
bonds. Gen. Mtge. provides for purchase fund equal to 1 % per annum
of all Ser. “ A ” bonds then outstanding, to be available semi-ann. to pur
chase Ser. “ A ” bonds if obtainable during the succeeding 6 mos. at or below
100 and int.. any unexpended balance reverting to the co .’s general funds.
Are call., all or part, by lot at any time at 105 and int. Penna. 4-mill tax
refundable. $11,500,000 Gen. Mtge. 5s were sold by Dillon, Read & Co.
in Nov. 1924 at 100 and int. Y. 119, p. 2409.
20-year 7 % debentures have sinking fund o f 2 A % per annum of the total
amount o f bonds issued for their purchase in the open market, if obtainable
up to 100 and int. Call., or in part, on any int. date on and after Aug. 1
1931; at 105 and int. during first year, redemption price decreasing A of
1% for each year thereafter. Penna. 4-mill tax refunded. Int. payable
at office o f Dillon, Read & C o., N. Y. $5,000,000 were sold in July 1921
by Dillon, Read & C o., N. Y ., at 95 and int., to net about 7 A % . V. 113,
p. 539.
EARNINGS.— For 12 months ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings_________$18,229,295 $17,519,169 $15,125,956 $13,001,871
9.435,714
8,917,327
8,113,717
Operating expenses------- 9,548,740
Net operating revenue $8,680,555
Non-operating revenue.
223,420
$8,083,455
193,123
$6,208,630
251,320
$4,888,154
145.978
Gross income-------------- $8,903,975
Total deductions----------- 3,718,173
Dividends--------------------- 2,048,520
$8,276,578
4,004,157
2,220,740
$6,459,950 $5,034,132
3,731,152 3.302.442
1,462,836 1.146.851
117
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Furnishes electric energy to over 50 cities and towns in northern Indiana.
Also supplies steam heat in Kokomo and Noblesville. Operates 53 miles of
interurban electric railroad from Marion through Kokomo to Frankfort
and 9 miles of street railway in Kokomo. Is connecting link between the
Terre Haute Ind. & East. Trac. Co. and the Union Traction Co. of Indiana.
Standard gauge, 70-lb. T rail.
STOCK AND BONDS—
D ate.
Interest. Outstanding. Maturity.
Stock $5,000,000 auth— All the outstanding stock is owned by Central
Indiana Power Co.
1st & ref mtge bonds $6,575,000— All owned by Central Indiana Power Co.
and pledged by that company.
Ind Rys & Lt 1st & ref M sk fd) 1912
5 g J-J
$1,254,000 Jan 11943
$5,000,000 ($500 & $1,000 jUnion Trust Co. of Indianapolis, trustee,
g o l d --------------------------c*tfj
Noblesville Ht Lt & Pow C o f 1922
6 A g J-J
310,000 July 1 1947
1st M ($500 & $1,000) gold| Int. at Fletcher-American Nat. Bank, Inl dianapolis, trustee.
Bonds .— All the c o .’s 1st & ref. mtge. bonds are owned by the Central
Indiana Power Co. and deposited under that c o .’s 1st coll. & ref. mtge. 6%
bonds due July 1 1947.
Ind. Rys. & Lt. Co. 1st & ref. mtge. 5s are red. on any int. date at 105.
Sinking fund, 1% , began Jan. 1 1917. In lieu of retirement of bonds, com
pany may at its option set aside annually for permanent additions, improve
ments and extensions, at not exceeding 80% of cost thereof, a sum equiva
lent to U £% of total amount of refunding bonds out. Int. payable at
Spencer Trask & C o., New Y ork. V . 95, p. 1684.
Noblesville H t., Lt. & Pow. 1st 6 A s are call, at 107 on any int. date on
or before July 1 1927; at 105 after July 1 1927, and on or before July 1 1932:
at 103 thereafter.
OFFICERS.— Pres., Jos. H. Brewer, Grand Rapids, M ich.; Treas.,
L. B. Schiesz.— V. 119, p. 463, 949, 1073, 2179, 2763.
INDIANAPOLIS LIGHT & HEAT CO.
ORGANIZATION.— Incorp. in Indiana in Dec. 1904.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Furnishes electricity for light and power in Indianapolis and its suburbs,
also steam heat in the business district.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
Stock $4,375,000 ($100)___________
_________ $4,228,100 ____________
Cons mortgage $5,000.00011905 5 g A-O
3,782,000 April 1 1940
($1,000) gold__________ c*/In t. at American.Tr. Co., Boston, trustee.
Bonds .— The cons. mtge. 5s are call, at 102 & int. on any int. date since
April 1 1925. Arthur V. Brown, Indianapolis, is co-trustee. $l,OOO,OO0
were offered in March 1913 by Miller & Co., Indianapolis, at 99 A & int.
V. 96, p. 866, 1024.
EARNINGS.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
1922.
Net earnings (before deduc. deprec.). $1,802,378 $1,641,813 $1,275,040
OFFICERS.— Pres., Walter C. Marmon; 1st V .-P ., Chas. N . Thompson;
2d V .-P ., Thos. Neil Wynne; Sec., Norman A. Perry; Treas., W. C.
Richardson.— V. 119, p. 2287, 3009; V. 120, p. 1747.
TERRE HAUTE INDIANAPOLIS & EASTERN
TRACTION.
ORGANIZATION.— Incorporated In Indiana on March l 1907 and.
acquired by purchase (1) Indianapolis & Eastern Ry.; (2) Indianapolis
Coal Traction; (3) Indianapolis Sc Western Traction, and (4) Richmond
K Surplus.........................$3,137,282 $2,051,680 $1,265,962
$584,839 Street & Interurban Ry.
On March 25 1907 leased the Terre Haute Traction & Light Co. for 999
OFFICERS.— Chairman of Board, F. L. Dame; Pres. & Gen. M gr.,
years (see terms under that company below), and in April 1907 leased for
Robt. Lindsay; V.-Pres. & Treas., Chas. W . Mills; Sec., E. G. Crawford.
999 years the Indianapolis & Northwestern Traction ana the Indianapolis &
—V. 119, p. 2409; V . 120, p. 209, 582, 1456, 2010.
Martinsville Rapid Transit (see terms under respective companies).
The company owns $1,000,000 par of the common stock of the Indianap
olis 8t. Ry. Co. (incorporated 1919). Owns a one-half interest in the
United Traction Coal Co., insuring the company an adequate coal supply.
See Shirley Realty Co. of Indiana in V. 104, p. 1805.
On May 1 1912 leased for 999 years the Indianapolis Orawfordsville &
Danville Elec. Ry. (see terms under latter company below). V. 94. p. 1567.
On May 1 1918 purchased the stock of the West Indiana Utilities C o ,
which operates lighting plants at West Terre Haute and Brazil, Ind.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates a modern high-speed electric railway over lines which comprise
CENTRAL INDIANA POWER CO.
of Paris in
through
OR GA N IZA TION .— Incorp. Sept. 17 1912 in Indiana. Owns all the a continuous route from and including the city Greencastle,Illinois Clayton
the
Amo,
outstanding bonds and the present outstanding capital stocks, except and city of Terre Haute and towns of Brazil, thence through the towns
Plainfield, to the city of Indianapolis, and
$1,564,000 of bonds and directors’ qualifying shares, of four public utility of Greenfield, Knightstown, New Castle and Cambridge City, to the
companies operating within the State of Indiana.
city of Richmond in Indiana; also a line running south from Indianapolis
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— co Martinsville. Ind.; a line running west from Indianapolis to Danville,
Subsidiary companies serve 135 cities and towns located in 27 counties of Ind.; a line running northwest from Indianapolis to Lafayette, with a
Indiana, with one or more classes o f public utility service. Estimated branch to Crawfordsville; a line running northwest from Indianapolis direct
total population, 550,000. Their business is essentially the supplying of co Crawfordsville and from Terre Haute a line north to Clinton, Ind., and a
electricity for domestic and commercial needs, as over 75% o f the combined line south to Sullivan, Ind. Also operates the city lines In Terre Haute and
operating revenue is derived from such service. Company also owns all Richmond. Total miles in single track: city lines, Terre Haute, 31.75; and
the outstanding stock except directors’ qualifying shares o f the Indiana Richmond, 13.68; total, 45.43; interurban lines, total, 385.04. Grand total
Electric Corp.
entire system. 432.32 miles.
STOCK AND BONDS— D a te .
In te r e s t.
O utstanding.
M a tu r ity .
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $12,500,000 ($100)...............................
Common $7,000,000 ($100)_ _____
_
_______ x$7,000,000
$9,100,000 ...................
_________
Preferred $12,500,000 ($100)............................. .
9.100.000
See text
Pref 7% cum $10,000,000 ($ 1 0 0 )-.-.
7 Q-M
6,403,800 Mar.’2 5 , 1%
5 A-O
6,500.000 April 1 1945
1st mortgage and collateral ref 1 1922
6 g J-J
12,190,500 July 1 1947 1st & ref mortgage $8,000,0001 1910
gold ($1,006) s f______ c*tf/lnt. at Fidelity Trust Co., Phlla.. Trustee.
Series “ A ” gold________ c*(U nion Trust Co., Chicago, trustee.
5 g J-J
See text July 1 1927
3-year collateral notes, con-1 1922
7 g J-J
2,000,000 July 1 1925 Indianapolis & Eastern lstf 1902
Cons M $1,000,000 goldilnt. at Mercantile Trust Co.. N. Y .. or at
vertible ($100, &c) gold.c* [interest at National Bank of Republic, Chic.
3-year collateral notes ($100,1 1924
7 g M-S
6,500,000 Mar 11927
($1,0001 sinking fund.c*tfl Farmers Trust, Co., Indianapolis. Trustee
&c) gold_____________ c * tf jln t. at Halsey, Stuart & C o., Inc.. Chic.,&c. 5-year 6 A % collateral notes/ 1924
6 A g M-S
425.000 Sept. 1 1929
($500 & $1,000) gold____tf (int. at Fletcher Am. Nat. Bk., Indianap., tr.
a-year collateral notes ($100,/ 1924
5 A S M-S 1,500,000 Mar 1 1927
&c) gold--------- ----------- c* tf(In t. at Halsey, Stuart & C o., Inc., Chic.,&c.
Stock. — Pref. stock Is 5% cum. after July 1 1910. Should com. at any
xAll of the common stock is owned by the American Public Utilities Co.
lime pay 6 % . pref. will pay the same. V. 90. p. 1555.
Stock.— Preferred is redeemable at 115.
B onds .— Remaining 1st & ref. bonds are reserved for additions and im
Bonds.— The 1st M tge. coll. & ref. gold 6s, Series “ A , " are call., all or in provements, under careful restrictions. Callable as a whole from April 1
part after June 30 1932 as follows: July 1 1932 to July 1 1937 at 107 JS
1915 at 105 and Int., or In part, for sinking fund only at 1 0 2 and int.
July 1 1937 to July 1 1942 at 105; July 1 1942 to Jan. 1 1947 at 102 IS; on any int. date. $1,190,000 held in sinking fund April 1 1925.
thereafter at 100
8. f. $55,000 p. a. first 5 years and $106,675 p. a. thereafter; bonds
The '6-year collateral gold notes o f 1922 are convertible at 101 and int. into acquired for s. f. to be alive and int. added to s. f. V. 90, p. 1491. (The
pref. stock o f the co. at 95 and div. Call., as a whole or in part, prior to payments due Feb/l 1919.1920, 1921.1922,1923 1924, 1925, had not been
July 1 1924 at 103; thereafter to Jan. 1 1925 at 102; thereafter at 100. paid to Apr. 1 1925.
Are free from Pennsylvania State tax.
Of the $l,0OO,0OO Ind. & East, consols auth., $150,000 have been can
The 3-year 7% and 5 A % collateral gold notes o f 1924 are red., all or part, celed by sinking fund. Of the remaining $550,000 out, $531,000 are owned
at the following prices and int.: At 101 A to March 1 1925; on and from by Terre Haute Ind. & Eas Trac. A sin kin g fu n d , 1% of ends out, began
March 1 1925 to March 1 1926 at 101; on and from March 1 1926 to Sept. 1 July 1 1908. Fund is to be invested in the company’s bonris ir they can be
1926 at 100H , and on and after Sept. 1 1926 at 100. Free from Pennsyl bought at not more than 105 and int. Bonds cannot be called. See V. 75.
vania State tax. V . 118, p. 1140; V . 119, p. 1175.
p. 342.
Consolidated Earnings and Expenses o f Subsidiaries— 12 M os. Ended D ec. 31.
N otes .— The 5-year 6 A % coll, notes are secured by deposit o f $700,000
4% notes of the Indianapolis Trac. & Term. Co. maturing in 1933. Are
1923.
1922.
Gross revenue (including other income)__________ $6,406,757 $5,277,892 call, at 102 and int. on any int. date. $425,000 were offered in Sept. 1924
Operating expenses, maintenance and taxes_______ 4,209,183
3,525,239 by the Fletcher American C o., Indianapolis, at 100 and int. V . 119, p. 1283.
D iv id en d s .— Initial dir., 1 H % > on pref. paid Oct. 1910: same amount
Net earnings--------------------------------------- -------------$2,197,574 $1,752,653
quar. to and incl. Jan. 1914. None paid since. See V. 98. p. 914.
OFFICERS.— Pres., Joseph H. Brewer; V .-P ., Chas. O’B. Murphy!
R ep ort .— For calendar years (excl Ind. Street Ry.):
V .-P., Marshall V. Robb; V .-P ., L. B. Andrus; V .-P. & Treas., Harry R.
1924
1923
1922
Ellis; Sec., P . D . Birdsall; Aud., Henry Knaff. Office, Indianapolis, Ind. Gross earnings.......................................$5,197,922 $5,499,428 $5,404,575
—V. 119, p. 1175.
Operating expenses and taxes_______ 4,040,502
4,178,203 4,047,183
(1) NORTHERN INDIANA POWER CO.
Net earnings_____________________ $1,157,420 $1,321,225 $1,357,392
All the outstanding stock is owned by Central Indiana Power Co. (see Rentals and other deductions_______
$614,951
$628,279
$641,329
above).
Sinking funds on' leased lines________
47,048
45,970
45,272
ORGAN IZATION .— Incorp. in Indiana N ov. 9 1922. A consolidation
Balance__________________________
$495,421
$646,976
$670,791
of the Indiana Rys. & Light Co. (for history see “ Electric Railway” Sup
_
$267,599
$271,490
$274,580
plement o f April 26 1924), United Public Service C o., Noblesville Heat, Interest o n T . H . I . & E . T . bonds_
164.076
160.175
157,095
Light & Power C o., Wabash Water & Light Co., Sheridan Water, Light & Sink, fund on T. H. I. & E. T . bonds.
Heat C o., Logansport Utilities Co. and Roann Light & Power Co. Has
Balance-..................... ........................
$63,745
$215,312
$239,116
since acquired the Huntington Light & Fuel Co., Farmers’ Mutual Elec
tric Light & Power Assn, and Larwill Light & Power Co. Acquisition in
OFFICERS.— Pres., Robt. I. Todd; V .-P.. John J. Appel; Sec. Sc Treas.,
1924, see V. 119, p. 2763.
Jos. A. McGowan
INDIANA
118
PUBLIC UTILITIES
DIR E C TO RS.— Robt. I. Todd, Randal Morgan, W . Kelsey Schoepf,
James W . Lilly. Leroy T . Hixson, J. J. Appel and Jos. A . McGowan.—
V. 114, p. 739, 2117; V. 115, p. 760; V. 116, p. 516, 823, 936, 2994; V . 117,
p. 89, 440; V. 118, p. 908, 3080; V. 119, p. 1173, 1283; V. 120, p. 830.
(1) TERRE HAUTE TR A C T IO N & L IG H T CO.
Leased.— In March 1907 was leased to the Terre Haute Indianapolis &
Eastern Trac. Co. for 999 years. The latter company guarantees 6% on
the outstanding pref. stock and 2% on common for 1)4 years, 3% for
1 year, 4% for 1 year, and 5% thereafter, and $1,000 per year for organ!
sation expenses. V. 84, p. 750.
The Terre Haute Ind. & East. Trac. owns all the common stock except
directors’ shares.
ORGAN IZATION .— Is a consolidation In 1904 of the Terre Haute Elec
tric Co. and the Terre Haute Electric Trac. Co. In accordance with the
privilege granted by the Indiana State Legislature in its session of 1921, the
company surrendered its franchises and the Ind .P. S. Comm, has issued in
lieu of same an indeterminate permit.
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Embraces 104.56 miles of track in Terre Haute, including lines from Terre
Haute to West Terre Haute, Clinton, Brazil, Sullivan and Sanford, Ind.
Rails, 60 to 80 lbs. Owns 141 city passenger and 14 interurban passenger
cars, 6 freight and 20 service cars.
STOCK AND BONDS— D ate.
Interest. Outstanding. MaturityCommon $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 25,3%
First cons mtge $5,000.0001 1904
5 g M -N
2 895.000 M ay 1 1944
gold___________________ tf (Interest at State Street Trust C o., Boston
Terre Haute Electric 1st mtgl 1899
5 g J-J
1,500,000 July 1 1929
$1,500,000 gold ($1,000) c*j Int. at Boston Safe Dep. & Tr. C o.. Boston.
Oar Trust Equip Co pref stock 1918 6 Q-J
59 500 See text
Oar Trust Equip Co pref stock 1919 6 Q-J
55 000 See text.
Bonds.— The Union Trust Co. o f Indianapolis and the Boston Safe Deposit
& Trust Co. are Joint trustees of the Terre Haute Electric mtge. Of the
$5,000,000 consols. $1,500,000 are reserved to retire prior liens. The new
bonds are callable as a whole at 110 and Int. on any int. date. A sinking
fund of 1% of outstanding bonds commenced May 1 1906. $605,000 was
held by this fund Apr. 11925. The'United States Trust Co. of Terre Haute
and the State Street Trust Co. of Boston are trustees of this mortgage.
See V. 78. p. 2013.
The Car Trust Equipment Co. pref. stock o f 1918 is a first charge against
30 cars. The stock matures $8,500 semi-ann. V. 107. p. 182. The stock
of 1919 is a first charge against 25 cars and matures $5,500 semi-ann. to
Oct. 1 1929. V. 109, p. 1367.
EARN INGS.— For calendar years:
Year —
Gross.
Net.
Deductions.
Sink. Fd.
Balances.
924.............. $2,647,847
$751,285
$278,278
$29,067
$443,940
923----------- 2,680,722
787,035
282,719
29,413
474,903
665,584
286,385
29,757
349,442
922_______ 2,483,253
OFFICERS.— Pres., R . N . Filbeck; V .-P ., Robt. I. Todd; Sec. & Treas.oseph A . McGowan.— V. 109, p. 1367; V . 116, p. 2007; V. 118, p. 2306.
[V ol. 120,
EA R N ING S.— For calendar years:
Dec. 31 Year — Gross.
N et.aft.T ax.
Deductions.
Balance.
1924____________ $195,680
$41,935
$38,000
$3,935
1923____________ 222,080
39.874
38,000
sur. 1,874
1922____________ 234,261
54,065
38,000
sur.16,065
OFFICERS.— Pres., Robt. I. Todd; V.-Ps., Harry 8. New, Ohas. M u r
dock and John J. Appel; Sec. & Treas., Jos. A. McGowan. V. 84. p. 749
(4) INDIANAPOLIS CRAW FORDSVILLE & DANVILLE ELEC. R Y .
Lease.— On M ay 1 1912 was leased to the Terre Haute Indianapolis A
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.: J4 % from N ov. 30 1912 to M ay 31 1914, 1%
Nov. 1914 to M ay 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 Crawforsdville & West. Trac., sold at foreclosure. Built
entirely on private right-of-way. In accordance with the privilege granted
by the Indiana State Legislature In its session of 1921, the co. surrendered
Its franchise and the Ind. P. S. Comm, has issued In lieu of same an inde
terminate permit.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Operates 48.23 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.
STOCK AND BONDS—
D ate.
Interest. Outstanding.
M atu rity.
Common $400,000 ($100).................
M -N
$400,000 See text
J-D
200.000 See text
Pref $400,000 5% cum ($100)______
First mtge $2,500,000 goldl 1912 5 g M -N
816,000 M ay 1 1953
($1,000) guar p& l__c&r tf [Interest at Girard Trust C o.. Phlla.. Trustee.
Bonds.— Of remaining first mtge. bonds, $1,000,000 are for extensions
and $500,000 to be issued only under certain conditions. Subj. to call as
a whole but not in part at 10214 and int. on any int. day. Sinking fund of
$9,000 per annum on initial $1,000,000 bonds out commenced March 1 1913
When add'l bonds are Issued fund shall be increased by such amount as will
retire 2-3 of such add’l bonds issued. $184,000 held alive in sinking fund
Apr. 1 1925.
EARNINGS.— For calendar years:
Year —
Year.
N et aft. Tax. Deduc.
Sink.Fund.
Balance.
1 9 2 4 ............. $361,989
$57,037
$41,518
$17,981
def. $2,463
1923________ 406,188
59,629
42,943
16,557
sur.
129
47,878
43,985
15,515
def. 11,621
1922________ 388,470
OFFICERS.— Pres., John J. Appel; V .-P .. Robert 1. Todd; Sec. Sc Treas.
Jos. A. McGowan; Gen. M gr.. R obt. I. Todd. V. 94, p. 1449, 1565. 1695.
INDIANAPOLIS STREET RAILWAY CO.
The Terre Haute Indianapolis & Eastern Traction Co. owns the $1,000,000 com. stock
ORGANIZATION.— Incorp. in Indiana on June 30 1919. Is consolida
tion of the old Indianapolis Street Ry. Co. and the Indianapolis Traction &
Terminal Co. (For separate history of each of these cos. up to time of
consolidation see the “ Electric Railway Supplement” of March 29 1919.)
The consolidation was effected as per plan in V. 108, p. 2329 subject to
conditions stipulated by the Ind. P. S. Comm, as outlined in V. 109,
p. 172. On Aug. 29 1919 the Federal Court approved this consolidation
(a) TERRE HAUTE & W ESTERN R Y . CO.
and dismissed
suit
Leased to Terre Haute Traction & Light Co. for 999 years from N ov. 1907. same. V. 109, the 982. brought by certain minority stockholders against
p
ORGAN IZATION .— Incorp. in 1907 in Illinois. Entire com. and pref
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
stock owned by Terre Haute Ind. & Eastern Trac. Co.
Operates 168.58 miles of track and owns 9-story office and terminal building,
and train-sheds. This terminal is used by all interurban roads (13 in num
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS — ber) entering Indianapolis. Owns electrical and steam equipment of 7,000
An electric road. Extends from the Indiana State line near Sanford, Ind., k. w. capacity. Owns 376 double trucks, 175 single truck passenger and
to Paris, 111., 10.73 miles. Began operation Oct. 25 1907. Is entirely 123 service cars.
on private right-of-way.
Guarantees the ($400,000) bonds of Broad Ripple Traction C o., and owns
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity
75% of its stock. See also V . 119, p. 1064.
Stock common $200.000_____ _____
_____________________ $200,000Mar'25, 2Interurban railways enter the city under agreements by which they pay
4
3 cents per passenger for all passengers carried in the city limits and an
Preferred $150,000__________ _____
.............
150.000 M ar’25, 3%
First mortgage $250,000 gold 1 1907
5 g M -N
250,000 Nov 1 1937 additional 1 cent for those using the terminal station. V. 81, p. 264. In
1921 the co. surrendered its franchise to the city of Indianapolis and now
guar p & i ($1,000)___c*tf (Int. at New England T r. C o., Boston, Trus.
operates under an indeterminate permit. V. 112, p. 2748.
Bonds.— Are guar. p. Sc 1. by endorsement by Terre Haute T r. & Lt. 0 c
Tax Decision on Sink. Fund Bonds.— See V. I l l , p. 692.
Valuation.— See V. 112, p. 161.
EARN IN G S.— For calendar years;
Bus Operation by Co. Proposed. See V . 119, p. 1172.
D ec. 31 Years —
Gross.
N et,aft.Tax.
Ded's.
Balance.
1924-------------------...$ 4 4 ,5 8 7
$1,680
$12,500
def$l 0,820
STOCK AND BONDS—
Date.
Interest. Outstanding. M a t’y, A c
def4,624 Common ($50)______________- ____
1923
55,661
7,876
12.500
________ $1,000,000
------------ 1922 ---------------------------------- 54,702
9,351
12,500
def3,149 Pref $5,000,000 ($100) cum...
6 Q-M
5,000,000 M ar’25, 1 >4
________
See text
__________
OFFICERS.— Pres., F. T . O’ Hair; V .-P ., G. O. Nicolae; Sec., John T. Consolidated mtge__________ _____
ind Tr & Ter Co 1st M $5,-1 1903
5 g A-O
3.699,000 Jan 1 1933
Beasley; Treas., J. A. McGowan.— V. 90, p. 1555.
000.000 g ($1,000) s f.c * t f lint, at Guaranty Tr. & S. D. C o., Phlla., Tr.
Ind Tr & Term notes_________ __
4%
x700,000
1933
(2) INDIANAPOLIS & NORTHW ESTERN TR AC TIO N CO.
Street Ry gen) 1899 4 g J-J
Lease.— In April 1907 was leased to the Terre Haute Indianapolis S
t Indianapolis $6,000,000 gold Interest at Guar. Trust 4,774,000 Jan 1C1933
mortgage
& Safe Deposit o.,
Eastern Traction for 999 years. The latter company will pay the interest
($1,000) guar_______ c*n tf
Philadelphia, Trustee.
on the bonds; also 1 )4 % quar. or 5% per annum on the $450,000 pref.
Citizens' Street Ry 1st M\ 1893
5 g M -N
4,000,000 M ay 1 1933
Stock and $500 per year for organization. V. 84, p. 869.
$4,000,000 g ($1,000)-c*tf(Central
York,
Entire issue of common stock, except directors’ shares, is owned by the Equip certificates Series “ E ” \ 1916 Trust C o., New 25,000 Trustee.
5 J-D
See text
Terre Haute Indianapolis & Eastern Traction.
$125,000 ($1,000)________ Pa. Co. for Ins. on L. & G. Ann., Phil..trust.
led Car Equip Co 1st pref stk_ 1919
6 Q-J
110,000 See text.
ORGA N IZA TIO N .— Organized in 1902 in Indiana.
Interest on Citizens' consols at Fourth Street Nat. Bank Philadelphia
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
x All deposited as security for $425,000 Terre Haute Indianapolis &
An electric road. Operates a modern high-speed interurban railroad, Eastern Traction 5-year 6)4% collateral notse.
standard-gauge, located upon private right-of-way outside o f the city cor
Stock.— Preferred stock is pref. as to assets and divs. It is stated that
porate limits. Extends northwesterly from the city of Indianapolis through
the cities o f Lebanon and Frankfort to the city of Lafayette, with a branch she common stock will be allowed no voting power unless the pref. divs.
re
from Lebanon to Crawfordsville, each of which cities is the county seat of its % paid in full.
respective county. Has trackage rights to the business centres of Indian
Bonds.— The cons. mtge. bonds are limited to an auth. issue of $15,000.apolis and Lafayette. Embraces 87 .01 miles o f track between Indianapolis, 900 up to April 7 1933, after which, the auth. amount may be increased to
Zionsville, Lebanon, Frankfort and Lafayette, including a branch from $25,000,000. incl. the divisional bonds, if any, then outstanding, and
Lebanon to Crawfordsville. Standard gauge; 70-lb. T rail. Owns 20 pas luch excess of $10,000,000 bonds may bear such rate of interest, not exsenger, 5 freight and 5 service cars. Power House and car barn are at seeding 6% p. a., and be used for any proper corporate objects and pur
poses of the consolidated co. The $15,000,000 now authorized will bear
Lebanon. V. 88, p. 295; V. 92, p. 59.
Int. at not exceeding 6% and shall be issued only for addns. and better
In Sept 1921 the company surrendered its franchises and now operate*
ments to and exts., acquisitions and replacements of lines of street railroad
under an indeterminate permit.
which become a part of the street railroad system of the consolidated com
pany in Indianapolis and its vicinity. Bonds shall only be issued to the
STOCK AND BONDS—
Date.
Interest. Outstanding.
M atu riti
amount of par value of bonds of the three divisional issues which have been
_______
Common $2,550,000_________ _____
$2,550,000 _________
or shall be taken up and canceled by sinking fund payments, so that at no
Pref ($1,000,000) 5% cum________
Q-J
450,000
See text
First mtge $3,000,000 gold) 1903
5 g M-S
2,470,000 Mar 1 1933 time while any of divisional bonds are outstanding (unless their present
dates of maturity shall be extended), shall the aggregate amount of [new
($1,000)____________ c*tf [Int. at Columbia Tr. C o., N . Y ., Trus.
Bonds.— Originally matured March 1 1923 but were extended for 10 years and old] bonds secured by mortgages on the property exceed $15,000,000.
But notwithstanding the foregoing, provision may be made in the mortgage
toVMarch 1 1933. The remaining $530,000 for improvements, &c., at
50% and 75% o f cost. No s. f., but extended bonds are red. on 60 days' for the issuance of bonds to refund the existing mortgage indebtedness, or
any part
maturity). All bonds issued
notice at 104 during the first 3 years after July 1 1923, 103 during the next subject to thereof [atup and canceled by the sinking for refunding shall be
be taken
fund provisions which
2 years thereafter, 102 during the next 10 years and at 101 thereafter.
were applicable to the refunded bonds in their original form, and when so
taken up and canceled, original bonds may be issued in substitution there
E A R N IN G S.— For years ending Dec. 31:
for, which, or the proceeds thereof, shall be used only for permanent impta.
Balance.
Cal. Years —
Gross
N et,a ft. Tax.
Deductions.
$124,000
def.$5,377 and betterments. Provision may be made in said mortgage that the ma
1924_____________ $601,787
$118,623
124.000
sur .33,693 turity of any outstanding bonds which become due on or before April 7
1923_____________ 660,273
157,693
124.000
sur.47.566 1933 may be extended to such date as may be determined by the Board at
1922_____________ 649.461
171.566
not exceeding 6% interest if permitted by law.
OFFICERS.— Pres., Robert I. Todd; V .-P ., John J. Appel; Sec. & Treas..
The lien of the several underlying mortgages is confined to the property
Jos. A . McGowan.— V. 116, p. 934.
and Interests upon which each was a lien prior to consolidation and does
not extend to any other property of the consolidated company, except as
(3) INDIANAPOLIS & MARTINSVILLE RAPID T R AN SIT CO.
"general debts.’ without priority .after satisfying of the mtge. lienR thereon.
Leased.— In April 1907 was leased to the Terre Haute Indianapolis &
The Ind. Trac. & Term, bonds have a sinking fund which provides for
East. Trac. for 999 years. The latter co. will pay the int. on the bonds; alsc Che payment annually of 1 1-5% of bonds outstanding. See V. 76, p. 1085.
$500 per year for organization. V. 84, p. 749. The Terre Haute Ind. A
Bonds may be drawn for sinking fund at 102)4 and int. and are subj. to
Eastern owns entire issue o f stock except directors' shares.
call at that price. See V. 81, p. 264. $1,301,000 in sinking fund canceled.
The Ind. St. Ry. bonds have a sinking fund sufficient to redeem at maturity
ORGA N IZA TIO N .— Incorp. in Indiana on April 24 1901.
the greater part of the entire issue. $1,226,000 in sinking fund canceled.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— The divisional bonds In the sinking funds at the time of consolida
An electric road. Embraces 29.07 miles o f track from Indianapolis to Mar tion were canceled so that they could no longer draw interest and payments
tinsville, completed in M ay 1903. 70-lb. rails; standard gauge. Operates to the sinking funds suspended until 1923. All future sinking fund pay
ments are to be applied to the cancellation of bonds.
on private right-of-way except in incorporated towns.
Equipment certificates, series “ E ,” mature $6,000 or $7,000 on June I
and Dec. 1 each year. They cover 25 cars. $lOO,000 have been retired.
STOCK A N D BONDS—
D ate.
Interest. Outstanding.
Maturity
The Ind. Car Equip. Co. 1st pref. stock was used to purchase 25 cars.
$750,000 ...................
Stock $750,000 ($100)___________ __________—
First mtge, $750,000 ($1,000)1 1902
5 g J-J
750,000 Jan 1 1933 The stock matures $10,000 semi-annually. V. 109, p. 1700. Bonds are
listed on Philadelphia Stock Exchange. V . 69, p. 851.
gold____________ c*&r n tfi Union Trust Co. and Security Tr. Co. or In
(dianapolis, Trus. Int. at Sec. T r. C o., Ind.
Dividends.— Divs. of 6% (1)4% quar.) were paid on pref. stock to and
Incl. M ar. 1921. None to Sept. 1 1922, when 1)4% was paid. Divs. of
Bonds.— N o sinking fund, but bonds are subject to cal) after 10 years at
1)4% quar. paid regularly since.
105 and Interest. See V . 78, p. 1223.
M a y , 1925. j
EARNINGS.— For years ending Dec. 31
Cal. Years—
Cross.
N et A fter Tax. Fixed Chgs.,&c. Bal.. Surp.
1924___________$5,588,177
$1,120,073
$635,108
$484,965
1923................... 5,527,131
1,072,903
638,787
434.116
1922— .............. 5,545,164
1,073.447
647,343
426,105
OFFICERS.— Chairman o f the Board, Henry C . Thomson; Pres. & Gen.
M gr., Robt. I. Todd; V.-Ps., Henry C. Thomson and John J. Appel: Sec.
& Treas., Joseph A . McGowan; Asst. Sec. & Treas., W m. F. Milholland.
— V. 112, p. 2305, 2537, 2637, 2748; V. 113, p. 71, 532, 730, 848; V . 114,
p. 306, 626, 1062, 1286; V. 115, p. 303, 1837; V. 116, p. 822; V. 117, p. 84;
V. 118, p. 907, 1392, 2042, 3073; V . 119, p. 1064, 1172; V. 120, p. 828..
BROAD RIPPLE TRACTION.
ORGANIZATION.— Organized as successor to the Indianapolis & Broad
Ripple Transit C o., sold at foreclosure July 1899. The property o f the co.
is operated by Indianapolis St. R y. Co. in connection with street railway
property o f latter company. See also V. 119, p. 1064, under caption
Indianapolis Street Railway.”
Indianapolis St. R y. Co. (Inc. 1919) receives all income and pays all
expenses incl. taxes on the property and int. on $200,000 o f bonds o f Broad
Ripple Traction Co. The prin. on the remaining $200,000 of bonds is
assumed by Union Traction Co. o f Indiana, which co. pays the int. thereon,
as consideration for that part o f the property o f Broad Ripple Traction Co.
transferred to it. See aiso V . 119, p. 1064, under caption “ Indianapolis
Street Railway.”
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— A
trolley road. 7 A miles o f track from Indianapolis to Broad Ripple Park.
STOCK AND BONDS—
D a le .
In te rest. O v tsta n d in g.
M a tu rity
Stock $100,000 (par $100)...................................— .
*100,000 ....................
Mtg $400,000 g ($1,000) c * n t f_ (1899______ 5 * J-l
400,000 July 1 193((Int. at Guar. T r. < o .l .C o.(P hila.). Trust
v
Bonds .— Are guar. p. & 1. by Ind. St. R y.
No. s. f. and bonds cannot
be called. The Ind. Nor. Trac. Co. (subsequently consolidated with the
Union Tr. Co. o f Ind.) guarantees p. & 1. of half ($200,000) of the bonds
OFFICERS.— Pres., Robert I. Todd; V .-P ., John T Burnett; Sec. &
Treas.. Jos. A . McGowan.— V. 69, p. 180; Y. 73, p. 137, 18 ; V . 78, p. 1167.
UNION TRACTION CO. OF INDIANA.
Receivership.— Arthur W. Brady, Pres., was appointed receiver for the co.
on Dec. 31 1924 on application of the Westinghouse Elec. & M fg. Co., a
creditor for $74,192. V. 120, p. 89.
Interest Defaulted.— Int. due Jan. 1 1925 on the Union Trac. Co. of Ind.
gen. mtge. 5s and the Indianapolis Northern Trac. 1st mtge. 5s having been
defaulted (V. 120, p. 333), the following protective committees were formed:
Union Traction o f Ind. Gen. M tge. 5s.— Chairman, Joseph Wayne Jr.;
Wm. A .L aw , Henry G. Brengle, Lewis H. Parsons. Fred C. Dickson and
Jesse L. Vermillion; Sec., Herbert W . Goodall. Depository: Guarantee
Trust & Safe Deposit Co., Phila. Sub-depository; Indiana Trust Co.,
Indianapolis, Ind. V. 120, p. 333, 584.
Indianapolis Northern Traction ls( M tge. 5s.— Chairman, J. C. Neff;
Arthur V. Morton, Carl W. Fenninger, T. J. Jeanneret, S. C. Parry, Geo. C.
Forrey Jr., and Jas. P. Goodrich; Sec., Miles Altemose. Depository:
Fidelity Trust Co., Phila. Sub-depository: Indiana Trust Co., Indianapolis
Ind. V . 120, p. 333, 584.
OR GA N IZA TION .— Incorp. on M ay 13 1912 as a consolidation of the
old Union Traction Co. o f Indiana (Incorp. May 28 1903) and the Indiana
Union Trac. Co. (Incorp. June 9 1903), per plan In V. 94. p. 1119. 1185. V.
96, p. 819; and as a result of which capital was materially reduced. The
legality of the consolidation was upheld in a decision by the Supreme
Court of Indiana in the fail of 1915. The Indiana Union Traction Co
had previously acquired the Indiana Northern Traction Co. (V. 81. p
1848). Muncle & Union City Traction Co. (V. 83. p. 96) and Munclt
Hartf. & Ft. W. Ry. (V. 82. p. 805 . 869, 1041). The latter company was
leased to the Indiana Union Trac. at a rental (In addition to operating
•xp.. Int. on bonds. & c.), equivalent to5% on Mun. Hartf. & Ft. W. Ry
$500,000 cum. pref. stock; V. 83. p. 96. The old Union Trac. Co. of Indiana
was a consolidation of the Union Trac. Co. of Indiana (incorp. in June 1899)
and the Indianapolis Northern Trac. Co. (incorp. in April 1902). Leases
the Broad Ripple Natatorium Co.
Also owns the $100,000 1st M tge. 6s outstanding and the $50,000
stock of the Traction Light & Power Co. and a one-fourth Interest In the
United Tractions Coal C o., which owns and leases valuable coal lands to
Insure the co. an adequate coal supply. (See Shirley Realty Co. of Ind
In V. 104. p. 1805.)
The Indianapolis Northern Traction assumed payment of the prin. and
Int. o f half ($200,000) o f the bonds of the Broad Ripple Traction Co. (see
under Indianapolis).
Leases Indianapolis Newcastle & East.Trac.Co. for 999 years from Oct. 25
1912. Lease modified on Aug. 21 1914 and com. & pref. stocks of the
Ind. New. & E. Trac. Co. formerly held were transferred in satisfaction
of obligations incurred in leasing that company and acquiring that stock
and in building the Muncie-Newcastle line, and in consideration of further
advances for improving power facilities for that line, a total of about
$521,000 (V. 100, p. 975). Lease again modified as of June 30 1916 in
connection with the lease of the Muncie & Portland Traction Co. to the
Ind. Newc. & Eastern Trac. C o., which see below.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns the following lines: Muncie-Anderson-Indianapolis, 56 A miles;
Anderson-Marion-Wabash, 53 A miles; Alexandria-Elwood Tipton, 20
miles; Indianapolis-Kokomo-Logansport, 80 miles; Kokomo, Peru, 1 9A
miles; Muncie-Union City, 33 miles; Anderson-Middletown, 9 A miles;
also 10 miles o f city lines in Anderson; 1 4 A miles in Marion; 16 miles in
Muncie and 4 miles in Elwood; total, 272 miles of interurban and 44 A miles
o f city lines. Also leases Muncie-Hartford City-Bluffton line, 42 miles;
Indianapolis-Newcastle-Muncie line, 62 A miles, and Muncie-Portland
line, 32 miles; grand total, 449 miles. Through cars are run between
Indianapolis and Fort Wayne in conjunction with th8 Indiana Service Corp.
Provides package freight service between Inianapolis and Muncie and
Indianapolis and Logansport and Peru, and to all other points on the
system. Operates through freight service between Indianapolis and Fort
Wayne. By contract cars are run over tracks of Indianapolis Street
Railway in Indianapolis.
A large central power station at Anderson,
operated on a three-phase system, with 19 sub-stations, operates entire
system. 95 city cars, 53 suburban, 93 interurban, 51 freight and 89 service
cars; total, 381.
Fares.— V. I l l , p 75; V. 112, p. 63.
In June 1924 was auth. by the Ind. P. S. Comm, to issue $222,000 7%
notes, $400,000 6% notes and $1,000,000 6% bonds. Of the latter $700,000
to be pledged as collateral for the $622,000 notes and the other $300,000 to
remain in the c o .’s treasury. V. 119, p. 199.
STOCK AND BONDS.
D a te .
In te rest. Outstanding.
Maturity.
Common, $5,000,000.. _________
_________ $5,000,000 ...................
A-O
1st pref, $1,000,000, 5% c u m .____
1.000.000
See iex»
2d pref, $3,000,000 (see t e x t ) .____
J-J 10
3.000.000
See text
Ind Un Traction 1st M $5.-1 1903
6 g A-O
1,620.000 July 1 1933
000.000 ($1,000) gold., tf(Interest at Girard Trust C o.. Phila.. trustee.
Union T r Co o f Ind 1st genM l 1899
6 g J-J
$4,623,000 July 11932
$5,000,000g(*l .000)c&r* t f lErmitable Tr C o .. New York trustee
Union Tr Co o f Ind gen mtge ( 1924
6
700.000 June 1 1934
(Indiana Tr. C o., Ind’p ’s, Ind., Trustee.
Collat. trust notes Ser “ A ” .
6%
200.000 July 1 1925
Collat. trust notes Ser “ B ” _ ____
150.000 ---------------7%
Oar trust notes__________________
___
124.280 ...................
Citizens’ St Ry (Mun) 1st M l 1897
6 g J-D
36.000 Dec 1 1927
$250,000 s f sub to call 105.(Interest at Guar Trust & Safe Deposit Co.
($500 and $1,000)______ c*( Philadelphia, trustee.
Marion City 1st M $400,0001 1895
6 g M -N
328,000 May 1 1929
—
"
gold ($1.000)...........— -C tf( Equi t abl e Trust Co.. New York; trustee.
Indianapolis North Trac 1st 1902
5 g J-J
6,000,000 July 1 1932
mtge $5,000,000 g ($1,000) Equitable Trust Co., New York, trustee.
guar p & 1 by Un Trac c* tf I
Indiana North Trac 1st mtg e l 1903
5 g A-O
500,000 Oct 1 1933
$500,000 gold ($100, $500(Interest at Trenton (N. J.) Trust & Safe
and $1,000) guar_____c*tf l Deposit Co., trustee.
M H & Ft W pref stock c u m ._ ____
5%
500,000
See text
do do
first mtge $l,-T 1905
5 g J-J
916.000 Jan 1 1935
000.000 gold ($1.000).c*tf (Int. at Guard. 8av. Jt Tr. Co., Clev.. trustee.
119
POWER, LIGHT AND RAILW AY
STOCK A N D BONDS—
D ate.
Interest. Outstanding. M aturity ■
Muncie & Un O M $925.0001 1906
5 g J-J
$925,000 July 1 1036
_
guar gold ($1.00 0)_ c * t f jln t . at Fidelity Trust C o., Phila., trustee.
B roadR ippleN atatorium lstM l____
5 M-S
31.000 Mar 1 1931
Guar, by U n.T r.C o.of Ind.] Int. at Security Tr. C o., Indianap., trustee.
*tock.— Diva. on 2d pref. stock are cum. from 1% semi-annually In
1913, scaling upward to 3% semi-annually In July 1918 and thereafter__
Bonds.— Of the Indiana Union Traction bonds of 1903, $3,380,000
were reserved for extensions and Improvements, but under terms o f conloildation agreement o f 1912 these bonds have been canceled. $494,000
*re held alive In the sinking fund (included in amount outstanding).
sinking fun d, 1 H % per annum of outstanding bonds, became operative
on July 1 1904. Fund is to be invested in the bonds at not above 105 and
int., and bonds may be drawn at 105 and int. on any int. date.
$173,000 Union Trac. Co. of Ind. Gen. M . bonds are in treasury, includ
ing $150,000 pledged to secure the coll. tr. notes: remaining bonds are
reserved for underlying bonds. See V. 71, p. 1013. They originally bore
int. at 5% and matured July 1 1919, but were extended to July 1 1922 at
6% and again to July 1 1932 at the same rate of int. The extended bonds
are red. at any time after 3 years on 60 days’ notice at a 5% premium in the
4th and 5th years and 1% less for each subsequent year, and par during
the last year of the extension, together with accrued int. Y. 115, p. 310.
Bonds are listed on the Philadelphia Stock Exchange.
The Indiana Northern Traction bonds are subject to call at 105 and int.
on 6 weeks’ notice. They are guaranteed, principal and interest, by
Indiana Union Traction Co. V. 82, p. 805.
The Muncie Hartford & Fort Wayne bonds can be called Jan. 1 1925,
or after, at par. A sinking fund on those bonds of 2 A % of gross earnings
per annum began July 1 1905. See V . 80, p . 1059. $84,000 have been
retired.
The Muncie & Union City bonds are subject to call at 105 and guar.,
prin. and int., by Indiana Union Traction.
The Marion City first mtge. bonds originally matured M ay 1 1915, but
were extended to M ay 1 1919, and again to M ay 1 1924, and further to
M ay 1 1929. V. 118, p. 2180.
Dividends.— 5% was paid on first pref. stock to April 1914. None since.
Divs. on second pref. stock have not been paid since July 1912.
REPO RT.— For cal. year, incl. Muncie-Portland line:
Calendar
Cross
N et (.after
Other
Bond
Sinking
Balance
Year—
Earnings.
Taxes).
In c.
Int.
Fund.
Surplus.
1924 ____ $3,339,188
$477,122 $34,305 $931,060
def$419,633
1 9 2 3 - . - - .- 3,890,690
986,157 30,999 943,820
73,336
1922______ 3,835.747
1.112,003 15.337 917,176
210,164
Passengers carried in 1924, 14,405,496, against 16,659,343 in 1923.
OFFICERS.— Pres., A. W. Brady, Anderson; V .-P ., Philip Matter,
Marion; Sec. & Treas., Walter Shroyer; Gen. M gr., H. A. Nicholl. General
offices, Anderson, Ind.—-V. 115, p. 1211, 1533; V. 116, p. 1277; V. 118,
p. 1269, 2180, 3199; V. 119, p. 199, 1066; V. 120, p. 89, 333, 584, 1330.
(1) INDIANAPOLIS NEWCASTLE & EASTERN T RACTION CO.
Leased to Onion Traction Co. of Indiana on Oct. 25 191Z lor
years
The lease provides for the payment of all taxes. Interest on bonds, a sum
equivalent to 5% on the pref. stock, and a definite annual payment of
11.050 on the com. stock
A further amount, up to $10,420 a year, la
payable under certain conditions. Compare V. 100, p. 975.
Leases the Muncie & Portland Traction Co. for 999 years from June 30
1916: see terms below.
O R GAN IZATION .— Incorp. In Indiana on June 10 1912 as successor to
she Indianapolis Newcastle & Toledo Elec. R y.. sold at foreclosure. Haa
private right-of-way minimum width 66 ft., except in corporate llmita,
where shortest franchise expires Apr. 7 1933. Under favorable contract
with Ind. Trac. & Term. Co. extending to 1933. operates through city Into
Indianapolis interurban terminal
R OAD.— Included in Union Traction Co. of Indiana.
STOCK AND BUNDS— Date.
Interest, outstanding. M aturity.
Common $500,000 ($100).......................................
$500,000 See text.
Pref $500,000 5% cum ($100)............................... 500.000 See text.
First mtge $1,500,000 gold) 1912 6 g J-D
1,200.000 June 1 1932
$1.000_______________ c * tf(I n t. at Fidelity Trust C o.. Phila. Trustee.
Bonds .— Remaining 1st M . bonds may be issued upon fulfilment of
certain covenants for 75% of cost of extensions, impts.^ betterments or ac
quisition of unencumbered properties. V. 94, p. 1695. No sink. fund.
Originally matured June 1 1919, but were extended to June 1 1922 and again
to June 1 1932 at 6% . The extended bonds are red. at 105 after June 1
1925 to and incl. June 1 1927, and thereafter at 1 % less for each subse
quent vear. and par during the last year of extension, together with int.
V. 114, p. 2580: V. 94. p. 1695; V. 96. p. 135; V ..100, p. 982; V. 102,
p. 2341: V. 108. p. 2629; V . 114, p. 2580.
(a) THE MUNCIE & PORTLAND T R AC TIO N .
A trolley road.
ORGANIZATION.— Incorporated July 1905 In Indiana. Franchises In
cdties and towns 50 years; in counties perpetual.
Lease .— Was leased as of June 30 1916 for 999 years to the Indianapolis
Newcastle & Eastern Trac. Co. In connection therewith the c o .’s capital
ization was changed from $1,000,000 stock, all of one class, to $500,000
preferred and $500,000 common. The lease provides for the payment of
all taxes, a sum equal to 5% on the pref. stock, a definite annual payment
of $4,530 and the payment of a further amount up to $17,370 a year con
tingent upon certain conditions.
OFFICERS.— Pres., E. B. Ball; V .-P ., W . O. Ball: Sec.. G. A. Ball;
Treas.. F. O. Ball, all o f Muncie, Ind.— V . 82, p. 1438; V 102. p. 2342;
v, 106, p. 1037, 1901.
_________________
C H IC A G O S O U T H BEND & N O R T H . IN D IAN A R Y .
ORGA N IZA TIO N .— Incorporated In Indiana in Jan. 1907 as successor
:o the Northern Indiana Ry., which had consolidated the Indiana R y.. the
louth Bend La Porte & Michigan City R y ., the Michigan City Electric Co.
»nd the Michigan City Traction Co.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
A trolley road. Operates 125 miles of track in South Bend, Mishawaka,
Elkhart, Goshen, La Porte, Michigan City and interurban lines between
those points. Gauge, 4 ft. 8 A in.; 70 to 100-lb. T rail. Owns 129 cars and
11 sub-stations. Also operates buses.
Franchises.— In July 1921 the co. surrendered its local franchises and now
•perates under an indeterminate permit. V. 113. d 701
Interest.— All overdue int. on underlying bonds has been paid. Full Int.
payments on new 1st mtge. 5s of 1937 were resumed in 1922.
S iU C K AND B O N ua— Date.
interest, outstanding.
M aturity
$5,000,000
Jommon $5,000,000 ($100)— ---------------Pref $2,500,000 5% c u m ) ____
_______
2,500.000
($100) after Jan 1 1909— J
New first mtge $5,000,000( 1907 _6 g J-J
2,489.000 Jan 1 1937
gold ($1.000)__________ t flln t . at Central Trust C o., N . Y ., trustee.
Nor Ind Ry 1st cons M $4,-1 1906 5 g J-J
588,000 Jan 1 1936
000,000 gold ($1.000).__tf 1Int. at U. S. Mtge. & Trust C o., New York.
Indiana Railway first mort 1901
5 g J-J
1,000.000 Jan 1 1930
gage $1,000,000 gold ($1,- Girard Trust C o., Philadelphia, trustee.
000)............... ................c*tf Interest at Standard Trust C o., New York
La Porte & Michigan City Tr 1905
5 g J-J
312.500 July 1 1930
first mtge $350,000 ($500) Interest at First Trust & Savings Bank.
sinking fund subj to c a ll.tf
Chicago. 111.
Bonds .— On the Indiana R y. 1st 5s a sinking fund o f $10,000 per annum
began Jan. 1 1905: bonds to be bought In open market. Are not subject to
call. Northern Indiana 1st consols are subject to call. See V. 82, p. 568.
On the La Porte & Michigan City Traction Co. bonds a sinking fund, of 1 %
per annum of bonds out is operative from 1910 to 1914; from 1915 to matur
ity, 2% per annum.
Of the new first mortgage bonds, $491,000 are in treasury, $1,900,500 are
reserved to retire prior liens, and SI 18.500 for improvements.
EARNING S.— For cal. year 1923, gross, $1,448,743; net, after taxes,
$445,993; interest, $254,192; bal., sur., $191,801.
OFFICERS.— FTes., Charles F. Dietrich, New York; Treas., A . E. Dietrich; Sec., O. A. Small; V .-P . & Gen. M gr., R. R . Smith; Gen. Aud., O .A.
Small; Purch. Agt., R. E. Cornwell.— V. 84, p. 270; V. 107, p. 291, 603;
V. 108, p. 378; V. I l l , p. 791; V. 113, p. 701; V. 117, p. 85; V. 118, p. 663;
V. 120, p. 1325.
SOUTHERN MICHIGAN RY.
Is controlled b y same interests as Chic. South Bend & Northern Indiana.
ORGANIZATION.— Organized on Feb. 8 1906 as a consolidation of the
South Bend & Southern Michigan R y. and the Niles & Buchanan R y.
Franchise in St. Joseph expires in 1935; in Berrien Springs in 1935; in Niles
in 1932. 1935, and 1936; in South Bend, perpetual.
PUBLIC UTILITIES
120
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates a line from South Bend to St. Joseph. Total track, 35 miles.
Standard gauge; 70-lb. T rail. Has 12 motor cars, 2 baggage and express
cars and 3 sub-stations. General Electric and Westinghouse equipment.
Purchases power.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $2,000,000__________________
_______
$2,000,000 __________
First consol mtge $1,980,0001 1906
5g
400,000 Mar 1 1931
gold ($1,000)----------------tf\Int. at U. S. Mtge. & Trust C o., New York.
South Bend & Sou Michigan f 1902
5 g A-O
750,000 Oct 1 1927
first mtge $750,000 gold! Interest at Harris Trust & Savings Bank,
($1,000) guar p & i_ c * .t f ) Chicago, trustee.
_
Bonds.— Of the $1,980,000 consols, $750,000 are reserved for prior liens
and $750,000 for betterments and extensions. These bonds are subject to
call on any int. date at 105. The following amounts are payable annually
Into a sinking fund from March 1 1909 to Feb. 28 1915: 1% of bonds out
standing, from March 1 1915 to Feb. 28 1925. 1 % of bonds out; and from
Mar. 1 1925 to Feb. 28 1931, 2% o f bonds out.
The South Bend & South Michigan bonds are not subiect to call. $5,000
per annum is payable into a sinking fund on these bonds, commencing
Jan. 1 1907. See V . 82, p. 1158. and V . 83, o . 493.
EARN INGS.— For cal. year 1923, gross, $265,290; net, $85,234; taxes,
$22,005; interest, $57,500; bal.,sur., $5,729.
Year—
Gross.
N et.
Taxes.
Interest. Surplus.
$98,517 $21,880 $58,926 $17,711
1921........... .......................$292,476
1920 ___________________ 334.349 122.773 18.467
58,058
46.248
OFFICERS.— Pres., Chas. F. Dietrich, New York; Treas., A . E. Dietrich, New York; Sec., O. A. Small; V .-P . & Gen. M gr., R . R . Smith;
Aud., O. A . Small; Purch. A gt., R . E . Cornwell.— V. 83, p. 493.
MARION & BLUFFTON TRACTION CO.
Control.— In Oct. 1924 it was announced that the Midland Utilities C o.,
an Insull company, had acquired the properties o f the co. V. 119, p. 1625.
ORGAN IZATION .— Incorp. in Indiana June 1, 1914 as a reorganization
of the old Marion Bluffton & Eastern Traction C o., sold under foreclosure in
Feb. 1914. Early in 1924 acquired the property o f the Linn Grove Light
& Power Co. Y . 118, p. 1520. In M ay 1924 was auth. to acquire the
Geneva Light & Power Co. V . 118, p. 2304.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Line extends from Marion to Bluffton, Indiana, passing through Hanfield,
Landesville, Van Buren, Warren, Boehmer and Liberty Center, 31.84 mils
Second track, 1.94 miles; Standard gauge T rail; 70 lbs.
Operated by
overhead trolley. M otor cars— passenger 5; freight 1; service,non-motor,
passenger 1; freight 1; total cars 11. Power purchased from Indiana Gen
eral Service Co. Co. also does a lighting and power business in Van Buren,
Warren, Liberty Center and Landesville.
STOCK AND BONDS— D a te.
In te rest.
Outstanding
M a tu rity
_______
$216,000 __________
Stock $216,000 ($100)____________
1st M gold $504,000 ($1,000) / 1914
5 g J-J
504,000 July 1 1934
S in k .fd . 1% per annum,
lint, at Fletcher Sav.& Tr. C o .. Tndianap..Tr,
EARN ING S.— For year ending Dec. 31 1923, gross, $141,840; net, after
taxes, $29,309; other income, $2,271; bond int., $25,200; surplus. $6,379.
In 1922, gross, $134,384; net, after taxes, $41,981: other income, $1,897:
bond int., $25,200; surplus, $3,480.
OFFICERS.— Pres., Chas. W. Chase; V.-Pres., T . O. Hamilton; T reas.;
G. F. Mitchell; Sec., W. D. Boone; Asst. Sec. & Treas., R. M . Scheldt,
Gen. M gr., J. S. Clark; Gen. Aud., F. H. Allen.— V. 117, p. 2542; V. 118,
p. 1520, 2304; V . 119, p. 1625.
FORT W A Y N E & DECATUR TRACTION
CO.
O RGAN IZATION .— Incorp. on June 1 1916 to succeed the FortWayne &
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
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates 21.6 miles between Decatur and Ft. Wayne. Total track, 22.2
miles. 70-lb. T rail; gauge, 4 ft. 8)4 in.
STOCK A N D BONDS.— Date.
Interest. Outstanding. M aturity.
Stock $150,000 ($100).......................................
$150,000 ............... __
First mortgage $200,000 gold I 1916
6%
156,000 June 1 1926
($1.000)--------------------------/in t. at Tri-State L . & Tr.Co.,Ft.W ayne,trup
EARN ING S.— For years ending Dec. 31.
Cal. Years —
Gross
Net. aft. Taxes . Interest.
Balance.
1924------------------------------ $74,776
def.$6,019
$6,695
def.$12,714
1923----------------------------- 87,922
11.552
7,531
sur. 4.02)
1922------------------------------ 83,573
8,073
9.125
def.1.051
1921 -------------------83.173 1.572
9,360
def.7,788
— V . 108, p. 480.
EVANSVILLE & OHIO VALLEY RY. CO.
ORGA N IZA TIO N .— Incorp. in Indiana in Dec. 1918 and acquired on
Feb. 20 1919 the properties o f the Evansville Railways Co. (for history see
“ Electric Railway” Supplement for Sept. 1918), in accordance with the plan
or reorganization set forth in detail in V. 107, p. 2289; with the exception
that the plan as revised by the Ind. P. S. Comm, provided for the issuance
of only $300,000 com. stock and $200,000 pref. stock, instead of $1,000,000
com. and $500,000 pref. as originally planned. The co. has acquired the
stocks o f the Henderson Traction C o. and the Owenboro City R R . C o.,
both o f which had been owned by the Evansville Rys. C o., and has also
acquired in fee the Evansville Henderson & Owensboro R y. C o., which
operates a line between Evansville. Ind., and Henderson, Ky.
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.—
Operates between M t. Vernon, Evansville, Henderson, Richland and
Grandview. Operates 70.68 miles o f track, o f which 56 miles are owned in
fee, 7.22 miles are leased, 7.46 miles trackage rights. Has 4.32 miles of
sidings; total mileage, 75 miles. 70-lb. T rail. Gauge, 4 ft. 8)4 in.
STOCK A N D BONDS.— D a te .
In terest. O utstanding.
M a tu rity
Common $1,000,000 ($100).......................................
$300,000 ............... ..
Pref. $500,000 n-cum ($100).............
6%
200,000 ....... ...........
1st M $200,000 skfd gold___ (1 9 1 9
6 J-J
See text Jan 11949
\Cont. & Com m . T r . & S. B k ., Chic., trustee
1st & R ef $1,200,000 callable)
1919 5 J-J
747.700 Jan 11949
a tl0 2 H on any int. d a t e . A m . Tr. & Sav. Bk., Evansville, trustee.
General Mtge Income bonds/
1919 see text
747.300 Jan 1 1949
$750,000________________ rlMercantile Comm'l Bk., Evansv.. trustee
Collar trust notes $300,000/
1918 6 J-D
52.900 Dec 1 1929
_
callable at par_ ________ IMercantile-Comm’l Bank, Evansv., trustee.
Bonds.— $101,000 o f the 1st mtge. bonds had been issued to Oct. 1 1924.
Sinking fund o f $2,500 per ann. starts in 1929 and continues for 10 years,
and thereafter the sk . fd retires $5.000 per annum. Callable at 103 during
the 1st 10 years: 102 during the 2d 10 years and 101 during the 3d 10 years.
Should no 1st Mtge. bonds be Issued, (hen the sinking fund provided for
their retirement will be applied to the 1st & ref. bonds.
The gen. mtge. income bonds draw int. at not to exceed 5% per annum
and only when earned. Interest not cumulative.
N o tes . — In addition to the amount reported outstanding, $97,100 have
been issued and are held in the treasury
EAR N IN G S.— Combined statement o f all properties;
1923.
1922.
1921.
1920.
Gross earn in gs________
$591,307
$620,073
$577,039
$617,711
Op. exp., maint. & taxes
448,804
455,352
435,961
457,961
Net earnings____
Deductions—
-
Int. on 1st mtge. bonds.
do
subsid. lines __
Int. on 1st & ref. bonds.
Div. on E.H.&O. pf. stk.
Illinois Central rental_
_
$142,503
$164,720
$141,078
$160,419
$5,436
10,000
37,360
16,849
7,255
$3,900
15,650
37,415
16,849
7,253
$3,900
15,650
37,415
16,957
7,242
$3,900
15,650
37,415
16,585
7.242
[V ol. 120
was granted the co. which provides for a 7-eent cash fare or 4 tickets for
25 cents.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 6 miles of street railway.
Operations — Sale. — On July 15 1923 the co. ceased operation. It was
reported In Nov. 1923 that the property of the co. was bought in at receiver
ship sale by Wm. H. McCurdy and others o f Evansville, Ind., for $8,800.
V. 117. p. 2323.
Interest in D efau lt. — Int. due April 1923 on the 1st M tge. 5s was de
faulted. V. 117, p. 1883.
STOCK AND BONDS—
D a te .
In terest.
O utstanding.
M a tu r ity .
Stock. $150,000 ($100)___ . . . ____
_________
$149,800 --------- - - - First mortgage. $150,000/ 1907
5 g A-O
105.000 Apr. 15 1927
($1,000. $500, $100) gold tf lin t, at Ohio Bkg. & Trust C o.. Henderson.Tr
B onds. — $133,000 bonds Issued but $28,000 held In treasury. Remaining
$17,000 are reserved for extensions and Improvements. No sinking fund.
EARN ING S.— For calendar year 1921. gross. $43,537; net. $1,658; In
1920, gross, $48,002; net, $1,592.— V . 107, p. 2289; V . 117, p. 1883, 2323.
(2) OWENSBORO C IT Y R A ILROAD.
Acquired by Evansville Rys. (succeeded In 1919 by Evansville & Ohio
Valley Ry. Co.) in April 1913. V. 96. p. 1488.
Receivership .— In Oct. 1923 W . A. Carson was appointed receiver for
the company on petition of the American Trust & Sav. C o., Evansville,
ind., trustee for the gen. mtge. 6% bonds. V. 117, p. 1886.
ORGANIZATION.— Chartered In 1886. Franchise runs dll 1936 and
gives exclusive rights to operate street railway In said city.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns 12)4 miles of street railway in Owensboro and suburbs; 56 and 70-lb.
rail; 30 motor cars, double West.; 68 G. E ., 258 and 54; 7 trailers and 6
25-ton coal cars. Power house, 600 k. w. capacity.
STOCK AND BONDS—
D a te .
In terest.
Outstanding.
M a tu r ity .
Common, $75,000 (par $50)-....................... ............
$75,000f.p................
1st mtge.. $200,000. gold) 1902
5 g J-J
200,000 Jan. 1 1932
($1,000). c&r, not r e d ., tf/lnterest at Louisville Trust C o.. Trustee.
General mortgage.$200.OOOtft 1910
6 M -N
200,000 May 1 1933
IAmer. Tr. & Sav. Co.. Evansv.. Ind.. Trustee
EARNINGS for cal. year 1921, gross, $85,727: net, $9,382: in 1920.
gross, $106,910; net, $12,732.— V . 90, p. 1364; V. 105. p. 2273; V. 112, p.
470; V. 117, p. 1886.
EVANSVILLE SUBURBAN & NEWBURGH RY.
ORGANIZATION.— Incorp. in Indiana in Dec. 1888 with a perpetual
charter.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Passenger business hauled by electricity and freight by steam. Does a
car-lot freight and express business. Operates 25 miles of track from Evans
ville to Newburgh, with a branch off the main line through Stevens Station
and Chandler to Boonville; has also 5 miles of sidetrack; total, 30 miles.
70-lb. T rails. Has private right-of-way.
STOCK AND BONDS—
D a te .
In te rest.
O u tstanding.
M a tu rity
Stock, $500,000 ($100)........................................... — $307,400 -------- -------1st mortgage. $500,000. gold f 1904
5 g J-J
465,500 July 1 1930
($500 and $1.000)____c*tf(In t. at Citizens Tr. & Sav Bk.. Evansville.
I Trustee, or Nat. Bank of Commerce. N .Y .
B o n d s — A sin kin g fund of $2,500 per annum commenced July 1 1910.
which will retire bonds at 105 All or any part of bonds redeemable
after 15 years at 105 $35,000 have been retired. V. 96. p. 1365.
EARNING S.— For year 1923, gross, $245,117: net, after taxes, $27,107.
In 1922, gross, $247,135; net, after taxes. $42,975.
OFFICERS.— Pres. & Gen. M gr., Gus Muhulhausen; V.-P. & Treas..
Chas. W . Cook; Sec., Jas. E. Cox.— V. 83. p. 271: V. 96. p . 1365
INDIANA SERVICE CORPORATION.
Control.— In Feb. 1925 it was reported that the Midland Utilities Co. had
acquired control of the company. V. 120, p. 1089.
ORGANIZATION.— Incorp in Indiana on Jan 16 1920 to take over the
Ft. Wayne & Northern Indiana Trac. Co. as per plan outlined in this Section
of April 24 1920. Formal transfer of the property was made on April 28
1920. V. 110, p. 2192- The Ft. Wayne & Northern Indiana Trac. Co. (for
history see “ Electric Railway” Supplement of April 24 1920) was successor
to the Ft. Wayne & Wabash Valley Traction Co., which had previously
acquired through consolidation or purchase the following companies:
Ft. Wayne Marion & Bluffton Tr.Co. Logansport Railway Co.
Ft. Wayne El. Lt. & Power Co.
Logans. Roch. & Nor. Trac. C o.
Ft. Wayne & Soutbw. Trac. Co.
Wabash-Logansport Traction Co.
Ft. Wayne Traction Co.
Wabash River Traction Co.
Lafayette & Logan snort Trac. Co.
Also owns Fort Wayne Power and Wabash Co. Valley Utility Co.
Owns a one-fourth Interest In the United Tractions Coal C o., which owns
and leases valuable coal lands to insure the company an adequate supplv of
coal (see Shirley Realty Co. of Indiana in V. 104, p. 1805). In M ay 1924
acquired the Ft. Wayne & Northwestern R y.. operating an interurban line
from Kendallville, Ind., to Ft. Wayne and Waterloo, Ind., and furnishing
light and power to towns and cities along the line. Has assumed $355,000
outstanding bonds of that co. V. 118, p. 2704; V. 119, p. 693.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 196.5 miles of track, connecting Ft. Wayne, Huntington, Wabash.
Peru, Logansport, Delphi, La Fayette and Bluffton; also local lines in Ft.
Wayne. Wabash. Peru and Logansport At Logansport. Peru. Wabash
and Bluffton connection is made for Indianapolis over the tracks o f Indiana
Union Traction Co. In M ay 1906 began through service between Ft. Wayne
and Indianapolis over trakcs of Union Traction Co. of Indiana. See V. 82,
p. 1101. Rails, 60, 70, 72, 80 and 90-lb. Owns 1 power house. Owns 143
passenger cars and 66 other cars. Operates under an indeterminate permit
from the Indiana P. S. Commission.
In Aug. 1924 applied for authority to issue $460,000 1st & ref. mtge.
30-year 5% bonds at 82. V . 119, p. 693.
M a tu rity
STOCK AND BONDS—
D ate.
Interest.
O utstanding
Common $3,740.200_________ _____
$1,817,700
Pref $2,159 800 (non-cum)_________
2,147 400
7%
Prior preference. . ____
None
1st & ref mtge series A ($500/ 1920
5 g J-J
7,478,200 Jan 1 1950
and $1,000) gold______c*tf (Central Union Trust C o., N . Y ., trustee.
Adjustment mortgage bonds) 1920
See text
4,779,500
2020
(non-cum) $6.000,000____/
Ft W M & B 1st M $400.0001 1905
5 g J-J
249.000 July 1 1935
gold ($1,000) guar p & i.t f/I n t . at Guar Tr. & S. D. C o., P h ilatru stee
Ft Wayne Power Co mort-) 1907
5 M -N
14.000 Nov 1 1937
gage___________________ tf lint, at Guar. Tr. & S. D Co Phila., trustee
Ft W & N W Ry bds (a ssu m ed )____
_________
355,000 __________
ind. Serv. car tr. “ A ” ($ 1 ,0 0 0 )____
6% _
70.000
See text
Ind Serv car trust ser B ”
J-J
See text
125.010
Stock.— $342,100 com. and $12,400 pref. stock in addition to amounts
reported outstanding, is held by company. The pref. stock is preferred as
to assets and dividends, but is non-cumulative.
Bonds .— In addition to the 1st & ref. M . 5s reported outstanding, $250,000
are reserved to retire a like amount of underlying liens and $250,000 are
held in the treasury. Red. all or part on any int. date on 60 days’ notice
at 102M and int. $1,293,000 were offered in Sept. 1924 by Arthur Perry &
C o., Boston.
Int. on adjust, mtge. bonds is payable semi-ann. if earned (non-cum.).
and no int. shall be paid unless earned in excess of proper prior charges.
The maximum int. rate was fixed as follows: for 1920, 3% per ann.; for
1921, 3% ; 1922, 4% ; 1923, 5% ; 1924 and each year thereafter, 6 % . A n
initial payment of 3% was made Oct. 1 1921. V . 113, p. 1471. The holders
will be entitled to representation on the board after 1923 if the int. is not
earned and paid for a period of two years. Red., all or in part, ai par and
int. on any int. date.
Ind. Service car trusts Ser." A ” mature $5,000 quarterly. Tri-State Loan
& Trust Co. Ser. “ B ” mature $12,500 June 1 and Dec. 1. Int. at First
National Bank, Fort Wayne.
R E PO RT.— For calendar years:
Surplus _________
$65,603
$83,653
$59,914
$79,628
OFFICERS.— Chairman , A. F. Harges. Pres.. W . H. McCurdy; V.-P
W . A. Koch: V .-P ., W. A Carson: Sec. & Treas.. O. H. Battin: Gen. Mgr
G. R. Millioan: Auditor. R . V ote.— V. 108. p. 378; V 110. p. 2487.
(1) HENDERSON T R A C T IO N .
Acquired by Evansville Rys. (succeeded In 1919 by Evansville & OM« Calendar
Gross
E xp en ses
N et
B alance,
Valley Ry Co ) In April 1913
V. 96. p. 1488Y ear —
Revenues.
and T axes. R evenues.
In terest.
Sur. or D e f
O R G A N IZA TIO N .— Incorp. In Kentucky Feb. 22 1907
a successor 1923__________$3,528,714 $2,632,070 $896,643 $556,469 sur.$340,174
to the Henderson City R y ., sold at foreclosure on Feb. 18 1907 F ran chise i 1922__________ 3,099,214
I
2,346,412
752,803
531,946 sur.220,857
originally extended to 1936. In 1918, however, a new 20-y ii •franchise 1921..............
2.882.341 2.269.915
612.426
451.782 sur.160.644
POWER, LIGHT AND RAILW AY
M at , 1925.]
OFFICERS.—Chairman o f Board, Samuel Insull; Pres., Robert M .
Feustel; Y.-P. & Treas., H. E. Vordermark, Fort Wayne; Sec., F. H.
Schm idt— Y. 117, p. 243; V . 118, p. 84, 2304, 2704; V. 119, p. 693, 1395;
V. 120, p. 1089, 1326.
GARY & VALPARAISO RY. CO.
Controlled by Midland Utilities Co.
O RGAN IZATION .—Incorporated to Indiana on Nov 19 1917 ffllti
authorized capital stock of $10,000 to ooerate the lines of the Gary Connect
ing RR. and the Valparaiso & Northern Ry., which were sold under fore
ciosure Sept. 18 1917. See also V. 112, p. 1977. Operates the former
property under a 20-year lease and owns and operates the latter.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Extends from Goodrum through Woodville Junction to Valparaiso, 8
miles (owned), and from Woodville Junction to Gary, 16 miles (leased)—
see above. Total mileage operated, 24 miles.
Committee for Valparaiso A N or. 1st M . 5s.— Chairman, Stacy C. Mosser
Walter J. Cummings, William J. Henry, Wm. T . Abbott; Sec. & Counsel,
Chas. W . Chase, 18 Security Bldg., Gary, Ind. V. 114, p. 409.
CAPITALIZATION .— On Jan. 31 1922 the above committee sold at
auction the following securities of the Gary & Valparaiso R y.: (a) $47,000
20-year 6% 1st M . bonds dated Jan. 1 1922 [total issu ed, $67,000; total
auth., $1,000,000]; (6) $78,000 20-year 6% adjust, income M . bonds dated
Jan. 1 1922 [total auth., $78,0001; (c) $70,000 6% non-cum. pref. stock
[total auth. & outstanding, $70,000]; (d) $70,000 com. stock [total auth.
and outstanding, $70,000J. V. 114, p. 409. All the above securities were
issued under auth. of Ind. P. S. Comm, in payment o f the property.
EARNINGS.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross___________________ ___________
$86,606
$99,744
$104,993
N et after taxes_____________________
defl,344
def3,207
3,327
OFFICERS.— Pres., Chas. W. Chase; V.-P., W. J. Henry; Sec.. R. M
Scheidt; Treas., F. M Kemp.— V 112, p. 257. 1977; V. 114. p. 409.
GARY STREET RAILWAY CORPORATION.
Controlled by Midland Utilities Co.
ORGANIZATION.— Incorp. in Feb. 1918 in Va.. per reorganization plan
in V. 106, p. 1230. Owns the entire $365,500 common stock of the Gary
St. R y.O o. (Incorp. In Indiana. Sept 26 1917), the operating company, suc
cessor to the Gary & Interurban Ry. and East Chicago Ry. C o., sold at fore
closure Sept. 18 1917. V. 105, p. 1309.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 43 miles in Gary, Hammond and Indiana Harbor, Ind. 78
passenger and 8 service cars.
Contract with Calumet Cas A Electric Co.— Guaranty.- —A contract dated
Sept. 6 1917, as amended, provides that in consideration of $50,000 in cash,
and its guaranty o f the int. on the 20-year debentures for a period of five
years from Oct. 1 1917— extended to Oct. 1 1927— (which guaranty is
secured by deposit o f $125,000, the Calumet Gas & Electric Co. shall have
an option for five years (extended to Oct. 1 1927) to redeem or pay at par
and int. of all o f said debentures and thereupon to receive all of the common
stock o f the corporation. The Electric Co. is further to have a renewal for
five years o f its contract for the furnishing of power to the properties, and,
In the meantime, will control the management through a voting trust agree
ment under which all of the common stock of the corporation is to be de
posited with three voting trustees, o f whom one shall be a representative of
the Old Gary & Interurban Ry. bondholders and the other two of the
Calumet Gas & Electric Co. In case the Electric Co. shall not cause to be
redeemed all of the debentures on or before Oct. 1 1927, or in case it shall
default on its guaranty of the payment o f int. thereon, then the common
stock of the Corporation shall D8 distributed ratably among the holders of
the debentures.
[The Calumet Gas & Electric Co. is an Indiana corp. and secures its
electric power from various power generating sources, selling and dis
tributing the same in communities throughout northern Indiana.]
(win April 1924 was authorized by the Ind. P. S. Comm, to issue $643,000
•5% bonds. V. 118, p. 2304.
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity
Gary Street Ry C ory .—
$800,000 __________
Common $800,000 ($100).........................
Pref 6% non-cum $72.500($100)..............................
72.500 ............... ..
Gary Street Ry Co .—
Pref 6% non-cu $365,000($100)...............................
365,000 ...................
First Mtge bonds $2.500.000[ 1917
5 g A-O
970,000 Oct 11937
_
($100, $500 and $1,000)_ -(Cent. Trust,Co. o f 111. and Askel K. Bodholdt
l trustees.
Debentures $800,000 gold] 1917
5 g A-O
800,000 Oct 11937
($100. $500 and $1.000)__ [New York Trust C o.. Trustee.
Stock.— Preferred stock o f both cos. Is limited to the auth. amount*
entioned above. Both Issues are red. as a wuole at par on 30 days' no
tice. Dividends on the common stock of the Gary Street Ry. Co. of Ind
are limited during the life of the voting trust to $10,000 per annum.
Voting Trust.— All the common stock of Gary Street Ry. Corp. (excepi
directors' shares) was held under a voting trust agreement for five years to
Oct t 1922 but. agreement ha® been extended to Act 1 ' n27 Trustees
are Mortimer N . Buckner, W . D. Boone and Charles W. Chase.
Bonds .— Remaining 1st M. bonds may be Issued for additions, ext’ns and
impts. for not over 85% of cash cost of same, and for repaving and track
renewals necessitated by public orders, for not more than 90% of the cast
cost o f same under certain restrictions. Callable at 105.
Debentures.— Int. on debs is guar, during life of voting trust agreement
by endorsement by the Calumet Gas & Electric Co., said guaranty being
secured by pledge o f $125,000. Red. at par and int. on 30 days’ notice.
The co. covenants among other things not to permit any lien upon the
property ahead of the debentures except the first mortgage and to expend
or set aside annually for maintenance and to offset depreciation 14% of
gross earnings.
. -
............................
V p n r t i pvt rl
T~)p p
Q1
.
■
.
EARN S.— (Cal. Years ) 1924.
1923.
1922. ' 1921.
1920.
Gross earnings___________ $998,418 $938,150 $745,278 $755,188 $878,588
Net, after taxes__________ 231,179 235,434 179,793 153,165 195,925
OFFICERS.— Of Gary St. Ry. Corp.— Pres., Britton I. Budd, Chicago,
V.-P., Chas. W. Chase, Gary. Ind.: Sec.. R. M . Scheidt. Gary. Ind..
Treas., F. M . Kemp, Gary, Ind.
OFFICERS.— Of Gary St. Ry. Co. (Operating C o.). — Pres., C. W. Chase’
V .-P., T . G. Hamilton; Treas., F. M . Kemp; Sec., R . M . Scheidt, all of
Gary. Ind.— V. It 1. p. 493: V 113. p. 1052- V. 114, p. 2579; V. 115, p. 645
1321, 2477; V. 118, p. 2304; V. 119, p. 2286.
INDIANAPOLIS & CINCINNATI]TRACTION CO.
O R GAN IZATION .— Incorporated in Indiana on N ov. 17 1910 as sue
cessor to the old Indianapolis & Cincinnati Trac. C o., sold at foreclosurt
N ov. 10 1910. V. 91. p. 1385. 1025.
In 1911 acquired the Indianapolis & Southeastern Trac. Co. (ail of whose
com. and $30,000 1st M . bonds the old Indianapolis & Cincinnati Trac. Co
had owned and to whicb company the Ind. & Southeastern was leased) and
canceled its com . stock. V. 92, p. 881.956. Private right of way except in
cities and towns. County franchises perpetual. Franchises in cities and
towns are for 50 years (the oldest being dated 1904). except in Indianapolis
which is for 34 years from 1900. Has contract with Indianapolis Traction
Sc Terminal Co. for 31 years allowing Its cars to enter Indianapolis.
In April 1913 acquired control of the Cincinnati & Westwood RR. a
narrow-gauge road extending from Westwood, on the boundary line of
Cincinnati, to Brighton, within the city. 5 1-3 milas. V. 96. p. 1297.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operatas 58 miles o f track from Indianapolis via Rushville to Connersville
and 49 miles o f track from Indianapolis via Shelbyville to Greensburg.
Total, 105 miles o f track. An extension from Rushville via Harrison, O.,
to Cincinnati is proposed. 60 and 70-lb. T rails. 22 motor passenger
cars and 5 freight box'cars. 7 stock cars, 4 flat cars and 3 ballast cars.
121
Payments in Scrip.— On Oct. 1 1918 $15,000 of divs. on Ind. < Southeast
&
ern pref. stock being unpaid, the co. issued in lieu thereof a like amount
6% ctfs. of indebtedness, due two years after the close o f the war. Divs.
due Apr. 1 and Oct. 1 1919, also Apr. 1 1921. were paid in the same way.
Subsequent divs. have been paid in cash. On Jan. 1 1919 $60,000 addi
tional 6% ctfs. of indebtedness were issued to pay the $60,000 of bond
interest due on that date. Int. due July 1 1919 was paid in a like manner.
These ctfs. were to mature on Jan. 1 1921, but had not been paid up to
Oct. 1923. They have not been renewed but are being carried along by
“ mutual understanding.” V . 114. p. 1890. Compare V. 108, p . 784.
8TOOK AND BONDS— Date.
Interest. Outstanding.
M aturity.
Common $2,000,000...............................................
$2,000,000 ------- -------Pref $1,000,000 (see te x t)..
J-J
1,000,000 In 1912, 1%
First mtge $4,850,000 (Sl.-T 1910 5 J-J
1,400,000 July 1 1940
000) gold (see text)_____ c*/interest at Central Trust C o., N . Y .. Trus.
& S E pfstk $600,000 ($100)
A-O
600.000 In 1917, 5%
Ind & S E 1st M $1,000,0001
1905 5 g J-J
586,000 July 1 1935
gold ($1,000)_____________/Int. at Farmers' Loan & Tr. C o.,N .Y .,T ru s.
ind Shelbvv & Southeast lst{ 1902 5 g J-J
414,000 Jan 1 1932
M $500,000 g ($1,000) s f-_ fln t . at O. & C. Tr. & Sav.Bk.. Chicago, trus.
Certificates of in d e b te d n e ss..____
6%
165,000 See text
Stock.— Ind. & Cin. Trac. pref. is entitled to non-cum. divs. of 2% until
July 1 1911 then increasing 1% yearly to July 1 1913; thereafter 5% per
»nnum- Ind. & S. E. pref. is redeemable at 105 and accrued div. on any
dividend date. See V. 81, p. 1375.
Bonds.— Ind. & Cin. Trac. 1st M . is divided into three classes. A, B and O.
Class A $1,300,000, all out; Class B, $200,000, none issued: and Class O,
$3,350,000 (of which $100,000 outst'g), reserved for extens., Improvem'ts,
Ac. 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 $1,000,000 Ind. & S. E . bonds, $414,000 is reserved for prior liens.
They are subject to call on any int. date at 105 and int.
Of the Ind. Shelby. & S. E. bonds, the entire issue may be called on any
int. date at 110. A sinking fund on these bonds of $10,000 per annum began
Jan. 1 1908, for which bonds can be called at 105, beginning with lowest
number. $86,000 have been retired.
Dividends.— On pref. paid in 1911, l % % : in 1912, 1% .
EARNINGS.— For year ending Dec. 31 1922, gross, $627,439; net, after
deprec. (but before taxes), $43,132; taxes, $33,643. In 1921, gross, $688,387; net. after deprec. (but before taxes). $137,122; taxes, $33,758.
O F F IC E R S — Pres., Chas. L. Henry, Indianapolis; V .-P ., W. Durbin,
Anderson; Sec., John J Appel. Indianapolis; Treas., J, F. Wild, Indian
apolis. Office, Indianapolis.— V. 112. p. 1740; V. 114, p. 1890; V. 115. p.
759.
C H IC A G O LAKE SH O RE & S O U T H BEND R Y .
Receivership.— In March 1925 Chas. Currie was appointed receiver for
the co.— V. 120, p. 1201.
for the receiver.
Chas. W. Chase has been appointed Gen. Mgr.
See V. 120,
p. 701.
ORGANIZATION.— Organized In Indiana December 1901.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Operates a total of 70.86 miles between South Bend and Hammond; 6.3
miles Hammond to Kensington owned by Illinois Central R R ., is leased
to Chicago Lake Shore & South Bend. 70-lb. T rail.
No securities in hands o f public. All owned by syndicate, which used
them as collateral for a note o f $1,820,000 payable to the order of the
Cleveland Trust Co. The note, together with accrued int. thereon,
amounted to $3,955,248 on July 7 1922, and being due and unpaid, all the
stock and bonds of the co. pledged as collateral were to have been sold at
public auction on that date (V. 114, p. 2716), but see above.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity
Common $5,000,000 ( $ 1 0 0 ) . . . ................. ..............$5,000,000 .................
Pref $1,000,000 ($100) 6% u - c ....................... .......
1,000.000 --------1st mtge $6,000,000 ($1,000)/ 1907
5 F-A 15
4,602.000 Aug 15 1947
gold__________________ tf l Interest at Cleveland Trust C o., Trustee.
Equipment bonds, gold ($1,-/ 1908
0 M-N
50,000 Past due
000)____________________ e lln t at Cleveland Trust C o.. Trustee.
Bonds.— Remaining bonds are reserved for future extensions and im
provements. They are subject to call at 10214 at any int. period. Sink,
fund of $50,000 per annum began Aug. 15 1917 for 10 years. theD 2 % of
bonds outstanding until maturity.
EARNINGS.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross______________________________
$883,369 $1,044,105
$960,736
Net, after taxes____________________
60,259
107,468
124,612
OFFICERS.— Chairman of Board, I. F. Freiberger; Pres. & Gen. M gr.,
Chas. Currie; Sec., S. A. Horr.— V. 98, p. 386: V. 106. p. 2755: V. 114, p.
2716; V. 120, p. 701, 1201. 1746.
Plan for Reorganization and Acquisition by Insull Interests.
WINONA SERVICE CO.
ORGANIZATION.— Incorp. in Indiana on M ay 27 1924 to acquire the
property of the Winona Interurban Ry. Co. (for history see “ Electric Rail
way” Supplement of April 26 1924) sold at receiver’s sale to James P.
Goodrich for $309,369. V. 118, p. 2825, 3080. The company holds under
lease the Winona & Warsaw Ry.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 70 miles of interurban railway between Goshen and Peru.
Leases
4 i f miles of track between Warsaw and Winona Lake.
C A PITALIZATION .— Capital stock, auth., 10,000 shares (no par value).
Bonds auth., $600,000 first mtge. 6% bonds; outstanding, $430,000, dated
July 1 1924 due serially, $18,000 per annum, 1925-1956, inclusive, and Un
balance ($24,000) due in 1957. Interest J. & J. at the Aetna Trust & Sav
C o., trustee, Indianapolis, Ind. Denom. $1,000, $500 and $100. Callable
on any interest date at 103. In Sept. 1924 was auth. by the Ind. P . S. Com .
to issue $90,000 7% notes, to be seemed by pledge of $170,000 1st mtg»
6% bonds. V. 119, p. 1397.
EARN ING S.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
G ross______________________________ ____________
$266,399
$294,979
Net, after taxes_________________________________
12,176
6,793
OFFICERS.— Pres., Harry Reid; V .-P ., Theodore C. Frazer; Sec
Treas., James P. Goodrich; Aud., J. R. Steinebach.— V. 119, p. 1397
VINCENNES ELECTRIC RY. CO.
ORGANIZATION— Incorp. in N ov. 1921 and on Feb. 1 1922 took ov*
the operation of the properties of the Vincennes Traction C o., sold at fore
closure in Oct. 1921. For history of Vincennes Traction Co. see “ F ,a"tric Railway” Supplement of Oct. 22 1921.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.
Length of road, 6.11 miles. Passenger cars, 10; work cars, 3; power
purchased.
STOCK AND BONDS.
D ate.
Interest. Outstanding.
Maturity.
Capital stock $100,000_______ _____
_________
$100,000 __________
First mortgage sinking fundi 1922
_________
194,500
See t<wt
b o n d s ___________________ /Mercantile Tr. C o., St. Louis, trustee.
Bonds.— Sinking fund retires bonds in 20 years.
EARNINGS.— Of Vincennes Elec. R y. for 11 mos. end. Dec. 31 1922.
gross, $73,326; net, $21,328; int., $11,000; bal., sur., $10,328. Of predeces
sor co. for cal year 1921, gross, $83,669; net, $29,228; int., $11,750; b»>
sur., $17,478.
OFFICERS.— Pres., Ewing R . Emison; V .-P ., J. Hugh Powers: A
Sec’y, H. L. Bennett; Gen. M gr.. Sc Treas., L. F. Gillett.
MIDDLE WEST UTILITIES COMPANY
72 WEST ADAMS STREET
C H I C A G O , IL L IN O IS
Serving, through the following operating subsidiaries, 543,000 customers in 915 communities in 15 States, with an investment of $220,000,000.
SU B SID IAR Y COMPANIES
Central Illinois Public Service Company
84
235
233
9
11
10
21
20
3
—
—
8
1
—
—
—
—
14,000
—
1
—
—
—
—
21,000
79
9
—
—
1
3
138,000
3
210,000
Illinois
_ _
Nebraska
Chickasha Gas & Electric Company
Oklahoma
8
Tennessee
1
Illinois Northern Utilities Company
Sterling, Dixon & Eastern Electric Railway Company
\ Illinois
/
Interstate Public Service Company
Indiana
Indiana Hydro-Electric Power Company
Indiana
Kentucky
Kentucky Utilities Company
2
41
41
—
2
—
—
—
76,000
165,000
Kentucky
—
Kentucky
—
—
4
4
North West Utilities Company
Old Dominion Power Company
Wisconsin
_
__
Virginia
7
—
16
—
1
—
—
—
11,100
15,000
1
1
—
—
—
—
—
—
—
—
—
—
—
—
1,700
- 25
21
7
—
—
—
1
70,000
26
25
2
—
1
—
—
32,000
5
1
1
—
—
7,400
5 .
—
127
126
6
1
—
2
10
304,000
8
8
—
—
—
—
—
8,100
________
17
—
—
9
—
—
154,000
55
55
3
—
■
—
—
1
124,000
11
11
—
—
—
—
915
897
60
37
73
9
—
27
6,800
2,035,100
[Voi. 120.
/
19
New England
and New York
Illinois
_ _
_
_
United Utilities Company
TOTAL SU B SID IA RIES_
_
3
—
1
Oklahoma
Public Service Company of Oklahoma
Twin State Gas & Electric Company
Berwick & Salmon Falls Electric Company
40,000
—
Kentucky Hydro Electric Company
Nebraska
447,000
—
4
Nebraska Utilities Company
5
—
—
4
Michigan
5
—
—
Kentucky Light and Power Company
Missouri
190,000
12
6
Michigan Gas and Electric Company
3
—
—
77
Missouri Gas & Electric Service Company
Railway
13
6
Illinois
36
Heat
—
78
McHenry County Light & Power Company
2
Electric Ice
73
Virginia
Electric Transmission Company of Virginia
Water
—
74
Indiana
Indiana Power Company
82
Gas
P U B L IC U T IL IT IE S
_
85
Citizens Gas Light Company
Estimated
Population
Served
Communities
Served
Texas & Okla.
American Public Service Company
Central Power Company
CLASSES OF SERVICE
STATE
OFFICERS.— Chairman, Samuel Insull; Pres., Martin J. Insull; V.-Ps.
John E . Gilchrist, E. V. Graham, W . C. Sharp, G. W . Hamilton and A . J.
Authenrieth; Sec., Eustace J. Knight; Teras., Oliver E. McCormick.
Office, 3016 Du Pont Building, Wilmington, Del.— V. 119, p. 1515, 1850:
V. 120, p. 86, 1450, 2147.
ILLINOIS
AMERICAN PUBLIC UTILITIES CO.
MIDDLE WEST UTILITIES CO.
Control .— It was announced in Sept. 1924 that control of the co. had
(See M a p on page 124.)
A holding company.
ORGANIZATION.— Incorp. by the Insull interests o f Chicago in Dela
ware M ay 1912.
Subsidia/y Operating Companies- (compare V. 106, p. 2646; V. 108, p.
2525).— (1) Illinois. — Central Illinois Pub. Serv. C o., Sterling Dixon &
Eastern Elec. R y.; Illinois Northern Utilities Co. (Y. 103, p. 2264, 496;)
McHenry County Light & Power Co.; United Utilities Co. (2) Indiana.—
Interstate Pub. Serv. Co. (V. 94, p. 1157, 1701); Indiana Power Co.,
Indiana Hydro-Electric Power Co. (3) Kentucky.— Kentucky. Util
ities Co.; Kentucky Light & Power Co. (V. 104, p. 2010). (4) M ichi
gan.— Michigan Gas & Electric Co. (V. 104, p. 950). (5) M issouri. —
Missouri Gas & Elec. Serv. Co. (6) Nebraska.— Nebraska City Utilities
Co.; Central Power Co. (V. 109, p. 479). (7) New England.— Twin State
Gas & Electric Co. (V. 109, p. 79); Berwick & Salmon Falls Elec. Co.
(8) Oklahoma.— Public Service Co. o f Oklahoma (V. 101, p. 923); Chickasha
Gas & Elec. Co. (V. 101, p. 532); American Pub. Serv. Co. (of Oklahoma
and Texas). (9) Tennessee.— Citizens Gas Light Co. (10) Virginia.—
Electric Transmission Co. o f Virginia (V. 102, p. 254, 440); Old Dominion
Power Co, (11) Wisconsin.— North west Utilities Co. (V. 108, p. 385,
2525). Separate statements o f a number o f these operating companies
are given further below.
As to offering o f bonds o f Central Power Co. of Delaware in Aug. 1919
see V. 109, p. 479.
In 1917 acquired American Pub. Serv. C o., &c. See V. 106, p. 2646.
Subscription rights.— See V. 120, p. 2147.
STOCK AN D BONDS— Date.
Interest. Outstanding. M aturity.
Common 300.000 shs no p a r ) . ____
_______ 202,050 shs See text.
Prior lien stk $30,000,000(8100)-----7 Q-M 15 $23,347,500 Mar’25,1 %
Pref $30,000,000 ($100)--------- -------See text
21,687,520 Apr ’25. 1 H
Sec notes Ser “ A ” $5,000,000 f 1920
8 g M-S
2,335,100 Sept. 1 1935
Series “ B ” $2,500,000___ { 1920
8 g J-D
2,142.700 Dec. 1 1940
Series “ C ” $2,000,000___ | 1921
8 g J-J
1,287,800 July 11941
gold ($100, & c.)------c* .tf [Bankers Trust Co., New York, trustee.
Stock.— The prior lien stock is entitled to 7% cum. divs. and an additional
1% div. in any calendar year that more than $5 per share cash divs. are
paid on com. Callable at 115 and accrued divs. $2,000,000 prior lien
stock was offered in Oct. 1924 by Pynchon & Co., West & Co. and Middle
West Utilities Corp. at $98 per share and div., to yield about 7.14% .
V. 119, p. 1850. Pref. is entitled to 7% cum. divs. since June 15 1924 and
to 1% additional in any year that over $6 per share cash divs. are paid on
common. Callable any time at 105 and accrued dividends.
, N otes. —The Series A secured 8% notes are redeemable, all or part, at any
time after Sept. 1 1925 at 105 and int. during the 12 mos, ended Sept. 1 1926,
and decreasing % of 1 % in each year thereafter. Secured by pledge of mort
gage bonds on properties o f sub. cos. owned or controlled. V. I l l , p. 1566.
The Series B secured 8% notes are redeemable, all or part, after Nov. 30
1925, at 10715 and int. to N ov. 30 1930, at 105 to N ov. 30 1935, at 10215
to N ov. 30 1936, and reducing 15 o f 1% each year thereafter to 10015
during the 12 mos. ended N ov. 30 1940. A sinking fund is provided with
semi-ann. payments (J. & D .) o f $25,000 each. Secured by pledge of mort
gage bonds on properties o f sub. cos. owned or controlled. V. 112, p. 62.
The Series C secured 8% notes are redeemable, all or part, after June 30
1926 at 10715 and int. during the five years ended June 30 1931, 105 during
the five years ended June 30 1936, 10215 during the 12 mos. ended June 30
1937, 102 during the 12 mos. ended June 30 1938, 10115 during the 12 mos.
ended June 30 1939, 101 during the 12 mos. ended June 30 1940, and 10015
during the 12 mos. ended June 30 1941. Secured by mortgage bonds se
cured by liens on the property o f companies owned entirely or controlled by
the company, the bonds so to be pledged as security for these $1,356,900
» erjes ‘ ‘C ” notes aggregating $2,233,500, or $164 52 o f bonds pledged for
each $100 par value o f notes outstanding. Sinking fund semi-annual pay
ments (J. & J.) o f $20,000 each. V. 113, p. 736.
Dividends.— Divs. on pref., Sept. 1912 to June 1918, 115% Q.-M . The
June 1 1918 pref. div. was paid in 10-year dividend certifs. (redeemed
at par and int. on Dec. 1 1924); none paid thereafter until M av 14 1921,
when 115% was paid; on N ov. 15 1921 paid 115%; Feb. 15 1922 paid 1%;
M ay 1 1922 paid 1%; July 15 and Oct. 2 1922 paid 1 % each: Dec. 15 1922,
March 1923 and M ay 15 1923 paid 1 % % . V. 107, p. 909; see V . 106,
p. 2423. Aug. 1 1923 paid 115%; Oct. 15 1923 to July 15 1924 paid 115%
quar. Divs. on pref. stock began to accrue at the rate of 7% per annum
from June 15 1924, the first payment at the increased rate being made
Oct. 15 1925. Quarterly divs. at same rate paid regularly quarterly since
to and including April 1925. In Jan. 1917 declared an initial cash div. of
2% on com. stock, payable in quarterly installments o f 15 o f 1%, beginning
April 2, and a stock div. of 2% , payable 1 % semi-annually in April and Oct.
1917; April 1918, 15 of 1% cash and 1% stock div.; none on the com. stock
until M ay 1925, when $1 25 per share was paid on the no par com. stock.
Divs. on prior lien stock are paid 1 % % (Q.-M . 15).
_ ,
----------- Subsidiary Companies----------Calendar Years —
1924.
1923.
1922.
Gross earnings-------------------------------- $41,402,607 $36,185,182 $29,870,702
Net, after expenses, &c------------------- $13,924,380 $11,323,419 $8,961,983
Bond, debenture and other interest
paid or accrued to outide holders..
5,130,705 4,165,192
3,451,614
Discount on securities---------------------586,498
480,459
366,571
Divs. on stock and property of undis
tributed earnings to outside holders 2,582,633
1,741,722
1,095,360
Balance accruing to M . W . U. Co_.x$5,624,544 $4,936,046 $4,048,438
x Of the above amount M . W . Utilities Co.: (1) received and accrued as
interest o f bonds and debentures, $807,946; (2) received and accrued as in
terest and brokerage on money advanced, $198,620; (3) received and accrued
as dividends on stocks, $3,025,095; total, $4,031,661, leaving M . W . U.
C o.’s proportion o f surplus carried to the aggregate surplus account of sub.
cos. on their own books, $1,592,883.
MIDDLE WEST UTILITIES CO.
and its Subsidiaries
R u s s e l l , Br e w s t e r &
Co.
FOUNDED BY EDWARD L. BREWSTER 1873
112 WEST ADAMS ST.,
CHICAGO
Members ol the
New York Stock Exchange
Chicago Stock Exchange
passed from Kelsey, Brewer & Co. to Samuel Insull and associates, the
United Gas & Improvement C o., the Middle West Utilities Co. and the
Midland Utilities Co. through ownership of the majority of the com.
stock. V. 119, p. 1174.
ORGANIZATION.— Incorp. under laws ot Delaware in June 1912.
Controls, through stock ownership, the following properties: Albion Gas
Light C o., Albion, M ich.; Holland Gas Works, Holland, M ich.; Utah Gas
& Coke Co., Salt Lake City, Utah; Central Indiana Power C o., Indianapolis,
Ind., which has as subsidiaries: Merchants Heat & Light C o., Indianapolis,
Ind.; Northern Indiana Power C o., Kokomo, Ind.; Indiana Electric Corp.,
Indianapolis, Ind.; Wabash Valley Electric C o., Clinton, Ind., and Attica
Electric C o., Attica, Ind.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity•
Common $15,000,000 ( $ 1 0 0 ) - - ____
_______ $2,822,400 ...................
Priorpref 7% cum $10,000,000
2,619,770 A p r ’25,
($100)__________________________
7 Q-J
Partic'g pref cum $10 000,000
($100)____________________ _____
See text 3,534,680 Apr’25, 1 H
455,880 Sept 1 1942
Coll trust bonds $20,000,0001 1912
5 g M-S
($100, &c) gold_______ c*tf /Int. at Central Trust Co. of 111., Chicago, tr.
Stock.— The stockholders on Feb. 19 1924 authorized the creation of two
new classes of stock, prior pref. and partic. pref., into which the $4,465,900
6% pref. stock and its accumulation of unpaid divs., whether represented
by the $310,040 scrip or not, might be converted (all now converted). The
partic. pref. stock is entitled to cumul. dividends of 4% for the first year
following its date of issuance, April 1 1923; 5% for the second year, 6%
for the third year and 7% for the fourth and each subsequent year. It is
also entitled to an additional 1% in any cal. year wherein the total cash
dividends paid on the com. stock shall exceed $6 per share. Is red. at 105.
Prior pref. is red. at 110.
Chancellor W olcott in the Chancery Court at Wilmington, Del., in Nov.
1923 handed down an opinion ruling that the amendment to the certificate
of incorporation of the co. is null and void and without legal effect in so far
as it relates to the cancellation o f accum. divs. on the old pref. stock. Under
the ruling the co. will not be permitted to pay any divs. whatever on its
200,000 shares of com. stock until it pays off 24% accumulated cash divs.
on the old pref. stock. In his opinion, the Chancellor refused the plea of a
group of the c o .’s stockholders for an injunction to restrain the co. from pay
ing any divs. on its new pref. or com. stock out of its funds now on hand or
any future profits until it paid off the accum. divs. V. 118, p. 2435. In
Jan. 1925 A. B. Leach & Co., N . Y . and Chicago, and Pearsons-Taft C o.,
Chicago, offered $1,000,000 7% prior pref. at $92 per share, to yield over
7.60% . V. 120, p. 207.
Bonds .— Collateral trust 5s are redeemable at 102.
R E PO RT.— For fiscal year ended June 30 1924 in V . 119, p. 1170:
Column “ A ” Column “ B “
------------- 1923-24------------ 1922-23.
1921-22.
Gross earns, from o p e r.. $7,760,632 $8,088,658 $10,508,809 $7,523,240
xOper. expenses & taxes. 5,230,351
5,461,582
6,669,988
4,720,604
Net earnings________ $2,530,281
______
Miscellaneous incom e.- .
$2,627,075
$3,838,821
$2,802,636
62,759
Gross income_________ $2,530,281
y Expenses------------------Seey
Interest on funded debt. 1,321,884
Miscellaneous interest-.
125,243
Federal taxes__________
36,043
Miscellaneous deductions
92,409
Divs. on subsid. pref. stk
421,392
$2,627,075
See y
1,329,059
126,932
41,133
92,409
421,392
$3,838,821
See y
2,067,437
209,218
55,049
97,575
689,121
$2,865,394
209,736
2,004,501
177,373
See y
$616,149
$720,418
$473,784
Remainder for deprec.
and company d iv s ..
$533,307
x The report for 1922 shows "operating expenses” and for 1923 and 1924
“ operating expenses and taxes." y The 1922 report shows “ expenses and
Federal taxes,” the 1923 report gives Federal taxes separately, and the
1924 report gives Federal taxes and miscellaneous charges.
N o te .— Column " A ” is the earnings of all companies owned during the
period of their ownership. Column “ B ” includes earnings of Huntington
and Attica from July 1 1923, although they were acquired subsequent to
that date. These are partly estimated as complete information is not
available. Neither statement includes earnings from the new Wabash
River station.
OFFICERS.— Chairman, Samuel Insull; Pres., Martin J. Insull; V .-P .,
E . V. Graham: Sec., Eustace J. Knight; Treas., Oliver E . McCormick;
Gen. Counsel, P. J. Lucey. Office, Chicago, 111.— V. 119, p. 1174; V. 120,
p. 207.
MICHIGAN GAS & ELECTRIC CO.
Controlled by the Middle West Utilities Co.
ORGANIZATION.— Incorp. in Michigan on N ov. 19 1906 as the
Houghton County Gas & Coke Co. Name changed to the above Feb. 14
1917. The company acquired, effective Jan. 1 1917, the Constantine
Hydraulic Co., Three Rivers Light & Power C o., Three Rivers Gas Co.,
Milling & Power C o., and the Marquette County Gas & Elec. C o., exclud
ing the street railway (which see below).
In Feb. 1925 the co. applied to the Mich. P. U. Comm, for auth. to issue
$400,000 common stock, $218,000 preferred stock and $50,000 bonds,
V. 120, p. 829.
Middle West Util. Co.
We Specialize in
the Securities of
126
POWER, LIGHT AND RAILW AY
M a y , 1925.]
EDWARD P. RUSSELL
WALTER S. BREWSTER
CORDOVA L. PENISTON
A m e r ic a n P u b l i c S e r v ic e C o .
B a n gor P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n tr a l Illin o is P o w e r C o.
C e n tr a l I n d ia n a G a s C o .
C e n tr a l I n d ia n a P o w e r C o .
C in c in n a t i G a s & E le c tr ic C o.
C in c in n a ti G a s T r a n s p o r ta tio n
C o lu m b ia G a s & E le c tr ic C o.
C u m b e r la n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l i c S e r v ic e C o .
E a st O h io G a s C o .
G e o r g ia L ig h t , P o w e r & R y s .
I n d ia n a E le c tr ic C o r p o r a t io n
J e rse y C e n tr a l P r. & L t. C o r p .
L i n c o l n G a s & E l e c t r i c L ig h t C o .
M i c h i g a n L ig h t C o .
M id d le W e s t P o w e r C o .
N o r t h w e s t e r n P u b l ic S e r v ic e C o .
O h i o P u b l i c S e r v ic e C o .
O m a h a & C o u n c il B lu ffs S t. R y .
O zark P ow er & W a ter C o.
P o r t la n d E l e c t r i c C o .
P u b l i c S e r v ic e C o . o f C o l o r a d o
S h a w in ig a n W a te r & P o w e r C o .
U n io n L ig h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W est P en n P ow er C o.
W e have been identified either as principals or
jointly in the financing of the above companies
A. B. Leach & Co., Inc,
N EW Y O R K
BOSTON
PH ILADELPH IA
P.HIOAGO
134
P U B L IC U T IL IT IE S
[ V ol. 120.
M a y , 1925/
POWER, LIGHT AND RAILWAY
STOCK AN D BONDS— Date.
Interest. Outstanding. M aturity.
Common $1,150,000 ( $ 1 6 0 ) - . . .......
....... ......... $1 125.000 -----------------Prefcum $400,000 ($100)__________
6%
400.000 Apr’25. 1 H
Prior lien stock $750,000__________
7%
543,500 Apr’25, 154
lstm tg e & re f Ser “ A ” ($100, ( 1923
6 g M-S
1,100,000 Sept 1 1943
$500, $1,000) gold____c*tf (Central Tr. Co. of Illinois, Chicago, trustee.
M Co G & El 1st
$1,000,-1 1910
6 g J-J
358,000 Jan 11930
000 ($1,000) gold_____c*tf(First Trust & Sav. Bank, Chicago, trustee.
Bonds.— The 1st mtge. & ref. 6s are secured, in addition to their lien on the
property, by pledge of entire capital stock (with exception of directors’
shares) o f the Marquette County Elec. R y. Co. Sufficient are reserved to
retire prior liens and the balance for corporate purposes. Are callable on
and from Sept. 1 1933 to Sept. 1 1938 at 105; thereafter prior to Sept. 1
1942 at 102 34, less 14 o f 1% for each year or fraction thereof elapsed after
Aug. 31 1939; on and after Sept. 1 1942, at par.
Of the $365,000 Marquette County Gas & Elec. Co. 1st 6s reported out
standing, $139,000 have been assumed by the Marquette County Elec. Ry.
Co. (see below), which has acquired and owns a part o f the property upon
which the mortgage is a lien. Sinking fund o f 1% from 1913 to 1915 and
2% thereafter. Are callable at 105 on any int. date.
EARNINGS.— For calendar years:
Cal. Year.
Gross Incom e. N et after Taxes.
In t.,& c.
Bal., Surp.
$216,625
$145,716
$70,909
1924______________ $742,533
1923______
.$722,713
$189,050
$108,202
$80,848
1922...............
610,515
148.139
94,894
53,244
OFFICERS.— Pres., L. E. Myers; V.-Ps., W. C . Sharp, Paul B. Simons
and Roy Campbell; Sec., R . E . McKee; Asst. Sec., B. A. Waindl, Chicago,
111.; Treas., J. W . Denison, Three Rivers. Mich. General office, Ishpeming, M ich — V. 118, p. 2581; V. 120, p. 829. 2547.
(a) THE MARQUETTE COUNTY ELECTRIC RAILWAY CO.
Organized with $25,000 capital stock (all o f which, with the exception of
directors’ shares, is owned by the Michigan Gas & Elec. C o.). Property
leased to the Michigan Gas & Elec. Co. under general contract which pro
vides for payment o f bond interest, operating expenses and upkeep. The
oompany has assumed $139,000 o f the 1st M . bonds of the Marquette
County Gas & Electric Co.
INTERSTATE PUBLIC SERVICE CO.
125
Sink, fund of 2% per annum began Oct. 1 1917, increased 1% each year to
and incl. Apr. 1 1921, then reduced to 1% per annum thereafter.
$750,000 United Gas & Elec. Co. 1st consols, are reserved to retire a like
amount of United Gas & Elec. Co. 1st 5s, and all except $141,000 have been
retired. Both issues mature serially from 1907 to 1942, but the bonds of
1902 may be called at 105 and int.; the new consols, are callable after July 1
1924 at 105 and int. See V. 79, p. 2458.
Sufficient Central Indiana Lighting Co. 1st & ref. 5s are reserved to retire
the People’s Gas, Elec. & Htg. Co. 1st 5s.
Of the Shelby Co. Water, Gas & Elec. Co. 1st mtge. 5s outstanding,
$11,000 are held in treasury. Call, on any interest date at 10234 and int.
EARNINGS.— For calendar years:
Calendar
Year —
Gross, Including
Other Income.
N et, After
Taxes.
Interest,
Rents, &c.
Balance,
Surplus.
$1,898,347
$1,062,528
$835,818
1924__________ $6,860,290
1,596,417
910,762
685,650
1 9 2 3 -............... 6,421,595
1.118,921
716,076
402,844
1922-_________ 4,424,747
OFFICERS.— Pres., Harry Reid. Indianapolis, Ind.; V -P ., E. Van
Arsdel; Sec. & Treks., Ira E. Guthrie; R y. Supt., L. M . Brown.— V. 118,
p. 85, 311, 431, 550, 1267, 1665, 2042, 2179, 3077; Y. 119. p. 197, 693.
1510, 1624, 1952, 2287; V . 120, p. 1202, 1586.
IN DIANA POLIS COLUM BUS & SO U TH E R N
T R A C T I O N CO.
Lease.— In Dec. 1912 was leased for 999 years to the Inter-State Public
Service Co., a subsidiary of the Middle West Utilities C o., at a rental of 5%
on the capital stock, or $92,000 a year above all taxes. V. 95, p. 680. See
Inter-State Public Service Co. above.
ORGANIZATION.— Formerly the Indianapolis Greenwood & Franklin
R R ., which company was incorporated in Indiana in 1895. Name changed
as above in Jan. 1903.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 62.38 miles of track between Indianapolis, Franklin and Columbus
and Seymour, of which 3.86 miles Delong to Ina. Trac. & Term. Co. Stand
ard gauge. 60, 70, 90 and 100-lb. T rail. Mostly private right-of-way. It
commects with Indianapolis & Louisville Elec. R y., thus forming a through
line from Indianapolis to Louisville.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
Stock $1.840,000________ _______
_________ $1,840,000
See text
First mtge bonds ($500 and/ 1923
6 g F-A
973,000 Feb 1 1948
$1,000) gold__________ c*tf (Fletcher-Amer. Nat. Bank, Ind., trustee.
Bonds.— Are call, on any int. date upon 60 days’ notice at 105 & int. on
or before Feb. 1 1928; thereafter to Feb. 1 1933 at 104 & int.; thereafter
to Feb. 1 1938 at 103 & int.; thereafter tt Aug. 1 1946 at 102 & int.; and
thereafter at par and int. Int. payable at office of trustee, Indianapolis,
or Illinois Trust & Savings Bank, Chicago.
EARNINGS.— For cal. year 1922, gross, $748,450; net, after taxes,
$244,257. In 1921, gross, $728,098; net, after taxes, $236,870.
OFFICERS.— Pres., W m. G. Irwin: V .-P ., L. I. Sweeney; Sec. & Treas.,
Hugh Miller, all o f Columous, Ind.— V. 115, p. 2905; V. 116, p. 176, 295.
Controlled by Middle West Utilities Co.
ORGANIZATION.— Incorp. in Indiana In 1912 and leased for 999 years
the Indianapolis Columbus & Southern Traction Co. at a rental of 5% on
the capital stock, or $92,000 a year above all taxes. See that co. below.
Has also acquired the Franklin Water, Light & Pow. C o., Citizens’ Elec.
Lt. & Pow. Co., Indiana Service Co., Northern Public Service Co. of Ind.,
Seymour Public Service C o., Bedford Lt., Heat & Pow. C o., the Northern
Ind. Utilities Co. and the New Castle Lt., Ht. & Pow. Co. V. 114, p. 198.
Has also acquired the Jefferson Water, Lt. & Ht. Co. V. 116. p. 2637.
Formerly controlled through stock ownership the Louisville & Southern
Indiana Trac. C o., Louisville & Northern Ry. & Lighting Co., New Albany
Water Works Co , Central Indiana Lighting Co. and United Gas & Eire
trie C o., but early in 1921 these cos. were merged with the Interstate Pub
lic Service C o., as per plan in Y. 112. p. 563, 1283. Separate statements
of the Louisville & Northern Ry. & Ltg. C o., the United Gas & Elec. Co.
and the Louisville & Southern Indiana Trac. Co., giving history up to time
WISCONSIN POWER & LIGHT CO.
of merger, will be found in "Elec. Ry. Supp.” o f Oct. 30 1920. As of
Control.— Controlled by Middle West Utilities Co.
Jan. 1 1923 the co. acquired all property ana business of the Indianapolis
& Louisville Traction R y.. Southern Indiana Power Co., the Hydro-Elec
ORGANIZATION.— Incorp. Feb. 21 1917 in Wisconsin. Was known
tric Light & Power C o., Hawks Electric C o., Winona Electric Light & as the Eastern Wisconsin Electric Co. up to time of consolidation in 1924
Water C o., Middlebury Electric Co. and Electric Transmission Co. of with the following companies when name was changed to present title.
Northern Indiana. Separate statement showing history o f Indianapolis & Companies consolidated into the present Wise. Pow. & Lt. Co. were:
Louisville Trac. R y. up to time o f merger will be found in “ Electric Railway”
Wisconsin Power, Light & Heat Co., Janesville Electric C o., Badger Electric
Service C o., Mineral Point Public Service C o., Wisconsin Utilities Co.
Supplement o f Oct. 28 1922.
The company jointly with the Central Illinois Public Service Co. guar and Middle Wisconsin Power Co.
antees unconditionally by endorsement (auth. $5,000,000, outstanding
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
$1,250,000) 1st mtge. 7% bonds of the Indiana Hydro-Electric Power Co. as Owns and operates a group of public utility properties serving without
to prin., int. and sinking fund. V. 114, p. 306.
competition electrical energy for lighting and power purposes directly or
Tn Oct. 1923 purchased the Jeffersonville (Ind.) Water, Light & Power indirectly to 155 communities in central eastern Wisconsin, extending from
Co. V. 117, p. 1884. Compare V. 117, p. 1663. In Oct. 1924 was auth. and including the cities of Fond du Lac and Sheboygan on the north to and
to acquire all the outstanding common stock o f the Indiana Power Co. including the cities of Janesville and Monroe on the south. Owns and oper
and all of the physical property o f the Knox-Sullivan County Light & Power ates the electric lighting, power and street railway systems in Sheboygan and
Co. V. 119, p. 1624. In N ov. 1924 was auth. to acquire the electric Fond du Lac, gas in Fond du Lac, street railway in Oshkosh, and about
system of the Leesburg Elec. Lt. & Water Co. V. 119, p. 2287.
70 miles of interurban lines connecting Sheboygan and Elkhart Lake,
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Fond du Lac and Oshkosh, Oshkosh and Neenah, and Oshkosh and Omro.
Operates a through line from Louisville to Indianapolis. Also operates a Also operates a bus service. Power is also sold in Plymouth, Elkhart
line between New Albany and Jeffersonville and the Columbus New Albany Lake and Sheboygan Falls. Street railway and interurban lines over 100
and Jeffersonville city lines. In June 1924 purchased 11 motor buses to miles of single track. The greater part of the interurban lines is laidchiefly
operate between Indianapolis and Franklin, as an adjunct to its main line. with 70-lb. T rails, and with the exception of that portion from Oshkosh
Also owns and operates electric, gas, heat ahd water properties in a number to Neenah and within city limits is located on private right-of-way. Oper
o f communities.
ates 12 central electric generating stations of which 7 are steam and 5 are
In March 1925 the company applied to the Indiana P. S. Comm, for hydro-electric. Has approx. 756 miles of high-voltave transmission lines.
authority to issue 30,324 shares of com. stock o f no par value, in exchange 5 gas plants with total rated daily capacity of over 1,575,000 cu. ft. V. 118,
for 25,992 shares of its 6% cuml pref. stock (par $100) on the basis of $87 50 p. 2951; V. 119, p. 77, 581.
a share for the pref. stock and $75 a share for the com. stock. The pref.
Franchises .— Operates under indeterminate permits as provided by Wis
stock is owned by the Middle West Utilities Co. V. 120, p. 1586.
consin Public Utilities law, and is thus protected from competition.
M aturity
Interest. Outstanding.
STOCK AND BONDS.— Date.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
$6,310,300 ................... Common stock $7,500,000_________
Common stock $7,500,000—
_________ $3,543,490 _
5.599.200 ...................
6% cum.
Preferred stock $7,500.000_
_
Prefstock 7% $7,500,000 cu . ____
Q-M
4,201.200M ar’25194%
7 % cum. 6,533.700 Oct’24.1 54%
1st & ref M $20,000,000 g( 1917
5 g M -S
1,019,000 Mar 1 1947
8.181.000 Feb 11948
6 g F-A
1923
($500 & $1,000) c*-----------/Interest payable in Milwaukee or New York.
2.750.000 Jan 1 1949 1st lien & ref mtge ($100,
Series “ B ’
1924
6 34 g J-J
($100, $500& $1,000) g-C*tf Union Trust Co., Indianapolis. Trustee
$500 & $1,000) g ______c*tf
New Albany St By $250.0001 1902 5 F-A
250,000 Aug 1 1927
Series “ A ”
1922
6 g J-D
2,048,000 Dec 1 1942
$ 1 .0 0 0 )__________________ flnt. at U. S. Trust C o., Louisville, trustees.
Series “ B ”
1923
6J4 g M -S
1,182,000 Sept 1 1948
Loui8v & Nor Ry & Ltg 1st M l 1905 5 g J-D
500,000 Dec 11925
Series “ C ”
1924
6 g M -N
2,240,000 M ay 1 1944
$2,500,000 gold ($500 an d/ln t. at Cont. & Com. Tr. & 8. B ., Chicago
jj
l ■ £.
(Int. payable in Chicago or New York.
$ 1 ,0 0 0 )________________ c*l trustee, or at Eliot Nat. Bank, Boston.
6%
422,000 ---------- - - Loulsv & Nor Ry & Ltg d e b s . . -----Sheboygan Elec ref & impt M ( 1916
5 g J-J
1,501,100 July 11946
Ind & Louisv Trac Ry 1st M l 1912 5 g A-O
995,100 Apr. 1 1942
g ($1,000 & $500)------c*tf/Interest payable in Milwaukee or N . Y .
$1,500,000 g ($100, $500 &{Int. at Colonial Trust C o., Pttsburgh, Wise Pr Lt & Ht Co 1st & ref( 1916
5 g J-D
1,314,600 June 1 1946
$1,000) _____________ c tf* ( Trustee.
M ($100, $500 & $1,000) _c*/Int. at First Wise. T r . C o ., Milwaukee, Trus.
United Gas & El Co 1st mtge)
1902 5 g J-J
543,000
Seetexi
Janesville Elec 1st & ref M ( 1915
5 g J-J
633,000
See text
$750,000 ($1,000) g o ld -.c* }In t. at Cont. & Com. Tr. & S. B ., Chicago,
$1,000,000 ($500) g ------- c*/In t. at Merch. & Sav. Bk.. Janesville, Wis.
I trustee, and at Eliot Nat. Bank, Boston
Mineral Pt P S 1st & ref M _ . 1914 6 g J-J
527,000 Jan 1 1934
United Gas & El Co 1st consol)
1904 5 g J-J
141,000
Seetext
Other underlying div bonds _______
_________
255 100
mtge $1,500,000 gold ($500|-lnt. at Cont. & Com. Tr. & 8. B ., Chicago
Stock.— Pref. is red. at 110 and divs. In Oct. 1924 8,000 shares were
and $1,000)____________ c*l trustee, or at Eliot Nat. Bank, Boston.
offered by Old Colony Trust C o., Boston, and Paine, Webber & C o., N. Y ..
Central Indiana Ltg 1st & ref(
1907 6 M -l I
831,000 May 1 1927 at 98 and divs., to yield about 7.14% . V. 119, p. 1954.
$2,500,000($500&$1,000)c*/lnt. at Columbia Trust C o., trustee.
Bonds.
1st & ref.
retire prior
Peoples Gas Elec & Htg 1st M ( ____
5 J-D 1
94,000 June 1 193) liens and— $2,665,000 are pledgedM . 5% bonds are reserved to& ref. mtge.
$5,405,000
as security for the 1st lien
/Int. at Con.&Com.T.&S.Bk.,Chic., trustee
A dd’l bonds may be issued for 75%
of
211,800 Mar 1 193C bonds. and impts. under certain restrictions. of actual cost andpermanent
Shelby County Water, Gas & 1910 5 M-S 1
Call,
int.
Int. at Cont’l-Equit. Title & Trust Co.. add'ns 1 1922 on any int. date. Sink, fund 1% per at 105 of bonds since
Elec 1st M $500,000 ($100. •
March
annum
out
Phila., trustee;A. D . Ogborn, NewCastle
$500 and $1,000)_______ c ‘
standing in 1922 to 1931; 134% 1932 to 1941; 2% 1942 to 1946; to be used
Ind., co-trustee.
for retirement of bonds or for exts. and addns. against which no add’l
5%
129,000 ---------------Franklin Wat Lt & Pow 1st M . ____
bonds may be issued. Trustee, Wisconsin Trust C o., Milwaukee. V. 104,
Indiana Public Serv Co 1st M - ___
5%
100,000 --------------p. 1145. The 1st lien & ref. M . bonds are secured by pledge of $5,405,000
Bonds .— The 1st Mtge. & ref. 6% bonds, ser A, are red. all or in part at 1st & ref. M . 5s.
M tge. provides for mainteance and renewal fund.
any time after Jan. 31 1928 on 30 days’ notice at the following prices and
Series “ A ” are red. all or part on and after Dec. 1 1932 and prior to
accrued int. On and from Feb. 1 1928 to Feb. 1 1933 at 105; on and from Dec. 1 1937 at 105 and int., and thereafter prior to Dec. 1 1942 at 10234
Feb. 1 1933 to Feb. 1 1938 at 104; on and from Feb. 1 1938 to Feb. 1 1943 and int., less 34 of 1 % for each year or fraction thereof elapsed after N ov. 30
at 103; on and from Feb. 1 1943 to Feb. 1 1945 at 102; on and from Feb. 1 1938; on or after Dec. 1 1941 at 100 and int.
1945 to Feb. 1 1947 at 101; on and after Feb. 1 1947 at par. Series “ B”
Series “ B ” are Ted., all or in part, at any time on 30 days’ notice on or
are red., all or in part, at any time subsequent to Dec. 31 1933, upon 30 after Sept. 1 1933 at the following prices and int.: on and from Sept. 1 1933
days’ notice, at the following prices and interest: 1073-^ if redeemed during to Sept. 1 1938 at 10734; on and from Sept. 1 1938 to Sept. 1 1943 at 105;
the five years end. Dec. 31 1938; 105 if redeemed during the five years end. on and from Sept. 1 1943 at 10234, less 34 of 1% per annum for each year
Dec. 31 1943, and if redeemed subsequent to Dec. 31 1943, but on or before or fraction thereof elapsed after Aug. 3 1944; on or after Sept. 1 1947 at
Dec. 31 1947, at 10234 less 14 o f 1% for each year or part thereof elapsed 100. Tax refund in Penna., Mass, and Conn. V. 116, p. 515; V. 117,
after Dec. 31 1944, and if redeemed after Dec. 31 1947 at par. The com p. 1461.
pany agrees to reimburse the holders o f the 1st mtge. & ref. Series A and
Series “ C ” are red. all or in part at any time on 30 days’ notice at the
Series B bonds if requested within 60 days after payment for the Penna. following prices and int.: Prior to M ay 1 1929 at 105; on and from M ay 1
4 mills and Maryland 414 mills taxes and for the Conn, and District of 1929 to M ay 1 1934 at 104; on and from M ay 1 1934 to M ay 1 1939 at 103;
Columbia personal property taxes not exceeding 4 mills per $1 per annum, thereafter at 34 of 1 % less for each succeeding year or fraction thereof, to
and for the Mass, income tax on the interest not exceeding 6% o f such int. M ay 1 1943; on and from M ay 1 1943 to N ov. 1 1943 at 10034; on and from
per annum. V. 118, p. 431.
N ov. 1 1943 at 100. Co. will reimburse the holders of ser. “ C ” bonds, if
New Albany St. Ry. bonds are subj. to call on any int. date at 105 & int. requested within 60 days after payment, for the Penn, and Conn. 4 mills
Unissued Louisv. & No. Ry. & Ltg. 1st M. bonds can only be issued for and Maryland 434 mills taxes and for the Dist. of Columbia personal
80% of cost of property built ot acquired. Are subj. to call at 105 & int. property taxes not exceeding 5 mills per $1 per annum and for the Mass,
V. 82, p. 868.
income tax on the int. not exceeding 6% of such int. per annum. In
Of the Ind. & Louisv. Trac. R y. 1st M . 5s reported as outstanding. July 1924, Hill, Joiner & C o.. Halsey, Stuart & C o., Inc., and Paine,
$150,600 are held in treasury. Of remaining bonds, $650,200 are for impts. Webber & Co. offered $2,250,000 1st lien & ref. mtge. 6% bonds ser. “ C ’ 3
and extens. at 80% of cost. Subj. to call on any int date at 105 and int. at 9634 and int., to yield about 6.30% . V. 119, p. 581.
126
PUBLIC UTILITIES
The Sheboygan Elec. ref. & impt. 5s are callable at 105 and int. since
July 1 1921 on any int. date. Sinking fund 1 % per ann. o f bonds outstand
ing from 1920 to 1930; U 4 % 1931 to 1940; 2% 1941 to 1945; to be used for
retirement o f bonds or for extensions and additions. Trustee. Wisconsin
Trust C o., Milwaukee.
The Wise. Pow., Lt. & Ht. Co. 1st & ref. mtge. 5s are red. on any int.
date on 60 days’ notice at 102 and int.
The Janesville Electric 1st & ref. 5s mature $10,000 annually each July 1
to and incl. July 1 1942, $7,000 July 1 1943, $4,000 July 1 1944 and $442,000
July 1 1945. Call, all or in part on 60 days’ notice at 102 and int. $47,000
have been retired.
The Mineral Point Pub. Serv. 1st & ref. 6s are call, on any int. date
on 30 days’ notice at 105 and int.
Dividends.— Divs. on pref. stock were begun in June 1917.
EA R N IN G S.—-For 12 months ending Dec. 31 1924, gross, $4,179,064;
net, $1,225,029; interest charges, &c., $692,970; bal.. sur., $532,059.
OFFICERS.— Pres., Marshall E. Sampsell.— V. 119, p. 2649: V. 120, p.
CENTRAL ILLINOIS PUBLIC SERVICE CO.
Controlled by Middle West Utilities C o., which see on a previous page.
ORGAN IZATION .— Incorp. in Illinois as a consolidation of the former
company of the same name (incorp. 1902) and the Middle West Power Co.,
as per plan given in “ Electric Railway” Supplement o f Oct. 27 1923. and
“ Chronicle," V. 117, p. 669, 1016. Controls the Central Illinois Power
Co. and has assumed as to principal, interest and sinking fund that com
pany’s first mortgage 7% bonds. V. 114, p. 1178. The company also
guarantees jointly and severally with the Interstate Public Service Co.
$1,250,000 1st mtge. 7 % bonds series “ A " and $1,750,000 6% bonds,
series “ B ” o f the Indiana Hydro-Electric Power Co. as to prin., int. and
sinking fund. V. 114, p. 304; V. 119, p. 1281. Has acquired all the out,
standing capital stocks, except directors’ shares, of the Quincy (I..) Gas.
Elec. & Heating Co. and the Chicago & Joliet Elec. R y. V. 120, p. 85, 209.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Does an electric light, power, water, gas, heat, ice, street railway and
interurban business, supplying electrical energy to 235 communities in
central and southern .Illinois. These communities have an estimated popu
lation o f 447,000. in addition to the supplying of electrical energy to these
communities, 9 are served with gas, 11 with water, 10 with ice, 5 with
heating and 5 with street railway service, an interurban line being operated
between Mattoon and Charleston, 111., and one from Eldorado to Carrier
Mills. The company operates over 1,725 miles of high-tension trans
mission lines, 4 central stations, holds 11 stations in reserve, and has con
tracts for power from 5 other central stations. Total available capacity
177,610 k.w. The company in 1922 was awarded a contract by the Old
Ben Coal Corp. to supply the coal company’s entire power requirements
for a period o f 10 years. V. 115, p. 2904.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Com. stock 200,000 sh (no p a r ) ____
_______
119 760shs _ ______
_
Pref stock $6 cum 200,000 s h s / ____
Q-J
113,100shs Apr’25 $1.50
(no par)__________________ /
First & ref mtge (former co.) / 1912
5 F-A
$8,190,000 Aug 1 1952
company) gold ($l,000)c*tf/Interest payable in Chicago.
1st & ref mtge (consol corp)—
Series “ A " ----------------------6 )4 %
3.850,000 M ay 1 1943
Series “ B ” ------------------------5%
2,345,000 Jan 1 1948
Series “ C ” ($100, $500 and
$1,000) g _______ c*tf
1924 6 g J-J
8,000,000 Jan 11944
S e r ia l n o te s $ 4 ,8 0 0 ,0 0 0 /
1925 4)1-5 g Q-J 4,400,000See text
($1,000) gold___________ tfjP rin . and int. at Chicago and New York
/ offices of Halsey, Stuart & Co., Inc.
Sou 111 R y & Pow 1st mtge______
5 A-O
628,000 Oct 1 1924
Underlying divisional b o n d s . . ____
_______
3,726,000 1927 to 1942
Stock.— Entire com. stock outstanding is owned by the Middle West
Utilities Co. Pref. stock red. at $110 and accrued divs. Has equal voting
power with com. 10,000 shares pref. were offered in Sept. 1924 by W. C.
Langley & Co., N. Y ., and Old Colony Trust C o., Boston, at $85 per
share and divs., to yield 7.06% . V. 119, p. 1281.
Bonds .— The 1st & ref. bonds (due 1952) are red. at 105 on any Int. date.
Additional bonds may be issued under certain restrictions. See V. 95. p.
1744. For security of bonds, see V. 103, p. 1887. Cont. & Comm. Trust
& Sav. Bank, Chicago, trustee.
All the $2,345,000 1st & ref. mtge. 5s, series “ B” (due 1948) are owned
or controlled by the Middle West Utilities Co.
The 1st & ref. mtge. 6% bonds. Series “ C ,” are red. all or in part upon
30 days’ notice at the following prices and int.: To Jan. 1 1929 at 107)4:
on and from Jan. 1 1929 to Jan. 1 1939, at 105; on and from Jan. 1 1939
to Jan. 1 1943, at 102)4, and on and from Jah. 1 1943 to maturity, at par.
Penn, and Conn. 4 mills, the Maryland 4 )4 mills tax, Dist. of Columbia
personal property taxes not exceeding 5 mills per $1 per ann., and Mass,
income tax on int. not exceeding 6% of such int. per annum, refunded.
Int. at office of Halsey, Stuart & C o., Inc., in Chicago or New York. In
July 1924 Halsey, Stuart & Co., Inc., offered $6,000,000 1st mtge & ref.
6% bonds, Series “ C ,” at 97 and int., to yield about 6 ) i % . V. 119, p. 196.
N otes .— 1 he serial notes bear 4 K % int. to Jan. 1 1926 and 5% thereafter.
T
They mature $400,000 quar. to and incl. Jan. 1 1928. $400,000 were paid
o ff April 1 1925. Are red., all or in part, at any time on 10 days’ notice
at par and int. $4,800,000 were offered in Jan. 1925 by Halsey, Stuart
& C o., Inc. V. 120, p. 209.
Dividends .— $1 50 quar. is being paid on preferred stock.
E A R N IN G S.— For calendar years:
Years end.
Gross
N et after
Other
In t., &c. Pref. Divs. Balance
D ec 31. Earnings.
Taxes.
Incom e.
Charges.
(6 % ).
Surplus
1924_______ $8,862,901 $2,696,800 $39,067 $1,298,390 $660,366 $777,111
xl923_____ 8,057,238 2,578,971 133,115 1,314,013 469,925 928,148
1922______ 6,342,905 1,846,021 12,137 1,221,380 265,874 370,904
1921_______ 5,878,686 1,642,515 15,470 1,173,921 258,266 225,799
x Represent earnings and expenses o f the former Central Illinois Public
Service Co. and its sub. cos. for the first 8 mos. o f 1923 and of the consoli
dated corporation and its subsidiaries for the last 4 months o f 1923.
OFFICERS.— Chairman o f the Board. Samuel Insull: Pres.. Marshall E.
Sampsell; V.-Ps., J. Paul Clayton and Geo. W . Hamilton; Sec., Leroy J.
Clark; Treas., C. E. Cripe; Aud., J. L. Gray.— V . 118, p. 662, 1011;
V . 119, p. 196, 809, 1281; V. 120, p. 85, 209, 1201.
(1) CH ICAGO & JOLIET ELECTRIC R Y .
Control .— In Dec. 1924 Central Illinois Public Service Co. acquired
control o f the company from the American Electric Power Co.
O R GAN IZATION .— Incorporated as a consolidation o f the Chicago &
Joliet Rapid Transit C o., the Joliet Street R y. and the Joliet R R . Is
operated by power purchased from the Public Serfice Co. of Northern
Illinois. In N ov. 1905 the American Railways purchased 63 acres of land
near Joliet, which was converted into a park. This park is owned b y th e
Dellwood Park C o., all o f whose stock is held by the American Electric
Power Co.
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
A trolley road. Extends from Joliet to the Chicago city limits, with a
branch to Lyons. Has 83.6 miles o f track. Line between Joliet and Chi
cago was formally opened Sept. 25 1901. 66 passenger and 18 other cars.
Franchise .— In 1922 the company was granted a 20-year franchise by the
Town Highway Commission. V. 114, p. 1062.
In Jan. 1921 the company was authorized by the Illinois P . U. Comm, to
issue $1,350,000 pref. stock and $5,0OO,OOO bonds and to purchase the Chi
cago & Des Plaines Valley Elec. R y. V. 112, p. 161. The property of that
company was acquired as o f June 30 1921 and has been merged into the co.
STOCK AN D BONDS—
D ate.
Interest. Outstanding. M aturity.
Com stock $2,300,000 ($100)_______
_______
$2,300,000
Preferred stock___________________
_______
1,350,000
Chicago & Joliet Electric R y l 1901
6 g M -N
1,600,000 M ay 1 1931
g $5,000,000 ($1,000)-c * tf (Int. at Illinois T r. & Sav. Bk., Chic., trustee
Joliet RR general mtge gold/ 1898 634 g M -N
400,000 M ay 1 1933
$400,000 ($1,000 each)-_tf/F idelity Trust C o., Portland (M e.), trustee.
Bonds .— Of the new $5,000,000 mortgage, $400,000 are reserved to retire
underlying liens. $2,200,000 of the outstanding capital stock of the Chi
cago & Joliet Electric R y., $1,000,000 of the $1,100,000 stock and $1,000,000 (entire issue) bonds o f the Chicago & Desplaines Valley Electric R y . are
[V ol. 120.
deposited under this mortgage as collateral security. Entire issue of the
$2,000,000 gold 5s may be called at 105 and int.
The $400,000 Joliet R R . gen. mtge. 5s originally fell due in 1918, but were
extended for 5 years at the same rate of int., and again to M ay 1 1933, but
this time the int. rate was raised to 6 1 4 % . The extended bonds are red.
on any int. date on 60 days’ notice at 101. V . 116, p. 2129.
EARN ING S.— For year ending Dec. 31 1923, gross, $934,242; net, after
taxes, $175,805; fixed charges, deprec., &c., $173,748; bal., sur., $2,057.—
V. 113, p. 70. 2503; V. 114, p. 1062; V. 116, p. 2128; V. 120, p. 85.
ILLINOIS NORTHERN UTILITIES CO.
Controlled by the Middle West Utilities C o., which see on a previous page.
ORGANIZATION.— Organized under the laws of Illinois July 31 1916
as a consolidation of the Illinois Northern Utilities Co. (incorp. in April
1912), Tri-County Light & Power Co. (V. 97, p. 669), and the Freeport
Ry. & Light Co. (see “ Electric Railway” Section for M ay 1916). V. 103,
p. 496. In Nov. 1923 purchased the properties of the Northern Counties
Power Co. V. 118, p. 1012.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates gas and electric properties in the western half of the northern part
of Illinois adjoining the territory served by the Public Service Corp. of Nor.
Illinois. Also operates street railways in Sterling and Dixon and an inter
urban line between the two cities, total first track, 18.51 m ., and 9 m. of
track in Freeport. Has traffic arrangement for 50 years with the Rockford
& Interurban Ry. Co., allowing cars of that company to enter Freeport.
To issue pref. shares of no par value. See V. 118, p. 1267.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
Common stock____________________
_______
$4,885,000
See text
First pref stock 6% cum__________
Q-F
3.763.700 M ay ’25,1 )4
Junior pref. $7 cum. (no p a r ) . ____
_______
12,403 shs M ay ’2 5 ,1 3
4
First & ref mtge gold______ t f 1912
5 g A-O
6,493,000 Apr 1 1957
Underlying Bonds—
De Kalb County Gas________ 1902
5%
199,500 Jan 1 1927
Sterling Gas & Electric_______ 1902
5%
249,500 June 1 1927
Tri-Co Lt & Pr 1st & ref m tge. 1912
6%
40,000 __________
Freep Ry & Lt mtge $2,000,-/ 1910
5 M -N
140,000 N ov 1 1935
000 g ($100, $500 & $1,000) lin t, at !ont. & Comm. Tr. & S. B. Ch., trus.
Stock.— In addition to amounts reported outstanding, $2,100 1st pref.
and $365,000 com. held in treasury. All the 2d pref. has been retired.
Bonds .— The 1st & ref. mtge. bonds of 1912 are red. at 105. Additional
amounts may be issued (a) $769,000 to refund underlying bonds, (6) in ex
change, par for par, for mortgage debt existing at time of acquisition of prop
erties acquired in the future; (c) for expenditures made in acquiring future
property to extent of 75% of cost thereof. V. 94, p. 1383; V. 95, p. 1123.
In April 1925 Halsey, Stuart & C o., Inc., offered $668,000 1st & ref. mtge.
5s at 90, to yield 5.70% . V. 120, p. 1746.
Dividends .— On pref. (now 1st pref.), 114% quar. paid Nov. 1912 to and
including M ay 1925. On common 3% was paid in 1923. In 1924, 5% was
paid. In 1925. Feb., 1 H % ; M ay, 1M % .
EARNING S.— Of Illinois Northern Utilities Co. and Sterling Dixon &
Eastern Electric R y. for 12 months ending Dec. 31:
Calendar
Years —
Gross.
N et, after
Interest, Preferred
Balance for
Taxes, &c. Rents, &c. Dividends. Common, &c.
1924____________ $2,507,112 $966,760 $423,409 $230,229 sur$313,183
855,020
407,057
214,703 sur 233,260
1923____________ 2,344,643
1922____________ 2,129,276
707,685
406,848
189,363 sur 111,474
OFFICERS.— Pres., Samuel Insull; V .-P ., E. D. Alexander; Sec. and
Treas., John H. Gulick; Asst. Sec. & Asst. Treas., J. A. O’Connell; Asst.
Treas., L. E. Jacobson; Asst. Sec., E. J. Knight; Aud., J. P. Plummer.—
V. 106, p. 2757; V. 114, p. 2011; V. 115, p. 2386; V. 116, p. 943; V. 118,
p. 1012, 1267, 3197; V. 120, p. 1089, 1202, 1746.
TWIN STATE GAS & ELECTRIC CO.
Controlled by Middle West Utilities Co.
ORGANIZATION.— Incoip. in Connecticut on Aug. 26 1906 and ac
quired the Brattleboro Street R y ., the Brattleboro Gas Light C o., the
Dover Gas Light Co. (V. 83, p. 562), the Bennington Electric C o. and the
Hoosick Falls Illuminating Co. In Oct. 1913 acquired the St. Johnsbury
Electric Co. and in April 1914 the Cascade Light & Power Co. and the Berlin
Electric Co. In J u d o 1920 the company acquired the property of the
Cloutman Gas & Electric Co. of Farmington, N . H. V. 110, p. 2658.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Furnishes gas, electric light and power to Dover, N . H ., and Bennington
and Brattleboro, Vt.; also electric light and power to Farmington, Rochester,
Salmon Falls, Rollinsford, Somersworth, Berlin, Milan, Gorham and
Hinsdale, N . H.; St. Johnsbury, St. Johnsbury Center, Passumpsic,
Danville, West Danville, North Bennington, Bennington Centre, West
Brattleboro and Newfane, Vt.; Berwick, North Berwick, South Berwick
and Lebanon, M e., and Hoosick Falls, N . Y . Also operates buses. Owns
hydro-electric plants at Gorham, Brattleboro, Bennington, St. Johnsbury,
Hoosick Falls and Milton, N . H ., and a steam turbine plant at Dover and
St. Johnsbury, Vt. President Samuel Insull, in a letter dated March 25
1916, said: “ All the principal franchises were granted by the State Legisla
ture and have been construed by counsel as perpetual.” Control is held
by the National Light, Heat & Power C o., control of which was in turn
acquired by the Middle West Utilities Co. in Oct. 1912. V . 95, p. 1750.
Outstanding. M aturity.
STOCK AND BONDS—
Date.
Interest
See text
$1,792,900
Common $2,500,000 ($100)_ _____
_
_______
5 Q-M
1,552,500 Apr’25, I X
Pref (5 %cum) $2,500,000 ($ 1 0 0 )____
Prior lien (7% cum) $3,000,000 -----7 Q-J
2.183.300 A pr’25, 1%
5 g A-O
2.878.300 Oct 1 1953
1st & ref M $10,000,000 gold/ 1913
,000, $500 & $100)c*cpt(Guaranty Trust C o.. New York, trustee.
First ref mtge $1,500,000 gold/ 1906 4 pa A-O
779,000 Oct 1 1926
($500 and $1,000)___ c * .tf/In t. at Columbus Trust C o., N . Y., trustee.
Dover Gas Light consolidated/ 1905
5%
41.000 Sept 1 1925
mortgage $500,000______ tf/U nion Safe Deposit & Trust C o., trustee.
Hoosick Falls Illuminating Co
71,000 _ 1935
$150,000_______________ tf/C olum bia Trust C o., New York, trustee.
Hoosick Falls Electric C o/
65,000
1930
$75,000________________ tf (Old Colony Trust C o ., Boston, trustee.
Bennington Electric Co $ 1 7 5 ,- /____
_______
76,500
1935
000____________________ tf/Colum bia Trust C o., New York, trustee.
St Johnsbury El Co 1st M __tf 1909
5 M-S
80,000 Mar 1 1929
Cascade Light & Power C o ____ 1905
____16,500 April 1 1925
Stock.— The prior lien 7% stock is redeemable, all or in part, since July 1
1923 at 10114 and divs. Has equal voting power with both pref. and com.
stock if any div. remains unpaid for one year. Is prior in lien both as to
assets and earnings to the 5% pref. stock and the com. stock. V. 109, p. 79.
Bonds.—-$1,062,000 first & ref. 5s are reserved to retire underlying bonds.
Additional bonds may be issued for improvements and acquisitions at 80%
of cost, provided net earnings are at least 1 )4 times the interest charges
on all bonds outstanding, including those to be certified. First and ref. 5s
are redeemable since Oct. 1 1923 at 105 and int. A depreciation reserve fund
of 5% of gross earnings began Dec. 31 1918. V. 102, p. 1988.
Dividends.— 5% yearly has been paid regularly on pref. stock since 1907.
Dividends are being regularly paid on the 7% prior pref. In Oct. 1921
]4 of 1 % was paid on common; same rate regularly quarterly since to and
including Oct. 1922. In Dec. 1922 a stock dividend of 5% was paid.
EARNINGS.— For calendar years:
Calendar Years —
Gross.
N et aft. Tax. Bond In t.,& c
Balance.
1924___________________ $1,548,377
$598,838
$218,563
$380,275
1923___________________ 1,486,706
619,007
346,448
272,559
1922___________________ 1,333,042
492,377
238,880
253,497
OFFICERS.— Pres., W . A. Buttrick; V .-P ., R. J. Andrus; Sec., H. L.
Harris; Treas., C. A. Forrest. General offices, Boston, Mass.-—V. 112, p.
1868; V. 114, p. 2126, 2826; V. 115, p. 2687; V. 116, p. 2131, 2994; V . 117.
p. 1237, 2891; V. 118, p. 2306, 2574; V. 120, p. 706, 2150.
137
POWER, LIGHT AND RAILW AY
M ay , 1925.]
E xceptional Illinois
T erritory
and the
Centra! Illinois
Public Service Company
TR
T HE C E N O MAPLA NILLINOIS PUBLIC SER
VICE C
Y serves without|competition
235 communities located injsome of the best agri
cultural and coal producingfsections of the entire
Middle West. The Company’s property for the
most part is situated in the corn belt of Illinois and is contig
uous to the central and southern Ulinois^coal fields.
Today the Company furnishes electric light and power
service directly to more than 129,000 customers in over 14,700
square miles of territory, this being slightly more than onefifth the total square mile area in Illinois and a similar per
centage of the incorporated communities of the State. In
addition the Company sells electrical energy at wholesale to
other public utility companies which in turn serve 34 com
munities neighboring the Company’s property. To render
this service the Company operates 1,725 miles of high voltage
transmission lines radiating from 8 large efficient generating
stations.
In addition to its large electrical business, the Company serves 9
communities with gas, 14 with water, 5 with heat, 5 with electric railway
service and electric interurban railways are operated connecting M attoon
with Charleston, Eldorado with Carrier M ills, and Joliet with Chicago.
It also operates 17 ice plants supplying approximately all of the ice re
quirements of 103 communities.
One ice plant, located at Mounds,
is the largest in the State outside
the Chicago district.
1 5 .3 3 5
INCREASE IN
CUSTOMERS
86.065
Central Illinois
Public Service Company
INCREASE IN NUMBER
OF STOCKHOLDERS
1 0 ,2 8 0
PUBLIC SERVICE BUILDING
6 0 .5 4 5
__ 5 1 , 4 9 0
SPRINGFIELD
ILLINOIS
4,839
4 0 .2 3 2
2 7 .8 4 9
2 ,3 5 5
i,5 0 2
AS OF A P R IL I .
1925
PUBLIC UTILITIES
128
M I D L A N D U T I L I T I E S CO.
Ownership.— The preferred and common stocks are mainly held by the
United Gas Improvement C o., the Commonwealth Edison C o., Peoples
Gas Light & Coke C o., the Public Service Co. o f Northern Illinois and the
Middle West Utilities Co.
ORGAN IZATION .— Incorp. in Delaware June 22 1923. Was originally
organized as the Public Service Investment Co. but name was changed to
present title Aug. 22 1924.
C H A R ACTER OF BUSINESS.— Is an investment co. engaged in
acquiring and holding securities o f public utility companies. Controls by
stock ownership the utilities in which it is interested, which are located
principally in northern Indiana and western Ohio.
FIELD OF OPERATIONS.— Owns or controls public utility cos. serving
118 communities in northern Indiana and western Ohio, with an estimated
population of 725,000. The subsid. cos. sold in the year ended Dec. 31
1924 6,249,361,000 cu. ft. o f gas and 142,699,000 k.w.h. of electrical energy.
The subsidiaries of the co. also furnish local transportation service in and
around Gary, Ind.
Except in the case of two subsidiaries, and o f directors’ qualifying shares,
Midland Utilities Co. owns or controls the entire outstanding com. stock of
all of its subs.; o f such two subs., over 95% o f stock is owned or controlled.
Subsidiaries.— The principal public utility subsidiaries are as follows:
(а) Northern Indiana Gas & Electric Co. (see separate statement).
(б) Calumet Gas & Electric Co. serves 62 Indiana communities in a region
adjoining on the east the territory served by the Northern Indiana Gas &
Electric Co.
(c) Calumet Power Co. owns a high voltage super power line which con
nects the electric distribution systems o f the above mentioned companies
with the power system of the Commonwealth Edison Co. of Chicago and
the Public Service Co. o f Northern Illinois.
(d) Kokomo Gas & Fuel Co. furnishes gas service in Kokomo, Ind.
(e) Public Service Pipe Line Co. operates, under lease, a 10-inch gas line
extending from the city limits o f Chicago to Kokomo, Ind., a distance of
127 miles.
(/) West Ohio Gas Co. is the Ohio member of the Midland Group, serving
Lima and four other cities of western Ohio with gas.
(g) Electric railway properties in the Midland Group include the Gary
Street Ry. Co., the Gary & Valparaiso Ry., the M arion & Bluffton Tiaction
C o., and the Gary & Hobart Traction Co. (Separate statements of the first
three mentioned cos. will be found under State of Indiana.)
(h) East Chicago Gas Co. and Berne Electric Light Co. are other utility
subsidiaries.
...
'
In addition to the above public utility companies, Midland Utilities Co.
controls Indiana By-Product Gas Co., which operates a 10,000,000 cu. ft.
gas holder in East Chicago, in which is stored surplus gas purchased from the
steel plants in this territory.
In Feb. 1925 acquired the Indiana Service Corp. (see statement under
State o f Indiana).
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
200,000 shs _________
Com 400,000 shs (no par)_________
Prior lien stock 7% cum $20,$12,000,000 Apr ’25 1 K
7 Q-J
0 0 0 .0 0 0 ( $ 100 ) ____________________
7,516,579 __________
7%
Pref Cl A 7% cum $10,000,000
_______________________________
..
2,121,285 ...................
7%
Pref Cl B 7% cum $10,000,000 -----Stock.— Prior lien 7 % cum. stock is preferred as to assets over the other
classes of stock. Call at any time after June 22 1928 at $120 per share and
all unpaid divs. Listed on Chicago Stock Exchange. $12,000,000 offered
in March 1925 by Central States Securities Corp., N . Y ., and Utility
Securities C o., Chicago, at 98 A and div. V. 120, p. 1327.
Dividends.— An initial quar. div. of 1 K% was paid on 7% prior lien
stock in April 1925.
EARNINGS —
Consolidated Earnings Statement o f Subsidiaries for 1924 (.Adjusted to Changes
in Their Capital Structure M ade During the Y ea r).
1923.
1924.
Gross earnings__________________________________$10,836,277 $12,172,589
Oper. exp., incl. taxes & rentals of leased properties 8,025,516
8,565,550
Net earnings after operating and other charges.. $2,810,761 $3,607,038
Profit from sale of securities________________________________
167,044
Total________________________
$3,774,083
Interest, dividends and surplus earnings paid or accruing to
outside holders and amortization o f discount on securities..
1,632,487
Total earnings accruing to Midland Utilities C o___________
$2,141,596
Other income. ______________________________________________
491,694
$2,633,290
Total____________________________________________________
Administration expenses and miscellaneous charges-------------232,435
Appropriated as reserve for contingencies___________________
150.000
Available for dividends on prior lien stock_________________ $2,250,853
OFFICERS.— Pres., Samuel Insull; V .-P ., J. H. Gulick; V.-P. & Asst,
to Pres., Samuel Insull Jr.; Treas. & Asst. Sec., Geo. F. Mitchell; Sec. &
Asst. Treas., Wm. D. Boone; C om pt., W. A. Sauer.— V. 120, p. 1089,
1203, 1327.
_
NORTHERN INDIANA GAS & ELECTRIC CO.
ORGA N IZA TIO N .— Incorp. in Indiana in March 1909 as a consolidation
of several cos. operating gas and electric properties in northern Indiana.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns and operates properties employed principally in the production and
sale o f electricity and gas for light, heat and power. Co. and its associated
Cos. serve directly 34 Indiana communities, 17 with electricity and 25 with
gas, having a combined population o f over 470,000. Also wholesales
electricity to two additional municipalities. Hammond, Whiting, Indiana
Harbor, East Chicago, Michigan City and Lafayette are among the principal
manufacturing centres served with both electricity and gas. South Bend,
Fort Wayne, and the neighboring industrial sections are supplied with gas.
In 1924 the co. retired all the Class “ B ” pref. stock and all the com. stock
of $100 par value and issued in exchange com. stock of no par value on the
basis o f 10 shares o f new no par value common for each existing share of
common and Class “ B ” pref. of $100 par. Compare V. 119, p. 949.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
_________ 1,100,000 shs.
Com 1,375,000 shs (no par)
Class “ A ” 7 % pref $21,000,7 Q-J
7,000,000 A p r ’25. I K
000 ($ 10 0 ) __________________
1st ref M $10,000,000 ($100,1 1909
5 g A-O
2,455,000 Apr 1 1929
$500 & $1,000) gold___ c*/Central Trust Co. o f Illinois, Chicago, Trus.
1st lien & ref M ser M ay 1922\ 1922
6 g M -N
7,000,000 M ay 1 1952
($500 & $1,000) gold_c*tf/Fidelity Trust C o., Philadelphia, Trustee.
3-yr sec notes ser “ A ” (5100,[ 1924
5 A g J-D 4,500,000 June 1 1927
$500 & $1,000) gold— c*tf / First Trust & Savings Bank, Chicago, Trus.
Underlying Divisional Bonds—
Crawfordsvfile W & G Co 1st M 1908
5 g J-D
109.000 June 1 1928
Indiana Lighting Co 1st M tge. 1908
4 g F-A
3.035.000 Aug 1 1958
Mich City G & El Co 1st & cons 1907
5 g J-J
38 500 Aug 1 1929
270.000 Apr 1 1933
Mich City & No Ind G Co lstM1903
5 g A-O
1.131.000 Jan 1 1926
So Bend & Mish Gas Co cons M 1906
5 g J-J
So Bend Fuel & Gas Co 1st M_ 1900
7 gM -N 280.000 N ov 1 1925
Stock.— Class “ A ” pref. is call, after Jan. 1 1932 at 115 & divs. on any
div. date. In Feb. 1925 Hayden, Stone & Co. and Middle West Utilities
Corp. offered $1,000,000 Class “ A ” pref. at 9 8 A & div., to yield 7.10%.
V. 120, p. 1204.
Bonds .— Of the 1st ife ref. mtge. 5s, $7,197,000 are pledged under the
1st lien & ref. mtge. and the remaining $348,000 reserved to retire under
lying bonds, when issued, must also be pledged under 1st lien & ref. mtge.
Sinking fund of 1% of outstanding bonds provided for.
1st lien & ref. mtge. bonds are secured by pledge of $7,197,000 1st ref.
mtge. 5s.
Series M ay 1922 have semi-ann. sinking fund commencing March 1 1932
of a sum equal to H o f 1% o f total amount o f bonds o f this series out
standing. Are red. all or in part on any int. date on 30 days’ notice com
mencing M ay 1 1932, at 105 and int. to and incl. May 1 1942; thereafter
at 102 A and int. prior to maturity. Co. agrees to refund Penna. 4-mills
tax. In M ay 1922 $7,000,000 6% series o f M ay 1922 1st lien & ref. mtge.
bonds were offered by Drexel & C o., Phila., and Halsey, Stuart & C o.,
Inc., N . Y ., at 95 and int., to yield about 6 K % - Y. 114, p. 2022.
$4,500,000 6% series, March 1924, are pledged as security for the 3-year
sec. 5 A % notes, due June 1 1927.
N otes .— The 3-year secured 5 )4 % notes ser. “ A ” are secured by pledge
of $4,500,000 1st lien & ref. mtge. bonds: 6% series March 1924 and $500,000 Calumet Power Co. 1st mtge. 6% bonds, series “ A ," due June 1 1927,
the latter being exchangeable at the e o .’s option for an equal face amount
of its 1st lien & ref. mtge. bonds. Are red. all or part upon 30 days’ notice
at any time prior to Dec. 1 1926 at 101 and int. and on and after Dec. 1
1926 at 100 and int. In July 1924 $4,500,000 were sold by Drexel & C o.,
[V ol. 120
Phila., and Halsey, Stuart & Co., Inc., N . Y ., at 99 \i and int., to yield
about 5 K % . V. 119. p. 81.
E R PO RT.— For calendar year: 1924 showed
1924.
1923.
Operating revenue______________________________ $8,105,950 $7,624,883
Operating expenses______________________ _______ 5,180,774
5,027,859
29,683
Uncollectible operating revenue__________________
41,785
Taxes___________________________________________
623,026
512,986
Net operating income_________________________ $2,260,365
515,739
Other income___________________________________
$2,054,356
181,858
Total income__________________________________ $2,776,104 $2,236,214
882,927
766,063
Interest on funded debt__________________________
612,0281 1.014,500
Preferred dividends declared____________________
Common dividends declared____________________
929,730/
115,722
Other deductions from total income______________
Balance, surplus______________________________
$351,419
$339,929
Profit and loss surplus Dec. 31___________________
$804,562
$467,138
OFFICERS.— Pres., Samuel Insull; V.-Ps., J. T . Hutchings, S. E .
Mulholland, Morse Dell Plain; V .-P . & Asst, to Pres., Samuel Insull Jr.;
Treas., Geo. F. Mitchell; Compt., P. A. Erlach; Sec., W. D. Boone.—
V. 119, p. 81, 949, 1179, 2878; V. 120, p. 331, 706, 1204.
C H I C A G O R A P ID T R A N S I T C O . .
Control.— Commonwealth Edison Co. owns a majority of the voting
trust certificates.
ORGANIZATION.— Incorp. Jan. 9 1924 under general railroad laws ol
Illinois for a term of 50 years. Was formed as per plan for the reorgani
zation of the Chicago Elevated Railways (outlined in “ Electric R y .” Sup
plement o f Oct. 27 1923) by consolidation o f the Metropolitan West Side
Elevated Ry. Co., Northwestern Elevated RR Co. and South Side Ele
vated R R . Co. on Jan. 9 1924. and on Jan. 31 1924 it acquired title to the
properties o f the Chicago & Oak Park Elevated R R . Co. through purchase
at foreclosure sale. The original elevated lines began operation as follows:
The South Side El. in 1892, the Oak Park El. in 1893, the Metropolitan
West Side El. in 1895 and the Northwestern El. in 1900. For separate
statements o f these cos. prior to consolidation see "Electric R y .” Supple
ment of Oct. 27 1923.
Following the sale on Jan. 5 1924 o f collateral pledged under the secured
gold notes of Chicago Elevated Railways, the plan of reorganization (dated
July 14 1923) was declared operative on Feb. 18 1924. approx. 97% o f the
secured gold notes and over 90% o f the 10-year 6% debentures having
been deposited under the plan.
Under the plan depositing note holders received for each $1,000 o f notes
extended to July 1 1919. the following securities o f the Chicago R . T . Co.:
(a) 1st & ref. mtge. gold bonds, Ser. A, 6% , due July 1 1953________ $100
(b) Adjustment debenture bonds, due July 1 1963___________________ 1,170
(c) Trust certificates for common stock_____________________________ 350
While depositing note holders received for each $1,000 o f notes not so ex
tended the following securities of the Chicago Rapid Transit Co.:
(a) 1st & ref. mtge. bonds Series A, 6 % , due July 1 1953__________ $100
(b) Adjustment debenture bonds due July 1 1963--------------------------- 1,170
Depositing holders of Chicago Elevated Rys. 10-year 6% debentures
receive for each $100 of debentures $70 in trust certifs. for common stock
of the Chicago Rapid Transit Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
The consolidated cos. provide rapid transit facilities for the city of Chicago
and the suburbs of Evanston, Wilmette, Oak Park, Cicero, River Forest,
Foret Park and Berwyn, which have a total population of approximately
3.000.000. Two interurban lines, the Chicago Aurora & Elgin R R ., reach
ing Aurora and Elgin to the west, and Chicago North Shore & Milwaukee
R R .. reaching Milwaukee to the north, operate their trains over the tracks
of the co. on a rental basis. Revenue passenger traffic for 1924. exclusive
of interurban traffic mentioned above, was 212,901,024, as against 203,953,574 in 1923. The co. operates 207 miles of single track, of which 168 miles
are owned and 39 miles are under lease or contract. Equipment includes
1,106 motor, 659 coach and 42 other cars; total, 1.807.
Mileage is largely on its own private right-of-way except where streets
are crossed. Franchises expire between 1938 and 1957, excepting the Lake
Street franchise, which runs to 1930 and 1944.
Valuation.— Illinois P. U. Comm .’s valuation for rate-making
purposes o f operating properties as of June 30 1919______ $86,250,000
Add ns & betterments to Dec. 31 1924 (less retirements)_____ 3.463.595
Total valuation (operating property)______________________ $89,'13,595
Miscellaneous physical property (non-operating)_____________ 2.002.504
Total valuation___________________________ ________________ $91,716,099
M unicipal Ownership Defeated .— See Y. 120, p. 1880. Compare V. 120,
p. 1456.
STOCK AND BONDS—
Date.
Interest.
Outstanding. M aturity.
Common____________________
$20,329,500
Prior pref Series A ___________
5.000.000
7.8%
See text
1st & ref M 6% Series due 1953
6%
1,600 000
1953
____
9,000,000 July 1 1944
6 A % Ser due 1944 ($100.' 1924
6 A g J-J
$500 & $1,000 c* and Cont. & Comm’l Trust & Sav. Bank, Chi
cago, trustee.
$1,000, $5,000 & $10,000
r*) gold_____________ tf
Adjustment debenture bonds. ( 1923
See text
18,563,000 July 1 1963
($100, $500 & $1,000)_____(National City Bank, N. Y. trustee.
Met W S El 1st mtge, $10,
1898
4 g F-A
iO.OOO.OOO Aug. 1 1938
000,000 ($1,000) gold_c*tf Cent. Trust Co., N. Y ., and G. Sherman.Tr.
Int. at Cent Trust Co , N. Y .. and Chicago.
Met W S El ext mtge, $5,000,- 1901
4 g J-J
4,432,000 July 11938
000 ($1,000), gold, red at Northern Trust Co., Chicago, Trustee.
105 on any interest day on Interest at company’s office in Chicago, or
Central Trust C o., New York.
4 week’s notice______ c*tf
Union Consol El series “ A ” 1896
5 g M -N
407.000 N ov 1 1936
1st mortgage gold____cpt G. Sherman, V.-P. Cen. Tr. C o., N. Y ., Tr.
N W El 1st M $25,000,000 red 1911
5 g M-S xl 1,452,000 Sept. 1 1941
as a whole at 102 & int on 111. Tr. & Sav. Bk., trustee, under mortgage.
30 days’ notice ($1,000)c*tf [Central Tr. C o., N. Y ., trustee und. sup. M .
Union El 1st M $5,000,000[ 1895 5 g A-O
4,429.000 Oct. 1 1945
gold ($1,000)_________ c p tlln t. at Chase National Bank, N . Y ., and
I 111. Trust & Sav. Bank, Chicago.
Lake St El 1st M , $5,000,0001 1893 5 J-J
1,932,000 July 11928:
guar by N W E l_______ tf/C on t. & Comm. Trust & Sav. Bank, Chic.,
[ and Central Tr. Co. o f Illinois, Chic., Tr.
5% equip trust certificates_ _____
_
5%
675,000 1925 to 1929
6% equip trust certificates_________
6%
1,581,000 1925 to 1932
x Exclusive of bonds in sinking funds.
Stock.— The com. stock is held in a voting trust of which Geo. M . Rey
nolds, R. Floyd Clinch and Samuel Insull are trustees. The prior pref.
stock. Series A, is red. at $115 per share and carries divs. at the rate of 65c.
monthly, or 7.8% annually. $5,000,000 was offered in M ay 1924 by
Utility Securities C o., Chicago, at $100 per share.
Bonds.— 1st & ref. mtge. 6 A % series, due 1944, are red. all or in part
or through operation of sink, fd., on any int. date on 30 days’ notice at 105
if red. on or before July 1 1925, the premium decreasing thereafter at the
rate of M of 1 % for each full year intervening between June 30 1925 and the
date of redemption. The co. agrees to reimburse owners in the respective
States the following taxes paid in respect to bonds of this issue: The 4-mills
tax in Penna.; any securities tax in Maryland not exceeding in the aggregate
45c. on each $100 of assessed value in any year; and any personal property
or exemption taxes in Conn, not exceeding 4-10 of 1% of face amount
in any year. Int. payable in N. Y . and Chicago. The mtge. provides
for a sink, fund calling for the payment in cash, on Jan. 1 and July 1 of
each year, beginning Jan. 1 1929, of an amount equal to A of 1% of the
total aggregate principal amount of 1st & ref. mtge. bonds issued and then
outstanding. Moneys so paid into the sink, fund are required to be
utilized first in the purchase of 1st & ref. mtge. bonds at or below the price
at which they might be redeemed, and if such bonds are not obtainable,
by purchase, the moneys not to utilized are to be used in the redemption
and retirement of bonds. $6,500,000 1st & ref. mtge. 6 A % series,due
1944, were offered in June 1924 by the National City Co. and Halsey,
Stuart & Co., Inc., at 94)^ and int., to yield over 7 % . V. 118, p. 2947
$2,500,000 add’l were sold by the same bankers in Oct. 1924 at 9 4 and int.,
to yield over 7 % . V. 119, p. 1623.
Adjust. Deb. Bonds.— Int. is a cumul. fixed charge at 4% per annum from
July 1 1924 to D ec. 31 1962 and at 6% per annum from Jan. 1 1963 to
June 30 1963, and is payable on July 1 1963 or is payable by installments on
POWER, LIGHT AND RAILW AY
M ay , 1925.]
Midland Utilities C ompany
A Public Utility Investment
Company
E M ID L A N D U TILITIES C O M PA N Y is an investment company
which owns large interests in the securities of operating public utility
companies.
Operating Subsidiaries:
Its operating subsidiaries render service to 118 communities including
the intensely developed industrial district in Northwestern Indiana, some
times called the “ Workshop of America” and extends eastward to such
manufacturing centers as South Bend and Fort Wayne, Indiana, and
Lima, Ohio.
Principal Business:
Electric light and power is furnished to 89 communities; gas service to 34;
and electric railway and interurban service to 11.
Growth in Business:
The subsidiary companies in 1924 sold 142,699,786 kilowatt hours of
electrical energy and 6,249,361,000 cubic feet of gas. Customers increased
during the year from 155,000 to 188,000, an increase of 21 per cent.
Earnings:
Gross business of subsidiaries in 1924 totaled $12,172,588, an increase of
12 per cent, over 1923. Net earnings after operating expenses, taxes and
rentals were $3,607,308, an increase of 28 per cent.
Properties:
Total investment of subsidiaries as of December 31, 1924, was $49,736,679.
The companies had available 118,600 kilowatts of electrical capacity of
which 43,350 kilowatts was in stations operated by them. Thirteen gas
generating plants had a total daily capacity of 27,990,000 cubic feet.
Electric transmission and distribution lines totaled 2,593 miles and gas
mains 1,618 miles.
Electric systems of the subsidiaries are inter-connected through a 132,000
volt steel tower transmission line with the system of the Commonwealth
Edison Company of Chicago and the Public Service Company of Northern
Illinois. Gas transmission and distribution system are inter-connected
with the gas system of The Peoples Gas Light & Coke Company of Chicago,
placing the facilities of those three great utility companies at the disposal
of the operating companies of the Midland Utilities Company.
Management:
The Midland Utilities Company is under the management of Samuel
Insull and associates.
The common and preferred stocks of the Midland Utilities Company ""are
mainly held by The United Gas Improvement Company, Commonwealth
Edison Company, The Peoples Gas Light & Coke Company, PublicJService
Company of Northern Illinois and Middle West Utilities Company".
Midland Utilities Company
129
130
[V ol. 120,
PUBLIC UTILITIES
St. Louis Elec. Bdge. Co.(V.98,p.74) Kerens-Donnewald Coal Co.
Bloomington & Normal R y. & Lt. Co. Madison County Light & Power Co.
V 109, p. 886).
(V. 104, p. 668).
Citizens Lighting Co. (V. 75, p. 292) Monticello Electric Light Co.
Citizens Pure Ice Co.
Mound City Light & Water Co.
Northern Illinois Light & Traction
O.inton Gas & Electric Co.
Consumers W . & Lt. Co. of Marseilles
Co. (V. 97, p. 729)
Danville Consumers Coal Co.
♦Peoples Trac. Co. (V. 108 p. 480)
Danv. St. Ry. & L t.C o .(V .lll p.588) Peoria Ry. (V. 112, p. 470)
Danv. & East. 111. R y. (V. 98, p. 235) Quincy Ry. (V. 94. p. 1628)
Danville & Northern RR.
Urbana Champaign R y ., Gas & Elec,
Danville & South Eastern Ry.
Co. (V. 113. p. 2820)
Decatur Ry. & Lt. Co. (V .112,p.652) Urbana Light, Heat & Power C o. (V.
Galesburg R y., Ltg. & Power Co. (V.
105, p. 2462)
Utility Gas Coal Co.
115, p. 1320)
Southern Illinois Light & Power C o.
Galva Electric Light Co.
Jacksonv. R y . & L t. Co. (V .99,p.1748) (V. 114. p. 2587)
♦ Peoples Traction Co. properties taken over by Galesburg R y .,
Lighting & Power Co.
Companies Whose Entire Stocks are Owned by the III. Pow. & Light Corp.
Group (2), Interurbans.— (1) Illinois Traction, Inc., into which have been
& Champaign R R .
p. 65);
Net operating revenues___________ $4,805,535 $5,037,288 $4,143,721 consolidated Bloomington Decatur(V. 106, p. 85); Illinois (V. 102,Traction
_________
Danville Urbana & Champaign Ry.
Central
1,406,132
Taxes, city compens’n & other items. 1,407,459
1,327,874 Co. (V. 108, p. 268); St. Louis Springfield & Peoria Ry. (V. 114, p. 522),
Operating income__________
$3,398,076 $3,631,156 $2,815,847 Chicago Ottawa & Peoria Ry., and (2) St. Louis Electric Terminal Ry. Co.
Group (3) Missouri.— (1) Jefferson City Light, Heat & Power C o., which
Non-operating income________
210,747
155,524
136.929
owns substantially entire capital stock of Jefferson City Br. & Trans. C o.,
Gross income____________________ $3,608,823 $3,786,680 $2,952,776 and (2) North Missouri Light & Power Co. Early in 1924 these properties
__________
Deduct interest and rents___________
2,807,446
2,807.446
2,634,099
2,937,901 were sold and have been conveyed to the Missouri Power & Light Co.
V. 118. p. 1401.
Gnmp (4), Cairo Properties.— Cairo R y. & Light C o., which owns entire
Net incom e._____________________
$801,375 $1,152,581
$14,875
capital stock of Cairo City Gas C o., Cairo Electric & Traction C o., and
OFFICERS.— Chairman of Board, Samuel Insull; Pres., Britton I. Budd:
St.
V .-Pres.,R. Floyd Clinch; V .-P., E.O. Noe; V.-P. &Gen. M gr., B.J. Fallon, Cairo & (5). Louis R y. Co.
Group
Nebraska.— Omaha & Lincoln R y. & Light Co
Sec & Treas., W . V. Griffin; Compt., Edward A. Brion; Aud.,’ T. B. MacGroup (6), Kansas.— (1) Topeka R y. & Light C o., which owns entire
Rae; Asst. Sec., Miss F. M . O’Donnell; Asst. Treas., L. C . Torrey.—
capital stock of Topeka Edison Co., Topeka Ry. Co.; (2) Wichita R y. &
V. 119, p. 196, 809, 1394, 1623, 1842; V. 120, p. 954, 2010.
Light Co., and (3) Atchison R y., Light & Pr. Co. In Apr. 1924 the Topeka
Ry. & Lt. Co. and the Atchison R y., Lt. & Pr. Co. were merged into the
Kansas Public Service Co., which owns all the stock of the Topeka Edison
Co. and the Topeka Ry. C o., and has acquired all the com. stock of the
P U B L IC S E R V IC E C O . O F N O R T H E R N IL L IN O IS . Kansas Pr. & Lt. Co. See V. 118, p. 1772, for further details.
ORGAN IZATION .— Incorp. In Illinois in Aug. 1911 as a consolidation
Group (7), Iowa.— Des Moines & Central Towa Electi ic Co. (which
o f electric light and power companies in Northern Illinois outside of Chicago, holds stock of the following underlying companies pending ultimate merger:
controlled by Samuel Insull (President o f Commonwealth Edison Co.) and Colfax Electric Light Co.; Des Moines Electric Co. [V 114, p. 2019]; Mills
associates, per plan V. 93, p. 231. viz.: North Shore Electric C o., Economy County Power Co.; Montezuma Elec. Light, Power & Heating C o.; New
Light & Power C o., Illinois Valley Gas & Electric C o., Chicago Suburban Valley Junction Watei & Light Co.; Oskaloosa & Buxton Elec. R y. Co. [V.
Light & Power Co. and Kankakee Gas & Electric Co. In 1913 voted to 83, p. 1471]; Oskaloosa Light & Fuel Co. [Oskaloosa & Buxton Elec. R y. is
purchase the Northwetern Gas Light & Coke Co. Has a half interest in the holding co. and owns all the stock], and Oskaloosa Traction & Light Co.
the Western Public Service Co.
[V. 98. p. 839].
Practically all of the above companies formerly constituted the Illinois
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Supplies electricity, gas, heat and water in 15 counties in the northeastern Traction System, for history of which see “ Electric Railway” Supplement of
part o f the State of Illinois surrounding Chicago. As o f Dec 31 1924 the Oct. 28 1922. Directly owns and operates or controls electric power and
company’s service extended to 214 different communities 202 being sup light, gas, heat and city railway properties in a large number of municipali
ties in north central, central and southern Illinois. In N ov. 1923 acquired
plied with electricity, 58 with gas, 5 with water and 4 with heat.
the Monmouth Public Service Co. V. 117, p. 2432. [Also acquired in
Subscription Rights— Dividend Rates.— See V. 120, p. 2149.
Nov. 1923 the Armour holdings of stock (reported at approximately 30%
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity. of total outstanding), in the Kansas City Power Securities Co., which co.
Com stock $15,000,000 ($ 1 0 0 )____
Q-F
$12,075,000 Mny'25
owns all the com. stock of the Kansas City Power & Light Co. (see on a
Com stk 200,000 shs (no p a r ) . ____
Q-F
97.130 shsM ay’25 $1.75 subsequent page), but this interest was subsequently sold.] V. 117, p.
P f 6% cum $15,000,000 ($ 1 0 0 )____
6 Q-F
10.0 0 0 00 0 M ay’25. 1H
2323.
P f 7% cum $10,000,000 ($ 1 0 0 )____
7 Q-F
5,355,900 M a y ’25 1%
FIELD
AND CH A R A C
BUSINESS.—
First & ref mortgage ($1,000) \ 1911
5 _ A-O
_g
______ _
18.926.000 Oct. _____
1 1956 The power OF OPERATIONS of the corporation TE R OF electric generat
properties
gold_________________ c*.tf/Illinois Merchants Trust Co , Chicago, 111. ing stationsand light aggregate capacity of 263.000comprise
with an
h. p. installed or in pro
First lien & ref mtge Ser ‘ ‘A ” l 1922 6 g J-D
22.250.000 June 1 1962
cess of installation, and distributing systems furnishing electricity without
Series “ B ” __________ ____ ) 1924
5 H g J - J 5,000,000 July 11964
competition to over 206.094 customers.
($100, &c) gold— c*& r*.tf jln t. payable in Chicago and New York.
The gas
dally generating capacity of over
Outstanding Bonds Assumed on Properties Purchased (Pledged V. 102, p. 1254). 25.000.000 properties have an installed distributing systems serving over
cu. ft. of artificial gas and
[Excl. amounts deposited under first & ref. mtge. V. 107, p. 2381.J
customers.
North Shore Electric 1st & ref \ 1910
5 g A & 0 $1,676,500 Apr. 1 1940 72,571 city railway properties, comprising over 235 miles of track, serve the
The
mtge call 107X aft Apr '20/In t. at Illinois Trust & Sav. Bank, Chicago. cities of Danville, Champaign, Urbana, Decatur, Peoria (76.121), Cairo,
Economy Lt & Pow 1st M s f - - 1906
5 gJ& D
1,291,000 Dec. 1 1956 Quincy (35.978), Bloomington. Galesburg. Ottawa, Illinois; Atchison,
Kankakee Gas & El 1st & ref M 1910
5g M &S
162.100 Sept. 1 1930 Topeka and Wichita (72,217), Kansas, and Oskaloosa, Iowa.
Citiz Gas Co (Kank) call 105-- 1902
5g F &A
105.000 Feb. 1 1932
The electric trunk line railroad, comprising over 550 miles of main line,
Pontiac Lt. & Wat Co 1st M 5s 1902
58,000 July 1 1927 modern,
railroad,
with automatic block
5~g Q-M
Northwestern Gas Lt & Coke 1 1898
1,747,000 Dec. 1 1928 systems, standard-gaugecar barns Is equipped freight and passenger signal
repair shops,
and 1,223
cars.
consol mtge $2,000,000 g --/In terest at Central Trust C o., Chicago.
This system connects the cities of Peoria, Springfield, Bloomington, Dan
Cicero Gas ref & general mtge \ 1898
5 gJ& J
3,365.000 July 11932 ville, Urbana, Champaign and Decatur with Edwardsville, Granite City,
$5,000,000 gold guar______/Interest at Central Trust C o., Chicago.
Madison,
St. Louis over a
Stock.— No par common stock has equal rights in all respects with the owned by Venice and St. Louis, enteringits own terminal steel toll bridge
the corporation in fee, into
in the heart of
common stock o f $100 par value. Compare V. 114, p. 1660.
St. Louis. Another trunk line connects the cities of Joliet. Ottawa, Mar
Bonds.— The first & ref. 5s of 1911 (not limited as to amount) cover seilles, Peru and Princeton.
“ after-acquired properties,” and are a first mtge. on all property formerly
M ost of the principal
unlimited as to
belonging to Illinois Valley Gas & Electric Co. and Chicago Suburban Light electric railroad, except lighting franchises are almost entirely time. .The
in municipalities, is
on private
& Power C o., and are also secured by deposit of $2,114,500 North Shore right-of-way.
Elec. Co. “ first and ref ” 5s and $401,000 first mtge. 5s, $428,000 Economy
New Power Project.— In Dec. 1923 the co. announced plans for the
Light & Power Co. first mtge. 5s and $408,000 Kankakee Gas & Elec. Co. building of a steam generating electric power station near Des Moines, with
“ first and ref.” 5s, $96,500 Citizens’ Gas Co. first mtge. 5s and $8,000 an ultimate capacity of over 200,000 h. p. and to cost more than $16.other underlying bonds.
000.000. V. 117, p. 2769.
Additional bonds may be issued as follows: A sufficient amount to retire
Exchange
Constituent Cos.— For offers made to
the outstanding underlying bonds and for 75% o f the cost o f property here stockholdersof Pref. Stocks for Stocks ofand the Bloomington & Normal Ry.
of Illinois
after acquired, and if mortgage liens exist thereon at the time of acquisition, & Lt. C o., Western Rys.Traction Co. Southern Illinois Lt & Power Corp.,
& Lt. Co. and
bonds may also be issued to the par amount o f such liens to refund same. see under separate captions in "Chronicle” of July 7 1923. page 86.
In addition to amount reported outstanding, $23,789,000 are pledged under
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
first lien and ref. mtge. Are redeemable at 110 since Oct. 1921. V. 93.
_______
Common (no par)___________ _____
400.000sh. Oct ‘24, 25c
p . 1607; V. 94, p. 1190, 1321; V. 102, p. 1254.
Partic preferred 6% cum ($ 5 0 ) ____
_______
$1,875,300 A p r ’25. I X
The first lien and refunding mtge. bonds are secured by a first mortgage
collateral lien on the power plant o f the Waukegan Generating Company, 1st pref 7% cum $25,000,000
($100) ---------------------------Q-J
24.156 350 A p r '25. I X
through pledge o f all the first mtge. bonds and all the capital stock of
7 g A-O
_________ April 1 1953
9,842 900_____________
that company. In addition, will be secured by a direct mortgage lien on 30-yr sk fd deb (closed) gold! 1923
($100, $500 & $1,000 c* and{Central Trust Co. of Illinois, Chicago,
all physical property now or hereafter owned, subject only to prior lien.
$1.000. $5.000& $10M )r*tf [ trustee.
There are also deposited under the first lien and ref. mtge. $23,789,000 first
6 g A-O
40,200,000 Apr 1 1953
and ref. mtge. 5% gold bonds. Redeemable (Series A ), all or part, at 110 1st & ref mtge Series “ A " ____f 1923
Series “ B ” ---------------------1924
5 X g J-J
5,000,000 Dec 1 1954
and int. on or before June 1 1942; thereafter and on or before June 1 1952
$100,$500& $l,000c*& $l,- Harris Trust & Sav. Bank, Chicago, Trusat 107 X and int.; thereafter and on or before Dec. 1 1961 at 105 and int.,
0o0,$5,OOO&$l0,OOOr*) g tf ( tee, and M . H. MacLaren, co-trustee.
and thereafter at 100 and int.; Series “ B ,” all or part, at 110 & int. on or
before July 1 1944, thereafter and on or before July 1 1954, at 107 'A & int.;
after July 1 1954 and on or before Jan. 1 1964, at 105 & int.; and after
Jan. 1 1964 at 100 & int. In Oct. 1924 $5,000,000 Ser. “ B ” 5 A % bonds
were offerred by Halsey, Stuart & C o., Inc., at 96 & interest, to yield over
S % % . V . 119, p. 1634. Free from Penn. State tax. V. 114, p. 2725;
V. 116, p. 1061; V. 119, p. 1634.
Dividends—
1912. 1923. 1914. 1915. IVo®.1916«o M ay'25.
On common (per cent) 4
4H
5
5M
7% perann. (1% Q.-F)
On no par value stock paid $1 75 quar. Aug. 1 1923 to M ay 1 1925.
R EPO RT.— For :
1 in V. 120, p. 959, showed:
,
Calendar Years—
1924.
1923.
1922.
1921.
.$18,003,904 $16,014,342 $13,712,095 $12,213,315
.$10,318,858 $9,586,835 $8,218,491 $7,500,167
W e are identified in the financing of this
Depreciation__________
803,553
730,660
670,660
430,660
Taxes & uncollec. rev.. . 1,446,271
1,116,174
931,831
718,620
Company and will answer inquiries regarding
any Jan. 1 or July 1 before as ordered by the board of directors from net
income. Additional int. at 2% per annum must be paid from net income,
&c., for any 12-months’ period to Dec. 31 1962. wherein the co. pays any
cash divs. on its capital stocks of any class not entitled to preference divs. as
ordered by the board o f directors from surplus. Sinking fund of $250,000
must be appropriated for redemption o f these debentures in any calendar
year wherein the co. pays any cash divs. on its capital stocks of any class not
entitled to preference divs. as ordered by the board of directors from surplus
and in any cal. year wherein such cash divs. exceed $834,000 then the sinking
fund must be increased to equal 30% of such total divs. and may be further
Increased. Debentures are red. on 30 days’ notice, at par flat to Dec. 31
1928, and thereafter at par plus any cumul. int, from Jan. 1 1929.
Dividends.— Kegular monthly divs. o f 65c. per share have been paid on
prior pref. series A stock since July 1924.
R E PO RT.— Consolidated income account o f the Metropolitan West Side
Elev. R y. Co., Northwestern Elev. R R . C o., South Side Elev. R R . Co. and
Chicago & Oak Park Elev. R R . Co.:
Years Ending—
Dec. 31 '24. Dec. 31 ’23. Dec. 31 ’22.
Gross operating revenues____________ $18,565,185 $17,990,782 $17,267,757
Total operating expenses____________ 13,759,650 12,953,494 13,124,036
Illinois Power and Light Corporation
Net operating income.. $5,435,222
. 1,005,229
$4,580,673
726,367
$3,891,1x3
513,021
$3,563,869
466,151
. $6,440,451
Interest charges, &c____. $3,234,489
671,191
Preferred dividends____
. 1,452,336
$5,307,040
$2,872,645
595,272
1,075,926
$4,404,134
$2,568,663
589,133
799,965
its securities upon request. Write for our
illustrated booklet “ Power and Light Bonds.”
$4,030,020
$2,450,484
518,817
785,457
Surplus______________$1,082,434
$763,197
$446,373
$275,262
OFFICERS.— Chairman, Samuel Insuli; Pres., Britton I. Budd; V.-Ps.,
John H. Gulick, Julius Hecht, John G. Leonard and Chas. W. Bradley;
Sec. & Treas., George R. Jones; Comp., R . S. Holden; Aud., S. J. Palmer.
Office, 72 West Adams St., Chicago.— V. 119, p. 1634, 2880; V. 120, p. 959,
1020, 2159.
IL L IN O IS P O W E R & L I G H T C O R P O R A T IO N .
See Map page 132.
ORGAN IZATION .— Organized early in 1923 and is a consolidation and
merger o f the following companies:
Group (1), Illinois— Companies Consolidated and Merged into Illinois
Power & Light Corp.
E.
H . Rollins & Sons
Founded 1876
BOSTON
200 Devonshire St.
NEW YORK
43 Exchange PL
PHILADELPH IA
1421 Chestnut St.
CHICAGO
231 So. LaSalle St.
SAN FRANCISCO
300 Montgomery St.
LOS ANGELES
1000 California Bk. Bldg.
DENVER
315 International T r. Bldg.
M a y , 1925.]
POWER, LIGHT AND RAILW AY
Aeroplane Vievu Electric Qenerating Station No. 6, Waukegan, Illinois, on Lake Michigan
215 Communities Served
with Electricity or G as
I
F a great barrier, like the Ancient wall
of China, were placed around the ter
ritory served with electricity and gas
by the Public Service Company of North
ern Illinois, inside would be found an
almost entirely self-sustaining area.
In this area people are engaged in nearly
every phase of human activity, its prod
ucts filling nearly every human need.
Some .Facts and Figures
from Our 1925 Year Book
“Investors in Public Service Company of
Northern Illinois securities have every
reason to be gratified by the stability and
high standing, which through careful man
agement and conservative financing, con
tinue to characterize the securities issued
by this Company.
“The total gross revenues of the Company
for 1924 were $18,003,904.10, or nearly
double that of five years ago.
“At the end of the year 1924, the 91st
consecutive quarterly dividend had been
paid to common and preferred stockhold
ers. The net earnings for the year 1924
were 31*7 per cent greater than for the year
previous.”
W r ite for the 1925 Year Book and read
this Company’s story of progress.
Public S ervice C om pany
OF N ORTH ERN IL L IN O IS
Serving 6 ,0 0 0 square miles— 2 1 5 cities and towns— with gas or electricity or both.
General Offices:
72 W est Adams Street, Chicago
131
133
PUBLIC UTILITIES
[ Y ol. 120,
M a y , 1925.]
POWER, LIGHT AND RAILW AY
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Bloomington A Normal Ry. A Lt.—
1st and gen mtge. $3,500,0001 1011
5J-J
1,054,000 Jan 1 1928
gold ($1,000)______c*&r.tf/Illinois Trust & Sav. Bk., Chicago, trustee.
B & N R E & H 1st mtge.l 19u2
5 g J-D
338,500 June 1 1927
$600,000 ($1,000) g s f.c * tf[In t. at 111. Trust & Sav. Bk., Chic., trustee.
------167,200 Jan 1 1928
. ----1921
7H %
Citizens Lighting Co.—
350.000 Feb 1 1926
1922
6%
Clinton Gas A Electric Co.—
139.000 Nov 30 1937
1907
6%
Consumers Water A Light—
30,000 Dec. 1925
1905
5%
823,500 Oct 1 1934
5 g J-D
1 j.916
nk o f Canada, N. Y.
Int. at Merchants’
300.000 Nov 1 1926
7 M-N
Bond sec notes guar $750,000- 1921
781.000 July 1 1934
Galesburg E y & Lt 1st cons. _ 1904
5%
Jo.—
____ ____ ________ _________ _____
_
601,000 Dec 1 1936
5 „g J-D
1906
g o ld :________________ c*tf( Int at agcy. Merch. Bank o f Canada, N. Y
I Central Tr. Co. of Illinois. Chic., trustee
Bond secured notes $300,000-. 1921
7 M -N
51,700 Nov 1 1926
Peoria Railway—
First & ref mtge $3,60J.00H 1906 5 g F-A
1,884,000 Sec text.
gold ($ i. ,00)________c*tf[Interest payable in New York.
Quincy Railway—
First ref $,.500,000_______ tf i912
5%
582.000 Feb 1 1932
Jacksonville Ry. & Light—
Jack R y & L t 1st cons M ,$ l,-\ 1906 5 g J-J
595,000 Jan 1 1931
000,000 gu g ($1,000) .c * .tf (Central Trust C o., Chicago, trustee.
Jacksonv Gas Light & Coke/ 1901 5 J-J
60,000 Jan 1 1931
Co first mortgage______n tf (Int. at 111. Merch. Tr. Co., Chic., Trustee.
Southern Illinois Light & Power—
2,162,800
First mortgage 6s________
1913
6%
First ref Mtge Series “ A ” 1
1921
3,373,600
7%
423,000
Series “ B” ___________
1921
6%
275.000
1923
7%
43,000
1907
5%
560,600
1916
6%
To 1930
City o f M t Vernon serial 6s__ 1900
6%
15.000
1.233.000
St Clair Co Gas & Elec 5s.
5%
Stock.— 1st pref. 7% stock is call, on 60 days’ notice as a whole or by lot
in amounts o f 5,000 shares or multiples thereof, on any div. date at 105.
In July 1924 $5,000,000 1st pref. 7% stock was offered by Blyth, Witter
& C o.. N . Y ., at 95 & div., to yield about 7.37% . V . 119. p. 197.
Bonds.— The first & ref. mtge. provides for an improvement fund. Int.
payable in Chicago or New York. Penna. 4 mills and Maryland 4 mills
taxes and Conn, and Dist. of Columbia personal property taxes not exceed
ing 4 mills per $1 per annum, and Mass, income tax on int. not exceeding
6% of such int. per annum refunded.
Series “ A ” 6% bonds are redeemable on any interest date at 105 and int.
to and incl. Oct. 1 1943, and thereafter at par and int. plus a premium of
M % for each year or portion of a year of unexpired term. V. 116, p. 1532.
Series “ B” 5 M s are red. on any int. date at 105 and int. to and incl.
>
June 1 1945 and thereafter at par and int. plus a premium of
% for each
year or portion o f a year of unexpired term. $5,000,000 Series “ B ” 5 M
is
were offered in Dec. 1924 by E. H. Rollins & Sons, Harris, Forbes & Co.,
Halsey, Stuart & C o., Inc., &c., &c., at 97 and int., to yield over 5.70%.
V. 119, p. 2761.
The 30-year 7% debentures are redeemable on any interest date on
60 days’ notice at 105 and Int. The trust Indenture provides for the pay
ment to the trustee o f $400,000 each 6 mos. during the life o f this issue, the
balance thereof remaining after the payment o f int. to be used for the re
tirement, o f these debenture bonds by purchase or by call. It is estimated
that this sinking fund will retire more than 93% o f the entire issue at or
before maturity. Int. payable in N . Y . or Chicago. Co. agrees to reim
burse holders for the Penna. 4-mills and the Maryland 4 K-mills taxes, and
for the Conn, and Dist. o f Columbia personal property tax not exceeding
4-mills per $1 per annum, and for the Mass, income tax on int. not exceed
ing 6% o f such Int. per annum. V. 116. p 2015.
Bloomington A Normal Ry.
ight.— Of the $1,583,000 first and gen
mtge. bonds, $209,000 Eire pledge! as collateral for $167,200 of notes,
Int. in New York or Chicago. Callable as a whole or in part for sinkine
fund at 102K and interest on any interest date. Sinking fund of 2% of
bonds out annually. $320,000 not incl. in amt. reported outstanding aer
in sinking fund. V. 93, p. 665.
The Railway Elec. & Heating Co. bonds are subject to call at 110 and int.
Sinking fund, $10,090 annually, began June 1908; $262,000 not incl. in
amt. reported outstanding are in sinking fund.
Galesburg Ry.. Ltg. A Power Co.— Sufficient consol, ref. mtge. bonds are
reserved for prior liens and remainder for additions, &c. Sinking fund
Retired 1 H % of bonds outstanding April 1 each year and 1 H % of all under
lying bonds not pledged under the consol, ref. mtge. Up to Apr. 1 1924.
$269,000 had been retired. The Old Colony Trust C o., Boston, is trustee
Bond secured 7% notes are guar., prin. & int., by Illinois Trac. Co. Are
secured by deposit of $400,000 consol, ref. 5s, due 1934. Central Trust Co.
of Illinois, Chicago, trustee. V. 108, p. 268; V. I l l , p. 588; V. 112. p. 460:
V. 114, p. 2579: V. 115. p. 1320
Madison County Light A Power.— Sinking fund o f 1M % o f bonds pre
viously certified began Oct. 1 1916; bonds retired to be canceled. Can be
called on four weeks’ notice on any int. day at 105.
The $51,700 bondsecured 7% notes are secured by $69,000 1st mtge. bonds
Peoria Ry.— Of $3,600,000 auth. first and ref. bonds, $3,129,000 were
originally issued. $1,245,000 have been retired. The trustee in the
Illinois Trust & Savings Bank, Chicago, 111. Remaining bonds mature on*
Feb. 1 as follows: $130,000 in 1925 and the remaining $1,754,000 in 1926.
They are subject to call on any interest date at 105 and interest. See
V. 83. p. 436: V. 89. p. 42: V. 90. p. 560.
Jacksonville Ry. & Light.— The 1st consols, are guar., prin. & int., by
Illinois Trac. Co. Are subject to call on any int. date at 105. Int. at
Merchants’ Bank o f Canada, New York.
$115.000 Jacksonville G»s Light & Coke retired.
R E PO RT.— For years ending Dec. 31:
Gross earnings from operation:
Calendar y nrs—
1924.
1923.
Electric light and power______________________ $13,871,433 $12,400,996
Interurban lines______________________________ 6,032,489
6,676,610
City lines_____________________________________ 4,849,247
5,178.391
Gas__________________________________________ 2,973,364
2,722.534
Heat_________________________________________
685,778
620.363
Ice, water andmiscellaneous_________________
271,392
331,961
l
A
Total earnings________________________________ $28,683,703 $27,930,855
Operating expenses______________________________ 14,938,288 14,121,314
Maintenance___ ________
3,401,048
3,404,549
1,103,214
1,029,796
Local taxes____ ________
Federal taxes___________________________________
133,771
256,148
Net earnings_________________________________ $9,107,380 $9,119,048
Other income__________________________________
500,586
______
Total income___________________________________$9,607,966
Interest charges, &c____________________________ 4,975,923
Bond discount amortized_______________________
207,024
Dividend on preferred stocks (co. &subs.)______ 1,633,721
Approp. for deprec., retirements, replacem’ts, &c_ 1,891,680
$9,119,048
4,135.582
220,714
1,358,330
2,000,000
Balance______________________________________
$899,618 $1,404,421
Surplus Jan. 1 1924____________________________ 1,034,958
Add adjustments_______________________________
17,563
30,537
Dividends paid on common stock______________ ($1.75)700,000 ($1)400,000
Surplus per balance sheet____________________ $1,252,139
$1,034,958
W OFFICERS.— Chairman of Board, Wm. B. McKinley; Chairman Finance
Committee, P. C. Dings; Pres., Clement Studebaker Jr.; V .-Ps., W . A.
Baehr and H. L. Hanley; V .-P. & Sec., Scott Brown; Treas., P. C. Dings.
— V. 117, p. 86/894. 1017, 1129, 1461, 1663, 1774, 2109, 2323, 2432. 2769;
V. 118, p. 201, 664, 1664, 1772, 2042, 2704, 2825; V. 119, p. 74, 197, 324,
1510, 2529, 2761; V. 120, p. 1326, 1585, 1746, 2146.
PROPERTIES CONTROLLED BY THE ILLINOIS POW. & LT. CORP
(1) ILLINOIS TRACTION, INC.
ORGANIZATION.— A merger in 1923 of Bloomington Decatur & Cham
R R ., Danville Urbana & Cham. R y., Illinois Central Trac. C o., St. Louis
Springfield & Peoria R y ., and Chicago Ottawa & Peoria Ry.
133
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock.— All owned by Illinois Power & Light Corp.
Underlying Bonds—
.
Bloomington Decatur & Champaign—
1st & ref mtge, $15,000,000, g f 1910
5 g M -N
1,496,000 N ov 11940
($1,000 coup & $1,600 or (Interest at Illinois Trust & Savings Bank,
multip reg.) gu p&i.c*&r*tf { Chic., Trustee, or Chase Nat. Bank, N . Y .
5%
4,000 Oct 1 1936
Chic Bloom & Decatur 1st M _ ____
Illinois Central Traction—
1st mtge, $2,000,000 ($1,000)1 1903
5 g J-D
1,075,000 Dec 11933
gold, guar___________ c*tf[In t. at Old Colony Tr. C o., Boston, trustee.
St. Louis Springfield A Peoria RR.—
1st & ref mtge $15,000,000 g f 1909 5 J-D
5,045,000 Dec 1 1939
($1,000 coup & $1,000 or) Illinois Trust & Sav Bk, Chicago, trustee.
multiples reg.)____c*&r*tf (Interest in New York, Chicago or London.
St Louis & Springfield 1st M l 1903 5 g J-D
84,000 Dec 1 1933
($1,000) s r gold guar c * -t f[ln t at Old Colony Tr Co, Boston, trustee.
Springfield & Northeastern/ 1906
5 g J-D
145,000 Dec 11936
Traction 1st mtge $1,500,-/Int. at agency Merch. Bank of Can., N. Y .
000 ($1,000) gold______ c* I Central Trust Co. of Illinois, Trustee.
Peoria Bloomington & Cham f 1906
5 g M -N
280,000 N ov 1 1936
Trac 1st M $3,000,000 gold/Int. at agency Merch. Bk. of Canada, N . Y .
($1,000)____________ c* t f L Central Trust C o., Chicago, Trustee.
Chicago Ottawa & Peoria Ry. Co.—
First cons & ref mtge, guar/ 1907 5 g J-D
170,000 Dec 1 1937
$5,000,000 ($1,000)_____t f (Central Trust Co of Illinois, Trustee.
Illinois Val 1st M $1,500,000/ 1905
5 g M-S
736,000 Sept 1 1935
g ($500 & $1,000) gu c .t fjln t . at Irving Nat. Bank, N . Y . City.
Bonds.— The Bloomington Decatur & Champaign “ 1st & ref.” bonds
are redeemable at 105 on any int. date. V. 92, p. 259.
Illinois Central Traction.— Are subject to call on any interest date on
30 days’ notice at 107)4 and int. A sinking fund of 10% of net earnings
became operative Dec. 1 1908, but not to be less than 1% of bonds out
standing. $394,000 held in sinking fund.
St. Louis Springfield A Peoria RR.— Are red. at 105 on any int. date.
V. 90, p. 304; V. 95, p. 177. Are listed on Chicago Stock Exchange. St.
Louis & Springfield 1st mtge. bonds are subject to call on any int. date on
60 days' notice at 10734 and int. $348,000 (not incl. in outstanding
amount held in sinking fund.
Peoria Bloomington & Champaign Traction first mtge. bonds are subject
to call on any interest date at 105 on 30 days’ notice.
Chicago Ottawa A Peoria.— The 1st cons. & ref. mtge. 5s are subject to call
on any int. day on 30 days’ notice at 105. Int. at Merchants’ Bank of
Canada in N. Y . City. Illinois Valley bonds have a sinking fund of 1)4 %
per annum of amount out; mtge. was originally $2,000,000, but on merger
with Chic. Ott. & Peoria the $500,000 unissued was canceled; $763,500
'not incl. in amount outstanding'' held in sinking fund. Are subject to
call at 105.— V . 119, p. 2761, 2878.
(2) S T . LOUIS ELECTRIC TERM INAL CO.
For last statement published see "Public Utility Compendium” of
N ov. 1 1924.
(3) CAIRO R A IL W A Y & L IG H T CO.
For last statement published see "Public Utility Compendium” of
N ov. 1 1924.
(4) OMAHA & LINCOLN R A IL W A Y & L IG H T CO.
For last statement published see "Public Utility Compendium ” of
N ov. 1 1924.
(5) T O PEK A R A IL W A Y & L IG H T CO.
Merger, A c.— In April 1924 the Topeka R y. & Lt. Co. and the Atchison
R y., Lt. & Pr. Co. were merged into the Kansas Public Service Co., which
will own the stock of the Topeka Edison Co. and the Topeka R y. Co.
See V. 118, p. 1775, for details.
ORGANIZATION.— Incorp. in Maine and owns the Topeka Edison Co.
(V. 92. p. 730) and Topeka Ry. Co.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
Capital stock— All owned by Hlinois Power & Light Corp.
1st lien & ref M $7,500,000 g\ 1916
5 g F-A
1,255,700 Feb 1 1933
($100,$500,$1,000,&c)c*&r*TInt. in N . Y ., New York Trust C o., Trustee
Topeka Edison Co mortgage) 1905 5 J-J
650.000 Sept 1 1930
$1,250,000 ____________ t f lint, at Cont.&Comm .Tr.AS.B., Chic., Trus
Bonds.— The 1st lien and ref. bonds are secured by pledge of the entire
capital stocks and, excepting $1,831,000 underlying issues, all the bonds
of the subsidiary cos. $1,528,000 are reserved to acquire or retire under
lying bonds, and remaining $4,152,000 may be issued to the extent of 80%
of cost of additions and impts. to the properties of the sub. cos., but only
when annual net earnings are 1 M times the annual int. charges, incl. the
bonds proposed and all underlying bonds held by public. Are red. .all or
part, on any int. date at 105 and int. Sinking fund began Aug. 1 1917 of
1)4 % per ann. to and incl. 1929 and 1 % thereafter of the total amount of
bonds outstanding (incl. underlying bonds), less amounts paid on account
of sink, fund requirements of underlying mtges. (It is estimated 32%
of the $3,250,000 outstanding bonds will thus bf retired Feb. 1 1933.)
$185,300 in sinking fund Oct. 1 1924.
$121,000 bonds in fund are held
alive. The Topeka Edison Co. bonds have a sink, fund of $65,000 per ann.,
payable Dec. 15. $225,000 have been retired and $65,000 are held alive in
sink. fund. Beginning with the 2-year period ending M ay 31 1918, and
during each 2-year period thereafter, there must be set aside for maintenance
and depreciation an amount averaging 12% of the combined annual gross
earnings of the subsidiary cos. V. 104. p. 74.
EARNINGS.— Year ending Dec. 31 1923. gross, $1,515,637; net, $457,180; int., $149,746. In 1922, gross, $1,462,412; net, $405,277; int., $152,796.
PROPERTIES.— 39 miles of electric street railway, largely 70 to 79-lb.
T rails; 51 double and single-truck motor cars, 28 trailers; power plant,
generating capacity, 5,893 h.p.; 255 miles of power and light-distributing
lines and 15,000 meters; exhaust steam system for heating purposes; mis
cellaneous real estate.— V. 104, p. 74: V. 118. p. 1775.
(a) TOPEKA R A IL W A Y CO . (Subsid. of Topeka Ry. & L t. Co.).
M erger. — See Topeka Ry. & Lt. Co. above.
ORGANIZATION.— Incorp. under general railway laws of Kansas in
1892; in 1903 absorbed the Vinewood Park Ry. and made a new mtge. for
$1.250.000. On June 4 1903 obtained a new 30-year franchise, running from
that date, with the provision that $400,000 be expended within 3 years on
the system. Also has secured franchises in perpetuity on county roads
now occupied, with privilege of hauling freight. City agrees never to reduce
rates to where company will earn less than 10% on stock. The city is to
receive 10% of earnings remaining after 10% has been earned. Upon
expiration of franchise city has the right to acquire the property, but not
before. V. 76, p. 866, 1302. On June 26 1916 authorized capital stock
was increased from $1,250,000 to $2,250,000. V. 103, p. 62.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock all owned by Topeka Ry. & Light Co.
First mtge $1,250,000 g old f 1904
5 g J-J
$863,000 Jan 1 1930
($1,000)______________c ttf (In t.atC ont.& C om m .T r.& S. B., Chic.,Trus.
Bonds.— Remaining bonds are reserved for 80% of cost of new power
house and for betterments and additions. Subject to call at 105 and int.
$240,000 have been retired. A sinking fund began Jan. 1 1910, which is
sufficient to retire $15,000 per annum at 105 and interest.
EARNING S.— Included in Topeka R y. & Lt. Co.
R OAD.— Included in Topeka R y. & Lt. Co. above.— V. 118, p. 1775.
(6) W IC H IT A R AILR O AD & L IG H T .
ORGANIZATION.— Chartered M ay 1 1900 for 30 years. Street rail
way franchise expires 1933. In 1910 entered into a 20-year contract for
purchase of power from Kansas Gas & Elec. Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock— Owned by Illinois Power & Light Corp.
Ref. & cons M $1,500,000 g -t f 1907
5 g A-O
$1,191,000 Oct 1 1932
Bonds.— 1st M . bonds are subject to call at 105 on 6 months notice.
ROAD.— Owns 37 miles o f trolley track in Wichita, Kan., including
double-track bridge over the Arkansas River and extensions to Wonderland
Park and Fair Grounds; 107 cars.— V. 118, p. 1270, 1776.
(7) ATCHISON R A ILW A Y, LIG H T & POWER CO.
Merger.— See Topeka R y. & Lt. Co. above.
ORGANIZATION.— Successor in 1895 of the Atchison Ry., Elec. L. & P.
Co. Controls electric railway, lighting and gas properties of Atchison.
STOCK AND BONDS—
Date.
Interest. O utstanding. Maturity.
Stock— Owned by Illinois Power & Light Corp.
First mtge $1,500,000...........tf 1910
5%
$650,000
Nov 1935
134
PUBLIC UTILITIES
Bonds.— Sinking fund, $10,000 per annum, payable N ov. 1: $100,000
(not incl. in amount outstanding) held alive in fund Oct. 1 1924.
ROAD.— Operates 9 miles o f track. 26 cars. Supplies city with 99
arc lights and 109 incandescent lamps; also 8 arcs for commercial lighting;
3,063 electric and 2,427 gas meters in use.— Y . 113, p. 2184; V. 118, p. 1770.
(8) DES MOINES & CENTRAL IOWA ELECTRIC CO.
ORGAN IZATION .— Controls the Iowa subsidiary properties o f the
Illinois Power & Light Corp. Controls the Des Moines Electric Co. and
the Oskaloosa Trac. & Light Co. The bonds o f this co. are secured by
pledge o f $1,346,000 gen. mtge. 6% bonds o f the Des Moines Elec. Co.
(total out) and all the com. and pref. stock o f the same co. Also $207,000
gen. mtge. bonds and all the stock o f the Oskaloosa Trac. & Light Co. and
bonds o f various other cos. in an aggregate amount o f $90,000; total of
bonds pledged, $1,643,000.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Properties include the electric light and power companies, serving Des
Moines, Oskaloosa, Colfax, New Valley Junction, New Sharon, Prairie
City and Montezuma and the street railways in Oskaloosa.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Com stk $1,000,000 ($100)
All owned or controlled by 111. P r. & Lt. Corp.
Sk fd gold bonds $10,000,000 f 1913 5 & 6 g M-S $1,170,500 Sept 1 1937
($500 & $1,000) red at 105-(Interest at First National Bank, New York,
I or the Central Trust Co. o f 111., trustee.
Des Moines Elec 1st M $5,-f 1908
5 M -N
3,773,000 N ov 1 1938
000,000 ($1,000) s f _____tf (Interest at American Trust C o., Boston.
Bonds.— Additional sinking fund gold bonds can only be issued for 80%
o f the cost o f improvements, &c., to the sub. cos., and ertain other restric
tions. Annual sinking fund o f 1)3% o f bonds out cbegan Sept. 1914
$44,500 are 5s and $1,163,500 6s.
Des Moines Elec. Co. 1st M . bonds are subject to call after N ov. 1 1914
at 105. Sinking fund 1% o f bonds N ov. 1 1914-21; 1)3% 1926-31; 2%
1931-37. $344,000 retired by sinking fund.
EARN ING S.— Of sub. cos. o f the Des M . & C. I. E . Co. for 12 mos.
end. Dec. 31 1923, gross, $2,768,647; net, $1,227,047.
S T A N D A R D G A S & E L E C T R IC C O .
[V ol. 120,
The directors on Aug. 19 1919 declared 13% cum. divs. on the pref.
payable in Com. stock ($1,532,044) at par, Sept. 15 1919.
On 7% pref. l% % Q ■ J- is being paid.
—
On com. declared initial div. o f 62 J4c. a share, payable July 25 1923.
Same amount paid quar. to Jan. 25 1924; on April 25 1924 paid 75c. quar.
and same amount paid regularly quar. since to and incl. April 1925.
R E PO RT.— For 1924, in V. 120, p. 2005, 2036, showed:
1921.
1922.
Calendar Years—
1924.
1923.
Gross earnings__________ $6,098,532 $5,196,190 $4,759,702 $3,632,745
3,564,121
4,652,126
5,103,426
Net earnings__________
5,981,260
1,367,753
1,840,704
In terest_______________ 2,217,290
2,162,596
990,388
Preferred dividends____ 1,761,298
1,297,711
1,074,965
Common dividends_____
796,033
397,500
125,000
350,000
Amort, of discount, & c ..
______
$1,245,618 $1,386,457 $1,080,980
Balance, surplus_____$1,206,639
OFFICERS.— Pres., John J. O’Brien; 1st V .-P ., Robert J. Graf; V.-Ps.,
B. W . Lynch, J. H. Briggs, Albert S. Cummins, E . J. M cK ay, F. C
Gordon, Geo. H. Harries, C. O. Levis; Sec. & Treas., M . A. Morrison.
Chicago office, 208 So. La Salle St.; New York office. Trinity Bldg.— V.
119, p. 822, 1966, 2531; V. 120, p. 584, 830, 1748, 2005, 2036.
IL L IN O IS T R A C T I O N C O .
The old Illinois Traction Co. continues in existence as a holding co. for
the Illinois Power & Light Corp. (see below).
Exchange Offer Made to Stockholders.— On June 15 1923 holders o f both
Illinois Traction Co. pref. and com. stocks were offered in exchange 7%
cum. pref. and 6% cum. partic. pref. stocks, respectively, of the Illinois
Power & Light Corp. For full details see V. 117, p. 86.
C H IC A G O J U N C T IO N R R .
ORGANIZATION.— Organized in the interest of the South Side Elevated
R R . (since consolidated with Chicago Rap. Tran. Co.) to build lines to
connect that company’s track with the Stock Yards. Only a nominal
amount of stock has been issued ($50,000), which is held in trust for the
South Side Elevated (now consolidated with Chicago Rap. Tran. Co.) in
case that company should at any time wish to absorb it. Is leased to the
South Side Elevated (now Chicago Rapid Tran. Co.) for 50 years (with
right to purchase at cost within 20 years), rental being interest on bonds,
^axes, &c. Franchises are without limit.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Consists of an elevated road (from junction with South Side “ L ” at 40th
Street) to the Stock Yards, and a loop around the samer3.61 miles. Was
completed in M ay 1908.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock_____________________________
_______
See text.
---------------1st mtge $2,327,000 gold/ 1905
4 g M-S ■ $2,327,000 Mar 1 1945
($1,000) guar p & i ______c*jFirst Trust & Sav. Bank, Chicago, trustee.
Bonds.— Are subject to call at 105 and int. In event of consolidation with
South Side Elevated (now Chicago Rapid Tran. Co.) this issue of bonds is
toberetired. V .8 0 ,p .8 7 1 . Bonds are guar., p. & i., by Chicago Junction
Rys. & Union Stock Yards Co. See V. 82. P- 568.
O F F IC E R S — Pres. A. E. Rawson; V .-P .. H. E. Poronto; Sec. Thorn*
hill Broome; Treas. & Asst. Sec., J. W . Austin; Asst. Sec.. J. C. Erickson!
Aud., C. C. Chace.— V . 87. p . 346.
See map page 135.
ORGAN IZATION.— Incorp. in Delaware April 28 1910 as a holding
company. Owns bonds, stock and other securities of 13 public service
corporations (electric, gas and street railway) controlled by H. M . Byllesby
& Co. o f Chicago; having operated properties in various parts of the country
(compare V. 114, p. 1911), serving over 900 communities with total popula
tion o f about 2,887,000. Effective as o f Jan. 1 1919, acquired the public
utility, &c., business (excepting the banking department) o f H. M . Byllesby
& C o., Inc. (now the Byllesby Engineering & Management Corp.). V.
108, p. 2335. Also owns entire capital stock o f Utilities Investment Co.
For list o f stocks and bonds owned on Dec. 31 1924, see V. 120, p. 2036.
Shaffer Oil < Refining Co.— The company controls, also guarantees
%
principal and int., $7,485,000, Shaffer Oil & Refining Co. 1st M . conv.
6s, dated June 1919. See that co. in our “ Railway & Industrial” Compend
ium and V. 108, p. 2247, 2335, 2636; V. 121, p. 1290.
STOCK A N D BONDS.— Date.
Interest. Outstanding.
Maturity
Com stk 1,000,000 shs (no p a r ) ____ Q— J 25
410,917 shs. Apr ’25, 75c
Prior preference stock 7 % cum
$12,500,000 Apr '25, 1 3
4
$50,000,000 ($100)______________ 7 Q— J
8 Q— M
16,500,500 M a r ’25,2%
Pref 8% cum $30,000,000 ($50)
6%
1 , 000,000
___________
6%non-cumstk$l,000,000 ($1)
20-year 6% notes (closed)! 1915 6 g A-O
15,000,000 Oct 1 1935
C H IC A G O A U R O R A & E L G IN C O R P O R A T IO N .
($50 &c) gold________ c*tf JTnt. at Guaranty Trust C o., N . Y ., trustee.
ORGAN IZATION .— A holding
Conv sk fd bonds (closed)! 1923 6)3 g M-S
1,641,800 Mar 1 1933 take title under the reorganization co. Incorp. in Delaware June 12 1922 to
(see plan in V. 114, p. 736, 1177)
($100 &c) gold______ c*r»tf /C ont’l & Comm’l Tr. & S. B ., Chic., trustee. old Aurora Elgin & Chicago R R . (for history see “ Electric Railway”of the
Sup
Convertible debentures ($1001 1924 6 14 g J-J
7,114,300 Jan 1 1954 plement of April 29 1922) to certain small interests and stocks which cannot
&c) gold_____________ c* tf/C o n t’l & Comm’l Tr. & S. B ., Chic., trustee. properly be held by the Chicago Aurora & Elgin R R ., the operating co.
Stock.— The 7% cumulative prior preference stock is call, all or in part at Owns the entire $9,500,000 (par $100) common stock of the Chicago Aurora
115 and divs. The 6% non-cumulative stock has equal voting rights with & Elgin R R ., which see below.
the common stock. Callable at par. Of the 7% prior preference stock,
STOCK AND
Interest. Outstanding. Maturity.
$7,500,000 was offered in April 1924 (V. 118, p. 1148, 1785). The 8% Common (no par) BONDS— s _ Date.
27,500 s h _ ____
______
27.500 shs.
------------pref. stock is listed on the New York Stock Exchange.
V. 120, j 830.
bonds $6,000,000-- 1922
See
$6,000,000 April 1 1972
Bonds.— The convertible 6)4% gold debenture bonds o f 1933 are call, at DebentureCommon stock is to be held in a text
Stock.—
voting trust for three years.
105 to and incl. Mar. 1 1928; thereafter to and incl. Mar. 1 1930 at 104;
Bonds.—
on the debenture bonds
6% per
thereafter to and incl. Mar. 1 1932 at 103; thereafter to and incl. Sept. 1 June 1924 Int. is payable out of the net accrues at the corp.annum after
and
profits of
If the net
1932 at 102)4; and thereafter at 100, plus interest in each case.
Income in any year is not sufficient to pay int. at the rate of 6% per ann.,
Bonds may be converted at any time since July 1 1923 and prior to ma
turity or earlier redemption into com. stock, without par value, in the order such int. remaining unpaid is to accrue, and the accrued deficiency is payable
that bonds are presented for conversion, at the following rates: The first before any div. may be paid on the common stock, but failure to pay int.
$2,000,000 of bonds at par into com. stock at $33 33 1-3 per share; the next shall not constitute a default. Red. at 102)3 and int. V. 114, p. 736.
$2,000,000 of bonds at par into com. stock at $37 50 per share; the next 1177, 2716: V. 115. p. 1837.
$2,000,000 o f bonds at par into com. stock at $40 per share, with adjust
(1) CH ICAGO AURORA & ELGIN R R .
ment o f int. and divs. Int. payable in N. Y . and Chicago. V . 116, p. 1423.
All the common stock of the co. is held by the Chicago Aurora & Elgin
The convertible 6 )4 % gold debentures of 1954 are red., all or part, at any Corp., which see above.
time upon 30 days notice, at 105 on or before Dec. 31 1933; then reducing
ORGANIZATION — Incorp. Mar. 23 1922 in Illinois to take title in
1% for each subsequent five years or fraction thereof until July 1 1953;
and on or after July 1 1953 at 100 )4 plus int. in each case. These deben reorganization (see plan in V. 114, p. 736, 1177) to most of the properties
tures may be converted after June 1 1924 and on or before Jan. 1 1925 at par and franchises of the so-called Third Rail Division of the old Aurora Elgin
into shares of the present class of common stock (which is without par value) & Chicago RR. (for history see “ Electric R y .” Supplement of Apr. 29 1922).
o f the company, as constituted at the time of conversion, at the following
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
prices, with adjustment of int. and divs: To and incl. Jan. 1 1927, $37 50 A railroad operated by electricity, with over 102 miles o f track, serving and
per share; thereafter to and incl. Jan. 1 1930, $42 50 per share; thereafter connecting Chicago, M aywood, Bellwood, Villa Park, Ardmore, Elmhurst,
to and incl. Jan. 1 1934, $50 per share. Any debentures which may be West Elmhurst, Lombard, Glen Ellyn, Wheaton, Aurora, Elgin, Batavia,
called for redemption on or before Jan. 1 1934 shall be convertible until West Chicago, St. Charles and Geneva, all in Illinois. Also owns a steam
20 days prior to the redemption date.
electric generating station at Batavia with an installed generating capacity of
Trust agreement will provide a cash sinking fund o f $300,000 per annum, 16,000 k .v .a . Owns 75 passenger and 95 freight cars, 2 electric locom otives.
payable semi-ann. beginning July 1 1924, for the retirement o f these deben
STOCK AND BON DS—
Dale.
Interest.
Outstanding. Maturity.
tures, to the amount tendered, at not exceeding par and int. Int. payable Com stock $9,500,000 ($100).. All owned by Chic. Aurora & Elgin Corp.
in N . Y . and Chicago. Free from Penna. State tax. V. 118, p. 213.
R e f& im p t s e r “ A ” $50,000,000 1922
7%
$1,050,000 April 1 1947
The 20-year 6% notes are red. at 103.
Series “ B” _____________ 1923
6%
260,000 June 1 1947
Dividends.—
’ 13. T 4. ’ 15. ’ 16. ’ 17. ’ 18. T 9. ’20-’23*
6%
See text Dec 1 1934
Series “ C ” ________________ 1924
In cash_______________________ % 4
0
1 4 ) 4 6
6 7 )4
8 y ’ly.
A E & C Ry first mortgage! 1901
5 g A-O 15 2,199,000 Apr 15 1941
In 6% scrip___________________ % 4
7
3N one
___ ______
$3,000,000 ($1,000), gold/Cont. & Comm. Tr. & Sav Bk., Chic., Trus.
cannot be called __
tf IInterest payable in C hicago and N ew Y o rk .
2-yr sec notes ($100, $500 &/ 1924
6)3 g J-D
750,000 Dec 1 1926
$1,000) gold_________ c*tf \Int. at Halsey, Stuart & C o., Chic. & N . Y .
Car trust certificates, serial___ 1922
6 M -8
353,000 See text.
Bonds.— The ref. & impt. 7% ser. “ A ” bonds are red. at 101 and int. on
any int. date.
On the Aurora Elgin & Chicago R y. bonds a sink, fund of $50,000 p. a.
began on April 15 1922. See V. 74, p. 726. $801,000 have been retired.
Notes.— The 2-yr. 6)3 % notes are secured by pledge of $1,000,000 ref. &
IN C O R P O R A T E D
impt. 6% bonds Series C due Dec. 1 1934. Notes are red. all or in part on
30 days’ notice at any time prior to Dee. 1 1925 at 100)3 and int., and on
and after Dec. 1 1925 at 100 and int. Co. agrees to reimburse the holders
of these bonds, if requested within 60 days after payment, for the Penna.
Underwriters, Wholesalers and Re
and Conn. 4-mills and Maryland 4)3-mills taxes, and for the Dist. of
Columbia personal property taxes not exceeding 5 mills per dollar per
tailers of Investment Securities—
annum, and for the Mass, income tax on the int. not exceeding 6% of such
int. per annum. $750,000 2-year 6)3 % sec. notes were offered in Dec. 1924
S p e c ia lis ts in Public Utilities.
by Halsey, Stuart & Co., Inc., at 100 and int. V. 120, p. 209.
Equipment trusts mature $23,000 each March 1 and $24,000 each Sept. 1
to 1932. Girard Trust C o., Philadelphia, trustee.
EARNINGS.— For calendar years:
Direct Private Wires—
Cal. Years— Gross.
Net,aft.Tax. Oth.Inc.
Int.,&c.
Bal..Sur
1924__________$2,318,570
$527,371
$16,820
$227,589
$316,602
Chicago-New York-Boston
1923__________ 2,502.325
x566,960
8,704
176,224
339,440
1922__________ 2,252,996
448,454
281
126,631
322,104
x Excluding Federal income tax.
OFFICERS.— Pres., Thomas Conway Jr.;V .-P., Edwin C. Faber; V .-P
C H IC A G O
NEW YO R K
& Gen. M gr., J. H. McClure; Treas., Gordon B. Anderson- Sec., W .D
231 So. La Salle St.
I l l Broadway
Turner.— V. 118, p. 1664; V. 119, p. 1842, 3009; V. 120, p 209.
H. M. Byllesby & Co.
BOSTON
14 State St.
PHILADELPH IA
Stock Exchange Bldg.
M INNEAPOLIS
M cK night Bldg.
K AN SAS C IT Y
Land Bank Bldg.
DETRO IT
Dime Bank Bldg.
PROVIDENCE
Turks Head Bldg.
A U R O R A E L G IN & F O X R IV E R E L E C T R IC C O .
Control.— Controlled by Western United Corp.
ORGANIZATION.— Incorp. Dec. 12 1921; acquired Jan. 1 1924 the
electric traction and electric light and power properties, formerly known as
the Fox River division of the old Aurora Elgin & Chicago R R . C o . (for
history see “ Electric Railway” Supplement of April 29 1922)
___________ 135
P O W E B , L IG H T A N D B A I L W A Y
1925.]
,
a t
M
136
PUBLIC UTILITIES
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The co. furnishes street car service in the cities of Aurora and Elgin and
interurban electric traction service beginning at Yorkville, extending north
to Aurora, North Aurora, Mooseheart, Batavia, Geneva, St. Charles,
Five Islands, Coleman, South Elgin, Elgin, Dundee to Carpentersville.
Company operates bus line service between Aurora and Yorkville, touching
the villages of Montgomery and Oswego. Miles of track, 75.7; miles of
wire in the Elgin electric light and power property, 253; number of electric
meters, 7,975; annual sales, 6,570,000 k.w.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,500,000_________ _____
_________ x$2,500,000 __________
Pref 7% cu m $2,500,000___________
_________ x2,500.000 ___________
f 1924
7%
x l ,800,000 Oct. 1 1949
1st mortgage___________ t fj First Trust & Savings Bank, Chicago, and
( R oy C. Osgood, Chicago, trustee,
x All owned by Western United Corporation.
E A R N IN G S.— For years ended Jan. 31:
Years Ended Jan. 31—
1925.
1924.
1923.
Gross income______________________ $1,345,229 $1,279,177 $1,259,051
Oper. expenses, deprec’n and taxes._ 1,020,650
1,131,070
1,145,333
Net income------------------------ ---------$324,578
Interest charges____________________
$62,303
Other deductions (incl. Fed.
taxes)__ 40,191
$148,106
$22,184
6,728
$113,717
$542
1,830
Balance-------------------------------------$222,082
$119,193
$111,344
OFFICERS.— Pres., I. O. Copley; V .-P ., C. B. Strohn; Sec., D . P.
Alschuler; Treas., C. B. Strohn.— Y. 115, p. 2476; V. 116, p. 2635; V. 117,
p. 2888; V. 120, p. 954.
C O M M O N W E A L T H E D ISO N C O .
ORGANIZATION.— Incorp. Sept. 17 1907 as a consolidation per plan
in V . 85, p. 162, 724. In 1913 acquired (by consolidation) Cosmopolitan
Electric Co. Franchises expire 1947. On March 24 1908 the Chicago
City Council passed an ordinance providing that 3% annually of the gross
receipts during the life o f the franchise of the old Commonwealth Electric
Co. be paid to the city, and providing that the franchise be extended to
include all o f the subsidiary companies. Maximum rate was reduced on
Aug. 1 1923 from 9 cents (net) to 8 cents (net).
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
The co. has more than 755,000 customers, including the surface and elevated
railways o f Chicago. Output in 1924 was 2,787,090,000 k.w .h., as com
pared with 2,573,287,000 in 1923. The co. owns its own coal mines, and
has 8 generating stations, and 83 commercial substations. Diming 1924
the first electrical generating unit o f 60,000 k.w. was put into service at
Crawford Ave. station. Two other units, each rated at 50,000 k.w. were
about to go into service in M ay 1925, in that station which wil lhave an
ultimate capacity, upon completion, o f between 600,000 and 1,000,000 k.w.
and may be the largest in the world. The present total generating and
storage battery capacity of the co ., including the first 3 units at Crawford
Ave. station, is 910,000 k.w ., or 1,215,000 h.pr.
The stockholders on Feb. 24 1925 increased the auth. capital stock from
$100,000,000 to $125,000,000. V . 120, p. 1088. Compare V. 120, p. 828.
Stockholders o f record April 1 1925 were given the right to subscribe at
par ($100) for additional capital stock to the extent o f 12 % o f their
holdings. V. 120, p. 1457.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $100,000,000 ($100)---. ..........
Q— F $86,457,900 M a y '25 2%
Commonwealth Elec 1st mtge ' 1898
5 g M-S
8.000.000 June 1 1943
($1,000) gold________ c*tf (Northern Trust C o., Chicago. Trustee.
Commonwealth Edison 1st M ' 1908
5 g M-S
45,775,000 June 1 1943
($1,000) gold......................., 'Northern Trust C o., Chicago, trustee.
Commonwealth Edison 1st M 1908
6 g M-S
6,000.000 June 1 1943
($1,000) gold.............
tf Northern Trust C o., Chicago, trustee.
First mortgage coll Series “ A " 1923
5 g J-J
15,000.000 July 1 1953
Series “ B” _______________ 1924
5 g J-D
15,000,000 June 1 1954
($100, &c) gold_____c*&r* 111. Merchants’ Trust C o., Chicago, trustee.
Bonds.— Additional Commonwealth 5s o f 1908 are issuable for not ex
ceeding 75% o f cost o f extensions and improvements. Redeemable at 110
since Sept. 1 1918. V. 79, p. 214; Y. 83, p. 326: V. 85, p. 163: V. 88, p. 55,
103; V. 90. p. 40; V. 100, p. 1351, 1440. A block o f $7,143,000 of these
bonds was offered in N ov. 1922. V. 155, p. 2271. In July 1921 sold $6,000,000 first mtge. 6s. V. 113, p. 297. The Commonwealth Elec. 1st 5s
of 1898 and the Commonwealth Edison 1st 5s & 6s of 1908 are all secured by
the same mtge. In addition to amount outstanding $30,000,000 5s of
1908 are pledged as security for the 1st mtge. coll. Ser. “ A ” and Ser. “ B ”
bonds. Int. on all issues payable in N . Y . and Chicago.
The 1st mtge. coll, bonds are issuable in series, with such rate of int., re
demption sinking fund, &c., as directors shall determine. Ser. “ A ” and
Ser. “ B ” secured by deposit o f $30,000,000 1st 5s of 1908. Ser. “ A ” and
Ser. “ B ” bonds are call, at any time on 40 days’ notice at 110 and int.
Int. payable in N . Y . and Chicago. Penna. and Conn. 4 mills tax and
Mass, tax on int., not exceeding 6% thereof, refunded. V. 117, p. 2775;
V. 119, p. 698.
D IV ID E N D S — 1
’07. ’08. ’09. 1910. ’ l l . ’ 12. ’ 1 3 .’ 14 to M a y ’ 25
P ercen t---------------------- 7)4 5M 6 6(Q-F) 6 K 7 7M 8 (2% Q.-F.).
Also 10% paid in stock to holders of record Oct. 4 1913. V. 97, p. 447.
889
R E PO R T .— For 1924, in V. 120, p. 955, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross revenues________ $53,672,442 $49,136,042 $43,107,956 $37,139,831
Operating expenses_____ 28,997,333 27,670,691 25,131,735 21,495,397
Uncollectible oper. r e v ..
339,047
177,722
165,147
139,671
Retirement expense------ 4,327,878
3,912,725
3,287,212
2,900,758
T a x es-------------------------- 4,375,861
4,230,000
3,400,000
2,700,000
Municipal compensation 1,606,230
1,469,585
1,283,883
1,116,260
Operating income----- $14,026,094 $11,675,313 $9,839,978 $8,787,744
Other income...................
728,221
557,270
687,565
739.586
Total------------------------- $14,754,315 $12,232,583 $10,527,543 $9,527,330
Interest on bonds---------- 4,089,363 3,052,613
3,048,222 2,834,042
4,602,416 4,307,126
Dividends (8 % )________ 6,230,288 5,389,002
Other deductions_______ 1,557,033 1,627,853
1,202,947
1,326,503
Balance, surplus_____$2,877,631 $2,163,115 $1,673,959 $1,059,659
Previous surplus----------- 12,703,312 10,608,466 x9,083,639 8,254,406
Total------------------------$15,580,943 $12,771,581 $10,757,597 $9,314,065
Miscellaneous debits_
_
17,582
68,268
28,345
7,863
yOther reserves---------------------------120,787
122,985
Profit & loss, surplus-$15,563,361 $12,703,312 $10,608,466 $9,183,217
x After deducting adjustment o f charges made to investment in affiliated
companies prior to 1922. y Other reserves, insurance reserve and liability
for provident funds.
OFFICERS.— Pres., Samuel Insull; V .-Ps., L. A. Ferguson, J. F.
Gilchrist, J. H. Gulick and E. J. Doyle; Sec. & Asst. Treas., John W.
Evers, Jr.; Treas. & Asst. Sec., Geo. W . Williamson. Office, 72 West
Adams St., Chicago, 111.— V. 119, p. 698, 2069, 2285, 2528; V. 120, p. 828,
955, 1088, 1457.
M IS S IS S IP P I V A L L E Y R A I L W A Y & P O W E R C O .
ORGAN IZATION .— Incorp. in Delaware July 1 1915 to take over the
Rock Island Southern R y. the Aledo Terminal R y., the Rock Island Alexis
Ry. and the Edwards River Power Co. (all formerly operated by the Rock
Island Southern R y .), as per plan o f readjustment in V. 101, p. 449. Under
the plan acquired all the com. and pref. stocks of these companies and
$1,341,200 (out of $1,873,200) 1st mtge. bonds of the Rock Island Southern
R y. and $4i5,00Q Aledo Terminal Ry. 1st mtge. bonds.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Runs north from Monmouth to a connection with the Chic. Rock Island &
Pac. R y. at Monmouth Jet., 31 miles, and thence operating into city of
Rock Island, a distance of 22 miles, over line leased for 25 years from O. R.
I. & P. R y., which has been electrified. Also 7 miles from Gilchrist Jet. to
[ V ol. 120,
Aledo. Total miles of single track operated, 66.29. Has connections for
Davenport, la ., Moline and Galesburg, 111. 10 pass., 243 freight, 2 express
and freight, and 7 work cars; 7 steam locomotives. 75-85-lb. rails. Also
operates the power house located at Edwards River.
Default— Interest Funding Plan.— Being in need of at least $150,000 for
the rehabilitation of the Rock Island Southern Ry. property, and finding it
inadvisable to sell additional prior lien bonds in view of the unsettled finan
cial situation, the Miss. Valley Ry. & Pow. Co. entered into an agreement
with the holders of the $532,000 Rock Island Southern Ry. bonds not owned
by which the time of payment of interest on those bonds and the bonds held
by the M . V. R. & P. Co. will be extended for 3 years. The M . V. R . & P.
Co. being without funds to pay the interest due July 1 1917 on its 1st & ref.
5% bonds, holders of said bonds have been requested to exchange their
coupons for the 3 years beginning July 1 1917 for bonds of the same issue,
par for par. The unissued prior lien bonds are to be canceled. For
further details see V. 105, p. 607.
Sale of Collateral.— The interest and principal due June 1 1917 on the
$266,000 coll, trust notes of the R. I. Southern R y. remaining unpaid, the
$532,000 1st mtge. 5% bonds of that company pledged as collateral were
sold at foreclosure Aug. 27 1917, presumably to the committee for the note
holders. Compare V. 105, p. 607
Sub. Co. Receivership.— In April 1920, Judge Martin J. Wade appointed
C. N. Abbott and C. H. Bacon receivers for the Rock Island Southern
R y. V. 110, p. 1642.
STOCK AND BONDS—
Date.
Interest. Outstanding.
laturity.
Common stock $2,500,000_________
_______
$2,291,060 __________
Preferred stock $2,000,000_________
_______
1,079,524 __________
Prior lien bonds $300,000 ls tf 1915 5 J-J
abt. 175.000
See text
refunding mortgage ($100,{ 1915 5 J-J
abt.800,000 July 1 1945
& c)____________________ c*[In t. at Columbia Trust C o., N. Y ., trustee.
Rock Island Southern Ry.—
1st mtge $2,500,000 ($100)/ 1908
5 g J-J
1,873,200 Jan 11947
$500 and $1,000) g _____tf\Central Trust C o., Chicago, trustee.
Bonds.— Provision is made for the retirement of the prior lien bonds out
of the sinking fund or by the sale of other bonds, the bonds taken in ex
change for the old securities then becoming an absoltue first lien. Addi
tional bonds may only be issued for betterments, extensions, & c.t under
carefully guarded restrictions.
$1,341,200 of the R. I. Southern R y. bonds are owned by the Mississippi
Valley Ry. & Power Co.
Latest Earnings.— For cal. year 1919, gross, $310,745; net after taxes.
$61,092. In 1918, gross, $321,069; net after taxes, $54,352.
OFFICERS.— Pres., J. A. Hanley, Davenport, Iowa; V .-P ., T. P.
Gaylord, Pittsburgh; Sec., M . A. Walsh, Clinton, Iowa.— V. 101, p. 449;
V. 105. p. 607; V. 110, p. 1642.
C H IC A G O S U R F A C E L IN E S .
Under the title of Chicago Surface Lines the properties of the Chicago
Railways Co. and the Chicago City Railway Oo. 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 the properties remains
entirely separate and distinct, the combined earnings are divided upon an
agreed basis. For the two years ending Jan. 31 1916 the Chicago Railways
Co. received as its share 59% of the income remaining after the pay
ment of all operating expenses, including taxes and maintenance, the other
41% of the income going to the Chicago City Ry. C o., including the
Oaiumet & South Chicago Ry. and the Southern Street R y., and, begin
ning with Feb. 1 1916 and until the expiration of its franchise in 1927. the
Chicago Railways Co. will receive 60% of the so-called “ residue receipts.’ ’
and the Chicago City Ry. (including the Calumet & South Chicago and
the Southern Street R y.), 40%. The plan provided for a 5-cent fare
throughout the city on surface lines, also through routing of cars from one
division of the city to another. See details of the ordinance and the
agreement for unified operations under date of Dec. 1 1913 in V. 98, p
1693. An order permitting the State Attorney to file quo warranto pro
ceedings to question the legality of unification ordinance was denied in
March 1915. V. 100. p. 1078.
Statement Showing Shrinkage in Market Value of Securities.— See V. 108
p. 1822.
Proposed Subway System.— See V. 112. p. 61: V. 114, p. 304, 1406. 1532:
V. 115. n. 1611
Municipal Purchase Defeated.— See V. 120, p. 1880. Compare V. 120,
p. 1456.
R E PO RT.— Of entire system for years ending Jan. 31:
Year ending
Gross
Operating
Residue ---------Of Which to-----Jan. 31— Earnings
Expenses.
Receipts. Chic. C. Ry.. Chic. R y
1924-25______$58,081,678 $46,574,960 $11,506,718 $4,602,687 $6,904,031
1923-24.......... 57.655,170 44,839,753
12,815,417 5,126,167 7,689,250
1922-23_____ 56,103.062 44,416,070
11,686,992 4,674,797 7,012,195
1921-22_____ 60,343.733 46,516,150
13,827,583 5.531.033 8,296,550
Board of Operation.— Chairman, Henry A. Bla'r, Leonard A. Busby.
F. H. Rawson, Wallace Heckman, B. E. Sunny, H. H. Hettler, Frank O.
Wet more.
Executive Committee.— Chairman, Henry A . Blair; Leonard A. Busby and
Wallace Heckman.
OFFICERS.— Pres., H. A. Blair; V.-Pres., G. A. Richardson: Sec., F,
L. Hupp; Treas., M . B. Orde; Gen. Aud., Jno. J. Duck.— V. 114, p. 1764,
2011, 2468; V. 115, p. 307, 644, 759, 988, 163; V. 116, p. 720; V. 117, p. 85.
439, 1883, 1992; V. 118, p. 2823; V. 120, p. 828.
C H IC A G O C I T Y & C O N N E C T IN G R Y S .
Ordinance to Unite Surface and Elevated Lines.— See “ Chicago Elevated
Railways” below.—
ORGANIZATION.— A collateral trust. Formed in 1910 under a trust
agreement, to take over the stock of the Chicago City R y., together with
the securities of the Calumet & South Chicago Ry., the Southern Street R y.,
the Hammond Whiting & East Chicago Ry. and the Chicago & Western.
These properties comprise approximately 517 miles of street railway in
southern division of Chicago and vicinity. See outline of plan in V. 90, p.
558. 625. Trustee, Chicago Title & Trust Co.
On April 19 1913 the 111. Supreme Court affirmed the decision of the
Superior Court of Cook County in the suit brought by Clarence H. Venner.
which held valid the agreement dated Jan. 1 1910, creating the Chicago
City and Connecting Rys. Collateral Trust (V. 96, p. 1364, 1627). An
appeal was taken to the U. S. Supreme Court, but in N ov. 1914 suit was
dismissed. See “ Chic. City R y. in V. 99, p. 1527.
STOCK AND BONDS— D a te . In terest.
O utstan ding.
M a tu r it •.
s-a
150.000 shs.
See text.
Com part certs 150,000 s h a r e s .____
Pref part certs 250.000 s h a r e s .____
s-a 250 000 shs.
See text
Coll trust mtge $22,000,000’! 1910 5 A-O
$20722,,000
Jan 1 1927
gold sinking fund c*& r*tf flnt. at 1st Tr.&S.B.Chic.. Trus., or inN Y.
Participation Certificates.— Preferred participation shares have no par
value but are entitled to preferential cum. divs. aggregating $4.50; also,
after com. partic. shares shall have received $4 in any year, the remaining
surplus not exceeding in any year $1,000,000, shall be paid ratably, V to
%
pref. and H to com., but in no case will the pref. certfs. be entitled to more
than $7 each per annum; also have preference upon distribution of trust
fund to the amount of $100 each and accumulated dividends. Listed on
Chicago Stock Exchange. In July 1918 the div. due on the pref. partic.
certs, was deferred. N ot paid to Oct - 1 1924.
Bonds. — Coupon bonds in denom. of $1,000; registered bonds $1,000 or
multiples. A sink, fund of $105,000 of bonds p. a. began Mar. 1 1915
Bonds are redeem, for the s. f., or as a whole, at 105 and int. $1,279,000
redeemed as of A p r.l 1925. In case of purchase of property of the Chicago
City Ry. by City of Chicago, or termination of trust agreement of Jan. 1
1910, then bonds are redeemable at par and accrued int. See V. 90, p. 558,
625. Bonds are listed on N . Y . and Chicago stock exchanges. V .94,p .1118
Stocks and B onds D ep o sited to Secure the C oll. T r. B onds.
Stocks ( p a r ) .
a B onds (p a r)
Chic. City R y ------------------ ---------------- $16,971,900
Calumet & South Chicago R y ________*10,000.000
Southern Street R y ___________________ *2,400,000
Hammond Whiting & East Chic. R y _. *1,000,000
Chicago & Western__________________
*72,000
None
________
________
*1,000,000
________
1st
T o t a l ........ ..........................................$30,443,900
$1,000,000
* Entire issue.
a Under provisions of the trust mortgage these respective Issue of bond*
aach as an entirety may be converted Into capital stock of the respective
companies to an equal amount.
May,
1925.]
POWER, LIGHT AND RAILW AY
137
138
PUBLIC UTILITIES
Dividends.— On pref. part. ctfs. $2.25 per share was paid semi-an.
from June 1910 to and Incl. July 1914. In 1915, $2 50. In 1916, $1 75.
In 1917. Jan., $2 25 (V. 104, p. 72): July. SI 50. In 1918. Jan.. $1 50.
None to Feb. 1925, when $1 per share was paid. V. 120, p. 582. On com
mon participating ctfs. SI per share was paid semi-annually^from June
1910 to and including July 1912. None since.
R EPO RT.— For calendar year 1924 (V. 120, p. 822).
Cal. ------ :--------- Income--------------- Bond
Bond
Other Divs.on Surp.
Year Dies.
Other.
Gross.
Interest. Redvnp. Deduc. Par.Sh. Inc.
S
$
S
$
$
$
$
1924.1.129.514 90,012 1,219,526 1,041,300 1057000 44,468 None 28,758
1923.1.139.514 112,746 1,252,260 1,046,550 105,000 56,666 None 44,043
1922.1.215.514 76,840 1,292,354 1,051,800 105,000 42,353 None 93,201
1921.1.290.514 128,474 1,418,9881,057,050 105,000 48,983 None207,954
Committee.— Chairman, B. E. Sunny; S. M . Felton, Melvin A. Traylor,
John J. Mitchell, John A . Spoor, Edward N . Hurley, Frank O. Wetmore
and L. A . Busby. V . 110, p. 167: V. 112, p. 253.
OFFICERS.— Sec. & Treas., H. J. Tansley.— V. 110, p. 167, 359, 660;
V. 112, p. 253. 371, 1230; V. 113, p. 530; V. 114, p. 304, 408, 624; V. 116,
p. 513, 2388; V. 118, p. 427; V. 120, p. 582, 822, 1088.
(1) CH ICAGO C IT Y R A ILW A Y.
Unified Operation of Surface Lines.— See “ Chicago Surface Lines” for
details o f vinification ordinance under which the lines o f this company are
operated jointly with those o f the Chicago Railways Co. as a single system
under the control of a joint Board o f Operation.
ORGAN IZATION .— Incorporated in Feb. 1859. and has extensive sur
face road privileges in the south division of Chicago. Has a contract ex
piring Jan. 31 1927 with the Commonwealth-Edison C o., for the supply of
Its entire power requirements. The railway has abandoned its producing
plants but retains its distributing plants.
FIE LD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
(Incl. Southern St. R y .). C o. owns 352.78 miles of single track, all now
operated by electricity. System covers the South Side o f Chicago, extend
ing from the centre o f the business district south to 79th St. and between
the South Branch o f the Chicago River and the Lake.
Ordinances and Franchises.— On Feb. 4 1907 the City Council passed
ordinances providing for a settlement of the franchise question. These
ordinances were approved at the city election on April 2 1907 and formally
accepted by the company’s board of directors on April 15 1907. Suit to
set aside franchise was dismissed In April 1912. V. 94, p. 1118. An ex
tended outline o f these ordinances, one to the Chicago City Railway C o.,
and covering the lines operated by that company, and the other to the Chi
cago Rys. C o., and covering the lines of the former Chicago Union Traction
Oo. (now the Chicago Railways C o.), was given in V. 84, p. 1123. The value
of the tangible and intangible property of the Chicago City R y. at date of
the ordinances was fixed at $21,000,000. The city or any company au
thorized by it is given the rigbt on Feb. 1 or Aug. 1 of any year, on six
months' notice, to purchase the entire property of the two systems, or either
of them, at their value at date of ordinance, plus “ the cost of rehabilitation
and extensions, including fair allowances for construction, profit and
brokerage” . But if the properties are acquired for operation by a pri
vate corporation, for its own profit, the purchase price is to be increased
20% — barring the case of a private company which might be willing to
turn over to the city all profits above 5% on the cost of the Investment
The companies are limited during their operation to an Interest return
of 5% upon the agreed value plus the cost of rehabilitation and exten
sions. All net profits above this are to be divided on the basis of 55%
to the city and 45% to the companies, but a deficit in any year is to be
made good out of the profits o f subsequent years. After April 15 1910 the
companies are required to set aside 6% of the gross receipts for maintenance
and repairs and an additional 8% of the gross receipts to cover renewals
and depreciation. Whatever portion of the two funds is not used remain*
In the funds and passes to the city or its licensee upon purchase. But if
the two funds are not sufficient for the purposes named, the companies
are obligated to supply additional funds. The franchises granted by the
ordinances run until Feb. 1 1927. Purchase price o f the property Jan. 31
1925, $55,753,222.
On Jan. 29 1912 City Council passed an ordinance providing for the ac
quisition by Chicago City R y . o f city lines of the Chicago & Southern Trac
Co. V. 94, p. 349, 629. The latter was sold at foreclosure in Feb. 1912
The lines outside the city were taken over by the Chic. & Interurban Ry
Decision as to Regulation.— See “ Chicago Surface Lines.”
STOCK AND BONDS— Date.
Interest. Outstanding. LastDiv.,&c
Stock, $18,000,000 ($100)_________ Text Q-M30 $18,000,000 M a r ’25. 1H
1st mtge ($1,000) g ._ c* & r* tf/ 1907
5 g F-A
33,926,000 Feb 1 1927
„
(First Trust & Sav. Bk.. rihlcago, Trustee.
1,072,745 __________
Notes payable Apr. 1 1925 ..................... ............
Bonds.— There is no limit to the amount o f bonds that may be issued
under the above mortgage. Under the Chicago city ordinance, in case of
purchase by the city or its licensee, and only In such case, the bonds may be
called as a whole, for payment at par and int., on any int. date before ma
turity. V . 84, p. 1488. 1550. Bonds are listed on Chicago Stock Exchange
(V . 98. p. 386).
D IV ID E N D S.— In 1893, 24% ; 1894-1900, 12%; in 1901, 1 0 H % : In
1902-09. 9% ; in 1910, 16%; in 1911. 1 1 ^ % ; in 1912, 11%; in 1913, 1014%.
In 1914, 9% ; in 1915, 8% ; in 1916. 9 K % ; in 1917. 8% and *4% extra in
Dec. In 1918, 5% . In 1919. 5% . In 1920. 6% . In 1921. 6 % . In
19 2 2 ,6 % . In 1923, 6% . In 1924, 6% . In 1925, M ar., 1J£%.
R E PO RT.— For 12 mos. end. Jan. 31 1925, see V. 120, p. 2141.
The combined results of the “ Chicago Surface Lines" under the Unifica
tion Ordinance, which went Into effect Feb. 1 1914, were: Gross, $58,081,678: operating expenses. $46,574 960: residue receipts, $11,506,718.
Income Account Chicago City Railway.
_
1924-25.
1923-24. _ 1922-23.
Proportion o f residue receipts_______ *$4,602,687 *$5,126,167 *$4,674,797
Joint, acct. exp. int. on capital invest.
and South St. R y. net earnings____ 3,668,029
3,852,916
3,693.308
[V ol. 120,
this additional sum need not be paid where these other parties agree to pay
over to the city all of the profits above 5% on the purchase price. V . 86,
p. 1223. On Jan. 31 1925 certified value of property and additions thereto
was $11,626,802
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns and operates 127.19 miles of track reaching South Chicago, Pullman,
West Pullman, Auburn Park, Burnside, Hegewisch and Manhattan Beach
Also extends from Jackson Park to 106th St. and the Indiana State Line
along Lake Shore and both sides of Calumet River. 70, 75, 83 and 85 lb
rails.
STOCK AND BONDS—
D a te .
I n te rest. O utstanding.
M a tu r it »•
Stock. $10,000,000 ($100)_________
_______ $10,000,000 ................. First mortgage rehabilitationf 1908
5 g F-A
5.458,000 Feb 1 1927
($1,000) gold, no s fc*& rtf lin t, at First T r. & Sav. B k.. Chic.. Trustee.
Notes payable. Jan. 31 1925______
_______
241,072 ---------------B onds. — The issue o f 1st mtge. bonds is indeterminate, amount to be
limited to amount of new work done on property. They are subject to
call at any int. date before July 1 1912 at 105 and Int.; thereafter only in
case city shall purchase property at par and Int. on any int. date. N o s . fd.
EARNING S.— For years ending Jan. 31:
Year en ding
* I n t. on
Other
Jan . 31— C apital.
In com e.
1924-25 ___$575,288Cr$16,721
1923-24 . . . 572,579
cr. 196
1922-23 . . . 571,558 def.2,042
Total
In co m e.
Bond
In terest.
$592,009 $288,392
572,775
302,120
569,516
307,409
D iv s.
P a id .
B alan ce
Surplu s
$50,000
______
100,000
$253,618
270,655
162,107
* Representing company’s proportion of 40% of Chicago Surface Lines'
residue receipts pursuant to unification ordinance effective Feb. 1 1914.
OFFICERS.— Pres., L. A. Busby; V .-P .. H. B. Fleming; Sec. & Treas.,
F. D . Hoffman; Aud., John J. Duck.— V. 116, p. 1274; V. 118, p. 1519.
(3) SOUTHERN STREET RAILWAY CO.
Unified Operation of Surface Lines.— See “ Chicago Surface Lines” for
details of Unification Ordinance of 1914, under which the lines of this com
pany are operated jointly with those of the Chicago Railways Oo. as a sin
gle system under the control of a joint board of operation.
ORGANIZATION.— Incorporated in Illinois as a reorganisation of the
Chicago General Ry., which was bid in at foreclsoure sale on Sept. 30 1907
by the Southern Street Railway Co
V. 85. P- 863.
Capitalization.— Stock outstanding (par $100) $2,400,000.
Bonds.— Issued under 1st mtge. of 1909 were from time to time canceled
and stock issued in exchange. No bonds now out.
EARNINGS.— Included In statement of Chicago City Ry.
^O F F IC E R S .— Pres., L. A. Busby; V .-P ., H. B. Fleming; Sec. & Treas.,
F. D . Hoffman: Aud., John J. Duck.— V. 91, p. 1631. 1712; V. 107, p. 1288.
(4) HAMMOND WHITING & EAST CHICAGO RAILWAY CO.
All securities are owned by the Chicago City & Connecting Rys
ORGAN IZATION .— Incorp. in Indiana in Jan. 1910 as successor to
Hammond Whiting & East Chicago Electric R y. Franchise expires in
1954. . Power is furnished by the Calumet & South Chicago Ry.
~
f iu l d
1o
f~
o
PerX
t io n s
a n d 1 hX r a c t e iT o f
o
b u s in e s s T
=a
trolley road. Owns 34.20 miles of track, extending from State line between
Illinois and Indiana at 108th St., Chicago, to Whiting, East Chicago and
Hammond in Indiana, and operates in connection with Calumet & South
Chicago R y. to 63d St. and Madison Ave., in Chicago. Standard gauge.
80-lb. T rail.
STOCK AND BONDS— Date.
Interest.
Outstanding. M aturity.
$1,000,000 ---------------Stock $1,000,000 ($100).......... — - ........................
First mtge. $5,000,000, gold/ 1910 5 g F-A
1,000.000 Feb 11930
($1,000) __________ c&rtf lint, at First Trust & Sav. Bank, Chic..Trust.
Bonds.— Subject to call at 105 and int. E. K. Bolsot Is also trustee.
OFFICERS.— Pres., W. A. Busby; V.-P., W W. Hill; Sec & Treas.,
F. D. Hoffmann.— V. 79, p. 103.
C H IC A G O R A IL W A Y S C O .
U n ified O peration o f S urface L in e s . — See “ Chicago Surface Lines” for
letails of Unification Ordinance of 1914. under which the lines of this
company are operated jointly with those of the Chicago City Ry as a
•ingle system under the control of a Joint board of operation
As to plan
for unification of surface and elevated lines, see "Chicago Elevated R ys.”
ORGANIZATION.— Incorp. in Illinois In Oct. 1903 and on Jan 26 1908
acquired at foreclosure sale the property of the old Chicago Onion Traction,
comprising the lines of the North and West Chicago Street RR
The pur
chase was made under a modified plan of reorganization and readjustment
lated Oct. 15 1907 and outlined in V. 85. p. 1269; see also p. 1576
In Dec. 1912 purchased 6 miles of the Suburban RR. Inside the city limits
V. 95. d . 1402 and issued $22,554 bonds to cover cost )
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Comprises 591.16 miles of track (including 128 miles of the former Chicago
Consolidated Traction Lines). Operates 2,095 passenger cars.
F ran ch ises. — On Feb. 6 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 fra n ch ises granted by the ordinance
expire Feb. 11 1927 and were approved at the popular election held April 2
1907. On Oct. 10 1910 supplemental ordinance was passed expiring Feb.
1927, covering lines of Chicago Consol. Trac. properties. V. 91. p. 1025.
In the remarks concerning the Chicago City R y . on a preceding page of this
jubllcatlon will be found a brief summary of the main terms, requirements
and conditions of these ordinances. A very extended outline of the same
was printed in the "Chronicle’ ’ of May 11 1907, pages 1123. 1124 and 1125.
to which the reader is referred for detailed information
The ordinance for the Chicago Rys. Co. provides that the valuation of the
$934.658 $1,273,250
N et earnings_____________________
$981,489 properties acquired shall be deemed and considered to be $29,000,000 (the
value fixed by a board of expert engineers acting for the city) plus $1,779,875
C ity’s proportion (55% )____________
514,062
700,288
553,518
397,464
Company’s proportion (4 5% )_______
541,450
427,970 Tor expenditures from the date of the valuation on June 30 1906 to Feb. 1
Interest on capital.x________________ 2,780,379
2,764,337
2,750,965 1907, making total valuation of properties as recognized by ordinance
$30,779,875 as of Feb. 1 1907. With the expenditures already made, the
f Income from operation_____________$3,177,842 $3,305,786 $3,178,935 valuation of road equipment and franchises on Jan. 31 1925 was com
Other income______________________
Cr. 17,526
Cr.83,198
Cr.54,397 puted at $93,986,705.
For further provisions o f ordinance see “ Electric Railway” Supplement
^ Net income________________________ $3,195,369 $3,388,984 $3,233,332 of April 26 1924.
Interest on bonds____________________ $1,751,180 $1,761,519 $1,775,085
Control 6y T ru stees. — The trust Indenture securing the participation
Dividends (6 % )____________________
1,080.000
1,080,000
1,080,000 iertificates provides that until Aug. 1 1912 and to the full extent thereafter
which may be permitted by law until all of the consolidated mortgage bonds
, ' Balance__________________________
$364,189
$547,465
$378,247
if the company shall be fully paid and discharged, the directors of the
eomnany shall be elected by trustees, now consisting of Messrs. Harrison
* Representing 40% of residue receipts.
B. Riley, Halman G. Pettibone, Abel Davis, Frank G. Gardner and Henry
x The “ interest on capital Investment” is that certified by board of J. Tansley, and provision is made in the trust deed securing the 1st M .
supervising engineers, as provided by the ordinance of Feb. 11 1907.
bonds for the appointment of a permanent finance committee, now com
OFFICERS.— Chairman Ex. Com ., and Pres. L. A. Busby; Vlce- posed of Messrs. Henry A. Blair, B. A. Eckhart and F. H. Rawson, Chicago.
Pres., H. B. Fleming; Sec. & Treas., F. D Hoffmann; Aud., John
A cqu isitio n o f
Traction P ro p er ties.
J. Duck.— V. 110, p. 1186; V. 112, p. 372. 1143. 1510: V. 114. p. 1178, 1281. fudge Grosscup C hicago Consolidatedof the Chic. Consol.— On Dec.<27 1910
confirmed the sale
Trac. Co. and its
V. 116, p. 1409, 2388; V. 118, p. 1386, 1391; V. 120, p. 2141.
sight underlying companies on N ov. 30 1910 to Andrew Cooke and the
tale by the latter of all properties w ithin the city limits to the Chicago Rail
(2) CALUMET & SOUTH CHICAGO RY.
ways Co. (V. 91. p. 945, 1253, 1511). pursuant to an ordinance passed
Oct. 10 1910 (placing valuation at $4,021,982). like in tenor, amendatory
U n ified O peration o f S urface L in e s . — See “ Chicago Surface Lines’ ’ for
and supplemental to ordinance of Feb. 11 1907 (V. 91, p. 1025, 1159)
details o f Unification Ordinance of 1914. under which the lines of this com
pany are operated jointly with those o f the Chicago Railways Co. as a sin See reorganization plan. V. 90. p. 1613; V . 91, p. 37. The lines outside the
city were acquired by the County Traction Co. (now the Chicago & West
gle system under the control o f a joint board of operation.
Towns R y .), which has no connection with the Chicago Railways Oo.
ORGAN IZATION .— Is a consolidation formed in 1908 o f the Calumet
On N ov. 1 1910 a deposit agreement was entered into by the holders of the
Electric Street R y. and South Chicago City Ry. in accordance with the lecurities of the Chicago Consolidated Traction and its subsidiaries, pro
terms o f ordinance passed by the City Council Mar. 30 1908. Lines viding for the exchange of the said securities for Chicago Rys. Oo. Purchase
are located in the south division o f the City of Chicago. The ordinance
Money 4% to 5% bonds and Adjustment Income 4% bonds, both dated
grants fra n ch ises until Feb. 1 1927 and provides that the city is to receive
Ian. 1 1911 and maturing Feb. 1 1927. For description of bonds and terms
$5% o f net receipts after allowing for operating expenses, taxee and de if exchange, see V. 91, p. 1384, and compare V. 90, p. 1613; V. 91, p. 214.
preciation and 5% on present value, together with amounts expended for
Settlem ent o f Y erkes S u it. — In April 1914 the company arranged a settle
Improvements and extensions. Unification ordinance o f 1914 establishes
a 5-cent fare and universal transfers. City may purchase property on ment o f the suit brought by the Yerkes estate on the guaranty of the bonds
if the Chic. Consol. Trac. Oo. by the Union Trac. Oo. V. 98. p-1155.
Feb. 1 or Aug. 1 of any year upon six months’ notice for present value,
which is fixed at $5,000,000, plus amounts expended for Improvements,
Com m ittee Form ed— Seeks P aym ent o f Back D iv s . — Holders o f Series 1
additions and extensions, but only for municipal operation, where purchase partic. ctfs. on March 26 1923 elected a protective committee in an effort to
is made prior to Feb. 1 1927. With an addition o f 20% in price, city may obtain unpaid divs. on the certifs. (see below). The committee consists of:
also purchase for the purpose o f turning property over to other parties (if Jackson S. Stone, W . F. Prindel, Harry C. Edmonds, Robt. J. Dunham
purchased for Chicago City R y. only 12% additional need be paid), but and Orville E Babcock. See V. 116, p. 1410. Compare V. 116, p. 1275
M a y , 1925.]
P O W E R , L IG H T
AND
139
R A IL W A Y
Suit Seeking Payment of Divs. Dismissed.— In June 1923 holders o f Series I
certifs. filed suit against the co. in the U. S. Dist. Court at Chicago seeking
payment o f divs. at the annual rate o f $8 a share with accruals on that
basis from Aug. 1 1917. The city o f Chicago and Martin J. O’Brien, City
Comptroller, were made parties to the suit because the latter failed, it is
alleged, to certify to bonds to which the co. was entitled for extensions of
its street-car system as required by ordinances. Y. 116, p. 2515; V. 117,
p. 2211. On March 22 1924 this suit was decided in favor of the company
in the U. S. Dist. Court. This decision was affirmed by U. S. Court of
Appeals Jan. 14 1925. V . 118, p. 1664. The U. S. Supreme Court also
ruled against the certif. holders. V. 120, p. 2145.
Municipal Ovmership Defeated.— See V. 120, p. 1880 Compare V. 120,
p. 1456.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock,*100,000___________________
_______
See text. See text.
First mortgage (see text),
/ 1907 5 F-A
162,785,000 Feb 11927
(SI,000) gold--------- c&rtf-jlnt. at Harris Trust & Sav. Bk.. Chic., Trus
l or at Harris, Forbes & Co., New York.
Oonsol mtge, gold................ tf 1907
5%
See text. Feb 11927
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates the electric railroad between Evanston, 111., and M il
waukee, Wis., with a branch line extending from Lake Bluff, 111., to Area.
111., embracing 84.54 miles of road and 169.57 miles single track equivalent.
In Aug. 1922 the co. began operating a motor coach line from Kenosha
to Lake Geneva, Wis., a distance o f 32.5 miles, connecting at Kenosha
with trains for Chicago and Milwaukee.
M otor coach lines are also operated from Waukegan, 111., to Kenosha,
Wis., a distance of 16 miles. From Waukegan to Antioch, 111., a distance
of 20 miles. From Waukegan to McHenry, 111., a distance o f 25.5 miles.
From Waukegan to Highland Park, 111., a distance of 20 miles. From High
land Park to Wilmette, 111., a distance of 15.5 miles. From Waukegan
to Fox Lake, a distance o f 21 miles. The principal communities served
are Evanston, Wilmette, Winnetka, Glencoe, Highland Park, Lake Forest,
North Chicago, Waukegan and Zion, 111., and Kenosha, Racine and M il
waukee, Wis.; also Fort Sheridan and Great Lakes Naval Training Station.
Has operating agreement with Chicago Elevated whereby trains are run
over the elevated tracks to 63d St. and Dorchester Ave. in Chicago.
216 motor, combination, buffet, trailer, baggage and express cars, and
197 freight cars, 55 maintenance o f way and miscellaneous cars, 5 electric
locomotives and 1 work motor.
Bonds Covering City Lines o f Former Chicago Consol. Traction.
The Chicago North Shore & Northern R R ., a subsidiary, is constructing
Purch-meney M *6,000.000 g/ 1910
5 J-J
4,073,000 Feb 11927
a 5-mile extension from the lines of the Chicago Raoid Transit Co. to Niles
($500 and $1,000)------c* tf (Illinois Tr. & Sav. Bank, Chic., Trustee.
Center, to be completed in 1925. To facilitate the financing of this extension
Adjust Inc M *2,500,000 gold/ 1910 4 g May
2,500,000 Feb 11927
the Chicago North Shore & Nor. R R . was with the Chic. North Shore &
($100&*500)(non-cum)c*tf 1 Central Trust Co. of 111.. Chicago. Trustee
Milw. R R . in Oct. 1924.— Compare V. 118, p. 3195; V. 119, p. 692, for
Stock .— The capital stock of the company, which Is issued in the nomina
amount of J O H O has been made the subject of a trust agreement, dated details.
IO .C O ,
Aug. 1 1907 and executed Jan. 25 1908, by and between the Chicago Rail
Franchises.— Owns right of way in Wisconsin as far as the city limits of
ways Co. and Messrs. Adolphus C. Bartlett/Chauncey Keep. Charles H
Milwaukee; franchise in Milwaukee expires Dec. 31 1934. Owns right of
Hulburd, Albert A. Sprague and Charles G.Dawes, as depositaries, and way in Illinois outside of corporate limits and to a considerable extent within
Central Trust Co. or New York as custodian. Under this agreement corporate limits; the remainder is covered by municipal franchises, several
the stock serves as a basis for the issue of the participation certificates
being perpetual.
representing In all 265,100 equal parts. Series 1 consists of 30.800 parts
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Series 2 of 124,300 parts, Series 3 of 60,000 parts and Series 4 of 50,000 parts
Series 1, 2 and 3 are entitled, in the order of priority named, to cumulativi Common $5,000,000 ($100)....................................... $5,000,000 ____________
dividends of *8 for each part, beginning with year ending Aug. 1 1908, and Ir Prior lien 7% $2,500,000($100)............................... 1,682,800 A p r ’25,1%
i
_________
5,000,000 Apr ’25,1%
the distribution of capital to *100 for each said part. Series 4 Is entitled Pref6%n-cum$5,000.000($100)____
First M *10,000,000 g (*1,-J 1916 5 g J-J
4,060,000 July 1 1936
to any remaining profits or capital distributed. V. 85, p. 1269.
000. *500 & *100)____(Interest payable in N Y or Chicago.
Dividends on participation certificates Ser. 2 are limited to *4 oneachcer
tlficate so long as more than 50% of Series C bonds remain outstanding
1st & ref mtge Ser “ A ” ($100,/ 1925
6 g J-J
7,000,000 Jan 11955
$500 & *1,000) gold._c*tf\Int. payable in N . Y . and Chicago.
and thereafter to *5 per certificate until the remainder of Series C bonds
34,000 See text
have been redeemed. Series 2. however, is entitled to unpaid accumulation Equipment notes gold (*1,-J 1917 6 g J-J
000 and $500)_________ c*(Int at Chicago Northern Tr. C o., Trustee.
oo account of Its *8 per certificate (beginning with the year ending Aug. 1
275.000
See text
1908), but only when earned, and after payment of all accumulations of Equip notes *500,000 (*500 & f 1919 6 g F-A 1
sinking fund and of dividends on Series 1.
$1,000) _____________ c*tfINorthern Trust C o.. Chicago, Trustee.
Equip tr ctfs Ser C -l $500,0001 1922 6 g J-J
400,000 See text
Bonds.— First mtge. bonds are Issued only to provide funds for rehabil!
($100, $500 & *1,000) g ..tf/N orth ern Trust C o., Chicago, Trustee.
tatlon, extensions, &c. They may be redeemed at par and accrued interest
Equip tr ctfs Ser C-2_________ 1922
6%
57.700 See text
on any interest day. The bonds have a first lien on the entire property
Equip tr ctfs ser D - l _________ 1923
_________
417,600
to 1933
rights and franchises of the company. The authorized issue is limited tc Equip tr certifs Ser D -2______ _____
_______
62,300 __________
the aggregate of the amounts approved from time to time by the board of
_________
2,684.208
1928
supervising engineers. *4,580,000 are held in treasury and *2,250.000 Non-interest bearing 5% notes 1923
Bonds.— The 1st M . bonds are secured by a first lien on all the property
are pledged as collateral for bank loans. See full particulars of bonds,
property,&c., in V. 86. p. 545; V. 88, p. 1436; 1619; V. 90 o. 302; V. 93. owned and by pledge as additional security of the entire capital stock of the
Chicago & Milwaukee Electric R v. of Wisconsin which owns the ter
p. 162. Bonds are listed on N. Y. Stock Exch.
V. 103. p 238
h? The consolidated mortgage bonds consist of the following: Series A, minal facilities in Milwaukee. Rema ning bonds may be issued at par for
issued, *17,403,800 (incl. $700,000 retired by sink, fd.) o f which $1,007,000 nor exceeding 85% of the cash cost of betterments, &c. The mortgage pro
are in the treasury and can be issued only for acquisition of additional prop vides for a maintenance, replacement & depreciation fund of 12% of annual
erty; and Series B, $17,164,475. The last of Ser. C bonds were called for gross income for first five years, 14% for second 5 years, 16% for third
payment Aug. 1 1921, being retired through operation of sink. fd. V. 113, 5 years and 18% for the last 5 years, to be expended for maintenance.
p. 627. *1,896,000 Series A bonds have been retired. See particulars, &c., or for retirement of 1st mtge. bonds. The 1st mtge. bonds are call, as a
V. 86, p. 1223; V. 93, p. 1724. Of the remaining Series B bonds, $230,000 whole or part on any int. date at 105 and int. Continental & Commercial
are in treasury. Bonds o f three series bore interest at 4% up to Feb 1 1912; Trust & Savings Bank, Chicago, is trustee. V. 103, p. 1031.
since, 5% .
1st A ref. mtge. Ser. “ A ” 6s are red. all or in part on any int. date upon
Purchase Money Mtge. bonds bore int. at 4 % per ann. during first 5 years, 60 days’ notice at the following prices and accrued int.; Prior to Jan. 1 1935,
now 5% per ann. They are red. at par and int. on any int. date.
at 105; on and from Jan. 1 1935 to Jan. 1 1940, at 104; on and from Jan. 1
Adjustment Income Mtge. bonds are red. at par and int. on any int. date. 1940 to Jan. 1 1945, at 103; on an dfrom Jan. 1 1945 to Jan. 1 1950, at 102%;
Interest is payable only if earned and is not cumulative. Payments of thereafter less % of 1% during each succeeding year to Jan. 1 1954; and on
4% each were made on M ay 1 in 1913 to 1918, inclusive. No action taken and subsequent to Jan. 1 1954 at 101. Co. agrees to reimburse holders for
on M ay 1 1919 and 1920 interest. V. 108, p. 1390; V. 110, p. 1642. In the Penn, and Conn. 4-mills and Maryland 4%-mills taxes, and for the
M ay 1921, however, int. was again paid. V. 112, p. 1656. Int. on adj. Dist. of Columbia personal property taxes not exceeding 5 mills per dollar
inc. bonds for the year end. Jan. 31 1922 was paid M ay 1 1922. V. 114, per annum, and for the Mass, income tax on int. not exceeding 6% of such
p. 1650. Int. for year end. Jan. 31 1923 was paid M ay 1 1923. V. 116, int. per annum. In Dec. 1924 $7,000,000 1st & ref. Ser. “ A ” 6s were
p. 1892. Int. due Jan. 31 1924 was paid M ay 1 1924. We are informed offered by Halsey, Stuart & C o., Inc., and the National City Co. at 98 &
Int. due Jan. 31 1925 will be paid M ay 1 1925.
int., yielding 6.15% . V. 119, p. 2877.
Interest on both purchase-money mortgage and adjustment income
Tbe equip, notes of 1917 mature $8,500 s.-a. July 1 1917 to Jan. 1 1927;
mortgages payable at company’s office or at agency of company in Ohicago> secured by 15 steel passenger cars costing $200,000. Red., all or in part,
100% and
any int. date on 30 days' notice.
DIVIDEND.— An initial dividend of $4 was paid Nov. 15 1908 on at The equip, int. on of 1919 mature $25,000 each Feb. 1 and Aug. 1 to
notes
Series 1 participation certificates. On Sept. 1 1909 *8 was paid on Series 1 Aug. 1 1929. Red., all or in part, at any time on 30 days’ notice at 101 & int.
certificates. None to Oct. 1912, when *6 was paid. In Feb 1913, *6; for all notes having over 5 years to run, and at 100% & int. for notes having
May, *6; July, *6; Aug.. *4. In 1914, Feb., *4; Aug., $8, being full pay
than 5 years to
rate
ment of all arrears. Feb. 1915 div. o f *4 was paid June 5 (V. 100, p. 1671). less in excess of $70run. Secured by equip, at the Yorkof $100 of equip, for
of notes issued. Int. in New
or Chicago. V.109,
The Aug. 1915 div. of *4 was paid Sept. 1 1915. In 1916, Aug., $8. In not 887.
p.
1917, Aug., *8. None since.
In Feb. 1914 initial div. of *2 per share
The equipment trust certificates of 1922, Series “ C -l,” mature $50,000
was paid on Series 2. In 1915. June *2. In Feb. 1917, *2. None since.
July 1 1923 to 1932. Redeemable, all or part, on 30 days’ notice at 101
REPORT.— The annual report for year ending Jan. 31 1925 will be found and div. for ctfs. having more than 5 years to run from date of redemp
in V. 120, p. 2141. The combined results o f the “ Chicago Surface tion and at 100% and div. for ctfs. having 5 years or less to run. Penna.
Lines” for the year end. Jan. 31 1925 were: Gross. $58,081,678; operating 4 mills tax refundable. Divs. payable in N. Y . or Chicago. V. 115, p. 868.
Equip, tr. ctfs., Ser. “ C -2," mature annually over 5 years and are a second
expenses, *46,574,960; residue receipts, $11,506,718.
ary lien on equipment securing Ser. “ C -l.”
Income Account for Years ending Jan. 31.
Note Issues Redeemed.— On Jan. 23 1925 the following issues were called
for payment;
Share of *Adjust- Int., 5 % , Balance, -------Of which to----(1) All of the outstanding Series “ A ” 10-year secured s. f. gold notes
Res Herts. merits.
on Inn.
Divisible City 55% . Co 45%
'24-'25-$6,904,031 $225,000 $4,684,130 $1,994,900 $1,097,195
$897,705 dated June 1 1920, at 101 and interest.
(2) All o f the outstanding Series “ B ” 15-year secured s. f. gold notes
’23-’24- 7,689,250
455,000 4,653,654 2,580,596 1,419,328 1,161,268
'22-’23_ 7,012,195
360,000 4,630.943 2,021,253 1,111,689
909,564 dated June 15 1921, at 105 and interest.
(3) All of the outstanding Series “ C ” 3-Year secured s. f. gold notes
'21-'22 - 8,296,550
290,000 4,615,862 3,390.688 1,864,878 1,525.809
dated April 2 1923. at 100% and interest.
• Applicable to previous years.
All of the outstanding 1-year 6% gold notes dated June 16 1924 were
called for payment Jan. 8 1925 at par & int. V. 119, p. 3009; V. 120, p. 85.
Income Statement (Non-Partnership Account) for Years ending Jan. 31.
Dividends.— On prior lien stock in 1924: Jan., 1% % ; April, 1 % %; July,
1925.
1924.
1923.
1922.
1 % % ; Oct., 1 % % . In 1925, Jan., 1 % % ; Apr., 1 % % . An initial div.
Chicago Railways, 4 5 % .
$897,705 $1,161,268
$909,563 *1,525,809 of 1 % % was paid on the 6% non-cum. pref. stock in Oct. 1923. Same rate
5% on investment--------- 4,684,130
4,653,654 4,630,943
4,615,862 paid regularly quar. since.
Miscellaneous interest..
188,311
267,239
249,956
195,453
Gross income-------------- $5,770,147
$6,082,161 $5,790,462 $6,337,124
Deduct—
Total interest on bonds/ $4,752,193 *4,790,899 *4,811,465 $4,848,619
Interest on loans______/
Sink. fd. reserve accrued
--------174,036
250,000
250,000
Fed.inc.tax on int.coups.
67,500
107,000
42,000
42,000
Corp. exp. & adjust’t s ..
173,280
140,794
131,712
131,100
Net inc. forin t., & c_.
$777,174
$869,432
$555,285 $1,065,405
OFFICERS.— Chairman o f board o f directors and Pres., Henry A . Blair’
Vice-Pres., J. E. Wilkie; Sec., F. L. Hupp; Treas., M . B. Orde.— V. 112,
p. 1282, 1510, 1656; V. 113, p. 531, 627, 2184; V . 114, p. 1280, 1528, 1650;
V. 116, p. 1275, 1410, 1648, 1892, 2515; V. 117, p. 1883, 2211; Y . 118, p.
1664, 1770, 2178, 3195; V. 120, p. 1201, 2141, 2145.
C H IC A G O N O R T H S H O R E & M IL W A U K E E R R . C O .
(See Map, page 140.)
O R G A N IZA TIO N .— Organized in Illinois in 1923 in connection with re
capitalization plan o f predecessor co. bearing same name, which had on
July 26 1916 acquired the properties o f the Chicago & Milwaukee Electric
R R ., sold at foreclosure M ay 1 1916 (V. 102, p. 1718, 2077). V. 103, p. 664,
1687. Under terms o f plan referred to participation shareholders of the old
Chicago North Shore & Milwaukee R R . received securities o f the new co.
In exchange for their participation shares in accordance with the terms of
the trust agreement under which the participation shares were issued in
the following proportion:
----------- Received in Exchange----------Holdings Participation Shares
6% Pref. Com. Stock
Five-Year
in Old Company {No Par)—
(Par$100). (Par$100).
Notes.
25,000
25,000 $1,250,000
1st preferred (Illinois ctfs.) 50,000____
2d preferred (Wisconsin ctfs.) 58,000..
20,000
20,000 1,434,208
Common 62,000_____________________
5,000
5,000
____
The plan also calls for the creation of a 1st & ref. mtge. For full details
of plan see V . 116, p. 615, 1274; also V. 117, p. 893.
Specialists in
Chicago North Shore &
Milwaukee Railroad
BONDS— N O TES— STOCKS
Edwin
L.
Lobdell & Co.,
Established 1888
I N V E S T M E N T S E C U R IT IE S
209 So. La Salle S t., C H IC A G O
Phone Wabash 3330
Inc.
140
[ V ol. 120.
PUBLIC UTILITIES
-
■
R A C IN E (f t i L f W ),
11
'
.
■
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’fIM
a
„ eJ=.
'
I
"
'
'
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CHICAGO NORTH SHORE AND
MILWAUKEE M L CO.
MILEAGE OWNED EVANSTON TO MILWAUKEE
MILEAGE LEASED EVANSTON TO CHICAGO
CHICAGO NORTH SHORE AND
MILWAUKEE R .C
.R 0.
IPROPOSED CONSTRUCTION)
CHICAGO NORTH SHORE AND
MILWAUKEE R.R.C0
MOTOR COACH LINES
CHICAGO NORTH SHORE AND
MILWAUKEE R.ILCO.
W
f
)
■
,
M a y , 1925.]
POWER, LIGHT AND RAILW AY
EARN INGS.— For year end. Dec. 31 (incl. Chicago & Miiw. Elec. R y..
Calendar Years—
1924.
Operating revenues_____ $6,198,987
Operating expenses_____ 4,650,030
1923.
$5,945,272
4,464,421
1922.
$5,007,951
3,777,592
1921.
$4,500,805
3,440,761
Net rev. railway oper. $1,548,957
Net auxiliary oper. rev_ _
800
$1,480,851
11,444
$1,230,359
8,731
$1,060,044
6,561
Net revenue from oper $1,549,757
_____
298,609
T ax es_______
$1,492,295
279,448
$1,239,090
248,937
$1,066,605
225,844
Operating income___ $1,251,148
Non-operating incom e..
60,155
$1,212,847
26,626
$990,153
14,560
$840,761
11,972
Gross in c o m e _______ $1,311,303
Fixed charges..
610,583
Dividends . . _________
x393,301
$1,239,473
552,608
yl58,267
$1,004,713
486,784
z90,000
$852,733
463,013
z70,000
Net income
...........
$307,419
$528,598
$427,927
$319,720
Profit and loss, surplus. . $640,216
$350,237 $2,390,811 $1,962,881
x Being 6% on the pref. stock and 7% on the prior lien stock, y Repre
sents 3% dividend on the 6% pref. stock and 1M % on the prior pref. stock
outstanding, z Represents dividends on the old stock outstanding before
financial reorganization accomplished early in 1923.
OFFICERS.— Chairman o f the board. Samuel Insull; Pres., Britton I.
Budd; V .-P ., R . Floyd Clinch; Sec.-Treas., W . Y . Griffin.— V. 117, p. 781,
893, 1662, 1992; V. 118, p. 1134, 1267, 3195; V. 119, p. 72, 692, 941, 1842,
1952, 2285, 2877, 3009; V . 120, p. 85, 1585.
C H IC A G O & IN T E R U R B A N T R A C T I O N C O .
Receiver Appointed.— Following default in int., due July 1 1922, on 1st
Mtge. 5s, W. W . Crawford was appointed receiver for the co. V. 115, p.
2045.
Default.— lnt. due July 1 1922 on the 1st Mtge. bonds is in default and
bondholders have brought proceedings to foreclose mortgage. V. 115, p.
1729. No further information.
ORGAN IZATION .— Incorp. In Illinois Feb. 14 1912 to take over the
property of the Chicago & Southern Trac. Co. (sold at foreclosure) outside
the city limits, the lines within the city having been acquired by Chic. City
Ry. V. 94. p. 697.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Consists of 50 miles of line between 119th St. and Vincennes Road, Chicago,
to Kankakee, 111. Standard gauge. 70-lb. T rails.
STOCK AND BONDS—
D a le.
In terest.
O utstanding.
M a tu r ity .
Stock, $1,000,000 ($100).................................. —
$1,000,000 ...................
First mtge. gold ($100, $500J 1912
5 g J-J
1,816,000 Jan 1 1932
$1,000),n o s f ________ c * t f lln t . at First Tr. & Sav. Bk.. Chic.. Trustee
B onds. — The auth. amount of 1st M . bonds Is not limited. Bonds are
subject to call In whole or In part, beginning with lowest number, at 102
on any interest day. $80,000 additional bonds have been issued and are
pledged to secure notes.
EARN IN G S.— For years ending Dec. 31:
Year—
Gross.
Expenses.
Net. xlnt.&Taxes.
Balance.
1924_____________ $398,233 $420,058 def$21,825 $126,411 def$148,237
1923_____________ 425,692 382,837
42.855 130,116 def. 87,261
1922_____________ 381.825 371.024
10,801 140,043
defl29,243
x lnt. accrued but unpaid.
OFFICERS.— Receiver, W . W . Crawford; Chairman o f Board, Samuel
Insull; Pres., Britton I. Budd; V .-P., E. J. Blair; Sec. & Treas., W . W.
Crawford; Aud., Robt. Anderson.-—V. 110, p. 1972; V. 114, p. 1285;
V. 115, p. 1729, 2045; V. 116, p. 1759; V. 118, p. 2178,
C H IC A G O & W E S T T O W N S R Y . C O .
ORGAN IZATION .— Incorp. in Illinois in 1913 as a consolidation of the
County Traction Co. and the Suburban RR.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS —
Serves the communities o f Oak Park, River Forest, Maywood, Cicero,
Berwyn, Forest Park, Lyons, Riverside, Brookfield, La Grange and others,
having an estimated population of over 135,000. Owns 72.13 miles of
track, o f which about 5 miles leased for operation by Chicago Rys. C o.,
and operates an additional 0.95 mile under long-term lease. Franchises
contain no burdensome restrictions and extend beyond 1920. About
10.5 miles o f track on private right-of-way.
STOCK AND BONDS—
Interest. Outstanding. Maturity.
Date.
$1,000,000
See text.
1____
1.000.000
6%
210,000 See text.
8%
1922
1,500,000
1st mortgage ($100, $
7%
and $1,000) g o ld ______ c*lHarris Trust & Sav. Bank. Chicago, trustee
Dividends.— On both 1st and 2d pref. stocks being paid regularly.
E A R N IN G S.— For years ending Dec. 31:
Calendar Years—
Gross.
Net after Taxes. I n t . . A c. Bal., Surv
$288,177
$105,287
$182,890
1924____________________ $1,273,702
1923___________________
1,208,218
274,032
91,689
182.343
1922________
1,132,427
243,601
85,496
158,105
OFFICERS.— Pres.. Willard M . McEwen; Sec. & Treas., Charles N
Hebner.— V. 106. p. 1230; V. 107. p. 1384: V. I l l p. 588.
E V A N S T O N R A IL W A Y C O .
ORGANIZATION.-—Incorp. Sept. 20 1913 in Illinois to take over the
lines in Evanston, 111., formerly owned by the County Traction Co. (now the
Chicago & West Towns R y .). Owns $30,000 par value stock of Evanston
Bus Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Length of single track, 10.34 miles. 73 and 85-lb. rail. Gauge 4 ft. 8M InFranchise.— The company was granted a new 20-year franchise.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
. . . ____
$500,000J’ne’23,2 K %
Stock. $500,000 ($100)___________
First mtge bonds, gold____c*f 1913
6 g F-A
311,800
1933
Redeem at 103 and lnt____/Int. at Merch. Loan & Tr. Co..Chic., Trus.
General mortgage bonds______ _____
_______
180,700 _________
Bonds.— Sinking fund of 2% of outstanding bonds began 1917.
EARNINGS.— For years end.Dec. 31:
Year ending
Gross
Exp.,
Net
Inter- Balance.
Dec. 31—
Earnings. Taxes.Ac. Earns.
est.
Surplus,
1924..............
$294,746 $205,369 $89,377 $30,282 $59,095
1923____________________ 276,426
188,319
88,107
28,294
59,812
1922____________________ 266,177
180,117
86,060
27,029
59,031
OFFICERS.— Pres., Clement C. Smith, Milwaukee; V.-Pres. & Treas.,
Charles F. Speed, Evanston; V.-Pres. & Sec., H. C. Mackay, Milwaukee.
— V . 113, p. 2818; V. 114, p. 197.
B L O O M IN G T O N P O N T IA C & J O L IE T E L E C T R IC R Y .
ORGAN IZATION .— Incorporated In 1903. Private right of way except
In cities, where franchises run 50 years.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $2,500,000 ($100).......................................
$95,500 ............. ..
First mortgage $2,500,000 g\ 1905
5 g M-S
300,300 Sept 1 1935
($100, $500 and $1,000).. flnt. at Oont. & Comm. Tr. & S. B ., OhIc.,Tr.
Int. on bonds Is guar, from Mar. 11916 by the Pub. Serv. C o. of Nor. Ill
E A R N IN G S.— For year ending Dec.31 1922, gross, $28,743; net, (after
taxes o f $3,120), loss $25,941.
OFFICERS.— Pres., J. L. Hecht; V .-P., H. P. Sedwick; Treas., J. H.
Gullck; Sec., Geo. R. Jones.— V. 85. p 1004; V. 90, p. 235; V. 96, p. 651.
C O A L B E L T E L E C T R IC R Y .
ORGAN IZATION .— In 1904 passed Into control o f the St. Louis Iron
Mountain & Southern R y. Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 15.36 miles of track from Marion to Carterville and Herrin.
Standard gauge. 52 to 70-lb. T rail.
141
CAPITA LIZA TIO N .— Stock authorized and outstanding, $300,000; par
of shares, $100.
EARNING S.— For year ending Dec. 31 1924, gross, $96,996; net, after
taxes, def., $48,379; bal., def., $48,379. In 1923, gross, $141,984; net,
after taxes, def., $19,582; other income, dr., $987; bal., sur„ $20,569.
OFFICERS.— Pres.. L. W. Baldwin; Sec.. F. W. Irland: Treas., F. M ■
Hickman.
G ALESBU R G & W ESTERN RR.
Purchase Offer.— In March 1925 the Illinois Power & Lt. Corp. offered
to purchase the road. V. 120, p. 1746.
Was formerly known as the Rock Island Southern R. R .. but name was
changed to present title in 1919.
Receiver Discharged.— In 1922, by agreement of an parties, the co., which
was ahead of the receivership operated by the Rock Island Southern Ry.
Co , receiver was dismissed. The road Is to be operated as part of the
Rock Island Southern Ry. System, under the old lease (see below) and under
Its same terms, the same as if no receivership had taken place. It is ex
pected that by the end of 1924 the company will be merged into the Rock
Island Southern Ry.
ORGAN IZATION .— Incorp. in 1906 under Steam Railroad Act o f Illin
ois. Operated by electricity for passengers and steam for freight. Fran
chises in Monmouth are for 20 years. Was leased to the Rock island South
ern Railway (now Mississippi Valley R y. & Power Co. from Feb. 1 1913 to
Dec. 31 1913, on which date lease was canceled (but see above).
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
16 miles between Galesburg and Monmouth. 75-lb. rail. Standard gauge.
Bondholders' Committee.— W. S. Hammons. Frank 8. Wingate and M - O.
Williamson. Deposits of bonds with the Fidelity Trust C o., Portland, M e.,
and People's Trust & Savings Bank, Galesburg. 111., have been called for.
See V. 102, p. 886. Also V. 110, p. 872.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($100)...........................................
$500,000 __________
First mortgage $2,500,000 g l -----5 g J-J
521.000 Jan 1 1947
($1,000) red at 105______ c /In t. at Con. & Com. Tr. & 8. Bk.. Chic., Tr.
OFFICERS.— Pres., L. F. Sutton; V.-P., Will Halsted Clark, Chicago;
Sec. & Treas., J. W . Walsh; Gen. M gr., Geo. W . Quackenbush. Rock
Island, 111.— V. 110, p. 872, 1643; V. 114, p. 626; V. 120, p. 1746.
T H E E A S T S T . L O U IS & S U B U R B A N C O .
The North American C o. owns more than 99% of the com. and all the
pref. stock.
ORGANIZATION.— Incorp. in Delaware Jan. 7 1914. A holding co.,
having acquired title to all the properties of East St. Louis & Suburban Co.
(incorp. under the laws of N . JT Sept. 12 1901).
The co. owns all of the outstanding capital stock (with the exception of
directors' shares) and bonds, as stated, of the following companies. The
amounts pledged with the St. Louis Union Trust Co. as collateral for the
East St. Louis & Suburban Co. coll, trust bonds are also shown:
-Stocks-BondsOwned.
Pledged.
Owned.
Pledged.
East St. L .& Suburban R y . . $3,850,000 $3,824,300 $4,000,000 $3,834,000
East St. Louis Ry. C o--------- 1,940,000 1,805.500 1,940,000 1,799,000
St. L. & East St. L. El. Ry__
500.000
500.000
500.000
499,500
St. L. & Belleville El. R y ___
750,000
750.000
750.000
East St. L. Light & Power Co. 1,200,000
733.000
Vlton Granite & St. Louis
Traction C o--------------------- 3,189,000
664.000
do 10-yr. 5% gold notes.
______
100.000
Alton Gas & Elec. Co.—
5% preferred stock_______
*24,000
Common stock__________
575,000
10-year 6% gold notes___
______
90.000
* Balance of $76,000 owned by Alton Granite & St. L . Traction Co.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
The above companies own and operate all electric railway lines in East St.
Louis and Alton and interurban lines to Belleville, Edwardsville, Collins
ville, Caseyville, O’Eallon, Maryville, Lebanon, Brooklyn, Venice, Madi
son, Granite City and Alton, and the only electric line across the Eads
Bridge, connecting East St. Louis with St. Louis. Cars are operated over
this bridge under a 50-year exclusive contract expiring in 1952. Through
arrangement with Illinois Traction Co. the interurban cars from Alton are
run into their terminal in St. Louis. Also do entire gas, electric lighting and
power business in East St. Louis and the electric lighting and power business
in Alton. Operates 193 miles of single track, of which 4 miles operated
under lease. Owns 183 passenger cars, 814 freight cars, 29 service and ex
press cars, 5 gasoline buses, 2 electric and 2 steam locomotives. Passengers
carried in 1923, revenue, 21,092,039; transfer and others, 6,119,663. Has
two power stations with 14,850 k.w. capacity. Has 95 miles of hightension transmission lines. Also has contracts for power with Union Electirc
Light & Power Co. (M o.).
Franchises in East St. Louis, Ed wards ville,*CollinsviIle and Belleville
expire in 1947, 1948 and 1952. The Alton railway, electric light and power
franchises expire in 1948; the Alton gas and steam-heating franchises are
perpetual; Granite City and Madison franchises expire in 1925, Brooklyn in
1921. The Interurban line to Alton, outside of city limits, is nearly all on
private right-of-way. County franchises covering remaining suburban
lines expire up to to 1948. Electric light and power franchises in
East St. Louis expire 2007.
Sub Company Receivership.— In Sept. 1920 F red 'E . Allen, St. Louis,
and W . H. Sawyer were appointed temporary receivers (made permanent
in Feb. 1921— V. 112, p. 744) for the Alton Granite & St. Louis Traction
Co. on petition of the bondholders, alleging default in int. V. I l l , p. 1083;
V. 112, p. 744. The Alton properties are now being operated by the
receivers.
Interest Payments.— The interest due Feb. 1 1919 on the A. G. & St. L.
Trac. Co. 1st consol 5s was paid in Aug. 1919. The interest due Aug. 1
1919 was paid Feb. 1 1920. None paid since. V. I l l , p. 1751; V. 113,
p. 414. (See under “ Sub-company Receivership” above.)
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
__
Common $10,000,000 ($ 1 0 0 )_ _ ____
$ 6 ,000,000
First pref 6% cum..............................
__________
See text
Preferred $6,000,000 ($ 1 0 0 )1 ____
__
. . 6,000,000 Feb’18,% %
5% cum
Collateral trust mortgage $8,. , 1902
.
_ _ .
5 g A-O
___________ , ________
8,000,0(50 April 1 1932
000,000 gold ($1,000).c * tf {Interest at St. Louis Union Tr. C o., Trustee.
I or at E. W. Clark & C o., Philadelphia.
A G & St Louis Trac Co 1stf 1904 5 g F-A
2,496,000 Aug 1 1944
consol M , $3,000,000 gold{Int. at Illinois State Tr. C o., East St. Louis,
($1,000) ------------------- c * tf( Trustee, or at National City Bank, N . Y .
Alt G & St L 10-yr notes------- 1917
5 J-D
100,000 June 1 1927
Alton Ry & Ilium first m tge/ 1895 5 g A-O
250,000 Oct 1 1939
$250,000 g ($ l,0 0 0 )._c*tf/ln t. at Bankers Trust C o., N . Y ., Trustee.
Alton Ry Gas & Electric Co f 1899 5 g A-O
250,000 Oct 1 1939
mtge $500,000 ($ l,000 ){ln t. at Equitable Tr. C o., N. Y ., Trustee.
gold (closed)________ c*ntf
No sinking fund; bonds cannot be called.
East St L Lt & Pow 1st M 1910
5 g J-D
1,172,000 June 1 1940
g guar p & i ($1,000) c*tf {Int. at Mercantile Tr. C o., St. Louis, Trustee
Chase Nat. Bk., N . Y ., and at co.’s office.
Stock.— The 5% cum. pref. may be exchanged at any time for 50% of
6% 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. 97,
p. 1822; V. 98, p. 304, 155. Remaining $4,000,000 common stock reserved
for conversion of 5% pref. stock and convertible bonds.
Bonds.— Coll, trust bonds are redeemable on any int. day at 105 and
int. on four weeks’ notice. See V. 76, p. 382.
All the outstanding conv. 8% bonds due Jan. 1 1926 were called for pay
ment Jan. 1 1925 at 100K & int. V. 119, p. 2645.
$500,000 of the Alton Granite & St. Louis Traction 1st consols are
reserved for prior liens. They are also a lien on property of Alton Gas &
Electric C o., which was owned by the Alton Granite & St. Louis Traction
C o., when the mtge. was made. $566,000 of the bonds have been assumed
by the Alton Gas & Electric Co. No sinking funds, but bonds are subject
to call on any int. date at 110 and int. upon 90 days’ notice.
The Alton R y. & Ilium. 1st M . 5s originally matured Oct. 1 1915, but
were extended to Oct. 1 1939.
East St. Louis Light & Power bonds are guaranteed, principal and
interest, by endorsement by East St. Louis & Sub. C o.: callable at 105 and
143
[V ol. 120,
PUBLIC UTILITIES
Int. on any int. date on 30 days’ notice. Auth. issue unlimited, but addi
tional bonds are issuable only for 80% o f the cost of add’ns and impts. and
then only when net earnings are at least
times int. charge on bonds
out as .yell as those to be issued.
EARNINGS o f operating companies for 12 months ending Dec. 31
(excluding Alton Cos.):
Balance for
Year ending
Operating
Net
Depr., Dies.
Interest
Dec. 31—
Gross.
Income.
Expenses.
Charges.
& Surplus.
1924_____ $3,931,883 $2,967,253
$964,630
$692,099
$272,531
1923--------- 4.411.317
1,181,682
3,229.635
642,657
539.025
1922______ 3.912,871
2,790,777
1,122.094
634,423
487.671
1921--------- 3,818,302
1,171,792
2,646,510
654.385
517,407
OFFICERS.— Pres., F. L. Dame; V .-P ., Edwin Gruhl; V .-P ., Louis H.
Egan: Sec., J. F. Fogarty: Treas., Robt. Sealy; Asst. Sec., F. H. Piske;
Asst. Treas., C. D . Burdick.— V . 115, p. 1210, 1320, 1837, 2477: V . 117,
p. 1555: V. 118, p. 1772; V . 119, p. 2645: V. 120, p. 1202.
K E W A N E E P U B L IC S E R V IC E C O .
ORGAN IZATION .— Organized Feb. 29 1924 in 111. to acquire the proper
ties of the Consol. Light & Power Co. and the street railway property in
the city of Kewanee formerly owned by the Galesburg & Kewanee Elec.
R y. The interurban line between Kewauee and Galva formerly owned by
the Galesburg & Kewanee Elec. R y . is now operated by the c o .’s subsidiary,
the Kewanee & Galva R y. For history of Galesburg & Kewanee Elec. Ry
see “ Electric Railway” Supplement o f Apr. 26 1924.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
The electric properties include a generating station in Kewanee with a
capacity of 1,500 k. w. and new equipment purchased from the City of
Kewanee having a capacity o f 1,000 k. w. The cities of Kewanee, Shef
field and Neponset are connected by a transmission line 14 miles in length.
The gas properties consist o f a combined coal and water gas plant located
in Kewanee, with a daily manufacturing capacity of 600,000 cu. ft., and
with holder capacity of 350,000 cu. ft. There are 61 miles of gas mains.
The street railway property consists o f approximately 7 miles of track,
located within the City of Kewanee. The interurban railroad is operated
by the Kewanee & Galva R y., a subsidiary, over its own right-of-way.
Is 9 miles in length, connecting Kewanee and Galva.
Franchises.— See V. 119, p. 203.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Com stock (no par) 10,000 s h s . ____
_________ 10,000 shs. __________
Pref 7% cum $700,000____________
_________
$350,000 __________
1st mtge Ser “ A ” ($i00, $5001 1924
6 g J-J
1,200,000 July 1 1949
& $1,000) gold_______ c*tf [Peoples T r. & S. B. o f Am ., Chic., trustee.
Bonds.— 1st mtge. provides for sink, fund of at least 1% o f aggregate
principal amount o f the bonds, payable on Jan. 1 o f each year beginning
1928. Ser. “ A ” are red., all or in part, on any int. date on 30 days’ notice
on or before July 1 1934, at 105 & int.; thereafter on or before July 1 1939,
at 104 & int.; thereafter, on or before July 1 1944, at 102 & int., and there
after" on or before Jan. 1 1949, at 10014 & int. Int. at office of trustee in
Chicago or Equitable Trust C o., N . Y . Penn. 4-mill tax refundable. In
July 1924 Spencer Trask & Co. offered $1,200,000 1st mtge. Ser. “ A ”
6s at 95 & int., yielding over 6.40% . V. 119, p. 203.
OFFICERS.— Pres., B. F. Lyons.— V . 119, p. 203, 2761.
provide additional capital when needed. The new trust deed, dated Oct. 1
1924, provides that there shall be no further sale of the 1st & ref. bonds
maturing in 1940; and that if any of these are issued it shall be for the pur
pose of being deposited with the trustee as additional security for the gen. &
ref. bonds. $12,500,000 are pledged as security for the gen. & ref. mtge.
5s, series A. Callable until March 1 1930 at 10734, then to March 1935 at
105, thereafter, 10234- V . 100, p. 2169; V. 102, p. 1990; V. 103, p. 2240;
V. 105, p. 74; Y. 106, p. 2563, 2652; V. 109, p. 1277, 2360.
I
General and refunding mortgage 5s, Series “ A ,” are further secuerd by
pledge of $12,500,000 first and refunding mortgage bonds. Ara callable at
10734 and interest for the first ten years, at 105 and interest for the next five
years, the premium thereafter reducting at intervals to 34 % for the last
two years. Listed on New York Stock Exchange. V. 120, p. 828. In
Oct. 1924 Coffin & Burr. Inc., Harris, Forbes & C o., Spencer Trask & C o.,
&c., &c., offered $12,500,000 at 9734 and interest, yielding about 5.18% .
V. 119, p. 1847, 1960.
Debentures.— Int. on all issues o f debentures is payable at office o f North
American C o., 60 Broadway, N. Y . City.
From 1910 to 1915 issued $9,000,000 6% 10-year conv. debenture bonds,
call, at 105, of these $8,864,000 were converted into stock, and $136,000
were paid at maturity.
The debentures of 1918 are convertible between Jan. 15 1920 and July 15
1927 into stock, $ for $, and are subject to call Jan. 15 1923 to Jan. 15 1926
at 105; thereafter at 102 and interest (but still convertible if called).
The debentures of 1919 are conv. between Feb. 1 1921 and Aug. 1 1928 at
option of holders into paid-up stock of the same par value. Call. Feb. 1 1923
to Jan. 31 1927 at 105 and int., and on or after Feb. 1 1927 and before ma
turity at 102 and int., on 60 days’ notice, and when so called for redemp
tion, may at option of holders be converted at any time before redemption
date. V. 107, p. 2379.
The debentures of 1920 are conv. between Mar. 1 1922 and Sept. 1 1929
into capital stock at par. Red. on or after Mar. 1 1924 and before M ar. 1
1928 at 105 and int., and on or after Mar. 1 1928 and before maturity at
102 and int. V. 110, p. 261, 973.
The debentures (series of 1931) were called for payment Jan. 10 1925 at
103 and int. V. 119, p. 2286.
The debentures (series of 1932) are conv. at par from Dec. 15 1924 to
June 15 1932 into fully paid shares of the capital stock of the co. and are
call. Dec. 15 1924 to Dec. 15 1925 at a premium of 5% ; and on and after Dec.
15 1925 at a prem. of 34 o f 1% for each year to maturity. V. 115, p . 2163.
Eastern Michigan Edison Co. 1st mtge. bonds are callable at 110. Int.
payable at office of North American C o., 60 Broadway, N. Y . City.
Dividends—
/1909. 1910. 1911-15. 1916 to Apr. 1925
5
7% y ’rly. 8 y ’rly. (2 % qu.)
Per cent____________________ [ 4
RE PO RT.— For 1924, in V. 120, p. 448, showed:
Cal.
Gross Net after Interest
Other
Dividends. Balance,
Yrs.
Earnings. Taxes, &c. Charges. Deduc’ns.
(8% )
Surplus.
1924 -$34,163,286$10,265,563 $3,794,841 $995,538 $3,968,480 $1,506,704
1923 .$31,724,185 9,359,726 3,866,916 948,598 3,061,548 1,482,664
1922 . 26,408,159 7,169,545 3,556,381 363,197
2,599,278
650,689
1921 . 23,382,898 6,283,836 3,433,665 303,676 2,234,339
312,156
1920 . 21.990.352 4,533.694 2,462.758 875.3802,201.627 d fl,006,071
Latest Earnings.— For 3 mos. ended Mar. 3 l 1925 in V. 120, p. 2146.
OFFICERS.— Pres., Alex. Dow; V.-Ps., Alfred Jaretzki, N. Y .; Alfred
C. Marshall, James V. Oxtoby and Sarah M . Sheridan, Detroit; Sec. &
Asst. Treas., James F. Fogarty, N. Y .; Treas. & Asst. Sec., Samuel C.
Mumford, Detroit. Offices, 60 Broadway. N. Y .. 2000 Second A ve.,
Detroit.— Y. 119, p. 2528, 2760; V. 120, p. 329, 448, 828, 955, 2146.
C O M M O N W E A L T H P O W E R C O R P O R A T IO N .
(See Map on page 143.)
ORGANIZATION.— Incorp. in Maine in M ay 1922. Through owner
ship of common stocks the corporation controls the Consumers Power Co.
(serving more than 070 cities and towns in Michigan), Central Illinois Light
Co. (serving Peoria and 47 adjacent communities), Illinois Power Co.
(serving Springfield, De Kalb and Sycamore and four nearby towns), South
ern Indiana Gas & Electric Co. (serving Evansville and nine adjacent com
D E T R O IT E D IS O N C O . (T H E ).
munities), The Ohio Edison C o., formerly Springfield Light, Heat & Power
ORGAN IZATION .— Incorp. in January 1903; owns capital stock of The Co. (serving Springfield, Marysville and Urbana, O., and 24 adjacent
Edison Illuminating Co. o f Detroit, Peninsular Electric Light C o., Inc., communities), Illinois Electric Power C o. furnishing power wholesale to
other utilities. Utilities Coal Corp. (operating coal mines in Illinois,
Port Huron Gas & Elec. Co. and Delray Term. R R . Co.
Kentucky and West Virginia) and United Appliance Co. (doing an electric
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— and gas appliance business). The corporation also owns $2,937,600 pref.
Does the entire electric lighting and industrial power business in the cities stock and bonds of some of the above-mentioned companies and the gas
o f Detroit, Ann Arbor, Hamtramck, Highland Park, Howell, Marine City, property in Danville, Ky.
Marysville, Monroe, M t. Clemens, Port Huron, River Rouge, Royal Oak,
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Springwells, St. Clair, Yale and Ypsilanti, besides 57 incorporated villages,
93 unincorporated communities and rural districts in 115 townships. Also The corporation is engaged principally in the production and sale of elec
conducts a steam heating business in the city o f Detroit and a gas business tricity and gas for light and power. One or more of these classes of public
service are rendered to over 260 cities and towns with a population of more
in the city o f Port Huron. V . 106, p. 707, 1580; V. 109, p. 1277, 1529.
than 1,200,000 located in four States— Michigan, Ohio, Indiana and Illinois
STOCK AN D BONDS—
Date. Interest.
Outstanding.
Maturity.
Electric Properties.— The electric properties include 44 power plants with
Stock $85,000,000 ($100)__________
Q-J
a$64,560,600 Apr ’25 2% installed generating capacity of 469,800 h.p., 116,800 of which is in 25 water
1st mtge $10,000,000 ($1,000)/ 1903 5 g J-J
10,000,000 Jan 11933 power plants and the remainder in 19 central steam plants. Electricity
gold___________________ c* [Guaranty Trust Co., N . Y ., trustee.
with voltage up to 140,000 is transmitted over more than 2,000 miles of high
1st & ref M $75,000,000 “ A ” 1915 5 g M-S
16,665,000 July 1 1940 tension transmission lines and 15,600 miles of distribution lines, serving
Series “ B ” ____________ / 1915
6 g M-S
18,319,000 July 1 1940 more than 286,709 customers with electric light and power.
($500, &c) gold_____c*&r* IBankers Trust C o., N. Y ., trustee.
Gas Properties.— The gas properties include 12 manufacturing plants with
Gen & ref mtge Set “ A ” ($500/ 1924 5 g A-O
12,500,000 Oct 1 1949 rated daily generating capacity of 36,535,000 cu. ft. and 35 holders with
& $1,000 c * & $ l ,000 r * )g tf (Bankers
Trust C o., New York,trustee.storage capacity of 16,508,000 cu. ft. A modern by-product coal gas plant
Conv deb Ser 1928 ($100,&c)c* 1918 7 J-J 15
1,365,000 Jan 15 1928 having a daily generating capacity of over 2,000,000 cu. ft., was placed in
l Series 1929 ($100, &c) c*.__ 1919
7 F-A
1,223,500 Feb i 1929 operation early in 1924. Gas is distributed through 1,429 miles of mains
Ser 1930 ($100 & $1,000) c * . 1920 7 M-S
3,396,600Mar 11930
to more than 143,011 customers.
Ser 1932 ($100 & $1,000) c * . 1922 6 J-D
4,507,400 Dec 15 1932
Other Properties.— In addition, the properties include 11 heating plants
E M ich Ed 1st M $10,000,000/ 1906 5 g M -N
4,000,000 N ov 1 1931 with 24.8 miles of steam and hot water mains, one water plant, street rail
guar ($1,000) gold________ [Equitable Trust Co., N . Y . trustee.
way systems in Springfield, 111., and Evansville, Ind., and an interurban
line from Evansville to Patoka, Ind. Coal mines are owned and operated
a Does not inch stock subscriptions (not fully paid for) amounting- to in Illinois, Kentucky and West Virginia, which provide in part the require
$1,057,700.
ments of the electric and gas plants.
Water Power Reserves.— In addition to large water power facilities already
Bonds.— The refunding mortgage o f 1915 is for $75,000,00(1 (interest
rate to be fixed at time o f issue), to retire at or before maturity the $10,000,- developed, the properties include dam sites, flowage lands and rights in
000 1st M . 5s and $4,000,000 East. M ich. Edison Co. 1st M . 5s, and to Michigan, these holdings aggregating more than 60,000 acres.
MICHIGAN
D E T R O I T E D IS O N
An investment in the securities of
The Detroit Edison Company has
behind it the steadily increasing
earning power of a rapidly growing
business that meets a constantly
growing public demand in Detroit
and surrounding territory.
Write for Circular No. 953
Spencer Trask & Co.
NEW YORK
BOSTON
ALBANY
C H IC A G O
Members New York and Chicago Stock Exchanges
We specialize in the securities of
and invite inquiries concerning
Commonwealth Power
Corporation
6
Members
Philadelphia
Stock
Exchange
ttl£!ark$£o.
B an kers
Established 1837
P H IL A D E L P H IA
Members
N ™t Y? rk
Stock
Exchange
NEW Y O R K TELEPHONE RE C TOR 9250
PHILADELPH IA TELEPHONE LOM BARD 4200
M a y , 1925.]
POWER, LIGHT AND RAILW AY
143
144
POWER, LIGHT AND RAILW AY
Amount of Business Done by Electric and Gas Developments— Calendar Years.
Gas
Electric Sales
Gas Sales
Electric
Customers.
in K . W. Hours.
Customers.
in Cubic Feet.
68.112
57,429
1,890,674.300
1912_____ . .165,451.517
85,002
75,903
1914_____ ...208,490.680
2,068,638,600
1916------- ...315.964,337
112,921
2,449,631.700
85,720
1918_____ ...416,827.211
92,366
132,646
3,127,123,200
103,773
1920_____ -.-513,048,858
173,746
3,818,162,700
1922_____ . . .491.257,792
111,513
213,737
3.807,422,300
119,103
1923_____ ...629,218.727
258.112
4,249,271,600
1924_____ ...644,239.953
143,016
286,709
4,337,707,400
Common stockholders o f record Sept. 16 1924 were entitled to subscribe
pro rata to an increased issue o f 30,000 shares of pref. and 10,000 shares of
common stock in blocks o f 3 shares pref. and 1 share common for $315 per
block, each such block to carry with it option warrants entitling the holder
to subscribe to 3 additional shares o f com. stock at $100 per share any time
on or before N ov. 1 1926. V. 119, p. 1286.
STOCK A N D BONDS—
Date. Interest
Outstanding.
Maturity.
Common 300,000 shs. (no p a r ) ____
210,OOOshs.May’25,$l .50
Q F
$27,000,000 M ay ’25, 1 'A
6 Q-F
Pref$30,000,000 ($100) 6 % c u m ____
25-yr secured sk fd 6 % bonds '
6 g M -N 10,632.000 M ay 15 1947
$12,500,000 gold ($100, $500 1922
& $1,000 c*. and $1,000 Bankers Trust C o., New York, Trustee.
and $5,000 r*---------------- tf
2,231,500 July 1 1939
Genlien&refM5%bdsSer
“ A ” 1922 5%
1,099,000 July 1 1972
G enli6n& refM 6% bdsSer“ B ” 1922 6%
Central Illinois Light Co.—
Cent 111 Lt 1st & ref mtgef 1913 5-6-7K gA -O 9,146,000 April 1 1943
$15,000,000 ($100, $500,{Bankers Trust C o., New York, trustee.
$1,000_________________ c*l
Q-J
3,634,700 __________
6% preferred 1$10,000,000 J- - ____
7% preferred/
\________
Q-J
1,121,700 __________
Public Utilities Co.— now Southern Indiana Gas A Electric Co.Public Utilities Co 1st & ref 1919
6 g J-J
2,818,300 Jan. 1 1929
mtge $15,000,000 ($100, Bankers Trust Co., New York, trustee.
$500 & $1,000) gold— c*tf
TYz g A-O
880,700 April 1 1941
Southern Ind G & E 1st lien & 1921
6 g A -O
1,297,100 Oct 11947
ref mtge Series “ A " _______ 1922
($100, $500 & $1,000 c* & Interest at National City Bank, New York,
trustee.
$1,000 & $5,000 r*) g o ld ..
7 J-J
700,400 Jan 1 1934
So Ind G & E 10-yr debentures 1924
6 J-J
2,192,100 Jan ’25, 3%
S oIndG & E 6% pf$2,211,400cm -----do do 7% 'pref $2,788,600 ___
6 J-J
1,516,600 Apr ’25, 1H
Evansv Gas & El Lt 1st & reff 1902 5 J-D
1,120,000 June 1 1932
mortgage $1,250,000 gold{ Int. at Cont. & Com. Tr. & Sav. Bk., Chic.,
($1,000)____________ c * .t f ( trustee, or at First Nat. Bk., New York.
Illinois Pow Co 1st M S er “ A ” . 1921 5%
3,394,000 June 1 1933
1.858.000 Dec. 1 1936
Series “ B ” _________________ 1921
750,000 June 1 1944
Series “ C ” __________________1924
1.500.000 __________
6% preferred $1,500,000_ _____
_
1.665.000 __________
7% preferred $ 1 ,7 7 5 ,0 0 0 ..-----Q-J
6 A-O
3.500.000 Apr 1 1943
111 Elec Pow Co 1st M sk f d . . 1923
7 A-O
Utilities Coal Corp 1st M s f ser 1923
1.125.000
1925-1939
Consumers Power C o___ ____ Listed separately further below.
The Ohio Edison C o__________ Listed separately further below.
Stock.— Common and pref. shares are listed on the Boston Stock Exchange.
V. 119, p. 1629.
Bonds.— Tae 25-year secured sinking fund 6% bonds dated M ay 15 1922
are secured by pledge o f 1,246,301 shares com. stock o f the Consumers
Power Co., 51,232 shares com. and 9,220 shares pref. stock of the Central
Illinois Light C o.; 29,000 shares com. and 17,750 shares pref. stock of the
Illinois Power Co.; 30,000 shares com. and 12,715 shares pref. stock of the
Southern Indiana Gas & Electric Co.; 50,000 shares com. stock of the Ohio
Edison Co. All o f the above shares are $100 par value with the exception
o f the com. stocks o f the Consumers Power Co., Central Illinois Light Co.
and the Ohio Edison Co., and the com. stocks represent the entire out
standing issues o f each company.
Are red. upon 30 days’ notice all or in part by lot at 105 & int. on or before
M ay 15 1927, with the call, price reduced Y of 1% for each year thereafter.
Sinking fund begaD Aug. 15 1922. Int. payable in New York or Chicago.
Penna. and Conn. 4-mill tax and Mass, income tax ("existing at time of issue)
refunded. V. 114, p. 2246. Listed on New York and Boston stock ex
changes. V. 114, p. 2364; V. 115, p. 649, 1537.
Gen. lien & ref. mtge. 5s ser. “ A ” are red. at 100, Ser. “ B ” red. at 105.
Int. payable at office o f Hodenpyl, Hardy & Co., N . Y . and E. W . Clark
& C o., Phila. The authorized amount of the general lien & ref. mtge. gold
bonds is unlimited. Sinking fund, beginning Oct. 1 1922, payable quarterly
thereafter, K o f 1% of the principal amount o f Series “ A and “ B ,” respec
tively, outstanding on such date, for the retirement o f bonds of said series.
Central Illinois Light Co. Securities.— Central Lllinoie Light bonds are red.
at 105 and accrued interest on 60 days’ notice. $6,270,500 bear 5% inter
est and $2,875,500 bear 6% . Remaining bonds are reserved for acquisi
tion of new property, additions, improvements, &c., under certain restric
tion (V. 99, p. 1132). Sinking fund of Y o f 1% per annum began April 1
1917 o f total amount of bonds o f this issue outstanding and all underlying
issues for the purchase o f these bonds (or call at 105) or for acquisitions,
improvements, &c. Y. 99, p. 1132.
Southern Indiana Gas & Electric Co. (formerly Public Utilities Co.)— Secur
ities.— $1,120,000 1st & ref. M . bonds are reserved to retire a like amount of
underlying bonds; $2,492,800 are pledged under the 1st lien & ref. mtge.
Additional bonds may be issued in series at different rates of interest
not exceeding 6% per ann. to reimbures the co. for 75% o f cost of add’ns,
ext’s &c., under certain restrictions. A general reserve fund is provided for
under which the co. must expend or deposit in this fund in each calendar year
an amount equivalent to 20% of gross earnings derived from the railway
properties, 15% from the electric light and power, and 12% from the
gas and steam heating properties and o f all other income, to be expended
for maintenance, renewals, ext’s, &c., and the purchase and cancellation
o f bonds o f this issue or underlying bonds. Red. at 102 and int. on any
int. date to and incl. Jan. 1 1924, and thereafter at 101 and int. Y. 108,
p. 269, 379. A description o f the 1st lien & ref. 7 >£s Ser. “ A ” will be found
in V. 112, p. 1618, 1742. The 1st lien & ref. 6s Ser.“ B ” are call, on any
int. date on 60 days’ notice at 105 during the first 5 years, the premium de
creasing 1% each 5 years thereafter. A description of the 1st lien & ref.
Ser. “ B ” 6s will be found in V. 116, p. 516. The Evansville Gas & Elec.
Light Co. must call by lot at 105 and int. $15,000 annually from June 1 1924
to 1932 incl.; $130,000 have been retired. They are subject to call at 105
and interest.
Illionis Power Co.— The 1st mtge. 5s, ser. “ A ” , are red. at 10714 on any
int. date upon 60 days’ notice. Series “ B ” 7s are red. on any int. date
upon 60 days’ notice at 110 up to and incl. Dec. 1 1926, thereafter at 10714
up to and incl. Dec. 1 1931, thereafter at a premium o f 1% for each year
or fraction thereof of unexpired life. Ser. “ C ” on any int. date upon 60
days’ notice at 105 and int. up to and incl. June 1 1928; thereafter at 104
and int. up to and incl. June 1 1932; thereafter at 103 and int. up to and
incl. June 1 1936; thereafter at 102 and int. up to and incl. June 1 1940,
and at 101 and int. thereafter but prior to maturity.
Dividends.— An initial div. o f $1 50 was paid Aug. 1 1922 on the 6% pref.
stock and same rate paid regularly quarterly since. On common an initial
dividend o f $1 per share was paid M ay 1 1924. Same amount paid regularly
quarterly to and including N ov. 1924. In Feb. 1925 $1.50 per share was
paid. In M ay 1925 $1 50 per share was paid.
R E PO RT.— For years ended Dec. 31:
Earnings (Combined Properties)— Calendar Years.
Gross Earnings—
1924.
1923.
1922.
Electric department________________ $20,206,447 $18,590,274 $15,317,923
Gas department_____________________
5,583,025 5,518,016
5,059,428
Railway department_________________
1,563,226 1,647,853
1,639,018
Heating, water, coal and appliance de
3,503,748
partments_________________________ 4,175,011 4,364,621
Total_______________ _____ _______ $31,527,709 $30,120,764 $25,520,116
Operating expenses and taxes_______ 18,653,230 18,251,549 15,424,572
Gross income____________________ $12,874,479 $11,869,214 $10,095,544
Fixed charges of sub. cos., incl. inter
est, amortization o f debt, discount
and dividends on preferred sto ck ..
6,114,848
5,233,647 5,000,876
Int. charges— Com’w ’th Pow. C o r p ..
889,002
1,042,642
1,072.070
Annual div. requirements on pref. stk. 1,512,192
1,440,000
1,440,000
Provision for replacements & deprec’n 2,128,470
1,840,972
1,809,226
Balance.............................................
$2,229,967
$2,311,953
$773,372
[ V ol. 120.
Latest Earnings.— 12 monthstendediFeb. 28:
Twelve Months Ended Feb. 28—
1925.
1924.
Gross earnings-------------------------------------------$31,562,644
$30,884,807
Operating expenses, incl. taxes andmaintenance-. 18,584,753 18,705,674
x Fixed charges--------------------------------------------------- 7,193,867
6,343,611
Dividend preferred stock__________________ 1,541,994
1,440,000
Provision for replacements and depreciation.......... 2,165,612
1,884,167
B a la n c e ..._________ _____ ___________________ $2,076,418
$2,511,356
x Includes interest, amortization of debt discount and dividends on out
standing preferred stock of subsidiary companies.
OFFICERS.— Pres., George E. Hardy; V .-P ., B. C . Cobb, Jacob
Hekma and A. L. Loomis; Sec., G. H. Bourne; Treas., George Sprague Jr.;
Comp., H. G. Kessler. New York office. 14 Wall St.— V. 120,p.328, 701,
1325, 1746.
(a) CONSUMERS’ POWER CO.
All the common stock is owned by Commonwealth Power C orp .
ORGANIZATION.— Incorp. in Maine in 1910, and in N ov. 1914 merged
the following 11 companies (previously controlled by stock ownership):
Commonw. Power C o., Grand Rapids, Muskegon Power C o., Grand Rapids
Edison C o., Flint Elec. C o., Saginaw Power C o., Bay C ity Power C o.,
Pontiac Power C o., Consumers’ Power Co. (M ich.), Economy Power C o.,
Au Sable Electric Co. and Central Power Co. This merger made the
Consumers’ Power Co. (of Maine) an operating company instead o f a
holding company and on July 20 1915 it was granted a certificate o f authority
to do business in Michigan. V. 99, p. 1528, 1597; V. 101, p. 369. In
January 1916 acquired the Cadillac Water & Lt. Co. and the electric
property of the Manistee Power & Lt. Co. Early in 1923 acquired the
stock of the Thornapple Gas & Elec. C o., and is reported to have purchased
also the property of the Central Michigan Lt. & Power Co. and the Citizens
Electric Co. of Battle Creek. In Jan. 1920 the Michigan Light C o. was
merged. V. 110, p. 261. In Jan. 1925 purchased the property o f the
Lansing Fuel & Gas Co.
The stockholders voted on Oct. 24 1924 to change the common stock
from $100 par to shares o f no par value and to issue 7 shares of no par com.
in exchange for each share of $100 par value. The auth. amount of pref.
was increased from $30,000,000 to $50,000,000. For further details see
V. 119, p. 2069.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Common 2,000,000 shs (no p a r ) ____
________
I,
246,301 s h s _
Pref $50,000,000($100)6%c u m ____
6 Q-J
12,759.200 A p r ’25, 1Y
Pref 6.6% cumulative________ _____
6.6%
II,
240.100 55c monthly
Preferred stock 7 % cum ulative____
7%
3,272,510 Apr ’25, 1H
1st lien and ref M $35,000c f_1911
5 g J-J
22,254,000 Jan 1 1936
000 gold ($1,000)------- c * tfjln t . at Harris Tr. & Sav. Bk., Chicago,
( trustee, or Harris, Forbes & C o., N . Y .
Series ” D ” .....................
1924
5 Y g M -N 8,500.000M ay
11954
1st lien & unify mtge Ser “ C ” (f 1922 5 g M -N
16.929,400 N ov 11952
$100, $500 & $ 1,000c * ;/National City Bank, N . Y ., trustee.
$1,000, $5,000 & $10,000 r*I
gold------------------------------ tf l
Mich Light 1st & ref M g o ld f 1916
5 M-S
2,512,000 M ar 1 1946
($1,000, $500 and $100)_c*(Union Trust C o., Detroit, trustee.
Jackson Gas Co mtge $350,-/ 1897
5 A-O
340,000 April 1 1937
000 gold ($1,000)------c*n tf (Illinois Trust & Sav. Bank, Chicago, trustee
Pontiac Lignt Co consol m tge/ 1902
5 J-J
178,000 Jan 11927
$230,000 g ($1,000)_ c*tf\Int. at Mich Trust C o., Grd. Rap., trustee
_
Gru Rap-Musk Pow
1st M 1906 5 M-S
374,000 M ar 1 1931
$7,500,000 gold----------- tf \Int. at 1st Tr.&S.B., Chic.,or ls tN .B .,N .Y .
Cadillac Water & Lt 1st M l 1905 5 M-S
99,000 Sept 1 1925
(closed)----------------------------(Int. at M ich. Trust C o., Grd. Rap., trustee
Stock.— Pref. stock is redeemable at 105 and accrued dividends. All
classes rank equally as to assets and priority of divs. In Jan. 1925 $5,000,000 6.6% cum. pref. stock was offered by Bonbright & C o., Inc., and
Hodenpyl, Hardy & Co. at 100 & div. V. 120, p. 328.
Bonds.— Of 1st lien & ref. bonds, $1,553,000 are reserved to retire under
lying bonds. In addition to the amount reported as outstanding $11,193,000 are pledged under the 1st lien & unifying bonds. Subject to call any
int. day at 105 and int. Sink, fund of 1% p. a. of bonds outstanding
began Jan. 1 1915. V. 92, p. 465, 526, 1458. Up to Apr. 1 1925 no bond!
were held in sinking fund.
The 1st lien & unifying bonds are secured by pledge of $11,193,000 1st
lien & ref. mtge. bonds and $2,512,500 Michigan Light Co. 1st & ref. mtge.
bonds, as well as all the bonds and stocks of the Thornapple Gas & Elec.
Co. Ser. " O ” 1st lien & unit’, mtge. 5s are red. all or in part on any int.
date on 30 days’ notice at 105 on or before N ov. 1 1932; at 104 thereafter
to and incl. N ov. 1 1937; at 103 thereafter to and incl. N ov. 1 1942; at 102
thereafter to and incl. N ov. 1 1947, and at 101 thereafter prior to maturity.
Sinking fund of not less than 1 % of all underlying and 1st lien & unifying
bonds outstanding began M ay 1 1923. $562,600 retired by sinking fund
up to O ct. 1 1924. Ser. “ D ” 5 J^s are red. all or in part on any int. date
on 30 days’ notice during the first 10 years at 105 and thereafter at prices
decreasing 1 % every 5 years. V. 118, p. 1778. Penna. and Conn. 4-mills
tax refundable. Tax exempt in Michigan. V. 115, p. 1842; V. 118,
p. 1778. Listed on N . Y . Stock Exchange. V . 115, p. 2051.
In addition to the amount of M ich. Light 1st & ref. mtge. bonds reported
as outstanding, $2,512,500 are pledged under the 1st lien & unifying bonds.
Redeemable at 105 and interest on any interest date on 30 days’ notice;
tax-exempt in Michigan. V. 102, p. 613, 890. Jackson bonds are red. at
110 & int. Pontiac Light Co. 5s are red. at 105 & int. Int. on Jackson
Gas Co. bonds is payable at Hodenpyl, Hardy & C o., New York.
Dividends on preferred have been paid regularly since organization.
E A R N IN G S.— For calendar years:
12 Months Ending Dec. 31—
1924.
1923.
1922.
Gross earnings---------------------------------$18,328,151 $16,877,422 $14,201,202
Oper. exp., incl. taxes & maintenance 9,611,030
9,108,074
7,437,075
Fixed charges---------------------------------- 2,605,394
2,237,631
2,486,011
Net available for dividends, re
placements and depreciation____$6,111,727 $5,531,718 $4,278,117
Dividend on Preferred stock________ 1,532,706
1,172,558
970,778
Provision for replacement & deprec’n . 1,320,000
1,116,000
1,082,078
Balance--------------------------------------- $3,259,022 $3,243,160 $2,225,260
Latest Earnings.— For 12 mos. ended Feb. 28 1925, in V. 120, p . 2010.
P R O PE R T Y .— Owns and operates electric light and power properties in
Grand Rapids, Kalamazoo, Jackson, Flint, Saginaw, Bay City, Pontiac,
Lansing, Battle Creek, Muskegon, Cadillac, Owosso, Manistee, Marshall,
Albion, Charlotte, Grand Ledge, Allegan, and a number of intermediate
cities and towns. Hydro-electric plants have about 116,800 h. p. and
steam plants about 172,900 h. p. capacity. Total generating capacity
about 289,700 h. p.
OFFICERS.— Pres., B. C. Cobb, New York; V .-P ., E . W . Clark, Phila.;
V .-P ., Geo. F. Hardy, C. W. Tippy, T . A. Kenney, W . A. Barthold, W . W.
Tefft and F. W. Hoover, N . Y .; Treas., C. E. Rowe, Jackson; Sec., R ob t.
Davey, Jackson; Comp., H. G . Kessler.— V. 119, p. 1630, 1738, 2069, 2410,
2528, 2645; V. 120, p. 328, 1088. 2010.
(b) OHIO EDISON CO. (THE)
All the common stock is owned by the Commonwealth Power Corp.
ORGANIZATION.— Incorp. in Ohio in March 1924, and as of April 1
1924 consolidated with the Springfield (Ohio) L t., Heat & Pow Co. Fran
chises extend beyond maturity of bonds.
In Dec. 1924 the co. was auth. by the Ohio P. U. Comm, to issue $250,000
6.6% pref. stock and $400,000 6% 1st & ref. mtge. Ser. “ A ” bonds due in
1948 at not less than 87f4% . V. 119, p. 2763.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Com stk 50,000 sh (no p a r )..
_________
$1,250,000
Pref 6% cum $274,300 ($100)______
6%
356,900 Mar ’25, $1.50
Preferred 6.6% cumul_______ _____
6.6 %
63.600Mar 25,$1.65
Pref 7% cum $1,725,700 ($ 1 0 0 ____
7%
687,700 M ar’25, $1.75
Spring JA H & P gen & ref M f 1913
5 A-O
1,307,000 April 1 1933
$5,000,000 ($1,000). R ed]Int. at N . Y . and London, Michigan Trust
at 105 and interest..c*n tf I C o., Grand Rapids, trustee.
Springfield Light Heat & P ow { 1909
5 F-A
458,000 Feb 11929
first mortgage__________ tf 1
Ohio Edison Co 1st & ref M __ 1923
6%
xlOO.OOO
1948
x All owned by Commonwealth Power Corp.
Bonds.— Sufficient gen. and ref. bonds are reserved to retire at or before
maturity the outstanding 1st M . bonds. Remainder for extensions, en
largements and additions at 85% of cost with certain restrictions. See
V. 102, p. 1352. $292,000 1st mtge. bonds in sinking fund.— V. 118, p.
1922, 2530, 2763,
M a y , 1925.]
D E T R O IT U N IT E D R Y .
Receivership.— On March 10 1925 Security Trust C o., Detroit and
Joseph W . Simard were appointed receivers for the co., on petition of
Yellow Coach M fg. Co. V. 120, p. 1325.
Sale of City Lines.— For particulars regarding sale of the company's city
lines to the city o f Detroit see “ Electric Railway” Supplement of April 26
1924, and V. 114, p. 1178, 1764; V. 116, p. 610; V. 117, p. 2889. Compare
V. 114, p. 854, 947.
ORGANIZATION.— Incorp. in Michigan Dec. 31 1900 and took over
franchises and properties o f the Detroit Citizens’ Street R y., the Detroit
Electric R y., the Detroit Fort Wayne & Belle Isle and the Detroit Suburban.
V. 72, p. 44,-183.
Later absorbed by purchase the Detroit Sc Northwestern Ry.. which U
known as the Orchard Lake division, the Detroit Sc Pontiac Ry.. knowD
as the Pontiac division, the Wyandotte & Detroit River Ry.. known as the
Wyandotte division, and the Detroit Sc Flint, formerly the Detroit Roches
ter Romeo & Lake Orion Ry.. and known as the Flint division.
Owns entire capital stock of the Detroit Sc Port Huron Shore Line (Rapid
Railway System): Detroit Monroe Sc Toledo Short Line Ry. (acquired in
Feb. 1906) and the Detroit Jackson Sc Chicago Ry. The last-named is a re
organization of the Detroit Ypsllantl Ann Arbor Sc Jackson Ry.. the Jackcon Ann Arbor Sc Detroit Ry. and the Detroit Plymouth Sc Northvllle Ry
which were acquired in Jan. 1907. Also owns the entire capital stock of
the Detroit Almont Sc Northern RR.. which it leases for 50 years from 1915,
and guarantees and assumes its bonds as a direct obligation, by endorsem't.
In Aug. 1901 purchased 180 shares (ail) of the stock of the City Electric
Ry. and the People’s Electric Light plant of Windsor. Onl.
In 1922 disposed of its city lines in Detroit (see above).
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
Operates an electric interurban and street railroad. The interurban rail
road lines connect the city o f Detroit with Toledo, Ohio, and with Flint,
Ann Arbor, Jackson and Port Huron and other important cities in Michigan.
Has agreement with Consumers’ Power Co. and Detroit Edison Co. for the
purchase of all power.
On Dec. 31 1924 operated 613.8976 miles o f track as follows: Detroit
United, including Wyandotte & Detroit River R y., Detroit & Northwestern,
Detroit & Pontiac, Detroit & Flint, Detroit Almont & Northern R R .,
Highland Park & Royal Oak R R ., 268.5303 miles; Detroit & Port Huron
Shore Line, 148.2944 miles; Detroit Monroe & Toledo Short Line, 85.2054
miles; Detroit Jackson & Chicago R y., 111.8675 miles. Rails, 77, 85 and
98-lb. steel. Does an express service. Has 453 passenger cars, 101 freight
cars, 169 express cars, 105 work cars, 3 locomotives, 29 snow plows, 1.865
motors and 1,716 trucks. There are 3 power houses, with a combined
capacity o f 13,250 k.w ., and 14 substations.
Decision.— For decision affecting allocation o f bonds see V . 118, p . 1519.
Bus Service to Supplement Interurban Lines Prooosed — See V. 115. p 759.
Detroit United Railways Trucking Co. organized. V . 119, p. 578. Com
pare V. 117, p. 85. See also V. 119, p. 2063. 2760.
Valuation.— See V. 115, p. 1837; V. 117, p. 85; V. 118, p. 201, 3196.
Financing.— All the 20-year first mtge. collateral 8% bonds due Aug. 1
1941, were called for payment July 25 1924 at the Central Union Trust C o.,
New York, at 107)4 and interest. In connection with retirement of this
issue the company brought out $9,000,000 first mtge. and coll, trust sinking
fund 5-year 6s. See V. 118, p. 3196; V. 119, p. 73, 942.
Interurban Fares.— Effective Jan. 10 1924, the M ich. P. U. Comm, auth.
the company to increase the rate o f fare on its interurban lines approximately
25% . V. 118, p .201 . Compare V. 117, p.2323. See also V. 118, p. 906.
V. 119, p. 2645.
In Oct. 1924 the co. applied to the Mich. P. U. Comm, for auth. to issue
$2,000,000 2d mtge. bonds at not less than 75. V. 119, p. 1843.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Stock $15,375,000 ($100).................
Q-M
$15,375,000
See text
1st consol mtge. $25.000,000,1 1902
4)4 g J-J xl 1,000,000 Jan. 11932
gold ($1,000)_______ c*cpt( Guaranty Trust Co., N. Y., Trustee. Int.
I at Agency Bank of Montreal
1st M & coll trsk fd $ 1 0 ,0 0 0 ,-f 1924
6 g J-J
8,472,000 July 11929
000 ($1,000) gold____c * .tf (Int. at Central Union Trust C o., N . Y ., trus.
Gen equip trust ctfs Ser “ A ” f 1924
6 M -N
1,000,000
See text
$1,000,000 ($1,000)_____c*(Union Tr. Co. and Wilbur M . Baldwin,
l Clevelan, trustees.
x Allocated to the “ City System” and are to be paid out of the proceeds of
the sale of same to the City of Detroit. V. 116, p. 610.
Stock listed on the N. Y .. Montreal. Detroit and Oieve. Stock Exchanges.
Bonds.— Of the $25,000,000 first consolidated mortgage bonds authorized.
$7,005,000 are reserved to retire underlying liens and $2,191,000 are de
posited as collateral for loans. Callable at 105 and interest on any interest
date on 60 days’ notice. See Y. 73, p. 1111; V . 103, p. 320. Listed on
New York Stock Exchange.
First mtge. and con. trust sinking fund 5-year 6s are callable, all, or In
part, only for sinking fund on any interest date on 30 days' notice at 103 and
interest, to and including July 1 1926, and thereafter at )4 of 1 % less for
each 6 months elapsed to maturity. Mortgage provides for an annual
sinking fund of $1,500,000 for the first 3 years o f the life of the issue and of
$500,000 for the remaining 2 years, payable semi-annually to be applied to
purchase o f bonds at or below call price or if not so obtainable to the redemp
tion o f bonds at the call price. To meet in part these sinking fund payments
the company will deposit with the trustee $3,000,000 Detroit United Ry.
first consol 4 )4s, due 1932, or underlying bonds on the city lines. These
bonds are deliverable $500,000 semi-annually to the City of Detroit, against
which the city has agreed under the contract of Mar. 10 1922 to pay $500,000
cash semi-annually toward the deferred purchase price of the lines within
the City o f Detroit. These payments by the city assure the provision of
over half o f the total cash requirements for the sinking fund. Interest pay
able without deduction for Michigan taxes. Present Pennsylvania 4-mill
tax and present Connecticut and Maryland State property taxes refunded.
$9,000,000 were sold in June 1924 by Dillon, Read & C o., at 99 and interest,
to yield over 6.20% . V. 118, p. 3196; V . 119, p. 942.
The general equipment trust certificates Series “ A ” are due in equal semi
annual installments in annual amounts o f $140,000 for first 5 years and
$50,000 for remaining 5 years. Redeemable as a whole only upon 30 days’
notice at 102)4 and divs. Principal and dividends payable in Chicago,
Detroit and Cleveland. $1,000,000 were offered in N ov. 1924 by Watling
Lerchen & C o., Detroit, and Union Trust Co., Cleveland, at prices to yield
from 5% to 6% , according to maturity. V. 119, p. 2528.
DETROIT ELECTRIC.
Date.
Interest. Outstanding.
Maturity
Detroit Ry 1st M . g ($1,000) I 1895
5 g J-D x$l,250,000
1923-1924
on 56.34 miles_______ c*&r (Interest at Cleveland Tr. Co., Trustee.
x Allocated to the City System” and are to be paid out of the proceeds of
the sale of same to the City of Detroit. V. 116, p. 610.
Bonds.— First mortgage bonds of the Detroit Ry. numbered 1 to 600 m ilore in order of numbers at $50,000 per annum, beginning Dec. 1 1912;
numbers 601 and above mature Dec. 1 1924: $550,000 have been retired.
$3,000 are held in treasury and $194,000 deposited as collateral to loans
DETROIT FORT WAYNE & BELLE ISLE.
Date.
Interest. Outstanding. Maturity.
1st mtge, gold, $1,200,O O 1898
O f
5 g A-O x$l,200.000 April 1 1927
$1.000)_____________c*&r(New York Trust Co., Trustee. Subject to
[ call at 105 and int. on 60 days’ notice.
Agents, Bank of Montreal, New York.
x Allocated to the “ City System” and are to be paid out of the proceeds of the
sale of same to the City o f Detroit. V.116, p. 610. $118,000 are deposited as
collateral to loans.
DETROIT & NORTHWESTERN RAILWAY.
Date.
Interest. Outstanding
Maturity.
1st mtge, $1,000,000. goldl 1901 7% g M-N $855,000
Jan. 1 1932
($100. $1,000)_________ c*(Interest at Union Trust C o., Detroit, Trust.
Bonds.— Are guar., p. & i., by Detroit United R y. by endorsement.
See V. 73, p. 494. Were taken up at maturity (M ay 1 1921), but are
145
POWEE, LIGHT AND EAILW AY
pledged as extended bonds with lien unimpaired under the Detroit United
Ry. 1st mtge. coll. 8% bonds. See V. 113, p. 532.
DETROIT & PONTIAC RAILWAY.
D a te .
In te rest.
O utstanding.
M a tu r ity
1st con mtge. gold ($1.000).f 1901
4 4 g J-D
600.000 June 1 1926
$1,100,000 -------------- c*<fcr(Int. at Washington Tr. Co . N. Y ., Trustee.
B onds. — $500,000 consolidated mtge. 4)4% bonds were reserved to retire
like amount of 1st mtge. bonds; the latter were paid off at maturity Feb. 1
1922. $3,000 are held in treasury and $14,000 deposited as collateral to
loans. Bonds are subject to call at 105 and interest on 60 days’ notice after
June 1 1911. Principal and interest of both issues guaranteed by Detroit
United by endorsement.
DETROIT & FLINT RAILWAY.
The Detroit Sc Flint Ry. was organized to acquire the Detroit Rochester
Romeo Sc Lake Orion, together with the Nor. Det. Elec. Ry. and the Det.
Utica & Romeo Ry. The consol. M. Is a 1st lien on these last two nrop’tles.
D a te .
In terest.
Outstanding.
M a tu r ity .
Detroit Sc Flint 1st consol M , / 1901
5 g F-A
$ 1,400.000 Jan. 1 1932
g, $3,000,000 ($l,000)-_c*l Int. at Tr. Co. of America, N. Y ., Trustee.
D R R & L O Ry 1st mtge.f 1901
7 g J-D
$1,095,000 See text.
sinking fund, gold ($1,000),( Int. at Oont. Sc Comm. Tr Sc 8av. Bank,
$1,500,000; unissued bonds
Chicago, Trustee; also Guaranty Trust Co.
have been canceled_____c*l New York.
B on d s. — Both the Detroit Sc Flint consol mtge. 5s and the D. R. R. Sc
L. O. Ry. 1st mtge. 5s are guaranteed by the Detroit United Ry.; see form
of guaranty in V. 76. p. 1300; as “ additional collateral security” on the
Flint honds 1st coosol. 4)4% bonds of the Detroit United are deposited,
$ for $, with the Guaranty Trust Co. of N. Y ., and would be available in
the event of default on the Detroit & Flint bonds. The D. Sc F. cons. 5s
matured Vug. 1 1921, while the D. R. R. Sc L. O. Ry. 1st M . 5s fell due
June 1 1920. Both these issues were taken up at maturity, but are pledged
as extended bonds with liens unimpaired under the Detroit United Ry. l B t
M. coll. 8% bonds. See V. 113, p. 532.
REPORT.— For years ended Dec. 31:
Detroit United Ry., Rapid Ry. Sys., Detroit Monroe & Toledo Short
Line Ry. and Detroit Jackson & Chicago.
a 1924.
al923.
al922.
1921.
Revenue passengers____ 49,354,117 53,671,114 146,059,466 336,579,071
Transfer passengers___
3,382,125
3,895,242 35,410,287 103,760,082
Gross earnings------$8,360,036
. 5,863,600 $13,184,771 $23,329,068
Operating expenses_ 7,275,797
7,243,271 10,098,489 19,428,779
Net earns, from oper. $1,084,239 $1,620,329 $3,086,282
Inc. from other sources.
$692,924
$873,583 $1,064,574
Inc. from all sources____ 1,777,163
2,493,911
4,150,856
Interest and taxes______ bl ,625,779
b l ,630.265 2,222.981
Dividends------------------- (3%)460,750 (6)921,356(1)4)230,276
Deprec’n charged off_
_
______
Reserve for taxes______
______
126,188
Reserve for contingencies
______
250,000
Total deductions------- $2,086,529
S,£ e lusLincol?le;v;------ def$309,367
$2,551,621
def$57,710
$2,829,445
$1,321,411
$3,900,289
$716,224
4,616,513
3,351,068
(2)300,000
150.000
250.000
$4,051,068
$565,445
a The Detroit City Lines were sold to the city M ay 14 1922 and the
results are exclusive of the City Lines after that date.
. b After deducting $702,710 in 1924 and $732,787 in 1923, being propor
tion of int. received with respect to balance owing by City of Detroit,
credited upon the books of the company to interest on funded debt.
Dividends.— First dividend of 1% on Detroit United stock was paid
March 1 1901 and 1% quarterly thereafter until Aug. 1 1905, when rate
yasraised to IK % quarterly On Nov. 1 1905, 1 K % - In 1906, 5 % . In
190Zi
D'£%; May, 1 K % ; Aug., 1 K % . None to Mar. 1911, when
1K % was paid; same amount quar. to and incl. Dec. 1912. In March
1913 to and incl. March 1916, 1)4% quar. In June 1916 to and incl.
Mar. 1917. IK %• In June 1917 to and incl. Mar. 1921,2 % . In June 1921
a stock div. of 2)4% was paid. V. 112, p. 1865. The co. also declared
stock divs. of 2)4% each, payable Sept, and Dec. 1 1921, but the P. U.
Comm refused to grant the co authority to issue the stock and in Oct.
1922 the directors rescinded these divs. The divs had not beeD distributed.
Compare V 113, p. 1155. 1359. 1887, 2079, 2405. A cash dividend of
1)4% was declared payable Dec. 1 1922. V. 115. p. 1730. in 1923,
Junesept., 1)4% ; Dec.. 1)4%
In 1924, March.
1)4% : June, 1)4% . See V. 119, p. 323.
OFFICERS.— Pres., ------------------- ; V .-P ., Chas. Laurendeau; V .-P .,
Sir Thomas Tait; V .-P . & Gen. M gr., E. J. Burdick; Sec., A. E. Peters,,
Detroit; Treas., Jos. Bompton; Aud., R . G. Skeman. General offices.
Traction Bldg., Highland Park, M ich.— V. 115, p. 1730, 1837, 1941,2158,
?,477,:J - p. 201, -906, 1392,v1519, ”2039, 3077, 3196; V. 119,1883, 2323, 2889;
116' p 61®’ 720: - 117 P- 85' 781>1016, 1347.
V. 118,
p. 73, 323, 454,
578, 810, 942, 1063, 1509, 1843, 2063, 2410, 2528, 2645, 2760; V. 120,
p. 1325, 1585, 1881.
(1) DETROIT & PORT HURON SHORE LINE RY.
Entire outstanding capital stock is now owned by the Detroit United By,
ORGANIZATION.— Incorporated in May 1900. Is a consolidation of
the Rapid Railway Co., the Detroit Mt. Clemens Sc Marine City Ry. (the
purchaser of the properties of the M t. Clemens & Lakeside Traction Co. aad
the Detroit Sc River St. Clair Ry.). the Port Huron St. Clair Sc Marine City
Ry.. the Connors Creek & Clinton River Plank Road Co. and the City
Electric Ry. of Port Huron. The new company owns the capital stock i t
each road. Also owns the capital stock ($25,000) of the Detroit & Lake
St. Clair Ry.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
A trolley road. The consolidated company operates all the tracks in M t.
Clemens and Port Huron, and the through route from Detroit to Port
Huron, running through M t. Clemens, New Baltimore, Algonac, Marine
City and St. Clair. Total Detroit & Port Huron system, 138.2268 miles.
STOCK AND BONDS— D a te.
In terest. O utstanding.
M a tu r ity .
Stock. $2,500,000 ($100)-------------------------$2,000,000 _____ . . .
1st mtge, $2,500,000 ($1,000) f 1900
5 g J-J
2.500.000 Jan 1 195$
cannot be called, gold.c*&r(Union Trust Co., Detroit, Trustee.
__________ _
„
. , Unt. at American Exch. Nat. Bank. N Y .
EARNINGS.— Now Included in report of Detroit United Ry.— V 77, p.
34: V 84. p. 338.
v
(2) DETROIT MONROE & TOLEDO SHORT LINE.
ORGANIZATION.— Incorporated In Michigan on Dec 11 1902
In Feb. 1906 entire stock was acquired by Det. Unit. Ry V. 82, p. 392.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Operates 50 miles of road from Toledo to Detroit and 4 miles of road from
Monroe to Lake Erie; completed N ov. 5 1904. At Toledo connection is
made with the Lake Shore Electric Ry. for Cleveland. Is of steam road
construction, on private right-of-way; standard gauge, laid with 70-lb. T
rails. Total track, 84.8458 miles.
STOCK AND BONDS—
D a te .
In te rest. O utstanding.
M a tu r ity .
Stock, $3.000.000---------------------- ----------$2,581,000 ______ .
1st mortgage. $3,000,000,1 1903
5 g J-J
3.000,000 Jan 1 1933
gold ($1,000)----------------c*/Union Trust Co., Detroit, Trustee.
Bonds.— Interest is payable in New York. No sinking fund and bonds
are not subject to call.— V. 107, p. 82; V. 108, p. 480.
(3) DETROIT JACKSON & CHICAGO RY.
ORGANIZATION.— A holding co. organized in Mich, in 1907 by Detroit
United interests to take over the Det. Ypsil. Ann Arbor Sc Jack. Ry., the
Jack. Ann Arbor & Det. Ry. and the Det. Plym. Sc Northvllle Ry., paying
sherefor $1,230,000. Entire stock owned by Detroit United Ry.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Completed and in operation from Detroit (through Wayne and Ypsilanti) to
Ann Arbor and to Jackson; making mileage 100 miles, of which 40 miles
over private right-of-way. Total track, 111.6987 miles. Rails 70 and
75-lb. T and girder. Does a freight business.
146
POWER, LIGHT AND RAILW AY
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock ($100)................................................... ........
$814,000 ..................
First consol mtge, $4,000,000/
1907 5 g F-A
2.060.000 Feb 1193?
($1,000). gold_________ c*\lnt. at Security Trust C o., Detroit. Trustee
1st cons M Det Y A Ar&Jack/
1901 5 g F-A
1,610.000 Feb 11926
$2,600,000($500,$l,000)gc*ilnt. at Detroit Trust C o.. Detroit. Trustee
Det Yps & Ann Ar cons 1st Ml
1899 6 g F-A
330.000 Feb 11924
$1,000,000, g ($500 & $ l,4 ln t , at Union Trust C o., Detroit. Trustee
000) sinking fund annually I
The Det. Yps. S Ann Arbor S Jackson first consols cannot be called.
c
c
Of the amount reported outstanding, $62,500 were in the Detroit United
Treasury on Dec. 31 1923.
Bonds.— Bonds or Det. Jack. & Chic, are subject to call on any Interest
day at 105 and int. Guar., p. & i., by the Detroit United Rys.; enough
bonds are reserved to retire bonded debt o f the Det. Yps. Ann Arbor & Jack .
B y. V. 85. p. 345. Of the amount reported outstanding. $1,179,000 were
on Dec. 31 1923 in the Detroit United treasury.— Y. 108, p. 1274.
(4) DETROIT ALMONT & NORTHERN RR.
O RGAN IZATION .— Organized under tne General Railroad Laws ot
Michigan. is leased for 50 years from 1915 to the Detroit United Ry
which owns its entire capital stock.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Extends from Romeo through Almont to Imlay City, about 20 miles; built
on private right-of-way; 70 lb. rails.
BONDS—
Date.
Interest. Outstanding. Maturity
First mtge, gold. $2,500,000/ 1915
6 g F-A
$400,000 Feb 1 194(
($1,000 & $500)_____c* tf\Int. at Union Tr. Co.. Detroit. Trus.. & N.Y
The bonds are guar, and assumed as a direct obligation, by endorsement,
by the Detroit United R y., which, in the event of any new issue of refund
ing or general mortgage bonds being placed on the Det. Un. Ry. or Its sub
sidiaries, will reserve sufficient new bonds for the retirement of the abovt
issue at maturity
Red. on and after Feb. 1 1925 at 103 and int. Re
maining bonds to hear rate of interest as fixed by the directors when issuer
but not to exceed 6 % .— V. 101, p. 130.
E L E C T R IC R A I L W A Y S E C U R IT IE S C O .
ORGAN IZATION .— Organized in Maine early in 1924 and acquired from
the Commonwealth Power, R y. & Light C o., which had conveyed to the
Commonwealth Power Corp. (see statement on another page of this publica
tion) all securities representing its electric light, power and gas properties,
all o f the Commonwealth Power, Railway & Light C o.’s remaining assets,
consisting for the most part o f properties engaged solely in the electric
railway business. In exchange therefor the Securities Company issued
89.521
shares o f capital stock (no par value), which, together with
the com. stock o f the Commonwealth Power Corp., given to the Common
wealth Power R y. & Light Co. in exchange for its electric light, power &
gas properties, was distributed pro rata among the common stock
holders o f that co. upon surrender o f their stock for cancellation. Upon
completion o f this distribution, the Commonwealth Power, R y. & Lt.
Co. is to be dissolved. (See Commonwealth Power, R y. & L t. Co. on a
previous page.)
,
.
The Electric Railway Securities Co. either directly or through the Union
Railway Gas & Electric Co. (of which it owns practically all of the pref.
and com. stock) controls the following cos.; Rockford & Interurban Rail
way C o., Janesville Traction C o., Michigan Railroad Co., Grand Rapids,
Holland & Chicago Railway, Michigan Electric Railway C o., Grand Rapids
Railway C o., Saginaw Transit Co.
STOCK—
Date.
Interest. Outstanding. Maturity.
Capital stk 90,000 shs (no par) ....................... ........ 89,521 H shs...................
P R O PE R T Y , &c.— See separate statements o f controlled cos. below.
OFFICERS.— Pres., Geo. E. Hardy; V.-Ps., B. C. Cobb; Jacob Hekma
and A . L. Loomis; Comp., H. G. Kessler; Sec., G. H. Bourne; Treas., Geo.
Sprague. Jr.; Asst. Sec. & Asst. Treas., C. A. Pearson, Jr.— Y. 118, p. 310,
550, 663, 1772, 2041.
(1) UNION RAILWAY, GAS & ELECTRIC CO.
Practically all the common and pref. stock is owned by the Electric Rail
way Securities Co.
ORGAN IZATION .— Incorporated in New Jersey June 29 1909.
In M ay 1922 all the electric light, power and gas properties controlled
by the Union R y., Gas S Elec. Co. were acquired by the Commonwealth
c
Power Corp. (see on another page o f this publication). The company
owns practically all the capital stocks o f the Rockford & Interurban Ry.
Co. and the Janesville Traction Co. Holders o f Union R y., Gas & Elec,
coll, trust 5% bonds due July 1 1939 on June 30 1922 were offered in ex
change gen. lien & ref. bonds o f the Commonwealth Power Corp. as per
offer in V. 115, p. 184, 546.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $6,000,000 ($100)______ _______________ $6,000,000
See text
Pref $12,000,000 cum ($100)_______
6 Q-J
5.250,000
------- . . .
Collateral trust mortgage gold! 1909
5 J-J
379,000 July 11939
($500 and $1,000)___ c*tf ICommercial Trust Co., Phila., trustee.
Springfield R y & Lt coll tr M\ 1903
5 g J-D
357,000 June 1 1933
$5,000,000 g ($l,000).c*tf/F idelity & Columbia Tr. C o., Louisv.. trus.
Bonds.— Int. on Union R y., Gas & Elec. Bonds is payable at Hodenpyl,
Hardy & Co., N . Y ., and E. W . Clark & C o., Phila. Are red. at par and
int. on 60 days’ notice. The Springfield R y. & Lt. bonds are call, on 60
days' notice at 10734 and int. Interest is payable at Columbia Trust Co.,
Louisville, and at Hodenpyl, Hardy & C o., Inc., N . Y ., and E. W . Clark
& Co., Phila.
PR O PE R T Y. &c.— See various controlled cos. listed separately below.
OFFICERS.— Pres., G. E. Hardy; V.-Ps., O. M . Clark, B . O.Cobb.
J. C . Weadock, Jacob Hekma and H. G. Kessler; Sec., G. H. Bourne, New
York; Treas., Geo. Sprague Jr. V. 108, p. 1391; V. 110, p. 2488; V. I l l ,
p. 2141; V. 113, p. 2506; V. 114, p. 523; V. 115, p. 184, 546; V. 119, p. 2181.
(a) ROCKFORD & INTERURBAN RAILWAY CO.
Union R y ., Gas & Elec. Co. owns all the com. and pref. stock.
ORGAN IZATION .— Incorp. in Illinois in 1899. Owns entire ($2,000,000) capital stock o f the Rockford City Traction Co.
FIELD OF OPERATIONS AN D CH A R A C TE R OF BUSINESS.—
Owns and operates interurban electric railway lines extending from Rock
ford to Belvidere, 111.; from Rockford through Beloit to Janesville, Wise.,
and from Rockford to Freeport, 111., and through its subsidiary, the Rock
ford City Traction C o., the city lines in Rockford, 111. Company owns
and operates 76 miles of interurban lines. Has 21 motor pass, cars, 8 trail
ers, 6 freight cars and 4 service cars. The Rockford City Traction C o.
operates 36 miles in Rockford, 111., 55 motor pass, cars, 5 service cars and
6 motor buses.
The Rockford & Interurban R y. 1st mtge. 5s, due Oct. 1 1922, were
extended to Oct. 1 1930. V . 115, p. 1429. The $490,000 Rockford & Free
port Elec. R y. 1st mtge. 5s, which fell due M ay 1 1923, were also extended
to Oct. 1 1930. V. 116, p. 1893. See also V. 117, p. 670, for certain addi
tional restrictions imposed in the form o f a supplemental mortgage attached
to the extension agreements.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common stock________________ ___
_________ x$2,000,000 ----------------Preferred stock________________ ___
_________ x2,000,000 ----------------Rockford & Interurban Ry. Co.—
^
, „„„„
Rockford & Inter-Urban ls tf 1902 5 g A-O
a l,685,500 Oct 1 1930
mtge gold ($500 & $1,000) j Int. at First Nat. Bk., N . Y ., or at Continen.
$3,000,000 _________ c* n tf 1 & Comm’l Tr. & Sav. Bk., Chic., trustee.
Rockford & Freeport 1st mtge f 1903 5 g M -N
5490,000 Oct 11930
$750,000 gold guar p & i-jlnt. at Cont. & Com. Tr. & Sav. Bank, Chi($1,000 & $500)_____c* n tf [ cago, trustee.
Rockford Bel & Janesville 1st f 1905 5 g A-O
907,000 Oct 1 1930
mtge g ($1,000) s f_ .c* -tf-iln t. at Cont. & Com. Tr. & Sav. Bk., Chic.,
---------[ trustee, or First Nat. Bank, New York.
x All owned by Union R y ., Gas & Electric Co.
a Includes $51,500 bonds which have not been extended, b Includes
i 5
bonds which have not been extended.
[ V ol. 120.
Bonds.— $11,000 1st Mtge. 5s of the co. are owned by the Union R y.»
Gas & Electric Co.
EA R N ING S.— For year ended Dec. 31 1924 (incl. Rockford C ity Trac.
C o.), gross, $936,235; net, after taxes, $140,717.
(5) JANESVILLE TRACTION CO.
ORGANIZATION.— Incorporated in Wisconsin in October 1910.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates 5 miles of street railway in Janesville, Wis. 13 motor
pass, cars, 2 service cars. Also operates buses. V. 118, p. 3197.
C A PITALIZATION .— Capital stock auth., $125,000; outstanding, $125.000. All owned by Union Ry.., Gas & Elec. Co. Bonds, 1st M tge. 5% .
due 1941; auth., $50,000; outstanding, $50,000. All owned by Union R y ..
Gas & Elec. Co.
E A R N IN G S .— 7or cal. year 1924, gross, $47,557; net, after taxes, $344.
— V. 118, p. 3197; V . 120, p. 330.
(c) MICHIGAN RR.
Entire capital stock and the $4,000,000 gen. mtge. 6% bonds are owned
by the Union R y., Gas S Elec. Co.
c
Receivership.— In 1924 John F. Collins was appointed receiver for the co.
on application of Union R y., Gas & Electric Co. V. 119, p . 2064.
ORGANIZATION.— Incorp. April 17 1919 In Michigan and acquired the
railway properties formerly owned by the Michigan Railway (for history, see
"Electric Railway” Section of March 29 1919).
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates an interurban electric railway 48.52 miles long, extending
from Flint through Saginaw to Bay City, with branch to Frankenmuth;
one from Allegan to Battle Creek, 51.83 miles, and a high-speed inter
urban line, 58.56 miles, extending from Grand Rapids to Kalamazoo.
36 motor pass, cars, 8 trailers, 2 service cars and 66 freight cars.
Jitney Legislation.— See V 113, p 2819. under caption'‘Michigan United
Railways.” Compare V. 116, p. 935. under same caption.
Committee for ls( Mtge 6s.— Allen G. Hoyt and Stanley A. Russell o f the
N at’l City Co. and W m. W . Bride, Washington, D . C . Depositary, N at’l
City Bank, N. Y .
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common stock $5,000,000_________
_______
$4,000,000 ___________
1st M bds $10,000,000 ($100, 11919
6 g M -N
4.050.000 M ay 1 1924
$500 and $1,000) g old .cV tf (Equitable Tr Co. N. Y ., & Mich Tr. Oo..tr
General mtge $4,000,000 gold. 1919
6%
4.000 000 M ay 1 1924
Bonds.— The first mtge. bonds have an authorized total of $10,000,000,
which may be issued in series bearing different rates of interest, but not to
exceed 6% per annum. In addition to the $4,500,000 originally outstand
ing. $500,000 may be issued under certain conditions: the remaining $5,000,000 may be issued for not to exceed 75% of actual and reasonab e expendi
tures made after M ay 1 1919 for additions, extensions, &c., under certain
restrictions. Sinking fund will retire semi-annually $50,000 of bonds o f this
issue, either by purchase in the open market or by redemption at 101 and
int. $450,000 retired by sink. fd. up to April 1 1925. A gen. reserve fund
is also provided under which the company must either expend annually or
deposit in cash with the New York trustee an amount equal to not less
than 20% of its gross earnings, to be expended for maintenance, repairs,
replacements and renewals, for the purchase or retirement of bonds of
this issue, or for extensions, enlargements and additions. Such expendi
tures for extensions, enlargements and additions shall not be used as a
basis for the issuance of bonds, except as the general reserve fund is reim
bursed to the extent of moneys used or withdrawn therefrom for such ex
penditures. This fund is distinct from and has no connection with the
sinking fund. Callable at 101 and int. at any time on 45 days’ notice.
Int. is payable in N. Y . Tax-exempt in Michigan.
The gen. mtge. is junior in lien in every respect to the first mtge. V . 108.
p. 2022.
EARNING S.— For cal. year 1924, gross, $1,249,413; net, after taxes.
$117,436.
OFFICERS.— Pres., B . O. Cobb; V .-P .. J. F. Collins; Sec.. Niel M .
Viergever; Treas., O. H. Degener. Office, Jackson, M ich.— V. 110, P
1849, 2568: V. 111. p. 1370. 1661. 2140; V. 112, p. 2537; V . 113, p. 533.
1471; V. 118, p. 1520, 1773; V . 119, p. 198; V. 119, p. 2064.
(d) MICHIGAN ELECTRIC RAILWAY CO.
Union Ry. Gas S Elec. Co. owns 97,239 shs. com. stock, 444,600 pref.
c
"A ” and 400,000 pref. “ B ” stock and 1,223,100 1st & ref. mtge., ser. “ A ,”
5% bonds.
ORGAN IZATION .— Organized in Mich, in 1923 and acquired as per
plan as amended (see “ Electric Railway” Supplement of April 28 1923 for
outline of plan and “ Chronicle" V. 11?, p. 553, for amendments), for the
reorganization o f the Michigan United Railways, sold at foreclosure June 30
1923. For history o f Michigan United Rys. see "E lectric Railway” Sup
plement of April 28 1923.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.— A
third rail and trolley system. Operates all city lines in Jackson, Battle
Creek, Kalamazoo and Lansing and interurban lines between Jackson,
Battle Creek and Kalamazoo, and between Jackson, Lansing and St. Johns,
Lansing and Owosso, and Corunna, and from Jackson to Grass Lake and
Wolf Lake; total operated, 258 miles. Operates through service to Detroit
over Detroit United R y. lines under traffic agreement connection from
Jackson. 187 pass, motor cars, 3 trailers, 27 service and 44 freight cars
and 20 passenger motor buses to supplement city railway service.
In Dec. 1924 the following protective committee was formed in view of
the probable default in the payment of the Jan. 1 1925 coupons on the
1st & ref. mtge. 5% bonds.
Committee for 1st Sc Ref. Mtge. 5s.— Chairman, Willard V. King; Living
ston E. Jones, J. Peyton Clark, Geo. R. Cottrelle, Marvyn Scudder, Noah
McDowell Jr.. W m. F. Ingold, W m. M . Flook, Sidney W . Noyes, Bernard
Michigan Elect. Railway Co.
BONDS A N D STOCKS
Habirshaw Electric Cable Deb. 7 % , 1935
Island Oil & Transport 8 % , 1926
Island R efining 7 % , 1929
Riordon Co. 8 % , 1940
Riordon Pulp & Paper 6 % , 1929 & 1942
U nited Central Oil 8 % 1927
Wickwire Spencer Steel 7 % , 1930
Canadian Light & Power 5 % , 1949
Montreal Tramway G en. R ef. 5 % , 1955
Montreal Public Service 5 % , 1942
New Brunswick Power 1st & 2d Pfd.
Nova Scotia Tramway & Power 5 % , 1946
Price Bros. & Co. 1st 6 % , 1943
W innipeg Electric 6 % , 1954
Inquiries Invited in
Canadian Bonds and Stocks
WM. C. O R T O N & CO.
54 W A L L S T R E E T
Tel. Hanover 9690
NEW YORK
C. Cobb, Sec.; Arthur N . Hazeltine, Asst. Trust Officer of Irving BankColumbia Trust Co. Depositaries; Irving Bank-Columbia Trust Co.,
60 Broadway, N. Y . City; Capital Trust Corp., Temple Bldg., Toronto,
Canada; Pynchon & Co., 1 Drapers Gardens. Throgmorton St., London, E .
C.. Eng., and Investment Registry, Ltd.. 6 Grafton St.. New Bond St.. Lon
don. W . I. Deposits have been called for. V. 119. p. 3010; V. 120, p. 86.
Upon completion o f reorganization the co. will be capitalized approxi
mately as follows:
STOCK AND BONDS—
Date
Interest. Outstanding. Maturity.
Common 100,000shares (n o p a r)____
_________ lOO.OOOshs---------------_
5%
$6,228,600 ---------------Pref Class " A ” 6% cum_ ________
Pref Class “ B ” 5% n o n -c u m ..------------------400 .000 ---------------Pref Class “ C ” 5% n o n -c u m ..____
_________
1.203,800 --------1st & ref mtge 5% bonds_____ 1923
5%
7,190.500 Jan 1 H48
Jackson Consol Trac 1st mtge ( 1904 5 g M-N
790,000 M ay 1 1934
$1,000,000 gold ($100, $500-' Interest at Empire Trust C o., New York.
and $1,000)_________ c* t f( Trustee.
Stock.— Class “ B ” pref. is subordinate to Class “ A ” and Class " C ” Is
subordinate to Class “ A ” pref. and also to Class “ B ” pref. The Jackson
Consol. Trac. Co. bonds are subject to call on any int. date at 105.
REPO RT.— Earnings for cal. year 1924. gross, $2,493,059; net, after
taxes, $242.306.— V. 119, p. 75, 198, 3010; V. 120, p. 86.
(e) GRAND RAPIDS HOLLAND & CHICAGO RY.
Union Ry. Gas & Elec. Co. owns all the pref., all except $1,600 com
tock and $25,000 o f $1,500,000 1st mtge. 7% bonds.
Receivership.— In June 1924 Stewart Hanley, o f Detroit, was appointed
eceiver for the co. V. 118, p. 3077.
ORGANIZATION.— Incorp. in Michigan in July 1904 and is a reorgan
ization on Aug. 1 1904 o f the Grand Rapids Holland & Lake Michigan
Rapid Ry. See V. 79. p. 627. 1904.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 76.40 miles o f track from Grand Rapids through Zeeland and
Holland to Macatawa and Ottawa Beach, on Lake Michigan, where steamer
connection for Chicago is made. 18 motor pass, cars, 2 trailers, 15 freight
and 3 service cars.
Franchises in city o f Holland and village streets expire in 1928 to 1930;
remainder on private rights-of-way.—
V. 100. p. 140: V. 111. p. 389: V. 112,p. 2537; V. 118, p. 663, 3077.
Default in Interest.— The company being unable to pay the coupons due
Feb. 1 1924 on the 1st Mtge. 7% bonds (principal due Aug. 1 1924 was
not paid), the following committee was formed:
Committee for Gr. Rap. Hoi. < L. Mich, 1st Mtge. 7s.— Chairman, Stewart
&
Henley; John P. Crozer, Chas. P. Lineaweaver, Sidney T. Miller, A. C.
Stellwagon; Sec., Ezra Lockwood, 1603 Dime Sav. Bank Bldg., Detroit,
Mich. Depositaries, Detroit Trust C o., Detroit, M ich., and Bank of
North America & Trust C o., Phila., Pa. Deposits have been called for.
V. 118, p- 663.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common, $500,000__________ _____
_________
$487,900 __________
Pref, 5850,000. 6 % _____________________________
836.800 ...................
1st mtge. Grand Rapids Hol.f 1900
7 g F-A
1,475 000 Aug 1 1924
& Lake Mich, $1,500,0001 Int. at Cont. & Oomml. Tr. & Sav. Bk.. Chic
gold (5500 and $ l,0 0 0 ).n tf l Trustee, or at Guaranty Trust Co, N . Y .
Bonds.— A sinking fund is provided of $5,000 per annum for first 5 years.
t 10.000 per annum for second 5 years, $15,000 yearly for third 5 years and
$25,000 per annum for fourth 5 years. In addition to amount reported as
outstanding, $25,000 are owned by the Union Ry. Gas & Elec. Co. Bonds
are not subject to call. They were originally 5s and matured Aug. 1 1920.
(f) GRAND RAPIDS RAILW AY
All the com. and $500,000 pref. stock and the $700,000 debenture 7%
bonds are owned by the Union R y. Gas & Elec. Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
29.33 miles double and 9.77 miles single track; total single, track equivalent,
68.43 miles. 131 motor passenger cars, 19 service cars and 8 motor buses.
Has 2 pleasure parks, &c.
ORGAN IZATION , &C.— Incorp. in Michigan In April 1900 as a suc
cessor company to the Consolidated St. Ry. Owns anu operates the entire
street railway system in Grand Rapids and vicinity. On June 12 1922 the
City Commission of Grand Rapids, M ich., approved an ordinance granting
the co. a 30-year franchise, which permits a 10-cent fare with 7 tickets for
50 cents at least for 3 months from the adoption o f the franchise. The rate
will then be increased or decreased in fixed steps. See V. 115, p. 183, for de
tails. Franchise has been approved by vote of the people. V. 115, p. 1428.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock com $2,000,000 $100). ______
_______
$2,000,000
See text
Pref $2,000 000cum 5%($100) . . .
Q-F
1 960.000 N ov’ l 8. 1
1st M $5,000,000 ($500 & S I,-1 1924 7 g M -N
3.159,000 M ay 1 1939
000 c* and $1,000 r*) g-_tf/A m erican Exchange Nat. Bk., N . Y ., Trust.
Debenture bonds gold________ _____
7 g M-N
700,000 M ay 1 1944
Bonds.— 1st mtge. bonds are call, all or in part on any int. date on 30
days’ notice at 105 and int. until and incl. May 1 1927, and at 1% less for
each successive three-year period thereafter. A sink, fund of 2 ^ % per
ann., payable semi-ann. will be used to retire bonds by purchase up to
the current redemption prices or, if not so obtainable, by call at those
prices. Int. payable at office of trustee in N. Y . or agency of co. in Chicago
without deduction for Mich, taxes. Penna. and Conn. 4-mill taxes and
Mass. 6% income tax refunded. In April 1924 $3,200,000 were sold by
Dillon, Read & C o., Federal Securities Corp. and Spencer, Trask & Co.
at 9914 and int., to yield over 7 % . V. 118, p. 2041. Red. as a whole at
101 and int. on 4 weeks’ notice. Int. payable in N . Y . C ity or Grand
Rapids, Mich. Tax-exempt in Michigan. V. 108. p. 2122.
The 7% deb. bonds are all owned by Union R y. Gas & Elec. Co.
Dividends.— 5% was regularly paid on pref. stock to and incl. Nov 1918
None since.
REPO RT.— For years ending Dec. 31;
Bat. for‘
Year—
Gross. Net aft.Tax. Charges. Pref.Div. Dep.,&c1924______________ -$1,771,332 $534,615 $344,728
$189,887
1 9 2 3 - - - ____________________
1 ,8 1 7 ,6 0 7
5 6 0 ,4 5 7
3 2 4 ,0 8 6
1,861,476
1922.........
513,551
330,836
OFFICERS.— Pres., B. C. Cobb.; V -Pres.. & Gen. M gr.. L. J. De
Lamarter; Comp., H. G. Kessler: Sec. & Treas., W . E. Livingston. Office.
Grand Rapids, Mich.— Y. 110, p. 2387; V. I l l , p. 1661, 2324; V. 112, p.
932, 2083: V. 113, p. 1471; V. 114. p. 197; V. 115. p. 183, 1428: V. 116,
p. 1177; V. 117, p. 1017: V 118, p. 1519, 2041, 3197; V. 119, p. 1394.
C SAGINAW TRANSIT CO.
g)
Union Ry. Gas & Elec. Co. owns 18,859 shares com. stock, $495,000
pref. stock and $560,000 1st mtge. 5% bonds.
ORGANIZATION.— Incorp. Sept. 11 1923 in Michigan and acquired
the property in Saginaw. M ich., of the Saginaw-Bay City R y. Co. (for
history see “ Electric Railway” Supplement of April 28 1923), which had
discontinued operations Aug. 10 1921. For this property the co. issued
$584,000 1st mtge. bonds, Series “ A ,” 5% , due Jan. 1 1949: $1,479,000
of 5% cum. pref. stock and 18,750 shares of com. stock of no par value
(as per reorganization plan in V. 117, p. 326).
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The co. owns and operates street railway system, supplemented by motor
buses, in the city of Saginaw and interurban line from there to Carrollton
and Zilwaukee, Mich. Owns and operates 26 miles in Saginaw Mich.,
and suburbs, 46 motor passenger cars, 10 service cars and 28 motor buses.
The franchise (V. 117, p. 326) runs to June 25 1938, and the city of Saginaw
has agreed that it will prohibit and prevent the operation of “ jitneys” and
other motor vehicles in competition with the co. Compare, however.
V. 119, p. 457.
Upon completion of reorganization the co. will be capitalized approxi
mately as follows:
Outstanding. Maturity.
STOCK AND BONDS—
Date.
Interest.
20,000sh's.__________
Common 20,000 shs (no par). ______
_______
$1,479,000 __________
Pref 5% $1,479,000 cum ($ 1 0 0 )____
Q— J
1,126,000 Jan. 1 1949
1st mortgage series” A ” ($5001 1924
5 g J-J
and $1,000) gold_____c*tf (Callable at 102 and int. on 30 days’ notice.
Stock.— Pref. stock has equal voting power per share with common.
Redeemable at $100 and accrued dividends.
Bonds.— Int. is payable at Harris Trust & Savings Bank, Chicago^
OFFICERS.— Pres., Treas. & Gen. M gr., C .S . Kressler; V.-Ps., Otte
Schupp and H. V. Sinnett: Sec., L. F. Swartout; Asst. Sec. & Asst. Treas.,
R . E. Smith.— Y. 117, p. 1778, 1993.
(THE) UNITED LIGHT & POWER CO.
(OF MARYLAND.)
(See M ap on pagi 148.)
ORGANIZATION.— Incorp. in Maryland early in 1924 and acquired
all the assets of the United Light & Railways Co. (Incorp. in Maine in
July 1910. per plan in Y. 91. p. 96), subject to all mortgage liens, indebted
ness, &c., in exchange for its own securities (consisting of Class A pref.
stock, Class B pref. stock. Class A com. stock and Class B com. stock)
which were delivered to the United Light & Railways Co. in payment for its
assets.
Acquisition of Continental Gas & Elec. Corp.— In Oct. 1924 it was an
nounced that the co. had contracted to purchase not less than 75,000 shares
of the 109,057 shares of com. stock of the Continental Gas & Elec. Corp.
outstanding on June 30 1924, and 35,000 additional treasury shares, thus
obtaining in excess of 75% of the entire outstanding com. stock. The co.
has offered to holders of the remaining outstanding com. shares of the
Continental Gas & Elec. Corp. 1 1-5 shares of class B ” pref. stock, first
series, and 1 share class “ A ” com. stock for each share of Continental Gas
& Electric Corp. com. Control of the Continental Co. is to be held through
the United Light & Railways Co. (Dei.), all the com. stock of which is
owned by the United Light & Power Co. (Maryland).
Owns 99% of the common stocks, over 58% of the pref. stocks and over
76% of bonds and notes of the following companies:
Cadillac (Mich.) Gas Light Oo.
La Porte (ind.) Gas & Elec. Co.
Chattanooga (Tenn.) Gas Co.
Mason City A mear Lake (T» ) r r .
Cedar Rapids (la.) Gas Co.
Northwestern M fg. Co.,Ft.Dodge,Ia.
Cedar Rapids & Marion City R y. Oo. Ottumwa (la.) Gas Co.
Port Dodge (la.) Gas & Electric Oo. People’s Gas & Elec. C o.. Mason O’y .
Orand Rapids Grand Haven & Mus Trl-Olty Railway & Light Co.
kegon (Mich.) R y. Oo.
On Sept. 8 1920 The United Light & Rys. Co. was incorp. In Delaware
with a total authorized capital o f $50,000,000. Of the total auth. stock.
$25,000,000 is com. and remainder prior pref. cumul. All the com ., except
directors shares, is owned by the United Light & Power Co. of Maryland.
The 7% prior pref. was sold to the public communities served by the sub.
cos. and as of Dec. 31 1924 approx. $4,128,350 was outstanding. In
Dec. 1924, $5,000,000 614% prior pref. was sold, proceeds to be used in
the acquisition of over 75% of the com. stock of the Continental Gas &
Electric Corp. by the company.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Does entire gas business in Davenport, Cedar Rapids (supplying
also suburbs of Marion and Kenwood Park and intervening terri
tory), Fort Dodge, Iowa City, Mason City, Ottumwa and Muscatine,
Iowa; Cadillac, Mich.; La Porte. Ind.; Rock Island, Moline, East Moline
and Silvis, 111.: Chattanooga Tenn.; entire electric light and power business
in Davenport, Fort Dodge, Iowa City, Mason City and Muscatine, Iowa;
Rock Island, Moline and East Moline, 111., and La Porte, Ind., and subur
ban towns contiguous. Has hot water and steam-heating systems in
Davenport and Mason City, Iowa, and La Porte, Ind. Operates street
railways in Cedar Rapids, Marion, Mason City. Muscatine and Davenport,
[a., and Rock Island, Moline and East Moline. 111.; interurban railways
tre operated between Cedar Rapids and Marion, la.; Mason City and
Clear Lake, la.; Davenport and Clinton, la ; Davenport and Muscatine
la.; Davenport. Ia., and Rock Island Moline and East Moline, 111., Grand
Rapids. Grand Haven aDd Muskegon Mich. In all. 97 communities, with
a population estimated at over 600,000 are served. The physical properties
include 10 electric central stations with a total generating capacity of
81,000 k. w., 659 miles of high tension transmission lines; 3,745 miles of
distributing lines with substations; 11 gas plants, 9 of which are equipped
2 3 6 ,3 7 1
with coal gas
which
182.715 advantageous and water apparatus, permitting operation ofhave anis more
under prevailing conditions. The gas plants
annual
The United Light
and Power Company
The United Light & Power
Company
Quotations and information regarding
the securities of the above Company
will be supplied gladly upon request.
E n qu iries In v ite d
R. E. WILSEY & COMPANY
147
POWER, LIGHT AND RAILWAY
M ay , 1925.]
Incorporated
Investment Securities
76 West Monroe Street,
CHICAGO
( all issues)
E are prepared to furnish quotations
or other information regarding the
securities of the above Company.
W
Inquiries Invited
H o w e , Sn o w
Bertles INC.
120 Broadway Tel. Rector 3563
Grand Rapids
Chicago
Detroit
148
P U B L IC U T IL IT IE S
[Vot. 120.
M at , 1925.]
POWER, LIGHT AND RAILW AY
149
•utput o f over 2,250,000,000 cu. ft. The distributing mains are 762 miles tax of 4 mills and the Mass, income tax, not exceeding 6% per annum on
in length. The companies combined have 69,366 gas and 57,122 electric income derived from the notes. In Feb. 1925 $5,000,000 were offered by
customers. The street railway properties include 147 miles of track, are Bonbright & C o., Inc., at 99 and int., to yield about 5.80% . V . 120, p.
equipped with modern rolling stock. The high-speed interurban lines, 1091.
Dividends.— Divs. are being paid regularly on pref. In 1924 fom quar.
which have a trackage totaling 123 miles, are located on private right-ofway. Franchises expire to 1960; approximately 73% are indeterminate or cash divs. of 40c. per share were paid on Class " A ” & “ B ” com. In 1925,
Feb., 40c. per share; M ay, 45c. per share. Stock divs. of l-40th of a
extend beyond 1932.
Transfer Agencies.— Stock transfer agencies are maintained in New York, share of Class " A ” com. were paid in M ay & N ov. 1924 and M ay 1925 to
holders of both “ A " & “ B ” com. stock. V . 120, p. 1330.
in Chicago and in Grand Rapids. See V. 97, p. 1358.
REPORT.-—For calendar years:
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
%
_________ 146,275shs M ay'25, 45c Consolidated Profit and Loss Account United Light < Railways Co. and
Com cl A 500,000 shs(no p a r ) . ____
Subsidiary Companies— Years Ended Dec. 31.
_________ 200,000shs M ay’25, 45c
Com cl B 500,000 shs(no p a r ) . ____
1924.
1923.
1922.
1921.
Pref cl A $6 50 cum 500,000
Q-J
128,700shs Apr’25.$l 63 Gross earns, of sub. co s.$11,896,915 $12,140,423 $11,638,900 $11,250,093
shares (no par)____________ _____
Oper. exp., incl. maint.,
Pref cl B $3 50 cum partic
8,002,742
7,991,505
gen. &
500,000 shs (no par)___________
..................
Sl,000shs
Apr’25,$l 00 income taxes.. 8,027,602
8,255,144
Prior pref 7 % cum (Delaw C o ) ____
7%
4,128,353 See text
Net earns, of sub. cos. $3,869,313 $3,885,278 $3,647,395 $3,247,351
Prior pref 6K % cum (Del Co)
Q-F
5,000.000 See text
Int. on bonds, notes and
5 g J-D
11,000,000 June 1 1932
divs. on pref. stock, &
First & ref mtge gold ($100. f 1912
$500 and $1.000)--C*&r.tf\New York Trust C o., New York, trustee.
profit due minority
867,707
825,477
1st lien& cons M ser A series!
1922 6 g A-O
11,010,000 April 1 1952
593,682
stockholders_________
469,286
o f 1924 ($100, $500
& 1924 5)£ g A-O
4,500,000 April 1 1959
$1,000c* & $l,000r*_____[ lint, at New York Trust C o., N. Y ., trustee.
Net profit of sub. cos.
Oonv debenture gold ($100. 11916
6 g M -N
1,988,000 N ov 1 1926
dueU . L. & Rys.Co. $3,400,027 $3,291,596 $2,821,918 $2,379,643
8,474
16,376
$500, $1,000. & c.).c*& r* tf/I n t. at New York Trust C o., N . Y ., trustee. Int. & divs. receivable
22,514
40,327
468,248
587,954
Debenture bonds Series “ A ” ) 1923 6 g J-J
2,750,000 Jan 1 1973 Misc. earnings_________
1,339,557
832,747
($100, $500 & $1,000 c* and/N ew York Trust Col, New York, trustee.
$1,000 & multiples r*) g .t f
Total gross earns., Un.
Light & Rys. C o . . . $4,779,911 $4,146,857 $3,426,248 $2,856,366
Deb 6M % Ser of 1924 ($100,\ 1924
J
6M g M -N 6,000,000 M ay 1 1974
$500 & $1,000 c* & $1,000/New York Trust C o., New York, trustee.
Less gen. exp., incl. taxes
352,000
416,587
426,543
& multiples r*) gold------- tfl
United Lt. & Rys. C o .
440,495
Notes ($500 and $1,000) gold) 1925
5)S g M-S 5,000,000 Sept 1 1928 Int. on 1st & Ref. 5%
478,804
571,424
c* .tf/In t. at New York Trust C o., N . Y ., trustee.
550,056
bonds (1932)________
550,000
Chattanooga Gas first m tge! 1907 5 J-J
497,000 Jan 1 1927 Int. on 1st Lien & Cons.
$1,500,000 g ($ l,0 0 0 ).c* .tf jln t. at Cont. & Comm. Trust & Sav. Bank,
M . 6% bonds (1952)
85,567
( Chicago, trustee, or First Nat. Bank, N .Y .
493,712
Series “ A " __________
662,243
Int. on 6% Conv. Debs.
For securities covering railway properties see separate companies below.
120,000
120,000
119,538
(1926)_______________
119,280
Class A Pref. Stock.— Class A pref. stockholders are entitled to receive
& div. at the rate of $6 50 per share per annum, payable Q -J. Div. cum., Int. on 6% Deb. bonds,
Series “ A ” (1973)____
165,000
138,750
and the stock has preference in liquidation and in divs. over all other classes
of stock. Callable at $105 per share, and the holders are entitled to receive Int. on 8% 10-year bondseemed notes (1930)
$100 per share and dividends in event o f liquidation. In Jan. 1925 35,000
160,000
148,691
(retired Feb. 1923)_
_
______
15,751
shares $6 50 cum. Class “ A ” pref. were sold by Howe, Snow & Bertles, Inc.,
Otis & Co. and Peirce, Fair & C o., at $86 per share, to yield over 7.55%. Int. on 7% 5-year bond104,729
56,288
seemed notes ,Ser.“ B ”
______
V. 120, p. 455.
Class B Pref. Stock.— Class B pref. stockholders are entitled to receive a Int. on 7% bond-secured
128,954
notes. Series of 1920.______
div. at the rate o f $3 50 per share per annum, payable Q.-J. D iv. shall
be cum ., and in addition the stock shall participate to the extent o f 50 cents Int. on 1st lien & cons
5)4% Series of 1924..
140,991
per share per annum whenever the com. stock is paying divs. at the rate
of more than $1 40 per share per annum. Has preference in liquidation Int. on 614% Debs.,
37,718
Series of 1924________
and divs. over all classes o f com. stock.
Callable at $60 per share, and
27,262
39,898
42.880
22,145
holders shall be entitled to receive $50 per share and divs. in event o f Int. on commercial loans
liquidation.
Total expenditmes_ $2,137,872
_
$1,787,233 $1,425,822 $1,384,387
Common Stock.— There are two classes, viz.: Class A com. stock and Balance_________________ $2,642,039 $2,359,624 $2,000,425 $1,471,979
class B com. Class A com. is in all respects similar to class B com., except
OFFICERS.— Pres., Frank T . Hulswit, Chicago: V.-Ps., Richard Schad(bat it has no voting power. Class B com. is in all respects similar to class delee. Grand Rapids; B. J. Denman, Davenport: Wm. Chamberlain, Cedar
A com. except that it has the voting power. Both classes o f com . stock Rapids, and T. J. Weber and L. H. Heinke, Grand Rapids; Sec. & Treas.,
receive like dividends.
L. H. Heinke, Grand Rapids; Asst. Sec. & Asst. Treas., F. F. Kelly and
Purchase Warrants.—-Entitle the holder thereof to buy class A com . stock M . E. Armstrong; Gen. M gr., B. J. Denman. General office, Baltimore,
at a fixed price of $35 per share, on or at any time before Dec. 31 1925. M d.; executive office. Chicago; operating headquarters, Grand Rapids;
V. 117, p. 2655, 2771; V. 118, p. 86, 665, 1137.
operating headquarters for Iowa disctrict, Davenport, Iowa.— V. 118, p.
Prior Preferred Slock (Delaware Co.—-.The United Light & Rys. (Del.) 2951; V. 139, p. 77, 1173, 1627, 1734, 2531, 2764; V. 120, p. 455,1091. 1330.
irior pref. is redeemable, all or in part, on 60 days’ notice at 105 and divs.
(1) THE TRI-CITY RAILWAY & LIGHT CO.
s unconditionally guaranteed as to payment of dividends and liquidation
In June 1912 control was acquired by the United Light & Power Co.
price by endorsement of guaranty on each stock certificate by the United
Light & Power Co. The 614 % prior pref. is acceptable at par in payment Tri-City Ry. & Lt. common stockholders received in exchange for their
for Class A common stock o f the United Light & Power Co. at $50 per share, shares $31 16 2-3 cash, $16 66 2-3 United Rys. (now United Lt. & Power)
up to and including March 1 1927, at $55 per share thereafter up to and in 6% 1st pref. and $12 50 2d pref. 3% stock. V. 94, p. 768. The United Lt.
cluding March 1 1928, aDd at $60 per share thereafter up to and including & Power Co. owns $3,920,000 common and $1,534,200 preferred stock.
March 1 1929. In Dec. 1924 $5,000,000 614% prior pref. (Delaware Co.)
ORGANIZATION.— Incorp. in Connecticut March 3 1906 and owns
was offered by Bonbright & Co., Inc., N. Y ., at $95 per share and dividends, all the stock, except directors’ shares, o f the following companies:
to yield about 6.85% . V. 119, p. 2649.
Tri-City Railway Co. of Iowa
Moline-Rock Island M?g. Co.
People’s Light Co.
Bonds.— Interest on first and refunding mortgage bonds is payable at Tri-City Railway Co. o f Illinois
Clinton Davenport A Muscatine Ry.
office of trustee or Continental & Commercial Trust & Savings Bank, Chi People’s Power Co.
Muscatine Lighting Co.
cago . Mortimer N . Buckner is co-trustee. $ 16,546,300 bonds (not incl. in Iowa City Light & Power Co.
amount outstanding above) are deposited as security for first ien and co nFIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
solidated mortgage bonds. Additional bonds may be issued for refunding Controls all gas plants, electric-lighting companies and street railway lines
underlying bonds and for 75% of par value of preferred stocks of underlying in the cities of Davenport, Iowa City, Muscatine, Bettendorf and Rocking
companies redeemed or purchased, 75% of cost o f betterments, improve ham, la., and Rock Island, Moline, East Moline and other smaller towns in
ments and additions, and for 75% o f cost of additional property, under Illinois, and an interurban connecting Muscatine, Davenport and Clinton.
certain restrictions. Redeemable as a whole or in part on any interest day Operates over 170 miles of standard-gauge track, connecting the cities of
at 10214 and interest on 60 days’ notice. A depreciation fund of 2% on all Clinton and Davenport, la ., and Rock Island, Moline and East Moline,
bonds out became operative in 1917. See description o f bonds in V. 102, 111., incl an extension to Muscatine placed in operation in 1912 and city
p. 1898.
lines in Muscatine. 80-lb. girder and 60 to 75-lb. T rail. Population served
The first lien and consolidated mortgage bonds are seemed by pledge of approximately 205,000. Railway franchises extend to 1930, 1935 and 1951;
$16,546,300 first and refunding mortgage 5s. Additional bonds may be electric franchises to 1935 and 1943. and gas franchises to 1929, 1933 & 1943.
issued under certain restrictions. $305,500 Series A and $730,000 Series of
Tri-City Ry. May Abandon.— See letter of President regarding financial
1924 held in treasury. Series A are redeemable all or in part at any status of co., A c., in V. 117, p. 1349.
time on 30 days’ notice on or after April 1 1947 up to April 1 1948 at
Offer to Holders of Tri-City Ry. < Lt. Pref. Stock.— The 6% 1st pref. stock
%
103 and interest. 514% Series o f 1924 are redeemable, all or part, on holders of the Tri-City R y. A Lt. Co. have received an offer from the
30 days’ notice during first 5-year period at 10714, during second 5-year United Lt. & Rys. Co (now United Lt. & Pow. Co.) to exchange their pref.
period at 105, thereafter at 1 % less during each 5-year period until March 31 stock for United Lt. & Rys. (now United Lt. & Pow. Co.) 6% pref. on the
1954; during the succeeding 214 years at 10014, and thereafter at 100, plus following basis: Each 10 shares (par $100) of the 6% pref. of the Tri-City
interest in each case. In April 1924 Bonbright & C o., Inc., off o-d $3,500,- may be exchanged for 11 shares (par $100) of the United Lt. & Rys. 6%
000 first lien and consol, mtge. 514% Series o f 1924 at 90 and interest, to pref. V. 117, p. 1665 $1,064,800 has been so exchanged.
yield 6.20%. V. 118, p. 2180. Pennsylvania State tax and Connecticut
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
State tax of 4 mills refunded. V. 114, p. 1536.
_________ $9,000,000
See text
Common $9,000,000 ($100)________
Chattanooga Gas Co. bonds have a sinking fund of $15,000 per annum Pref $3,000,000 6% cum ($ 1 0 0 )____
6 Q-J
3,000.000 Apr ’25, 1 M
from 1912 to 1926, inclusive, on first $500,000 bonds and 2% additional on 1st & ref mtge $20,000,000 g / 1910 5 g J-J
$19,760,000 July 1 1930
any further bonds issued. Subject to call at 105 and interest. V. 84, p.
$500&$1,000c*&$l,000r*tflint, at Cent. Union Tr. Co., N. Y ., trustee.
805. $11,000 of bonds, not included in amount reported outstanding, Iowa City Light & Power! 1912
5 M-S
400,000 Sept. 1 1932
owned by United Light & Power Co.
r e f u n d i n g m o r t g a g e/In t. at Continental & Commercial Trust &
Debentures.— The convertible debentures due N ov. 1 1926 are a direct
$1,000,000 ($1,000)_ c*tf I Savings Bank, Chicago, trustee.
_
obligation of the company. No mortgage may be created junior to the first Iowa City Gas & Electric/ 1909 6 M -N
188,500
Seetext
and refunding mortgage without equally seeming the debentures. At no
1st mortgage $400.000
tf jln t. at Chicago Tr. & Sav. Bank, trustee
time shall there be outstanding debentmes in excess o f 75% of the total of
Stock.— Pref. stock is redeemable at 120 and accum. divs. See V. 82,
6% pref. stock outstanding. No further debentmes may be issued unless p. 1213. Listed on Montreal, Toronto and Louisville Stock Exchanges.
earnings available for interest charges are three times the requirements on
Bonds.— Of the 1st & ref. bonds, sufficient are reserved for prior liens,
the debentmes then outstanding, including those applied for as well as the and remainder for 85% of cost of additions and improvements. Subject
interest upon any unsecured debt. They are callable, all or part, upon fom to call at 105 and int. on any int. date. Sinking fund of 1 )4 % of bonds
weeks’ notice to Nov. 1 1921 at 102 and int. and thereafter at 101 and int. out begins Feb. 1 1924. Penna. 4-mill tax refunded on $1,000,600 of these
Were convertible up to N ov. 1 1923 into 6% pref. stock at the rate of $1,125 bonds. V. 93, p. 1465; V. 114, p. 855, 949. $15,559,100 of outstanding
par value for each $1,000 par value debenture. Pennsylvania State tax 1st & ref. bonds are owned by United Light & Power Co.
All the outstanding Iowa City Light & Power Co. 1st mtge. bonds are
refunded. V. 103, p. 2079.
The debenture bonds Series “ A ” 6s due Jan. 1 1973 are redeemable all or owned by Tri-City Ry. & Light Co.
The Iowa City Gas & Elec. Co. bonds mature serially $4,000 to $9,000
part on 60 days’ notice at 110 during first 15 years (ending Jan. 1 1938);
thereafter at 1 % less during each succeeding 5-year period to and including annually from M ay 1 1912 to M ay 1 1927 and $135,000 in 1928. Subject to
the 45th year; thereafter at 1 % less during each succeeding year to and incl. call at 105 and int. on any int. date. Additional bonds may be issued for 80%
the 48th year; and thereafter at 100 and int. Interest payable at agency of of cost of extens. & betterments. $3,500 owned by United Lt. & Power Co.
Dividends.— First div. on pref. 1)4% , paid July 1906, and 1)4% quar.
company in New York. Pennsylvania and Connecticut 4 mills tax refund
since to and incl. Apr. 1925. A div. of 1% was paid on the common stock
ed. V . 116, p. 177.
The 614% debentmes Series of 1924 are redeemable, all or in part, on 60 Jan. 1 1915 (practically all of this stock is owned by United Light & Power
days’ notice at 110 during first 15 years (ending M ay 1 1939); thereafter at Co. and previous disbursements were not made public), and quar. to and
1% less during each succeeding 5-year period to and including the 45th incl. Apr. 1918. In 1919. 5% . In 1920. Oct., 1% . In 1921,4% : in 1922. 5% .
year; thereafter at 1% less during each succeeding year to and incl. the In 1924, 8% . For 1925 four quar. divs. of 2)4% have been declared on
48th year, and thereafter at 100 and interest. Company will refund Penna. common, payable April 1, July 1 and Oct. 1 1925 and Jan. 1 1926. V. 120,
4 mills tax and the Mass, income tax, not exceeding 6% per annum on p . 455.
income derived from the debentures. Interest payable at agency of the
OFFICERS.— Pres., B. J. Denman, Davenport; V.-Ps.. Richard
company in New York or Chicago. In May 1924 Bonbright & Co. offe, d Schaddelle. Grand Rapids: H. E. Weeks and F. T . Hulswit; Gen. M gr.,
$1,000,000 6)4 % debs. Series of 1924 at 95 and int., to yield about 6.90%. R . B. McDonald; Tres., Frank T . Hulswit; Sec., H. E. Littig.— V. 114,
Y. 118, p. 2574. In N ov. 1924 the same bankers offered $5,000,000 addi p. 855. 949. 2826: V. 116, p. 78, 411, 1276, 1761; V. 117, p. 555, 1349,
tional at 95 and interest, to yield over 6.85%. V. 119, p. 2531.
1665: V. 120, p. 455.
Maintenance and Depreciation Fund.— The company must set aside yearly
For statements of following companies see “ Public Utility Compendium”
not less than 1214% o f its gross earnings, any part of which not actually of N ov. 1 1924:
expended in any calendar year for maintenance, &c., to be used for exten
GRAND RAPIDS GRAND HAVEN & MUSKEGON RY___Page 126
sions. additiona, &c., against which no additional bonds may be issued.
CEDAR RAPIDS & MARION CITY R Y __________________ Page 127
MASON CITY & CLEAR LAKE RR. CO_________________ Page 127
Notes.— The 514 % notes have annual sinking fund o f $750,000 to be used
ESCANABA POWER & TRACTION______________________ Page 127
for pmchase o f notes o f this issue at not to exceed 100 and int. Notes so
BENTON HARBOR-ST. JOE RY. & LT. CO_____________ Page 128
purchased to be retired and canceled. Are redeemable, all or in part, on
HOUGHTON COUNTY TRACTION CO__________________Page 128
30 days’ notice at 10114 during first year, at 101 during next year and there
MUSKEGON TRACTION & LIGHTING CO____________ Page 128
after at 100 and int. Company will refund Pennsylvania personal property
f
150
PUBLIC UTILITIES
VIRGINIA
VIRGINIA RAILWAY & POWER CO.
New Interests Reported Seeking Control.— See V . 118, p. 3080.
OR GA N IZA TION .— lucorp. In Virginia on July 1 1909 and Is successo
to the Virginia Passenger & Power Co. sold at foreclosure May 5 1809. V
89, p. 44, 105. The reorganization was under plan given in V. 87. p. 347
On July 1 1911 took over by consolidation the Norfolk & Portsmoutb
Trac. Co. (into which was merged the Norfolk & Atlantic Terminal Co. or
June 30 1911), and increased its stock to $12 000,000 com. and S8,000,001
pref.; $150 Virginia R y. & Power com. was exchanged for each $100 Norf. &
Portsm. com.; the pref. was exchanged share for share. V. 93. p- 106
For history of Norfolk & Portsmouth Traction organization see “ Electrh
Railway Section" of June 1911, p. 84.
Through acquisition of Norf. & Portsm. Trac., the Virginia Ry. & Power
Co. acquired the lease of the Norfolk R y. & Light Co. for 99 years fron
June 1 1906 and the entire $100,000 capital stock and ($1,000,000) bonds
of the Norfolk & Ocean View Ry. Co. (dissolved April 5 1917).
On July 20 1916 the shareholders ratified the merger of the Richmond
R y. & Viaduct Co. (all of whose stock was owned), and auth. an increase
In pref. stock from $8,000,000 to $9,000,000 in connection therewith
V. 103, p. 407- In April 1924 purchased the plant and properties of the
Roanoke Rapid (y a .) Lt. & Pow. Co. for approx. $1,000,000. V. 118,
p. 2181.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns or controls through lease practically the entire street railway, elec
tric light and power business in Richmond. Petersburg, Norfolk (.all except
line to Virginia Beach). Portsmouth and Berkeley; an interurban railway
connecting Richmond and Petersburg; a line from Norfolk to Sewell's Polm
where connection is made by ferry to Newport News and Old Point Com
fort; electric light business o f Suffolk, Va.: the City Gas Co., with unhmitec
franchises. The company operates 243.346 miles of single track; 602 pas
senger and 43 service cars. Also owns valuable park properties and other
real estate. Rails, 95 to 119-lb. girder and 60, 70 and 80-lb. T . 6 power
stations and 25 sub-stations, combined capacity, 129,655k. v. a, A trans
mission line between Richmond and Norfolk completed and in operation
in 1920.
Franchises.— The Manchester & Petersburg R y. franchises are perpetual
The principal railway franchises in Richmond expire in 1926 and 1931
Tne unerurnan railway franchise expires in 1981. The water power right?
In Richmond and Petersburg are perpetual. These rights are only partly
utilized and are capable of a large further development. The more Im
portant rights for lighting In Richmond expire in 1927 and 1928 and In Man
chester In 1931. The Petersburg lighting franchises are perpetual. V. 89
p. 529. Franchises for street railways in Portsmouth expire In 1926, 1927
and 1932. Street railway franchises In Norfolk expire in 1944. In 1915
the City of Suffolk granted a new 30-year franchise to do a light and power
business and made a 10-year contract for municipal light and power service
with certain rights of renewals. Negotiations are in progress with the cities
of Richmond and Norroik for the entire revision of the railway and light
and power franchises.
In M ay 1923 the co. transferred to its subsidiary, the Portsmouth (Va.)
Transit C o., its traction properties in Portsmouth. See V. 116, p. 2390
for further details. See also V. 119, p. 326.
Valuation of City Gas Co.— See V. 110, p. 1416: V. 112, p. 259.
For reproduction value as fixed by Stone & Webster, see V. I l l , p. 494
1473. For valuation o f Richmond lines by Stone & Webster see V. 112, p
1743. Valuation o f P. U. Comm, in V. I l l , p. 1473. Taylot^Cooke valua
tion will be found in V. I l l , p. 2425. See also V. i l l . p. 2326 V. 112. p
637, 654, 1400, 2085: V. 113. p. 72- New valuation by Va. Corp. Comm
will be found in V. 114, p. 2361. For valuation o f Norfolk street railway
division see V. 117, p. 2544.
Value o f Old Richmond Passenger A Power Co. Deb. Bonds.— See V. 114,
y. 2581.
Fares.— See “ Electric Railway” Supplement o f April 26 1924.
Decision.— For ruling o f Supreme Court o f Appeals In Sept. 1922 that
right to fix street car fares is vested solely in the State Corp. Comm . sef
V. 115. p. 1534.
Date.
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
A-O $11,950 500 See text.
Common $12,000,000 ($100)-. ____
J-J
8,987.090
See text.
Preferred $9,000,000 ($100).. ____
_________
12.910 __________
Preferred stock scrip________ ____
5 g J-J
12,513 000 July 1 1934
First and refunding mortgage 1909
$15,000,000 g ($ l,0 0 0 )-.c* Int. at Equitable Tr. Co.. N. Y., trustee.
5 g J-D
6,961,000 June 1 1936
Norfolk & Portsm 1st mtge 1906
$8,000,000 ($1,000) g o ld .. 'Int. at Commercial Trust Co., Phila., Trus.
5 g M-S
478,000 Mar 1 1929
Norfolk & Atlantic Term 1st 1899
mtge $500,000 gold----------- Interest at Alex. Brown & Sons. Baltimore.
8 g J-J
50,000 See text.
Oar trust certificates gold \ 1920
($ 1 ,0 0 0 )........................... c* JDivs. at Philadelphia Trust C o., Phila., Tr.
Stock.— The pref. stock was entitled to non-cum. divs. o f 5% up to Jan. 1
1914 and thereafter to non-cum. divs. up to 6 % . Both com. and pref. are
listed on the New York. Philadelphia and Baltimore Stock Exchanges. V.
92, p. 882, 1033, 1111. 1375; V. 93, p. 230. See official statement to N . Y .
Stock Exchange, V . 92, p. 1118.
Bonds.— $671,374 1st & ref. bonds are in treasury, and remainder are
reserved for future improvements, subject to certain restrictions. Sinking
fund. H.% semi-annually of bonds out from 1914 to 1919 and H % semi
annually thereafter; $1,872.000, not included In amount reported outstanding
held in sinking fund Dec. 31 1924. Bonds are subject to call at 105 and
Interest. V . 92, p. 1212. Listed on Now York, Phila. and Baltimore
Stock Exchanges. V. 94, p. 125; V. 96, p. 1425; V. 100, p. 557.
Unissued Norfolk & Portsmouth 1st M . bonds of 1906 may be Issued for
acquisitions, extens. and impts., but not over $500,000 in any one year.
A sinking fund of 15 % per annum of outstanding bonds began J une 1 1916
which >s to be Invested in the bonds; $535,000. not included in amount
reported outstanding, held in sinking fund Feb. 1 1925. $483,000 in
Treasury. Are subj to call at 110 and int. on any int. date upon 60 days’
not’Ce. Bonds are listed on Phila.. Boston. Balt, and Pittsburgh Stock
Exchanges. V . 83, p. 492. In Feb. 1925 $500,000 Norf. & Ports. Trac.
1st mtge. 5s were offered by Paine, Webber & Co. at 95.75 and int., to
yield 5.50% . V. 120, p. 706.
Oar trust certfs. are secured on 50 safety cars. Due serially $50,000 each
July 11921 to 1925. Red. as a whole on any div. date on 30 days’ notice, at
101 anti divs. V. I l l , p. 494.
[V ol. 120.
Dividends.— On pref. first div.— i'A % — paid July 1 1910. In 1911,
1912 and 1913, 5% . In 1914, 5 H % . In 1915 to and tael. 1918, 6% per
ann. Jan. 1919 div. of 3% paid on July 20 1919. None to Jan. 1921, when
6% (payable in pref. stock) was paid. V. 111. p. 2042. In 1922, Jan.
6% (payable In pref. stock). V. 114, p. 80. In Dec. 1922 a div. o f 6%
was declared, payable in cash (3% in Jan. and 3% in July 1923). V. 115.
p. 2906. In 1924, Jan., 115%; April, 1 ^ % ; July, 1 K % : Oct., 1 K % . In
1925, Jan., 115%: April, 115%. On common, first dividend,— 1%— paid
Oct. 1911. In 1912, 2 % . In 1913 to 1917, inclusive, 3 % . April 1918
dividend omitted (V. 106, p. 1127): Oct. 1918 dividend of 3% was made
payable in stock of Old Dominion Iron & Steel Corp. V . 107, p. 1288.
None since.
RE PO RT.— Of combined properties (excl. operations of City Gas Co.
of Norfolk) for calendar years:
Calendar Years—
1924.
1923.
1922.
1921.
Fare passengers________ 75,580,482 80,147,327 71,950,905 85,637.593
Transfer & free pass____ 18,848,202 19,104,992 17,102,151 18,556,853
Revenue transfer p ass.______
______
______
998,086
Total passengers_____ 94,428,684 99,252.319 89,053,056 105,192.932
K .w .h rs. output, com’1-226.445,150 210,979.525 179,274,676 158,066.825
Gross earnings__________ $10,454,047 $10,508,608 $9,513,096 $10,173,334
Operating expenses_____
5,400,943
5,600.020
5,202,659
6,457.262
Net earnings...........
Other income__________
$5,503,104
292,095
$4,908,588
263.122
Gross income_________ $5,345,199 $5,171,710
Taxes and licenses_____
812,357
739,666
Interest on bonds______ 1,288,290
990,522
Miscellaneous interest..
26,165
37,525
Sinking fund payments.
224,995
168,785
Rentals________________
99,000
336,504
Direct charges_________
90.288
255,067
$4,310,437
236,035
$3,716,072
235,457
$4,546,472 $3,951,529
668.589
698,112
963.804
963,052
51,084
95,894
168.785
168,785
335.828
332,715
38,813
92,472
Surplus for year_____ $2,804,105 $2,643,639 $2,319,568 $1,600,499
Previous surplus_______
806,062
642,767 1,783,437
1,301,071
Dividend received, City
Gas Co. of N o r fo lk ...
500,000
____
______
______
Total surplus_________ $4,110,167
Preferred dividends (6%,)
538,405
Depreciation reserve_
_
1,586,328
yAdjustment reserve_
_
304,145
$3,286,406 $4,103,005 $2,901,570
(z)
(x)537,738 (x)507,738
1,480,345
1,422,500
610,400
1,000,000
1,500,000
____
Balance, surplus_____$1,681,288
$806,062
$642,767 $1,783,437
x Stock dividend payable in 6% preferred stock, y The property account
has been adjusted to Stone & Webster’s appraisal as of Jan. 1 1920, less 25%
for reduct on in unit prices, which adjustment resulted in a reduction in
property account of $2,804,156, of which amount $1,500,000 was charged
to surplus at Dec. 31 1922' an additional amount of $1,000,000 charged to
surplus-Dec. 31 1923, and the balance, $304,145, is charged to surplus
Dec. 31 1924, as shown above, which charge finally closes the property
adjustment account, z The dividends of 6% as shown as having been paid
in 1922 were actually paid during 1923 3% in January and 3% in July
but were provided for out of surplus previously accumulated.
OFFICERS.— Pres., Thomas S. Wheelwright, Richmond; Vice-Presi
dents, Fritz Sitterding; V.-P. & Gen. Counsel, E. Randolph Williams,
Richmond; V.-P. & Treas., Geo. B. Williams, Richmond; Sec., A. H. Herr
mann; Asst. Sec. & Asst. Treas., Geo. H. Taylor, New York; Gen. Aud. &
Asst. Treas., W. J. Kehl; Asst. Sec., A . E. Dickson; Asst. Gen. Aud.,
H. T . Ingalls. General office, Richmond, Va. N. Y . office- 149 B ’way.
— V. 118 p. 433 1013 1137 1393 1521 1667 2181 2306, 3080’ V. 119,
p 326, 457. 943, 2288, 2881' V. 120, p. 584, 706, 1749.
(1) NORFOLK R Y . & L IG H T .
Lease.— Was leased on June 1 1906 to Norfolk & Portsmouth Traction Co.
(since consolidated with Virginia Ry. & Power Co.) for 99 years, rental
being (in addition co ail fixed charges), 516,500 each June 1 and Dec. 1
trom June 1 1906 to June l 1907, Inclusive, and increasing to $49,500 <. afl
J
m Dec. 1 1912 and thereafter
V 82, D. 1323.
OR G A N IZA TIO N .— Incorp. In Va. Nov. 2 1899 as a consolidation of ths
following; Norfolk Street R R ., Norfolk & Ocean View R y., Virginia Elec.
Oo. and Berkeley Light & Power Co. Owns entire stock of the Norfolk
Light, Heat & Power Co. Also owns 4,011 shares out of 5,000 shares of the
stock of the City Gas Co. of Norfolk, remaining shares, 989, owned by Vir
ginia Ry. & Pow. Co. On Aug. 30 1904 the City Gas Co. purchased the
Berkeley Gas Co. V. 79, p. 968. Stock is listed on Philadelphia and
and Baltimore stock exchanges. Street railway franchises expire In 1914,
except a small portion of mileage in Norfolk, which expires in 1934. Elec
tric light franchise expires in 1930.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
The company controls the street railway, electric lighting and power
business of the city of Norfolk and owns a line of railway to Willoughby Spit
and connects with steamer to Old Point Comfort.
STUCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $1,650,000 t$25)........................
6
J-D $1,650,000 D ec’24,3%
Virginia Electric Co. 1st int>gej isy s 5 A-O
10,000 April 1 1928
$500,000 gold ($1.000)____(Int. at D. S. M tge. & Tr. t'o ., N. Y ., trustee
Nonolk Street 1st cons mtgej 1898 5 g J-J
728,000 Jan 1 1944
$1.040.000 gold ($1.000).c\lnt. at Merc. T r. & Dep «:o Balt., trnstet.
Norfolk Ry & Lt 1st cons oitgj 1899 5 g M-N
2,162.000 Nov 1 1949
$4,000,000 g ($1,000> » fc * \ In t. at Internat. Tr. Co., Baltimore, trustee.
Bonds.—o t one NortoUs tty S Light first consol, mtge. $1,050,000 is ret
•erved to retire underlying bonds. Sinking fund began Nov. 1 1909, and
rovides for the purchase of I % of outstanding bonds each year at 110 or
ss. See V. 70. p. 584. $778 000 of bonds not reported outstanding held
in sinking fund or by trustee Dec. 31 1924, $312,000 Norfolk Street R R .
bonds not reported outstanding also in sinking fund or in hands of trustee
as of Dec. 31 1924.
OFFICERS.— Pres., Thomas S Wheelwright; V.-Ps.. T Norman Jones
Jr and F. Sitterding; Sec. & Treas., G. B. Williams.— V. 82. p. 1323.
V. 106, p. 925.
f
NEWPORT NEWS & HAMPTON RAILWAY, GAS &
ELECTRIC CO.
ORGANIZATION.— This company *as organized in 1914 as the coneolla mi, of theN ewp. News& Old Pt. Ry & Elec. C o., Citizens’ Ry. Light
* Power C o., Hampton Roads Traction C o., Newport News Gas Co. and
the Hampton Phoebus & Fort Monroe Gas Corp. In 1919 acquired the
property and plant of the Phoebus Coal & Ice Co. and issued in connection
therewith $67,000 7% pref. stock. V. I l l , p. 687.
M a y , 1925.]
FIELD OF OPERATIONS AN D C H A R A C TE R OF BUSINESS.—
Provides railway, gas and electric light and power facilities for the Virginia
Peninsula. 51 miles of track. 126 cars. Power plant with 15,000 k. w.
capacity; 2 gas plants; electric-lighting system.
Franchises.— For electric light and power, perpetual; for street railways
practically none expires before 1944. Gas franchises In Newport News are
perpetual, subject to right of purchase of property by city (for 6 months I d
1927); In Hampton, gas franchise expires In 1936. Interurban lines largely
on private right of way.
The Hampton & Langley Field R y. wasincorp. in Virginia In Feb. 1917
with $25,000 capital (increased in Oct. 1917 to $100,000). to build a line
3.1 miles long between the points named. The co. owns a one-third interest
In this line.
STOCK AND BONDS—
Date
Interest. Outstanding. Maturity
Common $4,000,000 ($100)_ _____
_
______ . $2,800,000
See text
Pf 7% cum on$4,000,000($100)____
7 Q-J
1.500,000 Apr 25,1
1st & ref M $7 .500.000 g < 1001 1914
$
5 g J-J
3,744,500 Jan 1 1944
$500 & $1,000)-------- c*.tf'M aryland Trust Co. o f Baltimore, Trustee.
NewportNews <£ Old Pt. Ry. & El.—
First mortgage $900,000 gold I 1898
5 g M-N
900,000 Nov 11938
($1,000 each)________ c* tf 1Interest at Alex. Brown & Sons, Balt.. M d
General mtge $4,0007000 gold ( 1901
..
.
5 g M-S
38 000 Mar 11941
($1,000 each)__________ c*(Int. at Alex. Brown & Sons, Baltimore. M d
c*
or at company s agency in New York.
First mtge Citizens' R y L & P ( 1900
5 g M-N
52,00® M ay 1 1940
$800,000 ($1,000) gold—< ( ____ _______________ ___________ _______
;*• Maryland Trust C o.. Baltimore, Trustee
Guaranteed prin & int____1Interest at Alex. Brown & Sons. Baltimore.
Hampton Roads Trar 1st M — 1905
4i< J-J
46.500 Jan 1 1930
Stock.— The pref. stock is red. all or part after 3 years from issuance on
any div. date on 30 days’ notice at 110 and divs. V. 114, p. 2824. Is
listed on N . Y . Stock Exchange. V. 115, p. 2159. Com. is also listed on
N . Y . Stock Exchange. V. 116, p. 936.
Bonds.— Of the first and ref. bonds, $1,036,500 are reserved for prior
liens as above, $1,030,500 are in treasury and the remainder are for impts.
and extensions. Bonds subject to call at 105 and int. on any int. day upon
one month’s notice. Int. payable at Alexander Brown & Sons, Baltimore,
or company's agency in N. Y . The Maryland Tr. Co., Balt., is trustee of
Doth the first and general mortgages o f the Newport News & Old Point R y . &
Electric.
The Newport News & Old Point bonds of 1898 are subject to call at
110 on any interest day at 60 days’ notice.
The Citizens’ Ry. Light & Power Co. bonds are subject to call at 110
on any interest day on 60 days’ notice.
Remaining Newport News & Old Point Ry. & El. gen. M . 5s, Citizens
Ry. L. & P. 1st M . 5s, and Hampton Roads Trac 1st M . 4
are deposited
under the Newport News & Hampton R y., Gas & Elec. 1st & ref. mtge.
Dividends.— Divs. on the 6% pref. stock were paid regularly from organ
ization of co. to July 1917, when the pref. stock was made 7% cum. and
divs. at that rate have been paid regularly since. A div. of 3% on the com.
stock was paid July 1 1916; in 1917, M ay, 5% : in 1918. M ay. 5% : in 1919.
May, 5% ; in 1920, 5% ; in 1922, N ov., 1X'%; in 1923, Feb., 1 M % , and
same rate regularly quarterly since to and including M ay 1925.
EARNINGS.— For year ending Dec 31’
Calendar
Gross
Net (after
Other
Interest,
Balance for
Year—
Earnings.
Taxes).
Income.
Rents. <$c. Deprrc.. &c.
1924............$1,987,214
$640,247
$3,562
$248,516
$395,293
1923----------- 2,100,048
641,829
254,188
3,199
390,840
1922----------- 2,086,228
667,461
389,161
15,757
294,057
OFFICERS.— Pres., J. N . Shannahan; V.-Pres. & Gen. M gr., C. DPorter; V .-P ., C. D. Porter; Sec. & Treas., Richard M . Booker; Asst. Sec.
& Asst. Treas.. Wra. Stewart, all o f Haihpton. Peck-Shanahan-Cherrv,
Inc., operate the road.— V. 110, p. 2192, 2488’ V. I l l , p. 2528- V. 113, p.
1360’ V. 114, p. 2116, 2824’ V. 115, p. 1100 2159 2267 2478 2906; V.
116 p. 936’ V. 118 p. 2305’ V. 119 p. 1065 2064’ V. 120 p. 703, 2148.
CHARLOTTESVILLE & ALBEMARLE RAILWAY.
In 1923 entire property was purchased by the Virginia-Western Power Co.,
Clifton Forge, Va. The railway property was later conveyed back to the
Charlottesville & Albemarle R y. Co., which now operates it subject to
1st mtge. of Virginia Western Power Co.
ORGAN IZATION .— Organized in Virginia and formed by an agreement
o f consolidation dated N ov. 24 1913 between the Redland Powe Corpora
tion and the Charlottesville & Albemarle Ry.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS —
Miles of track, 3.45; standard gauge. Rails, 83 and 97-lb. girder and
50-lb. T . 9 cars. 1 sub-station.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common stock $500,000 ($ 1 0 0 )____
_________ *$500,000
See texi
Pref stk 7 %cum$200.000($100) ___
Q-M
68,400
See text
* All owned by Virginia Western Power Co.
Dividends.— Dividends at the rate o f 7 % per annum are being paid on
pref. stock. On common first dividend o f 2% and 1% extra paid in June
1916. In Dec. 1916 paid 2 H % . In 1917, June, 214 % : D ec.. 2% . In
)918, D ec., 1% . In 1919, 5 % . None to Dec. 1920, when 3% was paid
In 1921. June 3 % ; Dec.. 4% . In 1922, June. 4% : Dec.. 5% and 1% extra.
V. 116, p. 175. In 1923, March, 2 }4 % , and same rate paid regularly
■quarterly since.
EARN IN G S.— For years ending Dec. 31:
Year —
Gross.
Net.
Other Inc.
Chgs.
Pref. Div. Surplus
xl 923--$180,217
$77,403
$11,510
$38,713
$10,937
$39,263
1922—. 259.955
134.639
3,065
36,012
8.589
93,10)
1921---- 236,557
117,395
1,426
37,634
8.589
72,598
x For period from July 1 1923 to Dec. 31 1923, railway revenue only
Is included.
OFFICERS.— Pres., A. H. Grimsley; Treas., A. C. Ford; Sec. H. C.
Bradshaw— V. 103, p. 2428; V. 106. p. 606. 1688. 2289: V. 116, p. 175,
720. 2515: V. 117, p. 438, 781.
WEST VIRGINIA
APPALACHIAN POWER CO.
Proposed Consolidation— Exchange of Stock.— The Appalachian Securities
Corp. has offered its first pref., pref. and com. stock in exchange for the
first pref., pref. and com. stock of the Appalachian Power Co. For terms
o f proposed consolidation of the Appalachian Securities Corp. with the
American Gas & Electric Co. see V. 120, p. 451.
ORGAN IZATION .— Incorporated in Virginia in M ay 1911.
r FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Furnishes electric light and power, directly or indirectly, to 43 communities
in an industrial and coal mining district in Virginia and West Virginia,
having a population estimated at over 400,000. Five coal fields, among
them the Pocahontas and Clinchfield districts, are supplied with power by
the company. Company also numbers among its customers diverse manu
facturing enterprises, several municipalities and other utility companies,
including that serving the city o f Roanoke. Storage reservoir possibilities
and undeveloped water power sites aggregating over 70,000 k. w. on the
New River are controlled by the company, which has thus far installed
25,000k. w. in two hydro-electric plants. In additionto the hydro-electric
■developments, property includes a 58.750 k. w. steam station and 886 miles
of high tension transmission line.
Maturity.
STOCK AN D BONDS—
Date.
Interest. Outstanjng.
Common 60,000 shs (no par)______
_______
60.000 shs __________
1st pf 7 % cu $7,500,000 ($100;______
7 Q-F
$2,775,200 M ay 25 1M
Pref 7% cum $4,000,000 ($ 1 0 0 )____
7 Q-J 15
3,706,000 Apr ’25 1H
First mtge $25,000,000 ($1,-1 1911
5 g J-D
_________ June ______
11.890.000
1 1941
(#000) gold__________ c*&r*JInt. at Cont. & Comm. Tr. & S. B.,Chic.,tr.
General mortgage $6,000,0001 1921
7 F-A
See text Aug 1 1936
fc, callable at 105 and inter-{Int. at New York Trust Co.. N . Y ., trustee;
est----------------------- ----------- ( Frederick J. Horne, co-trustee:
151
POWER, LIGHT AND RAILW AY
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
Date.
2,500,000 Aug 1936
-year sec’d
2 ,5 0 0,uuu A u g i1iyao
15-year sec d bds $5,000,0001 1921 7 g F-A
$5,000,000)
($100, $500 & $1,000) g c*tf/In t. at New York Trust Co., N . Y ., trustee.
, k co- - a ” ouioo, $500 &| 1924
6 g J-J
4,000,000 July 1 202*
,000 & mul-{Central Union Trust Co., New York, trustee
M.C I
Stock.— First pref. is callable at 112 and div. Pref. is also redeemable
at 112 & div.
Bonds.— First Mortgage 5s are callable at 105 & int. on any int. date on
30 days’ notice. Mortgage provides for anual'sinking fund payments on
Sept. 1 of each year, commencing Sept. 1 1916, of cash equivalent to the
following percentages of the total amount of bonds outstanding at the time
of payment: 1916 to 1920, both incl., 1%; 1921 to 1925, both incl., 1 K % ;
1926 to 1930, both incl., 2% ; 1931 to 1940, both incl., 2y2% . Moneys in
this fund are to be used for the retirement and cancellation of bonds, either
by purchase or call at not exceeding 105 and int.
In Nov. 1923 Bonbright & Co., Inc., Harris, Forbes & Co., and Coffin &
Burr, Inc., offered $826,000 first mtge. 5s, at 90X and interest to yield
over 5.85% . V. 117, p. 2436.
Entire $6,000,000 issue of general mortgage 7s pledged as security for the
15-year 7% secured bonds.
15-year secured 7% bonds are not subject to call. Are secured by pledge
of $6,000,000 gen. mtge. 7s. Penna. 4 mills tax refunded. In Sept. 1921
$2,500,000 15syear secured 7% bonds were offered by Bonbright & Co.,
W . C. Langley & Co., N. Y .; Paine, Webber & Co., Boston, and Montgom
ery & Co., Phila., at 90 and interest, to yield 8.15.% V. 113, p. 1254.
6% debentures, Series “ A ,” are redeemable, all or in part, on any interest
date on 30 days’ notice on and after July 1 1929 and up to and including
July 1 2019 at 110 and int.: and thereafter at par and int. Penna. 4 mills
tax refunded. In June 1924 $4,000,000 were offered by Bonbright & Co.,
Inc., Tucker, Anthony & Co., and Jackson & Curtis, at 87H and interest,
to yield about 6.86% . V. 118, p. 3201.
EARNINGS.— For years ended Dec. 31:
Calendar Years—
1923.
1922.
1921.
1920.
Operating revenue_____$3,434,228 $2,949,602 $2,487,607 $2,265,611
Operating expenses_____ 1,796,239 1,556,128
1,381,896
1,266,227
Operating income____$1,637,990 $1,393,474 $1,105,710
Other income (interest).
22,933
24,363
20,342
Total income_________ $1,660,923
Interest_______________
$656,109
Amort, of disc. & e x p ...
67.922
Depreciation reserve_
_
325,000
Comm’ns,&c.,lst Pf.stk.
______
1st Pref. stock divs_____
136.684
Divs. Preferred stock_
_
259,420
$1,417,837
$638,624
57,960
250,000
3.750
70.938
64,855
$999,384
5,418
$1,126,052 $1,004,802
$675,556
$656,332
61,760
55,102
250,000
168,000
______
32,054
33,867
15,205
______
______
Balance, surplus_____
$215,788
$331,710
$104,869
$78,108
OFFICERS.— P re s .,_______________; V .-P ., C. N . Mason; V .-P ., H. S.
Reynolds; Sec. & Treas., L. W . Osborne.— V . 119, p. 1284, 2758; V. 120.
p. 451.
(THE) VIRGINIAN POWER CO.
Control.— On Feb. 4 1925 the stockholders approved the proposal of tha
Appalachian Securities Corp. to buy the assets of the Virginian Power Co.
for the consideration of an issue of 82,000 shares of the 1st pref. stock of the
Appalachian Securities Corp. The latter corporation plans to consolidate
with the American Gas & Electric Co. V. 120, p. 706.
ORGANIZATION.— Organized Sept. 25 1912 in Massachusetts
Owns
the entire capital stock of the Kanawha Valley Power Co. and all the
outstanding bonds and capital stock of the Portsmouth Public Service Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Has constructed a modern steam-power station at Cabin Creek Junction,
W. Va., and a comprehensive distributing system on steel towers and poles
supplying electric power in the Kanawha-New River Coal Districts of that
State. Owns or controls three alrge power sites on New River, located at
Bluestone, Richmond Falls and Hawks Nest, W . Va., and seveial other
smaller water power sites also along the New River.
STOCK AND BONDS—- Date.
Interest. Outstanding, Maturity.
_________ 50,000 s h s . _________
Common 150,000 shs (no p a r ) . ____
Pf 6% n-c $5,000,000 ($100)_______
_______
$1,200,000 ...................
Prior pref 250,000 shs Ser “ A ”
$7 cum (no par)___________ _____
$7
32,500 shs — _______
First & coll trust mtge $15,-\ 1912
5 g J-D
$5,925,000 Dec. 1 1942
000,000 ($1,000) g.c*& r*.tf (New York Trust C o., New York, ti ustee.
First lien & ref mtge Ser “ A ” \ 1924
6 X g J-J
5,000,000 Jan. 1 1954
($100, &c.) gold______ c*.tf/B ankers Trust C o., New York, trus tee.
Stock.— Prior pref. Series A is entitled to preferential cum. divs. at the
rate of $7 per share per annum before any div. is paid on the pref. stock
or the com. stock, is subject to redemption at $110 per share, is entitled in
dissolution, &c., to $110 per share before any distribution to the holders of
the pref. or com. stock, and is entitled to the benefit of sinking fund.
Bonds.— Total authorized issue o f first mortgage bonds— $15,000,0005
outstanding, $5,925,000; in sinking fund, $465,000; reserved for extensions,
betterments, acquisitions, &c., under restrictions, $8,209,000.
Callable at 105 and interest. Sinking fund of 1% of outstanding bonds
provided for. Interest payable in New York and London.
The first lien & ref. m tge. gold bonds, Series A , are redeemable, all or part,
on 30 days’ notice to and incl. Dec. 31 1933 at 105, thereafter to and incl.
Dec. 31 1938 at 104. thereafter to and incl. Dec. 31 1943 at 103, thereafter
to and incl. Dec. 31 1948 at 102, thereafter to and incl. Dec. 31 1952 at 101,
and thereafter to maturity at par, plus interest in each case. Mortgage
provides for sinking fund commencing 1925. Free from Penn. State tax.
V . 118, p. 564.
Virginian Power Co.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n g o r P ow er C o.
C e n t r a l G e o r g ia P o w e r C o.
C e n tr a l I llin o is P o w e r C o.
C e n tra l In d ia n a G as C o.
C e n tra l In d ia n a P o w e r C o.
C in c in n a t i G a s & E le c tr ic C o.
C in cin n a ti G a s T ra n s p o r ta tio n
C o lu m b ia G as & E le ctric C o.
C u m b e r l a n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . Lt
D u r h a m P u b l i c S e r v ic e C o .
E a st O h io G a s C o .
G e o r g ia L i g h t , P o w e r & R y s.
In d ia n a E le ctric C o r p o r a t io n
J e rse y C e n tr a l P r. & L t. C o rp .
L in c o l n G a s & E l e c t r i c L i g h t C o .
M i c h i g a n L ig h t C o .
M id d le W e s t P o w e r C o .
M id d le W e s t U t i li t ie s C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h io P u b l i c S e r v ic e C o .
O m ah a & C o u n c il B lu ffs S t. R y.
O zark P ow er & W a ter C o.
P o r t la n d E l e c t r i c C o .
P u b l i c S e r v ic e C o . o f C o l o r a d o
S h a w in ig a n W a te r & P ow er C o.
U n io n L i g h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
W est P en n P ow er C o.
W e have been identified either as principals or
jointly in the financing of the above companies
A. B. Leach & Co., Inc.
NEW Y O R K
BOSTON
PHILADELPH IA
CHICAGO
152
R E PO R T .— For 1923 showed:
Calendar Years—
1923.
Gross earnings__________ .$2,631,615
Oper. expenses and taxes $1,611,334
Interest on bonds______
320,144
Other interest_________
128,840
Renewals & conting’cies.
216,000
Amortization of debt dis
_
146,166
count and expenses_
PUBLIC UTILITIES
1922.
$1,962,123
$1,115,841
318,265
112,028
216,000
1921.
$1,790,074
$1,061,056
286,593
124,529
133,333
133,098
89,342
1920.
$1,410,748
$1,023,362
234,436
108,010
,$209,131
$66,891
$95,221
Balance, surplus------$44,940
OFFICERS.— -----------------------, Pres.; J. E . Harsh, R . E. Burger and
Lloyd Robinson, V.-Pres.; G. B. M oir, Treas.; Paul W . Fisher, Sec.
Secretary’s office, 62 Cedar St., New York.— V. 120, p. 333. 455, 706.
MONONGAHELA WEST PENN PUBLIC SERVICE CO.
Control.— In June 1922 the West Penn Co. acquired a substantial con
trolling interest. V. 114, p. 2116, 2718, 2823.
OR G A N IZA TIO N .— Organized in W. Va. on May 17 1912 as the Monongahela Valley Traction C o., name changed (V. 112, p. 2083) to Monongahela Power & R y. on M ay 11 1921, but early in 1923 name was changed
,
once more to present title. V. 116, p. 61o. Is a consolidation of Fairmont
& Clarksburg Trac. C o., Fairmont & Northern Trac. Co. and Clarksburg &
Weston Elec. Co. On Dec. 15 1915 acquired the Fairmont Gas Co. V. 101
p. 1465. N ov. 1 1916 acquired Consumers Light Co. On April 1 1917
absorbed by merger the Fairmont & Manington R R . Co. On June 30
1917 acquired control o f the Kanawha Traction & Electric Co. (now
known as the Parkersburg-Marietta Division, (which see below) through
ownership of approximately 96% o f its stock. V. 105, p. 290. The com
pany has since acquired all the outstanding common and pref. stock of
that company. In March 1923 the company secured control of the St.
M ary’s Pow. & Lt. Co., St. Marys, W . Va., by purchase o f outstanding
capita] stock. In Aug. 1923 the co. purchased o f the Central Utilities Co.
the light and power properties located at Sutten, W . Va.
Consolidation.— Consolidation of West Virginia Ohio and Maryland
properties of the West Penn System into the Monongahela West Penn
Public Service Co. See V. 120 p. 703.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns and operates a system o f electric railways in W . Va. and Ohio exceed
ing 180 miles o f track (including Kanawha Traction & Electric C o.), also
electric lighting and gas plants. The physical property owned by the
company and subsidiaries as o f Dec. 31 1923 included 180.90 miles of
track (single track mileage): standard gauge: 121 motor passenger cars,
30 express and freight cars, 3 electric locomotives and 19 other cars;
5 electric generating stations having an installed generating capacity of
56,630 k. w.; 64 substations having a transformer capacity o f 27,950 k. w.,
and 257.30 pole miles o f high-tension transmission lines (19.33 miles of
66,000-volt construction and 237.97 miles o f 25,000-volt construction),
excsluvie o f low-tension distribution lines in cities and towns. Franchises
in Fairmont are perpetual. In other cities and towns extend for 50 years,
the shortest expiring in 1952. Interurban lines on private right-of-way.
Franchises over county roads and bridges in Marion and Harrison counties
are perpetual.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $15,000,000 ( $ 2 5 ) - . - ____
Q-J
$8,529,661 Oct'18. 1)4
Pref 7% cum $15,000.000($25)___
7 Q-J
5 653 802
See text
Mon Val] Trac 1st A rt f mtge ( 1912
5 J-D
3,74, ,000 June 1 1942
$15,000,000 gold ($500 and)Fidelity Trust C o., Baltimore, trustee. In$1,000)------------- c*&i *.tf I terest payable in New York.
*
1st lien & ref conv Ser “ A*’ / 1923
6 g F-A
8,606,700 Feb 1 1928
($100, $500 and $1,000 c*;) Interest payable in New York and Chicago.
$1.000;& multiples r*) g .tf(
19,300 Feb 1 1953
Series ‘ B ” ------------------------ 1923 5M %
Falrm & Clarksb 1st M , $2.-1 1903
5 g A-O
2.500,000 Oct 1 1938
500,000 g ($1,000)--c*ntf JInt at Guaranty Trust Co . N Y ., Trustee
8t M ary’s Pow & Lt Co 1st M . 1917
6 J-J
25,000 Jan 1 1937
Bonds.— Of the Mon. Valley Trac. 1st (& ref.) bonds, $2,500,000 are
reserved to retire piior liens, $6,478,500 are deposited under the first lien
and ref. bonds, and remainder are for additions and extensions under
certain restrictions. Redeemable at 105 and int. on any int. date. See
V. 102, p. 1346; V. 94, p. 1508.
The first lien & refunding 6s, Series “ A ,” are secured by pledge of
$6,478,500 M on. Valley Trac. 1st & ref. 5s; $377,300 first & ref. mtge.
bonds and the entire pref. and com. capital stock of the Kanawha Trac. &
Eiec. Co. Are conv. after Aug. 1 1923 into a likt amount of Series “ B”
6)$s, dated Feb. 1 1923 ana aue te b 1 1953, to be issued under the same
trust deed as Series “ A ” ; the Series “ A ” bonds, for the purpose of such
exchange, to be computed at par and int. The first $2,000,000 of Series “ A ”
bonds to be presented for conversion may be converted on a 6% income
basis: the next $1,500.000 on a 5-90% income basis, and the remainder on a
5.75% income basis, the difference due on the conversions to be paid by the
company in cash, and adjustment o f int. to be made at time of conversion.
Red., all or part, by lot at any time on 45 days’ notice, at the following
prices and interest: at 102)4 to and inch Feb. 1 1924, less H % for each
year thereafter to and inch Feb. 1 1927, and thereafter at par. Penn, and
Conn. 4 mills, Maryland 4 )4 mills and Mass, income tax on int. not exceed
ing 6% per annum refunded. Listed on Baltimore Stock Exchange.
V. 116, p. 616
Fairmont & Clarksburg first mtge. bonds subject to call at 105 and int.
Listed on Philadelphia and Baltimore Stock Exchanges.
Dividends.— Initial div. o f 43% cents was paid on 7% pref. stock on
Oct. 1 1923. Same rate paid regularly quar. since to and inch Apr. 1925.
Earnings for Calendar Years—
1924.
1923.
Gross operating earnings_____ ____________________ $5,633,985
$5,204,888
Operating expenses and maintenance______________ $3,255,617 $3,004,157
Renewals, depletion and depreciation____________
146,161
51,196
Taxes (including Federal)___ ____________________
323,301
308,889
Miscellaneous income___________________________ Cr.37.138
Cr.31,608
Totalincome__________________________________$1,947,044 $1,872,253
Int. on funded & floating debt and amort, o f diset. x l ,172,430 1,048,122
R entals____________ ________________________ ■___
25.842
12,222
Net available for dividends____________________
$748,772
$811,910
x After deducting $32,622 charged to improvement accounts.
OFFICERS.-—Pres., G. M . Alexander; V .-P. & Treas., R. B. Keating;
V .-P ., C. P. Billings; V .-P ., J. D. Whittemore; Sec. & Asst. Treas., S. E.
Miller.— V. 117, p. 554, 1236, 1462; V. 118, p. 551, 2305, 2825; V. 119,
p. 942; V. 120, p. 703, 1747.
(1) KANAW HA T RACTION & ELECTRIC CO.
Controlled by Monongahela West Penn Public Service Co. (see above).
ORGAN IZATION .— IncoiT)- April 20 1915 and on June 7 1915 absorbed
by consolidation the Parkersburg, Marietta & Interurban Ry., which was
Incorp. in 1902 in W . Va., and purchased the properties of the Parkersburg
Gas, Electric Light & Street R y., Parkersburg Interurban R y. and Marietta
Electric C o., and on July 1 1911 the properties o f the Muskingum Traction
Co. Franchises perpetual or for long periods. Guarantees the mortgage
bonds o f the Parkersburg & South Side Bridge Co.
STOCK A N D BONDS—
Date.
Interest
Outstanding. Maturity
Common stock $1,500,000($25)
- $ 1, 100,000 _______________
Pref stock $1,500,000 6% cuml
Q-J
1.078,500
See text
(par $25)-------------------------- J
1st & ref M $5,000,000 gold
($100, $500 & $l,000)_c*tf
1,700,000
Series “ A ” ________________ -j 1916
5 g F-A
377,300 Aug 1 1936
Series “ B ” ________________ J 1916
7%
(Int. at Fidelity Trust C o., Baltimore. M d.
Parkersb G E L & St R y 1st/ 1898
5 g M -S
150,000 Mar 1 1938
M ($500 & $1,000)_ c*.tf\Int. at Merc. Trust & Dep. Co., Balt., trus.
_
Parkersburg-Marietta & In t/ 1902
5 A-O
540,000 Apr 1 1942
Ry cons mtge ($1,000) c* .tf \Int. at Union Tr. & Dep. C o., Park’g, W.Va.
Parkersb & Inter-Urban R y / 1901
5 F-A
10,000 Aug 1 1941
first mtge ($1,000)______ c*|Int. at Union T . & D . Co., Parkersb., W . Va.
Stock.— Preferred stock is cumulative from July 1 1916. All of the out
standing com. and pref. stock is owned by the Monongahela West Penn
Public Service Co.
Bonds.— The First & Refunding bonds are issuable in series as the com
pany’s needs require. Series “ A ” is in the auth. amount o f $2,000,000,
of which $1,700,000 were issued in April 1917 to retire the $1,100.000 2-year
[V ol. 120,
5% notes due June 15 1917, and $150,000 Marietta Electric Co. bonds paid
April 1 1917, and for extensions, &c. $50,100 owned by Monongahela
West Penn Public Service Co. Entire $377,300 Series “ B ” 7s are owned
by Monongahela West Penn Public Service Co. and deposited under
Monongahela Valley Trac. Co. gen. mtge. Provision is also made for re
funding other underlying bonds at or before maturity. The bonds are sub
ject to call on any int. date at 105. Fidelity Trust Co. and Van Lear Black
of Baltimore are trustees.
Parkersburg Gas Electric Light & Street R y. first mtge. 5s are callable
at par and interest.
Parkersburg-Marietta & Inter-Urban R y. cons. 5s are redeemable at par
and interest. Geo. F. Frederick and Benj. T . Neal, trustee.
Parkersburg & Inter-Urban R y. first 5s are callable at par and interest.
$190,000 have been canceled.
Dividends.— Divs. of 1)4% quar. on pref. stock were begun Oct. 1 1915.
EARNING S.— Included in Monongahela West Penn Public Service Co.
(see above).
OFFICERS.— Pres., G. M Alexander; V .-P ., C. P. Billings; Sec. &
Treas., R. B. Keating; Asst. Sec. & Asst. Treas., S. E. Miller; Asst. Sec.,
G. E. Murrie.— V. 104, p. 1145, 1702; V. 105, p. 1522; V. 110, p . 561.
CHARLESTON INTERURBAN RAILROAD.
ORGANIZATION.— Incorp. in 1909 with $100,000 capital stock which
was Increased on N ov. 10 1914 to $1,500,000 In part for the purchase of
the Charleston Traction C o., a line from St. Albans to South Charleston,
taken over as o f that date, and in part as a stock dividend, all earnings since
Incorporation having gone into extensions and betterments
In Aug. 1923 purchased the entire outstanding stock of the Kanawha
Valley Traction Co. and has assumed that company’s 1st mtge bonds.
V. 117, p. 893. The co. also owns entire capital stock of the Charleston &
Dunbar Traction C o., which co. it had formerly leased. V. 114, p. 197.
FIE LD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates (incl. Dunbar line mileage) 51 miles o f track between St. Albans
and Cabin Creek. Line is to be extended to Montgomery, about 10 miles
further on. 70, 80 and 100-lb. T and 122-lb. grooved rail. Standard gauge.
70 passenger cars, 3 freight cars and 4 work cars. Power is obtained from
the Virginian Power Co. under long-term contract. Franchise of the
Traction Co. in the city of Charleston expires in 1950; interurban lines are
operated almost entirely on private rights-of-way.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Com. $1,500,000 ($100)........................................... $1,500,000 See text.
Preferred $1,500,000 ($100)________
Q— J
385.600
------------1st M (closed) collateral bonds\1922
7 g M-S
687 5)0 M ar 1 1937
($500 and $1,000)_____c * tf/In t. at Safe Deposit & Tr. C o., Balt., Trus.
Kan V alT r 1st M. $2,000.0001 1906
5 g J-J
1.000.000 Jan 11946
($1,000) g oldc_________ tffln t at Fidelity Trust C o., Phila.. Trustee
Charleston-Dunbar Tr 1st m.l 1913 6 g J-D
286,000 June 1 1933
$500,000 ($500) g old..c.tf(C en tra l Tr. C o., Charleston Tr. C o.,
)
Charleston, W . Va.
Stock.— Pref. stock participates equally in additional divs. in any year
after $6 per share has been paid on common. V . 118, p. 2571.
Bonds.— Payment of prin. and int. of the Kanawha Val. Trac. Co. bonds
has been assumed by the Charleston Interurban RR , $1,000,000 of the
bonds have been deposited as security for the 1st M . coll. 7% bonds o f the
Charleston Interurban R R .
The Charleston Interurban R y. 1st coll, bonds are secured by deposit of
$1,000,000 1st M . 5s due 1946 (assumed) of the Kanawha Val. Trac. Co.
Are red. during the first 10 years, all or in part, at 107)4 and int., on any
int. date on 60 days’ notice; after M ar. 1 1932 are red. at 105 and int.,
the premium decreasing 1% per ann. each year thereafter to maturity.
$62,500 retired by sinking fund up to Sept. 16 1924. Maryland and Penna
taxes refunded. V. 114, p. 946.
Int. on Charleston-Dunbar Trac. Co. 1st 6s is payable at Kanawha
National Bank, W . Va.
Dividends.— On common paid 2% in 1920. In 1921, 2 % ; in 1922, 2 % :
in 1923,3% . In 1924, 3% .
EARNINGS—
Gross
Interest,
Balance
Cal. Year—
Earnings.
Net.
Ac.
Surplus
1923____________________ $975,628
$322,820
$131,666
$191,15
1922____________________ 952,352
304,778
127,171
177.60
OFFICERS.— Chairman of Board, W . A. MacCorkle; Pres., F. M .
Staunton; Sec. & Treas., A. M . Hill; V.-P. & Gen. M gr., I. N . Smith.—
V. 111. p. 791; V. 113, p. 291; V. 114. p. 197, 946; V . 117, p. 893. 2211;
V. 118. p. 201, 1771, 2571; V. ’ 20, p. ’ 325.
KENTUCKY
KENTUCKY SECURITIES CORPORATION.
ORGANIZATION.— A holding co. Incorp. in Virginia on Jan. 23 1911
(V. 92, n. 322) as successor to the Lexington & Interurban Rys. Co. per
nlan in V. 92, p. 461. Owns the 3ntire stock of the Kentucky Traction &
Terminal C o., Lexington Utilities Co. and Lexington Ice Co. In 1923
acquired the plant and business of the Royal Springs Ice & Storage Co. of
Georgetown, K y. V . 116, p. 1533.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Constituent cos. operate 89.33 miles of track. They do the electric light
and power, gas, street railway and ice business of Lexington. Also operate
city lines in Frankfort and lines radiating from Lexington to Georgetown,
Paris, Nicholasville, Versailles and from Frankfort to Versailles.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
.............
$2,184,850
See text
Common $2,500,000 ($100)________
Pref $2,500,000 ($100) 6% )
Q— J15
2,348,898
8ee text
cum_____________________ J ____
Stock.— Both com. and pref. are listed on Phila. and Louisville stock
exchanges. Pref. is also listed on Cincinnati Stock Exchange. Pref.
stock Is redeemable at par and accum. div. In July 1917 holders o f both
oommon and pref. stock were given the right to subscribe pro rata on or
before Aug. 15 1917 for the remaining pref. stock at 82)4 ana accrued divs
from July 1 1917. V. 105, p. 389. As of Jan. 4 1922. $320,380 o f the pref.
stock remained unsold and the stockholders voted to sell the stock or
exchange same for the outstanding pref. div. scrip certifs. The holders of
pref. and com. stock were given the privilege of subscribing for $169,280 6%
cum. pref. stock to the amount of 4% of their holdings of pref. and com.
stock as of record Feb. 4, at $70 per share. Stockholders exercising right of
subscription were given right to deliver in full or partial payment of same
pref. stock div. scrip certfs. at 80% of their face value (all outstanding
scrip was called for payment Oct. 2 1922). V. 114, p. 409.
Dividends.— Initial div. on pref., 1 H % . paid July 16 1913; same rate
quar. to and incl. July 1916; in Oct. 1916 paid 1)4% and >4 of 1% extra
aoct. o f accumulations. In Jan. 1917, 1)4% and 1% extra, paying up all
accumulations; April 1917, 1 )4 % , and same rate quar. to and incl. July
1918; none to Oct. 1919, when 1)4% was paid (V. 109, p. 1273). In 1920,
Jan., 1)4% ; April, 1)4% ; July, 1 )4 % ; Oct., 1)4% . In April 1920 a scrip
div. of 6% was also paid, clearing up all back dividends. V. 110, D. 1526
In 1921, 6% . In 1922, 6 % . Jn 1923, 6 % . In 1924. 6% . In 1925,
Jan., 1 )4 % . An initial div. of 1% was paid on com. on Oct. 2 1922.
Aug 1 1936
Same rate paid regularly quar. to and incl. July 1924. In Oct.. 1924
1)4% was paid, and same rate paid regularly quar. since to: and incl.
Apr. 1S25)
EARNING S.— Of combined properties (Ken. Trac. & Term. C o. and
Lex. Util. Co.) for years end. June 30 (1924 report in V. 119, p. 2174):
June 30.
Gross
Net
Other Sink.Fund, Bond
Balance.
Year—
Earnings- Earnings. Income. Taxes, A c. Interest.
Surplus.
1923-24.$1,673,707 $826,171 $84,236
$461,952------ $448,455
1922-23_____ 1,551,715 707,842
96,589
432,455-----371,977
1921-22_____ 1.457,818 676.774
91,424
430.186-----338.013
Passengers carried in 1923-24, 6,633,159. against 5.571.813 in 1922-23.
—OFFICERS.— P. lvi.p»Ohandier; V.-P., F. >
■
-ten: a w .. H. D.
Brown Jr.; Treas., H. ‘Williams Jr.— V. 116, p. 935, 1533. 1649 . 2779:
V. 117. n. 1661; V. 119, p. 1395, 1733, 2174, 2411.
M a y , 1925.]
POWER, LIGHT AND RAILW AY
153
dividend provisions, runs for 20 years. The rights of the bondholders in
(1) KENTUCKY TRACTION & TERMINAL CO.
the long-term franchises are said not to be affected by the present operat
ORGANIZATION.— Incorporated In Kentucky on May 18 1911 as a con
soUdatlon of the Lexington Ry., Bluegrass Trac. Co. and Central Kentuckj ing arrangement.
Traction Co. V. 92. p. 1436. The entire stock is owned by Kentuckj
Holding Company Dissolved.— See “ Electric Railway” Supplement of
Securities Corp. Franchises perpetual.
April 26 1924.
The Louisville
been organized in the interest of
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— the Louisville Ry. A Interurbana R R . hasof urban
to
system
No
Operates 89.33 miles of track, comprising all street railways in and about securities have beenconstructexcept *4.000,000 and interurban lines. that
stocit
Lexington, 16.02 miles; Frankfort. 5.64 miles; interurban lines radiating amount in February Issued to Louisville R y. Co. In (increased to
1913)
Jan. 1911 Louis
from Lexington to Versailles, Georgetown, Paris, Frankfort and Nicholas- ville A Interurban RR. acquired the Louisville A Eastern R R . (all o f whose
villes, 65.87 miles; sidings and spurs, 1.8 miles. 50 to 80 lb. rails. Stand bonds, construction notes, receivers' certificates, A c., and about all the
ard gauge. Owns 44 passenger city cars and 14 interurban passenger cars. stock, was owned by Louisville A Interurban). sold at foreclosure on Jan. 3
14 freight and service cars; total, 72 cars.
1911. V. 92. p. 59, 262.
STOCK AND BONDS— Date.
Interest. Outstanding
M a t u>».»
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Stock $2,500,000 (*100)............ _ .........................
*2,223.400
------- .
The Louisville R y. Co. owns 172.76 miles of track on 80 miles of streets
1st & ref mtge *7.500.000 ft! 1911 5 g F-A
2,202.000 Feb l 1951
and 9.86 miles in yards, Ac.; 3.52 miles are outside city limits; aU is electric.
(*1.000) guar p A i___ c*tfUnt. at Commercial Trust Co., Phila.. Trust
Affords entrance into Louisville for the Interstate Public Service
Lex Ry first mtge *1.500.0001 1899
5 g J-D
946,000 June 1 194P Louisville A Interurban owns 105.57 miles of track in JeffersonCo. The
County,
gold (*1,000)________ c*tf lint. at Continental Tr. Co.. Baltimore, True
incl. extensions to
Shelby
Blue Grass 1st mtge *700,000/ 1904 5 g M-S
203.500 Mar 11934 counties. ThroughLa Grange and to Shelbyville, in Oldham and the co.
the Kentucky Carriers, Inc., a subsidiary,
g (J500 and $l,000)-.c&rtf lint, at Cleveland Tr. Co.. Cleveland. Trus
operates buses. V . 117, p. 86.
Car trust notes___________ ___ _____
7%
45,845 Feb 20 1927
Valuation.— See V. 112. p. 849.
Equip trust certifs Series “A” l 1923 6 g A-O
136,000 See text.
$500 and *1,000) gold_____/Security Trust Co., Lexington, Ky., trustee.
STOCK AND BONDS—
D a te .
In te rest. ■ O utstan ding.
M a tu rity .
____
*8,232.600
See text
Common *8,500,000_________ _____
B onds. — Of the 1st & ref. bonds. *1,302,000 are reserved to retire prior
AAO
3.500,000
See text
liens and remainder for extensions, Improvements, Ac.. at not exceeding Pref 5% cum *3,500.000...................
5 g F-A
4,035.000 Feb 1 1950
90% of cost under certain restrictions. They are redeemable as a whole Louisville Ry gen mtge gold! 1910
*20,000,000 (*1,000) _.c*tf/Interest payable In Louisville.
on February 1 1914 or any Interest day thereafter, or In part for sinking
5 g J-J
6,000,000 July 1 1930
fund on any Interest day after November 1 1921 at 105 and Interest. Louisville Ry cons M gold/ 1890
*6,000,000 (list N Y )_ _ c * tf (In t. at National Bank of Commerce, N . Y .;
Bonds are guaranteed prin. A Int. by end. by the Kentucky Secur.Oorp
( Fidelity-Col. Tr. C o., Louisville, Trustee.
Sinking Fund 34% per annum of bonds out.. 1921 to 1930; 1% 1931 to
2,000.000 Mar 1 1940
1950. V. 92. p. 1564. As of Apr. 1 1924 *602,000 had been retired and Louisville Ry 2d mtge. *2,-1 1900 434 g M -S
000,000 gold ($1,000)___t f (Interest payable in Louisville.
canceled by operation of the sinking fund. V. I l l , p. 1083. *568,000 are
6%
1,000.000 June 1 1926
deposited with the trustee of the Lexington Utilities Co. indenture. The N o t e s ______________________ 1923
6 F-A
264.000
See text
bonds are listed on Phila. Stock Exchange. V. 9 4 , p. 1119. Sinking fund Car trust ctfs ser “ A " _____t f l 1923
(Fidelity A Col. Tr. Co., Louisville, trustee.
retires 1% of Lexington Ry. bonds annually; *381.000 were held in a. f
6%
207,000
See text
June 30 1924. The equipment trust certfs. Series “ A” are due *8,000 semi Car trust certificates Series) 1924
annually Oct. 1 and April 1 to and incl. April 1 1933. Diva, are payable
“ B ” ($1,000) gold________ (Fidelity A Col. Tr. C o., Louisville, trustee.
in Lexington, Ky., or New York City. Kentucky 4 mills tax refunded.
B onds. — *8,000.000 of the gen. mtge. bonds of 1910 are reserved to retire
V. 116. p. 1649.
prior liens; the remainder is for extensions and improvements. Bonds are
OFFICERS.— Pres., Percy M . Chandler, Phila.; V.-P., F. W . Baconi not subject to call. Fidelity-Col. Trust C o., Louisville, trustee.
Car trust certificates Ser. “ A ” are due *33,000 each Feb. 1 to and incl.
Phila.; Sec., L. F. Rye, Lexington; Treas., J. Will Stoll, Lexington; Gen.
Mgr., J. P. Pope.— V. 109, p. 72, 1793; V. 110, p. 360; V. I l l , p. 294. Feb. 1 1933. Car trust certificates Series “ B” are due semi-ann. to Jan. 1
1083, 1183, 1566; V. 113. p. 1983, 2311; V. 114, p. 79; V. 116, p. 1649. 1934. V. 118, p. 85.
Dividends.— 5% was paid on pref. stock to and incl. Oct-. 1918
None
2766; V. 117, p. 670, 1663.
to April 1923, when 234% was paid. In July 1923, 234 %: Oct. 1923, 234%:
(2) LEXINGTON UTILITIES CO.
Dec. 1923. 2 34 % • In Feb. 1924, 5% was paid, representing a regular div.
ORGANIZATION, Ac.— Incorp. in Ky. on June 5 1909. Owns a sub of 134% and 394 % on account o f back divs. In April 1924. 2 34 % . leaving
stantial interest in the Southwestern Utilities Corp., a holding co. owning accumulations on these shares of 10%. V. 118, p. 1773. In Oct. 1924,
all the issued securities of the Gas Pipe Line Corp. and the Sachem Oil Co., 5% was paid on account of back divs. V . 119, p. 1733. On Feb. 151925
and 70% of the issued securities of the Southwestern Gas Co. Has assumed paid 5% , clearing up all deferred divs. V. 120, p. 703. 4% was paid on
the payment of prin. and int. of $861,000 Kentucky Trac. A Term. Co. 1st the old Traction com. stock up to time of dissolution. Divs. of 134% each
were paid on Railway com. in Jan., April and July 1918. October div.
A ref. 5s and *750,000 Lexington Ry. Co. 1st M . 5s. V. 109, p. 1370.
omitted (V. 107, p. 1385). None since- Y. 108. p. 878.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
REPORT. —For years ending Dec. 31
Does ice and electric light and power and gas business in Lexington. Light
Balance,
Interest A
Net
Other
Gross
and power fra n ch ises expire in 1936. Gas and ice fra n ch ises are perpetual. Calendar
Surplus.
Year—
Tares.
Revenue
Income.
Earnings.
Power plant has rated capacity of 10,500 k. w. Daily capacity for ice
1924 _______ -..*4,449,678 *1,453,706 *138.531 *1,056.843 *535,394
manufacturing plants, 265 tons.
489,542
1923 _______ . . . 4.445,866
1.042,874
1,367.344
165.072
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
504,979
1922 _______ . . . 4,542,818
1,011,401
1,352.585
163,795
Stock *100.000............... .______— All owned by Kentucky Securities Corp.—
290,593
1921_______ . . . 4.469.502
1,001.948
1,195,779
96,762
Flrst lien A r e f bonds ser •A” . 1919
(A p r il 1 1929
-O
6 g A-O )
OFFICERS.—
the Board, T
P
Series “B " _______________ 1921
6 g A.-o
*2 ,210,350 April 1 1936 Barnes; V.-P. A Chairman of F. H. Miller; . VJ. Minary; Pres., James A
Gen. M gr.,
.-P., Sam’l Riddle; Sec.
6 g A-O
Oct 1 1946
1921
Treas., Samuel G. Boyle; Gen. Aud., F. E. Belleville.— V. 113. p. 2185
Cnl'td *50. *l6o;*56o;*LOOO
g o ld .._______________ c*tf Commercial Trust Co., Phila., Pa.. Trustee. 2720; V. 114, p. 306. 1063, 2116; V. 115. p. 183, 436, 1210, 1532, 2793
V. 116, p. 822, 1275; V.,117. p. 86; V. 118, p. 85. 1268: V. 119, p. 1733
B onds .— Are secured by a mtge. on all the co.’s property. For further V. 120, p. 703.
security back of this issue se* V. 109. p. 1370: V. 113, P- 966. Amount of
bonds outstanding at any om time Is Indeterminate. Bonds of other ser es
may be issued under certain restrictions as defined In the Indenture at not CINCINNATI NEWPORT & COVINGTON LIGHT &
exceeding 6% and shall stand on a parity with Ser.“A ,” “ B " A “C .” Ser.“A "
TRACTION CO.
red. all or in part on any int. date on 60 days’ notice at 101 and Int. Ser.
“ B " call. aU or part on any Int. date on 60 days' notice at 10234 and Int.
ORGANIZATION.— Incorporated under the laws of New Jersey on
Ser. “B " bonds have sink, fu n d equal to 2% of amount outstanding to be March 11 1902 and purchased all the stock of the Union Light. Heat A
used for permanent add'ns. exts.. Ac., or for purchase of bonds at not ex Power Co. of Covington aud of the Cincinnati Newport A Covington R ail
ceeding 10234 A int. Ser. “ G” red. aU or In part on any Int. date on 60 way. V. 74. p. 576. The latter was organized in 1892 to buy up and condays’ notice at 10234 & Int. Ser. “ C” have annual sin k, fu n d of 114% ml «olidate all the roads on the Kentucky side of the river opposite Cincinnati.
full amount of Ser. “ G " bonds outstanding from Oct. 1 1926 to Oct. 1 1918
Prior to July 1 1922 the South Covington A Cincinnaii St. Ry. C o., a
and thereafter to maturity of 2% per annum. State taxes not exceeding Ky. corp. (formerly one of the constituent cos. of the Cine. Newport A Cov.
the present rates of 6% on income in Mass., *.0045 in Md., *.004 in Ky. Ry. C o., an Ohio corp.) acquired direct ownership of ail the street railway
and $.004 in Penn., will be refunded. Int. payable at trustee In Phila. properties formerly owned by the Cine. Newport A Cov. R y. Co. and its
or agency of co. In New York. V. 109, p. 1370; V. 113. p. 855, 966. 1983; subsidiaries (except the Cine. Cov. A Rosedale Ry. Co. and the Cine.
V. 115, p. 2386; V. 117, p. 1671.
Cov. A Erlansrer Ry. C o., whose stock it acquired) and changed its name to’
the Cindnm ti Newport A Covington Rv Co.
(S) Lexington Ice Co.
Lease.— The Union L t., Ht. A Power Co. and the Cine. Newp. A Cov.
ORGANIZATION. Ac — Incorp. May 1 1917. Stock authorized. *100,- R y. (both controlled through stock ownership by the Cine. Newp. A Cov.
000; outstanding, *100.000' *25,000 owned by Kentucky Securities Corp., Lt. A Tr.) were leased from Apr. 1 1907 to Columbia Gas A Electric Co.
and *75,000 by Lexington Utilities Co. Made a 50-vear lease of plant and (incorporated in Ohio) for 45 years. The lessee guarantees interest on bonds
business of Consumers Ice A Cold Storage Co. of Lexington. Has acquired and 434% per annum on pref. stock. On common, divs. are to be 3% for
Royal Springs Ice Co. of Georgetown, Ky., on lease basis. Has entered first year, increasing 34 % each year until 6% is reached, which is to be the
Into contract with Lexington Utilities Co. for sale of that co.'s ice output 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 extens.
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 o f by sale of stock of the
P A D U C A H E L E C T R IC C O .
Cincinnati co. as provided under the old agreement.
The
ORGAN IZATION .— Incorp. in Ky. on Sept. 23 1919 as successor by leases jointly with the Western Union Telegraph Co. V. 101, p. 694. from co.
for a period of
20
reorganization (see plan in V. 108, p. 1165, 1275) to the Paducah Trac. A Lt. to 30 years the Dixie Term. Bldgs., which ojpened for service on Oct. 22 1921.
Co. (for history see “ Electric Railway” Supplement of Nov. 15 1919).
The controlled Cin. Cov. A Erlanger St. R y., which was incorp. Sept. 1899
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— with *250,000 stock (shares *50) to build an extension to Erlanger, 794
Owns and operates the electric light, power, gas and steam-heating systems miles (about 8 m. completed), has been leased to the Columbia Gas A Elec.
in Paducah, K y., and through ownership of all the stock (except directors’
FIELD OF OPERATIONS AND CHARACTER OF BU SIN ESSES,
shares) o f Paducah Ry. C o., controls and also operates the street railway trolley road. Connects Cincinnati, Covington, Newport, Bellevue, Dayton,
system, serving a population estimated at 27,500. Also owns all (except CUfton, Southgate, Fort Thomas, Fort Mitchell, West Covington and
directors' shares) the stock of the Paducah R ealty Co. Owns and controls Ludlow. Total in operation, 69 miles: laid with 80-lb. Johnston girder
18.25 miles railway track; standard gauge; 9 passenger and 2 other cars. and 72 and 80-Ib. T and 97 and 103-lb. groove rails.
Power station capacity. 6,175 k. w. Gas plant has a daily generating
Modification o f Agreement with Col. Gas A Elec. Co. Proposed .— See V.
capacity of 490,000 cu. ft.
114. p. 737.
STOCK AND BONDS—
D a te .
In terest. O utstanding. Maturity.
STOCK AND BONDS— D a te .
In terest. O u tstanding.
M a tu rity .
*605.000 ............. ..
Common *605,000 ($25)_______________ ______
Common, *5 000.000 (*100).............
Q-J
*5.000.000 A p r '25,134
Preferred *595.000 cum______ _____
7%
306.800 ___________
Pref. 434% non-cum, *5,-1
1st M Ser “ A ” *10,000.000 s f l 1923 6 g J-J
1,281,000 Jan. 1 1938
4 34 Q-J
4 500.000 Apr 25. 134
000.000 (* 100 ) ..................... I ____
(*100. *500 A *1.0001 g c * tf jln t. at State Street Trust C o., Boston, Trus.
U nderlying Bonds —
Oenv debentures *576,000--r( 1919 6%
269.000 May 1 1939
So OovAOln cons M *500.000/ 1892
6 g J-J
150.000 Jan 11932
\Int. at State Street Trust Co., Boston, trus.
gold (S500. *1.000)_______ (Covington Sav Bank A Tr. C o., Trustee.
Stock .— The 7% preT stee^l e r.ut*
L r t i t Cwuvsrsits cf tho 6%
C in cin n a ti N ew p ort A C ovington Ry —
debentures since Jan. 1 1924. *3.375 com. stock is held In treasury and 1st A ref mtge *7,500,0001 1922
6 g J-J
3,969,500 July 1 1947
subject to exchange.
($500 and *1,000)
e*tf I Int. at Central Trust C o., Cine., Trustee.
U n io n L igh t. H eat A Poicer C o.—
Bonds.— Additional 1st mtge. bonds may be issued to pay for 75% o f the
cost o f exts., add'ns or betterments under certain restrictions. An annual First mortgage *5,000.000( 1924 6 g F-A 15 2,500.000 Aug 15 1949
($100, *500 and *1,000) ( Int. at Union Savings Bank A Trust Co..
sinking fund beginning Jan. 1 1928 provides for the purchase o f 2% of
gold c*Ar*______________ tf l Cine., Trus., or at Bankers Tr. C o.. N . Y.
ser. “ A bonds certified at not to exceed the redemption price, such bonds
G uaranteed Bonds —
to be canceled when purchased. Are red. as a whole (or in part for sinking
1st M
5 M-S
133.300
1939
fund) on 30 days' notice at 10734 prior to Jan. 1 1928, 105 prior to Jan. 1 Licking River Br Cotext) s fl1 1914
*185.000 guar (see
1933, 10234 prior to July 1 1937 and at par thereafter. Pennsylvania
Bonds.— The O. N. A O. Ry. 1st A ref. 6% bonds are call, during first 5
4-mills tax refunded. V. 116, p. 2007.
years ending with July 1927 at 10734. and during each 5-year interval
The 6% debentures are convertible at option of holders into 7% cumthereafter at 134% less until July 1 1947. During second 5 years end
pref. stock since Jan. 1 1924. *21,600 are held in treasury.
July 1932. 106. During third 5 years end. July 1937, 10434- During
E A R N IN G S.— For 12 months ending Dec. 31:
fourth 5 years end. July 1942, 103. During fifth 5 years end. July 1947,
Year—
Gross.
Net aft. Tax. I n t ., cfee.
Bal., Sur.
1 0 m . V. 115, P. 182. The Union Light, Heat A Power Co. 1st M . 6%
1924_____ _______ _______ $630,469
*186,162
*110,274
$75,888
bonds are a 1st lien on the co.'s property. Additional bonds of this issue
1923......... ............................ 610,772
201,504
106,826
94,679 may be issued for 85% o f the cost of additions and impts. under certain
OFFICERS.— Pres., Harry T. Edgar; V .-P., Samuel D. Tuell; Sec., Vic restrictions. The Columbia Gas A Elec. Co. guar., p. A L, the 1st M .
tor D. Vickery; Treas., Henry B. Sawyer. Gen. Mgrs., Stone A Webster bonds of the Union Lt., Ht. A Pow. Co. Compare V. 110, p. 368. Licking
River bonds are guaranteed by Columbia Gas A Elec. Co. and the South
M gt. Assn., Boston, Mass.— V. 109, p. 1987; V. 116, p. 1637, 2007. 2516.
Covington A Cin. St. R y.
« m i 4* A • <
*
1
1
* »<*'*«*
D IV ID E N D S.— On pref."434% l^being paid (1*4% quar.). On com
L O U IS V IL L E R A I L W A Y C O .
mon stock first div. of 94 % was paid July 15 1907 and 94 % Oct. 15 1907. In
ORGANIZATION.— Incorp. In Kentucky on Jan. 22 1867 and owns all 1908. 334%: In 1909.394% :in 1910,434% ;ln I 9 1 l.4 9 4 % ;in 1912,534% .
the street railways in the City of Louisville and its suburbs. In Sept. 1922 In 1913. 594%: in 1914 and since, 0% per annum.
the co. commenced operating under an “adjusted franchise” for which it
OFFICERS.— Pres., James M . Hutton; V .-P., Louis J. Hauck; Sec. A
exchanged its equity in long-term franchises with the City of LouisviUe. Treas., GeorgeM . Abbott.— V. 110. p. 87P V. 111 n. 1660 V 119 p. 1616.
The “adjusted franchise” containing variable-rate and sliding-scale-of- 2189; V. 114, p. 737, 2716: V. 115, p. 182, 988, 1099; V. 120, p. 955.
154
• PUBLIC UTILITIES
[V ol. 120-
4 )4 mills on each $1 of assessed value in any year, and any personal property
or exemption tax in Conn, not exceeding 4-10% of principal in any year.
V. 117, p. 2111.
The 15-year 6)4% debs, have a sinking fund o f $50,000 each year, payable
in semi-annual Installments. Are red. all or in part on the first day o f
any month on 30 days’ notice at 100 & int. Penna., Maryland and Conn,
tax refunded. In June 1924 $1,000,000 15-year 634 % sinking fund debs,
were offered by Nat. City Co. and Bonbright & C o., Inc., at 97 & int., toyield 6.80% . V. 118, p. 2825.
Dividends.— An initial div. of 134 % was paid Oct. 1922 on 7% 1st pref.
TENNESSEE ELECTRIC POWER CO.
stock. Same rate paid regularly quar. since. An initial div. o f 134 %
(.See M ap, page 155.)
was paid Oct. 1922 on 6% 1st preferred. Same rate paid regularly quar.
ORGAN IZATION .— Incorp. in Maryland M ay 27 1922, and in accord since. An initial div. of $1 50 was paid Aug. 1 1924 on the non-cum.
ance with plan outlined in V. 114, p. 1653, 2117, has acquired all the assets 2d pref. stock; N ov. 1924, $1 50. In 1925, Feb. $1 50; M ay $1 50.
o f the Tennessee Railway, Light & Power Co. (for history see “ Electric
R E PO R T .— For 12 mos. ending Dec. 31:
Railway” Supplement of April 29 1922) and now controls:
Calendar Years—
1924.
1923.
(o) Through direct ownership, property and rights of Chattanooga & Gross earnings----------------------------------------------------- $9,570,783 $9,121,250
Tennessee River Power C o., embracing the Hales Bar hydro-electile Oper. exp., incl. taxes and maintenance_________ 5,077,943
4,942,862
station, with an installed capacity of 50,000 h. p. on the Tennessee Rivar, Fixed charges___________________________________ 1,941,667
1,740,493
and duDlicate high tension steel tower transmission lines to Chattanooga
Divs. on 1st pref. stock & Nash. R y. & L t. Co.
(&)
Through direct ownership, all the property and rights of the Ten preferred stock not owned_____________ ._______
773,646
700,422
nessee Power Co., incl. 3 hydro-electric stations with an aggregate installed Depreciation____________________________________
845,958
827,146capacity o f 58,000 h. p., a steam station o f 20,000 h. p. capacity, and an
extensive system o f transmission lines.
$932,169
$910,327
Balance---------------------------------------------------------(c) Through direct ownership, ail the property and rights o f the Chat
tanooga R y. & Lt. Co., incl. an electric light and power distribution system p. Latest Earnings.— For 12 M os. ending Feb. 28 1925 and 1924 in V. 120,
1748.
together with the city railway lines in Chattanooga.
OFFICERS.— Chairman of Board, C. M . Clark; Pres., W . M . Flook(d) Over 99% o f the entire issued and outstanding common stock, over
41 % o f the outstanding pref. stock (which proportion it is expected will be V.-Ps., Geo E. Harding, B. C. Edgar, H. L. Clark and J. C. Guild, Jr;
increased substantially), and $1,861,000 bonds of Nashville R y . & Light Co., Sec. & Treas., G. L. Estabrook.— V. 118, p. 2439, 2825, 3199; V. 119,
which owns and operates without competition an electric light and power p. 199, 457, 695, 1511, 2065, 2180, 3011; V. 120, p. 584, 706, 1461, 1587,
1748, 2149.
distribution system and electric railways in and around Nashville.
In addition the co. owns and has pledged under its 1st ref. mtge. the
(1) NASHVILLE RAILWAY & LIGHT CO.
following bonds o f the above cos.:
Over 99% of the com. and over 19,446 shares of the pref. stock is owned
Outstanding in Owned and
by Tennessee E lc tr ic Power Co. $2,923,500 ref. & ext. 5s are also held
Hands of Public. Pledged.
Tennessee Power Co. 1st 5s, 1962________________ $2,256,000 $10,045,000 by Tennessee E 1 ctric Power Co.
627,000
3,680.000
Chattanooga R y. & Light 1st & ref. 5s, 1956___
ORGAN IZATION .— Incorporated in Tennessee on June 26 1903. Is a
Chattanooga Rys. 1st cons. 5s, 1956___________
1,800,000
296,000 reorganization of the Nashville Railway Co., sold under foreclosure of the
Lookout Mountain Ry. 1st 6s, 1956___________
______
389.000 latter’s first consol, mtge. The Nashville Ry. was a consolidation in 1900
Nashville R y. & Light ref. & ext. 5s, 1958.......... 2,707,000
3,926,000 of the Nashville Street Railway, the Nashville & Suburban and the Citi
zens’ Rapid Transit. The Nashville R y. & Light C o. has absorbed the
Total owned and pledged__________________________________$18,336,000 Cumberland Electric Light & Power Co.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
“" f i e l d *o f “ o p e r a t i o n s a n d c h a r a c t e r o f b u s i n e s s .—
The controlled properties serve practically the entire contral and eastern Does practically all the street railway and commercial lighting and power
portions o f Tennessee, extending nearly 200 miles from east to west and 100 business in Nashville. Operates 102 miles of single track. Has 208 passen
miles from north to south, with an estimated population of over 450,000. ger and 15 work cars. Hydro-electric power is obtained from the Tennessee
The electric generating stations o f the system have an installed capacity Power C o., which operates this company’s steam plants of 20,000 h. p.
equal to 174,000 h. p ., of which 120,000 h. p. is in water power plants, capacity as reserve. Franchises perpetual; those covering the principal
the most important being Hales Bar station, with a capacity of 50,000 h. p. railway lines contain a provision giving the city the right to purchase after
In July 1924 acquired the properties and franchises o f the Cumberland 1923.
Power C o., Maryville Lighting C o., Madisonville Light & Power C o.,
Valuation— Rate of Return, A c.— In Jan. 1921 the Penna. P. U. Comm,
Lenoir City Light & Power Co. and the electric power properties of the fixed the valuation of the co.’s property at $13,200,000 and agreed to allow
Long M fg. and Tellico River Lumber cos. V. 119, p. 199, 2180.
the co. a minimum return of 6)4% and a maximum of 7 '4 % upon this
valuation. For further details see V. 112, p. 162. Compare V. l l l . p . 1852.
Franchise.— See V. 118, p. 1912.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Merger Upheld.— On Feb. 14 1924 Chancellor James B. Newman of Part
__________ $4,000,000
See text
II, Davison County (Tenn.) Chancery Court, handed down a decision in Common $4,000,000 - .( $ 1 0 0 ) ___
IQ-J
2,500,000 See text
favor o f the co. in suits brought against it, alleging that the recent consoli Pref 5% cum $2,500.000($100)____
6 J-J
65.000 July 11926
dation was in violation of the State’s Anti-Trust Law. V. 118, p. 908. McG & M t V Horse RR 1st M l 1886
($100, $500 & $1.000).en tf/N ashvilleT r. C o., Nashville, Tenn., Trustee
See also V . 120, p. 584. Compare V. 115, p. 309, 989.
Second series ($1,000)-c n t fj 1887
6J-J
485,000 July 1 1937
STOCK AN D BONDS—
Date.
Interest.Outstanding. Maturity.
\Nashville Tr. C o., Nashville, Tenn., Trust.
Com 200,000 shares (no p a r ).. .......
........... .. 150 ooo shs.
...............
Nashv R y & Lt consol M g ) 1903
5 g J-J
3.640 000 July 1 1953
1st oref 7% cum ($100)______ ____
7 Q-J
$8 341 000 Apr’25 l% %
(closed) ($1,000)------- c*tfl Interest at Guaranty Trust C o.. N. Y .,T ru s.
1st pref 6% cum ($100)______ ____
6%
x3 400.400 A pr’25 1 >4^
Nash R y & Lt ref & ext mtgef 1908
5 g J-J
2 707.000 July 1 1958
First pref 7.20% cum________ ____
7-20%
1 157 000 J’ly ’24 $1.80
$15,000,000 ($500
and/Int. at Guaranty Trust Co., N. Y ., Trustee.
2d p f $6 per yr n-cum (no par). ____
_______ 50.000 shs. la y ’ 25 $1.50
$1,000) gold_________ c*tf t or at Nashville Trust C o., Nashville.
1st & ref mtge ser “ A ” ($100,1 1922
6 g J-D
25,011,300 June 1 1947
Bonds.— Int. on both
of McGavock & M t. Vernon Horse R R bonds
&c) g o ld ................c*&r*tf / Int. at National City Bank, N. Y ., Trustee. is payable at Fourth & series Nat. Bank, Nashville, and N. Y. fiscal. agent.
First
10-year debentures ($500 and 1 1923
6)4 A-O
959.000 Oct 1 1933
y.
subj. to call on any int. date on
$1.000)........................ c*.tf ( Int. at National C ity Bank. N . Y ., trustee. 30 The Nashv. Rat & Lt. consols of 1903 are fund $30,000 per annum com
days’ notice
107)4
Sinking
15-year sinking fund deben-J 1924
6)4 g J-D
975,000 June 1 1939 menced June 30 1913. butand int.company has a surplus above charges and
only if
tures ($500 & $l,000).c*tf\ Int. at Nat. City Bank, N . Y ., trustee.
div. on pref. stock: bonds to be kept alive in sinking fund. $469,000 not
fund.
x N ot including $360 100 reserved for exchange in the future for a like incl. in amount outstanding held in sinking ,348,000$1,000 in treasury.
Of the
are reserved for prior
amount of Nashv. R y . & Lt. 5 r> pref. stock outstanding in hands of public. liens and refunding and extension bonds, $',rate of $1,000 for each $1,250
remainder may be issued at the
Stock.— The 1st pref. 7% stock is red. as a whole but not in part on any expended for future improvements and equipment, not over $700,000
div. date on 60 days’ notice at 110 and divs. Both classes of 1st pref. stock to be issued in any calendar year and subject to certain other conditions.
are o f equal rank and divs. are cum. In July 1924 Bonbright & C o., Inc., Bonds can not be called. $3,926,000 are owned by the Tennessee Electric
offered at 94 & divs., to yield over 7.40% , $1,000,000 7% cum. 1st pref. Power Co. and pledged under that c o .’s 1st & ref. mtge. Ser. “ A ” 6% bonds.
V . 119, p . 457. 2d pref. is non-cum. and is entitled to divs. not exceeding $217,500 not incl. in amount reported outstanding are held alive in sinking
$6 per annum as declared.
_
_
fund and $480,500 in the treasury. Sinking fund of >4 of 1 % of outstanding
Bonds.— The 1st & ref. mtge. 6s, ser. “ A ," are secured by ple^ge'SHfuR^ bonds began July 1 1918. bonds in sinking fund being kept alive. See
045,000 Tennessee Pow. Co. 1st 5s; $3,680,000 Chatt. Ry. & Lt. 1st & ref. particulars of bonds, property, &c., in V. 87, p. 272.
6s; $296,000 Chattanooga Rys. 1st cons. 5s; $389,000 Lookout M t. Ry. 1st
Dividends.— The first div. on pref. stock— 2 )4 % — was paid Jan. 1 1905,
6s, and $3,926 000 Nash. R y. & Lt. ref. & ext. 5s. Are red., all or part, then 2)4% semi-annually to July 1910. In Oct. 1910 changed to quarterly
on any int. date upon 30 days’ notice at 107)4 on or before June 1 1932; at and paid 1)4% , and same amount quar. to and incl. Jan. 1920. None to
105 from Dec. 1 1932 to June 1 1942, Incl., and thereafter at par, plus a 8ept. 1922. when 13*4% was paid, clearing up all back divs. V. 115, 0.
premium o f 1% for each whole year between date o f redemption and 1533. Quar. divs. of 1 % paid regularly since. Com. stock Is all owned
maturity. Sinking fund began March 1 1923., $661,800 acquired and by Tennessee Electric Power Co.
canceled by sink. fd. Penna. 4 mills tax refunded. V. 114, p. 2471.
EARN ING S.— Years ending Dec. 31:
Listed on N. Y . Stock Exchange.— V. 115, p. 2687; V. 120, p. 1587. $3,000Gross
Net (after Interest, P r e f.D iv .
B alan ce.
000 were offered in Dec. 1924 by National City Co., Bonbright & C o.,
Y ea r —
Earnings.
Taxes).
&c.
5% .
S u rp lu s
Inc., Halsey, Stuart & C o., Inc., &c., &c., at 99)4 and int., yielding 6.40%. 1922____________ $4,134,630 $1,313,810 $474,033 $125,000 $714,777— V. 119, p. 3011.
3.857.852 1.067.448
125.000
The 10-year 6 )4 % debs, are redeemable, all or in part, on the first 1921____________ carried in cal. year 1922, 471.082 34.221.445 in 471,369
34,037,380 pass,
against
1921.
day of any month on 30 d a ys’ notice at 100 and int. Sinking fund provides
OFFICERS.— Pres.. C. M . Clark; V.-P. & Gen. M gr., B. O. Edgar;
for the payment in cash to the trustee o f $50,000 in each of the first three
years; $75,000 in each of the next 3 years, and $100,000 in each of the last Sec. & Treas., G. L. Estabrook.— V. 114, p. 1654; V. 115, p. 1533; V.116,.
4 years o f the life of this issue, to be used to purchase debenture bonds at or p. 1893; V. 117, p. 208; V. 119, p. 2762; V. 120, p. 87.
below the redemption price. Company will reimburse to owners resident
(2) CH ATTANOO GA R A ILW A Y & L IG H T CO.
In the respective States, upon proper application, the following taxes: The
Tennessee Electric Power Co. owns all of the $3,000,000 common and.
4 mills tax in Penna., any personal property taxes in Miiryland not exceeding
$2,000,000 pref. stock, and $3,680,000 Chatt. Ry. & Lt. 1st & ref. 5s,
1956 and $180,000 Chatt. Rys. 1st cons. 5s, 1956.
Receivership Terminated.— See V. 115, p. 72.
ORGANIZATION.— Incorporated in Tennessee on July 29 1909 as »
consolidation of the Chattanooga Railways Co. and Chattanooga Electric
Co., per plan V 88. p. 1497. V. 89, p. 285. Own - entire capital stock of
We specialize in the securities of
Lookout Mountain R y. Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
and invite inquiries concerning
Does practically all the street railway, electric light and power business inChattanooga and vicinity, incl. the electric lines up and on top of Lookout
Mountain. Suburban lines run to Missionary Ridge, Chickamauga Park
and Lookout Mountain. Incl. Lookout Mountain R y., operates 80 miles
of single track. Gauge, 4 ft. 8)4 inch. T and girder rails. 84 motor, 12 trailers
2 incline cable and 8 work cars. Power is obtained from the Tennessee
Power C o., which operates this company’s steam power stations of 5,000'
k.w. capacity as a reserve station. Franchises, with minor exceptions,
without limit of time and believed to be perpetual (but see Y . 110, p. 658).
STOCK AND BONDS—
D a te .
I n te rest. O u tstanding.
M a tu rity .
Common $3,000,000 ($100)...................................
$3,000,000 .............
Pref $2,000,000 5% cum ($ 1 0 0 )____
Q-J
2.000.000 ................
First and refunding mortgage) 1909
5 g M-N
627,000 May 1 1956
$15,000,000 g ($1,000) c * tf/ln t. at Fidelity Trust C o., Phlla., Trustee.
Chatt Rys 1st cons mtge, seel 1906
5 g M-N
1.830,000 May 1 1956
text ($500 & $1,000) g _ c* tf) Int. at Commercia. T r .C o . Phila..Trust
Stock.— Pref. shares equally with com. after com. has received 5%
Bonds.— The $3,000,000 Chattanooga Rys. mtge. has been closed; call
Members
Members
Bankers
able any int. date at 107 and int. on 3 mos.’ notice. $296,000 (not incl.
Philadelphia
In amt. outstanding) are owned by Tennessee Electric Power Co. and*
New York
Established 1837
are pledged under that co.’s 1st & ref. mtge. ser. “ A ” 6s and $52,500 have
Stock
been canceled by sinking fund.
P H IL A D E L P H IA
cT h lge
Exchange
Of the 1st & ref. bonds, $3,680,000 are owned by Tennessee Elec. Power
Co. and pledged by that co. under its 1st & ref. mtge. 6% bonds, series “ A .”
N EW Y O R K TELEPHONE R E CTOR 9250
No skg. fd.\ call, at 105 and int. on any int. date on 60 days’ notice. Int.
payable at Hodenpyl, Hardy & Co. and at office of trustee. V . 89, p. 846.PHILADELPH IA TELEPHONE LOM BARD 4200
OFFICERS.— Pres., O. M . Clark; V.-Ps., H L. Clark and B. O. Edgar;
See & Treas , G. L. Estabrook: Asst. Sec. & Asst. Treas., O. Wright and
W. L Lamont — V. I l l , p 1277, 1565, 1851; V. 112, p. 2413, 2536; V 114, p 1062, 1532, 1650, 2467, 2578; V. 115, p. 72.
The Tennessee
Electric Power Company
e e rk e .
m ia & o
155
P O W E R , L IG H T A N D R A I L W A Y
1925.]
,
a y
M
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5
p
b y
l l x
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u n i o n
156
PUBLIC UTILITIES
(a) LOOKOUT MOUNTAIN RY. CO.
ORGANIZATION.— Owns electric line, on top of Lookout, Mountain
and. through stock ownership, controls the Lookout Incline Oo. (whose
stock and bonds are deposited under the company’s mortgage). Stock
all owned by the Chattanooga Railway ft Light Oo. Private right-of-way
except short piece of track on which fra n ch ise expires in 1926.
£ FIELD OP OPERATIONS A N D CHARACTER OP BUSINESS.—
Operates a cable road o f 5,000 feet and has 9.8 miles of electric road around
and on top o f mountain.
STOCK AND BONDS— D a te .
In terest. O utstanding.
M a tu rity
Stock ($500,000)......................................... ............
$500,000 ............. ..
1st mtge $2,000,000 ($1,000)1 1913
6 g M-N
389.000 May 1 1956
gold-------------------------- c*tf 1Philadelphia Trust Co., Phila.. Trustee
f B o n d s .— Lookout Mtn. By. bonds are red. at 105 and lnt. on any Int.
date on 60 days’ notice. $1,611,000 reserved for impts.. ate., at 85% oi
cost of same. Bonds outstanding are owned by Tennessee Electric Power
Co. and are pledged under that co.’s 1st Sc ref. mtge. ser. “ A ’’ 6s. Interest
payable at offices of E. W. Clark S Co., Phila. and Hodenpyl, Hardy tc
c
Oe., New York.
EARNINGS.— Included in Chattanooga Ry. ft Light Co earnings
OFFICERS.— Pres., O. M . Clark; V.-P., M . S. Hopkins: Sec. Sc Treas.
G. L. Estabrook; Gen. Mgr.. P. W . Hoover.— V. 33. p. 323; V. 87. p. 226
(3) TENNESSEE POWER CO.
Stock all owned by Tennessee Electric Power Oo.
ORGANIZATION -— Incorp. in Tennessee on April 24 1912 as a consoli
dation of the Eastern Tennessee Power Oo. and Great Palls Power Co.
has also acquired the property formerly belonging to Sweetwater Elec. Lt.
Oo.,Cleveland (Tenn.) El. Lt. Co.. Sparta Elec. Light Sc Power Co., and A
ft T. Power Oo. F ra n ch ises. — The co.’s power plants are owned in fes
and Its transmission lines are on private right of way and therefore not
subject to franchise limitations.
Franchises of distribution companies
are favorable.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns water-power sites on the Ocoee River near Parksville, Tenn., with an
ultimate capacity o f 80,000 h.p. Option has been secured on sites for the
development o f 50,000 h.p. additional, and at Great Falls, Tenn., owns a
site capable o f developing 80,000 h.p. Total present capacity, 59,050 k.w.
Power is also purchased from Chattanooga & Tennessee River Power Co.
Also owns 495 miles and leases 16 miles high-tension transmission lines. Sup
plies practically all electric current used in Nashville, Chattanooga, Knox
ville, Murfreesboro, Cleveland, Athens, Etowah, Sweetwater, Lenoir City,
Loudon, Franklin and Sparta, Tenn., and Rome and Dalton, Ga. Has
contract for large block o f power with the Aluminum Co. o f America at
Marysville; also has contract with the American Zinc Co. at Mascot.
STOCK AND BONDS—
D a te.
In terest.
Outstanding.
M a tu rity
Stock $20,000,000 ($100)_____— All owned by Tenn. Elec. Power Oo.—
First mtge. $50,000,000 goldl 1912
5 g M -N $2,256,000 May 1 1962
guar p. &i ($1.000)_c*ntf lint, at Bankers Trust Co.. N Y Trustee
B onds. — Of the remaining bonds. $10,045,000 are owned by the Tennessee
Electric Power Oo. and are pledged under that co.'s 1st ft ref. mtge 6s,
■er. ’‘ A .” Sinking fu n d , 1% per ann. of bonds out, began May 1 1917; to
behised for extraordinary renewals, replacements or additions, enlargements
and extensions; also for cancellation of bonds. $36,000 in sinking fund
Red. in whole or in part at 107H and lnt. on 12 weeks' notice. See V. 95.
p. 549. F. N. B. Close, N. Y ., is also trustee.
OFFICERS.— Pres., O. M. Clark; V.-Ps.t G. E. Hardy and B. O. Edgar;
See. ft Treas., G. L. Estabrook. Under management of B. W. Clark ft Co.
Management Oorp.. Phila.— V. 108. p. 1941; V. 110. p. 2199; V. 112.
p. 2544; iT. 114, p. 1543, 1661, 2479; V. 115. p. 317, 1108. 1642.
N A T IO N A L P O W E R & L IG H T C O .
ORGA N IZA TIO N .— Organized in N . J. in 1921 and acquired from the
committee for the American Cities Oo. 5-6% coll. tr. bonds (as per rel
organization plan outlined in “ Electric Railway” Supplement of Oct. 28
1922). the securities pledged under that issue together witn certain securities
acquired by the committee from the Chase National Bank in exchange for
certain securities o f N . O. R y. ft Lt. Oo. (reorganized as New Orleans
Public Service Inc.— see on another page) held by the committee. Thus
the following securities were transferred to the company:
(a) 20,000 shares capital stock o f Houston Lighting ft Power C o., 1905.
(6) 6,015 shares 6% cum. pref. stock and (c) 16,175 shares com. stock Little
Rock R y. ft Elec. Co. (a) 20.500 shares capital stock of Knoxville R y. ft
Light Co. (e) Sucn rights as may pertain in dissolution to the 22,303 shares
•f the pref. stock and the 21,760 shares o f the com. stock o f Memphis Street
R y . if) Such rights as may pertain in dissolution to the 27,774 shares of
ref. stock and 34,954 shares o f the com. stock o f Birmingham R y., Light
; Power Co. (</) All Indebtedness o f and claims against any and all of
■aid companies and American Cities Co. owned by the committee or to
which lt is entitled, (h) All tne 5-6% coll, tr. gold bonds o f American Cities
Oo. deposited witn the committee stamped to show the payments thereon.
Company also acquired assets of Memphis Gas & Elec. Co. whose assets
were later acquired by Memphis Power & Light Co. For history of Amercan Cities Co. see “ Electric R y .” Supplement o f Oct. 28 1922.
S
Separate statements o f the controlled Birmingham Electric C o., the Arkansas
Central Power C o., the Houston Lighting & Power Co., will be found under
he respective States in which they operate, while the statements o f the Knoxville
Power & light C o., the M em phis Power & Light C o., and the M em phis Street
Ry. are given below.
For the purpose o f carrying through the plan o f reorganization (V. 114,
p. 76), incl. the acquisition o f the Memphis Power ft Light Co. (formerly
Memphis Gas ft Elec. C o.), and other corporate purposes, the following
Securities have been issued:
STOCK A N D BONDS—
Date. Interest. Outstanding.
Maturity.
Com 375.000 shares (no par)__
____
____
122.078shs.Mar 25$1.50
Pref 125,000 shares (no par)__
-----$7 Q-J 38.909shs.Apr’25,$1.75
50-yr 7% inc bonds $2,000,000/1922
J-J
$8,503,100 Jan. 1 1972
($100,$500, $1,000& $10,000rc*lCentral Union Tr. Co.. N . Y ., Trustee.
Stock.— Pref. stock entitled to divs. o f $7 per share in preference to com.
and to $100 per share preference in liquidation, and is red. at $110&accr.dlvs.
Bonds .— Income bonds entitled to 7% int. if earned; 3)4% paid July 1
1922 and 3 )4 % paid regularly since to and incl. July 1 1924. Call, any time
on 4 weeks’ notice at 105 and int. Sinking fund 1% per annum. $188,000
retired by sink, fund and canceled.
Dividends .— An initial div. o f $1 75 per share was paid on the pref. stock
in April 1923, and same amount paid regularly quar. since to and incl.
Apr. 1925. An initial div. of $1 50 was paid on com. in June 1924. In
Sept. 1924, $1 50; Dec. 1924, $1 50. In 1925. Mar.. $1 50.
. EARN IN G S.— For years ended Dec. 31:
Subsidiary Companies—
1924.
1923.
Gross earnings from operation___________________ $22,886,444 $20,908,761
Operating expenses-, including taxes______________ 14,823,114 13,913,978
Net earnings from operation___________________ $8,063,330 $6,994,783
Other income___________________________________
117,635
106,636
Totalincome___________________________________ $8,180,965 $7,101,419
2,781,866
Interest, discount and other deductions_________ 3,168,090
Balance________________________________________ $5,012,875 $4,319,553
Preferred dividends_____________________________
436,828
474,597
Balance________________________________________ $4,576,047 $3,844,956
Renewal and replacement appropriation_________
1,978.606
1,696,265
Balance____ _______
$2,597,441 $2,148,691
N ational Power & Light Co .—
Proportion o f above balance applicable to N ational,
Power & Light Oo_____________________________ $2,597,146 $2,148,330
Miscellaneous income__________________________
516,481
1,012,763
Total_________________
$3,113,627 $3,161,093
Expenses, including taxes and other deductions—
272,097
594,107
Bal. applic. to int. on 50-yr. 7% income b o n d s,. $2,841,530 $2,566,986
Interest on 50-year 7 % income bonds___________
593,011
601,346
Balance________________________________________ $2,248,519 $1,965,640
Dividends on preferred stock____________________
272,562
273,161
Balance______________________________
$1,975,957 $1,692,479
OFFICERS.— Pres., H. C. AbeU; V .-P ., F. B. Odium; V .-P ., E. W . Hill;
Sec., E. P. Summerson; Treas., A . C. Ray; Com p., A. E. Smith.
Supervision .— Under supervision o f Electric Bond ft Share C o., N. Y ,
— V. 116, p. 1284, 2644: V. 118, p. 2447, 2834; V. 119, p. 948.
[V ol. 120,
KNOXVILLE POWER & LIGHT CO.
Controlled by National Power ft Light C o. (see on another page), formerly
the American Cities C o., which owns all the com. stock except directors’
shares.
G J l G A m Z A T I O H .— Incorporated in Tennessee on Aug. 7 1905 as a con
solidation of the Knoxville Traction Oo. and the Knoxville Electric Light ft
Power Oo. Formerly known as Knoxville Ry. ft Lt. Co., but name
changed to present title during 1922.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Does all the street railway and all municipal and commercial electric power
and light business in Knoxville and serves various nearby communities.
On Dec. 31 1924 owned 53 miles o f track; standard gauge; 70-lb. and over
T and girder rail. Has 79 passenger cars and 12 other cars; total, 91.
Power station (held in reserve) has 6,800 k.w. capacity. Also owns twe
amusement parks.
Franchises are perpetual, except as to 1 l miles of street railway, which
A
latter run until N ov. 28 1946.
Has long-term contract with Tennessee Power C o. for the purchase of
electric power.
V a lu a tion .— For details of valuation filed with the P. U. Comm, to
Jan. 1921 see V. 112, p. 258.
8TOCK AND BONDS— D a te .
In te rest.
O utstanding
M a tu rity
Outstanding
_____
Common $5,000,000 ( $ 1 0 0 ) ..- ____
$ 2 ,200,000 __________
Pref $5,000,000 cum ($100)...............
7 Q-F
1 500,000 N ov ’24,$1.7i
Ref ft ext mtge $10,000.0001 1911
5 J-D
3,278.000
June 1 1946
($500 and $1,000)— c*cpt|Int. at Guaranty Trust Co.. N. Y .. Trustee.
Knoxville Trac 1st M $850,-1 1898
5 g A-O
780.000 April 1 1938
000 g tax-free ($1.000)_c* flnt. at Baltimore Trust Co., Balt.. Trustee.
Stock.— Pref. has equal voting power with com. Red. at 110 and divs.
In M ay 1924 $500,000 pref. was offered by W . C . Langley & C o., N . Y ..
and Old Colonv Trust C o., Boston, at 98 and div.. yielding about 7.14% .
V. 118. p. 2572. In Jan. 1925 the same bankers o ffered an additional
$500,000 pref. stock at 99 and div., to yield over 7 % . V. 120, p. 330.
B on d s .— Of the ref. & ext. mtge. $780,000 are reserved for Knoxville
Traction 1st 5s and $5,297,000 are reserved for 80% of cost of extens..
add’na, Impts., &c.. under conservative restrictions. Bonds are red as a
whole, but not in part, at 105 and lnt. on 60 days’ notice, or may be pur
chased In open market at a price to net not less than 4 hi %• Annual sin k
ing fun d began Oct. 1 1915 equal to X of 1% of total amount of bonds out
$166,000 held alive in sinking fund and $479,000 In treasury Feb. 29 1924Pen n . State tax refunded.
The Knoxville Traction Co. first mortgage bonds are not subject to call.
$70,000 have been canceled.
D ividend s. — An initial div. of 1 % was paid on pref. stock in N ov. 1923.
In 1923, Feb., 1 H % . and at the same rate regularly quar. since. All the
com. stock except directors’ shares being owned by National Power & Light
C o. Divs. are not made public.
EARNING S.—
Gross
N e t (a fter
In terest,
S urplu s for
C al. Year—
Income.
Taxes).
& c.
R en ew .,d ie.
1924 ..............
$2,359,145
$701,365
$238,381
$462,984
1923
$2,219,243
695.549
236,747
458.802
1922
2,022,258
579.653
235.341
344,312
OFFICERS.— Pres.. O. H. Harvey: V.-Ps.. W S. Shields. R. H. Smith
and E. W . Hill; Sec., O. H. Briggs; Treas., A . O. Ray.— V. 118, p. 257%
V. 120, p. 330, 2012.
M E M P H IS P O W E R & L I G H T C O .
ORGANIZATION.— Incorporated Dec. 16 1922 in New Jersey. Took
over property formerly owned and operated by the Memphis Gas ft Electris
Co. (sold at receiver’s sale— V. 115, p. 2276).
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Does the entire central station power and light and the entire gas businees In
Memphis, Tenn., and certain suburbs. Population served estimated at
188,000. Company owns all the capital stock, except directors’ qualifying
shares, of the Memphis Street R y. (see below), and it supplies at wholesale
all the current used by that company.
Property of company includes electric generating plants having a com
bined installed generating capacity of 64,000 k. w., a water gas plant having
a daily capacity of 8,590,000 cu. ft., and extensive electric and gas distri
buting systems.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
Common 400.000shs (no p a r ) . ____
_______ 400.000 shs __________
Pref $7 cum 75,000 shs(no p a r ) ____
$7 Q-J
30,000 shs A pr’25,$1.75
First & ref mtge Series “ A . - f 1923
5 g J-J
$7,500,000 Jan 1 1948
Series “ B ” .......
j 1923
6 g J-J
2,000,000 Jan 1 1948
($500 ft $1,000 c* and $1,- Central Union Trust C o., New York, trustee.
000 & $5,000 r*) gold_ t f [
_
Equitable Gas Light first mtgl 1899
5g M -N
1,250,000 M ay 1 1929
($500 and $1,000)_______ c /In t, at Central Union Trust C o., N. Y ., trus.
Memphis Lt & Power 1st M\ 1901
5 g J-J
560,000 Jan 1 1931
($1,000)________________ c*/In t. at N at’l Bank of Commerce, N . Y ., and
( Northern Trust C o., Chicago.
Stock.— Pref. is redeemable on any dividend date on 30 days’ notice after
Jan. 1 1926 at $110 per share and dividends. In Jan. 1925 10,000 shares
pref. were offered by Old Colony Trust C o., Boston, at 99 and dividend.
V. 120, p. 211.
Bonds.— First and Refunding Mtge. Series “ A " 5s are redeemable all or i*
part at any time on four weeks’ notice at 105 and interest on or before Jan. 1
1928: thereafter at 104 and int. through Jan. 1 1933; thereafter at 103 and
int. through Jan. 1 1938; thereafter at 102 and int. through Jan. 1 1943;
thereafter at 101 and interest through Jan. 1 1946, and thereatfer at 100 and
interest. Pennsylvania 4 mill tax refundable. $5,500,000 were offered in
Jan. 1923 by Guaranty Co. o f New York and Harris, Forbes & C o., at
89H and interest, to yield about 5.80% . V. 116, p. 418. The same
bankers, in April 1924, offered $1,000,000 at 91 and interest, to yield about
5.70% . V. 118, p. 1672. An additional $1,000,000 was also offered by
the same bankers in Dec. 1924 at 96 and interest, to yield 5.30% . V. 119.
p. 3009.
First and Refunding Mtge. Series B 6s are redeemable, all or in part,
on four weeks’ notice at any time on or before Jan. 1 1928 at 106 and inter
est; thereafter at 105 and interest less K of 1% for each year or fraction
thereof elapsed subsequent to Jan. 1 1929. Penna. 4 mill tax refundable.
$2,000,000 were offered in June 1923 by Guaranty Oo. of New York and
Harris, Forbes ft Co. at 99)6 and interest, to yield over 6% . V. 116, p. 2890.
Dividends.— Dividends on pref. paid regularly (Q.-J.) since issuance.
EARNING S.— Comparative statement of earnings:
Calendar Years—
1924.
1923.
1922.
Gross earnings from operations______ $4,401,122 $3,951,588 $3,362,159
Operating expenses and taxes_______ 2,671,177
2,520,913
2,160,084
Net earnings_____________________ $1,729,945
Other income_______________________
156,761
$1,430,675
129,765
$1,202,074
1,52$
Total income- - _________ $1,886,706
Total interest charges _____________
682,973
$1,560,440
506,939
$1,203,601
601,723
Balance for pref. divs., renewals
and replacements and surplus_ $1,203,733 $1,053,501
_
$601,878
OFFICERS.— Pres., T . H. Tutwiler; V .-P ., E . W . Hill; V .-P., L. H.
Parkhurst; Sec. & Asst. Treas., L. E. Le M ay.
Under supervision of
Electric Bond & Share Co.— V. 119, p. 3009; V. 120, p. 211.
MEMPHIS STREET RAILWAY CO.
Operations supervised by Electric Bond & Share Co.
Control formerly held by the American Cities Oo. was acquired in 1922
by the Memphis Power ft Light C o., which is in turn controlled by the
National Power ft Light C o., successor to the American Cities Oo.
ORGAN IZATION .— Chartered in Tennessee on March 28 1895 and con
solidated with the Citizens' St.. East End St., City ft Suburban and Memphia & Raleigh Springs lines; franchises run until N ov. 1945.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Owns and operates the entire street railway business of the city, inel.
suburbs of Binghamton. Raleigh Springs and South Memphis, and a line
M a y , 1923.]
to .Lake View, Miss. Owns 133 miles o f track. Rails, 60 to 80-lb. T ,
•0 to 109-lb. girder. 295 passenger and 31 miscellaneous cars.
Fares c& R ates. — See V. 119, p. 198.
STOCK AND BONDS— D a te.
In terest. O u tstan ding.
M n tu r ty.
Common $3,500,000 ($100).......................................x$2,500 000
See text
Preferred $2,500,000 6% cum!
See te^t
($100) red at 110 A accr d iv a /____ __________ x2 500 000
Com mortgage $10,000,0001 1905
6 g J-J
8 651.000 July 11945
gold (aee text) cIoaed.e*Ar |Int at Central Trait Co. N. Y .. Trustee.
Equipment trust___________ ( 1923
6 J-D
309 000 Dec 1 1925
(Guaranty Tr. Co., N . Y ., Trus. to Dec. 1 ’33
x All pref. and com. stock except directors' shares, owned by Memphis
Power A Light Co.
B onds. — The consol. M. bonds are in denoin. of $1,000 coupon and $10.
000 registered. Are not subject to call, sinking fund $25,000 per annnm
1910-14; $30,000. 1915-19; $35,000. 1920-24; $40,000. 1925-29. and $50,000
1930-45. See V. 82. p. 628. 1496 $710,000 held alive In sinking fand
Mtge. closed.
E qu ip , trust certifs. mature $35,000 each Dec. 1 through 1932 and $29,000
Dec. 1 1933. Are call, as a whole, but not in part at 103 and div. for certifs.
maturing more than 5 years after date o f such anticipated payment, and
at a premium o f 34 of 1 % for each year or fraction thereof of unexpired
bfe in the case o f certifs. maturing 5 years or less after date of such antici
pated payment. $344,000 were offered in Dec. 1923 by Harris, Forbes &
Co. at prices to yield from 6.30% to 6.00% , according to maturity.
Dividends.— On pref. stock 5% was paid from Issuance up to and Including
Dec. 1914. In 1916, none. In 1916, Dec.. 2 X % . In 1917. June. 3>4%
None reported since.
REPORT.— For year ending Dec. 31:
Y ea r.
Gross E arns N e t a f t Tarcs.<*,c. In t.O th .D e d u c .
Surplu s.
1924
$3,018,302
$896,612
$463,085
$433,527
1923
3,164,004
974,634
510,249
464.365
1922
3.153,196
1,112,047
635.624
476.423
OFFICERS.— Pres., Thos. H. Tutwiler; Sec. & Treas., L. LeMay.
— V. 114, p. 79, 948, 1179, 2360: V . 115, p. 988,1210,1631; V. 116, p. 1649.
2516, 2637; V. 117, p. 553; V. 118, p. 85, 202, 2573; V. 119, p. 198.
UNION TRACTION CO.
ORGANIZATION.— Incorp. In Tennessee on Oct. 12 1917 as succeesoi
10 the Nasbville-Gallatin Interurban R y., sold at foreclosure Sept. 25 1917
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates 27.05 miles o f track between Nashville and Gallatin, entering
Nashville over tracks o f Nashville R y. & Light Co. (4.4 miles). 70-lb. T
rails. Standard gauge.
STOCK AN D BONDS.— D a te .
In te rest. O utstanding.
M a tu rity
Stock $300,000 ($100)...............................................
$300,000 ...................
First M ($300,000) gold f 1917
6g J-D
300,000 Dec 1 194?
($500)__________ c*Ar.cptlNashvllle Trust C o.. Trustee.
Bonds. — Are callable on any interest date at 105.
EARNINGS.— For 12 months ending Dec. 31:
Net, after
Interest, Balance fo r
tic.
Gross.
Taxes.
D e p r .. A c .
$30,996
1923...................
$193,290
$47,580
$17,097
10,682
1922........................................ 180,616
x35,191
X24.497
1921........................................ 173.616
36,563
17.592
18,971
10,682
1920........................................ 180.661
32.182
19,315
x Taxes included In interest in 1922.
OFFICERS.— Pres., John A. Bell; Sec., A. J. Anderson; Treas., Harry
Berry: Gen. M gr., A. J. Anderson.— V. 105, p. 1618, 1709.
NORTH CAROLINA
C A R O L IN A P O W E R & L IG H T C O .
Electric Bond & Share Co. supervises the operations of the company
and its subsidiaries.
ORGANIZATION, AO.— Incorp. In North Carolina Feb. 19 1908. Sue
cessor to the Raleigh Street Rv. (chartered 1881. road opened 1886). Raleigb
Electric Co., Central Carolina Power Co. and Consumers’ Light A Power
Co. On Nov. 1 1910 acquired Durham Light A Power Co., on May 1 191)
the Henderson Ltg. A Pow. Co., and on Aug. 1 1911 the Standard Gas &
Electric Co., which companies, together with others subsequently acquired
have been merged into the Carolina Power & Light Co. In Sept. 1924 the
co. acquired by lease and now operates the properties o f the Sand Hill
Power C o., the Deep River Power Co. and the Smitherman Power Co.
Y. 119, p. 1171. Acquisition o f North State Power Co. V. 120, p. 954.
Also owns the entire common stock, except directors’ shares, of the Yadkin
River Fower Co. and the Asheville Power & Light Co. (acquired in March
1912). The eloctric property of the Palmetto Power A Light Co. was
acquired by the Yadkin River Power Co. as o f Jan. 30 1923.
f i e l d o f O p e r a t i o n s a n d c h a r a c t e r o f b u s i n e s s .—
Operates entire street railway, gas and electric power and light service in
Raleigh, gas service in Durham, light and power service In Henderson
Dunn, Oxford, Sanford, Jonesboro and Goldsboro, and supplies, directly
or indirectly, electric light and power service in 19 other communities.
Owns 14 miles o f road; gauge, 4 ft. 8 % in. 60-70-lb. T rails. 37 passenger
and 3 other cars. 4 power stations and 9 sub-stations; 553 miles transmis
sion lines and 789 miles o f distribution lines.
Franchises.— Gas lighting franchise In Raleigh is perpetual. The electrl
power and light and railway franchises extend to 1945. The Durham gas
franchises extend to 1950. In Henderson, Oxford, Sanford and Jonesboro
the franchises extend to 1971, 1971, 1942 and 2003, respectively; In Golds
boro, Smithfield and Pine Level to 1972, and in Fayetteville franchise is
perpetual.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock com 60,000 shs (no par) -----$6 Q-F
47.875 shs See text.
Pref 60,000 sh (no par) $7 cum. -----$7 Q-J
51,046 shs A p r ’25,114
First mortgage gold $5,000,-/ 1908
6 g F-A $3,480,500 Aug 1 1938
000 ($500 A $1.000)..c*.tf (Guaranty Tr. Co., N. Y .. trus. Int. In N. Y
1st & ref mtge 6% Ser o f 1953 f 1923
6 g J-D
4,800,000 June 1 1953
($500 A $1,000 c* A $1,000,(Irving Bank-Columbla Trust C o., New York.
$5,000 A multiples r*) g .t f l trustee.
Stock.— Pref. stock is redeemable at $110 per share and dividends. In
July 1924 W. C. Langley A Co., N. Y ., and Old Colony Trust Co., Boston,
sold 8,000 shares pref. at 99Yi and divs., to yield over 7.04% . V. 119, p.
196.
Bonds.— In addition to the $3,480,500 first mtge. 5% bonds reported out
standing, $692 000 are pledged under first A refunding mortgage 6%
bonds (or used to satisfy sinking fund requirements of the first mortgage
5s), and the remainder for improvements, extensions, A c., at 80% of cost
o f same when net earnings for 12 months are twice interest on bonds out
and to be issued. Redeemable as a whole or in part for sinking fund
on any int. date upon 3 weeks’ notice at 105 A int. Sinking fund, 1% an
nually o f bonds out from Aug. 1 1913 to Aug. 1 1922, incl.; since, 1)4% .
$416,500 have been retired through operation o f sinking fund. See V. 90
p. 1361.
The 1st A Refunding mtge. 6s Series of 1953 are redeemable, all or in part,
at any time on 30 days’ notice at 105 up to and incl. June 1 1930, and at
1% less for each 5-year period thereafter, plus interest in each case. Int.
payable at office or agency of co. in New York City. Penna. 4-mills tax
refunded. V. 116, p. 2881. In M ay 1924 $1,300,000 1st A Ref. mtge.
bonds 6% Series o f 1953 were offered by Bonbright A C o., Inc., and W. C.
Langley A Co. at 100)4 and int., to yield over 5.95% . Y. 118, p. 2302.
Dividends.— On pref., 1 )4 % quar. from July 1 1909 to Dec. 31 1910. incl.
In April 1911 and quar. since, $1 75 per share. Initial div. on com.— )4 of
1% — paid Feb. 1917; same rate quarterly to and incl. Feb. 1924. In May
1924, $1 50. Same amount paid regularly quar. since to and incl. M ay 1925
157
POWER, LIGHT AND RAILW AY
EARNINGS.— For 12 mos. ending Dec. 31:
Gross
N et (after
Other
Bond
Other
B a lan ce ,
Y ea r —
E a rn in g s.
T a xes.)
In com e.
In te rest. I n t ., & c . Surplu s
1924--------- $2,692,468 $982,808 $458,048 $426,092 $59,424 $955,340
1923-------- 2.286,050
680,574
348.445 261.525
86.256
681,238
1922-------- 1,992,945
525,117
252,223 174.015
42,411
560.914
OFFICERS.— Pres., B. S. Jarman; V.-P. & Gen. M gr., P. A. Tillery;
V.-Ps., Wm. Darbee, fi. W . Hill and R. H. Smith; Sec.. E. P. Summerson,
N. Y .; Treas., A. C. Ray; Asst. Sec., H. L. Martin; Asst. Treas.. G. J.
Hickman.— V. 116, p. 415, 2881; V. 117, p. 1883: V. 118, p. 310, 662, 1267,
2302: V. 119, p. 196, 323, 1063, 1171; V. 120, p. 954, 1325.
1) ASHEVILLE POWER & LIGHT CO.
ORGANIZATION.— Incorp. on Mar. 25 1912 In North Carolina aa
successor to the Asheville Electric Co. All the common stock except
directors’ shares is owned by Carolina Power A Light Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
D ops entire commercial and municipal electric light, gas and street railway
business of Asheville, and its suburbs. Operates 20 miles of railway. AU
franchises, except for 1)4 miles of street railway, expiring in 1952, are per
petual.
Has favorable contract to April 1 1928 with the North Carolina Eleorical Power Co. for power.
STOCK AND BONDS— D a te .
In te rest.
O utstanding.
M a tu rity .
Common 100,000 shares___
_ 40.000shs. _________ _
Preferred 50,000 shares______
$7
9 929shs Apr’25 ,$1.75
First mortgage $5,000,000 gl -----1912
5 g A-O
- - --------------- = ----$1,220,000 April 1 1942
($1,000)......................... c*tf/Int. at U. S. Mtge. A Tr. Co.. N . Y .. Trua.
Stock. — All the common stock, except directors’ shares, is held by the
Carolina Power A Light Co., and dlvs., therefore, are not reported.
B on d s. — Remaining bonds are issuable at 80% of cost of permanent Im
provements or additions when net earnings are twice Interest charges on
bonds out and to be issued. Subject to call as a whole or In part for sinking
fund at 105 A Int. on any int. day. Sinking fu n d , H % on April 1 1917
to 1922. incl.; 1% 1923 to 1927; I X % 1928 to 1932; 2% 1 9 $ to 1941.
See V 94. p. 1316.
Dividends.— $1 75 quar. paid on pref. stock from April 1912 to and incl.
Apr. 1925.
EARNINGS.— For 12 mos. ending Dec. 31:
G ross, I n c l.
N e t, after
Total Interest
B alance.
Y ear —
Other In com e.
T a tes.
Charges.
Surplu s.
1923 .................................$1,109,447
$446,299
$70,591
$375,708
1923
------- ---------------991,514
378,859
62.693
316,166
1922 .................................
927.645
338,701
62.467
276,234
OFFICERS.— Pres.,
____________ ; V.-P.
Gen. Mgr,
C. S.
Walters; Sec., E. P. Summerson; Treas., A. C. Ray. Under supervision
of Electric Bond A Share Co.— V. 95, p. 110; V. 106, p. 818; V. 109, p. 1365:
V. I l l , p. 989; V. 113, p. 70; V. 120, p. 207.
V
P
(2) YADKIN RIVER POWER CO.
Is controlled by Carolina Power A Light Co. through ownership of all
common stock except directors’ shares.
ORG A N IZA TIO N .— Incorp. on March 20 1911 in No. Caro, as successor
to Rockmgham Power Co., sold at foreclosure. V. 93, p. 173. In July
1917 acquired control of Carolina Gas A Electric Co. (name changed to
Palmetto Power A Lt. C o.), and as of Jan. 30 1923 acquired the electric
property of that co., which supplies electric power and light to Florence,
Darlington, Marion, Mullins, Hartsville, Timmonsville, Bishopsville ana
McCall, S. C ., and water in Darlington and Marion.
F i e l d o f o p e r a t i o n s a n d c h a r a c t e r o f b u s i n e s s .—
Owns and operates hydro-electric plant on the Yadkin River, power and light
ing systems in Rockingham, Hamlet and Wadesboro, N. C ., and Cberaw,
S. C ., and electric power systems in Lumberton and Lilesville, N. C ., also
supplies, under contract, the entire requirements of the privately-owned
power and light systems in Maxton, Laurel Hill and Laurinburg, N. C., and
or the m tn cipal licht ng systems of Lilesv.lie and Lumberton. None oj
the franchises expire prior to 1971.
STOCK AND BONDS—
Date.
Interest. r>ntstnndi no
M a tu r ity .
Common 200.000 shares___
153.400 shs __________
Pref 70.000 shs, $7 cum______
Q-J
17.888 shs Apr’25$1.75
First mtge $15,000,000 gold ( 1911
5 g A-O
($1,000 A $5,000) _c*Ar.HI Int. at Old Colony Tr. C o.. Boston^ trustee
Bonds.— $10 >.000 not included In amount reported outstanding, are in
treasury; remaining bonds are re-erved for extensions. Ac. Bonds have
V“ d o f & % of bonds out from Aug. 1 1916 to 1920. Incl., 1% 1921 to
1925, 114% 1926 to 1930, and 2% 1931 to 1940. incl. Subject to call as
a whole on any Int. date or In part for Improvement fund at 105 atvt int.
on 4 weeks notice, all bonds thus acquired to be canceled. $144,000 have
been canceled.
Dividends.— Quar. divs. of $1 75 per share paid on pref. from July 1 1916
to and incl. Apr. 1925.
EARNINGS.— For 12 months ending Dec. 31:
. r X f ar~
„ Gross
N et (after ta x e s ).
I n t.(N e t)
B a l.,S u r.
824------------------- $1,922,904
$1,017,952
$414,807
$603,145
tooo-x----------------1.021,874
420.113
601,761
1922...................... 1,264,296
563,432
175,086
388.346
x Included in 1923 earnings o f electric properties formerly owned by
Palmetto Power A Light Co.
OFFICERS.— Pres., B. S. Jerman; V.-P. A Gen. M gr., P. A. Tillery,
Summerson; Treas., A. C. Ray. Under supervision of Electric Bond
? . 7 ^ 877°Y Ti i r i . P 2 3 !l6 V' “ *• ► 2245: V' 106’ » “ * V' »“ •
4
TIDEWATER POWER CO.
Control. Controlled by National Public Service Corp. (see on another
page).
,„9-.RGA^ IZA T IO N -— Chartered Feb. 1907 in North Carolina. In April
1917 acquired all the property of the Consolidated Rys., Light A Power Co.,
formeriy controlled by stock ownership and leased. In Oct. 1922 acquired
the St. Petersburg Lighting Co. and the Clearwater Lighting C o., which
cos. were consolidated into the Pinellas County Power Co. in M ay 1923.
In Jan. 1924 purchased the municipal electric light system in Warsaw,
118, p. 204. In July 1924 the Pinellas County Power Co.
acquired control of the Tarpon Springs Elec. & Ice Co. V. 119 p. 581.
Has also acquired the municipal electric light system in Whiteville, N. O.
and Burgan, N. C ., and electric and ice property in Chadbourne, N. O.
Population of territory served, approximately 115,000.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Co. furnishes electric light and power, gas and street railway service in
o o n S o i 011,
vicinity. The power stations have a* capacity of
25,025 k. w. A new 12,500 k. w. turbine plant is being completed in St.
re
KnoS
nooS (se£ v - l.1? '
8as plant has a daily capacity of
1,500.000 cu. ft. and two 2-lift holders of 270,000 cu. ft. capacity, also 60
miles gas mams. Company also owns and operates two 25-ton and one 10ton ice plants. Railway system includes 33.48 miles of track, 68% of
which is double track; 54 passenger and 7 freight cars. A new car house
aim shops were built in 1916. Owns and leases to the Atlantic Coast Line
KK. 1.5 miles of track along waterfront. Owns large amusement pavilion
and auditorium seating 2,000 at Wrightsvilie Beach. Co. has completed
construction of 70 miles of transmission lines to serve ten communities, and
has entered into interchange power agreement with Carolina Power A Light
Co. for hydro-electric power. 32 miles of 60,000 volt transmission line is
•I^..Pons^ruc-eZi-?r01)1 ® Petersburg to Tarpon Springs. Has a contract
4).
with the city of Wilmington, N . C., for street lighting and water pumping.
franchises, in opinion of counsel, are without time limit, and the railway
franchise is exclusive until 1937.
STOCK AND BONDS—
D a te.
In terest
O utstanding.
M a tu rity
Common (no par)___________
12,000 shs.
See text
Preferred 7% cumulative____I I I I I
$7,800 ...................
Pref 8 % cum $3,500,0 0 0 ($100) ____
8%
2 266,000 _________
Consolidated Rys, Lt A Pow ( 1902
5 g J-J
332,150 July 1 1932
Co 1stM teeg Cdosted) ($50,(Interest at S a f e __ ____ A Trust C o.,
Deposit
$100, $500, $1000)-----------c ( Baltimore, M d., trustee.
rtif
Ser “ A ” \ 1922
6 g A-O
4,370,590 Oct 1 1942
($500 A $1,000) gold- c * .tf)ln t. at New York Trust C o., N . Y ., trustee.
157 ^ dA bonds '500,0001 1922
X
7 g A-O
1.477,000 Oct 1 1937
($100, $500 A $1,000) -C*.tf f Int. at Cleveland Trust C o., Cleve., trustee.
Stock.— The 7% pref. is convertible into 8% pref. stock. V. 117, p. 1348
158
PUBLIC UTILITIES
Bonds.— The first lien & ref. mtge. Series “ A " are additionally secured
by pledge o f all the .$2,253.000 Pinellas Co. Power Co. 1st mtore. bonds and
all the common stock o f that company. Sinking fund, o f 1% per annum
of all bonds certified under mtge. commences Dec. 1 1924. $43,000 retired.
Callable on and after Oct. 1 1927, as a whole or in part at 107M and int.
through April 1 1928, and at
o f 1% less during each succeeding year to
maturity. Co. agrees to refund Mass. State income tax not in excess of
6)4% and the Penn., M d. and Conn. 4-mills tax. V. 115, p. 2268. In
June 1924 $1,070,500 additional were offered by Hemphill, Noyes & Co.
Stroud & C o., Inc., &c., &c., at 97K and int., to yield over 6.20% . V. 118,
p. 3080.
The 7 % debenture bonds have a sinking fund commencing Jan. 1 1924
equal to 1% per annum o f the maximum amount of debenture bonds at
any time outstanding. $23,000 have been redeemed by sinking fund.
Redeemable, all or part, on six weeks’ notice up to and including Oct. 1
1927 at 110 and int., the redemption price decreasing 1% for each year
thereafter. Company agrees to refund Massachusetts State income tax
not in excess of 6 )4 % . and the Pennsylvania, Maryland & Conn. 4-mills
taxes. V. 115. p. 2268.
Consolidated Rys., Light & Power Co. bonds have a sinking fund of
\% o f bonds outstanding from July 1 1904 to 1914; 1 K % to 1924, and 2%
thereafter. Fund to be invested in bonds at not exceeding 105 and int.,
but bonds are not subject to call. $267,850 bonds have been retired.
Dividends.— In 1908 and 1909. 6% ; thereafter to Jan. 1 1913 5% per
annum was paid on pref. (14% monthly, omitting Jan. and July). On
Jan. 1 1913 began paying 6% per ann. (!4 % each month), which was con
tinued to and incl. Dec. 1921. when dividend rate was increased to 7 % . In
1922 rate was increased to 8% . Since divs. have been paid at the rate of
8% per ann. (payable 1st o f each month). Now cumulative at that rate.
On com ., first div., 2% , paid April 1910; Oct., 2% ; in 1911, 6% ; in 1912,
April, 3 % ; O ct., 3% and 1% extra: and divs. at the rate o f 7% per ann.
(3)4% semi-ann ) were paid regularly to and incl. April 1918. In Oct.
1918 2)4 % (add’l 1 % due was paid May 1 1919). In April 1919, 3)4 % was
paid. Same rate has been paid regularly to and incl. April 1923. Divs. of
$3 50 per ann. now being paid (payable 1st o f each month).
EARN IN G S.— For calendar years:
Calendar
Gross
Federal Bal. for Depr.,
Year.
Income.
Net.
Interest.
Taxes.
Divs.. &c.
______
$529,442
1924_______$1,947,709
$885,236
$355,794
1923______ 1,634.938
716,627
322,759
33,479
360,388
49,647
462.880
1922_______ 1,544,071
671,430
158.904
OFFICERS.— Pres., A. E. Fitkin: V .-P ., W. O. Harty; V .-P ., J. W.
Carpenter and F. A. Matthes; Sec. & Treas., T. B. Willard; Gen. M gr..
R . Hunt.— V. 115, p. 2268; V. 116, p. 177, 823, 1412, 2258; V. 117, p. 89,
209, 1237, 1348; V. 118, p. 204, 552, 2306, 2431, 2454, 2706, 3080; Y. 119.
p. 581, 1066, 1511, 1954, 2180, 3011; V. 120, p. 455, 1461.
SOUTHERN PUBLIC UTILITIES CO.
Allied with Southern Power Co.
ORGANIZATION — Incorp. In July 1913 in Maine as a consolidatloi
of the Charlotte Electric R y., Charlotte Gas & Electric Co. and Charlottt
Power Co. (these three forming prior to Jan. 1 1911, the Charlotte Electrii
Ry., Light & Power Co., which company issued the bonds shown in th<
table.— See "Electric R y .” Sec. for May 1915); Greenville (S. C.) Gas A
Electric Light & Power C o.; Greenville Traction Co.; Greenville Carolina
Power C o.; Fries Mfg. & Power C o.. Winston-Salem, N. C.; Wtnston-Saien
Power C o.; Anderson (S. C .) Water. Light & Power C o., Chester (8. O.)
Power C o., Thomasville (N. C .) Power C o., Greer (S. O.) Light & Powei
C o.. Thornton Light & Power C o., (Hickory. N. O.) and City of Reidsvilh
Light & Power Plant. Reidsville. N . O. The Charlotte Elec. R y. in M aj
i.915, through an amendment to its charter, reduced its capital stock from
* 1.250.000 to $1,000.
______ _
— S e l d o f OPERATIONS AND CHARACTER OF^BtJS i n k s s .—
n
Operates 70 miles o f street railway; 60. 70 and 90-lb. T and girder rails;
gauge, 4 ft. 8)4 inch. Also operates bus line. Power and light primary lines
aggregating 1,644 miles and serving 16 communities; 2 gas plants, serving
Charlotte and Greenville with 87.5 miles o f mains; water plant serving An
derson with 26 miles o f mains. Leases Savannah Power C o.’s plant near
Anderson; capacity, 3,000 h.p. Total capacity o f plants operated 24,COOh.p.
o f which 19,000 h.p. is hydro-electric generation. In Dec. 1923 a new hydro
electric plant situated at Mountain Island, with an Installed capacity of
80,000 h.p., was purchased. Also has favorable contract with Southern
Power Co. for the purchase o f additional power.
Franchises with one minor exception are either unlimited In time or rur
beyond July 1943.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturitt
_______ $10,827,500 -------------Stock $15,000,000 ($100)__________
1st & ref M $30,000,000 gold I 1913
5 g J-J
8.487.000 July 1 194:
($l,000,$5,000.&c.)c*&r*.tf Jlnt. at Farmers' L. * Tr. C o.. N Y .. Truatei
Underlying Bonds—
Char Elec Ry. L & P 1st M l 1899
5 g J-J
282.000 July 1 192*
$500,000 g ($1,000) sfc* n tf Jlnt at Merc. Tr. & Dep. Co., Balt., Trustee
Char Elec R y ,L & P ref & exti 1906
5 A-O
419.000 April 1 1931
M $2,000,000g ($1.000)c*tf Jlnt. at M erc. Tr. & Dep. C o., Balt .Trustee
Fries Mfg & P 1st M gold! 1900
5 g J-J
437,000 Jan 1 194(
($1,000) optional at 110_ Jlnt. at Equitable Tr. C o.. N. Y .. trustee
_
Winston-Salem Power C o_________
_______
46.000 Jan 1 1936
Bonds of Controlled, & c ., Cos.—
Greenv-Caro Power 1st M gl 1905
5 g M -N
230,000 May 1 193.
fSl.000) _____________ t flln t . at Old Colony Tr. C o.. Boston trust"
Bonds.— Of the 1st and ref. bonds, $1,567,500 are reserved for prior liens;
remainder issuable for 70% o f cost o f extensions and acquisition o f other
properties. Redeemable, in whole or in part, at 105 and interest.
The Charlotte Electric R y., Lt. & Pow. 1st M . bonds have a sinking fund.
operative since July 1 1900, o f 1% o f bonds out; to be invested in bonds
drawn by lot at 107)4 and int., if not obtainable at lower figure in open
market. $88,000 have been canceled.
The ref. & ext. mtge. bonds have a sinking fund, operative April 1907, of
1 % o f bonds issued, for purchase o f bonds at 107 )4 and int., if obtainable;
otherwise such investments as trustee deems proper. V. 88, p. 1252. $66,000
have been retired.
A sinking fund o f 1 % on the Greenville Carolina Power Co bonds began
May 1 1910.
EARN ING S.— For years ending Dec. 31:
Year—
Gross. Net aft. Tates. Devrec.
Bond Tnt.
Hal.. Snr
1924
$5,430,913 $2,065,824
$495,512
$495,760 $1,074,551
1,510,556
317,829
307,416
885.312
1923________ 4,548,009
1922________ 4,083,925
1.339.982
240,000
297,560
802,422
OFFICERS.— Pres.. E. O. Marshall; V .-P., A. V. Harrill; Sec., W. O
Parker; Asst. Sec., L. H. Adams; Treas., D . G. Calder; Asst. Treas. R. E
L. Graham.— V. 117, p. 1348, 2544; V. 118, p. 1775; V. 119, p. 2065.
NORTH CAROLINA PUBLIC SERVICE CO., INC.
Control.— In Feb. 1924 the General Gas & Electric Co. (see on another
page) acquired control o f the co. V. 118, p. 664.
ORGAN IZATION .— Incorp. in 1924 in North Carolina to acquire all the
properties, rights, franchises and other assets of the North Carolina Public
Service Co. Chartered in North Carolina in 1909. The predecessor co.
purchased the Greensboro Elec. Co. and Greensboro Gas Co., the electric
light plant of the High Point Elec. Pr. Co. and the street ry. system in High
Point. In 1913 built gas plant and distributing system in High Point
In 1911 acquired majority o f the stock of Salisbury & Spencer Ry. Co.
which co. is also leases for 50 years. V. 93, p. 1324. In June 1924 purchased
outright all the property o f the Piedmont Pow. & Lt. C o., operating in
Gibsonville, Elon Cottage, Burlington, Graham, Haw River, Melbane and
adjacent territory in No. Caro. V. 11$, p. 2825.
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Does entire gas, electric-light and power and street railway business of
Greensboro (and its suburbs o f Proximity, Revolution, White Oak and
Pomona), Salisbury, Spencer, East Spencer and High Point and street rail
way business o f Concord. W ith the Salisbury & Spencer R y. has over 28
miles of track. 60 and 70-lb. T and 90-lb. girder rails. Standard gauge. 35
cars, 15 new “ safety one man” cars were installed in 1917. Has 320 miles
distribution lines and 26 miles 22,000-volt transmission lines. Purchases
power from Southern Power Co. Gas plant capacity, 980,000 cu. ft. per
day. I l l miles of gas mains; electric light customers, 13,875; power, 926
gas, 5,944. In 1910 franchises had the following number o f years to run:
Greensboro, 28 years; High Point, 59 years; Salisbury, Spencer, East
[V ol. 120
Spencer and Concord, 60 years; also has a 30-year franchise in Guilford
Ccunty and township.
Decision.— For decision holding that the Southern Power C o. could not
refuse to sell electric current to the co. for re-sale, see V. 115, p. 309. See
also V. 115, p. 2390, under caption “ Southern Power C o.”
ST O C K AN D B O N D S —
Date
Interest
Outstanding.
M aturity
Com 100,000 shs (no par)_________
________ 30,020 shs. ___________
Pref 100,000 shs (no par) c u m . ____$72 M
15,981 shs ____________
First& ref.m -$3,500.doth 100,/ 1909
6 A-O
$2,356,500 Apr 11934
$500 and *1 000) c * & r * t filn t ar KnnPabif* T rust O o. N v
trustee
1st lien & ref M ser “ A ” _____f 1924
6)4 g F -A
880,000 Feb. 11944
Series “ B ” _______________\ 1924
6 g M -N
372,500 M ay 1 1954
($100, $500& $1,000) g c*tf[S e board National Bank, N. Y ., trustee.
Salisb & Spen R y 1st M gold 1905
5 g M -N
1,000,000 M ay 1 1945
$1,000,000 ($1,000)_ c*tf(In t. at Michigan Trust C o., Grand Rapids,
_
trustee, or Equitable Trust C o., N. Y.
1919
6 g M -N
106,000 M ay 1 1934
!
Guarantee Tr. & Safe Dep. C o., Phila., trus.
1919
7 g M -N
268,500 M ay 1 1934
Guarantee Tr. & Safe Dep. C o., Phila., trus.
Stock.—Pref. stock is call, as a whole (but not in part) any div. date
on 30 days notice at $110 per share & divs. Whenever any 4 quar.
divs. on the pref. shall be in default, pref. stockholders shall be entitled
to vote. V. 118. p. 11.36Bands.— Of the 1st & ref. mtge., $113 400 are reserved for future impts.
and acquisitions under proper limitations. V. 88 p 1128; V. 104, p. 2343
$90,600 cancelled for account of sinking fund, $939 500 held in treasury.
Subj. to call on any int. date at 105 & int. Sinking fund of 1 % par ann. of
gross income July 1915 to 1919; 1 % July 1920-24 and 2% 1925 to maturity.
The 1st lien & ref. mtge. 6V$s sw. “ A " are secured bv deposit of $939,500
1st & ref. mtge. 5s, due 1934, and over 92% of the entire capital stock of
the Salisbury & Spencer R y . Co. and the lease under which that co. operates,
and $169,000 of Salisbury & Spencer R y. Co. 1st mortgage 5% bonds.
A sinking and improvement fund is provided which calls for payment
to the trustee on Feb. 1 1927, and on each Fab. 1 thereafter up to and
incl. Feb. 1 1932. an amount equivalent to 1% of the principal amount
of the ser. “ A " bonds then outstanding: on Feb. 1 1933. and on each Feb. 1
thereafter up to and incl. Feb. 1 1938. an amount equivalent to 114% of
the principal amount of the ser. “ A " bonds then outstanding, and on Feb. 1
1939, and on each Feb. 1 thereafter to and incl. Feb. 1 1943. an amount
equivalent to 2% of the principal amount of the ser. “ A " bonds then
outstanding, to be applied to the purchase of ser. “ A " bonds or expended in
additions or betterments to the mortgaged property, against which no
additional 1st lien & ref. mtge. bonds may be issued. Are red. all or in
part on 30 days' notice on any int. date to and incl. Feb. 1 1929 at 107)4
& int.; the premium decreasing )4 % on each Aug. I thereafter to maturity.
Int. payable at office of trustee. New York, or in Chicago. Penna. 4 mil
tax. Conn. 4 mill tax. M d. securities tax and Mass. 6% income tax refund
able. V. 118, p. 1278.
Series “ B ” bonds have a sinking & impl. fund which requires payment to
the trustee of the following amounts N ov. 1 1925 to and incl. Nov. 1 1935;
1% of Ser. B bonds outstanding: Nov. 1 1936 to & incl. Nov. 1 1945, 1)4 %;
Nov. 1 1946 to & incl. N ov. 1 1953, 2 % . The moneys in the sinking fund
of the Ser. B are to be applied as provided for Ser. A bonds. $59,500 in
addition to amount reported outstanding held in treasury. Ser. B bonds
are red., all or in part, on any date to & incl. Nov. 1 1928 at 105 & int.;
N ov. 1 1929 to & incl. Nov. 1 1933 at 104 & int.; Nov. 1 1934 to & incl.
N ov. 1 1938 at 103 & int.; Nov. 1 1939 to & incl. Nov. 1 1945 at 102 & int.;
N ov. 1 1944 to & incl. Nov. 1 1948 at 101 & int.; Nov. 1 1949 to & incl.
M ay 1 1953 at 100)4 & int., and thereafter at 100 & int. Int. payable at
office of trustee in New York or Chicago. Penna. 4-mill tax, Conn. 4-mill
tax, Maryland securities tax and Mass. 6% income tax refundable. Are
guar., prm. & int., by the North Carolina Public Service Co., Inc. Re
deemable at 105 and int. on 6 months’ notice.
Of the $1,000,000 Salisbury & Spencer R y. Co. 1st M tge. 5s reported as
outstanding, $169,000 are deposited under the North Carolina Public Serv
ice C o., Inc., 1st lien & ref. Mtge. Are guar., prin. & int., by the North
Carolina Public Service Co., Inc. Red. at 105 and int. on 6 months’ notice.
The Piedmont Power & Light C o.’s 1st Mtge. 6% bonds are red., all or
in part, at 105 and int. on any int. date on or after M ay 1 1920 on 4 weeks’
notice. All bonds redeemed to be canceled.
The provisions of the sink
ing fund require payments to trustee as follows: On Sept. 10 1920 to and
incl. Sept. 10 1925, 1% of bonds outstanding at that date; Sept. 10 1926
to and incl. Sept. 10 1933, 2% of bonds outstanding.
The 7% 1st M tge. bonds of Piedmont Power & Light Co. are identical
with the 6s, except that on March 15 1921 an additional interest indenture
was executed by the co. to Empire Trust Co. as trustee agreeing to pay
1% additional interest on certain additional bonds to be issued.
Dividends.— Div. o 2% ending pref. 31:
EARNINGS.— For f yearspaid on De™ stock Jan. 1918; July 1918, 2% ;
Jan. 1919. 2 H % ; July 1919,Net, aft.Taxes.1929. 3% : July 1929. Bal.,Sur.
2*^%: Ian.
3 % : Jan.
Cal. Years—
Gross.
Interest.
1921,3% ; July 1921.3% : Jan. 1922, 3 %: July 1922.3% . In 1923. $251,1.54
Jan. 3 %3
1923 ___________ $1,419,148
$451,294
$200,140
1922 ___________ 1,233,987
351,634
189.886
161,749
OFFICERS.— Pres., W . S. Barstow; V .-Ps., W . Buchsbaum, C . B.
Hole, R . A. Jones and L. H. Tyng; Sec.. C. H. Wilson; Treas., J. P. Camp
bell; Gen. M gr., K. K. Garrett.— V. 116, p. 2993; V. 118, p. 319, 664, 795,
1012. 1136, 1278, 2305, 2825; V. 120, p. 1204.
PIEDMONT & NORTHERN RAILWAY.
ORGAN IZATION .— Incorp. on Feb 24 1911 tn South Carolina, and on
or about July 1 1914 took over the properties of the Piedmont Traction Co.
and the Greenville Spartanburg & Aaderson Ry Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates 2.3 'A miles from Charlotte to Gastonia, 89.90 miles;
Spartanburg to Greenwood, So. Caro., with branches from Belton to
Anderson, 11.30 miles, and from Belmont Junction to Belmont, 3.19 miles
(opened March 1 1916). total mileage of track operated, incl. spurs and sid
ings and 11.75 miles operated under contract, 207.55. Equipment consists
of ?2 passenger cars. I ig froiarht cars, 25 H> ’
1
9 «-n r so cars. 10
caboose cars, 5 misc. cars, 15 work cars and 16 electric locomotives.
STOOK AND BONDS— Date.
Interest. Outstanding
Maturity
_________ $8,584,600 Dec ’24 1%
Stock $15,000,000 ($100)_______
First mortgage $50,000,000/ 1914
5 g J-J
6,282.900 Jmy i. 1954
($1.000). gold______ c* n t flln t. at Farmers' Loan & Tr. C o.. N . Y ., tpus.
Stock.— $1,415,400 additional stock Is held In treasury.
EARNING S.— For calendar years;
Deduction.
Bal., Sur.
Cal. Yr.
Gross.
Net.aft.Tax.
Other Inc.
$329,456
$416,671
1924_______$2,250,298
$642,060
$104,067
1923_______ $2,446,119
$827,014
$96,274
$327,225
$596,073
331,205
1922_______ 1,989.818
646,175
70,876
385,846
OFFICERS.— Pres.. W . S. Lee; V .-P ., J. B. Duke; V.-P. & Gen. M gr..
E. Thomason; Sec. & Treas., N. A. Cocke; Aud., E. B. Hardin, all of Char
lotte.— V. 103. p 2453- V. 107. p. 7R. 50? ’ 837; V. 110, p . 872. 2076;
V. 112, p. 1867; V. 119, p. 2288; V. 120, p. 705.
SOUTH CAROLINA
CHARLESTON CONSOL. RAILWAY & LIGHTING1CO.
ORGANIZATION.— Incorporated In South Carolina on April 19 1910
Leases for a period of 99 years from Jan 1 1910 the Charleston Cons. R y.,
Gas & Elec. Co. Lease guar. 6% on pref. and 4% to July 1 1911. 5% to
Ian. 1 1913 and 6% thereafter on com. stock: also Int. on outstanding
bonds o f the Char. Cons. R y ., Gas & Elec. Co. and Charleston City Ry.
STOCK—
Par. Authorised. Outstanding. Dividends.
None
Common____________________ $50 $3,000,000 $1,500,000
Preferred__________- ________
50
1,500.000
500.000
None
OFFICERS.— President, P. H. Gadsden; Vice-Pres., Stuart Cooper:
Vice-Pres., Lewis Lillie; Vice-Pres., James T. Hutchings; Sec., G. W .
Curran; Treas.. I. W. Morris.— V. 106. p. 2227; V. 108, p. 877: V. 109,
p. 2355; V. 110, p. 1642; V. 113, p. 530; V. 115, p. 987.
M a y , 1925.]
POWER, LIGHT AND RAILW AY
(1) Charleston Consolidated Ry., Gas & Electric Co.
O R GAN IZATION .— Organized Feb. 21 1899 as a consolidation of the
Oharleston City Ry. and Charleston & Seashore RR. under Special Act of
So. Car. Legislature, granting perpetual charter and gas & elec, light powers.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns 37 miles of electric road in Charleston. The company has con
solidated its two power stations: both railway and light and power divisions
are being operated from same station.
Franchises are perpetual. Also owus the capital stock of the Charleston
Gas Light Co. ($698,150) and the Charleston-Edison Light & Power Co
($100,000), and thus controls the whole field of light and transportation
In Charleston. V. 92, p. 880.
Maturity.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
$4,996,750 See text.
Stock, com, $5,000,000 ($50)______
Q-J
500.000 See text.
Q-J
Pref 6 % cum . $500,000 ($50)...........
672.000 Jan 1 1938
Oharleston City first mtgel 1898
6 g J-J
($1,000). $850,000 goldctf jln t. at Merc. Tr. & S. D ( o.,Balt.
Consol mtge, gold, $2,500,-1 1899
5 g M-S
1 716.000 Mar 1 1998
000. coupon ($1.000).- * t f (Interest at Baltimore Trust C o., Truster.
Holders can also collect coupons at Carolina Savings Bank and People’*
National Bank, Charleston, lr presented before the 10th of the month.
Bonds.— Of the consolidated 5s. $672,000 are reserved to retire a like
•amount of City Railway 1st 5s.
Charleston City first mortgage bonds were originally 5s and matured
Jan. 1 1923, but were extended to Jan. 1 1938 at 6% . The extended
bonds have a sinking fund of $7,350 per annum, which began Jan. 1 1924
for the purchase or redemption o f said bonds at 105 and interest. Are
callable as a whole or for sinking fund purposes at any interest period
on 4 weeks’ notice at 105 and int., and ar exenaugeable at holders' option
at any time up to Jan. 1 1938 par for par, with int. adjustment for Charles
ton Consol. R y. Gas & Elec. 5s. due March 1 1999. V. 115, p. 2266.
Dividends.— See dividends guaranteed under lease above.
OFFICERS.— Pres., Philip H. Gadsden, Phila., Pa.; V .-P ., B. A.
Hagood; Sec. & Treas., Chas. J. Bendt; Asst. Sec.-Treas., M . C. C. Tessier,
Charleston. Offices, N o. 141 Meeting St., Charleston.— V. 112, p. 371,
848; V. 115, p. 2266.
159
^ o 11% semi-annually of bonds out from 1918 to Jan. 1 1952, inclusive.
$255,000 (not incl. in amt. outstanding) held in sink. fund. They are
subject to call at 105 and int. on 60 days' notice. Int. payable in New York.
Dividends.— First dlv. on pref.—3 % —paid July l 1906, Jan. 1907, 3% .
None to July 1911, when accrued !ivs. were paid up in full; 1 V % paid
4
qnar. since to and Including Apr. 1925. Initial div. on common— 34%—
paid Oct. 1917. In 1918, Jan., H % ; July, j* % ; Oct.. 14%. In 1919.
Jan., >4%; July. )4 % . None since.
EARNINGS.— For calendar years:
Year—
Gross.
* .Vet.
Interest. Pref.Divs. Com.Divs. Surplus
______ $258,270
1923_______ $1,261,368 $564.55 . $252,569 $53,718
1922............. 1.115.492
398.73-’ 257.661
53,718
--------87,353
• After deducting operating expenses, taxes, int. on Parr Shoals bonds
and divs. on Parr Sboals pref. stfick.
OFFICERS.— Pres., W . S. Bars tow; V.-Ps., W. Buchsbaum, R . L.
Peterman, L. H. Tyng; Treas., J. P. Campbell; Sec., C. H. Wilson.— V . 110.
p. 969; V. 114, p. 1406; V. 116, p. 2992; V. 118, p. 2437; V. 119, p. 578.
SOUTH CAROLINA GAS & ELECTRIC CO.
Control.— General Gas & Elec. Corp. (see on another page) acquired
control of the co. early in July 1924. V. 119, p. 1954.
ORGAN IZATION .— Incorp. in Maryland Sept. 23 1922. Organized
for the purpose of taking over the property, rights and franchises of the
South Carolina Lt. Pow. & Rys. Co. (for history see "Electric Railway”
Supplement of Oct. 28 1922) as per plan outlined in V. 115, p. 760. The
new co. took over the properties of the So. Caro. Lt. Pow. & Rys. Co. and
began operations on Oct. 1 1922.
Operations.— On June 22 1923 the So. Car. RR. Comm. auth. the co. to
discontinue operations within the city limits of Spartanburg, effective
July 21 1923. Buses are to be used inside the city limits and will connect
with the interurban cars which the co. will continue to operate. V.
117, p. >8. On Jan. 14 1924, however, the South Carolina Supreme Court
handed down a decision ordering the company to resume service in Spar
tanburg. V. 118. p. 432.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,250,000 ($100)....................................... $1,250,000 ................... ..
1 i pref $2,000,000 cum ($ 1 0 0 )____
7%
See text
_________ _
2 »pref $1,000,000 cum ($100)...........
6%
700.000 ................. ..
t .is of indebtedness (red at opt of co)
None
409,365 ___________
COLUMBIA RAILWAY, GAS & ELECTRIC CO.
None
78,478 Jan 2 1928
Control.— Controlled by Broad River Power Co. (V. 120, p. 85), in turn •Certificates of indebtedness \ ____
1 1 Mige $5,000,000 ($1,000) 1922
6g M-S 15 3,700,000 Dec 15 1932
controlled by the General Gas & Electric Co. (see on another page).
g o ld _________________ c*tf) New York Trust Co., N. Y ., Trustee.
ORGANIZATION.— Is a consolidation on July 1 1905 o f the Columbia
bonds $650,0001 1922
g J -D 15
650,000 Dec
Electric Street Ry., Light & Power Co. and the Columbia Water Power Co. t.-y r Mtgegold_______ c*ntf (American 6Exchange Nat. Bk.. N. Y .,15 1932
Trust.
($1,000)
The first-mentioned was organized in South Carolina Jan. 6 1892 and was a
Stock.— Neither of the pref. stocks carry voting powers; $650,000 of the
consolidation of the Columbia Electric & Suburban Ry. Co. and the Con- 1st pref. is reserved for the conversion of 10-yr. 6% conv. mtge. bonds.
garee Gas & Electric Co. Name changed from Columbia Electric Street
Certificates of Indebtedness. — Bear no interest.
R y., Light & Power to the above on M ay 15 1911. V. 92, p. 1374. A c
Bonds.— The 1st
annual sinking fund commencing Jan. 1
quired the Columbia & Eau Claire Electric Ry. Owns all the Stockland 1929, equal to 1% mtge. 6s haveoutstanding. Are call, on any int. date
of the bonds
bonds o f the Columbia Gas Light C o., which is also leased.
aj 105 and int. Int. payable at office of A. B. Leach & Co., 62 Cedar St..
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— New York City.
Does the entire street railway, electric lighting, power and gas business in
The 10-year conv. mtge. 6s are convertible into first preferred 7% stock
Columbia, S. C. Operates 32 miles o f track; 30 cars. Owns 2 power at any time prior to maturity on the basis of 11 shares of stock for each
plants with a total capacity o f about 18,000 h. p. Operates under rights
,000 prin. amount of bonds so converted. Call, all or part at any time
granted by State of South Carolina (which owns the city streets), expiring at par and int. Int. payable at office of A. B. Leach & Co., 62 Cedar St.,
Dec. 16 1941. Gas franchises granted by State and city franchises covering N. Y . City.
all departments are without limit o f time.
WARNINGS.— For 11 mos. ending Aug. 31 1923: Gross, $774,880; net,
In June 1912 acquired Parr Sboals Power Co. (stock $2,000,000 com ., all
owned, and $300,000 pref.), which on May 30 1914 placed in operation its after taxes, $289,151: bond and other int., $218,930; balance, sur., $70,221.
OFFICERS.— Pres., Geo. B. Tripp; V.-Ps., F. B. Lasher and Isaac
new hydro-electric station (present capacity 18.000 h.p.; ultimate capacity
30.000 h.p.) on the Broad River, near Alston, S. C .. 2714 miles northwest Andrews; Sec. & Treas.. Paul W. Fisher.— V. 115. D. 1943. 1259; V. 116.
p. <8, 177, 516, 1051, 1533; V. 117, p. 88; V. 118, p.432; V. 119, p. 1954.
of Columbia, supplying the requirements of the controlling co. (V. 95, p
1122: V 98 p 154 1844.)
The $200,000 Col. Canal Co. 6% bonds originally matured Jan. 1 1919
CHARLESTON-ISLE OF PALMS TRACTION CO.
but were extended for two years to Jan. 1 1921 and again to 1923, and have
since been extended from year to year at the same rate o f interest.
Receivership.— Early in 1924 Perroneau R. Rivers was appointed receiver
STOCK A N D BON DS—
Date.
for the company. V .118, p. 2436. Property has not been operated since
Interest.
Outstanding.
Maturity
Feb. 21 1924.
Common, $2,000,000 ($100)_______
$2,000,000 JulyT 9.H %
Pref., $1,000,000, 6% c u m .I -----895.300 Apr ’25, I X
Q-J
Sale.— In June 1924 the property was offered for sale at public auction.
($ 1 0 0 )............... ..................J
See V. 118, p. 3076, for details. In Oct. 1924 we were advised that the
2 955,000 July 1 1936 electric line had been purchased and was being operated by a corporation.
First mortgage. $7,500,000.1 1911
5 J-J
gold ($1,000)________ c * tfd n t. at c o .’s office or at Nat’l Park Bank.
S. J. Guilds reported to be chief owner and H. G. W . Mohlman, M gr. No
IN. Y . Columbia Trust C o., N . Y ., Trustee. further information.
Parr Shoals P pfd stk $300,00u___
7%
Him m i OO
________
ORGANIZATION.— Incorp. in South Carolina Jan. 9 1913 with author
Parr Shoals P 1st mtge, $3.-/ 1912
5 g A-O
2 745.000 Apr 1 1952
ized capital of $1,000,000, to build railroads, steam or electric, street rail
000,000 ($1.000). gold c* tf *Columbia Trust C o.. Trustee.
ways. &c., operate steamboats, and to take over what was formerly the
Col Canal Co mtg; $200.000tf . . .
6%
200,000 Jan. 11925
Bonds.— Of the outstanding first mtge. bonds of 1911, $60,000 are deposit Seashore division of the Charleston Consol. R y., Gas & Electric Co.
ted to guar. int. on Canal C o 6s. Of unissued bonds. $200,000 are reserved
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
to retire Canal Co. boi a% and $4,497,000 for improvements, additions, ac Owns 10 miles from M t. Pleasant (connecting by ferry with Charleston) to
quisitions, &c., under certain restrictions. Bonds are subject to call on any Sullivan’s Island and Isle of Palms, a pleasure resort on the Atlantic Coast,
bit. date at 105 and Int. Since July 1 1912 an amount equal to 1% of bonds including land at Isle of Palms, ferry, power house on Sullivan’s Island, a
out must be expended for tmpts., &c., against which no bonds may there sub-station at Mount Pleasant, &c. Owns and operates 19 passenger and
after be Issued, and since Dec. 15 1915 a further 1% for retirement of 3 freight cars and 2 ferry-boats. At last accounts ferry was being operated
bonds. See V. 93, p. 229.
by county under direction of Cooper River Ferry Commission. Chairman,
Parr Shoals Power bonds are guaranteed, principal and interest, by en J. P. Deveaux. Also does electric lighting business.— V. 96, p. 201,862;
dorsement. by the Columbia R y., Gas & Electric C o. Sinking fund of V . 111. p . 692, 1082; V . 118, p. 2436, 3076.
160
PUBLIC UTILITIES
GEORGIA
GEORGIA RAILWAY & POWER CO.
(See Map on page 161.)
ORGANIZATION.— Incorp. In Georgia on Oct. 16 1911 to take over
•be following properties (V. 93. p. 1191. 1726):
Atlanta Hydro-Elec. Power Oo.
IInter-State Power Oo.
Atlanta Water A Elee. Power Oo.
Savannah River Power Oo.
Georgia Power Co.
ISouth Carolina Power Oo.
In Jan. 1917 the company acquired ail the interests of the Franklin Light
& Pow. Oo., Broad Rlv Pow.Oo and the J. B. McCrary Oo. at Hartwell.
Ga. As o f Jan. 1 1924 acquired the property o f the W offord Shoals
Light & Power C o. V. 118, p. 794. In M ay 1924 acquired the prop
erty o f the Panola Light & Powpr C o. V. 118, p. 2437.
Also leases the Georgia Railway & Electric Co. (see below).
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
On Dec. 31 1924 the total mileage o f street railway tracks (on a singletrack basis) owned or leased and controlled by the company, exclusive
of the street railway mileage in Gainesville, G a., was 246 miles. Standard
gauge, 70, 80 and 90-lb. rails. Owns water power sites in northeastern
Georgia capable o f an ultimate development o f 542,700 h. p. Present
developed hydro-electric power, 254,500 h. p. Transmission lines aggre
gate 936 miles. Has power line connections and interchange power
contracts or agreements with Central Georgia Power Co. at Atlanta
Tennessee Electric Power Co. at Tennessee-Georgia State line, Southern
Power C o. at Tallulah Falls, Columbus Power Co. at Newnan and Ala
bama Power Co. at Georgia-Alabama State line. The hydro-electric
lant at Tallulah Falls was placed in operation (one unit) in Sept. 1913:
l N ov. 1914 all o f the first five units were ready for operation. The
sixth and last unit o f 12,000 k.w. was put in operation in March 1920.
The first unit o f the Tugalo generating station was placed in operation
under load Oct. 29 1923, and the second unit was placed n operation under
load N ov. 12 1°23. Units 3 and 4 were placed in operation under load
April 6 1924. First unit o f Terrora Development was placed in operation
under load March 9 1925.
Valuation.— See V . 115, p. 73; V. 119, p. 74.
STOCK AND BONDS— D a te .
In terest. Outstanding
M a tu rity
Common. S16.000.000 ($100)..................... .......... S15.000.000 Mar ’25. 1%
letpf$3,900,0008% cum(SlOO)____
8 Q-J
3.900,000 Apr ’25. 2%
1st nref 7% cum "Ser o f 1924”
($100)_____ ________ ____________
7 J-Q
2,500,000
Apr '2 5 .1 H
1st pf 7% cum “Ser of 1925”
7 Q-J
4,000,000 ------- -------($100)__________________________
2d pf$10,000,000 4%n-c($100)...........................
10.000.000
See text
let ft ref mtge $30,000,000 gl
1914 5 g A-O
25,854,000 See text
See text sinking fund_ c*/ln t. at Fidelity Tr. Co.. Phlla., Trustee.
_
Qen mtge series of 1921)
1921 7 g M -N
4,000,000 Nov 11941
Series of 1922_____________\ 1922
6 g A-O
3,500.000 Apr 1 1947
Series of 1 9 2 3 ....................|
1923 6 g M-S
3,000.000 Mar 11948
Series o f 1924____________ J 1924 6 g A-O
3,000,000 Apr 11954.
($500 & $1,000)_____c*tfjlnt. at Bankers Trust Co.. N. Y ., Trustee.
Atlan Wat A El P 1st M l
1903 6 J-J
1.400.000 Jan 1 1943
(closed) g ($l,00O)-.c*cpt/Int. at Columbia Trust Co.. N. Y .. Trustee
Equip trust notes Series “ A " _1919
45,000
See text
Equip trust notes Series “ B” __ 1920
138,000
See text
Equip trust notes Series “ C ” _ 1922
142,000
See text
Equip trustcertifs Series " D " . ____
162,000
Seetext
Stock.— The 1st pref. 6% stock was retired as of Oct. 1 1922. First pref.
8% stock is redeemable after Jan. 1 1938 at 115 and div. V. 117, p. 2432.
1st pref. 7% stock “ Series o f 1924” is not red. before Jan. 1 1938. Red,
thereafter at 115 & divs. In July 1924 Estabrook & Co. and Putnam &
C o. offered $2,500,000 1st nref. 7% stock “ Series of 1924” at 95. yielding
about 7.37% . V. 119, p. 74. 1624. First pref. 7% stock “ Series of 1925”
is preferred as to dividends, and in liquidation entitled to par and accrued
dividends if involuntary, and 115 and accrued dividends if voluntary,
before any payment is made upon any other class of stock o f the company.
Not redeemable before Jan. 1 1938, redeemable thereafter at 115 and divs.
In April 1925 Estabrook & Co., New York and Boston; Putnam & C o.,
Hartford, Conn., and Marshall Field, Glore, Ward & Co., New York and
Chicago, offered $4,000,000 at 98 flat, yielding about 7.15% . After the
2d pref. and com. stocks have both received 4% per annum for three suc
cessive years the 2d pref. stock becomes com. stock.
Bonds.— Of the $30,000,000 1st & ref. mtge. bonds, $1,367,000 are
reserved to retire prior liens, $13,500,000 are pledged as security for the
gen. mtge. bonds, and balance is for future additions, &c., under pro
tective restrictions. Subject to call at 105 and int. after 56 days’ notice.
Bonds are callable for sinking fund at same rates and dates. Annual
sinking fund payments are as follows: 1919 to 1924, $75,000; 1925 to
1928, $100,000; 1929 to 1953, $125,000; $767,000 held in sink. fd. (incl. In
amount outstdg.) Apr. 1 1925. Coupon bonds $1,000 or £205 15s. 3d.
and $500 or ±102 17s. 7d.
The gen. mtge. bonds, in addition to being a general mortgage on
the entire property, including the lease and power contract with the
Georgia R y. & Electric C o., are further secured by deposit of an equal
amount o f 1st & ref. 5s, due April 1 1954. Additional gen. mtge. bonds
may be issued under certain restrictions provided same are secured by a
like amount o f 1st A ref. 5s. Series o f 1921 7s are redeemable all or in
part on the 1st day o f any month on four weeks’ notice, at 107 A A int. to
and incl. N ov. 1 1924; thereafter to and incl. N ov. 1 1931 at 105 & int.;
and thereafter at A o f 1% less premium each year to maturity. Series of
1922 6s are redeemable, all or part, on first day of any month on four weeks’
notice at 107A and int. to.and incl. April 1 1932, thereafter at 105 and int
to and incl April 1 1937; thereafter at ^ o f 1 % less premium each year to
and incl. April 1 1945, and thereafter at a premium o f A o f 1% prior to
S
G Lt., Pr. & Rys. Co.
a.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n gor P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n tr a l Illin o is P o w e r C o .
C e n tra l In d ia n a G as C o.
C e n tr a l I n d ia n a P o w e r C o .
C in c in n a t i G a s & E le ctric C o .
C in c in n a t i G a s T ra n s p o r ta tio n
C o lu m b ia G as & E le c tr ic C o.
C u m b e rla n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l i c S e r v ic e C oE a st O h io G a s C o .
I n d ia n a E le ctric C o r p o r a t io n
Jersey C e n tr a l P r. & L t. C o r p .
L i n c o l n G a s & E l e c t r i c L ig h t C o .
M i c h i g a n L ig h t C o .
M id d le W e s t P o w e r C o .
M id d le W e s t U t ilit ie s C o .
N o r t h w e s t e r n P u b l ic S e r v ic e C o .
O h io P u b l i c S e r v ic e C o .
O m a h a & C o u n c il B l u f f s S t . R y .
O zark P ow er & W a ter C o.
P o r t la n d E l e c t r i c C o .
P u b l i c S e r v ic e C o . o f C o l o r a d o
S h a w in ig a n W a ter & P o w e r C o.
U n io n L ig h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W est P en n P ow er C o.
We have been identified either as principals or
jointly in the financing of the above companies
A. B. Leach & Co., Inc.
N EW Y O R K
BOSTON
PH ILADELPH IA
CHICAGO
[V ol. 120.
maturity. Series of 1923 6s are red. all or in part on any Int. date on
4 weeks’ notice at 107 A and Int. to and incl. March 1 1933; thereafter at
105 and Int. to and Incl. March 1 1938; thereafter at 44 of 1 % less premium"
each year to and Incl. March 1 1946, and thereafter at a premium of A of
1% prior to maturity. Series o f 1924 6s are red., all or in part, on any int.
date on 4 weeks’ notice at a premium of 7)4% to and incl. A pr. 1 1934;
thereafter at a premium of 5% to and incl. Apr. 1 1944; said premium to be
reduced by A of 1% commencing Oct. 1 1944, with a like additional
reduction commencing on Oct. 1 of each year thereafter until maturity;
In each case with accrued int. Penna. 4 mills tax refunded, &c. V. 113
p 1772; V. 114, p. 1765; V. 116, p. 1177. $3,000,000 30-year gen. mtge.
6% bonds “ Series of 1924” were offered by Drexel & C o.. Phila., in June
1924 at 98 and int., to yield about 6.15%. V. 118, p. 2825.
The Atlanta Water & Elec. Power bonds are subject to call at 105. The
issue was originally for $1,500,000 but has been closed at $1,400,000. Sink,
fund Jan. 1 1908 to Jan. 1 1917 incl., $5,000 per ann.; thereafter until
maturity $10,000 per ann. See V. 102, p. 1540. $197,000 in sink. fund.
Equip, trust notes Ser. " A ” are due 10% annually. Ser. "B “ mature
$14 000 semi-ann. each Oct. and April 1 to April 1929 and $13,000 Oct. 1
1929 and April 1 1930. Ser. “ O” mature $10,000 April 30 and Oct. 31
to Oct. 31 1924, thereafter $10,000 on each Oct. 31 and $9,000 on each
April 30 to April 30 1932. Series “ D“ mature $11,000 Jan. 31 and July 31
31 193331
an<* tkerea1fter S10.000 each Jan. 31 and July 31 to July
Ditidends.— An initial dividend o f 4% was declared on the 2d pref. stock
In Feb. 1923, payable in quarterly installments of 1% each beginning March
1 1923. V. 116, p. 515. In 1924, M ar., 1% and same amount quar.
since to and incl. March 1925. On Mar. 1 1923 an initial div. o f 1% was
paid on the com. Stock. Divs. at the same rate have been paid regularlv
since to and incl. Mar. 1925.
REPORT.— Of combined properties:
Calendar
Gross
N et (after
Other
I n t . , R en tals.
B a lan ce.
Y ea r —
E arnings.
T axes)
In co m e. Sk. Fds. A c .
S u rvlu s
1924------------ $16,174,766 y$5,314,099 $686,483 x$3,525,854 $2,474,728
1923------------- 16,006,929 y4,820,065 553.107 x2,936,933
2,436 238
4,366,964 417,190 x2,867,110
1.917 044
1922................ 14,449,497
1921................ 14.080.904
4,687.343 350,921
3.060.133
1,978.132
x Excl. sinking fund deductions, y After deduction of gas depreciation
Passengers carried in 1924, 93.873,056, against 97,608.690 in 1923.
OFFICERS.— Chairman of Board, H. M . Atkinson; Pres., P. S. Ark
wright; V.-P. & Gen. M gr., W. H. Taylor; V.-P. & Exec. Eng., C G
Adsit; V .-P ., G. W. Brine; V.-P. & Oper. M gr., F. L. Butler- Treas
I. S. Mitchell Jr.: Aud., F. A. Brine: Sec., W. H. Wright: all o f Atlanta’
General offices. Electric & Gas Bldg., Atlanta.— V. 118, p. 201 794
1259, 1284, 1519. 1772, 2437. 2825: V. 119, p. 74, 324, 1171, 1624- V
120, p. 1202, 1746, 1872, 1902, 2146.
(1) GEORGIA RY. & ELECTRIC CO.
L ea se. — On Jan. 30 1912 the stockholders of the Georgia Ry. ft Elec. Oo
approved the 999-year lease from Jan. 1 1912 to the Georgia Ry. ft Power
Oo., which provides that the latter company guarantee all the fixed charge*
and divs. on pref. stock and divs. of 8% on com. stock, the holder of each
1100 com. having received, as additional consideration for the lease $3.1214
m 1st pref. and $125 In 2d pref. stock of Georgia Ry. ft Power Co., V. 94
P 982. 1119. The shares of the Atlanta Gas Light Co. and of the Atlanta
Northern Ry. are not Included in the premises demised under the
but the lessor assigned and transferred to the lessee. for and during the term
of the lease, the Income arising from any and all of the said shares.
ORGANIZATION.— Incorp. in Georgia on Jan. 28 1902. and on April 1
1902 took over the Atlanta Ry. ft Power Co., the Atlanta Rap. Tran Oo
the Georgia Electric Light Co. and the Atlanta Steam C o. By terms o f the
ordinance permitting consolidation, the company paid the city of Atlanta
$50,000 in cash and agreed to pay a tax on gross receipts of 1 % for first 3
years. 2% for the next 20 years and 3% thereafter. V. 74, p. 397 727
Franchises for the greater part perpetual; others, 50 years from Aug. 1899.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS —
Comprises the street railway, electric light, gas, power and steam heating
Interests of Atlanta and Fulton County. Owns 218 318 miles o f track
(single-track basis)
70, 80 and 90-lb. rails. 411 passenger and 43 other
cars. 2 power stations.
In June 1903 acquired the entire capital stock ($600,000 6% pref. ana
$1.014.625 com.) or the Atlanta Gas Light Co., comprising the gas business
of Atlanta and vicinity, by exchange of stock, $ for $. V. 76 n 1406
Also owns entire capital stock of the Atlanta Northern Ry.
’
ommSK iN 0 U r ..
,J oo;.B .N S
'5S “- 85gJ38sf- "C 22,
• * ’
2-400-000
9“ *“ '
Ref ft Imp mtge $20,000,0001 1909
5 g J-J
7,523,000 Jan 1 104fi
gold ($1.000)----------------c*flnt. at Amer. Trust Co Boston Trustee
First cons mtge $11,000.0001 1902
5 g J-J
5.410,000 Jan 11932
gold sink fund ($] ,000)--C*/Int. at Old Colony Trust Co., Boston True
Atlanta Street Railroad first I 1890
6 g J-J
225,000 July i 1930
mortgage gold (par $1,000)-lint, payable in N . Y . at Fourth Nat. Bank
n
„
l
Central Trust Co.. N. Y ., Trustee.
Atl Cons St Ry 1st consM$2.-[ 1899
6 g J-J
1.725,000 Jan 1 193S
500,000
g($1.000each)
Int. payable In N . Y .a t, N . Y . Trust Oo.and
_
I at Merc. Tr. ft Dep. Co of Balt.. Trustee
Georgia Elec Light Co 1st M 1900
5 g J-J
1 350.060 July 1 1930
$2,000,000, gold, subject tollntereet at Old Colony Trust Co Boston
call at 105______________c*l Trustee.
’
Atlanta Gas-Light Co. 1st M f 1897
5 g J-D
L150.000 June 1 1947
$1,150,000. g ($1,000).,c* Interest at New York T r m Co.. Trustee or
... .
^ ,
IBank of Scotland, London Eng.
Atlanta Gas Lt ref. ft impt.,1 1920
6 A-O
1,635,000
1970
$5.000,000call, at 106 & int/Int. at Girard Trust C o., Phila.
Stocfc.— In Oct. 1902 both pref. and com. stock were listed on Boston
Stock Exch. V. 75, p. 849. They are also listed on the Louisville Exch
Also owns entire capital stock of the Atlanta Northern Ry.
Ronds.— t the $11,000,000 Georgia Railway ft Electric Company bonds
-O
(closed mtge.) of 1902, $3,850,000 are reserved to retire underlying llenr
balance has been retired. Red. on any Int. date at 110 and int. A
sinking fund became operative in 1907 which retires $10,000 of bonds
each year from 1907 to 1911, Inclusive; $25,000 per annum from 1912 to
1916, inclusive, and $50,000 per annum thereafter. 8 “ v 74 d 629 727
A sinking fund of $6 60 per $1,000 bond on the Atlanta Gas L t. Co 1st
mtsre. 5s is operative; $419,000 bonds in fund.
$82,000 Atlanta Gas Light ref. & impt. 6s held In sinking fund
Atlanta Consol. St. R y. bonds are red. as a whole at 107)4, but $25 000
in Jan. of each year for sinking fund at 105.
Of the ref. & impt. mtge bonds, $11,230,000 are reserved to retire
Prior liens (including the $400,000 Atlanta & Northern bonds and $1 150,000 Atlanta Gas Light Co. 1st Mtge. bonds), and remainder for ex
tensions and improvements up to 75% of actua cost. Bonds are subject
J? call on 50 days’ notice at 105 and int. Mtge. provides for retirement
through sink, fund of 1 % of bonds outstanding Oct. 1 each year $648 000
retired by sinking fund. In Dec. 1924 Drexel & C o., Phila., sold $3 151 000
ref- & lmPt- mtge. 5s at 90)4 and int., to yield about 5% %. V. il9
p • 2760•
Dividends— Dividends are now paid under lease (see above). For record
of dividends paid prior to lease, see this section for January 1917.
EARNINGS.— Included in report of Georgia Ry. ft Power Co. above.
OFFICERS.— Pres., Thos. K. Glenn; V .-P ., J. O. Hallman; Sec &
Treas., W . H. W right— V. 117, p. 1017; V. 119, p.*2760; V. 120, p. 1326.
(a) ATLANTA NORTHERN RY.ECO.
ORGANIZATION.— Entire stock is owned by the Georgia Railway &
Electric Co., which guarantees the bonds.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS —
A trolley road. Operates 18 miles of track from Atlanta to Marietta, 15 2
miles, which are owned and mostly on private right-of-way. Has arrange
ment with Georgia Railway & Electric Co. for terminals and trackage rights
into the city of Atlanta. StandardA
gauge;|10 cars,-2 trailers. Commenced
operation July 17 1905.
STOCK AND BONDS—
Date.
Interest. Outstanding. MaturiuT
Stock, $100,000--------------------------------------------$100,000
First mortgage $400,000 guar) 1904
5 g J-J
400,000 July"i ' i 954
($500 and $1,000) g old -.c* Jlnt. at Old Colony Tr. C o.. Boston Trustee
Bonds.— Are guar., p. ft 1., by end., by the Ga. R y. ft Elec. Oo. Aresub^
Ject to call on any int. date at 110 and int. A sink, fund of $5,000 per ann
began in 1909; $122,500 bonds are held alive in sink. fund. V 79 p 680
M ay , 1923.]
POWER, LIGHT AND RAILW AY
G E O R G IA R A I L W A Y & P O W E R C O M P A N Y
G E N E R A T IN G A N D D IS T R IB U T IN G S Y S T E M
S T O R A G E R ESERV OIR S
H Y D R A U L IC G E N E R A T I N G S T A T I O N S Q
S U B -S TA TIO N S 0
g
S TE A M G EN E R A TIN G S T A T IO N S ^
T R A N S M IS S IO N LINES
P R O P O S E D H Y D R A U LIC G E N E R A T I N G S T A T I O N S
P R OPOSED TR A N S M IS S IO N LINES
□
—
I N T E R C O N N E C T I N G L IN E S
■ ........
PROPOSED S U B - S T A T I O N S O
—
--------------
161
162
PUBLIC UTILITIES
EARN IN G S.-—For years ending Dec. 31:
Year—
Gross.
Net.
Taxes. Int., A c.
1924___________ ---------- $247,659 $45,071
$8,008 $30,813
1923....................
41,479
7,895
27,731
1922___________ ______ 244,511
44,235
7,890
26,750
1921___________ ______ 255,714
6.592
53 173
26 766
— v . 179, p. 680: V. 102, p. 1435: V. 120, p. 451, 700.
A U G U S T A -A IK E N
R A IL W A Y
&
E L E C T R IC
Balance.
sur.$6,750
sur.5,85o
sur.9,595
sur.19,815
CORP.
O R G A N IZA TIO N .— Chartered In March 1906 under laws of South
Carolina as Augusta S Columbia Ry. Co.; name changed to above In April
c
1911 and Is a consolidation of the following companies:
Augusta-Aiken Ry. & Elec. Co.
I Augusta Ky. S Elec. Co.
c
Augusta & Aiken R y. Co.
| North Augusta Elec. & Impt. Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates entire railway systems of Augusta, Ga., and North
Augusta, S. C ., and a line from Augusta to Aiken. 8. C . Also furnishes en
tire electric light and power service in Augusta and its suburbs and owns
valuable real estate in central part of Augusta. Owns and operates 55.7
miles o f track, of which 30 06 m. are city lines and 25.1 miles interurban
between Augusta and Aiken, 60 to 100-lb. T rails. Standard gauge. Owns
Lake View Park on Lake Olmstead. Railway franchise in Augusta expires
1939; electric-lighting franchise runs until 1939 or longer. Interurban divi
sion is on private right-of-way. V. 92, p. 1177.
Also owns the $500,000 com. stock of Georgia-Carolina Power Co. and
guarantees prin. and int. and sinking fund on the Georgia-Carolina Power
C o. 1st mtge. 5s.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
$2,250,000
________
Common $2,250,000 ($ 100)......... ........................
Pref6% cum $2,250,000 ($ 1 0 0 )____
Q-M
2.250.000
See text.
Sinkfdbds $7,500,000 goldf 1910 5 g J-D
2.891,000 Dec 11935
($1,000)_________ c*& r*tf/Cent. Unton Tr. C o.. New York. Trustee
Coupon notes_______________ 1919
6%
1645,800/Dec. 1 1935
Coupon notes_______________ 1922 6 J-D
J
(Dec. 1 1935
Augusta Ry & Elec 1st M gl 1900 5 g J-D
727,000 June 1 194U
$1,000,000 ($1,000) -c*n tf/ln t. at Mer. T r. Sc Dep. Co.. Balt.. Trustee
Ga-Caro Pow 1st M $5,000,-1
OOOg ($500 and $1,000)-..1 1912 5 J-J
2,554,000 July 11955
guar________________ c*tfJCent. Union Trust C o.. iNew York. Trustee.
B on d s. — Of the $7,500,000 sink. fd. bonds, $616,000 are in treasury
$14,000 are deposited with the trustees for the bondholders and $169,000
in sinking fund (not incl. in amount reported outstanding): $785,000 are re
served to retire Augusta R y. & Electric bonds, and balance is for additions,
&c. Subject to call as a whole (or In part for sinking fund) at 105 and
tot. on any int. day on 30 days’ notice. Interest is payable at Redmond
Sc Co., New York. Sinking fund began In 1916, providing for payment of
$25,000 per ann. 1st 5 years', increasing to $40,000, $50,000 and $65,('00
for each successive period of 5 years until maturity of bds. V. 92, p. 1177.
Augusta R y. & Elec, bonds can be called in 10, 20 or 30 years from date
at 105 and int. on 6 months’ notice; sinking fund of H of 1% began June 1
1905 for 15 years, 1% for next 10 years and 2% for remaining 10 years.
$220,000 (not incl. in amt. outstanding) was held in skg. fd. Dec. 31 1924.
The two issues of coupon notes represent unpaid int. for a period of 5
years on the 1st mtge. skg. fd. 5% bonds, the coupons being funded into
Int.-bearing notes. Both these note issues originally matured June 1 1924
and bore int. at 5% , but have been extended to Dec. 1 1935 at 6% . V. 118,
p. 2436; V . 119, p. 322. Compare V. 109, p. 1079.
The Ga.-Caro. Pow. bonds are subject to call as a whole, or in part, for
sinking fund at 105 and Int. $263 000 have been retired by sink fund.
Sinking fund began In 1918 and will be sufficient to retire all the bonds at
maturity. They are guar., p.,1. & s f . by Augusta-Aiken Ry. Sc Elec
Oorp. V. 95, p 179
Dividends.— Initial dividend on referred— 1 K % — paid Dec. 30 1911.
.same rate quarterly to and Incl. June 1914. None since.
REPORT.— For years ending Dec. 31:
I n t.
on
[V ol. 120.
(1) MACON RAILWAY & LIGHT CO.
Entire common stock is owned by Georgia L t., Power & Rys.
O R G A N IZA TIO N .— Incorporated in Georgia on Oct. 23 1902 by the
Railways & Light Co. of America as a consolidation of the M acon Consoli
dated Street R y., the Macon Electric Light & R y., the North & South
Macon Street R y. and the Metropolitan Street R y. The city ordinance
permitting the consolidation, passed on Sept. 16 1902, granted a 50-year
franchise. For terms, see V . 75, p. 733.
STO CK A N D BONDS—
Date.
Interest.
Outstanding. Maturity.
Common $1,600,000 ($100)________
_______
$900,000 _______ --_
Pref $300,000 ($100) 6% cum ______ 6 A-O
300,000
See text
Macon Rv & Lt 1st cons mtge\ 1903 5 g J-J
959,000 Jan 1 1953
g $1,000,000 ($1,000)- C * t f f Int. at Equitable Tr. C o., N . Y ., trustee.
Macon Elec Lt & Ry 1st mtge\ 1899 6 g J-J
42,500 Jan 1 1929
$100,000 ($500) gold-C *tf(Int. at Equitable T r. C o., N . Y ., trustee.
Bonds.— Macon Ry & Lt. 1st consols are subject to call on any interest
date at 110 and int. $41,000 bonds, $12,300 com. and $16,400 pref. stock
c
are held by Savannah Trust Co. to retire the $42,500 M acon Elec. L t. S
Ry. bonds remaining out. See V. 76, p. 212.
Dividends.— 6% per annum has been paid s.-a. on pref., 1903 to Apr
1925, inclusive.
ROAD.— Owns and operates about 37.11 miles of track, all of which has
been re-laid with 70-lb. rails. 58 cars.
F,ARVTNGS.— For
endir" r ,p<'. ?1Year ending
Gross
Net (aft. Depr.
Int. on
Balance,
Dec. 31—■
Earnings.
A Tax.).
Bonds, <%c.
Surplus.
$156 996
$114,561
$42,430
1924-----------------------$917,672
1 9 2 3 -..___________ 924,946
212.056
126,107
85,949
OFFICERS.— Pres., Wm. H. Felton; V.-P., L. A. Magraw; Sec., R.
Frank Jones: Treas., W. E. Houser.— V. 107. p. 906: V. 109, p. 578; V. 110,
p. 2192; V. I l l , p. 1083; V. 113, p. 960; V. 117, p. 1555.
(2) MACON GAS CO.
O R G A N IZA TIO N .— Incorp. in Ga. in 1852. Was formerly M acon Ga.
Lt. & Water C o., but in Oct. 1911 transferred its water plant to the city
artd cVumved name to nreop-nt Htip CAn'-rolc nnHre gn 3 tvi«inese of M acon.
<
All the outstanding stock and bonds of the Macon Gas Co. are owned by
Ga. Lt., Power & Rys. There are also outstanding $448,000 1st mtge.
bonds deposited with N . Y . Trust Co.
E A R N IN G S.— For years endir" Dec. 31;
Gross
Net (aft. Depr.
Int. on
Balance,
Dec. 31 Years— Earnings.
A Tax ).
Notes.
Surplus.
$74,690
$30,783
$43,908
1924.------- ------------- $317,535
1923--------- ------------ 312,645
84,675
30,349
54,320
Has 2 gas’ holders and over 54 miles of mains, &c. Output now exceeds
2.000,000 cu. ft. per annum.— V. 93. p. 942. 1537; V. 99, p. 1455.
(3) CENTRAL GEORGIA POWER CO.
Georgia Lt., Power & Rys. owns $3,798 6 )0 stock.
O R G A N IZA TIO N .— Incorp. in Ga. on March 4 1907 as Bibb Pow. Co.
and in Jan. 1908 changed name to present title. Began oper. June 1 1911.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
_______
$4,060,000 _________
Stock $4,000.000____________ _____
Mtge $3,000,000 g ($1,000, f 1908 5 M -N
2.P21,800 M ay 1 1938
$500 & $100, or £ equiv-jEmpire Trust C o., New York, trustee.
a le n t)______________c*&r*(
Bonds.— Int. on bonds is payable at office of A. B. Leach S C o., Inc.,
c
N. Y ., or Bank of Scotland, London. Subject to call at 105 and int. for
sinking fund or any or all at company’s option on any int. d . Sinking
fund of 1% of bonds out began in 1913. V. 88, p. 1199. $378,200 bonds
in sinking fund.
Ea RN IN GS.— For 12 mos. ending Dec. 31:
y-ar—
Omits
Net " rt 'Tax. Bd. Tut,. A c.
Surplus.
1924______________$910,687
$374,174
$205,885
$168,289
481.407
208.493
272,914
1923________ _____ 841,086
PR O PE R T Y .— Owns hydro-electric plant with a capacity of 24.000
electric horse power on Ocmulgee River, near Jackson. Transmission lines
extend to M acon, Forsyth, Jackson, Bibb, Barnesville, Thomaston and
Griffin, connecting at the last-named point with the line of the Central
Georgia Transmission Co. (whose entire capital stock and bonds are owned
by Ga. Lt., Power & R v s.), running to Hampton, Jonesboro, M onticello and
Atlanta. Total leneth ot transmission linos 0’ncl rvr-t ria Trans D o.),
145 niles. Central Georgia Transmission Co. is now building a transmission
line 64 miles in length to connect with the co. operating in Columbus, Ga.
— V. 93, p. 1536, 1670.
Gross (.A ll N e t a fter I n t.o n C o .8 u b .C o .B d s .
Other B alan ce,
Year—
Sources). Taxes.
Bonds.
A c.
I n t..A c . Surplus.
1924_______ $1,217,429 $492,432 y$40,316 $352,988 $4,009
$95,119
1923_______ 1,227,625 ,49o,9b9
f/30 lo »
354,146 1.860
103,826
19 22........... 1,114.333 435,808
y30,U5
355,117 4,338
46,238
This represents int. on the c o .’s 5% notes which were issued in connec
tion with the plan under which the holders o f the c o .’s 1st M . bonds agreed
to forego the int. due thereon for a definite period. See V . 109, p . 1079;
V . 118, p. 2436; V. 119. p. 322.
OFFICERS.— Pres., F. Q. Brown; V .-P .. J. K. Choate; Sec. & Treas.,
C O L U M B U S E L E C T R IC & P O W E R C O .
D . H. Thomas; Asst. Secretary & Treas., M . H. Hendee; Gen. M gr.,
F . B . Gulley; Mgrs., T h e J .G . White M gt. Corp.— V. I l l , p. 293, 686;
ORGANIZATION.— A consolidation in 1922 of the former subsidiary
V. 112, p. 1398, 2641: V. 114, p. 1285, 1889, 2715; V. 115, p. 1099; V. companies of the Columbus Electric C o., viz : Columbus R R .. Columbus
116, p. 1531; V. 118, p. 662. 1134. 1391.2436; V. 119, p. 322.
Power C o., and the Gas Light. Co. of Columbus, Ga., as per plan outlined
tn V. 114, p. 1406. The Columbus Electric Co. is kept alive but will go
out of existence when the bonds of the Columbus Power Co. (guar. prin.
int. & sink, fund by Columbus Elec. Co.) have been paid in full. For
G E O R G IA L IG H T , P O W E R & R A I L W A Y S .
historv of Columbus Plertrie Po nr t„
of this consolidation, see “ Elec
(See Map on opposite page.)
tric Railway” Supplement of April 29 1922.
O R G A N IZA T IO N .— Is a voluntary association formed under Massa
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
■chusetts laws in Sept. 1911. Has acquired all the com. stock of Macon Ry.
& Light C o., all the com. and pref. stocks of Macon Gas C o., $3,798,600 of Does the entire electric railway and lighting, gas and power business of
the $4,000,000 stock of the Central Georgia Power C o., the entire capital Columbus and vicinity and the ad joining towns of Phoenix City and Girard,
stock o f the Central Georgia Transmission C o ., and the entire capital stock and a wholesale power business in Columbus, Newnan, Hogansville,
o f the Georgia Public Service Corp. Also $448,000 (entire issue) 1st mtge. Lagrange, Lanette, Trimble, Grantville, Moreland and West Point. 25.3
7% bonds o f M acon Gas Co. and $354,000 (entire issue) 1st mtge. bonds of miles of equivalent single track, of which 5 miles leased to Seaboard Air
Central Georgia Transmission Co Also owns $2,133,594 6% construction Line until 1952. 39 cars; 2 steam locomotives (leased to S. A. L. R y .).
Standard gauge. Controls hydro-electric plants with a capacity o f 44,560
notes o f its constituent companies issued for new construction, &c.
FIE LD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.— h.p., and a steam plant of 12,000 h.p. capacity. Principal franchises
Through controlled companies operates entire electric railway and gas perpetual. The freight lines are leased to the Seaboard Air Line R y. for
years from
1901 at a
of
business in M acon; furnishes electric light and power in M acon, Monticello, 50In Jan. 1924Oct. 17 announcedrentalthe $7,500 per annum.
it
that
company contemplated construc
Forsyth, Barnesville, Griffin, Jackson, Jonesboro, Bibb. Thomaston and tion of a dam at was
Bartlett’s Ferry, about 16 miles above Columbus, Ga.
Hampton, Ga.; also sells electricity to the utility company operating in The cost, based on preliminary estimates covering initial Installation (two
Atlanta.
15.000 k. v. a. units) will be about $5,000,000. V. 118, p. 549.
STOCK A N D BONDS—- Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
Interest. Ou'staudivo.
Maturity
Common $8,000,000 ($100)________ _______
$7,660,000 ---------------- Common ($100)_____________ _____
_______
$3,226,300 See text.
Pref$2,000,0006% n-c ($100)------ Q-J
500,000 A p r ’25 I K
1st pref Ser A cum 7% ($ 1 0 0 ) .____
7%
273,700 A p r ’25, I K
First lien sk fd $6,500,0001 1911 5 M -S
3,751,000 Sept 1 1941
2d pref 7% cum ($ 1 0 0 )..- . . . ____
7%
1 .4 2 8 7 0 0 A p r ’25. 1 K
gold ($1,000)________ c*&r(New York Trust Co., New York, trustee.
1st & ref mtge6% Series “ A ” , f 1922 6 g J-D
1,442,300 June 1 1947
3-yr notes $2,500,000 ($1,000)/ 1924
6 g J-J
2,500,000 Dec 11927
Sathas “ R ”
J 1Q9A K
tr M -T\T
9 000 000 Matt 1 IQ it l
gold__________________ c* tf (Int. at New York Trust C o., N . Y ., trustee.
($100, &c.), gold_ c*&r.tf (Int. at Old Colony Trust C o., Boston, trustee
_
Stock.— Pref. shares are call, at 110. Are listed on Pittsburgh and Boston 3-year notes ($1,000) gold| 1924
5 g J-D
2,000,000 Dec 1 1927
Stock Exchanges. Common listed on the Pittsburgh, Chicago and London
c*.tf/Interest payable in New York or Boston.
Stock Exchanges.
Columbus Power first mtgei 1906
5 g A-O
3.543.000 April 1 1936
$4,000,000 gold guar c * t f (Jut at. Oommonw. Trust, Co.. Boston, trust.
Bonds.— Of the first lien s. f. gold 5s o f 1911, $4,493,000 have been
Stock.-— First preferred conv, into common, share for share, at any time.
issued, o f which $742,000 retired by sinking fund, leaving $3,751,000 out
standing in hands of public. Sinking fund, $75,000 annually, 1921 to 1925; Redeemable at 120. V. 115, p. 72.
Bonds.— Series “ A ” are callable, all or part, on any interest date after
and $100,000 annually 1926 to 1940. Bonds are secured by deposit of
1932
and thereafter decreas
practically all the securities owned by Ga. L t., Power S Rys. Are red. June 1of 1 up to and including June 1 1937, at 105, 1945,
c
to 101 for year ending June 1
at 100 there
at 105 and int. on any int. date on 30 days notice. Prin. and int. payable ing K (plus % each yearA sinking fund of 2% per annum of and total amount
after
interest).
the
at N . Y . Trust C o., N . Y ., or Bank o f Scotland, London. V. 93, p. 1532. of Series “ A ” bonds issued commenced N ov. 1 1923. V. 114, p. 2823.
Bonds are listed on Chicago, Pittsburgh and London stock exchanges.
The 3-yr. 6% notes are red. all or in part on any int. date on 30 days’ $56,700 canceled by sinking fund up to Feb. 28 1925. % of the principal
Series “ B ” have annual cash sinking fund equal to 1K
notice at 101 during first year, at 100K during second year, and thereafter
a t par to maturity, plus int. in each case. Penna. 4-mills tax, Conn. 4-mills amount of Series “ B ”1outstanding at the time of the sinking fund payment
(first payment Nov.
1926)
applied by trustee to purchase
tax and Mass. 6% income tax refundable. $2,500,000 were sold in Dec. “ B ” bonds at not exceeding to be and interest. If bonds are notof Series
so pur
1924 by A. B. Leach & Co., Inc.; Paine, Webber & C o., and Punchon & chasable the balance shall be 100
applied either to the purchase of underlying
■Co. at 99K and int., to yield about 6.20% . V. 119, p. 2760.
bonds at not exceeding 100 and interest or to reimburse the company for
Dividends.— On preferred, have been paid as follows: Jan. 1 1913 to 75% of the cost or fair value, whichever is less, of additional property
Jan. 1 1915, 1 K % quar.; then none until Oct. 1 1917, when 1 K % was acquired against which no bonds may be issued. Are callable, all or in part,
paid; same amount paid quarterly to Apr. 1 1925.
on any interest date at 105 up to and including N ov. 1 1944, and thereafter
R E PO R T .— The combined results o f the company and its subsidiaries, decreasing K of 1 % for each year to Nov. 1 1953, plus interest in each case.
Interest payable in New York or Boston, $2,OO0,0OO Series “ B ” 5s were sold
with inter-company items eliminated, for the years ending Dec. 31 were:
in Dec. 1924 by Estabrook & C
Inc.,
Y ., and
Calendar
Gross
Net (after Sub. Co. Int. Interest
Balance, Parkinson & Gurr, Boston, at 92 o., Stone & Webster,5.55% . N .V. 119, p.
and interest, to yield
Year-—
Eaminas.
Taxes).
and Dies.
Charges.
Surplus.
1924--................ $1,951,774
$781,119
$188,823
$265,240 $327,056 2644. Columbus Power Co. bonds are callable as a whole (or in part for
The
1923___________ $1,916,007
$929,898
$190,420
$268,117 $471,359 sinking fund) at 110 and int. on any int. day. A sinking fund of 1% of
1922___________ 1,681,421
698,206
191,095
276.108
231,003 bonds out began April 1 1912. $416,000 purchased for sinking fund and
1921___________ 1,671,090
499,932
225,043
268,052
6,837 canceled.
OFFICERS.— Pres., .T. D. Everitt: V.-Ps., F. B. Lasher and Lloyd
Notes.— The 3-year 5% notes are callable as a whole on June 1 1925 and
Robinson; Sec. & Treas., Paul W . Fisher. Office of Secretary, 62 Cedar St., Dec. 1 1925 at 101K; June 1 1926 at 101; Dec. 1 1926 at 100K, and June 1
— V.1118, p.£.431;»Y.|119, p. 678, 2760.
1927 at 100, plus interest in each case. In Dec. 1924 $2,000,000 3-year
C alendar
M at , 1925.]
POWER, LIGHT AND RAILW AY
163
G E O R G IA LIG H T, POWfcjR
& R A ILW A YS
AND ITS SUBSIDIARY COM
PANIES
V,
M
ACON, G O G
E R IA
*ENTRAL GEORGIA POWER C O .. AND
)
C t.'T R A L GEORGIA TRANSMISSION C O .. >
TRANSMISSION LINES IN OPERATION. )
TRAN SM ISSIO N LIN ES UNDER CO N ST RU CT IO N
164
PUBLIC UTILITIES
6% notes were offered by Estabrook A C o., Stone A Webster, Inc1, N . Y .,
and Parkinson ‘ »Burr, Boston, at 9 9 and int., to yield 5 M % . V. 119, p.
2644
jjuiuenus.— Givioencis on lsi pref. and 2d pref. are being paid regularly
An inbial dividend o f $2 per share was paid on common stock in October
1922. V. 116, p. 1428. In 1923, .Tan., 2% ; April. 2% ; July. 2% : Oct
2 % . In 1924, Jan., 2 )4 % ; Apr., 2M % : July. 2% ; Oct., 2M % - In 1925,
Jan., 2 )4 % ; A p r .,2 )4 % .
EARNINGS.— For 12 months ending Dec. 31:
Sinking &
Balance,
June 30
Gross
Ntt after
Interest,
Surplus.
Year—
Earninas.
Tates.
Charoes.Ac. Impt. Fds.
$788,442
$268,373
1924 ____. .-$2,326,800**1,056,816
872,682
1923 _______ 2,240,180 fcl.144,454
271,772
OFFICERS.— Pres., H. G. Bradlee: V -P s ., R. M . Harding, Ch; s. F. W.
Wetterer and Harry H. Bunt; Sec., Wm. T . Crawford; Treas., 1 enry B.
Sawyer; Gen. Mgrs., Stone A Webster M gt. Assn., Boston.— V. 117, p.
2108; V. 118, p. 549; V. 119. p. 2063, 2178, 2644, 2877.
RO M E R A I L W A Y & L IG H T C O .
O RGAN IZATION .— Incorp. in Georgia on N ov. 30 1906 as successor
to the City Electric R y. Y. 83, p. 1591.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS —
Furnishes light and power to city and private individuals. Operates 12.1
miles o f street railway line in Rome, Ga., inch extensions to Lindale and
Scales Works. Standard gauge; 90-lb. girder and 70-lb. T rails. Also
complete and well-equipped electric lighting system. Power plant has
generating capacity of 1,750 k.w. (held in reserve). Has contract for power
with Georgia R y. A Power Co. Franchises expire in 1985; street railway
franchises practically exclusive. In 1916 canceled the old first and consol,
mortgages and made a new first mortgage as shown below:
STOCK A N D BONDS— Date
interest
outstanding
Maim >n
Common. $1,000,000 ($100)...................
Q-J *650.000
See texi
Pref. $100,000 ($100), 7 % c u m -----Q-M
100.000
8ee ter’
First mtge, $3,000,000, goldf 1916 5 g A-O
850,000 April 1 W C
($500 and $1,000)___c* cp t(In t. at Spencer Trask A Co.. New York, O
i
( Fidelity A Columoia Tr. Co. Louisv 'i
Bonds.— Redeemable m whole or part at 105 and int. oo any ini da e o
00 days’ notice. Sinking fund, 1% of outstanding bonds annually Degai
Oct. 1 1917. for retirement of bonds at no* exceeding 105 and int.. oInvestment in new properties. A c., against which no bonds may be issued
Remain ng $2,150,000 are reserved for not exceeding 80% of coat or fab
value o f additional property or equip . or add ns exts.. impts.. Ac unde>
sonservative restrictions. V . 103, p. 61
Divide', dt — On common In 1909 2% . 1910. 1% ; 1911. 3% , 1912. 6%
1913, 6% . In 1914 and to and iucl. July 1917, 1% quarterly; none to
July 1 1919 In 1919 2% waspaid. In 1920, 4% regular and 3% deferred
In 1921 ,-4 % . In 1922 and 1923 dlvs. were being paid at the rate of 4%
per amrem. Divs. ob pref. stock were begun in Sept. 1916 and have been
paid regularly since.
“ KXr NINGS.— For cal. year 1922, gross, $269,202; net, after taxes.
$50,742. In 1921, gross, $274,467; net, after taxes, $59,817.
OFFICERS.— Pres S \ Culbertson: V,-P. and Gen Mgr S 8. Bush
Louisville, K y.; Supt., H. J. Arnold. Rome.— V. 108, p. 172; V. 115, p. 2159
[V ol. 120,
Communities Served (Practically All Securities of Sub. Cos. Owned).
Arcadia, Fla
Lakeland, Fla.
Punta Gorda, Fla.
Braden town, Fla.
Live Oak, Fla.
St. Augustine, Fla.
Cordele, Ga.
Manatee, Fla.
Sanford, Fla.
Dania, Fla.
Miami, Fla.
Sutherland, Fla.
Fernandina, Fla.
Ozona, Fla.
Tarpon Springs, Fla.
Palatka, Fla.
Fort Lauderdale, Fla.
Tifton, Ga.
Fort Myers, Fla.
Palmetto, Fla.
Titusville, Fla.
Lake City, Fla.
Pensacola, Fla.
The Florida properties are owned in fee and leased to subsidiary local
operating companies, while the two Georgia properties are controlled
through ownership of their entire stock issues.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($100).
$2,970,100
Prior pref 8% cum $2,500,000
( $ 100) __________________________________
__________
254,100 ---------------Pref 7% cum $5,000,000 ($ 1 0 0 ).......
......... ..
1.505.000 ......... ..........
1st mtge $20,000,000 ($500 & J 1913
6 g A-O
3.569.000 Apr 1 1933
$1,000) gold___________ tf)U . S. Mtge. & Tr. Co., N . Y . trustee.
Stock.— Prior pref. is red. on 30 days’ notice at 110.
Bonds.— 1st Mtge. 6s are call, on any int. date at 105 A int. M tge.
provides for cumulative sink, fund of an amount equal to 1% of the out
standing bonds. In addition, the co. must expend annually for additions
or extensions to physical property, against which no bonds may be issued,
or turn over to the trustee an amount equal to 34 of 1 % of the outstanding
bonds. Int. payable in New York or London. Penna. State tax refunded.
V. 100, p. 1262.
EARNING S.— For calendar years:
Calendar Years—
1923.
1922.*
1921.
1920.
Gross oper. revenue____$2,577,007
$2,339,573 $2,789,196 $2,591,727
Oper. exp. and taxes____$1,799,407
$1,747,070 $2,099,405 $2,078,737
Replacem’ts & renewals.
110,105
84,616
74,977
98,717
10,943
Underlying charges_____
11,939
12,760
12,760
Int. on bonds, notes, A c,
220,716
188,663
227,083
220,136
Amort, of debt, disct. A
expense______________
35,131
13,441
36,128
49,655
8% Prior Pref. divs_____
22,761
1,141
16,830
6,825
7 % Preferred dividends.
114,924
Net income_________
$263,020
$188,279
$329,326
$222,009
* For the purpose of comparison the 1922 figures have been adjusted to
exclude the operations of Georgia Public Service C o., which was sold in
1923 and therefore not included in 1923 figures.
OFFICERS.— Pres., J. H. Pardee; V .-P . A Gen. M gr., A. W . Houston!
V .-P ., J. J. Mange; V .-P ., R. B. Marchant; Sec. A Treas., T . W . M offat— V . 119, p. 1853; V. 120, p. 959.
FLORIDA PUBLIC SERVICE CO.
ORGANIZATION.— Incorp. in 1908 as the DeLand Electric Light,
Power A Ice Co. Has acquired the properties of four other companies in
Central Florida as follows; Orlando Public Service C o., Orlando Gas C o.,
Florida Ice A Power Co. and Eustis Light A Water Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
C o.’s principal business is that of supplying electric light and power. Co.
serves various communities from DeLand to Avon Park, 120 miles south.
Population about 40,000. Supplies electric light and power in 21 com
munities, incl. DeLand, Eustis, Tavares, Winter Park, Davenport, Haines
S A V A N N A H E L E C T R IC & P O W E R C O .
City, Dundee, Lake Wales, M t. Dora, Frostproof and Avon Park and also
ORGAN IZATION .— Incorp. In Ga. Aug. 12 1921 to acquire all tin aupplies gas in Orlando and water and ice in other of these communities.
properties formerly owned or controlled by the Savannah Electric Co.
The electric system of the co. includes 4 steam generating stations
(for history see “ Electric Railway' Supplement o f April 30 1921) as per located at DeLjmd, Eustis, Orlando and Lake Wales. The total boiler
plan ou lined in Y 1l3, p 1**4. The new co took over the properties capacity is in excess of 2,700 h.p. and the electric generating capacity is
effective N ov. 1 1921. V. 113, p. 2081. In 1923 took over the property 3,985 k.w. Current is transmitted by means of 13,200-volt transmission
formerly owned by the Savannah Lighting Co. V. 117, p. 88. Franchises lines. At Orlando co. owns a water gas generating plant, having a capacity
Tor noth street railway and electric-lighting plant are perpetual.
of 1,350,000 cu. ft. of gas per day, which is distributed by means of 34 miles
OFPOPERATIONS A N D CHARACTER OF BUSINESS.— of gas mains. Has 144 miles of electric distribution lines, 62 miles of
Operates 63.50 miles of single track. In Sept. 1917 received auth. to electric transmission lines and 12 miles of water mains.
STOCK AND BONDS—• Date. Interest. Outstanding. Maturity.
extend its line to Pert Wentworth. Construction has been begun. Gauge,
_________ 10.000 shs. ________
5 ft. Power stations have 18,300k.w. capacity. 106 pass. A ]7otbercars. Com stock 20.000 shs (no p a r ) . ____
_________
$950,000 __________
Stockholders were to vote April 23 1924 on autb. an Increase in bond Pref 7% cum $5,000,000 ($ 1 0 0 )____
Florida Public Serv Co 1st M I 1924 6)4 g F-A 1,550,000 Feb 1 1949
indebtedness. See Y. 120, p. 1748, for details.
($100, $500 A $1,000) gold. (Int. at Florida N at’l Bank, Jacksonville.trus.
STOCK AN D BONDS— Date.
Interest.
Outstanding Maturity
Fla Pub Serv Co 10-yr sec.bds) 1924 7 g F-A
412,500 Feb 1 1934
$2,500,000
Common ($100)___________________
_______
$100, $500 A $1,000) gold. / Int. at Atlantic N at’l Bank, Jacksonv., trus.
Pref (jc cum. after Oct. 1 1926
/
ton(is.—
1,000.000
( $ 100 ) -------------------------------------- ---------------------------------lsl mtge. 6 'As are callable, all or in part, on any date to and including
40,200
1st pref 7 34 % ’ cnm ($100)------------------------Feb. 1 1925 at 107%, and in each succeeding year thereafter to and incl.
Debenture mk. ser. “ A " 8%
Feb. 1 1931 at 105>2 % , and in each succeeding year thereafter to and incl.
1,300.000 Apr’25. 2% Feb. 1 1937, at 104%, and in each succeeding year thereafter to and incl.
m m . ($100)------------------------------8%
250.000
Ser “ L 7)4 % cum ------------ -------7)4%
Feb. 1 1943 at 102)4% , and each succeeding year thereafter to and incl.
lstA ref.M .ser.-A " $2,500,000] 1921 7 ^ g. A-O. 1,717,500 OcY 1*194T Aug. 1 1948 at 101% of the principal amount thereof and int., and there
. ____
($100. $500 A $1,000) gold [Commonwealth Trust C o., Boston, trustee
after at the principal amount thereof and accrued int. thereon.
..
. ___________ c*A r*tf I
10-year 7% se ured bonds are callable, all or any part, on any int. date
2-yr 6)4% notes ($1,000 c* A { 1923
6)4 g J-J
1.000,000 July 1 1925 to and incl. Feb. 1 1925 at 105%, and on each succeeding Feb. 1 at a
$1,000 A mult, r*) g o ld ._ tf lin t, at New Eng. Tr. C o., Boston, trustee. premium decreasing H of 1 % in and for each succeeding 12 months period
Sav. Elec 1st cons mtge $ 3 ,-1 1902 5 g J-J
2,147,000 Jan. 1 1952
ending on Feb. 1 so that on Feb. 1 1933 such bonds may be redeemed at a
500,000 gold ($1,000 and) Int. at American Trust C o., Boston, trustee
premium of 101%, and thereafter at the principal amount thereof and
$ 5 0 0 ) ................ ..........c* tf l
accrued interest thereon.
Sav Thun A Isle of H 1st M l 1897 4 Q-J
1,000,000 July 1 194’,
EARNINGS.— For year end. Feb. 28 1925:
g($l,000) $1 250.000.c*ntf JInt. at Central Trust Go.. New York, trustee Operating revenue___________________________________________
$798,551
_______
92,742
________
Oar trust certificates_________ _____
Operating income____________________________________________
224,768
0:h er income________________________________________________ _
Stock — The 6% pref stock is call at 120 and is cum. after Oct. 1 1926
4,755
Debenture stock may be issued from time to time in series which may Total income________________________________________________
229,524
164,749
bear differem div rates and red. price and carry a sink fund but win be Total deductions from income_______________________________
40,133
entitled to the same preferences and priorities. Ser. “ B ” 7)4% pref. is Provision for dividend onpreferred stock_____________________
Balance of net income_______________________________________
24,642
red. at $110 per share. V. 119, p. 1283.
Latest Earnings.— Year end. Sept. 30 1924, gross, $2,867,456; net, avail
Bonds.— The 1st A ref. bonds may be issued in different series from timt
to time under certain restrictions. Call, all or part on any int. date after able for depreciation and divs., $632,233.
OFFICERS.— Pres., W . S. Barstow; V .-P ., Lucien H. Tyng.; V .-P ..
Oct. 1 1931 during 1932 at 105. and thereafter decreasing 14 of 1% in
each year to 101 in 1940. and at 100 in 1941. Sink, fund o f 2% per annum W m. Buchsbaum; Treas., J. P. Campbell; Sec., O. N . Wilson.— V. 120,
on the total amount of Series “ A ” bonds issued, commenced Nov. 1 1923, p. 1326, 1881.
will retire bonds at 105 up to and including Oct. 1 1932 and thereafter at
call price $32,500 bonds in sinking fund canceled up to Feb. 28 1925.
KEY WEST ELECTRIC CO.
Int. payable in New York, Boston and Chicago. V. 113, p. 1575.
ORGA N IZA TIO N .— Incorporated In New Jersey In 1898 and does entire
Of the Savannah Elec. Co. 1st cons, bonds, $1,353,000 have been canceled
alectric railway and electric-light and power business of the city; also own*
Callable In whole (or in part for sinking fund) at 110 and interest on any
franchises for manufacture of gas. Franchise expires 1997
Tn June 1906
interest date. The co. binds itself to apply at least $20,000 per annum,
beginning 1906, towards improvements or extensions or In the purchase of was acquired by Stone A Webster of Boston and re-capiiallzed as below.
7 82, p. 1496. Public Service Investment Co. owns $374,100 common
bonds.
Of the Savannah Thunderbolt & Isle o f Hope Ry. bonds, $250,000 have itock and $287,800 preferred stock.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
been canceled. Sinking fund 2% per annum began Jan. 1 1918.
Notes.— The 2-yr. 6)4% notes are call, as a whole on 30 days’ notice at Operates 5.41 miles of track; 10 cars. Gauge, 5 ft. 2)4 in. Power station
capacity, 1,670 k.w.
101 and int. prior to July 1 1924; 100)4 % A Int. July 1 1924 to Dec. 31 1924;
STOCK a n d BONDS—
Date.
Interest. Outstanding
Maturity.
100 A int. Jan. 1 1925 to maturity. Oo. agrees to refund Penna. 4-mill
Common $500,000 ($100)............................. ........
$500,000 ...................
tax. V. 117, p. 88.
Pref $350,000 ($100) 6% cum______
Q-M
350,000 ...................
EARN INGS.— For 12 months ending Dec. 31:
First mortgage $1,000,0001 1906
5 g F-A
565 000 Aug 1 1956
Calendar Year—
Gross.
Net,aft.Taxes. Int.A Amort.
Bal., Sur.
g o ld ___________________ tf/I n t. at State Street Trust C o.. Boston. Tr.
$721,671
$373,770
$347,901
1924 _____________ $1,904,043
Pref. Stock.— Redeemable at 110.
1923 _____________ 1,774,881
623,701
330,725
292,976
Bonds.— Are subj. to call as a whole or In part for s. f. at 105 and int. at
OFFICERS.— Chairman George ,i Baldwin: Pres. Howard O Foss
V .-P ., Chas. F. W . Wetterer, Norman W . Mumford and H. H. Hunt; Sec. *ny time. A sink, fund of 1% of bonds out began Dec. 1 1907, if earned:
A Asst. Treas.. W . H. Kennedy: Treas., H. B. Sawyer: M gr.. Robt. O. on Dec. 1 1912 became obligatory. $88,000 canceled.
EARNING S.— For 12 months ending D ec. 31:
Brooks.— B. 117, p. 88, 2324; V. 119, p. 580, 1283, 2180, 2412; V. 120,
Year—
Gross. NeUaft.Tax.)
Interest. Sink. Fund. Surplus.
p. 1748.
1924 ________ $241,747
$95,419
$30,008
________
$65,411
1923 ________ 245,125
95,138
30,625
_______ 64,513
OFFICERS.— Pres., Chas. F. W . Wetterer, Boston; V .-P., Harry H.
Hunt; Sec., Victor D . Vickery; Treas., Henry B . Sawyer; M gr., Bascom L.
Grooms, Key West, Fla.; Gen. M grs., Stone A Webster M gt. Assn.,
Boston.— V. 82, p. 1496; V. 94, p. 1508.
FLORIDA
SOUTHERN UTILITIES CO.
ORGA N IZA TIO N .— Incorp. in Fla. in March 1913. Practically all the
outstanding securities of the subsidiary companies have been acquired and
deposited with the trustee under the mortgage securing the c o .’s 1st Mtge.
6s. The properties are operated through the local subsidiaries with the
object of maintaining close relations with the public, but all details are under
the direction and management of the company’s general office at Jackson
ville and supervised by the J. G. White Management Corp. at New York.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates electric, ice, gas and water properties furnishing the folowing communities with one or more of these four classes of service:
PENSACOLA ELECTRIC CO.
Control.— In Feb. 1925 the Southeastern Power A Lt. Co. acquired control
of the co. V . 120, p. 958.
Receivership.— On Jan. 261920 Federal Judge Sheppard appointed James G.
Holtzclaw. receiver for the company, on complaint of the Old Colony Trust
C o., Boston. V. 110, p. 465.
ORGAN IZATION .— Incorporated In Maine on July 6 1906, and Is suc
cessor to the Pensacola Electric Terminal Co. Owns the securities of the
Escambia County Electric Light A Power Co.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Does all the street railway and (through the Escambia County Elec. L t. A
Power C o.) the entire electric lighting and power business of Pensacola.
M ay , 1925.]
POWEB, LIGHT AND BAILW AY
Operates 24.49 miles o f track, 0.62 mile trackage; standard gauge; 29 motor
and 7 trail passenger cars and 11 other cars. Power station has 2,800 k.w.
capacity. Railway franchise expires in 1933: lighting franchise perpetual.
D a te .
In terest. O utstanding
M a ilin g .
STOCK AND BONDS—
...........................
*800,000 ________
Common *1,060,000 (*100) — ____
J-D 1
300,000
See text
Pref *600.000 (*100) 6% cum...........
5 g P-A
1,129,000 Aug 1 1931
1st mtge <1,600.000 gold. _tfl 1906
JInt. at Old Colony Tr. C o.. Boston, Trustee.
Coupon notes *600,000 gold) 1919
_
7 g J-J
281,900 Jan. 1 1921
($100. *600 & *1,000)-C*tf/Int. at Old Colony Tr. C o ., Boston, Trustee
Stock.— The preferred stock Is redeemable at 116.
Bonds.— *169,000 are reserved for additions and improvements at 80%
o f cost. A sinking fun d o f 1 )4 % per annum o f bonds outstanding began
Dec. 1 1907, first rive payments were waivable, but became a fixed charge
on D ec. 1 1912. Bonds subject to call as a whole at any time at 105 and
lnt., and in part for sinking fund only. V. 83, p. 156; *212,000 have been
canceled. Coupon notes are callable as a whole at 101 and int. on 30 days'
notice. *218.100 are in treasury.
Dividends .— First div., o f 3 % , was paid on pref. June 1 1907 and 3% was
paid Dec. 2 1907. In 1908 June dividend passed because o f strike on com
pany's lines. None to Dec. 1909, when 3% regular and 3% extra on
account o f accumulation were paid.
March 1910 paid another 3% on
account o f accumulations; June 1910 3% regular and 3% extra, paying up
all accumulations; Dec., 3 % . In 1911, 1912 and 1913, 6 % . In 1914,
June, 3 % . None to June 1916, when 3% was paid. In Dec. 1916 3%
and i H % extra account o f accumulations. In 1917, 6 % . In 1918, 6%
Dividends In arrears, 16)4% .
EARNINGS.— For 12 months ending Dec. 31:
Y ear —
G ross. N e t (.after T a x .) In terest.
S in k .F u n d s. Surplus
x 1919.................. *543,592
*102.274
*100,485
...........
*1.789
1*18.................... 606,050
145.668
87,067
...........
58,601
x No later figures available.
OFFICERS.— Pres., Geo. J Baldwin, N. Y ., V .-P ., Ohas. F. W. Wet
terer; Sec.. Geo. A. Peirce; Treas.. Henry B. Sawyer; Managers, Stone A
Webster Mgt. Assn , Boston, Mass.— V, 112, p . 373, 653; V. 115, p. 2581:
Y . 117, p. 2654; V. 118, p. 552; Y. 120, p. 958.
T A M P A E L E C T R IC C O .
O R G A N IZA T IO N — Incorp. in Florida on Oct. 31 1899. In April 1913
purchased the Tampa & Sulphur Springs Traction at foreclosure sale.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Does the entire electric railway, electric lighting and power business in
Tampa and operates an electric railway between Tampa and Port Tampa
and aline toJSulphur Springs. Operates 55.67 miles oflequivalent single track.
Standard gauge. 140 passenger and 14 other cars. Owns 2 amusement parks.
Has steam power station with 24.485 k.w. capacity and hydro-electric
station with 600 k.w. capacity. F ra n ch ise is for 999 years from 1899.
*233,800 stock is held by the Public Service Investment Co.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock *4,968,600 ($100)______________
Q-F 15 *4.968.600 Feb '25. 2 *4
1st mtge *2.000.000 (*1,000/ 1908
5 g . J-D
1,081,000 June 1 1933
and $500) gold_______ c*tf\Int. at Amer. Trust C o., Boston, trustee
Bonds.— Callable as a whole (or in part for sink, fd .) at 105 and lnt. at
any time. *173,500 are in treasury. Sink, fund o f 1% of bonds out
standing yearly, payable August 1; *149.000 In sinking fund canceled.
D iv id en d s. — 5% semi-annually for several years up to N ov. 1907, when
a div. o f 2% was paid. In 1908. 7% : in 1909, 7 % ; In 1916. 8% : in 1911
and since. 10%.
EARN ING S.— For 12 mos. ending D ec. 31:
Year.
Gross
Net (aft. Tax). Interest. Sink. Fund. Surplus
1924 _______*2,350.676 *1,003.505
$55,285
________
*948.219
1923 ............ 2.146,820
923,824
65.862
...............
857.962
OFFICERS.— Pres., Peter O. Knight; V.-Ps., C. F. W . Wetterer;
Treas., Henry B. Sawyer; Sec., W m. T . Crawford; Gen. Mgrs., Stone &
Webster M gt. Assn.— V. 114, p. 2242; V. 116, p. 2131.
165
ALABAMA
S O U T H E A S T E R N P O W E R & L IG H T C O .
ORGANIZATION.— Incorp. in Maine in 1924. Has acquired from the
Alabama Traction, Light & Power C o., Ltd. (for history see “ Public Util
ity ” Compendium of Nov. 1 1924). all the assets of that company, includ
ing all the 187,510 shares of com. stock and all the *12,170,000 100-year
debenture certificates of the Alabama Power Co. (see statement below),
and all the outstanding securities .of the Drifton Coal Co. See V. 119, p.
2075.
Acquisition c f Pensacola Electric Co.— See V. 120, p. 959, for details and
terms of exchange offered to Pensacola Electric Co. stockholders.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Com. 500,000 shares (no par) ______
_______ 340,000 shs __________
Pf, *7 cum, 100.000 shs(no p a r ) ____
. . . ____
14,375 shs
See text
Secured notes 6% series due\ 1924 6 g M -N *7,500,000 Nov 1 1929
1929 ($1,000) gold_ c*.tf (Irving Bank-Columbia Trust Co., N .Y.,trus.
_
Ala Trac, L & P Co, Ltd, 1st) 1912 5 g M-S
13,668.900 Mar 1 1962
mtge $25,000,000 gold. _c*l
Bonds.— ' he Alabama Traction, Light Power Co.. Ltd., 1st mtge. 5s have
T
been assumed by the Southeastern Power & Light Co. Are secured by
pledge of all the outstanding com. stock and 100-year debenture certificates
of the Alabama Power Co. Are redeemable at 105. Sinking fund 1 % per
annum, began 1922. $10,000,000 are pledged as security for the South
eastern Power & Light Co. secured notes. 6% series, due 1929.
Notes.— The secured notes. 6% series, due 1929, are secured by pledge of
$10,000,000 first mtge. 5% bonds of the Alabama Traction, Light & Power
Co.. Ltd. Are callable on any interest date on 60 days’ notice, at 102)4 and
interest, through N ov. 1 1925, thereafter at 102 through N ov. 1 1926. there
after at 101 through N ov. 1 1927, and thereafter at 100)4 until maturity.
Penna. 4 mills tax and Mass, income tax not exceeding 6% per annum of the
interest paid on such notes refunded. Interest payable in New York,
Boston and Chicago. $7,500,000 were offered in Oct. 1924 by Harris,
Forbes & Co., at 100 and interest. V. 119, p. 2075.
Dividends.— On preferred an initial quarterly dividend af *1 75 per share
was paid in Jan. 1925.
EARNING S.— Consolidated earnings of Southeastern Power & Light
Co. and subsidiaries, twelve months ended Aug. 31 1924:
Gross earnings, including other income________________________*9,541,246
Oper. exp., maint. and taxes (incl. reserve for renewals A replac’t) 4,895.125
Interest and dividends on subsidiaries’ securities, &c., prior chges. 2,191,749
Balance accruing to Southeastern Power & Light Co________ *2,454,372
Annual int. on Southeastern Power & Light C o.’s funded debt. - 1,133,445
Balance_____________________________
*1,320.927
— V. 119, p. 2075. 2880' V. 120. p. 959,
(1) ALABAMA POW ER CO.
Controlled by Southeastern Power & Light Co.
ORGANIZATION, &c.— Incorp. In 1906 in Alabama. In Jan. 1923
acquired the properties of the Montgomery Light tc Traction C o., M ont
gomery Light & Water Power C o., and the Power Transmission Co. V.
116, p. 178, 938. On Jan. 16 1925 acquired the eloctria lighting, street
railway and water systems of the Sheffield Co. Also acquired the Sheffield
Land Co. V. 119, p. 3007; V. 120, p. 451.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Serves, directly and indirectly, over 80% o f the urban population and
practically all o f the large industrial power requirements o f the State
of Alabama outside of the City of Mobile. Does, directly, all the elec
tric light and power business in some 85 cities and towns, all the street
railway business in Anniston, Gadsden, Montgomery, Tuscaloosa and
Huntsville, and the gas business in Anniston, Selma, Decatur, Mont
gomery, Tuscaloosa and Albany. Furnishes under contract all the current
used by the Birmingham Electric Co. in Greater Birmingham and Bessemer,
and all the current used by the local public service cos. In Alexander City,
J A C K S O N V IL L E T R A C T I O N C O .
Cordova, Opelika, Sylacauga, LaFayette and Piedmont. Also serves under
R eceivership. — On Oct. 30 1919 E. J. Triay was appointed receiver for the
contract a number of large Industrial power consumers. Compare also
company, following the refusal o f the public, through referendum vote, to V. 116, p. 517.
permit the company to Increase fares from 5 cents. V. 109, p. 1700.
Valuation.— V. 116, p. 2639.
R eceiver's C ertificates. — In Aug. 1920 the receiver was auth. by the
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
U. S. Dist. Court to Issue $143,690 o f receiver’s certifs., proceeds to be used Common 187,510 shares______ All owned by Southeastern Power & Lt. Co.
to pay State and county taxes and to meet the cost o f street paving. Y, Pref. 7% cum. 390,000 shares
111, p. 692.
(n opar)----------------------------- -------7%
138,072 shs. A p r ’25,lM
ORGAN IZATION .— Is a re-incorporation in Mass, in March 1911 (V.92, Preferred ($100 par)_________ _____
_________
*587,800 __________
p. 881) o f the Jacksonville Elec. Co., which was a consolidation of the Jack
Income debenture certifica tes.____
_________ 12,170,000 __________
sonville St. Ry. C o., the Main St. R R . Co. and the Jacksonville Elec. Lt.Oo
1st mtge. $100,000,000 sink.\ 1916
5 g M-S
10,221,000 Mar 1 1946
Stock o f old company was exchanged, share for share, for stock of new co.
fund ($1,000) g o ld _____c*JUnited States Trust Co., N . Y ., trustee.
1st mtge lien & ref ($500, &c.) f 1921 6 g J-D
21,000,000 June 1 1951
FIELD OF OPERATIONS AN D C H A R A C TE R OF BUSINESS.—
gold _______________c*&r* 1922 5 g J-D
7,700,000 June 1 1951
Does entire electric railway business in Jacksonville. Operates 65.20 miles
[U. S. M tge. & Trust Oe., N. Y ., Trustee.
o f equivalent single track. Has 122 cars. Gauge 5 feet. Power plant capac- Selma Lighting Co. 1st mtge.) 1902
5 g J-D
238,000 June 1 1932
ty, 2,400 k.w. Railway franchise expires in 1932. $350,000 com. stock Is
(closed) gold ($500, & c.)_ JInt. at West End Trust Co., Philadelphia.
_
held by Public Service Investment Co.
Montgomery Lt. & W . P. 1st) 1903
5 g J-J
635,300 Jan 1 1943
The co. Doing unable to refinance the *750,000 6% notes due Mar. 1 1919.
cons gold red at 105_______ JInt. at New York Trust Co., New York.
the following protective committee was formed and has Issued a call Montgomery Light & Power) 1898
5 g M -S
276.100 Sept 1 1947
for the deposit of these notes. A sufficient majority o f the noteholders
1st mtge gold------------------- JInt. at Harris, Forbes & C o., New York.
have assented to the deposit agreement to Insure the success of this measure.
Stock.— Com. stock is all owned by Southeastern Power & Light Co.
Y. 108. p. 1275. In April 1920 we were informed that over 95% o f the
notes had been deposited.
Bonds.— Of the auth. issue of *100.000.000 1st M . 5% bonds of the Ala
bama Power Co., *33.753.000 on Apr. 1 1925 had been certified by the
Com m ittee fo r 2 -Y e a r 6% N o tes . — Allan Forbes, Stedman Buttrick
trustee, of which $10,221,000 is in the hands of the public, $238,000 reserved
Orrin G. W ood. Edwin S. Webster. Depositary. State Street Trust Co.
to retire Selma Ltg. C o.’s 1st 5s, due 1932; no add’l bonds to be issued except
Boston. Mass. V. 108. p. 1275.
for deposit and pledge under indenture securing 1st Mtge. Lien & Ref.
V alu ation . — See V. i l l , p. 2140.
bonds, and $23,294,000 are so pledged. Are callable at 105 since 1921.
STOCK AND BONDS—
D ate.
Interest
o u tsta n d in g .
M a tu rity
The 1st mtge. Lien & Ref. gold bonds are callable all or part at 105 and
Common *1.500,000 (J 1 0 0 )._ ____
____
-----*1,000.000
See text Interest to and including June 1 1932, and thereafter at a premium reducing
Pref 6% cum *1.000,000(*100)____
6 Q-F
500.000
Seetext % per annum. V. 112, p. 2644. 2751: V. 116, p. 517. In April 1925
X
First consol mtge *5,000.0001 1911
5 M-S
826,500 M ar 1 1931
first mtge. lien &
bonds, 5% series, dated
(*500 and *1.000)____c * tflln t. at State Street Trust C o., Boston, Trus. $3,000,000Harris, Forbes & Cref. and Coffin & Burr, Inc., Dec. 1 1922, were
offered by
o.,
at 94)4 and int.,
Jacksonv Elec 1st M (as-\ 1902
5 g M -N
1,245.000 M ay 1 1927
yield about 5.40% . V. 120, p. 1879.
Burned) gold(*l,000)c*_ntf JInt. at American Trust C o., Boston, Trustee. to The $12,170,000 income debentures are all owned by Southeastern Power
2-year coupon notes *1.000.-1 1917
6 M-S
750.000 Mar 1 1919 & Lt. Co., and are a non-foreclosable security having a contingent interest
000 g (*500 & * 1 .0 0 0 )_c * /ln t . at 8tate St. Trust C o.. Boston, Trustee
in the balance available after the payment of Pref. stock divs. They repre
Stock.— *100,000 common stock not reported outstanding held In treasury
sent part of the original investment in the property over and above that
Non-taxable In Massachusetts.
represented by the outstanding bonded debt.
Bonds .— Of the 1st consol, bonds, *1,245,000 are reserved to retire Jack*
RE PO RT.— For 1923, in V. 118, p. 2044 and 2568, showed:
sonvllle Elec. 1st M . and *2,667.000 are for additions and Improve
Calendar Years—
1923.
1922.
1921.
ments at 80% o f cost. Subject to call on any lnt. date as a whole or In part Operating revenue___________________ $7,999,088 *5,865,907 *4,629,478
for sin kin g fu n d at 105 and lnt. Future Issues o f these bonds may bear Net earnings from operations_________ $3,585,072 *2,756,721 *2,388,724
Interest at a lower rate than 5% If so determined by the directors. Sinking Other income_______________
257,258
242,707
80,795
fund. 1% per annum of bonds out began Mar. 1 1917. V. 92, p. 1564. Interest on bonded debt_____________ 1,069,303
627,315
788,352
*92,500 in sinking fund canceled and $169,000 in treasury.
Deprec., amortization, rentals, &c_
_
604,213
885,195
667,535
Jacksonville Elec. Co. bonds are subject to call as a whole at 105 and lnt. Preferred stock dividends___________
340,884
78,073
35,723
on any int. date. A sin kin g fu n d of 1% annually o f bonds out commenced lnt. on 100-year gold deb. certificates
851,900
829,238
826,000
May 1 1907, which may be used for extensions and improvements or In
purchase of bonds. *5,000 bonds have been canceled. The coupon notes
Transferred to profit and loss_____
$976,030
*573,607
$151,910
are callable as a whole at 100 and interest on 30 days' notice.
Latest Earnings.— For 12 months ended Feb. 28:
D iv id en d s. — Paid 1)4% quar. on pref. to May 1915: in Aug. '15 paid M %
12 Months Ended Feb. 28—
1924-25.
1923-24.
and same rate quar. to and Incl. Nov. 1916. Feb. 1917 div. passed. (V. 104,
P. 361). None since. On old Electric Co. com. 6% ann. from Aug. 1 1905 to Gross__________ _____ _____________ ______ _______ $9,160,340 $8,316,569
3,820,729
Aug. 1 1910, when rate was increased to 7% and same amount paid to Net, after taxes_________________________________ 4,492,851
Feb. 1911. On new T ra ction Co. com. initial div.— I H % — paid In May
OFFICERS.— Pres.. Thos. W. Martin, Birmingham, Ala.— V. 119, p.
1911; same rate auar. to and including Nov 1914. None since.
1627, 1845, 1955, 3007: V. 120, p. 451, 1745, 1879.
E A R N IN G S.— For 12 months ending June 30 (no later published):
Year—
Gross. Net (aft. Tax.)
Interest Sk.,& c.,Fds. Surplus.
1919.............. *1.025,601
*152.265
*177.139
........... def.*24.874
1918..............
781,551
241.029
170.427
...........
70,602 ______M O N T G O M E R Y L IG H T & T R A C T IO N C O .
—
■ hm— —
—— — t i — — ib— ——
OFFICERS.— Pres., Geo. J. Baldwin, N .Y .: V.-Ps.. Cbas.F.W.Wetterer,
In Feb. 1923 the properties of the co. were taken" over by the
and Harry H. Hunt; Treas., Henry B. Sawyers; Clerk, W m. T . Crawford; Alabama Power C o., all bonds having been retired prior to that time and
M gr., J. P. Ingle, Jacksonville, Fla.; Gen. Mgrs., Stone & Webster M ar. the stock reduced to the nominal amount of 20 shares. For history see
Assn., Boston.— V . 112, p. 372, 932; V. 113, p. 628; V. 115, p. 2267.
“ Public Utility” Compendium of Nov. 1 1924.
166
PUBLIC UTILITIES
_____________ M O B IL E L IG H T & R A IL R O A D
* OK(_i.a ]n i Z h l ION
A consolidation bn Sept. 1 1901 of the Mobile Light
& Railroad arid the Mobile Street B E .; the franchises of both companies
were extended on Sept. 12 1901 to March 12 1955. See "V. 73. p. 616.
In July 1906 the M obile Illuminating Co. purchased the electric-light
lant o f the company and under contract of purchase pays to the Mobile
it. & B B . 70 semiannual payments of $11,464.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A trolley road. Owns 58.22 miles of track in Mobile and extensions to
Magazine Point, Spring Hill and Whistler.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $2,260,000 (par $100).. . . . .
----------$2,250,000
See text
First mtge gold ($1.000).n tf j 1897
6 g J-D
297 000 July 1 1937
Int at Farmers’ Loan & Trust C o.. N. Y.
Consolidated mortgage,_____, 1901
_______ , _
_____ gold
5 g M-S
1.037,000 Sept 1 1941
($1,000) $2,250,000__ c*tf ilmerest at New York Trust C o .. N. Y .. Trus
Bonds.— Of the $2,250,000 mortgage, $700,000 are reserved for prior liens,
$158,000 have been canceled, $245,000 certified, balance, $297,000, uncer
tified. $103,000 first mtge. Mobile Light & R R . Co. bonds have been
retired and $10,000 are in treasury.
EA R N IN G S.—
Gross
Ntt (after
Find
Balance.
Calendar T'ears—
Earnings.
Taies).
Chorees.
Surplus
192^-------------------------- $738,013
$41,969
$65,075
def$23,107
1923_________________ 808,933
86.351
74,762
11,589
1922................. ....... __ 820 014
36,923
82,584
def.45.661
Divider ds - Ini ia) dividtnd— M % — Aug 1 1909; in 1910, H % ; in 1911
2)4 % ; In 1912 1H % in 19)3 2< 5!;inl9i4 3% ; in 1915, 2 %; in 1916, 3%:
in it-1 29!.
7
in lo t s , April, 1%; June 1%: Aug.. 3%
In 1919
Sept.. 1% . In 1920. Sept., 1%
In 1921, 2% . In 1922, 1%
OFFICERS — Pres , J. B . W lson: V.-P. A Gen. M gr., F. F. Rossman:
Sec. & And.. Aimer G. Fay.— V . 113, p. 1675; V. 114, p. 306; V . 115, p
183, 1632, 2794: V. 116, p. 2129: V. 118, p. 664, 2305.
E
B IR M IN G H A M E L E C T R IC C O .
Controlled by National Power & Light Co. (seeon another page).
ORGAN IZATION .— Incorp. Mar. 25 1924 in Alabama for perpetual
duration. Acquired at reccittr’s sale the operating properties of the Bir
mingham B y.. Light & Tower Co. (for history see “ Electric Railway”
Supplement of April 26 1924), together with properties of the Bessemer
Gas C o.. Norwood Street Ry. and Birmingham-Tidewater R y. Co. (for
history see "Electric Railway” Supplement of April 26 1924). $781 000
first mtge. 5% bonds of the Birmingham Ry. & Elec. Co., which matured
July 1 1924 were paid, principal and accrued interest, V . 118, p. 1663.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns and operates the entire street railway, gas, electric power and light
and steam heat business of Birmingham and all the principal nearby cities
and towns, including Brighton, Bessemer, Boyles, Fairfield, Tarrant City,
Inglenook, Edgewood and Irondale; an interurban line, about 31.235 miles
of whi< h is in operation, from, East Lake to Ens’ey and Pratt C ity, does the
city lighting in Birmingham, Bisson er. Fairfield and Brighton.
Operates approximately 173 miles of single track in cities of Birmingham,
Bessemer and in Jefferson County. Standard gauge. All but 6 miles
70 to 100 lb. T and girder rails. Owns 318 passenger, 74 service cars.
Installed electric generating capacity, 11,700 k. w. Has 625 miles of
distribution lines and over fOm iles c f high voltage lines. Has 5 gas holders,
storage capacity 4,326,000 cu. ft.; 378 miles of mains. Franchises covering
gas, electric power and light business and street railway lines are, with
some unimportant exceptions, stated to be perpetual. Has a contract
with the Alabama Power C o. by which the latter furnishes electricity for
operating the railways and also for light and power service in Birmingham.
Under this contract the company's steam station is held as a reserve plant.
V. 98, p. 1691.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Com 1,000,000 shs (no par)_ _____
_
_______ 800 000 shs __________
Pref 75,000shs (no par) $7 c u m ____
|7 Q-J
30,000 shs Apr’25,$1.75
First & ref M 69! ser due 1954) 1924
6 g A-O
$8,000,000 Apr 1 1954
(c* $500 & $1,000, and $1,-[Central Union Trust Co., New York, trustee.
000 r*) gold____________ tfj
Birm By. L & P gen M ref'. 1904'
4M g A-O 8,720,000 Apr 1 1954
$10,COO,COO gold ($l,000)c (li t. at Canal-Commercial Tr. & Sav. Bk.,
„ ,
_
I New Orl.. trus., or at N. Y . Tr. C o.. N. Y.
Stock.— Pref. is red. at $110 per share and divs. In Dec. 1924 the Old
Colony Trust Co., Boston, W . C. Langley & Co., Spencer Trask & Co.
and Jackson & Curtis offered 20,000 shares pref. at $98 per share and div.,
to yield 7.14% . V. 120, p. 84.
Bonds.— First & ref. mtge. 69! series due 1954 are redeemable, all ori n
part, on any interest date on six weeks' notice through Oct. 1 1928 at 105
and interest; thereafter through Oct. 1 1933 at 104K and int.; thereafter
through Oct. 1 1938 at 104 and interest; and thereafter at 103 3 and interest
A
less }4 of 1 % for each full year claps- d subsequent to March 1 1939. Inter
est payable in New York City. Pennsjlxania 4 mills tax refunded. $8.000,000 first & ref. mtge. 6% series due 1954 were offered in April 1924 by
a syncicate headed by Harris, Forbes & C o., at 9 7 and interest, to yield
6.18% . V. 118, p. 2040.
Of the Birmingham R y ., Light & Power gen. mtge. o f 1904, no more bonds
can be issued. Sinking fund of M of 1 % o f bonds out began Aug. 1 1924.
The bonds are subject to call at 105 and interest on any interest day on
60 days’ notice.
EAR N IN G S.— For calendar years:
1924.
1923.
1922.
1921.
Gross earns, from o p e r.. $7,854,660 $7,122,569 $6,138,158 $5,986,669
Oper. exp., incl. taxes-- 5.273,202 4,802,591 4,405,590
4,427,426
Net earnings------------ $2,581,458 $2,319,978
Other income__________
17,292
Total income_________ $2,598,750
Interest on bonds______
848,789
Other int. & deductions.
82,834
105.000
Divs. on Pref. stock____
Renewal & replace’t res.
598,512
$1,732,568
$1,559,243
Not available.
Balance for surplus_
_
$963,615
— V. 118, p. 1663, 2040, 3195; V . 119, p. 2644; Y. 120, p. 84, 1880.
MISSISSIPPI
S O U T H E R N P O W E R & L IG H T C O .
ORGAN IZATION .— Organized in Maryland in 1925 to acquire the busi
ness and property of Southern Power & Light Co. (of Del.). Controls
Mississippi Power & Light C o., Louisiana Power Co. and Louisiana Power
& Light Co. through ownership of the entire common stocks of these com
panies (with the exception of directors' qualifying shares). Also controls
Arkansas Light & Power Co. (which in turn owns Pine Bluff Co.) through
ownership o f over 96% o f its common stock.
FIE LD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The service o f the controlled companies extends throughout a large terri
tory in Arkansas, Louisiana and Mississippi, estimated to have a population
in excess of 1,000,000.
The properties, including those under construction by Louisiana Power
C o., comprise electric power stations with a generating capacity of 95,000
h. p. (of which 16,000 h. p. is hydro-electric) and 920 miles o f high-tension
transmission lines; two gas plants, ten water supply systems, four ice
manufacturing plants and 37 miles of street railways. The properties are
divided territorially into three groups, all to be interconnected.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Com stk 300,000 shs (no p a r ) . , ____
_________ 210,478 shs___________
Partic pref $7 cum 50,000 shsl ____
$7 Q-J
15,OOOshs.Apr’25,$l .75
(no par)__________________ /
Stock.— After the payment o f or provision for divs. in any cal. year of $7
per share on the cum. partic. pref. stock and $2 50 per share on the com
[V ol. 120.
stock, further cash divs. not exceeding $1 per share may be paid at the dis
cretion of the directors and in any event a further non-cum. cash div. equiv
alent to at least $1 per share per annum shall be paid on the cum. partic.
pref. stock before any div. o f more than $2 50 per share in any cal. year may
be declared or paid on the com. stock. In event of liquidation, pref. stock
is entitled to $110 per share & divs. before any assets are distributed to the
com. stock. Pref. is red. all or in part on any div. date on not less than 30
nor more than 60 days’ notice at $110 per share & divs. In Feb. 1925
15,000 shares cum. partic. pref. were offered by John Nickerson & C o.,
Eastman, Dillon & Co. and Hambleton & Co. at $96 per share & div., to
yield about 7.30% . V. 120, p. 959.
E A R N IN G S.— Consolidated income statement o f subsidiary companies:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings_________ $3,752,818 $3,358,058 $3,076,726 $2,811,725
Operating expenses*____ 2,274,732 2,114,952
2,072,068
2,031,897
Net earnings________ $1,478,086 $1,243,106 $1,004,658
$779,828
* Includes maintenance, depreciation and taxes.
Dividends.— An initial div. of $1.75 was paid on pref. in Apr. 1925. N o
dividends have been paid on common.
OFFICERS.— Pres., H. C. Couch; V .-P ., JAL. Longino; Sec., L. Gar
rett; Treas., W . E. Baker.— V.120. p . 959, 1205.
T H E M IS S IS S IP P I P O W E R & L I G H T C O .
ORGANIZATION.— Organized in Maryland in April 1923 and acquired
and merged the Delta Light & Traction Co., Jackson (Miss.) Public Service
Co. (for history see “ Electric Railway” Supplement of April 26 1924).
Vicksburg (Miss.) Light & Traction Co. (for history see ‘ ‘Electric Railway”
Supplement of Apr 26 1924) and Columbus (Miss.) Ry. Light & Power Co.
FIELD OF OPERATIONS A N D ' CHARAQTER OF BUSINESS.—
Furnishes without competition the entire electric light and power service
in Jaeksrn, Vicksburg, Columbus, Greenville, and in several other com
munities in Mississippi: the gas service in Jackson and Columbus, and the
electric railway service in Jackson, Vicksburg and Columbus. Also
furnishes electric light and power at wholesale and retail at Tupelo and the
entire electric light and powder service directly in several adjacent com
munities. Owns 5 electric generating stations with an aggregate installed
capacity of approximately 18,750 h.p., and the electric distributing systems
covering the various communities served. Plants are located at Jackson,
Vicksburg, Greenville, Columbus and Tupelo, Columbus. Co. also
owns the gas plants and gas distributing systems in Jackson and Columbus.
The electric railway system comprises 26.6 miles of single track equivalent
and an auxiliary bus service. Co. serves over 12,000 customers and over
1,500 gas customers.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock (no par)______ _____
_________ 21.000 shs __________
Pieftrri d stock (no par)______ _____
_________ 10 000 shs Jan '25. $2
1st & rtf M sk fd ser “ A ” ) 1923
6'A g J-D $1,213,000 June 1 1943
($100. $500 & $1,000) gc*tf (Int. at Guaranty Trust Co., N. Y ., Trustee.
,
------ 19ig
see text
1.355.000 Oct 11934
Jackson P S Co 1st M ser bds
($100 $500 & $1.000) — - c Chicago Trust C o., C hcago, Trustee.
Vicksburg Lt & Tr Co 1st M g 1912
5-7 J J
1,001,000 July 11932
($500 and $1,000)___ c*tf lint, at Central Tr. Co. of 111., Chic., Trustee.
265.000 Mar 1 1930
Vicksburg Lt & Tr Co deb bdsl 1920
6 M-S
$400,000 gold ($1 000)-C*tf /in t. at Central Tr. Co. of 111., Chic., Trustee.
300,000 July 1 1937
Columbus Ry Lt & Pr 1st M l 1907
6 g J-J
($500 & $1.000) gold_____c/M ercantile Trust & Dep. C o., Balt., Trustee.
Bonds — 1st & ref. mtge. ser. " A ” 6)4% bonds are red. all or in part
on any int. date on 30 days’ notice at 105 and int. As a sinking fund for
the purchase or redemption of series “ A ” bonds at not exceeding 105, co.
will covenant to pay to the trustee on or before June 1 1926 and each year
thireafter up to and inch June 1 1934, a sum equal to 1 % of the aggregate
principal amount of ser. “ A ” bonds outstanding on the preceding last day
of April, and on or before June 1 1935, and each year thereafter up to and
incl. June 1 1942. a sum equal to 1 )4 % of the aggregate principal amount
of ser. “ A ” bonds outstanding on the preceding last day of April. Co.
has agreed to refund Penna. and Conn, personal property taxes not exceed
ing 4 mills per annum, and Mass, income tax not exceeding 6% per annum
on income derived from the bonds. In N ov. 1923 $1,200,000 1st & ref.
mtge. ser. “ A ” 6M!s were offered by W . C. Langley & Co. and John Nicker
son & Co.. N. Y ., at 94)4 and int., to vield 7% . V. 117, p. 2212.
The Juckson Pub. Serv. 1st Mtge. bonds Dore 'nt. at the rate of 5% up to
April 1 1922; since, at 6% . A sinking fund ol a : , ount equal to 4 )4%
of outstanding bonds is provided for beginning JulVT 1 «,t° be_ applied
to the purchase or redemption of these bonds at not over 1C2 and int. Are
callable at 102 and int. on any int. date on 40 days’ notice. Int. payable
in New York and Chicago.
Of the Vicksburg Lt. & Trac. 1st Mtge. bonds outstanding $763,000 are 5s
and $238,000 are 5s with 2% interest coupons added. Redeemable at
105 and int. on any int. date. V. 95, p. 49.
Vicksburg Lt & Trac. deb vtures are redeemable at 101 and int. on any
int. date. See V. 96, p. 488.
Columbus Ry. Lt. & Pow. Co. 1st 6s are red. at 105.
OFFICERS.— Pres., H. C. Couch; V .-P. & Gen. M gr., C. P.FCouch
V .-P., J. L. Longino; Sec., L. Garrett: Treas., W . E. Baker.— V. 118,
p. 2042 , 2437; V. 119, p. 455, 579, 2762.
L A U R E L L I G H T & R A IL W A Y ^ C O .
ORGANIZATION.— Incorp. in Miss.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates the lighting, power and street railway system in the
cities of Laurel and Ellisville, Miss., and an electric interurban railway
between the two cities. The lines outside the cities and 2 miles in Laurel
are on private right-of-way. Comprises 6)4 miles in Laurel and 9 M miles
i
between Laurel and Ellisville; total, 16 miles. Owns a pleasure park
between Laurel and Ellisville. Franchises in Laurel extend to 1943 (see
also V. 119, p. 1064); in E 'isville to March 1937.
STOCK A N D BONDS—
Date
In te rest.
O u tstan d in g.
M a tu r ity .
Common stock_______________
$425,000 __________
Preferred stock, 6 % ___________
75,000 __________
First mortgage $500,000 gold! 1911
6 g J-J
435,000 July 1 1936
($1,000).. __________ cH fllB t at Fidelity Trust Co. N. Y .. Trustee.
Serial notes $200.000________ 1924
6%
100,000
See text
Laurel £1 P & Lt Co mtge_________
65,000 __________
Bonds — Remam'ng *65.000 1st M . bonds are reserved to retire under
lying bonds. Not subject to call.
The 6% notes are.due serially from Sept. 1 1929 to Sept. 1 1934. V. 119,
p. 1172.
----------------------- Years Ending Dec. 31----------------------Earnings—
1923.
1922.
1921.
1920.
1919.
G ross_______________$242,393 $229,364 $213,222 $204,976 $188,024
97,252
81,070
63,068
N et_________________ 110,214 104,409
OFFICERS.— Pres., M . R. Walker; V .-P , A. L. Fowle; Treas. & SuptR. M . Walker.— V. 105, p. 1802; V. 107, p. 501; V. 119, p. 1064, 1172.
G U L F P O R T & M IS S IS S IP P I C O A S T T R A C T IO N C O .
Sale.— In Dec. 1924 it was reported that the Mississippi Power Co. had
acquired the company’s properties, rights, privileges and franchises.
V. 120, p. 86.
O RGAN IZATION .— Incorp. in Mississippi in 1905. Consolidation of
the Biloxi Electric Ry. & Power Co. and the Gulfport Development Co.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 13 miles of track from Gulfport to Biloxi and 13.20 miles from
Gulfport to Pass Christian; also 6.63 m. of track in Biloxi; total, 32.83 m.
STOCK AND BONDS—
Date. Interest.
Outstanding.
Maturity•
Stock $2,000,000 ($100)............... ..........................
$1,949,300 ............. .
1st mort $1,000,000 gold! 1905 6 g A-O
1,000,000 Sept 30 1935
($ 1,00 0)_______________ tf lInt. at Hibernia Bk & Tr. C o .. N . Orl., Trus
Bii. El. R y . & P . 1st mtge.,g.J 1903 6 g J-J
116,400 Jan 11924
($100. $500 & $1.000)___ tf lin t, at Hibernia Bk. & Tr C o.. New Orleans
1st int coupon debentures___J ____
6 A-O
146,190 April 1 1927
lin t, at First Nat. Bank. Gulfport.
2d interest coupon debentures/ ____
6 A-O
107,040 Oct. 1 1929
(Int. at First National Bank. Gulfport.
Miscel. long-term debt_______ _____
_________
39,334 ___________
M ay , 1925.]
POWER, LIGHT AND RAILW AY
Bonds.— The bonds o f 1905 are subject to call on Oct. 1 in any year at
105; no sinking fund.
The Biloxi Electric Railway & Power bonds are subject to call at 106
and interest.
EARNINGS.— For years ending Dec. 31:
Gross.
Net.
Taxes. Interest. Bal.,Def
1922_____________________$524,675 $55,801 $17,707 $85,285 $47,191
1921........................ ............ 507,428 85,887
18,066
86,056
18.235
OFFICERS.— Pres., W . T . Stewart; V .-P ., B. E. Eaton; Sec. & Treas.,
Hubert H. Tippin: Comp., J. E. Gordon: Gen. M gr., W. A. Sullivan, all
o f Gulfport.— V. 105, p. 290; V. I l l , p. 588; V. 118, p. 3077; V. 120, p. 85
LOUISIANA
N E W O R L E A N S P U B L IC S E R V IC E IN C .
161
W OFFICERS.— Pres., H. B. Flowers; V .-P s., E . W . Hill, W . C. Lang
and A . B. Patterson; Sec., J. H. De Grange; Gen. Aud., A. B. McCoard;
Treas., H. A. Ferrandou.— V. 118, p. 794, 1911, 2042, 1573; V. 119,
p. 325, 943, 1510, 1844, 1952, 2647; V. 120, p. 1459, 1881.
S O U T H W E S T E R N G A S & E L E C T R IC C O .
ORGANIZATION.— Incorp. in Delaware in 1912.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Does the entire gas, electric light and power business in the city of Shreve
port, La., and its suburbs, and the entire gas, electric light, power and
street railway business in the city of Texarkana, Tex., and Arkansas.
Owns and operates pipe line between Shreveport and Texarkana, supply
ing natural gas to villages along the way; does all the artificial gas business
in the City of Beaumont, Texas, formerly done by the Beaumont Gas Light
Co. and all of the artificial gas business in the cities of Biloxi, Gulf Port,
Pass Christian, Hansboro, Long Beach and Mississippi City, Miss., for
merly done by the Gulf Cities Gas Co. Co. furnishes natural gas through
its artificial gas distributing system in Shreveport and Texarkana.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $3,500,000 ($100)________
_________ $3,050,000 -----------------Pref 8% cum $5,000,000 ($ 1 0 0 )____
_________ 2,054,100 ---------------1st & ref mtge closed/ 1912 5-8 g F-A 3,474,500 Aug 1 1932
($500 & $1,000) gold____c*\Central Trust Co. of 111., Chicago, trustee.
Gen mtg ser of N o v ’22 ($100,1 1922
6 g M -N
2,500,000 N ov 1 1957
$500 & $1,000) gold_ c*tf [Central Tr. Co. of 111., Chicago, trustee.
_
Texarkana Gas & Electric ls t f 1905
5 g J-J
443,500 July 1 1930
_
mtge closed ($500)_ g c * iln t. at Central Tr. C o. of III., Chic., trustee
Beaumont Gas Light Co lstf 1914
6 g J-D
981,000 June 1 1944
mtge closed ($100, $5001 Central Trust Oo. of Illinois, Chicago,
& $1,000)______________c*
trustee.
Gulf Cities Gas 1st M tge/ 1916 6 g J-J
400,000 July 11936
closed ($100 & multiples)c*llnt. at Central Tr. Co. of 111., Chic., trustee.
Stock.— Pref. is call, on any int. date on 30 days’ notice at par.
Bonds.— Of the 1st < Ref. Mtge. bonds, $103,000 carry additional 3%
&
coupons attazched, the remainder being 5s. Are call, on any int. date at
10234 & int. Mtge. provides for sinking fund of $75,000 per annum for
first 10 years, commencing Oct. 1 1913, and $50,000 per annum. Int. at
office of trustee and at the First Nat. Bank, New York.
Gen. Mtge. 6s, Ser. of Nov. 1922, are red. all or in part on any int. date on
60 days’ notice at 105 & int. during the first 15 years, at 102 & int. during
the next 19 years, and at 100 & int. during the last year. M tge. provides
for impl. & sinking fund commencing Nov. 1 1923 of 1% annually of all
gen. mtge. and underlying bonds outstanding. Int. payable at office of
trustee, Chicago, or at Chase Nat. Bank, N. Y . Penna. 4-mill tax and
the then present Maryland securities tax refunded. In Oct. 1922 H. T
Holtz & C o., Central Trust Co. of 111., Chicago, and Hambleton & Co..
N. Y ., sold $2,500,000 gen. mtge. 6s at 90, to yield 6M %• V. 115, p. 1847|
Texarkana Gas & Elec. Co. 1st 5s are call, at 105 & int. on any int. date.
Beaumont Gas Lt. Co. lsi 6s are call, at 101 & int. on any int. date. Int.
at office of trustee, Chicago, or at First Nat. Bank, N . Y .
Gulf Cities Gas 1st Mtge. 6s are call, at 101 & int. on any int. date.
Dividends.— Are being paid regularly on pref. On com., 4% paid in 1918.
In 1919, 6% ; in 1920, 2% ; in 1921, 1M%\ 1922, 1>4%; 1923. 2 /4 % ; 1924.
6 %.
EARNINGS.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross_______________________________ $3,781,043 $3,363,213 $2,535,374
2,452,668
1,893,751
Oper., maintenance and taxes_______ 2,733,431
Control.— Controlled by Electric Power & Light Corp.
ORGANIZATION.—Came Into existence Sept. 27 1922 as a merger of
the New Orleans Public Service, Inc., the New Orleans Ry. & Lt. Co.,
the New Orleans & Carrollton R R ., Lt. & Pr. Co., the New Orleans &
Pontchartrain RR. Co. and the Orleans RR. Co. New Orleans Public
Service Inc., was Incorporated Aug. 18 1922 under the laws of Louisiana
as per plan of reorganization outlined in this Section of Oct. 28 1922.
Note.—The only change In the name of the new New Orleans Public
Service, Inc., is the dropping of tne comma between the words Service
and Inc.
New Orleans Public Service Inc. controls the following companies:
Owned by
Amount N. O. P. S.
STOCKS—
Issued.
N. O. City R R.Co., preferred___________ „ _______ $2,500,000 $2,473,900
“
com m on------------------------------- 5.000,000
4,869.600
Railways Realty C o___ _______ ___________________
3.000
2.500
Jefferson & Lake Pontchartrain Ry. C o __________
100.000
99.300
Merger o f Sub. Cos.— In Dec. 1923 the St. Charles St. R R . and the New
Orleans Gas Light Co. were merged into the parent co. V. 117, p. 2213.
See also V. 119, p. 1844.
The New Orleans City RR. is leased until Dec. 31 1955 to the New Orieans
Public Service Inc. for 5% on the pref. stock and % % until Jan. 1 1908
and 1% semi-annually thereafter on the common stock.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The co. operates all the plants (with one exception) now generating electric
energy for commercial power and light in the city of New Orleans, the entire
gas manufacturing and distributing properties, and the street railway sys
tem of 223 miles. Includes (1) electric generating stations with aggregate
installed capacity of 90,200 k.w. (incl. 20,000 k.w. nearing completion),
and 1,449 miles of electric distributing system; (2) gas works with a manufac
turing capacity o f 19,124,000 cu. ft. per day, holder capacity of 7.580,000
cu. ft., and 511 miles of mains: (3) and 222 miles o f street railway track
and 757 cars, including 678 passenger cars.
Agreement with City.— For particulars see “ Electric Railway” Supplement
of April 26 1924.
To Operate Buses.— See V. 118. p. 1911.
STOCK AND BONDS—
Dale.
Interest.
Outstanding. Maturity
Common stock (no par)______ _____
________ 679,436 shs.
See text
N e t ______________________________ $1,044,612
$910,545
$641,623
Pref stock 7 % cum (no par)
____
$7 Q-3
42,753 shs. Apr'25 $1.75
Bond interest______________________
505.885
461,543
354,134
1st & ref M ser "A ($o00 &1 1922
5 g A-O 12,000,000 Oct 1 1952
$ 1,000c* & $1,000 & $10,-1 Chase National Bank, N . Y ., Trustee.
Balance, surplus_________________
$538,727
$449,002
$287,489
000r*) g_........................ t fl
x The 1923 earnings include the earnings of the Beaumont Gas Light Co.
Gen lien 4H % bds$13,876,500/ 1922
4/4 g J-J 13,467,350 July 1 1935
($500 and $1,000) gold-C*tf (New York Trust Co., N . Y., trustee.
and the Gulf Cities Gas Co. from Jan. 1 1923 to July 31 1923, on which date
Income bonds b% cum ser "A
1922 6%
4 76 1 91!) Nov 11949
they were taken over by the company.
Income bonds 6% cum ser “ B”
1922 6%
fr237,000 Nov 1 1949
OFFICERS.— Pres., Rufus C. Dawes; V.-P. & Treas., L. S. Wescoat;
N O & Car 1st M *2,000,0001
1899 5 F-A
1.437,500 Feb 1 1933
Sec. & Asst. Treas., A. T . Leonard.— V. 117, p. 1787.
($500 & $1,000)-----------ntf (Interest at office of company.
Canal & Claib RR cons M g j 1896
6 g M -N
704,000 M ay 1 1946
$800,000 ($500 & $1,000)-- 1Interest at office of company.
Edison Elec of N O 1st M /
1899 5 J-J
2,081,000 Jan 2 1929
($1,000) s f $2,500,000 c*tf 1Int. at American Trust Co.. Boston, Trustee. L A K E C H A R L E S R Y ., L IG H T & W A T E R -W O R K S C O .
Merch El Lt & Pr Co 1st mtgei 1899
5 g J-J
300,000 July 11929
Sold in Aug. 1 1924 to the Lake Charles Elec. C o., Inc., which was
$500,000 gold ($500)--C*tf (Int. at Illinois Merch. Trust C o ., Chic. ,Trus
in turn acquired by the Eastern Texas Elec. Co. (which see). For history
Car trust notes...................................
7%
310,000 Ser. to 1925 of Lake Charles R y., Lt. & Water Works C o., see “ Electric Railway
N O City gen mtg $3,250,000 ( 1899 4-5 g J-J
3,200,000 June 1 1943 Supplement of April 26 1924.
gold ($1,000)-------------- c*tf(In t. at Interstate Tr. & Bkg. Co., New Orl
I Fidelity Trust Co., Louisville, Trustee.
New Orieans City & Lake 1stf 1893
5 g J-J
2.234.500 Jan 1 1943
mtge for $5,000,000 gold} Subject to call lor sinking fund at 110.
B A T O N R O U G E E L E C T R IC C O .
($500 and $1,000)____c*tf IFidelity Trust Co., Louisville, Trustee.
lint, at Interstate Tr. & Bkg. Co., New Orl
ORGANIZATION, See — Organized in Louisiana.
N O Power-house 1st mtgei
1901 5 g J-J
200,000 July 1 1943
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
gold $200,000 ($1.000)-Ctf Fidelity Trust Co., Louisville, Trustee
Does entire electric railway, electric lighting, power and gas business in
lint, at Interstate Tr. & Bkg. C o., New Orl
Baton Rouge. Operates 6 37 miles o f track in form of a single belt through
St Charles St 1st M $600,000/ 1902 4 g J-J
375,000 Jan 11952 Baton Rouge; 21 cars; standard gauge. Power station capacity, 3,000 k.w.
($1,000) gold------------ cntf|Iut- at Whitney-Cent. Nat. Bk., New Orl
Railway franchise expires 1940; gas, 1942; electric lighting and power, 1988.
Rys Realty Co 1st mtge $400,-/
1916 6 Q-M
80,000 Mar 11931
V. 88, p. 881.
000■!1
1
'Hibernia Bank & Trust Co.. Trustee.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock.— The $7 pref. is non-voting stock. Is entitled to $100 per share Common $800,000 ($100)__________
_________
$586,300 D e c ’25,5%
and dividends in case o f liquidation. Red. as a whole at $110 pre share and Pref $250,000 ($100) 6 % __________
J-D
200.000 D ec’25,3%
dividends. In Dec. 1924 the Old Colony Trust Co., Boston, and Bonbright 1st mtge Ser “ A ” $15,000,000/ 1924
5/4 g J-D
990,000 June 1 1954
& C o., Inc., New York, offered 22,000 shares o f pref. stock at $97 per share
($100, $500 & $l,000)-c*tf\Int. at Old Colony Trust C o., Boston, trustee
and dividend. Y. 119, p. 2647.
Stock.— Div. on pref. is cumulative from June 1912. Redeemable at 110.
Bonds.— The 1st & rel. mtge. 5s are red. all or part on 6 weeks' notice
at 105 and int. on or before Oct. 1 1927; at 104 and int. in the next 5 years,
Bonds.— 1st Mtge. 5 J4s Ser. “ A ” are red. as a whole (or in part for sinking
at 103 and int. in the next 5. at 102 and int. in the next 5: at 101 and int
fund) on 30 days’ notice at 105 & int. prior to June 1 1944, reducing /4 of
in next 5, and at 100/4 and int. thereafter prior to maturity.
1 % for each year thereafter to 100 & int. on and after June 1 1953. Sinking
The gen. lien 4 J4 % bonds are call, all or in part at any time, on 6 weeks’ fund payable Jan. 1 of 1% per ann. of Ser. “ A ” outstanding, to be applied
notice at 105 and int. Int. payable in N . Y. and New Orleans. $1,650,000 to purchase of bonds of this series at not exceeding 100 & int. $1,000,000
were offered by Jackson & Curtis, Old Colony Trust Co. and Tucker, An Ser. “ A ” bonds were offered in June 1924 by Blodget & Co. and Stone &
thony & Co. in Aug. 1924 at 86/4 & int., to yield about 6 /4 % . V. 119, Webster, Inc., at 93 & int., to yield over 6 % . Y. 118, p. 2946.
p. 943.
Dividends.— On
1911 to and incl. DecThe 6% cum. income bonds maturing Nov. 1 1949 are designated respec 1924. Initial div. pref., 3% semi-ann. from Dec. In
of
paid
1915.
7% .
tively Ser. A and Ser. B (Ser. A to be payable in U. S. dollars and Ser. B 8% . In 1918, 8% . 2% on com.8% . Dec.1920, 8 % . 1916,1921, 9In .1917.
In 1919,
In
In
%
In
payable prin. and int. in French francs). The Irving Bank-Columbia Trust 1922, 10% . In 1923, 10%. In 1924, 10%.
C o., N . Y ., is coupon paying agent.
EARNINGS.— For 12 months ending D ec. 31:
On the New Orleans & Carrollton consolidated bonds, $30,000 per annum
Year.
Gross.
Net aft. Tax. Interest, &c.
Surplus.
is payable to a sinking fund.
$250,465
$51,808
$198,657
A sinking fund of $30,000 per annum is provided for the redemption of the 1924____________________ $707,106
1923------------------------------- 634,003
213,079
30,055
183,024
N. O. City & Lake R R . bonds.
The Merchants’ Elec. Co. bonds are subject to call at 102 and int. at
OFFICERS.— Pres., Harry H. Hunt; V .-P s., Edw. Godchaux; Sec.,
any time.
Victor D . Vickery; Treas., Henry B. Sawyer; Gen. Mgrs., Stone & Webster
The St. Charles St. R R . bonds are not sub. to call, but a proportionate M gt. Assn.; M gr., James F. McLaughlin.— V. 101, p. 1806; V. 104, p. 1488;
amount will be retired yearly by purchase in the open market.
V. 110, p. 76; V. 113, p. 2404; V. 116, p. 74; V. 118, p. 2946, 3Q75.
Edison Elec. Co. o f N . O. bonds have sinking fund o f 1% per annum
o f bonds out.
A sinking fund o f $15,000 annually, since Jan. 1 1921, is provided for
the redemption o f Canal & Calib. 6% bonds.
SH R E V E P O R T R A IL W A Y S CO .
Dividends.— In Dec. 1923 a div. of $8 per share was declared on the com.
stock o f $100 par, payable in common. V. 117, p. 2770. In Sept. 1924
O RGAN IZATION .— Successor of the Shreveport Traction o o ., the franstock was changed to no par value and 4 shares of no par common exchanged
mlses and properties of which company were purchased in July 1914 by the
for each old share of $100 par. Divs. subsequently paid equivalent to $2 25 Shreveport Railways Co. Shreveport Trac. C o., in turn, succeeded the
per annum, based on present no par stock.
Shreveport Belt Ry. Co. and Shreveport City R R ., chartered in 1870, and
purchased the Highland Park Trac. Co. and the Shreveport City Suburban
RE PO RT.— For calendar years:
Ry.
12 Months Ended Dec. 31—
1924.
1923.
Gross earnings from operation___________________ $14,870,840 $14,407,601
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operating expenses and taxes_____________ ______ 10,036,508 9,804,116
Owns and operates entire street railway ystem in city of Shreveport.
Operates about 32 miles of track; 60, 70 and 80-lb. rail. Owns and operates
Net earnings - ___
_________ $4,834,332
$4,603,485 its own power plant. 11 single-truck and 28 double-truck pass. cars. 14
Other in c o m e _
_
___________
_________
150,643
152,094 one-man cars, I work car and 2 miscellaneous cars.
Franchises.— In 1912 all franchises of the company were extended until
Total in c o m e _ _
_
____ _________ $4,984,975
$4,755,579 1954. All franchises are free from burdensome restrictions.
Interest on bonds _
_________$2,065,099
$2,103,293
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Other interest and deductions, _- _________
121,508
100,763
_______
$1,000,000 J a n ’23, 3%
Dividends on preferred stock - ____ _________
374,089
299,166 Stock $2,000,000_______ _____ _____
1st M ser gold bds $3,000,0001 1914
5 g J-J
690,000
See text
($100. $500 & $1,000) c*tf tint, at Hibernia Bk. & Tr. C o., N . O., trust.
Balance_________________ ________ ____________$2,424,279 $2,252,357
168
PUBLIC UTILITIES
B onds — Redeemable at 103 and Interest. The $800,000 bonds lssueo
mature in annual Installments as follows (par value $1,000. ex
cept for $50,000 o f $500 bonds and $20,000 of $100 bonds due In 1944)
$10,000 1918 and 1919; $15,000 1920 and 1921; $20,000 1922 to 1927
$25,000 1928 to 1932; $30,000 1933 to 1937; $25,000 1938 to 1942; $20,001
1943; $210,000 1944. The remaining $2,200,000 will fall due annually a»
follows (par $1,000 except $100,000 o f $500 bonds and $80,000 of $100
bonds due In 1944); $5,000 1925 to 1937; $15,000 1938 to 1942: $20,000
1943, and $2,040,000 in 1944. $110,000 redeemed to Apr. 1 1925. Thest
remaining $2,200,000 boDds may be certified and issued from time to time
for Improvements, extensions, additions, A c.. under certain restrictions
(Y. 99, p. 199).
RE PO RT.— For years ending Dec. 31:
Y ea rInterest.
Surplus
Gross.
N et.
1924 ...........
$42,859
def$7,049
...........$650,191
$35,810
1923______
--------- 650,866
65,254
40,210
25,044
1922_____
40.699
52.654
- 629.421
93.353
— V. 115. p. 2794; V. 116. p. 1412; V. 117, p. 209; V. 118, p. 1521; V. 120, p.
455.
ARKANSAS
FEDERAL LIGHT & TRACTION CO.
ORGAN IZATION .— incorporated in 1910 in New York. Holds a con_
trolling Interest in the following companies operating gas. electric lighting
■team neat, ice and traction properties located In cities mentioned in titles'
Albuquerque (N . M .) Gas A El. Co. New Brunswick (St. John, N. B.)
Central Arkansas R y. & L t. Corp..
Power Co.
Hot Springs, Ark.
Rawlins (W yo.) Elec. Lt. A Fuel Co
Hot Springs Street R y. Co.
Sheridan (W yo.) County Elec. Co
Hot Springs Water Oo.
Springfield (M o.) Ry. & Light Co
Citizens’ Electric Oo.
Springfield (M o.) Gas A Elec. Co
Consumers’ Gas Oo.
Springfield (M o.) Traction Co.
Demlng (N . M .) Ice A Elec. Oo.
Trinidad (OoI.)El.Transm.,Ry.AGas
Grays Harbor R y. A Lt. C o.. Aber Tucson (Ariz.j Gas, Elec. Light A
Power Co.
deen, Wash. (V. 86, p. 420).
Hobart (Okla.) Electric Co.
Tucson (Aria.) Rapid Transit Oo.
Las Vegas (N. M .) Lt. A Power Oo Willapa Elec. Co. (Raymond, Wash.)
Las Vegas (N . M .) TransP /"’o.
The entire capital stock and all the underlying bonds o f all of the above
21 companies,except the $1,300,900 pref. stock and $1,685,000 1st lien
bonds of the Central Arkansas Ry. A Lt. Corp.; $915,500 preferred stock
and $2,584 000 bonds of the Springfield Ry. A Lt. Co. and $100 par value
of bonds and $81,800 stock o f Tucson Rapid Transit, See description
and properties in V. 90, p. 1490.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Controlled companies operating in various cities have about 61 m. of track.
The stockholders were to vote April 28 1925 (a) on canceling the auth.
issue of $10,000,000 8% pref. stock (none outstanding); (6) on changing the
pref. stock from 55,000 shares, par $100, to 55,000 shares o f no par value
and increasing the number o f shares to 155,000; and (c) on changing the
com. stock from 85,000 shares o f no par value to 425,000 shares, par $15,
and increasing the number o f shares to 1,000,000.
I f the changes are approved, the company proposes to issue new no par
pref. shares in exchange for the present outstanding pref. stock, share for
share, and to issue five shares o f new com. stock (par $15) in exchange for
each share o f no par value com. stock outstanding. V. 120, p. 1326, 1746
STOCK AN D BONDS— Date.
Interest.
(hitstanding.
Maturity
_______
Common 85.000 shares_______ _____
77,125 shs.
See text
1st pref $10,000,000 ($100 c u m )____
8%
Pref $5,500,000 6% cum ($ 1 0 0 )____
6 Q-M
$3 937 400 See text
First lien s f M $50,000,0001 1912
5 M-S
3,569,000 Mar 1 1942
gold $500 A $1,000)_l.c*/C oIum bia Trust Co., N Y . irustee.
Stamped 6s............................. 1912
6 M-S
3.482.000 Mar 1 1942
30-yr deb bonds Ser ’’B ’ ’ $5,-1 1924
6 g J-D
2,500,000 Dec 1 1954
500,000 ($500 A $1,000) g lin t. at New York Trust C o., N. Y ., trustee.
c*A r*.tf 1
Bonds.— Of the first lien sinking fund mtge. $3,569 000 outstanding are 5s
and $3,482,000 stamped 6s. The stamped 6s are all or in part payable on
any int. date on 30 days’ notice at 105 up to and incl. March 1 1932; at
104 thereafter to and incl. March 1 1935, and thereafter at 102. V. 114,
p. 197, 305. The remaining first lien sinking fund bonds are issuable for
Improvements, betterments and acquisitions under certain restrictions.
$1,155,000 retired by sinking fund. Red. as a whole but not in part at 102
and int. Annual sin kin g fu n d o f 1)$% o f bonds out March 1 1913 to
March 1 1923; 2 % , 1923 to 1933; 2 )4 % , 1933 to maturity. Payments for
redemption o f bonds if purchasable at or below 102 and int., otherwise to
be invested in new property subject to the mortgage. See V. 94, p. 910,
559- Funds may also be used for improvements. See V. 114, p. 305; V. 96,
p. 284.
Series " A " Convertible D eben tu res. — All outstanding unconverted Series
" A ” 7% debentures were called for payment March 1 1925 at 110 and int.
V. 119, p. 3009.
The 30- Y ea r Series “ B” 6% D eben tu res are redeemable, all or in part,
any interest date on 60 days’ notice at 105 on or before Dec. 1 1941, there
after at 100 to maturity; in every case plus interest. Company will refund
the Penna. and Conn. State tax on income derived from said bonds not
exceeding 6% thereof per annum. $2,500,000 Series “ B ” 6% debenture
■
onds were sold in Dec. 1924 by Bodell & C o., N . Y ., and Boston, at 91 and
interest, yielding 6.70% . V. 119, p.2877.
Dividends.— On pref.— 1)4% — paid quarterly from Sept. 1910 to and
including Sept. 1914. None to Dec. 1921, when 42% was paid in 6% pref
stock and 1)4% in cash, clearing up all accumulations. V. 114. p. 947.
Quar. div«. o f i )4 % paid regularly since to and incl. Mar. 1925. On com.
initial diva, o f 75c. a share in cash and 75c. a share in 6% cum. pref. stock
were paid in April 1923. Like divs. were paid in July and Oct. 1923 and
Jan. 1924. In April 1924 $1 was paid in cash and 75c. in 6% cum. pref.
V. 118, p. 663. Like dividends have been paid regularly quarterly since to
and including April 1925.
EARNINGS.— Of controlled companies after elimination of lnter-com
cany earnings (excluding depreciation).
[V ol. 120.
B onds. — Additional bonds may be issued for 80% of cost of additions,
extens, and impts. when net earnings are double the int. charges on bonds
out, incl. those proposed to be issued. Sink. fund, which began Jan. 1916.
will retire at least 20% of entire issue by maturity. $741 030 in sinking
fund. All bonds subject to call on any interest date at 102.
D ivid en d s. — First div. on pref.— 1 H % — paid June 2 1913; 1)4% has been
paid quar. since to and incl. M ar. 1925.
EARNINGS.— Combined earnings of constituent cos. for cal. years
Cal. Years—
Gross.
Net.
Int. Chos.
Balance.
1924______________ $938,219
$298,381
$86,873
$211,508
1923______________ 887,019
291,954
87.781
204,173
1922______________ 856.311
302,077
90,809
211,268
OFFICERS.— Pres., E. N. Sanderson; V .-P. A Treas., J. Dunhiil; Sec.,
Hy. G. Townsend.— V. 116, p. 175; V. 118, p. 201; V. 120, p. 328.
(2) SPRINGFIELD (MO.) RY. & LIGHT CO.
As of Mar. 1 1911 entire stock was acquired by Fed. Light A Trac. Oo.
ORGANIZATION.— Incorp. In Maine In Nov. 1905. Owns entire
capital stocks of the Springfield Traction Co. and the Springfield Gas A Elec
tric Co. The Kickapoo Transit Oo. is also part of system. Electric light
franchise perpetual: gas fra n ch ise expires In 1929; street railway franchise
in 1944 and steam heating franchise in 1936.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSIN ESS.—
Does entire traction, gas, electric light and power business of city. Also
does steam heating. Operates 23 miles of track; 49 pass, cars and 11 work
cars, 60, 70 and 80-lb. T rails. Power station capacity, 8,250 k.w. Also has
contract with Ozark Power A Water Co. for purchase of 2,875 k.w.
1924 entered into a new 5-year street-lighting contract with city.
8TOOK AND BONDS—
D ate.
Interest. O utstanding.
M a tu r ity .
Common stock $1,600.000_________
________
$1,100,000 ---------------Preferred $2,000,000 cum.................
7 Q-J
1,001.200 Apr *25. 1?4
1st l'en mtge $7,000,000 gold] 1911
6 g M -N
2.584 000 May 11926
($500 A $1,000) sink fd__c*'Ouarantv Trust Co., of V Y . trustee.
Stock.— Preferred stock is red. at 115 and accrued dividend.
Bonds. — $4,656,000 1st lien bonds are reserved for additions and lmptaat 80% of cost under certain restrictions. Annual cumulative sinking fund
began Mar. 1 1913 and provides for 25% of all bonds issued. $1.047,000in
sink. fd. Sub. to call as a whole or for sink, fund at 102 and int. on any
Int. day. Int. Is pay. in New York, Boston or Chicago. V. 92. p. 1566.
D iv id e n d s — Initial div. — 1M % —on pref. stock paid April 1 1915:
•ame rate quar. since.
EARNING S.— For 12 months ending Dec. 31:
Calendar Years—
Gross
Net. aft Tax.
I n t .. A c . B a l., S u rp .
$484,083
______
______
1924_________________ $1,327,389
1923__________________ 1,315,730
469,489
130,040
339,449
1922__________________ 1,223,914
325.639
105.775
219,864
— V .'ll6 ,"p . 1051, 1178; V. 117, p. 1348; V. 118, p. 1269; V. 120, p . 1205.
(3)
T R IN ID AD (COLO.) ELECTRIC TRANSM ISSION, R Y . &
GAS CO.
Federal Light A Traction Co. owns all the outstanding stocks and bonds.
ORGANIZATION.— Incorp. in Colorado on Aug. 7 1911 as successor to
Colo. R y., Lt. A Pow. C o., sold at foreclosure Aug. 2 1911. V. 93, pi 409.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Supplies electricity to mines and cities of Las Animas and Huerfano
Counties, Colo. Controls the entire gas, electric light and street rail
way business o f Trinidad, Colo., and operates (but see further below) mi
lnterurban railway connecting Trinidad with Thomasville. Cokedale,
Jerryville, Piedmont, Jansen, Starkville and Sopris. Owns 19.4 miles.
Power plant capacity, 16,250 k.v.a. Rail, 60-lb. T; standard gauge. Gas
and electric franchises run from 16 years to perpetuity. Street railway
franchises run for 50 years from 1903.
Power Contract.— Has a contract to supply the St. Louis R ocky M tn. A
Pacific Coal Co. with power. V. 99, p. 1912. Also has a contract with the
Colorado Fuel A Iron Co.
Effective March 12 1922, the company was authorized to abandon service
on certain lines (V. 114, p. 1065), and, effective Sept. 15 1923, co. was
auth. to abandon all local and interurban railway service. V . 117, p . 1237.
Compare V. 116, p. 2517.— V. 116, p. 2517; V . 117, p. 1237.
F O R T S M IT H L IG H T & T R A C T I O N C O .
Standard Gas A Electric Co., a holding company under the control of
H. M. Byllesby A Co., Chicago, ni., owns $950,000 com., $881,500 pref
stock, $645 000 1st M . bonds, and all the $1,100,000 2d M . 8s of the co.
As of Dec. 31 1923 the company had outstanding $341,340 promissory
notes, of which $250,000 were held by the Standard Gas A Electric Oo
ORGANIZATION.— Incorp. in Arkansas on April 13 1903 as a consoli
dation of the Ft. Smith-Van Buren Light A Transit Co. and the Ft. Smith
Traction. Light A Power Oo. Owns all physical property, contracts, rights
and franchises of Van Buren Fuel A Light Co. (now dissolved). Guaran
tees, principal. Interest and sinking fund $400,000 Mississippi ValleyPower
Co. 1st mtge. 6% bonds. Series “A .” V. 114, p. 2359.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates the electric-light, gas and street railway properties in the
city, and the electric-light and gas business of Van Buren; operates an inter
urban line between Ft. Smith and Van Buren. Owns and operates 33 miles
of track on 12 streets in Fort Smith and suburbs. Standard gauge, 60-lb.
and 80-lb. T rail. 48 cars. Also gas works for distributing natural and arti
ficial gas (artificial gas plant Is held in reserve) with 193 miles of mains,
and electric power and lighting plant— generating capacity, 8.643 h.p.
and pole line of about 198 miles. In 1917 contracted to supply electricity
to two public service corporations which supply towns, villages and coal
mines to the south and east of Fort Smith. Operates under indeterminate
permit having surrendered all franchises in 1919.
STOCK AND BONDS—
Date
Interest. Outstanding.- M a tu rtts
$950,000 .................
Common ($100)____________ _____
________ 1.410 000
See tex»
Pref. ($100) 7% cum------------- -------Q-J 15
3.162.000 Mar I 1936
First mortgage $6,000,000 gf 1911
6 g M-S
___
■ f ($500 and $1.000)____c*l Int. at Illinois Trust A Savings Bank, Chic..
I Trustee, or at agency of co InN .Y.orBos,
Second mtge. $2.500.000- ; - t f 1921
8 M-S
1,100.000 Sept. 1 1931
Stock.— Pref. stock is red. at any time after 3 years from issue at 110
and accrued dividend.
Bonds.— Remaining 1st M . bonds can only be Issued for 75% of cost of
C alendar Gross
N et
I n t. &
C en t.A r k .R y . S v r .R y .
B alance.
additions, impts. and extensions under certain restrictions. See V. 92, p.
Y ea rs E a rn in g s.
E a rn in gs. D is c 't.
& L t. P f.D iv.
D ie .
Surplus
956. Subj. to call as a whole or in part on any int. day on 30 days’ notice at
1 9 2 4 .. .$5,665,828 $2,161,586 $721,199 (7%)$88,713 $64,052 $1,287,623 105 and int. Cash sink, fund of 1 % yearly 1914 and 1915, 1)4% yearly
19 23.. . 5.510.877 2.084,941 802,413 (7% ) 87,343 63.695 1,131.490 1916 to 1918, 2% yearly 1919 to 1923 and such ratable amounts thereafter
1 92 2 .. . 5.012,490 1,728.340 681.039 (7% ) 85.522 54,113
907.666 as by July 1 1935 will make total sink, fund 40% of bonds certified. V. 92,
OFFICERS.— Pres., Edwin N . Sanderson; V .-Ps., Francis Blossom and p. 956. $732,000 have been retired.
2d mtge 8s were call, at 105 and int. on or before Sept. 1 1922; )4% lee«
Craig Colgate: V.-P. A Gen. M gr., O. H. Nichols: Treas. A Sec., J. Dunhiil;
Asst. Sec. A Asst. Treas., Richmond Talbot.— V. 119, p. 2179, 2528, 2645, Int. each year since. Contin’l A Comm’l Trust A Savs. Bank, trustee.
Dividends.— Pref. is cum. from Jan. 1 1912. 1 st div. on pref.— l k % —
2760, 2877, 3009; V. 120, p. 86, 702, 955, 1088, 1326, 1585. 1746.
paid April 15 1910: July. 1)4%: O ct..1)4% and 1 )4 % quar.to and tndu«
(1) CENTRAL ARKANSAS R Y . & L IG H T CORPORATION.
mg April 1913; none since.
On March 1 1913 was taken over by Federal Light A Traction C o.,
EARNINGS.— For years ending Dec. 31;
which owns entire common stock.
Calendar Year —
Gross.
N et aft T ax. I n t.C h o s .(N e t)
Balance
1924_______________ $1,207,069
$302,370
$322,465
def.$20,0»6
O R GAN IZATION .— Incorp. Feb. 19 1913 in Virginia, taking over the
1923_______________ 1,159,945
337,371
303,209
sur.34,101
Hot Springs St. R y. and other properties.
OFFICERS.— Pres., A. S. Huey; V.-Ps., H. M . Byllesby: V.-P. A Mgr.,
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Through its constituent companies does entire water, street railway, gas. Robt. O. Coffy; Sec., Aud. A Treas., R. D. Beard; Gen. Mgrs., Byllesby
Eng. A Mgt. Corp., Chicago.— V. 112, p. 257: V. 113, p. 730, 1155; V. 114
electric light and power business in Hot Springs, Ark., and vicinity. Has
contract with city o f Hot Springs for street lighting. Operates 13 miles p. 2359, 2468; V. 117, p. 1347, 2212; V. 118, p. 2437; V. 119. p. 1064.
of track: 60-lb. rails. 39 passenger cars.
Franchises .— Street railway expires in 1954, and exclusive as to streets
occupied until that date. Water, exclusive, extended 25 years from Oct. 1
ARKANSAS CENTRAL POWER CO.
1924. Electric light and power expires 1933. Artificial gas, unlimited as to
Controlled by National Power A Light Co. (see on another page), formerly
time. Also has natural gas franchise, expiring in 1931. Should supply of
the American Cities C o., through ownership of all the common stoex
natural gas fail, company will revert to artificial gas franchise.
except directors' shares.
STOCK AN D BONDS—
D a te . In te rest.
O u tstanding.
M a tu r ity .
ORGANIZATION.— Incorp. April 10 1923 and acquired the physical
_________ $2,500,000 ____________
Common $2,500.000_________ _____
Pref cum $1,500 000...........................
7 Q-M
1.500,000 M a r ’2 5 ,lX
property formerly owned and operated by the T.ittle Rock R y. A Elec. Oo.
First lien $7,000,000 ($1,000,/ 1913 5 g M-S
1,691.000 Mar 1 1928 (for history o f which see “ Electric Railway’ ’ Supplement of Oct. 28 1922).
$500 and $100) gold____c*U nt. at Columbia Trust C o.. N . Y ., trustee.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Stock.— Pref. is redeemable at 110 and accrued div. Dividends are guar, Does the entire commercial electric power and light and street railway
by Federal Lt. A Trac. C o., by endorsement. Additional nref. stock may business in Little Rock; also providing all electricity commercially distrib
be Issued under conservative restrictions. V. 96, p. 715.
uted, directly and indirectlv in North T.ittle Rock. Operates 44 miles of
POWER, LIGHT AND RAILW AY
M ay , 1925.]
169
electric railway. Electric property includes steam electric generating
capacity o f 19,900 k. w., 27 miles o f transmission lines, and 154 miles of
distributing system. Rails, 70-lb. and over. Passenger cars owned, 102;
other cars, 7; total, 109. Operates Forest Park, located about 6 miles
from the centre o f the city. Railway franchise extends to Sept. 28 1951;
lighting franchise unlimited in time.
Valuation.— See V. 112, p . 162.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Com 150,000 shs (no par)__________
_______ *150,000 shs. ____________
Pref 20,000shs (nopar) $ 7 c u m ____
$7 Q-J
10,000 shs. A pr’25.$1.75
let lien & ref M 6% series duef 1923 6 g A-O
$3,500,000 Apr 1 1948
1948 g ($500 & $1,000 c* &{Bankers Trust Co, New York, trustee.
$1,000 & $5.000______ r*tfl
Little Rock R y & Electric) 1903
5 g A-O
1,049,000 April 1 1933
1st mtge (d o ed) gold)Interest at Canal-Commercial Trust &
Savings Bank, New Orleans, trustee.
($ 1 .0 0 0 )_______ _____ _ .c*
Little Rock R y & Electric 1908
6 g A-O
1,018,500 April 1 1938
refdg & extension mtge Int. at Bank o f Commerce & Trust C o.,
(closed) ($500 and $1,Memphis, Trustee, or Guaranty Trust
000) gold_______________c*
C o.. N. Y .
or before March 1 each year a sum equivalent to the following percentages
of the aggregate principal amount of all bonds of the 6% series and the
aggregate principal amount of all 1st M tge. bonds outstanding on the last
day of January immediately preceding such March 1: 1% from 1925 to
1934, 1 V % from 1935 to 1944 and 2% from 1945 to 1954. Company will
2
be entitled to a credit against these sinking fund payments equivalent to
the payments made under the sinking fund requirements of the 1st Mtge.
Are red., all or in part, at 105 and int. on any int. date upon 30 days’ notice.
Co. agrees to refund Penna. and Conn, taxes not exceeding 4 mills and Mary
land tax not exceeding 43* mills and Mass, income tax not exceeding 6%
per annum on income derived from these bonds. $1,650,000 were offered
in M arch 1924 by John Nickerson & Co. at 92 and divs., to yield 6.63%.
V. 118, p. 2044.
EARN ING S.— Consolidated statement for years ended Dec. 31:
[Arkansas Light & Power Co. and Pine Bluff C o., inter-company charges
eliminated.]
Calendar Years—
1924.
1923.
1922.
Gross earnings.a____________________ $2,511,309 $2,146,403 $1,899,300
Net earnings.b____________________
1,012,987
834,604
693,203
Fixed charges______________________
410,258
394,537
344,295
Pine Bluff C o., preferred dividend_
_
68,500
66,719
66,525
•All com. stock outstanding, except directors’ shares, owned by National
Power & Light Co.
Stock.— Pref. stock is red., all or in part, on any int. date on 30 days’
notice at $110 and accrued divs. Pref. over the com. as to assets up to
$100 per share. Pref. has equal voting power with common stock. In
N ov. 1924 5,000 shares pref. were offered by W . C. Langley & C o., N . Y .,
and Old Colony Trust C o., Boston, at $98 a share & divs., to yield about
7.14% . V. 119, p. 2284.
Bonds.— The first lien & ref. mtge. 6% bonds are secured by a gen. mtge.
•n the entire property subject to the Little Rock R y. & Elec. 1st M tge. and
ref. & ext. mtge. bonds, due 1933 and 1938, respectively, o f which issues
$2,458,000 are pledged as additional security for the 1st lien & ref. mtge.
bonds. The issuance o f additional 1st lien & ref. mtge. bonds is limited
by restrictions o f the mtge.
Are redeemable, all or part, on any interest
date on four weeks’ notice, on or before Oct. 1 1928, at 105 and int.; there
after at premiums decreasing K o f a point during each year until maturity.
Penna. 4 mills tax refunded. Interest payable in N. Y
V. 116. p. 2005.
In June 1924 Harris, Forbes & C o., Inc., offered $1,000,000 1st lien &
ref. mtge. 6% series, due 1948, at 100 and int. V. 118, p. 3194.
Little Bock Ry & Elec. Co. 1st mtge. bonds are not subject to call. Sinking
$534,228
$373,348
$282,382
Balapce__________________________
Preferred stock dividends___________
170,753
132,815
115,660
a Including other income, b After taxes, maintenance and depreciation.
OFFICERS.— Pres., H. C. Couch; V .-P. & Gen. M gr., J. L. Longino;
Sec. & Treas., L. Garrett; Aud., W . E. Baker.— V. 119, p. 2408,2758;
V. 120, p. 1087, 1201.
fund and $614,000 pledged.
The Little Rock Ry. & Elec. ref. & ext. bonds cannot be called. A sinking
und o f H o f 1 % on outstanding bonds, which began Aug. 1 1913, is to be
Invested in these bonds at not higher than a 4 H % basis, bonds to be kept
alive in fund. $145,500 held in sinking fund and $1,836,000 pledged.
V. 87, p. 414.
Dividends.— An initial div. o f $1 75 per share was paid on pref. stock in
July 1923. Same amount paid regularly quarterly since.
EARN INGS.— For calendar years:
Other
Balance,
Net, after
Int., &c.
Cal. Yrs.—
Gross.
Taxes.
Income.
Surplus.
$811,046
1924................ $2,125,798
$10,808
$313,005
$508,849
724.714
1923------------- 2,057,458
7,502
276,658
455.558
1922------------- 1,951.643
692.983
21.334
261.127
453,190
OFFICERS:— Pres., D. H. Cantrell; V .-P ., E. W . Hill; V .-P . & Gen.
M gr., C. J. Griffith; Y.-P. & Treas., A. Brizzolara; Sec. & Asst. Treas.,
W . J. Tharp. Under supervision o f the Electric Bond & Share Co.— V.
116, p. 2005; V . 118, p. 3194; V. 119. p. 2284.
A R K A N S A S L IG H T & P O W E R C O .
Controlled by Southern Power & Light Co. (see statement on another
page).
ORGAN IZATION .— Incorp. in Arkansas in Sept. 1914. Controls the
Pine Bluff Co. (see statement below).
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns or controls 11 steam and hydro-electric generating stations with an
installed capacity of 41,660 h.p., including the first of a series of hydro
electric developments on the Ouachita River, which has recently begun
operation. The contemplated development of other sites controlled on this
river will provide an additional 105,000 h.p. upon completion.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ 37,900 shs ---------------Common 100,000shs (no p a r ) . ____
Pref 80,000 shs (no par)___________
$7 Q-J
37,492 shs ___________
1st mortgage $5,000,000 ($100,(1915
6 g A-O
$3,882,300 Oct. 11945
$500 and $1,000) gold___ c * lln t. at Guaranty Trust Co., N. Y ., trustee.
1st lien & ref mtge ($100, $500(1924
6 g M-S
3,005,200 Mar. 1 1954
and $1,000) gold________ c*\Chase National Bank, New York, trustee.
Stock.— Pref. has full voting power. Pref. shares’ are entitled to a pay
ment o f $100 per share upon dissolution or liquidation before any distribu
tion may be made to the common stock. Pref. is not redeemable. 7,000
shares pref. were offered in March 1925 by John Nickerson & Co. and
Kastman, Dillon & C o. at $96 per share and div., to yield about 7.30% .
V. 120, p. 1201.
_ ______________________ m****.**; - ■■ --'“ Bonds.— Of tiie"$5,000,000 1st Mtge. 6s auth.* $807,7OOiare deposited
as security for the 1st lien & ref. mtge. bonds and $310,000 have been retired
and canceled by sinking fund. Sinking fund began in 1920, 5% of gross
income to be used for the retirement and cancellation of bonds. Are call,
•n any int. date at 105 and int.
1st lien & ref. Mtge. 6s are secured by deposit o f $807,700 1st Mtge.
bonds. Mtge. provides for a sinking fund for the purchase and retirement
•f bonds o f the 6% series as follows: Companyjshall pay to the trustee on
Bacon & Davis
incorporated
jE n g iite m
M
an ag em en t
& V
a l u a t io n
of Public Utilities < l Industrials.
S
Bus Transportation.
New York
Philadelphia
Chicago
San Francisco
T H E P IN E B L U F F C O .
Controlled by the Arkansas Light & Power Co. V. 108, p. 1512.
O RGAN IZATION .— Incorp. Mar. 13 1912 in Arkansas.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates the electric light and power, street railway and water
supply properties in Pine Bluff. Generating station of 12,250 k. w.
capacity, 60 miles transmission lines; water pumping station with 2 triple
expansion service pumps of 4,000,000 gallons capacity each, and two
1,500 g. p. m. motor driven centrifugal sewer pumps; 5 wells, said to be
over 800 ft. deep; 2 concrete reservoirs of over 3,000,000 gallons capacity;
52 miles of pole lines, incl. the street railway distributing system, and
5,231 electric meters. 48 miles of water mains, serving 4,514 customers’
water meters, and 357 fire hydrants; street railway with 1 0 miles of
equivalent single-track of 70-lb. T rail; 17 "pay-enter” cars. Franchises
for street railway and electric light system extend to 1951; water franchise
to 1947, subject to the city’s right to purchase at 5-year intervals.
STOCK AND BONDS.—
Date. Interest. Outstanding.
Maturity.
Oom stock. $1,000,000 ($ 1 0 0 )...........................
$993 000
Apr’ 19, 1%
Pref7% cu m $l,000,000($100)___
Q-J
1 000 000
A p r '25.15*
IMret mtge $2,000,000 gold', 1912 6 gJ-J
1.836,000
Jan 1 1942
*1.000)------------- c*& r*.tf (Int. in N. Y . New York Truat C o., trustee.
Preferred Stock.— Pref. as to prin. and div.; red. at 115 on 60 days’ notice.
A sum equal to 15% of gross earnings must be applied to renewals & replace
ments before paying com. stock divs. and a reserve is to be built from this
charge up to $125,000 (now $147.590). Pref. stockholders have full voting
power. See V. 103, p. 1119, 1413.
Bonds.— $1,136,000 of outstanding bonds bear 6% int.; rest 5 % . Further
bonds may be issued only up to 85% of cash cost of impts., add ns or exts.,
trader restrictions. Callable at 105 and int. on any int. date. S nking
fund o f 1% annually of bonds out Jan. 1 1915 to 1924: 1 t*% 1995 to 1934
and 2% thereafter. $143,000 retired through sinking fund. $560,000 of
the outstanding bonds are registered as tax-exempt in N . Y . State under
the Secured Debt Tax Law. V. 102, p. 976.
Dividends.— Quarterly div. o f 15*% on pref. stock were paid from March
1917 to and incl. Jan. 1918. In 1918, April. IV*%: .Tulv. 1 )* % . In
1919, Jan., 15* %; and since at same rate to and incl. April 1925. On com.
paid 5% in 1914. In 1915, 4% ; 1916, 55*%; 1917, 3% ; 1918, 3% ; 1919,
1 % . None since.
EARNINGS.— For 12 months ending Dec. 31:
12 Mos.—
Gross.
Net.
Fixed Chgs.
Bal.. Sur.
.$919,731
$331,020
$109,788
$221,232
1924........
1923--------------876,028
355,190
109,255
245,935
329,706
107.729
221.976
1922-------------------------------- 832.441
— V. 105, p. 1709; V. 106, p. 397; V. 108, p. 1512; V. I l l , p. 1567, 1956.
2229; V. 114, p. 1535; V. 117, p. 2213; V. 118, p. 203; V. 120, p. 2013.
TEXAS
G A L V E S T O N -H O U S T O N E L E C T R IC C O .
ORGANIZATION.— A holding co. Incorp. in Maine on M ay 8 1907.
Controls through ownership of stock the Galveston Electric Co. and the
Houston Elec. Co. Also owns stock of Galveston-Houston Elec. R y.,
and guarantees its bonds, prin., int. and sinking fund.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Controlled cos. do the entire electric railway and part o f the electric lighting
and power business in Galveston and the entire electric railway business in
Houston. Operate interurban road between Galveston and Houston. 50
miles. Operates 175.29 miles single track; trackage. 3.92; standard gauge;
332 passenger, 5 trailer and 22 other cars. Power stations have capacity
of 6.582 k. w. Franchises expire in Galveston in 1950, in Houston, 1951.
The interurban is on private right-of-way.
$500,000 com. stock is owned by Public Service Investment Co.
Valuation.— See V . I l l , p. 2140; also V. 112, p. 849.
STOCK AND BONDS—
D a te . I n te rest. O utstanding. L ast D i t .A c Common, $5,000,000 ($100)_______
M-S 15 $3,988,000
See text
M -8 15
3 .0 0 0 0 0 0 Ma r '25, 3%
Prei$4,000.0006% cum ($1 0 0)____
Galv Electric l«t M $2,600.-) 1905 5 g M-N 1,141.000
May 1 1940
000 gold ($1.000)____c*tfiln t. at Old Colony Trust Co., Boston, Tru»l tee,or at company’s agency InNewYork.
Galv-Hous El Ry 1st M $5.-1 1909 6 g A-O
2,646,500
O c t . 1 1954
000,000 g guar_____ c*& rtf/lnt. at Old Colony Tr Co., Bost., Trustee.
Rous Elec Co 1st M $2,600.-1 1900 5 g F-A
1,254,000
Aug. 1 1925
000 k ($1,000) sk fd_c*tf Jlnt. at Internat. Trust Co.. Bost.. Trustee.
7%
See text Aug 1 1925
Gen mtge bonds------------------- 1922
8ec. notes ser. " A ” & “ B ” l
$3,500,000 ($500 & $1,000)) 1922
7 g F-A
2,200,000 Aug. 1 1925
gold__________________ tfc*JCommonwealth Trust Co..Boston, Trustee.
Bond secured notes__________ 1924 7%
400,000 ___________
Coupon notes ($100, $500 and) 1921 8 g F-A
250.000 Feb. 1 1926
$1,000) gold------------ c*.tf-[G uardian Trust C o., trustee
Oar trust certificates_________ _____
_______
471,038 __________
Stock.— Pref. is callable at 120 and accumulated div. Both pref. and
com. are listed on Boston Stock Exchange.
Galveston Electric Co.— Of the bonds, $1,026,000 reserved for additions
and improvements at 80% o f cost and $331,000 have been canceled. A
sinking fund of 1)*% 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. See V. 81, p. 975.
Galveston-Houston Electric Ry.— Of the remaining bonds, $26,000 are
held in trust for benefit of co. and $2,000,000 are reserved for acquisitions
and impts.; $327,500 have been canceled. Denom. coupon, $500 and $1,000
registered, $1,000 and $5,000. Subj. to call on any int. day in whole, or in
part for sinking fund, at 105 and int. Sinking fund of 1 % of bonds to 1944;
thereafter 1 )* % . First five payments 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. date at 107)* and int. Sinking fund of 1 J* % of bonds outstand
ing, payable on Aug. 1 each year. See V. 74, p. 680. $1,246,000 of bonds
not outstanding was held by this fund on Dec. 31 1924.
Gen. Mtge. Bonds.— Are a lien on all the property of the three operating
cos., subject to underlying 1st mtge. bonds, $2,040,000; the entire out
standing amount is pledged under the secured 7% notes. Series A.
J
170
PUBLIC UTILITIES
Notes.— The secured 7 % notes are a direct obligation o f company and are
secured by pledge o f $2,040,000 gen. mtge. 7% bonds of the three operating
cos. N o additional underlying 1st mtge. bonds may be issued, while any
o f these notes are outstanding. A dd’l notes may be issued only if each
$1,000 note is secured by $1,200 of gen. mtge. bonds. Red. as a whole, any
time, on 30 days’ notice at 101 and int. prior to Aug. 1 1923; at 100)4 and
int. thereafter to Feb. 1 1925; and at 100 and int. thereafter to maturity.
Int. payable at office o f trustee and at the offices of Lee, Higginson & Co. in
N . Y . and Chicago. V. 114, p. 305. The 8% coupon notes are callable in
amounts of not less than $50,000 on any int. date at 100)4 before Feb. 1 1925
and at 100 thereafter. V. 112, p. 1143. $27,600 are held in treasury.
Dividends.— On common, 1 J4% 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 )4 % , in Sept, to 3% and in Mar. 1914 to 3 )4 % , Sept.,
3 )4 % . In 1915, M ar., 3 )4 % . Sept. 1915 div. omitted (V. 101, p. 845).
EARN ING S.— Of the combined companies for 12 mos. ending June 30:
Year—
Gross.
Net aft. Tax. Int.. &c.
Sink.Funds.
Survlus.
1924---------$3,832,085
$1,010,779
$534,354
______
$476,425
681,508
493,711
______
187,797
923--------- 3,317,846
OFFICERS.— Pres., Alex. F. Crichton; V.-Ps., E. Ennalls Berl and
E. M . Harrigan; Sec. & Treas., Henry T . Graham; Gen. Mgrs., Stone &
Webster M gt. Assn.— V. 112, p. 161, 744, 849, 1143; Y. 114, p. 305, 1651,
2011, 2823; V. 115, p. 2267; V. 117, p. 207; Y. 118, p. 2948; V. 119, p. 74
A M E R IC A N P O W E R & L I G H T C O .
ORGAN IZATION .— Incorporated in Maine in 1909.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns practically all the com. stocks (and in some cases various amounts of
pref. and 2d pref. stocks as well as certain indebtedness) o f cos. supplying,
directly or indirectly, a total of 486 communities with electric power and
light and (or) gas, water and other public utility service. Of the total com
munities 440 are served with electric power and light. Total population
served estimated at 2,387,000. Among the principal properties are the
following:
(a) Kansas Gas & Electric C o., supplying electric power and light and
gas service in Wichita, Pittsburg and Newton, Kan.; gas service in Hutchin
son, and electric power and light service in 55 other communities in Kansas.
Population, 245,000.
(b) Pacific Power & Light C o ., supplying electric power and light and (or)
gas service in Yakima and Walla Walla, Wash.; Astoria, Pendleton and
Hood River, Ore., and 72 other communities in Washington, Oregon and
Idaho. Population, 140,000.
(c) Portland Gas & Coke C o., supplying gas service in Portland, Ore.,
and 20 adjacent communities. Population, 330,000.
(d) Nebraska Power C o., supplying substantially all the commercial and
municipal electric power and light service in Omaha, N eb., and, through a
subsidiary, all the electric power and light and gas service in Council
Bluffs, Iowa. Population, 242,000.
(e) Minnesota Pow. & Lt. C o., supplying, directly or indirectly, Duluth.
Chisholm, Eveleth, Brainerd, Cloquet and Little Falls, Minn.; Superior,
Wis., and 86 other communities in important iron mining and agricultural
districts in the northern part o f Minnesota. Population, 320,000.
U) Florida Power & Light Co. and associated cos., supplying gas and
electric railway service in Miami and electric power and light and electric
railway service in Miami Beach. In N ov. 1924 also acquired the Miami
Elec. Lt. & Pow. Co. and Miami Water Co. and the Daytona Public Service
C o. V . 119, p . 2283.
(g) Southwestern Power & Light Co. See separate statement below.
(h) Central Arizona L t. & Pow. C o., serving with electric power and light
and gas Phoenix, Ariz., and adjoining territory. V. 119, p. 2283.
Offer to exchange pref. stock for Southern Utilities Co. stock. See
V. 119, p. 1628.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
Com 2,300,000 shs (no par)_ _____
_
_______ x l ,568,537 sh
See text
Pref $6 cum 500,000 shs (no
par)----------------------------- . . . . ___
$6
221,737 sh Apr25 $1 50
Deb bds Arner 6% series duel
Mar 1 2016 ($100. $500
1916
6 g M-S $31,067,400 Mar 12016
11,000c* and $1,000?*) g_-J int. at Bankers Trust C o., N. Y ., trustee.
x Incl. scrip equivalent to 645 shares o f no par value issued for fractional
shares in connection with the payment of stock dividends.
Stock.— Pref. is red. at 115 and divs. on any div. date.
Debenture Bonds.— American 6% series due Mar. 1 2016 red. as a whole
on any int. date on 30 days’ notice at 110 and int. Penna. 4-mills tax
refunded.
Option Warrants.— There are authorized option warrants as of Jan. 31
1925, issued and to be issued, entitling the registered holders thereof to
subscribe, at any time on or before Mar. 1 1931, at $10 per share, to an
aggregate o f 110 .220 shares of the com. stock. Any o f the co.’s debenture
bonds now outstanding will be accepted by the co. at their principal amounts
in lieu o f cash payment for shares o f com. stock of no par value subscribed
to in exercise o f the rights given by these option warrants. Co. will pay in
cash interest on debentures so applied, accrued to the date o f delivery of
same to it. In Aug. 1924 Bonbright & C o ., In c., offered $5,000,000 deben
tures Amer. 6% series and again in Oct. 1924 an add’l $5 000.000 at 94 !4
and int., to yield 6.35% . V. 119, p. 1956. In March 1925 Bonbright & C o.,
inc.. offered $8,000,000 at 95)4 and int., to yield 6)4 % • V . 120, p. 1200,
1324.
Dividends.— On the no par value com. a cash div. o f 25c. and a stock
div. o f 1-50 o f a share was paid in Dec. 1924. V. 119, p. 2283. In 1925,
Mar., 25c.
RE PO RT.— Earnings year ended Dec. 31 1924:
Gross earnings o f operating subsidiaries______________________ $42,078,837
Net earnings o f Am. P. & L. C o., incl. undistributed income
(after renewal and replacement reserve) of sub. accruing to it 7,199.146
Annual int. charges on $31,067,400 gold debenture bonds_____ 1,864,044
Balance___________________________________________________ $5,335,102
OFFICERS.— Pres., C. E. Groesbeck; V.-Ps., A. S. Grenier and E. W.
Hill; Sec., E. P. Summerson; Treas., A . C. Ray; Compt., A . E. Smith.
Supervision.— Electric Bond & Share Co. supervises the operations of the
co , and its subsidiaries.— V. 119, p. 1956, 2283; V . 120, p. 1200, 1324.
[V ol. 120.
Debentures.— Not red. prior to Mar. 1 1947; on and after that date and
up to and incl. Sept. 1 2016 are red. as a whole or in lots of not less than
$1,000,000 on any int date on 30 days’ notice at 110 and int.; thereafter
at par and int. Co. will refund Penna. 4 mills tax. In Feb. 1925 Bon
bright & Co., Inc., offered $2,000,000 at 91)4 and int., to yield 6.55% .
V. 120. p. 830.
REPO RT.— Earnings 12 months ended Dec. 31:
1924.
1923.
1922.
Gross earnings----------------------------------- $2,862,994 $2,549,754 $2,441,850
Expenses____________________________
27,708
36,370
34,604
Net earnings_______________________ $2,835,286 $2,513,384 $2,407,246
Interest and discounts______________
964,416
870,654
1,286,623
Net income_______________________ 1 u78707870 $1,642,730 $1,120,623
Less Preferred dividends paid_______
409,990
307,090
307,090
Balance___________________________ $1,460,880
$1,335,640
$813,533
OFFICERS.— Pres., A . S. Grenier.
Supervision.— Operations supervised by Electric Bond & Share C o.—
V. 119. p. 1406, 2180; V. 120, p. 830, 2013.
C E N T R A L P O W E R & L IG H T C O .
(See M ap on Opposite Page.)
ORGANIZATION.— Incorp. in Mass. Nov. 2 1916.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates directly or through its subsidiaries central electric power stations
as well as doing a gas, water, street railway, or ice business in 75 cities and
towns. The development of electric power through these central stations
and the distribution of energy over 258 miles of high-tension transmission
lines to surrounding communities constitutes the c o .’s basic business. Co.
serves a population of about 252,000, having over 40,350 customers located
in the southwestern section of the United States in the States of Texas,
Arkansas, Oklahoma, Mississippi and Kansas.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
Common 50,000 shs (no p a r ) . . ____
_________ 50,000 shs.
________
Pf 7% cum $10,000,000 ($ 1 0 0 )____
7 Q-F
$3,430L00May’2 5 1 3 %
4
1st lien & ref “ 1952 series” } 1922
6V4gM-S
6.537,8'0 Sept 1 1952
($100, & c)_________ c*&r*/Central Union Trust Co, N Y , Trustee
1st (closed) mtge & prior lien) 1916
6 g A-O
3,027,100 Oct 1 1946
($100, &c) gold_________ c*/Int, at Equitable Trust Co, N Y , Trustee
Texas Pub Serv 1st (closed)) 1913
6 g J-J
247,000 July 1 1933
mtge ($1,000) gold_____c* /In t at Spitzer-Rorick Tr & S Bk, T ol, Trus
Gulf Coast Power 1st M s f_ . 1922 7 M -N
161,20' N ov 1 1947
McAlester Gas & Coke 1st) 1913
6 S M-S
221,000 Mar 1 1937
(closed)($100.&c) g._c*tff/Integrity Union Trust Co, Phila, Trustee.
Bonds.— The first lien & ref. gold bonds, ” 1952 series,” are call, at 110
and int. during the first 15 years, at 107)4 and int. during the next 10 years,
and at 105 and int. thereafter. The mtge. requires co. to set aside an annual
sinking fund payable, beginning not later than Oct. 1 1924. of 2)4% of
the greatest amount of bonds outstanding under this series during the
preceding fiscal year, and including the foregoing, the co. must maintain
total sinking fund of not less than 2% on all the bonds outstanding upon
the properties of the co. or its subsidiaries not pledged hereunder, against
which may be applied any sinking funds payable under any other existing
indenture of the co. or its subsidiaries; anv deficiency of such 2% shall be
added to the sinking fund for this series. The co. covenants that no further
first mtge. and prior lien 6s of 1946 may be issued unless deposited with the
trustee as security for the first lien and refunding bonds. Int. on first lien
and ref. mtge. “ 1952 series” payable at Central Union Trust C o., N . Y ..
and Continental & Commercial Trust & Sav. Bank, Chicago. $1,000,000
were sold in April 1925 by Howe, Snow & Bertles, Inc. and Pynchon &
Co. at 100 & int.— V. 120, p. 1880.
First mtge. and prior lien 6s have sinking fund, 2% yearly of outstanding
bonds. Are redeemable at 105.
Texas Public Sendee first 6s are redeemable at 103.
McAlester Gas & Coke first 6s are red. in part on any int. date at 105 or
as a whole at 103. Int. at P. W . Brooks & C o., New Y ork.
R E PO RT.— For years end Jan. 31:
1924-25.
1923-24.
Gross income____________________________________ $4,730,611 $3,703,271
Operation, taxes and maintenance_______________ 3,062,511
2,417,919
Net income applicable to interest______________$1,668,100 $1,285,351
OFFICERS.— Pres., W . S. McCall; V .-P ., R . W. Morrison: Sec. &
Treas.. E. H. Gorse. Office. Chemical Bldg., St. Louis, M o. V. 119,
p. 328, 2285, 2409, 3008; V. 120, p. 1880.
A M E R IC A N P U B L IC S E R V IC E C O .
Controlled by Middle West Utilities Co.
ORGANIZATION.— Incorp. in Oct. 1912 in Delaware. Controls,
through ownership of all the capital stocks (except directors’ qualifying
shares) and all outstanding funded debt, eleven public utility operating cos.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Through its constituent companies operates public utility properties serving
70 communities in Texas and 15 communities In Oklahoma, with one or
more classes of public utility service, viz.: 84 with electric light and power,
36 with ice, 2 with gas, and 3 with street railway service. Among the cities
served are Marshall, Abilene, Cisco and Longview, Texas, and Okmulgee,
Hugo and Henryetta, Okla. The physical property of the company in
cludes electric generating plants having a generating capacity o f approxi
mately 44,000 k. w ., and a combined daily ice capacity of 1,013 tons. The
electric light and power transmission system consists of 956 miles of high
tension lines. The two gas properties serve their respective localities with
natural gas through 77 miles of mains.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $15,000,000_____________
_______ x$4,290,380 ________ _
Pref 7% cum $10,600,000_________
_______
6,164,400 A pr’25 1?4%
1st lien($100,$500& $1,000c*) 1912
6-6)4 J-D 9,457,800 Dec 1 1942
& $1,000 & m ultr*) gold-t: /Interest payable in New York.
20-year coll trust notes Ser “ C ” ____
8%
474,500 Mar 1 1°41
6%
x l ,003,000 Dec 1 1942
General lien bonds-------------------------x Practically all of the common stock and entire amount o f general lien
6s owned or controlled by Middle West Utilities Co.
S O U T H W E S T E R N P O W E R & L IG H T C O .
Controlled by American Power & Light Co. (see above).
ORGAN IZATION .— Incorp. in Maine in 1909. Owns substantially all
the com. stock (and in some cases also all pref. stocks and bonds) of Texas
Power & Light C o., Ft. Worth Power & Light Co., El Paso Gas C o., Gal
veston Gas C o., Wichita Falls Electric C o., and other cos. supplying utility
service in Texas.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Controlled cos. furnish a diversified public utility service in 168 communities,
including many important cities, among them Ft. Worth, El Paso, Gal
veston, W aco, Denison and Wichita Falls, Texas. Total population served
is in excess of 817,000.
Franchises.— Only one of the franchises under which the sub. cos. operate
expires prior to 1935, while most o f them do not expire until 1950 or later and
some of them are unlimited in time. They are, it is stated, generally ample
in their provisions and free from burdensome restrictions.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity.
Common stock ($100)________ _____
_______ $15,125,000 ---------------Pref stock 7% cum ($ 100)................
7%
7,387,000 M ar’25, lM
1st lien 30-yr bds ($100, $500? 1913 5 g J-D
10,797,000 June 1 1943
& $1,000) gold______ c*&r* (Bankers Trust Co., N . Y ., trustee.
6% gold deb ser A ($100, $500}
& $1,000c* and $1,000
1922
6 g M-S
5,000,000 Mar 1 2022
$5,000r*) gold___________ jln t. at Central Union Tr. C o., N. Y ., trus.
Stock.— Pref. is red. at 115 and divs.
Bonds.— 1st lien 30-year bonds are secured by deposit with the trustee of
all outstanding stocks, except directors’ qualifying shares, and bonds of 10
sub. cos. These deposited bonds are secured by 1st mtges. on the properties
of the respective sub. cos. No add’l stocks or bonds of these sub. cos. may
be issued unless they are deposited with the trustee of the mtge. The 1st
lien bonds are additionally secured by pledge with the trustee of all the com.
stock, except directors' qualifying shares, of Texas Power & Light Co. and
more than 93% of the outstanding com. stock o f Ft. Worth Power & Light
Co. Red. as a whole (or in part for sink, fund) on any int. date at 105 and
nt. upon at least 6 weeks’ notice.
C entral P ow er
C om pany
Light
( oil issues )
E are prepared to furnish quotations
or other iniormation regarding the
securities of the above Company.
W
In q u ir ie s I n v i t e d
Howe, Snow
Bertles in .
c
120 Broadway Tel. Rector 3563
Grand Rapids
Chicago
Detroit
LEGEND
— - Transmission Lines
--T r a n s m is s io n Lines Proposed
@ Central Station
O
Electric Service
0
=
Electric Wholesale
Traction Service
Water Power
Water Service
Gas Pipe Lines
X
M a t,
1925.]
P O W E R , L IG H T A N D R A IL W A Y
|
Gas Service
| Ice Service
Centra! Station & Electric Service
Centre! Station, Electric &
Traction Service
H I Central Station, Electric &
ice Service
Electric & Ice Service
Electric & Traction Service
= j~o ! Electric, Ice & Traction Service
Electric, Water & Ice Service
Electric & Gas Service
J
p Traction & ice Service
112
PUBLIC UTILITIES
Bonds.— Of the outstanding first lien bonds, $8,172,600 are 6s and
$1,285,200 6 Ms. Mortgage provides for annual depreciation fund amount
ing to 2% o f bonds outstanding under first lien mtge. to be used for exten
sions, additions, Szc. , or for the redemption o f bonds. Are redeemable, all
or in part, on any interest date on 60 days’ notice at 105 and int. Company
agrees to reimburse holders, if requested within 60 days after payment, for
the Penna. 4 mill tax. In March 1925 $1,200,000 first lien 6s were offered
by Halsey, Stuart & Oo., Inc., and A. B. Leach & Co. at 100 and int.
V. 120, p. 1584.
EARNINGS.— For years end. Dec. 31:
Consol. Earnings for Calendar Years—
1924.
1923.
Gross earnings from utilities operations__________ $4,009,191 $3,288,848
Operating expenses (incl. taxes & depreciation)
2,716,540
2,133,981
Net earnings from utilities operation__________ $1,292,651 $1,154,867
281,157
87,893
Non-operating income (net)_____________________
Gross income__________________________________ $1,573,808
Interest on funded debt_________________________
649,706
Amortization of debt discount and expense_______
112,787
Divs. on preferred stock paid or accrued_________
368,311
$1,192,760
532,975
101,307
312,726
Balance, su rp lu s.--___________________________
$443,004
$245,752
OFFICERS.—-Chairman, Samuel insull; Pres., M . J. Insull; V .-P ., W.
C. Sharp; Sec., E. J. Knight; Treas., Oliver E. McCormick.— V. 119, p.
2527; V. 120, p. 1584, 1880, 2144.
H O U S T O N L IG H T IN G & P O W E R C O .
Controlled by the National Power & Light Co. (see on another page).
ORGAN IZATION .—rlncorp. in Texas Jan. 8 1906 and took over the
business of the (old) Houston Lighting & Power Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates the entire municipal and commercial electric power
and light facilities in Houston, Magnolia Park, Harrisburg, West Houston
and all suburbs. Franchises are perpetual or run to 1972.
STOCK AMD BONDS—
DaU.
Interest. Outstanding. Maturity
Common $3,000,000 ($100)....................................... $3 0)0.000 .................
Preferred >3.000,000______________
_______
2 557.000 Oct’24,1 * 4 %
First mortgage $5,000,000) 1911
5 g A-O
2,403,000 Apr 1 1931
($1,000) gold__________ c*> Whitney Oent.Tr &S.Bk.,New Orl..Trustee.
1st lien & ref mtge ($100, $500 '
& $1,000 c* & $1,000 r*)
g ------------------------------- t f
5 g M-S
3.000.000 Mar 1 1953
Series " A ” _______________ 1923
6 g A-O
2,000,000 Oct 1 1953
Series “ B ” _______________ 1923
1924
5 M g M -S 2.000.000 Mar 1 1954
Series “ G”
(Guaranty Trust C o., N . Y .. Trustee.
Bonds.— The 1st mtge. 5s are red. at 105 and int. at any int. period on
30 days’ notice; callable by lot. Sinking fund of 1% o f bonds outstanding
began July 1 1915. $197,000 have been retired. $2,100,000 are pledged as
security for the 1st lien S ref. mtge. bonds.
c
The tet lien S ref. mtge. 5s are secured by pledge o f $2,100,000 1st mtge.
c
5sdue April 11931. Ser. “ A” are red. all or part on 4 weeks’ notice at
105 and int. on or before March 1 1928 and at 1 % less for each 5-year period
thereafter to and incl. March 1 1918; at 100M and int. thereafter to and
lncl. March 1 1950, and thereafter at par. $1,000,000 Ser. " A " were
offered in July 1924 by Halsey, Stuart & C o., Inc., at 91M and Int.,
yielding 5.60% . V. 119, p. 331. Series “ B ” red. ail or in part at any
time on 4 weeks’ notice at the following prices, together with accrued
Int. on or before Oct. 1 1928 at 106; thereafter at 1% less for each 5-year
period to and incl. Oct. 1 1918; thereafter to and incl. April 1 1952 at 101;
thereafter to and incl. Oct. 1 1952 at 100 M; and thereafter at the principal
amount. Series “ O” red. all or in part on 4 weeks’ notice at any time at
the following prices, together with int. On or before Feb. 28 1929. at 105:
thereafter at 1% less for each 5-year period to and incl. Feb. 28 1949;
thereafter to and incl. Feb. 28 1951 at 100 M, and thereafter at the principal
amount. Penna. 4 mill tax refundable. Listed on Boston Stock Exchange.
V. 117, p. 2000.
EARN INGS.— For 12 months ending Dec. 31:
1924.
1923.
1922.
1921.
Gross earns, from «per__ $3,107,084 $2,552,153 $2,096,997 $1,812,646
Oper. exp., incl. taxes.. 1.824,015
1,662,228
1.383.455
1,191.951
Net earns, from #per_ $1,283,049
Other income__
_ __
_
39,709
$889,925
51,002
$713,541
423
$619,695
4.294
Total incom e.. _ _ . $1,322,758
Interest on bond*______
437,901
Other int. and dedue'na.
58,709
$940,927
204,483
44.180
$713,964
120,150
37.970
$623,989
120.150
31.857
Balance ______ ______
Divs. on Pref. stock------
$826,148
139,968
$692,264
91,097
$555,844
19,979
$$71,982
Balance _ _
Renewal & replace’* re*.
$686,180
327,386
$601,167
238,981
$535,865
194.207
$471,982
153,239
Balance for surplas_
_
$362,186
$341,658
$358,794
$318,743
OFFICERS.— Pres., Edwin B. Parker; V.-P. & Gen. M gr., S. R.
Bertron Jr.; V.-P.. A. S. Grenier; V.-P.. E W. Hill; Sec. & Treas.. R. S.
Daunoy.— V. 119, p. 331, 1070, 1176. 2179; V. 120, p. 2012.
D A L L A S P O W E R & L IG H T C O .
Control.— Controlled by Electric Power & Light Corp.
O R G A N IZA TIO N .— Lncorp. in Texas on Sept. 22 1917 to take over and
operate the power and light properties o f the Dallas Electric Light S Power
c
Co. formerly controlled by Dallas Electric Co. (See “ Electric Railway"
Supplement for Sept. 1917) under the franchise approved by the citizens of
Dallas at an election held April 3 1917 and formally accepted on Sept. 27
1917. The railway properties of the Dallas Elec. L. & P. Co. were taken over
by the Dallas Ry. C o., which see on another page. V. 105. p. 1423.
FIELD OF OPERATIONS AND C H ARACTER OF ^BUSINESS.—
Does substantially all the electric power and light business in Dallas,
serving a population o f about 200,000.
Franchise.— For terms of franchise under which the company operates
see “ Electric Railway Supplement” of Oct. 28 1922.
STOCK AN D BONDS —
Date.
Interest. Outstanding.
Maturity.
$2,500,000 ..................
Com stock $2,500,000 ($20)-Pref.stk.$3 500.000 cumi$i00)
2.750.000 Feb '25,1 %
7%
1st M ($500 & $1.000) g- -r*tf
Series “ A ” _______________ 1919
6 g J-J
6.000.
000 ’July 1
Series “ B ” _______________ 1919
1.100.000 July 1 1949
7 M g J-J
5 g A-O
Series “ C ” _______________ 1922
1.000.
000 July 1
1924
Series “ D
1.000.
000-Jan. 1
5M g J-J
Old Colony Trust C o., Boston, trustee.
Stock.— Pref. stock is red. at 110 and accrued int.
Bonds.— Are issuable in series maturing not earlier than July 1 1949
□or later than July 1 1962, and bearing such rates of int. and red. upon such
terms as may be determined by the board of directors. Additional bonds
may be issued to the extent of 80% of the cost of exts.. betterments and
lrnpts. under certain conditions. Otherwise the authorized issue is not
limited as to amount.
The series “ A ” bonds are red., all or in part, on 30 days’ notice at 107M
and int. up to and incl. July 1 1924; 106 M and int. through July 1 1929,
105M and int. through July 1 1934; 104M and int. through July 1 1939.
103 and int. through July 1 1948; 101 and int. thereafter.
Series “ B ” are call, all or in part on and after July 1 1930 on 30 days'
notice at 107M and int. to and incl. Jan. 1 1935; 106 and int. to and incl.
Jan. 1 1940; 104 and int. to and incl. Jan. 1 1945; 103 and int. to and incl.
Jan. 1 1947; 102 and int. to and incl. Jan. 1 1948; 101 and int. thereafter.
Series “ C ” are call., all or in part, on any int. date on 4 weeks’ notice at
105 and int. on or before Oct. 1 1927; thereafter through Oct. 1 1932 at 104
and int.; through Oct. 1 1937 at 103 and int., through Oct. 1 1942 at 102
and int.; through Oct. 1 1947 at 101 and int., and thereafter, but prior to
maturity, at 100M and int. V. 115, p. 1843.
Series “ D ” are call., all or in part, on 4 weeks’ notice at 104 and int. up to
and incl. Jan. 1 1929; 103 and int. through Jan. 1 1934; 102 and int. through
Jan. 1 1939; 101 and int. through Jan. 1 1944, and 100M and int. thereafter.
Annual sinking and improvement fund beginning 1924 o f 1M % of the total
amount o f bonds issued. Interest is payable in Boston and New York.
[V ol. 120.
Dividends.— 1 % % has been paid on the pref. stock regularly quarterly
from date of issuance to and incl. Feb. 1925.
EARNINGS.— For 12 months ending Dec. 31
Net, after
Other
Interest,
Balance,
Twelve
Gross
Months— Earnings.
Taxes.
Income.
A c.
Surplus.
$1,423,975
$7,982
$551,611
$770,346
1924______ $3,274,523
1,183.780
17,416
453.488
747,708
1923........... 3.078,961
1922........... 2,770,050
1.026,331
18,548
400,018
644,861
OFFICERS.— Chairman, W. B. Head: Pres., O. E. Oalder; V .-P s.,
B. L. Seay, A. S. Grenier and E. W . Hill; V.-P. S Gen. M gr., O. W. Davis;
c
Sac. & Treas., J. B. Walker.
Management.— Operations are supervised bv Electric Bond & Share Oo.
V. 117, p. 898, 1466; V. 119, p. 2760, 2877; V . 120, p. 1457.
N O R T H E R N T E X A S E L E C T R IC C O .
Of the common stock. $500,000 is owned by Pub. Service Invest. Go
ORGANIZATION.— A holding co. lncorp. in Maine N ov. 16 1905 and
owns the entire stock and participating bonds of the Northern Texas Trac
tion Co., the capital stock o f the Tarrant County Trac. Co. (name changed
from Ft. Worth Southern Traction Co. in 1914) and the Arlington Light
& Power Co.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Does all the electric-railway business in Fort Worth and operates an interurban line between that city and Dallas, 35 miles; operates a line between
Fort Worth and Cleburne, Tex., 31 miles. It is proposed to extend the line
from Cleburne to Denton, the rights of the Fort W orth-Denton Interurban
Co. having been acquired. V. 99, p. 121, 122. Does the electric light and
power, ice and water business in Arlington, Tex. Enters Dallas over its own
tracks. See V. 89. p. 411. Sub. cos. operate 176.69 miles of track, standard
gauge; 258 pass., 26 trailer and 16 other cars. In July 1916 completed an
1,800-ft. viaduct over the steam roads entering Union Depot in Dallas.
Power station has capacity of 10,890 k.w.; also purchases power from the
Dallas Power & Light Co. Has leased for 20 years from Dec. 17 1915 the
terminal facilities of the Dallas Interurban Terminal Assn., which see under
Dallas Ry. Co. on another page. In 1917 leased (with the right to purchase
for $2,000,000) the Oak C liff line to the Dallas Ry. at an annual rental of
$115,000 for first 3 years, $120,000 for fourth year, $125,000 for fifth year,
$135,000 for sixth year and $150,000 thereafter.
Franchises of Northern Texas Traction Co. in Fort Worth expire in 1973;
in Dallas in 1937; others about 1950. Has private right-of-way outside of
cities. Tarrant County Traction Co. in Fort Worth and Cleburne expire
in 1936; between these cities has private right-of-way except in towns, &c.,
in which cases its rights expire in 1961. V. 92, p. 1243. Road was com
pleted in Aug. 1912 and began operations in Sept. 1912. Franchise in
Arlington expires in 1949.
8TOOK AND BONDS— Date.
Interest. Outstanding T.astDiv.Ac.
Jommon $5,000,000 ($100).............
Q-M
$3,150,000 Mar ’25, 2%
t*ref 6% n-c $5,000,000 ($ 1 0 0 )____
MAS
4 000.000 M ar ’25 ,3%
Jail trust M $10,000,000 gold) 1910 5 g J-J
3,271.000 Jan 1 1940
■fink fund (see text)c*&r*tf lin t, at Commonwealth Tr. C o., Boat., Trust.
5-yr Notes $750,000 ($100.1 1923
7 g M-S
500.000 Mar 11928
$500 & $1,000) gold c _____(Int. at Farmers S Mech. Bk., Ft. Worth, Tr
c
4o Tex Trac 1st M $2.500,0001 1903 5 g I-J
2.500.000 Jan 1 1933
($1,000) gold— no sinking] Int. at The Union Trust C o., Olev., Trusteefund ________________c * t f l or at Chase Nat. Bank New York.
Oar trust certificates_________ _____
_________
82,521 ---------------Stock.—The pref. stock Is redeemable at 110. V. 94, p. 1449. Both
classes of stock are listed on the Boston Stock Exchange.
Bonds.— Of the coll, trust bonds. $2,500,000 are reserved to retire North«rn Texas Traction 1st M . bonds; $489,000 have been retired. Coupon
bonds are In denom. o f $1,000; registered bonds. $1,000, $5,000 and
$10,000. Callable as a whole or In part, for sink fd. only, at 105 and Int. on
any Int date. Sinking fund of 1% of bonds out began Nov. 1 1911. Bonds
are secured by deposit of all the stock of the North. Texas Trac. Oo. V . 90,
p. 373. 1239.
The Northern Texas Traction Oo. bonds are subject to call as a whole
on any interest day at 105 and interest.
Notes.— The 5-vear 7% notes are call, as a whole at any tteie prior to
Mar. I 1925 at 101 & int., thereafter to M ar. 1 1927 at 100> f«s int., and
thereafter to maturity at 100 & int.
D IV ID E N D S.— First dir. on pref. (1%) Dald March 1 1906 and 2%
8ept. 1 1906: since. 6% per annum. First dividend on common stock,
2%, paid Sept. 1 1909: In 1910,
in 1911 and 1912, 6 % ; in 1913
6M % ; in 1914. 7% : in 1915. 4*4% : In 1916 and 1917, 4 % . In 1918,
6% : in t919, 4 % : In 1920. 8% : In 1921. 8 % : In 1922. 8 % . In 1923, 8 % .
In 1924, 8 % . In 1925, M ar., 2 % . _
_
__________
■n « '
EARNING S.— Of combined companies for 12 months ending Dec. 31: i
Year.
G'-oss. NeU.aft.Taz.). Oth.Inc. Interest. Skg. Fds.
Surplus.
----------- $605,318
1924___ $2,706,003 $793,383 $150,000 $338,066
1923___ 2,901,132 836,638
138.750
321,329
----------656,059
OFFICERS.— Pres., Alex. F. Crichton; Sec. & Treas., Henry T . Gra\
ham: Gen. Mgrs., Stone & Webster M gt. Assn., Boston.— V. 112, p. 745>
V. 116, p. 722; V. 117, p. 2110: V. 119. p. 2180.
54%:
EL P A S O E L E C T R IC C O .
ORGAN IZATION .— Organized in Delaware in 1924, and through owner
ship of the El Paso Electric Co. (N. J. corp.), acquired, by exchange o f
stock, owns the securities of the El Paso Electric Ry. Co., El Paso & Juarez
Traction Co. and Rio Grande Valley Traction C o., and direct ownership
of the securities of the Mesilla Valley Elec. Co.
tan
1
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does the entire electric railway, electric lighting and power business in
El Paso, Tex., and Juarez, M ex., and operates an electric railway between
El Paso and Ysleta. 53.28 miles of equivalent single track: standard gauge.
93 passenger cars and 6 other cars. Also does entire electric lighting and
power and ice business in Las Cruces, New Mexico. Power station has
capacity of 31,500 k.w. Franchises in El Paso expire in 1951 and 1952.
Railway franchise in Juarez expires in 1988. Interurban almost entirely
on private right-of-way.
Oat stand ing^^^Ttanty
Interest.
STOCK AND BONDS—
Date.
Q-M 15 x58,282 shs. M ar’25$1.25
Common stock (no par)______ _____
$2,091,200 Apr ’25, 1H
Q-J 15
Pref 7% cum Ser A ($100)_________
167, 00 A p r '25, 1M
Q-J 15
Pref 6% non-cum Ser B ($ 1 0 0 )___
1,000,000 Dec 1 1932
Coll tr M (N J Corp) $1,000,- 1902
5 g J-J
000 ($1,000) gold______ c tf Int. at State St. Trust C o., Boston, Trustee.
5-yr notes (IV J Corp) $3,000,1920 7 g J-J 1
1,550.000 July 1 1925
000 Series “ A ” _________
1949Series “ B ” _______________ 1920 5 g J-J
800,000 July 1 1925
_____ _ $500 & $l,0 00)-c*.tf .Guaranty Trust C o., New York, Trustee.
__
($100, ______ ______,
1952
Stock.— Series “ A ” and " B ” have like preferences as to both assets a n i
1954
earnings, except as to dividend rate and the cumulative provision of Series
“ A .” Ser. “ A ” pref. does not carry subscription rights to increases in
com. stock. S3r. “ A ” pref. is red. at 115. In Jan. 1925 $1,500,000 Ser.
“ A ” 7% pref. was offered by Stone & Webster, Inc., at 103, to yield 6.80% .
V. 120, p. 453.
Series “ B ” 6% non-cum. pref. stock carries subscription rights to in
creases in com. stock (convertible at any time prior to July 1 1927 into
Seires “ A ,” share for share. Red. at 110.
Bonds.— Collateral trust bonds (IV. J. Corp.) cannot be called and have
no sinking fund. The notes are callable as a whole at 100 and int. on any
int. day on 30 days’ notice. They were issued to provide for addition*
and improvements.
[|
M
Notes.— Of N. J. corp. are secured by pledge of all the bonds, notes and
stocks of subsid. operating cos. subject to the lien of the closed $1,000,000
collateral trust bond issue maturing Jan. 1 1932. Additional notes issuable
only under certain restrictions. Series “ A ” are red., all or in part, at any
time on 45 days’ notice at 101 and int. since July 1 1923 to June 30 1924:
100 July 1 1924 to maturity
Series “ B ” are red.., all or in part, at any
time on 45 days’ notice at par and interest. Penna. 4 mills tax refunded.
V. I l l , p. 73; V. 113, p. 1250. In June 1924 Guaranty Co. of New York
and Stone & Webster, Inc., sold $800,000 5% notes, Series “ B ,” at 100 and
interest. V. 118, jh 3196.^_^^_^_____ _____ ^
_____
EARNINGS.— Of combined companies for 12**rnonths ending D ec. 31.
Year—
Gross.
Net aft. Tax.
Int., Ac Sink-Fund.
Surplus.
1924_____ $2,434,371
$871,167
$234,058
_______
$637,109
1923_____ 2,407,468
887,191
204,971
_______
682,219
M ay , 1925.]
POWER, LIGHT AND RAILW AY
OFFICERS.— Pres., Alex.IF. Crichton; V .-P ., E. Ennallis Berl and E. M .
Harrigan; Sec. & Treas., HenryVT. Graham; V.-P., Joseph Remick; V.-P.,
Jason C. Leighton; Treas., Henry B. Sawyer; Sec., W m. T. Crawford;
Gen. Mgrs., Stone & Webster M gt. Assn.— V. 113, p. 1250, 1360; V. 116,
p. 1411, 2388; V.|118, p. 2303, 3196; V. 119, p. 74, 1063; V. 120, p. 453.
E A S T E R N T E X A S E L E C T R IC C O .
173
Stock.— Pref. stock Is entitled to 7% non-cum. divs. up to Sept. 30 1920.
and to 7% cum. divs. thereafter. Rea. at 110 and divs. on 60 day notice.
Notes.— The secured 7% notes, Series “ A ," originally matured June 15
1920, but have been extended to “ on or before Dec. 1 1927.” Redeemable
at par and interest.
The Dallas Electric Terminal notes which matured Jan. 1 1921 bore
6% interest, but have been extended at 7% .
Car trust certificates are secured on 30 double-end centre-exit entrance
cars. Prin. amount of $9,165 63 payable monthly. Red. on any maturity
date with a discount at the rate of 6% per annum from the date o f such pay
ment to the respective maturity dates.
EARNINGS.— For calendar year 1924, gross, $3,325,517; net, $693,886.
In 1923, gross, $3,335,764; net, $595,800.
OFFICERS.— Chairman of Board, C. W. Hobson; P r e s .,_____________;
V.-Ps.. T. C. Duke. E. W . Hill. A. S. Grenier and O. B. Humphrey; V .-P . &
Gen. M gr., Richard Merriwether; Sec.-Treas., J. B. Walker.
Supervision.— Under supervision of Electric Bond S Share Co.— V . 116,
c
p. 1411; V. 117, p. 85, 552; V. 119, p. 941, 3009; Y. 120, p. 1457.
ORGANIZATION.— Incorp. in Delaware in 1924 and acquired the stock
o f the Eastern Texas Electric Co. of Texas., a consolidation (in 1918) of the
Jefferson County Traction C o., Beaumont Electric Light & Power Co..
Port Arthur Light & Power Co., and Beaumont Traction Co. V. 118, p.
2303. Controls through stock ownership the Port Arthur Ice & Re
frigerating Co. In 1924 acquired the outstanding stock and guaranteed
the first mtge. bonds o f the Lake Charles Electric C o., Inc., which had
purchased, as o f Aug. 1 1924, the railway, electric light, gas and water
systems and plants in Lake Charles, La., formerly operated bv the Lake
Charles R y., Light & Water-Works Co. V. 119, p. 1281; V. 107, p. 695.
T E X A S E L E C T R IC R A I L W A Y .
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
ORGANIZATION.— Incorp. in Texas July 5 1916 and is a consolida
Does the entire electric light and power business in Beaumont and Port tion of the Texas Traction Co. and Southern Traction C o. (see V. 104, p.
Arthur, the entire electric railway business in Beaumont and operates an 362, 560).
interurban electric railway beyween Beaumont and Port Arthur, a distance
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
of 20 miles. Combined capacity of power stations at Beaumont and Port Has a modern high-speed electric interurban railway system serving a num
Arthur, 15,000 k. w.; power is also supplied to Port Arthur Traction Co. ber of cities and towns in Texas in and adjacent to the “ Black Waxy Belt,”
Capacity of ice plant at Port Arthur, 75 tons per day. Miles of equivalent including Dallas, Waco, Denison, Sherman, Corsicana, Waxahachie and
single track, 39.99; trackage, 1.92; standard gauge; 73 passenger, 6 trailers McKinney. Also owns and operates the local street railway systems in all
and 11 other cars.
of these cities except Dallas. Present estimated population connected and
Light and power franchises in Beaumont expire in 1963; in Port Arthur in served, 435,000. Owns and operates interurban lines between Dallas and
1943; railway franchise in Beaumont expires in 1961; interurban railway Denison. 79.91 miles; Dallas and Waco, 97.38 miles; Dallas and Corsi
almost entirely on private right-of-way.
cana. 60 00 miles (incl. 2d main track, sidings and turnouts, 16 61 miles);
local lines in Sherman, Denison, McKinney, Waco, Corsicana and Waxa
STOOK8 AND BONDS.— Date. Interest. Outstanding.
Maturity.
hachie, Tex., incl. sidings, &c., 35.12 miles; total, 274.22 miles (incl. 8.81
Common 78,000 shs (no p a r ) . . ____
_______ x58,000 shsApr'25,$1.25 miles of track, being entrance into Dallas, leased). Gauge, 4 ft. 8 Vi in.
Pref 7% cum Ser “ A ” $2,500,70-80-lb. “ T ” rail. 60 interurban passenger. 63 city passenger, 25 express
000(1100)------------------- --------- 7%
1,542,800 Jan’2 5 ,3 ^ %
and baggage and 41 work, &c., cars; total, 189; 14 sub-stations. Leases
1st mortgage gold ($500 and/ 1912 5 g M-N
1,876,000 N o v i 1942
generating plant to Texas Power & Light C o., from which it purchases
$1,000)-------------- c*&r*tf.lint, at State St. Tr. Co., Boston, trustee.
power under contract, expiring at same time as lease. Leases for 20 years
Beaumont Traction 1st Mtge/ 1903 5 g A-O
200,000
April 1 1943
from Dec. 17 1915 the terniinal facilities of the Dallas R y . Interurban lines
$600,000 (call at 105)_ tf\Int. at Interstate Tr. S Bank. Co., Trustee. are located on private right-of-way; city franchises are satisfactory, and,
_
c
Lake Charles El Co Inc 1st M) 1924
g F-A
750,000 Aug 1 1949 in the opinion of counsel, with two unimportant exceptions, extend well
Ser“ A ” $10,000,000 ($100.lin t, payable in New York and Boston.
beyond 1947. Enters Dallas over tracks of the Dallas R y. C o. under long
$500 & $1,000) guar g_c*.tfj
term contract.
O u tstan ding.
M a tu r ity
STOCK AND BONDS— D a te .
In terest.
x After conversion o f convertible notes into common stock.
$6,000,000
See text
Stock.— Pref. stock is callable at 110. $50,000 held In trust for benefit Com stock $6,000,000 ($100)................................
1st pf 7% cum $3.660,000($100)____
Q-J
•f company (in addition to amount shown above).
1,709,500 Apr ’25, 1 H
Q-F
Bonds.— Authorized amount of bonds not limited. Additional bonds may 2d pref stock $3.000 000 ($ 1 0 0 )____
3,000.000 M ay’25, 1 U
c
5 g J-J
5.571.000 Jan 1 1947
he issued for 75% of cost of acquisitions, impts., add’ns, &c., under certain 1st S ref Mtge gold ($500 &\ 1917
$1,000)____________ c*ntf/Harris Trust S Sav Bank, Chicago, Trus.
c
restrictions. Callable as a whole (or in part for sk. fd.) at 105 and int.
6 g J-J
Coupon bonds in denomination of $1,000 and $500 and registered bonds of Oonv debentures $3,000,000\ 1917
8gJ-J
1,350,500 Jan 1 1942
;$1,000 and $500)___ c*&rflnt. at St. Louis Un. Tr. Co., trus., or N . Y .
$5,000 and multiples. V .95 ,p . 1745. $119,500 in sinking fund canceled
1.250.000 Jan 11937
and $200,000 are reserved to retire the Beaumont Traction first mtge. 5s. Texas Traction 1st M sink fd\ 1907 5 g J-J
$3,000,000 ($1.000)gc*&rtf\Int. at Old Colony Trust C o ., Boston, Trus.
Sinking fund o f 1% o f bonds out, payable Nov. 1.
57.000 July 1 1927
$400,000 Beaumont Traction first mtge. bonds are held by Eastern Texas Den Sc Sher first mortgage,/ 1902 5 J-J
$350,000 ($1.000)____c*tflint, at Illinois Tr. Sc Sav Bk . Chic., Trus.
Electric Co. Redeemable, all or in part, at 105 and interest.
First and refunding m ortgage____
6%
*500.000 ___________
The Lake Charles Electric C o., Inc., first mtge. 5>£s, Series " A ,” are
guar., prin. and int., by the Eastern Texas Electric Co. Are red. as a
* Held in treasury.
whole on 30 days’ notice at 105 and interest prior to Aug. 1 1929, reducing
Preferred Stock.— $600,000 1st pref. stock is held in treasury. Red. on
1% on Aug. 1 1929, and 1% at four years’ intervals, thereafter to 100 and *ny div. date after Jan. 1 1922 at 107 H and dlv. on 30 days* notice. The 2d
interest on and after Aug. 1 1945. $750,000. were offered in Aug. 1924 by pref. stock is callable on any div. date on 3 days’ notice at 107 H md div.
Stone & Webster, Inc., at 95 and interest.
Bonds.— Additional 1st S ref. bonds may be Issued for only 75% of the
c
Dividends.— 7% is being paid on pref. stock. On com. $1 25 quar. is cost of extensions, &c., provided net earnings are twice the total annual
interest charge, including bonds applied for. In addition to ordinary rebeing paid.
«erves for personal injuries and damages. $75,000 bonds are provided usable
for this sole purpose. Provision is also made for refunding underlying bonds
EARN INGS.— For 12 months ending Dec. 31:
A special trust fund for malnt. and renewals is provided out of gross earn
Year—
Gross
N°t(nft Tax.) OthT^c. interest. Sink.Fund. Survive.
1924----- $2,361,301 $865,831
$600 $224,663
_______ $641,768 ings as follows: 1917. 11%; 1918. 12%; 1919. 13%: 1920, 14%: 1921 and
1923----- 2,067,155
778,986
22,400
221,280
_______
580,106 thereafter, 15%. Any part not so used may be expended for exts., Ac.,
OFFICERS.— Pres., Alex. F. Crichton; V .-P ., E. Ennallis Berl and E. M . or for the redemption of any outstanding bonds. Yearly since April 1 1921.
Harrigan; Sec. S Treas., Henry T . Graham. Gen. Mgrs., Stone & Webster cash equal to 1% of the first and refunding 5s and underlying bonds out
c
M gt. Assn.; M gr., J. D. Holtzclaw.— V. 116, p. 2766; V. 117, p. 1347, standing on the previous Dec. 31. less amount of payments to underlying
sinking funds during preceding year, to be deposited, usable for exten
2109; V. 118, p. 2303, 3196; V. 119, p. 1281, 1624, 2286.
sions, &c., against which no first & ref. 5s shall be issued, or for the retire
ment of 1st S ret. or underlying bonds. The 1st S ref. 5s are red. on any
c
c
Int. date up to and incl. Jan. 1 1942 at 105 and Int.; thereafter at 102)4 and
Int. Of the amount reported outstanding $52,000 are held in treasury.
A U S T IN S T R E E T R A IL W A Y .
Int. is payable in Chicago and New Y ork. See offering in V . 106, p . 397.
The debs, are callable on any int. date since Jan. 1 1922 on
ORGANIZATION.— Incorporated in Texas on Jan. 3 1911 as successor notice at 102)4 and int.; convertible since Jan. 1 1922into7% cum. 30 days’
1st pref.
to the Austin Electric Ry. Franchise expires in 1942.
stock, par for par, with adjustment of int. and divs. See also V. 113,
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.— p. 1157: V. 114. p. 199.
The Texas Traction 1st 5s can be called at 110 S accrued Interest
c
AJiroIleyjjoad. Operates23m iles o f track .^ S ^and 72-lb .r a ils: 43 cars
□n any int. date upon 30 days’ notice. $112,000 (not incl. in amount
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
reported outstanding) are deposited under 1st & ref. mtge. of the Texas
Common $750,000 ($100)....... .............................
$560,000 See text.
Electric Railway Co. A sinking fund of 5% of gross earnings began
Pref $500,000 ($100) 6% n-c.................................
250.000 See text.
July 1 1912, to be used in the purchase or bonds; $804,000 held in
First & ref mtg $1,500,0001 1911 5 g J-J
561,000 Jan 1 1938 sink, fund not incl. in amount outstanding above.
gold ($1,000)------------c*tf (Int. at Equitable Trust Co.. N . Y .. trustee
Den. & Sher. 1st M . bonds are subject to call since July 1 1917 at 105
Bonds.— $714,000 1st & rer. bonds are reserved for additions, &c. They and interest on four weeks’ notice. A sinking fund began July 1 1905 at
are subject to call on any int. date at 102 H - Annual sinking fund of 2% 2% per annum of bonds out until 1913, when amount payable became 3%
of bonds out began in 1915. V. 92, p. 185; V. 93, p. 1461. $225,000 (not per annum until 1917; from 1918 to 1922, incl., 4% per annum; 1923 to
Included in amount reported outstanding) in sinking fund Apr. 1 1925.
1926 incl., 5% per annum; $208,000 in sin ing fund not inc . in amount
Dividends.— On pref. 3% in 1915, 6% in 1916, 4% in 1917. None since. outstanding above $3,000 canceled.
On common. 1% i n 1915, 1916_andJL917.^ None since.
Dividends.— Divs. on the first pref. stock were begun Oct. 1 1917.
Dividends of 1 % % quarterly on the 2d pref. stock were begun Nov. 1 1917
L E A R N IN G S .— For year ending Dec. 31 1924, gross, $313,423; net, On com. )4 of 1% was paid in Mar., June, Sept., and Dec. 1920. In
$95,688; taxes, $16,970; bond, int. & deprec., $82,512; sink, fd., $15,720; March 1921 1% was paid and same rate paid regularly quar. since to and
bal., def., $19,514. In 1923, gross, $328,926; net, $97,454; taxes, $16,927; incl. June 1925.
bond int., deprec.. &c.. $85,267; sink, fund, $15,720; bal., def., $20,460.
EARNINGS for years ending Dec. 31:
Year—
Gross.
Net (aft. taxes).
Int.(net) Bal. surplus
OFFICERS.— Pres., J. F. Springfield; V .-P ., Guy P. Gannett; Sec.,
$1,104,061
$428,169
$675,892
D. A. Bush, Austin, Tex.; Asst. Sec. & Treas., G. E. Macomber, Augusta, 1924.................. ..$2,795,476
1923..................... 2,982,105
1,234,604
441,651
792,953
M e.— V. Q p 526. 1461. 1531; V. 110 p. 2487; V. 112. p. 1517; V. 115.
.3.
1922------------------- 2.709,392
1,057,865
460,857
597,008
p. 1099; V. 117, p. 438; V. 120, p. 327.
OFFICERS.— Chairman of the board, N . A. M cM illan; Pres., Jack
Beall; V .-P. & Gen. M gr., Burr Martin; V .-P . & Treas., H. I. Gahagan;
V .-P., Jas. P. Griffin; Sec., O. L. Cox; Aud., J. A. Wright.— V. 112, p. 563,
D ALLAS R A IL W A Y CO.
2644; V. 113, p. 184, 844, 1157; V. 114, p. 199, 855. 1767; V. 117, p. 555:
V. 118, p. 665, 2043, 2706.
Control.— Controlled by Electric Power & Light Corp.
ORGANIZATION.— Incorp. in Texas on Sept. 22 1917 to take over and
S A N A N T O N IO P U B L IC S E R V IC E C O .
operate the electric railway-properties formerly owned by the Dallas Elec.
Practically ail the com. stock is owned by the American Light Sc Trac. Co.
Lt. & Pow. Co. (see Dallas Electric Co. in this Section for Sept. 1917) under
ORGANIZATION.— Incorp. in Texas July 6 1917 to take over and
the service-at-cost” franchise approved by the citizens of Dallas at an operate the properties of the San Antonio Gas S Electric Co. and the San
c
election held April 3 1917. Formal acceptance of the franchise was filed Antonio Traction Co.,
Sept. 27 1917. V. 105, p. 1419.
FIELD OF OPERATIONS A N
RA
OF BUSINESS.—
_ The company leases with the right to purchase for $2,000,000, the Oak Owns and operates 92 miles o f single D C H AcityC TE R Antonio. 231 cars.
track in
o f San
Cliff lines of the Northern Texas Traction Co. at an annual rental increasing
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
from $115,000 for the first three years to $150,000 the seventh year and
thereafter.
Common $7,000,000 ($100)...................................
5,000,000 ...................
8%
1,834,200
..............
On Sept. 30 1917 purchased the Dallas Interurban Terminal Associa Preferred $2,000,000...........................
c
6 g J-J
5,550,000 Jan 11952
tion, which has a modern fireproof eight-story passenger terminal and lsf mtge S ref ser “ A ” ($100, f 1922
’ 100 & $1,000)_______ c * tfU nterest payable in New York.
office building In the business district of Dallas, and assumed its notes.
5 M-S
984,000 Sept 1 1949
The terminal facilities have been leased for 20 years to the three interurban 9»u Antonio Trac (closed) / 1908
1st mortgage gold-------------\New York Trust C o., trustee.
lines entering Dallas. The terminal was opened for service Sept. 1 1916.
c
5 M-S
984,000 Sept 1 1949
On Dec. 1 1920 took over the Standard Traction C o ._________
ft San Antonio Gas S Electric/ 1908
(closed) 1st Mg($500) c*tf 1Interest at New. York Trust Co , trustee.
F IE L D ~ O F 'O P E R A T I0 N S ^ N D “^ H A R A U T E ifO F T fu ’s iN E S 8 ^ Bonds.— The issuance o f add’l 1st & ref. mtge. 6s is restricted by provi
Operates 105 miles o f track in the City o f Dallas and suburbs, including sions of mtge. Ser. “ A ” red. all o f in part on any int. date upon 60 daysthe leased Oak C liff lines.
notice at 110 from Jan. 1 1932 up to and incl. Jan. 1 1942, and at 105 there
Franchise.— For terms of franchise under which it operates see “ Electric after to maturity, plus int. Penna. 4-mill tax refundable. V. 113, p. 2819.
Railway Supplement” o f Oct. 28 1922.
Listed on N. Y . Stock Exchange. V. 116, p. 936; V. 119, p. 199.
The $1,000,000 7% notes due June 15 1920 were extended at the same
Both the San Antonio Traction bonds and the San Antonio Gas S Elec,
c
rate to “ on or before Dec. 1 1927.” V. I l l , p. 1082. ffl M
bonds were issued to retire underlying bonds. V. 88, p. 687. Gas & Elec,
bonds are redeemable at 105 and int. on 6 weeks’ notice. See V. 101, p.851.
&TOOK-AND~ BO N D S— ‘~~'Date T^Interest. Outstanding.^"M aturity.
EARNING S.— For calenaar years:
Common, $2,250,000 ($100)______ _
________ $2,250,000
Calendar Gross (incl.
Net,
Bond
Other
Balance,
Preferred $500,000 7% ( $ 1 0 0 ) .----------------500,000 Sept’24,hi%
Year— Oth. Inc.).
aft. Tax.
Interest.
Interest.
Surplus.
Secured notes Series ,T ” $1,-) 1918
A
7%
1,000,000
See text 1923........... $4,232,759
$921,738
$326,400
$38,243
$557,095
100,000 gold------------------- /Equitable Trust C o., New York, trustee.
1922--------- 4,358,682
839,467
336,303
Cr7,285
510,448
Unsecured notes.----------------.1 9 1 7
6%
2,529,869
See text
OFFICERS.— Pres.,W. B.
__
.-P .
Dallas Elec Co Term Mtge 5-1 1916
7 J-J 1
750,000 Jan 1 1921 & Gen. M gr.. E. H. Kifer; VTuttle; V .-P ., Alarson P. Lathrop; VLaw
.-P., Asst. Sec. & Asst. Treas., James
year notes $1,000,000----- c(Interest at State Street Trust C o., trustee
rence; Sec. & Treas., R. C. Jones.— V. 115, p. 2478; V. 116, p. 78, 411, 936
Car trust certificates_________ _____
_________
247 472
See text V. 117, p. 1129; V. 118, p. 312, 2180; V. 119, p. 199; V. 120, p. 1091.
174
PUBLIC UTILITIES
[V ol. 120.
Western and Pacific
POWER, LIGHT AND R A IL W A Y
WISCONSIN
N O R T H A M E R IC A N C O .
ORGANIZATION.— Incorp. June 14 1890 in New Jersey; successor to
the assets and properties of The Oregon & Transcontinental Co. The busi
ness of the co. is the financing and control o f electric, gas and street railway
and coal properties.
The North American Company owns or controls the following public
utility and coal companies:
(1) North American Edison Company, controlling
The Cleveland Electric Illuminating Co. (Cleveland, Ohio);
Union Elec. Light & Power Co. (St. Louis, M o.), owning or controlling
Union Colliery Co. (Duquoin, 111.);
Cupples Station Light, Heat & Power Co. (St. Louis, M o.);
St. Charles Electric Light & Power Co. (M o.);
The Milwaukee Electric R y. & Light C o., controlling
Milwaukee Northern R y. Co.;
Wells Power Co. (oper. under lease by the Milw. Elec. R y. & Lt. Co.);
Wisconsin Gas & Electric Co.;
Wisconsin Electric Power Co. (Milwaukee), operated under lease by
The Milwaukee Electric R y. & Light Co.;
Peninsular Power Co.;
Wisconsin Traction, Light, Heat & Power Co.
(2) The East St. Louis & Suburban Co. (East St. Louis, 111.), owning
East St. Louis Light & Power C o.,
East St. Louis Railway Co.,
East St. Louis & Suburban Railway Co.,
St. Louis & East St. Louis Electric Railway C o.,
St. Louis & Belleville Electric Railway Co.,
Alton Granite & St. Louis Traction Co.,
Alton Gas & Electric Co.
(3) The Light & Development Co. of St. Louis, owning
United States Public Service Co.
(4) U nion Electric L ight & Power Co. o f Illinois.
(5) T he St. Louis C ou n ty Gas Co. (Webster Groves, M o.).
(6) W est K en tu cky Coal C o. (Sturgis, K y.), owning
West Kentucky Electric Power Co.
(7) N orth American U tility Securities Corp.
Separate statements of Wisconsin properties are listed further below.
Statements o f several of the other more important controlled companies
will be found under the respective states in which they operate.
The North American Co. also has substantial but not controlling interests
in the Detroit Edison Co. (Detroit, M ich.) and United Rys. Co. of St.
Louis. (Separate statements o f these companies will be found under the
respective States in which they operate). On Oct. 15 1924 purchased the
23-story office building at 60 Bway., N . Y . City. V. 119, p. 1965.
Pref. and com. stockholders o f record Aug. 7 1924 received the privilege
o f subscribing for $10,000,000 6% cum. pref. on a “ deferred payment”
plan. V. 119, p. 587.
STOCK A N D BONDS.— Date.
Interest. Outstanding. Maturity.
Common $60,000,000 ($10)_ _____
_
Q-J
$29 236 100
See text
Pref6% cum $60,000,000 ($ 5 0 )____
6 Q-J
29,085,750 Apr ’25, I X
Stock.— Pref. is redeemable at 105 and dividends.
D IV ID E N D S —
(1904 to Sept. 1907. 1908. 1909. 1910 to July 1 ’21.
P e rc e n t_____________ \ 5 (I K Q.-March)
0
3K
5 yrly. (I K Q.-J.)
Paid on new stock Oct. 1 1921 1 K % ; Jan. 3 1922, 1 K % ; Apr. 1 1922,
1 K % in cash and 1% payable in pref. stock; July 1 1922 to Jan. 2 1923
paid 2 y i% quar. in cash; Apr. 2 1923 paid 2 K % in common stock; July 2
1923 paid 2 K % in cash; Oct. 1 1923 to April 1925 paid 2 K % quar. in
common stock (or in cash at the option o f the holder).
R E P O R T .— For 1924, in V. 120, p. 1346, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings_________ $80,117,255 $75,465,267 $55,234,491 $38,853,190
Oper. exp. and taxes___ 50,161,763 48,289,198 35,812,043 26,791,256
$7,500,000 (66 2-3% o f total outstanding) of the com. stock o f Milwaukee
Electric Railway & Light Co.
1,666,700 (55-55% of total outstanding) o f the capital stock o f W is
consin Electric Power Co.
1.333.400 (63.73% of total outstanding) of the common stock o f W is
consin Gas & Electric Co.
1.333.400 (66 2-3% of total outstanding) of the capital stock o f W is
consin Traction, Light, Heat & Power Co.
Both Series “ A ” and Series “ B” bonis have a semi-annua 1
sink, fund for
the retirement of 2% yearly. $709,000 Ser. “ A” and $30,009 Ser. “ B ”
retired through sink. fund. Ser. “ A ” are call, all or in part on any int. date
at 107K and int. on Sept. 15 1922 with the call price reduced K o f 1%
each year thereafter.
Ser. “ B ” are call, all or in part by lot on any int. date to and incl. Sept. 1
1924 at 106 and int. with call price reduced K of 1 % each year thereafter.
R EPO RT.—
1924.
xl923.
yl922.
Gross earnings______________________ $66,315,448 $42,222,401 $21,055,772
Operating expenses and taxes_______ 40,918,979 24,609,709 12,352,706
Net income from operation_______$25,398,469 $17,612,692 $8,703,066
Interest charges____________________ 7,970,539
5,021,053 3,073,907
Balance---------------------------------------- $17,425,930 $12,591,639 $5,629,159
Pref. div. of sub. companies_________ 2,275,319
1,182,174
597,053
Minority interest____________________ 1,130,227
961,072
428,296
38,095
6,195
2,146
Miscellaneous charges____________ ___
Bal. for deprec., divs. and surplus-$13,982,289 $10,442,198
$4,601,664
x Properties acquired in Oct. 1923 included for three months only,
y Nine months only.
OFFICERS.— Chairman of Board, Frank L. Dame; Pres.. Edwin Gruhl.
V.-P., J. F. Fogarty; Treas., Robt. Saaly; Sec., F. H. Piske.— V. 118,
p. 1401; V. 120, p. 1204.
(1) THE MILWAUKEE ELECTRIC R A ILW A Y & L IG H T C O .
Entire com. stock is owned by the North American Edison Co. or affiliated
companies.
ORGANIZATION'.—Successor or Milwaukee St. R? O o .J a n .30 1896
psr plan in V. 60. p. 1009. Ou Feb. 11 1919 acquired the property, &c. of
the Milwaukee Lignt, Heat & Traction Co. (for history see “ Electric
Railway Supplement” of Mar. 29 1919) subject to that co’s. $5,000,000 Is*
M . 5s due 1929 and $4,500,000 gen. mtge. bonds due Nov. 1 1958. V. 109
p. 72. Compare V. 106, p. 919; V. 108, p. 171. In April 1917 acquired
the electric utility of the Commonwealth Power Co. and the heating utility
o f the Continental Realty Co. V. 106, p. 919. In 1921 the co. acquired
the property of the North Milwaukee Light & Power C o., and arranged to
operate the property of the Wells Power Co. under lease. In 1922 acquired
control of Milwaukee Northern Ry. and early in 1923 acquired the plant
and holdings of the Dousman (Wis.) Electric Light & Power Oo. V. 116,
p. 1050. In Sept. 1923 acquired the electric lighting and power interests
of the Honey Creek Electric Light Co. V. 117. p. 1236.
Leases the plant of the Wisconsin Electric Power Oo. and guarantees
payment of principal and interest on that c o .’s 1st mtge. bonds. V. 111.
p. 1566; V. 118, p. 664.
FIELD OF. OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Embraces practically all the street railway lines in Milwaukee. The co.
besides its street railway system, owns and operates an electric-light and
power system and a central-station, steam-heat system in Milwaukee serving
a population now estimated at 850,000. Does an extensive street and
interurban railway and electric light and power business, serving South
Milwaukee, Cudahy, Racine, Kenosha, Wauwatosa, North Milwaukee,
Whitefish Bay, Fox Point, West Allis, Waukesha, Pewaukee, Hartland,
Oconomowoc, Watertown, St. Martins, Muskego Lakes, Mukwonago,
East Troy, Waterford, Rochester and Burlington. Total track owned
418.72 and 1.56 miles leased. Steam power plants have an aggregate
capacity of 236,700 k.w., including leased plant of Wisconsin Electric
Power C o., hydro-elec, capacity, 15,000 k.w. (purchased power).
850
passenger cars.
Bus Operation.— On M ay 10 1923 the co.. through its subsidiary, tne
Wisconsin M otor Bus Lines, commenced the operation o f buses, built by
the Fifth Avenue Coach Oo. A 10-cent fare is charged. V . 116, p .2388
Net income_________ $29,955,492 $27,176,089 $19,422,448 $12,061,934
The railway franchises and the electric-light and power franchises are
Other income__________ 1,885,330
730,988
407,182
307,196 unlimited in time.
Valuation.— In Sept. 1917 the Wise. R R . Comm, submitted Its report
Total income___$31,840,822
$27,907,057 $19,829,630 $12,369,130
88.30,273
6,677,283 4,603,114 on the valuation of the physical properties of the Milwaukee Elec. Ry.
Interest charges_ 9,862,179
Pref. divs. o f sub. c o s - ..
2,469,710
1,813,413
1,318,172
684,565 k Lt. Oo. and Milwaukee Lt., H t. & Trac. Oo., showing a reproduction
Minority interest______ 1,130,357
1,009,917
540,444
370,310 cost for both properties as of Jan. 1 1914 of $37,319,297. V. 105, p. 1309.
On the basis of the valuation of Jan. 1 1914, plus subsequent capital expen
ditures, the estimated reproduction cost of the companies as of Dec. 31
Balance for deprec’n,
divs. and surplus...$18,378,576 $16,253,454 $11,303,731 $6,711,142 1923 was $65,862,588 (exclusive of $3,125,735 of materials and supplies oo.
OFFICERS.— Frank L. Dame, Pres.; Edwin Gruhl, V.-P. & Gen. M gr.; hand). V. 112, p. 2083.
Fares.— See “ Electric Railway” Section o f Oct. 28. 1922.
James F. Fogarty, V.-P. & Sec.; F. W. Doolittle, V .-P.; Robert Sealy,
Treas. N. Y . office, 60 Broadway.— V. 119, p. 1516, 1965, 2179, 2411,
Service-at-Cost.— On Apr. 4 1921 the Milwaukee City Council approved &
.
2530. 2648, 3010; V. 120, p. 829, 958, 1089, 1320, 1346, 1586.
bln to be introduced in the State Legislature, authorizing the city to enter
Into a service-at-cost argeement with the co. V. 112, p. 1741. The bill
was passed and has been signed by the Governor. V. 113, p. 533, 848.
A joint committee has been formed to negotiate a service-at-cost franchise
N O R T H A M E R IC A N E D ISO N C O .
with the city. For principal provisions of proposed contract between the
ORGAN IZATION .— Incorp. March 25 1922 under the laws of Delaware. city and the company see V. 119, p. 694; V . 120, p . 1327.
In April 1922 the co. acquired from The North American Co. the entire
STOCK AND BONDS— D a te .
Interest. Outstanding. Maturity.
outstanding com. stock o f Union Electric Lt. & Pow. Co. of St. Louis,
(see on another page). It also acquired from other interests approximately Common stock $20,000,000_____
(par $100)________________
.........
$11,250,000
...............
77% o f the com. stock of the Cleveland Elec. Ilium. Co. On Oct. 1 1923 Preferred stock $4,500,000
it acquired the interests in all the companies formerly controlled by the
6% cum (par
6 Q-F
4,500,000 Apr ’25, IK.
Wisconsin Edison C o., Inc. (for history see “ Electric Railway” Supple Pref. stock (Issue $100)_______
of 1921)_ l
_
8 Q-M
2,984,100
See text
ment o f Oct. 27 1923), and also acquired from The North American Co. its
$3,000,000 cum (par
interest in Wisconsin Traction, Light, Heat & Power Co. and Wisconsin Preferred stock (issue of $100)
1921)
7 Q-M
5,414,096
See text
Electric Power Co. In Dec. 1924 acquired from the North American Co.
$6,000,000 cumulative____
its interest in Peninsular Power C o.
The Milwaukee Elec Ry & 1896
5 g F-A
6.500,000 Feb 1 1926.
STOCK A N D BONDS.— Date. Interest. Outstanding.
Maturity.
Light Oo cons, mtge $8,- Central Trust O o .N .Y ., Trustee. Int. pay
Stock 400,000 shares (no p a r ) . ____ _______
385,000 shs. __________
able at co’s office, 60 Broadway. N . Y .
000,000gold ($ 1 .0 0 0 )-..c*
Secured sink fd bonds ($500 f
The Milw Elec Ry & Light 1906
4K g J-J
6,728,000 Jan 1 1935
& $1,000) gold_________ (Central Union Trust Co., N . Y ., Trustee.
Co ref & ext M ._ $20,000 Trust C o. of America, New York. Trustee.
Series A __________________
1922 6 g M-S 15 $13,300,000 Mar 15 1952
000 gold ($l,000)closed c* , Int. at co.’s office, 60 Broadway. N . Y .
Series B ----------------------------l 1922 6K g M-S 1
7,840,000 Sept 1 1948 Gen & ref mtge $90,000,000 I 1911
5 J-D
5,819,000 Dec 31 1935
Bonds.— The secured sink. fd. bonds Ser “ A ” & “ B ” are secured by
gold ($1,000) Ser “ A” .c*tf Int, at N Y . Bankers Tr C o., N . Y .. Trus.
pledge with trustee of:
Milw Elec R y & Lt Co ref &
$10,940,100 (65-80% o f total outstanding) o f the com. stock o f Cleveland
1st M ($500 & $1,000) gc*tf
Electric Illuminating Co.
Series “ B ”
1921 5 g J-D
12,250,000 June 1 1961
£58,843 shs. (no par value) (85.98% o f total outstanding) o f the com. stock
1921 6 g M-S
9,900,000 Sept 1 195S
Series “ O”
o f Union Electric Light & Power Co. o f St. Louis.
(Central Union Trust C o., N. Y ., Trustee.
M ay , 1925-1
POWER, LIGHT AND RAILW AY
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
10-yr 6)4% notes ser “ D ” \
$1,000,000 ...........
1923 6)4 S F-A
$747,800 Aug 1 1933
Notes. $1,450,000 ($ 1,000)-.- 1910 5%
250.000 See text
Milw Lt H & Tr Co 1st M gf 1899 5 g M-N
5.000.U00 May 1 193'gu *5.000.000 ($1,000) g.c*) Int. at Equitable Trust C o.. N Y ., trustee
Wls El Pr Co 1st M ser “ A ” ! 1924 5 g F-A
8’910,000 Feb 1 1954
($500&$1,000) gup&i_c*tf/Central Union Trust C o., N . Y ., Trustee.
'Issued and issuable.
STOCK.— The 6% pref. stock is listed on the N . Y . Stock Exch. Has
full-voting rights. Was originally non-cum. but was made cum in 1921
(V. 112, p. 2414. The 8% and 7% pref. stock are also cumulative but
have no voting rights except in default o f dividends
Redeemable at 103
and dividends. V. 112, p. 1978, 2414.
Bonds.— 1st cons. mtge. is closed.
Of the ref. and extensions bonds, $6,500,000 are reserved for prior liens
and $6,772,000 are deposited as collateral to gen. & ref. mtge. bonds.
Bonds are subject to call since Jan. 1 1916 at 108 and int. No sink. fd.
See V. 81, p. 1724, 1792; V . 84, p. 508.
Gen. & ref. mtge. falls due Dec. 1 1931, excent that in certain events the
maturity date will be 1951. Bonds o f series “ A” are redeemable on any
interest date since Dec. 1 1916 at 105 & int., on 6 weeks notice. $13,228,000
are reserved for prior liens; $13,243,000 pledged under ref & 1st mtge.,
and $480,000 are pledged under the 5% notes of 1916 Additional bonds
Issued under this mtge. must be pledged under ref. & 1st mtge. No sink,
fund. See Y. 93, p. 1787. Bonds listed on New York Stock Exchange.
$6,772,000 ref. & ext. bonds pledged as collateral for the gen. & ref. bonds.
The ref. & 1st mtge. bonds will be a first lien on the entire property
by Dec. 1 1931. For full description o f security, &c., o f this issue see
V. 112, p. 2083; V. 115, p. 1631. Co. has covenanted to make this a 1st
mtge. by Dec. 1 1931. Additional bonds may be issued only at par to
refund a like amount o f underlying bonds or bonds of this issue and for
80% o f the cost o f additions and improvements under certain restrictions.
A sinking fund retires 1 % per annum, if obtainable at or under par and int.
Series “ B ” are red. all or part by lot on any int. date to and incl. June 1
1923 at 105 and int., with the redemption price reduced
o f 1% during
each 2-year period thereafter. Series “ C ” are red. all or in part by lot on
any int. date to and incl. Sept. 1 1924 at 105 and int., with successive re
ductions in redemption price o f M of 1 % during each 18-months’ period
thereafter. Penna. 4-mill tax refunded. V. 115. p. 1631: V. 117, p. 1017.
Compare V. 112, p. 2083. Series “ B ” and series“ O” listed on N. Y . Stock
Exchange. V. 115, p. 2379; V 116, p. 721; V. 117, p. 1017, 2212.
The Milw. Lt. & Tr. Co. ist M . bonds may be called at 110 on any int.
date. They are guar., prin. and int., by endorsement, by the Milwaukee
Elec. Ry. & Light Co. (V. 86, p. 1042). Income tax withheld at the source
at the rate of 4% when owned by a foreign corporation.
The Wisconsin Electric Power Co. 1st mtge. 5% bonds ser. " A ” are
guaranteed principal and int. by the Milwaukee Elec. Ry. & Lt. Co. A
purchase fund to retire 2% per annum o f all ser. “ A ” bonds, if obtainable
at or below par & int. is provided for
Are red. all or in part by lot on 30
days’ notice on any int. date to and incl. Feb. 1 1925 and 105 & int., with
the redemption price reduced )4 o f 1% during each 3 year period therafter.
Penna 4 mill tax refunded. V. 118, p. 664.
Notes.— The balance ($250,000) of the 5% notes of 1916 are secured by
$480,000 gen. and ref. bonds. They mature $150 000 on each July 1 to
’ uly 1 1926. $1,200,000 have been paid off. The 10-year notes, ser “ D ,”
are call, prior to Aug. 1 1931 at 101 & int., and thereafter at par, on 4
weeks notice.
Dividends.— Regular quarterly dividends of 1)4% have been paid on the
6% pref. since 1900. Regular quar. divs. on the 8% and 7% pref. have
been paid since issue.
R E PO RT.— For calendar years:
12 Months Ended Dec. 31—1924.
1923.
Operating revenues_______________
$22,559,912 $22,206,800
Operating expenses_______________
. 14,174,244
14,534,908
Taxes____________________________
1,567,092
. 1,757,306
Net operating revenues_________
Non-operating revenues__________
$6,628,362
252,884
$6,104,800
274,142
Gross income__________________
Interest charges__________________
$6,881,246
2,494,262
$6,378,943
2,342,509
Balance for depreciation, dividends & surplus- $4,386,984
$4,036,434
OFFICERS.— Pres.. John I. Beggs: V.-P and Gen. M gr.. 8. B. Way;
V .-P.. Edwin Gruhl; V .-P., Charles Pfister; V .-P ., F. W . Doolittle; V .-P .,
Wm. A . Jackson; Treas., Robt. Sealy; Sec. & Asst. Treas., J. F. Fogarty.
— V. 115. p. 645, 1429, 1631, 2379, 2581; V. 116, p. 77, 616, 721, 935, 1050,
2256, 2388; V . 117. p. 554. 1017. 1236, 1556. 2212. 2433: V. 118, p. 85,
431, 664, 1665; V. 119, p. 694, 1172; V. 120, p. 1203, 1327, 1586.
(2) WISCONSIN GAS & ELECTRIC CO.
ORGAN IZATION .— Succeeded in 1912 the Racine Gas Light Co. Incorp. in Feb. 1867, and acquired the Kenosha Gas & Electric Co. and Ke
nosha Electric R y. Has since acquired the Watertown Gas & Elec. C o.,
the Burlington Elec. Lt. & Power Co. and the Waukesha Gas & Elec. Co.
and the Whitewater Electric Light Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Does entire gas business in Racine, Kenosha, South Milwaukee, Cudahy,
Watertown and Waukesha; the entire electric light, power and street rail
way business in Kenosha and the electric light and power business in Watertown, Burlington, Waukesha, Campbellsport, Eden, Iron Ridge, Lomira,
Theresa, Corliss, Union Grove, Grafton, Jackson, Menominee Falls,
Thiensville, Johnson’s Creek, Lowell, Whitewater, Eagle, Palmyra and
Sullivan; wholesale power for supply to Fort Atkinson, Elkhorn, Jefferson,
Lake Mills, Port Washington, Deerfield, Slinger, Waterloo, Belgium,
Cedar Grove, Kewaskum, Oostburg, Wilmot, Deiavan, Lake Geneva and
Woodland. Miles o f single track, 7.85 miles; gas mains, 305.8. Electric
light and power business in Kenosha is done under indeterminate permits.
Franchise for street railway is indeterminate; the company has the right to
conduct its gas business either under an indeterminate permit or under the
special “ perpetual and exclusive” franchises originally granted.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
$2,615,000 ...................
Com stock $2,615,000 ($100)...............................
Pref cum $2,500,000 ($100)............
7%
2,500,000 __________
First mortgage gold ($1,080, f 1912
5 g J-D
4,857,500 June 1 1952
$500 & $100___________ c*(Int. payable at office of co. in N. Y. Harris
l Trust & Savings Bank. Chicago. Trustee.
uonvertiDie notes___________ _____
7%
------- --------------- —
1,000,000
1925-30
Oonv notes $100,000 s e r "D ” __ 1923
6%
100.000 July 1 1933
Promissory coupon notes_____ 1923
6%
300.000
See text
Waukesha Gas & Elec. 1st M_ _ 1909
5%
600.000 Jan 1 1959
Bark River El Lt & Pr 1st M . ____
6%
10,000 __________
Bonds.— Additional Wis. Gas & Elec. 1st M . bonds may be issued only
for 80% o f cash cost o f permanent impts., &c., when the annual net earnings
are 1)4 times the int. charge, incl. bonds to be issued. Bonds red. at 105
and int. since June 1 1917. In N ov. 1924 $1,100,000 were offered by Harris,
Forbes & Co. and Spencer Trask & Co. at 97)4 and int., to yield over
5.15% . V. 119, p. 2934.
The 5-yr. secured notes are secured by a collateral deposit of 1st M . bonds.
Promissory coupon notes are due $100,000 Jan. 2 1926, $100,000 Jan.
2 1927 and $100,000 Jan. 2 1928.
EARN IN G S.— For year ending D ec. 31:
Net (after
Other
Interest,
Bal. for
Year—
Oross.
faxes).
Income.
&c. ’
D epr..& c
1924------- .-$4,512,613 $1,323,859
$57,151
$302,863
$1,078,147
1923------------ 4,229,234
823,439
96,017
280,662
638,794
1922.............. 3.346,583
723.602
51,262
216,504
558,360
1921 ........... 3,136,241
712,244
30,006
229,499
512,751
OFFICERS.— Pres., S. D. Way; V.-Pres., J. I. Beggs, D . E. Callender,
A. K. Ellis, Edwin Gruhl; Sec.-Treas., F. J. Boehm; Aud., E. Jorgensen.—
V. 106, p. 2458; V. 107, p. 1389; V. I l l , p. 991, 2042; V. 112, p. 654, 1172;
V. 115, p. 184.
W IS C O N S IN T R A C T I O N , L IG H T , H E A T & P O W E R CO
North American Edison Co. owns 19,027 shares o f the capital stock.
ORGAN IZATION .— Incorp. at Milwaukee in Mar. 1900 with a nominal
o f $10,000 (since increased to $1.000,000), for the purpose o f uniting certain
175
properties in the Fox River Valley. Secured control of the Fo xRiver Valley
Electric R y. and the Appleton Electric Light & Power C o., and has consoli
dated them. In Sept. 1904 purchased entire capital stock of the Fox River
Valley Gas & Electric Co. See V. 79, p. 787, 1267.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns 21.32 miles of track, connecting Neenah, Menasha, Appleton and
Kaukauna, incl., 6 miles operated locally in the city o f Appleton. 14
motor cars, 1 snow plow. Also furnishes electric light and power to 33
communities and gas to Appleton, Neenah and Menasha.
In April 1924 the company took over the motor bus business of the
Inter-City Bus Transportation C o., Inc. V. 118, p. 1776.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Q-J
$2,000,000
See text
Com sttock $2,000,000 ($20)_______
7 Q-M
382,735 __________
Preferred cumulative ( $ 1 0 0 ) - - -----First mtge ($3,000,000) $1,-1 1901 5 & 7 H J -J
3,000.000 July 1 1931
000 gold no sink fund — c*/In t. at First Wise. Tr. C o., M ilw ., Trustee.
Bonds.— Entire issue of 1st Mtge. bonds may be called on any interest
date at 110 and int. $1,500,000 of this issue originally outstanding bore int.
at 5% , but in 1921 an additional $1,500.000 was issued under a supplemental
Indenture providing for additional interest coupons at the rate o f 2)4 % per
annum. The indenture provides that these coupons shall share equally in
any future lien which may be placed on the property. A sinking fund o f
$33,000 annually, began June 30 1922, and provides for the redemption o f
these bonds. V. 113, p. 1055.
Dividends.— In 1914 and to and Incl. Jan. 1918, at the rate of 5% per
annum on com. None since.
E A R N IN G S.— For years ending Dec. 31:
Year—
Grass. Net(nft.Tax) Oth.Inc. Interest. Amort.Res. Balan'e
$9,103 $198,607 $15,000
$272,226
1924___ $1,611,805 $476,729
1923—
1,602,036 382,853
14,510 192,600
15,000
189,763
1922—. 1,467,837
390,149
11,018 200,321
15,000
185,846
OFFICERS.— President, John I. Beggs; V.-Pres., S. B. W ay, Milwau
kee; Gen. M gr., Sec. & Treas., A. K . Ellis.— V. 108, p. 1391; V. 113, p. 419.
962, 1055; V. 116, p. 2390; V. 118, p. 1776, 3200; V. 120, p. 584.
W I S C O N S I N V A L L E Y E L E C T R IC C O .
ORGAN IZATION .— Incorp. Aug. 28 1906 in Wisconsin, as the Wausau
Street R R . In Dec. 1915 name was changed to present title. In 1915
purchased the Merrill R y. & Power Co. and the Lindauer Pulp & Paper
C o.’s plant in Merrill. In N ov. 1916 purchased the property of the Stevens
Point Lighting Co. and Stevens Point Power Co. In July 1922 purchased
the property of the Tomahawk Light, Telephone & Tmpt. C o., Toma
hawk, Wis. In Dec. 1924 acauired the plant and holdings of the Rhine
lander (Wis.) Light & Power Co. V. 119, p. 2881.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Furnishes electric light and power in Wausau, Stevens Point, Merrill.
Tomahawk and contiguous territory, and owns and operates an interurban
street railway of 9)4 miles of track between Wausau and Rothschild; also
a gas plant at Stevens Point and a telephone utility at Tomahawk. Owns
hydro-electric generating plants at Wausau, Merrill, Tomahawk and
Stevens Point, and auxiliary steam generating plants at Wausau. A new
hydro-electric station on Wisconsin River north of the city of Merrill was
completed in March 1925, 9.494 miles track; 20 passenger and 2 other cars;
1 snow plow. Franchises extend to 1940.
STOCK AND BONDS.—
Date. Interest.
Outstanding.
Maturity.
Common stock. $1,250.000
____
______
$1,250,000
________
Preferred stock, $1,200,000
____
_______
1,198,600 __________
First & Ref M . $15,000,000/ 1917
5 M -N
952 060 May 1 1942
\ 1917
5)4 M -N
1,000,000 M ay 1 1942
($100. $500 & $1.000)c*_ lin t, at First Nat. B k., M ilw., or Wisconsin
_
J Val. Tr. C o., Wausau. Trustee.
Bonds.— Additional bonds may be issued for 80% of cost of improvements,
when net earnings are twice interest charges, including bonds to be issued.
12)4 % of gross earnings is to apply to maintenance, any part not so used to
be added to sinking fund, which amounts to 1 % annually of bonds out
standing. Redeemable at 102 and interest on any interest date.
EARNINGS.— For 12 months ending Dec. 31:
Cal.Years— Gross.
Net.
Deprec. In t.. Tax .Ac Divs. Bal..Sur
1924____ $1,002,473 $590,490 $145,000 $216,276 $202,152
$27,062
1923-........... 965,625 528,909
125,000
186,909 £201,800
15,200
1922_______ 873,465 508,236
125,000
174,896
201,726 6,614
OFFICERS.— Pres., C. C. Yawkey; V .-P ., B. F. Wilson; Treas., O. 8Gilbert; Gen. M gr. & Sec., Harold L. Geisse.— V. 104, p . 2013, 2553; V108, p. 482; V. 109, p. 2441; V. 118, p. 909; V . 119, p. 2881.
W IS C O N S IN S E C U R IT IE S C O .
ORGANIZATION.— Incorp. in Wise. Aug. 4 1911 as First Wis. Securi
ties Co. with capital of $1,000. Name changed to Wisconsin Securities'
Co. N ov. 22 1911.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.
— A financing, underwriting and holding company. Through ownership
of about 38% of Pref. and Com. stock of Marine Securities Co., owns about
38% of the Com. and Pref. stock of the Baltimore Dry Docks 4; Shin
Building Co. o f Baltimore, M d. Owns all the stock and bonds of the
Northeastern Power Co. V. 118, p. 1394. Controls Wisconsin Public
Service Corporation (see below), a consolidation in Oct. 1922 of Wis
consin Public Service Co. of Green Bay, and Manitowoc, Wis.; She
boygan Gas Light C o., Sheboygan, Wis.; Manitowoc & Northern Trac. Co.,
Manitowoc and Two Rivers, Wis.; Calumet Service Co. o f Chilton and
Brillion, Wis.; Oshkosh Gas Light C o., Oshkosh, Wis.; Menominee and
Marinette Light & Trac. Co. o f Menominee, M ich., and Marinette, Wis.,
and Peninsular Service Co. V. 115, p. 1534. Owns large interest in
Wisconsin R y., Lt. & Pr. Co. at La Crosse, Wis. (sCe further below) and
Winona, Minn.; owns stocks and bonds o f various corporations; owns
water power at Seymour Rapids near High Falls, and large tract o f real
estate m Green Bay, Wis.
STOCK AND BONDS—
D a te .
Interest
Outstanding.
M a tu rity.
Stock $2,000,000__________ _______
_________ $2,000,000
See text
Coll tr notes ($100, $500 &\ 1924
6 M -S
1,000,000 Mar 1 1929
$1,000) ______________c * tf/ln t. at First Wis. Tr. Co., M ilw., W is., Tr.
Notes.— The 5-year 6% coll, trust notes are secured by deposit o f $1,200,000 1st mtge. 6% bonds o f the Northeastern Power Co. Are red. all or
in part on 60 days’ notice at par & int., plus a prem. o f 3% until Mar. 1
1925; 2% thereafter to Mar. 1 1926; 1)4% thereafter to Mar. 1 1927; 1%
thereafter to Mar. 1 1928, and without prem. thereafter to maturity.
V. 118, p. 1394.
Dividends.— In 1924 paid 12%.
OFFICERS.— Pres., Clement C. Smith; V.-Ps., Howard Greene, Geo.
P. Miller and Ludington Patton; Sec. & Treas., H. C. M ackay.— V . 100,
p. 1924; V. 104, p. 75; V. 107, p. 503; V. 115, p. 184, 438, 1534; V. 117,
p. 209; V. 118, p. 1394.
W IS C O N S IN P U B L IC S E R V IC E C O R P O R A T IO N .
Controlled by Wisconsin Securities Co.— See above.
ORGAN IZATION .— Incorp. in Wisconsin in 1922 as a consolidation o f
Wisconsin Public Service Co. (for history see “ Electric Railway” Supp. o f
April 29 1922), Oshkosh Gas Light C o., Sheboygan Gas Light Co., Calumet
Service Co., Peninsular Service C o., Manitowoc & Northern Traction Co.
and certain other connected properties. Owns all the bonds and over 99%
of the capital stock of the Menominee & Marinette Light & Traction Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Physical property incl. 10 electric generating plants, aggregate installed nor
mal capacity of 51,039 k.v.a.; 40 sub-stations with transformer capacity o f
over 102,971 k.v.a.; 307 miles of 3-phase high-tension transmission lines;
also distribution lines. Gas properties incl. 4 gas manufacturing plants,
combined daily capacity 7,130,000 cu. ft. Furnishes electric light and power
to Oshkosh, Green Bay, Marinette, Menominee (M ieh.), Chilton, Brillion.
Sells electric power in lots of 40 h.p. or over in Manitowoc and Two Rivers,
and 25 h.p. or over in Kewaunee, Algoma and Sturgeon Bay. Sells electric
power to municipal plants at Two Rivers, Kewaunee, Algoma, Sturgeon
Bay New Holstein and Kaukauna. Furnishes gas to Shebeygan, Kohler,
176
PUBLIC UTILITIES
Sheboygan Falls, Plymouth, Oshkosh, Green Bay, DePere, Marinette and
Menominee (M ich .). Owns hydro-electric plants at High Falls on the Peshtigo River, Ingalls on Menominee River and Defere on the Fox River; steam
plants at Manitowoc, Oshkosh and Green Bay. Furnishes city street rail
way service in Green Bay, Menitowoc, Marinette and Menominee (M ich.).
Interurban lines connecting Green Bay with Kaukauna and connecting
Manitowoc and Two Rivers.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity
Common s3 0 JU.liUO
_____ ____
.............
$2 550,Ouo ...................
7%
2 ,650,000 Sept '23.1 *4
Preferred 7 ^ cum. S5 500.000 _
_
1st lien & ref M tge Ser “ A ” . . 1922
6 g A-O
6,772,000 Oct. 1 1952
Series “ B ” _______________ 1925
5 H g J-J
983,000 Jan. 11958
$15,000,000 ($100, $500 & Interest in New York, Chicago and Mil
$1,000) g o ld ........... . . c * . t f
waukee.
Wise Pub Serv Co 1st M & ref 1912
5 g J-J
2,438,000 Jan 1 1942
$15,000,000 g ($1,000)c*.tf JInt. at Wisconsin Tr. C o., Milwaukee, trust
Green Bay G & E 1st & ref M l 1905
5 g M -N
407,000 May 1 1935
$750,000 gold ■$!.000)..c * jIn t. at Wisconsin Tr. Co . Milwaukee, tm -f
Sheboygan Gas Light C o_____ _______
5%
$250,000 July 11931
Peninsular Service C o--------------------6%
300,000 Sept. 1 1925
Manitowoc & Nor Traction C o ____
5%
140,000 Jan. 1 1926
Bonds.— The 1st lien & ref. mtge. bonds, in addition to being a first lien
on part of the company's properties, are secured by pledge of all the out
standing bonds and over 99% of the capital stock o f the Menominee &
Marinette Light & Trac. C o., and $1,308,000 Wisconsin Pub. Service Co.
1st M tge. 5s. Maintenance, depreciation and improvement fund equal to
12 Vi % o f gross earnings annually provided for. Penna. and Conn, personal
4 mills tax and Mass, income tax on the interest not exceeding 6% refunded.
Series “ A ” 6s are red., all or part, any time on 60 days’ notice at 107 }4 and
int. on or before Sept. 30 1932; at 105 and int. Oct. 1 1932 to and incl. Sept.
30 1942; and thereafter at 105 less M o f 1% during each year to maturity.
V. 115, p. 1634.
Series “ B " 5H s are red., all or in part, on 60 days’ notice at the following
prices and int.: On or before D ec. 31 1932 at 106M>; on and after Jan. 1 1933
to and incl. Dec. 31 1942 at 105, and at 105 less
of 1 % during each year
thereafter to and incl. Dec. 31 1951; on and after Jan. 1 1952 to and incl.
Dec. 31 1952 at 100K, and on and after Jan. 31 1953 at 100. $483,000
held in treasury o f co. In March 1925 $500,000 were offered by Halsey,
Stuart & C o., Inc., First Wisconsin Co. and Blodget & Co. at 97 and int.,
to yield 5.70% . V. 120, p. 1330.
Wis. Public Service Co. 1st & ref. 5s are subject to call on any int. day at
105 and int. Remaining bonds are for acquisitions and to retire underlying
bonds under certain restrictions. See Y. 94, p. 1697. $1,308,000 are pledged
under the Wis. Pub. Serv. Co p. 1st lien & ref. mtge. 6s, Series “ A . Sink,
fund o f 2% on bonds outstanding began in 1917.
The Green Bay Gas & Elec, bonds are subject to call at 105 antil 1924;
thereafter at par; $115,000 canceled. $228,000 are pledged as addi< ional
seeuril y under the Wise. P. H. Co 1st M & ref. bonds.
EARN IN G S.— Of Wisconsin Public Service Corp. for calendar years;
W 12 Months Ended Dec. 31—
1924.
1923.
Gross revenues___________________________________$3,649,351 $3,266,927
Miscellaneous income____________________________
4,999
11,076
Total income____________________________________ $3,654,351 $3,278,003
Operating expenses and maintenance______________ 1,842,852 1,845,735
State and local taxes accrued_____________________
271,690
202,864
Federal and other taxes___________________________
66,000
55,200
R entals---------------------------------------------------------------124,593
34,981
Interest on funded debt___________________________
558,036
510,11?
54,517
26,17?
Miscellaneous deductions_________________________
Depreciation______________________________________
325,894
265,617
Preferred dividends_______________________________
147,000
147,000
------------ ------------
Balance for common dividends, &c_____________ $263,770
$109,313
OFFICERS.— Pres., Clement C . Smith, Milwaukee; V .-P s., C. R.
Phenicle, Green Bay; J. P. Pulliam, Milwaukee, and Howard Greene, Mil
waukee; Sec. & Treas., H. C. Mackay; Gen. M gr., J. P. Pulliam, Milwau
kee.— V. 115, p. 75, 1322, 1534, 1634; V. 116, p. 517, 937; V. 117, p. 1994;
V. 118, p. 1013: V. 119, p. 2289; V. 120, p. 960, 1330, 1588.
W IS C O N S IN
R A I L W A Y , L IG H T & P O W E R
CO.
ORGAN IZATION .— Incorp. in Wisconsin in Jan. 1913 and has ac
quired and now owns in fee all the property formerly belonging to the La
Crosse Water Power C o., the La Crosse City R y. and the Winona (Minn.;
R y. & Light Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does electric-light and power business in Winona, M inn., and Onalaska,
Wis., and operates street railways in Winona and La Crosse. 25 miles of
track. Owns hydro-electric plant at Hatfield, Wis., with transmission lines
to La Crosse and Winona, at which cities it also has reserve plants.
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity.
Common $1,230,000...................................................$1,219,900 .....................
First & ref M $10,000,000/ 1913
5 F-A
2,225,000 Feb 1 1933
($1,000) gold________ c*tfl First Trust Co., M llw., Trustee.
La Crosse City Ry 1st M / 1909
5 g J-J
220,000 July 1 1929
(closed mtge) ($1,000)___c lln t . at Wisconsin T r. C o.. M llw .. Trustee
Bonds.— The mtge. provides that $2,225,000 may be Issued at
par for corporate purposes o f the company. Bonds in addition to the
$2,225,000 may be issued as follows: $220,000 to retire La Crosse City
bonds and $75,000 to retire a like amount of bonds which may be Issued for
certain additional property; remaining bonds are Issuable at par (a) to
redeem at par any underlying bonds or any mtge. debt existing against
an y
p ro p e rty
a c q u ir e d ,
n ot
e x ce e d in g ,
h ow ever,
at
p ar,
th e
r e a s o n a b le
value o f such property; and (6) for not exceeding 75% o f cost of any addi
tional property, with certain restrictions. Bonds red. on any Int. date at
105 and Int. Sinking fund, 2% per annum, began In 1918. Int. payable
at office o f trustee, or at office or company or at its New York agency.
EA R N IN G S.— For years ending Dec. 31:
Bat., for
12 Months—
Gross. Net. after Taxes.
Interest.
Deprec., &c.
1924.......................$801,290
-----------$296,016
$140,464
$155,551
278,100
1923...................
785.251
136,681
141,419
1922______________ 755,319
141,869
250,573
108,704
1921______________ 751,557
149,881
261,874
111,993
OFFICERS.— Pres., Clement C. Smith; V .-P ., Sec. & Gen. M gr., J. P.
Pulliam; V.-Ps., R . M . Howard, Howard Greene; Treas., H. C. Mackay;
Operations are directed from President’s office in Milwaukee in connection
with operations o f the Wisconsin Public Service Corp. and other public
utility properties.— V . 109, p. 70; V . I l l , p. 1754; V . 112, p. 746; V . 116, p.
1052.
M A D IS O N R A IL W A Y S C O .
ORGAN IZATION .— Successor in M ay 1916 to the Southern Wisconsin
R y ., for statement o f which see this Section for M ay 1916. Operates under
“ indeterminate permit” from the State.
FIE LD OF OPERATIONS AN D CH A R A C TE R OF BUSINESS.—
Owns 19 miles of standard-gauge track, incl. lines in Madison, and extension
to Fair Oaks, Elmside, Lake Park Cemetery and South Madison.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
$350,000 _________
Com stock $600,000 ($100)....................... ............
Pref stock $350,000 ______ ________
F-A
150,000
See text
1st mtge $1,500,000 g ($500/ 1916
5 g M -N
876,500 M ay 1 1936
and $1,000)________ c*_tf\Int. at Wisconsin Tr. C o.. M llw.. trustee.
Coll trust serial debs ($500
1924
7 g M-S
95,000 See text.
$1.000) gold_________ c* .tf/In t. at Cent. Wis. Tr. C o.. Madison, trustee.
Equipment notes__________________
_________
25,000 __________
Bonds.— Additional 1st mtge. bonds may be issued for extensions, addi
tions, &c., for 80% o f cost under conservative restrictions. $150,000 are
pledged as security for the coll, trust serial 7% debentures. Red. at 102H
and int. on any int. date on 60 days’ notice. A sinking and improvement
fund o f 1 % per annum o f bonds outstanding began M ay 1 1919 for re
demption o f bonds or improvements, &c.
The 7% coll, trust serial debentures are secured by deposit of $150,000
1st mtge. 5s. Are red., all or in part, on any int. date on 30 days’ notice
at a premium o f
o f 1% for each year or fraction o f a year between red.
date and maturity. Mature $10,000 each Mar. 1 and Sept. 1, and $15,000
on M ar. 1 1929.
[V ol. 120.
EAR N ING S.— For year ending Dec. 31 1923. gross, $417,602; net, after
taxes. $120,879. In 1922. gross. $419,463: net after taxes, $115,996.
Dividends.— Paid regularly semi-ann. (F.-A .) since issued. In Feb. 1924
a bonus of 1% was paid on the pref. stock. V. 118, p. 431.
OFFICERS.— Pres., F. W. M ontgomery V -P. Dudley M ontgomery,
Treas., Warren Montgomery; Sec., Hugh Montgomery; Supt., D . M ont
gomery.— V . 117, p. 1017; V . 118. p. 431, 1268; Y . 120, p. 331.
M IL W A U K E E N O R T H E R N R A I L W A Y .
Control.— Controlled by the Milwaukee Electric R y. & Light Co. Com
pare V. 115, p. 436ORGANIZATION.— Incorporated in Wisconsin In 1905. Operates in■erurban system entirely on private right-of-way. All franchises were
superseded by perpetual rights under indeterminate permits In 1919 and the
rates oi fare are now solely within t he jurisdiction of the Wisconsin R. R
Commission. Enters Sheboygan over tracks of Wisconsin Power & Light
Co. under perpetual contract.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Operates 65 miles of track, includes 6>£ miles in Milwaukee, between
Milwaukee, Cedarburg and Sheboygan: ultimate plans prvoide for a
branch extending from Cedarburg to Fond du Lac. The line between
Milwaukee and Brown Deer, a distance of approx. 11 miles, is double
track. Owns 23 cars. Gauge 4 ft. 8 l in. 70-lb. T rail.
A
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ .$1,600,000 __________
Common $1,000,000 ($20)_________
Pref 7% cum $6,000,0 0 0($1 00)____
_________
600,000
See text
1st mtge $4,000,000 gold I 1911
6 A-O
1,737,000 Apr 1X931
($500 and $1 000)_____c t f lint, at First Say. & Tr. C o.. Mllw Trustee.
Bonds.— Remaining bonds may be issued only when net earnings are
twice int. charges, incl. bonds to be Issued, at not exceeding 75% of cost
of extensions, additions, &e. Subject to call at 10R and int
V. 92. n. 725.
Dividends.— On 7% pref. paid regularly from July 1 1924 to and ind .
Jan. 1 1925.
EARNING S.— For calendar years:
Year—
Gross. Exp. A Tax. Net.
Interest.
Divs.
Surplus.
1924__________ $635,489 $449,971 $185,518 $89,439 $51,597 $44,482
1923_________ 614,738
423.440
191.298
90,112
60,000 41,186
1 9 2 2 ............
599,226
386.998
212,228
93,619
60,000 58,609
OFFICERS.— Pres., John I. Beggs; V.-Ps., H. A. Mullett and 8. B.
Way; Sec. & Treas., F. J. Boehm.— V. 115, p. 1532; V. 119, 198 455.
MINNESOTA
NORTHERN STATES POW ER
Co. fO F D E L .)
ORGA N IZA TIO N .— Incorporated in Delaware en Dec. 23 1909 (V. 90,
p. 1299; V . 91, p. 467, 592). A holding company organized by H. M .
Byllesby & C o., Chicago. Standard Gas & Elec. Co. owns a large (but not
controlling) interest. See full statement to New York Stock Exchange ia
Dec. 1916, V. 104, p. 265.
Owns the entire capital stock, except directors’ qualifying shares, of
Northern States Power Co. of Minnesota, which see below. Also controls
Northern States Power Co. of Wisconsin (formerly Wisconsin-Minnesota
Light & Power C o .). See statement of that company further below.
The shareholders on July 10 1924 auth. a new class of stock to be known
as class “ B ” com. stk. shares of which will be without par value and upon
which no divs. can be paid until after the pref. stock divs. are paid in full.
Of the 10,000,000 shs. of Class “ B " stock auth., the co. issued 500,00$
shs., which were purchased by the interests responsible for the organization,
and development of the company during the past 14 years. The remaining
amount is to be held for future requirements.
The Class “ B ” com. stock will rank after the pref. stock and the present
com. stock as to assets. It will share in divs. with the present com. stock,
after full 7% divs. are paid on the pref. stock, in the ratio of 10c. on each
share o f Class ” B ” com. stock for each $1 per share paid on the present com.
stock. V. 118, p. 3087; V . 119, p. 205.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Q-F
$6,375,000 M a y ’25,2%
Common $50,000,000 ($100)_______
Common class “ B ” 10,000,000
shares (no par)__________________
_________
500,000 __________
P f 7% cum $50,000,000 ($ 1 0 0 )____
7 Q-J 20 40,256,900 Apr’25, 1H
1 % % Q.-J. (V. 102, p. 1543). An initial 1H % was paid on common stock
July 20 1916; Oct. 20, 1H %; Jan. 1917 to Jan. 1918, 1 % % quar.; then none
until Feb. 1922, when 4% was paid (V. 113, p. 2623); M ay 1 1922 to M ay
1925 paid 2% quar.
OFFICERS.— Pres., John J. O’Brien; 1st V .-P ., Robt. J. Graf; Sec. S
c
Asst. Treas., M . A . Morrison; Treas., J. J. Molymeaux.
(1) NORTHERN STATES POWER CO. (OF MINNESOTA).
ORGANIZATION.— This operating company (until March 1916 known
as Consumers’ Power Co.) was incorp. in Minnesota in June 1909. V. 102,
p. 980. It owns all the properties formerly comprising Consumers’ Power
Co. system, directly or through ownership o f all securities except $7,100,000
first (closed) mortgage bonds of The Minneapolis General Electric C o., and
except directors’ qualifying shares. In 1920 acquired control of Ottumwa
Ry. & Light Co. In Oct. 1923 purchased from the Pillsbury Flour Mills
Co. the propertes and power rights at St. Anthony Falls on the Mississippi
River at Minneapolis. See V . 117, p. 1896. In Aug. 1924 purchased the
St. Cloud Public Service Co. and sub. cos. V. 119, p. 703.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Supplies electric light and power to 514 communities in M inn., N o. Dak..
So. Dak., W is., 111. and Iowa; 20 communities with gas, 9 with steam heat
ing, 8 with street railways and 1 with telephone service. The communities
served include Minneapolis, St. Paul, Stillwater, St. Cloud, Faribault,
Mankato, Hutchinson, Pipestone and Montevideo, Minn.; Grand Forks,
Fargo and Minot, N o. Dak.; Sioux Falls, So. Dak.; Ottumwa, Iowa, and
the zinc mining district in and around Galena, 111., and Platteville, Wis
Population served (est.), 1,404,000. In Dec. 1924 the system had installed
hydro-electric plants of a generating capacity of 143,188 h. p. and the steam
generating plants of 272,027 h. p. Also owns or controls undeveloped
water powers.
New development plans, V. 116, p. 84; V . 118, p. 1021.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Capital stock________________ All owned by N or. States Pow. Co. of Del.
First & ref mtge $100,000,0001 1916
5&6gA-0 $34,053,000 Apr. 1 1941
($500 &c.) gold______ c*&r (Guaranty Trust C o., New York, trustee.
First lien & gen. mtge. Series! 1923
6 g M -N
14,415,000 N ov. 1 1948
“ A ” ($500 &c) g -.c * & r .tf (Interest payable in New York and Chicago.
Convertible notes ($100 &c.)\ 1923 6 M g M -N 9,801,300 N ov. 1 1933
i
gold_________________ c*.tf /Guaranty Trust C o., New York, trustee.
Notes gold ($100 &c.) free) 1924
6M g M -N 4,850,200 Nov. 1 1933
from Penn State t a x . - C * . t f (Guaranty Trust C o., New York, trustee.
Minneapolis Gen Elec 1st M\ 1904
5 g J-D
7,031,000 Dec. 1 1934
($1,000) gold________ c * .tf JInt. at Old Colony Trust C o., Boston, trus.
Bonds, A c.— First & ref. mtge. (V. 102, p. 1630) is limited to $100,000,000
bonds, o f which in Dec. 1924 $34,053,000 (of which $7,492,500 are 6s)
outstanding; redeemed and canceled, $7,000 5s and $7,500 6s; the remainder
may be issued (a) for not over 75% o f the cost o f permanent extensions and
additions, when net earnings are twice the annual bond interest charge,
including bonds applied for; or (ft) to retire an equal amount o f Minn. Gen.
Elec. Co. bonds. Are callable at 105 until 1936 and thereafter at 102 J4.
Interest payable in New York and Chicago. See V . 104, p. 264; V . 105, p.
76; V. 106, p. 1131, 2564; V . 102, p. 1441; V . 108, p . 585; V . 109, p. 1371;
V. 112, p. 1523.
The first lien and gen. mtge. 6% gold bonds, Series A, are redeemalbe on
any int. date until and incl. N ov. 1 1938 at 105 and int., the premium de
creasing Vi % each calendar year thereafter, the bonds being red. in 1947 and
on M ay 1 1948 at 100 X and int. Free from Penn. State tax. V. 117, p.
A
2550.
The convertible 6 K % gold notes o f 1923 are redeemable, all or part, on or
before N ov. 1 1924 at 105 and int., and thereafter at 105 and int., less M of
S
1 % for each year or fraction thereof elapsed subject to N ov. 1 1924. Con
vertible at any time after Jan. 1 1924, and on or before Jan. 1 1929, into
M ay , 1925.]
POWER, LIGHT AND KAILW AY
com . stock o f Northern States Power Oo. (Delaware) as constituted at time
o f conversion, on the basis o f $100 in notes plus $3 50 in cash for one share
o f stock o f $100 par value, with adjustment o f interest and dividends.
Proceeds were used to redeem the entire issue fo $7,805,000 10-year notes,
due April 1 1926, and to reimburse the company in part for expenditures
incurred for additions, extensions and betterments. Interest payable in
New York and Chicago. Free from Penn. State tax. V . 117, p. 2331.
The 6)4 % gold notes o f 1924 are redeemable, all or part, on N ov. 1 1924
at 105 and interest, and at 105 and interest less H o f 1 % for each year or
fraction thereof elapsed thereafter. Interest payable in New York and
Chicago. Free from Penn. State tax. V. 118, p. 2448.
Minneapolis Gen. Elec. 1st 5s are redeemable at 110. Y . 95, p. 180.
R EPO RT.— For 1924, in V . 120, p. 2012, showed:
Cal.
Gross
Net after Bond.&c. Pref.Div. Com.Div. Balance,
Year. Earnings.
Taxes.
Int. (Net).
(7%).
Surplus.
1924 -$20,227,211 $9,417,316 $4,243,524 $2,899,242 $614,307 $1,660,043
1923 . 15,489,791 6,580,992 2,345,293
2,161,775 493,600 1.580.324
1922 . 13,881,919 5,781,092 2,311,432
1,841,534 493,600 1,134.526
1921 . 12,963,222 5,207,544 2,295,682
1,601,165 246,800 1,063,897
1920 - 11.798,779 4,466.938 2.148.570
1,341,374 _______
977.094
OFFICERS.— Pres., John J. O’Brien: Sec., R . J. Graf, Chicago; Treas.,
J. J. Molyneaux, Minneapolis. New York office. Trinitv Bids: : Chicago
office, 231 South La Salle St.— V . 119, p. 820; V. 120, p. 1328, 1748, 2012.
N O R T H E R N S T A T E S P O W E R C O . O F W IS C O N S IN .
177
of underlying or prior lien bonds dr bonds of any series issued under the
mortgage; (c) for not more than 75% of the cost or fair value whichever
is less, of construction or acquisition, subsequent to N ov. 22 1923, of
property additions as defined in the mortgage.
In the event of the acquisition of property of Great Northern Power Co.
there shall be issuable: (a) against the property in Minnesota, as it existed
on N ov . 22 1923, a total of not exceeding $11,120,000 bonds less the principal
amount of all obligations then outstanding secured by lien on the property
acquired ($7,751,000 1st— closed— Mtge. 5% bonds, due Feb. 1 1935, now
outstanding with the public) and against the property in Wisconsin as it
existed on Nov. 22 1923, if it be acquired, a total of not exceeding $350,000
bonds; (6) add’l bonds for not more than 75% of the cost of fair value
whichever is less of property additions, as defined in the mortgage, to the
Great Northern Power C o.’s property made subsequent to Nov. 22 1923.
No bonds in addition to these $8,300,000 bonds. 6% series, due 1950,
may be issued, except for refunding purposes, unless annual net earnings
shall have been at least equal to either (1) twice the actual annual interest
requirements on, or (2) 12% of the principal amount of any underlying
or prior lien bonds which may be outstanding and all bonds issued and out
standing under the mortgage, including those proposed to be issued. Not
more than 15% of such net earnings shall consist in the aggregate of net
non-operating income and (or) net income derived from leased properties
and (or) properties not directly subject to the lien of the mortgage.
6% ser. due 1950 are red. on any int. date on 60 days’ notice at 106 and
int. to and incl. M ay 1 1927, thereafter at a premium decreasing % % per
annum, the bonds being red. at 100M and int. on and after Nov. 1 1949.
Co. agrees to refund Penna. 4-mills tax. $8,300,000 were offered in Nov.
1923 by Harris, Forbes & Co., Tucker, Anthony & C o., Bonbright & C o.,
Inc., and Coffin & Burr, Inc., at 97H and int.. to yield over 6.15% .
V. 117, p. 2330. In June 1924 the same bankers offered an add’l $4,000,000
at 100 and int. V. 118, p. 2958.
Dividends.— Divs. on all classes of pref. stock have been paid regularly
since organization.
EARN ING S.— Earnings for years end. Dec. 31:
Calendar Years—
1924.
1923.
$2,252,397
Gross earnings from operation____________________ $2,970,686
Operating expenses and taxes____________________
1,658,546
1,353,770
Net earnings from operation____________________ $1,312,140
$898,627
____
Other income___________________________________
845,278
Total income___________________________________ $2,157,418
____
Interest on bonds_______________________________
640.667
____
Other interest and deductions___________________
281.778
____
Balance________________________________________$1,234,973
____
Dividends on preferred stock____________________
281.461
____
Balance______________________________________
$953,512
____
Dividends on 2d preferred stock_________________
455.000
____
Balance______________________________________
$498,512
____
Renewal and replacement reserve________________
200,000
____
Balance for surplus___________________________
$298,512
____
O F F IC E R S — Pres., C . E. Groesbeck; V .-P ., D. F. McGee; V .- P .
E. W. Hill: V .-P ., A. W . Hartman; V.-P. & Gen. M gr., W . S. Robertson
Sec. & Treas., W . S. Hodgson.
Supervision.— Under supervision of Electric Bond & Share Co.— V
119, p. 1178, 1964.
In July 1923, control o f the company, formerly held by the American
Public Utilities C o., was acquired by H. M . Byllesby & Co. V. 117. p. 327
ORGAN IZATION .— incorp. in Wisconsin Dec. 2 1901 as the La Crosse
Gas & Elec. Co. (successor to the La Crosse Gas Light C o., the LaCrosse
Brush El. Lt. & Pow. Co and the Edison Lt & Pow Co.) On June 24
1914 changed name to Wisconsin Minnesota Light & Power C o., but in
1923 name was again changed to present title. In 1914 merged the
Chippewa Valley Ry. Lt. & Power Co. (incorp. In Wis In 1898) and the
Chippewa Valley Construction Co
In 1914 acquired the property of the
Winona Gas Light & Coke C o., Red Wing Gas Light & Power C o.. Minne
sota-Wisconsin Power C o., Eau Claire Gas Light Co. and Nelllsville Elec
tric Oo. V 99, p. 1758. In July 1917 purchased the property of the
Bloomer (Wis.) Elec. Light & Power Co. V. 105, p. 296.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Owns and operates electric light and power, street and interurbiin railway,
gas, domestic water, and hot water heating properties in Eau Claire, La
Crosse, Chippewa, Menominee, Sparta. Tomah and Viroqua. Wis., and
Winona, Wabasha, Lake City, Twin Cities and Red Wing, Minn. Owns
and operates 24 miles o f electric railway, incl. interurban line on private
right-of-way between Eau Claire and Chippewa Falls and local lines in those
cities. Present rated capacity o f c o .’s hydro-electric and steam plants
approximates 78,000 h. p. Ultimate development, 150,000 h. p. Owns
over 819 miles of high-tension transmission lines. Also owns and operates
gas properties in -La Crosse. Operates under an indeterminate permit
granted by the Wisconsin RR. Comm, and is protected against competition
by any other public utility doing a similar business.
Has contract with Northern States Power Go to supply lt with electrh
energy for 30 years which began in 1917. In June 1922 leased the property
o f the Chippewa Power Co. for a period o f 30 years. For terms of lease
see under caption “ Chippewa Power C o.” in V. 114, p- 2721.
T W I N C I T Y R A P ID T R A N S I T .
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
ORGA N IZA TIO N .— A holding co. Organized under laws of State of
Common, $5.000,000________ _____
________ $2 500.000
New Jersey June 3 1891 and by virtue of its stock ownership of underlying
Pref..$5.000.000 (7% cu m .)............
Q-M 1
4,528,600 Mar ’25 1*4 cos. (to wit, Minneapolis St. Ry. C o., the St. Paul City R y. C o., the
1st & ref M , $20,000,000 gold\ 1914 5-8 g M-N 10,549,001’ May 1 1944
Minneapolis Lyadale A Minnetonka Railway Co. and The Minneapolis
($500&$1,000)c*($l,000)r*f Int. payable In N . Y, or Chicago,
fc St. Paul Suburban RR. Co.) controls the entire street railway system
red aft M ay 1 ’ 19@ 105&lntl Harris Trust & Sav. Bank, Chicago: Trustee
of Minneapolis, St. Paul. Stillwater, and lines to Excelsior, Tonka Bay and
/ Albert W. Harris C o.. Trustee.
Oeephaven at Lake Minnetonka. In 1906 absorbed the North Side Street
Gen & ref mtge Ser “ A ’M 1922 5-7 g J-J
3,096,000 Jan 1 1947
Ry. (Robblnsdale line) and the St. Louts Park line; V. 83, p. 1472. In
($100. $500 & $l,000)_c*tf)In t. in N . Y . or Chicago
1905 articles of Incorporation were amended so as to make the charter
Winona Gas Light & Coke C o . ___
_______
284.000
oerpetual
V. 80, p 1914.
Red Wing Gas Light & P, C o . ____
_______
250,000
New Subsidiaries.— Because of a decision of the Supreme Court holding
Stock.— Pref. stock Is pref. as to assets and dividends. Additional pref
hat suburban lines, as railways, are amenable to the Minnesota 5% gross
•took may be Issued only under conservative restrictions. The pref. stiicb
■arnlngs tat. It was decided In Mar. 1910 to Incorporate The Mlnneaoolls
may elect a majority o f the directors whenever four consecutive quarterly
k St. Paul Suburban RR. ($1,000,000 stock. Increased to $3,000,000 In
dividends remain unpaid or the property Is shown to be Inefficiently man Jan. 1911; debt limit was also Increased Co $10.onn 000: V. 92. d - 187).
aged or depleted
See V 99 p. 54: V. 106, p. 1797
The Minnetonka & White Bear Navigation Co. ($250,000 stock) and The
Bonds.— Of the 1st & ref- honds o f 1914. $1,111,000 carry. In addition to
Rapid Transit Rea) EstateCorp . $15,000 stock, and to re-arrange matters
the regular 5% interest, additional 3% interest coupons. V. 113. p. 1889. *0 that the suburban lines, the steamer lines and the hotels, parks, &c., of
Escrow bonds can be issued to retire prior liens and for 75% of cost of the company might be handled separately for taxation and accounting pur
extensions and additions (provided $250,000 is expended for extensions, poses. V. 90, n. 850. In Aug. 1924 acquired the Twin City M otor Bus
&c.. without the issue o f bonds), but only as regards the first $2,750,000 C o., Inc., which is now operated as a subsidiary. V. 119, p. 695.
bonds, in case the annual net earnings are 1)4 times the total int. charge
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
incl. bonds applied for; balance may be issued when net is 1% times int
On Dec. 31 1924 comprised 491.45 miles single-track equivalent, including
Charge. V. 98, p. 1995. Sinking fund payable on the basis of the following
four interurban lines connecting the business centres of Minneapolis ana
percentages of the bonds outstanding, including underlying bonds: 18?
St. Paul, an interurban line o f 22 miles connecting St. Paul and Stillwater,
yearly to 1928, 1)4% 1929 to 1938, and 2% 1939 to 1943. either to retirf
and lines to Lake Minnetonka. Standard gauge. On the principal streets
bonds or for extensions and additions.
of the cities, 90-lb. Trail with welded joints. The company leases water
Additional gen. & ref. mtge. ser. “ A ” bonds and bonds of other series
(capacity
and bearing such rates o f int. as may be determined by the board of director* power at St. Anthony Falls generated 22,000 h. p .), which power is now used
in conjunction with power
are issuable under certain restrictions. Sinking fund provides for payments- entire railway system in both cities. at new steam power plant to run the
See V. 64, p. 704.
amounting to 4$ o f 1% o f ser. “ A ” bonds outstanding, from Jan. 1 1927 to
Franchises.— In 1921 the companies surrendered the existing franchises
Jan. 1 1937; M o f 1% from Jan. 1 1937 to Jan. 1 1942, and 1% each yea>
and now operate under indeterminate permits. V. 112, p. 1979, 2191, 2538.
thereafter to maturity. Are red. all or part on 30 days' notice on any int
Valuation of Minneapolis Street Ry.— For reports on valuation of property
date on and after Jan. 1 1932, at 110 during that year and at 1% less pe<
connection with franchise matters, see V 105. p. 1523. 2185; V. 106
cal. year during each year to and incl. 1937, and at 1041-4 on Jan. 1 1938
716; V. 108, p. 380, 683; V. 114, p. 1892.
and )4 % less per cal. year during each year thereafter, and on Julyl 1946,
Valuation of St. Paul City Ry.— For detailed valuation of this property,
at lOO, plus int. in each case. Tax refund in Penna., Mass, and Conn
see V. 112, p. 258.
V. 114. p. 412.
Debt Limit of Minneapolis Street Ry. Removed.— See V. 112, p. 1866.
Dividends.— Initial div. on pref. stock o f l ? i % paid Sept. I 1914; sami
Merger of St. Paul and Minneapolis Street Car Systems Proposed.— See
rate quar. since to and incl. March 1925.
V. 115, p. 2794.
EARN ING S.— For cal. years
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
1923
1922
1921
1920
rwin City Rapid Transit—
$2,931,401
$2,878,701
$2,478,990
Gross.............. ....... $3,362,018
Com $22,000,000 ($100)............. 8 Q-J
$22,000,000
8ee text.
N et______________ 1.496.035
1.408,138
1,263,977
850.246
Pref cum $3,000,000 ($100)- 1895
7 Q-J
3.000.000 M a r .'25. 1H
OFFICERS.— Pres., J. J. O’Brien; V.-Ps., R . F. Pack and Halford
Minneapolis Street Railway Co.—
Erickson.— V. 118, p. 1522, 1776.
1st con M g$5.000.000-C*col 1889
5%
See text Aug. 15 1928
See text 5,000,000 Aug 15 1928
1st mtge coll 5)4 % notes guar/ 1924
($500 & $1,000) g o ld ..c * t f\Farmers’ Loan & Trust C o., N. Y ., trustee.
M IN N E S O T A P O W E R & L I G H T C O .
10-yr gold notes, $5.900,000-—All owned by Twin City Rapid Transit Co.
Controlled by American Power & Light Co.
it Paul City Railway Co—
First mtge on real estate and! 1882
6 g A-O
224.000 April 1 1934
ORGANIZATION.— Incorp. in 1906. Formerly known as the Duluth
horse-car franchise. _cpt (Exchangeable at 105 for first consolidated
Edison Elec. Co. but name was changed to present title in 1923. In
1923 the co. acquired the property of the Minnesota Utilities Co. (V. 116,
First consol mtge gold..cpt 1884
6 g A-O
456,000 Oct 1 1934
p. 419), General Light & Power Co. and certain other properties. Owns
Cable con gold(see text) cpt 1887
6 « J-J 16 3.708.000 Jan 15 1937
10-yr gold notes. $1.700.000— All owned by Twin City Rapid Transit C o.
the entire capital stock, except directors’ shares, of Great Northern Power
C o. (V. 114, p. 311) and operates the Minnesota properties of that co. Minneapolis & St Paul Suburban Ry—
under lease.
10-yr gold notes. $2,250.000— All owned by Twin City Rapid Transit C o.
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— Minn Street & St Paul City Ry—
Joint con mtge $10,000,0001 1903
5 g A-O
10,000.000 Oct 1 1928
Does, directly or indirectly, the entire commercial electric power and light
($1,000) gu p & 1 c*cpt'Central Trust Co. of New York, Trustee.
business in northern Minnesota, serving 94 communities, including Duluth,
All bonds are for $1,000 each, and with the exception of the joint issue of
Chisholm, Eveleth, Ely, Cloquet, Brainerd and Little Falls. Also serves
at wholesale, Superior, Wis. The territory served comprises a population 1908, interest is payable at Farmers’ Loan & Trust C o., New York.
Hock.— Listed on New York Stock Exchange.
estimated at 320,000, and includes the Mesaba, Vermilion and Cuyuna
Bonds.— The Minneapolis Street Railway Co Jointly and severally with
iron ranges. Property now owned or operated under lease by the co.
the Minneapolis Lyndale & Minnetonka Railway Co , issued $5,000,000
includes electric generating plants having a total capacity of 97,115 k.w.,
o f which 70,665 k.w. is hydro-electric and 14,450 k.w. is steam: 885 miles of 5% . 30-year first mtge and first consol mtge gold bonds, due originally
high-voltage transmission lines and 713 miles of electric distributing system. Jan 15 i9 1 9 . Were extended to Jan. 15 1922 and again to Jan. 15 1925.
V. 113, p. 1983. Again extended to Aug, 15 1928 and pledged as security
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
for the 1st mtge. coll. 5)4 % notes. They are secured by the same mtge. as
Common $20,000,000 ($10)_ _____
_
________ x$20.000,000 ___________
the old 5s and are unconditionally guaranteed, prin. and int., by the Twin
Pref 7% cum $6,350.000($100)____
7 Q-J
6,206,400 Apr 25 1 % % City Transit Co. See statement to New York Stock Exchange in June 1895.
Pref 6% cum $1,150.000 ($ 1 0 0 )____
_________
25 ; ,000 Apr 25 134 % V. 60. p. 1149.
2d p f 7% cum $7,500,000($100)____
-------------- x6,500,000 Apr'25 124 %
1st mtge. coll. 5)4 % notes are guar., prin. and int., by Twin City Rapid
1st & ref M 6% ser due 1950 f
Transit Co. and are secured by deposit with trustee of $5,000,000 1st cons,
6 g M -N 12,300.000 Nov 1 1950 extended bonds of 1889. Int. on notes is payable M . & N. in N. Y . (except
($500 & $1,000 c*& $1,000, 1923
$500 & mult r*) gold___ tf llrv.Bk. ■Col.Tr.Co ,N Y . & Geo E Warren,T. that the last coupon will be for 3 J4 months’ int. and will be payable Aug. 15
Notes_____________________________
7%
x3,400,000
1933
1928. $5,000,000 were sold in Oct. 1924 by Dillon, Read & Co. at 100 &
x A ll the notes, 2d. pref. and com. stocks, except directors’ shares, are int. V. 119, p. 1844.
The St. P aul City Railw ay C o. has Issued $3,708,000 5% 50-yr cable con owned by American Power & Light Co.
tolidated bonds, and may Issue $680,000 now held by the Farmers’ Loan &
Stock.— 7% pref. is red. at 110 & divs. In Oct. 1924 $2,200,000 7%
trustee, to redeem the $680,000 prior lien bonds; limit
pref. was sold by Tucker, Anthony & Co. and Bonbright & C o., Inc., at Trust Co., Is $4,388,000. and no further underlying bonds can be fixed by
this mtge.
put out.
98 & div., to yield 7.14% . V. 119, p. 1964.
V 77. p.2281. Part of these cable consols i$1.138.000) Is guar. (p. & 1.)
Bonds.— Add’l 1st & ref. mtge. bonds o f this series, or of other series by end. of Twin City Rapid Transit Co. See statement to N. Y . Stock
•which shall have such rates o f interest as co. may determine, may be issued Excb. In June 1895, V 60 p. 1150. Of the 1st consols, mtge. of the St.
as follows: (a) $2,765,000 at any subsequent time against the property as Paul City, $224,000 are held by the Farmers’ Loan & Tr. Co. to be ex
tt existed N ov. 22 1923; (6) for the purpose of refunding an equal amount changed for the $224,000 first mtge bonds
178
PUBLIC UTILITIES
[V ol. 120,
The M in n e a p o lis Street R y. A St. P a u l C ity R y. consolidated mortgage o!
1003 Is a joint Issue o f the Minneapolis Street R y . and the St. Paul Olty R y .
Guaranteed, prin. and int., by endorsement, by Twin Olty Rapid Transit
Oo. see V. 77, p. 2281 and 2340).
D ivid en d s. — On preferred Is paying 7% per annum, First dividend of
1% was paid on the common stock in Aug. 1899: in 1900. 3% ; In 19 01.4% ;
1902 to 1908 incl., 5% per ann.; 1909, 5 H % : 1910 to 1917 incl., 6% per
annum. In 1918. 2% ; 1919, 2 X % ; 1920, 3% ; 1921, 2% ; 1922, 4 % ; 1923,
6% . In 1924, 4 % .
ANNUAL RE PO RT.— Report for calendar years:
1924.
1923.
1922.
1921.
Revenue pass, carried. _209,202,818 221,542,298 226,543,924 227,727,748
Transfer pass, carried.. 74,698,853 80,477,866 81,331,285 80,169,491
Rects. from transport’n_$12,593,799 $13,351,233 $13,659,955 $13,734,117
Rects. from oth. sources.
211,832
228,814
181,934
187,197
Bonds.— $272,000 in sinking fund. Remaining bonds are reserved fo f
future additions, improvements, &c. Subject to call as a whole or in part
for sinking fund at 105 and interest. Sinking fund, 2f Z% o f total bond8
certified, began Jan. 1 1917.
EAR N ING S.— For years ending Dec. 31:
Net (after Bond Int.,
Year—
Cross.
Taxes). Sink.Fd..&c.
Balance.
1924------------------------------- $183,154
def$4,293
$99,525
def$103,818
1923------------------------------- 262,449
64,269
99,525
def35,256
1922------------------------------- 257,769
66,693
101,697
def$35,004
OFFICERS.— Pres., O. Mitchell; V .-P ., Clement R . Ford; Sec., Agnes
Carmody; Treas., L. E . Flint; Asst. Treas,. J. O. Bergeson; Clerk, L. E
Flint; Asst. Sec., R. Haydock; Gen. M gr., L. W. Hayes.— V . 118, p. 431.
Total receipts_______$12,805,631 $13,580,047 $13,841,889 $13,921,314
Operating expenses____
9,185,928
9,537,841
9,914,324 10,990,535
ORGAN IZATION .— Incorp. in South Dakota in July 1918 to take over
the property of the Minneapolis St. Paul Rochester & Dubuque Electric
Trac. Co. (“ Dan Patch” line) sold at auction July 29 1918.
FIELD OF OPERATIONS A N D CH A R A C TE R OF B U SIN ESS.—
On Aug. 7 1918 was licensed for business in Minnesota. V. 107, p. 1004.
On Nov. 19 1918 the company resumed operation of the cutoff from Auto
Junction to Luce Line Junction and thence to Minneapolis. Compare
V. 107, p. 1192. Operates a total of 80 miles (incl. owned lines operated
Minneapolis to Northfield, 56 miles; trackage rights, Northfield to Fari
bault, 15 miles, and Northfield to Randolph, 9 miles).
CA PITA LIZA TIO N .— Authorized capital stock, $1,000,000 com. and
$500,000 pref.; outstanding, $307,600 com, and $44,800 pref.; par value of
shares, $100.
EARN ING S.— For cal. year 1924, gross, $618,524; net after taxes, & c.,
$69,727. In 1923, gross, $690,875; net after taxes, $93,524.
OFFICERS.— Pres., H. E . Pence; V .-P ., A . D . Walker; V .-P ., J. H .
Ellison; Treas., W . O. Winston; Sec., W . R . Stephens.— V . 107, p. 697.
1004. 1192.
Net earnings_________ $3,619,703 $4,042,206
Interest, taxes, &c_____$2,341,951
$2,463,694
Miscellaneous d e b its ..(7% ) 8,744
8,444
Divs. on pref. stock____
210,000
210,000
Divs. on com. sto ck ...(4 % )8 8 0 ,000 (6)1,320,000
$3,927,565
$2,346,180
16,183
210,000
(4)880,000
$3,930,779
$2,215,866
17,608
210,000
(2)440,000
$179,009
$40,067
$475,201
$47,305
Balance, sin-plus_____
OFFICERS.— Pres., Horace Lowry: V.-Ps., E. W. Decker and T . J.
M cPdl; 3d V.-P. & Sec., A . M . Robertson: Comp.. D . J. Strouse; Treas.,
E. A . Crosby.— V. 115, p. 437, 546, 2794: V . 116, p. 411, 1757, 2638:
V. 117, p. 1993: V. 118, p. 432, 1390. 2043, 2951: V. 119, p. 457, 695, 1173,
1845, 2181: V. 120, p. 584, 830, 1084.
D U L U T H -S U P E R IO R T R A C T IO N .
ORGAN IZATION .— Incorporated in Connecticut In 1897. Owns entire
■tock o f the Duluth Street R y .. the Lakeside Street R y. and the Superior
Rapid Transit. The corporate existence of the Duluth Street Ry. Is main
tained, but all of Its stock ($2,000,000 authorized, $1,800,000 outstanding)
Is held by the Duluth-Superior Traction. This latter company has no
bonded debt. The Duluth Street R y. was organized under Act of Minne
sota approved N ov. 17 1881 and possesses “ an exclusive franchise" which
runs until 1931.
See decision with regard to franchises In Superior
In V. 80, p. 1911. On Dec. 18 1918 the company surrendered its franchise
to operate in Superior and in 1921 its Duluth franchise; the system now
being operated on the indeterminate permit basis under which the State, in
stead of city officials, has jurisdiction over the co. V . 107, p. 2476. See
also V. 112, p. 2082. On Sept. 1 1917 the Duluth St. R y. acquired the S i
mile line of the Park Point Trac. Co. o f Duluth, Minn. V. 105, p. 180.
The Duluth-Superior Bridge between Duluth, Minn., and Superior, W is., Is
used by the railway but is a separate corporation, and has issued 1st M .
bonds for $650,000 and 2d M . bonds for $300.000.— see bridge items. V.
63, p. 310, 504.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS —
A trolley road. The system embraces about 109.67 miles of track and
includes all the lines in Duluth and Superior. 143 passenger and 23 other
cars.
Valuation.— See V. 110, p. 1748: V . 115, p . 435; V. 117. p. 1461. Valua
tion o f operating property in Superior, W is., given in V. 116, p. 2993.
Fares.— See V . 120, p. 86.
STOCK AN D BONDS— D a te .
I n te rest. O utstanding.
M a tu rity
Common. $3,500,000 ($100)_____ Q-J
$3,500,000
See text
Pref 4% cum .$1.500.000($100)____
Q-J
1,500.000
See text
Duluth St Ry M , $2,500,000,1 1900
5 g M&N
2.500.000 May 1 1930
gold ($1,000)__________ c*\lnt. at Cent. Trust C o.. N . Y ., Trustee.
Dul 8t Ry gen M $2,500,000.] 1910
5 M -N
1,121,000 May 1 1930
gold ($1,000) sk fd _____c*\Int. at Central Tr. C o., N . Y ., Trustee.
Stock. — Both com. and pref. are listed on N . Y . Stock Exch. V. 90. p. 848
B onds. — The mtge. of 1900 covers all the mileage of the Duluth Street Ry
the property of the Lakeside St. R y. and of the Superior Rapid Transit
having first been conveyed to the Duluth Street Ry.
The general mortgage bonds are subject to call on any interest day at
105 and interest. $181,000 are held in treasury and $320,000 have been
canceled. Remaining bonds may be issued for additions, extensions, &c.
under conservative restrictions. They are guaranteed, principal and inter
est by Duluth-Superior Traction C o. Sinking fund o f 2 % per annum of
bonds out began M ay 1913. Exempt from personal tax in Minnesota
V . 90. p. 1296; V. 91, p. 276; V . 92. p. 186; V . 104. p . 1044.
D ivid en d s. — On the preferred stock 4% per annum from Jan. 1901 to and
incl. April 1921. None to Oct. 2 1922, when 2% was paid, being 1% each
for the quarters ending June 30 1921 and Sept. 30 1921. V. 115. p. 1210.
In Jan. 1923 three divs. o f 1 % each were paid for the quarters ending Dec. 31
1921, March 31 1922 and June 30 1922. V . 115, p. 2378. In April 1923
two divs. o f 1% each for quarters ending Sept. 30 and Dec. 31 1922 were
paid. V. 116, p. 1049. In July 1923 two divs. of 1% each were paid for
quarters ending Mar. 31 1923 and June 30 1923. V. 116, p . 2636. In
Oct. 1923 1% was paid. In 1924. Jan.. 1% ; April, 1%; July, l% ;O c t . 1924
dividend deferred (see V. 119, p. 1509). In Jan. 1925 1% was paid; in
April 1925 2% was paid (representing 1% for last quarter o f 1924 and 1%
for first quarter o f 1924). V. 120, p. 1325. On common, first dividend
— 1% — Oct. 1909. Same amount quarterly to and including July 1910;
In Oct. 1910, 1M % . Same amount quarterly to and including April 1913.
In July 1913 reduced to 1 % (V. 96, p. 1772); same amount quar. to and incl.
Jan. 1915, April div. omitted (V. 100, p. 900); payments changed to semiann. basis and a div. o f 1 % paid July 1915 (V. 106, p. 1437). None to Oct. 1
1917, when 1% was paid. Same rate quar. to and mcl. Oct. 1 1918. None
to Jan. 1924, when 1% was paid. V . 117, p. 2432. None since.
R E PO R T .— For calendar years
Calendar
Operating Net (.after Other
DeducDiviBalance,
Years—
Revenue.
Taxes). Income, tions.
tions. S ur.orD ef.
1924_________ $1,789,402 $190,030 $25,360 $173,385 $45,000 def. $2,996
1923_________ 1,904,607 268,627 28,731
174,247 125,000 def. 1,889
1922_________ 1,784,774 262,919 26,973
175,278
75,000 sur. 39,614
In 1924 carried 29,204,374 revenue passengers and 5,104,670 transfer
passengers, against 31,343,815 revenue passengers and 5,354,872 transfer
passengers in 1923.
OFFICERS^— Chairman o f the Board, A. E. Ames; Pres., A . M . Robert
son; V.-P. & uen. M gr., Herbert Warren: Sec. & Treas., S. L. Reichert;
Aud., W . P. Dwyer.— V. 116, p. 822, 1049, 2007, 2636; V. 117, p. 1128,
1992, 2432; V. 118, p . 793; V . 119, p. 1509, 2760; V. 120, p. 1202, 1325.
M IN N E A P O L IS N O R T H F IE L D & S O U T H E R N R Y .
IOWA
A L B IA L IG H T & R A I L W A Y C O .
ORGANIZATION.— Incorp. in Delaware June 1916 as a reorganization
the Southern Iowa R . & Light C o., as per plan in V. 103, p. 939.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Does the light, heat, power, railway and gas business of Albia .Hocking,
Hiteman and community, serving a population of 15,000. Operates 12
miles of street and interurban railway in Albia and connecting the towns
of Hocking and Hiteman with Albia. 60 and 70-lb. T rail; standard gauge.
Also supplies power for the operation of 12 miles of the Centreville & Albia
Ry. Co. New power units and 22 miles of transmission lines were placed
in operation March 15 1918, with contracts to furnish power for 4 large coal
mines and the mining communities located at these mines. Franchises
expire in 1942.
STOCK AND BONDS—
Date.
Interest. O utstan ding. Maturity.
Com stock $400,000 ($100)
$400 000
Q— F
v 107(1 nun-cum*
Pf 6% non-cum$100,0OO ($10)
100,000
See text
t
5gJ
____
1st M $500,000 gold ($1,000/ 1916
400.000
1941
J-J
and $100)____
and$ 1 0 0 )..._...c & r .c p tlln t. at Empire Trust Oo., N. Y . trustee.
B on d s .— Of the bonds retried outstanding, $100,000 were Issued to cover
aew extensions. Remaining bonds are for extensions and additions. No
sinking fund and not subject to call.
D iv id en d s .— Quarterly divs. of 1 % on pref. stock were paid from Aug.
1 1917 to and Incl. May 1918. None since.
EARNINGS.— Years ending Dec. 31:
C a l. Y ea r —
C ro ss.
N e t.a ft.T a x . B on d I n t .
S u r p lu s.
1920........................................... $160,363
$45,212
$17,500
$27,712
•1919........................................... 133.900
37 811
17,500
20.311
•Earnings were adversely affected by the coal strike during Nov. and
Dec. 1919. It is estimated that net earnings would have been $3,500 more
had not this strike occurred.
OFFICERS.— Pres., Albert L. Fowle; V.-P., Merle R. Walker; Sec..
M. A. Day, all of 61 Broadway, N. Y . City; Treas. 3c Gen. Mgr.. Ralph
W . Boyer. Albia— V. 103, p. 939: V. 105. p. 496.
C E N T R A L IO W A P O W E R & L I G H T C O .
Controlled by American Gas Co.
O RGAN IZATION .— Incorp. in Delaware Oct. 29 1924. Owns and
operates the electric light and gas properties formerly owned and operated
by the Citizens Gas & Electric Co. (V. 105, p. 1106), Cedar Valley Electric
Co. (V. 100, p. 1755), and Northern Iowa Gas & Electric Co. (V. 114,
p. 2477). In Feb. 1925 it was reported that the co. had acquired the
Grundy Center (la.) Elec. Co. V. 120, p. 828.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Furnishes without competition electric light and power in 47 communities
in central and northern Iowa, includingthe cities of Waterloo, Hampton,
Charles City, Eagle Grove, Clarion and Humboldt. Co. also manufactures
gas in Waterloo and Eagle Grove, and distributes it in these cities and in
Cedar Falls. In addition co. supplies electric energy, under contract expir
ing in 1934, to the Northeastern Iowa Power Co. The c o .’s electric
generating equipment will consist of four hydro-electric plants, four main
steam generating stations and four auxiliary steam generating stations,
having a total capacity of 26,481 k. w., with adequate boiler and steam
turbine facilities. The hydro-electric generating plants are located at
Humboldt, Rutland, Charles City and Nashua, and the principal steam
stations are at Waterloo, Charles City, Eagle Grove and Spirit Lake.
Central Iowa Power & Light Co.
National Electric Power Co.
M E SA B A R A I L W A Y C O .
Receivership.— On M ar. 8 1924 Oscar Mitchell, Duluth, Minn., and
James C . Chestnut, McAlester, Okla., were appointed receivers for the co.
OR G A N IZA TIO N .— Incorp. June 27 1914 in Massachusetts as a reor
ganization o f the Mesaba Electric R y. C o. o f Maine and the Mesaba Ry.
Co. of Minnesota. It acquired all the property o f those two companies
and assumed their obligations.
FIELD OF OPERATIONS AN D CH A R A C TE R OF BUSINESS.—
Operates the passenger and freight electric road on the Mesaba Iron Range,
M inn., connecting the towns o f Hibbing. Chisholm, Buhl Mountain Iron,
Virginia, Eveleth and Gilbert. Total mileage, 38.80. Road is on private
right-of-way except in towns, with steam road construction. Placed in
operation March 1 1913.
Default, &c.— The co. defaulted on Jan. 1 1924 in making the payment
due to the sink, fund provided under the first mtge., and also defaulted in
the payment o f the int. coupon due Mar. 1 1924 on the 1st mtge. bonds.
The following protective committee has been formed:
Committee for First Mtge. 5s.— Chairman, O. N . Mason; Arthur V.
Morton, J. S. Newbold, Henry P. Vaux; Sec., L . W . Osborne, 31 Nassau
St., N. Y . City. Depositary, Penna. Co. for Insur. on Lives & Granting
Annuities, Phila., Pa. Deposits have been called for. V. 118, p. 431.
Engineers' Report.— For report on property by Day & Zimmermann, Inc.,
see V . 118, p. 431.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Common $2,500,000 ($100)...................................
$1,575,000 ---------------P f$ 1,250.000 ($100) 7% ( c u m ) ____
_______
685,000 ---------------Mesaba Ry 1st M $2,500,000/ 1912 5 g M-S
1,211,000 Mar 1 1932
gold ($1,000) sinkfund.c*tf lin t, at American Trust C o., Boston, trustee.
Incom ebonds_______________ _ ____
6%
370,000 Mar 1 1931
Florida Public Service Co.
are
among the many strong Public Utility cor
porations whose bonds have been underwrit
ten
and
distributed
by
this
organization.
A .C . A L L Y N andC O M
PANY
In corporated
71 WEST MONROE. ST., CHICAGO
NEW YORK
P H IL A D E L P H IA
BOSTON
M IL W A U K E E
M IN N E A P O L IS
POWEK, LIGHT AND RAILW AY
M ay , 1925.]
Has 490 miles of high tension transmission lines. The gas manufacturing
plants at Waterloo and Eagle Grove have a daily rated production capacity
of 3,444,000 cu. ft., distributed by means o f 163 miles o f gas mains.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ 40,000 shs. ---------------Common (no par)___________ _____
Preferred, 7% cumul________ ' ____
_________ $1,788,800
See text
1st M Ser “ A ” ($500 & $1,-1 1924
6 g M -N
6,500,000 N ov 1 1944
000) gold____________ c* tf j Central Trust Co. of Illinois, Chicago, Trus.
Conv gen mtge Ser “ A ” ($5001 1924 7 g M -N
1,000,000 N ov 1 1934
& $1,000) gold_______ c * tf (Central Trust Co. o f Illinois, Chicago, Trus.
Bonds.— The 1st Mtge. 6s Ser. “ A ” are red. all or in part on any int.
date on 45 days’ notice at 105 and int. up to and incl. N ov. 1 1934, this
premium of 5% of the principal decreasing at the rate of 46 of 1% of the
principal on each M ay 1 thereafter. Mtge. provides for maint., renewal
and sink, fund of 10% of gross operating revenue annually. Prin. and int.
payable in New York, Chicago or Philadelphia. Listed on Chicago Stock
Exchange. Penna. 4-mill tax. Conn. 4-mill tax, Maryland 4 46-mill tax
and Mass. 6% income tax refundable. In N ov. 1924 A. C. Allyn & Co.,
Inc., and Stroud & Co., Inc., sold $6,500,000 1st M tge. 6s Ser. “ A ” at 100
and int. V. 119, p. 2285.
The conv. gen. mtge. Ser. “ A ” 7s are red. all or in part on any int. date
on 45 days’ notice at 105 and int. up to and incl. N ov. 1 1929, this premium
o f 5 % of the principal decreasing at the rate of 1 % of the principal on each
M ay 1 thereafter. Prin. and int. payable at New York, Chicago, or
Philadelphia. Listed on Chicago Stock Exchange, Penna. 4-mill tax,
Conn. 4-mill tax, Maryland 4 46-mill tax and Mass. 6% income tax refund
able. In N ov. 1924 A. C. Allyn & C o., Inc., and Stroud & Co., Inc., sold
$1,000,000 7% conv. gen. mtge. 7s Ser. “ A ” at 100 and int. V. 119, p. 2409.
Dividends.— Divs. at the rate o f 7% per annum are being paid regularly
on preferred.
EARN ING S.— For 12 months ended Dec. 31 1924:
Gross earnings________________________________________________ $1,957,810
Operating expenses, &c______________________________________
1,168,486
N e t _______________________________________________________
Fixed charges_______________________________________________
$789,324
460,000
Balance, surplus___________________________________________
$329,324
OFFICERS.— Pres., M . W . Stroud.— V. 119, p. 2285, 2409: V. 120,
p. 828.
IO W A S O U T H E R N U T IL IT IE S C O .
Change in Control.— In Nov. 1923 George M . Bechtel purchased the con
trolling interest in the co. formerly held by David G. Fisher. V. 117, p.
2440. Compare V. 108, p. 1940, 2245.
ORGAN IZATION .— Organized in Delaware in 1923.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Company at that time owned and operated the electric light property at
Creston, Cromwell, Lorimor, Talmage and Thayer, and wholesaled current
to Orient, Prescott, Tingley, Ellston and Arispe; and in March 1923 the co.
purchased all o f the physical assets o f the Iowa Southern Utilities C o., a
corporation organized in Maine in 1905 under the name o f the Centerville
Light & Traction C o ., which owned and operated the public utility properties
serving the city o f Centerville, la ., and a street railway serving the city and
extending to the town of Mystic. The co. later acquired all o f the properties
o f the Centerville Albia & Southern R y., which operated a passenger and
freight electric railroad between Centerville and Albia, la ., steam plants
at Centerville and Creston with 410 miles of high-tension transmission line;
steam plant at Creston with 75 miles o f transmission line; steam heating
system at Centerville; a gas generating and distribution system at Center
ville; a short street railway in Centerville, also electric railroads on private
right-of-way connecting Centerville with Albia and Mystic, which do a
freight and express business and are connected with transcontinental railway
lines. 31.94 miles o f electrica railway. Electric light and power station
has an installed capacity o f 13,500 k. w. 14 miles o f gas mains. 19,784
electric and 719 gas meters. Serves 66 communities.
The Delaware co. since Dec. 31 1923 acquired the physical properties
o f the Southern Iowa Electric Co. On Jan. 1 1925 acquired part of the
property of the Iowa Lt., Ht. & Pow. Co. and the Burlington (la.) R y. &
Lt. Co. The estimated population served is over 125,000. The majority
o f the franchises run beyond the life of the bonds and contain no burdensome
restrictions.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock 50,000 s h a r e s ..____
________ , 10,000 shs.
Pref stock 7% cum . $5,000,000
$3,000,000
($ 1 0 0 ) ...____. . . . . . . . . . . . . . . . .
7 Q-J_
1st M (Maine co) $2,500,0001 1916
6 g A-O
1,731,000 Oct 1 1933
sk fd gold ($100, $500 and! Int. in N. Y . or Chicago. Central Trust Co
$ 1 ,0 0 0 )--------------------- c* tfl o f Illinois, trustee.
redeemable at 105 and inti
_____________ (Delaware co f
6 g F-A
1,659,300 Feb 11943
1st & ref mtge_______________ 1923
Series o f 1923 ($100, $500(The Northern Trust C o., Chic., 111., trustee,
and $1,000) gold--------- c * tf[
Southern Iowa Elec 1st m tge.______
6%
307,600 ---------------Notes_____________________________
6%
1,000,000 Mar 1 1932
Stock.— Pref. is red. all or in part on any div. date on 30 days’ notice at
115 and divs. In Jan. 1925 $1,000,000 7% pref. stock was offered by W . C.
Langley & C o., N. Y ., at 9346 and div., to yield about 7.49% . V . 120. p.
330. In April 1925 the same bankers offered an additional $1,000,000 7%
pref. stock at 95 and div., to yield 7.36% . V . 120, p. 2012.
Bonds.— A direct first mtge. upon the properties, &c., now owned and
hereafter acquired. Additional bonds may be issued up to 80% o f cost of
permanent extens., &c., when net earnings are twice int. charges on all
bonds outstanding, including those proposed. A minimum maint. charge
for railway properties of 17% o f gross earnings from railway operations, is
provided. Sinking fund began March 1 1919, o f 10% o f net earnings
for the previous year, but not less than 1H % of the average amount of
1st M . bonds outstanding during the year to retire bonds or for permanent
The 1st & ref. mtge. 6% ser. 1923 are red. on any int. date at 10746 and
BONDS
of
Iowa Southern Utilities Co*
1st Mtge. 6s due 1933
1st &. Rf. 6s due 1943
Circulars describing these
and other sound utility
bonds sent on request.
H o a g l a n d , A l l u m & (b i
Established 1909— Incorporated
14 S. La Salle St.
C H IC A G O
3 4 Pine St.
N EW YORK
179
int. to Jan. 1 1928; 105 to July 1 1933, and 102)4 thereafter. Int. payable
in N. Y . or Chicago. V. 116, p. 1768.
EARNING S.— For years ending Dec. 31:
Cal. Yr. Gross.
Net. after Taxes. Bond,&c., Int. Dividends. Btl. ,sur.
1924.-$1,133,441
$423,731
$233,557
$63,889
$126,285
_
409,254
155,242
75,352
178,660
1923_ 1,009,486
1922 ...$844,405
284,318
148,697
66,274
69.347
OFFICERS.— Pres., Geo. M . Bechtel; V .-P ., J. Ross Lees; V .-P ., Frank
S. Payne; Sec., H. R. Bechtel; Treas. & Gen. M gr., E. F. Bulmahn; Aud.,
E. L. Shutts.— V. 117, p. 332, 1894, 2440, 2889; Y. 118. p. 800. 1919;
Y . 119, p. 586, 701, 818, 1177, 1402, 1849; V. 120, p. 330, 2012, 2147.
j
(1) UNITED UTILITIES CORPORATION.
Purchase.— On Jan. 1 1925 Iowa Southern Utilities Co. seemed deed to
physical assets of company. Compare Y. 119, p. 812.
O RGAN IZATION .— Incorp. in 1912 in Delaware as the Burlington R y.
& Light C o ., and acquired the People’s Gas & Electric Co. and old Burlington
R y. & Light Co. Name changed to present title in Oct. 1921.
FIE LD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Does entire municipal and commercial electric lighting and power business
in Burlington, Delta, Martinsburg, Fremont, Mediapolis, Wapello, What
Cheer, West Burlington, Sigourney, Hedrick, Thornburg, Winfield, Milton
and Morning Sun, all in Iowa. Also owns steam-heating and gas plants.
Owns and operates about 23 miles of track in Burlington and its suburbs.
66 to 85-lb. T rail. 62 passenger cars. Railway franchises are perpetual,
except for two suburban extensions of minor importance. Lighting franchis
es are perpetual, except for two suburban extensions o f minor importanceLighting franchises in Burlington expire in 1927.
STOCKS AND BONDS— D a te . * te r e s t. O utstanding. MaturityIn
Common, $3,000,000________ _____
_______
$1,500,000 _______ - —
Preferred $2,000,000 6% c u m .____
6 J-J
1,000.000 ___- _______
First mortgage. $7,500,000, gl 1912
5 M-S
1.680.000 Mar 1 1932
_
($1,000) sinking fd_ c * t fj Int. at Eqult. T r. Co., N. Y .. Trustee.
Bonds.— Remaining bonds are for additions, betterments or extensions,
under certain restrictions, at 80% of cost. Callable at 105 and int. on any
Int. day on 3 months' notice. Sinking fund of 5% of gross earnings began
July 1914. V. 95, p. 678.
OFFICERS.— Pres., E . C . Walsh; V .-P ., M . A . Walsh: Sec. & Treas,;
J. W . Walsh; Gen. M gr., O. H. Walsh.— V. 108, p. 2240; V. 113, p. 1676:
V. 118, p. 430; V. 119, p. 812.
•
IO W A R A I L W A Y & L IG H T C O .
ORGA N IZA TIO N .— Is a re-incorp. in 1912 of the Cedar Rapids & Iowa
City R y. & Lt. Co. and has acquired the properties of a number o f cos.
including the Belle Plaine Elec. Co., the Nevada (la.) Elec. C o., the
Scranton Glidden Elec. Co. and the Reinbeck Elec. C o., as well as a number
of other smaller properties.
In June 1924 acquired the entire capital stock of the Boone Gas C o.
V. 118, p. 2948,
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
The company now owns and operates steam-electric generating plants in
Cedar Rapids, Marshalltown, Boone, Perry, Marion, Nevada, Coon Rapids
and Jefferson and an automatically controlled hydro-electric plant, which
has a capacity of 2,000 h. p., on the Cedar River located in the C ityof
Cedar Rapids. The aggregate capacity of these stations is 46,350 k. w.
The company owns undeveloped water power sites capable of developing
annually 111,000 k. w. h.
The company owns and operates over 500 miles of high-tension transmis
sion lines serving more than 100 cities and towns in Iowa, and is now con
structing a line between Boone and Nevada, which, when completed, will
make all of the property served, Interconnected by high tension transmission
lines.
Owns and operates an electric railway between Cedar Rapids and Iowa
City and Cedar Rapids and M t. Vernon and Lisbon, Iowa. Also local
street railways in Cedar Rapids, Marshalltown and Boone and gas plants
in Marshalltown and Boone. Interurban electric railways conduct a gen
eral freight and passenger business. Substantially one-half of the revenue
is derived from freight.
STOCK AND BONDS—
D a te .
In te rest. O u tstan ding.
Maturity.
Common $3,000.000________
See text.
$1,700,000
Pref. $5,000,000, 7% cum_
_
Q-M
4,861,281 Mar '2 5 ,1 X
----------------32
1st & ret mtge $10,000,000 g f 1912
5-7-8 M-S 8,072,000 Sept. 1 i93:
($500 and $1,000)------c*tf (Harris T r. & Sav. Bank. Chicago, trustee.
Stock.— Pref. is callable on any div. date at 102 J6 and divs. Of the pref.
outstanding $605,085 has voting rights.
Bonds.— $500,000 1st & ref. bonds bear int. at 7% and $1,000,000 bear
int. at 8% . The remainder are 5s. The original indenture provided for
int. at 5% . The extra int. coupons are secured by a gen. mtge. on the
property subject to the 1st & ref. and underlying mtges. The bonds with
the 2% extra interest coupons are redeemable on any int. date up to
March 1 1928 at 108, and decreasing 1% each year thereafter to March 1
1932. V. 112, p. 849. Of the remaining 1st & refunding bonds, $188,000
are reserved for prior lien and remainder are for extensions and additions at
80% of cost for acquisitions, &c., under certain restrictions. The 5s are
subject to call on any interest date at 103 and interest. The 7s are red. on
any int. date since March 1 1923 and to and incl. March 1 1928 at 108%
and thereafter at 1% less each year ended March 1, to and incl. 1932.
The 8s are red. on any int. date since Mar. 1 1923, in and to and incl M ay 1
1928 at 108, and thereafter at 1£% less each year ended March 1 to and
incl. 1932. Sinking fund 1% per annum o f bonds out, Mar. 1 1916 to 1921,
1922 to 1926, 2% ; 1927 to 1931, 3 % . Sinking fund is used for redemption
of bonds or for extensions and betterments. V. 95, p. 750; V. 112, p. 849;
Dividends.— 7% is being paid on pref. stock. On common 2% was paid
in each of the years 1913 and 1914, 4% in 1915, 6% each in 1916 and 1917.
14% in 1918, none in 1919 and 1920, 1 11-12% in 1921, 6% in 1922.
Regular dividends of 8% were paid in 1923 and 1924 and in addition extra
dividends of 2% and 4% “ to compensate in part for the conservative divi
dend policy followed in certain prior years.
EARNING S.— Of combined properties years ending Dec. 31:
Cal. Years—
Gross.
Net.aft.Tax. Interest. Pref.Div. Bal.,Sur.
1924.........
$3,706,170 $1,308,727 $444,687 $326,760 $537,280
1923-------------------- 3,539,238
1,267,287
461,340
303,850
502,097
1922 -------------------- 3,282,406
1,094,233
441,883
289,375
362,978
OFFICERS.— Pres., William G. Dows; V.-P. & Treas., Isaac B. Smith
V .-P . John A . Reed; Sec. & Asst. Treas. O. S. Woodward: Gen. M gr.
S. C. Dows, all of Cedar Rapids.— V. 106, p. 602; V. 110, p. 2568; V . 111.
" , 896; V . 112, p. 849; V. 113, p. 71, 533; V. 114, p. 1179; V. 115, p . 308
117, p. 1884, 2212; V. 118, p. 2948, 3197; V . 120, p. 2147.
IN T E R S T A T E P O W E R C O M P A N Y .
Controlled by Utilities Power & Light Corp.
ORGANIZATION.— Incorp. in Wisconsin. Owns al the outstanding
com. stock and 933 shares of pref. stock of the Dubuque Electric C o. (see
separate statement below).
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS —
Operates electric and gas properties throughout southern Minnesota
northeastern Iowa and southwestern Wisconsin. These properties furnish
eiectric light and power without competition to 51 cities and communities
IHinnesota, 28 in Iowa and 16 in Wisconsin, the principal cities being
Albert Lea and Owatonna in Minnesota; Oelwein, Decorah, Cresco and
Waukon, m Iowa; and Lancaster and Prairie du Chien in Wisconsin
Com
pany also owns and operates gas plants at Rochester, Owatonna’, Albert
Lea and Austm, in Minnesota, and heating plants at Albert Lea and
Owatonna.
Co. serves 25,750 customers with electric light and power and 6 800 cus
tomers with gas. Total population o f territory served estimated 200 000.
Co. has contracts for the purchase o f power, including contract with the
Northern States Power Co. for power supply at several points in Minnesota
and with the Wisconsin R y ., L t. & Power C o. in Minnesota, and with the
Interstate Light & Power Co. in Wisconsin.
Co. owns steam-electric generating plants at Owatonna and Albert Lea,
Minn.; Prairie du Chien, Wis.; Decorah and Oelwein, Iowa. By virtue o f
a power-interchange contract with the Iowa R y. & Light C o., the company’s
Iowa properties are connected with Cedar Rapids and intervening water
plants and to the Iowa Electric Co. C o.h a s86 sub-stations with a capacity
PUBLIC UTILITIES
180
-of 14,000 k.v.a., 675 miles o f high-tension transmission lines and 1,650 miles
o f distribution systems. Annual output is about 22,000,000 k.w.h.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $3,000,000___ _____
_________ $2,000,000 ____________
Particpref 7% cum $3,500,000 ____
_________ 1,900,000
Class “ A ” 8% non-cum s t o c k / ____
_________
See text
$3,500,000 _______________
1st mtge Ser “ A ” ($100, $500 1924
6 g J-J
6.000,000 July 1 1944
& $1,000 c* & $1,000, &c., Penna. Co. for Ins. on Lives & Gr. Ann.,
r*) gold________________ tf
Philadelphia, Trustee.
1924
7 g J-J
2,500,000 July 11934
-Gen mtge $3,500,000($100,
& $1,000 c* & $1,000, & c., Chase National Bank, N . Y ., trustee.
a-*) gold________________ tf
Stock.— The Class“ A " 8% non-cum. stock is reserved for conversion or
retirement of a like face value of Gen. Mtge. 7% bonds.
Bonds.— lsi Mtge. 6s, Ser. “ A ” are red. all or in part on 60 days’ notice
on any int. date on or before July 1 1934 at 105; thereafter on or before
July 1 1937 at 104; thereafter on or before July 1 1940 at 103; thereafter on
or before July 1 1943 at 102: and thereafter on or before Jan. 1 1944 at 101,
together with accrued int. in each case. The mtge. provides for a mainte
nance and renewal and replacement fund, in which there shall be set aside in
the cal. year ending Dec. 31 1925 and each year thereafter amounts respec
tively equal to 8% and 5% o f the gross operating earnings, as defined in the
mortgage, less credit for amounts actually expended for such purposes.
Unused balances in these funds may be used for the acquisition or construc
tion of extensions, improvements and other permanent additions which
ehall not be made the basis for the issuance of additional bonds under the
mortgage, or for the retirement of 1st mtge. bonds. Penn, and Conn.
4-mills tax and Maryland 4 J4 mills tax, Mass, income tax on interest not
exceeding 6% of such interest per annum, and New Hampshire income tax
on interest not exceeding 3% of such interest per annum, and any similar
tax that may be imposed in Maine refunded. Int. payable at Chase Nat.
Bank, N . Y ., or Continental & Comml. Tr. & Sav. Bk., Chicago. $6,000,000 1st mtge. Ser. “ A ” 6s were sold in Sept. 1924 by West & Co., Spencer
Trask & Co., Federal Securities Oorp. and W . S. Hammons & Co. at 96
& int., to yield about 6.35% . V. 119, p. 1176.
Gen. Mtge. 7s are a first lien on all the outstanding common stock and 933
shares of the pref. stock o f Dubuque Electric Co. Gen. mtge. bonds are
red. all or in part on any int. date on 60 days’ notice before July 1 1934 at
10234 & int. Prin. & int. payable at Chase Natl. Bank, N . Y ., and Con
tinental & Commercial Trust & Sav. Bank, Chicago, Trustee. Penn, and
Conn. 4-mills and Maryland 4 34-mills taxes and Mass, income tax on int.
not exceeding 6% of such int. per annum and New Hampshire income tax
on int. not exceeding 3% o f such int. per annum refunded. In Dec. 1924
$2,500,000 gen. mtge. 7s were offered by West & C o., Johrf Nickerson &
C o. and W . S. Hammons & Co. at 99 & int., to yield about 7.15% . V. 119,
p. 2646.
EARN INGS.— Earnings of the properties now operated by company,
year ended June 30:
1924.
1923.
1922.
Gross earnings_____________________ $1,869,743 $1,578,909
$1,456,609
Oper. exp. & taxes, excl. o f Fed. taxes 1,142,228
993,127
891,002
Net earnings (before depreciation
and Federal taxes)______________
$727,515
$585,782
$565,607
OFFICERS.— Pres., H. L. Clarke; Sec., A. G. Cooper.— V. 119, p. 1176,
1963, 2646.
D U B U Q U E E L E C T R IC C O .
Control.— Entire capital stock owned by Interstate Power Co. (see above).
ORGA N IZA TIO N .— Organized in Delaware June 3 1916 and acquired
the Union Electric Co. o f Dubuque (see “ Elec. R y.” Section for M ay 1916).
Owns East Dubuque Electric C o., serving East Dubuque, 111.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Does the entire electric lighting, power and street railway business in Du
buque and vicinity. Power station with 12.675 h. p. generating capacity,
about 220 miles o f transmission and distributing'lines; 20.7 miles of track
In city and suburbs, substantially all 70-lb. rail; 85 cars. Franchises extend
to 1947. Also sells power to the Eastern Iowa Electric Co. (controlled
through stock ownership), serving 8 communities within easy transmission
distance of Dubuque.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $2,000,000 ($100)_______
_______
$682,000 ---------------Pref 6% cum $2,000,000 ($ 1 0 0 )____
Q-M
800,900
See text
1st M tge. $30,000,000 Ser off 1923
6 g A-O
3.200,000 April 1 1942
April 1923 ($100 & $500){International Trust C o., Boston, trustee.
g o l d --------------------------c * tf 1
Stock.— Pref. stock is callable at 110 and divs. and has equal voting power
with common. V. 103, p. 410.
Bonds.— Additional 1st M tge. bonds may be issued for additions and
acquisitions under certain restrictions. The co. covenants to expend or
set aside for maintenance, renewals or replacements 8% of the gross oper
ating revenue. Call., all or part, by lot at 107)4 and int. during 1924;
with reduction o f premiums 34 of 1% each year thereafter through 1935;
thereafter on any date prior to maturity at 101 and int. Int. payable in
N . Y . or Boston. Mass, and New Hampshire income taxes in effect at
time o f issuance and Penna. and Conn. 4-mills property taxes refunded.
V. 116, p. 2636.
D iv id en d s on pref. stock have been paid regularly from date of organlzat’n.
Earns. Years End.— Dec. 31 ’23. Dec. 31 ’22. Dec. 31 ’21. Dec. 31 ’20
G r o s s _________________ $1,185,315 $1,067,171
$997,075
$874,977
Net, after taxes...............
400,148
355,332
301,831
212,210
OFFICERS.— Pres., Albert Emanuel, New York; V.-P., G. A. Baker:
Sec., Floyd E. Harper; Treas., C. B. Ziegler.—-V. 114, p. 1062; V. 116, p822, 1275, 2128, 2516, 2636; V. 117, p. 85; V. 118, p. 1012; V. 119, p. 2063-
[V ol. 120,
(1) KEOKUK ELECTRIC CO.
OR GA N IZA TION .— I icorp. in 111. on Dec. 5 1911 as successor to che
deokuk Elec. Ry. & Pow. C o.; Keokuk Gas Sc Elec. C o.; Hamilton Lt.
4 Power Co. and Keokuk & Western Elec C o., control of which was
purchased in 1911 by Stone & Webster M gt. Assn.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Does the entire electric railway, electric lighting, power and gas business
in Keokuk, Iowa; the entire electric railway and electric lighting business in
Hamilton and Warsaw, 111., and operates an interurban electric railway
between Keokuk, Hamilton and Warsaw (largely on leased lines). See also
Central Miss. Valley Elec. Properties above.
Franchises.— See Cent. Miss. Valley Elec. Properties above.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Q-F
$650,000 Nov ’ 17. IH
lommon $650,000 ($100)_________
Pref *250,000 ($100) 6% cum...........
Q-F
250.000
See text
deokuk El Ry & Pow 1st M l 1900
5 J-J
125 000
See text
$250,000 (closed mtge) _ntf (Cent. Trust Co. and H E Ambler. Trustees
214-year mtge notes closed! 1923
6 J-J
400,000 July 1 1925
($100, $500 & $ l,0 0 0 ).c*tf jln t. at First Trust & Sav. Bk., Chic., trustee
Stock.— Common stock is all owned by Cent. Miss. Vail. Elec. Properties.
’ Tef. stock in red. at 110. Both classes of stock are non-taxable In Illinois.
Bonds.— The Keokuk Elec. R y. & Power 1st mtge. 5s are due serially
1920 to 1925. Red. any int. day at 105 and int.; $125,000 canceled.
Antes.— The 2>4-year 6% mtge. notes are red. as a whole on 30 days’
notice at 102 prior to Jan. 1 1924; 101 Jan. 1924 to Dec. 31 1924; 100
fan. 1 1925 to maturity. V. 116, p. 76.
D ividend s. — Divs. on pref. have been paid since organization.
Initial
iiv . on com .— 2 % — paid in Feb. 1914; May, \% %; Aug.. 2% (V.99.p.467).
Sov . 2%
In 1915 and 1916. 6 % . In 1917. 5% . None since.
EARNING S.— For 12 months ending Dec 31;
Year—
Gross.
Net(aft.Taz). Int., &c. Sink.Fund.
Surplus.
1924 ----------------$423,522
$106,547
$40,224
______
$66,323
1923 ................... 413,175
108,008
39,751
______
68,257
ROAD, &c.— See Central Miss. Valley Electric Properties above.
OFFICERS.— Pres., Harry T . Edgar; V .-P ., Samuel B. Tuell; Sec..
Victor D. Vickery; Treas., Henry D . Sawyer; Gen. Mgrs., Stone & Webster
M gt. Assn.— V. 98, p. 73; V. 99, p. 467; V. 106, p. 396; V . 116, p. 76.
M IS S IS S IP P I R IV E R P O W E R C O .
O RGAN IZATION .— Incorp. in Maine in 1910.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates hydro-electric plant located on the Mississippi River
at Keokuk, Ia; , and Hamilton, 111. The co. furnishes power to St. Louis,
East St. Louis, _ Alton, Hannibal, Quincy, Burlington, Fort Madison,
Keokuk, and adjacent territory. Power station capacity (incl. auxiliary
apparatus), 111,200 k. w.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $16,000,000 ( $ 1 0 0 ) - .____
____
_________ $16,000,000 ___________
Pref 6% cum $8.841,000($100) -----6 Q-J
8,232,375 A p r’25, 1>4
1st mtge $25,000,000 ($100, 1911
5 g J-J
18,242,200 Jan 1 1951
$500 & $1,000 c* & $1 .DOC. Old Colony Trust C o., Boston, trustee.
'S $5,000 r*) gold_________
15-yr debentures $5,000,000/ 1920
7 g M -N
3,178,500 N ov 11935
($100, $500 & $1,000) g_-C*\lnt. at State Street T r. Co., Boston, trustee.
Stock.— Pref. is red. at 115 and is pref. as to divs. in case of liquidation.
Bonds.— 1st Mtge. 5s are call, as a whole (or in part for sink, funds) at
105 & int. on any int. date. Sinking fund of 1% per annum of bonds
outstanding on Sept. 1 preceding, payable Jan. 1. $2,406,100 in sinking
fund cancelled as of Dec. 31 1924. Int. payable at office of trustee and the
Canadian Bank of Commerce, Toronto, Canada, and London, England.
15-Year Debenture 7s are call, all or in part on any int. date prior to
N ov. 1 1925 at 103; N ov. 1 1925 to Oct. 31 1930 at i02; N ov. 1 1930 to
Oct. 31 1934 at 101; Nov. 1 1934 to maturity at 100; in any case with ac
crued int. Sinking fund to and incl. Sept. 1 1926, 3% ; Sept. 1 1927 to
& incl. Sept. 1 1934, 4% ; of debentures certified, payable annually Sept. 1
$421,500 in sink, fund cancelled up to Dec. 31 1924.
EARNINGS.— For 12 months ended Dec. 31 1924:
Gross earnings-------------------------------------------__________’________ $3,191,911
Operating expenses and taxes_________________________________
824,437
Net earnings---------------------------------------------------------------------- $2,367,473
Interest and amortization charges____________________________
1,183,644
B alan ce-----------------------------------------------------------------------------$1,183,828
Dividends: Preferred stock, 6 % _______________________________
494,035
Balance for reserves and retirements_______ ________________
$689,793
OFFICERS.— Pres., Harry T. Edgar; V .-P ., Samuel B. Tuell; V.-P.
Hugh L. Cooper; Sec., Wm. T. Crawford; Treas., Henry B. Sawyer. Under
management of Stone & Webster, Inc.— V. 119, p. 702,1633; V. 120, p.1203.
(T H E ) O T T U M W A R A I L W A Y & L IG H T C O .
All the common stock owned by Northern States Power Co. (M inn.).
Sale of Company's Properties.— The c o .’s electric and steam heating prop
erties were taken over for operation by the Northern States Power Co. of
N J. and the Ottumwa Traction Co., was incorp. in Delaware Jan. 7 1924
to take over the street railway properties. V. 118, p. 1136. For history
of the Ottumwa Ry. St Lt. C o., see “ Electric Railway” Supplement of
April 26 1924.
S I O U X C I T Y G A S & E L E C T R IC C O .
CENTRAL
M IS S IS S IP P I V A L L E Y
P R O P E R T IE S .
E L E C T R IC
O RGAN IZATION .— Formed In Illinois by a trust agreement dateo
Dec. 12 1913, under which there are deposited with trustees all the common
stock of the Keokuk Electric Co. (see below) and all the capital stocks of
Fort Madison Elec. Co. and Dallas City Light Co.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
The above companies do the entire electric railway, electric lighting, power
and gas business in Keokuk, la ., the entire electric lighting and power busi
ness in Fort Madison, Iowa, and Dallas City, 111.; the entire electric railway
and lighting business in Hamilton and Warsaw, 111., and operate an inter
urban electric railway between Keokuk, Hamilton and Warsaw (largely
on leased lines). Miles o f equivalent single track, 6.50; trackage, 6.14
standard gauge, cars, 15 passenger and 1 other. All power is purchased;
from the Mississippi River Power Co.
Franchises.— The electric railway and elec, lighting franchises in Keokuk
expire In 1936. the gas franchise in 1928. The electric lighting franchise
In Hamilton expires in 1936; the Important railway franchise in 1931.
The electric lighting franchises in Fort Madison and Dallas City expire
In 1938.
Capitalization.— Stock, auth. and outstanding; Common, 7.500 shares
(no par valuej: 6% cum. pref. stock (par $100— red. at 110). $750,000.
No bonds.
EARNINGS.— For years ending Dec. 31 (combined companies):
Year—
Gross.Net.aft.Tax. Int.,& c. Sink.Fund. Bal.,Surp
1924 ____________
$596,217$158,162 $38,573
$119,589
1923 _________________ 574,115
159,451
39,720
119,732
1922 _________________ 547,933
150,929
43,852
107,077
x These earnings are subject to 6% dividend for current year on $250,000
pref. stock o f Keokuk Electric Co.
Dividends.— An initial dividend of 1H % was paid on the pref. stock in
M ar. 1914; same rate quar. to and incl. Sept. 1917 In 1922, M ar., 1 >4 %
Bept.. 1)4% ; Dec., 1 )4 % . In 1923. March, 1)4% : June. 1)4% : Sept.,
8ept., 1)4% ; Dec., 1 )4 % . In 1923, 6 % . In 1924, 6 % . In 1925, M ar.,
1 )4 % .
OFFICERS.— Pres., R ob. H. Van Deusen; V .-P ., Harry T . Edgar; Sec.,
John A. Onderdonk, Chicago, 111.; Treas., H. B. Sawyer; Asst. Sec., Victor
D. Vickery. Gen. Mgrs., Stone & Webster M gt. Assn.— V. 98, p. 72, 610.
Controlled by United Gas Improvement Co.
ORGANIZATION. &c.— Incorporated in Iowa in 1901.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Did all the gas as well as a portion o f the electric light and power business in
Sioux City, Iowa, up to 1922. On Nov. 2 1922 acquired the electric gen
erating plant and distribution system formerly owned by the Sioux City
Service Co., thus placing the entire light and power and gas business in the
city of Sioux City under the ownership and management of the Sioux City
Gas & Electric Co.
The Sioux City Gas & Electric Co. owns substantially all of the outstand
ing capital stock of the Sioux City Service C o. (see below), which latter
company continues to own and operate the street railway and heating
business in Sioux City.
Exchange Offer.— In Oct. 1922 holders of Sioux City Service 1st & Ref.
Mtge. 5s were offered in exchange for their bonds new Siour City Gas &
Electric Co. 1st Mtge. 6% gold bonds, Series A. maturing Sept. 1 1947, on
a basis of exchange at par and int. for the Service Co. 1st & Ref. 5s and
99)4 and int. for the Gas & Electric Co. new 1st 6s.
STOCK AND BONDS.—■ Date.
Interest. Outstanding. Maturity
Common stock $4,000,000_________
_________ $4,000,000 ____________
Pref stock 7 % $4,000,0001st mtge ser “ A ” ________
] 1922
6 g M-S 3,500,000 Sept 1 1947
Series “ B” ____________
\ 1924
6 g F-A 2,550.000 Feb. 1 1949
- 1925
534 g F-A 2,300,000
Feb 1 1950
($100, $500&$l 666)‘ g ld
I Int. payable in N . Y . or Chicago.
Bonds.— Penna. 4-mills tax, Conn. 4-mills tax and Mass, income tax on
int. not exceeding 6% per annum refunded. Series “ A ” are red. all or part
on 60 days’ notice on Sept. 1 1932 and thereafter to Sept. 1 1936 at 10714
and int.; thereafter to Sept. 1 1941 at 105 and int.; thereafter to Mar. 1
1946 at 10234 and int., and thereafter at 100 and int. Annual sinking fund
34 of 1% of bonds of Series “ A ” outstanding commences M ay 1 1927.
Series “ A ” bonds are red. for sinking fund purposes from Sept. 1 1927 to
and incl. Sept. 1 1932 at 10734 and int., and thereafter at the then existing
redemption price.
Series “ B are red. all or in part upon 60 days notice on Feb. 1 1934 and
thereafter on or prior to Feb. 1 1938 at 107 34 and int., and thereafter on or
prior to Feb. 1 1943 at 105 and int., and thereafter on or prior to Aug. I
1947 at 10234 and int., and thereafter at 100 and int. Annual sinking fund
of 34 of 1% of the total amount of Series “ B ” bonds outstanding. Series
M ay , 1925.]
POWER, LIGHT AND RAILW AY
“ B ” bonds are red. for sinking fund purposes either by call from Feb. 1 1929
to and incl. Feb. 1 1934 at 107)4 and int., and thereafter at the existing
redemption prices, or by purchase in the market at or below said redemption
prices.
Ser. " C ” are red. all or in part on 60 days’ notice on Feb. 1 1935, and
thereafter on or prior to Feb. 1 1938 at 105 and int., and thereafter on or
prior to Feb. 1 1943, at 103 and int., and thereafter on or prior to Aug. 1
1947 at 101 and int., and thereafter at 100 and int., are also red. for sink,
fund purposes, either by call from Feb. 1 1929, to and incl. Feb. 1 1935, at
105 and int., and thereafter at the existing redemption prices, as above set
forth, or by purchase in the market at or below said redemption prices.
Annual sink, fund o f 4$ o f 1 % o f Ser. “ C ” bonds outstanding commences
Oct. 1 1928. $2,300,000 Ser. “ O” 5)4s were sold in Feb. 1925 by Halsey,
Stuart & C o., Inc., at 97 and int., yielding about 5.75% . V. 120, p. 1090.
EARN ING S.— Gross, $2,653,476; net, $485,951.
OFFICERS.— Pres., L. L. Kellogg; V .-P. & Gen. M gr., W . J. Berthe;
Sec., R . B. Searing; Treas., I. W . Morris.— V. 116, p. 2398; V. 117, p. 2223,
2781; V. 118, p. 1023; V. 119, p. 464; V. 120, p. 959, 1090.
(1) SIOU X C IT Y SERVICE CO.
Substantially all the capital stocu is owned by Sioux City Gas & Electric
C o., which see above.
ORGANIZA TION, &C.— Incorporated on June / 1905 in New Jersey
In March 1909 increased capital from $250,000 to $2,000,000, in order tc
acquire stock of Sioux City Traction Co. V. 88, p. 1129. Franchises of the
Sioux City St. R y . (succeeded by Sioux City Traction) run for 50 years from
1889; other franchises run for 25 years from 1908. These latter were on tin
terms of 5-cent fares with transfers and 2% o f gross earnings after the city
has a population o f 75,000 but on Sept. 1 1920 a 6-cent fare was granted for
3 years.
FIELD OF OPERATION S AND C H A R ACTER OF BUSINESS.—
Operates all street railway lines in Sioux City and sells steam heat for
commercial purposes. Operates over 51 miles of track (of which 7 miles
on private right-of-way). 60 and 80-lb. rails. 126 cars. On N ov. 2 1922
the c o .’s electric generating plant and distribution system were acquired
by the Sioux City Gas & Elec. C o., which owns substantially all the c o .’s
capital stock. V. 115, p. 2268.
Offer to Bondholders.— For offer to exchange bonds o f Sioux City Gas &
Electric Co. for 1st & Ref. Mtge. 5s. due Jan. 1 1928, see that company
above, and V. 115, p. 1839.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
Stock $2,000,000 ($100)____________
________
$2,000,000 ___________
First & ref mtge $5,000,000? 1910
5 J-J
X273.000 Jan 1 1928
($1.000) gold________c*tf 1Illinois Trust & Sav. Bank. Chicago, trustee
x Funds on deposit with trustee for purchase o f all outstanding bonds at
par and interest.
Latest Earnings.— For 12 mos. end. Dec. 31 1924, gross, $1,092,906; net,
$46,844.
OFFICERS.— Pres., E. L. Kirk; V .-P . & Gen. M gr., W m. J. Bertke;
Sec. & Treas., J. H. Ricker.— V. 109, p. 73; V. l l l . p . 1084; V. 112, p.2643:
V. 113, p. 961; V. 115, p. 1839. 2268.
181
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
About 16 m. of single-track equivalent and 32 single-truck cars. Current is
purchased from the Clinton Gas & Elec. Co. Interurban cars from Daven
port enter to centre of city over the c o .’s tracks under traffic agreement.
STOCK AND BONDS— D a te .
In terest
O u tstanding.
d a tu rity.
Stock $1,000,000 ($100)......................................
$596,600 See text.
First mortgage $400,000 gold) 1906 5 g A-O
400,000 Mar 31192©
($1,000)_______________ c*j Int. at Illinois Tr. & Sav. Bk., Chic., Trustee
B on d s .— Callable at 105 and Int. on any int. date on 90 days’ notice. A
lupplemental mortgage provides that beginning April 1 1918 a fund of 2 %
o f the bonds outstanding or retired by this fund be established to be used
for renewals, betterments, &c., or for the purchase of bonds up to 105
and interest. V. 104, p. 862.
D iv id en d s .— Paid 6% dividends from 1907 to 1913, Incl. (except 5% to
1912). In 1913 the stockholders advanced a substantial sum for construc
tion. Ac., and waived dividends while this sum was being paid out of earn
ings; $41,400 was so paid in 1916
EARNING S.— For year ending Dec. 31 1923, gross, $221,582; net, after
taxes, $72,532. In 1922, gross, $226,101; net, after taxes, $68,878.
OFFICERS.— Pres., R. O. Langan; V.-P., Geo. T . Baker; Sec., A . L .
Schuyler; Treas., C. O. Coan; Gen. M gr., Bernard Bohnson.— V.112,p.l024.
W A T E R L O O CEDAR FALLS & N OR TH ER N R A IL W A Y
N e w C ontrol. — On Oct. 27 1923 control of the co. passed into the hands
of the 1st mtge. bondholders protective committee (see below) by th®
transfer to the committee of 21,700 shares out of a total of 23,330)4 shares
of com. stock outstanding. For statement of committee regarding the
property and its possibilities see V. 117, p. 2214.
ORGANIZATION.— Incorp. in Iowa in 1895 as Waterloo & Cedar Falls
Rap. Transit; name changed to above in 1904 by amending articles of incorp.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Line opened between Waterloo and Cedar Rapids Sept. 13 1914. Con
nects at Cedar Rapids, la ., with the Chic. & N . W . R y. and Chic. M ilw.
& St. Paul Ry. Owns and operates a line on private right-of-way from
Waverly to Cedar Rapids, 83 miles., with a branch from Waterloo to Cedar
Falls and Normal, 9 miles, and a belt line of 7 miles around Waterloo. Also
owns and operates under satisfactory franchises, 23 miles of railway in the
cities of Waterloo and Cedar Falls; total track, 138.63 miles. Has joint
traffic agreements with the Chic. & North Western, C. M . & St. P ., Chic.
Gt. West., Illinois Cent, and the C. R . I. & Pac. railroads for interchange of
freight, passenger, mail and express business. 60, 75 and 85-lb. T rails,
52 passenger cars and 7 buses, 2 baggage and express and 135 freight cars,
8 electric engines, and necessary work cars, snow plows, sweepers, &c,
V. 105, p. 2186.
Interest.— The July 1 1918 and Jan. 1 1919 int. due on the c o .’s bonds was
not met when due, but has since been paid. Coupons due July 1 1919 and
Jan. 1 1920 were extended 4 years by scrip certificates issued. Subsequent
interest paid when due up to July 1 1921. None paid since. Jan. 1922 inthaving been defaulted, the following committee was formed:
C om m ittee fo r F irst M tg e . 5s.— Chairman, Edward V. Kane; A. B. Conant,
Arthur V. Morton, J. O. Neff and R. E. Wilsey; Sec., Henry J. Lurker,
D ES M O IN E S C I T Y R A I L W A Y C O .
1421 Chestnut St., Phila., Pa. V. 117, p. 1463. Compare V. 114, p. 1768.
In March 1911 N . W . Harris o f Chicago acquired practically all the Depositaries; Penna. Co. for Ins. on Lives & Granting Annuities, 517 Chest
stock not previously owned by him of the Des Moines City R y. Co. and nut St., Phila., Pa., and First Trust & Savings Bank, 56 W. Monroe St.,
of its allied corporation, the Inter-Urban Ry. Co. (now Des Moines & Chicago, 111. Deposits have been called for. Up to June 15 1924 about
Central Iowa R R .). V. 92, p. 794. See also V. 113, p. 847.
90% of the 1st mtge. bonds outstanding had been deposited. V. 115, p
O RGAN IZATION .— A consolidation in 1893 o f the Des Moines St. R R . 2794; V. 116, p. 1277; V. 117, p. 1463, 1993, 2214; V . 118, p. 3199.
Co. and the Des Moines Suburban R y. Co.
N e w M o r tg a g e .— The co. filed for record a gen. mtge. to the First
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— Trust & Savings Bank, Chicago and M . Traylor, Chicago, trustees, to secure
A trolley road. Operates 102.40 miles o f track. 35 to 129-lb. rails. 156 an issue of $15,000,000 gold bonds dated May 1 1920, due May 1 1950, but
subject to prior redemption. The issue was created for refunding purposespassenger, 36 service cars. Is authorized to carry freight.
$2,200,000 are held in treas. For further details see V. I l l , p. 794.
F ra n ch ise .— A new 25-year franchise was granted at an election on Nov.
On Aug. 20 1921 the company
issue $2,200,000
28 1921, providing for service-accost, &c. For full details see V. 114, mtge. 7% bonds for pledge with the was auth.: (1) tosecurity for $1,845 gen,
U. S. as collateral
000
P. 1764.
in loans from the U. S.; (2) to issue and sell at par for cash $700,000 common
V alu ation. — See V. I l l , p. 2140.
stock; and (3) to Issue lease warrants or notes aggregating $132,159, in con
nection with the procurement of equipment. V. 113, p. 962.
STOCK AND BONDS—
D a te . In terest. O u tstanding.
M aturltti
Common, $3,000,000 ($100)-. ..............................
$1,055,000 ...................
STOCK AND BONDS—
D a te .
In te rest. O utstan ding.
M a tu r ity
Pref., 7% cum., $1,500,000— ................................
1.688,600 See t»xt Common ($100) $3,335,000________
_________ $2 333,050 .....................
Des Moines City Ky Gen St ( 1916
5 J-J
6,062,000 Jan 1 1936 Pref stock $1,685,000 cum_________
6%
664,000
See text
Ref M . $15,000,000, gold! Harris Tr. & Sava. Bk . Chicago. Trustee
First mtge gold $8,000,000/ 1910
6 g J-J
5.773,000 Jan 1 1940
5-year debentures___________ 1922
7 A -0
618,000 Apr 1 1927
($1,000)____________ c*tfllnt. at First Tr. St Sav. Bk.. Ohic., trustee.
2nd Mtge (closed)___________ _____
______
2,200,000
_______
Stock. — Pref. carries same voting powers as com. Call, all or in part
Gen mtge $15,000.000_______ 1920
______
See text May 1 1950
on any div. date at 107 )4 and divs. V. 106, p. 2010.
I year scrip__________________ _____
______
See text
Bonds.— Remaining bonds may only be issued for 80% o f expend for
______
33,219
________
perm, exts., enlargements and addns. under conservative restrictions. Oar trust notes___________________
Bonds.— Remaining bonds can be Issued at 82)4 % of cost of extensionsBonds are red. on any int. date at 105 and int. Mtge. provides for an
annual expenditure, beginning with 1919, of 20% of gross earnings for Subject to call upon 60 days’ notice at 105 and int. Annual sin k , fu n d o l
maint., repairs and renewals for exts. and addns. for which no bonds may 3% of bonds out began with fiscal year ending Dec. 31 1912. Louis Boisot
be issued, or for the purchase or retirement of outstanding bonds. V. 102. Is also trustee.
Car trust notes mature in small amounts over a period of years. V. 90,
p. 975. Debentures are red. at 100 and int.
p. 850, 915; V. 93, p. 528, 591.
Dividends.— Pref divs. are being paid regularly.
D ividend s. — 6% per annum was paid on pref. stock from 1913 to 1918
R E PO RT.— For 12 months ended Feb. 28 1925, gross, $2,338,100; net,
after taxes, (available for int., deprec., amortiz., & c.), $533,173; bond Incl.; 1917 div. deferred (V. 106, p. 398). None since.
1921.
EARNINGS— Cal. Years— 1924.
1923.
1922.
Int., &c., $273,550; bal., sur., $259,623.
G ross______________________
$857,457
$896,104
$841,217
OFFICERS.— Pres., F. C. Chambers; Vice-Pres., M . H. MacLean and Net (after taxes)____________ $860,308
29,093
33,039
29,059
61,692
W. H. McHenry; Sec.. O. H. Bernd; Treas., F. M . Harris; Asst. Treas.
OFFICERS.— Pres. & Gen. M gr., O. M . Cheney; V.-Pres., O. D. Cass;
E. B. Bighler.— V. 114, p. 1764; V. 115, p. 182; V . 116. p. 176, 1275:
Sec. & Treas., J. B. Knowles.— V . 115, p. 2794: V. 116, p. 517, 937, 1277.
117, p. 207; V. 118, p. 201, 2703; V. 119, p. 197, 1063, 2760.
1412, 1762; V. 117, p. 1463, 1665, 1993, 2214; V. 118, p. 3199.
DES M O IN E S & C E N T R A L IO W A R A IL R O A D .
ORGAN IZATION .— Incorporated in Iowa to construct a system of
Interurban roads connecting with Des Moines. Was known as the Inter
urban Railway Co. up to Feb. 1922. when name was changed to present
title. V. 114, p .738.
The $250,000 6% debentures which fell due Jan. 1 1923 were not retired
at maturity but are being carried along pending an extension of the loan.
The Secretary states that “ these debentures are very closely held and are
O M A H A & C O U N C IL B L U F F S S T R E E T R A I L W A Y .
in friendly hands. It is anticipated that the holders will co-operate with
the co. in its endeavor to work the situation out.” V. 116, p. 295.
ORGANIZATION.— Incorporated in Nebraska. Owns lines formerly op
erated by Omaha St.Ry.Oo.; leases the Omaha St Council Bluffs Ry.& Bridge
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
An electric freight and passenger railway. Operates 100.83 miles of track Co. in Council Bluffs, la., until 1947. together with Its bridge over Missouri
(incl. sidings), connecting Des Moines and Colfax, Des Moines and Perry, River, rental being $60,000 per annum, in addition to all fixed charges.
with branch to Woodward. Standard gauge; 60 and 70-lb. T rail. 10 pass.,
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
motor cars, 1 pass, coach, 7 locomotives and 205 misc. freight and work cars. A trolley road. Operates 163.77 miles of track, embracing all the street
railways in Omaha, N eb., and in Council Bluffs, la ., including the Omaha
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
and Council Bluffs bridge.
_________ $1,160,000 ___________
Stock, $1,200,000 ($100)__________
1st Mtge bonds $2,500,0001 1921
7)4 A-O
562,500 April 1 1931
L itig a tio n .— An amended petition seeking a court decree ordering the
Red at 102H and interest._ (Harris Trust & Sav. Bank, Chicago, Trustee company to turn over to the city its entire street railway property Is
Debentures, $350,000 ($1,0001 1913
6 J-J
250,000 Jan. 11923
Omaha was filed in Jan. 1918 by Corporation Counsel Lambert. A judg
and $500)____________ ntf jln t. at Harris Tr. & Sav. Bk., Chic., Trustee
ment for the company's earnings since Jim. 1917 was also asked.
The
action was based on the provision of the franchise granted the Omaha
Bonds.— In addition to the $562,500 1st Mtge. 7)4s reported outstanding
Horse Oar Co. (this company’s predecessor), by which its property was to
$795,000 are pledged as security for a Government loan of $633,500 at 6%
and $71,000 additional are deposited as collateral for another loan; addi revert to the city on Jan. 1 1917. V. 106, p. 86. A ruling has been
tional bonds to the amount of $100,000 may be issued for full cost o f exten handed down by the court which holds that the right of reversion does no*
sions, additions and betterments under certain restrictions, and remainder extend to any part of the present property of the Omaha & Council Bluffs Ry.
may be issued for 75% o f such cost. Are redeemable at 102)4 and int. on
Fares.— See “Electric Railway” Supplement of Oct. 28 1922, also V. 119,
any int. date. Compare V. 112, p. 1617, 2531.
p. 455, 1065, 1282, 1510.
Debentures are redeemable on any int. date at 101 and int.
Tax Belief or Higher Fares Sought. See V. 119, p. 1510.
EARN ING S.— For 12 months ended Feb. 23 1925, gross. $629,220; net
STOCK AND BONDS—
D a te.
In terest. O utstanding.
M a tu rity .
after taxes (available for int., deprec., amortiz., A c .), $100,310; bond int
Common $10,000,000 ($100)______
$5,000,000
See text
and int. on Govt, loan, $80,197; balance, surplus, $20,113.
Pref 5% cum from Jan 1 19041 ____
5 Q-J
4.000.000
See text
OFFICERS.— Pres., F. O. Chambers; V.-Pres., M . H. MacLean and
$5,000,000 ($100)............... f
W. H . MGHenry; Sec.O. H.Bernd; Treas., Frank M . Harris; Asst. Treas.,
First cons M $10,000,000 gl 1902
____ _______,
5 g J-J
_____________ 1 1928
9,348.000 Jan _______
E. B. Beighler; Gen. M gr.. C. M . Cheney.— V. 114, p . 738; v . 116 p. 295.
($1,000) no sink fund.c*.tf (Interest at Guaranty Trust Co.. New York.
Stock.— $5,000,000 com. and $1,000,000 pref. stock are set aside for
additions and improvements.
C L IN T O N S T R E E T R A I L W A Y .
Bonds.— Of the first consols. $652,000 owned and in treasury.
ORGANIZATION.— Incorp. in Iowa Feb. 4 1891. Under its charter
D iv id en d s .— First dividend on pref. stock. 1)4% , was paid April 1 1904,
the co. is auth. to conduct a street railway, light, power and heating busi and same amount quar. to and Incl. July 1918. None to Oct. 1919 whea
ness. F ran chise covering main street of the city is perpetual; others 2)4% was paid. In Dec. 1919, 2)4 %• In 1920, April, 2)4 % I July, 1 M % ;
expire 1935 and 1938.
Oct., 1)4% ; Dec., 1)4% . In 1921. April, 1)4%: Dec.. 1)4% . In 1922.
NEBRASKA
182
[V ol. 120,
PUBLIC UTILITIES
2)4%:
\M%
2)4%:
2)4%-
1H%:
April,
J u ly ,
Oct..
Dec.,
In 1923, April,
July, 1 H%\ Oct., 1M % ; D ec., 1 H % . In 1924. April, 1M % : July. 1M % ;
Oct., 1M %; Dec., 1M %• In 1925, April, 134%. On common, first div.,
2 % , paid July 1907. In 1908 to 1911, 4% per annum. In 1912, 1913 and
1914, 5 % . In 1915, 4>£%. In 1916 and 1917, 4% . In 1918, Jan., 1%.
None since.
RE PO RT.— For calendar years:
CalendarGross Net (after Other
Rentals,Pref. Common
Balance,
Year. Earnings. Taxes).
Inc. Int.,&c. Dies.
Dies.
Surplus.
$
$
$
$
$
$
$
____
295,982
1924-------- 4,341,473 981,261 22,894 633,921 a200,000
1923-------- 4,498,411 934,890 36,441 637,490 a200,000
___
133,820
1922 ------- 4.568.521 880,313 42,140 637,480 6350,000 ______ def. 10,574
a 5% . b 8M % .
OFFICERS.— Pres., W. A. Smith; V .-P ., J. A. Munroe 2d; V.-P. & Gen
M gr., R . A. Leussler; Sec. & Aud., W . G. Nicholson; Treas., A . S. Widenor;
Asst. Gen. M gr., F. S. W elty.— V. 108, p. 2122; V. 109, p. 371, 677, 1987:
V. 110, p. 360. 1643; V. I l l , p. 1084, 1279; V. 112, p. 1144; V . 113, p. 1361
(1) OMAHA & COUNCIL BLUFFS RAILWAY & BRIDGE.
O RGAN IZATION .— Incorp. in Iowa in 1902. Is leased to the Omaha
& Council Bluffs Street R y. For terms o f lease, see statement of the latter
above. Owns entire capital stock o f the Omaha Council Bluffs & Suburban
R y. and the Lake Manawa & Manhattan Beach R y. Lake Manawa &
Manhattan Beach has no funded debt.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
An electric road. Comprises 33.21 miles of track, including the trackage
o f the Omaha Council Bluffs & Suburban R y. and the Lake Manawa &
Manhattan Beach R y., embracing the entire street railways of Council
Bluffs. Also owns bridge between Omaha and Council Bluffs over the
Missouri River. Franchises run until 1946.
STOCK AND BONDS—
D a te .
In terest.
O utstanding.
M a tu rity
Common *1,500,000 (*100)................................... *1,500,000 _______
Pref 4% cum from Feb 1 19071 ____
F-A
1.500.000 July'22. 2%
*1,500,000 (*100)............... /
lit consol mtge *2,000.0001 1902
6 J-J
______________ _______
1.808.000 Jan. 1 1921
(*1.000) gold________c*tf fInterest at Central Trust Co., N . Y .. Truste<
B onds. — Of the new 1st consolidated mtge. for *2.000,000. $192,000 are
reserved for Improvements. V. 89, p. 1234, 1281: V. 94, p. 1119.
D iv id en d s .— Dividends have been regularly paid on pref. stock since 1902
OFFICERS.— Pres., Geo. S. Wright; V.-P., F. F. Everest; Sec., C. T.
Stewart; Treas., G. F. Spooner.— V. 113, p. 1675; V. 119, p. 455, 1065,
1282, 1510.
T H E L IN C O L N T R A C T I O N C O .
W C o n tr o l. — In Oct. 1924 it was announced that the Continental Gas &
Elec. Corp. (see on another page) had acquired control of the co. V.
119, p. 1625, 1953.
ORGANIZATION.— Incorporated In Nebraska In 1909. Is a consoll
datlon of the old Lincoln Traction and the Citizens' Ry. Co. V. 88. p. 506
Holders of the old Lincoln pref. stock ($700,000) received 110 In the new
bonds. Holders of the old Lincoln com. ($330,000) received, for every share
of old, two shares of new pref. and four shares of new common. Holders
of Citizens' Ry. stock ($415,000) received 100% In new pref. and 80% in
new common. Owns Lincoln Heat. Light & Power Co., which sells electric
light and power and steam heat.
FIELD OF OPERATIONS.— Owns 49.46 miles o f track.
Valuation.— See V. 117, p. 2769.
M a tu rity
STOCK AND BONDS—
D a te .
In terest. O utstanding.
$1,652,000 Dec '16. 1%
Common $2,000,000 ($100)________
_______
Pref *2.000,000 (*100) 6% cu...........
Q-F
1.578.000 May'24. I H
1st mortgage *1.500,000 goldf 1909
5 g J-J
_____
1.200.000 Mar 1 1939
(*1,000) ___________ c&rtf (Interest at New York Trust Co., trustee.
5-year collateral notes________ 1924
6M %
225,000
See text
pa Bonds.— Remaining bonds are pledged to secure the 5-year 6 )4% col
lateral notes. Subj. to call at 110.
p Notes.— The coll. 6) 4% notes are secured by $300,000 1st mtge. 5s.
Are due $15,000 Feb. 1 each year and $165,000 due Feb. 1 1929.
Dividends.— 1 K % paid quar. on pref. from M ay 1 1909 to N ov. 1 1917,
incl. Feb. 1918 div. passed. Divs. on pref. resumed in Feb. 1923 (at which
time a stock div. o f 30% was paid for back divs.). and paid regularly since
to and incl. M ay 1924. On common, 2% paid Sept. 1912, 1 % paid March 15
1914 and 1% paid Sept. 1 1914. In 1915, 3 % ; in 1916, 5%
EARNINGS.— For cal. years:
Year—
Gross.
Net.
Int.&Taxes.
Balance
1923 ___________________ $1,061,446
$288,547
$159,104
$129,443
1922 ...........................
1,119,316313,440
169,102
144.338
1921 .................................... 1,157,659
286,526
177,587
108,939
OFFICERS.— Pres., W . E. Sharp; Treas., S. H. Burnham; Sec. & Gen.
M gr., O. J. Shaw.— V. 117, p. 2769; V. 119, p. 1625,1733, 1953.
O M A H A L IN C O L N & B E A T R IC E R A I L W A Y .
^ O R G A N IZ A T IO N , &c.— Is to construct 56 miles between Lincoln and
Omaha, o f which 7 miles from Lincoln to Bethany Heights is completed
and in operation. Of the 7 miles just mentioned, % o f a mile is an extension
into the main business centre o f University Place. Standard gauge.
70-lb. T rail. Franchises 99 years and perpetual.
C A P IT A L IZA T IO N .— Stock auth., $2,250,000 ($100); outstanding’
*200.000. In Dec. 1916 the Nebraska R R . Comm. auth. the company to
issue *2,000,000 common and $500,000 pref. stock and $2,500,000 bonds
for the completion of the line from Omaha to Lincoln, but not including the
extension to Beatrice.
E A R N IN G S.— For 12 mos. ending Dec. 31 1923, gross, $42,051; net,
after taxes, loss, $3,540.
OFFICERS.— Pres., Harvey Musser; Sec.. J. C. Musser: Treas. & Gen.
M gr., J. M . Bramlette; Aud., Carl Weil. Office. 231 North 14th St.
Lincoln.— V. 103, p. 844; V. 104. p. 73: V. 108. D. 1275.
NORTH DAKOTA
nected thereto, and distributio .systems in communities served. The
power plants comprise a 1,500 h. p . hydro-electric development at Redwater, a 5,000 h. p. steam electric plant at Pluma, a 2,550 h. p. hydro
electric development at Big Bend, and a hydro-electric plant at Rapid City
equipped with water-wheel turbine operating 100 k .v.a. generator. Co.
serves without competition the following communities located in the Black
Hills of South Dakota: Lead, Dead wood, Spearfish, Belle Fourche, Sturgis,
Nisland, Newell, Terry, Trojan, Reliance, Central, Pluma, Fruitdale,
Whitewood, Rapid City, Piedmont, Blackhawk. In addition to these
citips and villages, service is rendered to industries in contiguous districts.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock ($100)________ _____
_________ $2,000,000 ____________
Preferred 6% cum ($100)__________
Q-M
795,000 __________
1st mtge $5,000,000 ($1,000)1 1910 5 g J-D
1,585,000 June 1 1929
gold sinking fund_______ c * jln t. at Old Colony Trust Co., Boston, trust.
1-year mtge lien notes $350,-1 1924 6 g J-J
350,000 July 1 1925
000 ($500 & $1,000) g-C *tf/Int. at Guaranty Trust Co., N . Y ., trustee.
Bonds.— 1st mtge. 5s have sinking fund since 1913 of 1% per annum of
amount outstanding. Call, on any int. date at not exceeding 105.
The 1-year mtge. lien notes are further seemed by deposit with trustee of
all the com. stock of the Dakota Power C o., except directors’ shares. Are
callable at 101 and int. on 30 days’ notice. $350,000 were offered in July
1924 at 99 and int. by Paul C. Dodge & C o., Inc., Chicago. V . 119, p . 698.
EA R N ING S.— Earnings statement 12 months ended M ay 31 1924:
Gross earnings________________________________________________ $399,426
Operating expenses, including taxes and maintenance__________
198,931
Interest on bonds outstanding June 30 1924___________________
127,725
B alan ce___________________________________________________
Note interest_________________________________________________
B alan ce____________________________________________________
$51,770
OFFICERS.— Pres., C. N . Mason; V .-P ., N . E. Franklin; V .-P . & Gen.
M gr., Lee Boyer; Sec. & Treas., M . M . Wheeler.— V. 119, p. 460, 698, 3008.
KANSAS
K A N S A S E L E C T R IC P O W E R C O .
Properties operated under the general supervision and management of
Albert Emanuel C o., Inc., of New York.
ORGAN IZATION .— Incorp. in Kansas on June 16 1922 as successor to
the Kansas Electric Utilities Co. (incorp. in Kansas Sept. 1915), Which
acquired the property of the Lawrence R y. & Light C o., the Emporia R y.
& Light Co. and the Parsons R y. & Light Co. In 1922 the Kansas Electric
Power Co. acquired the properties of the Leavenworth Light, Heat &
Power Co. and Bonner Springs Electric & M fg. Co. properties. Owns
entire capital stock of Miami Valley (Ohio) Electric C o., Union City (Ind.)
Electric C o., and United Lighting Co. of Albion, Pa.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Supplies electric light, power and street railway transportation to the cities
of Leavenworth, Lawrence, Emporia, Council Grove and Parsons, Kan.,
and serves without competition an estimated population of 145,000.
Through its subsidiaries the co. supplies electric light and power to 15
communities in Indiana, Pennsylvania and Ohio. Franchises expire in
1929, 1931 and 1938. Street railway in Parsons was abandoned in 1918.
Permission was granted by the City of Emporia to convert the street railway
system to bus operation. Number of consumers, including subsidiaries:
24,678 electric, 3,364 gas. Miles of transmission lines, 387. Power plant
capacity, 21,200 k. v. a. Two principal power plants and five reserves.
Total k. w. h. output, 33,091,477. Substation capacity 10,382 k. v . a.
Number of street lights, subsidiaries, 675. Miles of gas mains, 51. Num
ber of communities served (including subsidiaries), 58.
STOCK AND B O N D S—
Dale.
Interest.
Outstanding
Maturity
Common $3,334,000 ($100)________
._
_
$1 ’ dd.noO Dec ’24 1M
Pref 7% $5,000.000cum i-$10i))____
7 Q-J
1 167.6 )0 A pr’25 1 ^ %
1st M . $25,000,000 ($100,
$500 & $l,000)g-C*&r*tf
Series A ................. ................(1 9 2 2
6 g J-D
3,000,000 June 1 1935
Series of 1943____________ ( 1923
6 g J-D
1,500,000 June 1 1943
(Int. at Amer. Exch. Nat. B k., N . Y ., trustee.
Stock.— Pref. stock is red., all or part,, upon 30 days' notice at 115 ami
divs. V. 115 p. 1539
Bonds.— All stocks of sub. cos. (except directors’ shares) are pledged under
1st mtge. Ser. “ A ” bonds limited to $3,000,000; all other series may only be
Issued tor not more than »U% ol the cost price or fair v„lue of new property,
additions, & c., under certain restrictions. 8 % o f gross operating revenue
to be expended or set aside annually for maintenance or for renewals and
replacements to the properties. Are not subject to call. 1st mtge. bonds,
series of 1943, are red., all or in part, on any int. date on 3 weeks notice at
105 and int. Penna. and Conn. 4-mills tax refunded. V. 117, p. 1468.
Dividends.— An initial div. of \% % was paid on the pref. stock in Jan.,
1923 and divs. at same rate have been paid reg. quar. since to and incl.
Apr. 1925. On com. divs. of 1 M % paid regularly quar. from organization
to and incl. Dec. 1924.
EA R N ING S.—-Consolidated earnings for years end. Dec. 31:
1922.
1924.
1923.
Gross earnings_______________________ $2,161,461 $1,857,510 $1,576,269
Operating expenses and taxes_______ 1,483,654
1,261,414
1,079,091
Net earnings____________
Fixed charges______________
Amortization, discount, &c.
$677,807
281,958
44,736
$596,096
222,935
38,558
$497,178
187,970
17,170
Balance for divs., &c_____________
Preferred dividends
Common dividends
$351,113
81,430
84,000
$334,603
70,000
79,000
$292,038
9,751
Surplus__________________________
$185,683
$185,603
$282,287
OFFICERS.— Pres., Albert Emanuel, N. Y . City; V .-P ., Victor Emanuel,
N. Y . City; V .-P ., Willett R . Porter; V .-P ., D. O. Vaughn; V .-P ., W . R .
Sullivan: Sec., R. F. Rice, Lawrence, Kan.; Treas., C. B. Zeigler, N . Y .
City.— V. 114, p. 2830; V. 115, p. 1329, 1539, 2053, 2800; V. 117, p. 1468;
V. 118, p. 438, 1019.
ARKANSAS
N O R T H E R N S T A T E S P O W E R C O .— F A R G O -M O O R H E A D D IV IS IO N (S T R E E T R A I L W A Y ).
ORGANIZATION.— Fargo & Moorhead Street Ry. was Incorporated
July 19 1902 in North Dakota. In April 1916 Northern States Power
Co. acquired all of the physical property. See V. 102, p. 1441, 1543. In
June 1912 new 25-year franchises were granted in Fargo. Moorhead and
Dil worth.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Operates in Fargo, N. D ., and Moorhead, Minn., and an interurban to
Dil worth, M inn., a total o f 16 miles. Standard gauge. 70-lb. T rail.
EAR N IN G S.— Gross earnings for cal. year 1923, $126,071.
General Managers, Byllesby Eng. & M gt. C orp., Chicago, 111.— V. 107,
p. 604.
SOUTH DAKOTA
C O N S O L ID A T E D P O W E R & L IG H T C O . O F S O . D A K .
O RGAN IZATION .— Incorp. in 1908 in Maine.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.— The
electric system o f the co. includes 4 modern generating plants with installed
capacity o f 9,150 h. p ., 168 miles o f transmission lines.Isubstations con
$72,770
21,000
VALLEY
IN T E R U R B A N
R A IL W A Y .
ORGAN IZATION .— Incorp. in Kansas in 1903.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates an interurban electric railroad from Wichita to Newton
and Hutchinson, K an. Owns and operates 60 miles single-track equivalent;
standard gauge; 70, 80 and 85-lb. rail. Also operatas under contract 2)4
miles in Hutchinson. Power is purchased from Kansas Gas & Electric Co.
Has long-term franchises in corp. limits, most important extending beyond
2000; rest on private right-of-way.
STOCK AND BONDS—
Date.
Interest. Outstanding. M a tu r ity .
Common stock $2,100,000_________
_________ *1.500,000 ____________
Pref 6% cum $1.500,000_________ ________ _____
499.900 ........... .......
First mtge $3,000,000 gold) 1916
5 g J-D
728 600 Dec 1 1930
($1.00 , $500, $100) c* cp t/In t. payable In N. Y . or Chicago.
Stock. — Ptef. stock is redeemable $10,000 per ann.; $100,100 has been red
Bonds.— $100,000 may be issued for up to 50% o f cash cost of impts.,
ftdd’ns or exts., remaining $2,000,000 for 75% of such cost under restric
tions. Callable at 103 and int. Sinking Fund of 2% annually of bonds cer
tified began Dec. 1 1919 to purchase or call bonds at 103 & int. $171 400
bonds were held in sink, fund Apr. 1 1925. Cont. & Comm'l Trust & Sav
Bank. Chicago, trustee.
EARN ING S.— For calendar year 1924, gross, $371,679; net, after taxes
but before depreciation, $97,578; depreciation, $69,132. In 1923, gross,
$449,738; net, after taxes but before depreciation, $127,436; deprec., $68,848.
R OAD.— Owns and operates 60 miles single-track equiv.; standard
gauge; 70, 80 and 85-lb. rail. Also operates under contract 214 miles in
Hutchinson. Power is purchased from Kansas Gas & Electric Co.
OFFICERS.— Pres., George Theis Jr., Wichita; V.-Ps.. O. H. Smyth
and W . E. Brown; Gen. M gr., R . B. Campbell; Aud., Asst. Sec.-Treas.,
O. Basse.— V. 115, p. 182.
M A P OF
183
DOMINION
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184
[V ol. 120.
PUBLIC UTILITIES
C O M M U N IT Y P O W E R & L IG H T C O .
O RGAN IZATION .— Incorporated in Illinois in April 1922. Owns entire
outstanding com. stocks, except directors’ qualifying shares, and all the out
standing bonds of the Public Service Co. o f Missouri, the Arkansas Utilities
C o., the Community Power & Light Co. of Texas and Kansas Utilities Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Through its subsidiaries, the company serves 96 communities located in four
States—Missouri, Araknsas, Texas and Kansas. The company’s subsidi
aries serve a population o f approximately 200,000. Electric light and power
is furnished to 94 communities centred around and including Cape Girar
deau, Poplar Bluff, Charleston, Eldon and California in Missouri; Helena
and Paragould in Arkansas; Mexia and Marlin in Texas, and .Port Scott,
Kan. Gas service is furnished to over 53,000 population, inclwiing three
of the communities above mentioned and Columbia, M o ., while ice service
is furnished to over 71,000 population.
Water service is also furnished
in three communities and steam heat in one.
STOCK AN D BONDS.— Date.
Interest. Outstanding. Maturity.
$1,595,000 __________
Com stock $2,000,000 ( $ 1 0 0 ) - - _
ls t p f 7% cum$5,000,000($100)____
7 Q-F
1,730,900
See text
_______
2d p f 8 % cum partic$2,000,000 ____
500.000 __________
500.000 Apr 1 1942
1st M coll tr bonds ser “ A ” f 1922
7 K g A-O
6K g J-J
Series “ B ” ________________{ 1923
925.000 Jan 1 1938
Series “ C ” ) ________________ I 1923
6 K g A -0 2.700.000 Oct 1 1933
2.250.000 Jan 1 1950
Series “ D ” _ ____________ | 1925
_
6 g J-J
($100, &c.) gold_____c* .tf (Int. at Liberty Central Tr. Co.,St.Louis,trus
Stock.— 7% cum. pref. is redeemable, all or in part, on any dividend date
on 30 days’ notice at 110 and divs. In Jan. 1925 $1,000,000 7% first pref.
stock was offered by Spencer Trask & C o., N . Y ., and Whitaker & C o.,
St. Louis, at 94 and div., to yield about 7.45% . V. 120, p. 328.
Bonds.— First Mtge. Coll. Tr. S. F. Cold Bonds.— The agreement of
assignment and pledge provides for the issuance of bonds in series with
interest rates, maturity dates, redemption provisions and other terms and
conditions to be determined from time to time as new series are created.
All bonds issued under the mortgage are of equal lien, irrespective of whether
they are part of the series “ A ,” “ B ,” “ G ” or “ D ” bonds or other series issued
later. Additional bonds may be certified only at par for not exceeding
80% o f the cash cost o f or fair value o f permanent additions and extensions
to properties of subsidiaries and then only when net earnings as defined
in the agreement for the 12 months preceding shall have been at least twice
interest charges on all outstanding bonds, including those to be certified.
Penna. 4 mills tax and Mass, income tax on interest not exceeding 6% of
such interest per annum refunded. Interest payable at Guaranty Trust
C o., N . Y .; at Central Trust Co. o f Illinois, Chicago, or Liberty Central
Trust C o., St. Louis, trustee.
The series “ A ” bonds are callable, as a whole or in part, at 110 and int.
during the year 1927, the redemption price thereafter being reduced K %
per annum until it is 105. which rate prevails thereafter until maturity.
Series “ B ” bonds are callable, as a whole or in part, at 105 and int. up to
Jan. 1 1928, redemption price thereafter being reduced K % per annum.
Series “ C ” bonds are callable, in whole or in part, at 105 and int. up to
Oct. 1 1928, the redemption price thereafter being reduced 1 % per annum.
Series “ D ” bonds have sinking fund of 2% of Series “ D ” bonds annually
commencing Jan. 1 1926. Are redeemable, all or in part, on any interest
date, on 60 days’ notice, as follows: On or before Jan. 1 1930 at 105 and int.
after Jan. I 1930 and on or before Jan. 1 1935 at 104 and interest; after
Jan. 1 1935 and on or before Jan. 1 1940, at 103 and interest; after Jan. 1;
1940, and on or before Jan. 1 1945, at 102 and interest; after Jan. 1 1945
and on or before Jan. 1 1949 at 101 and int res ; after Jan. 1 1949 at 100 and
interest. In Jan. 1925 Spencer Trask & C o., N. Y ., W m. L. Ross & C o.,
Inc., Chicago, &c., &c., sold $2,250,000 S ries “ D ” 6s at 97 and interest, to
yield about 6J4%. V. 120, p. 451.
Dividends.— On 1st pref., in full to date. No payments on common.
EARN ING S.— Combined earnings for 12 months ending July 31 1924;
Gross earnings________________________________________________ $1,587,882
Operating expenses and taxes_________________________________- 1,010,034
Net earnings_______________________________________________ $577,848
OFFICERS.— Pres., Wiley F. Corl; V .-P ., E. J. Costigan; Sec., Paul
D . Taylor; Treas., J. J. Frey; Gen. Aud., C. H. Schutte. Office, Planters
Building, St. Louis, M o.— V. 119, p. 1629, 2528; V. 120, p. 328, 451.
K A N S A S G A S & E L E C T R IC C O .
Controlled by American Power & Light Co.
ORGAN IZATION .— Incorporated in West Virginia in 1909.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Controls and, withoutcompetition', operates entire commercial electric
light and power business in the cities of Wichita, Pittsburg and Newton,
Kan., and the entire commercial electric light and power business in Arkan
sas City, Independence, Eldorado, Cherryvale and 15 other cities in Kansas.
In 1924 sold its gas properties to the Cities Service Co. Y. 119, p. 2529.
STOCK AN D BONDS—
Date.
Interest. Outtsanding. Maturity.
Common $10,000,000 ($100)_______
_________ x$3,000,000 ___________
7 Q-J
5,150,000Apr‘2 5 1 K %
Pref7 % cum $10,000,000($100)____
1st M tge Ser “ A ” ($500 and! 1922
6 g M-S
14,000,000 Mar 1 1952
$1,000) gold_____c*& r*.tf/G uaranty Trust Co., New York, Trustee.
Debentures Series “ A ” ($100, f 1922 6 g M-S
3,000,000 Sept 1 2022
$500 & $1,000 c* and $1,-{Central Union Trust C o., New York,
000 & $5,000 r*) g ______t f 1 Trustee.
x All owned by American Power & Light Co.
Stock.— Pref. is call, on any div. date at 115 and dividends.
Bonds.— 1st Mtge. Ser. “ A ” 6s have annual sinking fund since Jan. 1 1925
to purchase Ser. “ A ” bonds if offered at or under par and accrued int. of
1 K % o f the amount outstanding on the preceding Dec. 31 up to and incl.
Jan. 1 1937, and thereafter o f 2% of such amount. Are red., all or in part,
on any int. day on 4 weeks’ notice at 107K and int. to and inci. Mar. 1 1927;
at 106 and int. to and incl. Mar. 1 1932; at 104K and int. to and incl.
Mar. 1 1937; at 103 and int. to and incl. Mar. 1 1942; at 101K and int. to
and incl. Mar. 1 1950, and thereafter at 100 K and int. Penna. 4-mill tax
refunded. In Mar. 1922 $8,000,000 w
rere sold at 96K and int., to yield
over 6 M % , by Dillon, Read & Co., N. Y . V. 114, p. 953. $3,500,000
additional were offered by the same bankers in M ay 1923 at 95K and int.
to yield about 6.35% . V. 116, p. 2395.
Debentures.— 6% debentures Ser. “ A ” are red. on and after Sept. 1 1947»
and prior to Sept. 1 2017 all or in part at any time on 30 days’ notice at
110 and int.; thereafter at par and int. Penna. 4 mills tax refunded.
$3,000,000 were offered in Sept. 1922 by Bonbright & Co. at 90K and int.,
to yield over 6.60% . V. 115, p. 1436.
Dividends.— Paid regularly on pref. since issuance in 1910.
E A R N IN G S.— For years end. Dec. 31;
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings from oper $5,651,591 $5,558,121 $5,111,157 $4,737,554
Oper. exp., incl. taxes-- 3,967,992
3,988,244
3,373,411
3,312,355
Net earns, from oper. $1,683,599 $1,569,877 $1,737,746 $1,425,199
375,309
201,290
31,942
2,450
Other income__________
Total income_________ $2,058,908 $1,771,167 $1,769,688 $1,427,649
Interest on bonds______ 1,020,000
915,500
652,748
373,680
Other int. & deductions.
117,682
73,662
145,196
367,376
$921,226
$782,005
$971,744
$686,593
Balance_____________
Divs. on preferred stock.____354,337 ____275,019
184,529
165,020
Balance______________
$566,889
$506,986
$787,215
$521,573
Renew. & replace, res_
_
200,000
200,000
200,000
200,000
Balance for surplus.. .
$366,889
$306,986
$587,215
$321,573
OFFICERS.— Pres., H. P. Wright; V .-Ps., L. O. Ripley, A . S. Grenier,
and E. W . Hill; Sec., Chas. H. Smyth; Treas., P. F. Gow.
Supervision.—-Under supervision of Electric Bond & Share Co.— V. 118.
p. 1528; V. 119, p. 2529.
J O P L IN & P IT T S B U R G R A IL W A Y S .
Receivership.— In 1924 M . H. MacLean of Chicago was appointed re
ceiver for the co., succeeding Karl D . Klemm. Compare V. 118, p. 1267.
Foreclosure Sale.— On March 14 1925 the property was sold for $350,000
under decree of the Federal Court to M . H. MacLean and C. Corey, repre
senting the First Mtge. bondholders’ protective committee.
O R G AN IZATION .— Incorporated June 10 1907 in Missouri. Took
over the Pittsburg Railway & Light Co. and the Joplin & Pittsburg Street
RB. V. 85. p. 469. The Pittsburg Ry. & Light Co. was incorporated in
Kansas in 1905 as a consolidation of the Pittsburg R R . and the Pittsburg
Light & Power Co. In 1910 absorbed the Pittsburg & Kansas City R y .
Franchises in towns through which road runs vary from 30 to 50 year*
and some are perpetual. Private right-of-way outside of cities and towns.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates 105.48 miles of track, embracing some local street rail
way lines in Joplin, M o., and all in Pittsburg, Kan., and interurban lines
connecting the two cities, and also Pittsburg, with Frontenac, Dunkirk.
Radley, Franklin, Arma, Croweburg, Mulberry, Girard, Cherokee,
Mineral, Weir City, Scammon and Columbus. Also has line extending
into the Lawton-Waco zinc fields, I K miles. 50 to 70-lb. rails.
Interest in Default.— Int. due M ar. 1 1924 on the 1st mtge. 5s was still
unpaid in Apr. 1925. V. 119, p. l5 l0 .
STOCK a N D B g NDS— Date.
interest. Outstanding. Maturity,
$3,300,000
Stock common $5,000,000.
Pref. rights $2,000,000 6%
cum from April 1 1916_________
800,000 .................
■
__________ 1910
5 g M-S
1,750,000 Mch 11936
First ________
mortgage $5,000,000, ( ____
c
($500 St $1.000)___ g c * .t f { Harris Trust S Ssv, B k.C hic., A St. L .
I
Un. Tr. Co., trustees.
General mortgages1.050,000/ 1913
7 A-O
1,050,000 Mar. 1 1930
($500 <t $1,000)_____c*-tf\Oentral Tr. Co. of Illinois, Chicago. Trustee.
S
Stock.— Pref. rights are 6% cumulative from April 1 1916 and also share in
earnings after common has received 6 % . $95,600 have been retired.
Bonds.— Remaining first mtge. bonds are reserved for extensions and
additions at 80% of cost, but only when previous year’s net earnings are
twice interest on bonds out and to be issued. $278,500 formerly held in
treasury, canceled. No sinking fund. Interest is payable at Harris Trust
& Savings Bank, Chicago, Harris, Forbes & C o., New York, or any of the
offices of E. H. Rollins & Sons. V. 90, p. 914. General mortgage bonds
were issued in exchange for debentures of 1910. They originally bore
interest at 6% and matured April 1 1920, but have been extended for three
years at 7% and again for seven years to March 1 1930 at 7 % . Extended
bonds are callable at 100 and interest on any interest date. V. 116, p. 1411.
No sinking fund. Interest is uayaDle at Harris Trust & Savings Bank, Chi
cago, Harris, Forbes & C o., N. Y ., or any of the offices of E. H. Rollins A
Sons. V. 90, p. 914. General mtge. bonds were issued In exchange for de
bentures of 1910. They originally oore int. at 6% and matured April 11920.
but have oeen extended for 3 years at 7% and again for 7 years to M ar. 1
1930 at 7 % . Extended bonds are call, at 100 A int. on any int. date.
V. 116. p. 1411.
EARNING S.— For calendar years:
Balance.'
Gross. Net (aft. Taxes) Bond Int.
Year—
$12,640
x$161,000 def.$148,360
1924----------------- _______ $522,529
yl74,730
def. 94,169
80,561
1923______ _____ _______ 621,926
sur. 32,881
161,000
193,881
1922.................... ----------- 708,169
but . 8,848
161,000
169.848
1921..................... - ......... 781,345
x No bond interest paid during 1S24. y Including amortization o f bond
discount, &c. ($13,730).
OFFICERS.— Pres., Joseph J. Heim; V .-P ., John A . Prescott; V.-P. A
Gen. M gr., Bruce Cameron; Sec. & Treas., O. C . Snider; Asst. Sec .-Treas.,
E. S. Bigelow; Aud., Tracey P. Eyestone. General office, 918 Baltimore
Ave., Kansas City, M o. Operating headquarters, Pittsburg, Kan.—
V. 109, p. 2357; V. 110, p. 1289; V. I l l , p. 1183; V. 116, p. 1411; V . 117.
p. 670; V . 118, p. 1267; V . 119, p. 1510.
KAN SAS
C IT Y
LEAVENW ORTH
R A IL W A Y CO.
&
W ESTERN
ORGANIZATION.— Formerly Kansas City-Western Railway C o., for
history of which see “ Electric Railway” Supplement o f April 30 1921.
Freight terminals in Kansas City. Kan., and Leavenworth, Kan.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.— An
electric road. Owns and operates 43.75 miles of road, of which about 18
miles are within the city of Leavenworth (trolley service in Leavenworth
discontinued in Feb. 1925, but bus service substituted through subsidiary
company— V. 120, p. 1203.) and 25% miles between Leavenworth and
Kansas City, Kan. Enters Kansas City, M o., over tracks of the Kansas
Investm
ent Securities
Community Power and Light
Company
Specializing in the
First Mortgage Collateral
B a u e r , P o n d & V i v i a n , Inc.
Underwriting and distribution of
Sinking Fund Gold
Bonds, Series D , 6 %
PUBLIC UTILITY
Write for Circular N o. 952
AND
INDUSTRIAL SECURITIES
40 Exchange Place
New
York City
Spencer Trask & Co.
NEW YORK
BO STO N
ALBANY
C H IC A G O
Members New York and Chicago Stock Exchanges
M ay , 1925.]
POWER, LIGHT AND RAILW AY
185
Receivership.— On Dec. 24 1920 Ernest Stender, Pres. S Gen. Mgr., was
c
appointed receiver for the company on application of the Westinghouse
Elec. & Mfg. Co. V. 112, p. 61.
F oreclosure P roceed in gs. — In April 1923 a petition was filed in the Federa
Court at Denver by the Bankers Trust Co., N. Y ., trustee of the 1st &
ref. bonds, to foreclose the mortgage. V. 116, p. 1760.
ORGANIZATION.— Incorp. March 30 1914 In Colorado as successor
to the Denver City Tramway Co., which had previously absorbed the Denrer Tramway Power Co. and the Denver Tramway Terminals Co. Owns
entire *500.000 stock of the Consolidated Securities Sc Investing Co. (in
corp. on the same date to succeed the Denver Realty Co., Boulevard Real
Estate Co. and Denver Excursion Co.), which In turn owns all the outstand
ing stock and bonds of the Denver Sc Inter-Mountain RR. See plan of re
organization under "Denver Sc Northwestern Ry.” In V. 98. p. 1156.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Including the Denver & Inter-Mountain R R ., owns 250.51 miles of electric
track, of which there are 210.87 miles of city lines and 39.64 miles of inter
T H E U N IO N T R A C T IO N C O .
urban lines; gauge, 3 ft. 6 in. and 4 ft. 8 hi in. 263 motor passenger cars,
122 trailers, 152 freight and 98 misc. cars; total, 635 cars. All freight
M e r g e r .— In Feb. 1924 it was reported that the co. would be absorbed
equipment leased to Denver & Inter-Mountain R R . Co. Capacity of
by the United Power & Light Corp. o f Kansas.
central generating plant, 19,200 k. w. 5 sub-stations, 2 of 1,500 k. w.
ORGANIZATION.— Incorporated Sept. 28 1906 in Kansas. In Dec. each, 2 o f 1,000 k. w. and 1 of 900 k. w.
1916 was granted a permit to do business in Oklahoma. Franchises expire
Franchises.— See "Electric Railway” Supplement of April 26 1924.
1957. Road is on private right of way except in Ooffeyville. Independence.
Cherryvale and Parsons.
Valuation.— See V . 120, p. 329.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Fares.— See “ Electric Railway” Supplement of Oct. 28 1922. See also
Operates 67 miles o f road, o f which 9 hi miles in Ooffeyville, 7 miles in In V . 118, p. 3196; V. 119, p. 2877; V. 120, p. 86.
dependence, and 50 hi miles o f interurban road between Ooffeyville, In
In March 1910 the company announced its inability, caused by abnormal
dependence, Cherryvale and Parsons. 70-lb. T rails. Purchases power conditions, to take u d or refund the *2.000.000 1st M . 5s of the Denver
City Tramway Co. due April 1 1919. The co. therefore arranged for an
from the Kansas Gas & Electric Co.
extension of these bonds at 6% to April 1 1924. This issue was further
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
extended for 3 years to April 1 1927 at 6% . V. 118, p. 1135, 1267.
Stock. *500,000______________ ____ _______
*500,000 See text.
The $2,500,000 conv. 6% bonds of the co. due April 1 1919 were ex
First mtge, *1.000,000, gold? 1907
5 J-J
941.000 Jan 1 1937
changed for an issue of 3-year 7% coll, trust notes due April 1 1922. These
($1,000). sinking fund-.tf(Warren (Pa.) Trust Co.. Trustee.
were not retired at maturity but are still outstanding. V. 114, p. 1890.
Bonds.— 1st M . bonds are red. ann. by lot at 105 and Interest since Jan
1912, through s. f.; *59.000 have been retired. S. f. of 10% of net earnings
Interest Payments.— In March 1921 Federal Judge Lewis ordered the re*
annually began in 1911. Int. at Nat. City Bk.. N. Y .; Commercial Nat
ceiver to pay the int. on the following bond issues: (a) the April 1 1921 int.
Bank. Chic., and Tradesmen's Nat. Bank, Phlla. See V. 88. p- 1003
on (1) *2,000,000 Denver City Tram, purch. money ext. 6s: (2) *1,167,000
Dividends.— A div. of 6% was paid during the fiscal year end. June 30 ’ 13. Denver Consol. Tram. Cons. Mtge .5s; (3) $884,000 Denver Tram. Power
EARNINGS.— For year ending Dec. 31 1920, gross, $561,055; net, after 1st Impt. Mtge. 5s; (6) the March 1 1921 int. on the $1,033,000 Denver
Tram. Terminals 1st mtge. 5s. V. 112, p. 1399.
taxes, *9,892; interest on bonds, &c., $64,757; deficit, *54,865.
As of April 1 1922 we were advised that Int. w»s in default on the Denver
OFFICERS.— Pres., D H. Slgglns, Warren, Pa.: Sec.. H. A. Biggins; S Northwestern Ry. Co. 1st Sc coll. mtge. 5% bonds., the Denver City
c
Treas.. Sam Q. Smith.—Y . 109, p. 2264; V. 111. p. 2424; Y . 113, p. 1773.
Tramway 1st Sc ref. mtge. 5% bonds and the Denver Tramway Oo. 7%
coll, trust notes. V. 114, p. 1890.
Holders of Denver Tramway Power Co. 1st Impt. Mtge. 5% bonds, due
Apr. 1 1923, were asked to extend same for 1 year to Apr. 1 1924 at 6% p. a.
V. 116, p. 1176. This issue was further extended for 3 years to April 1
1927 at 6 % . V. 118, p. 1135, 1267.
The following committees have called for deposits:
C om m ittee fo r D en ver C ity T ram w ay 1st A R ef. 5s.— O. K. Boettcher,
H. Martin Brown, Jas O. Burger, O. M . Clark, Donald O. Geddes, J. O.
Mitchell, O. C. Parks; Sec., B. W . Jones, 16 Wall St., N. Y . City,
Depositaries: Bankers Trust Co., N. Y . City; International Trust Co..
SO U TH ER N CO LORADO PO W ER CO.
Denver, Colo., Industrial Trust Co., Providence. R. I. V. 112, p. 1616.
Standard Gas Sc Electric Co. owns *405,000 1st pref. and *840,000 2d
C om m ittee fo r Coll. T r. 7% N o tes . — Chairman, Geo. O. Clark, Jr.; E. W.
pcef., 35,000 shares o f the common and *3,000,000 2d Mtge. 6s.
Clark, J. Cunllffe Bullock and O. M . Clark. Depositaries: Bank o
America. N. Y ., and the Denver National Bank. V. 116, p. 720.
ORGANIZATION.— Incorp. in Colorado on Nov. 14 1911 as the Ar
Stockholders' Com m ittee fo r D enver A N orthw estern R y. and D enver T ram
fcansas Valley Ry., Lt. Sc Pow. Co., but name was changed to present title
w ay C o. — Chairman, S. M . Perry; W. N. W . Blayney, Hume Lewis, O. R.
In May 1922. V. 114, p. 2117.
FIE LD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— Martin and Henry W . Bull; Sec., Robt. M . Perry, P. O. Box 838, Denver,
c
Owns and operates the street railway system in Pueblo and also has large Colo. Depositaries: International Trust Co., Denver; Illinois Trust S
electric lighting and power business in Pueblo, Canon City, Cripple Creek, Savs. Bank, Chicago, and the Industrial Trust Co., Providence, R. I.
La Junta and other adjacent towns. Owns 32 miles o f track, all in city of V. 116, p. 720.
Pueblo. Gauge, 4 ft. 65, 72, 75 , 90-lb. rail. 50 cars, of which 42 are
STOCK AND BONDS—
Date.
Interest. O u tstan ding. M a tu r ity .
motors. Has a hydro-electric power plant at Skaguay, on Beaver Creek, Common stock *10.000,000________
________
near Victor; steam-electric power houses in Canon City and Pueblo; in Pref stk *3.000.000 (7% cum) ...................... ....... * 10.000.000 .....................
See text
__________
stalled capacity, 33,300 h. p. Has 349 miles o f transmission and 393 miles Coll trust notes gold_________ 1919
7%
2.500.000 Apr. 1 1922
distributing pole lines. Railway franchises expire in 1940 in Pueblo and Denv S N W By 1st S coll M f 1902
c
c
5 g M-N
496.100 May 1 1932
in 1953 in Pueblo County, and electric light franchises in 1936.
( *6,000.000 (*500 andi Int. at Bankers Trust Oo., New York,
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity,
|l,000 (assumed)-___-_c*l trustee; also office of co. in Denver.
Common 60,000 shs, no par________
________ _ 35,000 shs. _________ _
led. at 106 and int. on 90 days’ notice.
1st Pref ($100) 7% cu m ........................
Q-M
152,460,100 Mar .’25,1 M City Tr Oo 1st S ref M 1908
Den
c
5 g M -N 11.306,400 Nov 1 1933
2d pref stock 8 % _________________
8%
840,000 Sept 2 3 .2 %
*26.000,000 g (*500 and Int. at Bankers Trust Oo., New York,
1st mtge s e r" A* *50,000,000/ 1922
6 g J-J
6,400,000 July 11947
trustee, and in Denver.
*1.000) sinking fund-.c*tf
(*100, *500 Sc *1,000) gc*tf lOont’I Sc Oom’l Tr. Sc 8. Bk., Chic., trustee. Denv City Tram purchase 1899
6 g A-O
2,000.000 Apr 1 1927
2d mtge *15,000,000................. 1922
6%
3,000,000
1947
money mtge g *2.000.000 Int. at Central Trust Oo.. N. Y ., trustee,
(*500 and *1.000)____c*tfl and in Denver (see text above).
Bonds.— The 1st mtge. 6s, Ser. " A , " are red. all or part on 30 days' no
5 g A-O
1,167.000 Oct 1 1933
tice on or before July 1 1933, at 107H. and thereafter at hi of 1 % less for Denv Cons Tram cons mtgef 1893
c
*4.000.000 gold_______ ntf lint.at Bkrs Tr. Co. .N .Y ., trustee S In Denver
each succeeding year, plus int. Mtge. provides semi-ann. sinking fund
6 g A-O
693,000 Apr 1 1927
commencing July 1 1025 equal to a 2% per annum basis on the total Ser. Denv Tr Pow 1st impt mtge [ 1903
*1.500.000 g (*1.000) guari Int. at Interna^. T r . O o . , Denver, trustee,
“ A " bonds outstanding at respective dates of payment, including any
principal and Interest. ...tf { or Guaranty Trust Oo.. New York,
__ >
underlying bonds then outstanding on property hereafter acquired by the
Denv Tr Term 1st mtge l .- f 1910
5 g M-8
913,000
See text
co., which sinking fund will be credited with any similar payments required
‘
500,000 g (*100 S * l j __JJjInterest at Bankers Trust Co.. N . Y „ trus
c
to be made on such underlying bonds. Int. payable in N . Y . and Chicago.
guar prin S int______ c*tf [
c
tee, and in Denver.
Penna. 4-mill tax refunded. V . 115, p. 554. Listed on N . Y . Stock Ex
change. V. 116, p. 1906; V. 117, p. 1463, 2139.
Stock. — *9,791,700 common owned by Denver S Northwestern Ry. of
c
which *750,000 Is held for conversion of Denv. Tramway conv. bonds, the
Dividends.— On first pref., 1 h i% quar. from June 1912 to M ar. 1925.
remaining *250.000 being set aside for expenses of organizing Denver Tr. Oo.
On 2d pref.. 2% quar. from June 1921 to Sept. 1923.
Bonds.— Of the bonds reported outstanding as above, *1,427,550 Denver
EARNTNG8.— For years ending Dec. 31:
City Tramway 1st S ref. 5s and *18.000 Denver Tramway Terminals 1st
c
12 M onths Ended D ec. 31—
1924.
1923.
1922.
5s are owned by the Denver Tramway Co.
Gross earnings_______________________*2,199,771 $1,958,958 *1,839,460
Of the Denver & Northwestern 1st and coll. mtge. bonds, *5,503,000 have
Operating expenses, maint. & taxes.. 1,296,543
1,193,752
1,126,664
Interest____________________________
610,779
597,929
458,260 been exchanged for Denver City Tramway 1st and ref. 5s, and *9o6 are in
treasury of Denver Tramway Co. (not included in amount reported out
Dividends on first preferred stock____
169,478
155,744
145,478
standing) .
Of the Denver Consolidated Tramway 1st consol. 5s, $163,000 have been
Balance for retirement reserves, 2d
pref. & com. stock divs. & surp_*122,972
$11,533
*109,057 canceled and *2,670,000 have been exchanged for Denver City Tramway
1st and ref. 5s.
OFFICERS.— Pres., Arthur S. Huey; V.-Ps., J. J. O’Brien, E. J. M c
The Denver City Tramway C o., prior to the sale of its properties, exe
Kay and O. M . Gailmard, Jr.; V .-P. & Gen. M gr., W . F. Raber; V .-P. & cuted a mtge. upon all
physical properties (other than
formerly
Treas.. R . J. Graf; Sec., Herbert List; Gen. Mgrs., Byllesby Eng. A Mgt. belonging to the Denver its Northwestern Ry. Co.) junior tothoselien of its
&
the
Oorp., Chicago, 111.— V. 117, p. 2433; V. 118, p. 1666; V. 120, p. 2013.
first & ref. sk. fd. mtge. (originally matured April 1 1919 and bore int.
at 5% , but were extended to April 1 1924 and again to April 1 1927 at 6% )
as additional security for the [$6,000,000] 1st & coll, bonds of the Denv. S
c
Northw. C o., the payment of which Northwestern bonds the Denv. Tram
THE DENVER T R A M W A Y SYSTEM .
way Co. has assumed.
(1) DENVER & NORTHWESTERN RY.
Denver City Tr. Co. 1st & ref. bonds are red. at 105 and int. after 1913
ORGANIZATION. &c.— In Mar. 1913 a syndicate headed by Boettcher, up to N ov. 1 1923; thereafter at 102hi and int. on 60 days notice. Sinking
Porter S Co. of Denver acquired a controlling Interest through purchase of fu n d of 1% of bonds out began N ov. 1 1914 until and incl. N ov. 1 1023;
c
the stock (about *1,600,000) held by Marsden J. Perry of Providence, thereafter 2% of bonds out; $1,109,500 retired through sink. fund.
this purchase making its total holdings about a 75% int. V. 96, p. 863.
The Denver Tramway Power Co. 1st impt. mtge. bonds originally ma
This company, since the plan in V .98, p. 1156. went into effect,, is simply tured April 1 1923 and bore int. at 5% , but were extended for 1 year to
a holding company, practically its only asset being the *9,791,700 common April 1 1924 at 6 % . V . 116, p. 1176. This issue was again extended, this
etock of the Denver Tramway Co., which is pledged as security for the *6.- time for 3 years, to April 1 1927, at 6 % . V. 118, p. 1267. Compare
000,000 1st S Coll, bonds of this co.. and its only liability being *6,000,000 V. 118, p. 1135. Sinking fu n d of *50,000 per annum, to retire bonds at
c
of its capital stock outstanding In the hands of the public, the payment of 105 and int., commenced in 1908, and $807,000 have been retired. Int.
4ts bonds having been assumed by the Denver Tramway Co.
payable in N . Y . and Denver. The remaining Denver Tram. Term. Co.
bonds are for impts. They mature $60,000 annually Sept. 1 1916 to 1940.
Stockholders C om m ittee .— See Denver Tramway Co. below.
Red. as a whole on any int. day at 105 and int. on 30 days notice. V . 98,
8TOOK AND BONDS.— Dais. Interest, Outstanding.
Maturity. p. 1156. $420,000 retired.
Stock *6.000.000 (*100).....................
Q-J 10
*6.000.000
See text
REPO RT.— Of Denver Tramway Co. since beginning of receivership:
First and collateral mtge (assumed by Denv. Tram. Co.— see below).
A ccu m u la tive
A ccu m u la t'e
Stock.— *900 is in the treasury.
D e c . 24’20 to J an . ’24 to D e c . 24’20 to
Dividends.— Prior to July 1909 dividends were at rate of 6% per'’annum.
P eriod —
D e c . 31 ’23. D e c . 31 ’24. D e c . 31 ’24.
In July 1909 quar. div. was Increased to 2% and same amount paid quar
_
Total revenue from transportation_ $14,136,741 $4,508,917 *18,645,658
terly to July 1913. In Oct. 1913 rate was reduced and 1% was paid Total rev. from oper. other than trans.
514,900
105,109
710,009
(V. 97, p. 1115). Same rate quar. to and inci. April 1915. In July
1915 rate was further reduced to hi of 1% . Oct. 1915 dividend omitted
Total operating revenue__________ $14,651,641 $4,704,026 $19,355,667
Total operating expenses___________
9,802,256 3,050,872 12,853,120
V. 101. p. 1188, 1370. None since.
REPORT.— Of Denver Tramway System for fiscal year ending Dec. 31
Net operating revenue------------------$4,849,385 $1,653,154 *6,502,538
(lnter-co. transactions eliminated). Report for 1918 in V. 109, p. 1887.
Total miscellaneous income_________
36,462
25,273
61,735
Fiscal
Gross
Net (.after
Other
DeducBalance
Year— Earnings.
Taxes, Ac.).
Income.
tions.
Surplus
Gross income less operating expense
1918......... *3,597.999
*822.097
*17,078
*958,055 def.*118.880 Total deductions from income_______ *4,885,847 $1,678,428 $6,564,273
4,237,966
1,417,127
5,655,002
1917......... 3.419.468
1,150,352
19,818
968,617
201.553
OFFICERS.— V.-P., S. M . Perry; Sec., H. S. Robertson; Treas., H. J
Net income___________ ___________
$647,881
$261,300
*909.180
Alexander; Aud., W . A. Doty. V. 106, p. 2345: V. 116, p. 720.
OFFICERS.— Chairman of Board, C. Boettcher: Pres., Ernest Stenger;
V .-P ., S. M . Perry; Sec., H. S. Robertson: Treas., H. J. Alexander; Aud.,
(8) DENVER TRAMWAY CO.
W m. A. Doty.— V. 1 1 6 ,p . 1176, 1760, 2128; V. 117, p. 1235; V. 118, p.
The Denver S Northwestern Ry. owns *9,791,700 of the common stock
c
1135, 1267, 1910, 3196; VT 119, p. 2645, 2877; V. 120, p. 86, 329, 2011.
City Railways Co. Freight terminals in Kansas City, Kan., and Leaven
worth, Kan.
STOCK AND BONDS—
D a te . In terest.
O utstanding.
fu tu r ity .
Stock, *1,250,000—............. ..............
.............
*1,015.800 __________
Bonds, First Mortgage, *1,-1 1920 5 %
912,600 July 1 1940
250,000-._________________ Jlnt. at Cleveland Trust C o.. Cleveland, 0 .
RE PO RT.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
1922.
$361,161
$417,845
$448,515
Gross______________________________
Net after taxes_____________________
46,285
87,527
86,880
Interest on bonds__________________
45,955
46,580
46,880
Net income_________________________
330
40,947
40,000
OFFICERS.— Pres. & Gen. M gr., O. F. Holmes; V .-P ., W. H. Holmes:
Treas. & Gen. Counsel, McCabe M oore; Sec. & And., E. V. HendersonGeneral office, Kansas City, Kan.— V. 120, p. 1203.
COLORADO
186
PUBLIC UTILITIES
(3) DENVER & INTER-MOUNTAIN RR.
The Consolidated Securities & Invest. Oo. owns all the stock and notes.
ORGANIZATION.— Incorporated In Colorado about Oct. 29 1907 as
Inter-Mountain Ry., but on April 2 1909 changed name to present title
Private right of way. F ran ch ises In Denver and Golden are perpetual
Has freight traffic agreements with Denver Tramway Co. and arrange
ments for interchange of transfers on Denver City lines; also contract for
use of Tramway Co.'s tracks in entering Denver.
STOCK AND BONDS—
D a te .
In te rest.
Outstanding.
M a tu rity
... ..........
$1,000,000 ...............
Stock. $1,000,000 ($100)............. ..
1st mtge notes____________ _______
o%
500,000
1938
The notes were issued in lieu oi $500,000 1st M . 5s due 1938, which
were canceled and cremated Nov. 1 1917.
ROAD, &C.— Incl. in Denver Tram. Co.— V. 107. p. 82; V. 111.p.1852
COLORADO
S P R IN G S
&
IN T E R U R B A N
R A IL W A Y .
ORGANIZATION.— Incorp. in Aug. 1902 as a consolidation of the Colo
rado Springs Rapid Transit Ry. and the Colorado Springs & Suburban Ry.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns 41 % miles o f track. In 1919 added 35 one-man cars to its equipment.
C A PITA LIZA TIO N .— The consolidated company has issued $1,500,000
stock, o f which $500,000 5% pref.; bonds ($1,000 5% M . S., due Sept. 1932.
Central Trust C o., N . Y ., trustee) auth. and issued, $1,500,000.
EARN ING S.—-For cal. year 1924,’,rgross, $440,888; net, after taxes,
$10,135. In 1923, gross, $476,381; net, after_taxes, $910. In 1922,
gross, $505,943; net, after taxes,|def.,£$2,305.
OFFICERS.— Pres., D. P. Strickier: V .-P ., W. Lennox; Sec. and Treas.:
W m. Lloyd; Asst. Sec. & Asst. Treas., H. L. Stubbs.— V . I l l , p. 188, 492,
1566; V . 114, p. 2468; V . 118, p. 1134, 1267, 3195; V. 120, p. 701.
MISSOURI
U N IT E D R A I L W A Y S C O . O F S T . L O U IS .
Is controlled by North American Co. of New York.
R eceivership. — On April 12 1919 Judge Dyer In the U. 8. Dist. Court
at 8t. Louis appointed Roila Wells receiver for the co. on petition of Samuel
W. Adler.of New York, the company joining in the prayer for receivership.
V. 108, p. 1823, 2331. Compare V. 106, p. 716; V. 107, p. 907; V. 108
p. 81^513;
110, p. 2488; V. I l l , p. 2326; V . 112, p. 1026; V. 113. p. 961.
Subsidiary C om panies R eceiversh ips. — In Sept. 1919 Rolia Wells was ap
pointed receiver o f the Missouri Electric R y ., the Florissant Constructions
Real Estate S Investment Co. and the Merchant’s Express C o., sub
c
■ldlaries, on application of Thomas Francis, attorney for the United R y .
Oo. V. 109, p. 1368. See also V. 113. p. 1252.
Foreclosure Suits. &c.— See V. 118, p. 204; also V. 119, p. 1735.
Stockholders' Suits.— See V. 119, p. 2523.
In N ov. 1920 $4,200,000 3-year 7% receiver’s certificates were issued to
provide for the payment o f $1,900,000 St. Louis R R . 4K % bonds, which fell
due M ay 1 1920, and to reimburse the receiver for funds used to retire
$2,300,000 receiver’s certificates due Sept. 2 1920. V. I l l , p. 2141, At
maturity (Oct. 1 1923) the 7% receiver’s certificates were retired through
the issuance o f $4,200,000 3-year 6% receiver’s certificates o f indebtedness.
V . 117, p. 1557.
In July 1921 the receiver’s application for authority to issue $1,474,000
receiver’s certificates to be used in retiring the $1,474,000 Lindell R y . 4K s,
due Aug. 1 1921, was denied. V. 113, p. 418. Compare V. 113, p. 72
In
Aug. 1921, however, the receiver offered to extend the Lindell Ry. bonds to
Oct. 1 1923 at 8 % . This extension was underwritten by the North Ameri
can Co. V. 113, p. 536.
The receiver was authorized to extend the $2,000,000 St. Louis & Subur
ban cons. mtge. 5s due Feb. 1 1921 for 3 years at 8% . The extension was
carried out after some delay, the extended bonds bearing 8% interest from
Feb. 1 1921 and maturing Oct. 1 1923. Holders who did not desire to ex
tend their bonds received cash upon presentation, interest on this issue
accruing at 8% up to June 1 1922. V. 114, p. 2360, 2728.
Holders o f $1,640,000 Cass Ave. & Fairgrounds Ry. first mtge. extended
4)4 % bonds due July 1 1922, were given the right to extend their bonds to
Oct. 1 1923 at 6 % . The extension was underwritten by the North American
Co. V. 115, p. 75.
The Jan. l and July 1 1920 coupons on the Gen. Mtge. 4% bonds were
paid when due. Int. due Oct. 1 1920 on the St. Louis Transit 5s or 1924
and the St. Louis Suburban 5s of 1923 was paid when due. V. I l l , p. 1662
See also V. 113, p. 1252. Interest due April 1 and Oct. 1 1921 and April 1
1922 on the latter issue was not paid until M ay or June 1922. V. 114, p.
2242. No provision for the $4,500,000 St. Louis & Suburban gen. mtge.
5s, due April 1 1923, had been made up to time of going to press. The in .
due April 1 1923 was paid. V . 116, p. 1412. No further int. payments
made.
Maturing Indebtedness.— In Sept. 1923 the receiver was auth. by the Fed
eral Court to enter negotiations for the refunding of maturing obligations,
the $4,200,000 receiver's certifs. due Oct. 1 1923, were retired through the
issuance o f a like amount o f 3-yr. 6% receiver’s certifs. On Sept. 29 1923
Federal Judge Faris In the U. S. Dlst. Court at St. Louis denied the applica
tion for an extension o f the following bonds, which matured Oct. 1 1923: la)
$1,474,000 Lindell R y. 1st 8s; (5) $986,000 Compton Heights Union Dep.
& M er. Terminal 1st 6s, and (c) $1,640,000 Cass Ave. & Fair Grounds 1st 6s.
Other underlying bonds now in default are: (1) $4,500,000 St. Louis
& Suburban Gen. Mtge. 5s, due April 1 1923, and $2,000,000 St. Louis &
Suburban Consol. M tge. 8s, due Oct. 1, 1923. V. 117, p. 1557.
Interest Advanced by Protective Committees.— The Jan. 1 1924 interest on
the first gen. mtge. 4s was advanced by the three protective committees for
this issue. V. 118, p. 204. In June 1924, however, the company paid the
Jan. 1 1924 coupon on that issue, together with interest on each coupon at
6% per annum. V. 118, p. 3199. The committee for the St. Louis Transit
Co. 20-year 5% improvement bonds advanced to such o f its depositors as so
desired the amount o f interest due and in default April 1 1924 on those
bonds, and announcement has been made that, should Oct. 1 1924 interest
be defaulted, the committee will advance same to depositing bondholders.
V. 118, p. 1667; V. 119, p. 1511.
PLAN OF REORGAN IZATION .— A plan o f reorganization dated Oct. 1
1924 has been adopted by the reorganization committee and has been ap
proved by a number of the various security holders’ protective committees.
(For committees approving plan see V. 119, p. 2531.) The plan in brief
provides as follows:
The reorganization is to embrace, except so far as the reorganization
committee shall otherwise determine, the various properties (or securities
representative thereof) now included in the United Railways system. It
is intended that these properties shall be sold under foreclosure decrees,
subject to the lien o f the 1st gen. mtge. 4s, which are to remain undisturbed
in the reorganization, and also subject to any bonds or other obligations
having a prior lien or liens on the property or any part thereof seeming
the 1st gen. mtge. 4s.
A successor company or companies will be organized or utilized wherever
the reorganization committee in its discretion may determine (hereafter
called the new company).
It is further intended that the properties (or securities representative
thereof) now subject to the lien o f the two mortgages seeming respectively
the St. Louis & Submban R y. 1st mtge. 5s (8s) and the gen. mtge. 5s of
that company shall be sold on foreclosme or otherwise dealt with and the
title thereto vested in the new company or in a new subsidiary company
(hereinafter called the new suburban subsidiary).
The reorganization committee shall also be empowered to effect such
mergers or consolidations o f subsidiary companies with each other or with
the new company and to organize or utilize one or more subsidiaries for the
purpose of acquiring or holding any of the properties or securities subject
to the reorganization or acquired under the plan.
(I.) Securities Held by Public Dealt With Under the Plan,
la) Bonds which are to be readjusted by issuance o f new se
curities; total, $14,290,000:
St. Louis Transit Co. improvement 20-year 5s----------------- $9,790,000
St. Louis & Submban R y. general mtge. 5s______________a4,500,00Q
[V ol. 120,
lb) Bonds and seemities to be paid or acquired for cash; total,
$10,300,200:
St. Louis & Submban R y. 1st mtge. 5% (8% ) bonds------- a2,000,000
Cass Ave. & Fair Grounds R y. 1st M . 5% (6% ) gold bonds 1,640,000
______
Compton Heights Union Depot & Merchants Terminal
R R . 1st mortgage 6s__________________________________
Lindell R y. Co. 1st mortgage 5% (8% ) gold bonds--------- 1,474,000
Receiver’s certificates___________________________________ 4,200,000
III.) Securities Eliminated Under the Plan— Total, $14,296,000.
Preferred stock______________________________________________ $16,383,000
Common stock______________________________________________ 24,913,000
IIII.) Bonds Undisturbed in the Reorganization.
United Railways Co. of St. Louis 1st gen. mortgage 4s-------------$30,300,000
a The plan provides for adjustment of St. Louis & Suburban R y. Co. gen.
mtge. 5s and for the payment of principal of and accrued int. on $2,000,000
St. L. & Submban R y. 1st mtge. 5% (8% ) bonds provided that the holders
of 65% in amount (or less in the discretion of the reorganization committee)
of the gen. mtge. bonds become parties to the plan and it is declared opera
tive as to them. I f and to the extent cash is not required for this purpose, it
will be available generally for purposes of reorganization and (or) o f new co.
Table of Proposed Readjustments.
------------------ W ill R ece iv e
Cash and
New Suburb. 7 % Pref.
Interest.
Existing Securities— Outstanding. 1st Mtge. 5s.
Stock.
St. Louis Transit Co.
53,845 shs. $2,937,000
Improvement 5s_____b$9,790,000
c300
5)4 shs.
Each $1,000_______
e St. Louis & Suburban
$ 2 ,000,000
R y. 1st 5s (8s)_______ 2,000,000
1,000
Each $1,000_______
e St. Louis & Submban
R y. general mtge. 5s_. 4,500,000 $4,500,000
1,000
Each $1,000_______
Cass Ave. & Fair Gr’ds
1.640.000
R y. 1st 5s (6s)_______ 1,640,000
1,000
Each $1,000_______
Compton Hts. U. D . &
986,000
M . T . R R . 1st 6s_
_
986,000
1,000
Each $1,000_______
1.474.000
Lindell R y. 1st 5s (8s)__ 1,474,000
1,000
Each $1,000___ ___
4.263.000
Receivers’ certificates._ 4,200,000
est.895,562
a T o pay or adj. claims. ________
Total________________ $24,590,000 $4,500,000 53,845 shs. $14,195,562
a Against the companies or receiver not otherwise provided for, and to pay
reorganization expenses and toward working capital and improvements(est.)
b With April 1 1924 and subsequent coupons, c With int. thereon at rate
of 5% p. a. from Oct. 1 1924 to the date of payment. The Transit bondhold
ers will also receive int. to Oct. 1 1924, subject to deduction of the amounts
advanced (with int.) to holders of certificates of deposit in respect of April 1
1924 and(or) Oct. 1 1924 int. and noted on the certificates of deposit,
d The reorganization committee will offer to the holders of such Transit
bonds, for such period and under such regidations as the reorganization
committee may prescribe, the right to subscribe for a total of not to exceed
97,900 shares of new common stock at $12 50 cash per share, on the basis
of 10 shares of such new common stock for each $1,000 of bonds.
e The foregoing provisions for payment of St. Louis & Submban R y. 1st
mtge. 5% (8% ) bonds and for the adjustment of St. L. & Sub. R y. gen.
mtge. 5s shall only become operative in the event that the holders o f at least
65% in amount of such gen. mtge. bonds (or such lesser amount as the re
organization committee in its discretion shall deem sufficient) become parties
to the plan within such period or periods as the reorganization committee
shall determine.
. .
For detailed outline of proposed plan and description of securities to be
issued thereunder see V. 119, p. 2531.
. ______ „
ORGANIZATION.— Incorporated in Missouri on March 11 1898 as the
Central Traction Co., but changed Its name to above on July 10 1899.
On Dec. 31 1906 absorbed the St. Louis Sc Submban Ry., giving Its pref.
■tock, share for share, for the stock of that company. The United Rys.
irantees the $4,500,000 gen. mtge. bonds of the St. L. Sc Sub. Ry. See
83. p. 39; V. 84. p. 105. In 1908 acquired a controlling Interest on the
Missouri Electric Co., successor to the St. Louis St. Charles & Western
RR which was sold at foreclosure In July 1905.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
The United Railways Co. comprises all the street car lines in operation m
St. Louis. On Dec. 31 1923 owned total of 461.82 miles o f track (including
the St. Louis & Submban), of which 346.30 miles are in the city and 115.52
miles are county track. Has 1,614 passenger cars, 4 special cars, 2 express
cars, 7 snowplows and 35 snow sweepers, 3 electric locomotives and 164
service cars of various kinds. Total, 1,793. The company was originally
leased to the St. Louis Transit C o., but under a raedjustment arranged in
Oct. 1904 by Messrs. Brown Bros. & Co. (V. 79, p. 1333), the lease was
canceled and the $17,264,300 stock o f that company nearly all exchanged
for voting trustees’ certificates for common stock of the United Railways Co.
on the basis of $500 Transit stock for $200 voting trustees’ certificates.
Voting trust has expired and com. stock has been issued for trust certificates.
Under this plan the $20,000,000 refund, and inapt, mtge. Donda of the
8t. Louis Transit Co., of which $8,000,000 has been issued, were canceled,
and In their place the same company issued $10,000,000 of 5% Improvement
bonds guar, by the United Rys. Co. of 8t, Louis, this guaranty being se
cured by a mortgage on all of that company's property next In rank to that
of Its genera] mtge. These Improvement bonds are now the only outstand
ing security of the Transit Co.
P ow er. — Power is purchased from the Union Electric Light S Power Co.
c
and the Electric Co. of Missouri (successor to the Miss. River Power Dis
tributing Oo.). See V. I l l , p. 1662: also V. 112. n. 2529.
Reorganization Committee.— Th6 following committee has been appointed
to formulate a reorganization plan for the c o .’s properties: F. O. Watts
(Chairman), St. Louis; William P. Gest, Phila.; J. K. Newman, Nerw
Orleans and New York; A. L. Shapleigh, St. Louis, and J. Shepard Smith,
St. Louis. Newman, Saunders & Co. are the agents appointed by the com
mittee to assist in carrying out the plan. The firm will establish offices
in St. Louis. V. 118, p. 1775.
•Committee for First Oen. Mtge. 4s.— Chairman, Breckinridge Jones; David
R. Francis Jr., Allen G. Hoyt, A . H. S. Post, F. H. Ecker and E. J. Costigan, with Hord Harding as Sec., N. W . cor. 4th and Pine Sts., St. Louis, Mo.
Depositaries: Mississippi Valley Trust Co., St. Louis; Farmers Loan S
c
Trust Co. of N. Y .; Mercantile Tr. S Dep. Co.. Baltimore; Girard Trust
c
Oo.. Phila. V. 105. p. 181: V. 106. p. 1578.
•A second committee representing holders o f the 1st Gen. M . 4s has been
formed, consisting o f Chairman James H. Grover; John F. Shepley, M .
Kotany, J. Herndon Smith, all o f St. Louis, M o., and J. R . Swan, N . Y .
City; Sec., A. H. Burg, St. Louis. Union Trust Co. Depositaries, St.
Louis Union Trust Co., St. Louis, and the Central Union Trust C o.,
N. Y . V. 105, p. 291, 717; V . 106, p. 1578; V. 107, p. 697.
A third committee representing holders of the 1st gen. mtge. 4s consists
of: Chairman, L. W . Botts; John Stites and James B. Brown. Depositaries,
Fidelity & Commbia Trust C o., Louisville, K y.; Louisville Trust C o.,
Louisville, Ky.
Committee for St. Louis Transit Impt. 5s.— Edwin M . Bulkley, N . Y .,
Chairman; Wm. P. Gest, Vice-Chairman; Geo. W . Wilson, St. Louis;
Le Roy W . Baldwin; Oscar Fenley; F. J. Lisman, N . Y .; Charles S. Ludlam,
N . Y .; Harrison Nesbit; D . Sommers. Depositaries: Bankers Trust C o.,
14 Wall St., N. Y . City; Empire Trust C o., 120 Broadway, N. Y . City.
Sub-depositaries: American Trust C o., 716 Locust St., St. Louis, M o.;
Fidelity Trust C o., 325 Chestnut St., Phila., Pa.; Fidelity & Columbia Trust
C o., 401 W. Main St., Louisville, K y.; Mercantile Trust C o., St. Louis, M o.
T.
Homer Atherton, 1431 Chestnut St., Philadelphia, is Secretary and
W. Lome Scovil, 25 Broad St., New York City, Asst. Sec. V. 118, p. 1667,
3199.
Originally there were two separate committees for this issue, but in March
1924 these committees were combined. See V. 118, p. 1521.
Committee for St. L. & Sub. Ry. Gen. Mtge. 5s.— Herman C. Stifel, Chair
man, Pres. Stlfel-Nicolaus Investment Co.; A . C. F. Meyer, Craig McQuaid,John R. Longmire, John L. Johnston, A . H. Roller; Sec., L. M . Forster,
304 Boatmen’s Bank Bldg., St. Louis. Depositaries: Mississippi Valley
Trust Co. of St. Louis and New York Trust C o., N . Y . Deposits have
been called for. V. 108, p. 1611. Compare V. 105, p. 291.
Committee for St. L. & Sub. Ry. Cons. Mtge. 5s.— Chairman, Mark O
Steinberg; Edw. Barklage, Chas. W . Moore, August H. Roller, Francis P.
Sears, Harry F Stix: Sec., Joseph D. Halloran, 201 Boatmen’s Bank Bldg..
St. Louis. Depositaries, Liberty Central Trust Co., St. Louis, and Ameri
can Trust Co.,^Boston. Deposits have been called for. V. 112, p. 2307;
V. 113, p. 1774.
r
Second Committee for St. L . & Sub. Ry. Cons. dtge. 5s.— A second com
mittee has been formed but has not called for depoits. This committees
consists of: Chairman Fred J. Kurtz; Fred C. Hahn, Louis J. Nicolaus
and Mark C. Steinberg; Sec., Oliver B. Henry. V . 117, p. 2214.
* These two committees in April 1919 announced that In the future they
would work together. V. 108, p. 1611
Pref. Stockholders Committee.— Chairman, Walter W . Smith; F. E . Nulsen,
Geo. E. Dieckman, L. H. McHenry, J. K . Newman, R . D. Brown; Sec.,
W . W. Smith. Depositary, First National Bank, St. Louis, M o. De
posits have been called for. Y. 115, p. 2047. Compare V. 103, p. 2239.
Second Committee for Preferred Stockholders.— Chairman, L. H. McHenry,
Louisville, K y.; J A. Cheek, Geo. E. Dieckman, J. B. Downing Jr., A .
P. Wilson, A . J. Scharf, Sec., U. S. Trust Bldg., Louisville, K y. This
committee has not requested the deposit of stock and is working with the
St. Louis preferred stockholders committee
Common Stockholders Committee.— At a meeting o f stockholders owning
com. shares, held in Louisville, K y., in July 1917, Byron Hilliard was
appointed a committee to represent said shareholders in Kentucky and
southern Indiana. N o deposit o f stock was requested or has been made
to date and no other committeemen appointed, but see V. 119, p. 2181.
Valuation, &c.— In oriefs filed with the M o. P. S. Comm, attorneys for
the receiver made claims for a valuation o f $70,000,000 on the properties
o f the United Rys. Co. as of Jan. 1 1919. In a decision handed down by
the Comm, on June 4 1923 the C omm, found the value o f all property of
the co., exclusive of its subsidiary, the Missouri Electric R R . C o., as of
Jan. 1 1919 to be $52,838,110. The same decision fixed the value of the
Missouri Elec. R R . Co. as o f Jan. 1 1919 at $781,949. A petition for re
hearing before the M o. P. S. Comm, in the matter of the valuations fixed
as above was overruled by the Comm, on July 27 1923. An appeal for a
review of the decision and order o f the Comm, is now pending in the Circuit
Court of St. Louis. V. 117, p. 1018.
In M ay 1916 the M o. P. S. Comm. auth. the St. Louis & Suburban Ry.
to issue $1 000,000 Gen. M . 5s of 1903 to take up and pledge under that
mortgage the $1,000,000 bonds issued by the St. Louis & Meramac R y. Co.
for refunding its $1,000,000 1st M . 6s, which fell, due May 8 1916.
The
$1,000,000 St. L. & Sub. bonds are held in the United C o.'s treasury for
future use. V. 102, p. 2255. The $200,000 Southern Electric 5s maturing
Aug. 1 1916, were paid off and a like amount of United Rys. 4s were issued
and placed in treasuryDecisions.— On Feb. 26 1917 the Missouri Supreme Court held that the
P. S. Comm, had no auth. to compel the company to extend its tracks on
streets on which It held no franchises.
Also held void two sections of the
city charter conferring upon the city the power to regulate its public utilities
Fare Situation.— See “ Electric Railway” Supplement of Apr. 26 1924.
City Purchase Plan.— See V. 118, p. 2181.
Bus Operations.— See Y . 119, p. 1627.
STOCK AN D BONDS—
D a te.
In te rest. O utstanding.
M a tu rity
Stock com $25,000,000 ($100)................................. $24,913,000
Stock preferred 5% cumul
$20,000,000 ($100)_______ / ____
5 Q-J
16,383,000
See text
Receiver’s certfs ($1,000)____f 1923
6 A-O
4,200,000 Oct 11926
lin t, at Guaranty Trust C o., N . Y „ or First
1 National Bank In St. Louis.
Gen 1st mtge $42,000,000) 1899 4 g J-J
30,300,000 July 1 1934
($1,000) gold_________ c*tf)-Int. at St. Louis Union Trust C o., Trustee
Cannot be called.
J or at Bankers Trust C o., New York.
Improvement bonds gold) 1904 5 g A-O
9,790.000 Oct 1 1924
($1,000) St Louis Transitllnt. at Metcantile Tr. C o., St. Louis, Trus.,
Co. ______
_______ c*tf j or at Bankers Trust C o., New York
Stocks and B onds. — Of the $20,000,000 authorized preferred stock, $3.603,500 is held in the treasury. $800 common stock Is also held in the
treasury. Preferred was listed on the New York Stock Exchange on
June 1 1905. Of the $45,000,000 general first mortgage bonds originally
authorized, $3,000,000, which had been previously reserved for the pur
pose of retiring bonds o f the St. Louis & Suburban System, in case of
purchase, have been canceled, making the total authorized issue now
$42,000,000, o f which $9,768,000 are reserved for the retirement of under
lying liens. In Aug. 1919 $1,932,000 bonds of this issue which were owned
by the co. were ordered canceled by the Federal Court. V. I l l , p. 787.
The bonds are secured by all the stocks of the constituent companies, and
by direct mortgage lien upon their property and franchises. In 1903 the genmtge bonds were listed on the N .Y . and Philadelphia stock exchanges (see
V . 76. p. 980: V. 89. p . 995), and in April 1906 the St. Louis Transit Co.
impt. bonds were listed on the New York Stock Exchange. The impt.
bonds are guar., p. A i., by the United Rys. Co.
Receiver’s Certificates.— The certificates rank prior to the $30,300,000 1st
Gen. M . 4s and to $9,790,000 junior bonds. Red. on any int. date upon
4 weeks’ notice at 101H and int. on or before Apr. 1 1925; at 101 and Int.
on Oct. 1 1925. and at 100)^ and Int. on Apr. 1 1926. V. 117, p. 1557.
BOND ISSUES OF CONSTITUENT COM PANIES.
L in d ell System —
D a te.
in teres t. O utstanding.
M la tu r ity
Lindell Ry 1st M $1,500,0001 1891
8 g F-A
$1,474,000 Oct 1 1923
gold ($1,000)_____c*&rntf/Interest payable in New York and St. Louis.
Oomp’n H U D & M T l s t M l 1893
6 g J-J
986,000 Oct 1 1928
($1,000) g (extend’d) c * n tf lint, at St. Louis Un. Tr. C o.. Trustee.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
National System—
Cass Ave & Fair Grounds 1st] 1892
6 g A-O
$1,640,000 Oct. 1 1923
extended M $2,000,000 g lin t. at Northern Trust C o., Chicago, trus.
($1,000) sinking fund guarf and St. Louis Union Trust C o., St. Louis,
prin & int (Nat R y )..c * n t f I
St. L ou is & Sub. System —
St. Louis & Suburban cons M f 1891
8 g A-O
2,000,000 Oct. 1 1923
$2,000,000 g ($1,000) c* n tf (Interest at Amer. Trust C o.. Boston, TrusSt L A Sub gen mtge $7,500,-1 1903
5 g A-O
4,500,000 April 1 1923
000 gold ($1,000) guar c* tf jln t. at M in . Val. T r. C o., St. Louu. Trustee
Of the St. Louis & Suburban R y. general mortgage for $7,500,000
$2,000,000 are reserved to retire prior liens. V . 76, p. 332. The St
Louis & Meramac River In April 1903 made a mortgage securing $3,000,000
bonds, all o f which have been deposited with the trustees as additional
security under the St. Louis & Suburban general mortgage of 1903.
The St. Louis & Suburban cons. mtge. bonds were originally 5s and ma
tured Feb. 1 1921, but were extended to Oct. 1 1923 at 8 % . Are red. as a
whole on any int. date on 4 weeks’ notice at 101 & int. V . 114, p. 2360, 2718.
C o n tin e n ta l G as & Electric
C o rp o ra tio n
( all i s s u e s )
YY /E are prepared to furnish quotations
W or other information regarding the
securities of the above Company.
in q u ir ie s I n v ite d
120 Broadway Tel. Rector 3563
Grand Kapids
Chicago
The Lindell R y. 1st mtge. were originally 5% bonds maturing Aug. 11911,
but were extended 10 years to Aug. 1 1921 at 4H % . V . 93, p. 106. In A u g.
1921 this issue was again extended, this time to Oct. 1 1923, at 8 % . Prin.
and int. guar, by United Rys. C o. V . 113, p. 536.
Cass Ave. & Fair Grounds 1st M . were originally 5s, maturing July 11912,
but they were extended for 10 years at 4 K % and again at 6% to Oct. 1 1923.
V. 115, p. 75. $360,000 have been redeemed. V . 94, p. 913, 1509, 1764.
Comp’n Heights Un. Dep. & M er. Term. 1st M . were originally 6s, due
July 11913, but were extended 10 years at 5% . V . 96, p. 1774. Werefurther
extended to Oct. 1 1923 at 6 % . V . 116, p. 2995. Red. at 102 H and int. on
60 days’ notice; principal and interest guaranteed by United Railways.
St. Louis Union Trust C o., trustee.
Dividends.— First div. of \\i% on pref., April 10 1900, and the same
amount quar. to July 10 1910 incl.; none since. V. 91, p. 718; V . 93, p. 591.
REPORT—
1923.
1922.
1921.
1920.
Revenue pass, carried..292,671,781 286.076,475 282,447,190 287,405,837
Transfer passengers____155,343,193 152.261,868 150,562,354 154,464,735
Gross earnings_________ $20,453,445 $19,963,556 $19,658,551 $20,267,730
Deduct—Oper. expenses.$13,623,183 $13,395,508 $13,593,218 $13,657,918
1,500.000
1,626,888
Depreciation__________ 1,500,000 1,500,000
Taxes______ __________ 1,832,603 1,845,723
1,675,697
1,437,336
Net earnings___
Other income_____
$3,497,659
225,701
$3,222,325
202,831
$2,889,635
216,350
$3,555,587
145,856
Interest on bonds, &c_
_
$3,723,360
2,913,615
$3,425,155
2,912,063
$3,105,985
2,802,940
$3,701,443
2,618,014
$303,045 $1,083,428
$513,092
$809,745
Report of Receiver to Chairman of Reorganization Committee.— See V . 119,
p. 2523.
OFFICERS.— Receiver, Rolla Wells; Gen. Mgr. for Receiver, Albert T .
Perkins.
Corporate Officials.— Pres., A . L. Shapleigh; V .-P ., Murray Oarleton; Sec.
& Treas., Frank A. Gannon; Gen. Counsel, H. S. Priest. Directors:
J. I. Begg, Murray Oarleton, H. S. Priest, A . C. Brown, A. L. Shapleigh,
F. O. Watts, A. J. Siegel, John F. Dulles, J. K. Newman, Richard M c
Culloch and Morton Jourdan.— V. 117, p. 1557, 2214; V . 118, p. 86, 204,
909, 1269, 1393, 1521, 1662, 1667, 1775, 2181, 3199; V . 119, p . 326, 1511,
1627, 1735, 2181, 2523, 2531, 2880, 3012; V. 120, p . 960.
(1) MISSOURI ELECTRIC RR.
Controlled by United Rys. Co. o f St. Louis.
R eceivership.S ee United Railways Co. above.
ORGANIZATION.— Incorp. in July 1908 in Missouri and took over
property of St. Louis St. Charles & Western R R ., sold at foreclosure sale
July 24 1905, on behalf o f a syndicate.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Company operates about 20 miles of track between St. Louis and St. Charles.
Gauge, 4 ft. 10 in.; 60 and 70-lb. T and girder rail.
C A P IT A L IZ A T IO N — Stock, $1,000,000, all outstanding. A $1,000,000 mtge. has been made to Mercantile Trust C o. of St. Louis, as trustee,
of which $700,000 are outstanding.
O F F IC E R S — Pres., Richard McCulloch.— Y. 87, p. 226. 480, 1366.
C O N T IN E N T A L G A S & E L E C T R IC C O R P .
Control.— In Oct. 1924 United Light & Power Co. (see on another page)
acquired control.
O RGAN IZATION .— A holding company. Incorp. in Delaware N ov. 16
1912. Controls a group of electric power and light companies operating in
four States and in Canada and serving 192 communities. The companies
controlled are as follows: (a) Kansas City Power & Light C o., Kansas City
M o. [through acquisition of control of Kansas City Power Securities Corp.];
see statement below: (6) Nebraska Gas & Electric 0 o .; (c) Canada Gas &
Electric Corp.); Brandon, M an.; (d) Columbus R y., Power & Light C o.,
Columbus, O. [see statement on another page]; (e) Iowa Service Co.; (J) Lin
coln Gas & Electric Light C o., Lincoln, Neb.; and (a) Maryville Electric
Light & Power Co. Has also acquired the Lincoln (Neb.) Traction Co.
(V. 119, p. 1630; see statement on a subsequent page).
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
The subsidiaries serve with electric light and power: Kansas City, M o.;
Columbus, O.; Lincoln, Neb.; Brandon, Manitoba, and 188 cities and com
munities in Iowa, Nebraska and Missouri. They furnish gas to Lincoln,
Neb., Brandon, Manitoba, and five other cities; do the entire street railway
business in Columbus, O., and a steam heating business in restricted dis
tricts in Kansas City and Columbus. The corporation derives over 83 % of
its net revenue through the sale of electricity. Its subsidiaries have 230,918
customers, and serve a total population of approximately 1,090.000.
Kansas City Groin).— See Kansas City Power & Light Co. below.
Columbus, Ohio, Group.— See separate statement of Columbus R y ., Power
& Light Co. on another page.
Iowa and Nebraska Group.— Corporation, through its subsidiaries, serves
electric light and power to 141 adjacent cities and communities all inter
connected by transmission lines, in Iowa, Nebraska and Missouri. Proper
ties operated from Lincoln, N eb., as a centre have a total steam capacity
of 28,335 k. w. and hydro-electric capacity of 6,185 k. w. Population
served in this territory and in Brandon, Manitoba, is over 242,000, and
the subsidiaries have over 67,000 customers.
Acquisition of Control by United Light & Power Co.— Offer to Stockholders.—
It was announced in Oct. 1924 that the United Light & Power Co. had
contracted to purchase not less than 75,000 shares of the 109,057 shares of
common stock of Continental Gas & Electric Corp. outstanding on June 30
1924, and 35,000 additional treasury shares, thus obtaining in excess of 75%
of the entire outstanding common stock, the stock to be held in the name of a
subsidiary. The United Co. has offered to holders of the remaining out
standing common shares, for each share o f Continental Gas & Electric Corp.
common stock 1 1-5 shares of Class " B ” pref. stock, first series, and 1 share
Class “ A ” common stock of the United Light & Power Co. V. 119, p. 1738.
An order refusing the company permission to sell stock in Missouri was
issued April 18 1924 by the “ blue sky” office of the Missouri State Finance
Department.
C o n tin e n ta l G a s &
E le ctric
C o r p o r a tio n
Quotations and^specific information
regarding all issues of the above
Company will be furnished gladly
upon request.
W e In v ite E n qu iries
Howe, Snow
& Bertles m e.
187
POWER, LIGHT AND RAILW AY
M ay , 1925.]
Detroil
R. E. WILSEY & COMPANY
Incorporated
Investment Securities
76 West* Monroe Street,
CHICAGO
188
PUBLIC UTILITIES
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Common 350,000 shs (no p a r ) . ____ Q— J
163,814 shs.
See text
Prior preference 7 % cum
See text
$11,343,600
$20,000,000 ($100)______________ 7 Q—J
See text
1,961,203
Particpref $20,000,000 ($ 1 0 0 ) .____ See text
Coll tr bonds conv Ser “ A ” ) 1924 7 g F-A
________ Feb 1 1954
5,658,000
($100, &c)__________ c*tf/Cleveland Trust C o., Cleveland, trustee
Refunding Series “ A ” ($100 \ 1922 6 A-O
5,461,200 Apr 1 1947
& c ) ________________ c*& r*/Int. payable in N . Y ., Chicago or Cleveland.
First lien collateral trust) 1912 5 g M -N
4,021,800 Nov 1 1927
($100 &c) gold_________ c*JUnion Trust C o., Cleveland, trustee.
Secured 61$ % bonds, Ser “ A ” / 1924
6 M g A - 0 11,700,000 Oct 1 1964
($100,$500&$1,000)g _ c * .tf\Cleveland Trust Co., Cleveland, trustee.
Stock.— Prior pref. is call, all or in part on any div. date on 90 days’ notice,
at 110 and divs. Payable in case o f liquidation at 110 and divs. In
Oct. 1924 $4,000,000 7% prior pref. was sold by Otis & C o.; Howe, Snow &
Bertles, Inc., and Peirce, Fair & Co. at 92 per share and div., to yield
7.61% . V. 119, p. 2069.
The partic. pref. is entitled to 6% cum. divs. and participates up to an
additional 2% after dividends o f $2.80 per share have been paid to the
common stock in any one year. Is red. at 110.
Bonds.— The coll, trust 7% gold bonds, series “ A ,” are conv. int
partic. pref. stock, at the rate o f $100 par value of such stock and $10 cash
for each $100 principal amount o f bonds so converted. Red. all or part
on any int. date upon 30 days notice, on or before Feb. 1 1927 at 102, on or
before Feb. 1 1929 at 105, on or before Feb. 1 1934 at 104, on or before Feb. 1
1939 at 103, on or before Feb. 1 1944 at 102, on or before Feb. 1 1949at
101, thereafter at par (and int. in each case). Int. payable in N . Y .,
Chicago or Cleveland. Free from Penna. State tax.
The 6% refunding bonds, ser. “ A ," are red. at 1074$ to April 1 1932;
at 105 thereafter to April 1 1942, and at 102 thereafter.
The 1st lien & coll. tr. 5s are call, at 105 & int. on any int. date. Int.
payable in Cleveland and New York.
Secured by pledge o f stocks o f certain controlled companies Series “ A ”
$20,000,000 authorized. Of the remaining Series “ A ” bonds, auth.
$5,658,000 are reserved to refund $5,658,000 of Continental Gas & Electric
Corp. collateral trust 7s, due 1954. The remaining $2,600,000 may be
sold and the proceeds used to reimburse the company for not to exceed 75%
o f the purchase price o f securities o f controlled companies. The trust in
denture provides for an annual sinking fund payment for the retirement of
this issue commencing Oct. 1 1926, equal to 1% o f maximum principal
amount outstanding (less bonds retired through sale o f pledged collateral),
at any time preceding such payment during the first 8 years; 2% during the
next 25 years; and 24$ % during the last 5 years. Redeemable, all or part,
on any interest date, upon 30 days’ notice, on or before Oct. 1 1959, at 105
and interest; thereafter at 100 and interest. In Oct. 1924 $11,700,000
Series “ A ” 64$s were sold by Otis & C o ., Howe, Snow & Bertles, In c ., Peirce,
Fair & C o., and J. G. White & C o., Inc., at 99 and interest, to yield over
6.55% .— V . 119, p. 1738.
Dividends.— The directors have declared the following dividends for the
year 1925 on the various classes o f stock: (1) Prior preference stock— A divi
dend o f 7 % ; (2) particip. pref. stock— a div. o f 6% and an extra particip. div.
o f 2 % ; (3) preferred stock— a div. o f 6 % , and (4) common stock— a div. of
$4 40. All divs. are payable in quarterly installments on April 1, July 1
and Oct. 1 195 and Jan. 1 1926. V. 120, p. 1202.
EARN INGS.— Consolidated earnings statement 12 mes. end. Feb. 28’
12 Months Ended Feb. 28—
1925
*’ 924.
Gross earnings__________________________________$21,711,312 $21,170,075
Operating expenses, maintenance and taxes______ 11,922,241 12,032,151
3,483,940
lo t . & div. charges on sub. cos. & prior deduc'ns,
3,757,786
473,226
Int. on 1st Lien 5s and Refunding 6s__________
521,924
399,000
399,000
Interest on 7% bonds__________________________
760,500
Interest on secured 64$ % bonds________________
760,500
794,052
794,052
Dividend on Prior Preference 7 % stock________
156,896
D iv. on Participating Pref. 6-8% stock_________
156,896
$3,070,312
Bal. available for deprec. & Common divs___ $3,398,913
* For comparison.
OFFICERS.— Pres., Richard Shaddelee; V.-Ps., F. H. Brooks and W. H.
Abbott; Sec., Thos. H. Jones; Treas., B. J. Olsen. Offices, Cleveland, Ohio,
and Omaha, N e b — V. 119, p. 1738, 1847, 2069, 2528, 2759; V. 120, p
2 10 , 1202 , 2011 .
KANSAS CITY POWER SECURITIES CORP.
Control.— In Jan. 1924 the Continental Gas & Elec. Corp. acquired
oontrol o f the co. V . 118, p. 550. Compare V. 117, p. 2323.
ORGANIZATION — Incorp. In Illinois on March 8 1921. Owns all the
«om . stock o f Kansas Oity Power & Lt Co. See that company below.
C A PITA L STOCK.— Auth., 65,000 shares common and 50.000 share:,
pref. (no par value). Outstanding. 65.000 com. shares and 40,000 pref.
■hares The pref. shares carry a preference of $5 per share per annum,
cu m .. payable quar. and in case o f dissolution or liquidation o f the company
to the extent o f $100 per share and all unpaid, accrued and accruing divi
dends thereon. $2,500,000 6% secured notes outstanding (to be retired
N ov. 1 1924).
Dividends.— On pref., $1 25 per share was paid April 1 1921 and same
amount has been paid regularly quar. since. A div. o f $2 per share was
paid on the com. stock In Dec. 1922. In 1923, M ar.. $2; June, $2; Sept., $2.
D ec., $2. In Jan. 1924 an extra o f $2 per share was paid. V. 118, p. 1260.
In April 1924, $2 was paid. Same amount paid in July and October 1924.
OFFICERS.— Pres., Joseph F. Porter; V.-Pres., Rufus E. Lee; Sec. &
Treas., Chester O. Smith.— V . 117. p . 2323; V . 118, p. 202, 550, 1260.
KANSAS CITY POWER & LIGHT CO.
[V ol. 120,
Bonds.— The 1st mtge. bonds are issuable tn series under certain restric
tions for 75% of the cost of permanent lmpts., &c. An annual maintenance
and depreciation fund o f 12 H % of gross earnings is provided for. An annual
Improvement fund of 1% of the amount of this issue outstanding beginning
Apr. 1 1927 is also provided for, this fund to be applied to permanent impts.,
additions, &c., or to the retirement o f outstanding bonds of this issue.
Series " A " are issued in the following denoms. c*$100, $500 & $1,000;
r $1,000, $5,000, $10,000 and $25,000; redeemable, all or in part, on 60 days’
notice, on or before Sept. 1 1946, at 105 and int.; thereafter on or before
Sept. 1 1950 at 102)•$ and int., and thereafter at 100 and int. Penn. 4 mills
tax refunded. Int. payable In New York or Chicago. V. 115, p 1328.
Listed on N. Y . Stock Exchange and Chicago Stock Exchange. In Jan.
1925 $2,000,000 1st mtge. 5s, series “ A ” were offered by Guaranty Co. of
N . Y .; Bonbright & C o., Inc.; Halsey, Stuart & C o., Inc., and Otis & Co.
at 97 and int., to yield over 5.20% . V. 120, p. 702.
Dividends.— An initial dividend of $1 75 was paid on first pref. stock
Series A " in Oct. 1922. Same rate paid reg. quar. since to and incl.
Apr. 1925. Divs. at the rate of $4 per share per ann. are being paid on the
common stock.
EARNING S.— For calendar years:
Cal.Yr. Gross.
Netaft.tax. Oth. Inc. Int. &c.
Depr., &c. Bal.. Sur.
1924 --$9,395,369 $4,612,658 $103,372 $1,250,335 $1,057,346 $2,408,349
1923 - . 8,739,633 4,230,163 122,352 1,110,388
1,118,951 2,123,176
1922 . - 7,768,488 3,564,428 118,840 1,202,826
865,006 1,615,435
OFFICERS.— Pres., Joseph F. Porter; Y .-P . & Sec., C. C. Smith; Treas.,
R. J. Clark; Aud., H. C. Davis.— V. 114, p. 1760, 1791 V. 115, p. 314,
443, 767, 1216, 1328, 1539, 1638, 1949; V. 116, p. 418, 522, 1046, 1074,
1185; V. 117, p. 787, 1468, 2548; V. 118, p. 558, 801. 1267, 1286, 2188,
2445; V . 119, p. 203, 818, 948, 1632; V . 120, p. 702, 1320, 1344, 1881.
MISSOURI POWER & LIGHT CO.
Control.— Controlled by North American Light & Power Co.
ORGANIZATION.—-Organized in Missouri.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns and operates directly or through subsidiaries, electric power and
light, gas, heating, water, street railway and ice properties in 110 cities
and towns in Missouri, Oklahoma and Kansas, serving a population
estimated at 161,000. The Missouri properties include Jefferson City,
Moberly, Kirksville, Booneville, Mexico, Brookfield, Excelsior Springs,
Huntsville and Centralia. In Oklahoma the principal communities served
are Ardmore and Durant. The power and light properties of the co.
comprise steam electric generating stations with an aggregate installed
capacity of 27,000 h.p., together with 670 miles of transmission lines, and
distributing systems in the communities served. Gas service is supplied
to 11 communities in Missouri and Oklahoma, including Jefferson City,
M oberly, Mexico and Excelsior Springs, M o.; Ardmore, Okla., and Wash
ington Court House, O. Electric customers, 39,568; gas customers, 14,206.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common stock (no par)______ _____
_________ 35,000 shs. __________
Preferred stock 7% ($100)_________
_________ $1,531,500 Jan’25,$1.75
1st A ref gen lien sk fd ser “ A ” f 1923 7 g J-D
2,954,800 Dec 11943
Series “ B ” _______________] 1923 6>$ g J-D 1,200,000 Dec 1 1943
($100, $500 & $1,000 )g .t f (Central Trust Co. of Illinois, Chicago, Trust.
25-year 7% income debentures. 1924
7%
1,250,000 Jan 1 1949
North Am«r Lt A, Pr 1st lien _ 1917 6%
4,104,200 Jan 11937
Excelsior Spjgs Wat, G&E IstM 1912 6%
421,500 June 1 1932
Nor M o Pow 1st & ref ser “ A ” . 1922 6 14%
802,700 Dec 15 1952
Nor M o Pow 3-yr coll tr notes. 1923 7%
300,000 Sept 1 1926
Franklin Electric Co 1st m tge. 1923 7%
14,000 July 1 1933
Bonds.— 1st & ref. gen. lien bonds have a semi-ann. sinking fund, payable
to the trustee in cash, equal in annual amount to 1 >$ % of all bonds of
series " A ” and “ B ” outstanding at M ay 31 each year. This sinking fund
shall be used for the retirement of bonds of series “ A ” and “ B ” by purchase
or call. Both issues are red. all or part on 60 days’ notice on any int. date
up to and incl. Dec. 1 1938 at 105 and int. with successive reductions in
red. price o f 1% during each year thereafter. Int. payable in Chicago or
New York. Penna. and Conn. 4 mills, Maryland 41$ mills taxes. District
of Columbia personal property tax not exceeding 5 mills per $1 per annum
and Mass, income tax on the int. not exceeding 6% of such interest per
annum refunded. In Dec. 1923 Hambleton & C o., E . H. Rollins & Sons,
Federal Securities Corp. and H. M . Byllesby & Co. offered $3,000,000
series “ A ” 7s at 991$ and int., to yield over 7 % . In Aug. 1924 $1,200,000
series “ B " 61$s were offered by the same bankers at 981$ and int., to yield
over 6.60% .
Consolidated Statement of Earnings for Twelve Months Ended Dec. 31 1924
Gross earnings________________________________________________ $3,984,251
Operating expenses, maintenance and taxes___________________ 2,717,025
Balance for interest, bond discount and dividends__________ $1,267,226
OFFICERS.— Pres., Clement Studebaker Jr.; V .-P ., W . A. Baehr; V .-P ,.
H. L. Hanly; V .-P ., E. R. Locke; V .-P . & Sec., Scott Brown; Treas., P. C.
Dings.— V. 119, p. 948, 1072; V . 120, p. 582, 829.
ST. LOUIS & ST. CHARLES BRIDGE CO.
ORGANIZATION.— Incorp. on Dec. 22 1908 as successor to the St.
Charles & St. Louis County Bridge C o., whose property was bid in at fore
closure sale on Feb. 29 1908 for the bondholders at $300,000. V . 86, p. 669.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Bridge across Missouri River, 2,700 ft. long, between City of St. Charles
and St. Louis County, was opened April 22 1904. The Missouri Electric
pays the Bridge C o. 5c. for each passenger crossing the bridge.
STOCK AND BONDS—
Date.
Interest. Outsumding. Maturity.
Stock $562,500 ($100) —............... ..........................
$560,850 ....................
1st mortgage $300,000 ($500) 1 1909
5 g J-J
150,500 Jan 1 1929
g old __________________ c*.J American Trust C o., trustee.
Bonds.— Subject to call at 105.
OFFICERS.— Pres., C . D . Bolin; Sec. 9c Treas., W . V . Delahunt.—
v. 86. p- 669; V. 87. p. 227; V. 88. p. 66.
All the com. stock owned by Kansas City Power Securities Corp., in turn
controlled by the Continental Gas & Electric Corp.
ORGANIZATION.— Organized In Missouri July 29 1922 as a consolida
tion of the old Kansas City Power & Light Co. (for history see “ Electric
Railway” Supplement of April 29 1922) and Carroll County Electric Co.
V. 115, p. 443.
Electric lighting and power fra n c h ises in Missouri and In Kansas are, with
minor exceptions, perpetual. Steam heating franchises in Missouri run
(for a period of 30 years from 1905. The company owns the entire capital
UNION ELECTRIC LIGHT & POWER CO.
stock of the Edison Electric Lt. & Pow. Co., the Standard Elec. Lt. Co.,
the Kansas City Electrical Wire Subway Co., Kansas City Heating Co.,
Controlled by North American Edison Co.
Kansas Oity Power & Light Appliance Co., Kansas City Light & Power
ORGANIZATION.— A reorganization in N ov. 1922 and acquired al*
Oo., Kansas Oity Electric Ry. Oo., Kansas City Electric Light Cc.,
the properties and business of its predecessor, which bore the same name as
the Southwest Cities Investment Co., and the Electric Truck Co.
per plan in V. 115, p. 1218. Controls through stock ownership the Light
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— & Development Co. of St. Louis. Also owns entire capital stocks of the
Controls the electric lighting and power business in Kansas City, M o., and Cupples Station, Light, Heat & Power Co. and St. Charles Electric Light
furnishes electrical energy in Wyandotte and Johnson Counties, Kan., and & Power Co. Owns the entire capital stock (except directors’ shares) of
Jackson, Platte and Clay Counties, M o ., and furnishes steam heat to the Union Colliery C o., which owns approx. 3,200 acres of coal lands
Kansas City, M o. Has a contract with the municipality o f Kansas City, located at Duquoin, 111., about 75 miles from St. Louis.
M o ., to supply electric energy for operation of the city’s pumping station.
FIELD OF
AND
V 118, p. 2188. Also operates an electric light and power business in Does the majorOPERATIONS electric C H A R A C TE R OF BUSINESS.—
portion of the
light and
and steam heating
Carroll, Charlton and Howard counties. M o., and has coal rights in about business in the city of St. Louis and the electric powerand power business
light
9.000 acres o f coal lands. Owns four electric generating stations, aggregate in the counties of St. Louis, Franklin, Jefferson and St. Francois, serving
installed normal capacity o f 144,150 k. w., and 53 substations with trans a population estimated at approx. 1,200,000. Number of consumers,
former capacity o f over 159,336 k. v. a. Has 452 miles of high tension trans 206,970. Sales of electric energy in 1924 were 595,131,980 k.w.h. The
mission lines, 388 miles o f underground cable and 2,365 miles of low tension
the
on the Mississippi River,
distributing lines. Of the installed capacity 120,000 k. w. is at Northeast principalagenerating station ofk.w. co. is located 15 sub-stations in the city
The co. has
power plant in Kansas City, M o. This plant has an ultimate capacity of and has capacity of 122,000
of St. Louis and 10 sub-stations outside the city, and in addition owns the
240.000 k. w.
Page Ave. sub-station located outside the city limits, which has a capacity
V a lu a tion .— See Y . 115, p. 443; V. 117. p. 1468.
of 60,000 k.w. and affords the means of transforming the hydro-electric
power purchased from the Mississippi River Power Co. to voltage suitable
STOCK AND BONDS—
D a te .
In te rest.
Outstanding.
M a tu rity
_______
250,000 shs. Oct’24,$l for local distribution and for delivery to the United Railways Co. of St.
Com 350,000 shares (no par)______
Louis. Co. has contracts (the principal one being for 99 years) for the
Particpref 100,000shs (n opar)____
_______
None
________
purchase of power from the hydro-electric plant of the Mississippi River
1st pref Ser “ A ” 250,0(H shares
)
(nopar)............................................
$7 Q-J 110,000 shs. Apr’25$1.75 Power Co.
Principal franchises are perpetual, except in “ Underground District,”
First mortgage Series “ A ” l 1922
5 g M-S $25,000,000 Sept. 1 1952
(see text) gold__________ tf fCont’ l & Comm. Tr. & S. Bk., Chic., trustee. in which territory they expire in 1940.
Leases the plant of the Union Electric Light & Power Co. of Illinois,
Stock.— First pref. stock is entitled to cum. divs. of $7 per share per annum. situated on the east bank of the Mississippi, at Cahokia, 111., which is
Preferred as to assets (to extent o f $100 per share) and divs. Redeemable, directly across the river from St. Louis. See separate statement of that co.
all or part, at $115 and div., upon 60 days’ notice. V . 115. p. 443. Listed below. This makes the total capacity available to Union Electric Light
& Power Co. (Missouri) 287,000 k.w.
an N . Y . Stock Exchange. V. 116, p. 418, 1185.
STOCK AN D BONDS.—
Date.
Interest. Outstanding. Maturity.
Common, 650,000 shs (no p a r ) ____
_________ x650,000 shs ________
Preferred, 7% non-cum, $25,$9,002,800
See text
7 Q-J
000,000 ($100)__________________
6,200,000 Sept 1 1932
1st mtge closed ($1,000)1 1902
5 g M-S
gold _ _______________c*tf (Mississippi Valley Trust C o., St. L., trustee.
R ef & ext mtge $50,000,0001 1908
5 g M -N 11,026,000 M ay 1 1933
($1,000) gold________ c*tf /Bankers Tr. Co.,N.Y.&Breckenridge Jones,
( St. Louis, trustee.
Gen mtge Ser “ A ” ($1,000)1 1924
5 g J-D
5,000,000 Dec 1 1954
g o l d _________________ c*tfjBankers Tr. Co., N . Y ., & Festus J. Wade.tr.
Missouri Edison Elec Co 1st] 1897
5 g F-A
3,168,000 Aug 1 1927
cons mtge ($1,000) g .c* tf/Irv in g Bank-Columbia Trust C o.,N .Y .,trus.
x All except directors’ shares owned by North American Edison Co.
and 558,843 shares are pledged under that co’s 30-year 6% and 25-year
6 H % secured bonds, Ser. “ A ” and Ser. “ B ” , dated March 15 1922.
Bonds.— Int. on 1st mtge. 5s payable at Mississippi Valley Trust Co.,
St. Louis, trustee, and at office of the North American C o., N . Y . Listed
on New York Stock Exchange.
Of the balance o f the ref. and ext. 5s, $10,000,000 are reserved to retire
underlying liens $5,000,000 are pledged under the gen. mtge., Ser. “ A ,” 5s,,
and remainder for exts. and impts. at 85% of cost under certain restrictions.
Call, at 110 and int. upon 6 weeks’ notice. Int. at office o f North American
C o., N. Y . City. Listed on New York Stock Exchange.
Gen. m tge., Ser. “ A ,” 5s are secured by pledge o f $5,000,000 ref. and ext.
mtge. bonds. A dd’l gen. mtge. bonds may be issued for principal amount
o f 80% o f cash cost o f add’ns and impts. to mortgaged property under
certain restrictions. Are call, all or in part at any time at 105 and int.
Purchase fund o f 1% per annum of all Ser. “ A ,” bonds then outstanding
available semi-annually to purchase Ser. “ A ” bonds if obtainable at or
below par and int., any unexpended balance reverts to the co. Int. at
60 Broadway, N . Y . City. Penna. 4 mills tax refundable. $5,000,000
en. mtge. 5s, Ser. “ A ,” were sold in Dec. 1924 by Dillon, Read & Co.,
[arris, Forbes & Co. and Spencer Trask & Co. at 99 and int., to yield
about 5.07% . V. 119, p. 2764.
Missouri Edison Elec, lsf cons. 5s have been assumed by Union Elec. Lt.
& Power Co. $3,400,000 issued, o f which $232,000 have been retired. Int.
payable at National Bank o f Commerce, N . Y ., or St. Louis, M o. Listed
on St. Louis Stock Exchange.
Dividends— Quar. divs. of 1 H % paid regularly (Q.-J.) on preferred.
S
EARN IN G S.— For years end. Dec. 31:
Taxes
Bal. for
Gross
Operating
(Reserve
Net Other
Fixed
Deprec.,
Earnings. Expenses. Credit). Earnings. Income. Charges. Divs.,&c.
$
&
$
S
S
S
S
1924.15,380,801 8,587,656 1,593,711 5,199,434 693,120 1,168,069 4.724,485
1923x14 020,021 6,682,152 1,468,345 5,869,524 567,132 1,109,418 5,327,238
1922-11 960 028 5,820.319 1,361,374 4,778,335 313,775 1,149.853 3,942,257
1921-10 695 424 5,413,349 1,177,390 4,104,685 282,707 1,266,775 3,120,617
1920- 9 882,232 5,773,434 927,649 3,181,149 323,417 1,162,143 2,342.423
1919- 8 J53.407 4,692,774 754,092 2,706,541 227,545 1,128,980 1,805,106
x Includes Cupples Station Light, Heat & Power C o., Cape GirardeauJackson Interurban R y. C o., Iron County Electric Light & Power C o.,
St. Charles Electric Light & Power C o., from Aug. 1 1923.
OFFICERS.— Pres., Louis H. Egan; V.-Ps., Frank J. Boehm, F. L.
Dame- Sec., Hermann Spoehrer; Treas. & Asst. Sec., J. L. Ganz.— V. 119,
p. 2076, 2764; V. 120, p. 213.
(a) UNION ELECTRIC LIG H T & POWER CO. OF ILLINOIS.
Controlled by North American Co.
Lease — Company’s plant is leased to Union Electric Light & Power Co.
(M o )
See statement above. The lease provides for rentals which in
clude taxes, depreciation o f nearly 3 % , and a fixed return based on capital
eX?nnaccordance with the accounting procedure prescribed by the Missouri
P S Comm., the rentals are a deduction from operating income of Union
Electric Light & Power Co. (of Missouri), payable before determination of
net income applicable to that company’s fixed charges.
ORGANIZATION.— Incorp. Jan. 10 1925 in Illinois, to assume the
ownership and control o f the steam power plant under construction at
Cahokia, 111., directly across the Mississippi from St. Louis. This plant,
constructed to meet the power requirements of the St. Louis district, has
been leased to Union Electric Light & Power Co. (Missouri). For terms of
lease see above under “ Lease.” Plant is located on the east bank of the
river’ This station is designed to operate entirely on pulverized coal for
fuel
Is designed for the ultimate capacity o f 350,000 k. w. A first unit
o f 35 000 k. w. was placed in operation in Oct. 1923, the second unit of
35 000 k. w. in Dec. 1923, and the third unit of 35,000 k. w. i; Aug. 1924.;
the fourth unit of 35,000 k. w. is under construction.
STOCK A N D BONDS— Date.
Interest. Outsatnding. Maturity.
x^.624,000
Common $13,000,000 ( $ 2 0 ) - - - -----Pf 6% cum $25,000,000 ($100)
- 6 Q-J
Jan 1 1954
First mtge Ser “ A ” ($1,000)1 1924 5M g J-J
9,750,000
gold
____________ c*.tf/E quitable Trust C o., New York, trustee.
x All except directors’ shares owned by the North American Co.
Srock.— Preferred has equal voting rights, share for share, with the com.
stock, and is free from all property taxes in Missouri and Illinois.
Bonds — First mtge. Series “ A ” bonds have a semi-annual sinking fund
to retire $7,500,000 Series “ A ” bonds prior to maturity through redemption
o f 2)4 % per annum by purchase in the market at or below 100 and interest,
or if not so obtainable, by call at that price. Are callable, all or in 'part,
on 30 says’ notice on any interest date to and including Jan. 1 1925, at
105 and interest, with successive reductions in redemption price of 34 of
1 % during each three years’ period thereafter. Penna. 4 mills tax refunded.
Listed on New York Stock Exchange. V. 120, p. 1091. In Jan. 1924
$10 000 000 were sold by Dillon, Read & C o., Harris, Forbes & C o., and
Spencer Trask & Co. at 95 and interest, to yield 5.80% . V . 118, p. 442.
EARNINGS.— For year ended Dec. 31 1924:
Gross earnings------------------------------------------------------------------------- $L715,136
Operating expenses andtaxes--------------------------------------------------6,244
Gross income-------------------------------------------------------------------------- 1.708,892
Interest charges______________________________________________
802,212
Balance for depreciation,dividends and surplus-----------------------906,680
OFFICERS.— Pres., Louis H. Egan; V .-P ., F. J. Boehm; V .-P ., Edwin
Gruhl- V .-P ., J. F. Fogarty; Sec. & Treas., H. Spoehrer.— V . 118, p.
442; V. 120, p. 1091.
___________ __
A
3
KANSAS CITY RAILWAYS.
Receivership.— On Sept. 9 1920 Judge Stone in the U. S. Dist. Court for
the Western Division or the Western District o f M o. at Kansas City, M o.,
aDDolnted Frank C. Niles temporary receiver for the co. on application of
the Kansas City Refining Co. vT 111, p. 1083, 1278, 1472, 1566. On Oct
26 1920 Judge Stone o f the U. S. Circuit Court o f Appeals appointed Fred W
Fleming ana Francis M . Wilson perm, receivers for the co. V. I l l , p. 1752.
O R G A N IZA TIO N .— Organized under Missouri laws June 6 1914 and
on Feb. 15 1916 took over the properties of the Metropolitan Street R y.,
Kansas C ity Elevated R y. and Kansas City & Westport Belt R y . in ac
cordance with the plan o f reorganization of the Kansas City R y. & Light
C o. in V. 101, p. 614, 689, 1628.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns and operates entire street railway system serving Kansas City and
Independence, M o., Kansas City and Rosedale, Kan., and Jackson County,
M o.; population served over 500,000. Over 317 miles o f single-track equiv
alent, about 75% paved; remainder on bridges or private right-of-way.
One power house, capacity 60,000 k. w., and 13 sub-stations. 765 motor
cars and trailers in addition to work cars.
Franchise Ordinance, &c.— For summary o f franchise under which com
pany operates see "Electric Railway” Supplement o f Oct. 28 1922. See
ranchise ordinance in detail in V . 99, p. 196, and also V . 99, p. 119. The
company’s franchise in Kansas City, Kan., expired by limitation on Dec. 15
1922, but service has been continued without interruption. V . 116, p . 1889.
Freight Service.— Operates an express and freight service between Kansas
C ity and Independence, M o., and Dodson, M o, See also V. 107, p . 905.
i8sr
POWER, LIGHT AND RAILW AY
M ay , 1925.]
Valuation.— See V. 112, p. 652.
Fares, &c.— See “Electric Railway” Supplement of April 26 1924.
Jitney Regulation— V. 112, p. 1399; V. 113, p. 848; V. Ii9, p. 276-.
On Aug. 27 1919, Eastern bankers loaned the co. $1,000,000 on the’
personal endorsement of J. Ogden Armour.
The $1,000,000 6% ser. " A ” coll, notes due Dec. 1 1919 were not paid1
when due, nor has any int. been paid on same since June 1 1919. V. I ll,,
p. 1278, 1752.
The $7,750,000 7% coll, notes due May 15 1921 were not paid at m r
turity. V. 112, p. 2083.
Validity o f Notes and Claim o f J. Ogden Armour Upheld.— See V. 120, p.
330.
Interest Payments.— The July 1 1919 int. on the co’s. 1st and 2nd mtge.
bonds was paid Aug. 28 1919. V. 109,p. 982. Compare V. 109, p. 173.
Subsequent int. not paid when due. The int. due Nov. 15 1919 on tbs
co.'s 3-yr. 7% notes having been defaulted and in view of the fact that
further defaults were impending, a committee was formed to protect the
Interests of holders of all the co.’s bonds and notes. V. 109, p. 1986. On
May 1 1922. however, the general protective committee ceased to serve as
such in connection with the 3-yr. 7% coll, notes, 2-yr. 6% coll, notes ana
2d mtge. bonds, so as to confine its representation to the 1st mtge. bonds of
the co. The committee for the 1st mtge. 5s as at present constituted con
sists of:
Committee for First M tge. 5 s . — Chairman, Melvin A. Traylor; J. K. New
man, Willits Pollock, John W . Stedman, J. F. Downing. L. W. Steeble;
Sec., Jas. J. Fitzgerald, First Trust & Savings Bank, Chicago. Compare
V. 110, p. 2568. See aiso statement by committee in V. 116, p. 1889.
Depository fo r 1st M . Bonds.— First Trust & Savs. Bk., Chicago, HI.;
Chase Nat. Bank, N. Y .; Penna. Co. for Insur. of L. & Gr. Annuities,
Phila., Pa.; Old Colony Trust Co., Boston, Mass.; First Nat. Bank, Kansas
City, Mo.; First Wisconsin Trust Co., Milwaukee, Wis.; St. Louis Union
Trust Co., St. Louis, Mo.
A separate committee composed partly of the members of the original
general committee has been formed to represent the holders of the co.’s
3-yr. 7% coll, notes. Series “A ,” & “ B,” and 2-yr. 6% coll, notes. Series “A "
only; such committee consisting of:
Committee for 3-Year & 2-Year Coll. N otes. — Chairman, H. L. Stuart;
Geo. W. Davison, Henry C. Olcott, Harry A. Wheeler, G. I. May; Sec.,
201 So. La Salle St., Chicago, 111.
Depositories fo r 3-Y r . ana 2-Y r . Coll. N otes. — Conti. & Comml. Trust
& Sav. Bank, Chicago, 111.; Chase Nat. Bank, N. Y .; Penna. Co. for Insur.
of Lives & Granting Annuities, Phila., Pa.; Old Colony Trust Co., Boston,
Mass.; New England Nat’l Bank, Kansas City, Mo.; First Wisconsin Trust
Co., Milwaukee, Wise.: St. Louis Union Trust Co.. St. Louis, Mo.
In 1923 a reorganization committee was formed through action taken by
the committee for the 1st mtge. bonds and by the committee representing
the coll, notes.
Reorganization Committee.— Chairman, Melvin A. Traylor; H. L. Stuart,
J. K. Newman, J. F. Downing, P. W . Goebel. See preliminary report or
reorganization committee in V. 117, p. 2652. See also V. 119, p. 319.
Committee for 2d M tge. Bonds, Ser. A and Ser. B.— Chairman, Eugene
V. R. Thayer; Fredk. J. Horne, H. P. Wright; Sec., Boyd G. Curts, 100
B’way, N. Y . City. Depositaries: New York Trust Co., N. Y .; Nat.
Shawmut Bank, Boston; Illinois Merchants Trust Co., Chicago, and
Commerce Trust Co., Kansas City. Deposits have been called for. For
statement by committee see V. 117, p. 2542. Committee to oppose
proposed reorganization plan. See V. 118, p. 550.
Stockholders' Protective Committee.— Chairman, James B. Gibson; O. D .
Parker, Robt. M . Goodlet, Henry Florsheim, Edw. J. Corrigan. V. 111.
p. 2228.
Validity o f 1st & 2d M tge. Bonds Questioned.— See V. 112, p. 652. Val
idity of 1st Mtge. bonds upheld. V. 119, p. 455.
STOCK AND BONDS—
Date.
Interest. O utstan ding.
M a tu r ity
A-O
Capital stock________________ _____
See text
See text.
1st mtge goid______ c*&r*cpt 1915
6 g J-J
$15,917,400 July 7 1944
3d M C$4,291,000) Series A . . f 1915 6 J-J
3.924,000 July 7 1944
do ($1,000,000) Series B ..1 1915
5 J-J
1,000,000 July 7 1944
Redeemable at 103 and int. [New York Trust Co., 1 T Y’., trustee.
S.
Coll gold notes Ser “A” ($100,1 1917 6 g J-D
1,000.000 Dec 11919
$500 and $1,000)____c*.tN 1918 7 g M-N15 7,750,000 May 15 ’21
IContinental & Commercial Trust & Savings
l Bank, Chicago, trustee.
Deferred injury & dam’ge ctfs. 1915
See text
1,516 July 11944
Stock .— The capital stock, fully paid up, is in the nominal sum of $100,000
and is represented by 62,716.7 preferred and 63,620.5 common parts of no
par value. Trustees for the stock are Robert J. Dunham, Charles W .
Armour and Charles N. Black. It Is provided that whenever a corporation
can be lawfully formed with pref. and com. shares of no specified par value,
with authority to take over the stock of another corporation as Its assets,
the trustees shall cause one to be organized and shall turn over to it the stock
In their custody, the beneficial certificates to be canceled and replaced by
pref. and com. shares.
N o te s .— The 3-year notes are secured by $10,651,000 1st M . bonds, of
which $8,076,000 were originally issued as 5% bonds, but upon which the
co. pays an additional 1% ; the remaining $2,675,000 were issued as 6s.
The former are pledged at 75% and the latter at 82% . Additional notes
may be issued only upon pledge of additional 1st M . 6%s In these ratios,
or at the co.’s option, upon pledge of 1st M . 5s at 70% . Red. all or in
part, upon 30 days’ notice.at 100 & int. Tax refund in Penn. The 2-year collnotes outstanding are secured by $1,219,600 6% 1st M . bonds. Red., all or
part, upon 30 days’ notice at 100 & int. Int. on both payable in N. Y . or
Chicago without deduction of normal Federal income tax of 2 % . V. 105.
p. 2543; V. 107. p. 181.
F irst M ortgage B onds .— Of the $15,917,400 1st Mtge. bonds now out
standing $10,150,200 were issued under plan of reorganization in retirement
of securities of predecessor companies, the remaining $5,767,200 being Issued
for the retirement of receivers’ certificates, cash requirements of reorgani
zation and $500,000 for capital improvements to be made in the immediate
future. In addition to the $15,917,400 of bonds outstanding, $10,141,000
are pledged as security for the 3-Year 7% coll, notes, $1,2197600 as security
Kansas City Railways
ALL ISSUES
Bangor & Nazareth Transit 6s, 1954
Brazos Valley Telephone 5s, 1941
Cleveland Painesville & Ashtabula 5s, 1922
Cleveland Painesville & Eastern 1st Cons. 6s, 1933
Colorado Springs Electric Ext. 7s
Colorado Springs Light, Heat & Power Ext. 7s
Denver City Tramway S. F. 5s, 1933
Lincoln Water & Light 6s, 1940
Nordyke & Marmon 6s, 1925-29
Port of Havana Docks 5s, 1941
St. Louis Transit 5s, 1924— Ctfs.
York Utility 1st Ss, 1943
Unlisted and Inactive
Public Utilities
Bought
Sold
Quoted
WM. C. ORTON & CO.
54 W A L L S T R E E T
Tel. Hanover 9690
NEW YORK
190
PUBLIC UTILITIES
for the 2-Year 6% coll, notes, $510,000 as security for an Issue of $418,000
3-Year 7% coll, notes, $230,000 as security for Judgments in damage suits,
and $55,000 are held in the treasury, making a total o f $28,073,000 Issued
$8,076,000 of pledged 1st mtge. bonds originally issued bearing interest a*
•5%, have been modified by agreement to bear 6% and the remainder are 6%
bonds. Additional bonds may be issued for new construction, additions
•extensions, &c. (in Missouri only on certificate o f Board o f Control), Id
the ratio o f $1,000 of bonds for each $1,100 expended. Denominations
C* $1,000, $500, $100; r* $1,000, $5,000 and $10,000. Interest payable
In New York, Chicago or Kansas City. Callable as a whole or in part at
103 and int. on any int. date on 60 days’ notice. Trustee, Continental A
Commercial Trust & Savings Bank, Chicago. See V. 102, p. 2254.
Second M ortgage B onds. — A sinking fund of $105,820 per annum, whlcb
began Jan. 1 1916, Is expected to retire issue by maturity. $366,400 Id
■Inking fund and $600 in treasury (not included In amount reported out
■landing) as of June 30 1920.
DeJerred In ju r y and D am age C ertificates. — Issued at par in exchange foi
■11 approved claims inferior to old bonds but superior to the stock, for
which no other provision was made In plan. Callable at par. Bear 6%
Interest, cumulative, payable only out of net earnings. Not a lien on physi
cal property, but status, as against owners o f the stock, is substantially
■lmilar to that o f a preferred stock.
D ivid en d s. — An Initial dividend o f $2 50 on the pref. beneficial certificate*
was paid Oct. 1 1916. In 1917. April, $2 50: O ct., $2 50. April 1918
dividend omitted. V. 106, p. 1577. None since.
R E P O R T .— For years ending Dec. 31:
Years ending Dec. 31—
1924.
1923.1922.
'Revenue passengers carried__________ 128,310,928 135,097,194 136,076,541
Transfer passengers_________________ 66,969,205 68,678,524 68,191,873
Total operating revenue-------------------- $10,024,230 $10,514,735 $10,661,754
N et operating revenue------- --------------- $1,545,741 $2,012,623 $1,910,711
Net after taxes_______________________ $1,057,043 $1,538,245 $1,377,118
Miscellaneous income_______________
10,878
11,929
14,134
Gross income____________________ $1,067,921 $1,550,174 $1,391,252
C ity’s share-----------------------------------------------------------Company’s share_________________ $1,067,921 $1,550,174 $1,391,252
Miscell. non-oper. income—C o --------188,509
162,068
99,274
Gross income— Company_________ $1,256,430 $1,712,242
1,903,188 1,900,126
Total deductions___________________
$1,490,526
1,909,031
Net income______________________ def$646,758 def$187,884 def$418,505
D IR E C TO RS.— Representing the company: Chas. W. Armour, George
S. Hovey, Herbert V. Jones, Herman P. Harbison, Edward P. Moriarty
Kansas City M o., and P. W . Goebel o f Kansas City, Kan. Representing
the city: William r” TTemper, Frank C. Niles, Davis M . Pinkerton, John
W . Wagner and B. H. Berkshire, all o f Kansas City, M o.
OFFICERS.— Receive™?, Fred W. Fleming and Francis M . Wilson
Pres., Geo. S. H ov ey V.-P., Frank O. Niles; Gen. M gr., F. G. Buffe
Sec. & Treas., J. A. Harder; Asst. Sec .-Asst. Treas., L. M . Boschert
Aud., Neal S. Doran; Gen. Counsel, Jas. E. Goodrich, Kansas City, M o.
BOARD OF CON TROL.— E. M . Stayton (city member). No company
member at present.— V. I l l , p. 2324, 2515, 2520; V. 112, p. 62, 652, 1399,
2083, 2190; V. 113, p. 848, 1471, 2080. 2819; V. 114, p. 2580; V. 115, p.
2478; V. 116, p. 1889, 2255; V. 117, p. 1663, 2542, 2652; V. 118, p. 550;
V. 119, p. 319, 455, 2761; V. 120, p. 330.
[V ol. 120,
Bonds.— The Issuance of first mtge. bonds for the construction of the
oad is limited to $20,000 per mile; additional bonds may only be Issued
for 90% of cost of improvements, betterments, additions and extensions,
under conservative restrictions. Red., all or part, at 101 and int. on any
int. date on 60 days’ notice. $212,500 gen. mtge. bonds (incl. in amount
outstanding) are held in treasury.
The gen. mtge. bonds are limited to $12,500 per mile; callable at 101
and int. Y. 102, p. 1625; V. 104, p. 452.
EA R N ING S.— For calendar years:
Cal. Year. Gross. Net,aft.Tax. Oth. Inc. Bond.Int. Deprec■ Bal.,Surp.
1924............$375,528 $38,782
$2,797
$48,453 $54,423 def$61,297
1923______ 461,819 127,905
7,696
82,470
53,578def447
1922______ 468,903 156,827
Dr248
82,470
52,789sur21,318
OFFICERS.— Pres., K . D. Klemm, Kansas City, M o.; V.-P. & GenM gr., W . R . Taylor; Sec. & Treas.. W . E . Barnhart; Aud., E . J. O’BrienOffice, 511 New Jersey Ave., Kansas City, Kan.— V. 110, p. 1289; V . 112>
p. 744; V. 118, p. 1910, 2948; V. 119, p. 578, 693, 2529, 2761; V. 120, p. 1089.
M IS S O U R I & K A N S A S IN T E R U R B A N R A I L W A Y .
ORGAN IZATION .— Incorp. in Kansas under Gen. R R . law. Known
as “ Strang Line.” In 1909 receiver appointed the previous year was dis
charged, and old company resumed control. V. 86, p. 1467; V . 89, p. 1281.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 20 miles of road from Kansas City through Southridge, Morrison
Ridge, Milburn Place, Overland Park and Lenexa to Olathe. Enters
Kansas City over tracks of the Kansas City Rys. 70-lb. rails. Has 13
cars, including passenger and freight. M otive power changed from Strang
gasoline cars to electricity in 1908. V. 87, p. 614. Has private right-ofway about 80 feet wide from Kansas City to Olathe.
STOCK AND BONDS—
Dale.
Interest. Outstanding. M a tu r ity
Stock $1,000,000 ($100)_____ _____
_______
$1,000,000 ....................
First mtge gold ($1,000).........c 1919
6 J-J
500,000
1934
Second mortgage $300,000 ( 1919
6 J-J
155,000 July 11934
($ 1 ,0 0 0 )_________________ lin t. at Fidelity National Bank & Trust Co.,
EA R N ING S.— For calendar year 1923, gross, $159,480; net, $45,219.
In 1922, gross, $162,377; net, $44,309.
OFFICERS.— Pres., Henry O. Flower; V .-P ., Lester W . Hall; V .-P . St
Gen. M gr.. Thos. Riley; Sec. & Treas., H. B. Leavens; Aud., E. H. Stair.
General offices. Overland Park, Kan.— V. 87, p. 614; V. 89, p. 1281; V . 109.
V 477.
S O U T H W E S T M IS S O U R I R A IL R O A D C O .
ORGAN IZATION .— Organized under the general railroad laws of
Missouri, and on Sept. 1 1906 acquired the Southwest Missouri Electric
R y. and the Webb City Northern Electric R R .
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Operates 91 miles of track connecting Carthage, Carterville, W ebb City,
Prosperity, Porto Rico, Duenweg-Oronogo, Neck City, Purcell, Alba,
Joplin, Villa Heights and Chitwood, all in Missouri, and Galena in Kansas.
An extension to Baxter Springs, Kan., 9 miles, was completed Feb. 21 1918
and to Picher, Okla., on June 10 1918.
STOCK AND BONDS—
D a te .
I n te rest.
O u tstanding.
Maturity.
itock $5.000.000__________________
_______
$3,500,00& See“ earns.’’
General and refunding mort-f 1906
5 g M -8
1,027,000 Sept 1 1931
gage $5,000,000 gold ($l.-!ln t. at Harrisburg (Pa.) Trust Co.. Trustee.
000)___________________ tfl or National Bank of Commerce, N . Y .
Webb City Northern mtgef 1905
5 g M-S
200,000
Sept 1923
K A N S A S C I T Y C L A Y C O U N T Y & S T . JO S E P H
$200,000 gold________ c tfllnt. at Safe Dep. Sc Tr. Co., Pitts., Trustee.
Soutnwest Missouri Electric! 1903
6 g M-S
1,150,000 Sept 1 1928
R A IL W A Y CO.
Ry refunding and exten-! Harrisburg Trust Co.. Harrisb., Pa., Trustee
ORGA N IZA TIO N .— Incorp. in Missouri in 1911 under a 200-year char
■ion mtge $1,500,000 -tflln t payable at Nat Bk
Commerce.N.Y.
ter. In Jan. 1913 the line from Kansas City to Excelsior Springs, M o., was
Bonds.— Of the $5,000,000 gen. & ref. bonds. $1,350,000 are reserved for
opened, and on M ay 5 1913 opened for operation Its line between Kansas prior liens and $2,623,000 for impts. and exts. The $1,150,000 Southwest
C ity and St. Joseph, 5 2 miles. V. 96, p. 1423.
Missouri Electric Ry. ref. & ext. mtge. 5s, due Sept. 1 1923, were extended
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS — to Sept. 1 1928 at 6% , but are subject to call all or in part by lot on any
Operates 51.9 miles between Kansas City and St. Joseph, M o:, and 27.7 int. date on 30 days’ notice at 100 & int. The extended bonds have a
miles between Kansas City and Excelsior Springs, M o.; total, 77.61 miles. sinking fund and are secured by gen. & ref. mtge. 5% bonds of the RR. co.
70 and 80-lb. T rail; standard gauge. Passenger equipment, 26 cars; on the basis of $1,150 to each $1,000 of the extended bonds, and the latter
5 exp. motor cars, 20 express trailers, 10 other cars and 1 American elec may be exchanged for these gen. & ref. bonds in the same ratio under
conditions set forth in V. 117, p. 1348.
tric ditcher, 1 electric locomotive. Also handles freight.
In Dec. 1914 terminal service was begun to Kansas City for the Quincy
EARNINGS.— For years ending Aug. 31:
Omaha & Kan. City R R . (C. B. & Q. system). See details in V. 99, p. 1910.
Aug. 31
Gross
N e t (a fter In terest R enew als
B a lan ce.
Valuation.— On Jan. 15 1920 the P. S. Commission fixed the value of all
Y ears — E a rn in g s. T a x e s ).
C harges. & B ett's.
D iv id en d s.
S u rp lu s.
the property as o f July 31 1917 at $4,800,000. V. 110, p. 562.
1918-19____ $953,876 $356,013 $128,330 .. ...................................$227,683
Freight Terminal.— The Kan. City lnterurban Freight Term. Co. was in 1917-18____ 741,727 245.981
125,388 .................................. .. 120,593
corp . In Feb. 1917 to provide facilities in the city for handling interurbaD 1916-17____ 747.820 333,861
114,536 69,462 (2%)
70.00079,863
freight and express matter. Stock auth. and Issued, $100,000; bonds auth.
OFFICERS.—
........;
3100,000, of which $62 500 outstanding. The stock o f the co. Is owned by over, Harrisburg.Pres.............................................Treas.. V.-P.. E. Z. WallPa.; Sec., Geo. W. Relly:
W . E. McMechan,
Interests associated with the Kansas City Olay County & St. Joseph Ry
and the Kansas City Kaw Valley & Western R y. The terminal was opened — V . 93, p. 752; V. 106, p. 716; V. 117, p. 1018, 1348.
Oct. 10 1917. Robt. P . Woods is Pres.; J. F. Holman, V.-Pres.; E . S. Bige
low, Sec. & Treas.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
$2,450,000
See text
Com $4,000,000 ($100)........................................
1.550.000 Apr. ’25.1 H
Pref 7% cum $6,000,000............... —
7%
3.224.000 Sept 1 1941
1st mtge $10,000,000 ($ l.-( 1911
5 g M-S
000 gold s f red at 105 after! Equitable Tr. Co . N . Y .,, and J. F. Down_ _
Sept. 1 1915________ c* tf( ing, Kan. City. Trus. Int. payable N . Y
Bonds.— Unissued bonds can only be Issued for 80% o f the cost of per
manent add’ns and exts. under certain restrictions. Sinking fund o f 1 %
O K L A H O M A G A S & E L E C T R IC C O .
o f bonds certified began Sept. 1 1917.
ORGANIZATION.— Incorp. in Oklahoma in 1902.
Dividends.— On 7% pref. \ M%, paid regularly quar. On common: In
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
1914. 2 7 % paid; 1915, June, 1 H % . In 1916, 4 K % . In 1917, 2
A
Xn 1918, 2 % % . In 1919, 2M % . In 1920, 2 ?*% . In 1921, 3 3-16% . In Serves electricity or natural gas to 88 cities and towns, including Oklahoma
City, El Reno, Enid, Drumright, Sapulpa, Muskogee, Shawnee and Ada.
1922, 1 H % .
Estimated population over 375,000. Electric power sources of the proper
E A R N IN G S.— For years ending Dec. 31:
Surplu s ■ ties include generating stations at Oklahoma City, Muskogee and Byng, with
Cal. Y r.— Gross.
Net. aft. Tax. Interest, &c.. Dividends.
$24,140 reserve stations in a number of other communities. Total generating ca
1924
$977,881
$285,866
$164,660
$108,500
107,950 pacity of all plants now aggregates 89,000 h. p. The River Bank power
1923'
— - 1,235,041
371,904
163,493
108,500
98,715 station, located on the Arkansas River near Muskogee, with initial capacity
--—
371,274
163,309
109,250
1922_______ 1,212,292
41,192 of 30,000 h. p ., and the Horse Shoe Lake plant, near Oklahoma City,
324,565
155,872
127,500
1921_______ 1,186,707
having initial capacity of 20,000 h. p., were placed in operation during 1924.
OFFICERS.— Chairman o f Board & Pres., Allen G. H oyt; V .-P . & Gen. Has 984 miles of inter-connected high-tension transmission lines.
Mgr R . P. Woods; Sec. & Treas., W. S. Tuley.— V . 106, p. 607: V. 1101924.
1923.
1922. 1921. 1920. 1919. 1918.
pT 562, 1849; V . I l l , p. 1566; V. 112, p. 469, 2190; V. 119, p. 1172.
Electric customers-. 64,573 60,342 54,759 47,975 41,362 36,829 32,014
Kilowatts connected
load, all purposes.124,730 111,670 96,143 80,207 67,572 59,258 50,753
Miles of pole lin e s ... 2,045
1,533 1,385 1,215 1,142
911
797
K A N SA S C IT Y K A W V A L L E Y & W E STER N R Y .
39,019 37,793 36,185 33,468 32,008 30,477
Receivership.— In July 1924 Harry C. Jobes, Kansas City, was appointed Gas customers_____ 41,050
Miles of gas m ains..
532
490
463
447
443
440
427
receiver for the co. by the U. S. District Court in Kansas. V . 119, p. 578.
The stockholders were to vote M ay 14 1925 (1) on auth. the creation of
O R G A N IZA TIO N .— Incorp. in Kansas July 28 1909.
bonded indebtedness of the co. to the amount of $300,000,000 at any one
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS — time outstanding; (2) on auth. the directors to fix the terms and security
The line between Kansas City and Bonner Springs was placed in operation upon and with which such bonded indebtedness shall be created; and (3)
July 20 1914, and from Bonner Springs to Lawrence, Kan., on June 1 1916; on auth. the increase of the capital stock to $35,000,000 by changing the
total miles track operated. 42.314. Gauge, 4 ft. 8 H in.; 70-lb. T rail. auth. pref. stock from $10,000,000 to $25,000,000. V . 120, p. 2013.
10 passenger Gars; 2 electric locomotives; 3 express and baggage, 8 box and
STOCK AND BONDS.— Date.
Interest.
Outstanding.
Maturity.
14 dumpcars. The road as projected will extend to Topeka, 26 miles beyond Common $10,000,000 ( $ 1 0 0 ) - .____
_______
$7,500,000 __________
Lawrence. Connection is made with the street railway system of Kansas Pref7 % cum$10,000,000($ 1 0 0 )____
7 Q-M 15 9,000,000 __________
City. Direct freight connection at Kansas City with C. R . I. & P. R y., lstM S er“ A ” ($500&$1,000c*/ 1925 5 g M -S
23,500,000 Mar 1 1950
K C .-S. R y. and K . O. Terminal R y. At Bonner Springs with U. P. R R .
and $1,000, $5,000 and! Continental & Commercial Trust & Sav.
and A. T . & S. F. R R . Track connection at Lawrence with U. P. R R .
$10,000 r*) gold------------ t f ( Bank, Chicago, Trustee.
Franchise in Lawrence extends to 1946.
Debentures ($100, $500 and! 1925
6 g M -S
8,000,000 Mar 1 1940
rrnnxas c i t y ln teru rba n F reight T erm in a l. — See Kan. City Olay County
$1,000) gold_________ c*tf \Cont. & Comm’l Tr. & Sav. Bk., Chi., Trus.
ts St. Joseph R y. above.
Stock.— Pref. is red. at 125 and divs. on 60 days’ notice.
Default, &c.— The co. being unable to meet the principal o f the $1,070,000
Bonds.—
the
thereunder of add’l bonds of
1st mtge. 6s (Aug. 1 1924 int. paid, however) and the $528,500 gen. mtge. Series “ A ,”1st mtge. provides for suchissuancematurities, interest rates, re
or of other series of
dates,
6s due Aug. 1 1924, the following protective committee was formed:
demption and other provisions as may be determined by the directors.
'Committee for 1st Mtge. 6s.— Chairman, Geo. W . York; Channing Folsom,
be issued
and ext.
the
J. Z. Miller Jr., Alfred R . Horr, James B. Harvey; Sec., Thos. F. Mawer, A dd’l bondsf may co. and its for 75% of the cost of add’nslimitation to the
o
subsidiaries, incl. within the
in
317 Cuyahoga Bldg., Cleveland, O. Depositary, Cleveland Trust C o., properties the the
mortgage
acquisition of subsidiaries under certain restrictions. A dd’l
Cleveland; sub-depositary. New England N at’l Bank, Kansas City, M o. bonds may also be issued for the refunding of underlying bonds, within the
V. 119, p. 693. Deposits have been called for. V. 119, p. 2761; V. 120,p. 1089, limitation in the mortgage, or of bonds of other series under the mortgage.
STOCK A N D BONDS— D a te .
In terest. O u tstanding.
M a tu r ity
M tge. provides that while Ser. “ A ” bonds remain outstanding an amount
equal to at least 1 2 % of the gross earnings, as defined in the mortgage,
Stock, $1,500,000 ($100)..................................... $740,500
........... —
will be expended after March 1 1925 for (1) maintenance, repairs, renewals
l i t M $2,500,000 gold ($100) I 1914
6 g F-A 1,070,000 Aug 11924
S500 and $1,000)__ c * tf lint, at First Tr. & Sav. Bk., Chicago, Trust.
and replacements, or, to the extent not so expended or pending such ex
O
ge, $812,500 gold] 1914
6 g F-A
528,500
Aug 1 1924 penditure, (2) for extensions and additions not used as a basis for the
lin t, at Com. T r. C o., Kan. City, M o ., Trus. issuance of bonds, or (3) for the retirement of bonds.
OKLAHOMA
M ay , 1925.]
POWER, LIGHT AND RAILW AY
1st mtge. Ser. “ A ” 5s are red. on any int. date until and incl. Mar. 1 1930
at 105 and int., the premium decreasing 1% each 5 years thereafter, the
bonds being red. on Sept. 1 1949 at 100K and int. Co. agrees to refund
the Penn. 4-mills tax, the Conn. 4-mills tax, the Maryland Securities tax
not exceeding 4K mills, and the Mass, income tax not exceeding 6% .
$23,500,000 Ser. “ A ” 5s were sold in Mar. 1925 by H. M . Byllesby & Co.,
Spencer Trask & Co., E. H. Rollins & Sons and Federal Securities Corp.
at 95 and int., to yield over 5.36% . V. 120, p. 1328.
Debentures.— The 6% debentures due Mar. 1 1940 are red. at any time
during first 5 years at 105; during next 5 years at 102 K , and the premium
decreasing
% for each year thereafter, plus int. in each case. Int. pay
able in New York aad Chicago. Co. agrees to refund the Penna. personal
property tax not exceeding 4 mills, the Connecticut personal property
tax not exceeding 4 mills, the Maryland securities tax not exceeding
4 K mills and the Mass, income tax not exceeding 6% . $8,000,000 6%
debentures were sold in March 1925 by H. M . Byllesby & C o., Spencer
Trask & C o., E. H. Rollins & Sons and Federal Securities Corp. at 98>6
and int., to yield over 6.15% . V . 120, p. 1587.
EARN INGS.— For cal. years:
1922.
1924.
1923.
Gross earnings_______________________$7,963,683 $7,0175,436 $5,736,912
Operating exp., maintenance & taxes. 5,384,871
4,848,056
4,263.991
Interest____________________________ 1,634,092
1,113,454
872,414
Preferred dividends_________________
511,006
336,959
456,700
Bal. for deprec., common divs., &c_
$433,715
$657,226
$263,548
OFFICERS.— Pres., Arthur S. Huey; V.-Ps., J. J. O’Brien, C. M .
Gailnard Jr., B. W . Lynch, E. J. Mackay, T . C. Gordon; V .-P ., Asst.
Sec. & Asst. Treas., R . J. Graf; V .-P ., C. C. Levis; V .-P. & Gen. M gr.,
J. F. Owens; Sec. & Treas., W . R . Emerson.— V. 120, p. 1328, 1460, 1587,
1882, 2013.
SO U T H W E ST POW ER CO.
Properties operated under the general supervision and management of
Albert Emanuel Co., Inc., o f New York.
ORGAN IZATION .— Incorp. in Delaware April 23 1924 and acquired
the properties of Coal District Power Co. and Choctaw Power & Light
Co. Subsequently acquired all the properties of Southwestern Utilities C o .,
Fayetteville Gas & Electric C o., Rogers Light & Water C o., Springdale
Light & Power Co. and Inter County Power & Light Co. Also owns the
entire capital stock and bonds of the Pittsburg County Railway Co.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Properties located in Oklahoma and Arkansas. Generating capacity 15,340
k. v. a. Manufacturers rating boiler horsepower, 3,755. Miles of trans
mission lines, 168. Miles of distribution lines, 256. Substation capacity,
17,491 k. v. a. Number of street lights, 1,981. Serves with electric light
and power McAlester, Alva and Hartshorne, Okla., Fayetteville, Rogers,
Springdale, Eureka Springs, Harrison, Boonesville and Huntington, Ark.,
and 16 other communities in these States. In addition, supplies electricity
at whoesale to the Public Service Co. of Oklahoma for retail distribution in
Atoka, Coalgate, Lehigh and Phillips, Okla.; operates ice plants in Eureka
Springs and Harrison, Ark. Through a subsidiary, the Pittsburg County
R y. C o., street railway service is furnished in McAlester and interurban
and freight service to Krebs, Hartshorne and Haileyville, Okla., the com
pany also operates the water plant and distribution system n the City of
Rogers, Ark. Total population served, 75,000. Approx, k. w. h. output,
20,000,000. Number o f consumers, 1,114 electric, 1,070 water.
STOCK A N D BONDS—
Date. Interest.
Outstanding.MatuHty.
Common stock (no par)--------- --------------------- 21,000 shs. ---------------Pref 7% cum $5,000,000($100)-----7% Q-J
895.600
______
1st mortgage series “ A ” _____( 1924
6K g M -N 2,100,000 M ay 1 1944
Series “ B ” _______________ 1924 6 g M -N
1,000,000 M ay 1 1944
($100, $500&$1,000) g-C*tf Seaboard National Bank, N. Y ., trustee.
Inter County Pow & Lt 1st M | 1924 6 g J-J
150,000 July 1 1944
assumed ($100, $500 &<Int. at the Colonial Trust C o., Phila.,
$1,000) gold_________ c * tf( Trustee.
Stock.— Pref. is red. all or in part on any div. date on 30 days’ notice at
$110 and divs. In Sept. 1924 Curtis, Stephenson & C o., Boston, offe ed
$500,000 7% cum. pref. at 9 2 ^ & int., yielding 7.57% . V. 119, p. 1511.
Bonds.— Int. on 1st Mtge. bonds is payable in N. Y . or Chicago. Penna.
4-mill tax, Conn. 4-mill tax, Maryland 4M-mill tax and Mass. 6% income
tax refundable. Are additionally secured by pledge of all Pittsburg County
R y. Co. stock and bonds.
Inter County Pow. & Lt. Co. 1st Mtge. 6s assumed by Southwest Power
Co. Are call., all or in part, on any int. date on 30 days’ notice at 105
and int. Sink, fund of 1M % annually commences July 1 1926. Penna.
4-mill tax and Maryland 4H-mill tax refundable.
Series “ A ” 6 )4s have annual sinking fund o f 1% of Ser. “ A ” bonds out
standing commencing M ay 1 1926. Are red., all or in part, on any int.
date on 30 davs’ notice to and incl. M ay 1 1929 at 107H and int., this
p r e m iu m o f 7 l % o f the principal decreasing at the rate of H % of the prin
A
cipal on each M ay 1 thereafter to and incl. M ay 1 1943, and at 100 and int.
on N ov. 1 1943. In M ay 1924 $2,100,000 Ser. “ A ” 6 ^ s were offered by
A. C. Allyn & C o., Arthur Perry & Co. and West & Co. at 97M and int.,
to yield over 6 M % . V. 118, p. 2574.
Series “ B” 6s have annual sinking fund of 1 % o f Ser. “ B ” bonds outstand
ing commencing N ov. 1 1926. Red., all or part, on any int. date on 30
days’ notice at 105 and int. to and incl. Nov. 1 1925, this premium of 5%
o f the principal decreasing at the rate of H % o f the principal on each Nov.
thereafter. In Jan. 1925 $1,000,000 Ser. “ B ” 6s were offered by A. C.
Allyn & C o., Inc., Arthur Perry & Co. and West & Co. at 95A and int.,
to yield over 6.40% . V. 120, p. 332.
EARN ING S.— For years end. Dec. 31:
*1924.
1923.
1922.
1921.
1920.
Gross revenue_________$1,000,155 $694,154 $648,631 $739,232 $739,889
Oper. exp. and taxes___
595,301 426,594 419,368 474,560 456,589
Net oper. revenue.Bond interest------------
$404,854 $267,560 $229,263 $264,672 $283,300
147,857
84,758
83,739
80,801 154,295
Balance______________ $256,997 $182,802 $145,524 $183,871 $129,005
Preferred dividends_____
26,218
20,450
24,050
52,937
______
Surplus______________ $230,779 $162,352 $121,474 $130,934 $129,005
* Includes companies acquired as o f Jan. 1 1925: Fayetteville Gas &
Electric C o., Rogers Light & Water Co., Springdale Light & Power Co.,
Inter County Power & Light Co., Southwestern Utilities Co.
OFFICERS.— Pres., Albert Emanuel; V.-Ps., Victor Emanuel, P. B.
Shaw, W . R . Porter, A. E. Burns and G. K. Skow; Treas., O. B. Zeigler;
Sec., D. L. McDaniel.— V. 118, p. 2439; V. 119, p. 580, 1511; V. 120, p.
88, 332, 455.
O K LAH O M A R A IL W A Y CO.
Receivership.— On Dec. 27 1924 Geo. A. Henshaw and John W. Shortel
were appointed receivers for the company by Judge F. E. Kennamer in the
U. S. District Court on application o f the bondholders. V . 120, p. 331.
Compare V. 119, p. 1396.
ORGANIZATION.— Incorporated in Oklahoma on June 15 1904 under
the name of Oklahoma City Ry. Co. On Sept. 21 1907 name changed to
Oklahoma Ry. Co.. Increasing charter powers so as to constitute both an
urban and interurban road with all the powers of a steam railroad corpora
tion and of a lighting and power co., and Increased stock from *1,000.000 to
*3,000,000. On Apr. 1 1911 purchased Oklahoma City & Suburban Ry
and on Aug. 1 1911 purchased the El Reno Interurban Ry. and the city lines
and franchises in El Reno. The Oklahoma Ry. also owns the Guthrie City
191
Ry and the No. Canadian Valley R y. In 1911 increased stock from $2,000.400 com. and $1,000,000 pref. to $10,000,000 com. and *5,000,000 pref.
y ’°»t fwo-thirds o f road on private right-of-way (Incl. 28 miles of track
within city); Oklahoma City franchise perpetual, subject to right of city
to purchase property on Jan. 31 1932 or at end of any 15-year period there
after. El Reno franchise expires 1933: other franchises perpetual.
The Guthrie-Edmond Electric R y. was incorp. in Dec. 1915 with $500,000
capital to build the extension from Edmond to Guthrie, 15 miles, placed in
operation July 20 1916.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Operates about 139 miles of track, comprising the street railway systems in
Guthrie (5.5 miles) and Oklahoma City (64 miles), and the interurban lines
to El Reno (placed in operation Dec. 3 1911), Norman (placed in operation
N ov. 15 1913) and Edmond (placed in operation M ay 28 1911). The extension to Guthrie was placed in operation July 20 1916. Standard gauge.
65. 70 and 100-lb. rails. 110 pass, and 32 freight and other cars; 2 electric
and 1 steam locomotive. Power plant has 12,100 k. w. capacity. .Also
owns valuable terminal station in Oklahoma City.
Fa-es.— See V. 119, p. 1734.
BTOCK AND BONDS— D a te .
In terest.
O utstanding.
M a tu r ity .
common $10,000,000 ($100).............
.............
$3,800,000 ...................
£ref $5.000.000($100)5% c u m ...........................
1.795.900 Jan’12,l>*%
™ ,?,L „ refundinS mtge 1 1908
a
5 g J-J
347 000 Jan 11938
*3.000.000 ($1.000) gold c*/Int. at Safe Dep. A Tr. Co.. Pittsb.. Trustee,
rirst & ref mtge *12.000.0001 1911 5 g J-J
4,253.000 Jan 1 1941
gold (*1.000)................... c*ilnt. at Mississippi Valley Tr. Co.. 8t. Louis.
J Trustee, or Harris Tr. & Sav. Bk.. Chic.
, . . . . . ______
lunlor M g bonds ($1,000)-cf 1916 6 J-J
305,000
See text
Red at 101K and tnterestllnt. at Miss. Vail. Tr. Co St Louis.. Tr.
*825.000] 1921 8 g J-J 1
825.000 Jan 11928
($100, $500_ & $1,000) call.(interest at Mississippi Valley Trust C o.,
at 103 and interest_______ J
St. Louis, Trustee.
Bonds.—
-Of the 1st & refunding bonds of 1911, $347,000 are reserved to
-mm8 mmerlying bonds; remaining bonds can be issued at not exceeding
80% of cost of extensions, enlargements and additions under certain re
strictions. Subject to call at 105 and interest on any interest date since
Ian 1 1921. V. 92, p. 1110. $680,000 are pledged as security for the
8% notes due Jan. 1 1928. No sinking fund, but bonds have a renewal
fund of 2% per annum on bonds out.
The first and refunding mortgage of 1908 is limited under the terms o f the
1st & refunding mortgage of 1911 to $2,500,000, of which $2,153,000 are
deposited as additional security for 1st & ref. 5s of 1911 and $347,000 are
out. Mtge. bonds o f 1908 can be called on 90 days’ notice at 110 and int.
No sinking fund.
The junior mortgage bonds mature $15,000 s.-a. from Jan. 1 1918
to July 1 1925 and $260,000 on Jan. 1 1926. They are secured by a lien
on the entire property subject to $4,000,000 underlying bonds, and also
cover the extension from Edmond to Guthrie, subject to a construction
lien of $450,000. Exempt from all general taxes in Okla. V. 102, p. 1987.
The secured 8% notes, due Jan. 1 1928 are secured by (a) $680,000 1st
* w>r 5s of the company; (b) $120,000 Guthrie Ry. 1st Mtge. 5s; (c) $500,000 Guthrie-Edmond Elec. Ry. 1st M tge. 5s. The notes are conv. at any
time before maturity or call into 1st & ref. bonds at the rate of 80, against
100 for the note. V. 112, p. 373, 563.
Dividends.— On pref. 1st div.— 5% — paid Jan. 1909 and l f i % quar.
to and incl. Jan. 1912. None since
EARNINGS.— For 12 months ending Dec. 31:
Gross
Net (after Other
Interest, Balance, Passengers
Year—
Earnings
Taxes). Income. D isc't.Ac. Sum.
Carried.
1922------------$1,978,827 $622,588 $6,437 $354,823 $274,202 22,750,696
1021............ 2.114.571 665,940 6,934 358.882 313,992 23,417,650
OFFICERS.— Pres., J. W. Shartel; V .-P ., R. J. Edwards; Sec. & Asst.
Oper. M gr., Ohas. Hoopes; Treas., E. J. Richart; Aud.. W . O. Jones. Gen
eral offices, Oklahoma City.— V. I l l , p. 693, 1183; V. 112, p. 373, 563V. 116, p. 1178; V. 117, p. 1993; V. 119, p. 1396, 1734; V. 120, p. 331.
M U S K O G E E E L E C T R IC T R A C T IO N C O .
ORGANIZATION.— Incorp. in 1904 in Indian Territory. In Oct. 1912
acquired the People’s Electric R y., which has been merged. Franchises
are unlimited as to time.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. Operates city lines, 16.13 miles, and interurban and
suburban, 15.13; total, 31.26 miles. Standard gauge. 70 and 60-lb. T rail.
24 passenger cars, 2 miscellaneous cars and 2 electric locomotives. Also
owns an amusement park on Arkansas River about 5 miles from Muskogee.
Right of Purchase by City.— The city has the rlgnt to purchase all the com
pany's property within city limits in 1934 and at the end of every 15-year
period thereafter, at a price determinable by arbitration, but In case of
such purchase the bonds must be either paid off or assumed by the city,
and in the latter event the company must be allowed to operate Its cars
(rcm suburban or interurban points to the centre of the city on a rental
Oasis See V. 95. p. 1331.
Has long-time power contract with the Muskogee Gas & El. Co,
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
itock *500.000 (*100)------------------Q-M
*500.000
See text
First mtge *5.000,000 sinking 1 1912
5 g M-N
600.000 May 1 1934
fund gold (*1.000)------- c*flnt. at Equitable Tr. Co.. N. Y .. Trustee,
Bonds.— Remaining bonds may be issued for additions and betterments
at 80% of cost, with certain restrictions. Subject to call as a whole or in
part at 105 and int. on any int. day on 3 weeks’ notice. Semi-ann. sink
ing fund began Jan. 1 1914 of
o f 1% of all bonds outstanding. V. 95
p. 1331.
l ? 08- 5 % ■ 1909’ 6% : 191°- 7 %: 1911. 8% ; 1912, 7 K % :
1913,1}-$% . None since.
EARNINGS.— For years ending Dec. 31:
Cal. Years.
G oss.
Net.
Bond Int. & Tax. Bal., Sum.
1924...................$206,686
$41,134
$39,104
$2,030
1923---------------- 226,394
45,727
39,512
6 215
1922--------------- 222,007
40,792
38,007
2J85
O F F IC E R S . — Pres., Louis K . Hyde; V.-P., R. D. Benson; Sec. & Treas
D. Q. Brown; Gen. M gr., J. G. Phillips.— V. 118, p. 311; V. 120, p. 331. &
S H A W N E E -T E C U M S E H T R A C T IO N C O .
ORGANIZATION.— Incorporated in Oklahoma on Feb. 13 1906
F ranchises are perpetual and exclusive for 25 years.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
OperatesjlO miles o f track in Shawnee and between Shawnee and Tecumseh
Standard gauge. 60 and 70-lb. T rail.
STOCK AND BONDS—
D a te .
In te rest. Outstanding.
Maturity.
Stock *500,000 ($100)_______ - - - .....................
$500,000
First mortgage $1,000,000/ 1906 5 g J-D
300,000
1926
($1,000) gold------- -------- c*( Int. at Equitable Trust Co., N. Y .. trustee.
B onds .— Can be called In 1916 at 105. No sinking fund.
EARNING S.— For 12 months ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross------------------- ------------------ ------$36,526
$44,906
$58,722
Operating expenses_________________
38,346
42,556
49.844
N et___________
Interest and taxes.
def$l,820
1 ,988
$2,350
16,189
$8,878
17,181
Balance....................................... ........def$17,808 def$13,839
def$8,303
OFFICERS.— Pres. & Treas., Louis K. Hyde; Gen. M gr., J. G. PhillipsSec., Geo. L. W ebb.
PUBLIC UTILITIES
192
[V ol. 120,
The stockholders Dec. 12 1921 approved the reclassification of the $160,000,000 authorized capital stock as follows: $79,900,000 1st pref. stock (in
creased from $50,000,000), $100,000 original pref. stock (decreased from
$10,000,000), and $80,000,000 common stock (decreased from $100,000,000). V . 113, p. 2623.
Common stock to the amount of $31,696,867 in addition to that reported'
outstanding is owned by subsidiary companies.
Bonds.— ' he 1st & ref. mtge. gold bonds are a direct first mortgage on the
T
entire properties (incl. the new Pit River power plants and high-tension
transmission line) of the M t. Shasta Power Corp. which joined with the
P A C IF IC G A S A N D E L E C T R IC C O .
Pacific Gas & Elec. Co. in execution o f the mortgage. Also a direct mort(See Map on page 193.)
page on the entire properties of the co. now owned and hereafter acquired
O RGAN IZATION .— Incorporated in California Oct. 10 1905 as a con subject to the prior liens of under lying mortgages. As additional security,
solidation. In Oct. 1919 purchased the properties and most of the $10,000,- company agrees to secure from time to time the certification of all gen. & ref.
000 capital stock o f the Northern California Power Co. Consolidated at m tge. bonds which it may issue and will pledge the same under the new m tge.
Mortgage provides for a semi-ann. sinking fund of H % o f all outstanding
$34 per share.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— bonds of co. after deduction o f underlying sinking fund payments to be util
Owns and operates extensive properties employed in the production and sale ized in the acquisition and redemption or retirement of 1st & ref. M . bonds.
of electricity and gas for light, heat and power, about 60% o f its revenues A large fund is also provided annually for the maintenance and replace
being derived from electricity and about 35% from gas. It also_ owns ment of the properties.
Ser. A bonds are red. at 110 and int. on or before Dec. 1 1930 and at 105
and operates the entire street railway system o f Sacramento, 44 miles of
track, and is engaged in the sale o f steam for heating and o f water for irriga and int. thereafter. Ser. B bonds are non-callable. Ser. C bonds are red.
tion and domestic purposes, deriving approximately 5% o f its revenue from on any int. date at 105 and int. V . I l l , p. 2528; V . 113, p. 2318; V .
these and other less important activities. All the properties owned in fee 116, p. 624.
Of the $150,000,000 gen. & ref. mtge. bonds, the unissued portion is re
except those o f the M t. Shasta Power Corp. and California Telephone &
underlying bonds, and for future additions, betterments and
Light C o., and those leased from the Sierra & San Francisco Power Co. and served to retireat 90% of cost under certain restrictions. $1,000,000 are in
improvements
Yuba River Power Co.
The operations of the company extend into 38 counties o f central and treasury, of which $875,000 deposited as security for surety bond in rate
northern California, having an area o f 59,000 square miles and an estimated cases; $815,000 have been canceled by sinking fund. Denom.: Coupon,
present population of over 2,200,000. The business field embraces the im- $1,000; registered, $1,000, $5,000 and $10,000. Int. also payable in
ortant San Francisco Bay section and the fertile Sacramento and San London, Berlin, Amsterdam, Paris and Geneva at £5.2.9, 105 marks, 62
oqauin valleys. The company serves eight of the twelve largest cities in guilders or 129.50 francs, respectively. Red. as a whole (but not in part)
Jan. 1 1937 on any int. date thereafter at par and int.; also red. at 105 and
California.
. . . .
A t the close o f 1924 the company operated 27 hydro-electric generating int. on any int. date on 60 days’ notice in blocks o f not less than $500,000.
plants having an aggregate installation of 426,239 h. p., four modem steam Sinking fund of 1 % p . a . of face amount o f all underlying bonds and bonds o
turbine electric plants with an aggregate installation o f 190,349 h. p ., also this issue. See V. 94, p. 351. V . 103, p. 1211; V . 105, p. 1523; V. 107, p .
p. 79,
262 substations and 12,186 miles o f transmission and distribution lines 1837, 2477: V. 108, Electric 2144. Unifying and Refunding Mortgage 5%
California Gas &
Corp.
with a connected load o f 1,367,501 h. p.
The gas department includes 17 manufacturing plants with an aggregate Bonds of 1907 are a lien upon all the property and franchises of the California
Gas & Electric Corp. now owned or hereafter acquired. V. 86, p. 1158.
capacity of 83,840,000 cubic feet per day and 3,833 miles o f mains.
Through purchase o f the Northern California Power Co. Consolidated, They are also a lien (through a supplementary mtge. executed by the Pacific
Gas
C
acquired 585 miles o f high-tension lines and 1,985 miles o f low-tension lines, Co , & Electrictheo.), prior to othe bond issues of the Pacific Gas & Electric
upen all
properties f that company except the properties o f the
a power site on the Pit River, and six hydro-electric generating San Francisco
o.,
properties o f the
plants on BattleCreek and Cow Creek, with an aggregate installation o f fornia Central Gas & Electric CC o.,but includes the Electric Lighting Cali
Electric
Fresno Gas &
o.,
over 66,000 h. p ., then marketing 30,000 h. p. V . 109, p. 173. In Dec. and the Vallejo Gas & o., subject, however, to underlying mortgages o fCthe
Gas C
1919 leased for 15 years the properties o f the Sierra & San Francisco Power California Central Gas & Elec. The bonds were issued under four heads—
C o. V . 109, p. 2362.
. , ,
J
_ , xl_
Series
Franchises in over 176 cities and towns, it is claimed, are perpetual, the “ A ," “ B ,” " C ” and “ D .” retire “ A ” amounts to $30,282,000, o f which
U. S. Supreme Court on April 6 1914 having ruled that all franchises of $8,203,000 were issued to under an equal amount of underlying bonds
been deposited
Series “ B ”
to
public service corporations within the State o f California obtained prior to which haveand were issued at 90 to this mortgage. obligations. amounts C ”
$3,055,000
refund existing
Series “
Oct. 10 1911 were o f perpetual duration and could not be altered.
aggregate
o which were issued. M ort
75-cent gas rate in San Francisco held valid by U. S. District Court but and “ D ” been closed $11,663,000, $9,255,000 p .f 980. The bonds are subject
to further issue. V . 86,
reversed by U. S. Supreme Court June 2 1924. Company collected at gage has 110 and int. upon any int. date after N ov. 1 1912 upon 60 days’
to call
85-cent rate during years in litigation. See V . 109, p . 2444. Rates, V . 113, notice. atV. 88. p. 1199. The issuance of additional underlying bonds is
p. 195,499: V. 113, p. 77.967: V. 115, p. 655: V. 118, p. 916; V. 118, p. 2959: prohibited by terms of mortgage. An agreement was executed Jan. 21 1908
V. 120, p. 1089. Proposed acquisition o f distributing system by city o f San providing that all California Gas & Elec. gen. mtge. and coll, trust bond
Francisco, V. 117, p. 1563. Refusal o f company to sell, V. 117, p. 1786.
Trust C
On Feb. 11 1925 the stockholders approved an increase in the authorized holders depositing bonds with Mercantileunifying o. o f San Francisco would
be entitled
and
bonded debt from $160,000,000 to $250,000,000. V. 120, p. 958. Com- in addition to receive an equal amount o fo f the Pacific refunding bonds, and
an amount of common stock
Gas & Elec, equal to
25% of bonds so deposited. V .8 6 ,p .9 8 0 . $4,492,000 gen. mtge. and coll,
** In March 1^25 the company was authorized by the Calif. R R . Comm, to trust bonds were so deposited. Agreement
1
issue $14,399,000 gen. & ref. 5% bonds to provide funds for construction, provides that a sinking fund be created andexpired Feb. as1909. The mtge.
maintained
follows: 1912 to
&c. V. 120, p 1460. Compare V. 120, p. 1204.
1916 incl., $450,000 per annum; 1917 to 1921 incl., $550,000 per annum; 1922
STOCK A N D BONDS.— Date.
Interest. Outstanding. _ Maturity. to 1926 incl., $700,000 per annum; 1927 to 1936 incl., $900,000 per annum.
$42,805,532 Apr '25 2% This sinking fund will be applied as far as necessary toward making the
Common $80,000,000 ($100)----------Q-J
sinking fund payments required by underlying mortgages, and the balance to
1st pref 6% cum $79,900,000
54,464,411 Feb ’25 1H the purchase for the sinking fund of the bonds issued under the new mortgage
($100)---------------------------------------6Q -F
10,720,000 Dec 1 1940 $3,666 000 unifying and ref. bonds are held in sinking fund; $230,000 m
1st & ref mtge Series A --------- f 1920
7 g J-D
20,000,000 Dec 1 1941 treasury o f Pacific Gas fz Electric Co. Bonds are listed on New York Stock
I j i t j - D 45 :000,000 Dec 119 5 2 Exchange. V. 90, p. 1677; V . 93, p. 1191; V. 95, p. 1332.
($500 &c) gold____c*& r*.tf IMercantile Trust C o., San Francisco, and
California Gas & Electric Corp. $10,000,000 General Mortgage and Collateral
I National City Bank, New York, trustees. Trust Bonds are subject to call on any int. date at 110 and int. on four weeks’
Gen & ref M ($150,000,000) f 1911
5 g J-J _ 35,822,000 Jan 1 1942 notice. $4,492,000 were deposited under the unifying and refunding mtge.
gold sinking fund (see] Bankers Tr. C o., N . Y ., and O. Ellmghouse, Sinking fund for 5 years, beginning Mar. 1 1904, $150,000 per annum; from
text)
_________ c*&r*tf 1 trustees. Int. in N . Y . or San Francisco.
1909 to 1913, $200,000 per annum; 1914 to 1918, 250,000 per annum: 1919 to
Cal Gas & Elec Corp gen M & f 1903
5 g M-S
2,967,000 M ch 11933 1923, $300,000 per annum; 1924 to 1928, $350,000 per annum; 1929 to 1933,
coll tr $10,000,000 goldjlnterest at Mercantile Trust C o., San Fran- $400,000 per annum. The said sinking fund will provide for the sinking
funds of the Bay Counties Power C o., California Central Gas & Electric C o.,
cisco, trustee.
($1,000) sinking fund_c*tf
5 g M -N 16,917,000 N ov 1 1937 Sacramento Elec. Gas & R y. Co. and Valley Counties Power C o., and is to
Calif Gas & Elec Corp unify’g 1907
and refunding mortgage {Wells Fargo Bank and Union Trust C o., San be used initially in redeeming the bonds of the constituent companies, the re
$45,000,000 gold___ c& r.tf
Fran., trustee. Int at office of company, mainder for the new $10,000,000 issue. The bonds redeemed shall be kept
I San. Fran., or Bankers Trust Co., N. Y alive and bear int. except where the mortgages of the constituent companies
Bay Counties Power Co 1st M f 1900
5 g M-S
697,000 Sept 1 1930 provide for their cancellation; in the event o f the purchase of any of the gen.
$2,250,000 ($1,000)___tf{Interest at Mercantile Trust C o., San Fran- mtge. and coll, trust $10,000,000 bonds, these also are to be kept alive; but
( cisco, trustee,or Bankers Trust C o ., N . Y . should any of the latter be called for payment at 110, the bonds so called are
Second mtge $750,000 gold f 1901
6 g A-O
223,000 April 1 1931 to be canceled. $2,292,000 of this and $1,011,000 of underlying issues are
($1,000)_____________ tf{In t. at Wells Fargo Bank and Union Trust now alive in this sinking fund. The gen. mtge. and coll, trust bonds are
I C o., San Francisco, trustee.
secured by deposit (now secured by physical properties o f these companies
Nevada Co Elec 1st M _ .n t f 1898
6 A-O
56,000 Oct 11928 which have been deeded to the corporation) of practically all the capital
168,000 June 1 1929 stocks of the subsidiary companies, namely, all o f the 36,000 shares of Bay
Yuba Elec Power 1st M .n t f 1899
6 J-D
5 g F-A
413,000 Aug 1 1931 Counties Power C o.; all of the 15,000 shares Calif. Cent. Gas & Elec. C o.; aU
Cal Central Gas & Elec Co ( 1901
nterest
1st mtge $1,000,000 gold!Interest at Mercantile Trust C o., San Fran of the 30,000 shares of Oakland Gas Light & Heat C o.; all of 18,584
shares of Sacramento Elec. Gas & R y. C o.; all of the 4,898 shares of Fresno
cisco, trustee.
($1,000) sink fund_____n tf
5 g M -N
1,583,000 N ov 11927 Gas & El. Lt. C o.: all of the 50,000 shares of the Standard Elec. C o.; all o f
Sacramento Elec Gas & R y 1897
terest
1st mtge $2,500,000 gold{Interest at Mercantile Trust C o., San Fran., the 22,286 shares of the United Gas & Elec. C o., and all of the 1,000 shares or
stock of the Vallejo Gas Co.; also 39,999 out of 40,000 shares of South Yuba
($1,000)_____________e n t f' or Guaranty Trust Co., New York.
5 g M -S
1,795.900 Sept 1 1939 Water Co. stock. In addition, the Bay Counties Power Co .owns the entire
Standard Elec Co 1st M $5,- 1899
000,000 guar p & i by{In t. at Mercantile Trust C o., San Fran., trus $2,500,600 stock of the Valley Counties Power Co. and the United Gas &
Cal Gas & Elec C o r p .n tf ( tee, and Crocker Nat. Bk San Francisco. Elec. Co. owns the $1,000,600 stock o f the San Mateo Power Co.
Bay Counties Power Co. $2,250,000 First Mortgage Bonds.— $350,000 are
Blue Lakes Water 1st mtge\ 1893
6 M -S 15
713,000 M ar 15 1938
reserved to retire $179,000 Yuba Electric Power bonds and $171,000
$5,000,000__________ n tf /Int. paid in N . Y ., San Fran and London
United Gas & Elec Co 1st M\ 1902
5 g J-J
911,000 July 1 1932 Nevada Electric Power bonds. A sinking fund on the first 5s o f 1% o f
outstanding bonds per annum commenced in 1905 and ran until June 1
$2,000,000g($l,000)sf.c*tf/M ercantile Trust C o., San Fran trustee.
-~
•
•
5 g M -N
1,331,000 M ay 1 1930 1910, on which date and for four years thereafter 1 H % of bonds out; on
Valley Counties ~
Power C o f 1902
terest
first mortgage $2,500,000{Interest at Mercantile Trust C o., San Fran, June 11915 and for four years thereafter 2% o f bonds out; on June 1 1920
gold ($1,000) sink fu n d .-t f l trustee, or at U . S. M tge. & T r . C o ., N . Y . and for four years thereafter 2 } i % of bonds out; on June 1 1925 and there
Cent Cal El Co mtge $5,000,- t 1902
5 g M -N
See text M ay 1 1933 after 3% o f bonds outstanding. $1,196,600 of this issue alive in sinking
fund. The 2d 6s are subject to call at any time at 105. $169,000 are held
000 gold ($1,000)-----------tf 1Int. at Equitable Trust C o.. New York trus
Suburban Light & Power [ 1908
6 F-A
220,500 Aug 1 1938 in a sinking fund and $5,000 held in treasury. $135,000 were redeemed
mtge ($500). N o sinking {In t. at office o f company. The Oakland Jan. 1 1918 and $218,000 on April 1 1925.
California Central Gas & Electric Co. First Mortgage Bonds.— A sinking
fund_________________ c* tf I Bank, Oakland, trustee.___
San Fran G & El gen M $1 0,-f 1903
4 H g M -N 6,151,000 N ov 1 1933 fund of 2% of bonds outstanding commenced on Aug. 1 1902, but bonds
000,000 gold ($1,000 each){Int. at Wells Fargo Bank and Union Trust are not subject to call. $585,000 bonds are in sinking fund.
Sacramento Electric, Gas & Ry. Co. Bonds.— $445,000 bonds have been re
,.***,-•«*•
t f l C o.. San Francisco, trustee.
4 g Q-M
_ 321,000 _.Sept 1_1930 tired. $431,000 alive in sinking fund and $41,600 held in treasury of
------„
------ .
,
Paeific Gas Improvement mtg I 1900
gold ($1,000 each) sinking] Int. at Wells Fargo Bank andJJnion Trust Pacific Gas & Electric Co. B y terms of a supplemental mortgage, the right
to call all or any of the bonds at 103 has been rescinded: but this does not
Co. San Francisco,
.n t f
fund
______ ____ _______
122,000 June 1 1934 affect the right to retire bonds as follows: From 1902 to 1906, inclusive
Mutual Electric Light Co 1904’ ~5 J-D
first mortgage ($ l,5 o d ).c tf{ln t. at Mercantile Trust C o., San Fran., or $5,000 per annum; 1907 to 1911, inclusive, $10,000 per annum; 1912 to
19l6, inclusive, $20,000 per annum: 1917 to 1921, inclusive, $36,000 per
{United States M tge. & Trust C o., N . Y .
M etrop Gas C orp($500).c*tf / 1911
5 J-D
995,500 Dec 11941 annum; 1922 to 1926, inclusive, $46,000. Total, $525,000.
Sinking fund $25,000 per {Int. at office of company. Mercantile Trust
Standard Electric Co. of California First Mortgage Bonds.— They are
annum.
I C o., San Francisco, trustee.
'
guaranteed by California Gas S Electric Corp. by endorsement. $2,599,000
c
Oroville Lt & Power Co lst\ 1902
6 F-A
1,500 Feb 11927 were retired under unifying and ref. mtge. of California Gas & Elec. Corp.,
M $50,000 ($500)_______ c/C alif. Safe D e p .& T r . Co.. San Fr. trustee. $528,000 are alive in sinking fund, $23,000 held in treasury of Pacific Gas &
Oalif Tel & Lt 1st mtge (as-f 1913
6 g A-O
937.600 April 1 1943 Electric C o., and $2,000 are deposited under general and refunding mtge.
sumed) ($100, &c) g o ld ..c * lln t. at M erc. Trust Co., San Fr., trustee. Of Blue Lakes Water first mtge. bonds $10,000 are in sinking fund.
Northern California Power 1st f 1902
5 g J-D
487,000 June 1 1932
United Gas & Electric Co.— Bonds.— Int. is payable at Crocker Nat. Bank,
mtge ($1,000) gold .__c*.tf{ Wells Fargo Bank and Union Trust Co., San Francisco, or Mercantile Trust C o., New York. A sinking fund began
( San Francisco, trustee.
_ July 1 1907 o f 2% o f bonds outstanding for the first 5 years; 3% the next 5
Refunding & consol mtgef 1908
5 g J-D
4,007,000 Dec 1 1948 years; 4% the next 5 years; 5% the next 5 years, and 6% per annum there
$10,000,000 ($1,000) gold]Wells Fargo Bank and Umon Trust Co., after. $932,000 have been canceled by sinking fund, $144,000 held alive
sinking fund______ c * .tf( San Francisco, trustee.
in sinking fund and $13,000 held in treasury o f Pacific Gas & Electric Co.
Guaranteed Bonds of Northern Calif. Power Co.—
, „„„„
Bonds are not subject to call.
Sacra Valley Pow 1st mtgel 1909
6 M -N
159,300 M ay 11929
Valley Counties Power Co. Bonds are not subject to call. Are guaranteed,
($500 & c)________ n tf / In t. at Anglo-Calif. T r . C o ., San F r., trustee. principal and interest, by Bay Counties Power C o. Listed on San Francisco
First and refunding mtge\ 1911
6 J-J
445,000 July 11941 Stock Exchange in June 1905. V. 80, p. 2625. Commencing N ov. 1 1905,
($1,000)___________ tf/Anglo-California Tr. C o., San Fr., trustee.
and on Nov. 1 for each succeeding four years, 1% of aggregate amount of
Stock .— In July 1914 the issuance of the initial $12,500,000 1st pref. stock bonds issued and outstanding is payable to sinking fund-, commencing N ov. 1
for improvements, extensions, refunding, &c., was authorized. The old 1910 and for succeeding four years, 1 M % ; commencing with N ov. 1 1915,
pref. stock ($10,000,000 auth. and outstanding) became 2d pref. and th< and for succeeding four years, 2% ; commencing with N ov. 1 1920 and for
auth. amount of com. was reduced from $150,000,000 to $100,000,000. V . succeeding four years, 2 H % : commencing with N ov. 1 1925 and for suc
98, p. 1846; V. 99, p. 121. The 2d pref. stock wasconv. into 102 H % of 3st ceeding four years, 3 % . $1,145,000 bonds now held in sinking funds and
$24,006 held In treasury o f Pacific Gas & Electric Co.
pre- and has been all thus retired.
CALIFORNIA
S
!eri“ c:::::::::::::::l Mil
M ay , 1925.]
POWEK, LIGHT AND KAILWAY
193
194
PUBLIC UTILITIES
C e n tr a l C a li f o r n i a E le c tr ic C o . — $848,000 are deposited under unifying
and refunding mortgage and $ 1,000 under general and refunding mortgage;
$1,000 in treasury of Pacific Gas & Electric Co. Callable at 110 and int.
S u b u r b a n L i g h t & P o w e r C o . — $29,500 held alive in allied companies'
sinking funds.
S a n F r a n c i s c o C a s & E le c tr ic C o . G e n e r a l M o r t g a g e B o n d s Nos. 1 to 4,000,
Inclusive, are subject to call $100,000 yearly Nov. 1 at 105, by lot, beginning
Nov. 1 1906. $1,900,000 have been canceled, $202,000 are held alive in
sinking funds of allied cos., $3,000 held in treasury of Pacific Gas & Electric
Co., and $105,000 retired under gen. & ref. mtge. Mortgage closed; no
msre bonds can be issued for any purpose.
m ortg ag e has a sin kin g fu n d o f $ 20 ,00 0 a n n u
$608,000 h a v e been canceled $321 .000 retired u n d e r gen & re f mt,ge.
P a c ific G a s Im p r o v e m e n t C o .
ally.
having sinking fund of 2)3% per annum
of bonds issued and out; $104,000 have been canceled and $16,000 are held
in sinking fund, and $8,000 in treasury of Pacific Gas & Electric Co.
M e t r o p o l i t a n G a s C o - p . bonds are red. at par and int. on any int. date.
S in k i n g f u n d $25,000 yearly;$47,500in sinking fund and $325,000 have been
canceled.
O r o v ille L i g h t & P o w e r C o . F i r s t M o r t g a g e 6 % S in k in g F u n d B o n d s .—
$44,500 are held in sinking fund.
C a lif. T e l.
L I . 1st 6 s are red. at 107)3.
N o r t h e r n C a li f o r n i a P o w e r C o . F r s t 5 s have s in k in g f u n d of 3)3 % of gross
earnings first 6 years, 4% next 10 years, and 413% last 14 years. Int.
payable at office of trustee in San Francisco and at Corn Exchange National
Bank, New York. The ref. & cons. 5s are call, at 110. Int. at office of
company in San Francisco and at U. S. Mtge. & Trust Co., New York.
S a c r a m e n to V a lle y P o w e r C o . F i r s t 6 s are call, at 105 and int.
The 1st &
ref. 6 s are also call, at 105 & int. Int. on latter payable at office of com
pany in San Francisco and U. S. Mtge. & Trust Co., New York.
S in k i n g F u n d s . — Total cash and bonds in all sinking funds of Pacific Gas
& Electric Co. and subsidiary companies Aug. 31 1924. $19,872,564.
•in. ’ l l . ’12. ’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19’-21. ’22. ’23. ’ 24.
D i v s .—
6
6
6
6
6
6
6
6
6
Orig.(2d)pf% 6
6
6
6
6
6
6
6
6
6
6
1)4 6
2
2
50s
6
__
-5
5
6
8
3M 2)4 - - - - ■6% 5 text
Dividends on common stock were resumed April 21 1919 after an interval
of 1H years, with payment of 1 1 4 % ' , to Oct. 1922 paid 1 1 4 % quar.; Jan.
1923 to Oct. 1923, paid 1)3% quar.; Jan. 1924 to Apr. 1925 paid 2% quar.
Also paid 2% in com. stock in Feb. 1922, and 2% in com. stock to holders
of record Dec. 30 1922.
REPORT.— For 1924 showed:
1923.
1922.
1924.
.$44,451,586 $39,321,535 $38,593,562
20,944,947 15,584,323 15,946,068
3,922,678
4,029,887
3,690,213
Taxes________________________
2,946,463
3,117,531
3,442,979
Maintenance_________________
389,008
436,221
663.064
Uncollectible accounts & casualties
M u t u a l E le c tr ic L ig h t C o . B o n d s
Net earnings from operationA d d — Miscellaneous income.
$28,203,096 $23,493,410 $23,416 876
16,248,490 15,828.125 15,176 686
483,833
650.207
611,043
Bond and other interest__________
$16,732,323 $16,478,332 $15,787,729
6,262,264
6,165,817
5,148,614
Bond discount and expense.
$10,470,059 $10,312,515 $10,639,115
384,293
331,464
449,757
$10,085,766
3,057,417
$9,981,051 $10,189,358
3,602,199
3,224,757
$7,028,349
3,244,608
$6,756,294
3,103.847
$6,587,159
2,574,157
$3,783,741
3,040,123
Dividends paid on pref. stock (6 % ).
$3,652,447
2,3i0,498
$4,013,002
1,820,431
. . $743,618 $1,341,949 $2,192,571
12 months ended Feb. 28 1925, gross earnings,
$45,348,566; net, after taxes, &c., $17,106,398; charges and depreciation,
$9,881,219; preferred dividends, $3,257,896; balance, surplus, $3,967,283.
L a te s t E a r n i n g s .— For
N u m b e r o f C on su m ers
S erv ed f o r
C a le n d a r
Y ea rs.
1922.
1921.
1923.
1920.
1924.
Gas______________________ 365,396 343,690 316.268 297.270 286,542
Electricity________________ 378.751 347,955 311,615 285,206 266.132
16,162
17.810
16,985
16.234
Water____________________ 18,864
542
579
475
451
Steam____________________
606
Total.................. .......... ..763,617 710.034 645,410 599 113 569 359
^OFFICERS.— Pres., W . E. Creed; V.-Pres. & Gen. Mgr., Frank A.
Leach Jr.; V.-Pres. & Treas., A. F. Hockenbeamer; V.-Pres. & Sec., D. H.
Foote; Asst. Sec., Chas. L. Barrett. Office, 245 Market St., San Francisco,
Calif.— V. 119, p. 1516, 2074, 2288, 2879: V. 120, p. 8 8 , 212, 583, 958, 1089,
1204, 1560, 1882, 2013.
PACIFIC LIGHTING CORP.
[V ol. 120,
STOCK AND BONDS—
D a te .
In te re st.
O u t s ta n d in g .
M a tu r ity .
Common, $20,000,000 ($100)_ ____
_________ $12,500,000 __________
13,638,600 __________
Pf 6 % cum $15,000,000($100)_
6 Q-J
--------------Gen & ref mtge, Series “A ” . . ' 1921
2.500.000 Mar 1 1926
7 g M-S
fln ria c
Series **D ’ ’
“B
3.500.000 June 1 1931
1921
7 g J-D
Series “ C” _______________ 1921
1.500.000 June 1 1931
7 g J-D
Series “ D” _______________ 1922
1,937,500 Mar 1 1942
6 g M-S
Series “ E” _______________ 1922
000 June 1 1947
5)4 g J-D 5.000.
Series “ F” ________________ 1923
5)4 g M-S 3.809.000 Mar 1 1943
Series “ G” _______________ 1923
4.000.
000 Mar 1 1942
6 g M-S
Series “ H” _______________ 1924
8,1)00,000 Mar 1 1942
6 g M-S
Series " I ” ________________ 1924
____
5)4 g A-O 6.000,000 Oct 1 1949
$75,000,000 ($500 & $1,000) Mercantile Trust Co. of Caiif., San Fran., &
g o ld ________________ c*tff
Security Tr. & Sav. Bk., Los Ang., Trus.
1st & ref mtge (closed) . . . , 1909
______
5 g M-S
5,084,000 Sept 11939
000) gold__________ ____ c*|Un. Tr. Co. of S. F. & Harris Nat. Tr. &
1 Savs. Bk., Chicago, Trustee.
Los Angeles G & E Co gen Ml 1904
5 g J-J
1,993,000 July 1 1934
(closed) ($1,000) gold____cjlnt. at Union Trust Co. of San Fran., Trust.
Los Angeles Elec Co 1st M ] 1902
5 g J-J
482,000 Jan 1 1928
(closed) ($1,000) gold____c/Int. at Union Trust Co. of San Fran., Trus.
B o n d s . — Gen. & ref. mtge. provides for s i n k , f u n d of 1|£ % of bonded
indebtedness annually. Int. is payable in New York, San Francisco and
Los Angeles. Exempt from personal property tax in California.
S e r ie s “ A ” 7 s are redeemable at 102)4 and int. ®n 90 days’ notice.
In
March 1921 Blyth, Witter & Co., San Francisco, N. Y ., &c., and Bond
& Goodwin, N. Y ., &c., o ffe r e d $2,500,000 at 98M & int., to yield about
7.40% . V. 112, p. 1150.
S e r ie s “ B ” 7 s are redeemable all or in part upon 90 days’ notic®
as follows: June 1 1926, 105; June 1 1927, 104)4; June 1 1928, 104; June 1
1929, 103)4; June 1 1930, 103 & int. In June 1921, Bond, Goodwin &
Tucker, Inc., San Francisco, s o ld $3,500,000 at 97)4 & int., to yield over
7.35% . V. 112, p. 2755.
S e r ie s “C” 7 s are redeemable all or in part upon 90 days’ notice as
follows: June 1 1926, 105; June 1 1927, 104)4; June 1 1928, 104; June 1
1929, 103)4; June 1 1930, 103. In Sept. 1921 Bond & Goodwin & Tucker.
Inc., San Francisco; Bond & Goodwin and Blvth, Witter & Co., N. Y .,
o ffe r e d $1,500,000 at 99 & int., to yield over 7 )4 % .
V. 113, p. 1477.
S e r ie s “ D " 6s are non-callable before March 1 1932 and then only
upon 90 days’ notice at 110 and interest, less 1% each year thereafter.
Bond & Goodwin & Tucker, Inc., and Mercantile Securities Co., San
Francisco, in April 1922 sold $2,000,000 at 100 & int. V. 114, p. 1541.
S e r ie s " E " 5)4s are non-callable before June 1 1932 and then only
upon 90 days’ notice at 107)4 and interest; less )4 of 1 % each year there
after. Bond & Goodwin & Tucker and Mercantile Securities Co., San
Francisco, &c., o ffe r e d in June 1922$5,000,000at96)4 & int • V .1 1 5 ,p .8 0 .
S e r ie s “ F " 5 J4s are redeemable for first five years upon 90 days’ notice
at 107)4 & int., less )4 of 1% for each year thereafter. In March 1917
Bond & Goodwin & Tucker, Mercantile Securities Co., of Calif., &c., &c.,
o ffe r e d $4,000,000 at 97 % & int., to yield about 5.70%.
V. 116, p. 1186.
S e r ie s “ G ” 6s are non-callable before March 1 1932 and then only
upon 90 day’s notice at 110 and interest, less 1% each year thereafter. In
Aug. 1923 Bond & Goodwin & Tucker, Inc., E. H. Rollins & Sons, &c.,
&c., o ffe r e d $4,000,000 at 99)4 & int., to yield over 6 % . V. 117, p. 900.
S e r ie s “ H ” 6s are non-callable before March 1 1932, and then only
upon 90 days’ notice at 110 and interest, less 1% each year thereafter. In
Jan. 1924 Bond & Goodwin & Tucker, Inc., Mercantile Securities Co. of
Calif., &c., &c., s o ld $8,000,000 at 99 & int., to yield over 6.05% . V. 118,
p. 317.
S e r ie s “I ” 5)4s are redeemable on Oct. 1 of any year until and including
1939 at 105 & int., the premium thereafter decreasing )4 of 1% per annum.
In Get. 1921 Bond & Goodwin & Tucker, Inc., Mercantile Securities Co.
of Calif., &c., &c., s o ld $6,000,000 at 96)4 & int., to yield over 5.75% .
V. 119, p. 1963.
1st & r e f . m t g e . 5 s are call, at 105 & int. on any int. date. Mtge. provides
for annual s i n k , f u n d of 2 % . Int. payable at offices of trustees and at
National Bank of Commerce, N. Y .
L o s A n g e l e s G a s & E l e c . C o . g e n . m t g e . 5 s have s i n k , f u n d of $35,000
annually.
L o s A n g e l e s E l e c . C o . lsf m t g e 5 s are call, at par plus a premium of J4 of
1% for each unexpired year before 1928. Mtge. provides for s i n k , f u n d
of $ 10,000 per annum.
REPORT.— For calendar years:
C a le n d a r Y e a r s —
1924.
1923.
1922.
Gross earnings_____________________ $16,056,722 $12,717,442 $11,915,365
Operating expenses and taxes_______ 9,446,604 7,888,135
8,065,436
Bond interest_______________________ 2,157,713 1,579,478
1.170,637
Balance for deprec., divs. and sur_ $4,452,405 $3,249,829 $2,679,292
Depreciation amounted to $1,338,879 in 1924, against $l,100,8i9 in 1923.
OFFICERS.—-Chairman of Board, W . B. Cline; Pres., Wm. Baurhyte;
bV.-P. & Gen. Mgr., A. B. Day; V.-P., C. S. Vance; V.-P., C. A. Lucken
ach; Sea., T. P. McOrea.— V. 120, p. 703.
NEVADA CALIFORNIA ELECTRIC CORP.
(THE).
r' ORGANIZATION.— Incorp. on May 21 1907. Is the successor of the
Pacific Lighting Co., which was formed in 1886 to acquire and own gas and
(S e e M a p o n p g y 195.)
electric companies in California. Besides other holdings, the corp. owns
ORGANIZATION.— Incorporated in Delaware on Dec. 12 1914. Owns
entire com. stock of Los Angeles Gas & Elec. Corp., a substantial amount
all the outstanding capital stocks, except directors’ qualify8 ng shares, of
of the com. and pref. stocks of Pacific Gas & Elec. Co. and controls the
Nevada-California Power Co., Southern Sierras Power Co., Interstate
Southern Counties Gas Co.
Telegraph Co., Corona Gas & Elec. Lt. Co., Hillside Water Co., Coachella
STOCK AND BONDS—
D a te .
In terest.
O u t s ta n d in g .
M a tu rity.
Valley Ice & Elec. Co., Cain Co., Pacific Power Corp., Imperial Ice &
Common $10,000,000 ($100)_______
_______
$9,504,000 Feb '25, 2)3 Development Co. and Deseret Water, Oil & Irrigation Co.
Pref5%cum$10,000,000($1 0 0)___
5 Q-F 15
4,162,000 Feb '25, 1 l
A
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Sec bonds $6,000,000 ($500 &\ 1925 6 g F-A
4,000,000 Feb 11940
Has brought under one control and management (V. 102, p. 2171), hydro
$1,000) gold_________ c*tf/Mercantile Trust Co. of Calif., Trustee.
electric and steam plants having a capacity of 106,620 h. p., with approxi
B o n d s . — The secured 6 % bonds are seemed by deposit of 80,000 shares
mately 2,373 miles of transmission
distribution
of the com. stock of Los Angeles Gas & Elec. Corp. Red. on any int. date indicated on accompanying map. and105, p. 1314; lines, serving territory
V.
V. 106, p. 195, 1131;
on 60 days’ notice on or before Feb. 1 1930 at 103 )3 and thereafter less
of 1% for each expired 6 months. Semi-ann. s i n k , f u n d of $120,000 in V. 107, p. 1196, 1668; V. 109, p. 2176; V. 116, p. 1421.
STOCK AND BONDS—
D a te .
I n t e r e s t . O u t s t a n d in g .
M a tu r ity .
cash or bonds at par commences Feb. 1 1926. In Jan. 1925 Bond, Goodwin
_______
$8,488,800 __________
& Tucker, Inc., Blyth, Witter & Co. and Mercantile Securities Co. of Common $20,000,000 ($100)_______
Pf 7% cum $10,000,000 ($1 0 0)____
Q-F
9,277,600 May ’2 5 , 1 %
Calif, s o ld at 100 & int. $4,000,000 6 % seemed bonds. V. 120, p. 583.
Ser
6 g J-J
9,239.800 Jan 11946
D i v i d e n d s . — A stock div. of 80% was paid on com. in Dec. 1924.
V. First lien “ B”“A " $15,000,000/ 1916 6 g A-O
Series
$15,000,000-..-I 1920
8,400,000 Oct
11950
119, p. 2648.
($100, &c.) gold___ c*&r* [International Trust Co.. Denver, Colo., trus.
EARNINGS.— For calendar years (consolidated income account):
Convertible debs (conv into/ 1916
6 A-O
321.800 Apr. 11926
[Including Pacific Lighting Corp. and Los Angeles Gas & Electric Corp.]
pref stock) ($206, &c)____/International Trust Co., Denver, Colo., trus.
1924
1923.
1922.
1921.
C lo s e d M o r t g a g e I s s u e s —
Total gross income_____$16,204,334 $12,849,’632 $12,037,727 $9,841,705 Nevada-Calif Power Co first] 1907
6 g A-O
al ,357,000 Apr. 1 1927
xOper. exp., taxes, int.,
($1,000) gold__________ c*JInternational Trust Co., Denver, Colo., trus.
depreciation, &c_____ 13,567.740 10,977,217 10,398,408 8,933,571 Southern Sierras Power Co 1st] 1911
6 g J-J
b l ,782,506 Sept. 1 1936
Preferred divs. ( 5 % ) - 208,100
208,100
208,100
208,100
($560, &c.) gold_______ c*[International Trust Co., Denver, Colo., trus.
Common divs_________
844,800
765,479
672,000
672,000
a $491,000 additional owned by Nevada-Calif. Elec. Corp. and sub. cos.
Rate paid on common.
(16%)
(14)4%)
(14%)
(14%)
b $767,660 additional owned by Nevada-Calif. Elec. Corp. and sub. cos.
S to c k . — Pref. stock is entitled to cumulative dividends at rate of 7 % , and>
Surplus for year_____$1,583,694
$898,836
$759,219
$28,034
in the event of liquidation, has preference over common stock to par and
x Incl. divs. paid on Los Angeles Gas & Elec. Corp. pref. stock.
accrued dividends.
OFFICERS.— Pres., C. O. G. Miller; V.-P., A. Schilling; V.-P., F. W .
B o n d s . — The 6 % first lien gold bonds. Series “ A ” and “ B” (V. 102, p.
Van Sicklen; V.-P., Bernard W . Ford; Sec., H. H. Miller; Treas. & Asst.
2171; V. 103, p. 1035) in Dec. 1924 were secured by deposit of $18,839,000
Sec., R. W . Miller.— V. 120, p. 583, 1328.
bonds on the properties, of which $6,870,000 have a first lien; also by
(1) LOS ANGELES GAS & ELECTRIC CORPORATION.
$17,802,400 (over 99%) of their stock. V. 109, p. 780, 1077; V. 107, p.
ORGANIZATION.— Incorp. in Calif, in June 1909. Controlled by 1290, 1196; V. 186, p. 195.
Of the $15,000,606 Series “A ’ ’ bonds authorized, $10,666,900 have been
Pacific Lighting Corp. (see statement above).
redeemed and canceled,
to retire
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— issued;of the Nevada-California$1,414,060; reservedSouthern first mortgage
bonds
Power
Sierras Power
Carries on a large gas and electric business in Los Angeles and controls all Co., $4,058,000; in treasury, $275,100; Co. and the $9,239,800. Corpora
outstanding,
of the gas business of Pasadena, South Pasadena, Monterey Park, Al tion agrees to pay normal Federal income tax not exceeding 1 % and reim
hambra, San Gabriel, San Marino, Watts, Huntington Park and Haw burse taxpayer this amount upon request, where exemption is not claimed.
thorne, together with a portion of the gas business of Inglewood, Vernon Series “A ” bonds are callable, all or in part, on any interest date on 60
and other suburban districts.
The gas department as of Sept. 30 1924 had a generating capacity of days’ notice at 103 and int. Interest payable in Denver and New York.
R e d e m p t io n F u n d . — For the purpose of creating and maintaining a fund
80,750,000 cu. ft. per 24 horns, holders with a capacity of about 53,800,000
cu. ft., and 2,424 miles of mains; the electric department on the same date to be known as the “ Redemption Fund," the corporation covenants and
bad a generating capacity of 98,787 h.p., 1,080 miles of pole lines and agrees that within 30 days after Feb. 1 and Aug. 1 of each year, beginning
33 miles of underground conduits. In addition the corporation has ex 1921, it shall deposit semi-annually with the trustee a sum at least equal to
A
3 of 1 % of all First Lien Series A bonds then outstanding.
The moneys in
tensive holdings of real estate.
Nov., 1924.]
POWER, LIGHT AND RAILWAY
195
196
PUBLIC UTILITIES
this fund shall be applied by the trustee in purchasing bonds of Series “A ” at
the lowest price obtainable, but not exceeding 103 and interest, all bonds so
purchased or redeemed to be canceled.
Of the $15,000,000 Series “ B ” bonds authorized, $8,400,000 are outstand
ing in hands of public. Bonds of Ser. “ B” and each subsequent series may
be issued for not exceeding 80% of the actual cost of additions to properties
when net earnings of the corporation, incl. combined net earns, of its subsid.
cos., for a period of 12 consecutive calendar months out of the 14 consecutive
calendar months immediately preceding such issue, shall be equal to at least
1 % times the interest requirements on all outstanding bonds and those pro
posed to be issued. When all Series “A ” bonds have been redeemed, pro
portion of net earnings to interest charges shall be reduced to 1 H times
such interest requirements. Series “ B ” bonds are callable, all or in part,
on any int. date on 60 days’ notice, at 103 and int. Interest payable in
Denver and New York. In Dec. 1924 $1,300,000 Ser. “B” 6 s were s o ld
by Spencer Trask & Co., Blyth, Witter & Co., N. Y ., &c., &c., at 98 and
Int., to yield about 6.15%. V. 119, p. 2647.
R e d e m p t i o n F u n d . — For the purpose of creating and maintaining a fund
to be known as the “ Redemption Fund,” the corporation covenants and
agrees that within 30 days after Sept. 1 1925 it shall deposit a sum at least
equal to 1% of the aggregate principal amount of all First Lien Series “ B”
bonds then outstanding, and within 30 days after March 1 and Sept. 1 of
each year thereafter it shall deposit with the trustee a sum at least equal to
X of 1 % of all First Lien Series “B " bonds then outstanding.
The moneys
In this fund shall be applied hy the trustee at the option of the corporation
In purchasing bonds of Series “ B ” at the lowest price obtainable but not
exceeding 103 and int., or for investment in permanent betterments or new
properties of the corporation or an underlying company. All bonds so
purchased or redeemed to be canceled.
S e c u r i t y . — Same as for Series " A ” bonds.
See above.
The authorized $1,500,000 convertible debentures, due April 1 1926, were
callable at 105 and int. until April 1 1919 and since at 102 and int., and were
convertible until April 1 1919 into pref. stock in the ratio $150 pref. stock
and $100 debentures.
Nevada-Calif. Power Co. first mtge. provides for s i n k i n g f u n d . Are
callable at 105 and int. Interest payable in New York and Denver.
Southern Sierras Power Co. first 6 s are unconditionally guar., prin. and
Int., by the Nevada-Calif. Power Co. Mortgage provides for s i n k i n g f u n d .
Callable at 105 and interest.
D i v i d e n d s . — Divs. on pref. have been paid as follows:
1915. 2 % : 1916,
ZX%\ 1917, 5 ^ % ; 1918, 6 ^ % ; 1923, 7% ; 1924, 7% , and all current divs.
at 7% per ann. for 1925 paid in full. On Dec. 31 1923 $2,034,744 25 was
transferred from surplus to capital acct. and additional pref. stock was issued
and distributed among the pref. stockholders, which was required to be
paid to the pref. stockholders because of their rights of preference. The
stock so distributed paid up all rights of the pref. stockholders previously
unsatisfied
REPORT.— For 1924 in V. 120, p. 2148, showed:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
Earnings, all sources____$4,555,183 $4,163,894 $3,491,819 $3,281,242
Expenses______________ 2,491,266
2,035,459
1,606,727
1,525,929
[V ol. 120.
S e r ie s “ B” 6 s are call, all or in part on any int. date on 60 days’ notice
at 107 .M and int. up to and incl. Feb. 1 1927, and thereafter at a premium
S
equal to X % for each full year or fraction thereof, of unexpired term of the
bonds. In Feb. 1922 Mercantile Trust Co., San Francisco; E. H. Rollins
& Sons, National City Co. and Harris Trust & Savs. Bank o ffe r e d $1,000,000
at 9 3 X and int., yielding about 6.60%. V. 114, p. 630. In Sept. 1923.
E. H. Rollins & Sons, Harris, Forbes & Co., &c., &c., o ffe r e d an additional
$1,000,000 at 9 9 X and int. V. 117, p. 1351. In June 1924, $2,500,000
were offered by E. H. Rollins & Sons, Harris, Forbes & Co. and Mercantile
Securities Co. of Calif, at 99)4 and int., to yield about 6.05% . V. 118,
p. 2828.
Series “C” 5>£s are red. on any int. date at 100 & int. plus a premium of
1-10 of 1 % for each year or fraction of year of unexpired term. $2 ,000 ,00 0
were o ffe r e d in Mar. 1925 by E. H. Rollins & Sons, Harris, Forbes & Co.,
N. Y ., and Mercantile Securities Co. of Calif, at 97 >2 & int., to yield about’
5.67%. V. 120, p. 1324.
20- y e a r c o n v . d e b e n tu r e s were called for payment May 1 1925 and have
been eliminated from table above. V. 120, p. 1324.
R o g u e R iv e r E l e c , p r i o r lie n 5s are call, at 105 and int. on any int. date
K l a m a t h P o w e r C o . 1st 6 s are call, at 105 and int.
EARNINGS.— For years ended Dec. 31:
C a le n d a r Y e a r s —
1924.
1923.
1922.
Gross earnings
$1,699,764 $1,370,545 $1,066,100
56,247
D e d u c t — Maintenance. _
84,793
_______ __ .
70,415
274,257
Operation and administration . .
375,425
434,910
138,221
109,766
Taxes . . __ __ ______
_______
166,077
8,217
10,542
Reserve for doubtful accounts.
13,109
216,868
273,691
Bond and other interest.. ______
314,785
155,862
Preferred dividends
__ . _ . .
194,513
223,908
____
$462,182
195,146
$307,738
144,175
$245,673
125,517
Total ._ .
_
_
_ . _____
Depreciation on plant & equipment..
Amort, of debt discount & expense. .
$657,328
219,429
33,911
37,364
$451,913
238,242
18,523
$371,190
182,982
35,156
Balance_______ ____
Previous sin-plus_ __
_
.
_
8,200
8,875
Profit and loss surplus. .
$144,175
$195,146
$358,425
OFFICERS.— Chairman of Board, Jos. D. Grant; Pres., John D. McKee;
1st V.-P. & Gen. Mgr., Paul B. McKee; Sec., F. G. Phelps; Compt., C. A .
Swigart.— V. 120, p. 1201, 1324, 1448, 1479.
SOUTHERN CALIFORNIA EDISON CO.
( S s e M a p , p a g e 197.)
ORGANIZATION.— Incorp. in Calif. July 1909 as a reincorporation of
the Edison Electric Co. of Los Angeles. On May 26 1917 purchased the
Total income________ $2,063,917 $2,128,435 $1,885,092 $1,755,313
Pacific Light
Interest charges________ 1,149,730
1,014,601
938,580
882,557 physical property of the other smaller & Power Corp., together with the
controlling interests in
companies, retiring $5 ,000,000 of
Pacific Light & Power Corp. 1st & ref. 5s. V. 103, p. 2244; V. 104, p. 2239.
$946,512
Balance before deprec. $914,187 $1,113,834
$872,756In Oct. 1921 this company took over
the Santa
Depreciation__________
345,009
288,175
271,564
298,057 Barbara Electric Co., assuming all of theall of the properties ofof that co.
outstanding liabilities
all
Power
Balance after deprec.
$569,178
$825,659
$674,948
$574,699 & As of July 1 1920 took overthe of the properties of M t. Whitneyof that
Elec. Co., assuming all of
outstanding debts and liabilities
Amortiz. of disct. & exp.
company. In Dec. 1917 purchased the properties of the Ventura County98,573
88,886
70,933
60,769 Power Co.
on securities sold_____
p . 1365; V.
p. 1124. Purchase of Shaver Lake14,869
21,753 property, V. V. 106, 2335; V. 109,83, 278.
14,957
50,376
lvlisc. debits to P. & L _.
108, p.
p.
94,192
80,477
62,838
68,854
Misc. credits to P. & L ..
In the early part of 1919 co. sold its Santa Barbara and Ventura gas prop
$651,984
$561,031 erties to Southern Counties Gas Co., and proceeds were used in the purchaseSurplus earned______
$549,840
$766,874
3,944,179
3,383,256 of Santa Barbara Gas & Elec. Co. bonds and to pay for additions to property.
Surplus at begin, of year 2,721,416
4,468,595
Deficit of Holton InterFIELD OF OPERATIONS AND CHARACTER OF BUSINESS.---Urban Ry. Co. at beg.
The consolidated co. operates a comprehensive system for the generation,
of year, inserted for
transmission and distribution of electric energy, operating throughout South
97,542
reconciling purposes..
ern California and in San Joaquin Valley, embracing 360 cities and towns and*
covering an area of over 55,000 sq. miles, having a population of 2,000,000.
Total________________ $3,173,714 $5,235,469 $4,596,163 $3,944,287
This system, with the controlled companies, included in Dec. 1924: (o) 2<>
651,051
512,937
127,568
108 hydro-electric generating plants with an aggregate capacity of 376,000 h.p.
Dividends_____________
Surplus transferred to
and 4 steam generating plants with an aggregate capacity of 250,600 h.p., or
capital account--------------------2,001,116
-----------------------a total capacity of 626,600 h.p., incl. the hydro-electric development at BigCreek; (6) undeveloped hydro-electric developments sufficient to increase theSurplus Dec. 31______ $2,522,663 $2,721,416 $4,468,595 $3,944,179
water power plants to an ultimate capacity of 1,428,500 h.p.; (c) 185 substa
tions and 9,300 miles of transm. & distributing lines serving 294,557 meters.
N o t e . — The corporation has an interest in profits of other cos. not incl.
The city of Los Angeles on May 16 1922 took over the distributing prop
in above statement. In 1923 its interest in the profits amounted to $291,
while in 1924 the operations resulted in a loss and a consequent reduction erties within its boundaries under purchase contract, by which company was
in the combined surplus of those cos. The corporation’s proportion of this paid $12,044,000. The city has also agreed to purchase at wholesale all
electric power it may require not generated from its aqueduct. The powerloss in 1924 amounted to $106.
Holton Inter-Urban Ry. Co. is an added subsidiary co. for the year 1924. purchase contract is to continue 30 years, unless canceled by vote of citizens,
On Dec. 31 1923 the properties of Holton Power Co. were acquired by the after 10 years. (Compare V. 113, p. 1780, 738; V. 114, p. 956.)
The co. was auth. by the Calif. RR. Comm, in June 1920 to transfer its-,
Southern Sierras Power Co., a subsidiary co.
municipality for a consid
OFFICERS.— Pres., E. S. Kassler: V.-P., Arthur B. West; V.-P. & electrical distribution systems in Pasadena to the l , p . 1190 ; V . 112,p .26 4 9.
eration of $533,262. Development program, V . I l
Treas., Lawrence C. Phipps Jr.; Sec., W . S. Fisher; Comp., W . C. Simmons.
Office, 613 Symes Bldg., Denver, Colo.— V. 119, p. 2647; V. 120, p.2148.
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a tu r ity .
Q-F
Common $125,000,000 ($ 1 0 0 ).____
a $ 46,924,672 Feb ’25, 2 %
Original pref 5 % cum & partic
$4,000,000 ($1 0 0)--......................
Q-J
4,000,000 Apr ’2 5 ,2 %
Pref
Series “A” 7% cum
CALIFORNIA-OREGON POWER CO.
$60,000,000 ($100)_______ ______
7 Q-M
al5,172,500 Mar ’25, I X
Pref
Series “B” 6 % cum
ORGANIZATION.— Incorp. in Calif. Oct. 16 1920, successor to Cali$40,000,000 ($100)______________
6%
9,999,600 Mar‘25 U 4
fornia-Oregon Power Co. (per plan in V. I l l , p. 75, 1664).
Pref
Series “O” 5% cum
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
$ 21 , 000,000 ( $ 100) ___________
5%
None ___________
Owns and operates a system for the generation, transmission and distribu Refunding mortgage bonds f 1923
6 g A-O a6,500,000 Oct 1 1943
tion of electricity for power and lighting purposes, serving without competi
($100, &c) gold_ c*&r*_tf{Harris Trust & Sav. Hank, Chicago & Pacific
_
tion 44 communities in Oregon and northern California, including Medford,
[ Southw. Tr. & Sav. Bk., Los A ., trustees
Grants Pass, Roseburg and Klamath Falls, Ore., and Dunsmuir and Gen & ref mtge of 1917 $136,-1 1917 5.5 K&6 F-A 54,144,000 Feb 11944
Yreka, Calif. Co. also furnishes the domestic water supply for Klamath
000,000 ($100, &c)gc*&rtff/Harris Trust & Sav. Bank, Chicago, trustee.
Falls and Roseburg, Ore., and Dunsmuir, Calif. Population directly Debentures $8,000,000 ($100,1 1919
7 g J-J15
3,914,400 To Jan 15 ’28
served is estimated to exceed 84,000.
&c) gold----------------- c*.tff/Bankers Trust Co., New York, trustee.
Owns and operates 9 hydro-electric generating plants with an installed
capacity of 51,970 h. p., 712 miles of high-tension transmission lines and
835 miles of distribution circuits. The largest generating plant, Copco
No. 1, on the Klamath River, has a capacity of 33,500 h. p. The present
construction program provides for the completion of a new hydro-electric
plant in 1925, to be known as Copco No. 2, with a capacity of 40,000 h. p.,
7 7 1 4 miles of 110,000-volt transmission lines.
The 4,300 h. p. East Side
plant at Klamath Falls on Link River, was put into service in August 1924.
The entire output of Copco No. 2 has been contracted for by the Pacific
Gas & Electric Co. for a period of 25 years.
In terest.
O u t s ta n d in g .
M a tu r ity .
STOCK AND BONDS—
D a te.
_________ $4,411,100 ____________
Common, $7,500,000 ($100)----------7 Q-J 30
3,787,879 Jan’25,1 X %
Pf 7% cum, $7,500,000 ($100)--------1st A ref M $10,000,000 Serf
We are identified in the financing of this
1.924.000 Feb 1 1941
“ A ” ____________________ - 1921
6 g F-A
4.500.000 Feb 1 1942
Company and will answer inquiries regarding
Ser “ B” .................................- 1921
I
Ser “ C” __________________
1921
5H g F-A 2,000,000 Feb 11955
its securities upon request. Write for our
($100, $500 & $l,000)gc*tf [Mercantile Trust Co., San Francisco, Trust.
illustrated booklet “ Power and Light Bonds.”
20-yr conv deb $2,000,0001 1924
7 g M -N
1,500,000 May 1 1944
($500 & $ 1 ,000 ) g------c*tf Mercantile Tr. Co. of Cal., San Fran., Trust.
5 g J-J
597,000 July 1 1937
Rogue River Elec prior lien M 1907
($500 & $ 1 ,000 ) gold------c* Int. at Guaranty Trust Co., N. Y ., Trustee.
6 g A-O
155,000 Apr 1 1931
Klamath Power Co 1st Mtge 1911
($1 ,000 )................................c Int. at Security Savs. Tr. Co.. Portland, Ore.
B o n d s . — 1st & ref. mtge. provides for an annual s in k in g f u n d equa to
2 % of the face amount of (1) all bonds of this issue outstanding and not
previously called: and (2 ) all underlying bonds outstanding. One-third of
Founded 1876
all sums of money paid into the sinking fund is applied by the trustee for the
urchase or redemption of bonds secured by this mortgage; and the remainlg two-thirds is held In trust by the trustee and may be withdrawn from
BOSTON
NEW YORK
PHILADELPHIA
time to time by the co. for additions and betterments made, provided
200 Devonshire St.
43 Exchange PI.
1421 Chestnut St.
such expenditures may not be used as the basis for the issuance of additional
bonds. Int. payable at office of trustee in San Francisco, Harris Trust
CHICAGO
SAN FRANCISCO
& Savings Bank, Chicago, and the National City Bank, New York.
231 So. LaSalle St.
300 MontgomeryiSt.
S e r ie s “ A " 7 \ 4 s are call, all or in part on any int. date on 60 days’ notice
LOS ANGELES
at 110 and int. up to and incl. Feb. 1 1931, and thereafter at a premium
DENVER lr
1000 California Bk. Bldg.
equal to 1 % for each full year, or fraction thereof, of unexpired term.
315 International Tr.'Bldg.
In March 1921, E. H. Rollins & Sons, National City Co. and Harris,
Forbes & Co. o f f e r e d $2,000,000 at 100 and int. V. 112, p, 1147.
Southern California Ellison Company
E. H . Rollins & Sons
S
POWER, LIGHT AND RAILWAY
M ay , 1925.]
7ZZm
a f
PRINCIPAL
POWER LINES
OUTHERN
C A L IFO R N IA
E D IS O N
197
198
PUBLIC UTILITIES
STOCK AND BONDS—
D a te .
In terest.
O u t s ta n d in g .
M a tu r ity ,
u n d e r ly in g D iv is io n a l B o n d I s s u e s —
So Cal Ed gen mtge $30,000,-1 1909
5 g J-J
13,360,000 Nov 1 1939
000 ($1,000) gold_______ tf (Harris Trust & Sav. Bank, Chicago, trustee.
Pacific Lt & Pow Co 1st mtgej 1902
5 g J-J
6,207,000 July 11942
($1,000) gold sink fd__c*tf/Union Trust Co., San Francisco, trustee.
Pacific Lt& Power C o r p 1st &j
1911 5 g M-S 6,070,000
Sept 1 1951
refmtge ($1,000) gold___tf/U . S.Mtge. & Trust Co., N. Y ., trustee.
Ventura Power Co 1st mtgej
1906 6 g M -N
348,000 Nov 1 1936
sinking fund gold______ ntf (Title Insur. & Tr. Co., Los Ang., trustee.
Mt Whitney Power & Elec 1st j 1909
6 g A-O
3,278,000 Oct 11939
mtge gold sinking fund____/Bankers Trust Co., New York, trustee.
Santa Barbara Gas & Elec lstj
1916 5 g J-J
720,700 July 1 1941
mtge serial gold__________ JPacific-Southw. Tr. & S. Bk., Los A ., trust.
a Subscribed for but not fully paid in: Com., $5,091,200: pref. Ser. “ A ” ,
$1,683,100.
S to c k . — The original pref. shares equally with the common in all divi
dends in excess of 7 % .
Each pref. and common stockholder of record July 31 1923 had the right
to subscribe on or before Aug. 15 at par ($100) for 50,000 shares of pref. stock
at the rate of 1 share for every 10 shares of stock owned. V. 117, p. 336.
The stockholders on Sept. 7 1923 voted to increase the authorized capital
stock from $100,000,000 (consisting of $4,000,000 5% cum. original pref.
stock. $36,000,000 pref. stock and $6O,O0O,00O com. stock) to the total
aggregate amount of $250,000,000, to consist of $4,000,000 original pref.
stock, $121,000,000 pref. stock and $125,000,000 common stock.
The pref. stock shall be divided into 3 classes, as follows: Series A.
formerly designated simply “ preferred" stock, 600,000 shares (of which
134,894 shares have heretofore been issued as fully paid): series B, 400,000
shares, issued 100,000 shares: series O, 210,000 shares. The holders of the
pref. stock shall be entitled to receive, after the payment of the cum. divs.
upon the original pref. stock, yearly divs. at the following rates: holders of
pref. stock, series A, 7 % and no more; holders of pref. stock, series B, 6 % and
no more; holders of pref. stock, series C, 5% and no more. Except as to div.
rate, no distinction or preference shall exist among the 3 series of pref. stock.
All classes are red., all or in part, at 115 and divs. Divs. on the pref. stock
shall also be cumulative, and shall be payable before any divs. on the
common stock shall be paid or set apart.
$10,000,000 series “ B” pref. stock was offered in May 1924. V. 118,
p. 2316, 1924.
In Dec. 1924 $10,000,000 ser. “B” pref. was offered to stockholders at
$102 per share, payable in cash, or at $103 per share payable in install
ments. V. 119, p. 2880.
B o n d s . — In Nov. 1923 $12,500,000 ref. mtge. gold bonds, series of 6 s, due
1943, were issued; a further $14,000,000 was sold in March 1924. Red. on
any int. date at 105 and int. until and incl. 1933, the premium thereafter
decreasing 14 % per annum, the bonds being red. April 1 1943 at 100 and int.
Int. payable in New York, Chicago and Los Angeles.
The ref. mtge. bonds will be secured by a direct mtge. on the entire
California property of the company subject only to the underlying bonds,
for the retirement of which bonds of this issue are reserved.
Additional bonds may be issued for only 75% of expenditures for add. and
ext. to the co.’s properties, provided annual net earnings have been at least
equal to 1 % times int. on all ref. mtge. bonds, incl. those proposed to be
issued, and on all bonds for retirement of which ref. mtge. bonds are reserved.
Bonds may be issued in various series with such maturities, rates of int.,
redemption features, &c., as may be determined from time to time.
S p e c i a l T r u s t F u n d . — Adequate provision for depreciation and renewals of
the property has been made in the mtge. by means of a special trust fund
which may be increased or decreased by agreement between the trustee and
the co. This fund may be withdrawn for cost of ext. & add’ns against which
no ref. mtge. bonds shall be issued, for renewals and replace'ts, or at option
of co. for retirement of ref. mtge. or underlying bonds. V. 117, p. 1898.
Of gen. & ref. mtge. bonds of 1917 outstanding, $10,000,000 are 5s,
$10,225,000 are 5 l^s and $33,919,000 are 6 s. The 5s were call. at 104.75 dur
ing 1924, premium decreasing )4 % each year thereafter. The 5 Hs are red. at
105 and int. to and Incl. 1933, premium decreasing 14 % per ann. thereafter.
The 6 s are call, at 105 and int. to and incl. Feb. 1 1942 and at 102 and int.
thereafter. Int. payable in N. Y ., Chicago and Los Angeles.
Gen. mtge. 5s of 1909 are red. at 105. Int. payable in N . Y ., Los An
geles and Chicago. See V. 89, p. 1599, 1673: V. 91, p. 1517; V. 92, p. 1705;
V. 93, p. 1538, 1671.
Pacific Lt. & Pow. C o r p . 1st & ref. 5s are call, as a whole (or in part by
lot for s i n k , f u n d ) at 105 and int. Int. payable in Los Angeles and N. Y.
Ventura County Pow. Co. 1st 6 s are red. at 101 and int. S in k , f u n d 2%
of bonds outstanding. Int. payable in New York and Los Angeles.
M t. Whitney Pow. & Elec. Co. 1st 6 s are red. at 110 and int. to April
1930; 1% less per ann. thereafter. S in k , f u n d 1% per ann. of bonds out
standing. Int. payable in New York and San Francisco.
Santa Barbara Gas & Elec. 1st mtge. 6 s mature $10,000 per ann. each
July 1. S i n k , f u n d 1 % of bonds outstanding in excess*of $1,000,000. Call,
at 103 and int. on any int. date.
D e b e n t u r e s . — The debentures of 1919 share equally in the security of the
new mtge. made, the lien of which is junior to that of the gen. & ref. mtge.
ofJu lyll917. They are red. at co.’s option as follows: On the 15th of any
month after 60 days’ notice to viz.: till Jan. 15 1925 at 104: next year 103;
Feb. 1 1926 to July 15 1927, 102; last six months, 101 with int. in each case.
Are due $1,000,000 yearly to Jan. 15 1928. Int. in N. Y . and Los Angeles.
V. 108, p. 486.
D i v i d e n d s . — On original pref. paid 5% (Q.-J. 15) to Jan. 15 1914; April
1914 to July 1916, 1 ) 4 % quar.; Oct. 1916 to Jan. 1921, 1 % % quar.; April
1921 to Apr. 1925, 2% quar. Pref. series A 7% annually (1 % % Q.-M.)
Dec. 1922 to and incl. Mar. 1925. Pref. series B 6 % annually (1 14 %
Q.-M.) June 1914 to and incl. Mar. 1925. On common, 5% yearly (1 M %
Q.-F. 15) from May 1910 to Nov. 1913 incl.; Feb. 1914 to Aug. 1916, 6 %
yearly (1J^% Q.-F.): Nov. 1916 to Nov. 1920, 1M% quar.; Feb. 1921 to
Nov. 1924, 2% quar. (See V. 119, p. 1853). In Feb. 1925, 2% .
REPORT.— For 1924, in V. 120, p. 1748, showed:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
System output (k.w.h.) .1687886,206 1548896,000 1198926,369 1079144,624
Delivered to consumers:
Lighting (k.w.h.)____ 119,066:532 99,358,552 72,035,940 134,599,562
Power (k.w.h.)______ 1234867,015 1080783,640 829,838,151 775,676,471
Connected load meters..
294:557
247,953
196,154
274,533
Connected load horsepow 1,003,485
899,950
706,308
789,749
[V ol. 120,
WESTERN POWER CORPORATION.
ORGANIZATION.— Incorp. in N . Y . June 5 1915 as successor to a New
Jersey co. of similar name. A holding co. controlling the Great Western
Power Co. of Calif, (see below) and the California Electric Generating Co.
through ownership of the large majority of stock. Early in 1925 acquired
control of the San Joaquin Light & Power Corp. and its affiliated cos., theMidland Counties Public Service Corp. and the Fresno City Water Corp.
STOCK AND BONDS—
D a te.
I n t e r e s t . O u t s ta n d in g .
M a tu r ity .
Common stock (no par)______ _____
_________ 219 200 shs __________
Pref 7% cum ($100)_______________
7 Q-J 15 $9,592,590 Apr’2 5 ,1 ^
30-yr sec debs Series A ($500/ 1924
6 ) 4 g J-D
6.000,000 Dec 1 1954
& $1,000) gold________ c*tf/Bank of America, N . Y ., trustee.
S to c k . — The stockholders voted Nov. 27 1923 to reclassify the shares
of stock by altering the preferential rights of the authorized pref. stock so
that hereafter (a) the holders of the pref. stock shall be entitled to divs.
at the rate of 7% (instead of only 6 %) per ann. in preference to the com.
stock; and (6) the divs. on the pref. stock shall be cumul. only from and
after Oct. 1 1923 (instead of from and after Jan. 1 1915), thus cancelling
(in consideration of such increase in the pref. div. rate) all claims to divs.
accrued on the pref. stock to Oct. 1 1923 and unpaid at the time of such
alteration; and (c) the pref. stock shall be subject to red. at 107 \4 and divs.
No other changes in the designations: preferences, privileges and voting
powers of the pref. stock were made. V. 117, p. 1788. Increase in capital
ization. See V. 120, p. 213.
D e b e n t u r e s . — The 30-year 6 ) 4 % series A debentures are secured by deposit
of all the outstanding com. stock ($27,500,000) of Great Western Power
Co. of Calif, and by a majority of the outstanding com. stock of the San
Joaquin Light & Power Corp. The trust indenture provides for equal
semi-ann. payments of $230,000 to the trustee beginning June 1 1925. This
sum is to be applied first to the payment of int. on all the outstanding series A
debentures and the balance to the retirement of series A debentures by pur
chase in the open market or by call, which is estimated to retire the entire
issue at or before maturity. Are red. on the first day of any month on 60
days’ notice at 105 and int. to and incl. Dec. 1 1935, and thereafter at par
and int. plus a premium of H % for each year or portion thereof of unexpired
term. Int payable in New York, Chicago and San Francisco. Corp. agrees
to reimburse holders of these debentures if requested within 60 days after
payment for the Penna. 4-mill tax and for the Mass, income tax on int. not
exceeding 6 % of such int. per annum. In Dec. 1924 E. H. Rollins & Sons
and Bonbright & Co., Inc., o ffe r e d $6,000,000 30-year 6 ) 4 % debentures
series A at 98 'A and int., to yield over 6.60%. V. 119, p. 2881.
REPORT.—-For years ended Dec. 31:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
Operating revenues_____$7,599,664
$7,123,970 $7,199,472 $6,382,162
Other income credits_
_
83,814
104,956
503,583
991,565
Gross revenues______ $7,683,478
Operating expenses_____ 2,913,979
348,231
Income charges________
Bondinterest__________ 2,553,451
Prov. for renew.&replac
528,017
D iv id e n d s—
Calif. El. Gen. Co. 6 % pf
150,000
Gt. Wes. Pr.Co.Cal.pf (7%)516,238
Western Pr. Corp. 6 % pf
495,406
$7,228,926
2,359,031
373,263
2,513,945
502,453
150,000
461,468
442,292
$7,703,055 $7,373,726
2,767,167 2,350,770
329,957
365,418
2,574,119 2,402,152
360,000
360,000
150,000
339,209
424,569
150,000
173,448
424,541
Balance, surplus_____
$178,146
$426,473
$758,034 $1,147,399
OFFICERS.— Pres., H. P. Wilson; V.-P., Franklin Remington, R. B.
Young and W. H. Spaulding; Sec. & Treas., Frank M . Tompkins. Offices,
50 Broad St., New York, and 225 Bush St., San Francisco.— V. 119, p.
1293, 2534, 2649, 2764, 2881; V. 120, p. 213, 584.
GREAT WESTERN POWER CO. OF CALIFORNIA.
( S ee M a p ) p a g e 199.
ORGANIZATION.— Incorp. in California Nov. 23 1917, and, as of
June 1 1919, purchased, subject to existing mortgages, the properties of
old Great Western Power Co. (incorp. in 906), City Electric Co. and
Consolidated Electric Co. The California Electric Generating Co. proper
ties were not included in the purchase, but the leases theref were assumed
and the Great Western Power Co. of California is now the operating com
pany of all system properties.
FIELD OF OPERATIONS AND CHARACTER OF BUSINEsa.—
The company owns (1) on a tributary of the Sacramento River about 18
miles from Oroville and 160 miles from Oakland, hydro-electric plants with
a capacity of 87,000 h. p., (2) steam-driven electric plant in San Fran
cisco with capacity of 31,000 h. p. (including former City Electric Co.);
(3) hilds under lease and stock control a similar 14,000 h.p. plant of Califor
nia Electric Generating Co. in Oakland, transmitting electricity to Oakland
over two circuits to substations at Sacramento, Brighton, Antioch, Cowel
and Oakland. In 1919 began construction of an additionallhydro-electric
plant, capacity 88,000 h. p., and ultimate capacity 176,000 h. p.,
known as the Caribou Plant, and a steel tower transmission ilne thence to
San Francisco Bay district, 192 miles. This new plant was opened in May
1921. See V. 109, p. 1364, 1703; V. 108, p. 2127; V.-12, p. 2196.
Wiih
the completion of the Caribou plant the company has a generating capacity
of 175,000 h.p. of hydro-electric power, which together with the 50,000 h.p.
from steam plants, gives a tdtal capacity of 225,000 h.p. When all the
power sites are utilized about 800,000 h.p. will be developed.
Owns the $5,000,000 com. stock of the California Electric Generating
Co. at Oakland, a steam power plant, capacity 10,500 k.w. (see below).
In terest.
O u t s ta n d in g
M a tu r ity .
STOCK AND BONDS—
D a te.
x$27,500.000 ---------------Common $30,000,000 ($100)-8,549.084 __________
Q-J
Pf / % cum $30,000,000 ($100)
5,938,500 Mar 1 1949
6 g M-S
1st ref M $150,000,000 Ser A . 1919
7,210,600 Aug 1 1950
7 g F-A
Series B __________________ 1920
5.965.000 Feb 1 1952
6 g F-A
Series C __________________ 1922
1.500.000 Feb 1 1955
Series D
1925
5 ) 4 g F-A
($100 &c) gold_______ c*.tf (Bankers Trust Co., New York, trustee.
Gross earnings_________ $20,973,563 $19,824,959 $15,839,577 $15,167,736
*Oper. & maint. exp____ 12,993,779
8,847,792
6,866,916 6,935,865
Net earnings________ $7,979,784 $10,977,167 $8,972,662 $8,231,870
Int., divs., &c., received
415,936
386,201
1,142,648
1,477,987
Gross income________ $8,395,720 $11,363,368 $10,115,310
Int. on bonds & debens. $6,306,555 $4,974,648 $4,152,303
Miscellaneous interest..
279,894
415,721
280,443
Construction account_ Cr2,009,011 Cr2,359,314
_
Cr996,178
Bond discount, rent of
leased plant, &c______
380,233
363,039
362,975
$9,709,857
$3,888,290
567,438
Cr817,581
Balance_______________ $3,438,050
Previous surplus_______ 3,393,608
Profit from prop, sales..
______
Withdrawals from con
tingency reserves pro
vided in advance for
low water conditions.. 1,581,191
Sundry surplus items___
167,757
$5,769,027
1,260,299
$7,969,274
2,786,891
______
$6,315,767
1,224,777
1,138,501
302,684
______
______
Total_________________ $8,520,007 $10,756,165 $8,679,045 $7,029,326
Preserve for deprec_____$2,066,666 $2,065,635
$1,850,190 $2,325,000
550,000
Reserve for contingencies
______
810,000
Ser. “A ” pref. divs. (7%)
772,516
112,975
510,715
Ser. “ B” pref. divs. (6 %)
299,627
(8)320/666 (8)320,000 (7)280,000
Original pref. divs------- (8%)320,000
2 d pref. divs. (5 % )_____
______
300,748
601,495
Common dividends--(8%)3,661,950 (8)3,469,121 (8)2,972,857 (7)1,876,891
Miscellaneous adjust’ts.
______
247,685
335,385
171,162
Total profit & loss surp. $1,465,913 $3,393,009 $2,786,891 $1,224,777
* Includes taxes and provision for income and profits taxes (amounting
to $1,680,120 in 1924 and $1,899,594 in 1923).
OFFICERS.— Pres., John B. Miller; Senior V.-P., W . A. Brackenridge;
V.-P. & Gen. Mgr., R. H. Ballard; V.-P., George C. Ward; V.-P., S. M.
Kennedy; Treas., W . L. Percey; Sec., Clifton Peters; Compt., D. M .
Trott; Gen. Counsel, Roy V. Reppy. Office, Edison Bldg., Los Angeles,
Calif.— V. 119, p. 2531, 2649, 2880; V. 120, p. 1205, 1748.
Western Power Corporation
Great Western Power Company of California
San Joaquin Light and Power Corporation
We are identified in the financing of these
Companies and will answer inquiries regarding
the securities upon request. Write for our
illustrated booklet “ Power and Light Bonds.”
E. H . Rollins & Sons
Founded 1876
BOSTON
200 Devonshire St.
NEW YORK
43 Exchange PL
PHILADELPHIA
1421 Chestnut St.
CHICAGO
231 So. LaSalle St.
SAN FRANCISCO
300 Montgomery St.
LOS ANGELES
1000 California Bank Bldg.
DENVER
315 International Tr. Bldg.
M ay , 1925.]
POWER, LIGHT AND RAILWAY
199
300
PUBLIC UTILITIES
STOCK AND BONDS—
D a te.
In te re st.
O u t s ta n d in g .
M a tu rtty.
U n d e r l y i n g B o n d s o n P r o p e r t ie s A b s o r b e d b y M e r g e r —
Great West Pow Co 1st M l 1906
5 g J-J
19,554,000 July 1 1946
$25,000,000 (.$1,000) gc *tf/Bankers Trust Co., New York, trustee.
City Elec Co San Fran 1st M l 1907
5 g J-J
1,161,000 July 1 1937
$5,000,000 gu ($1,000) g_tf (Anglo-Californla Trust Co., San Fran., trus.
Central Oakland Lt & Pow Co) 1909 5 M -N
48,000 May 1 1939
1st M ($1,000) gold______ Jlnt. at First Federal Tr. Co., San Fr., trustee
Consumers Lt & Pow Co gen) 1908 6 A-O 15
68,000 Apr 15 1933
mtge ($1,000) gold-----------tint, at Mercantile Trust Co., San Fr., trustee
Cons Elec Co gen M $2,500,-1 1915 5 g J-D
1,540,950 June 1 1955
000 ($100 Sec) guar gold.ntf tint, at Bankers Tr. Co., N. Y .; also in S. Fr.
Conv debentures $5,000,0001 1915
6 g M -N
4.177,600 Nov 1 1925
($100 &c) gold________c.tf/Equitable Trust Co., New York, trustee.
H e l d u n d e r S to ck C o n t r o l a n a L e a s e —
Calif Elec Gen Co pref stock
gu$2,500,000 6 % cum ($100)____
6 Q-J
2.500,000 See text
Cal El Gen Co 1st M Ser ^ ” ) 1908 5 g M-S
‘A
851,000 Sept 1 1948
$1,500,000 guar p & i ($l,-{ Central Uinion Trust Co. .New York, trustee
000 ) gold______ ________ tfl
Series “ B ” $3,500,000 g o l d - .____
5%
None
____________
x All owned by Western Power Corporation.
Stock.— The pref. stock into which the debentures are convertible, as
below stated, is non-assessable by specific covenant, is preferred as to assets
in liquidation, is entitled to cumulative dividends at rate of 7 % per annum,
payable Q.-J., and is subject to call, all or in part, at 105 and dividends upon
60 days’ notice. No pref. shares, other than those reserved against conver
sion, may be issued unless the annual net earnings, after deducting interest
on all funded debt and guaranteed dividends, are twice the annual preferred
dividend including shares proposed.
Bonds, &c.— The Great Western Power Co. of Calif. 1st & ref. mtge. of
1919 is for $150,000,000, and is secured on the hydro-electric generating
station on the Feather River at Caribou and by deposit of certain securities.
Interest on all series payable in New York, Boston, Chicago and San Fran
cisco. Penna. 4-mill tax and Mass, income tax on int. not exceeding 6 %
of such int. per annum refunded. Mortgage provides for sinking fund of
1 ) 4 % of bonds outstanding, commencing 1923.
Series A are call, at 103 to Feb. 28 1939, at 102 thereafter to Feb. 28 1948,
and par thereafter to maturity. $61,500 held in sink. fund. (Compare
offering in V. 108, p. 2126.) V. 108, p. 2127; V. 109, p. 1706.
The Series “ B” bonds are redeemable at 110 and int. up to Aug. 1 1930,
and thereafter at a premium equal to H of 1 % for each year of the unexpired
term. $1,038,400 are in treasury and s in k in g f u n d . V. 113, p. 735.
Series “ C” are callable at 106 and interest on any interest date.
Series D are red. on the first day of any month on 60 days’ notice at 1 0 2 1 4
and int. to and Incl. Feb. 1 1935, and thereafter at par and int. plus a
premium of H % for each year or portion thereof of unexpired term. $35,000 held in sink. fund. In Feb. 1925 $1,500,000 series D 5Hs were offered
by E. H. Rollins & Sons, Bonbright & Co., Peirce, Fair & Co., and Lee,
Higginson & Co. at 97 ) 4 and int., to yield 5 ) 4 % . V. 120, p. 956.
The $5,000,000 6 % convertible debentures were convertible from Nov. 1
1917 to Nov. 1 1920, inclusive, at 100 and int., into Great Western Power
Co. of California 7% cum. pref. stock (par value $100) at $95 per share and
divs.; had thus been reduced to $4,177,600. See V. 101, p. 1889, 2147, and
offer to Western Power Co. stockholders. Y. 101, p. 1890; V. 105, p. 493.
Are callable at 101 and int. on four weeks’ notice. Int. in New York and
San Francisco.
Underlying Bonds (Bonds of Properties Merged in Parent Company).
W Great Western Power Co. first mtge. 5s of 1906 authorized $25,000,000. all
authenticated, and on Dec. 31 1924 located as follows: $20,135,000 held by
public (including $581,000 pledged under California Electric Generating Co.
mortgage not bearing interest) ; $2,090,000 retired through sinking fund (1 %
of outstanding amount annually beginning July 1 1916): and $2,770,000
pledged under first & ref. mtge. of 1919 and $5,000 held in treasury. V.
108, p. 2127; V. 109, p. 1703. The $5,000,000 com. stock of California
Electric Generating Co. is deposited under the first mtge. Callable on
any interest date on 90 days’ notice at 106 and int. Interest payable in
New York, Boston, San Francisco and London. Y. 91, p. 1163; V. 92. p.
1438; V. 89. p. 1283.
I»i
City Electric Co. of San Francisco.— f irst mtge. 6% bonds guar. prin. and
Int. V. 92, p. 883. In Dec. 1924 $3,722,000 were outstanding, including
f 1,161,000 held by public, and $2,561,000 ‘‘pledged under first & ref. mtge.
of 1919. Mortgage provides for sinking fund. $606,000 retired through
sink. fd. Are callable at 105 and int. on any int. date on 60 days’ notice.
V. 108, p. 2127; V. 93. p. 668 ; V. 96, p. 1843; V. 100, p. 1440.
Central Oakland Light & Power 1st 5s have sinking fund of 1 ) 4 % . Callable
at 105. Assumed by Great Western Power Co.
W Consumers Light & Power Co. general mortgage 6s.— Mortgage provides for
sinking fund. Assued by Great Western Power Co.
Consolidated Electric general mortgage 5s.— Guar., prin. and int., by Great
Western Power Co. Sinking fund 1% of bonds outstanding. Interest
payable in New York and San Francisco.
Leased and Controlled Property.
California Electric Generating Co.— Leased to Great Western Power Co.,
which owns the $5,000,000 com. stock and pays 6 % on the pref. stock
($2,500,000); all now out (divs. cumulative at 6 % from Jan. 1 1912 and
guaranteed by Great Western Power Co.): callable at 106; first mortgage
authorized, $5,000,000; issued, guar, by Great Western Power Co. (V. 8 8 ,
p. 688 ; V. 89, p. 472). $1,200,000 Series “A ", of which $339,000 retired
through sinking fund and $10,000 held by Great Western. Sinking fund,
Series “A ,” $28,000 per annum. Callable at 105 and int. on 60 days’ notice.
Int. in New York and San Francisco. No Series “ B” issued.
REPORT.— For 1923, in V. 119, ]). 341, showed:
1099
1 Q9 1
1920.
C a le n d a r Y e a r s —
1923.
$7,201,944 $6,404,621 $5,865,703
Operating revenues_____$7,123,970
2,984,851
3,156,721
2,689,983
Oper. exp., taxes & depr 2,847,970
[V ol. 120.
51,000 acre feet; 178 miles of gas mains. Operates 10 ) 4 miles street railway
track in Bakersfield, supplemented by automobile bus lines in outlying
territory.
In Feb. 1924 the co. was auth. to amend its articles of incorporation, to
provide for $18,500,000 7% Series “A ” cum. pref. stock and $6,500,000
of Series “ B” 6 % pref. stock, and to issue not exceeding $6,500,000 of
ser. “A ” 7% pref. stock in exchange for a like amount of ser. ” B” 6 %
pref. It was reported that holders of the present outstanding $6,500,000
6 % cum. pref., on which there is an accumulation of $17 50, are to receive
in addition to the privilege of exchange for ser. “ A” stock, a cash div. of
$4 50. V. 118, p. 795, 908. Compare V. 118. p. 312.
In March 1925 the co. was auth. by the Calif. RR. Comm, to issue at
not less than 95, $1,000,000 7% cum. prior pref. V. 120, p. 1461. Compare
V. 120, p. 1205.
In te re st.
O u t s ta n d in g .
M a tu r ity .
STOCK AND BONDS—
D a te.
__________ $11 ,000,000 _______________
Common $50,000,000 ($100)______
Q-M15
6,426,700 See text
Pref ser “A” $6,500.0001____
($100) 7% cum__________ J
73.300 See text
Pref ser “ B” ($100) 6 % c u m .____
9.705,500 June’24 1 H
Q-M15
Prior pref $75,000,000 7 % c u m .____
22,228,000 Aug 1 1950
5-6 F-A
1st & ref mtge $25,000,000 g 1910
($1 ,000 ) sink fund_c*&r*tf. Equit. Tr. Co., N. Y ., trus ; int. in N . Y .
7,400,000
Unify & ref mtge $150,000,-' 1921
7 M-S 1
000 ($500 Sc $1,000)c*&r*tf Equitable Trust Co.. N. Y ., trustee.
1922 6 g M-S
9,633.000 Mar 1 1952
Series “ B”
1924 6 g M -N
1,500,000 May 1 1954
Series “ C”
5 J-D
2,353,000 June 1 1945
San Joaquin L Sc P C o 1st M 1905
$3,000,000sf($l,000)c*ntf/Redeemable at M0 and interest.
B o n d s . — Of the 1st Sc ref. bonds of 1910 reported outstanding, $1,500,000
($1,139,000 held by public, $74,000 repurchased by the co. and $287,000
held alive in sink, fund) are Series A 6 s; $799,000 are Series B. bearing 5% ,
and $2,125,000 are Ser. B, bearing 6 % , and $17,804,000 are Ser. 0 . 6s. $2,772,000 1st & Ref. M . bonds are reserved to retire prior liens (incl. $244,000
held in or for sinking funds), $7,612,000 are pledged under the unif. Sc ref.
mtge. ser. “ A ” 7% and ser. “ B” 6 % bonds. Ser. “A ” callable at 102 H ,
others at 105. Tax exempt In California. First & ref. mtge. contains s i n k
i n g f u n d provisions calling for payments of $145,000 annually (to be used
artly for betterments and additions and partly for redemption of bonds.
Jeries “ A” bonds having preference over other series) from 1915-1919;
$150,000 annually from 1920-1924 and ranging thereafter from 2 ) 4 %
annually of bonds out from August 1925-1929, incl., to 4 ) 4 % annually
from August 1945-1949, inclusive. V. 91, p. 1332. By a supplementary
mortgage, holders of Series ’’ B” 5s were permitted to exchange them for
Series “ B” 6s upon payment of $100 per bond up to May 31 1917.
Of the $7,400,000 outstanding Series “A ” 7% unifying and refunding
mtge. bonds, $400,000 mature Mar. 1 1926, while the remaining $7,000,000
are due Mar. 1 1951. Additional bonds are issuable under certain restric
tions for 75 % of cost of new construction, &c. S in k in g f u n d on unifying and
refunding bonds commences Mar. 1 1927 of 2% of the largest amount of
bonds then outstanding, plus any which may subsequently be issued,
including all underlying and divisional bonds. The bonds, due 1951, are
redeemable on any interest date on 30 days’ notice at 107 )4 and interest
to and including Mar. 1 1931 and at 105 and interest thereafter.
The unifying and refunding mtge. bonds, Series “ B ,” are not subject to
call. V. 114, p. 1652. Interest payable at office of trustee. New York;
Union Trust Co., San Francisco, and Union Bank & Trust Co., Los Angeles.
V. 112, p. 1025.
The unifying and refunding mtge. bonds. Series “ C,” are callable, all or in
part, at 105 and interest on any interest date on 30 days’ notice to May 1
1934, and thereafter at a premium of M of 1 % for each year or unexpired
fraction thereof. Tax-exempt in California. Interest payable at office of
trustee in New York, Wells Fargo Bank Sc Union Trust Co. of San Francisco
and the Union Bank & Trust Co. of Los Angeles. $1,500,000 unifying and
refunding mtge. 6 % bonds. Series “ O,” were o ffe r e d by Peirce, Fair Sc Co.,
Blyth, Witter & Co., &c., in May 1924. at 99H and interest, yielding over
6 % . V. 118, p. 2706.
Of the $2,353,000 San Joaquin Light Sc Power Co. 1st 5s, $49,000 alive in
sinking fund.
D i v i d e n d s . — Paid 4 ) 4 % on pref. stock in 1912; in 1913, 6 % : in 1914, 3% ;
none to June 1917, when 1 ) 4 % was paid; 1 ) 4 % quar. since. In Mar.
1924, 1 ) 4 % in addition was paid on acct. of accumulations. Initial div.
of 1 M % paid on prior pref. stock in Dec. 1920, same rate quar. since.
REPORT.— For calendar years;
Net
Int. Charges
Balance,
Calendar
Gross
after Taxes.
A Deprec.
Surplus.
Year—
Earnings.
$3,260,355
$2,926,362
$333,993
1924 ........
-$7,581,300
$2,630,778
$1,451,311
$7,037,651 $4,082,107
1923 ...................
3,769,226
2,548,311
1,220.913
1922 ........... - .......... 6,561.126
L a te s t E a r n i n g s . — For 12 mos. ended Mar. 31 1925, gross, $7,461,835; net,
after taxes, $3,312,955; interest charges and depreciation, $2,975,729;
balance, surplus, $337,226.
OFFICERS.— Pres., A. G. Wishon; V.-Ps., A. C. Balch and Ben R.
Meyer; V.-P. & Gen. Mgr., A. Emory Wishon; Sec., W . E. Durfey; Treas.
& Compt., Ernst Behr.— V. 118, p. 312, 432, 795, 908, 1774, 2043, 2180,
2760; V. 119, p. 1396, 2531, 2648, 2763, 2880; V. 120, p. 583, 1205, 1461.
WESTERN STATES GAS & ELECTRIC CO. OF DEL.
(Controlled by Standard Gas Sc Electric Co.)
ORGANIZATION.— A holding co. incorp. in Delaware Mar. 24 1911.
Owns $2,125,000 of the pref. and all except directors’ qualifying shares
of the common stock of the Western States Gas Sc Electric Co. of California.
(See separate statement below.)
_- ,
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a tu r ity .
_______ x$3,503,000 M a y ’23, H
Common $5,000,000 ($100)________
Pref 7% cum $10,000,000 ($100)____
7 Q-J15
2,125,000 Apr '25. 1%
x Majority owned by Standard Gas Sc Electric Co.
Stock.— Pref. stock is red. at 115 and dividends.
Dividends.— On pref., 7% per annum since incorporation. On common
$3,280,414 (No. 1), Aug. 15 1915 to May 15 1923, 2% p. a. { ) 4 % Q.-F.)
Gross income_________ $4,386,299 $4,267,112 $4,246,089
OFFICERS.— Pres.. John J. O’Brien; Sec. & Treas., M . A. Morrison.—
Interest_________________ $2,471,418 $2,545,485 $2,402,151 $1,948,969
V. 118, p. 2206; V. 120, p. 455.
D iv id e n d s—
$150,000
$150,000
$150,000
-Cal.El.Gen.Co.pref.(6 %)
$150,000
(1) WESTERN STATES GAS & ELECTRIC CO. OF CALIF.
173,448
120,172
339,209
G. W . P. Co. of Cal. pref
461,468
ORGANIZATION.— Incorp. in Calif, in Nov. 1910 as a consolidation.
424,512
424,541
424,569
West.Pow.Corp.pf.(6 %)
442,293
96,961
105,527
163,424
Miscellaneous deduc’ns.
598,966
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Cr.174,384 Cr .213,459 Operates in Humboldt, San Joaquin, Contra Costa and adjacent counties
C r .69,430
Misc. add'ns to surplus.
--------in California. Installed capacity, 46,859 h.p., incl. hydro-electric; 35,469
$753,259 h.p., and steam-operated power plants, 11,390 h.p. Also manufactures and
Unapprop’d surplus-$262,154
$713,856 $1,164,806
^OFFICERS.— Guy C. Earl. Pres., San Francisco: H. P. Wilson, V.-P.; distributes gas in Stockton and Eureka. V. 105, p.723. Rates, V .107,p.1389.
J. B. Black, V.-P.; W . H. Spaulding, Sec., San Francisco; F. M . Tomp
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
kins, Treas., New York. Offices, 50 Broad St., N. Y ., and 225 Bush St., Common $5,000,000 ( $ 1 0 0 ) .- - ------------ ------------- x$3,981,000
San Francisco— V. 119, p. 1070, 2761; V. 120, p. 582, 702, 956, 1326.
Pref 7% cum $10,000,000($100)____
7 Q-J
4,398,000 Apr '2 5 ,1 X
1st Sc ref mortgage (closed)) 1911 5 g J-D
3,870,000 June 1 1941
gold ($500, &c)______ c*tf Jlnt. at Girard Trust Co., Phila., trustee.
mtge $100,000,000) 1922 6 g M-S
Mar
SAN JOAQUIN LIGHT & PJDWERJZORPORATION. 1st Sc unify($500,&c) gold c*tf/Bank of California, N 8,850,000Fran., 1 1947
Ser “ A ”
. A., San
trustee
C o n t r o l ■ Eany p i925' the~W^tern~Power'*CorpT^cquired control of
—
15-year notes Series “A ” ) 1922 6 g A-O
5,000,000 Oct 1 1937
($100, See) gold......... --c*tf/Union Trust Co., San Francisco, trustee.
the co. V. 119, p. 2880.
ORGANIZATION.— incorporated in California on July 19,1910 as a conoil elation of the San Joaquin Light Sc Power Co..the Power Transit & Light
x All, except directors' shares owned by Western States Gas & Elec.
Oo. (Bakersfield) and the Merced Falls Gas & Electric Co. Absorbed the Co. of Delaware (see above).
... , .
Selina Water Works, Madera Water Works, Madera Lt. & Pow. Co., LemB o n d s — F i r s t & R e f . { n o w f i r s t ) M . 5% B o n d s .— Red. through sink, fund
more Lt. Sc Power Corp. and Bakersfield Gas & Elec. Lt. Co. controls operations, $2,117,500. In addition to amount reported outstanding,
through stock ownership the Tule River Co., having plants on the Tule $1 724 000 are deposited as security for the 1st Sc unify, bonds. No add 1
River, Cal. The Midland Counties Public Service Corporation (V. 98, bonds may be issued except when the annual net earnings are twice the int.
p. 1849), controlled In same interest, purchases all of its power from the on all bonds outstanding and contemplated, and then only for 75% of cost
San Joaquin Light & Power Corporation. F r a n c h is e s in cities are perpetual; of exts. & impts. Semi-ann. s i n k , f u n d after June 1919, 154 % of bonds
outside of cities, with two exceptions, extend beyond 1950. About one-half issued. Are call, on any int. date at 105 and int. V . 102, p. 1544; V . 109,
the total length of transmission lines is on private right-of-way
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— P The'l'st & unified mtge. ($100,000,000 auth.) provides for an annual s i n k ,
Supplies electricity for lighting, power and pumping purposes throughout f u n d commencing Mar. 1 1928 in an amount equal to 2% of total outstand
the San Joaquin Valley, including the cities of Merced, Madera, Fresno, ing bonds, incl. underlying bonds. The ser. A bonds are red., all or part, on
Selma, Hanford, Bakersfield, Sanger, Dinuba and about 50 towns and small or before Mar. 1 1932 at 1 0 7 ) 4 '. thereafter at ) 4 of 1% less each year, plus
cities; population served, about 500,000. Distributes gas in Bakersfield, int. Mortgage will permit the issue of add’l bonds in series, of such dates,
Kern, Merced and Selma. Operates a street railway system in Bakers maturities, int. rates and redemption provisions as may be determined by
field and Kern and furnishes water for domestic purposes in Selma. The the directors. No bonds of a maturity prior to that of Ser. “A ” bonds may
company owns power plants with 187,533 h. p., operates 5,900 miles of be issued while any bonds of Ser. A ” are outstanding. Int. payable in
transmission and distribution lines, 42 substations. Reservoir capacity. New York and San Francisco. V. 114, p. 1073.
Net earnings________ $4,276,000
110,299
-Other income__________
$4,045,223
221,889
$3,714,638
531.451
$2,880,832
399,562
See text
The $5,000,000 15-year notes, due 1937, are part of an auth. issue of
$20,000,000, call, as a whole or part on 30 days' notice to and incl. Oct. 1
1927 at 105, thereafter to Oct. 1 1932 at 102K , and thereafter at 100 plus
int. No add’l mtge. (except purchase money mtges.) shall be placed upon
the property of the co. unless these notes shall be secured equally and ratably
with the other obligations secured by such mtge. The remaining notes may
be issued in series, bearing int. at such rate and red. at such price as may be
determined by the directors of the co. Add'l notes may be issued only when
net earnings for 12 consecutive months ending not more than 60 days prior
to application for issuance of notes have been equal to at least 1 times the
annual int. charges on all bonds of the co. then outstanding and on all these
notes then outstanding, incl. those about to be issued, or for the purpose
of retiring notes of other series. Int. payable in N .Y .an d S a n Francisco.
V. 115, p. 1954.
C a le n d a r
G ross
Y e a r — E a r n in g s.
1924____$3,246,113
1923___ 2.984,671
1922___ 2.697.384
— V. 120, p. 2013.
N e t , a fte r
T a xes.
$1,456,706
1,052,738
921,530
In t e r e s t
C h a rges.
P r e fe r r e d
D iv id e n d s.
$930,555
554,960
464,707
$278,438
232,902
213,969
B a la n c e ,
S u r p lu s.
$247,714
264,876
242,855
STANDARD POWER & LIGHT C O R P .
C o n t r o l . — Standard Gas & Electric Co., together with H. M . Byllesby
& Co., owns the controlling shares of common stock.
ORGANIZATION.— Incorporated in Maryalnd Oct. 29 1924.
CHARACTER OF BUSINESS.— Organized to conduct a public utlity
business, incl. the acquisition and operation, directly or through subsids.,
of public utility properties the supervision of the management-, develop
ment, operation and engineering of such properties, and the purchase of
the controlling and other interests in public utility companies.
The company has over $11,000,000 temporarily invested pending the
early completion of the acquirement of public utility situations.
STOCK AND BONDS— D a t e .
In te re st.
O u t s ta n d in g .
M a tu r ity .
_______ 400.000 shs __________
Common stock (no par)______ _____
Pref $7 cum (no par)_________ _____
$7 Q-F
100,000 shs
See text
S to c k . — Pref. stock is entitled to $100 per share and div. in case of liquida
tion before any distribution on com. stock. Pref. is red. all or in part on any
div. date on 30 days’ notice at $110 per share and div. In Oct. 1924 H. M.
Byllesby & Co., Inc., s o ld 100,000 shares pref. stock at $100 per share, each
share of pref. stock carrying one share of com. stock. V. 119, p. 2075.
D i v i d e n d s . — On pref. an initial div. of $1 75 per share was paid in
February 1925. In May 1925, $1 75.
OFFICERS.— Pres., J. J. O’Brien; 1st V.-P., R. J. Graf.; Sec. & Treas.,
M . M . Morrison.— V. 119, p. 2075; V. 120, p. 8 8 , 212.
SIERRA & SAN FRANCISCO POWER CO.
Stock is owned by Standard Power & Light Corp. (see above).
ORGANIZATION.— Incorporated In California on May 29 1909 and on
Sept. 1 1909 took over the Stanislaus Elec. Pow. Co. and the Tuolumm
Water Power Co., both foreclosed per plan In V. 88 . p. 235. 569. 1005. 1068
Has contract extending to 1954 with Market St. Ry. of San Fran, to supply
power to that company. In Oct 1917 purchased the LaGrange division
of the Yosemite Power Co. V. 105, p. 1528.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Has 3 hydro-electric generating plants with an installed capacity of about
60,000 h. p., an auxiliary steam plant of about 36,000 h. p.: total installed
generating capacity about 96,000 h. p.; 1,070 miles transmission and
distribution lines.
L * a s e .— On Dec. 31 1919 a contract was negotiated with the Pacific Gas
Sc Electric Co., under which the operating properties of Sierra & San Fran
cisco Power Co were leased for a period of 15 years with the understand!nsi
that arrangements would be made by Pacific Gas & Electric Co., to financt
necessary additions both in generating and distributing equipment by the
■ale of Sierra & San Francisco Power Co. bonds if feasible and otherwise by
the use of Pacific Gas Sc Electric Co. credit. The interest obligations under
both the Sierra Co.’s Trust Indentures are guaranteed in effect by Pacific
Gas & Electric Co. during the life of the lease and In addition the Sierra Co.
receives a rental of $50,000 per ann. for the first two years, $100,000 foi
the third year and $150,000 per annum for each year thereafter. V . I l l ,
p. 1478. In accordance with terms of lease the Calif. RR. Comm. auth. the
co. in July 1921 to deliver to the Pacific Gas & Elec. Co. $l,oO o,000 1st
mtge. bonds previously approved by the Comm. The bonds were applied
for the repayment of money advanced or to be advanced by the Pacific
Gas & Elec. Co. for exts. and betterments to the co.’s properties. V. 113,
t>. 426. The proceeds of $2,000,000 additional 1st mtge. bonds have been
similarly paid and applied
STOCK AND BONDS— D a t e .
In terest.
O u t s ta n d in g .
M a tu rity
............. $20,000,000 ...............
Stock $20,000,000 ($100)..............
1st M $30,000,000 g (Sl.OOO.J 1909
5 g F-A
10,500,000 Aug 1 1949
$6,000.&c)-----------c*&r*tf(int.at U.S.Mtge.&Tr Co., N. Y .. Trustee.
2d mtge Ser A & B $9,500,000) 1909
5-6 J-J
9,500,000 Jan. 1 1944
($1,000)-----------------------c*(Columbia Trust Co., New York. Trustee
B o n d s .— First mtge. bonds are subject to call on any Int. date at 110 and
Int. The remaining bonds may be Issued at 80% of cost of extensions and
add'ns, provided net earnings for previous 12 mos. shall equal twice int.
charge on all outstanding bonds, Incl. those to be issued. V. 91, p. 157.
The bonds are listed on the New York Stock Exchange.
Second mtge. consists of Series “ A” $1,000,000, at 6 % , and Series “ B”
$8,500,000 (incl. $44,000 Series “ B” in treasury) at 5% .
OFFICERS.— Pres., J. J. O’Brien; V.-Ps., R. J. Graf, Samuel Kahn,
Allen L. Chickering and B. W . Lynch; Sec., Alma L. Ferguson; Treas., B.
B. Stith.— V. 113, p. 426; V. 116, p. 714,3006; V.119, p. 464, 705, 821,1180.
COAST VALLEYS GAS & ELECTRIC CO.
C o n t r o l . — In
Nov. 1923 the Standard Gas & Elec. Co. acquired control
of the co. through the purchase of all the outstanding com. stock. V.
118, p. 2442. Compare V. 117, p. 2326.
ORGANIZATION.— Incorporated on March 20 1912 in California.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does entire electric and gas business in Monterey, Salinas and Pacific Grove;
also owns water system of Salinas and electric distributing lines in Salinas
Valley and electric and water system at King City. Purchases most of the
electric energy which it distributes from Pacific Gas & Electric Co., lessee
of Sierra & San Francisco Power Co. On Dec. 31 1922 acquired the
electric light and power properties of the Del Monte Light & Power Co.
Compare V. 115, p. 2162.
V a l u a t i o n . — In Nov. 1922 engineers appraised the reproduction new cost
of the property at $2,932,725 Compare V 111, p 2524
STOCK AND BONDS—
D a te.
In t e r e s t .
O u t s ta n d in g
M a tu r ity .
Common $3,000,000 ($100)_
____
_______
$3,000,000 __________
Pref 6 % cum $500,000 ($100)
498,200 Apr’2 5 ,1 ^ %
Pref 7% cum Ser“ B” '($I65)II 11II 7 Q : .i “
250,000 Apr 25,1
First M $10,000,000 gold(1912
6 g M-S
1,896,000 Mar l 1952
($1,000) ann sk fd of 1%( Interest at Mercantile Trust Co., San Fran.,
of bonds out beg M ar'18 c*i Trustee, or U. S. Mtge. & Tr. Co . N. Y .
S to c k . — 6 % pref Ser. “A ” red. at 110.
7% pref. Series “ B” red. at
110 and div. In Sept. 1924 Hunter, Dulin & Co., Los Angeles o ffe r e d
$250,000 7 % pref. at par and dividends. V. 119, p. 1285.
b o n d s . — Bonus are redeemable, all or any, on any int. date at 105 and Int.
$104,000 (not Incl. In amt. outstanding) are held in s. f. V. 94, p. 1249.
EARNINGS.— For calendar years:
T w e lv e M o n t h s E n d e d D e c . 31—
1924.
1923.
1922.
Gross earnings______________________
$886,504
$792,496
$668,245
Operating exp., maintenance & taxes.
593,173
500,768
472,854
Interest____________________________
95,223
85,784
85,226
Preferred dividends_________________
31,537
27,778
25,888
Bal. for retirement res., com. divs.,
amortization and surplus_______
301
POWER, LIGHT AND RAILWAY
M ay , 1925.]
$166,571
178,166
$84,276
OFFICERS.— Pres., J. F. Pollard; V.-Ps., J. J. O’Brien, H. L. Jackman
and Allen L. Chickering; Sec. & Treas., P. S. George.— V. 113, p. 1364,
2618; V. 115, p. 441, 2162: V. 116, p. 2770; V. 117, p. 1132, 2326; V. 118.
p . 2442; V. 119, p . 698, 945, 1285; V. 120. p . 2010.
COAST COUNTIES GAS & ELECTRIC CO.
ORGANIZATION.— Organized In California on Mar. 20 1912 and has
acquired the Coast Counties Light & Pow. Co., Big Creek Light & Pow. *-'0,
and San Benito Light & Power Co., Gilray Gas Works and Contra Costa
Gas Co., also the entire capital stock of the Union Trac. Co. (Santa Cruz).
F r a n c h is e s in municipalities perpetual; county fr a n c h i s e s on highways untif
1946 to 1959.
i
■ L-__
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Has one hydro-electric and two steam plants: combined capacity, 3,346 h. p.;
109 miles transmission lines and 307 pole miles. Gas plants in Santa Cruz,
Watsonville, Hollister and Gilray.
.
The co. has been auth. by the Calif. RR. Comm, to issue at not less
than 86 , on or before Dec. 31 1925, 4,000 shares of 6 % 1st pref. stockV. 120, p. 85.
In te re st.
O u t s ta n d in g .
M a tu r ity .
STOCK AND BONDS—
D a te.
$ 1 ,000,000 .............. —
Common $1,000,000_________ _____
1,243,000
See text
Q-M
1st pref $ 1 ,000,000 6 % c u m ..-----1 , 000.000 ............................
Quar.
Pref $1,000,000 6 % cum------- -------„ „ ___
810,000 Aug, 1 1946
5 g F-A
Coast Counties L & P 1st M l 1906
$ 1 ,000,000 g ($1 ,000 ) -c*tf lint, at Mercantile Tr. Co., San Fran.True.
4%
261.000 May 1 1947
Big Crk Lt&Pow lstM$339,000 t f - - 6%
135,000 Sept 1 1950
San Ben Lt&Pow lstM$150,000 tf---_________
234,100 ---------------Contra Costa Gas___________ _____
S to c k . — The 1st pref. stock Is red. all or part at par and divs. V . 116, P*
2261.
B o n d s . — $4,155 cash held in sink, fund of Coast Counties Light & Power.
Callable 107 H and int. on any int. date. Annual cumul. s i n k i n g f u n d
of 1% of bonds out. began June 30 1911. $ 190,000 held in sink. fund. V.
95, p. 681.
S in k in g f u n d on Big Creek Lt. & Pr. bonds, $3,600 per ann., began Mar. 30
1908; $79,000 bonds and $2,461 cash in sinking fund.
S in k in g f u n d on San Benito Light & Power bonds of 1 % of bonds out
began June 30 1915. $15,000 bonds and $420 cash in fund.
D i v i d e n d s . — 6 % per annum is being paid on first pref. stock.
EARNINGS.— For years end. Dec. 31 (not incl. Union Trac. Co.):
N e t (a ft .T a x .) . I n t .,& c .
D e v r e c ’n . B a l . S u r v .
Y ea r—
G r o ss
$154,820
$371,135
$90,154 $126,160
1924_________ $1,217,405
180,909
378,462
93,175
104,379
1923___________1,034,188
137,809
285,272
84,174
63.289
1922 __________ 841,804
124,578
265.237
83,956
56,703
1921 ---------------- 748,270
OFFICERS.— Pres. & Gen. Mgr., S. Waldo Coleman; V.-P., J. D: Grant;
Sec. & Treas., L. W. Pryor.— V. 116, p. 2261; V. 120, p. 85, 2145.
(1) U N IO N T R A C T IO N C O .
Controlled by the Coast Counties Gas & Electric Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 18 m. of track in Santa Cruz and to Capitola. Standard gauge.
At a meeting of the bondholders of the Union Traction Co. in Aug. 1915
a bondholders’ protective committee was appointed to Investigate the con
dition of that corporation. V. 101, p. 616, 846. A majority of the bond
holders have signed an agreement, without surrender of any foreclosure
rights, to the effect that property Is to be managed as heretofore and cou
pons to be paid as earned. One coupon was paid Sept. 30 1919 and another
Sept. 1 1920. None since.
In Aug. 1924 the co. was auth. to abandon certain lines and to operate a
bus service over the same routes. V. 119, p. 1066, 1397.
BONDS—
D a le .
In te re st.
O u tsta n d in g .
M a tu r itil
Union Trac Co 1st M $750,-( 1905
5%
607,009 Feb 1 193ft
000 gold ($1.000).c&r ntfllnt. at Union Tr. Co.. San Fran., Trustee.
B o n d s . — The bonds have a s i n k , f u n d from 1910 to 1915 of H % of bonds
out.; from 1915 to 1920 1% of bonds out., and from 1920 to maturity 2%
of bonds out; said fund to be used to redeem the bonds,. Aie subject to
call at 110 and int. $ 100,000 bonds are reserved for betterments and
extensions. $43,000 have been retired.
EARNINGS.— For cal. year 1923, gross, $73,555; net, after taxes®
$6,185. In 1922, gross, $84,432; net after taxes, $16,140. In 1921, gross
$93,267; net after taxes, $12,443.— V. I l l , p. 75; V. 118, p. 1521; V. 119
p. 1066, 1397.
CALIFORNIA RAILWAY & POWER CO.
All the common and preferred stock Issued Is owned by the United Ry».
investment Oo.
ORGANIZATION.— Incorp. in Delaware on Dec. 18 1912. Owns
the entire oustanding stocks (except director’s qualifying shares) of the
San Francisco Elec. Rys. The company, together with the United Rail
ways Investment Co., owns $6,000,000 com., $3,825,000 pref. and $2,350,000 2d pref. stocks of the Market Street Ry. Formerly held entire capital
stock of the Sierra & San Francisco Power Co., but in Aug. 1924 sold its
holdings in that company to H. M . Byllesby & Co. V. 119. p. 692. Com
pare V. 119, p. 454.
O ffe r to H o l d e r s o f P r i o r P r e fe r e n c e S to c k . — See V. 119, p. 72, 454.
STOCK—
A u t h o r i s e d . O u t s ta n d in g . L a s t D i v .
Common stock....................................$40,000,000 $40,000,000
......
Pref. stock, 7% cum., red.at $115.
6,874,400
6,874,400 June'14, 2%
Prior preference 7% cumulative___ 5,000,000
1,300.000 See text
S to c k . — Prior pref. stock is redeemable at $115 a share except the firs*
$3,000,000, which will be retired, when earnings are sufficient therefor,
through a cumulative sinking fund $100,000 yearly on January 1
1914 to 1917 and $260,000 annually thereafter. $100,000 was redeemed in
sash Jan. 2 1914 (V. 97. p. 1820. 1862) and $100,000 Jan. 2 1915 (V. 100.
p 53). None redeemed since.
Additional prior pref. stock may be
Issued only for additions, betterments, acquisitions, &c. No mortgage or
-jther incumbrance may be created that does not provide for the cancella
tion of all prior pref. stock then outstanding. V. 98, p. 61.
REPORT.— For years ending Dec. 31:
C a l.
T o ta l
Y ea r— In c .
N et
In c o m e.
P r e v io u s
S u r p lu s.
T o ta l f o r
D iv s.
P r . P r e f.
D iv s.
T o ta l
S u r p lu s.
sur .$9,689'
1924-. .$33,092
def.$8,351
$18,040
sur .6,649
1923_____ 2,486
def.9,000
sur.15,648
sur.15,648
def.9,709
1922_____ 2,853
sur.25,358
D i v i d e n d s .— First div. on prior pref. stock— 1 H % — paid April 1 1913;
lame rate quarterly to and Incl. July 1916. In Oct. 1916 paid only 1% .
None since. V. 105, p. 1416. In Sept. 1913 a dividend of 3 K % was
paid on the preferred stock. In June 1914 2% was paid.
OFFICERS.— Pres., Mason B. Starring; V.-P., G. de B. Greene; Treas.,
B. S. Guiness: Sec. & Asst. Treas., P. M . Hoskins; Asst. Sec., C. H. Mann.
— V. 109, p. 1608; V. I l l , p. 1469; V. 113, p. 1572; V. 114, p. 1405; V. 116.
p. 1892; V. 118, p. 1134; V. 119, p. 72, 454, 692; V. 120, p. 1324.
(1) M A R K E T S T R E E T R A I L W A Y C O .
$6,000,000 com., $3,825,000 pref. and $2,350,000 2d pref. stock of the
co. Is owned by the Calif. Ry. & Pow. Oo. and the United Rys. Invest. Oo.
ORGANIZATION.— Organized in Calif, on Oct. 14 1893 as a consolida
tion of 11 corporations operating street railroads in the city and county of
San Francisco. On Mar. 18 1902 all the assets were sold and conveyed to
the United RRs. of San Francisco, which operated said street railroads
together with other street railroads purchased by lt up to April 1921, when
through reorganization and foreclosure proceedings the Market St. Ry. re
acquired all the assets and properties of the United RRs. and now operates
same. Reorganization was carried out In accordance with terms of plan
outlined In “Electric Railway’’ Supplement of April 30 1921, where history
of United RRs. up to time of reorganization will also be found. See also
V. 112, p. 2093. The co. owns the ^following stocks:
PUBLIC UTILITIES
202
Nam e
P a r V a l.
A u th .
Is s u e d . O w n ed by Co
$2,000,000 $2,000,000 $1,999,500
Sutter St. Ry. Oo......................... $100
South San Fran. RR. & Pow. O o .. 100
100,000
13.500
13,000
Gough St. RR. O o .................... .... 100
60,000
60,000
59,700
San Fran. & San Mateo Flee. Ry_ 100
1,000,000 1,000,000
999,500
Sutro RR. Oo................
10
40.000
23,108
23,075
Metropolitan Ry. Oo........... ............ 100 1,000,000 1,000,000
999,400
Leases the Gough Street RR. Co.’s system, which includes the lines
formerly owned by the San Francisco Elec. Rys. (conveyed to the former
through reorganization proceedings). The balance of the property of San
Francisco Elec. Rys. (consisting of power-house and rolling stock) is now
owned by Market Street Ry. Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates street railways in the city and county of San Francisco and in
San Mateo County, Calif. Total mileage, 274.00 miles, of which 17.59
miles leased. The tracks in San Francisco are partly electric and partly
cable; the line in San Mateo County is an interurban road extending from
San Francisco to the city of San Mateo. Rails, 38 to 141-lb. T and girder
Has 768 passenger cars.
F r a n c h i s e s .— In a report by Haskins & Sells, accountants, it was stated
“ that out of the total original mileage of 228.95 miles, the franchises for
11.5431 miles only expire prior to 1929; all others between that year and
1952.”
M u n i c i p a l O w n e r s h ip V o t e d .— On Nov. 2 1920 the people of San Fran
cisco voted in favor of a proposition to amend the city charter in such form
as to enable it to acquire traction properties, to be paid for out of earnings.
For details see V. I l l , p. 1950.
In April 1922 negotiations for purchase by the city were under way
The Board of Supervisors was reported to have agreed upon $35,000,000
with deferred payments carrying 5 % interest, as a fair valuation of the
company’s properties. For further particulars as to city purchase plans,
see V. 113, p. 2819; V. 114. p. 522, 1179. 1533; V. 115, p. 759. 2159. In
March 1923 the company set a tentative valuation of $48,000,000 on its
property. V. 116, p. 1533. At last accounts negotiations were still in
progress.
V a l u a t i o n .— See Y . 118, p. 202.
On Mar. 13 1924 the s ockholders 'uith. an extension of the bond debt
Mmit to $40,000,000. V. 118, p. 1392.
O u t s ta n d in g .
M a 'w ity .
STOCK AND BONDS—
Date.
In terest.
$10,647,400 ...................
Oom stock $10,700,000 ($100) Prior preference 6 % cum
11.618,500 Jan.’24,1}$
6%
$11,750,000 ($100)______________
4.986.850 ...................
Pref6 % cum$5,000,000 ($100 ) ____
6%
2dpf 6 % n-c $4,700,000 rsiom
4.673,700 ...................
12,875,000
1st M sk fd $15,000,000 ($5001 1924
7 g u-J
& $l,000c* & $l,000r)gtf/Wells-Fargo Bk. & Un. Tr. Co., San F.. Tr.
S to c k .— All classes listed on N . Y . Stock Exch. and on San Francisco
Stock and Bond Exch. Both the prior preference and the preferred stock
Is cum. 2d pref., however, is non-cum. All classes of stock have equal
voting power. There is no provision for redemption or conversion of stock.
B o n d s .— The remaining $2,000,000 1st mtge. 7% bonds auth. may
be issued for 7 5 % of the cash cost of add’ns, exts., impts. and betterments
to the mortgaged property under certain restrictions. Are call, all or in
part by lot on any int. date on 30 days’ notice at 107}$ & int., on or before
Apr. 1 1926, and thereafter at prices decreasing }$ % each year to maturity.
A quar. s i n k , f u n d is provided for to purchase bonds in the market at or
below the then current redemption price or, if not so obtainable, to call
bonds at that price. Int. payable in San Francisco, Calif., and at the
office of Ladenburg, Thalmann & Co., N. Y ., fiscal agents. Company
agrees to pay all California taxes and to refund the Penna. 4-mills tax.
V. 118, p. 202. Listed on New York Stock Exchange, V. 118, p. 2042.
D i v i d e n d s .— An initial dividend of $1 50 per share was paid on the 6 %
prior preferred stock Apr. 1 1922. Regular quar. divs. of 1}$% paid to
and incl. Jan. 1924. Apr. 1924 div. deferred. V. 118, p. 1268.
EARNINGS.— Earnings for 12 months ended Dec. 31:
C a l. Y r . — O p e r . R ev .
N e t ,a f t .T a x .
O th . I n c . I n t . , D e p . , A c .
B a l., S u r.
1924____ $9,852,360
$2,199,152
$36,559
$863,518
$1,372,193
1923......... 9,809,393
2,356,045
74,554
1,235,032
1,195,567
OFFICERS.— Pres., Mason B. Starring; V.-Ps., George B. Willcutt,
D. C. Morris and Wm. M . Abbott; Sec., George B. Willcutt; Asst. Sec.,
E. M . Massey and P. M . Hoskins: Treas.. A. M . Dahler. Office, 58 Sutter
St., San Francisco, Calif.— V. 117, p. 2212; V. 118, p. 202, 431, 907, 1132,
1268, 1392, 1665, 1911, 2042; V. 119, p. 1064; V. 120, p. 453, 1452, 2147.
PACIFIC ELECTRIC RAILWAY.
All the stock except directors' shares is controlled by Southern Pacific Co.
ORGANIZATION.— Incorp. in California on Sept. 1 1911 as a merger:
The following subsidiaries of the Southern Pacific Co. (V. 93, p. 667):
PacificJKlectric Ry.
San Bernardino Valley Traction Co.
Los Angeles Interurban Ry.
Redlands Central Ry.
Los Angeles & Redondo Ry.
San Bernardino Interurban Ry.
Riverside & Arlington Ry.
Los Angeles Pacific Co.
During 1912 acquired the right of way and all rail lines and equipment
of the Pacific Electric Land Oo. and purchased the property of the Ontario
& San Antonio Heights RR.
Operates under agreement ov® the Riverside Rialt & Pacific RR.—
passengcr_service only.
S u b w a y F r a n c h i s e .— See V. 116, p. 2389.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates an interurban electric railway system centering at Los Angeles,
extending into the counties of Los Angeles, San Bernardino, Riverside
and Orange, and serves the cities of Pasadena, San Bernardino, River
side, Colton, Redlands, Pomona, Ontario, Santa Ana, Long Beach, Co
rona, Venice, Ocean Park, Santa Monica, Redondo, San Fernando, Owensmouth and Lankershim. Total miles operated, single track, 1,092.221, of
which 617.616 miles main track, 318.491 miles second and other main track
and 156.114 miles of sidings and turnouts. Standard gauge. Owns 46
electric locomotives, 2 gas electric locomotives, 603 passenger and combina
tion cars, 31 express cars, 889 freight cars and 97 service and miscellaneous
cars; 1 power station, 44 sub-stations and 4 portable sub-stations Power
purchased from Southern California Edison Oo.
The Los Angeles Motor Bus Co. was organized by the Pacific Electric
Ry. and the Los Angeles Ry. in Feb. 1923. V. 116, p. 936. See also
V. 119, p. 694.
In terest.
O u t s ta n d in g .
M a tu r ity
STOCK AND BONDS—
D a te.
.............$34,000,000
...............
Stock $100,000,000 ($100)............
5 M-S
31,950,000 Sept 1 1961
First ref mtge $100,000,000 1911
gold see text________ c* tf (Int. at U. S. Mtge. & Tr. Co., N. Y ., Trustee
8,374,000 Jan 1 1942
Pac El Ry 1st mtge $10,000,-1 1902
5 g J-J
000gold ($1,000)___ c-ntf/Int. at Union Trust Co., San Fran., Trustee
950,000 Jan 1 1928
Los Ang & Pas El Ry M $1,- [ 1898
5 g J-J
000,000 g guar ($1,000) c*-]lnt. at 111. Tr. & Sav. Bk., Chic., Trustee
Can be called at 1 05 --_n tf) or at Chase Nat. Bank, New York.
Ont & San Ant Heights 1st M l 1910
6 F-A
223,000 Feb 1 193f
$1,000,000 ($1,000) s f ntf fInt. at Southern Tr. Co., Los Ang., Trustee
Pas & M t L 1st M $500,0001 1900
4 g J-D
480,000 June 1 1930
gold ($1,000)...........c*-ntf]Int. at Union Trust Co.. San Fran.. Trustee
Cal Pacific Ry 1st mtge gold 1901
6 g J-J
480,000 July 1 1941
($1,000) guar_______ c_ntf/lnt. at Co.'s office In N . Y . & Ohase Nat.Bk
Los Angeles-Pacific R R first) 1898
5 J-D
10,000 June 101928
mort gold $1,000 000 c* ntf IInt. at Oitiz. Tr.& S. Bk., Los Ang.,Trustee
Los Ang-Pac RR 1st con mtge] 1901
5 A-O
1,465,000 Apr 1 1931
$1,500,000 g ($l,000)--n tf lint, at Crocker Nat. Bank, San Francisco
Los Ang Her B & Red 1st M l 1902
5 g M -N
74,000 May 1 1945
$500,000 gold ($1,000). ntf/Title Ins. & Tr. Co.. Los Ang., Trustee
Los Angeles-Pacific RR first/ 1903
5 g M-S
3.104,000 Sept 1 1943
and ref mtge $5.000.000]Int. at Los Angeles Tr. & Sav.Bk., Tr., or at
gold ($1,000) s f ____c*.n tf l U. S Mtge. & Trust Co.. N. Y ., Co-Trus
Los Angeles Pacific C o genf 1906
6 g J-J
1.096,000 Jan 2 1946
consol mtge $12,500,000]Int at Union Trust Co.. San Fran., Trustee,
—. . —.
*-*— fund]
gold ($1,000) -■—
sinking*-— *' or at Farmers’ * Merch. Nat. Bank, Los.
c*-n tf l Angeles, or Chase Nat. Bank, New York.
[V ol. 120,
S T O C K A N D B O N D S —•
Date.
Interest. Outstading. Maturity.
Los A ng-P ac Oo 1st re f m tg e] 1910 4 g J-J
8,298,000 Jan 1 1950
$20,000,000 g ($1,000) c * t f/U n io n T ru st O o . o f San F ra n ., T rustee.
Los A ng & R edondo 1st m tg e / 1902
5 g J-J
410,000 Jan 15 1932
$ 5 0 0 ,0 0 0 g ($1,000)- c * _ n t f l i n t , at U nion T ru st C o .. San F ra n ., Trustee.
land R R . c o ’s office , N . Y . C ity ,
San Bernard Vail T ra c 1st M l 1901
5 A -O
44,000 O ct 1 1931
gold $250,000-------- c*_ n t f /T it le Ins. & T r. C o .. L os A n g ., T rustee
San Bernardino V alley T r 1st) 1903
5 g M -S
750,000 Sept 1 1933
& ref m tge $1,000,000 gold /In t. at Los A ng. T r . & 8 . B k . o f O a l*T ru stee
sink fund ($ l,0 0 0 )c* & r.n tfj
Redlands St R y 1st M g $50.-1 1899
6 F -A
50.000 A u g 1 1919
000 ($1,000, & c) red eem !T itle Ins. & T r. C o ., Los A n g ., T ru s.
at par; no sink fu n d -- n t f l In t.a tF Irs tN a t.B a n k ,R e d la n d s .C a l.
Redlands St R y 1st M gold) 1901
5 M -S
27,000 Sept 1 1931
$150,000-------n t f /T it le Ins. & T r. C o ., L os A n g ., T rustee.
/ In t.a tF ir s tN a t.B a n k .R e d la n d s , C al.
Redlands Central Ry 1st M l 1907
5 J-J
44,000 July 1 1937
gold $500,000 ($ l,0 0 0 ) _ n t f /ln t . at Los A ng. T r.& S . B . o f C a l., Trustee
B O N D S .— Pacific Elec. Ry. 1st ref. mtge. are to provide fu n d s to retire
underlying bonds; a lso fo r acquisitions and fo r corporate purposes. B on d s to
t>«ar Interest at such rate or rates as m ay be fixed at tim e o f Issue b y d irec
tors, not exceeding, how ever, 5 % per annum
T he bonds are Issued In
series, Series “ A " being the only series issued. D en om . Series “ A ” $1,000
— other series, $1,000, $500 and $100. Sinking fund $10,000 per year.
Series “ A ” is subject to call from Sept. 1 1916 at 110 and in t. Other series
tubject to call since Sept. 1 1916 at price to be fixed b y board o f directors.
Pacific Elec. Ry. Is* Mtge.— A sufficient am ount is reserved to retire
prior issues. Sinking fund is $5,000 per annum , com m encing Jan. 1
1907, for 5 years; then $10,000 per annum to Jan. 1 1917; $15,000 per
annum to Jan. 1 1922; $20,000 per annum to Jan. 1 1927; $25,000 per
annum to Jan. 1 1932; $30,000 per annum to Jan. 1 1937 and $35,000 annu
ally thereafter, said sinking fund to be used in purchase o f the b on d s, but
fund m ay be invested in other securities if bonds cannot be ob ta in ed a t par.
Los Angeles A Pasadena 1st Mtge.— B onds bear the guaranty o f the Los
ingeles R y . b y end. Sink, fund o f $10,500 per year ou t o f net earns, from
Dec. 1 1908 to and in cl. 1926: callable at 105 on any int. date.
Pasadena A M t. Lowe bonds are guar. p . & i. b y b oth L os Angeles R y .
and Los Angeles & Pasadena E lec. R y . A sinking fund for those bonds b e
gan 10 years from date o f bonds o f $5,000 per ann. for first 5 years, $7,500
per ann. for second 5 years, $10,000 per ann. for next 5 years and $12,500
per annum for remaining 5 years. R e d . at 104 and interest.
California Pacific Ry. 1st Mtge. is for no stated authorized a m ou n t, but
is lim ited to $20,000 per mile o f com pleted track. N o sinking fu n ds a n d
bonds cannot be called. G uar. p. & i. by Los A i k . T ra c. O o .; see V . 7 5 . p .7 6 .
Title Insurance & T rust O o .. Los Apr 1 1940
Angeles. Trustee.
Los Angeles-Pacific RR. 1st Mtge.— R ed . on any int. date at 105 and in t.
Sinking fund began June 10 1908 until June 10 1926, $10,500 per year out
o f net incom e on ly . In t. also payable at Illinois T r. & S av. B ank, O h ic .,
and Ohase N a t. B ank, N . Y .
Los Angeles-Pacific RR. 1st Cons. Mtge.— N o t callable. Sinking fund
began April 1 1911 and retires $10,500 annually (out o f net earns, on ly) to
and incl. A pril 1 1929. C itizens’ T rust & S av. B ank, Los Angeles, trustee.
Los Angeles Hermosa Beach A Red. Ry. 1st ttge.— Tnt. payable at C rocker
Nat. B ank. San Fran. Sink, fund began M a y 1 1913 and retires $10,500
per ann. (out o f net incom e on ly) to and incl. M a y 1 1942. N ot callable.
Los Angeles-Pacific RR. 1st A Ref. Mtge.— Sufficient bonds are reserved to
retire prior liens. A sinking fund began in 1908, to which $50,000 per a nn,
is payable first 5 years, $60,000 per ann. next 5 years, $70,000 per ann.
next 5 years, $80,000 yearly follow ing 5 years, $90,000 per ann. next 5 years.
$100,000 yearly follow ing 5 years and $150,000 per ann. thereafter. N o t
subject to call.
Los Angeles Pacific Co. Qen. Consol, bonds have a sink, fu n d , 1911 to 1915,
$10,000 per ann.; 1916 to 1920. $15,000 per ann.; 1921 to 1925, $40,000
ann.; 1926 to 1930, $75,000 per ann.; 1931 to 1944, $80,000 an n ., and 1945
to 1946, $90,000 per ann. O f the $12,500 000 a u th ., $5,000,000 are re
served for prior liens. B onds are n ot callable.
Los Angeles Pacific Co. 1st Ref. Mtge.— Subject to call as a w h ole or in
part on and after Jan. 1 1915 on any int. date at 105 and int. on 3 m on th s’
notice
Interest payable at com p a n y’s o ffice or agency In N ew Y o rk .
S in k in g f u n d
of $5,000 per annum began in 1910.
rn Pacific Oo.
Guar., p. & i., by South-
Riverside A Arlington Ry. 1st Mtge.— Not callable. Sink, fund began
Sept. 5 1900 as follows: After payment of exps. and int. the entire net in
come and entire net proceeds from sale of property applicable under trust
deed to be set aside each year to and incl. 1904; In 1905 and thereafter until
all bonds are paid, 7 5% of net income and proceeds from sale of property.
Redlands St. Ry. 1st Mtge. 5% Bonds.— $50,000 are reserved fo r the
previous issue o f 6 % bonds. N o sinking funds and bonds are not callable.
Redlands Central Ry. 1st Mtge.— Sinking fund began July 1 1912 and retires
$1,000 per annum to July 1 1917, $2,000 next 5 years, $3,000 per annum fo l
lowing 5 years, $4,000 next 5 years and $5,000 follow ing 5 yrs. N o t callable.
Los Angeles A Redondo 1st Mtge.— Sinkino fund retires $10,000 per annum
out of surplus and net earnings. Bonds are not redeemable.
San Bernardino Valley Traction 1st Mtge. bonds are subject to call at 105.
Int. payable at First N a t. B ank, R edlands, and at First N a t. B ank.
Los Angeles.
San Bernadino Valley Trac. 1st A ref. Mtge. bonds are red. at 105. Sink,
fund retires at 105 and Int. 12 bonds during 1913-15 (incl.) during 1916 pays
off 13 bonds; during 1917 14 bonds; during 1918-27 pays off 25 bonds yrly.;
during 1928-30 37 bonds yrly.; 1931 and 1932 38 bonds each year.
O n ta r io A S a n A n t . H e ig h t s
1st
M tg e.
bonds are red. at 101 and int.
S in k ,
und 1914 and follow ing 4 years 1% o f outstanding bonds. 2 % thereafter.
For years ending Dec. 31:
EARNINGS
C a le n d a r
Year—
C ross
E a r n in g s
N e t (a fte r
T a x es).
O ther
In com e.
In terest,
R en ts, A c .
B a la n c e ,
D e fic it.
1923________ $21,641,554 $4,463,752 $216,292 $4,349,129 sur$330,915
4,216,411 def 575,989
1922________ 18,307,733
3,542,207
98.215
4,096,439 def 799,634
1921________ 17,096,117
3,192,423
104,38
OFFICERS.— Pres., Paul Shoup, San Francisco: V.-P. & Gen. Mgr.,
D, W. Pontius; V.-P., Frank Karr; Sec. & Aud., L. A. Lovell, Los An
geles; Treas., M . S. Wade. General offices. Pacific Electric Bldg., Los
Angelfs.— V. 113, p. 850, 1364, 1675, 1888, 2080; V. 114, p. 79, 855; V. 115,
p. 988, 1100, 1321, 1533, 1838, 2581; V. 116, p. 936, 2389, 2884; V. 117, p.
554, 1018, 1664; V. 119, p. 198, 694, 943, 1173; V. 120, p. 705.
LOS ANGELES RAILWAY CORPORATION.
The entire $20,000,000 stock, except directors’ qualifying shares,
jwned by Mr. H. E. Huntington,and,along with certain amounts of differ
ent bond issues of this company and the Pacific Electric Ry. (which see). Is
pledged as security for the Huntington Land & Improvement collateral
trust issue— see V. 98. p. 527.
ORGANIZATION.— Incorporated in Calif, on Nov. 7 1910 as successor
to Los Angeles Railway C o . Owns entire $5,000,000 stock of the City Ry.
of Los Angeles, incorporated in Dec. 1910 to build new lines for the cor
poration. V. 91, p. 1766.
The Los Angeles Motor Bus Co. was organized in February 1923 by the
Los Angeles Ry. and the Pacific Electric Ry. V. 116, p. 935.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Has acquired all the city narrow-gauge lines owned by Pacific Electric
Railway and Los Angeles Interurban Railway, and those portions of
Los Angeles & Redondo Ry. and California-Pacific Ry. Co. lying north
of an east-and-west line running through Hawthorne and Athens, thus
comprising all the street railway business of Los Angeles. V. 91, p. 1386.
Comprises 397.05 miles of track; 60, 72, 87 and 116-lb. rails. Owns and
controls 1,225 passenger cars, of which 971 are of P-A-Y-E type, 183 centre,
70 Birney Safety and 106 work cars, &c.; total, 1,331 cars. Has favorable
power contract with the Southern California Edison Co.; the current being
distributed through the corporation’s own transmission system. Has
16 sub-stations. More than 85 miles of track is on private right-of-way.
All main line and practically all down-town line fr a n c h i s e s extend be
yond 1940.
V a l u a t i o n .— V. 110, p. 167.
R e o r g a n iz a tio n P r o p o s e d — C o n s o l i d a t i o n , A c .— See V. 119, p. 579.
M ay , 1925.]
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock $2 0 .000,000 ................................................... * 2 0 .000,000 ...................
Los Angeles Ry Corp 1st & ref] 1910 5 g J-D
14,880,000 Dec 1 1940
M *20.000,000 g ($1,000) } Pacific Southwest Tr. A Sav. Bank, trustee,
•
sinking fund___________ c*l
Los Ang Co. Ry M S5.000.-l 1899
5 g A-O
4,722.000 Oct 1 1938
000 gold (SI,000 each) _c*/lnt. at Union Trust Oo., San Fran., Cal., Tr.
Los Angeles Trac 1st cons M \ 1898
5 g J-D
250,000 Dec 1 1938
gold *250,000 (J1.000)____(St. Louis Union Tr Co., St. Louis, Trustee.
City Ry of Los Angeles 1st M l 1911 5 F-A
, 5,000.000 Feb 1 1941
$5,000,000 ($1,000) gold c*/Int. at Pac. S. W . Tr. & S. Bk.,Los A ., trus.
Bonds.— int. on 1st S, ref. M . bonds is payable at office of trustee.
c
Bankers Trust Co., New York, and by arrangement at Anglo & London
Paris Nat. Bk., San Fran. Bonds are not sub], to call. Bonds have s k . f d .
of *10.000 per month (incl. s. f. on underlying bonds) to be Invested In
first and ref. bonds at 105 and Interest, or in approved securities; first
Sc ref. bonds purchased for s. f. to be kept alive, *2,066.000 bonds are held
in sink. fund. V. 92. p. 262; V. 94. p. 1383; V. 95. p. 1273. On 30 days’
notice int. may be made payable at the National City Bank, N. Y .
Int. on the Los Angeles Trac. issue paid at Chase Nat. Bank, N. Y."*'
$411,000 Los Angeles Ry. Co. mtge. bonds in sinking fund and $278,000
canceled.
City Ry. Co. of Los Angeles 1st mtge. bonds have a s in k in g f u n d of 2%
per annum of principal amounts of bonds outstanding, which began Jan. 1
1916. $958,000 bonds in sinking fund Apr. 1 1925.
EARNINGS.— For years ending Dec. 31:
*E x p en ses.
N et.
I n t .,T a x .& S .F
S u r p lu s.
F isc a l Y e a r —
G ross.
xl924__________$12,845,948 18,227,814 $4,618,134 $2,607,113 $2,011,021
X1923_________ 12,698,978 7,763,228 4,935,750 2,547,079 2,388,671
1922---------------- 11.249,737 6,646,205 4,603,532 2,478,532 2,125,001
901 093
1921____________10,241,011 7,316,897 2,924,114 2,023,021
* Excluding depreciation. x Excluding buses.
OFFICERS.— Pres., H. E. Huntington; V.-P., W . E. Dunn; V.-P. and
Gen. Mgr., G. J. Kuhrts; Sec. & Treas., C. A. Henderson.— V. 108, p.
683; V. 109, p. 577, 776, 1179; V. 110, p. 167, 1415; V. I l l , p. 792, 1949;
V 112, p. 2537; V. 113. p. 1675; V. 114, p. 2717; V. 115, p. 543. 2793;
V. 116, p. 935,2 129, 2388, 2884; V. 117, p. 1461; V. 119, p. 579, 2878.
SAN FRANCISCO-SACRAMENTO RAILROAD CO.
ORGANIZATION.— Incorp. In Cal. late In 1919 as successor to the
Oakland Antioch & Eastern RR., sold at foreclosure on Jan. 26 1920 a*
per plan of reorganization outlined In the “ Electric Railway* Supplement
of Nov. 15 1919. In which Issue the history of the predecessor co. will alse
be found. For changes in reorganization plan see V. 110, p. 78. Oontroli
through stock ownership Oakland & Antioch Ry. (34.12 miles between th*
points named). Has a traffic agreement with the Atchison Topeka &
Santa Fe Ry. under which the latter reaches Sacramento and points beyond.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
87.54 miles main line in operation. 2d track, sidings, &c., 11.89 miles;
total, 99.43 miles. Owns 6 sub-stations, warehouses, shops, storehouses,
office buildings, freight stations, ticket stations, &c. Equipment consists
of 38 passenger coaches, of which 20 are motor equipped, 6 steel locomo
tives, 66 freight cars, 3 cabooses and 14 construction and work cars. Power
is furnished by the Great Western Power Co. under contract.
Franchises.— Practically the entire mileage of the road is located on private
right of way. We understand that where franchises are required, they con
tain no burdensome restrictions, and extend from 1946 to 1964, the shortest,
covering only about 5 miles, expiring in 1941.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturitys
.................$6,242,955 ......................
Common $6,550,000 ($100 ) ...............
Pref *1,500,000 cum. ($100).............
7%
1.242.711
See text
1st mtge serial $3,000,0001 1920
6 g J-J1
830,000
See text
($1,000) gold------------ c*tf/Union Trust Co.. San Francisco, Trustee.
Stock.— Pref. stock is callable any time at 110.
Bonds.— Are secured by a 1st mtge. on the entire property. Escrow bonds
($1,960,000) can only be issued for 75 % of the actual and reasonable cash ex
penditures for permanent exts. and add'ns to the property, under certain
conditions. If any of the escrow bonds are issued, the bonds so issued shall
mature not later than Jan. 1 1940, and not earlier than the last maturity
of the present Issue outstanding. The $830,000 now outstanding mature
$42,000 annually to Jan. 1 1940. Call, all or in part by lot (last maturities
first) at 102 and int. on any int. date. Int. payable in Chicago or San
Francisco. Tax exempt in California. Y. 110, p. 466.
D i v i d e n d s .— An initial div. of $3.50 was paid on the pref. stock on July 15
1920. V. 110, p. 2658. In Oct. 1920 $1 75 was paid. Same amount was
paid regularly quarterly to and including July 1923. None paid since.
V. 117, p. 1557.
EARNINGS.— For years ending Dec. 31;
Calendar
Gross Net (after Other
Lease Interest & Balance,
Year—
Earnings.
Taxes). Income. Rentals.
Miscel. Surp.ordef
1924_______ $990,549
$93,118
$5,627
$55,987
$42,758
1923------------ 1,032.952
83,722
8,193
55,700
36,215
1922------------ 1,103,877
151,302
9.327
49,077
111,552
1921------------ 1,169,684
148,268
17,251
56,336
109,183
1920------------ 1,309.621
253,945
25,715
81,525
198,135
OFFICERS.— Pres., Walter Arnstein: V.-P. & Gen. Mgr., H. A. Mitch
ell; Sec., H. J. Sutherland; Treas., S. P. Westington.— V. 110, p. 2658}
V. 112, p. 163; V. 114, p. 2014; V. 115, p. 1430, 1633; Y. 117, p. 1557;
V. 118, p. 665, 1666; V. 120, p. 2149.
KEY SYSTEM TRANSIT CO.
ORGANIZATION.— Incorp. in Calif, on June 2 1923 and acquired the
properties of the San Francisco-Oakland Terminal Ry. as per plan of re
organization outlined in “ Electric Railway” Supplement of Apr. 26 1924.
For history of San Francisco-Oakland Terminal Ry. see “ Electric Railway”
Supplement of Apr. 26 1924. Owns all the stock, except qualifying direc
tors’ shares, of the Key System Securities Co., the Oakland & Hayward
Ry. and the East Oakland Ry , and leases and operates the two latter prop
erties.
K e y S y s te m S e c u r itie s C o . — Incorp. in California June 21 1923 as successor
of the Oakland Rys. Capital stock auth., $2,600,000; outstanding, $2,600,000. All owned by Key System Transit Co.
O a k la n d & H a y w a r d R a ilw a y C o . — Incorp. in California June 2 1923.
Properties of the co. are leased to and operated by Key System Transit Co.
Capital stock auth. and outstanding, $10,000. All owned by Key System
Transit Co.
E a s t O a k la n d R a i l w a y C o . — Incorp. in California June 2 1923.
Properties
leased to and operated by Key System Transit Co Capital stock author
ized and outstanding, $10,000; par $100. All owned by Key System Tran
sit Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates an electric street railway and interurban system in Oak
land, Berkeley, Alameda, Richmond and other cities on the eastern shore of
San Francisco Bay, extending from Richmond to Hayward, and an inter
urban ferry system between these cities and the city of San Francisco. Cal.
Total track, 266.68 miles. Equipment, 507 passenger cars, 13 motor
coaches, 14 freight cars, 76 work and misc., 3 electric locomotives and six
ferry boats. Population served, 415,000. Passengers carried in 1924,
95,063,249 revenue passengers and a total of 115,865,730 revenue and free
transfer passengers.
F r a n c h i s e s covering over 90% of the trackage operated extend beyond
the life of bonds and no franchise matures prior to 1933.
STOCK AND BONDS—
D a te.
In te re st.
O u t s ta n d in g .
M a tu r ity .
Common____________________
$3,262,500
_____
Preferred 7 % cumulative____
3,699.600 ______
7%
Prior pref 7 % cumulative____
5,874,300
7%
1st mtge $10,000,000 ser “A ” 1923
6 J-J
2,500,000 July 1 1938
($500 & $1,000) sk fd__c*tf' Oakland Bank, Oakland, Calif., trustee.
Gen & ref mtge $20,000,000—
Series “A ” _______________ 1923 6 g J-J
1,365,800 July 1 1938
Series 1___________________■ 1923 5 g J-J
7,585,200 July 1 1938
($100, $500 & $1,000) g c*tf lint, at Merc. Tr. Co. of Calif., San F., trust.
Key System S e c u r it i e s Co colli 1923
6%
2,500.000 July 1 1933
trust notes_______________ 1Int. guar, by Key System Transit Co.
East Oakland Ry 1st M _____ . -----6%
229,000 July 1 1938
Oakland & Hayward Ry Co'
first mortgage____________ ,
6%
236,000 July 1 1938
203
POWER, LIGHT AND RAILWAY
B o n d s . — 1st Mtge. bonds are further secured by pledge of the stocks of the
Key System Securities Co., the Oakland & Hayward Ry. and the East
Oakland Ry. Are red. all or part on any int. date on 60 days’ notice, at
par and int., plus a premium of M of 1 % for each year or portion thereof
of unexpired term. Mortgage provides for s in k in g f u n d . Int. payable
at Oakland Bank, Oakland, Calif., trustee, and National City Bank,
New York. $2,500,000 o ffe r e d in March 1924 by a syndicate of bankers
headed by E. H. Rollins & Sons at 99K & int. V. 118, p. 1135.
Gen. & ref. mtge. bonds are red., all or in part, on any int. date on 60
days’ notice at par and int. plus a premium of 2 % . In April 1924 Blyth,
Witter & Co. o ffe r e d $1,118,000 gen. & ref. mtge. Ser. 1 5s at 78 & int.,
to yield 7.75%. V. 118, p. 1772.
A „
The Key System Securities Co. coll, trust notes are guar, as to payment of
interest only by the Key System Transit Co. and are seemed by deposit of
$1,628,000 prior pref., $1,628,000 pref. and $250,000 com. stocks of that
co. (not incl. in amounts outstanding).
EARNINGS.— For years ending Dec. 31 (prior to 1923 are for prede
cessor cos.):
_ ,
C a le n d a r '
Year—
G ross
E a r n in g s.
N e t (a fte r
T a x es).
O th er
In c o m e
In terest,
& c . (N e t).
B a la n c e ,
S u r. or D e f.
$822,736
$621,527
1924________ $7,306,575 $1,310,203 $134,060
1,410,920
20,264
1,014,306 sur. 416,878
1923________ 7,357,432
1,437,188
23,322
1,054,617 sur. 405,893
1922________ 7,052,215
21,743 x l,726,049
sur.49,297
1921________ 6,994,473 x l,753,604
_____________ ________
935,731 125,969
1,128,264,
def.66,563
1920________ 6,704,001
x Depreciation included in interest, &c., in 1921, while in other years
it is included in operating expenses.
OFFICERS.— Pres., C. O. G. Miller; V.-P.s., W . W . Garthwaite and
W . R. Alberger; Sec. & Treas., F. W . Frost; Asst, to Pres., C. C. Vargas;
Gen. Mgr., Geo. H. Harris; Aud., B. W. Fernald.— V. 118, p. 1135, 1772,
2042, 2704, 2949; V. 119, p. 1282; V. 120, p. 1747, 2147.
PETALUMA & SANTA ROSA RAILROAD.
ORGANIZATION.— Incorporated in California on Aug. 23 1918 as sucsespor to the Petaluma Sc Santa Rosa R y . In accordance with reorganization
plan outlined in this publication of Sept. 29 1918.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates from Petaluma through Sebastopol to Santa Rosa, with branches
Sebastopol to Forestville and Liberty to Two Rocks. Miles road, 38.01;
sidings, &c., 9.89; total, 47.90. Connects at Petaluma with steamers for
San Francisco. Owns steamers “ Gold” and “ Petaluma.” Standard
gauge. 70-lb. T rails.
STOCK AND BONDS—
Date.
Interest. Outstanding. M a tu rity .
See text
*770,700
------------Oom stock * 1 ,000,000 ($100 ) - -----See text
132.800
Pref cum $250,000 ($100)................
6%
602.800 Sept. _ 1943
1
1st mtg 25-yr *750.000 (*1001 1918^ 5 X J M -S
,„
A *1,000) g.....................cArJ First Federal Trust Co., San Francisco, Tr.
Stock.— The common stock is deposited with the First Federal Trust Go.
'or 7 years under proxy agreement; pref. stockholders have the right to
jlect a majority of directors In case of non-payment of their dividends.
Preferred stock Is redeemable at par.
Bonds.— Callable at 105 for sinking fund. $18,000 retired and $77,600 re
acquired and held alive. The mtge. provides that earnings ordinarily appli
cable to com. divs. shall be apportioned as follows:
^ „ .
(1) If earnings Justify and conditions permit, a div. of 2)4 % shall bepald
jn com. stock. (2) Any amount remaining after such payment shall be
iistributed 50% to common stockholders, 25% to a trust fund to retire
Lst M . bonds and 25% to retire preferred shares.
Remaining unissued,
bonds are reserved for construction. Int. payable InNewYorkA San Fran.
Dividends.— On pref. stock are being paid regularly. 1% was paid on
C e com. stock in 1919. In 1920. 1 %
h
In 1921.1% . In 1922. May, 1% ;
Nov., 1% . In 1923, 3 )4 % . In 1924, 4 % . In 1925, Feb., 1% .
EARNINGS.— For years ending Dec. 31:
Net.
Other Inc. Chgs.& Taxes. Bal., Sur.
Year—
G ross.
$155,421
$22,755
$64,500
$113,676
1924 _______$565,554
160,617
10,496
72.898
98,215
1923 ............ 601,502
139,406
14,192
66,866
86,732
1922 ......... — 559,705
368 852 railway passengers carried in 1924, against 455,961 in 1923.
249 176 tons freight in 1924, against 262,519 in 1923.
OFFICERS.— Pres. & Gen. Mgr., E. H. Maggard; V.-P., Thos. Maclay;
Treas., Geo. P. McNear; Sec., R. W . Wise; Aud., H. W . von Emster.—
V. 107, p. 697, 906, 1193, 1580, 1670.
FRESNO TRACTION CO.
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 Light & Power Co. In Jan.
1922 the company was granted a 50-year franchise by the Fresno City Coun
cil. The ordinance gives the city the right to purchase the road at ten-year
Intervals, payment to be based on value of the property at time the option
is exercised. V. 114, p. 78. 2115; V. 115. p. 73.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS— A
trolley road. Mileage operated (incl. 8.14 miles leased from Fresno City
Ry.), 45.013 miles. Also owns 8.51 miles of single-track operated by
Southern Pacific Co. Standard gauge, 75-lb. T rail. 31 electric motor
passenger, 3 work cars; 2 trailers and 1 electric locomotive.
8 TOOK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a tu r ity .
Stock $5.000,000--(*100)_________
_ ...______ $5,000,000 ......................
First mortgage. $5,000.0001 1904
5 J-J
699,000 July 1 1944
($1,000). gold______ c.ntf (Int. at Union Trust Co.. San Fran., Trustee.
B o n d s . — Fresno Trac. 1st M. bonds have a sinking fund commencing In
1909 of $2,500 per annum for first 5 years and increasing $2,500 per annum
for each 5-year period thereafter to $17,500 per annum from 1939 to 1943.
EARNINGS.— Incl. Fresno Oltv Ry.:
C a l.
G ross
N e t (.after
O th er
In te re st,
B a la n c e ,
Y ea rs—
E a r n in g s.
T a x es).
In com e.
R e n ta ls , & c .
D e fic it.
1923 ________ $430,441
$61,553
$10,013
$137,159
def.$65,593
1922__________ 428,386
88,828
10,093
126,537
def.27,617
1921__________ 403,865
54,937
11,224
121,986
def.55,825
OFFICERS.— Pres., W. F. Herrin, San Francisco; V.-P., Paul Shoup,
Sec. Sc Aud., H. A. Oulloden, Los Angeies; Gen. Mgr., F. W. Webster;
Fresno: Treas., M . S. Wade, Los Angeles; Asst. Sec., G. L. King, San
Francisco.— V. 107, p. 1192; V. 114, p. 78, 2115; V. 115, p. 73; V. 116,p 2388
SAN DIEGO ELECTRIC RAILROAD.
ORGANIZATION, Ac.— Began operation In 1892, and In March 1898
ourchased Citizens’ Traction Oo. at foreclosure sale. In 1905 sold Its elec
tric power business to the United Light, Fuel & Power Co. V. 81, p. 559.
On Dec. 30 1920 Comm, sold the power house and plant to the San Diego
Cons. Gas & Elec. Co. Compare V. 112, p. 63. In 1908 purchased the
electric line of the Coronado RR. In 1909 acquired the South Park &
East Side Ry. In Sept. 1922 the Calif. RR. Comm, approved the purchase
by the co. of the properties of the Point Loma RR.; the co. to issue in
payment $100,000 capital stock at par and in addition to pay $30,000 in
cash. The Point Loma RR. was formerly operated by the co. under lease.
V. 115, p. 870, 2478. On Feb. 4 1924 the Calif. RR. Comm, approved the
purchase by the co. of the properties of the Bay Shore RR. Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— A
trolley road. Owns and operates railway system in San Diego vicinity
aggregating 88.8 miles of track, including 27.1 miles of second track and
1.9 miles sidings. Operates 10.2 miles between San Diego and Chula
Vista and 0.59 mile in Coronado, owned by San Diego & Arizona Ry. Co.
Standard gauge 60-lb. T rail and 114-lb. Trilby. Owns 181 passenger
and 39 work cars, also 12 motor coaches.
B u s O p e r a t i o n s .— S e e V. 116, p. 2390; V. 119, p. 326.
STOCK AND BONDS— Date.
Interest. Outstanding. M a t u r i t y .
Stock $5.000,000__________________
_________ *1.350.000 ____________
Gen lst Hen M *10.000,000f 1915
5 g J-J
3.000.000 Jan 1 1955
« f ($1.000)_____c*Ar(Int. at Union Trust Co., 8 an Francisco,
. at 102 aft. Jan 1 19201 trustee, or Nat. Bank of Commerce. N . Y .
Guar eq tr ctfs ser “ A ” ($5001 1923
6 A-O
712,000
See text
and $1.000)_____________c*/First Trust & Savs. Bk., San Diego, Trus.
n
PUBLIC UTILITIES
304
B on d s.
First $5,000,000 bonds bear interest at 5 % ; rate of interest on
remaining $5,000,000 to be determined at time of issuance, but not to
exceed 6 % . S in k i n g f u n d provides for retirement of entire issue at maturity.
V. 99, p. 122, 1131.
The 6 % equipment trust certificates, series “A ,'’ are guaranteed un
conditionally prin. and divs. jointly and severally by endorsement of the
San Diego Mectric Ry. and J. D. and A. B. Spreckels Securities Co., the
latter of which is the owner of the entire capital stock and funded obligations
of the former co. These ctfs. mature in annual installments Oct. 1 1925
to Oct. 1 1934, incl., are exempt from personal property tax in California.
Divs. payable at office of trustee or at Anglo & London-Paris Nat. Bank,
San Francisco, Calif. V. 117, p. 2771.
EARNINGS.— For years end. Dec 31:
, „ Year—
G ross.
N e t ,a f t .T a x e s .
O th . I n c .
D e d u c t i o n s . B a l .S u r p .
1923..............$1,374,908
$130,080
$37,143
$247,486 def.$80,262
1922............ 1,379,490
211,162
31,861
211,706
31,317
OFFICERS.— Pres., J. D . Spreckels; V.-P. & Gen. Mgr., Claus Spreckles;
Gen. Counsel, Read G. Dilworth; Sec., F. G. Whitehead; Treas., G. H.
Miller; Aud., H. D. Huff.— V. 109, p. 1462 , 2172; V. 112, p. 63; Y. 113,
p. 2186; V. 115, p. 870, 1211; V. 116, p. 2390, 2516; V. 117, p. 782, 1665,
2771; Y. 118. p. 2706; V. 119, p. 326.
CALIFORNIA STREET CABLE.
ORGANIZATION.— Chartered Feb. 8 1877. Annual meeting the third
Wednesday in January. F r a n c h i s e expires in Feb. 1929.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 11 miles of track on 534 miles of street.
STOCK AND BONDS— D a t e .
In terest.
O u t s ta n d in g .
M a tu rity.
Stock (par $100)-------------- ----------- Monthly $1,000,000
See texi
First mortgage $384,000 (Si,-1 1915
6 g J-J
85,000
Serially
000) red 1st 5 yrs at 105.-tint, at office of company. Union Trust Oo
thereafter at 103-------------- 1 of San Francisco, Trustee.
B o n d s . — $384,000 bonds were issued to retire $900,000 bonds due Jan. )
1915 (of which $516,000 were in treasury, leaving $384,000 to be refunded)
The new bonds are due in 12 annual installments beginning Jan. 1 1916 ano
ending Jan. 1 1927 $299,000 have been retired. No. of bonds whict
matured in 1921,30, the remainder mature successively thereafter, 32, 33
37, 39 and in 1927, 46. V. 99, p. 1831, 1672, 1596.
D i v i d e n d s . — Were 50 cents monthly, but in Aug. 1902 were Increased to
75 cents monthly, and in Nov. 1904 to 90 cents monthly. On account of
darthauake and fire, no dividends were paid from April 1906 to Sept. 190h
when dividends were resumed at 50 cents per share up to May 1909. when
$0c. per share was paid: same rate m onthly since.
E A R N IN G S .— For years ending D e c . 31:
Y ea r—
G ro ss.
N e t , a f t . T a x e s . O t h .l n c . D e d u c t i o n s .
Surplus.
1924
$556,024
$128,889
$28,769
$10,433
$147,225
1923
$559,341
$116,919
$21,269
$10,169
$128,019
1922 ............. 546,312
119,962
19,626
13,791
125,797
1921
547,054
97.759
18.713
13,380
103.092
OFFICERS.— Pres. . Jas. W . Harris; V.-P., A . H. Payson; 2d V.-P.,
S. Waldo Coleman; Sec., Geo. A. Hare; Treas., Wells Fargo Bank and
Union Trust Co. of San Francisco; Aud., Chas. P. Stone; Supt., J. T.
McGhee. Office, 1061 Hyde St., San Francisco, Calif.— V. 99, p. 1831,
1616.
SACRAMENTO NORTHERN RAILROAD.
The Western Pacific RR. Corp. (see “ Railway and Industrial” Section)
in 1921 acquired about 99% of both stock and bonds of the company.
ORGANIZATION.— Incorp. in California on June 20 1918 as a reorgan
ization per plan in V. 104, p. 1489, of the Northern Electric Ry., bid in at
foreclosure sale on May 28 1918. V. 106, pi 2758; V. 107, p. 182; V. 109,
p . 2440.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
T otal main line operated, 166.56; other tracks, 49.56; total, 216.12. Con
nects Chico, Oroville, Marysville, Sacramento, Yuba City, Colusa, Meridian
and Woodland. Also connects Suisun and Vacaville in Solano County.
Gauge, 4 ft. 834 in. Rail, 60 and 70 lb. T.
W e s t e r n P a c i f i c 's O ffe r to A c q u i r e R o a d , & c . — For terms of offer see
"Electric Railway” Supplement of April 26 1924.
Over 98% of the company’s stock has been deposited under this offer.
V . 112, p. 1400. See also V. 112, p. 2414. This transaction, however,
had not been consummated up to April 1 1925. V. 118, p. 552.
F a r e s .— See V. 116, p. 2994.
C a p i t a l i z a t i o n .— The authorized capitalization o f the co . is as follow s:
First pref. ia. & d .) stock, 6 % non-cum ulative (par $100)______ $i.9U2,200
Second pref. (a. & d .) stock, 6 % non-cum ulative (par $100)____
957,800
C om m on stock (par $100)________________________________________ 2,340,000
1st d 5 % 20-year bonds, all on eq’">l footing except as to Interest
paym ents. D ated July 1 191V. D enom . $1,000, $500 and
$100; interest payable semi-annually. T otal, $5,500,000, viz.:
Class “ A ” bonds, call, at 102, a fixed charge from Jury 1 1917-$2,012,400
Class “ B ” bonds, call, at par, a fixed charge from July 1 1919951,200
•Class “ O ” bonds, call, at par, a fixed charge from July 1 1922. 1,268,200
♦Class “ D ” bonds, call, at par, a fixed charge from July I 1927. 1,268,200
♦Prior to dates named C and D bonds willTeceive interest only to extent
o f net earnings.
A sufficient number o f Class “ A ” bonds was sold to provide for pur.
poses necessary to the reorganization plan.
V o tin g T r u s t .— All o f the capital stock Is deposited with the Union
Trust C o . o f San Francisco under a voting trust agreement, such trust >
continue until all the bonds o f the new corporation shall be paying the full
fixed interest o f 6 % per year, but not longer than July 1 1927. See v .
104, p. 1489.
E A R N IN G S .— F or years ending D ec. 31:
C a le n d a r
Y ea rs—
G ross
R even u e.
N e t . a fte r
O th er
T a x & D e p t . In c o m e
In terest,
& c.
B a la n c e ,
Sur or D e f
1924
$1,403,281 $14,852 $31,537 $257,238 def.$210,849
1923 -------------------- 1,592,247 145,488
37,124
262,173 def. 79,561
1922.. ....................
1,608,301 149,125
25,743
224,899 def. 50,030
P OFFICERS.— Pres., George F. Detrick; V.-Ps., Sidney M . Ehrman,
Emery Oliver and Carl Taylor; Sec. & Treas., J. R. Parke.— V. 114, p.
2360; V. 116, p. 2994; V. 117, p. 209 V. 118, p. 552.
PENINSULAR RAILWAY.
Entire stock, except directors' shares, is owned by Southern P acific C o.
O R G A N IZ A T IO N .— Incorporated in California June 30 1909 as a con
solidation o f various electric railways in which the Southern P acific is Inter
ested, namely the Peninsular R R . Santa Clara Inter-Urban R R . (V . 83,
p. 380; V . 87, p . 545) and the San Jose-Los Gatos Interurban R y . (V . 76,
p. 1409; V . £9. p . 104).
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 65.420 miles of first main track, 9.648 miles second track and 5.699
miles of sidings, turnouts, &c.; total, 80.767 miles. Also owns 16.27 miles
first main track, leased to Southern Pacific Co., and 1.26 miles main track
operated by San Jose Railroads. Serves San Jose, Saratoga, Los Gatos,
Campbell, Cupertino, Monta Vista, Mayfield and Palo Alto, all in Santa
Clara County. Standard gauge. 60 and 70-lb., mostly T rail. 41 electric
motor cars (incl. 2 express and 6 work), 2 trail cars and 1 electric locomotive.
S T O C K AND BONDS—
D a te.
I n t e r e s t . O u ts ta n d in g .
la tu r ity .
--------------$12,000,000 ____________
Stock $12,000,000 ($100)-------- --------San Jose-Los Gatos Inter, lstl 1903
5 M -N 21
500,000 M a y 211923
mortgage $2,000,000 ($ 50 0 )Interest at Central Trust C o ., San Fran
ce $1,000)______________ c * t f]
d s c o . Trustee.
B o n d s .— A sinking fund o f 2 % o f net earnings, but not less than $10,000
per an m m , began Jan. 1 1905.
E A R N IN G S .— For year ending D ec. 31:
C a le n d a r Y e a r —
G ross
E a r n in g s.
N e t (a fte r
T a x es).
O th er
In com e.
In te re st,
R e n t s ,& c .
B a la n ce
D e fic it.
1923 ................ — .$311,712
1922____________
def$16,896 $40,294 $401,135 def$377,737
328,205
def20,233 38,615
378,641
def360,258
344,302
defl8,120 35,968
380,384
362,536
1921 ____________
1920.................
354.417
16,878
34,048
334.643
323.717
O F F IC E R S .— Pres., Paul Shoup, San Francisco; Sec. & A u d ., H . A .
Oulloden, Los Angeles; T reas., M . S. W ad e, Los Angeles; A sst. S ec.. G . L .
King, San Francisco.— V . 114, p . 2241; V . 116, p . 516; V . 118, p . 1912.
[V ol. 120,
SAN FRANCISCO NAPA & CALISTOGA RAILWAY.
O R G A N IZ A T IO N .— Incorp. N o v . 10 1911 in California as successor to
the San Fran Vallejo & N apa Valley R R ., sold at foreclosure on O ct. 30
1911. V . 93, p . 1535. Also acquired the V allejo Benicia & N apa V alley
R R . Has a 20-year traffic agreement with M on ticello SS. C o ., providing
for dally schedule o f at least six round trips between Vallejo and San Fran.
Purchases pow er from G reat W estern P ow er C o . under con tract. F r a n c h i s e
runs to 1952 or later.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Comprises 46 miles of track, extending from Vallejo to Napa, to Calistoga.
of which 30 miles on private right-of-way, 12.39 miles on streets or high
ways and 3.32 miles sidings; standard gauge. Owns 37 acres of land ,
Including water front in Vallejo. Commenced operation of freight service
into Mare Island Navy Yard Sept. 20 1920 over a branch of 3,900 feet
additional main line and over Mare Island Government Causeway and
Transfer Yard on Mare Island, the latter having a capacity o f 75 cars.
Ail transcontinental freight will hereafter m ove over this route fo r M a re
island. In 1920 com pleted a 75-car interchange yard at N apa Ju n ction ,
7 mliee from M are Island, where freight for the N a vy Yard will be Inter
changed with the S. P . C o .
STOCK AND BONDS—
D a te.
I n t e r e s t . O u t s ta n d in g .
M a tu r ity .
Stock $2,000,000................ ...................
..............
$731,700 ............ ........
1st M $1,000,000 gold ($100( 1911
6 J-D
486,100 D e c 1 193®
$500 & $1,000) callable at] In t. at M ercantile T r. C o ., San F ran., T ru s .,
105 & int. on any Int day c* l or at o ffice o f E. H . Rollins Sc Sons, N . Y .
Debentures— unsecured n o n -/ 1911
5%
599,100
D e c 1 1936
foreclosable $610.000_____ J
B o n d s . — $43,800 first mtge. bonds are held in treasury, $ 102,900 are in
<
sinking fund and remainder are reserved for additions and extensions at
75% of cost under certain restrictions. Annual s in k in g f u n d of 1% of bonds
out began in 1914. V. 93, p. 1535.
$10,900 5% debentures are held in treasury.
EARNINGS.— For years ending Dec. 31:
I n t ., & c .
S u r p lu s.
C a le n d a r Y e a r —
G ross.
N e t ( a f t . t a x .)
$75,788 def .$5,280
$70,508
1924_____________________ $297,416
80,392
25,739
1923_______________________316,410
106,131
67,361
21,511
1922_____________
306,13488,872
OFFICERS.— Pres., Jas. Irvine, San Fran.; Sec. & Treas., E. M . Price,
San Fran.; V.-P. & Gen. Mgr., C. E. Brown, Napa.— V. 119. p. 1734.
SAN JOSE RAILROADS.
Southern P acific O o. owns entire stock except directors’ shares.
O R G A N IZ A T IO N .— In corp . in California D ec. 23 1909 as successor tcSan Jose R y . C o . V . 90. p . 1297. Properties o f San Jose & Santa C la ra .
County R R . C o . purchased b y San Jose R R s. M arch 15 1912.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Owns 24.79 miles first track, 11.75 miles second track, 2.02
miles sidings and turnouts; total, 38.56 miles; serving cities of San Jose and
Santa Clara and country adjacent thereto. Standard gauge. 46 electricmotor and 13 trailer cars; 3 automobiles for passenger service.
STOCK A N D BONDS—
D a te .
In terest.
O u t s ta n d in g .
M a tu r ity .
Stock $5,000,000 ($100)............................................
$5,000,000 .....................
1st m tge $1,500,000 gold ! 1910
5 g J-J
1.361,000 Jan 1 I 9 6 0
($1,000) sinking fu n d ___ tfJTnt. at M ercantile Trust C o ., S. F ., T ru stee.
San Jose & Santa Clara C o .) 1906
4H A -O
1,152,000 A pril 1 1946
R R 1st & ref M $ l,5 0 0 ,0 0 0 lln t. at U nion T rust C o .. San F ran., T ru stee.
($1,000) go ld ...................c * t fl
B o n d s .— T h e San Jose & Santa Clara C o . R R . bonds are subject to ca l)
at 110 and int. S in k in g f u n d o f 1% o f outstanding bonds began A p r. 1 1 9 1 1 .
1st M . bonds are subject to following sink, fund provisions: Jan. 1 1915 t o
1939, in cl., $10,000 per year, 1940-44, incl., $20,000 per y r .; 194 5 -4 9,
$30,000 per y r.; 1950-54, $40,000 per y r .; or these bonds m ay be delivers
to trustee in lieu thereof.
E A R N IN G S .— F or years ending D e c. 31:
Y ear—
G ro ss.
1923.............- ..........$419,749
1922......................... 430.119
1921______ _____ _ 410,772
N et.
O th er I n c .
I n t .,R e n t .,& c .
B a l.,D e f .
$45,526
$2,209
$222,133 d ef$174,398
82,973
2.100
214,223
d e fl2 9 ,1 5 0
53,706
1,649
206,644
d e fl5 1 ,2 8 9
_____________ Pres., W m
O F F IC E R S .— ____________F . Herrin; V .-P ., Paul Shoup; Sec. Sc A u d ..
H. A . C ulloden; Asst. S ec., G . L . King; T reas., M . S. W ad e.— V . 90, p .
1297; V . 92, p. 1033; V . 104. p 560: V . 107. p . 604.
CENTRAL CALIFORNIA TRACTION CO.
O R G A N IZ A T IO N .— Organized In California in A u g. 1905 to con struct
an interurban system o f electric roads for passengers and freight in the cen
tral valleys o f C alifornia. R oad operates over private right o f way,
except In the cities. F r a n c h i s e s in all the cities o f the system run for 50
years. An additional freight and passenger franchise was awarded com
pany In M a y 1909 for C ity o f Sacram ento. An assessment o f $5 a share
was called for paym ent F eb. 20 1908. V . 86. p .6 6 7 . In Jan. 1918 another
assessment o f $5 per share wa- levied on both classes o f stock , delinquent
Eeb 25 1918. to provide additional equipm ent. Improve trackage and
restore the com p any’s credit b y reducing floating debt. T he necessity for
this action was ascribed to years o f unprofitable operation due to jitn ey
com petition, which is now regulated. See V . 106, p . 497.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
An electric road. Operates in the city of Stockton and an interurban line
from Stockton through Lodi to Sacramento. Total track operated, 70.8
miles. Has operating agreement with Tidewater Southern Ry., whereby
the two lines are operated as one system. Company carries American Rail
way express matter.
L e a s e . — T he C al. R R . C om m . In M arch 1915 authorized the com p a n y t o
'ease its lines in Stockton to the S tockton E lec. R R . at a rental o f $ 12,500
a year for first 3 yrs. and $15,000 y rly. for next 35 yrs. V . 100. p . 1167.
O p e r a tin g A g r e e m e n t . — E arly in 1916 entered into an agreem ent w ith th e
Tidewater Southern R y . providing for the join t operation o f the tw o line®
as one system . T he separate corporate existence o f each, how ever, is to
he m aintained. V . 102, p . 1250.
P la n to R e d u c e I n t e r e s t , & c . — In 1917 holders o f the 1st M . 5s signed an
agreement reducing the Int. rate from 5 % to 2 % for the years 1917, 1918
and 1919 and waiving default in int. and also the sinking fund provision.
C om pare V . 106, p . 497. Another agreement under same conditions
expired Oct. 1 1922. A new agreement has been m ade whereby bond
holders agree to accept 2 H % instead o f 5 % for 1923, 1924 and 1925.
STOCK A N D BONDS—
D a te.
In terest.
O u tsta n d in g .
M a tu r ity .
Com m on $3,000,000 ($100)......................................
$290,300 .....................
Pref $1,000,000 ($100) 6 % cum
.....................
792.800 ------- -------fflrst m ortgage $1,500,000/ 1906
5 g A -O
1,471.000 April 1 1930
($1,000) gold sink f u n d .t f l i n t , at Union T rust C o . o f San Fran., Trus.
S to c k . — $2,928,000 com. stock was issued, but in 1923 this was reduced
to $1,083,100, due to assessment of $5 per share. Delinquents sold out and
bid in by company.
B o n u s . — S in k in g fu n d on first m ortgage bonds has been m odified s o
as to provide $15,000 per year for 8 years com m encing 1924, $30,000 fo r
the next tw o years ana $340,000 for 1 year. B onds are red. on any int.
d ay at 105 and int. on 60 days’ notice.
E A R N IN G S .— For the 12 m os. ending D ec. 31:
G ross.
N e t , a fte r T a x e s . I n t ., & c .
B a l., S u r p .
$69,366
$33,437
$102,803
68,436
39.617
1922............................................. 585,283
108,053
O F F IC E R S .— Pres., H . Fleishhacker; V .-P s., M . Fleishhacker, G eo. W .
Peltier and A . A nderson; Sec. & T reas., A . N . Baldwin; Gen. M g r., F . W .
W ebster. O ffice, 9 M ain S t., San Franeisco.— V . 107, p . 401.
1923________ _____ ________ $632,091
STOCKTON ELECTRIC RAILROAD.
O R G A N IZ A T IO N .— Incorp . D e c . 29 1891 In C alifornia. Southern Pac..
Oo. owns the entire $500,000 stock except directors' shares. N o b o n d s
outstanding.
FIELD OF OPERATIONS AND CHARACTER OF B U S IN E S S .—
Operates 25.51 miles o f track. Standard gauge. 29 cars.
L e a s e .— For lease o f the Central California T raction O o .'s lines in S tock ion , see that com p any abov e.
POWER, LIGHT AND RAILWAY
M at , 1925.]
EARNINGS.— For years ending Dec. 31:
N e t. ~
O th er I n c .
R en ts, & c .
B a l., S u r.
Y ea r—
G ross.
$31,072
$4,161
$7,001
$28,232
1923 _____ $335,484
49,143
2,324
7,050
44,417
1922 .......... 342.368
42,151
4,604
9,154
37,601
1921 .......... 346,596
OFFICERS.— Pres., Paul Shoup; Sec. & Aud., H. A. Oulioden; Treas.
M. S. Wade; Asst. Sec., G. L. King. Office Los Angeles, Cal.— V. 76
p. 159: V. 100, p. 643, 902: V. 102. p. 1626: V. 108. p. 80: V. I l l , p. 1370.
TIDEWATER SOUTHERN RAILWAY CO.
ORGANIZATION.— Incorp. In Cal. on Mar. 11 1912, succeeding the
Tidewater & Southern RR. (V. 93, p. 1790) and Tidewater & Southern
Transit Ry.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Dine completed and in operation Stockton to Hilmar, 52.1 miles; also
‘branch line Manteca Junction to Manteca, 6.6 miles, and Hatch to Turlock,
»6.5 miles. Total mileage operated, 65.2 miles.
STOCK YND BONDS— Date.
Interest.
Outstanding.
Maturity
Common $4,750,000_______________
_________ $1,178,902 -----------------First mortgage $4,000,000/ 1912 5 g A-O 15
466,500 Apr 15 1942
gold ($500 & $1.0001
tf i Union Trust Co. San Francisco. Trustee.
Bonds.— First mtge. bonds are subject to call at 103 on 30 days’ notice.
S in k i n g f u n d 2% of bonds out Oct. 15 1916 to Oct. 15 1921, and 3% of bonds
out Oct. 15 1921 to Oct. 15 1941. which will retire bonds at maturity.
OFFICERS.— Pres. & Treas., Chas. Elsey; V.-P., B. A. Bearce; Sec'y.
W. G. Bruen.— V. 102, p. 1250; V. 103, p. 1793: V. 104. p. 164, 665:
V . 106. p. 1345; V. 107. p. 1580: V. 112. p. 1400.
OREGON
PORTLAND ELECTRIC POWER CO.
ORGANIZATION.— Incorp. in Oregon June 29 1906. Was formerly
known as the Portland Ry., Light & Power Co., but name was changed to
present title in April 1924.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Supplies electric light and power in Portland and nearly 40 other communi
ties in western Oregon. Does the gas business in Salem and operates city
and interurban railway lines in Portland and adjacent territory. Operates a
total of 343.9 m. of single track (of which 297.6 m. owned, 35 m. controlled
through stock ownership and 11.03 m. owned by outside interests). Owns
637 passenger cars, 482 freight and miscell. cars and 9 locomotives. Also
operates buses. Water power plants have a capacity of 53,130 k. w.; steam
plants, 32,500 k.w capacity. Total capacity, 85,630 k.w. Work now under
way on development on Clackamas River which will have an ultimate capac
ity of 80,000 k.w., initial capacity. 20,000 k.w V. 113, p. 2722. Has 486
miles of high-tension and distribution lines. Owns a 9-story fireproof build
ing in business centre of Portland used for its offices, the only park and
amusement resort near Portland; also real estate in Portland suitable for
terminals. Railway f r a n c h i s e s in Portland expire in 1932 and 1933. In Aug.
1923 a new 50-year franchise was granted the co. by the city of Vancouver,
Wash. V. 117, p. 782. Light and power fr a n c h is e s in Portland and Salem
are perpetual; in Vancouver they expire in 1927. Has franchise to carry
freight in Oregon City, expiring in 1926. In Dec. 1916 obtained a franchise
to operate over the new bridge connecting Portland, Ore., and Vancouver,
Wash. One-half the profits are to go to Clark and Multnomah Counties,
by whom the bridge was built. The company’s transmission lines and a
large part of the interurban railway are on private right-of-way.
t'avoraOle Decision —Juugo Harris In the Supreme Court at, Saiem in Maj
1916 held void the ordinance requiring a tax of 3% on gross earnings (V. 96
p. 1157). V. 102. p 1718
Valuation.— The Oregon P. D. Comm, on Apr. 30 1917 placed the valua
tion of the company’s property as of Dec. 31 1916 for rate-making purpose*
at $46,862,972 or about *14 000.000 less than the cn ’» valuation
See
V . 104, p. 1900, and compare V. 103, p. 61.
See also V. 118, p. 2573.
Interest. O u t s t a n d in g . Maturity
STOCK AND BONDS—
D a le.
J$15,000,0001
See text
Q-M
Common $25,000,000 iS100)______
l 75% paid |
See text
5,292,700
Prior pref cum $10,000 000_ _____
_
7 Q-J
6,250.000
See text
1st pref $10.OOO.(H>0cunn$l00)____
6%
25.900 .
7.2%
list preferred 7 .2% -----------------5,000.090
See text
2d pref
do uon-cum ($100 ) ____
6%
12,641.500 Feb 1 1942
Portland Ry Lt & Pow 1st & f 1912 _5 g F-A
ref mtge $75,000,000 gold-jlnt. at Fidelity Tr. Co., Phila., Trus., Lee
(seetext_________ c*5cr*tf I Higginson & Co., Bos.; Higginson & Co..
I London, Eng., and Columbia Tr.Oo.,N.Y.
lit lien & ref. mtge. ser " A ” ! 1921 7 H « M -N 4.693.000 May 1 1946
6 g M-N
10.695,500 May 1 1947
Series “ B ’_______________J 1922
($500, $1,000, $5,000) gold {Int. at Nat’l City Bank, N. Y ., trustee,
gold_______________c*&rtf I
8 erial notes $2,000,000 ($1,-1 1919
7 g J-D
1,000,000
See text
000, $5,000 & $10.000)g c tf lint, at Guaranty Trust Co., N. Y ., trustee
8-year notes ($100. $500 and\ 1921 8 g M -8 1
1,117,100 Mar 1 1926
$1,000) gold__________ c&r/Title & Trust Co., Portland, Ore.. Trustee
6%
See text
-----------General mortgage___________ 1918
Portland Ry 1st & refunding/ 1905
5 g M-N
7,031,000 Nov 1 1930
mortgage $10,000,000 gold/ Interest at office of Redmond & Co., N. Y
($1,000) sink fund____c*tf l New York Trust Co., Trustee.
•
City & Sub con (now 1st) M ( 1900
4 g J-D
1,290,000 June 1 1930
($1,000) g (closed)____ccpt/Int. at Secur. Sav. & Tr. Co.,Port., trustee
Portland Gen El first mtge/ 1905
5 g J-J
7,363 000 July 1 1935
(see text) gold ($1,000) c*tf\Int. at Harris, Forbes & Co., New York.
See text Jan 2 1937
Mt Hood Ry & Pow 1st mtge/ 1907
5 g J-J
$6,000,000 g($l ,000)8 f c*ntf [Union Trust Co., San Francisco, Trustee
704.800 Feb 1 1939
Wiliam Vail So Ry 1st M ntf 1914
6 g F-A
$3,000,000 ($100, $500 &{Int. at Cont. & Com. Tr. & S. Bk., Chic.
$1,000 gu p 1 & s f c*ntf t Trust., or in Port, or 1st Nat. Bk., N. Y.
We specialize in the securities of
and invite inquiries concerning
Portland
Electric Power Company
Members
Philadelphia
Exchange
B a n kers
1837
E s t a lis h e d
PHILADELPHIA
Members
^ Stock”*
Exchange
NEW YORK TELEPHONE RECTOR 9250
PHILADELPHIA TELEPHONE LOMBARD 4200
305
S to c k . — The stockholders on May 14 1915 approved the plan by which
they surrendered 2 0 % of their holdings in the then existing stock ($25,000,
000. 75% paid), paying at the same time $25 in cash for each share so
surrendered, and received therefor pref. stock, share for share, one-half
($2,500,000) 6 % cum. 1st pref. and the other half 6 % non-cum. 2d pref.
The $5,000,000 stock surrendered In connection with the plan was can
celed. Stockholders of record Feb. 1 1917 were given an opportunity to
convert a further $5,000,000 common into 1st and 2d pref. stock on the
same terms, which was accordingly done. The 1st pref. stock Issued in
1915 is cumulative from Jan. 1 1916; that issued in 1917 is cumulative from
\pr. 1 1917 and will receive no divs. until all accumulations on the first
*2 500.000 shall have been paid; thereafter all 1st pref. stock will be treated
alike. V. 104, p. 1146. (See also V. 91, p. 1328; V. 95, p. 1274). 2d
pref. stock is non-cum. Com. is listed on the Boston, Columbus and
Louisville stock exchanges. V . 116, p. 1533. Preferred stocks are preferred
as to divs. and assets and red. at par. Prior pref. series “A ” red. as a whole
at 105 and divs. on any div. date on 60 days’ notice. In July 1924 National
City Co. o ffe r e d $1,000,000 7 % cum. prior pref. series “A” at 9 8 1 4 and div.,
to yield 7.10%. V. 119, p. 199.
B o n d s . — Of the remaining Portland Ry., Lt. & Power 1st & ref. M . 53
unissued, $17,813,000 are reserved for prior liens and $33,376,000 are for
additions, improvements, &c. Denominations: Coupon bonds, $1,000,
*500 and $100; registered bonds, $1,000, $5,000, $10,000 and $50,000. Principal and interest also payable in sterling, francs or guilders at
fixed rates of exchange. Callable as a whole at 105 and int. since Feb.
1 1922 on 60 days’ notice. Cumulative s in k in g f u n d 1% annually 1915
to 1926, incl.; 1 H % 1927 to 1941, incl. on total amount issued. Bonds
in sink, fund to be kept alive and int. added to fund. Convertible at any
time at holders' option into capital stock at a price equal to the amount
paid in on such stock, plus $10 premium per $100 share. See V. 94, p. 631.
Bonds are listed on N .Y . Stock Exchange; $15,952,000 are pledged under
1st lien & ref. mtge. and $3,657,500 are held in sinking fund. Additional
1st lien & ref. mtge. bonds may be issued in different series under certain
restrictions. Denom.. $500 & $1,000 c*; $1,000 $5,000 and multiples of
$5,000 r*. Are secured by pledge of $15 952,000 1st & ref. mtge. 5a. A
s in k in g f u n d requiring cash payments of at least $225,000 semi ann. began
Sept. 1 1921. Ser. ,rA ’’ bonds are red. all or in part on any int. date on
30 days' notice after May 1 1931 at 105 and int. to May 1 1941: thereafter
at 103 and int. Series “ B” are red. all or in part on any int. date on
30 days’ notice at 105 & int. to and incl. May 1 1942 and at 102)4 thereafter
but prior to maturity. $230,800 1st lien & ref. ser. “ B” are held in treasury.
In May 1924 National City Co. and Halsey, Stuart & Co., Inc., o ffe r e d
$3,500,000 1st lien & ref. mtge. 6 % bonds ser. “B” at 94 and int., to yield
over 6)4% . V. 118, p. 2573. Penna. 4-mill tax refunded. V. 112, p. 2084.
Portland Railway. Light & Power 5-year notes due March 1 1926 are
callable as a whole but not in part on any interest date as follows: Sept. 1
1924 or March 1 1925, 101: Sept. 1 1925, 100)4- V. 112, p. 1399. Red.
only as a whole on any int. date at par and int. on 60 days notice.
The Portland Ry. 1st & ref. M . has been closed at $8,523,000. A s i n k i n g
fu n d began In 1907: the amount was $25,000 per ann. (payable Nov. 1)
from 1907 to 1909 incl.; $40,000 per ann. from 1910 to 1919 incl., and $60,000 per ann. from 1920 to maturity of bonds; these payments are based on an
original amount outstanding of $5,982,000 [but see V. 113, p. 533]mcreasIng proportionately as additional bonds were issued; said funds to be in
vested in the bonds at not more than 105 and int., at which price bond*
ean be called for the purpose. Bonds are to be kept alive and bear interest.
Red. at 105 and int. on any int. date upon 60 days’ notice. $1,492,000
*re in sinking fund. See V. 81, p. 1437. The bonds are listed on the New
York Louisville and Phila stock exchanges. V. 82, 806; V. 83 0.1471.
The authorized amount of Portland General Electric Co. mortgage v u
originally for $ 10 ,0 00 ,0 00 , but mortgage has been closed at $8 ,000 ,0 00 .
$637,000 retired by sinking fund. Bonds are subject to call as a whole at
107)4 and interest on 4 weeks’ notice. A s in k in g f u n d of 1% per annum
of bonds out commenced May 1 1915. Bankers Trust Co., New York,
trustee. They are listed on the New York Stock Exchange. V .9 2 ,p 1437
$5,000,000 of M t. Hood Ry. & Power bonds are deposited as collateral
inder Portland Ry., Light & Power notes. S in k in g f u n d began Jan. 1912.
1% to Jan. 1916 incl.: 1)4% 1917 to 1921: 1)4% 1922 to 1926: 1*4%
1927 to 1931: 2% 1932 to 1938.
Willamette Valley Southern 1st M . bonds are unconditionally guaranteed
(as to principal, interest and sinking fund) by Portland Ry.. Light & Power
Uo. Remaining $2,250,000 issuable only under certain restrictions. S in k
in g f u n d of 1% of bonds outstanding 1917 to 1923: 1)4% 1924 to 1931.
»nd 2% 1932 to 1938. $45,200 retired by sinking fund. Company agrees
to refund 1% of income tax. Redeemable at 103 and int. on any int. date
in 60 days’ notice. V. 98, p. 1001; V. 100, p. 57.
D i v i d e n d s . — On prior pref. an initial quar. div. was paid in July 1922.
In Oct. 1922 1 % % paid. Same rate quar. since to and incl. Apr. 1925.
An Initial div. of 7)4 % on the 1st pref. stock was paid in July 1921, covering
accumulated divs. on that issue from Jan. 1 1916 to April 1 1917. V. 112,
p. 2643. On Oct. 1 1921 a cash div. on 2% was paid on the 1st pref.,
together with a stock div. of 25% (payable in 1st pref. stock) on account
of accumulated divs. In 1922, July, 1)4%; Oct., 1)4% , and same rate
quar. since to and incl. Apr. 1925. On 2d pref. an initial div. of 1)4%
was paid in Dec. 1923. Divs. at same rate paid regularly quar. since.
On old com. quar. div. of 1% paid July, 1)4%; Oct., 1)4 % . No divs. have
been paid on the 2d pref. stock, which, however, is non-cumulative. On
old com. quar. div. of 1% paid from Sept. 1909 to Jan. 1910, Incl. Initial
div.— $1 on new stock as adjusted per plan V. 91, p. 1328, was paid Mar. 1
1911; same amount quar. to and incl. Sept. 1912; Dec. 1912, $1)4.
In 1913, Mar., June and Sept., $1)4 each. In Dec. rate was reduced and
$1 was paid (see V. 97, p. 1824). In 1914, March, $1; June, $1. None
6ince.
EARNINGS.— For years ending Dec. 31:
Calendar
Gross
Exp.,D pr.
Net
Interest,
Balance,
Year—
Earnings.
and Taxes. Earnings.
Ac
Surplus.
1924-------------$10,841,618 $7,249,021 $3,592,597 $2,247,598$1,344,999
1923............... 10,825,380 7.368,394
3,456,986
2,066.823 1,390,163
1922............... 10.120,898
7,038,642
3,082,256
2,126.892
965,364
1921............... 9,922,242
6,992.326
2,929.916
2,107,733
822.183
OFFICERS.— Pres., Franklin T. Griffith: V.-Ps., F. I. Fuller, Portland*
O. B. Coldweli, Portland; E. W . Clark and H. L. Clark, Phila.; Sec. and
Treas., G. L. Estabrook, Phila.: Asst. Sec. and Asst. Treas.. R. W . Shep
herd; Asst. Sec. & Asst. Treas., W . L. Lamont.— V. 116, p. 2406, 2994; V.
117, p. 782, 1463, 1664, 1886, 1993, 2111, 2654; V. 118, p. 665, 795, 1666,
1774, 2180, 2573; V. 119, p. 199, 2288, 2879; V. 120, p. 705, 1587.
OREGON ELECTRIC RAILWAY.
Spokane Portland & Seattle Ry. owns entire common stock.
ORGANIZATION.— Incorp. in Oregon on May 14 1906.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does no street railway business. Operates Portland to Eugene, 122.33
miles; Garden Home to Forest Grove, 19.45 miles; West Woodburn to Woodburn, 2.31 miles; Gray to Corvallis, 5.20 miles; Orenco to Bowers Junction,
5.05 miles; trackage rights, 1.70 miles; total miles of road, 156.04 miles;
2d track, 7.87 miles; sidings, turnouts, &c., 39.66; total trackage, 203.57
miles. Standard gauge. 70-lb. T rail. Principally on private right-ofway. Has a contract for power (extending to 1938, with privilege of re
newal for 25 years) with Portland Electric Power Co.
I n t e r e s t P a y m e n t D e l a y e d . — Interest due May 1 1923 on the 1st mtge.
5% bonds was not paid until June 1 1923. V. 116, p. 2516. Compare
V. 116, p. 2007. Nov. 1 1923 int. has been paid. V. 118, p. 311. Sub
sequent interest paid when due.
STOCK AND BONDS—
D a te.
In terest.
Outstanding. Maturity.
Common $5,000,000 ($100)________
_________ $1,950,000 __________
Pref $5.000,000($100) 6 % c u m ____
6 F-A
200.000 In 1914. 6 %
Deferred stock $400,000 ($100)____
_________
380.000 ...................
First mortgage $10,000,000 f 1908
5 g M -N
2.000.000 May 1 1933
($1,000) gold...........c*&rtf\Int. at Irving Bk.-Colum. Tr. Co., N .Y ., tr.
B o n d s . — $8,000,000 remaining bonds reserved for permanent extensions
»nd improvements at 80% of cost. Bonds are subject to call as a whole
tr In part at 107 and Interest on any Interest day.
D i v i d e n d s .— On
pref. In 1911, 1912. 1913 and 1914, 6 % . None since.
EARNINGS.— For cal. years:
Year—
Gross
Net, aft. Tax. Oth. Inc. Interest, Ac.
Deficit.
1923-----------------$1,089,696
1922.................... 1,139,285
d e f.$184,292
d e fl40 ,5 2 5
$5,989
6,834
$576,211
570,291
$754,514
703,982
PUBLIC UTILITIES
306
OFFICERS.— Pres., W . F. Turner; Sec. & Compt., Robt. Crosbie;
Treas., John E. Mang; Gen. Mgr., A. J. Davidson.— V. 114, p. 2013;
V. 116, p. 2007, 2516; V. 117, p. 2543; V. 118, p. 311.
PORTLAND EUGENE & EASTERN RAILWAY.
In April 1915 was absorbed by the Southern Pacific Co.
way and Industrial” Section.
See our “ Rail
WASHINGTON
PUGET SOUND POWER & LIGHT CO.
[V ol. 120
aggregate amount of bonds (incl. 1st & ref. mtge. and underlying bonds)
in the hands of the public, on the mortgaged property. Any payments of"
sinking funds on underlying bonds will be credited toward the above sink,
fund. The cash remainder will be applied to purchase 1st & ref. mtge.
bonds of any series, at not exceeding par and int., or if bonds not so pur
chasable, to the cost of the value or additions to the mortgaged property
or reduction of bonded debt. Are red. on any int. date on 30 days’ notice
prior to and incl. June 1 1929 at 105; thereafter decreasing 34% annually
to 100 on Dec. 1 1948. Int. payable in Boston, New York and Chicago.
In June 1924 Lee, Higginson & Co., Harris, Forbes & Co. and Estabrook
& Co. o ffe r e d at 9634 and int., yielding about 534%, $20,000,000 1st & ref.
mtge. 534% bonds, ser. “A .” V. 118, p. 2950. $5,000,000 additional
were o ffe r e d by the same bankers in Sept. 1924 at 97 and int., to yield
about 5.70%. V. 119, p. 1396.
S ea ttle E le c tr ic C o . — S in k in g F u n d . — On 1st M ., 1% of bonds outstanding;
$2,118,000 bonds were held by the trustees not canceled Feb. 28 1925; call
able as a whole or in part for sk. fund on any int. date at 110 and int. The
consol. & ref. M . bonds can be called in amounts not less than $500,000,
and in smaller amounts for sk. fund purposes at 105 and int. on any int. day.
Sinking fund of 1 % per annum started Oct. 1 1909; $1.467,000 of the bonds
were held by trustee for sinking fund Feb. 28 1924, $1,388,000 are canceled
and $5,665,000 reserved to retire underlying bonds. V. 85, p. 222; V. 92.
p. 189. Both mortgages are closed
P u g e t S o u n d P o w e r C o . — Mortgage is closed.
Both prin. and int., as well
as sk. fund payments, are guar, by the Seattle Electric Co. Can be exchanged
for Seattle Electric consol, and ref. 5% bonds, par for par. A s k . f d . of 1%
per ann. of bonds outstanding commenced Mar. 1 1906; $786,000 have beeD
canceled. Subject to call as a whole (or In part for sk. fd. at 110 and
int. on any int. day.
S e a ttle -E v e r e tt bonds are a direct obligation of the Seattle Elec. Co., but
Pacific Northwest Traction Co. has agreed to pay prin., int. and sinking
fund payments on these bonds, and has mortgaged its entire property as
ecurity. They are additionally secured by the pledge of the entire Issue
($200,000) of stock of the Puget Sound International Ry. & Power Co. and
$500,000 consol, mtge. bonds of the Everett Ry., Light & Water Co. The
mortgage is closed A s in k in g f u n d of 1 % on amount of bonds out began
Mar. 1 1914. $503,000 not incl in amount reported outstanding is held in
sinking fund uncanceled. Bonds are callable as a whole or in part for s. f.
at 105 and int. See V. 8 8 , p. 1062; V. 92, p. 1244.
E v e r e tt R y . , L t . &
W a te r C o . — Of the $2,000,000 M ., $815,000 are re
served to retire prior liens. $675,000 were issued but $504,000 were retired
In 1916 through balance of proceeds from sale of water plant to city of
Everett. $11,000 additional have since been canceled. Mortgage closed,
except for refunding. No skg. fund, but bonds subject to call on any int.
date upon 60 days’ notice at 10734 and int. Of the $4,000,000 consol. M .
$160,000 is reserved for prior liens, $434,000 owned by Puget Sound Inter
national Ry. & Power, $480,000 owned by Pacific Northwest Traction Co.,
$60,000 is in sink, fund canceled and $2,866,000 are unissued. Callable a»
a whole (or in part for sk. fd. at par and Int. on any int. day. S i n k . f d . of
1% per annum of bonds out began May 1 1914. V. 8 8 , p. 1061P u g e t S o u n d E le c tr ic R y . — Of the 1st consol. M ., $1,236,000 are reserved to
retire a like amount of Tacoma Ry. & Pow. Co. bonds and $1,528 000 have
been canceled. Callable as a whole on any int. date at 110 and int. A
s k g . f d . of 1 % of bonds certified, plus 5 % per ann. on bonds purch. for sk. fd.
begav on Jan 1 1907. Sufficient of consol, and ref. bonds are reserved for un
derlying bonds, the remainder is issuable at 80% of cost for addn's & impts
T a c o m a R a ilw a y & P o w e r C o . — $264,000 are held by Puget Sound Electric
Co. Are not subject to call.
P a c if i c T r a c tio n C o . — $500,000 were Issued to retire a like amount of o l d
F ir s t M . b o n d s ; entire $500,000 now in treas.
Remaining bonds reserved
for future additions and improvements, under restrictions. Subject to call
at 105 and int. at any time. S k . f d . of 1% of bonds outstanding began
Jan. 1 1914. Bonds are guar. p. i. & sink, fund by Puget Sd. El. Ry.
W h a t c o m C o u n t y R y . & L ig h t C o . — Callable as a whole on any int. date
at 105 and int. S k . f d . of 1 % per ann. of bonds outstanding, if earned, com
menced Nov. 1 1906; on Nov. 1 1911 became obligatory. $468,000 bonds
have been canceled. Mortgage is closed.
D i v i d e n d s . — An initial div. of 134 % was paid on the 7 % prior pref. stock
in April 1922. Dividends at the same rate have been paid regularly quar
terly since. On the 6 % pref. 134 % quar. from organization to April 1915.
In July 1915 paid only 34 % , same rate quar. to and incl. Jan. 1918. None
to July 1919, when 34% was paid. Same rate paid quar. to July 1921,
when 134% was paid. V. 112, p. 2643. Same rate quar. to and incl.
Apr. 1925.
In Feb. 1922 the directors declared a stock dividend of 20%
payable in 7% prior preference stock at par, in adjustment of balance of
dividends accumulated on the Pref. stock after the payment of an extra
cash dividend of $2 50 on the unstamped and 25 cents per share on the
stamped stock. V. 114, p. 739.
On com. first div.— 1%— paid April 1912; July, 1% : Oct., 1% . In
1913 4 % . In 1914 Jan., 1%; April 1%; July. 1% . October dividend
passed (V. 99, p. 895); none to July 1922, when 1% was paid. In Oct.
1922,1% . In 1923, Jan., 1%: April. 1% ; July. 1%; Oct., 1% , In 1924,
Jan., 1%; April, 1%; July, 1% ; Oct., $1. In 1925, Jan., $1; Apr., $1.
EARNINGS.— For years ending Dec. 31:
Y ea r—
G ross.
N e t a f t . T a x . O th e r I n c .
I n t ., & c .
B a l.,S u r .
1924______ $12,539,869 $4,583,059 y$631,992 $2,608,253 $2,606,797
1923______ 12,424,707 4,869,413
y673,642
2,555,653 2,987,402y Income from City of Seattle utility bonds.
OFFICERS.— Chairman of board, Frederick S. Pratt; Pres., A. W*
Leonard; V.-P., W . H. McGrath and Donald C Barnes; Clerk, William T .
Crawford; Sec., James B. Howe, Seattle; Treas., Henry B. Sawyer: Gen
Mgr., Stone & Webster Mgt. Assn.— V. 119, p. 199, 812, 1173, 1396, 1625,.
2180; V. 120, p. 8 8 , 212, 583, 705, 1205, 1329.
ORGANIZATION.— Was formerly known as the Puget Sound Traction
Light & Power Co. Name changed to present title early In 1920. In orp
Jan. 2 1912 in Maine per plan in V. 94, p. 124 (re-incorp, in Mass, on July 9
1912), and has purchased and consolidated the properties formerly owned
by the Seattle Electric Co., Pacific Coast Power Co., Puget. Sound Power
Co., Seattle-Tacoma Power Co. and Whatcom County Ry. & Lt. Co. Also
owns most of the stock of the Puget Sound Electric Ry., the Pacific Traction
Co., Western Washington Power Co., Diamond Ice & Storage Co., and all
the capital stock of the Pacific Northwest Trac. Co., which in turn owns
the capital stock of the Puget Sound International Ry. & Power Co., lessee
of Everett Ry., Light & Water Co. Early in 1923 acquired the Washington
Coast Utilities and the North Coast Power Co. V. 116, p. 296, 1051. In
Feb. 1923 the Puget Sound Power & Light Securities Co., a subsidiary, was
incorporated to handle the distribution and sale of the com., pref. and prior
preference stock of the parent company in the Pacific Northwest territory.
V. 116, p. 936. In Dec. 1924 acquired the Washington Power, Light &
Water Co. of Anacortes, Wash. V. 120, p. 8 8 .
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Through ownership or control, does the greater part of the commercial
electric lighting and power business in the Puget Sound district, including
the cities of Seattle, Tacoma, Bellingham and Everett; does substantially
all the electric street and interurban railway business in the Puget Sound
district, except in Seattle. Estimated population, 600,000. Serves
6 counties and 147 communities between the Canadian boundary and
Olympia with light and power. Directly, or through its subsidiaries,
it owns and operates water power and steam power plants, with a total
electric generating capacity of 145 745 k .w. Also owns or controls additional
undeveloped water power sites with a capacity of more than 100,000 h.p.
Operates the street railways in Bellingham and, through its subsidiaries
in Tacoma and Everett, also the interurban electric railroads between
Tacoma and Seattle, between Seattle and Renton, between Tacoma and
Puyallup, between Everett and Seattle, between Everett and Snohomish,
and between Bellingham, Mount Vernon and Sedro-Wooiley, a total of
over 286 miles of track. Does the entire gas business of Bellingham and
the entire steam heat distributing business of Seattle. Power stations have
145,745 k.w. capacity. Also purchases power (Bellingham Division) from
Western Canada Power Co. Street and interurban railways, 290.4 miles,
equivalent single track.
22 miles trackage. Gauge, electric, standard;
cable, 3 ft. 6 in. and 3 ft. 270 passenger cars, 71 auto stages, 288 freight
and miscellaneous cars, and 11 locomotives.
Principal f r a n c h i s e s expire as follows: in Seattle electric lighting and
power, 1952. In Tacoma, railway, 1939; power, 1930. In Bellingham,
railway, 1941 (minor railway, 1934); light and power, 1940; gas, 1911- In
Everett, railway, in 1944 and 1950; electric light and power, in 1950.
lnterurbans chiefly on private right of way.
S a le o f C i t y R a i l w a y S y s te m to S e a ttle . — In April 1919 $15,000,000 5%
utility bonds of the city of Seattle were delivered to the co. and the co.’s
street railway property, within the city limits, was conveyed to the city
which now owns and operates same. The bonds have been deposited with
the trustees of the mortgages securing certain of the co.’s bonds and notes
in substitution for the property sold. They are a charge upon the gross
earnings of the entire railway system of the city, superior to all charges
except interest and amortization of some $650,000 of prior bonds of a like
character. Y. 108, p. 1391, 2630; V. 109, p. 371; V. 110, p. 971.
D e c i s i o n B e a r in g o n P a y m e n t o f P r i n . a n d I n t . o f S t . R y . B o n d s . — See
V. 112, p. 2191; V. 113, p. 418; V. 114, p. 1064. See also V. 116, p. 1761;
V. 117, p. 895.
T a x D e c i s i o n . — See V. 119, p. 812 1173.
In te re st
O u t s ta n d in g .
M a tu r ity
D a te.
STOCK AND BONDS—
202,829 shs See text
Q-J 15
Common 202,829 shs (no par) _ . _
160,000 shs See text
Q-J 15
Pf $6 cum 200,000 shs (no p a r )-----7 Q-J 15 10.000,000 Apr ’25. 134
Prior pref $10,000,000 ($100)______
534 g J-D 25,000,000 June 1 1949
1st & ref mtge ser “ A” ($500\ 1924
____
& $1,000 c* & $1,000 &\Old Colony Trust Co., Boston Trustee.
$ 10,000 r*) g - _ ..........__tf L
6 -yeai gold notes ($100, $5001 1920 8 M-S
2,000,000 Sept 1 1925
and SI.000)___________c*tf (Dexter, Horton Tr. & Sav. Bk., Trustee
5-year gold notes ($100, $500( 1921 8 g M-S
850,000 Sept.
11926
and $1,000) gold________ c\Dexter Horton National Bank. Seattle, Trus
5-yr gold notes ($100, $500 &f 1925
6 g F-A
3,000,000 Feb 1 1930
$1,000) gold___________ c*\Int. at Seattle Nat. Bank, Seattle, trustee.
Pacific Coast Power 1st mtge| 1910 5 M-S
3,990,000 Mar. 1 1940
$10,000,000 gold ($1,000) lint, at Harris Tr. & S. Bk., Chic., trus., or at
c*&r (closed mortgage)___ I Harris, Forbes & Co., Inc.. N. Y . or Bost
North Coast Pr gen lien & incjf 1915 6 % Apr 1
7,100 Apr 1 1944
mtge $675,000 red at 10214 IBank of North Am. & Tr. Co., Phila., Trus.
Olympia Lt & P 1st M $100,-) 1903 5 g A-O
90,000 Jan 1 1929
000 call at 105 & int_______ (American Trust Co., Boston, Trustee.
THE WASHINGTON WATER POWER CO.
Twin City Lt & Trac 1st M l
1910 6 J-J 1
179,000 Jan 1 1935
ORGANIZATION.— Chartered in Washington
$500,000 (sk fd $8,000 p a)JInt. at Guaranty Trust Co, N Y, Trustee. years. Owns all the property formerly belongingMarch 13 1889 for 50to the following cos.:
Wash Coast Util 1st M $2,-/ 1916
6 M-S
1,823,800 Sept 1 1941 Big Bend Light & Power Co., Edison Electric Illuminating Co., Post Falls
000,000 call at 105 & int..(Marine National Bank, Seattle, trustee.
Water Power Co., Spokane County Electric Co.
Wash Coast Util 5-yr notes..) 1920 7 J-D
107.000 Dec 11925
Owns the entire capital stock of the Idaho-Washington Light & Power
$500,000 ________________ (Marine National Bank, Seattle, trustee.
1 1913.
Seattle Elec Co 1st M $5,000,-) 1900
5 g F-A
2,882,000 Feb. 1 1930 Co., and the St. Maries Light & Power Co., acuired July 1919 and V. 97,
p. 523; and Spokane Central Heating Co., acquired May 2
Inter000 ($1,000) gold_ c*ntf lint, at Boston Safe Dep. & Tr. Co., trustee
_
mountain Power Co., acquired July 1 1922, and the Okanogan Valley Power
do cons & ref $25,000,000} 1907
5 g F-A
5.067,000 Aug 1 1929 Co. acquired Jan. 1 1923.
($1,000) gold______c*&rtf Jlnt. at Old Colony Tr. Co., Boston, trustee
The street railway properties of The Washington Water Power Co. and'
Pug Sd Pow 1st M $4,000,000} 1903
5 g J-D
2,527,000 June 1 1933 those of the Spokane City Rys. Co. were sold on June 30 1922 to Spokane
gold ($1,000) guar___ c*tf/Int. at Old Colony Trust Co., Boston, trust
United Rys. (see below), thus consolidating these competing street railwaysSeattle-Everett mtge $5,000,-} 1909 5 M-S
2,597,000 Mar 1 1939
In a new corporation in which The Washington Water Power Co. owns a
000 g ($1,000. &c.)..c*&rtf (Int. at Old Colony Trust Co., Boston, trustee controlling interest.
Everett Ry. Lt & W 1st M( 1905
5 g A-O
160,000 April 1 1925
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
$2,000,000 g ($l,000)..ctf (Int. at Bankers Trust Co., N. Y ., trustee
Owns all the water power on the Spokane River at Spokane, Wash.: also at
do
cons M $4,000,000} 1909
5 F-A
See text
Feb 1 1941
gold ________________ c*&r/Int. at American Trust Co., Boston, trustee Long Lake, Little Falls and Kettle Falls, Wash., and Post Falls, Ida.
Owns hydraulic power plants with rated capacity as follows: 11,800 h. p. in
Pug Sd El 1st cons M $5,500,-) 1903 5 g F-A
2,736,000 Feb 11932
000 gold ($1,000)_____c*tf(Int. at Old Colony Trust Co., Boston, trustee Monroe St. plant, Spokane; 13,400 h. p. in Upper Falls plant, Spokane
completed in 1922; 15,000 h. p. at Post Falls, Idaho; 32,800 h. p. at Little
do cons&ref M $15,000,000 1911 .................. See text
Tacoma Ry&P 1st M g ($1,-7 1899 5 g A-O
1,236.000 April 1 1929 Falls, Wash.; 94,000 h. p. at Long Lake, Wash.; 4,300 h.p. on Similkameen
000)$1,500,000 not redc*ntf (Int. at Old Colony Tr. Co., Boston, trustee River near Oroville, Wash.; total, 171,300 h. p. Owns and operates 1,247
miles of high-tension transmission lines.
Pacific Tract 1st M $5,000,-) 1907 5 g J-J
See text
July 1 1927
Operates electric light and power distributing systems in Spokane, Hill000 gold ($1,000)_______ c*(Int. at Old Colony Tr. Co., Boston, trustee
Whatcom Co Ry & Lt 1st M ) 1905
5 g M -N
1,296,000 Nov 1 1935 yard, Albion, Almira, Belmont, Brewster, Bridgeport, Colfax, Creston.
Colton, Davenport, Diamond, Endicott, Elberton, Ephrata, Farmington,
$2,500,000 gold ($1,000) tf(Int. at Old Colony Tr. Co., Boston, trustee
Govan, Garfield, Hartline, Harrington, Johnson, Krupp, Lake Chelan,
Notes payable, Feb. 28 1925— ------------------158,750 -------------Latah, Lind, Mansfield, Neppel, Oakesdale, Odessa, Okanogan, Omak
S to c k .— In addition to the amounts of com. and pref. stock reported
Oroville, Palouse, Pateros, Pullman, Quincy, Ritzville, Reardan, Rivei>
outstanding above, there are non-interest-bearing receipts for $4,620 com
side, Rockford, St. John,
Tekoa. Tonasket
stock exchangeable at par for stock certificates. Prior pref. is red. at Wilson Creek, Uniontown,Sprague, Stratford. Spangle. Genesee, Moscow,
Wilbur, in Washington and
110. Pref. stock.is redeemable at 125. $1,466,800 com. stock is owned by
Osborne and St. Mary’s in Idaho; also supplies power for operation of otherPublic Service Inv. Co. Both classes of stock are non-taxable in Mass.
companies at Cheney, Clarkston, Coulee City, Fairfield, La Crosse,
N o t e s .— The 5-year 8 % notes due 1925 are red. as a whole on any int
date on 40 days’ notice at 103 in 1922, 102 in 1923, 101 in 1924 and 10014 Medical Lake, Newport, Steptoe in Washington, and Coeur d’Alene,
Harrison, Juliaetta, Kellogg, Kendrick, Lewiston, Post Falls, Rathdrum,
thereafter up to March 1 1925The 5-year notes due Feb. 1 1930 are red. on any int. date on 45 days’ Plummer, Troy, Wallace and Wardner in Idaho; also furnishes and dis
notice prior to Aug. 1 1926 at 103; thereafter decreasing 34 % semi-ann. to tributes power for mining and smelting purposes in the Coeur d’Alene
100 on Aug. 1 1929. In Feb. 1925 $3,000,000 were s o ld by Blyth, Witter & district of Idaho.
In Nov. 1917 entered into a contract with the Intermountain Power Co
Co.; Bond & Goodwin & Tucker, Inc.; Seattle Nat. Bank, &c., &c., at
to furnish power for the operation of the trains of the Chicago Milwaukee
100 and int. V. 120, p. 705.
St. Paul Ry. Co. over the electrified section of its road on the western
B o n d s .— The 1st & ref. mtge. 534 % bonds ser. “A ,” in addition to being
a 1st mtge. on certain portions of the property, are further secured by a extension over the Cascade Mountains. Co. began supplying power for use
direct first lien on $12,501,000 “ City of Seattle Municipal Ry. 5% bonds of of the railroad in the summer of 1919.
1919,” maturing serially. 1st & ref. mtge. calls for annual s in k in g f u n d
F r a n c h i s e s . — For electric lighting and power in Spokane run to June 1 1944(first payment Sept. 1 1926) payable in cash or bonds equal to 134% of
n smaller towns various lengths, 25 to 50 years.
M ay , 1925.]
POWER, LIGHT AND RAILWAY
A c q u i s i t i o n o f K e t t l e F a lls P o w e r S it e .— In 1921 acquired power site on
the Columbia River at Kettle Falls, Wash., and on July 26 1922 was
granted preliminary permit by the Federal Power Commission for the
construction of the plant.
A c q u i s i t i o n o f th e O k a n o g a n V a lle y P o w e r C o .— On Jan. 1 1923 acquired
through purchase entire capital stock of the Okanogan Valley Power Co.,
owning and operating power plants , transmission 1ines and distribution
systems serving towns in the Okanogan Valley, in Washington
Stockholders of record April 6 1925 were given the right to subscribe at
par on or before June 1 1925 to new capital stock in the ratio of one new
for each existing 10 shares.— V. 120, p. 1749.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Stock $35,000,000 ($100).................
Q-J
§20,573,300
See text
1st consol mtg and collateral! 1899 5 g J-J
227,000 July 1 1929
trust, $2,000,000, gold (interest at Farmers’ Loan A Trust Co., N .Y
($1,000)_____________ c*Ar
successor trustee.
lit ref mtge, $15,000,000 gl 1909 5 J-J
5,411.000 July 1 1939
($1,000)______c* A r* cpt/Int. at Farmers’ L. A Tr. Go.. N .Y ., trustee
2-year coupon notes $3,800,-( 1923
6 F-A
3,600,000 Feb 2 1926
000 ($100, $500 and $1 ,-lin t, at Central Union Trust Co., N . Y ., and
000)____________________ c( Union Trust Co., Spokane.
see text
1,400.000
ia?o
20-year debentures_________ 1919
6%
248,000 Sept 15 1939
Okanogan Valley Power______ _____
B o n d s .— Of the $15,000,000 1st ref. mtge. bonds, $227,000 are reserved
to retire cons. mtge. A coll, trust bonds, $3,800,000 are in treasury, $1,762,000 have been canceled by sinking fund, and the remainder are for
add’ns and extens. at not to exceed 50% of cost. S in k in g f u n d of 2% per
annum of bonds out. began Sept. 1909 for purchase of bonds at not ex
ceeding 110 and int., but bonds cannot be drawn. Bonds are redeemable
as a whole at option of company at 110 and int. V. 8 8 , p. 54, 1003. Bonds
are listed on N. Y . Stock Exchange. V. 89, p. 1544; V. 104, p. 1900, 2120.
D i v i d e n d s — In 1900, 3 % : in 1901, 4% ; in 1902. 5% ; in 1903 6 % ; In ’ 904
6 %; 1905 to 1910, incl., 7% per annum, and in 1910, 1% extra. In 1911,
7H % .
In 1912 and 1913, 8 % . In 1914, 7 % % . In 1915, 5 ^ % . In
1916, 4>4%. In 1917,4% . In 1918, 4 % . In 1919, 4 % . In 1920, Jan.,
1 1 4 % : April, 1 ) 4 % : July, 1 ) 4 % : Oct., 1 ) 4 % .
In 1921, 7% . In 1922,
Jan., 1 % % \ April, 1 H % \ July, 1 % % ; Oct., 1M%- In 1923, Jan., \ % %
and 1% extra; April, 2 % ; July, 2% ; Oct., 2 % . In 1924, Jan., 2% ; April,
2% ; July, 2% ; Oct., 2 % . In 1925, Jan., 2 % ; April, 2 % .
REPORT.— For years ending Dec. 31:
C a l. Y e a r s —
G ross.
N e t , a ft. T a x . I n t ., & c .
D iv id e n d s . B a l.,S u r .
1924__________ $5,299,927 $3,094,159 $1,427,418 $1,625,560 $41,181
1923________ 5.087,336
2,957,840
1,340,814 1,575,106
41.920
L a te s t E a r n i n g s .— For 3 months ended Mar. 31 1925, see V. 120, p. 2013.
OFFICERS.— Pres., D. L. Huntington; Chairman of Exec. Comm, and
Treas., V. G. Shinkle; Aud., W . F. Miller.— V. 116, p. 1052, 1277, 1762;
V. 117, p. 327, 1237, 1779, 2544; V. 118, p. 312, 6 66 , 786, 1137, 2825;
V. 110, p. 326, 1173, 1845, 2764; V. 120, p. 707, 1330, 1749, 1883, 2013.
SPOKANE & EASTERN RAILWAY & POWER CO.
ORGANIZATION.— Incorporated in Washington January 3 1920.
The property of the Spokane A Inland Empire RR. Company was pur
chased at foreclosure sale on November 1 1919, by George H. Taylor,
representing the bondholders’ protective committee, named below. (For
history of Spokane A Inland Empire RR. see “ Electric Railway” Sup
plement of April 24 1920.) Mr. Taylor then transferred the street ry. lines
and passenger and freight terminals in Spokane,the hydro-electric station
known as the Nine Mile Power Plant and the electrically equipped interurban line from Spokane to Coeur d'Alene City and Hayden Lake, Idaho
to the Spokane and Eastern Ry. A Power Co., receiving in payment therefor
the entire outstanding capital stock of $3,000,000, the entire outstanding
and authorized issue of $3,000,000 first and gen. mtge. 5% 5-yr. gold bonds
dated Feb. 1 1920 and the demand notes for $150,000 bearing int. at 6 % .
These securities have all been transferred to the committee and are held
for the benefit of the depositing bondholders.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Interurban line has passenger terminal and office building in Spokane. The
line to Coeur d’Alene City and Hayden Lake includes 53.114 miles main
track, 16.854 miles second and 22.128 miles yard and sidings. Equipment
consists of 4 locomotives, 35 passenger, 165 freight, 13 work cars.
C o m m i t te e f o r S p o k a n e & I n l a n d E m p i r e R R . lsi & R e f . M . 5s.— Chairman,
Albert W . Harris; E. D. Alder, Chester A. Cook, Holmes Forsyth, John C.
Partridge; Sec., Chester Corey, 202 Harris Trust Bldg., Chicago, 111.
Depositary: First Trust A Savings Bank, Chicago, 111. V. 109, p. 1367. At
last accounts $3,627,000 out of a total outstanding issue of $3,668,000 had
been deposited.
Municipal lighting f r a n c h i s e in Spokane expires in 1945.
C o n s o l i d a ti o n o f S treet R a ilw a y P r o p e r t i e s .— The street railway system
owned by the co. was transferred on July 1 1922 to the Spokane United Rys.,
which also acquired the street railways owned by the Washington Water
Power Co. Securities of the Spokane United Rys. accepted in payment for
the property transferred. See "Spokane United Rys.” below.
The 1st mtge. 5s, which matured Feb. 1 1925, had not been paid up to
April 1 1925, nor had any provision been made up to that time for exten
sion. Int. accrues at 5 % .
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $3,000,000 ($100)___________
_________ $3,000,000 __________
1st mtge bonds...$3,000,000/ 1920 5 F-A 1
3.000,000 Feb. 1 1926
($1.000)---------------------- cArtf (int. at Harris Tr.A Sav. Bk., Chicago, trust.
O d ’A A S 1st M $500,000 gf 1903
5 g J-J
442.000 Jan. 1 192t
($100, $500 A $1.000).c*tfilnt. at Title Guar. A Tr. Co., N. Y .. trustee
Spokane Terminal 1st mtgef 1905
5 g F-A
112,500 See text
$500,000 gold ($500 and•
(Interest at First Trust A Sav. Bank, Chi
$1.000)______________c*tf [ cago, trustee, or at First Nat. Bank. Bo8t >
Bonds.— The Spokane Terminal Co. bonds mature $12,500 on Aug. 1 from
1910 to 1929 incl. and $100,000 on Aug. 1 1930. The unissued bonds ma
ture in 1930 and are subject to call at l05 and interest.
On the Coeur d’Alene A Spokane Ry. bonds a s i n k i n g f u n d of 5% of net
earnings is provided. Bonds are subject to call at 105 and interest.
EARNINGS.— Calendar years:
C a le n d a r Y e a r —
G ro ss.
N e t, a ft. T a x.
In terest.
B a l.,S u r .
1924-------------------------------- $730,874
$170,425
$187,129 def.$16,704
1923............
777,825
241,938
187,828
53.429
1922......................
798,028
302,990
188,700
114,291
OFFICERS.— Pres., M . H. MacLean; V.-P., J. W . Esmond; V.-P. A
Gen. Mgr., Waldo G. Paine; Treas., O. K . Resum; Sec. A Aud., L. O.
Ream.— V. 116, p. 948, 2360; V. 115, p. 545, 1839.
(1) IN L A N D E M PIRE R A IL R O A D C O .
ORGANIZATION.— Incorp. in Wash., Jan. 3 1920. The property
of the Spokane A Inland Empire RR. Co. was purchased at foreclosure sale
on Nov. 1 1919, by George H. Taylor. For history, see “Electric Railway''
Section for Apr. 24 1920. Mr. Taylor then transferred the so-called Inland
Division to the Inland Empire RR. Co., receiving in payment therefore
the entire outstanding capital stock of $ 1 ,000,000 and the entire outstanding
and auth. issue of $1,000,000 1st mtge. 5% 5-yr. gold bonds, dated Feb. 1
1920. These securities have all been transferred to the committee for the
Spokane A Inland Empire RR. 1st A ref. mtge. 5s (see Spokane A Eastern
Ry. A Power Co. above) and are held for the benefit of the depositin*.
bondholders.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS —
Owns and operates 125.718 miles main track and 19.670 miles yard and
sidings. Extends from Terminal Junction, which is at the outskirts of
Spokane, to Colfax, Wash., and Moscow, Idaho. Equipment consists of
9 locomotives, 19 passenger, 170 freight, 4 work cars.
EARNINGS.— For calendar year:
Y e a r s E n d e d D e c . 31—
1924.
1923.
1922.
Gross______________________________
$493,336
$466,956
$492,240
Net, after taxes____________________
def84,538 defl47,500 defl06,987
Interest____________________________
72,410
60,256
53,460
Balance, deficit____________________
156,948
207,827
160,646
OFFICERS.— Pres., M . H. MacLean; V.-P. A Gen. Mgr., Waldo G
Paine; Sec. A Aud., L. C. Ream; Treas., O. K. Resum.— V. I l l , p. 2228
V 112, p. 849.
20 7
SPOKANE UNITED RAILWAYS.
ORGANIZATION.— Chartered in Washington May 5 1922, fifty years.
Acquired by purchase the street railway systems in Spokane owned by the
Washington Water Power Co. and the Spokane City Railways Co., which
companies owned all of the property formerly belonging to the following
companies: City Park Transit Co., Falls City Land A Improvement Co.,
Arlington Heights Motor Railway Co., Ross Park Street Railway Co.,
Spokane Cable Railway Co., Spokane Electric Railway Co., Spokane Street
Railway Co., Spokane Traction Co. F r a n c h is e s for street railway run for
25 years from July 1 1922.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
System consists of 112.886miles of track, occupying 73.989 miles of streets
Standard gauge, 60 to 70-lb. T rails and 99 to 108-lb. girder.
CAPITALIZATION.— Common stock, $1,500,000 (par $100); 7% pref.
stock. $2,000,000 (par $100); first mtge. bonds, $2,000,000. Of the
$2,000,000 first mtge. bonds. $58,000 are reserved to retire Spokane Trac
tion Co. Underlying bonds (Spokane Traction Co.), $48,000.
EARNINGS.— For years end. Dec. 31:
C a le n d a r Y e a r s —
1924.
1923.
1922.
Gross______________________________ $1,386,600 $1,489,865 $1,336,715
Net, after taxes____________________
214,574
212.494
130,053
OFFICERS.— Pres., D. L. Huntington; V.-P. A Gen. Mgr., M . W .
Birkett; Sec.-Treas., V. G. Shinkle; Aud., W . F. Miller.— V. 115, p. 545.
SEATTLE & RAINIER VALLEY RAILWAY CO.
P o s s ib le P u r c h a s e b y C i t y .— For
terms upon which co. would be willing
to sell its street railway property to the city of Seattle see this section of
April 24 1920. In Aug. 1924 it was reported that the Seattle City Council
had agreed to enter into negotiations with the company looking toward the
purchase of the company’s lines. V. 119, p. 812.
ORGANIZATION.— Incorp. in Del. on June 8 1916 as successor to the
Seattle Renton A Southern Ry., which was bid in at foreclosure sale on
May 12 1916 by Attorney John O. Higgins, representing the bondholders
(there were $825,000 1st 5s outstanding) and common claimants under the
plan of reorganization. V. 102, p. 2078.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.-—
24.863 miles of track, from Seattle to Columbia City, Hillman, Rainier
Beach and Renton. Rails, 60, 70 and 75-lb. T. Standard gauge. 34 passen
ger cars, 19 freight cars, 2 locomotives and 1 line car.
CAPITALIZATION.— Has $250,000 com. stock and $110,000 pref.
stock (par $100) authorized and outstanding. Also has outstanding
$484,000 6 % first mtge. bonds, $577,500 5% gen. mtge. bonds and $400,000
6 % income mortgage bonds.
EARNINGS.— For years ending Dec. 31:
C a le n d a r Y e a r s —
1924.
1923.
1922.
Gross__________________ ____________
$426,596
$460,610
$508,543
N e t -----------------------------------------------127,062
157,890
165,713
OFFICERS.— Pres., Marshall E. Sampsell. Chicago: V.-P., E . M .
Mills; Gen. Mgr., Walter M . Brown; Sec. A Treas., Leroy J. Clark.—•
V. 108, p. 380, 785, 1276, 2331; V. 110, p. 79, 1291; V. I l l , p. 74, 793:
V. 113, p. 2722; V. 116, p. 1761; V. 119, p. 812; V. 120, p. 1748.
MONTANA
MONTANA POWER CO. (THE).
ORGANIZATION.— Incorp. in New Jersey Dec. 12 1912 as a consolida
tion, per plan V. 95, p. 1334.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Supplies to large mines, various cities, Ac., and has contracts to furnish
electric power for operation of 438 miles of main line of Chic. Mil. A St.
Paul Ry. between Harlowton, Mont., and Avery, Ida., now in operation.
V. 104, p. 1040.
Total completed capacity of plants Apr. 1 1925 was 222,340 k. w., viz.:
H y d r o -e l e c t r i c .
M o n t a n a . G reat F a lls . T h o m p s o n .
S te a m .
Total.
Completed_______ 93,530
98,000
30,000
810
222,340
Uncompleted____ 36,500
67,000
13,500
...
117,000
See official statement, V. 96, p. 1017; V. 98, p. 455, 159; V. 100, p. 976
STOCK AND BONDS.—
D a te.
In terest.
O u t s ta n d in g .
M a tu r ity .
Common $75,000,000 ($100)_______
Q-J
$49,633,300 Apr’25, 1%
Pref 7% cum $25,000,000($100)____
7 Q-J
9,784.600 Apr’2 5 , 1 %
First A ref mtge $75,000,0001
1913 5 g J-J
25.479.000 July 1 1943
($100, Ac) gold_____c*Ar*JInt. at Guaranty Trust Co., N . Y ., trustee.
Butte Elec A Power 1st mtge!
1901 5 g J-D
3,633,000
See text
($1,000) gold)------------ c*tf Jlnt. at U. S. Mtge. A Tr. Co., N . Y ., trustee.
Montana Power Transmission f 1903
5 g F-A
458,500 Aug 11933
1st M (closed) guar ($500,|Int. at U. S. Mtge. A Trust Co., N . Y ..
Ac) gold________________ tf( trustee.
Madison River Pow 1st mtge! 1905 5 g F-A
1,774,000 Feb 1 1935
(closed) guar ($1,000) g -.t f /ln t . at U. S. Mtge. A T r. Co., N. Y ., trustee.
Great Falls Pow Co 1st mtge! 1911
5 g M -N
3.240,000 May 1 1940
$15,000,000 ($1,000) g.c*tf Jlnt. at Bankers Trust Co., N. Y ., trustee.
S to c k . — Pref. is red. at 120.
Both classes of stock are listed on the New
York Stock Exchange.
B o n d s .— The 1st A ref. 5s ($75,000,000 auth. issue) are now a first lien on
about 76% of the present developed power plants, 63 % of the present trans
mission lines and 80% of the undeveloped water powers. Are further
secured by pledge of $5,782,000 Great Falls Power Co. 1st mtge. 5s.
Of the authorized bonds (a) $9,284,500 reserved to retire, par for par,
all outstanding underlying bonds; (b) remainder issuable only when net earn
ings are 1 % times the entire bond int. charges, incl. int. on bonds sought
to be issued, and then only for 80% of the cash cost and fair value of addi
tions, extensions or impts. Cum. s i n k , f u n d began in 1918. V. 98, p. 455
240, 159; V. 100, p. 646, 816, 984, 1514: V. 103. p. 1985; V. 106, p. 1039,
1342, 2014; V. 107, p. 2293, 2372. Mtge. provides for sinking fund of
H of 1 % annually, 1918 to 1922, incl., and 1 ) 4 % annually, 1923 to 1943
incl., of bonds outstanding, incl. sub. cos., and underlying bonds. In
addition to amount reported outstanding, $1,055,500 are held in sink, fund,
uncanceled and $552,000 are held in treasury available for sale. Call, all
or in part on any int. date since July 1918 at 105 and int. Listed on
N. Y . Stock Exchange. V. 119, p. 2762.
Butte Elec. A Power Co. 1st 5s mature $25,000 yearly to 1930 incl.,
$320,000 in 1931, less bonds acquired in 1916 and after through sinking fund;
balance in 1951. S in k in g f u n d s provide for payment of one-half of the bonds
that mature in 1931 and one-fourth of all the bonds that mature in 1951.
V. 80, p. 713; V. 73, p. 139; V. 92, p. 1441; V. 8 8 , p. 1623.
Madison River guaranteed bonds are guar., prin. and int., by Butte
Elec. A Pow.. Co. Are call, at 105 and int. on any int. date. Mtge. pro
vides for s i n k i n g f u n d ; see V. 81, p. 615, 1045; V. 84, p. 511; V. 87, p. 1482;
V. 90, p. 113.
Transmission 5s are guar. prin. and int. by Butte Elec. A Power Co.
CalL^at 105^A int. Mtge. provides for s i n k i n g f u n d . See V. 81, p 615’
Of the Great Falls 5s of 1911, $3,240,000 are in hands of public, $1,760,000
alive in sink, fund, and $5,782,000 are pledged under 1st A ref. mtge. of
1913, as will be any further issues of the $15,000,000 authorized. S in k i n g
f u n d , l%perann.
Call, at 10714. See V. 101, p. 1631; V. 94, p. 985, 914.
D i v i d e n d s .— Dividends paid on pref. in full to Apr. 1925.
On com
mon, April 1913 to Oct. 1915, 14% quar.; Jan. and April 1916, 1 % ; July
{
div. was increased to 1%; Oct. 1916, 1%; 1917, Jan. and April, 1 %; July.
1 ) 4 % : and 25 cents extra to aid Red Cross contributions.
Oct. 1917 to
July 1919, 1M% quar.; Oct. 1919 to Apr. 1923 paid % of 1% quar.; July
1923 to Apr 1925 paid 1% quar.
REPORT.— For 1924, in V. 120, p. 2148, showed:
Y ear.
1924
1923
1922
1921
1920
G ross
E a r n in g s.
-.$8,032,201
. . 8,169,210
. . 7,356,239
. . 6,106,384
. . 7,928,087
N e t , a fte r
T a xes.
In te re st,
P r e f.D iv s .
C om m on
B a la n c e ,
D e p r . , & c . (7% p . a . ) D i v i d e n d s .
S u r p lu s.
$4,972,241$2,061,008 $684,922 $1,985,332 $240,979
5,074,639 2.006,887 684,922 1,861,249
521,581
4,525,373 2,088,505 677,684 1,488,999
270,185
3,612,216 2,048,222 677.026 1,451,499 def564,531
5,116,349 2,058,625 677.026 1.354,724 1,025,972
208
PUBLIC UTILITIES
L a t e s t E a r n i n g s . — Results for three months ending March 31:
1925.
1924.
1923.
1922.
Earnings________________ $2,159,957 $2,110,062 $2,154,873 $1,727,496
Oper. expenses and taxes
732,363
775,989
752,673
679,440
Interest & bond discount
443,018
452,092
438,751
436,822
Balance, surplus_____
$984,575
$881,980
$963,449
$611,235
OFFICERS.— Pres., John D. Ryan; Vice-Pres., Frank M . Kerr, Alfred
Jaretzki, Frederick Strauss and D. B. Hennessy; Sec. & Treas., Walter
Dutton. Office, 25 Broadway, New York.— Y. 119, p. 702, 1964, 2762;
V. 120, p. 212, 829, 1881,2118.
THE HELENA LIGHT & RAILWAY CO.
ORGANIZATION.— Incorporated In Connecticut In Sept 2 1905 as suc
cessor to the Helena Light & Traction Co. V. 81 D 1043
Controls the
Helena Gas Light & Coke Co. Railway f r a n c h i s e is perpetual; others
expire April 4 1926.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Comprises the entire electric light, gas and street railway properties in the
city of Helena. Operates 18.52 miles of track: 27 pass, cars, 2 misc. cars.
STOCK AND BONDS— D a t e .
In te re st.
O u ts ta n d in g
M a tu rity
Common $900.000.............................................
$900,000 Feb 18 1%
Preferred $600,000 5% c u m . . ____
5Q -F
600.000 Nov’ 18 1X
First mortgage $1,500.0001 1905
5 g M-S
878.000 Sept 1 1925
gold ($1,000)__________ c*fTnt. at Irving-Bank-Col. Tr Co., N. Y.,trus.
S to c k . — Of the amounts reported outstanding $339,000 com. and $226,000
p ref. are held by a trustee for benefit of the co
B o n d s . — The 1st M. bonds are s u b ]. to call at 106 and ln t.; $141,000 are
reserved for extens and impts at 85% of cost, A s in k in g f u n d of 1 H % per
ann. o f bonds ou t com m enced June 1 1908 and was increased to 2V4 %
per annum June 1 1918; said fund to be used in retirem ent o f bonds at not
higher than 105 and lnt. S e e V .81. p .1 5 5 0 . $465,000 have been retired;
$16,000 held In treasury
D i v i d e n d s . — 5% per annum in quarterly installments was paid on pref
stock to and incl. Sept. 1918- None since. First div. on com . 1%, paid
Oct. 31 1906. In 1907. 3 % . In 1909 , 3 % . In 1910, 4 % . In 1911 and
1912. 5 % . In 1913. 2 X % .
In 1916, 1% . In 1917. 2 %
In Feb.
1% 1918, None since.
EARNS.—
N et
l n t . on
R e p la c e m e n t
C a l. Y e a r —
G ross.
a fte r T a r e s .
B d s ., A c . R e n e w .R e s e r v e .
S u r p lu s.
1924 _______ $372,091
$95,600
$45,891
$33,975
$15,734
1923 ............. 395,430
108.455
44.917
33.975
29.563
1922 _______ 408.312
126,372
46,835
33.075
46.462
OFFICERS.— Pres., J. H. Pardee; V.-Ps., J. K. Choate, A. Coppell,
R. B. Marchant; Sec. & Treas., T. W . Moffat; Asst. Sec., C. A. Dougherty;
Asst. Treas., H. B. Brown; Asst. Sec. & Asst. Treas., A. B. Sibley; Gen.
Mgr., A . T . Schultz. Operated under the general management of The J. G .
White Mgt. Corp., N. Y . City.— V. 107, p. 181; V. 110, p. 2657; V. 112,
p . 2305: V. 113, p. 2311: V. 116, p. 515: V. 117, p. 8 6 , 893; V. 118, p. 550,
2948; V. 119, p. 2529; V. 120, p. 1458.
[V ol. 120,
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a tu r ity .
_______ 1,541,019 shs.
________
Common stock (no par)______ _____
Option warrs, to purch com_ - _
_
_______
a800,000 __________
Pref $7 cum (no par)______________
$7 Q-J b400,000 shs. __________
2d Pref $7 ser A (no par)__________
_______ 120.000 shs. __________
a Option warrants entitle holder to purchase an equal number of shares
of com. stock at $25 per share, b To be Issued against payments as made.
The full amount will not be outstanding until the allotment price is paid
in full. Allotment price $100 per share; $40 per share paid in.
S lo c k .— Each share of 2d pref. stock Series A, when accompanied by four
option warrants will be accepted at $100 in payment for com. stock in lieu
of. cash. All the 2d pref. stock Series A and the 800,000 option warrants
are owned by Electric Bond & Share Co. Pref. $7 cum slock is represented
by allotment certifs. Payments of the balance of the allotment price ($100
of which $40 paid in) are to be called for at intervals of not less than 180 days,
and no single call to be for more than 10% of the allotment price. No call
shall be made before 1926. Purchasers have the option, however, to
anticipate payment in whole or in part and upon full payment to receive,
but not before June 1 1925, the certificates for the pref. stock so paid for,
and in addition 33 share of com. stock for each share of pref. stock so
received. To all payments must be added proportionate accrued divs.
Pref. as to divs. and assets over the 2d pref. and com. stocks and entitled,
in case of liquidation, to $100 per share and divs. Red. all or part upon 30
days’ notice at $110 per share and div. Each share entitles holder to one
vote. In March 1925 Bonbright & Co., Inc., s o ld 400,000 shares $7 cumul.
pref. at 100 and div. (initial payment of $40 per share, plus divs. on amount
paid) each share of pref. carrying, when iully paid, 33 share of com. stock.
V. 120, p. 1457.
Common stock and pref. allotment certificates listed on N . Y . Stock
Exchange. V. 120, p. 1881.
EARNINGS.'—Consolidated statement of Elec. Pow. & Lt. Corp. & sub.
cos. for years end. Jan. 31:
1924.
1925.
Gross earnings, all sources______________________ $33,920,943 $35,834,274
Operating expenses, maintenance and taxes______ 20,630,629 21,210,858
Net earnings...---------------------------------------------- $13,290,314 $14,627,416
Bal. of earns, applic. to renewal & replacement res.,
&c., and to divs. on Elec. Pr. & Lt. Corp. stocks.
______ $5,876,175
Annual dividends on preferred stock____________
______
1,120,000
Balance---------------------------------------------------------Annual dividends on 2d preferred stock, Series A ._
--------______
$4,756,175
840,000
Balance__________________________________ ____
______ $3,916,175
OFFICERS.-— Chairman of Board, S. Z. Mitchell. Under supervision of
Electric Bond & Share Co.— V. 120. p. 1326, 1457, 1881.
UTAH POWER & LIGHT CO.
Controlled through ownership of all the outstanding common and 2d pref.
stocks, except directors’ shares, by Electric Power & Light Corp., which see
above.
ORGANIZATION.— Incorp. In Maine Sept. 6 1912. Charter unlimited.
BUTTE ELECTRIC RAILWAY.
Jwns all the bonds and capital stock, except directors' shares, of Western
lolo. Power Co. and all the stock, except directors shares, of Utah Lt. &
ORGANIZATION.— This company was incorp. in West Virginia in
<*rac. Co. Leases for 99 years from Jan. 1 1915 the elec, power and light and
Dec. 1899 as successor of the Butte Consolidated Ry., sold at foreclosure.
<as properties of the latter and guarantees prin. and int its $12,471,300
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
ref. 5s. due 1944 and $1,401,000
mtge coll. 8 % bonds.
Operates 39.0857 miles of track. 56, 60, 80, 85 and 90-lb. T rails. 61 outstanding 1st &company took over the proDerty 1st the Evanston (Wyo.)
In Feb. 1924 the
of
passenger and 4 work cars.
Electric Light Co. V. 118, p. 909. In July 1924 purchased the power plant
All the outstanding 1st Mtge. 5s, due March 1 1925, were paid off at and franchise of the Warm Springs Power Co. V. 119, p. 326.
maturity. V. 120 , p. 1088.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
STOCK AN D BONDS—
D a te.
In te re st.
O u t s ta n d in g .
M a tu rity.
With its controlled cos. operates in an extensive territory in Utah, south
M-N
x$l,000,000 Oct.'06,2%
Stock $1,000,000 (par $100)_______
eastern Idaho and southwestern Colorado, serving more than 181 communi
x All owned by W . A. Ciark.
ties, incl. Salt Lake City, Ogden, Provo, Logan, Park City, American Fork,
D i v i d e n d s . — In 1905, 4 % ; in 1906, May, 2% ; Oct., 2% ; none since.
Eureka, Brigham and Lehi, Utah; Idaho Falls, Rexburg, Preston, St. An
EARNINGS.— For cal. year 1923, gross, $545,163. In 1922, $529,784. thony and Montpelier, Idaho, and Durango, Telluride, Montrose, Ouray
Supplies
FtOFFICERS.— Pres., W. A. Clark, Butte; V.-P., W. A. Clark Jr.; Sec. & and Delta, Colo.; total population served estimated at 367,727. RR., the
Treas., J. H. Anderson, 20 Exchange Place, N. Y .— V. 108. p. 1822; power to the Bamberger Electric RR. Co., Salt Lake & Utah
Lake Garfield & Western RR. Co., and
V. 109, p. 676; V. 110, p. 2657; V. I l l , p. 73: V. 113, p. 530; V. 120, p. 1088. Utah-Idaho Central RR. and Salt Generating capacity, owned and leased,
numerous industrial enterprises.
hydro-electric, 165 002 k.w.; steam, 37,900 k.w. Physical property incl.
1 977 miles of high-voltage transmission tower and pole lines and 2,483
miles of electric distributing system; gas holder capacity, 240.000 cu. ft.;
gas mains, 42 miles. Customers, <2 214; generating station output, 12 mos.
end. Dec. 31 1924 , 749,563,000 k.w.h.; artificial gas output, 105,026,000
cu. ft.
F r a n c h is e s are satisfactory.
In Salt Lake City franchise extends to
1965; In Ogden to 1965; Provo, 1940. Logan, 1936; Bingham. 1953; Lehi,
1962, and in Preston. 1956. Other less Important franchises expire at
various dates.
BOISE VALLEY TRACTION CO.
R a t e s .— V . I l l , p. 1662; V. 118, p. 3080.
Controlled through stock ownership by the Idaho Power Co. (V. 104. p
1148), all of whose common stock except directors’ shares is in turn owned b>
STOCK AND BONDS—
D a te.
in terest.
O u t s ta n d in g .
M a tu r itp
the Power Securities Corporation. The Idaho Power Co. also owns all ^nmmot stock ($35,000,000)-____
______ $30,000,000
____
She $750,000 10-yr. 5% notes of the co. The Traction Company owns in fee Pf stk 7% cum\$30,000,000/____
7 Q-J
18,056.400 Apr’25, I X
all the railway property of the old Idaho Railway, Lt. & Power Co. except 2 d pref sto ck .-/
( ____
_______
1,000,000 Oct 24, 1M
the Boise RR Co Ltd. (now the Boise Street Car Co., Y. 113. p. 959).
1st mtge v*100,000.000) gold! 1914
6 g F-A
25,847.000 Feb 1 1944
...................c*&r j Guaranty Trust Oo.. N. V., trustee.
($1,000)
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
72 miles single-track equivalent of interurban lines and 11 miles of city First lien & gen mtge ($1,0001
gold'.............................-c*tf) 1921
6 g F-A
5 500.000 Feb. 1 1944
lines; total, 83 miles.
Series of “ 6 s due 1944” ______I Guaranty Trust Co., New York, trustee.
There remains outstanding agst. the property the following issue of bonds
Series of "7 s due 1941"-......... 1921
7 g J-J
500.000 Jan. 1 1941
BONDS—
D a te.
In terest.
O u t s t a n d in g .
M a tu rity
Deb. bonds, ser. “ A " ($100,1 1922 6 g M -N
5,000,000 May 1 2022
Boise & lnt 1st M $5,000,0001 1906
5 g A-O
$964,000
1946
$50° < $ 1 ,000 c* and $1,000(Central Union Trust Co., Trustee.
,
g ($l,000)s f&sub to call .c&r (Int. at Colonial Trust Co.. Plttsb.. Trustee
& •SDOO r*) gold_______ tf)
10 -year mortgage notes_______ 1915
5 F-A 24
750,000 Aug 24 1925
Sti i k , —
7% cumulative 1st pref. stock is redeemable at 115 and accrued
— V. 114, p. 1650; V. 115, p. 2476; V. 116, p. 1759.
dlviOe^us. The second preferred stock as a whole or In part may cease
to be subordinate to the preferred stock upon voce of tbe directors, when
ever net earnings for twelve consecutive month■ within the fourteen months
immediately preceding any application are 2 H times the div. requirements
on the pref. stock then outstanding, and the additional pref. stock to be
Issued In exchange for the 2d pref stock. $6,837,000 of the 2d oref. s*ock
had Deen exchanged for the first pref stock as of August 31 1924
B o n d s . — $6,000,000 are pledged under the 1st lien & gen. mtge. bond
Series "7s due 1941" and Series “ 6 s due 1944”), leaving $25,847,000 outst’g
In hands of public. Remaining bonds may be issued at par only for 80% of
cost of permanent impts., extens. or additions when annual net earns, are
ELECTRIC POWER & LIGHT CORPORATION.
bonds
those
be
Red.
ORGANIZATION.— Incorp. in Maine early in 1925 to take over the twice the int. onon any outstanding andweeks’ proposedSto k in gissued. began
on 4
notice.
fu n d
assets of the Utah Securities Corp. (for history see “ Public Utility” Com at 105 and int. follows: int. date1918, 1% of bonds out; in
31 1916
1916 to
pendium of Nov. 1 1924), and a substantial majority of all of the com. Dec. to 1943, as ^ % . Listed on N. Y . Stock Exchange. 1919 to 1933, 2%;
V. 109,
stocks (and In some cases varying amounts of pref. and 2 d pref. stocks as 1934 1st lien2and general mortgage series “ 7s due 1941” are p. 688 .by
The
well as certain indebtedness) of New Orleans Public Service, Inc., Dallas pledge of $500,000 1st M. 5s. Red. on 4 weeks’ notice in blockssecuredless
of
Power & Light Co., Dallas Ry., Power Securities Corp. (which owns all than $250,000 at 107X & int. to & incl. Jan. 1 1924; at 105 & int.not and
to
the com. stock and certain other securities of Idaho Power Co.) and Texas incl. Jan. 1 1931; and at a premium of H % 'e«s each year thereafter to
Interurban Ry. Assets of Utah Securities Corp. acquired consisted of all maturity. V. 112. p. 478. The first lien and gen. Mtge. serial “ 6s, due
outstanding 2d pref. and com. stock, except directors’ shares of Utah 1944," are secured by a pledge of an equal amt. of 1st M. 5s. Are redeema
Power & Light Co.
ble on four weeks’ notice in blocks of not less than $250,000 at 105 and int. to
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— and incl. Feb. 1 1927; at 104 and int. thereafter to and incl. Feb. 1 1932; at
Controlled cos. furnish, directly or indirectly, electric power and light and 103 and int. thereafter to and incl. Feb. 1 1937; and thereafter at a premium
(or) gas, electric railway and other public utility service in 253 communities decreasing each year to l O O X and int. during the last year prior to maturity.
with a wide industrial and geographical diversification, located in Louisiana, V. 113, p. 2081.
Texas, Utah, Colorado, Idaho, Wyoming and Oregon, having an aggregate
The 6 % debenture bonds, ser. “A ,” are red. after May 1 1947 and up to
population estimated at 1,179.000. Electric power and light service is sup and incl. Oct. 31 2016, all or part, at any time on 60 days’ notice at 110 and
plied by the operating cos. to 245 communities and approximately 234,500 int.; thereafter at par and int. Penna. 4 mills tax refunded. V. 114, p. 2014.
onsumers. Tbe principal operating cos. included in the group follow:
D i v i d e n d s . — 7% Is being paid on 1st pref. and 2d pref. stock.
, (1) N e w O r le a n s P u b l i c S e r v ic e , I n c . (see statement on another page).
* (2) D a l l a s P o w e r & L i g h t C o . and D a l l a s R y . (see statements on another
EARNINGS.— For years ending Dec. 31 (Incl. Western Oolo. Power Oo.)
page) .
D e c . 31
G ross
N e t (a fte r
O th er
B on d In t.
O th er I n t .
B a la n c e .
(3) U t a h P o w e r & L ig h t C o (see statement on another page).
Year—
E a r n in g s. T a x e s).
In c .
D isc i.
(N e t).
S u r p lu s.
(4) Idaho P o w e r C o . (the subsidiary of Power Securities Corp.) supplies 1924___ $9,331,444 $4,615,422 $386,140 $1,957,350 $173,346 $2,870,866
the entire electric power and light service in an extensive section of southern 1923____ 8,543.405 4,290.033 183,749 1.854.933 194.532 2,424,317
and central Idaho and eastern Oregon, including the cities of Booiise, Twin 1922____ 7.125,090 3.512,748 203.761 1,574.919 288,854 1,852.736
Falls, Pocatello, Caldwell and Nampa, and through its subsidiary, Nevada
OFFICERS.— Chairman of the Board, S. Z. Mitchell; Pres., L. Han
Power Co., in the mining district adjacent to Jarbidge, Nev., with a popu
lation in excess of 150,000. The Boise Valley Traction Co., another sub chett: V.-P. & Gen. Mgr., D. C. Green; V.-P. and Gen Counsel, John F
Maclaine. V.-P.. E. W . Hill; V.-P., S. R. Inch; V.-P. D. F. McGee; Sec
sidiary, operates an interurban railway between Boise and Caldwell.
I (5 ) T e x a s I n t e r u r b a n R y . operates a high-speed freight and passenger rail & Treas., Geo. B. Thomas.
way between Dallas and Denton and Dallas and Terrell, over 69 miles
S u p e r v i s i o n . — Under supervision of Electric Bond & Share Co.— V. 116,
of track.
p. 78, 722, 2517; V. 117, p. 896; V. 118, p. 909, 3080, 3,199 ; V. 119, p.
Company will be capitalized, approximately, as follows:
326; V. 120, p. 706, 1205, 1461, 1883.
IDAHO
UTAH
M at , 1925.]
POWER, LIGHT AND RAILWAY
(1) UTAH LIGHT & TRACTION CO.
ORGANIZATION.— Incorporated under the laws of Utah, Sept. 18
1914. The company Is a consolidation of the Utah Light & Railway Co.,
and the Salt Lake Light & Trac. Co. (see those companies on page 116 of
the Sept. 1914 “ Electric Ry. Section” ). The Utah Power & Light Co
owns all the stock of this company except directors’ shares and has leased
for 99 years from Jan. 1 1915 the electric power and light and gas properties
leaving only the traction property to be directly operated. V. 100 , p
734. Franchise In Salt Lake City expires In 1955.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates 146 miles of track, incl. double track, sidings, &c., con
necting Salt Lake City, Sandy, Midvale, Murray, Holliday and Bountiful.
Has 217 passenger and service cars.
V a l u a t i o n . — in Feb. 1920 the Utah P. U. Comm, placed a value of $8 ,
468,278 on that part of the co.’s property used in its street railway business
$1,401,000 Consol. Ry & Power 1st Mtge. 6s, due Julv 1 1921, were paid
off at maturity (except for a $ 1,000 bond still outstanding, for which cash
has been deposited since July 1921 to pay same off), but are kept alive and
pledged under the $1,401,000 1st mtge. coll. 8s. V. 113, p. 72.
T o O p e r a te B u s e s . — In Oct. 1923 the company was auth. by the Utah
P. U. Comm, to operate a crosstown bus line to connect with its street-car
lines. V. 117, p. 1887.
STOCK AND BONDS— Date.
Interest. O u t s ta n d in g .
M a tu r iti.
Capital stock $10.000,000_
_ ____
______
$1,150,875
...........
First & ref. M (auth amt un- f 1914
5 g A-O
12.471,300 Oct. 1 194<!
limited) ($1,000, $500 and {int. at 71 Bway. Bankers Trust Co.. Nev
"*
'* l
$100)reid at i05&int g s “f.c*‘ 1 V f ip lr T 'n i f l t o o
1st M coll bonds, $1,401,0001
11921 8 g J-J 1
1,401,000 Jan 1 193*
($500 and $1,000) gold.c*tf'/U . S. Mortgage & Trust Co., trustee.
Utah L. & Ry. con. M . $10,- 1904
5 g J-J
486,000 Jan 2 1934
000,000 gold ($1.000)_ C* Int. at 71 Bway., N . Y . Equitable Trus’
_
Co., N . Y ., Trustee.
Dtah Lt. & P. Prior Lien_____ 1900 5 g J-J
746,000 Jan 1 193C
$750,000 g ($1,000)— c*tf Int. at 71 Bway. Central Union Trust Co.
N. Y ., Trustee.
Utah Lt. & Power con M $ 4 ,-f 1900 4 g J-J
1,113,000 Jan 1 193*
500,000 g ($500)_____ c*tf(Int. at 71 Bway.
EquitableTrust Co
l N . Y ., Trustee.
B o n d s . — Sufficient 1st & ref. bonds of 1914 are reserved to provide fot
underlying liens (all closed Issues).
$300 lncl. in amt. outstanding
owned by Utah Power & Lt. Co. Present Issue known as Series “A” bonds
Guaranteed, principal and interest, by Utah Power & Light Company
S in k in g f u n d of 1% of outstanding bonds from 1917 to 1919; 2% 1920 tr
1934; 244 % 1935 to 1943. Sinking fund may be used to redeem bonds ai
not more than 105 or to reimburse the co. for cash cost of additional prop
erties, &c. Listed on New York Stock Exchange. V. 115, p. 2380
The first mortgage collateral 8 s, in addition to being a lien on certain
properties (see V. 113, p. 961), are secured by a pledge of $1,401,000 Utah
Light & Ry. cons. M . 5s; are also guar., prin. & int., by Utah Power & Light
Co. Not subject to call prior to Jan. 1 1927; thereafter redeemable, all or
part, on 30 days’ notice, as follows: during 1927 at 106; during 1928 at 105.
during 1929 at 104, during 1930 at 10344, during 1931 at 103, during 1932
at 10244, during 1933 at 102. Interest payable in Chicago or New York
Pennsylvania 4 mills tax refunded. V. 113, p. 961.
EARNINGS.
G ross.
N e t , a fte r
O th er
I n t . C h g s .,
B a l., S u r •
C a l. Y e a r .—
E a r n in g s.
T a xes.
In com e.
& c.
or D e l1924______________$1,852,762 $373,607 $536,755 $924,522 def$14,160
1923_____________ 1,857,747
390,157 495,998
901,342 defl5,187
1922_____________ 1,979,379
480,570 382,796
888,217 def24,851
OFFICERS.— Chairman of the board and Pres., E. O. Howard; V.-Ps.,
O. J. Salisbury, D. F. McGee, D. C. Green and S. R. Inch; Sec. & Treas.,
Geo. B. Thomas.
S u p e r v i s i o n . — Under supervision of Electric Bond & Share Co.— V.113,
p. 72, 961; V. 114, p. 2014, 2361; V. 115, p. 75. 1534, 2380; V. 117, p.
1887; V. 118, p. 2439, 3080, 3199.
SALT LAKE & UTAH RAILROAD.
ORGANIZATION.— Incorp. in Maine in 1912. Owns 50% of the
$150,000 stock (auth. $1,000,000) of the Salt Lake Terminal Co. (V. 101,
p. 1371), the other 50% being owned by the Bamberger Electric RR. The
Terminal Co. is operated by these two companies under a 50-year lease
running to Dec. 31 1963.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Road was formally opened between Salt Lake City and Provo Aug. 1 1914,
although trains were placed in operation July 24 1914. Line was extended
from Provo to Springville in the fall of 1915 and on to Spanish Fork and
Payson in Jan. and May 1916. Branch from Granger to Magna, a distance
of about 9 miles, was completed Oct. 10 1917. Operates from Salt Lake
City south to Payson, about 67 miles, and a branch line from Granger to
Magna (about 9 miles); also about 1 mile of single track of the Salt Lake
Terminal Co. tracks in Salt Lake City and about 2 miles of single track
street railway in Provo. 75 and 85-lb. rail; standard gauge. 17 passenger
cars. 1 combination gas motor car, 6 electric locomotives, 3 express and 130
freight cars and 11 service cars. Power is purchased under long-time con
tract from Utah Power & Light Co. F r a n c h is e s entend to 1960 in Utah
County and in Provo, to 1962 in Salt Lake City and County, to 2010 in
Lehi City, American Fork and Pleasant Grove, rand to 2012 in Springville,
Spanish Fork and Payson; remainder on private right-of-way.
L o a n s b y U n i t e d S ta t e s . — Three loans aggregating $1,000,000 have been
made to the company by the U. S. Govt, under Sec. 210, Transportation
4.ct, 1920, as amended. $127,400 of this amount was paid back prior to
Jan. 1 1925: $15,700 became due July 27 1925:1172,600 matures periodic illy
to 1935: $700,000 matures July 7 1936; this $830,300 loa n bearing int.
O u t s ta n d in g .
M a tu rity
STOCK AND BONDS—
D a te.
In te re st.
$3,000,000 ...................
Com. stock $3.000,000 ($ 100 )...........
628.900 ...................
7%
First pref 7% cum $3.O0O.OO0-____
1,400.000 ...................
Pref 7%cum$2.000 4p 00($100)____
1,460,900 April 1 1944
1st mtge $10,000,000 gold f 1914
6 g A-O
---------o.trc’
...............
($1,000, $500 & $100).c*tf(Int. at First Nat., Bank N. Y ., or Oont. &
Redeemable at l62 & Int_.
Com. Tr. & Sav. Bank. Chicago, Trustee
Halt Lake Term C o 1st M 1915
6 g J-D
632,900 June 1 193f
$1,000,000 gold ($l,000{lnt. at Bankers’ Trust Co., N. Y ., or Inter
$500 & $100______ c*tf( national Tr. Co., Denver. Trustee.
Equipment trust certificates) 1920
7 M -N
68,000
See text
($500 & $1.000)______c*tff/Int. at Northern Trust Co., Chic., Trustee
►equipment notes------------------- 1920
6 Q-F
8,102 ---------------B o n d s . — Remaining bonds may be issued only under certain reit,Motions. The $1,460,900 bonds outstanding bear 6 % Interest; remainde>
■ il bear such rates not exceeding 6 % as may be fixed at time of Issue. S in k
M
in g f u n d of 1% of bonds out 1919 to 1923, 144 % 1924 to 1933 and 2% 1934
1043
All bonds may be called at 102 & Int. and replaced by a likt
amount bearing a lower rate. Y. 100, p. 230.
The Salt Lake Term, bonds are unconditionally guar., p. & i., jointly and
severally, by the Salt Lake & Utah RR. and Salt Lake & Ogden Ry. (now
Bamberger Electric RR.). Callable on any int. date on 35 days’ notice at
102 and int. S in k i n g fu n d 1 % of bonds issued from 1920 to 1924; 144 % in
1925-29, and 2% in 1930-34. Additional bonds may be issued for 75% of
cost of new property or for exts. and impts. For description of bonds and
property, see V. 101, p. 1371.
The equip, trust certifs. are secured on 60 cars which cost approximately
$86,000. They mature semi-annually to 1930 V. 110, p. 2388.
C a le n d a r Y e a r —
1923.
1922.
1921.
1920.
Gross revenue______________ $878,641
$753,797 $793,754 $876,948
Oper. expenses and taxes____
583,620
526,278
586,792
621,652
Net avail, for int. & divs._ $295,021 $227,519 $206,962 x$255,296
x In 1920 interest, &c., deductions amounted to $156,048, leaving a
balance of $99,248.
OFFICERS.—Pres., W. C. Orem; V.-P., Henry I. Moore; V.-P., Mark
T. McKee; Sec. & Treas., F. M. Orem; Aud., C. M . Osborn.— V. I l l , p.
2230; V. 112, p. 2307, 2643; V. 113, p. 629, 732, 1054, 2313.
BAMBERGER ELECTRIC RAILROAD.
ORGANIZATION.— Incorp. in Utah as the Salt Lake & Ogden Ry.
Name changed to present title in Sept. 1917. Owns 50% of the stock of the
Salt Lake Terminal Co. and with the Salt Lake & Utah RR., which owns
the other 50% of stock, operates the property under a 50-year lease. These
two companies jointly and severally guar, its 1st mtge. bonds,
& i
See under Salt Lake & Utah RR. and in V. 101, p. 1371.
209
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates a high-speed interurban railway, 3544 miles, between Salt Lake
City and Ogden; total trackage, 73 miles. 18 motor cars 4 electric loco
motives and 1 work car. New terminal in Ogden for use of this co. and the
Utah-Idaho Central RR. was completed Jan. 1 1915. New terminal at Salt
Lake City for use of this company and the Salt Lake & Utah RR. Co. was
completed Jan. 1 1924. Power is purchased from the Utah Power & Light
Co. On May 28 1910 began operating cars by electricity; prior to that date
road was operated by steam. Shortest of fr a n c h i s e s expires in 1955.
Practically "entire mileage Is on private right-of-way.
STOCK AND BONDS—
D a te.
In t e r e s t .
O u ts ta n d in g .
M a tu r ity
_______
$1,000,000 __________
Common $1,000,000_________ ______
Pref $500,000 (6 % non-cum).................................
500,000 - .................
First mtge $2,000,000 gold! 1909
5 g F-A
1,500,000 Feb 1 1934
($1,000)---------------------- e*|Int. at Hams Tr. & Sav. Bk., Chic., Trustee
B o n d s . — First mtge. bonds are subj. to call at 105 and Int. on and after
Feb. 1 1914. Remaining bonds can be Issued under certain restrictions
for extensions and additions
EARNINGS.— For years ending Dec. 31:
C a le n d a r Y e a r s —
1924.
1923.
1922.
Gross____________________________________ $562,000 $610,004 $577,681
Net, after taxes___________________________ 39,907
101,989
120,085
OFFICERS.— Pres., Julian M . Bamberger; V.-P., John W . Walsh; Sec.,
J. B. Bean; Treas., Simon Bamberger; Aud., H. L. Baker.— Y. 102,p. 2167.
UTAH-IDAHO CENTRAL RAILROAD.
ORGANIZATION.— Incorp. in Utah Oct. 17 1914 as the Ogden Logan
& Idaho RR. as a consolidation of the Ogden Rapid Transit Co. and the
Logan Rapid Transit Co. Name changed to present title on Jan. 1 1918
On April 8 1919 this co. and the Cache Valley RR. were consolidated.
Compare V. 108, p. 975.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 117.11 miles of railway connecting Ogden, Brigham City, Wellsville, Logan, Utah, and Preston, Idaho. Power is purchased from the
Utah Power & Light Co.
A terminal in Ogden for the use of this company and the Salt Lake A
Ogden Ry. was completed Jan. 1 1915.
D i s p o s a l o f C i t y T r a c tio n L i n e s . — On Jan. 1 1920 all city traction lines of
che company were sold to the Utah Rapid Transit Co. for 9,000 shares
com stock of the Traction Co., and the assumption by that company of
11,000.000 principal amount of outstanding funded debt.
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a tu r ity
Common stk. $3 ,000,000 ($ 1 0 )____
_______
$820 860 __________
1st pref. cum $3,000,000 ($ 1 0 )-----See text
858.450 ------- -------First & ref mtge $4,000,0001 1920
6 g J-J 2
3,733.000 Jan 2 1940
($100, $500 & $1,000) g._c*jOgden Savings Bank, Ogden, Utah, trustee.
S to c k . — The 1st pref. stock is cum. at 6 % and is entitled after 6 % has
been paid on the common and before any additional payment can be mad*
on the com., to an extra 2 % .
B o n d s . — Are callable on any int. date to and incl Jan. 2 1935 at 105, and
thereafter at 10244S in k in g f u n d of 1% of the aggregate principa'
amount yearly from 1925 to 1939.
EARNINGS.— For year ending Dec. 31 1923, gross, $839,806; net after
taxes, $242,319. In 1922, gross, $821,685; net after taxes, $237,462.
EARNINGS.— Fo years ending Dec. 31:
C a le n d a r Y e a r s — -•
1924.
1923.
1922.
Gross______________________________
$769,025
$839,806
$821,685
Net, after taxes____________________
165,583
242,319
237,462
OFFICERS.— Pres., Joseph Scowcroft: Sec. & Treas., Royal Eccles:
Gen. Mgr., P. H Mulcahy; Aud., E. L. Morris.— V. 108, p. 975; V. 112.
d 654
NEVADA
SIERRA PACIFIC ELECTRIC CO.
ORGANIZATION.— Incorporated in Maine in July 1909. Owns the
capital stock of the Truckee River Power Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Through its sub. cos. does the entire electric lighting and power business
in the cities and towns of Reno, Sparks, Carson City, Virginia City, and
Yerington, Nev., and furnishes power in the surrounding mining districts of
western Nevada. Also does entire gas business in Rerio, Sparks and Carson
City, and supplies water for domestic purposes in Reno and Sparks. Has 5
power stations located on Truckee River between Reno, Nev., and Floriston,
Calif., 2,566 gas meters and 47.75 miles of gas mains, 71.2 miles of water
mains.
F r a n c h i s e s .— Electric lighting and power franchise in Reno and Sparks
expires in 1954, in Carson City in 1947, in Yerington in 1957. Gas franchise
in Sparks expires in 1955, and water franchise in 2004. Other important
franchises not limited in time.
STOCK AND BONDS—
D a le.
In terest.
O u ts ta n d in g .
M a tu r ity .
Common $8,000,000 ($100)_ _____
_
_________
$ 8 , 000,000
___
Pref 6 % cum $3,500,000 ($ 1 0 0 )____
6 Q-F
3,500,000 M ay’25 144
1-yr notes $700,000 ($1,000)1 1924
5 g J-J
700,000 July 1 1925
gold___________________ c*JInt. at State Street Tr. Co., Boston, trustee.
A s s u m e d b y T r u c k e e R iv e r P o w e r C o . —
Nevada Pr Lt & Wat 1st mtge 1 1902
6 g A-O
123,000 Apr 1 1932
$300,000 gold____________ J
Int. at Mercantile Trust Co., San Fran., trus
Reno PrLt& Wat 1st cons M l 1904
6 g J-J
320,000 July 1194 1
$750,000 gold_____________Jlnt. at Mercantile Tr. Co., San Fran., trus.
S to c k . — Pref. stock is pref. as to divs. in case of liquidation.
Red. at 115.
B o n d s .—
-Both issues of bonds have been assumed by Truckee River Power
Co., all the capital stock of which is owned by the Seirra Pacific Electric
Co. The N e v a d a P o w . , L t . & W a t . 1 s t M t g e . 6s are call, all or in part (also
in part for sink, funds) at 106 and int., decreasing to 100 M prior to ma
turity. S in k , f u n d 244 % per annum of bonds issued (excl. bonds called or
cancelled) through 1926 and 3% thereafter, payable April 1. As of Dec. 31
1924, $105,000 held in sink, fund not cancelled and $72,000 in sink, fund
cancelled (not incl. in amount outstanding).
R e n o P o w . , L t . & W a t . 1 s t C o n s . M t g e . 6s are call, all or in part (also in
part for sink, fund) at 110 and int., decreasing to 10044 prior to maturity.
S in k , f u n d 1.4% per ann. of bonds issued (excl. bonds called or cancelled)
through 1933 and 1.7% thereafter, payable April 1. On Dec. 31 1924
$130,000 were held in sinking fund not cancelled.
N o t e s . — The 1 y r . c o u p o n 5% n o t e s are call, all or in part on 30 days’
notice at 100 and interest.
D i v i d e n d s . — Quarterly dividends of 144 % (Q.-F.) are being paid on pref.
stock.
EARNINGS.— Of combined cos. for 12 mos. end. Dec. 31 1924:
Gross earnings-------------------------------------------------------------------------$1,094,187
651,660
Operating expenses and taxes_________________________________
Net earnings '-----------------------------------------------------------------Interest and amortization charges_____________________________
Balance_____________________________________________________
Dividends, preferred stock, 6 % --------
$442,526
72,833
$369,693
210,000
Balance for reserves and retirements__________________________ $159,693
OFFICERS.— Pres., Alexander F. Crichton; V.-P., E. Ennalls Berl;
E. M . Harrigan; Sec. & Treas., Henry T. Graham. Under management of
Stone & Webster, Inc.— V. 119, p. 84.
PUBLIC UTILITIES
210
[V ol. 120
T e r r i t o r i e s —
Possessions—Foreign
P O W E R , L IG H T A N D R A I L W A Y
HAWAII
HONOLULU RAPID TRANSIT CO., LTD.
ORGANIZATION.— Incorp. in Hawaii Atig. 30 1898. In 1903 pur
chased me Hawaiian Tramways Co. In Feb. 1922 obtained a new franchise,
indeterminate in character, which provides that there shall be paid to the
City and County of Honolulu annually 2 1 4 % of its gross revenue from
railway operation. The rate of fare to be fixed from time to time as neces
sity requires, with the approval of the P. U. Commission of Hawaii.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Operates 34.133 miles of track. Gauge. 4 ft.; 70, 85,
108, 122-lb. rails. 69 vestibuled motor cars (incl. 6 P A Y E cars) and 16
freight and service cars. Capacity of generators, 1,900 k. w.
STOCK.— Auth., $3,000,000, and outstanding (par $20), $2,500,000
Dividends payable Q.-M. 31.
All preferred stock was converted into common in 1913.
REPORT.— For years ending Dec. 31:
C a le n d a r
Y ea r.
G ross'
E a r n in g s.
N et
E a r n in g s.
I n t ., T a xes.
D e p r c n ..& c .
D iv id e n d s.
PHILIPPINE ISLANDS
THE MANILA ELECTRIC CORPORATION.
ORGANIZATION.— Incorp. in Connecticut June 26 1903 as the Manila
Electric Railroad & Lighting Corp. (name changed to present title in Dec.
1921.) Owns entire stock of Manila Electric Co., having a 50-year franchise
from March 24 1903, practically the entire stock of the Union Truck Co.
and of the Compania de los Transvias de Filipinas.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Besides doing the street railway business, supplies light and power for
private, municipal and Government use. Operates 52 miles of track (in
cluding Manila Suburban Rys. Co.) in the city and suburbs. 70-lb. T and
92-lb. girder rails. Owns 54 single and 88 double-truck passenger cars and
20 service cars. Two 5,000 k. w. turbo-generators are now in service,
and a new 12,500 k. w. turbo-generator was to have been placed in service
in Nov. 1924. Municipality may acquire railroad property after 25 years
on a valuation fixed by net earnings, the Supreme Court of the Islands
being referee.
No pref. stock outstanding at last accounts (Mar. 1924). Compare
Y. 110. p. 2192; V. I l l , p. 1472.
The stockholders voted Nov. 10 1924 to change the common stock
from 100,000 shares, par value $100, to 400,000 shares, no par value. If
the change is authorized. 4 shares of no par value com. stock will be ex
changed for each share of $100 par. V. 119, p. 1510..
STOCK AND BONDS—
O u t s ta n d in g .
D iv id e n d .
Com 400,000 shs (no par)------------------------ 280,000shs. See text
Pref. $3,000,000 8 % cum.........................— ...........
None
--------------Stock are listed on New York and London Stock Exchanges.
D i v i d e n d s . — In 1906 and 1907, 3% paid on com.; in 1908 to 1910 incl..
4% in 1911, 5M %; in 1912, 1913 and 1914, 7% ; 1915 to Apr. 1922 incl. at
the rate of 6 % per ann. In July 1922 2 % was paid; same rate paid regularly
quar. to and incl. Oct. 1924. In Nov. 1924 com. shares were changed from
$100 par to shares of no par value. On no par shares a div. of 62)4c. was
paid in Dec. 1924. In 1925, April, 6234c. In Dec. 1922 a 40% stock div.
(payable in common stock) was paid on the common. V. 115, p. 2794.
REPORT.— For calendar years:
N e t (a ft. T a x ).
I n t ., & c .
D iv id e n d s.
S u r p lu s
$450,613
$559,970
$500,243
1923 — .$3,571,981
$1,750,826
469,197
400,000
663,646
1922
3,584,121
1,644,765
407,559
(6%)300,000
646,231
1921 — . 3.681,398
1,558,058
ROAD.— Operates 52 miles of track (including Manila Suburban Rys
Oo.) in the city and suburbs. 70-lb. T and 92-lb. girder rails. Owns 54
single and 88 double-truck passenger cars and 20 service cars. Two 5.000
k.w. turbo-generators are now in service.
OFFICERS.— Pres., Charles M . Swift; Vice-Pres’ts, J. H. Pardee, Joseph
K. Choate and R. B. Marchant, New York; Sec. A Treas., T. W . Moffat;
Asst. Sec., C. A. Dougherty; Asst. Treas., H. B. Brown. Operated under
management of J. G. White Mgt. Corp., New York.— V. 116, p. 1760;
V. 117, p. 782, 1992; V. 118, p. 2179; V. 119, p. 1510, 2530, 2647.
(1) M A N ILA E L E C T R IC C O .
All outstanding common stock except directors’ shares is owned by
Manila Electric Corp.
BONDS—
D a te .
In terest.
O u t s ta n d in g . M a t u r i t y
1st & ref M 7% ser due 19421 1922 7 g M -N
$2,949,100 May 1 1942
$20,000,000 ($100, $500 &)
1st & ref M 5% ser due 1946.............
5%
269.000 Sept 1 1946
$1,000) g__________ c*&r*J Equitable Trust Co., N. A ., trustee.
1st & ref 5 % __________________ 1922 5 M-S
None Mar 11953
Manila Elec RR & Ltg Corpf 1903 5 g M-S
3,886,000 Mar 1 1953
1st lien and coll tr $5,000,-1 Int. at Equitable Trust Co., N. Y ., trustee.
000 gold ($1 ,000 ) ............. c*l
(a) M A N IL A S U B U R B A N R Y S . C O .
B on d s—
D a te .
In te re st.
O u t s ta n d in g .
M a tu rity.
First mortgage $2,500,000) 1906
5 g M-S
$197,000 Sept. 1 1946
gold ($1,000)__________ c*/New York Trust Co., trustee.
B o n d s . — Assumed by the Manila Electric Co. and are guar., p. & 1
by The Manila Electric Corp. Are subject to call after Sept. 1 1928 and to
purchase for s in k , f u n d since Sept. 1 1911 at not to exceed 105 and int. at
which price bonds can be drawn by lot. See V. 80, p. 220. $95,000 are
held in sink, fund and not incl. in outstanding amount as above. $82,000
have been returned and cancelled and $276,000 (not incl. in amount out
standing) held in treasury.— V. 113, p. 2614.
B a la n c e
S u r p lu s.
$203,869
$75,000
sur.$21,550
$300,419
1924 _____ __$1,014,349
190,000
370,220
213,801
def.33,585
1923 ------- ___ 988,928
160,000
sur.35,548
xl91,217
386.765
1922_____ ___ 989,521
160,000
325,003
266.579
def.101,576
1921_____ ___ 960,992
160,000
def. 139.602
260,916
1920_____ - - 861,342
281,314
x Does not include capital stock, sinking fund reserve.
Passengers carried in 1924, 24,358,229, against 24,191,595 in 1923.
OFFICERS.— Chairman of Bd., L. T. Peck; Pres., A. L. Castle; 1st
V.-P., L. A. Thurston; 2d V.-P., W . F. Dillingham; Sec., B. L. Marx;
Treas., C. H. Atherton; Mgr., H. S. Johnson.— V. 102, p. 1350; V. 103, p.
7 9, 938; Y. 104, p. 1387; Y. 106, p. 1 77; V. 114, p. 2717; V. 116, p. 2129;
Y. 118, p. 663, 2304; Y. 120, p. 2146.
G ross.
B o n d s .— The Manila Elec. RR. & Ltg. Corp. 1st lien & coll. mtge. bonds
have a s i n k , f u n d of 34% of bonds outstanding; began Mar. 1 1908 and ran
until 1917; now 1% of bonds outstanding. The fund is to be invested in
the bonds at not more than 105 and int., at which price they are subj. to
call for the purpose. Are red. as a whole at 105 and int. on or after Mar. 1
1928. V. 82, p.218. Bonds are listed on N .Y . Stock Exchange. $1,111,000
are in hands of trustee for sink, fund $3,000 held by trustees in lieu of
mortgaged property sold.
The co.’s 7% 1st & ref. mtge. bonds are guar. prin. and int. by Manila
Elec. Corp. See details in V. 114, p. 1766. The 7% series due 1942 are
listed on N. Y . Stock Exchange. V. 119, p. 942, 1064; V. 120, p. 2012.
PORTO RICO
PONCE ELECTRIC CO.
ORGANIZATION.— Organized in Porto Rico and on Feb. 1 1920 took
over the property formerly controlled through stock ownership by the
Ponce Electric Co. (a New Jersey corporation).
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates the railway between Ponce and the Playa (Port) and does the
entire lighting and power business of Ponce and the Playa. Operates 5.61
miles of equivalent single track; 0.77 m. of trackage; 12 cars; gauge, 1 metre.
Power station has 2,050 k. w. capacity. Railway f r a n c h i s e expires in
1961, electric light fr a n c h i s e in 1963.
STOCK AND BONDS.— D a t e .
In terest
O u ts ta n d in g
M a tu r ity
Com. stk. $1,000,000 ($100)..................................... $ 500,000 ...................
Pref. $1,000,01.'cum______________
7%
400,000 ............... —
EARNINGS — For 12 months ending Dec. 31 (combined companies) •
Y ear—
G ross.
N e t a ft. T a x . I n t e r e s t .
S i n k .F u n d .
S u rp lu s.
1924--------------------- $309,270
$105,853
$2,804
$103,049
98,456
6,238
92,218
1923-------------------- 287,335
1922......................... 280,881
80,071
5,110
74,960
OFFICERS.— Pres., Harry T. Edgar; V.-Ps., M . L. Sperry and Lewis A.
Keen; Treas., Henry B. Sawyer; Sec., Victor D. Vickery; Gen. Mgrs., Stone
& Webster Management Association.— V. 74, p. 268, 478.
PORTO RICO RAILWAYS CO., LTD.
ORGANIZATION.— Incorporated in Canada Oct. 1906 and has acquiree
the San Juan Light & Transit Co. and Porto Rico Power & Light Co. and
Caguas Tramway Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Controls all the electric railway, electric light and power business of San
Juan, San Turce and Rio Piedras; also controls entire lighting systems in
cities of Comerio, Bayamon, Catano, Carolina, Caguas, Rio Grande.
Fajardo, Humacao, Yabucoa, Gurabo, Juncos and other towns in east end
of island. Operates from San Juan to Rio Piedras, 9 miles, electric.
Standard gauge. An extension of 18 miles to Caguas, which is being oper
ated by steam, metre gauge, was completed in 1908. Its lighting franchises
in San Juan and San Turce are perpetual. The Comerio Water Power
and Caguas Tramway f r a n c h i s e s are for 99 years from 1906. The street
railway f r a n c h i s e runs until 1959. An express service was inaugurated in
1908 in conjunction with Porto Rico Express Co.
C o n t r a c t . — Has a 5-year street-lighting contract with the city of San
luan and with about 30 other towns for various periods.
In June 1922 the capital stock was increased from $4,000,000 to $5,000,000. V. 115. p. 183. No further action taken up to Oct. 1 1924.
STOCK AND BONDS—
D a te .
In terest.
O u t s ta n d in g .
M a tu r itv .
JOmmon stock $3,000,000_________
Q-J $3,000,000 Jan'22, 1%
Jf $1,000,000 ($100) 7% cum...........
Q-J
1,000.000 Apr ’2 5 , 1 H
‘Mrst mortgage $3,000,000 f 1906 5 M -N
2,271,500 Nov 1 193'
($500) gold_____________ (Int. at Montreal Trust Co., Trustee.
(Montreal and Halifax, or Bank of Nova Scotia
>
sfundlng general mortgage/ 1912
5 M -N
£265,000 May 1 1967
t l .500,000 (£100)______ c*llnt. in London. Montreal and Toronto: Mon( treal Trust Co., Trustee.
B o n d s . — First mtge. bonds are subject to call at 105.
S in k . f d . of 1%
of bonds issued plus one year's int. on canceled bonds began Nov. 1908
$728,500 bonds canceled. First Mortgage bonds are listed on Montreal
and Toronto Stock Exchanges.
Of ref. gen. mtge. bonds £466,800 are reserved for 1st mtge. bonds and
£309,400 are in treasury; remainder for future requirements under restric
tions. Subject to call as a whole or for cum. s i n k i n g f u n d (1% of bonds
out beginning in 1937) at 105 and int. V. 94, p. 1566. Are listed on
London Stock Exchange.
D i v i d e n d s . — First div. on pref.. 1 M % . Paid Jan. 10 1910. and same
amount quarterly since to and including Apr. 1925. On com.. 1st div., 1% ,
paid Oct. 1911. In 1912 and 1913 4% . In 1914. Jan., 1%: April, 1%:
July, 1% . None to July 1920, when 1% was p aid. In Oct., 1% . In
1921, 4 % . In 1922, Jan., 1 % . None since.
REPORT.— For calendar years:
Year—
G ross.
N et.
O th .R e v . I n t e r e s t . P r e f . D i v . C o m .D i v . S u r p l u s
1924 . . -------------x$404,388 $16,484 $180,600 $70,000
$170,272
1923 — 1,324,798 433,354 13,967
183,504 70,000
193,816
1922 . . 1,330,446 516,839 13,905
186,275 70,000
274,469
1921
1,332,486 465,715 42,877
188,92070,000 $120,000
129,672
x After providing for depreciation.
3,935,713 passengers carried in 1924, against 5,103,186 in 1923.
POWER, LIGHT AND RAILWAY
M ay , 1925.]
OFFICERS— Pres., W . D. Ross; Y.-P., L. M . Wood; Sec., T . A
Spoor; Gen. Mgr., Manuel V. Domenech, O.E.; Compt., G. Brewer.—
V. 102, p. 1163; V. 104, p. 765; V. 106, p. 1901; V. 110, p. 1188, 2568;
V. 115, p. 183; V. 116, p. 1650; V. 118, p. 1774; V. 120, p. 1882.
CANADA
CONSUMERS GAS CO.
ORGANIZATION.— Incorp. in March 1848 by Special Act of the Ontario
Legislature.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The company serves the City of Toronto and the townships of York, Etoibcoke, Vaughan, Markham and Scarboro. Population served, approxi
mately 575,000; 142,836 meters.
Stockholders of record Jan. 31 1925 were given the right to subscribe for
$2,000,000 add’l com. stock at $140 per share, in the ratio of one new share
or each 4 shares held. V. 120, p. 828.
STOCK AN D BONDS—■ D a t e .
In terest.
O u t s ta n d in g
L a st D iv .
Stock $12,000,000 ($100)__________
Q-J
$10,000,000 Apr 25 2H
No funded debt.
S to c k . — Dividends are limited to 10% per annum.
EARNINGS.— For years ending Sept. 30:
S e p t . 30 Y e a r s —
1923-24.
1922-23.
1921-22.
1920-21.
142,836
137,182
Meters, number_______
132,141
127,555
Receipts from gas sales. $5,152,129 $5,392,860 $5,408,830 55,827,282
Residuals, coke, tar, &c. 1,111,591
1,116,664
1,029,857
1,033,977
Merchandise sold, piping
& burner, rentals, &c_
391,615
373,829
375,253
353,623
Total income_________ $6,655,336
Oper. expenses and taxes 5,212,505
16,883,354
5,498,649
$6,813,940
5,335,666
$7,214,882
5,673,949
Net earnings_________ $1,442,831
$1,384,704
$1,478,274
$1,540,933
Interest_____________ _____________
Dividends_____________
$798,741
Renewal fund_________
634,235
______
Reserve fund__________
$8,586
689,253
591,002
$51,516
600,000
565,539
140,906
f l $63,022
3 -;,. 581,337
-if 543,584
^ 1352,989
D ed u c t—
Balance, surplus.
None
$9,855
$95,863
$120,312
10% per annum (payable Q.-J.) paid since 1874.
OFFICERS.— Pres., A. W . Austin; V.-P., F. Le M . Grasett, M . D.;
Sec., J. J. Armstrong; Gen. Mgr., Arthur Hewitt.— V. 118, p. 436; V. 119,
p. 2281; V. 120, p. 701, 828.
D i v i d e n d s .—
NOVA SCOTIA TRAMWAYS & POWER CO., LTD.
ORGANIZATION.— Incorp. In Nova Scotia in 1914 and in Jan. 1917
Acquired (a) the properties and franchises of the Halifax Electric Tramway
Oo., Ltd., comprising all street railways, commercial electric light and power
*nd gas properties in Halifax; and (b) water power rights, lands, Ac., on
the Gaspereaux River, 55 miles from Halifax, capable of a hydro-electric
development of approximately 12.000 h. p.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
23.32 miles of street railway, single-track equivalent. Standard gauge;
60-lb. T and 80-lb. girder rails. 38 passenger cars; 24 Birney safety cars;
5 sweepers, 5 miscellaneous cars, &c.; power house with 6,200 k. w. capacity
(6,000 k. w. additional contracted from Provincial Hydro Development):
lighting and power distribution system; gas plant, with about 40.69 miles of
pipe line.
f r a n c h i s e s , in opinion of counsel, are perpetual
S T O C K AND BONDS—
Date.
Interest. Outstanding. M a t u r i t y
Jom stock $3,500,000 ($100)...............................
$2,510,000 ........ ...........
J-J 2
2,078,800 July’19. 3%
Pf 6 % cum $2,500,000 ($100)...........
' *tM $10,000,000 gold $ or £1 1916
5 g J-D
2.250.000 Dec 1 1946
f$l,000 and $500)_ c*-tf lint. in New York. Montreal and London
_
Gen mtge Ser‘‘ A” ($500 and/ 1922
7 g A-O
1,485.000 Apr 1 1952
$1,000) gold___________ c*tEastern Trust Co., trustee.
S to c k . — Divs. on pref. payable without deduction for any taxes imposed
by any taxing authority in Canada. The stock was offered in Jan. 1917 in
blocks of 10 shares of pref. and 3 shares common stock for $1,000. V. 104,
p. 164.
b o n d s .— Remaining bonds may be Issued up to 75% of cost of acquisition.
o t impr’ts (except that no bonds may be issued against the cost of the new
gas plant) and only when net earnings are double the 1st M. interee
charges, including bonds to be issued. Annual s in k in g f u n d o r i m p t . f u n d of
1 “'o of bonds out began Dec. 1917, for add'ns or impts., or for redemption
of bonds. Callable, all or part, for sinking fund, at 105 and int. on any
int. date on 60 days’ notice. Int. payable without deduction for Canadian
taxes or U. S. Federal taxes. Fixed exchange rate. $4 86 2-3 per £ sterling
Trustees. Union Trust Co. of N. Y .. and Royal Trust Co.. Montreal.
The gen. mtge. 7% bonds. Series “ A .” are callable as a whole only (except
for sinking fund) on any interest date on 60 days’ notice up to and including
April 1 1932 at 110 and int.; thereafter to and incl. April 1 1942 at 105 and
int. thereafter to and including April 1 1947 at 10245 and int.; thereafter
at 100 and int. $2,250,000 are reserved for prior liens. Annual s in k in g
f u n d of 1% commenced in 1924 and is sufficient to retire over $1,000,000 of
this issue before maturity. Interest is payable in Canadian gold coin at
H a lifa x, St. John, Montreal, Toronto. Winnipeg or Vancouver; or at New
York in U. S. gold coin. V. 114, p. i891.
D i v i d e n d s .— A dividend of 3% was paid on pref. stock In July 1917 th
Dec 1917 dividend being deferred In 1918,6% . I n l9 1 9 ,6 % . In 1920
fan. div. omitted. V. 110, p. 167.
EARNINGS.— Of Halifax Electric Tramway Co., Ltd. (and consolidated
companies) for calendar years:
C a le n d a r Y e a r s —•
1924.
1923.
1922.
1921.
Gross earnings----------------$1,299,371 $1,393,980 $1,419,471 $1,446,640
Operating expenses------916,935
964,146
987,676
1,145,143
Taxes-------------------------105,302
112,136
111,109
119,858
Bond & coupon interest.
216,713
217,497
193,863
182,500
Sundry interest________
1,228
538
5,802
3,118
Amort, of dt. disc. & exp.
______
______
7,984
19,164
Bal. for res., divs,,&c.
$59,194
$99,663
$113,038 def$23,143
OFFICERS.— Pres. & Managing Director, L. Killam; V.-P., W . H.
Covert, K .C.; Sec., Cecil J. Hayes; Treas., A. W . Wentzell.— V. 109, p.
270; V. 110, p. 167, 2388; V. 114, p. 1408, 1766, 1891; V. 116, p. 2131;
V. 118, p. 2573; V. 120, p. 2149.
LAURENTIDE POWER CO., LTD,
Controlled by Laurentide Co., Ltd.
ORGANIZATION.— Organized in Canada in 1915 to take over from
the Laurentide Co., Ltd., all of its property and plant necessary for the
development of the water power of the St. Maurice River at Grand Mere,
Province of Quebec.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns in fee simple and operates a hydro-electric development on the St.
Maurice River at Grand Mere, Quebec, Can., having an ultimate generat
ing capacity of 180,000 electrical horse power, of which 160,000 is now in
stalled and in operation. Co. has contracts with the Laurentide Co.,
Ltd., and the Shawinigan Water & Power Co. for sale of practically all the
power generated.
211
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g . M a t u r i t y .
Common $10,500,000 ($100)_
Q-J 15
$10,500,000 See text
1st mtge $7,500,000 ($1,000) T 1916 5 g J-J
6,971,500 Jan 11946
gold___________________ c*/Royal Trust Co., Montreal, Trustee.
Gen mtge Ser “ A” $2,000,0001
1925 5)4 g J-J
1,525,000 Jan 11946
($500 & $1,000) gold____c*/Royal Trust Co., Montreal, Trustee.
S to c k . — $7,200,000 com. stock is owned by Laurentide Co., Ltd.
B o n d s . — 1st M t g e . 5 s have s in k in g f u n d since Jan. 1 1920 of a sum equal
to 1 % of the par value of all bonds issued, and in addition a sum equal to
the annual interest upon all bonds purchased or redeemed by the sinking
fund. The sinking fund is to be applied to the purchase of bonds at or
under 105% & int., or to the redemption of bonds by drawings at 105 &
int., and will redeem approximately Yz the entire issue of bonds before
maturity. Are callable all or in part on 90 days’ notice for sinking fund at
105 & int. Int. payable at office of trustee in Montreal and at Bankers
Trust Co., N. Y . $7,500,000 were o ffe r e d in Sept. 1916 by Aldred & Co.,
N. Y .; Stone & Webster, N. Y ., Boston and Chicago, and Chase & Co.,
Boston, at 90 & int., yielding about 5.70%. V. 103, p. 1035.
G e n . M t g e . 5 Y z S S e r . “ A " are guar, as to prin. & int. by endorsement by
the Laurentide Co., Ltd.
S in k in g f u n d provided for commencing Jan. 1
1926 of 1% annually of bonds issued, plus the int. on bonds redeemed
through operation of this sinking fund. The bonds are dated Feb. 1 1925
and the first coupon will mature July 1 1925 and will be for the 5 mos.'
period from Feb. 1. Are red. as a whole, or in part for sinking fund pur
poses, on any int. date on 3 mos.’ notice at 101 & int. Prin. and int. pay
able at Bank of Montreal, Montreal, Toronto, Ottawa or Quebec. $1,525,000 were o ffe r e d in Feb. 1925 by Hanson Bros, and Aldred & Co., Ltd.,
Montreal, at 99 & int., to yield 5.60%. V. 120, p. 703.
D i v i d e n d s . — An initial div. of 1% was paid on common in April 1919 and
same rate paid regularly quar. to and incl. Jan. 1922. In April 1922 1)4%
was paid and same rate paid regularly quar. since.
EARNINGS.— For 12 months ended Dec. 31:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
Revenue_______________$1,478,087 $1,411,180 $1,333,642 $1,228,186
Miscellaneous revenue..
2,775
6,642
15,388
9,375
Total revenue________ $1,480,862
Expenses______________
242,585
Interest_______________
475,380
Exchange on bond int_
_
3,994
Balance____________
Adjustments__________
Sinking fund__________
Income tax____________
Dividends____________
Sale of Victory bonds_
_
Reserve fire insurance..
$758,903
______
89,340
65,000
525,000
______
______
Balance, surplus_____
Previous balance_______
From contingent fund..
$1,417,822 $1,349,030 $1,237,561
247,537
199,367
200,541
474,857
474,400
425,735
8,393
4,457
40,544
$687,035
al27,458
89,340
64,000
525,000
______
______
D r . 60,000
$79,563 def$118,763
10,474
69,238
C r . 60,000
$670,806
--------89,200
--------525,000
______
______
$570,741
--------85,000
27,555
420,000
4,868
20,000
$56,606
adj.12,632
---------
$13,318
3,343
---------
Profit & loss balance..
$30,038
$10,474
$69,238
$16,661
a Settlement of income taxes, 1918-1922, $107,198; settlement water
rentals, 1918-1922, $20,259; total, $127,458.
OFFICERS.— Pres., F. A. Sabbaton; V.-P., Julian C. Smith; Sec., Wm.
F. Robinson; Treas., Louis Armstrong.— V. 120, p. 582, 703, 1326.
DOMINION POWER
& TRANSMISSION CO., LTD.
Controls
ORGANIZATION.— Incorp. in Canada on Jan. 11 1907
»nd operates the following propertiesHam. Grimsby & Beamsville Ry.,
lamifton Cataract P., L t. & Tr.Co
Ham. Elec. Lc. & Power Oo.
lamllton Radial Elec. Ry.,
Dundas Electric Co.,
O'antford & Hamilton Elec. Ry..
Lincoln Elec. Lt. & Power Co.
Hamilton Street Ry.,
Hamilton & Dundas St. Ry. (dis Western Counties Electric Co..
Hamilton Terminal Co.
continued; V. 118, p. 2303),
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Controls 33 miles of single track in Hamilton and 86 miles of interurban
lines, and also supplies light and power to Hamilton, Brantford, St. Cath
arines and intervening territory. Likewise owns a 50,400 h. p. hydro
electric station. Also has in operation a steam generating station with a
present capacity of 26,600 h. p. and an ultimate capacity of 80,000 h. p.
STOCK a n d BONDS— D a t e .
In terest.
O u t s 'n v ■
M a tu r ity
ordinary $10,090,000 ($100).......................... ..........$7 700,000 Sept 24, t %
ref. cum $10,000,000 ($100)____
J-J
4,189,000 A p r ’25, 1 M
•i
mortgage $25,000,000/ 1907 5 g A-O
5,712,000See text
$1,000) gold________ c*tf{ Harris Tr. & Sava. Bk. of Chicago. Trustee.
(Nat. Trust Co., Ltd.. Toronto. Can , trust.
Hm Cat P L & Tr Oo, Ltd,/ 1903
5 A-O
1,707,000 April 1 1943
1st & ref M $5,000,000gold/Int. in Hamilton & N. Y . Nat. Trust Co.,
i$l,000)___________ c*ntf
Ltd., Toronto, trustee. Callable at 110 &
[ int. beginning April 1 1923.
lam Elec Lt & Oat Pow 1st f 1899
5 g A-O
582,000 Oct 1 1929
mortgage gold ($1,000) not {Int. payable in N. Y. or Hamilton National
callable ____________ c*tfl Trust Co., Toronto Trustee
.lamilton Street Ry 1st mtge. 1898
4)4 J-D
260.000 Dec 22 1928
Grims & B El Ry 1st M .. 1895 5 M -N
150,000
1925
S to c k . — In Nov. 1924 Nesbitt, Thomson & Co., Ltd., offered a block of
2,500 shares of 7% cum. pref. at $99 per share. V. 119, p. 2178.
a o r t a s . — oi the $25,000,000 mortgage, $10,000,000 may be issued, with
me approval of the trustee, for not exceeding 80% of cash cost of extensions
»nd additions, and the remainder for not exceeding 75% . Since April 1
1917 the entire outstanding issue, but not any part thereof, can be called
at 107)4 and Interest on any coupon date on 60 days’ notice. The bonds
nature $60,000 annually from April 1 1914 to 1921 and $130,000 annually
'rom April 1 1922 to 1931, and the remainder are due April > 1932.
They are secured by all the property owned through deposit of itock
And bonds with trustee, &c.
D i v i d e n d s . — On the preference stock 6 % was paid in 1907: in 1908, 3%
was paid. In Dec. 1908 It was decided to omit div. on both classes of pref.
at ick; see V. 87, p. 1478. None to Jan. 1911, when 3)4% was paid; July,
3)4 %;also paid in Dec. 1911 div. due Jan. 1909, 3% . In 1912, Jan., 3)4 % I
July, 3)4% ; Aug., 3% (due June 1909). In 1913, Jan., 3 )4 % . A div.
of e k % was paid Feb. 15 1913 in full of arrears: July. 3 14 %
In 1914
and since, 7% per ann. (now being paid \ % % Q.-J.). Initial div. on com..
2 % , paid June 1916; Dec., 2 % . In Sept. 1917 paid quar. div. of 1% and
same rate paid quarterly to Sept. 1920. None to March 1924, when 1%
was paid. In Sept. 1924 1% was paid.
EARNINGS.— Including subsidiary companies:
C a le n d a r
G ross
N et
B ond
D iv s.
B a la n c e ,
Y ea r—
E a r n in g s.
E a r n in g s.
I n t ., & c .
P a id .
S u r p lu s.
$850,733
$447,273 $415,759 def$12,299
1924_________ $3,814,512
1923...........
4,019,716
1,067,622
450.875
258,837
357,910
1922________ 3.830.559
1,019,634
467,484
258,837
293,313
OFFICERS.— Pres., J. R. Moodie; V.-P., Cyrus A. Birge; Sec. & Man’g
Dir., Wm. C. Hawkins; Gen. Mgr., Edward P. Coleman; Treas., James
Dixon; Aud., C. S. Scott; Asst. Sec., Geo. D. Fearman.— V. 116, p. 515,
941; V. 118, p. 431, 1910, 2303; V. 119, p. 2178; V. 120, p. 2011.
EAST KOOTENAY POWER CO., LTD.
ORGANIZATION.— Incorp. in 1922 under the Companies Act of
Canada as successor to the British Columbia & Alberta Power Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Controls rights for power development in southeastern British Columbia.
Supplies the principal coal mines in the Crow’s Nest Pass and the Sullivan
Mine and concentrator of the Consolidated Mining & Smelting Co. of
Canada, Ltd., near Kimberley. Owns and operates two hydro-electric
developments on the Bull and Elk rivers, tributaries of the Kootenay River,
situated in southeastern British Columbia with a total installed capacity
of 22,200 h. p. That on the Bull River, under a gross head of 275 ft.,
develops 7,200 h. p., and that on the Elk River, under a gross head of
190 ft., 15,000 h. p. Also owns a transmission system comprising 125
miles of 6 6 ,000 -volt single-circuit line serving outdoor transformer stations
with a present installed capacity of 10,500 k. w.
PUBLIC UTILITIES
212
STOCK AND BONDS—
D a te .
In te re st.
O u t s ta n d in g .
M a tu r ity .
Common 30,000 shs (no par)_______
_________ 30,000 shs __________
Pref 7 % cum $750,000 ( f 100)______
Q-M 15
$750,000 ___________
1st M s f $5,000,000 ($1,000) ( 1922 7 g A-0
2,000,000 Apr 1 1942
gold______________________[Montreal Trust Co., trustee.
S to c k .— Divs. on pref. stock accrue from’Aug. 1 1924.
Divs. free from the
normal income tax. In July 1924 $750,000 7 % pref. was o ffe r e d by Nesbitt,
Thomson & Co., Montreal, at 97 ) 4 and divs. V . 119, p. 584.
B o n d s . — First mortgage provides for s in k in g f u n d of 1% of bonds out
standing commencing April 1 1925. Are red. as a whole.at 110 and int.
upon 90 dats’ noyice. Int. payable at the agency of thejRoyal Bank of
Canada in New York, or at Royal Bank of Canada, Montreal or Toronto.
$2,000,000 1st mtge. 7s were o ffe r e d in May 1922. by Nesbitt, Thomson
& Co., Montreal, and Joseph E. Kimball & Co., Boston, at 97 A and int.,
to yield 7 ) 4 % . V. 114, p. 2019.
OFFICERS.— Pres., A. E. Appleyard; V.-P. & Treas., A. J. Nesbitt;
Sec., G. S. Appleyard; Gen. Mgr., A. B. Sanborn.— V. 119, p. 584.
THE GREAT LAKES POWER CO., LTD.
OPERATION.— The operation of the property is under the management
of the Middle West Utilities Co.
ORGANIZATION.— Incorp. in Ontario in March 1916. Owns all the
stock of the International Transit Co. and guarantees payment of that
company’s bonds (only $32,500 now outstanding).
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns in fee and operates a hydro-electric plant at Sault Ste. Marie, Ont.
Present capacity 39,200 h.p. The Province of Ontario has granted the
co. the right in perpetuity, without rental or other charges, to the use of
20,000 cu. ft. per second of primary or continuous water on the Canadian
side of the St. Mary’s River. The International Transit Co. (co. owns
all the stock) operates a street railway system in Sault Ste. Marie, Ont.,
and the ferry service between Sault Ste. Marie, Ont., and Sault Ste. Marie,
Mich.
STOCK AND BONDS—
D a te.
In te re st.
O u t s ta n d in g .
M a tu r ity .
Common, $2,000,000 ($100)_______
_________ $2,000,000 ____________
Pref 7% cum $600,000 ($100)______
Q-M
600,000 __________
1st M serial $3,000,000 gold! 1916
6 M -N
2,625,000
See text
($500 & $1,000)___ c*&r*/Int. at State St. Tr. Co., Boston, Mass., Tr.
S to c k . — Divs. on pref. stock are payable in U. S. funds at the Continental
& Commercial Bank, Chicago. In June 1924 A. E. Ames & Co. o ffe r e d
a block of 7% pref. stock at 97 l and divs. V. 118, p. 3084.
A
B o n d s . — The 1st mtge. serial bonds mature annually on May 1 as follows:
1925, $80,000; 1926, $85,000; 1927, $90,000; 1928 to 1930, incl., $100,000;
1931 and 1932, $110,000; 1933, $120,000; 1934, $130,000 and increasing
$10,000 each year thereafter t o 1944. Hon. Frederick Stone, Sault Ste.
Marie, co-trustee. Call, as a whole on any int. day before May 1 1935
at a 5% income basis and thereafter at a 4 ) 4 % income basis. In May
1916 Estabrook & Co., N. Y . and Boston, sold, at par and int. $1,000,000
1st mtge. serial 6 % bonds. V. 102, p. 1814. In Oct. 1921 Estabrook
& Co. o f f e r e d a block of $125,000 1st mtge. serial 6s at 91 and int., yielding
6.75% . V. 113, p. 1580.
EARNINGS.— For calendar years:
G ross
In co m e.
O p e r a tin g
E xpen ses.
F ix e d
C h a rges.
N e t A v a il.
f o r P f . S tk .
$245,905
$577,488
$162,019
$169,563
1923 ________________ . .
152,614
172,784
216,939
1922 ________________
542,338
205,895
117,041
188,855
1921________________
511,791
234,810
76,609
150,401
1920 ________________
461,820
194,554
1919________________
412,856
78,619
139,683
1918________________
379,517
62,440
214,006
103,071
OFFICERS.— Pres. , Samuel Insull; V.-P., Martin J. Insull; V.-P. &
Asst. Treas., John A. McPhail; Sec. & Treas., Oliver E. McCormick;
Gen. Mgr., A. E. Pickering; Aud., J. M . McNeil.— V. 118, p. 3084.
LONDON STREET RAILWAY CO.
ORGANIZATION.— Incorp. under laws of Canada in 1873. F r a n c h is e
expires 1925, at which time, or any fifth year thereafter, city has right to
urchase the property (except Springbank line) on an arbitration basis,
y giving one year’s notice in advance.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Operates 36.10 miles of track. Standard gauge. 56,
73, 75 and 80-lb. T and girder rail. 62 motor cars. Has contract for
power with the Ontario Hydro-Electric Power Commission.
C i t y P u r c h a s e P r o p o s a l D e f e a t e d . — See V. 116, p. 1411.
S
STOCK A N D BONDS—
D a te .
In terest.
O u tstanding.
M a tu rity .
Stock *750.000 ($40)............................
J-J
$637,480
See text
First m ortgage $750,000 g o ld / 1896
6 g M -S
475,000 M a r. 8 1930
(1 1 ,0 0 0 )_______________ c*\ T oron to General Trusts C o ., trustee.
B o n d s . — First mtge. bonds originally matured March 8 1925 and bore
interest at 5% but were extended for five years to March 8 1930 at 6 %.
The remaining $30,000 can only be issued for 66 2-3% of actual cost of
additions and extensions, when net earnings are equal to 1 0 % of all bonds
out, including those to be issued; but total debt must not exceed $20,000
per mile of single track. V. 78, p. 2384. Interest is payable at the Cana
dian Bank of Commerce, Toronto. In each of the ten years preceding
maturity 5% of bonds shall be drawn by lot and redeemed at par on 40
days’ notice. $243,000 have been retired. $2,000 held in treasury.
D iv id en d s .— In 1901 8 % was paid; In 1902, 8 % ; 6 % In 1903, 1904, 1905
•nd 1906. In 1907 dividends om itted on account o f strike. In 1908 to
1916, inclusive, 6 % per annum . In 1916, Jan., 3 % (cash); J u ly, 3 % (in
stock). In 1917. Jan., 3% (cash): July. 3% (in stock"). None to Dec.
1922, when 2 A % was paid. In 1923, 5% was paid. None in 1924.
REPORT.— Years ending Dec. 31:
1922.
1921.
C a le n d a r Y e a r s —
1924.
1923.
$665,302
$693,411
Gross earnings_________
$594,584
$567,866
572,082
487,344
Operating expenses_____
546,364
494,986
34,621
34,514
Interest and taxes______
43,201
37,087
Depreciation__________
38,091
37,364
35,423
34,495
Dominion income tax__
4,712
2,893
3,743
(5%)31,874 (2)^)15,937
Dividends_____________
$10,292
Balance, surplus.
$33,903
OFFICERS— Pres., Chas. Currie, Cleveland, O
Mgr. & Sec.-Treas., L. Tait, London, Ont.— V. 106
p. 878; V. 110, p. 2076, 2568; V. 112, p. 1399: V. 114,
V. 116, p. 1411; V. 118, p. 1773: V. 120, p. 2147.
$10,724
$11,513
V.-Pres., R. G. Ivey
p. 607, 2345; V. 108
----------------p.
p. 306; V. 105 183
MONTREAL LIGHT, HEAT & POWER CONSOL’D
[V ol. 120,
OFFICERS.— Pres., Sir Herbert S. Holt; V.-P., J. S. Norris; Sec. &
Treas., C. S. Bagg; Asst. Sec. & Treas., G. R. Whatley, Montreal.—
V. 118, p. 3206; V. 119, p. 2530; V. 120, p. 582.
MONTREAL LIGHT HEAT & POWER CO.
ORGANIZATION.— Incorp. in Mar. 1901 under special Act of Quebec
Legislature.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Controls the gas, electric light and power business of Montreal and suburbs;
also two hydraulic stations for generation of electricity in operation in the
fall of 1903, to have a capacity of 28,000 h.p., viz., one hydraulic plant,
Lachine, Que., and one at Chambly, Que. Controls output for island of
Montreal of Shawinigan Water Power Co., also the output of the Provincial
Light, Heat & Power Co., which has built a 15,000 h.p. (hydro-electric) plant
on the Soulange Canal. V. 83, p. 216; V. 8 8 , p. 380; V. 103, p. 238.
In 1916 Civic Investment & Industrial Co. (now Montreal Light, Heat &
Power Consolidated— see above), formed for the purpose with $75,000,000
of authorized capital stock in $100 shares, offered 3 of these shares for each
$100 of the $18,709,400 capital stock of Montreal Lt., Ht. & Pow. Co. shares
and par for par for the $8,900,000 stock of the Cedars Rapids Co. The
new co. has issued $64,639,200 of its stock and leases the two properties for
98 years, guaranteeing all fixed charges, &c., and 8 % p. a. on all stock of
Montreal Co. and 3% on all Cedars Rapids stock not exchanged on Aug. 1
1916. See V. 102, p. 2169. Rate increase, &c., in April 1918. V. 106, p. 1799
Cedars Rapids Transmission Co., V. 107, p. 1104.
STOCK AND BONDS—
D a te.
In te re st.
O u t s ta n d in g .
M a tu r ity .
Q-F
$18,800,000 Nov ’24,2%
Stock, $22,000,000 ($100)_________
1st & coll tr mtge $7,500,0001 1902 4 A g J-J
6,301,000 Jan. 1 1932
($1,000) gold__________ c*/Royal Trust Co., Montreal, trustee.
Lachine mortgage, $4,000,000\ 1903
5 g A-O
2,832,000 April 1 1933
($1,000) gold__________ c*/Royal Trust Co., Montreal, trustee.
Provincial Lt, Ht & Pow Co\ 1906
5 g M-S
971,000 Sept 1 1946
1st M , gu p & i ($ & £) gold/Nat’l Trust Co., Ltd., Montreal, trustee.
Cedars Rap Mfg&Pow 1st M l 1913
5 g J-J
13,862,300 Jan. 11953
$15,000,000 ($500, &c) g c*/Montreal Trust Co., Montreal, trustee.
S to c k . — A majority of the stock outstanding has been exchanged for stock
of the Montreal Lt., Ht. & Pow. Consolidated, which see above. That
company guarantees 8 % per annum on all stock unexchanged of the old
Power Co.
B o n d s . — 1st & coll. tr. bonds are secured by stocks of controlled cos., &c.
Are call, as a whole, but not in part, at 105 and int. Int. payable in
Montreal and New York. Of the Lachine division bonds $399,000 are
reserved to retire an equal amount of underlying bonds and $72,000 are in
the treasury. S in k , f u n d of 1% p. a. of bonds outstanding. Call, as a
whole, but not in part, at 105 and int. on any int .date. Int. payable in
Montreal and New York. List of underlying bonds and description of
mortgages, V. 74, p. 580; V. 75, p. 238; V. 76, p. 923.
The $1,358,000 Provincial Lt., Ht. & Pow. 5s are guaranteed, p. & i., by
Montreal Lt., Ht. & Pow. Co. S in k , f u n d 1% p. a., 1911 to 1928, and
1 1-3% p. a. thereafter. Call, at 105 and int. on any int. date. Int.
payable in N . Y ., Montreal and London. V. 8 8 . p. 380.
Cedars Rapids Mfg. & Pow. Co. 1st 5s ($15,000,000 auth.) were redeem
able on or before Jan. 1 1922 at 105; since at 110 and int. S in k , f u n d 1%
p. a. commencing Jan. 1 1924. Red., all or in part, at 110 and int. Int.
payable in N. Y . (in U. S. gold coin), Montreal and London (at $4 86 2-3
to £1). V. 103, p. 323; V. 102, p. 1812.
D i v i d e n d s .\ ’07. ’08. ’09. ’10. ’l l . ’12. '13. ’14. ’15. ’16. 1917toNov’24
Per c e n t .../ 5
6
6
7
8
9
10 10 10 10 2%quar.(Q-F)
OFFICERS.— Pres., Sir Herbert S. Holt; V.-P., J. S. Norris; Sec.-Treas.
C. S. Bagg; Asst. Sec. & Treas., G. R. Whatley, Montreal.— V. I l l , p. 698
MONTREAL TRAMWAYS & POWER CO., LTD.
C o n t r o l. — In
July 1924 it was announced that the United Securities, Ltd.,
had acquired control of the company. V. 119, p. 694. For offer to stock
holders to exchange shares for stock of holding company see V. 118, p. 3198.
See also V. 119, p. 1733.
ORGANIZATION.— A holding company. Incorp. in London, Eng., in
1908, and controls the following:
M ontreal Ira m w a y s C o .,
M ontreal P ublic Service O orp ..
Canadian Light & Power C o .,
M ontreal H yd ro-E lec. O o .. L td .
M ontreal Tram w ays O o. and C an. L t. & Pow er C o . stockholders received
1 )4 shares o f M o n t. T ram . 8c Power O o. stock for each share o f their stock.
V. 94. p. 417. 207.
S u it B r o u g h t b y N e w
D i r e c t o r s a g a in s t
V. 118, p. 1911, 3078; V. 119, p. 75.
T r u s t e e s a n d O ld D i r e c t o r s . — See
S u i t s F i l e d b y C o m p a n y a g a in s t Q u e b e c - N e w E n g l a n d H y d r o -E l e c t r i c C o r p .
— V. 119, p. 811.
S T O C K AND BONDS—
D a te .
In terest. Outstanding.
M a tu rity
Stock $20,002,000___________ ______
________ $17,578,330 .....................
B o n d s . — The 5-year 6 % coll, trust bonds due Mar. 1 1929 were called
for payment April 1 1925 at 101 & int.— V. 120, p. 1747; V. 107, p. 2294;
V. 108, p. 269, 784; V. 116, p. 935; V. 117, p. 87; V. 118, p. 202, 551, 1012,
1666, 1773, 1911, 2179, 3078, 3198; V. 119, p. 75, 694, 811, 1625, 1733;
V. 120, p. 82, 1747.
(1) M O N T R E A L T R A M W A Y S C O .
ORGANIZATION.— Ohari,ereu lu i91l and acquired by merger the
Montreal Street Ry., Montreal Park & Island Ry. and Montreal T erm inal
Co. (V. 93. p. 871 1324), the last two comnanies being subsidiaries to the
Montreal Street Ry. V. 93, p. 1022, 1106.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and controls entire street railway system in Montreal and Island of
Montreal, except about a mile of interurban line entering the city. Oper
ates 275 5 miles of track. The company’s steam power plant is to be enlarged
from 10,000 h. p. to 60,000 h..p. V. 102, p. 345. In 1904 contract was
made with the Montreal Light, Heat & Power Co. for a supply of power.
F r a n c h i s e . — For terms of 35-year franchise signed in Jan. 1918, see
“ Electric Railway” Supplement of April 26 1924. See also V. 106, p. 607.
In March 1925 $17,650,000 of 5% debentures stock was retired through
the issue of $17,826,500 gen. & ref. mtge. 5s series A. Debenture stock
holders were offered $101 series A gen. & ref. mtge. 5s for each $100 of
debenture stock. V. 120 , p. 1203.
STO C K A N D BON DS—
D a te .
In terest.
O u tstan ding.
M a tu rity.
Stock com m on _______ ___ ____ _
_______ *$4,000,000
See text
21,351,000 July 1 1941
1st & ref m tge *75,000,000 gl 1911 _ 5 J-J
(*500&$1 - - - - Pay in - Lon-j-Harris Tr. & Sav. Bk., Chic., Trustee. Nat.
don p&i in £ = $ 4 86 2-3_c*J Tr. Co.. Ltd., Montreal, Co-Trustee.
Gen & ref mtge series A ($100,/ 1925
5 g A-O
7,000,000 Apr 11955
$500 & $1,000) gold_____c*\Montreal Trust Co., Montreal, trustee.
ORGANIZATION.— Incorp. in Canada in 1916 as Civic Investment &
* Including the amount due on shares not yet exchanged.
Industrial Co., name being changed as above in 1918. Owns 98% of the
Bonds.— Remaining 1st
stock of both the Montreal Light, Heat & Power Co. (which see below) not exceeding 75% of cost& ref. bonds are for extensions and additions at
under
Red. as entire issue
and Cedar Rapids Mfg. Co. (V. 106, p. 823); operates their properties (but not any part) at 105 and int. certain restrictions.Int. payable in N. Y .,
under leases running for 98 years from Aug. 1 1916, assuming all their fixed Chicago, Montreal and London. on any int. date.
V. 93, p. 1463. Listed on the N. Y .
charges and paying dividends at fixed rates on their capital stock.
(V. 97, p. 1025), Montreal and London stock exchanges.
Joint guarantee of 6 % pref. stock of United Securities, Ltd. V. 118, p
In Dec. 1924 $3,266,000 1st & ref. 5s were s o ld by Harris, Forbes & Co.,
3206; V. 119, p. 2530.
New York, and Holt, Gundy & Co., Montreal, at 95 and int., yielding over
STOCK AND BONDS—
D a te .
In terest.
O u t s ta n d in g .
M a tu r ity
5.45%. V. 119, p. 2762.
Stock $75,000,000 ($100)__________
Q-F
$64,651,000 Feb '25 , I K
Gen. & ref. mtge. series A 5s have s i n k , f u n d of $25,000 per annum from
No funded debt.
April 1 1928 to April 1 1933; $40,000 per annum from April 1 1934 until
D i v i d e n d s . — Nov. 15 1916 to Nov. 15 1919, 4% per annum (Q.-F. 1%);
April 1 1938, and $50,000 per annum thereafter until maturity. Are red. all
Aug. 1919 to Nov. 1922, 1)4% quar.; Feb. 1923 to Nov. 1923, 1)4% quar.; or in part on any int. date on 60 days’ notice at 104 and int. up to April 1
Feb. 1924 to Feb J1925, 1 H % quar.
1930; at 103 and int. during the next ten years; at 102 and int. during the
next ten years, and at 100 A and int. thereafter to maturity. Prin. and int.
REPORT.— For 1924, in V. 120, p. 582, showed:
payable in gold in New York and Montreal, and in London in sterling at the
E a r n i n g s — C a l. Y e a r s —
1924.
1923.
1922.
1921.
Gross earnings_________ $17,394,091 $16,140,960 $14,431,323 $13,289,964 fixed rate of $4 866 to the pound. In March 1925 Aldred & Co.; Minsch,
Monell & Co., Inc., &c., &c., s o ld $7,000,000 gen. & ref. mtge. series A
Expenses and taxes_____ 7,984,489 x7,113,960
6,504,717
6,549,933
1,328,996 5s at 88 and int., yielding over 5.85%. V. 120, p. 1203.
1,443,133
Depreciation___________ 1,739,409
1,614,096
D i v i d e n d s . — In April 1913 an interim div. of 5% was declared on the
1,188,293
Fixed charges__________ 1,209,778
1,211,654
1,124,786
2,689,740 paid-up common capital stock. A quar. div. of 2 A % was paid Aug. 1913
2,690,397
Dividends paid________ 3,770,642
3,231,767
(V. 96, p. 1840), and 2 A % quar. to and incl. May 1918. In Dec. 1919 a
646,070
537,946
754,041
Dividends accrued_____
754,261
div. of 2 A % for the second quarter of 1918 was paid. See V. 109, p. 2440.
Insurance reserve______
150,000
20,000
20,000 In 1920. Mar., 2) 4%; June, 2A %\ Sept., 2) 4%; Nov., 2 M % . In 1921,
Pension fund__________
20,000
20,000
10%. In 1922, Mar., 2 ) 4 % , clearing up all arrears on the stock.— V. 114,
$2,195,442 $1,912,220
$975,056 p. 1180. In Aug. 1922, 2)4 % was paid, and dividends at same rate, paid
Balance, surplus_____$1,765,508
regularly, quar. since to & incl. Feb. 1925.
xNot including income tax.
M ay , 1925.]
313
POWER, LIGHT AND RAILWAY
30.
1922.
1924.
1923.
Gross receipts_______________________ $12,463,799 $12,056,355 $11,712,525
5,769,403
Operating expenses and taxes_______ 6,246,890
6,099,993
47,960
48,555
48,304
Operating profits___________________
2,579,200
Maintenance, &c___________________
2,579,780
2,492,792
S ta te m e n t o f O p e r a tio n s U n d e r N e w C o n tra c t— Y e a r s e n d in g J u n e
Balance__________________________ $3,588,574
Allowances due co.: Int. on cap. value 2,177,178
Int. 7% on additions_______________
175,919
Int. 6 % on working capital_________
5,351
Financing expenses_________________
181,431
$3,415,264
2,177,178
164,973
2,530
181,431
$3,315,962
2,177,178
145,684
6,596
181,431
Balance, surplus_________________ $1,048,695
Payable when earned: City rental_
_
$500,000
Contingency reserve________________
$889,151
$500,000
41,597
$805,073
$500,000
117,125
Deficit
sur$548,695 sur$347,553 sur$187,948
Y e a r s E n d e d J u n e 30.
1923-24.
1922-23.
1922-23.
Allowance from contract___________ $2,358,448 $2,392,986 $2,377,418
Operating profit____________________
48,555
----------------Other revenue_____________________
42,172
37,239
64,061
C o m p a n y ’s I n c o m e a n d P r o f i t a n d L o s s S ta te m e n t f o r
Gross revenue____________________ $2,449,175
Interest on bonds__________________
994,l39
Interest on debentures______________
882,500
Other expenses_____________________
8,982
$2,430,225 $2,441,479
990,856 1,043,100
874,350
857,500
16,983
16,875
fund to be used by the trustee to purchase or redeem bonds at not exceeding
par. To Dec. 31 1924 the sinking fund had retired $1,863,000 par value
of bonds. Int. payable in London, Toronto and New York. In June 1924
3500,000 were o ffe r e d by ICelley, Drayton & Converse and Eastman, Dillon
& Co. at 94)4 and int., to yield about 7 % . V. 118, p. 3087.
EARNINGS.— For calendar years:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
Gross inc. (all sources) __ $1,327,753 $1,113,134
$886,522
$778,119
______
Operating expenses, incl.
maint., taxes, &c____
567,136
362,001
285,709
282,677
Bond interest__________
285,473
270,390
270,390
271,113
Exchange charges, &c__
7,380
5,312
13,325
41,561
Profit for year_______
Previous surplus (adj.)._
Pulpwood inv. adj _____
$467,764
568,603
11,960
C r.
$475,430
546,639
---------
$317,098
569,383
---------
Total surplus_________ $1,047,427 $1,022,069
Preferred dividends___
357,420
214.452
Transferred to reserves.
215,000
239,000
$182,769
564,768
---------
$886,481
$747,537
----------------300,000
175,000
Profit and loss surplus $475,007
$568,617
$586,481
$572,537
OFFICERS.— Pres., David Fasken; V.-P., F. O. Blackwell; V.-P.,
O. B. Willcox; Sec. & Treas., Jas. Aitchison; Gen. Mgr., D. G. Allan;
Aud., T. S. Clark.— V. 118, p. 1146, 3087, 3206; V. 120, p. 1204.
OTTAWA TRACTION CO., LTD.
ORGANIZATION.— A holding co. Incorp. Oct. 23 1913, and acquired
$1,860,100 of the stock of the Ottawa Electric Ry.
STOCK ANTD BONDS— D a t e .
I n te r e s t
o u tsta n d in g
M a tu r ity .
Surplus for the year______________
$163,554
$148,086
$126,572 9.ock $10,000,000 ($100)................
Q-J
$5,581,500
See text
OFFICERS.— Pres., Julian C. Smith: V.-P., Hon. Geo. G. Foster: V.-P.
D i v i d e n d s .— First div.— 1% — paid July 1 1914; same rate quar. since
P. J. McIntosh: Sec.-Treas., Patrick Dubee; Gen. Mgr., J. E. Hutcheson8 with 1% extra in January, making 5% per annum.
— V. 115, p. 645, 1529, 1731: Y. 116, p. 721, 935; Y. 117, p. 87, 782, 1126OFFICERS.— Pres., T. Ahearn; V.-P., F. D. Burpee; S8C. & Treas.,
1462: V. 118, p . 1012, 3197: V. 119, p. 694, 2064, 2174, 2762; V. 120, pG. L. Snelling.— V . 107, p. 803; V. 109, p. 2263; V. I l l , p. 2521; V. 113,
957, 1203, 1327, 1747.
p. 2614; V. 114, p. 627, 1180; V. 117, p. 2654; V. 119, p. 2763.
(2) C A N A D IA N L I G H T & P O W E R C O .
(1) OTTAWA ELECTRIC RY.
ORGANIZATION.— Incorp in Canada on June 2 1904. See descrip
•KGANIZATION.— Incorporated in 1894
is a consolidation of the
tion of company’s developments in V. 91, p. 591, and V. 89. p. 848
Hat
Ottawa City Passenger Ry. and the Ottawa Electric Street Ry.
C e perpetual right to distribute and sell power and light in Montreal and
h
leveral adjacent counties. Distribution system in Montreal has been takes
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
over by the Montreal Public Service Corp
A trolley road. Operates 55 miles of track in city, and to Hull, Rockliffe,
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— Britannia-on-the-Bay and Government Experimental Farm. Has a park
Owns a new and modern hydro-electric plant at St. Timothee, 28 miles from of 60 acres at Britannia-on-the-Bay. Standard gauge. Rails, 72, 80, 94
Montreal; present development about 30,000 h. p. Ultimate development, and 115-lb. T and girder.
On Jan. 7 1924 the citizens of Ottawa voted to grant the co. a new
75,000 h. p.
ranchise. For details see V. 118, p. 311. See also V. 119, p. 2763.
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a tu ru i
V a l u a t i o n . — In Nov. 1921 the Hydro-Elec. Pow. Comm, of Ont. set a
Stock $7,000,000 ($100) ................................... ......... $6 ,000,000 .................
valuation of $4,110,922 on the co.’s line and equipt. in Ontario. V. 113.
First mortgage $6,500,0001____
5 J-J
6,500,000 ......... p. 2313.
($500 and $1,000) ________ \Royal Trust Co., Canada, Trustee.
STOCK AND BONDS—
D a te.
In terest.
O u ts ta n d in g .
M a tu rity.
B o n d s . — First mtge. bonds are subject to call, all or any, at 105, at com
Q-J
$1,877,200 See text
pany’s option. S in k in g f u n d began July 1 1914. Interest payable in Stock $4,000,000 ($100)___________
Montreal or London.
D i v i d e n d s . — From 1893 to 1905, 8 % per annum; in 1905, 2% extra;
1906 to 191i, incl., 12% p. a.; in 1912, 16)4%; since to and incl. 1923, 15%
(3) M O N T R E A L P U B L IC S E R V IC E C O R P O R A T IO N .
EARNINGS.— For years ending Dec. 31:
Net income______________________
$563,554
$548,034
$524,004
Dividends______________________ (10%)$400,000 (10)399,947 (10)397,432
This com pany (form erly the Saraguay E lectric & W ater C o .) has acquirer
the D om inion L t ., H t. & P ow ., the St. Paul E lectric L t. & P ow . C o . anc
Che distribution system o f the C an. L t. & P ow . C o . in M on treal. Oontrolt
an established business in various im portant sections o f the city and pro
vides a market for a large am ount o f the power developed b y the Can
Light & Power O o.
C a le n d a r
Year—
G ross
N et
In te re st,
C o r d in g .
D iv id e n d s
B a la n c e
E a r n in g s.
E a r n in g s . T a x e s ,& c . A c c o u n t .
(15%). S u r p l u s
1918*_____$1,323,830 $477,010 $117,182 $60,000 $281,580 $18,086
1917______ 1,240,627 535,289
125,623 110,000
281,580
18.24S
Passengers carried in 1918. 29,723,068. against 29,347,692 in 1917.
x N o later figures puDlished.
NIAGARA ST. CATHARINES & TORONTO RAILWAY
OFFICERS.— Same as for T r a c tio n Co.— V. 114, p. 307, 2718; V. 115, p.
183, 2379; V. 116, p. 411; V. 118, p. 311; V. 119, p. 1396, 2763.
Is operated b y the Canadian N ational Railways.
O R G A N IZ A T IO N .— Incorporated in Canada in 1899. A consolidatloc
j f the Niagara Central R y ., the Niagara Falls W elsey Park & C lifton T ram
way C o. and the P ort Dalhousie S t. Catharine’s & T horold E lectric 8 tree
R y. F ranchise perpetual. Owns and operates Niagara St. Catharine’s
& T oron to N avigation C o .; also transports freight.
QUEBEC RY., LIGHT, HEAT & POWER CO., LTD.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates 62.66 miles of track. Runs from Port Dalhousie
on Lake Ontario, passing through St. Catharines, Merritton, Thorold
*nd Niagara Falls, Ont., to Falls View, Ont. Has an extension of 18.53 mill s
from Thorold through Fonthill and Welland to Port Colborne; also an ex
tension of 12.2 miles from St. Catharines to Niagara-on-the-Lake. Mail
line has been replaced with 80-lb rail
48 pass, cars, 8 electric locomotives
3 electric snow plows, 5 miscellaneous cars and also 4 cinder cars. Also
operates two steamers. Permission to build several extensions has been
granted by the Dominion Parliament.
Shareholders voted 1910 to make an issue of 2d mtge. bonds at rate of
$10,000 per mile to Nat. Tr. Co., Ltd., Toronto, trustee. V. 90, p. 54,1296.
In March 1924 City of Niagara Falls passed a by law granting the com
pany a 20-year service-at-cost franchise. City to have option of purchase
at end of that period or franchise renewable for 5-year periods. Fare, 7 cts.
In April 1924* it was reported that a similar proposition would be voted
upon in St. Cathatines shortly. At last accounts the matter was still in
negotiation.
STOCK A N D BONDS—
D a te .
In terest.
O utstanding.
M a tu rity
Stock $1.000.000........................................................
$925,000 ............ ........
B a ilw a y First m ortgage g o ld f 1899
5 g M -N
1,098,000 N o v 1 1929
($1,000) ($1,000 or £ 20 5 {In t. at Canadian Bank o f C om m erce, T orOs 8d)__________________ c * j on to, and Bank o f Scotland, L on d on .
IN ational Trust C o ., L t d ., T oro n to , Trustee
Second m ortgage______________1910
________
N one
___ ________
Navigation Oo First mort- ( 1903
5 g M -N
______
Nov 1 1929
gage $200,000 ($1,000 or) In t. at Canadian B k . o f C om ., T o ro n to & N .Y
£205 9s8d) gold _________ c*[N a tion a l Trust C o ., L t d .. T oro n to , Trustee.
Bonds. — O f the Railw ay bonds $20,000 per mile is authorized and Issued.
S?e V . 82, p . 869. T he N avigation bonds are guaranteed b y the R a ilw a y ’
p Sc 1.. by endorsement. N either Issue is subject to call.
♦ E A R N IN G S .— F or cal. years:
C al. Y ears —
G ross. E xp en ses,
In t.
Charges. S urplu s.
1 9 1 9 ..........................................$926,390 $717,953 $208,437 $110,811 $97,626
1918 .......................................... 766,422 569,961 196,462 135,873
60,589
1917 .......................................... 756,590 500,022 256,568 118,873 137,695
♦No longer reported separately. Are now Included in accounts of Canadian
C o n t r o l. — It was reported in May 1923 that the Shawinigan Water &
Power Co. had acquired control of the co. V. 116, p. 2389.
P r o p o s e d A c q u i s i t i o n . — On July 26 1923 the Quebec Power Co., formerly
the Public Service Corp. of Quebec, made the following offers to the com
stockholders and income bondholders of the co.:
(1) O ffe r to H o l d e r s o f th e C o m m o n S h a r e s . — Quebec Power Co. will
purchase and acquire the whole or any part of the $ 10 ,000,000 com. shares
of Quebec Ry., Lt., Ht. & Pr. Co., Ltd., by giving in exchange therefor
com. shares of Quebec Power Co. (par $100 each) on the basis of $25 par
value of such com. shares for each $100 par value of com. shares of Quebec
Ry.. Lt., Ht. & Power Co.
(2) O ffe r to H o l d e r s o f 5% 30-Y e a r I n c o m e B o n d s D u e 1951.— (a) Quebec
Power Co. will purchase and acquire the whole or any part of the $3,307,200
income bonds of Quebec Ry., Lt., Ht. & Pr.Co., Ltd., by giving in exchange
therefor 7% preference shares (par $100) of Quebec Power Co. on the basis
of $30 par value of such preference shares for each $100 par value of such
income bonds. (6 ) At the option of the holder, Quebec Power Co. will
pay $27 in cash for each $100 par value of such income bonds.
The Quebec Power Co. proposes to take over the power properties of the
co. and to transfer to the Quebec Gas & Tramways Co. (a new co.) the
gas and tramway properties. It was stated in Sept. 1923 that sufficient
support to assure carrying out this plan had been received from the share
holders. Up to Dec. 31 1923 over 90% of the income bonds and 89,000
shares of common stock of the co. had been exchanged in accordance with
plan. Full particulars regarding plan, details of exchange offer, &c., will
be found in V. 116, p. 2389; V. 117, p. 555, 670, 1347.
ORGANIZATION.— Incorporated In Canada on Nov. 19 1909 aa a con
■olldatlon of the following properties (V. 89, p. 1598):
Quebec R y ., L t. & Power O o .
Quebec Gas O o.
ifrontenac Gas C o .
(Quebec Jacques Cartier E lectric Oo.
Canadian E lectric Light O o.
|Quebec C ounty R ailw ay O o.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
These companies do an electric light and power, gas and street railway
business in Quebec and surrounding parishes. Owns 26.95 miles city track
and 33.50 miles interurban; 56 and 70-lb. rails; gauge, 4 ft. 8)4 in. Has
contract with the Stadacona Hydraulic Co. for supply of power. V. 94,
p. 1449.
P u r c h a s e b y G o v e r n m e n t .— For particulars regarding purchase of certain
lines by Dominion Government, see “Electric Railway” Supplement of
National Railways.
April 26 1924.
OFFICERS.— Pres., Sir Henry Worth Thornton; V.-P.. Gerard Ruel;
In Jan. 1924 the shareholders ratified a
authorizing the
V.-P., D. E. Galloway: Sec., R. P. Ormsby, Montreal; Gen. Mgr., and issue of $7,500,000 gen. mtge. bonds, by-law it is understood creation
which
will not
E. W . Oliver, Toronto.— V. I l l , p. 294, 1370; V. 113, p. 2505; V. 114, be sold to the public, but will be used for collateral. V. 118, p. 204.
p. 307, 1064; V. 119, p. 325; V. 120, p. 958.
Shareholders were to vote April 15 1925 on reducing the authorized capital
from $10,000,000 to $2,500,000 by reducing the par value of shares from
$100 to $25 each. V. 120, p. 1748.
NORTHERN ONTARIO LIGHT & POWER CO., IiTD.
ORGANIZATION.— Incorp. in Ontario, Canada, in 1911.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates an electric light and power system serving the silver
mining territory centering around Cobalt, the Porcupine and the Kirkland
Lake gold mining districts in the Province of Ontario. Co. also distributes
compressed air for power in the Cobalt mines and owns and operates a
40-ton-per-day pulp mill at Haileybury and a local telephone system in
the Porcupine district.
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a tu r ity .
Common $5,000,000 ($100)__ ____
_______
$4,585,000 __________
Pref 6 % cum $2,500,000 ($100' i ___
J-J25
2,400,000 _
1st Mtge $15,000,000 ($500 &] 1911 6 g J-J
5,006,500 Apr 1 1931
$ 1 ,000 ) gold sink fund..c*J Toronto General Trusts Corp., Trustee.
S to c k . — Pref. is conv. into com. share for share at option of the holders.
B o n d s . — 1st mtge. 6s are call, at par and int. on any int. date.
A s in k in g
f u n d provides for the annual payment to the trustee of an amount equal to
2 % of the par value of all bonds at any time heretofore issued. The sinking
STO CK A N D BONDS—
D a te .
I n te rest.
O utstanding M a tu r ity
Stock $10,000,000 ($100).....................
Q-J 15 $9,999,500 Jan. 15 12,1 %
Consolidated m ortgage $ 1 0 ,-[ 1909
5 g J -D 10,000,000 D ec. 1 1989
000,000 g ($100 $500 and] Int. at M ontreal Trust C o .. M o n t., trustee,
$1,000 — __________ ___ ___ l Bank o f Scotland, L ondon . Eng
Gen m tge-------------------------------- 1924
7%
1,300,000
1939
Quebec-Jacques Cartier P o w ( 1901
5 J -D
849,000 D ec 1 1941
1st ref $1,000,000 ($1.0 00 )(T ru st O o. o f Am erica, N . Y .. trustee.
g interest In N Y ________c* [Interest at com p a n y’s office. Quebec
In co m e b o n d s-----------------------------------5%
3,307,200 Sept 1 1951
B o n d s . — Consol, m tge. 5s o f 1909 are red. at 105 and int. on any Int. d a y
$849,000 of the consol, bonds are reserved to retire underlying bonds.
D i v i d e n d s . — Initial d iv .— 1 % — paid April 15 1911; July. 1 % ; O c t.. 1 % .
In 1912. Jan ., 1 % ; none since
E A R N IN G S .— F or years end. D e c. 31:
„
„
C a l. Y e a r s —
G ross.
1924............. .......... $3,133,806
1923........................ 2,973.004
N et.
F ix e d
C h a rges.
B a l. f o r
D e p r ., & c .
$977,314
748.651
$712,643
583,283
$264,672
165,368
214
P U B L IC U T IL IT IE S
OFFICERS.— Pres.. J. C. Smith; V.-P., H. Murray; Gen. Mgr., J. E.
Tanguay; Sec., Jas. Wilson; Treas., W . S. Hart.— V. 114, p. 948, 1409,
164S, 1652; V. 115, p. 544, 760, 1732; V. 116, p. 1761,2389; V. 117, p. 555,
670, 1347, 2433; V. 118, p. 204, 1666 , 2706 , 2950; V. 120, p. 1748.
QUEBEC POWER CO.
[V
ol.
120.
D a te.
I n t e r e s t . O u t s ta n d in g .
M a tu r ity .
STOCK AND BONDS—
Stock $40,000,000 ($100)____ ____
Q-J 10$22,000,000 Apr’25,1 % %
1st cons mtge gclosed ($500, 1904 5 g J-D
3,738.500 Jan 1 1934
&c) gold_______________c* Royal Trust Co., Montreal, Trustee.
1st & ref mtge $50,000,000 1919 5 ) 4 g J-J
6,000,000 Jan 1 1950
Series “A ” ($100, &c) g____• 1921
6 g J-J
5,334,000 July 1 1950
Series “ B " gold__________
1921
6 g J-J
5,998,000 July 11950
Series “ C " ($500, &c) g.c* ____
5 )4 %
1 ,688,000 ___________
Series “ D ” _______________ .Montreal Trust Co., Montreal, Trustee.
B o n d s .— First consol. 5s ($5,000,000), all issued butj$l ,262,000 in treasury
and sinking fund. Mtge. provides for s in k in g f u n d of 1% . Call, at 110.
Int. payable in N. Y ., London or Montreal. V. 79, p. 274.
The $50,000,000 lsi & r e f . m t g e . bonds of 1919 may be issued in series
with different interest rates not exceeding 6 % and maturities not later than
Jan. 1974, for the following purposes (V. 109, p. 584): (a) Series A 5 ) 4 %
chiefly to refund forthwith $5,476,261 perpetual consol, debenture stock,
$6,000,000; (6) to retire 1st M . bonds of 1904 at or before maturity, $5,500,000; (c) issuable for capital expenditures provided all of the $4,500,000
convertible notes shall have been converted into stock or paid from proceeds
of these bonds, $8,500,000; (d) reserved for 80% of future additions, &c.,
$30,000,000. A s in k in g f u n d of 1% per annum (first payment Dec. 31
1922) on all outstanding 1st ref. mtge. bonds will be used to retire bonds by
purchase at not exceeding the calling prices, or by call if not so purchasable.
The ser. A bonds are red. at a prem. of 10% prior to Jan. 1 1930; 5% there
after and prior to Jan. 1 1940, and 3% thereafter and prior to Jan. 1 1950.
Int. payable in N. Y ., London or Montreal. Ser. B call, or all in part
after July 1 1926, or at any time for sink, fund, at 105 during the first 14
years, 104 during the next 5 years, 103 during the next 5 years, 102 during
the next 3 years and 101 thereafter, plus accrued int. in each case. Int.
payable in N. Y. and Montreal. The ser. C bonds dated Jan. 1 1921 are
call, all or part after July 1 1926, or at any time for the sink, fund, at 105
during the first 14 years, 104 during the next 5 years, 103 during the next
5 years, 102 during the next 3 years and 101 thereafter, plus int. Int.
payable in N . Y . and Montreal. V. 112, p. 940.
D i v i d e n d s .—
J ’07. ’08. ’09. ’ 10. ’l l . ’12. ’13. ’14. ’15. T 6 . toApr. ’254
4
4
5 5 )4
6
6 6 )4
7
(l^Quar.)
Percent----------- \ 2
REPORT.— For 1924, in V. 120, p. 1082 and 1104, showed:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
Gross earns., ah sources. $5,741,079 $5,110,539 $4,629,642 $4,224,046
Net earnings____________$3,320,551 $3,170,893 $2,953,061 $2,838,995
Bond interest, &c______ 1,274,652
1,189,333
1,155,778 1,048,182
Dividends (7% )_______ 1,400,000
1,400,000
1,400,000 1,400,000
Controlled by Shawinigan Water & Power Co.
ORGANIZATION.— Incorp. in Canada. Was formerly known as the
Public Service Corp. of Quebec. Has acquired stock control of the Quebec
Railway, Light, Heat & Power Co., Ltd. (which see below).
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Together with controlled companies handles the entire light and power
business, urban street railway and gas business of the City of Quebec and
the surrounding industrial district, serving a population of about 225,000.
Co. and subs, own 3 hydro-electric plants with installed generating capacity
of 10,800 h. p.; a steam station of 3,300 h. p. capacity, and 300 miles of
transmission and distribution lines: operates a gas production and distribu
tion service with a capacity of 1 ,000,000 cu. ft. of gas per day, a street rail
way in Quebec City and suburbs, and an electrically equipped railroad from
Quebec to St. Joachim.
The cos. purchase additional energy from the Shawinigan Water & Power
Co. and the Laurentian Power Co., Ltd., under long-term contracts.
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a tu r ity .
_________ $4,100,000 Apr’25,1 M %
Common $6,000,000 ($100)________
Pref 7% cum $4,000,000 ($1 0 0)____
_________ 2,402,160 Apr’25.1 3 %
4
1st Mtge $20,000,000 Ser “A ” ( 1923
6 g A-O
3,540,000 Oct 11953
($100, $500 & $1,000) g__c*\Nat. Trust Co., Ltd., Montreal, trustee.
6 % Sterling debenture stock
1923
6%
£300,000 __________
B o n d s .— Additionally secured by pledge of collateral as follows:
$3,000,000 5% Consol. Mtge. bonds of Quebec Ry., Light, Heat & Power
Co., Ltd., due 1939, of a total authorized issue of $10,000,000.
2,950,000 5% 30-Yr. Inc. bonds of Quebec Ry., Light, Heat & Power Co.,
Ltd., due 1951, of a total amount outstanding of $3,307,200.
85,000 shares Common stock ($100 each) of Quebec Ry., Light, Heat
& Power Co., Ltd., of a total issue of 100,000 shares.
Are red. all or in part on any int. date on 60 days’ notice at 110 & intup to Oct. 1 1928; at 1 0 7 ) 4 & int. up to Oct. 1 1939; at 105 & int. to Oct. 1
1943; at 102 K & int. up to Oct. 1 1948, and at 101 thereafter until maturity.
Balance, surplus_____
$645,899
$581,560
$397,283
$390,813
Mtge. provides for a s in k in g f u n d commencing Oct. 1 1930 of $25,000 per
39,593
annum to be increased Oct. 1 1935 to $40,000 per annum and Oct. 1 1940 to Previous surplus______(adj.)229,070(adj.)159,253(adj.)145,594
$50,000 per annum. Int. payable at the Royal Bank of Canada, Mont
Total______
$874,969
$740,813
$542,877
$430,406
real, in Canadian gold coin, or at the Bank of Manhattan Co., N. Y ., in
$350,000
$200,000
$200,000
U. S. gold coin. In Oct. 1923 Aldred & Co. and Minsch, Monell & Co., Depreciation reserve____ $350,000
50,000
50,000
50,000
50,000
Inc., N. Y ., o f f e r e d $3,540,000 1st Mtge. Ser. “ A” 6s at 95 & int., to yield Reserve and sinking fund
Other reserves__________ _
25,000
25,000
25,000
25,000
about 6 % % . These bonds were offered simultaneously in Montreal and
New York and at about the same time £300,000 6 % debenture stock issued
Total surplus Dec. 31. x$449,969 x$315,813 x$267,877 x$155,406
under the same mtge. was offered in London. V. 117, p. 1897.
x Surplus; subject to deduction for income tax.
D i v i d e n d s .— On Jan. 15 1924 an initial div. of 4% was paid on common,
OFFICERS.— Pres., J. E. Aldred; V.-Ps., Howard Murray and Julian
In April 1925, 1M% was paid. V. 120, p. 2013.
C. Smith; Treas., W . S. Hart; Sec., James Wilson. Office, Power Build
ing, Montreal.— V. 119, p. 1518, 2288, 2412, 2531; V. 120, p. 959, 1082.
E AR N IN G S— For year ended Dec. 31 1923:
$544,090
Gross income from all sources________________________________
Operating and maintenance expense, $238,296; general interest,
$50,748; int. on bonds and debentures, $50,156_____________
339,200
ST. MAURICE POWER CO., LTD.
Depreciation__________________________________________
24,000
Dividends— Public Service Corp. of Quebec stock, $40,000; on
Controlled by Shawinigan Water & Power Co.
preferred stock, $76,494-------------------------------------------------------116,494 ORGANIZATION.— Incorp. in 1921 under the Companies Act, Canada.
Surplus.------- -------------------------------------------------------------------Add surpluses and adjustments from previous years__________
$64,396
96,961
T otal------------------------------------------------------------------------------Div. of 10% on P. S. Corp. of Que. stock paid in pref. stock____
$161,357
160,000
Surplus___________________________________________________
$1,357
OFFICERS.— Pres., Julian C. Smith; V.-P., Howard Murray; Treas.W . S. Hart; Sec., Jas. Wilson.— V. 119, p. 1180, 3011; V. 120, p. 2013.
SHAWINIGAN WATER & POWER CO. (THE).
{S e e M a p o n O p p o s it e P a g e .)
ORGANIZATION.— Incorp. in 1898 in Quebec.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns hydro-electric plants with present capacity of 333,700 h. p. at Shaw
inigan Falls and at the Laurentide Power Co., Ltd. Serves with its 800
miles of 100,000 and 50,000-volt transmission lines Montreal, Quebec,
Three Rivers, Sherbrooke, Thetford Mines and 40 smaller cities and towns
in the Province of Quebec. Has also developed a large demand for power
among the industrial plants adjacent to its property. Contract with
Laurentide Power Co., Ltd., V. 103, p. 1035. Auxiliary companies, &c.,
V. 106, p. 303; V. 116, p. 955, 2398; V. 117, p. 2443; V. 119, p. 1518.
Also controls various sub. mfg. and distributing companies.
Joint guarantee of 6 % pref. stock of United Securities, Ltd. V. 118,
p. 3208; V. 119, p. 2531.
The completion of the La Loutre dam by the Province of Quebec, it is
stated, assures the company for the future a steady flow of water the year
around, and therefore a dependable source of power for all manufacturers
in the district served by power lines of the Shawinigan system. The
Government of the Province, it is reported, has taken special pains to make
the Province attractive to the manufacturer by moderate taxes and fair,
liberal treatment. Compare V. 106, p. 938. Compare also annual reports
in V. 114, p. 1079 and V. 116, p. 955.
Stockholders of record Oct. 2 1924 were offered $2,000,000 additional
stock at $100 per share on the basis of one share of new stock for each
ten shares held? as of Oct. 2 1924. V. 119, p. 1518.
Shawinigan W . & P r. Co.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n gor P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n tr a l I llin o is P o w e r C o.
C e n tra l In d ia n a G as C o.
C e n tr a l In d ia n a P ow er C o.
C in c in n a t i G as & E le ctric C o .
C in c in n a ti G as T ra n s p o r ta tio n
C o lu m b ia G a s & E le ctric C o.
C u m b e r la n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l i c S e r v ic e C o .
E a st O h io G a s C o .
G e o r g ia L i g h t , P o w e r & R y s .
In d ia n a E le c tr ic C o r p o r a tio n
J e r s e y C e n t r a l P r. & L t . C o r p .
L in c o l n G a s & E l e c t r i c L ig h t C o .
M i c h i g a n L ig h t C o .
M id d le W e s t P o w e r C o .
M i d d le W e s t U t i li t ie s C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h io P u b l i c S e r v ic e C o .
O m ah a & C o u n c il B lu ffs S t. R y .
O zark P ow er & W a ter C o.
P o r t la n d E l e c t r i c C o .
P u b l i c S e r v ic e C o . o f C o l o r a d o
U n io n L ig h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W est P en n P ow er C o.
W e have been identified either as principals or
jointly in the financing of the above companies
A . B. Leach & Co., Inc.
NEW YORK
BOSTON
PHILADELPHIA
CHICAGO
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Formed for the purpose of developing the water power formed by the
Gres Falls, Gabelle and Forges Rapids, on the St. Maurice River, about
6 miles below Shawinigan Falls, Quebec. Plant will have an ultimate
capacity of over 150,000 h. p.
STOCK AND BONDS—■ D a t e .
In terest.
O u t s ta n d in g .
M a tu r ity .
Capital stock $8,000,000 ($100)____
_________ $7,200,000 ____________
1st mtge $12,000,000 ($100, f 1923
6 ) 4 g F-A
9,026,600 Feb. 1 1953
$500 & $1,000) gold_____c*-jlnt. in U. S. gold coin at Bank of the ManI hattan Co., N. Y ., or in Canadian funds
l at Royal Bk. of Can., Montreal or Tor.
Sterling debenture 6 ) 4 % I 1923 6 ) 4 %
£200,000 __________
stock____________________ (Interest payable in London, England.
B o n d s .— The 1st mtge. 6 Hs are red. all or in part on any int. date on 60
days’ notice at 110 & int. up to Feb. 1 1928; at 107) 4 & int- during next
11 years; at 105 during next 4 years; at 1 6 2 ) 4 during next 5 years; and at
101 thereafter to maturity. Mtge. provides for s i n k i n g f u n d of $50,000
per annum from Feb. 1 1930 to 1934 ; $75,000 per annum from Feb. 1 1935
to 1939, and $100,000 per annum there after to maturity. Montreal Trust
Co., Montreal, trustee. In Feb. 1923 Aldred & Co. and Minsch, Monell &
Co., Inc., N ,Y ., s o ld $9,028,600 1st Mtge. 6 ) 4 s at 6 9 ) 4 & int., to yield about
6.55%.
These bonds were offered simultaneously in N. Y ., Montreal and
Paris and at the same time £200,000 6 ) 4 % debenture stock was sold in
London by Aldred & Co., Ltd. V. 116, p. 626, 730.
OFFICERS.—-Chairman, J. E. Aldred: Pres., Julian C. Smith; V .-P .,
Howard Murray; Treas., W . S. Hart; Sec.. Jas. Wilson.— V. 118, p. 2836.
SHERBROOKE RAILWAY & POWER CO.
C o n t r o l. — As of March 1 1917 the Southern Canada Power Co. acquired
more than 10,000 shares of the co.’s stock on the basis of 4 shares of Sher
brooke Ry. & Power Co. stock for 1 share Southern Canada Power Co. 6 %
preference stock, cumulative from Jan. 1920. V. 104, p. 74.
ORGANIZATION.— Incorp. in 1910 in Quebec, Can., as successor to
the Sherbrooke Street Ry. In July 1911 acquired the Eastern Townships
Elec. Co. and the Stanstead Elec. Co. V. 93, p. 230. Also owns the
Lennoxville Light & Power Co. In 1913 acquired the Burroughs Falls
Power Co., which controls the electric light and power business in Ayers
Cliff, Que. V. 97, p. 1824. In 1914 acquired the International Elec. Co.,
doing the electric light and power business in Derby Line, V t., and in
1915 acquired the lighting and power business of Geo. Gale & Sons in
Waterville and Compton, Que.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Controls major part of the electric light and power business in the district
between Sherbrooke and the International Boundary. Owns 1 0 ) 4 miles
of track in Sherbrooke, including 3-mile extension to Lennoxville. Standard
gauge, 70-lb. T rail.
F r a n c h is e in Sherbrooke is for 40 years, exempting property from taxation
for first 20 years. At end of 20 years city may purchase street railway
property. Consol, mtge. 5s were offered with a 40% stock bonus. V. 91,
p. 95; V. 93, p. 590; V. 94, p. 1120.
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a tu r ity .
Stock $1,500,000 ($100)___________
_______
$1,127,000 __________
1st M $1,500,000 gold_______ ] 1910
5 g J-J
1,156,000 July 1 1940
s f ($500or £ equivalent) _tf (Montreal Trust Co., Montreal, Trustee.
2d mtge $1,000,000 ($1,000)-/ 1922
6%
500,000 June 30 ’27
(Messrs. Parent & Taschereau, Quebec, Trus.
Sherbrooke Street Ry 1st M .t f 1897
5 g J-J
100,000 June 30 ’27
B o n d s . — Of remaining Sherbrooke Ry. & Pow. 1st mtge. bonds, $100,000
are to retire Sher. St. Ry. bonds and $20,000 are held as collateral security.
Int. at any branch of the Canadian Bank of Commerce in Canada, or at
National Bank of Scotland, London, Eng. Red. as a whole at 105 and int.
on any int. day, or in part for sinking fund. Cum. s i n k . f u n d o t 1% began
July 1 1916. $224,000 held in s i n k . f u n d .
Of the remaining Sherbrooke Ry. & Power 2d mtge. bonds, $500,000
are held in treasury.
REPORT.— For years ending June 30:
J u n e 30
T o ta l
N et
B ond
O th er
W r i t t e n O ffic e
B a la n c e ,
Year—
In c o m e . R even u e. In terest. In terest.
O ff. & c ., E x p .
S urp.
X1919-20____$268,358 $75,128 $53,952 $21,124
$26
$26
1918-19 .......... 260,165 70,339 54,963
15,025
313
38
xN o later available.
OFFICERS.— Pres., W . C. Hawkins; V.-P. & Gen. Mgr., J.B. Woodyatt;
Sec., Treas. & Purch. Agt., L. C. Haskell.— V. 101, p. 924; V . 103, p . 1668;
V. 104, p . 74. 664; V . 112, p . 1025; V . 114. p . 1767.
P O W E R , L IG H T A N D R A I L W A Y
1925.]
& 1
H
i
*4
i
i
216
PUBLIC UTILITIES
CAPE BRETON ELECTRIC CO., LTD.
ORGANIZATION.— Incorp. in Nova Scotia. Owns capital stock and
$220,000 of the $368,000 outstanding 1st mtge. bonds of the Sydney &
Glace Bay Ry. Co., Ltd., an interurban line 19 miles in length between
Sydney and Glace Bay, which is operated under lease for 99 years from
Jan. 1 1911. Guar, payment of said co.’s bonds, principal, interest and
sin k in g f u n d .
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does the entire electric railway and lighting business in Sydney; the entire
electric lighting business in North Sydney, the ferry business between
Sydney and North Sydney, and operates an interurban line between North
Sydney and Sydney Mines. Cape Breton Elec. Co., 12.8 miles; Sydney
& Glace Bay, 19.4 miles;, total, 32.2 miles. Gauge, 4 ft. 844 in. 22
passenger and 11 other cars. Power stations have 1,975 k.w. capacity.
F r a n c h i s e s expire 1931 and 1932.
STOCK AND BONDS— D a t e .
In t e r e s t
O u t s ta n d in g .
M a tu r ity
M -N
$1,125,000 Nov.’ 19. 14*
Common $1,125,000 $100).............
M -N
314.000 M a y '25. 3%
Pref 6 % $500,000 ($100)...................
First mortgage $1,500,000/ 1902 5 J-J
1,096,000 Jan 1 1932
gold............................c .n tflln t. at State St. Tr. On.. Boston, trustee
Sydney & Glace Bay 1st M.J 1902
5 J-J
135,000 July 1 1932
$500,000 guaranteed.c.ntfi Int. at Royal Trust Co.. Montreal, trustee
S to c k . — Preferred stock Is redeemable at 120
Capital stock auto by
charter, $2,000,000
Of the unissued portion as much may be preferred as
the stockholders determine
B o n d s . — Of the 1st mtge. bonds, $2,000 canceled for impt. fund.
Im p t.
f u n d of 1% of bonds issued.
Red. at 105 and int. on any int. date.
Of the Sydney & Glace Bay 1st mtge. bonds, $85,000 have been canceled
by s i n k , f u n d $220,000 held by Cape Breton Elec. Co.
Red. as a whole at
110 and int. on any int. date. S in k in g f u n d of 1% per annum.
D i v i d e n d s . — 6 % yearly (M .-N. 1) on pref. stock.
On com.. 1st div
144%. paid Nov. 1910; in 1911, 4% ; In 1912, 4% & 1% extra: In 1913 and
1914.6%. In 1915 and incl. Nov. 1 1919. 3 % . None since.
EARNINGS.— For 12 months ending Dec. 31:
Y ear —
Gross.
N e t (a fte r T a x e s )
In t e r e s t .
S u r p lu s
1924________________ $662,906
$127,330
$68,407
$58,922
1923________________ 701,214
92,651
67,781
24,870
OFFICERS.— Pres., A. S. Pratt; V.-P., Frederick S. Pratt; Sec., Victor
D. Vickery; Treas., H. B. Sawver; Gen. Mgrs., Stone & Webster Mgt. Assn.
Boston; Mgr., M . C. Smith.— V. 106, p. 1900: V. I l l , p. 1369; V. 112,
p. 2536; V. 114, p. 2115; V. 117, p. 1992, 2541; V. 120, p .2010.
THE TORONTO RAILWAY.
[V ol. 120,
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Embraces 21.31 miles of track from Winnipeg to Headingly on the north
side of Assiniboine River and beyond the City Park on the south side of
river.
STOCK AND BONDS—
D a te .
In te rest.
O u tstan ding.
M a tu n tt
_________
See text __________
Stock $100,000_____________ ______
5 F-A
$500,000 Jan. 311935
First mortgage ($1,000) g-C* 1908
Guaranteed, principal and' Royal Trust Co., Montreal, trustee.
interest, by Winnipeg Elec Interest at Bank of Montreal. Montreal.
Toronto. New York or London. England
tric Co
B o n d s .— Additional bonds may be issued at rate of not exceeding $20,000
per mile additional road built.
EARNINGS.— For calendar year 1923, gross, $281,890; net, $37,025:
charges, $40,142; deficit, $3,117. In 1922, gross, $278,885; net, $44,048:
charges, $39,810; surplus, $4,238.— V. 8 6 , p. 1345.
(2) WINNIPEG SELKIRK & LAKE WINNIPEG RAILWAY.
ORGANIZATION.— Incorp. by Act of Manitoba Legislature with power
to do a steam or electric railway and a lighting and power business. Con
trolled through ownership of $490,000 of its $500,000 stock by the Winnipeg
Electric Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates a line from Winnipeg on west side of Red River to Selkirk, 2244
miles, with a branch on private right-of-way from Middlechurch to Stone
wall, 1744 miles (placed in operation Jan. 1 1915); total mileage operated,
41.32 miles. 6 motor and 27 miscellaneous cars. F r a n c h i s e s run to 1939
and 1942.
Has contract for power with Winnipeg Electric Co. running to May 31
1925. Also has contracts with Selkirk to supply power for municipal pur
poses and with Stonewall to do a general light and power business.
BONDS—
D a te.
In terest.
O u t s ta n d in g . M a t u r i t y .
Gen M & ref bonds $1,400,000/ 1915
5 J-J
$711,200 July 1 1925
g ($100, $500, $l,000)-C*&r\National Trust Co., Ltd., Toronto, trustee.
Prior lien____________________ _____
5%
$51,000
1933
$349,000 prior lien bonds have been exchanged for gen. mtge. and ref.
bonds, leaving $51,000 outstanding.
B o n d s . — Of the bonds reported outstanding, $637,800 are pledged as col
lateral for loans to the Winnipeg Electric Co. and $51,000 held in escrow by
trustees. Guaranteed, principal and interest (endorsement) by the Winni
peg Electric Co. S in k in g f u n d of 2% of bonds outstanding plus interest on
bonds in fund will retire 25% of issue by maturity. Interest payable at
Bank of Montreal, Winnipeg, Toronto, Montreal, New York and (in sterling
at par of exchange) London. Redeemable, all or part, at 103 and interest.
EARNINGS.— For calendar year 1923, gross, $259,875: net, $67,993:
charges, $85,838; deficit, $17,845. In 1922, gross, $266,923: net, $72,789;
charges, $91,579; deficit, $18,790.— V. 101, p. 924, 1466; V. 106, p. 2012.
The company’s properties having been sold to the city of Toronto, the
stockholders voted on Dec. 1 1924 to wind up the company’s affairs and dis
tribute its assets. Douglas H. McDougall was appointed as liquidator.
For statement of liquidation to stockholders see V. 119, p. 3011.
WINNIPEG ELECTRIC CO.
ORGANIZATION.— Incorp. in Manitoba in 1904 and is a consolidation
of the Winnipeg Electric St. Ry. and the Winnipeg General Power Co.
Was known as Winnipeg Electric Ry. up to May 1924, when name was
changed to present title. V. 118, p. 2574. Controls Suburban Rapid
Transit Co. and Winnipeg Selkirk & Lake Winnipeg Ry., and guarantees
bonds of those companies, principal and interest. V. 8 6 , p. 1346; V. 101.
p. 1466.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates the entire street railway and gas business in Winnipeg, the street
railway in St. Boniface, and does a large part of the electric power business
in those cities and vicinity. Operates 176.40 miles of track, including
Suburban Rapid Transit Co., and Winnipeg Selkirk & Lake Winnipeg Ry.
Has 340 motor cars and 18 trailers, 41 miscellaneous cars. Completed in
1907 a 30,000 h. p. water-power plant, which, due to improvements in 1920,
has been increased to 38,000 h. p. Installed a 12,000 h. p. steam turbine
auxiliary plant in 1911. F r a n c h i s e s either perpetual or for long terms, and
street railway franchise is exclusive in Winnipeg until 1927 and In St. Boni
face until 1943. City of Winnipeg may purchase the property in 1927 upon
six months’ notice at its physical valuation (including cost of paving done
by company), to be determined by arbitration; after 1927 city may exercise
right to purchase at the end of each succeeding 5-year period on one year's
notice. See also V. 112. p. 746. For proposed new franchise agreement
see V. 115, p. 2479.
The company guarantees, principal and interest, by endorsement,
$7,500,000 first mtge. 7% bonds, Series " A ,” of the Manitoba Power Co..
Ltd. V. 113. p. 1984.
V a l u a t i o n .— See V. 109. p. 2264; V. 110. p. 1417.
STOCK AND BONDS— D a t e .
in t e r e s t .
O u t s ta n d in g .
M a tu r ity
Com-tock $ 11 ,000,000 <$1 0 0 ) .____
Q-J
$11,000,000
See text
Preferred $3,000,000 $100 mm
. 7% Q-J
3,000,000 Apr '25, I K
First refunding M $6,000,000/ 1905 5 g J-J
4,333,000 Jan. 2 1936
gold sink fund ($1 000) _ .c* lInt. at Bank of Montreal. Montreal * N. Y .
Refunding mtge (£900,000)— ____
5%
4,380,000
1954
30-year ref mtge ($100, $5001 1924 6 A-O
6,000,000 Oct 2 1954
and $1,00)__________ c*.tf/Prin. and int. payable at Bank of Montreal,
[ in New York City, and Canada.
Win El St Ry mtge $1,000.-1 1898
5 g J-J
667.000 Jan. 1 1927
000 ($500)_______________1Interest at Bank of Montreal, Montreal
S to c k . — Pref. stock is preferred as to assets and dividends and has voting
power. V. I l l , p. 2326, 2522.
B o n d s . — Of the $5,000,000 f i r s t r e fu n d in g b o n d s . $667,000 are reserved to
retire the first 5s. The Royal Trust C o., Montreal, is trustee. Are not
subject to call, but 1 44 % of bonds outstanding is payable to a s in k in g f u n d
from 1915 to 1924, inclusive, and 2% from 1925 to 1934, inclusive. See
V. 79. p. 2698.
R e f u n d i n g M o r t g a g e 5s.— On Mar. 17 1924 holders o f the 444% perpetual
debenture stock voted in favor o f a supplemental trust deed providing that
the interest on the stock be increased from 444% to 5% from April 2 1924,
and that the stock be repayable on April 2 1954. The debenture stock
(refunding mortgage 5s) and the regunding mortgage 6s now rank pari passu.
V. 118, p. 1270; V. 119, p. 1066, 1174, 1735, 2181.
Refunding mortgage 6s are callable on 90 days’ notice at 105 and int. on
any int. date. Company agrees to refund Penna. and Conn. State tax up
to 4 mills. In N ov. 1924 Kissel, Kinnicutt & C o., Spencer Trask & Co.,
E. H. Rollins & Sons, N. Y ., and Nesbitt, Thomson & C o., Ltd., Montreal,
o f f e r e d $6,000,000 ref. mtge. 6s at 9444- and int., to yield over 6.40%.
V. 119, p. 2181.
, ,
n iJ ,
D i v i d e n d s . — On pref. 154% quar. has been regularly paid
Paid 2 b"/,
quar. on com. from Apr. 1908 to Apr. 1911. In July rate was Increased t«
3% quar., which amount was paid to and incl. Jan. 1915; in April Jnl
and Oct. 1915, 244% each. In 1916, Jan., 2% . None to Feb. 1 1925,
when 1% was paid. V. 119, p. 2881.
REPORT.— For years ending Dec. 31:
C h a rges.
P r e f. D iv s .
B a l., S ur
Year—
G ross.
N et.
$210,000 def$35,382
1924 . . . ...$5,267,510 $1,888,013 x$l,713,396
1,484,193
210,000
248,028
1,942,221
1923 . . . . . . 5,408,113
1,451,047
210,000
329,315
1,990,362
1922 . . . . . . 5,517,078
1.472.162
182,367
365,522
2,020,050
1921 . . . . . 5,579,430
x Includes “balance of power contract” Manitoba Power Co., Ltd.,
$279,692.
Revenue passengers carried in 1924, 55,078,000, against 58,253,356 in
1923, 60,399,419 in 1922, 61,515,325 in 1921 and 65,248,840 in 1920.
OFFICERS.— Pres., Geo. W.Allan, K .C., Winnipeg; V.-P. & Gen. Mgr.,
A W. McLimont- V.-P., F. M . Black; Sec., Lawrence Palk; Treas., J. S.
Mackenzie— V. 113, p. 1676, 1984, 2506; V. 114, p. 1536; V. 115, p.
2479; V. 116, p. 824, 1277, 1413; V. 118, p. 1270, 2574, 3081: V. 119, p.
200, 1066, 1174, 1735, 2181, 2881, 3012; V. 120, p. 89, 1205, 2150.
(1) SUBURBAN RAPID TRANSIT CO.
ORGANIZATION.— Organized in 1902 in Manitoba. Charter gives
company right to operate the telephone and telegraph lines and to dispose of
electric light, heat and power. F r a n c h i s e , 35 years from 1902 and is exclus
ive. Winnipeg Electric Co. controls road through ownership of stock.
CUBA
AMERICAN & FOREIGN POWER COMPANY, INC.
ORGANIZATION.— A holding company. Organized under laws of
Maine Dec. 19 1923.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns securities controlling public utility properties operating in Cuba.
Panama and Guatemala. A total of 77 communities are supplied with
electric power and light, telephone or other services. In addition, the
subsidiary companies operate in a number of suburban and outlying dis
tricts, making the estimated total population served in excess of 732,000.
The co. owns a controlling interest m the following subsidiary companies:
Compania de Electricidad de Cardenas
S. A. (Cuba)_____________________
Compania Electrica de Cienfuegos,
S. A. (Cuba)_________ _______ ____
Compania de Servicios Publicos
“ Madrazo,” S. A. (Cuba)_________
Compania Electrica de Alumbrado y
Trac. de Santiago (Cuba)-------------Oriente Interurban Electric Co., Inc.
(Cuba)___________________________
Compania Cubana de Electricidad
S. A. (Cuba)_____________________
Com. Cubana de Hielo, S. A. (Cuba)
Camaguey Elec. Co., S. A. (Cuba)..
S to ck
O u t s ta n d in g
H e ld by
A m . & F o '.
P ow er C o.
1917
$1,400,000
$1,400,000
1922
300,000
300.000
1919
500,000
500.000
1906
2 ,000,000
g l,999,800
1919
pref.68,500
com.57,700
bl3,500
b55.700
In co p .
1911
1919
1922
Compania Electrica Oriente S. A.
(Cuba)__________________________ 1924
Empresa Guatemalteca de Electricidad,
1920
Inc. (Delaware)_________________ / 1920
2,306.000
2,3)6,000
pref.1,500,000
com.2 ,000,000
2 ,000,000
com.$752,000
752,000
100,000
100,000
1,500,000
600,000
pref.600,000
com.50,000 shs.
50,000 shs.
50 shs.
50 shs.
Guatemala Pr. & Lt. Co. (Del.)______ 1921
c$945.200
1917 pf.$1,500,000
Panama Pr. & Lt. Corp. (Me.)______ / 1917
com.200.000 shs. < l89,230 shs.
d
Compania Panamena de Fuerza y
e
{ 1916 pf.$ 1 ,000,000
Luz (Maine)___________________ • 1916
f
com. 1,500,000
f
1911
1,500,000
Panama Electric Co. (N. J.)_
_
f
pref.100,000
Comp. Panamena de Telefonos (M e .)./ 1917
f
com.250,000
a Capital stock issued in pesos and here converted into U. S. gold on
basis of 62 to $1. b Balance outstanding owned by Cia Electrica de
Alumbrado y Traccion de Santiago, c Balance outstanding held by public,
including $399,900 held by trustees for the benefit of the Panama Power &
Light Corp. to be disposed of from time to time as the board of directors
may direct, d Including 7 shares held in escrow, the balance, 10,770 shs.,
outstanding with public, e $250,000 held in trust and $750,000 owned by
Panama Power & Light Corp. f Owned by Panama Power & Light Corp.
g Balance, $200, outstanding with public.
P r e fe r r e d S to ck A l l o t m e n t C e r t i f i c a t e s .— These certificates have been sold
at the allotment price of $96 per share, of which 25% has been paid upon
allotments aggregating 400,000 shares of Preferred stock and 400,000
shares of Common stock, and the remaining 75% may be called by the
corporation for payment at intervals of not less than four months, no
single call to be for more than 1 0 % of said allotment price.
Upon payment in full of the allotment price of $96 a share, but not earlier
than Jan. 2 1925, allotment certificate holders shall be entitled to receive
definitive certificates for the number of full paid shares of preferred stock
called for by the several allotment certificates, together with definitive
certificates for a like number of full paid shares of common stock of the
corporation, without nominal or par value.
C a p it a l S to c k .— The capitalization of the corporation is as follows:
A u th o r iz e d .
Preferred stock ($7 cumulative dividend)___________________ 900,000 shs.
(The corporation has issued 243,104 shares and has lodged
certificates therefor with a depositary against payment
on 400,000 shares. Additional shares up to 156,896 will
be issued and certificates therefor lodged with the de
positary as additional payments are made by allotment
certificate holders.)
Second preferred stock, Series A ($7 cumulative dividend)_ 120,000 shs.
(All of this stock has been issued for cash to Electric Bond
& Share Co.)
Common stock____________________________________________1,500,000 shs.
(400,000 shares have been issued and have been lodged with
a depositary for delivery against full-paid allotment cer
tificates; 520,000 shares have been issued to Electric
Bond & Share Co. and 480,000 shares are held for issue
and delivery against option warrants entitling the holders
thereof to purchase said number of shares of com. stock.)
M a y , 1925.]
POWER, LIGHT AND RAILWAY
D i H d e n d s . — An initial dividend of SI 75 quarterly on the preferred
stock was paid April 1 1924. Same amount paid regularly quar. since to
& incl. April 1925.
EARNINGS.— Of American & Foreign Power Co., Inc., operating sub
sidiaries, for twelve months ended Oct. 31 1924:
S ta te m e n t o f I n c o m e (I n t e r - C o m p a n y I t e m s E l i m i n a t e d ) .
Gross earnings______________ ________________________________ $6,225,833
Operating expenses__________ ________________________________ 3,457,656
Net earnings.
Other income__
$2,768,177
88,735
Total income_______________________________________________$2,856,911
Interest and discounts due to public__________________________
757,620
Net divisible income________________________________________ $2,099,291
Renewal and replacement appropriations______________________
153,423
Balance after R. & R. appropriations_______________________ $1,945,868
Preferred dividends (paid) to public___________________________
129,507
Balance_________________ ___________________________________ $1,816,361
OFFICERS.— S. Z. Mitchell. Pres.; H. W . Gatlin, Wm. Darbee, C. E.
Groesbeck and E. w . Hill, V Ps.: A. E Smith, Compt E P. Summerson,
Sec.; A. C. Ray, Treas. Office, Augusta, Me.— V. 120, p. 84, 1324.
HAVANA ELECTRIC RAILWAY, LIGHT & POWER CO.
ORGANIZATION.— Incorp. in New Jersey on Mar. 26 1912, absorbing
the Compania de Gas y Electricidad de la Habana (Gas & Electric Co. of
Havana), to acquire and hold the stocks of the Havana Elec. Ry. per plan
in V 94, p. 767. On May 15 1913 a plan for the merger of the properties
was approved by the stockholder-, of the Havana Elec Ry., L. & P. Co
The Havana Electric Ry. stockholders approved the plan on May 27 19If
and on June 18 1913 articles of consolidation were filed. V. 96, p. 1840
To date all pref. shares and 74,894 (out of 75.000' shares common stock
of the Havana Elec. Ry. have been deposited for exchange of securities of
new company. The Havana Elec. Ry. owned entire $100,000 stock of the
Insular Ry. Co. Railway f r a n c h i s e runs until 1958. Company also has
right to carry freight over parts of the system. Gas and electric f r a n c h i s e s
perpetual.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS —
Railway system. 105 miles of single track. Also operates a bus service.
Has 631 cars. 189.38 miles gas mains. The consolidated power plant has
a capacity of 75.UOO k. w.
STOCK AND BONDS— D a t e .
In terest.
O u ts ta n d in g
M a tu r ity.
Common $15,000,000 ($100).............
M -N
$15,000,000 May'25 3%
Pf 6 % cum $21,000,000 ($100)____
M-N
21 ono nnn May 25,3%
Hav Elec Ry consol M #10.-J 1902
5 g F-A 7 290.170 Feb 1 1952
000,000 g ($1,000) s f.c*&r\Central Trust Co., New >era Trustee.
Hav El Ry L & P gen mtge 1914
5 g M-S
9 420.000 Sept 1 1954
$25,000,000 ($1,000 & $5,-i Guaranty Trust Co., N. Y ., Trustee.
000 ) gold___________ c*&rl
O a s & E le c tr ic C o . i s s u e s —
Gold mortgage. „ ____________ 1904
6%
3.997 904 June I 1954
"English bonds” (£150,000).. 1906
5%
70 567
1942
S to c k . — Pref. stock is red. at $115 per share and accrued divs.
Both
eom. and pref. are Hated on N. Y. Stock Excb. V. 94, p. 1632. $56,779
common and $2 113 pref. stock included in amounts reported outstand
ing are In treasury.
B o n d s . — Of the Havana Electric Co. consolidated bonds reported out
standing, $946 941 are In treasury. $1 744.000 have been canceled
A
S in k in g f u n a commenced Jan. 1 1906 on me outstanding consols.
Bonds
may be called for sinking fund at 105 and interest, and entire issue can be
redeemed at 105 and Int. on any int day upon 6 mas.' notice. See V. 74
p.1251. Int. payable at company's office. They are listed on N. Y . Stock
Exchange. V. 8 6 , p 918
The gen mtge. bonds are red on 30 days' notice at 105. S in k , fu n d of
I X % on outstanding bonds began in 1920.
Interest payable in New York
without deduction of any tax except Federal income tax. Of the $25,000.000 auth., $8,100 000 are reserved for refunding, $2,350,000 to assist in
refunding. $621,000 held by trustee under sinking fund; $735,000 are in
treasury; $52,000 are deposited with the Cuban Govt., and the remainder
(plus those not needed for refunding) for add'ns and impts. under certain
restrictions. Listed on N. Y. Stock Exchange. V. 102. p. 2254; V. 106
p. 715; V. 115. p. 543. 1532.
D i v i d e n d s . — Dividends on pref. stock were begun In Nov. 1912.
Ad
Initial dividend on the common stock. 2)4 % . was paid In Nov. 1912. I d
1913. 5W % : Id 1914. 5%: in 1915 5)4% : In 1916. 6 <^- in 1917.
In
1918. 6 %: In 1919. 6 %: in 1020 6 %: in 1921, 6 %; In 1922, 6 % . In 1923.
6 % . In 1924, 6 % . In 1925, May, 3 % .
REPORT. — For calendar years:
C a l.
G ross
N e t (a fte r
Y ea r— E a rn in g s. T a x es).
$
$
O th er
F ix e d
In c o m e . C h a rg es.
$
$
P f . D i v . C o m . D i v s . B a la n c e .
(6 % ).
(6 %)
S u r p lu s
$
$
$
1924.-14,357,901 6.924.316 339,686 1,088.950 1,258.602 896.612 4,019,838
1923--13.45S.064 6.SS6.723 306.270 1,117,166 1.25S.607 896.619 4,010.601
1922.-12.910.707 6.601.739 189.053 1.087.007 1.258.613 896.649 3.548.523
OFFICERS.— Pres. & Gen. Mgr., Frank Steinhart; V.-Ps., R. R. Loan
ing, Antonio San Miguel and Dionisio Velasco; Sec. & Treas., H. Kraeiner.
N. Y . agency, 14 Wall St.— V. I l l , p. 1083; V. 112. p. 2083, 2183. 2202;
V. 113, p. 960, 1052. V. 114, p. 409, 2111, 2112, 2140; V. 115, p. 543, 1532;
V. 116, p. 2129, 2248, 2284; V. 118, p. 2304, 2431. 2456.
BRAZIL
BRAZILIAN TRACTION, LIGHT & POWER CO., LTD.
ORGANIZATION.— Incorp July 12 1912 In Canada with $120,000,000
(9100) auth. stock and has acquired through exchange of its stock for stock
of the newly acquired companies (on basis shown In V. 95, p. 175) the Rlc
de Janeiro Tramway Light & Power Co.. Sao Paulo Tramway Light &
Power Co. and Sao Paulo Elec. Co and through the first-named company
controls entire capital stock of Brazilian Telephone Co., formerly the
Rio df^Janeiro & Sao Paulo Telephone Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The combined cos. operate 415.83 miles of track in Rio de Janeiro and
vicinity and Sao Paulo. 951 passenger cars, 587 pass, trailers, 147 freight
cars, 139 freight trailers. In 1923 carried 479,527,034 passengers. Sup
plies light and power to Rio de Janeiro and vicinity and Sao Paulo and
neighboring towns. On Dec. 31 1923 had 156.813 light consumers, 7,375
power consumers and 37,824 gas consumers. During 1923 generated 564.219,325 k. w. h. and manufactured 68.950,800 cubic meters of gas. As of
Dec. 31 1923, 74,359 telephones were in operation.
STOCK AND NOTES— D a t e .
In terest.
O u tsta n d in g .
M a tu r ity .
Ordinary, $110,000.000 ...................
Q-M $106.582 900
See tcx*
Pref 6 % cum$10.000,000($100)____
6 Q-J
10.000.000 Apr 25 1)4
S to c k .— The pref. stock Is conv. Into common stock at any time on basis
of 1 1-6 shares pref. stock for 1 share of common. V. 96, p. 1421. Pref
■took listed on London and Toronto stock exchanges
Common stock
listed on Toronto, Montreal, Belfast, Brussels and London stock ex
changes. V. 97, p. 363.
i l l
D i v i d e n d s . — 6 % Is being paid on the pref. stock.
First div. on com.—
1)4%— paid Nov. 15 1912. In 1913 and 1914. 6 %
In 1915 and 1919.
4 % . In 1917, March, 1% . In Sept., 1922, 1% was paid and at same rate,,
paid regularly quar. since to & incl. June 1925.
REPORT.— For years ending Dec. 31:
C a l . Y r s .T o t a l
In c .
C h a rg es.
P r e f. D ie s .
O r d in a r y D iv s.
1923— $7,510,459 $580,494 (6%)$600.000 (4%>$4,262,477
1922.. . 7,872.961 1.020.993 (6%)600.000 (2%)2,131.511
1921.. . 4.537.715 1,300,033 (6%)600.000 .......................
1 920.. . 7,243,443 1,248.320 (6%)600,000 _______ _____
LATEST EARNINGS (milreis).—
Y e a r s e n d in g D e c . 31—
1923.
1922.
Gross-------------------------------------------247.409.000 197.749.000
Net-----------------------------148.035.000124.505.000
OFFICERS.— Pres., Sir Alexander Mackenzie; V.-P., Robt. O. Brown,'
Sec., J. M . Smith, Toronto; Treas., A. W . Adams.— V. 116, p. 294; V. 117,
p. 81, 205; V. 119, p. 454, 691.
(1) R IO DE J A N E IR O T R A M ., L T . & P O W E R C O ., L T D .
ORGANIZATION.— Incorporated under the laws of Canaua in Jann
1904. Purchased the Rio de Janeiro Gas Co. and three street railway prop
erties (the Villa Isabel Tramway Co., the Sao Ohrlstovao Tramway Co. and
the Garris Urbanos Tramway Co.) Owns or controls entire $5,000,000
capital stock of the Brazilian Telephone Co., formerly the Rio de Janeiro A
s
Sao Paulo Telephone Co. (Incorp. In Canada In 1916 to carry out the plan,
delayed by the war, of acquiring, consolidating and developing the telephone
enterprises). The latter co. has an auth. issue of $12,500,000 6 % 30-year
collateral trust bonds ($7,500,000 held by the Brazilian Traction, Light
& Power Co.. Ltd., balance in treasury), and has acquired the properties andl
business of the rnterurban Telephone Co. of Brazil, Companhia de Tele
phones interestadoaes, Companhia Telephonica do Estado de Sao Paulo,
Companhia Rede Telephonica Bragantina and Brazilianische Electricitate
Geseilschaft. The Tramway Lt. & Pr. Co. also owns 2 water-power plants
and an electric-light and power plant. In 1909 purchased control of the
Ferro Carril do Jardim Botanlco (V. 8 8 . p. 883) and consolidated It with the
Tramway Light & Power Co under an operating contract. Has also ac
quired the Jacarepagua tramway lines (11 miles.) The gas and electriclight f r a n c h is e s expires 1945, gas franchise being exclusive until 1945 andl
electric light until 1915, with a monopoly for public lighting until 1945,
Telephone f r a n c h is e In Rio de Janeiro expires 1930 and is exclusive; the
other telephone franchises are perpetual or for long periods and are mainly
exclusive See V 83, p 214
Rio de Janeiro Tramway concessions were
extended In 1907 until 1970 and give exclusive privileges until 1940 in
very large area of city. F r a n c h is e s for distribution of electric energy
for lighting and power service were also extended to 1990. Concession to
develop power is perpetual
Both stock and bonds are listed on the London,
Brussels and Toronto stock exchanges
V. 93, p. 528; V 8 6 , p 1044;
V. 88 , p. 507. In April 1909 2d M bonds were listed on London Stock
Exchange. V. 8 8 , p 883. See description of property In V 87, p. 97.
On Dec. 8 1911 stockholders voted to increase autn stock from $40,000,000
C $50,000,000, of which $5,000,000 was offered to stockholders— 1 new
o
(or 8 old (V. 93. p. 1669, 1463).
STOCK AND BONDS— D a t e . I n t e r e s t . O u t s ta n d in g . M a t u r i t y .
Stock$50,000,000($100)----_ . . . .
_Q-F _ $45,000,000 6Nov.'171)4%
First mortgage $25,000,000 1905 5 g J-J
25.000.000 Jan. 1 1935
($100. $500 and $1,000) Int. payable in Toronto, N. Y. & London.
gold_____________________ National Tr. Co., Ltd. Toronto, trustee.
Second mortgage bonds (£5,- 1908 5 A-O
£4.911,043 April 1958
266.000) (£100 and fr.500)(Nat. Tr. Co., Ltd., Toronto, trustee.,
Int. at Can. Bank of Cora.. London, and
In Toronto, Canada, Paris and Brussels.
1911 5 J-J
£1,400.000 July 1 1951
1st mortgage £1,400,0001 Nat. Trust Co., Ltd., Toronto, Can., trustee
(£100).................................... c
Int. at offices of Can. Bank of Commerce
in London. New York and Toronto.
b Less British income tax.
B o n d s .— A s i n k i n g f u n d on 1st M . of 1 % per ann. of bonds out began In
(
The 2d M . debs, are subject to call on 3 mos.’ notice as a whole or any
part at 105; also subject to sinking fund drawings, which began the year
ending April 1 1918; £354,957 retired by sinking fund.
Jardim Botanico 1st M . bonds are red. at 102)4 and int. on 3 mos.’ no
tice. S in k in g f u n d began in 1912. Bonds are listed on London Stock
Exchange. V. 93, p. 1786. Rio de Janeiro Tram., Light & Power Co.,
Ltd., undertakes to put aside semi-annually a sum sufficient to meet int.
and sinking fund on Jardim Botanico bonds; V. 93, p. 528.
D i v i d e n d s . — First div., 1% , paid Nov. 1909; in 1910, 4 ) 4 % .
In 1911
and to and incl. Nov. 1917, 5% per annum.
EARNINGS.— Earnings are now included in the Brazilian Traction.
Light & Power Co. statement.
OFFICERS.— Pres., Sir Alexander Mackenzie; Sec., J. M . Smith;
Treas., A. W. Adams; Gen. Mgr., C. A. Sylvester. Main office, 357 Bay
St.. Toronto.— V. 94, p. 1247, 1764; V. 96, p. 1298.
(2) T H E S A O P A U L O T R A M ., L I G H T & P O W E R C O ., L T D .
ORGANIZATION.— Incorp. in the Province of Ontario, Canada, i»
1899.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns an extensive system of electric roads and electric lighting and power
business in Sao Paulo, Brazil. In 1907 purchased Santa Ana Ry., a narrovggauge mule line, which has been electrified. Company has secured an exr
elusive 30-year concession for distribution of light and power in municipality
of Sao Bernardo.
STUCK AND BONDS— D a t e . I n t e r e s t . O u t s ta n d in g
M a tu r ity
St ick $10,000,000 ($100)...................
Q-F $16,000,000 6Nov.'17. 2)4
Perpetual consol debenture/____ M-S 2
£821,917
Perpetual
stock issued Feb 1911_____(Interest Dayable In London and Toronto
Fi st mortgage $6 .000.0001 1900 6 g J-D
$8,000,000 June 1 1929
gold ($500)------------------- e*\National Trust Co.. Ltd., Toronto, trustee
0 Less Bntlsh Income tax.
S to c k .— Perpetual deb. stock Is redeem, at 105 on 6 mos.' notice. Trustees
are British Empire Tr. Co.. Ltd.. London, and Nat. Tr. Co.. Ltd.. Toronto.
Stack Is listed on London Stock Exchange. V. 94. p. 1250.
B o n d s .— Interest is payable at the Canadian Bank of Commerce In Lon
don England, and Nat. Trust Co Ltd Toronto Out. No sinMua fund
and bonds are not subject to call. Listed on London Stock Exchange.
V. 81, p. 614.
D i v i d e n d s .— In 1902. 3 « % ;i n 1903. 6 « % ;l n 1904. 7)4% ;tn 1905. 8 % ;
in iQ06, 8 % ; In 1907. 8)4% ; in 1908. 9 )*% : in 1909 to 1911 Incl., 10%; fir
1912 Jan., 2 )4% : April, 2)4 % : July. 2)4% ; Oct., paid 5-6% for month
• July, 1912, In accordance with plan of amalgamation; Nov., 2)4%
In 1013 and since to and incl. Nov. 1917 10% per annum.
EARNINGS.—Included in the Brazilian Traction statement.
OFFICERS.— Pres., Sir Alexander Mackenzie; Sec., J. M . Smith, both
of Toronto; Treas., A. W. Adams; Acting Gen. Mgr., Dr. E. de Souza.—
V. 94. p. 1764: V. 95. p. 681; V. 112, p. 746; V. 115, p. 1839.
(3)
S A O P A U L O E L E C T R IC C O ., L T D .
ORGANIZATION, &c.— Incorp. in 1908. Has acquired water powers
and franchises for the utilization and sale of electric power through the State
of 8 ao Paulo.
STOCK AND BONDS—
D a te.
In terest.
O u t s ta n d in g .
M a t u r i t y ..
Stick $10.000,000........... ............................................ $5,000,000 ...........
_
First mtge £2.000,000 (£500,1 1912
5 J-J
£2,000.000 Jan 1 1962
£100. £20) . --------- -----------(National Trust Co. Ltd., of Toronto, trust.
B o n d s . — Red. by a s i n k i n g f u n d since 1922 in annual drawings at par,
or may be redeemed at 163 at any time on 6 months’ notice, or at par on
roluntary liquidation or amalgamation with another company. The Brailllan Trac., L. & P. Co. agrees to set aside s.-a. out of the gross earnings of
the Sao Paulo Elec. Co. a sum sufficient to meet the int. and sinking fund.
»ud in case the earnings should be insufficient, to meet the same from its own
revenues. Int. payable In London, N. Y .. Toronto, at Canadian Bank
of Commerce or its agencies Listed on London Stock Exchange. V. 95,
o. 1043: V. 90. p. 65.
218
INDEX TO COMPANIES
[V ol. 120.
Index to Companies
Page.
Page, j
Page.
! Atchison Railway, Light &Power___________ 133 Ben Avon & Emsworth Street Ry------------------- 83
Athens Railway & Electric Co________________38 Bennington Elec. Co.— See Twin State Gas
Adamstown & Mohnsville Electric Ry.— See
& Electric__________________________________ 126
Atlanta Consol. Street RR.— See Georgia
Reading Transit & Light Co______________91
Railway & Electric_________________________ 160 Bennington Water Pow. Co.— See Twin State
Adirondack Elec. Pow. Corp.—-See Adiron
Gas & Elec. Co______________________________126
Atlanta Gas Light Co.— See Georgia Railway
dack Power & Light Corp_________________ 42
& Electric__________________________________ 160 Benton Harbor-St. Joe Ry. & Lighting--------- 149
Adirondack Power & Light Corp______________42 Atlanta Northern Ry.— See Georgia Railway
Berea Pipe Line Co.— See Ohio Public Serv.Co 39
Adrian Street Ry______________________________37
& Electric Co_______________________________1E0 Bergen Turnpike Co___________________________ 69
Agamenticus Electric Light— See Cumber
Berkshire Power Co.—-See Conn. Power Co----33
Atlanta Street RR.— See Georgia Railway &
land County Power & Light Co__________ 23
Electric Co_________________________________ 160 Berkshire Street Ry____________________
29
Beth. & Nazareth— See Leh. Val. Transit----87
Akron People’s Telephone Co.— See Ohio
Atlanta Water & Electric Power Co.— See
Bell Telephone Co________________________
7
Georgia Railway & Power Co______________ 160 Beverly & Danvers— See Eastern Mass. Street
Akron Wadsworth & Western Ry.— See Nor
Railway Co__________________________________ 28
Atlantic Avenue RR.— See Brooklyn Manhat
them Ohio Traction & Light Co_________ 1 1 0
tan Transit Corporation____________________ 56 Biddeford & Saco Railroad--------------------------- 24
Alabama Power Co___________________________ 185 Atlantic City & Ocean City Co.— See Atlantic
Big Creek Lt. & Pow.— See Coast Counties
Alabama Traction. Light & Power Co______ .165
City & Shore C o __________________________ 74
Gas & Electric C o__________________________ 201
Alabama Traction, Light & Power Co., Ltd.—
Biloxi El. Ry. & Power Co.— See Gulfport &
Atlantic City & Ocean City RR.— See Atlan
See Southeastern Power & L'ght Co______ 165
Miss. Coast Trac. Co_______________________ 166
tic City & Shore Co_________________________ 74
Alameda Oak Park & Piedmont Electric.— See
Atlantic City & Shore Co___________________ 74 Binghamton Lest. & Union— See Bing. Ry----61
Key System Transit Co___________________ 203 Atlantic City & Shore RR.— See Atlantic City
Binghamton Lt., Ht. & Power Co.— See Gen
Albany Home Telephone Co.— See New York
eral Gas & Elec. Corp________________________ 40
& Shore Co_________________________________ 74
Telephone Co______________________________
7 Atlantic & Suburban Ry.— See Atlantic City
Binghamton Railway Co_____________________ 61
Albany Ry.— See United Traction(Albany).. 58
& Shore Co_________________________________ 74 Birdsboro St. Ry.— See Reading Tr. & Lt. Co. 91
Albany Southern RR.—See Eastern New
Birmingham Electric Co______________________166
Atlantic Coast Electric Ry.— See Eastern New
York Utilities Corporation_________________ 46
Jersey Power Co___________________________ 70 Birmingham Ensley & Bessemer Ry.— See
Albia Light & Railway_______________________ 178 Atlantic Coast Electric Light Co.— See East
Birmingham Electric Co___________________ 166
Alfred Light & Power Co.— See York Utilities
ern New Jersey Power Co__________________ 70 Birmingham Knoxville & Allentown Trac
Co___________________________________________ 24 Atlantic Shore Line Ry.— See York Util. C o .. 24
tion— See Pittsb. & BirminghamTrac-----------83
Birmingham Railway & Electric— See Bir
9 Atlantic Shore Ry.— See York Utilities Co_ 24
All America Cables, Inc_____________________
_
Allegheny & Bellevue— See Federal Street &
Atlantic & Suburban Ry______________________74
mingham Electric Co_______________________ 166
Pleasant Valley____________________________ 82 Auburn & Northern Electric RR.— See Em
Birmingham Ry., Lt. & Power— See Birm
ingham Electric Co_________________________ 166
Allegheny Bellevue & Perrysville Ry_________ 83
pire State Railroad Corporation____________64
Allegheny County Light Co.— See Duquesne
Auburn & Syracuse Electric RR______________ 65 Birmingham-Tidewater Ry. Co.— See Birm.
Light Co_____________________________________ 81 Augusta & Aiken Ry.— See Augusta-Aiken
Electric Co_________________________________ 166
Allegheny Street— See Federal Street & Pleas
Railway & Electric_________________________ 162 Birmingham Water Works Co_________________ 13
ant Valley___________________________________ 82 Augusta-Aiken Railway & ElectricCorp____ 162 Blackstone Valley Gas & Electric Co--------------- 32
Allegheny Traction___________________________ 83 Augusta (Me.) Hallowell & Gardiner RR.—
Bleecker St. & Fulton Ferry RR.— See New
Allegheny Valley St. Ry.— See West Penn.Rys 85
See Androscoggin & Kennebec Ry_________ 24
York Railways_______________________________52
Bloomfield Street— See Pittsb. Trac. System. 84
Allentown Electric Light & Power— See Le
Augusta (Ga.) Railway & Electric Co.— See
high Valley Transit_________________________ 87
Augusta-Aiken Railway & Electric Corp. .162 Bloomington Decatur & Champaign RR.—
Allentown & Kutztown.— See Allentown &
See Illinois Traction, Inc___________________133
Augusta Winthrop & Gardiner Ry.— See
Reading_____________________________________ 95
Androscoggin & Kennebec Ry______________ 24 Bloomington & Normal Ry., El. & Heating
Allentown & Reading Traction Co____________95 Aurora Elgin & Chicago.— See Chicago Au
Co.— See 111. Power & Lt. Corp_____________ 130
Allentown & Slatington.— See Lehigh Valley
rora & Elgin________________________________134 Bloomington & Normal Ry. & Lt. Co.— See
Transit______________________________________ 87 Aurora Elgin & Fox River Electric Co________ 134
III. Power & Lt. Corp_______________________ 130
Allentown Bridge Co.— See Leh. Val. Tr. Co_ 87 Austin (Texas) Street Ry____________________ 173 Bloomington Pontiac & Joliet Elec. Ry--------- 141
Blue Grass Trac. Co,— See Ky. Trac. & Term. 153
Alliance Electric Ry.— See Stark Electric RR-112
Alliance Gas & Power Co.— See Ohio Public
Blue Lakes Water Co.— See Pacific Gas &
Service Co___________________________________ 39
Electric Co_____________________________ *
----192
Blue Ridge Elec. Co.— See Georgia Ry. & Pow.160
Alton Granite & St. Louis Traction Co.— See
East St. Louis & Suburban Co____________141 Baden & St. L. RR.— See United Rys. Co
-186 Boise & Interurban Ry.— See Boise Valley
Traction C o________________________________208
Bakersfield & Kern Elec. Ry.— See San Joa
Alton Railway, Gas & Electric Light.— See
quin Light & Power Corp__________________ 200 Boise Valley Traction Co____________________ 208
East St. Louis & Suburban Co____________141
Baltimore & Annapolis Short Line— See
Bordentown Electric Co_____________________ 67
Alton Railway & Illuminating Co.— See East
St. Louis & Suburban Co_________________ 141
Wash. Balt. & Annapolis Electric RR______ 104 Boston & Chelsea RR__________________________ 29
Altoona & Logan Valley Electric Ry_________ 76 Baltimore Catonsville & Ellicott’s Mills Pass.
Boston Elevated Ry___________________________ 27
American & Foreign Power Co., Inc________ 216
RR.— See United Rys. & Electric Co_______ 103 Boston Mil. & Brock.— See Eastern Massachu
setts Street Railway Co______________________28
American Cities Co.— See Nat. Pow. & Light.156 Baltimore Electric Co.— See Cons. Gas Elec.
Light & Power Co__________________________ 102 Boston & Northern St. Ry.— See Eastern
American Electric Power Co. (also map)____76
Amador Electric Light & Power.— See Pacific
Baltimore Halethorpe & Elkridge Ry.— See
Mass. Street Railway Co____________________ 28
Gas & Electric Co_________________________ 192
Maryland Electric Rys______________________103 Boston & Revere Electric______________________29
Boston Suburban Electric Cos.— See Subur
American Gas Co______________________________ 13 Baltimore & Northern Electric Ry.— See
ban Electric Securities Co__________________ 30
American Gas & Electric Co_________________ 109
United Rys. & Elec. Co____________________ 103
Boston & Worcester Electric Companies----------30
American Light & Traction Co_______________ 14 Balt. Sparrows Point & Chesapeake Ry.— See
American Power & Light Co________________ 170
Maryland Elec. Rys. Co____________________ 103 Boston & Worcester Street Ry________________ 30
American Public Service Co__________________ 170 Baltimore Term. Co.— See Wash. Balt. & A n .104 Boyerstown & Pottstown St. Ry.— See Read
ing Transit & Light Co______________________91
American Public Utilities____________________ 123 Baltimore Traction— See United Rys. & Elec.103
Bradford Elec. Co.— See Niagara Lockport &
American Telephone & Telegraph Co_______ 5 Baltimore & Washington Transit— See Wash
American Telegraph & Cable Co_____________ 9
Ontario Power Co___________________________ 44
ington & Maryland Ry______________________103
American Water-Works & Electric Co________ 84 Bamberger Electric RR_______________________209 Braintree & Weymouth St. Ry.— See Eastern
Amesbury & Hampton.— See Massachusetts
Mass. Street Ry. Co_________________________ 28
Bangor Hydro-Electric Co____________________ 24
Braintree St. Ry.— See Eastern Mass. Street
Northeastern Street Ry_____________________25 Bangor Railway & Electric Co.— See Bangor
Ry. C o ..........................
28
Anacostia & Potomac River RR.— See Wash
Hydro-Eleqjric Co___________________________ 24
Branford Water Co.— See New Hav. W at. Co. 18
ington Railway & Electric_____________
104
Bangor Power Co.— See Bangor Hydro-Elec
tric Co_______________________________________ 24 Brantford & Hamilton Ry.— See Dom. Power
Anderson Water, Light & Power Co.— See
& Transmission Co_________________________ 211
Southern Public Utilities Co______________ 158 Bar Harbor Electric Light Co.— See Bangor
Androscoggin Electric Co____________________ 24
Hydro-Electric Co___________________________ 24 Brattleboro Gas Light Co.— See Twin State
Gas & Electric Co__________________________ 126
Androscoggin & Kennebec Ry_______________ 24 Bar Harbor & Union River Power Co.—Bee
Annapolis Public Utilities Co.— See Wash
Bangor Hydro-Electric Co__________________ 24 Brazilian Traction, Light & Power__________ 217
Bridge Operating Co.— See Bklyn. M. T. C o .. 56
ington Baltimore & Annapolis____________104 Barre & Montpelier Trac. & Pow.— See Mont
pelier & Barre Light & Power_______________ 25 Bridgeport Hydraulic Co____________________ 13
Annapolis Short Line.— See Washington Bal
timore & Annapolis Electric RR__________ 104 Bartlesville Gas & Electric____________________ 38 Bridgeport (Conn.) Trac.— See Conn. Ry. &
Appalachian Power Co_______________________ 151 Bath St. Ry.— See Androscog. & Kenneb. Ry. 24
Light Co_____________________________________ 34
Ardmore (Pa.) Street Ry_______________________83 Baton Rouge Electric Co____________________ 167 Bridgeton Elec.—-See Am. Elec. Pow. Co--------- 76
Arkansas Central Power Co_________________ 168 Bay City Gas Co.— See Consumers Power C o .144 Bridgeton & Milv. Tr.— See Am. Elec. Pow. Co. 76
Arkansas Light & Power Co_________________ 169 Bay Counties Power Co.— See Pacific Gas &
Bridgewater Whitman & Rockland St. Ry.—
Arkansas Valley Interurban Ry______________ 182
Electric Co_________________________________192
See Eastern Massachusetts Street Ry. C o .. 28
Bay State Street Ry.— See Eastern Massachu
Arkansas Valley Railway, Light & Power Co.
Bristol & Plainville Electric___________________ 32
setts Street Ry. Co__________________________ 28 Bristol & Plainville Tramway (Conn.)— See
— See Southern Colorado Power Co_______ 185
Beaumont Gas Light Co.— See Southwestern
Asbury Park & Sea Girt RR.— See Eastern
Bristol & Plainville Electric_________________ 32
New Jersey Power Co_____________________ 70
Gas & Electric Co__________________________ 167 Broad Ripple Traction_______________________ 119
Ashaway & Westerly Railway Co.— See Shore
Beaumont Trac. Co.— See East Texas Elec.._173 Broad Ripple Natatorium— See Union Trac=
Line Electric R y .___________________________ 35 Beaver Co. Light Co.—-See Duquesne Lt. Co. 81
tion Co. of Indiana_______
119
Asheville Electric Co.— See Asheville Power
Beaver Valley Traction________________________84 B’way & 7th Ave. RR.— See N. Y . Rys---------------52
& Light Co_________________________________ 157 Bedford L t., Ht. & Power.— See Interstate
Broadway Surface RR.— See N. Y . Rys------------- 52
Asheville Power & Light Co_________________ 157
Public Service Co__________________________ 125 Brockton Bridgewater & Taunton St. Ry.—
Ashland Gas & Electric Co.— See Ohio Public
Bellaire South West. Trac. Co.— See Wheel
See Eastern Massachusetts Street Ry. Co__ 28
Service Co___________________________________ 39
ing Traction_________________________________ 8 6 Brockton & East Bridgewater St. Ry.— See
Associated Gas & Electric Co. (also map)____46
Bell Telephone Co. of Canada________________ 8
Eastern Massachusetts Street Ry. Co----------- 28
Athens Electric Ry.— See Athens Railway &
Bell Telephone Co. of Pa_____________________
5 Brockton & Plymouth Street Ry.— See
Electric Co__________________________________ 38 Belt Line Ry. Corp____________________________ 56
Plymouth & Brockton Street Ry------------------ 31
B
INDEX TO COMPANIES
M ay , 1925.]
Page.
Brockton Street Ry.— See Eastern Massachu
setts Street Ry. Co__________________________ 28
Bronx Traction Co____________________________ 8 6
Brooklyn Bath & West End RR.— See B. M. T - 56
Brooklyn Borough Gas Co___________________ 14
Brooklyn & Bright. Beach— See Bklyn. M. T . 56
Brooklyn Cable Co.— See Nassau Electric____58
Brooklyn City & Newtown RR.— See B. M. T . 56
Brooklyn City RR_____________________________ 52
Brooklyn Crosstown RR.— See Bklyn. M. T__ 56
Brooklyn Edison Co., Inc______________________44
Brooklyn Heights RR.— See Brooklyn M. T__ 56
Brooklyn-Manhattan Transit Corporation.. 56
Brooklyn & No. River RR.— See Third Ave. Ry. 55
Brooklyn Queens County & Suburban RR— 58
Brooklyn Rapid Transit— See Brooklyn Man
hattan Transit Corporation________________ 56
Brooklyn Union Elev.— See N. Y. Rap. T ra n .. 57
Brooklyn Union Gas Co_______________________ "4
Brownsville Avenue Street Ry.— See Pitts. &
Birm. Traction Co___________________________ 83
Brunswick & Yarmouth Ry.— See Androscog
gin & Kennebec Ry_________________________ 24
Brunswick Trac.— See Public Service Ry_____ 68
Bucks County Interurban Ry.—See Penn
sylvania-New Jersey Ry_____________________ 98
Buffalo Bellevue & Lancaster Ry.—See Inter
national Ry__________________________________ 59
Buffalo & Depew Ry.— See Depew & Lan
caster Ry. Corp____________________________ 61
Buffalo Dunkirk & Western RR.— See Buffalo
& Erie Ry____________________________________ 61
Buffalo & Erie Ry_____________________________ 61
Buffalo Gardenville & Ebenezer Ry.— See
Erie County Traction Corp_________________ 61
Buffalo General Electric Co__________________ 43
Buffalo Ham. & Aur. Ry.— See Erie County
Traction Corp_______________________________61
Buffalo & Lake Erie Traction Co.— See Buf
falo & Erie Ry_______________________________61
Buffalo Rockport & Rochester Ry.— See
Rochester Lockport & Buffalo Ry__________ 61
Buffalo & Lockport St. Ry.— See Inter. R y .. 59
Buffalo & Niagara Falls Electric Ry.— See
International Railway______________________59
Buffalo Ry.— See International Railway_____59
Buffalo South. Ry.— See Erie Co. Trac. Corp. 61
Buffalo Tonawanda & Niagara Falls Electric
RR.— See International Traction__________ 59
Buffalo Traction— See International Ry_____59
Buffalo & Williamsville Electric Ry__________ 61
Burlington County Ry.— See Burl. Co. Tran. 74
Burlington County Transit Co________________ 74
Burlington Gas Light Co.—-See South Jersey
Gas, Electric & Traction Co________________ 67
Burlington (Iowa) Ry. & Light Co.— See
United Utilities Corp_______________________ 179
Burlington (Vt.) Traction____________________ 26
Butler Railways Co___________________________ 95
Butte Electric & Power Co.— See Montana
Power Co___________________________________ 207
Butte Electric Ry____________________________ 208
c
Cadillac Gas Light Co.— See United Light &
Power Co___________________________________ 147
Cadillac Water & Light Co.— See Consumers
Power Co___________________________________ 144
Cairq City Gas Co.— See Cairo Ry. & Lt. Co. .133
Cairo Elec. & Trac.— See Cairo Ry. & Lt. C o ..133
Cairo Railway & Light Co___________________ 133
Cairo & St. L. Ry.— See Cairo Ry. & Lt. C o ..133
Calais (Me.) Street Railway___________________ 24
California Central Gas & Elec. Co.— See Pa
cific Gas & Elec. Co________________________ 192
California Electric Generating Co.— See
Great Western Pow. Co. of Calif___________198
California Gas & Elec. Corp.— See Pacific
Gas & Elec. Co____________________________ 192
California Oregon Power Co_________________ 196
California Pacific Ry.— See Pac. Elec. Ry___202
California Ry.— See Key System Transit Co .203
California Ry. & Power_______________________201
California Street Cable_______________________204
California Telephone & Lt. Co.— See Pacific
Gas & Elec. Co_____________________________ 192
Calumet Elec. St. Ry.— See Cal. & So. C h ic..138
Calumet & South Chicago Ry________________ 138
Camden Gloucester & Woodbury Ry_________ 69
Camden Horse RR.— See Camden & Suburban 69
Camden Inter-State Ry.— See Ohio Val. El. Ry. 78
Camden & Suburban Ry______________________69
Canadian Light & Power____________________ 213
Canal & Claiborne RR.— See N. O. Public
Service, Inc--------------------------------------------------167
Canandaigua El. Lt. & RR.— See Rochester
Gas & Electric Corp_________________________ 43
Canarsie RR. Co.— See N. Y . Rap. Tran. Corp. 57
Canton-Akron Cons. Ry______________________1 1 0
Canton-Akron Ry.— See Can.-Akr. Cons.Ry.110
Canton-Massillon Electric Ry.— See CantonAkron Cons. Ry_______________
110
Canton-New Philadelphia Ry.— See CantonAkron Cons. Ry____________________________ 110
Cape Breton Electric Co______________________216
Capital Traction_____________________________ 105
Carbondale Ry.— See Scranton Ry____________76
Carbon Transit Co.— See Mauch Chunk &
Lehighton Transit Co_______________________ 98
Cascade El. Lt. & Power Co.— See Twin State
Gas & Electric Co__________________________ 126
Page.
Carolina Power & Light Co__________________ 157
Cascade Light & Power Co.— See Twin State
Gas & Electric Co_________________ :________ 126
Cass Ave. & Fair Gr. Ry.— See United Rys. Col 8 6
Cataract Power & Conduit Co.— See Buffalo
General Electric Co_________________________ 43
Catherine & Bainbridge Streets Ry____________93
Cayuga Lake El. Ry.— See Ithaca Traction.. 62
Cedar Rapids & Iowa City Ry. & Light Co.—
See Iowa Ry. & Light Co___________________ 179
Cedar Rapids Mfg. & Powr.— See Montreal
Lt., Ht. & Pow. Co_________________________ 212
Cedar Rapids & Marion City Ry______________149
Central Arkansas Ry. & Light Corp.— See
Federal Light & Traction Co_______________ 168
Central California Traction Co______________ 204
Central Crosstown RR.— See New York Rys. 52
Central District Tele Co.— See The Bell Tel
ephone Co. of Pa___________________________ 5
Central Electric Co.— See Somerset Union &
Middlesex Lighting Co_______________________ 67
Central Georgia Power Co.— See Georgia
Light, Power & Railways__________________ 162
Cent. Illinois Pr. Co.— See Cent. 111. P. S. C o .126
Central Illinois Public Service Co____________126
Central Indiana Gas Co_____________________ 17
Central Indiana Ltg.— See Inter-State Public
Service Co__________________________________ 125
Central Indiana Pow. Co______, _____________ 117
Central Iowa Power & Light Co_____________ 178
Central Kentucky Trac. Co.— See Kentucky
Traction & Terminal Co____________________153
Central Market St. Ry.— See Col. Ry., P. & L t.l09
Central Mississippi Valley Electric Properties 180
Central New York Southern RR. Corp.— See
Ithaca Traction Corporation_______________ 62
Central Oakland Light & Power Co.— See
Great Western Power Co. of California____ 198
Central Ohio Gas Co.— See Ohio Pub. S. Co. 39
Central Park North & East River RR.— See
Belt Line Ry. Corp_________________________ 56
Central Passenger Ry.—See Central Traction 83
Central Penn. Trac. Co.— See Harrisburg Rys 97
Central Power & Lt. Co.— See also Map______ 170
Central Ry.— See United Railways & Electricl03
Central Railway— See III. Power & Lt. Corp..130
Central Traction_______________________________83
Central Union Gas Co.— See Cons. Gas Co.
of N. Y ____________
12
Centralia Gas & Elec. Co.— See 111. Pow. & Lt.
Corp________________________________________ 130
Chambersburg & Gettysburg Electric Ry_____ 95
Chambersburg Greencastle & Waynesboro St.
Ry.— See Potomac Edison Co_______________ 102
Charleroi & West Side Ry.— See United Trac.
Co. of Pittsburgh___________________________ 82
Charleston City Ry.— See Charleston Conso’idated Railway & Lighting_________________ 158
Charleston Consolidated Ry., Gas & Elec.—
See Charleston Consol. Ry. & Ltg. Co_____158
Charleston Consol. Ry. & Lighting Co______ 158
Charleston Dunbar Trac. Co.— See Charles
ton Inter. RR_______________________________152
Charleston-Isle of Palms Traction___________159
Charleston Interurban RR__________________ 157
Charlotte Elec. Ry.— See Southern Pub. Util.158
Charlotte Electric Ry., Light & Power Co.—
See Southern Public Utilities Co___________158
Charlottesville & Albemarle Ry______________ 151
Chattanooga Elec. Ry.— See Chatt. Ry. & Lt_354
Chattanooga Gas Co.— See United Light &
Power Co___________________________________ 147
Chattanooga Rys. Co.— See Chatt. Ry. & Lt-154
Chattanooga Railway & Light_______________ 151
Chautauqua Traction Co______________________62
Chesapeake & Potomac Tele. Co____________
6
Chesapeake & Potomac Tele. Co. of Va______ 6
Chester County Public Service Co.— See
Phila. Sub. Gas & Elec. Co________________ 79
Chester & Eddystone— See Wilmington &
Philadelphia Traction Co___________________ 78
Chester Darby & Phila.— See Wil. & Ches. Tr. 79
Chester & Media Elec. Ry.— See Wil. & Ches
ter Traction_________________________________ 79
Chester & Philadelphia Ry___________________ 93
Chester Street Ry.-—See Wil. & Ches. T rac-- 79
Chester Traction— See Wil. & Ches. Trac. Co 79
Chicago Aurora & Elgin Corp________________ 134
Chicago Aurora & Elgin RR__________________ 134
Chic. Bloom. & Decatur Ry.— See 111. Tr., Inc.133
Chicago By-Prod. Coke Co.-— See People’s
Gas Light & Coke Co_______________________ 18
Chicago City & Connecting Railways_______ 136
Chicago City Railway________________________ 138
Chicago Consol. Traction— See Chicago Rys.138
Chicago & Desplaines Val.— See Am. Elec.
Power Co____________________________________ 76
Chicago Elevated Railways— See Chicago
Rapid Transit Co__________________________ 128
Chicago Gas Light & Coke Co.— See People’s
Gas Light & Coke Co_______________________ 18
Chicago & Interurban Traction_____________ 141
Chicago & Joliet Electric Ry_________________ 126
Chicago Junction RR________________________ 134
Chicago Lake Shore & South Bend Ry_______ 121
Chicago North Shore & Milwaukee RR.— See
also Map____________________________________ 139
Chicago & Oak Park Elevated Ry.— See Chi
cago Rapid Transit________________________ 128
Chicago Ottawa & Peoria Ry.— See Illinois
Traction, Inc_______________________________133
Chicago Railways Co_________________________ 138
Chicago Rapid Transit Co____________________128
219
Page.
Chicago South Bend & Northern Ind. Ry_-119
Chicago Surface Lines_______________________ 136
Chicago Union Traction— See Chic. Rys. Co_138
Chicago & West Towns Ry____________________141
Chicago & West.— See Chic. City & Con. Rys-136
Chippewa Vail. Ry. Lt. & Pow.— See Northern
States Power Co. of Wisconsin_____________ 177
Choctaw Power & Light Co— See Southwest
Power Co___________________________________ 191
Christiana & Coatesville Street Ry.— See
Lancaster Co. Ry. & Lt. Co_________________ 90
Christopher & Tenth Sts. RR.— See N. Y.Rys. 52
Cicero Gas Co.— See Pub. Ser. of Nor. Ill____130
Cincinnati & Hamilton Electric— See Cincin
nati & Dayton Traction Co_______________ 112
Cincinnati Covington & Erlanger.— See Cin
cinnati Newport & Covirgton_____________ 153
Cincinnati & Dayton Traction Co____________112
Cincinnati Gas & Electric Co________________ 106
Cincinnati Gas Transportation Co.— See
Columbia Gas & Electric Co_______________ 105
Cincinnati Georgetown & Portsmouth RR.113
Cincinnati & Hamilton Elec. Co.— See Cin
cinnati & Dayton Traction Co____________112
Cincinnati & Hamilton Traction Co_________ 111
Cincinnati Lawrenceburg & Aur. Elec. St.RR113
Cincinnati Milford & Blanchester Traction__114
Cincinnati Newport & Covington Lt.&Tr.Co. 153
Cincinnati Street Ry_________________________ 111
Cincinnati Traction Co______________________ -111
Cinniminson Electric Light Power & Heating
Co. of Riverton N. J .________________________ 67
Cin. & Westw’d RR.— See Ind.&Cin.Trac.Co.121
Cities Service Co_______________________________ 36
Cities Service Power & Light Co______________ 37
Citizens’ Electric Co.— See Somerset Union &
Middlesex Lighting Co______________________ 67
Citizens’ Electric Light & Power— See InterState Public Service Co____________________125
Citizens’ Electric St. Ry.— See Massachusetts
Northeastern Street Ry____________________ 25
Citizens Gas Co.— See Pub. Ser. Co. of Nor.
Ill__________
130
Citizens Gas Co. of Indianapolis______________ 15
Citizens Gas & Elec. Co.— See Union Ry.,
Gas & Elec. Co_____________________________ 146
Citizens’ Gas & Fuel— See United Gas & El.
Co___________________
41
Citizens Gas Light Co.— See Brooklyn Union
Gas Co_____________________________________ 14
Citizens Light Heat & Power Co.— See United
Gas & Electric Co___________________________ 41
Citizens Lighting Co.— See 111. Traction____133
Citizens’ Pass. Ry.-—See Harrisburg Rys_____97
Citizens’ Pass. Ry.. Norristown— See Schuyl
kill Valley Traction_________________________ 92
Citizens’ Passenger Ry. (Phila.)_______________ 93
Citizens’ Ry. & Lt. Co.— See Tri-City Ry.
& Light____________________________________ 149
Citizens’ Ry., L. & P. Co.— See Newp. News
& Hamp. Ry., G. & E. Co__________________ 150
Citizens’ Street Ry. (Indianapolis, Ind.)— See
Indianapolis Street Ry____________________ 118
Citizens Street RR.-—See Memphis St. Ry_ 156
_
Citizens’ Street Ry. (Muncie, Ind.)— See
Union Traction of Indiana________________ 119
Citizens Tel. Co.— See Michigan Bell Tel. Co. 7
Citizens’ Traction____________________________ 83
Citizens’ Traction Co., Oil City_______________ 97
Citizens’ Water & Light— See Inter-State
Public Service Co__________________________ 125
City Elec. Co. (San Francisco)— See Great
Western Power Co. of California__________ 198
City Electric Ry. (Port Huron, Mich.)— See
Detroit & Port Huron Shore Line_________ 145
City Electric Ry. (Rome, Ga.)— See Rome
Ry. & Light Co____________________________ 164
City & Elm Grove RR. Co.— See Wheeling
Public Service Co__________________________ 91
City Gas Co.— See Norfolk Ry. & Light______ 150
City Light & Traction Co. (Sedalia, Mo.)___ 38
City Railway (Dayton, Ohio) Co_____________ 115
City Ry. of Los Ang.— See Los Ang. Ry. Corp_202
City & Suburban Gas Co.— See West Vir
ginia Utilities Co___________________________ 91
City & Suburban Ry.— See United Rys. &
Electric Co. of Baltimore__________________ 10)
City & Suburban Ry.— See Port. Elec. Pow.
Co___________
205
City & Suburban Ry.— See Wash. Ry. & E l--104
Clairton Street Ry____________________________ 84
Cleveland Berea Elyria & Oberlin Ry.— See
Cleveland Southwestern Ry. & L t________ 114
Cleveland & Chagrin Falls Ry_______________ 114
Cleveland & Eastern Traction_______________ 114
Cleveland & Elyria RR.— See Cleveland
Southwestern Ry. & Lt_____________________114
Cleveland Electric Illuminating Co___________117
Cleveland Electric Ry.— See Cleveland Ry_ 110
_
Cleveland Elyria & Western— See Cleveland
Southwestern Ry. & Lt____________________ 114
Cleveland & Erie Ry. Co_______________________97
Cleveland Painesville & Ashtabula RR______ 114
Cleveland Painesville & Eastern RR_________ 114
Cleveland Ry. Co_____________________________ 110
Cleveland & Southwestern Traction Co.— See
Cleveland Southwestern Ry. & Lt________ 114
Cleveland Southwestern & Columbus Ry.—
See Cleveland & Southwestern Co________ 114
Cleveland & Southwestern Co_______________ 114
Cleveland Southwestern Ry. & Lt. Co_______ 114
Clifton Suspension Bridge— See Internat. Ry. 59
Clinton Street Ry____________________________ 181
330
Page.
Clinton Gas & El. Co.— See 111. Pow. & Lt.
- Corp________________________________________ 130
Coal Belt Electric Ry. Co____________________ 141
Coast Castle El. Ry.— See E. Penn. Elec_____91
Coast Cities R y________________________________ 70
Coast Counties Gas & Electric Co___________ 201
Coast Counties Light & Power Co.— See Coast
Counties Gas & Electric___________________ 201
Coast Valleys Gas & Electric Co_____________201
Coeur d’Alene & Spokane Ry.— See Spokane
& Eastern Ry. & Power Co________________ 207
Cohoes Power & Light Corp__________________ 44
Cohoes Ry.— See United Traction Co________ 58
Cohoes-Warterf. Home Tel. Co.— See N. Y.
7
Telephone Co______________________________
Colonial Gas & Electric Co___________________ 32
Colorado Power Co.— See Pub. Ser. Co. of
Colorado_____________________________________ 40
Colorado Springs Electric Co.— See United
Gas & Electric Co__________________________ 41
Colorado Springs Light & Power Co.—
-See
United Gas & Electric Co_______ __________41
Colorado Springs & Interurban Ry_________ 186
Colorado Springs Light, Heat & Power Co.—
See United Gas & Electric__________________ 41
Columbia Canal Co.— See Columbia Ry. Gas
& Electric Co_______________________________159
Columbia Elec. Lt., Ht. & Power— See Lan.
Co. Ry. & Lt_________________________________90
Columbia (S. C.) Elec. St. Ry., Light & Pow.
— See Columbia Ry., Gas &Electric________ 159
Columbia Gas Co.— See Lancaster County
Ry. & Light_________________________________90
Columbia & Montour Elec. Co.— See Lehigh
Power Securities Corp_______________________87
Columbia Gas & Electric Co. (see also m ap)..105
Columbia Ry.— See Wash. Ry. & Elec. Co_ 104
_
Columbia (S. C.) Ry., Gas & Elec. Co_______ 159
Columbia Ry., Gas & Elec. Securities Co.—
See Col. Ry., Gas & Elec. Co_______________ 159
Columbus Buckeye Lake & Newark Traction
— See Columbus Newark & Zanesville_____113
Columbus Delaware & Marion Elec. RR.— See
Col. Delaware & Marion Elec. Co_________ 110
Columbus Delaware & Marion Elec. Co______ 110
Columbus Delaware & Marion Ry.— See Co
_
lumbus Delaware & Marion Electric Co_ 110
Columbus Ed. Co.— See Col. Ry., P. & L. C o .109
Columbus (Ga.) Electric Co.— See Columbus
Electric & Power Co________________________ 162
Columbus Electric & Power Co______________ 162
Columbus Gas Co.— See Ohio Fuel Supply Co. 20
Columbus Grove City & Southwestern Ry.—
See Indiana Columbus & Eastern_________ 112
Columbus London & Springfield Ry.— See
Indiana Columbus & Eastern______________ 112
Columbus Marion & Bucyrus Ry. Co________ 116
Columbus New Albany & Johnstown Trac.
Co.— See Columbus Ry., Power & Light_ 109
_
Columbus Newark & Zanesville Elec. Ry___ 113
Columbus & Ninth Ave. RR.— See N. Y. Rys. 52
Columbus Northern Ry., Po. &Equipment
— See Columbus Del. & Marion El. Co____ 110
Columbus Power Co.— See Columbus Elec.
& Power Co_________________________________162
Columbus (Ga.) RR.— See Columbus Elec. &
Power Co__________________
162
Columbus Ry.— See Colum. Ry., P. & L. Co. .109
Columbus Ry., Light & Power— See Miss.
Power & Light Co__________________________ 166
Columbus Ry., Power & Light Co____________109
Columbus St. Ry.— See Col. Ry., Pow. & Lt__109
Columbus Traction Co.— See Col. Ry. Pow.
109
& Light Co_______
Commercial Union Telegraph Co_____________ 10
Commonwealth Edison Co___________________ 136
Commonwealth Ave. St. Ry.— See Eastern
Massachusetts St. Ry. Co___________________ 28
Commonwealth Power Co.-—See Common
wealth Power Corp_________________________ 142
Commonwealth Pow. Corp. (see alsomap)___ 142
Commonwealth Power Co. of Nebraska— See
Line In Traction Co_______________________ 182
Community Power & Light Co_______________ 184
Compton Heights Union Depot & Merchants
Terminal Ry.— See United Rys. Co_______ 186
Coney Island & Brooklyn RR________________ 58
Coney Island & Gravesend____________________58
Conestoga Realty Co.— See Lancaster County
Ry. & Light Co_____________________________ 90
Conestoga Traction— See Lan. Co. Ry. & Lt. 90
Connecticut Company________________________33
Connecticut Light & Power Co_______________ 33
Connecticut Lighting & Pr.— See Connecti
cut Ry. & Lighting Co______________________34
Connecticut Power Co________________________ 33
Connecticut Ry. & Lighting_________________ 34
Connellsville Suburban Street Ry.— See West
Penn Railways Co__________________________ 85
Conshohocken Ry.— See Schuylkill Val. Trac 92
Consol. Elec. Light Co. of Maine— See Cum
berland County Power & Light Co________ 23
Consolidated Gas Co. of N. Y _______________ 12
Consolidated Gas Co.— See National Public
Service Corp_________________________________70
Consolidated Gas Co. of Pittsburgh_________ 81
Consolidated Gas, Electric Light & Power
Co. of Baltimore___________________________ 102
Consolidated Lt., Ht. & Power Co.— See
Amer. Electric Power Co___________________ 76
Consolidated Power & Lt. Co. ofSa. Dak___ 182
Consolidated Power & Light Co______________78
Consolidated Railway Co.— See Conn. C o .. 33
INDEX TO COMPANIES
Page.
Consol. Ry. & Pow.— See Utah Lt. & Tr._209
Consolidated Rys., Lt. & Pow.— See Tide
water Power Co____________________________ 157
Consolidated Lighting Co.— See Montpelier
& Barre Light & Power Co________________26
Consolidated Schuylkill Gas Co.— See Phila.
Sub. Gas & Elec. Co______________________ 79
Cons. Secur. & Inv. Co.— See Den. Tram. C o .185
Con. Sub. St. Ry.— See West Penn Rys. Co. 85
Consolidated Tractionof New Jersey_________ 68
Consolidated Traction of Pittsburgh, Pa____83
Consolidated Water Co. of Utica (N. Y .)___ 15
Constantine Hydraulic Co.— See Michigan
Gas & Electric Co__________________________ 123
Consumers’ Light, Heat & Power Co.— See
Pub. Serv. Elec. & Gas Co__________________ 6 6
Consumers’ Gas Co.— See Peoples Gas Light
& Coke Co________________________________ 18
Consumers Gas Co. (Ontario)________________ 211
Consumers’ El. Lt. & Pow. Co. (New Orleans) 42
Consumers’ Elec. Co.— See Great Western
Power Co. of Calif_________________________ 198
Consumers’ Light & Power Co.— See Great
Western Power Co. of Calif_______________ 198
Consumers’ Power Co________________________ 144
Consumers’ Water & Light Co.— See 111. Pow.
& Light Corp_______________________________130
Continental Gas & Elec. Corp. (also M ap)..187
Continental Passenger Ry____________________ 93
Copley Egypt & Ironton St. Ry.— See Lehigh
Valley Transit.____________________________ 87
Corning & Painted Post Street Ry__________ 61
Corry-Deavitt-Frost Electric Co.— See Mont
pelier & Barre Lt. & Pow. Co_______________ 26
Cortland County Traction___________________ 46
County Traction Co. (Chicago)— See Chicago
& West Towns Ry_________________________ 141
Crawford County Railways Co_____________ 90
Crawfordsville Wat. & Gas Co.— See Northern
Ind. Gas & Electric Co____________________ 128
Crosstown St.— See Columbus Ry., Pr. &
Lt. C o . . . ...............
109
Crosstown St. Ry. (Buffalo)— See Inter. Ry. 59
Crown Point Elec. Co.— See Inter-State
Public Service Co__________________________ 125
Cuban Telephone Co.— See International
Tel. & Tel. Corp___________________________ 10
Cumberland County Power & Light Co___ 23
6
Cumberland Tel. & Tel. Co., Inc____________
Cumberland & Westernport Elec. Ry. C o .. 38
Cuyahoga Telephone Co.— See Ohio Bell
Telephone Co______________________________
7
D
Dakota Central Telephone Co_______________ 6
Dallas Electric Term.— See Dallas Ry. Co_ 173
_
Dallas Interurban Terminal Association—
See Dallas Railway Co____________________ 173
Dallas Power & Light Co____________________ 172
Dallas Railway Co________________;__________ 173
Danbury (Conn.) & Bethel Street Ry________ 35
Danville Champaign & Decatur Ry. & Lt.
Co.— See 111. Pow. & Lt. Corp____________130
Danville Consumers’ Coal Co.— See 111. Pow.
& Light Corp______________________________ 130
Danville & Eastern Illinois Ry.— See III. Pow.
& Light Corp______________________________ 130
Danville & Northern— See 111. Pow. & Lt.
C o rp _______________________________________ 130
Danville & Southeastern Ry.— See 111. Pow.
& Light Corp______________________________ 130
Danville (111.) Street Ry. & Light— See 111.
Power & Light Corp______________________ 130
Danville Urbana & Champaign Ry«-—See 111.
Trac., Inc_________________________________ 133
Darby Media & Chester Ry.— See Phila. R. T. 92
Darby & Yeadon St. Ry_____________________ 93
Dayton Covington & Piqua Traction________ 115
Dayton Gas Co.— See Columbia Gas & Elec.
_______________________________________ 105
Co
Dayton Lighting Co.— See Dayton Pow. &
Light Co___________________________________v 1-06
Dayton & Northern Traction Co.— See
Indiana Columbus & Eastern_____________ 112
Dayton Power & Light Co----------------------------- 106
Dayton & Soldiers’ Home RR.— See City Ry_115
Dayton Springfield & Urbana Electric Ry.—
See Ind. Colum. & Eastern________________112
Dayton Springfield & Xenia Southern______115
Dayton (O.) Street Ry.— See City Ry_______ 115
Dayton Traction— See Cin. & Dayton Trac__112
Dayton & Troy Electric______________________115
Dayton & West. Trac________________________ 115
Decatur Gas & Elec.— See 111. Pow. & Lt. Corpl30
Decatur Railway & Light Co.— See III. Pow.
& Light Corp______________________________ 130
Decatur Trac. & Elec.— See III. Pow. &
Light Corp_________________________________130
De Kalb County Gas Co.— See 111. No. Util. Col26
De Kalb-Sycamore Elec.— See Union Ry.,
Gas & Electric_____________________________ 146
De Kalb Sycamore & Interurban Trac.— See
Union Ry., Gas & Electric_________________ 146
Delaware County & Philadelphia Elec. Ry__ 79
Denison & Sherman Ry.-—See Texas Elec. Ry.173
Denver City Tramway— See Denv. Tram. Co. 185
Denver Consol. Tram.— See Denver Tram. Co_185
Denver Gas & Elec.— See Public Service Co.
of Colo______________________________________ 40
Denver & Inter-Mountain___________________ 186
Denver & Northwestern Ry__________________ 185
ol.
120.
Page.
Denver Realty Co.— See Denver Tram. Co__185
Denver Tramway System_____________________ 185
Denver Tramway Co____ _______ ______________ 185
Denver Tramway Potv, Co.— See Denver
Tramway Co_____________ •
_________________ 185
Denver Tramway Terminals Co.— See Denver
Tramway Co________________________________ 181
Depew & Lancaster Ry. Corp_________________ 65
Des Moines & Central Iowa Electric Co____134
Des Moines, Central Iowa RR_______________ 181
Des Moines City Ry__________________________ 181
Des Moines Electric Co.— See Des Moines
& Central Iowa Electric Co________________ 134
Des Moines St. RR.— See Des. M. City Ry__181
Des Moines Sub. Ry.— See Des. M. City Ry_181
Detroit Almont & Northern RR_____________ 146
Detroit City Gas Co__________________________ 15
Detroit Edison Co____________________________ 142
Detroit Electric Ry.— See Detroit United Ry_145
Detroit & Flint— See Detroit United Ry___ 145
Detroit Fort Wayne & Belle Isle Ry.— See
Detroit United Ry_________________________ 145
Detroit & Highland Park RR.— See Detroit
United Ry__________________________________ 145
Detroit Jackson & Chicago__________________ 145
Detroit & Lake St. Clair Ry.— See Detroit &
Port Huron Shore Line Ry________________ 145
Detroit Monroe & Toledo Short Line Ry_____ 145
Detroit & Northw.— See Detroit United Ry__145
Detroit & Pontiac Ry.— See Det. United Ry._145
Detroit & Port Huron Shore Line____________ 145
Detroit Ry.— See Detroit Electric Ry________ 145
Detroit River Tel. Co.— See Michigan Bell
7
Tel. Co____________
Detroit Rochester Romeo & Lake Orion.
— See Detroit United Ry___________________ 145
Detroit & Suburban Gas Co.— See Detroit
City Gas Co_______________________________ 15
Detroit United Ry____________________________ 145
Detroit Ypsilanti Ann Arbor & Jackson Ry.—
See Detroit Jackson & Chicago Ry________ 145
Dighton Somerset & Swansea St. Ry.— See
Eastern Massachusetts Street Ry. Co______ 28
Dixie Terminal Co.— See Cincinnati Newport
& Covington____________________
153
Dominion Power & Transmission Co________ 211
Dover Snmersworth & Rochester______________ 25
Dover Gas Light Co.— See Twin States Gas
& Electric Co_______________________________126
Doylestown & Willow Grove Ry_______________ 93
Dry Dock East Broadway & Battery RR______ 56
Du Bois Electric & Traction Co_______________ 90
Duluth Street Ry.— See Duluth-Superior Tr_178
Dubuque Electric Co_________________________ 180
Duluth-Superior Traction___________________ 178
Dunkirk & Fredonia RR.—-See Buffalo &
Erie Ry_______________________________________61
Duquesne Light Co___________________________ 81
Duquesne Traction___________________________ 83
Durham Public Service Co___________________ 38
Durham Traction Co.— See Durham Public
Service Co_________________________
38
E
East Cleveland Ry.— See Cleveland Ry______ 110
Eastern Massachusetts Street Ry. Co_______ 28
Eastern New Jersey Power Co________________ 70
Eastern New York Utilities Corp____________ 60
Eastern Pennsylvania Power & Ry.— See
East Penn Electric Co___________________ s'.. 91
Eastern Texas Electric Co___________________ 173
Eastern Wisconsin Electric Co.— See Wiscon
sin Power & Light Co______________________ 125
Eastern Wisconsin Ry. & Light Co.— See
Wisconsin Power & Light Co_____________ 125
East Bay Water Co___________________________ 15
East End Traction Co________________________ 108
East Jersey St. Ry.— See Public Service Ry._ 68
East Kootenay Power Co., Ltd_______________ 211
East McKeesport Street Ry___________________ 83
East Michigan Edison Co.— See Detroit Edi
son Co_______________________________________142
East Middlesex Street Ry______________________29
East Newark Gas Light________________________ 67
East Oakland Ry.— See Key System Transit_203
East Penn Electric Co___ , ____________________91
East Reading Elec. Ry.— See Reading Trac__ 92
East St. Louis Light & Power Co.— See East
St. Louis & Suburban Co__________________ 141
East St. Louis & Suburban Co_______________ 141
East Shore & Suburban Ry.— See Key Sys
tem Transit Co_____________________________ 203
East Side Traction Co.— See N. Y . State Rys. 59
Easton Consolidated Electric Co______________ 87
Easton Palmer & Bethlehem Elec. Ry.— See
Easton Consolidated Electric_______________ 87
Easton & South Bethlehem Trans. Co.— See
Easton Consolidated Electric Co____________87
Eau Claire Gas Light Co.— See Northern
States Power Co. of Wisconsin_____________177
Economy Light & Power Co.— See Public
Service Corp. of Northern Illinois________ 130
Edison Elec. Co.— See Lan. Co. Ry. & L t_ 90
_
Edison Elec. Ilium. Co. of Brockton__________ 26
Edison Elec. Ilium. Co. of Boston_____________26
Edison Elec. Ilium. Co.— See Brooklyn Edi
son Co_______________________________________ 44
Edison Elec. Ilium. Co. (N. Y .).— See Con
solidated Gas Co. of New York__ __________12
Edison Elec. Ilium.— See Paterson & Passaic
Gas & Electric_____________________
67
INDEX TO COMPANIES
M ay , 1925.]
Page.
Edison Elec. Ilium.— See Lane. Co. Ry. & L t. 90
Edison Electric of New Orleans— See New Or
leans Public Service, Inc__________________ 167
Eighth Avenue RR____________________________ 60
Electric Bond & Share Co_____________________40
Electric City Ry.— See Internat. Ry. Co______ 59
Electric Co. of New Jersey____________________ 78
Electric Devel. Co.— See Toronto Ry. Co___ 186
Electric Power & Light Corp_________________20S
Electric Railway Securities Co_______________ 146
Electric Traction (Philadelphia, Pa.)________ 93
Elgin Aurora & Southern Traction— See
Aurora Elgin & Chicago___________________ 134
Elizabeth Plainfield & Central Jersey— See
Public Service Ry___________________________ 68
Eli=abeth & Raritan River Street Ry.— See
Public Service Ry___________________________ 68
Elizabeth & Trenton RR______________________69
Elizabethtown & Florin Street Ry.— See Lan
caster County Ry. & Light Co______________90
Elmira Water, Light & Railroad______________ 42
El Paso Electric C o .__________________________ 172
El Reno Interurban Ry.— See Oklahoma Ry.191
Elwood Electric— See Union Trac. of Indianall9
Elyria Grafton & Southern— See Cleveland
South Western Ry. & Light_______________ 114
Elyria & Oberlin— See Cleveland Southwest
ern Ry. & Light____________________________ 114
Empire Gas & Fuel Co________________________ 15
Empire Passenger Ry__________________________ 94
Empire Refining Co., Empire Gas & Fuel
Co. (Del.)___________________________________ 15
Empire State Railroad Corporation__________ 61
Empire Water & Power Co.— See United
Gas & Electric Co___________________________ 41
Englewood Gas & Electric— See Gas & Elec
tric Co. of Bergen County__________________ 68
Ephrata & Adamstown Ry.— See Lancaster
County Ry. & Light Co______________________90
_
Equitable Coke Co.— See Philadelphia Co_ 80
Erie County Traction Corporation____________61
Erie E ectric Motor Co.— See Buff. & Erie Ry. 61
Erie Railways Co_______________________________ 61
Erie Rapid Transit Co.— See Buff. & Erie Ry. 61
Erie Traction Co.— See Njrthw. Penn. Ry__ 90
Escanaba (Mich.) Power & Traction Co______ 149
Essex & Hudson Gas Co_____________________ 67
Evanston R ailw ay..__________________________ 141
Evansville & East. Elec. Ry.— See Evansville
& Ohio Railways Co________________________ 120
Evansville Electric Ry.— See Commonwealth
Power Corporation_________________________ 142
Evansville & Ohio Valley Ry_________________ 12Q
Evansville Gas & Electric Co.— See Common
wealth Power Corporation_________________ 142
Evansville Henderson « & Owensboro— See
Evansville & O. Ry_________________________ 120
Evansville Light Co.— See Commonwealth
Power Corporation_________________________ 142
Evansville & Mt. Vernon Electric Ry.— See
Evansville & Ohio Railways Co____________ 120
Evansville & Princeton Traction Co.— See
Commonwealth Power Corp_______________ 142
Evansville Public Service Co.— See Common
wealth Power Corp_________________________ 142
Evansville & Southern Indiana Traction Co.
— See Commonwealth Power Corp________ 142
Evansville Suburban & Newburgh Ry_______ 120
EvanSville Terminal Ry.— See Evansville &
Ohio Valley Ry. Co_________________________ 120
Everett Ry. & Electric— See Puget Sound
Power & Light Co__________________________ 206
Everett Ry. Light & Water Co.— See Puget
Sound Power & Light Co__________________ 206
Page.
Fort Wayne & Decatur Traction Co_______ ..1 7 0
Fort Wayne & Northern Indiana Traction—
See Indiana Service Corp__________________ 120
Fort Wayne Power Co.— See Indiana Service
C o rp _______________________________________ 120
Fort Wayne Traction Co.— See Indiana Ser
vice Corp___________________________________ 120
Fort Wayne Van Wert & Lima Traction Co_ 1 1 2
_
Fort Wayne & Wabash Valley Trac. Co.— See
Indiana Service Corp_______________________ l'O
Forty-second St. & Grand St. Ferry R R _______ 55
Forty-second St. Manhat. & St. Nich. Ave.Ry. 56
Fostoria (O.) & Fremont Ry__________________ 115
Fox River Valley Electric Co.— See Wise. Trac.
Light Heat & Power Co_____________________175
Framingham Southboro & Marlboro Street
Ry.— See Boston & Worcester Street Ry_ 30
_
Framingham Union Street Ry.— See Boston
& Worcester Street Ry_______________________30
Frankford & Southwark Phila. City Pass. Ry. 91
Frankford Tacony & Holmesburg Ry________ 100
Franklin Water, Light & Power— See InterState Public Service________________________ 125
Frederick Gas & Electric Co.— See Potomac
Edison Co__________________________________ 10 2
Frederick & Middletown RR.— See Potomac
Edison Co__________________________________ 102
Frederick RR.— See Potomac Edison Co_____ 102
Freeport Ry. & Lt. Co.— See III. Nor. Util. Co.126
Freeport Ry., Light & Power Co.-—-See 111.
Nor. Utilities Co___________________________ 176
Fresno City Ry.— See Fresno Traction Co____ 203
Fresno Traction Co__________________________ 203
Fries Mfg. & Pow. Co.— See So. Pub. Util. Co. 158
Front & 5th St. Ry.— See Read. Tr. & L ight.. 91
Frostburg Eckhardt & Cumberland Elec. Ry.
— See Cumberland & Westernport El. Ry__ 38
Frostburg Illuminating & Mfg. Co.— See Po
tomac Edison Co___________________________ 107
Fulton Elevated— See Bklyn. Man. Transit.. 56
G
Gainesville Ry. & Pow. Co.— See Georgia Ry.
& Power Co_________________________________ 160
Galesburg Gas & Elec. Co.— See 111. Power &
Light Corp_________________________________ 130
Galesburg & Western RR_____________________111
Galesburg Ry., Ltg. & Pow. Co.— See 111. Pow.
& Light Corp_______________________________130
Galveston Elec. Co.— See Galv. Hous. El. Co. 169
Galveston Houston Electric Co______________ 169
Galveston Houston Elec. Ry.— See Galveston
Houston Electric Co________________________ 169
Gary Connect. Rys.— See Gary St. Ry. Corp. 1'1
Gary & Interur. Ry.— See Gary St. Ry. Corp..121
Gary Street Ry.— See Gary Street Ry. Corp.. 121
.Gary Street Ry. Corp_________________________ 121
Gary & Valparaiso___________________________ 121
Gas & By-Products Co______________________ 16
Gas & Electric Co. of Bergen County________ 68
Gas Light Co. of New Brunswick— See New
Brunswick Light, Heat & Power____________68
General Gas & Elec. Corp. (also map)_________ 40
Geneva Seneca Falls & Auburn RR. Co., Inc. 61
Georgetown & Lexington Trac. Co.— See
Kentucky Trac. & Term___________________ 153
Georgetown Rowley & Ipswich— See Eastern
Mass. Street Ry_____________________________ 28
Georgetown & Tennallytown Ry.— See Wash.
Ry. & Elec__________________________________ 104
Georgia Carolina Invest. Co.— See Augusta
Aiken Ry. & Elec. Corp_____________________182
Georgia Carolina Power Co.— See Augusta
Aiken Ry. & Elec. Corp____________________ 162
Georgia Elec. Lt. Co.— See Ga. Ry. & Elec_ 160
_
Georgia Light, Power & Rys. (also map)_____162
Fair Haven & Westville RR.— See Conn. Co__ 33 Georgia Railway & Electric Co_______________ 160
Fairmont & Clarksburg Trac. Co.— See MoGeorgia Ry. & Power Co. (also map)_________ 160
nongabela West Penn Public Service____ 152 Germantown Passenger Ry___________________ 94
Fairmont & Mannington Traction— See MoGlens Falls Sandy Hill & Ft. Edward Street
nongahela West Penn Public Service______ 152
RR.— See Hudson Valley Ry________________ 58
Fairmount Park & Haddington Pass. Ry.—
Globe Street Ry.— See Eastern Mass. St. R y . . 28
See Hestonville Mantua & Fairmount___
94 Gloecester Essex & Beverly— See Eastern
Fairmount Park Transit Co___________________ 99
Mass. Street Ry_____________________________ 28
Fall River Electric Light Co_________________ 26 Gloucester & Rockport— See Eastern Mass.
Farmington Street Ry.— See Conn. Co_______ 33
Street Ry____________________________________ 28
Pederal Light & Traction Co_________________ 168 Gloucester Street Ry.— See Eastern Mass.
Federal Street & Pleasant Valley Ry__________ 82
Street Ry____________________________________ 28
Felicity & Bethel RR.— See Cin. Georgetown
Goff’s Falls Litch. & Hud.— See Man. Trac.
& Portsmouth_____________________________ 113
Light dc Power______________________________ 25
Ferries & Cliff House Ry.— See Market St.Ry. 201 Goshen South Bend & Chicago RR.— See
Findlay Street Ry.— See Toledo Bowling
Gary Street Ry. Corp_______________________ 121
Green & Southern Traction_______________ 116 Gough Street Ry.— See Market Street Ry___ 201
Fishkill Electric Ry__________________________ 61 Grafton & Upton RR.— See Milford & Ux
Fitchburg & Leominster Street Ry____________31
bridge Street Ry____________________________ 31
Flint Gas Co.— See Consumers Power Co____144 Grand Rapids Edison Co.— See Consumers
Florida Public Service Co____________________ 164
Power Co___________________________________ 144
Flushing & College Point El. Ry.— See N. Y.
Grand Rapids Grand Haven & Muskegon Ry.l49
& Queens County__________________________ 63 Grand Rapids Holland & Chicago Ry_______ 147
Fonda Johnstown & Gloversville RR.— See
Grand Rapids Holland & Lake Michigan Ry.
“ Railroad and Industrial’’ Section.
— See Michigan RR________________________ 147
Fond du Lac St. Ry. & Light— See Wisconsin
Grand Rapids-Muskegon Power Co.— See
Power & Light__________________________
125 Consumers’ Power Co______________________144
Forest City Street Ry.— See Cleveland Ry___ 110 Grand Rapids Railway_______________________ 147
Fort Dodge Des Moines & Southern RR.-—-See
Grays Harbor Railway & Light Co.—-See Fed
“ Railway and Industrial” Section.
eral Light & Traction Co__________________ 168
Ft. George & 11th Ave. RR________________ <
___55
Great Falls Power Co.— See Montana Power207
Fort Pitt Traction— See Consol. Trac. (Pitts.) 83 Great Lakes Power Co., Ltd. (The)_________ 212
Fort Smith Light & Traction C o ..___________168 Great Western Power Co. of California_____ 198
Fort Wayne Marion & Bluffton Ry. Co.—
Green Bay Gas & Electric Co.— See Wiscon
See Indiana Service Corp__________________ 120
sin Public Service Corporation____________175
F
221
Page.
Green Bay Traction Co.— See Wisconsin Pub
lic Service Corporation_____________________175
Greene & Coates Streets, Philadelphia, Pass
enger Ry____________________________________ 94
Greenpoint & Lorimer Street.— See Brooklyn
Manhattan Transit_________________________ 56
Greensboro Electric Co.— See North Carolina
Public Service Co__________________________ 158
Greenville-Carolina Power Co.— See Southern
Public Utilities Co_________________________ 158
Greenville Spartanburg & Anderson Ry.— See
Piedmont & Northern Ry__________________ 158
Greenville (S. C.) Traction Co.— See South
ern Public Utilities Co_____________________158
Greenwich & Schuylersville Electric RR.—
See Hudson Valley Ry_______________________58
Greenwich Tramway Co.— See Conneciicut
Co...............
33
Groton & Stonington Street Ry.— See Shore
Line Electric RR____________________________ 34
Groton & Stonington Traction Co____________35
Gulf Cities Gas Co.— See Southwestern Gas
& Electric C o______________________________ 167
Gulf Coast Power Co.— See Central Power &
...1 7 0
Light C o . . . ......................
Gulfport & Mississippi Coast Traction Co_ 166
_
Guthrie-Edmond Ry.— See Oklahoma Ry___191
H
Hackensack Gas & Electric Co.— See Gas &
Electric Co. of Bergen County__________
68
Hackensack Gas Light Co.— See Gas & Elec
tric Co. of Bergen County_________________ 68
Hackensack Water Co_________________________ 16
Hagerstown & Boonsboro Ry.—-See Potomac
Edison Co_________________________________ 102
Hagerstown & Frederick Ry.—See Potomac
Edison Co_________________________________ 102
Hagerstown & Myersville Ry.—-See Potomac
Edison Co_________________________________ 102
Hagerstown & Northern Ry.—See Potcmic
Edison C o_________________________________ 102
Hagerstown Light & Heat Co. of Wash. Co.—■
See Lehigh Power Securities Corporation.. 87
Hagerstown Ry.— See Potomac Edison Co___102
Halifax Electric Tramway.— See Nova Scotia
Tramways & Power Co____________________ 211
Hamburg Ry. Co.— See Buffalo & Erie Ry__ 61
Hamilton, Can., Power, Light & Trac. Co.—
See Dominion Power & Transmission Co___211
Hamilton Elecric Light & Power Co.— See
Dominion Power & Transmission Co______ 211
Hamilton Grimsby & Beansville Ry.— See
Dominion Power & Transmission C o _.____211
Hamilton & Lindenwald Electric Trans.— See
Cincinnati & Dayton Traction___________ 112
Hamilton Street Ry.— See Dominion Power &
Transportation Co_________________________ 211
Hammond Whiting & East Chicago R y _____ 138
Hampton & Langley Field Ry.— See Newport
News & Hampton Ry., Gas & Elec. C o ___ .150
Hampton Roads Traction Co.— See Newport
News & Hampton Ry., Gas & Electric C o ..150
Hanover & McSherrytown Street Ry_________ 98
Hanover Power Co.— See General Gas & Elec
tric C o ..____________________________________ 40
Harrisburg Electric Service Co.— See United
Gas & Electric Corporation________________ 41
Harrisburg Light, Heat & Power.— See Har
risburg Light & Power_____________________ 42
Harrisburg Light & Power Co________________ 42
Harrisburg & Mechanicsburg Electric Ry.—
See Valley Railways Co____________________ 98
Harrisburg Railways__________________________ 97
Hartford City Gas Light Co_________________ 16
Hartford Electric Light Co____________________ 33
Hartford Manchester & Rockville Tramway.
— See Connecticut Co_______________________33
Hartford & Springfield Street Ry_____________ 35
Hartford Street Ry.—-See Connecticut Co____33
Harwood Electric Co.— See Lehigh Power Se
curities Corporation________________________ 87
Hattiesburg Traction Co.— See Meridian
Light & Railway Co________________________ 38
Havana Electric Ry. (Cuba).— See Havana
Electric Railway, Light & Power_________ 217
Havana Electric Ry., Light & Power Co___ 217
Havana Subway Co.— See International Tele
phone & Telegraph Corporation____________10
Haverhill & Amesbury Street Ry.— See New
Hampshire Electric Railways_________
25
Haverhill & Andover.— See Eastern Massa
chusetts Street Railway Co_________________ 28
Haverhill Georgetown & Danv.— See Eastern
Massachusetts Street Railway Co__________ 28
Hazleton Steam Heating Co.— See Lehigh
Power Securities Corporation______________87
Hawks Electric Co.— See Inter-State Public
Service______________________________________ 125
Helena Light & Railway Co_________________ 208
Henderson Traction Co______________________120
Herkimer Mohawk Ilion & Frankford Electric
Ry.— See New York State Railways_________ 59
Hestonville Mantua & Fairmount Pass. Ry__ 94
Holyoke Street Ry____________________________ 31
Home Long Distance Telephone Co.— See
Pacific Telephone & Telegraph Co______
8
Home Telephone & Telegraph Co.— See
Pacific Telephone & Telegraph Co_______ 8
Honolulu Rapid Transit Co., Ltd___________210
Hoosick Falls RR.— See Vermont Company.. 26
INDEX TO COMPANIES
222
Page.
Hoosac Valley Street Railway.— See Berkshire
Street Ry____________________________________ 29
Hoosick Falls Illuminating Co.— See Twin
States Gas & Electric Co__________________ 126
Hoorick Falls Electric Co.— See Twin States
Gas & Electric Co__________________________ 126
Hornell Electric Co.— See New York Central
Electric Corp________________________________48
Hot Springs Street Ry.— See Central Arkan
sas Railway & Light_______________________ 168
Houghton County Gas & Coke Co.— See
Michigan Gas & Electric Co_______________ 123
Houghton County Gas & Electric.— See
Michigan Gas & Electric Co_______________ 123
Houghton County Street Ry. (Mich.).— See
Houghton County Traction Co____________149
Houghton County Traction Co______________ 149
Houston Electric Co.— See Galveston-Houston Electric Co____________________________ 169
Houston Gas & Fuel Co_______________________ 42
Houston Lighting & Power Co. .(1905)______ 172
Hudson County Gas Co_______________________ 67
Hudson River & Eastern Traction Co________ 63
Hudson River Traction Co.— See New Jersey
& Hudson River Railway & Ferry Co_____69
Hudson Valley Railway_______________________ 58
Huntingdon Valley Light & Power Co.— See
Philadelphia Suburb in Gas & Electric Co. 79
Huntington & Charleston RR.— See Ohio
Valley Electric Railway Co_________________ 78
Hydraulic Power Co.— See Niagara Falls
Power Co___________________________________ 43
I
Idaho-Washington Light & Power Co.— See
The Washington Water Power Co. System_206
Illinois Bell Telephone Co__________________ 6
Illinois Central Traction Co.— See Illinois
Traction, Inc---------------------------------------------- 133
Illinois Northern Utilities Co. (also map)____126
Illinois Power & Light Corporation_________ 130
Illinois Power Co.— See Commonwealth Pow.
Corp------------------------------------------------------------- 142
Illinois Traction Co__________________________ 134
Illinois Traction, Inc_________________________ 133
Illinois Valley Ry. Co.— See Chicago Ottawa
& Peoria____________________________________ 133
Independent Telephone Co.— See Ohio-Bell
Telephone Co______________________________
7
Indiana Lighting Co.— See Nor. Ind. Gas
& Electric Co_______________________________128
Indiana Northern Traction Co.— See Union
Traction Co. of Indiana___________________ 119
Indiana Columbus & Eastern Traction C o ..112
Indiana Natural Gas & Oil Co.— See People’s
Gas Light & Coke Co______________________ 18
Indiana Public Service— See Inter-State Pub
lic Service__________________________________ 125
Indiana Rys. & Light (Kck>mo)_____________ 117
Indiana Ry.— See Chicago South Bend &
N >rthern Indi; n » Ry_______________________ 119
Indiana Sciviie Corp_________________________ 120
Indiana Union Traction Co.— See Union
Traction Co. of Indiana___________________ 119
Indianapolis & Cincinnati Traction Co_____121
Indianapolis Coal Trac. Co.— See Terre Haute
Jnd. & Eastern_____________________________ 117
Indianapolis Columbus & Southern Trac. Co.125
Indianap. Crawfordsv. & Danv. Elec. Ry___ 118
Indianapolis & Eastern Rys. Co.— See Terre
Haute Ind. & Eastern Traction Co________ 117
Indianapolis Gas Co.— See Citizens Gas Co.
of Ind_______________________________________ 15
Indianap. & Greenfield Rapid Transit— See
Terre Haute Indianap. & East. Trac. Co._117
Indianapolis Light & Heat Co_______________ 117
Indianapolis & Louisville Trac. Ry.— See
Inter-State Public Service Co______________ 125
Indianap. & Martinsville Rapid Transit Co. .118
Indianapolis Newcastle & Eastern Trac. Co._119
Indianap. Newcastle & Toledo El. Ry.— See
Ind. Newc. & Easter. Trac. Co_____________ 119
Indianapolis Northern Traction Co.— See
Union Traction Co. of Ind_________________ 119
Indianapolis & Northwestern Traction C o ..118
Ind. Shelbyville & Southeastern Trac. Co.—
See Ind. & Cin. Traction Co_______________ 121
Indianapolis & Southeastern Traction Co.—
See Ind. & Cine. Traction_________________ 121
Indianapolis Street Ry_______________________ 118
Indianapolis Trac. & Term. Co.— See Indian
apolis Street Ry____________________________ 118
Indianapolis Water Co______________________ 16
Indianapolis Water Works Securities Co____16
Inland Empire RR. Co______________________ 207
Interborough Rapid Transit Co______________ 50
Inter-Mountain Ry.— See Denver & InterMountain RR______________________________ 186
International Ry______________________________ 5 9
International Telep. & Teleg. Corp____________10
Internat. Trac. Co.— See International Ry__ 59
Inter-State Consolidated Street Ry___________30
Interstate Power Co__________________________ 179
Inter-State Public Service Co________________ 125
Inter-State Rys. Co____________________________ 9 9
Inter-Urban Ry. (Des Moines)— See Des
Moines & Central Iowa RR________________ 181
Iowa City Gas & Elec. Co.— See Tri-City Ry.
& Light Co_________________________________ 149
Iowa City Lt. & Pow. Co.— See Tri-City Ry.
& Light Co_________________________________ 149
Page.
Iowa & III. Ry. Co.— See Tri-City Ry. & Lt__149
Iowa Ry. & Light Co_________________________ 179
Iowa Southern Utilities Co__________________ 179
Ithaca Street Ry.— See Ithaca Trac. Corp_ 62
_
Ithaca Traction Corp________________________ 62
J
Jackson Consolidated Traction Co.— See
Michigan Electric Ry. Co__________________ 146
Jackson & Batt, Creek Traction Co.— See
Michigan United Rys_______________________146
Jackson Gas Co.— See Consumers Pow. C o ..144
Jackson (Miss.) Lt. & Trac. Co.— See Miss.
Power & Light Co__________________________ 166
Jackson (Miss.) Public Service Co.— See
Miss. Power & Light Co___________________ 166
Jackson (Tenn.) Ry. & Light Co_____________156
Jacksonville (Fla.) Elec. Co.— See Jacksonv.
Traction Co_______________________________ 165
Jacksonville Gas, Light & Coke Co.— See
Illinois Power & Light Corp_______________ 130
Jacksonville Ry. & Light Co.— See 111. Power
& Light Corp______________________________ 130
Jacksonville (Fla.) Traction Co______________ 165
Jamaica & Brooklyn RR.— See B.-M. T _______ 56
Jamestown Street Ry_________________________ 62
Janesville Elec. Co.— See Wis. Pow. & Lt. Co. 125
Janesville (Wis.) Traction Co.— See Union
Ry., Gas & Electric_________________________ 146
Jardin Botanico Tramway— See Brazilian
Trac., Light & Power Co__________________ 217
Jefferson Division— See Pennsylvania & Ohio
Traction Co________________________________112
Jefferson & Lake Pontchartrain Ry. Co.— See
New Orleans Public Service________________ 167
Jenkintown Cheltenham Gas Co.— See Phila.
Sub. Gas & Elec. Co________________________ 7 9
Jersey Central Power & Light Co_____________70
Jersey Central Traction Co.— See American
Electric Power Co___________________________ 76
Jersey City & Bergen RR.— See Cons. Tr. Co. 68
Jersey City Harrison & Kearney Ry. Co.—
See Consolidated Traction of New Jersey.. 68
Jersey City Hob. & Pat.— See Pub. Serv. Ry_68
Johnstown Pass. Ry.— See Johnstown Trac. 98
Johnstown Traction Co_______________________ 98
Joliet RR.— See Chic. & Joliet Electric Ry_ 126
_
Joplin & Pittsburg Ry. Co___________________ 184
K
Kanawha Traction & Electric Co____________152
Kanawha Valley Traction Co.— See Charles
ton Interurban RR_________________________ 152
Kankakee Gas & Elec. Co.— See Pub. Service
Co. of Northern Illinois___________________ 130
Kansas City Clay County & St. Joseph_____190
Kansas City Elev. Ry.— See K. C. Rys_______ 189
Kansas City Gas Co__________________________ 16
Kansas City Kaw Valley & Western Ry______190
Kansas City Leavenworth & Western Ry___ 184
Kansas City Light & Power Co.— See Kansas
City Power & Light Co_____________________188
Kansas City Power & Light Co______________ 188
Kansas City Power Securities________________ 188
Kansas City Outer Belt & Elec. Ry.— See
“ Railway & Industrial” Section.
Kansas City Rys. Co_________________________ 189
Kansas City & Westport Belt Ry.— See Kan.
City Rys-------------------------------------------------------189
Kansas City-Western Ry.— See Kansas City
Leavenworth & Western Ry_______________ 184
Kansas Electric Power Co___________________ 182
Kansas Electric Utilities Co.— See Kansas
Electric Power Co__________________________ 182
Kansas Gas & Electric Co___________________ 184
Kennebunk El. Lt.— See Cumberland County
Power & Light______________________________ 23
Kenosha Elec. Ry.— See Wis. Gas & Elec. Co. 175
Kentucky Securities Corp____________________152
Kentucky Traction & Terminal Co__________ 153
Keokuk (Iowa) Electric Co__________________ 180
Keokuk Elec. Ry. & Pow.— See Keokuk El.
Co___________________________________________180
Kewanee Public Service Co__________________ 142
Key System Securities Co.— See Key System
Transit Co__________________________________203
Key System Transit Co_______________________203
Key West Electric Co________________________ 164
Kingsbridge Ry______________________________ 56
Kings County Elec. Light & Pow. Co.—-See
Brooklyn Edison Co., Inc___________________ 44
Kings Co. Elev.— See B.-M. T. Corp__________ 56
Kings County Traction— See Nassau Elec_ 58
_
Kingston City RR.— See Kingston Cons. RR. 62
Kingston Consolidated RR___________________ 62
Kittanning & Ford City— See West Penn Rys 85
Klamath Power Co.— See California-Oregon
Power Co___________________________________ 196
Knoxville Power & Light Co_________________ 156
Knoxville Traction— See Knox. Power & Lt.
Co_____ ___________
156
Kokomo Marion & Western Traction Co.—
See Indiana Rys. & Light_________________ ^17
Kutztown & Fleetwood Street Ry.— See
Allentown & Reading_____ __________________95
L
Lackawanna Vail. Trac.— See Scranton Ry. 76
Lacka. & Wyo. Vail. Rap. Tr. Co.— See
Scranton & Wilkes-Barre T ia c _____________100
[V ol. 120.
Page.
Laclede Gas Light Co_______________________ 17
Laconia Street Ry___________________________ 25
La Crosse City Ry.— See Wis. Ry. Lt.& Pr_176
Lafayette & Logansport Traction— See Indi
ana Service Corp____________________________120
Lafayette Street Ry.— See Indiana Service
C o rp ________________________________________ 120
Lake Charles Electric Co.— See Eastern
Texas Elec__________________________________ 173
Lake Charles Ry. Light &Water Works----- 167
Lske Erie Trac Co.— See Buff. & Erie R y -. 61
Lake Roland Elevated— See United Rys. &
Electric Co. of Baltimore___________________103
Lake Shore Electric (Cleveland)_____________ 111
Lakeside Ry., Mahanoy City, Pa.— See
Schuylkill Traction________________________ 98
Lake Street Elevated RR.— See Chicago
Rapid Transit Co__________________________ 128
Lake View L. & Impt. Co.— See CantonAkron Cons. Ry__________________________ 110
Lake View Trac. Co.— See Memphis St. Ry--156
Lancaster City RR.— See Lan. Co. Ry. &
Light Co______________________________________90
Lancaster & Columbia— See Lane. Co. Ry.
& Light_____________________________________ 90
Lancaster County Ry. & Lt. Co______________ 90
Lancaster & East. Ry.— See Lane. Co. Ry.
& Light____________________________________ 90
Lancaster Mechanicsburg & New Holland—
See Lane. Co. Ry. & Lt. Co________________ 90
Lancaster Gas Light & Fuel Co.— See Lan
caster County Ry. & Light Co______________ 90
Lancaster Petersburg & Manheim— See
Lancaster Co. Ry. & Lt. Co_______________ 90
Lancaster & Quarryville Street Ry.— See
Lancaster Co. Ry. & Lt. Co________________ 90
Lancaster & Rocky prings Ry.— See Lan
caster Co. Ry. & Lt. Co_____________________ 90
Lancaster Trac. Co.— See Lane. Co. Ry. & Lt_ 90
Lancaster Willow St. Lam. & Stras. Ry.—
See Lancaster Co. Ry. & Lt. Co____________ 90
Lancaster & York Furnace Street Ry________ 98
Lsnsing & Jackson Ry.— See Mich. Elec.
Ry. Co____________________________
La Porte & Mich. City Ry.— See Chic. S. B.
& Nor. Ind. Ry_____________________________119
Las Vegas Transit Co.— See Fed. Lt. & T r . . l 68
Laurel Electric Power & Light Co.— See
Laurel Light & Ry. Co_____________________ 166
Laurel Light & Railway Co_________________ 166
Laurentide Power Co., Ltd__________________ 211
Lawrence Gas & Electric Co__________________ 27
Lawrence & Reading— See Eastern Massa
chusetts Street Ry. Co_____________________ 28
Leav. Lt., Ht. & Power Co.— See United Gas
& Electric Co________
41
Lebanon Htg. Co.— See Inter-State Public
Service Co__________________________________ 125
Lebanon Valley St. Ry________________________ 92
Lehigh Navigation Electric Co.— See Lehigh
Power Securities Corporation_______________ 87
Lehigh Power Securities Corporation________ 87
Lehigh Traction_______________________________ 97
Lehigh Val. Trac.— See Lehigh Val. Tran. Co. 87
Lehigh Valley Lt. & Pow. Co.— See Lehigh
Power Securities Corp_______________________ 87
Lehigh Valley Transit Co_____________________87
Leominster & Clinton St. Ry.— See New Eng.
Invest. & Sec. Co___________________________ 29
Leominster Shirley & Ayer St. Ry.— See
Fitchburg & Leominster Street Ry_________ 31
Lewisburg Milton & Watsontown Pass. Ry- 98
Lewiston & Auburn Elec. Lt. Co.— See
Androscoggin Electric Co__________________ 24
Lewiston Augusta & Waterville St. Ry.— See
Androscoggin & Kennebec Ry______________ 24
Lewiston Brunswick & Bath St. Ry.— See
Androscoggin & Kennebec Ry______________ 24
Lewiston Connecting Bridge— See Int. Ry_. 59
Lewiston & Youngstown Frontier Ry_______ 63
Lewistown & Reedsville Electric Ry___________97
Lexington Avenue & Pavonia Ferry Ry.—
See New York Rys___________________________ 52
Lexington & Boston St. Ry.— See Middlesex
& Boston Street Ry_________________________ 30
Lexington Ice Co______________________________153
Lexington & Interurban Rys.— See Kentucky
Securities Corporation_____________________ 153
Lexington Ry.— See Kentucky Trac. & Term.153
Lexington Utilities Co________________________ 153
Licking River Br. Co.— See Cin. New. & Cov.153
Lima City Street Railway Co________________ 115
Lima Findlay & Toledo— See West. Ohio Ry.115
Lima— Toledo Railroad Co__________________ 115
Lincoln Telephone & Telegraph Co________ 6
Lincoln (Neb.) Traction______________________182
Lindell Ry.— See United Rys. Co. of St. Louis 186
Linglestown & Blue Mtn.— See Harrisburg
Railways____________________________________ 97
Little Rock Ry. & Elec. Co.— See Arkansas
Central Power Co__________________________ 168
Lockport Gas & Electric— See United Gas
& Electric Co________________________________ 41
Lockport Light, Heat & Power— See United
Gas & Electric-Co___________________________ 41
Lockport & Olcott— See Internat. Rys_______ 59
Logan Light & Power Co.— See Altoona &
Logan Valley Electric Ry__________________ 76
Logan Rapid Transit Co.— See Utah-Idaho
Central RR_________________________________ 209
Lombard & South Street Passenger Ry.—
See Frankford & Southwark Phila. City
Passenger Ry________________________________ 94
146
INDEX TO COMPANIES
M ay , 1925.]
Page.
Lonaconing Midland & Frostburg Ry.— See
Cumberland & Westernport________________ 38
London (Canada) Street Ry_________________ 212
Long Island Consol. Electrical Cos____________ 62
Long Island Electric Ry.— See Long Island
Cons. Elec. Cos____________________________ 62
Long Island Lighting Co_____________________48
Long Island Trac.— See Bklyn. Man. Transit. 66
Lookout Mtn. Ry.— See Chatt. Ry. & Lt. Co. 154
Loraie & Cleve. RR.— See Lake Shore El. R y .l l l
Lorain St. RR.—Bee Lake Shore Elec. Ry----- 111
Los Angeles Elec. Co.— See Los Angeles Gas
& Elec. Corp________________________________194
Los Angeles Gas & Electric Corp_____________194
Los Angeles Hermosa Beach & Redondo— See
Pacific Electric Ry_________________________ 202
Los Angeles Pacific Co.— See Pac. Elec. Ry..202
Los Angeles Pac. RR.— See Pac. Elec. Ry----202
Los Angeles Ry.— See Los Angeles Ry. Corp.202
Los Angeles Ry. Corp________________________ 202
Los Angeles & Pasadena Elec. Ry.— See Pa
cific Electric Ry____________________________ 202
Los Angeles & Redondo Ry.— See Pacific
Electric Ry_________________________________202
Los Angeles Suburban Gas Corp______________17
Los Angeles Trac.— See Los Ang. Ry. Corp.202
Louisville Home Tel. Co.— See Cumberland
Tel. & Tel. Co., Inc_______________________
6
Louisville & Interurban Ry.— See Louisville
Railway____________________________________ 153
Louisville & Nor. Ry. & Ltg. Co.— See InterState Public Service Co____________________ 125
Louisville Railway Company_________________ 153
Louisville & Southern Indiana Trac. Corp.—
See Inter-State Public Service Co_________ 125
Lowell Electric Light Corp. (The)___________ 27
Lowell & Fitchburg Street Ry_________________ 31
Lowell Lawrence & Haver.— See Eastern
Massachusetts Street Ry. Co________________ 28
Low Fare Ry.— See Cleveland Ry_____________110
Lykens Valley Lt. & Pow.— See East Penn.
Electric Co__________________________________ 91
Lynchburg Gas Co.— See Lynchburg Trac. &
Light Co____________________________________ 78
Lynchburg & Roanoke— See American Elec.
Power Co____________________________________ 76
Lynchburg Trac. & Light____________________ 78
Lynchburg Water Power Co.— See Lynch
burg Traction & Light Co__________________ 78
Lynn & Boston RR.— See Eastern Massa
chusetts Street Ry. Co______________________28
M
Mackay Companies____________________________ 10
Macon Electric & Ry.— See Georgia Light,
Power & Railways__________________________ 162
Macon Gas Co.— See Georgia Light, Power &
Railways___________________________________ 162
Macon Ry. & Light Co.— See Georgia Light,
Power & Railways__________________________ 162
Madison County Light & Power Co.— See 111.
Power & Light Corp________________________ 130
Madison Power Co.— See N. Y . State Gas &
Electric Corp_______________________________ 46
Madison (Wis.) Railways Company___________176
Madison River Power Co.— See Montana
Power Co___________________________________ 207
Mahoning & Shenango Ry. & Light Co. (with
map)— See Republic Ry. & Light Co_______ 106
Mahoning Val. S. E.— See Pennsylvania Ohio
Electric Co_________________________________ 108
Manchester & Derry St. Ry.— See Man. Trac.,
Light & Power_______________________________25
Manchester & Nashua St. Ry.— See Manch.
Trac., Light & Power Co____________________ 25
Manchester Traction, Light & Power Co--------25
Manhattan Bridge (N. Y.) 3 Cent Line_______ 60
Manhattan Elevated Co.— See Manhattan Ry. 51
Manhattan & Queens Traction Corporation. 62
Manhattan Railway___________________________ 51
Manila Electric Co___________________________ 210
Manila Electric Corp_________________________ 210
Manila Electric RR. & Lighting Corp.— See
Manila Electric Corp_______________________ 210
Manila Suburban Rys________________________ 210
Manufacturers Light & Heat Co______________ 20
Maravia Elec. Lt], Ht. & Pow. Co.— See N. Y .
State Gas & Elec. Corp______________________46
Marion & Bluffton Traction Co______________ 120
Marion Bluffton & East. Trac. Co.— See
Marion & Bluffton Traction Co____________ 120
Marion City Ry.— See Union Trac. ofInd--- 119
Marion Railway, Light & Power Co.— See
Columbus Delaware & Marion Elec.Co------- 110
Market Street Cable Ry.— See MarketSt. Ry.201
Market St. El. Pass. Ry.— See Philadelphia
Rapid Transit______________________________ 92
Market Street Railway________________________ 201
Marlboro & Westboro Street Ry.— See Worces
ter Cons. Street Ry_________________________ 29
Marquette County Gas & Elec. Co.— See
Michigan Gas & Electric__________________ 123
Marquette County Electric Railway Co---------123
Marseilles Water & Light Co.— See Illinois
Power & Light Corp________________________ 130
Marshalltown (Iowa) Light, Power & Ry.—
See Iowa Ry. & Light Co__________________ 179
Maryland Electric Rys________________________ 103
Mason City & Clear Lake RR________________ 149
Massachusetts Elec. Companies— See Eastern
Massachusetts Street Ry. Co________________ 28
Page.
Massachusetts Consolidated Rys______________ 31
Massachusetts Gas Companies________________ 17
Massachusetts Northeastern Street Ry_______ 25
Mass. North. Rys.— See Mass. Consolidated, _ 31
Massillon Elec. & Gas Co.— See Ohio Public
Service Co__________________________________ 39
Mattoon City Ry. Co.— See Cent. 111. P. S. C o .126
Mauch Chunk & Lehighton Transit Co______ 98
McAlster Gas & Coke Co.— See Central Power
& Light Co_________________________________ 170
McGavock & Mt. Vernon Horse RR.—
-See
Nashville Ry. & Light______________________ 154
Meadville & Conneaut Lake Traction— See
Northwestern Pennsylvania Ry_____________90
Meadville (Pa.) Trac.— See Northw. Elec. Ser. 90
Media Glen Riddle & Rockdale— See United
Power & Transportation_______ .•
_________ 99
Memphis Street Ry__________________________ 156
Memphis Light & Power Co.— See Memphis
Power & Light Co_________________________ 156
Memphis Long Distance Tele. Co.— See Cum
berland Tel. & Tel. Co., Inc_______________ 6
Memphis Power & Light Co_________________ 156
Memphis Tel. & Tel. See Cumberland Tel.
& Tel. Co., Inc_____________________________
6
Mercer Co. Traction— See Trenton Street Ry. 75
Merchants’ Electric Light— See New Orleans
Public Service______________________________167
Meriden Horse RR.— See Connecticut Co_____ 33
Meriden Southington & Compounce Tram
way— See Connecticut Co__________________ 33
Meridian Light & Railway Co_________________ 38
Mesaba Railway_______________________________178
Metrop. Crosstown RR.— See New YorkRys. 52
Metropolitan Electric Co.— See General Gas
& Electric Corp_____________________________ 40
Metropolitan Gas Co.— See Pacific Gas &
Electric Co_________________________________ 192
Metropolitan RR.— See Wash. Ry. & E le c ....104
Metropolitan Gas & Elec. Co_________________ 17
Metropolitan St. Ry. (N. Y .)— See N. Y. Rys__ 52
Metropolitan West Side Elev. Ry. (Chicago)
— See Chicago Rapid Transit______________ 128
Miamisburg & Germantown— See Cin. & Day.112
Michigan Bell Telephone Co_________________
7
Michigan City Gas & Elec.— See Northern
Ind. Gas & Elec. Co________________________ 128
Michigan City & Northern Indiana Gas Co.—
See Northern Ind. Gas & Elec______________ 128
Michigan City Traction Co.— See Chicago
South Bend & Northern Indiana___________119
Michigan Electric Railway Co________________ 146
Michigan Gas & Electric Co__________________ 123
Michigan Light Co.— See Consumers Pow. Co.144
Michigan Railroad__________________________ 146
Michigan Railway— See Michigan Railroad..l46
Michigan Traction— See Mich. [Elec.] Rys_ 146
_
Michigan United Rys. Co.— See Michigan
Electric Railway Co________________________ 146
Middleb. Wareham & Buzzard’s Bay St. Ry.—
See New Bedford & Onset Street Ry________ 31
Mid Crosstown Railway Co___________________ 56
Middlesex & Boston Street Ry________________ 30
Middlesex Electric Light & Power Co_________ 6 6
Middlesex & Somerset Traction— See Public
Service Ry___________________________________ 68
Middletown (Conn.) St. Ry.— See Conn. Co._ 3 3
Middle West Util. Co. (also map)_____________ 123
Midland Utilities Co_________________________ 128
Mifflin Gas & Elec. Co.— See Penn Central
Light & Power Co___________________________ 96
Milford Attleboro & Woonsocket St. Ry____30
Milford Holliston & Framingham Street Ry.—
See Milford & Uxbridge Street Ry____________31
Milford & Uxbridge Street Ry_________________ 31
Millvale Etna & Sharpsburg Street Ry.— See
Allegheny Traction_________________________ 83
Millville Traction______________________________7 4
Milwaukee Electric Railway & Light________ I 7 4
Milwaukee & Fox River Valley Ry.— See Wis
consin Power & Light Co__________________ 125
Milwaukee Light, Heat & Traction.— See Mil
waukee Electric Railway & Light_________ 174
Milwaukee Northern Ry______________________ 1 7 6
Milwaukee Street Ry.— See Milwaukee Elec
tric Railway & Light_______________________ 1 7 4
Mineral Point Public Service Co.— See Wis
consin Power & Light Co_________________ 125
Minneapolis Gas Light Co___________________ 18
Minneapolis General Elec. Co.— See Northern
176
States Power Co. (Minn.)________
Minneapolis Northfiejd & Southern_________ 178
Minneapolis Street & St. Paul City Railway.
— See Twin City Rapid Transit____________I 7 7
Minneapolis & St. Paul Sub.— See Twin City
Rapid Transit_____________________________ 1 7 7
Minneapolis Street Ry.— See Twin City Rapid
Transit_____________________________________ 1 7 7
Mississippi Power & Light Co________________ 166
Minnesota General Electric.— See Northern
States Power Co. of Minnesota____________176
Minnesota Power & Light Co________________ 177
Mississippi River Power Co__________________ 180
Mississippi Valley Railway & Power Co______ 136
Missouri Edison Elec. Co.— See Union Elec.
Light & Power Co__________________________ 188
Missouri & Kansas Interurban Railway_____190
Missouri Electric Railroad___________________ 187
Missouri Power & Light Co_________________ 188
Mobile Gas Co________________________________ 18
Mobile Light & Railroad_____________________166
Mobile Street RR.— See Mobile Light & R R ..166
Mohawk Valley Co_____________________________4 3
333
Page.
Monocacy Valley Ry.— See Potomac Edison
Co................ ..................................... ......................103
Monongahela Street Railway________________ 81
Monongahela Light & Power.— See Duquesne
Light Co. i ___________________________________ 81
Monongahela Power & Ry. Co.— See Monon
gahela West Penn Public Service___________151
Monongahela Valley Traction Co.— See Mo
nongahela West Penn Public Service_____ 152
Monongahela West Penn Public Service Co._153
Montana Power Co___________________________ 207
Montana Power Transmission Co.— See Mon
tana Power Co_____________________________ 207
Monterey & Pacific Grove Ry.— See Coast
Valleys Gas & Electric Co_________________ 201
Montgomery County Passenger Ry.— See
Schuylkill Valley Traction_________________ 92
Montgomery Light & Traction Co___________165
Montgomery Light & Power Co.— See Ala
bama Power Co____________________________ 1S5
Montgomery Light & Water Power Co.— See
Alabama Power Co_______________
165
Montgomery Street Ry.— See Montgomery
(Ala.) Light & Traction Co_______________ 165
Montgomery (Ala.) Traction Co.— See Mont
gomery Light & Traction Co______________ 165
Montoursville Passenger Ry__________________ 98
Montpelier & Barre Light & Power__________ 26
Montreal Light, Heat & Power Co__________ 212
Montreal Light, Heat & Power Consolidated.212
Montreal Public Service Corporation________ 213Montreal Street Ry.— See Montreal Tram
ways________________________________________ 2 1 2
Montreal Tramways Co_______________________212
Montreal Tramways & Power Co_____________212
Montville Street Ry.— See Shore Line Elec. Ry £5
Morningside Electric Street Ry_______________ 81
Morris County Traction Co_________________ 74
Morris RR.— See Morris County Traction Co. 74
Mt. Hood Railway & Power Co.— See Portland
Electric Power Co__________________________ 205
Mt. Oliver Incline Plane Ry.— See P. & B.
Traction System____________________________ 83
Mt. Tom RR.— See Holyoke Street Ry________ 31
Mt. Washington Street Ry____________________ 82
Mt. Whitney Power & Electric Co.— See I
Southern California Edison Co____________196
Mousam River RR.— See York Utilities Co___24
Muncie Gas & Elec. Co.— See Rochester
Gas & Elec. Corp_________________________
43
Muncie Hartford & Fort Wayne Traction Co.
— See Union Traction Co. of Indiana______ 119
Muncie & Portland Traction Co_____________ 119
Muncie & Union City Traction Co.— See
Union Traction Co. of Indiana_ _____
_
119
Municipal Gas Co____________________________ 18
Municipal Service Co__________________________ 9 6
Muskegon Traction & Lighting Co___________149'
Muskogee Electric Traction Co______________ 191
Mutual Electric Light Co.— See Pacific Gas
& Electric Co_______________________________192'
Mutual Fuel Co.— See People’s Gas Light &
Coke Co____________________________________ 18
Mutual Union Telegraph Co.— See Western
Union Telegraph Co., Inc_________________ 3
Myersville & Catoctin Ry.— See Potomac
Edison Co__________________________________ 102
Mystic Valley Street Ry.— See Eastern Massa
chusetts Railway Co_____________________
28
N
Narragansett Electric Lighting Co______ 3 g
Nashua Street Railway____________________
25
Nashville & Edgefield RR.— See Nashville
Railway & Light Co___________________
164
Nashville Railway & Light Co_______________ 154
Nashville Street Ry.— See Nashville Railway
& Light Co______________________________ ..1 5 4
Nassau Electric Railroad_____________________ M
Nassau Power & Light Co.— See Long Island
Lighting Co_________________________________48
Natick & Cochituate Street Ry.— See Middle
sex & Boston Street Ry_____________________3 6
National Electric Power Co_____ ______________ 23
National Fuel Gas Co________________________ lg
National Gas, Electric Light & Power Co.—
See American Electric Power Co_____________ 76
National Power & Light Co__________________ 156
National Properties Co.— See American Elec-.
trie Power Co________________________________ 5 $
National Public Service Corp_________________ 70
Neptune Electric Co.— See Eastern New Jer
sey Power____________________________________ 7 (J
Nevada California Elec. Corp. (also map)____194
Nevada-California Power Co.— See NevadaCalifornia Electric Corporation____________194
Nevada County Electric Power.— See Pacific
Gas & Electrie Co__________________________ 192
Nevada Power Lt. & Water Co.— See Sierra
Pacific Elec. Co______________________
209
Neversink Mountain Ry.— See Reading Tran
sit & Light Co__________________________
9i
New Albany Street Ry.— See Inter-State Pub
lic Service Co____________________________ ..1 2 6
New Albany Water-Works.— See Inter-State
Public Service Co__________________________ 126
New Amsterdam Gas Co.— See New York Con
solidated Gas Co. of New York___________ 12
Newark Consolidated Gas Co________________ 67
Newark Gas Co.— See Newark Consolidated
Gas___________________________________ . . . . . 67
224
Page
Newark Passenger Ry.— See Consolidated
Traction Co_______________________________ 68
Newark Plank Road.— See Consolidated
Traction of New Jersey_____________________68
New Bedford Gas & Edison Lt. Co___________ 27
New Bedford & Onset Street Ry______________ 31
New Bedford Middlebury & Brockton.— See
Eastern Massachusetts Street Ry. Co______ 28
New Brunswick Light, Heat & Power Co____68
Newburg Electric Ry.— See Orange County
Traction_____________________________________ 63
Newburg & Orange Lake RR.— See Orange
County Traction___________________ ;________ 63
New Castle Electric Co.— See Pennsylvania
Ohio Electric Co___________________________ 108
New Castle Light, Heat & Power.— See InterState Public Service Co_____________________125
New Castle Traction.— See Penn.-Ohio Elec
tric Co____________________________________;_108
.New England Investment & Security Co_____29
New England Telephone & Telegraph Co____ 7
New Hampshire Electric Railways____________ 25
New Haven & Centr. St. Ry.— See Conn. Co_ 33
'New Haven Gas Light Co______________________18
New Haven Shore Line Railway_______________35
New Haven Street Ry.— See Connecticut Co. 33
'New Haven Water Co_________________________ 18
New Holland Blue Ball & Terre Hill St. Ry.—
See Lancaster County Ry. & Light Co_____ 90
New Jersey & Hudson River Ry. & Ferry_____ 69
New Jersey Interurban Co____________________ 74
New Jersey & Pennsylvania Traction.— See
Trenton-Princeton Traction Co_____________75
New Jersey Power & Light Co.— See General
Gas & Electric Corporation_________________ 40
New Jersey Traction.— See Consol. Trac. Sys. 68
New London & East Lyme Street Ry.— See
Shore Line Electric Ry______________________35
New London Gas & Elec. Co.— See Conn.
Power Co____________________________________ 33
New London Street Ry.— See Connecticut Co. 33
New Milford Power Co.— See Conn. Lt.
& Power Co__________________________________ 33
New Orleans & Carrollton RR., Lt. & Power
Co.— See New Orleans Public Service______ 167
New Orleans City RR.— See New Orleans
Public Service, Inc_________________________ 167
New Orleans City & Lake RR.— See New
Orleans Public Service_____________________167
New Orleans Gas Light Co.— See New Orleans
Public Service_____________________________ 167
New Orleans & Pont. RR.— See New Orleans
Public Service______________________________167
New Orleans Public Service, Inc--------------------167
New Orleans Trac. Co.— See New Orleans
Public Service______________________________167
Newport & Dayton Street Ry.— See Cincin
nati Newport & Covington________________ 153
Newport Electric Corp_________________________ 32
Newport Ilium.— See Newport Elec. Corp____32
Newport St. Ry.— See Newport Elec. Corp---- 32
Newport & Fall River Street Ry.— See New
port Electric Corp___________________________ 32
Newport News & Hampton Ry., Gas & Elec.
C o __________________________________________ 150
Newport News & Old Point Ry. & Elec.— See
Newport News & Hamp. Ry., G. & El. C o ..150
Newport & Providence Ry_____________________32
Newtown Ry.— See N. Y . & Queens Co. Ry— 63
New Williamsburg & Flatbush RR.— See
Brooklyn Manhattan Transit_______________ 56
New York City Interborough Ry. Co___________56
N. Y . Cons. RR.— See N. Y . Rap. Tran. Corp. 67
New York Central Elec. Corp. (also map)------- 48
New York & East River Gas Co.— See Cons.
Gas Co. of New York________________________ 12
New York Edison Co.— See Cons. Gas Co. of
New York____________________________________ 12
New York Gas & Elec. L t., Ht. & Pr.— See
Cons. Gas Co. of New York_________________ 12
New York & Harlem RR---------60
New York & Long Island Traction— See Long
Island Cons. Elec. Cos_______________________ 62
New York Municipal Ry. Corp.— See New
York Rapid Transit Corp------------------------------57
New York Mutual Telegraph Co--------------------- 9
N. Y . N. H. & Hartford Ry. (trolley lines)------33
New York & North Shore Trac. (Roslyn)------- 64
New York & Penna. Tel. & Tel. Co.— See New
York Telephone Co________________________ 7
New York & Queens County (L. I. City)----------- 63
New York & Queens Gas Co---------------------------- 13
New York & Queens Elec. Lt. & Power.— See
Cons. Gas Co. of New York_________________ 12
New York Rapid Transit Corp-------------------------57 '
New York & Port Chester Ry.— See New York
Westchester & Boston_____________
36
New York Railways Co________________________ 52
New York State Gas & Elec. Corp-------------------46
New York State Railways--------------------------------- 59
New York & Stamford Ry--------------------------------- 34
New York Steam Corp--------------------------------------48
New York Telephone Co--------------------------------- 7
New York Westchester & Boston Ry---------------35
New York & Westchester Lt. Co.— See Cons.
Gas Co. of New York----------------------------------- 12 ,
Niagara & Erie Power— See Niagara Lockport
& Ontario Power Co_________________________ 44
Niagara Falls Park & River— See Interna
tional Ry____________________________________ 69
Niagara Falls Power Co------------------------------------ 43
Niagara Falls & Suspension Bridge Ry.— See
International Ry------------------------------------------59
INDEX TO COMPANIES
[V ol. 120.
Page.
Page.
Niagara Falls Whirlpool & Northern Ry.— See
Oakland Transit Co.— See Key System Tran
International Ry____________________________ 59
sit Co_______________________________________203
Niagara Gorge Ry. (Electric)_________________ 63 Oakwood Street Ry. Co_______________________116
Niagara Lockport & Ontario Power Co. (also
Ogden Gas Co.— See People's Gas Lt. & Coke
44
m ap)--------------------------------C o -----------------18
Niagara St. Catharines & Toronto Ry_______ 213 Ogden Lake & Idaho RR.— See Utah-Idaho
Ninth Avenue RR_____________________________ 60
Central RR_________________________________ 209
Noblesville Light, Heat & Power Co_________ 117 Ogden Rapid Transit Co.— See Utah-Idaho
Norfolk & Atlantic Term.— See Va. Ry. &
Central RR_________________________________ 209
Power Co___________________________________ 150 Ohio Bell Telephone Co_____________________
7
Norfolk Central St. Ry.— See Esatern Mass.
Ohio Central Traction— See Cleveland South
western Ry. & Light________________________ 114
Street Ry. Co________________________________28
Norfolk & Portsmouth Trac. Co.— See Va. Ry.
Ohio Edison Co_______________________________144
& Power Co_________________________________ 150 Ohio Fuel Corp______________________________ 20
Norfolk (Va.) Ry. & Light___________________ 150 Ohio Fuel Supply Co__________________________ 20
Norfolk Street RR.— See Norf. Ry. & Lt. Co_.160 Ohio Gas & Elec.—-See Columbia Gas &
Electric Co_________________________________ 105
Norfolk Sub. RR.— See Eastern Mass. St.
Ry. Co___ *______________________ ______ ____ 28
Ohio Public Service Co________________________ 39
Ohio River Electric Ry. & Power— See Ohio
Norristown Pass. Ry.— See Schuylkill Valley
Traction_____________________________________ 92
River Power Co_____________________________109
Norristown Trans. Co.— See Leh. V. Trans.Co. 87 Ohio River Power Co_________________________ 109
Northampton Street Ry_______________________ 31 Ohio State Telephone Co.— See Ohio Bell
Telephone Co_______________________________ 7
Northampton Easton & Washington Trac.
— See New Jersey Interurban Co____________74 Ohio Traction Co_____________________________1 1 1
Ohio Valley Electric Ry_____________________ 78
Northampton Trac. Co. (Easton, Pa.)— See
Northampton Transit Co___________________ 95 Oklahoma Electric Term. Co.— See Okla. Ry.191
Oklahoma Gas & Electric Co________________ 190
Northampton Transit Co______________________95
North American Co___________________________ 174 Oklahoma Railway Co________________________ 191
North American Edison Co__________________ 174 Old Colony Street Ry.— See East. Mass.
Street Ry. Co________________________________ 28
North American Light & Power— See Missouri
Power & Light Co__________________________ 188 Olean Bradford & Salamanca Ry______________ 63
North Carolina Public Service Co____________158 Olean Elec. Lt. & Pow. Co.— See Niagara
Lockport & Ontario Pow. Co_______________ 44
North Coast Power Co.— See Puget Sound
Power & Light Co__________________________ 206 Olean Rock City & Bradford Ry.— See Olean
Bradford & Salamanca Ry__________________ 63
North Hudson County Ry.— See Public Ser
vice Ry______________________________________ 68 Olean Street Ry.— See Olean Bradford &
Salamanca Ry_______________________________63
North Hudson Light, Heat & Power Co.— See
United Electric Co________
6 6 Oley Valley Ry.— See Reading Tr. & Lt. C o .. 91
North Jersey St. Ry.— See Public Service Ry. 68 Olympia Light & Power Co.— See Puget
Sound Power & Light Co__________________ 206
North River Ry.— See Hudson Valley Ry_____58
North Cambria Ry____________________________ 99 Omaha & Council Bluffs Ry. & Bridge______ 182
Omaha & Council Bluffs Street Ry__________181
Northern California Power Co.— See Pacific
Gas & Electric Co__________________________ 192 Omaha Council Bluffs & Suburban Ry.—
See Omaha & Council Bl. Ry. & Bridge C o .182
Northern Central Gas Co.— See Lehigh Power
Omaha & Lincoln Ry. & Light Co____________133
Securities Corp____________________ :_______ 87
Omaha Lincoln & Beatrice Railway Co______ 182
Northern Electric St. Ry. (Scranton)— See
Scranton & Binghamton Ry________________ 60 Omnibus Cable Ry.— See Market Street Ry__201
Oneida Railway Co.-—See N. Y. State R y s.. 69
Northern Illinois Light & Trac. Co.— See 111.
Power & Light Corp________________________ ISO Oneonta & Mohawk Val. RR.— See Southern
New York Power & Railway Co_____________ 61
Northern Indiana Gas & Elec. Co____________128
Ontario & San Antonio Heights— See Pacific
Northern Indiana Ry.— See Chicago South
Electric Ry_________________________________ 202
Bend & Northern Indiana Ry______________ 119
Northern Indiana Power Co_________________ 117 Ontario Light & Trac.— See N. Y . State Rys. 59
Orange County Traction Co__________________ 63
Northern Indiana Utilities— See Inter-State
Public Service Co__________________________ 125 Orange & Passaic Valley Ry__________________ 69
Northern New York Utilities, Inc_____________ 60 Oregon Electric Ry___________________________ 205
Northern Ohio Electric Corp_________________ 110 Orleans RR.— See New Orleans Pub. Ser.,Inc.l67
Orono Water Co.— See Bangor Hydro-El. Co. 24
Northern Ohio Telephone Co. See Ohio
Bell Telephone Co_________________________
7 Oroville Light & Power Co.— See Pacific
Gas & Electric Co__________________________ 192
Northern Ohio Traction & Light Co_________ 110
Oskaloosa Traction & Light Co.— See Des
Northern Ohio Traction— See Northern Ohio
Moines & Central Iowa Electric Co________ 181
Traction & Light Co_______________________ 110
Northern Ontario Light & Power Co., L t d ..213 Ottawa (Canada) Electric Ry________________ 213
Ottawa Traction Co., Ltd___________________ 213
Northern States Power Co.— Fargo & Moor
head Division_______________________________182 Ottumway Railway & Light Co______________ 180
Northern States Power Co. (of Del.)_________ 176 Ottumwa Traction & Light Co.— See Ottum
wa Railway & Light Co_____________________180
Northern States Power Co. (of Minn.)______ 176
Northern States Power Co. of Wisconsin_____177 Owego Light & Power Co.— See General Gas
& Electric Co________________________________41
Northern Texas Electric Co_________________ 172
Northern Texas Trac.— See Nor. Texas Elec.172 Owensboro City RR__________________________ 120
Northern Union Gas Co_____________________ 13
Northern Westchester Ltg. Co.— See Cons.
Gas Co. of New York________ :______________ 12
Northumberland County Gas & Elec. Co.—
See Pa. Power & Light Co__________________ 88 Pacific Coast Power Co.— See Puget Sound
Power & Light Co__________________________ 206
Northwestern Bell Telephone Co____________
7
Northwestern Electric Service Co. of Penna.. 90 Pacific Electric Ry___________________________ 202
Pacific Gas & Electric Co. (also map)________ 192
Northwestern Elevated (Chicago)— See Chi
cago Rapid Transit_____________________
128 Pacific Gas Impt.— See Pacific Gas & El. Co_192
Pacific Lighting Corp________________________ 194
Northwestern Gas Light & Coke— See Pub.
Serv. Co. of North. Illinois__________ . _____ 130 Pacific Light & Power Co.— See Southern
California Edison Co_______________________ 196
Northwestern Ohio Ry. & Power Co___________109
Pacific Telephone & Telegraph Co_______ . . .
8
Northwestern Pennsylvania Ry.— See North
western Electric Service of Pennsylvania.. 90 Pacific Traction Co.— See Puget Sound Pow.
& Light Co_______________________________ 206
Northwestern Telegraph Co_________________ 9
Paducah Street Ry.— See Paducah Elec. C o ..153
Northwestern Telephone Co.— See Western
Paducah City Ry. Co.— See Paducah El. C o .153
Union Telegraph Co., Inc_________________ 9
Paducah Electric Co_________________________ 153
Norwalk Gas & Elec. Co.— See Cleveland
Southwestern Ry. & Light_________________ 114 Pan Handle Trac. Co.— See West Penn Rys__ 85
Norwich St. Ry.— See Conn. Co_______________ 33 Parkersburg Gas, Elec. Lt. & St. Ry.— See
Kanawha Traction & Electric Co_________ 152
Norwich & Westerly Traction Co.— See Shore
Line Electric Ry____________________________ 35 Parkersburg Marietta & Interurban Ry.— See
Kanawha Traction & Electric Co_________ 152
Nova Scotia Tram. & Powf Co., Ltd________ 211
Park & Ocean RR.— See Market Street Ry_ 201
_
Park. Pt. Trac. Co.— See Dul.-Sup. Trac_ 178
_
Parr Shoals Power Co.— See Columbia Ry.,
Gas & Electric Co__________________________ 159
Oakdale & McDonald St. Ry.— See West Penn
Pasadena & Mt. Lowe Ry.— See Pac. El. Ry._202
R y s ________
85 Passaic & Newark El. Tr.— See Cons. Trac.Co. 68
Oakland Antioch & Eastern RR.— See San
Passaic Lighting Co.— See Paterson & Pas
Francisco Sacramento RR_________________ 203
saic Gas & Electric Co_______________________67
Oakland & Antioch— See San Fr.-Sacra. RR.203 Passaic Gas Light Co.— See Paterson & Pas
Oakland & Hayward Ry.— See Key System
saic Gas & Electric Co_______________________67
Transit Co__________________________________ 203 Passenger & Belt Ry.— See Ky. Trac. & Term .153
Oakland Rys.— See Key System Transit C o ..203 Paterson City Ry.— See Public Service Ry___68
Oakland San Leandro & Haywards Electric
Paterson & Passaic Gas & Electric Co_______ 67
— See Key System Transit Co______________ 203 Paterson Railway— See Public Service Ry___68
Oakland Term. Co.— See Key System Transit
Paterson & State Line Traction Co___________69
C o __________________________________________ 203 Pawtucket Elec. Co.— See Blackstone Valley
Oakland Trac. Cons.— See Key System Trans.
Gas & Electric Co___________________________ 32
C o ______________
203 Pawtucket Gas Co.—-See Blackstone Valley
Oakland Trac. Co.— See Key System Transit
Gas & Electric Co___________________________ 32
Co .................
...2 0 3 Pawtucket St. Ry.—-See United Elec. Rys_ 32
_
P
o
INDEX TO COMPANIES
M a y , 1925.]
P age.
P e e k sk ill L ig h tin g & R a ilr o a d _________________ 46
P e lh a m P ark & C ity I s la n d _____________________ 56
P e n in s u la r T e le p h o n e C o ______________________ 10
P e n in s u la r R a ilw a y ..:__________________ : _____ 204
P e n n C en tra l L ig h t & P ow er C o _______________ 96
P e n n -O h io E d ison C o ___________________________ 108
P e n n P u b lic S erv ice C o r p ______________________ 88
P e n n sy lv a n ia E d is o n C o .— S ee G e n e ra l G a s
& E lectric C o r p ________________________________ 40
P e n n sy lv a n ia E le c tr ic C o r p _____________________ 88
P e n n sy lv a n ia
L ig h tin g
C o .— See L e h ig h
P ow er S e cu ritie s C o r p ________________________ 87
P e n n sy lv a n ia L ig h t & P ow er— See D u q u e sn e
L ig h t C o ________________________________________ 81
P e n n sy lv a n ia L ig h t, H ea t & P ow er C o .— See
D u q u e sn e L ig h t C o ___________________________ 81
P e n n M otor C o .— See E a s to n C o n s . E lec. C o . 87
P e n n sy lv a n ia & M a h o n in g V a lley T r a c t io n
C o .— See P e n n s y lv a n ia -O h io E le c tr ic C o . . 98
P en n sy lv a n ia -N ew J ersey R a ilw a y C o _________ 98
P e n n s y lv a n ia -O h io E le c tr ic C o ________________ 108
P e n n s y lv a n ia -O h io P ow er & L ig h t ___________ 108
P e n n sy lv a n ia U tilitie s C o .— S ee “ R a ilw a y
a n d I n d u s t r ia l” S e c t io n .
P e n n sy lv a n ia & O h io R y .— See P en n sy lv a n ia
& O h io T r a c t io n C o __________________________112
P e n n sy lv a n ia & O h io T r a c t io n C o ___________ 112
P e n n sy lv a n ia P ow er & L ig h t _________________ 88
P e n n sy lv a n ia W a te r & P ow er C o _______________ 90
P e n n S treet P a ssen g er R y . (P itt s b u r g h ).—
See C it iz e n s ’ T r a c t i o n ________________________ 83
P e n s a co la E le c tr ic T erm in a l R y .— See P e n
s a c o la E le c tr ic C o ____________________________ 164
P e n s a co la E le c tr ic C o __________________________ 164
P e o p le ’s E le v a tin g C o _________________________ 69
P e o p les G a s C o . (N . J . ) __________________________20
P e o p le ’s G a s & E le c tr ic C o . (B u r lin g t o n ).—
See U n ited U tilite s C o r p ____________________179
P e o p le ’ s G a s & E le c tr ic C o. (M ason C it y ).—
S ee U n ited L ig h t & P ow er C o _______________ 147
P e o p le 's G a s , E le c tr ic & H e a tin g .— See In terState; P u b lic S erv ice C o ______________________ 125
P e o p le s G a s L ig h t & C o k e C o _________________ 18
P e o p le 's P a ssen g er R y ___________________________ 9J
P e o p le '8 I n c a n d e s c e n t L ig h t C o .— See N o r th
w e s te rn E le c tr ic S ervice C o __________________ 90
P e o p le ’s R R .— See N ew Y o r k S ta te R y s _______59
P e o p le ’s R y. (D a y t o n , O . ) ______________________ 76
P e o p le ’s R y ., @ ilm in g t o n , D el.— See W il
m in g t o n & P h ila d e lp h ia T r a c t io n C o _____ 78
P a ge.
P e o p le ’s S tr e e t R y .— S ee S c r a n t o n R y ______ 76
P e o p le ’s S tre e t R y . (W est N e w b u ry , M a ss.).—
See E a ste rn M a s sa ch u se tts S tre e t R y . C o .) 28
P e o p le ’s T r a c t io n (P h ila d e lp h ia , P a .) _________ 94
P e o p le ’s T ra m w a y C o .— See C o n n e c t ic u t C o . 33
P eoria B lo o m in g to n & C h a m p a ig n T r a c t io n
C o .— See I llin o is T r a c t io n , I n c _____________133
P eoria G a s & E le c tr ic C o .— S ee C o m m o n
w e a lth P o w e r C o r p ___________________________ 142
P eoria L ig h t C o .— See C o m m o n w . P o w . C o r p .142
P eoria L in c o ln & S p r in g fie ld R y .— See I lli
n o is T r a c t io n , I n c ____________________________ 133
P eoria R y . C o .— See 111. P o w e r & L t. C o r p . .130
P eoria R y . T erm . C o .— See “ R y . & l n d . ” S e c.
P erry S tr e e t P a sse n g e r R y .— S ee F ed era l
S tr e e t & P le a sa n t V a lle y R y _________________ 82
P eta lu m a & S a n ta R o sa R R __________________ 203
P h ila d e lp h ia B risto l & T r e n t o n P a sse n g e r
R y .— See T re n . B risto l & P h ila . S tr e e t R y .1 0 0
P h ila d e lp h ia C ity P a ssen g er R y _____________ 94
P h ila d e lp h ia C o . (P itt s b u r g h , P a .) _____________80
P h ila d e lp h ia & D a rb y R y _______________________ 94
P h ila d e lp h ia & E a s to n T r a n s it C o ____________ 95
P h ila d e lp h ia & E a s to n E le c tr ic C o .— See
P h ila d e lp h ia & E a sto n T r a n s it C o __________ 95
P h ila d e lp h ia E le c tr ic C o ______________________ 79
P h ila d e lp h ia & G r a y ’s F erry P a sse n g e r R y ._ 94
P h ila d e lp h ia & G a r r e tt fo r d S t. R y. C o .— See
P h ila d e lp h ia & W est C h e s te r T r a c t i o n ____ 99
P h ila d e lp h ia & L e h ig h V a lle y T r a c t i o n .— See
L e h ig h V a lle y T ra n s it C o ____________________ 87
P h ila d e lp h ia R a ilw a y s C o _____________________ 100
P h ila d e lp h ia R a p id T r a n s it C o ________________ 92
P h ila d e lp h ia S u b u r b a n G a s & E le c tr ic C o . . 79
P h ila d e lp h ia T r a c t i o n ___________________________ 94
P h ila d e lp h ia & W est C h e s te r T r a c t i o n ________99
P h ila d e lp h ia & W e ste rn R y ___________________100
P h ila d e lp h ia & W illo w G ro v e S tr e e t R y _______94
P ie d m o n t & N o r th e r n R a ilw a y _______________ 158
P in e B lu ff (A rk .) C o ___________________________ 169
P ie d m o n t P o w e r & L ig h t C o .— See N o. C a ro .
P u b lic S ervice C o ., I n c ______________________ 158
P itca ir n & W ilm e rd in g S tr e e t R y .— See M on o n g a h e la S tre e t R y ___________________________ 84
P it ts b u r g h A lle g h e n y & M a n c h e ste r T r a c t io n
— See U n ite d T r a c t io n S y s te m _______________ 82
P it ts b u r g h & A lle g h e n y T ile C o .— See B ell
T e le p h o n e C o . o f P a __________________________ 5
P it ts b u r g h & A lle g h e n y V a lle y T r a c t io n C o .
— S ee W e st P e n n R a ilw a y s ____________________85
225
P age.
P it ts . & B eav er L t. C o .— S ee D u q u e s n e L t . C o 81
P it ts b u r g h & B eaver S tre e t R y ________________ 84
P it ts b u r g h & B irm in gh a m P a sse n g e r R y .—
See P it ts b u r g h & B irm in gh a m T r a c t i o n ___83
P it ts b u r g h & B irm in gh a m T r a c t i o n _________ 83
P it ts b u r g h B u tle r & H a rm o n y C o n s o lid a te d
R a ilw a y & P ow er C o _________________________ 100
P it ts b u r g h C a n o n s b u r g & W a s h in g t o n R y _ _ 82
P it ts b u r g h & C h a rle ro i S tre e t R y _______ - ___ 83
P itts . C o u n t y R y .— See S o u th w e s t P r. C o . .1 9 1
P it ts b u r g h C ra fto n & M a n sfie ld S tr e e t R y .—
— See P itts b u rg h R a ilw a y s C o _______________ 82
P itts . E lec. S t. R y .— See B erk sh ire S t. R y ____ 29
P itts . H a rm o n y B u tle r & N ew C a stle S t. R y .-lO O
P it ts b u r g h I n c lin e P la n e— See P it ts b u r g h &
B irm in g h a m T r a c t io n S y s te m _______________ 83
P it ts b u r g h Mars & B u tle r R y _________________ 100
P it ts b u r g h M c K e e sp o rt & C o n n e lls v ille R y .
— See W est P e n n . R ys. C o ____________________ 85
P it ts b u r g h M cK e e sp o rt & G r e e n s b u r g R y .—
See W est P e n n . R a ilw a y s C o _________________ 85
P it ts b u r g h (K a n .) R y . & L ig h t C o .— See J o p
lin & P itts b u r g h R y __________________________ 184
P it ts b u r g h R a ilw a y s C o _________________________81
P itts . R R . (K a n .) — See J o p lin & P it ts . R y . . l 8 4
P it ts b u r g T r a c t i o n ________________.______________ 84
P it ts b u r g h U tilitie s C o r p o r a t io n ______________80
P it ts b u r g h & W est E nd P a sse n g e r R y .— Sea
P it ts b u r g h R a ilw a y s C o ______________________ 82
P it ts . & W est V a. G a s C o .— S ee P h ila . C o ____ 80
P itts fie ld (M ass.) E le c tr ic S tr e e t R y .— S ee
B e rk s h ire S tre e t R y ___________________________ 29
P it ts to n & S c r a n t o n S tr e e t R y .— See S c r a n
t o n R y. C o ____________________________________ 76
P it ts to n S tre e t C a r— See W ilk e s b a r re & W y o
m in g V a lle y T r a c t io n S y s te m _______________ 101
P la in fie ld G a s & E le c tr ic C o .— S ee S o m e rse t
U n io n & M id d lesex L i g h t i n g _________________ 67
P la in fie ld S t. R y .— See P u b lic S e rvice R y ____ 68
P la tt s b u r g T r a c t io n C o ________________________ 64
P ly m o u th B rid g e C o .— See W ilk e s b a rre &
W y o m in g V a lle y T r a c t i o n _______________ ___101
P ly m o u th & B r o c k t o n S treet R y _______________31
P o la n d S t. R y .—-See P e n n a .-O h io E le c. C o . . l 0 8
P o n c e E le c tr ic C o ______________________________ 210
P o n t ia c L ig h t C o .— See C o n s u m e r P o w e r C o . 144
P o n t ia c L ig h t & W a te r C o .— See P u b . S erv,
C o . o f N or. I l l ________________________________128
P ort H u r o n S t. C la ir & M arine C ity R y .— S ee
D e t r o it & P o rt H u r o n S h o r e L in e __________ 145
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P ort Jervis T r a c t io n C o _______________________ 64
P o rtla n d & C ap e E liz. R y .— See P o r t la n d R R . 23
P o r tla n d (M e.) E le c. C o .— S ee C u m b . C o u n t y
P o w er & L i g h t _________________________________ 23
P o r tla n d E le c. P o w e r C o ________________________205
P o r tla n d E u g e n e & E a stern R y .— See S o u t h
ern P a c ific C o . in “ R a ilw a y & I n d u s t r ia l”
S e c.
P o r tla n d G e n e ra l E le c tr ic C o .— S ee P o r tla n d
E le c tr ic P o w e r C o ____________________________ 205
P o r tla n d L ig h tin g & P o w e r— S ee C u m b e r
la n d C o u n t y P o w e r & L ig h t C o --------------------- 23
P o r tla n d (M e.) R R ________________________________ 23
P o rtla n d R y . C o .— S ee P o r t la n d E le c . P r. C o . 205
P o r tla n d R y ., L ig h t & P o w e r C o .— S ee P o r t
la n d E le c tr ic P o w e r C o _____________________ 205
P o r t la n d (C o n n .) S t. R y .— S ee C o n n . C o ----------33
P o r t la n d & Y a r m o u t h E le c. R y .— See P o r t .R R 23
P o r t o R ic o R y s . C o ., L im it e d --------------------------- 210
P o r t o R ic o T e le p h o n e C o .— S ee I n t e r n a t io n a l
T e le p h o n e & T e le g r a p h C o r p ________________ 10
P o rt R ic h m o n d & B erg en P t . F erry — See
C o n s o lid a te d T r a c t i o n ______________________ 68
P o r ts m o u g h & E xeter S t. R y .— S ee N ew
H a m p sh ire E le c t r ic ____________________________ 33
P o r t s m o u th (O h io ) S tr e e t R R . & L ig h t C o . . 116
P o to m a c E d is o n C o ______________________________102
P o to m a c E lec. P w r. C o ._________________________ 105
P o to m a c P u b lic S erv ice C o .— S ee P o to m a c
E d is o n C o _____________________________________ 102
P o tts v ille & R e a d in g R y .— See E ast P e n n .
E le c tr ic C o _____________________________________91
P o tts v ille U n io n T r a c t io n — See E ast P e n n .
E le c tr ic C o _____________________________________91
P o u g h k e e p s ie & W a p p in g e r s F a lls R y -------------- 64
P o u g h k e e p s ie C ity & W a p p in g e r F a lls E lec.
R y .— S ee P o u g h . & W a p p in g e rs F a lls R y__ 64
P o w e ll S tr e e t R y .— S ee M a rket S t. R y -------------- 201
P o w e r C o r p . o f N ew Y o r k (T h e )_______________ 50
P o w e r T r a n s it & L ig h t (C a lifo r n ia )— S ee S an
J o a q u in L ig h t & P ow er C o r p o r a t io n _______200
P r in c e t o n L ig h t, H ea t & P ow er C o _____________66
P ro v id e n c e & B u rrilv ille S tr e e t R y .— See
U n ite d E le c tr ic R a ilw a y s _____________________ 32
P r o v id e n c e G a s C o _______________________________20
P ro v id e n ce S e c u r itie s C o .— See U n ite d E l.R y s 32
P ro v id e n c e & T a u n t o n S t. R y .— S ee E astern
M a s s a ch u s e tts S t. R y . C o ____________________ 28
P r o v in cia l L ig h t, H ea t & P o w e r— S ee M o n
tre a l L ig h t, H ea t & P o w e r C o --------------------- 212
G
P a ge.
P u b lic S erv ice B u ild in g C o .— See C o n s . G a s
E le c tr ic L ig h t & P o w e r C o ___________________102
P u b lic S erv ice C o . o f C o lo r a d o _________________ 40
P u b lic S erv ice C o . o f I n d .— S ee I n te r s ta te
P u b lic S e rv ice C o ____________________________ 125
P u b lic S erv ice C o . o f N o r th e r n 111___________ 128
P u b lic S erv ice C o r p o r a t io n (w ith m a p )________ 66
P u b lic S erv ice G a s C o .— S ee P u b . S e rvice
E le c tr ic & G a s C o ___________________________ 66
P u b lic S e rv ice E le c tr ic C o .— S ee P u b lic
S erv ice E le c tr ic & G a s C o __________________ 66
P u b lic S ervice E le c tr ic & G a s C o ______________ 66
P u b lic S erv ice E le c tr ic P o w e r C o ______________ 67
P u b lic S erv ice N ew a rk T e rm . R y .— See P u b
lic S erv ice R y __________________________________ 68
P u b lic S ervice R y . (w ith m a p )_________________ 68
P u b lic S e rv ice R R ________________________________ 69
P u b lic S erv ice T r a n s p o r t a t io n C o ______________ 69
P u b lic U tilitie s C o .— S ee C o m m o n w . P o w e r
C o r p ____________________________________________142
P u b lic W o r k s C o .— See B a n g o r H y d r o -E le c .
C o _______________________________________________ 24
P u e b lo & S u b u r b a n T r a c t io n & L ig h t C o .—
See S o u t h e r n C o lo r a d o P o w e r C o _________ 185
P u e b lo T r a c t io n & L ig h t in g — See S o u t h e r n
C o lo r a d o P o w e r C o __________________________ 185
P u g e t E le c tr ic R y .— See P u g e t S o u n d P o w e r
& L ig h t C o ____________________________________206
P u g e t S o u n d P o w e r C o .— See P u g e t S o u n d
P ow er & L i g h t ________________________________ 206
P u g e t S o u n d P o w e r & L ig h t C o ______________ 206
P u g e t S o u n d T r a c t io n , L ig h t & P o w e r C o .—
See P u g e t S o u n d P o w e r & L ig h t C o _______206
P u tn a m & W e s tc h e s te r T r a c t io n C o __________ 63
Q
Q u a k e r to w n T r a c t io n — See L e h . V al. T r a n .
C o _____________________________
Q u e b e c -J a c q u e s C a rtie r E le c .— See Q u e b e c
R y . L t. H t. & P o w e r ________________________213
Q u e b e c -M o n tm o r e n c y R y .— See Q u e b e c R y .,
L ig h t, H eat & P o w e r C o ., L t d ______________213
Q u e b e c P o w e r C o _______________________________214
Q u e b e c R y ., L ig h t, H e a t & P o w e r ___________ 213
Q u e b e c & S a g u e n a y R y .— See Q u e b e c R y .,
L ig h t, H eat & P o w e r C o _____________________ 213
Q u e e n s B o r o u g h E lec. L t. & P o w .— See
Q u e e n s B o ro . G a s & E le c t r ic ________________ 48
r a h a m
, Pa
r s o n s
'
P age.
Q u e e n s B o r o u g h G a s & E le c tr ic C o _________ 48
Q u e e n s R y . C o .— See N ew Y o r k & Q u . C o . R y . 63
Q u in c y (111.) H o rse R y . & C a r r y in g — See
Q u in c y R y .— See 111. P o w e r & L t . C orp __1 30
Q u in c y R y .— See 111. P o w e r & L t. C o r p ____ 130
R
R a d io C o r p o r a t io n o f A m e r ic a __________________ 11
R a ilr o a d s & P o w e r D e v e lo p m e n t C o .— S ee
U n ite d R a ilw a y s I n v e s tm e n t_________________80
R a ilw a y s R e a lt y C o .— See N ew O r le a n s P u b
lic S e rv ice , I n c _______________________________ 167
R a le ig h S t. R y .— See C a r o lin a P r. & L t. C o .1 5 7
R a p id T r a n s it S t. R y . o f t h e C ity o f N e w a rk —
S ee C o n s o l. T r a c . C o _______________________ 68
R e a d in g C ity P a ss e n g e r R y .— See R e a d in g T r. 92
R e a d in g & L o w e ll— See E a s te rn M assa
c h u s e t t s S tre e t R y . C o ________________________28
R e a d in g & S o u t h w e s te r n R y .— S ee R e a d in g
T r a n s it & L ig h t C o ___________________________ 91
R e a d in g & T e m p le E le c tr ic R y .— See R e a d in g
T r a c t io n _________________________________________92
R e a d in g T r a c t i o n ________________________________ 92
R e a d in g T r a n s it & L ig h t C o ------------------------------- 91
R e a d in g W a k e f. & L y n n — See E astern M assa
c h u s e t t s S tr e e t R y . C o ______________________ 28
R e a d in g & W o m e ls d o r f— See R e a d in g T r a n s it
& L ig h t C o _____________________________________ 91
R e d la n d s C e n tra l R y .— See P a c . E le c. R y _____ 202
R e d la n d s S t. R y .— See P a c. E le c. R y ________ 202
R ed W in g G a s L ig h t & P o w e r C o .— See
N o r th e r n S ta te s P o w e r C o . o f W is _________ 177
R e n o P o w e r , L ig h t & W a te r C o .— S ee S ierra
P a c ific E le c tr ic C o ___________________________ 209
R e p u b lic R y . & L ig h t C o --------------------------------- 106
R h o d e Is la n d C o .— See U n ite d E le c. R y s _____ 32
R h o d e Is la 87 S u b u r b a n R y .— See U n ite d
nd
E le c tr ic R a ilw a y s ______________________________ 32
R ic h m o n d L ig h t, H e a t & P o w e r C o .— See
U n ite d G a s & E le c tr ic C o ____________________ 41
R ic h m o n d L ig h t & R R . C o _____________________ 48
R ic h m o n d R y . & E le c .— S ee V a . R y . & P r.1 5 0
R id g e A v e n u e P a ss e n g e r R y ____________________ 94
R id g e w o o d G a s C o _____________________________ 67
R io d e J a n e ir o T ra m w a y L ig h t & P o w e r ___ 217
R itte r s v ille H o te l C o .— See L e h . V a l. T r a n .
C o _____________________
87
&
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M ay , 1925.]
INDEX TO COMPANIES
P a ge.
R iv e rs id e & A r lin g t o n R y .— See P a c. El. Ry_202
R iv e rs id e T r a c t io n _____________________________ 69
R o a n o k e R y . & E le c tr ic — See R o a n . T r. & L t . 78 S a c ra m e n to E le c tr ic , G a s & R a ilw a y .-—See
P a c ific G a s & E le c tr ic C o __________________ 192
R o a n o k e T r a c t io n & L ig h t C o _________________ 78
R o c h e s te r C h a r lo tt e & M a n ito u R R .— See
S a c ra m e n to N o rth e rn R R ____________________ 204
R o c h e s te r & M a n ito u R R _____________________ 64 S a c ra m e n to S h o r t L in e R y .— See K e y S ystem
R o c h e s te r C ity & B r ig h t o n — See N. Y .
T r a n s it C o _____________________________________ 203
S ta te R y s _______________________________________ 59 S a c ra m e n to V a lle y P o w . C o .— See P a c ific
G a s & E le c tr ic C o ____________________________ 192
R o ch e s te r E lec. R y .— See N. Y . S ta te R y s . . 59
R o ch e s te r G a s & E le c tr ic C o r p ________________ 43 S a g in a w -B a y C it y R y .— See S a g in a w T ra n s it
C o ______________________________
R o ch e s te r & M a n ito u R R ---------------------------------- 64
R o ch e s te r L o c k p o r t & B u ffa lo R y _____________64 S a g in a w T r a n s it C o ____________________________ 147
R o ch e s te r R y . & L ig h t — See N. Y . S ta te R ys_ 59 S a g in a w V a l. T r a c .— See S a g in a w T ra n s . C o . 147
R o ch e s te r R y .— S ee N . Y . S ta te R y s ---------------- 59 S t. C la ir G a s & E le c.— See III. P r. & L t. C o rp .1 3 0
S t. C h a rle s S t. R R .— See N ew O rl. P u b . S erv.16 7
R o ch e s te r & S o d u s B ay R y .— See N . Y . S ta te
R y s _____________________________________________ 59 S t. J o h n s b u r y E lec. C o .— See T w in S ta tes
R o c h e s te r & S u b u r b a n R y .— See N . Y . S ta te
G a s & E le c tr ic C o ____________________________ 126
59 S t. J o s e p h R y ., L t ., H t. & P r. (M o .)___________ 38
R y s _________
S t. L o u is C o u n t y G a s C o ______________________ 20
R o ch e s te r S y ra cu se & E a s te rn R R .— See
E m pire S ta te R a ilro a d C o r p o r a t io n _________ 64 S t. L o u is D e c a tu r & C h a m p . R y .— See
R o c h e s te r & S y ra cu se R R _____________________ 64
III. T r a c t io n , I n c ____________________________ 133
S t. L o u s E le c tr ic B rid g e C o .— See 111. T r a c . .133
R o c k fo r d
B e lo it & J a n e sv ille R R .— See
U n io n R y ., G a s & E le c tr ic C o ______________ 146 S t. L o u is E le c. T e rm . R y .— See 111. T r a c ____ 133
R o c k fo r d
& F r e e p o r t E le c tr ic R y .— See
S t. L. & M er. R iv e r R R .— See U n ite d R y s. C o_186
U n io n R y ., G a s & E le c tr ic C o ______________ 146 S t. L o u is & N o r th e a s te r n R y .— See S t. L o u is
R o c k fo r d & In t e r u r b a n R y .— See U n io n R a il
S p r in g fie ld & P e o r ia — See 111. T r a c ., I n c . .133
w a y , G a s & E le c tr ic C o _____________________ 146 S t. L o u is R R .— See U n ite d R y s. C o ___________ 186
R o c k Isla n d S o u t h e r n R a ilro a d — See G a le s
St. L o u is S t. C h a rle s & W e s te rn R R .— See
b u rg & W e ste rn R R __________________________ 141
M issou ri E le c tr ic R R _________________________ 188
R o c k Isla n d S o u t h e r n R a ilw a y — See M iss.
S t. L o u is & S t. C h a rle s B rid g e C o ____________188
V a lle y R y . & P o w e r C o ______________________ 136 S t. L o u is & S p r in g . R y .— See 111. T r a c ., I n c . .133
S t. L o u is S p r in g fie ld & P e o ria R R .— See
R o c k la n d & A b in g t o n S treet R a ilw a y — See
I llin o is T r a c t io n , I n c _________________________ 133
E a stern M a s sa ch u se tts S treet R y . C o ____ 28
R o c k p o r t S tr e e t R y .— See E astern M assa
S t. L o u is & S u b u r b a n R y .— S ee U n ite d R ys.
C o ............................
186
c h u s e t t s S tr e e t R y . C o _______________________ 28
R o c k v ille B ro a d B ro o k & E ast W in d s o r S t.
S t. L o u is T r a n s it— See U n ite d R y s ____________ 186
R y .— S ee H a r tfo r d & S p r in g fie ld S t. R y _ . 35 S t. M arys P o w e r & L ig h t C o .— S ee M o n o n g a R o g u e R iv er E le c tr ic C o . See C a lifo r n ia h e la W e st. P u b lic S e rv ice C o _______________ 152
O r e g o n P o w e r C o ____________________________ 196 S t. M a u rice P o w e r C o ., L t d ____________________ 214
S t. P a u l C ity R y .— See T w in C ity R ra p . T r a n .177
R o h r e r s t o w n L a n d isv ille & M t. J o y R y .— See
L a n ca s te r C o u n t y R y . & L ig h t C o __________ 90 S alem & P e n n sg ro v e T r a c t io n C o ______________ 74
R o la n d P a rk E le c tr ic & W a te r C o .— See C o n s .
S alem & W a k e fie ld — S ee E a s te rn M a ssa ch u
G a s E lec. L t. & P o w e r C o ________________ __102
s e tts S tr e e t R y. C o ____________________________ 28
R o m e (G a .) R a ilw a y & L ig h t C o ______________ 164 S a lin e E le c. C o .— See 111. P o w . & L t. C o r p ___130
R o x b o r o u g h C h e s tn u t H ill & N o rris to w n R y . 92 S a lisb u r y & S p e n ce r R y .— See N o rth C a ro .
P u b lic S ervice C o ____________________________ 158
R u t la n d C ity E lec. C o .— S ee R u t la n d R y .,
L ig h t & P o w e r C o _____________________________ 26 S a lm on R iv er P o w e r C o .— See N iag a ra L o c k P o rt & O n ta r io P o w e r C o _____________________ 44
R u t la n d R a ilw a y , L ig h t & P o w e r ______________ 26
S a lt L a k e & O g. R y .— See B a m b erg er El. R R .2 0 9
R u t la n d S t. R y .— See R u t la n d R y ., L ig h t
& P ow er C o ___________________________________ 26 S a lt L ake & U ta h R R __________________________ 209
S
327
P age.
S a lt L a k e T e rm in a l C o .— See S a lt L a k e &
U ta h R R ______________________________________ 209
S a lt R iv e r V a lle y W a te r U sers’ A s s n __________ 21
S a n A n t o n io G a s & E le c tr ic — See S a n A n
t o n io P u b lic S ervice C o _____________________ 173
S a n A n t o n io T r a c t io n — See S a n A n t o n io
P u b lic S ervice C o ____________________________ 173
S an A n t o n io P u b lic S ervice C o ________________ 173
S an B e n ito L ig h t & P o w e r C o .— See C o a s t
C o u n t ie s G a s & E lec. C o ____________________ 201
S a n B e r147r d in o V a le y T r a c . C o .— S ee P a c.
na
E le c .R y ________________________________________ 202
S a n D ie g o E le c tr ic R y __________________________ 203
S a n d u s k y G a s & E le c tr ic C o .— S ee O h io P u b
lic S e rv ice C o __________________________________ 39
S a n d u s k y F re m o n t & S o u t h e r n R y __________ 112
S a n d w ic h W in d s o r & A m h e rs tb u rg R y .— See
D e tr o it U n ite d R y ___________________________ 145
S a n fo r d & C ap e P o rp o is e R y .— See Y o r k
U tilitie s C o _____________________________________24
S a n F r a n c is c o E lec. R y s .— See M a rk et S t. R y_201
S a n F ra n . N apa & C a lis to g a R y _______________ 204
S a n F r a n c is c o O a k la n d & S a n J o se C o n s . R y .
— See K e y S ystem T r a n s it C o _______________ 203
S an F r a n c is c o O a k la n d T erm . R y s .— See
K e y S ystem T r a n s it C o ______________________ 203
S an F r a n c is c o S a c ra m e n to R R ________________ 203
S a n F r a n c is c o & S a n M a teo E le c tr ic — See
M a rket S tre e t R y ______________________________201
S a n J o a q u in L ig h t & P o w e r C o r p _____________200
S a n J o a q u in P o w e r C o .— S ee S a n J o a q u in
L ig h t & P o w e r C o r p __________________________ 200
S a n J ose & A lu m R o c k R y .— See S a n J ose
R R s ____________________________________________ 204
S an J o se L o s G a t o s I n t e r u r b a n R y .— See
204
P e n in s u la r R y ____ ___
S a n J ose R R s ____________________________________204
S a n J ose & S a n ta C la ra R R .— See S an Jose
R R s _______________
204
S an J ose S h o r t L in e R y .— See K e y S ystem
T r a n s it C o _______________ _ ____________________ 203
S a n R a m o n V a lle y R R .— S ee S a n F r a n c is c o
S a c ra m e n to R R ______________________________ 203
S a n ta B a rb a ra G a s & E l. C o .— See S o u t h e r n
C a lif. E d is o n C o _____________________________ 196
S a o P a u lo E le c tr ic C o ., L t d ____________________217
S a o P a u lo T ra m ., L t. & P ow er C o ., L t d ____ .217
S a r a to g a T r a c t io n — See H u d s o n V a lle y R y__ 58
S a v a n n a h E le c tr ic C o .— See S a v a n n a h E le c,
trie & P o w e r C o _______________________________161
4 bvtteU Urotljore
&
GBtabliBtjei» ISOS
MEMBERS
NEW
YORK
STOCK
Philadelphia
EXCHANGE
Public Utility Securities
100 iBroabumy
Netu ^fnrk
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$Iarkarb 2Sml&tttg
5 0 C o n g re s s S tr e e t
S a a tn n
338
INDEX TO COMPANIES
P a ge.
S a v a n n a h E le c tr ic & P o w e r C o ____________ Il64
S a v a n n a h R iver P ow er C o .— S ee G e o r g ia R y.
& P ow er C o ____________________________________160
S a v a n n a h T h u n d e r b o lt & Isle o f H op e R y .—
See S a v a n n a h E le c tr ic & P ow er C o ________ 164
S c h e n e c ta d y R y __________________________________ 59
S c h u y lk ill E lec. R y .— S ee E. P e n n . E lec. C o ._ 91
S ch u y lk ill G a s & E le c tr ic C o .— See L e h ig h
87
P o w e r S e cu ritie s C o r p _______________
S c h u y lk ill H aven & O r w ig s b u rg S t. R y .— See
E ast P e n n . E le c tr ic C o ________________________91
S ch u y lk ill R y. C o ________________________________ 98
S c h u y lk ill T r a c t io n (G ira rd v ille , P a .) _________ 98
S c h u y lk ill V a lley T r a c t i o n ______________________ 92
S c io to V a lley R y. & P ow er C o ________________ 112
S c io t o V a lley T r a c . C o .— S ee S c io t o V a lley
R y . & P ow er C o _______________________________ 112
S c r a n t o n & B in g h a m to n R R .— S ee S c r a n to n
& B in g h a m to n R y____________________________ 60
S c r a n t o n & B in g h a m to n R y ____________________ 60
S c r a n t o n & B in g h a m to n T r a c . C o .— See
S c r a n t o n & B in g h a m to n R y ________________ 60
S c r a n t o n & C a rb . T r a c .— See S c r a n t o n R y __ 76
S c r a n t o n D u n m ore & M o. T k .— See S c r a n t o n
R y ____________
76
S c r a n t o n M on trose & B in g h a m to n R R ________ 60
S c r a n t o n Pass. R y .— See S c r a n t o n R y _______ 76
S c r a n t o n & P itts to n T r .— See S c r a n t o n R y - . 76
S c r a n t o n & W ilk es B arre T r a c t i o n ____________100
S c r a n t o n R y ______________________________________ 76
S c r a n t o n T r a c t io n — See S c r a n t o n R y _________ 76
Sea B e a ch R y .— See N. Y . R ap . T ra n . C o r p . . 57
Sea C o a s t T r a c t io n — See C oa st C itie s R y _____ 70
S e a s h o re E le c tr ic R y ., A s b u r y P a rk — See
^ C o a s t C ities R y ________________________________ 70
S e a ttle E le c tr ic C o .— See P u g e t S o u n d P ow er
K & L ig h t C o ____________________________________206
S e a ttle E verett T r a c . C o .— See P u g e t S o u n d
P o w e r & L ig h t C o ____________________________ 206
S e a ttle R y .— See P u g e t S o u n d P ow . & L t. C o .2 0 6
S e a ttle & R a n ie r V a lley R y ____________________ 207
S e c o n d A ve. R R . (N ew Y o r k ) ____________________ 60
S e c o n d A ve. T r a c t io n — See U n ited T r a c t i o n . 82
S e c o n d & T h ir d S tr e e ts P a ssen g er R y ________95
S e d a lia L t. & T r a c . C o .— See C ity L t. & T r.
C o ...............
38
S elm a L tg . C o .— S ee A la b a m a P o w e r C o _____ 165
S e v e n te e n th & N in e t e e n t h S ts. P ass. R y _____ 95
S e v e n te e n th S treet I n c lin e P la n e C o __________ 84
S h a m o k in & M t. C arm el T r a n s it C o __________ 101
[Y o u 120.
P a ge .
S ey m ou r P u b lic S e rvice C o .— See In te rS ta te P u b lic S ervice C o ______________________ 125
S h a ro n & N ew ca stle R y s .— See R e p u b lic R y.
& L ig h t ________________________________________ 106
S h a w in ig a n W a te r & P ow . C o . (a lso see m a p ) .214
S h a w n ee T e cu m s e h T r a c t io n C o ______________ 191
S h e b o y g a n G a s L ig h t C o .— See W is. S ec. C o . 175
S h e b o y g a n E le c tr ic C o .— See W isco n sin P o w .
_
& L ig h t ____________ ; __________________________ 125
S h e b o y g a n R y . & E le c.— See W is co n s in P o w .
& L ig h t _______________________________________ 125
S h e lb y C o. W a te r, G a s & E le c.— See In te rS ta te P u b lic S ervice C o ______________________ 125
S h e rb ro o k e S t. R y .— See S h e rb ro o k e R y. &
P ow er C o ______________________________________ 214
S h e rb ro o k e (O u e .) R y . & P o w e r ______________ 214
S h ore L in e E le c tr ic R R __________________________ 34
S h o re L in e E le c tr ic R y . ( C o n n e c t ic u t ) _________ 35
S h re v e p o rt R ys. C o ____________________________ 167
S ierra P a c ific E le c tr ic C o ______________________ 209
Sierra & S an F r a n c is c o P o w e r C o _____________201
S io u x C ity G a s & E le c tr ic _____________________ 180
S io u x C ity S ervice C o __________________________ 18i
S io u x C it y T r a c t io n — See S io u x C ity S er.
C o . . . __________
18t
S ix th A ve. R R __________________________________ 55
S la te B elt T ra n s . C o ____________________________ 99
S a ltin g to n S t. R y .— See L e h ig h V a lle y T r a n . 87
S n yd er A ve. S t. R y .— See P h ila . R a p . T r a n . . 92
S olsv ille E le c. L t. & P r. C o .— S ee N . Y . S ta te
G a s & E le c. C o r p _____________________________ 46
S om erset L ig h tin g C o .— See S om e rse t U n io n
& M id d lesex L ig h tin g C o _____________________ 67
S om erset U n io n & M id d lesex L ig h tin g C o ____ 67
S om erville H orse R R .— See B o sto n E le v a te d . 27
S o u th B en d F u el & G a s C o .— See N o rth e rn
ln d . G a s & E lec. C o ______ ___________________ 128
S o u th B en d & M ich . G a s C o .— See N o rth e rn
l n d . G a s & E lec. C o __________________________ 128
S o u t h B end & S o u th M ich ig a n R y .— See
S o u th e r n M ich ig a n R y ______________________ 119
S o u t h B eth le h e m E le c tr ic L ig h t C o .— See
L e h ig h V a lle y T ra n s it C o ____________________ 87
S o u th B ro o k ly n R y _____________________________ 58
S o u th C h ic a g o C ity R y .— See C al. & S o u t h
C h ic a g o R y ____________________________________138
S o u th C a r o lin a G a s & E le c t r ic ________________ 159
S o u th C a r o lin a L ig h t, P o w e r & R y s .— See
S o u t h C a r o lin a G a s & E le c tr ic ______________ 159
52
S o u t h F erry— See N. Y . R a ilw a y s ____________
P age.
S o u th C o v in g to n & C in e . S t. R y .— S ee C in
c in n a t i N ew p ort & C o v in g to n R y __________ 153
S o u t h Jersey G a s, E le c tr ic & T r a c t i o n ________67
S o u th S h o re & B o s to n S t. R y .— S ee E a s te rn
M ass. S tre e t R y . C o ___________________________ 28
S o u t h O ra n g e & M a p le w o o d T r a c t i o n __________ 69
S o u t h S id e E leva ted R R ., C h ic a g o — S ee C h i
c a g o R a p id T r a n s it ___________________________128
S o u t h S id e P a ssen g er R y .— See U n ite d T r a c
t io n C o . o f P it t s b u r g h _______________________ 83
S o u t h W est M issou ri E le c tr ic R y .— S ee S o u t h
W est M issou ri R R ____________________________ 190
S o u t h W est M issou ri R R ________________________190
S o u t h e a s t e r n P o w e r & L ig h t C o ______________ 165
S o u t h e r n & A t la n t ic T e le g ra p h C o ___________
9
S o u th e r n B ell T e le p h o n e & T e le g r a p h C o ____ 8
S o u th e r n C a lifo r n ia E d ison C o _______________ 196
S o u t h e r n C a lifo r n ia G a s C o ____________________ 21
S o u t h e r n C a lifo r n ia T e le p h o n e C o .— See
P a c ific T e l. & T e l. C o _______________________
8
S o u th e r n B o u le v a rd R R .— See U n io n R y ____56
S o u th e r n C a n a d a P o w e r C o .— S ee S h e r b r o o k e
R y. & P ow er C o ______________________________ 214
S o u th e r n C o lo r a d o P o w e r C o _________________ 1 85
S o u t h e r n C o u n t ie s G a s C o . o f C a lif___________ 17
S o u th e r n E lec. R y .— See U n. R ys. o f S t. L _ 186
_
S o u t h e r n H t., L t. & P o w e r C o .— See D u q u e s n e L ig h t C o _______________________________ 81
S o u t h e r n I llin o is L ig h t & P o w e r— S ee I llin o is
P ow er & L ig h t C o r p __________________________ 130
S o u t h e r n III. P r .& L t .— See 111. P r .& L t .C o r p .130
S o u th e r n I llin o is R y. & P o w e r C o .— See C e n
tra l I llin o is P u b lic S ervice C o _______________ 125
S o u th e r n In d ia n a G a s & E le c tr ic — See C o m
m o n w e a lth P o w e r C o r p ______________________ 142
S o u t h e r n ln d . P o w e r— S ee I n te r -S ta te P u b lic
S e r v i c e ________________________________________ 125
S o u th e r n M ich ig a n R y _________________________ 119
S o u th e r n N ew E n g la n d T e le p h o n e C o ________ 8
S o u t h e r n N ew Y o r k P o w e r & R y . C o r p ________ 61
S o u th e r n O h io T r a c t io n — See C in c in n a t i &
D a y to n T r a c t i o n ______________________________112
S o u th e r n P e n n sy lv a n ia T r a c t io n C o __________ 79
S o u t h e r n P o w e r & L ig h t C o _______________
166
S o u th e r n P u b lic U tilitie s C o ___________________ 158
S o u th e r n Sierras P o w e r C o .— See N evada C a l
ifo r n ia E le c tr ic C o r p _________________________ 194
S o u th e r n S treet R y ____________________________ 138
S o u th e r n T ra c. (D a lla s )— See T exa s E l. R y ._ 1 7 3
S o u t h e r n T r a c t io n — See P it ts b u r g h R y s ____ 82
Bonds for Investment
We own and offer a comprehensive list of carefully selected
Government, Municipal, Railroad and Public Utility
Bonds which we recommend for investment. We shall be
pleased to send descriptive circulars to investors on
request.
H a r r is , F o r b e s
&
P in e Street, C o rn e r W illia m
NEW Y O R K
Co.
M a y , 1925.]
329
INDEX TO COMPANIES
P age.
S o u th e r n B ell T e le p h o n e & T e le g r a p h C o ___
8
S o u t h e r n U tilities C o __________________________ 164
S o u th w e s te r n B ell T e le p h o n e C o _____________ 8
S o u th w e s te r n G a s & E lec C o __________________167
S o u th w e s t M issou ri E le c .— S ee S o u t h w e s t
190
M o. R R _________
S o u th w e s t M issou ri R R . C o ___________________ 190
S o u th w e s te r n P ow er & L ig h t C o ______________ 170
S o u th w e s t P ow er C o ___________________________ 191
S o u th w e s te rn S t. R y .— See P h ila . R ys. C o ___100
S p o k a n e & E astern R y. & P ow er C o __________ 207
S p o k a n e & In la n d E m pire R y .— See S p o k a n e
& E astern R y. & P ow er C o __________________ 207
S p o k a n e T erm in a l C o .— See S p o k a n e & E ast
ern R y. & P ow er C o __________________________207
S p o k a n e T r a c t io n C o .— See S p o k a n e U n ited
R ys. C o ________________________________________ 207
S p o k a n e U n ited R a ilw a y s _____________________ 207
S p r in g fie ld
(111.) C o n s o lid a te d
R y .— See
U n ion R y ., G a s & E le c tr ic ___________________146
S p rin g fie ld & E ast. S t. R y .— See S p r in g fie ld
S treet R a ilw a y ___________ ' ___________________ 29
S p r in g fie ld G a s C o .— See O h io F u el S u p p ly
C o ______________________________________________ 20
S p rin g fie ld & N o rth e a s te rn T ra c. C o .— See
Illin o is T r a c t io n , I n c _________________________133
S p r in g fie ld (O h io ) R a ilw a y ___________________ 76
S p r in g fie ld (111.) R y. & L ig h t C o .— See U n ion
R a ilw a y , G a s & E le c tr ic _____________________ 146
S p r in g fie ld R a ilw a y C o s .— See N ew E n gla n d
In v estm en t S e cu ritie s C o _____________________29
S p r in g fie ld (M o.) R a ilw a y & L ig h t C o _________ 168
S p r in g fie ld (M ass.) S treet R y __________________ 29
S p r in g fie ld T erm in a l R y. C o ____________________26
S p r in g fie ld (M o.) T r a c t io n — See S p r in g fie ld
R a ilw a y & L ig h t C o __________________________ 168
S p r in g fie ld & X e n ia R a ilw a y ________________ 116
S p r in g V a lle y W a te r C o ________________________ 21
S ta ffo r d S p g s. S t. R y .— See C o n n e c t ic u t C o . 33
S ta m ford S treet R R .— See C o n n e c t ic u t C o ___33
S ta n d a rd G a s & E lec. C o. (a lso m a p )_________ 134
S ta n d a rd E lec. C o .— See P a c ific G a s & El. C o.1 9 2
S ta n d a rd G a s L ig h t C o .— See C o n s . G a s C o.
o f N ew Y o r k __________________________________ 12
S ta n d a rd L t ., H ea t & P o w . C o .— See N . Y .
S ta te G a s & E le c ______________________________ 46
S ta n d a rd P o w e r & L ig h t C o r p ________________ 201
S ta rk E le c tr ic R R _______________________________112
S ta te n Isla n d E d ison C o r p ______________________ 48
S ta te n I sla n d M id la n d R y _____________________ 65
P age.
S te in w a y R y .— See N. Y . & Q u e e n s C o . R y ___63
S te r lin g G a s & E lec. C o .— See I llin o is N o r t h
ern U tilitie s C o _______________________________126
S te u b . E ast L iverp. & B eav. V a lle y T r a c _____ 114
S te u b e n v ille M in g o & O h io V a lle y T r a c t io n —
See W h e e lin g T r a c t i o n _______________________ 86
S te u b e n v ille W e lls b u rg & W e ir to n R y . C o .—
See W est P e n n R ys. C o ______________________ 85
S te u b e n v ille & W h e e lin g T r a c t io n C o .— See
W h e e lin g T r a c t i o n ___________________________ 86
S tillw a te r & M e c h a n icv ille — See H u d s o n V a l.
R y --------------------------------------------------------------------- 58
S t o c k t o n E le c tr ic R R ___________________________ 204
S tr o u d s b u r g El. L. & P .— See L e h ig h P o w e r
S e cu ritie s C o r p ______________________________ 87
S u b u r b a n E le c tr ic S e cu ritie s C o _______________ 30
S u b u r b a n G a s C o .— S ee P h ila . S u b . G a s &
E lec. C o ________________________________________ 79
S u b u r b a n L ig h t & P o w e r C o .— See P a c ific
G a s & E le c tr ic C o ____________________________ 192
S u b u r b a n R a p id T ra n s it C o . ( W in n ip e g )____ 216
S u b u r b a n R a p . T ra n . S t. R y ., P it ts b u r g h , P a . 84
S u lliv a n C o u n t y L t. & P o w . C o r p .— See
N. Y . S ta te G a s & E le c . C o r p ________________ 46
S u s q u e h a n n a C o u n t y L ig h t & P o w e r C o .—
See G e n e ra l G a s & E le c. C o r p _______________ 40
S u s q u e h a n n a R y ., L t. & P o w e r C o .— See
U n ited G a s & E le c tr ic C o r p _________________ 41
S u tro R R .— See M arket S tre e t R y _____________ 201
S u tte r S tree t R y .— See M arket S t. R y ________ 201
S y d n e y & G la ce B ay R y. C o .— See C ap e B re
t o n E le c tr ic C o __________________ .____________ 216
S y ra cu se & E astern R R ________________________ 65
S y ra cu se L ake S h o re & N o r. R R .— See Em
pire S ta te R R . C o r p ___________________________ 64
S yra cu se N o rth e rn E le c tr ic R y __________________64
S y ra cu se R a p . T ra n . R y .— See N .Y .S ta t e R y s. 59
S y ra cu se & S u b u r b a n R R .— S ee S y ra cu se &
E a stern R R _____________________________________ 65
T
T a co m a R y . & P o w e r— S ee P u g e t S o u n d
P ow er & L ig h t C o ____________________________ 206
Tam a & T o le d o R y. C o .— See Io w a R y . & L t._ 1 5 6
T a m a q u a & P o tts v ille E le c tr ic R R .— See
E ast P en n E le c tr ic C o _________________________91
T a r r a n t C o u n t y T r a c t io n C o .— See N o rth e rn
T exa s E le c tr ic C o ____________________________ 172
Page.
T a m p a E le c tr ic C o _____________
.....1 6 5
T a r r y to w n W h ite P la in s & M a m a ro n e ck R y .
— See S h o re L in e E le c tr ic R R _______________ 34
T a u n t o n & B r o c k t o n S tre e t R y .— S ee E ast
ern M a s sa ch u se tts S tre e t R y. C o _____________28
T a u n t o n S tre e t R y .— See E a ste rn M assa
c h u s e t t s S tre e t R y. C o ________________________28
T a y lo r A v e n u e R R .— See U n ite d R y s. o f S t. L .186
T e n n e ss e e E le c tr ic P ow er C o . (a lso m a p )____ 154
T e n n e ss e e P ow er C o ____________________________ 156
T e rr e H a u te E le c tr ic C o .— See T e rre H a u te
T r a c t io n & L ig h t ____________________________ 118
T e rre H a u te In d ia n a p . & E astern T r a c . C o . .117
T e rre H a u te T r a c t io n & L ig h t C o _____________ 118
T erre H a u te & W estern R y. C o .— S ee T e rre
H a u te T r a c t io n & L ig h t _____________________ 118
T e x a rk a n a G as & E le c. C o .— S ee S o u t h
w e s te rn G a s & E lec. C o _____________________ 167
T exa s T r a c t io n C o .— See T exa s E le c tr ic R y . . l 7 3
T exa s E le c tr ic R a ilw a y ___* ____________________ 173
T exa s P u b lic S e rv ice .— See C e n tra l P o w e r
& L ig h t C o _______________
170
T h ir d A ven u e R y . (N ew Y o r k )_________________ 55
T h ir t e e n t h & F ifte e n th S tre e ts P ass. R y _____ 95
T h ir t y fo u r th S tre e t C ro s s to w n R y .— See
N ew Y o r k R a ilw a y s C o _______________________ 52
T h re e R ivers G a s C o .— See M ich ig a n G a s &
E le c tr ic C o ______________________
T id e w a te r P ow er C o ____________________
T id e w a te r S o u th e r n R a ilw a y _________________ 205
T o le d o B o w lin g G re e n & S o u t h e r n T r a c t i o n .116
T o le d o E d ison C o . . ________________________ . . . 39
T o le d o F a y e tte & W e s te r n — See T o le d o T r a c
t io n , L ig h t & P o w e r .._____ . . . . . _____________ 39
T o le d o & F in d la y S tre e t R y .— See T o le d o
B o w lin g G re e n & S o u t h e r n ________________ 116
T o le d o F o s to ria & F in d la y ____________________ 116
T o le d o F re m o n t & N orw a lk S tr e e t R y .— See
L ake S h o re E le c tr ic __________
111
T o le d o G a s, E le c tr ic & H e a tin g C o .— See
T o le d o E d ison C o _____________________________ 39
T o le d o & In d ia n a R a ilr o a d ____________________ 116
T o le d o G a s L ig h t & C ok e C o .— See T o le d o
T r a c t io n , L ig h t & P ow er C o _______________ 39
T o le d o & In d ia n a T r a c t io n C o .— See T o le d o
& In d ia n a R R . C o __________________________
116
T o le d o H ea t & L ig h t C o .— See T o le d o T r a c
t io n , L ig h t & P ow er C o __________
39
T o le d o P o rt C lin to n & L a k esid e R y , C o .— See
N o rth w e s te rn O h io R y . & P o w e r C o _______109
IR on C
edm d& o.
Underwrite Entire Bond Issues of Street Railway, Electric Light,
Power and other Public Utility Properties,
High-Grade
Investment
Securities
Members New York, Philadelphia and Pittsburgh Stock Exchanges
B ro a d & S a n so m S ts.
P H IL A D E L P H IA
W a s h in g to n
33 P in e S tre e t
NEW Y O R K
P itts b u r g h
B a ltim o re
123
157
230
P age
P a ge.
T u c s o n R a p id T r a n s it— See F e d l. L t. & T ra c.1 6 8 U n ite d E le c tr ic L ig h t C o ________________________ 27
T u r n e r s F a lls P o w e r & E le c. C o _______________ 27 U n ite d E le c tr ic R ys C o _________________________ 32
U n ite d G a s & E lec. C o .— S ee P a c ific G a s &
T u s ca ra w a s T r a c t io n C o .— See C a n to n A k ro n
E le c tr ic C o ____________________________________ 192
C o n s o lid a te d R y ______________________________110
U n ite d G a s & E lec. C o .— S ee T w in S ta te G a s
T w e n ty s e c o n d S t. & A ll. A ve. P ass. R y _____ 93
& E le c tr ic C o _________________________________ 126
T w e n ty e ig h t h & T w e n ty n in t h S ts. C rosst o w n R R . (N. Y .) — See M id C ro s s to w n R y . 56 U n ite d G a s & E le c. C o .— See I n t e r -S ta t e
P u b lic S ervice C o _____________________________125
T w e n ty t h ir d A ve. E l. R y .— See K e y S ystem
T r a n s it C o _____________________________________ 203 U n ite d G a s & E lec. C o (L it c h fie ld )— S ee
I llin o is P o w e r & L ig h t C o r p --------------------------130
T w e n ty t h ir d S tr e e t R y .— See N. Y . R y s ____ 52
U n ite d G a s & E le c tr ic C o . (N ew J e r s e y )-----------41
T w in C ity L ig h t & T r a c t io n C o .— See P u g e t
S o u n d P o w e r & L ig h t C o ____________________ 206 U n ite d G a s & E le c tr ic C o r p ____________________ 41
T w in C ity R a p id T r a n s it ______________________ 177 U n ite d G a s Im p ro v e m e n t C o ____________________ 21
T w in C it y T e le p h o n e C o .— See T r i-S ta te
U n ite d L ig h t & P o w e r C o . (a lso m a p )-------------147
T e l. & T e l. C o ________________________________ 9 U n ite d L ig h t & R y s ., G r a n d R a p id s (w it h
m ap )— S ee U n ite d L ig h t & P o w e r C o -----------147
T w in S ta te G a s & E le c tr ic _____________________ 126
U n ite d N a tio n a l U tilitie s C o .— See A m e r i
ca n E le c tr ic P o w e r C o _________________________ 76
U n ite d P o w e r & T r a n s p o r t a t io n _______________ 99
U n ite d R R s . o f S a n F r a n c is c o — S ee M a rk et
S tre e t R y ______________________________________ 201
U n io n C o n s o lid a te d E le v a te d R y .— See C h i
U n ited R ys. & E l. C o . o f B a ltim o r e ------------------ 103
c a g o R a p id T r a n s it __________________________ 128
U n ited R ys. I n v e stm e n t C o . (S an F r a n c is c o ) . 80
U n io n D e p o t R R . (S t. L o u is , M o .)— See
U n ited R ys. C o . (S t. L o u is ) ___________________ 186
U n ite d R a ilw a y s C o _________________________ 136
U n io n E le c tr ic C o .— See D u b u q u e E le c. C o . . 130 U n ite d S t. R y . o f C e n t . N. J .— S ee P u b . S er.
R y ______________________________________________ 68
U n io n E le c tr ic L ig h t & P o w e r C o ____________ 188
U n io n E le c tr ic L ig h t & P o w e r C o . o f 111_____ 189 U. S. T e le p h o n e C o .— See O h io B ell T e l. C o . . 7
U n io n E lev a ted R R .— See C h ic a g o R a p . T r a n .128 U n ited T r a c t io n (A lb a n y )_____________________ 58
U n io n G a s & E le c tr ic ___________________________ 42 U n ited T r a c . & E le c .— See U n ite d E lec. R y s . 32
U n io n G a s C o . (M c K e e sp o r t)— See P h ila . C o . 80 U n ited T r a c t io n ( P it t s b u r g h )___________________82
U n ite d T r a c t io n (R e a d in g , P a .)— See R e a d in g
U n io n L ig h t, H e a t & P o w e r C o .— See C in
c in n a t i N e w p o rt & C o v in g t o n ______________ 153
T ra n s it & L ig h t C o ___________________________ 91
U n io n L o o p — See C h ic a g o R a p id T r a n s it C o . 128 U n ited T r a c t io n S t. R R . C o .— See D u B ois
U n io n P a sse n g e r R y _____________________________ 95
E lec. & T r a c . C o _______________________________90
U n io n R y ., G a s & E le c tr ic _____________________ 146 U n ite d U tilitie s C o r p ___________________________ 179
U n io n R y . o f N ew Y o r k __________________________ 56 U rb a n a B e lie fo n ta in e & N o rth e rn R y .— See
I n d ia n a C o lu m b u s & E a s te rn ______________ 112
U n io n R y .— See W ilm in g to n & C h e s te r T r a c . 79
U n io n S tr e e t R y . (N ew B e d fo r d , M a ss.)________ 31 U rb a n a & C h a m p a ig n R y. G a s & E lec. C o .—
U n io n T r a c t io n C o . (C o ffe y v ille , K a n .) _______ 135
S ee Illin o is P o w e r & L ig h t C o r p ___________ 130
U n io n T r a c t io n C o . (N a sh v ille , T e n n .) _______ 157 U rbana L t ., H eat & P o w e r C o .— See I llin o is
P o w e r & L ig h t C o r p __________________________ 130
U n io n T r a c t io n C o . (C a lifo r n ia )______________ 201
U n io n T r a c t io n C o . o f I n d ia n a ________________119 U ta h -I d a h o C e n tra l R R _______________________ 209
U n io n T r a c t io n (P h ila d e lp h ia , P a .) ____________93 U tah L t. & P o w .— See U ta h L t. & T r a c . C o . .209
U n io n U tilitie s C o .— See W . V a . U tilitie s C o . 91 U tah L t. & R y. C o .— See U ta h L t. & T r a c . . .209
U n ite d E lec. C o . (M d .)— See C o n s . G a s E lec.
U tah L ig h t & T r a c t i o n _________________________209
L ig h t & P o w e r C o ____________________________ 102 U tah P o w e r & L i g h t ____________________________208
U ta h S e c u r it ie s C o r p .— See E le c tr ic P o w e r
U n ite d E le c tr ic C o . o f N. J .— S ee P u b . Serv.
& L ig h t C o r p _________________________________ 208
E le c tr ic & G a s C o ____________________________ 66
U n ite d E le c tr ic L ig h t & P o w e r C o .— See *
U tica B elt L in e S t. R R .— See N. Y . S ta te R y s . 59
C o n s . G a s C o . o f N. Y _______________________ 12 U tilitie s P o w e r & L ig h t C o r p ___________________69
P a ge.
T o le d o O tta w a B e a c h & N or. R y ______________39
T o le d o R a ilw a y s & L ig h t C o .— See T o le d o
T r a c t io n , L ig h t & P ow er C o ________________ 39
T o le d o T r a c t io n , L ig h t & P o w e r _____________ 39
T o le d o & W e ste rn R y .— S ee T o le d o T r a c
t io n , L ig h t & P ow er C o ______________________ 39
T o n a w a n d a E le c tr ic R R .— S ee I n t e r n a t . R y_ 59
T o n a w a n d a S tr e e t R R .— See I n t e r n a t . R y ._ 59
T o p e k a E d ison C o .— S ee T o p e k a R y . & L t. C o . 133
T o p e k a R a ilw a y _________________________________ 133
T o p e k a R a ilw a y & L ig h t C o ___________________ 133
T o r o n t o E lec. L t .— See T o r o n t o P ow er R y _ .2 1 6
T o r o n t o E le c. L t .— -See T o r o n t o R y _________ 216
T o r o n t o (C a n a d a ) R a ilw a y ____________________ 216
T o r o n t o P ow er C o .— S ee T o r o n t o R y ________ 216
T o r o n t o & Y o r k R a d ia l R y .— S ee T o r o n t o
R y . (C a n a d a )_________________________________ 216
T o r r in g t o n & W in . S t. R y .— See C o n n . C o . . 33
T o w n o f H em p stea d G a s & E le c tr ic L ig h t
C o .— S ee Q u e e n s B o ro . G a s & E lec. C o ___48
T r a n s it D e v e lo p m e n t C o .— S ee B r o o k ly n
M a n h a tta n T r a n s it C o ________________________56
T r a p p e & L im erick E le c tr ic _____________________ 92
T r e n t o n B ris to l & P h ila d e lp h ia S tr e e t R y ____100
T r e n t o n C ity B rid ge C o .— S ee T r e n to n P r in c e to n T r a c t io n C o ________________________75
T r e n t o n G a s & E le c tr ic .— See S o. J ersey G a s,
E le c tr ic & T r a c t io n ___________________________ 67
T r e n t o n H am . & E w in g— See T r e n t o n S t. R y . 75
T r e n t o n & N ew B ru n sw ick R R .— S ee E liza
b e t h & T r e n t o n R R ___________________________ 69
T r e n t o n & M ercer C o u n t y T r a c t io n C o r p ____75
T r e n t o n P a ssen g er R y .— See T r e n t o n &
M ercer C o u n t y T r a c t io n C o r p _______________ 75
T r e n t o n P e n n in g t o n & H o p e w e ll S tr e e t R y .
— S ee T r e n t o n S tr e e t R y _____________________ 75
T r e n t o n P r in c e to n T r a c t io n C o ________________ 75
T r e n t o n (N . J .) S treet R y ________________________75
T ri C it y R y .— See T ri C ity R y. & L ig h t C o . . l l 9
T ri C ity R a ilw a y & L ig h t C o __________________149
T r i C o u n t y L ig h t & P ow er C o .— See Illin o is
N o r t h e r n U tilitie s C o ________________________126
9
T r i-S ta t e T e le p . & T e le g . C o _________________
T r in id a d E lec. T ra n s m . R y . & G a s ____________168
T r o y C ity R y .— S ee U n ited T r a c . ( A lb a n y ) .. 53
T r o y H ill P a ssen g er R y .— See F ed era l S t. &
P le a s a n t V a lley P. R y _________________________82
T r o y & N ew E n g la n d R y ________________________64
T r u m b u ll P u b lic S ervice C o .— S ee O h io P u b
l i c S ervice C o __________________________________ 39
[V ol. 120,
IN D EX TO COMPANIES
u
Kelley, Drayton & Converse
Members of the New York Stock Exchange
Underwriters and Distributors
of
Public Utility Bonds
N ew Y o r k C ity
40 E x ch a n g e P la c e
P h ila d e lp h ia , Pa.
L a n d T it le B u ild in g
U p to w n O ffic e — N ew Y o r k C ity
50 E ast 42n d S tre e t
INDEX TO COMPANIES
M a y , 1925.]
P a g e.
U tic a & M oh a w k V a lle y R y .— S ee N. Y .
S ta te R y s ______________________________________ 59
U x b rid g e & B la c k s to n e S t. R y .— See W o r c e s
te r C o n s . S t. R y ._____________________________ 29
P a ge.
W a sh . A le x a n d ria & M t. V e r n o n R y .— See
W a s h in g t o n -V ir g in ia R y ___________________ 104
W a sh . A r lin g t o n & F a lls C h u r c h R y .— See
W a s h in g to n -V r ig in ia R y ____________________ 104
W a s h in g t o n B a ltim o re & A n n a p o lis E le c tr ic
R R ----------------------------------------------------------------------104
W a s h in g to n
C o a s t U tilitie s .— See P u g e t
S o u n d P o w e r & L ig h t C o ____________________ 206
V a lley C o u n tie s P o w e r C o .— See P a c ific G a s
W a s h in g t o n & C a n o n s b u r g R y . C o ___________ 82
& E le ctric C o _________________________________ 192 W a s h in g to n (D . C .) I n t e r u r b a n R y .— See
V a lley E le c tr ic C o .— S ee D u q u e s n e L ig h t C o . 81
W a s h in g t o n R y. & E le c tr ic _________________ 104
V a lle y H om e T e le p h o n e C o .— See M ich ig a n
W a s h in g t o n E lec. S t. R y .— See W a s h . &
B ell T e le p h o n e C o ___________________________ 7
C a n o n s b u r g R y ________________________________ 82
V a lley R y s ________________________________________ 98 W a s h in g t o n G a s L ig h t C o ______________________ 21
V a lley S treet R y .— S ee R e p . R y . & L ig h t ____ 106 W a s h in g to n & G le n E ch o R R .— See W a s h in g
V a lley T r a c t io n C o .— S ee V a lle y R y s __________ 98
t o n R y. & E le c tr ic ___________________________ 104
V a lp a ra iso & N o rth e rn R y .— S ee G a ry & V a l
W a s h in g to n & M a ry lan d R y ___________________103
p a ra iso R R ___________________________________ 121 W a s h in g to n & O ld D o m in io n _________________ 104
V a n B ru n t S treet & E rie B a sin R R ___________ 60 W ash . & R o c k . R y .— See W a sh . R y . & E l e c ..l 0 4
V e n tu ra P ow er C o .— S ee S o u t h e r n C a lif.
W a s h in g to n R y . & E le c tirc C o ________________ 104
E d ison C o _____________________________________196 W a s h in g to n U tilitie s C o _______________________ 103
V e rm on t C o _______________________________________ 26 W a s h in g to n -V ir g in ia R y. C o ___________________104
V e rm on t H y d r o -E le c tr ic C o .— See G en era l
W a s h in g to n W a te r P o w e r, S p o k a n e __________ 206
G a s & E le c tr ic C o _____________________________ 40 W a s h . W o o d s id e & F o re st G le n R y . & P o w e r
V e rm on t P ow er & L ig h tin g C o .— See M o n t
C o .— See W a s h in g to n R y . & E le c tr ic _______104
p elier & B arre L ig h t & P ow er C o ___________ 26 W a te r b u r y L ig h t & P o w . C o .— See M o n tp e lie r
V ersa illes T r a c t io n C o ___________________________ 86
& B arre L ig h t & P o w e r C o ____________________26
V ic k s b u r g L ig h t & T r a c t io n C o .— See Miss.
W a te rlo o C e d a r F a lls & N o rth e rn R y ________181
P ow er & L ig h t C o ____________________________ 166 W a te r to w n G a s & E lec. C o .— See W is. G as
V in ce n n e s C itiz e n s S t. R y .— See V in . El. R y . l 2 l
& E le c tr ic C o _________________________________ 153
V in ce n n e s E le c tr ic R y . C o _____________________ 121 W a te rv ille G a s & E le c. C o .— -See N . Y . S ta te
V in ce n n e s T r a c t io n C o .— See V in . E lec. R y . . l 2 l
G a s & E lec. C o r p _____________________________ 46
V in ce n n e s T r. & L t. C o .— See V in . E lec. Ry__121 W a terv ille & O a k la n d S t. R y .— See W a te rv ille
V irg in ia E lec. C o .— See N o rfo lk R y. & L t ____ 150
F a irfie ld & O a k la n d R y ______________________ 25
V irg in ia n P ow er C o . (see a lso m a p )__________ 151 W a terv ille F a irfie ld & O a k la n d R y _____________25
V irg in ia P a ssen g er & P ow er C o .— See V ir
W a te rv lie t T u r n p ik e & R a ilro a d — See U n ite d
g in ia R y . & P o w e r ___________________________ 150
T r a c t io n (A lb a n y )_____________________________ 58
V ir g in ia R y . & P o w e r __________________________ 150 W a u k esh a G a s & E lec. C o .— See W isco n sin
G a s & E le c tr ic C o ____________________________ 175
W e b b C ity N o rth e rn E le c. R y .— See S o u t h
w est M issou ri R R ____________________________ 190
W eb s ter & D u d le y — See N ew E n g la n d In v e st.
W a b a s h R iv er T r a c t io n C o .— See I n d ia n a
& S ec. C o _______________________________________ 29
S ervice C o r p __________________________________ 120 W eeh a w k e n C o n t r a c t in g C o __________________ 66
W a k efield & S to n e h a m S t. R y .— See E astern
W ells E lec. L ig h t & P ow er— S ee C u m b e r la n d
M a ssa ch u setts R y . C o _________________________28
C o u n t y P o w e r & L ig h t C o ____________________23
W a ld en & O r a n g e L a k e— See O ra n g e C o u n t y
W est B r a n c h S t. & P o w e r C o.-—-See N . Y .
T r a c t io n ___________________________________ ,___ 6 }
S ta te G a s & E le c tr ic C o r p ____________________ 46
W allk ill T ra n s it C o ____________________________ 61 W est C h e st sir L ig h tin g C o .— See C o n s . G a s
W arren & J a m estow n S t. R y ___________________101
C o . o f N. Y ___________________________________ 12
V
w
231
P age.
W e s tch e s te r E le c tr ic— See U n io n R y ., N. Y _ _ 56
W e st C h e s te r S tre e t R y ______________________ .-1 0 1
W e s tc h e s te r S tre e t R R __________________________ 34
W e st C o a s t T e le p h o n e C o .— S ee P e n in s u la r
T e l. C o ___________________
10
W e st E n d P a sse n g e r R y .— See F r a n k fo r d &
S o u t h w a r k P h ila d e lp h ia C it y P ass. R y ____ 94
W e st E n d R a p id T ra n s it C o .— S ee C in c in n a t i
L a u r e n c e b u r g & A u ro ra E lec. S tr e e t R y . . l l 3
W e st E n d S tre e t R y .— See B o s to n E le v a t e d .. 27
W e st E nd S t. R y .— See L a n e . C o . R y . & L t ._ 90
W e st E n d T r a c t io n C o __________________________ 108
W e st E n d T r a c t io n , P it ts b u r g h , P a .— S ee
P it ts b u r g h R a ilw a y s C o ________________ '____ 81
W e st L ib e rty S tre e t R y .— S ee P it ts b u r g h &
B irm in g h a m T r a c t i o n _________________________ 83
W est L ib e r ty & S u b . S t.— See P it ts . R y s ______81
W e s te rn M ass. S tr e e t R y .— S ee N ew E n g .
In v e s t . & S e c. C o _____________________________ 29
W e s te rn N ew Y o r k & P e n n sy lv a n ia T r a c . C o .
— See O le a n B ra d fo rd & S a la m a n ca R y ______ 63
W e s t e r n p o r t & L a n a c o n in g — S ee C u m b . &
W e s t e r n p o r t E le c tr ic R y _______________
38
W e ste rn O h io R a ilr o a d _________________________115
W e ste rn O h io R y .— S ee W e s t. O h io R R -----------115
W e ste rn P o w e r C o r p ___________________________ 198
W e ste rn R y s. & L t. C o .— See 111. T r a c t io n C o . 133
W e ste rn S ta te G a s & E le c. C o . o f C a lif______ 200
W e ste rn S ta te s G a s & E le c. C o . o f D e la w a r e .200
W e ste rn U n io n T e le g r a p h C o ., I n c ___________
9
W e st L ib e r ty & S u b u r b a n S t.— See P it ts . R y s 82
W e st L ib e rty S tr e e t R y .— S ee P it ts b u r g h &
B irm in g h a m T r a c t io n C o ____________________ 83
W e stm o re la n d C o u n t y R y ______________________ 95
W e st P e n n C o ____________________________________85
W e st P e n n M o n o n g a h e la ______________________ 87
W e st P e n n P o w e r C o ___________________________ 86
W est P e n n R a ilw a y s C o _________________________85
W est P e n n T r a c t io n — See W e st P e n n R y s ____ 86
W est P e n n T r a c t io n & W a te r P o w e r C o .—
See W est P e n n C o _____________________________ 85
W e st P h ila d e lp h ia P a sse n g e r R y _______________ 95
W est S h o re R a ilw a y ____________________________ 34
W est R o x b u r y & R o s lin d a le S tre e t R y .— See
E astern M a s sa ch u se tts S tre e t R y . C o ________24
W est S id e R R .— See Elm ira W a te r, L t. & R R . 42
W est T e le p h o n e & T e le g r a p h C o .— S ee A m er
ica n T e l. & T e l. C o ___________________________ 5
W e st V irg in ia T r a c . & E le c. C o .— S ee W e st
V ir g in ia U tilitie s C o _________________________91
Light and
Power
in your safe deposit box
V E R Y O N E living within a progressive community
benefits in some way by the services supplied by
Public Utility companies. Such companies produce and
distribute light and power at low over-head expense and
with a minimum labor cost.
E
In well-secured Public Utility Bonds, you will find a
very desirable investment for your funds.
Offices in more than
50
leading cities throughout
Our current Bond Bulletin which contains a broad list
o f carefully selected Public Utility bonds and which also
includes a representative list o f other bonds offered for
investment, will be sent upon request.
the W o r ld
BONDS
SH O R T TE R M NOTES
The National City Company
ACCEPTANCES
National City Bank Building, New Y ork
saM
YdLH O oj, xacixi
O
332
P age.
W e st V ir g in ia U tilitie s C o ______________________ 91
W e st W a te r S t. R R .— See E lm ira W a te r,
L ig h t & R R _____________________________________42
W h a tc o m C o u n t y , R y . & L t .— S ee P u g e t
S o u n d P ow er & L ig h t C o ____________________206
W h e e lin g B rid g e C o .— S ee W h e e lin g T r a c . C o 86
W h e e lin g & Elm G r o v e R R .— S ee W h e e lin g
P u b lic S erv ice C o _____________________________ 91
W h e e lin g P u b lic S ervice C o ____________________ 91
W h e e lin g (W . V a .) T r a c t io n C o ________________ 86
W h e e lin g & W e ste rn R y .— S ee W h e e l. T r a c . 86
W ic h ita R R . & L i g h t __________________________ 133
W ilk es-B a rre C o .— S ee U n ite d G a s & E le c ._ 41
W ilk es-B a rre D a llas & H a rv e y ’s L ake R y ____101
W ilk es B arre & E ast S id e R y .— See W ilk esB arre R y s . C o ________________________________ 101
W ilk es -B a rre G a s & E lec. C o .— S ee L e h ig h
P o w e r S e c u r it ie s C o r p _______________________ 87
W ilk e s -B a r re & H a = e lto n R a ilw a y ____________ 97
W ilk es -B a rre & H a z e lto n R R ____________________ 97
W ilk es-B a rre & K in g s t o n — S ee W ilk es-B a rre
R a ilw a y s C o _____ _____________________________ 101
W ilk es-B a rre & S u r b u r b a n — S ee W ilk es-B arre
& W y o m in g V alley T r a c t io n ________________ 101
W ilk e s -B a rre R y . C o r p _________________________101
W ilk es-B a rre R a ilw a y s C o _____________________ 101
W ilk es-B a rre T erm in a l R R ______________________ 97
W ilk es-B a rre & W y om in g V a lle y T r a c t i o n ___101
W ilk in s b u r g & E ast P it ts b u r g h S t. R y .— See
M o n o n g a h e la S treet R y. C o ___________________84
W ilk in s b u r g & V eron a S treet R y .— See M o n
o n g a h e la S treet R y. C o ______________________ 84
W illa m e tte F alls E le c tr ic R y .— S ee P o r tla n d
E le c tr ic P ow er C o ____________________________ 205
W illia m e tte V a lley S o u th e r n R y .— See P o r t
la n d E le c tr ic P ow er C o ______________________ 205
W illia m s b u rg P ow er P la n t C o r p _______________ 58
W illia m s p o rt G a s C o .— See L e h ig h P ow er
S e c u r it ie s C o r p o r a t io n _______________________ 88
W illim a n tic T r a c t io n C o .— See C o n n . C o ____ 33
W ilm in g to n (D el.) C ity R y .— S ee W ilm in g to n
& C h e s te r T r a c t i o n ___________________________ 79
W ilm in g to n C ity E le c tr ic C o ____________________ 79
W ilm in g to n & C h e s te r T r a c t io n C o ___________ 79
W ilm in g to n & C h ris tia n a T u r n p ik e C o .— See
U n ite d P ow er & T r a n s . C o ___________________99
W ilm in g to n G a s C o _____________________________ 22
W ilm in g to n & E d gem ore— S ee W ilm . & C h esT e r T r a c t i o n ____________________________________79
W ilm in g to n & G r e a t V a lle y T u r n p ik e C o .—
S ee U n ite d P ow er & T ra n s . C o _______________ 99
P a ge.
W ilm in g to n L ig h t & P o w e r— S ee W ilm in g to n
& P h ila d e lp h ia T r a c t io n C o _________________ 78
W ilm in g to n N e w ca stle & D e la w a re C ity — See
W ilm in g to n & P h ila d e lp h ia T r a c t io n C o__ 78
W ilm in g to n & P h ila d e lp h ia T r a c t i o n _________ 78
W ilm in g to n & P h ila d e lp h ia T u r n p ik e — See
U n ite d P o w e r & T r a n s . C o ___________________99
W ilm in g to n S o u t h e r n T r a c t io n C o .— See W il
m in g to n & P h ila d e lp h ia T r a c t io n C o ______ 78
W in c h e s t e r A ve. R y .— See C o n n . C o __________ 33
W in d s o r L o c k s T r a c t io n C o .— See H a rtfo rd
& S p r in g fie ld S tre e t R y ______ _______________ 35
W in d s o r & T e c u m . E le c . R y .— S ee D e tr o it
U n ite d R y _____________________________________ 145
W in n ip e g E le c tr ic C o ___________________________ 216
W in n ip e g E le c. R y .— W e e W in n ip e g E le c. C o .2 l6
W in n ip e g S e lk irk & L a k e W in n ip e g R y _____ 216
W in n ip e g E le c tr ic S tr e e t R y .— See W in n ip e g
E le c tr ic C o ___________________________________ 216
W in n isim m e t R R _________________________________ 29
W in o n a (M in n .) R y . & L ig h t C o .— See W is
c o n s in R y ., L ig h t & P o w e r C o ______________ 176
W in o n a E le c . L t. & P o w e r— S ee I n te r-S ta te
P u b lic S ervice C o _____________________________ 125
W in o n a G a s L ig h t & C o k e — S ee N o rth e rn
S ta te s P o w e r C o . o f W is c o n s in _____________177
W in o n a I n t e r u r b a n — See W in o n a S e rv ice C o . 121
W in o n a S e rvice C o ______________________________121
W in o n a & W arsa w R y .— See W in o n a S ervice
C o __________________________
121
W in sto n -S a le m P o w e r C o .— See S o . P u b . U ti.1 5 8
W is c o n s in E d is o n C o .— S ee N o rth A m e r ic a n
E d is o n C o _____________________________________ 174
W is c o n s in E le c tr ic P o w e r C o .— S ee M ilw a u
kee E le c tr ic R y . & L ig h t C o __________________174
W is c o n s in E le c tr ic R y .— See W ise . P o w e r &
L ig h t C o _______________________________________ 125
W is c o n s in G a s & E le c tr ic C o ___________________175
W is c o n s in -M in n e s o ta L ig h t & P o w e r C o .— See
N o r th e r n S ta te P o w e r C o . o f W is e __________ 175
W is c o n s in P o w e r & L ig h t C o ___________________127
W is c o n s in P u b lic S e rvice C o .— See W is c o n s in
P u b lic S ervice C o r p __________________________ 175
W is c o n s in P u b lic S e rvice C o r p ________________ 175
W is c o n s in R a ilw a y , L ig h t & P o w e r C o ________ 176
W is c o n s in S e cu ritie s C o ________________________175
W is c o n s in T r a c t io n L ig h t H e a t & P o w e r ____ 175
W is c o n s in V a lle y E le c tr ic C o ___________________175
W o b u r n & R e a d in g — See E astern M ass. R y . 24
W o o n s o c k e t E le c . M a ch in e & P o w .— See
B la c k s t o n e V a lle y G a s & E le c . C o ___________ 32
[ V ol. 120,
P age.
W o r c e s te r & B la c k s t o n e V a lle y S t. R y .— S ee
W o r c e s te r C o n s . S tr e e t R y ------------------------------- 29
W o r c e s te r & C lin t o n S t. R y .— S ee W o r c e s te r
C o n s . S tre e t R y ________________________________ 29
W o r c e s te r & C o n n . E ast. R y .— See C o n n . C o . 33
W o rce s te r C o n s o lid a te d S tre e t R y ---------------------- 29
W o r c e s te r & H o ld e n S tr e e t R y .— S ee N ew
E n g la n d In v e st. & S e c. C o ------------------------------- 29
W o r c e s te r & M a r lb o r o u g h S tr e e t R y .— See
N ew E n g. In v e st. & S ec. C o ----------------------------- 29
W o r c e s te r & S o u t h b r id g e S tr e e t R y .— See
W o r c e s te r C o n s . S tre e t R y ----------------------------- 29
W o r c e s te r & W e b s te r S tre e t R y .— S ee N ew
E n g. In v e st. & S ec. C o _________________________ 29
W o r o n o c o S t. R y .— See N ew E n g . I n v e s t . &
S e c. C o ________
29
W y a n d o t t e & D e t r o it R iv er R y .— S ee D e t r o it
U n ite d R a ilw a y _______________________________ 145
Y
Y a d k in R iv e r P o w e r C o --------------------------------------- 157
Y o n k e r s R a ilr o a d _______________________________ 56
Y o r k C o u n t y P o w e r C o .— See C u m b e r la n d
C o u n t y P o w e r & L ig h t C o ------------------------------- 23
Y o r k L t. & H t. C o .— See C u m b e r la n d C o u n t y
P o w e r & L ig h t C o ---------------------------------------------- 23
Y o r k R a ilw a y s ____________________________________ 96
Y o r k U tilitie s C o _________________________________ 24
Y o u n g s t o w n & O h io R iv e r R R --------------------------116
Youngstown Park & Falls Street Ry.— See
R e p u b lic R y . & L ig h t C o --------------------------------- 106
Y o u n g s t o w n -S h a r o n R y. & L ig h t — S ee P e n n s y lv a n ia -O h io E le c tr ic C o ------------------------------- 108
Y o u n g s t o w n & S o u t h e r n R y .— See Y o u n g s
t o w n & S u b u r b a n R y ---------------------------------------116
Y o u n g s t o w n & S u b u r b a n R y ----------------------------- 116
Ypsilanti & Saline Ry.— See Det. Jack. &
C h i c a g o ________________________________________145
Y u b a E le c. P o w e r C o .— See P a c ific G a s &
E le c tr ic C o r p __________________________________42®
z
Z a n e s v ille E le c tr ic C o .— See C o l. N e w a rk &
Z a n e s v i l l e _____________________________________ H *
Z a n e s v ille E le c tr ic R y .— See C o l. N e w a rk &
Z a n e s v i l l e ____________________
US
Z a n e s v ille R y ., L t. & P o w e r C o .— S ee C o l.
N ew a rk & Z a n e s v ille _________________________ H ®
\ \ T E e x t e nd the
facilities of our
organization to those
desiring information or
reports on companies
with which we are
identified.
Electric Bond and
Share Company
(In corp ora ted in 1905)
Paid-up Capital and Surplus
$70,000,000
71 Broadway
New York
@FedFRASER